047050KOSPI

POSCO International

57,100

-100 (-0.17%)

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

POSCO International was established in 2000 through the spin-off of the trading division of Daewoo. The company is listed on the KOSPI market and maintains a corporate structure that includes 44 consolidated subsidiaries.

The company operates trading and energy business segments. Its trading activities include steel, steel raw materials, electric vehicle parts, and food. The energy segment focuses on gas field exploration, LNG value chain operations, and power generation. It distributes products through a global network of over 130 offices.

Business overview as filed

포스코인터내셔널은 트레이딩과 에너지 사업을 중심으로 국내 4개사, 해외 40개사 총 44개사의 종속회사가 있으며, 해외 주요 지역에서 법인, 지사 등 130여 개의 네트워크를 유지하고 있습니다.트레이딩사업은 철강 및 철강원료, 전기/하이브리드차 부품, 산업소재, 이차전지 소재, 식량 등을 주요 품목으로 하여 전 세계에 분포되어 있는 해외 네트워크를 기반으로 트레이딩 및 구동모터코아 생산/판매, 팜농장 운영 및 팜오일 생산/판매, 광물자원 생산, 호텔 운영 등 다양한 분야의 사업을 전개하고 있습니다.에너지 사업은 가스전을 탐사하고 개발하는 E&P사업, 가스 저장 및 운송에서 트레이딩에 이르는 LNG사업, LNG를 원료로 활용하는 발전사업을 운영하고 있으며, 이외에도 신재생에너지 사업을 중점으로 사업을 확대해 나가고 있습니다.2025년 연간 매출비중은 사업별 순매출액 기준 트레이딩사업 87.7%, 에너지사업 12.3%이고, 매출형태별 비중은 삼국간 57.7%, 수출 25.5%, 내수 16.8%입니다.

지역별로는 국내 16.7%, 아시아 52.3%, 북미 지역 10.7%, 유럽 지역 11.2%, 기타 지역 9.1%를 차지하고 있으며, 주요 품목별 매출 비중은 철강 70.2%, 에너지 12.3%, 식량/소재 17.4%, 기타 0.1% 를 차지하고 있습니다.

회사는 미얀마 가스전, 호주 Senex Energy 등 E&P사업(Upstream)과, LNG 터미널 및 트레이딩 사업(Midstream), LNG 발전사업(Downstream)을 영위하는 등 LNG사업의 Full Value Chain을 보유하고 있으며, 이를 기반으로 Value Chain 시너지를 가속화하며 글로벌 에너지 전문 기업으로 도약하고 있습니다.또한 구동모터코아 사업의 해외 생산기지 준공 및 팜오일 기업 인수, 팜오일 정제법인 준공 등 투자사업을 지속적으로 확대하여 보다 안정적인 사업포트폴리오를 구축하고 지속 성장의 토대를 마련하였습니다.상기 "1. 사업의 개요"의 세부사항 및 포함되지 않은 내용 등은 "II. 사업의 내용"의"2. 주요 제품 및 서비스" 부터 "7. 기타 참고사항" 까지의 항목에 상세히 기재되어있으며 이를 참고하여 주시기 바랍니다.

Company overview

가. 연결대상 종속회사 개황

회사의 연결대상 종속회사는 국내 4개사, 해외 40개사 총 44개사입니다.

1) 연결대상 종속회사 현황(요약)

상기 연결대상회사수는 지배회사를 제외한 수치 입니다.

2) 연결대상회사의 변동내용

주) 26년 1월 중 주주총회를 통하여 PT SAMPOERNA AGRO TBK에서 PT PRIME AGRI RESOURCES로 사명을 변경하였습니다.

나. 회사의 법적 ·상업적 명칭

회사의 상호는 '주식회사 포스코인터내셔널'이라고 표기합니다.영문으로는 'POSCO INTERNATIONAL CORPORATION'이라 표기합니다.당사의 명칭은 제 19기 정기주주총회 결의를 통하여 '주식회사 포스코대우'에서 '주식회사 포스코인터내셔널'로 상호가 변경되었습니다

다. 설립일자

회사는 2000년 12월 27일 ㈜대우의 무역부문의 인적분할을 통해 설립되었습니다.또한 회사의 주식(보통주)은 2001년 3월 23일자로 재상장되어 유가증권상장시장에서 매매가 개시되었습니다.

라. 본사의 주소, 전화번호 및 홈페이지 주소

주소 : 서울특별시 강남구 테헤란로 440 (포스코센터)전화번호 : 02-759-3469홈페이지 : http://www.poscointl.com

마. 중소기업 등 해당 여부

바. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

사. 주요 사업의 내용

당사는 업의 경계를 허물며 끊임없이 사업을 연결하고 확장하는 '글로벌 종합사업회사' 를 지향하고 있습니다.

130여 개의 해외 네트워크와 마케팅 전문 역량을 기반으로 에너지, 소재, 식량, 신성장산업 등 다양한 분야에서 사업을 지속 확장하고 있으며, 가스전의 탐사, 개발, 생산 운영 역량과 LNG 밸류체인을 기반으로 지속 가능한 에너지 사업을 추진하고 있습니다.

주요 사업으로는 에너지(천연가스, LNG터미널, 복합화력발전, 태양광, 풍력 등), 철강 및 철강원료, 이차전지소재, 곡물, 유지, 바이오플라스틱, 전기차부품, 인프라 및 산업 플랜트 사업이 있으며, 매출 비중은 소재분야 철강 및 철강원료가 70.2%, 에너지가 12.3%, 식량 /소재가 17.4%, 기타 0.1%를 차지하고 있습니다.

아. 신용평가

공시대상기간동안 국내외 신용평가전문기관으로부터 받은 신용평가 내역은 다음과 같습니다.

1) 신용등급체계 및 부여 의미

신용평가회사의 신용등급체계 및 각 신용등급에 부여된 의미는 각 신용평가회사의 홈페이지 자료를 참조하였으며 그 주요내용은 다음과 같습니다.(

1) 신용등급의 정의(국내)

① 한국기업평가 : 회사채 신용평가채권 신용평가는 설비자금 기타 중장기적인 자금수요에 대응하기 위하여 발행하는 채권(무보증 회사채, 금융채, 보증채, 기타 특수채)에 대하여 원리금의 상환확실성 정도를 평가하는 것으로, 발행기관의 중장기적인 전망과 상환능력에 영향을 미치는 요소에 대하여 중점적으로 검토합니다.

주1) AA부터 B까지는 동일 등급내에서 상대적인 우열을 나타내기 위하여 "＋" 또는 "－"의 기호를 부가할 수 있다.주2) Stable : 향후 1~2년 내에 등급의 변동 가능성이 낮음 ② 한국기업평가 : 기업어음 신용평가기업어음 신용평가는 기업이 단기 운영자금 조달을 위하여 발행한 기업어음의 상환능력에 영향을 미치는 요소를 분석·평가하여 그 상환능력을 신용등급으로 표시합니다. 기업어음 신용평가는 발행기업의 단기적 영업상황과 유동성 위험등 단기 채무상환능력을 중점적으로 파악합니다.

