Taihan Fiberoptics
Price chart
- 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.
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
Taihan Fiberoptics was established in 1974 and is listed on the KOSDAQ market. The company is headquartered in Ansan, Gyeonggi-do.
The company operates an integrated production system for optical fibers and optical cables. It manufactures and distributes communication and power cables, as well as materials, components, equipment, and special optical products.
Business overview as filed
대한광통신 주식회사(이하 "지배기업")는 1974년 9월 2일에 설립되었습니다. 국내유일 광섬유-광케이블 일관생산체제를 갖춘 업체로서 통신 및 전력 케이블 제조업을 영위하고 있으며, 신시장, 신기술 개발과 함께 국가 중요산업 육성의 일환인 소재부품장비 사업과 특수광사업을 확대해 나가고 있습니다.
1) 당기와 전기 중 지역별 매출액은 다음과 같습니다.
2) 당기와 전기 연결 대상 종속기업의 요약재무정보와 요약손익정보는 다음과 같습니다.
사업의 개요에 요약된 내용의 세부사항 및 포함되지 않은 내용 등은 "II. 사업의 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 개황연결대상 종속회사 현황(요약)
연결대상회사의 변동내용
나. 회사의 법적, 상업적 명칭
당사의 명칭은 '대한광통신 주식회사'라고 표기합니다. 또한 영문으로는 'TAIHAN FIBER OPTICS CO., LTD'라 표기합니다. 단, 약식으로 표기할 경우 '대한광통신(주)'라고 표기합니다.연결회사인 주식회사 티에프오네트웍스는 '주식회사 티에프오이앤씨'에서 '주식회사 티에프오네트웍스'로 2016년 7월 12일 사명 변경되었습니다.
다. 설립일자 및 존속기간
1974년 9월 2일에 설립되었으며 1994년 11월 7일 기업공개를 실시하였습니다.
라. 본사의 주소, 전화번호, 홈페이지 주소 등
1) 주 소 : 경기도 안산시 단원구 장자골로 49(성곡동)2) 전화번호 : 031-689-77003) 홈페이지 : https://www.taihanfiber.com
마. 중소기업 등 해당 여부
바. 주요사업의 내용 및 향후 추진하려는 사업
당사는 보고서 작성기준일 현재 광섬유 및 광케이블 제조 판매/기타 관련하는 업무를 영위하고 있습니다. 또한, 당사는 정관에 명시한 회사가 영위하는 목적사업 외에 추진하고자 하는 사업은 없습니다.
사. 신용평가에 관한 사항
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 2026.03.19), 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
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.
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.
Deepest drawdown 75.4% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.
Characteristic line
- Intercept
- +1.294%[+0.266%, +2.322%]
- R squared
- 0.21
- Observations
- 252
- Trading-time corrected beta
- 1.21[0.60, 1.83]
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 KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.
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 | 1,090 | 1,165 | 1,397 | 1,671 | 1,543 | 1,361 | 1,566 | 1,901 | 1,803 | 1,527 | 1,394 | 1,557 |
| Revenue growth% | — | 6.87 | 19.91 | 19.68 | -7.69 | -11.80 | 15.08 | 21.39 | -5.18 | -15.28 | -8.69 | — |
| Operating incomeKRW 100M | -44 | -15 | 150 | 155 | -96 | -227 | -275 | 35 | -232 | -297 | -214 | -147 |
| Operating income growth% | — | — | — | 3.19 | -162.16 | — | — | — | -770.90 | — | — | — |
| Net incomeKRW 100M | -13 | -126 | 132 | 213 | -117 | -274 | -491 | -31 | -295 | -560 | -280 | -231 |
| Net income growth% | — | — | — | 61.12 | -154.98 | — | — | — | — | — | — | — |
| Attributable to ownersKRW 100M | -13 | -126 | 133 | 215 | -117 | -274 | -491 | -31 | -295 | -560 | -280 | -231 |
| Attributable to minoritiesKRW 100M | — | — | -1 | -2 | — | — | — | — | — | — | — | — |
| Operating margin% | -4.05 | -1.32 | 10.75 | 9.27 | -6.24 | -16.65 | -17.54 | 1.82 | -12.88 | -19.45 | -15.35 | -9.45 |
| Net margin% | -1.23 | -10.81 | 9.46 | 12.73 | -7.58 | -20.13 | -31.36 | -1.62 | -16.34 | -36.69 | -20.06 | -14.82 |
| ROE% | — | -20.84 | 13.76 | 11.27 | -6.52 | -17.96 | -47.52 | -2.92 | -38.75 | -137.26 | -41.97 | -20.76 |
| ROA% | -0.88 | -9.91 | 8.48 | 6.71 | -4.04 | -10.19 | -20.82 | -1.22 | -12.55 | -26.73 | -12.77 | -8.09 |
| Debt ratio% | 108.40 | 110.37 | 61.55 | 65.92 | 61.48 | 76.27 | 128.23 | 138.87 | 208.86 | 413.55 | 228.60 | 155.22 |
| Current ratio% | 87.50 | 121.25 | 206.77 | 245.57 | 201.71 | 195.86 | 193.72 | 124.35 | 98.15 | 69.76 | 76.52 | 106.29 |
| Quick ratio% | 63.28 | 88.86 | 162.10 | 203.38 | 144.58 | 139.28 | 142.32 | 69.01 | 62.71 | 41.75 | 41.92 | 53.95 |
| Reserve ratio% | — | — | 216.08 | 418.14 | 386.53 | 313.29 | 179.82 | 184.13 | 103.77 | -48.05 | -38.21 | 11.88 |
