000120KOSPI

CJ Logistics

69,300

-1,000 (-1.42%)

MA5
MA20
MA60

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

CJ Logistics Corporation was established in 1930 and is listed on the KOSPI market. Headquartered in Seoul, the company operates as a corporate entity with 114 consolidated subsidiaries.

The company provides logistics services across four segments. These include contract logistics for warehousing and port delivery, parcel delivery and e-fulfillment, global forwarding and overseas logistics, and construction and resort management.

Business overview as filed

가. 사업부문별 종속회사 현황 (요약)

나. 사업부문별 현황(1) CL 사업부문당사의 CL사업은 화주업체와 단일 혹은 복수의 제3자간에 일정 기간 동안 일정 비용으로 일정 서비스를 상호 합의 하에 위탁 수행하는 3PL(제3자 물류)사업인 W&D(Warehousing&Distribution)사업과 정부로부터 민자 참여 방식 부두개발 및 부두 운영권을 부여받아 항만 터미널을 운영하는 항만하역 사업과 산업재 중심 운송 사업을 영위하는 P&D(Port&Delivery)사업으로 이루어져 있습니다.W&D사업은 CPG, D2C, 제약, 리테일 등 다양한 산업군의 사업을 영위하고 있으며, TES 기반의 무인화 및 자동화 기술을 반영하여 운송 로봇, 다관절 로봇, e-Commerce용 합포장 기술 등 물류센터의 무인화 및 자동화를 통해 입고에서 보관, 출고까지 고객 Needs에 맞춘 물류 서비스를 안정적으로 제공하고 있습니다.P&D 사업은 국내 최대 항만인프라를 기반으로 물량 선점과 항만 현대화를 통한 차별화 전략으로 선석 보유 기준/순수 Bulk 기준 국내 M/S 1위 지위를 확보하고 있으며, 항만과 창고를 연계하여 국내 운송 물량 확대를 추진하고 수송자원 최적화 및 우수한 전문 운영 인력을 바탕으로 고품질 운송 서비스를 제공하고 있습니다.

(2) 택배 사업부문당사는 국내 최대 규모의 Hub/Sub터미널 및 자동화설비를 활용하여 업계 최고 수준인 日 최고 약 9.2백만 Box의 물량을 처리하며 다양한 배송 서비스를 제공하고 있습니다. 당사는 택배 시장의 성장과 시장물량 변화에 유연하게 대응하는 최적의 운영 역량을 확보하고 있습니다. 아시아 최대 규모이며 최초로 국토교통부 주관 스마트물류센터 1등급 인증을 획득한 곤지암 메가허브터미널을 비롯한 6개의 Hub터미널을 운영하고 있으며, 소형상품을 배송지역별로 자동 분류하여 단위화 하는 Multi-Point를 각 Sub 터미널에 구축하고 경기도 이천과 안성에 Multi-Point 전담 Hub를 운영 중에 있습니다.당사는 2024년 3월, 택배산업의 급성장에 대응하기 위해 日최대 2천만건 데이터 처리 가능한 클라우드 기반의 차세대 택배시스템인 'LoIS Parcel'을 도입하였습니다. 안정적인 시스템 운영을 통해 서비스 품질을 높이고 산업환경 변화에 능동적으로 대응해 나갈 것입니다.또한, 차별화된 배송경쟁력을 갖춘 기업 중심으로 재편 중인 국내 e-Commerce시장에 대응하기 위하여 기존 익일배송 서비스를 2025년 1월 5일 부터 휴일배송이 가능한 '매일오네' 서비스로 확대하고 도착보장배송, 당일배송, 새벽배송 등의 다양한 배송서비스를 확산할 것입니다. 이러한 독보적인 Last Mile Delivery 서비스와 AMR/AGV 등의 자동화설비, 스마트패키징, e-Commerce전용 통합 물류관리시스템 'eFLEXs' 등이 적용된 10개의 상온 e-Fulfillment 센터 및 1개의 저온 e-Fulfillment 센터를 연계하여 독보적인 풀라인업 e-Commerce 물류 서비스를 제공하고 있습니다.

(3) 글로벌 사업부문당사는 해외사업, 포워딩사업(해상ㆍ항공 포워딩, 국제특송)으로 구성된 글로벌 사업부문을 영위하고 있습니다. 해외사업은 미국, 인도, 베트남 등 전세계에 걸쳐 39개국 115개 법인 운영을 통하여 CL(계약물류), 포워딩 등 종합물류서비스를 제공하고 있으며, 전략화주 및 성장산업군 대상으로 Value chain 확대하고 운영효율성을 극대화하여 사업 영역의 高효율ㆍ질적 확대를 추진하고 있습니다.포워딩사업은 항공기를 이용하여 화물을 운송하고 통관 등을 수행하는 서비스를 제공하는 항공 포워딩 서비스와 선박을 이용하여 고객사의 물량 특성에 따라 컨테이너 및 Bulk 화물을 운송 및 통관 등을 수행하는 해상 포워딩 서비스를 제공하고 있습니다. 더불어, Cross Border e-Commerce(국가간 전자상거래)시장의 성장에 대응하여 GDC(Global Distribution Center), OCC/ICC(Outbound/Inbound Customs Clearance) 등의 초국경 e-Commerce 물류거점 기반으로 국제특송/통관 및 Fulfillment 서비스를 제공하고 있습니다.

