◈ AD테크놀로지 2021.11.15 기준/(제20기) 2021.01.01.~2021.9.30. 시스템반도체, ASIC, SOC, 비메모리반도체, ASIC디자인하우스1 . 사업의 개요 당사는 TV, 모바일, 사물인터넷 등의 두뇌 역할을 하는 시스템반도체의 국산화를 목표로 2002년 8월 설립하여 2014년 12월 코스닥시장에 신규 상장하였습니다 . 다양한 IT제품의 핵심부품인 시스템반도체를 개발하는 전문기업으로 설립 초기부터 다양한 고객으로부터 기술력을 인정받아 다양한 분야의 ASIC/SoC 과제를 수행해 왔습니다. 특히, 2009년에는 세계 최고의 파운드리 기업인 TSMC의 VCA(Value Chain Aggregator)로 선정되었으며, 이를 통해 28nm, 16nm FinFET 등 날로 고집적화되는 ASIC/SoC 설계에 빠르게 대응하여 노하우를 축적했습니다. 이러한 기술력을 바탕으로 현재는 삼성전자 파운드리와 DSP 협력 파트너 관계를 맺고 있으며 제2의 도약을 계획하고 있습니다. 시스템반도체가 High-End, 미세공정 설계로 발전함에 따라 당사와 같은 Chipless 기업을 통한 분업화의 필요성이 점점 커지고 있습니다. IT제품의 수명주기가 급속히 짧아짐에 따라 설계기간 단축을 통한 적시생산이 요구되며, IT제품의 소형화/고집적화로 저전력, 미세공정에 대한 필요성이 증대되고 있습니다. 당사는 이러한 고객의 요구를 충족시키기 위해 자체 IP(Intellectual Property) 및 저전력 Library 등을 개발하여 설계 기간 단축, 비용 절감, 성능 향상을 위한 최적의 설계를 수행하고 있습니다. 사물인터넷(IoT)과 클라우드 컴퓨팅 시대가 도래하면서 반도체 시장의 흐름이 바뀌고 있습니다. 업계 전문가들은 2000년대 후반 스마트폰에 이어 IoT를 중심으로 4차 산업혁명이 도래하면서 반도체 시장이 급격히 성장할 것으로 전망하고 있습니다. 이러한 반도체 시장 부흥의 중심에는 시스템 반도체가 있습니다. 이 시장을 이끌어갈 주인공이 바로 우리가 될 수 있는 기회임을 직시하고 준비하여 주목할 만한 성장을 이루기 위해 최선을 다하겠습니다. 2. 주요 제품 및 서비스가. 주요 제품 등의 현황 ◈ AD테크놀로지 2021.11.15 기준/(제20기) 2021.01.01.~2021.9.30. 시스템반도체, ASIC, SOC, 비메모리반도체, ASIC디자인하우스1 . 사업의 개요 당사는 TV, 모바일, 사물인터넷 등의 두뇌 역할을 하는 시스템반도체의 국산화를 목표로 2002년 8월 설립하여 2014년 12월 코스닥시장에 신규 상장하였습니다 . 다양한 IT제품의 핵심부품인 시스템반도체를 개발하는 전문기업으로 설립 초기부터 다양한 고객으로부터 기술력을 인정받아 다양한 분야의 ASIC/SoC 과제를 수행해 왔습니다. 특히, 2009년에는 세계 최고의 파운드리 기업인 TSMC의 VCA(Value Chain Aggregator)로 선정되었으며, 이를 통해 28nm, 16nm FinFET 등 날로 고집적화되는 ASIC/SoC 설계에 빠르게 대응하여 노하우를 축적했습니다. 이러한 기술력을 바탕으로 현재는 삼성전자 파운드리와 DSP 협력 파트너 관계를 맺고 있으며 제2의 도약을 계획하고 있습니다. 시스템반도체가 High-End, 미세공정 설계로 발전함에 따라 당사와 같은 Chipless 기업을 통한 분업화의 필요성이 점점 커지고 있습니다. IT제품의 수명주기가 급속히 짧아짐에 따라 설계기간 단축을 통한 적시생산이 요구되며, IT제품의 소형화/고집적화로 저전력, 미세공정에 대한 필요성이 증대되고 있습니다. 당사는 이러한 고객의 요구를 충족시키기 위해 자체 IP(Intellectual Property) 및 저전력 Library 등을 개발하여 설계 기간 단축, 비용 절감, 성능 향상을 위한 최적의 설계를 수행하고 있습니다. 사물인터넷(IoT)과 클라우드 컴퓨팅 시대가 도래하면서 반도체 시장의 흐름이 바뀌고 있습니다. 업계 전문가들은 2000년대 후반 스마트폰에 이어 IoT를 중심으로 4차 산업혁명이 도래하면서 반도체 시장이 급격히 성장할 것으로 전망하고 있습니다. 이러한 반도체 시장 부흥의 중심에는 시스템 반도체가 있습니다. 이 시장을 이끌어갈 주인공이 바로 우리가 될 수 있는 기회임을 직시하고 준비하여 주목할 만한 성장을 이루기 위해 최선을 다하겠습니다. 2. 주요 제품 및 서비스가. 주요 제품 등의 현황
(단위 : 백만원) (단위 : 백만원)
구분 적용 시장 령화 2년 21년 제3분기매출 비율매출 비율 제품 디스플레이 8920.40%4650.16%7130.30%모바일 164,12772.68%231,421,867 85.69%의 인터넷 3,4211.51%3,3241.14%8100.34%빅 데이터 37,8431,84316,729 199494,99641, 기타 1,252,55941,735941,934939939934941,7,539439439439739
