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Executives

James Kim – VP of IR and Public Relations Group

Jun Ho Kim – President and Head of Corporate Center

Analysts

Jae Lee – Daiwa Securities

[Ha Ten Lee] – Morgan Stanley

Nicolas Gaudois – UBS

David Choi – SK Securities

JJ Park – JPMorgan

Sung-Moon Suh – Hanguk Investment & Securities

Young Park – Woori Investment & Securities

Ricky Seo – Hong Kong and Shanghai Bank

Hynix Semiconductor (OTC:HXSCF) Q1 2013 Earnings Conference Call April 23, 2013 8:00 PM ET

Operator

[Interpreted]. Good morning and good evening. First of all, thank you all for joining this conference call.

And now we'll begin the conference of the fiscal year 2013 first quarter earnings results by SK Hynix. This conference will start by a presentation followed by a Q&A session. [Operator Instructions].

Now we shall commence the presentation on the fiscal year 2013 first quarter earnings results by SK Hynix.

James Kim

[Interpreted]. Good morning and good afternoon and evening for those calling in from abroad. This is James Kim, Vice President of Investors and Public Relations Group at SK Hynix. Thank you for joining us at the SK Hynix 2013 Q1 earnings release conference call.

Let me start by introducing the SK Hynix executives who are here today. Jun Ho Kim, President and Head of Corporate Center. Yong Tak Kim, Executive Vice President and Head of Product Development Center. Myeong Yeong Lee, Vice President and Chief Financial Officer. Rae Hak Park, Vice President in Mobile and Consumer Marketing Group. And Yeong Ho Kim, Vice President of [Stores] and Server Marketing Group.

Before starting the conference call, I would like to set the disclaimer that all outlooks are subject to change depending on the macroeconomic and market circumstances.

Now then, let me start the SK Hynix 2013 Q1 earnings release conference call. Let me now turn to Mr. Jun Ho Kim for the first quarter earnings results and our plan and marketing outlook.

Jun Ho Kim

Good morning. This is Jun Ho Kim, in charge of SK Hynix corporate center. Let me start with the review of our financial performance in the first quarter of 2013.

SK Hynix's consolidated sales for the first quarter totaled KRW2,781 billion, a 2% increase from the last quarter's KRW2,718 billion.

DRAM product sales increased quarter on quarter, thanks to better-than-expected price environment and increased demand for PC and server products.

Despite the seasonal downturn, PC DRAM price hiked due to limited supply as the suppliers shifted production to mobile DRAM products. As such, the price of non-PC DRAM products including servers increased, leading to 4% rise in the DRAM ASP compared to the previous quarter.

Despite the seasonal slowdown of mobile DRAM demand, DRAM bit volume increased 3% quarter on quarter as the demand for server DRAM for data center and PC DRAM increased.

Meanwhile, for NAND flash products, demand for mobile applications shrunk due to seasonality factor and the price dropped accordingly, leading to reduced sales as compared to the previous quarter. Despite the reduction in demand, NAND ASP dropped only 5% quarter on quarter as a relatively supply demand situation was created, thanks to a relatively slow rise in supply.

NAND bit growth dropped 1% quarter on quarter due to weak demand for eMMC products for mobile applications.

As for MCP, the sales declined quarter on quarter due to reduced demand for low-end smartphones in China at the beginning of the quarter and the price drawn from increased portion. However, given the seasonality factor, it achieved remarkable growth with sales increase of 20% as compared to the same period previous year.

Along with the sales increase coming from positive market environment and the effort to cut costs based on continued migration to finer technology node and yield improvement, the profitability of both the DRAM and NAND flash products increased against the previous quarter. The operating profit in the first quarter recorded KRW317 billion, which is a huge increase as compared to the previous quarter's KRW55 billion.

However, such profit was partially offset by corporate tax and foreign exchange translation loss from week one at the end of the quarter. Hence, the net profit turned out to be KRW179 billion.

Meanwhile, the depreciation and amortization expense in the previous quarter decreased quarter on quarter to KRW772 billion. EBITDA stood at KRW1,089 billion and EBITDA margin recorded 39%.

