POSCO Reports Audited Consolidated and Parent Earnings Results for the Year Ended December 31, 2014
Apr 16 15
POSCO reported audited consolidated and parent earnings results for the year ended December 31, 2014. For the period, on consolidated basis, the company reported revenue of KRW 65,098,445 million compared to KRW 61,864,650 million a year ago. Operating profit was KRW 3,213,530 million compared to KRW 2,996,134 million a year ago. Profit before income tax was KRW 1,378,144 million compared to KRW 1,946,177 million a year ago. Profit attributable to the owners of the company was KRW 626,099 million or KRW 7,432 per basic and diluted share compared to KRW 1,376,396 million or KRW 17,409 per basic and diluted share a year ago. Net cash provided by operating activities was KRW 3,412,099 million compared to KRW 4,858,135 million a year ago. Acquisition of property, plant and equipment was KRW 3,505,549 million compared to KRW 6,569,613 million a year ago. Acquisition of intangible assets was KRW 343,804 million compared to KRW 543,666 million a year ago. Adjusted operating profit was KRW 2,503,262 million against KRW 2,574,401 million a year ago.
For the period, on parent basis, the company reported revenue of KRW 29,218,854 million compared to KRW 30,543,545 million a year ago. Operating profit was KRW 2,350,035 million compared to KRW 2,215,133 million a year ago. Profit before income tax was KRW 1,721,393 million compared to KRW 1,985,295 million a year ago. Profit for the period was KRW 1,138,958 million or KRW 13,858 per basic and diluted share compared to KRW 1,582,596 million or KRW 20,052 per basic and diluted share a year ago. Net cash provided by operating activities was KRW 4,163,085 million compared to KRW 4,763,526 million a year ago. Acquisition of property, plant and equipment was KRW 1,643,789 million compared to KRW 3,013,628 million a year ago. Acquisition of intangible assets was KRW 20,869 million compared to KRW 103,041 million a year ago. Adjusted operating profit was KRW 1,684,868 million against KRW 1,936,582 million a year ago.
China Hanking Holdings Limited Enters into Memorandum of Understanding in Relation to the Nickel Smelter Construction Project with POSCO, and RG
Apr 10 15
The Board of China Hanking Holdings Limited announced that on 31 March 2015 (after trading hours), a non-legally binding MOU was entered into between the Company, POSCO, and RG, containing, among other things, terms regarding investment, construction, and operation of the Project. Pursuant to the MOU, the company (Owner), POSCO (Constructor), and RG (Funder) have agreed that it is the parties' intention to discuss further and to explore the possible investment opportunity for the Company to develop the Project. According to the terms and conditions of the MOU, a New Company which has the right of Nickel mine and Smelter shall be established. The Company and RG shall provide equity investment for the development of the Project. The Company shall pledge all assets and rights of the New Company. If RG obtain all the equity rights of the New Company because the Company's default, RG agrees that the Company has the priority to buy its product, that is nickel ore or any product related to nickel ore at market price from RG. Furthermore, the Company shall enter into a long term off-take agreement with RG where RG can buy to a maximum of 50% of total production volume of the Project at a 2% discount on the market price. Under the MOU, POSCO shall be responsible for completing all EPC procedures of the Project.