JUSUNG Engineering 한국거래소(홍콩... · Innovation & CultureConfidential and Proprietary 2...

Confidential and Proprietary Innovation & Culture

www.jusung.com

240 Opo-ro, Opo-eup, Gwangju-si

Gyeonggi-do, Korea

World 1st Technology

Only 1 in The World

JUSUNG Engineering

Investor Relations

FY 2017


Disclaimer

All information regarding management performance and financial results of JUSUNG ENGINEERING (the “Company”)

during the 2017 as contained herein has been prepared on a Non-consolidated basis in accordance with International

Financial Reporting Standards (“IFRS”).

The information regarding results of 2017 has been prepared in advance, prior to being reviewed by outside auditors,

solely for the convenience of investors of the Company, and is subject to change in the process of final reviewing by

external auditors.

The information contained herein includes forward-looking statements in respect to future plans, prospects, and

performances of the Company. These forward-looking statements also refer to the Company’s performance on Non-

consolidated base, as indicated.

The aforementioned forward-looking statements are influenced by changes in the management environment and

relative events, and by their nature, these statements refer to uncertain circumstances. Consequently, due to these

uncertainties, the Company’s actual future results may differ materially from those expressed or implied by such

statements.

Please note that as the forward-looking statements contained herein are based on the current market situation and

the Company’s management direction, they are subject to change according to the changes in future market

environment and business strategy.

The information contained herein should not be utilized for any legal purposes in regards to investors’ investment

results. The Company hereby expressly disclaims any and all liability for any loss or damage resulting from the

investors’ reliance on the information contained herein.

1

Confidential and Proprietary Innovation & Culture 2

Table of Contents

1. Company Overview

2. Market Trend & Competitiveness

3. Financial Status


1-1. Corporate Information

Corporate Data

Name of Company JUSUNG ENGINEERING Co., Ltd. (KOSDAQ 036930)

CEO & Chairman Chul Joo Hwang

Foundation 1995. 4. 13.

Business Area SEMI., DISP., Solar Cell Equipment Manufacturing

The number of Employee

449 persons (2017)

Capital 24.1Wbn

Date of Listing 1999. 12. 24.

Address of Headquarter

240, Opo-ro, Opo-eup, Gwangju-si, Gyeonggi-do

Shareholder Information

Gyeonggi-do Gwangju-si JUSUNG ENGINEERING Headquarter

TOTAL

48,249,212

Major Shareholder & Related Parties

(27.8%)

Domestic Individual & Institutional

(64.2%) Foreign (8.0%)

CEO & Chairman

Shareholder Number of

Shares % Port

Major Shareholder & Related Parties

13,394,594 27.8%

Foreign 3,868,836 8.0%

Domestic Individual & Institutional

30,985,782 64.2%

Total 48,249,212 100.0%

Chul Joo Hwang(C. J. Hwang)

· B.S., Electrical and Computer Engineering from INHA University

· Honorary Doctorate in Engineering from INHA University

· CEO/Chairman of JUSUNG ENGINEERING

· Honorary Chairman of Korea Venture Business Association

· Member of The National Academy Engineering of Korea

· Director of Korea Institute of Science Tech. Evaluation and Planning

· Vice Chairman of Korea International Trade Association

· Member of Public Enterprise Management Committee

· Member of Gyeonggi-do Economy Policy Advisory Committee

· Director of Daegu Gyeongbuk Institute of Science and Technology

· Establishment of Korea Entrepreneurship Foundation C. J. Hwang / CEO & Chairman

[2017.12.31]


▶ Vision ▶ Mission

▶ People & Culture

Innovate Technology!

Develop New Markets!

Make Happiness!

World’s 1 Technology

Only 1 in the World

st

1. Creative · Innovative People

Think for the First !

Work for the No.1 !

Make New Records !

2. Success-Sharing Culture

Mutual Success of

JUSUNG & Its Customer

Semiconductor, Display, Solar Cell, Technology Integration

1-2. VISION & MISSION


0

1000

2000

3000

4000

5000

6000

7000

'95

'96

'97

'98

'99

'00

'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

'11

'12

'13

'14

'15

'16

'17

1-3. Future Growth Engine

5

R&D Employee Ratio

USD 632.4M

Number of Patents

R&D Investment (Accumulated)

1,739 1,875 1,930 2,005 2,064

-

500

1,000

1,500

2,000

2013 2014 2015 2016 2017

Future Growth Engine = Innovative R&D

46.1%

53.9%

R&D

Total

449 [2017]

