018670KOSPI

SK Gas

272,000

+1,500 (+0.55%)

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

SK Gas is a company established on December 20, 1985. Headquartered in Seongnam, Gyeonggi-do, the company is listed on the KOSPI market.

The company imports, stores, and distributes liquefied petroleum gas. Its business segments include domestic supply to petrochemical firms and industrial users, as well as international trading. Through its subsidiary Ulsan GPS, it also operates a dual fuel power plant.

Business overview as filed

[SK가스]

당사는 LPG 수입산업의 합리화를 위해 1985년 설립되어 현재까지 LPG 등의 화학제품을 수입, 저장, 판매하는 LPG 가스사업을 주요 사업으로 영위하고 있으며, 2025년 누적 회사 매출액 90%인 7조원을 LPG 가스사업에서 창출하였습니다. 이중 국내 매출은 4.1조원으로 약 54.4%, 해외수출은 3.5조원으로 약 45.6%를 차지하고 있습니다. LPG (Liquefied Petroleum Gas: 액화석유가스)는 편리성과 청정성 그리고 높은 효율성을 가지고 있는 에너지로, 국내에서는 정유사의 원유정제공정이나 석유화학공정에서 부산물로 생산되기도 하나, 부족분은 전량 해외로부터 수입해야 합니다. 이에, 당사는 사우디아라비아, 쿠웨이트, 아랍에미레이트 등 중동지역 및 미국과 LPG Trading 시장을 통해 국내에 LPG를 수입하고 있습니다.국내에 수입된 LPG는 당사가 보유한 LPG 저장기지 설비를 거쳐 국내 수요처에 공급됩니다. 당사의 LPG저장기지는 총 48만톤 규모로, 석유화학 및 산업용으로 공급하기 용이한 울산과 가정상업 및 수송용 대수요권인 수도권에 인접한 경기도 평택에 위치하고 있습니다. 30여년간 축적해온 세계적인 규모의 저장기지 운영 노하우와, 국내 LPG 시장 경험 및 각종 Risk 관리 능력을 기반으로 당사는 전국적인 유통망을 통하여 LPG 충전소, 석유화학업체, 산업체 등 다양한 국내 수요처에 안정적으로 LPG 제품을 공급하고 있습니다.또한 당사는 오랜 LPG 국내 수입 및 해외 판매 경험을 바탕으로 지난 20여년간 아시아 지역의 주요한 LPG trader로 성장하였습니다. 해외 LPG 도입처에서 해외 Buyer와의 거래 또는 LPG Trading 시장에서의 판매 등의 형태로 LPG 해외수출을 하고 있으며, 당사는 해외 LPG Trading을 통해 단순 판매를 통한 이익 추구 외에도 재고조정을 통한 도입비 절감, 타회사와의 제품/선복 Swap을 통한 Trading 이익 추구 등 다양한 목적으로 수행 중입니다.한편, 당사의 주요종속회사인 울산지피에스(주)는 LPG/LNG 가스복합화력발전 사업을 추진하는 회사입니다. 2024년 12월 세계최초 LPG-LNG Dual Fuel 발전소의 상업운전을 개시하였으며 2025년 12월 말 기준 시운전 기간의 매출을 포함한 울산GPS의 매출은 7,601억원입니다.

[울산지피에스]

울산지피에스 주식회사(이하"당사")는 2011년 07월 01일에 발전업을 목적으로 설립되었으며, 당초 충청남도 당진시 석문면 교로리 일원에 1,000MW급 석탄화력발전소를 건설하여 운영하려 하였으나 미세먼지 이슈 확대 등으로 변경된 정부의 에너지정책에 따라 지난 2018년 03월 29일 발전사업변경 허가를 받아 가스복합발전으로 발전연료 및 사업내용을 변경하였고, 이어서 2019년 01월 30일에는 사업장 소재지를 충청남도 당진시에서 울산광역시 및 충청북도 음성군 등으로 변경하였습니다.2019년 08월 19일에는 회사를 존속법인인 당사를 포함, 3개사로 인적 분할 하였고 이후 울산광역시로 본점을 이전하였습니다. 2024년 12월 01일 상업운전을 시작하여 전력수급 안정화 및 에너지 사용 효율화에 기여하고 있습니다. 당기말 기준(2025년 12월 31일) 현재 회사의 자본금은 344,910,000천원이며, SK가스(주)가 회사의 지분 100%를 소유하고 있습니다.

Company overview

가. 연결대상 종속회사 현황(요약)

나. 연결대상회사의 변동내용

다. 회사의 법적 및 상업적 명칭당사의 명칭은 에스케이가스 주식회사이고, 영문명은 SK Gas Co., Ltd.라고 표기합니다.

라. 설립일자 : 1985년 12월 20일

마. 본사의 주소, 전화번호 및 홈페이지(1) 본사의 주소 : 경기도 성남시 분당구 판교로 332 ECO Hub(2) 전화번호 : 02) 6200-8114(3) 홈페이지 : http://www.skgas.co.kr

바. 회사사업 영위의 근거가 되는 주요 법률(1) 액화석유가스의 안전관리및사업법(2) 고압가스 안전관리법(3) 석유 및 석유대체연료 사업법

사. 중소기업 등 해당 여부

아. 주요 사업의 내용 및 향후 추진하려는 신규사업에 관한 간략한 설명

(1) 주요 사업의 내용당사는 액화석유가스(LPG)의 수입, 저장, 판매 등을 주요 사업으로 영위하고 있으며, 지난 40여년간 국내외에 LPG를 안정적으로 공급하며 국내 1위 사업자이자 글로벌 top-tier LPG Trading 역량을 갖춘 회사로 자리매김하였습니다. 또한 이에 안주하지 않고 가스화학 밸류체인(SK Adavanced) 구축, 산업용 LPG 신규 수요 확보 등 국내 LPG 산업의 영역 확장을 성공적으로 선도하여 왔습니다.LPG 사업 이외에도 세계 최초 LNG/LPG Dual 발전 사업(울산GPS)이 '24년 12월, LNG 터미널(코리아에너지터미널)은 '24년 11월 상업가동을 시작하였습니다. 또한, 향후 사업 포트폴리오 확장을 통한 성장을 추구해 나갈 계획입니다. 현재는 연결 매출액의 약 90%가 LPG사업 관련매출이나, 향후 신규사업 가동에 따라 신규 사업 관련 매출이 늘어날 것으로 예상됩니다.

