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'08 1Q Results & Mid-Term Plan ’08 1Q Results & Mid-Term Plan May. 2008 0 Disclaimer While the statements in this presentation represent our current assumptions, plans and expectations, and we believe these judgments are reasonable, they are not guarantees of future performance and involve known and unknown risks, uncertainties such as FX & raw material costs, and other factors that may cause actual results to differ materially from the results, performance, achievements or financial position expressed or implied in this presentation. This presentation is provided only as a reference material. Doosan Heavy Industries and Construction assumes no responsibility for investment decisions. We trust your decisions will be based on your own independent judgment. 1 1 Contents Ⅰ. About Company Ⅱ. Business Strategy & Outlook by Division Ⅲ. ’08 Outlook & Mid-Term Business Plan Ⅳ. ’08 1Q Results Review Appendix 1. Balance Sheet 2. Doosan Group Shareholding Structure 2 I - 1. History 19621962 19801980 AfterAfter 20012001 Establishment:Establishment: Gov’tGov’t Owned Owned Company:Company: AfterAfter Privatization: “Building“Building thethe foundationfoundation ofof “Era“Era ofof technologicaltechnological “Korea’s“Korea’s representativerepresentative heavyheavy powerpower plantplant industry”industry” developmentdevelopment && growth”growth” industriesindustries company”company” 19621962 •• CompanyCompany FoundedFounded 19801980 •• RenamedRenamed asas HanjungHanjung 20012001 •• RenamedRenamed asas DoosanDoosan HeavyHeavy IndustriesIndustries && ConstructionConstruction 1982 • Changwon Plant completed 1982 • Changwon Plant completed 20022002 •• Exported Exported mainmain nuclearnuclear powerpower 19761976 •• Entered Entered intointo technicaltechnical alliancealliance forfor systemsystem toto thethe USUS turbineturbine generatorgenerator withwith GEGE 19851985 •• Constructed Constructed thethe 11stst desalinationdesalination plantplant (Assir)(Assir) 20032003 •• Completed Completed world’sworld’s largestlargest desalinationdesalination plantplant inin ShoaibaShoaiba Saudi Arabia 19771977 •• Entered Entered intointo technicaltechnical tie-uptie-up forfor Saudi Arabia boilerboiler andand primaryprimary coolantcoolant systemsystem 19871987 •• Selected Selected asas mainmain contractorcontractor inin aa •• No. No. 11 worldworld marketmarket shareshare inin HRSGHRSG withwith CE,CE, USAUSA nuclearnuclear powerpower projectproject forfor thethe firstfirst timetime (Yungkwang(Yungkwang #3,4) #3,4) 20052005 •• AcquiringAcquiring DoosanDoosan InfracoreInfracore 20062006 •• Acquiring Acquiring DoosanDoosan IMGB,IMGB, RomaniaRomania 19781978 •• Signed Signed thethe firstfirst turnkeyturnkey projectproject toto 19991999 •• World’s World’s firstfirst shipshipmentment ofof singlesingle build a large thermal power plant in •• AcquiringAcquiring Mitsui-Babcock,Mitsui-Babcock, build a large thermal power plant in modulemodule evaporatorevaporator EnglandEngland KoreaKorea (Samcheonpo(Samcheonpo #1,2) #1,2) •• Deal Deal ofof onlyonly oneone manufacturingmanufacturing •• Constructing Constructing DoosanDoosan VinaVina inin plantplant equipmentequipment companycompany VietnamVietnam 20072007 •• No. No. 11 worldworld marketmarket shareshare inin HRSGHRSG 20002000 •• ListedListed onon thethe StockStock marketmarket 3 I - 2. Shareholders Structure and Sales Breakdown Nuclear Power Desalination Casting & Forging Construction Shareholders Apr. 2008 Sales Dec. 2007 Nuclear 11.7% Public Doosan Corp. 28.5% Construction 41.2% Power 16.9% 43.3% 105mn KRW4,090bn Casting & KDB Forging 11.8% 12.5% Treasury Stocks Desalination 17.8% 16.3% 4 I - 3. Key Indicator (Power) Orders (Wbn) Product Mix Sales (Wbn) Nuclear 4,866 2,046 T/G 18% 2,021 20% 1,664 1,940 1,830 1,475 1,328 1,253 1,064 1,378 62% Thermal 1,037 '02 '03 '04 '05 '06 '07 2007 Sales '02'03'04'05'06'07 Outlook for Target Market Demand (GW) Mundra EPC PJT Power (India, contracted in May 2007) 800MW 377 Plant 300 × 246 229 203 149 Division 5 Units 2007 2015 2007 2015 2007 2015 S/E Asia India ME/Africa World’s biggest thermal power plant Boiler Fundamental Technology HRSG Market Share(’07) Nuclear Supply (ongoing included) Mitsui 8% 4% 21% Babcock 14% 21% World No. 1 [MBEL] 17% 18% 19 (UK) Alstom Nooter Acquisition date : Nov. ‘06 Rank (1st~6th) Eriksen World 6th 5 II --4. 4.Key Key IndicatorIndicator (Industrial)(Industrial) Orders (Wbn) Product Mix Sales (Wbn) Other 986 1,019 1,363 9% 1,273 Desalination 825 871 Material 14% Handling Equipment 461 269 364 241 289 77% 111 '02 '03 '04 '05 '06 '07 2007 Sales '02 '03 '04 '05 '06 '07 Shuaibah IWPP(Saudi) Completed PJT Industrial 397MIGD 194MIGD Division On going PJT 452MIGD World’s largest capacity as a single PJT All Round Player in Desalination Market MSF world’s market share Shuaibah Expansion RO (Saudi) MSF + MED + 33MIGD RO 40% + World’s 2nd Largest Capacity as a Water Treatment Single RO Desalination Plant 6 II --5. 