Woori Financial (WF) lifts land value and equity through KRW 2.47T revaluation
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Woori Financial Group Inc. conducted an asset revaluation of land properties, including 203 Hoehyeon-dong, Jung-gu, Seoul and 317 other parcels, as of March 31, 2026 under K-IFRS.
The land’s book value was KRW 1,779,909,306,318 and increased to KRW 4,248,414,441,473, creating a revaluation difference of KRW 2,468,505,135,155, equal to 0.40% of total assets of KRW 612,584,818,270,339.
Provisional accounting records an increase in land assets of KRW 2,468.5 billion, deferred tax liabilities of KRW 676.6 billion, and equity (including revaluation surplus and other items) of KRW 1,791.9 billion. The revaluation surplus of KRW 1,796.5 billion is recognized in other comprehensive income and is not distributable as dividends under the Korean Commercial Code, and figures may change after external audit.
Positive
- None.
Negative
- None.
Key Figures
Land book value: KRW 1,779,909,306,318
Land value after revaluation: KRW 4,248,414,441,473
Revaluation difference: KRW 2,468,505,135,155
+5 more
8 metrics
Land book value
KRW 1,779,909,306,318
Book value of revalued land before revaluation as of March 31, 2026
Land value after revaluation
KRW 4,248,414,441,473
Carrying amount of land after revaluation as of March 31, 2026
Revaluation difference
KRW 2,468,505,135,155
Increase in land value; 0.40% of total assets
Total assets
KRW 612,584,818,270,339
Consolidated total assets as of March 31, 2026
Asset increase (land)
KRW 2,468.5 billion
Provisional increase in land assets from revaluation
Deferred tax liabilities increase
KRW 676.6 billion
Provisional increase in deferred tax liabilities due to revaluation
Equity increase
KRW 1,791.9 billion
Provisional increase in equity, including revaluation surplus and related items
Revaluation surplus (OCI)
KRW 1,796.5 billion
Amount recognized in other comprehensive income, not distributable as dividends
Key Terms
Korean International Financial Reporting Standards (K-IFRS), revaluation surplus, other comprehensive income, deferred tax liabilities, +1 more
5 terms
Korean International Financial Reporting Standards (K-IFRS) financial
"to reflect the fair value of such assets in accordance with Korean International Financial Reporting Standards (K-IFRS)"
revaluation surplus financial
"Increase in Equity (Revaluation surplus*, etc.): KRW 1,791.9 billion"
other comprehensive income financial
"The revaluation surplus (other comprehensive income): KRW 1,796.5 billion"
Other comprehensive income is a section of a company’s financial statements that records gains and losses not shown in the regular profit-and-loss line, such as paper gains or losses on certain investments, pension plan adjustments, and changes from converting foreign operations. These items don’t represent cash earned or spent today but change a company’s reported net worth, like value swings in things stored in a closet rather than money in your wallet, and help investors spot hidden strengths or risks to long-term financial health.
deferred tax liabilities financial
"Increase in Liability (Deferred tax liabilities due to revaluation): KRW 676.6 billion"
An accounting entry that records taxes a company will likely have to pay in the future because the way profit is reported for investors (financial accounts) differs from how taxable income is calculated today. It matters to investors because it signals real future cash outflows that will reduce funds available for dividends, debt repayment or investment—think of it as a bill put on layaway that the company still must settle later, affecting valuation and financial strength.
consolidated financial statements financial
"The “Book Value” and “Total Assets” above are based on the consolidated financial statements"
Consolidated financial statements combine the financial results of a parent company and all the companies it controls into one set of reports, like showing the whole family’s budget instead of each person’s separate accounts. For investors this matters because it gives a complete picture of assets, debts, revenue and cash flow across the entire group, helping assess true size, risk and profitability without missing or double-counting related activity.
FAQ
What asset revaluation did Woori Financial Group (WF) complete in April 2026?
Woori Financial Group revalued certain land properties, including 203 Hoehyeon-dong and 317 other parcels, using K-IFRS as of March 31, 2026. The revaluation raised the land’s carrying value and adjusted related liabilities and equity amounts on a provisional basis.
How much did Woori Financial Group’s land value increase from the revaluation?
The land’s book value rose from KRW 1,779,909,306,318 to KRW 4,248,414,441,473, creating a revaluation difference of KRW 2,468,505,135,155. This difference represents 0.40% of consolidated total assets of KRW 612,584,818,270,339 as of March 31, 2026.
How does the land revaluation affect Woori Financial Group’s equity and liabilities?
Provisional accounting shows land assets increasing by KRW 2,468.5 billion, deferred tax liabilities increasing by KRW 676.6 billion, and equity (including revaluation surplus and related items) increasing by KRW 1,791.9 billion. These amounts may change once the company’s external audit is completed.
What is Woori Financial Group’s revaluation surplus and where is it recorded?
The revaluation surplus is KRW 1,796.5 billion and is recorded in other comprehensive income. It arises from the land revaluation and increases equity, but it is treated as a separate component of equity rather than as profit on the income statement.
Can Woori Financial Group use the revaluation surplus for dividends?
The revaluation surplus recognized from the land revaluation is not considered profit distributable as dividends under the Korean Commercial Code. Although it increases equity and appears in other comprehensive income, it cannot be directly paid out to shareholders as cash dividends.
What proportion of Woori Financial Group’s total assets is the revaluation difference?
The revaluation difference of KRW 2,468,505,135,155 equals 0.40% of total consolidated assets of KRW 612,584,818,270,339 as of March 31, 2026. This percentage shows the relative scale of the land revaluation compared with Woori Financial Group’s overall asset base.