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Confidential and Proprietary Innovation & Culture
www.jusung.com
240 Opo-ro, Opo-eup, Gwangju-si
Gyeonggi-do, Korea
World 1st Technology
Only 1 in The World
JUSUNG Engineering
Investor Relations
FY 2017
Confidential and Proprietary Innovation & Culture
Disclaimer
All information regarding management performance and financial results of JUSUNG ENGINEERING (the “Company”)
during the 2017 as contained herein has been prepared on a Non-consolidated basis in accordance with International
Financial Reporting Standards (“IFRS”).
The information regarding results of 2017 has been prepared in advance, prior to being reviewed by outside auditors,
solely for the convenience of investors of the Company, and is subject to change in the process of final reviewing by
external auditors.
The information contained herein includes forward-looking statements in respect to future plans, prospects, and
performances of the Company. These forward-looking statements also refer to the Company’s performance on Non-
consolidated base, as indicated.
The aforementioned forward-looking statements are influenced by changes in the management environment and
relative events, and by their nature, these statements refer to uncertain circumstances. Consequently, due to these
uncertainties, the Company’s actual future results may differ materially from those expressed or implied by such
statements.
Please note that as the forward-looking statements contained herein are based on the current market situation and
the Company’s management direction, they are subject to change according to the changes in future market
environment and business strategy.
The information contained herein should not be utilized for any legal purposes in regards to investors’ investment
results. The Company hereby expressly disclaims any and all liability for any loss or damage resulting from the
investors’ reliance on the information contained herein.
1
Confidential and Proprietary Innovation & Culture 2
Table of Contents
1. Company Overview
2. Market Trend & Competitiveness
3. Financial Status
Confidential and Proprietary Innovation & Culture 3
1-1. Corporate Information
Corporate Data
Name of Company JUSUNG ENGINEERING Co., Ltd. (KOSDAQ 036930)
CEO & Chairman Chul Joo Hwang
Foundation 1995. 4. 13.
Business Area SEMI., DISP., Solar Cell Equipment Manufacturing
The number of Employee
449 persons (2017)
Capital 24.1Wbn
Date of Listing 1999. 12. 24.
Address of Headquarter
240, Opo-ro, Opo-eup, Gwangju-si, Gyeonggi-do
Shareholder Information
Gyeonggi-do Gwangju-si JUSUNG ENGINEERING Headquarter
TOTAL
48,249,212
Major Shareholder & Related Parties
(27.8%)
Domestic Individual & Institutional
(64.2%) Foreign (8.0%)
CEO & Chairman
Shareholder Number of
Shares % Port
Major Shareholder & Related Parties
13,394,594 27.8%
Foreign 3,868,836 8.0%
Domestic Individual & Institutional
30,985,782 64.2%
Total 48,249,212 100.0%
Chul Joo Hwang(C. J. Hwang)
· B.S., Electrical and Computer Engineering from INHA University
· Honorary Doctorate in Engineering from INHA University
· CEO/Chairman of JUSUNG ENGINEERING
· Honorary Chairman of Korea Venture Business Association
· Member of The National Academy Engineering of Korea
· Director of Korea Institute of Science Tech. Evaluation and Planning
· Vice Chairman of Korea International Trade Association
· Member of Public Enterprise Management Committee
· Member of Gyeonggi-do Economy Policy Advisory Committee
· Director of Daegu Gyeongbuk Institute of Science and Technology
· Establishment of Korea Entrepreneurship Foundation C. J. Hwang / CEO & Chairman
[2017.12.31]
Confidential and Proprietary Innovation & Culture 4
▶ Vision ▶ Mission
▶ People & Culture
Innovate Technology!
Develop New Markets!
Make Happiness!
World’s 1 Technology
Only 1 in the World
st
1. Creative · Innovative People
Think for the First !
Work for the No.1 !
Make New Records !
