SAMSUNG C&T CORPORATION The figures in this document are consolidated earnings estimates based on K-IFRS.
Please be advised that this document is provided solely for the
purpose of investor convenience. It was prepared before the
completion of external auditor's review, and therefore is subject to
change during this process.
4Q 2022 Earnings Release Summary
- In 4Q, C&T posted 10.6 tn (+0.9 tn YoY) in sales and 634.2 bn (+307 bn YoY) in operating profit, maintaining a solid earnings momentum backed by competitiveness of each business group even amid global economic slowdown. In FY22, C&T delivered improved earnings than in FY21, recording 43.2 tn (+8.7 tn YoY) in sales and 2.5 tn (+1.3 tn YoY) in operating profit.
- 2023 Guidance (Revenue of 40.4 tn, New orders of 13.8 tn) : The sales revenue for 2023 is expected to decline slightly due to sluggish economy, but C&T will maintain its stable profitability momentum on the back of diversified business portfolio and improved fundamentals. The base effect of last year's strong high-tech orders remains, but C&T plans to expand the market for its core business such as EPC and also improve the visibility of new business orders.
[ Key Financial Indicators]
2020 | 2021 | 2022 | |
EBITDA1) | 1.37 tn (4.5%)2) | 1.71 tn (5.0%) | 3.16 tn (7.3%) |
Total Debt | 3.15 tn | 2.97 tn | 5.62 tn |
Debt/Equity (%) | 65% | 66% | 85% |
- (Cumulative) EBITDA : Operating profit + depreciation and amortization cost
- EBITDA margin : EBITDA / Sales
(KRW billion) | |||||||||
4Q22 | 3Q22 | 4Q21 | 2022 | 2021 | |||||
Change | Change | Change | |||||||
Sales | 10,648 | 11,256 | (608) | 9,765 | +883 | 43,162 | 34,455 | +8,707 | |
E & C | 4,031 | 4,189 | (158) | 3,148 | +883 | 14,598 | 10,989 | +3,609 | |
T & I | 4,226 | 4,796 | (570) | 4,917 | (691) | 20,218 | 17,354 | +2,864 | |
Fashion | 542 | 471 | +71 | 526 | +16 | 2,001 | 1,767 | +234 | |
Leisure | 223 | 227 | (4) | 142 | +81 | 757 | 517 | +240 | |
F & B* | 660 | 703 | (43) | 588 | +72 | 2,587 | 2,260 | +327 | |
Biologics** | 966 | 870 | +96 | 444 | +522 | 3,001 | 1,568 | +1,433 | |
Gross Profit | 1,645 | 1,744 | (99) | 1,176 | +469 | 6,039 | 4,021 | +2,018 | |
SG&A | 1,011 | 947 | +64 | 849 | +162 | 3,511 | 2,825 | +686 | |
Operating Profit | 634 | 797 | (163) | 327 | +307 | 2,528 | 1,196 | +1,332 | |
E & C | 241 | 324 | (83) | 133 | +108 | 875 | 251 | +624 | |
T & I | 18 | 59 | (41) | 40 | (22) | 397 | 296 | +101 | |
Fashion | 48 | 29 | +19 | 20 | +28 | 180 | 100 | +80 | |
Leisure | 11 | 48 | (37) | 4 | +7 | 57 | (32) | +88 | |
F & B* | 1 | 24 | (23) | 13 | (12) | 73 | 89 | (16) | |
Bio** | 315 | 313 | +2 | 117 | +198 | 947 | 492 | +455 | |
Non-Operating Profit | 8 | 175 | (167) | 72 | (64) | 750 | 1,163 | (413) | |
Financial Profit | 55 | (115) | +170 | 7 | +48 | (86) | 11 | (97) | |
Equity Method Investment | 21 | 17 | +4 | (4) | +25 | 143 | 111 | +32 | |
Pre-tax Profit | 718 | 874 | (156) | 402 | +316 | 3,335 | 2,481 | +854 | |
Net Profit | 666 | 597 | +69 | 233 | +433 | 2,545 | 1,829 | +716 | |
┗ Controlling | 473 | 495 | (22) | 213 | +260 | 2,044 | 1,635 | +409 | |
* F&B(Welstory) : 100% Subsidiary, ** Bio(Biologics) : 43.06% Subsidiary
(KRW billion) | |||||||
4Q22 | 3Q22 | 4Q21 | 2022 | ||||
Change | Change | ||||||
Sales | 4,031 | 4,189 | (158) | 3,148 | +883 | 14,598 | |
Building | 3,028 | 3,078 | (50) | 2,086 | +942 | 10,700 | |
Civil | |||||||
285 | 230 | +55 | 375 | (90) | 982 | ||
Plant | 620 | 768 | (148) | 620 | - | 2,569 | |
Domestic | 2,355 | 2,569 | (214) | 2,122 | +233 | 9,337 | |
Overseas | |||||||
1,676 | 1,620 | +56 | 1,026 | +650 | 5,261 | ||
Gross | 462 | 513 | (51) | 326 | +136 | 1,643 | |
Profit | |||||||
Operating | 241 | 324 | (83) | 133 | +108 | 875 | |
Profit | |||||||
※ Total sales include figures falling under Other Sales |
6,000 | Sales | OP Margin | 8.0% | ||||||
7.7% | |||||||||
5,000 | 4.2% | 4,190 | 6.0% | 6.0% | |||||
4,031 | 4.0% | ||||||||
4,000 | 3,148 | 2.0% | |||||||
0.0% | |||||||||
3,000 | |||||||||
-2.0% | |||||||||
2,000 | -4.0% | ||||||||
1,000 | -6.0% | ||||||||
-8.0% | |||||||||
- | -10.0% | ||||||||
4Q213Q224Q22
- Earnings slightly declined QoQ due to the base effect of progress in high-tech construction and one-off gains in 3Q22.
√ New Orders | (KRW billion) | |||
4Q22 | '22 Cumulative | End of '22 | ||
Backlog | ||||
Total | 3,404 | 16,968 | 27,653 | |
Building | 3,162 | 13,972 | 15,463 | |
Civil | 85 | 1,159 | 3,031 | |
Plant | 96 | 1,681 | 9,015 | |
Domestic | 2,797 | 11,470 | 12,116 | |
Overseas | 607 | 5,498 | 15,537 |
- Major Projects in 4Q22: Samsung Life Seosomun Bldg. 0.7 tn, Pangyo Sampyeong-dong Bldg. 0.4 tn, Malaysia TI FAB 0.3 tn, Jongno Sajik 2 0.2 tn, etc.
- Total & Domestic include landscape orders of Leisure
('22 Cumulative Orders 156 bn, Backlog 144 bn)
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Samsung C&T Corporation published this content on 01 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 February 2023 08:27:01 UTC.