(2) 회사가 영위하는 주요 목적사업

자. 신용평가에 관한 사항신용평가등급은 다음과 같습니다. (※ 최근 5년간 신용등급)

(1) 회사채

[SK가스]

회사채 등급

[울산지피에스]

한국기업평가(주), 한국신용평가(주) 및 NICE신용평가(주)로 부터 회사채 신용평가를 받고 있습니다. 최근 3개년간 신용등급과 관련된 내용은 다음과 같습니다.

[참고] 국내 신용등급 체계 및 등급 정의 주) AA부터 B까지는 +, - 부호를 부가하여 동일등급내에서의 우열을 나타냄

(2) 기업어음

[SK가스]

기업어음 등급

[울산지피에스]- 해당사항 없음

차. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), 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

3.57%

[1.98%, 6.28%] · 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 31.7% (2026-08-03). 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

0.10

Beta [-0.05, 0.25] · KOSPI200 · As of 2026-10-08

Intercept: +0.058%[-0.266%, +0.381%]
R squared: 0.01
Observations: 252
Trading-time corrected beta: -0.02[-0.35, 0.32]

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	40,790	52,547	66,897	68,592	49,311	44,123	64,945	80,662	69,923	70,959	76,763	89,172
Revenue growth%	—	28.82	27.31	2.53	-28.11	-10.52	47.19	24.20	-13.31	1.48	8.18	—
Operating incomeKRW 100M	—	—	1,254	1,030	1,896	1,902	1,055	3,905	3,036	2,872	4,428	3,930
Operating income growth%	—	—	—	-17.89	84.06	0.32	-44.55	270.25	-22.25	-5.41	54.20	—
Net incomeKRW 100M	732	1,882	1,499	554	1,541	2,654	2,493	2,571	3,163	1,778	2,338	3,300
Net income growth%	—	156.95	-20.34	-63.02	178.00	72.17	-6.06	3.13	23.03	-43.80	31.53	—
Attributable to ownersKRW 100M	—	—	1,021	598	1,589	2,654	2,493	2,571	3,163	1,788	2,352	3,197
Attributable to minoritiesKRW 100M	—	—	478	-43	-48	—	—	0	-0	-11	-14	103
Operating margin%	—	—	1.88	1.50	3.84	4.31	1.62	4.84	4.34	4.05	5.77	4.41
Net margin%	1.80	3.58	2.24	0.81	3.13	6.01	3.84	3.19	4.52	2.51	3.05	3.70
ROE%	—	—	6.82	3.82	9.57	13.98	11.77	10.98	12.25	6.55	8.03	8.44
ROA%	1.79	4.62	3.44	1.48	3.78	5.90	4.87	4.41	5.20	2.36	2.91	3.11
Debt ratio%	150.68	137.88	144.01	128.61	145.81	136.95	141.88	149.13	134.97	175.34	155.42	147.95
Current ratio%	189.57	124.13	138.41	107.27	109.13	160.47	166.84	148.14	170.11	129.09	132.61	144.81
Quick ratio%	112.06	99.46	102.37	86.90	85.09	134.99	134.66	121.64	139.46	104.56	106.14	126.56
Reserve ratio%	2,624.61	2,940.96	3,086.43	3,122.17	3,606.85	4,087.44	4,542.95	4,995.85	5,522.15	5,767.57	6,179.68	7,967.10
Free cash flowKRW 100M	-6,716	-2,526	-2,149	-3,178	1,974	1,499	-5,797	-3,687	465	222	3,759	—
FCF margin%	-16.47	-4.81	-3.21	-4.63	4.00	3.40	-8.93	-4.57	0.66	0.31	4.90	—
OCF conversion%	-218.11	-57.23	-72.16	-163.41	199.65	86.10	-156.06	54.48	195.14	210.01	287.65	—
Capex to revenue%	12.55	2.76	1.59	3.31	2.24	1.78	2.94	6.31	8.16	4.95	3.87	—
Receivable daysdays	—	44.4	46.4	49.7	61.8	57.0	46.3	42.9	44.9	44.0	46.0	—
Inventory daysdays	—	37.9	27.4	23.8	27.6	32.3	23.5	22.9	26.0	26.5	26.4	—
Payable daysdays	—	24.9	25.5	32.1	43.6	38.9	21.2	15.6	21.0	31.1	36.2	—
Cash conversion cycledays	—	57.4	48.3	41.4	45.8	50.3	48.6	50.2	50.0	39.4	36.1	—
EPSKRW	8,130	19,824	11,764	6,820	17,957	29,674	27,773	28,644	35,241	19,926	26,176	34,538
PERx	—	6.53	8.01	10.37	4.71	3.52	4.59	4.03	4.20	10.39	8.60	6.05
BPSKRW	—	156,329	166,968	172,981	181,674	205,706	229,394	253,611	279,632	295,658	316,710	409,255
PBRx	—	0.83	0.56	0.41	0.47	0.51	0.56	0.46	0.53	0.70	0.71	0.51
Dividend per shareKRW	—	2,600	2,600	3,000	3,000	4,000	5,100	6,500	8,000	2,000	8,000	—
Payout ratio%	—	13.12	22.10	43.99	16.71	13.48	18.36	22.69	22.70	10.04	30.56	—

