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Page 1: TABLE OF CONTENTS table of contents 04_financial highlights 06_ceo message 08_board of directors 10_time line in 2006 12_at a glance 14_review of operation 16_power cable 18_telecommunication
Page 2: TABLE OF CONTENTS table of contents 04_financial highlights 06_ceo message 08_board of directors 10_time line in 2006 12_at a glance 14_review of operation 16_power cable 18_telecommunication

TABLE OF CONTENTS

04_FINANCIAL HIGHLIGHTS 06_CEO MESSAGE 08_BOARD OF DIRECTORS

10_TIME LINE IN 2006 12_AT A GLANCE 14_REVIEW OF OPERATION 16_POWER CABLE

18_TELECOMMUNICATION 20_COPPER ROD & WIRE 22_SOCIAL CONTRIBUTION 24_FINANCIAL SECTION

26_MANAGEMENT DISCUSSION AND ANALYSIS 33_BALANCE SHEETS 35_STATEMENTS OF INCOME

36_STATEMENTS OF APPROPRIATIONS OF RETAINED EARNINGS 37_STATEMENTS OF CASH FLOWS

40_CORPORATE HISTORY 41_ORGANIZATION CHART 42_DOMESTIC AFFILIATES

44_GLOBAL AFFILIATES 46_TAIHAN AROUND THE WORLD

47_OFFICES & PLANTS / CORPORATE DATA

Page 3: TABLE OF CONTENTS table of contents 04_financial highlights 06_ceo message 08_board of directors 10_time line in 2006 12_at a glance 14_review of operation 16_power cable 18_telecommunication

Linking the World, Linking the FutureTaihan connects the world for much happier life. With its differentiated technology, Taihan

provides the optimum solution for power transmission and telecommunication networks. By

upgrading the core competence of Taihan, it will be realizing the vision of a global leading

company in the 21st century. The technology linking the world,linking the future,Taihan

Electric Wire.

>�

Page 4: TABLE OF CONTENTS table of contents 04_financial highlights 06_ceo message 08_board of directors 10_time line in 2006 12_at a glance 14_review of operation 16_power cable 18_telecommunication

(In m

illion

s o

f KR

W)

’04 ’05 ’06

76,224

70,304

Sales

Operating Income

2006 Sales

2006 Operating Incom

(In m

illion

s o

f KR

W)

2,238,057

70,303

’04 ’05 ’06

1,611,135

1,587,320

2,238,057

21,109

FINACIAL HIGHLIGHTS

For the years ended 2005 2006 2005 2006 Changes

Sales \ 1,587,320 \ 2,238,057 US$ 1,566,950 US$ 2,410,141 41.00%

Gross Profits 66,710 120,289 71,839 129,538 80.30%

Operating Income 21,109 70,304 20,838 75,709 233.00%

EBITDA 37,138 87,784 36,661 94,534 100.00%

Ordinary Income 202,750 138,437 218,339 149,081 -31.70%

Net Income 145,493 104,400 143,493 112,427 -28.20%

(In millions of KRW) (In thousands of USD)*

*The figures of FY 2006 and FY 2005 are translated the KRW in to U.S dollars based on the prevailing rate of 928.6 KRW to US$ 1.0 at Dec. 31, 2006 for the convenient comparison

Page 5: TABLE OF CONTENTS table of contents 04_financial highlights 06_ceo message 08_board of directors 10_time line in 2006 12_at a glance 14_review of operation 16_power cable 18_telecommunication

Net Debts

Total Assets

(In m

illion

s o

f KR

W)

’04 ’05 ’06

733,169

443,272

(In m

illion

s o

f KR

W)

’04 ’05 ’06

1,602,5611,680,320

1,885,739

501,023

As of the years ended 2005 2006 2005 2006 Changes

Current Assets \ 711,772 \ 976,393 US$ 766,500 US$ 1,051,467 37.20%

Tangible Assets 488,438 434,082 525,994 467,458 -11.10%

Total Assets 1,680,320 1,885,739 1,658,756 2,030,734 12.20%

Interest-bearing Debts 627,646 630,698 675,906 679,192 0.50%

Net Debts 501,023 443,272 494,593 477,356 -12.90%

Total Liabilities 771,257 838,256 761,359 902,710 8.70%

Capitals in Common Stocks 110,039 119,465 108,627 128,650 8.60%

Capital Surplus 504,717 561,917 543,525 605,123 11.30%

Retained Earnings 294,723 377,442 317,384 406,464 28.10%

Total Shareholders’Equity 909,062 1,047,483 897,396 1,128,024 15.20%

(In millions of KRW) (In thousands of USD)*

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2006 Total Assets

1,885,739

2006 Net Debts

443,272

Page 6: TABLE OF CONTENTS table of contents 04_financial highlights 06_ceo message 08_board of directors 10_time line in 2006 12_at a glance 14_review of operation 16_power cable 18_telecommunication

Faithful to basics and principles, Creating new value with an indomitable spirit of challenge,

TAIHAN is evolving to be a global leading enterprise.

CEO MESSAGE

Page 7: TABLE OF CONTENTS table of contents 04_financial highlights 06_ceo message 08_board of directors 10_time line in 2006 12_at a glance 14_review of operation 16_power cable 18_telecommunication

CUSTOMERS AND SHAREHOLDERS,

First,let me express my gratitude for your concerns and

support.

In 2006, the Korean economy experienced many difficulties in

the wake of precarious international exchange and interest

rates and market instability. Moreover, as the global market

prices of oil and other essential raw materials continued to

soar in the midst of sharply rising exchange rate to US dollar,

unstable business environment in domestic market continued

last year.

I Our company experienced those difficulties along with

everyone else. The skyrocketing dollar/won rate not only

raised the cost of procuring materials, but also impacted

profits of overseas sales. To adapt to these externalities,

TAIHAN has concentrated its efforts on strengthening our

production and sales competitiveness and risk management

to help tide the company over such unfavorable conditions as

excessive change in raw materials price and exchange rates.

As a result of those efforts, we could achieve good

performance in 2006.

I Total sales for 2006 amounted to KRW 2 trillion and 238.1

billion. Breaking it down, the cable business, including copper

rod, accounted for 1 trillion and 843.8 billion. The stainless

steel business accounted for 383.5 billion won; and others,

10.8 billion won. Owing to increased ordinary profits from the

cable and stainless steel business, total ordinary profits rose

to 70.3 billion won and net profits reached 104.4 billion won.

I We have high hopes for an economic recovery in 2007, if

external uncertainties clear up in the near future. However, it

looks like economic realities will continue to impede business

conditions:the economy is expected to record a low growth

rate as in the past several years, while major economic

factors such as the price of raw materials and exchange rates

will remain unstable. To adapt to such changes in the

business environment, the company is undertaking

fundamental changes. Earlier this year, Taihan formed a

strategic partnership with POSCO and spun off the stainless

steel business to form a separate corporation, Taihan ST. By

such changes, Taihan ST is expected to stabilize business

performances and increase competitiveness in stainless steel

business.

I Our company will be striving for strengthening the

international competitiveness in the fields of human

resources and management systems to lay the foundation for

sustainable growth. We have expanded overseas investment

projects to some emerging markets like Vietnam, Cambodia,

and Congo, following the investment business in South Africa

and Mongolia.

I Our activities for global business operations will be further

expanded to the markets with large growth potential, as part

of our vision to become a global leading company. In order for

accomplishing such goal, stronger internal competence is a

vital prerequisite. As part of that goal, we are developing the

management systems and organizational culture that

encourage global talents to actively participate in their job. At

the same time, we will continue to promote customer and

market-oriented innovations in every part of our business

operations.

I In ever changing business environment, Taihan has

achieved steady growth over the last half-century. Today,

however, we are confronted with entirely different

environment-unlimited global competition. This new

environment will challenge not only our growth, but the

survival itself. We will be pursuing our goal for a leading

company in a global competition environment through

maximizing our competences and sharing a corporate vision

upon our passion and pioneer spirits.

I As a global leading enterprise,Taihan will be striving to

become a trust-worthy company to all its stakeholders

abiding by the management principles for transparency and

business ethics. I wish you good health and good luck in 2007.

Thank you.

Lim Chong-Wook

Representative Director&CEO

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Page 8: TABLE OF CONTENTS table of contents 04_financial highlights 06_ceo message 08_board of directors 10_time line in 2006 12_at a glance 14_review of operation 16_power cable 18_telecommunication

BOARD OF DIRECTORS

KANG JUNG-IL Outside Director

HAHN KWANG-HYUN CTO

LIM CHONG-WOOK Representative Diector&CEO

KWON JI-HYUK Head of Corporate Strategy Division

PARK HA-YOUNG Head of Global Business Division

LEE GWANG-SEOK Head of HR Division

KIM YOUNG-CHEOL CFO

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Over the past half century, we have been implementing more advanced corporate governance structure and

transparent management to lay a firm basis for the growth in future and ultimately become a globally-

competitive company. Enterprise satisfying customers with value creation, Enterprise bringing happiness to

shareholders with the increase of corporate value and Enterprise fulfilling its social responsibility, those are the

goals we pursue.

