29th May 2024 08:26
Annual Report
I. OUTLINE OF THE COMPANY
1. Purpose of the Company
Purpose | Remark |
1. General Travel Business(Travel Agency) 2. Ticketing and Sales of Airline and Boat 3. Souvenir Sales 4. Issuing of Selling Offers 5. Real Estate Dealing and Lease 6. Optional Communication Business 7. Computer Programming and Supply 8. Telemarketing Business 9. Printing and Publishing Business 10. Issuing of Periodicals 11. Operating School to Train Travel Experts 12. Transportation Business(Chartered Buses) 13. Internet Business (Install and Provide Contents, Internet Marketing) 14. E-commerce and Information Processing 15. Advertisement (Internet and Outdoor Advertisement) 16. Information and communication Related Business 17. Web Hosting and Homepage Establishment 18. Warehousing 19. Tourists Hotel & Lodging business 20. Operation and management of Tourists Hotels & Lodging and other incidental facilities 21. Tourists Hotels & Lodging Management Business 22. Investment, Development, Operation and Asset Management of the Domestic and Overseas Real Estate 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 Other Cultural Products) 27. Production and Distribution of Digital Contents 28. Operating Performance Facilities 29. Planning Performance 30. Character business 31. Exhibition and Event Agency 32. Internet Broadcasting 33. Tourism Development and Incidental Business (Marketing Counsel, Planning and Consulting) 34. Education service 35. Operation of Lifelong E-learning Education Facilities 36. Gift Certificate Sales 37. Wedding Consulting 38. Amusement Park Operation 39. Comprehensive Leisure Facilities and Operation Management 40. Tourist Attraction Development Business 41. Comprehensive Recreation Business 42. International Conference Planning Business 43. Camping Car Business 44. Bonded Goods and Tourism Product Sales Business 45. Accommodation Business 46. Accommodation reservation Service 47. Web Portal and Internet Information Service 48. Franchise Business 49. Restaurant Business 50. Shopping Center Leasing and Sublease Business 51. Ticket sales related to Culture, Arts and Sports Events 52. Database Development and Sales Related to Culture, Arts and Sports 53. Investment of Cultural Projects (Performances and Film Production) 54. Organization of Events and Sponsors 55. Importation and Agency Business of Performance Publication Rights 56. Brokerage Agency Business for Copyrights and Neighboring Copyrights of Performance 57. Membership Sales and Brokerage Arrangements 58. Overseas Studies Agency Business 59. Lifelong Education Facilities Operating 60. Financial Loan and Other Financial Service Business 61. Electronic Financial Business 62. Planning and Promotion of Performance, Concert, Exhibition 63. Credit Card Business 64. Real Estate Development Business 65. Insurance Agent Business 66. All Other Incidental Businesses |
|
2. Important Business
General Travel Business(Travel Agency)
3. History of the Company
A. Changes after the 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 trade 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. Change of location for 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. Merger, spin off (merger), comprehensive stock swap, transfer, important business assignment and others
On June 29, 2022, the company issued 2,100,000 shares through rights offering.
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 |
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 | |
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 | |
Changwon Sales Office | 754, Changwon-daero, Seongsan-gu, Changwon-si, Gyeongsangnam-do, Republic of Korea | |
Eulji-ro IT Center | 343, Samil-daero, Jung-gu, Seoul, Republic of Korea | |
Travel Desk | 51, Sogong-ro, Jung-gu, Seoul, Republic of Korea |
5. Status of Employees (As of December 31, 2022)
(Unit: person)
