065350KOSDAQ

Shinsung Delta Tech

32,350

-150 (-0.46%)

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

Shinsung Delta Tech was established in November 1987 and is headquartered in Changwon, Gyeongsangnam-do. The company is listed on the KOSDAQ market and is classified as a mid-sized enterprise.

The company operates four business segments including home appliances, secondary batteries, logistics services, and finance. It supplies home appliance parts and produces OEM vacuum cleaners. Its battery segment provides lifting frames and thermal management parts for electric vehicles and ESS. It also provides logistics services and venture capital investments.

Business overview as filed

당사는 사업의 계속성 등을 고려하여 경영의 다각화 실태를 적절히 반영할 수 있도록 HA(생활가전), BA(2차전지), 물류 서비스, 기타(금융 등) 4개의 사업부문으로 구분하고 있습니다.HA(생활가전)사업부문 세탁기, 건조기, 냉장고, 청소기, 전기레인지, 슈스타일러 등 생활가전 부품을 생산하고 있으며, 고객사로부터 기술력을 인정받아 프리미엄 핸디형 청소기 및 로봇청소기 등을 OEM 생산하고 있습니다.기존 부품사업의 원가절감 및 OEM/ODM 비중확대를 통해 수익성 극대화에 노력하고 있습니다. 미래 신성장 동력으로 로봇사업에 R&D역량을 집중하고 있으며, 그 결과로 2025년 CES 혁신상을 수상하는 성과를 이루었습니다. 자사 제품인 Lemmy를 통하여 혁신과 성장을 이룰 수 있도록 당사는 지속적인 투자와 연구를 계획하고 있습니다.BA(2차전지)사업부문 전기차 및 ESS에서 사용되는 리프팅프레임, 수냉식 열관리 부품(Heat Sink), 부스바 등 기능품을 생산하고 있으며 중국, 폴란드를 주요 글로벌 거점으로 기술 및 생산성 향상을 지속 추진하고 있습니다. 또한 신규 미국법인 사업 운영을 투자 하고 있습니다.물류 서비스 재료나 제품 등의 운송ㆍ보관ㆍ하역 등과 가공ㆍ조립ㆍ포장, VMI(공급자 주도형 재고관리) 등과 관련된 사업을 영위하고 있으며, 글로벌 운송 물량 증가에 따라 성장세를 이어가고 있습니다.금융(벤처투자업 등) 사업부문 벤처투자업은 잠재력 있는 벤처기업에 투자하여 동 기업을 성장ㆍ발전시켜 투자금을 회수하는 산업이며, 투자재원 조달, 우수한 심사인력 보유, 우량 중소 벤처기업의 발굴에 노력하고있습니다.사업의 내용에 대한 상세한 내용은 동 공시서류의 'Ⅱ. 사업의 내용'의 '7.기타 참고 사항'을 참조해주시기 바랍니다.

1. 사업부문별 현황 요약

2. 사업부문별 재무현황 요약

Company overview

1. 연결대상 종속회사 개황

연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

2. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '신성델타테크 주식회사'라고 표기합니다.또한 영문으로는 'SHINSUNG DELTA TECH CO.,LTD.'라 표기합니다.

3. 설립일자 및 존속기간

당사는 1987년 11월 '신성델타공업 주식회사'라는 사명으로 플라스틱 사출 제품을 생산, 판매할 목적으로 설립되었으며, 2001년 6월 신성델타테크 주식회사로 상호를 변경하였고, 2004년 8월 코스닥 시장에 상장하였습니다.

4. 본사의 주소, 전화번호, 홈페이지 주소

주 소 : 경남 창원시 성산구 공단로271번길 39(웅남동)전화번호 : 055-260-1000홈페이지 주소 : www.gshinsung.com

5. 중소기업 등 해당 여부

당사는 2008년말 중소기업유예기간이 종료되어, 본 보고서 제출일 현재 중소기업기본법 제2조에 의한 중소기업에 해당되지 않으며, 중견기업 성장촉진 및 경쟁력 강화에 관한 특별법 제2조에 의한 중견기업에 해당합니다.

6. 주요사업의 내용 및 향후 추진하려는 신규사업에 관한 간략한 설명

당사는 사업의 계속성 등을 고려하여 경영의 다각화 실태를 적절히 반영할 수 있도록HA(생활가전), BA(2차전지), 물류 서비스, 기타(금융 등) 4개의 사업부문으로 구분하고 있습니다.상세 내용은 Ⅱ.

사업부문별 매출에 대한 내부거래금액 및 관계기업에 대한 지분법평가금액을 제외하고 있습니다.

7. 신용평가에 관한 사항

(1) 최근 3년간 신용평가 내역

(2) 신용등급 체계

기업의 신용능력에 따라 AAA등급에서 D등급까지 10등급으로 구분 표시되며 등급 중 AA등급에서 CCC등급까지 6개 등급에는 그 상대적 우열 정도에 따라 +,- 기호가 첨부

8. 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

5.29%

[3.28%, 8.38%] · 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 69.8% (2026-07-29). 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

0.85

Beta [0.71, 0.99] · KOSDAQ150 · As of 2026-10-08

Intercept: -0.219%[-0.538%, +0.100%]
R squared: 0.47
Observations: 252
Trading-time corrected beta: 0.92[0.76, 1.08]

