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LG CNS Co., Ltd. 23 June 2014

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LG CNS Co., Ltd. 23 June 2014 Corporate Analysis Rating Date: LG CNS Co., Ltd. 23 June 2014 Analysts Rating Overview Rating History Lee Yong Hoon +822 368 5431 5th and 6th unsecured [email protected] bond AA-/Stable Jeong Sang Hun, Team Head정 Rating Type Periodic Rating +822 368 5676 [email protected] Sub. Bond NR CP A1 Financial Highlights (Unit:KRW100mn, x, %) 2010(12) 2011(12) 2012(12) 2013(12) 2014(03) Revenue 28,067 31,912 31,372 31,967 5,378 EBIT 1,437 1,201 1,355 1,479 -52 EBITDA 1,920 1,780 1,959 2,195 154 Total assets 14,373 16,852 19,546 20,639 18,152 Net borrowings -58 395 2,962 3,571 4,162 EBIT/Revenue 5.1 3.8 4.3 4.6 -1.0 EBITDA margin 6.8 5.6 6.3 6.9 2.9 EBITDA/Financia l expense 25.0 15.3 13.2 11.4 3.0 Net borrowings/OCF 0.0 0.3 1.7 1.6 6.5 Debt ratio 134.6 168.7 183.0 170.0 144.9 Total borrowings/Total 8.1 10.2 20.9 25.6 29.5 assets F/S Consolidated Consolidated Consolidated Consolidated Consolidated Accounting IFRS IFRS IFRS IFRS IFRS Notestandard 1: Figures have been adjusted and reclassified in accordance with K-IFRS. Note 2: 2012 F/S is the comparative financial statement presented with 2013 consolidated audit report. Rating Rationale Korea Ratings Corporation(KR) has assigned a rating of ‘AA-‘ to the 5th and 6th unsecured bond issued by LG CNS Co., Ltd.(the Company). The rating reflects as follows: Very strong business performance supported by the business stability based on captive revenue and top level of order-winning capacity Slightly low profitability, yet excellent financials as seen in superb coverage Expectation of strong financial structure backed by stable cash flow in spite of growing investment Solid liquidity buffer thanks to improvement on borrowings maturity profile and cashable assets on hand Rating Outlook and Monitoring Factors www.korearatings.com LG CNS Co., Ltd. The Rating Outlook is Stable. The Outlook reflects expectation that the Company will be able to retain stable cash-generating capacity and financial position in the future based on strong business stability and market presence. In preparation for slowing growth caused by contraction in business platform for the public projects, the Company is making aggressive investments in cloud data center in Busan, DDMC in Sangam, construction of a new plant in Pyeongtaek, and equity. In this regard, KR plans to monitor the increase in financial burden arising from investments, and coverage of borrowings after new investments produced results. 2 LG CNS Co., Ltd. Key Rating Considerations The Company is a comprehensive SI company founded in 1987 and one of LG group’s affiliated companies, of which LG Corp. holds stable managerial control with 85% ownership. While the company provides key affiliated companies within the group such as LG Electronics and LG Uplus with IT service, it is also serving a key role in forming consortium for various projects across public sector, industries, and financial markets based on excellent business competency and reference as a leader in the market. Business and Financial Analysis ▶ Very strong business performance given the captive market of LG group, top level of order-winning capacity and market presence The Company has built very stable business platform based on the captive market (captive revenue takes up 52.4% of total revenue) deriving from LG group, the 6th largest corporate group measured by assets(KRW 102 trillion as of end-April 2014), as well as some affiliated companies of GS group and LS group that spun-off from LG group. In particular, the Company’s revenue stream is balanced across all industries, including public sector, financial markets, communications industry, and manufacturing industry. It has strong order-winning capacity based on the business competency supported by past captive projects and reference. Along with Samsung SDS and SK C&C, the Company’s revenue is one of the highest in the industry. Likewise, the Company’s overall business performance is remarkably strong given the strong captive demand for IT service, balanced business portfolio, and market position in the industry. ▶ Slightly low profitability, yet excellent financials as seen in superb coverage Since non-captive segment which has low margin, such as the public sector projects, takes up a high proportion in the revenue, the Company’s profitability is slightly lower relative to its competitors. Financial indicators have deteriorated since 2010 as borrowings rose due to changes in working capital, construction of data centers and a headquarter building, and increased investment from equity investment. However, stable profit structure supported by affiliated companies and fine operating profitability delivered by selective taking of orders create smooth OCF. In addition, borrowings coverage and most of the indicators of financial flexibility are still at an excellent level. In this regard, KR views that the Company’s borrowings are not imposing