161890KOSPI

Kolmar Korea

137,100

-8,500 (-5.84%)

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

Kolmar Korea was established in 2012 through a corporate split from the former Kolmar Korea Co., Ltd. The company is listed on the KOSPI market and is headquartered in Sejong Special Self-Governing City.

The company operates in cosmetics ODM, professional pharmaceuticals, H&B, and cosmetics packaging. It supplies cosmetics via ODM, while subsidiaries HK inno.N provides pharmaceuticals and H&B products, and YONWOO manufactures cosmetic containers for domestic and global customers.

Business overview as filed

당사는 2012년 10월 2일에 舊 한국콜마㈜로부터 분할되어 설립되었으며 화장품 ODM, 전문의약품 및 H&B, 화장품 용기제조(패키징) 사업을 영위하고 있습니다.

[부문별 사업현황]

1) 화장품 사업부문당사는 화장품 업계 최초로 국내에 ODM 방식을 정착시키고 시장을 선도하는 기업으로서 과감하고 지속적인 투자와 기술개발로 업계 선두 지위를 유지하고 있습니다.ODM 방식은 Original Development & Design Manufacturing 의 약자로 당사에서 직접 처방을 연구 개발하여 해당 기술을 소유한 상태에서 거래처의 주문에 의해 납품되는 방식으로 당사 화장품 부문 매출의 95% 이상이 이에 해당됩니다.해당 사업부문은 R&D 및 품질관리(Quality Control) 능력과 생산대응능력 등을 통해 안정적인 사업 경쟁력을 유지하고 있습니다.

2) 패키징 사업부문당사의 종속회사인 ㈜연우의 사업부문㈜연우는 화장품 용기를 제조, 공급하는 사업을 영위하고 있습니다. 주요 제품은 펌프형 용기, 튜브형 용기, 견본용 용기로 구분됩니다. 국내 최초로 화장품용 디스펜스 펌프 개발 및 상용화에 성공한 이후, 펌프형 용기는 ㈜연우의 핵심 제품으로 자리매김하고 있습니다. ㈜연우가 경쟁우위에 있는 용기제조 기술은 제품의 특성에 따라 의약품, 생활용품 등에도 응용하여 적용할 수 있습니다.

㈜연우는 내수와 수출이 각각 약 50% 내외의 매출 비중을 가지고 있습니다. 국내 고객사는 아모레퍼시픽과 LG생활건강 및 급성장하는 인디브랜드로 구성되어 있습니다. 해외 주요 고객사는 북미 소재의 Sales Partner 및 글로벌 화장품 브랜드이며, 주요 수출 지역은 미국, 유럽, 일본, 아시아 기타 순입니다. 해외 수출의 경우, 지역에 따라 Sales Partner를 통한 영업과 직접영업을 병행하여 영업의 효율성을 높이고 있습니다.

3) 전문의약품 사업부문

당사의 종속회사인 에이치케이이노엔㈜의 사업부문에이치케이이노엔㈜은 1984년 제약 사업을 시작하였으며, 2006년 한일약품을 인수하여 전문의약품 포트폴리오를 강화하였습니다. 2014년 4월, 급변하는 제약산업 환경에 빠르게 대응하고 R&D 역량을 강화하기 위해 씨제이제일제당㈜에서 물적분할되어 법인이 설립되었으며 순환, 당뇨, 항암, 신장질환 치료제 등의 전문의약품(ETC)과 원료의약품(API) 분야에서 국내 대표 제약사로 확고히 입지를 굳혀왔습니다. 에이치케이이노엔㈜은 2018년 4월 한국콜마(주)에 인수되었으며, 인수 이후 의약품 및 다방면의 사업에서 시너지를 내고 있습니다.연구개발 분야에서는 암, 소화, 당뇨/비만, 자가면역질환 분야의 혁신적인 의약품 파이프라인을 지속 확보하며 '포스트 케이캡' 발굴에 집중하고 있습니다. 만성변비치료제 신약(IN-114199)은 국내 임상 1상을, 자가면역질환(IN-115314) 신약은 인체용 국내 임상 2상과 동물용 국내 임상 3상 시험을 진행하고 있으며, GLP-1 비만치료제 신약(IN-B00009)은 국내 임상 3상 시험을 진행하는 등 다양한 분야의 신약연구에 매진하고 있습니다.

4) H&B 사업부문당사의 종속회사인 에이치케이이노엔㈜의 사업부문H&B 사업부는 1988년 홍삼원 판매로 음료 사업을 시작하여 에이치케이이노엔㈜ 대표 품목인 컨디션, 헛개수, 티로그 등을 출시하면서 성장을 지속하고 있습니다. 이와 더불어 2020년 상반기부터 H&B 사업 영역을 확대하기 위해 코스메틱 시장과 탈모ㆍ두피케어 시장에도 진출했습니다. 2020년 하반기에는 자사 온라인 쇼핑몰 '뉴틴몰' 오픈을 통해 제품 판로를 확대했으며, 2022년부터 '컨디션스틱', '비원츠 브랜드(아이세럼스틱, 리프팅크림, 선크림 등)'를 포함해 지속적으로 신제품을 출시하여 사업을 확장해 왔습니다.

Company overview

가.연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용 주1) 당기중 콜마홀딩스㈜로부터 콜마유엑스㈜의 주식 60,000주(100%)를 7,267백만원에 취득하여, 연결대상 종속기업으로 편입되었습니다.주2) ㈜연우의 종속기업으로 당기 중 신규 설립하였습니다.

나. 회사의 법적, 상업적 명칭

당사의 명칭은 '한국콜마 주식회사'이고 영문명은 'KOLMAR KOREA CO.,LTD.'입니다.

다. 설립일자

당사는 2012년 10월 2일에 舊 한국콜마㈜로부터 분할되어 설립되었으며, 2012년 10월 19일에 유가증권시장에 상장되었습니다.

라. 본점의 주소, 전화번호 및 홈페이지

1) 주소 : 세종특별자치시 전의면 덕고개길 12-112) 전화번호 : 02-3459-54543) 홈페이지 : http://www.kolmar.co.kr

마. 중소기업 등 해당 여부

바. 주요사업의 내용

당사는 2012년 10월 2일에 舊 한국콜마㈜로부터 분할 및 설립되었으며 화장품 ODM사업을 영위하고 있습니다. 또한 자회사 에이치케이이노엔㈜을 통해 전문의약품 및 H&B 사업과 자회사 ㈜연우를 통해 화장품용기제조업을 영위하고 있습니다. ODM 방식은 Original Development & Design Manufacturing 의 약자로 당사에서 직접 처방을 연구 개발하여 해당 기술을 소유한 상태에서 거래처의 주문에 의해 납품되는 방식으로 당사 화장품 부문 매출의 95%이상이 이에 해당됩니다.