2110.09%계 225,810100.00% 292,360 100.00% 241,423 100.00% 2110.09%계 225,810100.00% 292,360 100.00% 241,423 100.00%
주 1) 연결재무제표 기준입니다. 3. 원재료 및 생산 설비가. 매입 상황 주 1) 연결재무제표 기준입니다. 3. 원재료 및 생산 설비가. 매입 상황
(단위 : 백만원, 천 $) (단위 : 백만원, 천$)
구분내역 2019년 2020년 2021년 3분기 원재료 웨이퍼수입 163,808186,850 165,030 $140,530$158,341$145,914 IP 국내184279-수입 267278-$229 $235-소계 164,259187,407 165,030 외주가공 FAB 국내–77 수입 11,9093,670 388 88 $10,216$3、110$343 패 키징 국내 14811,98811,449364 47달러,247 수입,03536,993매입 합계 215,603250,452202,023 구분내역 2019년 2020년 2021년 3분기 원자재 웨이퍼수입 163,808186,850 165,030 $140,530$158,341$145,914 IP 국내184279-수입 267278-$229 $235-소계 164,259187,407 165,030 외주가공 FAB 국내–77 수입 11,9093,670 388 88 $10,216$3、110$343 패 키징 국내 14811,98811,449364 47달러,247 수입,03536,993매입 합계 215,603 250,452 202,023
주 1) 미화는 KEB하나은행의 최초 고시환율 중 매매기준율이 1월~9월 평균으로 산정되는가? 가격변동 추이 주1) 미화는 KEB하나은행의 최초 고시환율 중 매매기준율이 1월~9월 평균으로 산정되는가. 가격변동의 추이
(단위 : $) (단위 : $)
구분 2019년 2020년 2021년 3분기 Wafer (매) 12 Inch 3,1933,7264,0398 Inch 752725828 구분 2019년 2020년 2021년 3분기 Wafer (장) 12 Inch 3,193 3,7264,0398 Inch 752725828
(단위 : 백만원) (단위 : 백만원)
매출유형판매경로 제18기(2019년말) 제19기(2020년말) 제20기(2021년3분기말) 제품(양산) 직접판매 207,535 267,155 226,458 용역 (개발) 18,260 25,070 14,548 상품 15 135206 기타 — 211 합계 225,810292,360 241,423 매출타입 판매경로 제18기(2019년말) 제19기(2020년말) 제20기(2021년3분기말) 제품(양산) 직접판매 207,535 267,155 226,458 용역 (개발) 18,260 25,070 14,548 상품 15 135206 기타 — 211 합계 225,81029 2,360 241,423
주 1) 연결재무제표 기준입니다. 나. 판매경로 및 판매방법 (1) 판매경로 당사는 해외고객에 대한 직접 수출이 없으며, 판매경로도 직접 판매형태입니다. (2) 판매방법 및 조건 주 1) 연결재무제표 기준입니다. 나. 판매경로 및 판매방법 (1) 판매경로 당사는 해외고객에 대한 직접 수출이 없으며, 판매경로도 직접 판매형태입니다. (2) 판매방법 및 조건
판매유형 판매방법 판매조건 개발용역 고객의 용역개발계약에 따라 당사 및 반도체 공정기술을 바탕으로 ASIC 설계를 하고 외주위탁가공을 통해 시제품을 제작하여 고객에게 전달개발용역계약은 일반적으로 선금, 중도금, 잔금으로 계약금을 분할하고 30일 이내에 현금결제방식을 원칙으로 하고 있다. 제품(양산) 고객과 계약 체결된 제품 공급 범위에 따라 Wafer 제작 공급 또는 Turn-Key 방식인 Wafer 제작에서 PKG/Test 완료된 최종 완제품 ASIC에 공급하여 외주 위탁 생산 업체를 통해 제품 생산하여 고객에게 제품을 납품. 고객의 사전 주문 계획을 접수해 외주 생산사와 제품 생산을 계획하고 고객의 주문에 따라 외주 생산하며 양사가 협의한 납기일 내에 제품을 납품한다. 제품 납품 후 30일 이내의 현금 결제 방식을 원칙으로 하고 있다. 판매유형 판매방법 판매조건 개발용역 고객의 용역개발계약에 따라 당사 및 반도체 공정기술을 바탕으로 ASIC 설계를 하고 외주위탁가공을 통해 시제품을 제작하여 고객에게 전달개발용역계약은 일반적으로 선금, 중도금, 잔금으로 계약금을 분할하고 30일 이내에 현금결제방식을 원칙으로 하고 있다. 제품(양산) 고객과 계약 체결된 제품 공급 범위에 따라 Wafer 제작 공급 또는 Turn-Key 방식인 Wafer 제작에서 PKG/Test 완료된 최종 완제품 ASIC에 공급하여 외주 위탁 생산 업체를 통해 제품 생산하여 고객에게 제품을 납품. 고객의 사전 주문 계획을 접수해 외주 생산사와 제품 생산을 계획하고 고객의 주문에 따라 외주 생산하며 양사가 협의한 납기일 내에 제품을 납품한다. 제품 납품 후 30일 이내의 현금 결제 방식을 원칙으로 하고 있다.
