WOORI BANK | CIK:0001264136 | 3

  • Filed: 4/30/2018
  • Entity registrant name: WOORI BANK (CIK: 0001264136)
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    • ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory

     

    13. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES

     

    (1) Investments in joint ventures and associates accounted for using the equity method of accounting are as follows (Unit: Korean Won in millions):

     

              Percentage of ownership (%)     

    Financial statement

    used as of

    Investors and investees

    		   

    Main business

    		    December 31,
    2016    		      December 31,
    2017    		     

    Woori Bank and Woori Private Equity
    Asset Management Co., Ltd.:

    		            

    Woori Blackstone Korea Opportunity No.1 Private Equity Fund(*19)

    		    Other finance business      26.4        —      —

    Woori Bank:

    		            

    Kumho Tire Co., Inc.(*1)(*2)

    		    Manufacturing      14.2        14.2      September 30(*3)

    Woori Service Networks Co., Ltd.(*4)

    		    Freight & staffing services      4.9        4.9      November 30(*3)

    Korea Credit Bureau Co., Ltd.(*5)

    		    Credit information      9.9        9.9      December 31

    Korea Finance Security Co., Ltd.(*4)

    		    Security service      15.0        15.0      November 30(*3)

    Chin Hung International Inc.(*2)(*9)

    		    Construction      28.4        25.3      November 30(*3)

    Poonglim Industrial
    Co., Ltd.(*6)(*12)(*14)

    		    Construction      31.0        29.4      September 30(*3)

    STX Engine Co., Ltd.(*1)(*2)(*20)

    		    Manufacturing      29.2        29.2      —

    Samho International Co., Ltd.(*2)(*18)

    		    Construction      7.8        —      —

    Force TEC Co., Ltd.(*6)(*15)

    		    Freight & staffing services      34.4        —      —

    STX Corporation(*1)(*2)(*6)(*13)

    		    Wholesale of non-specialized goods      9.5        19.7      September 30(*3)

    Saman Corporation(*5)

    		    General construction Technology service      9.2        9.2      September 30(*3)

    Dongwoo C & C Co., Ltd.(*6)

    		    Construction      23.2        23.2      —

    SJCO Co., Ltd.(*6)

    		    Aggregate transportation and wholesale      26.5        26.5      —

    G2 Collection Co., Ltd.(*6)

    		    Wholesale and retail sales      28.9        28.9      —

    The Base Enterprise Co., Ltd.(*6)

    		    Manufacturing      48.4        48.4      —

    Heungjiwon Co., Ltd.(*6)(*17)

    		    Other printing      27.8        —      —

    Kyesan Engineering Co., Ltd.(*6)

    		    Construction      23.2        23.2      —

    Good Software Lap Co., Ltd.(*6)

    		    Service      28.9        28.9      —

    Wongwang Co., Ltd.(*6)

    		    Wholesale and real estate      29.0        29.0      —

    Sejin Construction Co., Ltd.(*6)

    		    Construction      29.6        29.6      —

    Deokwon Food Co., Ltd.(*6)(*17)

    		    Poultry processing and storage      27.3        —      —

    QTS Shipping Co., Ltd.(*6)

    		    Complex transportation brokerage      49.4        49.4      —

    DAEA SNC Co., Ltd.(*6)

    		    Wholesale and retail sales      24.0        24.0      —

    ARES-TECH Co., Ltd.(*6)

    		    Electronic component manufacturing      23.4        23.4      —

    Reading Doctors Co., Ltd.(*6)(*10)

    		    Other service business      —        35.4      —

    PREXCO Co., Ltd.(*6)(*10)

    		    Manufacturing      —        28.1      —

    Hyunwoo International
    Co., Ltd.(*6)(*10)

    		    Manufacturing      —        25.9      —

    Jiwon Plating Co., Ltd.(*6)(*16)

    		    Plating      —        20.5      —

    Cultizm Korea LTD Co., Ltd.(*6)(*16)

    		    Wholesale and retail sales      —        31.3      —

    Gil Co.,Ltd.(*6)(*16)

