Fact Source: Financial Supervisory Service DART / 2024-06-07
Disclosure Type: Single Sales or Supply Contract (Amendment)
💡 3-Second Summary
Hanwha Ocean has amended its KRW 443.5B ‘1 Surface Vessel’ construction contract with the Defense Acquisition Program Administration (DAPA), changing the contract end date from June 7, 2024, to ‘Undetermined’.
📊 1. [Key Disclosure Content & Summary of Financial Figures]
- Contract Category: Construction Contract (Contract Name: 1 Surface Vessel)
- Contract Amount: KRW 443,500,000,000
- Recent Revenue: KRW 11,101,800,000,000 (Based on the consolidated financial statements at the end of 2017)
- Ratio to Revenue: 4.0%
- Contract Counterparty: Defense Acquisition Program Administration (DAPA)
- Sales & Supply Region: Domestic
- Contract Period:
- Start Date: December 6, 2018
- End Date: (Before) 2024-06-07 -> (After) Undetermined
- Contract Date: December 6, 2018
- Initial Filing Date: December 7, 2018
- Reason for Amendment: Modification of the contract end date
- Stock Number: 042660
- Other Notes: The contract amount and recent revenue figures are rounded to the nearest KRW 100M. The project is currently undergoing remaining testing to secure the quality and safety of a deep-submergence rescue vehicle introduced from overseas. An amended disclosure will be filed once the delivery date is finalized following the completion of the remaining tests. The contract period and final settlement amount are subject to modification during the construction process.
📈 2. [Expert View: What This Disclosure Means for Investors]
This filing serves as an official amendment notice clarifying that Hanwha Ocean has shifted the scheduled completion date for its KRW 443.5B ‘1 Surface Vessel’ construction contract, originally set for June 7, 2024, to an unmapped status labeled as ‘Undetermined’.
The official reason provided for this adjustment is a change in the contract end date, specifically linked to the ongoing execution of remaining quality and safety tests for the deep-submergence rescue vehicle sourced from overseas. The document contains no specific data regarding potential liquidated damages, structural cost overruns, or how this timeline modification will affect short-term earnings statements and consolidated gross profit metrics. Consequently, international market participants should interpret this update strictly using the verified testing status and the schedule extension parameters provided.
📝 Editor’s Comment (by K-STOCK Editor)
This contract amendment notice outlines a definitive corporate update where the final operational contract end date for the KRW 443.5B ‘1 Surface Vessel’ construction contract has been reclassified as undetermined due to necessary testing procedures. The filing concentrates on rendering verified variables, including the baseline contract amount and the ongoing implementation of safety reviews for the vehicle component.
The primary metrics and checkpoints for investors to watch next are the conclusion of the remaining tests and the subsequent release of a corrected delivery timeline. The text explicitly notes that a follow-up amended disclosure will be generated once the exact delivery timeline is established post-testing. Furthermore, it underlines that both the overall schedule and the ultimate settlement figures remain subject to modification during the execution window.
Consequently, instead of interpreting this procedural timeline adjustments as inherently bullish or bearish, market participants should treat it as a factual operational update and focus on monitoring subsequent corrected notifications and verified corporate performance records following the scheduled testing phases.
📢 Disclaimer & Source Information
Source: This content was structured and newly written based on official data submitted to the Financial Supervisory Service electronic disclosure system (DART).
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