120110KOSPI

Kolon Industries

55,400

-600 (-1.07%)

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

Kolon Industries is a manufacturing company established on December 31, 2009, following a spin-off from KOLON. It is listed on the KOSPI market and headquartered in Seoul. The company operates as a parent entity with 37 consolidated subsidiaries.

The company operates in industrial materials, chemical materials, fashion, and other business segments. Its products include automotive materials, airbags, tire cords, engineering plastics, petroleum resins, and apparel. It supplies these products to global automotive manufacturers, tire companies, and various retail channels.

Business overview as filed

당사 및 주요종속회사의 사업은 산업자재군, 화학소재군, 패션군, 기타사업군으로 구성되어 있습니다. 당기(2025년 누계) 연결기준 매출액 4,873,399백만원 중 산업자재군 47.2%, 화학소재군 25.7%, 패션군 23.9%, 기타사업군 3.2%를 차지하고 있습니다.

당사는 필름사업 중단으로 사업구분이 변경되었습니다.

가. 사업군별 사업의 개요

1) 산업자재군1-1) 코오롱인더스트리 산업자재부문

산업자재군에 속한 코오롱인더스트리 산업자재부문은 샤무드를 포함한 자동차 소재, 카시트 커버링 및 에어백, HDPE, SPB(PET 부직포), 수분제어장치, 타이어코오드, 아라미드 등을 생산하여 판매하고 있습니다.자동차 소재 및 카시트 커버링은 자동차 시트 등 내장 인테리어용 소재(원단, 인조가죽)와 카시트 커버링 봉제 사업이며, 주요 거래처로는 현대/기아자동차, 대유에이텍, 대원산업, 에디언트코리아, 현대트랜시스 등이 있습니다. 인테리어 소재 중 샤무드는 자동차 내장재 뿐만 아니라 명품용, 가구 등의 용도로도 판매되고 있습니다. 자동차 에어백은 에어백 쿠션을 만들기 위한 재료로 주요 거래처로는 현대모비스, Autoliv, Joyson Safety System, ZF 등 자동차 소재관련 업체입니다. HDPE는 안전 장갑, 냉감 침구용 등으로 사용되고 있습니다. SPB는 각종 산업용 부직포를 제조 및 판매하고 있으며 주 용도는 필터, 카페트, 초배지, 토목 등입니다. 연료전지 소재ㆍ부품사업은 연료전지용 수분제어장치, PEM, MEA 사업을 전개하고 있습니다. 수분제어장치는 차량용, 발전용, 건물용 양산에 성공하여 연료전지 시스템에 적용됩니다. 타이어코오드는 타이어의 골격을 형성하는 용도로 사용하고 있으며, 주요 거래처로는 Goodyear, Bridgestone, Continental 등이 있습니다. 아라미드는 Filament와 함께, 이를 가공한 합사, 연사, Pulp, Staple 등을 판매하고 있습니다.

1-2) 코오롱글로텍 산업자재군에 속한 당 종속회사는 스포츠 및 일반 조경용 인조잔디를 생산하는 생활소재부문의 사업을 영위하고 있습니다.

1-3) 코오롱이앤피 산업자재군에 속한 당 종속회사는 1996년에 설립되어 5대 엔지니어링플라스틱(EP) 중 폴리옥시메틸렌(POM), 폴리아미드(PA6, 66) 및 폴리부틸렌테레프탈레이트(PBT)를 생산, 판매하고 있습니다. 이외에도 TPEE, PET, PP-LFT, M-PPO를 비롯해 슈퍼 엔지니어링플라스틱인 PPS까지 다양한 제품 포트폴리오를 보유하고 있는 엔지니어링플라스틱 전문기업입니다. 코오롱이앤피는 엔지니어링플라스틱 소재의 제조 가공 및 판매업(단일 사업부문)을 영위하고 있으며, 주요 고객은 자동차 및 전기전자, 생활용품 등 국내외 관련 기업 입니다. 엔지니어링플라스틱은 차량 경량화 소재로 널리 적용되고 있으며, 전기차 수소차에도 적용분야가 확대되고 있습니다.코오롱이앤피의 POM 사업은 POM의 BASE RESIN 및 자회사 운영과 관련한 서비스 등 POM 관련 부대사업을 포함하며, Compound사업은 엔지니어링 플라스틱 각 BASE 제품에 특정 첨가제를 혼합하여 물성을 향상시키는 사업으로, 당사는 PA, PBT를 중심으로 PEL, PET 등 다양한 소재의 컴파운드 사업을 진행하고 있습니다. 코오롱이앤피는 자체 중합 설비를 보유하여 안정적인 원재료 수급 및 원가 경쟁력을 가지고 수익성을 확보하고 있으며, POM 증설 투자를 통해 규모의 경제를 실현하여 경쟁력을 강화하고 있습니다. 또한 국내영업 및 해외영업 담당부서와 판매조직과는 별도로 엔지니어링 플라스틱의 국내외 신규시장 발굴 및 기존 ITEM 강화를 목적으로 하는 시장개발 전문 조직을 운영하고 있으며, 아울러 유럽법인, 인도법인, 중국법인 등 해외 사업장을 구축하여 시장을 확대해나가고 있습니다.

1-4) Kolon Nanjing Co.,LTD.

산업자재군에 속한 당 종속회사는 NYLON66 원사를 주원료로하는 에어백 원단과 쿠션을 Secura® 상표로 생산/판매하는 중국법인입니다. 에어백 원단 및 쿠션은 글로벌 자동차 모듈업체에 직접 판매하고 있습니다.

1-5) KOLON INDUSTRIES BINH DUONG COMPANY LIMITED 산업자재군에 속한 당 종속회사는 타이어코오드를 생산하여 판매하고 있으며, 주요거래처로는 금호타이어, 미쉐린타이어, 넥센타이어 등이 있습니다.

1-6) KOLON INDUSTRIES VIETNAM CO.,LTD 산업자재군에 속한 당 종속회사는 자동차 에어백 쿠션을 생산하여 판매하고 있으며, 주요거래처로는 현대모비스, Autoliv, Joyson Safety Systems, ZF 등이 있습니다.

1-7) KOLON USA INC.

산업자재군에 속한 당 종속회사는 산업자재, 석유수지, CIM 제품, POM/Compound 제품을 구매하여 판매하고 있으며, 주요거래처로는 미쉐린타이어, 쿠퍼타이어, 금호타이어, 필처해밀턴 등이 있습니다.

1-8) ZHANGJIAGANG KOLON INDUSTRIES, INC.

산업자재군에 속한 당 종속회사는 SEAT FABRIC, 인조가죽 등 자동차 인테리어 소재를 가공하여 ASSEMBLY 회사 또는 자동차 회사에 생산 납품하고 있습니다.

2) 화학소재군

2-1) 코오롱인더스트리 화학부문 화학소재군에 속한 코오롱인더스트리 화학부문은 석유수지, 페놀수지, 에폭시수지 등을 생산 및 판매하고 있습니다. 국내 4개 공장(울산공장, 여수공장, 대산공장, 김천공장)에 연산 34만톤의 생산설비를 갖추고 다국적 고객 및 국내외 업체에 타이어, 도료, 테이프, 위생재용 접착제, 전자재료 등의 용도로 판매하고 있습니다. 제품은 크게 HIKOTACK, HIKOREZ, SUKOREZ, HIRENOL, HIROXY로 나뉩니다.

