HANATOUR SERVICE INC.
FY2024 ANNUAL REPORT
I. COMPANY OVERVIEW
1. Business Purpose
Purpose
Remark
1. General Travel Business (General Travel Agency Services)
2. Ticketing and Sales of Airline and Ferry Tickets
3. Sales of Local Souvenirs
4. Issuance of Sales Commitment Certificates
5. Real Estate Sales and Leasing
6. Value-Added Telecommunications Services
7. Development and Distribution of Computer Software
8. Mail Order and Telemarketing Business
9. Printing and Publishing
10. Publication of Regular and Irregular Periodicals
11. Operation of Training Academies for Tourism Professionals
12. Transportation Services (Chartered Bus Operations)
13. Internet Business (Content Development and Provision, Internet Marketing)
14. E-commerce and Information Processing Services
15. Advertising Services (Internet and Outdoor Advertising)
16. Information and Communication-Related Services
17. Web Hosting and Website Development
18. Warehousing Services
19. Tourist Hotel and Lodging Business
20. Operation of Ancillary Facilities Related to Tourist Hotels and Lodging
21. Businesses Necessary for the Operation of Tourist Hotels and Lodging
22. Investment, Development, Operation, and Asset Management of Domestic and Overseas Real Estate
23. Real Estate Sales Agency Services
24. Management and Licensing of Intellectual Property Rights, Including Brands and Trademarks
25. Sale and Service of Intangible Assets (Knowledge and Information)
26. Production and Distribution of Films, Broadcasts, Videos, and Other Cultural Content
27. Production and Sale of Digital Content
28. Operation and Management of Performance Venues
29. Performance Planning and Production
30. Character Licensing and Merchandising Business
31. Exhibition and Event Agency Services
32. Internet Broadcasting Business
33. Tourism Development, and Business, Marketing, and Management Consulting Services
34. Educational Services
35. Operation of Remote Lifelong Education Facilities
36. Gift Certificate Sales
37. Wedding Consulting Services
38. Operation of Amusement Parks
39. Operation and Management of Integrated Leisure Facilities
40. Tourist Attraction Development
41. Comprehensive Recreation Business
42. International Conference Planning Services
43. Camper Van (RV) Business
44. Sales of Bonded Goods and Tourism Products
45. Accommodation Business
46. Accommodation Reservation Services
47. Web Portal and Internet Information Brokerage Services
48. Franchise Business
49. Restaurant Business
50. Leasing and Subleasing of Commercial Properties
51. Ticketing and Agency Services for Cultural, Artistic, and Sports Events
52. Development and Sales of Databases Related to Culture, Arts, and Sports
Purpose
Remark
53. Production and Investment in Cultural Projects Including Performances and Films
54. Hosting, Sponsorship, and Promotion of Various Events and Cultural Projects
55. Import and Brokerage of Performance Rights
56. Brokerage Services for Copyrights and Neighboring Rights
57. Membership Sales and Brokerage
58. Overseas Study Agency Services
59. Operation of Lifelong Learning Facilities
60. Loan and Other Financial Support Services
61. Electronic Financial Services
62. Planning and Promotion Agency for Performances, Concerts, and Exhibitions
63. Credit Card Services
64. Real Estate Development
65. Insurance Agency Business
66. All Ancillary Businesses Related to the Above
2. Primary Business
General Travel Business (General Travel Agency Services)
3. Company History
A. Major Milestones Since Establishment
Date
Important Changes
Oct. 25, 1993
Established Kookjin Travel Co., Ltd. (Capital: 350 million won)
55-4 Seosomun-dong, Jung-gu, Seoul
Dec. 01, 1995
Set the company policy in ‘comprehensive wholesales’ and launched ‘Hana Tour’, independent package
brand, and commenced the agency sales
Nov. 28, 2000
Listed on KOSDAQ (commenced trading)
Nov. 10, 2006
Listed on LSE(London Stock Exchange)
Nov. 01, 2011
Listed on KOSPI
Jan. 01, 2012
CEO changed - SangHwan Park and HuynSyuk Choi
Mar. 25, 2016
CEO changed - SangHwan Park and JinKook Kim
Mar. 26, 2020
CEO changed - JinKook Kim and MiSun Song
Mar. 25, 2022
CEO changed - MiSun Song and KyungKen Yuk
Dec. 31, 2022
CEO changed - MiSun Song
B. Change of Corporate Name
Date
Changes
Mar. 6, 1996
Changed the name from Kookjin Travel Co., Ltd. to Hana Tour Co., Ltd.
** Purpose is to unify the brand name and company image
C. Relocation of Head Office
Date
Location
Oct. 25, 1993
55-4 Seosomun-dong, Jung-gu, Seoul
Mar. 22, 1996
10F Inju Building, Tour cost fees-1 Seorin-dong, Jongro-gu, Seoul
Oct. 01, 1997
11F Hanmi Building, 1 Gonpyeong-dong, Jongro-gu, Seoul
Jun. 15, 2005
1 Gongpyeong-dong, Jongro-gu, Seoul
Jul. 01. 2013
HanaTour Bldg. 41, Insadon 5-gil, Jongno-gu, Seoul
D. Mergers, Spin-offs, Stock Swaps, Asset Transfers, and Other Key Events
Not applicable.
4. Domestic Office Network
Classification
Location
Main
Business
Head Office
General
Travel
Business
and
Ticketing
Busan Sales Office
7, Chungjang-daero 9beon-gil, Jung-gu, Busan, Republic of Korea
Airport Office
(Terminal1)
271, Gonghang-ro, Jung-gu, Incheon, Republic of Korea
Airport Office
(Commodity Support)
124, Yeongjong-daero, Jung-gu, Incheon, Republic of Korea
Suwon Sales Office
46, Gwongwang-ro 180beon-gil, Paldal-gu, Suwon-si, Gyeonggi-do, Republic of
Korea
Seongnam Sales Office
42, Jangmi-ro, Bundang-gu, Seongnam-si, Gyeonggi-do, Republic of Korea
Bucheon Sales Office
203, Buil-ro, Wonmi-gu, Bucheon-si, Gyeonggi-do, Republic of Korea
Daegu Sales Office
648, Gukchaebosang-ro, Jung-gu, Daegu, Republic of Korea
Daejeon Sales Office
69, Dunsanseo-ro, Seo-gu, Daejeon, Republic of Korea
Gwangju Sales Office
136, Geumnam-ro, Buk-gu, Gwangju, Republic of Korea
Gangneung Slaes Office
2141, Gyeonggang-ro, Gangneung-si, Gangwon-do, Republic of Korea
Chuncheon Slaes Office
110, Jungang-ro, Chuncheon-si, Gangwon-do, Republic of Korea
Wonju Sales Office
65, Neungnadong-gil, Wonju-si, Gangwon-do, Republic of Korea
Jeonju Sales Office
269, Hongsan-ro, Wansan-gu, Jeonju-si, Jeollabuk-do, Republic of Korea
Suncheon Sales Office
15, Chunghyo-ro, Suncheon-si, Jeollanam-do, Republic of Korea
Changwon Sales Office
754, Changwon-daero, Seongsan-gu, Changwon-si, Gyeongsangnam-do,
Republic of Korea
Mokpo Sales Office
30, Namak 2-ro 22beon-gil, Samhyang-eup, Muan-gun, Jeollanam-do, Republic
of Korea
5. Employee Status (As of December 31, 2024)
(Unit: person)
Classification
Office & Operation
Men
621
Women
697
Total
1,318
6. Organizational Structure
II. INFORMATION ON SHARES
1. Share Capital Overview
A. Total Number of Stocks (As of December 31, 2024)
(Unit: share)
Classification
Types of stocks
Remark
Common stock
Total
I. Total number of stocks to be issued
20,000,000
20,000,000
-
II. Total number of stocks issued to this point
16,039,185
16,039,185
-
III. Total number of stocks reduced to this point
-
-
-
1. Reduction of capital
-
-
-
2. Retirement of shares
-
-
-
3. Repayment of redeemed stocks
-
-
-
4. Others
-
-
-
IV. Total number of stocks issued (II-III)
16,039,185
16,039,185
-
V. Treasury stocks
549,253
549,253
-
VI. Outstanding stocks (IV-V)
15,489,932
15,489,932
-
B. Changes in Share Capital
(1) Capital Increases
(Unit: share, won)
Date of stock
issuance
Type of issuance
Contents of issued stocks
Types
Quantity
Par value
Issuance
amount per
stock
Remark
Oct. 25, 1993
-
Common stock
35,000
10,000
10,000
Capital for
incorporation
Jun. 12, 1996
Capital increase with
consideration
(shareholder allotment)
Common stock
21.500
10,000
10,000
-
Jul. 25, 1997
Capital increase with
consideration
(shareholder allotment)
Common stock
35,840
10,000
10,000
-
Oct.01, 1997
-
Common stock
184,680
5,000
-
1 to 2 shares
Dec. 02, 1999
Capital increase with
consideration
(shareholder allotment)
Common stock
115,320
5,000
5,000
-
Dec. 23, 1999
Capital increase with
consideration
(shareholder allotment)
Common stock
60,000
5,000
10,000
-
May, 05, 2000
Stock Split
Common stock
3,600,000
500
-
1 to 10 shares
Nov. 16, 2000
Capital increase with
consideration
(shareholder allotment)
Common stock
900,000
500
2,850
-
Aug. 26, 2003
Capital increase without
consideration
Common stock
3,764,034
500
-
-
Oct. 27,2004
Capital increase with
consideration
(shareholder allotment)
Common stock
76,322
500
11,850
-
Oct. 27,2004
Bonus Issue
Common stock
1,977,029
500
-
-
Nov. 11, 2006
Capital increase
Common stock
1,161,000
500
55,711
DR
Feb. 28, 2020
Capital increase with
consideration (Third-
party allotment)
Common stock
2,323,000
500
55,500
-
Jun. 29, 2022
Capital increase with
consideration (Rights
offering)
Common stock
2,100,000
500
49,800
-
(2) Capital Decreases
(Unit: share, won)
Date of
capital
reduction
Type
Purpose
Contents of reduced stocks
Types
Quantity
Face value
per stock
Amount of
acquisition per
stock
(for capital
decrease for
consideration)
Remark
-
-
-
-
-
-
-
-
C. Scheduled Changes in Share Capital
No applicable
2. Dividend Information
A. Dividends for the Past Three Fiscal Years
Classification
32nd Term
31st Term
30th Term
Face value per stock (won)
500
500
500
(Consolidated) Current net income (million won)
99,079
47,029
(66,774)
(Separated) Current net income (million won)
60,094
30,819
(74,617)
(Consolidated) Net income per share (won)
5,259
3,036
(4,618)
Total amount of cash dividend (million won)
35,627
77,450
-
Total amount of stock dividend (million won)
-
-
-
Dividend payout ratio (%)
36.0
164.7
-
Yield rate of cash dividend (%)
Common stock
4.2
7.8
Preferred stock
-
-
Yield rate of stock dividend (%)
Common stock
-
-
Preferred stock
-
-
Cash dividend per share (won)
Common stock
2,300
5,000
Preferred stock
-
-
Stock dividend per share
Common stock
-
-
Preferred stock
-
-
III. CONTENTS OF THE BUSINESS
1. Business Overview
The global travel market entered a full phase of normalization in 2024, emerging from the prolonged impact of the COVID-19
pandemic that began in 2020. Hanatour successfully navigated this crisis, enhanced its business structure, and extended the
profitability momentum established in 2023 into 2024.
For Hanatour, 2024 marked a year of historic achievement. The company posted an annual operating profit of KRW 50.9 billion
and a consolidated net profit of KRW 99 billion—the highest in its history. These results were driven by the effective execution
of strategic initiatives implemented both before and after the pandemic. Key contributors to this record performance included
the success of Hanapack 2.0, a mid-to-high-end package product that reimagined traditional offerings with a strong emphasis
on customer satisfaction; productivity gains through digital transformation; enhanced cost efficiency via subsidiary
restructuring; and an expanded online sales strategy.
The Hanapack 2.0 product line firmly established itself in the post-pandemic market, accounting for over 47% of total package
sales in 2024. Customer satisfaction also saw meaningful improvement compared to pre-pandemic levels. According to the
Hanatour Customer Satisfaction Index (HCSI), the average score for mid-to-high-end packages rose to 84 points in 2024, a
significant increase from the pre-pandemic average of 75.
The company’s online expansion strategy delivered tangible outcomes. Monthly online users reached a record high of 1.35
million in 2024, while cumulative online membership grew to 8.35 million—an increase of approximately 1 million year-over-
year. The widening gap in online traffic between Hanatour and traditional package travel agencies further solidified the
company’s market leadership. Online sales accounted for 43% of total package bookings, up from 39% the previous year and
more than double the pre-pandemic level of 19%. This growth has improved short-term profitability by lowering sales
commission costs and is also paving the way for long-term diversification of the customer base and expansion into the FIT (Free
Independent Traveler) segment.
Hanatour continues to enhance productivity through ongoing digital transformation. By leveraging its next-generation IT
system introduced before the pandemic, the company has optimized operational processes and data management. The
proactive adoption of AI technologies has also significantly improved customer service and response capabilities.
Looking ahead to 2025, the global travel industry is expected to maintain its post-pandemic recovery, alongside rising demand
for novel and differentiated travel experiences. Hanatour plans to accelerate the discovery of new destinations and expand its
theme-based product portfolio under Hanapack 3.0, broadening its appeal to younger travelers beyond the traditional package
market. Furthermore, the company will bolster its competitive edge by expanding bundled offerings customized for FIT
customers, fostering growth across both the package and FIT travel markets.
2. Market Share
Hanatour's market share in the travel sector is calculated by dividing the number of total departures arranged by Hanatour by
the total number of departures from Korea, excluding airline crews.
The total number of departures from Korea is published by the Korea Tourism Organization (KNTO), while the total departures
arranged by Hanatour are reported to the Korea Association of Travel Agents (KATA) by the company.
<Market Share Based on Traveler Volume>
Year
2024
2023
2022
Total
Departures
from
HANATOUR
Total
Departures
of Korea
Total
Departures
from
HANATOUR
Total
Departures
of Korea
Total
Departures
from
HANATOUR
Total
Departures
of Korea
3,561,483
26,958,995
2,595,098
21,293,382
534,272
5,904,941
Share
13.21%
12.19%
9.05%
3. Industry Characteristics
The travel industry is defined by four distinct characteristics:
First, it is highly seasonal. Pricing and marketing strategies fluctuate according to seasonal trends. However, due to the
adoption of a five-day workweek, a more mature society, and evolving corporate cultures, seasonal demand disparities are
gradually narrowing. As a result, travel agencies are increasingly required to adjust their product offerings and marketing
approaches accordingly.
Second, the industry operates with time-sensitive, non-storable inventory. Similar to the airline and hotel sectors, travel
products must be sold for specific dates; otherwise, they expire and lose value. Therefore, an effective marketing strategy and
a well-diversified product portfolio are essential to maximize utilization and minimize unsold inventory.