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	3,793	3,946	4,648	4,371	4,537	4,931	7,375	7,934	8,337	9,097	9,454	10,409
Revenue growth%	—	4.04	17.78	-5.96	3.80	8.69	49.57	7.58	5.08	9.12	3.92	—
Operating incomeKRW 100M	97	121	179	127	103	148	439	321	299	272	277	334
Operating income growth%	—	25.50	47.58	-29.26	-18.26	43.27	196.46	-27.06	-6.83	-9.01	1.89	—
Net incomeKRW 100M	44	10	124	40	53	89	327	239	201	74	242	325
Net income growth%	—	-77.23	1,136.43	-67.44	31.05	68.03	268.27	-26.82	-16.13	-62.86	224.93	—
Attributable to ownersKRW 100M	59	14	123	40	59	87	245	169	125	-10	217	294
Attributable to minoritiesKRW 100M	-15	-4	1	0	-6	2	82	70	75	84	25	32
Operating margin%	2.55	3.07	3.85	2.90	2.28	3.01	5.96	4.04	3.58	2.99	2.93	3.21
Net margin%	1.16	0.25	2.66	0.92	1.16	1.80	4.43	3.01	2.41	0.82	2.56	3.13
ROE%	—	—	10.49	3.43	4.58	6.02	16.24	10.32	6.05	-0.48	8.72	10.96
ROA%	1.37	0.30	3.70	1.22	1.51	2.16	6.32	3.81	2.90	0.96	2.60	2.98
Debt ratio%	214.44	236.78	183.22	173.42	160.59	153.82	164.50	192.72	125.10	143.96	161.32	186.10
Current ratio%	81.39	83.98	90.99	88.34	85.94	95.40	96.38	93.26	109.72	102.13	105.89	106.88
Quick ratio%	70.34	72.24	77.87	75.14	70.12	81.97	73.61	73.34	89.14	81.45	82.81	83.91
Reserve ratio%	986.34	971.26	1,000.88	1,005.74	971.78	973.64	998.82	1,096.18	1,384.06	1,327.48	—	—
Free cash flowKRW 100M	123	-55	155	17	-91	-80	-133	-505	28	-305	-801	—
FCF margin%	3.25	-1.39	3.34	0.39	-2.01	-1.63	-1.81	-6.36	0.33	-3.36	-8.47	—
OCF conversion%	620.52	892.12	196.05	453.74	122.02	71.78	51.91	-12.15	179.96	12.38	59.39	—
Capex to revenue%	3.94	3.65	1.88	3.79	3.43	2.92	4.11	6.00	4.00	3.46	9.99	—
Receivable daysdays	—	76.2	73.3	81.1	42.7	7.9	5.1	6.8	10.4	5.5	—	—
Inventory daysdays	—	20.2	19.0	19.5	20.9	22.4	26.4	35.2	35.4	35.6	41.5	—
Payable daysdays	—	77.2	105.9	142.9	88.2	47.4	45.2	49.2	46.5	49.0	—	—
Cash conversion cycledays	—	19.2	-13.6	-42.3	-24.6	-17.2	-13.8	-7.1	-0.8	-7.9	—	—
EPSKRW	305	69	603	183	261	340	908	627	463	-37	790	1,069
PERx	—	45.36	9.39	18.55	13.41	31.18	18.28	12.44	88.88	—	71.76	30.02
BPSKRW	—	—	5,287	5,292	5,302	5,239	5,492	5,966	7,538	7,557	9,059	9,755
PBRx	—	—	1.07	0.64	0.66	2.02	3.02	1.31	5.46	15.34	6.26	3.29
Dividend per shareKRW	60	50	70	50	80	100	120	120	120	120	120	—
Payout ratio%	19.67	72.46	11.61	27.32	30.65	29.41	13.22	19.14	25.92	—	15.19	—

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
	3,221	3,388	3,345	3,304	3,487	4,115	5,172	6,278	6,923	7,741	9,326
	1,274	1,495	1,491	1,339	1,436	2,027	2,740	3,316	3,837	4,335	4,835
Cash and cash equivalentsKRW 100M	152	226	201	125	215	318	335	328	413	323	706
Short-term financial instrumentsKRW 100M	10	11	10	27	—	—	—	—	—	—	—
InventoriesKRW 100M	173	209	215	200	264	285	647	708	720	878	1,053
Trade and other receivablesKRW 100M	749	897*	971	972*	90	123	83	214	260	17	Not applicable
	1,947	1,893	1,854	1,965	2,051	2,088	2,432	2,962	3,087	3,406	4,491
Property, plant and equipmentKRW 100M	1,650	1,673	1,671	1,683	1,666	1,611	1,978	2,284	2,396	2,626	3,600
Intangible assetsKRW 100M	14	14	15	14	24	19	65	109	94	71	Not applicable
Investments in associatesKRW 100M	117	101	70	72	58	291	237	307	340	355	436
	2,197	2,382	2,164	2,096	2,149	2,494	3,217	4,134	3,848	4,568	5,757
	1,565	1,780	1,639	1,516	1,671	2,125	2,843	3,556	3,497	4,245	4,566
Trade and other payablesKRW 100M	665	794*	1,575	1,465*	496	668	932	963	914	1,285	Not applicable
Short-term borrowingsKRW 100M	884	962*	638	425*	826	1,091	1,299	1,925	2,036	2,326	—
Current portion of long-term borrowingsKRW 100M	—	—	81	220	—	—	—	—	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	7	8	18	27	24	31	50
	632	602	525	580	478	369	374	578	351	323	1,191
Long-term borrowingsKRW 100M	540	521*	437	406	376	255	271	412	190	173	855
Non-current lease liabilitiesKRW 100M	—	—	—	—	12	9	21	61	49	59	247
	1,024	1,006	1,181	1,208	1,338	1,621	1,955	2,145	3,076	3,173	3,569
	Not applicable	Not applicable	1,168	1,169	1,282	1,440	1,509	1,640	2,072	2,077	2,490
Issued capitalKRW 100M	102	103	110	110	121	137	137	137	137	137	137
Capital surplusKRW 100M	103	107*	90	102*	120	220	40	40	357	334	Not applicable
Retained earningsKRW 100M	900	891*	1,015	1,009	1,054	1,118	1,333	1,466	1,545	1,491	1,680
Treasury sharesKRW 100M	—	—	3	23	—	—	—	—	—	—	—
Accumulated other comprehensive incomeKRW 100M	—	—	-45	-30	—	—	—	—	—	—	149
Other equityKRW 100M	-47	-104*	-3	-23*	-14	-35	-1	-4	32	115*	524
Non-controlling interestsKRW 100M	-34	9	13	40	56	181	446	505	1,004	1,096	1,079

