Hyundai Mipo Dockyard · 2019. 3. 18. · Why we plan to acquire 01 ... Naval Vessel, HMD Others – RoPax Vessel, HSHI Others – Industrial Cranes 3-1. Details of 2018 New Order

Hyundai Mipo Dockyard

Chapter 1. About Hyundai Heavy Industries and Completion of Business Restructuring

1. Introduction of Hyundai Heavy Industries Group

2. Completion of Business Restructuring

3. Spin-off Merger of Hyundai Samho Heavy Industries

4. Hyundai Heavy Industries Shipbuilding Group

1. Introduction of Hyundai Heavy Industries Group

Hyundai Heavy Industries Group Hyundai Families (Pan-Hyundai Group)

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiRx4eF2PbfAhVGEHAKHcvZCCUQjRx6BAgBEAU&url=https://en.wikipedia.org/wiki/File:Hyundai_Engineering_&_Construction_logo.svg&psig=AOvVaw3A5JdYLR6aisU7U98AwU4l&ust=1547878801453315

45 years of operation since 1972

April 1, 2017 Rebirth of Hyundai Heavy Industries

with a new look

Before :

1-1. Introduction of Hyundai Heavy Industries Group

2. Completion of Business Restructuring

Progress of transformation into holding company

Oct. Apr.

- Spin of non-shipbuilding related business :

① Construction Equipment ② Electro-Electric Systems ③ Robotics

- HMD sold off 3.18% of its shares of HHI

- HMD sold off its shares of HCE and HEE

- HMD signed sales agreement of its financial affiliate Hi Investment Securities

- HHI sold off its foreign affiliates to HEE and HCE

- Rights offering of HHI

HDO

- HSHI was split into an Opco and an Investco, followed by merger of HSHI Investco with HHI

Completion of Restructuring

- HHIH acquired remaining shares of 3.93% of HMD’s stake in HHI

Elimination of Cross holdings

HHI Holdings (Robotics)

HCE HEE HHI HGS

2017 2018

① 42.3%

3. Spin-off Merger of Hyundai Samho Heavy Industries

Hyundai Heavy Industries

② 3.9%

② Resolving cross ownership structure

① Eliminating restriction on investing in domestic affiliates by grandchild company --

Spin-off & Merger

4. Hyundai Heavy Industries Shipbuilding Group

Hyundai Heavy Shipyards

Hyundai Heavy Industries • VLCC/Suez/Aframax Tanker • LNG Carrier/FSRU • VLOC/Capesize Bulk Carrier • 5K+ Containership • VLGC • Drillship

• PCTC/Ro-Ro

drydocks

9 goliath cranes

8 m2 in area

9.3million

DWT in capacity

5.6million

• VLCC/Suez/Aframax Tanker • LNG Carrier/FSRU • VLOC/Capesize Bulk Carrier

• 5K+ Containership • VLGC • Drillship

• PCTC

Hyundai Samho Heavy Industries drydocks

2 goliath cranes

1 m2 in area

3.3million

DWT in capacity

2.3million

Hyundai Vinashin Shipyard

• Product/Chemical Tanker • Handy/Panamax Bulk Carrier • Feeder Containership

drydocks

2

DWT in capacity

0.48million

m2 in area

1million

• Product/Chemical Tanker • MGC(LPGC, LEGC, LNGC, LNG Bunkering)

• PCTC Con-Ro Ro-Ro

• Feeder Containership


drydocks

4 m2 in area

0.7million DWT in capacity

1.5million

Executive Summary

•

•

Why we plan to acquire DSME? 01

02

•

•

New order momentum started to rebound after hitting the bottom.

03 HHI will benefit the most from the shipbuilding market recovery.

04 Such recovery will entail profitability improvement further on.

•

Chapter 2. Proposal of Consolidation with DSME

1. Background of Consolidation with DSME

2. Split-off of Hyundai Heavy Industries

3. In-kind Contribution

4. Rights Offering

5. Post-transaction Corporate Governance Structure

6. Post-merger integration timeline

KDB had continuously proposed privatization of DSME. After completing business restructuring, HHI

had began negotiation with KDB regarding consolidation with DSME. As a result, HHI and KDB came to

a mutual agreement to proceed consolidation in order to strengthen HHI’s business competitiveness.