3) 패션군3-1) 코오롱인더스트리 패션부문

패션군에 속한 코오롱인더스트리 패션부문은 아웃도어, 골프, 캐주얼, 스포츠, 신사복, 여성복, 잡화 등의 유통 및 수입/판매, 명품 수입/판매, 복합쇼핑몰을 운영하고 있습니다.

4) 기타사업군4-1) 그린나래

기타사업군에 속한 당 종속회사는 골프장을 운영하는 회사로 충남 천안시에 18홀 회원제골프장을 직영 운영 및 강원 춘천시에 36홀 대중제골프장과 골프텔을 임차 운영하고 있습니다. 회원제골프장은 회원권을 분양받은 회원에 한하여 이용이 가능하고, 대중제골프장은 선착순 예약제로 누구나 이용이 가능합니다. 또한 골프장 내에 레스토랑, 프로샵(골프용품샵), 연습장 등을 부대시설로 갖추고 있습니다.

4-2) 코오롱인베스트먼트 기타사업군에 속한 당 종속회사는 벤처투자 촉진에 관한 법률에 의거 중소벤처기업부에 등록된 벤처투자회사로서 창업자와 벤처기업에 대한 투자 및 창업투자조합의 결성 및 업무의 집행 등을 목적으로 설립되어 중소기업 창업자에 대한 투자 및 중소기업창업투자조합자금의 관리 등을 주력 사업으로 영위하고 있는 벤처캐피탈(Venture Capital, VC)입니다.

Company overview

가. 연결대상 종속회사 개황

IFRS도입으로 인한 당사의 연결대상 종속회사는 보고서 작성기준일 현재 총 37개사이며,주요종속회사는 9개사입니다. 종속회사의 개요와 사업의 내용은 다음과 같습니다.

1) 연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당 지배회사의 국문 명칭은 [코오롱인더스트리주식회사]로 표기합니다. 또한 영문으로는 [KOLON INDUSTRIES, INC.]으로 표기합니다. 약식으로는 [코오롱인더스트리㈜] 또는 [KOLON IND]로 표기하기도 하며, 유가증권시장에 등록된 종목명은 [코오롱인더]입니다.

다. 설립일자 및 존속기간

당 지배회사는 ㈜코오롱의 제조사업부문이 분할되어 신설된 제조회사입니다. 분할기일은 2009년 12월 31일이며, 2010년 1월 5일자로 분할 등기를 완료하였습니다. 또한 당 지배회사의 주식은 2010년 2월 1일자로 상장되어 유가증권시장에서 매매가 개시되었습니다.

라. 지배회사의 주소, 전화번호, 홈페이지 주소

1) 주소 : 서울시 강서구 마곡동로 110 (마곡동) 코오롱 One&Only타워

2) 전화번호 : 02-3677-3114

3) 홈페이지 : http://www.kolonindustries.com

마. 중소기업 등 해당 여부

바. 주요사업의 내용

각 사업군별 당 지배회사 및 주요종속회사의 주요사업 내용은 아래와 같습니다.사업군별 주요종속회사 중 코오롱인더스트리는 사업특성상 산업자재군, 화학소재군, 패션군, 기타사업군의 사업부문별 구분에 중복 포함 되었습니다.※ 당사는 필름사업 중단으로 사업구분이 변경되었습니다.

1) 산업자재군

사명변경

- Qingdao Kolon Glotech Inc. → QINGDAO KOLON INDUSTRIES, INC.

- ZhangJiagang Kolon Glotech Inc. → ZHANGJIAGANG KOLON INDUSTRIES, INC.

- Yancheng Kolon Glotech INC → YANCHENG KOLON INDUSTRIES, INC.

- Kolon Glotech India Private Limited → KOLON INDUSTRIES INDIA PRIVATE LIMITED

- KOLON PLASTICS (SHANGHAI) INC → KOLON ENP(SHANGHAI)CO., LTD- KOLON PLASTICS EUROPE Gmbh → KOLON ENP EUROPE Gmbh

- Kolon Plastics India Private Limited → KOLON ENP INDIA PRIVATE LIMITED

- KOLON GLOTECH PHILIPPINES INC. → KOLON PHILIPPINES INC.

산업자재군에 속하는 종속회사는 지배회사인 코오롱인더스트리㈜의 산업자재부문을 포함하여 총 20개사입니다.

2) 화학소재군

화학소재군에 속하는 종속회사는 지배회사인 코오롱인더스트리㈜의 화학부문을 포함하여총 4개사입니다.

3) 패션군

패션군에 속하는 종속회사는 지배회사인 코오롱인더스트리㈜의 패션부문을 포함하여 총 8개사입니다.

4) 기타사업군

기타사업군에 속하는 종속회사는 지배회사인 코오롱인더스트리㈜의 기타부문을 포함하여 총 9개사입니다.

사. 신용평가에 관한 사항

공시대상기간 중 당사의 신용등급은 아래와 같습니다.

( +, - 부호를 부가하여 동일등급 내에서의 우열 표시)

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.31), 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

4.94%

[3.14%, 7.68%] · 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 54.5% (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

0.47

Beta [0.27, 0.67] · KOSPI200 · As of 2026-10-08

Intercept: +0.073%[-0.409%, +0.554%]
R squared: 0.15
Observations: 252
Trading-time corrected beta: 0.24[-0.05, 0.54]

