003490KOSPI

Korean Air Lines

30,700

-150 (-0.49%)

MA5
MA20
MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

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

Korean Air Lines is a company established in 1962 and listed on the KOSPI market. Headquartered in Seoul, it transitioned from a state-owned to a private entity in 1969 and operates as a parent company with multiple domestic and overseas subsidiaries.

The company operates passenger, cargo, and aerospace business segments. It provides air transportation for passengers and freight across domestic and international routes. Its aerospace division focuses on the development and manufacture of aircraft structures, unmanned aerial vehicles, and maintenance services for military aircraft.

Business overview as filed

당사는 여객사업, 화물사업, 항공우주사업을 주요 사업으로 영위하고 있습니다. 2025년은 미ㆍ중 무역 갈등에 따른 관세 리스크 고조와 중동ㆍ유럽 내 지정학적 분쟁 장기화 등 글로벌 경영 환경의 불확실성이 그 어느 때보다 높았던 해였습니다. 그럼에도 불구하고 대한항공은 리스크 관리와 탄력적인 노선 운영을 통해 위기를 기회로 전환하며 사업의 안정성을 공고히 하였습니다. 여객 사업은 단거리 노선의 수요 회복과 미주ㆍ유럽 등 주력 노선의 안정적인 운영을 통해 역대 최대 매출을 기록하며 견고한 성장세를 증명하였습니다. 화물 사업은 글로벌 공급망 재편과 무역 환경의 변화 속에서도 전자상거래(C-Commerce) 물량의 전략적 유치와 신선화물, 의약품, 배터리 등 고부가가치 품목의 수송 비중을 확대하여 안정적인 수익성을 유지하였습니다. 그 결과 2025년 영업수익은 별도기준 전년대비 2.4% 증가한 16조 5,019억원을 기록하였으며, 영업이익은 전년대비 3,641억원 감소한 1조 5,393억원의 흑자를 시현하였습니다.여객사업은 절대 안전과 고객 중심 서비스 제공을 최우선 가치로 국내 및 국제선 여객의 운송을 통해 수익을 창출하고 있습니다. 창사이래 대한항공의 여객사업은 국내 기업인의 해외 진출을 지원하고, 민간 교류 활성화 기반을 제공하는 등 국가 경쟁력 제고에 기여하고 있습니다. 여객사업은 2025년말 기준, 총 142대의 여객기를 보유하고 국내 10개 도시와 해외 33개국 96개 도시에 취항하고 있습니다. 또한 대내외 불확실성을 효과적으로 관리하고 성장동력을 지속 발굴함으로써 경쟁력을 강화해 나가고 있습니다. 2025년 연간 누계 기준 여객 노선수익 98,447억원 중 국제선 수익은 93,744억원으로 95.2%를 차지하였으며, 국내선 수익은 4,703억원으로 4.8%를 차지하였습니다.화물사업은 화물기 및 여객기 하단 Belly 공간에 화물을 탑재ㆍ수송하여 수익을 창출하는 사업입니다. 화물사업은 2025년말 기준, 국내외 26개국 45개 도시에 화물기 23대를 운항하고 있으며, 반도체/자동차/배터리 부품 등의 산업 기반 수요, IT/전자제품, 전자상거래, 의류 등의 소비재 수요, 신선화물, 의약품, 생동물 등의 특수화물까지 다양한 품목의 항공화물을 수송하고 있습니다. 전자상거래 및 AI(Artificial Intelligence) 연관 산업이 지속 성장하며 항공화물 수요를 견인하고 있으나, 국가간 관세 갈등 및 보호무역주의 확대, 지정학적 불안 지속, 글로벌 경기 둔화 환경 등에 따라 수요의 변동성이 지속될 전망입니다. 2025년 연간 누계 기준 화물 노선수익은 4조 4,093억원으로 전년 동기 대비 0.1% 감소하였습니다.항공우주사업본부는 군용기 MRO/U, 항공기체와 무인기의 개발 및 제조 사업을 수행하고 있습니다. 군용기사업 부문에서는 지난 40여 년간 국군과 주한미군의 항공기 창정비 및 개조/성능개량 작업을 성공적으로 수행해왔습니다. 항공기체사업 부문에서는 보잉과 에어버스 항공기의 날개와 동체의 주요 구조물을 설계, 제작, 납품하고 있습니다. 무인기사업 부문에서는 소형 드론부터 대형 정찰 무인기, 무인협동전투기에 이르기까지 다양한 플랫폼을 개발 및 생산하고 있으며, 현재 대형무인기의 양산을 주력사업으로 진행 중입니다. 또한 지속적 성장을 위한 해외 수출도 적극 추진하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용 K-IFRS 제 1110호에 의한 지배회사(최상위)인 당사(종목코드 003490)의 연결대상 종속기업은 2025년 기말 현재 29개사이며, 이중 국내종속회사 20개사(상장사 5개사), 해외종속회사 9개사입니다. 전년말 대비 5개 기업이 제외, 4개 기업이 신규로 편입되었으며 그 변동사유는 아래와 같습니다.

나. 회사의 법적, 상업적 명칭당사의 명칭은 주식회사 대한항공 이라 표기합니다. 또한 영문으로는 KOREAN AIRLINES CO.,LTD.로 표기합니다.

다. 설립일자1962년 6월 대한항공공사 설립 및 1966년 3월 상장된 후 1969년 3월 국영에서 민영으로 전환되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소- 본사주소 : 서울시 강서구 하늘길 260- 전화번호 : 02-2656-7114- 홈페이지 : http://www.koreanair.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용대한항공은 2025년말 기준 총 165대의 항공기를 보유하고 국내 10개 도시와 해외 38개국 106개 도시에 취항하여 연간 2,511만명의 승객과 154만톤의 화물을 수송하였습니다. 이와 더불어 항공기 설계 및 제작, 민항기 및 군용기 정비, 위성체 등의 연구ㆍ개발을 수행하는 항공우주사업을 통해 시너지 효과를 창출하고 있습니다.

