31st Mar 2017 08:45
Annual Report
I. OUTLINE OF THE COMPANY
1. Purpose of the Company
Purpose | Remark |
1) General travel business 2) Airline and ship ticket sales business 3) Souvenir Sales 4) Issuing of Selling Offers 5) Real estate dealing and lease 6) Optional Communication Business 7) Computer programming and supply 8) Mail order 9) Printing and publishing business 10) Issuing of Periodicals 11) The transportation business 12) Institute for traveling specialist 13) Internet (contents and supply, marketing) 14) E-commerce and information processing 15) Advertisement (Internet advertisement) 16) Information and communication 17) Homepage and web-hosting 18) Warehousing 19) Tourists Hotel and Lodging business 20) Operation and management of Tourists Hotels &Lodging and other incidental facilities 21) Tourists Hotels & Lodging facilities related business management 22) Domestic/Overseas real estate Investment , Operation and Property Management 23) Real estate agent business 24) Management of intellectual property rights and license business (Brand, Trademark rights) 25) Intangible assets sales and service (Knowledge, Information) 26) Production and distribution (Movies, Broadcasting, Videos and Programs related cultural products & contents) 27) Digital Contents production and sales 28) Performing facilities Operation 29) Planning Performances 30) Character business 31) Exhibition and Events agent business 32) Internet Broadcasting 33) Tourism Development and Incidental Business(marketing counsel, planning and consulting) 34) Education service 35) Operation of E-learning lifelong Education facilities 36) Gift certificate sales 37) Wedding consulting 38) Amusement Park Operation 39) Comprehensive leisure facilities and operations management 40) Tourist Development Project 41) Comprehensive recreation 42) International Meeting Planning 43) Camping car 44) Bonded and tourism product vendors 45) Accommodation 46) Accommodation reservation Service 47) Portal and Internet Information Service 48) Franchisees 49) Restaurants 50) Shopping Center leasing and sublease on a deposit basis business 51) Ticket sales related to Culture, Arts, Sports Events 52) Database Development and sales related to Culture, Arts, Sports 53) Investment of Cultural projects including Performances and film production, 54) Organization of Events and Sponsors 55) All rights reserved performance Import and agent business 56) Copyright and neighboring rights of copyright agent business 57) Membership sales and brokerage arrangements 58) Study-Abroad agent business 59) Lifelong education facilities operating 60) Financing loan and other financial service business 61) Electronic financial business operator 62) Performance, Concert, Exhibition and etc. planning and promotion agency 63) Credit Card Business 64) Real Estate Development Business 65) All other incidental businesses |
|
2. Important Business
General travel business
3. History of the Company
A. Changes after the establishment
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 |
B. Change of trade name
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. Change of location for head office
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. Merger, spin off (merger), comprehensive stock swap, transfer, important business assignment and others
The company has no fact of merger or business assignment since the company establishment to this date of submitting this report.
4. Domestic Place of Business
Classification | Location | Main Business | |
Head Office | 41, Insadong 5-gil, Jongno-gu, Seoul, Republic of Korea |
General Travel Business and Ticketing | |
Central Office | 39, Namdaemun-ro 9-gil, Jung-gu, Seoul, Republic of Korea | ||
Cheongdam Wedding Center | 716, Seolleung-ro, Gangnam-gu, Seoul, Republic of Korea | ||
Sindorim Office | 661, Gyeongin-ro, Guro-gu, Seoul, Republic of Korea | ||
Seolleung Office | 325, Teheran-ro, Gangnam-gu, Seoul, Republic of Korea | ||
Nowon Office | 460, Nohae-ro, Nowon-gu, Seoul, Republic of Korea | ||
Yeonsinnae Office | 874, Tongil-ro, Eunpyeong-gu, Seoul, Republic of Korea | ||
Wangsimni Office | 326, Wangsimni-ro, Seongdong-gu, Seoul, Republic of Korea | ||
Gimpo International Airport Office | 70, Haneul-gil, Gangseo-gu, Seoul, Republic of Korea | ||
Tae-Hwa | 29, Insadong 5-gil, Jongno-gu, Seoul, Republic of Korea | ||
Busan Sales Office | 216, Jungang-daero, Dong-gu, Busan, Republic of Korea | ||
Haeundae Office | 60, Centum buk-daero, Haeundae-gu, Busan, Republic of Korea | ||
Kimhae Airport Office | 108, Gonghangjinip-ro, Gangseo-gu, Busan, Republic of Korea | ||
Busan Office (Beomil-dong) | 14, Jobang-ro, Dong-gu, Busan, Republic of Korea | ||
Deokcheon Office | 12, Gichal-ro, Buk-gu, Busan, Republic of Korea | ||
Incheon Sales Office | 59, Bupyeong-daero, Bupyeong-gu, Incheon, Republic of Korea | ||
Airport Office | 47, Gonghang-ro 424beon-gil, Jung-gu, Incheon, Republic of Korea | ||
Airport Office 2 | 66, Gonghang-ro 424beon-gil, Jung-gu, Incheon, Republic of Korea | ||
Bupyeong Office | 7, Sijang-ro 51beon-gil, Bupyeong-gu, Incheon, Republic of Korea | ||
Airport Office 3 |
| ||
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 | 188, Guseong-ro, Dong-gu, Gwangju, Republic of Korea | ||
Ulsan Sales Office | 105, Gangbuk-ro, Jung-gu, Ulsan, Republic of Korea | ||
Ilsan Office | 1080, Jungang-ro, Ilsandong-gu, Goyang-si, Gyeonggi-do, Republic of Korea | ||
Hwajeong Office | 16, Hwajung-ro 104beon-gil, Deogyang-gu, Goyang-si, Gyeonggi-do, Republic of Korea | ||
Beomgye Office | 180, Simin-daero, Dongan-gu, Anyang-si, Gyeonggi-do, Republic of Korea | ||
