SK텔레콤의 하이닉스 반도체 인수와 발전: 부채와 재무건전성에 대한 사례 (SK Telecom’s Acquisition of Hynix: The Case for Analyses on Liabilities and Financial Health)

서지정보

· 발행기관 : 한국회계학회
· 수록지 정보 : 회계저널 / 24권 / 6호 / 431 ~ 459페이지
· 저자명 : 한송이, 최종학, 이우종

초록

반도체 산업은 막대한 설비투자를 요구하면서도 경기변동에 민감한 특징을 가지고 있다. 하이닉스(구 현대전자산업주식회사)는 1997 - 1998년 금융위기의 여파와 2000년 실시한 무리한 LG반도체의 인수로 재무적 어려움을 겪던 중 2001년 파산하였다. 그 후 여러 은행들로 구성된 채권단이 공동관리를 하면서 구조조정을 통해 회사를 부활시켰다. 그 동안 많은 경쟁업체들이 산업에서 철수하여 하이닉스 반도체는 삼성전자에 이어 메모리 반도체 분야에서 세계 2위의 시장점유율을 기록하게 되었다. 채권단은 수차례에 걸쳐 하이닉스반도체를 국내외 회사들에게 매각하려고 노력했었으나 모두 실패로 돌아갔다. 그러던 중 2012년 2월 SK텔레콤이 하이닉스반도체를 채권단으로부터 3조 3,750억 원에 인수하여 SK그룹으로 편입한다. 회사명도 SK하이닉스로 바뀌었다. 인수 후 SK그룹은 SK하이닉스를 정상화시키기 위해 많은 노력을 기울이고, 그 결과와 시장 상황의 개선 덕분으로 2013년부터 SK하이닉스는 많은 이익을 기록할 수 있었다.
본 사례에서 하이닉스반도체의 몰락과정과 그 이후 벌어진 여러 사건들에 대해서 살펴보면서, 채권단이 하이닉스반도체를 살리기 위해 실시한 재무적 구조조정에 대해서 알아본다. 매각자와 매수자 사이의 회사 인수조건이 달라짐에 따라 어떤 영향이 있는지도 살펴본다. SK텔레콤의 인수 이후의 자금 사용이 SK하이닉스의 재무제표에 어떤 영향을 가져왔는지를 공부한다. 또한 인수기업인 SK텔레콤의 인수비용 마련을 위한 자금조달이 미친 효과도 공부한다.

영어초록

The semiconductor industry is characterized as requiring largely irreversible capital expenditures, resulting in huge fixed costs. Thus, its cost structure is largely fixed regardless of production level, resulting in vulnerable income and cash flows depending on changes in economic conditions. Since its foundation in 1949, Hynix (currently SK Hynix) has experienced significant changes in its ownership structure three times. Hynix began its operation as a construction company but changed its focus to the semiconductor industry in 1983. Hynix went bankrupt in 2000 during the aftermath of the 1997-1998 Asian financial crisis. While the company suffered greatly from an economic recession after the financial crisis, the company acquired LG Electron in 2000 with politically-motivated intentions, largely backed up by aggressive debt financing. As a result, the company amassed huge debts, finally resulting in the bankruptcy of the company in 2001.
After the bankruptcy, several banks unwillingly overtook the control of the firm and resuscitated the firm through restructuring process. The restructuring process was helped by government’s support. The banks exempted a huge amount of loans and adjusted (lowered) interest rates in favor of Hynix. The banks also allowed the company to renew the matured short-term loans amounting 1.87 trillion Korean Won (approximately 1.7 billion US dollars) in 2002 and 2003. In addition, the banks converted 1 trillion-won corporate debts into equity through debt-equity swaps. Following these measures, the financial condition of the firm steadily improved during the mid-2000s.
Meanwhile, the banks also made several futile attempts to divest their Hynix investments. However, intense competition in the semiconductor industry and huge capital expenditures required for the firm deterred potential acquirers from jumping in for the deal to purchase the firm. After 11 years’ search for a buyer, SK Telecom, one of the large subsidiary of SK group, a famous conglomerate in Korea, finally agreed to acquire Hynix from the banks in 2011 for about 3.75 trillion Korean Won (about US$3.3 billion). Subsequently, SK renamed the company to SK Hynix. After the acquisition, the operating performance of Hynix improved substantially. Hynix made continuous efforts in retiring short-term debts through a successful equity offerings provided by SK Telecom. As a result, the debt-to-equity ratio of Hynix fell down from 119% to 91% in 2012. The coincidental collapse of a Japanese competitor, Elpida, also helped the company by alleviating industry competition, and increasing demand for semiconductors to remaining electronics manufacturers.
Hynix reported the record-breaking profits in 2013. Currently SK Hynix dueled over market share in the semiconductor industry with Samsung Electronics and Micron Technology (formerly Elpida) and secured about 30% of the market. Compared with the status of the company five or ten years ago, it is a remarkable turnaround.
This case describes the abovementioned situations and provide several problems that students can solve. We expect that students can learn from this real-life case about the restructuring process of a company and its effect on financial statements. At the same time, students can contemplate the effects of various measures that the banks used to resurrect Hynix's crumbling financial status. The effects of the acquisition of Hynix by SK Telecom on both the target (i.e., Hynix) and the acquirer (i.e., SK Telecom) can also be of interest. Specifically, students will have a chance to discuss how financial profiles of Hynix and SK Telecom changed as a result of the capital injection from the acquirer. With an emphasis on debt financing and debt restructuring, the case is particularly informative of debt financing issue. Further, students need to search for the various disclosures and infomration contained in annual report. Through these exercises, we expect that students have a real experience to search for financial statements and other information by themselves and interpret the information.

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