Seohan Business Report Correction: Accounting Error Fix and Improved Financial Structure

Correction of business report due to FSS request: accounting errors led to understatement of land by 27.6bn won, overstatement of tangible assets by 62.1bn won, understatement of investment in associates by 12.6bn won, resulting in total asset decrease of 20.4bn won, equity decrease of 16.4bn won, and net profit decrease of 6.1bn won (consolidated)
Disagreement between previous and current auditor regarding land classification (inventory vs. property, plant and equipment)
2025 consolidated sales 645.1bn won (-16% YoY), operating profit 62.6bn won (+136%), net profit 28.9bn won (+120%)
Debt ratio improved to 129% (168% in prior year), borrowings 483.3bn won (566.7bn won)
Unrecognized losses from associate Seohankite accumulated to 58.7bn won (additional 31.5bn won this period)
PF contingent liabilities: 28bn won (sole project), intermediate payment guarantees for buyers 5.8bn won, SOC funding commitments 154.3bn won
Dividend: 30 won per share cash dividend for 2024 (dividend yield 3.5%)
Major orders: Chilseong 24 district 275.8bn won, Shinnae 4 149.4bn won, etc.