011790KOSPI

SKC

108,000

-200 (-0.18%)

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

SKC was established in 1973 and is listed on the KOSPI market. The company is headquartered in Suwon, Gyeonggi-do.

The company operates in secondary battery materials, chemicals, and semiconductor materials. It supplies copper foil for batteries, chemical products such as propylene oxide and propylene glycol, and semiconductor test sockets and probe cards.

Business overview as filed

SKC는 리튬이온 이차전지 소재인 전지박(Copper Foil) 등 제품을 생산, 판매하는 이차전지 소재사업, PO 등을 생산, 판매하는 화학사업, 반도체테스트용 실리콘러버소켓,테스트 장비 등을 판매하는 반도체 소재/부품 사업 등을 영위하고 있습니다.이차전지 소재사업의 전지박은 이차전지에서 음극집전체로 작용하는 핵심 소재로서 이차전지 산업과 밀접한 관련이 있으며, 전기차, ESS 및 기타 중소형 IT기기 산업에 적용되는 제품 입니다. 전지박 시장은 크게 사용 용도에 따라 IT기기 및 전동 공구 등에 적용되는 소형 전지 시장과 EV 및 ESS등에 적용되는 중대형 전지 시장으로 분류됩니다.화학사업부문은 프로필렌옥사이드(PO), 프로필렌글리콜(PG) 등을 생산하여 국내외 관련산업에 안정적으로 공급하고 있습니다. PO(Propylene Oxide)는 폴리우레탄의 원료인 PPG에 약 60% 가량이 소비되고 다음으로 PG(Propylene Glycol)가 전체 수요의 20%를 차지하며 나머지는 PGE(Propylene Glycol Ether), 계면활성제, 난연재 등의 제조에 사용됩니다. 국내 시장은 PO의 경우 수입에 의존하였으나, 1991년 SKC가 국내 최초로 생산설비를 갖추면서 내수 생산기반이 확보되었습니다.PG는 당사가 국내 최초로 상업화한 이후, 현재까지도 국내에서 유일하게 생산하고 있는 고부가 PG 제품입니다. 또한 다음과 같은 이유로 신규 경쟁자 진입이 용이하지 않습니다.- 세계 시장에서 PG의 기반 원료가 되는 PO 생산기술을 보유한 업체가 많지 않음- 신규 기술 개발도 PO 생산 업체 위주로 이루어져 과점 시장 형태- 대단위 투자비 필요반도체소재사업부분은 반도체 IC와 IT 디바이스등을 테스트하는 반도체테스트소켓 등을 생산, 판매하고 있습니다. 특히 반도체테스트용 실리콘러버 소켓은 세계 최초로 상용화, 양산화에 성공해 글로벌시장 약 90%를 점유하고 있습니다.회사의 종속기업인 SK엔펄스(주)는 2023년 2월 1일자로 SK텔레시스(주)를 흡수 합병하였습니다.반도체 후공정 핵심 소모품 사업 진입을 위하여 (주)ISC를 인수하였습니다(2023.10.04). 사업구조 재편을 위해 SK엔펄스(주)의 파인세라믹 사업부문을 매각하였습니다(2024.02.02). 그 외 성장사업 투자 확대를 위하여 SK피유코어(주)를 매각하였습니다(2024.02.29). 자산유동화를 위해 SK엔펄스(주)의 중국사업 관련 자회사 지분을 매각하였습니다(2024.09.12). 이에 대한 상세 내용은 2024.05.31 타법인 주식 및 출자증권 처분결정(자회사의 주요경영사항)

재무구조 개선 및 사업구조 재편으로 기업가치를 제고하기 위해 SK엔펄스(주)의 CMP PAD 사업을 매각 하였습니다(2025.4.4). 사업의 효율성을 제고하고 시너지를 창출하고자 SK엔펄스(주)는 영위하는 사업 중 Tester, EFEM, 케미칼 등 사업부문을 단순 ㆍ 물적분할 방식으로 분할하여 아이세미 주식회사로 설립하기로 결정 하였습니다(2024.12.24). 주력사업 집중을 위한 자산 효율화를 위하여 에스케이넥실리스(주)가 디스플레이용 FCCL소재를 공급하는 박막사업 매각을 거래 종료하였습니다(2025.04.30). 사업구조 재편을 위하여 SK엔펄스는 (주)ISC에 아이세미(주)를 매각하였습니다(2025.04.30). 이에 대한 상세 내용은 2025.04.30 타법인 주식 및 출자증권 양도결정(자회사의 주요경영사항)을 참고 하시기 바랍니다.연결실체는 얼티머스(주)를 2025년 7월 16일 부로 매각하였습니다. 이에 따라 관련 손익을 중단영업손익으로 분류하였습니다.자산유동화를 위해 2025년 9월 9일 이사회 결의에 따라 에스케이엔펄스(주)의 BlankMask 사업부문을 영업양도하기로 결정하였으며 이에 따라 관련 손익을 중단영업손익으로 분류하였습니다. 지배구조를 단순화하고, 소멸회사가 보유한 자산 등을 활용하여 재무건전성을 제고하며 신사업 투자재원을 확보하는 등 기업가치와 주주가치를 제고하는 것을 목적으로 합병회사인 에스케이씨 주식회사는 피합병회사인 에스케이엔펄스 주식회사를 흡수합병하였습니다. 이에 대한 상세 내용은 2025.10.14 주요사항보고서(회사합병결정)을 참고 하시기 바랍니다. 현금 유동성 확보에 따른 재무구조 개선을 위하여 SK엔펄스는 CMP Slurry 사업부문을 매각하였습니다(2025.10.21).

Company overview

가. 연결대상 종속회사 개황연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

나. 중소기업 등 해당 여부

다. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

라. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '에스케이씨 주식회사'라고 표기합니다. 영문 명칭은 SKC Co., Ltd.라고 표기합니다.

마. 설립일자

당사는 1973년 7월 16일에 설립되었으며, 1997년 7월 18일 한국거래소 유가증권 시장에 주식을 상장하였습니다.

바. 본사의 주소, 전화번호, 홈페이지 주소

- 주소 : 경기도 수원시 장안구 정자로 102- 전화번호 : 02-3787-1234- 홈페이지 : www.skc.co.kr

사. 주요 사업의 내용SKC는 리튬이온 이차전지 소재인 전지박(Copper Foil) 등 제품을 생산, 판매하는 이차전지 소재사업, PO, PG, SM 등을 생산, 판매하는 화학사업, 반도체테스트용 실리콘러버소켓과 테스트용 PROBE CARD를 포함한 반도체, ICT 토탈솔루션을 공급하는 사업 등을 영위하고 있습니다.

아. 신용평가에 관한 사항

공시대상 기간 동안의 신용평가현황은 다음과 같습니다.