주1) A2부터 B까지는 동일 등급내에서 상대적인 우열을 나타내기 위하여 "＋" 또는 "－"의 기호를 부가할 수 있다.주2) 미공시 등급의 경우 당해 등급기호의 앞에 "U"를 부기한다.③ 한국신용평가 : 회사채 신용평가기업 신용평가 등급체계 및 정의와 동일하며, 원리금 상환가능성에 따라 AAA부터 D까지 10개 등급으로 분류됩니다. 등급 중 AAA부터 BBB까지는 원리금 상환능력이 인정되는 투자등급이며, BB에서 C까지는 환경변화에 따라 크게 영향을 받는 투기등급으로 분류됩니다.

주1) 상기 등급 중 AA부터 B등급까지 "＋" 또는 "－" 부호를 부가하여 동일 등급 내에서의 우열을 나타낼 수 있습니다.주2) Stable : 현 등급부여 시점에서 개별 채권의 신용도에 영향을 미칠 만한 주요 평가요소를 고려할 때 중기적으로 신용등급이 변동할 가능성이 낮다고 예측되는 경우 ④ 한국신용평가 : 기업어음 신용평가기업어음 신용평가는 기업이 발행하는 기업어음에 대해 단기적인 신용도에 초점을 맞추어 그 적기상환의 확실성 정도를 분석, 평가하여 이를 신용등급화하여 표시합니다. 기업어음 신용평가는 발행기업의 기업의 현금흐름분석, 특히 단기 유동성분석에 초점을 맞추어 평가합니다.

주1) 상기등급 중 A2부터 B등급까지는 +, -부호를 부가하여 동일 등급 내에서의 우열을 나타냄.⑤ NICE신용평가 : Issuer Rating (기업신용평가)기업신용평가(Issuer Rating)의 신용등급은 AAA에서 D까지 10개의 등급으로 구성됩니다.

주1) 위 등급중 AA등급부터 CCC등급까지는 등급내의 상대적인 우열에 따라 +,- 기호가 첨부 됩니다.주2) Stable(안정적) : 등급의 중기적인 변동가능성이 낮음. 사업의 안정성을 의미하는 것은 아님⑥ NICE신용평가 : 회사채 신용평가채권신용평가의 신용등급은 AAA에서 D까지 10개의 등급으로 구성됩니다.

주1) 위 등급 중 AA등급부터 CCC등급까지는 등급내의 상대적인 우열에 따라 +,- 기호가 첨부 됩니다.주2) Stable(안정적) : 등급의 중기적인 변동 가능성이 낮음. 사업의 안정성을 의미하는 것은 아님.(

2) 신용등급의 정의(해외)

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), tables and figures omitted.

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

VaR

4.09%

[2.79%, 6.05%] · 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 47.7% (2026-06-26). 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

0.21

Beta [0.04, 0.38] · KOSPI200 · As of 2026-10-08

Intercept: +0.037%[-0.375%, +0.449%]
R squared: 0.05
Observations: 252
Trading-time corrected beta: 0.19[-0.12, 0.49]

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	175,269	164,921	225,717	251,739	244,226	214,724	339,489	379,896	331,328	323,408	323,736	341,094
Revenue growth%	—	-5.90	36.86	11.53	-2.98	-12.08	58.10	11.90	-12.78	-2.39	0.10	—
Operating incomeKRW 100M	3,688	3,181	4,013	4,726	6,053	4,745	5,854	9,025	11,631	11,169	11,653	13,680
Operating income growth%	—	-13.74	26.14	17.77	28.08	-21.62	23.37	54.17	28.88	-3.97	4.33	—
Net incomeKRW 100M	1,086	1,222	1,668	1,157	2,024	2,295	3,565	6,049	6,804	5,034	6,368	8,671
Net income growth%	—	12.56	36.50	-30.62	74.87	13.40	55.32	69.69	12.48	-26.01	26.50	—
Attributable to ownersKRW 100M	1,289	1,113	1,759	1,552	2,094	2,386	3,608	5,897	6,739	5,146	6,141	8,284
Attributable to minoritiesKRW 100M	-204	110	-91	-394	-70	-90	-43	152	65	-111	227	388
Operating margin%	2.10	1.93	1.78	1.88	2.48	2.21	1.72	2.38	3.51	3.45	3.60	4.01
Net margin%	0.62	0.74	0.74	0.46	0.83	1.07	1.05	1.59	2.05	1.56	1.97	2.54
ROE%	5.28	4.42	6.26	5.37	6.87	7.55	10.35	14.81	11.04	7.86	9.15	11.84
ROA%	1.35	1.47	1.82	1.17	2.26	2.76	3.31	4.83	4.09	2.90	3.40	4.23
Debt ratio%	232.20	231.07	221.47	241.96	193.94	163.47	206.67	184.58	150.84	135.89	140.03	155.76
Current ratio%	110.92	108.74	102.22	110.31	141.31	140.24	126.21	133.39	128.71	124.15	114.27	131.50
Quick ratio%	91.26	90.93	79.76	85.77	110.09	112.89	92.62	101.34	97.50	92.91	88.02	105.50
Reserve ratio%	317.04	326.32	356.28	370.62	391.53	416.01	462.13	542.84	586.95	622.08	646.50	659.90
Free cash flowKRW 100M	11,647	6,973	3,095	-2,451	15,250	10,454	-6,926	9,705	6,141	1,225	12,669	—
FCF margin%	6.65	4.23	1.37	-0.97	6.24	4.87	-2.04	2.55	1.85	0.38	3.91	—
OCF conversion%	1,167.48	648.73	229.14	-126.25	794.95	487.36	-142.97	203.88	158.20	174.19	304.89	—
Capex to revenue%	0.59	0.58	0.32	0.39	0.34	0.34	0.54	0.69	1.40	2.33	2.08	—
Receivable daysdays	—	73.5	56.7	56.3	57.3	53.8	39.0	39.1	45.4	50.7	49.8	—
Inventory daysdays	—	18.3	16.1	18.4	19.1	18.1	15.8	18.4	21.7	24.2	22.9	—
Payable daysdays	—	36.4	31.6	29.6	32.5	34.3	26.1	27.9	33.3	36.0	35.9	—
Cash conversion cycledays	—	55.4	41.3	45.1	43.9	37.6	28.7	29.6	33.8	38.9	36.8	—
EPSKRW	1,132	977	1,444	1,258	1,697	1,934	2,924	4,780	3,939	3,019	3,603	4,709
PERx	—	27.64	12.57	14.47	10.99	7.52	7.68	4.73	15.84	13.13	13.77	10.44
BPSKRW	—	22,093	22,774	23,402	24,703	25,598	28,259	32,283	34,693	37,201	38,133	39,756
PBRx	—	1.22	0.80	0.78	0.75	0.57	0.79	0.70	1.80	1.07	1.30	1.24
Dividend per shareKRW	500	500	500	600	700	700	800	1,000	—	1,000	2,400	—
Payout ratio%	44.17	51.18	34.63	47.69	41.25	36.19	27.36	20.92	—	33.12	66.61	—