Third, travel products are easily replicable. This makes it difficult to maintain a competitive edge unless companies continuously
innovate and differentiate their offerings.
Lastly, the industry is highly sensitive to external factors. Compared to other sectors, travel is significantly more vulnerable to
political and diplomatic developments, social and economic disruptions, public health issues, and other external variables.
4. New Business Development
Not Applicable.
Ⅳ. PARENT COMPANY, SUBSIDIARIES, AND BUSINESS COMBINATIONS
1. Overview of the Parent Company
Not applicable.
2. Overview of Subsidiaries
(Unit: Share, %)
Name of the Company
Primary Industry
No. of Shares
Ownership Ratio (%)
Hanatour Business Service Inc.
Travel Business
400,000
100.00
Hana Tourist Inc.
Travel Business
906,981
30.23
Hanatour Jeju Service Inc.
Travel Business
618,830
77.35
Hanatour ITC Service Inc.
Travel Business
20,400,000
100.00
Tour Marketing Korea Service Inc.
Travel Business
140,000
70.00
Web Tour Service Inc.
Travel Business
8,777,380
76.99
Hana Finance Service Inc.
Finance Service
3,400,000
100.00
SM duty free Co., Ltd.
Duty Free Business
12,325,387
90.13
Hanatour Europe Ltd.
Travel Business
4,200
70.00
Hanatour Japan Co., Ltd.
Travel Business
6,836,300
53.98
Hanatour CHINA
Travel Business
-
100.00
Hanatour HongKong Co., Ltd.
Travel Business
30,850,000
100.00
Beijing Hana Information Technology Co., Ltd.
Software Technical Development
-
100.00
Hanatour Service (M) Sdn.Bhd.
Travel Business
-
-
HANATOUR VIETNAM COMPANY LIMITED
Travel Business
-
85.00
PHILIPPINE HANATOUR INC.
Travel Business
218,797
99.99
HNT SG PTE. LTD.
Travel Business
1,500,000
100.00
HANATOUR HAWAII, INC.
Travel Business
99,000
90.00
Ⅴ. SUMMARY OF FINANCIAL DATA
* We’ve applied K-IFRS 1115 form 2018 and rewrote 2017 and 2016 Financial Results using K-IFRS 1115
1. Financial Results
(In thousand won, except per share amounts)
Account Title
32nd Term
31st Term
30th Term
Sales
513,785,650
324,720,747
66,269,096
Operating Expenses
488,600,110
306,314,041
156,798,748
Operating Income
25,185,540
18,406,706
(90,529,652)
Profit Before Tax
58,903,835
31,237,113
(77,690,960)
Income Tax Expense
(1,189,703)
418,144
(3,074,173)
Net Income
60,093,538
30,818,969
(74,616,787)
Net Income per Share(Won)
3,880
1,990
(5,160)
2. Financial Position
(In thousand won)
Account Title
32nd Term
31st Term
30th Term
Current Assets
383,952,854
367,002,425
202,531,190
Non-Current Assets
108,751,197
118,773,275
115,786,404
Total Assets
492,704,051
485,775,700
318,317,593
Current Liabilities
325,835,382
296,740,313
162,469,875
Long-term Liabilities
3,450,948
8,233,563
5,864,863
Total Liabilities
329,286,329
304,973,876
168,334,738
Capital Stock
8,019,593
8,019,593
8,019,593
Other Paid-in Capital
(20,526,418)
(20,526,418)
119,473,582
Elements of Other Shareholder’s Equity
(37,077)
(9,097)
(9,097)
Retained Earnings
175,961,624
193,317,746
22,498,777
Total Shareholder’s Equity
163,417,722
180,801,824
149,982,855
Total Liabilities
and Shareholder’s Equity
492,704,051
485,775,700
318,317,593
Ⅵ. RISK FACTORS
Refer to III - 1. Business Overview
Ⅶ. MANAGEMENT
Full-time
/ Part-time
Name
Position
Assigned Task
Full-time
SangHwan Park
Chairman, Director
General Management
Full-time
HeeSeok Kweon
Senior Vice Chairman, Director
General Management
Full-time
MiSun Song
Chief Executive Officer and Director
General Management
Full-time
ChangHo Ryu
Executive Director, Director
General Management
Full-time
ChangHun Kim
Executive Director, Director
General Management
Part-time
HyeLeon Yoo
Audit Committee Member, Outside Director
Outside Director
Part-time
InWhan Chang
Audit Committee Member, Outside Director
Outside Director
Part-time
MoonHyun Kim
Audit Committee Member, Outside Director
Outside Director
Part-time
SangMan Han
Audit Committee Member, Outside Director
Outside Director
Part-time
InJun Song
Non-Executive Director
Non-Executive Director
Part-time
YoungHo Kim
Non-Executive Director
Non-Executive Director
Part-time
ChanWoo Park
Non-Executive Director
Non-Executive Director
Ⅷ. LIST OF MAJOR SHAREHOLDERS
Shareholder
Number of shares
Ownership Ratio
Harmonia 1 limited company
and 6 people with a special relationship
4,457,648
27.79%
HANATOUR INC.
549,253
3.42%
Ⅸ. CURRENT STATUS OF INVESTMENTS
1. Domestic
Name of the Company
Equity Investor
No. of Shares
Ownership
Ratio (%)
Hanatour Business Service Inc.
HANATOUR Service Inc.
400,000
100.00
Hana Tourist Inc.
HANATOUR Service Inc.
906,981
30.23
Hanatour Jeju Service Inc.
HANATOUR Service Inc.
618,830
77.35
Hanatour ITC Service Inc.
HANATOUR Service Inc.
20,400,000
100.00
Tour Marketing Korea Service Inc.
HANATOUR Service Inc.
140,000
70.00
OK Tour Service Inc.
HANATOUR Service Inc.
9,784
48.92
Web Tour Service Inc.
HANATOUR Service Inc.
8,777,380
76.99
Nextour Co., Ltd.
Web Tour Service Inc.
40,000
100.00
Gyoyugyeohaeng Co., Ltd.
HANATOUR Service Inc.
398,000
19.90
Hana Finance Service Inc.
HANATOUR Service Inc.
3,400,000
100.00
SM duty free Co., Ltd.
HANATOUR Service Inc.
12,325,387
90.13
Nol Universe. Co., Ltd.
HANATOUR Service Inc.
60,876
0.07
Hani Tour Inc.
HANATOUR Service Inc.
19,078
9.54
SAM Consulting Co., Ltd.
HANATOUR Service Inc.
1,667
7.41
KBSJ Tourism Venture Union
HANATOUR Service Inc.
-
9.26
P&I Cultural Innovation Investment Union
HANATOUR Service Inc.
-
9.26
Silla Animal Inc.
HANATOUR Service Inc.
5,655
11.87
Jeju Channel Inc.
Hanatour Jeju Service Inc.
50,000
8.06
Dream Co., Ltd.
HANATOUR Service Inc.
2,250
2.08
Hanatour Jeju Service Inc.
2,250
2.08
2. Overseas
Name of the Company
Equity Investor
Region
No. of
Shares
Ownership
Ratio (%)
Hanatour Europe Ltd.
HANATOUR Service Inc.
London
4,200
70.00
Hanatour Japan Co., Ltd.
HANATOUR Service Inc.
Japan
6,836,300
53.98
U.I Sightseeing Bus LLC
HANATOUR JAPAN CO., LTD
Japan
1,900
100.00
Hanatour CHINA
HANATOUR Service Inc.
China
-
100.00
Hanatour HongKong Co., Ltd.
HANATOUR Service Inc.
Hong Kong
30,850,000
100.00
Allegrox TM Hotel
HANATOUR JAPAN CO., LTD
Japan
396
100.00
Beijing Hana Information Technology Co., Ltd.
HANATOUR Service Inc.
China
-
100.00
Hanatour Janpan System Vietnam Company
Limited
HANATOUR JAPN CO., LTD
Vietnam
-
100.00
HANATOUR VIETNAM COMPANY LIMITED
HANATOUR Service Inc.
Vietnam
-
85.00
PHILIPPINE HANATOUR INC.
HANATOUR Service Inc.
Philippines
218,797
99.99
HNT SG PTE. LTD.
HANATOUR Service Inc.
Singapore
1,500,000
100.00
HANATOUR HAWAII, INC.
HANATOUR Service Inc.
U.S.A.
99,000
90.00
HANATOUR TD CO., LTD.
HANATOUR Service Inc.
Thailand
19,600
49.00
Hanatour Europe S.R.L
HANATOUR Service Inc.
Italy
5,250
50.00
KC HOSPITALITY CO.,LTD
HANATOUR Service Inc.
Laos
57,600
10.00
Ⅹ. MAJOR CREDITORS
Not applicable.
XI. IMPORTANT EVENTS AFTER THE SETTLEMENT OF ACCOUNTS PERIOD
Not applicable.
XII. OTHER IMPORTANT FACTS ABOUT THE BUSINESS
Not applicable.
1
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES
Consolidated statements of financial position
as of December 31, 2024 and 2023
(In thousands of Korean won)
Notes
December 31, | December 31, | |||
2024 | 2023 | |||
Assets | ||||
Cash and cash equivalents | 4,23,39 | W | ||
Short-term financial instruments | 23,35,39 | |||
Trade receivables | 5,23,39 | |||
Other receivables | 5,23,34,39 | |||
Finance lease receivables | 6,23,39 | |||
Inventories | 7 | |||
Advanced payments | 8 | |||
Other current assets | 8 | |||
Other financial assets | 9,23,39 | |||
Current tax assets | ||||
Total current assets | ||||
Long-term other receivables | 5,23,34,39 | |||
Long-term finance lease receivables | 6,23,39 | |||
Other non-current assets | 8 | |||
Other financial assets | 9,23,35,39 | |||
Investment property, net | 10 | |||
Property, plant and equipment, net | 11,35 | |||
Intangible assets | 12 | |||
Right-of-use assets | 13 | |||
Non-current financial assets at fair value through profit or loss (“FVPL”) | 14,23 | |||
Financial assets at fair value through comprehensive income | ||||
(“FVOCI”) | 15,23 | |||
Investments in associates and joint ventures | 16,34 | |||
Deferred tax assets | 32 | |||
Total non-current assets | ||||
Total assets | W |
(continued)
2
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES
Consolidated statements of financial position, Continued
as of December 31, 2024 and 2023
(In thousands of Korean won)
Notes | 2024 | 2023 | ||
Liabilities | ||||
Trade payables | 23,34,39 | W | ||
Other payables | 17,23,34,39 | |||
Income tax payables | ||||
Deposits received for travel | ||||
Advances received | ||||
Short-term borrowings | 18,23,39 | |||
Current portion of long-term liabilities | 18,23,39 | |||
Lease liabilities | 19,23,39 | |||
Provisions | 20 | |||
Other financial liabilities | 17,23,39 | |||
Other current liabilities | 21 | |||
Total current liabilities | ||||
Long-term employee benefit obligations | 22 | |||
Long-term borrowings | 18,23,39 | |||
Long-term lease liabilities | 19,23,39 | |||
Long-term provisions | 20 | |||
Long-term financial liabilities | 17,23,39 | |||
Other liabilities | 21 | |||
Total non-current liabilities | ||||
Total liabilities | ||||
Equity | ||||
Capital stock | 24 | |||
Other contributed capital | 24,27 | ( | ( | |
Other components of equity | 25 | |||
Retained earnings | 26 | |||
Equity attributable to the owners of the Parent Company | ||||
Non-controlling interests | ( | |||
Total equity | ||||
Total liabilities and equity | W |
The accompanying notes are an integral part of the consolidated financial statements.
3
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES
Consolidated statements of comprehensive income
for each of the two years in the period ended December 31, 2024
(In thousands of Korean won, except earnings per share data)
Notes | 2024 | 2023 | ||
Operating revenue | 28,34,37 | W | ||
Operating expense | 29,34,37 | |||
Operating income | 37 | |||
Finance income | 30,31 | |||
Finance expense | 30,31 | |||
Gain (loss) from investments in associates and joint | 30 | ( | ||
ventures | ||||
Other income | 30,34 | |||
Other expense | 30,34 | |||
Income before income tax expenses | ||||
Income tax expense for continuing operations | 32 | ( | ||
Income | W | |||
Income from continuing operations | ||||
Gain from discontinued operations | 40 | |||
Other comprehensive income after income tax expense | ||||
Items that will never be reclassified to profit of loss: | ||||
Gain (loss) on valuation of financial assets at FVOCI | ( | |||
Items that are or may be reclassified subsequently | ||||
to profit of loss: | ||||
Gain on translation of foreign operations, net | ||||
Changes in equity under equity method | ( | |||
Total comprehensive income | W | |||
Net income attributable to: | ||||
Owners of the Parent Company | ||||
Non-controlling interests | ||||
W | ||||
Comprehensive income attributable to: | ||||
Owners of the Parent Company | ||||
Non-controlling interests | ||||
W | ||||
Earnings per share | 33 | |||
Basic earnings per share attributable to: | ||||
Continuing operations (in Korean won) | ||||
Discontinued operations (in Korean won) | ||||
Diluted earnings per share attributable to: | W | |||
Continuing operations (in Korean won) | ||||
Discontinued operations (in Korean won) |
The accompanying notes are an integral part of the consolidated financial statements.
4
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES
Consolidated statements of changes in equity
for each of the two years in the period ended December 31, 2024
(In thousands of Korean won)
Capital | Other | Other | Retained | Non-controlling | Total | ||
Stock | contributed | components of | earnings | interests | shareholders’ | ||
capital | equity | (deficit) | equity | ||||
As of January 1, 2023 | W | ( | ( | ||||
Net income | |||||||
Gain on translation of foreign | ( | ||||||
operations | |||||||
Gain on valuation of financial | |||||||
assets at FVOCI | |||||||
Transfer of retained earnings | ( | ||||||
Dividends | ( | ( | |||||
Changes in scope of consolidation | ( | ||||||
As of December 31, 2023 | W | ( | ( | ||||
As of January 1, 2024 | W | ( | ( | ||||
Net income | |||||||
Gain on translation of foreign | |||||||
operations | |||||||
Change in equity under equity | |||||||
method | ( | ( | |||||
Loss on valuation of financial | |||||||
assets at FVOCI | ( | ( | ( | ||||
Dividends | ( | ( | ( | ||||
Exercise of stock options | |||||||
Acquisition of treasury shares by subsidiaries | ( | ( | ( | ||||
Adjustments | ( | ||||||
Changes in scope of consolidation | |||||||
As of December 31, 2024 | W | ( |
The accompanying notes are an integral part of the consolidated financial statements.
