Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) covers the third quarter of 2007, with the report dated November 1, 2007. The document presents preliminary consolidated financial performance figures for the nine-month period ended September 30, 2007. The figures are unaudited and subject to adjustment.
Key Financial Metrics
| Metric (Units: Millions KRW) | 3Q 2007 | Cumulative 9M 2007 |
|---|---|---|
| Operating Revenue | 6,812,088 | 18,457,111 |
| Operating Profit | 557,951 | 2,730,128 |
| Income Before Tax | 560,466 | 2,740,900 |
| Net Income | 323,266 | 1,827,612 |
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 vs. Prior Periods
- Revenue Growth: Third-quarter operating revenue increased 20.7% sequentially from Q2 2007 and 49.2% year-over-year from Q3 2006. Cumulative nine-month revenue rose 28.6% compared to the same period in 2006.
- Profit Decline: Despite revenue growth, operating profit for Q3 2007 fell 37.7% sequentially and 21.9% year-over-year. Net income for Q3 2007 dropped 47.6% sequentially and 45.5% year-over-year.
- Cumulative Performance: On a nine-month basis, operating profit increased 24.7% and net income increased 14.4% compared to the prior year.
Management Commentary and Accounting Notes
The filing notes that in accordance with Statement of Korean Accounting Standards No. 25, the results of operations for Woori Financial (formerly Hanmi Capital) are reflected in consolidated income statement line items other than net income, which excludes the income of Woori Financial. Management emphasizes that these are interim numbers and have not been reviewed by independent auditors.
Investor Verification Checklist
- Verify the final audited figures for the third quarter and nine-month period, as current numbers are preliminary.
- Confirm the specific impact of the Woori Financial (Hanmi Capital) consolidation on net income exclusions.
- Investigate the drivers behind the significant sequential decline in operating profit and net income despite strong revenue growth.
- Review subsequent filings for updated data on debt, liquidity, and cash flow, which are not detailed in this summary.