Management, Sales, etc


1-4. Milestone

6

13 World’s First Technology

Abbreviation Technical Terms Abbreviation Technical Terms

SD Space Divided LSP Local Space Plasma

SDP Space Divided Plasma TSD Time Space Divided

World’s 1st

I World’s 1st

II World’s 1st

III World’s 1st

IV

World’s 1st

V

World’s 1st

VI , VII

World’s 1st

VIII, IX

World’s 1st

X, XI World’s 1st

XII World’s 1st

XIII

Source Tech. SD Tech LSP Tech

SDP Tech

TSD Tech

Semi- conductor

Warm Wall Type

UHV- CVD

Selective EPI SD-ALD SDP-ALD

Display TSD-CVD ALD IGZO

TFT TSD-ALD TSD–Etcher

Solar & Lighting

SiC SD-CVD

’95 ‘99 ‘01 ‘02 ‘08 ‘09 ‘10 ‘12 ’15 ‘16


1-5. Mutual Success of JUSUNG & Its Customers

Outstanding

Contribution Award Appreciation

Plaque Best Partner Award

Best Supplier

Award Outstanding

Contribution Award

◆

◆

◆

Best Supplier Award

Headquarter

Subsidiary

Local Office

Sales Agent

Mutual Success of Customers with World’s Best Technology

Appreciation Plaque

Appreciation Plaque


Table of Contents

1. Company Overview


3. Financial Status


2-1. Our Sustainable Market

SEMICONDUCTOR

DRAM

Foundry/Logic

NAND FLASH

▶ DRAM bit growth 20-25%, driven by mobile and server

▶ Several nodes of DRAM shrink below 20nm

▶ Bit growth 35~40% per year through 2020

▶ Sustained investment to capture ~50% storage SAM

▶ Diversified demand drivers for leading-edge growth

DISPLAY CHINA

LCD

OLED

SEMICONDUCTOR

DISPLAY

▶ Shift to large-size panels, The investment move more than 10G TV Size Growth :~1.5”/year(‘13~’19) 1.5” Av Size Growth / year ~ 3 new Fab

▶ VR / AR will be a key driver for display technology roadmap

▶ China 2025 initiative targets 4X growth in China’s semi revenue

▶ Output CAPA of panel maker The annual growth of 131.9% (‘16~’20)

▶ Global OLED output CAPA in China Expansion up to 32% in 2020 (’16=6%)

▶ Extension of OLED panel application rate in Smart Phone Increase of 55% from now to 2020

▶ Rising SEMI Industry in China Investment amount $110.0M to 2018

▶ OLED becomes standard for VR capable phones and HMDs


2-2. Semiconductor_Technology Roadmap

2013 2014 2015 2016 2017 2018 2019 2020 2021 2025 Volume

Production

22/20 nm 14/16 nm 10 nm 7 nm 5 nm 3 nm

Multiple Patterning EUV with Multiple Patterning

FinFET

New Chanel Materials, Nanowire(GAA)

Advanced Interconnect

Planar NAND

20 nm

Multiple Patterning

18 nm 16 nm

3D NAND

32L 48L 72L 96L 128L

3x Mid 2x nm 20 nm 1y nm 1z nm

Multiple Patterning EUV with Multiple Patterning DRAM

1x nm

Memory

Foundry/

Logic

…

Foundry/Logic NAND Memory DRAM

· Shift to 3D structure device(FinFET)

· New structures(nanowire)

· New materials

· Shift to 3D layer stacking

· Deposition technology for high-aspect

structure

· Shift to ALD for capacitor materials

· Possibility of partial replacement with

MRAM

▶Technology Challenges

Accelerate of DRAM tech migration & Increment 3D NAND multi-layer


2-2. Semiconductor_Equipment Market

11

Source, Gartner 2017

0

500

1000

1500

2000

2500

3000

3500

2014 2015 2016 2017F 2018F 2019F

PECVD Equipment Market Forecast ALD Equipment Market Forecast Unit : M USD Unit : M USD

-100

100

300

500

700

900

1100

1300

1500

2014 2015 2016 2017F 2018F 2019F

Increase of demand in ALD equipment

due to DRAM tech migration & Increment 3D NAND multi-layer


LSP Technology (Local Space Plasma)

① Interface Control

② Incubation Time Control

③ Thermal & Plasma Damage Free

④ Easy System / Process Integration

⑤ Source/Reactant Space division Injection

SDP System (Space Divided Plasma)

:Semi-Batch Type

SDP CVD, SDP ALD

TSD System (Time Space Divided)

: Single Type

TSD CVD, TSD ALD, TSD Etcher

2-2.JUSUNG LSP Technology


Future Transistor Tech.

