020560KOSPI

Asiana Airlines

8,210

-30 (-0.36%)

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

Asiana Airlines was established in 1988. The company is listed on the KOSPI market and is headquartered in Seoul.

The company operates air transportation services for passengers and cargo. It provides flights to six domestic cities and 53 cities across 22 countries. Its business segments include passenger transport and cargo transport using freighter aircraft and passenger aircraft belly space.

Business overview as filed

아시아나항공은 2025년 말 기준 여객기 68대를 운영하며, 국내 6개 도시, 해외 22개국 53개 도시에 취항하고 있습니다. 지난해에 이어 2025년에도 국제 여객 수요의 증가세가 지속됨에 따라, 당사는 이에 발맞춰 국제선 사업량을 확대하였습니다. 다만, 지속적인 공급 경쟁 심화 등의 여파로 수익성이 하락하며 2025년 기준 국제여객 수익은 전년대비 1% 하락한 4조 2,866억원, 전체 여객 수익은 4조 5,696억원을 기록하였습니다.

화물사업은 화물기 및 여객기 Belly 공간을 활용한 화물 수송을 통해 수익을 창출하는 사업입니다. 당사는 8월 1일부로 에어제타(舊 에어인천)에 화물기 및 국제화물 21개 노선을 이관하였고, 여객기 Belly 공간을 활용한 화물 사업을 지속 운영중에 있습니다. 화물기 노선 이관으로 인해 금년 화물수익은 전년대비 44% 감소한 9,584억원을 기록하였습니다.

당사는 연료효율성이 우수한 차세대 항공기 (A350, A321NEO)를 포함한 여객기 기단 운영을 통해 운영 효율성을 극대화하는 한편, 공고한 안전운항 체계를 유지하여 안정적 사업기반을 이어가겠습니다. 아울러 글로벌 항공사들과의 협력 강화 및 신규 취항을 통한 네트워크 개발 등 적극적 시장 대응을 통해 여객사업 및 화물사업의 수익성을 제고하겠습니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

회사의 명칭은 아시아나항공주식회사로 표기합니다. 영문으로는 ASIANA AIRLINES, INC.로 표기합니다.

다. 설립일자

회사는 1988년 2월 17일 설립되었으며, 1999년 12월 22일 주식을 KOSDAQ 증권시장에 등록하고, 2008년 3월 28일자로 한국거래소 유가증권시장에 주식을 이전 상장하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

- 주소 : 서울특별시 강서구 오정로 443-83(오쇠동) - 전화번호 : 02-2669-3114 - 홈페이지 : http://flyasiana.com

마. 회사사업 영위의 근거가 되는 법률

항공법, 항공법시행령 및 동 시행규칙 등

바. 중소기업 등 해당 여부

사. 주요 사업의 내용

아시아나항공은 2025년 말 기준 여객기 총 68대의 항공기를 보유하고, 국내 6개 도시, 해외 22개국 53개 도시에 취항하고 있습니다. 정기적으로 여객과 화물을 수송하며 매출을 창출하는 항공운송사업을 영위하며, 2025년 누계 국내여객 472만명, 국제여객 1,216만명을 수송하였습니다.

아. 신용평가에 관한 사항

주) 일반적으로 영구채 신용등급은 회사채 신용등급 대비 1notch 가량 하향 부여

국내 신용등급 체계 및 등급정의

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

4.31%

[1.70%, 11.01%] · 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 28.7% (2026-03-09). 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

0.27

Beta [0.17, 0.36] · KOSPI200 · As of 2026-10-08

Intercept: -0.133%[-0.366%, +0.099%]
R squared: 0.17
Observations: 252
Trading-time corrected beta: 0.28[0.10, 0.46]