Classification | Office & Operation |
Men | 579 |
Women | 605 |
Total | 1,184 |
6. Organization
II. INFORMATION ON SHARES
1. Total Number of Stocks, Etc.
A. Total number of stocks (As of December 31, 2022)
(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. Change of capital
(1) Status of capital increase
(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) 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 | 30th Term | 29th Term | |
Face value per stock (won) | 500 | 500 | |
(Consolidated) Current net income (million won) | (66,774) | (43,987) | |
(Separated) Current net income (million won) | (74,617) | (38,741) | |
(Consolidated) Net income per share (won) | (4,618) | (3,285) | |
Total amount of cash dividend (million won) | - | - | |
Total amount of stock dividend (million won) | - | - | |
Dividend payout ratio (%) | - | - | |
Yield rate of cash dividend (%) | Common stock | - | - |
Preferred stock | - | - | |
Yield rate of stock dividend (%) | Common stock | - | - |
Preferred stock | - | - | |
Cash dividend per share (won) | Common stock | - | - |
Preferred stock | - | - | |
Stock dividend per share | Common stock | - | - |
Preferred stock | - | - | |
III. CONTENTS OF THE BUSINESS
1. Summary of the Business
In 2020, the COVID-19 pandemic posed unprecedented challenges, making the past three years exceptionally tough. Hopes of its end in 2021 were dashed with the emergence of the Omicron variant in 2022, along with subvariants, hindering the travel industry's recovery.Fortunately, from the latter half of 2022, the global trend of decreasing COVID-19 cases led countries to ease entry and exit restrictions. In September, the South Korean government's announcement of lifting pre-entry COVID-19 tests and on-site quarantine measures marked a pivotal moment for the travel industry's recovery. Tourism to Japan resumed in October, and with the declaration of the end of the endemic situation in major Southeast Asian countries, the South Korean travel industry entered a full-fledged recovery.By December 2022, outbound travelers had recovered to nearly 60% compared to December 2019, and our company experienced a rapid increase in customers, reaching around 40% of the 2019 volume. In Q4 2022, we recorded the highest sales since the pandemic, and operating losses hit a quarterly low. Annual figures for 2022 showed a 186% increase in sales, with the lowest operating and net losses since the pandemic, raising optimism for future recovery.The recovery trend is accelerating in 2023, with profitability achieved in January and February, marking the first monthly surplus since the pandemic. Expectations for a surplus in Q1 are growing, and we anticipate achieving an annual surplus for the first time since the pandemic.This year is significant for HanaTour, not only for improved operating performance but also for showcasing tangible results from efforts made during the COVID-19 period. Initiatives like 'HanaPack 2.0,' enhanced customer satisfaction, products for FIT customers, and a revamped mobile app demonstrate our commitment to growth. Targeting both traditional and FIT markets, we aim to create a new foundation for growth, leveraging our product development and overseas network. We seek the support of our shareholders as HanaTour embarks on this transformative journey.
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 announced 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 | 2022 | 2021 | 2020 | |||
Total Departures from HANATOUR | Total Departures of Korea | Total Departures from HANATOUR | Total Departures of Korea | Total Departures from HANATOUR | Total Departures of Korea | |
533,957 | 5,904,941 | 42,441 | 803,201 | 646,444 | 3,688,606 | |
Share rate | 9.04% | 5.28% | 17.53% | |||
3. Characteristics of the market
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 is 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 must 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 industry is easy to copy. Therefore, the company needs to find new elements that would differentiate the company among competitors.
Last, travel industry is volatile. Compared to other industries it is affected by political, diplomatic, various social issues, economic issue, diseases, and other aspects as well.
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 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 | 24,400,000 | 100.00 |
Tour Marketing Korea Service Inc. | Travel Business | 140,000 | 70.00 |
Web Tour Service Inc. | Travel Business | 8,777,380 | 76.99 |
Mark Hotel Co., Ltd. | Hotel Business | 40,000,000 | 100.00 |
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 | 5,000,000 | 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 |
HANATOUR EU GMBH | Travel Business | - | 100.00 |
HANATOUR VIETNAM COMPANY LIMITED | Travel Business | - | 85.00 |
HANATOUR PHILIPPINES CORP. | Travel Business | 1,267,980 | 97.54 |
3. Concurrent status of the executive management
Not applicable.