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
	80,433	82,888	91,700	98,810	89,594	83,280	107,707	125,163	166,177	173,363	187,530
	43,463	46,810	50,475	59,802	50,323	47,646	71,552	73,195	80,773	82,682	75,560
Cash and cash equivalentsKRW 100M	2,247	1,737	1,785	2,015	2,361	6,793	5,212	12,977	11,369	10,572	11,715
InventoriesKRW 100M	7,705	7,666	11,088	13,307	11,119	9,294	19,042	17,582	19,588	20,807	17,362
Trade and other receivablesKRW 100M	31,563	34,837	35,336	42,292	34,371	28,944	43,585	37,774	44,675	45,115	43,239
	36,970	36,078	41,224	39,008	39,271	35,635	36,156	51,969	85,405	90,682	111,970
Property, plant and equipmentKRW 100M	6,256	6,661	13,248	12,943	13,804	13,254	13,531	15,608	37,049	42,406	50,701
Intangible assetsKRW 100M	Not applicable	Not applicable	16,252	14,456	12,498	Not applicable	11,894	22,363	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	4,351	4,470	3,730	3,477	3,678	3,428	3,596	4,342	9,706	7,258	7,636
	56,221	57,851	63,175	69,915	59,114	51,672	72,586	81,182	99,930	99,869	109,404
	39,184	43,047	49,379	54,211	35,612	33,974	56,693	54,874	62,755	66,597	66,122
Trade and other payablesKRW 100M	12,521	18,084	18,705	20,571	20,915	17,741	29,139	26,467	30,694	29,328	30,613
Short-term borrowingsKRW 100M	20,971	18,790	23,334	24,274	10,247	7,960	18,944	19,984	—	—	—
	17,037	14,804	13,796	15,704	23,501	17,698	15,893	26,308	37,175	33,272	43,282
Bonds issuedKRW 100M	—	—	7,342	7,705	12,437	11,074	11,436	13,636	18,641	15,671	17,810
Long-term borrowingsKRW 100M	6,964	5,922	5,014	6,529	7,346	3,793	2,461	7,926	12,149	11,406	13,712
	24,212	25,037	28,525	28,895	30,481	31,609	35,121	43,981	66,248	73,495	78,127
	24,417	25,158	28,098	28,873	30,477	31,581	34,864	39,829	61,033	65,446	67,084
Issued capitalKRW 100M	5,694	5,694	6,169	6,169	6,169	6,169	6,169	6,169	8,796	8,796	8,796
Capital surplusKRW 100M	3,332	3,332	5,534	5,540	5,578	5,580	5,582	5,405	18,262	18,367	18,510
Retained earningsKRW 100M	14,720	15,248	16,444	17,323	18,575	20,082	22,925	28,081	33,367	36,351	38,357
Accumulated other comprehensive incomeKRW 100M	678	885	-49	-159	156	-250	188	170	857	2,288	1,778
Other equityKRW 100M	—	—	-0	-0	-0	-0	-0	4	-250	-357	-357
Non-controlling interestsKRW 100M	-206	-122	427	23	3	28	257	4,153	5,215	8,049	11,042

매각예정자산As filed	—	—	—	—	—	—	—	—	72	1,351	—
매각예정처분자산집단As filed	—	—	—	—	—	—	—	—	—	—	121
기타유동금융자산As filed	236	325	66	148	229	187	810	2,284	2,433	1,269	324
유동파생상품자산As filed	—	—	—	533	421	1,134	615	—	—	—	—
파생금융자산As filed	689	411	511	—	—	—	—	528	373	965	290
기타유동자산As filed	—	—	1,634	1,508	1,823	1,294	2,288	2,049	2,263	2,602	2,510
당기법인세자산As filed	27	57	55	52	52	15	47	68	0	0	—
장기매출채권 및 기타비유동채권As filed	4,940	4,075	3,573	3,680	4,417	2,308	1,446	1,120	3,543	—	—
기타비유동금융자산As filed	1,056	1,087	943	375	335	295	645	496	775	575	1,097
장기파생금융자산As filed	—	—	—	—	—	—	—	12	72	264	78
사용권자산As filed	—	—	—	—	753	916	912	2,594	3,925	3,828	8,241
이연법인세자산As filed	1,247	1,516	1,784	2,431	2,211	2,648	2,549	3,484	4,593	4,617	5,630
무형자산As filed	17,446	16,629	—	—	—	11,294	—	—	23,319	25,530	32,354
투자부동산As filed	1,639	1,610	1,576	1,547	1,522	1,476	1,430	1,401	1,416	1,379	1,343
순확정급여자산As filed	—	—	82	10	0	0	91	452	634	744	900
기타유동비금융자산As filed	997	1,777	—	—	—	—	—	—	—	—	—
기타비유동자산As filed	—	—	—	37	2	1	15	30	371	414	359
장기매출채권 및 기타채권As filed	—	—	—	—	—	—	—	—	—	3,665	3,631
유동성사채As filed	3,498	2,947	4,637	5,385	1,300	4,170	4,089	3,998	8,767	11,177	5,966
유동파생상품부채As filed	—	—	435	442	332	—	763	—	—	—	—
기타유동부채As filed	—	—	1,788	2,846	2,534	2,138	2,618	2,489	—	2,810	2,846
파생금융부채As filed	726	718	—	—	—	903	—	576	446	998	393
당기법인세부채As filed	519	471	479	691	86	931	897	1,029	835	537	746
유동충당부채As filed	—	—	—	—	197	131	243	332	1,024	—	—
장기매입채무 및 기타비유동채무As filed	325	283	220	134	2,233	1,765	1,052	2,520	3,592	—	—
부채 및 자본총계As filed	—	—	—	—	—	—	—	—	—	173,363	187,530
기타비유동부채As filed	6	16	450	444	326	7	15	955	—	663	697
자본과부채총계As filed	80,433	82,888	91,700	98,810	89,594	83,280	107,707	125,163	166,177	—	—
기타비유동비금융자산As filed	6	0	—	—	—	—	—	—	—	—	—
순확정급여부채As filed	—	60	33	34	93	113	54	79	—	95	215
비유동충당부채As filed	599	885	640	719	845	723	640	960	1,347	—	—
단기차입금As filed	—	—	—	—	—	—	—	—	18,305	20,683	23,259
이연법인세부채As filed	31	43	96	139	221	222	234	211	458	474	1,064
유동성충당부채As filed	—	—	—	—	—	—	—	—	—	1,064	2,283
장기파생금융부채As filed	—	—	—	—	—	—	—	21	84	0	51
매각예정처분자산집단관련부채As filed	—	—	—	—	—	—	—	—	—	—	17
기타 유동부채As filed	—	—	—	—	—	—	—	—	2,683	—	—
기타유동비금융부채As filed	949	2,037	—	—	—	—	—	—	—	—	—
장기매입채무 및 기타채무As filed	—	—	—	—	—	—	—	—	—	3,428	7,955
충당부채As filed	—	—	—	—	—	—	—	—	—	1,534	1,778
사채As filed	8,950	7,595	—	—	—	—	—	—	—	—	—
비유동 순확정급여부채As filed	—	—	—	—	—	—	—	—	88	—	—
퇴직급여채무As filed	163	—	—	—	—	—	—	—	—	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	817	—	—
자본조정As filed	-7	—	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	175,269	164,921	225,717	251,739	244,226	214,724	339,489	379,896	331,328	323,408*	323,736
Cost of salesKRW 100M	162,380	153,562	212,631	241,999	232,980	205,473	328,141	364,220	312,933	304,448*	304,379
Gross profitKRW 100M	12,890	11,359	13,085	9,741	11,246	9,251	11,347	15,676	18,395	18,960*	19,357
SG&A expensesKRW 100M	9,202	8,177	9,072	5,014	5,193	4,506	5,493	6,651	6,764	7,791*	7,704
	3,688	3,181	4,013	4,726	6,053	4,745	5,854	9,025	11,631	11,169*	11,653
Finance incomeKRW 100M	13,139	10,844	8,929	7,598	7,973	11,763	12,437	24,053	12,823	14,371*	12,379
Finance costsKRW 100M	13,975	11,213	10,034	9,193	9,225	12,606	13,191	25,720	15,721	17,116*	15,733
Other incomeKRW 100M	289	210	503	245	481	176	860	190	214	403*	1,019
Other expensesKRW 100M	1,275	1,655	1,246	1,777	2,533	995	1,675	876	714	3,039*	1,643
	1,335	1,746	2,480	1,761	3,300	3,272	4,887	7,421	9,146	7,066*	8,351
Income tax expenseKRW 100M	250	524	811	603	1,276	976	1,322	1,372	2,342	2,032*	1,317
Profit from continuing operationsKRW 100M	1,086	1,222	1,668	—	—	—	—	—	—	—	7,035
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	—	—	—	—	—	—	-667
	1,086	1,222	1,668	1,157	2,024	2,295	3,565	6,049	6,804	5,034	6,368
Attributable to ownersKRW 100M	1,289	1,113	1,759	1,552	2,094	2,386	3,608	5,897	6,739	5,146	6,141
Attributable to minoritiesKRW 100M	-204	110	-91	-394	-70	-90	-43	152	65	-111	227
Basic earnings per shareKRW	1,132	977	1,444	1,258	1,697	1,934	2,924	4,780	3,939	3,019	3,603
Diluted earnings per shareKRW	1,132	977	1,444	1,258	1,697	1,934	2,924	4,780	3,939	3,019*	3,994
	1,025	1,393	735	1,098	2,242	1,889	4,085	5,982	7,308	6,379	6,118
Other comprehensive incomeKRW 100M	-61	171	-933	-60	218	-407	520	-67	503	1,345	-250