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	57,953	57,636	62,271	71,834	69,658	38,953	43,397	62,067	76,233	83,186	72,668	68,300
Revenue growth%	—	-0.55	8.04	15.36	-3.03	-44.08	11.41	43.02	22.83	9.12	-12.64	—
Operating incomeKRW 100M	983	2,565	2,759	282	-4,437	-2,764	932	5,988	6,199	2,757	-3,452	-8,023
Operating income growth%	—	160.99	7.55	-89.77	-1,671.64	—	—	542.43	3.53	-55.53	-225.21	—
Net incomeKRW 100M	-1,392	526	2,479	-1,959	-8,179	-5,030	-5,168	265	1,805	-4,130	-2,925	-12,748
Net income growth%	—	—	371.61	-179.00	—	—	—	—	580.59	-328.78	—	—
Attributable to ownersKRW 100M	—	—	2,519	-1,979	-7,853	-3,998	-3,625	1,104	1,139	-4,192	-2,830	-11,853
Attributable to minoritiesKRW 100M	—	—	-40	20	-326	-1,032	-1,543	-839	666	62	-95	-894
Operating margin%	1.70	4.45	4.43	0.39	-6.37	-7.09	2.15	9.65	8.13	3.31	-4.75	-11.75
Net margin%	-2.40	0.91	3.98	-2.73	-11.74	-12.91	-11.91	0.43	2.37	-4.96	-4.03	-18.66
ROE%	—	—	21.89	-21.07	-99.04	-38.77	-71.91	15.98	16.75	-46.80	-37.94	-893.98
ROA%	-1.50	0.64	2.90	-2.39	-6.06	-3.63	-3.95	0.20	1.39	-3.07	-2.40	-10.67
Debt ratio%	991.23	689.86	588.18	649.29	1,386.69	1,171.55	2,410.60	1,780.17	1,506.32	1,240.80	1,370.19	5,496.47
Current ratio%	37.60	36.55	34.45	44.93	34.24	45.48	48.96	47.59	39.55	56.28	38.29	27.80
Quick ratio%	31.38	30.14	27.86	37.13	29.29	41.79	45.50	44.13	35.29	51.79	32.93	22.38
Reserve ratio%	-17.00	-11.70	15.20	-5.98	-26.39	183.99	48.64	82.25	79.18	-14.20	-28.59	-84.78
Free cash flowKRW 100M	1,556	2,839	2,124	3,634	945	-7,419	6,333	14,591	9,336	7,453	-5,689	—
FCF margin%	2.69	4.93	3.41	5.06	1.36	-19.05	14.59	23.51	12.25	8.96	-7.83	—
OCF conversion%	—	1,253.23	266.35	—	—	—	—	7,001.59	853.70	—	—	—
Capex to revenue%	4.95	6.50	7.19	4.92	6.67	8.64	8.64	6.41	7.97	8.57	9.71	—
Inventory daysdays	—	15.5	15.2	14.0	13.3	20.0	17.2	13.6	12.5	11.3	12.1	—
EPSKRW	-708	251	1,227	-964	-3,626	-1,791	-4,871	498	1,531	-6,052	-1,446	-5,754
PERx	—	16.81	3.70	—	—	—	—	28.11	7.29	—	—	—
BPSKRW	—	—	5,607	4,576	3,584	4,620	6,775	9,289	9,138	4,349	3,622	644
PBRx	—	—	0.81	0.90	1.51	0.91	2.95	1.51	1.22	2.39	2.17	11.42
Dividend per share	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

Consolidated basis

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

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

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

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

Quarterly resultsKRW 100M

Year-on-year growth%

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

Cash conversion cycledays

Free cash flow breakdownKRW 100M

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

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

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

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

Financial statements

Balance sheet

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	92,927	82,292	85,506*	81,911	135,034	138,515	130,827	134,553	130,167	134,499	121,876
	12,448	11,966	12,212*	15,136	15,608	23,862	25,653	28,443	21,498	28,048	16,727
Cash and cash equivalentsKRW 100M	1,829	2,709	2,763*	4,143	1,942	5,028	7,205	5,869	3,125	7,784	7,880
Short-term financial instrumentsKRW 100M	3,112	37	235*	366	3,969	4,982	9,588	14,474	9,665	4,897	2,199
InventoriesKRW 100M	2,057	2,100	2,337*	2,627	2,255	1,934	1,813	2,072	2,314	2,241	2,344
Trade and other receivablesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	80,480	70,326	73,294*	66,775	119,427	114,652	105,174	106,110	108,669	106,451	105,149
Property, plant and equipmentKRW 100M	55,456	51,555	53,637*	54,917	103,577	95,326	87,049	87,145	90,433	87,501	87,526
Intangible assetsKRW 100M	6,461	2,462	2,625*	2,178	2,044	804	708	578	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	4,720	1,678	1,140	962	1,131	1,046	925	—	1,064	1,272	1,457
	84,412	71,874	73,081*	70,979	125,951	127,621	125,616	127,397	122,064	124,468	113,586
	33,109	32,737	35,445*	33,693	45,584	52,472	52,393	59,764	54,355	49,832	43,680
Trade and other payablesKRW 100M	Not applicable	Not applicable	Not applicable	1,579	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	2,930	2,774	4,507	1,631	9,133	26,140	25,830	25,770	18,000	13,800	10,000
Current portion of long-term borrowingsKRW 100M	8,634	4,464	4,205	2,878	1,322	921	937	2,470	—	—	—
Current lease liabilitiesKRW 100M	—	—	2,840	—	6,907	6,009	—	—	6,578	6,521	6,216
	51,302	39,137	37,637*	37,286	80,367	75,149	73,223	67,633	67,709	74,636	69,906
Bonds issuedKRW 100M	—	—	7,576	9,440	4,047	1,243	299	—	—	1,584	852
Long-term borrowingsKRW 100M	8,331	2,850	2,866	313	511	2,422	2,416	13	12	12	1,011
Non-current lease liabilitiesKRW 100M	—	—	13,551	11,452	50,766	44,657	43,234	42,349	41,995	44,211	41,940
	8,516	10,419	12,425*	10,932	9,083	10,893	5,211	7,156	8,103	10,031	8,290
	Not applicable	Not applicable	11,507*	9,392	7,929	10,314	5,041	6,912	6,800	8,959	7,460
Issued capitalKRW 100M	9,755	10,262	10,262	10,262	11,162	3,721	3,721	3,721	3,721	10,300	10,300
Capital surplusKRW 100M	11	5	5	49	5,860	19,899	11,627	11,568	11,568	13,165	15,161
Retained earningsKRW 100M	-1,670	-1,206	1,555	-662	-8,806	-13,054	-9,817	-8,508	-8,622	-14,627	-18,105
Accumulated other comprehensive incomeKRW 100M	982	823	520	435	404	396	465	1,057	1,060	1,057	1,050
Other equityKRW 100M	-782	-964	-835*	-691	-691	—	-954	-926	-926	-936	-945
Non-controlling interestsKRW 100M	219	1,499	918*	1,540	1,154	579	170	244	1,303	1,072	830

