2011.12 - Korean Polysilicon Players
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Transcript of 2011.12 - Korean Polysilicon Players
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8/3/2019 2011.12 - Korean Polysilicon Players
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Polysilicon Industry Players in Korea
Draft by Susterra PartnersSeoul, Korea
Dec. 2011
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Hanwha Chemical
Business Description Summary Financial
Highlights:HCC has been producing 30MW cells since 2009 and takesfirm steps further for a key global solar energy companythrough acquiring Solarfun, the world no. 4 module producerin August, 2010. HCC will invest total about 5 billion USD inits Solar Energy business and increase its annual productioncapacity upto 4GW by 2020 .
Planning 10,000 MT Polysilicon factory in Yeosu until by2H of 2013.
Group IssuesHanwha-solarone:It was newly born as Hanwha SolarOne through the strategicpartnership between Hanwha and Solarfun Power Holdings in2010.
Hanwha SolarOne Technology Co., Ltd. produces Ingot &Wafer (400MW), Cell (600 MW) and Module (900MW) by Dec2010.
Investment: Hanwha SolarOne Investment Holding Ltd. &Hanwha SolarOne Hong Kong Limited .
Summary Stock
Unit : KRW million
2010 2009 2008
Total Asset 5,420,765 4,817,478 4,455,606Current Assets 703,490 612,345 1,225,783Non-current Asset 4,717,275 4,205,133 3,229,824Total Liabilities 2,423,246 2,148,894 2,084,141Current Liabilities 1,041,766 1,251,716 1,082,532Non-current Liabilities 1,381,480 897,178 1,001,609Total Shareholder's Equity 2,997,519 2,668,584 2,371,466Sales 3,628,166 3,033,723 3,036,967Operating income 485,750 410,769 257,818Net profit 399,163 343,408 41,497
Current 27,400
High(52Weeks) 57,000
Low(52Weeks) 21,600
Volume 2,854,259
MK Val(Bill) 3,843
Unit : KRW, 6 Dec 2011
Susterra Partners 2
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OCI
Business Description Summary Financial
Highlights:Producing 10N & 11N quality of Polysilicon.
By 2008, began production of Polysilicon with 5,000 MT andextended up to 27,000 MT by Dec 2010.
As of Sep 2011, OCI has a total capacity of 35,000 MT plannedto two more plants till by the end of 2013.
The total capacity will be 62,000 MT by the end of 2012 and86,000 MT by the end of 2013.
Track Record:
2011 3Q 2010
Sales % Sales %
Polysilicon
Sales 1,844,364 49.7% 1,322,271 37.17%
Operating income 760,289 74.1% 492,131 57.29%
OilCoal
Sales 984,822 26.5% 1,166,822 32.80%
Operating income 94,759 9.2% 186,753 21.74%
Inorganic
Sales 883,626 23.8% 1,068,558 30.04%Operating income 170,763 16.6% 180,174 20.97%
TotalSales 3,712,811 100.0% 3,557,650 100%
Operating income 1,025,811 100.0% 859,058 100%
Unit : KRW million
2010 2009 2008
ASSETS 5,529,086 4,609,228 4,935,628
Current assets 1,361,004 1,207,097 1,833,104
Non-Current assets 4,168,082 3,402,131 3,102,524
Liabilities 3,262,993 2,936,988 3,508,666
Current Liabilities 1,541,655 1,351,233 2,003,860
Non-Current liabilities 1,721,338 1,585,755 1,504,807
Total Shareholders equity 2,266,093 1,672,240 1,426,962
Sales 3,311,384 2,727,930 2,775,787
Operating income 840,019 657,859 732,348
Net income 649,939 427,622 330,304
Summary Stock
Current 222,500
High(52Weeks) 657,000
Low(52Weeks) 174,500
Volume 524,194
MK Val(Bill) 5,306
Unit : KRW million
Unit : KRW, 6 Dec 2011
Susterra Partners 3
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Samsung Fine Chemicals
Company Profile Summary Financial
Summary Stock
Highlights:Joint venture agreement between SFC(Samsung Fine Chemicals)and MEMC Electronic Materials, to produce high purity
polysilicon in Ulsan, Korea.
Applies FBR(Fluidized Bed Reactor) process which is known asthe most advanced process to produce polysilicon.
Focused on producing high-purity(more than 9N).
The joint venture will build and start to operate a new facility,which will have an initial annual capacity of 10,000 tons of
polysilicon, by the 1H of 2013 in Ulsan.
Unit : KRW million
2010 2009 2008
ASSETS 1,271,208 1,025,139 943,975
Current assets 575,195 507,748 454,462
Non-Current assets 696,013 517,391 489,513
Liabilities 223,128 169,461 160,077
Current Liabilities 161,785 146,592 139,589
Non-Current liabilities 61,343 22,869 20,488
Shareholders equity 1,048,080 855,678 783,898
Sales 1,130,032 1,038,396 1,130,889Operating income 60,710 90,714 116,192
Net income 85,174 86,673 85,289
Current 57,200
High(52Weeks) 57,400
Low(52Weeks) 56,300
Volume 107,722
MK Val(Bill) 1,475
Unit : KRW, 6 Dec 2011
Susterra Partners 4
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Samsung SDI
Business Description Summary Financial
Summary Stock
Highlights:
Acquired Solar Business from Samsung Electronics by Jul 2011.
Achieved 19% Cell efficiency of C-Si and 15.6% Cell efficiencyof CIGS.
Chasing the synergy between Solar business and ESS (EnergyStorage Solution).
Disclosed the investment plan of $2 billion, but noprogress yet.