(4) 건설 사업부문당사는 건설사업, 리조트사업으로 구성된 건설부문을 영위하고 있습니다. 건설사업은 지속되는 국내 건설경기 불황 및 수주 물량 감소로 경쟁이 심화되는 환경 속에서도 안정적인 사업 운영과 경쟁력 제고에 집중하고 있습니다. 업무ㆍ상업시설, 물류시설, 산업시설, 연구시설, 골프리조트, 리모델링 등 비주거건축을 중심으로 사업을 영위하고 있으며, 특히 도심지 오피스 공사와 아시아 최대 규모의 곤지암 메가허브터미널 시공 경험을 바탕으로 오피스 및 물류 등 기존 강점 분야의 수주영업력 및 시공 역량을 지속 강화하고 있습니다. 또한 공정ㆍ품질ㆍ안전 중심의 시공 관리 체계를 통해 프로젝트 수행의 안정성을 확보하고 있습니다.아울러 환경 MBR 사업 및 공공사업으로의 영역 확대, CI(Construction Investment) 및 프리콘(Pre-Construction) 진출을 통해 기획ㆍ설계 단계부터 참여를 확대하며, 기존 강점 사업군뿐만 아니라 데이터센터 등 미래 사업군의 수주 경쟁력을 확보해 나가고 있습니다.리조트사업은 세계적 수준의 코스 품질과 차별화된 서비스 철학을 기반으로 '클럽나인브릿지'와 '해슬리 나인브릿지'라는 대한민국을 대표하는 정통 프라이빗 멤버십 골프 클럽을 운영하고 있습니다. 단순한 레저시설의 운영을 넘어, 한국 골프 클럽의 기준과 위상을 세계적 수준으로 끌어 올리고 있는 리딩 클럽으로서 장기적인 브랜드 가치와 자산 가치를 동시에 축적해가나고 있습니다.

Company overview

가. 회사의 법적ㆍ상업적 명칭

당사의 상호는 "CJ대한통운"이라 하며, 한글로는 씨제이대한통운주식회사라 하고, 영문으로는 "CJ Logistics Corporation"이라 표기합니다.

나. 설립일자

당사는 1930년 11월 15일에 설립되었으며, 1956년 7월 2일 한국거래소 유가증권시장에 주식을 상장하였습니다.

다. 본사의 주소, 전화번호, 홈페이지 주소

- 본 사 의 주 소 : 서울특별시 종로구 종로5길 7(청진동, 타워8)- 전 화 번 호 : 1588-1255- 홈페이지 주소 : http://www.cjlogistics.com

라. 주요사업의 내용당사는 1930년 11월 15일에 설립되어 CL사업, 택배사업, 글로벌사업, 건설사업을 영위하고 있습니다. CL(계약물류)사업은 다양한 산업군의 고객을 대상으로 스마트 물류 설비를 갖춘 물류 센터 기반의 제3자물류 서비스를 제공하는 W&D(Warehousing & Distribution) 사업과 국내 최대 항만인프라와 수송자원을 활용하여 항만하역 및 운송 서비스를 제공하는 P&D(Port & Delivery)사업을 영위하고 있습니다. 택배사업은 국내 최대 규모의 설비를 활용하여 업계 최고 수준의 물량을 처리하며 다양한 배송 서비스를 제공하고 있습니다. 또한 e-Commerce시장에 대응하여 첨단 기술이 도입된 e-Fulfillment 센터와 독보적 Last Mile Delivery 서비스 역량과 연계한 융합形 e-Fulfillment 물류서비스를 제공하고 있습니다. 글로벌 사업은 항공 및 선박을 이용하여 식품, 전기전자 등의 화물을 운송하고 통관 등의 수출입 관련 물류 서비스를 제공하는 포워딩사업과 전세계 39개국 115개 법인 운영을 통하여 CL(계약물류), 포워딩 등 종합물류서비스를 제공하는 해외사업을 영위하고 있습니다. 건설사업은 물류센터,리모델링,연구시설,산업환경 건설 분야에 특화된 건설사업과 국내 최고 품질의 골프장을 운영하는 리조트 사업을 영위하고 있습니다. 또한 당사는 TES 물류기술 연구소를 중심으로 물류산업의 디지털 전환(Digital Transformation)을 선도하고 스마트 물류 역량을 제고하고 있습니다. AI/Big Data를 활용한 물류 운영 체계 혁신과 로봇을 활용한 물류센터 자동화 및 무인화 등을 통하여 물류사업의 미래성장을 주도하고 있습니다.

마. 연결대상 종속회사 현황(요약)

2025년말 기준 K-IFRS기준 연결대상 종속회사는 114개사(연결법인은 당사를 포함해서 총 115개사)입니다.연결대상 종속회사 현황(요약)

마-1. 연결대상회사의 변동내용

바. 중소기업 등 해당 여부

사. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

아. 신용평가에 관한 사항(1) 최근 3년간 신용등급 내역

(2) 신용등급의 체계

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.16), tables and figures omitted.

The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

2.16%

[1.23%, 3.78%] · As of 2026-10-02

VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 52.4% (2026-10-08). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.27

Beta [0.14, 0.40] · KOSPI200 · As of 2026-10-08

Intercept: -0.145%[-0.506%, +0.215%]
R squared: 0.13
Observations: 252
Trading-time corrected beta: 0.26[0.07, 0.45]

252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Beta summarizes by regression how far the issue's return moved together with the KOSPI200 or KOSDAQ150 index return, and the index is only a stand-in for the whole market.
The intercept is the average excess return the index does not explain, and when the interval shown beside it contains zero it cannot be told apart from zero.
Beta and the intercept are computed from the sample of the chosen window and frequency and are not values for the period ahead.
At the daily frequency a beta corrected for differences in trading times is shown alongside, and the gap between the two shows how much later than the index the issue's trades are reflected.

