1. Ingeniería

(2015.1)
1
Important Notice
This presentation of Hyundai Heavy Industries (HHI) contains forward-looking statements relating to HHI’s operations that are
based on management’s current expectations, estimates and projections. Words such as “anticipates”, “expects”, “intends”,
“plans”, “projects”, “schedules”, “estimates” and similar expressions are intended to identify such forward-looking statements.
These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and other factors
including new order flows, FX rates, steel plate prices and so on, some of which are beyond company’s control and are
difficult to predict. Therefore, actual outcomes and actual results may differ materially from what is expressed or forecasted in
such forward-looking statements. The reader should not place undue reliance on these forward-looking statements. HHI
undertakes no obligation to update any forward-looking statements to reflect subsequent events.
2
Contents
 HHI
at a Glance
 Business
Performance
 Financial
Performance
3
HHI at a Glance
4
Summary

Date of Establishment : 1973. 12. 28

Date of Listing : 1999. 8. 24

No. of issued stocks: 76,000,000 stocks

Paid-in Capital : KRW 380 bil.

Market Value : KRW 8,740 bil. (As of December 31, 2014)

Credit Rating : A1 (Commercial Paper), AA (Corporate Bond)

Korea’s large conglomerate ranking : 7th
(Excluding public companies, based on total assets, As of December 31, 2013)

No. of employees : 25,663 (Average 18.5 years of continuous service)

No. of dry docks : 10 (Shipbuilding), 1 (Offshore & Engineering)

Business Division : Shipbuilding, Offshore Plant, Engine & Machinery, Electro Electric Systems,
Construction Equipment, Green Energy, Refinery, Financial Services
5
History

1973. 12
Establishment of Hyundai Shipbuilding & Heavy Industry Co., Ltd.

1974.
6
Inauguration of the Shipyard and Simultaneous Naming of First Two Supertankers

1978.
2
Change of Company Name to Hyundai Heavy Industries Co., Ltd.

1975.3~1985.6
Established Special Vessels, Offshore & Engineering, Industrial Plant & Engineering,
Engine & Machinery, Electro Electric Systems, Construction Equipment Divisions

1994.
6
Listed on the Korean Securities Dealers Automated Quotations,
Delivery of Korea’s First LNG Carrier

1999.
8
Listed on the Korean Stock Exchange

2002.
2
Disaffiliated from Hyundai Group and creation of Hyundai Heavy Industries group
(Hyundai Heavy Industries Co., Ltd., Asan Foundation and six other companies)

2002.
5
Acquired Samho Heavy Industries Co., Ltd.

2008.
9
Acquired HI Investment and Securities Co., Ltd. and HI Asset Management Co., Ltd.
(Underwriting company : Hyundai Mipo Dockyard Co., Ltd. )

2009. 12
Acquired Hyundai Corporation

2010.
8
Acquired Hyundai Oilbank Co., Ltd. (70% of Ownership and management)

2011.
2
Became the world’s first shipbuilder to deliver 1,700th ship
6
Business Highlights
No.1 in Global shipbuilding Market
(Since 1983)
• HHI, HSHI, HMD : 12.16%
(2011 delivery basis)
Recognized for building the ‘World Best
Ship’ for the 29th consecutive year
(Since 1983)
• Total 47 ships, World shipbuilding publications
(Maritime Report and Marine Log)
First to build LNG Carrier in Korea
(Jun. 1994)
Delivery of the World’s Biggest Jacket
(May, 1989)
• 125,000 m3
• Exxon (U.S.A)
• 40,000 ton
Completion of World’s Largest Elf
Girassol FPSO (Feb. 2001)
• 343,000 Ton
Completed World’s largest Saudi
Marafiq power plant (Apr. 2011)
• power generation 2,750 MW + desalination
176 MIGD
Achieved world record production in 2-stroke
Markne engines (Sep. 2010)
• 100 million bhp
Achieved domestic record production in
Transformers (Feb. 2010)
• 600,000 MVA
7
Ownership Structure
(As of December 31, 2013)
Chung Mong-joon
Hyundai Mipo
10.15%
Dockyard Co., Ltd.
7.98%
National Pension
Service 6.31%
Others 45.08%
KCC 3.12%
(Foreign Ownership : 18.23% )
Hyundai Motors 2.88%
Asan Foundation 2.53%
Treasury Shares 19.36%
POSCO 1.94%
Asan Nanum
Foundation 0.65%
8
Business Structure
Division
Main Products
Major Clients
• VLCCs, Tankers, Product Carriers, Chemical Tankers
• Containerships, Bulk Carriers, OBO Carriers
• Ro-Pax Ships, Ro-Ro Ships, Pure Car Carriers, Tankers/VLCCs
• LNG Carriers, LPG Carriers
• Drillships
• Submarines, Destroyers, Frigates
Offshore &
Engineering
• Floating Units: FPSOs, FLNGs, FPUs, TLPs, Semi-Submersible Units
• Fixed Platforms: Topsides, Jackets & Piles, Jack-ups, Modules & Quarters
• Pipelines & Subsea Facilities: Subsea Pipelines
• Offshore Installations: Platforms, Pipelines
• Land-Based Modules
Industrial Plant &
Engineering
• Power Plants: Combined-Cycle, Cogeneration, Thermal Power Plants
• Process Plants: Oil and Gas, Refinery, Tank Farm, GTL, and LNG Facilities
• Plant Equipments: Industrial Boiler, HRSG, CFBF
Boiler, Regenerator & Reactor
Shipbuilding
Engine &
Machinery
Electro Electric
Systems
Construction
Equipment
Green Energy
Refinery
Financial
Services
• Two-Stroke Diesel Engines, Four-Stroke(HiMSEN)Engines
• Propellers and Crankshafts
• Steam Turbines and Turbochargers
• Diesel and Gas Power Plant Engines
• Industrial and Marine Pumps, Industrial Robots, Side Thrusters
• Presses, Conveyor Systems, and Steel Strip Process Lines
• Transformers, Gas Insulated Switchgear, Switchgear
• Low- and Medium-Voltage Circuit Breakers
• Rotating Machinery
• Power Electronics and Control Systems
Competitors
Capacity
 HAPAG-LLOYD (GER)
 C.P. OFFEN (GER)
 AP MOLLER (Denmaark)
 Seaspan (Canada)
 Diamond Offshore (USA)
 DSME (KOR)
 SHI (KOR)
 8.00 mil. GT
 BP(UK)
 ExxonMobile(USA)
 SHELL(USA)
 TOTAL (FR)
 CHEVRON (USA)
 ENI NORGE (NOR)
 DSME, SHI (KOR)
 Technip (FR)
 Saipem (Italy)
 McDermott (USA)
 Floaters : 1~2 units
 Fixed Platform : 3~4 units
 Pipeline laying : 30km
 SHELL (US)
 MEW (KUWAIT)
 SEC (SAUDI)
 Siemens (GER)
 Power plant : 1,000MW
 Hyundai E&C (KOR)
(4~5 projects)
 Doosan Heavy (KOR)
 Samsung C&T Corporation(KOR)
 HMD(KOR)
 Shanghai (CHINA)
 DSME, SHI (KOR)
 State-Owned Power company
 Utility, IPP company
• Excavators
• Wheel Loaders
• Forklifts
• Skid Loaders
• Solar/Wind Power Systems
• Petroleum: LPG, Gasoline, Kerosene, Jet Fuel
• Petrochemicals: Propylene, Alkylate, BTX, Naphtha
 Wagner&Co Solartechnik(GER)
 MHH Solartechnik (GER)
 Sun Energy Europe (GER)
 Albatech (Italy)
 Doosan, STX (KOR)
 Mitsui (JPN)
 Hudong, Dalian(China)
 Large Engines (500 units)
:18 mil bhp
 Medium (1800 Units)
: 5 mil bhp
 ABB (Sweden)
 Siemens (GER)
 Hyosung (KOR)
 Transformer (620 units)
120,000 MVA
 Komatsu (JPN)
 Caterpillar (USA)
 Terex (USA)
 Doosan Infracore (KOR)
 29,000 units
(Excavators 16,000 units)
 Suntech, Yingli (CHN)
 Vestas (DEN), GE (USA)
 Solar Cell/module : 510 MW
 Wind Turbine : 600 MW
 SK Innovation (KOR)
 GS-Caltex (KOR)
 S-Oil (KOR)
 390,000 B/D
• Securities Brokerage
• Asset Management
• Futures
• Corporate Finance
• Leasing
9
Sales Breakdown
Financial Services
Others
(KRW 663.6 bil.)
(KRW 218.1 bil.)
Refinery
Shipbuilding
(KRW 22,220.8 bil.)
(KRW 17,018.3 bil.)
Green Energy
Offshore & Engineering
(KRW 314.4 bil.)
(KRW 4,756.0 bil.)
Industrial Plant & Engineering
Construction Equipment
(KRW 3,289.6 bil.)
Electro Electric Systems
(KRW 2,761.3 bil.)
Engine & Machinery
(KRW 1,223,8 bil.)
(KRW 1,722.2 bil.)
(2013 Consolidated basis)
10
Affiliates

