The restructuring plan to partition Doosan Bobcat fell through, leading Doosan Enerbility to secure funds by using nearly 90% of its shares as collateral. Doosan Enerbility aimed to restructure its business to reduce borrowing funds and secure new investment capacity; however, with the plan failing, it has ended up increasing its borrowings.
According to the Financial Supervisory Service's electronic disclosure system on the 28th, Doosan Enerbility has so far provided 40.56 million shares (42.31%) of Doosan Bobcat as collateral through stock collateral loans and borrowed approximately 1.46 trillion won. About 88% of the 46.18 million shares (equity rate of 48.18%) held by Doosan Enerbility are currently pledged as collateral.
This year, Doosan Enerbility has borrowed an additional 190 billion won through stock collateral loans three times and provided additional collateral for existing loan agreements. Most recently, on the 17th, Doosan Enerbility provided 3.7 million shares of Doosan Bobcat as new collateral to Enerbility Hana Third Limited Company and borrowed 150 billion won.
Earlier, Doosan Enerbility provided an additional 900,000 shares of Doosan Bobcat as collateral for the $300 million borrowed from Korea Development Bank in January. The total number of pledged shares increased to 11.9 million. On the 4th of this month, it increased the amount and number of pledged shares in a stock collateral loan agreement with Korea Securities Finance. Doosan Enerbility added 150,000 shares of Doosan Bobcat as collateral to Korea Securities Finance, bringing the total collateral shares to 5.15 million and increasing the loan amount from 110 billion won to 150 billion won, an increase of 40 billion won.
Last year, Doosan Enerbility's restructuring plan to separate Doosan Bobcat and merge it into a subsidiary of Doosan Robotics was thwarted by the intervention of the Financial Supervisory Service. At that time, Doosan Enerbility planned to reduce its borrowing fund by transferring the 720 billion won stock collateral loan of Doosan Bobcat to a newly established corporation and secure 500 billion won through the disposal of non-operating assets to prepare a total of 1.2 trillion won in new investment funds. It was believed that reducing liabilities and improving the financial structure would be advantageous for winning contracts or securing new funds.
Doosan Enerbility is in a situation where large-scale funds are needed to expand business opportunities in future growth areas such as nuclear power generation, small modular reactors (SMR), and gas turbines. It expects to win around 10 nuclear power plant contracts over the next five years, including a Czech nuclear power plant, as well as about 60 SMRs.
Doosan Enerbility plans to invest 1.3 trillion won over three years from 2025 to 2027 for the expansion of production facilities and research and development to secure new technologies. This amount is an increase of 600 billion won from the initial investment plan of 700 billion won earlier this year. The additional investment of 600 billion won is expected to be secured through 150 billion won from the public offering of Doosan Skoda Power, a subsidiary in Czech power generation equipment, and dividends from subsidiaries.
A representative of Doosan Enerbility said, "The possibility of winning contracts for the Czech nuclear power plant is high, and we expect significant improvements in cash flow from operations through contracts for the gas combined power plant in Saudi Arabia."