Decision on the provision of guarantee for third parties
|1. Debtor||Ulsan GPS Company|
|– Relationship with the company||Affiliate company|
|2. Creditor||Project finance lenders including KB Kookmin Bank etc.|
|3. Amount of debt (borrowing) (KRW)||752,000,000,000|
|4. Collateral posting details||Guarantee amount (KRW)||461 211 616 769|
|Equity ratio (%)||21.78|
|Classified as a large company?||Yes|
1. Shares issued by Ulsan GPS Co., Ltd. and owned by SK Gas Co., Ltd.
2. Beneficial Interest Certificates under a Real Estate Security Trust Agreement
|Period of guarantee||Start date||2022-10-01|
|5. Total balance of collateral provided (KRW)||1,265,751 616,769|
|6. Board resolution date (decision date)||2022-05-19|
|– Presence of external directors||Present (No.)||4|
|– Presence of the statutory auditors (members of the audit committee who are not outside directors)||–|
|7. Other elements to consider in investment decisions|
1) This is to provide beneficial rights certificates under an immovable security trust agreement as security by placing the lien for all shares to be held in the future and 68,624,700 shares of Ulsan GPS Co., Ltd. currently held by the Company pursuant to Ulsan GPS Co., Ltd.’s PF (Project Finance) Financing Agreement, the “1. Debtor” above.
2) The “3. Amount of Debt (Loan)” above is the amount of the PF loan agreement, and the collateral limit is set at KRW 902.4 billion, which is 120% of the loan amount. debt.
3) Above, the “Collateral Amount (KRW)” of “4. Collateral Provision Details” above has been applied with the book value standard of Collateral Shares and Land established in the real estate collateral trust agreement.
4) The certificates of beneficial right under the contract of trust in real estate security among the “Property provided as security” of “4. Details of the provision of security” above relate to the provision as security after having trusted the participation in the land under construction and the land to be owned by SK Gas Co., Ltd. related to Ulsan GPS Co., Ltd.
5) In the “Collateral provision period” of “4. Collateral provision details” above, the start date is the scheduled date of the first withdrawal of the FP loan, and the end date is the scheduled date debt repayment as per Ulsan GPS Co., Ltd. PF loan agreement, which may be amended in the future.
6) The “Equity” in “4. Details of the provision of guarantees” above is based on our consolidated financial statements at the end of 2021.
7) The above “5. Total Balance of Collateral Provided” is the amount which includes the collateral amount set this time.
8) As a supplementary agreement other than the provision of security, the Company has agreed to fulfill its obligation to supplement funds in the event of lack of funds during the operating period of the debtor, Ulsan GPS Co., ltd. (annual limit: approximately KRW 49.2 billion)
9) At this meeting of the Board of Directors, the authority to determine the details of the above and to implement them has been delegated to the CEO.
10) The above details are subject to change depending on the approval or otherwise of relevant agencies, changes in the business environment and company status.
11) The relevant year of the “Condensed Debtor Financial Statements” below is from 2021, the latest accounting year.
|※ Related Disclosure||–|
【Condensed Debtor Financial Statements】(in millions of KRW)
|Category||Total assets||Total responsibilities||Total equity||Share capital||Sales||Net revenue|
|Two prior years||28,423||9,557||18,866||149 100||0||-13,061|
[Balance of Collateral per Debtor]
|Debtor||Love relationship||Balance of pledged collateral (KRW)||Period of guarantee||Asset pledged||Remarks|
|Ulsan GPS Co.,Ltd.||Affiliate company||461 211 616 769||2022.10.1 ~ 2045.10.1||Shares issued by Ulsan GS Co., Ltd. and owned by SK Gas Co., Ltd. and beneficial interest certificates under the real estate security trust agreement||Disclosure this time|
|Goseong Green Power Co., Ltd.||–||170,240,000,000||2022.2.24-at the end of the lien||Shares of Goseong Green Power Co., Ltd. owned by SK Gas Co., Ltd.||Declaration of 2022.2.23|
|Goseong Green Power Co., Ltd.||–||1,900,000,000||2016.12.27-at the end of the lien||Shares of Goseong Green Power Co., Ltd. owned by SK Gas Co., Ltd.||–|
|Korea Energy Terminal Co., Ltd. (KET)||–||632,400,000,000||2020.10.7-Debt repayment date||Shares of Korea Energy Terminal Co., Ltd. owned by SK Gas Co., Ltd.||Disclosure dated 2020.10.7|
|※ Relevant laws||Financial Investment Services and Capital Markets Act|
SK GAS Ltd. published this content on May 25, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on May 25, 2022 4:12:44 PM UTC.
Public now 2022
Trends Technical Analysis SK GAS CO., LTD.
|Short term||Middle term||Long term|
Evolution of the income statement
|Medium consensus||TO BUY|
|Number of analysts||3|
|Last closing price||KRW128,500.00|
|Average target price||KRW165,000.00|
|Average Spread / Target||28.4%|