| Intangible Assets |
| (1) |
Details of intangible assets are as follows (Unit: Korean Won in millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
Industrial
property
rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Acquisition cost |
|
|
482,707 |
|
|
|
2,419 |
|
|
|
965,131 |
|
|
|
1,511,286 |
|
|
|
55,444 |
|
|
|
6,598 |
|
|
|
3,023,585 |
|
| Accumulated amortization |
|
|
— |
|
|
|
(1,971 |
) |
|
|
(689,440 |
) |
|
|
(1,204,181 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,895,592 |
) |
| Accumulated impairment losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(33,552 |
) |
|
|
(3,039 |
) |
|
|
— |
|
|
|
(36,591 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net carrying value |
|
|
482,707 |
|
|
|
448 |
|
|
|
275,691 |
|
|
|
273,553 |
|
|
|
52,405 |
|
|
|
6,598 |
|
|
|
1,091,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
Industrial
property
rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Acquisition cost |
|
|
471,905 |
|
|
|
2,805 |
|
|
|
1,324,649 |
|
|
|
1,638,130 |
|
|
|
65,075 |
|
|
|
11,688 |
|
|
|
3,514,252 |
|
| Accumulated amortization |
|
|
— |
|
|
|
(2,242 |
) |
|
|
(994,840 |
) |
|
|
(1,337,535 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,334,617 |
) |
| Accumulated impairment losses |
|
|
(84,911 |
) |
|
|
— |
|
|
|
— |
|
|
|
(33,552 |
) |
|
|
(4,525 |
) |
|
|
— |
|
|
|
(122,988 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net carrying value |
|
|
386,994 |
|
|
|
563 |
|
|
|
329,809 |
|
|
|
267,043 |
|
|
|
60,550 |
|
|
|
11,688 |
|
|
|
1,056,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (2) |
Details of changes in intangible assets are as follows (Unit: Korean Won in millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the year ended December 31, 2023 |
|
| |
|
|
|
|
Industrial
property
rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
|
397,527 |
|
|
|
643 |
|
|
|
212,627 |
|
|
|
192,373 |
|
|
|
42,917 |
|
|
|
3,027 |
|
|
|
849,114 |
|
Acquisitions |
|
|
— |
|
|
|
72 |
|
|
|
105,596 |
|
|
|
125,509 |
|
|
|
4,000 |
|
|
|
7,612 |
|
|
|
242,789 |
|
Disposal |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,028 |
) |
|
|
(1,290 |
) |
|
|
— |
|
|
|
(2,318 |
) |
|
|
|
— |
|
|
|
(206 |
) |
|
|
(76,192 |
) |
|
|
(84,556 |
) |
|
|
— |
|
|
|
— |
|
|
|
(160,954 |
) |
Reversal(Provision) of impairment losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
37 |
|
|
|
— |
|
|
|
37 |
|
Transfer |
|
|
— |
|
|
|
— |
|
|
|
61 |
|
|
|
650 |
|
|
|
(392 |
) |
|
|
(350 |
) |
|
|
(31 |
) |
Business combination |
|
|
41,527 |
|
|
|
— |
|
|
|
— |
|
|
|
18,882 |
|
|
|
2,565 |
|
|
|
— |
|
|
|
62,974 |
|
Foreign currencies translation adjustments |
|
|
6,039 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
854 |
|
|
|
4 |
|
|
|
(28 |
) |
|
|
6,868 |
|
Others |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
472 |
|
|
|
10 |
|
|
|
(2,119 |
) |
|
|
(1,637 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance |
|
|
445,093 |
|
|
|
509 |
|
|
|
242,091 |
|
|
|
253,156 |
|
|
|
47,851 |
|
|
|
8,142 |
|
|
|
996,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (*) |
Amortization of other intangible assets amounting to 22,349 million Won is included in other operating expenses. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the year ended December 31, 2024 |
|
| |
|
|
|
|
Industrial
property
rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
|
445,093 |
|
|
|
509 |
|
|
|
242,091 |
|
|
|
253,156 |
|
|
|
47,851 |
|
|
|
8,142 |
|
|
|
996,842 |
|
Acquisitions |
|
|
— |
|
|
|
18 |
|
|
|
96,140 |
|
|
|
94,047 |
|
|
|
6,988 |
|
|
|
25,376 |
|
|
|
222,569 |
|
Disposal |
|
|
— |
|
|
|
— |
|
|
|
(113 |
) |
|
|
(1,794 |
) |
|
|
(2,665 |
) |
|
|
— |
|
|
|
(4,572 |
) |
|
|
|
— |
|
|
|
(188 |
) |
|
|
(75,417 |
) |
|
|
(93,679 |
) |
|
|
— |
|
|
|
— |
|
|
|
(169,284 |
) |
Reversal(Provision) of impairment losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(296 |
) |
|
|
(575 |
) |
|
|
(871 |
) |
Transfer |
|
|
— |
|
|
|
109 |
|
|
|
12,990 |
|
|
|
11,067 |
|
|
|
(77 |
) |
|
|
(24,089 |
) |
|
|
— |
|
Business combination |
|
|
15,139 |
|
|
|
— |
|
|
|
— |
|
|
|
6,117 |
|
|
|
756 |
|
|
|
— |
|
|
|
22,012 |
|
Foreign currencies translation adjustments |
|
|
22,475 |
|
|
|
— |
|
|
|
— |
|
|
|
4,502 |
|
|
|
345 |
|
|
|
586 |
|
|
|
27,908 |
|
Others |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
137 |
|
|
|
(497 |
) |
|
|
(2,842 |
) |
|
|
(3,202 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance |
|
|
482,707 |
|
|
|
448 |
|
|
|
275,691 |
|
|
|
273,553 |
|
|
|
52,405 |
|
|
|
6,598 |
|
|
|
1,091,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (*) |
Amortization of other intangible assets amounting to million w on is included in other operating expenses. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the year ended December 31, 2025 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
|
482,707 |
|
|
|
448 |
|
|
|
275,691 |
|
|
|