관계기업투자손실As filed	1,306	223	289	286	290	402	93	28	205	186	36
관계기업투자이익As filed	775	602	604	447	841	590	694	777	1,118	1,463	713
포괄손익, 비지배지분As filed	-177	89	—	—	—	—	—	—	138	—	—
비지배지분As filed	—	—	—	—	—	—	—	—	—	236	530
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	1,202	1,304	—	—	—	—	—	—	7,170	—	—
지배기업소유주As filed	—	—	—	—	—	—	—	—	—	6,143	5,588
계속영업기본주당이익(손실)As filed	0	0	0	0	0	0	0	0	0	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	-939	16	268	-322	516	65	—	—	-431
계속영업희석주당이익(손실)As filed	0	0	0	0	0	0	0	0	0	—	—
지분법자본변동As filed	-225	58	104	126	94	-78	136	156	138	592	-531
매도가능금융자산평가손익(세후기타포괄손익)As filed	—	—	-77	—	—	—	—	—	—	—	—
부의지분법자본변동As filed	37	-7	-652	-145	-9	-15	29	5	3	1	8
해외사업장환산외환차이As filed	—	—	—	—	184	—	349	-104	294	346	304
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-314	35	—	-228	—	—	—	—	—
당기손익으로 재분류되는 세후기타포괄손익As filed	-63	186	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되는 항목:As filed	—	—	—	—	—	—	—	—	—	1,505	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	6	-76	-50	-85	4	-132	—	—	—
매도가능금융자산As filed	-21	-13	—	—	—	—	—	—	—	—	—
파생상품 평가 손익As filed	—	—	—	—	—	1	—	—	—	—	—
파생상품평가손익As filed	—	—	—	—	—	—	1	8	-10	3	0
당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	—	—	—	—	425	—	—
기타포괄손익-공정가치 측정 지분상품 평가이익As filed	—	—	—	-79	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가이익As filed	—	—	—	—	—	-60	—	—	—	—	—
기타포괄손익-공정가치 측정 지분상품 평가손익As filed	—	—	—	—	-4	—	0	21	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	6	-55	-73	-6	89	178	-172	—	—
외화환산외환차이As filed	146	147	—	—	—	—	—	—	—	—	—
해외사업장환산차이As filed	—	—	—	—	—	—	—	—	—	909	92
후속적으로 당기손익으로 재분류되지 않는 항목 :As filed	—	—	—	—	—	—	—	—	—	-160	181
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	2	-15	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	78	—	—
기타포괄손익-공정가치측정금융자산평가이익As filed	—	—	—	—	—	—	—	—	—	-141	21
확정급여채무의 보험수리적손익의 세후기타포괄손익As filed	2	—	—	—	—	—	—	—	—	—	—
순확정급여부채(자산)의 재측정요소As filed	—	—	—	—	—	—	—	—	—	-109	-44
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	831	1,471	2,307	1,965	4,128	6,125	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손익As filed	—	—	—	—	—	—	—	—	-43	—	—
순확정급여부채의 재측정요소As filed	—	-15	—	—	—	—	—	—	—	—	—
총 포괄손익, 비지배지분As filed	—	—	-96	-373	-65	-76	-43	-143	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	1,086	1,222	1,668	1,157	2,024	2,295	3,565	6,049	6,804	5,034	6,368
Total adjustments to operating cash flowcomputed	11,590	6,706	2,154	-2,619	14,066	8,891	-8,662	6,284	3,960	3,735	13,047
	12,676	7,928	3,822	-1,461	16,090	11,186	-5,097	12,333	10,764	8,769	19,415
Interest receivedKRW 100M	343	331	262	346	294	290	202	172	696	964	893
Interest paidKRW 100M	588	628	881	1,309	1,256	771	602	1,424	3,060	3,209	2,728
DepreciationKRW 100M	393	308	620	940	801	838	912	1,044	—	—	—
AmortisationKRW 100M	1,292	1,327	1,502	1,291	1,868	2,096	2,068	2,513	—	—	—
Income taxes paidKRW 100M	662	1,151	838	950	1,584	469	1,298	2,283	2,964	2,327	2,208
	-2,081	-1,828	-2,316	-958	-1,125	-1,095	-3,522	-14,657	-271	-8,461	-13,297
Purchase of property, plant and equipmentKRW 100M	1,029	956	728	990	840	732	1,829	2,627	4,624	7,544	6,746
Proceeds from sale of property, plant and equipmentKRW 100M	10	21	16	61	35	31	305	93	102	329	1,703
Purchase of intangible assetsKRW 100M	1,654	642	1,034	345	991	1,388	2,842	3,685	2,658	3,627	3,844
	-10,960	-6,615	-1,465	2,668	-14,619	-5,570	6,932	9,788	-12,254	-1,761	-4,653
Dividends paidKRW 100M	569	569	569	617	742	864	864	1,018	1,403	1,766	4,231
Acquisition of treasury sharesKRW 100M	—	—	0	—	—	—	—	4	0	0	—
Issue of sharesKRW 100M	—	—	—	—	—	—	—	—	311	—	—
Cash at beginning of periodKRW 100M	2,567	2,247	1,737	1,785	2,015	2,361	6,793	5,212	12,977	11,369	10,572
	2,247	1,737	1,785	2,015	2,361	6,793	5,212	12,977	11,369	10,572	11,733
Effect of exchange rate changesKRW 100M	45	6	6	-19	0	-89	106	302	152	657	-304
Net change in cash and cash equivalentsKRW 100M	-320	-509	48	230	346	4,432	-1,581	7,765	-1,608	Not applicable	Not applicable