| Free cash flowKRW 100M | 61 | -44 | -28 | -463 | -247 | -215 | -138 | -414 | -20 | -285 | -131 | — |
| FCF margin% | 5.59 | -3.82 | -1.97 | -27.73 | -16.03 | -15.79 | -8.79 | -21.75 | -1.10 | -18.68 | -9.37 | — |
| OCF conversion% | — | — | 62.93 | -38.86 | — | — | — | — | — | — | — | — |
| Capex to revenue% | 3.27 | 13.09 | 7.92 | 22.78 | 13.87 | 6.75 | 2.55 | 5.04 | 4.43 | 2.97 | 0.60 | — |
| Receivable daysdays | — | 82.8 | — | — | 146.7 | 137.3 | 116.4 | — | — | — | — | — |
| Inventory daysdays | — | 63.0 | 62.9 | 74.4 | 103.4 | 116.6 | 92.3 | 119.0 | 121.1 | 109.5 | 115.1 | — |
| Payable daysdays | — | 60.4 | — | — | — | — | — | — | — | — | — | — |
| Cash conversion cycledays | — | 85.4 | — | — | — | — | — | — | — | — | — | — |
| EPSKRW | -29 | -268 | 268 | 318 | -159 | -372 | -666 | -42 | -395 | -752 | -247 | -148 |
| PERx | — | — | 24.63 | 16.04 | — | — | — | — | — | — | — | — |
| BPSKRW | — | 1,286 | 1,617 | 2,591 | 2,433 | 2,069 | 1,401 | 1,420 | 1,020 | 548 | 505 | 715 |
| PBRx | — | 1.16 | 4.08 | 1.97 | 1.36 | 1.87 | 1.86 | 2.33 | 1.32 | 1.56 | 4.41 | 18.47 |
| Dividend per share | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,525 | 1,271 | 1,558 | 3,170 | 2,897 | 2,689 | 2,359 | 2,521 | 2,348 | 2,097 | 2,190 | |
| 618 | 683 | 903 | 2,049 | 1,613 | 1,396 | 1,402 | 1,494 | 1,360 | 1,009 | 998 | |
| Cash and cash equivalentsKRW 100M | 153 | 201 | 247 | 983 | 568 | 391 | 488 | 135 | 161 | 85 | 98 |
| Short-term financial instrumentsKRW 100M | — | — | 73 | — | — | — | — | — | — | — | — |
| InventoriesKRW 100M | 171 | 183 | 195 | 352 | 457 | 403 | 372 | 665 | 491 | 405 | 451 |
| Trade and other receivablesKRW 100M | 268 | 261 | Not applicable | 700 | 541 | 483 | 516 | Not applicable | Not applicable | Not applicable | Not applicable |
| 907 | 587 | 654 | 1,122 | 1,284 | 1,293 | 957 | 1,027 | 988 | 1,087 | 1,192 | |
| Property, plant and equipmentKRW 100M | 875 | 566 | 639 | 1,008 | 1,146 | 1,113 | 833 | 877 | 885 | 1,013 | 1,025 |
| Intangible assetsKRW 100M | 9* | 8 | 8 | 6 | 12 | 23 | 2 | 1 | 2 | 0 | 0 |
| Investments in associatesKRW 100M | — | — | — | — | — | — | — | — | 10 | 10 | 11 |
| 793 | 667 | 593 | 1,260 | 1,103 | 1,163 | 1,325 | 1,466 | 1,588 | 1,688 | 1,524 | |
| 706 | 564 | 437 | 834 | 800 | 713 | 724 | 1,202 | 1,385 | 1,447 | 1,305 | |
| Trade and other payablesKRW 100M | 142 | 197 | Not applicable | 20 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Short-term borrowingsKRW 100M | — | — | 134 | 454 | 353 | 345 | 403 | 516 | 574 | 883 | 840 |
| Current portion of long-term borrowingsKRW 100M | — | — | — | 20 | — | — | — | — | — | — | — |
| Current lease liabilitiesKRW 100M | — | — | — | — | 3 | 4 | 6 | 8 | 10 | 8 | 6 |
| 87 | 103 | 157 | 425 | 303 | 451 | 602 | 264 | 202 | 241 | 219 | |
| Long-term borrowingsKRW 100M | — | 40 | 100 | 390 | — | — | — | — | — | — | — |
| Non-current lease liabilitiesKRW 100M | — | — | — | — | 1 | 5 | 5 | 5 | 3 | 4 | 1 |
| 732 | 604 | 964 | 1,911 | 1,794 | 1,525 | 1,033 | 1,055 | 760 | 408 | 667 | |
| Not applicable | 604 | 966 | 1,911 | 1,794 | 1,525 | 1,033 | 1,055 | 760 | 408 | 667 | |
| Issued capitalKRW 100M | Not applicable | Not applicable | 299 | 369 | 369 | 369 | 369 | 372 | 373 | 373 | 660 |
| Capital surplusKRW 100M | 760 | 760 | 924 | 1,351 | 1,351 | 1,351 | 1,161 | 708 | 670 | 348 | 203 |
| Retained earningsKRW 100M | -285 | -410 | -278 | 191 | 74 | -196 | -498 | -24 | -283 | -527 | -455 |
| Accumulated other comprehensive incomeKRW 100M | — | -2 | 0 | 0 | 0 | 2 | 2 | -0 | 1 | 215 | 259 |
| Other equityKRW 100M | 0 | -2* | 21 | — | — | — | — | — | — | — | — |
| Non-controlling interestsKRW 100M | Not applicable | Not applicable | -2 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| 단기선급금As filed | — | — | 4 | 3 | 8 | 27 | 14 | 25 | 10 | — | 11 |
