005850KOSPI

SL Corporation

50,300

-600 (-1.18%)

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

SL CORPORATION was established in 1954 and is listed on the KOSPI market. Headquartered in Daegu, the company operates as a global automotive parts specialist with 21 affiliates across Korea, China, North America, India, Mexico, and Poland.

The company and its subsidiaries manufacture automotive lamps, electrification components, mirrors, and electronics. These products are supplied to various OEMs including Hyundai, Kia, GM, Ford, Stellantis, and Geely through global distribution channels.

Business overview as filed

지배기업인 당사와 12개의 종속회사는 자동차 부품 전문기업으로 자동차 램프, 전동화 부품, 미러, 전자 등의 제품을 생산하여 국내외의 현대차, 기아차, GM, Ford, Stellantis, Geely 등의 OEM에 납품하고 있습니다. 최근 전 세계적으로 탄소 중립을 기반으로 한 친환경차로의 전환이 급격히 빨라지고 있어 LED Head Lamp와 E-Shifter의 채택비중이 점차 상승하고 있는 상황입니다. 지배기업인 당사와 종속회사(12개사)의 사업부문별 현황은 다음과 같습니다.

주1) 종속회사인 SL CORPORATION ASSESSORIA EMPRESARI은 남미지역 사업역량 확대를 위해 설립한 사업자문 법인으로 현재 영업활동이 없으므로, 위의 표에서 제외하였습니다.주2)당기 중 신설한 종속회사인 SL VALUE INNOVATION CENTER SINGAPORE PTE. LTD.은 연구업무를 위해 설립한 연구개발법인으로 현재 영업활동이 없으므로, 위의 표에서 제외하였습니다 지분법이익으로 반영되는 관계기업(9개사)의 사업부문별 현황은 다음과 같습니다.

주1) 위의 부문별 매출액은 사업부문별 구분을 위한 단순합계 금액입니다.

본 사업의 개요에 요약된 내용의 세부사항 및 포함되지 않은 내용 등은 "II. 사업 의 내용"의 "2. 주요 제품 및 서비스"부터 "7. 기타 참고사항"까지의 항목에 상세히 기재되어 있으며 이를 참고하여 주시기 바랍니다.

Company overview

가. 연결대상 종속회사 개황

- 연결대상 종속회사 현황(요약)

주1)당사는 2025년 6월 20일자로 SL VALUE INNOVATION CENTER SINGAPORE PTE. LTD.를 신규설립하여 종속회사로 편입하였습니다.주2)당사는 2025년 7월 22일자로 에스엘아시아태평양 지주회사를 청산하여 종속회사에서 제외하였습니다.

(1) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 「에스엘주식회사」이고, 영문명은 SL CORPORATION」입니다.단, 약식으로 표기할 경우에는 「에스엘(주)」또는 「SL Corp.」이라고 표기합니다.

다. 설립일자당사는 1954년 5월 22일에 삼립자동차공업주식회사로 설립되었으며, 1968년 11월 7일에 삼립산업주식회사로 법인 전환하였습니다. 1988년 11월 8일 기업공개를 실시하였으며, 2004년 10월 30일 임시주주총회 결의에 의거하여 상호를 삼립산업주식회사에서 에스엘주식회사로 변경하였습니다.

라. 본사의 주소, 전화번호 및 홈페이지

주소 : 대구광역시 북구 검단공단로 32(검단동)전화번호 : 053-856-8511홈페이지 : http://www.slworld.com

마. 중소기업 등 해당 여부

바. 주요사업의 내용

지배회사인 에스엘주식회사는 OEM(주문자생산방식) 납품을 주로 하는 자동차 램프및 전동화 제품 제조회사입니다. 본사를 거점으로 한국, 중국, 북미, 인도, 멕시코, 폴란드 등 총 21개의 계열회사에서 각종 램프와 쉬프터 기어, 미러, BMS, SBCM, 도어래치, FEM 등을 제조하는 글로벌 자동차 부품 전문기업입니다.☞ 사업 부문별 자세한 사항은 Ⅱ.

사. 신용평가에 관한 사항

(1) 최근 3년간신용평가 내역

(2) 등급의 의미

상기 등급 중 AA등급부터 CCC등급까지는 등급 내 상대적 우열에 따라 + 또는 - 의 세부 등급이 부여됩니다.

