6-K 1 d79300d6k.htm FORM 6-K Form 6-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2021

Commission File Number: 001-31811

 

 

Woori Financial Group Inc.

(Translation of registrant’s name into English)

 

 

51, Sogong-ro, Jung-gu, Seoul, 04632, Korea

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒                 Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

 

 


LOGO

51, Sogong-ro,

Jung-gu, Seoul, 04632 Korea

March 5, 2021

To Shareholders:

Convocation Notice of the Annual General Meeting of Shareholders

Notice is hereby given that an Annual General Meeting of Shareholders of Woori Financial Group (the “Company”) will be held as described hereunder and your attendance is cordially requested.

 

   

Very truly yours,

Tae Seung Son

Chief Executive Officer

Woori Financial Group

51, Sogong-ro, Jung-gu

Seoul 04632, Korea

Description

 

1. Date and Time    March 26, 2021; 10 A.M. (Local time)
2. Venue   

Synergy Hall, 5th floor, Woori Bank, 51, Sogong-ro, Jung-gu, Seoul, Korea

(subject to change in the case of extraordinary circumstances)

3. Agenda    1. Approval of financial statements for the fiscal year 2020
  

2. Approval of amendments to the Articles of Incorporation

 

3. Approval of reduction of Capital Reserve

 

4. Appointment of directors (1 standing director, 4 outside directors)

 

- 4-1 Candidate for standing director : Won-Duk Lee

 

- 4-2 Candidate for outside director : Sung-Tae Ro

 

- 4-3 Candidate for outside director : Sang-Yong Park

 

- 4-4 Candidate for outside director : Zhiping Tian

 

- 4-5 Candidate for outside director : Dong-Woo Chang

 

5. Appointment of outside director who will serve as an Audit Committee Member

 

- Candidate for outside director who will serve as an Audit Committee Member :

 Chan-Hyoung Chung


  

6. Appointment of Audit Committee Members who are outside directors

 

- 6-1 Candidate for Audit Committee Member who is an outside director : Sung-Tae Ro

 

- 6-2 Candidate for Audit Committee Member who is an outside director : Dong-Woo Chang

 

7. Approval of the maximum limit on directors’ compensation


Reference Document for the Exercise of Voting Rights

1. Approval of financial statements for the fiscal year 2020

Please refer to Appendix A.

The consolidated and separate financial statements in Appendix A have not yet been audited and are subject to change. For the audited financial statements, please refer to the Audit Reports to be furnished to the U.S. Securities and Exchange Commission as exhibits to a future Form 6-K.

2. Approval of amendments to the Articles of Incorporation (the “AOI”)

Please refer to Appendix B.

3. Approval of reduction of Capital Reserve

• Capital reserve reduction amount (to be transferred to retained earnings) : KRW 4 trillion (within the range permitted under the Korean Commercial Code)

• Since the total amount of capital reserves and profit reserves accumulated in the Company exceeds 1.5 times the amount of capital stock, we are transferring part of the excess capital reserve (the capital surplus of the holding company on a separate basis) to retained earnings, pursuant to Article 461-2 of the Korean Commercial Code.

4. Appointment of directors

[ Details of Director Candidates ]

 

    

Name

  

Date of Birth

  

Director Classification

  

Whether Directors who
are member of
the Audit Committee
are elected separately

  

Relationship

with the

Majority

Shareholder

  

Recommended by

4-1    Won-Duk Lee    Jan. 15, 1962    Standing Director    No    None    Board of Directors
4-2    Sung-Tae Ro    Sep. 3,1946    Outside Director    No    None    Officer Candidate Recommendation Committee
4-3    Sang-Yong Park    Feb. 21, 1951    Outside Director    No    None    Officer Candidate Recommendation Committee
4-4    Zhiping Tian    Feb. 2, 1966    Outside Director    No    None    Officer Candidate Recommendation Committee
4-5    Dong-Woo Chang    Jan. 21,1967    Outside Director    No    None    Officer Candidate Recommendation Committee

 

1)

The terms of standing director candidate Won-Duk Lee & outside director candidates Sung-Tae Ro, Sang-Yong Park, Zhiping Tian and Dong-Woo Chang are from the time of appointment at the AGM for FY2020 to the end of the AGM for FY2021


[ Experience ]

 

    

Name

  

Career Highlights

  

Transactions
with the
Company within
the past three
years

4-1   

Won-Duk

Lee

  

2021-Current

2020-2021

2018-2020

2017-2018

2017-2017

2014-2017

2014-2014

2013-2014

2012-2013

2009-2012

  

-  Senior Deputy President, Woori Financial Group

-  Deputy President, Strategy Planning Unit, Woori Financial Group

-  Executive Vice President, Management and Finance Planning Group, Woori Bank

-  Managing Director, Management and Finance Planning Group, Woori Bank

-  Managing Director, Future Strategy Division, Woori Bank

-  Senior General Manager, Future Strategy Department, Woori Bank

-  General Manager, Strategy Business Department, Woori Bank

-  General Manager, Strategy & Planning Department, Woori Financial Group

-  General Manager, Global Strategy Department, Woori Financial Group

-  General Manager, Treasury Department, Woori Bank

   None
4-2    Sung-Tae Ro   

2019-Current

2018-Current

2017-Current

2012-2014

2007-2012

  

- Outside Director, Woori Financial Group (Chairman of Board of Directors)

- Chairperson, Samsung Dream Scholarship Foundation

- Outside Director, Woori Bank (Chairman of Risk Management Committee)

- Adviser, Hanwha Life Insurance CO, Ltd

- President, Hanwha Life Economic Research Institute

   None
4-3    Sang-Yong Park   

2019- Current

 

2018- Current

2017- Current

2016-  Current

2013-2015

2009-2012

  

- Outside director, Woori Financial Group (Chairman of Risk Management Committee)

- Auditor, Educational Foundation of Yonsei University

- Outside Director, Woori Bank (Chairman of Board of Directors)

- Director, Seoul Financial Forum

- Civilian Chair, Public Fund Oversight Committee

- Professor and Dean, School of Business & Graduate school of Business, Yonsei University

   None
4-4    Zhiping Tian   

2019- Current

2017-2018

2016-  Current

2014-2014

2013-2014

 

2008-2012

  

- Outside Director, Woori Financial Group

- Outside Director, Woori Bank

- Vice President, Beijing FUPU DAOHE Investment Management Ltd.

- Head of Business Preparation Task Force, SPD Singapore branch

- Director-General Manager, Industrial and Commercial Bank of China

(ICBC) London Limited

- Director-General Manager, Industrial and Commercial Bank of China

(ICBC) Middle East Limited

   None
4-5    Dong-Woo Chang   

2019-Current

 

2017-2018

 

2003-Current

  

- Outside Director, Woori Financial Group (Chairman of Officer Candidate Recommendation Committee)

- Outside Director, Woori Bank (Chairman of Officer Candidate Recommendation Committee)

- CEO, IMM Investment Corp.