27 affiliated companies in Hyundai Heavy Industries Group (HHI included, overseas corporations excluded)
• Changjuk Wind Power : As of Jan. 3. 2011, the date of addition as an affiliate
• Hyundai Energy & Resources : As of May. 2. 2011, the date of addition as an affiliate
• New Korea Country Club & Hyundai Oil Terminal Co., Ltd.:
As of March. 2. 2012, the date of addition as an affiliate
11
Global Network
Established 21 Overseas offices and 26 Incorporated firms, a total of 47 global network.
• 21 overseas offices - Europe : 7, America : 3, Asia : 4, Middle East / Africa : 7
• 26 Incorporated firms - Production/sales : 14, Sales : 2, Construction : 3, R&D : 2, Management : 3, Agriculture: 2
[HHI]
Region
Europe
America
Asia
Middle East /
Africa
Total
【Europe】
Oslo
Moscow
Hungary
France
Spain
Bulgaria
7
2
9
21
26
47
Total
16
7
15
Production /
Sales(14)
Sales (2)
Construction(3)
R&D(2)
Management(3)
Agriculture(2)
Khorol Agro, Mikhailovka Agro,
Hyundai Electrosystems
Germany
Belgium
Incorporated
firm
9
4
11
Offices (21)
Rotterdam
London
Overseas
office
7
3
4
Athens
Riyadh
Al Khobar
(office, incorporated)
Nigeria
Vladivostok
Beijing
Istanbul
Tai’an
Kuwait
Dubai
Jebel Ali
Abu Dhabi
Shandong Yantai
Weihai
Yangzhong
Chanzhou
Mumbai
India
Tokyo
Hyundai Ideal Electric Co.
Alabama
Osaka
HHI China Investment Co., Ltd.
Hyudai Heavy Industries Shanghai R&D Co., Ltd.
Houston
New Jersey
Atlanta
(office, incorporated)
Hyundai Financial Leasing Co., Ltd.
Singapore
Luanda
【Middle East / Africa】
Brazil
【Asia】
【America】
12
Business Performance
13
New Orders Trend
(Mil. USD)
+8.0% YoY
35,000
30,000
18,706
15,000
9,817
0
17,851
14,419
9,290
6,400
4,357
5,777
2,968
2,043
2,809
`01
`02
13,424
7,236
7,835
10,735
15,730
8,488
11,470
10,291
13,635
10,905
8,272
444
`03
13,147
4,917
3,025
6,792
19,567
17,209
16,107
13,405
29,565
20,415
13,838
20,000
5,000
25,324
25,020
25,000
10,000
27,363
27,473
`04
`05
`06
Shipbuilding
`07
`08
`09
4,061
`10
9,512
6,143
`11
`12
9,150
`13 `14 (Target)
Non-Shipbuilding
14
Monthly New Orders in 2013
(Non-Consolidated)
□ Achieving 92.2% of annual target, a 39.8% increase YoY on the back of positive order flow of commercial
vessels and offshore production facilities
- Shipbuilding
-
: 27 Containerships, 19 LPGs, 11 Bulk Carriers, 11 Tankers, 9 LNGs, 5 Special Vessels, 1 Offshore Construction Vessel,
1 Accommodation Vessel, 1 Semi Submersible Rig
Offshore
: 1 FPSO (Rosebank, Chevron), 1 TLP & 1 FPU (Moho Nord, Total), 1 Spar Topside (Aasta Hansteen, Statoil)
Industrial Plant
: Shuqaiq Oil fired Conventional Power Plant, Saudi Arabia, Az-Zour North Combined-cycle power plant, Kuwait
Engine & Machinery
: Four-stroke marine engine orders increased YoY due to demand increase for special vessels such as drillship in 2012
Electro Electric Systems : Orders declined YoY as a result of profit-focused order taking
Construction Equipment : Demand declined YoY esp. in the Middle East, America, Russia, South East Asia
Green Energy
: The ongoing oversupply problem and slowing demand continued to unfold
Monthly New Orders in 2013
(unit : mil. of USD)
2012
2013
Division
Full
year
Shipbuilding
6,143
7,750
Offshore
2,072
Industrial Plant
Target Jan.
Feb.
Mar.
937
0
6,000
1,183
4,077
6,000
Engine & Machinery
1,858
Electro Electric
Dec.
Full
year
Achievement
(%)
1,297
381
9,512
122.7
66
211
53
6,503
108.4
5
41
25
953
4,396
73.3
219
137
211
208
18
2,425
78.2
81
82
111
231
224
59
1,820
57.6
242
168
165
172
180
163
121
2,469
75.5
8
26
18
12
13
19
23
19
238
60.4
2,553
1,560
1,443
4,756
1,027
1,745
2,151
1,604
27,363
92.2
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
570
1,049
1,733
682
916
865
85
997
64
2,064
1,907
95
98
41
217
504
37
0
84
2
27
7
19
3,196
3,100
162
235
292
170
283
290
200
2,318
3,160
143
139
208
172
155
215
Construction
Equipment
2,773
3,272
217
230
286
273
252
Green Energy
326
394
32
26
17
25
Total
19,567
29,676
2,711
694
3,521
3,598
Nov.
15
Shipbuilding
Drillship
VLCC
Containerships
Bulk Carrier
LNG
LPG
Car Carriers
Naval Ships
Special Vessels
16
Market
Shipbuilding
Global Demand
(Unit: Mil. GT)
200.0
since 2007
(Unit: Mil. GT)
Others
LPG Carrier
LNG Carrier
Containers
Tankers
Bulkers
150.0
+139%
95.5
100.0
39.9
50.0
0.0
'07
'08
* Source : Clarkson
'09
'10
'11
Newbuilding Price Trend
180
'12
VLCC 315-320K DWT (Left, Mil. USD)
Containership 8,500-9,100 TEU (Left, Mil. USD)
LPG Carrier 82,000m³ (Left, Mil. USD)
LNG Carrier 160,000m³ (Right, Mil. USD)
140
120
100
80
250
240
'12
`13
YoY
Total
176.6
110.9
33.1
94.1
62.5
39.9
95.5
139.3%
62.5
Bulkers
92.5
56.8
20.3
57.3
24.1
14.2
43.7
207.7%
28.6
Tankers
27.7
29.8
8.0
20.3
5.9
7.9
18.5
134.2%
12.3
Containers
35.0
12.7
1.0
6.6
20.1
4.7
19.4
312.8%
9.0
LNG
2.5
0.6
0.0
0.5
5.1
3.8
4.1
7.9%
4.0
LPG
0.7
0.6
0.1
0.6
0.4
1.1
2.8
154.5%
3.1
others
18.2
10.4
3.7
8.8
6.9
8.2
7.0
-14.6%
5.5
* Others : offshore, cruise vessels, ro-ro ferries, MPP, Reefers, PCC
'13
Price Index
`07
`08
`09
`10
`11
`12
`13
YoY
`14.10
185
178
138
142.4
139
126.3
133.2
5.5%
138.8
88.0
56.0
57.0
48.5
46.0
53.5
16.3%
54.5
220
VLCC(320K)
146.0
150.0
101.0
105.0
99.0
93.0
94.0
1.1%
98.0
210
Container(8,800teu)
134.0
129.0
86.5
95.0
92.5
76.5
85.5
11.8%
88.5
200
LPG(82,000m³)
93.0
92.0
72.0
72.8
73.0
70.0
74.5
6.4%
79.0
LNG(160,000m³)
237.0
245.0
211.5
202.0
202.0
199.5
198.0
-0.8%
200.0
180
'11
`12
97.0
40
'10
`11
Capesize Bulk(180K)
190
'09
`10
(Unit: Mil. USD)
60
'08
`09
260
230
'07
`08
since 2007
Capesize 176-180K DWT (Left, Mil. USD)
160
'13
`14.10
`07
* Index : 1988=100
* Source : Clarkson
17
Overview
Shipbuilding
Sales Breakdown by Product (2013)
Sales Contribution(2013)
Shipbuilding
Tanker
42.0%
4%
LPG 7%
PCTC
Special
3%
7%
Semi-sub Rig
Bulk 1% 2%
P/C 1% Others 1%
LNG 21%
Containership
23%
Drillship
* Non-Consolidated basis
Annual Sales & New Orders
20,000
15,730
13,635
11,470
10,000
6,443
7,557
9,084
9,003
10,905
9,766
9,487
7,849
10,159
9,512
6,143
444
0
2006
2007
2008
Sales
2009
2010
• VLCCs, Tankers, Product Carriers, Chemical Tankers
• Containerships, Bulk Carriers, OBO Carriers
• Ro-Pax Ships, Ro-Ro Ships, Pure Car Carriers
Tankers / VLCCs
• LNG Carriers, LPG Carriers
• Drillships
• Submarines, Destroyers, Frigates
Operational Highlights
4,061
5,000
* Non-Consolidated basis
Main Products
(Unit : sales - bil. KRW, New order – mil. USD)
15,000
37%
2011
2012
2013
New Orders
* Non-Consolidated basis, 2005 ~ 2009 sales are based on K-GAAP.
 Completion of Gunsan Shipyard (Mar. 2010)
 Investment & Technical Corporation Agreement with OSX (May 2010)
10% of stake in OSX(USD 61.9 mil.) in exchange for technical advise for
establishment of a shipyard
 Delivery of first drillship (Sept. 2010)
 Delivery of 1,700th vessel (Jan. 2011)
18
Performance
Shipbuilding
Backlog by Shiptype (2013)
New Orders by Shiptype (2013)
Semi
Others 12%
Submersible
Semi
Submersible
Others
RIg
3%
Special &
6%
Naval
7%
Containership
32%
Rig 7%
Container
ship
22%
Tanker
4%
LPG Carrier
14%
Drillship
27%
Tanker
LNG Carrier
Bulker
20%
6%
9%
Bulkers
3%
LPG Carrier
7%
LNG Carrier
21%
• Backlogs as of Dec. 2013 on a delivery basis : 141 vessels. USD 22.59 bil.
• The above data is based on the amount
• The above data is based on the amount
New Orders in 2013
2012
# of ship
38
Amount
6,143
(mil. USD)
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug. Sep.
Oct.
Nov.
Dec.
Total
Target Achievement
9
0
6
12
9
10
10
7
1
6
13
2
85
-
-
937
0
570
1,049
1,733
681
917
865
85
997
1,297
381
9,512
7,750
122.7%
Details (mil. USD)
-27 Containerships (3,053)
-9 LNG Carriers (1,902)
-19 LPG Carriers (1,372)
-11 Tankers (803)
-5 Special Vessel (662)
-1 Semi Submersible Rig (629)
-11 Bulk Carriers (580)
-2 Others (511)
19
Performance
Shipbuilding
New Orders by Shiptype (2014.12)
Others 9%
Backlog by Shiptype (2014.12)
Semi
Submersible
RIg
Special &
Others
7%
Naval
2%
11%
Containership 8%
Tanker 26%
LPG Carrier
Container ship
16%
Tanker
13%
Drillship 6%
32%
Bulkers 3%
Bulker
LPG Carrier
16%
4%
LNG Carrier
LNG Carrier
26%
21%
• Backlogs as of Dec. 2014 on a delivery basis : 145 vessels, USD 18.55 bil.
• The above data is based on the amount
• The above data is based on the amount
New Orders in 2014
# of ship
Amount
(mil. USD)
2013
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
85
19
14
5
1
4
5
0
3
3
0
5
1,127
511
78
279
644
0
220
528
0
916
9,512 1,549
Dec
Total
Target
Achievement
1
60
-
-
340
6,192
9,150
67.7%
Details (mil. USD)
-
26 LPG Carriers (1,964)
18 Tankers (1,598)
5 Containerships (501)
6 LNG Carriers (1,294)
3 Bulkers (242)
2 Special Vessel (529)
Others (64)
20
Delivery
Shipbuilding
Annual Delivery (number of vessels)
Annual Delivery (mil. GT)
2007 2008 2009 2010 2011 2012 2013
10
Gunsan
Offshore
Ulsan
9
8
7.2
0.8
7
6
5
8.0
1.8
5.4
0.3
6.6
0.9
8.1
0.8
7.5
1.1
1.2
0.3
4.9
0.9
Ulsan
75
88
80
55
71
69
44
Offshore
(on-ground
building)
6
14
25
14
13
4
1
Gunsan
-
-
-
10
9
11
12
Total
# of Ship
81
102
105
79
93
84
57
4
3
2
5.1
6.4
6.2
6.2
4.8
6.0
3.7
1
0
2007
2008
2009
2010
2011
2012
2013
21
Offshore & Engineering
FPSO
Drilling Rig
Semi-Submersible Unit
Subsea Pipeline
22
Overview
Offshore & Engineering
Sales Contribution (2013)
Sales Breakdown by Product (2013)
Offshore &
Engineering
Subsea
20.0%
Shipbuilding
Pipeline
1%
11%
Fixed
Platforms&
Floaters
88%
* Non-Consolidated basis
Main Products
Annual Sales & New Orders
(Unit : sales - bil. KRW, New order – mil. USD)
7,000
6,503
6,000
4,480 4,373
5,000
4,000
3,000
2,000
1,997
1,935
2,222
3,095 2,978
3,423
2,352
4,753
2,072
0
2006
2007
2008
Sales
2009
2010
2011
Floating Units: FPSOs, FLNGs, FPUs, TLPs, Semi Submersible Units
Fixed Platforms: Topsides, Jackets & Piles, Jack-ups, Modules & Quarters
Pipelines & Subsea Facilities: Subsea Pipelines
Offshore Installations: Platforms, Pipelines
Land-Based Modules
Operational Highlights
3,069
1,102
1,000
•
•
•
•
•
3,729
3,413
* Non-Consolidated basis
2012
2013
New Orders
* Non-Consolidated basis, 2005 ~ 2009 sales are based on K-GAAP.







