282330KOSPI

BGF Retail

127,900

0 (0.00%)

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

BGF Retail is a company established on November 1, 2017, through a corporate split from BGF. It is listed on the KOSPI market and headquartered in Seoul. The company operates as part of a group structure with subsidiaries supporting its core operations.

The company operates a convenience store franchise business under the CU brand, supplying food, processed foods, tobacco, and non-food items through a network of franchise stores. It also provides these services in international markets via master franchise agreements. Its subsidiaries manage logistics and food manufacturing and distribution.

Business overview as filed

[편의점 사업, (주)비지에프리테일]당사는 2017년 11월 1일을 분할기준일로 분할존속회사인 (주)비지에프(舊 비지에프리테일)에서 인적분할하여 신설된 법인입니다. 하기 내용은 인적분할 전 현황을 포함하고 있습니다.1990년 10월 1호점인 가락시영점을 오픈하면서 편의점 체인화사업을 시작하였습니다. 낙후된 개인슈퍼와 비교해서 소비자의 편의를 높일 수 있는 새로운 포맷을 제시하면서 빠르게 소비자들의 생활속에 밀접한 소매점으로 자리를 잡기 시작하였습니다. 또한 물류, POS시스템, 서비스상품 등 편의점 체인화사업을 위한 네트워크를 확립하였습니다.

2000년을 지나면서 10년간의 준비과정을 통한 탄탄한 사업배경과 우호적인 시장 환경에 힘입어 빠르게 성장하였습니다. 소자본 창업 수요가 늘면서 가맹희망자가 폭발적으로 증가하여 점포수 증가에 우호적인 환경이 조성되었습니다. 이에 당사는 네트워크와 시스템을 업그레이드하고 전국적인 점포망 네트워크를 완성하였으며 당사만의 PB상품, 24시간 콜센터 운영 등 편의점 관련 시스템을 한층 업그레이드하였습니다.

2012년 일본훼미리마트사와 라이선스 계약을 종료하고 당사만의 독자 브랜드 CU를 성공적으로 런칭하였으며 한국 시장에 맞는 한국형 편의점 모델을 정립하였습니다. 또한 가맹점 수익 중심의 운영 전략을 통하여 우량점 중심으로 출점함으로써 편의점 시장에서 선도적인 역할을 하고 있습니다.뿐만 아니라 국내 편의점 운영 노하우를 기반으로 2018년 몽골, 2021년 말레이시아, 2024년 카자흐스탄, 2025년 하와이에 성공적으로 편의점을 출점하고 있습니다. 진출 방식은 현지 파트너사와의 마스터 프랜차이즈 계약 방식으로, 당사는 브랜드와 시스템, 사업 노하우 등을 제공하고 현지 파트너사에서 투자와 운영을 담당하는 형태로 운영하고 있습니다.당사는 전국에 위치한 당사의 가맹점에서 식품, 가공식품, 담배, 비식품 위주의 다양한 품목을 취급하고 있으며 물류센터, 시설인테리어 등을 영업설비로 보유하고 있습니다.

- 연결실체의 사업부문

- 연결기준 매출실적 요약

주1) (주)비지에프네트웍스는 2024년 7월 1일 당사의 종속회사로 편입되었으며, 연결 편입효과가 연결기준 손익계산서에 반영되는 시점은 제8기(2024년) 3분기입니다.

[물류 사업, (주)비지에프로지스](주)비지에프로지스는 비지에프리테일 가맹점으로의 물류 공급을 기반으로 운영되고 있습니다. 이러한 공급의 영역은 국내의 섬지역(울릉도, 대청도, 백령도 등) 및 제주도를 포함한 전 지역 입니다. 물류 사업의 범위는 개별 고객 기업들의 조달, 생산, 보관, 유통관리 및 수배송 서비스입니다. (주)비지에프로지스는 전국에 물류센터를 보유하며 이를 기반으로 한 물류효율을 통해 고객의 요구 사항들에 부응하고 있으며, 편의점의 소분화된 물류 노하우를 기반으로 시스템 기반의 최상의 서비스와 최적의 물류비용을 제공하고 있습니다.(주)비지에프로지스는 전국에 위치한 편의점에 상품을 공급하는 용역의 공급을 통한 매출액을 인식하고 있으며, 토지, 건물, 기계장치 등을 영업설비로 보유하고 있습니다.