   None


    

Name

  

Delinquent tax payments

  

Executive officer of any

insolvent company

  

Grounds for potential

disqualification by law

4-1    Won-Duk Lee    None    None    None
4-2    Sung-Tae Ro    None    None    None
4-3    Sang-Yong Park    None    None    None
4-4    Zhiping Tian    None    None    None
4-5    Dong-Woo Chang    None    None    None


[ Execution Plan of Candidates (for appointment of outside directors only) ]

 

   

Candidate: Sung-Tae Ro

1) Expertise

• This candidate holds a Ph.D.in Economics from Harvard Graduate School and is an expert in the field of Economics who served as the president of the Korea Economic Research Institute and the president of Hanwha Life Economic Research Institute. He will contribute to enhancing the expertise of the board of directors by sharing his in-depth perspectives in the macroeconomic field.

2) Independence

This candidate has no business relations with either the largest shareholder or the Company and will perform his duties fairly and independently for the benefit of all shareholders and financial consumers.

3) Job performance

• In order to achieve the Company’s vision of becoming a ‘financial group that creates tomorrow’s value with today’s innovation, this candidate will faithfully make proposals for the advancement of the Company and carry out internal control supervision activities based on his expertise and independence.

 

   

Candidate: Sang-Yong Park

1) Expertise

• This candidate holds a Ph.D. in Business Administration from New York University Graduate School, and is an expert in the field of business management who has worked as a professor in the Department of Business Administration at Yonsei University for more than 30 years. As an expert on governance, he has served as an outside director at numerous institutions and as the civilian chair of the Public Fund Oversight Committee, and he plans to establish an exemplary and advanced board operation and system.

2) Independence

• This candidate has no business relations with either the largest shareholder or the Company and will perform his duties fairly and independently for the benefit of all shareholders and financial consumers.

3) Job performance

• This candidate will faithfully carry out recommendations for the Company’s development and supervisory activities for internal control based on his independence and expertise, and will continue to contribute to the group’s development.

 

   

Candidate: Zhiping Tian

1) Expertise

• This candidate is a highly experienced person who served as the CEO at a global leading bank, the Industrial and Commercial Bank of China for Middle East Limited and London Limited. Drawing upon his experiences as the CEO of a global bank, he will contribute to enhancing the expertise of the board of directors by helping the group’s overseas expansion.

2) Independence

• This candidate has no business relations with either the largest shareholder or the Company and will perform his duties fairly and independently for the benefit of all shareholders and financial consumers.


3) Job performance

• This candidate will faithfully carry out recommendations for the Company’s development and supervisory activities for internal control based on his independence and expertise, and will continue to contribute to the group’s development.

 

   

Candidate: Dong-Woo Chang

1) Expertise

• This candidate is a certified public accountant and is an expert in the field of accounting with many years of experience working in an accounting firm. Serving as the CEO of IMM Investment Corp., he has successfully led a number of corporate investments with excellent analysis and insight. Based on this, he will contribute to enhancing the expertise of the board of directors by expressing his professional opinions on entering into new business areas and conducting M&A.

2) Independence

• This candidate has no business relations with either the largest shareholder or the Company and will perform his duties fairly and independently for the benefit of all shareholders and financial consumers.

3) Job performance

• This candidate will faithfully carry out recommendations for the Company’s development and supervisory activities for internal control based on his independence and expertise, and will continue to contribute to the group’s development.

[ Reasons for recommendation by the Board of Directors ]

 

   

Candidate: Won-Duk Lee

• As Senior Deputy President, this candidate is currently in charge of the overall corporate business, including strategy, finance, and digital operations. The candidate previously served as the General Manager of the Treasury Department and the Senior General Manager of the Future Strategy Department, and served as Executive Vice President of Woori Bank’s Management and Finance Planning Group from December 2018 to February 2020, contributing to the Bank’s achievement of record earnings.

Recommended as a standing director as this candidate is expected to contribute to the Company’s continued growth and increase in customer and shareholder value through his expertise and experience.

 

   

Candidate: Sung-Tae Ro

• This candidate holds a Ph.D.in Economics at Harvard Graduate School and is an expert in the field of Economics who served as the president of the Korea Economic Research Institute and the president of Hanwha Life Economic Research Institute. He contributed to enhancing the expertise of the board of directors by expressing opinions of management issues from an in-depth perspective in the macroeconomic field. As the chairman of the board of directors, he displayed both an appreciative character and leadership, and played a key role in promoting the consolidation of the board of directors and eliciting smooth communication between directors and management.

• Recommended as an outside director, as this candidate is expected to greatly contribute to the Company’s sound management and group development, such as strong ethical responsibility for the job and emphasis on fairness and transparency in work.


   

Candidate: Sang-Yong Park

• This candidate, as a top-level management expert, contributed greatly to the development of the group’s management by presenting reasonable opinions on major management issues, based on his deep understanding of the Company. As an expert on governance, who has served as an outside director at numerous institutions and as the civilian chair of the Public Fund Oversight Committee, he contributed to the advancement of corporate governance structure and the improvement of board operations. He led the board of directors’ active discussion culture by presenting constructive and effective opinions based on a wealth of expertise in not only the management field but also in the overall financial sector, and was evaluated as having a strong sense of responsibility by promoting harmony among members.

• Recommended as an outside director, as this candidate is expected to continue to contribute to the group’s development.

 

   

Candidate: Zhiping Tian

• This candidate contributed to the group’s development by presenting opinions and solutions from various perspectives related to the group’s overseas expansion and the system of advanced financial institutions abroad based on his experience as the CEO of a global leading bank. As a member of the Risk Management Committee, he has excellent risk analysis capabilities and contributes to the sound management development of the company by continuously presenting opinions on key issues such as the ‘staged crisis management system’. In particular, despite residing abroad, he has actively participated as a member of the board of directors through conference calls and was evaluated as performing reasonable and fair board activities for the benefit of shareholders and stakeholders.

• Recommended as an outside director in consideration of the above facts.

 

   

Candidate: Dong-Woo Chang

• This candidate, as a certified public accountant, is an expert in the field of accounting with many years of experience working at an accounting firm, and faithfully executed the responsibilities and duties of a director, such as helping the Company prepare preemptive countermeasures to financial and accounting-related issues. As a professional manager, he made great contributions to enhancing the expertise of the board of directors by expressing his professional opinions on entering into new business areas and conducting M&A, based on his deep insight and his experiences in general management. In addition, as the chairman of the Officer Candidate Recommendation Committee, he has been evaluated as having faithfully performed his assigned roles, such as enhancing the management succession program and systemizing the management of candidates to stabilize the Company’s governance structure.

• Recommended as an outside director, as this candidate is expected to contribute to the group’s development in the future.

5. Appointment of outside director who will serve as Audit Committee Member

[ Details of Director Candidates ]

 

    

Name

  

Date of Birth

  

Director
Classification

  

Whether Directors
who are member of
the Audit Committee
are elected separately

  

Relationship
with the
Majority
Shareholder

  

Recommended by

5-1   

Chan-Hyoung

Chung

   Feb. 15, 1956    Outside Director    Elected separately    None    Officer Candidate Recommendation Committee
1)

The term of outside director candidate Chan-Hyoung Chung is from the time of appointment at the AGM for FY2020 to the end of the AGM for FY2021


[ Experience ]

 

    

Name

  

Career Highlights

  

Transactions
with the
Company within
the past three
years

5-1   

Chan-Hyoung

Chung

  

2019-Current

 

2018-Current

2018-2019

2015-2018

2015-2015

2007-2014

  

- Outside Director, Woori Financial Group (Chairman of Audit Committee & Compensation Committee)

- Outside Director, Woori Bank (Chairman of Audit Committee)

- Advisor, POSCO Capital

- CEO, POSCO Capital

- Vice Chairman, Korea Investment Management

- CEO and President, Korea Investment Management

   None

 

    

Name

  

Delinquent tax payments

  

Executive officer of any

insolvent company

  

Grounds for potential
disqualification by law

5-1    Chan-Hyoung Chung    None    None    None

[ Execution Plan of Candidates (for appointment of outside directors only) ]

 

   

Candidate: Chan-Hyoung Chung

1) Expertise

• This candidate is an expert in the field of Finance who served as the CEO of POSCO Capital and the CEO & president of Korea Investment Management. After being appointed as an outside director, he will contribute to enhancing the expertise of the board of directors with his extensive experience and insights into the financial industry.