매출채권As filed	3,328	3,624	4,022	3,974	3,631	3,561	5,107	4,243	4,356	2,878	2,176
유동성매도가능금융상품As filed	—	49	—	—	—	—	—	—	—	—	—
유동성보증금As filed	—	—	—	—	—	—	—	—	210	360	278
단기대여금As filed	180	242	41	53	248	173	16	9	10	13	7
미수금As filed	515	771	631	1,172	557	367	422	272	402	537	599
유동성 당기손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	120	514	—	—	—
유동파생상품자산As filed	—	—	147	—	—	—	—	—	—	—	0
미수수익As filed	185	214	197	19	40	128	106	216	126	98	39
유동 당기손익-공정가치 의무 측정 금융자산As filed	—	—	—	129	—	—	—	—	—	—	—
유동성 파생상품자산As filed	—	—	—	—	—	4	—	—	—	—	—
유동성파생상품자산As filed	—	—	—	55	—	—	—	—	—	—	—
선급금As filed	409	476	388	436	585	316	262	271	722	459	668
선급비용As filed	708	1,087	1,099	558	219	120	123	87	280	127	154
선급제세As filed	31	49	53	71	72	40	27	7	60	93	87
당기법인세자산As filed	24	1	8	20	39	39	35	28	156	132	75
유동성 리스채권As filed	—	—	—	—	—	—	31	—	—	—	—
유동성리스채권As filed	—	—	—	—	—	30	—	32	44	43	210
기타유동자산As filed	71	607	292	1,514	2,049	598	797	—	10	0	0
장기금융상품As filed	2	2	1	3	24	3,670	2,230	2,593	2,826	2,683	241
매도가능금융자산As filed	3,669	2,810	2,113	—	—	—	—	—	—	—	—
유동성당기손익-공정가치측정 금융자산As filed	—	—	—	—	—	—	—	—	0	0	—
장기대여금As filed	6	106	0	37	48	9	49	48	37	23	23
보증금As filed	5,348	6,222	6,887	5,307	6,221	7,950	6,458	6,858	5,312	3,980	3,118
장기선급비용As filed	1,303	3,274	2,642	205	114	26	20	21	7	4	6
이연법인세자산As filed	2,183	1,994	1,507	2,095	4,861	4,436	6,270	6,627	7,071	9,122	10,672
유동성보증As filed	—	—	—	—	—	—	—	341	—	—	—
기타유동금융자산As filed	—	—	—	—	—	—	—	10	—	—	—
당기손익-공정가치금융자산As filed	—	—	—	386	—	—	—	—	—	—	—
매각예정자산As filed	—	—	—	—	—	6,542	—	—	18	—	—
투자부동산As filed	1,324	217	2,571	209	204	—	—	—	—	—	—
당기손익-공정가치 측정 금융자산As filed	—	—	—	—	196	179	151	144	120	84	36
매각예정비유동자산As filed	—	—	—	—	—	—	—	—	—	8,387	10
기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	287	276	229	217	223	—	—	—
파생상품자산As filed	—	—	166	22	—	—	—	—	—	—	0
관계기업 및 공동기업투자As filed	—	—	—	—	—	—	—	904	—	—	—
기타비유동자산As filed	8	6	6	168	731	796	804	788	881	917	986
장기미수금As filed	—	—	—	—	—	—	1	39	18	32	30
매입채무As filed	1,354	1,393	1,170	—	1,618	680	905	1,177	1,770	1,743	1,438
장기미수수익As filed	—	—	—	—	—	—	130	—	—	—	—
선수금As filed	3,493	4,154	4,546	6,195	6,821	2,199	2,575	6,822	9,192	11,365	10,727
리스채권As filed	—	—	—	—	—	180	162	141	151	119	355
선수수익As filed	166	25	67	125	74	56	41	38	60	52	48
예수금As filed	2,453	2,245	2,278	3,040	4,223	3,289	7,300	7,609	7,845	560	540
미지급금As filed	3,184	3,215	3,313	3,619	3,209	2,510	2,523	3,804	4,365	4,511	4,288
미지급비용As filed	1,289	1,176	73	1,599	1,572	1,118	1,107	1,371	1,423	1,824	2,057
당기법인세부채As filed	149	93	—	—	—	—	—	—	—	—	—
예수제세As filed	1,205	1,182	1,364	1,749	1,813	416	491	2,177	2,954	3,329	2,818
유동성사채As filed	6,146	9,060	9,684	5,985	5,417	3,229	2,052	300	—	792	1,891
무형자산As filed	—	—	—	—	—	—	—	—	523	493	475
유동성금융리스부채As filed	2,107	2,957	—	—	—	—	—	—	—	—	—
사채As filed	11,903	7,250	—	—	—	—	—	—	—	—	—
금융리스부채As filed	13,425	16,799	—	—	—	—	—	—	—	—	—
순확정급여부채As filed	4,155	3,839	—	4,728	5,324	5,551	5,226	3,854	3,858	4,722	6,122
장기선수금As filed	5,037	5,448	5,582	5,743	6,979	7,866	8,192	8,467	7,983	8,484	7,448
장기선수수익As filed	2,521	271	439	1,290	1,276	837	804	771	725	693	664
장기미지급금As filed	1	2	3	4	60	51	1	0	0	0	0
기타포괄손익-공정가치측정 금융자산As filed	—	—	—	—	—	—	—	—	227	221	225
이연법인세부채As filed	1,526	882	1,275	820	797	96	42	—	—	—	—
충당부채As filed	732	840	947	1,872	8,940	9,564	9,951	9,066	9,970	11,638	11,140
기타비유동부채As filed	3,671	957	1,440	679	1,653	2,862	3,059	85	—	—	—
미지급법인세As filed	—	—	1,397	245	59	142	1,448	182	17	36	40
자본과부채총계As filed	92,927	82,292	85,506	—	—	—	—	—	130,167	134,499	121,876
기타금융부채As filed	—	—	—	2,313	2,011	—	—	—	—	—	—
파생상품부채As filed	—	—	25	53	15	—	—	—	—	—	0
순확정급여채무As filed	—	—	3,931	—	—	—	—	—	—	—	—
유동성리스부채As filed	—	—	—	2,702	—	—	6,075	6,468	—	—	—
유동파생상품부채As filed	—	—	—	32	80	4	—	—	—	—	26
유동성충당부채As filed	—	—	—	—	1,324	1,384	1,110	1,576	2,083	1,147	1,090
유동성장기차입금As filed	—	—	—	—	—	—	—	—	68	1	2,501
매각예정부채As filed	—	—	—	—	—	4,377	—	—	—	—	—
장기기타금융부채As filed	—	—	—	892	—	—	—	—	—	—	—
매각예정비유동부채As filed	—	—	—	—	—	—	—	—	—	4,151	0
부채및자본총계As filed	—	—	—	81,911	135,034	138,515	130,827	134,553	—	—	—
장기예수금As filed	—	—	—	—	—	—	—	3,027	3,063	3,160	599
자본조정As filed	—	—	—	—	—	-648	—	—	—	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	102	132	130

