Fact Source: Financial Supervisory Service DART
💡 3-Second Summary
Hanwha Aerospace mutually agreed to terminate (cancel) its KRW 454.8B contract (7.09% of recent annual revenue) with Vertical Aerospace Group Ltd. for the development and supply of VX4 aircraft systems.
📊 [Key Disclosure Contents & Major Figures Summary]
- Disclosure Type: Cancellation of Single Sales/Supply Contract
- Contract Cancellation Type: Goods Supply
- Terminated Contract Name: Development and supply of EMA, Tilting, and Blade Pitch Systems for VX4 aircraft
- Cancellation Amount: KRW 454,828,405,776 (approx. KRW 454.8B)
- Recent Annual Revenue: KRW 6,415,087,932,347 (approx. KRW 6.42T, based on FY2021 consolidated financial statements)
- Contract Value to Revenue Ratio: 7.09%
- Counterparty: Vertical Aerospace Group Ltd.
- Contract Period: 2022-08-23 ~ 2026-07-31
- Primary Reason for Cancellation: Early project termination following the execution of a cancellation agreement with the counterparty
- Cancellation Date: 2026-07-31 (Execution date of the cancellation agreement)
[Other Key Information]
- This filing cancels the single sales/supply contracts previously disclosed on August 23, 2022, and October 18, 2023.
- Both parties agreed to cancel the contract based on strategic evaluation due to changes in market environments and project directions; simultaneously, an MOU was signed to maintain a cooperative foundation for similar future development and supply projects.
- The cancellation amount was converted to KRW using the exchange rate as of August 22, 2022 (USD 1 = KRW 1,326.70).
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Financial Impact Assessment and Progress on MOU-Based Cooperation
This disclosure reports the mutual cancellation of a major supply and development contract with an overseas partner due to shifts in market conditions. As the cancellation amount represents 7.09% of FY2021 revenue, monitoring the financial impact on future revenue recognition and tracking potential follow-up projects under the newly signed MOU is important. Progress can be monitored through subsequent regulatory disclosures or regular periodic reports (Quarterly, Half-Yearly, or Annual Reports).
📢 Disclaimer & Source Information
Source: This content was structured and generated based on official submission data from the Financial Supervisory Service’s Data Analysis, Retrieval and Transfer System (DART).
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