Form 6-K
Table of Contents

 

 

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 May 2012

 

 

Woori Finance Holdings Co., Ltd.

(Translation of Registrant’s name into English)

 

 

203, Hoehyon-dong, 1-ga, Chung-gu, Seoul, Korea 100-792

(Address of principal executive offices)

 

 

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  x            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.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ¨             No  x

 

 

 


Table of Contents

Index

1. Summary of 2012 1Q Business Report

2. Exhibit 99.1 Woori Finance Holdings Co., Ltd. Review Reports for 2012 1Q


Table of Contents

Summary of 2012 1Q Business Report

 

I. COMPANY OVERVIEW

     5   

1. Purpose of the Company

     5   

2. History of the Company

     6   

3. Capital Structure

     15   

4. Total Number of Authorized Shares

     16   

5. Voting Rights

     17   

6. Dividend Information

     17   

II. DESCRIPTION OF BUSINESS

     18   

1. Business Overview

     18   

2. Overview of Operations

     19   

3. Other Information Relevant to Investment Decisions

     21   

III. FINANCIAL INFORMATION

     25   

1. Condensed Financial Statements (Separate)

     25   

2. Condensed Financial Statements (Consolidated)

     26   

IV. INDEPENDENT AUDITOR’S OPINION

     28   

1. Independent Auditor’s Opinion

     28   

2. Compensation to the Independent Auditor for the Past Three Years

     28   

V. CORPORATE GOVERNANCE AND AFFILIATED COMPANIES

     29   

1. About the Board of Directors

     29   

2. Related Companies

     31   

3. Investments in Other Companies

     32   

VI. STOCK INFORMATION

     33   

1. Stock Distribution

     33   

2. Stock Price and Stock Market Performance for the Past Six Months

     34   


Table of Contents

VII. DIRECTORS AND EMPLOYEE INFORMATION

     35   

1. Directors

     35   

2. Employee Status

     35   

3. Directors’ Compensation

     35   

VIII. RELATED PARTY TRANSACTIONS

     36   

1. Transactions with Affiliated Parties

     36   

Except where indicated otherwise, financial information contained in this document (including the attached financial statements) have been prepared in accordance with the Korean equivalent of International Financial Reporting Standards (“Korean IFRS”), which differ in certain important respects from generally accepted accounting principles in the United States.

All references to “Woori Finance Holdings,” “we,” “us” or the “Company” are to Woori Finance Holdings Co., Ltd. and, unless the context requires otherwise, its subsidiaries. In addition, all references to “Won” or “KRW” in this document are to the currency of the Republic of Korea.


Table of Contents
I. Company Overview

 

1. Purpose of the Company

 

a. Scope of Business

Acquisition/ownership of shares in companies that are engaged in financial services or are closely related to financial services, as well as the governance and/or management of such companies.

 

  (1) Corporate Management

 

  1. Setting management targets for and approving business plans of the subsidiaries;

 

  2. Evaluation of the subsidiaries’ management performance and establishment of compensation levels;

 

  3. Formulation of corporate governance structures of the subsidiaries;

 

  4. Inspection of operation and assets of the subsidiaries; and

 

  5. Other activities complementary to the items mentioned in numbers 1 to 4.

 

  (2) Corporate Management Support Activities

 

  1. Funding for the affiliate companies (including direct and indirect subsidiaries, the “Affiliates”);

 

  2. Capital investment in subsidiaries or procurement of funds for the Affiliates; and

 

  3. Activities ancillary to the above items.

 

b. Scope of Business of Subsidiaries

 

  (1) Bank Subsidiaries (Woori Bank, Kwangju Bank and Kyongnam Bank):

 

  1. Banking business as prescribed by the Banking Act;

 

  2. Trust business;

 

  3. Foreign exchange business; and

 

  4. Other authorized businesses.

 

  (2) Woori Investment & Securities: businesses authorized under the Financial Investment Services and Capital Markets Act and related laws and regulations.

 

  (3) Woori Aviva Life Insurance: life insurance and other insurance activities and other business activities permitted under the Insurance Business Act.

 

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  (4) Woori Asset Management: asset management business.

 

  (5) Woori Financial: consumer finance business.

 

  (6) Woori FIS: finance-related IT services.

 

  (7) Woori F&I: securitization business.

 

  (8) Woori Private Equity: private equity business.

 

  (9) Woori FG Savings Bank: consumer savings banking business.

 

2. History of the Company

 

a. Company History

 

  (1) Background: Major developments.

 

March 30, 2004

   Appointment of new management

March 31, 2004

   Woori Card merged into Woori Bank

June 18, 2004

   Woori Securities becomes a wholly-owned subsidiary

December 21, 2004

   Capital increase through conversion of CBs (Total capital after conversion: Won 4.0 trillion)

December 24, 2004

   Acquired LG Investment & Securities and incorporated as a subsidiary

February 17, 2005

   Capital increase through conversion of CBs (Total capital after conversion: Won 4.0 trillion)

March 11, 2005

   Capital increase through conversion of CBs (Total capital after conversion: Won 4.0 trillion)

March 31, 2005

   Woori Securities and LG Investment & Securities merged (the name of the surviving entity, LG Investment & Securities, changed to Woori Investment & Securities)

May 6, 2005

   LG Investment Trust Management changed from 2nd tier subsidiary to 1st tier subsidiary

May 31, 2005

   Woori Investment Trust Management and LG Investment Trust Management merged (the name of the surviving entity, LG Investment Trust Management, changed to Woori Asset Management)

August 3, 2005

   Dissolution of Woori LB Second Asset Securitization Specialty Co., Ltd.

 

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September 5, 2005

   Woori Asset Management becomes a wholly-owned subsidiary through capital reduction and cancellation

October 21, 2005

   Woori Private Equity is established and incorporated as a subsidiary

October 27, 2005

   Closure of strategic investment agreement with Lehman Brothers

February 23, 2006

   Joint venture arrangement between Woori CA Asset Management, a 2nd tier subsidiary, and Japan’s Shinsei Bank (involving a transfer of 49% of Woori F&I’s 100% stake in Woori CA Asset Management to Shinsei Bank)

April 11, 2006

   Joint venture agreement to transfer 30% of the shares of Woori Asset Management to Credit Suisse Asset Management International Holdings, a wholly owned subsidiary of Credit Suisse.

May 30, 2006

   Upon the 30% share transfer to Credit Suisse Asset Management International Holdings, Woori Asset Management was renamed Woori Credit Suisse Asset Management.

March 30, 2007

   Appointment of new management

September 14, 2007

   Acquired Hanmi Capital as a subsidiary (Hanmi Capital was renamed Woori Financial as of October 26, 2007)

April 4, 2008

   Acquired LIG Life Insurance as a subsidiary (LIG Life Insurance was renamed Woori Aviva Life Insurance as of April 1, 2008)

June 27, 2008

   Appointment of new management

April 29, 2009

   Termination of joint venture with Credit Suisse regarding Woori Credit Suisse Asset Management. Renamed “Woori Asset Management” (May 30, 2009)

October 28, 2009

   Acquired the remaining 30% equity stake in Woori Credit Suisse Asset Management from Credit Suisse Asset Management International Holding and completed the establishment of Woori Asset Management as our wholly-owned subsidiary

December 30, 2009

   Dissolution of Woori LB Third Asset Securitization Specialty Co., Ltd.

March 11, 2010

   MOU with National Bank of Abu Dhabi Group

 

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March 16, 2011

   Woori FG Savings Bank Co., Ltd. is incorporated as a wholly-owned subsidiary

October 5, 2011

   Kwangju Bank and Kyongnam Bank become wholly-owned subsidiaries

November 29, 2011

   Acquired additional shares of Woori Investment & Securities to increase our equity stake (based on common stock) to 37.85%

 

b. Associated Business Group

 

  (1) Overview of Business Group

 

  1. Name of business group: Woori Financial Group

 

  (2) Related companies within the business group

As of March 31, 2012

 

Type

  

Name of Company

  

Controlling
Company

  

Notes

Holding Company

   Woori Finance Holdings   

Korea Deposit Insurance

Corporation

   1 company
   Woori Bank      
   Kwangju Bank      
   Kyongnam Bank      
   Woori Investment & Securities      
   Woori Aviva Life Insurance      

1st Tier Subsidiaries

   Woori Asset Management    Woori Finance    11 companies
   Woori Financial    Holdings   
   Woori FG Savings Bank      
   Woori FIS (formerly Woori Finance Information System)      
   Woori F & I      
   Woori Private Equity      
   Woori Credit Information      
   Woori America Bank      
   P.T. Bank Woori Indonesia      
   Korea BTL Infrastructure Fund    Woori Bank   
   Woori Global Markets Asia Ltd.      
   Woori Bank (China) Limited      
   ZAO Woori Bank      
   Woori Fund Service      
   Woori AMC      
   Woori F&I Seventh Asset Securitization Specialty Co., Ltd.      
   Woori F&I Eighth Asset Securitization Specialty Co., Ltd.      
   Woori SB Tenth Asset Management      

2nd Tier Subsidiaries

   Woori F&I Tenth Asset Securitization Specialty Co., Ltd.       57 companies
   Woori F&I Eleventh Asset Securitization Specialty Co., Ltd.      
   Woori F&I Thirteenth Asset Securitization Specialty Co., Ltd.      
   Woori F&I Sixteenth Asset Securitization Specialty Co., Ltd.    Woori F&I   
   Woori F&I Seventeenth Asset Securitization Specialty Co., Ltd.      
   Woori EA Third Asset Securitization Specialty Co., Ltd.      
   Woori EA Fourth Asset Securitization Specialty Co., Ltd.      
   Woori EA Fifth Asset Securitization Specialty Co., Ltd.      
   WR Creditors Co., Ltd.      

