Business Context and Reporting Period
This Form 6-K filing by Woori Financial Group Inc. (Woori Financial Group) covers the month of May 2024, with the report dated May 22, 2024. The filing announces a corporate action regarding the acquisition of shares in its subsidiary, Woori Financial F&I Inc., a company specializing in non-performing loans and restructuring investments.
Key Financial Metrics and Transaction Details
The primary financial event is the planned acquisition of 2,298,895 common shares of Woori Financial F&I for approximately KRW 120.0 billion (120,000,020,105). This transaction represents 0.36% of Woori Financial Group's total consolidated equity as of December 31, 2023 (KRW 33.4 trillion). Upon completion, Woori Financial Group will own 100% of Woori Financial F&I's issued shares (6,298,895 total).
Key financial data for Woori Financial F&I (in millions of Won) is as follows:
| Metric | FY2023 | FY2022 |
|---|---|---|
| Total Assets | 877,702 | 336,141 |
| Total Liabilities | 673,265 | 135,562 |
| Total Equity | 204,437 | 200,579 |
| Operating Revenue | 3,851 | 1,077 |
| Net Income | 3,866 | 867 |
Material Changes and Strategic Purpose
The acquisition is intended to secure operational competitiveness and establish a foundation for mid- to long-term sustainable growth by strengthening the non-banking businesses of Woori Financial Group. The transaction will be executed via cash payment through participation in a rights offering, with a scheduled acquisition date of May 27, 2024, subject to change.
Woori Financial F&I demonstrated significant growth in FY2023 compared to FY2022, with total assets increasing from KRW 336.1 billion to KRW 877.7 billion and net income rising from KRW 867 million to KRW 3,866 million.
Outlook, Risks, and Contingencies
The filing notes that the details of the rights offering, including the scheduled acquisition date and purchase price, are subject to change based on future schedules. No specific forward-looking guidance or risk factors beyond the standard contingency of schedule changes were provided in this specific filing text.
Investor Verification Checklist
- Confirm the final execution of the rights offering and the actual acquisition date (currently scheduled for May 27, 2024).
- Verify the final purchase price, which is currently estimated at KRW 120.0 billion but noted as subject to change.
- Review the consolidated financial statements of Woori Financial Group to assess the impact of the KRW 120 billion cash outflow on overall liquidity.
- Monitor the operational performance of Woori Financial F&I to validate the strategic goal of strengthening non-banking business competitiveness.