036540KOSDAQ

SFA Semicon

11,580

+240 (+2.12%)

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

SFA Semicon was established in 1998 and is headquartered in Cheonan, South Korea. The company is a public entity listed on the KOSDAQ market.

The company operates in the semiconductor back-end process sector. It provides semiconductor assembly, testing, and packaging solutions to clients including Samsung Electronics, Micron, and SK Hynix.

Business overview as filed

당사의 사업분야는 반도체 산업의 후공정 분야인 반도체 조립 및 TEST제품을 주력으로 생산하고 있으며, 최고의 기술력을 바탕으로 삼성전자, Micron 등 세계 유수의 반도체 업체들에게 최첨단 반도체 패키징 솔루션을 제공하고 있습니다.고객의 Fab라인 증대, 반도체 기술 및 제품의 진화 가속화, IDM(Integrated Device Manufacturer, 종합반도체회사)의 생산외주화 증가 등으로 향후에도 지속적인 성장을 할 것으로 예상하고 있습니다.2025년 당사의 연결기준 매출액은 3,674억원으로 전년동기 대비 8.3% 감소하였고, 별도기준으로는 매출액 3,560억원으로 전년동기 대비 매출액은 10.4% 감소하였습니다.

Company overview

가. 연결대상 종속회사 개황 (1) 연결대상 종속회사 현황(요약)

주요종속회사는 최근사업연도말 자산총액이 지배회사의 별도재무제표상 자산총액의 10%이상 또는 최근사업연도말 자산총액이 750억원 이상인 종속회사입니다.

(2) 연결대상회사의 변동내용

나. 연결대상 종속회사 개황당사의 명칭은 주식회사 에스에프에이반도체로 표기하며, 영문으로는 "SFA Semicon Co., Ltd."라고 표기합니다. 단, 약식으로 표기할 경우에는 (주)에스에프에이반도체 또는 SFA Semicon 이라고 표기합니다.

다. 설립일자 및 존속기간당사는 반도체 및 액정 표시 장치의 제조와 판매업 등을 사업목적으로 하여 1998년 06월 30일에 설립 되었습니다. 2001년 05월 02일에 코스닥시장에 주식을 상장한 공개회사입니다.

라. 본점의 주소, 전화번호 및 홈페이지주소: 충청남도 천안시 서북구 백석공단7로 16 전화번호: 041-520-7448홈페이지: https://www.sfasemicon.com

마. 중소기업 등 해당 여부당사는 본 보고서 제출일 현재 중소기업기본법 제2조에 의한 중소기업에 해당되지 않습니다.

바. 주요 사업의 내용당사는 반도체 산업의 후공정 분야인 반도체 조립, TEST 제품을 생산하고 있는 회사로 반도체 및 액정표시 장치의 제조와 판매업을 주요 사업으로 영위하고 있으며, 최고의 기술력을 바탕으로 삼성전자, Micron, SK하이닉스 등 세계 유수의 반도체 업체들에게 최첨단 반도체 패키징 솔루션을 제공하고 있습니다.

사. 신용평가에 관한 사항

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), 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

9.12%

[5.87%, 13.13%] · 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 64.7% (2026-07-30). 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

1.20

Beta [1.03, 1.38] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.503%[-0.021%, +1.027%]
R squared: 0.50
Observations: 252
Trading-time corrected beta: 1.24[0.90, 1.59]