매출채권As filed	—	—	822	796	735	1,071	1,504	1,631	1,485	2,032	—
유동당기손익인식지정금융자산As filed	—	—	—	—	—	—	—	—	—	—	158
매각예정자산As filed	—	—	—	—	—	85	0	149	191	46	20
기타유동금융자산As filed	142	61	91	9	37	69	42	88	182	147	142
유동 당기손익-공정가치 측정 지정 금융자산As filed	—	—	—	9	11	20	15	22	404	—	—
당기법인세자산As filed	3	9	4	6	1	1	6	15	32	53	60
유동당기손익인식금융자산As filed	111	44	—	—	—	—	—	—	—	—	—
당기손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	—	—	—	421	—
유동매도가능금융자산As filed	6	0	0	—	—	—	—	—	—	—	—
유동매출채권As filed	—	—	—	—	—	—	—	—	—	—	2,224
유동만기보유금융자산As filed	0	0	0	0	—	—	—	—	—	—	—
단기대여금및수취채권As filed	15	5	—	—	—	—	—	—	—	—	—
기타유동자산As filed	—	—	—	—	82	54	108	161	149	419	448
단기매출채권As filed	692	820	—	—	—	—	—	—	—	—	—
대손충당금As filed	1	0	10	14	—	—	—	—	—	—	—
단기미수금As filed	54	75	48	55	—	—	—	—	—	—	—
현재가치할인차금As filed	0	0	0	0	—	—	—	—	—	—	—
단기미수수익As filed	7	4	3	3	—	—	—	—	—	—	—
비유동 기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	5	3	5	—	—	—	—	—
기타유동비금융자산As filed	53	93	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	5	5	5	46	—
비유동 당기손익-공정가치 측정 지정 금융자산As filed	—	—	—	104	108	90	—	—	—	—	—
순확정급여자산As filed	—	—	—	—	—	—	—	38	29	28	—
매각예정 또는 소유주에 대한 분배예정으로 분류된 비유동자산이나 처분자산집단As filed	1	0	0	—	—	—	—	—	—	—	—
이연법인세자산As filed	8	6	6	6	6	15	16	21	24	22	44
기타비유동금융자산As filed	104	74	55	109	47	46	30	37	40	37	39
당기손익-공정가치 측정 지정 금융자산As filed	—	—	—	—	—	—	82	98	15	—	—
기타 유동채권As filed	—	—	—	—	—	—	—	—	—	—	23
투자부동산As filed	0	0	—	37	129	1	17	59	140	139	138
단기선급금As filed	—	—	49	51	—	—	—	—	—	—	—
비유동매도가능금융자산As filed	62	45	55	0	—	—	—	—	—	—	—
비유동만기보유금융자산As filed	0	0	0	—	—	—	—	—	—	—	—
장기대여금및수취채권As filed	20	6	—	—	—	—	—	—	—	—	—
비유동당기손익인식금융자산As filed	—	—	—	—	—	—	—	—	—	—	79
장기금융상품As filed	22	23	25	23	—	—	—	—	—	—	—
기타비유동채권As filed	—	—	—	—	7	8	0	0	—	—	—
기타비유동자산As filed	—	—	—	—	2	2	4	4	4	4	1
부가가치세대급금As filed	—	—	38	65	—	—	—	—	—	—	—
무형자산 및 영업권As filed	—	—	—	—	—	—	—	—	—	—	67
단기선급비용As filed	—	—	20	16	—	—	—	—	—	—	—
영업권As filed	43	16	52	52	—	—	—	—	—	—	—
기타포괄손익-공정가치 지정 비유동지분상품투자As filed	—	—	—	—	—	—	—	—	—	—	56
단기대여금As filed	—	—	3	2	—	—	—	—	—	—	—
장기매출채권 및 기타비유동채권As filed	12	2	11	24	—	—	—	—	—	—	—
기타비유동비금융자산As filed	—	7	—	—	—	—	—	—	—	—	—
비유동 순확정급여자산As filed	—	—	—	—	—	—	—	—	—	—	31
유동 당기손익-공정가치 측정 지정 금융부채As filed	—	—	—	—	44	53	1	1	0	—	—
보통주자본금As filed	—	—	110	110	121	137	137	137	137	137	—
당기법인세부채As filed	11	12	—	—	16	14	47	18	35	20	49
단기매입채무As filed	517	627	687	535	—	—	—	—	—	—	—
원재료As filed	—	—	134	121	—	—	—	—	—	—	—
자본과부채총계As filed	3,221	3,388	3,345	3,304	3,487	4,115	5,172	6,278	6,923	7,741	9,326
기타유동부채As filed	—	—	—	—	49	107	85	90	—	122	—
단기미지급금As filed	64	39	62	98	—	—	—	—	—	—	—
기타유동금융부채As filed	0	1	44	44	234	184	462	532	363	—	535
당기손익-공정가치 측정 금융부채As filed	—	—	—	—	—	—	—	—	—	3	—
상품As filed	—	—	9	28	—	—	—	—	—	—	—
단기미지급비용As filed	38	36	40	43	—	—	—	—	—	—	—
재공품As filed	—	—	1	0	—	—	—	—	—	—	—
퇴직급여부채As filed	—	—	7	7	5	23	11	20	10	—	—
기타금융부채As filed	—	—	—	—	—	—	—	—	—	458	—
단기선수금As filed	29	17	4	25	—	—	—	—	—	—	—
이연법인세부채As filed	63	54	60	57	54	48	49	48	53	41	40
단기예수금As filed	16	75	35	51	—	—	—	—	—	—	—
제품As filed	—	—	52	36	—	—	—	—	—	—	—
비유동충당부채As filed	153	162	1	0	0	15	18	18	31	—	21
기타 유동부채As filed	—	—	—	—	—	—	—	—	125	—	—
기타비유동부채As filed	—	—	—	—	3	3	3	5	—	8	—
반제품As filed	—	—	20	15	—	—	—	—	—	—	—
기타비유동금융부채As filed	2	3	0	0	29	16	3	13	13	15	21
순확정급여부채As filed	—	—	—	—	—	—	—	—	—	2	—
유동충당부채As filed	—	4	0	0	—	—	—	—	—	—	1
충당부채As filed	—	—	—	—	—	—	—	—	—	26	—
기타유동비금융부채As filed	5	7	—	—	—	—	—	—	—	—	—
퇴직급여채무As filed	-127	-137	—	—	—	—	—	—	—	—	—
유동단기매매금융자산As filed	—	—	91	0	—	—	—	—	—	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	7	—	6
비유동종업원급여충당부채As filed	152	161	—	—	—	—	—	—	—	—	—
유동 차입금 및 비유동차입금(사채 포함)의 유동성 대체 부분As filed	—	—	—	—	—	—	—	—	—	—	2,249
기타장기충당부채As filed	1	1	—	—	—	—	—	—	—	—	—
비유동채무As filed	1	0	—	—	—	—	—	—	—	—	—
유동 당기손익인식금융부채As filed	—	—	—	—	—	—	—	—	—	—	2
납입자본As filed	205	210	—	—	—	—	—	—	—	—	—
기타 유동 미지급금As filed	—	—	—	—	—	—	—	—	—	—	174
유동매입채무As filed	—	—	—	—	—	—	—	—	—	—	1,505