2) Independence

• This candidate has no business relations with either the largest shareholder or the Company and will perform his duties fairly and independently for the benefit of all shareholders and financial consumers.

3) Job performance

• In order to achieve the Company’s vision of becoming a ‘financial group that creates tomorrow’s value with today’s innovation’, this candidate will faithfully make proposals for the advancement of the Company and carry out internal control supervision activities based on his expertise and independence

[ Reasons for recommendation by the Board of Directors ]

 

   

Candidate: Chan-Hyoung Chung

• This candidate has a deep knowledge of the financial industry and an excellent understanding of his job based on his deep insights and long experience as a corporate manager. In particular, he has excellent information-gathering and analysis power, and has contributed significantly to the Company’s financial and audit-related discussions by presenting balanced opinions that prevented biased management and decision-making. In particular, as the Chairman of the Audit Committee, he has contributed greatly to the sound management of the Company by actively communicating with the management and external auditors to improve the transparency of the Company’s finance and management, and making rational decisions.

Recommended as an outside director, as this candidate is evaluated as having faithfully performed the position of outside director by showing a strong sense of responsibility such as presenting proactive opinions through careful preliminary review of the agenda of the board.


   

The appointment of the outside director above is a separate agenda item from the appointment of other directors in accordance with Article 19, Clause 5 of Act on Corporate Governance of Financial Companies.

6. Appointment of Audit Committee Members who are outside directors

[ Details of Director Candidates ]

 

    

Name

  

Date of Birth

  

Director

Classification

  

Whether Directors
who are member of
the Audit Committee
are elected separately

  

Relationship
with the
Majority
Shareholder

  

Recommended by

6-1    Sung-Tae Ro    Sep. 3,1946    Outside Director    No    None    Officer Candidate Recommendation Committee
6-2    Dong-Woo Chang    Jan. 21,1967    Outside Director    No    None    Officer Candidate Recommendation Committee

 

1)

The terms of Audit Committee member candidates Sung-Tae Ro, Dong-Woo Chang are from the time of appointment at the AGM for FY2020 to the end of the AGM for FY2021

[ Experience ]

 

    

Name

  

Career Highlights

  

Transactions
with the
Company within
the past three
years

6-1    Sung-Tae Ro   

2019-Current

2018-Current

2017-Current

2012-2014

2007-2012

  

- Outside Director, Woori Financial Group (Chairman of Board of Directors)

- Chairperson, Samsung Dream Scholarship Foundation

- Outside Director, Woori Bank (Chairman of Risk Management Committee)

- Adviser, Hanwha Life Insurance Co., Ltd

- President, Hanwha Life Economic Research Institute

   None
6-2    Dong-Woo Chang   

2019-Current

 

2017-2018

2003-Current

  

- Outside Director, Woori Financial Group (Chairman of Officer Candidate Recommendation Committee)

- Outside Director, Woori Bank (Chairman of Officer Candidate Recommendation Committee)

- CEO, IMM Investment Corp.

   None

 

    

Name

  

Delinquent tax payments

  

Executive officer of

any insolvent company

  

Grounds for potential

disqualification by law

6-1    Sung-Tae Ro    None    None    None
6-2    Dong-Woo Chang    None    None    None

[ Execution Plan of Candidates (for appointment of outside directors only) ]

 

   

Candidate: Sung-Tae Ro


1) Expertise

• This candidate holds a Ph.D.in Economics from Harvard Graduate School and is an expert in the field of Economics who served as the president of the Korea Economic Research Institute and the president of Hanwha Life Economic Research Institute. He will contribute to enhancing the expertise of the board of directors by sharing his in-depth perspectives in the macroeconomic field.

2) Independence

• This candidate has no business relations with either the largest shareholder or the Company and will perform his duties fairly and independently for the benefit of all shareholders and financial consumers.

3) Job performance

• In order to achieve the Company’s vision of becoming a ‘financial group that creates tomorrow’s value with today’s innovation’, this candidate will faithfully make proposals for the advancement of the Company and carry out internal control supervision activities based on his expertise and independence.

 

   

Candidate: Dong-Woo Chang

1) Expertise

• This candidate is a certified public accountant and is an expert in the field of accounting with many years of experience working at an accounting firm. Serving as the CEO of IMM Investment Corp., he has successfully led a number of corporate investments with excellent analysis and insight. Based on this, he will contribute to enhancing the expertise of the board of directors by expressing his professional opinions on entering into new business areas and conducting M&A.

2) Independence

• This candidate has no business relations with either the largest shareholder or the Company and will perform his duties fairly and independently for the benefit of all shareholders and financial consumers.

3) Job performance

• This candidate will faithfully carry out recommendations for the company’s development and supervisory activities for internal control based on his independence and expertise, and will continue to contribute to the group’s development.

[ Reasons for recommendation by the Board of Directors ]

 

   

Candidate: Sung-Tae Ro

• This candidate holds a Ph.D.in Economics from Harvard Graduate School and is an expert in the field of Economics who served as the president of the Korea Economic Research Institute and the president of Hanwha Life Economic Research Institute. He contributed to enhancing the expertise of the board of directors by expressing opinions of management issues from an in-depth perspective in the macroeconomic field. As the chairman of the board of directors, he displayed both an appreciative character and leadership, and played a key role in promoting the consolidation of the board of directors, by eliciting smooth communication between directors and management.

• Recommended as an outside director, as this candidate is expected to greatly contribute to the Company’s sound management and development, with his strong ethical job responsibilities and his emphasis on fairness and transparency in work.


   

Candidate: Dong-Woo Chang

• This candidate, as a certified public accountant, is an expert in the field of accounting with many years of experience working at an accounting firm, and faithfully executed the responsibilities and duties of a director, such as helping the Company prepare preemptive countermeasures to financial and accounting-related issues. As a professional manager, he made great contributions to enhancing the expertise of the board of directors by expressing his professional opinions on entering into new business areas and conducting M&A, based on his deep insight and his experiences in general management. In addition, as the chairman of the Officer Candidate Recommendation Committee, he has been evaluated as having faithfully performed his assigned roles, such as enhancing the management succession program and systemizing the management of the candidate to stabilize the Company’s governance structure.

• Recommended as an outside director, as this candidate is expected to contribute to the group’s development in the future.

7. Approval of directors’ compensation limit

 

Item

   2021   2020

Number of Directors (Number of Outside Directors)

   9 (6)   9 (6)

Compensation Limit

   3.2 billion won   3.2 billion won

Total Compensation

     1.72 billion won

 

*

Allocation within the total compensation limit delegated to the board of directors (Board Compensation Committee).