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(Unit: 1,000 won) (Unit: 1,000 won)
impact on after-tax profits impact on capital USD 5,885,0231,565,254 fell (5,885,023) (1,565,254) (5,885) (5,8585,023) (1,858,254) (7,789) (863) (8667), 8364 3367,8364 (8664), CN363364 (883 -883 -883 -883 -883 -883 -388 -388 -388:383 (4) impact on after-tax profits impact on capital When USD rose 5,885,0231,565,254 fell (5,885,023) (1,565,254) (5,885) (5,8585,023) (1,858,254) (7,789) (863) (8667), 8364 3367,8364 (8664), CN 363364 (88364), 883364 (1988364), 883884,883(883 -988) –
(2) Price risk consolidators are exposed to price risks of equity securities held by companies classified as profit and loss-fair value financial assets in the financial status table, and consolidators regularly pay attention to market fluctuations to manage price risks. Listed stocks held by consolidated companies are traded in the open market and belong to the KOSDAQ stock index. As of the end of the reporting period, all other variables are constant and the impact on the consolidated company’s after-tax profits and capital when the stock price fluctuates by 30% is as shown in the table below. (2) Price risk consolidators are exposed to price risks of equity securities held by companies classified as profit and loss-fair value financial assets in the financial status table, and consolidators regularly pay attention to market fluctuations to manage price risks. Listed stocks held by consolidated companies are traded in the open market and belong to the KOSDAQ stock index. As of the end of the reporting period, all other variables are constant and the impact on the consolidated company’s after-tax profits and capital when the stock price fluctuates by 30% is as shown in the table below.
(Unit: 1,000 won) (Unit: 1,000 won)
impact on after-tax profits impact on capital 765,818 640,082 Drops in the previous quarter (765,818) (640,082) (765,818) (640,082) (640,082) (640,082) impact on after-tax profits impact on capital 765,818 640,082 Drops in the previous quarter (765,818) (640,082) (765,818) (640,082) (640,082) (640,082)
(3) Interest rate risk Interest rate risk is the risk of interest income and interest costs fluctuating from deposits or borrowings due to future market rate fluctuations, mainly from deposits and borrowings with variable interest rates. The goal of the consolidated company’s interest rate risk management is to maximize the value of the company by pursuing uncertainties caused by interest rate fluctuations and minimizing net interest costs. As of the end of the reporting period, all other variables are constant, and the impact on the after-tax profits and capital of the consolidated company when the interest rate fluctuates by 100bp is shown in the table below. (3) Interest rate risk Interest rate risk is the risk of interest income and interest costs fluctuating from deposits or borrowings due to future market rate fluctuations, mainly from deposits and borrowings with variable interest rates. The goal of the consolidated company’s interest rate risk management is to maximize the value of the company by pursuing uncertainties caused by interest rate fluctuations and minimizing net interest costs. As of the end of the reporting period, all other variables are constant, and the impact on the after-tax profits and capital of the consolidated company when the interest rate fluctuates by 100bp is shown in the table below.
(Unit: 1,000 won) (Unit: 1,000 won)
impact on market interest-rate after-tax profits impact on capital 258,035 (193,155) 258,035 (193,155) Drop (258,035) 193,155 (258,035) 193,155 (258,035) 193,155 Impact on after-tax profit on market interest rates impact on capital 258,035(193,155)258,035(193,155)Drop(258,035)193,155(258,035)193,155(258,035)193,155
5.2 Credit risk Credit risk is managed at the consolidated company level. Credit risks arise not only from credit risks to customers, including receivables and fixed contracts held, but also from cash, cashable assets, and deposits at financial institutions. In the case of customers, credit ratings evaluated as independent credit ratings are used, and in the absence of independent credit ratings, credit risk is evaluated considering other factors such as customer financial status and past experience. Individual risk limits are determined based on internal or externally determined credit ratings in accordance with the limits set by the Board of Directors. The use of credit limits is regularly considered. No credit limit has been exceeded during the current period, and management does not expect losses from the above customers due to non-performance of obligations. The maximum exposure to credit risks as of the end of this quarter and the end of the previous quarter is as follows. 5.2 Credit risk Credit risk is managed at the consolidated company level. Credit risks arise not only from credit risks to customers, including receivables and fixed contracts held, but also from cash, cashable assets, and deposits at financial institutions. In the case of customers, credit ratings evaluated as independent credit ratings are used, and in the absence of independent credit ratings, credit risk is evaluated considering other factors such as customer financial status and past experience. Individual risk limits are determined based on internal or externally determined credit ratings in accordance with the limits set by the Board of Directors. The use of credit limits is regularly considered. No credit limit has been exceeded during the current period, and management does not expect losses from the above customers due to non-performance of obligations. The maximum exposure to credit risks as of the end of this quarter and the end of the previous quarter is as follows.