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	57,953*	57,636	62,271*	71,834	69,658*	38,953*	43,397	62,067	76,233	83,186	72,668
Cost of salesKRW 100M	51,182*	49,095	53,411*	64,533	66,887*	38,179*	39,651	51,978	64,018	73,495	69,156
Gross profitKRW 100M	6,771*	8,541	8,860*	7,301	2,771*	774*	3,746	10,089	12,216	9,690	3,512
SG&A expensesKRW 100M	5,788*	5,976	6,101*	7,018	7,208*	3,537*	2,814	4,101	6,016	6,933	6,964
	983*	2,565	2,759*	282	-4,437*	-2,764*	932	5,988	6,199	2,757	-3,452
Finance incomeKRW 100M	108*	91	31*	73	105*	90*	222	286	524	1,020	459
Finance costsKRW 100M	1,757*	1,436	1,727*	1,635	3,502*	3,800*	3,361	4,065	4,266	4,159	3,418
Other incomeKRW 100M	1,940*	2,639	4,817*	1,634	1,627*	5,641*	1,353	4,476	2,549	2,734	5,955
Other expensesKRW 100M	2,867*	3,395	2,619*	2,921	4,632*	3,661*	5,460	6,739	3,762	8,172	4,036
Share of profit of associatesKRW 100M	-50*	240	—	—	—	—	—	—	180	204	284
	-1,644*	703	3,510*	-2,496	-10,806*	-4,571*	-6,396	-77	1,423	-5,615	-4,208
Income tax expenseKRW 100M	252*	193	1,031*	-538	-2,628*	250*	-452	-342	-382	-1,485	1,283
Profit from continuing operationsKRW 100M	—	510	2,479	—	—	-4,821*	-5,944	265	1,805	—	—
Profit or loss from discontinued operationsKRW 100M	—	16	—	—	—	-209*	776	—	—	—	—
	-1,392	526	2,479*	-1,959	-8,179	-5,030	-5,168	265	1,805	-4,130	-2,925
Attributable to ownersKRW 100M	Not applicable	Not applicable	2,519	-1,979	-7,853	-3,998	-3,625	1,104	1,139	-4,192	-2,830
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	-40*	20	-326	-1,032	-1,543	-839	666	62	-95
Basic earnings per shareKRW	-708	251	1,227	-964	-3,626	Not applicable	-4,871*	498	Not applicable	-6,052	-1,446
Diluted earnings per shareKRW	-708	251	1,227	Not applicable	Not applicable	-5,373	Not applicable	Not applicable	Not applicable	-6,052	-1,446
	-1,283	346	2,424*	-2,322	-8,280	-4,746	-4,756	1,881	1,837	-5,356	-3,444
Other comprehensive incomeKRW 100M	109	-179	-55	Not applicable	Not applicable	284	412	1,616	32	-1,226	-519