Financials

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	50,558	60,819	71,104	92,197	104,151	107,811	113,437	121,307	117,679	121,168	122,847	128,382
Revenue growth%	—	20.30	16.91	29.66	12.97	3.51	5.22	6.94	-2.99	2.96	1.39	—
Operating incomeKRW 100M	1,866	2,284	2,357	2,427	3,072	3,253	3,439	4,118	4,802	5,307	5,081	5,011
Operating income growth%	—	22.40	3.15	2.99	26.58	5.91	5.70	19.75	16.62	10.50	-4.26	—
Net incomeKRW 100M	490	682	389	666	509	1,426	1,583	1,968	2,429	2,683	2,587	2,343
Net income growth%	—	39.25	-42.99	71.26	-23.59	180.26	10.98	24.35	23.40	10.48	-3.57	—
Attributable to ownersKRW 100M	459	558	315	527	397	1,230	547	1,816	2,248	2,485	2,421	2,229
Attributable to minoritiesKRW 100M	30	124	74	139	112	196	1,035	153	181	198	167	114
Operating margin%	3.69	3.76	3.31	2.63	2.95	3.02	3.03	3.39	4.08	4.38	4.14	3.90
Net margin%	0.97	1.12	0.55	0.72	0.49	1.32	1.40	1.62	2.06	2.21	2.11	1.82
ROE%	1.98	2.38	1.33	1.98	1.33	3.69	1.54	5.08	6.24	6.29	5.84	5.33
ROA%	1.09	1.24	0.62	0.85	0.56	1.48	1.76	2.03	2.60	2.75	2.50	2.19
Debt ratio%	89.76	101.56	126.72	151.33	149.23	138.70	123.93	140.27	131.45	130.59	132.88	142.20
Current ratio%	96.40	110.92	95.42	83.43	92.57	90.42	95.89	95.10	94.89	92.88	88.51	100.36
Quick ratio%	95.63	109.80	94.59	82.62	91.65	89.51	94.86	94.00	93.75	91.67	87.46	99.36
Reserve ratio%	2,397.03	2,446.27	2,474.00	2,675.60	2,969.90	3,150.77	3,181.25	3,329.57	3,321.14	3,552.39	3,712.69	3,723.20
Free cash flowKRW 100M	846	-248	-2,382	-4,578	4,348	2,601	1,317	3,680	5,795	4,129	3,284	—
FCF margin%	1.67	-0.41	-3.35	-4.97	4.17	2.41	1.16	3.03	4.92	3.41	2.67	—
OCF conversion%	350.88	305.53	633.65	92.96	1,668.76	401.30	217.43	316.50	344.46	225.93	348.75	—
Capex to revenue%	1.73	3.83	6.82	5.64	3.98	2.90	1.87	2.10	2.18	1.60	4.67	—
Receivable daysdays	—	55.7	—	—	—	—	—	—	—	—	—	—
Inventory daysdays	—	0.8	0.9	0.8	0.9	0.9	0.9	1.0	1.1	1.1	1.2	—
Payable daysdays	—	33.0	37.0	33.1	32.7	32.9	30.6	27.6	—	—	—	—
Cash conversion cycledays	—	23.6	—	—	—	—	—	—	—	—	—	—
EPSKRW	2,636	3,166	1,786	2,815	1,349	5,683	1,841	8,190	10,357	12,088	11,347	9,773
PERx	—	56.54	78.39	59.33	114.90	29.12	68.44	11.44	12.28	6.98	8.34	7.58
BPSKRW	—	102,843	103,964	116,344	131,146	146,331	156,296	156,527	157,979	173,099	181,735	183,498
PBRx	—	1.74	1.35	1.44	1.18	1.13	0.81	0.60	0.81	0.49	0.52	0.40
Dividend per shareKRW	—	—	—	—	—	—	—	500	—	500	800	—
Payout ratio%	—	—	—	—	—	—	—	6.11	—	4.14	7.05	—

Consolidated basis

Profit flowKRW 100M

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	45,005	55,212	63,089*	78,686	91,100	96,435	89,939	96,933	93,576	97,439	103,392
	12,393	15,111	18,035	21,808	23,222	25,385	23,482	29,565	24,883	27,833	27,667
Cash and cash equivalentsKRW 100M	1,001	1,387	1,543	1,633	2,209	3,876	2,295	5,829	2,901	2,772	3,071
Short-term financial instrumentsKRW 100M	—	—	211	355	—	8	146	15	—	—	—
InventoriesKRW 100M	99	152	157	212	229	253	251	343	298	360	329
Trade and other receivablesKRW 100M	7,955	10,618	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	32,612	40,101	45,054*	56,877	67,878	71,050	66,457	67,368	68,693	69,606	75,725
Property, plant and equipmentKRW 100M	17,726	20,365	24,295	33,064	35,190	34,962	33,121	33,642	33,279	33,236	36,508
Intangible assetsKRW 100M	Not applicable	Not applicable	14,684	17,767	16,733	16,367	11,920	11,975	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	1,154	1,226	969*	859	922	780	996	1,168	1,220	1,431	1,533
	21,288	27,819	35,262	47,378	54,548	56,036	49,776	56,590	53,145	55,183	58,996
	12,856	13,624	18,901	26,140	25,087	28,076	24,489	31,088	26,223	29,968	31,258
Trade and other payablesKRW 100M	3,907	5,871	7,006	8,231	8,676	8,975	8,261	8,314	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	7,083	5,138	7,404	12,910	5,661	8,491	6,486	13,161	—	10,745	—
Current lease liabilitiesKRW 100M	—	—	—	—	2,233	—	—	—	3,213	3,444	3,659
	8,432	14,196	16,361	21,238	29,461	27,959	25,287	25,502	26,922	25,215	27,738
Long-term borrowingsKRW 100M	6,914	12,523	14,563	15,836	15,257	13,772	10,999	10,218	11,566	9,836	10,244
Non-current lease liabilitiesKRW 100M	—	—	—	—	7,969	7,999	8,436	9,940	10,478	11,033	13,603
	23,717	27,393	27,827*	31,307	36,552	40,399	40,164	40,343	40,431	42,256	44,396
	23,233	23,461	23,717*	26,541	29,918	33,381	35,655	35,707	36,039	39,488	41,458
Issued capitalKRW 100M	1,141	1,141	1,141	1,141	1,141	1,141	1,141	1,141	1,141	1,141	1,141
Capital surplusKRW 100M	22,486	22,487	22,484	24,597	27,754	28,758	28,809	28,729	26,758	27,265	27,101
Retained earningsKRW 100M	4,855	5,416	5,735*	5,921	6,121	7,181	7,477	9,248	11,124	13,254	15,247
Accumulated other comprehensive incomeKRW 100M	-137	-470	-532	-520	-501	-856	1,070	-569	-134	791	933
Other equityKRW 100M	-5,112	-5,112	-5,111	-4,598	-4,598	-2,841	-2,841	-2,841	-2,849	-2,963	-2,963
Non-controlling interestsKRW 100M	484	3,932	4,111	4,767	6,635	7,018	4,509	4,636	4,392	2,768	2,938