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.06.10), 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

5.15%

[3.22%, 8.50%] · 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 63.1% (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.

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

Characteristic line

0.89

Beta [0.74, 1.05] · KOSPI200 · As of 2026-10-08

Intercept: -0.175%[-0.596%, +0.246%]
R squared: 0.41
Observations: 252
Trading-time corrected beta: 1.00[0.69, 1.31]

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	25,648	23,594	26,535	27,678	25,398	27,022	33,961	31,389	15,708	17,216	18,400	20,763
Revenue growth%	—	-8.01	12.47	4.31	-8.24	6.39	25.68	-7.57	-49.96	9.60	6.88	—
Operating incomeKRW 100M	2,181	1,493	1,757	2,011	1,551	1,908	4,647	2,203	-2,163	-2,768	-3,050	-2,035
Operating income growth%	—	-31.53	17.68	14.48	-22.89	23.03	143.59	-52.61	-198.20	—	—	—
Net incomeKRW 100M	2,456	293	1,363	1,410	674	736	3,423	-246	-3,264	-4,551	-7,194	-7,553
Net income growth%	—	-88.08	365.94	3.44	-52.22	9.24	365.00	-107.20	—	—	—	—
Attributable to ownersKRW 100M	—	428	1,100	1,206	597	371	2,209	-684	-2,755	-4,435	-7,344	-8,051
Attributable to minoritiesKRW 100M	—	-136	263	205	77	365	1,215	437	-508	-116	150	497
Operating margin%	8.50	6.33	6.62	7.27	6.11	7.06	13.68	7.02	-13.77	-16.08	-16.58	-9.80
Net margin%	9.58	1.24	5.14	5.10	2.65	2.72	10.08	-0.78	-20.78	-26.43	-39.09	-36.38
ROE%	—	3.05	7.59	7.87	3.83	2.05	11.04	-3.96	-19.53	-37.83	-88.26	-40.37
ROA%	6.66	0.83	3.72	3.68	1.70	1.36	5.54	-0.39	-4.64	-6.74	-10.67	-9.18
Debt ratio%	136.98	131.56	130.13	126.17	130.13	182.30	170.78	185.17	178.57	194.35	232.74	156.69
Current ratio%	74.51	92.91	74.71	84.15	95.16	71.93	105.81	135.02	112.77	68.77	72.99	97.33
Quick ratio%	47.65	63.53	49.79	51.50	58.19	52.51	75.84	105.45	94.73	58.15	59.04	81.18
Reserve ratio%	—	685.31	734.66	780.98	794.35	898.50	999.44	958.81	—	—	—	—
Free cash flowKRW 100M	—	—	—	—	—	—	—	-8,964	-12,661	-8,673	-8,517	—
FCF margin%	—	—	—	—	—	—	—	-28.56	-80.61	-50.38	-46.29	—
OCF conversion%	44.18	851.25	153.53	164.20	60.15	457.90	82.52	—	—	—	—	—
Capex to revenue%	—	—	—	—	—	—	—	23.87	65.66	38.78	15.44	—
Receivable daysdays	—	59.0	26.0	0.8	1.7	1.7	1.5	2.8	—	—	—	—
Inventory daysdays	—	50.3	45.3	52.0	64.3	60.1	61.5	73.9	104.4	59.3	56.4	—
Payable daysdays	—	22.5	22.8	25.7	26.4	29.5	43.8	48.2	—	—	—	—
Cash conversion cycledays	—	86.7	48.5	27.1	39.6	32.4	19.2	28.5	—	—	—	—
EPSKRW	7,488	1,162	3,104	3,404	1,686	1,048	5,832	-1,805	-7,276	-11,711	-19,393	-16,232
PERx	—	28.40	15.14	10.52	30.25	89.69	29.92	—	—	—	—	—
BPSKRW	—	37,457	38,631	40,835	41,542	47,746	52,847	45,566	37,252	30,958	21,973	40,209
PBRx	—	0.88	1.22	0.88	1.23	1.97	3.30	1.94	2.43	3.39	4.75	2.65
Dividend per shareKRW	750	750	900	1,000	1,000	1,000	1,100	1,100	—	—	—	—
Payout ratio%	10.02	64.54	28.99	29.38	59.31	95.42	18.86	—	—	—	—	—

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
	36,882	35,288	36,673	38,331	39,730	54,064	61,801	63,931	70,323	67,487	67,405
	7,871	8,015	8,972	9,101	9,927	12,473	18,200	25,261	20,813	15,205	17,793
Cash and cash equivalentsKRW 100M	385	1,050	1,760	1,604	800	4,286	7,222	10,984	5,310	4,036	7,833
Short-term financial instrumentsKRW 100M	153	103	0	0	0	9	69	3,660	294	3,225	2,623
InventoriesKRW 100M	2,838	2,535	2,993	3,532	3,857	3,368	5,155	5,533	3,329	2,347	3,401
Trade and other receivablesKRW 100M	3,886	3,737*	48	78	158	94	186	292	Not applicable	Not applicable	Not applicable
	29,011	27,273	27,702	29,230	29,803	41,591	43,601	38,669	49,511	52,282	49,612
Property, plant and equipmentKRW 100M	20,791	18,661	19,032	19,786	21,159	22,981	24,864	19,788*	26,654	32,405	30,988
Intangible assetsKRW 100M	1,458	1,462	2,092	2,325	2,547	13,080	12,822	15,236*	7,154	6,901	6,376
Investments in associatesKRW 100M	5,077	5,451	5,359	5,900	4,947	4,561	4,902	2,416	2,472*	2,055	1,518
	21,319	20,049	20,737	21,383	22,466	34,913	38,978	41,512	45,079	44,559	47,148
	10,564	8,626	12,008	10,815	10,432	17,339	17,200	18,709	18,456	22,110	24,378
Trade and other payablesKRW 100M	1,124	1,283	1,496	1,730	1,305	2,237	3,837	3,127	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	6,626	4,236	7,390	6,100	6,629	10,740	9,996	12,930	11,558	11,507	11,765
Current portion of long-term borrowingsKRW 100M	—	—	—	—	—	—	—	—	543	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	254	222	102
	10,755	11,423	8,729	10,568	12,035	17,574	21,777	22,804	26,623	22,449	22,769
Bonds issuedKRW 100M	—	—	—	—	—	—	—	—	—	1,495	1,496
Long-term borrowingsKRW 100M	8,799	9,249	6,756	8,259	9,895	14,798	18,544	19,549*	19,838	17,584	16,704
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	182	135	489
	15,563	15,239	15,936	16,948	17,264	19,151	22,824	22,419	25,244	22,927	20,257
	14,439	14,059	14,500	15,327	15,593	18,081	20,012	17,255	14,107	11,723	8,321
Issued capitalKRW 100M	Not applicable	1,877	1,877	1,877	1,877	1,893	1,893	1,893	1,893	1,893	1,893
Capital surplusKRW 100M	1,255	1,398	1,398	1,403	1,408	3,373	3,485	3,645	Not applicable	Not applicable	Not applicable
Retained earningsKRW 100M	11,296	11,464	12,390	13,254	13,500	13,639	15,438	14,510	11,355	6,859	-506
Treasury sharesKRW 100M	18	897	1,082	—	—	—	—	—	—	—	—
Accumulated other comprehensive incomeKRW 100M	65	218	-82	-124	-110	-204	71	55	845	2,934	3,758
Other equityKRW 100M	1,303	719	—	—	—	—	—	—	14	—	—
Non-controlling interestsKRW 100M	1,124	1,180	1,436	1,621	1,671	1,070	2,811	5,164	11,138	11,204	11,937

