012450KOSPI

Hanwha Aerospace

891,000

-81,000 (-8.33%)

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 Aerospace was established in 1977 and is listed on the KOSPI market. Headquartered in Changwon, Gyeongsangnam-do, the company is part of the Hanwha Group.

The company operates in the aviation, defense, maritime, IT services, and space sectors. Its main products include gas turbine engines, self-propelled guns, armored vehicles, ships, and satellite systems. It supplies these products to domestic and international customers.

Business overview as filed

O 사업부문별 요약재무현황

가. 사업의 개요

당사 및 종속회사는 고도의 정밀기계분야 핵심기술을 바탕으로 2025년말 기준 항공, 방산, 조선 및 해양제품, IT서비스, 항공우주 사업 등 다양한 사업 포트폴리오를 구성하고 있습니다.가스터빈엔진 및 엔진부품, 항공기 구성품 등을 생산하는 항공사업은 2025년말 기준으로 내수매출 1조 1,126억원(49%), 수출매출 1조 1,707억원(51%)이며, 상당 수준의 투자가 필요함은 물론 핵심기술의 진입장벽이 높은 산업으로 장기간의 개발기간과 투자를 필요로 하는 사업입니다.자주포, 장갑차, 정밀유도무기, 재래식 탄약, 레이더 등 군수장비를 생산하는 방산사업은 2025년말 기준 내수매출 5조 2,091억원(53%), 수출매출 4조 6,725억원(47%)으로 국가 방위를 위하여 군사적으로 소요되는 물자의 생산과 개발에 기여하는 사업입니다.선박 및 특수선 건조, 해양 제품 생산 및 서비스 제공 등의 사업을 영위하는 해양사업은 2025년말 기준 내수매출 2조 147억원(15%), 수출매출 11조 7,038억원(85%)로, 이들 산업은 전방 산업인 해양에너지 개발, 해운, 수산, 방위, 해상 및 심해 관광산업의 성장에 단초를 제공하고 철강, 기계, 전자, 화학 및 각종 Utility 설비 산업 등 후방산업의 초석을 다지는 등 전방위적인 영향을 미치는 사업입니다.전산시스템 설계 및 구축 등을 제공하는 IT서비스업은 2025년말 기준 내수매출 4,530억원(86%), 수출매출 713억원(14%)으로 정보기술을 활용하여 고객의 생산성과 효율성을 제고시키고 정보기술을 기반으로 기존 사업과 융합하여 새로운 서비스를 창출하는 사업입니다.한국형 발사체, 지구관측 위성시스템을 생산 및 공급하는 우주사업은 2025년말 기준 내수매출 2,790억원(95%), 수출매출 162억원(5%)으로 국내외 정부 및 다양한 고객을 대상으로 하며, 발사체 주요 부품 및 체계, 위성시스템, 위성영상 및 위성영상 분석서비스를 제공하는 사업입니다.

Company overview

가. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 "한화에어로스페이스 주식회사"입니다.영문으로는 "HANWHA AEROSPACE CO., LTD."라고 표기합니다.

나. 설립일자

- 당사는 1977년 8월 1일 삼성정밀공업 주식회사로 설립되었으며, 1987년 2월 삼성항공산업 주식회사로, 2000년 3월 삼성테크윈 주식회사로 상호를 변경하였습니다.- 2015년 6월 29일 기존 최대주주였던 삼성전자㈜ 외 특수관계인 4인이 보유지분을 ㈜한화로 매각하여 2015년 6월 29일 한화테크윈 주식회사로 상호를 변경하였으며, 2018년 3월 23일 임시주주총회에서 사명 변경을 포함한 정관 변경의 건을 결의함으로써 회사의 사명을 한화테크윈 주식회사에서 한화에어로스페이스 주식회사로 변경하였습니다.- 당사는 1987년 5월 27일 한국거래소 유가증권시장에 주식을 상장하였습니다.

다. 본사의 주소, 전화번호, 홈페이지 주소

- 주 소 : 경남 창원시 성산구 창원대로 1204(성주동)- 전화번호 : 055-260-2114- 홈페이지 : http://www.hanwhaaerospace.com

라. 주요 사업의 내용

당사 및 종속회사는 고도의 정밀기계분야의 핵심기술을 바탕으로 국내외에서 항공기 가스터빈 엔진 및 구성품, 자주포, 장갑차, 조선 및 해양 제품, 우주발사체, 위성시스템 등의 생산 및 판매와 IT기술을 활용한 서비스 제공을 주요 사업으로 하고 있습니다.(1) 연결회사의 각 사업부문별 주요 사업의 내용

(2) 연결회사의 각 사업부문별 손익 내역

(3) 주요 제품 및 서비스, 각각의 매출비중, 주요 거래처 등

마. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

바. 중소기업 해당여부

사. 신용평가에 관한 사항

당사는 보고서 제출일 현재 한국기업평가와 NICE신용평가로부터 각각 기업어음 'A1' 등급, 무보증회사채 'AA-'의 신용등급을 받고 있습니다. 기업어음 'A1' 등급은 총 6개 등급 중 상위 1등급에 해당되며, 회사채 'AA-' 등급은 총 10개 등급 중 상위 2등급에 해당됩니다.