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KANG HEE-JEON Vice President

YU JUNG-YEOUL Outside Director

KIM YOUNG-MIN Head of Energy Cable Business Division

SONG KYUNG-JIN Head of Industrial Cable Business Division

KIM HONG-KIL Head of Business Support Division

HA SUNG-IM CEO of TSC

HAH JUNE-YOUNG CEO of M-TEC

ⅠDirectors of Overseas Subsidiaries

Page 10: TABLE OF CONTENTS table of contents 04_financial highlights 06_ceo message 08_board of directors 10_time line in 2006 12_at a glance 14_review of operation 16_power cable 18_telecommunication

Winning large-scale, extra high voltage power

projects in U.S.A

In early February 2007, TAIHAN won the bid for two extra

high voltage power projects worth 60 million US dollars

from two power companies in the eastern US. At the end

of March, it also secured a 275kV O.F. Optical Fiber

Ground Wire (OPGW) cable turnkey project covering a 30 km section in Kuala

Lumpur for Tenaga Nasional BHD (TNB), Malaysia. Construction is planned for

the next two years.

Renovation of SCR Plant

In February 2006, TAIHAN completed renovations of its

SCR plant, a production line of copper rod &wire.

Upgrades in the overall production line will not only reduce

raw materials costs and save energy, but will also increase

quality, boosting the competitiveness of TAIHAN's SCR

products.

Developing holey fiber for FTTH for the first time in

Korea

Optomagic, TAIHAN's subsidiary specialized in optical

fiber succeeded in developing holey fiber for the first time

in Korea. Holey fiber is a technology-intensive product

that remarkably increases the flexibility of existing optical

fiber due to periodic placement of fine-holes in the optical fiber. This success

secured an advantageous position for Taihan in the FTTH (fiber to the

home)business, which is fostering as a strategic business.

TIME LINE IN 2006

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Launching Telecom Operation Business in Congo by Acquiring

CKT(Congo-Korea Telecom), a joint-venture

TAIHAN has launched a telecom operation business in cooperation with

local telecom authority by acquiring 51% of total shares of CKT(Congo-

Korea Telecom) in December 2006. The company, recently changed the

name to Standard Telecom, provides fixed-line

telecom service with its new optical fiber network

from May 2007. Standard Telecom as the sole

fixed-linetelecom operat or, will be expanding its

service area by building up backbone network to

all major cities of Congo.

Establishing TGH (Taihan Global Holdings LTD.) in Hong Kong

On September 25, TAIHAN established an investment corporation in

Hong Kong. TGH (Taihan Global Holdings Ltd.) will

serve as the hub for overseas investment

business of Taihan in financing, purchasing and

management as well. TGH will take a role as a

global holding company to the investment

business units worldwide.

Plant Relocation to Dangjin

In 2006, TAIHAN made plans to construct a new cable plant on a 330, 566

square-meter site at Janghang-ri, Dangjin, Chungcheongnam-do. As per

the long-term plan, the major production facilities at Anyang Plant

started in mid-70s will be moved to the newly built plant at Dangjin up to

2010. Besides this cable plant, Taihan will complete the construction of

new factory for the electric accessory and

appliances, the commencement of which is

scheduled in the first half of 2007. Dangjin having

state-of-the-art port facilities is known as an ideal

location for Industrial complex in terms of

distribution logistics and infrastructure.

TSC plants in Vietnam Starting Operations

Following the groundbreaking ceremony in

March 2006, TAIHAN's joint venture company in

Vietnam, TSC, began to construct at DongNai

Longthan, near Ho Chi Minh City, Vietnam. A part

of facilities, including the telecommunication

cable, are already in operation. Construction of other plants will be

completed by mid 2007. TSC will produce various cable products

including high voltage XLPE cable, ACSR, and OPGW, as well as

telecommunication cable for sales to local market and near South East

Asian market.

Spinning off the stainless steel business and establishing

Taihan ST

On January 2, 2007, TAIHAN established Taihan ST by spinning off

its stainless steel division. Taihan ST will focus on manufacturing

and selling precision-made ultra-thin cold

steel for electronic parts, in which TAIHAN

holds a competitive edge. As per the

agreement for strategic cooperation with

POSCO, Taihan ST became a joint venture with

POSCO, which owns 19% of the shares.

Establishing the third VCV tower

In step with the growth of market demand home

and abroad, TAIHAN increased its production

capacity in the extra high voltage power sector by

equipping with the third VCV tower, a core facility

for extra high voltage XLPE cables.

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AT A GLANCE

44.9%Sales growth rate

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54.8%

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Sales growth rate

29.1%Sales growth rate

Page 14: TABLE OF CONTENTS table of contents 04_financial highlights 06_ceo message 08_board of directors 10_time line in 2006 12_at a glance 14_review of operation 16_power cable 18_telecommunication

I POWER CABLE I TELECOMMUNICATION I COPPER ROD & WIRE I

REVIEW OF OPERATION

Page 15: TABLE OF CONTENTS table of contents 04_financial highlights 06_ceo message 08_board of directors 10_time line in 2006 12_at a glance 14_review of operation 16_power cable 18_telecommunication

ENTERPRISE LEADING POWER & TELECOM CABLE INDUSTRYIn 2006, TAIHAN has achieved comparatively good performance from its business operation and investment sector as well.

In the midst of volatile international material price, sales to overseas market passed 1 billion US dollar mainly owing to the

increase of power cable sales to Middle East and Asian market and new entry to Australia and USA etc. Together with

outstanding performance of M-TEC and Skytel, TAIHAN newly launched overseas investment business for cable production,

telecom service and leisure. These global business units will be the platform for sustainable growth in the future.

I SOCIAL CONTRIBUTION I CO

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Page 16: TABLE OF CONTENTS table of contents 04_financial highlights 06_ceo message 08_board of directors 10_time line in 2006 12_at a glance 14_review of operation 16_power cable 18_telecommunication

Best quality and most reliable products, Power Cables made by TAIHAN

TAIHAN has provided high quality power cables and related products for power

transmission networks from power plants to end-users. In order to improve the

competitiveness in this sector, we have been striving to change and innovation in

technology development and marketing activity on customer-oriented strategies.

In 2006, domestic power cable market was sluggish as the low growth trends of

national economy has been continued under unfavorably changing raw material

prices and supply competition in the market. To cope with these situations, we

have concentrated on increase of export of extra high voltage power cable to such

targeted markets as Middle East, Asia and other new area like USA, Australia. The

export of EHV power cable has been largely increased to over 10%, while domestic

sales was rather contracted in 2006.

In EHV power cable sector, TAIHAN has achieved sound performance in overall

aspects including marketing, R&D and facility investment. Following the

successful inroad to the US market in 2005, we won large scale EHV power cable

project totaling 60million US Dollars from the two power utilities, Progress Energy

and Keyspan in early 2007. 330kV XLPE turn key project, the 1st order from

Australia is under construction.

POWER CABLE

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In order to meet gradually increasing market demand of EHV power cable, TAIHAN largely expanded

its production capacity by installing 3rd VCV line newly. As the forerunner of high voltage power cable

in Korea started in 1969 by commercialization of 33kV XPLE cable, TAIHAN's technology has been ever

improved in EHV power cables and various quality accessories. Anyang based most advanced EHV

power cable plant has an integrated production line and test facilities to ensure the reliability of

products up to 500kV XLPE cable.

There are also some outstanding achievements in accessories for underground high voltage power

transmission line. We have succeeded in commercialization of 400kV PMJ(Pre-molded joint) with its

advantages of fast and easy to assemble on site. Through our concentrated efforts and investment on

technology to lead the competitiveness, TAIHAN is taking a leap forward a global leading company in

power cable sector.

Sales

(In m

illion

s o

f KR

W)

44.9%Sales growth rate

’04 ’05 ’06

334,384

446,633

647,382

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For going ahead to create better technology in IT sector, TAIHAN focuses on advanced R&D and facility improvement.

In a rapidly changing market demand of telecommunication cable into optical fiber,

TAIHAN has concentrated its efforts on strengthening competitiveness of optical

fiber division as the demand of broadband telecommunication network has been

largely expanded home and some advanced countries. To stay abreast of recent

developments in the telecommunication market, the company has transformed

itself into a total-solution provider.

Today, the telecommunication market is being replaced by optical LAN and FTTH

(fiber to the home), which uses mainly optical fiber cable. In the ubiquitous

environment, various IT services such as broadcasting, mobile and the Internet are

in the process of convergence. In order to maintain a position as a technology

leader and lead the market trends in ever changing environment, TAIHAN is

committed to innovation of its current products and creation of new businesses.

In 2006, the telecommunication division recorded a high growth of 29.1% in sales

compared with that of the previous year. As high-speed broadband network

demand is increased, the sales of such new telecommunication cables as optical

fiber cable, OPGW, high capacity UTP and coaxial cable was largely grown.

TELECOMMUNICATION

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As for existing products,TAIHAN is sharpening its global IT competitiveness by developing new optical

fiber cables and data cables. Optomagic, a subsidiary specializing in optical fiber, has remarkably

expanded the use of optical fibers by recently developing holey fibers, an innovation that came on the

heels of another development:zero water peak fibers. As a result, TAIHAN obtained a US-based

Telcordia certification as a resident supplier in 2006. These achievements will pave the way to

expanding our market through various methods of promotion.

Since 2005, TAIHAN has led implementation of FTTH for major telecommunication operators including

Korea Telecom and mobile telecom service providers. For the increase of export of these strategic

businesses, we are sharpening our sales expertise to target and open new markets in the Middle East,

the US and Europe. With construction of premium apartments, the FTTH market is expected to grow

further. Reportedly early 2007 by KT, it will carry out the long-term plan for completion of FTTH

network nationwide to 2010. In view of these challenges, TAIHAN will strengthen its competitiveness

for providing an optimum solution for next generation network. TAIHAN is also strengthening its

competitiveness thanks to development of the nation's first Cat. 7 with a transmission speed 10 times

faster than the existing UTP Cat. 6. The company plans to expand efforts to lead the digital era through

technological development in PLC, FTTH equipment, RFID and wireless network businesses.

