DOCSLIB.ORG

Holding Companies Lotte Group : Changes Expected Following Holding Company Conversion

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Holding Companies Lotte Group : Changes Expected Following Holding Company Conversion Holding Companies Lotte Group : Changes expected following holding company conversion Spin-off/merger resolutions likely to pass, assuming 60-70% attendance To establish a holding company, four key Lotte Group affiliates—Lotte Overweight (Maintain) Confectionery, Lotte Shopping, Lotte Chilsung, and Lotte Foods—are planning spin-offs and a merger , subject to approval of special resolutions at shareholders’ meetings (requiring the affirmative vote of two-thirds of the shareholders present Industry Report in person or by proxy, comprising at least one-third of total issued shares). August 29, 2017 Assuming a meeting attendance rate of 60-70% (based on historical examples), we believe all four Lotte affiliates will pass the resolutions (considering the stakes held by the largest shareholders and related parties). Mirae Asset Daewoo Co., Ltd. Holding company valued at between W4.1tr and W4.8tr We estimate the fair value of the new holding company between W4.1tr and W4.8tr. [Holding companies/IT services ] We present two sets of valuations, one that does not reflect brand royalties and one that does (based on a 20bp royalty rate, same as LG Corp.’s and SK Holdings’), as Dae -ro Jeong details regarding royalty rates or the timing of collection have not been released. +822 -3774 -1634 [email protected] Combined value of the four affiliates to increase slightly post-spinoff In assessing the fair values of the new holding company and the operating units of the four affiliates, we examined potential changes in each entity’s market capitalization before and after the spin-offs. Our analysis suggests that the combined market capitalization of the four affiliates will increase slightly after the spin-offs, by between 0.4% and 5.6%. All existing circular shareholdings to be untied; new ones to be addressed within required time frame With the upcoming spin-offs/merger, Lotte Group will unwind all 67 of its existing circular shareholding ties. But the changes will also give rise to 12 new circular shareholding structures and six new cross-shareholding structures, which will need to be untied within six months from the date of their establishment, as per the Monopoly Regulation and Fair Trade Act (MRFTA). Within that period (from October 2017 to March 2018), we think Chai rman Shin Dong-bin could directly purchase a 7.8% stake (roughly W312bn) in the holding company from group affiliates as a means to untangle the new circular/cross- shareholding structures and enhance his control over the group. Holding company requirements must be met within two years Lotte’s new holding company must satisfy certain requirements to legally qualify as a holding company within two years of the date of the spin-offs/merger (October 1, 2017). For certain subsidiaries, including the operating units of Lotte Shopping (17.9% stake), Lotte Chilsung (19.3%), and Lotte Confectionery, the holding company needs to meet subsidiary ownership requirements (at least 20% stake for listed firms and 40% for unlisted firms). For this purpose, we think the holding company will r esort to tender offers (equity swaps) or additional share purchases. In addition, due to the ban on ownership of financial subsidiaries by non-financial holding companies under the MRFTA, the new holding company is likely to sell its stakes in financial affiliates, such as Lotte Card (93.8%) and Lotte Capital (25.6%), to Hotel Lotte or other affiliates sitting outside of the holding company structure within the grace