201014 Credit Issue Credit Analyst 02)768-7590, louis.shin@wooriwm.com 02)768-7395, sean.kim@wooriwm.com (RA) 02)768-7921, binna.park@wooriwm.com 3.,.
2
20060622 1115, 20080117, 0731, 45,740 20090204 -, 15,238 0601-0628, 0728 ' ' -, 1009, 1102 1123, TR 1130 KT-MBK 1214 1 1224, 1230,,,,, - PEF :, 3
127,243,000 98.6% 1,644,608 60,717 18.64% 1,517,481 40,917,511 31.7% 500,000 18,277 5.61% 454,024 86,625,489 66.9% 250,000 9,139 2.81% 226,909 1,828,000 1.4% 100,000 3,250 1.00% 80,696 129,071,000 100% 2,894,608 106,004 32.54% 2,642,506 3,530,916 129,069 39.63% 6,425,524 235,073 72.17% : :, : 1. KB,,,, 2.,, PEF 3. Put-back option 50%+1 ( 18,000 ) (C) ( ) (A) (B) (B)-(A) (A) (D) (A)+(D) (E) (F) (C)+(E)+(F) 21,000 2,710 4,196-1,486 2,710 1,517 4,228 20,000 2,581 4,196-1,615 2,581 1,517 4,099 19,000 2,452 4,196-1,744 2,452 1,517 3,970 18,000 2,323 4,196-1,873 2,323 1,517 3,841-364 - 60-2,297 17,000 2,194 4,196-2,002 2,194 1,517 3,712-254 - 69-2,324 16,000 2,065 4,196-2,131 2,065 1,517 3,583-143 - 77-2,351 15,000 1,936 4,196-2,260 1,936 1,517 3,454-32 - 86-2,378 14,000 1,807 4,196-2,389 1,807 1,517 3,324 79-95 -2,405 13,000 1,678 4,196-2,518 1,678 1,517 3,195 189-103 -2,432 12,000 1,549 4,196-2,647 1,549 1,517 3,066 300-112 -2,459 11,000 1,420 4,196-2,776 1,420 1,517 2,937 411-121 -2,486 10,000 1,291 4,196-2,905 1,291 1,517 2,808 522-129 -2,513 : 4
( ) 700 600 500 400 300 200 100 0 : Kis-net H1 '06 H2 '06 H1 '07 H2 '07 H1 '08 H2 '08 H1 '09 H2 '09 2009 2010 3 12 1 2 2011 104,360 30,277 16,250 3,000 49,527 153,887 111,00 22,000 10,600 48,300 169,900 191,900 0 250,585 85,065 27,580 39,700 152,345 402,930 50,000 50,000 50,000 35,000 91,250 126,250 25,000 151,250 128,00 59,600 12,000 140,000 199,600 0 436,545 125,94 139,13 422,95 688,022 25,000 1,149,567 2 0 0 : : 200911, ABCP 07 08 09.9 07 08 09.9 07 08 09.9 07 08 09.9 07 08 09.9 07 08 09.9 4,124 4,350 4,663 2,484 3,104 2,837 2,869 3,715 3,524 4,127 5,990 5,631 6,703 9,242 8,978 1,395 5,833 3,192 3,018 3,114 3,510 1,601 2,196 2,334 1,985 2,552 2,576 3,023 5,204 4,825 3,642 5,959 5,777 712 1,053 1,324 1,106 1,235 1,153 883 908 504 884 1,163 948 1,104 786 806 3,061 3,283 3,201 683 4,780 1,868 ( ) 267 307 307 350 350 350 142 142 142 876 876 876 1,629 1,629 1,629 80 201 114 2,109 1,910 2,224 1,145 1,334 1,727 1,483 1,970 2,041 2,186 4,045 3,637 888 2,871 2,712 394 465 820 170 216 641 217 424 807 179 168 477 10 454 434 340 538 1,110 18 55 120 321 1,093 1,113 194 401 611 165 492 737 614 1,228 1,058 120 1,070 196 41 178 299 471 122 131 559 399 259 639 