2. Success-Sharing Culture
Mutual Success of
JUSUNG & Its Customer
Semiconductor, Display, Solar Cell, Technology Integration
1-2. VISION & MISSION
Confidential and Proprietary Innovation & Culture
0
1000
2000
3000
4000
5000
6000
7000
'95
'96
'97
'98
'99
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
'13
'14
'15
'16
'17
1-3. Future Growth Engine
5
R&D Employee Ratio
USD 632.4M
Number of Patents
R&D Investment (Accumulated)
1,739 1,875 1,930 2,005 2,064
-
500
1,000
1,500
2,000
2013 2014 2015 2016 2017
Future Growth Engine = Innovative R&D
46.1%
53.9%
R&D
Total
449 [2017]
Management, Sales, etc
Confidential and Proprietary Innovation & Culture
1-4. Milestone
6
13 World’s First Technology
Abbreviation Technical Terms Abbreviation Technical Terms
SD Space Divided LSP Local Space Plasma
SDP Space Divided Plasma TSD Time Space Divided
World’s 1st
I World’s 1st
II World’s 1st
III World’s 1st
IV
World’s 1st
V
World’s 1st
VI , VII
World’s 1st
VIII, IX
World’s 1st
X, XI World’s 1st
XII World’s 1st
XIII
Source Tech. SD Tech LSP Tech
SDP Tech
TSD Tech
Semi- conductor
Warm Wall Type
UHV- CVD
Selective EPI SD-ALD SDP-ALD
Display TSD-CVD ALD IGZO
TFT TSD-ALD TSD–Etcher
Solar & Lighting
SiC SD-CVD
’95 ‘99 ‘01 ‘02 ‘08 ‘09 ‘10 ‘12 ’15 ‘16
Confidential and Proprietary Innovation & Culture 7
1-5. Mutual Success of JUSUNG & Its Customers
Outstanding
Contribution Award Appreciation
Plaque Best Partner Award
Best Supplier
Award Outstanding
Contribution Award
◆
◆
◆
Best Supplier Award
Headquarter
Subsidiary
Local Office
Sales Agent
Mutual Success of Customers with World’s Best Technology
Appreciation Plaque
Appreciation Plaque
Confidential and Proprietary Innovation & Culture 8
Table of Contents
1. Company Overview
2. Market Trend & Competitiveness
3. Financial Status
Confidential and Proprietary Innovation & Culture 9
2-1. Our Sustainable Market
SEMICONDUCTOR
DRAM
Foundry/Logic
NAND FLASH
▶ DRAM bit growth 20-25%, driven by mobile and server
▶ Several nodes of DRAM shrink below 20nm
▶ Bit growth 35~40% per year through 2020
▶ Sustained investment to capture ~50% storage SAM
▶ Diversified demand drivers for leading-edge growth
DISPLAY CHINA
LCD
OLED
SEMICONDUCTOR
DISPLAY
▶ Shift to large-size panels, The investment move more than 10G TV Size Growth :~1.5”/year(‘13~’19) 1.5” Av Size Growth / year ~ 3 new Fab
▶ VR / AR will be a key driver for display technology roadmap
▶ China 2025 initiative targets 4X growth in China’s semi revenue
▶ Output CAPA of panel maker The annual growth of 131.9% (‘16~’20)
▶ Global OLED output CAPA in China Expansion up to 32% in 2020 (’16=6%)
▶ Extension of OLED panel application rate in Smart Phone Increase of 55% from now to 2020
▶ Rising SEMI Industry in China Investment amount $110.0M to 2018
▶ OLED becomes standard for VR capable phones and HMDs
Confidential and Proprietary Innovation & Culture 10