(Unit: 1,000 won) (Unit: 1,000 won)
Category: End-of-quarter cashable assets 66,544,487 47,150,936 Sales receivables 18,696,9484,369,172 Other current financial assets 16,384,33117,150,106 Other non-current financial assets 3,770,1162,744,809 Categories End-of-quarter cashable assets 66,544,487 47,150,936 sales receivables 18,696,9484,369,172 Other current financial assets 16,384,33117,150,106 Other non-current financial assets 3,770,1162,744,809
5.3 Liquidity Risk Consolidators maintain the limit of unused loans at an appropriate level and monitor liquidity forecasts at all times to meet operating fund demand so that they do not violate loan limits or agreements. When forecasting liquidity, such requirements are taken into account if there are external regulations or legal requirements such as financing plans of the consolidated companies, compliance with agreements, target financial ratios within the consolidated companies, and restrictions on currencies. The details of liquidity risk analysis of consolidated companies are as follows. 5.3 Liquidity Risk Consolidators maintain the limit of unused loans at an appropriate level and monitor liquidity forecasts at all times to meet operating fund demand so that they do not violate loan limits or agreements. When forecasting liquidity, such requirements are taken into account if there are external regulations or legal requirements such as financing plans of the consolidated companies, compliance with agreements, target financial ratios within the consolidated companies, and restrictions on currencies. The details of liquidity risk analysis of consolidated companies are as follows.
(Unit: 1,000 won) (Unit: 1,000 won)
Less than 3 months to less than 1 year at the end of the current term 1 to 2 years or less 2 to 5 years or less Total Short-Term Borrowings 3,229,36437,645,034-40,874,398 Liquidity Long-Term Borrowings 461,369 – 101,830 Long-Term Borrowings 8072,3953,203177,053183,458 Purchase Obligations 9,353,529-9,353,529-Other current financial liabilities 2,000-011-029-0907,000 72-011,000 convertible 1,000 convertible bonds 000,756 less than 3 months to 1 year at the end of the current period 1 to 2 years or less 2 to 5 years or less Total Short-Term Borrowings 3,229,36437,645,034-40,874,398 Liquidity Long-Term Borrowings 461,369 – 101,830 Long-Term Borrowings 8072,3953,203177,053183,458 Purchase Obligations 9,353,529-9,353,529-Other current financial liabilities 2000-011-029-0907,000 72-011,000 convertible 000 convertible bonds 000,756
(Unit: 1,000 won) (Unit: 1,000 won)
Less than 3 months at the end of the previous quarter 3 months to less than 1 year 1 to 2 years or less 2 to 5 years or less total short-term borrowings 151,27443,178,964 –43,330,238 Liquidity Long-Term Borrowings 84,645 254,008 – 338,653 Long-term Borrowings 3291, 00583, 60084, 934 Purchase Obligations 15, 086, 212-15, 086, 212 Other current financial liabilities 2,747-084-247-075-02.4 billion yen, 22239,830-528,811 End-of-quarter 3 months to 1 year or less 1 to 2 years or less 2 to 5 years or less total short-term borrowings 151,27443,178,964 –43,330,238 Liquidity Long-Term Borrowings 84,645 254,008 – 338,653 Long-term Borrowings 3291, 00583, 60084, 934 Purchase Obligations 15, 086, 212 – 15, 086, 212 Other current financial liabilities 2,747 – 084 – 247 – 075 – 02.4 billion yen, 22239,830 – 528,811
5.4 Capital management of capital risk management affiliates aims to maximize shareholder profits by maintaining a sound capital structure, monitoring financial ratios such as debt ratios for optimal capital structure, and implementing appropriate financial structure improvement measures if necessary. As of the end of the reporting period, the debt ratio of consolidated companies is as follows. 5.4 Capital management of capital risk management affiliates aims to maximize shareholder profits by maintaining a sound capital structure, monitoring financial ratios such as debt ratios for optimal capital structure, and implementing appropriate financial structure improvement measures if necessary. As of the end of the reporting period, the debt ratio of consolidated companies is as follows.