미수수익As filed	—	—	—	—	—	—	—	—	13	55	36
매출채권As filed	—	—	3,631	3,386	3,726	3,986	4,711	3,881	1,625	2,182	2,442
보증금As filed	—	—	—	—	—	—	—	—	47	107	47
투자부동산As filed	1,077	1,175	556	551	382	351	301	7	685	782	808
장기금융상품As filed	35	1	0	0	0	0	0	2	0	0	2
단기대여금As filed	—	—	—	—	—	—	—	—	10	32	10
미수금As filed	—	—	—	—	—	—	—	—	148	314	148
매도가능금융자산As filed	111	101	—	53	46	34	33	—	—	—	—
비유동매도가능금융자산As filed	—	—	70	—	—	—	—	—	—	—	—
파생금융자산As filed	2	3	—	9	16	2	0	35	—	—	—
단기투자증권As filed	—	—	—	—	—	—	—	—	229	18	18
기타유동자산As filed	453	485	529	483	661	654	813	852	—	—	—
장기기타채권As filed	330	300	144	157	174	111	69	80	—	—	—
당기법인세자산As filed	5	6	9	10	13	11	10	24	42	—	145
비유동파생상품자산As filed	—	—	—	8	23	—	14	59	—	—	—
이연법인세자산As filed	105	96	395	398	444	410	437	411	900	771	1,518
파생금융상품자산As filed	—	—	—	—	—	—	—	—	60	42	43
기타비유동자산As filed	29	23	54	51	80	64	159	116	—	—	—
금융리스채권As filed	—	—	—	—	—	—	—	—	1	8	0
유동파생상품자산As filed	—	—	2	—	—	—	—	—	—	—	—
당기손익-공정가치 측정 지정 금융자산As filed	—	—	—	—	—	—	—	82	—	—	—
기타채권As filed	150	88	—	—	—	—	—	—	—	—	—
매각예정자산As filed	—	—	—	—	697	62	33	—	9,038	2,060	625
비유동 기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	—	45	—	—	—
기타자산As filed	—	—	—	—	—	—	—	—	667	780	425
순확정급여채무As filed	—	—	—	—	—	—	—	428	—	—	—
영업권As filed	—	—	—	—	—	—	—	—	9,555	8,027	6,881
장기대여금As filed	—	—	—	—	—	—	—	—	21	14	15
장기미수금As filed	—	—	—	—	—	—	—	—	1	0	1
자본조정As filed	—	—	—	-1,082	-1,082	-621	-875	-2,848	—	—	—
장기투자증권As filed	—	—	—	—	—	—	—	—	463	120	85
기타장기채무As filed	590	611	90	222	194	217	653	1,094	—	—	—
매입채무As filed	2,370	2,781	2,739	2,668	2,283	1,988	2,083	2,405	878	—	1,052
납입자본As filed	1,840	1,877	—	—	—	—	—	—	—	—	—
확정급여부채As filed	294	123	228	389	273	221	82	—	—	19	3
파생금융부채As filed	4	0	—	—	—	—	—	20	—	—	—
비유동파생상품부채As filed	—	—	2	6	6	42	2	0	—	—	—
당기법인세부채As filed	378	207	246	200	9	2,156	1,048	80	99	—	181
이연법인세부채As filed	1,026	1,410	1,614	1,653	1,624	2,252	2,307	1,966	1,809	661	866
기타비유동부채As filed	43	30	40	39	44	44	43	23	—	—	—
충당부채As filed	4	5	—	13	88	23	20	52	183	34	163
기타유동부채As filed	61	111	104	103	98	136	171	95	—	—	—
장기금융리스채권As filed	—	—	—	—	—	—	—	—	—	0	0
공동기업투자As filed	—	—	—	—	—	—	—	—	14	—	—
비유동충당부채As filed	—	—	—	—	—	—	146	—	—	—	—
확정급여자산As filed	—	—	—	—	—	—	—	—	—	192	112
유동파생상품부채As filed	—	—	22	1	20	51	46	—	112	—	—
사용권자산As filed	—	—	—	—	—	—	—	—	735	653	950
보통주자본금As filed	—	1,877	—	—	—	—	—	—	—	—	—
기타불입자본As filed	—	—	—	—	—	—	—	—	—	37	3,175
유동충당부채As filed	—	—	11	—	—	—	—	—	49	—	—
자본과부채총계As filed	—	—	36,673	38,331	39,730	54,064	61,801	—	—	—	—
매각예정부채As filed	—	—	—	—	—	9	—	—	2,743	54	19
부채 및 자본 총계As filed	—	—	—	—	—	—	—	63,931	—	67,487	67,405
자본과 부채As filed	—	—	—	—	—	—	—	—	70,323	—	—
유동성사채As filed	—	—	—	—	—	—	—	—	100	1,249	499
교환사채As filed	—	—	—	—	—	—	—	—	200	200	200
금융보증부채As filed	—	—	—	—	—	—	—	—	0	—	—
임대보증금As filed	—	—	—	—	—	—	—	—	8	9	2
자본및부채총계As filed	36,882	35,288	—	—	—	—	—	—	—	—	—
단기매입채무As filed	—	—	—	—	—	—	—	—	—	1,215	—
유동성장기차입금As filed	—	—	—	—	—	—	—	—	—	3,447	6,124
미지급비용As filed	—	—	—	—	—	—	—	—	542	504	439
파생금융상품부채As filed	—	—	—	—	—	—	—	—	77	507	350
기타부채As filed	—	—	—	—	—	—	—	—	515	803	1,059
미지급금As filed	—	—	—	—	—	—	—	—	1,063	2,359	2,423
장기미지급비용As filed	—	—	—	—	—	—	—	—	6	2	0
장기미지급금As filed	—	—	—	—	—	—	—	—	1,683	1,367	2,229
사채As filed	—	—	—	—	—	—	—	—	1,747	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	25,648*	23,594	26,535	27,678	25,398*	27,022*	33,961*	31,389*	15,708*	17,216*	18,400
Cost of salesKRW 100M	20,652*	19,495	22,274	22,891	20,969*	21,930*	25,288*	26,387*	15,491*	17,465*	18,591
Gross profitKRW 100M	4,996*	4,100	4,262	4,787	4,429*	5,092*	8,673*	5,002*	217*	-249*	-191
SG&A expensesKRW 100M	2,815*	2,607	2,505	2,776	2,878*	3,184*	4,025*	2,799*	2,380*	2,519*	2,859
	2,181*	1,493	1,757	2,011	1,551*	1,908*	4,647*	2,203*	-2,163*	-2,768*	-3,050
Finance incomeKRW 100M	Not applicable	Not applicable	253	303	330*	638*	550*	1,317*	679*	869	872
Finance costsKRW 100M	Not applicable	Not applicable	753	838	859*	1,847*	1,261*	2,461*	2,212*	3,561	2,675
Other incomeKRW 100M	3,839*	90	392	46	32*	2,432*	738*	2,009*	104*	152	156
Other expensesKRW 100M	1,552*	194	523	330	307*	729*	379*	735*	215*	1,171	3,960
Share of profit of associatesKRW 100M	-126	268	681	629	-13	-330	-45	-739	-213	-142	-332
	3,700*	1,196	1,807	1,821	733*	2,071*	4,251*	1,593*	-4,020*	-6,620*	-8,990
Income tax expenseKRW 100M	1,244*	585	444	411	60*	873*	1,124*	-90*	-1,192*	-838	-436
Profit from continuing operationsKRW 100M	—	611	1,363	—	—	1,199*	3,126*	1,683*	-2,828*	-5,782*	-8,554
Profit or loss from discontinued operationsKRW 100M	—	-319	—	—	—	-462*	297*	-1,929*	-436*	1,232*	1,360
	2,456	293	1,363	1,410	674	736	3,423	-246	-3,264	-4,551	-7,194
Attributable to ownersKRW 100M	Not applicable	428	1,100	1,206	597	371	2,209	-684	-2,755	-4,435	-7,344
Attributable to minoritiesKRW 100M	Not applicable	-136	263	205	77	365	1,215	437	-508	-116	150
Basic earnings per shareKRW	7,488	1,162	3,104	3,404	1,686	1,048	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Diluted earnings per shareKRW	7,425	1,161	3,104	3,404	1,686	1,048	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	2,498	445	1,143	1,339	697	771	3,656	3	-2,491	-2,315	-6,273
Other comprehensive incomeKRW 100M	42	152	-221	-71	23	35	233	249	772	2,236	921