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	48,565	45,622	46,070	47,526	44,072	40,361	46,621	53,675	50,612	48,430	48,734	49,772
Revenue growth%	—	-6.06	0.98	3.16	-7.27	-8.42	15.51	15.13	-5.71	-4.31	0.63	—
Operating incomeKRW 100M	2,805	2,767	1,980	1,449	1,729	1,524	2,527	2,425	1,576	1,587	1,089	1,973
Operating income growth%	—	-1.33	-28.46	-26.80	19.34	-11.86	65.78	-4.04	-35.00	0.70	-31.39	—
Net incomeKRW 100M	-1,451	1,760	1,227	429	221	2,055	2,038	1,892	508	1,106	516	1,484
Net income growth%	—	—	-30.25	-65.03	-48.46	829.00	-0.82	-7.19	-73.16	117.87	-53.38	—
Attributable to ownersKRW 100M	-1,443	1,702	1,351	650	325	2,034	1,892	1,798	428	986	383	1,358
Attributable to minoritiesKRW 100M	-8	57	-123	-221	-104	21	147	93	80	120	133	126
Operating margin%	5.77	6.07	4.30	3.05	3.92	3.78	5.42	4.52	3.11	3.28	2.23	3.96
Net margin%	-2.99	3.86	2.66	0.90	0.50	5.09	4.37	3.52	1.00	2.28	1.06	2.98
ROE%	-7.88	8.59	6.19	3.10	1.61	9.34	7.76	6.89	1.53	2.70	0.97	3.15
ROA%	-2.91	3.35	2.17	0.77	0.42	4.07	3.64	3.15	0.85	1.53	0.67	1.84
Debt ratio%	153.82	146.99	143.79	152.33	148.93	120.05	119.61	119.66	104.89	92.10	88.99	86.54
Current ratio%	106.36	105.22	98.52	84.12	92.61	86.80	99.14	92.67	94.66	101.90	105.82	93.58
Quick ratio%	59.72	64.77	60.93	46.44	53.52	50.49	53.98	45.11	45.84	52.15	55.65	51.50
Reserve ratio%	—	—	1,340.69	1,356.09	1,341.62	1,459.78	1,548.35	1,661.51	1,645.02	1,661.26	1,623.39	1,629.05
Free cash flowKRW 100M	1,640	965	-1,782	-420	-162	3,005	723	-2,563	—	—	1,946	—
FCF margin%	3.38	2.12	-3.87	-0.88	-0.37	7.44	1.55	-4.78	—	—	3.99	—
OCF conversion%	—	193.01	225.40	794.94	557.96	243.11	125.43	16.06	—	—	688.41	—
Capex to revenue%	4.15	5.33	9.87	8.06	3.17	4.93	3.93	5.34	6.20	5.29	3.29	—
Receivable daysdays	—	70.6	75.2	69.0	69.6	73.1	62.0	56.0	58.2	60.1	58.9	—
Inventory daysdays	—	91.6	84.9	84.1	97.7	101.0	97.2	106.6	119.1	122.0	116.7	—
Payable daysdays	—	77.1	79.2	75.1	71.4	69.8	74.3	72.1	70.9	69.1	62.0	—
Cash conversion cycledays	—	85.1	80.8	78.0	95.9	104.3	85.0	90.4	106.5	113.0	113.6	—
EPSKRW	—	6,768	5,297	2,410	1,087	6,834	6,336	5,934	1,282	2,616	225	4,535
PERx	—	10.93	16.80	23.77	45.77	6.01	11.19	6.93	34.71	10.38	199.33	13.28
BPSKRW	—	78,762	85,620	77,711	74,719	80,773	88,557	94,832	101,800	132,485	142,722	143,876
PBRx	—	0.94	1.04	0.74	0.67	0.51	0.80	0.43	0.44	0.20	0.31	0.42
Dividend per shareKRW	—	1,100	1,100	900	900	1,000	1,300	1,300	1,300	1,300	600	—
Payout ratio%	—	16.25	20.77	37.34	82.80	14.63	20.52	21.91	101.40	49.69	266.67	—

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
	49,861	52,491	56,619	55,729	52,931	50,437	56,013	60,035	60,027	72,481	76,825
	19,447	20,676	20,946	19,552	20,791	18,700	22,132	24,569	22,883	24,018	23,762
Cash and cash equivalentsKRW 100M	935	1,472	770	866	1,160	1,608	2,405	2,040	1,741	2,524	2,638
Short-term financial instrumentsKRW 100M	—	—	908	786	677	854	395	415	—	—	—
InventoriesKRW 100M	8,527	7,948	7,992	8,758	8,776	7,823	10,082	12,609	11,802	11,727	11,267
Trade and other receivablesKRW 100M	8,353	9,287	9,686	8,291	8,516	7,642	8,194	8,272	7,871	8,079	7,646
	30,414	31,816	35,673	36,176	32,140	31,737	33,881	35,465	37,145	48,462	53,063
Property, plant and equipmentKRW 100M	21,529	22,023	24,443	25,735	24,593	24,535	24,185	25,384	26,014	30,555	29,356
Intangible assetsKRW 100M	1,970	1,918	1,772	1,878	1,815	1,491	1,335	Not applicable	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	2,775	3,806	4,482	1,730	1,066	1,313	3,019	2,849	2,171	2,465	2,935
	30,217	31,239	33,395	33,643	31,668	27,516	30,507	32,704	30,731	34,750	36,175
	18,284	19,649	21,261	23,244	22,450	21,544	22,324	26,512	24,174	23,571	22,456
Trade and other payablesKRW 100M	6,732	7,137	7,741	7,215	5,607	5,865	7,810	7,542	6,976	6,348	5,865
Short-term borrowingsKRW 100M	10,645	11,368	—	—	—	—	—	—	—	—	—
	11,933	11,589	12,134	10,400	9,218	5,972	8,183	6,191	6,556	11,180	13,719
Long-term borrowingsKRW 100M	8,198	7,824	—	—	—	—	—	—	5,339	8,946	10,602
	19,644	21,253	23,224	22,085	21,263	22,920	25,506	27,331	29,297	37,730	40,650
	18,320	19,810	21,833	20,965	20,158	21,792	24,370	26,097	28,015	36,459	39,276
Issued capitalKRW 100M	1,394	1,396	1,421	1,487	1,487	1,487	1,514	1,514	1,514	1,514	1,514
Capital surplusKRW 100M	9,072	9,118	9,296	9,905	9,824	9,826	9,903	9,903	9,891	9,907	9,907
Retained earningsKRW 100M	Not applicable	Not applicable	9,755	10,265*	10,131	11,885	13,545	15,258	15,020	15,250	14,677
Other equityKRW 100M	-591	-517	337	-692*	-1,283	-1,407	-592	-578	-399	5,316	8,706
Non-controlling interestsKRW 100M	1,324	1,443	1,391	1,120	1,105	1,129	1,136	1,234	1,282	1,271	1,374

