Doosan AnnualReport English

Table of Contents
About Doosan
A History of Transformation An Explosive Growth Record Global Expansion that Extends Our Reach The Doosan Way
12 36 48 56 62
Our Infrastructure Support Businesses Holding Company and Others Corporate Social Responsibility Financial Review Domestic/Global Network
Doosan has selected as the corporate slogan, which is based on the conviction that companies must contribute to humankind and help to shape the future. All Doosan employees now embrace this slogan, and we continue to enhance our capabilities as a global company through our unique value and philosophy. Doosan is working at this very moment to provide the basics necessary for improving the quality of peoples lives. Doosans presence can be found in every area of the infrastructure support business, which encompasses industrial facilities, machinery, heavy equipment and construction. You are invited to watch how we are helping to shape the future for all.
About Doosan
A History of Transformation
About Doosan Our Infrastructure Support Businesses Holding Company and Others Corporate Social Responsibility Financial Review
Koreas Oldest Enterprise Doosan is Koreas oldest business organization with a proud history of 115 years. Doosan began in 1896 as Koreas first modern retail business, known then as Park Seung-jik Store and has grown and developed for more than a century. A Journey of Dynamic Change and Innovation Now a global ISB powerhouse, Doosans history represents a story of dynamic change and growth. In 1946, Chairman Too Pyung Park renamed the Park Seung-jik Store as the Doosan Mercantile Company, marking the start of our modern history. We diversified into brewing and international trade in the early 1950s and into construction, food & beverages, machinery, media and cultural services in the 1960s. By the 1970s, Doosan was well established as a leader in Korean consumer products and culture-related businesses and our construction, machinery, and electronics businesses entered high-growth stages. During the 1980s, we focused on becoming international while also venturing into publishing and advertising. In the 1990s, operations were divided into three business sectors: information & retail, consumer products, and high-tech materials. In 1995, one year before our 100th anniversary, we began to rigorously restructure with an aim to reinvent ourselves for the 21st century. We sold flagship affiliates, including OB Beer, improved profitability by integrating 23 affiliates into 4 companies (Doosan Corporation, Doosan Engineering & Construction, Doosan Packaging and Oricom) and introduced advanced management systems. Transition to an ISB-driven Business Portfolio With a better financial health and improved cashflows, Doosan has accomplished remarkable change and growth through the acquisitions of new growth engines since 2000. Doosan acquired power and desalination plant builder Doosan Heavy Industries & Construction (formerly Korea Heavy Industries & Construction) in 2001, Koryo Industrial Development in 2003 and construction equipment maker Doosan Infracore
(formerly Daewoo Heavy Industries & Machinery) in 2005. Such major acquisitions have transformed our business portfolio to one centered on the infrastructure support business (ISB). Acquisition of Global Operations Doosan has aggressively acquired companies outside Korea to grow and globalize. In 2005, we acquired the water treatement business of US-based American Engineering Service Inc. (AES) to set up Doosan Hydro Technology. In 2006, we acquired UK-based Doosan Babcock (formerly Mitsui Babcock Energy), with patented technologies in the design and engineering of boilers, as well as a large-scale casting and forging operation Doosan IMGB (formerly Kvaerner IMGB) in Romania. In 2007, Doosan Infracore acquired the USbased Bobcat, the worlds No. 1 compact construction equipment company, to emerge as the worlds seventhlargest construction equipment maker. In 2008, we acquired Doosan Mottrol (formerly Tongmyung Mottrol), a hydraulic systems specialist, and Norway-based Doosan Moxy (formerly Moxy Engineering), a maker of articulated dump trucks. Each of these acquisitions has added significant synergy value to our rapidly growing ISB business. In 2009, Doosan acquired Czech-based Skoda Power, which possesses core technology for steam turbines, thereby securing all the technology needed for manufacturing all three core facilities in power generation: boilers, turbines and generators. A New History as a Top-tier Global Enterprise We have accelerated our globalization through aggressive cross-border acquisitions. As such, Doosan now operates 25 domestic and 115 overseas subsidiaries, generating 55% of our sales from outside Korea in 2010. Although we have already achieved significant changes, we will continue to pursue further transformation to provide exceptional products and services that inspire trust and pride among our customers, shareholders and employees.
Sales growth
(In trillions of KRW)
1998
2010
3.4 24.6
05
An Explosive Growth Record
Average Annual Sales Growth : 22% Doosan chose to pursue the infrastructure support business as our new main growth engine, a choice that has generated phenomenal growth. Sales (which totaled W3.4 trillion in 2000) reached W24.6 trillion in 2010, a CAGR of 22% per year. Over the same period, operating profit increased from W300 billion in 2000 to W1.9 trillion in 2010. This achievement was made possible through the simultaneous pursuit of both organic and inorganic growth. A Balanced Growth of Scale and Profitability Doosan Heavy Industries & Constructions sales have steadily increased from W2.5 trillion in 2001 to W7.8 trillion in 2010 (including overseas subsidiaries). Equally impressive was the steady growth in operating profit, which rose from W93.0 billion to W636.8 billion (including overseas subsidiaries), an average increase of 21% a year over the same period. The market capitalization of Doosan Heavy Industries & Construction has also steadity increased from W980 billion in 2001 to W9.1 trillion ten years later. Along with such organic growth, Doosan Heavy Industries & Construction acquired the North American operations of water treatment specialist American Engineering Services Inc. to establish Doosan Hydro Technology Inc. in 2005. The next year Doosan Heavy Industries & Construction acquired Doosan Babcock (formerly Mitsui Babcock Energy), a British maker of power generation equipment with patented boiler design and engineering technologies and Doosan IMGB (formerly Kvaerner IMGB), Romanias largest forging and casting operation. These acquisitions have laid the groundwork for advancing into the power plant markets of Europe and elsewhere. Furthermore in 2009, Doosan Heavy Industries & Construction completed construction of a large-scale production plant in Vietnam and acquired Czech-based Skoda Power, which possesses patented technology for steam turbines. Thus the company is now equipped with core technology for boilers, turbines and generators.
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New Growth Engines through Acquisitions Doosan Infracore has also grown remarkably. In 2007, the company acquired the American firm CTI, which owns patented technology for engines powered by a blend of hydrogen and compressed natural gas (HCNG) and Yantai Yuhua Machinery, a major Chinese wheel loader maker. In 2007, Doosan Infracore also completed the acquisition of Bobcat, the worlds leader in compact construction equipment. This acquisition enabled us to climb to seventh place among global construction equipment makers. Transition to a Holding Company Structure for Sustainable Growth Doosan has maintained record growth by establishing a technology-oriented business portfolio and successfully restructuring our capital structure. In 2009, we transitioned to a holding company structure after 3 years of preparation and established more transparent corporate governance. With renewed focus on our core business as well as a strengthened drive to enhance corporate value, we laid the foundation for long-term sustainable growth.
Sales (In billions of KRW)

14E 10 09 08 07 06
41,085.2 24,603.7 21,386.3 22,704.4 18,516.3 14,155.8
Annual revenue growth rate since 2000
22
07
Global Expansion that Extends Our Reach
Accelerating Globalization Our diverse business portfolio allows us to improve the lives of people around the world. Meanwhile, our global expansion is accelerating, thanks to a talented workforce of 38,000 employees in 34 countries (with more than 18,000 employed outside Korea) and a sales network spanning more than 1,400 locations worldwide. In 2010, we generated W13.5 trillion in sales (over half of the total revenue) from outside the Korean market. Efficient Networks that Span the Globe Doosans production plants span the globe from the US and Europe to Asia. Our production facilities are closely linked with the Korea-based headquarters and global R&D and engineering networks based in the US, India and Europe to ensure that customers worldwide receive top-quality products, technology and services. An ISB Leader Recognized Worldwide Doosan has been recognized as a global leader in various ISB sectors including power, seawater desalination, construction equipment and marine diesel engines. In the power plant segment, Doosan Heavy Industries & Construction captured the top share of the world market for 10 consecutive years (2001~2010, in accumulated market share) in heat recovery steam generator (HRSG) production. Furthermore, we also captured the largest market share for seawater desalination plants in 2010. We further solidified our position as a global leader as we made contracts with the Saudi Saline Water Conversion Corporation (SWCC) for the largest-ever desalination plant to be built in Ras Az Zawr and the worlds largest single multi-effect distillation (MED) desalination unit to be built in Yanbu. Doosan has also completed a client-tailored construction equipment portfolio that encompasses
compact, mid-sized and large model lineups. Importantly, we are ranked first in the world for skid steer loaders and compressors, while our aggregate sales of excavators in China remained the highest among all manufacutrers throughout 2010. Doosan is ranked the second in the world for low speed marine diesel engines. Many other Doosan products such as work rolls and mold steel for cold rolling, hydraulic turbines for hydroelectric plants and crankshafts for large vessels have been selected as World Best Products by the Korean government. Ongoing Investment for Stronger Competitiveness Doosan invested W1.25 trillion in 2010 to extend global reach and bolster global competitiveness. We continue to strengthen operations and expand the business network by hiring and training globally competent talent. We are also adopting the International Financial Reporting Standards (IFRS) as part of our commitment to operating on the global stage and adhering to global standards.
Overseas vs. Domestic Revenues (Unit: %)
Domestic
82
45
Overseas
18
55
98
10
Our global workforce
38,000
in 34 countries
09
The Doosan Way

The values and philosophy that drive our growth
Exclusive Values and Philosophy of the Doosan Way The Doosan Way is a unique set of corporate values and philosophy that has guided our growth. It is a systematic management philosophy for sustaining Doosan and raising our future competitive edge. The Doosan Way consists of two key parts: the Doosan Credo and a distinctive business system. The Doosan Credo A resolute vision, the Doosan Credo unifies our employees worldwide, providing the direction in which we march together toward the future. Our shared aspiration is to be a global leader that provides world-class products and services that employees, customers, shareholders and other stakeholders can trust and take pride in. The Doosan Credo places the highest importance on people, integrity, innovation and delivering value to our customers and partners. Efficient Business System Our core business system is comprised of human resources, strategy execution and financial management. Through this system, we implement our 2G Strategy a manifestation of our conviction that our business can only grow through the growth of our people. It binds and systematizes our strategy with our people, multiplying business results. Doosans business system supports the performance-oriented culture of Doosan and paves the way for continuous growth and development. Cultivation of Globally-Competent Personnel We established People Infrastructure to recruit, retain and train highly qualified people. In support of this effort, we operate Doosan Leadership Institute (DLI), a worldclass human resources development center. Here, globally-competent personnel are being cultivated through cutting-edge training and education programs that employ the latest learning methods, case studies, simulations and a combination of online/offline learning.
11
Left to right: Jaebum Kwon, Doosan Corporation; Yousun Shin, Doosan Engineering & Construction; Taehwan Kim, Doosan Corporation; Sun Ying Xia, Doosan Infracore China; ; James B. Bemowski, Doosan Corporation; Meghann Mckinley, Doosan Infracore America; Trong Luan Do, HANVICO; Mublin A.G.Dawood, Doosan Heavy Industries & Construction; Jungyeon Kim, Doosan Corporation; Mahendra Vaidya, Doosan Heavy Industries & Construction; Pauly Virginie, Doosan Infracore Europe.
Our Infrastructure Support Businesses
Our Infrastructure Support Businesses

Enriching the world as an ISB leader
The infrastructure support business (ISB) is both a growth engine and the key to our global expansion. ISB also delivers the essentials for enriching lives worldwide. The business is about building and operating infrastructure in the public and private sectors and includes energy development, parts and machinery, construction, civil engineering, transportation and other valueadded areas. Doosans ISB activities generate 89% of total sales and encompass various types of plants, construction equipment, machinery, military equipment, housing, expressways, bridges and industrial engines. The rapid progress of urbanization, globalization, and the surging growth of the emerging markets will enable us to increase ISB market share and help enrich the world through continuous growth of our ISB business.
Sales Contribution by Business Type (Unit:%)
Other Businesses
67
11
Infrastructure Support Businesses
33
89
98
10
ISB share of sales portfolio
89
15
Doosan Heavy Industries & Construction