Suwon Office | 299, Hyowon-ro, Paldal-gu, Suwon-si, Gyeonggi-do, Republic of Korea | ||
Guri Office | 189, Gyeongchun-ro, Guri-si, Gyeonggi-do, Republic of Korea | ||
Bundang Office | 263, Seongnam-daero, Bundang-gu, Seongnam-si, Gyeonggi-do, Republic of Korea | ||
Gangneung Slaes Office | 317, Gangneung-daero, Gangneung-si, Gangwon-do, Republic of Korea | ||
Chuncheon Slaes Office | 172, Jungang-ro, Chuncheon-si, Gangwon-do, Republic of Korea | ||
Wonju Sales Office | 65, Neungnadong-gil, Wonju-si, Gangwon-do, Republic of Korea | ||
Cheongju Sales Office |
| ||
Cheonan Sales Office | 218, Chungmu-ro, Seobuk-gu, Cheonan-si, Chungcheongnam-do, Republic of Korea | ||
Jeonju Sales Office | 269, Paldal-ro, Wansan-gu, Jeonju-si, Jeollabuk-do, Republic of Korea | ||
Suncheon Sales Office | 34, Jangseonbaegi-gil, Suncheon-si, Jeollanam-do, Republic of Korea | ||
Mokpo Sales Office | 380, Baengnyeon-daero, Mokpo-si, Jeollanam-do, Republic of Korea | ||
Pohang Sales Office | 3, Daei-ro 46beon-gil, Nam-gu, Pohang-si, Gyeongsangbuk-do, Republic of Korea | ||
Changwon Sales Office |
| ||
Jinju Sales Office | 888, Jinju-daero, Jinju-si, Gyeongsangnam-do, Republic of Korea |
5. Status of Employees
(As of December 31, 2016)
(Unit: person)
Classification | Number of employees | ||
Office & Operation | Etc. | Total | |
Men | 1,093 | 35 | 1,128 |
Women | 1,358 | 105 | 1,463 |
Total | 2,451 | 140 | 2,591 |
6. Organization
CHAIRMAN & CEO - GLOBAL STRATEGIC PLANNING DIVISION
l
PRESIDENT & CEO
l
GLOBAL MANAGEMENT DIVISION , FINANCE DIVISION , GLOBAL GENERAL SALES DIVISION
l
AGENCY SALES DIVISION , OVERSEAS BUSINESS DIVISION
II. INFORMATION ON SHARES
1. Total Number of Stocks, Etc.
A. Total number of stocks
(As of December 31, 2016)
(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 | 11,616,185 | 11,616,185 |
| |
III. Total number of stocks reduced to this point | - | - |
| |
| 1. Capital deduction | - | - |
|
2. Retirement of earning | - | - |
| |
3. Repayment of redeemed stocks | - | - |
| |
4. Others | - | - |
| |
IV. Total number of stocks issued (II-III) | 11,616,185 | 11,616,185 |
| |
V. Equity stocks | 576,163 | 576,163 |
| |
VI. Number of shares distributed (IV-V) | 11,040,022 | 11,040,022 |
| |
B. Change of capital
(1) Status of capital increas (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 | - | Face amount division |
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 | -
| Common stock | 3,600,000 | 500 | - | Face amount division |
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 | Capital increase without consideration | Common stock | 1,977,029 | 500 | - | - |
Jan. 25, 2006 | Exercise stock options | Common stock | 137,800 | 500 | 6,171 | - |
Nov. 11, 2006 | Capital increase | Common stock | 1,161,000 | 500 | 55,711 | DR |
(2) Status of capital decrease
(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. Contents of scheduled change for capital
[No applicable change]
2. Matters on Dividends
A. Matters on dividend for three recent fiscal year
Classification | 24th Term | 23rd Term | 22nd Term | |
Face amount per stock (won) | 500 | 500 | 500 | |
(Consolidated) Current net income (million won) | 8,036 | 31,740 | 33,438 | |
(Separated) Current net income (million won) | 9,496 | 28,705 | 28,121 | |
(Consolidated) Net income per share (won) | 727 | 2,877 | 2,978 | |
Total amount of cash dividend (million won) | 16,600 | 16,560 | 14,478 | |
Total amount of stock dividend (million won) | - | - | - | |
Tendency of stock dividend (%) | 206.6 | 52,2 | 43.3 | |
Yield rate of cash dividend (%) | Common stock | 2.3 | 1.3 | 1.7 |
Preferred stock |
|
|
| |
Yield rate of stock dividend (%) | Common stock |
|
|
|
Preferred stock |
|
|
| |
Cash dividend per share (won) | Common stock | 1,500 | 1,500 | 1,300 |
Preferred stock |
| - | - | |
Stock dividend per share | Common stock |
| - | - |
Preferred stock |
| - | - | |
III. CONTENTS OF THE BUSINESS
1. Summary of the Business
We, HANATOUR Service Inc. are the market-leading travel/leisure company in Korea with over 140,000 worldwide travel products selling through our website and approximately 8,000 retail travel agencies located across the country.
Our primary business consists of assembling outbound package tours for Korean travelers. The largest scale of operations in the market enables us to negotiate favorable rates with airline carriers, hotel operators and local transportation providers. We package air tickets, hotel rooms and land services and sell them to the end-user by distributing the products through our network of retail travel agents.
2016 had started its 1st quarter with recovered outbound demands mainly to Japan and high performance growth rates. However, external issues like Kumamoto earthquake in April and the Terrorists Attacks from all around Europe had negative impact on overall outbound travel demands to Japan and Europe.
Even in the situations with difficulties, Hanatour managed to send over 3 million package travelers YOY growth of 32.2% and total number of travelers including FIT travelers were 4.9 million with 32.0% of YOY Growth.
Regional volume split was as below: Japan 34.2%, Southeast Asia 28.2%, China 18.4%, Domestic 6.5%, Europe 5.7%, South Pacific 4.5%, and Americas 2.5% respectively. Each destinations' revenue contribution was Southeast Asia 32.2%, China 18.7%, Japan 16.8%, Europe 15.1%, South Pacific 8.6%, Americas 6.8%, and Domestic 1.8% showing that followed by 2015, 2015 continued on with its popularity of short haul destinations. Especially Japan has shown continuous volume growth with YOY volume growth of 48.9% driving overall volume growth from beginning of 2016.
