015760KOSPI

Korea Electric Power

29,100

-950 (-3.16%)

MA5
MA20
MA60

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

Korea Electric Power Corporation, also known as KEPCO, was established in 1982 and is headquartered in Naju, Jeollanam-do. The company is listed on the KOSPI market and operates under the Korea Electric Power Corporation Act.

The company operates in power resource development, generation, transmission, and distribution. Its business segments include electricity sales, nuclear power, thermal power, and other services such as plant design, facility maintenance, and ICT services. It purchases electricity from generation companies and supplies it to general customers.

Business overview as filed

현재 국내 전력 산업의 체계는 전력생산, 수송, 판매 체계로 이뤄지고 있으며, 당사는발전자회사와 민간발전회사, 구역전기사업자가 생산한 전력을 전력거래소에서 구입하여 일반 고객에게 판매하고 있습니다.

(주요 사업 및 매출)

당사의 주요 사업은 네 개의 사업부문으로 구성되어 있습니다. ① 전기판매부문[한국전력공사(주)]에서는 구역전기사업자 판매지역을 제외하고 국내 전역에 소비되는 전력량의 대부분을 판매하고 있습니다. ② 원자력발전사업부문[한국수력원자력(주)]과 ③ 화력발전사업부문[한국남동발전(주), 한국중부발전(주), 한국서부발전(주), 한국남부발전(주), 한국동서발전(주)]에서 생산된 전기는 전력거래소를 통해 한국전력공사에 판매되고 있습니다. ④ 기타사업부문으로 발전소설계[한국전력기술(주)], 전력설비정비[한전KPS(주)], 전력ICT서비스[한전KDN(주)], 원자력연료가공[한전원자력연료(주)], 해외전력사업 및 관련 투자사업 등이 있습니다. 2025년 당사의 연결기준 누적 매출액은 97조 4,294억원으로, 전년 동기 대비 4.3% 증가하였습니다.

(생산설비)

당사는 전력의 안정적인 전력공급능력을 확보하고, 전기품질수준을 제고하기 위해 HVDC 변환설비 건설사업 등의 설비투자를 진행 중에 있으며, 주요 종속회사 또한 신재생발전시설 등에 대한 설비투자를 활발히 진행하고 있습니다.

(위험관리)

당사는 금융상품과 관련하여 신용위험, 시장위험(외환위험, 이자율위험) 등의 다양한 금융위험에 노출되어 있습니다. 그에 따른 위험관리는 연결실체의 재무적 성과에 영향을 미치는 잠재적 위험을 식별하여 연결실체가 허용가능한 수준으로 감소, 제거 및 회피하는 것을 그 목적으로 하고 있습니다. 따라서, 연결실체는 환위험관리위원회 등을 구성하여 환위험과 같은 특정위험을 회피하기 위해 통화선도 및 이자율선도 등의 파생금융상품을 이용하고 있습니다.

(연구개발)

당사는 연구개발조직을 구성하여 미래에너지 시장을 선도하기 위해 많은 노력을 기울이고 있습니다. 당사는 2025년 약 2,773억원을 투입하여 총 242건의 연구개발 과제를 수행하고 있습니다. 주요 종속회사 역시 미래전력사업을 이끌고, 안정적인 전력공급을 위해 각종 연구개발 과제를 수행하고있습니다.각 항목별 자세한 사항은 하단의 세부항목을 참조하여 주시기 바랍니다.

Company overview

우리나라의 전력사업은 1898년 한성전기회사의 설립부터 시작되었습니다. 그 후 조선전업주식회사, 경성전기주식회사, 남선전기주식회사가 설립되어 운영되었습니다. 1961년 위의 세 회사를 통합하여 한국전력주식회사를 발족하였고, 뒤를 이어 한국전력공사가 우리나라의 전력공급을 수행하고 있습니다.한국전력공사는 1980년 12월 공포된「한국전력공사법」에 따라 1982년 1월 1일 설립되어 1989년 8월 10일에 유가증권시장에 상장했습니다. 한국전력공사가 영위하는 사업으로는 전력자원의 개발, 발전, 송전, 변전, 배전 및 이와 관련되는 영업, 연구 및 기술개발, 투자 또는 출연, 보유부동산 활용사업 등이 있습니다. 또한, 연결대상 종속회사들이 영위하는 사업에는 원자력발전사업, 화력발전사업 그리고 기타사업으로 발전소 설계 등이 있습니다.

가. 연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

회사의 명칭은 한국전력공사이고, 영문명은 Korea Electric Power Corporation (약칭 KEPCO)입니다.

다. 회사의 설립일자

: 1982. 1. 1

라. 본사의 주소, 전화번호, 홈페이지 주소

(주소) 전라남도 나주시 전력로 55 (빛가람동 120번지)(영문주소) 55 Jeollyeok-ro, Naju-si, Jeollanam-do(전화번호) 061-345-3114 / (홈페이지) www.kepco.co.kr

마. 회사사업 영위의 근거가 되는 법률

: 한국전력공사법

바. 중소기업 등 해당 여부

사. 주요 사업의 내용

지배회사인 한국전력공사가 영위하는 사업으로는 전력자원의 개발, 발전, 송전, 변전, 배전 및 이와 관련되는 영업, 연구 및 기술개발, 투자 또는 출연, 보유부동산 활용사업 및 기타 정부로부터 위탁받은 사업 등이 있습니다.당사의 주요 사업은 네 개의 사업부문으로 구성되어 있습니다. ① 전기판매부문[한국전력공사(주)]에서는 구역전기사업자 판매지역을 제외하고 국내 전역에 소비되는 전력량의 대부분을 판매하고 있습니다. ② 원자력발전사업부문[한국수력원자력(주)]과 ③ 화력발전사업부문[한국남동발전(주), 한국중부발전(주), 한국서부발전(주), 한국남부발전(주), 한국동서발전(주)]에서 생산된 전기는 전력거래소를 통해 한국전력공사에 판매되고 있습니다. ④ 기타사업부문으로 발전소설계[한국전력기술(주)], 전력설비정비[한전KPS(주)], 원자력연료가공[한전원자력연료(주)], 전력ICT서비스[한전KDN(주)], 해외전력사업 및 관련 투자사업 등이 있습니다. [부문별 외부고객 매출비중]

아. 신용평가에 관한 사항

1) 국내 전력채 등

국내 신용평가회사별 신용등급을 아래와 같이 유지하고 있습니다.