당기순이익(손실)As filed	1,086	1,222	1,668	1,157	2,024	2,295	3,565	6,049	6,804	—	—
당기순이익조정을 위한 가감As filed	12,187	7,483	5,549	5,612	7,051	5,760	6,303	6,807	—	—	—
재무활동으로 인한 현금의 유입As filed	—	—	—	—	—	—	—	—	—	12,839	16,719
투자부동산감가상각비As filed	29	29	29	29	29	43	31	28	—	—	—
신종자본증권의 상환As filed	—	—	—	—	—	—	—	—	1,400	0	0
퇴직급여As filed	127	149	174	168	198	177	206	231	—	—	—
대손상각비As filed	380	318	770	—	—	—	—	—	—	—	—
파생상품의 취득 및 정산As filed	—	—	—	—	—	—	—	—	—	19	221
사용권자산감가상각비As filed	—	—	—	—	165	351	427	421	—	—	—
사채의 발행As filed	3,364	1,495	—	—	5,939	2,990	4,363	6,063	3,986	7,019	7,241
이자비용As filed	586	495	880	1,462	1,412	985	825	1,457	—	—	—
무형자산손상차손As filed	182	219	809	55	1,278	89	255	314	—	—	—
유형자산손상차손As filed	—	268	11	343	14	1	443	60	—	—	—
장기차입금의 차입As filed	—	—	—	—	3,993	104	4,340	6,330	1,467	3,283	6,001
매도가능금융자산손상차손As filed	5	2	—	—	—	—	—	—	—	—	—
매도가능금융자산처분손실As filed	0	5	29	—	—	—	—	—	—	—	—
관계기업투자손실As filed	1,306	223	289	286	290	402	93	28	—	—	—
단기차입금의 순증가As filed	—	—	—	—	—	—	9,929	4,813	0	0	2,444
대손상각비(환입)As filed	—	—	—	280	229	7	202	255	—	—	—
매도가능금융자산처분이익As filed	—	-0	-1	—	—	—	—	—	—	—	—
유형자산처분손실As filed	2	2	5	5	3	4	34	11	—	—	—
종속기업의 처분As filed	—	40	—	—	—	—	—	—	606	0	0
무형자산처분손실As filed	3	—	1	1	1	0	0	1	—	—	—
기타재무활동으로 인한 현금유입As filed	—	—	—	—	—	—	—	—	0	0	105
외화환산손실As filed	2,495	1,529	1,702	723	855	1,349	1,302	2,667	—	—	—
주식보상비용As filed	—	—	—	—	—	—	—	8	—	—	—
장기차입금의 상환As filed	1,996	1,148	1,522	4,857	—	—	—	—	54	929	185
파생상품거래손실As filed	2,517	2,676	2,177	1,964	2,123	3,489	4,575	6,233	—	—	—
파생상품평가손실As filed	1,795	590	756	879	558	1,472	1,787	2,071	—	—	—
기타재무활동으로 인한 현금유출As filed	—	—	—	—	—	—	—	—	-26	22	62
종속기업 유상증자As filed	—	—	—	—	—	—	—	—	—	2,517	707
종속기업/관계기업/공동기업투자손상차손As filed	—	—	—	434	226	292	—	—	—	—	—
종속기업/관계기업/공동기업투자처분손실As filed	—	—	—	4	48	1	—	—	—	—	—
종속기업및관계기업투자처분손실As filed	—	—	—	—	—	—	15	0	—	—	—
기타의대손상각비As filed	557	283	—	—	—	—	—	—	—	—	—
법인세비용As filed	250	524	811	603	1,276	976	1,322	1,372	—	—	—
재무활동으로 인한 현금의 유출As filed	—	—	—	—	—	—	—	—	—	14,599	21,372
종속기업및관계기업투자주식손상차손As filed	—	—	28	—	—	—	—	—	—	—	—
파생상품의 정산As filed	—	—	—	—	—	—	—	—	-3	0	201
관계기업투자처분손실As filed	—	2	1	—	—	—	—	—	—	—	—
재고자산감액As filed	83	13	—	—	—	—	—	—	—	—	—
종속기업및관계기업투자손상차손As filed	—	—	—	—	—	—	—	0	—	—	—
차입금(사채)상환손실As filed	—	—	—	—	22	—	0	—	—	—	—
금융보증비용As filed	180	91	74	36	21	13	3	3	—	—	—
당기손익-공정가치 측정 금융자산 평가손실As filed	—	—	—	—	—	—	—	144	—	—	—
유동성사채의 상환As filed	—	—	—	—	—	1,300	4,377	4,318	-6,000	8,774	11,183
유동성장기차입금의 상환As filed	—	—	—	—	3,293	-2,043	5,379	5,209	-4,679	1,794	4,796
당기손익-공정가치 측정 금융자산 처분손실As filed	—	—	—	—	—	—	—	29	—	—	—
리스부채의 지급As filed	—	—	—	—	708	949	1,081	942	915	746	714
우발손실As filed	184	326	256	150	85	8	105	40	—	—	—
단기차입금의 감소As filed	—	—	—	—	—	—	—	—	-3,448	—	—
유형자산손상차손환입As filed	—	—	—	—	2	—	0	—	—	—	—
복구충당부채전입액As filed	1	4	2	9	49	5	42	124	—	—	—
무형자산손상차손환입As filed	—	—	—	—	0	—	5	0	—	—	—
단기차입금의 순감소As filed	—	—	—	—	—	3,610	0	—	—	569	0
이자수익As filed	482	351	310	341	407	368	242	343	—	—	—
종속기업주식의 추가 취득As filed	—	—	—	—	—	—	—	—	696	0	0
관계기업투자이익As filed	775	602	604	447	841	590	694	777	—	—	—
사용권자산손상차손As filed	—	—	—	—	—	—	8	0	—	—	—
관계기업투자처분이익As filed	—	9	—	—	—	—	—	—	—	—	—
기타의 대손상각비As filed	—	—	14	60	518	509	75	52	—	—	—
종속기업투자처분이익As filed	3	—	—	—	—	—	—	—	—	—	—
투자부동산처분손실As filed	—	—	—	—	—	—	0	0	—	—	—
당기손익-공정가치측정금융상품평가손실(이익)As filed	—	—	—	—	—	-0	—	—	—	—	—
보증금의 감소As filed	—	—	—	—	0	—	0	9	17	45	32
외상매출금평가손실As filed	—	—	—	32	-35	2	15	212	—	—	—
당기손익-공정가치 측정 금융상품 평가손실As filed	—	—	—	—	0	—	—	—	—	—	—
배당금수익As filed	6	4	-5	-2	-2	-2	7	6	—	—	—
종속기업투자처분손실As filed	—	136	—	—	—	—	—	—	—	—	—
보증금의 증가As filed	—	—	—	—	—	19	10	108	49	23	5
외상매입금평가손실As filed	—	—	—	—	6	—	10	49	—	—	—
재고자산평가손실As filed	—	—	7	69	37	11	27	216	—	—	—
외화환산이익As filed	2,420	1,346	1,547	563	783	1,321	1,024	2,350	—	—	—
당기손익-공정가치금융자산의처분As filed	—	—	—	—	—	—	—	—	0	—	—
생물자산공정가치평가손실(이익)As filed	—	—	—	—	—	-17	—	—	—	—	—
생물자산평가손실As filed	—	—	—	—	—	—	0	—	—	—	—
파생상품거래이익As filed	3,095	2,529	1,892	2,267	1,831	3,022	3,708	6,727	—	—	—
생물자산공정가치평가이익As filed	—	—	—	—	74	—	—	0	—	—	—
투자활동으로 인한 현금의 유입As filed	—	—	—	—	—	—	—	—	—	6,546	7,808
파생상품평가이익As filed	1,152	719	909	814	863	1,965	2,188	2,243	—	—	—
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	0	—	—
대손충당금환입As filed	2	5	—	—	—	—	—	—	—	—	—
유형자산처분이익As filed	4	5	16	11	216	9	7	7	—	—	—