지분법이익As filed	111	279	740	630	94	52	58	33	—	—	—
비지배지분As filed	-266	—	—	198	83	371	1,225	553	-500	52	266
지분법손실As filed	-237	-10	-59	-1	-107	-382	-103	-773	—	—	—
지배기업 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	—	—	-1,991	-2,366	-6,539
순금융원가As filed	-642	-462	—	—	—	—	—	—	—	—	—
계속영업기본주당이익(손실)As filed	—	0	0	—	—	0	0	0	-0	-0	-0
금융수익As filed	321	306	—	—	—	—	—	—	—	—	—
중단영업기본주당이익(손실)As filed	—	-0	—	—	—	-0	0	-0	-0	0	0
금융원가As filed	-963	-768	—	—	—	—	—	—	—	—	—
계속영업희석주당이익(손실)As filed	—	0	0	—	—	0	0	0	-0	-0	-0
후속적으로 당기손익으로 재분류되지 않는 기타포괄손익As filed	—	—	—	-117	11	121	-66	184	—	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	93	—	—	—	—	—	—	—	—
중단영업희석주당이익(손실)As filed	—	-0	—	—	—	-0	0	-0	-0	0	0
매도가능금융자산평가손익As filed	-1	4	-19	-13	-0	-2	-1	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	—	-93	9	62	-68	178	-44	—	—
확정급여제도의 재측정요소As filed	—	—	100	—	—	—	—	—	—	-78	-6
관계기업 확정급여제도의 재측정요소As filed	—	—	-7	-5	1	61	3	—	—	—	—
매도가능금융자산처분손익As filed	—	—	—	-5	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 기타포괄손익As filed	-66	7	—	—	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	-314	46	12	-86	299	—	—	—	—
확정급여제도의 재측정손익As filed	-58	7	—	—	—	—	—	—	—	—	—
관계회사확정급여제도의 재측정요소As filed	-9	-0	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산 평가손익As filed	—	—	—	—	—	—	—	6	—	—	—
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	-134	43	-23	-24	-87	—	—	—	—
후속적으로 당기손익으로 재분류되는 기타포괄손익As filed	109	146	—	—	—	—	—	64	—	—	—
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	—	—	—	—	—	—	828	2,295	933
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-161	3	35	-63	386	—	—	—	—
지분법자본변동As filed	13	109	—	—	—	—	—	141	—	119	23
파생금융상품평가손익As filed	—	—	—	—	—	—	—	—	—	-11	0
파생상품평가손익As filed	1	-0	—	—	—	—	—	-1	22	—	—
해외사업환산손익As filed	90	40	—	—	—	—	—	-76	—	—	—
해외사업환산이익(손실)As filed	—	—	—	—	—	—	—	—	812	2,187	910
계속사업이익As filed	—	461	1,100	—	—	—	—	—	—	—	—
관계기업및공동기업의 기타포괄손익의 변동As filed	—	—	—	—	—	—	—	—	-6	—	—
지배기업소유주지분As filed	2,722	—	—	1,141	614	400	2,431	-550	—	—	—
기타의포괄손익As filed	6	-7	—	—	—	—	—	—	—	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	897	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	-56	-59	-12
계속사업손익As filed	—	—	—	—	—	—	—	1,228	—	—	—
기타포괄손익-공정가치측정 금융자산평가손익As filed	—	—	—	—	—	—	—	—	-12	18	-6
총 포괄손익, 비지배지분As filed	—	—	246	—	—	—	—	—	—	—	—
중단사업손익As filed	—	—	—	—	—	—	—	-1,912	—	—	—
중단영업손익As filed	—	-33	—	—	—	—	—	—	—	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	593	—	—	—	—	—	—	—	—	—
포괄손익, 비지배지분As filed	—	-148	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	2,456	293	1,363	1,410	674	736	3,423	-246	-3,264	-4,551	-7,194
Total adjustments to operating cash flowcomputed	-1,371	2,198	730	905	-269	2,635	-598	-1,225	916	2,553	1,518
	1,085	2,491	2,093	2,316	405	3,371	2,825	-1,472	-2,347	-1,997	-5,676
Interest receivedKRW 100M	5	10	31	8	13	28	39	208	321	251	327
Interest paidKRW 100M	645	488	469	519	575	816	775	1,315	1,593	1,736	1,617
DepreciationKRW 100M	1,362	1,201	1,173	1,188*	1,340	1,649	1,773	2,086	—	—	—
AmortisationKRW 100M	66	47	52	81	90	304	309	433	—	—	—
Income taxes paidKRW 100M	353	612	474	392	344	386	1,384	1,530	73	3	-875
	-962	-39	-1,757	-2,128	-2,727	-10,554	-2,609	-2,490	-9,875	167	2,922
Purchase of property, plant and equipmentKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	7,493	10,314	6,675	2,841
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	1,278	139	93	20
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	161	182	97	52
	-264	-1,818	380	-348	1,505	10,738	2,635	8,755	6,619	-21	6,307
Dividends paidKRW 100M	232	301	297	346	387	392	603	1,130	570	26	88
Acquisition of treasury sharesKRW 100M	—	419	183	—	—	3	1	1,973	—	—	—
Disposal of treasury sharesKRW 100M	—	—	—	—	—	—	13	1	22	29	0
Cash at beginning of periodKRW 100M	516	385	1,050	1,760	1,604	800	4,286	7,222	10,984	5,310	4,036
	385	1,050	1,760	1,604	800	4,286	7,222	10,984	5,310	4,036	7,833
Effect of exchange rate changesKRW 100M	9	31	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	321	211	286
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	717	-160	-817	3,554	2,852	4,793	Not applicable	Not applicable	Not applicable