매출채권As filed	—	—	13,074	15,246	13,772	14,205	13,711	14,227	14,332	16,003	15,579
계약자산As filed	—	—	—	—	2,920	2,341	2,830	2,749	2,628	3,811	3,316
당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	369	12	0	31
당기법인세자산As filed	4	2	56	65	81	61	91	105	111	105	122
기타유동금융자산As filed	—	—	—	—	2,128	2,357	1,773	4,533	2,697	2,931	2,865
기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	—	0	0	4,437	—	2,466	—	—
당기손익-공정가치 측정 금융자산As filed	—	—	—	—	10	189	298	—	—	—	—
미청구공사As filed	716	760	178	778	—	—	—	—	—	—	—
기타수취채권As filed	758	904	1,573	1,655	—	—	—	—	—	—	—
단기금융상품As filed	229	169	—	—	—	—	—	—	—	—	—
기타유동자산As filed	—	—	—	—	1,868	2,283	2,189	1,568	1,903	1,754	2,256
기타금융자산As filed	102	110	5	5	—	—	—	—	—	—	—
매각예정자산As filed	22	22	17	17	5	2	196	196	—	—	—
매각예정집단자산As filed	—	—	—	—	—	—	—	—	—	98	98
장기매출채권As filed	—	—	—	—	424	661	807	866	931	883	683
기타자산As filed	1,267	1,257	1,221	1,841	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	2,043	—	2,179	2,681
이연법인세자산As filed	614	324	261	84	553	108	171	637	486	466	332
기타비유동금융자산As filed	—	—	—	—	952	1,179	1,346	1,387	1,274	1,138	1,281
무형자산As filed	9,177	13,681	—	—	—	—	—	—	11,850	12,298	11,828
장기금융상품As filed	44	86	44	62	—	—	—	—	—	—	—
투자부동산As filed	1,394	1,528	1,249	1,029	332	1,045	945	746	1,405	1,701	1,673
사용권자산As filed	—	—	—	—	10,816	10,956	10,773	12,645	13,424	14,061	16,675
순확정급여자산As filed	—	—	—	—	—	—	—	350	397	302	328
기타비유동자산As filed	—	—	—	—	1,782	1,720	1,645	1,542	1,481	1,354	1,369
기타유동금융부채As filed	20	27	—	—	6,141	5,901	3,937	3,664	3,795	4,384	4,600
기타유동비금융자산As filed	1,609	1,098	—	—	—	—	—	—	—	—	—
계약부채As filed	—	—	—	—	469	414	1,109	808	910	700	762
리스부채As filed	—	—	—	—	—	2,166	2,217	2,720	—	—	—
당기법인세부채As filed	59	149	240	227	519	540	410	408	456	478	313
기타유동부채As filed	—	—	—	—	1,389	1,590	2,069	2,012	—	—	1,741
자본과부채총계As filed	45,005	55,212	63,089	—	—	—	—	—	93,576	—	—
부채와자본총계As filed	—	—	—	78,686	91,100	96,435	89,939	96,933	—	97,439	103,392
비지배지분As filed	484	3,932	—	4,767	6,635	7,018	4,509	4,636	—	—	—
기타비유동금융부채As filed	—	—	—	—	2,794	3,652	3,689	3,541	3,020	2,373	2,371
유동 차입금As filed	—	—	—	—	—	—	—	—	6,920	—	—
매각예정집단부채As filed	—	—	—	—	—	—	—	—	—	17	17
차입금As filed	—	—	—	—	—	—	—	—	—	—	11,178
퇴직급여부채As filed	871	782	792	1,145	1,357	889	385	61	66	74	75
기타지급채무As filed	567	581	3,608	3,804	—	—	—	—	—	—	—
이연법인세부채As filed	—	0	0	0	204	139	308	320	321	388	348
기타비유동부채As filed	—	—	—	—	767	360	362	401	—	—	510
기타 유동부채As filed	—	—	—	—	—	—	—	—	2,289	1,864	—
기타금융부채As filed	1,474	295	25	51	—	—	—	—	—	—	—
매입채무As filed	—	—	—	—	—	—	—	—	8,640	8,336	8,988
기타부채As filed	313	364	618	917	—	—	—	—	—	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	532	755	—
기타유동비금융부채As filed	—	2,074	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	50,558	60,819	71,104	92,197	104,151	107,811	113,437	121,307	117,679	121,168	122,847
Cost of salesKRW 100M	45,065	54,108	63,542	83,916	94,425	97,800	102,723	109,447	104,688	107,301	109,330
Gross profitKRW 100M	5,493	6,711	7,562	8,281	9,726	10,012	10,713	11,860	12,991	13,867	13,516
SG&A expensesKRW 100M	3,626	4,427	5,205	5,854	6,654	6,758	7,274	7,742	Not applicable	Not applicable	Not applicable
	1,866	2,284	2,357	2,427	3,072	3,253	3,439	4,118	4,802	5,307	5,081
Finance incomeKRW 100M	275	308	298	651	560	534	718	1,033	934	1,337	1,006
Finance costsKRW 100M	823	856	944	1,496	1,816	1,793	2,042	2,038	2,301	2,288	2,617
Other incomeKRW 100M	62*	96	134	604	660	1,286	2,011	246	439	187	192
Other expensesKRW 100M	869*	925	909	1,079*	1,577	1,324	1,905	662	711	844	533
Share of profit of associatesKRW 100M	—	—	—	—	39	67	171	157	87	85	168
	803	910	731*	998	938	2,023	2,392	2,853	3,250	3,783	3,297
Income tax expenseKRW 100M	171	228	342	332	429	597	809	885	821	1,100	709
Profit from continuing operationsKRW 100M	632	682	389	—	—	—	—	—	—	—	—
Profit or loss from discontinued operationsKRW 100M	-142	0	0	—	—	—	—	—	—	—	—
	490	682	389*	666	509	1,426	1,583	1,968	2,429	2,683	2,587
Attributable to ownersKRW 100M	459	558	315*	527	397	1,230	547	1,816	2,248	2,485	2,421
Attributable to minoritiesKRW 100M	30	124	74	139	112	196	1,035	153	181	198	167
Basic earnings per shareKRW	2,636	3,166	1,786*	2,815*	1,349	5,683	1,841	8,190	10,357	12,088	11,347
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	11,347
	607	310	-114*	702	600	934	3,610	486	2,780	3,682	2,471
Other comprehensive incomeKRW 100M	117	-372	-503	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	351	999	-116