2-2. Semiconductor_Technology Roadmap
2013 2014 2015 2016 2017 2018 2019 2020 2021 2025 Volume
Production
22/20 nm 14/16 nm 10 nm 7 nm 5 nm 3 nm
Multiple Patterning EUV with Multiple Patterning
FinFET
New Chanel Materials, Nanowire(GAA)
Advanced Interconnect
Planar NAND
20 nm
Multiple Patterning
18 nm 16 nm
3D NAND
32L 48L 72L 96L 128L
3x Mid 2x nm 20 nm 1y nm 1z nm
Multiple Patterning EUV with Multiple Patterning DRAM
1x nm
Memory
Foundry/
Logic
…
Foundry/Logic NAND Memory DRAM
· Shift to 3D structure device(FinFET)
· New structures(nanowire)
· New materials
· Shift to 3D layer stacking
· Deposition technology for high-aspect
structure
· Shift to ALD for capacitor materials
· Possibility of partial replacement with
MRAM
▶Technology Challenges
Accelerate of DRAM tech migration & Increment 3D NAND multi-layer
Confidential and Proprietary Innovation & Culture
2-2. Semiconductor_Equipment Market
11
Source, Gartner 2017
0
500
1000
1500
2000
2500
3000
3500
2014 2015 2016 2017F 2018F 2019F
PECVD Equipment Market Forecast ALD Equipment Market Forecast Unit : M USD Unit : M USD
-100
100
300
500
700
900
1100
1300
1500
2014 2015 2016 2017F 2018F 2019F
Increase of demand in ALD equipment
due to DRAM tech migration & Increment 3D NAND multi-layer
Confidential and Proprietary Innovation & Culture 12
LSP Technology (Local Space Plasma)
① Interface Control
② Incubation Time Control
③ Thermal & Plasma Damage Free
④ Easy System / Process Integration
⑤ Source/Reactant Space division Injection
SDP System (Space Divided Plasma)
:Semi-Batch Type
SDP CVD, SDP ALD
TSD System (Time Space Divided)
: Single Type
TSD CVD, TSD ALD, TSD Etcher
2-2.JUSUNG LSP Technology
Confidential and Proprietary Innovation & Culture
Future Transistor Tech.
• Si SEG ; Elevated
Source Drain
• SiGe, SiC
• a-Si, Poly Si
• OEC
(Oxide Elimination
Chamber)
UHV-CVD & OEC
(Warm Wall Type )
LSP Technology
• High-K
• Metal
• ULTO
Defect Free Tech.
• High-K
• Metal
• SiO / SiOC / SiON
• SiN / SiBN
• Oxidation
• Nitridation
• High-K
• Metal
Defect Free Tech.
• DPT Partition Etch
• STI & Gate Etch
• Hard Mask Etch
• Poly Etch Back
• MTJ Etch
ICP Etcher SDP-CVD/ALD TSD-CVD/ALD
Defect Free Tech.
• High-K
• Metal
• SiO / SiOC / SiON
• SiN / SiBN
• Oxidation
• Nitridation
TSD-Etcher
Defect Free Tech.
• DPT Partition Etch
• STI & Gate Etch
• Hard Mask Etch
• Poly Etch Back
• MTJ Etch
SD-CVD/ALD MO-CVD/ALD
PR(Photoresist) Coating
Exposure /Developing
Etching Ion Implantation /Thermal Process
Ashing /CMP
Cleaning Deposition P C
2-2. Semiconductor_JUSUNG’S Semiconductor Product
(PC : Process)
13
Confidential and Proprietary Innovation & Culture 14
Realizing Next-Gen. of Display via TSD-CVD/ALD
RESOLUTION
FORM FACTOR/
PERFORMANCE
SIZE
TV
PHONE
HD
>326ppi
4K
>600ppi
8K
>700ppi
TV
PHONE
40”
3.5”
55”
5”
70”
5.5”
DISPLAY
LCD OLED
Flexible OLED
Transparent OLED
TFT
a-Si
LTPS
OXIDE
JUSUNG LSP Tech.