Changing the world with cutting-edge technology and expertise
A Frontrunner in Industrial Plants Doosan Heavy Industries & Construction has spearheaded the growth of the Korean machinery industry by supplying basic materials such as castings and forgings as well as facilities for nuclear, thermal, and hydraulic power generation; seawater desalination and water treatment; transportation and environmental protection. In addition, the company is a world-class general contractor, well recognized for its technology and construction capabilities of industrial plants, civil engineering projects such as subways, expressways and high-speed railways, and largescale projects. A Global Leader in Power and Water Doosan Heavy Industries & Construction was established in 1962 as Koreas first power plant builder and subsequently has led the advancement of Koreas plant technology. Since the 1970s, we have participated in almost every major power plant project in Korea, with 42 thermal power plants and 21 nuclear power plants either completed or under construction to date. Overseas we have solidified our position as a leading global builder of desalination plants. We won our first order for a desalination plant in 1978 and have built completed facilities with a combined daily output of 3.7 million tons of fresh water as of the end of 2010 with desalination plants under construction representing another 1.94 million tons in daily output. EPC Capabilities Recognized Worldwide Doosan Heavy Industries & Construction is a major engineering, procurement and construction (EPC) contractor in the world market, providing services that include engineering design, basic material fabrication, equipment installation, commissioning and facility construction. We have large-scale massive power plant projects in the Middle East, India and Southeast Asia.
Renewable Energy for Our Future Business Doosan Heavy Industries & Construction is developing solutions that will add value and improve performance by taking innovation and technological excellence to the next level. Efforts are underway to raise the competitiveness of main business areas and to discover new growth opportunities in power plant upgrades and related services. We are a leader in developing clean coal technologies, wind power generation, fuel cells and other next-generation energy technologies. In 2010, we completed the performance test of the WinDS3000TM, a 3 MW offshore wind power generation system developed by Doosan. We received out first order for three units to be installed at a wind farm in Sinan, South Jeolla Province, and received certification from the DEWI-OCC Offshore and Certification Centre GmbH (DEWI-OCC) for wind turbines. The DEWI-OCC certification will accelerate Doosans advance into the Europe an US, Middle East, and Southeast Asia markets.
13,949.2
7,684.6 7,030.2 5,136.3 3,508.7
7,779.8
06
07*
08
09
10
14E
* Revenues of overseas subsidiaries are included from 2007.
Total power generation capacity
111
GW
17
EPC
Doosan Heavy Industries & Construction is a major Engineering, Procurement and Construction (EPC) contractor for power plant projects, taking charge of every process, from design and fabrication to procurement, installation and commissioning. We have won massive EPC orders in the Middle East, India and Southeast Asia since 2004. These include the worlds largest thermal power plant complex (five 800MW units) at Mundra, India and the Jebel Ali M power station in the UAE. Noteworthy orders in 2010 include the US$3.42 billion Rabigh 6 project (to be the worlds largest power plant) in Saudi Arabia and the Mong Duong 2 thermal power plant in Vietnam, where we will participate as a partner in a project to localize coal-fired power plants. In 2011, our extensive know-how will be leveraged to integrate engineering and construction capabilities in order to take our competitiveness still higher.
ourselves an OEM manufacturer with a wealth of original technologies and extensive track record in the areas of boilers and turbinesessential components of any power plant. To date, we have supplied 560 thermal power plant units to the domestic and overseas markets. Our ongoing research and development of new technologies and outstanding products is enabling us to expand our presence outside Korea. Doosan Heavy Industires & Construction remained the worlds top supplier of combined cycle power plants between 2007 and 2009. Meanwhile, we are emerging as a major player in power generation services and environmentfriendly fluidized-bed boilers. At the same time we are at a leader in developing and commercializing technologies for the next-generation, eco-friendlier power industry, to include carbon capture & storage, wind power generation and fuel cells. In 2010, we received an order to supply wind turbine systems to the Sinan Wind Farm in South Jeolla Province, and we received international certification from Germanys DEWI-OCC (Offshore and Certification Center, laying the groudwork for expansion into the global market for wind turbines.
Power
We acquired Doosan Babcock in the UK and Skoda Power in the Czech Republic, positioning
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Nuclear Power Plants

Doosan Heavy Industries & Construction has gained a global reputation in the nuclear power industry by fabricating reactor vessels, steam generators and key components for nuclear power plants in Korea, the US and China. In 2010, we delivered the first facilities of the Advanced Power Reactor (APR) 1400, a new third-generation nuclear reactor developed using exculsively home grown technology, installed at Shin-Korri Nuclear Power Plants 3 & 4, and completed the development of the man-machine interface system (MMIS), the reactor coolant pump (RCP), and other core components for nuclear power plants which will be installed at Shin-Korri Nuclear Power Plants 1 & 2.
We are now emerging as a total solution provider, advancing into the water treatment business after signing a general engineering service agreement (technical license agreement) with Carollo (the largest water treatment company in the US) in 2008 and contracts for the Ras Az Zawr project and Yanbu MED project in Saudi Arabia in 2010.
Castings & Forgings

Doosan Heavy Industries & Construction boasts the worlds highest casting and forging capacity and has the technology to provide top quality materials that satisfy specifications. In the nuclear power plant supplies market, we have further sharpend our competitive edge by developing new technologies for ultra-large, single-piece castings and forgings and succeeded in building mass-production capability. We continue to identify new product candidates such as high-gloss mold steel, and ultra-large castings and forgings, and as of 2010, six product lines enjoy the reputation as World Best Product, including low-pressure turbine rotor shafts.
Water Plants
Doosan Heavy Industries & Construction leads the world market for desalination plant construction and has patented technologies for each of the three major methods employed to desalinated seawater: multistage flash (MSF) distillation, multi effect distillation (MED) and reverse osmosis (RO).
19
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Doosan Power Systems

Doosan Heavy Industries & Constructions advancement into the European and American power plant market was accelerated by the establishment of Doosan Power Systems in 2009. DPS, which operates Doosan Babcock in the UK and Skoda Power in the Czech Republic, is being reorganized into DPS Europe and DPS Americas.
Skoda Power
Skoda Power is a 150-year old Czech-based company that designs and manufactures steam turbines and other power facilities. Skoda possesses patented technology in steam turbines and has provided about 2,000 units to thermal and nuclear power plants. By acquiring Skoda Power in 2009, Doosan Heavy Industries & Construction has been able to produce boilerturbine-generator packages.
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Doosan Babcock
Doosan Babcock is a world-class company with over 110 years of history in design, supply and construction of advanced steam generation technology for the power plant industry. Doosan Babcock possesses source technology to design, engineer and construct dust coal combustion boilers, a major product line in the worlds thermal plant boiler market. Recently, Doosan Babcock became the worlds first to succeed in a 40MW oxycoal clean combustion test, a size that can be commercialized, paving the way to build a clean plant that emits no carbon dioxide.
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Doosan Hydro Technology

Doosan Hydro Technology owns patented technolo-gies for reverse osmosis systems, which account for 50% of the worlds desalination facilities market. Thus, Doosan Heavy Industries & Construction is now equipped in-house with technologies for all three of the major desalination system types: multistage flash distillation (MSF), multi-effect distillation (MED) and reverse osmosis(RO).
Doosan E&S (Engineering & Services)

Doosan E&S was established as a strategic alliance with Burns and Roe, a renowned plant engineering firm, in New Jersey in September 2008. Doosan E&S will receive the engineering technology and know-how of Burns and Roe, while the engineers at Burns and Roe will participate in the worldwide projects of Doosan Heavy Industries & Construction.
Doosan IMGB
Established in 1963, Doosan IMGB is the largest forging and casting company in Romania, equipped with a 13,000-ton press and capable of producing 140,000 tons a year. We have unsurpassed competitiveness in the world market for power plant castings and forgings and mostly export our products to Europe, the Americas, China, and the rest of Asia. Doosan IMGB will develop a second materials supply base (the first is in Changwon, Korea) and plans to increase its sales to US$900 million in 2015, more than double the current level.
Doosan Vina
Doosan Vina is a global production base inside the Dung Quat Industrial Complex in Vietnam completed in May 2009 after more than two years of construction. Doosan Vina has 5 production plants and is fully equipped with its own port and harbor facilities. These plants produce boilers, HRSGs, desalination plants and transportation facilities. Local engineers are now being cultivated and efficiency raised to match the productivity of Changwon plant by 2011. Doosan Vina aims to become a major global production base with annual earnings of US$ 330 million by 2020.
Doosan Chennai Works

Chennai Works, which joined the Doosan Group in 2011, is a manufacturer of boilers for coal-fired thermal power plants. The company is located in Chennai, India. Major products include water walls, coil, and headers for boiler systems with capacities of 300MW and lower. We offer optimal solutions and services tailored to the local needs of the Indian market via Doosan Chennai Works.
21
Doosan Infracore
Emerging as a world-leading construction equipment maker
A Global Leader in Construction Equipment Doosan Infracore is a world-class machinery maker, providing top-quality products and services in the business areas of compact equipment, machine tools, engines, attachments and utility. The company leads Doosans ISB segment, bolstering overall product competitiveness and market position through ongoing technology and quality enhancement. An Extensive Global Network Doosan Infracore operates a broad global business network that includes local sales subsidiaries, branches, parts centers and technical centers in diverse locations in the world as well as our dealer organization network extending worldwide. In addition, we have built large-scale factories in Korea, China, the US, Belgium, Germany, France, Hungary, and Norway to produce various kinds of construction equipment, and machine tools that enable us to satisfy the diverse needs of local customers. Continuous Expansion of World Market Share Our superior technologies, high quality products and exceptional services have raised customer satisfaction to increase our global market shares. We firmly lead the Korean markets for excavators and machine tools, while our aggregate excavator sales total in China remains the highest in the industry. We maintain the top share of the US market for compact construction equipment and are steadily increasing our share of the heavy-duty construction equipment segment. Importantly,sales have skyrocketed in the newly emerging markets of Latin America, the former CIS, Africa and India. Global R&D Capabilities Continuous R&D investment has enabled Doosan Infracore to secure the capabilities to develop world-class products. R&D personnel
at the Doosan Group R&D Center and the R&D units of each business group are dedicated to creating high-performing, high-quality products with environment-friendliness and value-added features for the next generation. Going forward, we will further enhance our global technology leadership by steadily expanding our R&D investment. A Rapid Rise toward the Global Top 3 Doosan Infracore is pursuing operational innovations to bolster global competitiveness, with our vision to make each of our divisions rank among the worlds top three in their respective businesses. We also focus on securing future growth engines by developing and marketing next-generation construction equipment, compact equipment machine tools, engines, attachments and utility with world-class performance and reliability.