    		    Manufacturing      —        26.1      —

    NK Eng Co., Ltd.(*6)(*10)

    		    Manufacturing      —        23.1      —

    Woori Growth Partnerships New Technology Private Equity Fund

    		    Other financial business      23.1        23.1      December 31

    2016KIF-IMM Woori Bank Technology Venture Fund

    		    Other financial business      20.0        20.0      December 31

    K BANK Co., Ltd.(*5)

    		    Finance      13.0        13.8      November 30(*3)

    Smart Private Equity Fund No.2(*11)

    		    Other financial business      —        20.0      December 31

    Woori Bank-Company K Korea Movie Asset Fund(*11)

    		    Other financial business      —        25.0      December 31

    Well to Sea No. 3 Private Equity Fund(*11)

    		    Finance      —        50.0      September 30(*3)

    Woori Private Equity Fund:

    		            

    Woori Renaissance Holdings(*7)

    		    Other financial business      51.6        —      —

    Woori Private Equity Asset Management Co., Ltd.,:

    		            

    Woori Columbus 1st Private Equity Fund(*8)

    		    Other financial business      2.0        —      —

    Woori Investment Bank Co., Ltd.

    		            

    Nomura-Rifa Private Real Estate Investment Trust No.17(*11)

    		    Other financial business      —        25.0      December 31

     

    (*1) The Group has significant influence on these entities through its position in the creditors’ council which is the decision making body regarding to financial and operational policies of associates.
    (*2) The investments in associates that have quoted market prices are Kumho Tire Co., Ltd. (current period: 4,425 Korean Won, previous year: 8,480 Korean Won), Chin Hung International Inc. (current period: 1,915 Korean Won, previous year: 2,090 Korean Won), STX Engine Co., Ltd. (current period: 9,150 Korean Won, previous year: 6,630 Korean Won), Samho International Co., Ltd. (previous year: 16,900 Korean Won), STX Corporation. (previous year: 1,660 Korean Won).
    (*3) The significant transactions and events between the end of reporting period of the associates and the Group have been properly incorporated.
    (*4) Most of the significant business transactions of associates are with the Group as of December 31, 2016 and 2017.
    (*5) The Group can participate in decision-making body and exercise significant influence over associates through business partnerships.
    (*6) The carrying values of investments in Force TEC Co., Ltd., STX Corporation and Deokwon Food Co., Ltd. are nil as of December 31, 2016 and those of investments in Reading Doctors Co., Ltd., PREXCO Co., Ltd., Hyunwoo International Co., Ltd., Jiwon Plating Co., Ltd., Cultizm Korea LTD Co., Ltd., Gil Co., Ltd. and NK Eng Co., Ltd. are nil as of December 31, 2017. Furthermore, those of investments in Poonglim Industrial Co., Ltd., Dongwoo C&C Co., Ltd., SJCO Co., Ltd., G2 collection Co., Ltd., The Base Enterprise Co., Ltd., Heungjiwon Co., Ltd., Kyesan Engineering Co., Ltd., Good Software Lab Co., Ltd., Wongwang Co., Ltd., Sejin Construction Co., Ltd., QTS Shipping Co., Ltd., DAEA SNC Co., Ltd. and ARES-TECH Co., Ltd. are nil as of both December 31, 2016 and 2017.
    (*7) The Group owns over 50% ownership as of December 31, 2016. However, the investment in this entity was accounted for using equity method as the ownership and related contracts meet the definition of joint arrangement under IFRS 11 Joint Arrangements. As of December 31, 2017 the entity has been excluded from the range of associates as liquidated.
    (*8)

    As a general partner of Woori Columbus 1st Private Equity Fund, the Group had significant influence over the entity’s operational and financial policy making process, including participating in making decision of dividend or other distribution. As such, the investment in this entity was accounted for using equity method as of December 31, 2016. The Woori Columbus 1st Private Equity Fund has been removed from the list of associated companies as it was liquidated during the current period.