파생상품거래로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	—	2
관계기업투자의 처분As filed	—	—	—	—	—	—	—	—	24	507	321
금융리스채권의 감소As filed	—	—	—	—	569	616	977	546	575	271	208
기타유가증권평가손실As filed	—	—	—	0	—	—	—	—	—	—	—
무형자산처분이익As filed	0	1	—	25	9	—	1	1	—	—	—
장기금융상품의 감소As filed	0	—	0	—	—	1	0	0	1	1	1
매각예정비유동자산손상차손As filed	—	—	—	504	—	—	—	—	—	—	—
우발손실충당부채환입As filed	41	—	4	—	—	—	—	—	—	—	—
장기보증금의 감소As filed	—	—	6	16	36	—	0	15	9	10	18
금융보증수익As filed	8	3	-2	-4	-1	—	1	1	—	—	—
장기대여금의 감소As filed	—	—	592	494	—	—	136	0	54	0	12
매각예정자산손상차손환입As filed	-1	—	—	—	—	—	—	—	—	—	—
매각예정자산의 처분As filed	—	—	—	—	—	—	—	—	20	76	2,842
재고자산감액환입As filed	—	27	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산의 처분As filed	—	—	—	—	—	—	0	110	—	70	0
당기손익-공정가치 측정 금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	0	—
단기금융상품의 감소As filed	—	—	—	—	-76	21	0	423	1,558	4,962	2,380
매각예정자산처분이익As filed	6	—	5	—	—	—	—	—	—	—	—
종속기업및관계기업투자처분이익As filed	—	—	23	—	—	—	39	23	—	—	—
단기대여금의 감소As filed	—	—	—	—	—	—	—	—	56	174	31
매출채권의 감소(증가)As filed	9,271	-2,410	1,530	-7,435	8,398	5,576	-13,867	4,695	—	—	—
당기손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	—	—	48	0	0	—
리스계약해지손실As filed	—	—	—	—	—	—	274	0	—	—	—
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	—	—	—	0	—	—
당기손익-공정가치측정금융상품처분손실As filed	—	—	—	—	—	0	—	—	—	—	—
생물자산공정가치평가손실As filed	—	—	—	—	—	—	—	3	—	—	—
장기금융상품의 증가As filed	—	—	0	1	—	—	—	3	6	3	3
장기대여금의 증가As filed	—	—	381	153	84	28	47	1	0	0	0
기타유동채권의 감소(증가)As filed	178	-297	52	-222	-184	-856	-137	-697	—	—	—
기타의 대손충당금환입As filed	—	—	5	21	23	3	21	0	—	—	—
장기지분증권처분손실As filed	—	—	—	—	—	—	0	—	—	—	—
단기금융상품의 증가As filed	—	—	—	—	—	—	598	1,963	1,211	—	—
사업결합으로 인한 증가As filed	—	—	—	—	—	—	—	—	—	0	0
기타유동자산의 감소(증가)As filed	122	-811	148	1,000	-192	480	-953	317	—	—	—
생물자산평가이익As filed	—	—	—	63	—	—	1	—	—	—	—
단기대여금의 증가As filed	—	—	—	—	6	—	—	—	128	98	22
연결범위 변동으로 인한 현금 증가As filed	—	—	—	—	—	—	—	—	—	51	64
외상매출금평가이익As filed	—	—	—	—	-4	-35	142	141	—	—	—
재고자산의 감소(증가)As filed	2,582	57	-1,097	-2,094	2,149	1,821	-9,562	1,741	—	—	—
외상매입금평가이익As filed	—	—	—	-1	—	5	0	41	—	—	—
파생금융자산의 감소(증가)As filed	95	252	—	—	—	—	—	—	—	—	—
기타비유동채권의 감소(증가)As filed	-119	—	6	16	—	9	—	—	—	—	—
수입보증금의 증가As filed	—	—	—	—	—	—	—	3	5	1	0
당기손익-공정가치 측정 금융자산 평가이익As filed	—	—	—	—	—	—	2	0	—	—	—
매입채무의 증가(감소)As filed	-4,090	5,640	-2,364	2,129	-1,153	-3,042	10,192	-4,453	—	—	—
장기미수금의 감소As filed	—	—	0	—	—	—	—	13	0	0	—
기타유동자산의 감소As filed	—	—	—	—	—	—	—	—	0	0	0
기타유동채무의 증가(감소)As filed	-5	-401	397	-757	511	170	295	1,547	—	—	—
장기수입보증금의 증가As filed	—	—	—	—	—	—	—	—	1	0	0
기타유동금융부채와 기타유동비금융부채의 증가(감소)As filed	-62	1,209	-176	644	-313	-373	—	—	—	—	—
재고자산평가손실환입As filed	—	—	77	73	—	36	24	—	—	—	—
비유동기타채무의 증가(감소)As filed	20	599	—	—	—	—	—	—	—	—	—
사업결합으로인한 증가As filed	—	—	—	—	—	—	—	—	6,054	—	—
기타비유동부채의 증가(감소)As filed	—	0	-15	0	11	37	-9	-23	—	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-2,380	-6,717	9,178	3,423	-13,652	2,659	—	—	—
퇴직금의 지급As filed	0	24	-6	-4	-12	-8	-19	-4	—	—	—
사외적립자산의 감소(증가)As filed	-180	-250	-268	—	—	—	—	—	—	—	—
영업양수로 인한 현금 감소As filed	—	—	—	—	—	—	—	248	0	0	—
종속기업/관계기업/공동기업투자처분이익As filed	—	—	—	—	26	10	—	—	—	—	—
투자활동으로 분류된 기타의 현금유입As filed	—	—	—	—	—	—	—	—	—	—	153
국고보조금의 수령As filed	—	—	—	—	—	—	—	—	1	0	2
매각예정비유동자산처분이익As filed	—	—	—	0	—	—	—	—	—	—	—
수입보증금의 감소As filed	—	—	—	—	—	—	—	6	-13	7	8
무형자산의 처분As filed	3	2	2	66	15	12	0	1	16	49	39
우발손실환입As filed	—	—	—	29	—	—	—	—	—	—	—
당기손익-공정가치 측정 금융자산 처분이익As filed	—	—	—	—	—	—	—	42	—	—	—
장기지분증권처분이익As filed	—	—	—	53	—	—	0	—	—	—	—
배당금수취As filed	311	671	—	—	—	—	—	—	1,264	—	—
투자활동으로 인한 현금의 유출As filed	—	—	—	—	—	—	—	—	—	15,007	21,106
연결범위의 변동 인한 현금감소(증가)As filed	—	—	—	—	—	—	—	—	0	—	—
파생금융상품의 감소(증가)As filed	—	—	-496	224	15	-118	-91	-100	—	—	—
파생상품부채의 감소As filed	—	—	—	—	—	—	—	—	—	—	-7
기타비유동자산의 감소(증가)As filed	—	—	-27	-4	38	2	1	728	—	—	—
장기성미수금의 감소(증가)As filed	9	-152	—	—	—	—	—	—	—	—	—
충당부채 환입As filed	—	—	—	—	16	—	279	12	—	—	—
충당부채환입As filed	—	—	—	—	—	12	—	—	—	—	—
단기대여금의 감소(증가)As filed	35	-6	-7	27	—	—	—	—	—	—	—
당기손익-공정가치측정금융상품처분이익As filed	—	—	—	—	—	0	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	—	81	53	—	0	134
당기손익-공정가치금융자산의취득 - 투자활동As filed	—	—	—	—	—	—	—	—	—	—	0
장기대여금의 감소(증가)As filed	-30	15	—	—	—	—	—	—	—	—	—
단기금융상품의 감소(증가)As filed	-72	-85	335	—	—	—	—	—	—	—	—
장기보증금의 증가As filed	—	—	68	—	—	—	1	46	-21	16	6
