Cash flow Korea Ratings Corporation

Stocks

A034950

KR7034950006

Professional Information Services

End-of-day quote Korea S.E. 2026-08-25			5-day change	1st Jan Change
102,300.00 ^KRW	+0.20%		+0.29%	+3.02%

02-10	Korea Ratings Corporation announces Annual dividend, payable on April 10, 2026	CI
23-05-12	Korea Ratings Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2023	CI

eafd3a01eb588d2504da4.lD9zynWalC4qEYEYQih66g24YfhJmxqAzmP2gSKvCic.5UkGh0P7_RobZbIrCHco0mrBLp8zqivvjAnF1XvXUnbuRyXnQ_HiVGxF8g

Published financial data: KOREA RATINGS CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (KRW)	2022 (KRW)	2023 (KRW)	2024 (KRW)	2025 (KRW)
Revenues	105B	102B	95.59B	104B	110B
Total Revenues	105B	102B	95.59B	104B	110B
Cost of Goods Sold, Total	666M	912M	949M	988M	1.04B
Gross Profit	104B	101B	94.65B	103B	109B
Selling General & Admin Expenses, Total	62.43B	64.29B	61.65B	65.65B	71.24B
Provision for Bad Debts	9.06M	15.07M	100M	251M	244M
R&D Expenses	57.8M	65.14M	82.67M	89.62M	85.77M
Depreciation & Amortization - (IS)	1.67B	1.48B	1.36B	1.32B	1.41B
Amortization of Goodwill and Intangible Assets - (IS)	2.99B	4.38B	4.06B	2.4B	976M
Other Operating Expenses	465M	505M	1.55B	676M	438M
Other Operating Expenses, Total	67.63B	70.73B	68.81B	70.39B	74.4B
Operating Income	36.22B	29.93B	25.84B	32.68B	34.34B
Interest Expense, Total	-26.63M	-23.6M	-104M	-131M	-70.41M
Interest And Investment Income	695M	2.22B	3.52B	3.59B	3.01B
Net Interest Expenses	669M	2.2B	3.41B	3.46B	2.94B
Currency Exchange Gains (Loss)	-51K	37.49M	-30.32M	10.03M	-14.06M
Other Non Operating Income (Expenses)	135M	10.49M	201M	129M	181M
EBT, Excl. Unusual Items	37.02B	32.18B	29.42B	36.28B	37.45B
Gain (Loss) On Sale Of Assets	4.66M	3.2M	2.8M	-330K	398K
Asset Writedown	-	-	-	-	-
EBT, Incl. Unusual Items	37.03B	32.18B	29.43B	36.28B	37.45B
Income Tax Expense	10.28B	6.69B	5.26B	7.69B	8.07B
Earnings From Continuing Operations	26.75B	25.49B	24.17B	28.6B	29.38B
Net Income to Company	26.75B	25.49B	24.17B	28.6B	29.38B
Minority Interest	-4.49B	-5.05B	-3.79B	-4.16B	-4.15B
Net Income - (IS)	22.26B	20.44B	20.38B	24.43B	25.23B
Net Income to Common Incl Extra Items	22.26B	20.44B	20.38B	24.43B	25.23B
Net Income to Common Excl. Extra Items	22.26B	20.44B	20.38B	24.43B	25.23B
Per Share Items
Net EPS - Basic	4.99K	4.58K	4.57K	5.48K	5.66K
Basic EPS - Continuing Operations	4.99K	4.58K	4.57K	5.48K	5.66K
Basic Weighted Average Shares Outstanding	4.46M	4.46M	4.46M	4.46M	4.46M
Net EPS - Diluted	4.99K	4.58K	4.57K	5.48K	5.66K
Diluted EPS - Continuing Operations	4.99K	4.58K	4.57K	5.48K	5.66K
Diluted Weighted Average Shares Outstanding	4.46M	4.46M	4.46M	4.46M	4.46M
Normalized Basic EPS	4.18K	3.38K	3.27K	4.15K	4.32K
Normalized Diluted EPS	4.18K	3.38K	3.27K	4.15K	4.32K
Dividend Per Share	3.4K	5.1K	5.13K	3.95K	-
Payout Ratio	70.46	125.79	161.63	80.86	94.38
Supplemental Items
EBITDA	40.89B	35.79B	31.26B	36.4B	36.73B
EBITA	39.21B	34.31B	29.9B	35.08B	35.32B
EBIT	36.22B	29.93B	25.84B	32.68B	34.34B
EBITDAR	41.8B	36.74B	32.28B	37.56B	38.05B
Effective Tax Rate - (Ratio)	27.76	20.79	17.86	21.19	21.54
Normalized Net Income	18.65B	15.06B	14.6B	18.52B	19.25B
Supplemental Operating Expense Items
Advertising Expense	50.31M	48M	62.95M	78.7M	81.66M
Selling and Marketing Expenses	3.88B	4.55B	5.84B	6.33B	7.21B
General and Administrative Expenses	4.07B	3.99B	3.67B	4.12B	6.09B
Research And Development Expense From Footnotes	57.8M	65.14M	82.67M	89.62M	85.77M
Net Rental Expense, Total	911M	951M	1.02B	1.16B	1.33B
Imputed Operating Lease Interest Expense	166M	273M	617M	585M	471M
Imputed Operating Lease Depreciation	745M	678M	405M	572M	857M
Maintenance & Repair Expenses, Total	666M	912M	949M	988M	1.04B