Various external issues had influence over 2016. However, Hanatour Inc. has managed to gain market share and show volume growth with continuous development of travel products and quality control over customer services.
2. Market Share Rate
The market share rate of the travel business is classified based on the calculation in which the "Total Departures from HANATOUR" is divided by the "Total Departures of Korea." (Crews are excluded from the total departing persons)
The "Total Departure of Korea" is announce by Korea Tourism Organization (KNTO) and the "Total Departures from HANATOUR" is the figure which we report to Korean Association of Travel Agents (KATA).
Year | 2016 | 2015 | 2014 | |||
| Total Departures from HANATOUR | Total Departures of Korea | Total Departures from HANATOUR | Total Departures of Korea | Total Departures from HANATOUR | Total Departures of Korea |
4,930,452 | 20,844,236 | 3,734,603 | 17,885,645 | 2,973,581 | 14,726,088 | |
Share rate | 23.65% | 20.88% | 20.19% | |||
3. Characteristics of the market
There are about 10,000 agents registered in Korea which account for 80% of the companies that are registered in the whole travel-related industry. The travel agents create about 50,000 jobs. In 1982, the travel business was converted from a license business to a registration business which resulted in increase of number of agents. Overseas traveling was completely liberalized in 1989 which brought explosive increase in number of travelers as well as agents. There are mom and pop agents focusing on network-customers, b2c agents focusing on newspaper advertising and walk-in marketing, and wholesale travel agents providing products to aforementioned agents.
There are three special characteristics that make travel industry distinctive.
First, Travel business has seasonality. The pricing and marketing strategies change in accordance to seasons. However, due to 5-work-day policy and more maturing society and corporate cultures, the gap between the demands of seasons are shrinking which demanding changes to the products and strategies of travel agents.
Second, travel industry has time limits and has no inventory. This is in-line with air transportation, and hotel business. Products have to be sold on each day or the inventories will disappear automatically. Therefore it is very important to have marketing strategy and diversified portfolio of products in order to get rid of all the inventories that the company possesses.
Third, travel products are easily plagiarized. Travel products need to have special features since they are easily plagiarized in every way therefore it is more important in this industry to have own distinctive aspects as well as value.
Total number of outbound travelers have recorded CAGR of 12.5% in the last 5 years. According to UNWTO, the number of international tourists in 2014 was 1.1 billion and they are expecting a dramatic growth in the future: 1.6 billion in 2020 and 1.8 billion in 2030. Tourism industry has been recognized as important industry which has a crucial impact over global economy by accounting 11.6% of the total GDP in 2010. Increase in personal income, longer leisure time, high supply of air seat capacity lead by LCCs and other possible growth factors will allow Korean outbound market to grow as we expect in the future.
4. New Business Development
Not Applicable.
Ⅳ. Status of the Parent Company and Affiliated Companies
1. Status of the parent company
Not applicable.
2. Status of affiliated companies
(Unit: Share, %)
Name of the Company | Business Contents | No. of Shares | Ownership Ratio (%) |
Hanatour Business | Travel Business | 400,000 | 100.00 |
Hanatour Jeju Co.,Ltd. | Travel Business | 618,830 | 77.35 |
Hanatour Youth | Travel Business | 400,000 | 100.00 |
Hanatour ITC | Travel Business | 24,400,000 | 100.00 |
Tour Marketing Korea Co.,Ltd | Travel Business | 140,000 | 70.00 |
Web tour | Travel Business | 8,777,380 | 77.67 |
Hana T & Media Co., Ltd | Publishing | 510,000 | 51.00 |
Hanauhak INC | Travel Business | 714,000 | 51.00 |
Korea Travel Sevice INC | Travel Business | 600,000 | 60.00 |
CJ Worldis INC | Travel Business | 8,000,001 | 50.00 |
H&T Marketing | Advertising | 240,000 | 80.00 |
Hana Shop | Retail Business | 360,000 | 90.00 |
Tourtips.INC | Information Provision | 10,000,000 | 100.00 |
Mark Hotel. Inc | Hotel Business | 30,000,000 | 100.00 |
HANA FINANCE SERVICE | Finance Service | 9,800,000 | 100.00 |
SM Duty Free | Duty Free Business | 12,650,000 | 86.61 |
HANATOUR IMC | Asset Management | 1,400,000 | 100.0 |
HANATOUR USA INC | Travel Business | 500,000 | 100.00 |
HANATOUR EUROPE LTD | Travel Business | 4,200 | 70.00 |
HANATOUR PTE. LTD. | Travel Business | 2,142,000 | 100.00 |
HANATOUR JAPAN CO., LTD | Travel Business | 1,400,000 | 70.00 |
HANATOUR CHINA | Travel Business | - | 100.00 |
HANATOUR PTY LTD | Travel Business | 600,000 | 100.00 |
