Income Statement Seosan Corporation

Stocks

A079650

KR7079650008

Construction Materials

End-of-day quote Korea S.E. 18/09/2026			5-day change	1st Jan Change
6,370.00 ^KRW	-1.09%		-11.03%	+347.02%

08-14	Seosan Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
05-15	Seosan Corporation Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

93.4f-NcB48Z9XEko3k0qcyoF1TNoGSBjkGJm-pxNreO-s.krL9FG4NK-OIoPS06_Z05QsUUtDUdHN-EQTg9aO5fqWgr9IfQXQ-v7Do5g

Published financial data: SEOSAN CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (KRW)	2022 (KRW)	2023 (KRW)	2024 (KRW)	2025 (KRW)
Revenues	56.09B	49.16B	41.25B	35.68B	45.1B
Other Revenues, Total	-	-	-	-10	-
Total Revenues	56.09B	49.16B	41.25B	35.68B	45.1B
Cost of Goods Sold, Total	44.55B	42.6B	35.89B	33.36B	41.55B
Gross Profit	11.54B	6.56B	5.36B	2.33B	3.55B
Selling General & Admin Expenses, Total	6.58B	6.2B	5.61B	4.58B	6.42B
Provision for Bad Debts	-83.71M	351M	618M	-238M	-46.97M
R&D Expenses	6.92M	4.07M	6.16M	-	-
Depreciation & Amortization - (IS)	332M	215M	191M	207M	258M
Other Operating Expenses	251M	282M	511M	272M	253M
Other Operating Expenses, Total	7.08B	7.05B	6.94B	4.82B	6.88B
Operating Income	4.46B	-491M	-1.58B	-2.49B	-3.33B
Interest Expense, Total	-6.89M	-7.01M	-10.38M	-30.55M	-14.35M
Interest And Investment Income	933M	1.4B	2.64B	2.65B	2.12B
Net Interest Expenses	926M	1.39B	2.63B	2.62B	2.1B
Income (Loss) On Equity Invest.	-	-	-	198M	130M
Other Non Operating Income (Expenses)	340M	536M	569M	-2.5B	-1.47B
EBT, Excl. Unusual Items	5.72B	1.44B	1.62B	-2.18B	-2.56B
Gain (Loss) On Sale Of Investments	74.97M	124M	167M	13.39M	-4.33M
Gain (Loss) On Sale Of Assets	573M	1.82M	110M	155M	-136M
Asset Writedown	-278M	2M	-1M	-213M	-
EBT, Incl. Unusual Items	6.09B	1.57B	1.9B	-2.23B	-2.71B
Income Tax Expense	1B	307M	362M	230M	140M
Earnings From Continuing Operations	5.09B	1.26B	1.53B	-2.46B	-2.85B
Net Income to Company	5.09B	1.26B	1.53B	-2.46B	-2.85B
Minority Interest	-1.15B	-74.53M	24.96M	1.98B	1.86B
Net Income - (IS)	3.94B	1.19B	1.56B	-476M	-985M
Net Income to Common Incl Extra Items	3.94B	1.19B	1.56B	-476M	-985M
Net Income to Common Excl. Extra Items	3.94B	1.19B	1.56B	-476M	-985M
Per Share Items
Net EPS - Basic	197.2	59.3	77.96	-23.8	-49.25
Basic EPS - Continuing Operations	197.2	59.3	77.96	-23.8	-49.25
Basic Weighted Average Shares Outstanding	20M	20M	20M	20M	20M
Net EPS - Diluted	197	59	77.96	-24	-49.25
Diluted EPS - Continuing Operations	197	59	77.96	-24	-49.25
Diluted Weighted Average Shares Outstanding	20M	20M	20M	20M	20M
Normalized Basic EPS	121.36	41.25	51.86	30.91	12.87
Normalized Diluted EPS	121.36	41.25	51.86	30.91	12.87
Payout Ratio	-	-	-	-	-
Supplemental Items
EBITDA	7.88B	2.75B	689M	-355M	-1.26B
EBITA	4.46B	-491M	-1.58B	-2.49B	-3.33B
EBIT	4.46B	-491M	-1.58B	-2.49B	-3.33B
EBITDAR	7.89B	2.77B	702M	-334M	-1.25B
Effective Tax Rate - (Ratio)	16.4	19.57	19.09	-10.33	-5.18
Normalized Net Income	2.43B	825M	1.04B	618M	257M
Supplemental Operating Expense Items
Advertising Expense	13.16M	18.25M	12.66M	28.13M	8.44M
Selling and Marketing Expenses	4.11B	3.65B	3.24B	2.28B	3.66B
General and Administrative Expenses	67.21M	61.53M	62.58M	62.35M	70.71M
Research And Development Expense From Footnotes	6.92M	4.07M	6.16M	-	-
Net Rental Expense, Total	11.04M	17.96M	12.7M	21.17M	12.62M
Maintenance & Repair Expenses, Total	90.5M	101M	87.19M	101M	331M