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
	40,800	40,709	43,517	37,556	40,824	44,989	51,215	58,318	60,818	75,396*	80,319
	14,666	19,800	21,065	16,098	17,138	20,405	24,058	25,813	24,851	26,089*	25,130
Cash and cash equivalentsKRW 100M	2,254	2,061	2,635	803	1,357	1,221	1,627	4,048	4,938	5,845	6,259
Short-term financial instrumentsKRW 100M	871	595	857	651*	1,960	6,665	6,671	3,171	—	—	—
InventoriesKRW 100M	5,997	3,936	5,484	3,057	3,775	3,240	4,642	4,617	4,477	4,958	5,017
Trade and other receivablesKRW 100M	4,355	8,443*	8,561	10,120*	6,576	7,203	9,280	9,697	7,512	9,583	9,751
	26,134	20,909	22,453	21,458	23,686	24,584	27,157	32,504	35,967	49,307*	55,189
Property, plant and equipmentKRW 100M	19,411	11,200	11,788	9,855	9,277	9,397	10,592	16,208	21,024	25,326	26,828
Intangible assetsKRW 100M	Not applicable	Not applicable	3,054	2,686	1,110	1,119	1,196	1,157	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	312	2,778	3,358	5,246	6,178	7,351	8,500	7,360	7,499	7,827*	9,757
	24,524	23,596	25,683	21,128	24,216	26,002	30,042	34,909	34,935	48,013*	48,873
	7,736	15,951	15,219	15,006	15,704	12,716	14,420	17,425	14,609	20,210	18,950
Trade and other payablesKRW 100M	2,709	3,817	4,951	6,585*	4,216	4,242	2,869	3,428	3,900	7,165	6,518
Short-term borrowingsKRW 100M	4,315	5,311	8,117	—	5,966	6,317	7,965	8,997	—	—	—
Current portion of long-term borrowingsKRW 100M	292	4,455	1,300	1,228	1,557	0	2,000	—	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	734	552	605	635	577	1,388	1,896
	16,788	7,645	10,464	6,122	8,512	13,286	15,622	17,484	20,326	27,803*	29,923
Bonds issuedKRW 100M	—	—	5,258	3,493	3,191	8,176	10,667	12,167	12,672	9,083	9,977
Long-term borrowingsKRW 100M	6,988	2,619	3,172	—	60	2	0	—	3,334	7,095	7,488
Non-current lease liabilitiesKRW 100M	—	—	—	—	4,378	3,635	3,385	3,494	2,922	10,787	10,999
	16,275	17,113	17,834	16,428	16,608	18,987	21,174	23,409	25,883	27,383*	31,445
	12,093	13,884	14,973	15,662	16,608	18,987	21,174	23,409	25,811	27,290*	29,281
Issued capitalKRW 100M	440	444	448	453	457	462	462	462	462	462	462
Capital surplusKRW 100M	1,919	1,919	1,919	1,919	1,919	1,955	1,955	1,955	1,955	1,955	1,971
Retained earningsKRW 100M	9,624	11,141	11,919	12,215	14,567	16,909	19,011	21,102	23,530	24,663*	26,596
Accumulated other comprehensive incomeKRW 100M	243	491	783	1,170	-108	-123	-34	109	73	426*	449
Other equityKRW 100M	-133	-111	-97	-95	-227	-215	-220	-218	-209	-215	-197
Non-controlling interestsKRW 100M	4,182	3,229	2,862	766	Not applicable	0	0	0	72	93	2,165

단기금융자산As filed	—	—	—	—	—	—	—	—	2,857	1,975	1,821
파생상품자산As filed	—	—	—	—	1,249	1,564	817	491	2,135	1,083	581
기타유동금융자산As filed	—	—	—	—	1,715	15	383	1,683	711	685	976
단기대여금As filed	338	331	520	509	—	—	—	—	—	—	—
기타유동자산As filed	620	794	1,848	756	505	498	639	514	629	522	715
단기선급금As filed	—	—	—	202	—	—	—	—	—	—	—
선급금As filed	232	483	1,160	—	—	—	—	—	—	—	—
매각예정비유동자산As filed	—	—	—	—	—	—	—	1,593	1,593	1,438	10
장기금융자산As filed	—	—	—	—	700	1,198	1,409	1,476	1,393	1,382	3,549
매출채권 및 기타채권As filed	—	—	—	—	25	18	21	24	—	—	—
장기금융상품As filed	415	490	422	0	—	—	—	—	—	—	—
매도가능금융자산As filed	1,411	1,495	1,907	—	—	—	—	—	—	—	—
장기투자자산As filed	—	—	—	2,096	—	—	—	—	—	—	—
이연법인세자산As filed	—	64	62	—	419	0	0	6	7	112	112
장기대여금As filed	651	862	699	550	—	—	—	—	—	—	—
리스사용권자산As filed	—	—	—	—	5,102	4,644	4,257	4,332	3,878	12,386	12,473
무형자산As filed	3,088	3,107	—	—	—	—	—	—	1,128	1,246	1,174
기타비유동금융자산As filed	—	—	—	—	354	340	346	334	330	259	250
기타비유동자산As filed	708	889	850	1,026	353	329	306	446	420	302	289
투자부동산As filed	139	24	314	—	—	—	—	—	—	—	—
매출채권및기타채권As filed	—	—	—	—	—	—	—	—	10	12	207
순확정급여자산As filed	—	—	—	—	—	—	—	97	52	—	—
확정급여자산As filed	—	—	—	—	—	—	—	—	—	78	87
파생상품부채As filed	—	—	—	—	2,135	1,114	330	2,040	560	416	259
미지급법인세As filed	171	373	176	138	998	340	555	678	417	627	458
단기이자부차입금As filed	—	—	—	6,829	—	—	—	—	7,173	5,319	5,801
기타유동부채As filed	47	90	584	5	99	150	95	145	283	359	315
선수금As filed	202	253	90	221	—	—	—	—	—	—	—
유동성사채As filed	—	—	—	—	—	—	—	1,499	1,699	4,598	3,699
확정급여부채As filed	—	—	28	13	29	24	22	0	3	0	0
자본과부채총계As filed	40,800	40,709	43,517	37,556	40,824	44,989	51,215	58,318	60,818	—	—
이연법인세부채As filed	779	888	1,310	1,512	501	1,112	1,196	672	972	632	946
기타비유동금융부채As filed	—	—	—	—	315	327	344	355	366	47	49
기타유동금융부채As filed	—	—	—	—	—	—	—	3	1	337	0
매각예정자산As filed	—	3,158	—	—	—	—	—	—	—	—	—
부채와 자본 총계As filed	—	—	—	—	—	—	—	—	—	75,396	80,319
기타비유동부채As filed	619	616	696	988	1	1	8	15	57	116	292
매입채무및기타채무As filed	—	—	—	—	—	—	—	314	0	0	2
장기이자부차입금As filed	—	—	—	117	—	—	—	465	—	—	—
사채As filed	8,325	3,499	—	—	—	—	—	—	—	—	—
퇴직급여채무As filed	76	—	—	—	—	—	—	—	—	—	—
유동충당부채As filed	—	—	—	—	—	—	—	—	—	—	2
비유동충당부채As filed	—	—	—	—	—	—	—	—	—	—	113
매각예정부채As filed	—	1,653	—	—	—	—	—	—	—	—	—
퇴직급여부채As filed	—	24	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	40,790	52,547*	66,897*	68,592	49,311	44,123	64,945	80,662	69,923	70,959	76,763
Cost of salesKRW 100M	37,466	47,856*	62,742*	65,579	45,217	39,635	61,254	73,881	63,761	64,881	68,890
Gross profitKRW 100M	3,323	4,692*	4,155*	3,012	4,093	4,489	3,691	6,781	6,161	6,078	7,873
SG&A expensesKRW 100M	2,388*	-2,884*	2,901*	1,982	2,198	2,587	2,637	2,876	3,126	3,206	3,445
	Not applicable	Not applicable	1,254*	1,030	1,896	1,902	1,055	3,905	3,036	2,872	4,428
Finance incomeKRW 100M	Not applicable	Not applicable	2,010*	5,351*	4,281	6,858	4,488	7,164	6,152	4,666	3,527
Finance costsKRW 100M	Not applicable	Not applicable	2,877*	5,103*	5,969	5,164	3,429	7,585	4,343	4,541	4,354
Other incomeKRW 100M	Not applicable	Not applicable	2,151*	623*	239	177	627	195	239	368	515
Other expensesKRW 100M	Not applicable	Not applicable	771*	2,097*	55	193	135	143	189	123	91
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	—	-515	-843*	-883
	921	Not applicable	2,151*	235*	1,632*	4,078	3,296	Not applicable	4,380	2,399*	3,142
Income tax expenseKRW 100M	188	-512*	652	628	91	1,424	803	477	1,217	621*	804
Profit from continuing operationsKRW 100M	—	—	1,499	—	—	—	—	—	—	—	—
Profit or loss from discontinued operationsKRW 100M	—	—	0	—	547	—	—	—	—	—	—
	732	1,882	1,499	554	1,541	2,654	2,493	2,571	3,163	1,778*	2,338
Attributable to ownersKRW 100M	Not applicable	Not applicable	1,021	598	1,589	2,654	2,493	2,571	3,163	1,788*	2,352
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	478	-43	-48	Not applicable	Not applicable	0	-0	-11	-14
Basic earnings per shareKRW	8,130*	19,824*	11,764*	6,820*	17,957*	29,674	27,773	28,644	35,241	19,926*	26,176
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	29,674	27,692	28,559	35,101	19,841*	26,050
	582	2,128	1,746	995	1,304	2,597	2,551	2,781	3,066	2,203*	2,166
Other comprehensive incomeKRW 100M	-150	247	247	440	-237	-57	58	210	-97	425*	-172