period. Expected changes in market capitalization following spin-offs (Wtr) Lotte Confectionery Lotte Shopping Lotte Chilsung Lotte Foods (Wtr) 10 Sum of four companies Investment business 16 Operating business 8 0.9 14 2.0 2.4 12 3.7 4.1 4.9 6 10 8 4 7.6 6.0 6.0 6 1.7 10.3 9.9 9.9 2 1.4 0.6 0.7 2.0 0.7 4 0.1 0.2 1.5 1.5 1.7 1.7 0.1 0.8 1.2 0.7 0.8 0.8 2 0 Current market Post-spin-off Post-spin-off Current market Post-spin-off Post-spin-off Current market Post-spin-off Post-spin-off Current market Post-spin-off Post-spin-off 0 cap (1) (2) cap (1) (2) cap (1) (2) cap (1) (2) Current market cap Post-spin-off… Post-spin-off… Note: Based on closing price as of August 25; (1) does not reflect brand royalties, (2) reflects brand royalties (20bp rate); Source: Mirae Asset Daewoo Research August 29, 2017 Holding Companies In need of shareholders’ approval Spin-off/merger resolutions likely to pass, assuming 60-70% attendance Four key Lotte Group affiliates—Lotte Confectionery, Lotte Shopping, Lotte Chilsung Beverage, and Lotte Foods—are scheduled to hold extraordinary general meetings on August 29th to vote on resolutions required for holding company conversions. Under the resolution, the investment unit of Lotte Confectionery (a surviving entity) will merge with the spun-off investment units of Lotte Shopping, Lotte Chilsung, and Lotte Foods. Mergers and spin-offs require the approval of a special resolution by a majority of shareholders. According to the Commercial Act, a special resolution requires the affirmative vote of two-thirds of the shareholders present in person or by proxy at a shareholders’ meeting, comprising at least one-third of total issued shares. In counting quorum, shares that do not carry voting rights are not included in issued shares. At the shareholders’ meeting concerning the holding company conversion of Hyundai Heavy Industries (HHI), about 66.01% of shareholders were present in person or by proxy. At the meeting to vote on the merger between Cheil Industries and Samsung C&T, the attendance rate reached 83.57%. For controversial, highly-publicized merger/spin-off cases, we would expect the shareholders’ meeting attendance rate to be around 60-80%. In such cases, the group would need affirmative votes from 46.7-53.3% of shares with voting rights. Assuming attendance rates of 60-70% (based on historical cases), we believe all four Lotte affiliates will be able to pass the resolutions, considering the stakes held by the largest shareholders and related parties. The largest shareholders and related parties (excluding Shin Dong-joo, who is against the spin-offs and merger, and related parties) hold 40.7% of voting shares in Lotte Confectionery, 51.9% in Lotte Shopping, 39.8% in Lotte Chilsung Beverage, and 43.0% in Lotte Foods. Table 1. Quorum requirements for shareholders’ meeting Purpose For a meeting For resolution Affirmative vote of majority of Ordinary Electing BOD/BOA and deciding their pay, Affirmative vote of at least one- members present in person resolution approving financial statements, etc. quarter of total issued shares or by proxy Alteration of memorandum, transfer of a Affirmative vote of at least Special whole (or part of a) business division, Affirmative vote of at least one- two-thirds of the members resolution dismissal of BOD/BOA, approval of third of total issued shares present in person or by proxy company split or merger Source: Mirae Asset Daewoo Research Figure 1. Minimum stake s r equired to approve special resolution (varies by attendance rate) vs. major shareholders/related parties’ stake s (%) 100 100 Stake needed for approval 90 Shareholder attendance Largest shareholder and affiliated persons 80 33.3 80 70 30.0 60 26.7 60 23.3 51.9 