Fiscal Period: December	2021 (KRW)	2022 (KRW)	2023 (KRW)	2024 (KRW)	2025 (KRW)
Assets
Cash And Equivalents	6B	5.18B	8.09B	11.06B	13.62B
Short Term Investments	46B	55B	56B	55B	51.5B
Total Cash And Short Term Investments	52B	60.18B	64.09B	66.06B	65.12B
Accounts Receivable, Total	8.49B	6.77B	7.07B	5.75B	7.62B
Other Receivables	609M	1.16B	2B	1.69B	1.39B
Notes Receivable	10B	-	-	4M	-
Total Receivables	19.1B	7.93B	9.08B	7.44B	9B
Inventory	6.92B	10.77B	9.75B	8.86B	5.59B
Other Current Assets, Total	289M	227M	174M	281M	548M
Total Current Assets	78.31B	79.11B	83.1B	82.64B	80.26B
Gross Property Plant And Equipment	64.72B	64.84B	64.82B	64.81B	61.24B
Accumulated Depreciation	-37.91B	-41.1B	-42.98B	-44.67B	-44.93B
Net Property Plant And Equipment	26.81B	23.73B	21.84B	20.15B	16.31B
Long-term Investments	6B	6.07B	6.28B	6.5B	7.66B
Other Intangibles, Total	1.02B	1.02B	1.02B	1.02B	1.02B
Deferred Tax Assets Long-Term	-	698M	691M	944M	612M
Other Long-Term Assets, Total	1B	996M	994M	991M	1.53B
Total Assets	113B	112B	114B	112B	107B
Liabilities
Accounts Payable, Total	2.01B	2.28B	2.05B	1.66B	2.33B
Accrued Expenses, Total	310M	288M	245M	223M	244M
Current Income Taxes Payable	542M	-	162M	191M	-
Unearned Revenue Current, Total	-	4.61M	-	11.7M	-
Other Current Liabilities	6.93B	4.21B	4.66B	6.17B	2.55B
Total Current Liabilities	9.8B	6.77B	7.12B	8.25B	5.13B
Unearned Revenue Non Current	11.52M	-	29.26M	-	50.8M
Other Non Current Liabilities	505M	97.44M	453M	107M	321M
Total Liabilities	10.31B	6.87B	7.6B	8.36B	5.5B
Common Stock, Total	2B	2B	2B	2B	2B
Additional Paid In Capital	779M	779M	779M	779M	779M
Retained Earnings	64.71B	66.52B	68.07B	67.6B	66.64B
Comprehensive Income and Other	-457M	-404M	-375M	-347M	470M
Total Common Equity	67.03B	68.89B	70.48B	70.03B	69.89B
Minority Interest	35.79B	35.87B	35.84B	33.86B	32B
Total Equity	103B	105B	106B	104B	102B
Total Liabilities And Equity	113B	112B	114B	112B	107B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	20M	20M	20M	20M	20M
ECS Total Common Shares Outstanding	20M	20M	20M	20M	20M
Book Value / Share	3.35K	3.44K	3.52K	3.5K	3.49K
Tangible Book Value	66.01B	67.87B	69.46B	69.01B	68.88B
Tangible Book Value Per Share	3.3K	3.39K	3.47K	3.45K	3.44K
Total Debt	0	0	0	0	0
Net Debt	-52B	-60.18B	-64.09B	-66.06B	-65.12B
Debt Equivalent Oper. Leases	88.35M	144M	102M	169M	101M
Minority Interest, Total (Incl. Fin. Div)	35.79B	35.87B	35.84B	33.86B	32B
Equity Method Investments, Total	1.22B	1.34B	1.59B	1.79B	1.92B
Inventories - Raw Materials, Total	1.86B	2.2B	1.99B	1.62B	1.27B
Inventories - Finished Goods, Total	5.27B	8.99B	8.56B	8.9B	5.06B
Inventories - Others	950	180	-1.48K	-110	-460
Land - (BS)	6.86B	6.93B	6.93B	7.31B	6.08B
Buildings, Total	17.1B	17.1B	17.11B	16.99B	15.08B
Machinery, Total	40.73B	39.31B	39.31B	40.52B	39.83B
Accumulated Allowance for Doubtful Accounts (Supple)	2.3B	2.65B	3.26B	3.03B	2.97B