2) 외화사채

신용평가회사별 신용등급을 아래와 같이 유지하고 있습니다.

신용등급 체계 및 의미(1) 국내 신용평가 등급

(2) 국제 신용평가 등급

자. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.17), tables and figures omitted.

The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

3.58%

[2.42%, 5.66%] · 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 57.1% (2026-10-08). 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

0.47

Beta [0.34, 0.60] · KOSPI200 · As of 2026-10-08

Intercept: -0.207%[-0.589%, +0.176%]
R squared: 0.25
Observations: 252
Trading-time corrected beta: 0.51[0.24, 0.78]

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	589,577	601,904	598,149	606,276	591,729	585,693	605,748	712,579	882,195	933,989	974,293	975,726
Revenue growth%	—	2.09	-0.62	1.36	-2.40	-1.02	3.42	17.64	23.80	5.87	4.32	—
Operating incomeKRW 100M	113,467	120,016	49,532	-2,080	-12,765	40,863	-58,601	-326,552	-45,416	83,647	134,906	125,138
Operating income growth%	—	5.77	-58.73	-104.20	—	—	-243.41	—	—	—	61.28	—
Net incomeKRW 100M	134,164	71,483	14,414	-11,745	-22,635	20,925	-52,292	-244,291	-47,161	36,220	86,667	79,251
Net income growth%	—	-46.72	-79.84	-181.48	—	—	-349.91	—	—	—	139.28	—
Attributable to ownersKRW 100M	132,891	70,486	12,987	-13,146	-23,455	19,913	-53,151	-244,669	-48,225	34,917	85,449	78,400
Attributable to minoritiesKRW 100M	1,272	997	1,427	1,401	820	1,011	858	377	1,064	1,303	1,217	851
Operating margin%	19.25	19.94	8.28	-0.34	-2.16	6.98	-9.67	-45.83	-5.15	8.96	13.85	12.83
Net margin%	22.76	11.88	2.41	-1.94	-3.83	3.57	-8.63	-34.28	-5.35	3.88	8.90	8.12
ROE%	19.94	9.83	1.81	-1.88	-3.48	2.87	-8.33	-60.34	-13.45	8.75	17.74	15.47
ROA%	7.66	4.02	0.79	-0.63	-1.15	1.03	-2.48	-10.40	-1.97	1.47	3.40	3.02
Debt ratio%	157.95	143.44	149.15	160.57	186.83	187.46	223.23	459.06	543.28	496.69	416.85	406.43
Current ratio%	96.98	79.67	81.72	90.40	80.40	79.45	69.49	66.83	48.22	45.73	45.77	44.31
Quick ratio%	75.20	57.52	56.09	57.49	51.31	53.39	45.51	44.52	33.73	30.46	30.64	29.05
Reserve ratio%	1,527.53	1,682.89	1,337.44	1,291.77	1,234.61	1,282.26	1,137.04	549.52	535.30	653.37	914.21	973.78
Free cash flowKRW 100M	28,932	44,918	-12,861	-55,867	-57,869	-728	-81,953	-358,244	-123,862	16,601	50,460	—
FCF margin%	4.91	7.46	-2.15	-9.21	-9.78	-0.12	-13.53	-50.27	-14.04	1.78	5.18	—
OCF conversion%	126.29	231.11	780.49	—	—	631.24	—	—	—	438.33	240.93	—
Capex to revenue%	23.83	19.98	20.96	20.23	23.66	22.68	20.91	17.33	15.77	15.22	16.25	—
Receivable daysdays	—	46.3	48.0	47.3	47.8	48.7	48.3	47.6	46.4	47.3	46.5	—
Inventory daysdays	—	41.8	40.2	41.4	45.0	48.6	41.2	31.7	38.3	41.5	45.1	—
Payable daysdays	—	41.4	40.6	38.9	41.2	45.5	41.4	36.4	42.9	41.2	40.8	—
Cash conversion cycledays	—	46.7	47.6	49.8	51.5	51.8	48.2	42.9	41.8	47.6	50.8	—
EPSKRW	20,701	10,980	2,023	-2,048	-3,654	3,102	-8,279	-38,112	-7,512	5,439	13,311	12,213
PERx	—	4.01	18.86	—	—	8.83	—	—	—	3.69	3.55	3.03
BPSKRW	—	111,725	111,660	108,641	105,140	107,945	99,334	63,158	55,837	62,177	75,035	78,939
PBRx	—	0.39	0.34	0.30	0.26	0.25	0.22	0.35	0.34	0.32	0.63	0.47
Dividend per shareKRW	3,100	1,980	790	—	—	1,216	—	—	—	213	1,542	—
Payout ratio%	14.98	18.03	39.05	—	—	39.20	—	—	—	3.92	11.58	—

