032640KOSPI

LG Uplus

14,400

-100 (-0.69%)

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

LG Uplus is a company established on July 11, 1996, and is headquartered in Seoul. It is listed on the KOSPI market.

The company operates in the telecommunications industry, providing mobile, smart home, and enterprise infrastructure services. Its business segments include wireless and wired communication, and it distributes services through various channels including its subsidiaries LG HelloVision, MediaLog, and LG Uplus VoltUp.

Business overview as filed

㈜LG유플러스의 사업 부문은 한국표준산업분류에 의거하여 전기통신업으로 분류되고 있으며, 모바일ㆍ스마트홈ㆍ기업인프라 등의 사업을 영위하고 5G기술을 바탕으로 각 사업의 미래 성장동력을 발전시켜 나가고 있습니다. ㈜LG유플러스는 최근 AI 및 데이터 인프라 역량 강화를 통해 미래 성장기반을 다지고 있습니다. 특히, 고도화된 고객 맞춤형 서비스를 위한 AI 기술 확보에 집중하고 있으며, 경기도 파주에 신규 AIDC 구축을 추진하여 클라우드 및 AI 연산 수요 증가에 대응하고자 합니다. 이러한 투자와 기술 역량 강화를 통해 AI 시대에 최적화된 디지털 인프라 기업으로의 도약을 준비하고 있습니다.㈜LG유플러스의 2025년 4분기말 현재 모바일 누적 회선수는 3,071만 회선이며, 당사가 수용가능한 최대 회선수 대비 75.2%의 가동률을 보이고 있습니다.

2025년 연결기준 서비스수익은 전년 대비 3.5% 성장한 12조 2,633억원을 기록하였으며, 별도기준으로는 전년 대비 3.6% 성장한 11조 3,826억원을 기록했습니다.2025년 ㈜LG유플러스 별도기준 서비스수익 중 무선서비스 비중은 57.4%, 스마트홈 23.3%, 기업인프라 16.3%, 전화 서비스 수익은 3.0%입니다. 2025년 연결기준 단말수익은 3조 1,885억원으로 총 영업수익 15조 4,517억원을 기록하였습니다.

㈜LG유플러스의 주요종속회사인 ㈜LG헬로비전은 케이블TV, 초고속인터넷, 인터넷전화(VoIP), MVNO(모바일서비스) 등을 제공하는 종합유선방송사업자로서 전국 23개 권역에서 방송법 제9조 제2항 및 제17조에 의거하여 방통위로부터 방송사업자 허가/재허가 및 전기통신사업법 제6조에 의거한 기간통신사업자 허가를 득하였으며, 오리지널 및 대표콘텐츠 투자로 지역 채널 인지도를 높이고 있고, 생활 필수가전 및 프리미엄 가전 등을 통한 렌탈 할부판매 사업을 영위하고 있습니다. 또한, 지역채널을 통한 콘텐츠 제작과 광고, 지역 상생형 커머스 사업, 그리고 지자체와의 협력을 기반으로 하는 문화관광 및 교육사업과 기업솔루션 사업을 영위하고 있습니다.㈜LG유플러스의 주요종속회사인 ㈜미디어로그는 2000년 3월 14일 설립되어 인터넷통신서비스, 멀티미디어콘텐츠 제작 및 인터넷포탈서비스 등을 영위하고 있으며, 2014년 6월 30일에 별정통신사업을 등록하고 2014년 7월 9일부터 알뜰폰(MVNO)사업을 영위하고 있습니다. 2023년 1월에는 중고폰 사업에 진출하였습니다.

㈜LG유플러스볼트업은 ㈜LG유플러스의 주요 종속회사로서 한국전력공사로부터 전력을 공급받아, 전기자동차 충전이 필요한 고객에게 전력을 재판매하는 사업을 영위하고 있으며, 이는 한국표준산업분류상 '전기판매업'으로 분류됩니다. 전기자동차 충전서비스 제공을 위해서는 충전기 등 충전시설이 필수적이나, '24년 전기차 화재 위험성이 사회적 이슈로 대두되면서 전기자동차 성장이 둔화되고, 이로 인해 충전서비스 시장의 성장세도 다소 축소되고 있는 상황입니다. 이러한 환경 속에서 ㈜LG유플러스볼트업은 2024년 하반기부터 전력통신(PLC) 기능을 탑재해 충전 중 화재 예방 기능을 갖춘 스마트형 충전기를 설치·보급하고 있으며, 이를 통해 전기자동차 충전의 안정성을 높여 시장 성장 기반을 강화해 나가고 있습니다. 또한 2025년 3월에는 전기자동차 충전서비스 플랫폼 '볼트업 2.0'을 자체 개발하여 새롭게 출시하였으며, 본 플랫폼을 통해 고객과의 디지털 접점을 확대하고, 데이터 기반의 고객 이해를 바탕으로 사용자 편의성을 개선하고 있습니다. 이를 통해 디지털 혁신기업으로의 전환을 가속화하며, 전기자동차 충전 시장에서의 경쟁력을 지속적으로 제고해 나갈 계획입니다.또한 최근 중저가형 전기차 모델 출시가 본격화되고 정부의 구매보조금 지원 정책의 지속 시행 등으로 전기차 보급이 다시 확대되고 있어 전기자동차 충전시장의 성장에 우호적인 환경이 조성되고 있습니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 주식회사 LG유플러스라 하며, 한글로는 주식회사 엘지유플러스라 하고, 영문으로는 LG Uplus Corp. 이라고 표기합니다.

다. 설립일자당사는 개인휴대통신망의 구축, 보유 및 운영과 가입자에 대한 개인휴대통신역무, 음성, 데이터 부가가치 서비스 제공 등 무선통신업을 영위할 목적으로 1996년 7월 11일에 설립되었습니다.

라. 본사의 주소, 전화번호 및 홈페이지주소 : 서울특별시 용산구 한강대로 32 LG유플러스 빌딩전화번호 : 02-3773-1114홈페이지 : https://www.lguplus.com

마. 회사사업 영위의 근거가 되는 법률

㈜LG유플러스는 무선 및 유선 통신사업을 영위함에 있어 전기통신사업법, 전파법, 개인정보보호법, 신용정보의 이용 및 보호에 관한 법률, 정보통신망 이용촉진 및 정보보호 등에 관한 법률, 위치정보의 보호 및 이용 등에 관한 법률, 정보통신공사업법, 통신비밀보보호법, 인터넷 멀티미디어 방송사업법, 방송법, 이동통신단말장치 유통구조 개선에 관한 법률 등의 적용을 받고 있습니다.

