Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) covers the month of March 2005, with the report dated March 11, 2005. The filing specifically addresses a material event regarding the conversion of outstanding overseas convertible bonds into common shares.
Key Financial Metrics and Capital Structure
The filing details the conversion of convertible bonds into equity rather than reporting standard operating financial metrics such as revenue or profit.
- Total Shares Converted: 13,277,254 shares.
- Total Shares Issued (Pre-conversion): 792,738,086 shares (as of December 21, 2004).
- Conversion Percentage: 1.67% of the total share count.
- Bond Series Involved: Series No. 6-1, 6-2, 6-4, and 6-5 of the Overseas Convertible Bonds.
Material Changes and Transaction Details
The primary material change is the reduction of debt and increase in equity capital through bond conversions occurring on three specific dates:
| Request Date | Bond Amount (KRW) | Conversion Price (KRW) | Shares Issued | Listing Date |
|---|---|---|---|---|
| Dec. 21, 2004 | 20,000,000,000 | 5,380 | 3,717,472 | Dec. 28, 2004 |
| Feb. 17, 2005 | 19,452,800,000 | 5,588 | 3,481,173 | Mar. 4, 2005 |
| Mar. 11, 2005 | 43,250,400,000 | 7,313 | 5,914,180 | Mar. 30, 2005 |
| Mar. 11, 2005 | 1,188,500,000 | 7,228 | 164,429 | Mar. 30, 2005 |
Exchange rates applied to the underlying USD amounts (US $16 million, US $36 million, and US $1 million) were Won 1,215.4, Won 1,201.4, and Won 1,188.5, respectively.
Outlook, Risks, and Contingencies
The filing notes that the listing dates for the converted shares are subject to change based on the actions of related parties. No specific management commentary on future outlook, risks, or contingencies beyond the bond conversion mechanics is provided in this document.
Investor Verification Checklist
- Verify the updated total share count following the issuance of 13,277,254 new shares.
- Confirm the final listing dates for the shares issued on March 11, 2005, as they are contingent on related party actions.
- Review the impact of the 1.67% dilution on existing shareholders.
- Check subsequent filings for the updated debt load following the conversion of approximately 83.9 billion KRW in bonds.