Received
Received
Received
Received
Received
Received
Received
USD
USD
USD
USD
USD
USD
USD
1.1
0.9
1.2
0.6
1.1
1.9
1.9
bil.
bil.
bil.
bil.
bil.
bil.
bil.
of
of
of
of
of
of
of
Goliat FPSO order (Feb. 2010)
Barzan offshore platform order (Jan. 2011)
BP Q204 FPSO order (Feb. 2011)
BP Clair Ridge platform order (Mar. 2011)
Aasta Hansteen Topside order (Jan. 2013)
Moho Nord TLP & FPU order (Mar. 2013)
Rosebank FPSO order (Apr. 2013)
23
Performance
Offshore & Engineering
Major Projects in 2009/2010
 Gorgon LNG (Oct. 2009)
- LNG processing modules
fabrication
($2.1 bil. from Chevron)
New Orders by Type
($ mil.)
2008
2009
2010
2011
2012
2013
2014.Dec
Fixed
1,113
2,196
1,501
2,121
1,621
454
4,406
Floating
1,704
46
1,303
1,819
412
5,735
1,470
Subsea Pipeline
145
100
252
539
31
292
129
Others
16
9
13
1
8
22
0
Total
2,978
2,351
3,069
4,480
2,072
6,503
6,005
Performance Record
(1976 ~ present)
 Myanmar SHWE Field development project (Feb. 2010)
- Installation of gas production &
processing platform,
pipeline & onshore terminal
($1.4 bil. from
Daewoo International Corp.)
Type
Fixed
- Cylindrical Floating
Production Storage Offloading unit
($1.1 bil. from ENI Norge AS)
Floating
Major Projects
Platforms
87
· SHWE Platform
(Daewoo Inter, 2013)
Onshore Facilities
10
· Sakhalin-1 OPF Onshore Modules
Fabrication(ExxonMobil, 2006)
Jack-up rig
 Goliat FPSO (Feb. 2010)
Total number
of projects
3
· Harsh Environment Jack-up Rig 2nd
(A.P.Moller, 2004)
Semi-submersible
Drilling Rig
10
· Deepwater Horizon SemiSubmersible Drilling Unit
(R & B Falcon, 2000)
FPSO
10
· Usan FPSO (TOTAL, 2012)
TLP
2
· West Seno Field Development
(Chevron, 2003)
FPU
5
· Moho Bilondo FPU (TOTAL, 2008)
Subsea Pipelines
5,452 km
· Barzan Offshore Project
(RasGas, 2013)
24
Performance
Offshore & Engineering
Major Projects Awarded in 2011
 Qatar, Barzan Offshore Project
 UK, Q204 FPSO
 UK, Clair Ridge Platform
- Date : Jan. 2011
- Date : Feb. 2011
- Date : Mar. 2011
- Price : USD 860 million
- Price : USD 1.2 billion
- Price : USD 620 million
- Owner : RasGas Company
- Owner : BP
- Owner : BP
- Completion : Nov. 2013
- Completion : May 2016
- Completion : Nov. 2014
- Details : Fabrication and Installation of
- Details : Construction of FPSO (EPC),
- Details : Fabrication and Installation of
Wellhead Platforms, Living Quarters,
Onshore & Offshore pipeline (EPC)
Processing 0.32 million bpd, storing
Drilling and Quarters Platforms (EPC)
0.8 million bbls
25
Performance
Offshore & Engineering
Major Projects Awarded in 2013
 Norway, Aasta Hansteen
Spar Topside
 Congo, Moho Nord TLP & FPU
 UK, Rosebank FPSO
 TLP
(Tension Leg Platform)
 FPU
(Floating Production Unit)
- Date : Jan. 2013
- Date : Mar. 2013
- Date : Apr. 2013
- Price : USD 1.1 billion
- Price : USD 1.9 billion
- Price : USD 1.9 billion
- Owner : Statoil
- Owner : Total
- Owner : Chevron
- Completion : Feb. 2016
- Completion : May 2015 (TLP)
- Completion : Nov. 2016
- Details : Fabrication and Installation of
Spar Topsides (EPC)
Jun. 2016 (FPU)
- Details : Fabrication and Installation of
- Details : Construction of FPSO (EPC)
Processing 100,000 BOPD (Oil),
Tension Leg Platform and
190 MMSCFD (Gas),
Floating Production Unit (EPC)
storing 1.05 million bbls
26
Performance
Offshore & Engineering
Major Projects Awarded in 2014
 Indonesia, Jangkrik FPU
 Malaysia, Bergading Project
-
 Russia, Odoptu Stage 2 Project
-
-
Date : Feb. 2014
Price : USD 250 million
Owner : Eni Muara Bakau B.V.
Completion : Feb. 2016
Details : Hull/LQ (EPC)
Date : Jun. 2014
Price : USD 270 million
Owner : Exxon Neftegas Limited
Completion : Jun. 2017
Details : Onshore Modules (EPC)
Date : May. 2014
Price : USD 700 million
Owner : Hess E&P Malaysia
Completion : Nov. 2016
Details : Central Processing Platform,
Wellhead Platform, Bridge (EPCIC)
 Abu Dhabi, NASR Package 2
Nasr Field
Umm Lulu
- Date : Jul. 2014
- Price : USD 1.9 billion
- Owner : Abu Dhabi Marine
Operating Company
- Completion : May. 2019
- Details : Offshore Super Complex
Platforms & Power Distribution
Platform (EPCI)
27
Industrial Plant & Engineering
Thermal Power Plant
Co-Generation Plant
Process Plant
Combined Cycle Power Plant
28
Overview
Industrial Plant & Engineering
Sales Contribution (2013)
Sales Breakdown by Product (2013)
Industrial Plant &
Plant
Engineering 5.0%
Equipments
30%
Power
Plant
52%
Oil & Gas
18%
* Non-Consolidated basis
Annual Sales & New Orders
Main Products
(Unit : sales - bil. KRW, New order – mil. USD)
5,000
4,396
4,077
4,000
2,826
3,000
2,000
1,000
1,544
846
602
2,076
1,898
2,761
2,645
1,480
1,374
1,017
2007
1,014
2008
Sales
2009
 Power Plants
Combined-Cycle, Cogeneration, and Thermal Power Plants
• Process Plants
Oil and Gas, Refinery, Tank Farm, GTL, and LNG Facilities
• Plant Equipments
Industrial Boiler, HRSG(Heat Recovery Steam Generator),
CFBC(Circulating Fluidized Bed Combustor) Boiler, Regenerator & Reactor
2,010
1,259
0
2006
* Non-Consolidated basis
2010
2011
2012
2013
New Orders
* Non-Consolidated basis, 2005 ~ 2009 sales are based on K-GAAP.
Operational Highlights
•
•
•
•
•
•
Received a USD 1.0
Received a USD 2.6
Signed an MOU for
Received a USD 1.6
Received a USD 3.2
Received a USD 3.3
bil. Das Island order (Jul. 2009)
bil. Sabiya order (Sept. 2009)
supplying ITER vacuum vessel (Jan. 2010)
bil. Riyadh order (Jun. 2010)
bil. Jeddah South order (Oct. 2012)
bil. Shuqaiq order (Aug. 2013)
29
Performance
Industrial Plant & Engineering
Performance Record
New Orders by Type
(1976 ~ present)
Project Type
Major Projects
· Integrated Gas Development (IGD) Project (ADGAS, UAE, 2013)
Oil & Gas
Oil
&
Gas
Tank Farm
· Escravos Gas Plant Phase Ⅲ (Chevron Nigeria Ltd., Nigeria, 2010)
· Bonny Terminal Integrated Project
(Shell Petroleum Development, Nigeria, 2008)
· KOC Crude Oil Export Facilities Project (Kuwait Oil Company, 2008)
· JPR Zarpa Tank Farm Project (Jordan Petroleum Company, 2000)
2008
2009
2010
2011
2012
2013
2014.Dec
Power Plants
1,727
1,412
1,601
9
3,510
4,285
6
Chemical Plants/
Plant equipment
349
1,414
409
1,005
567
111
1,250
Total
2,076 2,826 2,010 1,014 4,077 4,396
1,256
· Clean Fuel Project (Kuwait National Petroleum Company, 2018(E))
· Jazan Refinery and Terminal Project, Package 2 (Saudi Aramco, 2016(E))
Refinery & · HCP No.2 BTX Project Daesan (HC Petrochem, Korea, 2013)
Petrochemical
· Mumbai Diesel Hydro-Desulfurization Project
(Hindustan Petroleum Company, India, 2000)
· HPC 2nd Petrochemical Complex Project (Hyundai Oilbank, 1997)
Gas to Liquid · Pearl GTL Feed Gas Preparation Project (Qatar Shell, 2011)
· Riyadh PP 11 Independent Power Project
(Dhuruma Electricity Company, Saudi Arabia, 2013)
· Sabiya Combined Cycle Gas Turbine Project
(Ministry of Electricity and Water, Kuwait, 2013)
Combined
Cycle/
· Al Dur Independent Water and Power Project
Simple Cycle (Al Dur Power & Water Co., Bahrain, 2012)
Power Plant · Marafiq Independent Water and Power Project
(Jubail Water and Power Company, Saudi Arabia, 2010)
· Shaybah Power Generation Project
(Saudi Aramco, Saudi Arabia, 2008)
· Tihama Cogeneration Expansion Project Stage II
Power
(Tihama Power Company, Saudi Arabia, 2015(E))
Cogeneration
· Saudi Aramco 3rd party Cogeneration Program
(Tihama Power Company, Saudi Arabia, 2006)
· Jeddah South Power Plant
(Saudi Electricity Company, Saudi Arabia, 2017(E))
· Shuqaiq Power Plant
(Saudi Electricity Company, Saudi Arabia, 2018(E))
Thermal
· Namjeju #3&4 Thermal Power Plant (KEPCO, Korea, 2007)
· Makkah-Taif Thermal Power Plant
(Saline Water Conversion Corporation, Saudi Arabia, 1989)
Desalination Plant
(mil. USD)
· Taweelah A1 (ADWEA, UAE, 2002) · Taweelah B (ADWEA, UAE, 1995)
· Umm Al Nar West (ADWEA, UAE, 1982)
· Al Khobar Phase 2 (SWCC, Saudi Arabia,1981)
Major Projects in 2012/2013/2014
 Jeddah South (Oct. 2012)
- 3.2 bil. USD / Saudi Electricity Company,
Saudi Arabia
- 2,400MW Oil fired Conventional
Power Plant
 Shuqaiq Power Plant (Aug. 2013)
- 3.3 bil. USD / Saudi Electricity Company,
Saudi Arabia
- 2,640MW Oil fired Conventional
Power Plant
 Clean Fuel Project (Apr. 2014)
- 1.1 bil. USD / Kuwait National Petroleum Company, Kuwait
- Upgrade and expansion of Refinery
30
Engine & Machinery
Marine Engine & Equip.
Marine & Industrial Turbine
Industrial & Marine Pump
Industrial Robot & System
Marine Propeller
31
Overview
Engine & Machinery
Sales Breakdown by Product (2013)
Sales Contribution (2013)
Engine &
Machinery
Hydraulic
Robotics
Machinery
9%
7%
9.0%
Power Plant
Engine 6%
Marine
Engine
78%
* Non-Consolidated basis
* Non-Consolidated basis
Main Products & Capacity
Annual Sales & New Orders
(Unit : sales - bil. KRW, New order – mil. USD)
4,646
5,000
4,000
3,248
3,000
2,000
2,522
1,880
1,646
2,772
2,835
3,176
3,096
2,967
2,313 2,425
1,858
2,283
1,452
1,220
0
2007
2008
Sales
2009
Two-Stroke Diesel Engines (500 units, 18 mil. BHP)
Four-Stroke(HiMSEN) Engines (1,800 units, 5 mil. BHP)
Diesel and Gas Power Plant Engines
Propellers and Crankshafts
Steam Turbines and Turbochargers
Industrial and Marine Pumps, Industrial Robots, Side Thrusters
Presses, Conveyor Systems, and Steel Strip Process Lines
Operational Highlights
Surpassed cumulative four-stroke engine production of 20 mil. bhp (Mar. 2010)
 Production of eco-friendly marine engine meeting new IMO standards (Mar. 2010)
• Received a 95MW PPS order from Venezuela (Apr. 2010)
• Received a 75MW diesel power plant order from Bangladesh (Apr. 2010)
• Development of high output eco-friendly gas engine (May 2010)
- 20% reduction of CO2 emission and 97% reduction of NOX emission
 Surpassed cumulative two-stroke engine production of 100 mil. bhp (Sept. 2010)
 Production of 1,000th Packaged Power Station (Jul. 2012)

