Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori) covers the month of September 2007. The report announces the inclusion of Hanmi Capital Co., Ltd. ("Hanmi Capital") as a subsidiary effective September 14, 2007, following Woori's acquisition of a majority shareholding.
Key Financial Metrics
The filing provides summary financial data for Hanmi Capital rather than consolidated results for Woori.
| Metric (Won in millions) | Fiscal Year 2006 | As of June 30, 2007 |
|---|---|---|
| Total Assets | 797,379 | 871,621 |
| Total Liabilities | 635,292 | 707,123 |
| Shareholder's Equity | 162,087 | 164,497 |
| Capital | 80,875 | 80,875 |
Transaction Details:
- Purchase Price: Won 271,149 million (representing 2.0% of Woori's total assets).
- Ownership Stake: 8,499,955 shares (50.6% of total shares as of August 30, 2007).
- Subsidiary Count: Woori's first-tier subsidiaries increased from 9 to 10; total subsidiaries increased from 23 to 24.
Material Changes
The primary material change is the consolidation of Hanmi Capital into Woori's group structure. Hanmi Capital operates in leasing, financing, and lending. Between the end of fiscal year 2006 and June 30, 2007, Hanmi Capital's total assets grew by approximately 9.3% (from 797,379 million to 871,621 million Won).
Guidance, Outlook, and Risks
The filing does not provide forward-looking guidance, management commentary on future performance, or specific risk factors related to the acquisition. The document strictly reports the factual inclusion of the subsidiary and its historical financial snapshot.
Investor Verification Checklist
- Verify the integration timeline and expected synergies between Woori and Hanmi Capital.
- Confirm the impact of the Won 271,149 million purchase price on Woori's consolidated balance sheet and liquidity.
- Review the full audited financial statements of Hanmi Capital for the period following June 30, 2007.
- Assess the regulatory implications of increasing the subsidiary count to 24.