940 563 1,212 1,472 1,455 128 516 307 335 207 107 1,147 479 338 174 110 50 500 371 264 349 891 690 300 746 1,099 1 25 294 48 42 49 28 12 14 11 12 69 126 66 48 1,013 673 810 30 3,076 248 2,062 1,868 2,175 1,117 1,322 1,713 1,472 1,958 1,971 2,059 3,979 3,590-125 2,198 1,902 364-2,612 572 23.3% 68.5% 78.9% 35.9% 61.8% 82.1% 23.2% 33.5% 59.5% 28.6% 41.6% 41.0% 51.9% 56.0% 48.2% 14.8% 50.1% 51.0% :, 5
BBB BBB- (%) 100 BB+ 80 BB BB- 60 B+ B B- 40 20 CCC '05.1 '06.1 '07.1 '08.1 '09.1 '10.1 0 '05.12 '06.12 '07.12 '08.12 '09.9 : : 6
(%) 12 30 1,040 2.1% 730 8,330 8,659 6,081 70.2% 1,347 5.3% 410 20,650 27,805 8,467 30.4% 2,399 9.4% 2,040 20,650 49,545 42,133 85.0% 486 1.0% 8,330 4,052-0.0% 1,132 4.5% 20,650 23,380-0.0% ( ) 83 N/A 6,820 567-0.0% 1,744 3.6% 1,066 8,330 14,526 8,877 61.1% 3,041 12.0% 2,842 20,650 62,794 58,680 93.4% 704 1.5% 15 8,330 5,867 121 2.1% 1,694 6.7% 1,610 20,650 34,989 33,253 95.0% 2,295 9.0% 2,022 20,650 47,389 41,746 88.1% 3,974 8.2% 1,810 33,105 15,079 45.5% 11,908 46.8% 8,924 245,903 184,279 74.9% ( ) 83 N/A 567-0.0% 15,965 10,734 279,575 199,358 71.3% :, 200912 7
: : (23.95%) (23.95%). 8
: 9
( ) : 10
/ 0.90 0.50 0.10 0.10 1.60 1.30 0.02 0.03 0.03 1.38 1.90 0.10 0.04 0.05 2.09 1.50 0.04 0.10 0.10 1.74 11.50 3.30 0.50 0.40 15.70 :, : 1.. 2. Put-Back Option PF ( ) 2.5 2009-03 2009-04 2009-05 100% / 2.0 2009-06 2009-07 2009-08 80% 1.5 2009-09 2009-10 60% 1.0 40% 0.5 20% 0.0 0% -0.5-20% / '09.3 '09.4 '09.5 '09.6 '09.7 '09.8 '09.9 '09.10 : FnGuide : : FnGuide 11
MOU PEF 3 2009,,, 2009 2009 2009 GM2009 (Sales & Lease Back), GMGM 4 2009,,, (Sales & Lease Back),,,, M&A /, / 2009,, (50%+1 ) PEF, - PEF, ST,, 2009 M&A, RCPS BW,,, 2009 LBO ( ) :,,,,,, 3, 3 CB, 12
48.46% 011780 KS 50% 15.03% 100% 100% 19.03% 002990 KS 18.64% 11.93% 2.88% 27.69% 2.81% 2.8% 047040 KS 20.79% 4.49% 5.61% 17.08% 26.75% 100% 020560 KQ 16.7% 010050 KS 100% 50% 35% 48% IDT 47.31% 50% 78.2% 50% 23.95% 000120 KS 23.95% 50% 100% 80% 66.04% 84.8% 51.0% : P&B 073240 KS3 80% 13
Name Year Report EBITDA EBITDA Margin NCF FCF 2006 Annual 17,545 1,251 2,001 565 7.1% 11.4% 23,644 8,612 8,716 5,998 7,443 174.5% 36.9% 25.4% 1,263-671 2007 Annual 19,626 1,416 2,264 1,383 7.2% 11.5% 26,100 9,260 9,806 5,493 8,383 181.9% 37.6% 21.0% 587-1,440 2008 Annual 23,144 979 1,798-133 4.2% 7.8% 37,110 13,743 14,931 9,652 10,821 170.0% 40.2% 26.0% 108-2,369 ( ) 2009 3rd Quart. 