    (*9) Due to consolidation of stocks and debt-equity swap, the Group’s number of holding shares and ownership ratio have decreased.
    (*10) Even though the Group’s ownership ratio of the entity was more than 20% as of December 31, 2016, the Group did not have significant influence over the entity due to the fact that the entity was going through workout process under receivership, and thus the entity was excluded from the investment in associates. However, as the workout process was completed during the years ended December 31, 2017, it has been included in the investment in associates.
    (*11) Due to capital contribution by the Group during the years ended December 31, 2017, the entities were included in the investment in associates.
    (*12) The Group has sold a part of shares of the associates so the number of shares holding has decreased during the years ended December 31, 2017.
    (*13) Due to debt-equity swap capital stock, the Group ownership ratio has increased during the years ended December 31, 2017.
    (*14) As the carrying amounts of certain investments in associates had been reduced to zero, the Group discontinued the use of the equity method in accounting for those investments, and unrecognized losses due to the restricted application of equity method amount to 612 million Won and 16,344 million Won as of December 31, 2016 and 2017, respectively.
    (*15) Not in scope for the associates, because the Group does not have significant influence over the entity due to the fact that it is going through workout process under receivership as of December 31, 2017.
    (*16) Due to debt-equity swap, the entity was included in the investment in associates during the years ended December 31, 2017.
    (*17) As the Group sold its entire ownership interest of the entities, it was exclude from the investment in associates during the years ended December 31, 2017.
    (*18) The entity was sold after it was transferred to assets held for sale and was excluded from the investment in associates.
    (*19) It has been removed from the list of associated companies as it was liquidated during the current period.
    (*20) The shares of STX Engine Co., Ltd. owned by the Group were reclassified as assets held for sale, as the creditor financial institutions committee entered into a contract with UAMCO.,Ltd during the current period to sell STX Engine Co., Ltd. shares.

     

    (2) Changes in the carrying value of investments in joint ventures and associates accounted for using the equity method of accounting are as follows (Unit: Korean Won in millions):

     

        For the year ended December 31, 2015  
        Acquisition
    cost    		     January 1,
    2015    		     Share
    of
    profits
    (losses)    		     Acquisi-
    tion(*3)    		     Disposal
    and
    others    		     Dividends     Change in
    Capital    		     Impairment     Other
    changes    		     December 31,
    2015    		  

    Woori Blackstone Korea Opportunity Private Equity Fund No.1

    		     81,608       100,436       9,266       —       (37,367 )      (16,291 )      —       —       —       56,044  

    Kumho Tire Co., Inc.

    		     175,652       224,829       (11,979 )      —       —       —       1,201       —       —       214,051  

    Woori Service Networks Co., Ltd.

    		     108       130       21       —       —       (12 )      —       —       —       139  

    Korea Credit Bureau Co., Ltd.

    		     2,215       3,378       335       1,098       —       —       480       —       —       5,291  

    Korea Finance Security Co., Ltd.

    		     3,337       4,272       (425 )      —       (81 )      (55 )      —       —       —       3,711  

    United PF 1st Corporate financial stability

    		     191,617       203,418       3,350       —       (19,176 )      —       —       —       —       187,592  

    Chin Hung International Inc.

    		     60,275       28,491       (14,489 )      29,451       —       —       482       —       —       43,935  

    Poonglim Industrial Co., Ltd.

    		     13,917       —       10,643       —       —       —       (1 )      (22,472 )      17,143       5,313  

    STX Engine Co., Ltd.

    		     47,008       2,293       (3,901 )      45,030       —       —       1,823       —       6,031       51,276  

    Samho Co., Ltd.

    		     7,492       11,257       3,012       —       —       —       56       —       —       14,325  

    STX Corporation

    		     42,215       14,347       (10,673 )      —       —       —       559       —       18       4,251  

    Osung LST Co., Ltd.

    		     15,405       18,482       (4,322 )      —       —       —       4       (33,839 )      30,660       10,985  

    Saman Corporation

    		     8,521       —       —       8,521       —       —       —       —       —       8,521  

    Phoenix Digital Tech Co., Ltd.

