UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of [August], 2004
MIRAE CORPORATION
(Translation of registrant’s name into English)
#9-2, CHA AM-DONG, CHUN AN CITY, CHOONG-NAM 330-200
REPUBLIC OF KOREA
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F (Ö ) No Form 40-F ( )
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ( ) No (Ö )
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .
The registrant files with the Korea Securities Exchange the notice dated August 14, 2004. Attached is English language version of the notice.
MIRAE CORPORATION ANNOUNCES
THE FIRST HALF RESULTS FOR FISICAL YEAR 2004
Seoul, Korea, August 14, 2004 - Mirae Corporation (Nasdaq: MRAE) today reports its operating and financial results for the six months ended June 30, 2004.
The Company reported total revenues of 30,408 million won for the first half of 2004, decreased by 9.2 percent from total revenues of 33,470 million won for the first half of 2003. And, gross profit for the first half of 2004 was 7,646 million won increased by 30.8 percent from gross profit of 5,846 million won for the first half of 2003. Mirae accounted 1,411 million won of operating loss that improved its operating loss by 60.5 percent from 3,571 million of operating loss for the first half of 2003. Moreover, Mirae accounted 1,778 million won of ordinary loss and net loss, respectively, for the first half of the fiscal year 2004; whereas, ordinary profit and net profit of 19,621 million won for the first half of the fiscal year 2003.
[Table 1.] Summary of Operating Results of FY 2004 1H vs. FY 2003 1H
(Unit: in million Korean won, %)
Category | FY 2004 1H | FY 2003 1H | % Change | Comment | ||||||
Revenues | 30,408 | 33,471 | -9.2 | |||||||
Gross profit | 7,646 | 5,846 | +30.8 | |||||||
Operating income (loss) | (1,411 | ) | (3,571 | ) | -60.5 | Operating loss decreased by 60.5% | ||||
Ordinary income (loss) | (1,778 | ) | 19,621 | Turnover Ordinary loss | ||||||
Net income (loss) | (1,778 | ) | 19,621 | Turnover Net loss | ||||||
Even though total revenues decreased for the first half of 2004 slightly, but operating loss decreased by 60.5%. The good news widespread with booming semiconductor industry, the Company also emphasized on the global network reinforcement that hoping to increase the Company’s overseas sales and it’s profit margin. Thanks to the global information technology (IT) rebound and ever-increasing demand from newly emerging markets, Mirae believes the signal of improvement, specially through SMD placement system market in Asia.
[Table 2] Revenues Break Down by Region.
(Unit: %)
Region | FY 2004 1H | FY 2003 1H | ||
Asia | 19.7 | 9.6 | ||
Europe | 9.4 | 4.7 | ||
US | 13.8 | 23.7 | ||
Overseas Total | 42.9 | 38.0 | ||
Domestic | 57.1 | 62.0 | ||
Total | 100.0 | 100.0 |
Each division fully portrays its figures for the first half of 2004 as follows. Semiconductor Equipment Division distributed sales of 16,815 million won, or 0.4 percent decrease, for the first half of 2004 from 16,744 million won for the same period of 2003. The semiconductor equipment industry is expected to grow continuously in 2004; and our SE sales are expected to show its strong growth in this year. SMD Placement System Division (SMT) generated revenues of 12,123 million won for the first half of 2004, increased by 29.7 percent from 9,349 million won for the first half of 2003. Sales portion by Semiconductor Equipment Division, SMD placement systems Division and Other Division are 55.3 percent, 39.9 percent and 4.8 percent, respectively, for the first half of 2004.
