Foodwell Q1 Consolidated Sales +21.9%, Operating Profit +71.4%... Net Debt Down, Debt Ratio Improves
Consolidated sales 85,110 million KRW (vs 69,816 million KRW in prior year, +21.9%), operating profit 5,846 million KRW (+71.4%), net profit 4,057 million KRW (+102.7%) — significant improvement.
Total assets 251,277 million KRW, liabilities 131,167 million KRW, equity 120,110 million KRW. Total borrowings 72,843 million KRW (down 1,110 million from year-end). Net debt 55,559 million KRW (prior 61,097 million). Debt ratio 46.26% (prior 52.60%), improved.
Subsidiaries Puroon, Cosfarm, Qingdao Foodwell all recorded net profit. Hudwon had a small loss (-165 million KRW). Bluestreet posted a profit of 64 million KRW.
Treasury shares held: 571,743 shares (5.72%). 2025 dividend of 1,967,521 thousand KRW paid in April 2026.
Shareholder agreement for Bluestreet acquisition (81.63% stake): If operating profit fails to turn positive in 2025-2027, buyer can demand repurchase; seller bears 50% of net asset decline beyond 2024 year-end level — contingent risk.
R&D expense 811 million KRW (0.95% of sales), up from 586 million. Foreign exchange and interest rate risks managed via currency forwards and exposure to variable-rate borrowings.
Short-term borrowings 48,594 million KRW, long-term 24,249 million (net of current portion 15,285 million). Collateral: land and buildings 78,366 million KRW; joint guarantees from CEO.