273,553 |
|
|
|
52,405 |
|
|
|
6,598 |
|
|
|
1,091,402 |
|
Acquisitions |
|
|
1,130 |
|
|
|
9 |
|
|
|
100,795 |
|
|
|
77,061 |
|
|
|
4,039 |
|
|
|
10,404 |
|
|
|
193,438 |
|
Disposal |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(35 |
) |
|
|
(3,082 |
) |
|
|
(16 |
) |
|
|
(3,133 |
) |
|
|
|
— |
|
|
|
(189 |
) |
|
|
(95,192 |
) |
|
|
(96,333 |
) |
|
|
— |
|
|
|
— |
|
|
|
(191,714 |
) |
Reversal(Provision) of impairment losses |
|
|
(84,912 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
|
575 |
|
|
|
(84,341 |
) |
Transfer |
|
|
— |
|
|
|
104 |
|
|
|
1 |
|
|
|
4,912 |
|
|
|
(74 |
) |
|
|
(4,943 |
) |
|
|
— |
|
Business combination |
|
|
— |
|
|
|
191 |
|
|
|
48,514 |
|
|
|
10,132 |
|
|
|
7,268 |
|
|
|
— |
|
|
|
66,105 |
|
Foreign currencies translation adjustments |
|
|
(11,931 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,786 |
) |
|
|
(2 |
) |
|
|
(117 |
) |
|
|
(13,836 |
) |
Others |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(461 |
) |
|
|
— |
|
|
|
(813 |
) |
|
|
(1,274 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance |
|
|
386,994 |
|
|
|
563 |
|
|
|
329,809 |
|
|
|
267,043 |
|
|
|
60,550 |
|
|
|
11,688 |
|
|
|
1,056,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
Amortization of other intangible assets amounting to 32,495 million won is included in other operating expenses, while the remaining amortization is included in insurance service expenses and general and administrative expenses in the consolidated statement of comprehensive income. |
1) |
Details of allocated goodwill based on each cash-generating unit as of December 31, 2024 and 2025 are as follows (Unit: Korean Won in millions): |
|
|
|
|
|
|
|
|
|
Cash-generating unit (*1) |
|
|
|
|
|
|
Woori Asset Management Corp. |
|
|
45,066 |
|
|
|
45,066 |
|
Woori Asset Trust Co., Ltd. |
|
|
141,780 |
|
|
|
102,582 |
|
Woori Venture Partners Co., Ltd. |
|
|
41,527 |
|
|
|
41,527 |
|
Woori Investment Securities Co., Ltd. |
|
|
15,139 |
|
|
|
15,139 |
|
PT Bank Woori Saudara Indonesia 1906 Tbk (*2) |
|
|
109,262 |
|
|
|
72,404 |
|
WOORI BANK (CAMBODIA) PLC (*3) |
|
|
64,584 |
|
|
|
47,589 |
|
PT Woori Finance Indonesia Tbk. (*4) |
|
|
57,861 |
|
|
|
54,367 |
|
Others |
|
|
7,488 |
|
|
|
8,320 |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
482,707 |
|
|
|
386,994 |
|
|
|
|
|
|
|
|
|
|
(*1) |
Allocated to the cash-generating unit that will benefit from the synergy effect of the business combination, and the cash-generating unit is generally comprised of the operating segment or sub-sectors. |
(*2) |
The Group has acquired Saudara Bank to expand retail sales in Indonesia, and recognized the goodwill as it is expected to strengthen the competitiveness by securing a local sales network in Indonesia. |
(*3) |
The Group has acquired VisionFund Cambodia to expand retail sales in Cambodia, and recognized goodwill based on the economies of scale and acquired customer base. |
(*4) |
The Company acquired PT Batavia Prosperindo Finance Tbk to expand its installment financing operations in Indonesia. Goodwill was recognized due to the anticipated enhancement of competitiveness through securing a network in the Indonesian used car market and strengthening existing customer relationships. |
The recoverable amount of the cash-generating unit is measured at larger amount between the fair value less costs to sell and the value to use. The net fair value is calculated by deducting costs of disposal from the amount received from the sale of the cash-generating unit in an arm’s length transaction between the parties with reasonable judgment and willingness to negotiate. In case of difficulty in measuring this amount, the sale amount of a similar cash-generating unit in the past market is calculated by reflecting the characteristics of the cash-generating unit. If reliable information related to fair value less costs to sell is not available, value in use is considered as recoverable amount. Value in use is the present value of future cash flows expected to be generated by the cash-generating unit. Future cash flows are estimated based on the latest financial budget approved by the management, with an estimated period of up to five years. The Group applied 1.0% growth rate to estimate future cash flow for the period over five years. The main assumptions used to estimate cash flows are about the size of the market and the share of the group. The appropriate discount rate for discounting future cash flows is the pre-tax discount rate, including assumptions about risk-free interest rates, market risk premium, and systemic risk of cash-generating units. The impairment test, which compares the carrying amount and recoverable amount of the cash-generating unit to which goodwill has been allocated, is conducted every year and every time an impairment sign occurs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woori
Investment
Securities
Co., Ltd.
