Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) was submitted on March 15, 2007. The report provides the non-consolidated audit results for Woori Bank for the fiscal years ended December 31, 2006, and December 31, 2005. The figures presented are subject to change pending approval by the General Shareholders' Meeting.
Key Financial Metrics
All figures are in billions of KRW unless otherwise noted.
| Item | FY 2006 | FY 2005 |
|---|---|---|
| Operating Revenue | 14,281 | 11,227 |
| Operating Profit | 1,624 | 1,643 |
| Recurring Profit | 2,149 | 1,634 |
| Net Income | 1,643 | 1,426 |
| Total Assets | 166,405 | 127,193 |
| Total Liabilities | 155,109 | 117,506 |
| Shareholders' Equity | 11,297 | 9,687 |
| Equity/Paid-in Capital | 355.3% | 304.6% |
The filing does not provide specific data on cash flows, debt ratios, or liquidity metrics beyond total liabilities and equity.
Material Changes
- Revenue Growth: Operating revenue increased by approximately 27.2% year-over-year, rising from 11,227 billion KRW to 14,281 billion KRW.
- Profitability: While operating profit decreased slightly by 1.2% (from 1,643 to 1,624 billion KRW), recurring profit grew significantly by 31.5% to 2,149 billion KRW. Net income increased by 15.2% to 1,643 billion KRW.
- Balance Sheet Expansion: Total assets grew by 30.8% to 166,405 billion KRW, driven by a 32.0% increase in total liabilities to 155,109 billion KRW.
- Capital Strength: Shareholders' equity increased by 16.6%, and the ratio of equity to paid-in capital improved from 304.6% to 355.3%.
Outlook, Risks, and Contingencies
The filing contains no management commentary, forward-looking guidance, or specific discussion of risks and contingencies. The only noted contingency is that the reported financial figures are provisional and subject to change pending the approval of the General Shareholders' Meeting.
Investor Verification Checklist
- Confirm the final approved figures at the General Shareholders' Meeting, as current data is provisional.
- Verify the composition of the 31.5% increase in recurring profit versus the slight decline in operating profit to understand the nature of non-operating gains.
- Review the consolidated financial statements of Woori Financial Group Inc., as this filing presents only non-consolidated data for Woori Bank.
- Assess the impact of the 32% increase in total liabilities on the bank's leverage and liquidity positions.