[신용등급의 정의](한국기업평가 신용등급)- 기업어음 신용등급

- 회사채 신용등급

(NICE신용평가 신용등급)- 기업어음 신용등급의 정의

- 회사채 신용등급

아. 회사의 주권상장여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.16), 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

5.42%

[3.83%, 7.73%] · 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 47.3% (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

0.28

Beta [0.15, 0.42] · KOSPI200 · As of 2026-10-08

Intercept: -0.090%[-0.597%, +0.418%]
R squared: 0.07
Observations: 252
Trading-time corrected beta: 0.23[-0.26, 0.73]

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	26,134	35,189	42,155	44,532	52,641	53,214	64,151	65,396	93,590	112,401	267,029	299,516
Revenue growth%	—	34.65	19.80	5.64	18.21	1.09	20.55	1.94	43.11	20.10	137.57	—
Operating incomeKRW 100M	-596	1,507	829	532	1,652	2,439	3,830	3,772	6,911	17,319	30,893	36,684
Operating income growth%	—	—	-44.99	-35.86	210.71	47.64	57.02	-1.52	83.21	150.59	78.38	—
Net incomeKRW 100M	62	3,459	-477	493	1,624	1,647	3,018	1,520	9,769	25,399	22,020	33,130
Net income growth%	—	5,438.86	-113.81	—	229.79	1.42	83.17	-49.62	542.59	159.99	-13.30	—
Attributable to ownersKRW 100M	57	3,452	-482	323	1,322	1,214	2,526	2,008	8,175	22,989	14,050	20,161
Attributable to minoritiesKRW 100M	5	6	5	169	302	433	492	-488	1,594	2,409	7,970	12,969
Operating margin%	-2.28	4.28	1.97	1.19	3.14	4.58	5.97	5.77	7.38	15.41	11.57	12.25
Net margin%	0.24	9.83	-1.13	1.11	3.09	3.10	4.70	2.32	10.44	22.60	8.25	11.06
ROE%	0.26	14.76	-2.21	1.36	5.32	4.67	8.74	7.02	23.17	46.02	14.51	16.80
ROA%	0.15	6.12	-0.83	0.67	1.87	1.74	2.73	1.00	5.00	5.86	4.08	5.64
Debt ratio%	82.97	141.48	163.53	180.63	204.99	216.58	180.95	286.29	317.21	281.34	221.38	190.27
Current ratio%	147.82	141.23	132.45	123.31	137.08	131.34	145.11	103.86	76.11	89.62	102.43	107.91
Quick ratio%	105.74	102.17	94.35	81.33	97.14	90.56	108.05	79.50	52.36	64.97	76.61	83.30
Reserve ratio%	—	—	556.35	667.34	710.70	750.60	843.51	842.14	1,061.26	1,762.06	3,281.34	3,996.51
Free cash flowKRW 100M	-794	1,069	-1,514	-1,161	5,613	2,454	8,239	13,276	9,369	8,148	23,393	—
FCF margin%	-3.04	3.04	-3.59	-2.61	10.66	4.61	12.84	20.30	10.01	7.25	8.76	—
OCF conversion%	-601.01	56.68	—	114.40	440.28	263.90	328.08	1,002.66	142.31	54.84	183.92	—
Capex to revenue%	1.60	2.53	3.36	3.87	2.92	3.56	2.59	3.01	4.84	5.14	6.41	—
Receivable daysdays	—	73.6	88.3	96.7	88.0	80.2	59.2	69.2	69.6	179.0	86.3	—
Inventory daysdays	—	87.1	83.9	106.6	114.0	125.4	113.9	127.3	123.4	199.7	120.5	—
Payable daysdays	—	59.1	64.8	63.5	59.7	65.2	58.6	75.6	79.4	134.1	88.5	—
Cash conversion cycledays	—	101.5	107.4	139.8	142.3	140.3	114.5	120.8	113.6	244.6	118.3	—
EPSKRW	108	6,498	-915	619	2,558	2,390	4,989	3,964	16,147	50,436	27,247	39,100
PERx	—	6.69	—	52.50	13.70	11.92	9.62	18.57	7.71	6.47	34.54	25.45
BPSKRW	—	44,025	41,433	45,535	48,217	51,308	57,066	56,544	69,689	109,587	187,825	232,702
PBRx	—	0.99	0.86	0.71	0.73	0.56	0.84	1.30	1.79	2.98	5.01	4.28
Dividend per shareKRW	300	—	—	—	—	600	700	1,000	1,800	3,500	7,000	—
Payout ratio%	277.78	—	—	—	—	25.10	14.03	25.23	11.15	6.94	25.69	—

Consolidated basis

Profit flowKRW 100M

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	41,079	56,524	57,476	73,967	87,084	94,648	110,458	151,573*	195,429	433,369*	539,537
	19,980	27,802	28,351	38,770	45,636	51,227	62,835	85,891*	91,920	228,680*	307,054
Cash and cash equivalentsKRW 100M	1,427	2,574	4,614	6,367	10,001	13,307	25,281	30,432*	18,064	29,677*	77,134
InventoriesKRW 100M	5,688	7,688	8,154	13,198	13,297	15,906	16,048	20,142*	28,686	62,903*	77,417
Trade and other receivablesKRW 100M	4,925	9,262	11,140	12,456	12,930	10,445	10,371	14,415*	21,265	88,963*	37,350
	21,099	28,722	29,125	35,197	41,448	43,421	47,623	65,682*	103,509	204,689*	232,482
Property, plant and equipmentKRW 100M	8,449	13,601	14,266	17,137	18,220	18,977	18,981	29,869*	34,103	83,199*	95,244
Intangible assetsKRW 100M	2,286	9,268	9,539	14,724	18,814	18,955	19,772	21,206	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	2,297	357	482	580	644	849	1,823	882	32,038	9,639*	21,902
	18,628	33,117	35,666	47,609	58,531	64,751	71,143	112,335	148,587	319,726*	371,655
	13,516	19,686	21,406	31,441	33,290	39,004	43,301	82,701*	120,766	255,161*	299,764
Trade and other payablesKRW 100M	3,309*	5,772	6,465	6,254	7,627	7,565	8,870	12,627*	18,793	42,699*	60,411
Short-term borrowingsKRW 100M	—	—	—	—	—	—	—	—	—	—	69,822
Current portion of long-term borrowingsKRW 100M	3,639	3,596	4,460	8,345	5,042	6,966	7,827	15,893	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	297	299	330	422*	710	813*	834
	5,112	13,431	14,261	16,168	25,240	25,747	27,842	29,634*	27,821	64,564*	71,891
Long-term borrowingsKRW 100M	1,578	8,262	8,987	8,996	15,884	16,479	18,487	17,124	—	—	54,127
Non-current lease liabilitiesKRW 100M	—	—	—	—	531	1,037	1,162	1,311*	1,599	3,294*	3,470
	22,451	23,408	21,810	26,358	28,554	29,897	39,316	39,238*	46,842	113,643*	167,882
	22,434	23,390	21,794	23,696	24,861	25,977	28,892	28,628*	35,284	49,951*	96,849
Issued capitalKRW 100M	Not applicable	Not applicable	2,657	2,657	2,657	2,657	2,657	2,657	2,657	2,404	2,703
Capital surplusKRW 100M	1,885	1,885	1,868	3,997	4,121	4,128	4,288	2,171	1,918	-5,104*	28,873
Retained earningsKRW 100M	10,157	13,500	12,911	13,731	14,759	15,812	18,120	20,201*	26,274	47,465*	59,827
Accumulated other comprehensive incomeKRW 100M	—	—	4,358	3,312	3,324	3,386	3,850	3,622	4,457	5,397*	5,656
Other equityKRW 100M	7,735	5,349	—	—	—	—	—	—	-22	-210*	-210
Non-controlling interestsKRW 100M	18	17	16	2,661	3,693	3,920	10,423	10,610	11,559	63,692*	71,033

