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World Bank Document Report No. 1578-KO FILECOPY Korea:Appraisal of the KoreaDevelopment Finance Corporation Public Disclosure Authorized May 26, 1977 Industrial Development and Finance Division EastAsia and PacificProjects Department FOR OFFICIALUSE ONLY Public Disclosure Authorized Public Disclosure Authorized Document of the World Bank Public Disclosure Authorized This document has a restricteddistribution and may be used by recipients only in the performanceof their official duties.Its contentsmay not otherwise be disclosedwithout World Bankauthorization. CURRENCY EQUIVALENTS US$1.00 = Won 485.00 w 1,000 = US$2.06 W 1,000,000 = US$2,061.85 ABBREVIATIONS ADB - Asian Development Bank AFDC - Agriculture and Fishery Development Corporation BOK - Bank of Korea DEG - Deutsche Entwicklungsgesselschaft EPB - Economic Planning Board ERR - Economic Rate of Return IFC - International Finance Corporation IRF - Industrial Rationalization Fund LOB - Korea Development Bank KDFC - Korea Development Finance Corporation KDLC - Korea Development Leasing Corporation KIC - Korean Investment Corporation KIFC - Korea Investment and Finance Corporation KIST - Korea Institute of Science and Technology K%-TAC - Korea Technology Advancement Corporation MIB - Medium Industry Bank NIF - National Investment Fund RCB - Regional Commercial Bank USAID - U.S. Agency for International Development FISCAL YEAR January 1 - December 31 FOR OFFICIAL USE ONLY KOREA APPRAISAL OF THE KOREA DEVELOPMENTFINANCE CORPORATION Table of Contents Page No. BASIC DATA SUML4MARY............... ........................... I. INTRODUCTION ....... ................. ............. II. ECONOMIC AND INDUSTRIAL ENVIRONMENT .............. 1 Recent Economic Performance ............ 2 Industrial Structure and Investment .... 2 Recent Financial Developments .......... 2 The Fourth-Five Year Plan .... .......... 3 III. KDFC's ROLE IN THE ECONOMY ..... .................. 3 KDFC's Role within the Financial Sector ..... 3 Economic Impact of KDFC-Financed Projects ... 4 Employment Creation ..................... 5 Size of Operations ..................... 5 General Developmental Objectives ... ...... .. 6 Contribution to Exports .... ............ 6 Sectoral Diversification .... ........... 6 Regional Dispersal of Portfolio ........ 7 Diversification of Clientele ........... 7 Managerial and Technical Assistance .... 8 Resource Mobilization .................. 8 Promotional Activities ...................... 10 The 1976-77 Development Strategy ....... 10 Project Promotion Office .... ........... 11 Korea Development Leasing Corporation .. 11 K-TAC .................................. 11 Machinery Industry ..................... 11 Agro-Industry .. ......................... 12 Assistance to Small Industries in Backward Areas ....................... 12 Resource Mobilization .... .............. 12 New Developmental Objectives ........... 13 IV. INSTITUTIONAL ASPECTS ............................ 13 Share Capital and Ownership .... ........ 13 Board of Directors ..................... 14 This report was prepared by Messrs. T.N. Dinh and Alain Soulard following a field appraisal of KDFC in February 1977. This document has a restricteddistribution and may be used by recipients onlyin the performance of their omcial duties. Its contents may not otherwise be disclosed without World Bankauthorization. -2- Page No. Management, Organization ............ ... 14 Staffing ............................... 15 Operational Policies ................. .. 15 Project Appraisal ...................... 15 Project Supervision ................. ... 16 Procurement and Disbursement ........ ... 16 V. OPERATIONS ....................................... 16 Foreign Currency Lending Operations .... 16 Domestic Currency Operations .... ....... 17 Financial Position ..................... 17 Earnings Performance ................. .. 18 Share Prices and Dividends .... ......... 18 Quality of Portfolio .... ............... 18 Terms and Conditions of Lending .... .... 19 Audit .................................. 19 VI. PROSPECTS AND RESOURCE REQUIREMENTS .... .......... 20 Business Prospects ..................... 20 Financial Forecasts .... ................20 Debt/Equity Limit ...................... 21 Won Resource Position and Requirements 21 Foreign Exchange Resource Position and Requirements ...... .............. 21 VII. THE LOAN OBJECTIVES AND MAIN FEATURES .... ....... 22 Objectives of the Loan ............. ... 22 Economic Justification ............. ... 22 MIain Features of the Loan .......... ... 22 Utilization of Loan Proceeds ....... ... 22 Relending Rate ..... ................... 22 Free Limit ..... ....................... 23 Amortization Schedule ................. 23 VIII. AGREEMENTS REACHED AT NEGOTIATIONS .... .......... 