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)
Classification | 30th Term | 29th Term | 28th Term |
Sales | 66,269,096 | 10,781,802 | 73,947,230 |
Operating Expenses | 156,798,748 | 108,327,485 | 149,962,759 |
Operating Income | (90,529,652) | (97,545,683) | (76,015,530) |
Profit Before Tax | (77,690,960) | (43,530,465) | (131,191,120) |
Income Tax Expense | (3,074,173) | (4,789,718) | (31,981,313) |
Net Income | (74,616,787) | (38,740,747) | (99,209,807) |
Net Income per Share(Won) | (5,160) | (2,893) | (7,619) |
2. Financial position
(In thousand won)
Classification | 30th Term | 29th Term | 28th Term |
Current Assets | 202,531,190 | 86,185,310 | 121,274,400 |
Non-Current Assets | 115,786,404 | 128,627,359 | 226,035,622 |
Total Assets | 318,317,593 | 214,812,670 | 347,310,022 |
Current Liabilities | 162,469,875 | 92,071,844 | 95,992,675 |
Long-term Liabilities | 5,864,863 | 2,199,736 | 92,035,510 |
Total Liabilities | 168,334,738 | 94,271,580 | 188,028,185 |
Capital Stock | 8,019,593 | 6,969,593 | 6,969,593 |
Other Paid-in Capital | 119,473,582 | 16,465,030 | 186,465,030 |
Elements of Other Shareholder's Equity | (9,097) | (9,097) | (9,097) |
Retained Earnings | 22,498,777 | 97,115,564 | (34,143,689) |
Total Shareholder's Equity | 149,982,855 | 120,541,089 | 159,281,837 |
Total Liabilities and Shareholder's Equity | 318,317,593 | 214,812,670 | 347,310,022 |
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, Director | General Management |
Full-time | HeeSeok Kweon | Senior Vice Chairman, Director | General Management |
Full-time | MiSun Song | Chief Executive Officer and Director | General Management |
Part-time | HyeLeon Yoo | Auditor, Outside Director | Outside Director |
Part-time | InWhan Chang | Auditor, Outside Director | Outside Director |
Part-time | MoonHyun Kim | Auditor, Outside Director | Outside Director |
Part-time | SangMan Han | Auditor, 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 | Percentage |
Harmonia 1 limited company and 11 people with a special relationship | 4,457,202 | 27.79% |
HANATOUR INC. | 549,253 | 3.42% |
Ⅸ. CURRENT STATUS OF INVESTMENTS
1. Domestic
Name of the Company | Ownership Company | 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. | 24,400,000 | 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 |
Mark Hotel Co., Ltd. | HANATOUR Service Inc. | 40,000,000 | 100.00 |
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 |
Interpark Corp. | HANATOUR Service Inc. | 60,876 | 0.50 |
K Culture Industry Co., Ltd. | HANATOUR Service Inc. | - | 40.00 |
Hani Tour Inc. | HANATOUR Service Inc. | 19,078 | 9.54 |
SAM Consulting Co.,Ltd. | HANATOUR Service Inc. | 1,667 | 7.41 |
KC HOSPITALITY CO.,LTD | HANATOUR Service Inc. | 57,600 | 10.00 |
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. | 11,310 | 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 | Ownership Company | 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 | 5,000,000 | 100.00 |
Hanatour Europe S.R.L | HANATOUR Service Inc. | Italy | 5,250 | 50.00 |
Allegrox TM Hotel | HANATOUR JAPAN CO., LTD | Japan | 396 | 100.00 |
Beijing Hana Information Technology Co., Ltd. | HANATOUR Service Inc. | China | - | 100.00 |
Hanatour Service (M) Sdn.Bhd. | HANATOUR Service Inc. | Malaysia | 1,500,000 | 100.00 |
Hanatour Janpan System Vietnam | HANATOUR JAPN CO., LTD | Vietnam | - | 100.00 |
HANATOUR EU GMBH | HANATOUR Service Inc. | Germany | - | 100.00 |
HANATOUR VIETNAM COMPANY LIMITED | HANATOUR Service Inc. | Vietnam | - | 85.00 |
HANATOUR PHILIPPINES CORP. | HANATOUR Service Inc. | Philippines | 1,267,980 | 97.54 |
Ⅹ. MAJOR CREDITORS
Not applicable.
XI. IMPORTANT EVENTS AFTER THE SETTLEMENT OF
ACCOUNTS PERIOD
(1) HANATOUR EU GMBH which is one of subsidiaries of the Group resolved to dissolve on January 18, 2023.
(2) Mark Hotel Co., Ltd. which is one of subsidiaries of the Group resolved to dissolve on January 12, 2023.
XII. OTHER IMPORTANT FACTS ABOUT THE BUSINESS
None.