계약자산As filed	—	—	—	—	—	—	—	—	—	—	64,877
기타유동금융자산As filed	3,549	3,480	133	396	1,229	652	977	1,194	928	3,538	—
파생상품자산As filed	—	1	—	—	—	—	—	—	19	64	275
기타유동자산As filed	3,458	4,423	3,929	6,347	8,047	10,906	9,440	15,390	22,514	43,090	47,674
유동파생상품자산As filed	—	—	7	6	19	6	4	130	—	—	—
매각예정 또는 소유주에 대한 분배예정으로 분류된 비유동자산이나 처분자산집단As filed	—	—	374	—	113	4	715	4,187	—	444	—
매각예정비유동자산As filed	933	374	—	—	—	—	—	—	446	—	443
기타비유동금융자산As filed	7,726	4,295	3,345	551	602	671	2,801	7,118	—	—	—
장기매출채권 및 기타비유동채권As filed	240	264	265	392	585	502	460	526	—	—	—
기타금융자산As filed	—	—	—	—	—	—	—	—	6,516	11,028	1,885
비유동파생상품자산As filed	—	—	91	143	192	224	289	275	—	—	—
기타비유동자산As filed	—	—	371	287	227	262	371	1,899	2,273	2,123	1,218
기타비유동비금융자산As filed	101	421	—	—	—	—	—	—	—	—	—
이연법인세자산As filed	—	444	765	1,358	1,319	1,637	1,632	2,322	2,431	12,150	12,631
장기매출채권및기타채권As filed	—	—	—	—	—	—	—	—	1,440	4,083	3,036
투자부동산As filed	—	—	—	25	—	—	—	—	—	—	—
무형자산As filed	—	—	—	—	—	—	—	—	—	—	74,978
무형자산 및 영업권As filed	—	—	—	—	—	—	—	—	22,028	77,442	—
사용권자산As filed	—	—	—	—	844	1,344	1,494	1,587	2,312	4,210	4,428
미지급법인세As filed	441	693	979	334	254	377	968	828	1,309	3,789	3,857
기타유동부채As filed	6,093	—	9,500	16,508	20,058	23,767	25,051	50,171	74,446	142,035	3,505
유동파생상품부채As filed	—	—	0	0	13	30	2	194	—	—	—
파생상품부채As filed	1	3	—	—	—	—	—	—	35	3,620	667
매각예정으로 분류된 처분자산집단에 포함된 부채As filed	34	—	—	—	—	—	253	2,493	0	—	—
장기매입채무 및 기타비유동채무As filed	—	996	1,023	1,597	2,683	2,293	2,493	3,959	—	—	—
퇴직급여부채As filed	—	—	3,324	—	—	—	—	—	—	—	—
기타유동비금융부채As filed	—	9,622	—	—	—	—	—	—	—	—	—
장기매입채무 및 기타채무As filed	213	—	—	—	—	—	—	—	—	—	—
이연법인세부채As filed	1,146	936	927	798	864	801	669	762	1,210	4,956	276
종업원급여부채As filed	—	—	—	4,643	5,149	5,048	4,995	49	60	975	486
비유동파생상품부채As filed	—	—	—	8	9	56	2	82	—	—	—
확정급여부채As filed	2,176	—	—	—	—	—	—	—	—	—	—
퇴직급여채무As filed	—	3,237	—	—	—	—	—	—	—	—	—
기타유동금융부채As filed	—	—	—	—	—	—	—	24	32	54	276
납입자본As filed	—	2,657	—	—	—	—	—	—	—	—	—
자본 및 부채 총계As filed	—	—	—	—	—	—	—	—	—	433,369	539,537
기타비유동금융부채As filed	—	—	—	125	120	33	—	638	666	760	690
자본과부채총계As filed	41,079	56,524	57,476	73,967	87,084	94,648	110,458	151,573	—	—	—
부채 및 자본총계As filed	—	—	—	—	—	—	—	—	195,429	—	—
자본금As filed	2,657	—	—	—	—	—	—	—	—	—	—
차입금및사채As filed	—	—	—	—	—	—	—	—	25,381	61,177	—
계약부채As filed	—	—	—	—	—	—	—	—	—	—	159,907
기타비유동부채As filed	—	—	—	—	—	—	33	105	69	463	872
기타자본조정As filed	—	—	—	—	—	-5	—	—	—	—	—
자본조정As filed	—	—	—	—	—	—	-22	-22	—	—	—
장기매입채무및기타채무As filed	—	—	—	—	—	—	—	—	3,423	4,397	5,723

