042660KOSPI

Hanwha Ocean

72,000

-2,100 (-2.83%)

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

Hanwha Ocean was established in 2000 through a corporate split from Daewoo Heavy Industries. The company is listed on the KOSPI market and is headquartered in Geoje, Gyeongsangnam-do.

The company operates as a comprehensive shipbuilding and offshore specialist. It constructs commercial vessels, offshore plants, and special ships. Its business segments also include plant construction, onshore and offshore wind power projects, and system integration services.

Business overview as filed

공시대상기간 동안 연결회사의 사업부별 매출액 및 매출 비중은 다음과 같습니다.

사업부문별 매출현황

당사의 수익인식은 K-IFRS 제1115호 '고객과의 계약에서 생기는 수익' 기준서를 적용하여 작성하였습니다.

각 사업부문별 자세한 내용은 7.

당사의 연결대상 주요 종속회사인 한화해양공정(산동)유한공사는 선박블럭 및 부품을 제작하는 회사이며, 한화오션에코텍(주)는 선박블럭 및 기자재 등을 제작하는 회사입니다. DSME Kazakhstan LLP는 해양프로젝트 계약 관리를 주요 사업으로 영위하는 회사입니다. 한편, Hanwha Ocean USA Holdings Corp.는 신성장동력 확보를 위해 검토 중인 투자 및 사업 관리를 담당하기 위해 설립한 회사입니다. 상기 회사 산하에 Hanwha Ocean USA International LLC(투자업), Hanwha Ocean Americas LLC(영업/마케팅 지원), Hanwha Ocean Global Operation Center LLC(해양플랜트업), Hanwha Drilling LLC(시추업), Tidal Action LLC(시추업), Hanwha Ocean Global Engineering Center India Private Limited (해양플랜트업), Hanwha Ocean Brazil LTDA (해양플랜트업), Hanwha Ocean Namibia (Proprietary) Limited, Hanwha Ocean USA Investment LLC(투자업) 등을 추가 설립하였습니다. 한편, 풍력발전기설치선 운영 관련 사업 영위를 위해 오션이앤아이 주식회사를 설립하였습니다. 프로젝트 특성에 따라 사업본부 내 각 영업부 및 지사에서 판매활동을 진행 중이며, 선별 고가 수주를 통한 수익성 확보, 시장 변동에 신속한 대응, 신규시장 진출 기반 구축 등의 판매전략을 수립하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

당사의 연결대상 종속회사는 21개社이며 주요 종속회사는 6개社입니다. 연결대상 종속회사의 개요 및 주요사업의 내용은 'XII. 상세표 1. 연결대상 종속회사 현황(상세)'를 참고하여 주시기 바랍니다.연결대상 종속회사 현황(요약)

연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 한화오션주식회사이며, 영문명은 HANWHA OCEAN CO., LTD.입니다.

다. 설립일자

당사는 2000년 10월 23일 대우중공업(주)로부터 회사분할에 의해 신설법인으로 설립되었으며, 2001년 2월 2일 주식시장에 상장되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

(1) 주소 : 경상남도 거제시 거제대로 3370 (아주동)(2) 전화번호 : 055-735-2114(3) 홈페이지 주소 : http://www.hanwhaocean.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

당사는 LNG 운반선, 원유 운반선, 컨테이너선, LPG 운반선 등 각종 선박과 부유식 원유생산저장하역설비(FPSO), 고정식 플랫폼(Fixed Platform), 원유 시추설비(RIG, Drillship) 등 해양제품 그리고 잠수함, 구축함, 구난함, 경비함 등 특수선을 건조하는 종합 조선ㆍ해양 전문회사입니다. 또한 2024년 7월 1일부터 (주)한화로부터 플랜트 사업을 양수하여, 석유화학(Petrochemicals), 정유(Refinery), 발전·담수(Power & Water), 산업/광물(Industrial, Metal & Minerals) 플랜트를 설계단계부터 시공까지 종합건설 사업을 수행하고 있습니다. 또한 2024년 12월 1일부터 (주)한화로부터 풍력 사업을 양수하여 육/해상 풍력사업을 사업 개발부터 설계, 시공까지 개발 및 종합건설 사업을 수행하고 있습니다. 한편, 종속회사였던 한화오션디지털(주)를 2024년 12월 1일 합병하여 컴퓨터 통합자문 및 시스템 구축사업을 영위하고 있습니다. 당사의 연결대상 주요 종속회사인 한화해양공정(산동)유한공사는 선박블럭 및 부품을 제작하는 회사이며, 한화오션에코텍(주)는 선박블럭 및 기자재 등을 제작하는 회사입니다. DSME Kazakhstan LLP는 해양프로젝트 계약 관리를 주요 사업으로 영위하는 회사입니다. 한편, Hanwha Ocean USA Holdings Corp.는 신성장동력 확보를 위해 검토 중인 투자 및 사업 관리를 담당하기 위해 설립한 회사입니다. 상기 회사 산하에 Hanwha Ocean USA International LLC(투자업), Hanwha Ocean Americas LLC(영업/마케팅 지원), Hanwha Ocean Global Operation Center LLC(해양플랜트업), Hanwha Drilling LLC(시추업), Tidal Action LLC(시추업), Hanwha Ocean Global Engineering Center India Private Limited (해양플랜트업), Hanwha Ocean Brazil LTDA (해양플랜트업), Hanwha Ocean Namibia (Proprietary) Limited, Hanwha Ocean USA Investment LLC(투자업) 등을 추가 설립하였습니다. 한편, 풍력발전기설치선 운영 관련 사업 영위를 위해 오션이앤아이 주식회사를 설립하였습니다. 연결회사는 공사 유형별로 사업부문을 구분하고 있으며 각 세부 부문별로 수익을 창출하는 재화와 용역, 주요 고객의 내역은 다음과 같습니다.