HANATOUR HONGKONG CO., LTD. | Travel Business | 5,000,000 | 100.00 |
HANATOUR TAIWAN SERVICE INC. | Travel Business | - | 100.00 |
BEIJING HANA INFORMATION TECHNOLOGY CO., LTD | Software Technical Development | - | 100.00 |
HANATOUR SERVICE (M)SDN.BHD | Travel Business | 1,500,000 | 100.00 |
3. Concurrent status of the executive management
Executive management | Concurrent Company | |||
Name | Position | Company Name | Position | Assigned Task |
SangHwan Park | Chairman,Chief Executive Officer and Director | HANATOUR PTE. LTD. | Chief Executive Officer and Director | General Management |
HeeSeok Kweon | Vice Chairman, Director | Hanatour ITC | Chief Executive Officer and Director | General Management |
HuynSyuk Choi | Vice Chairman, Director | HANA FINANCE SERVICE | Executive Director | General Management |
JinKook Kim | Chief Executive Officer and Director | Hanatour Youth | Non-executive Director | General Management |
Web tour | Non-executive Director | General Management | ||
Hana Shop | Non-executive Director | General Management | ||
Ⅴ.SUMMARY OF FINANCIAL DATA
1. Financial results
(In thousand won, except per share amounts)
Classification | 24th Term | 23rd Term | 22nd Term |
Sales | 385,789,633 | 360,011,774 | 315,417,922 |
Operating Expenses | (355,412,629) | (325,210,962) | (283,998,639) |
Operating Income | 30,377,004 | 34,800,812 | 31,419,283 |
Profit Before Tax | 17,994,228 | 37,284,303 | 36,306,688 |
Income Tax Expense | (8,498,400) | (8,579,625) | (8,186,098) |
Net Income | 9,495,828 | 28,704,677 | 28,120,590 |
Net Income per Share(Won) | 859 | 2,602 | 2,504 |
2. Financial position
(In thousand won)
Classification | 24th Term | 23rd Term | 22nd Term |
Current Assets | 213,958,212 | 177,000,273 | 230,201,409 |
Non-Current Assets | 203,768,444 | 222,744,648 | 134,362,748 |
Total Assets | 417,726,656 | 399,744,921 | 364,564,157 |
Current Liabilities | 242,706,784 | 218,258,654 | 199,417,973 |
Long-term Liabilities | 3,178,192 | 2,699,045 | 467,754 |
Total Liabilities | 245,884,975 | 220,957,699 | 199,885,727 |
Capital Stock | 5,808,093 | 5,808,093 | 5,808,093 |
Other Paid-in Capital | 58,700,030 | 58,538,171 | 57,370,631 |
Elements of Other Shareholder's Equity | (962,048) | (937,690) | (612,152) |
Retained Earnings | 108,295,606 | 115,378,648 | 102,111,858 |
Total Shareholder's Equity | 171,841,680 | 178,787,222 | 164,678,430 |
Total Liabilities and Shareholder's Equity | 417,726,656 | 399,744,921 | 364,564,157 |
Ⅵ. RISK FACTORS
Refer to III - 1. Summary of the Business
Ⅶ. MANAGEMENT
Full-time / Part-time | Name | Position | Assigned Task |
Full-time | SangHwan Park | Chairman,Chief Executive Officer and Director | General Management |
Full-time | HeeSeok Kweon | Senior Vice Chairman, Director | General Management |
Full-time | HuynSyuk Choi | Vice Chairman, Director | General Management |
Full-time | JinKook Kim | Chief Executive Officer and Director | General Management |
Part-time | Han Seol Jung | Non-executive Director | General Management |
Part-time | JeongWoo Byun | Auditor, Outside Director | Outside Director |
Part-time | JangSuk Han | Auditor, Outside Director | Outside Director |
Part-time | GunHo Cho | Auditor, Outside Director | Outside Director |
※ Executive Director HuynSyuk Choi resigned due to personal reasons(December 31, 2016).
Ⅷ. LIST OF MAJOR SHAREHOLDERS
Shareholder | Number of shares | Percentage |
Sanghwan Park and 19 people with a special relationship | 2,176,471 | 18.74% |
HANATOUR INC. | 576,163 | 4.96% |
MORGAN STANLEY AND CO INTERNATIONAL PLC | 224,643 | 1.93% |
HANABANK (MERITZ ASSET MGMT) | 211,763 | 1.82% |
KB BANK (EASTSPRING ASSET MGMT-SAMSUNG LIFE VUL) | 211,710 | 1.82% |
STIC INVESTMENTS | 200,000 | 1.72% |
CITI BANK (EASTSPRING ASSET MGMT) | 197,231 | 1.70% |
NORGES BANK | 189,668 | 1.63% |
MACQUARIE FUND SOLUTIONS | 172,269 | 1.48% |
GOLDMAN SACHS INTERNATIONAL | 118,903 | 1.02% |
Ⅸ. CURRENT STATUS OF INVESTMENTS
1. Domestic
| Ownership Company | Ownership Ratio (%) | No. of Shares |
Hanatour Business | HANATOUR Service Inc. | 100.00 | 400,000 |
Hanatourist Service Inc. | HANATOUR Service Inc. | 30.23 | 906,981 |
Hanatour Jeju Co.,Ltd. | HANATOUR Service Inc. | 77.35 | 618,830 |
Hanatour Youth | HANATOUR Service Inc. | 100.00 | 400,000 |
Hanatour ITC | HANATOUR Service Inc. | 100.00 | 24,400,000 |
Tour Marketing Korea Co.,Ltd | HANATOUR Service Inc. | 70.00 | 140,000 |
OK Tour Service Inc. | HANATOUR Service Inc. | 48.92 | 9,784 |
Web tour | HANATOUR Service Inc. | 77.67 | 8,777,380 |
Hana T & Media Co., Ltd | HANATOUR Service Inc. | 51.00 | 510,000 |
Hanauhak INC | HANATOUR Service Inc. | 51.00 | 714,000 |
Korea Travel Sevice INC | HANATOUR Service Inc. | 60.00 | 600,000 |
Namgang Travel Co., Ltd. | Hanatour Business | 100.00 | 300,000 |
CJ Worldis INC | HANATOUR Service Inc. | 50.00 | 8,000,001 |
H&T Marketing | HANATOUR Service Inc. | 80.00 | 240,000 |