(Unit: 1,000 won) (Unit: 1,000 won)
Category: End-of-term liabilities at the end of the current period 65,556,44871,845,370 Capital 163,902,192 148,470,758 Debt Ratio 40.00% 48.39% Category liabilities at the end of the first half of the current term 65,556,44871,845,370 Capital 163,902,192 148,470,758 Debt Ratio 40.00% 48.39%
6. a leading contract and research and development activist. As of the date of submission of the main contract report, there are no applicable items. B. Research and Development Organization 6. a leading contract and research and development activist. As of the date of submission of the main contract report, there are no applicable items. B. research and development organization
Research and Development Organization Research and Development Organization
C. R&D expenses C. research and development expenditure
(Unit: KRW 1,000) (Unit: KRW 1,000) : 1,000 won)
Subject: 18th, 19th, 20th, 3rd quarter Total R&D costs 1,774,177-89,157626,399 Accounting and administrative costs — Manufacturing costs 241,5841,110,291626,399 Development costs (intangible assets) 1,532,592-1,199,448-R&D Expenditure/Sales Ratio [R&D Cost Total ÷ Current Sales × 100] 0.79%-0.03% 0.26% Subjects 18th, 19th, 20th, 3rd quarter Total R&D costs 1,774,177-89,157626,399 Accounting and administrative costs — Manufacturing costs 241,5841,110,291626,399 Development costs (intangible assets) 1,532,592-1,199,448-R&D Expenditure/Sales Ratio [R&D Cost Total ÷ Current Sales × 100] 0.79%-0.03% 0.26%
(Units : cases ) (unit : case)
classification number patent Domestic Applications – Registration 25 Overseas Applications – Registration 1 Number of Category Patents Domestic Applications – Registration 25 Overseas Applications – Registration 1
B. Business market environment and operating conditions) System semiconductor industry characteristics and growth potential system semiconductors are key components that drive cutting-edge IT devices, and have grown in scale with the growth of front-line industries such as displays, Internet of Things, and mobile. Unlike memory semiconductors, which have a small variety mass production business structure, the system semiconductor industry has the characteristics of multi-variety small production due to the evolution of IT devices, and the performance of devices varies greatly depending on semiconductor design capabilities. According to WSTS, a semiconductor-related research institute, the global semiconductor market is expected to reach $469.4 billion in 2021, up about 8% from 2020. This is because the growth of memory semiconductors and sensor products played a major role, and it was less negatively affected by the COVID-19 pandemic. B) Current state of the industry (1) The classification semiconductor design and manufacturing of industries may be carried out by one company, but some companies specialize in each process. This classification can be divided into general semiconductor companies (IDM), design companies (Fables, Chipless), consignment production companies (Foundry), and packaging and testing companies (SATS). Our company falls under the category of dual design specialist (Chipless). (2)The semiconductor design industry (Fables, Chipless) fabless company (Fables) literally does not own a production facility (Fab) and is only in charge of circuit design and sales. This means that after designing the circuitry, manufacturing and packaging/testing are outsourced and sold under their own brand on the product. Since they do not have semiconductor production facilities, facility investment is low, and research and development costs and labor costs account for most of the fixed costs. Leading companies include Qualcomm, Broadcom, Mediatek and Silicon Works. Chipless, our business structure does not have production facilities like fabless companies, but we will proceed with the development at the request of customers (set manufacturers and Fables companies) and outsource and deliver semiconductors as requested. C) The semiconductor market, characteristic of economic fluctuations, is greatly affected by the surrounding environment, and GDP growth has the biggest impact. This is because the components of GDP can be said to be “all” of semiconductor growth, including facility investment and durable consumer goods expenditure. In particular, the system semiconductor market is affected by economic fluctuations caused by spending on durable consumer goods rather than facility investment. [Table] World Economic Outlook (unit: %) B. Business Market Environment and Sales Overview) System Semiconductor Industry Characteristics and Growth System Semiconductor is a key component that drives advanced IT devices and has grown in scale with the growth of front-line industries such as display, Internet of Things, and mobile. Unlike memory semiconductors, which have a small variety mass production business structure, the system semiconductor industry has the characteristics of multi-variety small production due to the evolution of IT devices, and the performance of devices varies greatly depending on semiconductor design capabilities. According to WSTS, a semiconductor-related research institute, the global semiconductor market is expected to reach $469.4 billion in 2021, up about 8% from 2020. This is because the growth of memory semiconductors and sensor products played a major role, and it was less negatively affected by the COVID-19 pandemic. B) Current state of the industry (1) The classification semiconductor design and manufacturing of industries may be carried out by one company, but some companies specialize in each process. This classification can be divided into general semiconductor companies (IDM), design companies (Fables, Chipless), consignment production companies (Foundry), and packaging and testing companies (SATS). Our company falls under the category of dual design specialist (Chipless). (2)The semiconductor design industry (Fables, Chipless) fabless company (Fables) literally does not own a production facility (Fab) and is only in charge of circuit design and sales. This means that after designing the circuitry, manufacturing and packaging/testing