Hyosung Advanced Materials : Decision on Provision of Debt Guarantee for Others
December 20, 2021 at 07:30 am
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Decision on Provision of Debt Guarantee for Others
1. Debtor
Hyosung Steel Cord(Qingdao) Co., Ltd.
- Relationship to company
Affiliated company
2. Creditor
The Korea Development Bank, Qingdao Branch
3. Amount of debt (borrowing) (KRW)
22,397,200,000
4. Details of debt guarantee
Amount of debt guaranteed (KRW)
22,397,200,000
Equity capital (KRW)
381,110,809,280
Ratio to equity capital (%)
5.88
Classified as a large-sized corporation?
Yes
Guarantee period
Start date
2021-12-17
End date
2022-12-16
5. Total balance of debt guarantee (KRW)
1,015,563,550,000
6. Date of board resolution (decision date)
2021-12-14
- Attendance of outside directors
Present (No.)
-
Absent (No.)
-
- Attendance of auditors (members of Audit Committee who are not outside directors)
-
7. Other matters to be factored into investment decisions
- The debt guarantee above is a result of the extension of the maturity of existing
borrowings of Hyosung Steel Cord(Qingdao) Co., Ltd.
- The amount of debt (borrowing) of 3 above is the amount converted by applying the
standard exchange rate on the date of 12/14(1USD = KRW 1,178.80) for
USD 19,000,000.
- The amount of debt guarantee of 4 above is the amount converted by applying
USD 19,000,000 at the standard exchange rate as of 12/14, and the scope of debt
guarantee includes USD 19,000,000 along with the interest, overdue interest, fees
and all other expenses thereto. Furthermore, equity capital is based on the
consolidated audit report at the end of December 2020.
- The total balance of debt guarantee (KRW) of 5 above is the guarantee limit, which
includes the unused balance, and is also converted by applying the standard
exchange rate as of 12/14.
- The date of board resolution (decision date) of 6 above is the date of decision
of the Management Committee.
- The current fiscal year of the 'Condensed Financial Statements of Debtor' is
based on 2020, the previous fiscal year is based on 2019, and two fiscal years
prior is based on 2018 (however, the sales and net income are the performance
results from June 1, 2018, which is the date of division, through December 31,
2018 based on the consolidated audit report).
- The following period of debt guarantee for the overseas entity has been omitted
since there are multiple debt guarantees made within the same entity (each period
of guarantee is different).
※ Related disclosure
-
【Condensed Financial Statements of Debtor】(in KRW mn)
Category
Total assets
Total liabilities
Total shareholders' equity
Capital stock
Sales
Net income
Current fiscal year
95,570
105,952
-10,382
166,849
80,317
143
Previous fiscal year
101,111
111,597
-10,486
166,849
85,285
-11,904
Two fiscal years prior
118,518
117,387
1,131
166,849
50,354
-32,169
[Balance of Debt Guarantee per Debtor]
Debtor
Relationship
Balance of debt guarantee (KRW)
Period of debt guarantee
Remarks
Hyosung Chemical Fiber (Jiaxing)
Co., Ltd.
Affiliated company
70,728,000,000
-
-
Hyosung
Steelcord
(Qingdao) Co.,
Ltd.
Affiliated company
116,989,972,000
-
-
Hyosung Vietnam
Co., Ltd.
Affiliated company
289,631,160,000
-
-
Hyosung Quang
Nam Co., Ltd.
Affiliated company
195,680,800,000
-
-
GST Global GmbH
Affiliated company
191,108,768,000
-
-
GST Automotive
Safety(Changshu)
Co., Ltd.
Affiliated company
42,672,560,000
-
-
Global Safety
Textiles LLC
Affiliated company
11,788,000,000
-
-
GST Safety
Textiles RO
S.R.L.
Affiliated company
68,899,180,000
-
-
Hyosung
Luxembourg S.A.
Affiliated company
28,065,110,000
-
-
※ Relevant statutes
Financial Investment Services and Capital Markets Act
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Disclaimer
Hyosung Advanced Materials Corporation published this content on 20 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 December 2021 07:29:05 UTC.
Hyosung Advanced Materials Corporation is a Korea-based company mainly engaged in the production and sale of industrial materials. The Company manufactures and sells industrial yarn, tire reinforcements, airbags and carpets. Industrial yarn includes polyester yarn, nylon yarn and carpet yarn, aramid yarn and carbon fibers, among others. The carpets include carpets for cars and commercial carpets, among others. The commercial carpets consist of roll carpets, tile carpets and mats, among others. The carpets are sold under the name of Swan. In addition, the Company manufactures and sells hose wires as well as conveyor belt wires.