Hana Shop | HANATOUR Service Inc. | 90.00 | 360,000 |
Nex Tour Co.,Ltd | Web tour | 100.00 | 40,000 |
Hotel n Air.com INC. | HANATOUR Service Inc. | 50.00 | 2,000,000 |
Travel gonggong INC. | HANATOUR Service Inc. | 50.00 | 100,000 |
Hotelnfly, INC | HANATOUR Service Inc. | 19.90 | 398,000 |
Tourtips.INC | HANATOUR Service Inc. | 100.00 | 10,000,000 |
Center Mark Hotel Inc. | Hanatour ITC | 50.00 | 1,000,000 |
JR No. 10 Management Real Estate Investment Trusts | HANATOUR Service Inc. | 15.15 | 1,000,000 |
Mark Hotel. Inc | HANATOUR Service Inc. | 100.00 | 30,000,000 |
HANA FINANCE SERVICE | HANATOUR Service Inc. | 100.00 | 9,800,000 |
Interbiz Tour | HANATOUR Service Inc. | 20.00 | 115,600 |
SM Duty Free | HANATOUR Service Inc. | 82.54 | 12,650,775 |
HANATOUR IMC | HANATOUR Service Inc. | 100.0 | 1,400,000 |
World Shop | Hana Shop | 100.00 | 10,000 |
Titikaka | Tourtips.INC | 20.00 | 6,000 |
2. Overseas
| Ownership Company | Region | Ownership Ratio (%) | No. of Shares |
HANATOUR USA INC | HANATOUR Service Inc. | LA | 100.00 | 500,000 |
HANATOUR EUROPE LTD | HANATOUR Service Inc. | London | 70.00 | 4,200 |
HANATOUR PTE. LTD. | HANATOUR Service Inc. | Singapore | 100.00 | 2,142,000 |
HANATOUR JAPAN CO., LTD | HANATOUR Service Inc. | Japan | 70.00 | 1,400,000 |
UI Coach | HANATOUR JAPAN CO., LTD | Japan | 100.00 | 1,900 |
HANATOUR CHINA | HANATOUR Service Inc. | China | 100.00 | - |
HANATOUR PTY LTD | HANATOUR Service Inc. | Australia | 100.00 | 600,000 |
HANATOUR HONGKONG CO., LTD. | HANATOUR Service Inc. | Hong Kong | 100.00 | 5,000,000 |
HANATOUR TAIWAN SERVICE INC. | HANATOUR Service Inc. | Taiwan | 100.00 | - |
HANATOUR EURPOE S.R.L | HANATOUR Service Inc. | Italy | 50.00 | 5,250 |
ALLEGROX TM Management | HANATOUR JAPAN CO., LTD | Japan | 100.00 | 396 |
STAR SHOP & LINE | HANATOUR JAPAN CO., LTD | Japan | 100.00 | 1,800 |
BEIJING HANA INFORMATION TECHNOLOGY CO., LTD | HANATOUR Service Inc. | China | 100.00 | - |
HANATOUR SERVICE (M)SDN.BHD | HANATOUR Service Inc. | Malaysia | 100.00 | 1,500,000 |
ZHANGJIAJIE YOULAN CANYIN Co.,Ltd | HANATOUR CHINA | China | 40.00 | - |
Ⅹ. MAJOR CREDITORS
Not applicable.
XI. IMPORTANT EVENTS AFTER THE SETTLEMENT OF
ACCOUNTS PERIOD
None.
XII. OTHER IMPORTANT FACTS ABOUT THE BUSINESS
None.
XIII. FINANCIAL DATA
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AS AT DECEMBER 31, 2016 AND 2015,
AND FOR THE YEARS ENDED
DECEMBER 31, 2016 AND 2015
ATTACHMENT: INDEPENDENT AUDITORS' REPORT
HANATOUR SERVICE INC.
INDEPENDENT AUDITORS' REPORT
English Translation of Independent Auditors' Report Originally Issued in Korean on March 16, 2017
To the Shareholders and the Board of Directors of
Hanatour Service Inc.:
We have audited the accompanying consolidated financial statements of Hanatour Service Inc. (the "Company") and its subsidiaries, which comprise the consolidated statements of financial position as at December 31, 2016 and 2015 and the consolidated statements of comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows, all expressed in Korean won, for the years ended December 31, 2016 and 2015 and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Korean International Financial Reporting Standards ("K-IFRS") and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an audit opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Korean Auditing Standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement, whether due to fraud or error.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company and its subsidiaries as at December 31, 2016 and 2015, and its financial performance and its cash flows for the years then ended in accordance with K-IFRS.
March 16, 2017
Notice to Readers
This report is effective as of March 16, 2017, the auditors' report date. Certain subsequent events or circumstances may have occurred between the auditors' report date and the time the auditors' report is read. Such events or circumstances could significantly affect the financial statements and may result in modifications to the auditors' report.
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES (the "Group")
CONSOLIDATED FINANCIAL STATEMENTS
AS AT DECEMBER 31, 2016 AND 2015,
AND FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015
The accompanying consolidated financial statements, including all footnote disclosures, were prepared by, and are the responsibility of, the Group.
Park, Sang Hwan
Kim, Jin Kook
CHIEF EXECUTIVE OFFICERS
HANATOUR SERVICE INC.
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS AT DECEMBER 31, 2016 AND 2015
ASSETS |
|
|
| December 31, 2016 |
| December 31, 2015 | ||
|
|
|
| (In thousands of Korean won) | ||||
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
| ￦ | 156,047,480 |
| ￦ | 146,485,490 |
Short-term financial instruments |
|
|
|
| 26,068,166 |
|
| 60,688,614 |
Trade receivables |
|
|
|
| 80,388,918 |
|
| 57,383,585 |
Other receivables |
|
|
|
| 19,048,243 |