are outsourced and sold under their own brand on the product. Since they do not have semiconductor production facilities, facility investment is low, and research and development costs and labor costs account for most of the fixed costs. Leading companies include Qualcomm, Broadcom, Mediatek and Silicon Works. Chipless, our business structure does not have production facilities like fabless companies, but we will proceed with the development at the request of customers (set manufacturers and Fables companies) and outsource and deliver semiconductors as requested. C) The semiconductor market, characteristic of economic fluctuations, is greatly affected by the surrounding environment, and GDP growth has the biggest impact. This is because the components of GDP can be said to be “all” of semiconductor growth, including facility investment and durable consumer goods expenditure. In particular, the system semiconductor market is affected by economic fluctuations caused by spending on durable consumer goods rather than facility investment. [Table] World Economic Outlook (unit: %)
Category 2020 2021 2022 World-3.55.54.2 Developed Countries-4.94.63.1 US-3.45.15 Japan-5.13.4 UK-10.04.55.3.64.1 Eurozone-July 24, 23.6 Guitar Developed Countries-2.53.63.1 Emerging Countries-2.46.35.0 Category 2020 2021 2022 World-3.55.54.2 Developed Countries-4.94.63.1 US-3.45.15 Japan-5.13.4 UK-10.04.55.3.64.1 Eurozone-July 24, 23.6 Guitar Developed Countries-2.53.63.1 Emerging Countries-2.46.35.0
(Source: IMF21) According to data released by the International Monetary Organization (IMF), the COVID-19 pandemic is expected to continue its gradual recovery in a severe economic recession amid still rising and falling risks in global finance. D) market environmentUnlike our main customers, Set and Fabless, we are designing silicon to implement algorithms that improve chip performance rather than develop algorithms that represent semiconductor chip performance. Due to the characteristics of this company, we developed technology focused on improving the performance of semiconductors themselves rather than technology specialized in Korea’s front-line industries, and we have the ability to fulfill customer requests in various industries. Therefore, we design more than 40 to 50 new products every year, accumulating development experience in various fields (TV, mobile, Internet of Things, automobiles, etc.), and the semiconductor development and customer support capabilities that customers want are superior to other companies. In addition, unlike Fables, which only designs semiconductors, and companies with limited foundry facilities, we have developed a business form that can earn excess profits through semiconductor supply through design mass production through collaboration with foundry, which has the most processes. Therefore, by mass-producing and delivering semiconductors developed at the request of customers, there is no burden of inventory assets and it is not subordinate to one industry group, so it has a stable Chipless business structure. E) Company Strength (1) Organizational Configuration for One-Stop System Semiconductor Development Organization We have specialized organizations such as SoC Development, Platform Development, IP Development, Embedded Memory Development, Library Development, Test Development, and QA to provide customer-required business models. Our company supports not only semiconductor development but also packaging, test development, and QA services so that customers can develop semiconductors and mass-produce them stably without a separate organization or manpower. (2) The accumulated know-how and the average experience of major researchers with abundant semiconductor development experience are more than 20 years old, and many excellent people with know-how are being secured. It has a history of product development for various processes from the advanced micro-process of 16nm FinFET to 180nm process, and has a history of product development and mass production for Embedded Flash, High Voltage, RF, etc. In addition, we efficiently participate in task development with our pool of talent and succeed in one-time development without errors, providing a differentiated solution that takes into account competitive chip size and shortest TAT. (3) It has a history of system semiconductor development and mass production with built-in high-specification IP such as 10Gbps series/parallel transmitters, 5Gbps PCIe, 3.7Gbps Vx1, 1,866Mbps DDR3, 24-bit ADC, etc. From an application perspective, we are developing and mass-producing various products such as Mobile devices, Digital TV, Automotive, ESL (Electronic Shelf Label), Smart Grid, Communications and Network Products, IoT (Internet of Things), Vehicle Electrical Products, and VR/AR Products. (4) Infrastructure for low power system semiconductor development Designflow for low power development, low power/high performance library, and Embedded SRAM development infrastructure are secured to ensure competitiveness in differentiated low power system semiconductor development and products. We also develop and apply low power/high performance high speed serial interface IP and specialized specification AFE IP at customer request to ensure product specifications and competitiveness. (5) We provide technical support and verification to ensure the development completeness and reliability of customer-oriented technologies and development customers. For product competitiveness and development efficiency, the IP vendor supports survey, review, and verification of the IP required by the customer. In addition, we form a direct channel with our customers so that we can actively support them and solve problems. 