15,128.7
7,954.1 7,371.3 5,538.2 4,280.1 3,710.0
06
07
08
09
10
14E
* On a condolidated financial statement basis, including DII
Global vision of Doosan Infracore
Top
in the ISB
23
Doosan Infracore
Doosan Infracore Construction Equipment (DICE)

Doosan
The Doosan brand is proudly displayed on mediumand heavy-sized construction equipment produced by Doosan Infracore. We have been building a global production and business network since 1990 to become one of the worlds foremost construction equipment makers. We have received international recognition for advanced electronics and information technologies as well as for compliance with global environmental regulations. Currently, we operate large-scale construction equipment factories in Korea, China and Belgium. We have also established sales subsidiaries, branches, and a worldwide dealership network, making us a truly global player in every respect. In China, Doosan was voted the highest for customer satisfaction in the excavator industry for seven years from 2003. In addition, our global operations keep expanding with Bobcat compact construction equipment and Montabert attachments. We are building a customer and market-oriented organizational platform while maximizing synergy to make Doosan Infracore one of the worlds Top 3 construction equipment makers.
Bobcat Company
Based in North Dakota, Bobcat Company was the first to develop compact construction equipment and has remained solely committed to this business for more than half a century. Bobcat has a global production system that spans North America, Europe and Asia, with a product lineup that includes skid-steer loaders, mini excavators, mini track loaders, compact track loaders and telescopic tool carriers. The highly popular Bobcat brand of equipment is supplied to work sites around the world. We have built a wide base of customers worldwide. Currently, the Bobcat brand of compact skid-steer loaders and compact track loaders enjoy the top share of their respective markets. The Bobcat mini excavator is ranked third in global market share. The recent global economic slowdown caused the market for compact construction equipment to contract, but Bobcats position continued to grow in the compact skid-steer loader and mini excavator segments. Going forward, the Bobcat brand will maintain world leading competitiveness through synergy with Doosan Infracore.
Portable Power
Portable Power is 140 years old and produces compressors, generators, lighting systems and other items famous for reliability and durability. The lineup offers innovative solutions for manufacturers, builders and mining companies. Portable Powers products have played important roles in the maintenance of world-famous structures such as Mt. Rushmore, the Hoover Dam, the Georges Dam and the Channel Tunnel. Currently, Portable Power enjoys the top share of the world market for air compressors. Portable Power is responding to changing needs at work sites by adding smaller, lighter models as well as concrete equipment, truck-mounted equipment and portable security systems.
and cutting heads are sold under the Tramac brand, while Geith products are attached to excavators, wheel loaders, track loaders and backhoes for construction, excavation, demolition and scrap iron recovery.
Doosan Moxy
Headquartered in Molde, Norway, Doosan Moxy possesses the patented technology for articulated dump trucks (ADTs) ranging from 23 to 46 tons. A sales subsidiary in the U.S. and R&D Center in Norway are helping the company to increase market share in North America and Europe. ADTs are required equipment in the development of large mining sites and construction on rugged terrain. The acquisition of Doosan Moxy has further reinforced the brand image of Doosan Infracore as a construction equipment specialist. The heavy-duty equipment lineup has also been expanded through the sharing of technology and dealer networks between Doosan Moxy and Doosan Infracore.
Attachments
Doosan Infracore has three outstanding brands: Montabert, Tramac and Geith. The 50-year-old Montabert line encompasses hydraulic rock breakers, demolition attachments, pulverizers, rock drill attachments and other machinery used in construction and demolition. Hydraulic rock breakers, demolition tools, vibration compactors
25
Doosan Infracore
Machine Tools
Our machine tool business has expanded rapidly in recent years and we are now striving to become one the worlds top three machine tool makers. Our lineup encompasses turning centers, machining centers, numerically-controlled boring machines, electric discharge cutters, ultra-precision nonspherical surface cutters, free-form surface cutting machines and factory automation systems. Turning machines and machining centers are mainstay product lines, and state-of-the-art products such as our own inverted vertical turning center, 9-axis multifunctional turning center and ultra-highspeed (50,000rmp) turning center models have been highly regarded in the market. Doosan Infracore developed its first turning center model in 1980 and has continued to expand this business ever since.
In 1997, we developed 28 models of turning centers and machining centers. We have held our own international machine tool exhibition biannually to display many of our new products, further enhancing our standing as a world-class machine tool company. Our focus in 2010 was on reinforcing our capabilities in preparation for the upcoming market recovery by preemptively cutting costs, reducing inventories and innovating operaitons. We expanded our sales network and product support in Korea and China, where market growth is particularly evident. At the same time, we displayed our latest products and promoted our brand recognition by taking part in major international trade shows, including SIMTOS 2010 in Korea and the International Manufacturing Technology Show (IMTS), the worlds largest, in the US.
Engines & Materials

Doosan Infracore started making diesel engines in 1958. Since then, we have leveraged our R&D capabilities and production technology to remain as the industry leader in Korea. We completed a larg-scale plant for mass-producing diesel engines in 1975. Ten years later, we develoed a diesel engine model with our own technology, thereby strengthening our front-running position in the industry. Our first low-emission diesel engine was developed in 1995, followed by CNG engines for commercial vehicles in 1998. After the turn of the century, we succeeded in developing low-pressure natural gas(LPNG) engines for generators, sophisticated commom-rail engines, and Tier-compliant engines for construction equipment. In 2007, a heavy-duty diesel engine model was completed that satisfies the strict Euro emission control standards.
Doosan Infracore today has facilities to produce engines, materials and parts, while the engine lineup includes diesel engines and natural gas engines for buses, trucks, construction equipment, folklifts, generators, ships, and special uses. Annual output currently stands at 75,000 units, covering some 60 different engine models that range from 70 to 1,500 hp. We have continued to increase output capacity and expand R&D faciltiies to respond to greater market demand and tighter regulations governing engine emissions. A compressed natural gas (CNG) engine factory was established in the United States in 2008, and a joint venture factory with annual output of 50,000 diesel engines is under construction in Xuzhou, China. Production is scheduled to start up in the second half of 2011. 27
Doosan Engineering & Construction

Beginning a Brighter World
A 50-year Tradition Doosan Engineering & Construction (E&C) was established in 1960 and has subsequently advanced in step with the history of Koreas construction industry. New Challenges, Changes at Doosan E&C We have leveraged a wealth of know-how and outstanding technology to execute diverse projects inside and outside Korea, laying the groundwork for social and economic advancement for half a century. Our flagship businesses of civil engineering, building construction and plant construction have been bolstered through change and innovation. Meanwhile in 2010, our merger with Doosan Mecatec has allowed us to expand into the fabrication of Chemical Process Equipment(CPE) that will allow us to surge forward as a world-class builder of infrastructure and plants. Global Infra Solutions Provider Doosan E&C has built the most kilometers of highspeed rail track of any Korean construction company. We participated in the planning, construction and operation of the New Bundang Line, Koreas first privately-funded electric rail service, solidifying our position in this industry segment. In the CPE segment, our two factories at Changwon Korea have been augmented by the establishment of Doosan Vina in Vietnam in cooperation with Doosan Heavy Industries & Construction. This overseas operation serves to strengthen our global competitiveness. Furthermore, we acquired KEPIC certification, nuclear power N stamp certification, and nuclear power plant construction licenses, and now are preparing to take part in nuclear power plant construction projects inside and outside Korea. These developments demonstrate our exceptional technologies on the world stage and reinforce Doosans reputation for superior technology. Over the mid-to-long term, Doosan E&C will emerge as a global player that provides total solutions related to infrastructure.
Beginning a Brighter World Doosan E&C faithfully fulfills corporate social responsibilities, which became increasingly important duty to any business operation. We are enhancing transparency in every aspect of our business, from purchase, to sales, fabrication and construction, and promote win-win partnerships with our suppliers, conducting through fair trade based on mutual trust. We maintain various CSR programs that include Habitat, the environment protection campaign, and our employees donate a portion of their salaries to help needy people become self-reliant and grow.
Business Portfolio
Civil Works Plant Road, Highway, Railway, Subway, Tunnel, Port, Airport, Reclamation Chemical and Energy Plant, Environmental Plant, Industrial Plant Residential Facility, Commercial Facility, Remodeling, Mixed Use High-Rise Building Tower, Column, Reactor, Pressure Vessel, Heat Exchanger, Module Suspension Bridge, Truss Bridge, Cable-Stayed Bridge, Arch Bridge
Building Works CPE (Chemical

Process Equipment)
Steel Bridge
3,953.2
2,696.2 2,310.3 1,910.3 1,798.0 1,939.9
06
07
08
09
10*
14E
* Including the sales of Doosan Mecatec(Jan.~Oct.), merged in 2010
2014 Order target
trillion
29
Doosan Engineering & Construction
Civil Works
Doosan E&C is capable of performing all aspects of civil works projects, from engineering and construction to maintenance and management. The project portfolio includes high-speed railways, subways, roads, bridges, land preparation, land reclamation, and ports. We have laid more highspeed rail track in Korea than any other builder, and we applied the nations largest diameter shield construction method when building Section 909 of Seoul Metropolitan Subway Line 9. Privately-funded infrastructure (PFI) projects represent another main business area, where our wealth of experience, coupled with exceptional engineering, project planning and project execution capabilities provide us with the strongest position in Korea. Doosan E&C was involved in building the New Bundang rail line, the first privatelyfunded project of its kind in the Greater Seoul Area. Other PFI projects of note include Section 5 of the Gangnam Beltway and the expressway upgrade
of the road between West Suwon and Euiwang. Construction of such infrastructure is helpful to preserving the environment and to enrich the future life for everyone.
Plant
Doosan E&C competes head to head with worldclass builders in the construction of facilities to protect the environment as well as industial facilities that provide the foundation for national competitiveness. Our involvement in energy and environmental plants help nature, people, society and industry to come together as partners for more beautiful world. We have built low-temperature liquefied gas storage tanks and gas processing plants in many countries. Moreover, we are engaged in community energy systems, which projects that include architectural consulting services, and our competencies continue to grow in the new and renewable energy sector.
Building Works
Architecture is an art form. Without the support of construction technology, architectural masterpieces would not be possible. Doosan E&C applies advanced technological prowess coupled with superb creativity and aesthetic sensibility to create spaces of great artistic value. At the same time our unique styling puts the finishing touches on spaces that beautify the world around them. The Doosan Weve apartment brand is setting new trends in modern living, and our rising brand power provides us with outstanding competitiveness in apartment redevelopment and reconstruction projects. We have built massive residential and commercial structures in Koreas capital region as well as in Busan, Taegu and other major provincial cities. Currently the 80-story Doosan Weve the Zenith in Haeundae is under construction. This 300 meter building will be Koreas tallest mixed-use residential building when completed, and this monumental project will elevate stature of Doosan E&C.
Chemical Process Equipment

Doosan E&C leads the world in new orders received for large and ultra-large chemical process equipment (CPE). From our well-located and cutting edge fabrication factories in Korea and Vietnam, we provide customized reactors, large towers & columns, heat exchangers and pressure vessels. Doosan E&C became the first Korean company to be qualified as a heavy wall reactor fablication for Chevron, one of the worlds largest oil refiners.
Steel Bridge
Doosan E&C has been recognized as an outstanding long span bridge builder for its superb performance and quality. Our modern facilities, unique design program and various experiences, with all design-fablicate-installation process. We advanced into overseas markets for specialty bridge construction and are diversifying our portfolio to include bulk material handling equipment.
31
Doosan Engine
Becoming the worlds foremost engine maker
Total Global Engine Maker Doosan Engine is ranked among the worlds top makers of large low speed and medium speed marine diesel engines. We also build and maintain internal combustion power plants that use diesel engines. Our annual output capacity stands as the global leader of 14 million bhp and we have grown to rank the second in the world market for large marine engines. A Leader of the Marine Diesel Engine Industry We have established a leadership position within the industry by exceeding accumulated production of 70 million bhp in the shortest time in the world since we first built engines totaling 200,000 bhp in 1984. Our mainstay business is low and medium speed marine diesel engines for large vessels. In addition, we also build the main propulsion engines and shipboard generator engines for large vessels or special ships. Our engine portfolio ranges from 700 to 116,000 bhp. Specialized Factories and Efficient Production System Doosan Engine now has a low speed engine production capacity of 12 million bhp per year and has established an efficient production system with factories that specialize in specific engine sizes. Furthermore, with the completion of a new factory dedicated to medium speed engines, Doosan Engine boasts the industrys first mass production system by continuous process. The factory is capable of producing up to one thousand flawless medium speed engines a year for a total annual output of 2 million bhp by establishing a fool-proof system that guarantees quality along with the production. We are now equipped to satisfy a complete range of customer needs and be a key player in the ongoing advancement of the marine engine industry. Our own technological roadmap calls for us to deepen and further advance core technologies to become a leader at upgrading engine design and reduce design costs for greater competitiveness.
To Be the No.1 Engine Maker in the World Doosan Engine is firmly committed to the goal of becoming the worlds No. 1 engine maker. We have implemented a meticulous quality management system to ensure that our engines and services are the best available. We also continue to devise innovation activities such as the 3 Zeroes (zero defects, zero complaints and zero claims) and 3C Plus (clean factory, clean mindset and clean engine). Our Single PPM program promotes as well as rewards excellence for our suppliers, who are recognized for superior quality competitiveness around the world.
Business Portfolio Low Speed Diesel Engines Medium Speed Diesel Engines Diesel Power Plants Parts Sales Technical Service