5
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES
Consolidated statements of cash flows
for each of the two years in the period ended December 31, 2024
(In thousands of won)
Note | 2024 | 2023 | ||
Cash flows from operating activities | ||||
Net income | W | |||
Additions of expenses not involving cash outflows and others | 38 | |||
Deduction of incomes not involving cash inflows and others | 38 | ( | ( | |
Movements in operating assets and liabilities: | 38 | |||
Increase in trade receivables | ( | ( | ||
Increase in other receivables | ( | ( | ||
Increase in inventories | ( | ( | ||
Increase in advanced payments | ( | ( | ||
Increase in other assets | ( | ( | ||
Increase in deposits received for travel | ||||
Increase in trade payables | ||||
Increase (decrease) in other payables | ( | |||
Increase in other financial liabilities | ||||
Decrease in provisions | ( | ( | ||
Increase (decrease) in other liabilities | ( | |||
Decrease in advances received | ( | ( | ||
Decrease in long-term employee benefit obligations | ( | ( | ||
Interest expense paid | ( | ( | ||
Interest income received | ||||
Dividends received | ||||
Income taxes paid | ( | ( | ||
Net cash flows provided by operating activities | W |
(continued)
6
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES
Consolidated statements of cash flows, Continued
for each of the two years in the period ended December 31, 2024
(In thousands of won)
2024 | 2023 | ||
Cash flows from investing activities | |||
Cash inflows from investing activities: | |||
Decrease in short-term financial instruments | W | ||
Decrease in other receivables | |||
Disposal of financial assets at FVPL | |||
Disposal of financial assets at FVOCI | |||
Disposal of financial assets at amortized cost | |||
Disposal of investments in associates and joint venture | |||
Disposal of property, plant and equipment | |||
Disposal of intangible assets | |||
Decrease in finance lease receivables | |||
Decrease in other financial assets | |||
Government grants | |||
Cash outflows for investing activities: | |||
Increase in short-term financial instruments | |||
Increase in other receivables | |||
Acquisition of financial assets at FVOCI | |||
Acquisition of investments in associates and joint venture | |||
Acquisition of property, plant and equipment | |||
Acquisition of intangible assets | |||
Increase in other financial assets | |||
Net cash flows provided by (used in) investing activities | W | ( |
(continued)
7
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES
Consolidated statements of cash flows, Continued
for each of the two years in the period ended December 31, 2024
(In thousands of won)
Note | 2024 | 2023 | ||
Cash flows from financing activities | ||||
Cash inflows from financing activities: | ||||
Proceeds from short-term borrowings | W | |||
Paid-in capital increase of subsidiaries | ||||
Exercise of stock options | ||||
Increase in leasehold deposits received | ||||
Cash outflows for financing activities: | ||||
Repayment of short-term borrowings | ||||
Repayment of current portion of long-term borrowings | ||||
Repayment of long-term bonds | ||||
Repayment of lease liabilities | ||||
Payment of dividends | ||||
Payment of leasehold deposits received | ||||
Acquisition of treasury shares of subsidiaries | ||||
Net cash flows used in financing activities | 38 | ( | ( | |
Net increase (decrease) in cash and cash equivalents | ( | |||
Cash and cash equivalents at the beginning of the year | ||||
Effect of exchange rate change | ( | |||
Cash and cash equivalents at the end of the year | W |
The accompanying notes are an integral part of the consolidated financial statements.
8
Notes to the consolidated financial statements
December 31, 2024 and 2023
HANATOUR Service Inc. and its subsidiaries
The Parent | Subsidiaries | Major business | Location | Controlling interest (%) | Closing | |
Company | Dec. 31, 2024 Dec. 31, 2023 | date | ||||
Web Tour Service Inc. | Travel agency | Korea | 76.99 | 76.99 | Dec. 31 | |
Hanatour Business Service Inc. | Travel agency | Korea | 100.00 | 100.00 | Dec. 31 | |
Hana Tourist Inc. (*1) | Travel agency | Korea | 30.23 | 30.23 | Dec. 31 | |
HANATOURJEJU Co., Ltd. | Travel agency | Korea | 77.35 | 77.35 | Dec. 31 | |
Hanatour ITC Service Inc. | Travel agency | Korea | 100.00 | 100.00 | Dec. 31 | |
Tour Marketing Korea Service Inc. | Travel agency | Korea | 70.00 | 70.00 | Dec. 31 | |
SM duty free Co., Ltd. (*2) | Duty-free shop | Korea | 90.13 | 90.13 | Dec. 31 | |
HANATOURLOAN Co., Ltd. | Loan business | Korea | 100.00 | 100.00 | Dec. 31 | |
HANATOUR | HANATOUR EUROPE LTD. | Travel agency | U.K. | 70.00 | 70.00 | Dec. 31 |
Service Inc. | HANATOUR JAPAN CO., LTD. | Travel agency | Japan | 53.98 | 53.98 | Dec. 31 |
HANATOUR CHINA | Travel agency | China | 100.00 | 100.00 | Dec. 31 | |
HANATOUR HONGKONG CO., LTD. | Travel agency | Hong Kong | 100.00 | 100.00 | Dec. 31 | |
BEIJING HANA INFORMATION | Software development | China | 100.00 | 100.00 | Dec. 31 | |
TECHNOLOGY CO., LTD. | ||||||
HANA TOUR SERVICE (M) SDN.BHD. (*3) | Travel agency | Malaysia | - | 100.00 | Dec. 31 | |
HANATOUR VIETNAM COMPANY LIMITED | Travel agency | Vietnam | 85.00 | 85.00 | Dec. 31 | |
PHILIPPINE HANATOUR INC. | Travel agency | Philippines | 99.99 | 99.99 | Dec. 31 | |
HNT SG PTE. LTD. (*4) | Travel agency | Singapore | 100.00 | 100.00 | Dec. 31 | |
HANATOUR HAWAII, INC. (*5) | Travel agency | U.S.A | 90.00 | - | Dec. 31 | |
Web Tour Service | NEXTOUR CO., LTD. | Travel agency | Korea | 76.99 | 76.99 | Dec. 31 |
Inc. | U.I Sightseeing Bus LLC | Transportation | Japan | 53.98 | 53.98 | Dec. 31 |
Allegrox TM Hotel | Entrusted operation of | Japan | 53.98 | 53.98 | Dec. 31 | |
HANA TOUR | accommodation | |||||
JAPAN CO., LTD | HANATOUR JAPAN SYSTEM VIETNAM | Development and | ||||
COMPANY LIMITED | maintenance of | Vietnam | 53.98 | 53.98 | Dec. 31 | |
software | ||||||
9
Reason | 2024 | 2023 |
Inclusion due to the incorporation | HANATOUR HAWAII, INC. | PHILIPPINE HANATOUR INC. |
of new entity | HNT SG PTE. LTD. | |
Mark Hotel Co., Ltd. | ||
Exclusion due to liquidation | HANA TOUR SERVICE (M) SDN.BHD | HANATOUR PHILIPPINES CORP. |
HANATOUR EU GMBH |
December 31, 2024 | |||||
(in thousands of | Web Tour Service Inc. | HANATOUR | SM duty free Co., Ltd. | U.I Sightseeing Bus | Allegrox TM Hotel |
Korean won) | JAPAN CO., LTD. | (*) | LLC | ||
Current assets | 23,059,192 | 34,047,859 | 201,361 | 10,425,284 | 6,212,769 |
Non-current assets | 5,562,203 | 9,621,635 | - | 8,392,464 | 79,961,658 |
Total assets | 28,621,395 | 43,669,494 | 201,361 | 18,817,748 | 86,174,427 |
Current liabilities | 11,086,279 | 17,256,429 | 14,440,079 | 5,034,852 | 14,231,154 |
Non-current liabilities | 397,751 | 4,697,535 | - | 2,538,923 | 106,399,617 |
Total liabilities | 11,484,030 | 21,953,964 | 14,440,079 | 7,573,775 | 120,630,771 |
Controlling interests | 13,194,416 | 11,823,811 | (12,833,132) | 6,110,489 | (18,766,558) |
Non-controlling interests | 3,942,949 | 9,891,719 | (1,405,586) | 5,133,484 | (15,689,786) |
Total equity | 17,137,365 | 21,715,530 | (14,238,718) | 11,243,973 | (34,456,344) |
(*) Its operation has been completed and scheduled to be liquidated. |
December 31, 2023 | |||||
(in thousands of | Web Tour Service Inc. | HANATOUR | SM duty free Co., Ltd. | U.I Sightseeing Bus | Allegrox TM Hotel |
Korean won) | JAPAN CO., LTD. | (*) | LLC | ||
Current assets | 24,437,823 | 23,640,908 | 24,175,013 | 10,541,284 | 5,760,270 |
Non-current assets | 4,843,540 | 9,541,707 | - | 7,678,844 | 74,933,835 |
Total assets | 29,281,363 | 33,182,615 | 24,175,013 | 18,220,128 | 80,694,105 |
Current liabilities | 11,050,524 | 17,226,215 | 71,929,661 | 5,840,562 | 13,791,923 |
Non-current liabilities | 154,164 | 7,132,250 | - | 3,997,064 | 111,987,145 |
Total liabilities | 11,204,688 | 24,358,465 | 71,929,661 | 9,837,626 | 125,779,068 |
Controlling interests | 13,917,611 | 4,804,995 | (43,040,513) | 4,564,505 | (24,550,014) |
Non-controlling interests | 4,159,064 | 4,019,155 | (4,714,135) | 3,817,997 | (20,534,949) |
Total equity | 18,076,675 | 8,824,150 | (47,754,648) | 8,382,502 | (45,084,963) |
(*) Its operation has been completed and scheduled to be liquidated. |
10
2024 | |||||
Description | Web Tour Service Inc. | HANATOUR | SM duty free Co., | U.I Sightseeing Bus | Allegrox TM Hotel |
(in thousands of Korean won) | JAPAN CO., LTD. | Ltd. (*) | LLC | ||
Sales | 20,661,776 | 16,864,268 | - | 18,357,457 | 26,527,762 |
Operating profit (loss) | 520,325 | 7,597,369 | (5,995) | 3,906,784 | 6,040,546 |
Profit for the year | 1,067,155 | 12,156,839 | 33,515,931 | 2,540,763 | 11,349,984 |
Other comprehensive income | - | 718,839 | - | 320,708 | (721,365) |
(loss), net of tax | |||||
Total comprehensive income, net of tax | 1,067,155 | 12,875,678 | 33,515,931 | 2,861,471 | 10,628,619 |
Profit for the year attributable to non-controlling interests | 245,530 | 5,537,605 | 3,308,549 | 1,157,352 | 5,170,072 |
Total comprehensive income | |||||
attributable to non-controlling interests | 245,530 | 5,865,047 | 3,308,549 | 1,303,439 | 4,841,480 |
(*) Its operation has been completed and scheduled to be liquidated. |
2023 | |||||
Description | Web Tour Service Inc. | HANATOUR | SM duty free Co., Ltd. | U.I Sightseeing Bus | Allegrox TM Hotel |
(in thousands of Korean won) | JAPAN CO., LTD. | (*) | LLC | ||
Sales | 21,746,127 | 12,480,166 | - | 16,471,041 | 21,183,925 |
Operating profit (loss) | 2,671,156 | 3,860,331 | (26,726) | 2,449,892 | 3,678,661 |
Profit for the year | 3,137,084 | 6,642,152 | 222,968 | 4,211,146 | 11,308,229 |
Other comprehensive income (loss), net of tax | - | (235,283) | - | (272,950) | 2,268,090 |
Total comprehensive income, net of tax | 3,137,084 | 6,406,869 | 222,968 | 3,938,196 | 13,576,319 |
Profit for the year attributable to non-controlling interests | 721,777 | 3,025,316 | 22,010 | 1,918,060 | 5,150,584 |
Total comprehensive income | |||||
attributable to non-controlling interests | 721,777 | 2,918,151 | 22,010 | 1,793,739 | 6,183,636 |
(*) Its operation has been completed and scheduled to be liquidated. The condensed financial performance and non-controlling interests above are the amount after reflecting goodwill and fair value adjustment that occurred at the time of the business combination and accounting policy differences with the Parent Company, but before the elimination of related party transactions. (7) The condensed consolidated statements of cash flows of subsidiaries with material non-controlling interests for each of the two years in the period ended December 31, 2024 and 2023 are as follows (before the elimination of intercompany transactions): |
2024 | |||||
Description | Web Tour Service Inc. | HANATOUR | SM duty free Co., | U.I Sightseeing Bus | Allegrox TM Hotel |
(in thousands of Korean won) | JAPAN CO., LTD. | Ltd. (*) | LLC | ||
Cash flows from operating activities | 2,906,930 | 6,732,437 | 188,346 | 5,571,434 | 9,267,161 |
Cash flows from investing activities | 865,775 | 2,450,786 | - | (1,572,821) | (305,196) |
Cash flows from financing activities | (2,387,235) | (4,914,216) | - | (3,185,561) | (8,983,304) |
Net increase (decrease) in cash and cash equivalents | 1,385,470 | 4,269,007 | 188,346 | 813,052 | (21,339) |
Cash and cash equivalents at the beginning of the year | 796,074 | 7,609,143 | 9,060 | 3,124,240 | 3,587,441 |
Effects of exchange rate changes on cash and cash equivalents | (32) | 394,605 | 494 | 114,159 | 92,774 |
Cash and cash equivalents at the end | 2,181,512 | 12,272,755 | 197,900 | 4,051,451 | 3,658,876 |
of the year | |||||
(*) Its operation has been completed and scheduled to be liquidated. |
11
12
13
14
15
16
17
18
19
20
21
Estimated useful lives (years) | |
Buildings | 7-24 |
Equipment | 3-10 |
Facilities | 2-45 |
Vehicles | 2-10 |
Estimated useful lives (years) | |
Trademarks | 5-10 |
Patents | 5 |
Software | 3-6 |
Membership | Contractual term or Indefinite |
Others | Indefinite |
22
23
24
25
26
(in thousands of Korean won) | December 31, 2024 | December 31, 2023 |
Cash on hand | 244,043 | 224,294 |
Bank deposits | 105,439,030 | 118,440,434 |
Total | 105,683,073 | 118,664,728 |
27
December 31, 2024 | December 31, 2023 | ||||
Description | Accounts | Current | Non-current | Current | Non-current |
Trade receivables | 72,531,490 | - | 71,587,727 | - | |
Trade receivable | Allowance for doubtful | (9,866,129) | - | (9,818,402) | - |
(in thousands of Korean won) | accounts | ||||
Total | 62,665,361 | - | 61,769,325 | - | |
Other receivables | Other receivables (*) | 6,338,727 | - | 8,248,058 | - |
(in thousands of Korean won) | Allowance for doubtful | (2,597,206) | - | (6,257,049) | - |
accounts | |||||
Subtotal | 3,741,521 | - | 1,991,009 | - | |
Loan | 502,756 | 4,118,399 | 944,512 | 3,531,138 | |