DSME has similar business portfolio compared to HHI such as commercial vessels, naval ships, and etc. Therefore, grater synergy can be expected from R&D, procurement, and etc..

① Greater synergy with DSME

Less potential risk from aggressive order intake as order intake for offshore business has been restricted due to strict control by the government. Also, DSME book is considered to be in good shape as a result of thorough accounting evaluation.

② Less potential loss of DSME

HHI decided to consolidate with DSME and not Samsung Heavy for the following reasons :

1. Background of Consolidation with DSME

March 8, 2019 1. Report of consolidation to domestic/foreign Fair Trade Commissions 2. Contract Signing 3. Board of Directors Meeting (Determination of HHI Split-off)

:

End of May, 2019 1. Convene temporary shareholder’s meeting (HHI Split-off) :

4Q 2019 ~ 1. Approval of consolidation (However, such process can take more than a year depending on time required by competing countries’ approval review process) 2. Board of Directors Meeting (Rights offering) 3. Completion of consolidation transaction

:

1Q 2020

End of Fab., 2019 1. Counterbid of Samsung Heavy Industries 2. Begin approval process of Gov’t bodies such as Financial Services Commission, Ministry of Economy and Finance, and etc.

:

Timetable of consolidation

2. Split-off of Hyundai Heavy Industries

Hyundai Heavy Industries will split into Hyundai Heavy Industries InvestCo(continuous HHI) and Hyundai Heavy Industries OpCo.

Hyundai Heavy

Industries

Hyundai Heavy

Industries InvestCo

Hyundai Heavy

Industries OpCo

※ Listed

※ Unlisted

100%

Hyundai

Samho Heavy

Industries

Hyundai Heavy

Industries

InvestCo

Hyundai Heavy

Industries

Holdings

Hyundai Heavy

Industries

OpCo

Hyundai Mipo

Dockyard

Hyundai Heavy

Industries

Holdings

Hyundai Heavy

Industries

Hyundai

Samho Heavy

Industries

Hyundai Mipo

Dockyard

< Pre Spin-off > < Post Spin-off >

① In exchange for KDB’s stake in DSME, Hyundai Heavy Industries InvestCo will issue KRW 1.25 tril. redeemable convertible preference shares(RCPS) and 6,009,570 common shares.

② The transaction will take place with an exchange ratio determined by the base price calculated with (*) the closing price prior to the day of board of committee.

→ Final price of Hyundai Heavy InvestCo : KRW 137,088 per share, DSME in-kind contribution final price : KRW 34,922 per share

KDB will provide its DSME stake to Hyundai Heavy Industries InvestCo as a contribution in kind. In return, KDB will acquire newly issued shares of Hyundai Heavy Industries InvestCo.

Hyundai Samho

Heavy Industries

Hyundai Heavy

Industries OpCo

Hyundai Mipo

Dockyard

KDB

DSME

Hyundai Heavy

Industries Holdings

Hyundai Heavy

Industries

InvestCo

DSME stake in-kind contribution

Newly issued shares of Hyundai Heavy Industries InvestCo

KDB

DSME

56% RCPS KRW 1.25 tril. + common shares

(*) The least price of the two : ① the average price of 1) weighted average of 30 days ending prior to the day of board of committee 2) weighted average of 7 days ending prior to the day of board of committee 3) the closing price prior to the day of board of committee; and ② the closing price prior to the day of board of committee

① KRW 1.25 tril. capital raised from the rights offering of Hyundai Heavy Industries InvestCo will be used to participate in the rights offering of DSME as a third party placement.

② KRW 1.5 tril. capital raised from the rights offering of DSME will be used to redeem borrowings.

Rights offering of both Hyundai Heavy Industries InvestCo and DSME will be executed in order to improve DSME’s balance sheet.