사. 최근 3년간 신용평가에 관한 사항

【국내 신용등급 체계 및 등급정의】

상기 등급 중 AA부터 B 등급까지는 +, - 부호를 부가하여 동일 등급 내에서의우열을 나타냄

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

특례상장 등 적용법규 관련 해당사항 없음

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

3.73%

[2.57%, 5.78%] · 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 22.6% (2026-03-09). 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

0.40

Beta [0.27, 0.53] · KOSPI200 · As of 2026-10-08

Intercept: -0.005%[-0.283%, +0.274%]
R squared: 0.25
Observations: 252
Trading-time corrected beta: 0.41[0.17, 0.65]

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	115,448	117,319	120,922	130,116	126,834	76,062	90,168	140,961	161,118	178,707	252,255	264,111
Revenue growth%	—	1.62	3.07	7.60	-2.52	-40.03	18.55	56.33	14.30	10.92	41.16	—
Operating incomeKRW 100M	8,831	11,208	9,398	6,239	2,575	1,089	14,180	28,306	17,901	21,102	11,136	6,227
Operating income growth%	—	26.92	-16.15	-33.61	-58.73	-57.70	1,201.87	99.62	-36.76	17.88	-47.23	—
Net incomeKRW 100M	-5,630	-5,568	8,019	-1,986	-6,228	-2,300	5,788	17,295	11,291	13,819	6,473	-8,263
Net income growth%	—	—	—	-124.77	—	—	—	198.82	-34.72	22.39	-53.16	—
Attributable to ownersKRW 100M	-5,650	-5,649	7,915	-2,060	-6,291	-2,115	5,777	17,284	10,612	13,173	7,797	-2,560
Attributable to minoritiesKRW 100M	20	80	104	74	63	-185	11	11	679	646	-1,324	-5,703
Operating margin%	7.65	9.55	7.77	4.80	2.03	1.43	15.73	20.08	11.11	11.81	4.41	2.36
Net margin%	-4.88	-4.75	6.63	-1.53	-4.91	-3.02	6.42	12.27	7.01	7.73	2.57	-3.13
ROE%	—	—	21.81	-7.43	-23.68	-6.60	8.55	19.22	11.14	12.58	7.12	-2.44
ROA%	-2.33	-2.32	3.25	-0.78	-2.31	-0.91	2.17	5.96	3.72	2.94	1.28	-1.56
Debt ratio%	867.59	1,178.12	557.10	783.45	871.45	660.63	288.48	212.06	209.64	328.82	339.88	390.69
Current ratio%	38.92	36.45	53.97	51.11	40.73	50.11	78.64	95.47	91.34	68.44	64.38	58.69
Quick ratio%	33.12	30.26	43.68	37.47	32.60	43.21	71.57	86.85	82.27	61.54	54.77	49.06
Reserve ratio%	—	—	516.68	347.04	318.06	190.99	249.82	335.70	—	413.23	438.31	408.67
Free cash flowKRW 100M	9,853	—	—	—	—	—	—	—	—	16,648	-2,139	—
FCF margin%	8.53	—	—	—	—	—	—	—	—	9.32	-0.85	—
OCF conversion%	—	—	350.01	—	—	—	607.17	322.20	362.45	329.91	629.59	—
Capex to revenue%	15.10	—	—	—	—	—	—	—	—	16.19	17.00	—
Receivable daysdays	—	26.1	22.4	22.5	24.5	39.1	37.7	28.8	25.6	27.8	22.1	—
Inventory daysdays	—	20.4	22.8	28.4	28.6	33.7	30.3	23.6	22.5	26.2	22.2	—
Payable daysdays	—	33.2	32.2	30.9	31.4	45.7	42.8	37.2	39.0	55.1	46.6	—
Cash conversion cycledays	—	13.3	13.0	19.9	21.7	27.1	25.3	15.2	9.1	-1.1	-2.4	—
EPSKRW	—	-7,755	8,345	-2,148	-6,633	-1,214	1,661	4,694	2,866	3,566	2,133	-695
PERx	—	—	4.06	—	—	—	17.67	4.89	8.34	6.34	10.57	—
BPSKRW	—	—	38,267	29,225	28,006	18,406	19,418	24,426	25,870	28,442	29,749	28,550
PBRx	—	—	0.88	1.13	1.02	1.48	1.51	0.94	0.92	0.79	0.76	0.96
Dividend per shareKRW	—	—	250	250	—	—	—	750	750	750	—	—
Payout ratio%	—	—	3.00	—	—	—	—	15.98	26.17	21.03	—	—

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
	241,804	239,565	246,487	255,748*	270,141	251,901	266,719	289,977	303,918	470,121	504,061
	32,891	33,280	35,823	38,619*	35,747	40,025	66,410	80,909	85,952	116,169	97,090
Cash and cash equivalentsKRW 100M	9,675	10,899	7,612	15,040	8,163	13,146	11,854	10,569	6,228	22,156	18,700
Short-term financial instrumentsKRW 100M	—	—	5,105	2,367	7,197	4,927	29,174	49,357	55,520	44,753	34,745
InventoriesKRW 100M	4,906	5,647	6,827	10,301*	7,129	5,512	5,971	7,301	8,536	11,707	14,489
Trade and other receivablesKRW 100M	9,514	7,269	7,570	8,442	8,605*	7,688	10,951	11,282	11,350	15,846	14,670
	208,912	206,285	210,664	217,128*	234,394	211,875	200,309	209,068	217,966	353,952	406,970
Property, plant and equipmentKRW 100M	178,507	178,733	189,073	196,480*	213,104	184,821	169,141	170,791	181,749	283,745	329,436
Intangible assetsKRW 100M	2,947	4,050	3,635	3,008	2,949	2,681	2,760	8,738	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	5,200	244	58	68	73	64	62	—	0	1,546	1,730
	216,813	220,822	208,976	226,799	242,333	218,783	198,062	197,052	205,766	360,489	389,470
	84,504	91,311	66,381	75,568	87,773	79,878	84,449	84,752	94,099	169,735	150,815
Trade and other payablesKRW 100M	8,701	8,462	9,180	9,478	9,675	7,447	8,744	12,167	15,280	27,305	27,773
Short-term borrowingsKRW 100M	8,694	11,680	7,726	7,323	7,629	19,009	9,856	9,061	10,214	25,170	20,270
Current portion of long-term borrowingsKRW 100M	39,262	34,607	21,221	24,233	29,854	25,596	29,890	14,171	—	—	14,375
Current lease liabilitiesKRW 100M	—	—	11,783	11,656	15,212	13,877	13,829	13,332	11,788	21,821	21,905
	132,309	129,511	142,594	151,231	154,560	138,906	113,613	112,301	111,667	190,754	238,655
Bonds issuedKRW 100M	—	—	11,030	15,190	20,170	12,444	10,582	18,305	18,428	14,631	26,233
Long-term borrowingsKRW 100M	10,955	10,161	19,419	23,736	18,328	17,708	9,192	16,239*	15,392	25,414	—
Non-current lease liabilitiesKRW 100M	—	—	63,968	63,210	67,936	51,895	42,181	35,164	32,557	87,446	108,470
	24,990	18,744	37,511	28,949*	27,808	33,117	68,657	92,925	98,152	109,632	114,591
	Not applicable	Not applicable	36,294	27,718*	26,562	32,065	67,539	89,942	95,260	104,729	109,540
Issued capitalKRW 100M	3,698	3,698	4,798	4,798	4,798	8,766	17,447	18,467	18,467	18,467	18,467
Capital surplusKRW 100M	Not applicable	Not applicable	19,022	17,201	18,717	21,967	42,484	41,456	Not applicable	41,453	41,446
Retained earningsKRW 100M	7,943	-1,929	5,767	-552*	-3,458	-5,225	1,101	20,537	25,919	34,856	39,494
Accumulated other comprehensive incomeKRW 100M	—	—	—	—	—	—	—	—	9,421	—	—
Other equityKRW 100M	4,053	3,854	6,708	6,270	6,505	6,557	6,508	9,483*	41,453*	9,953	10,133
Non-controlling interestsKRW 100M	1,119	1,137	1,217	1,231	1,246	1,052	1,118	2,983	2,892	4,903	5,051