[식품 제조/유통, (주)비지에프푸드]

(주)비지에프푸드는 식품 제조, 가공 및 도소매업을 주요 사업으로 영위하고 있습니다. 주요 제품으로는 편의점에서 판매되는 간편식사(HMR), 밀키트(MK) 제품 등이 있으며, 진천 Central Kitchen 등 제조 거점을 기반으로 편의점 전용 차별화 상품을 생산·공급하고 있습니다.또한, 양념육 등 CK 제품을 식품제조업체에 공급하고 있으며, 다양한 해외소싱 상품을 직접 도입하여 편의점에 공급하는 등 식품 유통 사업도 함께 수행하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

주) 당사는 2025년 1월 24일 해외사업 영위를 위해 BGF RETAIL HAWAII CORP.를 설립하여 종속회사로 편입하였습니다.주) 2025년 12월 31일 (주)씨펙스로지스틱은 제 3자에게 매각되어 연결대상 종속회사에서 제외되었습니다.

나. 회사의 법적 ·상업적 명칭당사의 명칭은 "주식회사 BGF리테일" 혹은 "주식회사 비지에프리테일"로 표기하며, 영문명은 "BGF Retail Co., Ltd."라 표기합니다.

다. 회사의 설립일자당사는 (주)비지에프(舊 비지에프리테일)로부터 2017년 11월 1일을 기준일로 인적분할 하여 신설된 법인이며, 2017년 12월 8일 유가증권시장에 재상장되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

(1) 본사의 주소: 서울특별시 강남구 테헤란로 405(삼성동) (2) 전화번호: 1577-8007(3) 홈페이지 주소: http://www.bgfretail.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 향후 추진하려는 신규사업(1) 당사당사는 편의점 체인화 사업을 영위하고 있으며, 당사의 종속회사는 물류사업, 식품제조 및 유통 등 당사를 보조하는 업무를 수행하고 있습니다. 당사가 영위하고 있는 편의점 체인화사업은 가맹본부가 자신의 상표, 서비스표, 상호, 영업표지 등을 제공하고 경영활동에 대한 지원, 교육과 통제를 하며, 가맹점사업자는 가맹본부의 품질기준, 영업방식이나 시스템을 사용하여 점포를 책임 운영하여 상품을 판매하는 방식으로 운영됩니다. 전국에 위치한 당사의 가맹점에서는 식품, 가공식품, 담배, 비식품 위주의 다양한 품목을 취급하고 있습니다. (2) 주요 종속회사 [물류 사업, (주)비지에프로지스]전국 네트워크 물류망을 통해 편의점 물류가 효율적으로 운영 되도록 최상의 토탈 물류 서비스를 제공하고 있습니다. 물류사업의 범위는 개별 고객 기업들의 조달, 생산, 보관, 유통 관리 및 수배송 서비스입니다. 전국에 물류센터를 보유하고 있으며, 편의점의 소분화된 물류 노하우를 기반으로 시스템 기반 최상의 서비스와 최적의 물류비용으로 고객의 니즈에 부응하고 있습니다.

[식품제조/유통 사업, (주)비지에프푸드]

(주)비지에프푸드는 식품제조 및 해외소싱 등을 주요 사업으로 영위하고 있으며, 편의점에 간편즉석섭취식품 및 해외상품 등을 공급하고, 식품제조업체에 양념육 등을 공급하고 있습니다.

사. 신용평가에 관한 사항

외부 신용평가 전문기관으로부터 받은 당사의 신용평가등급은 다음과 같습니다.

