REG - Hanatour Service Inc - Annual Financial Report
08/07/2024 08:00
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RNS Number : 4680V Hanatour Service Inc. 08 July 2024
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
(http://endic.naver.com/enkrEntry.nhn?entryId=961cf92758fb451e8ad05fc73a999328&query=%EC%A0%84%EC%A0%84%EC%84%B8)
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
Not applicable.
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 271, Gonghang-ro, Jung-gu, Incheon, Republic of Korea
(Terminal1)
Airport Office 124, Yeongjong-daero, Jung-gu, Incheon, Republic of Korea
(Commodity Support)
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
Travel Desk 51, Sogong-ro, Jung-gu, Seoul, Republic of Korea
5. Status of Employees (As of December 31, 2023)
(Unit: person)
Classification Office & Operation
Men 616
Women 654
Total 1,270
6. Organization
II. INFORMATION ON SHARES
1. Total Number of Stocks, Etc.
A. Total number of stocks (As of December 31, 2023)
(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 Remark
(for capital decrease for consideration)
- - - - - - - -
C. Contents of scheduled change for capital
No applicable change
2. Matters on Dividends
A. Matters on dividend for three recent fiscal year
Classification 31(st) Term 30(th) Term 29(th) Term
Face value per stock (won) 500 500 500
(Consolidated) Current net income (million won) 47,029 (66,774) (43,987)
(Separated) Current net income (million won) 30,819 (74,617) (38,741)
(Consolidated) Net income per share (won) 3,036 (4,618) (3,285)
Total amount of cash dividend (million won) 77,450 - -
Total amount of stock dividend (million won) - - -
Dividend payout ratio (%) 164.7 - -
Yield rate of cash dividend (%) Common stock 7.8 -
Preferred stock - -
Yield rate of stock dividend (%) Common stock - -
Preferred stock - -
Cash dividend per share (won) Common stock 5,000 -
Preferred stock - -
Stock dividend per share Common stock - -
Preferred stock - -
III. CONTENTS OF THE BUSINESS
1. Summary of the Business
The COVID-19 pandemic, which began in 2020, imposed unprecedented challenges
on the travel industry by restricting international movement over the past
three years. Fortunately, with the increase in vaccination rates and the rapid
decline in the spread of the virus, the World Health Organization (WHO)
declared an end to the Public Health Emergency of International Concern in May
2023, three years and four months after the onset of the pandemic. In
accordance with this, the government of South Korea declared an end to the
pandemic and lifted all related restrictions. As countries worldwide relaxed
their quarantine measures, the travel industry began to show signs of a robust
recovery.
Throughout the COVID-19 period, Hanatour focused on strengthening its product
and channel capabilities. We restructured our main product line around
'Hanapack 2.0,' shifting towards mid-to-high-priced packages to simultaneously
enhance customer satisfaction and profitability. As a result, Hanapack 2.0
accounted for 57% of the company's total package sales last year, a
significant increase from 8% before the pandemic. This segment has now firmly
established itself as a major revenue source for the company. In terms of
customer satisfaction, the Hanatour Customer Satisfaction Index (HCSI) showed
a marked improvement, rising from the high 70s pre-pandemic to the mid-80s
following the launch of 'Hanapack 2.0.'
Hanatour also invested significantly in strengthening its online channel
capabilities, particularly focusing on its mobile app. The app's usability and
functionality were comprehensively upgraded, and substantial efforts were made
to enhance travel content useful for both package and FIT (Free Independent
Traveler) customers. Consequently, our mobile app achieved a record high of
over 550,000 Monthly Active Users (MAU) in September 2023, solidifying its
dominant market position. The online sales ratio of package tours also
increased significantly, from 19% before the pandemic to 39%, demonstrating
improved profitability through strengthened online channel capabilities.
The recovery of the package travel market began in earnest in the second half
of 2023, and this trend is expected to continue into 2024. In January of this
year alone, the number of package tourists sent by Hanatour increased by 40%
compared to the previous month, surpassing market expectations. During the
pandemic, Hanatour streamlined its cost structure by divesting underperforming
subsidiaries. The focus on mid-to-high-end packages through 'Hanapack 2.0' has
enhanced both customer satisfaction and profitability. The strengthened online
channels have laid the foundation for increased sales of package products and
combined products targeting FIT customers. Based on these improvements and
market recovery, the company anticipates achieving its highest-ever annual
operating profit on a consolidated basis this year.
As South Korea's leading travel company, Hanatour will continue to drive
innovation and growth in the travel industry. We appreciate your continued
interest and support in our new journey this year.