Fiscal Period: December	2021 (KRW)	2022 (KRW)	2023 (KRW)	2024 (KRW)	2025 (KRW)
Assets
Cash And Equivalents	114B	111B	103B	116B	119B
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	114B	111B	103B	116B	119B
Accounts Receivable, Total	7.21B	5.94B	5B	6.97B	6.31B
Other Receivables	82.22M	249M	147M	73.48M	31.53M
Notes Receivable	510M	656M	907M	1.26B	882M
Total Receivables	7.8B	6.84B	6.05B	8.3B	7.22B
Prepaid Expenses	223M	140M	203M	255M	273M
Other Current Assets, Total	77.21M	95.92M	97.69M	95.15M	260M
Total Current Assets	123B	118B	109B	124B	127B
Gross Property Plant And Equipment	10.76B	10.46B	11.47B	12.04B	11.71B
Accumulated Depreciation	-7.12B	-7.82B	-5.55B	-6.66B	-7.33B
Net Property Plant And Equipment	3.63B	2.64B	5.91B	5.38B	4.38B
Long-term Investments	12.17B	20.75B	23.97B	30.21B	37.82B
Goodwill	685M	685M	685M	685M	685M
Other Intangibles, Total	10.2B	7.14B	3.41B	2.3B	3.88B
Loans Receivable Long-Term	3.62B	3.96B	5.07B	5.02B	5.89B
Deferred Tax Assets Long-Term	535M	691M	670M	621M	392M
Deferred Charges Long-Term	23.33M	42K	42K	42K	42K
Other Long-Term Assets, Total	7.91B	7.49B	6.25B	6.77B	7.52B
Total Assets	161B	161B	155B	175B	188B
Liabilities
Accounts Payable, Total	346K	218K	183K	124K	114K
Accrued Expenses, Total	12.96B	9.67B	9.82B	11.79B	12.31B
Current Portion of Leases	657M	344M	593M	638M	613M
Current Income Taxes Payable	7.08B	6.38B	2.69B	5.08B	3.99B
Other Current Liabilities	11.64B	11.18B	12.47B	13.13B	12.93B
Total Current Liabilities	32.34B	27.58B	25.58B	30.63B	29.85B
Long-Term Leases	191M	123M	1.7B	1.21B	711M
Deferred Tax Liability Non Current	1.79B	-	197M	1.38B	3.34B
Other Non Current Liabilities	6.42B	6.37B	6.62B	7.31B	7.58B
Total Liabilities	40.74B	34.08B	34.1B	40.54B	41.48B
Common Stock, Total	24.45B	24.45B	24.45B	24.45B	24.45B
Additional Paid In Capital	16.24B	16.24B	16.24B	16.24B	16.24B
Retained Earnings	66.9B	72.19B	63.66B	71.37B	78.96B
Treasury Stock	-2.3B	-2.3B	-2.3B	-2.3B	-2.3B
Comprehensive Income and Other	-5.11B	1.75B	4.29B	9.23B	14.9B
Total Common Equity	100B	112B	106B	119B	132B
Minority Interest	20.42B	14.91B	14.66B	15.79B	13.77B
Total Equity	121B	127B	121B	135B	146B
Total Liabilities And Equity	161B	161B	155B	175B	188B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	4.46M	4.46M	4.46M	4.46M	4.46M
ECS Total Common Shares Outstanding	4.46M	4.46M	4.46M	4.46M	4.46M
Book Value / Share	22.46K	25.18K	23.84K	26.67K	29.65K
Tangible Book Value	89.3B	105B	102B	116B	128B
Tangible Book Value Per Share	20.02K	23.43K	22.92K	26.01K	28.62K
Total Debt	848M	467M	2.29B	1.85B	1.32B
Net Debt	-114B	-110B	-100B	-114B	-118B
Debt Equivalent Oper. Leases	7.28B	7.61B	8.18B	9.26B	10.63B
Minority Interest, Total (Incl. Fin. Div)	20.42B	14.91B	14.66B	15.79B	13.77B
Land - (BS)	637M	637M	637M	637M	637M
Buildings, Total	2.1B	2.1B	2.1B	2.1B	2.1B
Machinery, Total	4.68B	4.05B	4B	4.4B	4.38B
Accumulated Allowance for Doubtful Accounts (Supple)	203M	187M	160M	401M	624M

