071320 - Korea District Heating

071320 Summary

Utilities

Stock Price & Overview

₩75,600 -900 (-1.18%) Close · Sep 4, 2026 KST

KOSPI | ₩KRW | Close: ₩75,600 ≈ US$54 · Market cap ₩0.9tn (≈ $625m)

071320 Financial Statements

Breakdown ₩ tn	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Total Revenue	4.00	3.57	3.95	4.17	2.54	2.10	2.37	2.49	1.83	1.72
Cost of Revenue	3.36	3.14	3.54	4.46	2.39	1.86	2.22	2.37	1.63	1.48
Gross Profit	0.64	0.43	0.41	-0.29	0.15	0.24	0.14	0.11	0.21	0.24
Selling, General & Administrative	0.11	0.10	0.10	0.11	0.11	0.11	0.10	0.10	0.09	0.08
Operating Income	0.53	0.33	0.31	-0.40	0.04	0.13	0.04	0.01	0.12	0.16
Finance Income	0.01	0.01	0.01	0.00	0.00	0.00	0.01	0.00	0.00	0.01
Finance Costs	0.11	0.10	0.09	0.06	0.05	0.06	0.06	0.06	0.04	0.06
Pretax Income	0.44	0.26	0.23	-0.26	0.03	0.02	-0.03	-0.29	0.08	0.14
Income Tax Expense	0.10	0.05	0.03	-0.07	0.01	-0.01	0.00	-0.06	0.01	0.01
Net Income	0.34	0.21	0.20	-0.18	0.02	0.03	-0.03	-0.23	0.07	0.13
Total Comprehensive Income	0.34	0.19	0.18	-0.15	0.04	0.03	-0.03	-0.23	0.07	0.13

Breakdown ₩ tn	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Total Assets	8.23	8.36	7.97	7.48	6.52	6.07	5.89	5.66	5.72	5.13
Current Assets	0.96	1.05	0.90	1.12	0.71	0.58	0.59	0.64	0.62	0.45
Cash & Cash Equivalents	0.01	0.01	0.01	0.04	0.02	0.03	0.02	0.01	0.03	0.01
Inventories	0.01	0.03	0.06	0.06	0.04	0.04	0.03	0.03	0.06	0.04
Trade Receivables	0.74	0.82	0.79	1.00	0.63	0.50	0.52	0.54	0.50	0.38
Non-current Assets	7.27	7.32	7.07	6.36	5.81	5.49	5.30	5.02	5.10	4.69
Property, Plant & Equipment	6.48	6.50	6.15	5.80	5.35	5.08	4.96	4.78	4.91	4.54
Intangible Assets	0.05	0.06	0.07	0.08	0.08	0.08	0.08	0.08	0.08	0.05
Total Liabilities	5.93	6.09	5.88	5.81	4.69	4.27	4.36	4.10	3.89	3.33
Current Liabilities	1.88	1.69	2.03	2.00	1.51	0.92	0.92	0.96	0.98	0.76
Non-current Liabilities	4.05	4.41	3.85	3.82	3.18	3.35	3.45	3.14	2.91	2.57
Total Equity	2.30	2.27	2.09	1.67	1.82	1.80	1.53	1.56	1.83	1.81
Share Capital	0.06	0.06	0.06	0.17	0.17	0.17	0.17	0.17	0.17	0.17
Retained Earnings	1.88	1.60	1.42	1.23	1.40	1.38	1.36	1.39	1.66	1.63

Breakdown ₩ bn	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Cash from Operating Activities	677.3	416.7	-141.8	14.6	417.6	381.9	188.8	382.4	445.4	312.5
Cash from Investing Activities	-327.6	-624.4	-633.6	-541.0	-541.5	-430.2	-357.8	-434.3	-651.9	-477.4
Purchase of Property, Plant & Equipment	333.1	649.1	640.4	521.1	515.7	426.1	397.6	399.9	677.0	522.0
Cash from Financing Activities	-343.5	200.4	750.5	548.8	110.9	57.5	181.4	26.5	234.6	166.5
Dividends Paid	44.9	—	—	9.2	11.2	0.0	0.0	-32.7	-44.0	41.9
Net Change in Cash	6.2	-7.2	-24.9	22.5	-13.0	9.2	12.3	-25.4	28.1	1.6

Breakdown ₩ tn	2026 Q2	2026 Q1	2025 Q4	2025 Q3	2025 Q2	2025 Q1	2024 Q4	2024 Q3	2024 Q2	2024 Q1
Total Revenue	0.65	1.43	1.04	0.76	0.62	1.58	1.08	0.59	0.53	1.37
Cost of Revenue	0.59	1.09	0.88	0.64	0.61	1.23	0.93	0.53	0.53	1.14
Gross Profit	0.06	0.34	0.16	0.11	0.02	0.35	0.15	0.05	0.00	0.23
Selling, General & Administrative	0.03	0.02	0.03	0.02	0.03	0.02	0.03	0.02	0.02	0.02
Operating Income	0.03	0.32	0.13	0.09	-0.01	0.32	0.11	0.03	-0.02	0.21
Finance Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Finance Costs	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.02	0.02	0.02
Pretax Income	0.01	0.30	0.10	0.06	-0.03	0.30	0.08	0.04	-0.04	0.19
Income Tax Expense	-0.00	0.08	0.03	0.01	-0.01	0.07	0.01	0.00	-0.01	0.04
Net Income	0.01	0.22	0.08	0.05	-0.02	0.23	0.07	0.03	-0.03	0.14
Total Comprehensive Income	0.01	0.22	0.08	0.05	-0.02	0.23	0.05	0.03	-0.03	0.14