*

Performance-based stock compensation excluded.


Appendix A. Financial Statements for FY2020

For further information, please refer to the Audit Reports to be furnished to the U.S. Securities and Exchange Commission as an exhibit to the Form 6-K. The Audit Reports will be available on the U.S. Securities and Exchange Commission website at www.sec.gov.

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF DECEMBER 31, 2020 AND 2019

 

     December 31,
2020
     December 31,
2019
 
     (Korean Won in millions)  
ASSETS      

Cash and cash equivalents

     9,990,983        6,392,566  

Financial assets at fair value through profit or loss (“FVTPL”)

     14,762,941        8,069,144  

Financial assets at fair value through other comprehensive income (“FVTOCI”)

     30,028,929        27,730,531  

Securities at amortized cost

     17,020,839        20,320,539  

Loans and other financial assets at amortized cost

     320,106,078        293,717,693  

Investments in joint ventures and associates

     993,291        806,360  

Investment properties

     387,464        280,239  

Premises and equipment

     3,287,198        3,364,716  

Intangible assets

     792,077        844,110  

Assets held for sale

     60,002        10,556  

Net defined benefit asset

     5,658        2,582  

Current tax assets

     75,655        47,367  

Deferred tax assets

     46,088        39,544  

Derivative assets (Designated for hedging)

     174,820        121,131  

Other assets

     1,348,994        233,646  
  

 

 

    

 

 

 

Total assets

     399,081,017        361,980,724  
  

 

 

    

 

 

 
LIABILITIES      

Financial liabilities at fair value through profit or loss (“FVTPL”)

     6,813,822        2,958,302  

Deposits due to customers

     291,477,279        264,685,578  

Borrowings

     20,745,466        18,998,920  

Debentures

     37,479,358        30,858,055  

Provisions

     501,643        443,980  

Net defined benefit liability

     52,237        92,470  

Current tax liabilities

     370,718        182,690  

Deferred tax liabilities

     160,250        134,322  

Derivative liabilities (Designated for hedging)

     64,769        6,837  

Other financial liabilities

     14,215,817        17,706,767  

Other liabilities

     473,813        420,471  
  

 

 

    

 

 

 

Total liabilities

     372,355,172        336,488,392  
  

 

 

    

 

 

 

(Continued)


WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF DECEMBER 31, 2020 AND 2019 (CONTINUED)

 

     December 31,
2020
    December 31,
2019
 
     (Korean Won in millions)  
EQUITY     

Owners’ equity

    

Capital stock

     3,611,338       3,611,338  

Hybrid securities

     1,895,366       997,544  

Capital surplus

     626,111       626,295  

Other equity

     (2,347,472     (2,249,322

Retained earnings

     19,268,265       18,524,515  
  

 

 

   

 

 

 
     23,053,608       21,510,370  
  

 

 

   

 

 

 

Non-controlling interests

     3,672,237       3,981,962  
  

 

 

   

 

 

 

Total equity

     26,725,845       25,492,332  
  

 

 

   

 

 

 

Total liabilities and equity

     399,081,017       361,980,724  
  

 

 

   

 

 

 


WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

 

     2020     2019  
     (Korean Won in millions)  

Interest income

     9,523,853       10,576,770  

Financial assets at FVTPL

     48,612       50,619  

Financial assets at FVTOCI

     437,527       474,751  

Financial assets at amortized cost

     9,037,714       10,051,400  

Interest expense

     (3,525,341     (4,683,064
  

 

 

   

 

 

 

Net interest income

     5,998,512       5,893,706  

Fees and commissions income

     1,694,016       1,709,326  

Fees and commissions expense

     (679,977     (606,698
  

 

 

   

 

 

 

Net fees and commissions income

     1,014,039       1,102,628  

Dividend income

     138,543       107,959  

Net gain on financial instruments at FVTPL

     421,709       25,455  

Net gain on financial assets at FVTOCI

     24,138       11,015  

Net gain arising on financial assets at amortized cost

     44,443       102,115  

Impairment losses due to credit loss

     (784,371     (374,244

General and administrative expense

     (3,956,181     (3,766,077

Other net operating expense

     (820,438     (302,581
  

 

 

   

 

 

 

Operating income

     2,080,394       2,799,976  

Share of gain of joint ventures and associates

     101,077       83,997  

Other non-operating expense

     (180,220     (160,924
  

 

 

   

 

 

 

Non-operating expense

     (79,143     (76,927

Net income before income tax expense

     2,001,251       2,723,049  

Income tax expense

     (486,002     (685,453

Net income

     1,515,249       2,037,596  
  

 

 

   

 

 

 

Net gain(loss) on valuation of equity securities at FVTOCI

     47,246       (58,129

Changes in capital due to equity method

     (2,065     —    

Remeasurement gain(loss) related to defined benefit plan

     9,783       (34,648
  

 

 

   

 

 

 

Items that will not be reclassified to profit or loss:

     54,964       (92,777
  

 

 

   

 

 

 

Net gain on valuation of debt securities at FVTOCI

     12,114       43,988  

Changes in capital due to equity method

     (233     613  

Net gain(loss) on foreign currency translation of foreign operations

     (153,472     101,781  

Net gain(loss) on valuation of cash flow hedge

     4,420       (1,823
  

 

 

   

 

 

 

Items that may be reclassified to profit or loss:

     (137,171     144,559  

Other comprehensive income (loss), net of tax

     (82,207     51,782  

Total comprehensive income

     1,433,042       2,089,378  
  

 

 

   

 

 

 

(Continued)


WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (CONTINUED)

 

     2020      2019  
     (Korean Won in millions)  

Net income attributable to:

     1,515,249        2,037,596  

Net income attributable to owners

     1,307,266        1,872,207  

Net income attributable to non-controlling interests

     207,983        165,389  

Total comprehensive income attributable to:

     1,433,042        2,089,378  

Comprehensive income attributable to owners

     1,233,097        1,914,393  

Comprehensive income attributable to non-controlling interests

     199,945        174,985  

Earnings per share

     

Basic and diluted earnings per share (Unit: In Korean Won)

     1,742        2,727  


WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR YEARS ENDED DECEMBER 31, 2020 AND 2019

 

     Capital
Stock
     Hybrid
securities
    Capital
surplus
    Other
equity
    Retained
earnings
    Owners’
equity in
total
    Non-controlling
interests
    Total
equity
 
     (Korean Won in millions)  

January 1, 2019

     3,381,392        3,161,963       285,889       (2,213,970     17,124,657       21,739,931       213,113       21,953,044  

Total comprehensive income

                 

Net income

     —          —         —         —         1,872,207       1,872,207       165,389       2,037,596  

Net loss on valuation of financial instruments at FVTOCI

     —          —         —         (14,101     —         (14,101     (40     (14,141

Net gain(loss) due to disposal of equity securities at FVTOCI

     —          —         —         29,368       (29,368     —         —         —    

Changes in capital due to equity method

     —          —         1,153       613       —         1,766       —         1,766  

Gain on foreign currency translation of foreign operations

     —          —         —         91,748       —         91,748       10,033       101,781  