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	26,134	35,189	42,155	44,532	52,641	53,214	64,151*	65,396*	93,590*	112,401*	267,029
Cost of salesKRW 100M	20,966	28,025	34,470	36,552	42,423	42,511	51,198*	51,903*	72,212*	83,703*	212,524
Gross profitKRW 100M	5,168	7,164	7,684	7,980	10,218	10,703	12,953*	13,493*	21,378*	28,699*	54,505
SG&A expensesKRW 100M	3,719	3,913	5,207	5,924	6,831	6,668	7,378*	8,185*	11,372*	10,360*	20,657
	-596	1,507	829	532	1,652	2,439	3,830*	3,772*	6,911*	17,319*	30,893
Finance incomeKRW 100M	103	167	234	262	309	425	1,358*	1,124*	11,452*	3,735*	12,706
Finance costsKRW 100M	326	367	404	593	788	1,171	922*	2,603*	3,985*	4,949*	15,956
Other incomeKRW 100M	631	3,637	775	959	1,048	1,240	967*	1,984*	1,432*	14,895*	3,430
Other expensesKRW 100M	551	832	1,334	681	741	1,194	1,195*	2,321*	3,820*	5,579*	8,141
Share of profit of associatesKRW 100M	548	72	—	—	—	—	—	—	—	—	-833
	-191	4,185	178	535	1,563	1,718	4,053*	1,746*	12,148*	26,474*	22,099
Income tax expenseKRW 100M	-254	726	655	42	-61	71	1,036*	601*	2,379*	1,361*	79
Profit from continuing operationsKRW 100M	62	3,459	-477	493	1,624	1,647	3,018*	1,145*	9,769*	25,113*	22,020
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	—	—	—	375*	0*	286*	—
	62	3,459	-477	493	1,624	1,647	3,018	1,520*	9,769	25,399*	22,020
Attributable to ownersKRW 100M	57	3,452	-482	323	1,322	1,214	2,526	2,008*	8,175	22,989*	14,050
Attributable to minoritiesKRW 100M	5	6	5	169	302	433	492	-488	1,594	2,409*	7,970
Basic earnings per shareKRW	108	6,498	-915	619	2,558	2,390	4,989	3,964	Not applicable	Not applicable	Not applicable
Diluted earnings per shareKRW	108	6,498	Not applicable	Not applicable	Not applicable	Not applicable	4,989	3,964	Not applicable	Not applicable	Not applicable
	6,027	1,122	Not applicable	473	1,481	1,760	3,567	1,089*	8,193	25,979*	23,059
Other comprehensive incomeKRW 100M	5,964	-2,337	-848	-20	-143	113	549	-432	-1,577	580*	1,039

