Fact Source: Financial Supervisory Service DART / 2024-11-29
Disclosure Type: Decision on Debt Guarantee for Others
💡 Summary in 3 Seconds
Hanwha Systems has resolved to provide a debt guarantee worth KRW 55.79B (USD 40M / 2.59% of total equity) for new local working capital borrowings by its affiliate Philly Shipyard Inc. (PSI).
📊 1. [Key Disclosure Details & Financial Highlights]
- Debtor: Philly Shipyard Inc. (Relationship: Affiliate)
- Creditor: Woori America Bank
- Debt Amount & Guarantee Amount: KRW 55,788,000,000 (approx. KRW 55.79B / USD 40,000,000)
- Applied FX Rate: 1,394.70 KRW/USD (Seoul Foreign Exchange Brokerage rate as of Nov 29, 2024)
- Relative Size to Equity: 2.59% (Based on year-end 2023 consolidated total equity of KRW 2.15T)
- Guarantee Period: 12 months from the initial agreement date (to be re-disclosed upon period finalization)
- Total Debt Guarantee Balance: KRW 55,788,000,000 (including this transaction)
- Board Resolution Date: November 29, 2024
- Purpose of Borrowing: Local working capital financing for Philly Shipyard Inc., an entity scheduled for acquisition by subsidiary HS USA Holdings Corp.
- Other Notes: Subject to the completion of PSI acquisition procedures; KRW-denominated amounts may vary depending on foreign exchange rate fluctuations.
[Debtor’s Summary Financial Position (Philly Shipyard Inc.)] (Unit: KRW Million)
- FY2023: Total Assets 417,644 / Total Liabilities 371,825 / Total Equity 45,819 / Revenue 576,789 / Net Profit -86,302
- FY2022: Total Assets 479,721 / Total Liabilities 350,906 / Total Equity 128,815 / Revenue 508,793 / Net Profit -12,916
- FY2021: Total Assets 549,327 / Total Liabilities 416,975 / Total Equity 132,352 / Revenue 244,974 / Net Profit -6,843
📈 2. [Professional Insight: What This Means for Investors]
This filing details a debt guarantee decision approved by Hanwha Systems for local working capital credit facilities (capped at USD 40M) raised by Philly Shipyard Inc. (PSI), a US shipyard targeted for acquisition through subsidiary HS USA Holdings Corp.
Financially, the guarantee amount corresponds to approx. KRW 55.79B (USD 40M), representing 2.59% of Hanwha Systems’ consolidated total equity as of year-end 2023. The guarantee duration is set for 12 months from the initial agreement date, contingent upon the completion of the acquisition process. The KRW-denominated figure remains subject to foreign exchange rate variations over time.
📝 Editor’s Comment (by K-STOCK Editor)
The objective facts established in this disclosure are that Hanwha Systems resolved a KRW 55.79B (USD 40M) debt guarantee for working capital facilities of affiliate Philly Shipyard Inc., representing 2.59% of its total equity.
Moving forward, the primary objective checkpoints for investors are tracking the completion of the acquisition process and observing the subsequent regulatory re-disclosure once the exact guarantee period dates are finalized. As the filing explicitly states that terms will be re-disclosed upon period confirmation, monitoring future regulatory updates remains essential.
📢 Disclaimer & Source Notice
Source: This content was newly structured and written based on official data submitted to the Financial Supervisory Service’s Data Analysis, Retrieval and Transfer System (DART).
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