Allowance for doubtful | (502,756) | (3,748,322) | (944,512) | (1,455,400) | |
accounts | |||||
Subtotal | - | 370,077 | - | 2,075,738 | |
Accrued revenue | 4,007,877 | - | 2,803,740 | - | |
Allowance for doubtful | (436,322) | - | - | - | |
accounts | |||||
Subtotal | 3,571,555 | - | 2,803,740 | - | |
Guaranteed deposits | 13,901,237 | 837,789 | 9,412,386 | 1,793,782 | |
Allowance for doubtful | (3,273,708) | - | (3,197,338) | - | |
accounts | |||||
Subtotal | 10,627,529 | 837,789 | 6,215,048 | 1,793,782 | |
Total | 17,940,605 | 1,207,866 | 11,009,797 | 3,869,520 |
2024 | |||||||
Beginning | Reversal | Write-off | Transfer | Foreign exchange | Ending | ||
(In thousands of Korean won) | (amortization) | difference | |||||
Trade receivables | (9,818,402) | (7,194,411) | 7,488,133 | - | (341,449) | (9,866,129) | |
Other receivables (*1) | (6,257,049) | 3,522,228 | 10,074 | (340,083) | 467,624 | (2,597,206) | |
Short-term loans | (944,512) | 515,570 | - | - | (73,814) | (502,756) | |
Long-term loans | (1,455,400) | (2,132,516) | - | - | (160,406) | (3,748,322) | |
Accrued revenue | - | (436,322) | - | - | - | (436,322) | |
Guaranteed deposits | (3,197,338) | (76,370) | - | - | - | (3,273,708) | |
Total (*2) | (21,672,701) | (5,801,821) | 7,498,207 | (340,083) | (108,045) | (20,424,443) | |
(*1) Including transfers to allowances for doubtful accounts for other receivables from those for finance lease receivables for the year ended December 31, 202 | 4. | ||||||
(*2) Including the amount classified in profit and loss from discontinued operations. |
2023 | |||||||
Beginning | Reversal | Write-off | Transfer | Foreign exchange | Ending | ||
(In thousands of Korean won) | (amortization) | difference | |||||
Trade receivables | (12,347,897) | 2,110,091 | 427,242 | - | (7,838) | (9,818,402) | |
Other Receivables (*1) | (5,900,596) | 214,221 | 10,919 | (583,000) | 1,407 | (6,257,049) | |
Short-term loans | (1,533,168) | 594,493 | - | - | (5,837) | (944,512) | |
Current portion of long-term | (1,451,520) | (8,843) | - | 1,482,603 | (22,240) | - | |
loans | |||||||
Long-term loans | - | - | - | (1,482,603) | 27,203 | (1,455,400) | |
Accrued revenue | (122,665) | 44,836 | 79,708 | - | (1,879) | - | |
Guaranteed deposits | (4,195,105) | (2,233) | 1,000,000 | - | - | (3,197,338) | |
Total (*2) | (25,550,951) | 2,952,565 | 1,517,869 | (583,000) | (9,184) | (21,672,701) | |
(*1) Including transfers to allowances for doubtful accounts for other receivables from those for finance lease receivables for the year ended December 31, 202 | 3. | ||||||
(*2) Including the amount classified in profit and loss from discontinued operations. |
28
Trade receivables | December 31, 2024 | December 31, 2023 | ||
(In thousands of Korean won) | Book value | Loss allowance | Book value | Loss allowance |
Up to 90 days | 59,913,724 | (197,640) | 60,006,869 | (289,736) |
90 to 180 days | 3,283,966 | (1,325,389) | 2,262,833 | (348,925) |
180 to 270 days | 2,383,011 | (1,424,362) | 206,706 | (102,202) |
270 to 365 days | 70,129 | (43,224) | 106,036 | (76,628) |
Over 365 days | 6,880,660 | (6,875,514) | 9,005,283 | (9,000,911) |
Total | 72,531,490 | (9,866,129) | 71,587,727 | (9,818,402) |
Other receivables | December 31, 2024 | December 31, 2023 | ||
(In thousands of Korean won) | Book value | Loss allowance (*) | Book value | Loss allowance |
Up to 90 days | 16,690,529 | (600,444) | 12,661,192 | (229,888) |
90 to 180 days | 865,393 | (22,641) | 225,977 | (133,954) |
180 to 270 days | 1,529,882 | (172,981) | 287,426 | (170,453) |
270 to 365 days | 388,490 | (7,918) | 608,452 | (462,772) |
Over 365 days | 10,232,491 | (9,701,566) | 12,950,569 | (10,857,232) |
Total | 29,706,785 | (10,505,550) | 26,733,616 | (11,854,299) |
(*) For the investments in HANATOUR TD CO., LTD., an associate, the share of loss of associates under equity method amounting to KRW 52,764 thousand, which exceeded the carrying amount of the investments in the associate, was recognized as loss allowance for long-term loans (see Note 16). (5) The information on expected credit losses and credit risk exposure for trade receivables and other receivables and details of individual analysis on receivables are as follows: |
Category | Weighted average | Total book value | Loss allowance (*) |
(In thousands of Korean won) | Default rate (%) | ||
Up to 90 days | 0.52 | 51,718,545 | (268,594) |
90 to 180 days | 11.47 | 2,297,362 | (263,539) |
180 to 270 days | 32.72 | 2,812,795 | (920,346) |
270 to 365 days | 58.39 | 69,699 | (40,698) |
Over 365 days | 100.00 | 8,085,210 | (8,085,210) |
Subtotal | 64,983,611 | (9,578,387) | |
Individual analysis on receivables | 37,254,664 | (10,793,292) | |
Total | 102,238,275 | (20,371,679) | |
(*) For the investments in HANATOUR TD CO., LTD., an associate, the share of loss of associates under equity method amounting to KRW 52,764 thousand, which exceeded the carrying amount of the investments in the associate, was recognized as loss allowance for long-term loans (see Note 16). |
29
(In thousands of Korean won) | December 31, 2024 | December 31, 2023 |
Up to 1 year | 935,172 | 1,219,653 |
1 to 2 years | 457,915 | 594,580 |
2 to 3 years | 3,358 | 435,164 |
Total Lease Expense | 1,396,445 | 2,249,397 |
Less: unrealized interest income | (9,539) | (7,600) |
Present value of minimum lease payment | 1,386,906 | 2,241,797 |
Total lease investment, net | 1,386,906 | 2,241,797 |
December 31, 2024 | December 31, 2023 | ||||
(In thousands of Korean won) | Current | Non-current | Current | Non-current | |
Finance lease receivables (*) | 929,084 | 457,822 | 1,213,757 | 1,028,040 | |
Allowance for doubtful accounts | - | - | (340,083) | - | |
Total | 929,084 2024 is KRW 182,881 thousand and KRW 175,800 thousand, respectively. | 457,822 | 873,674 | 1,028,040 | |
(*) The Group transfers the finance lease receivables that have reached the expiry date to non-trade receivables. The transfers of finance lease receivables to other receivables for each of the two years in the period ended December 31, 2024 amount to KRW 1,907,240 thousand and KRW 727,683 thousand, respectively, and the transfers of allowances for doubtful accounts for finance lease receivables to those for other receivables amount to KRW 340,083 thousand | |||||
and KRW 583,000 (4) The lease income recognized by the Group in relation to the lease contracts for each of the two years in the period ended December 31, | thousand, respectively. |
30
(In thousands of Korean won) | December 31, 2024 | December 31, 2023 |
Airline tickets and others | 71,292,358 | 59,732,261 |
Valuation allowance for inventories | (1,301,903) | (785,525) |
Storage goods | 121,524 | 117,972 |
Total | 70,111,979 | 59,064,708 |
(In thousands of Korean won) | December 31, 2024 | December 31, 2023 |
Beginning | (785,525) | (81,687) |
Valuation loss on inventories | (516,378) | (703,838) |
Ending | (1,301,903) | (785,525) |
(In thousands of Korean won) | December 31, 2024 | December 31, 2023 |
Advanced payments | 47,679,221 | 37,504,922 |
Allowance for doubtful accounts | (609,321) | (697,511) |
Total | 47,069,900 | 36,807,411 |
(In thousands of Korean won) | December 31, 2024 | December 31, 2023 |
Beginning | (697,511) | (2,565,046) |
Reversal of bad debt expense | 93,326 | 1,827,115 |
Write-off | - | 41,281 |
Foreign exchange difference | (5,136) | (861) |
Ending | (609,321) | (697,511) |
December 31, 2024 | December 31, 2023 | |||
(In thousands of Korean won) | Current | Non-current | Current | Non-current |
Prepaid expenses | 4,159,470 | 640,115 | 3,002,896 | 31,879 |
Prepaid value added tax | 181,709 | - | 162,397 | - |
Total | 4,341,179 | 640,115 | 3,165,293 | 31,879 |
December 31, 2024 | December 31, 2023 | |||||
(In thousands of Korean won) | Current | Non-current | Current | Non-current | ||
Long-term financial instruments | - | 3,959 | - | 1,800 | ||
Guarantee deposits | 7,916,694 | 12,362,637 | 8,912,662 | 10,957,306 | ||
Financial assets measured at amortized costs | - | 342,373 | - | 342,373 | ||
Total | 7,916,694 | 12,708,969 | 8,912,662 | 11,301,479 |
31
December 31, 2024 | |||
(In thousands of Korean won) | Land | Buildings | Total |
Acquisition cost | 757,518 | 1,791,406 | 2,548,924 |
Accumulated depreciation | - | (1,790,601) | (1,790,601) |
Net book value | 757,518 | 805 | 758,323 |
December 31, 2023 | |||
(In thousands of Korean won) | Land | Buildings | Total |
Acquisition cost | 738,250 | 1,745,840 | 2,484,090 |
Accumulated depreciation | - | (1,598,001) | (1,598,001) |
Net book value | 738,250 | 147,839 | 886,089 |
2024 | ||||
(In thousands of Korean won) | Land | Buildings | Total | |
Beginning | 738,250 | 147,839 | 886,089 | |
Depreciation | - | (145,073) | (145,073) | |
Other differences | 19,268 | (1,961) | 17,307 | |
Ending | 757,518 | 805 | 758,323 |
2023 | ||||
(In thousands of Korean won) | Land | Buildings | Total | |
Beginning | 771,027 | 337,720 | 1,108,747 | |
Depreciation | - | (179,098) | (179,098) | |
Other differences | (32,777) | (10,783) | (43,560) | |
Ending | 738,250 | 147,839 | 886,089 |
(In thousands of Korean won) | 2024 | 2023 |
Rental income | 55,151 | - |
Operating expenses | - | - |
Total | 55,151 | - |
(In thousands of Korean won) | Book value | Fair value (*) |
Land | 757,518 | 3,324,090 |
Buildings | 805 | 303,740 |
(*) The fair value of investment properties is classified as Level 3 (unobservable inputs to assets or liabilities) based on the inputs used in the valuation technique. |
32
December 31, 2024 | |||||||
Land | Buildings | Vehicles | Equipment | Facilities | Construction-in- | Total | |
(In thousands of Korean won) | progress | ||||||
Acquisitions | 5,712,069 | 3,835,952 | 11,140,218 | 19,514,408 | 7,079,126 | 141,681 | 47,423,454 |
Accumulated depreciation | - | (3,454,432) | (9,118,898) | (15,684,052) | (5,323,362) | - | (33,580,744) |
Accumulated impairment losses | - | (263,482) | (86,101) | (788,989) | (350,417) | - | (1,488,989) |
Book value | 5,712,069 | 118,038 | 1,935,219 | 3,041,367 | 1,405,347 | 141,681 | 12,353,721 |
December 31, 2023 | ||||||
(In thousands of Korean won) | Land | Buildings | Vehicles | Equipment | Facilities | Total |
Acquisitions | 5,567,101 | 3,740,343 | 9,667,574 | 19,317,744 | 6,460,931 | 44,753,693 |
Accumulated depreciation | - | (3,082,520) | (9,299,403) | (15,129,891) | (4,214,626) | (31,726,440) |
Accumulated impairment losses | - | (256,781) | (117,928) | (754,289) | (336,606) | (1,465,604) |
Book value | 5,567,101 | 401,042 | 250,243 | 3,433,564 | 1,909,699 | 11,561,649 |
December 31, 2024 | |||||||
Land | Buildings | Vehicles | Equipment | Facilities | Construction-in- | Total | |
(In thousands of Korean won) | progress | ||||||
Beginning | 5,567,101 | 401,042 | 250,243 | 3,433,564 | 1,909,699 | - | 11,561,649 |
Acquisitions | - | - | 1,971,236 | 1,187,794 | 170,986 | 136,216 | 3,466,232 |
Disposal | - | - | (2) | (16,665) | (3,593) | - | (20,260) |
Depreciation | - | (281,146) | (331,901) | (1,583,584) | (794,361) | - | (2,990,992) |
Impairment losses | - | - | (25,380) | (21,487) | (5,255) | - | (52,122) |
Other differences (*) | 144,968 | (1,858) | 71,023 | 41,745 | 127,871 | 5,465 | 389,214 |
Ending | 5,712,069 | 118,038 | 1,935,219 | 3,041,367 | 1,405,347 | 141,681 | 12,353,721 |
(*) Including foreign exchange differences and others. |
December 31, 2023 | ||||||
(In thousands of Korean won) | Land | Buildings | Vehicles | Equipment | Facilities | Total |
Beginning | 5,260,456 | 769,547 | 195,376 | 3,772,138 | 178,755 | 10,176,272 |
Acquisitions | 540,514 | - | 535,840 | 1,874,355 | 2,144,715 | 5,095,424 |
Transference (*1) | - | - | 8,646 | - | - | 8,646 |
Disposal | - | - | (290,565) | (26,651) | (1,958) | (319,174) |
Depreciation | - | (344,807) | (194,908) | (2,168,054) | (355,860) | (3,063,629) |
Impairment losses | - | - | - | (32,406) | (6,210) | (38,616) |
Reversal of impairment losses | - | - | - | 48,371 | 4,420 | 52,791 |
Other differences (*2) | (233,869) | (23,698) | (4,146) | (34,189) | (54,163) | (350,065) |
Ending | 5,567,101 | 401,042 | 250,243 | 3,433,564 | 1,909,699 Among property, plant and equipment, land and buildings are provided as collateral for loans (see Note 35). | 11,561,649 |
(*1) For the (*2) Including foreign exchange differences and others. (3) | year ended December 31, 2023, right-of-use assets were transferred to property, plant and equipment. |
33
December 31, 2024 | December 31, 2023 | |||||||
Acquisition | Accumulated | Accumulated | Acquisition | Accumulated | Accumulated | |||
cost | amortization | impairment | Book value | cost | amortization | impairment | Book value | |
losses | losses | |||||||
Goodwill | 1,160,630 | - | (775,495) | 385,135 | 1,160,630 | - | (775,495) | 385,135 |
Industrial property rights | 675,915 | (552,755) | (10,796) | 112,364 | 663,446 | (521,286) | (10,521) | 131,639 |