당사와 그 종속기업이 영위하는 주요 사업부문은 아래와 같습니다.[부문별 주요제품]

공시서류 작성기준일 현재 연결대상 종속기업 기준입니다.

◆ 에이치케이이노엔㈜ 에이치케이이노엔㈜의 주요 사업은 의약품의 제조판매업, 도매업, 수출입업을 영위하는 전문의약품(ETC)사업부문과 음료수 및 다류 제조, 가공, 소분, 판매업 등을 영위하는 H&B사업부문으로 구성됩니다. 오송공장을 비롯한 전국 3개 공장에서 생산된 전문의약품과 원료의약품을 국내외 시장에 판매하고 있으며, H&B 제품인 숙취해소제, 음료 등을 유통, 판매, 수출하고 있습니다. 주요 ETC 제품으로는 케이캡, 수액, 에포카인, 로바젯 등이 있으며, H&B 제품은 컨디션, 헛개수 등이 있습니다.

◆ ㈜연우 ㈜연우 및 종속회사는 화장품 용기 및 디스펜스 제조와 판매 사업을 주 목적사업으로 영위하고 있습니다.

사. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

아. 신용평가에 관한 사항

◆ 한국기업평가 등급 기준- 회사채

- 기업어음

◆ NICE 신용평가 등급 기준- 회사채

- 기업어음

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

4.72%

[2.80%, 8.69%] · 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 24.3% (2025-12-26). 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

0.22

Beta [0.04, 0.40] · KOSPI200 · As of 2026-10-08

Intercept: +0.174%[-0.243%, +0.591%]
R squared: 0.06
Observations: 252
Trading-time corrected beta: 0.09[-0.20, 0.39]

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	5,358	6,675	8,216	13,579	15,407	13,221	15,863	18,657	21,557	24,521	27,224	29,278
Revenue growth%	—	24.56	23.09	65.27	13.47	-14.19	19.99	17.61	15.54	13.75	11.03	—
Operating incomeKRW 100M	607	734	670	900	1,178	1,217	843	733	1,361	1,939	2,396	2,954
Operating income growth%	—	20.93	-8.79	34.33	30.95	3.28	-30.75	-13.04	85.78	42.39	23.60	—
Net incomeKRW 100M	455	—	486	368	336	1,606	435	-41	251	1,253	1,682	2,338
Net income growth%	—	—	—	-24.27	-8.61	377.34	-72.89	-109.42	—	398.53	34.23	—
Attributable to ownersKRW 100M	455	—	473	423	291	1,603	358	-220	52	901	1,251	1,849
Attributable to minoritiesKRW 100M	—	—	13	-55	46	3	77	179	199	353	431	489
Operating margin%	11.33	11.00	8.15	6.63	7.65	9.20	5.31	3.93	6.32	7.91	8.80	10.09
Net margin%	8.49	—	5.92	2.71	2.18	12.14	2.74	-0.22	1.17	5.11	6.18	7.99
ROE%	20.61	—	15.49	9.65	6.16	25.70	5.24	-3.31	0.80	11.36	13.74	18.46
ROA%	13.21	—	7.27	1.68	1.40	6.45	1.67	-0.14	0.84	4.01	4.87	6.44
Debt ratio%	56.01	71.34	100.98	169.99	183.10	149.15	91.68	99.62	112.14	107.65	107.38	104.86
Current ratio%	161.88	134.61	172.64	107.32	91.32	112.87	99.36	94.03	69.98	70.67	74.23	80.78
Quick ratio%	121.92	90.73	122.76	73.14	68.61	91.24	75.71	66.45	48.10	43.71	50.35	52.01
Reserve ratio%	1,989.92	2,440.40	2,814.70	3,839.31	4,022.61	5,337.63	5,851.94	5,665.43	5,506.06	6,630.83	7,571.95	8,374.65
Free cash flowKRW 100M	—	—	-633	-164	912	23	-432	530	54	-318	1,275	—
FCF margin%	—	—	-7.70	-1.21	5.92	0.17	-2.73	2.84	0.25	-1.30	4.68	—
OCF conversion%	108.67	—	11.08	170.52	490.05	75.65	-7.17	—	446.49	171.86	173.24	—
Capex to revenue%	—	—	8.35	5.83	4.78	9.01	2.53	2.03	4.96	10.08	6.02	—
Receivable daysdays	—	59.9	64.2	48.7	50.6	61.3	51.4	48.3	49.8	—	—	—
Inventory daysdays	—	46.8	54.4	51.5	55.6	63.0	56.5	58.7	60.2	63.4	61.7	—
Payable daysdays	—	66.9	64.1	49.3	55.8	68.7	56.1	53.6	58.5	—	—	—
Cash conversion cycledays	—	39.9	54.4	50.9	50.4	55.6	51.8	53.4	51.5	—	—	—
EPSKRW	2,155	2,516	2,240	1,954	1,284	7,005	1,565	-961	227	3,830	5,299	7,832
PERx	—	26.15	36.61	36.08	36.80	7.27	25.72	—	236.12	14.39	11.72	12.70
BPSKRW	—	12,790	14,458	19,616	20,601	27,257	29,876	29,024	28,347	33,579	38,566	42,430
PBRx	—	5.14	5.67	3.59	2.29	1.87	1.35	1.47	1.89	1.64	1.61	2.35
Dividend per shareKRW	200	250	300	330	330	345	415	500	600	—	720	—
Payout ratio%	9.28	9.94	13.39	16.89	25.70	4.93	26.52	—	264.32	—	13.59	—