Current 133,500
High(52Weeks) 211,000
Low(52Weeks) 99,900
Volume 389,112
MK Val(Bill) 6,082
Unit : KRW million
2010 2009 2008ASSETS 7,933,567 7,147,735 5,977,519
Current assets 2,451,455 2,783,288 1,542,242
Non-Current assets 5,482,112 4,364,447 4,435,277
Liabilities 1,702,706 2,015,788 1,440,231
Current Liabilities 1,098,399 1,484,013 729,315
Non-Current liabilities 604,307 531,775 710,916
Total Shareholders equity 6,230,861 5,131,947 4,537,288
Sales 5,124,275 4,951,855 3,726,196
Operating income 286,812 268,209 88,873Net income 385,112 241,349 38,874
Unit : KRW, 6 Dec 2011
Susterra Partners 5
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Woongjin Polysilicon
Business Description Summary Financial
Highlights: Has a 5,000 MT capacity of Polysilicon in Korea.
Planned to extend the capacity up to 17,000 MT until by1H of 2013.
Targeting 10% global market share until 2015.
Group Issues 80% sales revenue from SunPower.
Strategic partnership with SunPower the key to Woongjinsolar business.
Unit : KRW million
2010 2009 2008ASSETS 642,419 378,507 138,370
Current assets 60,756 94,378 94,378
Non-Current assets 581,663 284,129 284,129
Liabilities 425,520 153,621 34,165
Current Liabilities 122,246 34,165 119,456
Non-Current liabilities 303,273 119,456 153,621
Total Shareholders equity 216,899 224,887 224,887
Sales 75 - -
Operating income -8,230 -7,096 -4,607Net income -9,634 -1,064 -2,763
Susterra Partners 6
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Highlights: By Nov 2006, SunPower and Woongjin founded JV.
Woongjin Energy provides high-quality products that meetthe strict quality requirements of Sun Power Which producesthe World's best quality and technology.
Wafer Production Capacity
Track Record
Woongjin Energy
Business Description Summary Financial
2011 3 Q 2010 2009
Sales % Sales % Sales %
Ingot 156,437 64.0% 118,983 74.20% 112,355 94.50%
Wafer 81,634 33.4% 34,661 21.62% 661 0.56%
Other 6,276 2.6% 6,702 4.18% 5,878 4.94%
Total 244,347 100% 160,346 100% 118,894 100%
Current 4.735
High(52Weeks) 21,250
Low(52Weeks) 4,370
Volume 5,805,676
MK Val(Bill) 294
Unit : KRW million
2010 2009 2008
ASSETS 458,698 218,208 176,478
Current assets 174,245 94,430 64,984
Non-Current assets 284,453 123,778 111,494
Liabilities 159,800 121,313 123,557
Current Liabilities 98,600 42,612 39,094
Non-Current liabilities 61,200 78,701 84,463
Total Shareholders equity 298,898 96,895 52,921
Sales 160,347 118,893 67,679
Operating income 57,429 56,483 37,382
Net income 47,381 41,033 33,771
Summary Stock
Unit : KRW millionUnit : KRW, 6 Dec 2011
Susterra Partners 7
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LG Chem
Business Description Summary Financial
Highlights:
Previously planned 5,000 Metric Tons (MT) Polysilicon factoryuntil by Jun 2011.
Plan has been delayed, owing to the market vulnerability
Group IssuesLG Chem's invest in solar power is difficult to focus on thataspect, owing to owing to present in a large new business(Batteries).
LG Innoteks solar cell production line pending investment.But, solar-related investments that the long-term planning inprogress with LG Electronics.
LG Siltron (ingots, wafers), LG Electronics (Cell, Module)business will go forward as planned.
Summary Stock
Unit : KRW million
2010 2009 2008
ASSETS 12,673,459 10,530,592 10,240,252
Current assets 6,291,677 5,277,147 4,633,464
Non-Current assets 6,381,782 5,253,445 5,606,788
Liabilities 4,829,624 4,603,903 4,896,602
Current Liabilities 4,277,392 3,906,838 3,662,510
Non-Current liabilities 552,232 697,065 1,234,092
Total Shareholders equity 7,843,835 5,926,689 5,343,650
Sales 19,471,450 15,520,813 12,645,000
Operating income 2,821,328 2,097,749 1,344,349
Net income 2,199,765 1,539,197 1,002,585
Current 348,000
High(52Weeks) 583,000
Low(52Weeks) 276,000
Volume 247,863
MK Val(Bill) 23,062
Unit : KRW, 6 Dec 2011
Susterra Partners 8
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Highlights:By 2009, established Pilot plant using SREC(Taiwan, venture
company) process.
Owing to the low productivity, the collaborationbetween SK Chem and SREC has no progress.
Group Issues SKC Solmics (Ingot wafer), SKC(Cell, Film) business will goforward as planned.
SK Group has invested $50M to expand HelioVolt Austin'smanufacturing operations and has begun collaboration todevelop HelioVolt's global capabilities.
SK Chemicals
Business Description Summary Financial
Unit : KRW million
2010 2009 2008
ASSETS 1,808,157 1,998,819 2,253,608
Current assets 508,548 609,309 588,237
Non-Current assets 1,299,609 1,389,510 1,665,371
Liabilities 889,295 1,096,258 1,413,880
Current Liabilities 679,745 773,011 813,182
Non-Current liabilities 209,550 323,247 600,698
Total Shareholders equity 918,862 902,561 839,728
Sales 1,334,515 1,276,455 1,086,405
Operating income 68,247 84,348 74,421
Net income 273,767 124,457 6,564
Current 65,900
High(52Weeks) 86,000
Low(52Weeks) 55,300
Volume 115,612
MK Val(Bill) 1,373
Summary Stock
Unit : KRW, 6 Dec 2011
Susterra Partners 9