8. Summarized financial information. Summary Consolidated Financial Information (unit: KRW 1 million) (Source: IMF21) According to data released by the International Monetary Organization (IMF), the COVID-19 pandemic is expected to continue its gradual recovery in a severe economic recession amid still rising and falling risks in global finance. D) market environmentUnlike our main customers, Set and Fabless, we are designing silicon to implement algorithms that improve chip performance rather than develop algorithms that represent semiconductor chip performance. Due to the characteristics of this company, we developed technology focused on improving the performance of semiconductors themselves rather than technology specialized in Korea’s front-line industries, and we have the ability to fulfill customer requests in various industries. Therefore, we design more than 40 to 50 new products every year, accumulating development experience in various fields (TV, mobile, Internet of Things, automobiles, etc.), and the semiconductor development and customer support capabilities that customers want are superior to other companies. In addition, unlike Fables, which only designs semiconductors, and companies with limited foundry facilities, we have developed a business form that can earn excess profits through semiconductor supply through design mass production through collaboration with foundry, which has the most processes. Therefore, by mass-producing and delivering semiconductors developed at the request of customers, there is no burden of inventory assets and it is not subordinate to one industry group, so it has a stable Chipless business structure. E) Company Strength (1) Organizational Configuration for One-Stop System Semiconductor Development Organization We have specialized organizations such as SoC Development, Platform Development, IP Development, Embedded Memory Development, Library Development, Test Development, and QA to provide customer-required business models. Our company supports not only semiconductor development but also packaging, test development, and QA services so that customers can develop semiconductors and mass-produce them stably without a separate organization or manpower. (2) The accumulated know-how and the average experience of major researchers with abundant semiconductor development experience are more than 20 years old, and many excellent people with know-how are being secured. It has a history of product development for various processes ranging from 16nm FinFET to 180nm process, which is a state-of-the-art fine process, and Embedded
B. Financial information by summary (unit: KRW 1 million) B. Financial information by summary (unit: KRW 1 million)
Category 3rd quarter of the 20th quarter (end of September 2009) 19th (end of December 2008) 18th (end of December 2007) [Current assets] 136,017134,77388,825, Current assets 102,738103,12457,618,Inventory assets 33,27931,64931,052,Tangible assets 32,998332642, Intangible assets 7,9366,5,15666,15663, Financial assets 33,1563,166.63,637 [non-equential assets] Cost Court classified January 1, 2021 – January 1, 2021 – September 30, 2021 – January 1, 2020 – December 31, 2020 – October 31, 2019 – Sales 22531 – Operating profit 829 – 22 categories Q3 FY20 (end of September 2009) 19th (end of December 2008) 18th (end of December 2007) [Current assets] 136,017134,77388,825, Current assets 102,738103,12457,618,Inventory assets 33,27931,64931,052,Tangible assets 32,998332642, Intangible assets 7,9366,5,15666,15663, Financial assets 33,1563,166.63,637 [non-equential assets] Cost Court Act January 1, 2021 – January 1, 2021 – September 30, 2021 – January 1, 2020 – December 31, 2020 – October 31, 2019 – Sales 22531 – Operating profit 829 – 22
9. Current Status of Officers and Employees, etc. Current Status of Officers 9. Current Status of Officers and Employees, etc. Current Status of Officers
(Reference Date: 2021.09.30) (Unit: Note) (Reference Date: 2021.09.30) (Unit: Note)
Current status of employees, etc. Current status of employees, etc
(Reference date: 2021.09.30) (unit) : 1 million won) (base date) : 2021.09.30) (unit) : 1 million won)
non-staff worker Remarks Business Division Gender Staff Average number of years of service Total annual salary per person Average salary a worker who has no fixed term for men and women Total number of part-time workers (short-time workers) All-time (short-time workers) On-demand semiconductor man 145-1452.55,51538 —- Customized Semiconductor Woman 33–333.11,19036-Total 178–1782.56,70538- Staff non-affiliated worker Remarks Business Division Gender Staff Average number of years of service Total annual salary per person Average salary a worker who has no fixed term for men and women Total number of part-time workers (short-time workers) All-time (short-time workers) On-demand semiconductor man 145-1452.55,51538 —- Customized Semiconductor Woman 33–333.11,19036-Total 178–1782.56,70538-
Unregistered Officer Remuneration Status Unregistered Officer Remuneration Status
(Reference date: 2021.09.30) (unit) : 1 million won) (base date) : 2021.09.30) (unit) : 1 million won)
Total annual salary of classified people Average salary of one person Remarks Unregistered Officers 7862123 – Total annual salary per person Average salary Remarks Unregistered Officers 7862123-
10. Current status of affiliates (details) 10. Current status of affiliates (details)
(Standard Date: 2021.09.30) (Unit: Company) (Standard Date: 2021.09.30) (Unit: Company)
Number of companies eligible for listing corporate name corporation registration number Listed 1 Eddie Technology 131111-0081627 — Unlisted 7 CORALIC CO., LIMITED-I.M.I. 1311-0566009 Argo 131111-0234135 E.C. 160111-0439459 S&S Technology 110111-6842169 SNST&FINGER VINA CO., LTD-Co., Pines 134511-00324 Number of companies that can be listed corporate name corporation registration number Listed 1 Eddie Technology 131111-0081627 — Unlisted 7 CORALIC CO., LIMITED-I.M.I. 1311-0566009 Argo 131111-0234135 E.C. 160111-0439459 S&S Technology 110111-6842169 SNST&FINGER VINA CO., LTD-Co., Pines 134511-00324
11. Current status of investment by other corporations (details) 11. Current status of investment by other corporations (details)
(Reference date: 2021.09.30) (unit) : 1,000 won, note, %) (base date) : 2021.09.30) (unit) : 1,000 won, note, %)
