009830KOSPI

Hanwha Solutions

36,000

-150 (-0.41%)

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

Hanwha Solutions is a corporation established in 1965. It is listed on the KOSPI market and is headquartered in Seoul.

The company operates through several segments. It produces basic petrochemicals such as PE and PVC, solar products including cells and modules, and lightweight composite materials for automotive parts. It also engages in real estate development and electronic materials.

Business overview as filed

PE, PVC, CA, TDI 제품 등을 생산ㆍ판매하는 기초소재 부문과 셀과 모듈 등의 태양광 제품을 담당하는 신재생에너지 부문, 자동차 부품과 산업용 소재, 태양광 소재 등을 담당하는 가공부문, 기타 제조판매업 및 부동산업 등을 담당하는 기타 부문이 있습니다.

[기초소재]석유화학산업에서 국내 최초로 PVC(폴리염화비닐)를 생산한 데 이어, LDPE(저밀도 폴리에틸렌), LLDPE(선형 저밀도 폴리에틸렌), CA(염소 및 가성소다), TDI 등 각종 산업의 기반이 되는 기초 석유화학 제품을 생산하고 있습니다. 관계기업인 YNCC로부터 에틸렌을 경쟁력 있는 가격에 구매하여 PE에서 PVC 및 CA, TDI에 이르기까지 일관된 생산체계를 구축한 종합화학 사업이며, 유기화학과 무기화학 산업의 균형을 이루고 있습니다. 최근에는 고부가 점접착제 원료인 수첨석유수지 개발 및 상업생산을 진행하였고, 절연체 XLPE, 고굴절 렌즈 등에 사용되는 고순도 XDI, 친환경 가소제 등 특화 제품 개발 및 생산을 지속적으로 추진하고 있습니다. 제품 포트폴리오 고도화를 통한 기존 사업의 경쟁력 강화를 비롯하여 제품의 고부가가치화와 원가 경쟁력 제고, 친환경 제품 개발과 순환경제 시스템 구축을 통해 글로벌 친환경 기업으로의 지속적인 성장을 이어가고 있습니다.

[신재생에너지]

태양광 잉곳 및 웨이퍼부터 셀, 모듈에 이르기까지 전 공정을 아우르는 수직계열화된 생산 역량을 보유하고 있습니다. 또한, 모듈 판매를 넘어 태양광 발전소의 설계, 건설, 운영까지 수행하고, 분산형 에너지 솔루션 사업으로의 확장을 통해 에너지 전환 시대에 부합하는 통합 에너지 서비스를 제공합니다. 이를 바탕으로 글로벌 태양광 Total Energy Solution Provider로 성공적으로 전환하였고, 안정적이고 지속 가능한 수익 창출 역량을 확보하고 있습니다.태양광 제조업을 기반으로 한 미국 내 발전소 EPC 사업에서는 대규모 턴키계약 성공을 통하여 우수한 사업수행능력을 입증하였습니다. 또한 산업계의 재생에너지 수요 및 미국산 태양광 제품 수요가 증가함에 따라 글로벌 빅테크 기업을 비롯한 다양한 고객과의 협력을 확장하고 있습니다.한편, 분산에너지 사업은 분산 발전원을 활용하여 고객에게 태양광 에너지를 경제적, 효율적으로 제공하는 사업으로서, 고객사의 전력 사용 패턴, 예상 수익 등을 종합적으로 분석하여 개별 고객에게 최적화된 에너지 솔루션을 제공하는 서비스를 수행하고 있습니다. 아울러, 미국 주택용 태양광 설치/임대/융자 사업 매출 증대를 통하여 신사업의 비중을 확대해 나가고 있습니다.나아가, AI, 클라우드 등 첨단 기술을 활용해 다양한 전력자원을 통합하고 자동화할 수 있는 전력관리 소프트웨어를 공급해, 전력망(grid)의 안정화 및 에너지의 효율성 제고를 위한 차세대 서비스형 에너지 사업도 추진 중입니다.이와 같이, 큐셀 부문은 제품 및 판매 역량을 폭넓게 활용하여 에너지, 하드웨어, 소프트웨어를 고객에게 제공하는 토탈 에너지 사업을 영위하고 있습니다.

[가공소재]가공소재 부문은 주요 제품은 자동차부품소재, 산업용소재 등의 경량복합소재와 태양광소재입니다. 경량복합소재의 다양화와 성형 기술 개발을 통해 사업 및 아이템을 확대하고 있으며 지속 가능한 발전과 모빌리티 시장 패러다임 변화에 맞추어 전기차 배터리 하우징 등의 사업을 지속 추진하고 있습니다.[기타 부문](인사이트 부문) 부동산 개발사업은 11개 국내 최고의 첨단사업단지 개발을 기반으로하여 산업단지 개발 선도기업 위상을 확립하였고, 지역발전을 위한 일자리 창출 및 경제 발전에 기여하고 있습니다. 현재 진행중인 산업단지, 데이터센터, 물류센터, 신재생, 프리미엄 부동산 등 사업다각화를 통해 경쟁력 강화와 개발사업 선도기업 위상을 더욱 견고히 하고 있습니다.(한화이센셜) 전자소재를 주요 제품으로 하는 한화이센셜(주)는 지속 가능한 발전과 시장 패러다임 변화에 맞추어 전자소재 관련 사업을 추진하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

1) 연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 "한화솔루션주식회사"라고 표기합니다. 또한, 영문으로는 "HANWHA SOLUTIONS CORPORATION"으로 표기합니다. 단, 약식으로 표기할 경우에는 "한화솔루션(주)" 또는 "HSC"라고 표기합니다.