    		     1,334       —       1,610       —       (1,610 )      —       —       —       —       —  

    Woori Renaissance Holdings

    		     63,000       36,019       3,518       —       —       (2,416 )      —       —       —       37,121  

    Woori Columbus First PEF

    		     1,200       1,084       222       —       —       —       —       —       —       1,306  
     

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		  

    Total

    		     714,904       648,436       (13,812 )      84,100       (58,234 )      (18,774 )      4,604       (56,311 )      53,852       643,861  
     

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		  

     

        For the year ended December 31, 2016  
        Acquisition
    cost    		     January 1,
    2016    		     Share
    of
    profits
    (losses)    		     Acquisi-
    tion(*1)    		     Disposal
    and
    others(*2)    		     Dividends     Change in
    Capital    		     Impairment     December 31,
    2016    		  

    Woori Blackstone Korea Opportunity Private Equity Fund No.1

    		     43,917       56,044       10,093       —       (37,036 )      (13,812 )      —       —       15,289  

    Kumho Tire Co., Inc.

    		     175,652       214,050       (13,172 )      —       —       —       (546 )      —       200,332  

    Woori Service Networks Co., Ltd.

    		     108       139       18       —       —       (12 )      —       —       145  

    Korea Credit Bureau Co., Ltd.

    		     3,313       5,291       436       —       —       (135 )      —       —       5,592  

    Korea Finance Security Co., Ltd.

    		     3,266       3,711       (281 )      —       —       (54 )      —       —       3,376  

    United PF 1st Corporate financial stability

    		     172,441       187,592       3,265       —       (190,857 )      —       —       —       —  

    Chin Hung International Inc.

    		     89,725       43,936       (996 )      —       —       —       92       —       43,032  

    Poonglim Industrial Co., Ltd.

    		     13,916       5,313       (2,378 )      —       —       —       (2,935 )      —       —  

    STX Engine Co., Ltd.

    		     92,038       51,276       (6,665 )      —       —       —       (1,575 )      —       43,036  

    Samho Co., Ltd.

    		     7,492       14,325       5,392       —       —       —       12       —       19,729  

    STX Corporation

    		     42,215       4,251       (4,222 )      —       —       —       (29 )      —       —  

    Osung LST Co., Ltd.

    		     15,405       10,985       (2,903 )      —       (6,909 )      —       —       (1,173 )      —  

    Saman Corporation

    		     8,521       8,521       252       —       —       —       (74 )      —       8,699  

    K-Growth crowd 2step Fund

    		     800       —       (13 )      800       (787 )      —       —       —       —  

    Woori Growth Partnerships New Technology Private Equity Fund

    		     13,602       —       (640 )      13,602       —       —       156       —       13,118  

    2016KIF-IMM Woori Bank Technology Venture Fund

    		     1,800       —       —       1,800       —       —       —       —       1,800  

    K BANK Co.,Ltd.

    		     32,500       —       (1,589 )      32,500       —       —       (469 )      —       30,442  

    Woori Renaissance Holdings

    		     63,000       37,121       17,303       —       —       (2 )      —       —       54,422  

    Woori Columbus First PEF

    		     1,200       1,306       (43 )      —       (1,065 )      (198 )      —       —       —  
     

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		  

    Total

    		     780,911       643,861       3,857       48,702       (236,654 )      (14,213 )      (5,368 )      (1,173 )      439,012  
     

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		  

     

        For the year ended December 31, 2017    

     

    		  
        Acquisition
    cost    		     January 1,
    2017    		     Share
    of
    profits
    (losses)    		     Acquisi-
    tion(*4)    		     Disposal
    and
    others(*5)    		     Dividends     Change
    in
    capital    		     Impairment     Others(*4)     December 31,
    2017    		  

    Woori Blackstone Korea Opportunity No.1 Private Equity Fund

    		     —       15,289       (4,617 )      —       (7,369 )      (3,303 )      —       —       —       —  

    Kumho Tire Co., Inc.

    		     175,652       200,332       (102 )      —       —       —       1,545       (102,842 )      —       98,933  

    Woori Service Networks Co., Ltd.

