Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) was submitted on March 19, 2007. The report provides non-consolidated audit results for the fiscal years ended December 31, 2006, and December 31, 2005. The figures presented are subject to change pending approval by the General Shareholders' Meeting.
Key Financial Metrics
All figures are in billions of KRW unless otherwise noted.
| Item | FY 2006 | FY 2005 |
|---|---|---|
| Operating Revenue | 2,032 | 1,867 |
| Operating Profit | 1,893 | 1,688 |
| Recurring Profit | 2,029 | 1,688 |
| Net Income | 2,029 | 1,688 |
| Total Assets | 13,794 | 12,032 |
| Total Liabilities | 1,860 | 2,314 |
| Shareholders' Equity | 11,933 | 9,717 |
| Shareholders' Equity / Paid-in Capital | 296.10% | 241.12% |
The filing does not provide specific data on cash flows, debt ratios, or liquidity metrics beyond total liabilities and equity.
Material Changes Versus Prior Period
- Profitability Growth: Net income increased by 20.2% year-over-year, rising from 1,688 billion KRW in 2005 to 2,029 billion KRW in 2006.
- Revenue Expansion: Operating revenue grew by 8.8% to 2,032 billion KRW.
- Balance Sheet Strength: Total assets increased by 14.6% to 13,794 billion KRW. Notably, total liabilities decreased by 19.6% from 2,314 billion KRW to 1,860 billion KRW.
- Equity Position: Shareholders' equity grew by 22.8% to 11,933 billion KRW, improving the equity-to-paid-in-capital ratio from 241.12% to 296.10%.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or specific discussion of risks and contingencies. The document serves strictly as a submission of non-consolidated audit figures. A material contingency is noted: the financial figures are provisional and subject to change pending the approval of the General Shareholders' Meeting.
Investor Verification Checklist
- Verify the final approved figures at the General Shareholders' Meeting, as current data is provisional.
- Confirm the scope of "non-consolidated" reporting to understand which subsidiaries or entities are excluded from these figures.
- Investigate the drivers behind the significant 19.6% reduction in total liabilities while assets expanded.
- Review the full consolidated financial statements (if available separately) for a complete picture of the group's liquidity and cash flow, as this filing lacks those details.