사. 신용평가에 관한 사항

한국기업평가 등급의 정의① 단기 채무자 신용등급(기업어음 등)

* 상기 등급 중 A2부터 B등급은 +, - 부호를 부가하여 동일 등급 내에서의 상대적 우열을 나타냄 ② 장기 채무 신용등급(회사채 등)

* 상기 등급 중 AA부터 B등급까지는 +, - 부호를 부가하여 동일 등급 내에서의 상대적 우열을 나타냄③ 장기 채무자 신용등급 (기업신용평가 등)

* 상기 등급 중 AA부터 B등급까지는 +, - 부호를 부가하여 동일 등급 내에서의 상대적 우열을 나타냄

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

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

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

VaR

4.57%

[2.76%, 7.65%] · 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 52.0% (2026-10-08). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.60

Beta [0.44, 0.76] · KOSPI200 · As of 2026-10-08

Intercept: -0.297%[-0.761%, +0.167%]
R squared: 0.25
Observations: 252
Trading-time corrected beta: 0.84[0.51, 1.17]

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	154,436	128,192	111,018	96,444	83,587	70,302	44,866	48,602	74,083	107,760	127,835	149,994
Revenue growth%	—	-16.99	-13.40	-13.13	-13.33	-15.89	-36.18	8.33	52.43	45.46	18.63	—
Operating incomeKRW 100M	-21,245	-15,308	7,330	10,248	2,928	1,534	-17,547	-16,136	-1,965	2,379	11,676	17,145
Operating income growth%	—	—	—	39.81	-71.43	-47.59	-1,243.56	—	—	—	390.84	—
Net incomeKRW 100M	-22,092	-27,895	6,458	3,201	-465	866	-16,998	-17,448	1,600	5,282	12,459	20,743
Net income growth%	—	—	—	-50.44	-114.52	—	-2,063.47	—	—	230.04	135.87	—
Attributable to ownersKRW 100M	-20,975	-27,341	6,215	3,447	-465	866	-16,998	-17,448	1,599	5,281	12,458	20,743
Attributable to minoritiesKRW 100M	-1,117	-553	243	-247	—	—	—	—	2	1	1	1
Operating margin%	-13.76	-11.94	6.60	10.63	3.50	2.18	-39.11	-33.20	-2.65	2.21	9.13	11.43
Net margin%	-14.31	-21.76	5.82	3.32	-0.56	1.23	-37.89	-35.90	2.16	4.90	9.75	13.83
ROE%	-225.77	-266.25	18.31	8.98	-1.24	2.24	-76.65	-234.21	3.71	10.87	20.19	27.57
ROA%	-11.70	-18.52	5.64	2.69	-0.41	0.84	-16.00	-14.26	1.15	2.96	6.19	10.30
Debt ratio%	2,950.77	2,184.71	282.75	210.36	200.30	166.76	379.04	1,542.43	223.38	266.90	226.17	167.61
Current ratio%	68.19	64.68	108.27	137.21	142.92	115.31	86.83	73.30	123.57	108.69	107.87	121.27
Quick ratio%	55.06	56.02	96.17	112.09	118.81	96.65	71.57	52.66	84.82	81.83	80.73	104.36
Reserve ratio%	—	—	51.39	122.80	106.43	127.84	-181.80	-495.66	-8.32	23.10	112.80	189.50
Free cash flowKRW 100M	—	—	—	—	—	—	—	—	-20,698	-32,782	6,051	—
FCF margin%	—	—	—	—	—	—	—	—	-27.94	-30.42	4.73	—
OCF conversion%	—	—	-157.94	226.57	—	-529.58	—	—	-1,211.64	-549.89	105.52	—
Capex to revenue%	—	—	—	—	—	—	—	—	1.76	3.47	5.55	—
Receivable daysdays	—	13.0	13.4	21.8	23.5	27.1	41.5	28.2	18.2	20.8	26.5	—
Inventory daysdays	—	41.9	34.6	42.9	57.9	58.4	63.6	98.2	127.2	102.5	97.1	—
Payable daysdays	—	56.3	52.5	44.2	46.4	45.9	42.9	46.8	52.4	51.5	58.8	—
Cash conversion cycledays	—	-1.3	-4.4	20.4	35.1	39.6	62.2	79.6	92.9	71.8	64.8	—
EPSKRW	—	-10,000	7,141	2,998	-655	583	-16,072	-16,493	736	1,648	4,007	6,770
PERx	—	—	1.95	11.39	—	47.00	—	—	34.10	22.66	28.35	14.82
BPSKRW	—	3,756	32,309	35,821	35,025	36,061	20,669	6,943	14,060	15,857	20,137	24,553
PBRx	—	1.19	0.43	0.95	0.80	0.76	1.12	2.73	1.79	2.36	5.64	4.09
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 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
	188,803	150,648	114,468	119,185	112,761	103,208	106,232	122,357	139,448	178,438	201,409
	104,660	79,995	66,513	73,500	68,711	59,532	64,811	78,225	92,175	112,460	120,822
Cash and cash equivalentsKRW 100M	12,359	2,243	2,058	3,512	20,122	13,436	17,789	6,597	17,993	5,883	7,785
Short-term financial instrumentsKRW 100M	127	295	825	748	4,173	699	3,107	4,922	—	—	—
InventoriesKRW 100M	20,140	10,711	7,434	13,456	11,590	9,633	11,391	22,021	28,908	27,797	30,404
Trade and other receivablesKRW 100M	5,437	3,727	4,427	7,069	3,694	6,757	3,451	4,047	3,325	8,945	9,652
	84,143	70,653	47,955	45,685	44,050	43,675	41,421	44,132	47,272	65,978	80,588
Property, plant and equipmentKRW 100M	58,383	51,979	40,034	38,229	36,945	36,679	34,694	37,867	40,622	46,484	52,732
Intangible assetsKRW 100M	819	733	373	398	247	9	12	15	43	Not applicable	Not applicable
Investments in associatesKRW 100M	335	184	160	148	69	46	40	37	42	3,242	10,004
	182,615	144,055	84,561	80,783	75,212	64,518	84,056	114,907	96,326	129,805	139,659
	153,492	123,687	61,430	53,568	48,075	51,627	74,645	106,725	74,594	103,466	112,005
Trade and other payablesKRW 100M	24,703	16,754	10,730	10,827	9,222	7,475	6,699	9,215	11,764	16,720	18,563
Short-term borrowingsKRW 100M	37,115	28,610	20,465	14,726	11,244	10,119	11,379	12,834	—	—	—
Current portion of long-term borrowingsKRW 100M	14,092	14,862	4,609	1,971	2,041	9,860	10,911	11,821	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	184	182	169	204	233	305	371
	29,123	20,368	23,130	27,215	27,136	12,891	9,412	8,182	21,732	26,338	27,654
Bonds issuedKRW 100M	—	—	5,307	5,756	5,118	3,207	1,117	—	—	—	—
Long-term borrowingsKRW 100M	17,445	7,420	6,736	9,359	9,735	1,356	1,225	997	16,647	20,281	23,463
Non-current lease liabilitiesKRW 100M	—	—	—	241	156	626	612	486	513	983	934
	6,189	6,594	29,907	38,402	37,549	38,690	22,176	7,450	43,122	48,633	61,750
	9,291	10,269	33,934	38,402	37,549	38,690	22,176	7,450	43,075	48,587	61,703
Issued capitalKRW 100M	13,721	3,329	5,383	5,410	5,410	5,415	5,415	5,415	15,368	15,371	15,371
Capital surplusKRW 100M	Not applicable	Not applicable	3,688	174	174	169	169	169*	27,402	1,187	1,819
Retained earningsKRW 100M	-8,593	-35,468	-922	6,470	5,584	6,753	-10,013	-27,007	-28,682	2,364	15,519
Accumulated other comprehensive incomeKRW 100M	—	—	—	—	—	—	—	—	5,590	6,272	5,601
Other equityKRW 100M	4,224	4,106	2,937	3,020	3,052	3,025	3,276	5,545	—	—	—
Non-controlling interestsKRW 100M	-3,102	-3,675	-4,028	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	47	47	48