1,000
2006
•
•
•
•
•
•
•
2010
2011
2012
2013
New Orders
* Non-Consolidated basis, 2005 ~ 2009 sales are based on K-GAAP.
32
Performance
Engine & Machinery
Market Share in 2013 (%)
Major Projects in 2010, 2011

- USD 70 mil. order for 70 MW diesel power plants from
Bangladesh Power Development Board (BPDB)


PPS order from Venezuela (Apr. 2010)
- USD 160 mil. order for 204 MW, 120 Packaged Power
Stations from electricity company Electricidad de
Caracas,
Venezuela
Diesel Power Plants order from Ecuador (May 2011)
- USD 74 mil. order for 140 MW diesel power plants from
Equitatis, Equador
Eco-friendly Engine products


Large-size
Marine
Engine
Medium-size
Marine
Engine
Propeller
Diesel
power
plant
Domestic
68
48
90
86
Global
36
18
23
6
Diesel Power Plants order from Bangladesh (Apr. 2010)
Ship Engine New Orders by Region
3%
33%
39%
8%
9%
4%
9%
83%
87%
2011
2012
6%
28%
44%
Eco-Friendly Diesel Engine
-15 % reduction of NOx emission meeting new IMO standards
High output Eco-Friendly HiMSEN Gas Engine
- 20% reduction of CO2 emission compared to diesel engine
- 97% reduction of NOX emission to reach the world’s lowest level
of 50ppm
- 47% improvement in engine performance
8%
11%
92%
57%
2007
67%
66%
45%
2008
2009
Domestic
2010
China
2013
Others
33
Electro Electric Systems
Transformers
Switchgears
High Voltage Circuit Breakers
Marine Electrical Equip.
34
Overview
Electro Electric Systems
Sales Breakdown by Product (2013)
Sales Contribution (2013)
Rotating
Others 5%
Machinery
Electro Electric
19%
Systems 11.0%
Transformer
34%
Switchgear
16%
Low Voltage
Circuit
Breaker
7%
* Non-Consolidated basis
Annual Sales & New Orders
3,793
3,242
2,712
2,556
2,281
3,000
2,000
1,274
1,057
1,766
1,453
2,625
2,319
1,925
2,843
2,609
2,318
1,820
* Non-Consolidated basis
• Transformers (up to 765kV, 1,300MVA), Gas Insulated switchgear(25.8kV~800kV),
Low voltage Switchgear
• Low and Medium Voltage Circuit Breakers
• Rotating Machinery
• Power Electronics and Control Systems

0
2007
19%
Operational Highlights
1,000
2006
Circuit
Breaker
Main Products
(Unit : sales - bil. KRW, New order – mil. USD)
4,000
High Voltage
2008
Sales
2009
2010
2011
New Orders
2012
2013
* Non-Consolidated basis, 2005 ~ 2009 sales are based on K-GAAP.




Awarded Asia-Pacific Power Transmission Equipment Company of the Year
by Frost & Sullivan (Aug. 2009)
Received USD 0.25 bil. transformer order from South Africa (Nov. 2009)
Received USD 0.6 bil. transformer order from the US (May 2010)
Reached the transformer production milestone of 700,000MVA (Dec. 2010)
Received 1,000 GIS order from Russia (Jun. 2011)
35
Performance
Electro Electric Systems
Major Projects
Major performance
• US transformer long-term supply contract (May 2010)
- USD 600 mil. Order for supplying transformers ranging from
230kV to 500kV to Southern California Edison(SCE) for 10 years
Project Type
Major Projects
Generator Installation
· West Generating Project
(U.S.A)
Power Transmission &
Mutation Installation
· British Columbia Hydro & Power Authority
(Canada)
from 2010 to 2019
- Largest transformer order to date
Sales by Region
49%
35%
3%
3%
16%
7%
29%
38%
Iron Manufacture
Installation
46%
51%
54%
4%
18%
8%
21%
2%
20%
18%
7%
23%
Marine Goods
2%
4%
5%
1%
6%
3%
Ocean Installation
6%
4%
11%
4%
3%
14%
14%
14%
11%
12%
5%
1%
5%
10%
2008
2009
2010
2011
2012
2013
Asia
North America
Domestic
Others
Water Treatment &
· KODECO IKC Project
Cement & Petrochemical
(Indonesia)
Installation
Automotive Goods
2%
Middle East
Europe
9%
Africa
Marine Steam Turbine
Know-how Export
* The sales of Green Energy division is not included in 2011 & 2012 results
* 2007 ~ 2009 sales are based on K-GAAP.
· NUEVA VENTANAS 240MW Coal Fired Power Project
(Chile)
Fresh Water
Installation
· Seoul Metro
(South Korea)
· Royal Nedlloyd Group
(Netherlands)
· Al-Jubail Saline Water Conversion
(Saudi Arabia)
· Hyundai Merchant Marine LNG Carrier –
22,000MW Marine Steam Turbine (South Korea)
· Gas Insulated Switchgear : TATUNG Company
(Taiwan)
· Shuweihat S2 IWPP Project
(U.A.E.)
36
Construction Equipment
Mini Excavator
Crawler Excavator
Wheel Excavator
Wheel Loader
Forklift Truck
Skid Steer Loader
37
Overview
Construction Equipment
Sales Contribution (2013)
Sales Breakdown by Product (2013)
Construction
Equipment
11.0%
Others
Skid Loader
9%
1%
CKD
9%
Wheel
Loader
11%
Excavator
54%
Folk Lift
16%
* Non-Consolidated basis
* Non-Consolidated basis
Annual Sales
Main Products
(Unit : sales - bil. KRW)
3,052 3,120
3,500
3,000
2,723
2,275
2,500
2,000
1,500
•
•
•
•
1,198
1,512
1,769
Operational Highlights
1,190
1,000

500

0

2006
2007
Excavators (Local 16,000 units, China 18,874 units, India 1,800 units)
Wheel Loaders (2,900 units)
Forklifts (9,500 units)
Skid Loaders (600 units)
2008
2009
2010
2011
2012
2013


* Non-Consolidated basis, 2005 ~ 2009 sales are based on K-GAAP.