1,980.0 1,772.6 1,731.4
1,734.8
1,222.0 1,016.8
06
07
08
09
10
14E
Worlds market share for marine engines
No.
33
Doosan Capital / Neoplux

Providing trusted financial services
Doosan Capital
Trustworthy Global Financial Partner
Neoplux
A Partner for Elevating Corporate Value

Neoplux offers direct investment and related services as an investment firm specializing in venture capital, corporate restructuring and operations consulting. In 2002, we organized Koreas first secondary fund, the Pre-KOSDAQ Secondary Investment Partnership, which primarily invests in stocks held by venture capitalists. We now operate funds totaling some W800 billion on behalf of institutional investors. We also offer optimal solutions to corporations and investors that need incubation funds for startups and buyout funds for distressed medium-sized companies with excellent turnaround potential. Our consulting unit offers systematic and professional services to help clients elevate operations to a world-class level.
Doosan Capital was founded in 1995 and has provided a suite of financial services that includes installment loans, leasing, factoring, venture capital, and project financing. We are acknowledged as the market leader in equipment financing and leasing in Korea. Doosan China Financial Leasing Corp., a local subsidiary of Doosan Capital, was established to reinforce equipment financing and support the Doosan Groups ISB business in the Chinese market. Our company will expand into new areas such as North America, Europe that will lay the groundwork for Doosan Capital to become a global financial company. To achieve such goal, Doosan Capital will focus on building solid assets, capturing profitability by efficient portfolio management and acquiring and allocating talented resources for global captive business. Also our company plans to enhance risk management, sales, and marketing capabilities and secure the funding capacity to support global operations and cope with market volatility.
Current corporate bond rating of Doosan Capital
A2+
35
Holding Company and Others
Holding Company and Others

Enhancing corporate value through advanced corporate governance
In 2009, Doosan transitioned to a holding company system to establish a more transparent and advanced corporate governance system. After three years of preparatory restructuring and cyclical investment resolution, the Group has established a sustainable management system that is up to global standards. Doosan Corporation operates both as a holding company that earns brand royalties and dividends and a business entity that can independently generate income. As a holding company, Doosan Corporation has participated in mergers and acquisitions to secure new revenue sources as well as bolster the competitiveness of existing business lines. In 2009, our financial structure received an additional boost through the sale of our liquor business and the acquisition of Doosan Mottrol (formerly Tongmyung Mottrol). In addition, we established DIP Holdings in 2009 and acquired as subsidiaries Doosan DST, a defense company and SRS Korea, a leading fast food restaurant/concession company. The electro-materials unit produces and supplies top-quality copper clad laminate (CCL) worldwide. This is an essential material for printed circuit boards used in digital devices and electronics. Doosan has also gained a strong reputation outside the infrastructure support business (ISB). In the service sector, Doosan has remained close to customers through Oricom, Koreas foremost specialist in brand management; Doosan Magazine, Koreas leading publisher of trendsetting
magazines; Doosan Dong-A, value creator with top educational and cultural contents; Doosan Tower, more than 550 fashion shops at a single location; the convenient, eco-friendly Ladena Resort with enhanced accessibility thanks to the new SeoulChuncheon Expressway; and Doosan Bears, which always brings fun and excitement to sports fans.

3,012.7
1,928.0 1,881.2
1,736.3 1,218.1
1,605.5
06
07
08
09
10
14E
39
Doosan Corporation
Operating as both a holding company and a business
Electro-Materials
Dominant Leader in Electronic Parts

Doosan supplies top-quality copper clad laminate (CCL), an essential material for printed circuit boards, worldwide. Our product lines include epoxybased CCL (for PCBs in high-performance electronics such as computers, LCDs, mobile phones, digital communications and handsets), and phenolbased CCL (for PCBs in TVs, VCRs, audio players, refrigerators, washing machines, CD-ROM drives and DVD-ROM drives). Our CCL client base includes Korean electronics giants, Samsung and LG as well as other global powerhouses such as Sony, Hitachi, Toshiba, IBM, Philips, AT&T, Thomson and Siemens. We operate plants and R&D centers in Korea
(Jeongpyeong, Gimcheon, Iksan, and Yong-in) as well as subsidiaries and/or branches in Hong Kong, Singapore, China, Japan, and Taiwan. Doosans CCL products are recognized worldwide for superior quality and have certifications that include KS (Korea), UL (the US), BSI (the UK), CSA (Canada), VDE (Germany), JET (Japan), ISO 9001 and ISO 14001. Our extensive technology and expertise in the CCL business have been applied to diversify into flexible CCL, metal CCL, organic light emitting diodes (OLED). Demand for CCL is now being driven by the growth in the world markets for mobile phones, computers and advanced network. We are committed to meeting this new demand with topquality products.
Mottrol
Globally-recognized Parts Maker

We have established a system for producing 30,000 traveling motors, swing motors, main pumps, main control valves (MCVs), and other parts for hydraulic equipment per month. Mottrols quality and environment management systems have received certification for ISO 9001, KSD 0050-9000 (Korean defense industry quality control standard) and ISO 14001. Our ongoing R&D effort has resulted in the localized production of hydraulic equipment and our traveling motors for excavators were named a World Best Product by the Korean Ministry of Commerce, Industry and Energy in 2006. Early in 2011, aggregate hydraulic equipment output broke the one-millionunit mark for the first time in Korea.
In addition, we applied our power-train system technology to develop our own gearbox, a key component for wind power generation systems. Commercialization is now underway. In 2010, Mottrol posted W403.7 billion in revenue (up 77% YoY) and W59.2 billion in operating income (41% higher YoY). Major capital investments are being made in 2011, including the construction of plants in China and an engineering house in Germany, to bolster R&D and production capacities. We continue to concentrate our resources on improving technology, product quality, and customer services in order to obtain a greater share of international markets. Our vision is to become a top-tier hydraulic equipment maker with annual revenue of W1.2 trillion by 2014, and we continue to grow in pursuit of this goal.
41
Doosan Corporation
Glonet
115 Years of Trading Experience

Doosan started out in 1896 and has remained in trading for 115 years. The trading arm was renamed Glonet in 2007 and the portfolio was restructured to include trading, biotechnology and logistics. We import and export chemicals, architectural interior finishing materials, and food materials based on our long-accumulated global sourcing capabilities and network. Our biotechnology unit develops new materials for pharmaceuticals, health foods and specialpurpose cosmetics, as well as natural plant growth regulators. We are exploring major markets such as China and India to sell our medical fat
emulsifier (PL95), which was selected as a nextgeneration top-grade product by the Ministry of Knowledge and Economy in December 2008. We have the specialized people andinfrastructure for offering domestic overland shipping as well as international marine shipping services. We are also working to initiate a new business of the construction equipment leasing to diversify our revenue sources and enhance the profitability. High growth will be maintained by enhancing the competitiveness of core businesses and constantly developing high value-added business lines and new products. We will leverage the optimal business portfolio to become one of the worlds top service companies, providing differentiated value to customers.
Information & Communications

Total IT Service Provider for Doosan
The Information & Communications (I&C) business unit of Doosan Corp. provides complete services for Doosan operations worldwide, including IT consulting, system integration, and application & IT infrastructure operations and IT infrastructure management service. I&C focuses on promoting the success of core Group operations and performing its role as an integrated manager of IT supply to Doosan Group to effectively support the affiliates with their rapidly growing businesses. To this end, we strive to acquire world-class competencies, while maximizing intra-Group synergy through our integrated IT operation inside and outside Korea.
Importantly, we have been establishing three global bridgeheads with local offices in the US, China and Europe in order to enhance the IT service support delivered to the overseas units of Doosan Group affiliates. These offices will spearhead the effort to integrate IT personnel and IT infrastructure within the Group, helping to further elevate the quality of IT services available. Going forward, we will work to maximize customer value, which in turn will raise the competitiveness of Doosan affiliates global operations. In the process, we will grow as a world-class supplier of integrated IT services.
43
DIP Holdings
Improving corporate value and capabilities through efficient investment
Doosan DST
Defense Specialist with Global Competitiveness

Doosan Defense Systems & Technology (Doosan DST) obtained government permission to participate in the defense industry in 1973 and has played an important role in improving Koreas self-defense posture by developing and producing an impressive array of high-precision and high-tech weapon systems. These include K200 armored fighting vehicles and surfaceto-air guided weapon systems, such as the Biho (Flying Tiger) and Chunma (Pegasus). To note, we completed development of the K21 armored personnel carrier in 2007. The next-generation APC is recognized for world-class technology and currently under mass production. In 2009 and 2010, Doosan DST signed contracts for developing nextgeneration multiple-rocket launchers and ammunition
carriers, and 30mm combined surface-to-air weapon systems. These projects are currently underway. Doosan DSTs technology is gaining recognition internationally as well. Since the first export of K200 armored fighting vehicles to Malaysia in 1993, we exported Barracuda (4x4) armored wheeled vehicles to Indonesia in 2004. In 2009, we made a contract to export the Blackfox (6x6 and 8x8 armored wheeled vehicles) to Indonesia and currently are producing the products. We are also working on the export and local testing of surface-to-air, guided weapon systems, K21 APC, and Black Fox wheeled APC to the Middle East and Southeast Asia. Doosan DST aims to remain on the forefront of the future defense industry by leveraging our excellent technology and executing differentiated export strategies.
SRS Korea
A Major Food Service Provider

SRS Korea is a major force in Koreas restaurant industry with globally recognized brands and stellar management. Our customers enjoy convenient food and friendly service in clean and comfortable dining environments. We run 142 Kentucky Fried Chicken restaurants and 112 Burger King franchise outlets in Korea. Our chain of Lente coffee and bakery cafes, currently in 7 locations nationwide, plans to further increase the number of stores. We also engage in the concession business, with food and beverage outlets at Incheon International Airport and the Korea University Ansan Hospital.
Doosan Industrial Vehicle
High-performance Logistics Equipment Maker

Doosan Industrial Vehicle Co., Ltd. joined DIP holdings in 2011. Annual output capacity now stands at 35,000 high-quality forklifts in more than 150 different models. We have secured unrivalled leadership in the domestic market by improving the cost structure and enhancing product competitiveness. Meanwhile, we developed variable hydraulic system technologies for enginepowered forklifts and a new line of Tier-III-compliant forklifts ranging from 2 to 8 tons as part of our program to create next-generation, models that are better for the environment and more fuel efficient. We are also working on hybrid power systems for electric-powered and heavy-duty engine-powered forklift models.
45
Doosan Bears
Koreas Favorite Professional Baseball Club
The Doosan Bears team was crowned the Korean baseball champion in the first season of the professional baseball league in 1982. The team won two more championship titles in 1995 and 2001 and has steadily advanced to the post-season, maintaining its reputation as an excellent baseball team. In addition, Doosan Bears developed an i-Phone application, opened a mobile homepage for smart phones first as a baseball team and joined social network service (SNS) for active communications with fans.
Doosan Dong-A
Value Creator with Top Educational and Cultural Contents
Doosan Dong-A is the No.1 textbook publisher in Korea, playing an important role in the advancement of education by developing and distributing textbooks and educational materials for preschool students; reference books for elementary, middle and high-school students; language learning texts; and dictionaries and various digital educational contents. Thanks to ongoing R&D, our printing business has gained a reputation among domestic and overseas customers for high-quality books, labels, packaging, efficient order handling and quick turnaround times.
Doosan Magazine
Koreas Leading Publisher of Trendsetting Magazines
Doosan Magazine has a license agreement with Conde Nast Publications of the US to publish and distribute premium magazines in Korea that feature distinctive concepts and target-specific readerships. Our titles include the Korean editions of Vogue , the fashion Bible; GQ , the mens lifestyle magazine; Vogue Girl , the No. 1 young fashion magazine; Allure, the beauty and style magazine; W , the unique and intelligent fashion magazine with oversize pages and stunning photography; and Style.Com Korea , a portal providing information on the latest global fashion trends. Each publication is the leader in their respective market segments.
Doosan Tower
More than 550 Fashion Shops at a Single Location
DOOTA (for Doosan Tower) is a ten-story fashion shopping mall that is home to more than 550 retail outlets. Here, consumers have access to a diverse and unique product selection in a one-stop shopping environment. The mall has grown into one of the nations most popular shopping destinations, attracting
over 20 million domestic and overseas customers annually. With continuous renovation, DOOTA has been realizing top customer satisfaction as a highly sensitive, high-quality fashion powerhouse by adding greater convenience and an ambient shopping environment.
Doosan Feed & Livestock