단기금융자산As filed	1,114	588	—	—	—	—	—	—	443	686	1,096
당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	47	51	6
당기법인세자산As filed	38	745	750	25	15	3	1	21	38	48	28
유동 당기손익-공정가치 측정 지정 금융자산As filed	—	—	—	169	116	60	48	125	—	—	—
유동매도가능금융자산As filed	—	—	29	—	—	—	—	—	—	—	—
유동 기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	10	—	0	—	—	—	—	—
기타유동자산As filed	452	569	812	646	569	710	581	865	716	678	855
매각예정 또는 소유주에 대한 분배예정으로 분류된 비유동자산이나 처분자산집단As filed	—	—	—	—	962	0	426	222	—	—	—
매각예정자산As filed	—	—	—	—	—	—	—	—	225	226	226
장기금융상품As filed	—	—	67	161	24	34	11	2	—	—	—
장기매출채권 및 기타비유동채권As filed	—	—	459	1,065	435	473	414	404	—	—	—
장기매출채권및기타채권As filed	—	—	—	—	—	—	—	—	414	418	487
비유동 당기손익-공정가치 측정 지정 금융자산As filed	—	—	—	1,842	293	171	283	463	—	—	—
비유동매도가능금융자산As filed	—	—	3,539	—	—	—	—	—	—	—	—
이연법인세자산As filed	414	158	124	125	163	161	275	325	402	215	237
무형자산As filed	—	—	—	—	—	—	—	1,334	1,291	1,105	1,248
비유동 기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	2,869	3,003	2,727	3,335	3,304	—	—	—
투자부동산As filed	899	685	634	627	649	704	708	494	1,038	5,610	6,132
장기금융자산As filed	80	35	—	—	—	—	—	—	2	2	2
기타비유동자산As filed	208	258	153	142	99	128	109	108	82	140	192
매도가능금융자산As filed	28	66	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	4,565	5,604	10,086
순확정급여자산As filed	—	—	—	—	—	—	207	800	452	287	199
장기매출채권 및 기타채권As filed	1,154	805	—	—	—	—	—	—	—	—	—
단기차입금및사채As filed	—	—	12,170	14,319	15,493	13,713	13,031	17,468	15,867	15,728	15,027
기타유동금융부채As filed	—	—	—	56	201	210	227	252	360	371	415
기타유동부채As filed	864	1,049	1,093	854	692	943	845	896	—	966	1,062
당기법인세부채As filed	43	96	258	693	186	706	361	326	60	129	72
유동충당부채As filed	—	—	—	106	222	107	49	28	37	29	14
매각예정으로 분류된 처분자산집단에 포함된 부채As filed	—	—	—	—	48	0	—	—	—	—	—
장기매입채무 및 기타비유동채무As filed	—	—	1,186	305	280	164	152	96	—	—	—
신종자본증권As filed	1,025	1,025	1,025	—	—	—	—	—	1,988	4,472	4,472
장기차입금및사채As filed	—	—	8,853	8,145	7,509	4,425	6,567	5,090	—	—	—
퇴직급여부채As filed	—	—	520	578	325	252	172	94	—	—	—
저작권, 특허권, 기타 산업재산권, 용역운영권As filed	1,970	1,918	—	—	—	—	—	—	—	—	—
이연법인세부채As filed	658	834	1,403	1,106	626	728	875	194	306	1,539	2,372
기타비유동부채As filed	184	258	169	102	206	172	140	136	137	46	28
기타비유동금융부채As filed	—	0	2	151	264	228	246	560	550	411	421
부 채 및 자 본 총 계As filed	—	—	—	—	—	—	—	—	60,027	72,481	—
부채및자본총계As filed	—	—	—	—	—	—	—	—	—	—	76,825
비유동충당부채As filed	—	—	—	11	7	4	32	23	22	30	36
기타 유동부채As filed	—	—	—	—	—	—	—	—	873	—	—
장기매입채무및기타채무As filed	—	—	—	—	—	—	—	—	91	84	70
자본과부채총계As filed	49,861	52,491	56,619	55,729	52,931	50,437	56,013	60,035	—	—	—
장기매입채무 및 기타채무As filed	2,291	1,918	—	—	—	—	—	—	—	—	—
종업원급여부채As filed	—	—	—	—	—	—	—	—	110	124	189
확정급여부채As filed	601	755	—	—	—	—	—	—	—	—	—
연결이익잉여금As filed	7,421	8,788	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	48,565	45,622	46,070	47,526*	44,072	40,361*	46,621	53,675	50,612*	48,430	48,734
Cost of salesKRW 100M	35,745	32,817	34,263	36,364*	32,761	29,992*	33,602	38,863	37,394*	35,189	35,962
Gross profitKRW 100M	12,820	12,805	11,807	11,162*	11,311	10,368*	13,019	14,812	13,218*	13,241	12,772
SG&A expensesKRW 100M	10,015	10,038	9,827	9,712*	9,582	8,844*	10,492	12,387	11,642*	11,653	11,683
	2,805	2,767	1,980	1,449*	1,729	1,524*	2,527	2,425	1,576*	1,587	1,089
Finance incomeKRW 100M	98	267	85	201*	225	261*	209	305	510*	492	661
Finance costsKRW 100M	707	661	652	738*	851	874*	437	736	1,141*	1,132	1,533
Other incomeKRW 100M	874	1,181	1,443	1,654*	967	3,483*	765	1,787	885*	1,249	1,056
Other expensesKRW 100M	4,738	1,565	1,580	1,891*	1,280	1,505*	816	1,999	1,258*	1,298	1,449
Share of profit of associatesKRW 100M	288	400	—	—	—	—	—	—	—	—	—
	-1,377	2,389	1,793	903*	834	3,092*	2,781	1,697	896*	1,214	410
Income tax expenseKRW 100M	75	629	565	-473*	241	1,073*	535	-169	388*	106	-108
Profit from continuing operationsKRW 100M	—	—	—	—	594	2,019*	2,246	1,866	508*	1,108	518
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	-372	36*	-208	26	0*	-2	-2
	-1,451	1,760	1,227	429	221	2,055	2,038	1,892	508	1,106	516
Attributable to ownersKRW 100M	-1,443	1,702	1,351	650	325	2,034	1,892	1,798	428	986	383
Attributable to minoritiesKRW 100M	-8	57	-123	-221	-104	21	147	93	80	120	133
Basic earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	1,087	6,834	6,336	5,934	1,282*	2,616	225
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	1,087	6,661	6,120	5,750	1,245	2,551	219
	-1,427	1,668	2,091	-375	-523	1,930	2,931	2,239	435	6,693	3,838
Other comprehensive incomeKRW 100M	25	-92	864	-805	-744	-125	893	347	-73	5,587	3,322