단기금융상품As filed	1,120	1,769	—	—	—	—	—	—	—	—	—
미청구공사As filed	1,582	1,954	2,075	392	391	370	321	144	28	51	1,094
유동성금융리스채권As filed	75	187	612	296	—	—	—	—	—	—	—
유동성리스채권As filed	—	—	—	—	1,628	1,075	1,206	341	161	347	955
유동성만기보유금융자산As filed	1	1	7	—	—	—	—	—	—	—	—
유동성파생상품자산As filed	—	—	1	11	75	—	131	129	445	1,365	679
당기법인세자산As filed	60	56	2	2	27	11	3	8	11	106	110
기타유동자산As filed	5,503	5,497	4,623	1,648	2,043	1,337	1,168	1,733	3,641	4,420	10,846
장기금융상품As filed	1,153	460	56	17	60	101	122	9	15	2,698	249
유동성상각후원가측정금융자산As filed	—	—	—	—	—	2	0	0	0	25	180
유동성상각후원가측정유가증권As filed	—	—	—	0	0	—	—	—	—	—	—
장기매출채권및기타채권As filed	0	2	—	—	—	—	—	—	0	0	30
매도가능금융자산As filed	1,722	2,195	2,022	—	—	—	—	—	—	—	—
만기보유금융자산As filed	9	10	3	—	—	—	—	—	—	—	—
금융리스채권As filed	264	497	959	993	—	—	—	—	—	—	—
기타금융자산As filed	3,307	3,298	0	0	473	467	1,238	1,428	1,473	3,090	3,877
기타유동금융자산As filed	—	—	—	—	—	—	247	38	26	400	608
매각예정자산As filed	455	—	1,389	120	17	5,491	5,384	7	5	14,992	14
장기매출채권 및 기타채권As filed	—	—	0	0	1	0	0	0	—	—	—
투자부동산As filed	3,095	3,249	3,223	3,301	3,393	2,566	2,625	2,687	2,607	2,779	2,692
공정가치측정금융자산As filed	—	—	—	—	—	4,683	6,298	5,023	5,434	2,913	7,186
파생상품자산As filed	—	0	—	130	302	—	538	1,150	629	1,231	754
공정가치 측정 금융자산As filed	—	—	—	1,699	1,558	—	—	—	—	—	—
상각후원가측정금융자산As filed	—	—	—	—	—	1	1	1	26	181	402
이연법인세자산As filed	9,403	11,073	7,001	8,592	9,397	8,766	7,397	7,963	8,141	19,592	22,689
무형자산As filed	—	—	—	—	—	—	—	—	8,242	30,774	29,863
상각후원가측정유가증권As filed	—	—	—	3	3	—	—	—	—	—	—
리스채권As filed	—	—	—	—	1,711	3,115	2,421	3,522	2,520	3,623	6,888
기타비유동자산As filed	3,306	2,475	2,009	730	260	3,736	—	—	—	—	—
기타자산As filed	—	—	—	—	—	—	7,706	7,757	7,132	1,778	1,173
유동성금융리스부채As filed	12,345	17,145	—	—	—	—	—	—	—	—	—
유동성파생상품부채As filed	357	—	0	53	—	226	73	57	—	355	334
단기사채As filed	—	3,362	699	—	—	—	—	—	—	—	—
유동성충당부채As filed	168	54	55	371	518	549	1,318	2,831	—	6,536	6,389
유동성이연수익As filed	—	—	—	4,224	6,519	4,117	3,118	5,185	7,043	8,050	9,107
초과청구공사As filed	943	247	397	34	111	340	183	145	399	265	255
당기법인세부채As filed	41	37	347	23	27	939	2,303	7,471	2,014	2,754	2,410
기타유동부채As filed	13,993	15,717	14,972	18,173	18,228	7,232	14,607	20,331	—	—	—
부채및자본총계As filed	241,804	239,565	246,487	255,748	270,141	251,901	266,719	289,977	303,918	—	—
장기매입채무및기타채무As filed	411	303	217	213	243	226	204	151	160	301	295
부채와자본총계As filed	—	—	—	—	—	—	—	—	—	—	504,061
자본과부채총계As filed	—	—	—	—	—	—	—	—	—	470,121	—
기타유동금융부채As filed	—	—	—	—	—	—	41	3	7	132	104
자산유동화차입금As filed	11,811	17,320	12,606	12,044	11,108	14,849	9,538	5,103	1,151	1,584	852
사채As filed	6,930	832	—	—	—	—	—	—	—	—	—
순확정급여부채As filed	—	11,263	11,445	14,940	16,077	16,053	16,225	14,620	18,244	25,589	27,520
매각예정부채As filed	—	—	—	—	—	545	487	—	0	4,151	0
유동 파생상품 금융부채As filed	—	—	—	—	—	—	—	—	182	—	—
충당부채As filed	1,712	1,787	1,378	1,939	2,059	2,178	1,397	721	1,427	8,101	8,956
채무인수장기차입금As filed	130	—	—	—	—	—	—	—	—	—	—
이연수익As filed	17,018	18,683	20,615	17,686	16,423	20,442	22,655	20,301	17,675	27,317	28,711
금융리스부채As filed	71,554	67,743	—	—	—	—	—	—	—	—	—
유동충당부채As filed	—	—	—	—	—	—	—	—	1,611	—	—
파생상품부채As filed	341	397	691	499	321	1,148	17	23	91	71	80
확정급여부채As filed	10,277	—	—	—	—	—	—	—	—	—	—
이연법인세부채As filed	570	257	383	353	345	228	266	956	875	1,879	1,700
기타비유동부채As filed	602	765	843	1,421	1,549	1,732	—	—	—	—	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	30,169	47,780	47,892
보통주자본금As filed	3,642	3,642	4,742	4,742	4,742	8,710	17,391	18,411	—	—	—
우선주자본금As filed	56	56	56	56	56	56	56	56	—	—	—
납입자본As filed	3,698	3,698	—	—	—	—	—	—	—	—	—
장기차입금As filed	—	—	—	—	—	—	—	—	19,939	18,193	32,775
기타금융부채As filed	—	—	—	—	—	—	395	125	117	369	636
기타부채As filed	—	—	—	—	—	—	961	594	1,002	5,272	2,427
기타불입자본As filed	8,178	11,984	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	115,448	117,319	120,922	130,116	126,834*	76,062*	90,168	140,961	161,118	178,707	252,255
Cost of salesKRW 100M	95,174	94,352	99,912	110,113*	111,393*	68,445*	69,120	102,454	128,503	141,126	215,503
Gross profitKRW 100M	20,274	22,966	21,011	20,004*	15,441*	7,617*	21,048	38,507	32,615	37,582	36,752
SG&A expensesKRW 100M	11,443	11,758	11,613	13,764	12,866*	6,528*	6,868	10,201	14,714	16,480	25,616
	8,831	11,208	9,398	6,239*	2,575*	1,089*	14,180	28,306	17,901	21,102	11,136
Finance incomeKRW 100M	563	514	729	1,258	2,106	842	3,613	3,831	4,384	6,483	4,319
Finance costsKRW 100M	5,160	5,586	5,307	5,805	6,746*	7,520	4,380	4,331	5,907	5,968	9,726
Other incomeKRW 100M	3,859	5,110	14,931	3,350	3,809*	9,062	5,770	9,694	5,720	9,152	14,853
Other expensesKRW 100M	13,132	17,297	8,647	7,299	9,091*	12,805	10,751	11,881	6,342	12,408	12,571
Share of profit of associatesKRW 100M	175	-1,123	113	5	2	-9	-0	2	0	—	—
	-4,864	-7,174	11,217	-2,251*	-7,345*	-9,341*	8,431	25,621	15,757	18,362	8,235
Income tax expenseKRW 100M	-855	-1,606	3,198	-264*	-1,117*	-1,114*	2,643	8,326	4,466	4,543	1,762
Profit from continuing operationsKRW 100M	-4,009	-5,568	8,019	—	—	-8,227*	5,788	17,295	—	—	—
Profit or loss from discontinued operationsKRW 100M	-1,621	—	—	—	—	5,927*	—	—	—	—	—
	-5,630	-5,568	8,019	-1,986*	-6,228	-2,300	5,788	17,295	11,291	13,819	6,473
Attributable to ownersKRW 100M	-5,650	-5,649	7,915	-2,060*	-6,291	-2,115	5,777	17,284	10,612	13,173	7,797
Attributable to minoritiesKRW 100M	20	80	104	74	63	-185	11	11	679	646	-1,324
Basic earnings per shareKRW	Not applicable	Not applicable	Not applicable	-2,148	Not applicable	Not applicable	Not applicable	Not applicable	2,866	3,566	2,133
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	2,866	3,566	2,133
	-5,807	-6,153	11,057	-4,306*	-6,807	-1,320	6,510	22,856	8,656	12,793	6,311
Other comprehensive incomeKRW 100M	-177	-585	3,038	-2,319	-579	980	722	5,561	-2,635	-1,025	-162

