Source Fact: Financial Supervisory Service DART / 2024-11-21
Disclosure Type: Decision on Provision of Collateral for Others
💡 3-Second Summary
Regarding the ‘Yangyang Suri Onshore Wind Power Project’ acquired through the wind power business acquisition contract executed with Hanwha Corporation, Hanwha Ocean has decided to provide a contractual collateral guarantee with a limit of KRW 390 billion including holding shares and project-related receivables.
📊 1. [Key Disclosure Content & Major Figures Summary]
- Debtor & Relationship: Yangyang Suri Wind Power Co., Ltd. (No separate equity relationship with Hanwha Ocean is explicitly recorded).
- Creditor (Collateral Holder): Kookmin Bank, Shinhan Bank, Kyobo Life Insurance Co., Ltd., Private Investment Trusts, and Policy Fund Loan Lenders.
- Debt Value: KRW 325,000,000,000 (KRW 325.0B)
- Collateral Setting Value: KRW 390,000,000,000 (KRW 390.0B)
- Proportion to Equity: 9.0% against the controlling company’s (Hanwha Ocean) consolidated total equity of KRW 4,312,157,120,697.
- PF Framework Type: Other PF Loan related project financing collateral provision (The value under the construction-related PF framework section is noted as 325,000,000 in the original text).
- Collateralized Property:
- 724,000 common shares of Yangyang Suri Wind Power Co., Ltd.
- All receivables acquired or to be acquired under contracts executed or to be executed by the collateral provider in connection with the project.
- Collateral Provision Period:
- Commencement Date: 2024-12-01 (Stipulated based on the scheduled closing date of the wind power business acquisition contract).
- Expiry Date: 2045-03-31 (Stipulated based on the designated principal and interest repayment deadline).
- Outstanding Collateral Balance: – (No separate historical records are registered prior to this specific transaction).
- Nature of Obligation: This transaction stems from the assumption of target contracts included in the wind power business acquisition contract executed with Hanwha Corporation on April 3, 2024.
- Debtor Financial Summary (Current Year): Total Assets: KRW 114,713 million, Total Liabilities: KRW 79,521 million, Total Equity: KRW 35,192 million, Capital Stock: KRW 36,200 million, Sales: KRW 0, Net Income: KRW -823 million.
- Additional Note: All recorded parameters remain subject to change depending on subsequent progress.
📈 2. [Expert View: Significance for Investors]
This regulatory filing indicates that Hanwha Ocean has formalized a Board resolution regarding a collateral provision linked to the Yangyang Suri Onshore Wind Power Project as an acquisition-based obligation, rather than pledging assets for its own direct working capital procurement. The formal limit of this legal parameter is calibrated at 9.0% of the controlling company’s consolidated total equity, translating into KRW 390.0 billion, and the lifespan of the collateral remains bound to a long-term timeline reaching March 2045.
Investors must precisely recognize the structural fact that this transaction designates specific target assets (subsidiary shares and related project receivables) as pledged security under the business transfer contract. The original disclosure avoids addressing potential repayment default probabilities of the underlying debtor, specific internal projections of actual asset foreclosure risks, or immediate book-value accounting impacts on the consolidated financial statements. Therefore, using external references to assume severe asset depreciation or immediate balance sheet degradation is inappropriate. Market participants should track the closing status of the business acquisition contract scheduled for December 1, 2024, and objectively monitor whether subsequent amendment filings modify the structural variables based entirely on objective regulatory data.
📝 Editor’s Comment (by K-STOCK Editor)
This update logs that Hanwha Ocean’s wind power acquisition framework has integrated a conditional financial framework with a maximum limit of KRW 390 billion, anchoring its structural asset position to an upcoming onshore wind power development. While the commencement window is preliminarily slated for early December 2024 based on the transaction closing schedule, its operational activation remains dependent on the final execution of the business transfer, and the termination milestone extends until late March 2045, signaling that the chronological timeline of this structural financial parameter can experience administrative adjustments.
However, the disclosure text avoids detailing the underlying long-term commercial viability of the debtor beyond the recorded financial summaries, nor does it present micro-level loan repayment mechanics. Consequently, readers must exercise caution and refrain from incorporating external narratives to label this collateral limit as an immediate surge in volatile liabilities, or conversely, to prematurely evaluate the extended project lifecycle as an absolute certainty. Market observers should treat the actual completion of the business transfer and potential follow-up amendment filings as the primary checkpoints, maintaining an objective stance while observing the real engineering and financial progression across the designated schedule.
📢 Disclaimers and Source Information
Source: This content has been newly structured and written based on official data submitted to the Financial Supervisory Service’s Electronic Disclosure System (DART).
Investment Risk Notice: This content is provided solely for informational and linguistic reference purposes. Under no circumstances does it constitute financial advice or a recommendation to buy or sell specific stocks. All investment decisions and financial responsibilities rest entirely with the investor.
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