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The following document contains Lutronic’s proprietary information and is not intended to be used in any other manner other than expressly written. All business and financial data contained herein are in compliance with Korean IFRS.
Any forecast within is not individually confirmed. These are forward-looking statements that relate to the Company’s estimated business and financial performance, with expressions using ‘ forecast’, ‘assessment’, ‘plan’, or ‘expectation’(‘E’). Forward-looking information and/or any interpretation may be affected by business environments and thus includes inherent differences that may vary from the final results.
In addition, all forward-looking information is based on current market condition and the Company’s direction at present, and is subject to changes without further notice, according to changes in business environment or realignment of strategy.
The Company, its affiliates, advisors or representatives shall not be held responsible for any damages from use of information herein, including gross negligence or otherwise.
This material cannot be used as evidence for responsibilities relating to the result of investment performance of the investor.
2
LUTRONIC CORP.
3
Global Medical Laser Devices
Financial Overview Competitive Assets
• Top aesthetic laser company in
Asia
• 3-4% of global market share
• KOSDAQ listed in 2006
• Involved in Aesthetics, Spinal
Surgery, and Ophthalmology
• 264 patents / Global Regulatory
Approvals
• International network of KOLs a
nd partners in 60 countries
• World’s first laser for treating
the retina without damaging
photoreceptors
• Market capitalization of KRW
261B (USD 240M) as of
November 2017
• FY2016 revenue of about KRW
81B (USD 71M) with 70% of rev
enue from Global Sales
EVOLVING BUSINESS
Aesthetic Smart Surgery Ophthalmology
Global market : $3 B (2017),
CAGR 14%
3~4% Global MS
Continual Expansion of New
Products
Dermatology, Plastic surgery
Global market : $10 B + α (2015)
DME, CSC : MFDS, CE approval
CSME: FDA clearance
World’s first laser for treating retina
with no damage to photoreceptors.
Korean market : $300 M (2013)
Approved by MFDS (2014)
Recurring Business
Neurosurgery + other (disc pain)
4
Source: Medical Insight, Inc. 2013
5
212.9 302.4 345.2 426 502.4 588.6 206.8 158.9
176.8 224.8
218.5 256
0.0
200.0
400.0
600.0
800.0
1000.0
2011 2012 2013 2014 2015 2016
Domestic
Global
Revenue Operating Income
REVENUE TREND(CONSOLIDATED)
(Unit: KRW 100 millions) (Unit: KRW 100 millions)
Quarter Performance(5 year)
0.4 10.6
27.9
52.7 66.7
2012 2013 2014 2015 2016
0.1%
2.0%
4.3%
7.3% 7.9%
-50
0
50
100
150
200
250
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
(KRW 100 millions) Revenue Operating Income
2017 3Q(CONSOLIDATED)
22,515 20,745
-1,448 -1052
-6.43
-5.07