| 단기선급금, 총액As filed | — | — | — | — | — | — | — | — | — | 8 | — |
| 매출채권As filed | — | — | 368 | — | — | — | — | 443 | 305 | 287 | 270 |
| 단기선급비용, 총액As filed | — | — | — | — | — | — | — | — | — | 3 | — |
| 단기선급비용As filed | — | — | 1 | 2 | 2 | 1 | 0 | 1 | 2 | — | 2 |
| 정부보조금As filed | — | — | 4 | 1 | — | — | — | — | — | — | — |
| 기타유동채권As filed | — | — | — | — | — | — | — | 223 | 372 | 206 | 165 |
| 당기손익-공정가치측정금융자산As filed | — | — | — | — | — | 50 | — | — | — | — | — |
| 단기미수수익As filed | — | — | 0 | — | — | — | — | — | — | — | — |
| 단기선급공사원가As filed | — | — | — | 8 | 34 | 39 | 9 | — | — | — | — |
| 유동성파생상품자산As filed | — | — | — | — | — | — | 1 | — | 18 | 12 | — |
| 국고보조금As filed | — | -7 | — | — | — | — | — | — | — | — | — |
| 단기미수금As filed | — | — | 17 | — | — | — | — | — | — | — | — |
| 당기법인세자산As filed | 0 | 0 | 0 | 2 | 2 | 1 | 1 | 2 | 2 | 2 | 1 |
| 장기기타채권As filed | — | — | — | — | 19 | 43 | 41 | 5 | 3 | 26 | 129 |
| 기타채권As filed | 24 | 42 | — | — | — | — | — | — | — | — | — |
| 선급금As filed | 1 | 3 | — | — | — | — | — | — | — | — | — |
| 유동파생상품자산As filed | — | — | 2 | — | — | — | — | — | — | — | — |
| 이연법인세자산As filed | — | — | — | 57 | 70 | 21 | 1 | 1 | 1 | 1 | 2 |
| 비유동 당기손익-공정가치 측정 지정 금융자산As filed | — | — | — | 41 | 34 | 84 | 59 | 103 | — | — | — |
| 선급비용As filed | 1 | 1 | — | — | — | — | — | — | — | — | — |
| 장기매출채권 및 기타비유동채권As filed | — | 3 | — | 10 | — | — | — | — | — | — | — |
| 장기매출채권As filed | — | — | — | — | — | — | — | 8 | 4 | — | — |
| 기타유동자산As filed | — | — | 1 | — | — | — | — | — | — | — | — |
| 기타비유동금융자산As filed | 2 | 11 | — | 41 | — | — | — | — | — | — | — |
| 비유동성파생상품자산As filed | — | — | — | — | — | — | 17 | 21 | — | — | — |
| 최초인식시점 또는 그 이후에 지정된 비유동 당기손익인식금융자산As filed | — | — | — | — | — | — | — | — | 72 | 27 | 17 |
| 비유동매도가능금융자산As filed | 2 | 11 | 0 | — | — | — | — | — | — | — | — |
| 사용권자산As filed | — | — | — | — | 5 | 10 | 4 | 9 | 12 | 10 | 7 |
| 기타비유동자산As filed | — | — | 7 | — | — | — | — | — | — | — | — |
| 단기매입채무As filed | — | — | 241 | 244 | 164 | 162 | 175 | 217 | 215 | 189 | 252 |
| 기타유동비금융부채As filed | — | 59 | — | 109 | 151 | 134 | 105 | 145 | 87 | 85 | 58 |
| 자본과부채총계As filed | 1,525 | 1,271 | 1,558 | 3,170 | 2,897 | 2,689 | 2,359 | 2,521 | 2,348 | 2,097 | 2,190 |
| 단기선수금As filed | — | — | 6 | 4 | 3 | 5 | 13 | 21 | 5 | 3 | 14 |
| 유동성장기부채As filed | — | — | — | — | 121 | 60 | 20 | 290 | 163 | 23 | 133 |
| 투자부동산As filed | 19 | — | — | — | — | — | — | — | — | — | — |
| 매각예정 또는 소유주에 대한 분배예정으로 분류된 비유동자산이나 처분자산집단As filed | — | 0 | — | — | — | — | — | — | — | — | — |
| 유동파생상품부채As filed | — | — | — | 3 | 4 | 3 | — | 1 | 147 | 113 | — |
| 매각예정으로 분류된 비유동자산이나 처분자산집단As filed | — | 0 | — | — | — | — | — | — | — | — | — |
| 단기미지급금As filed | — | — | 37 | — | — | — | — | — | — | — | — |
| 유동성전환사채As filed | — | — | — | — | — | — | — | — | 182 | 140 | — |
| 단기미지급비용As filed | — | — | 15 | — | — | — | — | — | — | — | — |
| 장기금융부채As filed | — | — | — | — | 269 | 409 | — | — | — | — | 77 |
| 기타유동금융부채As filed | — | 187 | — | 3 | — | — | — | — | — | — | — |
| 퇴직급여부채As filed | — | — | 28 | 33 | 33 | 34 | 35 | 33 | 40 | 37 | 53 |
| 당기법인세부채As filed | — | — | — | — | — | — | 3 | 2 | 3 | 2 | 1 |
| 기타비유동부채As filed | — | — | — | 2 | 1 | 3 | 2 | 2 | — | — | — |
| 기타유동부채As filed | — | — | 3 | — | — | — | — | — | — | — | — |
| 장기매입채무 및 기타비유동채무As filed | — | — | — | 390 | — | — | 429 | 140 | 157 | 133 | — |
| 단기금융부채As filed | 319 | — | — | — | — | — | — | — | — | — | — |
| 비유동성파생상품부채As filed | — | — | — | — | — | — | 79 | 30 | — | — | — |
| 이연법인세부채As filed | 52 | 27 | 27 | — | — | — | — | — | — | 65 | 85 |
| 기타부채As filed | 55 | — | — | — | — | — | — | — | — | — | — |
| 전환사채As filed | — | — | — | — | — | — | 51 | 54 | — | — | — |