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
	3,443	4,929	6,685	21,864	24,003	24,896	26,060	29,333	30,094	31,267	34,578
	1,856	2,641	3,659	5,552	6,460	7,752	8,829	8,163	8,984	8,587	10,096
Cash and cash equivalentsKRW 100M	162	269	143	765	1,186	3,772	1,912	2,201	1,708	1,419	2,253
Short-term financial instrumentsKRW 100M	32	40	684	813	180	68	1,418	706	956	—	—
InventoriesKRW 100M	458	861	1,057	1,768	1,607	1,486	2,102	2,394	2,809	3,277	3,248
Trade and other receivablesKRW 100M	908	1,284	1,605	2,020	2,255	2,188	2,277	2,657*	3,226	Not applicable	Not applicable
	1,587	2,289	3,026	16,312	17,543	17,144	17,232	21,170	21,111	22,680	24,481
Property, plant and equipmentKRW 100M	1,458	1,849	2,362	4,213	4,669	4,727	4,455	6,088	6,604	8,111	9,018
Intangible assetsKRW 100M	96	405	580	11,507	11,384	10,944	11,269	13,018	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	—	—	—	—	34	54	141	150	156	96	116
	1,236	2,052	3,359	13,766	15,524	14,904	12,465	14,638	15,908	16,210	17,904
	1,146	1,962	2,120	5,173	7,074	6,868	8,886	8,681	12,837	12,150	13,601
Trade and other payablesKRW 100M	739	1,145	1,118	1,586*	1,802	1,572	1,988	2,118	2,943	Not applicable	Not applicable
Short-term borrowingsKRW 100M	248	583	—	2,883	4,095	3,510	5,785*	4,193	5,985	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	135	124	131	128	156	122	129
	90	91	1,240	8,593	8,450	8,035	3,579	5,957	3,071	4,059	4,303
Bonds issuedKRW 100M	—	—	—	—	—	—	—	2,995	—	2,494	2,446
Long-term borrowingsKRW 100M	41	48	—	8,186	7,390	7,176	2,746*	1,936	1,385	595	858
Non-current lease liabilitiesKRW 100M	—	—	—	—	674	497	429	416	504	423	392
	2,207	2,877	3,326	8,098	8,479	9,992	13,596	14,695	14,186	15,057	16,673
	2,207	2,699	3,051	4,384	4,714	6,237	6,836	6,641	6,486	7,926	9,104
Issued capitalKRW 100M	106	106	106	112	114	114	114	114	114	118	118
Capital surplusKRW 100M	1,163	1,163	1,164	2,157	2,279	2,283	2,667	2,645	2,623	2,947	3,010
Retained earningsKRW 100M	937	1,412	1,807	2,132	2,323	3,824	4,028	3,837	3,676	4,879	5,927
Accumulated other comprehensive incomeKRW 100M	2	19	-24	-18	-3	16	27	41	68	-22	45
Other equityKRW 100M	—	—	—	—	—	—	—	—	—	4	4
Non-controlling interestsKRW 100M	Not applicable	178	275	3,715	3,765	3,756	6,760	8,054	7,700	7,131	7,570