-8.00
-6.00
-4.00
-2.00
0.00
-5,000
0
5,000
10,000
15,000
20,000
25,000
2017 Q2 2017 Q3
Revenue O. Income O.I. % 3Q ‘17 2Q ‘17 3Q ‘16 YoY QoQ
Revenue 20,745 22,515 18,801 10.34% -7.86%
COGS 10,479 11,401 7,662 36.77% -8.09%
Gross Profit 10,266 11,114 11,139 -7.84% -7.63%
SG&A 11,318 12,562 10,074 12.35% -9.90%
Operating Income -1,052 -1,448 1,065 Turned
Negative 27.35%
EBIT -1,324 -920 55 Turned
Negative -43.91%
Income Tax 455 578 -312 245.83% -21.28%
Net Income -1,779 -1,498 367 Turned
Negative -18.76%
(KRW millions, %)
6
18,801 20,745
1,065
-1052
5.66
-5.07
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
-5,000
0
5,000
10,000
15,000
20,000
25,000
2016 Q3 2017 Q3
Revenue O. Income O.I. %
(KRW millions)
2017 3Q(NON-CONSOLIDATED)
21,212 19,924
1,623 1,526
7.65
7.66
7.65
7.65
7.66
7.66
0
5,000
10,000
15,000
20,000
25,000
2017 Q2 2017 Q3
Revenue O. Income O.I. % 3Q ‘17 2Q ‘17 3Q ‘16 YoY QoQ
Revenue 19,924 21,212 19,161 3.98% -6.07%
COGS 10,715 11,414 8,592 24.71% -6.12%
Gross Profit 9,209 9,798 10,569 -12.87% -6.01%
SG&A 7,683 8,175 6,715 14.42% -6.02%
Operating Income 1,526 1,623 3,854 -60.4% -5.98%
EBIT 1,373 1,854 2,908 -52.79% -25.94%
Income Tax 344 366 0 - -6.01%
Net Income 1,029 1,488 2,908 -64.61% -30.85%
7
19,161 19,924
3,854
1,526
20.11
7.66
0.00
5.00
10.00
15.00
20.00
25.00
0
5,000
10,000
15,000
20,000
25,000
2016 Q3 2017 Q3
Revenue O. Income O.I. %
(KRW millions)
(KRW millions, %)
AESTHETIC – MARKET
Source: Medical Insight, 2016 Energy-Based Device, Body Shaping & Skin Tightening Device
2,075
2,387 2,580
2,791 3,003
3,242
2015 2016 2017 2018 2019 2020
Source: Companies *Listed companies
8
Global Aesthetic Market Revenue of Global Players in 2016
(Unit: USD millions) (Unit: USD millions)
$433.5
$354
$298
$118
$71
GLOBAL AESTHETIC DEVICE MARKET
9
Source: Medical Insight, 2016 Energy-Based Device, Body Shaping & Skin Tightening Device
(Unit: USD millions)
998 1,162 1,236 1,323 1,411 1,516
479
540 593
648 705
768
426
486
533
582
629
678
172
199
218
238
258
280
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2015 2016 2017 2018 2019 2020
Latin America
Asia
Europe
North America
2,075
2,387
2,580
2,791
3,003
3,242
AESTHETIC CLINICAL RESEARCH AND GLOBAL KOL
230 + ACADEMIC PUBLICATIONS / 400+ CLINICAL STUDIES PUBLISHED IN PEER-REVIEWED JOURNALS
13
GLOBAL CLINICAL RESEARCH
GLOBAL NETWORK OF KEY OPINION LEADERS (KOL)
SMART SURGERY – MARKET (KOR)
Source: LUTRONIC
0
2000
4000
6000
8000
10000
12000
2013 2015 2017
14
Disk Pain Surgery Market (non-insurance) Macro Trends Driving Growing Demand
Trans-foraminal Epiduroscopic Laser Annuloplasty (TELA) TELA is a minimally invasive procedure technique for the management of pain caused by various spinal disorders, wherein physicians utilize a specialized epidural scope called the NeedleView CH, which is the only one of its kind worldwide.