영업외손익As filed	-14	356	—	—	—	—	—	—	—	-473	-1,286
영업이익As filed	935	1,808	—	—	—	—	—	—	—	—	—
비지배지분As filed	40	165	478	-379	-47	—	—	0	-0	-0	-12
관계기업및공동기업투자에대한지분법손익As filed	—	—	—	—	514	499	690	-488	—	—	—
지배기업 소유주지분As filed	—	1,539	1,021	215	994	2,654	2,493	2,781	3,066	2,203	2,179
금융수익As filed	1,177	2,510	—	—	—	—	—	—	—	—	—
관계기업과 공동기업에 대한 지분법손익As filed	-93	105	384	—	—	—	—	—	—	—	—
관계기업에 대한 지분법이익As filed	—	—	—	431	—	—	—	—	—	—	—
금융원가As filed	-1,168	-2,036	—	—	—	—	—	—	—	—	—
법인세비용차감전계속영업순이익As filed	—	—	—	—	905	—	—	—	—	—	—
법인세비용차감전순이익As filed	—	2,393	—	1,182	—	4,078	3,296	3,047	—	—	—
계속영업법인세비용As filed	—	-460	—	-400	—	—	—	—	—	—	—
계속영업법인세수익(비용)As filed	—	—	—	—	89	-1,424	-803	—	—	—	—
기타영업외수익As filed	1,004	1,129	—	—	—	—	—	—	—	—	—
계속영업당기순이익As filed	—	1,704	—	—	—	2,654	2,493	—	—	—	—
계속영업당기순이익(손실)As filed	—	—	—	-164	994	—	—	—	—	—	—
기타영업외비용As filed	-935	-1,352	—	—	—	—	—	—	—	—	—
법인세비용차감전중단영업순이익As filed	—	—	0	—	727	—	—	—	—	—	—
법인세비용차감전중단영업순이익(손실)As filed	—	230	—	947	—	—	—	—	—	—	—
중단영업법인세(비용)As filed	—	—	0	—	—	—	—	—	—	—	—
중단영업법인세비용As filed	—	—	—	-228	-180	—	—	—	—	—	—
지분법자본변동As filed	9	51	-73	37	40	-157	151	183	26	223	-90
파생상품평가손익As filed	—	178	-18	-0	-72	179	-226	-152	-71	-166	129
법인세비용차감전업순이익As filed	—	—	2,151	—	—	—	—	—	—	—	—
중단영업당기순이익(손실)As filed	—	—	—	719	—	—	—	—	—	—	—
해외사업환산손익As filed	40	48	-137	42	—	-106	123	168	34	339	-30
법인세비용As filed	—	—	-652	—	—	—	—	—	—	—	—
지배기업소유주지분As filed	692	—	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	263	78	-51	—	—	—	—	396	8
지분법이익잉여금As filed	—	—	—	—	-55	-38	-21	70	-6	1	-4
매도가능금융자산평가손익As filed	-27	-17	491	—	—	—	—	—	—	—	—
해외사업장환산손익As filed	—	—	—	—	36	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	-163	81	41	-56	-25	11	-196
후속적으로 당기손익으로 재분류 되는 항목As filed	-139	260	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	-11	-13	-16	362	-186	—	—	—	—	29	-180
확정급여채무의 재측정요소As filed	—	-13	-16	—	-23	-13	-10	-3	-55	16	20
파생상품평가손실As filed	-161	—	—	—	—	—	—	—	—	—	—
기타포괄-공정가치측정금융자산평가이익As filed	—	—	—	383	—	—	—	—	—	—	—
계속영업당기순이익의귀속As filed	—	—	1,499	—	—	—	—	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	—	-21	—	—	—	—	—	—	—
퇴직급여부채의 재측정요소As filed	-11	—	—	—	—	—	—	—	—	—	—
기본주당계속영업이익As filed	—	—	—	—	—	—	0	—	—	—	—
희석주당계속영업이익As filed	—	—	—	—	—	—	0	—	—	—	—
기본및희석주당계속영업이익As filed	—	0	—	—	0	—	—	—	—	—	—
법인세비용차감전계속영업순이익(손실)As filed	—	2,164	—	—	—	—	—	—	—	—	—
계속영업기본주당이익(손실)As filed	—	—	0	—	—	—	—	—	—	—	—
기본및희석주당계속영업이익(손실)As filed	—	—	—	0	—	—	—	—	—	—	—
중단영업법인세수익(비용)As filed	—	-52	—	—	—	—	—	—	—	—	—
중단영업당기순이익As filed	—	178	—	—	—	—	—	—	—	—	—
계속영업당기순이익의 귀속As filed	—	1,704	—	—	—	—	—	—	—	—	—
당기순이익의 귀속As filed	—	1,882	—	—	—	—	—	—	—	—	—
연결당기총포괄이익의 귀속As filed	—	2,128	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	732	1,882	1,499	554	1,541	2,654	2,493	2,571	3,163	1,778	2,338
Total adjustments to operating cash flowcomputed	-2,330	-2,959	-2,581	-1,460	1,536	-369	-6,383	-1,170	3,009	1,956	4,388
	-1,597	-1,077	-1,082	-906*	3,077	2,285	-3,890	1,401	6,172	3,733	6,726
Interest receivedKRW 100M	69	45	74	54*	16	12	5	24	146	254	251
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
DepreciationKRW 100M	—	—	472	560	—	—	—	—	—	—	—
AmortisationKRW 100M	—	—	12	16	—	—	—	—	—	—	—
Income taxes paidKRW 100M	437	282	592	372	209	1,067	515	875	1,151	-786	-786
	-5,846	-1,168	977	-3,029*	-448	-4,904	-595	-567	-5,202	-1,630	-5,472
Purchase of property, plant and equipmentKRW 100M	5,119	1,449	1,067	2,272	1,103	786	1,906	5,088	5,707	3,511	2,967
Proceeds from sale of property, plant and equipmentKRW 100M	18	69	6	7	251	80	216	1	20	18	27
Purchase of intangible assetsKRW 100M	29	25	37	31	72	55	102	38	56	65	31
	6,809	2,001	799	2,066	-2,123	2,577	4,786	1,463	-88	-1,466	-811
Dividends paidKRW 100M	-191	-200	265	293	263	265	359	547	673	718	725
Acquisition of treasury sharesKRW 100M	1	2	2	2	2	1	—	0	—	—	—
Cash at beginning of periodKRW 100M	2,850	2,254	2,061	2,635	803	1,357	1,221	1,627	4,048	4,938	5,845
	2,254	2,061	2,635	803	1,357	1,221	1,627	4,048	4,938	5,845	6,259
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	48	-95	105	125	7	271	-29
Net change in cash and cash equivalentsKRW 100M	-634	-244	695	-1,868	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