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
	1,752,574	1,778,370	1,817,889	1,852,491	1,975,978	2,031,421	2,111,089*	2,348,050	2,397,150	2,468,078	2,549,275
	220,253	197,085	191,417	197,451	194,830	205,619	220,508	297,505	295,362	292,552	307,154
Cash and cash equivalentsKRW 100M	37,831	30,514	23,697	13,583	18,101	20,296	26,352	32,348	43,429	23,830	22,408
InventoriesKRW 100M	49,464	54,794	60,021	71,883	70,507	67,429	76,082	99,307	88,756	97,692	101,527
Trade and other receivablesKRW 100M	74,735	77,889	79,290	77,936	77,015	79,185	81,224	104,618	119,857	122,162	126,185
	1,532,320	1,581,285	1,626,472	1,655,040	1,781,148	1,825,802	1,890,580*	2,050,544	2,101,788	2,175,526	2,242,121
Property, plant and equipmentKRW 100M	1,413,614	1,457,431	1,508,824	1,527,432	1,647,018	1,687,094	1,731,198*	1,778,653	1,798,755	1,829,828	1,877,515
Intangible assetsKRW 100M	8,558	9,808	11,871	12,259	10,700	10,557	10,441	9,567	10,340	10,469	10,013
Investments in associatesKRW 100M	44,057	40,923	38,374	40,648	42,518	42,508	52,324	58,445	61,769	67,048	68,515
	1,073,149	1,047,865	1,088,243	1,141,563	1,287,081	1,324,753	1,457,970	1,928,047	2,024,502	2,054,450	2,056,045
	227,108	247,392	234,243	218,415	242,317	258,812	317,322	445,186	612,484	639,688	671,073
Trade and other payablesKRW 100M	47,357	55,854	59,995	64,054	66,494	62,565	81,534	119,835	90,900	94,113	86,217
Non-current liabilitiesKRW 100M	846,040	800,473	854,000	923,148	1,044,765	1,065,940	1,140,648	1,482,862	1,412,018	1,414,762	1,384,972
	679,425	730,505	729,646	710,928	688,896	706,668	653,118*	420,003	372,648	413,628	493,229
	666,345	717,237	716,814	697,439	674,963	692,967	637,690*	405,454	358,450	399,152	481,699
Issued capitalKRW 100M	32,098	32,098*	40,536	40,536	40,536	40,536	40,536	40,536*	32,098	32,098	32,098
Capital surplusKRW 100M	8,438	8,438	8,438	8,438	8,438	8,438	8,438	8,438	8,438	8,438	8,438
Retained earningsKRW 100M	481,872	531,739	533,706	515,191	492,021	511,336	452,470*	214,313	163,383	201,282	285,006
Treasury sharesKRW 100M	0	—	—	—	—	—	—	—	—	—	—
Accumulated other comprehensive incomeKRW 100M	-987	-339	-2,715	-3,586	-2,807	-4,096	-576	4,970	5,574	14,240	13,406
Other equityKRW 100M	143,936	144,962	142,573	141,712	142,406	141,095	144,685	150,605	154,532	157,334	156,158
Non-controlling interestsKRW 100M	13,080	13,269	12,832	13,488	13,933	13,702	15,428*	14,549	14,197	14,476	11,530

당기법인세자산As filed	91	192	1,006	1,432	997	497	413	466	696	785	916
유동금융자산As filed	53,356	26,720	19,584	23,599	15,865	28,002	18,688	42,870	31,074	34,947	42,502
매각예정자산As filed	796	658	280	229	281	9	159	447	456	456	0
유동비금융자산As filed	3,980	6,319	7,540	8,789	12,064	10,202	17,590	17,449	11,093	12,679	13,616
장기매출채권및기타채권As filed	—	—	17,548	18,198	20,023	18,616	19,069	21,531	21,936	31,574	31,242
비유동금융자산As filed	24,956	26,575	20,389	21,136	25,635	24,728	29,098	33,368	35,462	49,460	45,656
이연법인세자산As filed	6,236	7,951	9,192	12,338	14,378	17,331	19,020	109,344	131,618	134,366	129,500
영업권As filed	26	26	26	26	980	982	1,056	1,001	992	992	993
투자부동산As filed	2,699	3,537	2,847	1,596	1,586	2,252	2,128	2,083	1,855	2,290	2,388
공동기업투자지분As filed	—	—	14,933	18,135	16,630	19,197	22,390	31,476	34,857	45,813	65,123
비유동비금융자산As filed	1,312	1,818	2,468	3,272	1,669	2,464	3,648	3,091	3,502	3,282	10,133
순확정급여자산As filed	—	—	—	—	10	72	209	1,986	702	404	1,043
기타자본As filed	132,950	132,950	132,950	132,950	132,950	132,950	132,950	132,950	132,950	127,086	127,086
기타자본잉여금As filed	11,974	12,351	12,338	12,348	12,264	12,241	12,311	12,686	16,008	16,008	15,666
유동금융부채As filed	78,572	89,423	91,946	79,819	89,309	107,247	140,371	227,040	411,397	444,659	459,391
당기법인세부채As filed	22,181	18,433	5,084	2,854	3,583	4,769	2,295	4,296	4,829	9,705	15,711
납입자본As filed	40,536	40,536	—	—	—	—	—	—	40,536	40,536	40,536
유동비금융부채As filed	63,207	63,682	55,843	55,740	56,884	59,715	64,663	69,744	78,817	63,271	68,052
유동충당부채As filed	15,792	20,000	21,375	15,948	26,047	24,517	28,459	24,271	26,541	27,940	41,702
이익준비금As filed	16,049	16,049	16,049	16,049	16,049	16,049	16,049	16,049	16,049	16,049	16,049
장기매입채무및기타채무As filed	—	—	32,235	29,417	69,658	64,804	59,965	56,389	—	46,092	40,288
미처분이익잉여금(미처리결손금)As filed	—	—	169,318	140,079	128,118	173,496	103,593	-79,566	119,210	185,233	263,282
비유동금융부채As filed	510,628	448,356	459,809	533,649	591,156	593,650	665,704	983,341	929,443	883,524	839,957
장기매출채권 및 기타채권As filed	17,984	19,035	—	—	—	—	—	—	—	—	—
비유동비금융부채As filed	70,923	75,916	80,724	81,600	88,345	96,619	102,164	106,627	111,960	132,815	137,262
임의적립금As filed	237,202	318,473	348,338	359,063	347,854	321,791	332,828	277,830	28,123	0	5,675
종업원급여채무As filed	15,031	16,863	14,831	16,451	19,299	19,109	16,792	8,287	10,353	14,515	13,819
자본과부채총계As filed	1,752,574	1,778,370	1,817,889	1,852,491	1,975,978	2,031,421	2,111,089	2,348,050	2,397,150	—	—
이연법인세부채As filed	83,627	89,485	104,154	96,173	85,648	91,002	71,009	64,571	51,631	59,445	65,010
자본및부채총계As filed	—	—	—	—	—	—	—	—	—	2,468,078	2,549,275
비유동충당부채As filed	128,648	134,272	162,247	165,857	190,660	200,756	225,014	263,646	258,810	278,370	288,637
자본금As filed	—	—	32,098	32,098	32,098	32,098	32,098	32,098	—	—	—
공동기업 투자지분As filed	12,879	14,182	—	—	—	—	—	—	—	—	—
장기매입채무 및 기타비유동채무As filed	—	—	—	—	—	—	—	—	49,820	—	—
장기매입채무 및 기타채무As filed	37,184	35,582	—	—	—	—	—	—	—	—	—
미처분이익잉여금As filed	228,622	197,217	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	589,577	601,904	598,149	606,276	591,729	585,693	605,748*	712,579	882,195	933,989	974,293
Cost of salesKRW 100M	454,577	455,496	520,989	582,077	577,798	518,046	635,592*	1,009,036	896,995	819,642	807,048
Gross profitKRW 100M	135,000	146,408	77,160	24,199	13,931	67,647	-29,844*	-296,457	-14,801	114,347	167,245
SG&A expensesKRW 100M	21,533	26,392	27,629	26,279	26,696	26,784	28,758*	30,094	30,616	30,700	32,340
	113,467	120,016	49,532	-2,080	-12,765	40,863	-58,601*	-326,552	-45,416	83,647	134,906
Finance incomeKRW 100M	11,830	7,915	15,306	7,969	10,097	15,102	14,026	18,333	14,250	34,482	20,381
Finance costsKRW 100M	30,155	24,371	31,280	24,707	27,822	28,964	32,458	47,468	53,470	75,352	50,388
Other incomeKRW 100M	4,322	4,129	3,901	3,753	3,932	3,930	3,729	3,837	5,329*	849	3,390
Other expensesKRW 100M	1,088	1,886	1,801	2,313	2,419	4,177	2,579	2,122	2,589	Not applicable	Not applicable
Share of profit of associatesKRW 100M	2,074	-1,373	—	—	—	—	—	—	—	—	—
	186,558	105,135	36,142	-20,008	-32,658	29,915	-70,852*	-338,436	-75,540	52,565	115,869
Income tax expenseKRW 100M	52,394	33,651	21,728	-8,263	-10,023	8,991	-18,560	-94,145	-28,378	16,346	29,203
	134,164	71,483	14,414	-11,745	-22,635	20,925	-52,292*	-244,291	-47,161	36,220	86,667
Attributable to ownersKRW 100M	132,891	70,486	12,987	-13,146	-23,455	19,913	-53,151*	-244,669	-48,225	34,917	85,449
Attributable to minoritiesKRW 100M	1,272	997	1,427	1,401	820	1,011	858*	377	1,064	1,303	1,217
Basic earnings per shareKRW	20,701	10,980	2,023	-2,048	-3,654	3,102	-8,279*	-38,112	-7,512	5,439	13,311
Diluted earnings per shareKRW	20,701	10,980	2,023	-2,048	-3,654	3,102	-8,279*	-38,112	-7,512	5,439	13,311
	134,504	71,460	13,467	-12,814	-21,283	18,726	-46,296*	-231,822	-49,448	42,510	85,214
Other comprehensive incomeKRW 100M	340	-23	-947	-1,069	1,352	-2,198	5,996	12,469	-2,287	6,290	-1,452