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

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

3.80%

[2.10%, 6.83%] · 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 36.6% (2026-09-23). 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

0.55

Beta [0.40, 0.70] · KOSPI200 · As of 2026-10-08

Intercept: +0.007%[-0.397%, +0.412%]
R squared: 0.21
Observations: 252
Trading-time corrected beta: 0.72[0.46, 0.99]

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	13,951	16,206	14,894	15,986	22,622	25,050	30,011	41,745	48,388	49,733	52,399	54,669
Revenue growth%	—	16.16	-8.09	7.33	41.51	10.73	19.81	39.10	15.91	2.78	5.36	—
Operating incomeKRW 100M	633	1,115	634	46	436	932	1,105	1,979	3,862	3,952	4,071	4,515
Operating income growth%	—	76.17	-43.16	-92.78	852.55	113.67	18.65	79.04	95.13	2.32	3.02	—
Net incomeKRW 100M	689	1,208	1,000	252	871	642	962	1,659	3,493	3,820	3,208	3,946
Net income growth%	—	75.49	-17.23	-74.84	246.09	-26.28	49.86	72.44	110.51	9.36	-16.02	—
Attributable to ownersKRW 100M	666	1,183	972	251	858	657	965	1,547	3,355	3,684	3,108	3,812
Attributable to minoritiesKRW 100M	22	26	28	0	13	-15	-2	112	138	136	100	133
Operating margin%	4.54	6.88	4.25	0.29	1.93	3.72	3.68	4.74	7.98	7.95	7.77	8.26
Net margin%	4.94	7.46	6.72	1.57	3.85	2.56	3.21	3.97	7.22	7.68	6.12	7.22
ROE%	—	12.56	9.64	2.50	6.31	4.66	6.42	9.47	17.40	16.02	12.18	14.09
ROA%	4.45	7.41	6.25	1.47	3.83	2.74	3.75	5.66	10.79	10.33	8.03	8.94
Debt ratio%	90.75	70.75	56.40	67.12	64.91	64.12	69.08	71.84	61.05	54.30	50.74	56.89
Current ratio%	137.78	157.38	184.17	165.00	191.83	186.08	178.22	162.33	185.55	205.40	225.02	223.12
Quick ratio%	113.00	128.86	151.02	133.20	157.85	154.41	138.06	125.32	151.91	168.96	187.78	187.17
Reserve ratio%	4,618.50	5,443.23	5,959.55	5,972.99	5,691.15	5,940.88	6,207.21	7,037.94	8,310.37	9,656.53	10,784.45	11,209.75
Free cash flowKRW 100M	268	256	872	-226	-1,584	-16	339	116	2,714	2,438	3,201	—
FCF margin%	1.92	1.58	5.85	-1.41	-7.00	-0.07	1.13	0.28	5.61	4.90	6.11	—
OCF conversion%	224.26	80.45	151.19	210.75	-47.10	253.59	199.09	103.61	123.79	126.18	158.53	—
Capex to revenue%	9.15	4.42	4.30	4.73	5.19	6.57	5.25	3.84	3.33	4.79	3.60	—
Receivable daysdays	—	64.7	69.2	66.1	71.2	87.1	77.4	65.5	67.3	70.6	72.2	—
Inventory daysdays	—	36.9	39.9	39.0	37.2	40.0	40.7	37.7	33.9	33.7	34.5	—
Payable daysdays	—	63.1	59.5	57.4	58.1	65.1	57.3	50.9	53.8	55.1	55.9	—
Cash conversion cycledays	—	38.5	49.5	47.7	50.3	62.0	60.9	52.2	47.3	49.2	50.8	—
EPSKRW	1,967	3,492	2,870	743	1,979	1,420	2,094	3,360	7,285	7,998	6,749	8,208
PERx	—	6.17	8.54	26.85	9.17	11.44	14.90	6.83	4.90	3.77	6.35	6.91
BPSKRW	—	27,798	29,763	29,693	28,224	29,241	31,155	35,191	41,518	49,512	54,954	58,257
PBRx	—	0.78	0.82	0.67	0.64	0.56	1.00	0.65	0.86	0.61	0.78	0.97
Dividend per shareKRW	260	260	400	400	400	500	500	600	900	1,200	—	—
Payout ratio%	13.22	7.45	13.94	53.84	20.21	35.21	23.88	17.86	12.35	15.00	—	—