유동성통화선도자산As filed	1	0	701	125	4	1,105	9	27	16	10	—
유동성확정계약자산As filed	1,580	1,423	56	139	401	7	344	1,999	2,297	3,439	434
계약자산As filed	—	—	—	43,724	22,109	21,759	19,365	25,661	25,179	49,866	55,061
단기상각후원가측정금융자산As filed	—	—	—	—	—	—	—	0	—	—	—
당기손익인식금융자산As filed	30	78	314	—	—	—	—	—	—	—	—
단기상각후원가금융자산As filed	—	—	—	—	0	0	—	—	—	—	—
유동 파생상품 금융자산As filed	—	—	—	—	—	—	—	—	—	—	165
당기손익-공정가치금융자산As filed	—	—	—	4	3	—	—	—	—	—	—
단기만기보유금융자산As filed	0	0	0	—	—	—	—	—	—	—	—
당기법인세자산As filed	6	0	15	11	44	38	1	58	55	86	21
유동성만기보유금융자산As filed	—	—	—	0	—	—	—	—	—	—	—
단기매도가능금융자산As filed	1	0	—	—	—	—	—	—	—	—	—
기타유동자산As filed	14,037	11,594	9,362	4,584	6,571	5,952	7,733	12,889	13,153	15,974	17,198
미청구공사As filed	50,032	47,445	40,890	—	—	—	—	—	—	—	—
기타금융자산As filed	—	—	—	—	—	—	—	—	1,249	460	102
매각예정비유동자산As filed	—	2,480	—	129	—	147	1,620	3	—	—	—
장기금융상품As filed	4	3,863	4,140	4,160	4,194	3,987	1,554	3	—	—	—
확정계약자산As filed	3,938	3,159	3	89	399	9	2,303	2,334	872	377	—
이연법인세자산As filed	13,355	5,146	14	2	22	8	4	3	1,641	5,066	9,500
당기손익-공정가치측정금융자산As filed	—	—	—	—	—	319	509	318	—	—	—
상각후원가금융자산As filed	—	—	—	—	250	196	—	—	—	—	—
기타포괄손익-공정가치측정금융자산As filed	—	—	—	—	—	74	67	81	—	—	—
무형자산As filed	—	—	—	—	—	—	—	—	—	3,941	3,624
상각후원가측정금융자산As filed	—	—	—	—	—	—	201	—	—	—	—
장기매출채권및기타채권As filed	4,308	3,254	1,832	1,959	917	775	1,039	2,035	2,738	2,672	969
순확정급여자산As filed	—	—	—	—	—	—	—	—	11	15	3
매각예정자산As filed	909	—	431	—	—	—	—	—	—	—	—
비유동파생상품자산As filed	—	—	—	—	—	—	—	—	—	—	49
기타비유동자산As filed	1,419	1,339	119	142	105	88	155	118	142	304	418
통화선도자산As filed	15	0	676	78	65	561	15	8	—	—	—
장기기타금융자산As filed	—	—	—	—	—	—	—	—	395	2,546	1,908
사용권자산As filed	—	—	—	—	286	849	828	716	766	1,330	1,382
투자부동산As filed	133	102	79	78	77	76	—	—	—	—	—
만기보유금융자산As filed	3	3	3	0	—	—	—	—	—	—	—
매도가능금융자산As filed	1,417	880	521	—	—	—	—	—	—	—	—
자본조정As filed	—	—	—	—	—	—	—	—	68	65	65
기타포괄손익-공정가치금융자산As filed	—	—	—	—	191	—	—	—	—	—	—
장기당기손익인식금융자산As filed	15	12	—	—	—	—	—	—	—	—	—
확정급여자산As filed	—	—	—	—	—	—	—	597	—	—	—
신종자본증권As filed	—	10,000	22,848	23,328	23,328	23,328	23,328	23,328	23,328	23,328	23,328
기타포괄-공정가치금융자산As filed	—	—	—	201	—	—	—	—	—	—	—
당기손익공정가치측정금융부채As filed	—	—	—	—	—	—	—	314	—	—	—
부채와자본총계As filed	188,803	150,648	114,468	119,185	112,761	103,208	106,232	122,357	139,448	178,438	201,409
유동성장기사채As filed	21,036	13,489	—	—	1,163	2,380	2,384	1,220	—	—	—
유동성통화선도부채As filed	2,179	2,112	100	384	863	35	532	2,915	2,278	3,476	—
유동성확정계약부채As filed	17	17	280	76	1	472	1	9	7	—	—
유동성충당부채As filed	25	37	—	—	3,538	6,455	17,582	15,703	7,153	3,642	—
유동금융보증부채As filed	—	—	—	—	—	—	—	—	—	—	4
차입금As filed	—	—	—	—	—	—	—	—	5,264	—	—
계약부채As filed	—	—	—	18,713	18,023	12,457	20,942	46,816	43,662	43,153	51,959
유동확정계약부채As filed	—	—	—	—	—	—	—	—	—	—	132
당기법인세부채As filed	145	23	6	16	11	11	23	14	8	30	49
차입금 및 사채As filed	—	—	—	—	—	—	—	—	—	—	33,001
당기손익인식금융부채As filed	876	65	427	—	—	—	—	—	—	—	—
기타유동부채As filed	1,199	1,403	1,078	1,267	1,786	2,182	4,023	5,660	4,225	3,763	3,200
사채 및 차입금As filed	—	—	—	—	—	—	—	—	—	32,377	—
당기손익-공정가치금융부채As filed	—	—	—	1	—	—	—	—	—	—	—