|
| 23,225,142 |
Finance lease receivables |
|
|
|
| 1,012,665 |
|
| 1,170,671 |
Inventories |
|
|
|
| 24,348,212 |
|
| 9,305,415 |
Advanced payments |
|
|
|
| 31,006,430 |
|
| 34,070,557 |
Other current assets |
|
|
|
| 7,599,271 |
|
| 7,702,931 |
Other financial assets |
|
|
|
| 2,249 |
|
| 104,164 |
Current tax assets |
|
|
|
| 134,313 |
|
| 113,158 |
Total current assets |
|
|
|
| 345,655,947 |
|
| 340,249,727 |
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Financial assets classified at fair value through profit or loss ("FVTPL") |
|
|
|
| 1,013,875 |
|
| 1,015,625 |
Available for sale ("AFS") financial assets |
|
|
|
| 5,562,979 |
|
| 7,917,997 |
Investment in associates and joint ventures |
|
|
|
| 11,784,439 |
|
| 21,165,917 |
Long-term finance lease receivables |
|
|
|
| 850,833 |
|
| 1,844,267 |
Investment property |
|
|
|
| 2,358,799 |
|
| 2,393,305 |
Property and equipment |
|
|
|
| 91,758,218 |
|
| 59,329,323 |
Intangible assets |
|
|
|
| 15,943,119 |
|
| 16,929,209 |
Other financial assets |
|
|
|
| 34,352,021 |
|
| 44,226,793 |
Deferred tax assets |
|
|
|
| 8,047,965 |
|
| 8,306,858 |
Other non-current assets |
|
|
|
| 2,921,448 |
|
| 975,059 |
Total non-current assets |
|
|
|
| 174,593,695 |
|
| 164,104,353 |
|
|
|
|
|
|
|
|
|
Total assets |
|
|
| ￦ | 520,249,642 |
| ￦ | 504,354,080 |
(Continued)
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)
AS AT DECEMBER 31, 2016 AND 2015
LIABILITIES AND EQUITY |
|
|
| December 31, 2016 |
| December 31, 2015 | ||
|
|
|
| (In thousands of Korean won) | ||||
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Trade payables |
|
|
| ￦ | 77,119,716 |
| ￦ | 75,471,166 |
Other payables |
|
|
|
| 35,792,263 |
|
| 29,728,126 |
Income tax payable |
|
|
|
| 8,292,735 |
|
| 10,189,301 |
Deposits received for travel |
|
|
|
| 113,274,612 |
|
| 96,002,967 |
Advance receipts |
|
|
|
| 23,126,895 |
|
| 21,028,667 |
Short-term borrowings |
|
|
|
| 3,410,430 |
|
| 19,226,920 |
Current portion of long-term borrowings |
|
|
|
| 2,974,745 |
|
| 2,392,078 |
Finance lease liabilities |
|
|
|
| 939,325 |
|
| 656,244 |
Provision |
|
|
|
| 2,130,865 |
|
| 2,297,827 |
Other financial liabilities |
|
|
|
| 3,311,722 |
|
| 2,743,830 |
Other current liabilities |
|
|
|
| 16,278,623 |
|
| 15,703,690 |
Total current liabilities |
|
|
|
| 286,651,931 |
|
| 275,440,816 |
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Long-term other payables |
|
|
|
| 7,647,420 |
|
| 2,871,608 |
Long-term borrowings |
|
|
|
| 7,973,961 |
|
| 6,679,283 |
Bonds |
|
|
|
| 3,245,100 |
|
| - |
Long-term finance lease liabilities |
|
|
|
| 1,683,522 |
|
| 1,514,806 |
Provision for long-term employee benefits |
|
|
|
| 693,860 |
|
| 560,557 |
Other non-current liabilities |
|
|
|
| 277,500 |
|
| - |
Total non-current liabilities |
|
|
|
| 21,521,363 |
|
| 11,626,254 |
Total liabilities |
|
|
|
| 308,173,294 |
|
| 287,067,070 |
|
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
|
|
|
Capital stock |
|
|
|
| 5,808,093 |
|
| 5,808,093 |
Other contributed capital |
|
|
|
| 58,105,899 |
|
| 57,322,026 |
Components of other capital |
|
|
|
| (831,843) |
|
| (1,155,344) |
Retained earnings |
|
|
|
| 126,400,362 |
|
| 134,943,490 |
Equity attributable to the owners of the Parent Company |
|
|
|
| 189,482,511 |
|
| 196,918,265 |
Non-controlling interests |
|
|
|
| 22,593,837 |
|
| 20,368,745 |
Total equity |
|
|
|
| 212,076,348 |
|
| 217,287,010 |
Total liabilities and equity |
|
|
| ￦ | 520,249,642 |
| ￦ | 504,354,080 |
(Concluded)
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015
|
|
|
| 2016 |
| 2015 | ||
|
|
|
| (In thousands of Korean won, except per share amounts) | ||||
OPERATING REVENUE |
|
|
| ￦ | 595,538,710 |
| ￦ | 459,425,683 |
|
|
|
|
|
|
|
|
|
OPERATING EXPENSE |
|
|
|
| 574,606,757 |
|
| 414,676,177 |
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
|
|
|
| 20,931,953 |
|
| 44,749,506 |
|
|
|
|
|
|
|
|
|
Financial income |
|
|
|
| 2,491,010 |
|
| 3,721,286 |
Financial expense |
|
|
|
| 641,956 |
|
| 405,422 |
Loss from investment in associates and joint ventures |
|
|
|
| (202,936) |
|
| (472,757) |
Other income |
|
|
|
| 10,395,372 |
|
| 7,280,498 |
Other expense |
|
|
|
| 9,027,552 |
|
| 7,927,013 |
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAX EXPENSE |
|
|
|
| 23,945,891 |
|
| 46,946,098 |
|
|
|
|
|
|
|
|
|
INCOME TAX EXPENSE |
|
|
|
| 16,418,440 |
|
| 12,784,389 |
|
|
|
|
|
|
|
|
|
NET INCOME |
|
|
| ￦ | 7,527,451 |
| ￦ | 34,161,709 |
(Continued)
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015
|
|
|
| 2016 |
| 2015 | ||
|
|
|
| (In thousands of Korean won, except per share amounts) | ||||
OTHER COMPREHENSIVE INCOME AFTER INCOME TAX EXPENSE |
|
|
| ￦ | 469,220 |
| ￦ | 559,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or loss: |
|
|
|
| 469,220 |
|
| 559,780 |
Changes in valuation of equity-accounted investees, net |
|
|
|
| 4,341 |
|