반품권자산As filed	—	—	—	—	49	37	33	3	3	—	—
당기법인세자산As filed	—	—	3	0	4	7	6	9	7	8	8
유동파생상품자산As filed	—	—	—	—	—	—	—	—	—	0	0
기타유동금융자산As filed	—	—	0	0	991	—	913	67	—	685	1,163
당기손익-공정가치측정금융자산(유동)As filed	—	—	—	—	—	—	—	—	—	90	3
파생금융자산As filed	—	—	—	—	—	—	—	8	5	—	—
기타유동자산As filed	45	177	167	186	188	194	169	117	102	115	89
매출채권As filed	—	—	—	—	—	—	—	—	—	2,842	3,332
장기매출채권 및 기타비유동채권As filed	—	—	30	95	109	94	95	65	0	—	—
금융자산As filed	—	—	—	—	—	—	—	—	168	—	—
매각예정자산As filed	—	—	—	—	—	—	—	—	—	150	0
기타비유동금융자산As filed	—	—	43	170	135	—	—	—	—	68	85
기타비유동자산As filed	1	1	1	243	284	289	13	23	18	35	24
투자부동산As filed	—	—	—	—	5	37	343	582	286	386	465
이연법인세자산As filed	4	5	11	62	56	99	20	24	44	295	360
기타금융자산As filed	250	10	—	—	—	—	—	—	—	—	—
사용권자산As filed	—	—	—	—	840	734	671	633	689	601	576
순확정급여자산As filed	—	—	—	22	26	—	56	398	223	213	258
무형자산As filed	—	—	—	—	—	—	—	—	12,710	12,493	12,435
장기기타금융자산As filed	1	1	—	—	—	163	167	188	379	—	—
차입금As filed	—	—	787	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산(비유동)As filed	—	—	—	—	—	—	—	—	—	314	858
기타포괄손익-공정가치 측정 비유동금융자산As filed	—	—	—	—	—	—	—	—	—	67	286
당기법인세부채As filed	83	95	62	136	229	854	168	174	128	300	314
기타유동부채As filed	76	139	152	568	747	750	753	1,010	1,181	1,377	1,687
비유동매출채권As filed	—	—	—	—	—	—	—	—	—	0	0
장기매출채권및기타채권As filed	27	28	—	—	—	—	—	—	—	—	—
순확정급여부채As filed	—	—	43	23	63	77	20	5	7	0	9
장기매입채무 및 기타비유동채무As filed	—	—	1,193	2	0	—	—	—	—	—	—
파생금융부채As filed	—	—	—	—	—	—	7	11	6	—	—
기타비유동부채As filed	1	2	1	61	47	20	7	—	33	—	—
복구충당부채As filed	—	—	—	6	24	—	—	—	—	—	—
이연법인세부채As filed	—	—	3	314	252	228	338	522	474	397	427
자본조정As filed	—	—	—	—	—	-0	—	4	4	—	—
확정급여부채As filed	48	41	—	—	—	—	—	—	—	—	—
기타자본조정As filed	—	—	—	—	—	—	—	4	4	—	—
환불부채As filed	—	—	—	—	66	59	53	20	20	—	—
기타자본잉여금As filed	10	10	10	10	—	4	388	366	344	—	—
사채As filed	—	—	—	—	—	—	—	999	2,399	—	—
주식발행초과금As filed	1,152	1,152	1,154	2,147	2,279	2,279	2,279	2,279	2,279	—	—
보통주자본금As filed	106	106	106	112	114	114	114	114	114	—	—
지분법자본변동As filed	—	—	—	—	—	—	0	0	0	—	—
해외사업장환산외환차이As filed	2	19	—	-27	-3	-2	9	39	51	—	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	9	0	18	18	2	17	—	—
금융부채As filed	—	—	—	—	—	—	—	0	18	—	—
자본과부채총계As filed	3,443	4,929	6,685	21,864	24,003	24,896	26,060	29,333	—	31,267	34,578
매도가능금융자산평가이익As filed	0	0	0	—	—	—	—	—	—	—	—
유동파생상품부채As filed	—	—	—	—	—	—	—	—	—	0	18
해외사업환산손익As filed	—	—	-24	—	—	—	—	—	—	—	—
유동사채As filed	—	—	—	—	—	—	—	—	—	600	1,049
법정적립금As filed	7	12	17	23	31	88	96	139	156	—	—
임의적립금As filed	74	74	74	74	74	74	74	79	79	—	—
단기차입금As filed	—	—	—	—	—	—	—	—	—	—	7,441
미처분이익잉여금(미처리결손금)As filed	—	—	1,715	2,035	2,219	3,662	3,858	3,619	3,442	—	—
유동차입금As filed	—	—	—	—	—	—	—	—	—	7,268	—
충당부채As filed	—	—	—	—	—	23	24	10	—	—	—
유동충당부채As filed	—	—	—	—	—	—	—	—	8	7	8
계약부채As filed	—	—	—	—	—	—	—	18	—	—	—
부채와자본총계As filed	—	—	—	—	—	—	—	—	30,094	—	—
기타유동금융부채As filed	—	—	—	—	—	—	—	—	—	601	647
매입채무As filed	—	—	—	—	—	—	—	—	—	1,875	2,308
이익잉여금As filed	855	1,326	—	—	—	—	—	—	—	—	—
비유동파생상품부채As filed	—	—	—	—	—	—	—	—	—	7	0
비유동매입채무As filed	—	—	—	—	—	—	—	—	—	0	0
비유동충당부채As filed	—	—	—	—	—	—	—	29	32	37	32
장기매입채무및기타부채As filed	—	—	—	—	—	—	—	34	—	—	—
기타비유동금융부채As filed	—	—	—	—	—	—	—	—	—	17	20
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	—	88	118
자기주식As filed	—	—	—	—	—	-0	—	—	—	—	—
장기매입채무 및 기타부채As filed	—	—	—	—	—	—	—	—	2	—	—
현금흐름위험회피손익As filed	—	—	—	—	—	—	—	0	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	5,358	6,675	8,216	13,579	15,407*	13,221	15,863	18,657	21,557	24,521	27,224
Cost of salesKRW 100M	4,096	5,140	6,438	10,009	11,085*	8,958	11,582	13,969	15,775	17,531	19,310
Gross profitKRW 100M	1,263	1,535	1,778	3,570	4,323*	4,263	4,281	4,688	5,781	6,989	7,914
SG&A expensesKRW 100M	656	801	1,108*	2,666	3,136*	3,046	3,425	3,922*	4,420	5,051	5,519
	607	734	670	900	1,178*	1,217	843	733	1,361	1,939	2,396
Finance incomeKRW 100M	29	35	59	114	125*	102	180	352	237	300	277
Finance costsKRW 100M	46	61	95	429	608*	516	339	595	586	540	538
Other incomeKRW 100M	4	16	7	28	42*	1,685	80	88	55	189	105
Other expensesKRW 100M	7	11	20	58	103*	271	89	396	757	612	129
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	—	33	—	—
	588	713	620	554	634*	2,216	665	170	343	1,398	2,117
Income tax expenseKRW 100M	133	181	134	186	298*	769	230	211	92	144	435
Profit from continuing operationsKRW 100M	—	—	—	—	—	1,447	435	-41	—	—	—
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	—	159	—	—	—	—	—
	455	Not applicable	486	368	336	1,606	435	-41	251	1,253	1,682
Attributable to ownersKRW 100M	455	Not applicable	473	423	291	1,603	358	-220	52	901	1,251
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	13	-55	46	3	77	179	199	353	431
Basic earnings per shareKRW	2,155	2,516	2,240	1,954	1,284	7,005	1,565	-961	227	3,830	5,299
Diluted earnings per shareKRW	2,116	2,469	2,201	1,921	1,276	7,005	1,565	-961	227	3,830	5,299
	443	Not applicable	391	335	330	1,610	412	146	144	1,055	1,780
Other comprehensive incomeKRW 100M	-12	18	-95	-33	-6	5	-24	187	-107	-199	97

