Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) reports preliminary key financial performance figures for the second quarter of 2006 and the six-month period ended June 30, 2006. The report was filed on July 28, 2006. The figures are unaudited interim numbers subject to adjustment.
Key Financial Metrics
| Metric (Millions KRW) | 2Q 2006 | 1Q 2006 | 2Q 2005 | 6M 2006 Cumulative | 6M 2005 Cumulative |
|---|---|---|---|---|---|
| Operating Revenue | 4,936,154 | 4,728,243 | 3,386,672 | 9,664,397 | 7,110,048 |
| Operating Profit | 668,071 | 620,537 | 605,651 | 1,288,608 | 1,027,595 |
| Recurring Profit | 861,344 | 630,164 | 663,997 | 1,491,508 | 1,186,151 |
| Net Income | 564,413 | 440,107 | 464,832 | 1,004,520 | 826,856 |
The filing does not provide specific data on cash flow, debt levels, liquidity ratios, or explicit margin percentages beyond the raw profit figures.
Material Changes
- Revenue Growth: Operating revenue for 2Q 2006 increased 4.4% sequentially from 1Q 2006 and surged 45.8% year-over-year compared to 2Q 2005.
- Profitability: Net income for 2Q 2006 rose 28.2% sequentially and 21.4% year-over-year. Recurring profit showed the strongest sequential growth at 36.7%.
- Cumulative Performance: On a six-month basis, operating revenue grew 35.9% and net income grew 21.5% compared to the same period in 2005.
Outlook and Risks
The filing contains no specific management guidance, forward-looking outlook, or detailed discussion of risks and contingencies. The only noted contingency is that the financial figures are preliminary, unaudited, and subject to adjustment.
Investor Verification Checklist
- Verify the final audited figures for the second quarter and first half of 2006, as current numbers are preliminary.
- Confirm the drivers behind the 45.8% year-over-year revenue increase to determine if growth is organic or due to one-time items.
- Review subsequent filings for detailed breakdowns of debt, liquidity, and cash flow, which are absent in this summary.
- Monitor the reconciliation of the "Recurring Profit" metric to ensure consistency with standard accounting definitions.