Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) covers the second quarter of 2005 and the six-month period ended June 30, 2005. The report was filed on August 1, 2005, and presents preliminary consolidated financial performance figures that have not yet been reviewed by independent auditors.
Key Financial Metrics
| Item (Millions KRW) | 2Q 2005 | 1Q 2005 | 2Q 2004 | YoY Change (2Q) |
|---|---|---|---|---|
| Operating Revenue | 3,387,829 | 3,739,322 | 2,757,355 | 22.87% |
| Operating Profit | 606,891 | 436,737 | 471,677 | 28.67% |
| Recurring Profit | 663,997 | 522,154 | 430,778 | 54.14% |
| Net Income | 464,832 | 362,024 | 330,335 | 40.72% |
Cumulative Six-Month Performance (Ended June 30, 2005):
- Operating Revenue: 7,127,151 million KRW (19.82% increase vs. prior year).
- Operating Profit: 1,043,628 million KRW (183.49% increase vs. prior year).
- Recurring Profit: 1,186,151 million KRW (312.81% increase vs. prior year).
- Net Income: 826,856 million KRW (374.36% increase vs. prior year).
The filing text does not provide specific values for cash flow, debt levels, liquidity ratios, or profit margins.
Material Changes
Woori Finance Holdings reported significant year-over-year growth across all key profitability metrics for the second quarter of 2005 compared to the same period in 2004. Net income surged by 40.72% on a quarterly basis and 374.36% on a cumulative basis. Operating profit increased by 28.67% quarterly and 183.49% cumulatively. While operating revenue grew by 22.87% in the quarter, it declined by 9.40% sequentially from the first quarter of 2005.
Guidance, Outlook, and Risks
The filing contains no specific forward-looking guidance, management commentary on future strategy, or detailed discussion of risks and contingencies. The document explicitly states that the figures are preliminary interim numbers and are subject to adjustment as they have not been reviewed by independent auditors.
Investor Verification Checklist
- Verify the final audited figures for the second quarter and first half of 2005, as current numbers are preliminary.
- Investigate the cause of the sequential decline in operating revenue from Q1 to Q2 2005 despite strong year-over-year growth.
- Review the upcoming Form 20-F for detailed breakdowns of debt, liquidity, and cash flow not included in this summary.
- Confirm the specific drivers behind the 183% cumulative increase in operating profit.