Source: LUTRONIC
(Unit: KRW 100 millions)
PRODUCT
Lutronic became 51% shareholder in
Oct. 2013
15
Key Patents
• Apparatus for Optical Surgery and Method for
Controlling Same
• Laserview Transforminal Laser Approach
• Laser Surgical Instrument for Spine Surgery and
Method Thereof
Laser Micro-Epiduroscopy
NeedleView CH All in one Delivery system
AMD(Age-related Macular Degeneration)
DME(Diabetic Macular Edema)
CSC(Central Serous Chorioretinopathy)
16
Ultimate Goal Preventive Medicine
Approval in CE, MFDS (KFDA) / Clearance FDA (for CSME) No-Alternative Therapy
Approval in CE, MFDS (KFDA) / Clearance FDA (for CSME) Targeting: Anti-VEGF Non-responder + Anti-VEGF Combination
PLATFORM TECHNOLOGY FOR THE RETINA TREATMENT
MECHANISM OF THERAPY
Retinal Pigment Epithelium Regeneration
17
Laser
Non-Laser
Source: Asian Retina Clinical Cases, Hakyoung KIM, Hyeong Gon Yu, The Korean Retina Society. & Lutronic R&D Center
Retina layer < 300µm >
RPE layer < 5µm >
Iris
Pupil
Cornea
Lens
Retina
Optic Nerve
Blind Spot
Ciliary
VISION AND RETINA
Retina
• A thin layer of tissue lining the inner surface of the eye
• Light striking the retina is changed to an electrical signal and transmitted to the brain
18
Object
Eye
Brain (Visual Center)
Source: Health Chosun, 2012
MACULA
19
• Located in the center of the retina with caved-in and oval shape for greater light reception
• Highest concentration of Photoreceptors with no blood vessels, for central and high resolution vision
Source: NIH
MACULA
20
• Macula consists of multiple layers – Photoreceptors, Retinal Pigment Epithelial(RPE) cells, Bruch’s Membrane, and Choroid
• RPE nourishes Photoreceptors by supplying nutrients from Choroid and transporting extracellular material out through Bruch’s membrane
Photoreceptors
Retinal Pigment Epithelial Cells
Bruch’s Membrane
Choroid
Source: LUTRONIC, NIH
CENTRAL SEROUS CHORIORETINOPATHY (CSC)
21
• Leakage of fluid accumulates under the central macula, resulting in blurred or distorted vision which may progressively decline with each recurrence
• The cause is not known and believed to be exacerbated by stress
• The overall incidence is approximately 6 per 100,000 population, mostly among professional male in age of 41 to 46
• No conventional standard of care exists without causing damage, due to the occurrence in the central macula area
Source: NIH
INCIDENCE OF CSC
22
GLOBAL PATIENT 6 PER 100,000
70%
30%
Acute Chronic
USA
10%
KOREA
2%
MAJOR
EU
5%
MAJOR
ASIA
83%
Source: Incidence of CSC, Journal Ophthalmology 2008 World Bank, CIA FactBook
CLINICAL TRIAL - CSC
• Location: Germany
• No. of Patients: 14 experimental / 16 controlled
• Period: 3 months
• Result: Reduction in subretinal fluid
Stable or improved vision
Source: Klatt C, Saeger M, Oppermann T et al. Selective retina therapy for acute central serous chorioretinopathy. Br J Ophthalmol. 2011;95:83-88
0
50
100
150
200
250
300
350
400
450
BASE 1 MONTH 3 MONTHS
EXPERIMENTAL
CONTROLLED
Feb. 2014 MFDS Approval
May 2015 EU CE Approval
Oct. 2016 US FDA Clearance (CSME)
23
Reduction in Subretinal Fluid
CSC SIGNAL STUDY (KOR.)
-46-year-old female (Right eye)
Source: Seungbum Kang, Young Gun Park, Jae Ryun Kim, Eric Seifert, Dirk Theisen-Kunde, Ralf Brinkmann, and Young Jung Roh, Selective Retina Therapy in Patients with Chronic Central Serous Chorioretinopathy: A pilot study, MEDICINE
24
• Location: Korea
• No. of Patients: 12
• Period: 6 months
• Result: Reduction in subretinal fluid / Stable or
improved vision / Enhancements of retinal
sensitivity / no scotoma
CASE 7.
DIABETIC MACULAR EDEMA
Source: The Korean Retina Society. RETINA. 2011
25
Source: NIH
• As diabetes slows the metabolism, retinal vessels are unable to deliver enough nutrients, which induces neovascularization and fluid leakage, which causes macular edema
PREVALENCE OF DME
Rest of World
29%
China
20% Latin America
12%
Western
Europe
11%
United States
10%
India
9%
Other
Wealthy
Nations
6%
Japan
3%
26
85.4
24.0
19.3
Early DR DME PDR
Source: Market scope 2015
Diabetic eye disease classification
Estimated global DME population is 105 million
First target is 24million patients at a later stage of DME
(Unit: millions)
CLINICAL TRIAL – DME
Source: Roider J, Klatt C, Brinkmann R et al. Selective retina therapy (SRT) for clinical significant diabetic macular edema. Graefes Arch Clin Exp Ophthalmol. 2010;248:1263-1272
Jul. 2013 MFDS Approval
Nov. 2013 EU CE Approval
Oct. 2016 US FDA Clearance (CSME)
27
• Location: Germany
• No. of patients: 39
• Period: 6 months
• Result:
Stable or improved vision
Change in thickness of fovea
DME CLINICAL TRIAL (KOR.)