Patent | 19,157 | (14,854) | - | 4,303 | 19,157 | (12,274) | - | 6,883 |
Software | 55,981,427 | (48,955,048) | (379,071) | 6,647,308 | 56,150,169 | (41,465,250) | (369,359) | 14,315,560 |
Membership | 1,356,238 | (91,559) | (115,229) | 1,149,450 | 1,355,047 | (83,908) | (115,000) | 1,156,139 |
Others | 11,966 | - | - | 11,966 | 1,547,002 | - | (891,324) | 655,678 |
Intangible assets in acquisition | 824,045 | - | - | 824,045 | 69,460 | - | - | 69,460 |
Total | 60,029,378 | (49,614,216) | (1,280,591) | 9,134,571 | 60,964,911 | (42,082,718) | (2,161,699) | 16,720,494 |
2024 | ||||||||
(In thousands of | Goodwill | Industrial | Patent | Software | Membership | Others | Intangible assets | Total |
Korean won) | property rights | in acquisition | ||||||
Beginning | 385,135 | 131,639 | 6,883 | 14,315,560 | 1,156,139 | 655,678 | 69,460 | 16,720,494 |
Acquisitions | - | 25,515 | - | 362,307 | - | - | 1,199,548 | 1,587,370 |
Disposal | - | (17) | - | (4,495) | - | (576,873) | - | (581,385) |
Depreciation | - | (44,773) | (2,580) | (8,517,468) | (7,651) | - | - | (8,572,472) |
Transfer | - | - | - | 470,939 | - | - | (470,939) | - |
Impairment losses | - | - | - | (74) | (229) | (104,886) | - | (105,189) |
Other differences | - | - | - | 20,539 | 1,191 | 38,047 | 25,976 | 85,753 |
Ending | 385,135 | 112,364 | 4,303 | 6,647,308 | 1,149,450 | 11,966 | 824,045 | 9,134,571 |
2023 | ||||||||
(In thousands of | Goodwill | Industrial | Patent | Software | Membership | Others | Intangible assets | Total |
Korean won) | property rights | in acquisition | ||||||
Beginning | 385,135 | 110,268 | 9,463 | 20,140,217 | 1,093,430 | 645,927 | 547,720 | 22,932,160 |
Acquisition | - | 62,302 | - | 1,866,209 | - | - | 958,393 | 2,886,904 |
Disposal | - | (702) | - | (63,284) | - | - | - | (63,986) |
Depreciation | - | (40,229) | (2,580) | (9,042,855) | (7,672) | - | - | (9,093,336) |
Transfer | - | - | - | 1,436,055 | - | - | (1,436,055) | - |
Reversal of impairment losses | - | - | - | 1,247 | 72,407 | - | - | 73,654 |
Other differences | - | - | - | (22,029) | (2,026) | 9,751 | (598) | (14,902) |
Ending | 385,135 | 131,639 | 6,883 | 14,315,560 | 1,156,139 | 655,678 | 69,460 | 16,720,494 |
December 31, 2024 | |||||
(In thousands of Korean won) | Property | Vehicles | Others | Total | |
Acquisition cost | 159,251,073 | 7,994,092 | 3,800,467 | 171,045,632 | |
Accumulated depreciation | (45,018,770) | (6,032,727) | (3,447,761) | (54,499,258) | |
Accumulated impairment losses | (25,983,506) | - | - | (25,983,506) | |
Book value | 88,248,797 | 1,961,365 | 352,706 | 90,562,868 |
December 31, 2023 | |||||
(In thousands of Korean won) | Property | Vehicles | Others | Total | |
Acquisition cost | 155,502,967 | 7,636,102 | 3,401,535 | 166,540,604 | |
Accumulated depreciation | (34,578,115) | (5,610,622) | (2,617,915) | (42,806,652) | |
Accumulated impairment losses | (31,224,559) | - | - | (31,224,559) | |
Book value | 89,700,293 | 2,025,480 | 783,620 | 92,509,393 |
34
2024 | ||||
(In thousands of Korean won) | Property | Vehicles | Others | Total |
Beginning | 89,700,293 | 2,025,480 | 783,620 | 92,509,393 |
Acquisition | 4,601,828 | 1,307,452 | 398,932 | 6,308,212 |
Disposal | (315,894) | (5,225) | - | (321,119) |
Depreciation cost | (13,599,225) | (1,429,315) | (829,846) | (15,858,386) |
Impairment losses | 5,683,498 | - | - | 5,683,498 |
Other differences (*) | 2,178,297 | 62,973 | - | 2,241,270 |
Ending | 88,248,797 | 1,961,365 | 352,706 | 90,562,868 |
(*) Including foreign exchange differences and others. |
2023 | ||||
(In thousands of Korean won) | Property | Vehicles | Others | Total |
Beginning | 73,979,320 | 1,587,937 | 1,034,244 | 76,601,501 |
Acquisition | 22,325,179 | 1,933,604 | 720,611 | 24,979,394 |
Disposal | (1,236,476) | - | (27,114) | (1,263,590) |
Transfer (*1) | - | (8,646) | - | (8,646) |
Depreciation cost | (13,208,373) | (1,430,875) | (944,121) | (15,583,369) |
Impairment losses | 8,003,540 | - | - | 8,003,540 |
Other differences (*2) | (162,897) | (56,540) | - | (219,437) |
Ending | 89,700,293 | 2,025,480 | 783,620 | 92,509,393 |
(*1) For the (*2) Including foreign exchange differences and others. | year ended December 31, 2023, right-of-use assets were transferred to property, plant and equipment. |
(In thousands of Korean won) (3) | 2024 | 2023 |
Depreciation of right-of-use assets | 15,858,386 | 15,583,369 The amounts recognized as gains or losses for each of the two years in the period ended December 31, 2024 are as follows: |
Interest expense on lease liabilities | 2,231,427 | 2,506,345 |
Losses on lease transactions | (9,030) | (351,242) |
(Reversal of) impairment losses of right-of-use assets | (5,683,498) | (8,003,540) |
Expenses in relation with leases of low-value assets | 546,025 | 131,909 |
Total | 12,943,310 | 9,866,841 |
35
(In thousands of Korean won) | Percentage of shareholding (%) | December 31, 2024 | December 31, 2023 |
<Marketable Equity Securities> | |||
Woongjin Co.,Ltd.(*1) | - | - | 8,725 |
< Non-marketable Equity Securities > | |||
EDUTOUR Inc.(*2) | 19.90 | - | 27,980 |
Hani Tour Inc. | 9.54 | 2,368 | 2,368 |
Jeju Channel Inc. | 8.06 | 116,000 | 132,750 |
Nol Universe Co., Ltd. (*3) | 0.07 | 116,616 | 116,616 |
SAM Consulting So., Ltd. | 7.41 | 100,020 | 100,020 |
KC HOSPITALITY CO., LTD | 10.00 | 804,240 | 804,240 |
Others | - | 384 | 284 |
Subtotal | 1,139,628 | 1,184,258 | |
Total | 1,139,628 | 1,192,983 | |
(*1) It | was disposed of in full for KRW 5,911 thousand for the year ended December 31, 2024. | ||
(*2) The (*3) For the Inc. into Nol Universe Co., Ltd. | valuation loss of KRW 27,980 thousand was recognized for the year ended December 31, 2024. | year ended December 31, 2024, the entity as a surviving company merged with Yanolja Platform Inc. and changed its name from Interpark Triple | |
(In thousands of Korean won) | December 31, 2024 | December 31, 2023 |
KBSJ Tourism Venture Union (*1) | 1,488,384 | 2,836,006 |
P&I Cultural Innovation Investment Union (*2) | 685,240 | 770,333 |
Silla Animal Inc. (*3) | - | - |
Total | 2,173,624 | 3,606,339 |
36
December 31, 2024 | December 31, 2023 | ||||||
Main business | Location | Reporting date | Ownership | Book | Ownership | Book | |
(In thousands of Korean won) | (%) | value | (%) | value | |||
OK Tour Service Inc. (*1) | Travel Agency | Korea | Dec. 31 | 48.92 | 4,892 | 48.92 | 4,892 |
Dream Co., Ltd (*2) | Theme Park | Korea | Dec. 31 | 4.16 | - | 4.16 | - |
HANATOUR EUROPE S.R.L(*3) | Travel Agency | Italy | Dec. 31 | 50.00 | - | 50.00 | - |
HANATOUR TD CO., LTD.(*4) | Travel Agency | Thailand | Dec. 31 | 49.00 | - | - | - |
Total | 4,892 | 4,892 | |||||
(*1) It is an associate remaining with the purpose of preventing the use of similar name of entities that do not exist anymore due to liquidation. | |||||||
(*2) Although the Group's shareholding is less than 20%, the entity was classified as an associate as it was concluded that the Group has significant influence with its participation in the Board of Directors of the entity and exercise of voting rights. | |||||||
(*3) Changes in investments in associates for each of the two years in the period ended December 31, 2024 are as follows: | It is an associate that is closed as of December 31, 2024. | ||||||
(*4) It is newly established for the year (2) | ended December 31, 2024. | ||||||
December 31, 2024 | December 31, 2023 | ||
(In thousands of Korean won) (3) | Dream Co., Ltd. | HANATOUR TD CO., LTD. | Dream Co., Ltd. |
Current assets | 1,719,281 | 379,673 | 2,205,020 The key financial information on associates that are material to the Group as of December 31, 2024 and 2023 is as follows: |
Non-current assets | 48,865,653 | 147,901 | 49,914,781 |
Total assets | 50,584,934 | 527,574 | 52,119,801 |
Current liabilities | 8,937,576 | 164,057 | 7,639,846 |
Non-current liabilities | 31,831,502 | 471,199 | 31,814,534 |
Total liabilities | 40,769,078 | 635,256 | 39,454,380 |
Net sales | 7,268,588 | 593,091 | 9,171,306 |
Operating loss | (367,713) | (215,959) | (682,086) |
Net loss | (2,649,620) | (251,583) | (2,458,696) |
Other comprehensive loss | - | (3,778) | - |
Total comprehensive loss | (2,649,620) | (255,361) | (2,458,696) |
2024 | ||||||
Beginning | Acquisition | Investment loss under Change in equity under | Ending | |||
(In thousands of Korean won) | equity method | equity method | ||||
OK Tour Service Inc. | 4,892 | - | - | - | 4,892 | |
Dream Co., Ltd | - | - | - | - | - | |
HANATOUR EUROPE S.R.L | - | - | - | - | - | |
HANATOUR TD Co., Ltd. (*) | - | 72,363 | (70,512) | (1,851) | - | |
Total recognized for the long-term investment in equity (long-term loan). | 4,892 | 72,363 | (70,512) | (1,851) | 4,892 (*) The additional investment loss under equity method amounting to KRW 52,764 thousand, exceeding the carrying amount of investments in associates, was | |
2023 | |||||
(In thousands of Korean won) | Beginning | Disposal | Investment income under | Ending | |
equity method | |||||
OK Tour Service Inc. | 4,892 | - | - | 4,892 | |
Dream Co., Ltd | - | - | - | - | |
K Culture Industry Co., Ltd. (*) | 698,040 | (703,420) | 5,380 | - | |
HANATOUR EUROPE S.R.L | - | - | - | - (*) It was liquidated for the year ended December 31, 2024, and KRW 78,536 thousand was recognized as the gain on disposal of investments in associates from | |
Total the distribution of remaining assets. | 702,932 | (703,420) | 5,380 | 4,892 |
37
2024 | ||||||
(In thousands of Korean won) | Cash and cash | Current financial | Non-current | Depreciation of | Interest income | Interest expense |
equivalents | liabilities | financial liabilities | fixed assets | |||
Dream Co., Ltd. | 127,597 | 7,467,024 | 31,334,553 | 1,533,568 | 363 | 2,269,666 |
HANATOUR TD CO., LTD. | 136,834 | 86,733 | 471,199 | 28,250 | 833 | 19,548 |
2023 | ||||||
Cash and cash | Current financial | Non-current | Depreciation of | Interest income | Interest expense | |
(In thousands of Korean won) | equivalents | liabilities | financial liabilities | fixed assets | ||
Dream Co., Ltd. | 385,548 | 6,962,427 | 31,334,553 | 1,533,568 | 167 | 1,811,128 |
(In thousands of Korean won) | Dream Co., Ltd. | HANATOUR TD CO., LTD. |
Net assets at the end of the year | 9,815,856 | (107,682) |
(-) Accounting policy differences | (20,033,424) | - |
Adjusted net asset | (10,217,568) | (107,682) |
Group’s share ratio | 4.16% | 49.00% |
Net assets share amount | (425,051) | (52,764) |
Discontinuation of equity method | 425,051 | 52,764 |
Carrying amount at the end of the year | - | - |
(In thousands of Korean won) | Unrecognized losses | Accumulated unrecognized losses | |
Dream Co., Ltd. | (118,542) | (425,051) |
(In thousands of Korean won) | December 31, 2024 | December 31, 2023 |
Accounts payable | 12,973,952 | 12,186,088 |
Accrued expenses | 34,234,626 | 51,795,177 |
Total | 47,208,578 | 63,981,265 |
December 31, 2024 | December 31, 2023 | |||
(In thousands of Korean won) | Current | Non-current | Current | Non-current |
Leasehold deposits | 2,067,979 | 55,440 | 2,004,099 | 24,000 |
Deposits for operation | 446,311 | - | 410,807 | - |
Accrued dividends | 53,062 | - | 52,988 | - |
Total | 2,567,352 | 55,440 | 2,467,894 | 24,000 |
38
(In thousands of Korean won) | Accounts | December 31, 2024 | December 31, 2023 |
Current: | |||
Short-term borrowings | Short-term borrowings | 4,207,520 | 8,682,599 |
Current portion of long-term liabilities | Current portion of long-term borrowings | 1,810,441 | 1,803,197 |
Total | 6,017,961 | 10,485,796 | |
Non-current: | |||
Long-term borrowings | Long-term borrowings | 3,745,133 | 5,337,856 |
Total | 9,763,094 | 15,823,652 |
Annual interest rate as of | December 31, | December 31, | ||
(In thousands of Korean won) | Lender | December 31, 2024 (%) | 2024 | 2023 |
Sumitomo Mitsui Banking Corporation. (*1) | 1.20 | 1,872,960 | 1,825,320 | |
Mizuho Bank, Ltd. (*1) | 1.16 | 1,872,960 | 2,281,650 | |
General loan | ||||
Shinhan Bank Japan | - | - | 3,626,062 | |
Others (*2) | 3.50 | 461,600 | 949,567 | |
Total | 4,207,520 | 8,682,599 | ||
(*1) In relation to the borrowings, the land and buildings of the Group are provided as collateral to the lender (see Note 35). | ||||
(*2) Borrowings are from the Group’s overseas executives and employees. |
Annual interest rate as of Long-term borrowings as of December 31, 2024 and 2023 are as follows: | December 31, | December 31, | ||
(In thousands of Korean won) (3) | Lender | December 31, 2024 (%) | 2024 | 2023 |
Sumitomo Mitsui Banking Corporation. (*1) | 1.05~1.10 | 409,747 | 594,160 | |
The Shoko Chukin Bank,Ltd. | 1.11 | 2,639,094 | 3,549,974 | |
General loan | Kansai Mirai Bank, Ltd. (*2) | 1.20 | 566,346 | 758,713 |
Kiraboshi Bank,Ltd (*1) | 0.90 | 949,684 | 1,090,026 | |
Higashi-Nippon Bank, Ltd. (*1) | 0.10~0.90 | 990,703 | 1,148,180 | |
Subtotal | 5,555,574 | 7,141,053 | ||