HANATOUR SERVICE INC. AND SUBSIDIARIES
Consolidated Statements of Financial Position
As of December 31, 2022 and 2021
(In thousands of won) |
|
|
| 2022 |
| 2021 |
|
|
|
|
|
|
|
Assets |
| |||||
Cash and cash equivalents |
| W | 92,497,218 | 105,686,896 | ||
Short-term financial instruments |
| 88,602,428 | 17,109,692 | |||
Trade receivables | 39,362,975 | 11,253,911 | ||||
Other receivables |
| 5,856,639 | 4,105,493 | |||
Finance lease receivables |
| 570,354 | 449,764 | |||
Inventories |
| 8,274,560 | 1,711,235 | |||
Advance payments |
| 25,212,457 | 11,664,075 | |||
Other current assets |
| 2,996,919 | 2,456,982 | |||
Other financial assets |
| 6,795,589 | 11,437,194 | |||
Current tax assets |
| 371,081 | 332,808 | |||
Assets held for sale |
| - | - | |||
Current financial assets at FVTPL |
| - | - | |||
Total current assets |
| 270,540,219 | 166,208,050 | |||
|
| |||||
Non-current financial assets at FVTPL |
| 3,012,260 | 2,938,115 | |||
Financial assets at FVOCI | 1,189,200 | 1,187,148 | ||||
Investments in associates and joint ventures | 702,932 | 946,873 | ||||
Long-term finance lease receivables | - | - | ||||
Long-term other receivables | 2,048,848 | 3,363,839 | ||||
Investment property, net | 1,108,747 | 1,396,521 | ||||
Property and equipment, net | 10,176,272 | 13,379,039 | ||||
Right-of-use assets | 76,601,501 | 140,108,105 | ||||
Intangible assets | 22,932,160 | 32,852,801 | ||||
Other financial assets | 14,800,596 | 20,293,002 | ||||
Deferred tax assets | 52,292,869 | 47,721,079 | ||||
Other non-current assets | 23,838 | 201,012 | ||||
Total non-current assets | 184,889,221 | 264,387,534 | ||||
|
| |||||
Total assets |
|
| W | 455,429,440 | 430,595,584 | |
|
|
|
|
|
|
|
HANATOUR SERVICE INC. AND SUBSIDIARIES
Consolidated Statements of Financial Position, Continued
As of December 31, 2022 and 2021
(In thousands of won) |
|
|
| 2022 |
| 2021 |
|
|
|
|
|
| |
Liabilities |
|
| ||||
Trade payables |
| W | 41,976,540 |
| 8,887,001 | |
Other payables |
| 47,177,054 |
| 57,384,884 | ||
Income tax payables |
| 362,065 |
| 304,682 | ||
Deposits received for travel |
| 77,008,167 |
| 8,068,636 | ||
Advances received |
| 22,423,174 |
| 26,119,418 | ||
Short-term borrowings |
| 14,370,131 |
| 16,563,494 | ||
Current portion of long-term borrowings |
| 2,086,092 |
| 4,122,122 | ||
Finance lease liabilities |
| 13,914,120 |
| 35,112,340 | ||
Provisions |
| 892,688 |
| 1,023,018 | ||
Other financial liabilities |
| 2,084,106 |
| 2,217,777 | ||
Other current liabilities |
| 10,464,511 |
| 12,719,477 | ||
Total current liabilities |
| 232,758,647 |
| 172,522,849 | ||
|
| |||||
Long-term other payables |
| 142,878 |
| 463,288 | ||
Long-term borrowings |
|
| 7,865,108 |
| 10,527,204 | |
Debentures |
|
| - |
| 102,385 | |
Long-term provisions |
|
| 198,919 |
| 181,744 | |
Long-term finance lease liabilities |
|
| 105,785,176 |
| 182,746,487 | |
Provision for long-term employee benefits |
|
| 4,404,615 |
| 1,023,381 | |
Other financial liabilities |
|
| - |
| - | |
Other non-current liabilities |
|
| 4,572,449 |
| 5,272,119 | |
Total non-current liabilities |
|
| 122,969,145 |
| 200,316,608 | |
|
|
|
|
| ||
Total liabilities |
|
| 355,727,793 |
| 372,839,457 | |
|
|
|
|
| ||
Equity |
|
|
|
| ||
Capital stock | 8,019,593 | 6,969,593 | ||||
Other contributed capital | 132,914,209 | 29,905,656 | ||||
Components of other capital | 2,642,459 | 1,947,292 | ||||
Retained earnings | (20,268,959) | 46,504,986 | ||||