주) 본 기업신용평가 등급은 조달청, 지자체, 공공기관에서 입찰용 경영상태평가 또는 업체 심사용으로 활용되는 용도로 회사채 신용평가등급 등의 신용평가등급과 별도의 등급입니다.□ 나이스디앤비 신용평가 회사의 신용등급체계 및 등급부여 의미 주) e-2(AA)부터 e-7(CCC)까지 +, - 부호를 부가하여 동일등급 내에서의 우열을 나타내고 있습니다.

아. 회사의 주권상장여부 및 특례상장에 관한 사항

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

3.70%

[2.34%, 6.36%] · As of 2026-09-29

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 26.9% (2026-06-22). 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

-0.03

Beta [-0.15, 0.09] · KOSPI200 · As of 2026-10-02

Intercept: +0.101%[-0.231%, +0.432%]
R squared: 0.00
Observations: 252
Trading-time corrected beta: -0.11[-0.34, 0.13]

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

	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	9,387	57,759	59,461	61,813	67,812	76,158	81,948	86,988	90,612	93,018
Revenue growth%	—	515.28	2.95	3.96	9.70	12.31	7.60	6.15	4.17	—
Operating incomeKRW 100M	265	1,895	1,966	1,622	1,994	2,524	2,532	2,516	2,539	2,849
Operating income growth%	—	614.71	3.75	-17.51	22.96	26.56	0.31	-0.61	0.92	—
Net incomeKRW 100M	280	1,542	1,514	1,227	1,476	1,935	1,958	1,952	1,953	2,152
Net income growth%	—	450.98	-1.82	-18.94	20.32	31.09	1.19	-0.32	0.02	—
Attributable to ownersKRW 100M	280	1,542	1,514	1,227	1,476	1,935	1,958	1,952	1,953	2,152
Attributable to minoritiesKRW 100M	—	—	—	—	—	—	—	—	0	0
Operating margin%	2.82	3.28	3.31	2.62	2.94	3.31	3.09	2.89	2.80	3.06
Net margin%	2.98	2.67	2.55	1.99	2.18	2.54	2.39	2.24	2.15	2.31
ROE%	7.20	29.56	24.31	17.61	18.24	20.11	18.23	16.49	14.87	16.27
ROA%	2.19	10.40	6.97	5.18	5.69	6.57	6.08	5.74	5.49	6.02
Debt ratio%	228.67	184.20	248.93	240.28	220.81	206.06	199.60	187.35	170.83	170.11
Current ratio%	83.16	91.15	78.27	82.63	79.52	80.74	82.18	81.15	88.86	89.95
Quick ratio%	69.30	77.61	68.71	70.51	68.85	69.41	67.32	64.77	72.63	72.59
Reserve ratio%	2,026.93	2,788.51	3,372.48	3,803.31	4,439.54	5,332.87	5,981.94	6,668.66	7,408.45	7,493.48
Free cash flowKRW 100M	-487	1,652	3,658	3,343	3,760	4,078	4,409	5,497	5,294	—
FCF margin%	-5.19	2.86	6.15	5.41	5.55	5.36	5.38	6.32	5.84	—
OCF conversion%	-89.21	224.27	351.98	413.44	364.49	325.74	330.40	393.81	394.74	—
Capex to revenue%	2.53	3.13	2.81	2.80	2.39	2.92	2.52	2.52	2.66	—
Receivable daysdays	—	3.7	3.4	3.3	3.4	4.8	6.8	7.3	7.2	—
Inventory daysdays	—	7.6	7.3	7.6	7.5	6.8	8.3	10.0	10.6	—
Payable daysdays	—	39.0	39.4	39.3	35.1	30.3	29.4	29.9	30.6	—
Cash conversion cycledays	—	-27.7	-28.8	-28.5	-24.2	-18.6	-14.3	-12.6	-12.7	—
EPSKRW	1,619	8,925	8,763	7,103	8,547	11,203	11,337	11,301	11,303	12,452
PERx	129.71	22.86	19.34	19.08	17.02	18.79	11.58	9.07	9.27	9.30
BPSKRW	22,486	30,182	36,022	40,317	46,825	55,695	62,165	68,511	75,970	76,546
PBRx	9.34	6.76	4.71	3.36	3.11	3.78	2.11	1.50	1.38	1.51
Dividend per shareKRW	1,000	2,680	2,700	2,400	3,000	4,100	4,100	—	4,100	—
Payout ratio%	61.77	30.03	30.81	33.79	35.10	36.60	36.16	—	36.27	—