heavy burden on the Company, and that overall financials are superb. Recent Performance Trend and Future Forecast ▶ Slowed growth due to contraction in public sector projects, yet profit increases thanks to gradual improvement on profitability As a result of restriction set in 2013 on entering of large SI companies into public sector projects, the Company took less public SI orders. Meanwhile, the Company’s revenue growth stagnated as major buyers such as LG Display reduced new investments. The Company’s fixed cost has been on the rise due to large work force 3 LG CNS Co., Ltd. expansion and increased R&D investment for securing of a new growth driver and business expansion. In this context, profitability has been lower in absolute terms compared to the past. Yet, acquisition of LG N-Sys’ ATM business and stable orders from the affiliated companies have helped the Company post revenue of KRW2.3trn on a separate basis(approx. KRW3.2trn on a consolidated basis) in a stable manner over the past few years. Based on selective order-taking and cost- saving effort on the labor cost, the Company’s profitability has gradually improved since 2011 and OCF has increased. Meanwhile, every year, the Company posts very low profitability during the first three quarters and creates most of the operating profit in the fourth quarter due to the seasonality of the business which leads the Company’s revenue creation to be concentrated on in the fourth quarter. Accordingly, profitability in the 1Q2014 is low, yet improved from the same period previous year. KR deems that the Company is demonstrating strong business results. ▶ Excellent financial stability expected given stable cash flow, in spite of increasing investment KR expects that the Company’s business platform for the public sector projects is likely to diminish inevitably in the short-term following the tightened regulations. However, in KR’s view, the Company will be able to maintain current level of revenue given the stable captive revenue and gradual business expansion delivered by overseas orders including cloud and transportation system projects. In addition, while it is easy to secure the margin in the captive market, the Company is likely to post current level of stable profitability by selective order-taking and saving related costs. In the meantime, net OCF is slightly restricted due to changes in the working capital. Considering the increased investment in data center, R&D center and construction of Pyeongtaek plant, borrowings may increase in the next 1~2 years. Yet, with annual OCF exceeding KRW200bn to cope with regular investments, as well as flexible timetable and the amount of investment, KR projects that the Company will retain sufficient funding capability. At the same time, taking into account the tangible assets that may be collateralized and financial flexibility supported by external creditworthiness of LG group, KR expects that the Company will maintain superb financial stability in the mid-to long-term. Other Rating Considerations ▶ Likelihood of support from the group factored in considering excellent creditworthiness of LG group and business relationship with affiliated companies LG group largely consists of electronics segment, chemical and service business segment, and communications business segment. With most of the affiliated companies enjoying strong market presence in each market, core companies of each segment demonstrate robust business stability based on vertical integration and synergy between the affiliated companies. As a subsidiary of LG Corp., the holding company of the group, the Company retains close business relationship with most of the affiliated companies including LG Electronics, one of the key LG affiliates, by 4 LG CNS Co., Ltd. providing the companies with system construction and maintenance service. Given the high level of external creditworthiness, shareholder composition, and business relationship and significance, KR sees that the Company is subject to certain level of support from the group. Liquidity Analysis ▶ Solid liquidity buffer thanks to improvement on borrowings maturity profile and cashable assets on hand The Company’s debt maturity profile has greatly improved since 2011 by financing on a long-term basis with constant corporate bond issuance. As for the borrowings, except for KRW4.5bn borrowed from the financial institutions, total amount of the Company’s corporate bond stands at KRW400bn on a separate basis, entirely consists of long-term borrowings at end-March 2014. Given cashable assets of KRW79.1bn, unused credit line, and stable OCF as well, the Company’s liquidity buffer is deemed solid. Large CAPEX may occur in the short-term due to investment in facilities and equity. Yet, KR forecasts that the Company will be able to maintain ample liquidity considering its robust financial flexibility as seen in the various alternative funding options using the external creditworthiness as one of LG group’s affiliated companies.
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