As of end of first quarter, the total cash and cash equivalent held by SK Hynix stands at KRW1,928 billion, which is an increase from previous quarter-end's KRW1,785 billion. Despite the repayment of borrowings, week one at the end of the quarter positively influenced the debt size so the borrowings rate dropped to 63% with net borrowings standing at 44%. This is a small improvement as compared to the previous quarter.

Next, let me move on to the market outlook.

Strong demand is expected for mobile DRAM and MCP products as the major mobile customers of DRAM will launch new products in the second quarter and growth is picking up in the Chinese smartphone market.

Worried about potential supply shortage, PC OEMs are likely to continue their effort to secure DRAM amid the continued weak demand for PC. Also the growth of white-box tablets from emerging market, which adopts PC DRAM, is likely to contribute to PC DRAM demand.

Also as new game consoles will be released in the second half of this year, demand for graphic DRAM is expected to rise sharply as compared to the previous year.

Just like mobile DRAM, NAND flash will also experience increased demand, thanks to the release of new mobile applications and increased penetration of low-end smartphones in the Chinese market.

The average NAND content of eMMCs or MCPs used in these mobile applications is low as compared to high-end products, but is increasing at a rapid speed. Hence, it is likely to take up a large portion of the overall NAND demand going forward. Meanwhile, memory suppliers' investment decision will be made more prudently than ever as the shrink technology is approaching the physical limit. Temporary supply/demand imbalance may occur in adjusting the mix of memory products within the limited capacity, but overall will be a fairly stable supply/demand situation.

Lastly, let me explain SK Hynix's next steps.

Although the PC DRAM price is increasing, since the memory semiconductor demand will be driven by mobile applications, our product portfolio will be centered around mobile application products like mobile DRAM, MCP and eMMC.

The DRAM bit growth in Q2 will see 10% growth, thanks to steady increase in server DRAM demand and recovery in mobile DRAM demand. NAND flash bit growth is also expected at mid-20%, thanks to demand recovery coming from release of new mobile products.

On the technology side, 2x nanometer technology will be applied to all DRAM products including mobile DRAM and the development of 2y nanometer products will be completed in the second half of this year.

And for NAND flash, we will continue our efforts to expand the 2y nanometer technology and to produce 1x nanometer products in the second half of this year.

To this end, we are thoroughly reviewing our investment plan and making timely investments on the key areas. However, due to high market volatility, we will be adjusting flexibly.

This year we plan to pool our effort and resources mostly to prepare for the technology changes of the future and to start creating economic added value going forward. I ask for your support as you watch SK Hynix's changes and advances. With this, I will end my presentation. Thank you.

James Kim

[Interpreted]. We will start the Q&A session now.

Question-and-Answer Session

Operator

[Interpreted]. Now, Q&A session will begin. [Operator Instructions].

The first questions will be presented by Mr. Jae Lee from Daiwa Securities. Please go ahead, sir.

Jae Lee – Daiwa Securities

Sure. Yes, thank you. First of all, congratulations on a great set of earnings. I have a couple of questions please.

I will appreciate if you can tell us about the current situation of mobile DRAM looking over to second quarter. Some handset makers are saying that supply is extremely tight and there are talks about chips being allocated. So, could you tell us whether that is true?

Unidentified Company Representative

[Korean language spoken]

Unidentified Company Representative

[Interpreted]. In the fourth quarter, actually expecting for the increase, the PC DRAM demand actually increased, and this was to prepare for the increased demand in the second quarter. So we have switched the production from PC DRAM to mobile a lot. However, nonetheless, we believe that even if we adjust all the allocations, the balance will be broke and we'll be under under-supply situation.

Jae Lee – Daiwa Securities

Right. And my second question is that, with the better-than-expected growth for both DRAM and NAND in the first half, I was wondering if you have changed the full-year bit growth estimates. Because I think you have guided mid-40% for NAND and mid-20% for DRAM previously, and whether this could change your CapEx going forward.