장기매출채권As filed	—	—	1	0	—	—	—	—	—	—	—
장기미수금As filed	—	—	1	1	—	—	—	—	—	—	—
비유동 순확정급여부채As filed	—	—	—	—	—	—	—	—	—	—	1
장기보증금자산As filed	—	—	2	4	—	—	—	—	—	—	—
장기선급비용As filed	—	—	5	4	—	—	—	—	—	—	—
장기대여금As filed	—	—	3	15	—	—	—	—	—	—	—
장기선급금As filed	—	—	0	—	—	—	—	—	—	—	—
장기임차보증금As filed	—	—	3	4	—	—	—	—	—	—	—
토지As filed	—	—	741	787	—	—	—	—	—	—	—
건물As filed	—	—	573	548	—	—	—	—	—	—	—
감가상각누계액As filed	—	—	132	142	—	—	—	—	—	—	—
구축물As filed	—	—	26	27	—	—	—	—	—	—	—
기계장치As filed	—	—	767	783	—	—	—	—	—	—	—
차량운반구As filed	—	—	20	18	—	—	—	—	—	—	—
공구와기구As filed	—	—	134	130	—	—	—	—	—	—	—
정부보조금As filed	—	—	0	0	—	—	—	—	—	—	—
집기As filed	—	—	84	77	—	—	—	—	—	—	—
건설중인자산As filed	—	—	63	102	—	—	—	—	—	—	—
손상차손누계액As filed	—	—	52	52	—	—	—	—	—	—	—
토지사용권As filed	—	—	3	3	—	—	—	—	—	—	—
기타무형자산As filed	—	—	13	13	—	—	—	—	—	—	—
종속기업, 조인트벤처와 관계기업에 대한 투자자산As filed	—	—	70	72	—	—	—	—	—	—	—
부가가치세예수금As filed	—	—	29	66	—	—	—	—	—	—	—
미지급법인세As filed	—	—	20	7	—	—	—	—	—	—	—
유동금융보증부채As filed	—	—	1	0	—	—	—	—	—	—	—
유동파생상품부채As filed	—	—	43	44	—	—	—	—	—	—	—
유동판매보증충당부채As filed	—	—	0	0	—	—	—	—	—	—	—
장기매입채무 및 기타비유동채무As filed	—	—	457	516	—	—	—	—	—	—	—
장기미지급금As filed	—	—	—	0	—	—	—	—	—	—	—
장기임대보증금As filed	—	—	3	2	—	—	—	—	—	—	—
장기이연수익As filed	—	—	0	1	—	—	—	—	—	—	—
유동단기매매금융부채As filed	—	—	0	—	—	—	—	—	—	—	—
전환사채As filed	—	—	—	100	—	—	—	—	—	—	—
전환사채전환권조정As filed	—	—	—	13	—	—	—	—	—	—	—
전환상환우선주부채As filed	—	—	17	20	—	—	—	—	—	—	—
비유동금융보증부채As filed	—	—	0	0	—	—	—	—	—	—	—
비유동판매보증충당부채As filed	—	—	1	0	—	—	—	—	—	—	—
장기매입채무As filed	—	—	0	—	—	—	—	—	—	—	—
확정급여채무의현재가치As filed	—	—	175	181	—	—	—	—	—	—	—
퇴직급여운용자산/퇴직연금운용자산As filed	—	—	169	174	—	—	—	—	—	—	—
퇴직보험예치금As filed	—	—	0	0	—	—	—	—	—	—	—
주식발행초과금As filed	—	—	138	138	—	—	—	—	—	—	—
자기주식처분이익As filed	—	—	5	5	—	—	—	—	—	—	—
전환권대가As filed	—	—	—	3	—	—	—	—	—	—	—
신주인수권대가As filed	—	—	3	-56	—	—	—	—	—	—	—
기타자본잉여금As filed	—	—	-56	11	—	—	—	—	—	—	—
확정급여제도의 재측정손익As filed	—	—	-13	0	—	—	—	—	—	—	—
매도가능금융자산평가이익As filed	—	—	1	0	—	—	—	—	—	—	—
매도가능금융자산평가손실As filed	—	—	0	0	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가이익 적립금As filed	—	—	—	-0	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손실 적립금As filed	—	—	—	-1	—	—	—	—	—	—	—
해외사업환산손실As filed	—	—	30	27	—	—	—	—	—	—	—
지분법기타포괄손익변동As filed	—	—	-3	-4	—	—	—	—	—	—	—
이익준비금As filed	—	—	36	38	—	—	—	—	—	—	—
기타법정적립금As filed	—	—	467	460	—	—	—	—	—	—	—
임의적립금As filed	—	—	377	392	—	—	—	—	—	—	—
미처분이익잉여금(미처리결손금)As filed	—	—	135	119	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	3,793	3,946	4,648	4,371	4,537*	4,931	7,375	7,934	8,337	9,097*	9,454
Cost of salesKRW 100M	3,345	3,452	4,083	3,881	4,054*	4,477	6,459	7,035	7,361	8,189*	8,497
Gross profitKRW 100M	448	494	565	489	482*	454	916	899	976	908*	957
SG&A expensesKRW 100M	367	369	383	359	365*	320	566	579	692	617	Not applicable
	97	121	179	127	103*	148	439	321	299	272*	277
Finance incomeKRW 100M	12	68	62	45	65	54	110	238	273	250*	313
Finance costsKRW 100M	70	122	126	100	86*	123	150	271	315	463*	342
Other incomeKRW 100M	167	67	99	31	36*	66	73	85	80	191*	156
Other expensesKRW 100M	131	103	45	47	38*	38	46	78	54	108*	93
Share of profit of associatesKRW 100M	—	—	-5	2	-14	13	81	0	15	-19	—
	74	30	169	56	80*	107	426	295	284	142*	311
Income tax expenseKRW 100M	30	20	45	16	27*	16	99	55	83	68*	74
Profit from continuing operationsKRW 100M	44	10	124	40	53*	91	327	239	201	74*	237
Profit or loss from discontinued operationsKRW 100M	0	0	0	0	0*	-3	0	0	—	—	5
	44	10	124	40	53	89	327	239	201	74	242
Attributable to ownersKRW 100M	59	14	123	40	59	87	245	169	125	-10	217
Attributable to minoritiesKRW 100M	-15	-4	1	0	-6	2	82	70	75	84	25
Basic earnings per shareKRW	305	69	603	183	261	340	908	627	463	-37	Not applicable
Diluted earnings per shareKRW	302	65	570	175	248	340	908	627	463	-37	Not applicable
	32	-8	108	25	68	59	362	229	240	179	295
Other comprehensive incomeKRW 100M	-12	-18	-15	-16	15	-29	35	-10	40	105	53