Fiscal Period: December	2021 (KRW)	2022 (KRW)	2023 (KRW)	2024 (KRW)	2025 (KRW)
Net Income	3.94B	1.19B	1.56B	-476M	-985M
Depreciation & Amortization - CF	3.42B	3.24B	2.27B	2.14B	2.07B
Depreciation & Amortization, Total	3.42B	3.24B	2.27B	2.14B	2.07B
(Gain) Loss From Sale Of Asset	-573M	-1.82M	-110M	-155M	136M
(Gain) Loss on Sale of Investments - (CF)	10M	-42.93K	80.97M	-13.39M	4.33M
Asset Writedown & Restructuring Costs	278M	-	-	213M	-
(Income) Loss On Equity Investments - (CF)	-84.97M	-126M	-247M	-198M	-130M
Provision and Write-off of Bad Debts	-83.71M	351M	618M	-238M	-46.97M
Other Operating Activities, Total	2.49B	-650M	-404M	2B	-597M
Change In Accounts Receivable	565M	1.37B	-838M	1.57B	-1.82B
Change In Inventories	213M	-4.07B	643M	29.67M	4.13B
Change In Accounts Payable	-3.12B	-2.02B	-144M	-808M	587M
Change in Other Net Operating Assets	138M	-939M	748M	-2.12B	-5.4B
Cash from Operations	7.2B	-1.66B	4.17B	1.94B	-2.05B
Capital Expenditure	-415M	-164M	-402M	-363M	-1.35B
Sale of Property, Plant, and Equipment	1.65B	1.82M	143M	372M	2.64B
Sale (Purchase) of Intangible assets	-273M	-	-	-	-
Investment in Marketable and Equity Securities, Total	-5B	-9B	-1B	1.02B	3.51B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-5B	10B	-	-4M	4M
Other Investing Activities, Total	1.38M	26.19K	-10	960K	-204M
Cash from Investing	-9.04B	840M	-1.26B	1.03B	4.61B
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Other Financing Activities, Total	-10M	-	-	-	-
Cash from Financing	-10M	-	-	-	-
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	-1.85B	-816M	2.91B	2.97B	2.56B
Supplemental Items
Cash Income Tax Paid (Refund)	666M	747M	166M	570M	431M
Levered Free Cash Flow	1.36B	7.13B	1.14B	3.75B	-3.06B
Unlevered Free Cash Flow	1.36B	7.13B	1.15B	3.77B	-3.05B
Change In Net Working Capital	4.16B	-4.36B	-267M	-3.56B	1.69B