12. Company History 1. Change of Head Office Location ○ 2002. 11. Geumgok-dong, Bundang-gu, Seongnam-si ○ 2006. 12. Gumi-dong, Bundang-gu, Seongnam-si ○ 2003.09 Gumi-dong, Bundang-gu, Seongnam-si → 2012. 11, Sangdaewon-dong, Jungwon-gu, Seongnam-si ○ 255 Pangyo-ro, Bundang-gu, Seongnam-si (Sampyeong-dong) ○ 2015. 11, Sangdaewon-dong, Jungwon-gu, Seongnam-si ○ 12. 11, Sangdaewon-dong, Jungwon-gu, Seongnam-si → 255 Pangyo-ro, Bundang-gu, Seongnam-si, 2015. 125th (Daewangseongnamdaewangbanggyo-ro, 12th), 49th Pangyo-ro, DTC Tower → 7-8, Gwanggyo Jungang-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do, 248, AD Technology Building 2. Important changes in management 12. Company History 1. Change of Head Office Location ○ 2002. 11. Geumgok-dong, Bundang-gu, Seongnam-si ○ 2006. 12. Gumi-dong, Bundang-gu, Seongnam-si ○ 2003.09 Gumi-dong, Bundang-gu, Seongnam-si → 2012. 11, Sangdaewon-dong, Jungwon-gu, Seongnam-si ○ 255 Pangyo-ro, Bundang-gu, Seongnam-si (Sampyeong-dong) ○ 2015. 11, Sangdaewon-dong, Jungwon-gu, Seongnam-si ○ 12. 11, Sangdaewon-dong, Jungwon-gu, Seongnam-si → 255 Pangyo-ro, Bundang-gu, Seongnam-si, 2015. 125th (Daewangseongnamdaewangbanggyo-ro, 12th), 49th Pangyo-ro, DTC Tower → 7-8, Gwanggyo Jungang-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do, 248, AD Technology Building 2. Important changes in management
Variable Date Total Voluntary Type Expiration of the term of appointment or dismissal re-election 2021.06.01 – Park Jun-kyu (CEO) – 2021.03.29 Regular Shareholders General Gong Johnson (Audit) – Moon Gap-joo (Internal Director, Term of Office) 2021.01.08 — Choi Sung-hyun (External Director, Resignation) Lee Kang-ryul (internal director, resignation) 2020.03.31 —– Kim Nam-kyun (outside director, term of office expired) 2020.03.30 Jeon Ki-joo Ki-joon-deok (Internal Director) – Date of change: Total type of change Expiration of the term of appointment or dismissal re-election 2021.06.01 – Park Jun-kyu (CEO) – 2021.03.29 Regular Shareholders General Gong Johnson (Audit) – Moon Gap-joo (Internal Director, Term of Office) 2021.01.08 — Choi Sung-hyun (External Director, Resignation) Lee Kang-ryul (internal director, resignation) 2020.03.31 —– Kim Nam-kyun (outside director, term of office expired) 2020.03.30 Jung Ki-joo Ki-joon-deok (Internal Director)-
Note: CEO Park Joon-kyu was newly appointed through a resolution of the board of directors on June 1, 2021. 3. Change of largest shareholder Our company does not have a breakdown of changes of largest shareholder. 4. Change of trade name We have not changed our trade name from the date of establishment to the date of submission of the report. 5. If the company has followed a settlement, company liquidation, or other equivalent procedures, or is currently in progress, the contents and results of the company have not been applicable as of the last five years and the date of submission of the report. 6. In the event of a merger, etc., the content company acquired Egram Co., Ltd. at 1:0 on September 28, 1972 after a resolution of the board of directors meeting to approve the merger as of July 13, 1972 in accordance with the small-scale merger procedures. Such a merger is a merger between the same controls, and the difference between the book value of assets and liabilities in the financial statements as of the merger date reflected KRW 78,490,000 in other capital surplus depending on the source. The fair value of the transfer consideration from the merger and the value of the assets acquired and acquired liabilities are as follows. Note: CEO Park Joon-kyu was newly appointed through a resolution of the board of directors on June 1, 2021. 3. Change of largest shareholder Our company does not have a breakdown of changes of largest shareholder. 4. Change of trade name We have not changed our trade name from the date of establishment to the date of submission of the report. 5. If the company has followed a settlement, company liquidation, or other equivalent procedures, or is currently in progress, the contents and results of the company have not been applicable as of the last five years and the date of submission of the report. 6. In the event of a merger, etc., the content company acquired Egram Co., Ltd. at 1:0 on September 28, 1972 after a resolution of the board of directors meeting to approve the merger as of July 13, 1972 in accordance with the small-scale merger procedures. Such a merger is a merger between the same controls, and the difference between the book value of assets and liabilities in the financial statements as of the merger date reflected KRW 78,490,000 in other capital surplus depending on the source. The fair value of the transfer consideration from the merger and the value of the assets acquired and acquired liabilities are as follows.
(Unit: 1,000 won) (Unit: 1,000 won)
Fair value of shares issued as a result of a merger of classified amounts – net asset value of 3,000,000 and other capital surplus of 78,490 Total transfer considerations due to the merger: 3,078,490 Total assets acquired and liabilities acquired Cash and cashable assets 167,200 tangible assets 42,201 sales receivables and other receivables 64,583 purchase obligations and other obligations (447,462) goodwill (*) 3,251,968 Total 3,078,490 Fair value of shares issued as a result of a merger- Net asset value of 3,000,000 other capital surplus 78,490 Total transfer considerations due to a merger of 3,078,490 Total assets acquired and liabilities acquired Cash and cashable assets 167,200 tangible assets 42,201 sales receivables and other receivables 64,583 purchase obligations and other obligations (447,462) goodwill (*) 3,251,968 Total 3,078,490
(*) The above goodwill represents the value of the excess return expected from the cash flow generation unit of Egram Co., Ltd. 7. Changes in the company’s industry or major business As of the last five years and the date of submission of the report, we do not have any applicable items. 8. Details of other important matters concerning management activities (*) The above goodwill refers to the value of the expected excess return on the cash flow generation unit of Egram Co., Ltd. 7. Changes in the company’s industry or major business As of the last five years and the date of submission of the report, we do not have any applicable items. 8. Details of occurrence of other important matters concerning management activities