Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) covers the month of December 2007, specifically dated December 12, 2007. The report details the addition of two new wholly-owned subsidiaries to the corporate structure: Woori F&I Sixth Asset Securitization Specialty Co., Ltd. and Woori F&I Seventh Asset Securitization Specialty Co., Ltd. Both entities are special-purpose companies established under the Asset Securitization Act and are subsidiaries of Woori F&I Co., Ltd.
Key Financial Metrics
The filing provides specific financial data for the two new subsidiaries at two stages: initial capitalization (as of December 11, 2007) and projected status upon asset transfer (December 20, 2007). The filing does not provide consolidated revenue, profit, cash flow, or margin data for the parent company.
| Entity | Metric | Initial Status (Dec 11, 2007) | Projected Status (Dec 20, 2007) |
|---|---|---|---|
| Woori F&I Sixth Asset Securitization | Total Assets (Won) | 10,000,000 | 29,084,000,000 |
| Total Liabilities (Won) | 0 | 24,235,000,000 | |
| Shareholders' Equity (Won) | 10,000,000 | 4,849,000,000 | |
| Woori F&I Seventh Asset Securitization | Total Assets (Won) | 10,000,000 | 33,231,000,000 |
| Total Liabilities (Won) | 0 | 28,056,000,000 | |
| Shareholders' Equity (Won) | 10,000,000 | 5,175,000,000 |
Material Changes
- Subsidiary Expansion: Woori Finance Holdings increased its total number of subsidiaries to 29 following the inclusion of the two new entities.
- Capital Structure: Both subsidiaries were initially capitalized with 10,000,000 Won in paid-in capital. Upon the asset transfer registration date (December 20, 2007), significant asset and liability inflows are projected, increasing total assets to approximately 29 billion Won and 33 billion Won respectively.
- Ownership: Woori F&I Co., Ltd. maintains a 100% stake in both new subsidiaries.
Outlook and Risks
The filing indicates that the financial status presented for December 20, 2007, is an expectation based on the asset transfer registration date. The primary activity involves the issuance of shares (98,780 shares for the Sixth entity and 105,300 shares for the Seventh entity) to facilitate the securitization process. The filing does not contain explicit management commentary on broader market risks, contingencies, or unusual items beyond the structural changes described.
Investor Verification Checklist
- Verify the actual asset transfer completion date and final financial figures for the Sixth and Seventh Asset Securitization entities against the projected December 20, 2007, numbers.
- Confirm the total consolidated impact of these two new subsidiaries on Woori Finance Holdings' overall balance sheet.
- Review the specific assets being securitized to understand the underlying risk profile of the new liabilities.
- Check subsequent filings for any changes in the total number of subsidiaries (currently reported as 29).