Sales

(In m

illion

s o

f KR

W)

29.1%Sales growth rate

’04 ’05 ’06

78,076

79,300

102,338

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COPPER ROD & WIRE

Internationally recognized quality productsTAIHAN holds a competitive edge in Copper Wire and Rod

As per the development of industry, copper rod mainly used for winding wire and

cables, is now used for more diverse purposes. Accordingly, expectations for

quality of copper Rod & wire products are higher. In line with the changes in

market demand,TAIHAN built a production system that could produce 250,000 tons

of 99.97% copper rod annually in 1998 following the expansion of the annual

capacity of 190,000 tons in 1991, thanks to consistent facility investment.

On the basis of it’s continuous technology development and ample experience in

facility operations, TAIHAN has produced not only copper rod for general cables

but also high quality copper wire needed for winding wire for electronics. We have

further raised the standards of quality and cost management through digitalization

of production line and system upgrade. In particular, we have minimized

environmental effects as well as strengthened our competitiveness by reducing

energy consumption through reconstruction of furnace. Despite volatile

international prices of raw materials, TAIHAN has a stable purchasing system of

raw materials. Keeping in mind that everything must be customer-oriented, we will

continue our efforts for change and innovation in all process from purchase of raw

materials, production to sales.

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In 2006, the sales of copper rod division has largely increased to 1,101 billion Won, 54.8% growth

compared with that of 2005 as per the soar of raw materials price, while the sales in quantity base

rather decreased. Out of total sales, export to overseas market exceeded 100,000 tons in 2006 as the

strong demand of China and South East Asia continued.

TAIHAN has introduced the latest SCR system to control all production lines, including automatically

analyzing and managing the data collected from each process through a central computer system,

thereby producing top quality, zero-defect copper rod. The copper rod has excellent property for high

speed drawing and no breaking in process. As the general-use copper rod market comes to maturity,

our efforts will be focused on new segment on high-quality product for electronic and auto industries

as the demands in this area to be grown continuously.

Magnet wire, which is wound as a coil around a core inside electrical instruments, functions to convert

mechanical energy into electric energy and vice versa without direct involvement in the delivery of

electricity. Magnet wire is a requisite in most of electrical equipment, including those used in heavy

electric industry, car components and electronic appliances. TAIHAN has invested a great deal of effort

to produce various types of magnet wire to meet customers' needs.

Sales

(In m

illion

s o

f KR

W)

54.8%Sales growth rate

’04 ’05 ’06

729,623 711,448

1,101,222

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Every members of TAIHAN are volunteering at the social welfare facilities for the disabled or

needy neighborhood. The executives and staffs volunteered at Habitat movement for building

houses at Cheonan on September 1, 2006. The company performs the social contribution

program for every member to join at volunteering activities once a year in addition to making

financial contributions to unfortunate or needy peoples.

SOCIAL CONTRIBUTION

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EVEN SMALL, BUT HEARTED HELP BRINGS

SMILE OVER THE WORLD

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Support for the Habitat movement

TAIHAN has supported the Habitat movement for homeless people since 2001. Along with financial

support, our employees volunteer to help build houses, transforming caring thoughts into action. We

will continue our support and volunteering activities to ensure marginalized people a better and more

pleasant living environment.

Support for couples trying to have children

Low birth rates are now major social issue that will impact the future of our nation. There are many

couples trying unsuccessfully to conceive. To support these couples and raise awareness on the issue,

TAIHAN is supporting a project in cooperation with Trybrands and the Population Health and Welfare

Federation of Korea.

Support for marginalized people

Every TAIHAN peoples join at the volunteering activities as per the social contribution program once a

year. The executives and staffs volunteer to such needy peoples and facility as Eunpyung Angel’s

Heaven started from 1972 and 'Bapper', which provides hungry and malnourished people with meals.

We have also donated warm underwear and winter necessities to social welfare facilities.

Insong Culture Foundation

Insong Culture Foundation is a non-profit scholarship foundation established in 1970 by the founder

and the 1st chairman of TAIHAN, Insong Sull Gyeong-Dong through private fund donations. For the

past 35 years, the Foundation has carried out various social contribution program including general

scholarship projects, a project to support adolescent heads-of-household who are breadwinners for

their families, and an overseas IT scholarship project in Mongolia.

Sull Won-Ryang Culture Foundation

The Sull Won-Ryang Culture Foundation is a public foundation for culture and arts established in 2005

to commemorate the management philosophy of the late 2nd chairman, Mr.Sull Won-Ryang. The

Foundation sponsors various civic events such as an art contest on the theme of "family love”. It also

held a charity concert so that marginalized citizens who have little access to arts and culture could

enjoy the famous Broadway musical 'Mamma Mia' and various art exhibitions.

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MANAGEMENT DISCUSSION AND ANALYSIS I BALANCE SHEETS I STATEMENTS OF INCOME I STATEMENTS OF APPROPRIATIONS OF RETAINED EARNINGS I

FINANCIAL SECTION

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In 2006 Total sales amounted to KRW 2 trillion and 238 billion. Breaking it down, the cable business accounted for 1 trillion

and 843 billion Won. The stainless steel and others accounted for 395 billion Won. Total ordinary profits rose to 70.3 billion

Won and net profits reached 104.4 billion Won through the change and innovation in the operation of the company.

I STATEMENTS OF CASH FLOWS I

ACHIEVEMENTS THROUGH GHANGE AND INNOVATION

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MANAGEMENT DISCUSSION AND ANALYSIS

FINACIAL SUMMARY

\ 1,611,120

113,493

76,224

96,093

47,533

64,481

19,640

44,841

\ 1,168

\ 548,257

555,110

1,602,561

808,337

739,960

928,955

100,000

435,858

168,427

-30,678

673,606

343,309

\ 886,908

7.0%

6.0%

4.7%

2.8%

2.8%

6.8%

5.4%

87.4%

137.9%

50.4%

109.9%

\ 500

42.8%

6.2%

(in millions of KRW)

2004 2005For the years ended

Sales

Gross Profits

Operating Income

EBITDA

NOPLAT

Ordinary Income

Income tax expenses

Net Income

Basic EPS(In KRW)

As of the years ended

Current Assets

Tangible Assets

Total Assets

Interest-bearing Debts

Net Debts

Total Liabilities

Capitals in Common Stocks

Capital Surplus

Retained Earnings

Capital Adjustment

Total Shareholders’ Equity

Working capital

Invested capital

RATIO ANALYSIS

Gross Profit Margin

EBITDA Margin

Operating income Margin

Net Income Margin

ROA

ROE

ROIC

Current ratio

Liability ratio

Interest-bearing debts to Asset

Net Debts to Equity

Dividends per share(In KRW)

Pay-out ratio

Dividend yield

\ 1,587,320

66,710

21,109

37,138

32,223

202,750

57,257

145,493

\ 3,638

\ 711,772

488,438

1,680,320

627,646

509,095

771,257

110,039

504,717

294,723

-417

909,062

438,457

\ 926,536

4.2%

2.3%

1.3%

9.2%

8.9%

18.4%

3.5%

193.9%

84.8%

37.4%

56.0%

\ 500

14.9%

1.9%

\ 2,238,057

120,289

70,304

87,784

52,735

138,437

34,037

104,400

\ 2,248

\ 976,393

434,082

1,885,739

630,698

443,272

838,256

119,465

561,917

377,443

-11,342

1,047,483

483,835

\ 893,875

(% / In KRW)

5.4%

3.9%

3.1%

4.7%

5.9%

10.7%

5.8%

181.3%

80.0%

33.4%

42.3%

\ 500

22.2%

2.2%

2006

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OVERVIEWS

Taihan Electric Wire Corp.(“the Company”)’s business sectors are categorized into Cable & Wire business unit including

copper rods and power cables, Stainless Steel business unit and Others. The Company’s achievements toward overseas

marketing resulted in out- performance with 42.6% increase compared with the previous year due to our effort to propel the

diverging of geographical area to South Asia, Europe, Australia and USA. During FY 2006, annual growths in Cable & Wire

and Stainless Steel business units were reached to 50.0% and 11.1%, respectively. Sales and operating income during FY

2006 totaled KRW 2,238.1 billions and KRW 70.3 billions, equivalent to YoY of 41.0%p and 233.0%p as compared to FY 2005,

respectively. This remarkable record of over-double of operating income of FY 2005 is mainly thanks to the increase of export

of EHV power cable and profit generation of stainless steel. Meanwhile, net income in FY 2006 decreased 28.2% to KRW

104.4 billions compared to KRW 145.5 billions in FY 2005, primarily due to significantly reduced gains on collection of Jinro’s

bonds, which is less than half of its gains of the previous year. Total asset in FY 2006 stood KRW 1,885.7 billions with increase

of 12.2%p as compared to FY 2005. Net debts ratio in FY 2006 was consecutively reduced into 42.3% for three years. Financial

status secured solidly its soundness as well as its liquidity.

