Disclaimer
This material contains forward-looking statements which can be subject to certain risks and uncertainties that could cause actual results to differ materially. All financial information contained in this document is based on consolidated K-IFRS. K-IFRS Review of the FY 2013 Q2 financial results has not been finalized. Figures in this earnings release are subjected to changes during the independent auditing process.
All financial information provided here is revised according to the latest amendment of K-IFRS 1001.
Results of Operation
(Unit: KRW Billion)
Q213 3,933 1,482 1,114 1,870 947 Basic Diluted Basic Diluted 1,363 1,342 695 713
Q113 2,781 763 317 1,089 179 257 257 694 694
YoY
+49% +210% +21,123% +142% turned to profit
Revenue Gross Profit (Loss) Operating Profit (Loss) EBITDA* Net Profit (Loss)
Sales Analysis
Record-high quarterly revenue as a result of favorable pricing environment and strong demand for all product segments including mobile PC DRAM price stayed strong on the back of supply shortages due to the suppliers product mix shift to non-PC DRAM, while non-PC DRAM prices stabilized as well NAND prices also remained stable due to healthy demand for mobile products such as eMMC and MCP QoQ ASP 16% QoQ - DRAM sales: bit shipment 20% QoQ, - NAND Flash sales: bit shipment 29% QoQ, ASP 5% QoQ
DRAM
NAND
Others
[NAND Flash]
USB & Card Non USB & Card Non-USB
3.93Tn
3% 24%
2.78Tn
4% 24%
50%
50%
73% 72%
mid- 60%
mid-80%
Q1 '13
Q2 '13
Profit Analysis
Record-high quarterly operating profits on the back of strong revenue growth and significant unit cost reduction from the continued shrink and yield improvements. Profitability improved for all product segments.
(+) factors : Price increase for both DRAM & NAND, Volume growth driven by the strong mobile product demand, Increased 2Xnm portion for non-PC DRAM products, Reversal of provisions related to Rambus case (-) factors : labor cost increase as a result of profit increase
Profit Margins
2012 Q1 Q2 Q3 Q4 Q1 2013 Q2
1,870
OP Margin
11% 2% 0% -11% -1%
28%
757
1,089
48%
39% 32% 32%
EBITDA Margin
772 1,114
Net Margin
24%
29%
24%
0% -11% -2% 6%
6%
QoQ
+8 -1 +5 +0 +3 +37
YoY
-52 -1 -2 +4 -52 +57
Net Non-Operating Gain (Loss) Net Financial Gain (Loss) Net F/X Transaction & Translation Gain (Loss) Net Gain (Loss) on equity method investments Other Net Non Non-Operating Operating Gain (Loss) Income Tax Expense (Income)
Capital Structure
QoQ +1,217 +507 +103 -120 120 +1,114 +3 +947 -7%p -10%p
vs. Q412 +1,627 +650 +208 -219 219 +1,148 +3 +1,125 -10%p -14%p
Asset Cash* Liability Debt** Debt Shareholders Equity Capital Stock Retained Earnings
56% 34%
63% 44%
66% 48%
* Cash = Cash & Cash Equivalents + Short-term Financial Instruments ** Debt = Short-term Borrowings + Current portion of Long-term Borrowings + Debentures + Convertible Bond + Long-term Borrowings
Cash Flows
(Unit : KRW Billion)
Q2 13 1,928 1,523 1,013 757 (247) (813) (768) (207) (207) 507 2,435
Q1 13 1,785 946 208 772 (35) (589) (497) (221) (221) 143 1,928
Q212 3,399 418 (44) ( ) 767 (305) (800) (734) (33) (35) (409) 2,990
Beginning cash* balance CF From Operating Activities: profits before tax Net p Depreciation and Amortization Changes in working capital, etc CF From Investing Activities: Acquisition of PP&E CF F From Fi Financing i A Activities: ti iti Debt** issuance, net of repayment Net increase (decrease) in Cash Ending cash balance
* Cash = Cash & Cash Equivalents + Short-term Financial Instruments ** Debt = Short-term Short term Borrowings + Current portion of Long-term Long term Borrowings + Debentures + Convertible Bond + Long-term Long term Borrowings
Q1'13 2,781 2,018 763 446 317 -55 -34 4 -23 208 30 179
3,933 2,451 1,482 368 1,114 -56 -29 4 -20 1,013 66 947