14,906 29 631-579 0.2% 4.2% 28,826 8,480 12,635 9,984 11,397 239.9% 43.8% 34.6% -136-1,123 () 2006 Annual 5,729 629 671 438 11.0% 11.7% 6,085 2,774 859 720-121 119.4% 14.1% 11.8% 294 117 2007 Annual 6,067 561 639 938 9.2% 10.5% 6,703 3,061 888 761-125 119.0% 13.2% 11.3% -277-556 2008 Annual 6,578 344 437 247 5.2% 6.7% 9,242 3,283 2,871 2,355 2,198 181.6% 31.1% 25.5% -92-390 2009 3rd Quart. 5,091 158 246 189 3.1% 4.8% 8,978 3,201 2,712 2,405 1,902 180.5% 30.2% 26.8% 9-185 ( ) 2006 Annual 3,452 127 348 131 3.7% 10.1% 3,837 1,016 1,908 935 1,844 277.6% 49.7% 24.4% 360 265 2007 Annual 3,650 172 413 106 4.7% 11.3% 4,127 1,104 2,118 922 1,991 273.8% 51.3% 22.3% 380 197 2008 Annual 4,261-53 211-227 -1.2% 5.0% 5,990 786 4,028 2,557 3,963 662.0% 67.2% 42.7% 103-126 2009 3rd Quart. 2,797-279 -125-214 -10.0% -4.5% 5,631 806 3,316 1,992 3,269 598.2% 58.9% 35.4% -206-294 ( ) 2006 Annual 1,629 126 157 194 7.7% 9.7% 3,887 1,140 2,086 1,777 2,057 241.0% 53.7% 45.7% 98 7 2007 Annual 1,917 139 165 40 7.3% 8.6% 4,124 1,072 2,109 1,639 2,062 284.7% 51.1% 39.7% -70-123 2008 Annual 2,456 161 184 36 6.6% 7.5% 4,350 1,235 1,836 1,714 1,794 252.1% 42.2% 39.4% -63-131 2009 3rd Quart. 1,838 127 142-101 6.9% 7.8% 4,663 1,153 2,018 1,929 1,969 304.5% 43.3% 41.4% -354-393 ( ) 2006 Annual 1,753 87 159 80 5.0% 9.1% 2,615 773 1,393 1,103 1,388 238.3% 53.3% 42.2% 68-53 2007 Annual 2,125 161 218 134 7.6% 10.3% 2,851 866 1,483 844 1,472 229.2% 52.0% 29.6% 162-62 2008 Annual 3,182 281 354-20 8.8% 11.1% 3,715 1,163 1,971 1,032 1,959 219.4% 53.1% 27.8% -34-393 2009 3rd Quart. 2,006 94 167-191 4.7% 8.3% 3,524 948 2,042 1,478 1,973 271.6% 58.0% 42.0% 349 42 ( ) 2006 Annual 1,170 60 122-344 5.1% 10.4% 1,355 606 27 25-23 123.5% 2.0% 1.8% 139 8 2007 Annual 1,267 63 133 76 5.0% 10.5% 1,395 683 80 60 50 104.2% 5.7% 4.3% 44-122 2008 Annual 1,828 71 157 138 3.9% 8.6% 5,833 4,780 465 258-2,612 22.0% 8.0% 4.4% -31-195 2009 3rd Quart. 1,701 90 279 74 5.3% 16.4% 3,192 1,868 820 713 572 70.9% 25.7% 22.3% 227-84 () 2006 Annual 1,814 80 219 1 4.4% 12.1% 2,410 910 1,108 853 1,082 164.8% 46.0% 35.4% 20-160 2007 Annual 2,079 113 263-24 5.5% 12.7% 2,472 871 1,145 586 1,117 183.7% 46.3% 23.7% 122-53 2008 Annual 2,481 36 194-200 1.5% 7.8% 3,104 908 1,334 935 1,322 241.9% 43.0% 30.1% 103-110 2009 3rd Quart. 1,472-161 -80-337 -11.0% -5.4% 2,837 504 1,727 1,468 1,713 463.2% 60.9% 51.7% -162-209 ( ) 2006 Annual -1-1 444 424-3 4.6% 0.0% 0.0% 18-265 2007 Annual -1-1 652 423 227 68 227 54.2% 34.9% 10.5% -18-349 2008 Annual -1-1 856 422 432 73 429 102.9% 50.5% 8.6% 2-308 2009 3rd Quart. ( ) 2006 Annual 596 2 27-5 0.3% 4.5% 401 116 200 106 189 244.5% 49.8% 26.5% 11-3 2007 Annual 731 60 86 45 