또한 이외에도 ㈜LG유플러스는 상법, 자본시장과 금융투자업에 관한 법률, 독점규제 및 공정거래에 관한 법률, 하도급거래 공정화에 관한 법률, 법인세법, 부가가치세법, 전자상거래 등에서의 소비자보호에 관한 법률, 도로법, 국가를 당사자로 하는 계약에 관한 법률, 대리점거래의 공정화에 관한 법률, 약관의 규제에 관한 법률, 저작권법, 산업안전보건법 등의 적용을 받고 있습니다.

바. 중소기업 등 해당 여부

사. 주요 사업의 내용 및 향후 추진하려는 신규 사업

㈜LG유플러스의 사업 부문은 한국표준산업분류에 의거하여 전기통신업으로 분류되고 있으며, 모바일ㆍ스마트홈ㆍ기업인프라 등의 사업을 영위하고 5G기술을 바탕으로 각 사업의 미래 성장동력을 발전시켜 나가고 있습니다. ㈜LG유플러스는 최근 AI 및 데이터 인프라 역량 강화를 통해 미래 성장기반을 다지고 있습니다. 특히, 고도화된 고객 맞춤형 서비스를 위한 AI 기술 확보에 집중하고 있으며, 경기도 파주에 신규 AIDC 구축을 추진하여 클라우드 및 AI 연산 수요 증가에 대응하고자 합니다. 이러한 투자와 기술 역량 강화를 통해 AI 시대에 최적화된 디지털 인프라 기업으로의 도약을 준비하고 있습니다.또한, ㈜LG유플러스는 2023년 6월 30일 ' 타법인주식 및 출자증권취득결정(자율공시)

'을 통해 ㈜카카오모빌리티와의 합작 투자계약을 발표하였으며, 2024년 4월 29일 공정거래위원회의 기업결합 승인을 득하였습니다. 2024년 6월 5일 합작법인 ㈜LG유플러스볼트업이 설립되었으며, 동 법인을 통해 전기차 충전 시장에서의 경쟁력을 강화해 나갈 계획입니다.㈜LG유플러스의 2025년 4분기말 현재 모바일 누적 회선수는 3,071만 회선이며, 당사가 수용가능한 최대 회선수 대비 75.2%의 가동률을 보이고 있습니다.

2025년 연결기준 서비스수익(= 총 영업수익 - 단말수익)은 전년 대비 3.5% 성장한 12조 2,633억원을 기록하였으며, 별도기준으로는 전년 대비 3.6% 성장한 11조 3,826억원을 기록했습니다.2025년 ㈜LG유플러스 별도 기준 서비스수익 중 무선서비스 비중은 57.4%, 스마트홈 23.3%, 기업인프라 16.3%, 전화 서비스 수익은 3.0%입니다. 2025년 연결기준 단말수익은 3조 1,885억원으로 총 영업수익 15조 4,517억원을 기록하였습니다.주요종속회사 ㈜LG헬로비전은 방송통신서비스를 제공하고 있으며 케이블TV, 초고속인터넷, 인터넷전화, 광고, MVNO 서비스 등을 제공하는 종합유선방송사업자입니다. 주요종속회사 ㈜미디어로그는 미디어 서비스, ICT 서비스 및 MVNO 사업, 중고폰 사업을 영위하고 있습니다.주요종속회사 ㈜LG유플러스볼트업은 전기차 충전 플랫폼 구축 및 관련 부가서비스를 제공하는 전기차 충전 인프라 사업을 영위하고 있습니다.

아. 신용평가에 관한 사항

(1) 최근 신용평가 내역당 보고서 작성기준일 기준 당사의 회사채 및 CP의 신용등급 현황은 아래와 같습니다.

* 당 보고서 작성기준일(2025년 12월 31일) 이후인 2026년 2월 9일, 나이스신용평가는 당사의 회사채 신용등급을 기존 AA에서 AA+로 상향 조정하였습니다.(2) 신용등급 체계 및 부여 의미

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.13), 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

2.66%

[1.79%, 4.11%] · 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 21.4% (2026-06-24). 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

0.07

Beta [-0.06, 0.20] · KOSPI200 · As of 2026-10-08

Intercept: -0.024%[-0.275%, +0.226%]
R squared: 0.01
Observations: 252
Trading-time corrected beta: 0.18[0.00, 0.35]