| (25,846) |
Gain on foreign operations translation, net |
|
|
|
| 491,795 |
|
| 903,761 |
Loss on valuation of AFS |
|
|
|
| (26,916) |
|
| (318,135) |
|
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME |
|
|
| ￦ | 7,996,671 |
| ￦ | 34,721,489 |
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO: |
|
|
|
|
|
|
|
|
Owners of the Parent Company |
|
|
|
| 8,035,742 |
|
| 31,740,498 |
Non-controlling interests |
|
|
|
| (508,291) |
|
| 2,421,211 |
|
|
|
|
| 7,527,451 |
|
| 34,161,709 |
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME ATTRIBUTABLE TO: |
|
|
|
|
|
|
|
|
Owners of the Parent Company |
|
|
|
| 8,359,244 |
|
| 32,127,557 |
Non-controlling interests |
|
|
|
| (362,573) |
|
| 2,593,932 |
|
|
|
|
| 7,996,671 |
|
| 34,721,489 |
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY: |
|
|
|
|
|
|
|
|
Basic earnings per common share |
|
|
| ￦ | 727 |
| ￦ | 2,877 |
Diluted earnings per common share |
|
|
| ￦ | 726 |
| ￦ | 2,868 |
(Concluded)
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015
|
| Capital stock |
| Other contributed capital |
| Components of other capital |
| Retained Earnings |
| Non-controlling interests |
| Total | |||||||
|
| (In thousands of Korean won) | |||||||||||||||||
January 1, 2015 |
| ￦ | 5,808,093 |
| ￦ | 57,382,591 |
| ￦ | (1,542,404) |
| ￦ | 118,640,879 |
| ￦ | 7,709,608 |
| ￦ | 187,998,767 | |
Payment of cash dividend |
|
| - |
|
| - |
|
| - |
|
| (7,709,871) |
|
| - |
|
| (7,709,871) | |
Payment of interim cash dividend |
|
| - |
|
| - |
|
| - |
|
| (7,728,015) |
|
| - |
|
| (7,728,015) | |
Cash dividend of subsidiaries |
|
| - |
|
| - |
|
| - |
|
| - |
|
| (655,207) |
|
| (655,207) | |
Stock issuance expense of subsidiaries |
|
| - |
|
| (793,069) |
|
| - |
|
| - |
|
| (131,561) |
|
| (924,630) | |
Exercised stock option rights |
|
| - |
|
| (180,083) |
|
| - |
|
| - |
|
| (6,060) |
|
| (186,143) | |
Gain on disposal of treasury stock |
|
| - |
|
| 114,307 |
|
| - |
|
| - |
|
| - |
|
| 114,307 | |
Stock compensation expense |
|
| - |
|
| 1,242,859 |
|
| - |
|
| - |
|
| 8,599 |
|
| 1,251,458 | |
Net income |
|
| - |
|
| - |
|
| - |
|
| 31,740,498 |
|
| 2,421,211 |
|
| 34,161,709 | |
Gain on foreign business translation |
|
| - |
|
| - |
|
| 731,041 |
|
| - |
|
| 172,721 |
|
| 903,762 | |
Changes in valuation of equity- accounted investees |
|
| - |
|
| - |
|
| (25,846) |
|
| - |
|
| - |
|
| (25,846) | |
Loss on valuation of AFS financial assets |
|
| - |
|
| - |
|
| (318,135) |
|
| - |
|
| - |
|
| (318,135) | |
Paid-in capital increase of subsidiaries |
|
| - |
|
| (391,261) |
|
| - |
|
| - |
|
| 6,058,152 |
|
| 5,666,891 | |
Changes in scope of consolidation |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 4,737,964 |
|
| 4,737,964 | |
Others |
|
| - |
|
| (53,318) |
|
| - |
|
| - |
|
| 53,318 |
|
| - | |
December 31, 2015 |
| ￦ | 5,808,093 |
| ￦ | 57,322,026 |
| ￦ | (1,155,344) |
| ￦ | 134,943,490 |
| ￦ | 20,368,746 |
| ￦ | 217,287,011 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
January 1, 2016 |
| ￦ | 5,808,093 |
| ￦ | 57,322,026 |
| ￦ | (1,155,344) |
| ￦ | 134,943,490 |
| ￦ | 20,368,746 |
| ￦ | 217,287,011 | |
Payment of cash dividend |
|
| - |
|
| - |
|
| - |
|
| (8,832,018) |
|
| - |
|
| (8,832,018) | |
Payment of interim cash dividend |
|
| - |
|
| - |
|
| - |
|
| (7,746,852) |
|
| - |
|
| (7,746,852) | |
Cash dividend of subsidiaries |
|
| - |
|
| - |
|
| - |
|
| - |
|
| (295,539) |
|
| (295,539) | |
Discount on Stock issuance |
|
| - |
|
| - |
|
| - |
|
| - |
|
| (111,059) |
|
| (111,059) | |
Disposal of treasury stock |
|
| - |
|
| 1,664,755 |
|
| - |
|
| - |
|
| - |
|
| 1,664,755 | |
Exercised stock option rights |
|
| - |
|
| (1,983,268) |
|
| - |
|
| - |
|
| - |
|
| (1,983,268) | |
Gain on disposal of treasury stock |
|
| - |
|
| 245,732 |
|
| - |
|
| - |
|
| - |
|
| 245,732 | |
Stock compensation expense |
|
| - |
|
| 247,281 |
|
| - |
|
| - |
|
| 3,634 |
|
| 250,915 | |
Net income |
|
| - |
|
| - |
|
| - |
|
| 8,035,742 |
|
| (508,291) |
|
| 7,527,451 | |
Gain on foreign business translation |
|
| - |
|
| - |
|
| 346,076 |
|
| - |
|
| 145,719 |
|
| 491,795 | |
Changes in valuation of equity- accounted investees |
|
| - |
|
| - |
|
| 4,341 |
|
| - |
|
| - |
|
| 4,341 | |
Loss on valuation of AFS financial assets |
|
| - |
|
| - |
|
| (26,916) |
|
| - |
|
| - |
|
| (26,916) | |
Paid-in capital increase of subsidiaries |
|
| - |
|
| 609,373 |
|
| - |
|
| - |
|
| 2,990,627 |
|
| 3,600,000 | |
December 31, 2016 |
| ￦ | 5,808,093 |
| ￦ | 58,105,899 |
| ￦ | (831,843) |
| ￦ | 126,400,362 |
| ￦ | 22,593,837 |
| ￦ | 212,076,348 | |
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015
|
|
|
| 2016 |
| 2015 | ||
|
|
|
| (In thousands of Korean won) | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Cash generated from operations: |
|
|
|
|
|
|
|
|
Net income |
|
|
| ￦ | 7,527,451 |
| ￦ | 34,161,709 |
Additions of expenses not involving cash outflows and others |