[Table 3] Revenues Break Down by Division
(Unit: in million Korean won)
Division | FY 2004 1H | FY 2003 1H | % Change | |||
SE Division | 16,815 | 16,744 | -0.4 | |||
SMT Division | 12,123 | 9,349 | +29.7 | |||
Other | 1,470 | 7,378 | -80.0 | |||
Total | 30,408 | 33,471 | -9.2 |
Highlights of FY 2004 1H
February 23, 2004
| • | Inclusion of an affiliate, GLD Co., Ltd. |
Invested amount: 1,200 million won
Shareholding Ratio: 80.0%
March 19, 2004
| • | The Resolution of the 13th Annual Shareholder’s Meeting |
| • | Approval of Balance Sheet, Income Statement and Appropriations of Retained Earnings for the FY 2003 |
| • | Approval of selective amendments to the Articles of Incorporation |
| • | Approval of Appointment of New Director |
| • | Approval of Director’s Remuneration Ceiling |
| • | Approval of Management’s Severance Payment Plan |
| • | Approval of Grant of Stock Option |
April 9, 2004
| • | The sales consignments contract of CyberBank Corporation. |
April 21, 2004
| • | Exclusion of an affiliate, Mobile Game Co., Ltd. |
May 14, 2004
| • | Guarantee payment for Cyberbank Corporation |
Total amount of guarantee: 15,000 million won
July 21, 2004
| • | The contract of introduction of technology, P&I Corporation |
To maximize the company’s profit margin through the new business, we paid 1,000 million won of initial royalty and running royalty to be confirmed.
August 9, 2004
| • | The contract of introduction of technology, GLD Co., Ltd |
To maximize the company’s profit margin through the new business, we paid 500 million won and terms of contract is from August 9, 2004 to August 9, 2009. After the term it will be automatically extended if there is no objection by letter
This release contains operation and financial performance and other financial business matters prepared using accounting principles and reporting practices generally accepted in Korea (“Korean
GAAP”) and is in unconsolidated basis. In accordance with KSE regulation, the unconsolidated balance sheet, the unconsolidated statement of operation and the unconsolidated statement of cash flows for the first half of 2004, have been reviewed by the Outside Auditor. In all other respects, these unconsolidated balance sheet, the unconsolidated statement of operation and the unconsolidated statement of cash flows under Korean GAAP are not intended to present the Company’s financial position and results of operations in accordance with accounting principles and reporting practices generally accepted in the United States. Accordingly, the balance sheet, statements of operation and statement of cash flows are not designed for use by those who are not informed about Korean GAAP.
Mirae Corporation is a manufacturer and supplier of semiconductor handlers and SMD placement systems along with Internet related businesses including SoftForum (PKI solution provider).
The common stock of Mirae Corporation is traded on the Korea Stock Exchange under the number “025560” and American Depositary Receipt of the common stock of Mirae is traded on the Nasdaq National Market under the symbol “MRAE”.
MIRAE CORPORATION
NON-CONSOLIDATED BALANCE SHEETS UNDER KOREAN GAAP
JUNE 30, 2004
DECEMBER 31, 2003
(In millions of Korean won)
Category | 2004 1H | 2003 | ||||||
ASSETS | ||||||||
CURRENT ASSETS : | 92,046,755,670 | 95,216,108,794 | ||||||