    		     108       145       21       —       —       (8 )      —       —       —       158  

    Korea Credit Bureau Co., Ltd.

    		     3,313       5,592       371       —       —       (147 )      —       —       —       5,816  

    Korea Finance Security Co., Ltd.

    		     3,266       3,376       197       —       —       (54 )      —       —       —       3,519  

    Chin Hung International Inc.

    		     89,725       43,032       (14,375 )      41,053       —       —       1,535       —       (26,144 )      45,101  

    Poonglim Industrial Co., Ltd.

    		     13,916       —       (6,733 )      —       —       —       —       —       6,733       —  

    STX Engine Co., Ltd.

    		     92,038       43,036       (1,010 )      —       (46,217 )      —       4,191       —       —       —  

    Samho Co., Ltd.

    		     7,492       19,729       2,021       —       (16,354 )      —       (73 )      (5,323 )      —       —  

    STX Corporation

    		     42,215       —       (29,788 )      8,546       —       —       417       —       27,772       6,947  

    Saman Corporation

    		     8,521       8,699       (733 )      —       —       —       26       (6,738 )      —       1,254  

    Woori Growth Partnerships New Technology Private Equity Fund

    		     13,602       13,118       (582 )      15,729       (498 )      —       (156 )      —       —       27,611  

    2016KIF-IMM Woori Bank Technology Venture Fund

    		     1,800       1,800       —       5,040       —       —       —       —       —       6,840  

    K BANK Co., Ltd.

    		     32,500       30,442       (11,381 )      12,892       —       —       (245 )      —       27       31,735  

    Smart Private Equity Fund No.2

    		     3,000       —       (68 )      3,000       —       —       —       —       —       2,932  

    Woori Bank-Company K Korea Movie Asset Fund

    		     1,500       —       (43 )      3,000       —       —       —       —       —       2,957  

    Well to Sea No.3 Private Equity Fund

    		     102,500       —       80,894       102,500       (508 )      —       (577 )      —       —       182,309  

    Woori Renaissance Holdings

    		     —       54,422       (622 )      —       —       (57,109 )      —       —       3,309       —  

    Nomura-Rifa Private Real Estate Investment Trust No.17

    		     1,000       —       (61 )      1,000       —       —       —       —       —       939  
     

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		  
        592,148       439,012       13,389       192,760       (70,946 )      (60,621 )      6,663       (114,903 )      11,697       417,051  
     

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		  

     

    (*1) AFS financial assets decreased by 5,421 million Won due to transfers to investments in associates during the year ended December 31, 2016.
    (*2) The transfers from investments in associates to AFS financial assets amounted to 155,220 million Won and the transfers from investments in associates to assets held for sale amounted to 6,909 million Won during the year ended December 31, 2016.
    (*3) Investments in associates increased by 83,002 million Won due to transfers between accounts, such as loan-equity swap occurred during the year ended December 31, 2015.
    (*4) Changes in investments in joint ventures and associates due to debt-equity swap is 51,227 million Won during the year ended December 31, 2017.
    (*5) The Investments in Associates reclassified as assets held for sale amount to 62,571 million Won, of which 16,354 million Won was disposed of during the year ended December 31, 2017.

     

    (3) Financial information relating to investments in joint ventures and associates accounted for using the equity method of accounting is as follows (Unit: Korean Won in millions):

     

         December 31, 2016  
         Assets      Liabilities      Operating
    revenue    		      Net income
    (loss)    		  

    Woori Blackstone Korea Opportunity No.1 Private Equity Fund

    		      57,971        427        75,084        38,226  

    Kumho Tire Co., Inc.

    		      5,079,740        3,914,306        2,156,667        (53,328 ) 

    Woori Service Networks Co., Ltd.

    		      4,722        1,782        14,875        801  

    Korea Credit Bureau Co., Ltd.

    		      71,245        17,322        59,868        3,517  

    Korea Finance Security Co., Ltd.

    		      32,262        9,759        52,657        700  

    Chin Hung International Inc.