지분법이익As filed	—	—	—	—	—	—	—	—	—	—	224
지분법이익(손실)As filed	—	—	—	—	—	—	—	—	—	0	—
비지배지분As filed	17	67	168	20	27	-182	66	167	510	554	-1,520
지배기업의 소유주As filed	-5,824	-6,220	10,889	-4,326	-6,835	-1,139	6,444	22,690	8,145	12,239	7,831
1. 후속적으로 당기손익으로 재분류되지 않는 항목As filed	-744	-393	3,631	-2,572	-793	821	842	5,683	-2,355	-2,057	—
순확정급여부채 재측정요소As filed	—	-379	94	-2,223	-876	832	654	1,826	-2,590	-1,749	-330
지분법이익잉여금As filed	-2	-0	—	—	—	—	—	—	—	—	—
자산재평가잉여금As filed	-4	-13	3,537	-85	172	-120	—	3,826	3	—	-138
2. 후속적으로 당기손익으로 재분류될 수 있는 항목As filed	567	-192	-593	252	213	159	-119	-122	-280	—	—
기본및희석주당이익(손실)As filed	—	—	—	—	—	—	—	—	0	—	—
매도가능금융자산평가손실As filed	—	-68	—	—	—	—	—	—	—	—	—
(부의)지분법자본변동As filed	755	-421	9	-16	3	-0	-1	4	0	0	-4
기본우선주주당이익(손실)As filed	—	—	—	—	—	—	—	—	—	0	0
해외사업환산이익(손실)As filed	115	297	—	—	—	—	—	—	—	—	—
보통주 기본및희석주당순손실As filed	—	-0	—	—	—	—	—	—	—	—	—
희석우선주주당이익(손실)As filed	—	—	—	—	—	—	—	—	—	0	0
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	-264	-89	109	187	31	232	-299	506
우선주 기본및희석주당순손실As filed	—	-0	—	—	—	—	—	—	—	—	—
순확정급여제도의재측정요소As filed	-738	—	—	—	—	—	—	—	—	—	—
해외사업장환산손익As filed	—	—	-893	—	—	159	-118	-126	-280	1,032	-196
해외사업장환산이익(손실)As filed	—	—	—	269	210	—	—	—	—	—	—
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	—	—	—	—	—	—	-200
2. 후속적으로 당기손익으로 재분류될 수 있는항목As filed	—	—	—	—	—	—	—	—	—	1,032	—
매도가능금융자산평가손익As filed	—	—	292	—	—	—	—	—	—	—	—
매도가능금융자산평가이익(손실)As filed	-286	—	—	—	—	—	—	—	—	—	—
파생상품평가이익(손실)As filed	-17	—	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	—	38
우선주 기본및희석주당순이익(손실)As filed	—	—	—	-0	-0	—	—	—	—	—	—
보통주 기본및희석주당순이익(손실)As filed	—	—	—	—	-0	—	—	—	—	—	—
계속영업기본및희석주당이익(손실)As filed	—	—	—	—	—	-0	0	0	—	—	—
공정가치 변동 및 법인세효과As filed	—	—	—	—	—	—	—	—	—	-9	—
중단영업기본주당이익(손실)As filed	—	—	—	—	—	0	—	—	—	—	—
계속영업기본주당이익(손실)As filed	—	—	—	—	—	—	0	0	—	—	—
기본 보통주 주당이익(손실)As filed	-0	—	—	—	—	—	—	—	—	—	—
계속영업희석주당이익(손실)As filed	—	—	—	—	—	—	0	0	—	—	—
중단영업희석주당이익(손실)As filed	—	—	—	—	—	0	—	—	—	—	—
기본 우선주 주당이익(손실)As filed	-0	—	—	—	—	—	—	—	—	—	—
보통주 기본및희석주당이익(손실)As filed	—	—	0	—	—	—	—	—	—	—	—
계속영업 기본 보통주 주당이익(손실)As filed	-0	—	—	—	—	—	—	—	—	—	—
우선주 기본및희석주당이익(손실)As filed	—	—	0	—	—	—	—	—	—	—	—
계속영업 기본 우선주 주당이익(손실)As filed	-0	—	—	—	—	—	—	—	—	—	—
중단영업기본및희석주당이익(손실)As filed	—	—	—	—	—	0	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-5,630	-5,568	8,019	-1,986	-6,228	-2,300	5,788	17,295	11,291	13,819	6,473
Total adjustments to operating cash flowcomputed	32,910	33,631	20,049	29,913	29,564	16,067	29,354	38,429	29,634	31,771	34,279
	27,280	28,063	28,068	27,926	23,337*	13,767	35,142	55,724	40,925	45,589	40,752
Interest receivedKRW 100M	465	179	292	432	515	478	664	1,242	2,847	3,409	3,112
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
DepreciationKRW 100M	—	—	16,478	17,123*	20,540	19,381	16,630	16,058	16,659	17,372	27,377
AmortisationKRW 100M	—	—	452	294	286	311	324	440	570	588	1,174
Income taxes paidKRW 100M	125	104	54	375	84	50	147	3,807	9,477	3,716	5,366
	4,187	-8,735	-20,412	-6,579	-15,950*	-27	-24,448	-29,759	-24,099	-8,707	-23,402
Purchase of property, plant and equipmentKRW 100M	17,427	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	28,941	42,891
Proceeds from sale of property, plant and equipmentKRW 100M	3,183	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	164	1,332
Purchase of intangible assetsKRW 100M	0	11	8	3	17	62	52	23	87	122	70
	-29,966	-18,293	-10,362	-14,075	-14,472	-8,581	-12,112	-26,980	-20,852	-21,625	-21,368
Dividends paidKRW 100M	6	10	6	247	252	12	0	0	2,771	2,782	2,892
Issue of sharesKRW 100M	4,942	35	4,533	—	—	—	25,536	—	0	—	—
Cash at beginning of periodKRW 100M	7,966	9,675	10,899	7,612	15,040	8,163	13,146	11,854	10,569	6,228	22,156
	9,675	10,899	7,612	15,040	8,163	13,146	11,854	10,569	6,228	22,156	18,700
Effect of exchange rate changesKRW 100M	190	190	-580	155	208	-147	131	-302	-314	671	565
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

