Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) covers the period ending March 3, 2006. The filing announces the Board of Directors' resolution to hold the Annual General Meeting of Shareholders for Fiscal Year 2005 on March 28, 2006, and declares a cash dividend for the fiscal year ended December 31, 2005.
Key Financial Metrics
| Item | FY 2005 | FY 2004 |
|---|---|---|
| Net Income (KRW) | 1,688,221,179,916 | 1,261,924,570,239 |
| Dividend per Share (KRW) | 400 | 150 |
| Total Dividend Amount (KRW) | 322,405,116,000 | 119,467,951,650 |
| Outstanding Common Stock | 806,015,340 | 796,455,558 |
| Dividend Ratio | 2.0% | 1.8% |
The filing does not provide specific values for revenue, operating cash flow, profit margins, debt levels, or liquidity ratios beyond the net income and dividend figures listed above.
Material Changes
- Net Income: Increased from approximately KRW 1.26 trillion in FY 2004 to KRW 1.69 trillion in FY 2005.
- Dividend Policy: The Board recommended a significant increase in the dividend per share from KRW 150 to KRW 400, representing a 166.7% increase.
- Dividend Payout: The total dividend amount more than doubled from KRW 119.5 billion to KRW 322.4 billion.
- Share Count: Outstanding common stock increased by approximately 9.5 million shares year-over-year.
Outlook, Risks, and Unusual Items
Management Commentary and Actions: The Board has scheduled the Annual General Meeting to approve non-consolidated financial statements for FY 2005, appoint Audit Committee members, and approve director compensation limits. The dividend is payable to shareholders of record as of December 31, 2005, with an expected disbursement date of April 13, 2006.
Contingencies: The declared dividend is subject to potential adjustment based on the outcome of the Annual General Meeting and/or evaluation by the external auditor.
Accounting Note: FY 2004 figures have been restated to reflect a change in accounting policy for comparative purposes.
Risks: The filing does not explicitly detail new operational risks or contingencies beyond the standard dividend adjustment clause.
Investor Verification Checklist
- Verify the final approval of the KRW 400 per share dividend at the March 28, 2006 Annual General Meeting.
- Confirm the exact dividend disbursement date, as the current date of April 13, 2006, is an expectation.
- Review the full non-consolidated financial statements for FY 2005 to analyze revenue, margins, and debt levels not detailed in this summary.
- Confirm the final appointment of the proposed Audit Committee members.