 

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Table of Contents

Type

  

Name of Company

  

Controlling

Company

  

Notes

   Woori EA Eighth Asset Securitization Specialty Co., Ltd.      
   Woori F&I Eighteenth Asset Securitization Specialty Co., Ltd.      
   WR Investment America LLC      
   Woori F&I Nineteenth Asset Securitization Specialty Co., Ltd.      
   Woori F&I Twentieth Asset Securitization Specialty Co., Ltd.      
   Woori EA Tenth Asset Securitization Specialty Co., Ltd.      
   Woori F&I Twenty First Asset Securitization Specialty Co., Ltd.      
   Woori F&I Twenty Second Asset Securitization Specialty Co., Ltd.      
   Woori EA Twelveth Asset Securitization Specialty Co., Ltd.      
   Woori F&I Twenty Third Asset Securitization Specialty Co., Ltd      
   Woori EA Thirteenth Asset Securitization Specialty Co., Ltd.      
   Woori EA Fourteenth Asset Securitization Specialty Co., Ltd.      
   Woori F&I Twenty Fourth Asset Securitization Specialty Co., Ltd      
   Woori F&I Twenty Fifth Asset Securitization Specialty Co., Ltd      
   Woori EA Fifteenth Asset Securitization Specialty Co., Ltd.      
   POSCO Woori EIG Global Private Equity Fund    Woori Asset Management   
   Woori Private Equity Fund   

Woori Private

Equity

  
   Woori Blackstone Korea Opportunity Private Equity Fund No.1      
   Woori Futures      
   Woori Investment & Securities International Ltd.      
   Woori Investment & Securities (HK) Ltd.      
   Woori Investment & Securities America Inc.      
   Mars Private Equity Fund No. 1      
   Mars Private Equity Fund No.2      
   Woori Investment Asia Pte. Ltd.      
   Mars Private Equity Fund No.3      
   Mars Private Equity Fund No.4    Woori Investment   
   Woori Absolute Partners PTE, Ltd.    & Securities   
   Woori Absolute Global Opportunity Fund      
   Woori Korindo Securities Indonesia      
   LG Investment Holdings B.V. GG      
   Connacht Capital Market Investment Ltd.      
   Woori CBV Securities Corporation      
   Woori Absolute Return Investment Strategies      
   KoFC Woori Growth Champ 2010 No.3 Private Equity Fund      
   Woori Investment Advisory Co., Ltd. (Beijing)      

 

* Woori Finance Holdings, Woori Investment & Securities and Woori Financial are listed on the KRX KOSPI Market

 

*

On May 23, 2007, Woori F&I Fifth Asset Securitization Specialty Co., Ltd. was included as our 2nd tier subsidiary. Woori F&I Co., Ltd. owns 100% of its equity.

 

*

On September 14, 2007, Hanmi Capital was included as our 1st tier subsidiary to strengthen our non-banking business (Hanmi Capital was renamed Woori Financial as of October 26, 2007).

 

*

On September 20, 2007, Woori Investment Asia Pte. Ltd. was included as our 2nd tier subsidiary. Woori Investment & Securities owns a 100% stake in Woori Investment Asia Pte. Ltd.

 

*

On October 26, 2007, Woori Bank (China) Limited was included as our 2nd tier subsidiary. Woori Bank owns a 100% stake in Woori Bank (China) Limited.

 

*

On November 22, 2007, ZAO Woori Bank was included as our 2nd tier subsidiary. Woori Bank owns a 100% stake in ZAO Woori Bank, excluding one ZAO Woori Bank share which is owned by a related party of Woori Bank in order to comply with Russian regulations on single shareholder limitations.

 

* On December 12, 2007, Woori F&I Sixth Asset Securitization Specialty Co., Ltd. and Woori F&I Seventh Asset Securitization Specialty Co., Ltd. were included as our 2nd tier subsidiaries. Woori F&I Co., Ltd. owns a 100% stake in each of these two subsidiaries.

 

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*

On March 18, 2008, Mars Private Equity Fund No. 3, with an expected paid-in-capital of KRW 51 billion, was included as our 2nd tier subsidiary. Woori Investment & Securities, as its general partner, will have contributed 1.96% of the capital of Mars Private Equity Fund No. 3.

 

*

On April 3, 2008, Woori F&I Eighth Asset Securitization Specialty Co., Ltd. was included as our 2nd tier subsidiary. Woori F&I Co., Ltd. owns 100% of its equity.

 

*

On April 4, 2008, LIG Life Insurance was included as our 1st tier subsidiary (LIG Life Insurance was renamed Woori Aviva Life Insurance as of April 1, 2008).

 

*

On May 14, 2008, Mars Private Equity Fund No. 4, with an expected paid-in-capital of KRW 51 billion, was included as our 2nd tier subsidiary. Woori Investment & Securities, as its general partner, will have contributed 0.99% of the capital.

 

*

On May 29, 2008, Woori Absolute Partners Pte. Ltd., an investment advisory service company wholly-owned by Woori Investment & Securities and established in Singapore to manage offshore funds, was included as our 2nd tier subsidiary.

 

*

On June 27, 2008, Woori SB Tenth Asset Securitization Specialty Co., Ltd. was included as our 2nd tier subsidiary. Woori F&I owns a stake of 50% plus one share in the company.

 

*

On July 21, 2008, Woori Absolute Global Opportunity Fund, an offshore financial company wholly-owned by Woori Investment & Securities, was included as our 2nd tier subsidiary.

 

*

On September 9, 2008, Woori F&I Ninth Asset Securitization Specialty Co., Ltd. was included as our 2nd tier subsidiary. Woori F&I Co., Ltd. owns 100% of its equity.

 

*

On March 3, 2009, PT Clemont Securities Indonesia was included as our 2nd tier subsidiary. Woori Investment & Securities owns a 60% stake in PT Clemont Securities Indonesia.

 

*

On March 12, 2009, Woori F&I Tenth Asset Securitization Specialty Co., Ltd. was included as our 2nd tier subsidiary. Woori F&I Co., Ltd. owns 100% of its equity.

 

*

On July 24, 2009, Woori F&I Twelfth Asset Securitization Specialty Co., Ltd. was removed as our 2nd tier subsidiary following the sale of Woori F&I’s equity stake in Woori F&I Twelfth Asset Securitization Specialty Co., Ltd.

 

*

On August 31, 2009, Woori F&I Thirteenth Asset Securitization Specialty Co., Ltd. was included as our 2nd tier subsidiary.

 

*

On September 28, 2009, Woori CBV Securities Corporation was included as our 2nd tier subsidiary. Woori Investment & Securities owns a 49% stake in Woori CBV Securities Corporation.

 

* On October 15, 2009, we acquired an additional 2.41% of common shares of Woori Financial, and our shareholding is currently 52.52%.

 

* On October 28, 2009, Woori Asset Management became our wholly-owned subsidiary following our acquisition of Credit Suisse’s 30% interest in Woori Asset Management.

 

*

High Technology Venture Investment, Global Technology Investment, LG Investment Holdings B.V. GG and Connacht Capital Market Investment, which are offshore finance companies and subsidiaries of Woori Investment & Securities, are currently undergoing liquidation or other change of control-related proceedings. Due to an expansion in the types of entities that are considered 2nd tier subsidiaries of financial holding companies, these entities became our 2nd tier subsidiaries.

 

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* On December 28, 2009, Woori SB Asset Management changed its name to Woori AMC and became a wholly-owned subsidiary of Woori F&I following the termination of its joint venture with Shinsei Bank.

 

* On December 30, 2009, Woori Third Asset Securitization Specialty Co., Ltd. was dissolved and removed from our list of subsidiaries

 

* On February 15, 2010, Woori Investment & Securities sold 100% of its investment stake in Woori Absolute Asia Multi Strategy Fund, an offshore financial company that was wholly-owned by Woori Investment & Securities prior to such sale.

 

*

On March 8, 2010, Woori F&I Fourteenth Asset Securitization Specialty Co., Ltd. was included as our 2nd tier subsidiary.

 

*

On May 20, 2010, Woori Absolute Return Investment Strategies, an offshore financial company wholly-owned by Woori Investment & Securities, was included as our 2nd tier subsidiary.

 

*

On June 10, 2010, Woori F&I Fifteenth Asset Securitization Specialty Co., Ltd. and Woori F&I Sixteenth Asset Securitization Specialty Co., Ltd., which are wholly-owned by Woori F&I, were included as our 2nd tier subsidiaries.

 

*

On June 18, 2010, Woori EA Third Asset Securitization Specialty Co., Ltd., a 70% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

*

On June 28, 2010, Woori Ea Fourth Asset Securitization Specialty Co., Ltd., a 70% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

*

On June 29, 2010, Woori Ea Fifth Asset Securitization Specialty Co., Ltd., a 70% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

*

On July 9, 2010, Woori F&I Fifteenth Asset Securitization Specialty Co., Ltd. was removed as our 2nd tier subsidiary following the sale of Woori Investment & Securities’ investment stake in Woori F&I Fifteenth Asset Securitization Specialty Co., Ltd.

 

*

On September 2, 2010, Woori F&I Seventeenth Asset Securitization Specialty Co., Ltd., a 100% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

*

On October 22, 2010, WR Creditor Co., Ltd., a 100% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

*

On November 22, 2010, KoFC Woori Growth Champ 2010 No.3 Private Equity Fund, a 30% owned subsidiary of Woori Investment & Securities, was included as our 2nd tier subsidiary.