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

	2017	2018	2019	2020	2021	2022	2023	2024	2025
	12,773	14,826	21,724	23,712	25,964	29,462	32,191	34,026	35,562
	5,666	6,961	7,441	8,291	8,083	8,899	9,790	10,518	11,804
Cash and cash equivalentsKRW 100M	288	353	280	240	544	2,686	3,023	3,248	4,140
Short-term financial instrumentsKRW 100M	2,139	1,894	592	643	616	348	510	491	230
InventoriesKRW 100M	944	1,034	909	1,215	1,085	1,248	1,770	2,123	2,156
Trade and other receivablesKRW 100M	630	543	559	543	732	1,277	1,797	1,683	1,916
	7,107	7,865	14,283	15,421	17,880	20,563	22,401	23,508	23,758
Property, plant and equipmentKRW 100M	4,022	4,861	5,498	5,915	6,141	6,905	7,764	8,337	8,867
Intangible assetsKRW 100M	544	508	487	379	340	377	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	—	—	—	—	80	72	69	183	190
	8,887	9,609	15,498	16,743	17,871	19,836	21,446	22,185	22,431
	6,814	7,637	9,507	10,034	10,165	11,022	11,913	12,962	13,283
Trade and other payablesKRW 100M	4,937	5,215	5,338	5,715	5,062	5,264	5,475	6,116	6,236
Short-term borrowingsKRW 100M	28	51	23	85	61	123	107	—	—
Current portion of long-term borrowingsKRW 100M	—	—	—	18	145	11	0	0	—
	2,073	1,972	5,991	6,709	7,706	8,814	9,533	9,223	9,148
Long-term borrowingsKRW 100M	—	—	94	139	11	—	0	—	—
	3,886	5,217	6,226	6,968	8,093	9,626	10,745	11,841	13,131
	3,886	5,217	6,226	6,968	8,093	9,626	10,745	11,841	13,131
Issued capitalKRW 100M	173	173	173	173	173	173	173	173	173
Capital surplusKRW 100M	3,216	3,216	3,216	3,216	3,216	3,216	3,216	3,216	3,216
Retained earningsKRW 100M	287	1,603	2,612	3,357	4,457	6,001	7,123	8,310	9,588
Accumulated other comprehensive incomeKRW 100M	-14	—	—	-2	23	12	8	-82	-71
Other equityKRW 100M	224	224	224	224	224	224	224	224	224
Non-controlling interestsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0	0

당기손익인식금융자산As filed	—	1,330	3,599	3,943	3,120	1,153	198	200	6
유동당기손익인식지정금융자산As filed	20	—	—	—	—	—	—	—	—
기타금융자산As filed	1,557	1,713	1,465	1,672	1,840	1,981	2,197	2,396	2,586
당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	332
당기법인세자산As filed	0	0	—	0	—	—	—	—	—
기타유동자산As filed	88	93	37	33	147	206	296	378	444
비유동당기손익인식금융자산As filed	40	—	—	—	—	—	—	—	—
장기금융상품As filed	3	3	3	3	0	0	0	0	0
기타포괄손익-공정가치금융자산As filed	—	—	8	5	180	166	161	289	302
이연법인세자산As filed	24	59	79	95	104	66	145	291	295
매도가능금융자산As filed	291	—	—	—	—	—	—	—	—
매출채권및기타채권As filed	38	—	—	—	—	—	—	—	—
무형자산As filed	—	—	—	—	—	—	375	786	743
사용권자산As filed	—	—	5,147	5,853	7,148	8,471	9,516	9,306	8,957
투자부동산As filed	—	—	—	—	421	427	6	8	8
순확정급여자산As filed	28	—	7	39	59	324	171	108	189
기타비유동자산As filed	389	475	242	326	330	436	604	783	840
기타금융부채As filed	1,455	1,574	3,293	3,332	3,859	4,421	5,059	5,336	5,688
당기법인세부채As filed	77	293	286	227	282	345	271	308	358
충당부채As filed	72	86	105	151	202	265	320	364	129
기타유동부채As filed	244	419	462	507	553	594	—	—	—
순확정급여부채As filed	10	28	24	22	24	3	2	2	1
기타비유동부채As filed	147	162	162	159	180	302	384	385	347
이연법인세부채As filed	15	13	14	9	11	18	14	0	0
자본과부채총계As filed	12,773	14,826	21,724	23,712	25,964	29,462	32,191	34,026	—
단기차입금As filed	—	—	—	—	—	—	—	32	0
부채와 자본총계As filed	—	—	—	—	—	—	—	—	35,562
기타 유동부채As filed	—	—	—	—	—	—	681	807	873