비지배지분As filed	-11	33	—	-6	-341	-1,019	-1,500	-755	639	36	-107
관계기업및공동기업의 당기순손익에 대한 지분 증감As filed	—	—	250	—	32	-78	-83	-23	—	—	—
지배기업 소유주지분As filed	—	—	—	-2,317	-7,939	-3,727	-3,256	2,636	1,198	-5,393	-3,337
지분법이익As filed	—	—	—	70	—	—	—	—	—	—	—
지배기업소유주지분As filed	-1,381	493	—	—	—	—	—	—	—	—	—
기본 및 희석주당손익As filed	—	—	—	—	—	—	—	—	0	—	—
매도가능금융자산평가손익As filed	-40	-111	-312	—	—	—	—	—	—	—	—
계속영업기본및희석주당이익(손실)As filed	—	—	—	—	—	—	—	—	0	—	—
관계기업의 기타포괄손익에 대한 지분As filed	282	—	—	-0	-4	-5	7	2	—	—	—
기타포괄손익-공정가치 지분상품 손익As filed	—	—	—	—	-3	-35	—	—	—	—	—
순확정급여부채의 재측정요소As filed	-99	-25	242	-305	-61	283	339	977	—	—	—
관계기업 순확정급여부채의 재측정요소As filed	—	-6	1	—	—	—	—	—	—	—	—
해외사업장환산외환차이As filed	-33	-36	—	—	-33	41	—	—	-0	0	2
후속적으로 당기손익으로 재분류되지 않는 기타포괄손익As filed	—	—	—	—	—	248	329	1,615	—	—	—
관계기업및공동기업의 기타포괄손익에 대한 지분As filed	—	-2	-0	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정 금융자산 평가손익As filed	—	—	—	—	—	—	-10	5	3	-4	3
기타포괄손익-공정가치 지분상품 평가손익As filed	—	—	—	-33	—	—	—	—	—	—	—
계속영업기본주당이익(손실)As filed	—	0	0	—	—	—	—	—	—	—	—
유형자산 재평가이익As filed	—	—	—	—	—	—	—	633	—	—	—
후속적으로 당기손익으로 재분류되는 기타포괄손익As filed	—	—	—	—	—	—	83	1	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	36	—	—	-1	5	-2
중단영업기본주당이익(손실)As filed	—	0	—	—	—	—	—	—	—	—	—
관계기업 기타포괄손익지분As filed	—	—	—	—	—	—	—	—	-1	5	-4
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	15	-26	—	—	77	-0	—	—	—
법인세비용차감후기타포괄손익As filed	—	—	—	-364	-101	—	—	—	—	—	—
당기손익으로 재분류되지 않는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	32	-1,232	-517
합계As filed	—	—	—	-1,959	-8,179	—	—	—	—	—	—
순확정급여부채 재측정요소As filed	—	—	—	—	—	—	—	—	29	-1,225	-511
유형자산재평가손익As filed	—	—	—	—	—	—	—	—	—	—	-9
유형자산재평가이익As filed	—	—	—	—	—	—	—	—	—	-2	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	2,458	—	—	—	—	—	—	—	—
총 포괄손익, 비지배지분As filed	—	—	-33	—	—	—	—	—	—	—	—
계속영업 기본 및 희석주당이익(손실)As filed	—	—	—	—	—	-0	-0	0	—	—	—
중단영업 기본 및 희석주당이익(손실)As filed	—	—	—	—	—	-0	0	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-1,392	526	2,479	-1,959	-8,179	-5,030	-5,168	265	1,805	-4,130	-2,925
Total adjustments to operating cash flowcomputed	5,817	6,062	4,124	9,129	13,769	975	15,250	18,307	13,607	18,714	4,295
	4,425	6,588	6,603*	7,170	5,590	-4,055	10,082	18,572	15,412	14,583	1,370
Interest receivedKRW 100M	122	102	49*	38	71	111	478	294	625	1,058	542
Interest paidKRW 100M	1,337	1,147	1,824*	1,471	3,306	3,491	3,509	3,768	3,815	3,797	2,591
Income taxes paidKRW 100M	104	189	164*	253	Not applicable	69	202	1,523	117	-27	22
	-8,515	-551	-6,547*	2,231	-8,478	-10,318*	-2,756	-9,516	126	-1,181	3,811
Purchase of property, plant and equipmentKRW 100M	2,869	3,749	4,480*	3,536	4,645	3,364	3,749	3,981	6,076	7,130	7,059
Proceeds from sale of property, plant and equipmentKRW 100M	63	1,863	152	44	762	174	80	39	58	119	1,073
Purchase of intangible assetsKRW 100M	75	80	63*	78	84	26	28	27	12	24	26
	3,289	-5,116	-82*	-8,153	643	17,502	-5,188	-10,339	-18,243	-8,753	-5,065
Dividends paidKRW 100M	2	2	2*	33	237*	15	—	19	33	33	109
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	—	—	1	—	0	9
Disposal of treasury sharesKRW 100M	—	—	—	—	—	—	24	—	0	—	—
Issue of sharesKRW 100M	—	501	—	331	—	—	—	780	—	7,967	0
Cash at beginning of periodKRW 100M	2,629	1,829	2,709*	2,886	4,143	1,942	5,028	7,205	5,869	3,125	7,784
	1,829	2,709	2,763*	4,143	1,942	5,082*	7,205	5,869	3,125	7,784	7,880
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	80*	8	44	10	39	-52	-40	10	-15
Net change in cash and cash equivalentsKRW 100M	-801	920*	54*	1,256	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