비지배지분에 귀속될 계속영업당기순이익(손실)As filed	—	—	—	—	—	—	—	—	1,594	—	—
연구개발비As filed	2,045	1,744	1,649	1,525	1,735	1,596	1,744	1,536	—	—	2,954
지배기업의 소유주에게 귀속될 계속영업손익As filed	—	—	—	—	—	—	—	—	—	22,605	—
비지배지분As filed	—	6	—	—	—	—	—	—	—	—	8,687
비지배지분에 귀속될 계속영업이익(손실)As filed	—	—	—	—	—	—	—	—	—	2,508	—
지배기업의 보통주에 귀속되는 계속영업당기순이익(손실)As filed	—	—	—	—	—	—	—	—	8,175	—	—
당기손익으로 재분류되는 세후기타포괄손익As filed	2,833	-2,387	—	—	—	—	—	—	—	—	—
지배기업의 소유주지분As filed	57	3,452	—	—	—	—	—	—	—	—	14,372
관계기업 등에 대한 지분법손익As filed	—	—	77	57	82	-21	15	-210	—	—	—
매도가능금융자산As filed	—	-2,344	—	—	—	—	—	—	—	—	—
현금흐름위험회피As filed	—	1	6	-6	-4	1	8	11	—	—	20
비지배지분에 귀속될 중단영업당기순이익(손실)As filed	—	—	—	—	—	—	—	—	0	—	—
외화환산외환차이As filed	—	-45	—	—	—	—	—	—	—	—	—
지배기업의 소유주에게 귀속될 중단영업손익As filed	—	—	—	—	—	—	—	—	—	384	—
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	3,132	50	—	—	—	—	—	—	—	—	—
비지배지분에 귀속될 중단영업이익(손실)As filed	—	—	—	—	—	—	—	—	—	-98	—
지배기업의 보통주에 귀속되는 중단영업당기순이익(손실)As filed	—	—	—	—	—	—	—	—	0	—	—
확정급여제도의 보험수리적손익의 세후기타포괄손익As filed	—	112	—	—	—	—	—	—	—	—	—
계속영업 기본주당이익As filed	—	—	—	—	—	—	—	—	—	—	0
관계기업의 확정급여제도 재측정요소As filed	-10	-62	—	—	—	—	—	—	—	—	—
당기계속사업순이익(손실)의귀속As filed	—	3,459	—	—	—	—	—	—	—	—	—
중단영업 기본주당이익As filed	—	—	—	—	—	—	—	—	—	—	0
지분법손익As filed	—	—	—	—	—	—	—	—	158	1,053	—
당기손익으로 재분류되지 않는항목As filed	—	—	144	—	—	—	87	—	—	—	—
계속영업 희석주당이익As filed	—	—	—	—	—	—	—	—	—	—	0
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	—	-50	-162	411	—	—	-1,912	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	6,021	1,116	—	—	—	—	—	—	7,499	23,757	—
포괄손익, 비지배지분As filed	5	6	—	—	—	—	—	—	693	2,222	—
확정급여제도의 재측정손익As filed	—	—	144	—	—	—	58	—	—	—	—
계속영업기본주당이익(손실)As filed	0	0	-0	0	0	0	0	0	0	0	—
기타포괄손익-공정가치 금융자산평가이익As filed	—	—	—	-312	—	—	—	—	—	—	—
매도가능금융자산의 세전기타포괄손익As filed	3,710	—	—	—	—	—	—	—	—	—	—
중단영업 희석주당이익As filed	—	—	—	—	—	—	—	—	—	—	0
기타포괄손익-공정가치 금융자산평가손익As filed	—	—	—	—	-16	-1	28	—	—	—	—
계속영업희석주당이익(손실)As filed	0	0	—	—	—	—	0	0	0	0	—
당기손익으로 재분류될 수 있는 항목As filed	—	—	-992	30	19	-298	463	—	—	—	—
지분법자본변동As filed	-14	—	—	—	—	—	—	—	49	531	-211
매도가능금융자산평가손익As filed	—	—	-867	—	—	—	—	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	—	-158	—	—	—	398	-938	-651	—
순확정급여의 재측정요소As filed	—	—	—	—	-148	109	—	—	—	—	—
외화환산외환차이의 세전기타포괄손익As filed	34	—	—	—	—	—	—	—	—	—	—
이자비용As filed	—	—	—	—	—	—	—	—	—	—	4,897
재평가이익As filed	—	—	—	420	2	303	—	—	—	—	—
지분상품에 대한 투자자산의 세후기타포괄손익As filed	—	—	—	—	—	—	—	-1,108	—	—	—
법인세효과As filed	-898	—	—	—	—	—	—	—	—	—	—
지분법 자본변동As filed	—	—	-16	19	18	-31	46	45	—	—	—
이자수익As filed	—	—	—	—	—	—	—	—	—	—	2,230
자산재평가손익As filed	—	—	—	—	—	—	0	—	—	—	—
자산재평가손익(세후기타포괄손익)As filed	—	—	—	—	—	—	—	35	954	—	—
해외사업환산손익As filed	—	—	-116	16	6	-267	409	187	—	—	61
확정급여제도의 보험수리적손익의 세전기타포괄손익As filed	52	—	—	—	—	—	—	—	—	—	—
계속사업 당기순이익의 귀속: 지배기업의 소유주지분As filed	—	—	—	—	—	—	—	—	—	—	14,050
중단영업기본주당이익(손실)As filed	0	—	—	—	—	—	—	0	0	0	—
중단사업 당기순이익의 귀속: 지배기업의 소유주지분As filed	—	—	—	—	—	—	—	—	—	—	0
자산재평가차익(차손)의 세전기타포괄손익As filed	4,096	—	—	—	—	—	—	—	—	—	—
중단영업희석주당이익(손실)As filed	0	—	—	—	—	—	—	0	0	0	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	-1,330	268	1,221	1,362	3,076	2,177	—	—	—
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	—	—	—	—	—	—	—	—	-130
총 포괄손익, 비지배지분As filed	—	—	4	205	260	398	491	-1,088	—	—	—
지배기업의 소유주에게 귀속되는 계속사업이익(손실)As filed	—	—	—	—	—	—	—	1,633	—	—	—
당기계속사업순이익(손실)의 귀속As filed	62	—	—	—	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	335	—	—
현금흐름위험회피손익(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	-42	-11	—
비지배지분에 귀속되는 계속사업이익(손실)As filed	—	—	—	—	—	—	—	-488	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	329	1,201	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	—	1,169
기타포괄손익-공정가치측정 금융자산평가손익As filed	—	—	—	—	—	—	—	—	—	—	148
비지배비분As filed	5	—	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정지분상품평가손익As filed	—	—	—	—	—	—	—	—	—	-631	—
순확정급여부채의 재측정요소As filed	—	—	—	—	—	—	—	—	—	—	1,059
지배기업의 소유주에게 귀속되는 중단사업이익(손실)As filed	—	—	—	—	—	—	—	375	—	—	—
비지배지분에 귀속되는 중단사업이익(손실)As filed	—	—	—	—	—	—	—	-0	—	—	—
자산재평가차익(차손)As filed	—	—	—	—	—	—	—	—	—	—	-37
지분상품에 대한 투자자산(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	-1,440	—	—
지분법자본변동 - 후속적으로 재분류 되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	140	—
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	-489	—	—
계속사업 당기순이익의 귀속: 비지배지분As filed	—	—	—	—	—	—	—	—	—	—	7,970
연구와 개발 비용As filed	—	—	—	—	—	—	—	—	3,095	1,020	—
중단사업 당기순이익의 귀속: 비지배지분As filed	—	—	—	—	—	—	—	—	—	—	0

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	62	3,459	-477	493	1,624	1,647	3,018	1,520	9,769	25,399	22,020
Total adjustments to operating cash flowcomputed	-438	-1,498	380	71	5,527	2,700	6,882	13,723	4,133	-11,469	18,478
	-375	1,961	-97	563	7,151	4,347	9,900	15,243	13,902	13,930*	40,498
Interest receivedKRW 100M	34	84	45	86	137	136	143	415	781	680*	1,530
Interest paidKRW 100M	166	157	317	422	528	617	633	805	1,570	2,557*	4,544
DepreciationKRW 100M	421	—	—	—	—	—	—	—	—	—	—
AmortisationKRW 100M	362	—	—	—	—	—	—	—	—	—	—
Income taxes paidKRW 100M	125	587	731	1,185	221	429	640	1,469	1,398	2,185*	5,719
	1,776	-7,183	726	-2,131	-6,435	-2,987	-6,071	-12,249	-30,291	-13,673*	-40,208
Purchase of property, plant and equipmentKRW 100M	419	891	1,416	1,725	1,538	1,894	1,661	1,967	4,534	5,782*	17,105
Proceeds from sale of property, plant and equipmentKRW 100M	45	12	16	14	33	21	56	52	32	17*	191
Purchase of intangible assetsKRW 100M	228	695	820	1,077	1,454	1,412	1,622	1,480	1,178	1,754*	2,836
	-918	6,379	1,404	3,327	2,894	1,990	8,131	2,161	3,678	10,657*	46,816
Dividends paidKRW 100M	6	159	—	5	77	174	433*	354	506	1,198*	1,951
Acquisition of treasury sharesKRW 100M	—	—	250	162	155	257	17	0	0	190*	0
Issue of sharesKRW 100M	—	—	—	—	—	—	—	—	—	—	42,088
Cash at beginning of periodKRW 100M	943	1,427	2,574	4,614	6,367	10,001	13,307	25,281	30,698	18,064*	29,677
	1,427	2,574	4,614	6,367	10,001	13,307	25,281	30,432*	18,064	29,677*	77,134
Effect of exchange rate changesKRW 100M	1	-10	7	-7	24	-44	77	262	77	701*	350
Net change in cash and cash equivalentsKRW 100M	484	1,147	2,040	1,753	3,634	3,306	12,038	Not applicable	Not applicable	Not applicable	Not applicable