 

*

On November 23, 2010, Woori EA Eighth Asset Securitization Specialty Co., Ltd., a 51% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

* On November 30, 2010, Woori F&I Ninth Asset Securitization Specialty Co., Ltd. was dissolved and removed from our list of subsidiaries.

 

* On December 1, 2010, High Technology Venture Investment and Global Technology Investment was dissolved and removed from our list of subsidiaries.

 

*

On December 3, 2010, Woori F&I Eighteenth Asset Securitization Specialty Co., Ltd., a 100% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

*

On December 21, 2010, WR Investment America LLC. a 100% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

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*

On January 14, 2011, Woori Investment Advisory Co., Ltd. (Beijing), a 100% owned subsidiary of Woori Investment & Securities, was included as our 2nd tier subsidiary.

 

*

On Febuary 24, 2011, Woori F&I Nineeenth Asset Securitization Specialty Co., Ltd., a 100% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

*

On March 14, 2011, Woori F&I Twentieth Asset Securitization Specialty Co., Ltd., a subsidiary of Woori F&I, was included as our 2nd tier subsidiary. Woori F&I Co., Ltd. owns 60% of the equity of Woori F&I Twentieth Asset Securitization Specialty Co., Ltd.

 

* On March 16, 2011, Woori FG Savings Bank, a 100% owned subsidiary of Woori Finance Holdings, was included as our subsidiary.

 

*

On March 29, 2011, Woori EA Tenth Asset Securitization Specialty Co., Ltd., a 51% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

* On May 30, 2011, Woori F&I Fourteenth Asset Securitization Specialty Co., Ltd. was dissolved and removed from our list of subsidiaries.

 

*

On June 7, 2011, Woori F&I Twenty First Asset Securitization Specialty Co., Ltd. and Woori F&I Twenty Second Asset Securitization Specialty Co., Ltd., each a 100% owned subsidiary of Woori F&I, were included as our 2nd tier subsidiaries.

 

*

On July 22, 2011, Woori Fund Service Co., Ltd., a 100% owned subsidiary of Woori Bank, was included as our 2nd tier subsidiary.

 

* On August 26, 2011, Brim Asian Credit Fund was dissolved and removed from our list of subsidiaries.

 

*

On September 2, 2011, Woori EA Twelveth Asset Securitization Specialty Co., Ltd., a 70% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

* On September 28, 2011, Woori F&I Fifth Asset Securitization Specialty Co., Ltd. was dissolved and removed from our list of subsidiaries.

 

*

On November 2, 2011, Woori F&I Twenty Third Asset Securitization Specialty Co., Ltd., a 100% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

*

On November 25, 2011, Woori EA Thirteenth Asset Securitization Specialty Co., Ltd., a 70% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

*

On November 29, 2011, Woori EA Fourteenth Asset Securitization Specialty Co., Ltd., a 70% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

*

On December 2, 2011, Woori F&I Twenty Fourth Asset Securitization Specialty Co., Ltd., a 100% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

* On December 28, 2011, Woori F&I Sixth Asset Securitization Specialty Co., Ltd. was dissolved and removed from our list of subsidiaries.

 

*

On March 8, 2012, Woori F&I Twenty Fifth Asset Securitization Specialty Co., Ltd., a 100% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

*

On March 9, 2012, POSCO Woori EIG Global Private Equity Fund, to which Woori Asset Management contributed 0.5% of the capital and serves as its general partner, was included as our 2nd tier subsidiary.

 

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*

On March 29, 2012, Woori EA Fifteenth Asset Securitization Specialty Co., Ltd., a 70% owned subsidiary of Woori F&I, was included as our 2nd tier subsidiary.

 

c. Consolidated Subsidiaries

 

Name of Company

   Business Activities    Total Assets (2011)
(unit: in  millions of Won)
 

Woori Bank

   Banking      237,991,539   

Kwangju Bank

   Banking      17,683,978   

Kyongnam Bank

   Banking      25,353,402   

Woori Investment & Securities

   Securities      20,927,271   

Woori Asset Management

   Collective Investment      80,020   

Woori Financial

   Other Financial      3,161,794   

Woori FIS (former Woori Finance Information System)

   Financial Information
Technology
     264,215   

Woori F&I

   Other Financial      1,159,311   

Woori Private Equity

   Other Financial      39,188   

Woori FG Savings Bank

   Banking      603,400   

TY Second Asset Securitization Specialty

   Other Financial      211,408   

Woori Heritage Long Short Private Equity Investment Trust No.1

   Other Financial      10,114   

Woori Credit Information

   Debt Collection and
Credit Rating
     30,148   

Woori America Bank

   Banking      1,102,653   

P.T. Bank Woori Indonesia

   Banking      643,915   

Woori Global Markets Asia Ltd.

   Banking      189,541   

Woori Bank (China) Limited

   Banking      2,995,451   

ZAO Woori Bank

   Banking      350,235   

Korea BTL Infrastructure Fund

   Other Financial      473,983   

Woori Fund Service Co., Ltd.

   Other Financial      2,719   

Kumho Trust 1st Co., Ltd.

   Other Financial      81,289   

Woori IB Global Bond Co., Ltd

   Other Financial      214,763   

Connsus Eighth Co., Ltd.

   Other Financial      9   

Asiana Saigon Co., Ltd.

   Other Financial      52,618   

An-Dong Raja 1st Co., Ltd.

   Other Financial      13,482   

KAMCO Value Recreation 1st Securitization Specialty Co., Ltd

   Other Financial      152,270   

IB Global 1st Inc.

   Other Financial      70,326   

Real DW Second Co., Ltd.

   Other Financial      121,995   

Hermes STX Co., Ltd.

   Other Financial      30,690   

BWL First Co., LLC

   Other Financial      80,078   

Woori Poongsan Co., Ltd

   Other Financial      34,720   

Ocean Sand Co., Ltd.

   Other Financial      44,470   

Heoreum Short-Term 15 th

   Other Financial      57   

G5 Pro Short-Term 13th

   Other Financial      657   

G6 First Class Mid-Term E-20

   Other Financial      1   

G15 First Class Mid-Term C-1

   Other Financial      4   

D First Class Mid-term C-151

   Other Financial      3   

Golden Bridge Sidus FNH Video

   Other Financial      2,868   

Golden Bridge NHN Online Private Equity Investment

   Other Financial      21,686   

Woori CS Ocean Bridge 7 th

   Other Financial      126   

Woori Milestone Private Real Estate Fund 1st

   Other Financial      7,292   

Consus Sakhalin Real Estate Investment Trust 1st

   Other Financial      52,553   

Woori Partner Plus Private Equity Securities 4th

   Other Financial      400,319   

Yuri WB Private Equity Securities Investment Trust 3rd

   Other Financial      51,504   

KDB Private Equity Investment Trust WB-2

   Other Financial      52,560   

Samsung Plus Private Equity Investment Trust No.13

   Other Financial      51,552   

Hanhwa Smart Private Equity Trust No.43

   Other Financial      61,544   

 

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Table of Contents

Name of Company

   Business Activities    Total Assets (2011)
(unit: in  millions of Won)
 

Eugene Pride Private Equity Securities Investment Trust 21st (Bond)

   Other Financial      51,183   

Meritz Prime Private Equity Trust No.42(Bond)

   Other Financial      50,919   

Woori Partner Plus Private Equity Securities 8th

   Other Financial      101,877   

Woori Partner Plus Equity Securities 9th

   Other Financial      323,100   

Woori Frontier Alpha Quant Private Equity 8th

   Other Financial      23,786   

Kyobo Axa Long Short Private Equity Investment Trust 2nd

   Other Financial      21,739   

Consus Private Equity Securities Investment Trust 54th

   Other Financial      20,355   

Hanwha Quant Long Short Private Equity 3rd

   Other Financial      20,067   

Hyundai Advantage Private Equity 14th

   Other Financial      20,384   

Mirae Asset Maps Blue Chip Private Equity 2nd

   Other Financial      19,895   

Hanwha Smart Private Equity Trust No. 50 (Bond)

   Other Financial      50,045   

Samsung Plus Private Equity Investment Trust 20th

   Other Financial      —     

Dongbu Premium Private Equity Investment Trust 7th

   Other Financial      —     

Woori Partner Plus Private Equity Securities 10th

   Other Financial      —     

Shinhan BNP Corporate Private Equity Trust 10th

   Other Financial      —     

KDB Private Equity Securities Investment Trust WB-3rd (Bond)

   Other Financial      —     

Heungkuk Hiclass 9th

   Other Financial      3,284   

Eugene Best Plan Private Equity Securities No.16

   Other Financial      9,921   

Euro Quanto Second Inc.

   Other Financial      52,599   

Hybrid 1st Specialty Inc.

   Other Financial      314,707   

KAMCO Value Recreation 2nd Securitization Specialty Co., Ltd.

   Other Financial      9,731   

Consus 6th Co., LLC

   Other Financial      9   

KTB Market Alpha Private Equity Securities Investment Trust 30-1st

   Other Financial      10,499   

GS Gold Scope Private Equity Securities Investment Trust 2nd

   Other Financial      9,444   

Shinhan BNP Corporate Private Equity Trust 9th

   Other Financial      9,371   

Hanhwa Private Equity Trust 3rd (Bond Mixed Type)

   Other Financial      9,685   

Tongyang High Plus Securities Investment Trust N-22nd (Bond)

   Other Financial      —     

Samsung Partner Plus Private Equity Investment Trust 6th (Bond Mixed Type)

   Other Financial      —     

Say New Vesta Private Equity Securities Investment Trust 8th (Bond)

   Other Financial      —     

Woori Frontier Private Equity Securities Investment Trust 2nd (Bond)

   Other Financial      —     

Woori Futures

   Futures      435,503   

Woori Investment Securities International Ltd.