관계기업과공동기업투자손익As filed	—	—	—	—	—	—	-9	-12	—	122	6
대손상각비As filed	—	—	—	4	8	0	14	33	—	—	—
포괄손익, 비지배지분As filed	—	—	—	—	—	—	—	—	163	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	—	—	-19	—	—
비지배지분에 귀속되는 총포괄손익As filed	—	—	—	—	—	—	—	—	—	305	495
지배기업의 소유주에게 귀속되는 총포괄손익As filed	—	—	—	—	—	—	—	—	—	750	1,284
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	-25	-32	-45	6	-34	159	-119	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	-25	-51	-27	-12	-34	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	-70	-1	39	-1	10	28	11	—	—
계속영업 당기순이익As filed	—	—	—	—	—	1,444	358	-220	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-70	-1	39	-1	10	28	12	—	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	19	-18	18	-0	-28	31	—	—
중단영업 당기순이익As filed	—	—	—	—	—	159	—	—	—	—	—
지배기업의 소유주지분As filed	—	—	-43	—	—	—	—	—	—	—	—
현금흐름위험회피손익(세후기타포괄손익)As filed	—	—	—	—	—	—	—	0	-0	—	—
비지배지분As filed	—	1	-27	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	—	—	—	—	—	—	—	-80	32
지분법자본변동As filed	—	—	—	—	—	—	0	—	0	-0	0
해외사업장환산손익As filed	—	—	—	—	—	—	—	—	—	-80	32
세후기타포괄손익, 현금흐름위험회피As filed	—	—	—	—	—	—	—	—	—	0	0
후속적으로 당기손익으로 재분류되지 않는 포괄손익As filed	-12	-13	—	—	—	—	—	—	—	—	—
연결당기순이익As filed	—	532	—	—	—	—	—	—	—	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	404	379	280	1,595	338	-82	—	—	—
해외사업장환산외환차이As filed	2	31	—	—	—	—	—	—	—	—	—
순확정급여부채 재측정요소As filed	-14	-13	—	—	—	—	—	186	—	—	—
지배기업 소유주지분As filed	—	531	—	—	—	—	—	—	—	—	—
순확정급여부채의 재측정요소As filed	—	—	—	—	—	—	—	—	-150	-87	-47
지배기업소유주지분As filed	443	—	—	—	—	—	—	—	—	—	—
총 포괄손익, 비지배지분As filed	—	—	-13	-43	50	16	73	227	—	—	—
후속적으로 당기손익으로 재분류되는 포괄손익As filed	—	31	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	-118	65
기타포괄손익-공정가치 지분상품 평가손익As filed	—	—	—	—	—	—	—	—	—	-31	112
연결당기총포괄이익As filed	—	550	—	—	—	—	—	—	—	—	—
계속영업기본주당이익(손실)As filed	—	—	—	—	—	0	0	-0	—	—	—
중단영업기본주당이익(손실)As filed	—	—	—	—	—	0	—	—	—	—	—
계속영업희석주당이익(손실)As filed	—	—	—	—	—	0	0	-0	—	—	—
중단영업희석주당이익(손실)As filed	—	—	—	—	—	0	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	455	—	486	368	336	1,606	435	-41	251	1,253	1,682
Total adjustments to operating cash flowcomputed	39	—	-432	260	1,312	-391	-467	949	871	901	1,232
	494	382	54	628	1,648	1,215	-31	908	1,122	2,154	2,914
Interest receivedKRW 100M	11	4	11	26	28	16	32	73	79	70	67
Interest paidKRW 100M	15	9	43	257	457	396	301	321	459	476	436
DepreciationKRW 100M	—	—	160	312	380	354	340	472	561	—	—
AmortisationKRW 100M	—	—	32	108	146	129	118	138	211	—	—
Income taxes paidKRW 100M	132	168	166	239	249	293	837	331	181	247	425
	-86	-213*	-1,562	-12,932	-1,507	2,457	-2,830	-1,452	-1,557	-2,052	-2,477
Purchase of property, plant and equipmentKRW 100M	Not applicable	Not applicable	686	792	737	1,192	401	378	1,068	2,472	1,640
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	Not applicable	4	29	9	10	4	53	6	17	17
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	86	49	17	39	112	187	179	133	158
	-459	106*	1,351	12,937	277	-1,095	976	820	-84	-432	402
Dividends paidKRW 100M	-34	-43	62	63	74	-76	79	148	—	194	226
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	—	—	—	—	4	0
Disposal of treasury sharesKRW 100M	—	—	—	—	—	—	0	—	—	3	0
Issue of sharesKRW 100M	—	—	—	4,500	124	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	212	162	269	143	765	1,186	3,772	1,912	2,201	1,708	1,419
	162	269	143	765	1,186	3,772	1,912	2,201	1,708	1,419	2,253
Effect of exchange rate changesKRW 100M	1	-169	30	-10	2	9	25	13	26	41	-6
Net change in cash and cash equivalentsKRW 100M	-50	107	-126	622	421	2,586	-1,860	289	-492	Not applicable	Not applicable