Fiscal Period: December	2021 (KRW)	2022 (KRW)	2023 (KRW)	2024 (KRW)	2025 (KRW)
Profitability
Return on Assets	2.5	-0.27	-0.87	-1.38	-1.9
Return on Total Capital	2.78	-0.3	-0.93	-1.48	-2.02
Return On Equity %	5.09	1.21	1.45	-2.34	-2.77
Return on Common Equity	6.08	1.74	2.24	-0.68	-1.41
Margin Analysis
Gross Profit Margin %	20.57	13.34	12.99	6.52	7.87
SG&A Margin	11.72	12.61	13.6	12.83	14.22
EBITDA Margin %	14.05	5.59	1.67	-1	-2.8
EBITA Margin %	7.95	-1	-3.82	-6.99	-7.38
EBIT Margin %	7.95	-1	-3.82	-6.99	-7.38
Income From Continuing Operations Margin %	9.08	2.56	3.72	-6.89	-6.31
Net Income Margin %	7.03	2.41	3.78	-1.33	-2.18
Net Avail. For Common Margin %	7.03	2.41	3.78	-1.33	-2.18
Normalized Net Income Margin	4.33	1.68	2.51	1.73	0.57
Levered Free Cash Flow Margin	2.42	14.49	2.76	10.52	-6.77
Unlevered Free Cash Flow Margin	2.43	14.5	2.78	10.57	-6.75
Asset Turnover
Asset Turnover	0.5	0.44	0.37	0.32	0.41
Fixed Assets Turnover	1.94	1.95	1.81	1.7	2.47
Receivables Turnover (Average Receivables)	6.44	6.45	5.96	5.57	6.75
Inventory Turnover (Average Inventory)	6.88	4.82	3.5	3.58	5.75
Short Term Liquidity
Current Ratio	7.99	11.68	11.67	10.02	15.66
Quick Ratio	6.24	10.05	10.28	8.91	14.46
Operating Cash Flow to Current Liabilities	0.73	-0.24	0.59	0.24	-0.4
Days Sales Outstanding (Average Receivables)	56.65	56.62	61.23	65.74	54.07
Days Outstanding Inventory (Average Inventory)	53.04	75.79	104.35	102.1	63.45
Average Days Payable Outstanding	16.31	16.84	22.62	20.88	19.02
Cash Conversion Cycle (Average Days)	93.38	115.58	142.97	146.96	98.5
Long Term Solvency
Total Liabilities / Total Assets	9.12	6.16	6.67	7.44	5.12
EBIT / Interest Expense	646.73	-69.96	-151.97	-81.66	-232.09
EBITDA / Interest Expense	1.14K	392.01	66.4	-11.63	-88.01
(EBITDA - Capex) / Interest Expense	1.08K	368.69	27.71	-23.52	-181.83
Net Debt / EBITDA	-6.6	-21.89	-93.03	185.91	51.56
Net Debt / (EBITDA - Capex)	-6.97	-23.27	-222.95	91.96	24.96
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	41.67	-12.34	-16.09	-13.5	26.4
Gross Profit, 1 Yr. Growth %	-1.17K	-43.14	-18.29	-56.61	52.61
EBITDA, 1 Yr. Growth %	-261.66	-65.1	-74.94	-151.58	255.43
EBITA, 1 Yr. Growth %	-153.1	-111.01	221.34	58.2	33.51
EBIT, 1 Yr. Growth %	-153.1	-111.01	221.34	58.2	33.51
Earnings From Cont. Operations, 1 Yr. Growth %	-140.3	-75.25	21.73	-260.27	15.71
Net Income, 1 Yr. Growth %	-161.11	-69.93	31.48	-130.53	106.95
Normalized Net Income, 1 Yr. Growth %	-268.48	-66.01	25.72	-48.12	-58.36
Diluted EPS Before Extra, 1 Yr. Growth %	-160.99	-70.05	32.14	-130.78	105.22
Accounts Receivable, 1 Yr. Growth %	-4.88	-20.26	4.51	-18.77	32.58
Inventory, 1 Yr. Growth %	14.97	55.53	-9.42	-9.2	-36.87
Net Property, Plant and Equip., 1 Yr. Growth %	-13.73	-11.47	-7.98	-7.75	-19.04
Total Assets, 1 Yr. Growth %	2.9	-1.33	2.05	-1.47	-4.33
Tangible Book Value, 1 Yr. Growth %	6.61	2.82	2.34	-0.64	-0.2
Common Equity, 1 Yr. Growth %	6.97	2.78	2.3	-0.64	-0.19
Cash From Operations, 1 Yr. Growth %	670.97	-123.01	-351.87	-53.45	-205.72
Capital Expenditures, 1 Yr. Growth %	177.07	-60.59	145.43	-9.58	270.81
Levered Free Cash Flow, 1 Yr. Growth %	-68.45	424.3	-84.01	229.4	-181.38
Unlevered Free Cash Flow, 1 Yr. Growth %	-68.39	422.96	-83.92	229.2	-180.73
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.46	11.44	-14.24	-14.8	4.56
Gross Profit, 2 Yr. CAGR %	79.22	146.32	-31.84	-40.46	-18.63
EBITDA, 2 Yr. CAGR %	152.2	-24.89	-70.43	-64.05	35.39