   Securities      3,775   

Woori Investment & Securities (HK) Ltd.

   Securities      29,685   

Woori Investment Securities America

   Securities      8,311   

MARS First Private Equity Fund

   Other Financial      61,598   

MARS INS First Private Equity Fund

   Other Financial      2,404   

MARS Second Private Equity Fund

   Other Financial      224,133   

Woori Investment Asia Pte. Ltd.

   Securities      49,559   

Woori Absolute Partner PTE Ltd.

   Other Financial      4,327   

Woori Absolute Asia Global Opportunity Fund

   Other Financial      54,995   

LG Investment Holding B.V.(Amsterdam) GG

   Other Financial      32,549   

Connacht Capital Market Inv.

   Other Financial      24,978   

Woori Korindo Securities Indonesia

   Securities      32,339   

Woori CBV Securities Corporation

   Securities      8,746   

Woori Absolute Return Investment Strategies fund

   Other Financial      35,848   

Woori Investment Asia Co., Ltd.(Beijing)

   Investment Advisory      2,486   

Kofc Woori Growth Champ 2010-3 Private Equity Fund

   Other Financial      77,779   

Woori Giant First Co., Ltd

   Other Financial      50,013   

KAMCO Value Recreation 9th Securitization Specialty Co., Ltd

   Other Financial      1,368   

G3 Pro Short-term 13

   Beneficiary Certificates      91   

G4 Pro Short-term 13

   Beneficiary Certificates      44   

Twins Subordinated Debt 1st

   Beneficiary Certificates      3   

Cho Hung Clover HYA1

   Beneficiary Certificates      1,828   

G1 New Jump Long-Term Bond A-4th

   Beneficiary Certificates      5,363   

Best Optimax Mid-Term III A1

   Beneficiary Certificates      1,391   

 

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Table of Contents

Name of Company

   Business Activities    Total Assets (2011)
(unit: in  millions of Won)
 

Woori AMC

   Other Financial      21,714   

Woori F&I Seventh Asset Securitization Specialty Co., Ltd.

   Other Financial      15,428   

Woori F&I Eighth Asset Securitization Specialty Co., Ltd.

   Other Financial      790   

Woori SB Tenth Asset Management Co., Ltd.

   Other Financial      29,967   

Woori F&I Tenth Asset Securitization Specialty Co., Ltd.

   Other Financial      2,173   

Woori F&I Eleventh Asset Securitization Specialty Co., Ltd.

   Other Financial      2,371   

Woori F&I Thirteenth Asset Securitization Specialty Co., Ltd.

   Other Financial      7,811   

Woori F&I Sixteenth Asset Securitization Specialty Co., Ltd

   Other Financial      11,088   

Woori EA Third Asset Securitization Specialty Co., Ltd.

   Other Financial      33,124   

Woori EA Fourth Asset Securitization Specialty Co., Ltd.

   Other Financial      17,497   

Woori EA Fifth Asset Securitization Specialty Co., Ltd.

   Other Financial      9,563   

Woori F&I Seventeenth Asset Securitization Specialty Co., Ltd

   Other Financial      25,796   

WR Investment LLC

   Other Financial      10   

Woori EA Eighth Asset Securitization Specialty Co., Ltd.

   Other Financial      35,064   

WR Investment America LLC

   Other Financial      29,383   

Woori F&I Eighteenth Asset Securitization Specialty Co., Ltd

   Other Financial      55,810   

Woori F&I Nineteenth Asset Securitization Specialty Co., Ltd

   Other Financial      18,309   

Woori EA Tenth Asset Securitization Specialty Co., Ltd.

   Other Financial      13,177   

Woori F&I Twentieth Asset Securitization Specialty Co., Ltd

   Other Financial      24,366   

Woori F&I Twenty First Asset Securitization Specialty Co., Ltd

   Other Financial      146,945   

Woori F&I Twenty Second Asset Securitization Specialty Co., Ltd

   Other Financial      74,213   

Woori F&I Twenty Third Asset Securitization Specialty Co., Ltd

   Other Financial      38,794   

Woori F&I Twenty Fourth Asset Securitization Specialty Co., Ltd

   Other Financial      95,305   

Woori F&I Twenty Fifth Asset Securitization Specialty Co., Ltd.

   Other Financial      —     

Woori EA Twelveth Asset Securitization Specialty Co., Ltd.

   Other Financial      137,394   

Woori EA Thirteenth Asset Securitization Specialty Co., Ltd.

   Other Financial      168,374   

Woori EA Fourteenth Asset Securitization Specialty Co., Ltd.

   Other Financial      107,996   

Woori EA Fifteenth Asset Securitization Specialty Co., Ltd.

   Other Financial      —     

Woori Private Equity Fund

   Private Equity Investment      114,488   

Kumho Investment Bank

   Financial Services      1,456,784   

Woori EL Co., Ltd.

   Other Financial      29   

Two Eagles LLC

   Real Estate & Leasing      1,166   

 

3. Capital Structure

 

a. Changes in Capital

(units: Won, shares)

 

           Stock Decrease/Increase  

Date

   Category    Type    Quantity      Par
Value
     Issue
price
     Note  

2001.3.27

   Establishment    Common      727,458,609         5,000         5,000         —     

2002.5.31

   Exercise B/W    Common      165,782         5,000         5,000         —     

2002.6.12

   Capital increase w/
consideration
   Common      36,000,000         5,000         6,800        

 

 

Capital

contribution ratio:

0.0494

  

  

  

2002.6.30

   Exercise B/W    Common      1,416,457         5,000         5,000         —     

2002.9.30

   Exercise B/W    Common      2,769,413         5,000         5,000         —     

2002.12.31

   Exercise B/W    Common      4,536         5,000         5,000         —     

 

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Table of Contents

2003.3.31

   Exercise B/W    Common      1,122         5,000         5,000         —     

2003.6.30

   Exercise B/W    Common      7,688,991         5,000         5,000         —     

2004.6.18

   Stock Exchange    Common      8,571,262         5,000         8,902        

 

 

 

Exchange with

Woori Sec shares

on a 1-to-0.55

basis

  

  

  

  

2004.11.4

   Exercise CB    Common      666,301         5,000         5,380         —     

2004.12.2

   Exercise CB    Common      7,995,613         5,000         5,380         —     

2004.12.21

   Exercise CB    Common      3,717,472         5,000         5,380         —     

2005.2.17

   Exercise CB    Common      3,481,173         5,000         5,588         —     

2005.3.11

   Exercise CB    Common      5,914,180         5,000         7,313         —     

2005.3.11

   Exercise CB    Common      164,429         5,000         7,228         —     

 

b. Convertible Bonds

Not applicable

 

4. Total Number of Authorized Shares

 

a. Total Number of Authorized Shares

 

As of March 31, 2012    (unit: shares)

 

      Type  

Items

   Common Shares      Total  

Total number of shares authorized

     2,400,000,000         2,400,000,000   

Total number of issued stock

     806,015,340         806,015,340   

Treasury stock

     1,999         1,999   

Free float shares

     806,013,341         806,013,341   

 

b. Treasury Stock

 

As of March 31, 2012    (unit: shares)

 

Acquisition Method

  Type of Stock   Beg.     Acquired   Disposal   Canceled   End     Remarks

Direct purchase under Sub-section 1, section 165-2 of the Financial

  Common            

    Investment Services and Capital Markets Act

  Preferred            

Direct purchase other than under Sub-section 1, section 165-2 of

  Common     1,999              1,999     

    the Financial Investment Services and Capital Markets Act

  Preferred            

Subtotal

  Common     1,999              1,999     
  Preferred            

Indirect acquisition from trust agreement

  Common            
  Preferred            

Total

  Common     1,999              1,999     
  Preferred            

 

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Table of Contents
5. Voting Rights

 

As of March 31, 2012

   (unit: shares)

 

Items

   Number of stock      Notes

Total number of shares

   Common Shares      806,015,340      
   Preferred Shares      

Stocks without voting rights

   Common Shares      
   Preferred Shares      

Stocks with limited voting rights under Korean Securities & Exchange Law

   —        1,999      

Stocks with voting rights restored

   —        

Stocks with voting rights

   Common Shares      806,013,341      
   Preferred Shares      

 

6. Dividend Information

 

a. Dividend information for the past three years

 

Items

   2011(1)      2010(1)      2009(2)  

Par value per share (Won)

     5,000         5,000         5,000   

Net profit (Won in Millions)

     2,136,828         1,288,856         1,026,024   

Earnings per share (Won)

     2,651         1,599         1,273   

Total cash payout (Won in Millions)

     201,503         201,503         80,601   

Total stock dividends (Won in Millions)

        

Cash dividend payout ratio (%)

     9.43         15.63         7.86   

Cash dividend yield (%)

   Common Shares      2.6         1.6         0.7   
   Preferred Shares         

Stock dividend yield (%)

   Common Shares         
   Preferred Shares         

Cash dividend per share (Won)

   Common Shares      250         250         100   
   Preferred Shares         

Stock dividend per share (Won)

   Common Shares         
   Preferred Shares         

 

(1) Net profit calculated on a consolidated Korean IFRS basis.
(2) Net profit calculated on a non-consolidated basis in accordance with generally accepted accounting principles in Korea (“Korean GAAP”).