Fiscal Period: December	2021 (KRW)	2022 (KRW)	2023 (KRW)	2024 (KRW)	2025 (KRW)
Net Income	22.26B	20.44B	20.38B	24.43B	25.23B
Depreciation & Amortization - CF	1.67B	1.48B	1.36B	1.32B	1.41B
Amortization of Goodwill and Intangible Assets - (CF)	2.99B	4.38B	4.06B	2.4B	976M
Depreciation & Amortization, Total	4.67B	5.86B	5.42B	3.72B	2.39B
(Gain) Loss From Sale Of Asset	-4.66M	-3.2M	-2.8M	330K	-582K
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	-	-	-
Provision and Write-off of Bad Debts	9.06M	15.07M	100M	251M	244M
Other Operating Activities, Total	4.76B	402M	439M	6.35B	2.81B
Change In Accounts Receivable	-1.27B	1.24B	842M	-2.21B	422M
Change In Accounts Payable	346K	-128K	-35K	-58K	-10K
Change in Other Net Operating Assets	3.17B	-3.52B	463M	2.86B	798M
Cash from Operations	33.59B	24.43B	27.65B	35.4B	31.89B
Capital Expenditure	-64.56M	-193M	-255M	-274M	-701M
Sale of Property, Plant, and Equipment	-	525K	1.28M	-	366K
Sale (Purchase) of Intangible assets	-5.73B	-1.42B	-324M	-1.31B	-2.4B
Investment in Marketable and Equity Securities, Total	1B	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-852M	-486M	-1.36B	-294M	-494M
Other Investing Activities, Total	-7.6M	557M	-181M	-150M	-303M
Cash from Investing	-5.65B	-1.54B	-2.12B	-2.03B	-3.9B
Long-Term Debt Repaid, Total	-774M	-754M	-690M	-702M	-691M
Total Debt Repaid	-774M	-754M	-690M	-702M	-691M
Common & Preferred Stock Dividends Paid	-15.69B	-25.71B	-32.95B	-19.76B	-23.81B
Common & Preferred Stock Dividends Paid	-15.69B	-25.71B	-32.95B	-19.76B	-23.81B
Other Financing Activities, Total	-	-	-	-	-10
Cash from Financing	-16.46B	-26.47B	-33.64B	-20.46B	-24.5B
Miscellaneous Cash Flow Adjustments	10	-	-	-10	-10
Net Change in Cash	11.48B	-3.57B	-8.11B	12.91B	3.49B
Supplemental Items
Cash Interest Paid	22.57M	13.44M	97.74M	99.42M	58.35M
Cash Income Tax Paid (Refund)	9.83B	11.04B	9.4B	5.37B	8.91B
Levered Free Cash Flow	23.45B	19.52B	19.4B	25.19B	20.84B
Unlevered Free Cash Flow	23.47B	19.54B	19.46B	25.27B	20.89B
Change In Net Working Capital	-1.96B	3.42B	1.53B	-2.71B	-143M
Net Debt Issued / Repaid	-774M	-754M	-690M	-702M	-691M