Koreas Leading Animal Feed Specialist
With acquired experience and technology over half a century, Doosan Feed & Livestock produces more than 120 types of livestock feeds. Equipped with a fully automated system from the initial stage of material input to final production, we have an annual output capacity of 400,000 tons. We acquired the HACCP certification of the Ministry for Food, Agriculture, Forestry and Fisheries in 2005, establishing a safety management system for livestock products that meets international standards. In addition, Doosan Feed & Livestock makes strenuous efforts to lay groundwork for achieving the No. 1 brand recognition and customer satisfaction of Doosan brand, Baekdoo Feed., Doosan Feed & Livestocks made a new drug development R&D MOU and made an industry-academy cooperation MOU with Chungang University. We also strive to develop top-quality feed products through tests under thorough test specifications at the research farm of Chungang University and Doosan Anmyeon-do farm.
Oricom
Koreas Foremost Specialist in Brand Management
Oricom was established as Koreas first comprehensive advertising agency in 1967 and has orchestrated effective PR campaigns for clients for over 40 years. Today we raise the value of our clients brands through integrated marketing communications services that encompass the four main media (broadcast, newspapers, magazines and outdoor advertising) as well as media planning, special promotions, brand consulting and Internet marketing. We have assisted numerous multinational companies in launching their businesses in Korea. In the future, we will continue to create new and highly successful campaigns in order to grow with our clients.
Doosan Cuvex
A New Standard for Luxury at Ladena Resort
Doosan Cuvex operates the Ladena Resort in Chuncheon known as the city of lakes with a 21-year history. The Ladena Resort consists of one of Koreas most prominent golf clubs and the Ladena Condominium. The name Ladena, (from the words lake, garden, and nature) sums up the beautiful setting provided to guests. The Ladena Golf Club boasts top-tier field services and offers a breathtaking lakeviews, lush gardens, and scenic trails. Doosan Cuvex offers world-class services to ensure that guests have an enjoyable and memorable experience.
47
Corporate Social Responsibility

Sharing our commitment to the future and building a sustainable society
Doosan has engaged in various community service activities to fulfill corporate social responsibilities. In 2010, dedicated CSR units were established at Doosan Corp. and each Doosan affiliate to enhance CSR specialization and systematization. Unique programs continue to be developed under the principle of cultivating talent and helping people to become self-reliant. Yonkang Foundation: The History of our CSR Effort The Yonkang Foundation was established in 1978 in memory of Doosans Founding Chairman Too Pyung Park (1910-1973). The Foundation practices Chairman Parks belief that Education drives national advancement. In parallel to the CSR, Yonkang Foundation supports various academic and cultural programs that promote understanding of Korean culture and the national image on the world stage.
Doosan Art Center: Incubator of Culture & the Arts The Doosan Art Center operates Yonkang Hall, Space 111 (small theater) and Doosan Gallery Seoul as well as Doosan Gallery New York and Doosan Residency New York in Chelsea. The Center serves as an art incubator that discovers quality works and talented young artists in music, drama, and the fine arts. Domestic & Overseas CSR Programs by Doosan Companies Each Doosan affiliate engages in regular CSR activities in close cooperation with local organizations and helps local communities advance in the countries where they do business. Each company organizes a volunteer group, establishes programs for volunteer activities such
as a salary deductions for charity and matching grants. Dedicated CSR departments develop and operate tailored volunteer programs for needy people in local communities. The Tea of Appreciation campaign, an initiative started in 1991, has delivered instant coffee and tea to military units near the border with North Korea to boost the morale of the soldiers. Other programs include building homes for homeless people, cleaningup local attractions and donating books to local elementary schools that have established sisterhood ties with Doosan. In 2009, we started to provide volunteer medical service in Vietnam in cooperation with Chung-Ang University Medical Center. Our people also helped with the relief effort after earthquakes struck Qinghai, China.
Major CSR Programs

Scholarships Yonkang Scholarship Doosan Scholarship for Teenagers in Need Scholarship for Students in Areas Affected by Natural Disasters Chinese Studies Research Scholarship Scholarship for Departments of Korean Languages in Foreign Universities Doosan Sports Dream-Tree Scholarship Scholarship for Multi-cultural Households Academic research support Yonkang Environment Research Fund Yonkang Academic Award Science Research Fund Education After-school Programs The Book Donation Program Overseas Observation Tours for Teachers Culture Incubating Artist Program Doosan Residency New York Employee Participation Doosan Volunteers Activities Overseas Trip Support for Artists Doosan Artist Award
51
Participation in the Management of CAU Foundation Doosan has remained involved in nurturing competent future talent. As part of this effort, we began to participate in the management of Chung-Ang University (CAU) Foundation in 2008. This endeavor is separate from the Yonkang Foundation, which sponsors scholarship programs. The CAU 2018+ Plan was established in advance of the universitys 100th anniversary in 2018 with the stated goals of becoming a world-class institution of knowledge generation and higher learning and a world-renowned university that students from around the world want to attend. Doosan is supporting this plan to realize the vision of CAU as a leader in educational innovation and development.
We will also contribute our part in national and social development by fostering young and competent global talent through successful management of the CAU Foundation. Chung-Ang University (CAU): A Proud Institution with a 93-year Tradition Founded in 1918 as Chung-Ang Kindergarten, Chung-Ang University has now grown into one of the most prestigious universities in Korea. During its 93year history, CAU has graduated 152,187 BA holders, 30,693 MA holders and 4,634 Ph.D holders. CAU was reorganized from 18 colleges with 77 departments to 10 colleges with 47 departments to elevate educational efficiency and research performance. The university also
introduced five vice president positions to head each of the five faculties (Humanities & Social Sciences, Natural Sciences & Engineering, Business & Economics, Medicine & Pharmacy, and Arts & Sports Sciences). The vice presidents are granted the autonomy to run their academic faculty according to its specific needs. A multi-campus system is now considered essential for CAU to be a leader in the global age, so new campuses are being established in Hanam, Gyeonggi Province (east of Seoul) and Geomdan, Incheon (west of Seoul). This expansion will significantly elevate CAUs competitiveness while improving university management and campus life.
The prestigious 93-year-old institution has acquired the top-class certification in the comprehensive university evaluation and has graduated many important opinion leaders in Korea over the years. CAU is ranked among Koreas top 10 in the number of graduates who passed the national bar and CPA exams, and ranks first for passing the customs house broker exam. The graduate schools of Law, Business Administration and Medicine have been strong in Korea traditionally, along with the School of Pharmacy, School of Business Administration, School of Mass Communication and Department of Advertising and Public Relations. Furthermore, CAU has built close relationships with 300 renowned universities around the globe to offer international exchange programs.
53
Support for Nurturing Future Talent Doosan believes that education is the key to developing individuals, corporations and nations and we have been an active supporter of academic research and education. Since 1979, our organization has donated W6.0 billion for scientific research, particularly in the environmental and medical fields. Another W12.0 billion has been provided for our annual scholarship programs. Each year, the Yonkang Scholarship program pays all tuition and other school-related fees for recipients chosen among university and highschool students on the basis of merit. The diverse academic research support and scholarship programs of the Doosan Group will continue to contribute to advancing our academic knowledge and nurturing future talent.
Overseas Educational Programs Growing Hope In 2001, Doosan funded the establishment of the Bajiao Elementary School in the Economic & Technological Zone of Yantai, China. With that as a start, we have participated in Project Hope, a program that is stretching across China to eradicate illiteracy and offer children in economically disadvantaged districts a new hope for the future. Through Project Hope, we had completed 27 elementary schools as of 2009 and have been constructing three more elementary schools since 2010. As such, the Doosan Group strives to fulfill our responsibilities as a corporate citizen and obligations to the communities where we operate.
Environment, Health & Safety Doosan fulfills corporate social responsibilities with a firmly rooted commitment to environmental protection as well as to the health and safety of employees. We know that all employees and those of partner companies have the basic right to work in a safe and healthy environment and that this is a principle that cannot be easily compromised. Therefore, all Doosan work sites are under a strict EHS management system and abide by all related laws and regulations. We believe that making EHS the highest priority will ultimately elevate corporate value. Doosan strives to develop products and technologies that are highly energy efficient and thus can meet our green growth objectives and enhance the health of the employees. Going forward, we will continuously implement this EHS philosophy worldwide.
International Culture Exchanges to Bring the World Closer Together Doosan is committed to learning about the history, people, language and culture of wherever our companies conduct business. We also want to provide opportunities for others to learn about Korea and Doosan. In 1988, we funded the establishment of a Korean Studies program at the University of Auckland in New Zealand. Since then, we have supported Korean Studies programs at Washington University, University of Hawaii (US), and University of Barcelona (Spain). We also continuously support Korean Studies departments at major universities in China, India, Vietnam and Romania.
55
Financial Review
Summary Financial Review
The performance of Doosan has increased remarkably since the beginning of the new millennium. Total sales skyrocketed, from W3.4 trillion in 2000 to W24.6 trillion in 2010, while operating profit increased from W300 billion in 2000 to W1.9 trillion in 2010. The financial structure has become stronger with the debt-toequity ratio dropping from 771% in 1996 to 216% in 2010. This review will provide an understanding and analysis of the Doosan fiscal results for the year 2010. Our operations are focused on the infrastructure support businesses (ISB) and more than 89% of our sales are made in that sector. ISB sales are quite sensitive to general economic circumstances. A number of factors beyond expected corporate competition can affect our short term operating results. These include exchange rate fluctuations, the loss or expiration of technology licenses, costs associated with new technology development and the timing of technology launches and the adverse effects of tougher regulations. R&D success is a major factor affecting our long term success. Like other leading ISB players, we devote substantial resources to R&D with benefits that emerge over the long term. Many of our companies grew rapidly in 2010 amid these dynamic changes. Here are just a few highlights of the successes for the year:
. Power and Water Plant Business Expansion

- Won the worlds largest thermal power plant Rabigh - Won the contracts for the worlds largest desalination plant in size at RasAzZawr and and the worlds largest single multi-effect distillation (MED) desalination unit at Yanbu.
. Ranked No. 1 in the global market share (56.7%)

of sea water desalination in 2010
. Developed Koreas first 3MW-level sea wind power

system WINDS3000TM
. Achieved the largest-ever orders of KRW 13.8

trillion
. Received the 2010 HSE(Health, Safety &

Environment) Best Contractor Award
Doosan Infracore
. Frontrunner in the Chinese

construction machinery market Largest number of accumulated excavator sales
. Acquired CNG engine, North America