당기순이익(손실)As filed	62	—	—	—	—	—	—	—	—	—	—
매각예정집단에 포함된 현금성자산As filed	—	—	—	—	—	—	—	—	0	—	—
영업으로부터 창출된 현금흐름As filed	—	2,621	—	2,084	7,763	5,258	11,029	17,103	16,090	17,991	49,232
영업활동으로부터 창출된 현금흐름As filed	—	—	905	—	—	—	—	—	—	—	—
당기순이익조정을 위한 가감As filed	-181	—	—	—	—	—	—	—	—	—	—
임대보증금의 감소As filed	—	—	—	—	—	—	—	—	—	16	0
금융리스부채의 감소As filed	—	—	—	—	—	—	—	—	456	501	—
임대보증금의 증가As filed	—	—	—	—	—	—	—	—	—	7	-6
단기금융상품의 처분As filed	—	—	—	—	119	1,124	1,944	2,213	—	—	—
대여금의 감소As filed	—	—	60	124	13	20	13	28	77	53	—
선급기술도입비상각As filed	42	—	—	—	—	—	—	—	—	—	—
신종자본증권 이자지급As filed	—	—	—	—	—	—	—	—	—	—	233
무형자산손상차손As filed	2	—	—	—	—	—	—	—	—	—	—
보증금의 감소As filed	96	58	—	64	42	78	27	30	—	—	—
사채의 증가As filed	996	3,188	299	2,433	4,785	2,057	3,985	382	4,683	11,579	—
임차보증금의 감소As filed	—	—	90	—	—	—	—	—	137	60	157
장기금융상품의 처분As filed	—	—	—	—	0	5	8	0	—	—	—
리스부채의 감소As filed	—	—	—	—	—	—	—	—	—	—	987
무형자산처분손실As filed	2	—	—	—	—	—	—	—	—	—	—
장기차입금의 증가As filed	—	3,822	1,662	2,553	4,660	2,790	3,329	2,665	3,388	5,132	15,881
기타포괄손익-공정가치 금융자산의 처분As filed	—	—	—	2,423	—	—	—	—	—	—	—
유형자산처분손실As filed	5	—	—	—	—	—	—	—	—	—	—
당기손익인식금융자산의 처분As filed	—	—	3,349	—	—	—	—	—	127	357	—
사채의 발행As filed	—	—	—	—	—	—	—	—	—	—	13,769
단기차입금의 증가As filed	—	4,654	11,839	7,657	14,341	18,338	15,030	17,522	25,968	84,625	84,865
배당금수취As filed	—	106	83	42	50	28	26	171	28	35	—
외화환산손실As filed	69	—	—	—	—	—	—	—	—	—	—
당기손익-공정가치 측정 금융자산의 처분As filed	—	—	—	—	3	66	8	22	—	—	—
당기손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	39	158	1,220	3,247	—	—	—
사채의 감소As filed	—	—	—	—	—	—	—	—	3,284	5,200	—
퇴직급여As filed	391	—	—	—	—	—	—	—	—	—	—
무형자산의 처분As filed	39	16	1	1	9	21	34	0	0	264	202
종속기업투자의 처분As filed	—	—	—	—	—	—	—	-1,875	—	—	—
매각예정으로 분류된 비유동자산이나 처분자산집단의 처분As filed	—	—	—	628	—	—	4	0	0	—	—
법인세비용(수익)As filed	-254	—	—	—	—	—	—	—	—	—	—
상환전환우선주부채의 상환As filed	—	—	—	—	—	—	—	—	23	0	—
기타포괄손익-공정가치 금융자산의 취득As filed	—	—	—	—	13	—	571	3,707	—	—	—
사업부문자산 등의 처분As filed	—	—	—	—	—	—	—	138	0	—	—
이자비용As filed	166	—	—	—	—	—	—	—	—	—	—
장기차입금의 감소As filed	—	—	—	—	—	—	—	—	394	2,129	1,659
단기금융상품의 취득As filed	—	—	—	155	922	521	2,173	2,955	711	2,501	—
대손상각비As filed	27	—	—	—	—	—	—	—	—	—	—
단기차입금의 감소As filed	—	3,716	—	—	—	—	—	—	21,932	—	84,363
대여금의 증가As filed	—	—	52	18	10	59	28	66	101	51	—
파생상품의 감소As filed	—	—	—	—	—	-18	8	65	113	691	65
사채의 상환As filed	2,000	1,500	—	—	3,100	400	2,376	2,200	—	—	2,091
외화환산이익As filed	86	—	—	—	—	—	—	—	—	—	—
임차보증금의 증가As filed	—	—	92	—	—	—	—	—	115	74	201
장기금융상품의 취득As filed	—	—	39	15	40	69	52	-482	133	113	—
매각예정비유동자산의 처분As filed	—	522	—	—	—	177	—	—	—	—	—
단기차입금의 상환As filed	—	—	11,990	7,353	14,731	17,310	14,352	13,578	—	75,359	—
보증금의 증가As filed	84	36	—	63	57	52	82	299	2	—	—
유형자산처분이익As filed	2	—	—	—	—	—	—	—	—	—	—
관계기업투자의 취득As filed	—	—	—	—	—	290	729	60	—	—	—
사업부문자산 등의 취득As filed	—	—	—	2,361	14	—	0	—	750	-59	—
유동성차입금(Nego)의 순증감As filed	—	—	—	—	—	—	316	47	331	0	—
인적분할로 인한 현금 유출입As filed	—	—	—	—	—	—	—	—	—	-2,758	—
기타비유동자산의 증가As filed	—	—	188	392	304	—	—	—	—	—	0
매도가능금융자산처분이익As filed	15	—	—	—	—	—	—	—	—	—	—
유동성차입금(기타)의 감소As filed	—	—	329	—	—	—	—	—	3,191	5,818	5,069
인적분할로 인한 현금 유출As filed	—	—	—	—	—	—	—	—	—	—	0
장기대여금의 감소As filed	185	15	—	—	—	—	—	—	—	—	—
기타비유동금융자산의 감소As filed	0	0	—	—	—	—	—	—	—	—	—
당기손익인식금융자산의 감소As filed	—	106	—	—	—	—	—	—	—	—	—
매도가능금융자산의 취득As filed	—	115	156	—	—	—	—	—	—	—	—
비지배지분의 변동As filed	—	—	-6	1	975	-7	6,320	-111	241	2,483	—
사업부문의 매각As filed	—	300	—	—	—	—	—	—	—	—	—
관계기업투자주식처분손실As filed	77	—	—	—	—	—	—	—	—	—	—
매도가능금융자산의 처분As filed	65	2,796	—	—	—	—	—	—	—	—	—
종속기업, 조인트벤처와 관계기업에 대한 투자자산의 취득As filed	—	—	96	40	—	—	—	—	—	—	—
파생상품의 증가As filed	—	—	—	—	—	14	0	0	70	0	0
기타비유동자산의 증감As filed	—	—	—	—	—	—	-2	-4	-7	135	—