당기순이익(손실)As filed	—	—	8,019	-1,986	-6,228	-2,300	5,788	17,295	11,291	13,819	—
매각예정자산으로부터의 대체As filed	—	—	—	—	—	—	—	33	0	0	—
매각예정자산으로의 대체As filed	—	—	—	—	—	-29	-4	—	—	—	-3
영업활동에서 창출된 현금흐름As filed	26,874	27,951	—	—	—	—	—	—	—	45,830	42,389
당기순손실As filed	-5,630	-5,568	—	—	—	—	—	—	—	—	—
현금 유/출입이 없는 수익/비용 가감As filed	—	—	20,176	—	—	—	—	—	—	—	—
현금의유출/유입이 없는 비용/수익등의 가감As filed	—	—	—	28,242	32,758	24,996	28,303	30,744	26,520	—	—
신종자본증권의 발행As filed	—	—	—	3,677	3,782	3,000	—	575	0	0	1,994
임차기정비충당부채전입액As filed	280	332	458	533	133	—	—	—	—	—	—
재고자산평가손실As filed	—	—	—	727	149	—	—	—	—	—	0
재고자산평가손실(환입)As filed	—	—	—	—	—	-20	16	44	-119	23	—
현금의 유출이 없는 비용등의 가산As filed	34,091	—	—	—	—	—	—	—	—	—	—
신종자본증권의 상환As filed	—	—	—	-5,497	—	-6,974	-3,800	-750	580	0	0
임차기정비충당부채전입As filed	—	—	—	—	—	—	—	206	260	140	4,953
임차기정비충당부채전입(환입)As filed	—	—	—	—	—	188	384	—	—	—	—
퇴직급여As filed	1,647	1,533	1,569	1,607	1,940	1,992	1,860	2,011	2,202	2,583	4,483
정비재료비As filed	60	—	—	—	—	—	—	—	—	—	—
대손상각비As filed	—	19	7	—	11	22	—	—	—	—	0
신종자본증권의 배당금 지급As filed	134	223	-330	-434	-517	-598	-181	-45	50	0	0
공사손실충당부채전입액As filed	155	—	—	—	—	—	—	—	—	—	—
이자비용As filed	3,724	4,068	4,573	5,464	6,176	5,139	3,909	4,009	5,314	5,142	8,069
대손상각비(환입)As filed	—	—	—	—	—	—	-1	3	4	4	—
하자보수충당부채전입액As filed	20	—	—	—	—	—	—	—	—	—	—
유동성리스부채의 상환As filed	10,934	12,996	-17,120	-12,644	-15,663	15,430	14,200	14,617	13,754	14,479	21,797
파생상품평가손실As filed	721	598	575	236	233	1,289	33	177	253	378	383
온실가스배출원가As filed	13	—	—	—	—	—	—	—	—	—	—
기타충당부채전입액As filed	5	—	—	—	—	—	—	—	—	—	—
사채의 발행As filed	2,865	5,383	6,833	11,612	13,718	1,594	10,164	15,129	7,675	9,874	19,683
신종자본증권의 전환As filed	—	—	—	—	—	—	—	-6	0	0	—
외화환산손실As filed	6,075	3,759	1,858	3,563	3,699	1,356	4,844	3,543	1,330	7,163	3,404
파생상품거래손실As filed	—	—	—	—	—	1,093	437	144	339	448	1,274
장기차입금의 차입As filed	5,701	6,061	15,400	10,192	9,039	8,297	2,974	11,834	6,832	12,281	21,137
외환차손As filed	991	535	54	787	1,204	811	1,247	2,296	655	1,067	332
장기종업원급여As filed	33	—	—	—	—	—	—	—	—	—	—
지분법손실As filed	—	1,123	—	—	—	9	0	—	0	—	17
단기차입금의 순증감As filed	—	2,664	-3,108	-1,247	136	10,299	-2,156	-2,206	1,072	372	-4,884
유동성장기부채의 상환As filed	29,976	32,388	-22,956	-20,844	-23,815	-27,161	-26,234	-32,913	13,840	21,455	26,367
감가상각비As filed	16,109	16,983	—	—	—	—	—	—	—	—	—
기타의 대손상각비As filed	—	159	1	3	0	6	—	14	—	205	—
유형자산처분손실As filed	1,730	2,145	2,635	104	1,549	650	27	242	208	354	1,265
무형자산상각비As filed	400	533	—	—	—	—	—	—	—	—	—
기타의 대손상각비(환입)As filed	—	—	—	—	—	—	79	—	—	—	—
이자의 지급As filed	3,857	4,003	4,579	5,440	6,255	5,408	4,110	3,978	5,424	5,453	8,281
무형자산손상차손As filed	—	80	1	—	—	29	—	—	104	0	0
유형자산손상차손As filed	724	729	695	203	0	6,389	—	—	—	—	0
기타재무활동으로 인한 현금유입(유출)액As filed	—	—	—	—	—	—	—	-2	-14	17	39
매각예정자산처분손실As filed	52	268	3	—	—	0	—	—	0	1	20
무형자산처분손실As filed	1	11	—	—	0	1	2	0	0	1	4
보증금의 감소As filed	—	2,039	2,214	726	1,009	431	882	297	286	190	1,851
유형자산및사용권자산손상차손As filed	—	—	—	—	—	—	2,754	166	0	0	—
투자부동산손상차손As filed	—	—	—	4	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	0	—	—	—	—	119	0
보증금의 증가As filed	967	1,688	2,713	1,177	895	304	437	358	276	333	3,006
매도가능금융자산손상차손As filed	3	2,552	7	—	—	—	—	—	—	—	—
상각후원가측정금융자산의 처분As filed	—	—	—	—	—	0	36	0	0	0	25
유형자산재평가손실As filed	—	0	186	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	—	0	0
당기손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	3,049	—	—
현금의 유출이 없는 비용 등의 가산As filed	—	39,012	—	—	—	—	—	—	—	—	56,096
매도가능금융자산처분손실As filed	—	1	6	—	—	—	—	—	—	—	—
종속기업투자의 처분As filed	12	—	—	0	0	0	0	0	0	0	0
당기손익-공정가치측정금융자산평가손실(환입)As filed	—	—	—	—	—	—	0	1,216	0	—	—
기타의대손상각비As filed	427	—	—	—	—	—	—	—	9	—	—
기타포괄손익-공정가치측정금융자산의 처분As filed	—	—	—	2	—	31	55	58	4	—	—
당기손익-공정가치측정금융자산평가손실As filed	—	—	—	—	27	—	—	—	—	0	—
장기대여금의 감소As filed	—	—	—	—	—	—	—	1	—	1	3
기타비용As filed	—	162	160	168	168	851	416	476	137	448	1,566
법인세비용As filed	—	—	3,198	—	—	1,109	2,643	8,326	4,466	4,543	1,762
종속기업/관계기업/공동기업투자처분손실As filed	—	—	10	—	—	—	—	—	—	—	—
종속기업/관계기업/공동기업투자손상차손As filed	—	—	250	—	—	—	—	—	—	—	—
매각예정자산의 처분As filed	100	495	341	2,031	165	612	322	800	2	4,048	5,778
이자수익As filed	-428	-288	308	414	558	424	701	1,561	3,019	2,814	2,490
단기대여금의 감소As filed	—	—	—	—	—	—	—	—	—	0	7
배당금수익As filed	-43	-39	46	39	47	45	56	62	—	66	77
파생상품평가이익As filed	—	-0	1	324	534	—	1,299	927	320	2,020	247
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	14	14	3,000	—	—	10	74	701
상각후원가측정금융자산의 취득As filed	—	—	—	—	—	—	-0	-0	25	181	397
