Business Context and Reporting Period
Woori Financial Group Inc. filed a Form 6-K on April 24, 2026, reporting the outcome of a revaluation of certain land properties. The revaluation base date was March 31, 2026, conducted to reflect fair value under Korean International Financial Reporting Standards (K-IFRS) and improve the company's financial structure.
Key Financial Metrics
| Metric | Value (KRW) |
|---|---|
| Book Value of Revalued Land | 1,779,909,306,318 |
| Value After Revaluation | 4,248,414,441,473 |
| Revaluation Difference (Gain) | 2,468,505,135,155 |
| Total Assets (as of March 31, 2026) | 612,584,818,270,339 |
| Percentage of Revaluation Difference to Total Assets | 0.40% |
| Deferred Tax Liabilities (Increase) | 676.6 billion |
| Revaluation Surplus (Equity Increase) | 1,791.9 billion |
The filing does not provide specific data on revenue, profit, cash flow, operating margins, or debt levels for the period.
Material Changes
The primary material change is the increase in land assets by approximately KRW 2.47 trillion. This adjustment resulted in a corresponding increase in deferred tax liabilities of KRW 676.6 billion and an increase in equity (revaluation surplus) of KRW 1.79 trillion. The revaluation difference represents 0.40% of the company's total assets.
Outlook, Risks, and Unusual Items
- Dividend Restrictions: The revaluation surplus recognized as other comprehensive income is not considered distributable profit for dividends under the Korean Commercial Code.
- Audit Contingency: The reported total assets and provisional accounting details are subject to change based on the results of the external audit.
- Appraisal: The revaluation was performed by MIRAE & SAEHAN APPRAISAL Co., Ltd.
Investor Verification Checklist
- Confirm the final audited figures for total assets and equity after the external audit is completed.
- Verify the specific impact of the KRW 676.6 billion deferred tax liability on future cash tax obligations.
- Review the consolidated financial statements as of March 31, 2026, to understand the baseline book value context.
- Assess the composition of the 318 revalued land parcels to understand geographic and usage concentration risks.