Hyundai Samho

Heavy Industries

Hyundai Heavy

Industries

OpCo

Hyundai Mipo

Dockyard DSME

RCPS KRW 1.25 tril. + common shares Rights offering to the existing shareholders KRW 1.25 tril. = Capital increase via allocation to shareholders

Hyundai Heavy

Industries

InvestCo Rights offering of DSME as third party placement KRW 1.5 tril. = Capital increase via allocation to third parties

KDB Hyundai Heavy

Industries

Holdings

Participate in Hyundai Heavy Industries InvestCo’s rights offering

Hyundai Heavy Industries InvestCo

100%


Hyundai Samho Heavy Industries


OpCo DSME

Hyundai E&T

Hyundai Heavy Industries Holdings

80.5% 42.3%

Green Energy

100%

HHI Sports

HHI Turbo Machine

Wartsila Hyundai

100%

96.7%

50%

HHI Power Systems

100%

HHI MOS & Etc.

Approx. 68%

Approx. 28%

KDB

Approx. 7% + *RCPS KRW 1.25 tril.

※ Listed

※ Unlisted

* Repurchase Convertible Preferred Shares (RCPS)

- KDB can convert 100% of RCPS to common shares at KRW 137,088 (Duration : 5 years) - Hyundai Heavy Industries InvestCo can convert 50% of RCPS to common shares when the closing price of a common share is equal to or greater than the issuing price of RCPS

2019 2020

Deal Announcement Contract Signing Deal Completion

End of Jan. Early Mar. 4Q 2019 First Half ~

D+60 days

Growth Strategy

Define corp. vision & mission

Establish corp. strategy (Company Name and brand operation etc.)

Execute corp. strategy

Establishing Combined Synergy

Management

Comb-ined Culture

Board Of Directors

Corp. Culture

Create committee Establish roadmap ▪ Decide assignment by value chain

KPI monitoring Design result management

Appointment of general managers of Hyundai Heavy Indsutries InvestCo

합작 법인 일반 경영진 확정 합작 법인 일반 경영진 확정

Appointment CEO of Hyundai Heavy Industries InvestCo

Establish combined corp. culture direction

Execute detailed assingments Establish communication measures

Plan for management personnels for subsidiaries of Hyundai Heavy Industries InvestCo



Chapter 3. 2018 Business Performance

1. Newbuild Order Trend (Consolidated Basis)

2. 2018 New Order

3. Details of 2018 New Order and Backlog

4. Market Share by Major Vessel Types

5. Sales Trend

6. 2018 Sales and Operating Profit

Note 1 : Shipbuilding includes new orders of Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries

1. Newbuild Order Trend (Consolidated Basis)

3,798 4,344

11,426 14,238 14,574

19,907

29,358

20,773

640

8,545

16,795

11,871

20,948

10,806 12,417

5,914

9,852

13,971 15,900

2,662 1,295

796

2,186 3,987

2,843

2,646

5,054

5,178

5,079

5,494

6,149

10,899

7,261 2,830

711

298

853

2,075

603 595

720

898

1,566

1,880

3,248

4,646

1,452

2,283

3,176

1,858

2,425

1,995

1,860

979

1,001

1,368

1,641

'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19(E)

Shipbuilding Offshore & Industrial Plant Engine Machinery

Newbuild Demand Momentum

136%

2. 2018 New Order

Divisions 2017

New Order (A)

2018 Order Target

(B)

2018 New Order

(C)

2018 Achievement

(C/B)

YoY (C-A) /(A)

Backlog (Delivery basis)

Backlog (Sales basis)

Length of Backlog (Month)

Hyundai Heavy Industries 6,001 10,168 9,093 89% 52% 24,991 13,663 21

Shipbuilding 4,702 6,805 6,872 101% 46% 13,962 10,296 28

Offshore & Engineering 264 1,600 718 45% 172% 2,600 789 6

Industrial Plant 34 400 135 34% 297% 6,603 752 6

Engine & Machinery 1,001 1,363 1,368 100% 37% 1,826 1,826 20

Hyundai Mipo Dockyard 913 3,000 2,455 82% 169% 4,585 3,183 14


1,124 3,371 4,644 138% 313% 7,481 5,505 28

Group Total 7,356 16,539 16,192 98% 120% 37,057 22,351 21

Sub-total (Shipbuilding) 6,739 13,176 13,971 106% 107% 26,028 18,984 24

Note 1 : Length of backlog is based on estimated sales of 2018. Therefore it is subject to change depending on the actual sales.