| 기타 비유동 부채As filed | — | — | — | — | — | — | — | — | 2 | 1 | 2 |
| 선수금As filed | 1 | 2 | — | — | — | — | — | — | — | — | — |
| 비유동종업원급여충당부채As filed | 1 | 2 | 1 | — | — | — | — | — | — | — | — |
| 유동사채As filed | 189 | — | — | — | — | — | — | — | — | — | — |
| 확정급여부채As filed | 34 | — | — | — | — | — | — | — | — | — | — |
| 비유동충당부채As filed | 1 | 2 | — | — | — | — | — | — | — | — | — |
| 유동성신주인수권부사채As filed | — | 115 | — | — | — | — | — | — | — | — | — |
| 유동성파생상품부채As filed | — | 3 | — | — | — | — | — | — | — | — | — |
| 매각예정으로 분류된 처분자산집단에 포함된 부채As filed | — | 0 | — | — | — | — | — | — | — | — | — |
| 퇴직급여채무As filed | — | 34 | — | — | — | — | — | — | — | — | — |
| 자본금As filed | 235 | — | — | — | — | — | — | — | — | — | — |
| 자본조정As filed | 21 | 21 | — | — | — | — | — | — | — | — | — |
| 납입자본As filed | — | 235 | — | — | — | — | — | — | — | — | — |
Income statement
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,090 | 1,165 | 1,397 | 1,671 | 1,543 | 1,361 | 1,566 | 1,901 | 1,803 | 1,527 | 1,394 | |
| Cost of salesKRW 100M | 975 | 1,024 | 1,096 | 1,342 | 1,428 | 1,346 | 1,532 | 1,590 | 1,742 | 1,494 | 1,358 |
| Gross profitKRW 100M | 115 | 141 | 301 | 329 | 115 | 14 | 34 | 311 | 61 | 33 | 36 |
| SG&A expensesKRW 100M | 159 | 156 | 151 | 174 | 211 | 241 | 308 | 276 | 293 | 330 | 250 |
| -44 | -15 | 150 | 155 | -96 | -227 | -275 | 35 | -232 | -297 | -214 | |
| Finance incomeKRW 100M | Not applicable | Not applicable | 15 | 11 | 18 | 42 | 84 | 52 | 49 | 27 | 6 |
| Finance costsKRW 100M | Not applicable | Not applicable | 21 | 31 | 45 | 24 | 43 | 82 | 122 | 127 | 101 |
| Other incomeKRW 100M | Not applicable | Not applicable | 20 | 22 | 38 | 41 | 45 | 67 | 81 | 52 | 83 |
| Other expensesKRW 100M | Not applicable | Not applicable | 32 | 27 | 44 | 58 | 280 | 102 | 63 | 203 | 46 |
| -19 | -151 | 132 | 130 | -130 | -226 | -468 | -31 | -288 | -548 | -272 | |
| Income tax expenseKRW 100M | -6 | 25 | -0 | -82 | -13 | 48 | 23 | -0 | 6 | 12 | 7 |
| Profit from continuing operationsKRW 100M | -13 | — | — | — | — | — | — | — | — | — | — |
| -13 | -126 | 132 | 213 | -117 | -274 | -491 | -31 | -295 | -560 | -280 | |
| Attributable to ownersKRW 100M | -13 | -126 | 133 | 215 | -117 | -274 | -491 | -31 | -295 | -560 | -280 |
| Attributable to minoritiesKRW 100M | Not applicable | Not applicable | -1 | -2 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Basic earnings per shareKRW | -29 | -268 | 268 | 318 | -159 | -372 | -666 | -42 | -395 | -752 | -247 |
| Diluted earnings per shareKRW | -29 | -268 | 247 | 318 | -159 | -372 | -666 | -42 | -395 | -752 | -247 |
| -12 | -128 | 134 | 205 | -117 | -269 | -492 | -26 | -299 | -352 | -235 | |
| Other comprehensive incomeKRW 100M | 1 | -2 | 1 | -8 | 0 | 5 | -1 | 4 | -4 | 208 | 44 |
| 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed | — | -128 | — | — | — | — | — | — | -299 | -352 | -235 |
| 당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed | — | — | 3 | -0 | -0 | 1 | 0 | -2 | 1 | -2 | -0 |
| 기타영업외손익As filed | 25 | -135 | — | — | — | — | — | — | — | — | — |
| 기타수익As filed | 94 | 30 | — | — | — | — | — | — | — | — | — |
| 해외사업장환산외환차이(세후기타포괄손익)As filed | — | — | 0 | -0 | -0 | 1 | -0 | -1 | — | — | — |
| 현금흐름위험회피손익(세후기타포괄손익)As filed | — | — | 2 | — | — | — | 0 | -2 | — | — | — |
| 기타비용As filed | -23 | -130 | — | — | — | — | — | — | — | — | — |
| 해외사업환산손익As filed | — | — | — | — | — | — | — | — | 0 | -3 | -1 |
| 금융수익As filed | 0 | 1 | — | — | — | — | — | — | — | — | — |
| 당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed | — | — | -1 | -8 | 0 | 4 | -1 | 7 | — | — | — |
| 지분법자본변동As filed | — | — | — | — | — | — | — | — | -0 | 1 | 1 |
| 금융원가As filed | -46 | -36 | — | — | — | — | — | — | — | — | — |