RESULT OF OPERATIONS

Sales and Operating Income

During FY 2006, revenues, operating income, EBITDA by business units totaled KRW 1,587.3 billions and KRW 21.1 billions

and its breakdowns with YoY & mix of revenues as the follows;

Sales in FY 2006 increased 41.0% to KRW 2,238.1 billions primarily as the results of raised ASP, which is linked to 74.4%p

normalized raising of LME cost, with prosperous performances on mass-export of cables & wires and stainless steel as well

as stable growth of volumes in domestic market. Sales of Cable & Wire Business sector increased 50.0%p to KRW 1,843.8

billions with its operating margin of 2.3%, slightly increased by 0.4p%, mainly due to significantly raised ASP of 50.1%p. Cable

& Wire business unit consists of copper rods, power & industrial cable and communication cable. These performances on

production during FY 2006 are represented by KRW 1,046.8 billions, KRW 256.0 billions and KRW 70.2 billions, showing

increases in 61.7%p, 57.4%p and 4.5%p, compared to FY 2005, respectively. Meanwhile, sales in stainless steel business unit

during FY 2006 also increased 11.1%p compared to FY 2005 under the burden of its cost highly raised over 80% but its

operating income margin in 2006 turned around to positive 6.2% from negative 2.3% for previous year through restructuring

of managements and aggressive overseas marketing activities. According the foregoing effects, operating income during FY

2006 incredibly increased 233.0%p to KRW 70.3 billions compared to FY 2005 due to massive-effects under the almost same

gross profits margin. EBITDA during 2006 are also double of FY 2005 to KRW 87.8 billions.

(In millions of KRW)

Cables & Wires

Stainless steel

Others

55,225

28,547

4,012

87,784

YoY EBIDTA

50.0%

11.1%

-17.1%

41.0%

Mix

82.4%

17.1%

0.5%

100.0%

1,843,774

383,516

10,767

2,238,057

Operating Income

42,659

24,457

3,187

70,303

Revenues

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NET NON-OPERATING INCOMES (LOSSES) & ORDINARY INCOME

Net non-operating income during FY 2006 stood KRW 68.1 billions which is 65.2% decrease during FY 2005 primarily due to

reduced gains from collection of bonds. Net gains on disposal of tangible assets increased to KRW 35.8 billions due to gains

on disposal of Nambu terminals. Meanwhile, net interest expense during FY 2005 decreased KRW 1.7 billions to KRW 18.9

billions. These decreases were primarily due to lower average interest-bearing debts balances. On the other hands, the

average rate of interest on borrowings during FY 2006 and FY 2005 was 5.8% and 5.6%, respectively. Major changes of net

operating incomes or losses during FY 2004, FY 2005 and FY 2006 are as the bellows:

As the result of foregoing non-operating gains (losses), ordinary income during FY 2006 significantly decreased 31.7%p to

KRW 138.4 billions compared to FY 2005.

INCOME TAX AND NET INCOMES

Statuary income tax rate in FY 2006 and FY 2005 was about 27.5%. However effective income taxes in FY 2006 and FY 2005

were 24.6% and 28.2% according to the below tax reconciliation;

RETURNS ON INVESTED CAPITAL

The following table shows the calculation of ROIC during FY 2004, FY 2005 and FY 2006. We refer to Net Operating Profits

Less Adjusted Taxes (NOPLAT) divided by average operating invested capital as “Returns on Invested Capital (ROIC)”.

NOPLAT presented as adjusted operating income after deducting of tax applicable effects from operation income.

(In millions of KRW)

Net interest expense

Gain on the collection of bonds

Incentives

Net gain(loss) on available-for-sale securities

Net gain on valuation of equity method

Net gain(loss) on foreign currencies

Net gain(loss) on future transactions

Net gain(loss) on the derivatives

Net gain on disposal of tangible assets

Net gain(loss) on investment securities

Dividends income

Other net gains

-18,890

6,132

-687

1,330

34,354

3,709

-1,233

1,243

35,857

665

68,134

2006

-11,840

-14,877

6,770

15,050

-6,216

-2,659

608

-33

458

-11,743

2005

-20,639

181,366

-11,799

-1,201

29,294

-5,338

5,304

3,159

8,723

-15,250

511

181,640

2004

(In millions of KRW)

Current income taxes

Net change of deferred tax and other adjustments

Income tax expense

Effective tax rate

34,510

-473

34,037

24.60%

2006

24,971

-5,331

19,640

30.50%

2005

44,556

12,701

57,257

28.20%

2004

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NOPLAT during FY 2006 increased KRW 20.5 billions to KRW 52.7 billions as compared to FY 2005 due to higher operating

incomes. The operating invested capital in FY 2006 decreased KRW 32.7 billions to KRW 893.9 billions, as compared to FY

2005. This decrease was primarily due to double turnover to inventories as compared to FY 2005 and huge-scaled disposal of

land and buildings of Nambu terminal during FY 2006. As the foregoing calculations, ROIC in FY 2006 was increased to 5.8%

from 3.6% in FY 2005 primarily due to the higher profitability of operating and slightly decrease in operating invested capitals

as compared to FY 2005.

CAPITAL RESOURCES AND LIQUIDATION

The following table shows the sources of cash flow from operating activities and the use of cash in our operations in FY 2004,

FY 2005 and FY 2006. We refer to the net amount of cash generated from operating activities less capital expenditures and

dividends as “free cash flows”

(In millions of KRW / %)

EBIT

Taxes on EBIT

Changes in deferred taxes

NOLPLAT(A)

Working capital

Cash and cash equivalent

Trade receivables

Inventories

Other operating current assets

Trade payables

Other operating current liabilities

Net property, plant and equipment

Other operating non-current assets

Other liabilities

Provisions of severance for retirement

Operating invested capital

Averaged operating invested capital(B)

Total invested capitals

ROIC(A/B)

70,303

17,285

-283

52,735

483,835

67,142

351,089

182,700

61,520

62,910

115,705

424,294

7,585

20,558

1,281

893,875

910,205

1,685,285

5.8%

2006

76,224

23,217

-5,474

47,533

345,386

48.334

217,929

162,311

36,411

-71,793

-47,806

555,110

15,643

13,402

1,020

886,388

866,995

1,481,942

5.4%

2005

21,109

5,961

17,075

32,223

443,948

47,620

247,377

237,792

46,164

-53,517

-81,487

488,438

7,683

3,040

8,607

923,290

906,722

1,536,708

3.5%

2004

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Operating income

Depreciation and amortizations

Net increase in deferred income taxes

Less : Net increase working capitals

Interest expenses, net

Others, net

Cash flows from operating activities

Less : Capital expenditures, net

Dividend Paid

FCF

70,303

11,215

-283

-45,378

-18,890

23,697

40,665

105,309

-21,680

124,024

76,224

19,869

-5,474

-72,680

-11,840

-17,737

-13,149

856

-19,197

-31,489

21,109

16,029

17,075

-98,562

-20,639

107,949

46,375

46,442

-19,197

73,621

2004 2005

(In millions of KRW)

2006

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The free cash inflows during FY 2006 increased KRW 50.4 billions to KRW 124.0 billions as compared to FY 2005. Cash

outflows on capital expenditure and inflows from disposal of its related assets during FY 2006 were KRW 19.8 billions and

KRW 128.8 billions, respectively. The Company continues to fund capital expenditures for restructuring of cost

managements, to invest in new working process and technology, to maintain our competitiveness on costs. The deferred

income tax liabilities in FY 2006 decreased KRW 0.3 billions to KRW 7.1 billions as compared to FY 2006. Net change in

working capitals in FY 2006 was an increase of KRW 49.8. The increase in working capital accounts during FY 2006 is

attributable to the higher level of operating activities as reflected the highest volume of sales over prior year. The following

table shows the amounts of our cash in and out flows from each activity in FY 2004, FY 2005 and FY 2006.

Net cash inflows from operating activities during FY 2006 totaled KRW 40.7 billions. Net cash outflows from investing

activities during FY 2006 were KRW 41.7 billions. This outflow of cash was primarily due to acquisition of short-term financial

institutes and equity method investments, payment of short-term loan receivables. Meanwhile, net cash flows from property,

plant and equipment show inflows of KRW 87.8 billions primarily as the result of disposal of Nambu terminal. Net cash

inflows from financing activities during FY 2006 were KRW 25.0 billions. Major net cash inflows on accounts from financing

activities were mainly from new long-term borrowings of KRW 120.0 billions. The total assets in FY 2006 increased 12.2%p to

KRW 1,885.7 billions compared to previous year due primarily to increase in trade receivables, cashable assets and loan

receivables. On the other hand, non-current assets in FY 2006 decreased 6.1%p primarily due to disposal of property, plant

and equipments and termination of matured date on held-to-maturity securities as compared to FY 2005. Total liabilities in

FY 2006 increased 8.7%p to KRW 838.2 billions over prior year mainly due to increase in interest-bearing debts from KRW

627.6 to KRW 630.7 millions, compared to previous year. However, net debts in FY 2006 consecutively increased to KRW 443.3

billions for three years, equivalent to 42.3% of net debt ratio as compared to FY 2005. Total shareholders’ equity in FY 2006

was KRW 1,047.5 billions, equivalents to 15.2%p increase compared to previous year. The increase in shareholders’ equity

was due primarily to net income of KRW 104.4 billions and new issuance of 3,770,147 common shares valued at

approximately KRW 69.6 billions according to exercising of the conversion right of convertible bonds.