당기순이익As filed	2,456	293	—	—	—	—	—	—	—	—	—
당기순이익(손실)As filed	—	—	1,363	1,410	674	736	3,423	-246	-3,264	—	—
매각예정의 일부로 분류된 현금및현금성자산As filed	—	—	—	—	—	—	—	—	—	—	-42
매각예정자산 내 현금및현금성자산의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	365	—
매각예정자산으로 대체된 현금및 현금성자산As filed	—	—	—	—	—	—	—	—	-392	—	—
당기순이익조정을 위한 가감As filed	—	—	1,711	2,005	2,518	2,584	3,464	5,108	—	—	—
비현금비용(수익)조정As filed	1,345	2,524	—	—	—	—	—	—	—	—	—
법인세비용As filed	1,244	710	444	411	60	786	1,167	-176	—	—	—
퇴직급여As filed	251	131	191	195	203	224	202	238	—	—	—
대손상각비As filed	43	102	22	—	—	—	—	—	—	—	—
신종자본증권의 발행As filed	—	—	—	—	—	—	—	—	—	—	3,841
임대보증금의 감소As filed	—	—	—	—	—	—	—	—	8	2	11
외화환산손실As filed	83	94	69	94	62	69	86	435	—	—	—
투자부동산감가상각비As filed	—	—	—	—	3	6	10	9	—	—	—
매도가능금융자산처분손실As filed	0	2	—	—	—	—	—	—	—	—	—
매도가능금융자산손상차손As filed	10	4	9	0	—	—	—	—	—	—	—
리스부채의 상환As filed	—	—	—	—	—	—	—	—	225	183	228
임대보증금의 증가As filed	—	—	—	—	—	—	—	—	—	8	0
지분법손실As filed	237	10	59	1	107	384	103	773	—	—	—
대손상각비(대손충당금환입)As filed	—	—	—	11	15	29	-1	—	—	—	—
파생상품평가손실As filed	2	2	—	5	25	108	24	7	—	—	—
유형자산처분손실As filed	18	28	13	1	11	37	81	33	—	—	—
기대신용손실충당금전입As filed	—	—	—	—	—	—	—	-0	—	—	—
기타의 대손충당금환입As filed	—	—	77	-9	0	—	—	—	—	—	—
사채의 증가As filed	—	—	1,493	3,497	2,390	2,426	1,695	—	305	995	498
연결자본거래로 인한 현금유출입액As filed	—	—	—	—	—	—	—	—	—	161	-1,160
유형자산손상차손As filed	1,017	362	339	170	87	523	38	98	—	—	—
유형자산폐기손실As filed	1	14	9	0	3	39	6	1	—	—	—
장기차입금의 증가As filed	—	—	1,097	1,565	1,743	14,436	4,786	15,350	2,519	11,074	6,983
기타기대신용손실충당금환입As filed	—	—	—	—	—	—	—	-0	—	—	—
무형자산처분손실As filed	0	3	1	0	—	—	0	4	—	—	—
단기차입금의 증가As filed	—	—	9,539	12,961	9,801	32,249	25,589	28,184	25,671	19,106	21,459
무형자산손상차손As filed	287	21	40	38	44	181	69	15	—	—	—
사채상환손실As filed	—	0	—	—	—	123	—	—	—	—	—
관계기업투자처분손실As filed	4	—	—	—	—	—	—	—	—	—	—
이자비용As filed	614	492	461	519	566	847	795	1,340	—	—	—
사채의 상환As filed	—	—	—	—	—	—	—	—	474	100	1,250
복리후생비As filed	—	14	—	—	—	—	—	—	—	—	—
파생금융자산평가손실As filed	—	—	27	—	—	—	—	—	—	—	—
당기손익인식금융자산평가손실As filed	—	—	—	3	—	—	—	9	—	—	—
외화환산이익As filed	37	57	77	59	45	149	68	190	—	—	—
매도가능금융자산처분이익As filed	-50	-12	-0	—	—	—	—	—	—	—	—
장기차입금의 조기상환As filed	—	-578	—	—	263	2,189	1	—	390	7,256	2,574
관계기업투자손상차손As filed	23	—	—	—	—	—	—	—	—	—	—
지분법이익As filed	-111	-279	740	630	94	52	58	38	—	—	—
파생상품평가이익As filed	-11	-19	—	18	35	—	37	149	—	—	—
단기차입금의 상환As filed	18,562	11,794	9,830	13,517	8,837	29,801	25,001	—	23,981	19,391	21,496
유형자산처분이익As filed	3	3	18	5	0	13	2	579	—	—	—
무형자산처분이익As filed	-1	-10	—	0	—	8	622	737	—	—	—
미지급금의 감소As filed	-80	-66	-77	-17	-13	—	—	-75	0	0	0
투자부동산처분이익As filed	—	-10	—	—	0	—	0	6	—	—	—
투자부동산폐기손실As filed	—	—	—	—	25	32	—	—	—	—	—
매각예정자산처분이익As filed	-3,762	-282	—	—	—	-2,527	-393	—	—	—	—
이자수익As filed	26	10	13	11	17	32	45	231	—	—	—
장기미지급금의 감소As filed	—	—	—	—	—	—	—	—	-243	-304	0
배당금수익As filed	-0	-4	-0	-0	-0	-25	-0	-0	—	—	—
기타영업외수익As filed	—	-28	-16	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산처분손실As filed	—	—	—	—	—	—	—	150	—	—	—
유동성장기부채의 감소As filed	-3,751	-3,157	-1,389	-4,429	-2,803	-4,330	-4,463	-10,874	-862	-3,939	—
종속기업의 자기주식취득As filed	—	—	—	—	—	—	—	—	-4	—	—
차입금상환손실As filed	—	—	—	—	—	37	—	—	—	—	—
기타비유동장기부채의 증가As filed	—	—	—	—	—	—	—	0	0	0	556
매각예정자산 처분손실As filed	—	—	—	—	—	—	6	1,946	—	—	—
유동성장기부채의 상환As filed	—	—	—	—	—	—	—	—	—	—	-2,859
종속기업의 자기주식 취득As filed	—	—	—	—	—	—	—	—	—	-4	-14
공급자금융약정 관련 차입금의 상환As filed	—	—	—	—	—	—	—	—	—	—	-850
전환상환우선주의 발행As filed	—	—	—	—	—	—	712	1,999	3,936	0	0
종속기업의 유상증자As filed	—	—	—	18	—	—	49	909	923	134	2
지분법주식처분손실As filed	—	—	—	—	—	—	—	361	—	—	—
주식보상비용As filed	—	—	—	5	6	2	20	-83	—	—	—
소송충당부채전입액As filed	—	—	—	—	78	13	—	—	—	—	—
종속기업/관계기업/공동기업투자처분이익As filed	—	—	246	2	—	—	—	—	—	—	—
공급자금융약정 관련 차입금의 증가As filed	—	—	—	—	—	—	—	—	—	—	1,178
기타영업외비용As filed	84	—	—	—	—	—	—	—	—	—	—
파생금융자산평가이익As filed	—	—	2	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 감소As filed	—	—	—	—	—	—	—	3,812	95	—	—
영업양도차익As filed	—	—	-9	—	—	—	—	—	—	—	—
종속기업처분이익As filed	—	—	—	-1	—	—	—	—	—	—	—
장기금융상품의 감소As filed	—	—	—	—	—	—	—	0	0	—	—
관계기업투자처분이익As filed	-0	—	—	—	—	—	—	622	—	—	—
무형자산손상차손환입As filed	—	—	—	—	12	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	30	24
장기대여금의 감소As filed	—	—	—	—	—	—	—	0	2	1	1
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	210	6