관계기업및공동기업투자처분손익As filed	—	—	—	—	—	-0	4	-2	25	—	—
비지배지분As filed	-11	32	—	—	—	—	—	—	60	161	131
지배기업의 소유주As filed	-1,416	1,636	—	—	—	—	—	—	375	6,532	3,707
관계기업및공동지배기업투자손익As filed	—	—	507	35	44	—	—	—	—	—	—
관계기업및공동기업투자손익As filed	—	—	—	—	—	203	529	-83	298	316	586
관계기업및공동지배기업투자처분손익As filed	—	—	11	193	-1	—	—	—	—	—	—
우선주기본주당순손익As filed	—	—	—	—	—	—	—	—	—	—	0
우선주기본주당순이익As filed	—	—	0	0	—	—	—	—	—	0	—
4.우선주희석주당순이익As filed	—	—	—	—	—	—	—	—	0	—	—
우선주기본주당계속영업손익As filed	—	—	—	—	—	—	—	—	—	—	0
우선주기본주당계속영업이익As filed	—	—	—	—	—	—	—	—	0	0	—
종속기업투자처분이익As filed	5	—	0	—	—	—	—	—	—	—	—
우선주희석주당계속영업이익As filed	—	—	—	—	—	—	—	—	0	0	0
우선주희석주당순손익As filed	—	—	—	—	—	—	—	—	—	—	0
우선주희석주당순이익As filed	—	—	0	0	—	—	—	—	—	0	—
우선주희석주당중단영업손익As filed	—	—	—	—	—	—	—	—	0	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	-24	-775	-873	-80	516	300	—	—	—
3.우선주기본주당순이익As filed	—	—	—	—	—	—	—	—	0	—	—
기타포괄손익-공정가치측정금융자산 평가손익As filed	—	—	—	-605	-819	-53	448	-28	—	—	—
보통주기본주당계속영업손익As filed	—	—	—	—	—	—	—	—	—	—	0
보통주기본주당계속영업이익As filed	—	—	—	—	—	—	—	—	0	0	—
기타포괄손익-공정가치측정금융자산 처분손익As filed	—	—	—	0	—	0	—	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	-24	-171	-54	-28	68	328	—	—	—
우선주기본주당중단영업손익As filed	—	—	—	—	—	—	—	—	0	—	—
보통주희석주당계속영업이익As filed	—	—	—	—	—	—	—	—	0	0	—
보통주희석주당계속영업손익As filed	—	—	—	—	—	—	—	—	—	—	0
지분법이익잉여금As filed	-0	1	-0	—	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	888	-30	129	-45	377	47	—	—	—
관계기업및공동지배기업투자처분이익As filed	0	0	—	—	—	—	—	—	—	—	—
매도가능금융자산평가손익(세후기타포괄손익)As filed	—	—	1,062	—	—	—	—	—	—	—	—
보통주기본주당중단영업손익As filed	—	—	—	—	—	—	—	—	0	—	—
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	-8	-23	7	-12	29	-9	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-249	30	120	-30	349	62	—	—	—
후속적으로 재분류되지 않는 포괄손익As filed	92	-142	—	—	—	—	—	—	—	—	—
파생상품평가손익As filed	—	—	82	-36	2	-3	-2	-6	-1	2	8
확정급여제도의 재측정요소As filed	92	-143	—	—	—	—	—	—	-234	-164	-67
후속적으로 당기손익으로 재분류되는 포괄손익As filed	-67	51	—	—	—	—	—	—	12	536	76
매도가능금융자산평가손익As filed	-108	180	—	—	—	—	—	—	—	—	—
관계기업의 기타포괄손익에 대한 지분As filed	31	-39	—	—	—	—	—	—	—	—	—
보통주희석주당중단영업손익As filed	—	—	—	—	—	—	—	—	0	—	—
해외사업환산손익As filed	9	-58	—	—	—	—	—	—	16	481	44
관계기업및공동기업의 기타포괄손익에 대한 지분As filed	—	—	—	—	—	—	—	—	-3	53	24
보통주 기본주당 순이익As filed	-0	0	—	—	—	—	—	—	—	—	—
파생상품평가이익As filed	—	-32	—	—	—	—	—	—	—	—	—
우선주 기본주당 순이익As filed	-0	0	—	—	—	—	—	—	—	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	2,187	-130	-443	1,900	2,780	2,122	—	—	—
후속적으로 당기손익으로 재분류되지 않는 포괄손익As filed	—	—	—	—	—	—	—	—	-85	5,051	3,246
보통주 희석주당 순이익As filed	-0	0	—	—	—	—	—	—	—	—	—
우선주 희석주당 순이익As filed	-0	0	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	—	—	—	—	—	782	3,367
총 포괄손익, 비지배지분As filed	—	—	-96	-245	-80	30	151	117	—	—	—
유형자산재평가이익As filed	—	—	—	—	—	—	—	—	—	4,434	-54
계속영업기본주당이익(손실)As filed	—	—	—	—	0	0	0	0	—	—	—
보통주기본주당순이익As filed	—	—	0	0	—	—	—	—	—	—	—
중단영업기본주당이익(손실)As filed	—	—	—	—	-0	0	-0	0	—	—	—
기타포괄손익-공정가치측정 금융자산 평가손익As filed	—	—	—	—	—	—	—	—	150	—	—
보통주희석주당순이익As filed	—	—	0	0	—	—	—	—	—	—	—
계속영업희석주당이익(손실)As filed	—	—	—	—	0	0	0	0	—	—	—
중단영업희석주당이익(손실)As filed	—	—	—	—	-0	0	-0	0	—	—	—
우선주기본주당이익(손실)As filed	—	—	—	—	0	0	0	0	—	—	—
우선주희석주당이익(손실)As filed	—	—	—	—	0	0	0	0	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-1,451	1,760	1,227	429	221	2,055	2,038	1,892	508	1,106	516
Total adjustments to operating cash flowcomputed	5,109	1,637	1,539	2,983	1,013	2,941	518	-1,588	—	—	3,035
	3,658	3,396	2,766	3,412	1,234	4,996*	2,557	304	Not applicable	Not applicable	3,550
Interest receivedKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
DepreciationKRW 100M	1,880	1,892	1,913	1,958	2,324	2,330	2,261	2,267	2,410	2,524	2,526
AmortisationKRW 100M	58	95	97	105	114	113*	94	83	86	83	70
Income taxes paidKRW 100M	-8	826	146	-632	982	411	1,004	697	603	120	204
	-3,766	-2,618	-4,987	-2,959	-164	1,306*	-1,931	-2,213*	-2,912	-5,836	-2,044
Purchase of property, plant and equipmentKRW 100M	2,017	2,431	4,548	3,832	1,396	1,991*	1,834*	2,867	3,140	2,560	1,605
Proceeds from sale of property, plant and equipmentKRW 100M	64	163	82	96	98	200*	66	22	15	50	40
Purchase of intangible assetsKRW 100M	162	91	75	256	83	135*	51	76	60	33	235
	411	-185	1,576	-361	-788	-5,820*	74	1,548	-1,419	3,597	-1,445
Dividends paidKRW 100M	146	149	324	330	284	278	301	413	418	415	596
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	—	6	—	—	67	1
Issue of sharesKRW 100M	92	289	2	5	—	—	5	—	—	—	—
Cash at beginning of periodKRW 100M	621	935	1,472	770	866	1,160	1,608	2,405	2,040	1,741	2,524
	935	1,472	770	866	1,160	1,608	2,405	2,040	1,741	2,524	2,638
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	16	116	53
Net change in cash and cash equivalentsKRW 100M	303	593	-645	92	282	483*	700	-361	Not applicable	Not applicable	Not applicable