기타비용As filed	—	—	—	—	—	—	—	—	—	4,657	2,434
재화의 판매로 인한 매출액As filed	543,670	553,795	557,725	578,978	568,949	566,843	587,022	691,845	859,401	910,187	951,678
기타수익As filed	—	—	—	—	—	—	—	—	—	4,774	4,253
기타이익(손실)As filed	86,108	705	1,566	-6,211	-5,823	351	85	2,431	227	—	—
용역의 제공으로 인한 매출액As filed	4,535	3,567	3,512	3,929	4,083	4,294	4,564	7,146	7,509	7,104	7,261
건설계약으로 인한 매출액As filed	37,612	40,269	32,122	17,424	12,649	8,122	7,550	6,470	7,854	8,491	6,737
공사부담금수익As filed	3,760	4,273	4,790	5,945	6,048	6,435	6,612	7,118	7,431	—	—
비지배지분에 귀속되는 포괄손익As filed	—	—	—	—	1,108	698	1,244	909	878	1,808	958
재화의 판매로 인한 매출원가As filed	413,489	412,374	484,540	559,766	557,505	503,533	620,793	994,418	880,661	802,210	775,936
지배기업의 소유주에게 귀속되는 포괄손익As filed	—	—	—	—	-22,391	18,028	-47,540	-232,732	-50,326	40,702	84,256
용역의 제공으로 인한 매출원가As filed	5,457	5,570	5,974	5,922	10,306	4,419	5,809	5,206	6,298	5,573	6,713
건설계약으로 인한 매출원가As filed	35,631	37,551	30,474	16,389	9,988	10,094	8,990	9,413	10,036	11,859	24,399
관계기업,공동기업,종속기업 관련이익(손실)As filed	—	—	-1,083	3,582	2,141	2,811	4,946	13,104	6,130	8,823	5,761
관계기업 및 공동기업 투자지분 평가이익As filed	2,808	2,244	2,415	4,733	2,577	3,990	7,756	13,935	8,041	9,380	8,074
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	1,021	—	—
후속적으로 당기손익으로 재분류되는 기타포괄손익As filed	—	—	-2,751	366	1,114	-1,447	3,266	5,135	—	8,307	-2,557
현금흐름위험회피 파생상품평가손익As filed	44	284	-209	—	—	—	—	—	-37	119	347
관계기업 및 공동기업 투자지분 처분이익As filed	47	1	6	51	701	102	18	111	182	1,861	39
해외사업장환산손익As filed	—	—	—	—	—	—	—	—	-173	—	—
종속기업 투자지분 처분이익As filed	84	0	0	1	0	0	—	—	—	1	—
해외사업환산손익As filed	185	414	1,342	207	-728	764	-412	-284	—	1,646	-326
관계기업 및 공동기업 투자지분 평가손실As filed	865	2,434	-3,232	-1,102	-909	-1,198	-2,185	-552	2,091	1,825	2,067
지분법적용대상인 관계기업과 공동기업의 기타포괄손익에 대한 지분As filed	896	-549	101	-12	-68	32	36	123	1,230	6,542	-2,578
관계기업 및 공동기업 투자지분 처분손실As filed	0	29	0	-22	-0	-0	-641	-17	0	7	0
후속적으로 당기손익으로 재분류되지 않는 기타포괄손익As filed	—	—	1,804	-1,435	238	-752	2,730	7,334	-3,307	-2,017	1,105
관계기업 및 공동기업 투자지분 손상차손As filed	0	1,155	-272	-79	-225	-16	0	-52	0	692	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	-342	-117	-85	590	—	-317	1,008	1,439
종속기업 투자지분 처분손실As filed	0	0	—	—	-3	-66	-2	-321	6	0	—
확정급여제도의 재측정요소As filed	-879	-759	1,703	-1,082	423	-698	2,104	6,631	-2,717	-2,961	-274
종속기업투자주식처분이익As filed	—	—	—	—	—	—	—	—	0	—	0
관계기업/공동기업투자손상차손As filed	—	—	—	—	—	—	—	—	—	—	0
종속기업투자주식처분손실As filed	—	—	—	—	—	—	—	—	—	—	285
관계기업/공동기업투자손상차손환입As filed	—	—	—	—	—	—	—	—	3	—	0
기타포괄손익-공정가측정 금융자산평가손익As filed	—	—	—	—	—	—	—	580	—	—	—
관계기업 및 공동기업 투자지분 손상차손환입As filed	—	—	—	—	—	—	—	—	—	105	—
매도가능금융자산평가손익As filed	96	613	71	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	-881	-784	—	—	—	—	—	—	—	—	—
매도가능금융자산평가손익(세후기타포괄손익)As filed	—	—	—	0	0	—	—	—	—	—	—
현금흐름위험회피파생상품 평가손익As filed	—	—	—	—	192	646	-158	-244	—	—	—
지분법적용대상인 관계기업과 공동기업의기타포괄손익에 대한 지분As filed	-3	-25	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되는 세후기타포괄손익As filed	1,222	761	—	—	—	—	—	—	—	—	—
현금흐름위험회피손익(세후기타포괄손익)As filed	—	—	—	2	—	—	—	—	—	—	—
지분법 적용대상인 관계기업과 공동기업의 기타포괄손익에 대한 지분As filed	—	—	—	—	193	-1,328	3,012	5,095	—	—	—
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	—	571	—	—	—	—	—	—	—
지배기업의 소유주에게 귀속되는 포괄이익As filed	133,081	70,416	12,302	-14,265	—	—	—	—	—	—	—
비지배지분에 귀속되는 포괄이익As filed	1,422	1,045	1,165	1,451	—	—	—	—	—	—	—
공사부담금 수익As filed	—	—	—	—	—	—	—	—	—	8,206	8,618