 

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Table of Contents
II. Description of Business

 

1. Business Overview

 

a. Business Overview

 

(As of March 31, 2012)          

Business Area

  

Business Scope

  

Subsidiary

Banking

   Lending, deposit taking and credit card business   

Woori Bank

Kwanju Bank

Kyongnam Bank

Financial Investment

   Investment banking, investment brokerage and collective investment business   

Woori Investment & Securities

Woori Asset Management

Insurance

   Life insurance business    Woori Aviva Life Insurance

Consumer Finance

   Facilities lease financing, installment financing and other lease financing    Woori Financial
   Financial services for the lower-income class    Woori FG Savings Bank

Investment

   Acquisition and disposal of non-performing loans and corporate restructuring-related investment business    Woori F&I
   Investment advisory and private equity fund management business    Woori Private Equity

Information Technology Systems

   Financial IT system development, sales and maintenance business    Woori FIS

 

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Table of Contents
2. Overview of Operations

 

a. Performance of Operations

As a financial holding company under the Financial Holding Company Act, our main income consists of dividend payments made to us by our subsidiaries. We are not involved in any other operations.

 

b. Financing of Operations

 

  (1) Source of Funds

(unit: in millions of Won)

 

Items

   2012 1Q     2011     2010  

Shareholders’ Equity

     14,698,297        14,214,221        13,804,170   

Capital

     4,030,077        4,030,077        4,030,077   

Hybrid Securities

     494,407        309,010        —     

Capital Surplus

     109,026        109,025        109,025   

Retained Earnings

     10,060,802        9,766,123        9,665,087   

Capital Adjustments

     (14     (14     (18

Borrowings

     4,178,393        3,888,783        3,804,738   

Debentures

     3,654,283        3,653,968        3,654,843   

Bank Borrowings

     —          —          —     

Commercial Paper

     —          —          —     

Other Borrowings

     —          —          —     

Other Liabilities

     524,110        234,815        149,895   

Total

     18,876,690        18,103,004        17,608,908   

 

* Separate basis.

 

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Table of Contents
  (2) Use of Funds

(unit: in millions of Won)

 

Items

   2012 1Q      2011      2010  

Subsidiary Stock

     17,825,203         17,825,203         17,383,228   

Woori Bank

     13,621,824         13,621,824         13,621,824   

Kyongnam Bank

     1,443,661         1,443,661         1,443,661   

Kwangju Bank

     976,291         976,291         976,284   

Woori FIS

     15,013         15,013         15,013   

Woori F&I

     206,563         206,563         166,563   

Woori Investment & Securities

     1,036,749         1,036,749         754,782   

Woori Asset Management

     67,456         67,456         67,456   

Woori Private Equity

     34,246         34,246         24,246   

Woori Financial

     207,346         207,346         207,346   

Woori Aviva Life Insurance

     106,053         106,053         106,053   

Woori FG Savings Bank

     110,000         110,000         —     

Investment Securities

     —           —           —     

Loan Obligations

     996         996         994   

Tangible Assets

     479         515         593   

Intangible Assets

     28         29         35   

Cash

     673,752         33,538         65,346   

Other Assets

     376,232         242,723         158,712   

Total

     18,876,690         18,103,004         17,608,908   

 

* Separate basis.
** In 2011, we established Woori FG Savings Bank as a new wholly-owned subsidiary. The amounts with respect to Woori Investment & Securities, Woori F&I and Woori Private Equity changed due to our participation in the capital increase of each of such subsidiaries in 2011.

 

c. Transactions related to Commission Fees

Beginning in the third quarter of 2010, the Company receives brand usage fees, including from its subsidiaries, which are accounted for as commission revenue.

(unit: in millions of Won)

 

Category

   2012 1Q      2011      2010  

Commission Revenue (A)

     15,036         65,698         35,626   

Commission Expense (B)

     605         5,971         4,209   

Commission Profit (A-B)

     14,430         59,727         31,417   

 

* Separate basis.

 

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Table of Contents
3. Other Information Relevant to Investment Decisions

 

a. Selected Ratios

Won-denominated Current Ratio

(unit: in millions of Won)

 

Items

   2012  1Q(1)     2011(1)     2010(1)  

Current Assets (A)

     329,372        33,591        65,497   

Current Liabilities (B)

     290,588        11,300        9,260   

Current Ratio(2) (A/B)

     113.35     297.28     707.31

 

(1) Separate basis.
(2) Current ratio is calculated as the ratio of (i) Won-denominated assets with maturity of less than 1 month and (ii) Won-denominated liabilities with maturity of less than 1 month.

Debt Ratio

(unit: in millions of Won)

 

Items

   2012 1Q     2011     2010  

Liabilities (A)

     4,178,393        3,888,783        3,804,738   

Equity (B)

     14,698,297        14,214,221        13,804,170   

Debt Ratio (A/B)

     28.43     27.36     27.56

 

* Separate basis.

BIS Ratio

(unit: in millions of Won)

 

Items

   2012 1Q (1)     2011 (1)     2010(2)  

Total Capital (A)

     26,465,333        25,668,548        24,839,544   

Risk weighted assets (B)

     209,123,019        208,069,221        198,250,944   

BIS Ratio (A/B)

     12.66     12.34     12.53

 

(1) Consolidated basis; based on Korean IFRS.
(2) Consolidated basis; based on Korean GAAP.

 

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Table of Contents
b. Credit Ratings for the Past Three Years

 

Date of Rating

  

Evaluated
Securities

   Credit
Rating
  

Company

(Ratings Range)

  

Evaluation Category

2008.04.03

   Debentures    AAA    KIS Ratings (AAA ~ D)    Case evaluation

2008.04.03

   Debentures    AAA    NICE (AAA ~ D)    Case evaluation

2008.06.04

      BBB+    S&P (AAA ~ D)    Case evaluation

2008.06.12

   Debentures    AAA    NICE (AAA ~ D)    Case evaluation

2008.06.16

   Debentures    AAA    Korea Ratings (AAA ~ D)    Case evaluation

2008.09.12

   Debentures    AAA    NICE (AAA ~ D)    Case evaluation

2008.09.16

   Debentures    AAA    Korea Ratings (AAA ~ D)    Case evaluation

2008.12.02

   Debentures    AAA    KIS Ratings (AAA ~ D)    Case evaluation

2008.12.02

   Debentures    AAA    Korea Ratings (AAA ~ D)    Case evaluation

2009.03.13

   Debentures    AAA    Korea Ratings (AAA ~ D)    Case evaluation

2009.03.13

   Debentures    AAA    NICE (AAA ~ D)    Case evaluation

2009.06.30

   Debentures    AAA    NICE (AAA ~ D)    Case evaluation

2009.06.30

   Debentures    AAA    Korea Ratings (AAA ~ D)    Case evaluation

2009.11.05

   Debentures    AAA    Korea Ratings (AAA ~ D)    Case evaluation

2009.11.05

   Debentures    AAA    KIS Ratings (AAA ~ D)    Case evaluation

2010.05.10

   Debentures    AAA    Korea Ratings (AAA ~ D)    Case evaluation

2010.05.10

   Debentures    AAA    KIS Ratings (AAA ~ D)    Case evaluation

2010.07.23

   Debentures    AAA    Korea Ratings (AAA ~ D)    Case evaluation

2010.07.23

   Debentures    AAA    NICE (AAA ~ D)    Case evaluation

2010.10.28

   Debentures    AAA    Korea Ratings (AAA ~D)    Case evaluation

2010.10.28

   Debentures    AAA    KIS Ratings (AAA ~D)    Case evaluation

2011.02.14

   Debentures    AAA    NICE (AAA ~ D)    Case evaluation

2011.02.14

   Debentures    AAA    KIS Ratings (AAA ~D)    Case evaluation

2011.03.02

   Debentures    AAA    Korea Ratings (AAA ~D)    Case evaluation

2011.03.03

   Debentures    AAA    KIS Ratings (AAA ~D)    Case evaluation

2011.05.12

   Debentures    AAA    NICE (AAA ~ D)    Case evaluation

2011.05.12

   Debentures    AAA    Korea Ratings (AAA ~D)    Case evaluation

2011.08.11

   Debentures    AAA    NICE (AAA ~ D)    Case evaluation

2011.08.11

   Debentures    AAA    KIS Ratings (AAA ~D)    Case evaluation

2011.10.19

   Debentures    AAA    Korea Ratings (AAA ~D)    Case evaluation

2011.10.19

   Debentures    AAA    NICE (AAA ~ D)    Case evaluation

2011.11.14

   Hybrid    AA    KIS Ratings (AAA ~D)    Case evaluation

2011.11.14

   Hybrid    AA    Korea Ratings (AAA ~D)    Case evaluation

2012.01.30

   Debentures    AAA    Korea Ratings (AAA ~D)    Case evaluation

2012.01.30

   Debentures    AAA    NICE (AAA ~ D)    Case evaluation

2012.02.28

   Hybrid    AA    KIS Ratings (AAA ~D)    Case evaluation

2012.02.28

   Hybrid    AA    Korea Ratings (AAA ~D)    Case evaluation

 

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Table of Contents
c. 30 Largest Exposures by Borrower

 

(As of March 31, 2012)    (unit: in hundred millions of Won)

 