Equity attributable to the owners of the Parent Company | 123,307,301 | 85,327,527 | ||||
Non-controlling interests | (23,605,653) | (27,571,400) | ||||
Total equity | 99,701,648 | 57,756,127 | ||||
| ||||||
Total liabilities and equity | W | 455,429,440 | 430,595,584 | |||
|
HANATOUR SERVICE INC. AND SUBSIDIARIESConsolidated Statements of Comprehensive Income (Loss)
For the years ended December 31, 2022 and 2021
(In thousands of won, except earnings per share data) |
|
|
| 2022 |
| 2021 |
|
|
|
|
|
|
|
Operating revenue | W | 114,969,463 | 40,258,282 | |||
| ||||||
Operating expense |
| 216,153,549 | 167,551,792 | |||
Bad debt expense |
| (1,500,026) | 1,907,047 | |||
Other operating expense |
| 217,653,575 | 165,644,745 | |||
| ||||||
Operating income |
| (101,184,086) | (127,293,510) | |||
Interest income by effective interest method | 2,854,656 | 1,173,029 | ||||
Other financial income | 303,802 | 12,622 | ||||
Financial expense | 2,847,390 | 8,594,071 | ||||
Loss from investment in associates and joint ventures | 355,249 | (99,510) | ||||
Other income | 43,045,885 | 110,530,654 | ||||
Other expense | 10,749,533 | 47,730,324 | ||||
Other bad debt expense | 629,191 | 3,304,424 | ||||
Income (loss) before income taxes | (68,850,608) | (75,305,534) | ||||
Income taxes of continuing operations | (4,083,086) | (4,768,524) | ||||
Net loss |
| W | (64,572,425) | (70,446,260) | ||
Net loss from continuing operations |
| (64,767,522) | (70,537,010) | |||
Net loss from discontinued operations |
| 195,097 | 90,750 | |||
|
| |||||
Other comprehensive income after tax expense |
| 2,757,022 | 740,869 | |||
|
| |||||
Items that will never be reclassified to profit of loss: |
| |||||
Loss on valuation financial assets at FVOCI |
| 2,749 | (98,639) | |||
|
| |||||
Items that are or may be reclassified subsequently to profit of loss: |
| |||||
Changes in valuation of equity-accounted investees, net |
| - | - | |||
Gain on foreign operations translation, net |
| 2,754,273 | 839,507 | |||
|
| |||||
Total comprehensive income (loss) |
| W | -61,815,403 | (69,705,391) | ||
|
| |||||
Net income (loss) attributable to: |
| |||||
Owners of the Parent Company |
| (66,773,945) | (43,987,430) | |||
Non-controlling interests |
| 2,201,520 | (26,458,830) | |||
|
| W | (64,572,425) | (70,446,260) | ||
Comprehensive income (loss) attributable to: |
| |||||
Owners of the Parent Company |
| (66,053,865) | (43,678,822) | |||
Non-controlling interests |
| 4,238,462 | (26,026,569) | |||
|
| W | (61,815,403) | (69,705,391) | ||
Earnings (losses) per share | ||||||
Basic earnings (losses) per share attributable to (in won) : | (4,618) | (3,285) | ||||
Continuing operation (in won) | (4,630) | (3,288) | ||||
Discontinued operation (in won) | 12 | 3 | ||||
Diluted earnings (losses) per share attributable to (in won) : |
| W | (4,618) | (3,285) | ||
Continuing operation (in won) |
| (4,630) | (3,288) | |||
Discontinued operation (in won) |
| 12 | 3 |
HANATOUR SERVICE INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Equity
For the years ended December 31, 2022 and 2021
(In thousands of won) |
| Capital Stock | Other contributed capital | Components of other capital |
| Retained earnings | Non-controlling interests | Total shareholders' equity | ||||
January 1, 2021 | W | 6,969,593 | 205,366,093 | 2,210,944 | (79,507,584) | (9,725,055) | 125,313,991 | |||||
Net loss | - |
| - |
| - |
| (43,987,430) |
| (26,458,830) |
| (70,446,260) | |
Gain on foreign operations translation | - | - | 384,299 | - | 455,208 | 839,507 | ||||||