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
	15,483	16,313	16,003	17,093	22,736	23,390	25,675	29,316	32,357	36,989	39,971
	7,665	8,045	7,939	8,834	13,992	14,404	16,013	17,734	20,709	23,461	26,336
Cash and cash equivalentsKRW 100M	1,333	1,204	1,089	979	1,240	1,331	3,136	2,655	3,138	3,483	4,777
Short-term financial instrumentsKRW 100M	—	1,566	1,995	1,743	2,253	2,383	1,597	818	—	—	—
InventoriesKRW 100M	1,379	1,458	1,429	1,703	2,478	2,452	3,608	4,043	3,755	4,161	4,359
Trade and other receivablesKRW 100M	2,640	3,106	2,538	3,253	5,579	6,372	6,364	8,610	9,232	10,006	10,725
	7,817	8,268	8,064	8,259	8,744	8,986	9,662	11,583	11,648	13,528	13,634
Property, plant and equipmentKRW 100M	3,991	4,184	3,762	3,835	5,668*	6,051	6,456	7,350	7,482	8,613	8,706
Intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	3,089	3,238	3,388	3,462	1,561	1,567	1,596	1,650	1,584	1,606	1,612
	7,366*	6,759	5,771	6,865	8,949	9,138	10,490	12,256	12,266	13,016	13,454
	5,564	5,112	4,311	5,354	7,294	7,741	8,985	10,925	11,161	11,422	11,704
Trade and other payablesKRW 100M	2,451	2,400	1,911	2,694	3,841	4,181	4,348	6,000	6,393	6,550	7,245
Current lease liabilitiesKRW 100M	—	—	—	—	13	6	6	13	20	25	27
	1,802*	1,647	1,460	1,511	1,655	1,397	1,505	1,332	1,105	1,594	1,750
Long-term borrowingsKRW 100M	514	—	—	—	—	—	—	—	—	—	—
Non-current lease liabilitiesKRW 100M	—	—	—	—	39	34	7	55	67	58	55
	8,117*	9,554	10,232	10,228	13,787	14,252	15,185	17,060	20,091	23,972	26,517
	Not applicable	9,414	10,079	10,056	13,605	14,095	15,018	16,346	19,284	22,998	25,525
Issued capitalKRW 100M	169	169	169	169	241	241	241	232	232	232	232
Capital surplusKRW 100M	1,439	1,439	1,439	1,439	4,597	4,597	4,597	4,597	4,597	4,597	4,597
Retained earningsKRW 100M	6,381	7,778	8,652	8,675	9,120	9,722	10,364	11,748	14,704	17,830	20,449
Accumulated other comprehensive incomeKRW 100M	14	28	-181	-228	-272	-337	-57	-113	-129	458	366
Non-controlling interestsKRW 100M	113	140	153	173	182	156	167	714	807	975	991