50 80% attendance 20.0 43.0 70% attendance 40.7 39.8 40 16.7 60% attendance 66.7 60.0 53.3 46.7 20 40.0 33.3 0 Case1 Case 2 Case 3 Case 4 Case 5 Case 6 Lotte Confectionery Lotte Shopping Lotte Chilsung Lotte Foods Source: Mirae Asset Daewoo Research Mirae Asset Daewoo Research 2 August 29, 2017 Holding Companies Table 2. Shareholders of Lotte Confectionery (affiliated persons: 62.73%) (Shares, %) Investment Business Name No. of shares Stake division division Lotte Aluminum 2,172,680 3,823,245 643,382 15.29 Lotte Japan 1,405,960 2,474,055 416,338 9.89 Shin Dong-bin 1,288,680 2,267,680 381,608 9.07 Daehong 464,620 817,587 137,585 3.27 Hotel Lotte 456,700 803,652 135,239 3.21 Shin Kyeok-ho 970,570 1,707,905 287,408 6.83 Shin Dong-joo 562,370 989,597 166,531 3.96 Shin Young-ja 358,730 631,255 106,228 2.52 Lotte Foundation 1,235,760 2,174,557 365,937 8.69 Treasury stock 0 0 0 0.00 NPS 572,824 1,007,993 169,627 4.03 Total shares 14,214,000 25,012,241 4,209,102 100.00 Source: DART, Mirae Asset Daewoo Research Table 3. Shareholders of Lotte Shopping (affiliated persons: 58.46%) (Shares, %) Investment Name No. of shares Business division Stake division Shin Dong-bin 4,237,627 453,335 3,784,292 13.46 Hotel Lotte 2,781,947 297,608 2,484,339 8.83 Lotte E&C 300,019 32,096 267,923 0.95 Fujifilm Korea 2,474,543 264,723 2,209,820 7.86 Hotel Lotte Pusan 246,720 26,394 220,326 0.78 Lotte Confectionery 2,474,543 264,723 2,209,820 7.86 Lotte Chilsung Beverage 1,237,272 132,361 1,104,911 3.93 Lotte Data Communication 1,515,653 162,142 1,353,511 4.81 Seo Mi-kyung 30,531 3,266 27,265 0.10 Shin Yu-mi 28,903 3,092 25,811 0.09 Shin Dong-joo (after selling 5.5%) 2,505,000 267,981 2,237,019 7.95 Shin Kyeok-ho 293,877 31,438 262,439 0.93 Shin Young-ja 232,818 24,906 207,912 0.74 Chang Jae-young 950 102 848 0.00 Chang Sun-yoon 700 75 625 0.00 Yoo Joo-young 499 53 446 0.00 Lotte Samdong Welfare Foundation 47,888 5,123 42,765 0.15 Treasury stock 1,938,688 207,398 1,731,290 6.16 NPS 1,910,990 204,435 1,706,555 6.07 Total shares 31,490,892 3,368,845 28,122,047 100.00 Source: DART, Mirae Asset Daewoo Research Table 4.
Load more

Recommended publications
  • Interbrand-Best-Korean-Brands-2015
    Contents 02 Introduction 04 The future of business is personal 06 The Age of You: key questions answered 10 Best Korea Brands 2015 Top50 46 Best Korea Brands 2015 Analysis 54 Authors & Contributors 1 engage customers and generate genuine result, each of us will become our own 2015 will provide the insights you need value for the business. marketplace or “Mecosystem.” to drive your organization forward—and Introduction new inspiration to push creative thought The need to create brand experiences In our report, Jez Frampton, Global CEO Jihun Moon and innovation in these changing times. that are seamless and more holistic has of Interbrand, will elaborate on this new been precipitated by sector convergence era, which we at Interbrand refer to as Congratulations to all of Korea’s Best The origin of the term “branding” was and the rise of Big Data. Harnessing the the “Age of You”—the move from brand Global Brands—in particular those whose lit¬erally to burn one’s name onto prop- potential of Big Data isn’t just for tech as monologue, to brand as dialogue, leadership skills have earned them a erty as a crude mark of ownership. But companies anymore—it offers huge to brand as a communal experience, to place among the nation’s top brands. it’s only in our relatively recent history opportunities for all brands. By collecting brand as a truly personal and curated ex- that branding has become recognized as To your continued success, and analyzing customer data and honing perience created around each and every a business discipline.