23 ANNEXES 1. Economic and Industrial Environment Table 1 Rates of Interest in Korea as of December 31, 1976 2. Share of KDFC's Disbursemets in Total Manufacturing Sector Fixed Investment, 1971-76 3. Economic Impact of IDFC-Financed Projects Table 1 Partial Economic Indicators Table 2 Economic and Financial Rates of Return Table 3 Degree of Export Orientation - 3 - 4. KDFC's Achievements in Implementing its Development Strategy for 1976-77 Appendix 1 Korea Development Leasing Corporation Appendix 2 Korea Technology Advancement Corporation Appendix 3 The Machinery Manufacturing Sector Appendix 4 Agro-Industrial Projects Appendix 5 Regional Commercial Banks Appendix 6 Joint Financing Operations 5. KDFC's Influence in Improving Project Design 6. Major Technologies Introduced via KDFC-Financed Projects 7. Summary Description of Korea Investment and Finance Corporation 8. Statement of Development Strategy for 1977-78 9. List of Shareholders 10. Board of Directors 11. Professional Staff Recruitment Plan, 1977-81 12. Statement of Operational Policies 13. Comparative Data on KDFC's Operations, 1968-76 Table I Summary of Operations Table 2 Characteristics of Loans Approved Table 3 Sectoral Distribution of Loans Approved Table 4 Characteristics of Equity Investments and Convertible Debentures Approved Table 5 Sectoral Distribution of Portfolio Outstanding as of December 31, 1976 Table 6 Data on Repeat Loans Table 7 Subprojects Approved or under Consideration for Financing under IBRD Loan No. 1145-KO 14. Financial Position and Performance Table 1 Audited Balance Sheets, 1973-76 Table 2 Audited Income Statements, 1973-76 Table 3 Summarized Cash Flow Statements, 1973-76 Table 4 Collection Performance, 1973-76 15. Projected Operations and Financial Performance 1977-81 Table 1 Projected Operations Table 2 Projected Balance Sheets Table 3 Projected Statements of Income Table 4 Projected Cashl-Flow Statements 16. Statement of Resources as of December 31, 1976 17. Estimated Schedule of Commitments and Disbursements of the Proposed Loan CHART 17137 KDFC's Organization as of January 31, 1977 KOREA KOREA DEVELOFNENTFINA1CE CORPORATION BASIC DATA (as of December 31, 1976) 1. Year of Establishment: 1967 Nusber of Subscribed CaPital 2. Ownership as of December 31., 1976 Shareholders (V million) Percent Domestic shareholders: Financial institutions 16 1,053 21.1 Private corporations 91 1,341 26.8 Individuals 271 868 17.4 Sub-total 378 3,262 65.2 Foreign shareholders 10 1,212 24.2 IFC 1 526 10.6 Sub-total 11 1,738 34.8 Total 389 5.000 100.0 3. Operations Approvals 1968-72 1973 1974 1975 1976 Total Domestic currency loans (W million) 2,491 1,693 1,770 502 450 6,906 Equity investments and debentures (W million) 1,816 231 1,262 529 1,639 5,477 Foreign currency loans ($ thousand) 50,829 30,713 23,970 42,912 64,697 213,121 Total (W million) 1/ 22,251 14,164 14,657 21,844 33,467 106,383 Com,nitments Domestic currency loans 2,421 1,763 1,770 502 350 6,806 Equity investments and debentures (W million) 1,816 62 1,152 632 1,774 5,436 Foreign currency loans ($ thousand) 41.678 33,882 17,019 41 614 68.055 202,248 Total (W million) 1/ 18,765 15,327 11,176 21,317 35,131 101,716 Disbursements Domestic currency loans (W million) 2,366 1,563 1,670 402 538 6,539 Equity investments and debentures (W million) 1,816 62 601 1,014 1,502 4,995 Foreign currency loans ($ thousand) 37,289 11,991 34,209 23,683 64,928 172,100 Total (W million) 1/ 20,100 7,541 21,565 12,791 35,589 97,586 4. Status of Loans (Cumulative to December 31, 1976) Domestic currency Foreign currency (W million) (S thousand) Approved 6,906 213,121 Committed 6,806 202,248 Disbursed 6,539 172,100 Outstanding at year end 1976 2,838 143,835 5. Earnings Record year ending December 31 1973 1974 1975 1976 Profit after tax and provisions as 3 of average equity 1,5.7 15.8 18.6 18.7 Book value as / of par value 183 203 212 192 Cash dividend as % of par 15 10 10 20 Stock dividend as 7 of par - 10 10 - Cash dividend payout ratio 2/ 43.7 32.9 27.1 48.5 Return on total assets (%) _/ 8.7 7.0 8.6 7.4 1/ Exchange rate applied: US$1 = w281.90 for 1968 = W374.10 for 1971 =W305.20 for 1969 = W1399.70 for 1972 = W317.40 for 1970 = 1398.50 for 1973 = 1485.00 for 1974, 1975 and 1976 2/ Net income before tax + interest expenses to total assets. AEP Projects Department April 20, 1977 Page 2 BASIC DAIA 6 Financial Positior . Uion) 1973 1974 1975 1976 ToLal assets 26,832 44,163 53,034 87,835 of which loan and investment portfolio (net) 22,269 40,144 47,947 77,232 Long-term debt Won subordinated loan 2,025 2,025 2,025 2,025 Foreign currency loan 18,711 35,204 42,579 71,213 Total term debt 20,736 37,229 44,604 73,238 Equity 5,489 6,077 6,993 9,581 Current ratio1 ' 2.4 1.8 1.7 1.5 Long termi debt/equity ratio 3.8 6.1 6.4 7.7 Reserves and
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