Unidentified Company Representative

[Korean language spoken]

Unidentified Company Representative

[Interpreted]. Regarding bit growth, in the second quarter we believe that there will be increase for DRAM and NAND for both of this. However, if you look at in the annual basis, we believe that for the DRAM side, which the industry bit growth expectation is mid-20%, and we believe SK will go beyond that level. As for NAND, the industry level is 40% and we believe we'll stand on the same level.

Jae Lee – Daiwa Securities

And I guess as for the CapEx, is it fair to say that above KRW3 trillion, around that level, will be fair for this year?

Unidentified Company Representative

[Korean language spoken]

Unidentified Company Representative

[Interpreted]. Regarding CapEx -- no. We believe that the bit growth actually is not a result of CapEx increase. Instead this is mostly because of technology migration and yield improvement. We have not announced any CapEx plans at the beginning of the year and we have not fixed it either because we plan -- we believe that there will be a lot of adjustments according to the applications. We are planning to run everything very flexibly.

Jae Lee – Daiwa Securities

Great. Thank you very much.

Operator

[Interpreted]. The next questions will be presented by Mr. [Ha Ten Lee] from Morgan Stanley. Please go ahead, sir.

[Ha Ten Lee] – Morgan Stanley

[Korean language spoken]

Unidentified Company Representative

We have actually two questions. Apparently first question is regarding PC DRAM. Apparently in the market there are rumors about PC DRAM. For instance, Kingston seems to have inventory worth of 12 weeks. So we want to know what's your understanding regarding these rumors. So, can you share your information about your inventory level, the channel inventory level as well as overall inventory status of the PC industry?

My second question is regarding NAND flash. Last week actually there was some announcement from a big NAND maker and they said that in the second half of the year we expect about [108,000] of such new capacity for NAND side. So we are understand that SK Hynix last year has tried to do some ramp-up with the -- on the [MCB] line and I understand this has been suspended. So we want to know what's the plan going forward.

Unidentified Company Representative

[Interpreted]. Regarding your first question regarding inventory, our DRAM inventory level stands the same as before. As for the PC OEMs, according to our intelligence, they seem to have about three to four-week worth of inventory, and this is very stable. Regarding the retail channel, we believe that they will maintain the former level, so it's going to be maintained at the same level as before. As for about the Kingston information, yes, we have heard about the same information as you did.

Regarding your second question on NAND capacity, we have not -- we have no plan regarding capacity expansion, as heard today. The story about the [108,000] additional capacity that you heard from an equipment maker, I believe that's not ours for sure. However, we plan to run a very flexible CapEx plan, so we will be making decisions in the second half of this year.

[Ha Ten Lee] – Morgan Stanley

[Korean language spoken]

Operator

[Interpreted]. The next questions will be presented by Mr. Nicolas Gaudois from UBS. Please go ahead, sir.

Nicolas Gaudois – UBS

Yes, good morning. First question would be on your DRAM mix, if you could specify first what was the split between PCs over mobile and others in Q1 revenues, how you expect that to trend in the second quarter please. And I have a follow-up. Thank you.

Unidentified Company Representative

[Korean language spoken]

Unidentified Company Representative

[Interpreted]. Despite the guideline that we have offered previously which we thought that we'd maintain about 20% level for the PC, actually there was some price hike on the PC side in the first quarter. So our actual level stood at about mid-30% level for PC DRAM. And on the mobile side we expect it to be about 30%, but it's actually turned out to be on the high 20% level.

And for the second quarter, we believe it's going to be about similar. So it's going to be 30% for PC DRAM and near 30% for mobile DRAM.

And the figures that I just -- the percentage that I just mentioned is based on the revenue.

Nicolas Gaudois – UBS

Great. Yeah, understood. And just as a follow-up, you mentioned that one of the potential issues NAND flash makers are facing in assessing whether they want to deploy capital for capacity increase is effectively low scalability and probably what I believe as well visa vie Moore's law. In that context, what is Hynix's view on [while the trend was] maybe for Hynix below 16nm, so the -- your 1y node basically, and actually below that, and when do you think you will have to bring in 3D NAND in particular to address some of these issues?