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 KOSDAQ150 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	5,165	4,292	4,496	4,579	5,889	5,731	6,411	6,994	4,376	4,005	3,674	4,496
Revenue growth%	—	-16.90	4.74	1.85	28.63	-2.69	11.87	9.09	-37.44	-8.48	-8.26	—
Operating incomeKRW 100M	78	148	255	337	391	343	665	629	-167	-0	-196	-192
Operating income growth%	—	89.15	71.90	32.31	15.99	-12.27	93.97	-5.44	-126.57	—	—	—
Net incomeKRW 100M	-1,542	76	99	133	208	176	551	454	-140	205	-191	-103
Net income growth%	—	—	30.10	34.56	56.84	-15.41	212.82	-17.52	-130.90	—	-193.51	—
Attributable to ownersKRW 100M	-1,322	66	94	126	206	163	528	429	-127	213	—	—
Attributable to minoritiesKRW 100M	-220	9	4	7	3	13	23	25	-13	-9	—	—
Operating margin%	1.52	3.45	5.66	7.36	6.63	5.98	10.37	8.99	-3.82	-0.01	-5.34	-4.27
Net margin%	-29.85	1.77	2.19	2.90	3.54	3.07	8.59	6.50	-3.21	5.11	-5.21	-2.29
ROE%	—	—	3.78	4.71	7.00	4.91	13.22	9.42	-2.83	4.29	—	—
ROA%	-21.22	1.12	1.56	2.12	3.15	3.00	8.48	6.73	-2.30	3.28	-3.48	-1.78
Debt ratio%	183.96	148.98	134.75	118.04	109.35	65.31	52.49	39.46	29.72	25.22	16.21	20.41
Current ratio%	127.00	160.77	164.09	182.30	70.83	267.85	262.22	304.74	374.92	240.95	368.72	273.71
Quick ratio%	111.97	135.69	143.03	145.73	59.70	207.57	206.40	243.00	295.19	206.67	282.50	212.13
Reserve ratio%	205.78	226.70	243.03	260.19	315.63	313.12	377.58	432.65	419.37	451.02	427.91	422.85
Free cash flowKRW 100M	205	219	70	4	395	581	773	411	92	166	-162	—
FCF margin%	3.96	5.10	1.56	0.08	6.71	10.14	12.06	5.88	2.10	4.14	-4.42	—
OCF conversion%	—	583.55	855.53	273.64	381.93	473.16	184.31	208.84	—	259.45	—	—
Capex to revenue%	7.64	5.21	17.22	7.85	6.80	4.40	3.78	7.69	6.13	9.12	5.90	—
Receivable daysdays	—	37.6	20.6	2.7	4.5	4.4	1.2	0.7	1.8	20.2	—	—
Inventory daysdays	—	27.7	25.7	25.9	24.2	26.2	30.2	31.9	39.1	33.1	33.7	—
Payable daysdays	—	28.4	43.9	46.8	—	—	—	—	—	—	34.0	—
Cash conversion cycledays	—	36.9	2.4	-18.2	—	—	—	—	—	—	—	—
EPSKRW	-1,823	51	68	90	146	102	322	262	-78	56	—	—
PERx	—	49.61	34.56	15.11	29.49	56.57	23.88	14.68	—	55.09	—	—
BPSKRW	—	—	1,773	1,890	2,066	2,023	2,428	2,770	2,729	3,021	2,875	2,918
PBRx	—	—	1.33	0.72	2.08	2.85	3.17	1.39	2.21	1.02	1.59	2.03
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
	7,267	6,762	6,329	6,274	6,612	5,865	6,494	6,749	6,099	6,235	5,495
	2,164	2,249	1,772	1,772	2,267	1,749	2,496	2,719	1,827	2,205	1,605
Cash and cash equivalentsKRW 100M	1,199	1,024	697	333	624	566	689	424	788	955	226
InventoriesKRW 100M	256	351	228	355*	356	394	531	551	389	314	375
Trade and other receivablesKRW 100M	400	483*	24	44	102	37	4	24	18	425	Not applicable
	5,103	4,513	4,557	4,502	4,345	4,117	3,997	4,030	4,272	4,030	3,889
Property, plant and equipmentKRW 100M	4,235	3,893	3,996	3,951	3,898	3,734	3,662	3,894	3,728	3,822	3,563
Intangible assetsKRW 100M	291	236	173	138	134	103	100	109	99	92	Not applicable
Investments in associatesKRW 100M	0	0	—	—	—	—	—	—	—	—	—
	4,708	4,046	3,633	3,396	3,454	2,317	2,235	1,910	1,397	1,256	766
	1,704	1,399	1,080	972	3,201	653	952	892	487	915	435
Trade and other payablesKRW 100M	252	369*	619	434	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	277	418
Short-term borrowingsKRW 100M	1,217	842	—	—	—	—	75	27	—	0	—
Current portion of long-term borrowingsKRW 100M	—	—	—	—	2,271	97*	72	222	72	616	0
Current lease liabilitiesKRW 100M	—	—	—	—	6	19	28	10	8	7	7
	3,004	2,647	2,553	2,425	253	1,664	1,283	1,017	910	341	331
Long-term borrowingsKRW 100M	2,437	2,168	—	—	50	1,282	910	688	616	0	0
Non-current lease liabilitiesKRW 100M	—	—	—	—	68	240	237	259	266	330	320
	2,559	2,716	2,696	2,877	3,158	3,548	4,259	4,839	4,702	4,979	4,728
	Not applicable	Not applicable	2,502	2,668	2,940	3,327	3,993	4,556	4,488	4,968	4,728
Issued capitalKRW 100M	646	699	708	708	714	825	825	825	825	825	825
Capital surplusKRW 100M	3,139	3,328	3,361	3,362*	3,572	3,742	3,742	3,742	3,771	3,820	3,823
Retained earningsKRW 100M	-1,809	-1,742	-1,640	-1,519	-1,319	-1,159	-628	-173	-311	-100	-293
Accumulated other comprehensive incomeKRW 100M	48	73	-69	-26	17	-39	96	205	246	465	416
Other equityKRW 100M	387	217	—	—	—	—	—	—	—	—	-43
Non-controlling interestsKRW 100M	197	214	195	209	219	221	265	283	214	12	0