당기순이익(손실)As filed	—	—	486	368	336	1,606	435	-41	251	1,253	1,682
영업에서 창출된 현금As filed	630	555	—	1,098	2,324	1,887	1,071	1,486	1,683	—	—
당기순이익조정을 위한 가감As filed	—	—	376	1,024	1,594	676	1,223	1,850	2,194	—	—
연결당기순이익As filed	455	532	—	—	—	—	—	—	—	—	—
기타비유동부채의 증가(감소)As filed	—	-1	1	9	-6	-9	3	4	—	2	2
대손상각비As filed	—	—	7	—	—	12	14	33	—	—	—
장기차입금의 증가As filed	—	—	179	—	—	—	—	—	1,315	—	—
조정As filed	261	348	—	—	—	—	—	—	—	—	—
대손상각비(환입)As filed	1	-1	—	4	8	—	—	—	15	—	—
감가상각비As filed	90	108	—	—	—	—	—	—	—	—	—
장기임대보증금의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	-1	0
무형자산상각비As filed	6	11	—	—	—	—	—	—	—	—	—
차입금의 차입As filed	—	—	—	—	—	—	—	—	3,041	—	—
퇴직급여As filed	29	32	60	91	137	157	146	173	153	—	—
단기임대보증금의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	1	-0
이자비용As filed	20	10	40	334	534	377	306	327	450	—	—
사용권자산감가상각비As filed	—	—	—	—	80	135	126	144	166	—	—
사채의 상환As filed	—	—	—	—	—	600	—	2,500	1,000	2,400	600
외화환산손실As filed	1	23	35	73	41	51	9	88	43	—	—
기타의대손상각비As filed	-1	2	—	—	—	—	—	—	—	—	—
당기손익인식금융자산평가손실As filed	—	0	—	—	—	—	—	—	—	—	—
장기차입금의 상환As filed	—	—	13	—	—	—	—	—	62	415	0
당기손익인식금융자산처분손실As filed	—	—	0	—	—	—	—	—	—	—	—
리스부채의 상환As filed	—	—	—	—	89	149	134	140	139	162	133
사채상환손실As filed	13	—	—	—	—	43	—	—	—	—	—
주식보상비용As filed	—	—	—	—	—	—	—	1	1	—	—
기타비유동부채의 감소As filed	—	—	—	—	—	—	—	—	1	—	—
단기금융상품평가손실As filed	—	—	1	—	—	—	—	—	—	—	—
유형자산처분손실As filed	1	0	0	0	8	6	3	4	1	—	—
사채의 증가As filed	—	—	997	—	—	—	1,995	1,496	—	2,493	997
외화환산이익As filed	-3	-16	34	48	52	32	37	35	43	—	—
잡손실As filed	—	4	—	—	0	—	—	—	—	—	—
재무활동으로 인한 현금유입액As filed	101	299	—	16,971	9,710	8,702	7,562	6,868	4,363	—	—
기타유동부채의 증가As filed	—	—	—	—	—	—	—	—	0	—	—
단기금융상품처분손실As filed	—	—	—	0	0	0	—	—	—	—	—
당기손익인식금융상품평가이익As filed	-1	—	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산 평가손실As filed	—	—	—	—	—	2	1	-33	—	—	—
당기손익인식금융상품처분이익As filed	-1	-0	—	—	—	—	—	—	—	—	—
장기차입금의 차입As filed	—	—	—	—	—	—	—	—	—	700	515
재무활동으로 인한 현금유출액As filed	-560	-193	—	-4,034	-9,433	-9,797	-6,586	-6,048	-4,447	—	—
당기손익-공정가치측정금융자산평가손실As filed	—	—	—	0	—	—	—	—	—	—	—
유형자산처분이익As filed	-0	-0	0	8	1	1	1	10	2	—	—
기타비유동부채의 증가As filed	—	—	—	—	—	—	—	—	6	—	—
단기차입금의 차입As filed	—	—	—	—	—	—	—	—	—	9,413	4,672
당기손익-공정가치 측정 금융자산평가손실As filed	—	—	—	—	12	—	—	—	6	—	—
당기손익-공정가치측정금융자산 평가이익As filed	—	—	—	—	4	2	3	-2	—	—	—
무형자산처분손실As filed	—	—	0	1	1	10	1	4	2	—	—
유형자산손상차손As filed	—	—	—	—	—	—	—	240	352	—	—
이자수익As filed	-10	-4	13	22	26	14	33	72	84	—	—
당기손익-공정가치측정금융자산 처분손실As filed	—	—	—	—	—	0	—	9	—	—	—
당기손익-공정가치측정금융자산평가이익As filed	—	—	—	10	—	—	—	—	—	—	—
배당금수익As filed	-1	-0	0	0	2	0	-4	-1	5	—	—
투자부동산처분손실As filed	—	—	—	—	—	—	—	0	—	—	—
배당금의 지급As filed	—	—	—	—	—	—	—	—	166	—	—
기타의대손상각비(환입)As filed	—	—	—	0	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산 처분이익As filed	—	—	—	—	—	-4	-9	-4	—	—	—
만기보유금융자산처분손실As filed	—	—	—	—	0	—	—	—	—	—	—
정부보조금As filed	-15	-3	45	-10	-23	2	0	—	—	—	—
투자부동산손상차손As filed	—	—	—	—	—	—	—	8	—	—	—
법인세비용As filed	133	181	134	186	298	842	230	211	92	—	—
지급수수료As filed	—	—	—	—	—	34	1	—	2	—	—
단기금융상품평가이익As filed	—	—	1	—	—	—	—	—	—	—	—
단기차입금의 상환As filed	—	—	—	—	—	—	—	—	—	9,381	4,824
자산및 부채의 증감As filed	-86	-325	—	—	—	—	—	—	—	—	—
파생상품부채평가손실As filed	—	—	—	0	—	—	—	—	—	—	—
기타유동부채의 증가(감소)As filed	16	51	21	97	190	-91	-28	237	199	0	0
매출채권의 감소(증가)As filed	-34	-279	-345	145	-223	-228	-397	-259	—	—	—
무형자산손상차손(환입)As filed	—	—	—	—	—	203	—	9	50	—	—
기타채권의 감소(증가)As filed	-6	-61	—	—	—	—	312	10	—	—	—
기타유동자산의 감소(증가)As filed	8	-67	5	-93	23	2	-30	14	-32	—	—
파생상품금융부채평가손실As filed	—	—	—	—	—	—	7	—	—	—	—
당기손익인식금융자산처분이익As filed	—	—	0	—	—	—	—	—	—	—	—
무형자산손상차손As filed	—	—	—	4	-6	—	—	—	—	—	—
사용권자산해지손실As filed	—	—	—	—	0	—	0	1	—	—	—
재고자산의 감소(증가)As filed	-85	-240	-176	-210	177	-166	-579	-97	—	—	—
종속기업투자주식의 취득As filed	—	—	—	—	—	—	—	—	—	489	0
매입채무의 증가(감소)As filed	92	293	-34	-149	6	-32	560	-70	259	—	—
사용권자산손상차손As filed	—	—	—	—	—	—	—	28	37	—	—
차입금의 상환As filed	-526	-151	970	3,971	9,270	8,951	6,344	3,017	3,080	—	—
기타채무의 증가(감소)As filed	-41	33	—	—	—	—	-114	-59	—	—	—
파생금융자산평가이익As filed	—	—	0	—	—	—	—	23	5	—	—
재고자산평가손실As filed	—	—	—	-8	—	—	—	53	—	—	—
기타비유동자산의 감소As filed	—	—	—	—	—	—	—	—	—	0	0
순확정급여부채의 증가(감소)As filed	-34	-56	—	-165	-137	-106	-303	-314	—	—	—
영업권손상차손As filed	—	—	—	—	17	19	—	—	240	—	—
잡이익As filed	—	—	—	2	2	—	—	—	2	—	—
관계기업및공동기업투자주식의 처분As filed	—	—	—	—	—	—	—	—	—	141	3
장기기타금융자산의 감소As filed	—	—	—	—	—	—	21	153	39	—	—
기타금융자산의 감소As filed	12	3,415	—	—	—	—	—	—	355	—	—
기타유동금융자산의 감소As filed	—	—	—	—	—	—	—	—	—	4,679	7,998
매각예정자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	151
단기금융상품의 감소As filed	4,012	42	—	—	—	—	—	—	5,808	—	—
단기금융상품처분이익As filed	—	—	—	1	0	3	—	—	—	—	—
관계기업및공동기업투자의 취득As filed	—	—	—	—	—	—	—	—	16	—	—
기타금융자산의 취득As filed	—	—	2	—	6	—	4,112	1,852	446	—	—
기타비유동금융자산의 감소As filed	—	—	—	—	—	—	—	—	—	36	124
파생금융부채평가손실As filed	—	—	—	—	—	—	—	1	14	—	—
관계기업및공동기업투자주식의 취득As filed	—	—	—	—	—	—	—	—	—	0	16
단기금융상품의 취득As filed	—	—	5,002	6,356	8,386	6,228	7,418	7,187	6,062	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-610	-294	394	-395	-588	-323	—	—	—