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	134,164	71,483	14,414	-11,745	-22,635	20,925	-52,292	-244,291	-47,161	36,220	86,667
Total adjustments to operating cash flowcomputed	35,267	93,722	98,085	78,546	104,770	111,160	97,024	9,516	62,383	122,541	122,135
	169,431	165,206	112,499	66,801	82,134	132,085	44,732*	-234,775	15,222	158,761	208,802
Interest receivedKRW 100M	1,339	2,409	1,732	1,942	1,861	2,152	2,010	2,205	3,297	3,907	3,042
Interest paidKRW 100M	21,760	20,414	18,863	18,959	20,279	20,817	19,282	25,177	42,458	46,974	43,933
DepreciationKRW 100M	—	—	96,600	99,059	109,718	113,776	117,721*	123,053	128,691	138,338	136,302
AmortisationKRW 100M	—	—	1,137	1,189	1,569	1,705	1,662	1,562	1,632	1,636	1,586
Income taxes paidKRW 100M	9,351	32,988	22,983	4,503	2,822	4,522	7,368	4,489	5,664	7,923	13,331
	-97,740	-96,459	-126,067	-130,143	-134,994	-148,318	-123,543*	-149,538	-130,738	-140,931	-184,455
Purchase of property, plant and equipmentKRW 100M	140,499	120,288	125,360	122,669	140,004	132,813	126,685*	123,469	139,084	142,160	158,341
Proceeds from sale of property, plant and equipmentKRW 100M	98,438	2,080	858	2,341	5,227	3,318	2,780	6,299	3,096	4,026	4,676
Purchase of intangible assetsKRW 100M	879	1,244	1,439	1,106	2,294	1,204	1,131	805	748	919	1,035
	-52,066	-76,375	7,456	53,017	57,754	18,808	84,351	389,979	126,619	-38,493	-26,346
Dividends paidKRW 100M	4,099	20,884	13,404	5,994	994	813	8,122	423	453	1,269	2,168
Disposal of treasury sharesKRW 100M	0	0	—	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	17,963	37,831	30,514	23,697	13,583	18,101	20,296	26,352	32,348	43,429	23,830
	37,831	30,514	23,697	13,583	18,101	20,296	26,352	32,348	43,429	23,830	22,408
Effect of exchange rate changesKRW 100M	242	311	-704	211	-377	-380	517	329	-22	1,064	577
Net change in cash and cash equivalentsKRW 100M	19,868	-7,317	-6,816	-10,114	4,518	2,195	6,057	5,995	11,081	-19,599	-1,422