Loss on valuation of cash flow hedge

     —          —         —         (1,823     —         (1,823     —         (1,823

Remeasurement loss related to defined benefit plan

     —          —         —         (34,251     —         (34,251     (397     (34,648

Transactions with owners

                 

Dividends to common stocks

     —          —         —         —         (437,626     (437,626     (2,014     (439,640

Acquisition of subsidiaries

     229,946        —         351,663       —         —         581,609       69,534       651,143  

New stocks issue cost

     —          —         (12,848     —         —         (12,848     —         (12,848

Net increase of treasury stocks

     —          —         —         4,245       —         4,245       —         4,245  

Issuance of hybrid securities

     —          997,544       —         —         —         997,544       658,470       1,656,014  

Dividends to hybrid securities

     —          —         —         —         (4,362     (4,362     (134,421     (138,783

Redemption of hybrid securities

     —          —         —         (277     —         (277     (159,618     (159,895

Exchange of non-controlling interests in hybrid securities

     —          (3,161,963     —         —         —         (3,161,963     3,161,963       —    

Changes in subsidiaries’ capital

     —          —         438       —         —         438       (50     388  

Appropriation of retained earnings

     —          —         —         368       (368     —         —         —    

Other changes in consolidated capital

     —          —         —         (111,242     (625     (111,867     —         (111,867
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

December 31, 2019

     3,611,338        997,544       626,295       (2,249,322     18,524,515       21,510,370       3,981,962       25,492,332  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

January 1, 2020

     3,611,338        997,544       626,295       (2,249,322     18,524,515       21,510,370       3,981,962       25,492,332  

Total comprehensive income

                 

Net income

     —          —         —         —         1,307,266       1,307,266       207,983       1,515,249  

Net gain(loss) on valuation of financial instruments at FVTOCI

     —          —         —         59,417       —         59,417       (57     59,360  

Net gain(loss) due to disposal of equity securities at FVTOCI

     —          —         —         2,664       (2,664     —         —         —    

Changes in capital due to equity method

     —          —         —         (2,298     —         (2,298     —         (2,298

Gain on foreign currency translation of foreign operations

     —          —         —         (145,376     —         (145,376     (8,096     (153,472

Gain on valuation of cash flow hedge

     —          —         —         4,306       —         4,306       114       4,420  

Remeasurement gain related to defined benefit plan

     —          —         —         9,782       —         9,782       1       9,783  

Transactions with owners

                 

Dividends to common stocks

     —          —         —         —         (505,587     (505,587     (2,071     (507,658

Issuance of hybrid securities

     —          897,822       —         —         —         897,822       —         897,822  

Dividends to hybrid securities

     —          —         —         —         (48,915     (48,915     (162,362     (211,277

Redemption of hybrid securities

     —          —         —         (31,252     —         (31,252     (555,744     (586,996

Changes in subsidiaries’ capital

     —          —         (184     4,607       (6,350     (1,927     45,684       43,757  

Changes in non-controlling interests related to business combination

     —          —         —         —         —         —         164,823       164,823  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

December 31, 2020

     3,611,338        1,895,366       626,111       (2,347,472     19,268,265       23,053,608       3,672,237       26,725,845  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

 

     2020     2019  
     (Korean Won in millions)  

Cash flows from operating activities:

    

Net income

     1,515,249       2,037,596  

Adjustments to net income:

    

Income tax expense

     486,002       685,453  

Interest income

     (9,523,853     (10,576,770

Interest expense

     3,525,341       4,683,064  

Dividend income

     (138,543     (107,959
  

 

 

   

 

 

 
     (5,651,053     (5,316,212
  

 

 

   

 

 

 

Additions of expenses not involving cash outflows:

    

Loss on valuation of financial instruments at FVTPL

     44,863       —    

Loss on financial assets at FVTOCI

     787       1,375  

Impairment loss due to credit loss

     784,371       374,244  

Loss on other provisions

     232,680       129,682  

Retirement benefit

     174,628       165,125  

Depreciation and amortization

     535,548       505,718  

Net gain on foreign currency translation

     191,504       —    

Loss on derivatives (designated for hedge)

     82,746       3,686  

Loss on fair value hedge

     68,508       86,214  

Loss on valuation of investments in joint ventures and associates

     24,525       19,778  

Loss on disposal of premises and equipment, intangible assets and other assets

     2,717       3,433  

Impairment loss on premises and equipment, intangible assets and other assets

     8,763       28,295  
  

 

 

   

 

 

 
     2,151,640       1,317,550  
  

 

 

   

 

 

 

Deductions of income not involving cash inflows:

    

Gain on valuation of financial instruments at FVTPL

     —         246,175  

Gain on financial assets at FVTOCI

     24,925       12,390  

Gain on other provisions

     2,450       3,302  

Gain on derivatives (designated for hedge)

     67,395       126,651  

Gain on fair value hedge

     9,646       231  

Gain on valuation of investments in joint ventures and associates

     125,602       103,775  

Gain on disposal of investments in joint ventures and associates

     3,470       —    

Gain on disposal of premises and equipment, intangible assets and other assets

     9,715       1,632  

Reversal of impairment loss on premises and equipment, intangible assets and other assets

     172       103  

Profit from bargain purchase

     67,427       —    

Other income

     20,600       —    
  

 

 

   

 

 

 
     331,402       494,259  
  

 

 

   

 

 

 

Changes in operating assets and liabilities:

    

Financial instruments at FVTPL

     (875,076     (506,772

Loans and other financial assets at amortized cost

     (22,763,000     (11,265,714

Other assets

     (89,918     86,237  

Deposits due to customers

     27,378,173       15,407,222  

Provisions

     (184,112     (63,751

Net defined benefit liability

     (215,010     (293,008

Other financial liabilities

     (2,694,624     (4,719,399

Other liabilities

     (8,150     30,693  
  

 

 

   

 

 

 
     548,283       (1,324,492
  

 

 

   

 

 

 

Interest income received

     9,558,119       10,478,357  

Interest expense paid

     (4,008,001     (4,383,916

Dividends received

     138,562       107,940  

Income tax paid

     (315,422     (552,215
  

 

 

   

 

 

 
     5,373,258       5,650,166  
  

 

 

   

 

 

 

Net cash inflow from operating activities

     3,605,975       1,870,349  
  

 

 

   

 

 

 

(Continued)


WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (CONTINUED)

 

     2020     2019  
     (Korean Won in millions)  

Cash flows from investing activities:

    

Cash in-flows from investing activities:

    

Disposal of financial instruments at FVTPL

     6,605,483       11,357,056  

Disposal of financial assets at FVTOCI

     20,527,695       14,303,197  

Redemption of securities at amortized cost

     5,661,472       8,709,947  

Disposal of investments in joint ventures and associates

     410,940       30,098  

Disposal of investment properties

     353       193  

Disposal of premises and equipment

     22,828       13,343  

Disposal of intangible assets

     634       939  

Net increase of other assets

     26,642       —    
  

 

 

   

 

 

 
     33,256,047       34,414,773  
  

 

 

   

 

 

 

Cash out-flows from investing activities:

    

Net cash in-flows of business combination

     313,058       296,813  

Acquisition of financial instruments at FVTPL

     8,082,824       11,823,630  

Acquisition of financial assets at FVTOCI

     23,044,741       23,775,062  

Acquisition of securities at amortized cost

     2,380,448       6,092,078  

Acquisition of investments in joint ventures and associates

     550,619       389,096  

Acquisition of investment properties

     76,588       70,346  

Acquisition of premises and equipment

     149,341       429,547  

Acquisition of intangible assets

     114,854       126,342  
  

 