당기순이익As filed	-1,451	1,760	—	—	—	—	—	—	—	—	—
당기순이익(손실)As filed	—	—	1,227	429	221	2,055	2,038	1,892	—	—	—
당기순이익조정을 위한 가감As filed	—	—	3,131	3,939	4,096	2,355	3,107	3,411	—	—	—
비용(수익)조정사항As filed	2,810	3,194	—	—	—	—	—	—	3,627	3,182	3,509
신종자본증권의발행As filed	1,025	—	—	—	—	—	—	—	—	2,484	0
신종자본증권발행As filed	—	—	—	—	—	—	—	—	1,988	—	—
재고자산평가손실As filed	97	78	48	11	52	29	115	263	8	151	117
임대보증금의감소As filed	—	-132	—	—	—	—	—	—	3	1	3
퇴직급여As filed	348	335	352	350	366	558	384	355	284	317	331
장기종업원급여As filed	3	14	8	7	11	29	4	-4	—	—	—
대손상각비(환입)As filed	-2	15	—	—	—	—	—	—	1	12	—
대손상각비As filed	—	—	-18	70	35	50	-51	21	—	—	65
비지배지분의 감소As filed	—	—	—	—	—	—	—	—	0	—	—
유형자산손상차손As filed	27	48	94	667	117	55	28	225	186	74	283
임대보증금의증가As filed	16	140	—	—	—	—	—	—	4	15	22
무형자산손상차손As filed	9	37	81	70	30	82	27	13	15	2	3
무형자산처분손실As filed	0	2	4	7	4	9	32	10	8	4	3
신종자본증권이익분배금As filed	—	—	—	—	—	—	—	—	38	194	321
외화환산손실As filed	198	138	186	275	137	301	130	458	137	296	147
비지배주주에 대한 합병교부금 지급As filed	—	—	—	—	—	—	—	—	—	—	1
신주발행비As filed	—	—	—	—	—	—	—	—	0	2	0
유형자산처분손실As filed	35	107	115	74	47	107	35	82	53	44	52
기타수익비용As filed	34	56	—	—	—	—	—	—	—	—	—
장기차입금및사채의차입As filed	—	—	5,474	4,535	3,848	1,737	4,216	3,050	5,109	9,174	5,540
투자부동산처분손실As filed	—	14	0	—	—	—	0	—	0	0	0
관계기업및공동지배기업 처분손실(이익)As filed	-0	—	—	—	—	—	—	—	—	—	—
관계기업및공동지배기업 처분이익As filed	—	-0	—	—	—	—	—	—	—	—	—
관계기업및공동지배기업투자손익As filed	-288	—	—	—	—	—	—	—	—	—	—
장기차입금및사채의상환As filed	—	—	-4,848	-4,379	-4,830	-4,893	-2,875	-4,118	3,801	5,097	5,014
관계기업및공동지배기업투자손상차손As filed	—	-400	—	—	—	—	—	—	—	—	—
종속기업,관계기업및공동지배기업처분손익As filed	-5	—	—	—	—	—	—	—	—	—	—
금융비용As filed	702	657	630	700	789	579	445	—	—	—	—
단기차입금의순증감As filed	330	-712	—	—	1,522	-1,524	-202	4,012	-2,706	-701	571
파생상품평가손실As filed	3	31	—	—	—	—	—	—	16	39	46
재고자산평가손실환입As filed	104	16	25	29	88	77	2	47	162	14	46
외화환산이익As filed	49	97	406	190	97	299	98	326	96	335	177
유형자산처분이익As filed	17	34	57	46	21	70	30	18	8	10	24
투자부동산손상차손As filed	—	—	—	—	—	27	1	—	—	—	—
투자자산처분손실As filed	—	—	—	0	—	—	—	—	—	—	—
금융수익As filed	-69	-79	-83	-145	-220	-256	—	—	—	—	—
기타 현금의 유출 없는 비용등As filed	—	—	-26	-130	120	1	8	—	—	—	—
이자의지급As filed	681	534	—	—	—	—	—	—	1,119	1,050	1,147
투자자산처분이익As filed	—	24	—	—	—	—	—	—	—	—	—
매도가능금융자산처분이익As filed	-28	-187	-2	—	—	—	—	—	—	—	—
무형자산처분이익As filed	—	1	—	0	2	0	8	4	1	43	8
종속기업투자의증가As filed	—	—	—	—	—	—	—	—	—	68	0
매도가능금융자산처분손실As filed	0	0	8	—	—	—	—	—	—	—	—
유형자산손상차손(환입)As filed	—	-12	—	—	—	—	—	—	—	—	—
지급수수료As filed	—	—	—	—	—	—	—	5	4	0	0
리스조정손실As filed	—	—	—	—	0	0	0	0	0	0	0
매각예정비유동자산처분손실As filed	—	—	28	—	—	—	—	41	—	0	0
매도가능금융자산손상차손As filed	5	4	14	—	—	—	—	—	—	—	—
무형자산손상차손환입As filed	—	-3	—	0	—	—	—	—	—	—	—
리스부채의상환As filed	—	—	—	—	-269	-276	-278	-311	435	479	495
종속기업/관계기업/공동기업투자처분손실As filed	—	—	0	0	1	0	—	2	—	—	—
파생상품평가이익As filed	-96	-94	—	—	—	—	—	—	24	127	131
잡손실As filed	—	—	—	—	—	—	—	1	0	0	—
판매보증충당부채(환입)As filed	-4	-9	—	—	—	—	—	—	—	—	—
관계기업/공동기업투자손익As filed	—	—	-507	-35	-44	-203	-529	83	—	—	—
법인세비용As filed	75	629	565	473	241	1,073	532	-169	—	—	—
보증금의감소As filed	—	—	—	—	—	—	—	—	16	40	114
종속기업/관계기업/공동기업투자처분이익As filed	—	—	11	193	—	—	4	1	—	—	—
리스채권의감소As filed	—	—	—	—	—	—	—	—	9	—	8
보증금의 증가As filed	—	—	—	—	—	—	—	—	65	16	—
종속기업투자처분손실As filed	—	—	—	—	116	—	—	—	—	94	0
당기손익-공정가치측정금융자산의감소As filed	—	—	—	107	271	178	72	56	220	362	547
리스채권의 감소As filed	—	—	—	—	—	—	—	—	—	8	—
매출채권처분손실As filed	—	—	—	—	—	—	2	14	18	17	14
이자비용As filed	—	—	—	—	—	—	—	701	1,084	1,081	1,170
임차보증금의증가As filed	—	—	—	—	—	—	—	—	—	—	209
파생금융자산평가손실As filed	—	—	183	2	15	22	6	11	—	—	—
기타포괄손익-공정가치측정금융자산의감소As filed	—	—	—	21	288	—	—	0	0	0	—
관계기업및공동기업투자의감소As filed	—	—	—	—	—	—	—	—	128	118	136
장기대여금의감소As filed	2	4	3	1	28	6	3	4	4	4	4
당기손익-공정가치측정금융자산처분손실As filed	—	—	—	5	3	5	0	0	0	0	7
단기금융자산의감소As filed	1,655	970	—	—	—	—	—	—	536	1,286	4,241
장기금융자산의감소As filed	0	73	—	—	—	—	—	—	0	0	—
당기손익인식금융자산평가손실As filed	—	—	—	33	66	291	2	23	—	—	—
단기대여금의감소As filed	22	31	140	30	14	22	126	55	32	25	129
당기손익인식금융자산평가이익As filed	—	—	—	56	6	5	20	15	—	—	—
당기손익-공정가치측정금융자산처분이익As filed	—	—	—	—	-1	—	—	-2	5	22	29
당기손익-공정가치측정금융자산의증가As filed	—	—	—	-143	-104	-64	-152	-310	539	413	826
매각예정비유동자산의처분As filed	—	—	—	—	—	—	—	—	0	0	—
유형자산손상차손환입As filed	—	—	4	0	—	—	—	—	—	—	—
투자부동산처분이익As filed	—	—	10	—	—	111	25	—	—	—	—
기타포괄손익-공정가치측정금융자산의증가As filed	—	—	—	-2,017	-71	-22	-17	-13	9	27	0
장기대여금의증가As filed	23	13	-20	-20	-40	-44	-4	-71	28	126	14
단기금융자산의증가As filed	-2,151	-443	—	—	—	—	—	—	575	1,549	4,655
단기대여금및수취채권의 취득As filed	—	—	—	—	—	—	—	—	—	—	228
영업자산부채의변동As filed	2,291	-731	—	—	—	—	—	—	484	-1,262	-270
매출채권의감소(증가)As filed	738	-154	—	—	—	—	—	—	202	-321	43
기타채권의감소(증가)As filed	-13	-349	—	—	—	—	—	—	-14	74	91
사업양도로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	686	0
종속기업의취득As filed	—	—	—	—	—	—	—	—	—	0	—
장기금융자산의증가As filed	-5	-29	—	—	—	—	—	—	0	0	—
재고자산의감소(증가)As filed	21	506	—	—	—	—	—	—	1,017	-228	340
종속기업의 취득As filed	251	—	—	—	—	—	—	-65	0	—	—
지배력상실에따른순증감As filed	—	—	—	—	—	—	—	—	-1	335	9
기타자산의감소(증가)As filed	142	-89	-204	170	-5	-145	184	-173	—	-156	-139
매입채무의증가(감소)As filed	-166	29	—	—	—	—	—	—	—	-103	-479
종속기업 합병으로 인한 현금 유입As filed	—	—	—	—	—	—	—	—	—	—	0
관계기업및공동기업투자의증가As filed	—	—	—	—	—	—	—	—	66	135	137
기타채무의증가(감소)As filed	1,639	-387	-257	-1,210	-547	—	—	—	—	-347	119
매각예정비유동자산처분이익As filed	—	—	—	—	—	2,275	—	293	0	428	0
배당금의수취As filed	—	—	—	—	—	—	—	—	537	488	529