ORDER BACKLOGS

At December 31, 2006, the Company had a backlog of unfilled orders of approximately KRW 115.9 billions, almost same

amounts of FY 2005 and breakdown of backlogs in FY 2004, FY 2005 and 2006 are as follows;

Wire & cables Business Sector

Other sectors

total

115,880

-

115,880

76,884

772

77,656

115,168

-

115,168

Net cash flows from operating activities

Net cash flows from investing activities

Net cash flows from financing activities

Net increase in cash & cash equivalent

40,665

-41,706

24,983

23,942

-13,149

134,964

-87,454

34,361

46,375

106,095

-114,049

38,421

(In millions of KRW)

(In millions of KRW)

200620052004

200620052004

RISK MANAGEMENTS

The Company is subject to risks associated with changes on foreign currency exchange rates, interest rates and raw

material prices. In order to manage these volatilities, the Company entered into future contracts, interest swap contracts and

currency swap contacts of utilizing risk managements procedures and controls in executing derivative financial instruments

transactions. At the same time, no transactions were executed nor financial instruments held for trading purpose.

Counterparts for these transactions are accredited financial institutes holding same or higher AA credit rate. The table

provides information about the Company’s financial instruments that are sensitive to changes in commodity prices.

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KOSPI *High(KRW)

Low(KRW)

1,434.46

25,950

21,000

4th Q

1,295.15

22,800

16,400

3rd Q

1,371.41

22,500

16,800

1st Q

1,359.60

25,700

16.500

2nd Q

(In KRW)

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The table provides information about the Company’s financial instruments that are sensitive to interest rate and foreign

currency exchange rates.

DIVIDENS

The Company declared in 2006 cash dividends of KRW 500 per share of common stocks at the same amount in FY 2005. Total

dividends are KRW 21.7 billions, equivalents to 22.2% of net income during FY 2006. Meanwhile dividend yield rate in FY 2006

was 2.2%.

STOCK PRICE

The following table set forth the highest and lowest stock price per share with KOSPI by each quarter.

INTEREST RATE SWAP

Fixed rate(Pay)

Variable rate(Receive)

Fixed rate(Pay)

Variable rate(Receive)

Fixed rate(Pay)

Variable rate(Receive)

Fixed rate(Pay)

Variable rate(Receive)

Fixed rate(Pay)

Variable rate(Receive)

Fixed rate(Pay)

Variable rate(Receive)

CURRENCY SWAP

Receive KRW/Pay USD

Receive KRW/Pay USD

Receive KRW/Pay USD

Receive KRW/Pay USD

Receive KRW/Pay USD

Receive KRW/Pay USD

US$20,644

US$29,644

US$20,975

US$31,381

US$20,975

US$21,000

US$20,644

US$29,644

US$20,975

US$31,381

US$20,975

US$21,000

Amounts(In thousands)

6.19%

Libor+1.20%

5.52%

Libor+0.89%

5.30%

Libor+0.9%

1.01

0.95

0.96

5.57%

Libor+0.94%

5.30%

Libor+0.82%

0.95

0.95

5.40%

Libor+0.7%

0.97

20082007 2009

FORWARD

Cooper

Cooper

Aluminum

Lead

14,475

13,475

100

500

Quantity(ton)

- FY 2009

FY 2007

FY 2007

FY 2007

Price(USD/ton)

4,077.0 ~ 7,385.0

2,719.0 ~ 7,850.0

2,431.0

2,577.0 ~ 2,804.0

PositionPeriod

FY 2007 Buying

Selling

Buying

Selling

Page 32: TABLE OF CONTENTS table of contents 04_financial highlights 06_ceo message 08_board of directors 10_time line in 2006 12_at a glance 14_review of operation 16_power cable 18_telecommunication

To the Board of Directors and Shareholders of Taihan Electric Wire Co., Ltd.

We have audited the accompanying non-consolidated balance sheets of Taihan Electric Wire Co.,Ltd.(the “Company

”)as of December 31,2006 and 2005,and the related non-consolidated statements of income, appropriations of retained

earnings,and cash flows for the years then ended,expressed in Korean Won.These financial statements are the

responsibility of the Company's management. Our responsibility is to express an opini on on these financial statements

based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the Republic of Korea.Those

standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free of material misstatement. An audit includes examining,on a test basis,evidence supporting the

amounts and disclosures in the financial statements.An audit also includes assessing the accounting principles used

and significant estimates made by management,as well as evaluating the overall financial statement presentation.

We believe that our audits provide a reasonable basis for our opinion.

In our opinion,the non-consolidated financial statements referred to above present fairly,in all material respects,the

financial position of Taihan Electric Wire Co.,Ltd.as of December 31,2006 and 2005,and the results of its operations,the

changes in its retained earnings and its cash flows for the years then ended in conformity with accounting principles

generally accepted in the Republic of Korea.

This report is effective as of March 7, 2007, the audit report date. Certain subsequent events or circumstances, which may occur between

the audit report date and the time of reading this report, could have a material impact on the accompanying non-consolidated financial

statements and notes thereto. Accordingly, the readers of the audit report should understand that there is a possibility that the above audit

report may have to be revised to reflect the impact of such subsequent events or circumstances, if any.

Samil PricewaterhouseCoopers is the Korean member firm of PricewaterhouseCoopers. PricewaterhouseCoopers refers to the network of member firms of

PricewaterhouseCoopers IIinternational Limited,each of which is a separate and independent legal entity.

Samil PricewaterhousecoopersKukje Center Building191 Hankangro 2ga, YongsankuSeoul 140-702, KOREA(Yongsan P.O. Box 266, 140-600)

Seoul, KoreaMarch 7, 2007

REPORT OF INDEPENDENT AUDITORS

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(in millions of KRW)

NON-CONSOLIDATED BALANCE SHEETSDecember 31, 2006 and 2005

Assets

Current assets

Cash and cash equivalents

Short-term financial instruments

Held-to-maturity securities

Trade accounts and notes receivable, net

Other accounts receivable

Short-term loans receivable, net

Accrued income, net

Advance payments

Prepaid expenses

Inventories, net

Deposits paid for guarantees, net

Prepaid value added tax

Financial derivative assets

Total current assets

Long-term financial instruments

Available-for-sale securities

Held-to-maturity securities

Equity method investments

Long-term loans receivable, net

Property, plant and equipment,

net Intangible assets, net

Others

Total assets

\ 99,885

87,540

86,968

351,089

24,486

95,893

2,947

8,766

820

182,700

10,334

10,797

14,168

976,393

24

76,796

14,513

361,717

14,443

434,081

582

7,190

\ 1,885,739

\ 75,943

42,607

-

247,377

12,673

61,889

2,631

3,877

1,103

237,792

10,301

8,531

7,048

711,772

1,024

59,786

101,481

296,137

13,820

488,438

688

7,174

\ 1,680,320

2005 2006

(in thousands of USD)

US$ 107,565

94,271

93,655

378,084

26,369

103,266

3,174

9,440

883

196,748

11,129

11,627

15,257

1,051,468

26

82,701

15,629

389,529

15,554

467,457

627

7,743

US$ 2,030,733

US$ 81,782

45,883

-

266,398

13,647

66,648

2,833

4,175

1,188

256,076

11,093

9,187

7,590

766,500

1,103

64,383

109,284

318,907

14,883

525,994

741

7,726

US$ 1,809,520

2005 2006

The translation of Korean won amounts to US dollar amounts are made only for the convenience of readers

outside of Korea and have been made at the rate of KRW 928.6 to US$ 1.0, at December 31, 2006.

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(in millions of KRW)

2005 2006

NON-CONSOLIDATED BALANCE SHEETSDecember 31, 2006 and 2005

Liabilities and Shareholders' Equity

Current liabilities

Trade accounts and notes payable

Short-term borrowings

Other accounts payable

Advances received

Deposits received

Financial derivative liabilities

Accrued expenses

Income taxes payable

Current maturities of long-term debts, net

Current maturities of capital lease liabilities

Current portion of deferred tax liabilities

Other current liabilities

Total current liabilities

Long-term debts, net of current maturities

Debentures, net

Convertible bonds, net

Capital lease liabilities

Deferred tax liabilities

Accrued severance benefits, net

Total liabilities

Shareholders' equity

Common stock

Capital surplus

Paid-in capital in excess of par value

Asset revaluation surplus (Note 14)

Other capital surplus

Retained earnings

Legal reserve

Other reserves

Unappropriated retained earnings

Capital adjustments

Treasury stock

Gain on valuation of available-for-sale securities

Gain on valuation of equity method investments

Loss on valuation of equity method investments

Stock options

Loss on valuation of financial derivatives

Total shareholders' equity

Total liabilities and shareholders' equity

\ 62,910

150,621

20,264

61,494

6,838

13,511

5,705

20,558

183,102

4,871

868

7,893

538,635

145,833

119,772

22,674

3,825

6,236

1,281

\ 838,256

119,465

200,038

353,418

8,461

561,917

11,526

261,155

104,761

377,442

-21,826

9,112

31,579

-35,263

5,064

-7

-11,341

1,047,483

\ 1,885,739

\ 53,517

168,147

7,332

58,460

6,191

108

5,157

3,040

60,501

-

3,351

1,200

367,004

34,102

279,449

85,446

-

4,036

1,220

\ 771,257

110,039

139,879

353,418

11,420

504,717

9,358

139,643

145,722

294,723

-5,641

5,486

30,805

-32,106

1,118

-78

-416

909,063

\ 1,680,320

(in thousands of USD)