당기손익-공정가치측정 금융자산(유동)As filed	—	—	—	—	210	—	5	3	1	1	—
계약자산As filed	—	—	—	—	104	120	112	135	109	50	64
기타금융자산As filed	—	—	427	475	300	120	448	320	—	0	—
기타금융채권As filed	110	274	12	—	—	—	—	—	—	—	—
매출채권As filed	—	—	355	471	494	453	660	576	433	351	510
기타유동금융자산As filed	144	84	—	—	—	—	—	—	—	—	30
기타유동자산As filed	54	32	41	94	76	59	47	41	79	89	115
당기손익-공정가치 측정 금융자산(유동)As filed	—	—	—	—	—	—	—	—	—	—	252
기타비유동금융자산As filed	36	17	—	100	15	—	—	—	—	—	119
기타포괄손익-공정가치 측정 금융자산(유동)As filed	—	—	—	—	—	—	—	645	—	0	—
파생금융상품As filed	1	0	—	—	—	—	—	—	—	—	—
당기법인세자산As filed	—	—	—	—	—	—	—	—	12	22	7
기타비유동자산As filed	16	14	13	26	13	7	7	6	5	5	5
기타비유동채권As filed	—	—	—	—	13	12	13	12	420	35	15
당기손익-공정가치측정 금융자산(비유동)As filed	—	—	—	—	6	5	—	—	—	—	—
이연법인세자산As filed	329	335	331	288	268	256	216	9	20	67	67
투자부동산As filed	0	0	—	—	—	—	—	—	—	—	—
매입채무As filed	—	—	283	—	537	—	—	—	—	—	—
단기매입채무As filed	—	—	—	347	—	—	—	—	384	—	—
기타금융부채As filed	—	—	165	174	—	—	—	—	—	—	—
기타유동채권As filed	—	—	—	—	—	—	—	—	—	—	26
기타유동부채As filed	8	12	11	6	13	6	14	12	—	—	—
순확정급여자산As filed	—	—	—	—	—	—	—	—	—	8	38
기타유동금융부채As filed	201	171	—	—	—	—	—	—	—	—	—
매입채무 및 기타채무As filed	—	—	—	—	—	524	706	573	—	—	—
당기법인세부채As filed	3	4	2	11	15	8	56	48	—	2	0
무형자산As filed	—	—	—	—	—	—	—	—	—	—	83
기타비유동금융부채As filed	5	9	10	14	—	—	—	—	—	—	—
유동지급보증채무As filed	—	—	—	—	359	—	—	—	—	—	—
차입금As filed	—	—	2,072	1,943	—	—	—	—	—	—	—
순확정급여부채As filed	—	—	116	113	129	140	126	54	20	0	0
자본조정As filed	—	—	—	—	-45	-42	-42	-42	-42	-42	—
기타비유동부채As filed	0	0	0	0	0	0	5	4	—	—	—
자본과부채총계As filed	7,267	6,762	6,329	6,274	6,612	5,865	6,494	6,749	6,099	6,235	5,495
지급보증채무As filed	442	348	351	355	—	—	—	—	—	—	—
이연법인세부채As filed	0	—	4	—	6	2	6	12	4	7	7
기타 유동부채As filed	—	—	—	—	—	—	—	—	23	13	10
기타자본항목As filed	—	—	142	143	—	—	—	—	—	—	—
퇴직급여채무As filed	120	123	—	—	—	—	—	—	—	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	4	4	4
금융보증부채As filed	0	—	—	—	—	—	—	—	—	—	—
납입자본As filed	3,785	4,027	—	—	—	—	—	—	—	—	—
유동충당부채As filed	0	—	—	—	—	—	—	—	—	—	—
보통주자본금As filed	646	699	—	—	—	—	—	—	—	—	—
기타자본As filed	339	145	—	—	—	—	—	—	—	—	—
지급보증충당부채As filed	22	—	—	—	—	—	—	—	—	—	—
비유동충당부채As filed	0	—	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	5,165	4,292	4,496	4,579	5,889	5,731	6,411	6,994	4,376*	4,005	3,674
Cost of salesKRW 100M	4,769	3,995	4,107	4,111	5,358	5,218	5,586	6,195	4,383*	3,874	3,727
Gross profitKRW 100M	396	298	389	468	531	513	825	799	-7*	131	-53
SG&A expensesKRW 100M	318	149	134	131	141	170	160	170	160*	131	Not applicable
	78	148	255	337	391	343	665	629	-167*	-0	-196
Finance incomeKRW 100M	237	42	12	17	17	14	9	31	37*	28	18
Finance costsKRW 100M	1,248	134	118	110	105	87	50	46	42*	40	34
Other incomeKRW 100M	77	183	62	106	130	109	118	241	125*	98	70
Other expensesKRW 100M	545	145	99	156	169	170	72	141	102*	60	47
Share of profit of associatesKRW 100M	-20	0	—	—	—	—	—	—	—	—	—
	-1,421	94	111	193	264	209	669	714	-149*	27	-189
Income tax expenseKRW 100M	-250	18	13	60	56	33	118	259	-8	-57	2
Profit from continuing operationsKRW 100M	-1,171	76	99	—	—	—	—	—	—	84	-191
Profit or loss from discontinued operationsKRW 100M	-371	0	—	—	—	—	—	—	—	120	0
	-1,542	76	99	133	208	176	551	454	-140	205	-191
Attributable to ownersKRW 100M	-1,322	66	94	126	206	163	528	429	-127*	213	Not applicable
Attributable to minoritiesKRW 100M	-220	9	4	7	3	13	23	25	-13*	-9	Not applicable
Basic earnings per shareKRW	-1,823	51	68	90	146	102	322	262	-78*	56	Not applicable
Diluted earnings per shareKRW	-1,823	51	66	88	139*	102	322	262	-78*	74	Not applicable
	-1,481	107	-59	180	252	106	710	611	-102	420	-243
Other comprehensive incomeKRW 100M	61	31	-158	47	Not applicable	Not applicable	Not applicable	156	39	216	-52