Source: Young Gun Park, Jae Ryun Kim, Seungbum Kang, Eric Seifert, Dirk Theisen-Kunde, Ralf Brinkmann,Young-Jung Roh / Safety and Efficacy of Selective Retina Therapy (SRT) for the Treatment of Diabetic Macular Edema in Korean Patients. / Graefes Arch Clin Exp Ophthalmol DOI 10.1007/s00417-015-3262-1
28
• Location: Korea
• No. of Patients: 21 (23 eyes)
• Period: 6 months
• Result: Stable or improved vision / Change in thickness of fovea / Improved retinal sensitivity / Demonstrated
clinically significant effect and safety on Korean patients
11.8(2)
17.6(3)
41.2(7)
29.4(5)
0
10
20
30
40
50
≥1-line
deterioration
Stable (<1-
line change)
≥1-line to
<2-line
improvement
≥2-line
improvement
(%)
11.8(2)
29.4(5)
23.5(4)
35.3(6)
0
10
20
30
40
MMT increased
≥5%
compared to
baseline
MMT stationary
(<5% change
compared to
baseline)
MMT decreased
≥5% to <10%
compared to
baseline
improvement
MMT decreased
≥10%
compared to
baseline
Dis
trib
uti
on
of
chan
ges
in M
MT (
%)
Vision Improvement Retinal Thickness Improvement
AGE-RELATED MACULAR DEGENERATION (AMD)
29
As aging progresses, the ability of the RPE cells to nourish the photoreceptors diminishes
• Dry AMD: Degraded RPE cells fail to transport extracellular material which then begins to build up (Drusen) in between Bruch’s membrane and the RPE
- Drusen interfere with the supply of nutrients to the photoreceptors which could lead to vision loss
- Approximately 90% of AMD patients suffer from Dry AMD
• Wet AMD: As Dry AMD advances, new blood vessels grow (neovascularization) and penetrate Bruch’s membrane and RPE cells in order to supply nutrients to the photoreceptors
- The new and immature blood vessels are weak and prone to bleeding and leakage, resulting in blood and protein leakages,
thus damaging the photoreceptors and fueling rapid vision loss
- Approximately 10% of AMD patients suffer from Wet AMD
Dry AMD Wet AMD Vision Loss by AMD 90% 10%
Source: LUTRONIC
Drusen
PREVALENCE OF AMD
30
84.2%
6.4% 7.8%
1.6%
Early AMD GA only Neovascular
only
Neovascular &
GA
Rest of World
31%
Western
Europe
15% China
13%
India
13%
Latin America
11%
United States
9%
Other Wealthy
Nations
5%
Japan
3%
Source: Market scope 2015
NO Current Treatment
Disease Classification
Estimated global Dry AMD population is 90% of 138 million
(Unit: millions)
DRY-AMD BASIC CLINICAL STUDY
Source : Johann Roider, Ralf Brinkmann, Christopher Wirbelauer, Horst Laqua, Reginald Birngruber/ Subthreshold (retinal pigment epithelium) photocoagulation in macular diseases: a pilot study / Br J Ophthalmol 2000;84:40–47
Fundus image before (A) and 6 months after subthreshold RPE treatment (B).A change in the drusen pattern is notable (arrows).