| 당기손익으로 재분류 되지않는 세후기타포괄손익As filed | — | — | — | — | — | — | — | — | -6 | 211 | 45 |
| 파생상품평가손익As filed | — | — | — | — | — | — | — | — | 1 | — | — |
| 자산재평가As filed | — | — | — | — | — | — | — | — | — | 216 | — |
| 확정급여제도의 재측정손익(세후기타포괄손익)As filed | — | — | -1 | -8 | 0 | 4 | — | — | — | — | — |
| 순확정급여부채의 재측정요소As filed | — | — | — | — | — | — | — | — | -6 | -5 | 0 |
| 자산재평가손익As filed | — | — | — | — | — | — | — | — | — | — | 44 |
| 당기손익으로 재분류되는 세후기타포괄손익As filed | 0 | -2 | — | — | — | — | — | — | — | — | — |
| 순확정급여채부의 재측정요소As filed | — | — | — | — | — | — | -1 | 7 | — | — | — |
| 외화환산외환차이As filed | 0 | -0 | — | — | — | — | — | — | — | — | — |
| 외화환산외환차이의 세후차익(차손)As filed | 0 | -0 | — | — | — | — | — | — | — | — | — |
| 당기손익으로 재분류되지 않는 세후기타포괄손익As filed | 1 | 1 | — | — | — | — | — | — | — | — | — |
| 법인세비용차감후기타포괄손익, 확정급여제도의 재측정손익As filed | 1 | — | — | — | — | — | — | — | — | — | — |
| 기본주당이익(손실)As filed | -0 | — | — | — | — | — | — | — | — | — | — |
| 총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed | — | — | 134 | 207 | -117 | -269 | -492 | -26 | — | — | — |
| 희석주당계속사업이익(손실)As filed | -0 | — | — | — | — | — | — | — | — | — | — |
| 총 포괄손익, 비지배지분As filed | — | — | -1 | -2 | — | — | — | — | — | — | — |
| 파생팡품평가이익(손실)As filed | — | -2 | — | — | — | — | — | — | — | — | — |
| 확정급여제도의 보험수리적손익의 세후기타포괄손익As filed | — | 1 | — | — | — | — | — | — | — | — | — |
Cash flow statement
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net incomefrom the income statement | -13 | -126 | 132 | 213 | -117 | -274 | -491 | -31 | -295 | -560 | -280 |
| Total adjustments to operating cash flowcomputed | 110 | 234 | -49 | -296 | 84 | 151 | 393 | -287 | 355 | 320 | 158 |
| 97 | 108 | 83 | -83 | -33 | -123 | -98 | -318 | 60 | -240 | -122 | |
| Interest receivedKRW 100M | 0 | 1 | 1 | 8 | 12 | 7 | 5 | 9 | 9 | 11 | 6 |
| Interest paidKRW 100M | 27 | 17 | 12 | 13 | 27 | 20 | 23 | 28 | 52 | 57 | 60 |
| DepreciationKRW 100M | 70 | 70 | 43 | 47 | 70 | 83 | 90 | 63 | 74 | 75 | 58 |
| AmortisationKRW 100M | 2 | 3 | 3 | 2 | 3 | 6 | 6 | 1 | 1 | 1 | 0 |
| Income taxes paidKRW 100M | 0 | -0 | 0 | 1 | 2 | 1 | 1 | 4 | 2 | 11 | 1 |
| 93 | 130 | -147 | -560 | -214 | -123 | 47 | -139 | -208 | 161 | -77 | |
| Purchase of property, plant and equipmentKRW 100M | 36 | 152 | 111 | 381 | 214 | 92 | 40 | 96 | 80 | 45 | 8 |
| Proceeds from sale of property, plant and equipmentKRW 100M | Not applicable | Not applicable | 0 | Not applicable | 1 | 1 | 0 | Not applicable | 5 | 1 | 3 |
| Purchase of intangible assetsKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | 1 | 0 | 0 |
| -62 | -187 | 113 | 1,378 | -168 | 70 | 144 | 100 | 168 | -0 | 213 | |
| Issue of sharesKRW 100M | — | — | 3 | 749 | — | — | — | — | — | — | 220 |
| Cash at beginning of periodKRW 100M | 23 | 153 | 201 | 247 | 983 | 568 | 391 | 488 | 135 | 161 | 85 |
| 153 | 201 | 247 | 983 | 568 | 391 | 488 | 135 | 161 | 85 | 98 | |
| Effect of exchange rate changesKRW 100M | 2 | -2 | -4 | 1 | 0 | -1 | 4 | 4 | 6 | 4 | -1 |
| Net change in cash and cash equivalentsKRW 100M | 130 | 48 | 46 | 737 | -415 | -177 | 97 | -353 | 25 | -76 | 13 |
| 당기순이익(손실)As filed | -13 | -126 | 132 | 213 | -117 | -274 | -491 | -31 | -295 | -560 | -280 |
| 당기순이익조정을 위한 가감As filed | — | 250 | 66 | -7 | 132 | 179 | 381 | 99 | 208 | 408 | 119 |
| 비현금비용(수익)조정As filed | 71 | — | — | — | — | — | — | — | — | — | — |
| 임대보증금의 증가As filed | — | — | — | — | — | — | — | — | 0 | — | — |
| 이자비용As filed | 44 | 33 | 17 | 15 | 26 | 21 | 24 | 39 | 66 | 82 | 69 |
| 전환사채의 발행As filed | — | — | — | — | — | — | 124 | — | 229 | — | — |
| 외화환산손실As filed | 3 | 9 | 11 | 5 | 11 | 23 | 17 | 17 | 3 | 30 | 12 |
| 장기차입금의 증가As filed | — | 40 | — | 350 | — | 260 | — | — | — | — | 30 |
| 단기차입금의 차입As filed | — | — | — | — | — | — | 678 | 923 | 802 | 1,100 | 1,372 |