후속적으로 당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	50	-66	156	131	50	218	-49
포괄손익, 비지배지분As filed	—	—	—	—	—	—	—	—	—	18	-2
해외사업환산손익As filed	56	32	-166	—	50	-66	156	131	49	—	—
재분류될 수 있는 항목과 관련된 법인세As filed	—	—	—	—	—	—	—	0	-0	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	—	—	—	403	-242
기타포괄손익-공정가치 측정 채무상품 평가손익As filed	—	—	—	—	—	—	—	-1	1	0	0
당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	-5	-4	4	26	-11	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	8	-3	—	—	—	—	—	—	—
계속영업기본주당이익(손실)As filed	-0	0	0	—	—	—	—	—	—	—	-0
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	-166	50	—	—	—	—	—	—	—
순확정급여부채의 재측정요소As filed	—	—	—	—	—	—	4	33	-14	-2	-3
계속사업As filed	-1,175	66	—	—	—	—	—	—	—	—	—
중단영업기본주당이익(손실)As filed	-0	—	0	—	—	—	—	—	—	—	0
재분류될 수 없는 항목과 관련된 법인세As filed	—	—	—	—	—	—	—	-7	3	—	—
순확정급여의 재측정요소As filed	—	—	—	—	-5	-4	—	—	—	—	—
계속영업희석주당이익(손실)As filed	-0	0	0	—	—	—	—	—	—	—	-0
비지배지분As filed	-214	15	-19	15	9	3	44	48	-6	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	50	—	—	—	—	—	—	—
매도가능금융자산평가손익As filed	3	-1	0	—	—	—	—	—	—	—	—
중단영업희석주당이익(손실)As filed	-0	—	0	—	—	—	—	—	—	—	0
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	8	1	—	—	—	—	—	—	—	—	—
중단사업As filed	-146	—	—	—	—	—	—	—	—	—	—
지배기업의 소유주지분As filed	—	—	—	—	243	104	667	563	-96	—	—
법인세비용차감후기타포괄손익, 확정급여제도의 재측정손익As filed	8	1	—	—	—	—	—	—	—	—	—
지배기업의 소유주As filed	-1,267	92	-40	165	—	—	—	—	—	—	—
당기손익으로 재분류되는 세후기타포괄손익As filed	53	30	—	—	—	—	—	—	—	—	—
해외사업장환산손익As filed	—	—	—	—	—	—	—	—	—	218	-49
후속적으로 당기손익으로 재분류되지 않는항목As filed	—	—	—	—	—	—	—	—	—	-2	—
계속영업당기순이익(손실)As filed	—	—	—	—	—	—	—	—	—	-7	—
중단영업당기순이익(손실)As filed	—	—	—	—	—	—	—	—	—	-2	—
지분법자본변동As filed	-5	—	—	—	—	—	—	—	—	—	—
지분법이익잉여금변동As filed	0	—	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	—	-3
지배기업의 소유주에게 귀속될 계속영업손익As filed	—	—	—	—	—	—	—	—	—	—	-190
지배기업의 소유주에게 귀속될 중단영업손익As filed	—	—	—	—	—	—	—	—	—	—	0
비지배지분에 귀속될 계속영업이익(손실)As filed	—	—	—	—	—	—	—	—	—	—	-1
비지배지분에 귀속될 중단영업이익(손실)As filed	—	—	—	—	—	—	—	—	—	—	0
판매 및 일반관리비As filed	—	—	—	—	—	—	—	—	—	—	143