Gain on valuation financial assets at FVOCI | - | - | 9,528 | - | - | 9,528 | ||||||
Loss on valuation financial assets at FVOCI | - | - | (85,219) | - | (22,947) | (108,166) | ||||||
Introduction of capital surplus | - | (170,000,000) | - | 170,000,000 | - | - | ||||||
Acquisition of treasury stock | - | (534) | - | - | (310) | (844) | ||||||
Acquisition of investing stock | - | - | - | - | 2,317,404 | 2,317,404 | ||||||
Paid-in capital increase of Subsidiaries | - | (5,522,994) | - | - | 9,524,734 | 4,001,740 | ||||||
Changes in scope of consolidation | - | 63,091 | (572,260) | - | (3,661,604) | (4,170,773) | ||||||
December 31, 2021 | W | 6,969,593 | 29,905,656 | 1,947,292 | 46,504,986 | (27,571,400) | 57,756,127 |
January 1, 2022 | W | 6,969,593 | 29,905,656 | 1,947,292 | 46,504,986 | (27,571,399) | 57,756,127 | |||||
Net loss | - |
| - |
| - |
| (66,773,945) |
| 2,201,520 |
| (64,572,425) | |
Gain on foreign operations translation | - | - | 718,621 | - | 2,035,652 | 2,754,273 | ||||||
Gain on valuation financial assets at FVOCI | - | - | 1,458 | - | 1,291 | 2,749 | ||||||
Loss on valuation financial assets at FVOCI | - | - | - | - | - | - | ||||||
Introduction of capital surplus | - | - | - | - | - | - | ||||||
Acquisition of treasury stock | - | - | - | - | - | - | ||||||
Acquisition of investing stock | - | - | - | - | 2,317,404 | 2,317,404 | ||||||
Paid-in capital increase of parent company | 1,050,000 | 103,008,553 | - | - | - | 104,058,553 | ||||||
Paid-in capital increase of Subsidiaries | - | - | - | - | - | - | ||||||
Dividends of Subsidiaries | (343,611) | (343,611) | ||||||||||
Changes in scope of consolidation | - | - | (24,913) | - | 70,895 | 45,982 | ||||||
December 31, 2022 | W | 8,019,593 | 132,914,209 | 2,642,459 | (20,268,959) | (23,605,653) | 99,701,648 |
HANATOUR SERVICE INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the years ended December 31, 2022 and 2021
(In thousands of won) |
|
| 2022 |
| 2021 |
|
| ||||
Cash flows from operating activities |
| ||||
Net loss |
| W | (64,572,425) | (70,446,260) | |
Additions of expenses not involving cash outflows and others |
| 39,113,602 | 97,422,910 | ||
Deduction of incomes not involving cash inflows and others |
| (35,842,600) | (108,779,131) | ||
Movements in operating assets and liabilities: |
| ||||
Decrease (increase) in trade receivables |
| (29,287,969) | (1,361,937) | ||
Decrease in other receivables |
| 2,242,569 | 2,725,948 | ||
Decrease in inventories |
| (6,699,621) | 2,494 | ||
Decrease (increase) in advance payments |
| (12,171,934) | (8,527,408) | ||
Decrease in other current assets |
| (960,839) | 1,070,342 | ||
Increase in other non-current assets |
| 167,560 | (162,291) | ||
Increase (decrease) in trade payables |
| 33,362,874 | 1,540,475 | ||
Decrease in other payables |
| 301,053 | (17,153,030) | ||
Increase (decrease) in deposits received for travel |
| 68,989,862 | 1,830,804 | ||
Increase in advances received |
| (3,404,855) | 2,405 | ||
Decrease in other financial liabilities |
| 7,868 | (110,315) | ||
Decrease in other current liabilities |
| 1,048,138 | (844,767) | ||
Decrease in provisions |
| (525,909) | (595,758) | ||
Decrease in long-term other payables |
| (49,960) | (312,711) | ||
Decrease in other long-term employee benefit |
| (179,055) | (324,900) | ||
| (8,461,641) | (104,023,130) | |||
| |||||
Interest expense paid |
| (2,859,892) | (4,338,649) | ||
Interest income received |
| 1,608,360 | 1,101,003 | ||
Dividend income received |
