Sungwoo Hitech Co., Ltd. Business Report FY ended Dec. 2015

Financial Overview (Consolidated)

(in millions of won)
FY ended Dec. 31, 2015 FY ended Dec. 31, 2014 Rate of
Change (%)
Sales 3,521,451 3,272,703 7.6% -
Operating income 145,269 193,033 (24.7%) -
Net income 30,922 130,526 (76.3%) -

Overseas Business

-Cangzhou SungWoo Automobile. Parts. Co., Ltd., the Company's subsidiary in Cangzhou, Hebei Province, China, began plant construction on June 11, 2016. The subsidiary was established in April 2015, with 70% of its capital invested by the Company. A total of CNY 800 million is planned to be invested in the plant, of which CNY 558 million will be spent on the first phase of the project. The facility is expected to be completed in November 2015, and will produce automotive body components for Hyundai Motor's Cangzhou Plant. Its annual production is expected amount to 300,000 sets, and first year sales are projected to reach CNY 1.1 billion. (From press releases on April 29 and June 15, 2015 and news releases issued by multiple sources on June 29, 2015)

-The Company established Chongqing Sungwoo Hitech Automobile Parts. Co., Ltd., a subsidiary to produce automotive body components in Chongqing, China. The new company is owned 70% by the Company. (From a press release on July 24, 2015)

R&D Structure

-In October 1994, the Company established a technical center in Pusan, which consists of the following two teams : advanced technology team and product engineering team.
-The Company conducts product engineering activities also in Suwon City, Gyeonggi-do.
-Overseas, the Company has an R&D center in the Czech Republic.

R&D Expenditure

(in millions of won)
FY ended Dec. 31, 2015 FY ended Dec. 31, 2014 FY ended Dec. 31, 2013
Amount 16,274 18,288 18,922
% of Sales 0.5% 0.6% 0.6%