당기순이익(손실)As filed	44	10	124	40	53	89	327	239	201	74	242
비지배지분As filed	—	—	—	—	—	—	—	—	—	118	—
포괄손익, 비지배지분As filed	-15	-3	—	—	—	—	—	—	92	—	40
재화의 판매로 인한 수익(매출액)As filed	—	—	4,530	4,170	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	-12	-9	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	-4	-19	-6	-5	-7	-5	-12	—	5
지배기업의 소유주지분As filed	—	—	—	—	—	—	—	—	—	61	—
지분법이익As filed	—	—	2	2	—	—	—	—	—	—	22
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	47	-5	—	—	—	—	—	—	148	—	255
제품매출액As filed	—	—	3,498	3,238	—	—	—	—	—	—	—
관계기업/공동기업투자처분이익(손실)As filed	—	—	1	-6	—	—	—	—	0	—	—
확정급여제도의 보험수리적손익의 세후기타포괄손익As filed	-12	-9	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되는 세후기타포괄손익As filed	-0	-8	—	—	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	—	—	—	—	—	120	—
확정급여제도의 재측정 요소As filed	—	—	—	—	—	—	-3	—	—	—	—
확정급여제도의 재측정손익As filed	—	—	—	—	—	—	—	-5	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	-2	-19	-3	-4	—	—	-12	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	-11	3	22	-24	41	-5	52	—	48
상품매출액As filed	—	—	1,032	933	—	—	—	—	—	—	—
지분법 적용대상인 관계기업과 조인트벤처의 당기순손익에 대한 지분As filed	18	-4	—	—	—	—	—	—	—	—	—
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	-2	-0	-0	-1	0	0	—	—	—
지분법자본변동As filed	—	—	—	—	—	—	—	0	—	—	—
해외사업장환산손익As filed	—	—	—	—	—	—	—	—	—	120	—
계속영업기본주당이익(손실)As filed	0	0	0	0	0	0	0	0	—	—	0
기타수익(매출액)As filed	—	—	118	200	—	—	—	—	—	—	—
종속관계기업투자 처분이익(손실)As filed	-2	—	—	—	—	—	8	0	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-13	4	21	-24	41	-5	52	—	48
기타포괄손익-공정가치 측정 평가손익(세후기타포괄손익)As filed	—	—	—	—	—	—	-4	-0	—	—	—
당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	-15	—
매도가능금융자산As filed	2	-8	—	—	—	—	—	—	—	—	—
종속기업투자주식처분이익(손실)As filed	—	—	—	—	0	1	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손익(세후기타포괄손익)As filed	—	—	—	0	-4	-0	—	—	—	—	—
중단영업기본주당이익(손실)As filed	0	0	0	0	0	-0	0	0	—	—	0
해외사업장순투자의 위험회피As filed	-2	0	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	—	—	—	-0	—
당기손익으로 재분류되는 지분법 적용대상 관계기업과 공동기업의 세후기타포괄손익에 대한 지분As filed	-0	-2	—	—	—	—	—	—	—	—	—
세후기타포괄손익, 지분상품에 대한 투자자산As filed	—	—	—	—	—	—	—	—	0	—	3
매도가능금융자산평가손익(세후기타포괄손익)As filed	—	—	1	0	0	0	—	—	—	—	—
재화의 판매로 인한 수익(매출액)에 대한 매출원가As filed	—	—	4,083	3,752	—	—	—	—	—	—	—
계속영업희석주당이익(손실)As filed	0	0	0	0	0	0	0	0	—	—	0
확정급여제도의 재측정요소As filed	—	—	—	—	—	—	—	—	—	-15	—
제품매출원가As filed	—	—	3,188	2,831	—	—	—	—	—	—	—
중단영업희석주당이익(손실)As filed	0	0	0	0	0	-0	0	0	—	—	0
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	108	24	72	61	271	163	—	—	—
상품매출원가As filed	—	—	895	921	—	—	—	—	—	—	—
확정급여제도의재측정요소As filed	—	—	—	—	—	—	—	—	—	—	-11
총 포괄손익, 비지배지분As filed	—	—	1	1	-4	-2	90	67	—	—	—
기타수익(매출액)에 대한 매출원가As filed	—	—	—	129	—	—	—	—	—	—	—
세후기타포괄손익, 자산재평가차익(차손)As filed	—	—	—	—	—	—	—	—	—	—	13
당기손익으로 재분류되지 않는 지분법 적용대상 관계기업과 공동기업의 세후기타포괄손익에 대한 지분As filed	—	—	—	—	—	—	—	—	—	—	0
급여As filed	—	—	146	135	—	—	—	—	—	—	—
일반관리비As filed	—	—	—	—	—	—	—	—	—	—	497
퇴직급여As filed	—	—	8	9	—	—	—	—	—	—	—
복리후생비As filed	—	—	24	24	—	—	—	—	—	—	—
보험료As filed	—	—	5	4	—	—	—	—	—	—	—
감가상각비As filed	—	—	20	10	—	—	—	—	—	—	—
비지배지분에 귀속될 계속영업이익(손실)As filed	—	—	—	—	—	—	—	—	—	—	25
무형자산상각비As filed	—	—	0	0	—	—	—	—	—	—	—
비지배지분에 귀속될 중단영업이익(손실)As filed	—	—	—	—	—	—	—	—	—	—	0
대손상각비(대손충당금환입)As filed	—	—	8	8	—	—	—	—	—	—	—
지급수수료As filed	—	—	50	43	—	—	—	—	—	—	—
지배기업의 소유주에게 귀속될 계속영업손익As filed	—	—	—	—	—	—	—	—	—	—	212
지배기업의 소유주에게 귀속될 중단영업손익As filed	—	—	—	—	—	—	—	—	—	—	5
광고선전비As filed	—	—	2	3	—	—	—	—	—	—	—
교육훈련비As filed	—	—	1	1	—	—	—	—	—	—	—
연구와 개발 비용As filed	—	—	—	—	—	—	—	—	—	—	142
차량유지비As filed	—	—	2	2	—	—	—	—	—	—	—
판매비As filed	—	—	—	—	—	—	—	—	—	—	62
도서인쇄비As filed	—	—	0	0	—	—	—	—	—	—	—
접대비As filed	—	—	4	4	—	—	—	—	—	—	—