비지배지분의 감소As filed	—	—	—	—	—	—	—	—	—	—	13,429
지분법적용 투자지분의 처분As filed	4,418	0	—	—	—	—	—	—	—	—	—
사업의 양수As filed	—	—	13	—	—	—	—	—	—	—	—
지분법이익As filed	-548	—	—	—	—	—	—	—	—	—	—
당기손익-공정가치 금융자산의 증가As filed	—	—	—	10	—	—	—	—	—	—	—
파생상품평가손실As filed	1	—	—	—	—	—	—	—	—	—	—
대여금의 회수As filed	—	—	—	—	—	—	—	—	—	—	81
사업결합으로 인한 현금유출As filed	—	—	—	—	—	-88	—	—	—	—	—
기타포괄손익-공정가치 금융자산의 증가As filed	—	—	—	0	—	—	—	—	—	—	—
이자수익As filed	34	—	—	—	—	—	—	—	—	—	—
합병으로 인한 현금유출입As filed	—	—	—	430	-2,312	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	8	310	1,225
배당금수익As filed	-25	—	—	—	—	—	—	—	—	—	—
장기대여금의 증가As filed	2	4	—	—	—	—	—	—	—	—	—
기타유동금융자산의 증가As filed	104	0	—	—	—	—	—	—	—	—	—
대여금의 대여As filed	—	—	—	—	—	—	—	—	—	—	2,030
종속기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	—	—	0	—	—
영업양수도로 인한 현금유출입As filed	—	—	—	—	—	—	0	0	—	—	—
당기손익-공정가치측정 금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	299
당기손익인식금융자산평가이익As filed	-1	—	—	—	—	—	—	—	—	—	—
유동선차입금(Nego)의 순증가As filed	—	—	179	—	—	—	—	—	—	—	—
장기금융상품의 감소As filed	—	—	—	—	—	—	—	—	24	24	89
기타비유동자산의증가As filed	15	370	—	—	—	—	—	—	—	—	—
사업결합으로 인한 현금유출입As filed	—	—	—	—	—	—	-64	-3,545	27	571	—
영업양수도로 인한 현금유입As filed	—	—	—	—	—	45	—	—	—	—	—
장기금융상품의 증가As filed	—	10	—	—	—	—	—	—	—	—	180
단기금융상품의 감소As filed	—	—	—	—	—	—	—	—	1,103	831	51,310
매출채권의 감소(증가)As filed	516	—	—	—	—	—	—	—	—	—	—
유동선차입금(Nego)의 순증감As filed	—	—	—	-652	-557	-175	—	—	—	—	—
미수금의 감소(증가)As filed	295	—	—	—	—	—	—	—	—	—	—
종속기업에 대한 투자자산의 취득As filed	1	8,921	—	—	—	—	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	484	1,157	2,033	1,760	3,610	3,350	11,961	5,155	-12,711	10,913	—
당기손익인식금융자산의 증가As filed	2,457	0	—	—	—	—	—	—	—	—	—
당기손익인식금융자산의 취득As filed	—	—	—	—	—	—	—	—	552	719	—
재고자산의 감소(증가)As filed	-391	—	—	—	—	—	—	—	—	—	—
파생상품As filed	—	-72	—	—	—	—	—	—	—	—	—
예치보증금의 감소(증가)As filed	0	—	—	—	—	—	—	—	—	—	—
기타유동자산의 감소(증가)As filed	734	—	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	—	—	—	75	1,998	—
당기손익-공정가치측정 금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	2,208
유동성차입금(기타)의 상환As filed	1,613	24	—	1,144	2,425	2,447	1,339	1,547	—	—	—
장기차입금의 상환As filed	—	—	—	—	570	106	2,008	307	—	—	—
유동성차입금(nego)의 순증가As filed	—	113	—	—	—	—	—	—	—	—	—
관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	23,743	3,970	—
기타포괄손익-공정가치측정 금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	6,026
장기매출채권의 감소(증가)As filed	1	—	—	—	—	—	—	—	—	—	—
리스부채의 상환As filed	—	—	—	—	252	318	324	359	—	—	—
매입채무의 증가(감소)As filed	-36	—	—	—	—	—	—	—	—	—	—
단기금융상품의 증가As filed	—	—	—	—	—	—	—	—	—	—	50,124
미지급금의 증가(감소)As filed	109	—	—	—	—	—	—	—	—	—	—
미지급비용의 증가(감소)As filed	55	—	—	—	—	—	—	—	—	—	—
사업결합으로인한 현금유출입As filed	—	—	—	—	—	—	—	—	—	—	0
사업부문자산등의 처분As filed	—	—	—	—	—	—	—	—	—	—	59
예수금의 증가(감소)As filed	56	—	—	—	—	—	—	—	—	—	—
사업부문자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	0
기타유동부채의 증가(감소)As filed	-2,046	—	—	—	—	—	—	—	—	—	—
확정급여채무의현재가치의 증가(감소)As filed	48	—	—	—	—	—	—	—	—	—	—
사외적립자산의공정가치의 증가(감소)As filed	21	—	—	—	—	—	—	—	—	—	—
매각예정자산집단에 포함된 현금성자산As filed	—	—	—	—	—	—	-64	-267	—	—	—
퇴직금의 지급As filed	142	—	—	—	—	—	—	—	—	—	—
배당금의 수취As filed	—	—	—	—	—	—	—	—	—	—	345
종업원대여금의 감소As filed	12	—	—	—	—	—	—	—	—	—	—
기타비유동자산의 감소As filed	5	—	—	—	—	—	—	—	—	—	44
관계기업및공동기업투자주식의 처분As filed	—	—	—	—	—	—	—	—	—	—	2
관계기업및공동기업투자주식의 취득As filed	—	—	—	—	—	—	—	—	—	—	13,567
배당금수령As filed	224	—	—	—	—	—	—	—	—	—	—
사업결합으로 인한 취득As filed	0	—	—	—	—	—	—	—	—	—	—
종업원대여금의증가As filed	2	—	—	—	—	—	—	—	—	—	—
현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	47,106
유동성차입금(기타)의 증가As filed	2,065	—	—	—	—	—	—	—	—	—	—
차입금의 증가As filed	544	—	—	—	—	—	—	—	—	—	—
유동성차입금(Nego)의 순감소As filed	903	—	—	—	—	—	—	—	—	—	—