    [Show full text]
  • Lotte Annual Report 2019-20
    CONTENTS PAGE NO. CORPORATION INFORMATION 1 TEN YEARS AT A GLANCE 2 NOTICE TO SHAREHOLDERS 3 DIRECTORS’ REPORT & MANAGEMENT DISCUSSION AND ANALYSIS 15 ANNEXURES TO DIRECTORS’ REPORT 21 REPORT ON CORPORATE GOVERNANCE 30 GENERAL SHAREHOLDER INFORMATION 35 REPORT OF THE INDEPENDENT AUDITORS 36 BALANCE SHEET 44 STATEMENT OF PROFIT AND LOSS 46 CASH FLOW 48 NOTES TO FINANCIALS 50 CORPORATE INFORMATION Board of Directors YUN KANG JUNG Chairman cum WTD MILAN WAHI Managing Director KYUNGHUN KIM Whole Time Director & CFO (till 29.06.2020) IN CHUL YEO Whole Time Director & CFO (from 10.02.2020) MANG KO NOH Director (till 7.08.2020) MYEONGRIM CHOI Director (from 07.08.2020) D.G.RAJAN Independent Director HYE LIM JEON Independent Director Company Secretary T.G.KARTHIKEYAN Registered office No.4/111, Mount Poonamallee Road Manapakkam, Chennai – 600 089. Head office No.4/169, Rajiv Gandhi Salai (OMR) Kandanchavadi, Chennai – 600 096. Factories Nellikuppam (Cuddalore Dist), Tamil Nadu Nemam, Chennai, Tamil Nadu Rohtak, Haryana Auditors Price Waterhouse Chartered Accountants LLP Chennai Bankers HDFC Bank Ltd 1 TEN YEARS AT A GLANCE 2016 (15 months 2011 2012 2013 2014 2016-17 2017-18 2017-18* 2018-19* 2019-20* Jan 2015- March 2016) OPERATING RESULTS: GROSS INCOME 28,874 31,932 35,866 37,448 48,132 40,245 42,576 42,621 45,490 44,070 PROFIT/(LOSS) BEF DEPN.,INTEREST & TAX 2,337 2,389 2,419 2,061 2,815 3,395 4,087 4,029 5,814 3,316 PROFIT/(LOSS) BEF INTEREST & TAX 623 842 661 319 (919) (845) (7) (65) 1,779 (915) PROFIT/(LOSS) BEFORE TAX (PBT) 615 837 649 272
    [Show full text]
  • LOTTE SHOPPING CO., LTD. and SUBSIDIARIES Consolidated
    LOTTE SHOPPING CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements December 31, 2010 and 2009 (With Independent Auditors’ Report Thereon) Contents Page Independent Auditors’ Report 1 Consolidated Statements of Financial Position 3 Consolidated Statements of Income 6 Consolidated Statements of Changes in Stockholders’ Equity 8 Consolidated Statements of Cash Flows 9 Notes to Consolidated Financial Statements 12 Independent Auditors’ Report Based on a report originally issued in Korean The Board of Directors and Stockholders Lotte Shopping Co., Ltd.; We have audited the accompanying consolidated statements of financial position of Lotte Shopping Co., Ltd. (the “Company”) and its subsidiaries as of December 31, 2010 and 2009, and the related consolidated statements of income, changes in equity and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We did not audit the financial statements of certain subsidiaries including Lotte.Com Inc., whose financial statements represent 13.9% and 9.1% of the consolidated total assets as of December 31, 2010 and 2009, respectively, and 22.1% and 15.4% of the consolidated total sales for the years then ended, respectively. Those financial statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for those companies, is based solely on the reports of the other auditors. We conducted our audits in accordance with auditing standards generally accepted in the Republic of Korea. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
    [Show full text]
  • Lotte Shopping Co., Ltd. Separate Financial Statements December 31, 2017 Lotte Shopping Co., Ltd