Quick Assets: | 75,909,918,093 | 85,631,313,995 | ||||||
Cash and cash equivalents | 18,888,058,889 | 19,727,231,011 | ||||||
Short-term financial instruments | 18,280,000,000 | 10,124,000,000 | ||||||
Short-term marketable securities | 1,163,792,117 | 20,850,082,192 | ||||||
Marketable securities | 98,522,520 | 2,710,000 | ||||||
Accounts receivable - trade | 49,649,017,848 | 44,899,705,108 | ||||||
Allowance for bad debts | (-)17,098,385,077 | (-)16,438,187,493 | ||||||
Present value discount account | (-)255,322,590 | 32,295,310,181 | — | 28,461,517,615 | ||||
Short-term loan | 200,591,765 | 100,102,340 | ||||||
Accounts receivable - other | 4,083,946,922 | 3,634,312,157 | ||||||
Allowance for bad debts | (-)488,112,081 | 3,595,834,841 | (-)411,123,981 | 3,223,188,176 | ||||
Accrued interest income | 265,485,652 | 90,363,961 | ||||||
Advance payments and others | 2,607,255,726 | 4,064,599,367 | ||||||
Allowance for bad debts | (-)1,664,658,803 | 942,596,923 | (-)1,387,842,131 | 2,676,757,236 | ||||
Prepaid expenses | 79,663,365 | 69,812,960 | ||||||
Prepaid income taxes | 100,061,840 | 305,548,504 | ||||||
Inventories | 16,136,837,577 | 9,584,794,799 | ||||||
NON-CURRENT ASSETS : | 109,701,551,645 | 101,794,692,293 | ||||||
Investment assets: | 32,003,969,210 | 29,683,955,676 | ||||||
Long-term and restricted bank deposits | 573,201,850 | 567,906,950 | ||||||
Investment securities | 2,477,748,210 | 2,477,748,210 | ||||||
Investment securities on Affiliates | 18,534,332,901 | 17,273,344,648 | ||||||
Guarantee deposits, net | 4,424,462,121 | 3,314,354,754 | ||||||
Allowance for bad debts | (-)1,050,000,000 | 3,374,462,121 | (-)1,050,000,000 | 2,264,354,754 | ||||
Long-term receivables | 5,021,750,000 | 5,021,750,000 | ||||||
Present value discount account | (-)270,076,472 | 4,751,673,528 | (-)397,882,028 | 4,623,867,972 | ||||
Long-term loans and others | 8,656,110,600 | 8,840,293,142 | ||||||
Allowance for bad debts | (-)6,649,000,000 | 2,007,110,600 | (-)6,649,000,000 | 2,191,293,142 | ||||
Other investment | 285,440,000 | 285,440,000 | ||||||
Tangible assets: | 72,034,444,315 | 68,937,128,819 | ||||||
Land | 15,374,824,772 | 15,374,824,772 | ||||||
Buildings | 54,736,378,086 | 54,442,378,086 | ||||||
Depreciation and amortization | (-)6,750,827,288 | 47,985,550,798 | (-)6,046,073,286 | 48,396,304,800 | ||||
MIRAE CORPORATION
NON-CONSOLIDATED BALANCE SHEETS UNDER KOREAN GAAP
JUNE 30, 2004
DECEMBER 31, 2003
(In millions of Korean won)
Category | 2004 1H | 2003 | ||||||
Structures | 168,777,275 | 168,777,275 | ||||||
Depreciation and amortization | (-)64,931,520 | 103,845,755 | (-)62,401,744 | 106,375,531 | ||||
Machinery and equipment | 3,297,230,011 | 2,693,700,011 | ||||||
Depreciation and amortization | (-)2,475,042,559 | 822,187,452 | (-)2,355,311,025 | 338,388,986 | ||||
Vehicles and transportation | 610,907,847 | 653,687,799 | ||||||
Depreciation and amortization | (-)375,688,415 | 235,219,432 | (-)435,275,831 | 218,411,968 | ||||
Other tangible assets | 28,130,732,394 | 27,386,901,062 | ||||||
Depreciation and amortization | (-)23,857,735,436 | 4,272,996,958 | (-)22,884,078,300 | 4,502,822,762 | ||||
Construction in-progress | 3,239,819,148 | — | ||||||
Intangible assets | 5,663,138,120 | 3,173,607,798 | ||||||
Industrial rights | 1,204,927,761 | 1,010,267,486 | ||||||
Development cost | 4,141,020,842 | 1,782,558,327 | ||||||