    		      421,710        354,995        578,640        794  

    Poonglim Industrial Co., Ltd.

    		      304,718        323,765        156,770        (15,135 ) 

    STX Engine Co., Ltd.

    		      865,265        769,481        372,295        (22,978 ) 

    Samho Co., Ltd.

    		      740,786        489,130        909,927        68,077  

    STX Corporation

    		      781,622        1,087,469        1,252,968        (378,782 ) 

    Saman Corporation

    		      83,380        47,175        72,850        2,746  

    Woori Growth Partnerships New Technology Private Equity Fund

    		      57,339        493        37        (2,177 ) 

    2016KIF-IMM Woori Bank Technology Venture Fund

    		      9,005        254        5        (250 ) 

    K BANK Co., Ltd.

    		      239,806        5,633        2,927        (12,222 ) 

    Woori Renaissance Holdings Inc.

    		      127,411        26,703        37,206        33,508  

    Woori Columbus 1st Private Equity Fund

    		      811        506        3,764        (450 ) 

     

         December 31, 2017  
         Assets      Liabilities      Operating
    revenue    		      Net income
    (loss)    		  

    Kumho Tire Co., Inc.

    		      5,105,107        3,928,327        2,136,569        (61,748 ) 

    Woori Service Networks Co., Ltd.

    		      4,982        1,780        14,887        1,003  

    Korea Credit Bureau Co., Ltd.

    		      75,504        19,323        68,750        3,580  

    Korea Finance Security Co., Ltd.

    		      33,915        10,461        55,610        1,071  

    Chin Hung International Inc.

    		      341,284        259,454        513,285        28,698  

    Poonglim Industrial Co., Ltd.

    		      241,063        309,925        107,360        (29,812 ) 

    STX Corporation

    		      595,348        543,458        1,371,272        342,869  

    Saman Corporation

    		      98,435        69,929        76,135        (6,096 ) 

    Woori Growth Partnerships New Technology Private Equity Fund

    		      120,133        485        1,024        (3,199 ) 

    2016KIF-IMM Woori Bank Technology Venture Fund

    		      32,815        380        6        (1,515 ) 

    K BANK Co., Ltd.

    		      1,244,270        1,001,121        19,231        (74,403 ) 

    Smart Private Equity Fund No.2

    		      14,711        51        1        (340 ) 

    Woori Bank-Company K Korea Movie Asset Fund

    		      11,830        2        16        (172 ) 

    Well to Sea No.3 Private Equity Fund

    		      5,068,424        4,534,957        131,488        162,743  

    Nomura-Rifa Private Real Estate Investment Trust No.17

    		      20,265        16,507        62        (242 ) 

     

    (4) The entities that the Group has not applied equity method of accounting although the Group’s ownership ratio is more than 20% as of December 31, 2016 and 2017, are as follows:

     

         As of December 31, 2016  
         Number of shares owned      Ownership (%)  

    Orient Shipyard Co., Ltd.(*)

    		      465,050        23.0 % 

    Saenuel Co., Ltd.(*)

    		      3,531        37.4 % 

    E Mirae Tech Co., Ltd.(*)

    		      7,696        41.0 % 

    Jehin Trading Co., Ltd.(*)

    		      81,610        27.3 % 

    NK Eng Co., Ltd.(*)

    		      697,033        23.1 % 

    The season Co., Ltd.(*)

    		      18,187        30.1 % 

    Yuil PESC Co., Ltd.(*)

    		      8,642        24.0 % 

    Youngdong Sea Food Co., Ltd.(*)

    		      12,106        24.0 % 

    Sinseong Trading Co., Ltd.(*)

    		      2,584        27.2 % 

    Reading Doctors Co., Ltd.(*)

    		      7,398        35.4 % 

    PREXCO Co., Ltd.(*)

    		      919,972        28.1 % 

    Hyunwoo International Co., Ltd.(*)

    		      59,873        25.9 % 

     

         As of December 31, 2017  
         Number of shares owned      Ownership (%)  