Emission Certification (US 10), The strictest emission regulation in the world
Doosan Engine
. Diesel Engine Global Leader
2nd in the world low speed engine market
Doosans global competitiveness was strengthened in the difficult business year of 2010. The mainstay units performed very well and the major product lines saw an increase in the global market share. Doosan Heavy Industries & Construction recorded the top and second largest share in the global markets of desalination plants and heat recovery steam generator (HRSG) respectively, firmly establishing itself as the frontrunner in the global market for power and desalination plants. Doosan Infracore has drawn attention as a new leader in the global heavy machinery market. We have bolstered the R&D program, secured proprietary technologies through acquisitions that provide Doosan with greater competitiveness, and are more customer focused than ever. We invested W1.25 trillion last year, while building outstanding business systems and programs for nurturing talented individuals with global competencies. Having met all our short-term goals of the past several years, we are now focused on the future. Our true strengths lie in our diverse business portfolio as well as our ability to manage every aspect of every business with imagination and rigorous attention to detail. We know we can always improve, shape our business plans even more strategically, continue to give back while doing well and continue to build upon the support and respect of valued employees and customers.
The Road Ahead

Doosan is advancing steadily toward the goal of joining the worlds Top 200 Companies by 2020. Our focus on core technology development will continue to provide a competitive edge and allow us to transform our business to meet new opportunities. Our unifying 2G Strategy the growth of business through the growth of people will ensure that we grow to become the worlds number one company in the infrastructure support business (ISB). We look forward to each milestone that measures our success. At the same time, we will work hard to develop quality products and services that allow more people to enjoy the benefits of electricity, potable water, construction machinery, bridges, expressways, financing, advertising, publishing, fashion and leisure. The pulse of transformation is all around us. Doosan sees the results in all our businesses, as we continue to grow into an even more dynamic and global company.
59
Financial Statement 2009
(In millions of US$)

Description
Companies
Total Assets
2,354 9,570
Total Shareholder's Equity

1,555 2,890
Sales
Operating Income
74 458
Listed Company
Doosan Corporation Doosan Heavy Industries & Construction* Doosan Infracore* Doosan Engineering & Construction Samhwa Crown & Closure Oricom
1,043 6,582
9,197 2,558
2,178 747
4,743 1,979
-199 99
91
73
67
85
34
67
Non-Listed Company
Doosan Engine* Doosan Mecatec* Doosan Capital* Neoplux Others**
2,119 877 1,950 47 2,698
67 304 179 36 1,050
1,518 505 162 25 1,625
101 33 2 5 118
Grand Total
31,546
9,113
18,316
703
Won/US Dollar as of the year end December 31, 2009: 1,167.60/1 * The assets, shareholders' equity, sales and operating income of Doosan Heavy Industries & Construction, Doosan Infracore (Including DII), Doosan Engine, Doosan Mecatec and Doosan Capital are on a consolidated basis including the results of overseas subsidiaries. ** Other companies include NeoTrans, Dong Hyun Engineering, Doosan Dong-A, Doosan Motors, Doosan Bears, Doosan Feed & Livestock, Doosan Cuvex, Doosan Tower, Doosan DST, RexCon, N-Shaper and SRS Korea.
Financial Statement 2010
(In millions of US$) Description Companies Total Assets

2,799 9,460
Total Shareholder's Equity

1,796 3,149
Sales
Operating Income
116 559
Listed Company
Doosan Corporation Doosan Heavy Industries & Construction* Doosan Infracore* Doosan Engineering & Construction Oricom
1,410 6,831
9,111 4,349
2,110 1,103
6,984 2,367
573 56
89
38
79
Non-Listed Company
Doosan Engine* Doosan Capital* Neoplux Others**
1,714 2,344 54 2,500
298 168 35 1,010
1,520 196 24 2,192
204 -44 5 225
Grand Total
32,420
9,707
21,603
1,699
Won/US Dollar as of the year end December 31, 2010: 1,138.90/1 * The assets, shareholders' equity, sales and operating income of Doosan Heavy Industries & Construction, Doosan Infracore (Excluding DII), Doosan Engine and Doosan Capital are on a consolidated basis including the results of overseas subsidiaries. Firgures for Doosan Engineering & Construction include those for Doosan Mecatec. Samhwa Crown & Closure was sold in November 2010. ** Other companies include NeoTrans, Dong Hyun Engineering, Doosan Dong-A, Doosan Motors, Doosan Bears, Doosan Feed & Livestock, Doosan Cuvex, Doosan Tower, Doosan DST, RexCon, N-Shaper, SRS Korea and Samhwa Crown & Closure .
61
Domestic Network
Doosan Corporation
Doosan Tower 18-12 Euljiro 6-ga, Jung-gu, Seoul Tel 82 2 3398 0114 Fax 82 2 3398 1135 www.doosan.com
Doosan Engineering & Construction Co., Ltd.

Doosan Bldg., 105-7 Nonhyeon-dong Gangnam-gu, Seoul Tel 82 2 510 3114 Fax 82 2 510 3836 www.doosanenc.com www.weveapt.co.kr
Doosan Bears Inc.

10, Jamsil 1-dong Songpa-gu, Seoul Tel 82 2 2240 1777 Fax 82 2 2240 1788 www.doosanbears.com
Doosan Cuvex Co., Ltd.

1007-1 Joungjok-ri, Sindong-myun Chunchon, Gangwon-do Tel 82 33 260 1114 Fax 82 33 263 6060 www.ladenaresort.com
Electro-Materials
Yonkang Bldg., 270 Yeonji-dong, Jongno-gu, Seoul Tel 82 2 3670 8820 Fax 82 2 3670 8829 www.dse.co.kr
Doosan Dong-A Co., Ltd.

Yonkang Bldg., 270 Yeon-ji-dong, Jongno-gu, Seoul Tel 82 1644 0600 Fax 82 2 3670 5002 www.doosandonga.com
DFMS
105, Nonhyeon-dong Gangnam-gu, Seoul Tel 82 2 2007 6200 Fax 82 2 518 2881 www.dfms.co.kr
Doosan Engine Co., Ltd.

69-3, Sinchon-dong, Seongsan-gu Changwon, Gyeongsangnam-do Tel 82 55 260 6000 Fax 82 55 283 2233 www.doosanengine.com
Mottrol
456-3 Nae-dong, Seongsan-gu Changwon Gyeongsangnam-do Tel 82 55 269 5114 Fax 82 55 269 5220 www.doosanmottrol.com
Doosan Magazine
Doosan Bldg., 105-7 Nonhyeon-dong Gangnam-gu, Seoul Tel 82 2 510 4500 Fax 82 2 510 4501 www.style.co.kr www.vogue.co.kr www.gqkorea.co.kr www.voguegirl.co.kr www.allurekorea.com www.wkorea.com
RexCon
2726 Bangbae-dong Seocho-gu, Seoul Tel 82 2 2182 7777 Fax 82 2 2182 7778 www.rexcon.co.kr
Doosan Capital Co., Ltd.

4F Seoulsquare 541 Namdaemun-ro 5-ga, Jung-gu, Seoul Tel 82 2 6456 1700 Fax 82 2 6456 1800 www.doosancapital.co.kr
Glonet
Doosan Bldg., 105-7 Nonhyeon-dong Gangnam-gu, Seoul Tel 82 2 510 4700 Fax 82 2 510 4901 www.doosan.com/glonet
Yonkang Foundation
Yonkang Bldg., 270 Yeonji-dong, Jongno-gu, Seoul Tel 82 2 766 7771 Fax 82 2 745 9896 www.yonkang.org
Neoplux Co., Ltd.

Doosan Tower 18-12 Euljiro 6-ga, Jung-gu, Seoul Tel 82 2 3398 1070 Fax 82 2 3398 1071 www.neoplux.com
Information & Communication

Yonkang Bldg., 2;70 Yeonji-dong, Jongno-gu, Seoul Tel 82 2 3670 8500 Fax 82 2 3670 8555 www.doosan.com/ic
Doosan Feed & Livestock Corporation

15-6 Samjeong-dong, Ojeong-gu Bucheon, Gyeonggi-do Tel 82 32 680 3114 Fax 82 32 681 0104 www.doosanfeed.com
Yonkangwon(DLI)
52-2, Gil-dong, Gangdong-gu Seoul Tel 82 2 2401 3000 Fax 82 2 476 8266 dli.doosan.com
DIP Holdings
Doosan DST
30, Sungju-dong, Seongsan-gu Changwon, Gyeongsangnam-do Tel 82 55 280 6114 Fax 82 55 280 6118 www.doosandst.co.kr
Doosan Heavy Industries & Construction Co., Ltd.

555, Gwigok-dong, Seongsan-gu Changwon, Gyeongsangnam-do Tel 82 55 278 6114 Fax 82 55 264 5551~2 www.doosanheavy.com
Doosan Tower Corporation

Doosan Tower 18-12 Euljiro 6-ga, Jung-gu, Seoul Tel 82 2 3398 2386 Fax 82 2 3398 3028 www.doota.com
SRS Korea Co., Ltd.

Yonkang Bldg., 270 Yeonji-dong, Jongno-gu, Seoul Tel 82 2 3670 8323 Fax 82 2 3670 8398 www.srs-korea.com www.kfckorea.com www.burgerking.co.kr
Oricom Inc.
Doosan Bldg., 105-7 Nonhyeon-dong Gangnam-gu, Seoul Tel 82 2 510 4114 Fax 82 2 542 3966 www.oricom.com
Doosan Infracore Co., Ltd.

7-11, Hwasu-dong Dong-gu, Incheon Tel 82 32 211 1114 Fax 82 32 211 1231 www.doosaninfracore.com
Doosan Industrial Vehicle Co., Ltd.