 

   

 

 

 
     34,712,473       43,002,914  
  

 

 

   

 

 

 

Net cash outflow from investing activities

     (1,456,426     (8,588,141
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Cash in-flows from financing activities:

    

Net increase in borrowings

     2,033,851       3,081,757  

Issuance of debentures

     23,082,798       25,510,713  

Net increase of other liabilities

     3,971       —    

Issuance of hybrid securities

     897,822       1,656,014  

Retirement of treasury stocks

     —         760,101  

Paid-in capital increase on non-controlling interests

     45,749       —    
  

 

 

   

 

 

 
     26,064,191       31,008,585  
  

 

 

   

 

 

 

Cash out-flows from financing activities:

    

Net cash out-flows from hedging activities

     5,409       5,520  

Redemption of debentures

     22,168,962       23,651,950  

Redemption of lease liabilities

     204,794       217,867  

New stock issue cost

     —         17,337  

Acquisition of treasury stocks

     —         184,164  

Dividends paid

     505,587       437,626  

Redemption of hybrid stocks

     598,850       160,000  

Dividends paid to hybrid securities

     211,277       161,052  

Dividends paid to non-controlling interest

     2,071       2,014  

Paid-in capital decrease on non-controlling interests

     —         50  
  

 

 

   

 

 

 
     23,696,950       24,837,580  
  

 

 

   

 

 

 

Net cash inflow from financing activities

     2,367,241       6,171,005  
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     4,516,790       (546,787

Cash and cash equivalents, beginning of the period

     6,392,566       6,747,894  

Effects of exchange rate changes on cash and cash equivalents

     (918,373     191,459  
  

 

 

   

 

 

 

Cash and cash equivalents, end of the period

     9,990,983       6,392,566  
  

 

 

   

 

 

 


WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF FINANCIAL POSITION

AS OF DECEMBER 31, 2020 AND 2019

 

     December 31,
2020
    December 31,
2019
 
     (Korean Won in millions)  
ASSETS     

Cash and cash equivalents

     69,176       43,670  

Financial assets at fair value through profit or loss (“FVTPL”)

     7,247       9,434  

Financial assets at fair value through other comprehensive income (“FVTOVI”)

     149,614       —    

Loans and other financial assets at amortized cost

     619,117       1,269,203  

Investments in subsidiaries

     21,562,229       19,873,593  

Premises and equipment

     12,538       7,383  

Intangible assets

     5,282       3,310  

Net defined benefit asset

     3,509       —    

Current tax assets

     307       —    

Deferred tax assets

     964       —    
  

 

 

   

 

 

 

Total assets

     22,429,983       21,206,593  
  

 

 

   

 

 

 
LIABILITIES     

Debentures

     1,147,503       947,679  

Provisions

     782       600  

Net defined benefit liability

     —         3,482  

Current tax liabilities

     215,071       133,526  

Deferred tax liabilities

     —         154  

Other financial liabilities

     22,085       10,745  

Other liabilities

     570       4,142  
  

 

 

   

 

 

 

Total liabilities

     1,386,011       1,100,328  
  

 

 

   

 

 

 
EQUITY     

Capital stock

     3,611,338       3,611,338  

Hybrid securities

     1,895,322       997,544  

Capital surplus

     14,874,084       14,874,084  

Other equity

     (1,518     (631

Retained earnings

     664,746       623,930  
  

 

 

   

 

 

 

Total equity

     21,043,972       20,106,265  
  

 

 

   

 

 

 

Total liabilities and equity

     22,429,983       21,206,593  
  

 

 

   

 

 

 


WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED DECEMBER 31, 2020

AND FOR THE PERIOD FROM JANUARY 11, 2019 (DATE OF INCORPORATION)

TO DECEMBER 31, 2019

 

     For the year ended
December 31, 2020
    For the period from
January 11, 2019
(date of incorporation)
to December 31, 2019
 
     (Korean Won in millions)  

Interest income

     10,082       7,741  

Interest expense

     (23,035     (7,701
  

 

 

   

 

 

 

Net interest income

     (12,953     40  

Fees and commissions income

     805       —    

Fees and commissions expense

     (16,199     (15,833
  

 

 

   

 

 

 

Net fees and commissions loss

     (15,394     (15,833

Dividend income

     680,375       676,000  

Net gain(loss) on financial instruments at FVTPL

     (920     9,434  

Reversal(Provision) of impairment losses due to credit loss

     116       (263

General and administrative expenses

     (56,472     (39,941
  

 

 

   

 

 

 

Operating income

     594,752       629,437  

Non-operating expense

     (215     (750

Net income before income tax expense

     594,537       628,687  

Income tax income(expense)

     781       (394

Net income

     595,318       628,293  
  

 

 

   

 

 

 

Net loss on valuation of equity securities at FVTOCI

     (280     —    

Remeasurement loss related to defined benefit plan

     (607     (631
  

 

 

   

 

 

 

Items that will not be reclassified to profit or loss:

     (887     (631
  

 

 

   

 

 

 

Other comprehensive loss, net of tax

     (887     (631

Total comprehensive income

     594,431       627,662  
  

 

 

   

 

 

 

Earnings per share

    

Basic and diluted earnings per share (Unit: In Korean Won)

     757       900  


WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF CHANGES IN EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2020

AND FOR THE PERIOD FROM JANUARY 11, 2019 (DATE OF INCORPORATION)

TO DECEMBER 31, 2019

 

     Capital
stock
     Capital
surplus
    Hybrid
securities
     Other
equity
    Retained
earnings
    Total
equity
 
     (Korean Won in millions)  

January 11, 2019 (Date of incorporation)

     3,400,822        14,565,637       —          —         —         17,966,459  

Total comprehensive income

              

Net income

     —          —         —          —         628,293       628,293  

Remeasurement loss related to defined benefit plan

     —          —         —          (631     —         (631

Transactions with owners

              

Comprehensive stock exchange

     210,516        309,460       —          —         —         519,976  

New stocks issue cost

     —          (1,013     —          —         —         (1,013

Issuance of hybrid securities

     —          —         997,544        —         —         997,544  

Dividends to hybrid securities

     —          —         —          —         (4,363     (4,363
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

December 31, 2019

     3,611,338        14,874,084       997,544        (631     623,930       20,106,265  
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

January 01, 2020

     3,611,338        14,874,084       997,544        (631     623,930       20,106,265  

Total comprehensive income

              

Net income

     —          —         —          —         595,318       595,318  

Net loss on valuation of equity securities at FVTOCI

     —          —         —          (280     —         (280

Remeasurement loss related to defined benefit plan

     —          —         —          (607     —         (607

Transactions with owners

              

Dividends to common stocks

     —          —         —          —         (505,587     (505,587

Issuance of hybrid securities

     —          —         897,778        —         —         897,778  

Dividends to hybrid securities

     —          —         —          —         (48,915     (48,915
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

December 31, 2020

     3,611,338        14,874,084       1,895,322        (1,518     664,746       21,043,972  
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 


WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2020

AND FOR THE PERIOD FROM JANUARY 11, 2019 (DATE OF INCORPORATION)