당기법인세자산As filed	13	20	—	59	124	193	170	83	304	620	223
투자부동산As filed	204	199	276	291	285	280	275	481	487	476	585
무형자산As filed	210	299	289	187	203	188	175	458	410	372	405
사용권자산As filed	—	—	—	—	59	46	22	76	93	185	174
기타유동자산As filed	895	691	888	1,099	2,317	1,672	1,139	1,523	2,276	2,061	2,298
기타비유동채권As filed	27	28	26	46	60	13	16	51	—	91	103
유동금융자산As filed	—	—	—	—	—	—	—	—	2,003	3,129	3,955
이연법인세자산As filed	24	15	13	94	192	69	81	49	363	630	313
비유동금융자산As filed	272	304	311	344	517	517	667	864	772	727	843
기타비유동자산As filed	—	—	—	—	199	255	373	396	301	828	890
확정급여자산As filed	—	—	—	—	—	—	—	209	80	0	6
기타 비유동채권As filed	—	—	—	—	—	—	—	—	77	—	—
자본조정As filed	—	—	—	—	-81	-127	-127	-118	-119	-119	-119
비유동충당부채As filed	16	20	39	90	390	387	331	390	415	461	568
기타비유동부채As filed	33	38	51	56	105	137	132	152	—	204	297
장기금융부채As filed	—	502	340	304	—	—	—	—	—	—	—
확정급여부채As filed	212	195	182	294	489	345	385	0	0	187	69
이연법인세부채As filed	1,027	892	848	767	362	308	287	383	449	681	761
충당부채As filed	—	87	27	35	—	—	—	—	—	—	—
단기금융부채As filed	2,231	2,222	1,862	2,042	—	—	—	—	—	—	—
기타유동부채As filed	708	377	456	579	653	314	206	640	—	733	766
비유동금융부채As filed	—	—	—	—	270	186	362	351	—	3	0
당기법인세부채As filed	89	26	54	4	6	169	254	137	414	627	242
자본과부채총계As filed	15,483	16,313	16,003	17,093	22,736	23,390	25,675	29,316	32,357	—	—
단기금융자산As filed	1,405	—	—	—	—	—	—	—	—	—	—
유동충당부채As filed	85	—	—	—	300	223	182	210	186	331	425
유동금융부채As filed	—	—	—	—	2,481	2,848	3,990	3,925	3,548	3,156	2,999
부채와자본총계As filed	—	—	—	—	—	—	—	—	—	36,989	39,971
지배기업 소유주지분As filed	8,003	—	—	—	—	—	—	—	—	—	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	600	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	175	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	13,951	16,206	14,894	15,986	22,622	25,050	30,011	41,745	48,388	49,733	52,399
Cost of salesKRW 100M	12,191	14,038	13,214	14,655	20,525	22,502	27,145	37,090	42,001	42,846	45,073
Gross profitKRW 100M	1,760	2,168	1,680	1,331	2,097	2,548	2,867	4,655	6,388	6,887	7,326
SG&A expensesKRW 100M	1,127	1,053	1,047	1,285	1,661	1,616	1,761	2,676	2,526	2,935	3,255
	633	1,115	634	46	436	932	1,105	1,979	3,862	3,952	4,071
Finance incomeKRW 100M	Not applicable	66	66	87	98	102	107	146	239	328	340
Finance costsKRW 100M	Not applicable	81	73	89	120	100	112	317	258	208	146
Other incomeKRW 100M	Not applicable	337	540	357	574	558	596	886	736	949	769
Other expensesKRW 100M	Not applicable	276	280	401	399	667	262	663	472	318	754
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	—	182	168	177
	1,102	1,665	1,199	301	819	890	1,555	2,157	4,288	4,870	4,457
Income tax expenseKRW 100M	413*	456	199	49	-52	248	593	498	796	1,050	1,249
	689*	1,208	1,000	252	871	642	962	1,659	3,493	3,820	3,208
Attributable to ownersKRW 100M	666*	1,183	972	251	858	657	965	1,547	3,355	3,684	3,108
Attributable to minoritiesKRW 100M	22	26	28	0	13	-15	-2	112	138	136	100
Basic earnings per shareKRW	1,967*	3,492	2,870	743	1,979	1,420	2,094	3,360	7,285	7,998	6,749
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	7,998	6,749
	704*	1,187*	773	103	579	696	1,163	1,659	3,350	4,296	3,150
Other comprehensive incomeKRW 100M	15	-21*	-228	-148	-292	54	201	-0	-143	476	-58