유동 파생상품 금융부채As filed	—	—	—	—	—	—	—	—	—	—	558
장기매입채무및기타채무As filed	1,525	1,537	1,361	662	434	40	70	52	52	153	729
통화선도부채As filed	3,382	2,607	3	74	362	8	2,071	1,942	884	532	—
순확정급여부채및기타장기종업원급여부채As filed	—	—	1,605	—	—	412	319	224	—	—	—
유동성금융보증부채As filed	42	30	—	—	0	—	—	—	—	—	—
이연법인세부채As filed	36	35	510	846	838	739	639	1,190	199	228	344
충당부채As filed	1,474	3,959	6,938	5,587	9,644	5,956	3,348	3,290	2,300	1,879	803
확정계약부채As filed	15	0	655	45	58	546	11	1	—	—	—
순확정급여부채 및 기타장기종업원급여부채As filed	—	—	—	1,626	792	—	—	—	1,136	2,282	—
초과청구공사As filed	52,060	45,133	23,546	—	—	—	—	—	—	—	—
유동충당부채As filed	—	—	—	—	—	—	—	—	—	—	4,169
비유동금융보증부채As filed	—	—	—	—	—	—	—	—	—	—	18
매각예정부채As filed	—	1,151	190	—	—	—	—	—	—	—	—
비유동확정계약부채As filed	—	—	—	—	—	—	—	—	—	—	49
비유동종업원급여충당부채As filed	—	—	—	—	—	—	—	—	—	—	1,192
비유동 순확정급여부채As filed	—	—	—	—	—	—	—	—	—	—	122
금융보증부채As filed	1,031	866	15	5	—	—	—	—	—	—	—
기타비유동부채As filed	7	60	0	—	—	—	—	—	—	—	—
사채As filed	1,866	1,924	—	—	—	—	—	—	—	—	—
장기당기손익인식금융부채As filed	69	45	—	—	—	—	—	—	—	—	—
순확정급여부채As filed	2,272	1,914	—	—	—	—	—	—	—	—	—
기타불입자본As filed	-61	28,302	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	154,436	128,192	111,018	96,444	83,587	70,302	44,866	48,602	74,083	107,760	127,835
Cost of salesKRW 100M	170,192	134,496	95,577	88,927	78,898	66,342	60,337	62,070	73,095	100,921	109,432
Gross profitKRW 100M	-15,756	-6,303	15,441	7,517	4,690	3,959	-15,471	-13,469	988	6,839	18,403
SG&A expensesKRW 100M	1,657	1,317	1,788	634	522*	2,425	2,075	2,667	2,953	4,460	6,727
	-21,245	-15,308	7,330	10,248	2,928	1,534	-17,547	-16,136	-1,965	2,379	11,676
Finance incomeKRW 100M	219	337	14,499*	11	6*	5,445	2,775	5,401	5,527	6,965	6,426
Finance costsKRW 100M	1,869	1,153	465	1,822	1,678*	4,417	7,614	11,370	8,989	11,722	7,670
Other incomeKRW 100M	8,344	4,611	8,297*	2,345	2,590*	2,113	6,045	5,106	5,550	5,043	611
Other expensesKRW 100M	13,941	7,498	15,434*	2,873	6,283*	3,876	920	947	1,301	1,009	1,849
Share of profit of associatesKRW 100M	—	—	—	—	—	-16	-13	2	15	155	-770
	-31,244	-19,617	11,890	3,677	-489	783	-17,275	-17,943	-1,163	1,810	8,424
Income tax expenseKRW 100M	-9,506	8,278	5,433	477	-24	-83	-276	-495	-2,763	-3,472	-4,036
Profit from continuing operationsKRW 100M	-21,737	-27,895	6,458	—	—	—	—	—	—	—	—
Profit or loss from discontinued operationsKRW 100M	-355	—	—	—	—	—	—	—	—	—	—
	-22,092	-27,895	6,458	3,201	-465	866	-16,998	-17,448	1,600	5,282	12,459
Attributable to ownersKRW 100M	-20,975	-27,341	6,215	3,447	-465	866	-16,998	-17,448	1,599	5,281	12,458
Attributable to minoritiesKRW 100M	-1,117	-553	243	-247	Not applicable	Not applicable	Not applicable	Not applicable	2	1	1
Basic earnings per shareKRW	Not applicable	Not applicable	7,141	2,998	-655	583*	-16,072	-16,493	736	1,648	4,007
Diluted earnings per shareKRW	Not applicable	Not applicable	4,995	2,094	-655	524*	-16,072	-16,493	659	1,449	3,409
	Not applicable	Not applicable	Not applicable	2,999	-853	1,141	-16,503	-14,726	-98	5,684	12,665
Other comprehensive incomeKRW 100M	4,038	290	-884	-202	-388	275	495	2,722	-1,699	402	206