당기순이익As filed	732	1,882	1,499	554	1,541	2,654	2,493	2,571	3,163	1,778	2,338
비현금항목의조정As filed	912	615	872	1,450	—	—	—	—	—	—	—
사채의 발행As filed	—	—	1,493	-688	1,195	4,979	4,481	2,987	2,190	995	4,580
조정As filed	—	—	—	—	1,342	640	-850	1,256	643	2,368	5,164
영업활동의 자산ㆍ부채의변동As filed	—	—	—	—	387	46	-5,022	-1,575	3,372	—	—
장기이자부차입금의 차입As filed	—	—	—	5,661	225	—	—	465	2,867	3,760	390
재고자산평가손실(환입)As filed	-133	5	7	-1	—	—	—	—	—	—	—
퇴직급여As filed	39	45	45	52	—	—	—	—	—	—	—
하자보수비As filed	—	—	3	4	—	—	—	—	—	—	—
대손상각비(환입)As filed	-2	2	—	—	—	—	—	—	—	—	—
유동성사채의 상환As filed	—	—	—	—	—	—	—	-2,000	1,500	1,700	4,600
단기금융상품의 순증감As filed	—	—	—	—	—	-5,189	183	3,752	610	958	1,087
단기금융자산의 증가As filed	—	—	—	—	9,494	—	—	—	—	—	—
단기이자부차입금의 차입As filed	—	—	27,512	24,679	23,936	—	—	0	—	11,150	8,700
손실충당부채전입액As filed	—	—	—	11	—	—	—	—	—	—	—
유형자산감가상각비As filed	—	534	—	—	—	—	—	—	—	—	—
무형자산상각비As filed	7	6	—	—	—	—	—	—	—	—	—
장기이자부차입금의 상환As filed	—	—	—	-2,206	—	4	1	0	0	—	—
단기금융자산의 감소As filed	—	—	—	—	8,774	—	—	—	—	—	—
단기대여금의 증가As filed	—	—	1	69	—	3	53	3	1	0	842
대손상각비As filed	—	—	2	-1	—	—	—	—	—	—	—
이자수익As filed	84	89	104	56	—	—	—	—	—	—	—
기타의 대손상각비As filed	—	—	51	-1	—	—	—	—	—	—	—
단기이자부차입금의 상환As filed	—	—	24,426	25,222	24,509	—	-600	0	0	10,050	8,300
배당금수익As filed	-22	-44	42	-27	—	—	—	—	—	—	—
단기대여금의 감소As filed	—	—	78	255	—	149	145	119	62	202	107
비지배지분의 변동As filed	—	—	-798	—	-187	—	—	—	73	21	2,089
장기금융자산의 증가As filed	—	—	—	—	218	94	313	67	346	300	2,000
파생상품평가이익As filed	-153	-1,152	677	—	—	—	—	—	—	—	—
기타의대손상각비As filed	22	—	—	—	—	—	—	—	—	—	—
외화단기이자부차입금의 순증감As filed	—	—	—	—	—	—	2,227	1,693	-1,657	-3,140	172
자본거래 등 직접원가의 지출As filed	—	—	—	—	—	-3	-8	-5	0	0	—
파생상품거래이익As filed	—	-1,230	1,173	—	—	—	—	—	—	—	—
이자비용As filed	282	392	391	501	—	—	—	—	—	—	—
감가상각비As filed	441	—	—	—	—	—	—	—	—	—	—
장기금융자산의 감소As filed	—	—	—	—	1,898	42	0	0	58	130	11
주식선택권의 행사As filed	—	—	—	—	—	—	—	—	—	22	-15
파생상품평가손실As filed	210	598	869	—	—	—	—	—	—	—	—
파생상품거래손실As filed	—	1,088	1,598	—	—	—	—	—	—	—	—
외화환산이익As filed	-55	-70	297	76	—	—	—	—	—	—	—
외환차익As filed	—	-17	—	—	—	—	—	—	—	—	—
이자의 지급As filed	—	—	473	486	598	368	371	512	745	750	1,370
관계기업및공동기업투자의 취득As filed	—	—	—	—	—	1,050	2,844	580	—	887	400
주식보상비용As filed	—	22	32	—	—	—	—	—	—	—	—
리스부채의 상환As filed	—	—	—	—	-685	728	583	618	642	1,013	1,763
연결범위의 변동As filed	—	—	—	-391	1,227	100	—	0	—	—	—
유형자산처분이익As filed	-2	-10	0	1	—	—	—	—	—	—	—
관계기업및공동기업투자의 처분As filed	—	—	—	—	—	—	2,828	0	—	6	0
무형자산처분이익As filed	-1	-0	1	0	—	—	—	—	—	—	—
외화환산손실As filed	95	265	44	32	—	—	—	—	—	—	—
파생금융자산평가이익As filed	—	—	—	2,922	—	—	—	—	—	—	—
무형자산의 처분As filed	—	—	6	4	19	—	4	2	4	22	0
매도가능금융자산처분손실As filed	0	1	—	—	—	—	—	—	—	—	—
파생금융자산거래이익As filed	—	—	—	2,354	—	—	—	—	—	—	—
금융리스채권의 회수As filed	—	—	—	—	11	11	11	15	16	16	441
매도가능금융자산손상차손As filed	0	43	4	—	—	—	—	—	—	—	—