당기순이익(손실)As filed	689	1,208	1,000	252	871	642	962	1,659	3,493	3,820	3,208
비지배지분As filed	24	—	—	—	—	—	—	—	135	—	—
포괄손익, 비지배지분As filed	—	—	—	—	—	—	—	—	—	168	69
지배기업 소유주지분As filed	680	—	—	—	—	—	—	—	3,215	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	—	—	—	4,128	3,081
관계기업자본변동As filed	-2	-8	-103	-26	18	9	130	-33	-3	128	21
기타포괄손익-공정가치측정 금융상품평가손익As filed	—	—	—	-21	—	—	—	-2	—	1	-5
당기손익으로 재분류될수 있는 항목과 관련된 법인세As filed	—	—	—	—	—	—	—	—	8	68	-33
매도가능금융자산평가손익(세후기타포괄손익)As filed	—	0	1	—	—	—	—	—	—	—	—
해외사업장환산외환차이As filed	33	2	-9	-9	3	-11	12	-10	—	—	—
당기손익으로 재분류되지 않는 항목과 관련된 법인세As filed	—	—	—	—	—	—	—	—	-37	-41	17
해외사업장환산외환차이(세후기타포괄손익)As filed	—	26	-173	-14	46	-88	180	-27	—	—	—
관계기업투자손익As filed	397	503	312	302	230	66	119	125	—	—	—
매도가능금융자산평가손익As filed	-12	—	—	—	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세전기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	654	-159
법인세효과As filed	-5	-4	67	10	-18	13	-31	10	—	—	—
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	—	—	—	—	—	—	3	—	—
해외사업장환산손익As filed	—	—	—	—	—	—	—	—	4	525	-175
기타포괄손익-공정가치측정 금융자산 평가손익As filed	—	—	—	—	—	—	—	—	3	—	—
법인세효과 차감후 금액As filed	15	14	-209	-30	46	-65	280	-52	—	—	—
공정가치측정 금융상품평가손익As filed	—	—	—	—	-6	-1	1	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	-41	-5	-98	-389	170	-122	84	—	—	—
확정급여제도의 재측정요소As filed	-1	—	—	—	—	—	—	—	-177	-181	69
관계기업잉여금변동As filed	—	-8	-8	-26	-17	3	-1	8	—	—	—
관계기업이익잉여금변동As filed	-0	—	—	—	—	—	—	—	-12	-7	3
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	586	-126
당기손익으로 재분류되는 세후기타포괄손익As filed	—	—	—	—	—	—	—	—	-5	—	—
유형자산재평가As filed	—	—	—	—	—	—	—	1	—	—	—
당기손익으로 재분류되지 않는 항목(세전기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	-151	85
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	-174	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	1,160	754	112	565	722	1,153	1,559	—	—	—
총 포괄손익, 비지배지분As filed	—	28	19	-9	13	-26	11	100	—	—	—
유형자산재평가손익As filed	—	—	—	—	—	—	—	—	0	0	0
영업외손익As filed	469	—	—	—	—	—	—	—	—	—	—
당기손익으로 재분류 되지않는 세후기타포괄손익As filed	—	—	—	—	—	—	—	—	-137	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	-110	68
금융수익As filed	56	—	—	—	—	—	—	—	—	—	—
기타수익As filed	290	—	—	—	—	—	—	—	—	—	—
금융비용As filed	-68	—	—	—	—	—	—	—	—	—	—
기타비용As filed	-205	—	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	689	1,208	1,000	252	871	642	962	1,659	3,493	3,820	3,208
Total adjustments to operating cash flowcomputed	856	-236	512	279	-1,281	986	953	60	831	1,000	1,878
	1,544*	972	1,512	530	-410	1,628	1,916	1,719	4,324	4,820	5,085
Interest receivedKRW 100M	54	53	53	81	82	72	52	119	184	285	282
Interest paidKRW 100M	55	79	73	87	103	79	61	145	240	179	136
DepreciationKRW 100M	543	—	—	—	—	—	—	—	—	1,490	1,467
AmortisationKRW 100M	33	—	—	—	—	—	—	—	—	106	119
Income taxes paidKRW 100M	230*	445	28	123	121	-3	518	649	961	1,143	839
	-1,490*	-894	-1,237	-589	213	-1,714	-945	-1,789	-2,701	-3,339	-2,961
Purchase of property, plant and equipmentKRW 100M	1,276	716	641	756	1,173	1,645	1,577	1,603	1,609	2,381	1,884
Proceeds from sale of property, plant and equipmentKRW 100M	50	37	41	77	37	86	86	105	43	246	78
Purchase of intangible assetsKRW 100M	52	57	114	78	69	65	63	43	56	59	123
	506	-206	-353	-37	457	213	775	-426	-1,142	-1,265	-809
Dividends paidKRW 100M	-68	89	95	-50	-139	-186	230	230	276	460	602
Acquisition of treasury sharesKRW 100M	—	—	—	—	0	46	0	—	1	0	0
Cash at beginning of periodKRW 100M	763	1,333	1,204	1,089	979	1,240	1,331	3,136	2,655	3,138	3,483
	1,333	1,204	1,089	979	1,240	1,331	3,136	2,655	3,138	3,483	4,777
Effect of exchange rate changesKRW 100M	11	-1	-37	-14	2	-36	59	16	1	129	-21
Net change in cash and cash equivalentsKRW 100M	571	-129	-115	-110	261	91	1,805	-480	483	345	1,294