US$ 67,747

162,202

21,822

66,222

7,364

14,550

6,144

22,139

197,181

5,246

935

8,500

580,051

157,046

128,981

24,417

4,119

6,715

1,379

US$ 902,709

128,651

215,419

380,592

9,112

605,123

12,412

281,235

112,816

406,463

-23,504

9,813

34,007

-37,974

5,453

-8

-12,213

1,128,024

US$ 2,030,733

US$ 57,632

181,076

7,896

62,955

6,667

116

5,554

3,274

65,153

-

3,609

1,292

395,223

36,724

300,936

92,016

4,346

1,314

US$ 830,559

118,500

150,634

380,592

12,298

543,525

10,078

150,380

156,927

317,384

-6,075

5,908

33,174

-34,575

1,204

-84

-448

978,961

US$ 1,809,520

2005 2006

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(in millions of KRW)

2005 2006

NON-CONSOLIDATED STATEMENTS OF INCOMEYears ended December 31, 2006 and 2005

Sales

Cost of sales

Gross profit

Selling and administrative expenses

Operating income

Non-operating income

Interest income

Dividend income

Gain on valuation of available-for-sale securities

Gain on disposal of available-for-sale securities

Recovery of impairment losses on available-for-sale securities

Gain on valuation of equity method investments

Gain on disposal of equity method investments

Foreign exchange gains

Gain on foreign currency translation

Gain on disposal of investments

Gain on disposal of property, plant and equipment

Gain on futures transaction

Reversal of allowance for doubtful accounts

Income tax refunds

Gain on disposal of long-term loan receivables

Gain on prior period adjustments

Others

Non-operating expenses

Interest expenses

Other bad debt expenses

Loss on disposal of available-for-sale securities

Impairment losses of available-for-sale securities

Loss on valuation of equity method investments

Foreign exchange losses

Loss on foreign currency translation

Impairment losses on investments

Loss on disposal of property, plant and equipment

Loss on futures transactions

Additional payment of prior year income taxes

Loss on redemption of debentures

Other incentives

Others

\ 2,238,057

2,117,768

120,289

49,985

70,304

159,401

17,500

665

621

1,559

17

39,517

-

13,065

7,575

-

35,857

15,635

123

80

6,132

-

21,055

91,268

36,390

-

850

-

5,163

15,641

1,290

-

-

16,868

440

-

687

\ 13,939

\ 1,587,320

1,520,610

66,710

45,601

21,109

296,839

19,212

511

340

2,473

-

34,219

1,127

15,664

1,666

437

8,767

14,332

162

44

181,366

4,885

11,634

115,198

39,850

4,904

-

4,015

4,925

19,867

2,801

15,687

44

9,028

158

62

11,799

\ 2,058

(in thousands of USD)

US$ 2,410,1

41

2,280,603

129,538

53,828

75,710

171,657

18,846

716

669

1,679

18

42,555

-

14,070

8,157

-

38,614

16,837

132 86

6,603

-

22,674

98,286

39,188

-

915

-

5,560

16,844

1,389

-

-

18,165

474

-

740

US$ 15,011

US$ 1,709,3

69

1,637,530

71,839

49,107

22,732

319,663

20,689

550

366

2,663

36,850

1,214

16,868

1,794

471

9,441

15,434

174

47

195,311

5,261

12,529

124,056

42,914

5,281

-

4,324

5,304

21,395

3,016

16,893

47

9,722

170

67

12,706

US$ 2,216

2005 2006

The translation of Korean won amounts to US dollar amounts are made only for the convenience of readers

outside of Korea and have been made at the rate of KRW 928.6 to US$ 1.0, at December 31, 2006.

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(in millions of KRW)

2005 2006Retained earnings before appropriations

Unappropriated retained earnings carried over from prior year

Net income

Appropriation of retained earnings

Transfer to legal reserve

Transfer to other reserves

Cash dividends (dividend ratio of 20% in 2006 and 2005)

Unappropriated retained earnings carried forward to

subsequent year

\ 104,761

361

104,400

104,520

2,320

79,000

23,200

\ 241

\ 145,722

229

145,493

145,361

2,169

121,512

21,680

\ 361

(in thousands of USD)

US$ 112,816

389

112,427

112,557

2,498

85,074

24,984

US$ 260

US$ 156,927

247

156,680

156,538

2,336

130,855

23,347

US$ 389

2005 2006

NON-CONSOLIDATED STATEMENTS OF APPROPRIATIONS OF RETAINED EARNINGSYears ended December 31, 2006 and 2005

(Dates of appropriations : March 15, 2007 and March 16, 2006 for the years ended December 31, 2006 and 2005, respectively)

NON-CONSOLIDATED STATEMENTS OF INCOMEYears ended December 31, 2006 and 2005

(in millions of KRW)

2005 2006Income before income taxes

Income tax expense

Net income

Per share data (In won / In US dollar)

Basic ordinary income per share

Basic earnings per share

Diluted ordinary income per share

Diluted earnings per share

\ 138,437

34,037

104,400

2,248

2,248

2,229

\ 2,229

\ 202,750

57,257

145,493

3,638

3,638

3,550

\ 3,550

(in thousands of USD)

US$ 149,081

36,654

112,427

2.42

2.42

2.40

US$ 2.40

US$ 218,339

61,659

156,680

3.92

3.92

3.82

US$ 3.82

2005 2006

The translation of Korean won amounts to US dollar amounts are made only for the convenience of readers

outside of Korea and have been made at the rate of KRW 1013.0 to US$ 1.0, at December 31, 2006.

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(in millions of KRW)

2005 2006

NON-CONSOLIDATED STATEMENTS OF CASH FLOWSYears ended December 31, 2006 and 2005

Cash flows from operating activities

Net income

Adjustments to reconcile net income to net cash provided by

operating activities

Depreciation

Amortization of intangible assets

Provision for doubtful accounts

Provision for severance benefits

Compensation expenses associated with stock options

Amortization of discount on debentures

Amortization of conversion rights adjustment

Gain on valuation of available-for-sale securities

Gain on disposal of available-for-sale securities, net

Impairment losses of available-for-sale securities

Recovery of impairment losses on available-for-sale securities

Gain on valuation of equity method investments, net

Gain on disposal of equity method investments, net

Gain on disposal of investments, net

Impairment losses on investments

Gain on disposal of property, plant and equipment, net

Loss (gain) on foreign currency translation, net

Reversal of bad debt allowance

Loss on redemption of debentures

Gain on prior period adjustments

Others

Changes in operating assets and liabilities

Increase in trade accounts and notes receivable

Increase in other accounts receivable

Increase in accrued income

Increase in advance payments

Decrease in prepaid expenses

Decrease (increase) in inventories

Proceeds from cash dividends of equity method investments

Decrease (increase) in other current assets

Decrease in deferred tax assets

Increase (decrease) in trade accounts and notes payable

\ 104,400

-56,167

11,051

164

3,635

2,631

3,947

757

2,258

-621

-709

4,015

-

-29,294

-1,127

-437

15,687

-8,723

1,005

-162

62

-4,885

-3,075

-7,568

-108,092

-11,813

-315

-4,889

283

56,495

10,854

2,551

-

\ 9,398

\ 145,493

1,099

15,540

489

9,295

2,370

1,118

718

1,316

-340

-2,473

-

-17

-34,354

-

-

-

-35,857

-6,281

-123

-

-

-2,648

-100,218

-39,747

-3,192

-1,641

-536

195

-75,480

5,491

-4,959

9,689

\ -18,144

(in thousands of USD)

US$ 112,427

-60,486

11,901

177

3,914

2,833

4,250

815

2,432

-669

-764

-18

-36,995

-38,614

-6,764

-132

-2,852

-8,150

-116,403

-12,721

-339

-5,265

305

60,839

11,689

2,747

-

US$ 10,121

US$ 156,680

1,184

16,735

527

10,010

2,552

1,204

773

1,417

-366

-2,663

4,324

-31,546

-1,214

-471

16,893

-9,394

1,082

-174

67

-5,261

-3,311

-107,924

-42,803

-3,437

-1,767

-577

210

-81,284

5,913

-5,340

10,434

US$ -19,539

2005 2006

The translation of Korean won amounts to US dollar amounts are made only for the convenience of readers

outside of Korea and have been made at the rate of KRW 928.6 to US$ 1.0, at December 31, 2006.

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(in millions of KRW)

2005 2006

NON-CONSOLIDATED STATEMENTS OF CASH FLOWSYears ended December 31, 2006 and 2005

Increase (decrease) in other accounts payable

Increase (decrease) in accrued expenses

Increase (decrease) in income taxes payable

Increase in other current liabilities

Decrease (increase) in current portions of deferred tax liabilities

Payment of severance benefits

Decrease in contribution to National Pension Fund

Increase in plan assets

Increase in deferred tax liabilities

Net cash provided by operating activities

Cash flows from investing activities

Proceeds from long-term financial instruments

Proceeds from short-term loan receivables

Proceeds from disposal of available-for-sale securities

Proceeds from disposal of equity method investments

Proceeds from long-term loan receivables

Proceeds from deposits for severance benefits

Proceeds from disposal of property, plant and equipment

Acquisition of short-term financial instruments

Payment of short-term loan receivables

Acquisition of long-term financial instruments

Acquisition of available-for-sale securities

Acquisition of held-to-maturity securities

Acquisition of equity method investments

Payment of long-term loan receivables

Acquisition of property, plant and equipment

Acquisition of intangible assets Increase in government subsidy

Others, net

Net cash provided by (used in) investing activities

\ 12,932

548

16,182

13,150

-2,483

-1,596

14

-4,133

3,346

40,665

1,000

45,940

23,988

- 3,653

3,145

124,845

-45,089

-79,945

-

-34,740

-

-44,463

-4,289

-37,055

-58

1,376

-14

\ -41,706

\ -177

-860

-11,480

45,081

3,351

-8,927

368

-

750

46,374

- 91,872

9,546

1,127

162,273

6,389

55,664

-11,753

-94,176

-2

-40,661

-11,245

-49,605

-

-8,564

-658

-

-4,112

\ 106,095

(in thousands of USD)