    Orient Shipyard Co., Ltd.(*)

    		      465,050        21.4 % 

    Saenuel Co., Ltd.(*)

    		      3,531        37.4 % 

    E Mirae Tech Co., Ltd.(*)

    		      7,696        41.0 % 

    Jehin Trading Co., Ltd.(*)

    		      81,610        27.3 % 

    The season Co., Ltd.(*)

    		      18,187        30.1 % 

    Yuil PESC Co., Ltd.(*)

    		      8,642        24.0 % 

    Youngdong Sea Food Co., Ltd.(*)

    		      12,106        24.0 % 

    Sinseong Trading Co., Ltd.(*)

    		      2,584        27.2 % 

    CL Tech Co., Ltd.(*)

    		      13,759        38.6 % 

    Force TEC Co., Ltd.(*)

    		      4,780,907        25.8 % 

    Protronics Co., Ltd.(*)

    		      95,921        48.1 % 

    Instern Co., Ltd.(*)

    		      14,296        20.1 % 

     

    (*) Even though the Group’s ownership interest of the entity is more than 20%, the Group does not have significant influence over the entity since it is going through work-out process under receivership, thus it is excluded from the investment in associates.

     

    (5) As of December 31, 2015, 2016 and 2017, the reconciliations from the net assets of associates based on the ownership ratio of the Group to its corresponding book value of investment in joint ventures and associates are as follows (Unit: Korean Won in millions except for ownership):

     

        As of December 31, 2015  
        Total net
    asset    		     Ownership
    (%)    		     Net assets of
    associates (or
    joint
    ventures)    		     cost-book
    value
    differential(*1)    		     Impairment     Intercompany
    transaction
    and others    		     Book
    value    		  

    Woori Blackstone Korea Opportunity Private Equity Fund No.1

    		     211,757       26.4       55,900       —       —       144       56,044  

    Kumho Tire Co., Inc.(*2)

    		     1,152,161       14.2       163,042       48,459       —       2,549       214,050  

    Woori Service Networks Co., Ltd.

    		     2,805       4.9       139       —       —       —       139  

    Korea Credit Bureau

    		     50,884       9.9       5,043       248       —       —       5,291  

    Korea Finance Security Co., Ltd.

    		     24,738       15.0       3,711       —       —       —       3,711  

    United PF 1st Corporate financial stability

    		     1,057,935       17.7       187,538       —       —       54       187,592  

    Chin Hung International Inc.(*2)

    		     68,132       28.4       19,374       24,566       —       (4 )      43,936  

    Poonglim Industrial Co., Ltd.(*2)

    		     (58,065 )      30.7       (17,837 )      45,622       (22,472 )      —       5,313  

    STX Engine Co., Ltd.(*2)

    		     123,969       29.2       36,230       14,927       —       119       51,276  

    SamHo Co., Ltd.

    		     182,730       7.8       14,325       —       —       —       14,325  

    STX Corporation

    		     50,421       15.0       7,552       24,610       (28,370 )      459       4,251  

    Osung LST Co., Ltd.

    		     82,878       11.1       9,238       35,597       (33,839 )      (11 )      10,985  

    Saman Corporation

    		     31,636       9.2       2,911       5,610       —       —       8,521  

    Woori Renaissance Holdings

    		     67,203       51.6       34,677       —       (6,441 )      8,885       37,121  

    Woori Columbus First PEF

    		     67,904       1.9       1,304       6       —       (4 )      1,306  

     

        As of December 31, 2016  
        Total net
    asset    		     Ownership
    (%)    		     Net assets of
    associates (or
    joint
    ventures)    		     cost-book
    value
    differential(*1)    		     Impairment     Intercompany
    transaction
    and others    		     Book
    Value    		  

    Woori Blackstone Korea Opportunity Private Equity Fund No.1

    		     57,544       26.4       15,191       —       —       98       15,289  

    Kumho Tire Co., Inc.(*2)

    		     1,055,219       14.2       149,324       48,459       —       2,549       200,332  

    Woori Service Networks Co., Ltd.