당기순이익(손실)As filed	689	1,208	1,000	252	871	642	962	1,659	3,493	3,820	3,208
당기순이익조정을 위한 가감As filed	—	796	515	826	1,004	2,005	2,058	2,752	2,745	2,995	3,876
비현금 조정As filed	788	—	—	—	—	—	—	—	—	—	—
예수보증금 증가As filed	—	—	—	—	1	0	1	5	2	0	0
법인세비용As filed	413	—	—	—	—	—	—	—	—	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	-881	-65	-597	-2,301	-1,097	-738	-2,148	—	—	—
예수보증금 감소As filed	—	0	—	—	1	1	0	-5	-4	0	-0
정부보조금의 사용As filed	—	—	—	—	—	—	—	—	-63	-19	-15
이자수익As filed	47	—	—	—	—	—	—	—	—	—	—
배당금수익As filed	-4	—	—	—	—	—	—	—	—	—	—
이자비용As filed	55	—	—	—	—	—	—	—	—	—	—
관계기업투자손익As filed	-397	—	—	—	—	—	—	—	—	—	—
배당금수취(영업)As filed	—	320	110	178	157	81	160	131	210	257	262
퇴직급여As filed	96	—	—	—	—	—	—	—	—	—	—
리스부채의 상환As filed	—	—	—	—	-13	-14	-8	-13	22	29	30
기타장기종업원비용As filed	-3	—	—	—	—	—	—	—	—	—	—
차입금의 차입As filed	575	318	55	1,972	2,741	2,622	5,983	1,255	1,890	1,723	2,166
투자부동산감가상각비As filed	4	—	—	—	—	—	—	—	—	—	—
외화환산이익As filed	11	—	—	—	—	—	—	—	—	—	—
정부보조금의 수령As filed	—	—	—	—	—	—	—	—	50	19	23
투자부동산의 취득As filed	0	0	22	3	0	1	2	155	0	0	73
외화환산손실As filed	5	—	—	—	—	—	—	—	—	—	—
차입금의 상환As filed	—	399	318	1,903	2,122	2,173	4,962	1,449	2,717	2,499	2,352
파생상품평가손익As filed	8	—	—	—	—	—	—	—	—	—	—
무형자산의 처분As filed	—	2	1	0	2	—	0	0	0	0	0
대손상각비As filed	4	—	—	—	—	—	—	—	—	—	—
기타비유동채권의 증가As filed	-8	13	3	31	20	2	6	38	-27	43	47
기타유동금융자산의 처분As filed	—	—	—	—	—	—	—	—	781	—	—
유동금융자산의 처분As filed	—	—	—	—	6,570	16,096	8,857	6,082	—	1,966	3,588
기타비유동채권의 감소As filed	10	13	4	9	3	26	4	0	0	4	7
유형자산처분이익As filed	16	—	—	—	—	—	—	—	—	—	—
유형자산처분손실As filed	3	—	—	—	—	—	—	—	—	—	—
관계기업주식의 취득As filed	—	—	62	—	—	—	—	—	—	—	—
기타비유동금융자산의 처분As filed	—	—	—	—	—	—	—	—	255	—	—
무형자산처분손실As filed	0	—	—	—	—	—	—	—	—	—	—
비유동금융자산의 처분As filed	—	—	57	1	250	180	28	22	—	32	152
재고자산평가손실As filed	4	—	—	—	—	—	—	—	—	—	—
관계기업주식의 처분As filed	—	21	—	—	—	—	—	—	—	—	—
금융자산평가손실As filed	2	—	—	—	—	—	—	—	—	—	—
비유동금융자산의 취득As filed	—	—	61	86	549	251	298	355	—	42	282
기타유동금융자산의 취득As filed	—	—	—	—	—	—	—	—	2,032	—	—
매도가능금융자산처분이익As filed	-4	—	—	—	—	—	—	—	—	—	—
비유동금융자산의 증가As filed	-149	130	—	—	—	—	—	—	—	—	—
유동금융자산의 취득As filed	—	—	—	—	4,610	16,138	7,975	5,389	—	2,968	4,368
종속기업, 조인트벤처와 관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	8
단기금융자산의 증가As filed	-98	124	546	—	—	—	—	—	—	—	—
단기금융자산의 취득As filed	—	—	—	2,477	—	—	—	—	—	—	—
보증수리비As filed	109	—	—	—	—	—	—	—	—	—	—
비유동금융자산의 감소As filed	8	11	—	—	—	—	—	—	—	—	—
단기금융자산의 감소As filed	13	63	107	—	—	—	—	—	—	—	—
단기금융자산의 처분As filed	—	—	—	2,754	—	—	—	—	—	—	—
투자자산처분이익As filed	8	—	—	—	—	—	—	—	—	—	—
기타비유동금융자산의 취득As filed	—	—	—	—	—	—	—	—	62	—	—
잡이익As filed	-4	—	—	—	—	—	—	—	—	—	—
국고보조금의 수령As filed	2	—	0	14	4	13	13	24	—	—	—
연결범위의 변동으로 인한 순현금흐름As filed	—	—	—	—	-291	—	—	-415	0	0	—
합병으로 인한 순현금흐름As filed	—	—	—	—	64	—	—	—	—	—	—
국고보조금의 사용As filed	-2	—	—	14	13	3	22	13	—	—	—
예수보증금의 증가As filed	—	—	5	1	—	—	—	—	—	—	—