Unidentified Company Representative

[Korean language spoken]

Unidentified Company Representative

[Interpreted]. Regarding the 16nm, we plan to complete the development by the end of the second quarter, and we believe by then we will be able to issue something that the market will be satisfied in terms of reliability. And after that, yes, we are planning on to work on the 3D where we believe that this will be issued at the end of this year or early next year. And we believe by that time we will be able to issue a sample that the market will be satisfied with.

Nicolas Gaudois – UBS

And sorry, just a clarification, your initial 3D samples and initial first production rollout next year, would that be 12nm or, sorry, 1y, the next node, or would you actually start at a more legacy node and then move to a shrink?

Unidentified Company Representative

[Korean language spoken]

Unidentified Company Representative

[Interpreted]. Internally, yes, we are developing and considering -- contemplating this as an option, but we believe that more time will be required before we move on to 1y. So we believe that after the 16nm, it will be 3D.

Nicolas Gaudois – UBS

Okay, great. Thank you very much.

Operator

[Interpreted]. The following questions will be presented by Mr. David Choi from SK Securities. Please go ahead, sir.

David Choi – SK Securities

[Interpreted]. First of all, congratulations on your good results this quarter. I have two questions but I'd like to ask my first. It looks like that your revenue this quarter is similar to the previous quarter, so, fourth quarter 2012. However, your profit seems to be much higher. So, from the KRW300 billion that you have recorded, how much of it comes from the inventory portion?

Unidentified Company Representative

[Interpreted]. As for the reversal of inventory write-down, it's about KRW30 billion and that's about similar to the previous quarter.

David Choi – SK Securities

[Interpreted]. My second question is regarding the PC DRAM price. Recently there has been some increase in the PC DRAM price. However, I hear stories that the PC makers are actually worried about this price increase. In Hynix's point of view, how much additional room for price increase is there for PC DRAM? And what will be the level that the PC makers will be okay with?

Unidentified Company Representative

[Interpreted]. As of the price level of April, we believe that this level will be maintained into the second quarter or even be slightly higher. However, in the second half of the year, if you think about the reason for price hike, this is mostly because of the uncertainties on the demand side. So we believe that such trend will not continue into the second half of the year.

However, if you look at the [bond] cost, overall in the past, memory accounted for up to 8% of the [bond]. However, more recently, we believe that the current level stands around 5% and we believe from manufacturer's point of view, they wouldn't feel, you know, worried about making any further production because of the high DRAM price.

And if you look at the peripheral applications, presently there is some tightness in supply on the PC DRAM side, and on the second half of the year we believe that the PC supply will be reduced further because we'll be [shipping] mostly to the mobile side. So on the third quarter we believe that on the -- in the market, the PC price won't be very bad.

Operator

[Interpreted]. The following questions will be presented by Mr. JJ Park from JPMorgan. Please go ahead, sir.

JJ Park – JPMorgan

[Interpreted]. I have three questions. My first question, you mentioned that reversal of the inventory write-down turned out to be about KRW30 billion this year. But if you look at the total earnings, usually stood at KRW2,600 or KRW2,700 billion. But this quarter it recorded KRW2,400 billion. If you look at the blended ASP, you actually issued only the blended ASP so I want to know for this first quarter what was -- how much the ASP increased for PC DRAM.

And on your presentation you mentioned a lot of the capacity will be switched from PC DRAM to mobile and you have actually converted it already, and I want to know how quickly can this process take place, what are the equipment that need to be changed then. If the PC side goes, is it possible? And how much time it will take in order to convert it back.

Unidentified Company Representative

[Interpreted]. Regarding the operating cost, in the fourth -- as compared to the fourth quarter last year, in the first quarter this year we have seen about 8% drop, which would be about KRW200 billion. And this is because -- mostly because of the drop in the materials cost, because we -- coming from the wafer side mostly. The wafer costs actually -- we actually purchase wafer in yen and yen was depreciated, and this has had the influence.

And if you look at the depreciation overall, the depreciation that we recorded this year is about KRW30 billion for the first quarter, and we don't believe the first quarter level will be maintained, but actually as of the year as a whole, it will be slightly lower than last year.