7-18, Hwasu-dong Dong-gu, Incheon Tel 82 32 211 5000 Fax 82 32 211 5010 www.doosan-iv.com
Global Network
Doosan Corporation
Electro-Materials HONG KONG Doosan (H.K.) Ltd. Suite 1210B Tower 2, China Hong Kong City, 33 Canton Road, Tsimshatsui Kowloon, Hong Kong Tel 852 2815 2238 Fax 852 2317 0231 SHANGHAI Room 306, No. 3203 Hong Mei Road Min Hang District, Shanghai 201103, China Tel 86 21 6465 9398 Fax 86 21 6465 9658 SHENZHEN Room 2212-2213, Chang Ping Commercial Building, Hong Hua Road 99, Fu Tian Free Trade Zone, Shen Zhen, China Tel 86 755 8278 8201 Fax 86 755 8278 8955 SINGAPORE Doosan Electro-Materials Singapore Pte Ltd. No.3 International Business Park # 03-14 Nordic European Centre Singapore 609927 Tel 65 6862 6327 Fax 65 6862 6329 TOKYO Doosan Japan Co., Ltd. Room 2411 Mita Kokusai Bldg. 1-4-28, Mita, Minato-Ku, Tokyo, Japan Tel 81 3 3452 6261 Fax 81 3 5730 9016 TAIWAN 5F, No.216 ,Yuan Hwa Rd. Jhong Li, Taoyuan County, Taiwan Tel 886 3 427 1210 Fax 886 3 427 5583
Doosan Power Systems Europe Ltd. Bredeneyer Strasse 2b, 45133 Essen, Germany Tel 49 201 4517 320 Fax 49 201 4517 328 Skoda Power Ltd. Tylova 1/57 | 301 28 Plzen, Czech Tel 420 378 185 128 Fax 420 378 185 900 Doosan Power Systems India Pvt. Ltd. New Delhi Office DLF Building No. 8A, 3rd Floor, DLF Cyber City Phase II Gurgaon 122 002, Haryana, India Tel 91 124 439 8200 Fax 91 124 414 7007 Chennai Office Gee Gee Universal, 5th Floor No. 2 McNichols 600 031, India Tel 91 44 2836 6930 Fax 91 44 2836 6936 Doosan Chennai Works PVT Ltd. 18/2A Senneerkuppam Bypass Road, Poonamallee, Chennai 600 056 Tel 91 44 2649 2050 Fax 91 44 2649 4012 Doosan Hydro Technology Inc. 912 Chad Lane, Tampa, Fl 33619, USA Tel 1 813 805 8860 Fax 1 813 623 6092 Doosan HF Controls Corp. 1624 West Crosby Road, Suite 124 Carrollton, TX 75006, USA Tel 1 469 568 6526 Fax 1 469 568 6589 Doosan IMGB 104 Berceni Road, Bucharest 4, Romania Tel 40 21 301 3745 Fax 40 21 301 2502 Doosan Enginering & Services Llc 5 Paragon Drive, Montvale, NJ 07645, USA Tel 1 201 746 8200 Fax 1 201 746 8210
v
Hanjung Power Ltd. P.O.Box 2803, Borokom NCD, Papua New Guinea Tel 675 320 0529 Fax 675 321 2984
- Overseas Branches
Beijing Office Gateway Plaza, Tower B, 19th Floor No. 18 Xiaguangli, North Road, East Third Ring, Chaoyang District, Beijing 100027, China Tel 86 10 8454 7131~33, 7122 Fax 86 10 8484 7139
Americas
Hanoi Office #1101, Daeha Business Center, Doosan Heavy Industries America corp. 360 Kim Ma Street, Ba Dinh District Hanoi, Parker Plaza 10th Floor Vietnam 400 Kellby Street Forth Lee NJ 07024 Tel 84 4 6273 0545 USA Fax 84 4 6273 0550 Tel 1 201 944 4554 31, 24 Fax 1 201 944 5022 Jakarta Office Plaza Bapindo, Mandiri Tower 20F Pittsburgh Office Jl Jend Sudirman No. 54-55 C/O Westinghouse Electric Company Jakarta, Indonesia Suite 115C, 600 Cranberry Woods Tel 62 21 2995 0105 Drive, Cranberry Township, Fax 62 21 2995 0108 PA 16066, USA Tel 1 412 374 6071 Fax 1 724 720 0903 Mumbai Office 501, CNB Square, Sangam Complex, Andheri Kurla Road, Santiago Office Andheri(E), Mumbai 400059, Nueva Tajamar 481, Oficina 1103, India Las Condes, Santiago, Chile Tel 91 22 6177 0500 Tel 56 2 657 3333 Fax 56 2 657 3343 New Delhi Office 515, 5th, Time Tower, Schenectady Office General Electric Building 33, MG Road Gurgaon, 122 002, Room 202A, One River Road, Haryana, New Delhi, India Schenectady, NY 12345, USA Tel 91 11 4665 3300 / 91 12 4665 3300 Tel 1 518 385 5218 Fax 91 11 4665 3333 / 91 12 4665 3333 Fax 1 518 385 4984 / 91 12 4665 3345 Windsor Office 20 International Drive, Windsor, CT 06095, USA Tel 1 860 731 6479 Fax 1 860 731 6482 Tampa Office 912 Chad Lane Tampa, Florida 33619 USA Tel 1 813 549 0182 Fax 1 813 623 6666 Doosan Water Tampa R&D Center 912 Chad Lane, Tampa, Florida 33619, USA Tel 1 813 805 8860 Fax 1 813 623 6092 Hyderabad Office 119, 1F, White House, Block-3, 6-3-1192/1/1, Kundan Bagh, Begumpet, Hyderabad 500 016, India Tel 91 40 6613 2444 Fax 91 40 6613 4227 Shanghai Office Rm 809, Bulding A Far East International Plaza No. 319, Xian Xia Road, Chang Ning District Shanghai 200051, China Tel 86 21 5877 8696 Fax 86 21 5877 5938 Taipei Office 7 Fl 4, No.51, Keelung Road Section 2, Taipei, Taiwan, R.O.C Tel 886 2 2739 2255 Fax 886 2 2739 2266 Sydney Office Suite 2, Level 16, 201-217, Elizabeth Street, Sydney, NSW2000, Australia Tel 61 2 9283 6114 Fax 61 2 9283 6200
Doosan Heavy Industries & Construction Co., Ltd. - Overseas Subsidiaries

Doosan Power Systems Ltd. 11 The Boulevard, Crawley, West Sussex, RH10 1UX, UK Tel 44 1293 61 2888 Fax 44 1293 58 4816 Doosan Power Systems Ltd (Babock) Porterfield Road, Renfrew, PA4 8DJ, UK Tel 44 141 886 4141 Fax 44 141 885 3338 Doosan Power Systems Americas Ltd. 5 Paragon Drive, Montvale, New Jersey 07645, USA Tel 1 201 746 8210 Fax 1 201 746 8610
Doosan Heavy Industries Vietnam Co., Ltd. [Doosan Vina] Dung Quat Economic Zone, Binh Thuan Asia & Oceania Commune Binh Son District, Quangngai Province, Vietnam Dosan Heavy Industries Japan Corp. Tel 84 55 713 001 Mita Kokusai Building, Room 2410 Fax 84 55 713 008 1-4-28, Mita, Minato-gu Tokyo 108-0073, Japan Doosan Heavy Industry & Tel 81 3 3452 5451~3 Vietnam Haipong Co., Ltd. Fax 81 3 3452 5624 Km 92, National Highway 5, So Dau Ward, Hong Bang District, Haiphong Bangkok Office City, Vietnam 10th Floor, M-Thai Tower Tel 84 31 371 2710 All Seasons Place, 87 Wireless Road Fax 84 31 371 2714 Phatumwan, Bangkok 10330, Thailand Tel 66 2 654 0690 Fax 66 2 654 0693
Europe
Frankfurt Office Arabella Center, 9th Floor Lyoner Strasse 44-48 Frankfurt am Main 60528, Germany Tel 49 69 69 5004 11 Fax 49 69 69 5004 10
Doosan Infracore Co., Ltd.

EMEA Doosan Infracore Construction Equip. HQ Dreve Richelle 167 Waterloo B1410 Belgium Tel 32 23 71 68 11 Doosan Infracore Europe S.A. (Construction Equip.) Add 1A, Rue Achille Degrace Frameries B7080 Belgium Tel 32 478295266
Doosan Infracore Germany GmbH. (Machine Tools) Hans-Boeckler-Strasse 27-29, D-40764 Langenfeld-Fuhrkamp, Germany Tel 49 2173 85090 Doosan Infracore Forklift Germany Heinrich-von-Stephan-Str. 240764 Langenfeld Germany Tel 49 2173 203 5227
Doosan Infracore Machine Tools Yantai Co., Ltd. Beiling Office Room 603, Zhongchen Building No.1 Lize Zhong 2 Road, Wangjing Chaoyang District, Beijing, China Tel 010 64390500 (601-608) Doosan Infracore China Co., Ltd. (Construction Equip.) No.28 Wuzhishan Road, Eco&Tech. Development Area, Yantai Shandong 264006 China Tel 135 0535 2797 Doosan Infracore Shandong Co., Ltd. (Construction Equip.) No.1088, Xinchengdajie Street, Muping Economic Developing Zone, Yantai Shandong 264100 China Tel 138 0535 1970 Doosan Infracore Machine Tools Yantai Co., Ltd. No.1, Dayu 1 Road, Eco&Tech. Development Zone, Yantai Shandong, China Tel 86 535 6935000 Doosan Infracore China Co., Ltd. (Forklifts) E-10, Wuzhishan Road, Eco&Tech. Development Area, Yantai Shandong China Tel 86 535 639 9156 Doosan Infracore Suzhou Co., Ltd. (Construction Equip.) 10/F, Xing Hai Plaza, No.198 Xing Hai Street, SIP, Suzhou Jiangsu 215021 China Tel 86 0516 8773 9000 Doosan Infracore China Co., Ltd. (Construction Equip.) Room A, 25, Zhao-Feng Universe Building, 1800 Zhongshan W. Rd Shanghai Shanghai 200235, China Tel 021 64400842 Doosan Trading(Shanghai) Co., Ltd. (Construction Equip.) Room 2102 - 2104, Tower B, Dawning Center, 500 Hong Bao Shi Road, Chang Ning District Shanghai Shanghai 201103 China Tel 86 21 3209 2288 ext.1821 Doosan Infracore Machine Tools Yantai Co., Ltd. Shanghai Office (Machine Tools) 13 Building, 140 Tianlin Road, Xuhui District, Shanghai, China Tel 021 54451155 812 815 Doosan Infracore China Co., Ltd. Xian Branch (Construction Equip.) RoomA-03, 4/F, Jinye Buiding, No. 100, South Second Ring Xian Shanxi 710065, China Tel 029 88376731
Middle East & Africa

Abu Dhabi Office Al Ghaith Tower, 5th Floor, Room 508, Hamdan Street, P.O. Box 27767, Abu Dhabi, UAE Tel 971 2 627 6273 Fax 971 2 627 6274 Middle East Operations Center Moanarch Office Tower, Level 30, Sheikh Zayed Road, P.O Box 11859 Dubai, UAE Tel 971 4 327 5545 Fax 971 4 327 5592 Dubai Office 30th Floor, Monarch Office Tower, One Sheikh Zayed Road, P.O. Box 11859, Dubai, U.A.E. Tel 971 4 327 5545 Fax 971 4 327 5529 Doosan Water Dubai R&D Center Monarch Office Tower, Level 29, Sheikh Zayed Road, P.O. Box 11859, Dubai, U.A.E. Tel 971 4 327 5545 Fax 971 4 327 5596 Kuwait Office Office No. 7B, Block 4, Plot 35 Laila Commercial Tower Salmiya, Kuwait Tel 965 2575 2001/965 2551 8436 Fax 965 2551 8453/965 2575 2001 Riyadh Office Office No. 205 & 206, The Plaza Building (Akariya Mall No. 4), Olaya Street, P.O. Box 9656, Riyadh 11423, Kingdom of Saudi Arabia Tel 966 1 419 1920, 1696 Fax 966 1 419 1920, 1695 Doha Office Abdulla Al Kuwari Building, Al Muntaza Area, C Ring Road, Doha, Qatar Tel 974 4443 5201 Fax 974 4443 5218 Cairo Office 2nd floor, Land Mark Building 1, Southern 90th Road (just after NATA Building, City Center, the first section) Cairo, Egypt Tel 20 2 2613 1038
Doosan Infracore Logistics Europe GmbH (Forklifts) Doosan Infracore Belgium S.A. (Forklifts) Am Stieg 17 OT Freiwalde D15910 Bersteland Germany Europark Noord 36A 9100 Tel 49 035 474 2080 Sint Niklaas Belgium Tel 32 3 760 0987 Doosan Moxy AS Varhol Elnesvagen N6440 Norway Doosan Bobcat Engineering s.r.o. Tel 47 712 68 603 Doosan Bobcat Manufacturing s.r.o. U Kodetky 1810 Dobris CZ26312 Doosan Infracore Turkey Technical Czech Republic Center (Machine Tools) Tel 420 318 532 258 Uzuncayir Cad. NO.:31 A1 Blok, K:2, D:14, 34722 Hasanpasa, Istanbul, Doosan Infracore Forklift Italy Turkiye 43 Via Alighieri Dante, Lissone, Tel 90 216 428 5441 MB 20035, Italy Tel 39 039 2457140 Doosan Infracore UK (Construction Equip.) Montabert Lyon Unit 6.3- Nantgarw Park Treforest Ind. 203 Route Grenoble Saint Priest Estate Cardiff CF15 7QU U.K. F69800 France Tel 44 1443 845650 Tel 33 4 72 22 97 58 Bobcat of Lyon SAS Rue Champ Dolin BP 11 Saint Priest F69800 France Tel 33 472 79 78 73 Bobcat France Rue de Nantes 44160 Pont Chateau France Tel 33 2 40 00 73 75 Doosan Infracore France (Construction Equip.) ZAC de la Clef Saint Pierre - Buroplus 21a, avenue Jean d Alembert Elancourt F78990 France Tel 33 1 3016 2151 Doosan Infracore Forklift France ZAC La Clef St. Pierre - Buroplus 21a av. Jean dAlembert - 78990 Elancourt France Tel 33 1 3016 2151 Geith International Ltd. Grangegeeth Slane Co Meath Ireland Tel 353 41 9824143 Doosan Trading Ltd. (Construction Equip.) Block B Balheary Road Business Campus Swords Co Dublin Ireland Tel 353 1 6502000 Bensheim GmbH (Construction Equip.) Berlinger Ring 169 Bensheim DE64625 Germany Tel 49 6251 8482 314 Doosan Infracore Europe S.A. (Construction Equip.) Heinrich von stephan Strasse 2 Langenfeld-Fuhrkamp DE-40764 Germany Tel 49 2173 2035218 Doosan Infracore UK (Forklifts) Unit12 Kilvey Road Brackmills Industrial Estate Northampton NN4 7BQ UK Tel 44 1604 825650 Doosan Infracore Russia (Construction Equip.) Kransnoprenenskaya quay 12, Office No.1503 123610, Moscow, Russia Tel 7 495 258 1837 Doosan Infracore Russia Technical Center (Machine Tools) Krasnaya st.1, Lubercy, Moscow Reg., Russia 140 000 Tel 7 495 981 83 45 Doosan South Africa (Construction Equip.) 10 Fricker Road IIIovo Boulevard IIIovo ZA2196 South Africa Tel 27 11 864 3933 Doosan Infracore China Investment Co., Ltd. 19/F, Tower B, Gateway. No.18, Xiaguangli, North Road East Third Ring,Chaoyang District, Beijing 100027 China Tel 139 1074 0224 Doosan Infracore China Co., Ltd. (Construction Equip.) 19/F, Tower B, Gateway. No.18 Xiaguangli, North Road East Third Ring, Chaoyang District, Beijing Beijing, 100027 China Tel 010 84782608
Doosan Infracore China., Ltd. Shen Yang Branch (Construction Equip.) Room 2306 tower C President Building, No. 69 Heping North Street Heping District, Shen Yang Liaoning 110003 China Tel 024 22812783 Doosan Infracore China., Ltd. Wu Han Branch (Construction Equip.) 4103 A, Shi Mao Plaza, No.686 Jiefang Avenue Wuhan Hubei 430020, China Tel 027-83316519
Doosan International South East Asia Pte Ltd. (Construction Equip.) 42 Benoi Road Jurong 629903 Singapore Tel 65 6499 0200 Doosan Infracore India Pvt.Ltd. (Construction Equip.) 3rd Floor, TNPL Building No.67, Mount Road, Guindy Chennai 600032 India Tel 91 99 4064 8687
Doosan Infracore America Corp.(Forklifts) 4350 Renaissance Parkway, Warrensville Heights, OH 44128-5758, USA Tel 1 216 595 1212 Doosan Infracore America (Engines) 2905 Shawnee Industrial Way NW Suwanee, GA 30024 USA Tel 1 770 831 3481 Doosan Infracore America Corp. (Machine Tools) 19 Chapin Rd, Pine Brook, NewJersey 07058 USA Tel 1 973 618 2500 Doosan Infracore America Midwestern Technical Center (Machine Tools) 1701 F Howard Street Elk Grove Village, IL 60007, USA Tel 1 847 437 1010 Doosan Infracore America Western Technical Center (Machine Tools) 488 W. Meats Ave. Orange, Ca 92865, USA Tel 1 714 974 1330 Doosan Infracore America Eastern Technical Center (Machine Tools) 2906 Business Park Drive Building C, Memphis, TN 38118, USA Tel 1 901 362 5192 Doosan Infracore America Southern Technical Center (Machine Tools) 10010 Houston Oaks Drive, Houston, TX 77064, USA Tel 1 832 912 2000 Doosan Portable Power Canada 1185 Matheson Blvd, East Mississauga, ON L4W 1B6 Tel 1 905 206 0022
Doosan Engineering & Construction Co., Ltd.