당기순이익As filed	—	—	—	666	—	—	—	1,968	2,429	2,683	2,587
당기순이익(손실)As filed	490	682	389	—	509	1,426	1,583	—	—	—	—
비지배지분As filed	66	82	-372	229	228	54	1,256	171	175	453	19
지배기업소유주지분As filed	—	—	—	—	—	—	—	—	2,606	3,229	2,452
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	-507	138	—	—	—	—	—	—	-250
해외사업장환산외환차이As filed	84	-396	—	—	7	-425	1,000	219	131	254	-226
매도가능금융자산평가손익As filed	0	0	0	0	0	—	—	—	—	—	—
관계기업의 자본변동As filed	—	—	-55	22	22	-28	66	-2	-12	46	-24
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	115	-376	—	—	—	—	—	—	—	—	—
파생상품평가손익As filed	—	11	2	-5	-3	-9	10	-1	0	0	0
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-454	—	—	—	—	—	—	1,106	—
소계As filed	—	—	—	—	—	-461	1,076	217	—	—	—
해외사업장 외환환산차이As filed	—	—	—	122	—	—	—	—	—	—	—
관계기업의자본변동As filed	26	10	—	—	—	—	—	—	—	—	—
현금흐름위험회피As filed	5	—	—	—	—	—	—	—	—	—	—
확정급여제도의 재측정요소As filed	2	3	—	-99	-51	10	-58	138	—	-197	-107
기타포괄손익-공정가치측정 지분상품평가손익As filed	—	—	—	—	-0	100	802	-1,857	—	-210	388
당기손익으로 재분류되지 않는 항목As filed	2	3	—	-102	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	4	—	—	—	—	—	—	—	—
지분상품및채무상품평가손실As filed	—	—	—	-3	—	—	—	—	—	—	—
확정급여제도의 재측정요소(세후기타포괄손익)As filed	—	—	4	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	—	134
관계기업투자손익As filed	165	3	-204	-109	—	—	—	—	—	—	—
기타포괄손익 계As filed	—	—	—	36	91	-492	2,027	-1,482	—	—	—
기타포괄손익-공정가치측정지분상품평가손익As filed	—	—	—	—	—	—	—	—	330	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	-91	—	—
지배기업의 소유주지분As filed	541	228	258	473	372	880	2,354	315	—	—	—
판매 및 일반관리비As filed	—	—	—	—	—	—	—	—	8,189	—	—
판매비와관리비As filed	—	—	—	—	—	—	—	—	—	8,560	8,435
계속영업기본주당이익(손실)As filed	0	0	0	—	—	—	—	—	—	—	—
중단영업기본주당이익(손실)As filed	-0	—	0	—	—	—	—	—	—	—	—
종속기업투자손익As filed	127	—	—	—	—	—	—	—	—	—	—
중단영업손익As filed	-142	0	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	490	682	389	666	509	1,426	1,583	1,968	2,429	2,683	2,587
Total adjustments to operating cash flowcomputed	1,229	1,402	2,075	-47	7,983	4,297	1,859	4,261	5,937	3,379	6,436
	1,719	2,084	2,464	619*	8,492*	5,723	3,441	6,229	8,366	6,062	9,024
Interest receivedKRW 100M	30	43	59	76	49	57	67	108	151	128	123
Interest paidKRW 100M	439	466	553	862	1,252	1,047	903	1,071	1,404	1,506	1,550
DepreciationKRW 100M	870	1,082	1,205	1,555	—	—	—	—	—	—	—
AmortisationKRW 100M	381	368	408	581	—	—	—	—	—	—	—
Income taxes paidKRW 100M	118	146	299	448	315	481	849	778	632	881	778
	-864	-7,055	-6,896	-8,435	-3,187	-3,158	3,664	-5,669	-801	-2,783	-5,830
Purchase of property, plant and equipmentKRW 100M	873	2,332	4,846	5,197	4,144	3,123	2,124	2,549	2,571	1,933	5,740
Proceeds from sale of property, plant and equipmentKRW 100M	196	82	117	325	879	1,196	313	369	74	140	296
Purchase of intangible assetsKRW 100M	189	101	392	392	201	252	489	502	613	462	360
	-1,008	5,432	4,565	7,785*	-4,726*	-940	-8,772	2,904	-10,557	-3,469	-2,952
Dividends paidKRW 100M	—	-4	-7	22	-8	—	—	—	187	148	166
Disposal of treasury sharesKRW 100M	273	0	0	0	0	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	1,152	1,001	1,387	1,543	1,633	2,209	3,876	2,295	Not applicable	2,901	2,772
	1,001	1,387	1,543	1,633	2,209	3,876	2,295	5,829	Not applicable	2,772	3,071
Effect of exchange rate changesKRW 100M	1	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	63	68	58
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	133	-31	579*	1,625	-1,666	3,465	Not applicable	Not applicable	Not applicable