3. Details of 2018 New Order & Backlog

0 3,000 6,000 9,000 12,000 15,000

Group

Total

Others

Bulker

LPGC

LNGC

Container

Vessels

P/C

Tanker

Tanker

HHI HSHI HMD

2018 New Order in Contract Amount 2018 Backlog at the End of Year 2018

0 4,000 8,000 12,000 16,000 20,000

Group

Total

Others

Bulker

LPGC

LNGC

Container

Vessels

P/C

Tanker

Tanker

HHI HSHI HMD

Source : HHI Shipbuilding Group

2018 New Order in Contract Amount (million USD) Backlog at the End of Year 2018 (million USD)

Note 1 : HHI Others – Naval Vessel, HMD Others – RoPax Vessel, HSHI Others – Industrial Cranes

3-1. Details of 2018 New Order & Backlog

Builder No. of Units Contract Amount

HHI

Tanker 29 1,374

Containership 25 2,112

LNG Carrier 21 2,884

LPG Carrier 14 898

Bulker 11 635

Others 13 2,393

Sub-total 113 10,296

HMD (+HVS)

P/C Tanker 82 1,952

Containership 26 550

LPG Carrier 3 141

LNG Carrier 1 75

PCTC 2 143

Bulker 4 120

Others 10 202

Sub-total 128 3,183

HSHI

Tanker 32 971



LPG Carrier 4 118

Bulker 11 771

Others - 221

Sub-total 72 5,505

Total 313 18,984

Builder No. of Units Contract Amount

HHI

Tanker 14 1,188



LPG Carrier 10 857

Bulker - -

Others 2 690

Sub-total 55 6,872

HMD (+HVS)

P/C Tanker 40 1,459

Containership 26 675

LPG Carrier 3 147

LNG Carrier 1 77

PCTC - -

Bulker - -

Others 1 97

Sub-total 71 2,455

HSHI

Tanker 12 863

Containership 7 911


LPG Carrier 2 139

Bulker 4 304

Others - 266

Sub-total 37 4,643

Total 163 13,970

HHI+HSHI Others

4. Market Share by Major Vessel Types

Market Share of HHI + HSHI (Yr. ’17 ~ ’18)

HHI+HSHI SHI

DSME Others

HHI+HSHI SHI

DSME Others

HHI+HSHI SHI

DSME Others

HHI+HSHI SHI

DSME Others

15% 7% 8% 11% 59%

Source : Clarksons

Market Share of HMD (Yr. ’17 ~ ’18)

•

5. Sales Trend

6. 2018 Sales and Operating Profit

2017 & 2018 Annual Sales

2,151.4 2,330.5 2,228.0

2,923.7

359.4 273.2 463.9

200.2

247.5 247.8

265.9

208.5

102.7 130.9

109.3

231.6

18.1Q 18.2Q 18.3Q 18.4Q

Shipbuilding Offshore & Engineering

Industrial Plant Engine & Machinery

2018 Quarterly Sales

6-1. 2018 Sales and Operating Profit

Sales & Operating Profit by Divisions After Spin-off

1. 2019 New Order Target

2. 2019 Sales Target

3. Recovery Background

4. Business Environment

5. Key Competiveness

1. 2019 New Order Target

Divisions

2019 Order Target

(A)

2018 Order Target

(B)

2018 New Order (C)

△% Target

(A-B)/(B)

△% Order

(A-C)/(C)


11,736 10,168 9,093 15% 29%

Shipbuilding 8,020 6,805 6,872 18% 17%

Offshore & Engineering

1,905 1,600 718 19% 165%

Industrial Plant 170 400 135 -58% 26%

Engine & Machinery

2,145 1,363 1,368 57% 57%


3,530 3,000 2,455 18% 44%


4,350 3,371 4,644 29% -6%

Group Total 19,616 16,539 16,192 19% 21%

Sub-total (Shipbuilding)

15,900 13,176 13,971 21% 14%

− LNG Carrier : Strong order momentum due to LNG demand increase and FID of LNG projects.

− VLCC (incl. COT) : Recovered order momentum due to replacement demand (demolition rate increased) and long-haul demand from North America.

− Containership : Strong order momentum for Feeder vessels due to demand from Intra-Asia, but limited order momentum for large size containerships.

− MR P/C : Strong order momentum due to increased demand from North America and demand for low sulphur oil.

− Others : Recovered demand momentum for gas related vessels. Continuous replacement demand for IMO regulations.

