PN Poongnyun: 1Q Sales Slightly Down, but Debt-Free and Dividend Increase...Solid Financials

Consolidated sales: 14,491 million KRW (down 5.3% YoY from 15,305 million)
Consolidated operating profit: 749 million KRW (down 4.3% YoY from 783 million)
Consolidated net profit: 778 million KRW (down 7.2% YoY from 838 million)
Debt ratio: 18.5% (zero borrowings, debt-free management)
Cash & cash equivalents: 9,052 million + short-term financial instruments: 16,728 million = total 25,780 million KRW
Dividend: 35 KRW per share (up from 30 KRW last year, payout ratio approx. 41%)
Treasury shares: 601,320 shares (6.01%), no concrete buyback/cancellation plan yet
Subsidiary PN Lab net loss: 27.9 million KRW (loss widened from 18.8 million)
Credit rating: A (Korea Enterprise Data), key audit matter: adequacy of inventory valuation allowance
Risks: aluminum price up 29%, currency volatility, etc.