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 2008. The document announces the Board of Directors' resolution to hold the Annual General Meeting of Shareholders for Fiscal Year 2007 on March 28, 2008, and recommends a cash dividend for the fiscal year.
Key Financial Metrics
The filing does not provide consolidated revenue, profit, cash flow, margins, debt, or liquidity figures. It focuses exclusively on dividend recommendations and shareholder meeting logistics.
| Metric | FY 2007 | FY 2006 |
|---|---|---|
| Dividend per common share (KRW) | 250 | 600 |
| Total dividend amount (KRW) | 201,503,195,000 | 483,607,671,000 |
| Outstanding common shares | 806,015,340 | 806,015,340 |
| Dividend yield (%) | 1.3% | 2.7% |
Material Changes Versus Prior Period
- Dividend Reduction: The recommended dividend per share for FY 2007 is KRW 250, a significant decrease from KRW 600 in FY 2006.
- Total Payout: The total dividend amount decreased from approximately KRW 483.6 billion in FY 2006 to KRW 201.5 billion in FY 2007.
- Yield Decline: The dividend yield dropped from 2.7% in FY 2006 to 1.3% in FY 2007.
Guidance, Outlook, and Management Commentary
The filing contains no forward-looking guidance, revenue outlook, or management commentary regarding operational performance. The primary focus is on corporate governance actions:
- Shareholder Meeting: Scheduled for March 28, 2008, at the Woori Bank head office in Seoul.
- Agenda Items: Approval of non-consolidated financial statements for FY 2007, modification to Articles of Incorporation, appointment of Audit Committee members, and approval of directors' compensation limits.
- Audit Committee: The Board proposed the re-appointment of five existing non-executive directors and the new appointment of two members (Min Joon Bang and Hi Taek Shin) to the Audit Committee.
- Dividend Disbursement: The dividend is payable to shareholders of record as of December 31, 2007, with an expected disbursement date of April 15, 2008, subject to shareholder approval.
Important Facts for Investor Verification
- Verify the final approval of the reduced dividend (KRW 250/share) at the Annual General Meeting on March 28, 2008.
- Confirm the actual disbursement date of the dividend, as the April 15, 2008 date is subject to change.
- Review the non-consolidated financial statements for FY 2007 to understand the financial drivers behind the 58% reduction in dividend payout.
- Monitor the outcome of the proposed modification to the Articles of Incorporation.