지분법이익As filed	-175	—	113	5	2	—	—	2	0	0	241
외화환산이익As filed	-1,129	-1,583	9,919	931	1,029	6,102	1,805	2,740	1,096	3,673	3,242
파생상품거래이익As filed	—	—	—	—	—	373	1,557	1,280	994	1,583	1,506
대손충당금환입As filed	-4	—	—	63	—	—	—	—	—	—	6
기타의 대손충당금환입As filed	—	-6	3	8	0	2	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	—	—	—	—	2,086	—
당기손익-공정가치측정금융자산평가이익As filed	—	—	—	—	1	2	1,430	5	56	9	183
유형자산처분이익As filed	-51	-269	363	107	31	94	122	284	72	85	281
기타포괄손익-공정가치측정금융자산의 취득As filed	—	—	—	-0	3	1	—	—	3,300	—	2,742
매각예정자산처분이익As filed	—	-10	1	417	37	296	237	1,543	0	1,374	1,616
중단영업매각손실As filed	920	—	—	—	—	—	—	—	—	—	—
관계기업투자의 취득As filed	—	—	—	—	—	963	—	—	28	0	—
당기손익-공정가치측정금융자산처분이익As filed	—	—	—	—	—	—	0	0	0	107	0
관계기업투자처분손실As filed	—	85	—	—	—	—	—	—	—	—	—
무형자산처분이익As filed	-0	-1	14	2	—	3	—	1	1	0	0
영업양수도로 인한 현금유입As filed	—	—	—	—	—	—	68	2	0	0	4,113
관계기업투자손상차손As filed	—	3,338	—	—	—	—	—	—	—	—	—
장기대여금의 증가As filed	—	—	-0	—	—	—	—	—	—	1	7
파생상품의 감소As filed	—	—	—	—	—	8,554	8,882	8,627	4,436	5,207	9,012
기타비유동자산의 감소As filed	420	—	—	—	—	—	—	31	0	1	0
단기대여금의 증가As filed	—	—	—	—	—	—	—	0	—	0	1
매도가능금융자산처분이익As filed	-17	-12	45	—	—	—	—	—	—	—	—
무형자산손상차손환입As filed	—	—	—	—	—	—	0	0	1	0	0
장기금융상품의 순증감As filed	—	-8	993	19	-43	-107	-112	—	-807	100	636
현금의 유입이 없는 수익 등의 차감As filed	—	-4,521	—	—	—	—	—	—	—	12,564	13,720
법인세수익As filed	-159	-1,606	—	-264	-1,117	—	—	—	—	—	—
유형자산재평가손실환입As filed	—	—	31	—	—	—	—	168	0	0	—
장기대여금의 순증감As filed	—	-0	—	0	0	0	0	—	1	—	—
단기금융상품의 순증감As filed	—	90	-4,023	3,461	-5,174	2,327	-24,118	-19,796	-5,242	-17,193	-12,055
리스채권의 회수As filed	—	—	—	—	759	875	798	490	21	238	584
기타수익As filed	—	—	62	1	0	29	71	53	443	834	3,838
단기대여금의 순증감As filed	—	-0	0	—	31	0	-0	—	-0	—	—
현금의 유입이 없는 수익등의 차감As filed	-2,111	—	—	—	—	—	—	—	—	—	—
투자활동 선수금의 증가As filed	—	—	—	—	—	—	4,742	—	0	—	—
순운전자본의 변동As filed	—	—	-411	1,575	-3,671	-9,402	478	10,188	9,691	4,115	-6,460
매출채권의 감소(증가)As filed	-341	-251	—	-1,205	-168	399	-2,828	-183	368	-261	2,383
외환차익As filed	—	—	2,093	—	—	-0	24	—	0	—	—
파생상품의 증가As filed	—	—	—	—	—	9,133	8,480	7,333	3,315	3,799	7,765
유동성상각후원가측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	200	0	155
투자활동 기타자산의 증가As filed	—	—	—	—	—	—	-4,000	—	0	—	—
기타채권의 감소(증가)As filed	—	153	—	-190	—	—	—	—	—	—	—
기타유동자산의 증가As filed	—	—	—	—	—	—	—	7	0	1	2
미수금의 감소(증가)As filed	—	—	61	—	177	128	-369	7	741	-386	-686
미수수익의 감소(증가)As filed	—	—	-71	—	-345	667	494	638	-1,402	-743	-686
미청구공사의 감소(증가)As filed	—	—	—	84	-238	-173	146	455	-208	-281	-1,151
사업결합으로 인한 순현금흐름As filed	—	—	—	—	—	—	—	-5,094	0	216	0
중단영업처분이익As filed	—	—	—	—	—	8,237	—	—	—	—	—
기타투자활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	—	—	60
재고자산의 감소(증가)As filed	-587	-734	—	-1,909	-2,367	787	-377	-1,243	-1,176	-993	-1,735
유형자산 및 투자부동산의 취득As filed	—	11,451	-18,765	-12,762	-11,828	-6,110	-3,430	-7,618	19,085	—	—
관계기업투자처분이익As filed	-0	—	—	—	—	—	—	—	—	—	—
기타투자활동으로인한현금유출액As filed	—	—	—	—	—	—	—	—	—	-12	—
유형자산 및 투자부동산의 처분As filed	—	2,719	818	780	53	397	389	365	74	—	—
파생상품자산의 감소(증가)As filed	—	—	—	2	70	—	—	—	—	—	—
기타As filed	-53	-708	156	586	552	-678	673	1,650	1,792	871	698
무형자산의 처분As filed	3	23	15	9	3	9	1	7	3	0	4
선급금의 감소(증가)As filed	—	—	195	2,335	-1,092	-114	-108	-324	-1,241	-800	-5,074
순운전자본의변동As filed	524	-972	—	—	—	—	—	—	—	—	—
관계기업 투자지분의 취득As filed	—	—	—	—	—	—	—	—	—	—	0
매출채권의 증가As filed	—	—	-108	—	—	—	—	—	—	—	—
선급비용의 감소(증가)As filed	-45	327	-165	236	103	102	18	12	-32	—	—
기타비유동자산의 증가As filed	—	—	—	—	—	—	—	—	—	1	163
매입채무의 증가(감소)As filed	123	-4	402	42	-190	-1,109	522	1,194	-175	-647	-146
미청구공사 감소(증가)As filed	-280	-388	—	—	—	—	—	—	—	—	—
기타의대손충당금환입As filed	-0	—	—	—	—	—	—	—	—	—	—
미지급금의 증가(감소)As filed	—	-585	—	19	-454	-508	146	472	438	-151	106
미청구공사 증가As filed	—	—	-148	—	—	—	—	—	—	—	—
재고자산의 증가As filed	—	—	-1,160	—	—	—	—	—	—	—	—
미지급비용의 증가(감소)As filed	1,871	39	—	417	865	28	257	497	4,190	5,247	2,475
선급금의 증가As filed	-355	-270	—	—	—	—	—	—	—	—	—
선수금의 증가(감소)As filed	732	1,497	-403	1,738	-829	-10,121	2,378	8,409	8,798	2,526	-1,042
파생상품자산의 감소As filed	57	—	0	—	—	—	—	—	—	—	—
선수수익의 증가(감소)As filed	—	—	-319	-530	—	—	—	—	—	—	—
초과청구공사의 증가(감소)As filed	—	-696	150	542	1,315	490	-236	280	620	694	657
충당부채의환입As filed	-1	—	—	—	—	—	—	—	—	—	—
장기선급비용의 증가(감소)As filed	—	—	—	—	1	1	1	-65	67	—	—
파생상품부채의 증가(감소)As filed	—	—	—	-192	-242	—	—	—	—	—	—
부의영업권환입As filed	-52	—	—	—	—	—	—	—	—	—	—
장기미지급금의 증가(감소)As filed	—	—	—	—	—	—	1	-1	1	1	0
사외적립자산의 감소(증가)As filed	—	-65	62	—	—	—	169	131	-172	-235	-2
