FOREWORD

              Financial Statement Analysis (FSA), published annually by the Bank of
      Korea since 1960, describes the details of the business performances and
      financial conditions of Korean corporations.

              This edition covers Korean corporations’ balance sheets, income stat-

     ements and statement of appropriation of retained earnings, as well as key

     indicators concerning their financial stability, profitability and growth for 2011,

     classified by industry. Until 2010, financial statement analysis statistics were

     estimated based upon a sample survey, but from 2011 they have been compiled

     from financial statements submitted to the National Tax Service for corporate

     tax returns, so as to more accurately capture the financial results and position

     of corporations in Korea.

                For the convenience of users, the full text of this edition and related

      data files are also available on the Bank of Korea’s Economic Statistics System
      website (ecos.bok.or.kr).

                We hope that this book will be helpful to companies in framing their
      business strategies, to the government sector in drawing up economic policies,
      and to financial institutions in assessing credit risk. Finally, we wish to express

      our sincere appreciation to all of the cooperating institutions whose efforts have

      helped to make this work possible.

                                                November 2012

                                                                         Young Bae Kim
                                                                          Director General
                                                                          Economic Statistics Dept.
                                                                          The Bank of Korea