국고보조금의 감소As filed	—	36	—	—	—	—	—	—	—	—	—
비지배지분의 납입As filed	—	—	—	-157	—	—	—	—	—	—	—
사용권자산의 취득As filed	—	—	—	—	—	—	—	—	—	-93	0
투자부동산의 처분As filed	—	—	—	—	—	—	—	—	5	0	0
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	-1,107	-1,216	-1,568
파생상품자산의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	1	-15
기타유동자산의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	127	-347
운전자본 조정As filed	-54	—	—	—	—	—	—	—	—	—	—
기타비유동자산의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	-246	162
매출채권As filed	290	—	—	—	—	—	—	—	—	—	—
기타유동부채의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	169	-8
기타유동채권As filed	-41	—	—	—	—	—	—	—	—	—	—
기타유동자산As filed	-248	—	—	—	—	—	—	—	—	—	—
재고자산As filed	42	—	—	—	—	—	—	—	—	—	—
충당부채의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	-305	-486
매입채무As filed	-270	—	—	—	—	—	—	—	—	—	—
기타유동채권의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	-144	-443
기타채무As filed	58	—	—	—	—	—	—	—	—	—	—
기타유동부채As filed	261	—	—	—	—	—	—	—	—	—	—
기타채무의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	-47	10
충당부채As filed	-28	—	—	—	—	—	—	—	—	—	—
확정급여부채As filed	-118	—	—	—	—	—	—	—	—	—	—
배당금수취As filed	353	—	—	—	—	—	—	—	—	—	—
순확정급여자산 자산(부채)As filed	—	—	—	—	—	—	—	—	—	-284	-503
재고자산의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	-78	-196
매출채권의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	-93	-248
매입채무의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	-316	507
종속기업 및 관계기업주식의 처분As filed	13	—	—	—	—	—	—	—	—	—	—
대손상각비 조정As filed	—	—	—	—	—	—	—	—	—	4	—
투자부동산감가상각비 조정As filed	—	—	—	—	—	—	—	—	—	13	14
사용권자산감가상각비 조정As filed	—	—	—	—	—	—	—	—	—	28	29
유형자산처분이익 조정As filed	—	—	—	—	—	—	—	—	—	16	22
외화환산이익 조정As filed	—	—	—	—	—	—	—	—	—	309	84
파생금융자산평가이익 조정As filed	—	—	—	—	—	—	—	—	—	0	0
당기손익인식금융자산평가이익 조정As filed	—	—	—	—	—	—	—	—	—	20	17
무형자산손상차손 조정As filed	—	—	—	—	—	—	—	—	—	0	0
이자비용 조정As filed	—	—	—	—	—	—	—	—	—	182	139
무형자산처분손실 조정As filed	—	—	—	—	—	—	—	—	—	0	0
유형자산처분손실 조정As filed	—	—	—	—	—	—	—	—	—	13	19
파생금융자산평가손실As filed	—	—	—	—	—	—	—	—	—	15	0
당기손익인식금융자산평가손실 조정As filed	—	—	—	—	—	—	—	—	—	8	3
외화환산손실 조정As filed	—	—	—	—	—	—	—	—	—	95	79
잡이익 조정As filed	—	—	—	—	—	—	—	—	—	0	0
기타장기종업원급여 조정As filed	—	—	—	—	—	—	—	—	—	30	94
퇴직급여 조정As filed	—	—	—	—	—	—	—	—	—	365	452
대손충당금 환입As filed	—	—	—	—	—	—	—	—	—	—	21
기타의 대손충당금환입As filed	—	—	—	—	—	—	—	—	—	2	3
재고자산평가손실 조정As filed	—	—	—	—	—	—	—	—	—	—	-29
재고자산평가손실환입 조정As filed	—	—	—	—	—	—	—	—	—	34	—
금융보증손실 조정As filed	—	—	—	—	—	—	—	—	—	0	—
유형자산손상차손의 조정As filed	—	—	—	—	—	—	—	—	—	—	180
관계기업 및 공동기업투자이익As filed	—	—	—	—	—	—	—	—	—	168	177
기타충당부채전입액As filed	—	—	—	—	—	—	—	—	—	22	0
금융보증환입 조정As filed	—	—	—	—	—	—	—	—	—	—	-0
보증수리비 조정As filed	—	—	—	—	—	—	—	—	—	425	689
배당수익에 대한 조정As filed	—	—	—	—	—	—	—	—	—	5	21
법인세비용 조정As filed	—	—	—	—	—	—	—	—	—	1,050	1,249
이자수익에 대한 조정As filed	—	—	—	—	—	—	—	—	—	300	284