TSD CVD/ALD
(Up to 11G)
TFT(Oxide) / TFE
TFT(LTPS) / TFE / TOE
TV
PHONE
2-3. Display_Technology Roadmap
PRESENT
Rollable OLED
(8G~)
(~6G)
Confidential and Proprietary Innovation & Culture
Sustain growth of centering around Oxide & LTPS TFT
15
Display Market forecast 단위 : 억 달러
Display TFT Equipment Ratio forecast
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2011 2012 2013 2014 2015 2016 2017
LTPS a-Si/Oxide a-Si a-Si(G10.5)
Source,IHS Markit
2-3. Display_Equipment Market
-
200
400
600
800
1,000
1,200
1,400
1,600
2015 2016 2017 2018 2019 2020
OLED LCD
LCD CAGR -0.1%(‘15~’20) OLED CAGR 20.4%(‘15~’20)
Confidential and Proprietary Innovation & Culture 16
LED
- LED
(GaN on Sapphire)
(GaN on Si)
- Power Device (GaN on Si)
(SiC)
LCD
a-Si LTPS Oxide
G.I
- SiN - SiN
- SiO
- SiN
- SiO
Active - a-Si - a-Si - IGZO
ILD - SiO
- SiN
Passiva
tion
- SiN - SiN
- SiO
OLED
LTPS Oxide TSP
Barrier/
Buffer
- SiO/SiON/SiN
- SiN
- AlO/TiO
- Index matching
(SiN,SiO,SiON,TiO)
- Metal layer (ITO, ZnO, Metal Mesh)
- ILD
(SiN, SiON)
- Prevent Scratch
(AIO)
T
F
T
Active - a-Si
- SiO
- IGZO
- SiO
ILD - SiO
- SiN
Passivation - SiN
Encapsulation
- AlO/TiO
- SiO / SiON / SiN / SiOX
PI Coating TFT Formation
(a-Si/Oxide/LTPS) OLED Elements Coating (HTL/HIL/EML/EIL/ETL)
Thin Film Encapsulation (Inorganic/Organic)
Removal of Glass P C
2-3. Display_display & LED equipments
(PC : Process)
Confidential and Proprietary Innovation & Culture 17
Table of Contents
1. Company Overview
2. Market Trend & Competitiveness
3. Financial Status
Confidential and Proprietary Innovation & Culture 18
FY 2017 Highlights
(Unit : Wbn)
3-1. FY 2017 Financial Results(Non-consolidated)
· YoY 15.9% growth on sales of Display DISP +15.9%(yoy), SEMI -1.1%(yoy), Solar Cell -66.7%(yoy)
· Reduction of cost of interest by decreasing lone payable(-83% yoy) (Lone payable FY 2016 39.0Wbn -> FY 2017 15.0Wbn)
· Dividend policy will be implemented through earning surplus
▶increase of Display Sales due to accelerated OLED investment
▶ Improvement of financial stability
▶ Completed supply contract of OLED new equipment
· Completed initial supply contract of TSP deposition equipment for small-medium sized touch screen panel · Expected to increase sales due to diversification of OLED equipment
▶ Establishing shareholders return policy plan
▶ Achieved OPM 15.1% due to cost innovation
· Despite the high portion of Display, YoY 1.5%P growth of OPM due to cost innovation Sales Portions : DISP(56.8%), SEMI(40.5%), Solar Cell(2.7%)
4Q 2017
FY 2017
Sales 58.3Wbn, Operating profit 07.5Wbn(OPM 12.9%)
Sales 272.5Wbn, Operating profit 41.2Wbn(OPM 15.1%)
Account Code FY 2017 FY 2016
\ % YoY \ %
Sales Revenue 272.5 100.0% 2.1% 267.0 100.0%
COGS 157.3 57.7% -0.5% 158.1 59.2%
Gross Profit 115.2 42.3% 5.8% 108.9 40.8%
SG&A 74.0 27.2% 1.9% 72.6 27.2%
Operating Income 41.2 15.1% 13.5% 36.3 13.6%
Other income & Expenses
-1.7 -0.6% -221.4% 1.4 0.5%
Finance income & Expenses
3.0 1.1% -120.8% -14.4 -5.4%