Name

   Total Credit Exposure      Securities      Total Exposure  

Korea Land & Housing Corporation

     102         27,363         27,464   

Korea Finance Corporation

     —           25,631         25,631   

Korea Housing Finance Corporation

     —           14,953         14,953   

Samsung Electronics

     13,164         281         13,445   

Korea Development Bank

     —           12,945         12,945   

Hyundai Heavy Industries

     7,116         4,137         11,253   

SH Corporation

     3,097         7,772         10,869   

Sungdong Shipbuilding & Marine

     10,492         —           10,492   

Shinhan Bank

     —           10,158         10,158   

Korea Deposit Insurance Corporation

     —           9,897         9,897   

SK Telecom

     7,500         623         8,123   

Hyundai Steel

     7,889         228         8,116   

Small & Medium Business Corporation

     —           7,872         7,872   

SPP Shipbuilding

     7,446         —           7,446   

Standard Chartered Bank Korea

     —           7,428         7,428   

Kookmin Bank

     3,254         3,862         7,116   

Kumho Tire

     5,612         1,132         6,744   

Industrial Bank of Korea

     7         6,565         6,573   

GS Caltex

     5,423         905         6,329   

Samsung Heavy Industries

     5,638         466         6,103   

STX Shipbuilding

     5,980         —           5,980   

Daewoo International

     5,762         11         5,773   

LG Chemical

     5,327         258         5,584   

NH NongHyup

     818         4,602         5,419   

Hyosung

     5,121         138         5,259   

Kumho Industrial

     4,684         543         5,227   

Korea Student Aid Foundation

     —           5,101         5,101   

Korea BTL Infrastructure Fund

     —           5,039         5,039   

Hynix

     1,581         3,415         4,996   

NH Bank

     —           4,915         4,915   

Total

     106,012         166,240         272,251   

 

* Based on Woori Bank, Kyongnam Bank, Kwangju Bank, Woori Investment & Securities, Woori Financial, Woori Aviva Life Insurance and Woori FG Savings Bank.

 

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Table of Contents
d. 20 Largest Loan Exposures Classified as Sub-Standard or Below by Borrower

 

(As of March 31, 2012)

       (unit: in hundred millions of Won

 

Name

   Industry    Total Exposure      Sub-standard or
below
     Loan Loss Reserve  

A

   Construction      3,816         3,800         3,195   

B

   Manufacturing      1,711         1,711         430   

C

   Construction      1,554         1,554         1,118   

D

   Manufacturing      1,026         1,026         780   

E

   Manufacturing      660         660         170   

F

   Other (Sports Facilities)      647         647         350   

G

   Construction      621         619         584   

H

   Construction      618         618         469   

I

   Real Estate & Leasing      600         600         1   

J

   Finance & Insurance      586         586         82   

K

   Finance & Insurance      558         558         157   

L

   Hospitals      536         514         215   

M

   Finance & Insurance      511         511         128   

N

   Construction      477         477         306   

O

   Wholesale and Retail Trade      469         469         80   

P

   Manufacturing      994         450         456   

Q

   Construction      687         435         313   

R

   Manufacturing      448         408         138   

S

   Manufacturing      475         383         215   

T

   Construction      317         312         160   

Total

     17,312         16,339         9,346   

 

* Based on Woori Bank, Kyongnam Bank, Kwangju Bank, Woori Investment & Securities, Woori Financial, Woori Aviva Life Insurance and Woori FG Savings Bank.

 

e. Recent Developments

In order to actively target the increasing market for financial services for the lower-income class and diversify its business portfolio, Woori Finance Holdings established a new subsidiary, Woori FG Savings Bank Co., Ltd., which purchased certain assets and assumed certain liabilities of Samhwa Mutual Savings Bank. Woori Financial Holdings aims to build a competitive savings bank through the implementation of effective restructuring procedures and the creation of synergy between its subsidiaries, as well as to promote the Korean government’s policy to vitalize the financial services industry for the lower-income class.

 

24


Table of Contents

III. Financial Information

1. Condensed Financial Statements (Separate)

(unit: in millions of Won, except per share amounts)

 

Items

   2012 1Q     2011     2010     2009(1)  

Cash and cash equivalents

     673,752        33,538        65,346        23,267   

Loans and Receivables

     82,129        36,691        31,131        170,025   

Investments in Subsidiaries and Associates

     17,825,203        17,825,203        17,383,228        17,350,078   

Fixed Assets

     479        515        593        684   

Intangible Assets

     28        29        34        23   

Other Assets

     292,884        204,871        127,448        1,172   

Deferred Tax Assets

     2,215        2,158        1,128        —     

Total Assets

     18,876,690        18,103,005        17,608,908        17,545,249   

Borrowings

         —          60,000   

Debentures

     3,654,283        3,653,968        3,654,843        3,744,156   

Retirement Benefit Obligation

     716        —          —          661   

Current Tax Liability

     289,720        201,361        124,079        —     

Other Financial Liabilities

     230,782        30,632        23,889        19,285   

Other Liabilities

     2,891        2,823        1,926        385   

Total Liabilities

     4,178,392        3,888,784        3,804,737        3,824,487   

Common Stock

     4,030,077        4,030,077        4,030,077        4,030,077   

Capital Surplus

     109,026        109,026        109,025        109,025   

Hybrid Securities

     498,407        309,010        —          —     

Other Equity

     (14     (14     (18     (18

Retained Earnings

     10,060,802        9,766,122        9,665,087        9,581,678   

Total Equity

     14,698,298        14,214,221        13,804,171        13,720,762   

Net Interest Income

     (46,538     (214,309     (235,936  

Net Fees Income

     14,430        57,852        29,982     

Dividend Income

     544,924        516,008        407,130     

Reversal of Impairment Loss on Credit Loss

     —          (1     (843  

Other Net Operating Expenses

     (11,425     (56,102     (39,137  

Income Before Income Tax

     501,391        303,450        162,882     

Total Net Income

     501,448        304,480        164,010     

Total Comprehensive Income

     501,448        304,480        164,010     

Earnings Per Share (in Won)

     616        375        203     

 

(1) As of the Korean IFRS conversion date.

 

25


Table of Contents
2. Condensed Financial Statements (Consolidated)

(unit: in millions of Won)

 

Items

   2012 1Q      2011      2010      2009(1)  

Cash and Cash Equivalents

     5,858,444         6,417,123         4,871,109         5,805,996   

Financial Assets at Fair Value through Profit or Loss

     24,852,039         25,600,231         22,183,761         25,151,525   

Available-for-Sale Financial Assets

     20,288,937         19,671,924         21,997,884         21,337,500   

Held-to-Maturity Financial Assets

     19,826,651         20,036,128         19,885,559         15,953,709   

Loans and Receivables

     242,328,543         235,159,956         216,791,805         211,057,174   

Investments in Jointly Controlled Entities and Associates

     872,112         928,233         744,844         655,721   

Investment Properties

     498,720         498,999         643,271         746,126   

Tangible Assets

     3,146,363         3,134,472         3,097,378         3,095,029   

Intangible Assets and goodwill

     434,629         447,891         295,136         315,187   

Current Tax Assets

     25,770         56,570         9,568         28,203   

Deferred Tax Assets

     81,452         79,980         58,705         74,101   

Derivative Assets

     317,113         326,840         131,511         107,490   

Assets Held for Sale

     62,274         56,243         87,926         28,423   

Other Assets

     453,599         377,059         378,861         484,822   

Total Assets

     319,046,646         312,791,649         291,177,318         284,841,006   

Financial Liabilities at Fair Value Through Profit or Loss

     10,319,176         9,621,546         8,838,281         10,415,070   

Deposits

     199,817,521         195,930,482         185,427,625         176,926,868   

Borrowings

     33,676,630         34,666,709         34,265,662         32,455,007   

Debentures

     28,140,552         29,265,833         29,110,640         32,573,979   

Provisions

     960,060         892,308         761,055         693,521   

Retirement Benefit Obligations

     150,998         119,704         69,949         123,011   

Current Tax Liabilities

     385,259         274,257         173,960         127,871   

Deferred Tax Liabilities

     207,908         260,431         212,534         241,796   

Derivatives Liabilities

     31,547         33,493         5,339         41,236   

Other Financial Liabilities

     22,209,975         19,083,709         11,648,328         11,226,749   

Other Liabilities

     563,539         569,783         399,191         804,494   

Total Liabilities

     296,463,165         290,718,255         270,912,564         265,629,602   

Equity Ownership of Controlled Entity

     18,025,767         17,523,998         15,701,540         14,734,993   

Capital Stock

     4,030,077         4,030,077         4,030,077         4,030,077   

Hybrid Securities

     498,407         309,010         —           —     

Capital Surplus

     175,247         175,768         180,105         180,473   

Other Equity

     461,636         586,421         1,002,019         1,244,096   

Retained Earnings

     12,860,400         12,422,722         10,489,339         9,280,347   

Non-Controlling Interests

     4,557,714         4,549,396         4,563,214         4,476,411   

Total Equity

     22,583,481         22,073,394         20,264,754         19,211,404   

 

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Table of Contents
Total Liabilities and Equity   319,046,646     312,791,649     291,177,318     284,841,006

Operating Income

    922,141        3,160,673        2,068,869     

Net Interest Income

    1,862,073        7,262,045        6,423,145     

Interest Income

    3,844,323        15,044,846        14,057,227     

Interest Expense

    1,982,250        7,782,801        7,634,082     

Net fees and commissions income

    273,340        1,195,492        1,115,774     

Fees and Commissions Income

    427,538        1,774,434        1,688,039     

Fees and Commissions Expense

    154,198        578,942        572,265     

Dividends

    70,945        203,005        200,780     

Gain on Financial Instruments at Fair Value through Profit or Loss

    (23,164     119,403        39,074     

Gain on Available-for-Sale Financial Assets

    276,012        1,072,877        1,073,469     

Gain on Held-to-Maturity Financial Assets

    0        82        21     

Impairment Losses for Loans, Other Receivables, Guarantees and Unused Commitments