기말의현금및현금성자산As filed	—	—	—	—	—	—	—	—	2,901	—	—
계속영업이익As filed	—	682	—	—	—	—	—	—	—	—	—
기초의현금및현금성자산As filed	—	—	—	—	—	—	—	—	5,829	—	—
당기순이익As filed	632	—	389	666	—	—	—	1,968	2,429	—	—
당기순이익(손실)As filed	—	—	—	—	509	—	—	—	—	—	—
매각예정으로 분류된 비유동자산이나 처분자산집단의 취득As filed	—	—	—	—	—	—	—	—	—	-8	0
영업으로부터 창출된 현금As filed	—	—	—	—	—	7,162	5,082	—	—	—	—
비현금항목의 조정As filed	—	—	3,354	3,677	6,569	—	—	7,438	—	—	—
조정As filed	1,584	1,940	—	—	—	—	—	—	—	—	—
법인세비용As filed	171	228	342	332	—	—	—	—	—	—	—
배당금의 수취As filed	—	—	45	51	71	32	45	92	80	48	83
신종자본증권의 발행As filed	—	—	—	1,991	3,489	0	0	—	—	3,989	0
신종자본증권의 상환As filed	—	—	—	-500	0	0	—	—	2,000	3,500	0
퇴직급여As filed	277	328	348	431	—	—	—	—	—	—	—
운전자본의 조정As filed	—	—	-530	-2,540	2,861	—	—	-1,529	—	—	—
임차료As filed	88	103	79	95	—	—	—	—	—	—	—
기타비유동금융부채의 감소As filed	—	—	—	—	—	-311	-212	-211	73	139	103
대손상각비As filed	49	29	33	62	—	—	—	—	—	—	—
비지배지분의 증감As filed	—	—	—	—	—	-2	-3,151	-58	-288	-1,943	-10
기타수취채권손상차손As filed	167	108	92	—	—	—	—	—	—	—	—
이자비용As filed	532	507	553	857	—	—	—	—	—	—	—
이자수익As filed	26	34	43	42	—	—	—	—	—	—	—
기타비유동금융부채의 증가As filed	—	—	—	—	—	364	225	156	113	100	107
신종자본증권의 배당As filed	—	—	—	—	—	—	—	—	-237	96	205
배당금수익As filed	-6	-6	-6	-9	—	—	—	—	—	—	—
외화환산손실As filed	88	26	104	215	—	—	—	—	—	—	—
금융보증비용As filed	19	12	18	0	—	—	—	—	—	—	—
기타재무활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	-32	—	—
매도가능금융자산처분이익As filed	-0	—	-0	0	—	—	—	—	—	—	—
무형자산의 처분As filed	3	25	5	17	26	16	25	10	115	39	8
외화환산이익As filed	68	83	19	210	—	—	—	—	—	—	—
매도가능금융자산처분손실As filed	0	1	0	0	—	—	—	—	—	—	—
매각예정자산의 처분As filed	—	—	23	0	14	1	48	—	—	0	0
리스부채의 감소As filed	—	—	—	—	1,887	2,230	2,201	2,433	2,856	3,283	3,396
매도가능금융자산손상차손As filed	9	2	71	0	—	—	—	—	—	—	—
관계기업투자주식처분이익As filed	-51	—	—	—	—	—	—	—	—	—	—
관계기업투자주식처분손실As filed	3	—	—	0	—	—	—	—	—	—	—
기타의 재무활동 현금유출As filed	—	—	—	—	—	—	—	—	—	-0	0
기타의대손상각비As filed	—	—	—	52	—	—	—	—	—	—	—
당기손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	-32	-246	-77	—	—	—
사채의 발행As filed	—	—	3,589	3,988	592	2,792	1,994	2,093	3,988	0	3,988
종속기업투자주식처분이익As filed	-127	—	-3	0	—	—	—	—	—	—	—
차입금의 차입As filed	11,756	14,616	5,260	14,979	8,952	28,782	24,604	51,906	21,747	41,610	—
당기손익-공정가치 측정 금융자산의 처분As filed	—	—	—	—	—	0	0	13	—	—	—
종속기업투자주식처분손실As filed	0	—	8	32	—	—	—	—	—	—	—
기타의대손충당금환입As filed	—	—	—	10	—	—	—	—	—	—	—
유형자산처분이익As filed	13	8	23	64	—	—	—	—	—	—	—
장기차입금의 차입As filed	—	—	—	—	—	—	—	—	—	—	2,198
기타포괄손익-공정가치 측정 금융자산의 처분As filed	—	—	—	—	—	0	0	—	—	—	—
기타포괄손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	—	-300	-24	—	—	—
유형자산처분손실As filed	62	14	22	72	—	—	—	—	—	—	—
기타금융자산의 취득As filed	833	8	858	2,672	712	—	—	—	—	—	1,762
단기차입금의 차입As filed	—	—	—	—	—	—	—	—	—	—	21,243
유형자산손상차손As filed	—	16	0	0	—	—	—	—	—	—	—
무형자산처분이익As filed	-0	-7	3	6	—	—	—	—	—	—	—
사채의 상환As filed	-478	-1,700	600	2,299	2,200	2,100	3,600	2,100	4,900	1,214	3,600
기타유동금융자산의 취득As filed	—	—	—	—	—	284	482	4,162	2,593	2,472	—
차입금의 상환As filed	12,458	14,740	3,680	10,482	15,445	27,979	26,194	46,151	25,832	38,845	—
기타금융자산의 처분As filed	819	79	835	2,671	884	—	—	—	—	—	2,326
무형자산처분손실As filed	2	7	0	0	—	—	—	—	—	—	—
장기차입금의 상환As filed	—	—	—	—	—	—	—	—	—	—	802
기타비유동금융자산의 취득As filed	-27	51	—	—	412	—	—	429	349	192	317
기타유동금융자산의 처분As filed	—	—	—	—	—	233	516	1,615	4,752	2,265	—
매각예정자산처분손실As filed	22	—	6	0	—	—	—	—	—	—	—
재고자산처분손실As filed	—	1	0	0	—	—	—	—	—	—	—
기타비유동금융자산의 처분As filed	-21	4	—	—	526	—	—	170	166	82	78
기타비유동기타금융자산의 취득As filed	—	—	—	—	—	-522	-237	—	—	—	—
단기차입금의 상환As filed	—	—	—	—	—	—	—	—	—	—	22,206
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	1	11	10
보험차익As filed	—	-16	—	0	—	—	—	—	—	—	—
관계기업투자의 취득As filed	—	—	—	—	-49	-11	-36	-284	—	172	61
기타비유동기타금융자산의 처분As filed	—	—	—	—	—	215	24	—	—	—	—
파생상품거래손실As filed	11	7	5	25	—	—	—	—	—	—	—
파생상품거래이익As filed	—	-0	47	6	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	0	36	0
파생상품평가손실As filed	5	11	0	23	—	—	—	—	—	—	—
관계기업투자의 처분As filed	—	—	—	—	1	—	35	181	—	—	—