New Order Target Highlights

○ Shipbuilding

− Order expectation from projects that involve fabrication of platform facilities.

○ Offshore & Engineering

− Stronger order momentum due to shipbuilding order recovery

○ Engine & Machinery

2. 2019 Sales Target

Divisions 2019

Sales Target (A)

2018 Sales Target

(B)

△% (A-B)/(B)


8,581.5 7,986.6 7%

Shipbuilding 6,085.1 4,680.2 30%

Offshore & Engineering

606.8 1,172.5 -48%

Industrial Plant 508.2 1,067.5 -52%

Engine & Machinery 1,381.4 1,066.4 30%

Hyundai Mipo Dockyard 3,045.5 2,760.0 10%


3,359.4 2,525.2 33%

Group Total 14,986.4 13,271.8 13%

Sub-total (Shipbuilding)

12,490.0 9,965.4 25%

− Consolidated basis sales is expected to increase by 30% as

backlog has increased due to recovery of shipbuilding market.

(HHI shipbuilding group backlog : 2017 - USD 20,718 mil. 2018 –

USD 26,028 mil.)

○ Shipbuilding

− Sales will decrease in 2019 due to lack of new order since 2015

as a result of offshore market downturn. However, sales will

start to pick-up after Q3 as fabrication of FPS(Floating

Production System) will begin, which was ordered in Oct. 2018

from LLOG.

○ Offshore & Engineering

− Sales will increase in 2019 due to increased demand for marine

engines as a result of shipbuilding market recovery. Moreover,

sales will further increase due to increased demand for

equipments to meet IMO 2020 environmental regulations.

○ Engine & Machinery

Sales Target Highlights

304

523

268

297

Demand Supply

Expected Start-up

Major Countries

No. of Projects

Project Status

No. of LNGC

Required

2021 Canada 3 FEED 14

2022 Canada/

United States 5 FEED 33

2023 Canada/


2024 Qatar


2025 Qatar/

Untied States 3 FEED 22

Project Name

Status No. LNGC

Mozambique LNG Project

In progress Approx.

16

Yamal Arctic 2 LNG Project

In progress Approx.

15

Qatar Train Expansion In progress Approx.

40

Qatar Golden Pass LNG Project

FID Completed Approx. 12~15

Cost well exceeding chartered

freight for 15 years+ ships

•

••

•

12.6 24.9

•

•

’08 ‘09 ‘10 ‘11 ‘12 ’13 ‘14 ‘15 ‘16 ‘17 ‘18

111.4 34.6 94.0 63.2 40.7 117.2 81.7 83.9 21.5 56.7 53.5

57.0 21.1 57.5 23.4 13.6 57.1 35.0 17.2 5.3 21.7 16.4

27.4 8.1 19.7 6.7 8.0 21.1 15.7 28.6 6.7 18.3 12.1

11.5 1.0 5.9 18.9 4.2 20.4 10.4 22.0 1.6 6.1 9.0

1.2 0.0 0.6 1.1 0.4 1.9 1.7 2.1 1.5 1.9 2.4

0.6 0.0 0.3 5.4 4.2 4.6 7.6 3.8 0.9 1.6 7.4

0.6 0.1 0.6 0.4 1.1 2.8 3.5 2.5 0.3 0.7 1.1

2.5 0.5 1.4 1.9 2.9 6.5 2.1 3.0 0.5 2.4 1.5

10.6 3.8 8.0 5.4 6.3 2.8 5.7 4.7 4.7 4.0 3.6

21.7

18.3

6.1

0 0

8.3

16.4

12.1

9.0 7.4

0

7.5

Bulkers Tankers Containers LNGC's LPGC's Others

Dec. 2017 Dec. 2018

177.2

111.4

34.6

94.0

63.2 40.7

117.2

81.7 83.9

21.5

56.7 53.5

'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

Bulkers Tankers Containers LNGC's LPGC's Others

0

50

100

150

200

250

300

30

80

130

180

'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

Bulk Carrier180K dwt

(Left)

Tanker 320K dwt

(Left)

CNTR 13,000 teu(Left)

LPGC 78-84K ㎥(Left)

LNGC 160K ㎥ (Right)