임차료As filed	—	—	6	7	—	—	—	—	—	—	—
통신비As filed	—	—	1	1	—	—	—	—	—	—	—
운반비As filed	—	—	27	25	—	—	—	—	—	—	—
세금과공과As filed	—	—	6	8	—	—	—	—	—	—	—
소모품비As filed	—	—	3	5	—	—	—	—	—	—	—
수도광열비As filed	—	—	1	1	—	—	—	—	—	—	—
수선비As filed	—	—	1	2	—	—	—	—	—	—	—
경상개발비As filed	—	—	50	54	—	—	—	—	—	—	—
여비교통비As filed	—	—	9	9	—	—	—	—	—	—	—
판매보증비As filed	—	—	1	0	—	—	—	—	—	—	—
수출제비용As filed	—	—	0	0	—	—	—	—	—	—	—
기타판매비와관리비As filed	—	—	7	3	—	—	—	—	—	—	—
지분법손실As filed	—	—	6	0	—	—	—	—	—	—	—
관계기업/공동기업투자처분이익As filed	—	—	2	1	—	—	—	—	—	—	—
관계기업/공동기업투자처분손실As filed	—	—	0	-7	—	—	—	—	—	—	—
유형자산처분이익As filed	—	—	0	1	—	—	—	—	—	—	—
무형자산처분이익As filed	—	—	0	0	—	—	—	—	—	—	—
단기매매금융자산처분이익As filed	—	—	19	16	—	—	—	—	—	—	—
단기매매금융자산평가이익As filed	—	—	6	0	—	—	—	—	—	—	—
당기손익인식금융부채처분이익As filed	—	—	0	0	—	—	—	—	—	—	—
매도가능금융자산처분이익As filed	—	—	0	0	—	—	—	—	—	—	—
투자자산평가이익As filed	—	—	0	0	—	—	—	—	—	—	—
기타대손충당금환입As filed	—	—	—	0	—	—	—	—	—	—	—
염가매수차익As filed	—	—	38	0	—	—	—	—	—	—	—
수입수수료As filed	—	—	1	1	—	—	—	—	—	—	—
수입임대료As filed	—	—	7	7	—	—	—	—	—	—	—
배당금수익As filed	—	—	1	1	—	—	—	—	—	—	—
잡이익As filed	—	—	27	5	—	—	—	—	—	—	—
유형자산처분손실As filed	—	—	2	1	—	—	—	—	—	—	—
무형자산손상차손As filed	—	—	16	0	—	—	—	—	—	—	—
파생금융상품거래이익As filed	—	—	0	—	—	—	—	—	—	—	—
단기매매금융자산처분손실As filed	—	—	18	6	—	—	—	—	—	—	—
파생금융상품평가이익As filed	—	—	0	—	—	—	—	—	—	—	—
단기매매금융자산평가손실As filed	—	—	1	24	—	—	—	—	—	—	—
당기손익인식금융부채처분손실As filed	—	—	0	0	—	—	—	—	—	—	—
외화환산이익As filed	—	—	0	—	—	—	—	—	—	—	—
당기손익인식금융부채평가손실As filed	—	—	—	1	—	—	—	—	—	—	—
외환차익As filed	—	—	0	—	—	—	—	—	—	—	—
매도가능금융자산손상차손As filed	—	—	0	0	—	—	—	—	—	—	—
매도가능금융자산처분손실As filed	—	—	0	0	—	—	—	—	—	—	—
관계기업/공동기업투자손상차손As filed	—	—	0	0	—	—	—	—	—	—	—
기타의대손상각비As filed	—	—	0	0	—	—	—	—	—	—	—
기부금As filed	—	—	4	2	—	—	—	—	—	—	—
잡손실As filed	—	—	3	13	—	—	—	—	—	—	—
이자수익As filed	—	—	1	3	—	—	—	—	—	—	—
외화환산이익(금융수익)As filed	—	—	20	7	—	—	—	—	—	—	—
외환차익(금융수익)As filed	—	—	42	35	—	—	—	—	—	—	—
이자비용As filed	—	—	43	47	—	—	—	—	—	—	—
매출채권처분손실(금융원가)As filed	—	—	1	0	—	—	—	—	—	—	—
파생금융상품거래손실As filed	—	—	0	—	—	—	—	—	—	—	—
외화환산손실(금융원가)As filed	—	—	34	13	—	—	—	—	—	—	—
파생금융상품평가손실As filed	—	—	0	—	—	—	—	—	—	—	—
외화환산손실As filed	—	—	0	—	—	—	—	—	—	—	—
외환차손(금융원가)As filed	—	—	48	39	—	—	—	—	—	—	—
외환차손As filed	—	—	0	—	—	—	—	—	—	—	—
기타금융수익As filed	—	—	0	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	44	10	124	40	53	89	327	239	201	74	242
Total adjustments to operating cash flowcomputed	229	79	119	143	12	-25	-157	-268	160	-65	-98
	273	89	243	183	64	64	170	-29	361	9	144
Interest receivedKRW 100M	3	5	1	2	3	6	11	11	15	19	14
Interest paidKRW 100M	49	48	40	42	41	29	44	67	125	137	122
Income taxes paidKRW 100M	34	28	27	32	15*	31	67	100	98	114	85
	-137	-72	-86	-209	-150	-122	-117	-569	-679	-144	-521
Purchase of property, plant and equipmentKRW 100M	149	144	87	166	156	144	303	476	333	314	945
Proceeds from sale of property, plant and equipmentKRW 100M	56	43	4	3	16*	49	54	6	39	33	20
Purchase of intangible assetsKRW 100M	4	3	Not applicable	Not applicable	0*	0	Not applicable	1	Not applicable	4	1
	-127	59	-176	-48	171	174	-49	589	407	25	737
Dividends paidKRW 100M	10	12	10	15	11	19	27	38	32	50	46
Acquisition of treasury sharesKRW 100M	0	1	-41	20	0	11	—	0	—	—	—
Disposal of treasury sharesKRW 100M	6	—	—	—	—	33	—	0	95	0	162
Issue of sharesKRW 100M	8	5*	0	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	145	152	226	201	125	215	318	335	328	413	323
	152	226	201	125	215	318	335	328	413	323	706
Effect of exchange rate changesKRW 100M	-2	-2	-6	-1	5	-13	13	3	-5	20	24
Net change in cash and cash equivalentsKRW 100M	7	74	-26	-76	90	103	Not applicable	Not applicable	Not applicable	Not applicable	359