유형자산처분손실As filed	2	2	3	5	—	—	—	—	—	—	—
확정계약평가이익As filed	—	—	—	-8	—	—	—	—	—	—	—
매출채권처분손실As filed	1	—	—	0	—	—	—	—	—	—	—
무형자산처분손실As filed	1	0	—	0	—	—	—	—	—	—	—
배당금의 수령As filed	—	—	42	—	54	139	111	18	2	11	28
무형자산손상차손As filed	4	4	54	1	—	—	—	—	—	—	—
확정계약평가손실As filed	—	—	—	11	—	—	—	—	—	—	—
장기대여금의 감소As filed	—	—	64	94	—	—	—	—	—	—	2
지분법이익As filed	-3	-212	412	439	—	—	—	—	—	—	—
파생상품의 거래정산As filed	—	-175	31	212	-1,796	1,752	1,125	1,354	1,005	2,077	66
지분법손실As filed	96	107	28	28	—	—	—	—	—	—	—
투자선급비용의 지급As filed	—	—	—	—	—	—	—	52	68	16	0
중단영업처분이익As filed	—	-186	—	—	—	—	—	—	—	—	—
파생금융자산평가손실As filed	—	—	—	2,910	—	—	—	—	—	—	—
단기이자부차입금의 순증감As filed	—	—	—	—	—	526	—	—	—	—	—
매각예정비유동자산의 처분As filed	—	—	—	—	—	—	—	—	—	169	0
법인세비용As filed	188	512	652	628	—	—	—	—	—	—	—
파생금융자산거래손실As filed	—	—	—	1,844	—	—	—	—	—	—	—
운전자본의 조정As filed	-2,873	-3,337	—	—	—	—	—	—	—	—	—
유동성이자부차입금의 상환As filed	—	—	—	—	-1,229	-1,557	—	0	—	—	—
기타의대손충당금환입As filed	-10	—	—	—	—	—	—	—	—	—	—
매출채권As filed	599	-3,368	-1,314	-1,243	—	—	—	—	—	—	—
주식보상비용(환입)As filed	—	—	—	15	—	—	—	—	—	—	—
기타채권As filed	-208	-389	-93	9	—	—	—	—	—	—	—
매도가능금융자산처분이익As filed	0	—	—	—	—	—	—	—	—	—	—
선급금As filed	-36	-252	-676	-487	—	—	—	—	—	—	—
장기대여금의 증가As filed	—	—	194	208	—	—	—	—	—	—	606
사채상환손실As filed	—	—	1	—	—	—	—	—	—	—	—
재고자산As filed	-2,481	-1,032	-1,905	-824	—	—	—	—	—	—	—
기타유동자산As filed	178	-384	-565	957	—	—	—	—	—	—	—
기타비유동자산As filed	-334	-131	23	31	—	—	—	—	—	—	—
종속기업처분이익As filed	-2	—	—	—	—	—	—	—	—	—	—
매입채무As filed	30	1,089	810	533	—	—	—	—	—	—	—
사채상환이익As filed	-7	—	—	—	—	—	—	—	—	—	—
지분법적용 투자지분의 처분As filed	—	—	—	—	—	—	—	—	0	—	—
기타채무As filed	-697	1,262	275	201	—	—	—	—	—	—	—
지분법적용 투자지분의 취득As filed	—	—	—	—	—	—	—	—	532	—	—
관계기업주식처분손실As filed	—	—	0	—	—	—	—	—	—	—	—
당기손익-공정가치측정지분상품처분이익As filed	—	—	—	-0	—	—	—	—	—	—	—
기부금As filed	0	—	—	—	—	—	—	—	—	—	—
금융부채의 상환As filed	—	—	—	—	—	—	—	—	—	—	-336
선수금As filed	117	51	34	-166	—	—	—	—	—	—	—
종속기업/관계기업/공동기업투자처분이익As filed	—	—	—	320	—	—	—	—	—	—	—
현금및현금성자산의 증가(감소)As filed	—	—	—	—	506	-42	301	2,296	882	637	442
기타유동부채As filed	-15	61	491	-721	—	—	—	—	—	—	—
증자관련비용의 지출As filed	—	—	—	—	3	—	—	—	—	—	—
기타비유동부채As filed	-7	53	20	0	—	—	—	—	—	—	—
영업에서 창출된 현금As filed	—	—	—	—	—	—	—	—	—	4,266	7,260
채무면제이익As filed	—	—	-103	—	—	—	—	—	—	—	—
분할관련비용의 지출As filed	—	—	—	—	-2	—	—	—	—	—	—
충당부채As filed	22	-6	-0	-2	—	—	—	—	—	—	—
당기손익인식금융자산평가손실As filed	—	—	4	—	—	—	—	—	—	—	—
영업활동의 자산부채의 변동As filed	—	—	—	—	—	—	—	—	—	120	-241
퇴직금의 지급As filed	-6	-8	-6	-11	—	—	—	—	—	—	—
사외적립자산납부액As filed	-32	-111	—	—	—	—	—	—	—	—	—
유형자산손상차손As filed	—	—	—	1,091	—	—	—	—	—	—	—
잡이익As filed	—	—	20	—	—	—	—	—	—	—	—
확정급여채무의 관계사 전출입As filed	—	2	-0	1	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산평가이익As filed	—	—	—	16	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산처분이익As filed	—	—	—	-38	—	—	—	—	—	—	—