Profit before Income tax
42.5 15.6% 82.4% 23.3 8.7%
Income Before Income tax
2.0 0.7% -127.4% -7.3 -2.7%
Net Income 40.5 14.9% 32.4% 30.6 11.5%
Confidential and Proprietary Innovation & Culture 19
2,142
3-2. Recent Business Performance(Non-consolidated)
36.1% 38.0%
43.4%
40.8% 42.2%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
-
500
1,000
1,500
2,000
2,500
3,000
2013 2014 2015 2016 2017
SEMI DISP SC GPM
266.9
175.7
140.4 151.6
40.6%
56.8%
2.6%
41.9%
50.0%
8.1%
60.3%
33.1%
6.6%
59.2%
30.1%
10.7%
25.7%
64.3%
10.0%
1.4%
7.1%
8.3%
13.6%
15.1%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
-
50
100
150
200
250
300
350
400
450
2013 2014 2015 2016 2017
Operating Profit OPM
Sales by Segments/GPM Growth Operating Profit/OPM Growth
272.5
(Unit : Wbn) (Unit : Wbn)
14.5
9.9
2.1
36.3
41.2
Confidential and Proprietary Innovation & Culture 20
Revenues By
Segment
Total 272.5
SEMICONDUCTOR
110.5
DISPLAY
154.8
SOLAR
7.2
40.5%
2.7%
56.8%
Revenues By
Region
Total 272.5
71.9%
KOREA
196.0
CHINA
66.7
24.5%
3.6%
OTHERS
9.8
Backlog By
Segment
Total 73.1
SEMICONDUCTOR
35.5
DISPLAY
37.6
48.6% 51.4%
OLED
122.0
78.8%
LCD
32.8
21.2%
Display
Revenues By
Segment
Total 154.8
3-3. Revenues by Segments & Region(FY 2017) (Unit : Wbn)
Confidential and Proprietary Innovation & Culture
0
200
400
600
800
1000
1200
FY 2014 FY 2015 FY 2016 FY 2017
4Q
3Q
2Q
1Q
0
200
400
600
800
1000
1200
1400
1600
FY 2014 FY 2015 FY 2016 FY 2017
4Q
3Q
2Q
1Q
21
· Sustain its growth due to investment on 3D NAND new fab
and tech migration in semiconductor
∨ Tech Migration(CVD→ALD)
· Improved profit compared to yoy due to sales increase of new
equipment (SDP-CVD) and continuous cost innovation.
∨ 51%(‘16) → 78%(‘17)
SEMI
· Expect sustainable increase of demand in ALD equipment due to
DRAM tech migration and increment of 3D NAND multi-layer
· YoY 15.9% growth due to customer’s new investment on
facility and change to OLED process in Display industry
∨ Environment changes of display industry(LCD → OLED)
· Increase of sales through diversification of OLED equipment
∨ OLED Encapsulation & TFT (LTPS & Oxide) & TSP
· Expect sales increase due to enter into china with OLED equipment
∨ Supply contract of OLED encapsulation equipment with China GVO
DISPLAY
3-4. 2018 OUTLOOK
(Unit : Wbn) (Unit : Wbn)
22.3
20.6
15.1
25.1
26.8
31.0
29.4
18.8
41.8
28.0
19.1
22.9
33.2 41.5
8.8
38.1
2.0 8.2
20.2
27.7
9.3
6.9
18.0
8.0
83.2
106.0
42.2
58.1
111.8
133.5
110.5 154.8
29.0 36.3
50.3
43.2
15.0
46.1
33.3
24.0
Confidential and Proprietary Innovation & Culture 22
2,065
1,431
963
390
134%
81%
26%
8%
65%
92%
144%
220%
0%
50%
100%
150%
200%
250%
-
400
800
1,200
1,600
2014 2015 2016 2017
(Unit : Wbn, %)
Interest Bearing Loan Loan ratio Current ratio
143.1
92.5
39.0 15.0
Improvement of financial stability thanks to decreasing loan payable
3-5. Interest Bearing Loan & Debt Ratio
Confidential and Proprietary Innovation & Culture
World 1st Technology Only
www.jusung.com
1 in the World
23