파생금융부채처분손실As filed	—	—	—	—	—	—	—	13	1	—	—
배당금수취As filed	0	0	—	—	—	—	—	—	—	—	—
기타비유동자산 감소As filed	—	—	—	—	—	—	—	—	4	—	—
매출채권 및 기타채권의 감소(증가)As filed	—	—	7	28	250	-70	—	—	—	—	—
무형자산처분이익As filed	—	—	—	—	0	1	0	—	4	—	—
세금과공과As filed	—	—	—	—	—	—	—	4	—	—	—
투자활동으로 인한 현금유입액As filed	4,061	3,474	—	6,598	8,078	10,039	9,373	10,900	6,253	—	—
기타유동금융자산의 증가As filed	—	—	—	—	—	—	—	—	—	4,187	8,273
리스사용권자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	0
사용권자산해지이익As filed	—	—	—	—	0	1	0	0	0	—	—
기타비유동금융자산의 증가As filed	—	—	—	—	—	—	—	—	—	135	619
장기매출채권및기타채권의 감소As filed	19	2	—	2	29	3	2	3	—	—	—
기타비유동자산의 처분As filed	—	—	—	—	—	—	—	—	1	—	—
정부보조금의 사용As filed	-1	-0	—	42	29	4	-5	3	—	0	3
기타비유동자산의 증가As filed	—	—	—	0	65	-54	-1	1	-1	0	0
유형자산의 처분As filed	2	0	—	—	—	—	—	—	—	—	—
매입채무 및 기타채무의 증가(감소)As filed	—	—	1	119	106	48	—	—	—	—	—
사업결합으로 인한 순현금흐름As filed	—	—	—	—	—	—	—	—	—	0	68
판매보증비용As filed	—	—	—	—	—	—	—	8	—	—	—
장기매출채권및기타채권의 증가As filed	-29	-4	—	2	306	4	0	9	5	—	—
정부보조금의 수령As filed	16	3	—	—	—	—	—	—	0	—	—
정부보조금의 수취As filed	—	—	4	31	6	6	6	5	—	0	3
무형자산의 처분As filed	—	—	4	47	3	14	1	13	16	2	4
투자활동으로 인한 현금유출액As filed	-4,146	-3,687	—	-19,530	-9,584	-7,581	-12,203	-12,353	-7,810	—	—
단기금융상품의 증가As filed	-3,470	-51	—	—	—	—	—	—	—	—	—
연구개발비As filed	—	—	—	—	—	—	—	-0	1	—	—
장기기타금융자산의 증가As filed	-0	-0	—	—	—	-17	-26	46	32	—	—
투자부동산의 처분As filed	—	—	—	—	—	—	50	8	—	0	—
기타금융자산의 증가As filed	-250	-3,174	—	—	—	—	—	—	—	—	—
투자부동산의 취득As filed	—	—	—	—	3	34	21	0	—	0	—
확정급여채무의현재가치의 증가(감소)As filed	—	—	-91	—	—	—	—	—	—	—	—
기타비유동자산의 감소(증가)As filed	—	—	—	-74	-1	-2	-11	-5	—	—	—
지분법손실As filed	—	—	—	—	—	—	—	8	—	—	—
기타의 대손상각비As filed	—	—	—	—	—	—	0	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	-762	-404	1
유형자산의 취득As filed	-334	-448	—	—	—	—	—	—	—	—	—
무형자산의 취득As filed	-62	-9	—	—	—	—	—	—	—	—	—
배당금수취(영업)As filed	—	—	0	0	2	0	4	1	—	—	—
장기매출채권 및 기타비유동채권의 감소(증가)As filed	—	—	—	2	-1	232	—	—	—	—	—
종속기업투자처분손실As filed	—	—	—	—	—	—	—	4	—	—	—
기타비유동자산 취득As filed	-0	—	—	—	—	—	—	—	—	—	—
연결범위의 변동으로 인한 현금유입As filed	—	12	—	—	—	—	—	—	—	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	2,796	3,708
관계기업 투자지분의 처분As filed	—	—	—	—	—	—	—	—	25	—	—
관계기업투자처분손실As filed	—	—	—	—	—	—	—	0	—	—	—
배당금의 수령As filed	—	—	—	—	—	—	—	—	0	10	0
지분법이익As filed	—	—	—	—	—	—	-4	—	26	—	—
사업양도이익As filed	—	—	—	—	—	-1,637	—	—	—	—	—
관계기업투자처분이익As filed	—	—	—	—	—	—	4	—	7	—	—
단기금융상품의 처분As filed	—	—	4,357	6,494	8,031	6,343	6,068	7,936	—	—	—
반품권자산의 감소(증가)As filed	—	—	—	—	-38	6	4	—	—	—	—
기타금융자산의 처분As filed	—	—	9	2	6	1,019	3,211	2,726	—	—	—
장기매출채권 및 기타채권의 처분As filed	—	—	0	—	—	—	—	—	—	—	—
비현금항목에 관한 기타조정As filed	—	—	—	—	—	—	—	—	—	1,948	2,026
해외사업장청산손실As filed	—	—	—	—	—	—	—	2	—	—	—
기타채권의 감소As filed	—	—	—	—	—	—	—	—	4	—	—
장기매출채권및기타채권의 감소(증가)As filed	—	—	—	—	—	—	—	217	-0	—	—
반품충당부채의 증가(감소)As filed	—	—	—	-2	—	—	—	—	—	—	—
장기기타금융자산의 취득As filed	—	—	42	—	—	—	—	—	—	—	—
현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	-331	—
환율변동효과전현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	840
장기매출채권 및 기타채권의 증가As filed	—	—	4	—	—	—	—	—	—	—	—
기타비유동금융자산의 취득As filed	—	—	0	—	—	—	—	—	—	—	—
차입금의 증가As filed	101	299	1,216	12,440	7,087	8,197	2,156	5,372	—	—	—
정부보조금의 상환As filed	—	—	0	—	—	—	—	—	—	—	—
종속기업에 대한 투자자산의 취득As filed	—	—	113	—	—	—	—	—	—	—	—
재고자산의 증가As filed	—	—	—	—	—	—	—	—	-405	—	—
환불부채의 증가(감소)As filed	—	—	—	—	50	21	-6	-4	—	—	—
매출채권의 증가As filed	—	—	—	—	—	—	—	—	-595	—	—
종속기업투자의 처분As filed	—	—	—	24	—	—	—	—	—	—	—
신주인수권부사채의 증가As filed	—	—	1	—	—	—	—	—	—	—	—
파생상품부채의 감소As filed	—	—	—	—	—	—	—	—	-5	—	—
순확정급여부채의 감소As filed	—	—	—	—	—	—	—	—	-170	—	—
장기금융상품의 취득As filed	—	—	—	49	0	—	—	—	—	—	—
파생금융부채처분이익As filed	—	—	—	—	—	—	—	-17	5	—	—
기타채무의 감소As filed	—	—	—	—	—	—	—	—	-45	—	—
기타 장기성 자산의 처분As filed	—	—	—	—	0	—	—	—	—	—	—
종속기업투자의 취득(보유현금 차감 후)As filed	—	—	—	12,241	34	—	—	—	—	—	—
기타비유동금융자산의 처분As filed	—	—	—	—	0	—	—	—	—	—	—
관계기업및공동기업투자의 처분As filed	—	—	—	—	—	—	10	3	—	—	—
사업양도As filed	—	—	—	—	—	2,650	—	—	—	—	—
이연법인세자산의 감소(증가)As filed	—	—	—	—	—	—	—	3	—	—	—
사채의발행As filed	—	—	—	—	2,492	499	—	—	—	—	—
당기손익-공정가치 측정 금융자산평가이익As filed	—	—	—	—	—	—	—	—	18	—	—
관계기업손상차손As filed	—	—	—	—	—	—	—	—	8	—	—
관계기업투자의 취득As filed	—	—	—	—	—	-10	—	—	—	—	—
관계기업 및 공동기업투자의 취득As filed	—	—	—	—	—	—	106	16	—	—	—
비지배지분의 증가As filed	—	—	—	—	—	—	3,411	—	—	—	—
신주발행비As filed	—	—	—	—	—	0	—	—	—	—	—
자기주식의 매입As filed	—	—	—	—	—	-0	—	242	—	—	—
종속기업투자의 취득As filed	—	—	—	—	—	—	-28	0	—	—	—
기타의대손상각비(대손충당금환입)As filed	—	—	—	—	—	—	—	—	-5	—	—
종속기업 지분의 추가 취득As filed	—	—	—	—	—	-22	—	—	—	—	—
판매보증비용(충당금 환입)As filed	—	—	—	—	—	—	—	—	-1	—	—
재고자산평가충당금 전입(환입)As filed	—	—	—	—	—	—	—	—	-11	—	—
당기손익-공정가치 측정 금융자산처분이익As filed	—	—	—	—	—	—	—	—	2	—	—
당기손익-공정가치 측정 금융자산처분손실As filed	—	—	—	—	—	—	—	—	1	—	—
소모품비As filed	—	—	—	—	—	—	—	—	0	—	—
리스부채상환이익As filed	—	—	—	—	—	—	—	—	0	—	—
사용권자산의 취득As filed	—	—	—	—	—	—	—	9	—	—	—
사업결합으로 인한 순현금흐름(기초현금보유액 차감)As filed	—	—	—	—	—	—	—	2,664	—	—	—
장기종업원급여As filed	—	—	—	—	—	—	—	—	6	—	—