US$ 13,926

590

17,426

14,161

-2,674

-1,719

15

-4,451

3,603

43,792

1,077

49,472

25,832

3,934

3,387

134,444

-48,556

-86,092

-

-37,411

-47,882

-4,619

-39,904

-62

1,482

-15

US$ -44,913

US$ -191

-926

-12,363

48,547

3,609

-9,613

396

-

808

49,940

-98,936

10,280

1,214

174,750

6,880

59,944

-12,657

-101,417

-2

-43,787

-12,110

-53,419

-

-9,222

-709

-4,428

US$ 114,253

2005 2006

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(in millions of KRW)

2005

NON-CONSOLIDATED STATEMENTS OF CASH FLOWSYears ended December 31, 2006 and 2005

Cash flows from financing activities

Proceeds from long-term debt

Issuance of debentures

Issuance of convertible bonds

Proceeds from disposal of treasury stock

Repayment of short-term borrowings

Repayment of current maturities of long-term debt

Repayment of long-term debt

Repayment of debentures

Acquisition of treasury stock

Payment of cash dividends

Repayment of Capital Lease Liabilities

Net cash provided by (used in) financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents

Beginning of year

End of year

\ 120,000

70,000

-

-

-15,245

-50,597

-

-60,000

-16,186

-21,680

-1,309

24,983

23,942

75,943

\ 99,885

\ 120,007

80,000

161,307

10,920

-168,134

-170,665

-116,582

-10,000

-1,705

-19,197

-

-114,049

38,420

37,523

\ 75,943

(in thousands of USD)

US$ 129,227

75,382

-

-

-16,417

-54,487

-

-64,613

-17,431

-23,347

-1,410

26,904

25,783

81,782

US$ 107,565

US$ 129,234

86,151

173,710

11,760

-181,062

-183,787

-125,546

-10,769

-1,836

-20,673

-

-122,818

41,374

40,408

US$ 81,782

2005 20062006

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Founded Taihan Electric Wire Co., Ltd.

Produced plastic insulated power cable

Produced PVC jacket cable

Installed the copper smelting and rolling mill first time in Korea

Produced the lead sheathed communication cable

Acquired KS mark for wire and cable

Started export of cable to Vietnam and Taiwan

Produced 1.2/4.4mm fine conductor coaxial cable

Started production of ACSR first time in Korea

Listed the company stock on the Korean Stock Exchange

Started production of stalpeth cable

Produced 33kV XLPE insulated power cable first time in Korea

Started production of the watt hour meter

Produced 345kV ACSR first time in Korea aluminum rod

Produced communication cables & by Properzi method

Produced aluminum compressed conductor power cable

Acquired UL and CSA Certificate first time in Korea

Completed the construction of Anyang cable plant

Produced standard coaxial cable and 154kV OF cable

Developed optical fiber cable

Marked the production record of 1 million watt hour meters

Won the grand prize of First Securities Award

Completed extra high voltage OF power cable plant

Contracted for US$ 30 million communication cable to Saudi Arabia

Installed the optical cable network in Seoul

Developed and produced screen cable

Completed underground power transmission line in Korea

Completed Anyang SCR(Southwire Continuous Rod) Plant

Started production of Flame Retardant Plastic Cable for Nuclear Power Plant

Completed 154kV POF power line replacement first time in the world

Completed the VCV extra high voltage power cable plant in Anyang

Produced foam skin communication cable first time in Korea

Exported OF power cable turnkey project (Malaysia)

Completed optical fiber cable plant in Anyang

Produced multiple and single mode optical fiber cable

Developed and produced 154kV XLPE power cable

Developed 345kV OF power cable

Supplied the optical fiber cable for Seoul Olympic communication networks

Developed the 154kV single core lead sheathed OF cable

Exported 132kV XLPE power cable first time in Korea

Acquired the KS Mark for vinyl insulated cable, high frequency coaxial cable

Won the Prime Minister Award meritorious service in National backbone

Communication Network

Manufactured Optical Fiber Ground Wire (OPGW)

Developed high foamed coaxial cable for CATV

Succeeded in localization of extra high voltage OF cable accessories

Developed submarine optical fiber cable and leakage coaxial cable

Developed Kraft insulated 345kV OF cable first time in Korea

Developed optical fiber cable for emergency and 154kV OF cable accessories

Developed PPLP insulated 345kV OF cable first time in Korea

Expanded SCR production facilities, the largest capacity in Korea

Supplied 565Mb/s Optical Transmission System to KT

1955195719581959

19611964

196519661968

1969

1970

19721974197519761977

1978

1979

1980

198119821983

1984

1985

1986

1987

1988

1989

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

20032004

2005

2006

Established a joint venture in Qingdao, China

Commercialized 345kV OF cable

Succeeded localization of Class 1E power cable for the unclear power

Acquired ISO 9001 Certificate on cable and Watt Hour Meter

Developed Electronic Watt Hour Meter

Launched stainless steel business

Developed 345kV OPGW

Developed 345kV and 765kV AWS for overhead ground wire

Developed 765kV ACSR/AW 480SQMM (Cardinal)

Developed STACIR

Acquired ISO 9002 certificate on stainless steel

Completed new VCV TOWER and extra high voltage power cable plant

Developed optical distribution board, optical terminal box, mechanical

connector Developed high intensity TACSR/AW and 765kV OPGW

Acquired ISO 9001 Certificate on power cable accessories

Awarded the Presidential Prize for achieving US$ 500 million export

Developed ribbon type optical fiber cable

Developed Aerial Bundle Cable with Waterproof (ABC-W)

Commercialized the multiple mechanical optical connector

Recorded 2 million tons of copper rod

Developed Non-Zero Dispersion Shifted optical fiber

Established Skytel in Mongolia

Separated the aluminum business (founded ‘Novelis Korea’)

Developed epoxy bushing for high voltage transmission line terminal

Acquired JIS certificate on stainless steel coil and sheet

Established Malesela Taihan Electric Cable (Pty.) Ltd., in South Africa

Acquired ISO 9001 certificate on extra high voltage underground power

cable and OPGW

Acquired ISO 14001 certificate for environmental management system

Developed 345kV XLPE power cable

Developed polymer insulator

Developed and commercialized 345kV XLPE cable accessories

Optomagic completed optical fiber plant

Acquired Muju Resort Co., Ltd.

Completed 345kV XLPE underground power transmission line

Developed 400kV XLPE cable and accessories (KEMA certificate)

Developed FTTH total solution

Participated in BcN (Broadband convergence Network) business (Ubinet

consortium construction of FTTH)

Acquired Ssangbangwool (SBW) Co., Ltd.(now, TryBrands)

Celebrated the 50 anniversary

Established SkyNetworks in Mongolia

Established Taihan-Wizhome specialized for Home network business

Selected as a model project for the Muju Tourism & Leisure corporate

Issued Overseas Convertible Bonds amounting to US$ 160,000,000

Acquired Korea Rental Co., Ltd.

Established a joint venture TSC Co., Ltd. in Vietnam

Awarded the Presidential Prize for achieving US$ 700 million export

Established TMC for shipbuilding cable and wire

Established Taihan-Techren Co.,Ltd. for solar power generation

Achieved KRW 2 trillion in sales

Acquired Congo Korea Telecom (CKT)and set up Standard Telecom

Established TAIHAN Global Holdings LTD.(in Hong Kong)

Built the third VCV extra high voltage power cable

1950

1960

1970

1980

1990

2000

CORPORATE HISTORY

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ORGANIZATION CHART

CableBusiness

Headquarters

TechnologyInnovation

Headquarters

CEO Quality Control Office

Cable Planning Team

R&D Center

I T Team

PR Team

Global Business Division

HR Division

Finance Division

Corporate Strategy Division

Copper Rod & Wire Business

Division

Energy Cable Business

Division

Industrial Cable Business

Division

Communication Cable

Business Division

Business Support Division

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OPTOMAGIC www.optomagic.co.kr

Optomagic which leads the digital 21st century is a company specialized in high quality optical

fiber with the manufacturing facilities upto 5 million f.km per year. With the VAD production

method, the company has an advanced production system with the world best technology and

cost competitiveness, and has recently developed and commercialized the zero water peak fiber

& holey fiber.

TAIHAN ST www.taihanst.co.kr

Taihan ST is a subsidiary specialized in stainless steel business, which newly launched

early 2007 by spinning off from Taihan Electric Wire Co., Ltd. Taihan ST will be a leading

player in this field by producing thin & precise cold rolling products with an advanced

technology.

TAIHAN BULK TERMINAL www.tbt.co.kr

Taihan Bulk Terminal (TBT) is a logistics service company that loads, unloads, and warehouses

grain. Launching operations at Incheon Port in 1982, TBT specializes in grain-handling logistics.

Satisfied customers are their highest priority, which is one reason TBT has installed the latest

automatic loading system exclusive for grain.

TAIHAN MARINE CABLE www.tmc-cable.com

Taihan Marine Cable (TMC), backed by years of experience, is rapidly developing technology to

manufacture cables for shipbuilding and offshore structures, as well as produce optical cables,

which are used for broadband IT network.