• Si SEG ; Elevated

Source Drain

• SiGe, SiC

• a-Si, Poly Si

• OEC

(Oxide Elimination

Chamber)

UHV-CVD & OEC

(Warm Wall Type )

LSP Technology

• High-K

• Metal

• ULTO

Defect Free Tech.

• High-K

• Metal

• SiO / SiOC / SiON

• SiN / SiBN

• Oxidation

• Nitridation

• High-K

• Metal

Defect Free Tech.

• DPT Partition Etch

• STI & Gate Etch

• Hard Mask Etch

• Poly Etch Back

• MTJ Etch

ICP Etcher SDP-CVD/ALD TSD-CVD/ALD

Defect Free Tech.

• High-K

• Metal

• SiO / SiOC / SiON

• SiN / SiBN

• Oxidation

• Nitridation

TSD-Etcher

Defect Free Tech.

• DPT Partition Etch

• STI & Gate Etch

• Hard Mask Etch

• Poly Etch Back

• MTJ Etch

SD-CVD/ALD MO-CVD/ALD

PR(Photoresist) Coating

Exposure /Developing

Etching Ion Implantation /Thermal Process

Ashing /CMP

Cleaning Deposition P C

2-2. Semiconductor_JUSUNG’S Semiconductor Product

(PC : Process)

13


Realizing Next-Gen. of Display via TSD-CVD/ALD

RESOLUTION

FORM FACTOR/

PERFORMANCE

SIZE

TV

PHONE

HD

>326ppi

4K

>600ppi

8K

>700ppi

TV

PHONE

40”

3.5”

55”

5”

70”

5.5”

DISPLAY

LCD OLED

Flexible OLED

Transparent OLED

TFT

a-Si

LTPS

OXIDE

JUSUNG LSP Tech.

TSD CVD/ALD

(Up to 11G)

TFT(Oxide) / TFE

TFT(LTPS) / TFE / TOE

TV

PHONE

2-3. Display_Technology Roadmap

PRESENT

Rollable OLED

(8G~)

(~6G)


Sustain growth of centering around Oxide & LTPS TFT

15

Display Market forecast 단위 : 억 달러

Display TFT Equipment Ratio forecast

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2011 2012 2013 2014 2015 2016 2017

LTPS a-Si/Oxide a-Si a-Si(G10.5)

Source,IHS Markit

2-3. Display_Equipment Market

-

200

400

600

800

1,000

1,200

1,400

1,600

2015 2016 2017 2018 2019 2020

OLED LCD

LCD CAGR -0.1%(‘15~’20) OLED CAGR 20.4%(‘15~’20)


LED

- LED

(GaN on Sapphire)

(GaN on Si)

- Power Device (GaN on Si)

(SiC)

LCD

a-Si LTPS Oxide

G.I

- SiN - SiN

- SiO

- SiN

- SiO

Active - a-Si - a-Si - IGZO

ILD - SiO

- SiN

Passiva

tion

- SiN - SiN

- SiO

OLED

LTPS Oxide TSP

Barrier/

Buffer

- SiO/SiON/SiN

- SiN

- AlO/TiO

- Index matching

(SiN,SiO,SiON,TiO)

- Metal layer (ITO, ZnO, Metal Mesh)

- ILD

(SiN, SiON)

- Prevent Scratch

(AIO)

T

F

T

Active - a-Si

- SiO

- IGZO

- SiO

ILD - SiO

- SiN

Passivation - SiN

Encapsulation

- AlO/TiO

- SiO / SiON / SiN / SiOX

PI Coating TFT Formation

(a-Si/Oxide/LTPS) OLED Elements Coating (HTL/HIL/EML/EIL/ETL)

Thin Film Encapsulation (Inorganic/Organic)

Removal of Glass P C

2-3. Display_display & LED equipments

(PC : Process)


Table of Contents

1. Company Overview


3. Financial Status


FY 2017 Highlights

(Unit : Wbn)

3-1. FY 2017 Financial Results(Non-consolidated)

· YoY 15.9% growth on sales of Display DISP +15.9%(yoy), SEMI -1.1%(yoy), Solar Cell -66.7%(yoy)

· Reduction of cost of interest by decreasing lone payable(-83% yoy) (Lone payable FY 2016 39.0Wbn -> FY 2017 15.0Wbn)

· Dividend policy will be implemented through earning surplus

▶increase of Display Sales due to accelerated OLED investment

▶ Improvement of financial stability

▶ Completed supply contract of OLED new equipment

· Completed initial supply contract of TSP deposition equipment for small-medium sized touch screen panel · Expected to increase sales due to diversification of OLED equipment