매각예정자산으로의 대체As filed	—	—	—	—	—	—	—	—	—	—	3
영업에서 창출된 현금흐름As filed	—	—	8,458	8,785	9,073	-608	13,315	23,562	18,715	17,294	3,379
배당금 수입As filed	—	—	—	71	—	—	—	—	—	—	—
배당금 수취As filed	—	—	—	—	65	1	—	—	4	2	63
배당금수취As filed	80	161	84	—	—	—	—	—	—	—	—
배당금의 수취As filed	—	—	—	—	—	—	—	7	—	—	—
법인세납부As filed	—	—	—	—	-314	—	—	—	—	—	—
신종자본증권발행As filed	—	—	—	—	—	—	—	—	3,000	1,750	—
리스부채의 상환As filed	—	—	—	—	7,257	6,875	-6,251	-7,157	6,630	6,982	6,748
감자로 인한 현금유출As filed	—	—	—	—	—	—	—	—	—	—	0
단기금융상품의 순증감As filed	—	—	-174	100	3,617	1,013	4,551	4,771	-4,959	-4,624	-5,112
사채의 발행As filed	5,673	6,274	10,053	8,295	1,149	425	1,105	9	0	3,000	1,098
장기금융상품의 증가As filed	—	—	—	-2	23	3,648	-1,449	360	176	20	0
장기금융상품의 감소As filed	0	—	2	—	2	—	—	31	0	220	6
신종자본증권상환As filed	—	—	—	—	—	—	—	—	3,000	8,650	—
장단기대여금의 증가As filed	314	678	318	-16	413	3	111	—	0	1	1
사채의 상환As filed	7,072	8,086	9,085	10,396	6,083	4,960	3,267	2,084	300	563	751
장기차입금의 증가As filed	—	—	—	—	100	2,433	—	—	—	—	4,500
장단기대여금의 감소As filed	143	496	594	27	213	112	222	10	12	11	7
단기차입금의 증가As filed	—	—	—	—	—	—	—	—	—	—	14,000
장기차입금의 상환As filed	1,312	4,847	1,409	4,914	1,486	389	4	883	2,403	68	1,001
당기손익 - 공정가치 측정 금융자산의 취득As filed	—	—	—	—	472	9	742	—	—	—	—
당기손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	—	—	2,012	0	2,547	—
매도가능금융자산의 취득As filed	518	471	200	—	—	—	—	—	—	—	—
보증금의 감소, 재무활동As filed	—	—	—	—	—	—	—	—	0	0	—
신종자본증권 상환As filed	—	—	—	—	—	—	850	1,800	—	—	3,000
당기손익 - 공정가치 측정 금융자산의 처분As filed	—	—	—	—	691	8	724	—	—	—	—
종속기업의 자기주식 취득As filed	—	—	—	—	—	—	—	—	0	—	—
당기손익-공정가치 측정 금융자산의 처분As filed	—	—	—	—	—	—	—	1,638	—	—	—
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	-400	—	—	—	—	—	—	—
매도가능금융자산의 처분As filed	79	525	610	—	—	—	—	—	—	—	—
신종자본증권배당As filed	—	—	—	—	—	—	—	—	—	975	—
종속기업,관계기업 투자자산의 취득As filed	—	—	160	—	—	—	—	—	—	—	—
기타포괄손익 - 공정가치 측정 금융자산의 취득As filed	—	—	—	—	-13	0	—	—	—	—	—
단기차입금의 순증감As filed	5,795	-47	-1,825	-2,918	7,502	17,295	-285	-60	-7,770	-4,200	—
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	232	—	—	—	—	—	—	—
예수금의 증가, 재무활동As filed	—	—	—	—	—	—	—	—	0	—	—
관계기업및공동기업투자의 취득As filed	—	—	—	—	—	—	18	—	0	—	—
기타포괄손익-공정가치측정금융자산의 처분As filed	—	—	—	1,616	—	—	—	—	—	—	—
기타포괄손익 - 공정가치 측정 금융자산의 처분As filed	—	—	—	—	13	1	—	—	—	—	—
단기차입금의 상환As filed	—	—	—	—	—	—	—	—	—	—	17,800
보증금의 증가, 재무활동As filed	—	—	—	—	—	—	—	—	0	0	—
종속기업의 유상증자As filed	—	—	—	—	—	—	-1,256	—	0	0	-9
무형자산의 처분As filed	—	8	2	1	—	9	13	0	22	81	4