    Lotte Shopping Co., Ltd. Separate Financial Statements December 31, 2017 Lotte Shopping Co., Ltd. Index December 31, 2017 and 2016 Page(s) Independent Auditor’s Report ....................................................................................................... 1 - 2 Separate Financial Statements Separate Statements of Financial Position ............................................................................................. 3 Separate Statements of Comprehensive Income ................................................................................... 4 Separate Statements of Changes in Equity ............................................................................................ 5 Separate Statements of Cash Flows ...................................................................................................... 6 Notes to the Separate Financial Statements ................................................................................. 7 - 110 Independent Auditor’s Report (English Translation of a Report Originally Issued in Korean) To the Board of Directors and Shareholders of Lotte Shopping Co., Ltd. We have audited the accompanying separate financial statements of Lotte Shopping (the Company) which comprise the separate statement of financial position as at December 31, 2017, and the separate statement of comprehensive income, separate statement of changes in equity and separate statement of cash flows for the year then ended, and notes to the separate financial statements, including a summary of significant
    [Show full text]
  • Annual Report 2010 Lotte Pakistan PTA Ltd
    LOTTE PPTA annual report 2010 Lotte Pakistan PTA Ltd about us Lotte Pakistan PTA Ltd is a world-class supplier of purified terephthalic acid, an essential raw material for Pakistan’s textile and PET packaging industries and forms the backbone of the polyester chain, including Polyester Staple Fibre, Filament Yarn and PET (bottle grade) resin. Lotte Pakistan PTA Ltd is the single largest foreign direct investment to date (US$ 490 million) in Pakistan’s petrochemical industry. annual report 2010 Lotte Pakistan PTA Ltd In addition to its own manufacturing facilities, the Company has helped create a large infrastructure network at the Port Qasim vicinity, which includes a chemical jetty, raw water pipeline and manufacture of industrial gases through third party contracts. It has therefore been a trendsetter in industrial investment in Pakistan. The company maintains its competitive edge by virtue of being a local manufacturer and major supplier for the domestic Polyester and PET industries with short delivery times, consistent quality and excellent customer service. annual report 2010 Lotte Pakistan PTA Ltd lotte ppta vision, mission & overall strategic objectives the spirit to make a difference through value, quality and excellence At Lotte Pakistan PTA Limited, our customer’s satisfaction is the driving force behind our spirit to meet challenges and achieve excellence in whatever we do. We maximise operating efficiencies and demonstrate best practices in Safety, Health and Environment that add value to our quality product and make a difference in letter and in spirit. 2 annual report 2010 Lotte Pakistan PTA Ltd lotte’s 2018 vision LOTTE established a new vision to become one of Asia's top 10 global business groups by 2018, leading markets across Asia by strengthening core businesses.
    [Show full text]
  • Result 2016 1Q.Pdf
    목 차 정 정 신 고 (보고) ...............................................................................................................1 【 대표이사 등의 확인 】 ..................................................................................................16 분 기 보 고 서 ...................................................................................................................17 【 대표이사 등의 확인 】 ..................................................................................................18 I. 회사의 개요....................................................................................................................19 1. 회사의 개요...................................................................................................................19 2. 회사의 연혁...................................................................................................................30 3. 자본금 변동사항............................................................................................................34 4. 