Hyundai Department Store Issues KRW 2 Trillion Unsecured Bonds (33-1, 33-2) for Refinancing

Issuance of 33-1 (KRW 130 billion, 2-year, 3.669%) and 33-2 (KRW 70 billion, 3-year, 3.793%) unsecured bonds totaling KRW 200 billion, fully used for debt repayment.
2025 consolidated revenue KRW 4.23 trillion (+1.0% YoY), operating profit KRW 377.9 billion (+33.1% YoY, margin 8.93%), net profit KRW 141.5 billion (turn to black).
Consolidated debt ratio 78.26% (-1.67%p YoY), net debt-to-equity ratio 25.94% (-1.64%p YoY), interest coverage ratio 5.1x (3.4x in 2024).
Bond rating AA+ (stable) from Korea Ratings, KIS, and NICE.
Shareholder returns: target annual dividend of KRW 50 billion by 2027; paid KRW 46.4 billion in 2025 including interim. Treasury stock buyback (~KRW 21.1 billion) and cancellation (1,063,901 shares).
Risks: economic slowdown, intensifying online competition in retail, duty-free regulatory risks, Zinus underperformance.
2025 consolidated total borrowings KRW 1.92 trillion (+KRW 71.6 billion YoY), cash equivalents KRW 1.51 trillion (+KRW 424.3 billion YoY).