Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) dated February 6, 2004, reports tentative financial performance figures and a dividend plan for its wholly-owned subsidiary, Woori Bank, for the fiscal year ended December 31, 2003. The figures are subject to future adjustment following external audit and the general shareholders' meeting.
Key Financial Metrics
| Metric (Millions KRW) | FY2003 | FY2002 |
|---|---|---|
| Revenue | 7,621,300 | 6,607,882 |
| Ordinary Income | 1,429,662 | 595,988 |
| Net Profit | 1,332,185 | 779,571 |
| Total Dividends | 580,080 | 138,220 |
| Dividend Per Share (KRW) | 1,017 | 250 |
Liquidity and Debt: The filing text does not provide specific values for total debt, cash flow, or liquidity ratios.
Margins: The filing text does not explicitly state profit margin percentages, though Net Profit increased significantly relative to Revenue.
Material Changes vs. Prior Period
- Revenue Growth: Revenue increased by 1,013,418 million KRW (approx. 15.3%) driven by a 750,994 million KRW increase in interest income and a 262,424 million KRW increase in other income.
- Profit Surge: Net Profit rose by 552,614 million KRW (approx. 70.9%). This was primarily due to higher interest income (750,994 million KRW) and other income (43,189 million KRW), partially offset by increased interest expenses (98,021 million KRW) and SG&A expenses (143,548 million KRW).
- Dividend Expansion: The total dividend payout increased by 319.7% to 580,080 million KRW. The dividend per share rose 306.8% to 1,017 KRW, and the dividend ratio increased from 5% to 20.34%.
Outlook, Risks, and Unusual Items
Management Commentary: The Board of Directors resolved the dividend plan on February 5, 2004. The reported figures are tentative and subject to adjustment after external audit.
Risks and Contingencies: The filing does not explicitly detail specific risk factors or contingencies beyond the standard disclaimer regarding the tentative nature of the unaudited figures.
Unusual Items: The filing notes a significant increase in SG&A expenses (143,548 million KRW) alongside the revenue growth, which contributed to the net profit calculation but was not detailed further.
Investor Verification Checklist
- Verify the final audited financial statements for FY2003 to confirm the tentative revenue and net profit figures.
- Confirm the exact date and terms of the dividend payment following the general shareholders' meeting.
- Review the detailed breakdown of the 143,548 million KRW increase in SG&A expenses to understand cost structure changes.
- Check for any subsequent filings regarding the external audit adjustments mentioned in the disclaimer.