당기순이익(손실)As filed	-22,092	-27,895	6,458	3,201	-465	866	-16,998	-17,448	1,600	5,282	12,459
비지배지분As filed	-946	-510	302	-326	—	—	—	—	2	1	1
지배기업의 소유주As filed	-17,108	-27,095	5,271	3,325	-853	1,141	-16,503	-14,726	-100	5,683	12,664
순확정급여제도재측정요소As filed	—	—	-31	-312	-451	220	176	73	-1,744	-538	876
확정급여제도재측정요소As filed	-151	369	—	—	—	—	—	—	—	—	—
관리비As filed	3,137	7,164	5,913	674	909	—	—	—	—	—	—
유형자산재평가잉여금As filed	4,511	-75	-820	-95	8	—	171	2,748	1	-7	29
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	—	—	—	—	—	—	-86
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	—	-12	-8	14	-9	303	-613
해외사업환산손익As filed	-208	45	-39	310	37	68	155	-114	54	546	-49
현금흐름위험회피손익(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	—	1
경상연구개발비As filed	695	524	410	616	687	—	—	—	—	—	—
기타포괄손익-공정가치금융자산평가손익As filed	—	—	—	-105	18	—	—	—	—	—	—
지분법자본변동As filed	—	—	—	—	—	—	—	—	—	99	-38
대손상각비(환입)As filed	—	—	—	-4,655	-356	—	—	—	—	—	—
매도가능금융자산평가손익As filed	-301	-49	6	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류될 수 없는 항목As filed	—	—	—	—	—	—	—	—	—	—	292
이자수익As filed	—	—	—	611	910	—	—	—	—	—	—
관계기업및공동기업투자손익As filed	-668	52	-1,673	-45	—	—	—	—	—	—	—
(부의)지분법자본변동As filed	65	0	-0	—	—	—	—	—	—	—	—
현금흐름위험회피파생상품평가손익As filed	122	—	—	—	—	—	—	—	—	—	—
종속기업,관계및공동기업투자손익As filed	—	—	—	—	-15	—	—	—	—	—	—
환율변동이익As filed	8,637	5,952	6,543	4,899	3,277	—	—	—	—	—	—
종속기업투자손익As filed	—	—	—	-4,933	—	—	—	—	—	—	—
환율변동손실As filed	10,720	6,609	7,207	4,762	2,300	—	—	—	—	—	—
기타의대손상각비(환입)As filed	—	—	—	1	-77	—	—	—	—	—	—
계속영업과 중단영업 기본및희석주당이익(손실)As filed	-0	—	—	—	—	—	—	—	—	—	—
계속영업 기본및희석주당순손익As filed	—	-0	—	—	—	—	—	—	—	—	—
계속영업 기본및희석주당이익(손실)As filed	-0	—	—	—	—	—	—	—	—	—	—
중단영업 기본및희석주당순손익As filed	—	0	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-22,092	-27,895	6,458	3,201	-465	866	-16,998	-17,448	1,600	5,282	12,459
Total adjustments to operating cash flowcomputed	—	—	-16,657	4,051	25,886	-5,450	21,856	6,793	-20,992	-34,328	688
	Not applicable	Not applicable	-10,199	7,251	25,421	-4,585	4,858	-10,654	-19,392	-29,046	13,147
Interest receivedKRW 100M	Not applicable	Not applicable	248	176	342	226	192	479	534	584	295
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	790	Not applicable	Not applicable	1,415	1,578	1,709
Income taxes paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-52	25	75
	Not applicable	Not applicable	227	-132	-4,845	1,378	1,013	880	1,967	-11,101	-14,489
Purchase of property, plant and equipmentKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	1,307	3,736	7,096
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	5	14	35
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	33	57	70
	Not applicable	Not applicable	9,879	-5,659	-3,951	-3,081	-1,570	-1,298	28,852	28,030	3,298
Dividends paidKRW 100M	291	—	—	—	—	—	—	—	—	—	—
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	—	—	—	—	0	—
Disposal of treasury sharesKRW 100M	157	—	—	—	—	—	—	—	—	—	—
Issue of sharesKRW 100M	4,122	—	—	—	—	—	—	—	34,971	0	—
Cash at beginning of periodKRW 100M	1,388	12,359	2,243	2,058	3,512	20,122	13,436	17,789	6,597	17,993	5,883
	12,359	2,243	2,058	3,512	20,122	13,436	17,789	6,597	17,993	5,883	7,785
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	-92	-6	-14	Not applicable	Not applicable	Not applicable	-32	7	-54
Net change in cash and cash equivalentsKRW 100M	11,020	-10,146	Not applicable	Not applicable	Not applicable	-6,287	4,301	-11,072	Not applicable	Not applicable	Not applicable