신종자본증권 상환으로 인한 현금 유출액As filed	—	—	—	—	—	—	—	1,695	0	—	—
당기순이익(손실)As filed	—	—	14,414	-11,745	-22,635	20,925	-52,292	-244,291	—	36,220	86,667
영업에서 창출된 현금As filed	198,818	216,095	—	—	—	—	—	—	—	—	—
신종자본증권의 상환As filed	—	—	—	—	—	—	—	—	—	0	2,300
당기순이익As filed	134,164	71,483	—	—	—	—	—	—	—	—	—
당기순이익조정을 위한 가감As filed	—	—	164,929	131,298	157,693	163,167	144,685	71,814	—	211,314	229,924
신종자본증권 배당지급액As filed	-165	-165	-159	-177	-134	-134	-134	-135	102	103	21
리스 부채의 상환As filed	—	—	—	—	5,734	6,140	5,720	5,626	5,742	—	—
당기순이익 조정을 위한 가감As filed	87,904	166,943	—	—	—	—	—	—	—	—	—
리스부채의 상환As filed	—	—	—	—	—	—	—	—	—	6,128	5,497
법인세비용As filed	52,394	33,651	21,728	-8,263	—	—	—	—	—	—	—
법인세비용(수익)As filed	—	—	—	—	-10,023	8,991	-18,560	-94,145	—	16,346	29,203
연결자본거래로 인한 순현금유입액As filed	1,040	105	236	201	174	116	901	1,756	2,188	-360	-578
감가상각비As filed	82,691	88,813	—	—	—	—	—	—	—	—	—
사채의 증가As filed	—	—	—	—	—	—	—	—	—	27,958	230,937
무형자산상각비As filed	723	797	—	—	—	—	—	—	—	—	—
사채 및 장기차입금 차입As filed	—	—	—	—	—	—	—	—	217,141	—	—
장기차입금의 증가As filed	—	—	—	—	—	—	—	—	—	204,762	17,698
퇴직급여As filed	3,147	3,738	3,914	3,606	7,251	4,923	5,119	4,857	3,587	4,280	4,842
대손상각비As filed	184	—	1,263	575	166	507	672	300	1,016	603	830
대손상각비(대손충당금환입)As filed	—	378	—	—	—	—	—	—	—	—	—
단기차입금의 순차입As filed	—	—	—	—	1,890	3,453	16,214	58,524	19,470	—	—
사채 및 장기차입금 상환As filed	—	—	—	—	—	—	—	—	109,682	—	—
사채의 상환As filed	—	—	—	—	—	—	—	—	—	6,546	265,413
이자비용As filed	20,157	17,529	17,896	18,685	20,468	19,954	19,145	28,185	44,517	46,651	43,396
장기차입금의 상환As filed	—	—	—	—	—	—	—	—	—	246,874	12,113
금융자산처분손실As filed	30	0	23	0	—	6	10	18	0	4	35
파생상품의 순정산As filed	733	732	334	609	1,021	423	981	4,076	3,323	5,455	6,216
당기손익-공정가치측정금융자산처분손실As filed	—	—	—	—	21	—	—	—	—	—	—
유형자산처분손실As filed	19	50	705	607	725	1,627	926	1,001	981	1,120	1,127
유형자산폐기손실As filed	3,651	4,265	4,241	4,812	3,642	2,553	2,079	1,609	1,967	1,957	1,224
기타재무활동으로 인한 순현금유입액(유출액)As filed	—	—	—	—	—	—	—	—	477	—	—
유형자산손상차손As filed	303	0	511	7,102	500	804	41	—	—	112	—
무형자산손상차손As filed	0	39	0	81	5,136	36	0	2	29	9	—
단기차입금의 순차입(상환)As filed	—	—	3,703	-1,837	—	—	—	—	—	-15,364	9,482
무형자산처분손실As filed	0	2	2	0	8	4	1	1	1	1	0
보증금의 감소As filed	1,852	1,612	1,104	2,599	2,753	2,809	1,661	1,410	1,302	1,528	1,432
유형자산손상차손(환입)As filed	—	—	—	—	—	—	—	-974	170	—	—
충당부채순전입액As filed	16,027	17,827	—	—	—	—	—	21,470	16,111	17,625	34,923
기타재무활동으로 인한 현금유출입액As filed	—	—	—	—	—	—	—	—	—	-24	—
대여금의 감소As filed	1,117	1,176	1,210	1,000	2,927	2,153	2,187	1,021	1,244	2,269	4,130
외화환산손익As filed	6,172	2,535	-9,029	2,434	3,703	-7,822	9,971	5,233	-3,637	-23,668	4,071
재무활동으로 분류된 기타의 현금유입(유출)As filed	—	—	—	—	—	—	—	—	—	—	-2,589
보증금의 증가As filed	3,527	4,687	3,971	2,996	2,806	2,763	2,229	2,373	1,382	1,545	1,619
파생상품손익As filed	-7,081	-2,316	10,436	-3,005	-4,038	3,903	-9,071	-4,489	—	-24,064	—
관계기업,공동기업투자지분평가손익As filed	-1,943	189	—	—	—	—	—	—	—	—	—
금융자산처분이익As filed	-0	-15	11	18	39	120	—	112	132	455	—
대여금의 증가As filed	1,536	2,061	2,187	1,887	3,358	3,367	2,240	4,014	2,130	1,728	3,768
유형자산처분이익As filed	-86,375	-740	483	981	438	932	563	1,487	322	860	2,855
충당부채전입액As filed	—	—	16,901	10,570	23,012	18,328	24,665	—	—	—	—
금융자산의 처분As filed	2,429	108,760	52,967	24,193	27,835	80,204	70,237	141,823	43,892	26,153	36,773
무형자산처분이익As filed	-0	0	6	0	2	16	0	0	1	0	0
관계기업 및 공동기업 투자지분 처분이익As filed	-47	-1	6	51	701	102	18	111	182	1,861	39
관계기업 및 공동기업 투자지분 처분손실As filed	0	29	0	22	0	0	641	17	0	7	0
매각예정자산의 처분As filed	—	—	—	187	307	326	11	242	287	287	—
금융상품의 취득As filed	—	—	—	—	—	—	—	—	31,419	—	—
당기손익-공정가치측정금융자산평가이익As filed	—	—	—	85	56	129	143	71	1,523	834	1,331
종속기업 투자지분 처분이익As filed	-84	0	0	-1	0	0	—	—	—	1	—
종속기업 투자지분 처분손실As filed	0	0	—	—	3	66	2	321	6	0	—
관계기업 및 공동기업 투자지분 손상차손As filed	0	1,155	272	79	225	16	0	52	0	692	—
관계기업 및 공동기업 투자지분 평가손익As filed	—	—	817	-3,631	-1,668	-2,791	-5,571	-13,383	5,951	7,555	6,007
관계기업및공동기업 투자지분의 취득As filed	—	—	—	—	—	—	—	—	4,976	—	—
당기손익-공정가치측정금융자산평가손실As filed	—	—	—	66	45	74	55	443	240	142	250
이자수익As filed	-2,416	-2,418	2,061	2,238	2,681	2,426	2,219	3,408	4,296	4,675	4,404
매각예정으로 분류된 비유동자산이나 처분자산집단의 처분As filed	—	—	—	—	—	—	—	—	—	—	400
배당금수익As filed	-141	-94	-115	-128	-138	-73	-105	-289	—	706	261
관계기업및공동기업 투자지분의 처분As filed	—	—	—	—	—	—	—	—	58	—	—
매도가능금융자산손상차손As filed	844	867	27	0	0	—	—	—	—	—	—
금융자산의 취득As filed	53,262	81,306	47,867	28,417	21,653	92,035	58,934	164,963	—	25,370	43,415
기타As filed	-351	663	167	813	1,282	304	-1,699	—	—	761	4,228
연결범위의 변동으로 인한 순현금유출입액As filed	-10	38	0	21	-29	-246	-635	-313	-258	—	-31
영업활동으로 인한 자산(부채)의 감소(증가)As filed	-23,250	-22,331	—	—	—	—	—	—	—	-37,904	-53,828
관계기업 및 공동기업 투자지분의 취득As filed	—	—	—	—	—	—	—	—	—	4,518	20,964
매출채권의 감소As filed	7,155	2,005	—	—	—	—	—	—	—	—	—
기타투자활동으로 인한 순현금유출액As filed	-1,320	131	—	—	-1,571	-1,855	-2,259	-1,864	-1,193	-1,893	-3,134
미수금의 감소(증가)As filed	-171	-683	-318	1,546	640	4,595	8,699	—	—	—	769
관계기업 및 공동기업 투자지분의 처분As filed	—	—	—	—	—	—	—	—	—	2,366	144
미수수익의 감소(증가)As filed	171	692	5,778	-4,847	836	-2,590	-179	—	—	—	3,257
기타채권의 증가As filed	-94	101	—	—	-1,166	-325	—	—	—	—	—
당기손익-공정가치측정금융자산처분이익As filed	—	—	—	—	—	—	77	—	—	—	—