Introduction of Hi-Mate remote management system (May 2009)
9-series excavators recognized at Korea’s Pin-up Design Awards (Dec. 2009)
Introduction of new 9-series wheel loader (May 2010)
Breaking ground for wheel loader factory in China (Jul. 2010)
Introduction of 120-ton excavator (Apr. 2011)
Production of 350,000th construction equipment (Oct. 2011)
38
Performance
Construction Equipment
Excavators Sales in China
150,000
120,000
60,856 71,767
90,000
60,000
162,908 162,908
Market size(Left)
HHI(Right)
180,000
30,000
35,000
93,237
18,467
104,908
17,294
104,917
25,000
84,573
7,532
10,101
3,743
0
10,000
5,000
0
2006
2007
2008
Dec 2014
YoY
Market
104,925
84,573
-19.4%
HHI
7,532
3,743
-50.3%
M/S
7.2%
4.4%
-2.8%p
20,000
15,000
8,540
9,495 8,377
Dec 2013
30,000
41,500
9,138
Excavator Sales in China
2009
2010
2011
2012
2013 2014.Dec
Construction Equipment Sales by Region
(Source : China construction machinery association)
HHI’s Excavator Market Share by Region
Others
39%
49%
11%
21%
38%
48%
54%
45%
2010
2011
2012
2013
Domestic
28.0%
32.1%
27.5%
27.9%
Global
(Exclude Japan)
9.7%
10.0%
9.0%
7.8%
China
11.3%
10.2%
8.1%
7.2%
India
11.1%
14.4%
17.7%
19.7%
Brazil
China
Domestic
14%
20%
39%
25%
27%
19%
17%
5%
4%
6%
5%
18%
22%
17%
6%
4%
3%
7%
6%
3%
10%
3%
15%
2%
2010
2011
2012
2013
6%
6%
3%
3%
2%
2007
2008
2009
8%
※ 2007 ~ 2009 sales are based on K-GAAP.
※ Others includes Russia (9%), Middle East (9%), Africa (8%),
Southeast Asia (7%), Turkey, Australia and etc.
North America
India
16%
28%
17%
Europe
9%
(Source : Company data)
39
Green Energy
Solar Power
Wind Power
40
Solar Power