    		     2,940       4.9       145       —       —       —       145  

    Korea Credit Bureau

    		     53,923       9.9       5,344       248       —       —       5,592  

    Korea Finance Security Co., Ltd.

    		     22,503       15.0       3,376       —       —       —       3,376  

    Chin Hung International Inc.(*2)

    		     65,387       28.4       18,593       24,565       —       (126 )      43,032  

    Poonglim Industrial Co., Ltd.(*2)

    		     (111,156 )      31.0       (34,463 )      54,149       (21,062 )      1,376       —  

    STX Engine Co., Ltd.

    		     95,784       29.2       28,002       14,954       —       80       43,036  

    SamHo Co., Ltd.

    		     251,656       7.8       19,729       —       —       —       19,729  

    STX Corporation(*2)

    		     (250,018 )      9.5       (23,633 )      24,614       (27,904 )      26,923       —  

    Saman Corporation

    		     36,205       9.2       3,326       5,373       —       —       8,699  

    Woori Growth Partnerships New Technology Private Equity Fund

    		     56,846       23.1       13,118       —       —       —       13,118  

    2016KIF-IMM Woori Bank Technology Venture Fund

    		     8,751       20.0       1,750       —       —       50       1,800  

    K BANK Co.,Ltd.

    		     234,173       13.0       30,442       —       —       —       30,442  

    Woori Renaissance Holdings

    		     100,708       51.6       51,965       —       (6,441 )      8,898       54,422  

    Woori Columbus First PEF

    		     305       2.0       6       —       —       (6 )      —  

     

        As of December 31, 2017  
        Total net
    asset    		     Ownership
    (%)    		     Net assets of
    associates (or
    joint
    ventures)    		     Cost-book
    value
    differential(*1)    		     Impairment     Intercompany
    transaction
    and others    		     Book
    value    		  

    Kumho Tire Co., Inc.(*2 and *3)

    		     1,065,421       14.2       150,767       48,459       (102,843 )      2,550       98,933  

    Woori Service Networks Co., Ltd.

    		     3,202       4.9       158       —       —       —       158  

    Korea Credit Bureau Co., Ltd.

    		     56,181       9.9       5,568       248       —       —       5,816  

    Korea Finance Security Co., Ltd.

    		     23,454       15.0       3,519       —       —       —       3,519  

    Chin Hung International Inc.(*2)

    		     81,686       25.3       20,671       24,565       —       (135 )      45,101  

    Poonglim Industrial Co., Ltd.(*2)

    		     (168,154 )      29.4       (49,446 )      54,542       (20,504 )      15,408       —  

    STX Corporation

    		     51,890       19.7       10,232       24,614       (27,904 )      5       6,947  

    Saman Corporation

    		     28,506       9.2       2,619       5,373       (6,738 )      —       1,254  

    Woori Growth Partnerships New Technology Private Equity Fund

    		     119,648       23.1       27,611       —       —       —       27,611  

    2016KIF-IMM Woori Bank Technology Venture Fund

    		     32,435       20.0       6,487       —       —       353       6,840  

    K BANK Co., Ltd.

    		     243,149       13.0       31,535       —       —       200       31,735  

    Smart Private Equity Fund No.2

    		     14,660       20.0       2,932       —       —       —       2,932  

    Woori Bank-Company K Korea Movie Asset Fund

    		     11,828       25.0       2,957       —       —       —       2,957  

    Well to Sea No.3 Private Equity Fund(*2)

    		     364,909       50.0       182,366       —       —       (57 )      182,309  

    Nomura-Rifa Private Real Estate Investment Trust No.17

    		     3,758    

     

    25.0

     

    		  

     

    939

     

    		     —    

     

    —

     

    		     —    

     

    939

     

     

    (*1) It is attributed as the difference between the acquisition cost and the corresponding net asset when the Group acquired the associates.
    (*2) The net asset amount is after considering preferred stocks, debt-equity swap and others.
    (*3) The Group recognized 102,843 million of impairment loss on the investment due to a significant and prolonged decline in the stock price of the investment below its book value.