| 장기차입금의 차입As filed | — | — | — | — | — | — | 140 | — | 190 | — | — |
| 퇴직급여As filed | 10 | 10 | 11 | 13 | 17 | 21 | 17 | 16 | 16 | 23 | 26 |
| 재고자산감액As filed | 1 | 10 | — | — | — | — | — | — | — | — | — |
| 전환사채의 상환As filed | — | — | — | — | — | — | — | — | — | 106 | — |
| 급여As filed | — | — | — | — | — | — | — | -0 | — | — | — |
| 사채상환손실As filed | 2 | 3 | — | — | — | — | — | — | — | — | — |
| 단기차입금의 상환As filed | 356 | 392 | 229 | 343 | 780 | 534 | 621 | 793 | 739 | 817 | 1,462 |
| 대손상각비As filed | 22 | -2 | 3 | 1 | 3 | 15 | 57 | -5 | -1 | 55 | -18 |
| 기타의대손상각비As filed | 0 | 0 | — | — | — | — | — | — | 0 | — | -29 |
| 재고자산평가손실환입As filed | — | — | 4 | 4 | -27 | -13 | 0 | 23 | -58 | — | — |
| 법인세비용As filed | -6 | — | -0 | -82 | -13 | 48 | 23 | -0 | 6 | 12 | 7 |
| 사채발행비용As filed | — | — | — | — | — | — | — | — | — | — | -1 |
| 유동성장기부채의 상환As filed | — | — | — | — | — | 118 | 8 | 20 | -300 | -163 | -23 |
| 리스부채의 상환As filed | — | — | — | — | — | — | -103 | -9 | -13 | -13 | -11 |
| 법인세수익As filed | — | -25 | — | — | — | — | — | — | — | — | — |
| 사채의 발행As filed | — | — | — | — | — | 68 | — | — | — | — | 95 |
| 이자수익As filed | 0 | 1 | 1 | 8 | 14 | 6 | 7 | 10 | 12 | 12 | 6 |
| 기타의 대손상각비As filed | — | — | — | 1 | 0 | 6 | — | 31 | — | — | — |
| 외화환산이익As filed | 9 | 10 | 7 | 9 | 12 | 17 | 24 | 30 | 18 | 27 | 12 |
| 임차보증금의 회수As filed | 1 | — | — | — | 0 | 14 | 2 | 1 | 10 | 22 | 2 |
| 기부금As filed | — | 0 | — | — | — | — | — | — | — | — | — |
| 당기손익금융자산평가손실As filed | — | — | — | — | — | — | — | 9 | — | — | — |
| 예치보증금의 감소As filed | — | 0 | — | — | 48 | 4 | 10 | 9 | 30 | 3 | 4 |
| 매각예정자산처분손실As filed | — | 81 | — | — | — | — | — | — | — | — | — |
| 임차보증금의 증가As filed | -1 | -2 | 3 | 7 | 9 | 18 | 2 | 3 | 14 | 1 | 3 |
| 주식발행비용As filed | — | — | — | — | — | — | — | -0 | -0 | — | -6 |
| 대손충당금환입As filed | 5 | — | — | — | — | — | — | — | — | — | — |
| 당기손익인식금융자산의 처분As filed | — | — | — | — | — | — | 144 | — | 20 | 29 | — |
| 매도가능금융자산처분이익As filed | -63 | — | — | — | — | — | — | — | — | — | — |
| 유형자산폐기손실As filed | — | 16 | 0 | 0 | — | — | — | — | — | — | — |
| 기타의 대손충당금환입As filed | — | — | — | — | 1 | — | — | — | — | — | — |
| 당기손익인식금융자산평가이익As filed | — | — | — | — | 0 | 30 | 11 | 0 | 2 | 0 | 0 |
| 무형자산손상차손As filed | — | 2 | — | — | — | — | 15 | — | — | 2 | — |
| 매출채권의 감소(증가)As filed | 14 | 15 | -116 | -99 | 128 | -27 | -4 | -169 | 150 | -69 | 39 |
| 국고보조금의 증가As filed | — | 7 | — | — | — | — | — | — | — | — | — |
| 파생금융자산평가이익As filed | — | — | 2 | -2 | — | 1 | — | — | — | — | — |
| 당기손익인식금융자산처분이익As filed | — | — | — | — | 1 | 0 | -38 | — | -1 | -1 | — |
| 미수금의 감소(증가)As filed | 6 | -2 | 3 | -9 | 11 | 17 | -22 | 6 | 5 | -34 | 40 |
| 선급금의 감소(증가)As filed | 1 | -2 | -1 | 1 | -5 | -19 | 13 | -10 | 15 | 1 | -3 |
| 당기손익인식금융자산평가손실As filed | — | — | — | — | 7 | — | — | — | 14 | 18 | 8 |
| 선급법인세의 감소(증가)As filed | — | 0 | — | — | — | — | — | — | — | — | — |
| 파생금융자산평가손실As filed | — | — | — | 3 | 1 | — | — | — | — | — | — |
| 선급비용의 감소(증가)As filed | 0 | -0 | -0 | -1 | -0 | 1 | 1 | -1 | — | — | — |
| 예치보증금의 증가As filed | — | — | — | -5 | -46 | -8 | -9 | -18 | -21 | -6 | 0 |
| 공동지배기업 취득As filed | — | — | — | — | — | — | — | — | -10 | — | — |
| 당기손익인식금융자산의 취득As filed | — | — | — | — | — | — | 20 | 53 | — | — | -1 |
| 파생금융자산거래이익As filed | — | — | 12 | 5 | 4 | 5 | — | — | — | — | — |
| 국고보조금의 수령As filed | — | — | — | — | — | 25 | 23 | 2 | 3 | 0 | 0 |
| 재고자산의 감소(증가)As filed | 41 | -21 | -8 | -153 | -131 | 41 | 32 | -266 | 116 | 80 | -20 |
| 파생금융자산거래손실As filed | — | — | 4 | 13 | 11 | 3 | — | — | — | — | — |
| 파생상품평가이익As filed | — | — | — | — | — | — | -24 | -35 | -13 | -9 | — |
| 단기금융상품의 감소As filed | — | — | — | — | — | — | 389 | 502 | 295 | 180 | — |
| 사업양도이익As filed | — | — | — | -1 | — | — | — | — | — | — | — |
