Air Busan's First Group Status Disclosure After Joining Hanjin: Debt Ratio 801%, Operating Loss, Issued KRW 100B Perpetual Convertible Bonds to Asiana Airlines
Air Busan submitted its first group status disclosure after being included in the Hanjin group in February 2025.
As of the end of the last fiscal year, total assets stood at KRW 1.4524 trillion, total liabilities at KRW 1.2912 trillion, and equity at KRW 161.2 billion, resulting in a debt ratio of 801%, indicating very weak financial health.
The company recorded an operating loss of KRW 4.5 billion and a net loss of KRW 22.1 billion on revenue of KRW 832.6 billion, continuing its loss-making trend.
In May 2025, it issued KRW 100 billion in perpetual convertible bonds to Asiana Airlines, which is a securities transaction between affiliates.
The largest shareholder is Asiana Airlines (41.89% stake), and there has been no significant change in governance after the inclusion in the Hanjin group.
The board passed an agenda to delegate to the audit committee the preliminary review for ensuring merger fairness and enhancing shareholder value.
[AI Comprehensive Analysis]This is a routine group status disclosure with no significant positive or negative events, but the company's high debt ratio and persistent losses pose investment risks.
KOSPI Filing Information
Filing: Large Enterprise Group Status Disclosure [Annual And First Quarter Use (Individual Company)]