(*1) |
|
|
Asset
Trust
Co., Ltd.
(*2)(*3) |
|
|
Woori Asset
Management
Corp. (*1) |
|
|
Woori
Venture
Partners
Co., Ltd.
(*1) |
|
|
PT Bank
Woori
Saudara
Indonesia
1906 Tbk
(*2) |
|
|
WOORI
BANK
(CAMBODIA)
PLC (*2) |
|
|
PT
Woori
Finance
Indonesia
Tbk (*1) |
|
Discount rate (%). |
|
|
15.15 |
|
|
|
14.82 |
|
|
|
16.19 |
|
|
|
13.23 |
|
|
|
12.96 |
|
|
|
12.83 |
|
|
|
14.48 |
|
Terminal growth rate (%) |
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
Recoverable amount. (Unit: Korean won in millions) |
|
|
1,314,484 |
|
|
|
453,902 |
|
|
|
442,380 |
|
|
|
247,197 |
|
|
|
1,106,424 |
|
|
|
591,103 |
|
|
|
154,408 |
|
Carrying amount (Unit: Korean won in millions) |
|
|
1,208,399 |
|
|
|
381,319 |
|
|
|
221,967 |
|
|
|
231,289 |
|
|
|
1,136,686 |
|
|
|
606,555 |
|
|
|
146,840 |
|
Impairment loss |
|
|
— |
|
|
|
(39,198 |
|
|
|
— |
|
|
|
— |
|
|
|
(30,262 |
) |
|
|
(15,452 |
|
|
|
— |
|
(*1) |
Based on the results of the impairment test of goodwill, it has been concluded that the carrying amount of the cash-generating unit to which the goodwill is allocated does not exceed its recoverable amount. |
(*2) |
Based on the results of the impairment test of goodwill, an impairment loss was recognized as the carrying amount of the cash-generating unit to which the goodwill is allocated exceeded its recoverable amount. |
(*3) |
Amount recognized for the current period based on the impairment test performed upon identification of impairment indicators. |
The sensitivity of the fair value measurement to changes in significant but unobservable inputs used in measuring fair value is as follows (Unit: Korean Won in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woori
Investment
Securities Co.,
Ltd. |
|
|
Woori
Asset Trust
Co., Ltd. |
|
|
Woori Asset
Management
Corp. |
|
|
Woori Venture
Partners Co.,
Ltd. |
|
|
PT Bank Woori
Saudara
Indonesia 1906
Tbk |
|
|
|
|
|
PT Woori
Finance
Indonesia Tbk |
|
|
|
|
|
|
(167,568 |
|
|
|
(30,766 |
|
|
|
(24,947 |
|
|
|
(33,705 |
|
|
|
(97,991 |
|
|
|
(52,311 |
|
|
|
|
|
|
|
|
|
206,668 |
|
|
|
37,046 |
|
|
|
29,634 |
|
|
|
42,300 |
|
|
|
116,379 |
|
|
|
62,246 |
|
|
|
|
|
|
|
|
|
|
140,527 |
|
|
|
21,975 |
|
|
|
16,999 |
|
|
|
29,384 |
|
|
|
78,719 |
|
|
|
42,278 |
|
|
|
|
|
|
|
|
|
(116,990 |
) |
|
|
(18,310 |
) |
|
|
(14,378 |
) |
|
|
(23,668 |
) |
|
|
(66,567 |
) |
|
|
(35,687 |
) |
|
|
|
|
|