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	107,952	114,510	122,794	121,251	123,820	134,176	138,511	139,060	143,726	146,252	154,517	153,579
Revenue growth%	—	6.08	7.23	-1.26	2.12	8.36	3.23	0.40	3.36	1.76	5.65	—
Operating incomeKRW 100M	6,323	7,465	8,263	7,309	6,862	8,862	9,790	10,813	9,980	8,631	8,921	9,489
Operating income growth%	—	18.05	10.69	-11.54	-6.12	29.13	10.48	10.44	-7.70	-13.52	3.36	—
Net incomeKRW 100M	3,512	4,927	5,471	4,816	4,388	4,781	7,242	6,626	6,302	3,146	5,092	5,234
Net income growth%	—	40.29	11.04	-11.97	-8.88	8.94	51.49	-8.51	-4.88	-50.08	61.86	—
Attributable to ownersKRW 100M	3,514	4,928	5,472	4,816	4,389	4,668	7,123	6,631	6,228	3,745	5,239	5,353
Attributable to minoritiesKRW 100M	-2	-0	-1	-0	-0	113	119	-5	75	-599	-146	-119
Operating margin%	5.86	6.52	6.73	6.03	5.54	6.60	7.07	7.78	6.94	5.90	5.77	6.18
Net margin%	3.25	4.30	4.46	3.97	3.54	3.56	5.23	4.76	4.39	2.15	3.30	3.41
ROE%	7.90	10.21	10.46	7.03	6.20	6.33	9.28	8.12	7.35	4.38	5.91	5.90
ROA%	2.94	4.11	4.58	3.45	2.45	2.61	3.74	3.35	3.14	1.60	2.59	2.64
Debt ratio%	168.66	148.41	128.08	103.40	144.11	139.83	143.39	134.03	129.54	124.76	117.06	114.08
Current ratio%	77.49	73.29	83.86	110.81	103.37	114.38	101.79	104.68	88.54	102.89	115.78	110.69
Quick ratio%	66.61	65.97	74.73	98.93	93.98	107.82	97.03	99.99	82.22	97.95	111.30	105.82
Reserve ratio%	—	—	103.24	166.44	175.23	186.69	202.06	221.58	233.28	236.03	246.54	252.10
Free cash flowKRW 100M	4,175	9,412	10,969	8,485	-739	-1,549	11,533	12,166	4,393	14,203	13,523	—
FCF margin%	3.87	8.22	8.93	7.00	-0.60	-1.15	8.33	8.75	3.06	9.71	8.75	—
OCF conversion%	510.46	451.51	416.63	429.69	513.32	533.10	470.09	528.98	472.04	1,060.17	582.01	—
Capex to revenue%	12.74	11.21	9.63	10.07	18.79	20.15	16.25	16.46	17.64	13.09	10.43	—
Receivable daysdays	—	62.8	63.6	85.0	79.5	56.5	55.1	52.8	50.6	—	—	—
Inventory daysdays	—	44.0	37.1	48.0	47.3	44.1	—	—	—	—	—	—
Payable daysdays	—	291.5	271.7	273.7	275.0	315.8	—	—	—	—	—	—
Cash conversion cycledays	—	-184.6	-171.0	-140.7	-148.2	-215.3	—	—	—	—	—	—
EPSKRW	805	1,129	1,253	1,103	1,005	1,069	1,632	1,519	1,449	871	1,221	1,261
PERx	—	10.14	11.17	16.00	14.13	10.99	8.34	7.28	7.06	11.86	12.06	11.10
BPSKRW	—	11,054	11,985	15,696	16,218	16,891	17,574	18,701	19,404	19,596	20,629	21,372
PBRx	—	1.04	1.17	1.12	0.88	0.70	0.77	0.59	0.53	0.53	0.71	0.66
Dividend per shareKRW	—	350	400	400	400	450	550	650	650	250	650	—
Payout ratio%	—	31.00	31.92	36.26	39.80	42.09	33.71	42.80	44.86	28.70	53.24	—

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
	119,510	119,891	119,355	139,399	179,411	183,502	193,705	197,748	201,006	197,077	196,818
	25,992	26,196	30,730	42,472	48,055	49,509	51,644	50,434	49,642	52,639	54,144
Cash and cash equivalentsKRW 100M	2,921	3,173	4,499	3,786	4,744	7,262	7,703	8,346	5,596	8,962	7,943
Short-term financial instrumentsKRW 100M	—	—	—	213	218	384	650	364	662	691	960
InventoriesKRW 100M	3,648	2,616	3,345	4,551	4,367	2,841	2,414	2,262	3,544	2,523	2,098
Trade and other receivablesKRW 100M	19,206	20,193	22,572	33,916*	20,019	21,487	20,362	19,880	19,967	Not applicable	Not applicable
	93,518	93,696	88,625	96,927	131,356	133,993	142,061	147,314	151,364	144,438	142,674
Property, plant and equipmentKRW 100M	72,238	69,496	65,270	64,658	88,611	99,498	101,961	105,741	110,663	107,090	106,250
Intangible assetsKRW 100M	9,666	11,922	9,573	17,057	22,189	15,407	23,034	23,417	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	73	78	379	412	507	553	564	721	751	734	558
	75,026	71,628	67,025	70,866	105,914	106,990	114,120	113,251	113,438	109,394	106,143
	33,542	35,744	36,646	38,330	46,489	43,283	50,737	48,178	56,069	51,163	46,763
Trade and other payablesKRW 100M	20,468	21,014	22,608	22,428	29,376	22,205	24,350	24,062	22,991	Not applicable	Not applicable
Short-term borrowingsKRW 100M	150	150	150	100	50	500	—	—	1,300	0	0
Current portion of long-term borrowingsKRW 100M	9,288	10,381	8,660	—	—	—	—	—	21,721	18,052	14,022
	41,484	35,884	30,379	32,536	59,426	63,706	63,383	65,073	57,370	58,231	59,379
Long-term borrowingsKRW 100M	36,313	29,261	24,606	—	—	—	—	—	40,456	44,894	44,683
	44,484	48,263	52,330	68,534	73,496	76,512	79,586	84,497	87,568	87,684	90,675
	44,480	48,261	52,329	68,532	70,809	73,749	76,731	81,651	84,722	85,560	88,669
Issued capitalKRW 100M	Not applicable	Not applicable	25,740	25,740	25,740	25,740	25,740	25,740	25,740	25,740	25,740
Capital surplusKRW 100M	8,371	8,369	8,369	8,369	8,369	8,369	8,369	8,369	8,369	8,715	8,715
Retained earningsKRW 100M	10,358	14,141	18,206	34,472	36,736	39,686	43,641	48,665	51,676	52,040	54,744
Accumulated other comprehensive incomeKRW 100M	11	11	14	-48	-36	-46	-18	-123	-63	66	75
Other equityKRW 100M	8,381	8,381	8,383	8,321	—	—	—	—	-1,000	-1,000	-605
Non-controlling interestsKRW 100M	5	2	1	1	2,688	2,764	2,854	2,845	2,846	2,124	2,007