other intangible assets | 317,189,517 | 380,781,985 | ||||||
TOTAL ASSETS | 201,748,307,315 | 197,010,801,087 | ||||||
LIABILITIES | ||||||||
CURRENT LIABILITIES : | 31,550,998,290 | 26,704,875,276 | ||||||
Accounts payable - trade | 4,470,422,358 | 2,602,944,151 | ||||||
Short-term borrowings | 18,844,161,607 | 18,151,783,656 | ||||||
Accounts payable - other | 1,801,187,559 | 1,815,340,475 | ||||||
Advance receipts from customers | 682,854,573 | 146,124,573 | ||||||
Withholdings | 407,707,558 | 230,741,829 | ||||||
Accrued expenses and other | 1,591,798,671 | 1,669,082,463 | ||||||
Accrued dividends | 768,090 | 768,090 | ||||||
Short-term guarantee deposits received | 1,411,519,500 | 300,500,000 | ||||||
Other current liabilities | 313,374 | — | ||||||
Liquid long-term liabilities | 2,340,265,000 | 1,787,590,039 | ||||||
LONG-TERM LIABILITIES : | 14,493,929,412 | 13,360,708,743 | ||||||
Long-term borrowings | 9,845,492,060 | 7,745,136,099 | ||||||
Long-term guarantee deposits received | 2,343,445,000 | 3,616,020,000 | ||||||
Accrued severance indemnities, net | 2,304,992,352 | 1,999,552,644 | ||||||
Total Liabilities | 46,044,927,702 | 40,065,584,019 | ||||||
SHAREHOLDERS’ EQUITY : | ||||||||
Capital Stock: | 17,918,600,000 | 17,918,600,000 | ||||||
Common shares | 17,918,600,000 | 17,918,600,000 | ||||||
Capital surplus : | 129,883,675,772 | 129,883,675,772 | ||||||
Additional paid-in capital | 129,883,675,772 | 129,883,675,772 | ||||||
Retained earnings(Accumulated deficit) : | 225,256,071 | 2,116,104,617 | ||||||
Appropriated | 225,256,071 | 2,116,104,617 | ||||||
(Net income: (-)1,777,626,936 won | ||||||||
Net income: 2,116,104,617 | ||||||||
Capital adjustments : | 7,675,847,770 | 7,026,836,679 | ||||||
Treasury stock | (-)4,343,593,079 | (-)4,343,593,079 | ||||||
Unrealized gain on investment securities | 392,520 | — | ||||||
Gain on valuation of investment securities | 10,942,717,050 | 10,770,406,336 | ||||||
Additional paid-in capital - employee stock options | 1,076,331,279 | 713,245,032 | ||||||
Loss on disposal of treasury stock | — | (-)113,221,610 | ||||||
Total Shareholders’ Equity | 155,703,379,613 | 156,945,217,068 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 201,748,307,315 | 197,010,801,087 | ||||||
MIRAE CORPORATION
NON-CONSOLIDATED STATEMENTS OF OPERATIONS UNDER KOREAN GAAP
FOR THE THREE MONTHS ENDED JUNE 30, 2004 AND 2003
FOR THE SIX MONTHS ENDED JUNE 30, 2004 AND 2003
(In millions of Korean won, except per share data)
Category | 2004 2Q | 2004 1H | 2003 2Q | 2003 1H | ||||||||||||
REVENUES | 15,752,199,102 | 30,407,889,047 | 12,329,419,628 | 33,470,637,296 | ||||||||||||
COST OF SALES | 12,132,754,059 | 22,761,995,709 | 10,305,879,472 | 27,624,830,379 | ||||||||||||
GROSS PROFIT | 3,619,445,043 | 7,645,893,338 | 2,023,540,156 | 5,845,806,917 | ||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 4,608,179,202 | 9,057,268,912 | 4,170,164,380 | 9,416,826,972 | ||||||||||||
OPERATING INCOME (LOSS) | 988,734,159 | 1,411,375,574 | 2,146,624,224 | 3,571,020,055 | ||||||||||||
OTHER INCOMES: | 1,377,038,675 | 2,354,711,899 | 31,075,164,329 | 30,296,628,294 | ||||||||||||
Interest income | 262,348,213 | 471,465,271 | 689,867,186 | 946,549,923 | ||||||||||||
Rental income | 227,144,159 | 478,108,327 | 192,890,110 | 355,544,000 | ||||||||||||