| 파생상품평가손실As filed | — | — | — | — | — | — | 10 | 23 | 23 | 20 | 25 |
| 매입채무의 증가(감소)As filed | -1 | 55 | 46 | 3 | -81 | -1 | 11 | 40 | -6 | 25 | 59 |
| 장기대여금의 증가As filed | — | — | — | — | — | — | — | — | — | -22 | -104 |
| 장기대여금의 회수As filed | — | — | — | — | — | — | — | — | 4 | — | 29 |
| 파생상품거래이익As filed | — | — | — | — | — | — | -5 | -7 | -20 | -4 | — |
| 유형자산처분이익As filed | — | — | 0 | — | 1 | 0 | -1 | — | — | 0 | 0 |
| 파생상품거래손실As filed | — | — | — | — | — | — | 9 | 10 | 19 | 7 | — |
| 기타보증금의 회수As filed | — | — | — | — | 0 | 0 | — | — | — | — | 0 |
| 영업활동으로 인한 자산 부채의 변동As filed | — | — | — | — | — | — | — | — | 191 | -32 | 94 |
| 기타 현금의 유입 없는 수익등As filed | — | — | 0 | 0 | — | — | — | — | — | — | — |
| 유형자산처분손실As filed | — | — | — | — | 1 | — | -0 | — | 0 | 17 | 4 |
| 단기금융상품의 증가As filed | — | — | — | — | — | — | -447 | -483 | -450 | — | — |
| 영업자산부채의 변동As filed | 66 | — | — | — | — | — | — | — | — | — | — |
| 선수수익의 증가(감소)As filed | — | — | — | — | 74 | -27 | -35 | -10 | 6 | -7 | — |
| 영업활동으로인한자산ㆍ부채의변동As filed | — | — | -104 | -282 | -31 | -14 | 31 | -363 | — | — | — |
| 유형자산손상차손As filed | — | — | — | — | — | — | 222 | — | — | 110 | — |
| 미지급비용의 증가(감소)As filed | 3 | -4 | -1 | 14 | -8 | 10 | 19 | -25 | -11 | -3 | -5 |
| 국고보조금의 감소(증가)As filed | — | — | -2 | -4 | -1 | — | — | — | — | — | — |
| 사채조건변경손실As filed | — | — | — | — | — | — | — | 1 | — | — | — |
| 미수수익의 감소(증가)As filed | — | — | — | — | — | — | — | — | — | — | 5 |
| 선수금의 증가(감소)As filed | 0 | 1 | 4 | -2 | -1 | 2 | 8 | 9 | -17 | -1 | 10 |
| 잡이익As filed | — | — | — | — | — | — | — | 1 | 0 | 0 | 0 |
| 미지급금의 증가(감소)As filed | 1 | 10 | -10 | -8 | 24 | 3 | 0 | 63 | -55 | 11 | -25 |
| 예수금의 증가(감소)As filed | 1 | 0 | 1 | 0 | 0 | 4 | -5 | 1 | 2 | -2 | 0 |
| 퇴직금지급액As filed | — | — | — | — | — | — | -17 | -7 | -14 | -32 | -9 |
| 당기법인세자산의 감소(증가)As filed | — | — | 0 | -0 | 2 | 2 | 1 | — | — | — | — |
| 선급공사비의 감소(증가)As filed | — | — | — | -8 | -26 | -7 | 29 | 10 | — | — | — |
| 장기미지급금의 감소As filed | — | — | — | — | — | — | — | — | -0 | -0 | — |
| 퇴직급의 지급As filed | 2 | — | — | — | — | — | — | — | — | — | — |
| 사외적립자산불입액As filed | 0 | — | — | — | — | — | — | — | — | — | — |
| 보증금의 감소(증가)As filed | — | — | 0 | — | — | — | — | — | — | — | — |
| 장기종업원급여충당부채의 증가(감소)As filed | 1 | — | — | — | — | — | — | — | — | — | — |
| 임차보증금의 감소(증가)As filed | — | — | 0 | — | — | — | — | — | — | — | — |
| 선급비용의 감소 (증가)As filed | — | — | — | — | — | — | — | — | -0 | -1 | 1 |
| 퇴직금의 지급As filed | — | 4 | — | — | — | — | — | — | — | — | — |
| 사외적립자산의공정가치의 증가(감소)As filed | — | -6 | — | — | — | — | — | — | — | — | — |
| 비유동성기타보증금의 회수As filed | 4 | — | — | — | — | — | — | — | — | — | — |
| 종업원급여충당부채의 증가(감소)As filed | — | 1 | -0 | 1 | -1 | — | — | — | — | — | — |
| 단기금융상품의 처분As filed | 38 | 21 | — | — | — | — | — | — | — | — | — |
| 퇴직급여채무의 증가(감소)As filed | — | — | -19 | -18 | -17 | -15 | — | — | — | — | — |
| 매도가능금융자산의 취득As filed | 2 | 9 | — | 40 | 3 | 70 | — | — | — | — | — |
| 배당금의 수취As filed | — | — | — | — | — | — | — | — | 1 | 1 | 0 |
| 단기금융상품의 취득As filed | 34 | 36 | — | — | — | — | — | — | — | — | — |
| 장기미지급금의 증가(감소)As filed | — | — | — | — | — | 2 | — | — | — | — | — |
| 단기대여금및수취채권의 처분As filed | — | — | — | 20 | 5 | 4 | — | — | — | — | — |
| 매도가능금융자산의 처분As filed | 123 | — | 11 | — | 4 | 0 | — | — | — | — | — |
| 기타보증금의 증가As filed | — | -0 | — | -0 | -0 | — | -0 | — | — | — | — |
| 금융상품의 처분As filed | — | — | 61 | 101 | 256 | 265 | — | — | — | — | — |
| 단기대여금및수취채권의 취득As filed | — | — | — | 66 | — | — | — | — | — | — | — |
| 배당금수취(영업)As filed | — | — | 0 | — | — | — | — | — | — | — | — |
| 유동성기타보증금의 증가As filed | -7 | — | — | — | — | — | — | — | — | — | — |
| 임차보증금의 감소As filed | — | — | 0 | 0 | — | — | — | — | — | — | — |
| 사외적립자산의 감소As filed | — | — | — | — | — | — | -0 | -3 | — | — | — |