영업에서 사용된 현금흐름As filed	—	—	—	8,129	26,147	—	—	—	-18,573	—	—
영업에서 창출(사용)된 현금흐름As filed	—	—	—	—	—	-4,026	5,137	-10,446	—	—	14,626
영업에서 창출된 현금흐름As filed	-4,800	-2,665	-8,882	—	—	—	—	—	—	-28,037	—
영업활동으로 인한 현금흐름As filed	-8,430	-5,310	—	—	—	—	—	—	—	—	—
당기순이익As filed	—	—	—	3,201	—	—	—	—	—	—	—
당기순이익(손실)As filed	-22,092	-27,895	6,458	—	-465	866	-16,998	-17,448	1,600	5,282	12,459
재무활동으로 인한 현금유입액As filed	38,906	42,117	17,096	578	404	—	1,079	1,568	44,572	29,394	17,490
조정As filed	4,872	23,664	14,540	6,059	6,247	6,190	14,531	6,611	-8,219	-1,742	3,375
유동성보증금의 회수As filed	—	—	—	—	—	—	—	—	—	—	0
단기차입금의 차입As filed	16,479	42,101	16,479	578	404	—	1,079	1,568	9,601	25,305	6,806
순운전자본변동As filed	12,420	1,565	-29,880	-1,131	20,365	-11,082	7,605	391	-11,954	—	—
임대보증금의 증가As filed	—	—	—	—	—	—	—	—	—	6	—
단기사채의 차입As filed	—	—	—	—	—	—	—	—	—	1,664	—
배당금 수취As filed	13	38	12	19	16	9	8	6	10	11	10
재무활동으로 인한 현금유출액As filed	-21,177	-44,126	7,218	-6,237	4,355	3,081	2,649	2,866	15,720	—	—
사채의 증가As filed	—	—	—	—	—	—	—	—	—	—	2,809
장기차입금의 차입As filed	10,057	16	617	—	—	—	—	—	—	1,080	4,362
신종자본증권 이자지급As filed	—	—	150	—	—	—	—	—	117	233	233
이자의 지급As filed	-2,498	-2,660	-1,641	-1,117	-1,049	—	-627	-773	—	—	—
공급자금융약정으로 차입As filed	—	—	—	—	—	—	—	—	—	343	3,513
법인세환급(납부)As filed	—	—	—	—	—	-4	147	80	—	—	—
주식발행비 지급As filed	—	15	22	0	—	0	—	—	193	2	—
사채의 차입As filed	—	—	—	—	—	—	—	—	—	996	—
이자의 수취As filed	197	223	—	—	—	—	—	—	—	—	—
투자활동으로 인한 현금유입액As filed	4,032	2,818	3,640	2,419	4,239	12,276	2,619	14,705	7,607	3,873	775
리스부채의 상환As filed	—	—	—	—	477	281	175	226	293	398	421
법인세 환급(납부)As filed	—	—	64	—	-34	—	—	—	—	—	—
정부보조금의 수령As filed	45	23	37	—	—	0	0	—	—	—	—
법인세 납부As filed	-1,342	-246	—	45	—	—	—	—	—	—	—
단기금융상품의 회수As filed	—	—	—	—	669	11,870	524	12,066	7,197	2,147	138
유동성장기사채의 상환As filed	5,050	7,698	—	—	—	1,232	1,850	1,853	618	0	—
단기차입금의 상환As filed	4,858	27,032	5,840	5,967	3,878	938	—	—	14,141	105	12,700
재무활동으로 인한 현금유출As filed	—	—	—	—	—	—	—	—	—	1,364	14,192
유동성장기차입금의 상환As filed	8,622	9,328	1,128	87	0	0	0	167	359	426	—
장기금융상품의 회수As filed	—	—	—	—	3,169	220	477	545	3	3	18
단기대여금의 회수As filed	—	55	291	322	—	—	1	72	388	5	7
상각후원가금융자산의 처분As filed	—	—	—	—	0	0	—	—	—	—	—
상환보증금의 지급As filed	—	—	—	—	—	—	624	620	—	—	6
투자활동으로 인한 현금흐름As filed	1,721	-2,827	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	20	82	266	0	—	—
상각후원가측정금융자산의 회수As filed	—	—	—	—	—	—	0	—	0	—	—
임차보증금의 회수As filed	—	—	—	—	—	23	44	0	1	15	51
단기금융상품의 감소As filed	140	20	331	544	—	—	—	—	—	—	—
사채의 상환As filed	—	—	—	—	—	—	—	—	—	200	—
장기상각후원가측정금융자산의 회수As filed	—	—	—	—	—	—	—	101	—	—	—
기타포괄손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	105	—	—	—	—	—
공급자금융약정으로 상환As filed	—	—	—	—	—	—	—	—	—	0	431
장기차입금의 중도상환As filed	4	51	77	6	—	—	—	—	—	—	400
매각예정비유동자산의 처분As filed	—	—	—	—	—	—	—	1,650	7	0	—
유·무형자산의 처분As filed	—	—	—	—	—	21	—	—	—	—	—
만기보유금융자산의 처분As filed	10	0	0	3	—	—	—	—	—	—	—
매각예정비유동자산의처분As filed	—	—	2,584	928	103	—	987	—	—	—	—
관계기업및공동지배기업투자주식의 처분As filed	—	—	11	—	98	17	—	—	—	—	—
당기손익-공정가치금융자산의 처분As filed	—	—	—	57	3	—	—	—	—	—	—
유ㆍ무형자산의 처분As filed	—	—	—	—	—	—	57	7	—	—	—
매도가능금융자산의 처분As filed	282	171	18	—	—	—	—	—	—	—	—
장기금융상품의 감소As filed	5	0	—	—	—	—	—	—	—	—	—