다. 설립일자

당사는 1965년 8월 설립된 한국화성공업을 전신으로 하여 1974년 4월 한양화학지주(주)를 설립하였으며 1974년 6월 한국거래소 유가증권 시장에 주식을 상장하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

- 주소: 서울시 중구 청계천로 86- 전화번호: 070-4193-4130- 홈페이지: https://www.hanwhasolutions.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 향후 추진하려는 신규 사업

사업별로 보면 기초소재 부문에서는 PE, PVC, CA, TDI 제품 등을 생산ㆍ판매하고 있으며, 셀과 모듈 등의 태양광 제품을 담당하는 신재생에너지 부문, 자동차 부품과 산업용 소재, 태양광 소재 등을 담당하는 가공부문, 전자소재 및 부동산 사업을 담당하는 기타 부문이 있습니다.

1) 연결회사의 각 사업부문 별 주요 사업의 내용

- 기초소재: PE, PVC, CA 등의 제조 판매

- 가공소재: 자동차부품 등의 제조 판매

- 신재생에너지: 모듈 등의 태양광 관련제품 제조 판매 및 태양광, 풍력 발전소 운영/판매 등

- 기타: 기타 제조 판매업, 부동산업 등

2) 연결회사의 각 사업부문 별 손익 내역

중단영업효과를 반영하여 제 50기 부문정보를 재작성하였습니다.

3) 주요 제품 및 서비스 등회사 별 주요 제품 및 서비스 등은 다음과 같습니다.

사. 신용평가에 관한 사항당사는 회사채 및 기업어음 발행 등을 위하여 신용평가 전문기관으로부터 평가를 받고 있습니다. 당사는 NICE신용평가(주)로부터 각각 2025년 5월 회사채등급 AA-등급을 받았으며, 위 평가사로부터 2025년 12월에 기업어음등급 A1등급으로 평가 받은 바 있습니다. 또한 당사는 한국기업평가㈜로부터 2025년 5월 회사채등급 AA-등급을 받았으며, 위 평가사로부터 2025년 12월에 기업어음등급 A1등급으로 평가 받은 바 있습니다.[ 회사채 ]○ 공시대상기간 동안의 신용등급 내역

NICE신용평가(주)의 채권평가 신용등급 정의

- 위 등급중 AA등급부터 CCC등급까지는 등급내의 상대적인 우열에 따라 +, - 기호가 첨부됨

○ 공시대상기간 동안의 신용등급 내역

한국기업평가(주)의 채권평가 신용등급 정의

- 상기 등급 중 AA부터 B까지는 당해 등급내에서의 상대적 위치에 따라 + 또는 - 부호를 부여할 수 있음- 상기 등급 중 AAA에서 BBB까지는 적기상환능력이 인정되는 등급이며, BB이하 등급은 환경변화에 따라 적기상환능력이 크게 영향을 받을 수 있는 투기적 등급으로 분류됨 [ 기업어음 ]

○ 공시대상기간 동안의 신용등급 내역

NICE신용평가(주)의 기업어음 신용등급 정의

- 위 등급중 A2등급부터 B등급까지는 등급내의 상대적인 우열에 따라 +, - 기호가 첨부됨

○ 공시대상기간 동안의 신용등급 내역

한국기업평가(주)의 기업어음 신용등급 정의

- 상기 등급 중 A2부터 B까지는 당해 등급내에서의 상대적 위치에 따라 + 또는 - 부호를 부여할 수 있음- 상기 등급 중 A1에서 A3까지는 적기상환능력이 인정되는 등급이며 B이하 등급은 환경변화에 따라 적기상환능력이 크게 영향을 받을 수 있는 투기적 등급으로 분류됨

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 2026.03.25), 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

6.85%

[3.53%, 13.52%] · 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 58.6% (2026-07-29). 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

0.58

Beta [0.40, 0.76] · KOSPI200 · As of 2026-10-08

Intercept: +0.031%[-0.625%, +0.687%]
R squared: 0.14
Observations: 252
Trading-time corrected beta: 0.69[0.31, 1.07]