DOMESTIC AFFILIATES

Everywhere - around the world

TAIHAN is creating tomorrow

Building competitiveness through business diversification at home,

Strengthening global competitiveness through joint-ventures abroad,

With fifty years in the cable business,

TAIHAN is going global!

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TAIHAN WIZHOME www.tecwizhome.com

Taihan Wizhome specializes in developing and supplying high-tech home network systems. As a

partner for the new, convenient ubiquitous lifestyle, the company is leading the future ubiquitous

environment together with TAIHAN’s FTTH system.

MUJU RESORT www.mujuresort.com

Muju Resort, a popular Korean leisure destination, is located in Deokyusan Mt. National Park. It

is an all-season leisure complex promoting harmony between nature, humans, art and health.

Muju Resort proudly presents unique beauty and pleasure for everyone. We would invite you to

the hidden wonderland, Muju Resort.

TRYBRANDS www.trybrands.co.kr

TRYBRANDS is a total underwear manufacturer that leads the industry with top brands including

Try, Chaville and IKLIM. In early 2006, we changed the CI to TRYBRANDS, and announced our

corporate vision to create a luxury lifestyle.

TAIHAN TECHREN www.techren.co.kr

Taihan Techren Co., specializing in renewable energy and armed with cutting-edge electronic

optics technology, has successfully developed the first quintuple-concentration solar PV system

using solar cells. The company manufactures and supplies solar PV systems, handles plant

engineering and runs the Independent Power Plant (IPP) business.

KOREA RENTAL www.korearental.co.kr

Korea Rental is the nation’s largest rental service provider since its establishment in 1989. Korea

Rentel’s business is specialized in rentals of information devices, measurement devices and

computer & office equipment.

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MALESELA TAIHAN ELECTRIC CABLES. (M-TEC) www.m-tec.co.za

M-TEC was established in 2000 as a joint venture in South Africa with the goal to establish a

bridgehead on the African continent. As a general wire & cable company manufacturing

communications and power cables, the company has evolved into the number-one cable

manufacturer on the African continent. M-TEC’s business has reached to around USD 200

million in sales.

TSC CO., LTD.TSC, a cable plant established near Ho Chi Minh City, J/V with a Vietnamese company SACOM in

November 2005. The groundbreaking ceremony was held in March 2006 and TSC plans to begin

construction of a communications cable plant as well as a power cable plant in the second half of

2006. TSC will supply various products such as OPGW and communications cable, as well as

power cable including high-voltage XLPE cables and ASCR to the Vietnamese market.

TAIHAN ELECTRIC USA LTD.Committed to entering the world’s largest communications and power cable markets, TAIHAN

has focused on marketing efforts since the mid 1990s. We set up a local sales entity in New York

in 2001 and strengthened our sales sector. By expanding our presence in the US power cable

and communications cable markets, we plan to become a global player in the power cable

business

OVERSEAS SUBSIDIARIESTo diversify businesses and make inroad to overseas markets, TAIHAN has made proactive investmentsin some target market. As the forefront for African markets, we set up a cable manufacturer, M-TEC inSouth Africa. We also set up Skytel, a mobile telecommunication company in Mongolia in 1999 andSkyNetworks in 2005 to participate in the next-generation information communication networkbusiness. Following the establishment of Taihan USA in 2001 to expand into the US market, we have setup a cable production base in Vietnam in 2005 to secure local market.

GLOBAL AFFILIATES

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SKYTEL CO., LTD. www.skytel.mn

Skytel, which was founded in 1999 as a mobile phone service in Mongolia in collaboration with SK

Telecom, has achieved 30%-plus growth every year. Thanks to continued improvement of

facilities and technology, its services have expande throughout Mongolia. By 2006, the company

had 150,000 subscribers, securing a stable position in the market. Skytel will open new era of IT

industry in Mongolia.

SKYNETWORKS www.skynetworks.mn

TAIHAN established a joint venture corporation, SkyNetworks in Mongolia in April 2005 to launch

a broadband IT network serving Ulaanbaatar. SkyNetworks provides high-speed communication

network rental and Internet Gateway services. Moreover, plans for expansion include VolP, FTTH,

and development of digital contents.

STANDARD TELECOMStandard Telecom (ST) is the major telecom service company in D. R. Congo, which was

launched in 2006 as a joint venture with local government authority in charge of telecom

sector by acquisition of major shareholdings of CKT. Following the construction of fiber

optic backbone network in Kinshasa, the capital, Standard Telecom will gradually expand

its service area over the nation by building up the nation wide telecom network.

TAIHAN GLOBAL HOLDINGS LTD.Taihan Global Holdings Ltd. was established in Hong Kong in 2006 for the efficiently

integrated management of TAIHAN’s overseas investment business. TGH will take a role

as the hub of overseas Investment business of TAIHAN.

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Dubai

Shanghai

HongkongPhilippines

Thailand

Kuala Lumpur

Singapore

Riyadh

Congo

Vietnam

New York

Canada

Johannesburg

Mongolia

OVERSEAS CORPOTATION

OVERSEAS BRANCH OFFICE

South Africa M-TEC (Malesela Taihan Electric Cable(Pty)Ltd.)Vereeniging 1930, Steel Road, PeacehavenVereeniging 1939, Gauteng, South AfricaTEL: +27-16-450-8333 FAX:+ 27-16-450-8202Website: www.m-tec.co.za

D.R.Congo STANDARD TELECOM 158, Avenue de la Democratie(Ex- Huilerie)Commune de la Gombe, Kinshasa, D.R.CongoTEL: +070-7426-5750 FAX: [email protected]

VietnamTSC (Taihan Sacom Cable Company.,Ltd)7th Floor, 71-73 Dien Bien Phu, phuong 15,Binh Thanh District , VietnamTEL: +84-8-518-0786 FAX: +84-8-518-0785

Hong KongTGH (Taihan Global Holdings Ltd ) No.1808, 18F,Tower 2,Admiralty Center,18 Harcourt Road, Admiralty, Hong Kong

MongoliaSKYTEL 3rd FL, Skytel Plaza Bldg, Chinggis khaanAvenue-9, Ulaanbaatar-13, MongoliaTEL: +976-9110-1003 FAX: +976-1131-8487E-mail: [email protected] Website: www.skytel.mn

SKYNETWORKS4th FL, Skytel Plaza Bldg, ChinggiskhanAvenue-9, P.O.B 2033 Ulaanbaatar-211213MongoliaTEL: +976-9111-7463 FAX: +976-1131-8841E-mail: [email protected]: www.skynetworks.mn

USA Taihan USA (Taihan Electric USA., Ltd.)LandMark Building, 99 Tulip Avenue, Suite#106,Floral Park, NY 11001, USATEL: +1-516-355-5600 FAX: +1-516-355-5601E-mail: [email protected]

CanadaTaihan Global Canada Investment., Ltd.Unit 610-4538 Kingsway, Burnaby, BC,CanadaV5H 4T9TEL: +604-438-7070 FAX: +604-438-7072E-mail: [email protected]

Dubai Representative OfficeFlat no. 705, Al Safa Tower, Sheikh Zayed Road,P.O.Box117561, Dubai, U.A.ETEL: +971-4-331-7233 FAX: +971-4-331-7322E-mail: [email protected]

Riyadh Branch OfficeRoom No.726, AI Akariyah Shopping Center 2,Olaya Road, P.O.Box 300201,Riyadh11372, Saudi ArabiaTEL: +966-1-419-0027 FAX: +966-1-419-0262E-mail: [email protected]

Kuwait Branch OfficeAl-Adan, Block No. 6, Street No.14, HouseNo.20, State of Kuwait TEL: +965-544-2456 FAX: +965-541-5344 E-mail: [email protected]

Australia Branch OfficeSuite 704, Level 7, 90 Mount Street, NorthSydeny, NSW 2060, AustraliaTEL: +61-2-9460-3600 FAX: +61-4-9954-4354E-mail: [email protected] Lumpur Branch Office 15th Floor, Kenanga International, JL. SultanIsmail, 50250 Kuala Lumpur, MalaysiaTEL: +60-3-2161-8017 FAX: +60-3-2161-3628E-mail: [email protected]

Singapore Branch Office 629 Aljunied Road #05-19 Cititech IndustrialBuilding, Singapore 389838, SingaporeTEL: +65-6842-5069 FAX: +65-6842-5076 E-mail: [email protected]

Thailand Project Branch Office253, Asoke 26th FL, Sukhumvit 21 Road,Klongtoeynua, Wattana, Bangkok 10110,ThailandTEL: +66-2644-1464(Ext.544) FAX: +66-2644-4002

TAIHAN AROUND THE WORLD

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OFFICES & PLANTS

CORPORATE DATA

785, Gwanyang-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea

TEL : 8231-420-9590

01. HEAD OFFICE

Insong Building, 194-15, Hoehyun-dong 1-ga, Chung-gu, Seoul, Korea

TEL : 822-316-9114

02. ANYANG PLANT

785, Gwanyang-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea

TEL : 8231-420-9114

03. R&D Center

2-1 Seulhang-ri, Gadae-myeon, Dangjin-gun, Chungcheongnam-do, Korea

TEL : 8241-359-9114

04. EHV POWER CABLE ACCESSORY PLANT

Date of incorporation : Feb. 21,1955 Date of IPO : Dec. 27,1968

Number of share issued : 44,015,778 Business Area : Cables & Wires

Web site : www.taihan.com

Annual report, presentation materials and news letters are available in PDF at the company’s web site Pro

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