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분야
docxⅡ. Changes in Naver,Daum,Nate(SK Communications)
Ⅱ-1. NHN
Ⅱ-2. Daum
Ⅱ-3. NATE (SK Communications)
Ⅲ. Comparing with Company in other industry
Ⅲ-1. E1 Energy
Ⅲ-2. Hyundai heavy manufacturing
Ⅲ-3 Posco
Ⅲ-4 GS construction
Ⅲ-5 KT
Ⅳ. Conclusion
Reference Data
Posco is representative company of Korea in manufacturing industry. If we compare financial statement of it with that of NHN, we can find many different ratios; and difference in ratio could explain difference between manufacturing industry and internet-portal industry.
If we look at the graph below, Posco has higher liquidity ratio than NHN during same period. Liquidity ratio of Posco is more than 300%, but liquidity ratio of NHN is around 200%. If liquidity ratio is high, it means that company could pay its debt that has to be paid within short period, easily; so it means that the company is in stable position. Manufacturing industry like Posco has quite certain demand than internet-portal industry; that is, in manufacturing industry, demand is more constant or easier to predict than internet-portal industry because of fast-changing trait of internet-portal business. This is why Posco can maintain more liquidity asset than NHN.
For debt/equity ratio, Posco has lower index than NHN. Debt/equity ratio of Posco is 37.75% in 2007 and 21.56% in 2008, while NHN has debt/equity ratio of 72.96% in 2007, and 61.99% in 2008. It also explains that manufacturing industry is more stable than internet-portal industry.
As for profitability, let’s look at the graph below.
Posco has around 20% value for 3 ratios shown on graph above. NHN, however, has more than 50% value for Net Profit/Equity ratio, and around 35% value for the other ratio, which much higher than that of Posco. It could be explain by trade-off. Because manufacturing industry is more stable than internet-portal industry, and its market is well-developed, there is less chance to get higher return. In contrast, internet-portal industry is changing fast and its market is not fully developed because of its short history, there is more chance to get higher return according to the condition of economy.
Ⅲ-4 GS construction
GS construction is representative company of Korea in construction industry. By looking at financial statement of GS construction we could find out general characteristic of construction industry; and by comparing it with characteristic found out by financial statement of NHN, we could know the difference between construction and internet-portal industry.
As we can see on the graph above, debt of GS construction increased high from 2007 to 2008, and equity decreased high from 2007 to 2008. Equity of GS construction even went down to negative value. We can think that construction needs heavy investment in one project, and it takes quite long time to get return from the project; so, it is hard to be financed by equity. In contrast, internet-portal company does not need to make huge investment in particular period, its debt and equity for the same period remained rather constant than GS construction, and it is almost impossible to have negative value of equity.
If we look at the graph above, we could identify again, that construction company like GS construction is highly dependent on debt financing. Its value of operating profit/cost of interest is less than 10, because it has huge amount of interest raised by debt. Value of the same index for NHN corporation, however, is more than 75 during same period.
Ⅲ-5 KT