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	80,370	92,588	93,418	90,460	95,033	91,950	107,252	136,539	132,887	123,940	133,331	155,859
Revenue growth%	—	15.20	0.90	-3.17	5.05	-3.24	16.64	27.31	-2.67	-6.73	7.58	—
Operating incomeKRW 100M	3,370	7,792	7,564	3,543	3,783	5,942	7,383	9,662	6,045	-3,002	-3,648	-980
Operating income growth%	—	131.21	-2.93	-53.15	6.77	57.06	24.26	30.87	-37.44	-149.66	—	—
Net incomeKRW 100M	1,804	7,709	8,345	1,604	-2,489	3,017	6,163	3,660	-1,553	-13,690	-6,153	-1,520
Net income growth%	—	327.32	8.25	-80.77	-255.11	—	104.27	-40.61	-142.42	—	—	—
Attributable to ownersKRW 100M	1,882	7,553	8,247	1,867	-2,376	3,091	6,191	3,591	-2,081	-14,044	-6,504	-1,697
Attributable to minoritiesKRW 100M	-77	157	98	-262	-112	-74	-27	69	528	354	352	178
Operating margin%	4.19	8.42	8.10	3.92	3.98	6.46	6.88	7.08	4.55	-2.42	-2.74	-0.63
Net margin%	2.24	8.33	8.93	1.77	-2.62	3.28	5.75	2.68	-1.17	-11.05	-4.61	-0.98
ROE%	4.06	14.29	13.71	3.07	-4.15	5.21	7.59	4.03	-2.65	-14.86	-7.15	-1.75
ROA%	1.30	5.58	6.11	1.05	-1.59	1.99	3.08	1.54	-0.63	-4.56	-1.86	-0.43
Debt ratio%	180.92	152.69	120.60	144.60	170.09	153.65	143.96	140.80	171.82	183.18	196.32	183.71
Current ratio%	88.14	91.15	86.28	97.66	91.28	94.42	104.94	125.92	113.22	92.95	99.22	94.59
Quick ratio%	54.46	62.53	62.91	69.07	65.90	67.16	66.39	80.98	70.34	56.59	54.62	53.46
Reserve ratio%	455.82	532.12	626.00	651.93	606.50	636.68	721.16	805.68	769.33	640.90	586.84	615.84
Free cash flowKRW 100M	4,501	5,362	4,239	66	408	1,858	1,782	-7,872	-18,725	-27,591	-26,655	—
FCF margin%	5.60	5.79	4.54	0.07	0.43	2.02	1.66	-5.77	-14.09	-22.26	-19.99	—
OCF conversion%	670.28	149.30	109.79	452.93	—	354.48	160.77	31.61	—	—	—	—
Capex to revenue%	9.45	6.64	5.27	7.96	12.26	9.61	7.58	6.61	17.99	27.41	15.08	—
Receivable daysdays	—	66.6	63.8	69.9	64.0	60.1	52.6	51.2	63.2	78.9	77.8	—
Inventory daysdays	—	82.2	63.4	63.9	69.6	73.1	78.4	89.0	105.0	125.2	153.1	—
Payable daysdays	—	85.4	83.8	76.1	72.1	78.6	85.6	81.2	74.3	83.4	93.8	—
Cash conversion cycledays	—	63.4	43.4	57.7	61.5	54.7	45.4	58.9	93.9	120.7	137.1	—
EPSKRW	—	4,583	5,004	1,144	-1,472	1,933	3,236	1,878	-1,210	-8,170	-3,784	-987
PERx	—	5.39	6.32	17.65	—	24.78	10.97	22.90	—	—	—	—
BPSKRW	—	32,067	36,498	37,337	35,473	37,088	42,657	46,637	45,653	54,974	52,947	56,483
PBRx	—	0.77	0.87	0.54	0.53	1.29	0.83	0.92	0.87	0.29	0.51	0.60
Dividend per shareKRW	150	350	350	200	200	—	—	—	300	300	—	—
Payout ratio%	—	7.64	6.99	17.47	—	—	—	—	—	—	—	—