|
|
|
| 47,400,813 |
|
| 33,297,681 |
Deduction of incomes not involving cash inflows and others |
|
|
|
| (3,862,192) |
|
| (4,439,551) |
Movements in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Increase in trade receivables |
|
|
|
| (23,503,304) |
|
| (7,064,784) |
Increase in other receivables |
|
|
|
| (1,615,371) |
|
| (816,318) |
Increase in inventories |
|
|
|
| (15,108,796) |
|
| (8,233,323) |
Decrease( Increase) in advance payments |
|
|
|
| 5,241,184 |
|
| (15,232,187) |
Increase in other current assets |
|
|
|
| (1,762,472) |
|
| (2,565,407) |
Decrease (Increase) in other non-current assets |
|
|
|
| (9,940) |
|
| 71,870 |
Increase(Decrease) in trade payables |
|
|
|
| 1,742,703 |
|
| (3,136,731) |
Increase in other payables |
|
|
|
| 12,893,929 |
|
| 9,347,976 |
Increase in deposits received for travel |
|
|
|
| 17,271,797 |
|
| 12,983,897 |
Increase in advance receipts |
|
|
|
| 2,347,053 |
|
| 726,079 |
Increase in other financial liabilities |
|
|
|
| 570,132 |
|
| 152,074 |
Decrease in other current liabilities |
|
|
|
| (4,218,700) |
|
| (5,520,243) |
Decrease in provisions |
|
|
|
| (1,020,811) |
|
| (378,782) |
Decrease in long-term other payables |
|
|
|
| (20,243) |
|
| (10,897) |
Decrease in other long-term employee benefit |
|
|
|
| (118,000) |
|
| (34,857) |
|
|
|
|
| 43,756,234 |
|
| 43,308,206 |
|
|
|
|
|
|
|
|
|
Interest expense paid |
|
|
|
| (844,469) |
|
| (269,654) |
Interest income received |
|
|
|
| 3,043,962 |
|
| 3,570,583 |
Dividend income received |
|
|
|
| 91,949 |
|
| 95,179 |
Income taxes paid |
|
|
|
| (18,545,895) |
|
| (11,706,714) |
|
|
|
| ￦ | 27,501,781 |
| ￦ | 34,997,600 |
(Continued)
HANATOUR SERVICE INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015
|
|
|
| 2016 |
| 2015 | ||
|
|
|
| (In thousands of Korean won) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Cash inflows from investing activities: |
|
|
|
|
|
|
|
|
Decrease in short-term financial instruments |
|
|
| ￦ | 58,948,372 |
| ￦ | 125,077,303 |
Decrease in other receivables |
|
|
|
| 20,048,764 |
|
| 5,456,889 |
Disposal of AFS financial assets |
|
|
|
| 2,738,080 |
|
| - |
Disposal of investment in associates and joint venture |
|
|
|
| 638,297 |
|
| 51 |
Capital reduction of associates and joint venture |
|
|
|
| 5,000,000 |
|
| - |
Disposal of property and equipment |
|
|
|
| 803,976 |
|
| 429,878 |
Decrease in finance lease receivables |
|
|
|
| 1,170,997 |
|
| 198,505 |
Decrease in other financial assets |
|
|
|
| 14,995,029 |
|
| 2,523,702 |
Net cash inflow due to business combination |
|
|
|
| - |
|
| 4,585,882 |
|
|
|
|
| 104,343,515 |
|
| 138,272,210 |
Cash outflows for investing activities: |
|
|
|
|
|
|
|
|
Increase in short-term financial instruments |
|
|
|
| 24,272,291 |
|
| 77,989,964 |
Increase in other receivables |
|
|
|
| 12,403,486 |
|
| 11,016,189 |
Acquisition of FVTPL |
|
|
|
| - |
|
| 1,000,000 |
Acquisition of AFS financial assets |
|
|
|
| 270,011 |
|
| 250,000 |
Acquisition of investment in associates and joint venture |
|
|
|
| 1,548,800 |
|
| - |
Acquisition of property and equipment |
|
|
|
| 48,028,731 |
|
| 16,413,808 |
Acquisition of intangible assets |
|
|
|
| 4,054,650 |
|
| 8,098,714 |
Increase in other financial assets |
|
|
|
| 7,068,681 |
|
| 24,448,819 |
|
|
|
|
| (97,646,650) |
|
| (139,217,494) |
|
|
|
|
| 6,696,865 |
|
| (945,284) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Cash inflows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from short-term borrowings |
|
|
|
| 11,128,434 |
|
| 16,866,349 |
Proceeds from long-term borrowings |
|
|
|
| 3,394,730 |
|
| 7,083,021 |
Proceeds from bonds |
|
|
|
| 4,157,511 |
|
| - |
Paid-in capital increase of subsidiaries |
|
|
|
| 3,488,941 |
|
| 5,970,084 |
|
|
|
|
| 22,169,616 |
|
| 29,919,454 |
Cash outflows for financing activities: |
|
|
|
|
|
|
|
|
Repayment of short-term borrowings |
|
|
|
| 27,213,152 |
|
| 12,257,904 |
Repayment of current portion of long-term borrowings |
|
|
|
| 2,897,903 |
|
| 1,634,956 |
Repayment of finance lease liabilities |
|
|
|
| 713,087 |
|
| 1,028,793 |
Acquisition of treasury stocks |
|
|
|
| - |
|
| 337,895 |
Payment of stock issuance expense |
|
|
|
| - |
|
| 927,389 |
Payment of dividends |
|
|
|
| 16,874,408 |
|
| 16,085,969 |
|
|
|
|
| (47,698,550) |
|
| (32,272,906) |
|
|
|
|
| (25,528,934) |
|
| (2,353,452) |
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
|
| 8,669,712 |
|
| 31,698,864 |
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, AT BEGINNING OF YEAR |
|
|
|
| 146,485,490 |
|
| 113,930,509 |
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS |
|
|
|
| 892,278 |
|
| 856,117 |
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, AT END OF YEAR |
|
|
| ￦ | 156,047,480 |
| ￦ | 146,485,490 |
(Concluded)
http://www.rns-pdf.londonstockexchange.com/rns/1496B_-2017-3-31.pdf
Related Shares:
Hanatour Regs