Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) was submitted on March 8, 2007. The document announces the convening of the Annual General Meeting of Shareholders for the fiscal year ended December 31, 2006, and details the Board of Directors' resolution regarding dividend payments for that period.
Key Financial Metrics
The filing focuses on dividend distribution rather than comprehensive financial statements. Key metrics provided include:
- Dividend per Share: KRW 600 for FY 2006 (compared to KRW 400 for FY 2005).
- Total Dividend Amount: KRW 483,607,671,000 for FY 2006 (compared to KRW 322,405,116,000 for FY 2005).
- Dividend Yield: 2.7% for FY 2006 (compared to 2.0% for FY 2005).
- Outstanding Common Stock: 806,015,340 shares (unchanged from FY 2005).
- Directors' Compensation Limit: KRW 4 billion for 2007 (unchanged from 2006).
The filing text does not provide clear values for revenue, net profit, operating cash flow, margins, debt levels, or liquidity ratios.
Material Changes Versus Prior Period
- Dividend Increase: The proposed dividend per share increased by 50% from KRW 400 in FY 2005 to KRW 600 in FY 2006.
- Compensation Stability: The limit on directors' compensation remained constant at KRW 4 billion.
- Share Count: The number of outstanding common shares remained stable between FY 2005 and FY 2006.
Guidance, Outlook, and Corporate Actions
Annual General Meeting: Scheduled for March 30, 2007, at 09:00 a.m. at the Woori Bank head office in Seoul. The agenda includes approval of non-consolidated financial statements for FY 2006, appointment of an executive director, and selection of Audit Committee members.
Dividend Disbursement: The Board recommends a cash dividend payable to shareholders of record as of December 31, 2006. The expected disbursement date is April 17, 2007, subject to shareholder confirmation at the Annual General Meeting.
Board Appointments: The filing lists candidates for executive director and non-standing Audit Committee members, including Byong-Won Bahk, Bong Soo Park, Woon-Youl Choi, Pyoung Wan Har, Kwang-Dong Kim, In Bong Ha, and Myoung-Soo Choi.
The filing text does not provide specific management commentary on future outlook, risks, contingencies, or unusual items beyond the standard corporate governance announcements.
Investor Verification Checklist
- Confirm the final approval of the KRW 600 per share dividend at the Annual General Meeting on March 30, 2007.
- Verify the actual disbursement date of the dividend, currently expected to be April 17, 2007.
- Review the non-consolidated financial statements for FY 2006 to be approved at the meeting for detailed revenue and profit data.
- Confirm the final appointment of the new executive director and Audit Committee members.