▶ Establishing shareholders return policy plan

▶ Achieved OPM 15.1% due to cost innovation

· Despite the high portion of Display, YoY 1.5%P growth of OPM due to cost innovation Sales Portions : DISP(56.8%), SEMI(40.5%), Solar Cell(2.7%)

4Q 2017

FY 2017

Sales 58.3Wbn, Operating profit 07.5Wbn(OPM 12.9%)

Sales 272.5Wbn, Operating profit 41.2Wbn(OPM 15.1%)

Account Code FY 2017 FY 2016

\ % YoY \ %

Sales Revenue 272.5 100.0% 2.1% 267.0 100.0%

COGS 157.3 57.7% -0.5% 158.1 59.2%

Gross Profit 115.2 42.3% 5.8% 108.9 40.8%

SG&A 74.0 27.2% 1.9% 72.6 27.2%

Operating Income 41.2 15.1% 13.5% 36.3 13.6%

Other income & Expenses

-1.7 -0.6% -221.4% 1.4 0.5%

Finance income & Expenses

3.0 1.1% -120.8% -14.4 -5.4%

Profit before Income tax

42.5 15.6% 82.4% 23.3 8.7%

Income Before Income tax

2.0 0.7% -127.4% -7.3 -2.7%

Net Income 40.5 14.9% 32.4% 30.6 11.5%


2,142

3-2. Recent Business Performance(Non-consolidated)

36.1% 38.0%

43.4%

40.8% 42.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

-

500

1,000

1,500

2,000

2,500

3,000

2013 2014 2015 2016 2017

SEMI DISP SC GPM

266.9

175.7

140.4 151.6

40.6%

56.8%

2.6%

41.9%

50.0%

8.1%

60.3%

33.1%

6.6%

59.2%

30.1%

10.7%

25.7%

64.3%

10.0%

1.4%

7.1%

8.3%

13.6%

15.1%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

-

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 2017

Operating Profit OPM

Sales by Segments/GPM Growth Operating Profit/OPM Growth

272.5

(Unit : Wbn) (Unit : Wbn)

14.5

9.9

2.1

36.3

41.2


Revenues By

Segment

Total 272.5

SEMICONDUCTOR

110.5

DISPLAY

154.8

SOLAR

7.2

40.5%

2.7%

56.8%

Revenues By

Region

Total 272.5

71.9%

KOREA

196.0

CHINA

66.7

24.5%

3.6%

OTHERS

9.8

Backlog By

Segment

Total 73.1

SEMICONDUCTOR

35.5

DISPLAY

37.6

48.6% 51.4%

OLED

122.0

78.8%

LCD

32.8

21.2%

Display

Revenues By

Segment

Total 154.8

3-3. Revenues by Segments & Region(FY 2017) (Unit : Wbn)


0

200

400

600

800

1000

1200

FY 2014 FY 2015 FY 2016 FY 2017

4Q

3Q

2Q

1Q

0

200

400

600

800

1000

1200

1400

1600

FY 2014 FY 2015 FY 2016 FY 2017

4Q

3Q

2Q

1Q

21

· Sustain its growth due to investment on 3D NAND new fab

and tech migration in semiconductor

∨ Tech Migration(CVD→ALD)

· Improved profit compared to yoy due to sales increase of new

equipment (SDP-CVD) and continuous cost innovation.

∨ 51%(‘16) → 78%(‘17)

SEMI

· Expect sustainable increase of demand in ALD equipment due to

DRAM tech migration and increment of 3D NAND multi-layer

· YoY 15.9% growth due to customer’s new investment on

facility and change to OLED process in Display industry

∨ Environment changes of display industry(LCD → OLED)

· Increase of sales through diversification of OLED equipment

∨ OLED Encapsulation & TFT (LTPS & Oxide) & TSP

· Expect sales increase due to enter into china with OLED equipment

∨ Supply contract of OLED encapsulation equipment with China GVO

DISPLAY

3-4. 2018 OUTLOOK

(Unit : Wbn) (Unit : Wbn)

22.3

20.6

15.1

25.1

26.8

31.0

29.4

18.8

41.8

28.0

19.1

22.9

33.2 41.5

8.8

38.1

2.0 8.2

20.2

27.7

9.3

6.9

18.0

8.0

83.2

106.0

42.2

58.1

111.8

133.5

110.5 154.8

29.0 36.3

50.3

43.2

15.0

46.1

33.3

24.0


2,065

1,431

963

390

134%

81%

26%

8%

65%

92%

144%

220%

0%

50%

100%

150%

200%

250%

-

400

800

1,200

1,600

2014 2015 2016 2017

(Unit : Wbn, %)

