SAMSUNG ENGINEERING. IR Presentation 2011

Transcription

1 SAMSUNG ENGINEERING IR Presentation 2011

2 Contents 01 ㅣ Business Update 02 ㅣ Investment Highlights 03 ㅣ Appendix

3 Business Portfolio Business Update ㅣ 01 Hydrocarbon Refinery CDU/VDU Heavy Oil Upgrading Aromatics, HDS Petrochemicals Ethylene EO/EG PDH Gas Gas Processing LNG (liquefaction, terminal) Polymers Fertilizers Fine Chemicals Upstream Offshore Platforms FPSO (FLNG) Pipeline GOSP Industrial Power Thermal (Coal-IGCC, Oil/Gas Fired) Metallurgy Steel Mills Non-Ferrous Plants (Al, Copper, Nickel) Industries IT Facilities Pharmaceutical Industrial Manufacturing Facilities Infrastructure Water Treatment Water Treatment Wastewater Treatment Desalination Ultra-Pure/Reuse O&M Infrastructure Transportation (Rail/Road) -3-

4 Business Results and Outlook Business Update ㅣ 01 Remarkable growth achieved as a result of enhanced global competency and new business New Order Trend Revenue Trend (1BN KRW) (1BN KRW) 19,000 14,000 16,000 14,500 12,000 10,117 5% 9,032 8,300 5,846 22% 78% 95% 45% 55% 5,300 4,035 3,215 26% 29% 19% 71% 81% 74% '08 '09 '10 '11(E) '12(E) '13(E) '08 '09 '10 '11(E) '12(E) '13(E) * Consolidated Base Hydrocarbon I & I (Industrial & Infrastructure) -4-

5 Business Results and Outlook Business Update ㅣ 01 Diversification of regions and products facilitates momentum for growth Order Backlog Trend 2010 Order Backlog Overview (1TR KRW) Domestic 13% America 7% Asia 9% Africa 19% Middle East 52% I&I Gas 9% 7% Petrochem 22% Refiney 62% % 9% % 91% 78% 82% '08 '09 '10 '11(E) '12(E) '13(E) [Region] Domestic 14% America 8% Asia 10% Africa 11% Middle East 57% Gas 11% [Product] I&I 22% Petrochem 25% Upstream 6% Refiney 36% Hydrocarbon I & I (Industrial & Infrastructure) * Consolidated Base -5-

6 Key Financial Index Business Update ㅣ 01 Stable profitability maintained based on differentiated execution capabilities Margin Trend Investment Index 16.7% 14.4% 15.3% 15.2% EPS (KRW) ,900 5,000 6,200 8, % 8.3% 8.3% 8.5% 6.6% 5.6% 8.1% 7.9% EBITDA (BN KRW) '07 '08 '09 '10 ROE 29% 35% 32% 35% Gross Profit Margin Operating Profit Margin Recurring Profit Margin -6-

7 Human Resource Update Business Update ㅣ 01 Early recruitment of talents and enhanced global operations Recruitment Trend Overseas Strategy Total Employees Overseas Employees 4,100 Overseas Employment Per Capital Sales (1 Bn KRW) 4,700 5, ,021 7,500 1,350 9,200 1,900 11,000 2,500 '08 '09 '10 '11(E) '12(E) '13(E) 17% 18% 17% 18% 21% 23% United States (SEA) Basic Engineering + Local Marketing FY10: 34 employees à FY11: 100 employees Head Office Real Time Working Environment India (SEI) Detail Engineering + Head Office Work Sharing FY10: 532 employees à FY11: 670 employees Procurement Offices : U.S., Italy, India, China, Saudi Arabia, etc Integrated construction offices for streamlined project execution Differentiated Competency For Each Global Office Saudi Arabia (IK-EPC) Independent business System FY10: 126 employees à FY11: 160 employees Global Operation Reinforcement -7-

8 Growth Strategy Investment Highlights ㅣ 02 Differentiated Marketing Strategic investments for new market entrance Product : Break into Upstream and build up I&I sector Region : Enter new markets using regional-specific marketing Enhanced Cost Competency Engineering : Facilitate value engineering Procurement : Enhance Global Sourcing and Vendor Alliance Construction : Integrate construction offices for streamlined project execution Reinforced Business Capability Increase capability by securing skilled manpower in advance Promote new business by cultivating execution capability Expand global operations Ensured System Competency Establish Engineering Data Warehouse Improve business efficiency by systemizing Develop global Corporate culture -8-