U.A.E Branch Office Flat 62, Tawam Tower 1, Khalifa St., Abu Dhabi, U.A.E. Tel 971 2 627 5983 Fax 971 2 627 5984 Houston Office 4900 Woodway Drive, Suite 725 Houston, Texas 77056, U.S.A. Tel: 1 713 961 4646 Fax: 1 713 961 4647 Doosan Vina (CPE Plant) Dung Quat Economic Zone, Binh Thuan, Binh Son, Quang Ngai Province, Vietnam Tel 84 55 3618 900 Fax 84 55 3618 954
Doosan Infracore India Technical Center (Machine Tools) Site No 143-B2, B3&B4, Bommasandra Industial Area. I&II Phase, Doosan Infracore China Co., Ltd. Cheng Du Branch (Construction Equip.) Hebba Godi village, Attibele Hobli, F, 6F, Hongdi Building, No.153 North Anekal Taluk, Bagalore, India Kehua Road Chengdu Sichuan 610021 Tel 91 080 4266 0110 China Tel 028 86026029 Bobcat Corp. Japan 636 Morooka-cho Kohoku-ku, Yokohama 222-0002 Japan Doosan Infracore China Co., Ltd. Tel 81 45 532 0151 HeFei Branch (Construction Equip.) Room 1005 10th floor,Sunan Plaza, NO.389-399 Jinzhai Road Hefei Anhui Doosan Infracore Japan Corp. 230061 China Doosan Portable Power Japan Tel 0551 5178362 2402, mita Kokusai Bldg, 1-4-28 Mita, Minato-Ku Tokyo 108-0073 Japan Doosan International Manufacturing Tel 81 3 5730 9011 China Co., Ltd. (Construction Equip.) 88 Wufang Road, Wujiang Economic Development District Wujiang Anhui Doosan Infracore Construction Equip. 215200 China North America HQ Tel 138 6204 1916 400 Perimeter Center Terrace Suite 750 Atlanta GA 30346 USA Tel 1 770 353 3800 Doosan Infracore China Co., Ltd. (Forklifts) No. 1702, Tower2, BoYa International Doosan Infracore Construction Equip. Center, No.1 Lizezhongyi Road, 400 Perimeter Center Chaoyang District, Beijing China Terrace Suite 750 Tel 86 10 8478 2608 Atlanta GA 30346 USA Tel 1 770 353 3883 Doosan Infracore China Co.,Ltd. (Engines) Bobcat Company 1800 Zhongshan W.Rd. Shanghai, PO Box 128 210 1st Ave NE Gwinner ND 200233 China 58040 USA Tel 86 21 6440 3050 Tel 1 701 678 6241 Xuzhou Xugong Doosan Engine Co., Ltd. 221-004 7F, XCMG, Industry Area No.1, Xuzhou Economic Development Zone, Jiangsu, China Tel 86 0516 8773 9000 Doosan Infracore Machine Tools Yantai Co., Ltd. Gunagzhou Office Room No.4019-4021, CHINA SHINE Plaza, NO.9 Lin He Xi Road Tian He District, Guangzhou Guangdong,China E-mail : charile.shin@doosan.com Doosan Infracore Machine Tools Yantai Co., Ltd. Chongqiing Office 6-5 Starlight Mansion, 1th Starlight Road, Hi-Tech Park, Nothern New District, Chongqing, China Tel 023 63111486 Bobcat Company 250 East Beaton Drive PO Box 6000 West Fargo ND 58078-6000 USA Tel 1 701 241 8700 Bobcat Company 520 Polydome Drive Litchfield Minnesota 55355 USA Tel 1 320 693 4967 Doosan Infracore Portable Power 1293 Glenway Drive Statesville North Carolina 28625 USA Tel 1 704 883 3586 Bobcat Company 521 South 22nd Street Bismarck North Dakota 58504 USA Tel 1 701 222 5466 Bobcat Company 2101 11th St N Wahpeton ND 58075 USA
Doosan Engine Co., Ltd.

HAMBURG Heidenkampsweg 100, 8 O.G, Hamburg, Germany 20097 Tel 49 40 2533 5656 Fax 49 40 2533 5661 SHANGHAI Room C.23F Huadu B/D #838 Zhangyang Road, Pudong, Shanghai 200120, China Tel 86 21 6875 0876 Fax 86 21 6875 0864 SINGAPORE 78,ShentonWay,#16-04, Singapore 079120 Tel 65 6222 5515 Fax 65 6222 5525
Doosan Marine Industry(Dalian)Co., Ltd. [DMI] Dagushan Nangang Industry Park, Development Zone, Dalian, P.R. China. Doosan Bobcat Chile S.A. P.C. : 116601 SAN IGACIO #701 Parque Industrial Tel 86 411 8751 7957 Buenaventura Quilicura SantiagoChile Fax 86 411 8751 7956 Tel 09 138 75 10 Doosan Infracore International (Construction Equip.) Blvd. Centro Industrial No. 11. Tlalnepantla, Edo de Mexico. C.P.54070 Mexico Doosan Infracore do Brasil Servic os de Suporte Comercial Ltda. (Construction Equip.) Alameda Santos 2222 CJ52, 5a andar, Cerqueria Cesar CEP 01418.200 Sao Paulo Brazil Tel 55 11 3061 3227 Doosan Infracore Colombia Office (Construction Equip.) Calle 63A No. 21 - 36 Oficina 301 Edificio Circulo de Ingenieria Bogota Colombia
Doosan Capital Co., Ltd.
BEIJING 20/F Tower B, Gateway, No.18 Xiaguangli, North Road East Third Ring, Chaoyang District, Beijing 100027, China Tel 86 10 8454 7200 Fax 86 10 8454 7102
Doosan Advertising Company

BEIJING 19th FL., Tower B, GATEWAY, No.18 Xiaguangli, North Road East Third Ring, Chaoyang District Beijing 100027, China Tel 86 10 8454 7185~7188 Fax 86 10 8454 7190
Contact
Tel. 02 . 3398 . 1084
Fax. 02 . 2285 . 5188
www.doosan.com
Doosan annual brochure can be downloaded from our website.
www.doosan.com
Doosan Tower, 18-12, Euljiro 6-ga, Jung-gu, Seoul, Korea Tel 82 2 3398 0114

Doosan AnnualReport English

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Table of Contents

An Explosive Growth Record

Sales (In billions of KRW)

41,085.2 24,603.7 21,386.3 22,704.4 18,516.3 14,155.8

Annual revenue growth rate since 2000

Global Expansion that Extends Our Reach

Overseas vs. Domestic Revenues (Unit: %)

Our global workforce

The Doosan Way

Our Infrastructure Support Businesses

Our Infrastructure Support Businesses

Sales Contribution by Business Type (Unit:%)

Infrastructure Support Businesses

ISB share of sales portfolio

Doosan Heavy Industries & Construction

Sales (In billions of KRW)

7,684.6 7,030.2 5,136.3 3,508.7

* Revenues of overseas subsidiaries are included from 2007.

Total power generation capacity

Doosan Heavy Industries & Construction

Nuclear Power Plants

Castings & Forgings

Doosan Heavy Industries & Construction

Doosan Power Systems

Doosan Hydro Technology

Doosan E&S (Engineering & Services)

Doosan Chennai Works

Sales (In billions of KRW)

7,954.1 7,371.3 5,538.2 4,280.1 3,710.0

* On a condolidated financial statement basis, including DII

Global vision of Doosan Infracore

Doosan Infracore Construction Equipment (DICE)

Engines & Materials

Doosan Engineering & Construction

Building Works CPE (Chemical

Sales (In billions of KRW)

2,696.2 2,310.3 1,910.3 1,798.0 1,939.9

* Including the sales of Doosan Mecatec(Jan.~Oct.), merged in 2010

2014 Order target

Doosan Engineering & Construction

Chemical Process Equipment

Sales (In billions of KRW)

Worlds market share for marine engines

Doosan Capital / Neoplux

Trustworthy Global Financial Partner

A Partner for Elevating Corporate Value

Current corporate bond rating of Doosan Capital

Holding Company and Others

Holding Company and Others

Sales (In billions of KRW)

Dominant Leader in Electronic Parts

Globally-recognized Parts Maker

115 Years of Trading Experience

Information & Communications

Defense Specialist with Global Competitiveness

A Major Food Service Provider

Doosan Industrial Vehicle

High-performance Logistics Equipment Maker

Doosan Feed & Livestock

Corporate Social Responsibility

Corporate Social Responsibility

Major CSR Programs

Corporate Social Responsibility