Consolidated basis

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

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
	138,526	138,179	136,495	152,315	156,811	151,373	200,076	238,317*	244,929*	300,368*	331,440
	47,777	45,239	42,225	50,125	53,226	49,584	60,740	85,733	87,049*	108,827*	126,367
Cash and cash equivalentsKRW 100M	6,448	10,123	8,050	10,241	10,845	11,998	15,672	25,484	Not applicable	21,844*	24,705
InventoriesKRW 100M	18,256	14,206	11,438	14,675	14,799	14,316	22,315	30,601	32,967*	42,575*	56,799
Trade and other receivablesKRW 100M	18,175	15,614	17,068	17,586	15,728	14,575	16,318	21,960	24,033*	29,562*	27,256
	90,749	92,940	94,270	102,190	103,585	101,790	125,236	136,344	144,075*	191,542*	205,073
Property, plant and equipmentKRW 100M	60,505	57,610	55,882	66,841	65,940	64,165	64,516	68,795	Not applicable	107,270*	111,818
Intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	4,139	15,806	16,444	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	20,431	22,845	26,823	26,224	27,208	26,852	34,384	37,446	40,774*	49,304*	50,374
	89,215	83,496	74,620	90,044	98,753	91,696	118,063	139,348*	154,824*	194,300*	219,590
	54,206	49,630	48,942	51,325	58,310	52,511	57,879	68,085	76,888*	117,076*	127,359
Trade and other payablesKRW 100M	16,150	17,581	16,319	14,797	15,730	15,564	24,417	23,882	21,084	29,233*	31,652
Short-term borrowingsKRW 100M	24,253	22,550	—	—	—	—	—	—	—	—	—
	35,008	33,866	25,678	38,719	40,443	39,185	47,745	56,854	65,980*	77,224*	92,231
Long-term borrowingsKRW 100M	26,158	25,746	17,760	29,951	29,841	27,166	32,637	42,054	55,617	64,229*	78,520
	49,312	54,683	61,875	62,271	58,058	59,677	82,012	98,969	90,105*	106,069*	111,850
	46,334	52,849	60,151	60,900	57,282	59,291	81,594	89,206	78,475*	94,497*	91,012
Issued capitalKRW 100M	8,153	8,297	8,297	8,212	8,212	8,212	9,782	9,782	8,886	8,886*	8,886
Capital surplusKRW 100M	8,295	8,284	8,290	8,570	8,045	7,985	20,032	23,201	14,971*	15,624*	17,714
Retained earningsKRW 100M	28,869	35,864	43,647	44,965	41,759	44,298	50,514	55,614	53,389*	41,324*	34,431
Accumulated other comprehensive incomeKRW 100M	1,047	436	-50	-813	-705	-1,100	1,507	2,150	2,580	23,198*	24,519
Other equityKRW 100M	—	—	—	—	—	—	—	—	-1,351	-1,504*	-1,505
Non-controlling interestsKRW 100M	2,978	1,834	1,723	1,371	777	386	418	9,763	11,631	11,572*	20,838