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
2025	적정의견Term 58	한영회계법인	2025-12-31
2024	적정의견Term 57	한영회계법인	2025-12-31
2023	적정의견Term 56	신한회계법인	2025-12-31
2022	적정Term 55	신한회계법인	2022-12-31
2021	적정Term 54	신한회계법인	2022-12-31
2020	적정Term 53	한영회계법인	2022-12-31
2019	적정Term 52	한영회계법인	2019-12-31
2018	적정Term 51	한영회계법인	2019-12-31
2017	적정Term 50	한영회계법인	2019-12-31
2016	적정Term 49	한영회계법인	2016-12-31
2015	적정Term 48	한영회계법인	2016-12-31
2014	적정Term 47	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 5Y0.67

Equity risk premium%

Terminal growth%

Cost of equity7.75%

Weighted average cost of capital—

Initial growth12.2%

Effective tax rate28.0%

Base fiscal year2025

Current priceKRW50,300

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	No dividend
Dividend discount model DDM	No dividend
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	153,713	+205.6%
Residual income model RIM	114,315	+127.3%

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% + 0.67 × 5.00% = 7.75%

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(12.18% × (1 − 0.00%), 0) = 12.18%

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 = 54,954 KRW, ROE = 12.18%, payout ratio = 0.00%, r = 7.75%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	54,954	6,692	4,258	2,434	0.9281	2,259
2	61,646	7,507	4,776	2,731	0.8614	2,352
3	69,153	8,421	5,358	3,063	0.7994	2,449
4	77,574	9,447	6,011	3,436	0.7419	2,549
5	87,021	10,597	6,742	3,854	0.6886	2,654
Terminal value				68,398	0.6886	47,098

P_0 = 54,954 + 12,263 + 47,098 = 114,315 KRW

Discounted cash flow FCFE

\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 5,085.4 − 1,884.0 + 0.0 (net borrowing) = 3,201.4 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	12.18%	3,591.2	0.9281	3,333.0
2	9.63%	3,937.2	0.8614	3,391.3
3	7.09%	4,216.3	0.7994	3,370.6
4	4.54%	4,407.9	0.7419	3,270.3
5	2.00%	4,496.0	0.6886	3,095.9
Terminal value	2.00%	79,782.7	0.6886	54,936.6
Total				71,397.6

P_0 = 71,397.6 KRW hundred million ÷ 46,448,520 (shares) = 153,713 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