Woori Financial Group Inc. Form 6-K Summary
Business Context and Reporting Period
This Form 6-K, filed on March 19, 2019, by Woori Financial Group Inc., a foreign private issuer based in Seoul, Korea, submits the independent audit reports for Woori Bank for the fiscal year ended December 31, 2018. The filing replaces preliminary figures previously disclosed on February 11, 2019, with audited data reviewed by Deloitte Anjin LLC, which issued an unqualified opinion on both consolidated and non-consolidated statements.
Key Financial Metrics (FY 2018)
Consolidated Results (in KRW):
- Revenue: 19,940,555,773,082
- Operating Income: 2,759,301,553,030
- Net Income: 2,051,648,820,324
- Income Attributable to Controlling Interests: 2,033,182,297,297
- Total Assets: 340,447,183,384,855
- Total Liabilities: 318,494,137,861,684
- Total Shareholders' Equity: 21,953,045,523,171
- Equity to Capital Stock Ratio: 642.9%
Non-Consolidated Results (in KRW):
- Revenue: 17,611,403,936,778
- Operating Income: 2,415,690,702,181
- Net Income: 1,810,903,184,989
- Total Assets: 317,392,879,597,073
- Total Shareholders' Equity: 21,049,000,911,401
The filing does not explicitly state cash flow figures, specific debt maturities, or liquidity ratios beyond the balance sheet totals.
Material Changes vs. Prior Period (FY 2017)
Comparing FY 2018 to FY 2017 consolidated figures:
- Revenue: Decreased by approximately 15.9% (from 23.7 trillion KRW to 19.9 trillion KRW).
- Operating Income: Increased by approximately 28.0% (from 2.16 trillion KRW to 2.76 trillion KRW).
- Net Income: Increased by approximately 34.1% (from 1.53 trillion KRW to 2.05 trillion KRW).
- Total Assets: Increased by approximately 7.6% (from 316.3 trillion KRW to 340.4 trillion KRW).
- Subsidiaries: The number of consolidated subsidiaries increased from 53 to 64.
Guidance, Outlook, and Risks
The filing text does not contain forward-looking guidance, management commentary on future outlook, specific risk factors, or details on contingencies. The document serves strictly as a submission of audited historical financial data.
Key Facts for Investor Verification
- Verify the significant divergence between the 15.9% decline in revenue and the 34.1% increase in net income to understand margin expansion drivers.
- Confirm the impact of the increase in consolidated subsidiaries (from 53 to 64) on the reported asset growth and revenue composition.
- Review the full audit report (Exhibits 99.1 & 99.2) for details on non-operating income exclusions and specific line-item changes not detailed in this summary.
- Note that the figures provided are in Korean Won (KRW) and represent the final audited numbers, superseding preliminary estimates.