유동계약자산As filed	—	—	—	—	—	—	—	4,560	4,282	4,649	5,358
금융기관예치금As filed	212	212	313	—	—	—	—	—	—	1	1
유동현금흐름위험회피파생자산As filed	—	—	—	—	—	—	—	38	14	—	13
현금흐름위험회피파생자산As filed	—	—	—	—	—	—	—	—	—	0	—
매출채권As filed	15,144	15,670	19,382	17,120	17,656	18,557	17,633	17,345	17,437	16,940	16,812
당기법인세자산As filed	4	2	1	6	6	—	—	10	—	0	—
기타의유동자산As filed	1,905	1,305	1,287	14,638	16,619	—	20,507	14,975	15,577	16,023	18,267
기타채권As filed	2,158	3,219	1,902	2,159	2,362	2,930	2,729	2,535	2,530	2,851	2,691
유동파생상품자산As filed	—	—	—	—	11	—	8	—	—	—	—
기타의 유동자산As filed	—	—	—	—	—	17,535	—	—	—	—	—
기타비유동금융자산As filed	366	327	310	331	407	460	825	—	—	—	—
비유동금융기관예치금As filed	0	0	0	0	1	1	1	1	1	—	—
매각예정자산As filed	—	—	—	—	2,072	—	—	—	—	—	—
이연법인세자산As filed	3,805	3,611	4,032	0	0	—	—	105	77	157	112
비유동매도가능금융자산As filed	365	327	309	331	407	459	811	1,553	2,156	—	—
무형자산As filed	—	—	—	—	—	—	—	—	21,659	18,046	14,596
장기매출채권 및 기타비유동채권As filed	6,605	7,618	8,398	7,549	—	—	—	—	—	—	—
비유동금융자산As filed	—	—	—	—	—	—	—	1,554	2,157	—	—
비유동매출채권As filed	3,766	4,627	5,509	4,901	8,881	7,801	4,645	3,566	3,670	—	—
장기매출채권및기타비유동채권As filed	—	—	—	—	11,438	9,707	6,308	5,143	5,297	—	—
투자부동산As filed	385	372	387	356	342	372	412	401	393	383	536
비유동기타채권As filed	2,839	2,991	2,889	2,648	2,557	1,906	1,662	1,577	1,627	—	—
비유동파생상품자산As filed	—	—	—	—	—	—	13	—	—	—	—
비유동계약자산As filed	—	—	—	—	—	—	—	1,635	1,588	1,864	2,125
비유동현금흐름위험회피파생자산As filed	—	—	—	—	—	—	—	—	—	—	18
매도가능금융자산As filed	—	—	—	—	—	—	—	—	—	2,464	2,888
기타의비유동자산As filed	380	272	275	6,564	7,861	7,997	8,957	6,717	7,915	8,637	9,397
순확정급여자산As filed	—	—	—	—	—	—	—	—	—	44	1,129
확정급여자산As filed	—	—	—	—	—	—	—	1,879	864	—	—
매입채무As filed	3,098	2,984	5,156	3,336	4,215	738	3,336	1,606	1,264	2,059	2,197
미지급금및기타채무As filed	17,370	18,030	17,451	19,091	25,161	21,468	—	—	—	—	—
유동사채및장기차입금As filed	—	—	—	8,848	8,246	10,816	17,746	14,272	—	—	—
기타유동금융부채As filed	2,208	2,540	3,268	2,985	1,774	2,278	2,471	2,889	3,965	4,033	4,135
당기법인세부채As filed	569	900	1,051	788	171	1,793	529	1,545	957	640	289
기타의유동부채As filed	858	759	909	3,181	5,200	5,671	5,640	3,557	3,252	3,295	3,315
부채 및 자본총계As filed	—	—	—	—	—	—	—	—	—	197,077	196,818
미지급금 및 기타채무As filed	—	—	—	—	—	—	21,015	22,456	21,727	20,784	21,078
기타비유동금융부채As filed	3,769	5,244	3,958	9,074	6,902	4,783	8,985	7,663	5,763	—	1,620
사채및장기차입금As filed	—	—	—	20,763	43,566	46,704	42,855	46,080	—	—	—
자본과부채총계As filed	—	—	—	139,399	179,411	183,502	193,705	197,748	201,006	—	—
순확정급여부채As filed	873	845	1,292	382	1,365	485	309	—	—	438	0
유동계약부채As filed	—	—	—	—	—	—	—	1,590	1,717	1,993	1,428
유동파생상품부채As filed	0	—	—	—	2	20	—	—	13	—	—
충당부채As filed	387	347	347	402	431	840	894	—	—	—	—
유동현금흐름위험회피파생부채As filed	—	—	—	—	—	—	—	—	—	—	0
이연법인세부채As filed	—	—	—	797	1,351	976	1,535	1,942	1,154	1,013	2,039
기타의비유동부채As filed	142	187	176	1,120	5,804	9,906	8,806	8,235	8,627	7,090	9,929
현금흐름위험회피파생부채As filed	—	—	—	—	—	—	—	6	22	24	—
자본금As filed	25,740	25,740	—	—	—	—	—	—	—	—	—
매각예정부채As filed	—	—	—	—	1,670	—	—	—	—	—	—
부채와 자본총계As filed	119,510	119,891	119,355	—	—	—	—	—	—	—	—
비유동파생상품부채As filed	0	—	—	—	7	11	—	—	—	—	—
유동복구충당부채As filed	—	—	—	—	—	—	—	264	154	—	—
복구충당부채As filed	—	—	—	—	—	—	—	—	—	281	301
기타의 자본항목As filed	—	—	—	—	—	—	-1,000	-1,000	—	—	—
비유동복구충당부채As filed	—	—	—	—	—	—	—	530	679	—	—
비유동계약부채As filed	—	—	—	—	—	—	—	617	669	540	594
비유동현금흐름위험회피파생부채As filed	—	—	—	—	—	—	—	—	—	—	0
기타금융부채As filed	—	—	—	—	—	—	—	—	—	3,690	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	107,952	114,510	122,794	121,251*	123,820	134,176	138,511	139,060	143,726	146,252	154,517
Cost of salesKRW 100M	25,007	25,975	29,299	30,024*	34,377	29,804	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Gross profitKRW 100M	82,946	88,536	93,495	91,226*	89,443	104,372	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
SG&A expensesKRW 100M	76,622	81,071	85,232	83,917*	82,580	95,511	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	6,323	7,465	8,263	7,309*	6,862	8,862	9,790	10,813	9,980	8,631	8,921
Finance incomeKRW 100M	411	353	264	350	417	582	586	571	582	755	673
Finance costsKRW 100M	2,245	1,552	1,394	1,275	1,324	1,528	1,552	2,229	2,872	3,118	2,788
Other incomeKRW 100M	901	1,072	678	540	599	726	991	840	944	994	1,065
Other expensesKRW 100M	718	918	1,134	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	942	2,738	1,047
Share of profit of associatesKRW 100M	-12	5	—	—	—	—	—	—	—	-17	-20
	4,659	6,426	6,668	6,483*	5,739	3,733	9,052	8,568	7,709	4,506	6,805
Income tax expenseKRW 100M	1,147	1,498	1,197	1,667	1,330	1,208	1,810	1,942	1,407	1,360	1,712
Profit from continuing operationsKRW 100M	—	—	—	—	4,409	2,526	7,242	6,626	—	—	—
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	—	2,255	—	—	—	—	—
	3,512	4,927	5,471	4,816	4,388	4,781	7,242	6,626	6,302	3,146	5,092
Attributable to ownersKRW 100M	3,514	4,928	5,472	4,816	4,389	4,668	7,123	6,631	6,228	3,745	5,239
Attributable to minoritiesKRW 100M	-2	-0	-1	-0	-0	113	119	-5	75	-599	-146
Basic earnings per shareKRW	805	1,129	1,253	1,103	Not applicable	Not applicable	Not applicable	Not applicable	1,449	871	1,221
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	1,449	871	1,221
	3,361	4,874	5,595	4,916	4,023	4,791	6,938	7,533	5,912	2,662	6,391
Other comprehensive incomeKRW 100M	-151	-53	123	100	-366	11	-304	907	-391	-484	1,298