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-1,542	76	99	133	208	176	551	454	-140	205	-191
Total adjustments to operating cash flowcomputed	2,141	367	745	231	587	657	465	495	501	326	246
	599	443	844	363	795	833	1,016	949	360	531	55
Interest receivedKRW 100M	12	11	11	18	12	16	12	18	51	28	18
Interest paidKRW 100M	183	106	91	73	73	52	35	27	23	18	12
Income taxes paidKRW 100M	55	6	9	9	25	32	26	62	68	-53	-14
	-653	-52	-886	-391	-445	172	-560	-1,062	311	-169	-137
Purchase of property, plant and equipmentKRW 100M	394	224	774	359	400	252	242	538	268	365	217
Proceeds from sale of property, plant and equipmentKRW 100M	14	14	14	1	1	24	28	6	3	5	44
Purchase of intangible assetsKRW 100M	15	11	5	11	11	8	5	14	4	1	4
	808	-566	-239	-346	-60	-1,059	-354	-159	-310	-208	-642
Dividends paidKRW 100M	20	—	—	—	—	—	—	5	4	0	0
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	—	—	12	32	—	—
Disposal of treasury sharesKRW 100M	—	—	—	—	—	8	—	—	—	—	—
Issue of sharesKRW 100M	1,640	—	—	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	505	1,199	1,024	697	333	624	566	689	424	788	955
	1,199	1,024	697	333	624	566	689	424	788	955	226
Effect of exchange rate changesKRW 100M	-60	1	-46	9	1	-5	21	8	2	13	-4
Net change in cash and cash equivalentsKRW 100M	694	-175	-327	-364	291	-58	123	-264	363	167	-728