• Location: Germany
• No. of Patients: 10
• Period : 5 Patients - 6 months(Follow-up)
5 Patients – 1 year (Follow-up)
• Result : 7 Patients - drusen decreased
(3 Patients - drusen disappeared)
31
CSC DME AMD
Target: 6 per 100,000 (30%)
Existing treatments: None
Target: 90% of 138 M patients
Existing treatments
wet-AMD: anti-VEGF*,
PC, etc.
dry-AMD: None
Target: 24 M patients
Existing treatments
anti-VEGF*
PC(Photo-coagulation
Laser)
32
*Anti-VEGF Global Market (2015): Approximately 10B (USD) Indication: DME + wet-AMD Lucentis (Norvatis) + Eylea (Bayer) + Avastin (Roche)
PLATFORM TECHNOLOGY FOR THE RETINA TREATMENT
Photocoagulation Laser Anti-VEGF Injection Steroid Injection Surgery (i.e. Vitrectomy)
Ranibizumab 2,140 USD
Aflibercept 2,040 USD
Post-PC treatment
scars
• PC treatment causes secondary thermal damage to the surrounding tissues and leaves permanent scars.
• If the macula is treated with a PC laser, permanent loss of visual acuity will occur.
Bevacizumab 240 USD
(OFF-LABEL)
33
SOURCE: MARKETSCOPE 2015
Pan-Retinal Photocoagulation Sample Only for DME, wet-AMD
CURRENT TREATMENTS FOR RETINAL DISEASE
PC VS. R:GEN
RPE
RPE
Source 1 Source 2 (X500) (X200)
R:GEN Conventional Photocoagulation
34
Selectively damages RPE cells to repair or regenerate
Source1: Roider, Brinkmann. Selective retinal pigment epithelium laser treatment theoretinal and clinical aspects. Laser in Ophthalmology – Basic, Diagnostic and Surgical Aspects, pp. 119-129 Source2: Lutronic
•Vision loss (scotoma, scar)
•Fovea treatment is impossible
•White burn
•Irradiation selectively damages only the RPE
•Fovea irradiation possible
•Automatic dosimetry for added safety
ANTI-VEGF / DME
Source: Aflibercept, Bevacizumab, or Ranibizumab for Diabetic Macular Edema, The new england journal of medicine, John A. Wells, M.D., Palmetto Retina Center, West Columbia, 2015
• Location: 89 sites
• No. of Patients: 660 (mean age, 61±10 years)
• Period: 1 year (Follow-up)
• Patients of Non-Respondent:
Eylea 37% / Avastin 56% / Lucentis 46%
OPHTHALMOLOGY (MACULAR TREATMENT) – MARKET
Source: Market Scope (Dec. 2013)
36
*OFF-LABEL
6213 5984 6146 6745 7015 6944 6876
2010 2011 2012 2013 2014 2015 2016
AVASTIN
Source: Annual reports, IR data
Global Photocoagulation Laser Market Anti-VEGF Market
(Unit: USD millions)
2935 3772 3977 4205 4301 3639 2948
25 838
1881 2775
4089 5200
2010 2011 2012 2013 2014 2015 2016
EYLEA
LUCENTIS
3,797 4,815
7,076 6,086
7,728 8,148
PLATFORM TECHNOLOGY FOR THE RETINA TREATMENT
37
Microsecond Pulse Laser 527nm/ 1.7µs
Auto-control technology Laser Ramp-up and RTF Technology Pulses: 100hz / 1.7µs
Real-Time Feedback Check RPE Cells with LIGHT and SOUND in 1 µs (1 x 10-6 sec) Dual Dosimetry Sensors: Optoacoustic + Reflectometry
World’s first laser for treating the retina without damaging photoreceptors. (70 Patents)
Source : M. A. MAINSTER, Retinal-Temperature Increases Produced by Intense Light Sources JOURNAL OF THE OPTICAL SOCIETY OF AMERICA, VOL. 60, NO. 2
RETINA RPE CHOROID
0.1 sec
10 msec
1 msec
100µsec
10µsec
1µsec
40µm 20µm 0 40µm 20µm
R:GEN
39
R:GEN CORE TECHNOLOGY – MICROSECOND PULSE LASER
40
R:GEN CORE TECHNOLOGY – REAL-TIME FEEDBACK Auto-control technology (safety)
Check RPE Cells with LIGHT and SOUND in 1 µs (1 x 10-6 sec)
Source: LUTRONIC
