Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group) reports preliminary, unaudited consolidated financial results for the first quarter ended March 31, 2009. The filing also includes non-consolidated preliminary results for its wholly-owned subsidiary, Woori Bank. The data was released on May 7, 2009.
Key Financial Metrics (1Q 2009)
| Metric (Millions KRW) | Woori Finance Holdings (Consolidated) | Woori Bank (Non-Consolidated) |
|---|---|---|
| Revenue | 24,242,039 | 21,422,131 |
| Operating Income | 290,886 | 186,840 |
| Income Before Tax | 252,059 | 173,899 |
| Net Income | 162,280 | 167,453 |
Note: The filing text does not provide specific values for cash flow, debt levels, liquidity ratios, or profit margins.
Material Changes vs. Prior Periods
- Year-Over-Year (vs. 1Q 2008):
- Consolidated Revenue increased 75.3% to 24.2 trillion KRW.
- Consolidated Net Income decreased 70.3% to 162.3 billion KRW.
- Woori Bank Revenue increased 88% to 21.4 trillion KRW.
- Woori Bank Net Income decreased 62% to 167.5 billion KRW.
- Quarter-Over-Quarter (vs. 4Q 2008):
- Both the Group and Woori Bank reported a significant turnaround from losses to profits. In 4Q 2008, the Group reported a Net Loss of 664.8 billion KRW, while Woori Bank reported a Net Loss of 691.1 billion KRW.
- Revenue declined 38.0% for the Group and 38% for Woori Bank compared to the previous quarter.
Outlook, Risks, and Unusual Items
- Preliminary Status: All figures are preliminary and subject to adjustment as they have not been reviewed by independent auditors.
- Acquisition Accounting: The consolidated results include the operations of Woori Aviva Life Insurance. However, Woori Aviva's net income prior to its acquisition date (April 1, 2008) is not reflected in the Group's net income.
- Management Commentary: The filing contains no forward-looking guidance, specific risk factors, or management commentary beyond the presentation of the financial tables.
Investor Verification Checklist
- Verify the final audited figures once the official annual report is released, as current data is preliminary.
- Confirm the specific impact of the Woori Aviva Life Insurance acquisition on the consolidated net income calculation.
- Investigate the causes of the 38% revenue decline quarter-over-quarter despite the return to profitability.
- Review the full 2008 annual report to understand the magnitude of the 4Q 2008 losses that preceded this quarter's recovery.