기타비유동채무의 증가(감소)As filed	—	—	-42	-16	-34	9	-2	-17	—	—	—
장기미수금의 증가As filed	—	—	231	205	—	—	322	0	-56	0	0
종속기업및관계기업투자손상차손환입As filed	—	—	—	—	—	—	94	64	—	—	—
관계기업투자의 회수As filed	—	—	—	—	—	—	—	—	0	—	—
투자부동산처분이익As filed	—	—	—	—	—	—	0	0	—	—	—
단기금융상품의 취득As filed	—	—	—	—	—	—	—	—	—	3,686	1,413
복구충당부채의 증가(감소)As filed	—	—	-21	—	—	—	—	—	—	—	—
배당금수취(영업)As filed	—	—	442	398	383	659	385	352	—	—	—
비유동기타채권의 감소(증가)As filed	—	—	—	—	16	—	244	1	—	—	—
장기금융상품의 감소(증가)As filed	—	0	—	—	—	—	—	—	—	—	—
연결범위변동으로 인한 현금 감소As filed	—	—	—	—	—	—	—	—	—	0	8,306
매도가능금융자산의 처분As filed	0	8	38	—	—	—	—	—	—	—	—
투자부동산의 처분As filed	—	—	—	—	—	—	16	0	0	—	—
관계기업투자자산의 취득As filed	—	—	—	—	—	—	—	—	0	—	—
기여금의 납입As filed	—	—	—	-160	-227	-199	-234	-292	—	—	—
리스계약해지이익As filed	—	—	—	—	—	—	266	0	—	—	—
보증금의 감소(증가)As filed	3	-0	2	0	—	—	—	—	—	—	—
비유동충당부채의 증가(감소)As filed	—	—	—	-37	—	—	—	—	—	—	—
운전자본조정As filed	—	—	—	—	—	—	—	—	-2,864	-5,582	5,056
비현금흐름조정As filed	—	—	—	—	—	—	—	—	10,889	12,605	11,539
장기보증금의 감소(증가)As filed	9	-16	—	—	—	—	—	—	—	—	—
채무면제이익As filed	—	—	—	—	—	—	7	0	—	—	—
관계기업 투자지분의 취득As filed	—	—	—	—	—	—	—	—	—	—	612
영업활동에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	12,057	22,963
매도가능금융자산의 취득As filed	28	18	3	—	—	—	—	—	—	—	—
관계기업에 대한 투자자산의 취득As filed	14	—	240	—	—	—	—	—	—	—	—
단기차입금의 증가(감소)As filed	-10,846	-3,384	-2,734	—	—	—	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	-365	-515	42	249	346	4,521	-1,687	7,464	-1,761	—	—
당기순이익As filed	—	—	—	—	—	—	—	—	—	5,034	6,368
장기차입금의 증가As filed	2,174	526	2,812	2,626	—	—	—	—	—	—	—
충당부채As filed	—	—	—	—	153	-87	60	-16	—	—	—
투자부동산의 취득As filed	1	—	—	—	3	—	0	—	—	—	—
단기금융상품의 처분As filed	—	—	—	-83	—	—	—	—	—	—	—
배당금의 수취As filed	—	—	—	—	—	—	—	—	—	1,284	496
정부보조금의 수취As filed	4	—	—	—	—	—	—	—	—	—	—
매각예정 또는 소유주에 대한 분배예정으로 분류된 비유동자산이나 처분자산집단의 처분As filed	677	—	—	—	—	—	—	—	—	—	—
종속기업및관계기업투자의 처분As filed	—	—	—	—	118	34	167	0	—	—	—
현금및현금성자산의 순증감As filed	—	—	—	—	—	—	—	—	—	-1,453	1,465
단기채무증권(FVPL)의 감소As filed	—	—	—	1	—	—	—	—	—	—	—
당기손익-공정가치 측정 지분증권의 처분As filed	—	—	—	—	42	—	—	—	—	—	—
종속기업의 증자As filed	9	9	54	8	-50	-136	0	-4,073	—	—	—
기타포괄손익-공정가치 측정 지분증권의 처분As filed	—	—	—	—	35	—	—	—	—	—	—
당기손익-공정가치 측정 출자금의 회수As filed	—	—	—	—	5	—	—	—	—	—	—
사채의 상환As filed	-3,040	-3,500	2,840	4,643	—	—	—	—	—	—	—
상각후원가측정 채무증권의 처분As filed	—	—	—	—	—	9	—	—	—	—	—
금융리스부채의 지급As filed	55	84	26	118	—	—	—	—	—	—	—
당기손익-공정가치 측정 기타유가증권의 처분As filed	—	—	—	—	0	—	—	—	—	—	—
당기손익-공정가치측정 지분상품의 처분As filed	—	—	—	—	—	42	—	—	—	—	—
관계기업투자의 취득As filed	—	—	—	22	—	—	—	—	—	—	—
기타유동부채의 증가(감소)As filed	—	—	—	—	—	—	428	-778	—	—	—
기타포괄손익-공정가치측정 지분상품의 처분As filed	—	—	—	—	—	0	—	—	—	—	—
매각예정처분자산집단의 처분As filed	—	—	7	15	—	—	—	—	—	—	—
금융리스채권As filed	—	—	1	—	—	—	—	—	—	—	—
장기성보증금의 감소As filed	—	—	—	—	—	2	—	—	—	—	—
장기출자금의 취득As filed	—	—	—	4	—	—	—	—	—	—	—
재무상태표상 현금및현금성자산As filed	2,505	2,247	1,737	—	—	—	—	—	—	—	—
사업결합으로 인한 순현금 증가As filed	—	—	-294	-7	379	—	65	—	—	—	—
장기지분증권의 처분As filed	—	—	—	22	—	—	—	—	—	—	—
관계기업에 대한 투자자산의 처분As filed	—	—	309	—	—	—	—	—	—	—	—
유동성장기대여금의 감소As filed	—	—	—	—	493	542	—	499	—	—	—
지분법적용 투자지분의 처분As filed	—	—	—	149	—	—	—	—	—	—	—
연결범위의 변동As filed	—	—	-1,227	—	—	—	—	—	—	—	—
관계기업 및 종속기업 투자의 취득As filed	—	—	—	—	—	79	—	—	—	—	—
매각예정처분자산집단As filed	62	—	—	—	—	—	—	—	—	—	—
관계기업 투자주식의 취득As filed	—	—	—	—	2	—	—	—	—	—	—
기타포괄손익-공정가치측정 지분상품의 취득As filed	—	—	—	—	—	51	—	—	—	—	—
단기차입금의 증가As filed	—	—	—	4,546	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 지분상품의 취득As filed	—	—	—	—	5	—	—	—	—	—	—
비유동파생금융상품의 감소(증가)As filed	—	—	—	—	—	—	—	9	—	—	—
장기성미수금의 증가As filed	—	—	—	—	85	94	—	—	—	—	—
단기대여금의 순증가As filed	—	—	—	—	—	14	0	—	—	—	—
사채의 증가As filed	—	—	3,382	5,736	—	—	—	—	—	—	—
단기대여금의 순감소As filed	—	—	—	—	—	—	543	30	—	—	—
종속기업및관계기업투자의 회수As filed	—	—	—	—	—	—	147	0	—	—	—
상각후원가 측정 금융자산의 처분As filed	—	—	—	—	—	—	0	0	—	—	—
종속기업의 배당As filed	—	—	2	13	—	—	—	—	—	—	—
당기손익-공정가치측정 금융자산의 처분As filed	—	—	—	—	—	—	128	0	—	—	—
연결범위변동으로 인한 순현금 감소As filed	—	—	—	—	-4	—	0	—	—	—	—
종속기업의 감자As filed	—	—	-18	—	—	—	—	—	—	—	—
단기차입금의 상환As filed	—	—	—	—	14,398	—	—	—	—	—	—
종속기업의 지분매입As filed	—	—	—	—	—	33	0	0	—	—	—
유동성 사채의 상환As filed	—	—	—	—	5,460	—	—	—	—	—	—
관계기업 투자의 취득As filed	—	—	—	—	—	—	8	0	—	—	—
당기손익-공정가치측정 금융자산의 취득As filed	—	—	—	—	—	—	271	—	—	—	—
사업결합에 따른 순현금 감소As filed	—	—	—	—	—	—	0	—	—	—	—
연결범위변동으로 인한 현금감소(증가)As filed	—	—	—	—	—	—	—	7,611	—	—	—