8.2% 11.8% 487 165 212 117 203 195.2% 43.5% 24.1% 67-18 2008 Annual 872 38 72 6 4.3% 8.3% 716 181 436 294 395 294.4% 60.9% 41.1% 25-75 2009 3rd Quart. ( ) 2006 Annual 243 28 124 13 11.6% 51.2% 527 90 265 265 237 483.6% 50.3% 50.3% 104-143 2007 Annual 290 12 140-3 4.3% 48.2% 635 85 431 263 423 648.8% 67.9% 41.4% 62-220 2008 Annual -143 180-27 100 100 63-771.4% 55.7% 55.7% 13-220 2009 3rd Quart. () 2006 Annual 7 3 4 45.7% 55.4% 383 162 173 170 136.2% 45.2% 0.0% 46-332 2007 Annual 27 13 16 2 48.2% 58.2% 386 164 173 169 134.9% 44.9% 0.0% 5 2008 Annual 30 15 18 2 51.0% 60.3% 401 166 186 182 140.9% 46.2% 0.0% 5-14 2009 3rd Quart. 14
NCF FCF Name Year Report EBITDA EBITDA Margin () 2006 Annual 11 1 3.2% 13.2% 161 46 8 3 7 248.2% 5.0% 1.9% -2-2 2007 Annual 60 7 12 2 11.1% 20.1% 434 104 103 7 89 316.5% 23.7% 1.6% -13-19 2008 Annual 81 2 10-20 1.9% 12.7% 523 146 147 50 144 258.2% 28.0% 9.6% 18-70 2009 3rd Quart. ( ) 2006 Annual 220 25 36 9 11.6% 16.3% 310 88 174 70 163 254.6% 56.1% 22.6% 21 12 2007 Annual 303 27 37 13 8.8% 12.4% 352 101 187 79 177 247.1% 53.1% 22.3% 29 18 2008 Annual 46 21 33 8 46.4% 72.2% 327 104 201 90 193 214.2% 61.3% 27.5% 15-12 2009 3rd Quart. ( ) 2006 Annual 182 27 38 17 14.7% 21.1% 149 112 7 7 4 32.7% 4.7% 4.7% 16 5 2007 Annual 210 23 35 16 11.0% 16.8% 168 121 17 17 10 38.8% 10.1% 10.1% 19-5 2008 Annual 251 17 27 9 6.8% 10.6% 271 123 116 37 106 119.8% 43.0% 13.5% 16-81 2009 3rd Quart. ( ) 2006 Annual -1-1 137 50 87 87 173.2% 63.4% 0.0% 1-54 2007 Annual -1-1 182 50 129 125 268.0% 70.7% 0.0% 2-48 2008 Annual 5-2 2-12 -38.6% 49.5% 173 38 135 5 135 358.4% 78.0% 2.9% -9-10 2009 3rd Quart. ( ) 2006 Annual 63 1 5-7 2.2% 8.5% 160 14 128 79 119 1026.2% 79.6% 49.3% -1-3 2007 Annual 76 7 11-1 9.4% 14.6% 165 13 131 57 121 1203.7% 79.4% 34.5% 3-3 2008 Annual 80-15 -11-23 -18.6% -13.5% 157-10 140 55 135-1634.1% 88.8% 35.0% -13-15 2009 3rd Quart. ( ) 2006 Annual -2-2 91 15 74 74 487.9% 81.4% 0.0% -2-20 2007 Annual -2-2 128 13 113 113 887.7% 88.6% 0.0% -3-39 2008 Annual 7 3 4 1 41.5% 58.9% 228 14 194 182 1500.8% 85.2% 0.0% 3-86 2009 3rd Quart. () 2006 Annual 143 15 20 11 10.8% 14.0% 109 66 21 10 20 65.6% 19.4% 9.3% 13-27 2007 Annual 151 8 15 5 5.0% 9.6% 134 66 49 11 45 102.6% 36.5% 8.4% 6-25 2008 Annual 204 16 27 10 7.7% 13.0% 154 73 63 24 63 109.7% 41.2% 15.4% 1-11 2009 3rd Quart. 