TO DECEMBER 31, 2019

 

     For the year ended
December 31, 2020
    For the period from
January 11, 2019

(date of incorporation)
to December 31, 2019
 
     (Korean Won in millions)  

Cash flows from operating activities:

    

Net income

     595,318       628,293  

Adjustments to net income:

    

Income tax expense(income)

     (781     394  

Interest income

     (10,082     (7,741

Interest expense

     23,035       7,701  

Dividend income

     (680,375     (676,000
  

 

 

   

 

 

 
     (668,203     (675,646
  

 

 

   

 

 

 

Adjustments for profit/loss not involving cash flows:

    

Provision(Reversal) of impairment losses due to credit loss

     (116     263  

Loss(Gain) on valuation of financial instruments at FVTPL

     920       (9,434

Retirement benefit

     3,499       4,899  

Depreciation and amortization

     5,449       4,098  
  

 

 

   

 

 

 
     9,752       (174
  

 

 

   

 

 

 

Changes in operating assets and liabilities:

    

Loans and other financial assets at amortized cost

     (188     (1,365

Net defined benefit liability

     (11,329     (1,687

Other financial liabilities

     7,213       7,055  

Other liabilities

     (3,571     4,142  
  

 

 

   

 

 

 
     (7,875     8,145  
  

 

 

   

 

 

 

Interest income received

     13,080       4,082  

Interest expense paid

     (22,559     (6,097

Dividends received

     680,375       676,000  

Income tax paid

     (397     —    
  

 

 

   

 

 

 
     670,499       673,985  
  

 

 

   

 

 

 

Net cash provided by operating activities

     599,491       634,603  
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Net decrease(increase) on other investment assets

     730,000       (1,130,000

Acquisition of investments in subsidiaries

     (1,687,371     (1,370,785

Acquisition of financial assets at FVTOCI

     (150,000     —    

Acquisition of premises and equipment

     (3,074     (6,722

Acquisition of intangible assets

     (3,051     (4,630

Increase on guarantee deposits for leases

     (1,118     (955
  

 

 

   

 

 

 
     (1,114,614     (2,513,092
  

 

 

   

 

 

 

(Continued)


WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2020

AND FOR THE PERIOD FROM JANUARY 11, 2019 (DATE OF INCORPORATION)

TO DECEMBER 31, 2019 (CONTINUED)

 

     For the year ended
December 31, 2020
    For the period from
January 11, 2019

(date of incorporation)
to December 31, 2019
 
     (Korean Won in millions)  

Cash flows from financing activities:

    

Issuance of debentures

     199,556       947,604  

Issuance of hybrid securities

     897,778       997,544  

Redemption of lease liabilities

     (2,203     (1,289

New stock issue cost

     —         (17,337

Dividends paid to hybrid securities

     (48,915     (4,363

Dividends paid

     (505,587     —    
  

 

 

   

 

 

 
     540,629       1,922,159  
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

     25,506       43,670  

Cash and cash equivalents, beginning of the period

     43,670       —    
  

 

 

   

 

 

 

Cash and cash equivalents, end of the period

     69,176       43,670  
  

 

 

   

 

 

 


Appendix B. Approval of amendments to the Articles of Incorporation (the “AOI”)

 

Before Amendment

  

After Amendment

  

Reasons for
Amendment

Article 1~Article 9 (Omitted)    Article 1~Article 9 (Same as the left column)   
Article 10-3. (Convertible Preferred Shares)    Article 10-3. (Convertible Preferred Shares)   
(1)    (Omitted)    (1)    (Same as the left column)   
(2)    (Omitted)    (2)    (Same as the left column)   
(3)    Shareholders holding Class Shares may request for a conversion of such shares to the Company based on the following:    (3)   

The Company may convert Class Shares or shareholders holding Class Shares may request for a conversion of such shares to the Company based on the following:

 

   Provide a basis for which the Company may convert Class Shares
   1.    (Omitted)       1.    (Same as the left column)
   2.    The conversion period shall be determined by a resolution of the Board of Directors with the scope of no less than one (1) year but within ten (10) years from the issue date;       2.    The period for conversion or request for conversion shall be determined by a resolution of the Board of Directors with the scope of no less than one (1) year but within ten (10) years from the issue date;   
   3.    (Omitted)       3.    (Same as the left column)   
(4)    With respect to the profit dividend for shares to be issued by a conversion, Article 13 shall apply mutatis mutandis thereto.    (4)    Class Shares may be converted to common shares in the case of any item under Article 21 Paragraph (3) (for the purposes of this Paragraph, “convertible contingent capital securities” shall be deemed to be “Class Shares.”).    Set grounds for the issuance of convertible preferred shares as convertible contingent capital securities with automatic conversion conditions attached


Article 10-4. (Redeemable Convertible Preferred Shares)      
(1)    (Omitted)    Article 10-4. (Redeemable Convertible Preferred Shares)   

Deleted per amendment to the Article regarding the issuance date

of new shares for

the purpose of

dividends

(2)    (Omitted)      
(3)    (Omitted)    (1)    (Same as the left column)
(4)    (Omitted)    (2)    (Same as the left column)
(5)    With respect to the profit dividend for shares to be issued by a conversion, Article 13 shall apply mutatis mutandis thereto.    (3)    (Same as the left column)
   (4)    (Same as the left column)
   (5)    (Deleted)   
Article 10-5. (Term Convertible Preferred Shares)      
(1)    (Omitted)    Article 10-5. (Term Convertible Preferred Shares)   

Deleted per

amendment to the

Article regarding

the issuance date

of new shares for

the purpose of

dividends

(2)    (Omitted)      
(3)    (Omitted)    (1)    (Same as the left column)
(4)    With respect to the profit dividend for shares to be issued by a conversion, Article 13 shall apply mutatis mutandis thereto.    (2)    (Same as the left column)
   (3)    (Same as the left column)
   (4)    (Deleted)   
Article 12. (Stock Options)       Deleted per amendment to the Article regarding the issuance date of new shares for the purpose of dividends
(1)~(9)    (Omitted)    Article 12. (Stock Options)
(10)    With respect to profit dividends on the new shares issued by exercise of stock options, Article 13 hereof shall apply mutatis mutandis.   

(1)~(9)

 

(10)

  

(Same as the left column)

 

(Deleted)


Article 13. (Issuance Date of New Shares for the Purpose of Dividends)         

Amendment regarding the

issuance date of new shares for the purpose of dividends (clarifying the principle of equal dividends)

      Article 13. (Equal Dividends)
In the case the Company issues new shares through a capital increase for consideration, capital increase without consideration or stock dividend, the new shares shall, for purposes of distribution of dividends on such new shares, be deemed to have been issued at the end of the fiscal year immediately prior to the fiscal year during which the new shares were issued.   

 

The Company shall pay equal dividends for the same type of shares (including converted shares) outstanding as of the dividend record date, regardless of the issuance date of such shares

      Article 15. (Request for Register of Shareholders)   
Article 15. (New)         

Set grounds for

on-demand

request for current information of shareholders

        
      The Company may request the electronic registration agency to prepare a register of shareholders if needed, such as when there has been a change in the status of a shareholder (including specially related persons) holding 5% or more of the Company’s shares.
Article 16. (Close of Shareholders’ Registry and Record Date)    Article 16. (Record Date)   

Deletion of references to the

close of

shareholders’

registry (in accordance with

the electronic

registry system)

      (1)    (Deleted)
(1)    The Company shall suspend entry of changes in the shareholders’ registry from January 1 to January 15 of each year.      
   (1)   

The shareholders registered in the shareholders’ registry as of December 31 of each year shall be

entitled to exercise their rights as shareholders at

an ordinary General Meeting of Shareholders.