금융업자산As filed	—	—	—	—	—	—	14,100	16,240	13,805	—	—
기타금융자산As filed	3,904	2,487	3,705	4,148	4,929	1,928	2,296	3,399	1,391	3,850	4,575
당기손익-공정가치측정 금융자산As filed	—	—	—	—	11	29	336	949	1,392	—	—
현금및현금성자산As filed	—	—	—	—	—	—	844	678	20	—	—
기타유동자산As filed	846	1,589	1,866	3,152	3,704	3,277	3,313	3,737	7,570	9,468	11,329
기타포괄손익-공정가치측정 금융자산As filed	—	—	—	—	0	485	562	567	15	—	—
당기법인세자산As filed	149	193	77	141	233	105	168	179	416	553	736
유동 당기손익인식금융자산As filed	—	—	—	—	—	—	—	—	—	—	0
이연법인세자산As filed	577	601	419	536	724	789	1,213	2,013	41	2,894	4,362
매각예정자산As filed	—	1,026	21	—	—	3,355	659	373	—	973	968
매도가능금융자산As filed	1,501	2,285	2,410	—	—	—	—	—	—	—	—
상각후원가측정금융자산As filed	—	—	—	—	—	—	10,992	12,259	10,457	—	—
장기매출채권및기타채권As filed	59	59	115	29	46	38	28	62	4,143	—	—
매각예정 또는 소유주에 대한 분배예정으로 분류된 비유동자산이나 처분자산집단As filed	—	—	—	182	2,977	—	—	—	—	—	—
무형자산As filed	4,408	4,262	4,220	4,794	4,212	—	19	55	46	17,557	18,464
순확정급여자산As filed	—	—	—	—	—	—	—	—	5	—	—
투자부동산As filed	1,963	3,976	3,499	1,903	1,580	1,422	2,124	1,998	1,044	1,966	1,623
기타자산As filed	—	—	—	—	—	—	40	129	399	—	—
당기손익-공정가치 금융자산As filed	—	—	—	1	—	—	—	—	—	—	—
기타포괄손익-공정가치 금융자산As filed	—	—	—	802	—	—	—	—	—	—	—
유형자산As filed	—	—	—	—	—	—	34	37	34	—	—
당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	2,327	—
사용권자산As filed	—	—	—	—	2,470	3,097	3,811	4,059	6	2,950	3,121
기타포괄손익-공정가치 측정 비유동금융자산As filed	—	—	—	—	—	—	—	—	—	86	351
비유동 당기손익인식금융자산As filed	—	—	—	—	—	—	—	—	—	—	5,815
기타비유동자산As filed	190	147	264	187	160	163	359	1,006	2,240	3,090	2,306
매출채권 및 기타비유동채권As filed	—	—	—	—	—	—	—	—	—	1,460	4,559
기타금융부채As filed	1,363	1,523	1,548	1,623	2,056	2,222	2,922	5,379	362	12,067	—
충당부채As filed	699	710	497	511	609	511	545	478	1	—	—
기타유동부채As filed	11,461	6,125	3,291	4,399	5,597	3,026	2,966	4,461	7,246	—	—
당기법인세부채As filed	279	1,141	873	1,060	473	1,470	918	3,856	10	361	38
기타비유동금융자산As filed	—	—	—	—	—	—	—	—	—	2,638	2,280
장기매입채무및기타채무As filed	2,086	461	231	—	—	0	1,735	400	478	—	—
순확정급여부채As filed	3,210	3,935	3,047	3,717	4,118	4,466	4,552	3,972	3,569	3,434	2,811
장기종업원급여부채As filed	144	159	157	183	257	279	267	296	2	426	617
기타비유동부채As filed	0	0	0	236	75	64	59	224	32	—	—
이연법인세부채As filed	2,889	3,002	3,715	3,845	3,056	2,341	2,679	2,297	1,416	2,320	2,602
자본조정As filed	-30	-32	-32	-34	-29	-103	-242	-1,542	—	—	—
차입금As filed	—	—	26,414	28,935	33,845	29,719	26,111	30,028	37,882	62,991	71,253
자본과부채총계As filed	138,526	138,179	136,495	152,315	—	151,373	—	—	—	—	—
신종자본증권As filed	—	—	—	—	—	—	—	—	—	6,968	6,968
부채및자본총계As filed	—	—	—	—	—	—	200,076	238,317	244,929	300,368	331,440
장기매입채무 및 기타채무As filed	—	—	—	3	0	—	—	—	—	—	—
파생상품자산As filed	—	—	—	—	—	—	77	—	—	—	—
매각예정부채As filed	—	—	—	—	—	—	—	—	—	227	0
기타 유동부채As filed	—	—	—	—	—	—	—	—	—	11,503	12,200
기타유동충당부채As filed	—	—	—	—	—	—	—	—	—	694	466
매입채무 및 기타비유동채무As filed	—	—	—	—	—	—	—	—	—	504	581
기타유동금융부채As filed	—	—	—	—	—	—	—	—	—	—	11,749
기타비유동충당부채As filed	—	—	—	—	—	—	—	—	—	1,564	1,728
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	—	200	195
금융업부채As filed	—	—	—	—	—	—	12,440	14,409	11,956	—	—
자본과 부채 총계As filed	—	—	—	—	156,811	—	—	—	—	—	—
기타부채As filed	—	—	—	—	—	—	26	54	79	—	—
기타비유동금융부채As filed	—	—	—	—	—	—	—	—	—	—	5,177
예수부채As filed	—	—	—	—	—	—	12,241	14,097	11,504	—	—
순확정급여부채(자산)As filed	—	—	—	—	—	—	—	-2	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	80,370	92,588	93,418	90,460	95,033*	91,950	107,252	136,539*	132,887*	123,940*	133,331
Cost of salesKRW 100M	65,406	72,112	73,863	74,586	77,321*	72,691	85,290	108,526*	110,499*	110,082*	118,451
Gross profitKRW 100M	14,964	20,476	19,555	15,875	17,712*	19,259	21,962	28,014*	22,389*	13,859*	14,879
SG&A expensesKRW 100M	11,593	12,684	11,991	12,331	13,928*	13,317	14,578	18,351*	16,343*	16,861*	18,527
	3,370	7,792	7,564	3,543	3,783*	5,942	7,383	9,662*	6,045*	-3,002*	-3,648
Finance incomeKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	953*	1,083*	985
Finance costsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	4,161*	5,484*	5,394
Other incomeKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	6,073*	6,943*	12,700
Other expensesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	10,071*	10,509*	13,367
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	—	—	-3,267*	345
	2,284	8,864	10,659	2,883	-2,174*	4,515	8,553	5,692*	-1,020*	-14,237*	-8,380
Income tax expenseKRW 100M	480	1,154	2,313	1,279	314*	1,120	2,390	2,028*	411*	-3,156*	-2,251
Profit from continuing operationsKRW 100M	—	—	—	—	—	3,396	6,163	3,660*	-1,469*	-11,092*	-6,131
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	—	-379	—	—	-84*	-2,598*	-22
	1,804	7,709	8,345	1,604	-2,489	3,017	6,163	3,660	-1,553*	-13,690*	-6,153
Attributable to ownersKRW 100M	1,882	7,553	8,247	1,867	-2,376	3,091	6,191	3,591	-2,081*	-14,044*	-6,504
Attributable to minoritiesKRW 100M	-77	157	98	-262	-112	-74	-27	69	528	354*	352
Basic earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	1,628	6,680	7,914	753	-2,508	2,541	8,896	5,848	-1,341*	7,569*	-4,149
Other comprehensive incomeKRW 100M	-176	-1,030	-432	-851	-20	-476	2,733	2,188	212	21,259*	2,004