2006 Annual 126 13 22 8 10.1% 17.3% 125 47 43 16 31 162.4% 34.4% 12.9% 31 ( ) 2007 Annual 141 14 22 9 9.6% 15.7% 126 53 32 16 16 138.1% 25.6% 13.0% 31 25 2008 Annual 127 8 16 8 6.6% 12.8% 127 59 27 17 6 115.4% 21.0% 13.8% 19 9 2009 3rd Quart. () 2006 Annual - - 89 6 83 82 1416.3% 93.4% 0.0% -15 2007 Annual 1 1 42.3% 99.0% 113 20 93 5 91 462.6% 82.0% 4.2% -10 2008 Annual 1 1 33.1% 86.0% 129 20 109 11 108 535.1% 84.0% 8.4% -1-17 2009 3rd Quart. ( ) 2006 Annual 21 4 6 3 19.7% 27.2% 96 54 2 1-6 76.9% 1.7% 1.0% 5 2007 Annual 24 5 7 4 22.1% 28.9% 97 54 1-10 78.3% 0.8% 0.1% 6 1 2008 Annual 26 6 8 7 25.1% 31.7% 101 57 1-14 75.6% 0.7% 0.1% 10 5 2009 3rd Quart. 15
Name Year Report EBITDA EBITDA Margin NCF FCF () 2006 Annual 141 7 9 6 4.8% 6.4% 62 15-6 320.9% 0.0% 0.0% 10 4 2007 Annual 193 8 11 8 4.0% 5.9% 80 22-4 269.0% 0.0% 0.0% 4-5 2008 Annual 241 18 21 13 7.3% 8.8% 105 20 6 6 5 424.2% 5.7% 5.7% 16-11 2009 3rd Quart. () 2006 Annual 65 4 5 3 5.8% 8.3% 53 27 4 4 3 95.1% 7.1% 7.1% -7-8 2007 Annual 83 5 6 4 5.9% 7.3% 59 31 7 7 2 88.6% 12.3% 12.3% 2 2 2008 Annual 127 6 0.3% 4.6% 81 29 17 17 17 175.9% 20.6% 20.5% -1-8 2009 3rd Quart. () 2006 Annual 10 5 8 2 49.3% 77.2% 59 22 32 15 29 161.1% 54.3% 25.6% 6 6 2007 Annual 11 5 8 2 48.7% 76.3% 54 22 28 18 27 149.8% 52.3% 32.4% 5 2 2008 Annual 11 5 8 23 47.2% 74.4% 53 41-11 28.5% 0.0% 0.0% 6 3 2009 3rd Quart. ( ) 2006 Annual 123 5 12 3 3.9% 9.9% 57 14 22 8 17 309.0% 38.6% 14.0% 12 9 2007 Annual 134 8 15 3 6.0% 11.4% 51 15 14 14 13 229.8% 27.4% 27.4% 9 4 2008 Annual 130 5 12 3 3.7% 9.3% 46 17 9 4 9 162.7% 20.3% 9.4% 13 5 2009 3rd Quart. ( ) 2006 Annual 47 7 7 6 14.5% 14.5% 25 18-14 39.9% 0.0% 0.0% 4 1 2007 Annual 87 10 10 8 11.6% 11.6% 24 21-10 18.7% 0.0% 0.0% 9-3 2008 Annual 111 13 13 12 11.7% 11.7% 57 27 18 18 12 114.2% 31.3% 31.3% -8-15 2009 3rd Quart. ( ) 2006 Annual 2007 Annual - - 24 24-24 0.1% 0.0% 0.0% - - 2008 Annual 6-9 -9-6 -149.4% -146.4% 49 44-40 13.2% 0.0% 0.0% -7-10 2009 3rd Quart. ( ) 2006 Annual 2007 Annual - - 8 8-8 0.6% 0.0% 0.0% 2008 Annual -1-2 54 6 40 31 783.0% 72.8% 0.0% 5-39 2009 3rd Quart. ( ) 2006 Annual - - 4 4-1 3.8% 0.0% 0.0% -1-3 2007 Annual - - 23 10 13 11 135.2% 57.3% 0.0% -3-18 2008 Annual - - 45 17 28 26 170.0% 62.5% 0.0% 2-22 2009 3rd Quart. () 2006 Annual - - 16 2 14 14 857.7% 88.7% 0.0% - -15 2007 Annual 1 1 1 81.9% 81.9% 17 2 16 15 912.1% 88.8% 2.5% -1 2008 Annual 1 1 1 81.6% 81.6% 17 2 15 14 883.4% 88.5% 2.8% 1 1 2009 3rd Quart. ( ) 2006 Annual 2007 Annual - - 17 7 6 2 2 151.9% 32.2% 11.7% 4-9 2008 Annual 1-1 -1-2 -89.5% -53.6% 15 6 9 2 9 171.7% 59.3% 11.2% -5-8 2009 3rd Quart. ( ) 2006 Annual 2007 Annual - - 8 8-7 0.0% 0.0% 0.0% -1-1 2008 Annual - - 12 12-3 0.0% 0.0% 0.0% -1-15 2009 3rd Quart. 16
..,,,,. (). 17