예치보증금의 증가As filed	—	14	—	—	—	—	54	771	-51	-15	-0
관계기업투자의 처분As filed	—	—	—	—	—	—	—	—	—	573	—
단기금융상품의 감소As filed	—	—	—	—	—	—	—	67	3,757	—	—
단기대여금의 감소As filed	22	20	—	—	—	—	—	—	10	52	53
장기금융상품의 처분As filed	14	13	1	—	—	0	0	—	—	0	0
당기손익-공정가치측정금융자산의 증가As filed	—	—	—	—	—	—	—	-90	370	—	—
당기손익인식금융자산평가이익As filed	—	—	—	—	3	—	—	—	—	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-136	-311	-2,121	1,124	-1,980	-3,707	—	—	—
관계기업투자지분의 취득As filed	—	—	—	—	—	—	—	2,728	303	0	—
매출채권의 감소(증가)As filed	-795	-20	297	224	-246	100	-535	672	—	—	—
기타영업활동으로 인한 현금흐름As filed	-3	-11	-9	—	—	-3	—	—	—	—	—
관계기업 및 공동기업투자의 처분As filed	—	—	—	—	—	—	—	—	—	—	351
매각예정자산의 처분As filed	—	742	—	—	—	4,012	700	—	—	7,871	4,221
미수금의 감소(증가)As filed	-10	187	-378	-14	34	82	-5	-159	—	—	—
장기금융상품의 증가As filed	—	—	—	—	—	—	—	—	4	—	0
단기금융상품의 처분As filed	34	304	246	—	1	222	3	—	—	1,391	4,334
미수수익의 감소(증가)As filed	8	5	3	—	—	-13	7	-0	—	—	—
자산수증이익As filed	—	—	—	—	—	-0	—	—	—	—	—
장기대여금의 증가As filed	1	—	—	—	—	—	—	—	10	1	2
선급금의 감소(증가)As filed	7	40	-18	-15	-48	134	-70	-62	—	—	—
단기금융상품의 취득As filed	94	213	143	—	1	226	62	—	65	—	—
영업자산부채의변동As filed	-1,775	749	—	—	—	—	—	—	—	—	—
단기대여금의 증가As filed	22	49	—	6	71	2	20	96	5	92	55
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	8	0
사채상환이익As filed	—	—	—	—	—	—	—	16	—	—	—
선급비용의 감소(증가)As filed	65	-82	-46	97	-132	-151	-207	102	—	—	—
관계기업 및 공동기업투자지분의 취득As filed	—	—	—	—	—	—	—	—	—	146	—
보증금의 감소(증가)As filed	—	—	2	-6	4	1	—	—	—	—	—
예수보증금의 감소As filed	—	—	—	—	—	—	-1	—	0	-1	0
장기미수금의 감소(증가)As filed	37	37	132	—	—	19	-14	-5	—	—	—
장기금융상품의 취득As filed	51	22	—	—	—	—	—	—	—	0	—
파생상품의 감소As filed	—	—	—	—	—	—	—	—	21	60	40
부가가치세 선급금의 감소(증가)As filed	—	—	47	-47	-110	-21	-61	—	—	—	—
선급비용의 감소As filed	—	—	—	—	—	—	—	—	39	0	0
투자자산처분이익As filed	—	—	—	—	—	—	—	2	—	—	—
관계기업 및 공동기업투자의 취득As filed	—	—	—	—	—	—	—	—	—	—	98
단기매매증권의 감소As filed	—	—	—	—	—	—	—	2	0	0	—
단기금융상품의 증가As filed	—	—	—	—	—	—	—	3,660	—	4,305	3,732
재고자산의 감소(증가)As filed	521	303	-119	-523	-323	438	-1,799	-2,217	—	—	—
파생상품의 증가As filed	—	—	—	—	—	—	—	-11	-1	-42	8
장기선급금의 증가As filed	—	—	—	—	—	—	—	—	-30	-19	0
충당부채환입액As filed	—	—	—	—	—	—	—	1	—	—	—
파생상품자산의 감소(증가)As filed	—	—	-1	-20	8	-5	-65	-20	—	—	—
예치보증금의 감소(증가)As filed	-0	-0	—	—	—	—	—	—	—	—	—
종속기업의 청산As filed	—	—	—	—	—	—	-1	—	0	—	—
매입부가가치세의 감소(증가)As filed	0	-30	—	—	—	—	—	—	—	—	—
연결범위변동으로 인한 현금의 순증감As filed	—	—	—	—	—	—	—	-2,299	-2,893	0	0
장기선급비용의 감소(증가)As filed	-1	-1	4	3	5	-13	-4	-1	—	—	—
매입채무의 증가(감소)As filed	-703	400	-148	-39	-463	59	101	-338	—	—	—
리스채권의 감소As filed	—	—	—	—	—	—	—	—	9	14	7
선수금의 증가(감소)As filed	-35	59	5	2	-30	64	31	-56	—	—	—
장기매출채권의 감소(증가)As filed	—	1	—	—	—	—	—	—	—	—	—
예수금의 증가(감소)As filed	-56	-18	7	2	23	-28	59	46	—	—	—
기타포괄손익-공정가치금융자산의 증가As filed	—	—	—	—	—	—	—	—	0	—	—
미지급금의 증가(감소)As filed	-348	168	64	270	-587	511	30	-459	—	—	—
미지급비용의 증가(감소)As filed	-27	-14	93	-89	-33	123	535	-314	—	—	—
매각예정자산의 증가As filed	—	—	—	—	—	—	—	—	—	—	-16
부가가치세 예수금의 증가(감소)As filed	—	—	10	1	74	94	—	—	—	—	—
예치보증금의 감소As filed	—	19	—	—	—	123	8	—	8	21	69
충당부채의 증가(감소)As filed	-2	-10	7	2	-5	-92	104	26	—	—	—
매각예정자산의 감소As filed	—	—	—	—	—	—	—	8,801	259	—	—
예수보증금의 증가As filed	—	—	—	0	—	—	6	750	—	0	—
장기미지급금의 증가(감소)As filed	-36	-20	-3	-2	4	21	265	4	—	—	—
확정급여채무의증가(감소)As filed	—	—	—	-98	-98	-112	-155	-458	—	—	—
국고보조금의 증가As filed	—	—	—	—	—	—	—	61	0	1,295	1,204
사외적립자산의감소(증가)As filed	—	—	—	-59	-203	-90	-268	-172	—	—	—
선급법인세의 증가As filed	—	—	—	—	—	—	—	-0	—	—	—
선급비용의 증가As filed	—	—	—	—	—	—	—	—	—	-107	-16
장기임대보증금의 증가(감소)As filed	—	—	15	—	—	—	—	—	—	—	—
기타비유동부채의 증가(감소)As filed	—	—	11	-0	4	-2	-1	-6	—	—	—
매입부가가치세의 증가As filed	—	—	—	—	—	—	—	-290	—	—	—
매출부가가치세의 증가(감소)As filed	25	33	—	—	—	—	—	—	—	—	—
장기미지급비용의 증가(감소)As filed	—	—	—	—	—	6	3	0	—	—	—
확정급여채무의현재가치의 증가(감소)As filed	—	—	-75	—	—	—	—	—	—	—	—
무형자산의 감소As filed	—	—	—	—	—	—	—	4	14	—	—
배당금수취(영업)As filed	—	—	68	114	241	100	39	11	—	—	—
부가가치세 예수금의 감소(증가)As filed	—	—	—	—	—	—	70	—	—	—	—
사외적립자산의공정가치의 감소(증가)As filed	—	—	-37	—	—	—	—	—	—	—	—
단기대여금의 회수As filed	—	—	—	—	0	49	—	—	—	—	—
사외적립자산의 감소(증가)As filed	-80	245	—	—	—	—	—	—	—	—	—
임차보증금의 감소As filed	—	—	31	29	39	—	—	—	—	—	—
투자부동산의 감소As filed	—	—	—	—	—	—	—	42	0	—	—
장기예치보증금의 감소(증가)As filed	—	—	—	—	—	—	—	-6	—	—	—
매도가능금융자산의 처분As filed	136	35	3	1	5	1	—	—	—	—	—