당기순이익As filed	—	—	—	—	4,388	4,781	7,242	6,626	6,302	3,146	5,092
당기순이익(손실)As filed	3,512	4,927	5,471	4,816	—	—	—	—	—	—	—
비지배지분As filed	-2	-0	-1	-0	-0	105	120	34	47	-624	-117
영업비용As filed	—	—	—	—	—	—	128,721	128,247	133,746	137,621	145,596
지배기업의 소유주As filed	3,363	4,874	5,596	4,916	4,023	4,686	6,819	7,499	5,865	3,286	6,508
지분법이익As filed	—	—	-9	2	12	6	23	33	18	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	-145	-54	121	151	-406	15	-331	1,002	-440	-620	1,290
상품구입원가As filed	—	—	—	—	—	—	28,554	26,512	28,723	29,262	33,049
기타포괄손익-공정가치 지분상품 평가손익As filed	—	—	—	-13	28	-6	35	-17	1	-35	103
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	-6	0	3	-51	40	-4	27	-95	49	137	9
확정급여제도의 재측정요소As filed	-145	-54	121	164	-434	21	-366	1,012	-445	-589	1,186
종업권급여As filed	—	—	—	9,443	9,777	12,408	14,026	14,575	15,375	—	—
종업원급여As filed	7,203	8,069	8,816	—	—	—	—	—	—	16,694	18,212
현금흐름위험회피 파생상품 평가손익As filed	—	—	—	—	-7	-16	39	8	-40	-2	21
감가상각비와무형자산상각비As filed	—	16,535	16,890	16,719	20,575	23,647	24,411	24,512	25,712	26,638	26,970
해외사업환산외환차이As filed	—	—	—	—	—	—	19	11	9	—	—
해외사업장환산외환차이As filed	—	—	—	—	—	—	—	—	—	107	-16
매도가능금융자산평가손익As filed	-7	2	-1	—	—	—	—	—	—	—	—
기타영업비용As filed	53,330	56,467	59,526	57,755	52,228	59,455	61,730	24,300	26,223	26,652	27,109
기타포괄손익-공정가치 채무상품 평가손익As filed	—	—	—	—	—	—	-31	-115	—	32	3
기타포괄손익-공정가치로 측정되는 금융자산의 평가손익As filed	—	—	—	—	—	—	—	—	79	—	—
판매수수료As filed	—	—	—	—	—	—	—	21,174	20,587	20,683	22,245
기타포괄손익-공정가치 채무상품 평가 손익As filed	—	—	—	-48	45	24	—	—	—	—	—
지분법자본변동As filed	0	—	-0	-0	-1	-0	0	8	4	4	1
해외사업환산손외환차이As filed	—	-1	4	-2	2	-12	—	—	—	—	—
지급수수료As filed	—	—	—	—	—	—	—	17,174	17,126	17,692	18,010
현금흐름위험회피 파생상품평가손익As filed	3	—	—	—	—	—	—	—	—	—	—
기타영업외비용As filed	—	—	—	443	828	4,915	786	1,460	—	—	—
해외사업환산손익As filed	-2	—	—	—	—	—	—	—	—	—	—
감가상각비와상각비As filed	16,089	—	—	—	—	—	—	—	—	—	—
중단영업손실As filed	—	—	—	—	21	—	—	—	—	—	—
계속영업과중단영업 기본주당이익(손실)As filed	—	—	—	—	—	0	—	—	—	—	—
계속영업 기본주당이익(손실)As filed	—	—	—	—	—	0	—	—	—	—	—
계속영업과중단영업 기본 및 희석주당이익As filed	—	—	—	—	—	—	0	0	—	—	—
계속영업과중단영업 기본주당이익As filed	—	—	—	—	0	—	—	—	—	—	—
계속영업 기본 및 희석주당이익As filed	—	—	—	—	—	—	0	0	—	—	—
계속영업 기본주당이익As filed	—	—	—	—	0	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	3,512	4,927	5,471	4,816	4,388	4,781	7,242	6,626	6,302	3,146	5,092
Total adjustments to operating cash flowcomputed	14,417	17,320	17,323	15,878	18,138	20,705	26,803	28,424	23,447	30,207	24,545
	17,929	22,248	22,794	20,694	22,526	25,486	34,045	35,050	29,750	33,353	29,638
Interest receivedKRW 100M	233	222	195	277	348	412	456	393	411	530	407
Interest paidKRW 100M	1,834	1,461	1,108	908	891	1,287	1,444	1,528	2,262	2,653	2,515
DepreciationKRW 100M	14,341	14,737	14,441	14,286	17,570	20,260	20,711	20,950	21,341	21,801	22,098
AmortisationKRW 100M	1,748	1,798	2,449	2,433	3,106	3,444	3,700	3,562	4,372	4,836	4,872
Income taxes paidKRW 100M	723	957	1,506	1,721	1,497	849	2,391	910	2,682	1,740	1,418
	-15,107	-14,923	-13,583	-15,936	-32,143	-26,156	-29,448	-28,667	-29,982	-23,908	-20,193
Purchase of property, plant and equipmentKRW 100M	13,754	12,836	11,826	12,210	23,265	27,034	22,512	22,884	25,357	19,150	16,114
Proceeds from sale of property, plant and equipmentKRW 100M	123	120	97	69	184	173	134	135	174	192	152
Purchase of intangible assetsKRW 100M	1,761	2,042	1,534	4,004	2,380	2,698	6,707	5,582	4,046	4,901	3,724
	-4,060	-7,073	-7,885	-5,469	12,201	1,572	-4,165	-5,737	-2,520	-6,105	-10,452
Dividends paidKRW 100M	655	1,092	1,528	1,746	1,746	1,775	2,865	-2,622	2,840	2,840	2,794
Acquisition of treasury sharesKRW 100M	—	3	0	—	—	—	1,000	—	—	—	605
Issue of sharesKRW 100M	—	—	0	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	4,159	2,921	3,173	4,499	3,786	6,373	7,262	7,703	8,346	5,596	8,962
	2,921	3,173	4,499	3,786	6,373	7,262	Not applicable	8,346	5,596	8,962	7,943
Effect of exchange rate changesKRW 100M	0	0	-0	-2	4	-12	10	-3	2	26	-11
Net change in cash and cash equivalentsKRW 100M	-1,238	251	1,326	-712	2,587	889	441	643	-2,751	3,367	-1,019