Confidential and Proprietary Innovation & Culture 24
Table of Contents
APPENDIX
Confidential and Proprietary Innovation & Culture
Appendix 1. Income Statement(Non-consolidated)
(Unit : Wmn)
25
Accounts 4Q '16 3Q '17 4Q ’17 QoQ (%)
YoY (%)
FY 2016 FY 2017 YoY (%)
Sales Revenue 81,040 100.0% 61,790 100.0% 58,317 100.0% -5.6% -28.0% 266,960 100.0% 272,535 100.0% 2.1%
Solar cell 7,832 9.7% 656 1.1% 1,009 1.7% 53.8% -87.1% 21,659 8.1% 7,220 2.7% -66.7%
FPD 50,325 62.1% 46,128 74.6% 24,035 41.2% -47.9% -52.2% 133,542 50.0% 154,839 56.8% 15.9%
Semiconductor 22,883 28.2% 15,006 24.3% 33,273 57.1% 121.7% 45.4% 111,759 41.9% 110,476 40.5% -1.1%
COGS 46,937 57.9% 36,985 59.9% 31,657 54.3% -14.4% -32.6% 158,048 59.2% 157,388 57.7% -0.4%
Gross Profit 34,103 42.1% 24,805 40.1% 26,660 45.7% 7.5% -21.8% 108,912 40.8% 115,147 42.3% 5.7%
SG&A 22,275 27.5% 16,225 26.3% 19,141 32.8% 18.0% -14.1% 72,638 27.2% 73,973 27.1% 1.8%
R&D Expense 15,957 19.7% 9,241 15.0% 13,406 23.0% 45.1% -16.0% 45,459 17.0% 47,428 17.4% 4.3%
Operating Income 11,828 14.6% 8,580 13.9% 7,519 12.9% -12.4% -36.4% 36,274 13.6% 41,174 15.1% 13.5%
Other Operating
Expense 1,719 2.1% 194 0.3% (615) -1.1% -417.0% -135.8% 1,359 0.5% (1,708) -0.6% -225.7%
Other Non- Operating
Expense (8,861) -10.9% (54) -0.1% 176 0.3% -425.9% -102.0% (14,317) -5.4% 3,043 1.1% -121.3%
Income Before
Income Tax 4,658 5.7% 8,720 14.1% 7,080 12.1% -18.8% 52.0% 23,288 8.7% 42,509 15.6% 82.5%
Income Tax Expense (7,986) -9.9% 789 1.3% 138 0.2% -82.5% -101.7% (7,347) -2.8% 1,975 0.7% -126.9%
Net Income 12,644 15.6% 7,931 12.8% 6,942 11.9% -12.5% -45.1% 30,634 11.5% 40,534 14.9% 32.3%
Confidential and Proprietary Innovation & Culture
Appendix 2. Balance Sheet Summary(Non-consolidated)
Accounts FY 2017 FY 2016 FY 2015
Current Assets 140,492 162,764 133,046
Cash and Cash Equivalent
Account Receivables-Trade
Other Current Assets
Inventories
48,559 14,689 36,610 40,634
30,974 45,746 40,408 45,636
28,964 19,106 34,134 50,842
Non-Current Assets 171,503 162,863 174,641
Investment Assets
Tangible Assets
Intangible Assets
Other Non-Current Assets
6,733 143,153
8,832 12,785
9,838 128,497 12,173 12,355
19,824 132,807 14,745 7,265
Total Assets 311,995 325,627 307,687
Current Liabilities 63,846 113,717 144,498
Account Payables -Trade
Short-term Borrowings
Current portion of Long-term debts
Other Current Liabilities
30,742 15,000
0 18,104
59,792 39,000
0 14,925
40,802 92,179 6,000 5,517
Non-Current Liabilities 62,804 65,850 48,757
Long-term Borrowings
Other Non-Current Liabilities 0
62,804 0
65,850 2,100
46,657
Total Liabilities 126,650 179,567 193,255
Capital Stock 24,125 24,125 24,125
Capital Surplus
Other Capital
Accumulated Other Comprehensive Income
Retained Earnings or Accumulated Deficit
109,008 0
11,641 40,571
146,543 0
12,927 -37,535
146,227 316
11,622 -67,858
Total Shareholders’ Equity 185,345 146,060 114,432
Total Liabilities and Total Shareholders’ Equity 311,995 325,627 307,687
26
(Unit : Wmn)