Income statement

	2017	2018	2019	2020	2021	2022	2023	2024	2025
	9,387	57,759	59,461	61,813	67,812	76,158	81,948	86,988	90,612
Cost of salesKRW 100M	7,695	47,562	48,896	51,295	56,041	62,296	66,720	70,730	73,742
Gross profitKRW 100M	1,692	10,196	10,565	10,518	11,771	13,862	15,228	16,257	16,870
SG&A expensesKRW 100M	1,427*	8,254	8,598	8,895	9,775	11,330	12,696	Not applicable	Not applicable
	265	1,895	1,966	1,622	1,994	2,524	2,532	2,516	2,539
Finance incomeKRW 100M	29*	137	122	99	96	139	Not applicable	Not applicable	Not applicable
Finance costsKRW 100M	20	77	203	235	234	316	479	516	483
Other incomeKRW 100M	103*	153	158	183	206	200	242	314	448
Other expensesKRW 100M	26*	101	113	149	138	149	183	255	398
Share of profit of associatesKRW 100M	—	—	—	—	—	-9	3	-9	9
	350	2,025	2,011	1,631	1,925	2,541	2,484	2,453	2,472
Income tax expenseKRW 100M	70	484	497	404	449	605	525	501	519
	280	1,542	1,514	1,227	1,476	1,935	1,958	1,952	1,953
Attributable to ownersKRW 100M	280	1,542	1,514	1,227	1,476	1,935	1,958	1,952	1,953
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0
Basic earnings per shareKRW	1,619	8,925	8,763	7,103	8,547	11,203	11,337	11,301	11,303
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	11,303
	287	1,521	1,497	1,209	1,540	2,051	1,827	1,805	1,997
Other comprehensive incomeKRW 100M	7	-21	-16	-18	63	116	-132	-147	44

기타의대손상각비As filed	—	—	—	—	—	—	—	2	2
기타의대손상각비환입(비용)As filed	—	0	-0	-1	-60	-1	2	—	—
대손상각비As filed	—	47	1	1	2	8	0	1	1
포괄손익, 비지배지분As filed	—	—	—	—	—	—	—	—	0
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	1,827	1,805	1,997
금융수익-기타As filed	—	18	81	111	60	153	120	121	89
당기손익으로 재분류되지 않는항목As filed	7	-21	-16	-18	63	116	—	—	44
금융수익-유효이자율법으로계산한이자수익As filed	—	—	—	—	—	—	257	284	—
확정급여제도의 재측정요소As filed	7	—	—	—	—	—	—	—	—
후속적으로당기손익으로재분류되는항목As filed	0	—	—	—	—	—	—	—	—
금융수익-유효이자율법으로 계산한 이자수익As filed	—	—	—	—	—	—	—	—	269
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	—	—	—	—	-132	-147	—
순확정급여부채의 재측정요소As filed	—	-21	-16	-16	38	127	—	—	—
매도가능금융자산평가손익As filed	0	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산 공정가치 변동As filed	—	—	—	-2	25	-11	-4	-90	11
당기손익으로 재분류되는 항목As filed	—	—	—	—	—	—	—	—	0
지배기업의 소유주 지분As filed	287	1,521	1,497	1,209	1,540	2,051	—	—	—
순확정급여부채의재측정요소As filed	—	—	—	—	—	—	-128	-57	33
해외사업장환산손익As filed	—	—	—	—	—	—	—	—	0
관계기업 기타포괄손익에 대한 지분해당액As filed	—	—	—	—	—	—	-0	-0	—
관계기업 기타포괄손익에 대한 지분As filed	—	—	—	—	—	—	—	—	0
판매비와관리비As filed	—	—	—	—	—	—	—	13,740	14,330