매각예정자산의처분As filed	—	—	—	—	—	—	—	—	467	—	—
관계기업의 처분As filed	—	—	—	—	—	0	—	—	—	—	—
종속기업 처분에 따른 현금유입As filed	—	—	—	20	0	0	—	—	—	—	—
지분상품및채무상품처분손실As filed	—	—	—	0	—	—	—	—	—	—	—
파생상품평가이익As filed	—	-1	20	20	—	—	—	—	—	—	—
관계기업투자투식처분손실As filed	—	—	13	—	—	—	—	—	—	—	—
사업결합으로 인한 순현금흐름As filed	—	-5,309	-1,321	-3,045	1	-596	0	—	—	—	—
종속기업 취득에 따른 현금유출As filed	—	—	—	—	-1	—	—	—	—	—	—
관계기업투자자산의 처분As filed	—	—	—	—	—	—	—	—	—	0	—
지분상품및채무상품평가이익As filed	—	—	—	-4	—	—	—	—	—	—	—
종속기업 처분에 따른 순현금흐름As filed	—	—	—	—	—	—	6,616	—	—	—	—
지분법이익As filed	-121	-79	40	57	—	—	—	—	—	—	—
관계기업투자주식손상차손As filed	—	—	162	0	—	—	—	—	—	—	—
종속기업의 처분에 따른 순현금흐름As filed	—	—	—	—	—	—	—	0	—	0	0
지분법손실As filed	5	77	68	165	—	—	—	—	—	—	—
금융보증수수료이익As filed	-19	-11	-20	0	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	—	—	—	3	22	0
기타수익 비용As filed	-1	0	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	94	103	309
매출채권의 감소(증가)As filed	-778	482	—	—	—	—	—	—	—	—	—
배당의 지급As filed	—	—	—	—	—	-20	0	-62	—	—	—
종속기업투자의 처분As filed	—	—	—	—	—	—	—	—	48	—	—
관계기업투자자산의 취득As filed	—	—	—	—	—	—	—	—	201	—	—
기타수취채권As filed	667	896	-149	-91	—	—	—	—	—	—	—
무형자산손상차손As filed	—	—	5	5	—	—	—	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	-524	—	—
비지배지분의 증가에 따른 현금유입As filed	50	1,885	15	—	1,980	—	—	—	—	—	—
기타유동자산As filed	—	243	-190	-475	—	—	—	—	—	—	—
당기순이익조정을 위한 가감As filed	—	—	—	—	—	—	—	—	8,266	—	—
매각예정자산손상차손As filed	—	—	34	8	—	—	—	—	—	—	—
기타유동금융자산과 기타유동비금융자산의 감소(증가)As filed	-1,160	—	—	—	—	—	—	—	—	—	—
매각예정자산처분이익As filed	—	—	-2	0	—	—	—	—	—	—	—
신종자본증권에 대한 배당As filed	—	—	—	—	-200	-237	-237	-237	—	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	8,272	11,146
재고자산의 감소(증가)As filed	4	-4	—	—	—	—	—	—	—	—	—
기타비유동자산As filed	-55	-38	-267	-287	—	—	—	—	—	—	—
보험금수익As filed	—	—	0	—	—	—	—	—	—	—	—
외화표시 현금및현금성자산의 환율변동효과As filed	—	—	—	—	-3	42	85	69	—	—	—
매입채무의 증가(감소)As filed	675	-152	—	—	—	—	—	—	—	—	—
기타지급채무As filed	143	-1,053	1,843	-839	—	—	—	—	—	—	—
기타유동부채As filed	—	-720	-85	34	—	—	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	-153	462	—	—	—	—	—	—	-2,991	-190	—
기타유동금융부채와 기타유동비금융부채의 증가(감소)As filed	-9	—	—	—	—	—	—	—	—	—	—
비유동기타지급채무As filed	1	-10	0	-0	—	—	—	—	—	—	—
기타비유동부채As filed	16	27	31	53	—	—	—	—	—	—	—
현금및현금성자산의 증감As filed	—	—	—	—	—	—	—	—	—	—	242
퇴직금의 지급As filed	56	108	-119	-192	—	—	—	—	—	—	—
관계사전입액As filed	—	-1	—	—	—	—	—	—	—	—	—
기타손익As filed	—	—	0	12	—	—	—	—	—	—	—
사외적립자산의공정가치의 증가(감소)As filed	-190	-300	—	—	—	—	—	—	—	—	—
배당금수취As filed	29	30	—	—	—	—	—	—	—	—	—
퇴직급여채무의 증가(감소)As filed	0	—	—	—	—	—	—	—	—	—	—
매출채권As filed	—	—	-2,232	-588	—	—	—	—	—	—	—
기타수취채권의 감소As filed	177	934	118	217	—	—	—	—	—	—	—
염가매수차익As filed	—	—	—	420	—	—	—	—	—	—	—
기타수취채권의 증가As filed	-232	-113	-606	-295	—	—	—	—	—	—	—
비유동기타수취채권의 감소As filed	-40	57	275	17	—	—	—	—	—	—	—
재고자산As filed	—	—	-1	-8	—	—	—	—	—	—	—
비유동기타수취채권의 증가As filed	12	-308	317	4	—	—	—	—	—	—	—
관계기업에 대한 투자자산의 취득As filed	-522	-13	—	—	—	—	—	—	—	—	—
매입채무As filed	—	—	848	-89	—	—	—	—	—	—	—
매각예정으로 분류된 비유동자산이나 처분자산집단의 처분As filed	34	—	—	—	—	—	—	—	—	—	—
관계기업에 대한 투자자산의 처분As filed	70	—	—	—	—	—	—	—	—	—	—
지배력획득으로 인한 현금유출As filed	-4	—	0	—	—	—	—	—	—	—	—
관계사 전입액As filed	—	—	-8	-7	—	—	—	—	—	—	—
지배력획득으로 인한 현금유입As filed	293	—	0	—	—	—	—	—	—	—	—
비지배지분의 증가에 따른 현금유출As filed	-218	—	—	—	—	—	—	—	—	—	—
사외적립자산As filed	—	—	-200	-50	—	—	—	—	—	—	—
사채의발행As filed	100	5,383	—	—	—	—	—	—	—	—	—
비유동기타금융자산의 처분As filed	—	—	1	0	—	—	—	—	—	—	—
금융리스부채의 상환As filed	-127	-8	12	13	—	—	—	—	—	—	—
비유동기타금융자산의 취득As filed	—	—	3	-8	—	—	—	—	—	—	—
외화환산으로인한현금증감As filed	—	-76	—	—	—	—	—	—	—	—	—
관계기업투자의 증가As filed	—	—	29	-88	—	—	—	—	—	—	—
관계기업투자의 감소As filed	—	—	2	0	—	—	—	—	—	—	—
비지배지분의 감소에 따른 현금유출As filed	-108	—	0	—	—	—	—	—	—	—	—
기타금융부채의감소As filed	-16	—	0	—	—	—	—	—	—	—	—
종속기업의 처분As filed	—	—	100	—	—	—	—	—	—	—	—
외화환산으로 인한 현금증감As filed	—	—	23	121	—	—	—	—	—	—	—
신종자본증권 이자의 지급As filed	—	—	—	-18	—	—	—	—	—	—	—
비지배지분의 순증가에 따른 현금유입As filed	—	—	—	161	—	—	—	—	—	—	—