Service income | 181,845,498 | 369,393,981 | 140,208,488 | 294,232,171 | ||||||||||||
Gain on disposition of short-term marketable securities | 309,509,471 | 396,779,117 | 94,398,723 | 293,557,196 | ||||||||||||
Gain on valuation of short-term marketable securities | 41,517,483 | 74,323,279 | 2,236,942,062 | 860,383,920 | ||||||||||||
Gain on disposition of long-term investment securities | — | — | 4,407,303 | 4,407,303 | ||||||||||||
Gains on foreign exchange | 56,442,807 | 62,168,094 | 71,092,601 | 308,868,471 | ||||||||||||
Gain on foreign translation | 160,804,782 | 292,701,112 | 255,225,269 | 86,453,125 | ||||||||||||
Gain on disposition of long-term marketable securities | — | — | 26,939,611,191 | 26,939,611,191 | ||||||||||||
Gain on valuation of affiliates | 35,821,143 | 74,292,101 | 372,492,988 | — | ||||||||||||
Gains on disposal of tangible assets | — | 9,627,674 | 5,019,125 | 131,369,468 | ||||||||||||
Reversal of other specific reserve | 90,077,053 | 90,077,053 | — | — | ||||||||||||
Other incomes | 11,528,066 | 35,775,890 | 73,009,283 | 75,651,526 | ||||||||||||
Total other incomes | ||||||||||||||||
OTHER EXPENSES: | 1,724,164,507 | 2,720,963,261 | 6,612,721,866 | 7,104,310,577 | ||||||||||||
Interest expense | 550,995,705 | 842,807,323 | 496,158,080 | 1,030,495,264 | ||||||||||||
property administrative expenses | 248,851,046 | 512,258,048 | 220,590,553 | 407,944,158 | ||||||||||||
Loss on disposition of short-term marketable securities | 160,727,191 | 161,169,499 | — | — | ||||||||||||
Loss on valuation of shore-term marketable securities | 173,420,623 | 2,051,935 | — | 245,239,650 | ||||||||||||
Loss on disposal of long-term marketable securities | 1,741,330 | 2,011,546 | 97,300 | 97,300 | ||||||||||||
Loss on disposal of accounts receivable - trade | 11,806,071 | 11,806,071 | — | — | ||||||||||||
Provision for doubtful other accounts | 339,431,718 | 353,804,772 | 560,049,366 | 561,336,043 | ||||||||||||
Foreign exchange losses | 48,826,032 | 136,692,349 | 73,292,527 | 129,614,544 | ||||||||||||
Foreign translation losses | — | 509,985,927 | 947,618,300 | 171,364,977 | ||||||||||||
Loss on valuation of inventories | — | — | 1,629,787,660 | 1,722,546,864 | ||||||||||||
Loss on disposition of inventories | — | — | 633,319,320 | 633,319,320 | ||||||||||||
Loss on disposition of Investment securities | 2,750,000 | 2,750,000 | — | 41,000,000 | ||||||||||||
Loss from impairment of long-term investment securities | — | — | 1,761,636,567 | 1,761,636,567 | ||||||||||||
Loss on disposal of investment securities by equity method | — | — | 286,235,965 | 286,235,965 | ||||||||||||
Equity in losses of affiliates | — | — | — | 100,472,052 | ||||||||||||
Others | 185,614,791 | 185,625,791 | 3,936,228 | 13,007,873 | ||||||||||||
Total other expenses | ||||||||||||||||
ORDINARY PROFIT (LOSS) | (-)1,335,859,991 | (-)1,777,626,936 | 22,315,818,239 | 19,621,297,662 | ||||||||||||
INCOME (LOSS) BEFORE TAX EXPENSE | (-)1,335,859,991 | (-)1,777,626,936 | 22,315,818,239 | 19,621,297,662 | ||||||||||||
INCOME TAX EXPENSE (BENEFIT) | — | — | — | — | ||||||||||||
NET INCOME(LOSS) | (-)1,335,859,991 | (-)1,777,626,936 | 22,315,818,239 | 19,621,297,662 | ||||||||||||
NET INCOME(LOSS) PER SHARE (In Korean won) | (-)7 | (-)10 | 151 | 133 | ||||||||||||
MIRAE CORPORATION
NON-CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED JUNE 30, 2003