기타부채의증가(감소)As filed	186	95	-38	-113	-47	137	-150	77	—	194	123
단기대여금의증가As filed	-15	-8	-124	-42	-16	-6	-399	-16	14	25	—
이자의수취As filed	—	—	—	—	—	—	—	—	97	140	139
이자수익As filed	—	—	—	—	—	—	53	73	107	126	135
퇴직금의지급As filed	-191	-204	-191	-321	-533	-637	-280	-316	413	591	675
파생금융자산평가이익As filed	—	—	48	42	2	3	42	44	—	—	—
기타장기종업원급여의지급As filed	-3	-5	-5	-5	—	-5	-8	-6	-6	7	-14
기타투자자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	0
관계사로부터의퇴직금전입As filed	30	7	16	37	40	68	29	27	57	—	—
기타충당부채의 환입As filed	—	—	1	2	7	5	—	—	—	—	—
기타 투자활동으로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	—	10
배당금수익As filed	—	—	—	—	—	—	-138	-221	334	341	407
퇴직연금운용자산의감소(증가)As filed	-92	-179	-445	-238	-196	—	—	—	—	—	—
국민연금전환금의감소(증가)As filed	0	0	0	0	0	1	0	0	0	0	0
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-1,445	-1,588	-2,101	997	-1,585	-4,302	—	—	—
정부보조금의수령As filed	—	—	—	—	—	—	—	—	—	1	1
종속기업으로부터의사업양수As filed	—	—	—	—	—	—	—	—	—	0	—
매출채권 및 기타채권의 감소(증가)As filed	—	—	-336	349	98	104	-34	-109	—	—	—
무형자산의처분As filed	0	10	—	—	—	—	—	—	—	19	21
이자수취As filed	35	25	43	37	36	50	37	67	—	—	—
미지급비용의감소As filed	—	—	—	—	—	—	-31	—	0	—	—
배당금수취As filed	16	53	108	126	223	192	187	341	—	—	—
재고자산의 감소(증가)As filed	—	—	-324	-727	-46	967	-2,255	-2,650	—	—	—
리스조정이익As filed	—	—	—	—	-1	-0	-1	-32	1	6	1
잡이익As filed	—	—	—	—	—	—	0	0	0	0	0
매입채무의 증가(감소)As filed	—	—	339	206	-774	-4	990	-385	-262	—	—
매출채권의 감소(증가)As filed	—	—	—	264	-89	529	-549	-244	—	—	—
사업양수As filed	—	—	—	—	—	—	—	—	15	—	—
기타투자자산의취득As filed	—	—	—	—	—	—	—	—	0	6	—
매도가능금융자산의감소As filed	181	638	—	—	—	—	—	—	—	—	—
투자부동산의취득As filed	—	—	—	—	—	—	—	—	—	4,508	63
관계기업및공동지배기업투자자산의감소As filed	28	—	—	—	—	—	—	—	—	—	—
기타금융자산의감소As filed	21	10	—	—	—	—	—	—	—	—	—
사외적립자산의감소(증가)As filed	—	—	—	—	—	—	—	—	119	252	253
정부보조금의 수령As filed	—	—	—	—	—	—	—	—	2	—	—
종속기업, 조인트벤처와 관계기업에 대한 투자자산의 처분As filed	—	96	142	2,927	68	123	62	112	—	—	—
무형자산의 처분As filed	—	—	11	9	9	5	38	23	5	—	—
I. 영업활동으로인한현금흐름As filed	—	—	—	—	—	—	—	—	4,015	2,906	—
투자자산의처분As filed	—	168	—	—	—	—	—	—	—	—	—
매도가능금융자산의증가As filed	567	1,005	—	—	—	—	—	—	—	—	—
관계기업및공동지배기업투자자산의증가As filed	243	772	—	—	—	—	—	—	—	—	—
단기금융상품의 처분As filed	—	—	453	735	—	—	—	—	—	—	—
관계사로부터의퇴직금전출입As filed	—	—	—	—	—	—	—	—	—	-27	76
매입채무 및 기타채무의 증가(감소)As filed	—	—	—	—	—	104	777	-197	—	—	—
장기금융상품의 처분As filed	—	—	66	61	81	20	—	10	—	—	—
투자부동산의 취득As filed	31	0	—	—	—	—	—	—	—	—	—
매도가능금융자산의 처분As filed	—	—	96	—	—	—	—	—	—	—	—
장기종업원급여의지급As filed	—	—	—	—	-5	—	—	—	—	—	—
충당부채의증가(감소)As filed	—	—	—	—	—	—	—	—	—	-1	-9
기타금융자산의증가As filed	326	57	—	—	—	—	—	—	—	—	—
비유동충당부채의 증가(감소)As filed	—	—	—	—	—	—	36	—	—	—	—
충당부채의 증가(감소)As filed	—	—	—	—	—	—	—	-31	8	—	—
기타투자활동으로인한현금유출As filed	-1	-8	—	—	—	—	—	11	—	—	—
투자부동산의 처분As filed	—	—	51	—	—	188	55	—	—	—	—
기타금융자산의 처분As filed	—	—	23	101	17	24	653	14	—	—	—
단기금융상품의 취득As filed	—	—	781	604	—	—	—	—	—	—	—
사외적립자산의공정가치의 감소(증가)As filed	—	—	—	—	—	-123	-326	-294	—	—	—
장기금융상품의 취득As filed	—	—	99	156	—	29	12	1	—	—	—
단기금융자산의순증감As filed	—	—	—	—	152	-192	526	-28	—	—	—
기타자산의 감소(증가)As filed	—	—	—	—	—	—	—	—	8	—	—
매도가능금융자산의 취득As filed	—	—	120	—	—	—	—	—	—	—	—
신주인수권의행사As filed	6	15	—	—	—	—	—	—	—	—	—
종속기업, 조인트벤처와 관계기업에 대한 투자자산의 취득As filed	—	—	235	59	163	179	1,242	149	—	—	—
기타금융자산의 취득As filed	—	—	154	80	5	25	11	18	—	—	—
기타부채의 증가(감소)As filed	—	—	—	—	—	—	—	—	-34	—	—
현금의기타유입(유출)As filed	—	—	-48	-0	—	—	—	—	—	—	—
이자지급As filed	—	—	627	686	765	574	437	672	—	—	—
차입금및사채의차입As filed	4,323	4,991	—	—	—	—	—	—	—	—	—
기타채무의 증가(감소)As filed	—	—	—	—	—	—	—	—	-196	—	—
전환권/신주인수권 행사로 인한 현금유입As filed	—	—	255	675	—	—	—	—	—	—	—
관계기업및공동기업투자처분이익As filed	—	—	—	—	—	—	—	—	25	0	1
단기차입금의 증가As filed	—	—	1,752	1,218	—	—	—	—	—	—	—
차입금및사채의상환As filed	4,538	3,975	—	—	—	—	—	—	—	—	—
주식발행비용As filed	-0	-6	—	—	—	—	—	—	—	—	—
기타재무활동으로인한현금유출As filed	-15	—	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산평가이익As filed	—	—	—	—	—	—	—	—	72	7	91
신종자본증권이자지급As filed	—	—	-54	-54	—	—	—	—	—	—	—
매각예정 또는 소유주에 대한 분배예정으로 분류된 비유동자산이나 처분자산집단의 처분As filed	—	—	—	—	—	2,990	—	707	—	—	—
신종자본증권이자As filed	—	-54	—	—	—	—	—	—	—	—	—
외화표시 현금및현금성자산의 환율변동효과As filed	12	-57	—	—	—	—	—	—	—	—	—
임대보증금의 증가As filed	—	—	79	274	39	3	2	—	—	—	—
신주발행비 지급As filed	—	—	0	1	—	—	1	0	—	—	—
임대보증금의 감소As filed	—	—	150	569	49	14	10	—	—	—	—
종속기업과 기타 사업의 지배력 획득에 따른 현금흐름As filed	—	—	—	—	-19	—	—	—	—	—	—
종속기업과 기타 사업의 지배력 상실에 따른 현금흐름As filed	—	—	—	—	411	—	-3	—	—	—	—
종속기업에 대한 소유지분의 변동으로 인한 처분As filed	—	—	18	—	—	—	—	—	—	—	—
신종자본증권의상환As filed	—	—	—	-1,030	—	—	—	—	—	—	—
종속기업투자자산의지분변동에따른현금유출입As filed	—	59	—	—	—	—	—	—	—	—	—
외화표시현금및현금성자산의환율변동효과As filed	—	—	-56	3	12	-34	97	-5	—	—	—
복구충당부채의감소As filed	—	—	—	—	—	-5	—	—	—	—	—
금융리스부채의 지급As filed	—	—	—	26	—	—	—	—	—	—	—
관계기업및공동기업투자처분손실As filed	—	—	—	—	—	—	—	—	0	0	73
당기손익-공정가치측정금융자산평가손실As filed	—	—	—	—	—	—	—	—	39	40	341
매각예정자산처분손실As filed	—	—	—	—	—	—	—	—	1	—	—
정부보조금의 수취As filed	—	—	—	—	—	—	—	2	—	—	—
유형자산재평가손실As filed	—	—	—	—	—	—	—	—	—	56	0
기타장기종업원급여As filed	—	—	—	—	—	—	—	—	20	38	77
임대보증금 및 예수보증금의 증가As filed	—	—	—	—	—	—	—	12	—	—	—
비지배지분의감소As filed	—	—	—	—	—	—	-41	—	—	—	—
임대보증금 및 예수보증금의 감소As filed	—	—	—	—	—	—	—	11	—	—	—
법인세비용(수익)As filed	—	—	—	—	—	—	—	—	388	94	-108
관계기업및공동기업투자이익As filed	—	—	—	—	—	—	—	—	—	—	658
X. 당기순이익As filed	—	—	—	—	—	—	—	—	—	1,106	516
IV.현금및현금성자산의순증가(감소)(I+II+III)As filed	—	—	—	—	—	—	—	—	-315	667	61
관계기업및공동기업투자손익As filed	—	—	—	—	—	—	—	—	-298	326	—
Ⅹ. 당기순이익As filed	—	—	—	—	—	—	—	—	508	—	—