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.16.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 116	한영회계법인	2025-12-31
2024	적정의견Term 115	삼일회계법인	2025-12-31
2023	적정의견Term 114	삼일회계법인	2025-12-31
2022	적정의견Term 113	삼일회계법인	2022-12-31
2021	적정의견Term 112	한영회계법인	2022-12-31
2020	적정의견Term 111	한영회계법인	2022-12-31
2019	적정의견Term 110	한영회계법인	2019-12-31
2018	적정의견Term 109	한영회계법인	2019-12-31
2017	적정의견Term 108	한영회계법인	2019-12-31
2016	적정Term 107	한영회계법인	2016-12-31
2015	적정Term 106	한영회계법인	2016-12-31
2014	적정Term 105	한영회계법인	2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%

BetaDaily 5Y0.36

Equity risk premium%

Terminal growth%

Cost of equity6.17%

Weighted average cost of capital5.65%

Initial growth5.4%

Effective tax rate21.5%

Base fiscal year2025

Current priceKRW69,300

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

Model	Model priceKRW	Versus current price
Gordon growth model	19,560	-71.8%
Dividend discount model DDM	21,185	-69.4%
Discounted cash flow FCFF	566,020	+716.8%
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	165,397	+138.7%

The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.36 × 5.00% = 6.17%

Initial growth

g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(5.84% × (1 − 7.05%), 0) = 5.43%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 800 × (1 + 2.00%) / (6.17% − 2.00%) = 816 / 0.0417 = 19,560 KRW

Dividend discount model DDM

P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 800, g_1 = 5.43%, g_T = 2.00%, r = 6.17%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	5.43%	843	0.9419	794
2	4.57%	882	0.8871	782
3	3.71%	915	0.8356	764
4	2.86%	941	0.7870	740
5	2.00%	960	0.7412	711
Terminal value	2.00%	23,464	0.7412	17,393
Total				21,185

P_0 = 21,185 KRW

Residual income model RIM

P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 181,735 KRW, ROE = 5.84%, payout ratio = 7.05%, r = 6.17%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	181,735	10,612	11,216	-604	0.9419	-569
2	191,598	11,188	11,825	-637	0.8871	-565
3	201,997	11,795	12,467	-672	0.8356	-561
4	212,961	12,435	13,143	-708	0.7870	-557
5	224,519	13,110	13,857	-747	0.7412	-553
Terminal value				-18,255	0.7412	-13,531

P_0 = 181,735 + -2,806 + -13,531 = 165,397 KRW

Discounted cash flow FCFF

\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 9,023.6 − 5,739.5 + 1,550.4 × (1 − 21.52%) = 4,500.8 KRW hundred million

Weighted average cost of capital

E = 15,809.0, D = 10,244.1 KRW hundred million; equity weight = 60.68%, debt weight = 39.32%; cost of debt k_d = 6.17%

WACC = 60.68% × 6.17% + 39.32% × 6.17% × (1 − 21.52%) = 5.65%

V_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	5.43%	4,745.1	0.9465	4,491.4
2	4.57%	4,962.0	0.8959	4,445.5
3	3.71%	5,146.3	0.8480	4,364.1
4	2.86%	5,293.3	0.8027	4,248.7
5	2.00%	5,399.2	0.7597	4,101.9
Terminal value	2.00%	150,899.5	0.7597	114,643.5
Total				136,295.1

Firm value = 136,295.1; less borrowings 10,244.1; plus cash 3,071.5 → 129,122.5 KRW hundred million

P_0 = 129,122.5 KRW hundred million ÷ 22,812,344 (shares) = 566,020 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

A model price is the arithmetic outcome of the stated assumptions, and is neither a target price nor a basis for an investment decision.
The cost of equity is the risk-free rate plus beta times the equity risk premium, and the risk premium and the terminal growth rate are assumptions the reader may change.
The cash flow models take borrowings and cash only from years in which the filer itemized those lines, and a year without them yields no figure.
Every model assumes the newest fiscal year's figures grow at a rate that converges in equal steps from the first year's rate to the terminal rate by the fifth year, and paths outside that assumption are not represented.

Price chart