600MW capacity of solar cell & solar modules and solar inverter to provide total solution
Solar cell & solar modules, solar inverter production facility in 2013
Solar Cell
Solar Module
Thin-film
Solar module
Solar System
(Inverter)
Facilities
Solar Cell Plant
(Eumseong, Korea)
Solar Module Plant
(Eumseong, Korea)
Hyundai Avancis
(Ochang, Korea)
Electro Electric Systems
Division (Ulsan, Korea)
Annual Capacity
(2013)
600MW
600MW
100MW
500MW
Picture
Details
- Mono-crystalline, Poly- crystalline
solar cells produced
- 54 cell(6X9), 60 cell(6X10),
72 cell(6X12) modules produced
- JVC with Saint-Gobain (50:50)
- CIGS (Cu, In, Ga, Se) thin-film
solar module produced
 Capacity and Sales
Capacity
 Solar Product Certification
2005
2007
2008
2009
2010
2011
2012
2013
Cell (MW)
30
30
60
370
370
580
600
600
Modules
(MW)
20
30
70
170
510
560
600
600
50
0.4%
107
0.6%
150
1.3%
591
2.6%
399
1.6%
344
1.4%
312
1.3%
Sales (KRW bil.)
% of total HHI Sales
- Grid-Tied Solar Inverter
with/without transformer
•The above capacity expansion and sales plan is subject to change according to the market situation.
•The above sales is total sales of Green Energy division.
- UL 1703
- IEC 61215 edition 2, IEC 61730 (TUV)
- J-PEC
- JET Cert
- CE Declaration
- MCS (UK)
- CSTB (France)
- Ammonia resistance (IEC 62716)
- Salt mist (IEC 61701 ed.2)
41
Wind Power
 Wind Turbine Production facilities
Company Name
Wind Turbine System Structure
Details
Wind Turbine plant - Located in Gunsan, Korea
(HHI)
- Annual Capacity: 600MW
Nacelle Part
(Installed in Tower)
- Located in Weihai, China
- Annual Capacity: 600MW (2MW X 300 units)
- JVC with Datang Shandong Power Generation
(80% by HHI)
Weihai Hyundai
Wind Power
Technology
Jahnel-Kestermann - Located in Bochum, Germany
(Jake)
- Annual Capacity: approx. 500 units of gearbox
 HHI’s Products & Certification
Model
Rated
Power
(MW)
Gear
Type
Installation
Type
On Market
HQ1650
1.65
Geared
Onshore
Jun. 2009
HQ2000
2.0
Geared
Onshore
Jun. 2010
HQ5500
5.5
Geared
Offshore
Feb. 2014
Gear box
(Jake)
Generator
(HHI)
Power converter
(HHI)
Transformer
(HHI)
- HHI’s production : Nacelle part
- Outsourcing : Rotor Part (Blade, Hub), Tower
* On Market: based on proto-type installation date
42
Subsidiaries
43
Hyundai Oilbank
Facilities & Products
At a Glance
•
Production Capacity
390,000B/D
#1 : 110,000 B/D, #2 : 280,000 B/D
•
Completion of # 2 HOU Plant
Crude oil
100%
(390,000
b/d)
Refining
Unit
LPG, Naphtha,
Gasoline 19%
Kerosene, Diesel
37%
34.4%
Upgrading Unit
With the completion of # 2 HOU plant in Jan., 2011,
Hyundai Oilbank achieved a ratio of 34.4%,
the highest upgrading ratio in the industry
•
Diesel
37%
Propylene
9%
Others
8%
Bunker C
44%
Domestic Light Oil Market Share
22.1%
Gasoline,
LPG 46%
Total CAPEX : KRW2.6 tril.
(Jul. 2006 ~ Feb. 2011)
 HHI’s Management Control
Acquired by HHI in Aug., 2010
91.1%
44
Hyundai Oilbank
Income Statement
Sales
Operating Income
%
Net Income
%
(Unit: KRW billion)
2014.3Q
2013
(Cumulative)
2011
2012
18,958.6
21,523.9
20,295.6
14,237.3
594.7
308.4
403.3
179.2
3.1
1.4
2.0
1.3
360.7
156.5
152.4
58.5
1.9
0.7
0.8
0.4
21,523.9
18,958.6
20,295.6
Operating
Income
Sales
594.7
308.4
2011
2012
403.3
2013
Financial Position
(Unit: KRW billion)
2011
2012
2013
2014.3Q
Total Assets
8,642.6
8,506.5
8,597.9
8,352.1
Total Liabilities
5,899.5
5,618.8
5,544.5
5,243.5
Total
Shareholder’s Equity
2,743.2
2,887.6
3,053.5
3,108.6
215.1
194.6
181.6
168.7
Liabilities-toEquity Ratio(%)
215.1%
8,642.6
194.6%
181.6%
8,506.5
8,597.9
Assets
Liabilities-toEquity Ratio
2011
2012
2013
* The financial information of 2009 is based on K-GAAP.
45
Hyundai Samho
Backlog by Shiptype (2014.12)
At a Glance
•
4.3 mil. GT
Production Capacity
PCTC 9%
- Delivered 42 vessels in 2013
- # of dry docks : 2
•
FPU
3%
Tanker
20%
LPG Carrier
11%
4,563 bil. KRW
2014 Sales Target
Semi
Submersible
Rig/ HLV /
F Dock
Containership
9%
20%
LNG Carrier
20%
Bulker
8%
•
• Backlogs as of Dec. 2014 on a delivery basis : 87 vessels, USD 9.14 bil.
• The above data is based on the amount
4,000 mil. USD
2014 Order Target
New Orders in 2014
2013
# of ship
65
Jan
15
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Target Achievement
2
1
2
10
Amount
5,350 1,600 134 87 143 683
(mil. USD)
0
0
0
1
0
0
0
0
0
0
79
0
0
0
31
47
2,726 4,000
66.0%
68.2%
Details (mil. USD)
New Orders in 2014
-10 Containerships (1,119)
-12 Tankers (975)
-4 PCTCs (298)
-4 Bulk Carriers (246)
-1 LPG Carrier (79)
-Others (9)
New Orders in 2013 (65 vessels)
-9 Containerships (1,029)
-12 LPG Carriers (907)
-6 Tankers (495)
-12 PCTCs (841)
-11 Bulk Carriers (653)
-11 P/Cs (547)
-2 LNG Carriers (420)
-1 FPU Hull (270)
-1 High Lift Vessel (188)
46
Hyundai Samho
Income Statement
Sales
Operating Income
%
Net Income
%
(Unit: KRW billion)
2011
2012
2013
2014.3Q
(Cumulative)
4,828.7
4,231.8
3,506.2
2,961.4
804.3
254.0
-35.6
-483.2
16.7
6.0
-1.0
-16.3
551.0
-12.5
-52.1
-339.5
11.4
-0.3
-1.5
-11.5
4,828.7
4,231.8
3,506.2
Operating
Income
Sales
804.3
254.0
-35.6
2011
2012
2013
109.1%
97.8%
Financial Position
(Unit: KRW billion)
116.5%
2011
2012
2013
2014.3Q
Total Assets
6,954.7
6,978.9
6,782.7
7,352.3
Total Liabilities
3,741.7
3,641.1
3,428.9
4,218.9
Total
Shareholder’s Equity
3,213.0
3,337.7
3,353.9
3,133.4
116.5
109.1
97.8
134.6
Liabilities-toEquity Ratio(%)
Assets
6,954.7
6,978.9
6,782.7
Liabilities-toEquity Ratio
2011
2012
2013
* The financial information of 2009 is based on K-GAAP.
47
Financial Performance
48
Financial Summary
(Consolidated)
Sales
(Bil. of KRW)
60,000.0
Operating Profit
53.711.7 54,973.7
(Bil. of KRW)
60,000.0
54,188.1
OP
Net Income
OP Margin
30%
(Bil. of KRW)
60,000.0
20%
40,000.0
37,342.4
40,000.0
40,000.0
14.8%
20,000.0
10%
5,531.8
4,561.0
20%
0.0
2010
2011
2012
2010
2013
2010
2011
2011
20,000.0
4,562.7
1.5%
2012
802.0
0%
10%
5.1%
3.6%
2,005.5
0.0
30%
NI Margin
12.2%
8.5%
20,000.0
NI
1.9%
0.0
2010
2013
0.3%
2,743.4
2011
1,029.6
2012
146.3
2013
0%
(Bil. of KRW)
2012
2013
2014.3Q
(Cumulative)
Sales
37,342.4
100.0%
53,711.7
100.0% 54,973.7
100.0% 54,188.1
100.0% 38,736.3
100.0%
Operating Profit
Shipbuilding
Offshore
Industrial Plant
Engine & Machinery
Electro Electric
Construction
Equipment
Green
Energy
Refinery
Finance services
Others
Net Income
5,531.8
2,687.2
764.0
344.3
754.9
566.9
388.7
184.8
80.2
(239.2)
4,562.7
14.8%
17.4%
22.3%
13.0%
38.7%
17.2%
11.6%
3.0%
19.2%
12.2%
4,561.0
2,494.3
391.0
252.4
602.2
153.2
461.9
(175.0)
595.6
89.7
(304.3)
2,743.4
8.5%
13.6%
10.5%
9.4%
28.0%
6.4%
10.8%
-46.0%
3.2%
13.0%
5.1%
3.6%
5.9%
7.3%
7.4%
17.3%
-2.6%
7.3%
-31.5%
1.4%
15.0%
1.9%
1.5%
0.1%
5.9%
5.0%
6.9%
3.3%
5.9%
-32.8%
1.8%
5.2%
0.3%
-8.3%
-16.2%
-13.3%
-69.6%
-0.3%
5.3%
2.3%
-4.4%
1.2%
5.9%
-5.6%
2,005.5
1,047.1
319.3
106.5
347.7
(74.3)
276.5
(106.3)
308.7
94.9
(314.6)
1,029.6
802.0
12.6
282.4
61.4
118.3
90.5
194.3
(103.2)
404.4
34.5
(293.2)
146.3
(3,227.2)
(1,913.0)
(412.6)
(1,051.9)
(3.3)
87.2
53.3
(10.4)
189.2
30.6
(196.4)
(2,168.2)
49
Financial Summary
(Consolidated)
Assets