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 2023 2022 2021
Total Total Total Total Total Total
Departures Departures Departures Departures Departures Departures
from of Korea from of Korea from of Korea
HANATOUR HANATOUR HANATOUR
2,589,867 21,293,382 533,957 5,904,941 42,441 803,201
Share rate 12.16% 9.04% 5.28%
3. Characteristics of the market
There are four 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 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 11,000,000 100.00
Beijing Hana Information Technology Co., Ltd. Software Technical Development - 100.00
Hanatour Service (M) Sdn.Bhd. Travel Business 1,500,000 100.00
HANATOUR VIETNAM COMPANY LIMITED Travel Business - 85.00
PHILIPPINE HANATOUR INC. Travel Business 218,797 99.99
HNT SG PTE. LTD. Travel Business - -
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 31(st) Term 30(th) Term 29(th) Term
Sales 324,720,747 66,269,096 10,781,802
Operating Expenses 306,314,041 156,798,748 108,327,485
Operating Income 18,406,706 (90,529,652) (97,545,683)
Profit Before Tax 31,237,113 (77,690,960) (43,530,465)
Income Tax Expense 418,144 (3,074,173) (4,789,718)
Net Income 30,818,969 (74,616,787) (38,740,747)
Net Income per Share(Won) 1,990 (5,160) (2,893)
2. Financial position
(In thousand won)
Classification 31(st) Term 30(th) Term 29(th) Term
Current Assets 367,002,425 202,531,190 86,185,310
Non-Current Assets 118,773,275 115,786,404 128,627,359
Total Assets 485,775,700 318,317,593 214,812,670
Current Liabilities 296,740,313 162,469,875 92,071,844
Long-term Liabilities 8,233,563 5,864,863 2,199,736
Total Liabilities 304,973,876 168,334,738 94,271,580
Capital Stock 8,019,593 8,019,593 6,969,593
Other Paid-in Capital (20,526,418) 119,473,582 16,465,030
Elements of Other Shareholder's Equity (9,097) (9,097) (9,097)
Retained Earnings 193,317,746 22,498,777 97,115,564
Total Shareholder's Equity 180,801,824 149,982,855 120,541,089
Total Liabilities 485,775,700 318,317,593 214,812,670
and Shareholder's Equity
Ⅵ. RISK FACTORS
Refer to III - 1. Summary of the Business
Ⅶ. MANAGEMENT
Full-time Name Position Assigned Task
/ Part-time
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
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 4,456,100 27.78%
and 5 people with a special relationship
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. 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
InterparkTriple Corp. HANATOUR Service Inc. 60,876 0.50
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. 11,310 11.87
WOONGJIN CO., LTD. Hanatour Business Service Inc. 6,903 0.01
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 11,000,000 100.00
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 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 - -
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
(1) Hanatour Service (M) Sdn.Bhd. which is one of subsidiaries of the Group
resolved to dissolve on February 16, 2024.
XII. OTHER IMPORTANT FACTS ABOUT THE BUSINESS
Not applicable.
HANATOUR SERVICE INC. AND SUBSIDIARIES
Consolidated Financial Statements
December 31, 2023 and 2022
HANATOUR SERVICE INC. AND SUBSIDIARIES
Consolidated Statements of Financial Position
As of December 31, 2023and 2022
(In thousands of won) 2023 2022
Assets
Cash and cash equivalents W 118,664,728 92,497,218
Short-term financial instruments 145,600,341 88,602,428
Trade receivables 61,769,325 39,362,975
Other receivables 11,009,797 5,856,639
Finance lease receivables 873,674 570,354
Inventories 59,064,708 8,274,560
Advance payments 36,807,411 25,212,457
Other current assets 3,165,293 2,996,919
Other financial assets 8,912,662 6,795,589
Current tax assets 1,089,720 371,081
Total current assets 446,957,658 270,540,219
Non-current financial assets at FVTPL 3,606,339 3,012,260
Financial assets at FVOCI 1,192,983 1,189,200
Investments in associates and joint ventures 4,892 702,932
Long-term finance lease receivables 1,028,040
Long-term other receivables 3,869,520 4,125,824
Investment property, net 886,089 1,108,747
Property and equipment, net 11,561,649 10,176,272
Right-of-use assets 92,509,393 76,601,501
Intangible assets 16,720,494 22,932,160
Other financial assets 11,301,479 12,723,620
Deferred tax assets 54,925,964 52,292,869
Other non-current assets 31,879 23,838
Total non-current assets 197,638,720 184,889,221