Regarding the conversion from mobile DRAM to PC DRAM, actually if you look at the processes, there are two parts, the front side processes and the backend processes. Actually on the front side process, the mobile DRAM and PC DRAM is about 90% similar. So if you want to go for the mobile DRAM, we just need to add a couple of stuff on the front side. So the conversion itself is relatively easy.

On the backend processing, actually the conversion from mobile to PC, there are actually two sides to it, the system side and the materials side. On the systems side, about 50% is interchangeable. But on the material, the packaging and assembly materials are different between mobile and PC. And in order to source these materials, the supply lead time is maximum six weeks.

So on the fab processing, we can -- fab processing is usually two to three months, so overall we can say about three months will be required to do the conversion. The reversing process is actually shorter.

Regarding the ASP increase in the PC DRAM, it's difficult for us to say whether our ASP actually increased or decreased. But if you look at the newspaper articles, the usual range is 25% to 35%, and our company also falls into that range.

Operator

[Interpreted]. The following questions will be presented by Mr. Sung-Moon Suh from Hanguk Investment & Securities. Please go ahead, sir.

Sung-Moon Suh – Hanguk Investment & Securities

[Interpreted]. First of all, congratulations on your earnings results. My first question is regarding the PC. In the first quarter there has been some shortage and the price hiked. However, if you look at your PC market, the overall demand was pretty bad. Actually they said that it dropped by 12% to 14%. So in the second half of the year, do you believe that the PC demand will go up? And on the annual basis, will the demand go up or would it be sluggish? How do you foresee?

Unidentified Company Representative

[Interpreted]. On the PC shipment side, for the first quarter, you can say that overall it shrunk about minus 13%, and on an annual basis we expect it to drop by minus 4%. But if we reflect the numbers of the first quarter, it may come down as much as -- as low as minus 6%.

And for the second half of the year, some people say that once the Windows 8, the OS, settles in, so one year after the introduction of Windows 8, the demand will pick up, or when the touchscreen settles in, the demand will pick up. However, we don't believe this will be happening that much. Rather the demand will come from the tablet or the smartphone side. So overall as a year, we believe that the overall PC market won't be that good.

Sung-Moon Suh – Hanguk Investment & Securities

[Interpreted]. My second question is regarding NAND. Apparently the US, the card type price is going up but the embedded type is coming down. So in the first quarter we have seen some 5% drop. In the second quarter and the second half of the year, do you believe this situation will continue? So the card type will go up and the embedded type coming down, so overall there will be slight drop? That's my first question.

And my second question is regarding the TLC. Apparently your competitors are driving the TLC -- TLC, and do you believe there will be some pressure on the price of NAND because of TLC?

Unidentified Company Representative

[Interpreted]. Regarding your first question on the US big card type, we believe the -- for the -- on the channel side, the NAND price will go up. If you look at the reason why the price go up actually, the reason is because most of the embedded are focused on eMMCs or SSDs. So the channel volume is coming down because of this. And this is leading to channel price going up. However, if you -- and we believe that overall, on the embedded side, it will be possible to negotiate the price on a quarterly basis, so there will be a slight drop.

And for your second question regarding TLC, how much of an impact will TLC increase have on the MLC side. We believe TLC is still in its initial stage and it's not in a position where it can replace MLC yet. So although you have entered the embedded market, it's not as big to influence the price yet.

Operator

[Interpreted]. The following questions will be presented by Mr. Young Park from Woori Investment & Securities. Please go ahead, sir.

Young Park – Woori Investment & Securities

[Interpreted]. I have two questions. My first question is regarding the DRAM industry. Apparently it looks like there's only three players in the industry now, Samsung, SK Hynix and Micron. And I have talked to Micron people recently, apparently they are very actually delighted about this situation. So if the number of players are reduced on the DRAM side, it may be piece of good news for you as well. So given this situation, what do you believe will be the impact on the second quarter of 2013 on 2014 and 2015, so, going forward? And do you have any strategic thoughts regarding this situation?

