Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Finance Holdings) covers the month of November 2010. The report discloses a corporate structure change involving the acquisition of a second-tier subsidiary.
Key Financial Metrics
The filing provides financial data solely for the newly acquired subsidiary, Woori Ea Eighth Asset Securitization Specialty Co., Ltd. ("Woori Ea"), as of November 23, 2010. Consolidated financial metrics for Woori Finance Holdings are not included in this document.
| Metric | Value (Millions KRW) |
|---|---|
| Total Assets | 72,112 |
| Total Liabilities | 63,362 |
| Total Shareholders' Equity | 8,750 |
| Capital Stock | 177.5 |
The filing does not provide clear values for revenue, profit, cash flow, margins, or debt for the parent company or the subsidiary beyond the balance sheet items listed above.
Material Changes
- Acquisition: On November 23, 2010, Woori F&I Co., Ltd. (a wholly-owned subsidiary of Woori Finance Holdings) acquired 51% of the equity of Woori Ea.
- Corporate Structure: Woori Ea was added as a second-tier subsidiary of Woori Finance Holdings.
- Subsidiary Count: The total number of subsidiaries for Woori Finance Holdings increased to 54 following this addition.
Outlook, Risks, and Commentary
Business Activity: Woori Ea is a special-purpose company established under the Asset Securitization Act. Its primary business involves the purchase, management, and disposition of bonds and other instruments pursuant to the Asset Securitization Act.
Background: Woori Ea was originally established on November 2, 2010, as a wholly-owned subsidiary of Eugene Restructuring Private Real Estate Investment Trust I prior to the acquisition by Woori F&I.
The filing contains no management guidance, forward-looking statements, or discussion of risks and contingencies beyond the description of the transaction.
Investor Verification Checklist
- Verify the impact of the 51% acquisition of Woori Ea on the consolidated financial statements of Woori Finance Holdings.
- Confirm the specific assets transferred to Woori Ea and their quality, given the company's focus on asset securitization.
- Review the remaining 49% equity stake held by Eugene Restructuring Private Real Estate Investment Trust I and any associated agreements.
- Check subsequent filings for the consolidated revenue and profit impact of this new subsidiary.