정부보조금 등의 수령As filed	527	329	555	304	217	412	379	508	572	595	250
기타의유동자산의 감소As filed	675	-2,595	—	—	—	—	—	—	—	—	—
당기손익인식금융자산평가손실As filed	—	—	—	0	—	—	—	—	—	—	—
연결범위의 변동으로 인한 순현금유출액As filed	—	—	—	—	—	—	—	—	—	-27	—
무형자산손상차손환입As filed	—	—	—	—	—	—	0	0	0	—	0
재고자산의 증가As filed	-11,902	-14,395	—	—	-9,802	-7,235	—	-30,007	—	—	—
기타의비유동자산의 감소(증가)As filed	-315	-28	—	—	—	—	—	588	-1,016	1,086	-1,660
무형자산의 처분As filed	5	4	11	0	77	109	1	3	2	4	46
매입채무의 감소As filed	-15,776	1,420	—	—	—	-2,630	—	—	—	1,092	—
미지급금의 증가(감소)As filed	382	-84	-2,147	-2,929	1,925	-3,633	—	617	-9,604	-975	-4,986
미지급비용의 감소As filed	-4,107	-1,532	—	—	-4,545	-2,221	-4,570	-1,917	-2,285	-5,082	—
투자부동산의 처분As filed	—	—	—	—	—	—	—	5	0	0	—
기타채무의 증가As filed	10	0	—	—	—	—	—	—	—	—	—
기타유동부채의 증가As filed	8,709	2,844	—	—	3,734	3,882	3,794	4,461	9,017	-22,613	—
기타의비유동부채의 증가(감소)As filed	3,776	8,097	—	—	—	—	—	—	—	—	—
관계기업 및 공동기업투자지분의 감소As filed	1,147	754	—	—	—	—	—	—	—	—	—
충당부채의 감소As filed	-10,335	-15,271	—	—	-14,735	-14,994	-24,260	-15,642	-14,977	-15,884	—
퇴직금의 지급As filed	-431	-535	-695	-893	-652	-748	—	-2,183	—	2,082	3,620
사외적립자산의 납입As filed	-2,144	-3,121	-3,251	-3,301	-3,484	-5,823	-3,177	-3,478	1,886	2,548	3,510
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	-51,417	—	—
미수수익의 증가As filed	—	—	—	—	—	—	—	-347	-2,590	-1,900	—
미수금의 감소As filed	—	—	—	—	—	—	—	804	6,260	-1,915	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-26,837	-31,344	-31,926	-28,893	-23,127	-35,126	—	—	—
기타비유동부채의 증가As filed	—	—	—	—	—	—	—	4,229	4,378	—	—
기타영업손익As filed	—	—	—	—	—	—	—	2,159	-69	—	—
매출채권의 감소(증가)As filed	—	—	-2,183	2,468	953	-1,076	—	—	—	27	-4,368
기타비유동부채의 증가(감소)As filed	—	—	7,640	2,875	6,505	7,550	4,580	—	—	—	3,653
기타의비유동부채의 증가As filed	—	—	—	—	—	—	—	—	—	28,929	—
매출채권의 증가As filed	—	—	—	—	—	—	-2,167	-19,096	-14,841	—	—
미지급비용의 증가(감소)As filed	—	—	-7,153	-3,612	—	—	—	—	—	—	-3,439
확정급여부채의 감소As filed	—	—	—	—	—	—	—	—	2,814	—	—
충당부채의 증가(감소)As filed	—	—	-13,906	-11,330	—	—	—	—	—	—	-18,405
관계기업및공동기업투자지분의 감소As filed	—	—	1,070	1,752	2,156	2,377	2,882	4,737	5,928	—	—
기타채권의 감소(증가)As filed	—	—	-13	-620	—	—	243	—	—	—	973
기타유동자산의 감소(증가)As filed	—	—	376	-1,485	—	—	—	—	2,518	—	—
관계기업및공동기업투자지분의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	—	3,462
재고자산의 감소(증가)As filed	—	—	-13,734	-17,715	—	—	—	—	1,478	-14,127	-15,668
기타의비유동자산의 증가As filed	—	—	-461	-541	-6,111	-1,400	-35	—	—	—	—
기타채권의 감소As filed	—	—	—	—	—	—	—	802	565	1,010	—
관계기업 및 공동기업 투자지분의 감소As filed	—	—	—	—	—	—	—	—	—	3,643	—
기타유동자산의 증가As filed	—	—	—	—	—	—	—	-6,519	—	—	—
기타유동자산의 증가(감소)As filed	—	—	—	—	-2,720	-4,621	-5,697	—	—	—	—
매입채무의 증가(감소)As filed	—	—	3,421	4,787	—	—	21,446	—	-31,548	—	-9,575
재고자산의 감소As filed	—	—	—	—	—	—	-17,380	—	—	—	—
기타의유동자산의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	-6,566	-7,135
매입채무의 증가As filed	—	—	—	—	-5,462	—	—	27,825	—	—	—
기타채무의 증가(감소)As filed	—	—	3	0	0	—	—	—	—	—	—
미지급금의 감소As filed	—	—	—	—	—	—	-5,711	—	—	—	—
기타유동부채의 증가(감소)As filed	—	—	-1,263	2,501	—	—	—	—	—	—	6,423
배당금수취As filed	386	103	106	112	243	73	105	289	259	122	261
당기순손익 조정을 위한 가감As filed	—	—	—	—	—	—	—	—	158,366	—	—
종속기업, 조인트벤처와 관계기업에 대한 투자의 처분As filed	221	—	—	—	—	—	—	—	—	—	—
종속기업,관계기업및공동기업 투자의 처분As filed	—	466	—	—	—	—	—	—	—	—	—
종업원급여채무의 감소As filed	—	—	—	—	—	—	-1,595	—	—	—	—
종속기업, 조인트벤처와 관계기업에 대한 투자의 취득As filed	1,161	—	—	—	—	—	—	—	—	—	—
종속기업,관계기업및공동기업 투자의 취득As filed	—	1,132	—	—	—	—	—	—	—	—	—
관계기업 및 공동기업투자지분의 처분As filed	—	—	105	—	0	54	45	562	—	—	—
영업권의 취득As filed	0	—	—	—	—	—	—	—	—	—	—
관계기업 및 공동기업투자지분의 취득As filed	—	—	2,068	—	1,078	3,421	6,730	3,610	—	—	—
관계기업에 대한 투자자산의 처분As filed	—	—	—	16	—	—	—	—	—	—	—
금융자산처분손익As filed	—	—	—	—	—	—	—	—	—	—	581
관계기업에 대한 투자자산의 취득As filed	—	—	—	3,194	—	—	—	—	—	—	—
무형자산손상차손 조정As filed	—	—	—	—	—	—	—	—	—	—	84
정부보조금 등의 사용As filed	-134	-335	0	—	—	—	—	—	—	—	—
유형자산손상차손 조정As filed	—	—	—	—	—	—	—	—	—	—	143
기타투자활동으로 인한 순현금유출입액As filed	—	—	14	-538	—	—	—	—	—	—	—
합병으로 인한 현금유출액As filed	—	—	—	—	-1,543	0	0	—	—	—	—
사채 및 장기차입금의 차입As filed	41,785	23,021	100,981	142,516	132,214	101,701	173,923	435,941	—	—	—
사채 및 장기차입금의 상환As filed	89,607	77,500	81,989	80,956	70,683	79,767	93,604	102,527	—	—	—
파생상품관련손익As filed	—	—	—	—	—	—	—	—	3,239	—	527
금융리스 부채의 상환As filed	—	—	1,229	1,345	—	—	—	—	—	—	—
단기차입금의 순상환As filed	-654	-496	—	—	—	—	—	—	—	—	—
종속기업투자주식처분이익As filed	—	—	—	—	—	—	—	—	0	—	0
신종자본증권 상환으로 인한 현금유출액As filed	—	—	-997	0	0	—	—	—	—	—	—
금융리스부채의 상환As filed	1,100	1,182	—	—	—	—	—	—	—	—	—
관계기업/공동기업투자손상차손As filed	—	—	—	—	—	—	—	—	—	—	0
관계기업/공동기업투자손상차손환입As filed	—	—	—	—	—	—	—	—	3	—	0
기타재무활동으로 인한 순현금유출액As filed	0	-6	-20	-2	0	-31	-89	88	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증감As filed	19,625	-7,628	-6,112	-10,325	4,895	2,575	5,539	5,666	11,103	—	—
배당수익As filed	—	—	—	—	—	—	—	—	259	—	—
종속기업투자주식처분손실As filed	—	—	—	—	—	—	—	—	—	—	285
관계기업 및 공동기업 투자지분 손상차손환입As filed	—	—	—	—	—	—	—	—	—	105	—
법인세수익As filed	—	—	—	—	—	—	—	—	-28,378	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	59,787	209,630	262,763
당기순손실As filed	—	—	—	—	—	—	—	—	-47,161	—	—
환율변동효과 반영전 현금및현금성자산의 순증가As filed	—	—	—	—	—	—	—	—	—	-20,663	-1,999