SIX MONTHS ENDED JUNE 30, 2003
(In millions of Korean won)
Category | 2004 2Q | 2004 1H | 2003 2Q | 2003 1H | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES : | (-)5,050,175,164 | (-)6,059,582,666 | (-)8,336,328,687 | (-)9,781,663,762 | ||||||||||||
Net income (loss) | (-)1,335,859,991 | (-)1,777,626,936 | 22,315,818,239 | 19,621,297,662 | ||||||||||||
Expenses not involving cash payments : | ||||||||||||||||
Provision for severance indemnities | 285,238,533 | 890,112,719 | 200,284,885 | 512,290,760 | ||||||||||||
Allowance for bad debts | 262,890,110 | 1,047,194,584 | 472,980,018 | 2,264,222,054 | ||||||||||||
Depreciation and amortization | 1,005,465,960 | 1,935,907,472 | 1,111,163,341 | 2,178,622,067 | ||||||||||||
Loss from depreciation of intangible assets | 107,126,597 | 207,535,993 | 94,787,678 | 187,604,540 | ||||||||||||
Compensation cost related to stock options | 215,746,710 | 363,086,247 | 74,302,187 | 133,847,201 | ||||||||||||
Other allowance for bad debts | 339,431,718 | 353,804,772 | 560,049,366 | 561,336,043 | ||||||||||||
Loss on disposition of Investment securities | 1,741,330 | 2,011,546 | 97,300 | 97,300 | ||||||||||||
Loss on disposition of short-term marketable securities | 160,727,191 | 161,169,499 | — | — | ||||||||||||
Loss from valuation of short-term securities | 173,420,623 | 2,051,935 | — | 245,239,650 | ||||||||||||
Loss from foreign currency translation | — | 449,696,338 | 505,025,065 | 81,730,775 | ||||||||||||
Loss from valuation of inventories | — | — | 1,629,787,660 | 1,722,546,864 | ||||||||||||
Loss from disposal of inventories | — | — | 633,319,320 | 633,319,320 | ||||||||||||
Loss from disposal of securities | 2,750,000 | 2,750,000 | — | 41,000,000 | ||||||||||||
Loss from impairment of long term investment securities | — | — | 1,761,636,567 | 1,761,636,567 | ||||||||||||
Loss on disposal of investment securities by equity method | — | — | 286,235,965 | 286,235,965 | ||||||||||||
Equity in losses of affiliate | — | — | — | 100,472,052 | ||||||||||||
Others | 185,614,562 | 185,614,562 | — | — | ||||||||||||
Sub total | 2,740,153,334 | 5,600,935,667 | 7,329,669,352 | 10,710,201,158 | ||||||||||||
Income not involving cash receipts : | ||||||||||||||||
Interest income | 132,554,703 | 132,554,703 | 293,343,264 | 370,853,776 | ||||||||||||
Gain on disposition of short-term marketable securities | 309,509,471 | 396,779,117 | 94,398,723 | 293,557,196 | ||||||||||||
Gain on valuation of short-term marketable securities | 41,517,483 | 74,323,279 | 2,236,942,062 | 860,383,920 | ||||||||||||
Gain on disposition of long-term investment securities | — | — | 4,407,303 | 4,407,303 | ||||||||||||
Gains on foreign exchange | 160,804,782 | 292,701,112 | 255,225,269 | 86,453,125 | ||||||||||||
Gain on disposition of long-term marketable securities | — | — | 26,939,611,191 | 26,939,611,191 | ||||||||||||
Gain on valuation of affiliates | 35,821,143 | 74,292,101 | 372,492,988 | — | ||||||||||||
Gains on disposal of tangible assets | — | 9,627,674 | 5,019,125 | 131,369,468 | ||||||||||||
Gains on Valuation of Foreign Exchange Forward Contracts | 90,077,053 | 90,077,053 | — | — | ||||||||||||
Sub total | (-)770,284,635 | (-)1,070,355,039 | (-)30,201,439,925 | (-)28,686,635,979 | ||||||||||||
Changes in assets and liabilities related to operating activities : | ||||||||||||||||