(Bil. of KRW)
60,000.0
46,853.9
49.000.8
Liabilities & Total Debt
49,273 .1
53,205.0
40,000.0
(Bil. of KRW)
(Bil. of KRW)
60,000.0
40,000.0
20,000.0
Shareholder’s Equity
60,000.0
30,831.0
20,000.0
9,844.4
30,824.3
30,531.8
11,057.0
14,826.5
34,175.4
15,843.2
2010
2011
2012
2010
2013
20,000.0
16,022.9
18,176.5
18,741.3
19,029.6
2010
2011
2012
2013
0.0
0.0
0.0
40,000.0
2011
2012
2013
(Bil. of KRW)
2010
2011
2012
2013
2014.3Q
46,853.9
49,000.8
49,273.1
53,205.0
53,981.7
22,929.1
23,076.4
25,278.6
29,254.2
29,304.7
1,878.8
1,609.9
1,107.7
1,336.6
1,603.9
23,924.8
25,924.4
23,994.5
23,950.8
24,677.0
30,831.0
30,824.3
30,531.8
34,175.4
37,132.8
26,011.7
25,490.8
22,174.0
26,516.4
28,938.5
4,819.3
5,333.5
8,357.8
7,659.0
8,194.3
16,022.9
18,176.5
18,741.3
19,029.6
16,848.9
Liabilties-to Equity Ratio
192.4%
169.6%
162.9%
179.6%
220.4%
Debt-to-Equity Ratio
61.4%
60.8%
79.1%
83.3%
92.6%
9,844.4
11,057.0
14,826.5
15,843.2
15,604.3
Total Assets
Current Assets
Cash& Cash Equivalents
Non Current Assets
Total Liabilities
Current Liabilities
Non-Current Liabilities
Total Shareholder's Equity
Total Debt
50
Financial Summary
(Non-Consolidated)
Sales
Operating Profit
(Bil. of KRW)
(Bil. of KRW)
OP
40,000.0
40,000.0
30,000.0
Net Income
OP Margin
20%
(Bil. of KRW)
40,000.0
15%
30,000.0
10%
20,000.0
5%
10,000.0
NP
NP Margin
20%
15.9%
22,408.1
25,019.6 25,055.0
30,000.0
10.5%
12.7%
15%
24,282.7
20,000.0
20,000.0
10,000.0
10,000.0
7.8%
5.2%
3,563.6
0.0
1,292.9
734.8
0.0
2010
2011
2012
2013
4.4%
3.0%
2,628.5
2010
2011
10%
2012
0%
2,835.4
1,945.9
2010
2011
0.0
2013
1.9%
1,111.4
451.7
2012
5%
0%
2013
(Bil. of KRW)
2010
2011
2012
2014.3Q
2013
(Cumulative)
Sales
22,408.1
100.0%
25,019.6
100.0%
25,055.0
100.0%
24,282.7
100.0%
16,624.6
100.0%
Operating Profit
3,563.6
15.9%
2,628.5
10.5%
1,292.9
5.2%
734.8
3.0%
(1,914.6)
-11.5%
1,221.8
759.9
330.3
754.9
546.4
195.6
(245.3)
17.4%
22.3%
13.0%
38.7%
17.2%
11.6%
-
1,321.7
391.4
244.9
637.3
155.9
320.7
(172.7)
(270.7)
13.6%
10.5%
9.4%
28.0%
6.4%
10.8%
-46.0%
-
698.2
319.3
102.9
381.0
(58.7)
243.8
(103.1)
(290.5)
7.1%
7.3%
7.0%
12.8%
-2.1%
7.8%
-30.0%
-
311.0
280.0
64.1
145.8
124.7
194.6
(100.8)
(284.6)
3.1%
5.9%
5.1%
6.3%
4.8%
7.1%
-32.3%
-
(459.9)
(412.7)
(987.9)
8.2
107.5
70.1
(8.7)
(231.2)
-4.4%
-21.1%
-26.3%
1.2%
6.6%
4.4%
-5.3%
-
2,835.4
12.7%
1,945.9
7.8%
1,111.4
4.4%
451.7
1.9%
(1,569.6)
-9.4%
Shipbuilding
Offshore
Industrial Plant
Engine &
Machinery
Electro
Electric
Construction
Equipment
Green
Energy
Others
Net Income
51
Financial Summary
(Non-Consolidated)
Assets
Liabilities & Total Debt
(Bil. of KRW)
Shareholder’s Equity
(Bil. of KRW)
(Bil. of KRW)
40,000.0
40,000.0
30,000.0
30,000.0
30,000.0
20,000.0
20,000.0
40,000.0
28,570.1
29,920.5
30,637.9
32,131.7
15,497.5
15,201.2
15,448.0
10,000.0
10,000.0
3,447.3
3,962.7
6,542.1
16,551.4
7,397.8
0.0
0.0
2010
2011
2012
13,072.6
14,719.3
15,189.9
15,580.3
2010
2011
2012
2013
10,000.0
0.0
2010
2013
20,000.0
2011
2012
2013
(Bil. of KRW)
2010
2011
2012
2013
2014.3Q
28,570.1
29,920.5
30,637.9
32,131.7
31,760.6
11,511.1
11,605.9
624.5
17,059.0
608.3
18,314.6
13,260.6
522.9
17,377.3
14,815.7
730.7
17,316.0
14,399.6
724.6
17,361.0
15,497.5
15,201.2
15,448.0
16,551.4
18,042.1
14,180.0
14,029.1
12,289.4
13,522.9
14,014.4
1,317.5
1,172.1
3,158.6
3,028.5
4,027.7
13,072.6
14,719.3
15,189.9
15,580.3
13,718.4
Liabilties-to Equity Ratio
118.5%
103.3%
101.7%
106.2%
131.5%
Debt-to-Equity Ratio
26.4%
3,447.3
26.9%
3,962.7
43.1%
6,542.1
47.5%
7,397.8
50.2%
6,880.2
Total Assets
Current Assets
Cash& Cash Equivalents
Non Current Assets
Total Liabilities
Current Liabilities
Non-Current Liabilities
Total Shareholder's Equity
Total Debt
52
2014 Business Plan
Sales
2013
(bil. KRW)
40,000.0
30,000.0
(Non-Consolidated)
+9.4%
24,283.0
26,570.0
20,000.0
10,000.0
-
2013
New Orders
2014(E)
2014(E)
Change
Shipbuilding
10,159.0
9,619.0
-5.3%
Offshore & Engineering
4,753.0
5,134.0
8.0%
Industrial Plant
1,259.0
3,130.0
148.6%
Engine & Machinery
2,313.0
2,463.0
6.5%
Electro Electric Systems
2,609.0
2,638.0
1.1%
Construction Equipment
2,723.0
3,100.0
13.8%
Green Energy
312.0
334.0
7.1%
Others
155.0
152.0
-1.9%
24,283.0
26,570.0
9.4%
Total
2013
(mil. USD)
2014(E)
Change
Shipbuilding
9,512.0
9,150.0
-3.8%
Offshore & Engineering
6,503.0
6,900.0
6.1%
Industrial Plant
4,396.0
5,000.0
13.7%
Engine & Machinery
2,425.0
2,900.0
19.6%
20,000.0
Electro Electric Systems
1,820.0
2,424.0
33.2%
10,000.0
Construction Equipment
2,469.0
2,837.0
14.9%
238.0
354.0
48.7%
27,363.0
29,565.0
8.0%
+8.0%
40,000.0
30,000.0
27,363.0
29,565.0
Green Energy
-
2013
2014(E)
Total
53
Sales by Division
(Non-Consolidated)
Sales
(bil. KRW)
2014
2013
Target
Nov.
Achievement
Full Year
Nov.
Achievement
Shipbuilding
9,619
8,561
89.0%
10,159
9,220
90.8%
Offshore & Engineering
5,134
3,937
76.7%
4,753
4,263
89.7%
Industrial Plant &
Engineering
3,130
2,065
66.0%
1,259
982
78.0%
Engine & Machinery
2,463
1,811
73.5%
2,313
1,935
83.7%
Electro Electric
Systems
2,638
1,953
74.0%
2,609
2,400
92.0%
Construction Equipment
3,100
2,065
66.6%
2,723
2,590
95.1%
Green Energy
334
294
88.0%
312
287
92.0%
Others
152
136
89.5%
155
140
90.3%
Total
26,570
20,822
78.4%
24,283
21,817
89.8%
* The financial information above is based on K-IFRS
* The backlog above is on a delivery basis
54
New Orders by Division
(Non-Consolidated)
New Orders and Backlog
(Mil. USD)
New Orders
2014
Backlog
2013
2014
Target
Dec.
Achievement
Target
Dec.
Achievement
Dec.
Shipbuilding
9,150
6,192
67.7%
7,750
9,512
122.7%
18,550
Offshore & Engineering
6,900
6,005
87.0%
6,000
6,503
108.4%
21,704
Industrial Plant
& Engineering
5,000
1,256
25.1%
6,000
4,396
73.3%
9,983
Engine & Machinery
2,900
1,996
68.8%
3,100
2,425
78.2%
3,242
Electro Electric
Systems
2,424
2,006
82.8%
3,160
1,820
57.6%
2,076
Construction Equipment
2,837
2,071
73.0%
3,272
2,469
75.5%
-
Green Energy
354
308
87.0%
394
238
60.4%
141
Total
29,565
19,834
67.1%
29,676
27,363
92.2%
55,696
* The financial information above is based on K-IFRS
* The backlog above is on a delivery basis
55
2014 Business Outlook
2013 Trend
 Improvement in volume
- The owners took advantage of low vessel prices and demand
Industrial Plant
& Engineering
Engine &
Machinery
Electro Electric
Systems
Construction
Equipment
Green Energy
 Improvement in pricing
- Shipbuilding demand is expected to decline slightly.
for the eco-friendly specification increased significantly.
Shipbuilding
Offshore &
Engineering
2014 Outlook
(2013: 99 mil.CGT, 2014(E): 66 mil. CGT, *Source: Clarkson)
- Newbuilding prices are expected to recover as major
shipyards secured optimal level of backlog.
 Favorable market demand
 Favorable market demand
 Competition intensified
- Market continued to grow, driven by infrastructure for the
 Competition eased
- Bolstered by strong oil prices, offshore resource development
continued to increase in Northern Europe, Australia, Southeast
Asia and Africa.
industry in the Middle East and Southeast Asia, but became
increasingly competitive.