Fiscal Period: December	2021 (KRW)	2022 (KRW)	2023 (KRW)	2024 (KRW)	2025 (KRW)
Profitability
Return on Assets	14.51	11.6	10.21	12.36	11.83
Return on Total Capital	19.25	15.02	12.87	15.72	15.12
Return On Equity %	22.97	20.57	19.47	22.36	20.93
Return on Common Equity	22.97	19.24	18.64	21.69	20.08
Margin Analysis
Gross Profit Margin %	99.36	99.1	99.01	99.05	99.05
SG&A Margin	59.73	63.29	64.5	63.09	64.9
EBITDA Margin %	39.12	35.23	32.7	34.98	33.45
EBITA Margin %	37.52	33.78	31.28	33.72	32.17
EBIT Margin %	34.65	29.47	27.03	31.41	31.28
Income From Continuing Operations Margin %	25.59	25.09	25.29	27.48	26.76
Net Income Margin %	21.3	20.12	21.32	23.48	22.98
Net Avail. For Common Margin %	21.3	20.12	21.32	23.48	22.98
Normalized Net Income Margin	17.84	14.83	15.28	17.79	17.54
Levered Free Cash Flow Margin	22.44	19.22	20.29	24.21	18.99
Unlevered Free Cash Flow Margin	22.46	19.23	20.36	24.29	19.03
Asset Turnover
Asset Turnover	0.67	0.63	0.6	0.63	0.61
Fixed Assets Turnover	24.09	32.4	22.37	18.44	22.5
Receivables Turnover (Average Receivables)	15.91	15.45	17.48	17.39	16.54
Short Term Liquidity
Current Ratio	3.79	4.28	4.27	4.06	4.25
Quick Ratio	3.76	4.24	4.22	4.01	4.2
Operating Cash Flow to Current Liabilities	1.04	0.89	1.08	1.16	1.07
Days Sales Outstanding (Average Receivables)	22.94	23.62	20.88	21.05	22.07
Average Days Payable Outstanding	-	0.11	0.08	0.06	0.04
Long Term Solvency
Total Debt/Equity	0.7	0.37	1.89	1.37	0.91
Total Debt / Total Capital	0.7	0.37	1.86	1.36	0.9
LT Debt/Equity	0.16	0.1	1.4	0.9	0.49
Long-Term Debt / Total Capital	0.16	0.1	1.38	0.89	0.48
Total Liabilities / Total Assets	25.25	21.13	21.98	23.12	22.12
EBIT / Interest Expense	1.36K	1.27K	248.21	249.7	487.68
EBITDA / Interest Expense	1.54K	1.52K	300.28	278.13	521.57
(EBITDA - Capex) / Interest Expense	1.53K	1.51K	297.83	276.04	511.62
Total Debt / EBITDA	0.02	0.01	0.07	0.05	0.04
Net Debt / EBITDA	-2.78	-3.09	-3.21	-3.13	-3.21
Total Debt / (EBITDA - Capex)	0.02	0.01	0.07	0.05	0.04
Net Debt / (EBITDA - Capex)	-2.78	-3.1	-3.24	-3.15	-3.27
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	9.01	-2.82	-5.89	8.85	5.5
Gross Profit, 1 Yr. Growth %	8.7	-3.07	-5.98	8.9	5.5
