Business Context and Reporting Period
This Form 6-K filing by Woori Financial Group Inc. (Woori Bank) was submitted on March 6, 2017. The document discloses the submission of the independent audit report for the fiscal year ended December 31, 2016, prepared by Deloitte Anjin LLC. The filing includes both consolidated and non-consolidated financial statements.
Key Financial Metrics (Fiscal Year 2016)
Consolidated Results (Units: KRW)
- Revenue: 23,598,269,669,665
- Operating Income: 1,574,204,350,141
- Net Income: 1,277,533,388,138
- Income Attributable to Controlling Interests: 1,261,265,963,873
- Total Assets: 310,682,727,259,154
- Total Liabilities: 290,136,774,664,286
- Total Shareholders' Equity: 20,545,952,594,868
- Shareholders' Equity to Capital Stock Ratio: 602.9%
Non-Consolidated Results (Units: KRW)
- Revenue: 21,026,141,318,876
- Operating Income: 1,270,500,140,265
- Net Income: 1,065,602,040,675
- Total Assets: 290,772,143,121,140
- Total Shareholders' Equity: 19,852,517,850,917
Note: The filing text does not provide specific values for cash flow, debt-to-equity ratios, or liquidity metrics beyond total liabilities and equity.
Material Changes Versus Prior Period
Comparing Fiscal Year 2016 to Fiscal Year 2015, the company reported significant growth across key metrics:
- Consolidated Revenue: Increased from 20,481,582,130,595 KRW to 23,598,269,669,665 KRW.
- Consolidated Net Income: Increased from 1,075,392,378,761 KRW to 1,277,533,388,138 KRW.
- Consolidated Total Assets: Increased from 291,859,072,117,108 KRW to 310,682,727,259,154 KRW.
- Consolidated Shareholders' Equity: Increased from 19,309,914,726,331 KRW to 20,545,952,594,868 KRW.
- Subsidiaries: The number of consolidated subsidiaries increased from 71 to 74.
Guidance, Outlook, and Auditor Opinion
The independent auditor, Deloitte Anjin LLC, issued an Unqualified Opinion for both the consolidated and non-consolidated financial statements. The filing does not contain forward-looking guidance, management commentary on future outlook, specific risk factors, or details on contingencies and unusual items beyond the standard financial data presentation.
Key Facts for Investor Verification
- Verify the definition of "Revenue" used in the filing, which explicitly excludes non-operating income and includes interest, fee, commission, dividend, and gain on financial products.
- Confirm the impact of the increase in consolidated subsidiaries (from 71 to 74) on the reported asset and revenue growth.
- Review the full audit report (Exhibits 99.1 & 99.2) for detailed breakdowns of cash flows and specific debt instruments, as these are not detailed in this summary text.
- Note that the Shareholders' Equity to Capital Stock ratio is exceptionally high (602.9%), indicating significant retained earnings or other equity components relative to par value.