| - | - | ||
Income taxes paid |
| (527,693) | (28,930) | ||
| |||||
Net cash provided by operating activities |
| W | (10,240,866) | (107,289,706) | |
| |||||
|
HANATOUR SERVICE INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows, Continued
For the years ended December 31, 2022 and 2021
(In thousands of won) |
|
| 2022 |
| 2021 |
| |||||
Cash flows from investing activities |
| ||||
|
| ||||
Cash inflows from investing activities: |
| ||||
Decrease in short-term financial instruments |
| W | 39,696,173 | 19,923,883 | |
Decrease in other receivables |
| 159,233 | 247,390 | ||
Disposal of financial assets at FVTPL |
| 200,000 | 1,165,183 | ||
Disposal of investment in associates and joint venture |
| 251,100 | 162,722 | ||
Disposal of financial assets at FVOCI |
| - | - | ||
Disposal of property and equipment |
| 677,031 | 308,437 | ||
Disposal of intangible assets |
| 488,022 | 11,517 | ||
Disposal of intangible assets being acquired |
| - | - | ||
Decrease in finance lease receivables |
| 588,448 | 211,479 | ||
Decrease in other financial assets |
| 5,997,337 | 11,332,739 | ||
Government Grants |
| 32,846 | - | ||
Disposal of assets held for sale |
| - | 211,178,338 | ||
| |||||
Cash outflows for investing activities: |
| ||||
Increase in short-term financial instruments |
| 111,311,078 | 16,676,202 | ||
Increase in other receivables |
| 9,523 | 403,294 | ||
Acquisition of financial assets at FVTPL |
| - | 250,000 | ||
Acquisition of financial assets at FVOCI |
| - | - | ||
Acquisition of property and equipment |
| 1,810,936 | 2,544,706 | ||
Acquisition of intangible assets |
| 3,223,260 | 2,031,228 | ||
Increase in other financial assets |
| 3,073,373 | 2,974,553 | ||
| |||||
Net cash used in investing activities |
| W | (71,337,980) | 219,661,705 |
HANATOUR SERVICE INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows, Continued
For the years ended December 31, 2022 and 2021
(In thousands of won) |
|
| 2022 |
| 2021 |
| |||||
Cash flows from financing activities |
| ||||
|
| ||||
Cash inflows from financing activities: |
| ||||
Proceeds from short-term borrowings |
| W | 40,488,800 | 55,724,965 | |
Proceeds from long-term borrowings |
| 15,923 | 1,281,219 | ||
Paid-in capital increase of parent company |
| 104,058,553 | - | ||
Paid-in capital increase of subsidiaries |
| 80,970 | 4,001,740 | ||
Proceeds from leasehold deposits received |
| 296,200 | 110,457 | ||
| |||||
Cash outflows for financing activities: |
| ||||
Repayment of short-term borrowings |
| 41,521,004 | 62,722,484 | ||
Repayment of current portion of long-term borrowings |
| 3,916,979 | 6,614,496 | ||
Repayment of long-term borrowings |
| - | 81,570,000 | ||
Repayment of finance lease liabilities |
| 28,930,991 | 16,130,912 | ||
Payment of cost of stock issuing |
| - | 74,841 | ||
Acquisition of treasury stocks | - | 1,083 | |||
Payment of dividends | 352,519 | 2,972,884 | |||
Payment of leasehold deposits received |
| 204,194 | 419,879 | ||
| |||||
Net cash provided by financing activities |
| 70,014,760 | (109,388,198) | ||
| |||||
Increase (decrease) in cash on changes in scope of consolidation |
| - | 641,277 | ||
Net decrease in cash and cash equivalents |
| (11,564,086) | 3,625,078 | ||
Cash and cash equivalents at beginning of year |
|
| 105,686,896 |
| 101,851,025 |
Effect of exchange rate change |
| (1,625,592) | 210,794 | ||
|
| ||||
Cash and cash equivalents at end of year |
| W | 92,497,218 | 105,686,896 | |
|
|
Related Shares:
Hanatour Regs