비지배지분의 감소As filed	—	—	—	—	—	—	—	—	—	-112	1
영업으로부터 창출된 현금흐름As filed	824	543	932	427	881	902	1,065	1,020	400	—	—
금융리스부채의 상환As filed	—	—	—	—	—	14	21	23	23	24	24
배당금수취As filed	0	0	—	—	—	—	—	—	—	—	—
주식매수선택권As filed	—	—	—	—	—	1	2	—	-1	0	—
무형자산의 처분As filed	0	25	41	17	—	15	0	—	—	3	0
주식선택권행사로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	—	-1
기타금융자산의 순감소(증가)As filed	—	—	—	—	131	-183	328	-128	—	0	—
기타금융자산의 취득As filed	—	—	—	3,303	—	—	—	—	-320	—	—
당기손익-공정가치측정 금융자산의 순감소(증가)As filed	—	—	—	—	-97	-211	4	1	15	22	—
보증금의 증가As filed	15	—	—	—	—	—	—	—	—	—	—
기타금융자산의 처분As filed	—	—	—	3,268	—	—	—	—	—	—	—
기타유동채권의 순감소(순증가)As filed	—	—	—	—	—	—	-5	—	—	—	—
기타포괄손익-공정가치측정 금융자산의 순감소(증가)As filed	—	—	—	—	—	—	—	-645	645	0	—
장기금융상품의 처분As filed	3	147	-359	—	—	—	—	—	—	—	—
기타비유동자산의 증가As filed	—	—	—	3	—	—	—	—	—	—	—
기타비유동채권의 순감소(순증가)As filed	—	—	—	—	—	—	-11	—	-400	—	—
차입금에 따른 유입As filed	—	—	—	—	—	—	—	—	9	—	0
차입금의 차입As filed	—	—	—	—	176	1,266	214	137	—	0	—
기타금융채권의 처분As filed	—	—	194	—	—	—	—	—	—	—	—
차입금의 상환As filed	2,224	725	347	464	—	1,955	545	257	259	72	616
기타금융자산의 증가As filed	-5	4	—	—	—	—	—	—	—	—	150
기타비유동자산의취득As filed	—	—	-4	—	—	—	—	—	—	—	—
투자부동산의 처분As filed	27	—	—	—	—	—	—	—	—	—	—
매도가능금융자산의 처분As filed	—	—	6	—	—	—	—	—	—	—	—
전환권의 전환As filed	—	—	—	—	—	-1	—	—	—	—	—
차입금As filed	1,411	159	108	118	—	—	—	—	—	—	—
중단영업의 처분As filed	—	—	—	—	—	—	—	—	—	168	21
차입금의 감소As filed	—	—	—	—	229	—	—	—	—	—	—
지급보증채무의 상환As filed	—	—	—	0	—	363	—	—	—	—	—
기타비유동채권의 감소As filed	—	—	—	—	—	—	—	—	—	—	0
기타비유동채권의 순감소(증가)As filed	—	—	—	—	—	—	—	—	—	-300	—
리스부채의 상환As filed	—	—	—	—	7	—	—	—	—	—	—
종속기업, 조인트벤처와 관계기업에 대한 투자자산의 취득As filed	0	—	—	—	—	—	—	—	—	—	—
기타유동채권의 순감소(증가)As filed	—	—	—	—	—	—	—	—	—	300	—
종속기업, 조인트벤처와 관계기업에 대한 투자자산의 처분As filed	-16	—	—	—	—	—	—	—	—	—	—
기타유동채권의 감소As filed	—	—	—	—	—	—	—	—	—	—	400
전환권의 행사As filed	—	—	-0	-0	—	—	—	—	—	—	—
파생상품부채의 정산As filed	-260	—	—	—	—	—	—	—	—	—	—
기타비유동채권의 증가As filed	—	—	—	—	—	—	—	—	—	—	0
기타유동채권의 증가As filed	—	—	—	—	—	—	—	—	—	—	0
당기손익-공정가치측정금융자산의 감소As filed	—	—	—	—	—	—	—	—	—	—	3,687
기타포괄손익-공정가치측정금융자산의감소As filed	—	—	—	—	—	—	—	—	—	—	0
기타금융자산의 감소As filed	—	—	—	—	—	—	—	—	—	—	1
기타포괄손익-공정가치측정금융자산의증가As filed	—	—	—	—	—	—	—	—	—	—	0
영업에서 창출된 현금As filed	—	—	—	—	—	—	—	—	—	467	35
당기손익-공정가치측정금융자산의 증가As filed	—	—	—	—	—	—	—	—	—	—	3,920

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 2026.03.23.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 28	삼덕회계법인	2025-12-31
2024	적정의견Term 27	삼덕회계법인	2025-12-31
2023	적정의견Term 26	삼덕회계법인	2025-12-31
2022	적정Term 25	신한회계법인	2022-12-31
2021	적정Term 24	신한회계법인	2022-12-31
2020	적정Term 23	신한회계법인	2022-12-31
2019	적정Term 22	삼일회계법인	2019-12-31
2018	적정Term 21	삼일회계법인	2019-12-31
2017	적정Term 20	삼일회계법인	2019-12-31
2016	적정Term 19	삼일회계법인	2016-12-31
2015	적정Term 18	삼일회계법인	2016-12-31
2014	적정Term 17	삼일회계법인	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 5Y1.03

Equity risk premium%

Terminal growth%

Cost of equity9.56%

Weighted average cost of capital—

Initial growth2.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW11,580

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	No book value or return on equity

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% + 1.03 × 5.00% = 9.56%

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 = g_T = 2.00%

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