Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) reports preliminary consolidated financial performance for the third quarter of 2006 and the nine-month period ended September 30, 2006. The filing was submitted on November 1, 2006. The figures are unaudited and subject to adjustment.
Key Financial Metrics
| Item (Millions KRW) | 3Q 2006 | 9M 2006 | 3Q 2005 | 9M 2005 |
|---|---|---|---|---|
| Operating Revenue | 4,435,427 | 14,099,824 | 3,344,163 | 10,450,895 |
| Operating Profit | 727,417 | 2,016,025 | 677,538 | 1,705,133 |
| Recurring Profit | 838,787 | 2,330,295 | 648,209 | 1,834,360 |
| Net Income | 592,636 | 1,597,156 | 673,178 | 1,500,034 |
The filing does not provide specific data on cash flow, debt levels, liquidity ratios, or profit margins beyond the absolute profit figures listed above.
Material Changes vs. Prior Period
- Quarter-over-Quarter (3Q 2006 vs. 2Q 2006): Operating revenue declined by 10.1%, while operating profit increased by 8.9%. Recurring profit decreased by 2.7%, and net income rose by 5.0%.
- Year-over-Year (3Q 2006 vs. 3Q 2005): Operating revenue grew by 32.6%. Operating profit increased by 7.4%, and recurring profit surged by 29.4%. However, net income decreased by 12.0%.
- Nine-Month Cumulative (9M 2006 vs. 9M 2005): Operating revenue increased by 34.9%. Operating profit rose by 18.2%, recurring profit by 27.0%, and net income by 6.5%.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or specific discussion of risks and contingencies. The document explicitly states that the figures are preliminary interim numbers and have not been reviewed by independent auditors, indicating a risk of future adjustment.
Investor Verification Checklist
- Verify the final audited figures for the third quarter and nine-month period of 2006, as current data is preliminary.
- Investigate the cause of the 12.0% year-over-year decline in third-quarter net income despite a 32.6% increase in operating revenue.
- Confirm the reasons for the 10.1% sequential drop in operating revenue between the second and third quarters of 2006.
- Review subsequent filings for detailed breakdowns of debt, liquidity, and cash flow, which are absent in this summary.