비금융업As filed	—	—	—	—	—	—	107,061	135,635	109,294	—	—
영업외손익As filed	-1,086	1,072	3,094	-660	-5,958	-1,426	1,170	-3,970	—	-11,235	-4,732
구매력손익As filed	—	—	—	—	—	—	—	-4	-38	—	—
금융업As filed	—	—	—	—	—	—	191	905	1,204	—	—
영업외이익(손실)As filed	—	—	—	—	—	—	—	—	-7,066	—	—
기타수익As filed	3,970	4,432	4,844	4,685	4,038	5,422	6,598	9,150	—	—	—
기타비용As filed	-5,175	-6,084	-6,362	-8,167	-10,152	-6,652	-6,800	-10,197	—	—	—
관계기업등에 대한 지분법손익As filed	1,662	4,233	5,931	4,178	2,138	1,602	2,629	-1,019	141	—	—
금융수익As filed	254	223	171	246	277	255	219	357	—	—	—
비지배지분As filed	-39	50	42	-328	-206	-136	34	43	578	1,089	682
금융비용As filed	-1,797	-1,733	-1,488	-1,603	-2,259	-2,053	-1,475	-2,262	—	—	—
지배기업 소유주지분As filed	1,667	6,630	7,872	1,081	-2,302	2,677	8,862	5,805	-1,919	6,480	-4,831
매도가능금융자산평가손익As filed	1	-86	-173	—	—	—	—	—	—	—	—
관계기업 등의 기타포괄손익에 대한 지분해당액As filed	197	-111	-130	86	38	47	1,415	707	77	2,335	-1,085
계속영업기본주당이익(손실) - 우선주As filed	—	—	—	—	—	—	—	—	—	-0	-0
현금흐름위험회피평가손익As filed	-1	7	2	—	—	—	—	—	—	—	—
해외사업환산손익As filed	-207	-528	-591	37	354	-89	1,243	261	—	4,883	222
순확정급여부채의 재측정요소As filed	-129	-293	96	-199	-42	-9	191	502	-180	43	324
중단영업기본주당이익(손실) - 우선주As filed	—	—	—	—	—	—	—	—	—	-0	-0
관계기업 등의 순확정급여부채의 재측정요소에 대한 지분해당액As filed	-37	-20	18	-55	18	-12	40	61	—	—	—
계속영업희석주당이익(손실) - 우선주As filed	—	—	—	—	—	—	—	—	—	-0	-0
보통주 기본 및 희석주당순손익As filed	0	0	0	0	-0	0	0	0	-0	—	—
우선주 기본 및 희석주당순손익As filed	0	0	0	0	-0	0	0	0	-0	—	—
계속영업기본주당이익(손실)As filed	—	—	—	—	—	—	—	—	—	-0	-0
중단영업희석주당이익(손실) - 우선주As filed	—	—	—	—	—	—	—	—	—	-0	-0
중단영업기본주당이익(손실)As filed	—	—	—	—	—	—	—	—	—	-0	-0
공정가치측정금융자산(채무상품)평가손익As filed	—	—	—	0	-0	-0	-1	-16	—	17	0
현금흐름위험회피파생상품평가손익As filed	—	—	—	-4	-5	—	—	—	—	—	-7
계속영업희석주당이익(손실)As filed	—	—	—	—	—	—	—	—	—	-0	-0
현금흐름위험회피 파생상품평가손익As filed	—	—	—	—	—	-2	2	30	-56	55	—
중단영업희석주당이익(손실)As filed	—	—	—	—	—	—	—	—	—	-0	-0
공정가치측정금융자산(지분상품)평가손익As filed	—	—	—	-717	-418	—	—	—	—	—	—
순화폐성자산에 대한 이익(손실)As filed	—	—	—	—	—	—	—	—	—	-12	-3
공정가치측정지정금융자산(지분상품)평가손익As filed	—	—	—	—	—	14	94	-56	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	738	—	—
기타포괄손익-재평가잉여금As filed	—	—	—	—	—	—	—	—	—	6,610	444
공정가치측정지정금융자산(지분상품) 평가손익As filed	—	—	—	—	—	—	—	—	—	—	-142
기타포괄손익-공정가치측정지분증권평가손익As filed	—	—	—	—	—	—	—	—	-2	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	1,804	7,709	8,345	1,604	-2,489	3,017	6,163	3,660	-1,553	-13,690	-6,153
Total adjustments to operating cash flowcomputed	10,289	3,801	817	5,663	14,550	7,678	3,746	-2,503	6,732	20,075	-397
	12,093	11,510	9,162	7,267	12,061	10,695	9,909	1,157	5,180	6,385*	-6,550
Interest receivedKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	1,032*	145
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	606*	208
Income taxes paidKRW 100M	844	382	1,519	846	2,096	721	3,844	2,197	4,982	718*	707
	-9,526	-4,601	-4,032	-4,346	-11,107	-427	-16,550	-14,766	-27,991	-32,874*	-17,486
Purchase of property, plant and equipmentKRW 100M	7,592	6,148	4,924	7,201	11,653	8,838	8,127	9,029	23,905	33,976*	20,105
Proceeds from sale of property, plant and equipmentKRW 100M	972	2,013	244	560	274	187	331	135	413	537*	387
Purchase of intangible assetsKRW 100M	75	165	121	195	92	82	100	391	206	214*	70
	-1,540	-3,182	-6,856	-696	-426	-8,868	10,763	23,223	16,087	26,759*	27,142
Dividends paidKRW 100M	245	245	575	575	329	326	—	—	—	1,276*	911
Acquisition of treasury sharesKRW 100M	—	—	—	—	372	290	138	909	97	—	0
Disposal of treasury sharesKRW 100M	—	—	—	—	—	—	—	2	—	—	—
Issue of sharesKRW 100M	—	-2	—	—	—	—	13,387	—	493	—	0
Cash at beginning of periodKRW 100M	5,494	6,448	10,123	8,050	10,241	10,845	11,998	16,515	26,162	19,581*	21,844
	6,448	10,123	8,050	10,241	10,845	11,998	Not applicable	26,162	19,581	21,844*	24,705
Effect of exchange rate changesKRW 100M	-73	-51	-347	-33	75	-246	Not applicable	Not applicable	144	2,019*	-246
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