주식의 총수 등 ..............................................................................................................35 5. 의결권 현황...................................................................................................................36 6. 배당에 관한 사항 등 ......................................................................................................36 II. 사업의 내용 ..................................................................................................................38 III. 재무에 관한 사항 .........................................................................................................60
    [Show full text]
  • Business Proposal (Dehumidifier) Lotte Engineering & Machinery MFG / Overseas Business Team
    Business Proposal (Dehumidifier) Lotte Engineering & Machinery MFG / Overseas Business Team © Copyright 2011 LOTTE Engineering & Machinery MFG.Co., Ltd / Oversea sales & Marketing LOTTE Group Profile | Introduction Founded in 1948 , Japan / 1967, Korea Global conglomerate 5’th largest company in Korea Turnover USD 83Bilion in 2014 Number of Employees 60,000 Employees Core Business Retail, Manufacture, Leisure and Tourism #1 in Market Share Department store, Supermarket, Online shopping Mall, Home appliance Store Chemicals (Ethylene, Pet, Meg), Tourism (Hotel, Duty Free Shop, Theme Park) Stores 14,000 Stores in Korea and Overseas Ranking LOTTE is ranked 5’th among Korean Business Group Rank (Asset) 1990 2000 2010 Revenue CAGR (’01~’09)2 1 Hyundai Hyundai Samsung 6.8% 2 Daewoo¹ Samsung Hyundai Motor 12.7% 3 LG LG SK 9.0% 4 Samsung SK LG 10.7% 5 Hanjin Hanjin LOTTE 16.9% 6 SK LOTTE POSCO 12.7% 7 Ssang Yong1 Daewoo GS 17.5% 8 LOTTE Kumho Hyundai Heavy Ind. 21.2% 9 Kia Hanwha Hanjin -2.3% 10 Hanwha Ssang Yong KT 1.1% [ Source: Fair Trade Commission ] © Copyright Oversea Biz Team / LOTTE E&M 2015 © Copyright 2011 LOTTE Engineering & Machinery MFG.Co., Ltd / Oversea sales & Marketing LOTTE Group Profile | Introduction Business Structure Food & Beverage Retail Tourism / Service LOTTE Hotel LOTTE Shopping LOTTE Duty Free LOTTE Department store LOTTE World LOTTE Mart LOTTE JTB LOTTE Confectionery LOTTE Super LOTTE Asset Development LOTTE Chilsung Bev LOTTE Cinema LOTTE Corporation LOTTE Foods LOHB’s (H&B Division) LOTTE International LOTTE ria LOTTE
    [Show full text]
  • FTSE Developed Asia Pacific All Cap
    FTSE Russell Publications 19 August 2018 FTSE Developed Asia Pacific All Cap Indicative Index Weight Data as at Closing on 29 June 2018 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) 77 Bank 0.02 JAPAN Anritsu 0.03 JAPAN Azbil Corp. 0.04 JAPAN a2 Milk 0.08 NEW Ansell 0.04 AUSTRALIA Bandai Namco Holdings 0.11 JAPAN ZEALAND Anton Oilfield Services <0.005 HONG KONG Bando Chem Inds 0.01 JAPAN AAC Technologies Holdings 0.14 HONG KONG AOI Electronics <0.005 JAPAN Bank of East Asia 0.07 HONG KONG Abacus Property Group 0.01 AUSTRALIA Aoki Holdings 0.01 JAPAN Bank of Iwate 0.01 JAPAN ABC-Mart 0.02 JAPAN Aomori Bank 0.01 JAPAN Bank of Kyoto 0.05 JAPAN Able C&C <0.005 KOREA Aoyama Trading 0.02 JAPAN Bank of Nagoya 0.01 JAPAN Accent Group 0.01 AUSTRALIA Aozora Bank 0.06 JAPAN Bank of Okinawa 0.01 JAPAN Accordia Golf Trust <0.005 SINGAPORE APA Group 0.12 AUSTRALIA Bank of Queensland Ltd. 0.04 AUSTRALIA Achilles <0.005 JAPAN Aplus Financial <0.005 JAPAN Bank of Ryukyus 0.01 JAPAN Acom 0.02 JAPAN APN Outdoor Group 0.01 AUSTRALIA Bank of Saga <0.005 JAPAN Adastria Holdings <0.005 JAPAN Appen 0.01 AUSTRALIA Bapcor 0.02 AUSTRALIA Adeka 0.02 JAPAN Aprogen Pharmaceuticals <0.005 KOREA Beach Energy 0.03 AUSTRALIA Adelaide Brighton 0.03 AUSTRALIA Arakawa Chemical Industries <0.005 JAPAN Beadell Resources <0.005 AUSTRALIA Advan <0.005 JAPAN Arata 0.01 JAPAN Bega Cheese 0.01 AUSTRALIA Advanced Process Systems <0.005 KOREA ARB Corporation 0.02 AUSTRALIA Beijing Enterprises Medical and Health <0.005