Cash flow statement

	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	280	1,542	1,514	1,227	1,476	1,935	1,958	1,952	1,953
Total adjustments to operating cash flowcomputed	-529	1,916	3,814	3,846	3,905	4,369	4,512	5,736	5,755
	-250	3,458	5,328	5,073	5,381	6,304	6,471	7,688	7,708
Interest receivedKRW 100M	7	64	34	22	19	21	61	74	56
Interest paidKRW 100M	0	2	1	4	5	10	7	4	1
Income taxes paidKRW 100M	1	294	510	478	423	534	645	549	496
	321	-3,242	-2,939	-2,664	-2,391	-985	-2,441	-3,460	-2,716
Purchase of property, plant and equipmentKRW 100M	238	1,806	1,670	1,730	1,621	2,226	2,062	2,190	2,414
Proceeds from sale of property, plant and equipmentKRW 100M	2	8	8	3	3	6	4	6	33
Purchase of intangible assetsKRW 100M	21	122	49	37	51	89	67	56	57
	-17	-150	-2,462	-2,450	-2,686	-3,176	-3,692	-4,003	-4,094
Dividends paidKRW 100M	—	173	463	466	415	518	708	708	708
Acquisition of treasury sharesKRW 100M	17	0	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	233	288	353	280	240	544	2,686	3,023	3,248
	288	353	280	240	544	2,686	3,023	3,248	4,140
Effect of exchange rate changesKRW 100M	0	-0	0	-0	-0	-2	-0	0	-5
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

영업으로부터창출된현금흐름As filed	-255	3,689	5,805	5,534	5,791	6,827	7,061	8,166	8,148
리스부채의상환As filed	—	—	2,065	2,068	2,247	2,575	2,957	3,220	3,354
당기손익인식금융자산의 증가As filed	—	1,330	48,271	64,516	71,233	82,648	102,569	961	500
당기손익인식금융자산의 취득As filed	26	—	—	—	—	—	—	—	—
차입금의 증가As filed	27	23	138	441	225	274	181	22	81
당기손익인식금융자산의 감소As filed	—	636	46,057	64,329	72,063	84,743	103,624	1,157	530
당기손익인식금융자산의 처분As filed	12	—	—	—	—	—	—	—	—
차입금의 상환As filed	27	—	71	357	249	357	208	96	113
단기금융상품의 증가As filed	9,899	52,295	10,668	648	260	127	307	293	292
기타포괄손익금융자산의증가As filed	—	—	-8	—	-123	—	0	0	0
단기금융상품의 감소As filed	10,499	51,970	11,970	596	290	395	145	320	548
장기금융상품의 감소As filed	0	0	—	—	—	—	—	—	—
기타유동금융자산의 감소As filed	—	—	8	120	132	97	100	123	148
사용권자산의 처분As filed	—	—	0	—	0	—	1	2	2
기타비유동금융자산의 감소As filed	51	325	366	263	323	80	80	117	169
기타비유동금융자산의 증가As filed	98	350	416	615	848	562	610	372	394
기타유동금융자산의 증가As filed	—	—	4	—	0	0	3	7	1
기타유동금융자산의증가As filed	—	0	—	—	—	—	—	—	—
기타비유동금융자산의감소As filed	—	0	—	—	—	—	—	—	—
무형자산의 처분As filed	0	5	6	7	2	3	2	2	45
사용권자산의 취득As filed	—	—	-116	-197	-376	-459	560	296	250
매각예정비유동자산의 처분As filed	189	—	—	—	—	—	—	—	—
선급금의 증가As filed	-7	-154	-12	-13	-57	-30	26	17	56
관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	1	0	—	—
투자부동산의 취득As filed	—	—	—	—	422	—	0	—	—
투자부동산의 처분As filed	—	—	—	—	—	2	0	0	—
미지급금의 감소As filed	-143	-130	-139	-194	-134	-169	194	181	250
관계기업투자주식의 취득As filed	—	—	—	—	80	—	—	123	0
사업결합으로 인한 순현금 유출As filed	—	—	—	-32	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	54	66	-73	-40	304	2,143	337	—	—
연결범위의변동으로 인한 순현금 증가As filed	—	—	—	—	—	—	—	—	14
정부보조금의 수취As filed	—	—	—	—	0	—	0	—	—
사업결합으로 인한 순현금 감소As filed	—	—	—	—	—	—	—	690	0
배당금수취As filed	—	—	—	—	—	—	—	—	8
현금및현금성자산의 순증감As filed	—	—	—	—	—	—	—	225	898