영업활동에서 창출된 현금As filed	12,937	11,892	10,681	8,113	14,157	11,417	13,649	2,824	—	—	—
매각예정자산 대체로 인한 현금의 감소As filed	—	—	—	—	—	—	—	—	—	26	0
이자 수취As filed	342	234	246	347	359	356	235	125	—	—	—
금융업 이자 및 배당금 수취As filed	—	—	—	—	—	—	159	791	1,085	—	—
기타금융부채As filed	—	—	—	—	—	—	—	—	—	385	—
금융업 이자지급As filed	—	—	—	—	—	—	55	260	—	—	—
신종자본증권의 발행As filed	—	—	—	—	—	—	—	—	—	6,968	4,451
배당금 수취As filed	684	1,408	2,082	4,472	895	1,761	2,090	544	—	—	221
임대보증금의 감소As filed	—	—	—	—	—	—	—	—	—	—	0
기타포괄손익-공정가치측정 금융자산의 처분As filed	—	—	—	—	1	0	36	8	—	—	—
리스 지급As filed	—	—	—	—	—	—	—	—	637	—	—
매도가능금융자산의처분As filed	2	3	185	—	—	—	—	—	—	—	—
신종자본증권의 배당As filed	—	—	—	—	—	—	—	—	—	104	748
기타포괄-공정가치측정 금융자산의 처분As filed	—	—	—	101	—	—	—	—	—	—	—
비지배지분의 증가As filed	—	—	—	—	—	—	—	—	—	13	233
임대보증금의 증가As filed	—	—	—	—	—	—	—	—	—	—	49
기타금융자산의 감소As filed	920	5,534	4,331	14,964	5,416	—	1,211	2,325	2,329	4,142	2,635
기타금융자산의 처분As filed	—	—	—	—	—	9,763	—	—	—	—	—
기타금융부채의 감소As filed	—	—	—	—	44	20	56	0	15	0	—
리스료 지급As filed	—	—	—	—	371	604	854	972	—	754	814
관계기업등투자자산의 처분As filed	—	—	—	—	—	234	2,148	11	19	—	—
관계기업등투자자산의처분As filed	48	457	23	—	—	—	—	—	—	—	—
기타금융부채의 증가As filed	—	—	—	—	20	41	14	88	2	—	0
인적분할로 인한 현금유출As filed	—	—	—	—	—	—	—	—	1,127	—	0
종속회사의 처분As filed	356	-18	—	178	32	25	0	3	—	—	—
비지배지분의 증감As filed	190	-291	-109	-35	-851	-197	—	13,520	584	—	—
정부보조금의 수령As filed	1	—	0	1	2	1	7	27	103	93	43
이자지급As filed	—	—	—	—	—	—	—	—	3,638	5,348	5,089
투자부동산의 처분As filed	2	44	19	42	388	160	4	—	—	1	5
무형자산의 처분As filed	24	32	281	202	85	161	45	16	—	—	6
차입금의 차입As filed	22,087	20,635	17,960	20,984	32,641	35,066	40,554	54,365	54,507	80,668	92,176
매각예정자산의 처분As filed	—	—	801	15	182	3,988	6,535	596	150	129	491
매도가능금융자산의 취득As filed	2	—	103	—	—	—	—	—	—	—	—
사용권자산의 처분As filed	—	—	—	—	26	—	—	—	—	—	—
차입금의 상환As filed	21,642	21,439	22,494	19,239	28,833	40,775	41,266	41,326	33,983	53,793	69,482
기타포괄-공정가치측정 금융자산의 취득As filed	—	—	—	30	—	—	—	—	—	—	—
기타금융자산의 증가As filed	2,499	4,413	5,316	15,032	6,309	—	3,281	3,641	—	5,777	10,801
기타금융자산의 취득As filed	—	—	—	—	—	7,110	—	—	3,154	—	—
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	21	8	0
종속기업소유지분변동As filed	—	—	—	—	—	—	—	—	—	—	7,276
관계기업등투자자산의 취득As filed	—	—	—	—	270	542	6,071	4,593	6,082	—	—
관계기업등투자자산의취득As filed	2,571	2,526	1,772	264	—	—	—	—	—	—	—
종속기업의 처분As filed	—	—	—	—	—	—	—	—	834	2,366	987
투자부동산의 취득As filed	0	36	0	3	0	0	115	—	0	—	0
기타포괄손익-공정가치측정 금융자산의 취득As filed	—	—	—	—	—	—	—	-54	—	—	—
종속회사의 취득As filed	136	1,021	9	3,607	226	459	11,497	—	—	—	—
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	—	—	—	24	—	0
종속기업의 취득As filed	—	—	—	—	—	—	—	—	61	6	9
기타채권의 회수(투자활동)As filed	—	—	—	1,103	157	—	—	—	—	—	—
연결범위 변동으로 인한 현금유출As filed	—	—	—	—	51	33	—	—	23	—	13
기타금융부채의증가As filed	3	5	0	0	—	—	—	—	—	—	—
사업양수로 인한 순현금유출As filed	—	—	—	—	—	—	—	—	—	402	0
종속회의 취득As filed	—	—	—	—	—	—	—	264	—	—	—
사용권자산의 취득As filed	—	—	—	—	5	—	—	—	—	—	—
사업결합으로 인한 감소As filed	—	—	—	—	—	—	—	-585	—	—	—
배당금수취As filed	—	—	—	—	—	—	—	—	550	669	—
사업양수에 따른 현금유출As filed	—	—	—	—	182	—	—	—	—	—	—
기타금융부채의감소As filed	-84	-2	-2	-2	—	—	—	—	—	—	—
이자수취As filed	—	—	—	—	—	—	—	—	1,019	1,397	1,258
기타채무의 지급(투자활동)As filed	—	—	—	—	134	—	—	—	—	—	—
무형자산 등의 처분As filed	—	—	—	—	—	—	—	—	26	1	—
이자 지급As filed	1,849	1,844	1,637	1,828	2,288	1,763	879	1,545	—	—	—
관계기업투자자산의 처분As filed	—	—	—	—	—	—	—	—	—	1,375	—
현금및현금성자산의 증가 (감소)As filed	1,027	3,727	-1,726	2,225	528	—	—	—	—	—	—
관계기업투자자산의 취득As filed	—	—	—	—	—	—	—	—	—	3,219	—
기말 현금및현금성자산As filed	—	10,123	—	—	—	—	—	—	—	—	—
지분법적용 투자지분의 처분As filed	—	—	—	—	—	—	—	—	—	—	12,017
기말 재무상태표상 현금및현금성자산As filed	—	—	—	10,241	10,845	11,998	16,515	26,162	—	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	6,677	-5,781
현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	1,400	—	—	-6,725	270	3,106
지분법적용 투자지분의 취득As filed	—	—	—	—	—	—	—	—	—	—	4,538
금융업 이자 지급As filed	—	—	—	—	—	—	—	—	671	—	—
영업에서 창출된 현금As filed	—	—	—	—	—	—	—	—	9,748	—	—
현금및현금성자산의 증가As filed	—	—	—	—	—	—	—	9,614	—	—	—
현금및현금성자산의 순증감As filed	—	—	—	—	—	—	4,122	—	—	—	—
환율변동효과As filed	—	—	—	—	—	—	395	32	—	—	—
기말의 현금및현금성자산As filed	—	—	—	—	—	—	16,515	—	—	—	—