장기대여금의 회수As filed	—	1	93	235	—	—	447	—	—	—	—
기타포괄손익-공정가치금융자산의 처분As filed	—	—	—	1	0	—	—	—	—	—	—
단기대여금의 감소As filed	46	—	—	—	—	—	—	—	—	—	—
투자활동으로 인한 현금유출액As filed	-2,311	-5,645	3,413	-2,551	9,084	10,898	1,605	13,826	5,640	14,975	15,264
기타의투자자산의 처분As filed	—	—	—	—	108	—	—	—	—	—	—
단기금융상품의 투자As filed	—	—	—	—	4,085	7,935	54	12,602	4,171	1,041	89
무형자산의 처분As filed	15	8	6	1	1	—	—	—	5	7	198
유형자산의 처분As filed	3,052	2,046	256	26	89	—	—	—	—	—	—
당기손익인식금융자산의 처분As filed	40	—	—	—	—	—	—	—	—	—	—
장기금융상품의 투자As filed	—	—	—	—	3,163	477	545	3	3	23	27
당기손익-공정가치금융자산의처분 - 투자활동As filed	—	—	—	—	—	—	—	—	—	0	299
임차보증금의 증가As filed	—	—	—	—	—	37	1	1	5	5	61
상각후원가측정금융자산의회수As filed	—	—	—	—	—	—	—	—	—	0	—
기타투자자산의 처분As filed	—	31	6	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	—	1,683	—
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	50	—	—	0	387	0
유ㆍ무형자산의 취득As filed	—	—	—	—	—	—	1,003	1,219	—	—	—
장기대여금의 대여As filed	—	—	—	—	—	500	3	—	—	—	1
종속기업투자주식의 처분As filed	—	—	—	211	0	—	—	—	—	—	—
기타투자자산의 취득As filed	1	1	1	1	1	1	1	1	1	6	—
유·무형자산의 취득As filed	—	—	—	—	—	1,899	—	—	—	—	—
투자부동산의 처분As filed	—	—	8	—	—	—	—	—	—	—	—
매각예정자산의 처분As filed	—	363	—	—	—	—	—	—	—	—	—
정부보조금의 수취As filed	—	—	—	—	—	—	—	—	—	—	28
기타투자활동으로 인한 현급유입As filed	—	—	—	—	0	—	—	—	—	—	—
사업결합으로 인한 현금유출As filed	—	—	—	—	—	—	—	—	120	—	—
기타투자활동으로 인한 현금유입As filed	—	—	—	92	—	—	—	—	—	—	—
정부보조금의 상환As filed	26	4	7	—	—	—	—	—	—	—	—
종속기업 처분 순현금유입As filed	397	—	—	—	—	—	—	—	—	—	—
관계기업및공동기업투자주식의 처분As filed	—	21	—	—	—	—	—	—	—	—	—
단기금융상품의 증가As filed	—	195	170	80	—	—	—	—	—	—	—
장기금융상품의 증가As filed	2	3,860	1,085	407	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	—	—	—	—	1,794	—
만기보유금융자산의 취득As filed	3	0	0	0	—	—	—	—	—	—	—
사업결합으로 인한 순현금흐름As filed	—	—	—	—	—	—	—	—	—	4,000	353
연결범위 변동으로 인한 현금의 변동As filed	—	79	—	468	—	—	—	—	—	—	—
당기손익-공정가치 금융자산의 취득As filed	—	—	—	—	81	—	—	—	—	—	—
매도가능금융자산의 취득As filed	97	101	4	—	—	—	—	—	—	—	—
관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	—	1,568	7,560
당기손익 공정가치 금융자산의 취득As filed	—	—	—	63	—	—	—	—	—	—	—
장단기대여금의 대여As filed	—	—	282	8	184	—	—	—	—	—	—
유형자산의 취득As filed	1,820	1,198	1,088	1,481	1,552	—	—	—	—	—	—
무형자산의 취득As filed	139	64	76	44	18	—	—	—	—	—	—
상환보증금 지급As filed	—	—	—	—	—	630	—	—	—	—	—
연결범위의 변동으로 인한 현금의 변동As filed	—	—	—	—	0	—	—	—	—	—	—
연결범위의 변동으로인한 현금의 변동As filed	—	—	699	—	—	—	—	—	—	—	—
외화표시 현금및현금성자산의 환율변동효과As filed	-49	29	—	—	—	-400	53	-120	—	—	—
현금및현금성자산의 증가(감소)As filed	—	—	-93	—	—	—	—	—	11,427	-12,117	1,956
관계기업및공동기업투자의 취득As filed	5	—	—	—	—	—	—	—	—	—	—
기타금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	5
단기대여금의 대여As filed	—	—	—	—	—	—	—	—	—	2,357	3
장기대여금의 증가As filed	188	—	—	—	—	—	—	—	—	—	—
출자전환 단주대 지급As filed	—	—	—	—	—	0	—	—	—	—	—
장·단기대여금의 증가As filed	—	222	—	—	—	—	—	—	—	—	—
투자부동산의 취득As filed	30	—	—	—	—	—	—	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	—	-31,578	-1,208
재무활동으로 인한 현금흐름As filed	17,729	-2,009	—	—	—	—	—	—	—	—	—
주식발행비의 환입As filed	—	—	0	0	—	—	—	—	—	—	—
단기사채의 발행As filed	4,516	—	—	—	—	—	—	—	—	—	—
현금및현금성자산의 증가As filed	—	—	—	1,460	16,625	—	—	—	—	—	—
사채의 발행As filed	3,576	—	—	—	—	—	—	—	—	—	—
금융리스부채의 상환As filed	—	—	—	176	—	—	—	—	—	—	—
단기사채의 상환As filed	2,350	—	—	—	—	—	—	—	—	—	—
종속기업지분의 추가 매입As filed	2	2	—	—	—	—	—	—	—	—	—