5. Key Key IndicatorIndicator (C/F(C/F)) Orders (Wbn) Product Mix Sales (Wbn) Casting Crankshaft 506 Product 482 20% 414 410 361 35% 314 319 246 229 21% 172 186 164 Forging 16% 8% Product Workroll Mold Steel '02 '03 '04 '05 '06 '07 2007 Sales '02 '03 '04 '05 '06 '07 Product Capacity Expansion World Class Products (5 Products) Casting/ ’03: Crankshaft Kvaerner ’04: Workroll Forging Mold Steel IMGB ’07: Stern Frame Casting (Romania) Division Hydro Turbine Casting Selected by Ministry of Commerce, Acquisition date : June ’06 Industry and Energy Crankshaft Production Capacity(Annual) Workroll World Market Share(’07) 430 PCS 10.1% One of the World 3 Largest One of the World 4 Largest 7 II --6. 6. Key Key IndicatorIndicator (Construction)(Construction) Orders (Wbn) Product Mix Building Sales (Wbn) 1,191 (Residence) 27% 691 804 Building 23% 574 593 (Non-Residence) 610 524 479 593 14% 550 36% 588 Plant 575 Civil '02 '03 '04 '05 '06 '07 Engineering 2007Sales '02 '03 '04 '05 '06 '07 Overseas Construction Plant Division Business Apartment Brand Name Completed Power Plants (Units) 46 Based on 500MW 8 Contents Ⅰ. About Company Ⅱ. Business Strategy & Outlook by Division Ⅲ. ’08 Outlook & Mid-Term Business Plan Ⅳ. ’08 1Q Results Review Appendix 1. Balance Sheet 2. Doosan Group Shareholding Structure 9 ⅡⅡ-- 1 1.. ReasonsReasons forfor AdoptingAdopting NewNew MidMid-Term-Term BusinessBusiness VISIONVISION Orders in 2007 (W10tr*) surpassed our 2009 order target Early (W6.9tr) set in 2004 achievement of mid-term goal Achieved most of the objectives in the 10-year corporate Achievement of long-term aspiration set in 2004 aspiration –Successfully converted to EPC business model • Need for stretched mid- –Gained leading position in Middle East and India power term target reflecting early markets achievement of mid-term –Successfully penetrated into the US and EU through plans, expansion of overseas affiliate (Doosan Babcock) accessible markets, and –Secured original boiler technology and steam/gas turbine current market environment models –Secured low cost, overseas production base through the manufacturing plant in Vietnam and IMGB –Growth of lucrative water business Change in Expanded business opportunities due to faster-than- market expected market growth and limited suppliers environment Access to Southeast Asia, EU, U.S., etc. in addition to existing markets of the Middle East, India, and Korea * Includes overseas affiliates 10 ⅡⅡ-- 2 2.. NewNew MidMid-Term-Term BusinessBusinessVISION VISION : As is As-is : Expected position in 2015* Global 500 : Expected position in 2020** 20% KHNP POSCO KT “Become a GE ENERGY Global Leader in Power & Water” Doosan Doosan Samsung Heavy Heavy Mobis ’15* ’20** In 2015 10% Orders W21tr, Siemens EBIT/Sales Alstom Sales W17tr, Doosan OP Margin 10% Heavy Hyundai In 2020 Heavy Hyundai Motors MHI Sales W30tr Toshiba As-is W1tr Club (Top 19 Companies) Low W15tr W30tr W50tr Revenue * Advance into the top 20 (current OP basis) ** Achieve GE Energy’s current sales level of W17tr 11 ⅡⅡ-- 3 3.. OutlookOutlook byby DivisionDivision (Power(Power Plant)Plant) Wbn, % Orders Business Environment and Strategy NuclearNuclear Potential demand in the US and EU is materializing and Korea’s pro-nuclear policy to drive continued growth of nuclear business 8,184 6,697 6,358 6,654 Long-term growth foreseen in China and Russia 4,866 5,563 - China : 60~70 units (~ ’20), 200 units (~ ’30) - Russia : Replacement demand for natural gas power plants estimated 50 ~ 60 units Shorten production period for main equipment and raise 2007 2008 E 2009 P 2010 P 2011 P 2012 P production capacity Strengthen retrofit business Expecting rapid growth of domestic orders in 2009 and 2012, Sales and OP Margin and pursuing exports of Korean standard type nuclear power plants 10.3% ThermalThermal 8.8% 9.2% 8.0% Continued growth of the world’s power market due to fast economic growth in developing countries 4.9% 6.0% Expand highly lucrative plant upgrade and EPC businesses 6,849 5,837 6,160 in Middle East and Southeast Asia 3,501 4,210 Lead the market with our core technology in boiler and 2,046 strengthen cooperation with companies having core technology in turbines 2007 2008 E 2009 P 2010 P 2011 P 2012 P Build overseas design and manufacturing facilities to expand capacity and secure cost competitiveness 12 ⅡⅡ-- 4 4.. OutlookOutlook byby DivisionDivision (Industrial)(Industrial) Wbn, % Orders Business Environment and Strategy DesalinationDesalination Increase in desalination demand due to global water scarcity 2,246 1,963 1,777 1,868 1,838 Growing demand for desalination due to infrastructure and
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