Accounts receivable - trade | (-)6,307,827,855 | (-)5,290,792,266 | (-)68,842,555 | (-)9,495,515,867 | ||||||||||||
Accounts receivable - others | 236,523,328 | (-)449,634,765 | (-)5,013,714,177 | (-)4,782,022,100 | ||||||||||||
Accrued income | (-)70,840,492 | (-)85,044,638 | (-)41,960,893 | 8,239,194 | ||||||||||||
Advance payment | 2,824,369,082 | 1,457,343,641 | 6,491,437,272 | 6,208,059,429 | ||||||||||||
Prepaid expenses | (-)34,549,965 | (-)9,850,405 | 98,070,271 | 236,133,640 | ||||||||||||
Prepaid income tax | 239,199,554 | 205,486,664 | 342,087,923 | 265,377,355 | ||||||||||||
Inventories | (-)595,326,144 | (-)6,552,042,778 | (-)3,331,810,461 | 1,357,859,403 | ||||||||||||
Accounts payable - trade | (-)1,354,701,181 | 1,874,098,805 | (-)4,736,485,698 | (-)3,737,405,632 | ||||||||||||
Accounts payable - other | (-)287,453,268 | (-)14,152,916 | (-)339,183,110 | (-)340,918,124 | ||||||||||||
Advance receipts from customers | (-)29,215,546 | 536,730,000 | (-)74,824,627 | (-)169,878,218 | ||||||||||||
Withholdings | (-)18,043,371 | 176,965,729 | 194,282,687 | 152,289,987 | ||||||||||||
Accrued expenses | 191,017,012 | (-)77,283,792 | (-)422,160,456 | 43,388,899 | ||||||||||||
Unearned income | (-)601,643 | — | 53,161,643 | 53,161,643 | ||||||||||||
Other current liabilities | 296,534 | 313,374 | (-)3,287,910 | (-)3,956,850 | ||||||||||||
Severance indemnity payments | (-)477,029,917 | (-)584,673,011 | (-)927,146,262 | (-)1,221,339,362 | ||||||||||||
Sub total | (-)5,684,183,872 | (-)8,812,536,358 | (-)7,780,376,353 | (-)11,426,526,603 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES : | 2,116,966,087 | 1,624,063,232 | 17,040,335,582 | 14,879,740,836 | ||||||||||||
Cash in flows from investing activities: | ||||||||||||||||
Decrease in short-term financial instruments | — | — | 2,488,795,951 | 6,772,884,701 | ||||||||||||
Decrease in short-term investment securities | 18,810,088,239 | 19,994,171,037 | 6,928,177,279 | 6,875,408,075 | ||||||||||||
Decrease in long-term marketable securities | — | 698,454 | 1,752,803,913 | 1,752,803,913 | ||||||||||||
Decrease in short-term loans | — | — | 171,521,599 | 171,521,599 | ||||||||||||
Proceeds from disposal of investment securities | — | — | 4,512,215,400 | 4,512,215,400 | ||||||||||||
Decrease in investment securities by equity method | — | — | 212,442,000 | 212,442,000 | ||||||||||||
Decrease in guarantee deposits | 391,071,310 | 391,071,310 | 773,226,903 | 1,245,280,903 | ||||||||||||
Decrease in long-term account receivables | — | — | 2,000,000,000 | 2,000,000,000 | ||||||||||||
Decrease in long-term loans | 245,874,582 | 337,182,542 | 56,395,875 | 56,395,875 | ||||||||||||
Proceeds from disposal of land | — | — | — | 150,644,523 | ||||||||||||
Proceeds from disposal of buildings | — | — | — | 466,600,932 | ||||||||||||
Proceeds from disposal of vehicles and transportations | — | 44,063,381 | — | 4,090,909 | ||||||||||||
Proceeds from disposal of other tangible assets | 24,308,660 | 24,308,660 | 78,161,402 | 81,021,402 | ||||||||||||
MIRAE CORPORATION
NON-CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED JUNE 30, 2003
SIX MONTHS ENDED JUNE 30, 2003
(In millions of Korean won)
Category | 2004 2Q | 2004 1H | 2003 2Q | 2003 1H | ||||||||||||
Short-term guarantee deposits received | 26,914,500 | 57,679,500 | ||||||||||||||
