Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) covers the month of March 2009, with a report date of March 13, 2009. The filing discloses the addition of a new second-tier subsidiary, Woori F&I Tenth Asset Securitization Specialty Co., Ltd., to the corporate structure.
Key Financial Metrics
The filing provides specific financial data for the new subsidiary, Woori F&I Tenth Asset Securitization Specialty Co., Ltd., in millions of KRW:
- Establishment Status (March 12, 2009): Total assets of 100; Shareholders' equity of 100; Paid-in capital of 10; Total liabilities of 0.
- Expected Status (March 31, 2009): Total assets of 112,473; Total shareholders' equity of 23,694; Total liabilities of 88,779; Paid-in capital of 2,369.
The filing does not provide consolidated revenue, profit, cash flow, or margin data for the parent company, Woori Finance Holdings Co., Ltd.
Material Changes
The primary material change is the expansion of the subsidiary network. On March 12, 2009, Woori F&I Co., Ltd. (a wholly-owned subsidiary of Woori Finance Holdings) acquired Woori F&I Tenth Asset Securitization Specialty Co., Ltd. This transaction increased the total number of subsidiaries under Woori Finance Holdings to 41.
Outlook, Risks, and Commentary
The new subsidiary is a special-purpose company established under the Asset Securitization Act. Its primary business involves the purchase, management, and disposition of bonds and other instruments. The filing notes an expected asset transfer registration date of March 31, 2009, which correlates with the projected increase in assets and liabilities. No specific risks, contingencies, or management commentary regarding the broader economic outlook are included in this specific report.
Investor Verification Points
- Verify the operational commencement date of Woori F&I Tenth Asset Securitization Specialty Co., Ltd.
- Confirm the specific assets intended for transfer to the new subsidiary by the March 31, 2009 registration date.
- Review the consolidated financial statements of Woori Finance Holdings to assess the impact of this new subsidiary on the group's overall leverage and liquidity.
- Check for subsequent filings regarding the performance of the new securitization vehicle.