Total assets W 644,596,378 455,429,440
HANATOUR SERVICE INC. AND SUBSIDIARIES
Consolidated Statements of Financial Position, Continued
As of December 31, 2023and 2022
(In thousands of won) 2023 2022
Liabilities
Trade payables W 80,874,678 41,976,540
Other payables 63,981,265 47,177,054
Income tax payables 671,634 362,065
Deposits received for travel 163,826,944 77,008,167
Advances received 17,935,127 22,423,174
Short-term borrowings 8,682,599 14,370,131
Current portion of long-term borrowings 1,803,197 2,086,092
Finance lease liabilities 16,810,476 13,914,120
Provisions 1,142,630 892,688
Other financial liabilities 2,467,894 2,084,106
Other current liabilities 11,881,663 10,464,511
Total current liabilities 370,078,106 232,758,647
Long-term other payables - 142,878
Long-term borrowings 5,337,856 7,865,108
Long-term provisions 433,104 198,919
Long-term finance lease liabilities 104,502,824 105,785,176
Provision for long-term employee benefits 796,885 4,404,615
Other non-current liabilities 4,119523 4,572,449
Total non-current liabilities 115,214,192 122,969,145
Total liabilities 485,292,298 355,727,793
Equity
Capital stock 8,019,593 8,019,593
Other contributed capital (7,085,791) 132,914,209
Components of other capital 2,624,819 2,642,459
Retained earnings 166,799,642 (20,268,959)
Equity attributable to the owners of 170,358,263 123,307,301
the Parent Company
Non-controlling interests (11,054,183) (23,605,653)
Total equity 159,304,079 99,701,648
Total liabilities and equity W 644,596,378 455,429,440
HANATOUR SERVICE INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss)
For the years ended December 31, 2023and 2022
(In thousands of won, except earnings per share data) 2023 2022
Operating revenue W 411,611,609 114,969,463
Operating expense 377,563,623 216,153,549
Bad debt expense (4,149,653) (1,500,026)
Other operating expense 381,713,276 217,653,575
Operating income 34,047,986 (101,184,086)
financial income 7,826,709 3,158,458
Financial expense 2,863,292 2,847,390
Loss from investment in associates and joint ventures 92,334 355,249
Other income 21,880,866 43,045,885
Other expense 3,680,370 11,378,724
Income (loss) before income taxes 57,304,234 (68,850,608)
Income taxes of continuing operations (1,529,561) (4,083,086)
Net loss W 58,833,795 (64,572,425)
Net loss from continuing operations 58,833,795 (64,767,522)
Net loss from discontinued operations 222,968 195,097
Other comprehensive income after tax expense 781,731 2,757,022
Items that will never be reclassified to profit of loss:
Loss on valuation financial assets at FVOCI 3,669 2,749
Items that are or may be reclassified subsequently
to profit of loss:
Gain on foreign operations translation, net 778,062 2,754,273
Total comprehensive income (loss) W 59,838,493 (61,815,403)
Net income (loss) attributable to:
Owners of the Parent Company 47,028,589 (66,773,945)
Non-controlling interests 12,028,173 2,201,520
W 59,056,762 (64,572,425)
Comprehensive income (loss) attributable to:
Owners of the Parent Company 47,010,458 (66,053,865)
Non-controlling interests 12,828,035 4,238,462
W 59,838,493 (61,815,403)
Earnings (losses) per share
Basic earnings (losses) per share attributable to (in won) : 3,036 (4,618)
Continuing operation (in won) 3,023 (4,630)
Discontinued operation (in won) 13 12
Diluted earnings (losses) per share attributable to (in won) : W 3,036 (4,618)
Continuing operation (in won) 3,023 (4,630)
Discontinued operation (in won) 13 12
HANATOUR SERVICE INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Equity
For the years ended December 31, 2023and 2022
(In thousands of won) Capital Stock Other contributed capital Components of other capital Retained earnings Non-controlling interests Total shareholders' equity
January 1, 2022 W 6,969,593 29,905,656 1,947,292 46,504,986 (27,571,400) 57,756,127
Net loss - - - (66,773,945) 2,201,520 (64,572,425)
Gain on foreign operations - - 718,621 - 2,035,652 2,754,273
translation
Gain on valuation financial - - 1,458 - 1,291 2,749
assets at FVOCI
Paid-in capital increase of 1,050,000 103,008,553 - - - 104,058,553
Subsidiaries Dividends
Dividends (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 2,642,458 (20,268,959) (23,605,653) 99,701,648
January 1, 2023 W 8,019,593 132,914,209 2,642,458 (20,268,959) (23,605,653) 99,701,648
Net lncome - - - 47,028,589 12,028,173 59,056,762