EBITDA, 1 Yr. Growth %	13.79	-12.47	-12.65	16.44	0.89
EBITA, 1 Yr. Growth %	15.17	-12.5	-12.86	17.33	0.66
EBIT, 1 Yr. Growth %	10.73	-17.36	-13.67	26.47	5.08
Earnings From Cont. Operations, 1 Yr. Growth %	10.7	-4.72	-5.17	18.3	2.74
Net Income, 1 Yr. Growth %	11.55	-8.18	-0.27	19.86	3.25
Normalized Net Income, 1 Yr. Growth %	10.07	-19.24	-3.04	26.78	3.99
Diluted EPS Before Extra, 1 Yr. Growth %	11.55	-8.18	-0.27	19.86	3.26
Accounts Receivable, 1 Yr. Growth %	21.6	-17.63	-15.82	39.45	-9.53
Net Property, Plant and Equip., 1 Yr. Growth %	-27.96	-27.49	124.35	-9.08	-18.48
Total Assets, 1 Yr. Growth %	7.12	-0.02	-3.85	13.04	6.95
Tangible Book Value, 1 Yr. Growth %	4.16	17.03	-2.15	13.45	10.06
Common Equity, 1 Yr. Growth %	7.02	12.12	-5.32	11.89	11.14
Cash From Operations, 1 Yr. Growth %	9.95	-27.25	13.15	28.05	-9.92
Capital Expenditures, 1 Yr. Growth %	-90.46	198.68	32.35	7.35	155.95
Levered Free Cash Flow, 1 Yr. Growth %	12.9	-16.76	-0.65	29.88	-17.26
Unlevered Free Cash Flow, 1 Yr. Growth %	12.83	-16.76	-0.39	29.87	-17.35
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	6.16	2.92	-4.37	1.21	7.16
Gross Profit, 2 Yr. CAGR %	5.99	2.64	-4.54	1.19	7.19
EBITDA, 2 Yr. CAGR %	9.13	-0.2	-12.56	0.85	8.39
EBITA, 2 Yr. CAGR %	10.26	0.39	-12.68	1.12	8.68
EBIT, 2 Yr. CAGR %	6.98	-4.34	-15.54	4.49	15.28
Earnings From Cont. Operations, 2 Yr. CAGR %	3.95	2.71	-4.94	5.92	10.25
Net Income, 2 Yr. CAGR %	4.57	1.21	-4.31	9.33	11.25
Normalized Net Income, 2 Yr. CAGR %	5.45	-5.72	-11.51	10.87	14.82
Diluted EPS Before Extra, 2 Yr. CAGR %	4.57	1.21	-4.31	9.33	11.25
Accounts Receivable, 2 Yr. CAGR %	1.59	0.08	-16.73	8.35	12.32
Net Property, Plant and Equip., 2 Yr. CAGR %	-30.6	-27.72	27.55	42.82	-13.91
Total Assets, 2 Yr. CAGR %	0.31	3.49	-1.95	4.25	9.95
Tangible Book Value, 2 Yr. CAGR %	-7.87	10.41	7.01	5.36	11.74
Common Equity, 2 Yr. CAGR %	-3.29	9.54	3.03	2.92	11.52
Cash From Operations, 2 Yr. CAGR %	1.9	-10.56	-9.27	20.37	7.4
Capital Expenditures, 2 Yr. CAGR %	-83.28	-46.61	98.82	19.2	65.76
Levered Free Cash Flow, 2 Yr. CAGR %	-0.93	-3.06	-9.06	13.59	3.67
Unlevered Free Cash Flow, 2 Yr. CAGR %	-0.96	-3.09	-8.94	13.73	3.6