당기순이익As filed	—	—	—	—	4,388	4,781	7,242	6,626	6,302	3,146	5,092
당기순이익(손실)As filed	3,512	4,927	5,471	4,816	—	—	—	—	—	—	—
재무활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	—	21,167	15,037
당기순이익조정을 위한 가감As filed	16,736	19,511	19,739	18,225	20,174	22,426	30,175	30,461	27,965	—	—
퇴직급여As filed	545	608	705	642	685	921	996	1,063	855	1,078	1,125
비지배지분의 증가As filed	—	—	—	—	—	—	4	7	—	500	0
대손상각비As filed	496	252	718	650	616	630	715	790	1,037	868	1,032
사채의 발행As filed	5,975	2,987	2,987	—	—	—	8,865	8,466	10,061	12,651	12,246
이자비용As filed	1,879	1,427	1,169	1,015	1,112	1,493	1,532	1,806	2,426	2,755	2,605
장기차입금의 차입As filed	6,100	1,900	1,000	—	—	—	5,000	—	2,000	7,300	1,500
외화환산손실As filed	77	45	104	43	15	49	40	36	23	95	9
단기차입금의 차입As filed	1,263	3,359	2,090	—	—	—	1,725	989	2,300	717	1,291
매출채권처분손실As filed	242	123	—	224	192	25	18	416	435	304	154
유무형자산처분손실As filed	360	—	—	—	—	—	—	438	316	255	—
유무형자산처분손실 등As filed	—	638	659	279	621	4,384	269	—	—	—	301
단기차입금의 상환As filed	1,263	3,359	2,090	4,923	683	558	2,225	989	1,000	2,017	1,291
유형자산손상차손As filed	0	—	—	—	—	—	—	—	—	—	—
매도가능금융자산손상차손As filed	—	1	76	—	—	—	—	—	—	—	—
유동성장기부채의 상환As filed	-12,118	10,088	10,383	—	—	—	—	16,250	10,275	19,225	18,056
지분법손실As filed	12	—	0	—	—	10	6	—	—	17	20
법인세비용As filed	1,147	1,498	1,197	1,667	1,330	2,000	1,810	1,942	1,407	1,360	1,712
재무활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	—	27,272	25,489
무형자산손상차손As filed	0	—	—	—	—	—	—	—	—	—	—
매도가능금융자산 손상차손As filed	122	—	—	—	—	—	—	—	—	—	—
기타 현금의 유출이 없는 비용As filed	—	115	64	—	139	—	43	0	30	18	—
관계기업투자 처분손실As filed	0	—	—	—	—	—	—	—	—	—	—
비지배지분의 취득As filed	—	—	—	—	—	—	—	—	—	206	0
이자수익As filed	374	344	-261	343	413	512	546	512	575	742	573
리스부채의 상환As filed	—	—	—	—	2,988	2,868	2,872	2,839	2,765	2,984	2,742
매출채권 처분손실As filed	—	—	148	—	—	—	—	—	—	—	—
외화환산이익As filed	74	41	-107	41	16	33	41	41	14	109	9
배당금수익As filed	-3	6	3	5	3	2	6	8	3	4	6
투자자산처분손실As filed	1	—	—	—	—	—	—	—	—	—	—
매도가능금융자산처분손실 등As filed	—	—	—	—	—	3	—	—	—	—	—
기타 비현금비용As filed	148	—	—	—	—	—	—	—	—	—	—
유무형자산처분이익As filed	16	35	33	22	20	—	19	31	74	82	50
지분법이익As filed	0	5	-9	2	12	16	29	33	18	0	0
매도가능금융자산 처분이익As filed	—	3	0	—	—	—	—	—	—	—	—
유무형자산손상차손As filed	—	—	—	—	—	—	—	742	249	1,761	—
유무형자산손상차손 등As filed	—	—	—	—	—	—	270	—	—	—	246
보증금의 감소As filed	376	260	356	547	331	241	247	200	161	161	138
기타 현금의 유입이 없는 수익As filed	—	284	0	—	—	—	—	—	—	4	—
매도가능금융자산평가손실 등As filed	—	—	—	—	—	—	1	—	—	—	—
계약자산 등의 상각As filed	—	—	—	—	20,022	—	23,907	25,190	25,248	25,409	27,806
계약자산등의 상각As filed	—	—	—	19,260	—	22,312	—	—	—	—	—
매도가능금융자산관련손실As filed	—	—	—	—	—	—	—	6	11	59	27
매도가능금융자산처분손실As filed	—	—	0	—	—	—	—	—	—	—	—
대여금의 감소As filed	267	258	353	523	408	751	438	408	452	480	376
관계기업투자주식손상차손As filed	—	—	—	—	—	—	—	10	42	0	128
관계기업투자처분손실As filed	—	—	0	—	—	—	—	—	—	—	—
기타 현금의 유출 없는 비용등As filed	—	—	—	104	—	—	—	—	—	—	—
기타 현금의 유출 없는 비용As filed	—	—	—	—	—	30	—	—	—	—	—
매출채권 및 기타채권의 감소(증가)As filed	-2,379	-2,534	-4,209	1,858	-3,145	-683	3,679	582	-1,571	—	—
보증금의 증가As filed	452	330	250	264	112	134	159	140	110	29	186
대여금의 증가As filed	269	428	362	703	500	590	401	392	459	357	323
재고자산의 감소(증가)As filed	-888	1,032	-766	-1,230	229	1,526	—	—	-1,282	1,070	—
투자자산처분이익As filed	33	—	—	—	—	—	—	—	—	—	—
관계기업투자주식 손상차손As filed	—	—	—	—	—	—	31	—	—	—	—
기타금융자산처분이익As filed	0	—	—	—	—	—	1	51	0	—	—
투자활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	—	9,384	2,198
매도가능금융자산의 처분As filed	385	82	18	39	109	73	66	100	19	28	219
기타 비현금 수익As filed	-274	—	—	—	—	—	—	—	—	—	—
관계기업투자의 처분As filed	—	—	—	—	—	—	5	—	64	—	—
유형자산처분이익As filed	—	—	—	—	—	32	—	—	—	—	—
관계기업투자의 취득As filed	—	—	—	—	—	—	—	—	187	—	—
종속기업투자주식처분이익As filed	—	—	—	—	—	3,139	—	—	—	—	—
관계기업투자주식처분이익As filed	—	—	—	21	—	—	—	—	8	0	0
기타자산의감소(증가)As filed	-266	534	35	29	—	—	—	—	—	—	—
금융기관예치금의 감소As filed	—	—	—	—	—	—	1,281	874	7,359	8,467	1,282
매입채무 및 기타채무의 증가(감소)As filed	106	453	2,600	-2,810	1,661	-6,032	2,723	—	—	—	—