예수보증금의 증가(감소)As filed	-6	-0	—	—	—	—	—	—	—	—	—
법인세 환급As filed	—	—	0	—	—	0	—	—	—	—	—
종속기업에 대한 투자자산의 처분As filed	—	—	—	1	—	—	—	—	—	—	—
확정급여채무의 증가(감소)As filed	-330	-514	—	—	—	—	—	—	—	—	—
기계장치의 처분As filed	19	32	6	10	2	5	55	—	—	—	—
단기대여금및수취채권의 처분As filed	—	—	67	—	—	—	—	—	—	—	—
영업자산부채의 변동As filed	—	—	—	—	—	—	—	—	-658	—	—
종속기업, 조인트벤처와 관계기업에 대한 투자자산의 처분As filed	—	—	62	6	—	—	-509	—	—	—	—
차량운반구의 처분As filed	3	1	0	3	0	0	1	—	—	—	—
토지의 처분As filed	1	0	64	5	—	129	1	—	—	—	—
파생상품의 감소(증가)As filed	-5	-8	—	—	—	—	—	—	—	—	—
건물의 처분As filed	21	—	18	10	—	11	—	—	—	—	—
공기구비품의 처분As filed	1	0	1	1	0	1	0	—	—	—	—
비현금비용(수익) 조정As filed	—	—	—	—	—	—	—	—	2,909	—	—
건설중인자산의 처분As filed	8	0	—	3	0	0	3	—	—	—	—
구축물의 처분As filed	1	0	0	0	—	—	0	—	—	—	—
유동성장기대여금의 감소As filed	—	—	90	—	—	—	—	—	—	—	—
장기대여금의 회수As filed	6	6	—	—	—	0	0	—	—	—	—
리스채권의 회수As filed	—	—	—	—	5	6	5	—	—	—	—
배당금의 수취As filed	20	15	—	—	—	—	—	—	11	50	9
투자부동산의 처분As filed	—	15	—	—	142	—	1	—	—	28	0
기타 투자활동으로 인한 유출As filed	—	—	—	—	—	—	—	—	—	—	-579
매출부가가치세의 증가As filed	—	—	—	—	—	—	—	4	—	—	—
무형자산의 처분As filed	—	—	—	—	—	—	—	—	—	54	44
법인세의 환급As filed	31	0	—	—	—	—	—	—	—	—	—
기타유형자산의 처분As filed	0	1	0	1	—	0	—	—	—	—	—
임차보증금의 증가As filed	—	—	58	45	46	113	—	—	—	—	—
산업재산권의 처분As filed	—	10	—	0	—	0	624	—	—	—	—
예수보증금의감소As filed	—	—	—	-0	-0	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	0	—
매도가능금융자산의 취득As filed	94	14	1	—	1	0	—	—	—	—	—
현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	—	—	—	-5,603	—	—
회원권의 처분As filed	3	23	4	1	—	24	1	—	—	—	—
기계장치의 폐기As filed	—	—	-3	—	—	—	—	—	—	—	—
기타무형자산의 처분As filed	18	0	—	0	—	3	5	—	—	—	—
보증금의 감소As filed	52	—	—	—	—	—	—	—	—	—	—
토지의 취득As filed	2	0	—	—	0	9	1	—	—	—	—
건물의 취득As filed	2	1	—	73	15	19	28	—	—	—	—
정부보조금의 수취As filed	—	—	—	9	—	—	93	—	—	—	—
관계기업 지분의 처분As filed	5	—	—	—	—	—	—	—	—	—	—
구축물의 취득As filed	1	9	—	23	21	11	8	—	—	—	—
운전자본 조정As filed	—	—	—	—	—	—	—	—	—	837	-2,237
기계장치의 취득As filed	34	52	30	258	93	112	48	—	—	—	—
비현금항목 조정As filed	—	—	—	—	—	—	—	—	—	3,155	5,911
차량운반구의 취득As filed	2	4	0	1	1	1	0	—	—	—	—
공기구비품의 취득As filed	22	19	23	42	64	25	22	—	—	—	—
사업결합으로인한현금의감소As filed	—	—	—	-96	—	-11,561	—	—	—	—	—
영업양도로 인한 현금 증가As filed	—	—	25	—	—	—	—	—	—	—	—
기타유형자산의 취득As filed	3	5	0	1	0	—	—	—	—	—	—
단기대여금및수취채권의 취득As filed	—	—	109	—	—	—	—	—	—	—	—
건설중인자산의 취득As filed	—	—	1,146	1,449	2,353	2,842	3,112	—	—	—	—
개발비의 증가As filed	-45	-44	-131	-185	-194	-147	-49	—	—	—	—
영업양수로 인한 현금 감소As filed	—	—	—	-22	—	—	—	—	—	—	—
당기순손실As filed	—	—	—	—	—	—	—	—	—	-4,551	-7,194
산업재산권의 취득As filed	0	0	—	0	4	—	0	—	—	—	—
관계기업에 대한 투자자산의 취득As filed	—	—	16	—	—	—	—	—	—	—	—
회원권의 취득As filed	-0	-30	-7	-0	-2	-32	-19	—	—	—	—
기타무형자산의 취득As filed	28	7	54	6	56	34	58	—	—	—	—
사업결합으로 인한 현금의 감소As filed	—	—	654	—	—	—	—	—	—	—	—
현금및현금성자산의 감소As filed	—	—	—	—	—	—	—	—	—	-1,851	3,553
장기예수금의 증가As filed	1	—	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의 증가As filed	—	—	—	—	—	—	—	0	—	—	—
금융리스부채의 지급As filed	—	—	—	21	126	170	142	—	—	—	—
보증금의 증가As filed	51	—	—	—	—	—	—	—	—	—	—
저작권, 특허권, 기타 산업재산권, 용역운영권의 취득As filed	—	—	0	—	—	—	—	—	—	—	—
사용권자산의 취득As filed	—	—	—	—	—	—	-123	—	—	—	—
관계기업 지분의 취득As filed	81	—	—	—	—	—	—	—	—	—	—
외화표시 현금및현금성자산의 환율변동효과As filed	—	—	-7	3	13	-54	81	37	—	—	—
종속기업의 취득As filed	-164	-67	—	—	—	—	—	—	—	—	—
단기차입금의 감소As filed	—	—	—	—	—	—	—	23,387	—	—	—
장기차입금의 상환As filed	—	—	60	54	—	—	—	—	—	—	—
종속기업에 대한 소유지분의 변동으로 인한 지급As filed	—	—	-37	—	—	1,868	—	—	—	—	—
미지급금의 증가As filed	—	34	50	—	—	—	—	—	—	—	—
리스부채의 감소As filed	—	—	—	—	—	—	—	249	—	—	—
종속기업 지분의 추가취득As filed	—	—	—	-4	—	—	—	—	—	—	—
투자부동산의 취득As filed	—	—	—	—	—	1	—	—	—	—	—
건설중인자산의 증가As filed	616	712	—	—	—	—	—	—	—	—	—
투자부동산의 폐기As filed	—	—	—	—	—	-6	—	—	—	—	—
매각예정자산의 변동As filed	—	—	—	—	—	—	—	-1,068	—	—	—
종속기업 지분의 일부 처분As filed	—	—	—	—	—	5,474	—	—	—	—	—
장기예수금의 감소As filed	-3	—	—	—	—	—	—	—	—	—	—
기타투자활동으로 인한 현금흐름As filed	6	—	—	—	—	—	—	—	—	—	—
사채의 조기상As filed	—	—	—	—	—	-5,094	—	—	—	—	—
신주인수권의 행사As filed	124	205	—	—	—	—	—	—	—	—	—
단기차입금의 차입As filed	19,502	10,976	—	—	—	—	—	—	—	—	—
매각예정자산대체As filed	—	—	—	—	—	-14	3	—	—	—	—
사채의 발행As filed	2,393	1,492	—	—	—	—	—	—	—	—	—
장기차입금의 차입As filed	325	1,769	—	—	—	—	—	—	—	—	—
종속회사의 증자As filed	17	30	—	—	—	—	—	—	—	—	—
현금및현금성자산의 순증감As filed	-140	634	—	—	—	—	—	—	—	—	—
사채의 조기상환As filed	—	-10	—	—	—	—	—	—	—	—	—