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

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

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

The newest annual filing shown was received on 2026.03.17.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 26	삼일회계법인	2025-12-31
2024	적정의견Term 25	삼일회계법인	2025-12-31
2023	적정의견Term 24	삼일회계법인	2025-12-31
2022	적정의견Term 23	삼일회계법인	2022-12-31
2021	적정의견Term 22	삼일회계법인	2022-12-31
2020	적정의견Term 21	삼일회계법인	2022-12-31
2019	적정의견Term 20	삼덕회계법인	2019-12-31
2018	적정의견Term 19	삼일회계법인	2019-12-31
2017	적정의견Term 18	삼일회계법인	2019-12-31
2016	한정의견Term 17	삼일회계법인	2016-12-31
2015	적정의견Term 16	안진회계법인	2016-12-31
2014	적정의견Term 15	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.

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 5Y0.68

Equity risk premium%

Terminal growth%

Cost of equity7.78%

Weighted average cost of capital7.73%

Initial growth20.2%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW72,000

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

Model	Model priceKRW	Versus current price
Gordon growth model	No dividend
Dividend discount model DDM	No dividend
Discounted cash flow FCFF	62,035	-13.8%
Discounted cash flow FCFE	79,230	+10.0%
Residual income model RIM	98,081	+36.2%

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% + 0.68 × 5.00% = 7.78%

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(20.19% × (1 − 0.00%), 0) = 20.19%

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 = 20,137 KRW, ROE = 20.19%, payout ratio = 0.00%, r = 7.78%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	20,137	4,066	1,566	2,500	0.9278	2,320
2	24,203	4,887	1,882	3,005	0.8609	2,587
3	29,090	5,874	2,262	3,611	0.7988	2,885
4	34,963	7,059	2,719	4,341	0.7411	3,217
5	42,023	8,485	3,268	5,217	0.6877	3,588
Terminal value				92,121	0.6877	63,349

P_0 = 20,137 + 14,596 + 63,349 = 98,081 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 = 13,146.7 − 7,096.2 + 1,708.6 × (1 − 0.00%) = 7,759.1 KRW hundred million

Weighted average cost of capital

E = 220,617.6, D = 23,462.9 KRW hundred million; equity weight = 90.39%, debt weight = 9.61%; cost of debt k_d = 7.28%

WACC = 90.39% × 7.78% + 9.61% × 7.28% × (1 − 0.00%) = 7.73%

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	20.19%	9,325.8	0.9283	8,656.7
2	15.64%	10,784.7	0.8617	9,292.7
3	11.10%	11,981.3	0.7998	9,583.1
4	6.55%	12,765.8	0.7425	9,478.0
5	2.00%	13,021.1	0.6892	8,974.0
Terminal value	2.00%	231,832.7	0.6892	159,776.6
Total				205,761.1

Firm value = 205,761.1; less borrowings 23,462.9; plus cash 7,784.7 → 190,082.9 KRW hundred million

P_0 = 190,082.9 KRW hundred million ÷ 306,413,394 (shares) = 62,035 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 = 13,146.7 − 7,096.2 + 3,181.6 (net borrowing) = 9,232.2 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	20.19%	11,096.2	0.9278	10,295.6
2	15.64%	12,832.0	0.8609	11,047.1
3	11.10%	14,255.8	0.7988	11,387.3
4	6.55%	15,189.3	0.7411	11,257.5
5	2.00%	15,493.1	0.6877	10,654.1
Terminal value	2.00%	273,575.9	0.6877	188,130.4
Total				242,772.0

P_0 = 242,772.0 KRW hundred million ÷ 306,413,394 (shares) = 79,230 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

A model price is the arithmetic outcome of the stated assumptions, and is neither a target price nor a basis for an investment decision.
The cost of equity is the risk-free rate plus beta times the equity risk premium, and the risk premium and the terminal growth rate are assumptions the reader may change.
The cash flow models take borrowings and cash only from years in which the filer itemized those lines, and a year without them yields no figure.
Every model assumes the newest fiscal year's figures grow at a rate that converges in equal steps from the first year's rate to the terminal rate by the fifth year, and paths outside that assumption are not represented.

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