계약부채 등의 상각As filed	—	—	—	-2,930	-3,597	—	-3,056	-2,244	-2,091	—	—
계약부채의 상각As filed	—	—	—	—	—	-3,616	—	—	—	2,068	1,842
관계기업투자주식 처분이익As filed	—	—	—	—	51	—	—	—	—	—	—
관계기업투자주식의 처분As filed	—	—	—	—	59	—	—	—	—	3	0
금융기관예치금의 증가As filed	—	—	—	754	280	227	1,547	587	7,657	8,497	1,552
순확정급여부채의 증가(감소)As filed	-517	-705	-100	—	—	—	—	—	—	—	—
기타부채의증가(감소)As filed	336	206	842	-473	—	—	—	—	—	—	—
계약자산 등의 증가As filed	—	—	—	-18,693	-23,436	-23,270	-26,991	-24,164	-25,601	-26,659	-32,152
국고보조금의 증가As filed	44	6	39	—	1	63	100	63	131	—	—
정부보조금의 수령As filed	—	—	—	—	—	—	—	—	—	3	9
기타 투자활동으로 인한 현금의 유입As filed	—	—	—	—	—	—	—	—	—	—	2
기타 현금의 유입 없는 수익As filed	—	—	—	—	—	85	6	—	5	—	—
매출채권처분이익As filed	—	—	—	—	—	—	31	—	—	—	—
배당금수취As filed	3	6	3	5	—	—	—	—	—	—	—
기타 현금의 유입이 없는 수익 등As filed	—	—	—	—	0	—	—	—	—	—	6
무형자산의 처분As filed	40	30	58	56	54	257	39	64	30	49	18
관계기업주식처분이익As filed	—	—	—	—	—	—	—	-9	—	—	—
금융기관예치금 감소As filed	—	4	404	854	275	61	—	—	—	—	—
매도가능금융자산의 취득As filed	109	33	63	80	124	112	396	773	557	349	445
투자활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	—	33,292	22,391
기타자산의 감소(증가)As filed	—	—	—	—	-199	-72	—	215	-1,158	-315	328
순환정급여부채의 증가(감소)As filed	—	—	—	-1,314	-304	—	—	—	—	—	—
계약부채 등의 증가As filed	—	—	—	3,619	3,652	3,472	—	—	—	—	—
관계기업투자주식의 취득As filed	—	—	—	—	—	—	—	154	—	8	47
기타운전자본의 변동(해외사업환산)As filed	0	—	—	—	—	—	—	—	—	—	—
순환정급여부채의 증가As filed	—	—	—	—	—	-1,782	—	—	—	—	—
금융기관예치금의증가As filed	59	4	505	—	—	—	—	—	—	—	—
기타 투자활동으로 인한 현금의 유출As filed	—	—	—	—	—	—	—	—	—	—	0
운전자본의 변동As filed	—	—	—	—	—	—	—	—	—	-23,547	-31,547
재고자산의 감소As filed	—	—	—	—	—	—	428	140	—	—	415
관계기업투자주식처분손실As filed	—	—	—	—	—	—	—	—	5	0	6
금융기관예치금의감소As filed	134	—	—	—	—	—	—	—	—	—	—
기타부채의 증가(감소)As filed	—	—	—	—	420	1,141	—	—	—	—	-48
기타 현금의 유입 없는 수익등As filed	—	—	—	—	—	—	—	0	—	—	—
기타자산의 증가As filed	—	—	—	—	—	—	-801	—	—	—	—
매출채권의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	-669	—
배당금 수취As filed	—	—	—	—	4	2	—	—	—	—	—
기타채권의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	-45	35
관계기업 투자주식의 처분As filed	0	—	—	—	—	—	—	—	—	—	—
순확정급여부채의 감소As filed	—	—	—	—	—	—	-1,671	-1,927	-383	-603	-1,075
계약부채의 증가As filed	—	—	—	—	—	—	1,978	2,018	2,070	1,739	1,644
매출채권의 증가As filed	—	—	—	—	—	—	—	—	—	—	-941
매입채무 및 기타채무의 감소(증가)As filed	—	—	—	—	—	—	—	-598	-422	—	—
기타부채의 증가As filed	—	—	—	—	—	—	516	171	1,303	663	—
기타(선급금)의 증가As filed	—	5	21	—	—	—	—	—	—	—	—
관계기업주식의 취득As filed	—	—	310	10	54	45	—	—	—	—	—
배당수익의 수취As filed	—	—	—	—	—	—	7	8	16	—	—
파생상품의 감소As filed	—	—	—	—	—	24	—	—	—	—	—
매입채무의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	789	—
기타채무의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	482	—
매입채무의 증가As filed	—	—	—	—	—	—	—	—	—	—	139
현금의 유입이 없는 수익 등의 차감As filed	—	—	—	—	—	—	—	—	—	3,014	2,579
장기차입금의 상환As filed	3,406	783	0	—	—	—	—	—	—	—	—
기타채무의 증가As filed	—	—	—	—	—	—	—	—	—	—	107
단기차입금의 증가As filed	—	—	—	4,873	633	1,008	—	—	—	—	—
매각예정자산의 처분As filed	—	—	—	—	—	3,105	—	—	—	—	—
사채의 증가As filed	—	—	—	2,987	14,842	9,962	—	—	—	—	—
장기차입금의 증가As filed	—	—	—	2,000	11,000	4,000	—	7,500	—	—	—
정부보조금의 수취As filed	—	—	—	3	—	—	—	—	—	—	—
기타금융자산의 취득As filed	27	—	—	—	—	—	—	—	—	—	—
선수금의 증가As filed	—	—	—	—	365	—	—	—	—	—	—
유동상장기부채의 상환As filed	—	—	—	8,662	8,850	8,260	10,797	—	—	—	—
매도가능금융자산관련이익As filed	—	—	—	—	—	—	—	—	—	4	93
사업결합으로 인한 순현금 유출As filed	—	—	—	—	7,193	—	—	—	—	—	—
관계기업투자주의 취득As filed	—	—	—	—	—	—	20	—	—	—	—
선급금의 증가As filed	—	—	—	—	22	—	16	—	—	—	—
종속기업의 유상증자As filed	0	—	—	—	—	—	—	—	—	—	—
기초 매각예정으로 분류된 현금및현금성자산As filed	—	—	—	—	—	1,630	—	—	—	—	—
영업활동으로 발생한 현금As filed	—	—	—	—	—	—	—	—	—	-3,849	-3,507
기초 재무상태표상 현금및현금성자산As filed	—	—	—	—	—	4,744	7,262	—	—	—	—
기말 재무상태표상 현금및현금성자산As filed	—	—	—	—	4,744	7,262	7,703	—	—	—	—
배당금의 수취As filed	—	—	—	—	—	—	—	—	—	13	19
현금의 유출이 없는 비용 등의 가산As filed	—	—	—	—	—	—	—	—	—	60,617	62,178
국고보조급의 반환As filed	—	—	—	—	9	—	—	—	—	—	—
매각예정으로 분류된 현금및현금성자산As filed	—	—	—	—	1,630	—	—	—	—	—	—
기타 현금의 유출이 없는 비용 등As filed	—	—	—	—	—	—	—	—	—	—	37