In the latest fiscal year operations consumed cash while investing and financing activities brought cash in.

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 2026.06.10.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 53	삼정회계법인	2025-12-31
2024	적정의견Term 52	한영회계법인	2025-12-31
2023	적정의견Term 51	한영회계법인	2025-12-31
2022	적정Term 50	한영회계법인	2022-12-31
2021	적정Term 49	삼정회계법인	2022-12-31
2020	적정Term 48	삼정회계법인	2022-12-31
2019	적정Term 47	삼정회계법인	2019-12-31
2018	적정Term 46	삼정회계법인	2019-12-31
2017	적정Term 45	삼정회계법인	2019-12-31
2016	적정Term 44	삼정회계법인	2016-12-31
2015	적정Term 43	삼정회계법인	2016-12-31
2014	적정Term 42	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.

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 5Y1.01

Equity risk premium%

Terminal growth%

Cost of equity9.46%

Weighted average cost of capital—

Initial growth0.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW108,000

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	-33	-100.0%

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% + 1.01 × 5.00% = 9.46%

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(-88.26% × (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 = 21,973 KRW, ROE = -88.26%, payout ratio = 0.00%, r = 9.46%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	21,973	-19,393	2,078	-21,472	0.9136	-19,616
2	2,579	-2,277	244	-2,521	0.8346	-2,104
3	303	-267	29	-296	0.7625	-226
4	36	-31	3	-35	0.6966	-24
5	4	-4	0	-4	0.6364	-3
Terminal value				-56	0.6364	-35

P_0 = 21,973 + -21,972 + -35 = -35 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