Unidentified Company Representative

[Korean language spoken]

Young Park – Woori Investment & Securities

[Korean language spoken]

Unidentified Company Representative

[Korean language spoken]

Unidentified Company Representative

[Interpreted]. We believe in such a situation the key issue will be investment or capacity expansion. The key would be on how much investment we'll make to expand the capacity. But as you might well know, we are facing physical limits on the technology side. So we believe that in two to three years, the next-generation memory technology will have to arrive. And when that time comes, we'll have to make heavy investments. So, until that time, we'll have to be relatively conservative in terms of making any further investments.

So, summary would be this, that for the next two, three years we'll be investing very conservatively. So the DRAM supply and demand situation will be maintained very tightly.

Young Park – Woori Investment & Securities

[Interpreted]. My second question is regarding mobile DRAM. You mentioned about potential shortage in the second quarter. So to clarify on that issue, do you believe there is possibility that the ASP will go up slightly? Can you share your opinion regarding that? And unlike the PC DRAM, on the mobile DRAM side, a lot of adjustment or customization is required on the -- by customer and by product, and if you look at the market situation, Samsung Electronics accounts for 60% of the market and it looks like Samsung Electronics doesn't believe that the mobile DRAM will be very strong going forward. So in terms of the visibility, do you believe that -- why do you believe that there will be shortage on the mobile DRAM side? Can you share more of your rationale?

Unidentified Company Representative

[Interpreted]. Let me talk about the mobile DRAM price. As you said, it is a customized product and there is no fixed channel and rather -- so it has a relatively stable price structure. So there's a relationship between the customer and the supplier, on a yearly basis they talk about the price or would expect the price to come down slightly because of that.

However, if you look at the previous performances, the overall profitability is relatively bad for mobile DRAM, so we believe that the price can go up because of this situation.

James Kim

[Interpreted]. Given the time constraint, we are open for only one more question. Thank you.

Operator

[Interpreted]. The last questions will be presented by Mr. Ricky Seo from the Hong Kong and Shanghai Bank. Please go ahead, sir.

Ricky Seo – Hong Kong and Shanghai Bank

[Interpreted]. I have two questions. My first question is regarding the DRAM. Apparently the margin for DRAM seems to be relatively good, and we believe this is because you have a large portion of the 20 nano. What's the actual proportion of 20 nano in the first quarter? And it looks like you have also started the conversion to -- from PC DRAM. So we want to know what was the [reach here].

Unidentified Company Representative

[Interpreted]. As for the share of 20 nano in the first quarter, as we have issued in the guideline, it was about the 30% level. In the second quarter we believe it to stand at mid-40% level. And at the end of the year, 20 nano will take up 60%.

Most of the 20 nano is actually used for the PC and servers. Starting from the second quarter, it's going to be applied on mobile DRAM itself.

Ricky Seo – Hong Kong and Shanghai Bank

[Interpreted]. When you move to 2y nano, are you going to start directly from mobile side or, as you usually do, are you going to start with PC and then move on to the mobile side?

And regarding the TLC SSD, apparently most of the major PC OEMs are starting to introduce this. So what's Hynix's schedule in introducing this?

Unidentified Company Representative

[Interpreted]. In the past we considered that PC -- we actually developed for PC and server side first because we thought these were the flagship products. And then after six months or up to one year, we started developing the mobile and the graphics side.

But from 2y nanometer, we will do the development in parallel, so the ramp-up time -- ramp-up gap between the PC server and the mobile graphics side will be at the most one month.

Regarding TLC SSD, some of the OEMs are starting to authenticate this in their product, but most of the major players are not that interested about the TLC-based SSD as of yet. As for SK Hynix, we are developing TLC on the 16 nano technology and we believe by the first half of next year we will complete the development.

Ricky Seo – Hong Kong and Shanghai Bank

[Korean language spoken]

James Kim

[Interpreted]. So with this, we'll end our conference call on the earnings release for the first quarter 2013. This afternoon at 1:15, we will have additional announcement -- at 3:15, we will have an additional announcement in [Yaedo]. Thank you.

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