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 2026.03.18.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2022	적정Term 11	삼덕회계법인	2022-12-31
2021	적정Term 10	서현회계법인	2022-12-31
2020	적정Term 9	서현회계법인	2022-12-31
2019	적정Term 8	서현회계법인	2019-12-31
2018	적정Term 7	서현회계법인 (구.서일회계법인)	2019-12-31
2017	적정Term 6	서일회계법인	2019-12-31
2016	적정Term 5	서일회계법인	2016-12-31
2015	적정Term 4	서일회계법인	2016-12-31
2014	적정Term 3	서일회계법인	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 5Y0.37

Equity risk premium%

Terminal growth%

Cost of equity6.26%

Weighted average cost of capital6.14%

Initial growth11.9%

Effective tax rate20.5%

Base fiscal year2025

Current priceKRW137,100

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	17,234	-87.4%
Dividend discount model DDM	21,578	-84.3%
Discounted cash flow FCFF	207,385	+51.3%
Discounted cash flow FCFE	189,103	+37.9%
Residual income model RIM	133,456	-2.7%

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% + 0.37 × 5.00% = 6.26%

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(13.74% × (1 − 13.59%), 0) = 11.87%

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 = 720 × (1 + 2.00%) / (6.26% − 2.00%) = 734 / 0.0426 = 17,234 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 = 720, g_1 = 11.87%, g_T = 2.00%, r = 6.26%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	11.87%	805	0.9411	758
2	9.40%	881	0.8856	780
3	6.94%	942	0.8334	785
4	4.47%	984	0.7843	772
5	2.00%	1,004	0.7381	741
Terminal value	2.00%	24,035	0.7381	17,740
Total				21,578

P_0 = 21,578 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 = 38,566 KRW, ROE = 13.74%, payout ratio = 13.59%, r = 6.26%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	38,566	5,299	2,415	2,884	0.9411	2,714
2	43,145	5,928	2,702	3,226	0.8856	2,857
3	48,267	6,632	3,022	3,609	0.8334	3,008
4	53,998	7,419	3,381	4,038	0.7843	3,167
5	60,409	8,300	3,782	4,517	0.7381	3,334
Terminal value				108,126	0.7381	79,809

P_0 = 38,566 + 15,081 + 79,809 = 133,456 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 = 2,914.3 − 1,639.5 + 436.4 × (1 − 20.55%) = 1,621.5 KRW hundred million

Weighted average cost of capital

E = 32,362.6, D = 3,304.4 KRW hundred million; equity weight = 90.74%, debt weight = 9.26%; cost of debt k_d = 6.26%

WACC = 90.74% × 6.26% + 9.26% × 6.26% × (1 − 20.55%) = 6.14%

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	11.87%	1,814.0	0.9421	1,709.0
2	9.40%	1,984.6	0.8876	1,761.6
3	6.94%	2,122.3	0.8362	1,774.8
4	4.47%	2,217.1	0.7879	1,746.8
5	2.00%	2,261.5	0.7423	1,678.6
Terminal value	2.00%	55,686.4	0.7423	41,334.0
Total				50,004.7

Firm value = 50,004.7; less borrowings 3,304.4; plus cash 2,253.2 → 48,953.5 KRW hundred million

P_0 = 48,953.5 KRW hundred million ÷ 23,605,077 (shares) = 207,385 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 = 2,914.3 − 1,639.5 + 214.7 (net borrowing) = 1,489.5 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	11.87%	1,666.3	0.9411	1,568.1
2	9.40%	1,823.0	0.8856	1,614.5
3	6.94%	1,949.5	0.8334	1,624.8
4	4.47%	2,036.6	0.7843	1,597.3
5	2.00%	2,077.3	0.7381	1,533.3
Terminal value	2.00%	49,721.4	0.7381	36,699.9
Total				44,637.9

P_0 = 44,637.9 KRW hundred million ÷ 23,605,077 (shares) = 189,103 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