EBITA, 2 Yr. CAGR %	-4.43	-75.82	-40.51	125.47	45.33
EBIT, 2 Yr. CAGR %	-4.43	-75.82	-40.51	125.47	45.33
Earnings From Cont. Operations, 2 Yr. CAGR %	33.91	-68.42	-45.12	39.68	36.18
Net Income, 2 Yr. CAGR %	81.11	-57.13	-37.12	-36.65	-20.52
Normalized Net Income, 2 Yr. CAGR %	103.07	-24.33	-34.63	-13.43	-53.52
Diluted EPS Before Extra, 2 Yr. CAGR %	81.02	-57.26	-37.09	-36.22	-20.52
Accounts Receivable, 2 Yr. CAGR %	-22.24	-12.91	-8.71	-7.86	3.78
Inventory, 2 Yr. CAGR %	1.84	33.73	18.69	-9.31	-24.29
Net Property, Plant and Equip., 2 Yr. CAGR %	-11.77	-12.61	-9.74	-7.87	-13.58
Total Assets, 2 Yr. CAGR %	-2.58	0.76	0.35	0.27	-2.91
Tangible Book Value, 2 Yr. CAGR %	-2.8	4.7	2.58	0.84	-0.42
Common Equity, 2 Yr. CAGR %	-2.51	4.85	2.54	0.82	-0.41
Cash From Operations, 2 Yr. CAGR %	118.31	33.19	-23.87	8.28	-29.85
Capital Expenditures, 2 Yr. CAGR %	214.37	4.5	-1.65	48.97	83.11
Levered Free Cash Flow, 2 Yr. CAGR %	53.39	28.6	-8.43	-27.42	63.73
Unlevered Free Cash Flow, 2 Yr. CAGR %	53.82	28.58	-8.31	-27.25	63.02
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-12.39	-2.1	1.38	-13.99	-2.83
Gross Profit, 3 Yr. CAGR %	11.12	22.23	70.51	-41.37	-18.52
EBITDA, 3 Yr. CAGR %	89.54	30.44	-47.91	-64.41	-22.84
EBITA, 3 Yr. CAGR %	20.93	-53.49	-42.72	-17.58	89.33
EBIT, 3 Yr. CAGR %	20.93	-53.49	-42.72	-17.58	89.33
Earnings From Cont. Operations, 3 Yr. CAGR %	47.91	-23.73	-50.48	-21.55	31.18
Net Income, 3 Yr. CAGR %	72.32	-0.46	-37.72	-50.58	-6
Normalized Net Income, 3 Yr. CAGR %	83.22	11.91	-10.38	-36.61	-32.17
Diluted EPS Before Extra, 3 Yr. CAGR %	71.58	-0.62	-37.74	-50.43	-5.84
Accounts Receivable, 3 Yr. CAGR %	-11.8	-21.58	-7.45	-12.19	4.02
Inventory, 3 Yr. CAGR %	-2.88	17.28	17.44	8.55	-19.63
Net Property, Plant and Equip., 3 Yr. CAGR %	-11.39	-11.67	-11.09	-9.08	-11.75
Total Assets, 3 Yr. CAGR %	-3.1	-2.16	1.19	-0.26	-1.28
Tangible Book Value, 3 Yr. CAGR %	-3.2	-0.96	3.9	1.49	0.49
Common Equity, 3 Yr. CAGR %	-2.99	-0.78	4	1.47	0.48
Cash From Operations, 3 Yr. CAGR %	20.25	3.12	64.71	-35.38	7.42
Capital Expenditures, 3 Yr. CAGR %	-58.58	57.34	38.9	-4.37	101.89
Levered Free Cash Flow, 3 Yr. CAGR %	114	131.06	-35.81	40.31	-24.59
Unlevered Free Cash Flow, 3 Yr. CAGR %	114.23	131.29	-35.71	40.4	-24.68
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-13.01	-13.3	-13.14	-7.4	2.64
Gross Profit, 5 Yr. CAGR %	-20.63	-20.43	-8.61	-8.33	26.84
EBITDA, 5 Yr. CAGR %	-20.68	-24.32	-9.85	-22.1	-23.67
EBITA, 5 Yr. CAGR %	-27.31	-41.76	-8.95	-12.55	-16.87
EBIT, 5 Yr. CAGR %	-27.31	-41.76	-8.95	-12.55	-16.87
Earnings From Cont. Operations, 5 Yr. CAGR %	-21.3	-27.05	-0.51	-2.84	-25.78
Net Income, 5 Yr. CAGR %	-14.77	-21.16	15.13	-16.92	-31.34
Normalized Net Income, 5 Yr. CAGR %	-14.22	-20.89	21.32	0.99	-29.14
Diluted EPS Before Extra, 5 Yr. CAGR %	-14.81	-21.27	14.86	-16.78	-31.35
Accounts Receivable, 5 Yr. CAGR %	-12.31	-12.97	-10.58	-16.36	-3.11
Inventory, 5 Yr. CAGR %	-1.14	0.62	5.23	5.82	-1.48
Net Property, Plant and Equip., 5 Yr. CAGR %	-6.33	-8.18	-10.74	-10.17	-12.1
Total Assets, 5 Yr. CAGR %	-1.65	-2.49	-1.74	-1.2	-0.47
Tangible Book Value, 5 Yr. CAGR %	-0.97	-1.38	-0.93	-0.25	2.15
Common Equity, 5 Yr. CAGR %	-0.87	-1.26	-0.82	-0.14	2.21
Cash From Operations, 5 Yr. CAGR %	-16.9	-24.89	0.16	5.16	17.07
Capital Expenditures, 5 Yr. CAGR %	-49.93	-37.31	-41.47	53.94	55.14
Levered Free Cash Flow, 5 Yr. CAGR %	-9.77	16.94	52.39	45.4	-6.64
Unlevered Free Cash Flow, 5 Yr. CAGR %	-9.77	16.94	52.56	45.62	-6.72