    [Show full text]
  • Traveling Baseball Players' Problem in Korea
    Traveling Baseball Players’ Problem in Korea Hyang Min Jeong,1 Sang-Woo Kim,2 Aaram J. Kim,3 Younguk Choi,2 Jonghyoun Eun,4 and Beom Jun Kim1, ∗ 1Department of Physics and BK21 Physics Research Division, Sungkyunkwan University, Suwon 440-746, Korea 2Department of Physics, Soongsil University, Seoul 156-743, Korea 3Department of Physics and Astronomy and Center for Theoretical Physics, Seoul National University, Seoul 151-747, Korea 4Department of Physics and Astronomy, University of California Los Angeles, Los Angeles, California 90095-1547, USA (Dated: September 3, 2018) We study the so-called the traveling tournament problem (TTP), to find an optimal tournament schedule. Differently from the original TTP, in which the total travel distance of all the participants is the objective function to minimize, we instead seek to maximize the fairness of the round robin tournament schedule of the Korean Baseball League. The standard deviation of the travel distances of teams is defined as the energy function, and the Metropolis Monte-Carlo method combined with the simulated annealing technique is applied to find the ground state configuration. The resulting tournament schedule is found to satisfy all the constraint rules set by the Korean Baseball Organization, but with drastically increased fairness in traveling distances. PACS numbers: 89.65.-s,89.75.Fb Keywords: Monte-Carlo simulation, optimization, traveling salesman problem, traveling tournament prob- lem, sports tournament, baseball league I. INTRODUCTION TABLE I. Korean Baseball League of eight teams. Note that two teams (Doosan and LG) share the same home stadium The traveling salesman problem (TSP) is the one of (Jamsil).
    [Show full text]
  • We Enrich People's Lives by Providing Superior Products and Services That
    LOTTE PROFILE 2015 PREPARED WAY LOTTE PROFILE 2014 LOTTE 2014 PROFILE Japanese We enrich people's WAYlives by providing superior products and services that our customers love and trust LOTTE PROFILE 2015 PREPARED WAY contents PREPARED WAY LOTTE 3 Global Strategy 4 Message from the Chairman 6 Global Passion 10 Social Responsibility 18 Financial Information 21 PREPARED WORLD Business Structure 33 Business Overview 34 Brand & Satisfaction 45 PREPARED WAY LOTTE is moving toward a better tomorrow. By taking on the challenge of ceaseless innovation, The company name ‘LOTTE’ originates from the name Charlotte in The Sorrows of Young Werther, by Goethe. Like the heroine Charlotte, who was beloved by all, LOTTE seeks to earn the goodwill of customers around the world. LOTTE is poised to become one of Asia’s leading conglomerates. PREPARED WAY LOTTE 3 LOTTE contributes to enriching life by providing products and services that are loved and trusted. Since LOTTE officially entered the food industry by founding LOTTE Confectionery in 1967, it has become a leader in the Korean tourism and retail industries by establishing some of Korea’s top hotels and department stores. LOTTE has since extended its reach into such key industries as petrochemicals and construction. LOTTE is positioning itself as one of Korea’s key conglomerates based on a wealth of diverse experiences and know-how. Furthermore, it strives to grow as a global conglomerate trusted by customers all over the world through continued efforts. LOTTE will continue to make customers’ lives richer with its strict quality control and differentiated services. MISSION We enrich people’s lives by providing superior products and services that our customers love and trust PREPARED WAY GLOBAL STRATEGY 5 A brand that provides happiness to customers all over the world and builds trust with excellent food & beverage With enhanced sales organizations and marketing strategies in China, Japan, products and services – this is what LOTTE aims to be.