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

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

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

The newest annual filing shown was received on 2026.03.18.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 9	안진회계법인	2025-12-31
2024	적정의견Term 8	삼정회계법인	2025-12-31
2023	적정의견Term 7	삼정회계법인	2025-12-31
2022	적정Term 6	삼정회계법인	2022-12-31
2021	적정Term 5	삼정회계법인	2022-12-31
2020	적정Term 4	삼정회계법인	2022-12-31
2019	적정Term 3	삼정회계법인	2019-12-31
2018	적정Term 2	삼정회계법인	2019-12-31
2017	적정Term 1	삼정회계법인	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 · 2026-10-024.37%

BetaDaily 5Y0.05

Equity risk premium%

Terminal growth%

Cost of equity4.63%

Weighted average cost of capital—

Initial growth9.5%

Effective tax rate21.0%

Base fiscal year2025

Current priceKRW127,900

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	159,164	+24.4%
Dividend discount model DDM	189,437	+48.1%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	1,415,091	+1,006.4%
Residual income model RIM	462,872	+261.9%

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 = 4.37% + 0.05 × 5.00% = 4.63%

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(14.87% × (1 − 36.27%), 0) = 9.48%

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 = 4,100 × (1 + 2.00%) / (4.63% − 2.00%) = 4,182 / 0.0263 = 159,164 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 = 4,100, g_1 = 9.48%, g_T = 2.00%, r = 4.63%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	9.48%	4,489	0.9558	4,290
2	7.61%	4,830	0.9135	4,412
3	5.74%	5,107	0.8731	4,459
4	3.87%	5,305	0.8345	4,427
5	2.00%	5,411	0.7976	4,316
Terminal value	2.00%	210,053	0.7976	167,533
Total				189,437

P_0 = 189,437 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 = 75,970 KRW, ROE = 14.87%, payout ratio = 36.27%, r = 4.63%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	75,970	11,297	3,515	7,782	0.9558	7,438
2	83,169	12,368	3,849	8,519	0.9135	7,782
3	91,051	13,540	4,213	9,327	0.8731	8,143
4	99,680	14,823	4,613	10,211	0.8345	8,521
5	109,126	16,228	5,050	11,178	0.7976	8,915
Terminal value				433,944	0.7976	346,103

P_0 = 75,970 + 40,799 + 346,103 = 462,872 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 = 7,707.9 − 2,414.3 + 0.0 (net borrowing) = 5,293.5 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	9.48%	5,795.2	0.9558	5,538.9
2	7.61%	6,236.1	0.9135	5,696.6
3	5.74%	6,593.9	0.8731	5,757.1
4	3.87%	6,849.0	0.8345	5,715.4
5	2.00%	6,986.0	0.7976	5,571.9
Terminal value	2.00%	271,201.0	0.7976	216,303.0
Total				244,582.9

P_0 = 244,582.9 KRW hundred million ÷ 17,283,906 (shares) = 1,415,091 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