매각예정자산처분이익As filed	—	—	641	—	—	—	—	—	—	—	—
운전자본의 조정As filed	—	—	-2,934	-2,592	—	—	—	—	—	—	—
매각예정비유동자산처분손실As filed	0	—	—	—	—	—	—	—	—	—	—
매각예정비유동자산손상차손As filed	0	—	—	—	—	—	—	—	—	—	—
계약자산As filed	—	—	—	-841	—	—	—	—	—	—	—
계약원가As filed	—	—	—	-252	—	—	—	—	—	—	—
사외적립자산 납부액As filed	—	—	-57	-74	—	—	—	—	—	—	—
계약부채As filed	—	—	—	296	—	—	—	—	—	—	—
단기금융상품의 증가As filed	—	1,642	1,174	957	—	—	—	—	—	—	—
단기금융상품의 감소As filed	—	1,892	782	1,004	—	—	—	—	—	—	—
파생상품거래정산As filed	-3	—	—	—	—	—	—	—	—	—	—
단기금융상품의증가As filed	1,473	—	—	—	—	—	—	—	—	—	—
단기금융상품의감소As filed	1,439	—	—	—	—	—	—	—	—	—	—
단기대여금의증가As filed	-10	-3	—	—	—	—	—	—	—	—	—
장기금융상품의 감소As filed	—	—	68	10	—	—	—	—	—	—	—
단기대여금의감소As filed	100	156	—	—	—	—	—	—	—	—	—
매도가능금융자산의 취득As filed	—	—	131	85	—	—	—	—	—	—	—
기타유동자산의증가As filed	-250	-14	—	—	—	—	—	—	—	—	—
매도가능금융자산의 처분As filed	—	—	352	33	—	—	—	—	—	—	—
기타유동자산의감소As filed	66	130	—	—	—	—	—	—	—	—	—
종속기업및관계기업투자의 취득As filed	—	—	278	—	—	—	—	—	—	—	—
장기금융상품의증가As filed	92	107	—	—	—	—	—	—	—	—	—
장기금융상품의감소As filed	0	32	—	—	—	—	—	—	—	—	—
매도가능금융자산의취득As filed	380	20	—	—	—	—	—	—	—	—	—
장기금융상품의 증가As filed	—	—	—	2	—	—	—	—	—	—	—
기타비유동부채의 증가As filed	—	—	14	—	—	—	—	—	—	—	—
매도가능금융자산의처분As filed	39	-465	—	—	—	—	—	—	—	—	—
관계기업투자의 취득As filed	—	—	—	584	—	—	—	—	—	—	—
기타비유동부채의 감소As filed	—	—	-7	—	—	—	—	—	—	—	—
종속기업및관계기업투자의취득As filed	63	478	—	—	—	—	—	—	—	—	—
종속기업및관계기업투자의처분As filed	34	12	—	—	—	—	—	—	—	—	—
장기대여금의증가As filed	315	320	—	—	—	—	—	—	—	—	—
매각예정자산의 처분으로 인한 변동(투자)As filed	—	—	2,379	—	—	—	—	—	—	—	—
장기대여금의감소As filed	104	1	—	—	—	—	—	—	—	—	—
무형자산의처분As filed	4	9	—	—	—	—	—	—	—	—	—
기타비유동자산의증가As filed	165	133	—	—	—	—	—	—	—	—	—
기타비유동자산의감소As filed	44	77	—	—	—	—	—	—	—	—	—
유동성장기부채의 상환As filed	—	—	4,194	751	—	—	—	—	—	—	—
투자부동산의 취득As filed	—	—	—	115	—	—	—	—	—	—	—
배당금수취As filed	—	—	—	66	—	—	—	—	—	—	—
배당금의수령As filed	22	70	—	—	—	—	—	—	—	—	—
장기차입금의 차입As filed	—	—	3,262	—	—	—	—	—	—	—	—
파생상품의거래정산As filed	180	169	—	—	—	—	—	—	—	—	—
매각예정비유동자산의처분As filed	0	—	—	—	—	—	—	—	—	—	—
장기차입금의 상환As filed	—	—	1,305	—	—	—	—	—	—	—	—
단기이자부차입금의차입As filed	17,290	22,009	—	—	—	—	—	—	—	—	—
단기이자부차입금의상환As filed	17,754	21,228	—	—	—	—	—	—	—	—	—
유동성장기부채의상환As filed	1,406	319	—	—	—	—	—	—	—	—	—
사채의발행As filed	1,991	792	—	—	—	—	—	—	—	—	—
외화표시 현금및현금성자산에 대한 환율변동효과As filed	38	51	-121	—	—	—	—	—	—	—	—
장기차입금의 증가As filed	5,573	—	—	—	—	—	—	—	—	—	—
장기이자부차입금의상환As filed	35	313	—	—	—	—	—	—	—	—	—
이자의지급As filed	476	563	—	—	—	—	—	—	—	—	—
위험회피파생상품의 거래정산As filed	—	—	—	-1	—	—	—	—	—	—	—
비지배지분의증가As filed	1,958	191	—	—	—	—	—	—	—	—	—
외화표시 현금및현금성자산등의 환율변동효과As filed	—	—	—	37	—	—	—	—	—	—	—
기타비유동부채의감소As filed	—	-43	—	—	—	—	—	—	—	—	—
비지배지분의감소As filed	-135	—	—	—	—	—	—	—	—	—	—
연결범위의변동As filed	—	914	—	—	—	—	—	—	—	—	—
장기이자부차입금의차입As filed	—	1,628	—	—	—	—	—	—	—	—	—