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 2026.03.31.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 16	안진회계법인	2025-12-31
2024	적정의견Term 15	안진회계법인	2025-12-31
2023	적정의견Term 14	삼정회계법인	2025-12-31
2022	- 연결: 적정 - 별도: 적정Term 13	삼정회계법인	2022-12-31
2021	- 연결: 적정 - 별도: 적정Term 12	삼정회계법인	2022-12-31
2020	- 연결: 적정 - 별도: 적정Term 11	삼정회계법인	2022-12-31
2019	- 연결: 적정 - 별도: 적정Term 10	삼정회계법인	2019-12-31
2018	- 연결: 적정 - 별도: 적정Term 9	삼정회계법인	2019-12-31
2017	- 연결: 적정 - 별도: 적정Term 8	삼정회계법인	2019-12-31
2016	- 연결: 적정 - 별도: 적정Term 7	삼정회계법인	2016-12-31
	- 연결: 적정 - 별도: 적정Term 6	삼정회계법인	2016-12-31
	- 연결: 적정 - 별도: 적정Term 5	삼정회계법인	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 5Y0.64

Equity risk premium%

Terminal growth%

Cost of equity7.58%

Weighted average cost of capital6.28%

Initial growth0.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW55,400

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

Model	Model priceKRW	Versus current price
Gordon growth model	10,958	-80.2%
Dividend discount model DDM	10,457	-81.1%
Discounted cash flow FCFF	131,890	+138.1%
Discounted cash flow FCFE	228,094	+311.7%
Residual income model RIM	-14,906	-126.9%

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% + 0.64 × 5.00% = 7.58%

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(0.97% × (1 − 100.00%), 0) = 0.00%

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 = 600 × (1 + 2.00%) / (7.58% − 2.00%) = 612 / 0.0558 = 10,958 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 = 600, g_1 = 0.00%, g_T = 2.00%, r = 7.58%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	0.00%	600	0.9295	558
2	0.50%	603	0.8640	521
3	1.00%	609	0.8031	489
4	1.50%	618	0.7464	461
5	2.00%	631	0.6938	437
Terminal value	2.00%	11,516	0.6938	7,990
Total				10,457

P_0 = 10,457 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 = 142,722 KRW, ROE = 0.97%, payout ratio = 100.00%, r = 7.58%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	142,722	1,391	10,825	-9,434	0.9295	-8,769
2	142,722	1,391	10,825	-9,434	0.8640	-8,151
3	142,722	1,391	10,825	-9,434	0.8031	-7,576
4	142,722	1,391	10,825	-9,434	0.7464	-7,042
5	142,722	1,391	10,825	-9,434	0.6938	-6,545
Terminal value				-172,300	0.6938	-119,545

P_0 = 142,722 + -38,083 + -119,545 = -14,906 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 = 3,550.4 − 1,604.7 + 0.0 × (1 − 0.00%) = 1,945.7 KRW hundred million

Weighted average cost of capital

E = 15,245.6, D = 10,602.0 KRW hundred million; equity weight = 58.98%, debt weight = 41.02%; cost of debt k_d = 4.40%

WACC = 58.98% × 7.58% + 41.02% × 4.40% × (1 − 0.00%) = 6.28%

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	0.00%	1,945.7	0.9409	1,830.8
2	0.50%	1,955.4	0.8854	1,731.3
3	1.00%	1,975.0	0.8331	1,645.3
4	1.50%	2,004.6	0.7839	1,571.4
5	2.00%	2,044.7	0.7376	1,508.1
Terminal value	2.00%	48,769.1	0.7376	35,971.6
Total				44,258.5

Firm value = 44,258.5; less borrowings 10,602.0; plus cash 2,638.4 → 36,294.9 KRW hundred million

P_0 = 36,294.9 KRW hundred million ÷ 27,519,091 (shares) = 131,890 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 = 3,550.4 − 1,604.7 + 1,656.0 (net borrowing) = 3,601.7 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	0.00%	3,601.7	0.9295	3,347.8
2	0.50%	3,619.7	0.8640	3,127.3
3	1.00%	3,655.9	0.8031	2,935.9
4	1.50%	3,710.7	0.7464	2,769.9
5	2.00%	3,785.0	0.6938	2,626.1
Terminal value	2.00%	69,128.1	0.6938	47,962.4
Total				62,769.3

P_0 = 62,769.3 KRW hundred million ÷ 27,519,091 (shares) = 228,094 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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