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.17.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 65	삼정회계법인	2025-12-31
2024	적정의견Term 64	한영회계법인	2025-12-31
2023	적정의견Term 63	한영회계법인	2025-12-31
2022	적정Term 62	한영회계법인	2022-12-31
2021	적정Term 61	한영회계법인	2022-12-31
2020	적정Term 60	한영회계법인	2022-12-31
2019	적정Term 59	한영회계법인	2019-12-31
2018	적정Term 58	삼정회계법인	2019-12-31
2017	적정Term 57	삼정회계법인	2019-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%

BetaDaily 5Y0.50

Equity risk premium%

Terminal growth%

Cost of equity6.91%

Weighted average cost of capital—

Initial growth15.7%

Effective tax rate25.2%

Base fiscal year2025

Current priceKRW29,100

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	32,047	+10.1%
Dividend discount model DDM	43,522	+49.6%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	221,852	+662.4%
Residual income model RIM	336,439	+1,056.1%

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% + 0.50 × 5.00% = 6.91%

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(17.74% × (1 − 11.58%), 0) = 15.68%

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 = 1,542 × (1 + 2.00%) / (6.91% − 2.00%) = 1,573 / 0.0491 = 32,047 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 = 1,542, g_1 = 15.68%, g_T = 2.00%, r = 6.91%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	15.68%	1,784	0.9354	1,669
2	12.26%	2,003	0.8749	1,752
3	8.84%	2,180	0.8184	1,784
4	5.42%	2,298	0.7655	1,759
5	2.00%	2,344	0.7161	1,678
Terminal value	2.00%	48,711	0.7161	34,880
Total				43,522

P_0 = 43,522 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 = 75,035 KRW, ROE = 17.74%, payout ratio = 11.58%, r = 6.91%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	75,035	13,311	5,183	8,127	0.9354	7,602
2	86,804	15,398	5,996	9,402	0.8749	8,226
3	100,418	17,813	6,937	10,877	0.8184	8,901
4	116,168	20,607	8,025	12,582	0.7655	9,632
5	134,388	23,839	9,283	14,556	0.7161	10,423
Terminal value				302,513	0.7161	216,619

P_0 = 75,035 + 44,785 + 216,619 = 336,439 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 = 208,801.5 − 158,341.4 + 0.0 (net borrowing) = 50,460.2 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	15.68%	58,374.4	0.9354	54,602.5
2	12.26%	65,532.9	0.8749	57,337.7
3	8.84%	71,327.4	0.8184	58,375.0
4	5.42%	75,194.0	0.7655	57,563.2
5	2.00%	76,697.9	0.7161	54,920.6
Terminal value	2.00%	1,594,006.1	0.7161	1,141,409.3
Total				1,424,208.2

P_0 = 1,424,208.2 KRW hundred million ÷ 641,964,077 (shares) = 221,852 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