 Gradual Improvement in market demand
Oversupply Continued
 Gradual Improvement in market demand
-The global electric market grew but remained oversupplied and
highly competitive

- Market continued to grow driven by infrastructure for the
industry in the Middle East and Southeast Asia.
Also, competition among South Korean E&C companies is
forecasted to ease to accelerate profit recovery.
Sluggish demand
- The marine engines market experienced a sluggish demand
as it lags behind the shipbuilding demand.

- Shale gas production, fall in oil prices may raise volatility risks
in the market.
- Offshore resource development will continue to grow and demand
for Offshore facilities in Australia & Southeast Asia and deep sea
field development in North America & Brazil are expected to rise.
Sluggish demand
- Marine engine market is expected to improve gradually from
the second half of 2014
- Replacement demand for an aging equipment in developed
countries and demand for power infrastructures in the Middle
East and Asia will mitigate supply-demand imbalance.
 Gradual recovery
- Market continued to shrink due to slowing demand in
emerging markets, especially China and India.
- Demand recovery in the US, the Middle East and China is
Gradual recovery

- Rapid demand increase in Japan and China, and global market
restructuring relieved oversupply and stabilize pricing.
expected despite sluggish demand is expected to continue in
Southeast Asia and Latin America.
Oversupply eased
- Government incentives in Japan, China, U.S markets are expected
to drive growth.
- Supply-demand imbalance will be continuously mitigated due to
the demand increase and market restructuring.
56
Q&A
57
Thank You
http://www.hhiir.com
*For More Information
IR Team
E-mail: [email protected]
Tel: +82-2-746-4728, 4546, 7858
Fax: +82-746-4662
Website: www.hhi.co.kr (Company) /www.hhiir.com (IR)
58