    433,726        2,268,927        2,872,943     

Other Net Operating Expenses

    (1,103,339     (4,423,304     (3,910,451  

Share of Profits of Jointly Controlled Entities and Associates

    18,684        16,700        29,926     

Net Income Before Income Tax Expense

    940,825        3,177,373        2,098,795     

Income Tax Expense

    226,461        744,093        498,121     

Net Income

    714,364        2,433,280        1,600,674     

Net Income Attributable to Owners

    645,024        2,136,828        1,288,856     

Net Income Attributable to the Non-
Controlling Interests

    69,340        296,452        311,818     

Other Comprehensive Income

    (144,038     (385,374     (235,991  

Gain on Available-for-Sale Financial Assets

    (133,114     (374,877     (205,332  

Share of Other Comprehensive Loss of Jointly Controlled Entities and Associates

    12,408        (37,602     (20,546  

Gain (loss) on Overseas Business Translation

    (30,424     24,591        (18,826  

Gain on Valuation of Cashflow Hedge

    7,092        2,514        8,713     

Total Comprehensive Income

    570,326        2,047,906        1,364,683     

Comprehensive Income Attributed to Owners

    515,009        1,729,658        1,051,725     

Comprehensive Income Attributed to the Non-Controlling Interests

    55,317        318,248        312,958     

Earnings per Share (in Won)

    794        2,649        1,599     

Consolidated Subsidiaries

    143        143        148     

 

(1) As of the Korean IFRS conversion date.

 

27


Table of Contents
IV. Independent Auditor’s Opinion

 

1. Independent Auditor’s Opinion

 

     2012 1Q     2011 1Q      2011      2010  

Auditor

     Deloitte Anjin LLC        Deloitte Anjin LLC         Deloitte Anjin LLC         Deloitte Anjin LLC   

Auditor’s Opinion

     (1     Unqualified Opinion         Unqualified Opinion         Unqualified Opinion   

 

(1) In its review report attached to this report, Deloitte Anjin LLC has stated that nothing has come to their attention that causes them to believe that the accompanying consolidated and separate financial statements of the Company as of December 31, 2011 and March 31, 2012 and for the three months ended March 31, 2011 and 2012 do not present fairly in all material respects, in accordance with Korean IFRS.

 

2. Compensation to the Independent Auditor for the Past Three Years

 

a. Auditing Service

(units: in millions of Won, hours)

 

Year

   Auditor   

Activity

   Compensation(1)      Accrued Time
(hrs)
 
2012

1Q

   Deloitte Anjin LLC    Review of Quarter and Half Year financial statements and audit of Annual financial statements (Consolidated, Separate)      440         1,728   
2011    Deloitte Anjin LLC    Review of Quarter and Half Year financial statements and audit of Annual financial statements (Consolidated, Separate)      426         9,409   
2010    Deloitte Anjin LLC    Review of Quarter and Half Year financial statements and audit of Annual financial statements (Consolidated, Non-consolidated)      342         6,148   

 

(1) On an annual basis.

b. Compensation for Services Other than the Audit

(unit: in millions of Won)

 

Year

   Contract Date   

Activity

   Period      Comp.      Note  

2012

      PCAOB and SOX Auditing      2012.07~2013.04         1,358      

1Q

   201204.30    Corporate tax reconciliation      2012.07~2012.08         35         —     
           2013.02~2013.03         

2011

   2011.06.27    PCAOB and SOX Auditing      2011.07~2012.04         1,266      
   2011.04.30    Corporate tax reconciliation      2011.07~2011.08         35         —     
           2012.02~2012.03         

2010

   2011.03.07    US GAAP and SOX Auditing      2010.12~2011.05         2,306      
   2010.04.30    Corporate tax reconciliation      2010.07~2010.08         72         —     
      (Consolidated tax return advice)      2011.02~2011.03         

 

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Table of Contents
V. Corporate Governance and Affiliated Companies

 

1. About the Board of Directors

 

  a. Composition of our board of directors

After the general shareholders’ meeting on March 30, 2012

 

Name

  

Career & Academic Background

  Relationship with
Largest Shareholder
  Notes

Pal Seung Lee

(Standing Director)

  

-        Current) Chairman and chief executive officer of Woori Finance Holdings

-        Chief executive officer, Woori Securities

-        Executive managing director, Hanil Bank

-        Bachelor of Law, Korea University

  None   Chairman of the board

Yong-Man Rhee

(Non-Standing Director)

  

-        Current) Committee Member, National Elders Committee

-        Governor, Bank Supervisory Service

-        Minister, Ministry of Finance and Economy

-        Graduate School of Public Administration, Korea University

  None   New appointment

Min-Joon Bang

(Non-standing Director)

  

-        Vice President, New Daily

-        Arbitration Commissioner of Press Arbitration Commission

-        Head of Editorial Desk, Korea Times

-        Bachelor of Arts (Korean Language and Literature), Seoul National University

  None   Fourth consecutive term

Hi-Taek Shin

(Non-standing Director)

  

-        Current) Professor of College of Law, Seoul National University

-        Lawyer, Kim & Chang Law Firm

-        Bachelor of Law, Seoul National University

-        Master of Law, Seoul National University

-        J.S.D, Yale Law School

  None   Fourth consecutive term

Doo-Hee Lee

(Non-standing Director)

  

-        Current) Professor of College of Business Administration, Korea University

-        President, Korea Advertising Society

-        Bachelor of Business Administration, Korea University

-        Ph.D. in Business Administration, Michigan State University

  None   Third consecutive term

Hun Lee

(Non-standing Director)

  

-        Current) Co-Head, The Lawyers for Citizens

-        Lawyer, Barun Law

-        Bachelor of Law, Chung-Ang University

  None   Third consecutive term

Hyung-Goo Lee

(Non-standing Director)

  

-        Current) Director, Savings Bank Support Department, Korea Deposit Insurance Corporation

-        Employed at Cho-Hung Bank

-        Bachelor of Law, Daegu University

  Employee of the
largest shareholder
  New appointment

John Ji Whan Park

(Non-standing Director)

  

-        Current) Representative Director, Asia Evolution

-        Director, AT&T Network System

-        Director, Goldman Sachs

-        Bachelor of Arts (Economics), Brown University

-        Master of Business Administration, Harvard University

  None   New appointment

 

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Table of Contents
  b. Committees under the Board of Directors

We currently have the following management committees serving under the board of directors:

 

  (a) Management Committee

 

  (b) Business Development and Compensation Committee

 

  (c) Risk Management Committee

 

  (d) Standing Directors Committee

 

  (e) Ethics Committee

 

  (f) Outside Directors Recommendation Committee

 

  (g) MOU Evaluation Committee

 

  (h) Audit Committee

 

  (i) Audit Committee Member Candidate Recommendation Committee

After the general shareholders’ meeting on March 30, 2012

 

Name

  

Position

  

Notes

Management Committee

  

Pal Seung Lee

Yong-Man Rhee

Min-Joon Bang

Hi-Taek Shin

Doo-Hee Lee

   Chairman and CEO Pal Seung Lee heads this committee consisting of the heads of the sub-committees.

Business Development and Compensation Committee

  

Yong-Man Rhee

Min-Joon Bang

Doo-Hee Lee

John Ji Whan Park

   Non-standing director Yong-Man Rhee heads this committee consisting of no fewer than three non-standing directors.

Risk Management Committee

  

Pal Seung Lee

Min-Joon Bang

Hun Lee

Hyung-Goo Lee

John Ji Whan Park

   Chairman and CEO Pal Seung Lee heads this committee. The committee consists of the Chairman and CEO, inside director in charge of finance and no fewer than three non-standing directors.

Standing Directors Committee

   Pal Seung Lee    Chairman and CEO Pal Seung Lee heads the committee consisting of all executive directors.

Ethics Committee

  

Pal Seung Lee

Min-Joon Bang

Hun Lee

Hyung-Goo Lee

John Ji Whan Park

   Non-standing director Min-Joon Bang heads this committee consisting of all executive directors and no fewer than two non-standing directors.

Outside Directors Recommendation Committee

  

Pal Seung Lee

Hi-Taek Shin

Doo-Hee Lee

Hun Lee

Hyung-Goo Lee

John Ji Whan Park

   Non-standing director Doo-Hee Lee heads this committee consisting of the Chairman and CEO and no fewer than three non-standing directors.

MOU Evaluation Committee

  

Pal Seung Lee

Yong-Man Rhee

Min-Joon Bang

Hi-Taek Shin

Doo-Hee Lee

Hun Lee

Hyung-Goo Lee

John Ji Whan Park

   Chairman and CEO Pal Seung Lee heads this committee consisting of the entire board of directors.

Audit Committee

  

Yong-Man Rhee

Hi-Taek Shin

Doo-Hee Lee

Hun Lee

Hyung-Goo Lee

   Consists of no fewer than 3 directors and one financial expert, at least two-thirds of whom are non-standing directors

Audit Committee Member Candidate Recommendation Committee

  

Yong-Man Rhee

Min-Joon Bang

Hi-Taek Shin

Doo-Hee Lee

Hun Lee

Hyung-Goo Lee

John Ji Whan Park

   Non-standing director Doo-Hee Lee heads this committee consisting of all non-standing directors.