(Disposable) Optoacoustic
Reflectometry
R:GEN R:GEN
Laser Ramp-up and RTF Technology
R:GEN - AIMING “MAXIMUM PROFITABILITY”
*U.S MARKET
PC ANTI-VEGF R:GEN Therapy
Social Cost $700~900 $1,800 (Average) $2,000 +
Clinic Net $700~900
(- Depreciation Cost) $300 $1,000 +
Total Cost $1,400 (Twice a year) $14,000 (Seven a year) $6,000 (Three a year)
Comparison
• Side effects (Partial
Blindness)
• Only slows down
symptoms
• Direct injection to the eye
• Develops tolerance
• Only slows down symptoms
(vision loss after a time period)
• Secured both safety and efficacy
• Immediate daily life after therapy
• Potential treatment of the cause
41
Recurring Business Model (Disposable)
1. No/Less up-front investment 2. High added-value for doctors 3. Safe, Effective + Valuable
AGING POPULATION STATISTICS
Source: future population projection: Age type group estimated future population, Korean Statistical Information Service. 2012
0
5
10
15
20
25
0
10,000
20,000
30,000
40,000
50,000
60,000
2000 2005 2010 2015 2020 2025
TOTAL POPULATION OVER 65 RATIO (%)
As Population Ages, So Does Patient Base
Source: The Korean retina Society, 2012
Diabetic
Retinopathy,
23.20%
Age-related
Macular
Degeneration
, 21.40% Detachment
of the retina,
14.70% Retinal Vein
Occlusion,
7.30%
Malignant
Myopia,
6.20%
Injury, 6.10%
ect, 21.10%
42
Aging population & rate of people 65 or above Aging population - Eye diseases percentages
(1 thou.)
INVESTMENT HIGHLIGHT
20% of Revenue into R&D
246 domestic and global patents
Innovative products
Attained
On-going
Future expansion
Continue to improve
profitability
New
Scalable
Markets
Clearances
Recurring
Business
Model
43
COMPANY OVERVIEW
Name Lutronic Corp.
CEO Haelyung Hwang
Date of Incorporation
July 8, 1997
Date Listed on KOSDAQ
July 4, 2006
Capital KRW 6,400 millions (Dec. 31, 2016)
Main Business
Laser and Energy-based Device Developer & Manufacture
Headquarters 219, Sowon-ro, Deogyang-gu, Goyang-si, Gyeonggi-do, Korea
Website www.lutronic.com
Employees 290 (in Head Office only), total 360
Work
Experience
The Korean Society of Medical & Biological Engineering Vice Chair
Ministry of Health and Welfare Health Technology Policy Deliberative Committee
Commissioner of high-tech medical complex, an affiliated organization of prime minister's office
Advanced Technology Center Association Director
KOSDAQ Association – Vice Chair
Ministry of Trade, Industry and Energy Internal assessment committee
Laser Systems, Inc . Vice Chair for Asia Marketing
Academic Background
Yale University (Economics, Electronic Engineering as minor)
Award Winning Career
Dec. 2013 Korea Venture Show ‘Industry Award ‘
Dec. 2010 Minister of Knowledge Economy Award (Global IT-CEO award)
Nov. 2007 Presidential Merit Award venture Industry Promotion
CEO: HAELYUNG HWANG
46
LUTRONIC CENTER
47
BOARD MEMBERS
Name BoD Profile
Charles Cholsoo Lho Outside Director
Chairman & CEO, Amicus Group
Director , Center for Global Cooperation, Samsung Economic Research Institute
Economic Research Asst, World Trade Organization
Jung Woo LEE Auditor on Board
Advisor My Assets Asset Management
Vice President Korea Securities Dealers Association
President and CEO, the Herald Korea
CEO Dongseo Securities / Coryo Securities
Haelyung HWANG CEO/Director Refer to the previous page.