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 2026.03.20.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 41	한영회계법인	2025-12-31
2024	적정의견Term 40	삼정회계법인	2025-12-31
2023	적정의견Term 39	삼정회계법인	2025-12-31
2022	적정Term 38	삼정회계법인	2022-12-31
2021	적정Term 37	한영회계법인	2022-12-31
2020	적정Term 36	한영회계법인	2022-12-31
2019	적정Term 35	한영회계법인	2019-12-31
2018	적정Term 34	한영회계법인	2019-12-31
2017	적정Term 33	한영회계법인	2019-12-31
2016	적정Term 32	한영회계법인	2016-12-31
2015	적정Term 31	한영회계법인	2016-12-31
2014	적정Term 30	한영회계법인	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 5Y0.19

Equity risk premium%

Terminal growth%

Cost of equity5.33%

Weighted average cost of capital4.49%

Initial growth5.6%

Effective tax rate25.6%

Base fiscal year2025

Current priceKRW272,000

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	245,098	-9.9%
Dividend discount model DDM	266,557	-2.0%
Discounted cash flow FCFF	1,694,638	+523.0%
Discounted cash flow FCFE	1,818,493	+568.6%
Residual income model RIM	609,135	+123.9%

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% + 0.19 × 5.00% = 5.33%

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(8.03% × (1 − 30.56%), 0) = 5.58%

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 = 8,000 × (1 + 2.00%) / (5.33% − 2.00%) = 8,160 / 0.0333 = 245,098 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 = 8,000, g_1 = 5.58%, g_T = 2.00%, r = 5.33%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	5.58%	8,446	0.9494	8,019
2	4.68%	8,842	0.9014	7,970
3	3.79%	9,177	0.8558	7,853
4	2.89%	9,443	0.8125	7,672
5	2.00%	9,632	0.7714	7,429
Terminal value	2.00%	295,083	0.7714	227,614
Total				266,557

P_0 = 266,557 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 = 316,710 KRW, ROE = 8.03%, payout ratio = 30.56%, r = 5.33%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	316,710	25,445	16,878	8,567	0.9494	8,134
2	334,379	26,865	17,820	9,045	0.9014	8,153
3	353,034	28,364	18,814	9,550	0.8558	8,172
4	372,729	29,946	19,864	10,082	0.8125	8,192
5	393,523	31,617	20,972	10,645	0.7714	8,211
Terminal value				326,131	0.7714	251,563

P_0 = 316,710 + 40,861 + 251,563 = 609,135 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 = 6,725.8 − 2,966.9 + 0.0 × (1 − 25.59%) = 3,758.9 KRW hundred million

Weighted average cost of capital

E = 25,147.1, D = 17,465.0 KRW hundred million; equity weight = 59.01%, debt weight = 40.99%; cost of debt k_d = 4.40%

WACC = 59.01% × 5.33% + 40.99% × 4.40% × (1 − 25.59%) = 4.49%

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	5.58%	3,968.6	0.9571	3,798.2
2	4.68%	4,154.5	0.9160	3,805.5
3	3.79%	4,311.9	0.8767	3,780.1
4	2.89%	4,436.7	0.8390	3,722.6
5	2.00%	4,525.5	0.8030	3,634.0
Terminal value	2.00%	185,724.7	0.8030	149,139.2
Total				167,879.6

Firm value = 167,879.6; less borrowings 17,465.0; plus cash 6,258.8 → 156,673.4 KRW hundred million

P_0 = 156,673.4 KRW hundred million ÷ 9,245,244 (shares) = 1,694,638 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 = 6,725.8 − 2,966.9 + 1,286.9 (net borrowing) = 5,045.8 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	5.58%	5,327.3	0.9494	5,057.8
2	4.68%	5,576.8	0.9014	5,026.8
3	3.79%	5,788.2	0.8558	4,953.3
4	2.89%	5,955.7	0.8125	4,838.8
5	2.00%	6,074.8	0.7714	4,685.8
Terminal value	2.00%	186,116.1	0.7714	143,561.6
Total				168,124.1

P_0 = 168,124.1 KRW hundred million ÷ 9,245,244 (shares) = 1,818,493 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.

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Valuation models

How the figures are calculated

Cost of equity

Initial growth

Gordon growth model

Dividend discount model DDM

Residual income model RIM

Discounted cash flow FCFF

Discounted cash flow FCFE

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