Transfer to current portion | (1,810,441) | (1,803,197) | ||
Total | 3,745,133 | 5,337,856 | ||
(*1) Payment guarantees from the Credit Guarantee Corporation of Tokyo are provided to the lender for some borrowings (see Note 36). | ||||
(*2) Payment guarantees from the Credit Guarantee Corporation of Osaka are provided to the lender for some borrowings (see Note 36). | ||||
39
(In thousands of Korean won) | December 31, 2024 | December 31, 2023 |
Current liabilities | 16,722,447 | 16,810,476 |
Non-current liabilities | 96,161,437 | 104,502,824 |
Total | 112,883,884 | 121,313,300 |
December 31, 2024 | |||||||
Beginning | Transfer | Amounts used | Exchange | Ending | Current | Non-current | |
(In thousands of Korean won) | difference | ||||||
Point provisions (*) | 1,005,334 | 1,529,678 | (1,614,960) | - | 920,052 | 920,052 | - |
Other provisions | 131,967 | - | (7,404) | - | 124,563 | 124,563 | - |
Provisions for restoration | 438,433 | 34,915 | (69,503) | 14,100 | 417,945 | 9,211 | 408,734 |
Total | 1,575,734 | 1,564,593 | (1,691,867) | 14,100 | 1,462,560 | 1,053,826 | 408,734 |
(*) The point provisions transferred is recognized as operating expenses such as advertising expenses. |
December 31, 2024 | December 31, 2023 | |||||
(In thousands of Korean won) | Current | Non-current | Current | Non-current | ||
Unearned revenue | 23,909 | 53,124 | 5,987 | 13,019 | ||
Deposits | 2,070,208 | - | 1,645,501 | - | ||
Value added tax payable | 7,674,060 | 3,955,064 | 7,614,664 | 4,106,504 | ||
Deferred revenue | 1,678,192 | - | 2,615,511 | - | ||
Total | 11,446,369 | 4,008,188 | 11,881,663 | 4,119,523 |
December 31, 2024 | December 31, 2023 | |||
Present value of | Present valule of | |||
(In thousands of Korean won) | Minimum lease payments | Minimum lease payments | ||
minimum lease payments | minimum lease payments | |||
Within a year | 17,074,805 | 16,722,447 | 17,169,472 | 16,810,476 |
More than a year and not more than 5 years | 32,034,395 | 27,651,618 | 37,479,984 | 32,155,815 |
More than 5 years | 75,303,262 | 68,509,819 | 79,873,216 | 72,347,009 |
Subtotal | 124,412,462 | 112,883,884 | 134,522,672 | 121,313,300 |
Less: present value discounts | (11,528,578) | - | (13,209,372) | - |
Total | 112,883,884 | 112,883,884 | 121,313,300 | 121,313,300 |
40
December 31, 2024 | December 31, 2023 | ||||
(In thousands of Korean won) | Balance sheet | Current | Non-current | Current | Non-current |
Financial assets measured at fair value: | |||||
FVPL | Financial asset measured at FVPL | - | 2,173,624 | - | 3,606,339 |
FVOCI | Financial asset measured at FVOCI | - | 1,139,628 | - | 1,192,983 |
Subtotal | - | 3,313,252 | - | 4,799,322 | |
Financial assets not measured at fair value: | Cash and cash equivalents | 105,439,030 | - | 118,440,434 | - |
Short-term financial instruments | 163,204,938 | - | 145,600,341 | - | |
Financial assets measured at amortized cost | Trade receivables | 62,665,361 | - | 61,769,325 | - |
Other receivables | 17,940,605 | 1,207,866 | 11,009,797 | 3,869,520 | |
Finance lease receivables | 929,084 | 457,822 | 873,674 | 1,028,040 | |
Other financial assets | 7,916,694 | 12,708,969 | 8,912,662 | 11,301,479 | |
Subtotal | 358,095,712 | 14,374,657 | 346,606,233 | 16,199,039 | |
Total | 358,095,712 | 17,687,909 | 346,606,233 | 20,998,361 |
Balance sheet | December 31, 2024 | December 31, 2023 | |||
(In thousands of Korean won) | Current | Non-current | Current | Non-current | |
Financial liabilities not measured at fair value: | Trade payables | 84,354,984 | - | 80,874,678 | - |
Other payables | 47,208,578 | - | 63,981,265 | - | |
Financial liabilities measured at amortized cost | Short-term borrowings | 4,207,520 | - | 8,682,599 | - |
Current portion of long-term liabilities | 1,810,441 | - | 1,803,197 | - | |
Long-term borrowings | - | 3,745,133 | - | 5,337,856 | |
Other financial liabilities | 2,567,352 | 55,440 | 2,467,894 | 24,000 | |
Subtotal | 140,148,875 | 3,800,573 | 157,809,633 | 5,361,856 | |
Other financial liabilities: | |||||
Other financial liabilities | Lease liabilities | 16,722,447 | 96,161,437 | 16,810,476 | 104,502,824 |
Subtotal | 16,722,447 | 96,161,437 | 16,810,476 | 104,502,824 | |
Total | 156,871,322 | 99,962,010 | 174,620,109 | 109,864,680 |
41
December 31, 2024 | |||||||
(In thousands of Korean won) | Level 1 | Level 2 | Level 3 | Total | |||
Financial assets measured at FVPL | - | - | 2,173,624 | 2,173,624 | |||
Financial assets measured at FVOCI | - | - | 1,139,628 | 1,139,628 | |||
Total | - | - | 3,313,252 | 3,313,252 | |||
December 31, 2023 | |||||||
(In thousands of Korean won) | Level 1 | Level 2 | Level 3 | Total | |||
Financial assets measured at FVPL | - | - | 3,606,339 | 3,606,339 | |||
Financial assets measured at FVOCI | 8,725 | - | 1,184,258 | 1,192,983 | |||
Total | 8,725 | - | 4,790,597 | 4,799,322 |
(In thousands of Korean won) | Fair value | Valuation techniques | Unobservable input variables |
KB-SJ Tourism Venture Association | 1,488,384 | Adjusted net asset method | Fair Value of Net Assets |
P&I Cultural Innovation Investment Association | 685,240 | ||
Total | 2,173,624 |
(In thousands of Korean won) | Jeju channel Inc. |
Fair value as of December 31, 2024 | 116,000 |
Valuation approach | Market approach |
Measurement method | Using comparable entities |
Price multiple index (applied multiple) | PBR (0.87), EV/EBITDA (10.07), EV/SALES (0.54) |
Correlation between unobservable input variables and fair value | If the market multiple increases, the fair value of the equity instrument will |
measurements | increase. |
2024 | ||||||
Beginning | Purchase | Sale | Measurement | Foreign exchange | Ending | |
(In thousands of Korean won) | difference | |||||
Financial assets measured at FVPL | 3,606,339 | - | (2,898,257) | 1,465,542 | - | 2,173,624 |
Financial assets measured at FVOCI | 1,184,258 | 90 | - | (44,730) | 10 | 1,139,628 |
Total | 4,790,597 | 90 | (2,898,257) | 1,420,812 | 10 | 3,313,252 |
2023 | |||||||
Beginning | Purchase | Sale | Measurement | Foreign exchange | Ending | ||
(In thousands of Korean won) | difference | ||||||
Financial assets measured at FVPL | 3,012,260 | - | - | 594,079 | - | 3,606,339 | |
Financial assets measured at FVOCI | 1,181,020 | - | - | 3,250 | (12) | 1,184,258 | |
Total | 4,193,280 | - | - | 597,329 | (12) | 4,790,597 |
42
Description | December 31, 2024 | December 31, 2023 | |
Type of shares | Common shares | Common shares | |
Authorized shares | 20,000,000 shares | 20,000,000 shares | |
Par value per share | W 500 | W 500 | |
Issued shares | 16,039,185 shares | 16,039,185 shares | |
Common share amount | \ 8,019,593 thousand | \ 8,019,593 thousand |
(In thousands of Korean won) | December 31, 2024 | December 31, 2023 |
Loss on valuation of financial assets measured at FVOCI | (217,499) | (717,667) |
Gain on translation of foreign operations | 3,962,681 | 3,414,495 |
Changes in equity under equity method | (73,860) | (72,009) |
Total | 3,671,322 | 2,624,819 |
(In thousands of Korean won) | Description | December 31, 2024 | December 31, 2023 |
Legal reserves | Earned surplus reserve (*1) | 4,009,796 | 3,484,796 |
Voluntary reserves | Reserve for business stabilization | 15,265 | 15,265 |
Earned surplus reserve (*2) | 7,622,367 | 402,401 | |
Unappropriated retained earnings | Unappropriated retained earnings | 158,615,960 | 162,897,180 |
Total | 170,263,388 | 166,799,642 | |
(*1) The Commercial Act of the Republic of Korea requires the Parent Company to appropriate, as a legal reserve, an amount equal to a minimum of 10% of cash dividends paid until such reserve equals 50% of its issued share capital. The reserve is not available for the payment of cash dividends, but may be transferred to share capital or used to reduce accumulated deficit. | |||
(*2) As the reserve is a reserve accumulated in excess of 50% of the capital stock, its disposal is not restricted and accordingly classified in voluntary reserves. |
(Unit : shares) (1) | Grant on March 28, 2019 in the number of stock options for the year ended December 31, 2024 are as follows: |
Beginning 27. Share-based payments: | 8,000 HANATOUR JAPAN CO., LTD., a subsidiary of the Group, granted stock options to certain executives and employees, and changes |
Exercised | (1,000) |
Expired | (7,000) |
Ending | - |
December 31, 2024 | December 31, 2023 | ||||||
(In thousands of Korean won) | Shares | Acquisition cost | Book value | Shares | Acquisition cost | Book value | |
Common shares (Parent Company) | 549,253 | 33,978,873 | 33,978,873 | 549,253 | 33,978,873 | 33,978,873 |
43
Description | Granted on March 28, 2019 | |
Exercise price per share | JPY 1,838 | |
Exercisable periods | 2021.03.29 | ~ 2024.03.28 |
Vesting condition (Period of service provision) | Two years | |
Risk free interest | -0.18% | |
Expected exercisable periods | Three years | |
Total compensation cost at time of grant | JPY 10,494,000 |
(In thousands of Korean won) | 2024 | 2023 |
Revenue classification: | ||
Travel agency | 319,459,759 | 253,318,489 |
Sales of goods | 172,336,727 | 53,326,881 |
Airfare sales commission | 4,400,294 | 3,604,925 |
Hotel operation | 26,470,441 | 21,183,925 |
Bus service | 18,326,338 | 16,300,350 |
Other revenue | 75,558,284 | 63,877,039 |
Others: | ||
Rental income | 55,151 | - |
Total | 616,606,994 | 411,611,609 |
Timing of transfer: | ||
Transferred at a point in time | 588,929,502 | 389,293,073 |
Transferred over time | 27,622,341 | 22,318,536 |
Others: | ||
Rental income | 55,151 | - |
Total | 616,606,994 | 411,611,609 |
(In thousands of Korean won) | December 31, 2024 | December 31, 2023 |
Receivables included in trade and other receivables | 76,676,484 | 68,003,805 |
Contract assets: | ||
Trade receivables (*) | 3,929,481 | 4,775,317 |
Total contract assets | 3,929,481 | 4,775,317 |
Contract liabilities: | ||
Deferred revenue | 1,678,192 | 2,615,511 |
Advances from customers | 15,676,437 | 17,771,806 |
Total contract liabilities | 17,354,629 | 20,387,317 |
(*) Presenting the amounts of contract assets incurring variable consideration. |
(In thousands of Korean won) | 2024 | 2023 |
Revenue from contracts with customers: | ||
Rendering of services | 379,059,859 | 301,695,760 |
Sales of goods | 172,336,727 | 53,326,881 |
Other revenue | 65,155,257 | 56,588,968 |
Subtotal | 616,551,843 | 411,611,609 |
Revenue from other sources: | ||
Rental income from investment properties | 55,151 | - |
Total | 616,606,994 | 411,611,609 |
44
(In thousands of Korean won) | 2024 | 2023 |
Merchandise used | 172,852,881 | 54,031,200 |
Employee benefits | 117,097,022 | 106,567,893 |
Miscellaneous salaries | 171,750 | 171,380 |
Post-employment benefits | 8,438,885 | 7,250,675 |
Employee welfare | 11,775,337 | 9,380,467 |
Travel | 906,046 | 766,809 |
Communication | 2,840,639 | 2,409,128 |
Taxes and dues | 1,750,749 | 1,591,547 |
Insurance premium | 3,090,697 | 2,307,186 |
Advertisement | 31,522,136 | 21,004,066 |
(Reversal of) bad debt expenses | 3,653,882 | (4,149,654) |
Depreciation of investment property | 145,073 | 179,098 |
Depreciation | 2,990,992 | 3,063,629 |
Amortization of intangible assets | 8,572,472 | 9,093,336 |
Depreciation of right-of-use assets | 15,858,386 | 15,583,369 |
Card service fees | 29,681,569 | 22,627,318 |
Payment commission | 38,939,653 | 34,180,363 |
Supplies | 1,272,907 | 1,318,640 |
Printing | 695,424 | 468,634 |
Book purchase | 18,781 | 9,370 |
Rents | 994,485 | 525,653 |
Per diem | 891,811 | 712,127 |
Entertainment | 768,067 | 655,127 |
Repairs | 231,412 | 291,291 |
Vehicles maintenance | 176,119 | 144,035 |
Education and training | 205,457 | 164,068 |
Tour service fees | 100,318,315 | 75,927,978 |
Miscellaneous expenses | 1,381,422 | 2,933,347 |
Bus service cost | 6,257,682 | 6,748,327 |
Hotel service cost | 2,187,279 | 1,593,579 |
Others | 662 | 13,637 |
Total | 565,687,992 | 377,563,623 |
45
(In thousands of Korean won) | Description | 2024 | 2023 |
Interest income | 8,152,324 | 7,185,888 | |
Finance Income | Dividend income | 758,730 | - |
Gain on valuation of financial assets at FVPL | 1,465,542 | 640,821 | |
Gain on disposal of financial assets at FVPL | 123,331 | - | |
Total | 10,499,927 | 7,826,709 | |
Interest expense | 2,425,361 | 2,816,550 | |
Finance Expenses | Loss on valuation of financial assets at FVPL | - | 46,742 |
Loss on disposal of financial assets at FVPL | 469,588 | - | |
Total | 2,894,949 | 2,863,292 |
(In thousands of Korean won) | 2024 | 2023 |
Investment income under equity method | - | 5,380 |
Investment loss under equity method | (123,276) | - |
Gain on disposal of investments in associates | - | 78,536 |
Gain on disposal of investments in subsidiaries | - | 8,418 |
Loss on disposal of investments in subsidiaries | (77,001) | - |
Total | (200,277) | 92,334 |
(In thousands of Korean won) | Description | 2024 | 2023 |
Gain on foreign currency transaction | 3,819,622 | 3,606,057 | |
