Home | Sitemap | Korean
 

Statement of Cash Flows
 
For the years ended December 31, 2008,2007, 2006, 2005 and 2004
 
Subject Korean Won(millions)
2008 2007 2006 2005 2004
CASH FLOWS FROM OPERATING
ACTIVITIES:		          
Net income -98,828 187,429 168,642 216,808 205,663
Adjustments to reconcile net income to
net cash provided by operating
activities:		          
Provision for severance indemnities 22,299 12,382 16,541 13,217 16,709
Bad debt expenses
     57    
Other bad debt expenses     147    
Compensation expenses     338    
Depreciation 287,639 259,850 236,032 178,076 169,867
Amortization 9,457 8,319 4,528 1,909 1,084
Allowance for doubtful accounts-trade
receivables		     - 1,332 4
Interest expense 2,036 991 2,084 1,746 1,493
Loss on sale of property, plant and
equipment		     3,016 11 360
Loss on sale of inventories     136
2
110
Loss on valuation of inventories     - 2 13
Loss on foreign currency translation 357,397 3,770 - 79 100
Impairment losses on intangible assets     2,084
 - -
Loss on disposition of scrap property
plant and equipment and intangibles 		608 617 5 4,087 7,577
Loss on derivatives transactions     1,565 - 2,241
Loss on valuation of derivatives   8,163 19,271 - 30,150
Gain on sale of property, plant and
equipment 		    -114 -17 -653
Gain on foreign currency translation     -22,097 -4,870 -23,612
Gain on valuation of derivatives -360,900   -
 -15,498 -
Gain on sale of inventories     -739 -159 -49
Gain on sale of securities available-for-sale -2,388        
Reversal of allowance for doubtful accounts   -28 -813    
Gain on disposition of inventories     -472    
Gain on disposition of property, plant and
equipment
     -114    
Deferred income tax expense       3,043 8,127
Other, net 1,047 -2,185 259,905 28 -4
Changes in operating assets and liabilities:          
Increase in trade receivables -68,844 -71,114 75,648 -133,187 -800
Increase in accounts receivable-other -32,354 2,753 -14,673 -1,004 -1,462
Increase in accrued income     -199    
Decrease in accrued interest income     - - 87
Decrease (increase) in advanced payments     2,631 -2,676 167
Decrease (increase) in prepaid expenses     -2,576 -879 331
Decrease (increase) in other current assets   97 799 776 -902
Decrease (increase) in inventories -169,353 -42,593 -25,638 39,343 -54,097
Increase (decrease) in trade payables 31,561
92,492 -42,051 120,835 -9,657
Increase (decrease) in accounts payable-other 61,397 888 7,530 -15,729 21,501
Increase in withholdings     -93 1,172 593
Increase in accrued expenses 14,561 4,772 6,183 864 1,913
Decrease in income taxes payable -48,996 17,452 -14,668 -1,175 -44,516
Increase in unearned income     60 - -
Increase in other current liabilities   7,986 5,027 2,165 10,029
Payment of severance and retirement benefits -2,336 -2,672 -1,856 -1,150 -1,086
Transfer of severance accrual from related party       - 422
Increase (Decrease) in deferred income tax liabilities -39,944 -9,444 -7,617    
Increase in other long-term liabilities     - 1,682 -
Equity in earnings of equity method accounted investments, net -391 1,129      
Change in long-term accounts payable
   600      
Income taxes refund receivable -11,480        
Others, net 6,752        
      - 194,025 136,040
Net cash provided by operating activities -41,060 481,654 417,054 410,833 341,703
Cash flows from investing activities: ￦ -   ￦ - ￦ - ￦ -
Collection of short-term financial instruments     1,002 - -
Collection of short-term loans 1,212   - 872 500
Collection of long-term loans 840 481,654 1,050 748 650
Withdrawal of guarantee deposits   667 686 94 12
Proceeds from sale of property, plant and equipment 471 20 386 267 1,635
Proceeds from sale of securities available-for-sale 12,537        
Acquisition of short-term financial instruments   -10,000 -20,000
    
Acquisition of long-term investment securities   -5,000 -797 -5,785 -267
Acquisition of equity method accounted investments
 -65,547 -30,494      
Extension of long-term loans -3,903 -3,523 -3,484 -3,236 -3,130
Extension of guarantee deposits   -3,282 -584 -2,406 -549
Acquisition of property, plant and equipment -700,706 -778,740 -515,846 -316,306 -474,985
Disposal of short-term financial instruments
 10,000 20,000      
Acquisition of intangibles -1,121 -868 -261 -1,441 -2,799
Other 64 -156 - -145 -
Net cash used in investing activities -746,153 -809,029 -537,848
 (327,338) (478,933)
           
Cash flows from financing activities:          
Proceeds from short-term borrowings 377,181 2,185,000 725,000 370,000 475,248
Proceeds from debentures 628,781 382,819 191,546 99,708 271,255
Proceeds from long-term debts 123,377        
Proceeds from swap     739    
Repayment of short-term borrowings     -2,699 -372,889 -471,869
Repayment of current portion of long-term borrowings -242,484 -2,065,000 -685,000 -18,068 -31,389
Repayment of debentures   -100,000 -22,735 -122,735 -32,735
Settlement of currency swap   -1,218 -1,565 - -2,241
Payment of cash dividends -77,026 -53,807 -67,604 -55,521 -117,772
Receipt of government subsidies
   456      
Receipt of contribution to construction costs
   185
   
Debt issuance costs
   -1,249
   
Others, net 3,406        
    347,186 137,682
    
Net cash provided by (used in)
financing activities 		813,235 347,186 16,888 (99,505) 90,497
Net Increase(decrease) in cash and cash equivalents 26,022 19,811   (16,010) (46,733)
Cash and cash equivalents at beginning of the year 43,350 23,539 6,651 22,661 69,394
Cash and cash equivalents at end of the year 69,372 43,350 23,539 6,651 22,661
Our audited financial statements as of and for the year ended December 31, 2008 have been approved by our board of directors but are subject to approval at our shareholder's meeting currently scheduled to be held on March 23, 2009.