  
(2)   

The shareholders registered in the shareholders’

registry as of December 31 of each year shall be entitled to exercise their rights as shareholders at an ordinary General Meeting of Shareholders convened for such fiscal year.

  
     


      (2)   

The Company may, if necessary for convening an extraordinary General Meeting of Shareholders or for any other necessary reason, deem the shareholders listed on the shareholder’s registry on a certain day determined by a resolution of the Board of Directors as shareholders entitled to exercise shareholders’ rights. The Company shall give a notice thereof to the public at least two (2) weeks prior to the date determined by the Board of Directors.

 

  
(3)   

The Company may, if necessary for convening an extraordinary General Meeting of Shareholders or for any other necessary reason, (i) suspend any entry of changes on rights in the shareholders’ registry for a certain period not exceeding three months as determined by a resolution of the Board of Directors, or (ii) deem the shareholders listed on the shareholder’s registry on a certain day determined by a resolution of the Board of Directors as shareholders entitled to exercise shareholders’ rights. If deemed necessary by the Board of Directors, the Company may suspend any entry of changes in the shareholders’ registry and concurrently designate a record date. The Company shall give a notice thereof to the public at least two (2) weeks prior to the scheduled date of the meeting.

 

     

Article 18. (Issuance of Convertible Bonds)

 

  

Article 18. (Issuance of Convertible Bonds)

 

  

Amendment

regarding the issuance date of new shares for the purpose of dividends

(clarifying the principle of interest payment)

(1)~(5)    (Omitted)    (1)~(5)    (Same as the left column)
(6)    For purposes of any payment of accrued interest on the convertible bonds and any distribution of dividends on the shares issued upon conversion, Article 13 hereof shall apply mutatis mutandis thereto.      
   (6)    In case of conversion, the Company shall pay interest only to the extent due and payable prior to the date of conversion.


           

Amendment regarding the issuance date of

new shares for the purpose of dividends

Article 19. (Issuance of Bonds with Warrants)    Article 19. (Issuance of Bonds with Warrants)
(1)~(5)    (Omitted)    (1)~(5)    (Same as the left column)
(6)    For purposes of any distributions of dividends on the shares issued upon the exercise of warrants, Article 13 hereof shall apply mutatis mutandis thereto.    (6)    (Deleted)   
        

 

Article 22-2. (Electronic Registration of Rights to be Indicated on Bonds and the likes)

  

 

Article 22-2. (Electronic Registration of Rights to be Indicated on Bonds and the likes)

  

 

Amendment regarding electronic registration for

bonds, etc.

 

The Company shall electronically register rights to be indicated on its certificates of bonds, share-related bonds (e.g., convertible bonds, bonds with warrants) and contingent capital securities on the electronic registrar of the electronic registration agency, in lieu of issuing certificates of bonds, share-related bonds and contingent capital securities.

  

 

The Company shall electronically register rights to be indicated on its certificates of bonds, share-related bonds (e.g., convertible bonds, bonds with warrants) and contingent capital securities on the electronic registrar of the electronic registration agency, in lieu of issuing certificates of bonds, share-related bonds and contingent capital securities; provided, that in the case of bonds, the Company may choose not to make such a registration, except when registration is mandated by laws and regulations, as is the case for listed bonds.

Article 23. (Timing of Convocation)    Article 23. (Timing of Convocation)   

Modification regarding the timing of convocation

 

(1)

  

 

(Omitted)

  

 

(1)

  

 

(Same as the left column)

 

(2)

  

 

An ordinary General Meeting of Shareholders shall be held within three (3) months after the end of each fiscal year, and an extraordinary General Meeting of Shareholders may be convened as deemed necessary.

  

 

(2)

  

 

An ordinary General Meeting of Shareholders shall be held within three (3) months of the date set forth in Article 16 (1), and an extraordinary General Meeting of Shareholders may be convened as deemed necessary.


Article 48. (Committees within the Board of Directors)    Article 48. (Committees within the Board of Directors)   

Establishment of ESG Management Committee

 

(1)

  

 

The Company shall have the following committees within the Board of Directors:

  

 

(1)

  

 

The Company shall have the following committees within the Board of Directors:

  

 

1.

  

 

Officer Candidate Recommendation Committee;

     

 

1.

  

 

Officer Candidate Recommendation Committee;

   2.    Audit Committee;       2.    Audit Committee;   
   3.    Risk Management Committee;       3.    Risk Management Committee;   
  

4.

 

  

Compensation Committee;

 

      4.   

Compensation Committee;

 

  
  

5.

 

  

Subsidiary Representative Director Candidate Recommendation Committee; and

 

      5.   

Subsidiary Representative Director Candidate Recommendation Committee; and

 

  
  

6.

 

  

Internal Control Management

 

      6.   

Internal Control Management

 

  
   7.    (New)       7.    ESG Management Committee   

 

(2)

  

 

(Omitted)

  

 

(2)

  

 

(Same as the left column)

  
Article 59. (Dividends)            
         Article 59. (Dividends)   

Amendment regarding the issuance date of new shares for the purpose of dividends

 

(1)

  

 

(Omitted)

        
        

 

(1)

  

 

(Same as the left column)

 

(2)

  

 

Dividends under Paragraph (1) above shall be paid to the shareholders registered in the shareholders’ registry of the Company or registered pledgees as of the last day of each fiscal year.

  

 

(2)

  

 

Dividends under Paragraph (1) above shall be paid to the shareholders registered in the shareholders’ registry of the Company or registered pledgees as of the date set forth in Article 16 (1)


Article 60. (Interim Dividends)    Article 60. (Interim Dividends)   

Amendment regarding the issuance date of new shares for the purpose of dividends

 

(1)

 

  

 

(Omitted)

 

  

 

(1)

 

  

 

(Same as the left column)

 

(2)

 

  

(Omitted)

 

  

(2)

 

  

(Same as the left column)

 

(3)   

If new shares are issued before the record date under Paragraph (1) above following the

commencement of a fiscal year (including the cases of capitalization of reserves, stock dividends, request for conversion of convertible bonds, exercise of warrants with respect to bonds with warrants and exercise of stock options), such new shares shall be deemed to have been issued at the end of the immediately preceding fiscal year with respect to interim dividends hereunder.

  

(3)

 

(3)

 

(4)

  

(Deleted)

 

(Same as (4) in the left column)

 

(Same as (5) in the left column)

(4)    (Omitted)         
(5)    (Omitted)         
Addenda (New insertion of Addenda)    Addenda (March 26, 2021)    Approval date of shareholder meeting
     

 

The amended Articles of Incorporation shall become effective as of March 26, 2021.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

   Woori Financial Group Inc.                    
   (Registrant)
Date: March 5, 2021    By:    /s/ Sung-Wook Lee                    
   (Signature)
   Name:    Sung-Wook Lee
   Title:    Senior Managing Director