Interest Bearing Loan Loan ratio Current ratio

143.1

92.5

39.0 15.0

Improvement of financial stability thanks to decreasing loan payable

3-5. Interest Bearing Loan & Debt Ratio


World 1st Technology Only

www.jusung.com

1 in the World

23


Table of Contents

APPENDIX


Appendix 1. Income Statement(Non-consolidated)

(Unit : Wmn)

25

Accounts 4Q '16 3Q '17 4Q ’17 QoQ (%)

YoY (%)

FY 2016 FY 2017 YoY (%)

Sales Revenue 81,040 100.0% 61,790 100.0% 58,317 100.0% -5.6% -28.0% 266,960 100.0% 272,535 100.0% 2.1%

Solar cell 7,832 9.7% 656 1.1% 1,009 1.7% 53.8% -87.1% 21,659 8.1% 7,220 2.7% -66.7%

FPD 50,325 62.1% 46,128 74.6% 24,035 41.2% -47.9% -52.2% 133,542 50.0% 154,839 56.8% 15.9%

Semiconductor 22,883 28.2% 15,006 24.3% 33,273 57.1% 121.7% 45.4% 111,759 41.9% 110,476 40.5% -1.1%

COGS 46,937 57.9% 36,985 59.9% 31,657 54.3% -14.4% -32.6% 158,048 59.2% 157,388 57.7% -0.4%

Gross Profit 34,103 42.1% 24,805 40.1% 26,660 45.7% 7.5% -21.8% 108,912 40.8% 115,147 42.3% 5.7%

SG&A 22,275 27.5% 16,225 26.3% 19,141 32.8% 18.0% -14.1% 72,638 27.2% 73,973 27.1% 1.8%

R&D Expense 15,957 19.7% 9,241 15.0% 13,406 23.0% 45.1% -16.0% 45,459 17.0% 47,428 17.4% 4.3%

Operating Income 11,828 14.6% 8,580 13.9% 7,519 12.9% -12.4% -36.4% 36,274 13.6% 41,174 15.1% 13.5%

Other Operating

Expense 1,719 2.1% 194 0.3% (615) -1.1% -417.0% -135.8% 1,359 0.5% (1,708) -0.6% -225.7%

Other Non- Operating

Expense (8,861) -10.9% (54) -0.1% 176 0.3% -425.9% -102.0% (14,317) -5.4% 3,043 1.1% -121.3%

Income Before

Income Tax 4,658 5.7% 8,720 14.1% 7,080 12.1% -18.8% 52.0% 23,288 8.7% 42,509 15.6% 82.5%

Income Tax Expense (7,986) -9.9% 789 1.3% 138 0.2% -82.5% -101.7% (7,347) -2.8% 1,975 0.7% -126.9%

Net Income 12,644 15.6% 7,931 12.8% 6,942 11.9% -12.5% -45.1% 30,634 11.5% 40,534 14.9% 32.3%


Appendix 2. Balance Sheet Summary(Non-consolidated)

Accounts FY 2017 FY 2016 FY 2015

Current Assets 140,492 162,764 133,046

Cash and Cash Equivalent

Account Receivables-Trade

Other Current Assets

Inventories

48,559 14,689 36,610 40,634

30,974 45,746 40,408 45,636

28,964 19,106 34,134 50,842

Non-Current Assets 171,503 162,863 174,641

Investment Assets

Tangible Assets

Intangible Assets

Other Non-Current Assets

6,733 143,153

8,832 12,785

9,838 128,497 12,173 12,355

19,824 132,807 14,745 7,265

Total Assets 311,995 325,627 307,687

Current Liabilities 63,846 113,717 144,498

Account Payables -Trade

Short-term Borrowings

Current portion of Long-term debts

Other Current Liabilities

30,742 15,000

0 18,104

59,792 39,000

0 14,925

40,802 92,179 6,000 5,517

Non-Current Liabilities 62,804 65,850 48,757

Long-term Borrowings

Other Non-Current Liabilities 0

62,804 0

65,850 2,100

46,657

Total Liabilities 126,650 179,567 193,255

Capital Stock 24,125 24,125 24,125

Capital Surplus

Other Capital

Accumulated Other Comprehensive Income

Retained Earnings or Accumulated Deficit

109,008 0

11,641 40,571

146,543 0

12,927 -37,535

146,227 316

11,622 -67,858

Total Shareholders’ Equity 185,345 146,060 114,432

Total Liabilities and Total Shareholders’ Equity 311,995 325,627 307,687

26

(Unit : Wmn)

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