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 2026.03.18.

Audit opinion

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

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%

BetaDaily 5Y0.48

Equity risk premium%

Terminal growth%

Cost of equity6.78%

Weighted average cost of capital6.53%

Initial growth3.1%

Effective tax rate15.8%

Base fiscal year2025

Current priceKRW57,100

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	51,198	-10.3%
Dividend discount model DDM	52,477	-8.1%
Discounted cash flow FCFF	185,275	+224.5%
Discounted cash flow FCFE	212,707	+272.5%
Residual income model RIM	57,764	+1.2%

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% + 0.48 × 5.00% = 6.78%

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(9.15% × (1 − 66.61%), 0) = 3.06%

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 = 2,400 × (1 + 2.00%) / (6.78% − 2.00%) = 2,448 / 0.0478 = 51,198 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 = 2,400, g_1 = 3.06%, g_T = 2.00%, r = 6.78%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	3.06%	2,473	0.9365	2,316
2	2.79%	2,542	0.8770	2,230
3	2.53%	2,607	0.8213	2,141
4	2.26%	2,666	0.7692	2,050
5	2.00%	2,719	0.7203	1,959
Terminal value	2.00%	58,004	0.7203	41,781
Total				52,477

P_0 = 52,477 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 = 38,133 KRW, ROE = 9.15%, payout ratio = 66.61%, r = 6.78%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	38,133	3,491	2,586	905	0.9365	847
2	39,298	3,597	2,665	932	0.8770	818
3	40,499	3,707	2,746	961	0.8213	789
4	41,737	3,821	2,830	990	0.7692	762
5	43,013	3,937	2,917	1,020	0.7203	735
Terminal value				21,769	0.7203	15,681

P_0 = 38,133 + 3,951 + 15,681 = 57,764 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 = 19,415.4 − 6,746.1 + 2,728.2 × (1 − 15.77%) = 14,967.3 KRW hundred million

Weighted average cost of capital

E = 100,451.9, D = 31,522.1 KRW hundred million; equity weight = 76.11%, debt weight = 23.89%; cost of debt k_d = 6.78%

WACC = 76.11% × 6.78% + 23.89% × 6.78% × (1 − 15.77%) = 6.53%

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	3.06%	15,424.7	0.9387	14,479.8
2	2.79%	15,855.4	0.8812	13,972.3
3	2.53%	16,256.3	0.8272	13,447.9
4	2.26%	16,624.4	0.7766	12,909.9
5	2.00%	16,956.8	0.7290	12,361.3
Terminal value	2.00%	382,141.7	0.7290	278,576.8
Total				345,748.0

Firm value = 345,748.0; less borrowings 31,522.1; plus cash 11,714.7 → 325,940.5 KRW hundred million

P_0 = 325,940.5 KRW hundred million ÷ 175,922,788 (shares) = 185,275 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 = 19,415.4 − 6,746.1 + 4,444.6 (net borrowing) = 17,113.9 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	3.06%	17,637.0	0.9365	16,516.9
2	2.79%	18,129.4	0.8770	15,899.8
3	2.53%	18,587.8	0.8213	15,266.5
4	2.26%	19,008.6	0.7692	14,620.7
5	2.00%	19,388.8	0.7203	13,966.0
Terminal value	2.00%	413,611.5	0.7203	297,929.7
Total				374,199.6

P_0 = 374,199.6 KRW hundred million ÷ 175,922,788 (shares) = 212,707 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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