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	7.49	3.08	-0.1	-0.15	2.62
Gross Profit, 3 Yr. CAGR %	7.47	2.88	-0.31	-0.25	2.6
EBITDA, 3 Yr. CAGR %	15.07	1.4	-4.54	-3.8	0.87
EBITA, 3 Yr. CAGR %	15.08	2.08	-4.24	-3.64	0.96
EBIT, 3 Yr. CAGR %	12.59	-1.84	-7.56	-3.37	4.69
Earnings From Cont. Operations, 3 Yr. CAGR %	9.75	0.98	0.01	2.25	4.85
Net Income, 3 Yr. CAGR %	11.19	0.14	0.71	3.15	7.27
Normalized Net Income, 3 Yr. CAGR %	12.36	-3.52	-4.83	-0.24	8.53
Diluted EPS Before Extra, 3 Yr. CAGR %	11.19	0.14	0.71	3.15	7.27
Accounts Receivable, 3 Yr. CAGR %	6.46	-5.27	-5.53	-1.11	2.03
Net Property, Plant and Equip., 3 Yr. CAGR %	-11.16	-29.58	5.43	13.94	18.47
Total Assets, 3 Yr. CAGR %	7.26	0.2	0.98	2.81	5.14
Tangible Book Value, 3 Yr. CAGR %	1.47	-0.23	6.05	9.11	6.9
Common Equity, 3 Yr. CAGR %	4.78	1.6	4.34	5.9	5.59
Cash From Operations, 3 Yr. CAGR %	13.87	-8.92	-3.27	1.77	9.28
Capital Expenditures, 3 Yr. CAGR %	-68.56	-56.29	-27.75	61.9	53.78
Levered Free Cash Flow, 3 Yr. CAGR %	13.57	-6.51	-2.26	2.41	2.21
Unlevered Free Cash Flow, 3 Yr. CAGR %	13.59	-6.53	-2.2	2.5	2.25
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.07	5.28	2.58	2.33	2.74
Gross Profit, 5 Yr. CAGR %	7.07	5.23	2.49	2.2	2.62
EBITDA, 5 Yr. CAGR %	13.01	7.2	3.1	1.18	0.44
EBITA, 5 Yr. CAGR %	13.07	7.12	3.05	1.69	0.73
EBIT, 5 Yr. CAGR %	11.6	4.48	0.36	0.64	0.98
Earnings From Cont. Operations, 5 Yr. CAGR %	9.66	5.69	3.62	2.93	3.99
Net Income, 5 Yr. CAGR %	10.74	5.77	4.71	3.72	4.8
Normalized Net Income, 5 Yr. CAGR %	11.88	4.19	2.12	2	2.59
Diluted EPS Before Extra, 5 Yr. CAGR %	10.74	5.77	4.71	3.72	4.8
Accounts Receivable, 5 Yr. CAGR %	5.87	1.8	-3.51	-0.04	1.24
Net Property, Plant and Equip., 5 Yr. CAGR %	-5.33	-8.57	2.66	-6.56	-2.78
Total Assets, 5 Yr. CAGR %	5.63	4.79	3.48	1.8	4.48
Tangible Book Value, 5 Yr. CAGR %	1.03	4.02	3.65	1.97	8.29
Common Equity, 5 Yr. CAGR %	2.88	5.03	4.07	2.13	7.16
Cash From Operations, 5 Yr. CAGR %	15.27	1.46	3.98	1.82	0.87
Capital Expenditures, 5 Yr. CAGR %	-38.56	-15.83	-34.25	-34.71	0.72
Levered Free Cash Flow, 5 Yr. CAGR %	14.14	2.66	3.91	1.06	0.07
Unlevered Free Cash Flow, 5 Yr. CAGR %	14.15	2.67	3.98	1.1	0.08