당기순이익(손실)As filed	44	10	124	40	53	91	327	239	201	74	242
당기순이익조정을 위한 가감As filed	306	149	220	220	238	182	245	382	394	—	348
금융리스미지급금의 감소As filed	—	—	—	—	—	—	25	31	34	44	—
금융리스부채의 지급As filed	0	—	—	—	12	13	—	—	—	—	66
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-36	-7	-175	-161	-310	-497	—	—	—
장기차입금의 증가As filed	280	156	14	212	138	37	130	309	109	84	833
교환사채의 증가As filed	—	—	—	—	—	—	—	—	—	—	88
단기차입금의 증가As filed	1,638	1,890	2,477	2,883	1,425	2,209	3,111	3,761	2,209	3,030	3,822
배당금수취As filed	3	1	—	—	—	—	—	—	—	—	—
배당금수취(영업)As filed	—	—	1	1	2	7	8	4	6	—	1
전환사채의 상환As filed	—	—	—	—	—	—	—	—	—	2	—
전환사채의 감소As filed	—	—	—	—	—	—	—	18	2	—	0
장기차입금의 감소As filed	—	—	—	—	—	—	—	—	—	6	—
장기차입금의 상환As filed	54	—	7	18	223	155	3	24	62	—	27
기타유동금융자산의 처분As filed	47	20	—	—	56	193	89	123	111	—	554
단기차입금의 감소As filed	—	—	—	—	—	—	—	—	—	2,813	—
중단사업으로 인한 현금흐름As filed	—	—	—	—	—	-1	0	0	—	—	—
단기차입금의 상환As filed	1,720	1,825	2,788	3,189	1,198	1,969	3,095	3,214	2,227	—	3,927
유동만기보유금융자산의 처분As filed	3	—	0	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	34	43	—	—	—	—	—
(유동)당기손익-공정가치측정 금융자산의 처분As filed	—	—	—	—	—	—	—	0	14	—	—
유동성장기부채의 감소As filed	—	—	—	—	—	—	—	—	—	148	115
(유동)당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	6	—	—	—	—
기타무형자산의 처분As filed	—	—	1	0	0	—	—	—	—	—	—
연결실체변동으로 인한 순현금지급As filed	—	—	—	—	—	—	—	—	—	32	—
유동매도가능금융자산의 처분As filed	0	10	0	—	—	—	—	—	—	—	—
유동성장기부채의 상환As filed	—	—	—	—	—	—	161	158	154	—	—
(비유동)당기손익-공정가치측정 금융자산의 처분As filed	—	—	—	—	—	—	—	0	4	—	—
비유동당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	4	—	—	—	—	—
지배력을 상실하지 않는 종속기업에 대한 소유지분의 변동으로 인한 지급As filed	—	—	—	—	—	—	—	—	7	—	0
연결실체변동으로 인한 순현금 유입As filed	—	—	—	—	—	58	—	—	—	0	—
종속기업과 기타 사업의 지배력 상실에 따른 현금흐름As filed	0	—	-0	14	0	-2	—	—	—	—	—
(비유동)당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	9	—	—	—	—
기타비유동금융자산의 처분As filed	4	4	3	7	4	1	8	4	14	—	11
기타포괄-공정가치측정 금융자산 처분As filed	—	—	—	—	0	0	—	—	—	—	—
지배력을 상실하지 않는 종속기업에 대한 소유지분의 변동으로 인한 현금유입As filed	—	—	—	—	—	—	—	—	507	—	0
정부보조금의 수령As filed	—	—	—	—	—	—	6	1	—	6	—
정부보조금의 수취As filed	—	—	0	—	3	3	—	—	4	—	12
종속기업, 조인트벤처와 관계기업에 대한 투자자산의 처분As filed	1	—	—	—	—	—	—	—	—	—	—
종속기업과 기타 사업의 지배력 획득에 따른 현금흐름As filed	—	—	-4	-26	-23	36	—	—	0	—	—
(유동)당기손익-공정가치 측정 금융자산의 감소As filed	—	—	—	—	—	—	—	—	—	419	—
무형자산의 처분As filed	4	2	—	—	—	4	—	0	—	3	—
비유동생물자산의 처분As filed	—	—	1	—	0	0	—	—	—	—	—
기타비유동채권의 처분As filed	—	—	—	—	6	2	6	—	—	—	—
매각예정자산의 처분As filed	—	—	—	—	—	—	58	0	—	150	—
매각예정으로 분류된 비유동자산이나 처분자산집단의 처분As filed	—	—	—	—	—	—	—	—	17	—	19
투자부동산의 처분As filed	77	—	0	—	—	—	—	—	—	—	—
(비유동)당기손익-공정가치 측정 금융자산의 감소As filed	—	—	—	—	—	—	—	—	—	0	—
비유동매도가능금융자산의 처분As filed	66	7	0	0	0	0	—	—	—	—	—
기타비유동채권의 감소As filed	—	—	—	—	—	—	—	0	0	—	—
기타유동금융자산의 감소As filed	—	—	—	—	—	—	—	—	—	112	—
매각예정 또는 소유주에 대한 분배예정으로 분류된 비유동자산이나 처분자산집단의 처분As filed	0	—	—	—	—	—	—	—	—	—	—
기타금융자산의 처분As filed	—	—	5	—	0	0	—	—	—	—	—
기타비유동금융부채의 증가As filed	—	—	—	—	—	—	—	7	3	2	1
기타비유동금융자산의 감소As filed	—	—	—	—	—	—	—	—	—	4	—
(유동)당기손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	—	—	—	304	—	—
(유동)당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	0	—	—	—
종속기업 연결편입으로 인한 순현금흐름As filed	—	—	—	—	—	—	-45	7	—	—	—
(유동)당기손익-공정가치 측정 금융자산의 증가As filed	—	—	—	—	—	—	—	—	—	424	—
(비유동)당기손익-공정가치측정 금융자산의 취득As filed	—	—	—	—	—	—	—	0	—	—	—
기타유동금융자산의 취득As filed	18	6	0	61	60	212	51	167	206	—	547
매각예정자산의 취득As filed	—	—	—	—	—	—	—	—	—	0	—
보증금의 감소As filed	1	8	—	—	—	—	—	—	—	—	—
영업권 이외의 무형자산의 취득As filed	—	—	—	—	—	—	—	—	5	—	—
(비유동)당기손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	—	—	—	4	—	—
(유동)당기손익-공정가치측정 금융자산의 취득As filed	—	—	—	—	—	—	2	—	—	—	—
기타포괄-공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	—	—	—	0	40	—
투자활동으로부터의 현금유입As filed	—	—	—	—	—	—	—	—	—	—	1,369
(비유동)당기손익-공정가치 측정 금융자산의 증가As filed	—	—	—	—	—	—	—	—	—	7	—
기타비유동금융자산의 취득As filed	4	5	4	22	16	22	4	13	17	—	15
기타유동금융자산의 증가As filed	—	—	—	—	—	—	—	—	—	68	—
기타포괄-공정가치측정 금융자산의 취득As filed	—	—	—	—	2	2	4	0	—	—	—
기타비유동금융자산의 증가As filed	—	—	—	—	—	—	—	—	—	9	—
다른 기업의 지분상품이나 채무상품의 취득에 따른 기타현금유출As filed	0	—	—	—	—	—	—	—	—	—	—
유동당기손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	599
기타비유동금융부채의 감소As filed	—	—	—	—	—	—	—	3	—	0	—
당기손익-공정가치 측정 금융부채의 증가As filed	—	—	—	—	—	—	—	—	0	—	—
투자부동산의 취득As filed	—	—	—	0	0	0	13	43	7	0	0
(비유동)당기손익-공정가치측정금융자산의 증가As filed	—	—	—	—	—	—	7	—	—	—	—
기타비유동채권의 취득As filed	—	—	—	—	-3	0	4	0	0	—	—
관계기업에 대한 투자자산의 처분As filed	—	—	0	—	—	—	—	—	—	—	29
기타무형자산의 취득As filed	—	—	2	0	10	—	5	—	—	—	—
기타비유동금융채무의 감소As filed	—	—	—	—	—	—	—	—	4	—	—
유동매도가능금융자산의 취득As filed	0	1	0	—	—	—	—	—	—	—	—
종속회사연결편입으로인한 순현금유출액As filed	—	—	—	—	—	—	—	—	—	0	—
종속기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	137
비유동생물자산의 취득As filed	—	—	0	—	0	0	—	—	—	—	—
당기손익인식금융자산의 처분As filed	—	—	0	48	—	—	—	—	—	—	—
조인트벤처 투자지분의 취득에 따른 기타현금유출As filed	211	—	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정 금융부채의 증가As filed	—	—	—	—	—	—	0	0	—	—	—
비유동매도가능금융자산의 취득As filed	9	8	9	—	0	0	—	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	-32	-413	-254
비유동당기손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	0
조정항목As filed	—	—	—	—	—	—	—	—	—	576	—
보증금의 증가As filed	2	0	—	—	—	—	—	—	—	—	—
합병으로 인한 순현금흐름As filed	—	—	—	—	—	—	—	0	—	—	—
배당금수익As filed	—	—	—	—	—	—	—	—	—	3	—
임차보증금의 증가As filed	—	—	—	1	0	0	—	—	—	—	—
중단영업으로 인한 현금유입As filed	—	—	—	—	—	—	—	0	—	—	—
당기손익-공정가치측정 금융자산의 취득As filed	—	—	—	—	42	38	—	—	—	—	—
투자활동으로 분류된 무형자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	0
관계기업에 대한 투자자산의 취득As filed	—	—	0	—	0	0	—	—	—	—	43
현금및현금성자산의 순증가(감소)As filed	—	—	—	—	—	—	—	—	—	-110	—
투자활동으로부터의 현금유출As filed	—	—	—	—	—	—	—	—	—	—	1,891
기타비유동금융부채의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	0
당기손익-공정가치측정 금융부채의 취득As filed	—	—	—	—	0	1	—	—	—	—	—
비유동당기손익-공정가치측정 금융자산의 취득As filed	—	—	—	—	—	42	—	—	—	—	—
연결자본거래로 인한 현금유입As filed	—	—	—	—	—	—	14	0	—	—	—
유동당기손익인식금융자산의 취득As filed	—	—	0	—	—	—	—	—	—	—	319
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	—	—	-19	-75	86	116	3	-9	90	—	—
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	—	—	—	—	—	11
상환우선주 발행As filed	—	—	60	—	0	—	—	—	—	—	—
매각예정으로 분류된 비유동자산이나 처분자산집단의 취득As filed	—	—	—	—	—	—	—	—	—	—	0
비유동당기손익인식금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	11
현금의기타유입(유출)As filed	-276	-153	—	—	—	—	—	—	—	—	—
전환사채의 증가As filed	—	—	—	100	0	0	—	—	—	—	—
당기손익인식금융자산의 취득As filed	—	—	—	59	—	—	—	—	—	—	—
전환권/신주인수권 행사로 인한 현금유입As filed	—	—	37	—	50	0	—	—	—	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	—	336
신주인수권부사채의 감소As filed	—	—	0	—	—	—	—	—	—	—	—