9 Investment Points Investment Highlights ㅣ 02 Growth Continue 40% Annual Growth in Revenue Accelerated Global Operation with Market, Client, Product Diversification Enter hydrocarbon upstream market such as LNG, GOSP, Offshore, etc Penetrate non-hydrocarbon market such as metallurgy, power, desalination, etc Profitability Stable Profitability through Avg. 30% EPS Growth Differentiated quality, cost, delivery, and value engineering management Continue stable profitability with system management Stability Strong Balance Sheet Excellent Cash Flow: No Debt (since 2005) Conservative foreign exchange rate policy for risk hedging Shareholder Value Build Credibility with Management Philosophy Maintain confidence by achieving business goals Priority on shareholder value: payout ratio of 30%, share buy-back etc. -9-

10 Income Statement Appendix ㅣ 03 (1 BN KRW) New Order 5,846 10,117 9,032 Backlog 8,252 13,955 17,151 Revenue 3,215 4,035 5,299 Gross Profit Operating Profit Recurring Profit Net Income Gross Profit(%) 14.4% 15.3% 15.2% Operating Profit(%) 5.6% 8.1% 7.9% Recurring Profit(%) 8.3% 8.3% 8.5% Net Income(%) 6.2% 6.1% 6.3% YoY 11% + 23% + 31% + 30% + 30% + 34% + 34% 0.1P 0.2P 0.2P 0.2P * Consolidated Base -10-

11 Balance Sheet Appendix ㅣ 03 (1 BN KRW) Total Assets 1,632 2,077 2,769 3,411 Current Assets 1,352 1,739 2,305 2,710 Non-current Assets Total Liabilities 1,106 1,497 2,006 2,449 Current Liabilities 993 1,344 1,852 2,257 Long-term Liabilities Total Equities Capital Stock Capital Surplus Retained Earnings Capital Adjustment * Consolidated Base -11-

12 Cash & Dividends Appendix ㅣ 03 Key Stability Index Dividends & Investment Outlook (1 BN KRW) Net Cash Capex 1,384 1,218 1, '07 '08 '09 '10 '11(E) Dividends (DPS) Payout Ratio ,200 1,500 2,000 2,500 30% 30% 30% 30% (1 BN KRW) CAPEX Plan New HQ Investment IT Current Dividend Rate Par Dividend 1.3% 3.4% 1.9% 1.3% 24% 30% 40% 50% 166 Rate * Consolidated Base '10 '11(E) ** Head Office Base -12-

13 Global Network Appendix ㅣ 03 Samsung Engineering Head Office India Delhi Slovakia Seoul, Korea Budapest Italy Shanghai Tokyo Algeria Abu Dhabi Saudi Arabia New Delhi Vietnam Thailand Malaysia Samsung Engineering America Houston Houston Mexico Trinidad & Tobago Venezuela Samsung Engineering Saudi Arabia Al-Jubail Saudi Arabia Samsung Engineering Thailand Rayong Australia Ma aden Amonia Project (Ras, Al Zour) Jubail Refinery Complex / GAS ASU Aramco DHT Project (Ras Tanura) Subsidiaries Overseas Branch Offices Global Engineering Centers Project Offices International Procurement Offices -13-

14 Major On-going Projects Appendix ㅣ 03 Yr. Awarded Category Project Region Client Award (in mil $) Completion 2008 Energy S-Oil Aromatics Korea S-Oil 1, Energy Bapco Lube base Oil Bahrain Bahrain Petroleum Company Energy CFE LNG Terminal Mexico Commission Federal de Electricidad Petrochemical ONGC Ethylene India Oil and Natural Gas Corporation Petrochemical CO2 Recovery Vietnam PVFCCO Energy NIGC ASU Saudi Arabia National Industrial Gases Company Energy Petrotrin ULSD T&T Petroleum Company of T&T Energy Sonatrach Refinery Algeria Sonatrach 2, Petrochemical Fertil Fertilizer UAE Ruwais Fertilizer Industries 1, Energy Aramco Jubail #3 Aromatics Saudi Arabia Saudi Arabian Oil Company Energy Takeer Refinery #3 UAE Abu Dhabi Oil Refining Company 2, Energy Aramco Jubail #4 Coker Saudi Arabia Saudi Arabian Oil Company I&I SULB Section Mill Plant Bahrain SULB National Company Energy DHDS Project India Nagarjuna Oil Corporation Limited Petrochemical Chlorine # 7 United States Dow Chemical Petrochemical Acrylic Acid Saudi Arabia SAMCO I&I Norte II CCPP Mexico La Comision Federal de Electricidad Energy Shah Gas Development UAE Abu Dhabi National Oil Company 1, Petrochemical Borouge 3 (Polyolefins) UAE Abu Dhabi Polymers Company Ltd Petrochemical Borouge 3 (LDPE) UAE Abu Dhabi Polymers Energy Sabah Oil & Gas Terminal Malaysia Petronas