Half Yearly Report

Daishin Securities Co.,Ltd.

Non-Consolidated Balance Sheets

September 30, 2009 and March 31, 2009

(in thousands of Korean won)

2009. 9. 30

2009. 3. 31

Assets

Cash and deposits

1,564,473,784 

1,381,131,393 

Securities

4,091,699,588 

3,329,702,919 

Derivatives

665,172,612 

366,332,382 

Loans

842,729,476 

630,169,682 

Tangible fixed assets

538,731,660 

547,306,131 

Other Assets

337,813,350 

232,746,757 

Total Assets

8,040,620,470 

6,487,389,264 

Liabilities

Deposits

1,228,599,790 

1,134,342,861 

Borrowings

4,858,657,283 

3,538,146,355 

Other liabilities

306,586,075 

157,281,095 

Total Liabilities

6,393,843,148 

4,829,770,311 

Shareholders' equity

Stockholder's equity

434,867,000 

434,867,000 

Capital surplus

715,771,296 

715,771,296 

Capital adjustment

(152,594,082)

(139,041,646)

Accumulated other comprehensive income

79,411,335 

61,081,074 

Retained earnings

569,321,773 

584,941,229 

Total shareholders' equity

1,646,777,322 

1,657,618,953 

Total Liabilities and Stockholders' Equity

8,040,620,470 

6,487,389,264 

Daishin Securities Co.,Ltd.

Non-Consolidated Statements of Income

Three-Month & Six-Month Periods ended September 30, 2009 and 2008

(in thousands of Korean won, except per share amounts)

2009

2008

3 Months

6 Months

3 Months

6 Months

Operating income

Commissions received

99,875,901

211,552,854

63,666,448

141,844,122

Gain on valuation(sales) of securities

326,297,892

755,407,682

443,161,831

994,436,342

Gain on derivatives transactions

476,421,065

757,739,949

144,854,786

241,552,347

Interest income

56,358,081

107,255,434

53,838,078

105,464,501

Gain on valuation(disposal) of loans

10,335,159

10,815,282

3,045,698

3,859,586

Gain on foreign transactions

7,857

97,033

744,376

1,029,637

Others

7,723,890

16,532,028

9,080,891

19,861,958

977,019,845

1,859,400,261

718,392,108

1,508,048,493

Operating expenses

Commissions expense

7,023,647

14,323,904

5,392,619

11,525,015

Loss on valuation(sales) of securities

538,293,119

900,794,749

164,763,423

274,086,850

Loss on derivatives transactions

263,817,301

610,045,856

426,680,917

968,259,023

Interest expense

25,416,892

47,151,547

37,365,921

69,130,737

Loss on valuation(disposal) of loans

775,316

775,316

-

-

Loss on foreign transactions

2,994,306

5,223,813

44

14,690

General and administrative expenses

81,788,248

158,398,213

69,987,459

140,286,568

Others

-

-

8,161,602

8,384,539

920,108,829

1,736,713,400

712,351,986

1,471,687,423

Operating profit

56,911,017

122,686,862

6,040,123

36,361,071

Non-operating income

3,888,849

7,333,650

6,779,560

10,811,366

Non-operating expenses

292,649

35,325,449

267,510

634,948

Net income before income tax from continuing operations

60,507,217

94,695,063

12,552,173

46,537,488

Income tax expense from continuing operations

13,726,079

30,240,030

3,641,118

12,966,963

Net Income

46,781,138

64,455,032

8,911,055

33,570,525

Earnings Per Share (in Korean won)

Basic Earnings or Net Loss Per Share

₩605

₩845

(₩61)

₩222

Diluted Earnings or Losses Per Share

₩605

₩845

(₩61)

₩222

Daishin Securities Co.,Ltd.

Non-Consolidated Statements of Cash Flows 

Six-Month Periods ended September 30, 2009 and 2008

(in thousands of Korean won)

2009 

2008 

Cash Flows from Operating Activities

Net Income

64,455,032 

33,570,525 

Addition of expenses without cash outflow

1,568,745,000 

1,264,014,577 

Deduction of earnings without cash inflow

1,538,784,281 

1,259,857,923 

Change in assets and liabilities from operating activities

(381,208,640)

498,732,721 

(286,792,888)

536,459,901 

Cash Flows from Investing Activities

Cash inflows from investing activities

976,511 

40,395,747 

Cash outflows for investing activities

63,079,070 

52,008,857 

(62,102,560)

(11,613,109)

Cash Flows from Financing Activities

Cash inflows from financing activities

500,554,746 

5,006,984 

Cash outflows for financing activities

100,256,350 

407,514,874 

400,298,396 

(402,507,889)

Net Increase in Cash and Cash Equivalents

51,402,950 

122,338,901 

Cash and Cash Equivalents

Cash and Cash Equivalents at Beginning

409,021,538 

360,183,811 

Cash and Cash Equivalents at End

460,424,488 

482,522,712