사외적립자산의 증가(감소)As filed	—	—	—	91	142	253	—	—	—	—	—
선수수익의 증가As filed	—	488	—	—	—	—	—	—	—	—	—
이연수익의 증가(감소)As filed	—	—	—	894	1,033	1,617	1,214	-294	-768	1,036	2,699
장기선급금의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	234	—
장기선급금의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	-205
퇴직금의 지급As filed	-910	-991	-1,357	-1,251	-1,966	-1,112	-969	-1,453	1,809	—	—
미지급금의 감소As filed	-886	—	-498	—	—	—	—	—	—	—	—
파생상품부채의 감소As filed	-2,088	-906	-266	—	—	—	—	—	—	—	—
확정급여부채의 승계As filed	5	7	1	13	13	7	—	42	33	4	0
장기선급비용의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	0	0
충당부채의 증가(감소)As filed	—	—	—	-147	-50	-64	-655	-37	-375	10	-1,498
미지급비용의 증가As filed	—	—	2,001	—	—	—	—	—	—	—	—
미수금의감소(증가)As filed	-39	—	—	—	—	—	—	—	—	—	—
충당부채의 감소As filed	-18	-445	-879	—	—	—	—	—	—	—	—
배당금의 수취As filed	66	36	45	39	47	45	56	62	52	—	617
미수수익의감소(증가)As filed	-101	—	—	—	—	—	—	—	—	—	—
이연수익의 증가As filed	680	1,700	1,932	—	—	—	—	—	—	—	—
금융리스채권의 회수As filed	—	176	340	341	—	—	—	—	—	—	—
기타비유동부채의 증가As filed	147	12	—	—	—	—	—	—	—	—	—
유동성상각후원가측정유가증권의 처분As filed	—	—	—	7	0	—	—	—	—	—	—
기타유동자산의 감소(증가)As filed	-30	—	—	—	—	—	—	—	—	—	—
상각후원가측정유가증권의 취득As filed	—	—	—	-0	—	—	—	—	—	—	—
상각후원가측정유가증권의 처분As filed	—	—	—	0	0	—	—	—	—	—	—
임차보증금의증가As filed	-8	—	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정 금융자산의 취득As filed	—	—	—	—	—	—	15	4	—	—	—
퇴직금의지급As filed	—	—	—	—	—	—	—	—	—	2,005	3,080
당기손익-공정가치측정 금융자산의 처분As filed	—	—	—	—	—	—	20	34	—	—	—
장기금융상품의 증가As filed	525	—	—	—	—	—	—	12	—	—	—
유동성만기보유금융자산의 감소As filed	—	-20	—	—	—	—	—	—	—	—	—
유동성만기보유금융자산의 순증감As filed	—	—	1	—	—	—	—	—	—	—	—
장기금융상품의 감소As filed	—	—	—	—	—	—	—	13	—	—	—
확정급여부채의 이관As filed	—	—	—	—	—	—	—	—	—	2	0
매도가능금융자산의 취득As filed	30	917	21	—	—	—	—	—	—	—	—
선수수익의증가As filed	2,421	—	—	—	—	—	—	—	—	—	—
매도가능금융자산의 처분As filed	70	18	79	—	—	—	—	—	—	—	—
선급비용의 감소 (증가)As filed	—	—	—	—	—	—	—	—	—	-3	-174
초과청구공사의증가(감소)As filed	-538	—	—	—	—	—	—	—	—	—	—
기타비유동자산의 처분As filed	—	—	—	0	—	—	—	—	—	—	—
만기보유금융자산의 취득As filed	0	0	0	—	—	—	—	—	—	—	—
예수금의증가As filed	259	—	—	—	—	—	—	—	—	—	—
관계기업투자의취득As filed	—	—	—	—	—	—	—	-238	—	—	—
단기사채의 상환As filed	—	—	-3,319	-700	—	—	—	—	—	—	—
사외적립자산의 감소As filed	36	—	—	—	—	—	—	—	—	—	—
유동성리스부채의 차입As filed	—	—	—	—	377	—	—	—	—	—	—
자산유동화차입금의 차입As filed	—	13,850	5,047	7,497	5,000	12,627	—	—	—	—	—
종속기업취득으로 인한 순현금유입As filed	—	—	386	—	—	—	—	—	—	—	—
종속회사 주식발행비용As filed	—	—	—	—	-1	—	—	—	—	—	—
단기금융상품의감소As filed	1,286	—	—	—	—	—	—	—	—	—	—
연결범위변동으로 인한 현금 유출액As filed	—	—	-68	—	—	—	—	—	—	—	—
종속기업투자주식처분손실As filed	—	—	—	—	—	—	—	—	—	—	98
투자활동 선급금의 증가As filed	—	—	—	—	—	-3,000	—	—	—	—	—
영업양수도로 인한 현금 유입As filed	—	—	—	—	—	9,417	—	—	—	—	—
장기금융상품의감소As filed	14	—	—	—	—	—	—	—	—	—	—
금융리스채권의회수As filed	137	—	—	—	—	—	—	—	—	—	—
기타 투자 활동으로 인한 현금 유출액As filed	—	—	—	—	—	-0	—	—	—	—	—
단기사채의 발행As filed	—	3,384	700	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산처분손실As filed	—	—	—	—	—	—	—	—	—	0	0
현금및현금성자산의 순증감As filed	1,502	1,034	-2,707	7,272	-7,085	5,158	-1,418	-1,015	-4,027	15,257	-4,018
기타재무활동으로 인한 현금유출액As filed	—	—	-0	—	-21	-5	-105	—	—	—	—
단기대여금의감소As filed	0	—	—	—	—	—	—	—	—	—	—
영업양수도로 인한 현금 유입(유출)액As filed	—	202	—	—	—	—	—	—	—	—	—
만기보유금융자산의 감소As filed	0	—	—	—	—	—	—	—	—	—	—
기타투자활동으로 인한 현금유입(유출)액As filed	—	3	—	—	—	—	—	—	—	—	—
장기차입금의 상환As filed	—	40	44	—	—	1	—	—	—	—	—
당기손익-공정가치금융자산평가손실As filed	—	—	—	—	—	—	—	—	—	—	1
현금의 유출 유입이 없는 비용 등의 가산As filed	—	—	—	—	—	—	—	—	—	40,460	—
보증금의 회수As filed	378	—	—	—	—	—	—	—	—	—	—
금융리스부채의대환As filed	—	—	5,292	—	—	—	—	—	—	—	—
기타의대손상각비(기타)As filed	—	—	—	—	—	—	—	—	—	—	3
단기대여금의증가As filed	0	—	—	—	—	—	—	—	—	—	—
임대보증금의 증가As filed	0	—	—	—	—	0	—	—	—	—	—
기타비유동자산의감소As filed	0	—	—	—	—	—	—	—	—	—	—
유상증자As filed	—	—	—	—	—	11,193	—	—	—	—	—
채무인수장기차입금의 상환As filed	—	9	-38	—	—	—	—	—	—	—	—
신종자본증권 발행As filed	3,416	—	3,334	—	—	—	—	—	—	—	—
사업부의매각As filed	19,830	—	—	—	—	—	—	—	—	—	—
단기금융상품의 감소As filed	1,814	—	—	—	—	—	—	—	—	—	—
재고자산평가손실환입As filed	—	—	—	—	—	—	—	—	—	—	85
기타 재무활동으로 인한 순현금유출입As filed	-39	-0	—	—	—	—	—	—	—	—	—
종속기업투자의 취득As filed	63	—	—	—	—	—	—	—	—	—	—
단기차입금의 차입As filed	15,726	—	—	—	—	—	—	—	—	—	—
당기손익 공정가치측정금융자산처분손실As filed	—	—	—	—	—	—	—	—	182	—	—
자산유동화차입금의차입As filed	6,000	—	—	—	—	—	—	—	—	—	—
배당금수취As filed	—	—	—	—	—	—	—	—	-52	—	—
종속기업투자의처분As filed	3	—	—	—	—	—	—	—	—	—	—
단기차입금의 상환As filed	23,671	—	—	—	—	—	—	—	—	—	—
배당금수취(영업)As filed	—	—	—	—	—	—	—	—	—	66	—
당기순이익As filed	—	—	—	—	—	—	—	—	—	—	6,473
연결범위변동으로인한현금및현금성자산의증감As filed	17	—	—	—	—	—	—	—	—	—	—