Gain on foreign operations - - (21,064) - 799,126 778,062
translation
Gain on valuation financial - - 2,933 - 736 3,669
assets at FVOCI
Transfer of retained earnings - (140,000,000) - 140,000,000 - -
Dividends - - - - (236,069) (236,069)
Changes in scope of consolidation - - 491 40,012 (40,504) -
December 31, 2023 W 8,019,593 (7,085,791) 2,624,819 166,799,642 (11,054,184) 159,304,079
HANATOUR SERVICE INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the years ended December 31, 2023and 2022
(In thousands of won) 2023 2022
Cash flows from operating activities
Net income(loss) W 59,056,762 (64,572,425)
Additions of expenses not involving cash outflows and others 27,756,868 39,113,602
Deduction of incomes not involving cash inflows and others (21,022,948) (35,842,600)
Movements in operating assets and liabilities:
Decrease in trade receivables (20,663,371) (29,287,967)
Decrease (increase) in other receivables (3,415,555) 2,242,569
Decrease in inventories (51,509,240) (6,699,621)
Decrease in advance payments (9,865,813) (12,171,934)
Decrease in other current assets (18,762) (960,839)
Increase (decrease) in other non-current assets (22,115) 167,560
Increase in trade payables 38,922,066 33,362,874
Decrease in other payables 10,475,434 301,053
Increase in deposits received for travel 86,912,668 68,989,862
Decrease in advances received (4,013,053) (3,404,855)
Increase in other financial liabilities 63,557 7,868
Increase in other current liabilities 4,000,043 1,048,138
Decrease in provisions (1,194,146) (525,909)
Decrease in long-term other payables - (49,960)
Decrease in other long-term employee benefit (151,500) (179,055)
115,310,895 (8,461,640)
Interest expense paid (2,999,941) (2,859,892)
Interest income received 6,025,564 1,608,360
Income taxes paid (1,609,915) (527,693)
Net cash provided by operating activities W 116,726,602 (10,240,865)
HANATOUR SERVICE INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows, Continued
For the years ended December 31, 2023and 2022
(In thousands of won) 2023 2022
Cash flows from investing activities
Cash inflows from investing activities:
Decrease in short-term financial instruments W 176,743,468 39,696,173
Decrease in other receivables 670,150 159,233
Disposal of financial assets at FVTPL - 200,000
Disposal of financial assets at amortized cost measurement 157,627 -
Disposal of investment in associates and joint venture 781,956 251,100
Disposal of property and equipment 438,639 677,031
Disposal of intangible assets - 488,022
Decrease in finance lease receivables 1,278,075 588,448
Decrease in other financial assets 4,386,632 5,997,337
Government grants - 32,846
Cash outflows for
investing activities:
Increase in short-term financial instruments 233,854,168 111,311,078
Increase in other receivables 2,163,032 10,802
Acquisition of financial assets at FVTPL -
Acquisition of property and equipment 5,300,618 1,810,936
Acquisition of intangible assets 2,117,029 3,223,260
Increase in other financial assets 5,847,607 3,072,094
Net cash used in investing activities W (64,825,906) (71,337,980)
HANATOUR SERVICE INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows, Continued
For the years ended December 31, 2023and 2022
(In thousands of won) 2023 2022
Cash flows from financing activities
Cash inflows from financing activities:
Proceeds from short-term borrowings W 28,657,977 40,488,800
Proceeds from long-term borrowings - 15,923
Paid-in capital increase of subsidiaries 7 104,139,523
Proceeds from leasehold deposits received 420,149 296,200
Cash outflows for financing activities:
33,860,020 41,521,004
Repayment
of short-term borrowings
2,006,062 3,916,979
Repayment of current portion of long-term borrowings
450,846 -
Repayment of long-term borrowings
17,511,380 28,930,991
Repayment
of finance lease liabilities
276,840 352,519
Payment of dividends
Payment of leasehold deposits received 47,100 204,194
Net cash provided (25,074,115) 70,014,759
by financing activities
Increase (decrease) in cash on changes in scope of consolidation -
Net decrease in cash and cash equivalents 26,826,579 (11,564,086)
Cash and cash equivalents at beginning of year 92,497,218 105,686,896
Effect of exchange rate change (659,070) (1,625,592)
Cash and cash W 118,664,728 92,497,218
equivalents at end of year
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