Gain on foreign currency translation | 2,408,905 | 588,302 | |
Gain on disposal of property, plant and equipment | 127,394 | 211,453 | |
Reversal of impairment loss on property, plant and equipment | - | 52,791 | |
Reversal of impairment loss on intangible assets | - | 73,654 | |
Other income | Reversal of impairment loss on right-of-use assets | 9,151,744 | 8,158,640 |
Reversal of provision for restoration | - | 50,848 | |
Gain on lease transaction | 10,710 | 351,242 | |
Reversal of other bad debt expenses | (2,053,267) | 630,487 | |
Miscellaneous gains | 5,329,273 | 8,157,392 | |
Total | 18,794,381 | 21,880,866 | |
Loss on foreign currency transaction | 2,808,414 | 2,076,436 | |
Loss on foreign currency translation | 945,801 | 535,652 | |
Loss on disposal of property, plant and equipment | 8,929 | 28,317 | |
Loss on scrap of property, plant and equipment | 1,215 | - | |
Impairment loss on property, plant and equipment | 52,122 | 38,616 | |
Loss on disposal of intangible assets | 179,097 | 3,300 | |
Other expenses | Loss on scrap of intangible assets | 225 | 60,686 |
Impairment loss on intangible assets | 105,189 | - | |
Impairment loss on right-of-use assets | 3,468,246 | 155,101 | |
Provision for restoration | 11,195 | - | |
Loss on lease transaction | 1,680 | - | |
Donations | 133,658 | 53,548 | |
Miscellaneous expenses | 149,589 | 728,714 | |
Total | 7,865,360 | 3,680,370 |
46 | |||
(b) Finance expenses | |||
(In thousands of Korean won) | Description | 2024 | 2023 |
Financial liabilities at amortized cost | Interest expense | 193,935 | 310,205 |
Financial liabilities at FVPL | Loss on valuation | - | 46,742 |
Loss on disposal | 469,588 | - | |
Lease liabilities | Interest expense | 2,231,426 | 2,506,345 |
Total | 2,894,949 | 2,863,292 |
(In thousands of Korean won) | 2024 | 2023 |
Current income tax expense | 2,712,386 | 933,962 |
Adjustment to prior year’s income tax expense recognized in the current period | 302,536 | 265,364 |
Changes in deferred income tax assets (liabilities) due to temporary differences | 1,967,331 | 7,051,514 |
Changes due to tax loss carry forwards | (3,894,543) | (9,684,609) |
Changes due to tax credit carry forwards | (419,319) | - |
Deferred income tax directly recognized in equity | (2,476) | (126) |
Others | 113,896 | (95,666) |
Income tax expense (benefit) | 779,811 | (1,529,561) |
Income tax expense (benefit) from continuing operations | 422,890 | (1,529,561) |
Income tax expense from discontinued operations | 356,921 | - |
(In thousands of Korean won) | 2024 | 2023 |
Profit before income tax | 99,859,164 | 57,527,202 |
Profit before income tax from continuing operations | 69,252,724 | 57,304,234 |
Profit before income tax from discontinued operations | 30,606,440 | 222,968 |
Tax expense based on the applicable tax rate | 29,668,757 | 17,448,874 |
Adjustments | ||
Non-taxable income | (4,660,236) | (388,175) |
Expenses not deductible for tax purposes | 1,487,912 | 3,142,598 |
Changes in unrecognized income tax assets | (22,718,234) | (18,114,478) |
Adjustments recognized in the current period for past income tax expenses | 302,536 | 265,364 |
Others (*1) | (3,300,924) | (3,883,744) |
Subtotal | (28,888,946) | (18,978,435) |
Income tax expense (benefit) | 779,811 | (1,529,561) |
Income tax expense (benefit) from continuing operations | 422,890 | (1,529,561) |
Income tax expense from discontinued operations | 356,921 | - |
Effective tax rate (*2) | 0.78% | - |
(*1) They consist of direct foreign tax expenses, amounts subject to the applicable tax rate and foreign exchange differences. | ||
(*2) As the | income before tax is negative for the year ended December 31, 2023, the average effective tax rate was not calculated for the period. | |
47
(In thousands of Korean won) | 2024 | ||
Description | Deferred tax assets (liabilities) | ||
Beginning | Increase/Decrease | Ending | |
Available-for-sale financial assets | (27,996) | (221,107) | (249,103) |
Trade and other receivables | 3,912,719 | 481,884 | 4,394,603 |
Unconfirmed expense | 3,277,554 | (1,025,518) | 2,252,036 |
Financial lease receivables | (60,829) | (12,018) | (72,847) |
Inventories | 153,936 | 99,414 | 253,350 |
Other current assets | (38,720) | 19,478 | (19,242) |
Investment property | 14,474 | (101) | 14,373 |
Property, plant and equipment | (99,747) | (48,371) | (148,118) |
Right-of-use assets | (2,669,551) | 931,673 | (1,737,878) |
Intangible assets | 507,126 | (197,303) | 309,823 |
Investments in subsidiaries and associates | 17,960,225 | (1,025,104) | 16,935,121 |
Other non-current assets | 22,857 | 13,941 | 36,798 |
Trade and other payables | 458,003 | 139,181 | 597,184 |
Other financial liabilities (non-current) | 82,118 | 64,728 | 146,846 |
Other current liabilities | 171,045 | (28,316) | 142,729 |
Deferred revenue | 497,987 | (188,293) | 309,694 |
Lease liabilities | 2,875,041 | (971,366) | 1,903,675 |
Provisions | 245,647 | (18,116) | 227,531 |
Other non-current liabilities | 44,364 | 1,356 | 45,720 |
Others | 285,138 | (40,310) | 244,828 |
Unconfirmed income | (827,310) | 56,937 | (770,373) |
Deferred income tax assets (liabilities) due to temporary differences (A) | 26,784,081 | (1,967,331) | 24,816,750 |
Deferred income tax assets (liabilities) due to tax loss carry forwards (B) | 28,141,883 | 3,894,543 | 32,036,426 |
Deferred income tax assets (liabilities) due to tax credit carry forwards (C) | - | 419,319 | 419,319 |
Deferred tax assets (liabilities) (A+B+C) | 54,925,964 | 2,346,531 | 57,272,495 |
(In thousands of Korean won) | 2023 | ||
Description | Deferred tax assets (liabilities) | ||
Beginning | Increase/Decrease | Ending | |
Available-for-sale financial assets | 93,377 | (121,373) | (27,996) |
Trade and other receivables | 5,921,983 | (2,009,264) | 3,912,719 |
Unconfirmed expense | 1,657,388 | 1,620,166 | 3,277,554 |
Financial lease receivables | (135,926) | 75,097 | (60,829) |
Inventories | 16,975 | 136,961 | 153,936 |
Other current assets | (3,981) | (34,739) | (38,720) |
Investment property | 15,348 | (874) | 14,474 |
Property, plant and equipment | (156,120) | 56,373 | (99,747) |
Right-of-use assets | (1,035,670) | (1,633,881) | (2,669,551) |
Intangible assets | 752,017 | (244,891) | 507,126 |
Investments in subsidiaries and associates | 23,831,348 | (5,871,123) | 17,960,225 |
Other non-current assets | 49,614 | (26,757) | 22,857 |
Trade and other payables | 120,392 | 337,611 | 458,003 |
Other financial liabilities (non-current) | 156,913 | (74,795) | 82,118 |
Other current liabilities | 65,272 | 105,773 | 171,045 |
Deferred revenue | 1,459,592 | (961,605) | 497,987 |
Lease liabilities | 1,203,384 | 1,671,657 | 2,875,041 |
Provisions | 179,602 | 66,045 | 245,647 |
Other non-current liabilities | 42,266 | 2,098 | 44,364 |
Others | 124,495 | 160,643 | 285,138 |
Unconfirmed income | (522,674) | (304,636) | (827,310) |
Deferred income tax assets (liabilities) due to temporary differences (A) | 33,835,595 | (7,051,514) | 26,784,081 |
Deferred income tax assets (liabilities) due to tax loss carry forwards (B) | 18,457,274 | 9,684,609 | 28,141,883 |
Deferred tax assets (liabilities) (A+B) | 52,292,869 | 2,633,095 | 54,925,964 |
48
(In thousands of Korean won) | December 31, 2024 | December 31, 2023 |
Tax loss carry forwards and others | 26,148,890 | 49,055,580 |
Investments in subsidiaries and associates | 3,442,703 | 3,099,374 |
Foreign tax credit (Expired between 2027 and 2033) (*) | 947,413 | 1,102,286 |
Tax credit for investments in venture businesses and others | 1,599,060 | 196,118 |
Total | 32,138,066 | 53,453,358 |
(*) The foreign tax credit may be carried forward for the next ten tax years. (5) Details of deferred income tax assets (liabilities) directly recognized in equity for each of the two years in the period ended December 31, 2024 are as follows: |
(In thousands of Korean won) | 2024 | 2023 | ||
< Deferred income tax assets (liabilities) directly recognized in equity > | ||||
Financial assets at FVOCI | (2,476) | (126) |
Description | 2024 | 2023 | ||||
Continuing | Discontinued | Total | Continuing | Discontinued | Total | |
operations | operations | operations | operations | |||
Income attributable to owners | \ 54,196,384,972 | \ 27,263,415,914 | \ 81,459,800,886 | \ 46,827,631,552 | \ 200,957,148 | \ 47,028,588,700 |
of the Parent Company | ||||||
Weighted average number of preferred shares outstanding | 15,489,932 shares | 15,489,932 shares | 15,489,932 shares | 15,489,932 shares | 15,489,932 shares | 15,489,932 shares |
Basic earnings per share | \ 3,499 | \ 1,760 | \ 5,259 | \ 3,023 | \ 13 | \ 3,036 |
2024 | |||||
Shares issued | Treasury shares | Shares outstanding | Period | Number of days | Day count |
16,039,185 shares | 549,253 shares | 15,489,932 shares | Jan. 1, 2024 – Dec. 31, 2024 | 366 | 5,669,315,112 |
Total | 366 | 5,669,315,112 | |||
Weighted average of common shares outstanding | 15,489,932 shares |
2023 | |||||
Shares issued | Treasury shares | Shares outstanding | Period | Number of days | Day count |
16,039,185 shares | 549,253 shares | 15,489,932 shares | Jan. 1, 2023 – Dec. 31, 2023 | 365 | 5,653,825,180 |
Total | 365 | 5,653,825,180 | |||
Weighted average of common shares outstanding | 15,489,932 shares |
49
Name of the Company | Main business | Relationship |
OK Tour Service Inc. | Travel agency | Associate |
Dream Co., Ltd. | Operation of theme park | Associate |
HANATOUR EUROPE S.R.L | Travel agency | Associate |
HANATOUR TD CO., LTD. (*) | Travel agency | Associate |
(*) It is newly established for the year ended December 31, 2024. (2) Details of major transactions with the related parties for each of the two years in the period ended December 31, 2024 are as follows: |
(In thousands of Korean won) | 2024 | |||
Description | Other income | Operating expense | Other expense | |
< Associates > | ||||
Dream Co., Ltd. | 95,484 | - | - | |
HANATOUR TD CO., LTD. | 16,592 | 54,600 | 8,173 | |
<Others> | ||||
Employees | - | - | 18,345 | |
Total | 112,076 | 54,600 | 26,518 |
(In thousands of Korean won) | 2024 | ||||||
Financing loan | Financing borrowing | Cash contribution | |||||
Relationship | Name of the Company | transactions | transactions | ||||
Loans | Collections | Borrowings | Repayment | Contribution | Collections | ||
<Associate> | HANATOUR TD CO., LTD. | 422,620 | - | - | - | 72,363 | - |
<Others> | Employees | - | - | - | 535,786 | - | - |
(In thousands of Korean won) | 2023 | ||||||
Financing loan | Financing borrowing | Cash contribution | |||||
Relationship | Name of the Company | transactions | transactions | ||||
Loans | Collections | Borrowings | Repayment | Contribution | Collections | ||
<Associate> | K Culture Industry Co., Ltd. (*) | - | - | - | - | - | 781,956 |
<Others> | Employees | - | 9,435 | 164,400 | 48,726 | - | - |
(*) It was liquidated for the year ended December 31, 2023 and excluded from the related parties, and the transaction presented above had occurred before it was excluded from the related parties |
(In thousands of Korean won) | 2023 | ||
Description | Other income (*1) | Other expense | |
< Associates > | |||
K Culture Industry Co., Ltd. (*2) | 1 | - | |
Dream Co., Ltd. | 114,165 | - | |
<Others> | |||
Employees | 60 | 35,719 | |
Total | 114,226 | 35,719 |
50
(In thousands of Korean won) | December 31, 2024 | |||||||
Description | Receivables | Payables | ||||||
Loans | Others | Trade payables | Borrowings | Others | ||||
<Associates> | ||||||||
Dream Co., Ltd. (*1) | 2,075,738 | 436,322 | - | - | - | |||
HANATOUR TD CO., LTD.(*2) | 421,529 | 55,019 | 177,669 | - | 9,100 | |||
<Others> | ||||||||
Employees | - | - | - | 461,600 | 57,732 | |||
(*1) The allowances for doubtful accounts for loans and other receivables related to associates are recognized at KRW 2,075,738 thousand and KRW | ||||||||
436,322 thousand respectively. | ||||||||
(*2) An allowance for doubtful accounts has been recognized for loans in the amount | of | KRW | 52,764 | thousand, representing an equity method loss that | ||||
exceeds the carrying amount of investments in associates (see Note 16). |
(In thousands of Korean won) | December 31, 2023 | |||||
Description | Receivables | Payables | ||||
Loans | Others | Borrowings | Others | |||
<Associates> | ||||||
Dream Co., Ltd. | 2,075,738 | 340,838 | - | - | ||
<Others> | ||||||
Employees | - | - | 949,567 | 70,388 |
(5) As of December 31, 2024, details of collaterals provided to the Group related to the loans to Dream Co., Ltd., a related party, are as follows: (In thousands of Korean won) | Limit amount | Available amount | |||
Provided to | Detail | ||||
Currency | Amount | Currency | Amount | ||
Dream Co., Ltd. (*) | KRW | 4,400,000 | KRW | 2,075,738 | Land and others |
(In thousands of Korean won) | 2024 | 2023 |
Short-term employee benefits | 6,014,112 | 7,393,837 |