KH Dominic LEE CFO/Director
Altacap: Partner - Corporate Finance
MCM, American Tape: CFO
Samsung Elec.: Marketing and Product Management
CURRENT CAPITALIZATION TABLE
CEO
FOREIGN
INSTITUTIONAL
OTHERS
Stockholder Number Rate
CEO 2,734,049 24.41%
Foreign 615,410 5.49%
Institutional 1,164,805 10.4%
Others 6,332,271 59.7%
Total 10,846,535 100.00%
Dec. 31, 2016
24.41%
5.49%
10.4%
59.7%
※ The total is based on stocks with voting rights (1,701,067 shares of convertible preferred stock are not included.)
FINANCIAL HIGHLIGHTS - STOCK PERFORMANCE
49
November 2017
Current(20 day Avg.) 11,984 KRW 52wk H/L 18,051 KRW / 10,000 KRW Market Cap $240M
Price Earning Ratio (5Y)
-500.00
0.00
500.00
1,000.00
1,500.00
2,000.00 Lutronic Healthcare KOSDAQ
FINANCIAL STATEMENTS (K-IFRS, IN KRW 0.1B, CONSOLIDATED)
SUBJECT 2014 2015 2016
Ⅰ. Current assets 324.7 561.0 1,150.0
Ⅱ. Noncurrent assets 480.0 733.9 767.1
Intangible assets 231.9 300.3 331.5
Total assets 804.7 1,294.9 1,917.1
Ⅰ. Current Liabilities 325.8 370.4 397.2
Ⅱ. Noncurrent Liabilities 153.6 176.0 165.5
total Liabilities 479.4 546.4 562.8
Ⅰ. Capital 52.0 54.1 64.5
Ⅱ. Additional Paid-in Capital 199.5 294.8 884.4
Ⅲ. Earned surplus 96.9 178.3 226.5
Ⅳ. Elements of other shareholder's equity
-9.9 240.8 196.8
V. Non-controlling interests -13.2 -19.4 -17.9
Total stockholders’ equity 325.3 748.5 1,354.3
SUBJECT 2014 2015 2016
Ⅰ. revenue 650.8 720.9 845.0
Domestic 224.8 218.5 256.3
Export 426.0 502.4 588.6
Ⅱ. 0perating Income 27.9 52.7 66.7
Ⅲ. Pre-tax Income 10.5 58.3 75.5
Ⅳ. Net Income 8.7 52.6 53.0
SUBJECT 2014 2015 2016
Operating Cash flow 48.4 77.7 55.7
50
Statement of Financial Position Statement of Comprehensive Income
Statement of Cash Flow
FINANCIAL STATEMENTS (K-IFRS, IN KRW 0.1B, NON-CONSOLIDATED)
SUBJECT 2014 2015 2016
Ⅰ. Current assets 310.1 556.0 1,132.4
Ⅱ. Noncurrent assets 595.3 840.4 952.1
Intangible assets other than goodwill
213.9 292.8 309.4
Total Assets 905.4 1,396.4 2,084.5
Ⅰ. Current Liabilities 266.1 296.5 310.2
Ⅱ. Noncurrent Liabilities 152.8 177.7 171.0
Total liabilities 418.9 474.2 481.2
Ⅰ. Capital 52.0 54.1 64.5
Ⅱ. Additional Paid-in Capital 199.5 294.8 884.4
Ⅲ. Earned surplus 248.7 331.6 455.5
Ⅳ. Elements of other shareholder's equity
-13.7 241.8 198.9
Total stockholders’ equity 486.5 922.3 1,603.3
SUBJECT 2014 2015 2016
Ⅰ. revenue 638.1 710.1 810.3
Ⅱ. 0perating Income 61.7 79.8 143.2
Ⅲ. Pre-tax Income 53.3 86.8 156.0
Ⅳ. Net Income 52.0 80.9 132.0
SUBJECT 2014 2015 2016
Operating Cash flow 67.8 83.7 66.9
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Statement of Financial Position Statement of Comprehensive Income
Statement of Cash Flow
CONTACT US 219 Sowonro, Deogyang-gu, Goyang-si, Gyeonggi-do, Republic of Korea
[email protected] / +82.70.4714.6024
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