’07 ‘08 ‘09 ‘10 ‘11 ’12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

Clarkson Index 185.1 177.7 138.0 142.4 139.0 126.3 133.2 137.7 131.0 123.0 125.0 130.0

Bulkers 97.0 88.0 56.0 57.0 48.5 46.0 53.5 54.0 46.0 42.0 44.0 50.0

Tankers 146.0 150.0 101.0 105.0 99.0 93.0 94.0 97.0 93.5 84.5 81.5 92.5

Containership - 166.0 118.0 129.0 128.0 107.0 113.5 116.0 116.0 109.0 107.0 115.0

(1,700 TEU) 41.0 38.0 23.0 29.5 30.5 25.0 26.0 27.0 25.0 21.8 22.5 26.0

LNGC 237.0 245.0 211.5 202.0 202.0 199.5 198.0 200.0 199.0 192.0 182.0 182.0

LPGC 93.0 92.0 72.0 72.8 73.0 70.0 74.5 79.0 77.0 71.0 70.0 71.0

M/R PC 52.5 47.5 35.0 36.5 35.5 34.0 34.8 36.8 35.5 32.5 33.8 36.5

•

•

•

•

•

•

•

•

•

Joint Purchase with Affiliates

•

•

4,309.2 4,245.8

3,425.1 3,488.7

3,042.5 3,124.4 3,241.9

3,711.1

'17. 1Q '17. 2Q '17. 3Q '17. 4Q '18. 1Q '18. 2Q '18. 3Q '18. 4Q

(Unit : Bil. KRW)

0

(Unit : Bil. KRW)

(Unit : Bil. KRW)

7.1

9.4

(Unit : Bil. KRW)

(Unit : Bil. KRW)

(Unit : Bil. KRW)

(Unit : Bil. KRW)

-3,009

-88.4

-333.9

-256.1

-8.6

-251.9

• Controlling Interest KRW -214.3 Bil.

(Unit : Bil. KRW)

연결 별도(현중) 별도(미포) 별도(삼호)

부채 117,415 82,216 12,331 21,301

자본 130,140 114,293 23,037 19,369

비율 90.2% 71.9% 53.5% 110.0%

차입금 40,402 27,432 2,081 6,111

현금 43,238 31,592 6,167 3,232

순차입금 -2,836 -4,160 -4,086 2,878

비율 -2.2% -3.6% -17.7% 14.9%

연결

(Unit : Bil. KRW) (Unit : Bil. KRW)

(Unit : Bil. KRW)

13,119.9 3,711.0 14.5% 6.4% 3,241.9 3,488.7

12,763.2 3,627.6 19.6% 0.1% 3,034.5 3,624.4

356.7 83.5 -59.7% Turned

Profit 207.4 -135.7

-522.5 -251.9 Turned

Loss Loss

Decrease 28.9 -342.2

-4.0% -6.8% -7.7%p 0.9% -9.8%

-331.5 -82.0 - -49.1 -392.5

-854.0 -333.9 - -20.2 -734.7

-209.0 -77.8 - 2.9 -162.4

-453.6 -256.1 Loss

Increase -23.1 -572.3

-489.1 -214.3 Loss

Increase -47.9 -540.1


25.0% 47.8%

29.7% 37.1%

-27.9%

-64.2%

-84.2%

Turned Loss

Turned Loss

1,801.4 7,793.8 6,776.2

280.5 351.7 562.2

0.0 6,366.8 5,080.5

1,662.4 1,952.9 1,543.2

3,463.8 9,746.7 8,319.4

1,076.4 7,284.5 5,904.7

283.0 657.5 462.4

0.0 5,773.4 4,498.9

70.2 61.9 75.6

0.0 0.0 0.0

1,146.6 7,346.4 5,980.3

199.7 100.0 100.0

273.2 272.5 397.9

1,816.7 1,898.6 1,718.8

27.6 129.2 122.4

2,317.2 2,400.3 2,339.1


Sales & Operating Profit by Major Segment Before Spin-off

3. Historical Sales Data

Documents

Hyundai Mipo Dockyard · 2019. 3. 18. · Why we plan to acquire 01 ... Naval Vessel, HMD Others – RoPax Vessel, HSHI Others – Industrial Cranes 3-1. Details of 2018 New Order