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 2026.03.18.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2022	적정Term 61	안진회계법인	2022-12-31
2021	적정Term 60	안진회계법인	2022-12-31
2020	적정Term 59	안진회계법인	2022-12-31
2019	적정Term 58	삼일회계법인	2019-12-31
2018	적정Term 57	안진회계법인	2019-12-31
2017	적정Term 56	안진회계법인	2019-12-31
2016	적정Term 55	안진회계법인	2016-12-31
2015	적정Term 54	삼정회계법인	2016-12-31
2014	적정Term 53	안진회계법인	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 5Y0.50

Equity risk premium%

Terminal growth%

Cost of equity6.91%

Weighted average cost of capital—

Initial growth7.1%

Effective tax rate21.4%

Base fiscal year2025

Current priceKRW30,700

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	No dividend
Dividend discount model DDM	No dividend
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	31,238	+1.8%

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% + 0.50 × 5.00% = 6.91%

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(7.12% × (1 − 0.00%), 0) = 7.12%

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

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 = 29,749 KRW, ROE = 7.12%, payout ratio = 0.00%, r = 6.91%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	29,749	2,117	2,056	61	0.9354	57
2	31,866	2,268	2,202	66	0.8749	57
3	34,134	2,430	2,359	70	0.8183	58
4	36,564	2,602	2,527	75	0.7654	58
5	39,166	2,788	2,707	81	0.7159	58
Terminal value				1,678	0.7159	1,201

P_0 = 29,749 + 288 + 1,201 = 31,238 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