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 39	선일회계법인	2025-12-31
2024	적정의견Term 38	성현회계법인	2025-12-31
2023	적정의견Term 37	성현회계법인	2025-12-31
2022	적정Term 36	성현회계법인	2022-12-31
2021	적정Term 35	성현회계법인	2022-12-31
2020	적정Term 34	성현회계법인	2022-12-31
2019	적정Term 33	성도이현회계법인	2019-12-31
2018	적정Term 32	성도이현회계법인	2019-12-31
2017	적정Term 31	성도이현회계법인	2019-12-31

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 5Y0.83

Equity risk premium%

Terminal growth%

Cost of equity8.55%

Weighted average cost of capital—

Initial growth7.4%

Effective tax rate23.8%

Base fiscal year2025

Current priceKRW32,350

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	1,869	-94.2%
Dividend discount model DDM	2,112	-93.5%
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	9,344	-71.1%

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% + 0.83 × 5.00% = 8.55%

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(8.72% × (1 − 15.19%), 0) = 7.40%

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 = 120 × (1 + 2.00%) / (8.55% − 2.00%) = 122 / 0.0655 = 1,869 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 = 120, g_1 = 7.40%, g_T = 2.00%, r = 8.55%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	7.40%	129	0.9212	119
2	6.05%	137	0.8487	116
3	4.70%	143	0.7818	112
4	3.35%	148	0.7203	107
5	2.00%	151	0.6635	100
Terminal value	2.00%	2,349	0.6635	1,559
Total				2,112

P_0 = 2,112 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 = 9,059 KRW, ROE = 8.72%, payout ratio = 15.19%, r = 8.55%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	9,059	790	775	16	0.9212	14
2	9,729	849	832	17	0.8487	14
3	10,449	911	893	18	0.7818	14
4	11,222	979	959	19	0.7203	14
5	12,052	1,051	1,030	21	0.6635	14
Terminal value				323	0.6635	214

P_0 = 9,059 + 70 + 214 = 9,344 KRW

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

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

Price chart