| 유동성기타보증금의 감소As filed | 7 | — | — | — | — | — | — | — | — | — | — |
| 금융상품의 취득As filed | — | — | 114 | 176 | 247 | 249 | — | — | — | — | — |
| 장기종업원급여부채의 증가(감소)As filed | — | — | — | — | — | — | -1 | -0 | — | — | — |
| 지분법손실As filed | — | — | — | — | — | — | — | — | 0 | 0 | 0 |
| 비유동성기타보증금의 증가As filed | -0 | — | — | — | — | — | — | — | — | — | — |
| 선물계약, 선도계약, 옵션계약 및 스왑계약에 따른 현금유출As filed | — | — | 660 | 560 | 392 | 268 | — | — | — | — | — |
| 선물계약, 선도계약, 옵션계약 및 스왑계약에 따른 현금유입As filed | — | — | 668 | 552 | 384 | 270 | — | — | — | — | — |
| 재고자산평가손실As filed | — | — | — | — | — | — | — | — | — | -1 | 26 |
| 기타 자산의 처분As filed | — | — | 0 | 0 | 0 | — | — | — | — | — | — |
| 단기차입금의 증가As filed | 372 | 322 | 239 | 666 | 682 | 531 | — | — | — | — | — |
| 장기종업원급여As filed | — | — | — | — | — | — | — | — | 0 | -0 | 1 |
| 매각예정으로 분류된 비유동자산이나 처분자산집단의 처분As filed | — | 309 | — | — | — | — | — | — | — | — | — |
| 유동성신주인수권부사채의 감소As filed | -23 | -94 | — | — | — | — | — | — | — | — | — |
| 유형자산재평가손실As filed | — | — | — | — | — | — | — | — | — | 3 | — |
| 전환권/신주인수권 행사로 인한 현금유입As filed | — | — | 100 | — | — | — | — | — | — | — | — |
| 대손충당금 환입As filed | — | — | — | — | — | — | — | — | 4 | — | — |
| 유동성장기부채 상환As filed | -55 | — | — | — | — | — | — | — | — | — | — |
| 장기차입금의 상환As filed | — | — | — | 40 | 20 | 132 | 60 | — | — | — | — |
| 조업도손실As filed | — | — | — | — | — | — | — | — | — | 5 | — |
| 연결실체내의 자본거래As filed | — | — | — | -3 | — | — | — | — | — | — | — |
| 유동성파생상품의 증가As filed | — | — | — | — | — | — | -177 | — | — | — | — |
| 장기리스부채 원금 상환As filed | — | — | — | — | 3 | 5 | — | — | — | — | — |
| 유동성파생상품의 감소As filed | — | — | — | — | — | — | 173 | — | — | — | — |
| 잡손실As filed | — | — | — | — | — | — | — | — | 0 | — | — |
| 유형자산 취득관련 미지급금의 상환As filed | — | — | — | — | 47 | — | 6 | — | — | — | — |
| 유형자산손상차손환입As filed | — | — | — | — | — | — | — | — | 3 | — | — |
| 매각예정비유동부채의 상환As filed | — | -63 | — | — | — | — | — | — | — | — | — |
| 당기손익인식금융자산처분손실As filed | — | — | — | — | — | — | — | — | — | 1 | — |
| 배당금수익As filed | — | — | — | — | — | — | — | — | -1 | -1 | — |
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 2026.03.19.
Audit opinion
| Fiscal year | Opinion | Auditor | Fiscal year end |
|---|---|---|---|
| 2025 | 적정의견Term 52 | 태일회계법인 | 2025-12-31 |
| 2024 | 적정의견Term 51 | 한울회계법인 | 2025-12-31 |
| 2023 | 적정의견Term 50 | 한울회계법인 | 2025-12-31 |
| 2022 | 적정Term 49 | 한울회계법인 | 2022-12-31 |
| 2021 | 적정Term 48 | 대주회계법인 | 2022-12-31 |
| 2020 | 적정Term 47 | 대주회계법인 | 2022-12-31 |
| 2019 | 적정Term 46 | 대주회계법인 | 2019-12-31 |
| 2018 | 적정Term 45 | 대주회계법인 | 2019-12-31 |
| 2017 | 적정Term 44 | 정일회계법인 | 2019-12-31 |
| 2016 | 적정Term 43 | 대현회계법인 | 2016-12-31 |
| 2015 | 적정Term 42 | 삼정회계법인 | 2016-12-31 |
| 2014 | 적정Term 41 | 삼정회계법인 | 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.
Valuation models
Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.
Assumptions
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 | -239 | -101.4% |
Dividend and residual income familyKRW
Discounted cash flow familyKRW
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 = 4.40% + 0.95 × 5.00% = 9.12%
Initial growth
g_1 = max(-41.97% × (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
B_0 = 505 KRW, ROE = -41.97%, payout ratio = 0.00%, r = 9.12%, g_T = 2.00%
| Year | Opening book value | Earnings | Equity charge | Residual income | Discount factor | Present value |
|---|---|---|---|---|---|---|
| 1 | 505 | -212 | 46 | -258 | 0.9164 | -236 |
| 2 | 293 | -123 | 27 | -150 | 0.8398 | -126 |
| 3 | 170 | -71 | 16 | -87 | 0.7696 | -67 |
| 4 | 99 | -41 | 9 | -50 | 0.7053 | -36 |
| 5 | 57 | -24 | 5 | -29 | 0.6463 | -19 |
| Terminal value | -419 | 0.6463 | -271 | |||
P_0 = 505 + -484 + -271 = -249 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.