Breakdown ₩ tn	2026 Q2	2026 Q1	2025 Q4	2025 Q3	2025 Q2	2025 Q1	2024 Q4	2024 Q3	2024 Q2	2024 Q1
Total Assets	7.84	8.18	8.23	7.90	8.16	8.54	8.36	7.81	7.77	8.12
Current Assets	0.80	1.15	0.96	0.50	0.76	1.41	1.05	0.46	0.48	0.94
Cash & Cash Equivalents	0.06	0.02	0.01	0.03	0.33	0.25	0.01	0.06	0.05	0.12
Inventories	0.01	0.01	0.01	0.02	0.01	0.01	0.03	0.03	0.03	0.04
Trade Receivables	0.33	0.77	0.74	0.36	0.36	0.82	0.82	0.26	0.33	0.71
Non-current Assets	7.04	7.03	7.27	7.40	7.39	7.13	7.32	7.35	7.29	7.18
Property, Plant & Equipment	6.47	6.45	6.48	6.49	6.51	6.52	6.50	6.40	6.37	6.27
Intangible Assets	0.05	0.05	0.05	0.06	0.06	0.06	0.06	0.06	0.06	0.07
Total Liabilities	5.38	5.73	5.93	5.68	5.73	6.09	6.09	5.59	5.58	5.88
Current Liabilities	1.75	1.96	1.88	1.98	1.88	2.04	1.69	1.30	1.48	1.74
Non-current Liabilities	3.63	3.77	4.05	3.70	3.85	4.05	4.41	4.29	4.10	4.14
Total Equity	2.46	2.45	2.30	2.22	2.42	2.45	2.27	2.22	2.20	2.23
Share Capital	0.06	0.06	0.06	0.06	0.06	0.17	0.17	0.17	0.17	0.17
Retained Earnings	2.03	2.03	1.88	1.80	1.76	1.78	1.60	1.55	1.52	1.55

Breakdown ₩ bn	2026 Q2	2026 Q1	2025 Q4	2025 Q3	2025 Q2	2025 Q1	2024 Q4	2024 Q3	2024 Q2	2024 Q1
Cash from Operating Activities	310.2	492.3	-91.0	86.4	250.7	431.3	-78.3	95.3	107.1	292.6
Cash from Investing Activities	-93.2	-80.1	-72.7	-64.5	-80.5	-109.9	-182.0	-63.1	-166.7	-212.6
Purchase of Property, Plant & Equipment	96.1	79.7	74.2	67.0	82.3	109.5	184.7	95.2	168.6	200.7
Cash from Financing Activities	-178.8	-406.8	145.8	-321.9	-89.7	-77.7	204.7	-15.5	-15.4	26.6
Dividends Paid	—	—	0.0	0.0	—	—	—	—	—	—
Net Change in Cash	38.2	5.4	-17.9	-300.0	80.5	243.6	-55.6	16.7	-75.0	106.6

Consolidated (CFS), from DART. 10 fiscal years and 10 quarters. Accounts matched on IFRS account_id, not Korean labels, so the same line holds across years where the Korean wording changed. Quarterly figures are three-month values: income quarters from DART's three-month column, cash-flow quarters differenced from DART's cumulative figures, and Q4 as annual minus nine-month cumulative.

071320 Growth

FY2025 ₩bn	Latest	1-yr	3-yr CAGR	5-yr CAGR	10-yr CAGR
Revenue	3,998.2	+12.0%	-1.4%	+13.8%	—
Operating income	529.6	+61.5%	—	+31.9%	—
Net income	338.9	+61.5%	—	+64.7%	—
EPS	₩29,268	+61.5%	—	+64.7%	—
Operating cash flow	677.3	+62.5%	+259.2%	+12.1%	—
Shareholders' equity	2,301.4	+1.5%	+11.3%	+5.0%	—

Compound annual growth from the DART annual statements on this page. n/m where either end of the period is a loss or missing. EPS uses today's share count for every year.

071320 Profitability

Ratio	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Gross margin	15.9%	12.1%	10.5%	-7.0%	6.0%	11.6%
Operating margin	13.2%	9.2%	8.0%	-9.7%	1.6%	6.3%
Net margin	8.5%	5.9%	5.0%	-4.4%	0.8%	1.3%
Return on equity	14.8%	9.6%	10.6%	-10.5%	1.2%	1.7%
Return on assets	4.1%	2.6%	2.6%	-2.6%	0.3%	0.5%
Operating cash flow / revenue	16.9%	11.7%	-3.6%	0.4%	16.5%	18.2%
Capex / revenue	8.3%	18.2%	16.2%	12.5%	20.3%	20.3%

Margins divide by revenue for the same year. Return on equity and assets divide net income by the average of that year's and the prior year's balance, as DART reports them (consolidated, including minority interests).

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What a US investor should know

Trading hours09:00–15:30 KST — 20:00–02:30 US Eastern the night before.
Daily limitKorean stocks can move at most ±30% in a session before trading halts.
Getting exposureKRX shares are not directly tradable in most US brokerage accounts. The usual routes are Korea ETFs or an international account.
ReportingKorean issuers file to DART, not the SEC. Half-year and quarterly reports land about 45 days after period end.