Long term guarantee deposits received | 52,950,000 | 52,950,000 | 75,525,000 | 1,635,525,000 | ||||||||||||
Sub total | 19,551,207,291 | 20,902,124,884 | 19,049,265,322 | 25,936,835,232 | ||||||||||||
Cash out flows from investing activities: | ||||||||||||||||
Increase in short-term financial instruments | 9,800,000,000 | 8,156,000,000 | — | — | ||||||||||||
Increase in short-term marketable securities | — | — | — | — | ||||||||||||
Increase in marketable securities | 90,391,330 | 98,130,000 | — | — | ||||||||||||
Increase in long-term financial instruments | 2,762,250 | 5,294,900 | 1,898,850 | 3,797,700 | ||||||||||||
Increase in investment securities | — | — | — | 1,000,000,000 | ||||||||||||
Increase in investment securities by equity method | — | 1,200,000,000 | — | 70,000,000 | ||||||||||||
Increase in guarantee deposits | 865,000,000 | 1,503,928,677 | 538,176,000 | 847,976,000 | ||||||||||||
Increase in short-term loans | 3,096,064 | 100,489,425 | ||||||||||||||
Increase in long-term loans | 138,000,000 | 153,000,000 | 135,811,775 | 6,830,591,375 | ||||||||||||
Acquisition of land | — | — | — | 43,404,759 | ||||||||||||
Acquisition of buildings | 294,000,000 | 294,000,000 | — | 72,992,238 | ||||||||||||
Acquisition of machinery | 473,030,000 | 603,530,000 | — | 78,858,085 | ||||||||||||
Acquisition of vehicles and transportation | — | 108,130,789 | ||||||||||||||
Acquisition of other tangible assets | 296,891,837 | 846,487,398 | 436,269,533 | 763,413,395 | ||||||||||||
Increase in construction in-progress | 3,239,819,148 | 3,239,819,148 | 585,164,400 | 585,164,400 | ||||||||||||
Acquisition of industrial rights | 163,645,827 | 270,311,548 | 86,686,721 | 245,021,918 | ||||||||||||
Increase in research and development costs | 1,795,419,748 | 2,426,754,767 | 224,922,461 | 515,874,526 | ||||||||||||
Decrease in short-term guarantee deposits | 50,000,000 | 50,000,000 | ||||||||||||||
Decrease in long term guarantee deposits received | 222,185,000 | 222,185,000 | ||||||||||||||
Sub total | (-)17,434,241,204 | (-)19,278,061,652 | (-)2,008,929,740 | (-)11,057,094,396 | ||||||||||||
CASH | 4,633,933,312 | 3,596,347,312 | (-)3,371,917,512 | (-)8,439,252,570 | ||||||||||||
Cash in flows from financing activities: | ||||||||||||||||
Decrease in treasury stock | — | — | — | 373,582,800 | ||||||||||||
Increase in short-term loans | 1,729,963,951 | 692,377,951 | ||||||||||||||
Increase in long-term loans | 3,500,000,000 | 3,500,000,000 | ||||||||||||||
Sub total | 5,229,963,951 | 4,192,377,951 | — | 373,582,800 | ||||||||||||
Cash out flows from financing activities: | ||||||||||||||||
Decrease in short-term borrowings | — | — | 3,371,917,512 | 8,812,835,370 | ||||||||||||
Decrease in liquid long-term liabilities | 596,030,639 | 596,030,639 | ||||||||||||||
Sub total | (-)596,030,639 | (-)596,030,639 | (-)3,371,917,512 | (-)8,812,835,370 | ||||||||||||
NET | 1,700,724,235 | (-)839,172,122 | 5,332,089,383 | (-)3,341,175,496 | ||||||||||||
CASH | 17,187,334,654 | 19,727,231,011 | 2,746,577,072 | 11,419,841,951 | ||||||||||||
CASH | 18,888,058,889 | 18,888,058,889 | 8,078,666,455 | 8,078,666,455 | ||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: August 14, 2004
By | MiRi Chung | |
Mi-Ri Chung | ||
Mirae Corporation | ||
Public Disclosure Representative | ||
Of Investor Relations Team | ||