Post-employment benefits | 744,755 | 610,055 |
Long-term employee benefits | 4,518 | 32,168 |
Total | 6,763,385 | 8,036,060 |
Book value of | Set amount of collateral | Mortgagee | Reason for providing collateral | |
(In thousands of Korean won) | collateralized assets | |||
Short-term financial instruments | 68,571,925 | 73,429,805 | KEB Hana Bank and others | Performance of the contract and |
Other non-current financial assets | 130,826 | 130,826 | others | |
Land, buildings and others | 1,255,928 | 3,745,920 | Mitsui Sumitomo Bank and others Borrowings collateral and others | |
Total | 69,958,679 | 77,306,551 |
51
Provided by | Limit amount | Available amount | Details | ||
Currency | Amount | Currency | Amount | ||
USD | 4,479,700 | ||||
USD | 8,369,700 | EUR | 180,000 | ||
Hana Bank | CHF | 160,000 | |||
JPY | 1,500,000 | ||||
KRW | 51,387,500 | KRW | 51,387,500 | ||
Woori Bank | KRW | 4,000,000 | KRW | 3,272,000 | Performance guarantee and |
Seoul Guarantee Insurance Company | KRW | 16,665,592 | KRW | 16,665,592 | others |
Korea Tourism Association | KRW | 3,960,000 | KRW | 3,960,000 | |
Dazayo Co., Ltd. | KRW | 500,000 | KRW | 342,373 | |
Credit Guarantee Corporation of Tokyo | JPY | 400,000,000 | JPY | 250,954,000 | |
Credit Guarantee Corporation of Osaka | JPY | 120,000,000 | JPY | 60,476,000 | |
Mizuho Bank, Ltd | JPY | 5,000,000 | JPY | 5,000,000 |
52
2024 | ||||||
Travel | Hotel | Others | Discontinued | Consolidation | Total for | |
(In thousands of Korean won) | operation | adjustment | the Group | |||
Operating revenue | 604,834,661 | 26,527,762 | 19,571,564 | - | (34,326,993) | 616,606,994 |
Operating expense | 563,540,965 | 20,487,216 | 15,648,045 | (5,995) | (33,982,239) | 565,687,992 |
Operating profit | 41,293,696 | 6,040,546 | 3,923,519 | 5,995 | (344,754) | 50,919,002 |
2023 | ||||||
Travel | Hotel | Others | Discontinued | Consolidation | Total for | |
(In thousands of Korean won) | operation | adjustment | the Group | |||
Operating revenue | 398,338,894 | 21,183,925 | 17,393,764 | - | (25,304,974) | 411,611,609 |
Operating expense | 368,756,851 | 17,638,803 | 14,612,355 | (26,726) | (23,417,660) | 377,563,623 |
Operating profit | 29,582,043 | 3,545,122 | 2,781,409 | 26,726 | (1,887,314) | 34,047,986 |
2024 | ||||||
Korea | Asia | Others | Discontinued | Consolidated | Total for the group | |
(In thousands of Korean won) | operations | adjustment | ||||
Operating revenue | 573,568,922 | 74,949,880 | 2,415,185 | - | (34,326,993) | 616,606,994 |
Operating expense | 542,416,386 | 55,244,605 | 2,015,235 | (5,995) | (33,982,239) | 565,687,992 |
Operating profit | 31,152,536 | 19,705,275 | 399,950 | 5,995 | (344,754) | 50,919,002 |
Non-current assets | 119,742,738 | 103,667,466 | 153,338 | - | (35,148,648) | 188,414,894 |
2023 | ||||||
Korea | Asia | Others | Discontinued | Consolidated | Total for the group | |
(In thousands of Korean won) | operations | adjustment | ||||
Operating revenue | 376,751,049 | 58,646,972 | 1,518,562 | - | (25,304,974) | 411,611,609 |
Operating expense | 353,074,722 | 46,885,831 | 1,047,456 | (26,726) | (23,417,660) | 377,563,623 |
Operating profit | 23,676,327 | 11,761,141 | 471,106 | 26,726 | (1,887,314) | 34,047,986 |
Non-current assets | 129,799,145 | 99,188,815 | 179,694 | - | (31,528,934) | 197,638,720 |
December 31, 2024 | |||||
(In thousands of Korean won) | Travel | Hotel | Others | Consolidated adjustment | Total for the group |
Assets | 616,725,644 | 86,174,427 | 21,876,589 | (55,987,157) | 668,789,503 |
Liabilities | 398,694,894 | 120,630,771 | 23,338,543 | (54,411,692) | 488,252,516 |
December 31, 2023 | |||||
(In thousands of Korean won) | Travel | Hotel | Others | Consolidated adjustment | Total for the group |
Assets | 589,898,747 | 80,694,105 | 45,019,661 | (71,016,135) | 644,596,378 |
Liabilities | 378,526,977 | 125,779,068 | 82,883,391 | (101,897,138) | 485,292,298 |
53
(In thousands of Korean won) | 2024 | 2023 |
Employee benefit | 784,434 | 3,768,761 |
Advertisement | 818,424 | 467,352 |
(Reversal of) bad debt expense | 3,655,227 | (4,149,193) |
Depreciation of investment property | 145,073 | 179,098 |
Depreciation | 2,990,992 | 3,063,629 |
Amortization of intangible assets | 8,572,472 | 9,093,336 |
Depreciation of right-of-use assets | 15,858,386 | 15,583,369 |
Payment commission | - | 31,905 |
Interest expenses | 2,425,361 | 2,816,550 |
Miscellaneous expenses | - | 230,281 |
Loss on valuation of inventories | 516,378 | 703,838 |
Loss on valuation of financial assets at FVPL | - | 46,742 |
Loss on disposal of financial assets at FVPL | 469,588 | - |
Investment loss under equity method | 123,276 | - |
Loss on disposal of investments in subsidiaries | 77,001 | - |
Losses on foreign currency translation | 945,722 | 535,905 |
Loss on disposal of property, plant and equipment | 8,929 | 28,317 |
Loss on scrap of property, plant and equipment | 1,215 | - |
Impairment loss on property, plant and equipment | 52,122 | 38,616 |
Loss on disposal of intangible assets | 179,097 | 3,300 |
Loss on scrap of intangible asset | 225 | 60,686 |
Impairment loss on intangible assets | 105,189 | - |
Impairment loss on right-of-use asset | 3,468,246 | 155,101 |
Provision for restoration | 11,195 | - |
Loss on lease transaction | 1,680 | - |
(Reversal of) other bad debt expenses | 2,053,267 | (630,487) |
Miscellaneous expenses | 95,139 | 102,899 |
Income tax expense (benefit) | 779,811 | (1,529,561) |
Total | 44,138,449 | 30,600,444 |
(In thousands of Korean won) | 2024 | 2023 |
Deferred revenue | (1,485,779) | 2,843,576 |
Interest income | 8,152,330 | 7,185,898 |
Dividend income | 758,730 | - |
Gain on valuation of financial assets at FVPL | 1,465,542 | 640,821 |
Gain on disposal of financial assets at FVPL | 123,331 | - |
Investment income under equity method | - | 5,380 |
Gain on disposal of investments in associates | - | 78,536 |
Gain on disposal of investments in subsidiaries | - | 8,418 |
Gains on foreign currency translation | 2,411,815 | 588,823 |
Gain on disposal of property, plant, and equipment | 127,394 | 211,453 |
Reversal of impairment loss on property, plant and equipment | - | 52,791 |
Reversal of impairment loss on intangible assets | - | 73,654 |
Reversal of impairment loss on right-of-use asset | 9,151,744 | 8,158,640 |
Reversal of provision for restoration | - | 50,848 |
Gain on lease transaction | 10,710 | 351,242 |
Miscellaneous gains | 30,785,963 | 3,606,444 |
Other revenue | - | 10,000 |
Total | 51,501,780 | 23,866,524 |
54
(In thousands of Korean won) | 2024 | 2023 |
Increase in trade receivables | (6,138,104) | (20,663,372) |
Increase in other receivables | (331,759) | (3,415,555) |
Increase in inventories | (11,410,331) | (51,509,240) |
Increase in advance payments | (10,111,614) | (9,865,813) |
Increase in other assets | (1,823,589) | (40,877) |
Increase in deposits received for travel | 33,238,632 | 86,912,668 |
Increase in trade payables | 1,707,846 | 38,922,066 |
Increase (decrease) in other payables | (5,740,884) | 10,475,434 |
Increase in other financial liabilities | 7,030 | 63,557 |
Decrease in provisions | (1,691,868) | (1,194,146) |
Increase (decrease) in other liabilities | (2,196,541) | 4,000,043 |
Decrease in advances received | (1,976,425) | (4,013,053) |
Decrease in provision for long-term employee benefit obligations | (115,500) | (151,500) |
Total | (6,583,107) | 49,520,212 |
(In thousands of Korean won) | 2024 | 2023 |
Transfer of intangible assets in process of acquisition to software | 470,939 | 1,436,055 |
Transfer to current portion of financial lease receivables | 2,240,383 | 2,125,537 |
Increase in financial lease receivables | 1,670,165 | 2,813,493 |
Transfer to current portion of lease liabilities | 16,678,180 | 20,087,182 |
Increase in lease liabilities | 7,706,661 | 24,158,546 |
Transfer to current portion of long-term borrowings | 1,665,234 | 2,237,546 |
2024 | ||||||
Net cash flows from | Non-cash transactions | |||||
Beginning | Acquisition | Effects of exchange rate | Ending | |||
financing activities | Transfer | |||||
(In thousands of Korean won) | (disposal) | changes and others (*) | ||||
Short-term borrowings | 8,682,599 | (4,563,159) | - | - | 88,080 | 4,207,520 |
Current portion of long-term | 1,803,197 | (1,703,517) | - | 1,665,234 | 45,527 | 1,810,441 |
borrowings | ||||||
Long-term borrowings | 5,337,856 | - | - | (1,665,234) | 72,511 | 3,745,133 |
Lease liabilities | 121,313,299 | (18,647,571) | 7,311,682 | - | 2,906,474 | 112,883,884 |
Leasehold deposits received | 2,028,099 | 94,884 | - | - | 436 | 2,123,419 |
Accrued dividends | 52,988 | (78,661,368) | 78,661,305 | - | 137 | 53,062 |
Total | 139,218,038 | (103,480,731) | 85,972,987 | - | 3,113,165 | 124,823,459 |
2023 | ||||||
Beginning | Net cash flows from | Non-cash transactions | Effects of exchange rate | Ending | ||
financing activities | Acquisition (*1) | Transfer | ||||
(In thousands of Korean won) | changes and others (*2) | |||||
Short-term borrowings | 14,370,131 | (5,202,043) | - | - | (485,489) | 8,682,599 |
Current portion of long-term | 2,086,092 | (2,006,062) | - | 2,237,546 | (514,379) | 1,803,197 |
borrowings | ||||||
Long-term borrowings | 7,865,108 | (450,846) | - | (2,237,546) | 161,140 | 5,337,856 |
Lease liabilities | 119,699,296 | (17,511,380) | 23,523,785 | - | (4,398,402) | 121,313,299 |
Leasehold deposits received | 1,676,530 | 373,049 | - | - | (21,480) | 2,028,099 |
Accrued dividends | 53,347 | (276,840) | 276,572 | - | (91) | 52,988 |
Total | 145,750,504 | (25,074,122) | 23,800,357 | - | (5,258,701) | 139,218,038 |
55
(In thousands of Korean won) | December 31, 2024 | December 31, 2023 |
Liabilities (A) | 488,252,516 | 485,292,298 |
Equity (B) | 180,536,988 | 159,304,079 |
Deposit (C) | 268,647,927 | 264,042,574 |
Borrowings (D) | 9,763,094 | 15,823,652 |
Liability to equity ratio (A/B) | 270.44% | 304.63% |
Net borrowing ratio ((D-C)/B) | (-)143.40% | (-)155.81% |
(In thousands of Korean won) | Book value | Maximum exposure amount |
Cash equivalents | 105,439,030 | 105,439,030 |
Short-term financial instruments | 163,204,938 | 163,204,938 |
Trade receivables | 62,665,361 | 62,665,361 |
Other receivables | 19,148,471 | 19,148,471 |
Finance lease receivables | 1,386,906 | 1,386,906 |
Other financial assets | 20,625,663 | 20,625,663 |
56
Nominal cash flows | Book value | ||||
(In thousands of Korean won) | Within 1 year | 1 to 2 years | Over 2 years | Total | |
Non-interest bearing financial liabilities | 134,130,914 | 14,000 | 41,440 | 134,186,354 | 134,186,354 |
Interest-bearing financial liabilities | 23,147,383 | 11,942,179 | 99,190,386 | 134,279,948 | 122,646,978 |
(In thousands of Korean won) | Monetary assets | Monetary liabilities |
KRW (*) | 72,628 | - |
USD | 3,473,238 | 9,638,494 |
EUR | 728,316 | 2,576,346 |
JPY | 660,379 | 515,838 |
CNY | 5,042,102 | - |
HKD | 89,107 | - |
TWD | - | 127 |
GBP | 248,198 | - |
AUD | 290,914 | - |
CAD | 79,895 | - |
SGD | 102,131 | - |
THB | 431,041 | - |
CHF | 205,459 | 345,313 |
IDR | 8,415 | - |
VND | 23,927 | - |
(*) Including foreign exchange risk effect on deposits in Korean won and trade receivables and others from overseas subsidiaries. As of December 31, 2024, the sensitivity according to the effects of exchange rate changes on foreign currency assets and liabilities that are exposed to foreign exchange risks is as follows: |
(In thousands of Korean won) | 5% increase | 5% decrease |
KRW | 3,631 | (3,631) |
USD | (308,263) | 308,263 |
EUR | (92,402) | 92,402 |
JPY | 7,227 | (7,227) |
CNY | 252,105 | (252,105) |
HKD | 4,455 | (4,455) |
TWD | (6) | 6 |
GBP | 12,410 | (12,410) |
AUD | 14,546 | (14,546) |
CAD | 3,995 | (3,995) |
SGD | 5,107 | (5,107) |
THB | 21,552 | (21,552) |
CHF | (6,993) | 6,993 |
IDR | 421 | (421) |
VND | 1,196 | (1,196) |
57
(In thousands of Korean won) | 2024 | 2023 |
Operating revenue | - | - |
Operating expense | 5,995 | 26,726 |
Operating loss | (5,995) | (26,726) |
Non-operating income | 30,612,435 | 249,694 |
Profit before income tax | 30,606,440 | 222,968 |
Income tax expense | 356,921 | - |
Profit from discontinued operations | 30,249,519 | 222,968 |
Profit for the year attributable to the owners of the Parent Company | 27,263,416 | 200,958 |
Profit for the year attributable to non-controlling interests | 2,986,103 | 22,010 |
Description | SM duty free Co., Ltd. |
Business sector | Duty free shop |
Major operating activities | Sale of duty-free goods |
Method of discontinuance of operation | Liquidated |
(In thousands of Korean won) | 2024 | 2023 |
Net cash flows from operating activities | 188,345 | (20,500) |
Net cash flows from investing activities | - | - |
Net cash flows from financing activities | - | - |
Effects of exchange rate changes on cash and cash equivalents | 494 | 60 |
Net cash flows | 188,839 | (20,440) |