    [Show full text]
  • The Recipe for F&B
    Analyst 한국희 Analyst 손예희 3774-1474 3774-1681 [email protected] [email protected] Weekly Update The Recipe for F&B: valuation Global / Food, Beverage and Tobacco Aug 28 2007 Vol. 1 한국 F&B 섹터의 밸류에이션 부담 완화 중 F&B Sector Performance <World> (%) 1W 1M 6M ■ 방어적 흐름 지속된 가운데 AP 개별 종목 상승률 돋보임 MSCI AC world 3.7 (4.3) (0.2) MSCI AC world F&B 2.4 (1.2) 1.6 지난 1주간 글로벌 F&B 섹터는 전반적으로 벤치마크 대비 언더퍼폼하였는데, 지난 6개 Relative Performance (1.4) 3.1 1.8 월간의 이른바 ‘defensive’한 주가 트랜드가 지속된 것으로 풀이됨. 즉 bear market에 서의 섹터 퍼포먼스는 상대적으로 양호하나, bull market에서의 주가 상승 탄력은 벤치 <AP ex. Japan> (%) 1W 1M 6M 마크 지수 대비 열등한, 전형적인 흐름을 보이고 있음. 지난 1주간 MSCI AC world, MSCI AP ex. Japan 9.1 (6.9) 8.5 MSCI AP ex. Japan, MSCI Korea 각각의 상대 퍼포먼스는 -1.4%, -2.5%, -1.4% 수 MSCI AC ex. Japan F&B 6.7 (4.6) 4.5 준에 그쳤음. 다만 유럽 및 미국 지역에 비해 아시아퍼시픽 지역의 지수 상승률이 높게 Relative Performance (2.5) 2.3 (4.0) 나타남에 따라, 음식료 섹터에서도 일본을 비롯한 아시아 지역의 개별 종목 수익률이 돋 보였음. Tingyi Holdings의 주간 상승률이 18.0%로 가장 높았고, 롯데칠성, 하이트, CJ <Korea> (%) 1W 1M 6M 등의 한국 음식료 종목들이 그 뒤를 이었음. 이에 비해 Pepsi, Coca-Cola를 비롯한 미 MSCI Korea 9.2 (9.7) 17.2 국 지역 beverage sector 및 Kellogg, Hershey 등의 food sector의 주가는 부진하였음.
    [Show full text]
  • FTSE Developed Asia Pacific All Cap
    FTSE PUBLICATIONS 19 November 2016 FTSE Developed Asia Pacific All Cap Indicative Index Weight Data as at Closing on 30 September 2016 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) 13 Holdings <0.005 HONG KONG Anest Iwata 0.01 JAPAN AWE <0.005 AUSTRALIA 360 Capital Industrial Fund 0.01 AUSTRALIA Anicom Holdings 0.01 JAPAN Axial Retailing 0.01 JAPAN 3S Korea <0.005 KOREA Anritsu 0.01 JAPAN Azbil Corp. 0.04 JAPAN 77 Bank 0.02 JAPAN Ansell 0.04 AUSTRALIA Bandai Namco Holdings 0.1 JAPAN a2 Milk 0.02 NEW Anton Oilfield Services <0.005 HONG KONG Bando Chem Inds 0.01 JAPAN ZEALAND AOI Electronics <0.005 JAPAN Bank of East Asia 0.08 HONG KONG AAC Technologies Holdings 0.12 HONG KONG Aoki Holdings 0.01 JAPAN Bank of Iwate 0.01 JAPAN Abacus Property Group 0.01 AUSTRALIA Aomori Bank 0.01 JAPAN Bank of Kyoto 0.04 JAPAN ABC-Mart 0.03 JAPAN Aoyama Trading 0.03 JAPAN Bank of Nagoya 0.01 JAPAN Able C&C <0.005 KOREA Aozora Bank 0.07 JAPAN Bank of Okinawa 0.01 JAPAN Accordia Golf 0.01 JAPAN APA Group 0.12 AUSTRALIA Bank of Queensland Ltd. 0.05 AUSTRALIA Accordia Golf Trust 0.01 SINGAPORE Aplus Financial <0.005 JAPAN Bank of Ryukyus 0.01 JAPAN Achilles <0.005 JAPAN APN News & Media 0.01 AUSTRALIA Bank of Saga 0.01 JAPAN Acom 0.03 JAPAN APN Outdoor Group 0.01 AUSTRALIA Bapcor 0.02 AUSTRALIA Aconex 0.01 AUSTRALIA Apt Satellite <0.005 HONG KONG Beach Energy 0.01 AUSTRALIA Acrux <0.005 AUSTRALIA ARA Asset Management 0.01 SINGAPORE Beadell Resources 0.01 AUSTRALIA Adastria Holdings 0.01 JAPAN Arakawa
    [Show full text]