 

30


Table of Contents
2. Related Companies

 

LOGO

 

31


Table of Contents
3. Investments in Other Companies

 

As of March 31, 2012    (units: thousands of shares, millions of Won, %)

 

Name

  Beginning Balance     Changes     Ending Balance    

Total Assets

as of the Most

    Net Income for  
  Quantity     Share     Book
value
    Quantity     Cost     Valuation
Gain/Loss
    Quantity     Share     Book
value
    Recent Fiscal
Year
    the Most Recent
Fiscal Year
 

Woori Bank

    765,957        100.0        13,621,824        —          —          —          765,957        100.0        13,621,824        242,472,162        2,068,544   

Kwangju Bank

    49,413        100.0        976,291        —          —          —          49,413        100.0        976,291        18,030,369        136,328   

Kyongnam Bank

    58,050        100.0        1,443,662        —          —          —          58,050        100.0        1,443,662        28,585,596        195,647   

Woori FIS (formerly Woori Finance Information System)

    900        100.0        15,013        —          —          —          900        100.0        15,013        264,215        (3,480

Woori F&I

    14,000        100.0        206,563        —          —          —          14,000        100.0        206,563        1,371,031        43,145   

Woori Investment & Securities

    75,426        37.9        1,036,749        —          —          —          75,426        37.9        1,036,749        19,359,159        153,315   

Woori Asset Management

    6,662        100.0        67,456        —          —          —          6,662        100.0        67,456        82,345        1,857   

Woori Private Equity

    6,000        100.0        34,246        —          —          —          6,000        100.0        34,246        1,575,969        650   

Woori Financial

    8,909        52.5        207,346        —          —          —          8,909        52.5        207,346        3,161,794        51,702   

Woori Aviva Life Insurance

    7,601        51.6        106,053        —          —          —          7,601        51.6        106,053        2,608,573        (1,994

Woori FG Savings Bank

    6,320        100.0        110,000        —          —          —          6,320        100.0        110,000        716,501        398   

Total

    999,239          17,825,203        —          —          —          999,239          17,825,203        318,227,714        2,646,112   

 

1. The changes in quantity and cost are calculated based on increases and decreases due to acquisition (or disposal) and valuation gain or loss under the acquisition cost method.
2. The figures for the total assets and the net income for the most recent fiscal year are generally calculated on a consolidated basis in accordance with Korean IFRS.
3. The figures above for the net income of Woori Asset Management, Woori Investment & Securities and Woori Aviva Life Insurance are for the fiscal year ended March 31, 2011, calculated on a non-consolidated basis in accordance with Korean GAAP.
4. The figure above for the net income of Woori FG Savings Bank is for the fiscal year ended June 30, 2011, calculated on a non-consolidated basis in accordance with Korean GAAP.

 

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Table of Contents
VI. Stock Information

 

1. Stock Distribution

 

a. Stock Information of the Largest Shareholder and Specially Related Parties

 

As of March 31, 2012    (units: shares, %)

 

    

Shares Held

     Reasons
                

Beginning balance

                  

Ending balance

     Behind

Name

   Relation      Type    Stock      Share      (+)      (-)      Stock      Share      Change

KDIC

     Largest S/H       Common      459,198,609         56.97         —           —           459,198,609         56.97      

Total

      Common      459,198,609         56.97         —           —           459,198,609         56.97      
      Others      —           —           —           —           —           —        
      Total      459,198,609         56,97         —           —           459,198,609         56.97      

Largest Shareholder: KDIC

 

b. Share Ownership of More Than 5%

 

As of March 31, 2012    (units: shares, %)

 

No.

  

Name

     Common Stock      Preferred Stock      Total  
      No. of shares      %      No. of shares      %      No. of shares      %  

1

     KDIC         459,198,609         56.97         —           —           459,198,609         56.97   

Total

  

     459,198,609         56.97         —           —           459,198,609         56.97   

 

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2. Stock Price and Stock Market Performance for the Past Six Months

 

a. Domestic Stock Market

(units: Won, shares)

 

Period

   October 2011      November 2011      December 2011      January 2012      February 2012      March 2012  

Common Stock

   High      11,200         10,650         10,500         11,100         12,550         13,750   
   Low      9,390         9,100         9,350         9,210         10,900         11,500   
   Average      10,594         9,852         9,790         10,023         12,074         12,771   

Monthly Trade Volume

   High      8,029,417         5,199,382         6,733,981         5,654,526         6,324,204         6,017,165   
   Low      1,907,261         1,466,593         1,001,262         907,064         1,228,374         958,121   
   Average      71,873,170         60,820,205         51,726,625         47,837,340         70,558,344         50,774,181   

 

b. Foreign Stock Market (NYSE)

(units: US Dollars, ADRs)

 

Period

   October 2011      November 2011      December 2011      January 2012      February 2012      March 2012  

ADR

   High      30.52         29.31         27.51         29.75         33.82         36.14   
   Low      24.15         23.03         23.06         23.92         29.51         30.80   
   Average      27.64         25.91         25.17         26.86         32.37         33.84   

Won Conversion

   High      34,320         32,393         31,009         33,469         37,919         40,636   
   Low      28,451         26,406         26,669         27,709         33,222         34,505   
   Average      31,939         29,338         28,879         30,782         36,367         38,106   

Monthly Trade Volume

   High      49,300         40,400         30,700         30,900         16,100         141,500   
   Low      2,600         3,700         6,100         3,300         2,000         2,200   
   Monthly
Total
     201,800         339,400         245,800         238,900         150,800         619,800   

 

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Table of Contents
VII. Directors and Employee Information

 

1. Directors

As of March 31, 2012

 

Position

  

Name

   Common Stock Owned   

Expiration of Term

Chairman and CEO

   Registered    Pal Seung Lee    66,000    March 24, 2014

Senior Managing Director

   Non-Registered    Hyun Jin Jung       September 12, 2012

Senior Managing Director

   Non-Registered    Yang Jin Kim       March 31, 2013

Senior Managing Director

   Non-Registered    Byoung Yoon Jeon       September 26, 2012

Senior Managing Director

   Non-Registered    Rok Hwang       March 31, 2013

Senior Managing Director

   Non-Registered    Joon Ho Kim       December 15, 2013

Managing Director

   Non-Registered    Hong Dall Kim       September 26, 2012

Managing Director

   Non-Registered    Seong Kook Jo       September 26, 2012

Managing Director

   Non-Registered    Chang Young Choi       December 15, 2013

Non-standing Director

   Registered    Yong-Man Rhee       March 24, 2013

Non-standing Director

   Registered    Min-Joon Bang       March 29, 2013

Non-standing Director

   Registered    Hi-Teak Shin       March 29, 2013

Non-standing Director

   Registered    Doo-Hee Lee       March 29, 2013

Non-standing Director

   Registered    Hyung-Goo Lee       March 29, 2014

Non-standing Director

   Registered    Hun Lee       March 29, 2013

Non-standing Director

   Registered    John Ji Whan Park       March 24, 2013

 

2. Employee Status

 

As of March 31, 2012    (units: persons, thousands of Won)

 

      Staff     

Average

Tenure

   Cumulative      Average
Compensation
      

Items

   Admin.      Manu.      Misc.      Total      Years    Compensation      Per Person      Note

Total

     154         2         8         164       3 years and

2 months

     2,743,753         16,730      

 

3. Directors’ Compensation

(unit: in millions of Won)

 

Items

   Total Compensation    Number of Person    Average Compendation
Per employee
  

Note

Standing Director

   149.7    1    149.7   

Non-standing Directors (excluding audit committee member)

   21    2    10.5   

Audit Committee Members

   42    5    10.5    No compensation was provided for one of the members of the Audit Committee

 

* Cumulative basis from January 1 to March 31, 2012.

 

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Table of Contents
VIII. Related Party Transactions

 

  1. Transactions with Affiliated Parties

 

  a. Transactions of Provisional Payments and Loans (including secured loans)

(unit: in millions of Won)

 

                Changes       

Name

   Relation    Item    Beg.      +      -      End      Notes

Woori Financial

   Subsidiary    Other Loan      1,000         —           —           1,000      

Total

           1,000         —           —           1,000      

 

  b. Payment Transactions

(unit: shares)

 

          Capital Contribution and Share Disposal       
               Transactions       

Name

   Relation    Types of Shares    Beginning      Increase      Decrease      Ending      Notes

Woori Bank

   Subsidiary    Common stock      695,956,580         —           —           695,956,580      
      Preferred Stock      70,000,000         —           —           70,000,000      

Kwangju Bank

   Subsidiary    Common stock      49,413,851         —           —           49,413,851      

Kyongnam Bank

   Subsidiary    Common stock      58,050,037         —           —           58,050,037      

Woori FIS (formerly Woori Finance Information System)

   Subsidiary    Common Stock      900,000         —           —           900,000      

Woori F&I

   Subsidiary    Common Stock      14,000,000         —           —           14,000,000      

Woori Investment & Securities

   Subsidiary    Common Stock      75,426,214         —           —           75,426,214      

Woori Asset Management

   Subsidiary    Common Stock      6,662,000         —           —           6,662,000      

Woori Private Equity

   Subsidiary    Common Stock      6,000,000         —           —           6,000,000      

Woori Financial

   Subsidiary    Common Stock      8,909,439         —           —           8,909,439      

Woori Aviva Life Insurance

   Subsidiary    Common Stock      7,601,091         —           —           7,601,091      

Woori FG Savings Bank

   Subsidiary    Common Stock      6,320,000         —           —           6,320,000      

Total

           999,239,212         —           —           999,239,212      

 

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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 Finance Holdings Co., Ltd.

  (Registrant)
Date: May 30, 2012   By:  

/s/ Woo Seok Seong

    (Signature)
    Name: Woo Seok Seong
    Title: General Manager

 

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