In the latest fiscal year operations and investing consumed cash raised through financing activities.

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 2026.03.25.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 52	한영회계법인	2025-12-31
2024	적정의견Term 51	삼정회계법인	2025-12-31
2023	적정의견Term 50	삼정회계법인	2025-12-31
2022	적정Term 49	삼정회계법인	2022-12-31
2021	적정Term 48	삼정회계법인	2022-12-31
2020	적정Term 47	안진회계법인	2022-12-31
2019	적정Term 46	안진회계법인	2019-12-31
2018	적정Term 45	안진회계법인	2019-12-31
2017	적정Term 44	삼정회계법인	2019-12-31

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 5Y0.74

Equity risk premium%

Terminal growth%

Cost of equity8.10%

Weighted average cost of capital—

Initial growth0.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW36,000

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	-40,740	-213.2%

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% + 0.74 × 5.00% = 8.10%

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(-7.15% × (1 − 0.00%), 0) = 0.00%

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 = 52,947 KRW, ROE = -7.15%, payout ratio = 0.00%, r = 8.10%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	52,947	-3,784	4,290	-8,074	0.9250	-7,469
2	49,163	-3,514	3,984	-7,497	0.8557	-6,415
3	45,650	-3,262	3,699	-6,962	0.7916	-5,510
4	42,387	-3,029	3,435	-6,464	0.7322	-4,733
5	39,358	-2,813	3,189	-6,002	0.6773	-4,065
Terminal value				-100,310	0.6773	-67,944

P_0 = 52,947 + -28,194 + -67,944 = -43,191 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

Overview

Business overview as filed

Company overview

VaR

Characteristic line

Financials

Financial statements

Balance sheet

Income statement

Cash flow statement

Audit opinion

Valuation

Valuation models

How the figures are calculated

Cost of equity

Initial growth

Residual income model RIM

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