신종자본증권 배당As filed	—	—	—	—	—	—	—	—	—	—	230
파생상품의 순증감As filed	—	—	—	—	—	1	0	—	0	—	—
리스채권의 회수As filed	—	—	—	—	55	17	18	20	27	33	101
신종자본증권 발행As filed	—	—	—	—	5,833	6,600	—	1,841	—	—	4,994
신종자본증권배당 등As filed	—	—	—	—	—	—	—	—	1,107	—	—
영업으로부터 창출된 현금흐름As filed	5,665	7,660	—	—	—	—	—	—	—	—	—
보증금의 증가As filed	2,750	3,426	2,772	2,208	2,147	4,937	2,914	2,417	—	—	—
단기금융상품 순증감As filed	-31	460	—	—	—	—	—	—	—	—	—
투자부동산의 처분As filed	—	—	—	4,180	—	—	—	—	—	—	—
당기손익인식금융자산의 정산As filed	98	—	—	—	—	—	—	—	—	—	—
보증금의 감소As filed	1,276	1,115	502	2,205	1,349	2,645	4,331	2,326	—	—	—
관계기업및공동기업투자자산의 취득As filed	—	—	—	—	172	—	—	—	—	—	—
관계기업및공동기업투자자산의 처분As filed	—	—	—	—	180	—	—	—	—	—	—
종속기업의 취득As filed	—	—	244	0	0	—	—	—	—	-0	0
관계기업 및 공동기업투자자산의 취득As filed	3,617	—	—	—	—	—	—	—	—	—	—
관계기업 및 공동기업투자자산의 처분As filed	1	—	—	—	—	—	—	—	—	—	—
종속기업,관계기업및공동기업투자의 취득As filed	—	3	—	—	—	—	—	—	—	—	—
당기손익-공정가치금융자산의처분As filed	—	—	—	—	—	—	—	—	—	2,549	0
종속기업,관계기업및공동기업투자의 처분As filed	—	3,388	—	—	—	—	—	—	—	—	—
장기차입금의 차입As filed	2,037	2,326	1,750	2,060	—	—	—	—	—	—	—
종속기업의 처분As filed	—	—	—	65	—	0	—	0	0	0	6
기타비유동자산의 증가As filed	—	—	—	—	-157	283	93	94	193	272	394
매각예정자산의 처분As filed	—	—	—	—	—	—	2,559	—	—	—	—
보험금 수취As filed	—	—	—	—	—	—	—	—	—	—	46
당기손익-공정가치금융자산의처분 - 투자활동As filed	—	—	—	—	—	—	—	—	501	—	—
매각예정자산 처분As filed	—	—	—	—	—	—	—	—	0	18	4
매각예정자산부채의 변동As filed	—	—	—	—	—	—	54	—	0	—	—
금융리스부채의 차입As filed	—	1,082	435	-631	—	—	—	—	—	—	—
기타비유동자산의 감소As filed	—	—	—	—	—	—	—	81	0	0	0
금융리스부채의 상환As filed	1,831	2,319	2,711	-3,201	—	—	—	—	—	—	—
종속기업에 대한 소유지분의 변동As filed	—	—	1,039	35	—	—	—	—	—	—	—
종속기업의 신규설립As filed	—	—	100	—	—	—	—	—	—	—	—
당기손익인식금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	0
보증금의 감소, 투자활동As filed	—	—	—	—	—	—	—	—	2,036	1,488	1,616
기타금융부채 증가As filed	—	—	—	-2,369	—	—	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	—	—	-26	1,248	—	—	2,138	-1,284	—	—	—
보증금의 증가, 투자활동As filed	—	—	—	—	—	—	—	—	1,031	330	798
리스부채의 증가As filed	—	—	—	—	176	—	—	—	—	—	—
신종자본증권 배당 등As filed	—	—	—	—	—	542	917	975	—	—	—
기타금융부채의 상환As filed	—	—	—	—	-1,184	—	—	—	—	—	—
유상감자As filed	—	—	—	-412	—	—	—	—	—	—	—
배당금의 지급As filed	—	—	—	—	-46	—	—	—	—	—	—
사업부의 처분As filed	—	—	—	—	—	—	—	—	—	—	4,113
현금및현금성자산의 순증감As filed	—	—	—	—	-2,245	3,130	—	—	-2,705	4,649	115
외화표시 현금및현금성자산의 환율변동효과As filed	1	-41	—	—	—	—	—	—	—	—	—
예수금의 증가As filed	—	—	—	—	2,177	3,001	4,000	—	—	—	—
유상증자As filed	—	—	—	—	—	529	—	—	—	—	—