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

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 2026.03.16.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 49	한영회계법인	2025-12-31
2024	적정의견Term 48	한영회계법인	2025-12-31
2023	적정의견Term 47	삼일회계법인	2025-12-31
2022	적정Term 46	삼일회계법인	2022-12-31
2021	적정Term 45	삼일회계법인	2022-12-31
2020	적정Term 44	삼일회계법인	2022-12-31
2019	적정Term 43	삼일회계법인	2019-12-31
	적정Term 42	삼일회계법인	2019-12-31
	적정Term 41	삼일회계법인	2019-12-31
2016	적정Term 40	삼일회계법인	2016-12-31
	적정Term 39	삼정회계법인	2016-12-31
	적정Term 38	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 5Y0.40

Equity risk premium%

Terminal growth%

Cost of equity6.41%

Weighted average cost of capital5.98%

Initial growth10.8%

Effective tax rate0.4%

Base fiscal year2025

Current priceKRW891,000

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	161,893	-81.8%
Dividend discount model DDM	197,811	-77.8%
Discounted cash flow FCFF	1,606,594	+80.3%
Discounted cash flow FCFE	1,282,024	+43.9%
Residual income model RIM	653,632	-26.6%

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% + 0.40 × 5.00% = 6.41%

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(14.51% × (1 − 25.69%), 0) = 10.78%

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

Gordon growth model

P_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 7,000 × (1 + 2.00%) / (6.41% − 2.00%) = 7,140 / 0.0441 = 161,893 KRW

Dividend discount model DDM

P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 7,000, g_1 = 10.78%, g_T = 2.00%, r = 6.41%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	10.78%	7,755	0.9398	7,287
2	8.58%	8,420	0.8831	7,436
3	6.39%	8,958	0.8299	7,435
4	4.19%	9,334	0.7799	7,280
5	2.00%	9,521	0.7330	6,978
Terminal value	2.00%	220,194	0.7330	161,393
Total				197,811

P_0 = 197,811 KRW

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 = 187,825 KRW, ROE = 14.51%, payout ratio = 25.69%, r = 6.41%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	187,825	27,247	12,040	15,207	0.9398	14,291
2	208,072	30,184	13,338	16,846	0.8831	14,878
3	230,502	33,438	14,776	18,662	0.8299	15,489
4	255,350	37,043	16,369	20,674	0.7799	16,125
5	282,877	41,036	18,133	22,903	0.7330	16,787
Terminal value				529,684	0.7330	388,238

P_0 = 187,825 + 77,569 + 388,238 = 653,632 KRW

Discounted cash flow FCFF

\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 40,498.0 − 17,105.0 + 4,543.7 × (1 − 0.36%) = 27,920.5 KRW hundred million

Weighted average cost of capital

E = 459,429.9, D = 123,948.9 KRW hundred million; equity weight = 78.75%, debt weight = 21.25%; cost of debt k_d = 4.40%

WACC = 78.75% × 6.41% + 21.25% × 4.40% × (1 − 0.36%) = 5.98%

V_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	10.78%	30,930.2	0.9436	29,185.3
2	8.58%	33,585.6	0.8904	29,903.0
3	6.39%	35,731.7	0.8401	30,019.0
4	4.19%	37,230.6	0.7927	29,513.7
5	2.00%	37,975.2	0.7480	28,405.7
Terminal value	2.00%	973,526.1	0.7480	728,203.1
Total				875,229.8

Firm value = 875,229.8; less borrowings 123,948.9; plus cash 77,133.6 → 828,414.5 KRW hundred million

P_0 = 828,414.5 KRW hundred million ÷ 51,563,401 (shares) = 1,606,594 KRW

Discounted cash flow FCFE

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

Base-year cash flow FCFE

FCFE_0 = 40,498.0 − 17,105.0 + 0.0 (net borrowing) = 23,393.0 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	10.78%	25,914.7	0.9398	24,353.6
2	8.58%	28,139.5	0.8831	24,851.3
3	6.39%	29,937.6	0.8299	24,846.5
4	4.19%	31,193.5	0.7799	24,329.2
5	2.00%	31,817.3	0.7330	23,320.9
Terminal value	2.00%	735,855.7	0.7330	539,353.7
Total				661,055.2

P_0 = 661,055.2 KRW hundred million ÷ 51,563,401 (shares) = 1,282,024 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