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 2026.03.13.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 30	안진회계법인	2025-12-31
2024	적정의견Term 29	삼정회계법인	2025-12-31
2023	적정의견Term 28	삼정회계법인	2025-12-31
2022	적정Term 27	삼정회계법인 (주2)	2022-12-31
	적정Term 26	삼일회계법인	2022-12-31
	적정Term 25	삼일회계법인	2022-12-31
2019	적정Term 24	삼일회계법인	2019-12-31
	적정Term 23	삼일회계법인	2019-12-31
	적정Term 22	삼일회계법인	2019-12-31
2016	적정Term 21	안진회계법인	2016-12-31
2015	적정Term 20	안진회계법인	2016-12-31
2014	적정Term 19	안진회계법인	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 5Y0.15

Equity risk premium%

Terminal growth%

Cost of equity5.13%

Weighted average cost of capital4.24%

Initial growth2.8%

Effective tax rate25.2%

Base fiscal year2025

Current priceKRW14,400

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	21,154	+46.9%
Dividend discount model DDM	21,540	+49.6%
Discounted cash flow FCFF	154,696	+974.3%
Discounted cash flow FCFE	71,557	+396.9%
Residual income model RIM	25,866	+79.6%

The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.15 × 5.00% = 5.13%

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(5.91% × (1 − 53.24%), 0) = 2.76%

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 = 650 × (1 + 2.00%) / (5.13% − 2.00%) = 663 / 0.0313 = 21,154 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 = 650, g_1 = 2.76%, g_T = 2.00%, r = 5.13%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	2.76%	668	0.9512	635
2	2.57%	685	0.9047	620
3	2.38%	701	0.8605	604
4	2.19%	717	0.8185	587
5	2.00%	731	0.7785	569
Terminal value	2.00%	23,795	0.7785	18,526
Total				21,540

P_0 = 21,540 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 = 20,629 KRW, ROE = 5.91%, payout ratio = 53.24%, r = 5.13%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	20,629	1,219	1,059	160	0.9512	152
2	21,199	1,252	1,088	164	0.9047	148
3	21,785	1,287	1,118	169	0.8605	145
4	22,386	1,323	1,149	173	0.8185	142
5	23,005	1,359	1,181	178	0.7785	139
Terminal value				5,795	0.7785	4,511

P_0 = 20,629 + 726 + 4,511 = 25,866 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 = 29,637.6 − 16,114.2 + 2,514.8 × (1 − 25.16%) = 15,405.3 KRW hundred million

Weighted average cost of capital

E = 61,895.3, D = 58,704.3 KRW hundred million; equity weight = 51.32%, debt weight = 48.68%; cost of debt k_d = 4.40%

WACC = 51.32% × 5.13% + 48.68% × 4.40% × (1 − 25.16%) = 4.24%

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	2.76%	15,830.9	0.9594	15,187.6
2	2.57%	16,238.1	0.9204	14,945.2
3	2.38%	16,624.8	0.8830	14,679.3
4	2.19%	16,989.0	0.8471	14,391.2
5	2.00%	17,328.8	0.8127	14,082.5
Terminal value	2.00%	790,488.4	0.8127	642,401.6
Total				715,687.3

Firm value = 715,687.3; less borrowings 58,704.3; plus cash 7,943.2 → 664,926.2 KRW hundred million

P_0 = 664,926.2 KRW hundred million ÷ 429,828,355 (shares) = 154,696 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 = 29,637.6 − 16,114.2 + -4,242.1 (net borrowing) = 9,281.3 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.76%	9,537.7	0.9512	9,071.9
2	2.57%	9,783.0	0.9047	8,850.9
3	2.38%	10,016.0	0.8605	8,619.1
4	2.19%	10,235.4	0.8185	8,377.8
5	2.00%	10,440.1	0.7785	8,128.1
Terminal value	2.00%	339,770.4	0.7785	264,524.7
Total				307,572.6

P_0 = 307,572.6 KRW hundred million ÷ 429,828,355 (shares) = 71,557 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