In the latest fiscal year operating and investing activities brought cash in while financing activities paid cash out.

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 2026.03.18.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2022	적정Term 35	삼일회계법인	2022-12-31
2021	적정Term 34	삼정회계법인	2022-12-31
2020	적정Term 33	삼정회계법인	2022-12-31
2019	적정Term 32	삼일회계법인	2019-12-31
2018	적정Term 31	삼일회계법인	2019-12-31
2017	적정Term 30	삼일회계법인	2019-12-31
2016	적정Term 29	삼정회계법인	2016-12-31
2015	적정Term 28	삼정회계법인	2016-12-31
2014	적정Term 27	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.

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 capital—

Initial growth0.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW8,210

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

Model	Model priceKRW	Versus current price
Gordon growth model	No dividend
Dividend discount model DDM	No dividend
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	-3,795	-146.2%

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(-37.94% × (1 − 0.00%), 0) = 0.00%

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

Residual income model RIM

P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 3,622 KRW, ROE = -37.94%, payout ratio = 0.00%, r = 6.41%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	3,622	-1,374	232	-1,606	0.9398	-1,509
2	2,248	-853	144	-997	0.8832	-880
3	1,395	-529	89	-619	0.8300	-513
4	866	-328	55	-384	0.7800	-299
5	537	-204	34	-238	0.7330	-175
Terminal value				-5,511	0.7330	-4,039

P_0 = 3,622 + -3,377 + -4,039 = -3,795 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