SK Gas: Decision on the provision of guarantees for third parties







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 (KRW) 2,117,363,391,889
Equity ratio (%) 21.78
Classified as a large company? Yes
Asset pledged 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
End date 2045-10-01
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
Absent (Nb) 0
– 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
Current year 237,587 3,199 234,388 239,910 0 -4,368
Previous exercice 81,627 2005 79,622 79,910 0 -3,803
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

Warning

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

All news about SK GAS CO., LTD.

2022 sales 9,492B
7.51B
7.51B
2022 net income 199B
0.16B
0.16B
Net debt 2022 1,853B
1.47B
1.47B
PER 2022 ratio 5.97x
2022 return 3.68%
Capitalization 1,153B
912M
912M
EV / Sales 2022 0.32x
EV / Sales 2023 0.34x
# of employees 512
Floating 24.0%


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Number of analysts 3
Last closing price KRW128,500.00
Average target price KRW165,000.00
Average Spread / Target 28.4%