E1 Corporation financial statements, 6 years: The debt ratio rose from 200.1% to 510.0%
Consolidated financial statements for 2020–2025 and the 2026 half-year report that E1 Corporation filed with DART, laid out by year. No interpretation or outlook.
E1 Corporation financial statements, 6 years: The debt ratio rose from 200.1% to 510.0%
The consolidated financial statements in the 2020–2025 annual reports that E1 Corporation (017940) filed with Korea’s DART electronic disclosure system, laid out by year. Figures from the 2026 half-year report cover a different period and are shown separately. Every figure below is taken as filed in the DART submissions; there is no interpretation or outlook. Amounts are in Korean won (KRW; bn = billion, tn = trillion).
1. Income statement — revenue peaked in 2024
| Fiscal year | Revenue | Revenue change | Operating income | Op. income change | Operating margin | Net income |
|---|---|---|---|---|---|---|
| 2020 | 3.93tn | — | 39.5bn | — | 1.0% | 56.3bn |
| 2021 | 5.15tn | +31.18% | 5.6bn | −85.90% | 0.1% | 138.6bn |
| 2022 | 7.99tn | +55.09% | 278.7bn | +4899.37% | 3.5% | 141.5bn |
| 2023 | 7.83tn | −2.04% | 100.6bn | −63.92% | 1.3% | 211.3bn |
| 2024 | 11.19tn | +42.98% | 223.4bn | +122.17% | 2.0% | 75.7bn |
| 2025 | 10.39tn | −7.15% | 324.1bn | +45.03% | 3.1% | 114.2bn |
Revenue was largest in 2024 at KRW 11.19tn and smallest in 2020 at KRW 3.93tn among the six years. It fell from the previous year twice: 2023 (−2.04%), 2025 (−7.15%).
Operating income was largest in 2025 at KRW 324.1bn and smallest in 2021 at KRW 5.6bn. The operating margin was highest in 2022 at 3.5%.
Net income was largest in 2023 at KRW 211.3bn and smallest in 2020 at KRW 56.3bn.
2. Financial position — the debt ratio rose from 200.1% to 510.0%
| Fiscal year | Total assets | Total equity | Debt ratio | Current ratio |
|---|---|---|---|---|
| 2020 | 3.73tn | 1.24tn | 200.1% | 82.9% |
| 2021 | 4.00tn | 1.37tn | 191.2% | 124.2% |
| 2022 | 4.34tn | 1.51tn | 187.3% | 112.8% |
| 2023 | 5.03tn | 2.03tn | 147.6% | 91.3% |
| 2024 | 14.99tn | 2.53tn | 491.6% | 91.6% |
| 2025 | 15.92tn | 2.61tn | 510.0% | 99.4% |
The debt ratio was highest in 2025 at 510.0% and lowest in 2023 at 147.6%.
Over the same period total assets went from KRW 3.73tn to KRW 15.92tn (4.27x), and total equity went from KRW 1.24tn to KRW 2.61tn and became 2.10x.
The current ratio was below 100% in 4 years, 2020, 2023, 2024 and 2025 — in those years current liabilities exceeded current assets.
3. Cash flow — negative in 1 year
| Fiscal year | Operating cash flow | Net income | Operating CF ÷ net income | ROE |
|---|---|---|---|---|
| 2020 | 175.1bn | 56.3bn | 3.11x | 4.5% |
| 2021 | 51.3bn | 138.6bn | 0.37x | 10.1% |
| 2022 | 21.5bn | 141.5bn | 0.15x | 9.4% |
| 2023 | 383.4bn | 211.3bn | 1.81x | 10.4% |
| 2024 | −793.9bn | 75.7bn | −10.49x | 3.0% |
| 2025 | 377.8bn | 114.2bn | 3.31x | 4.4% |
Operating cash flow was negative in 2024. It was largest in 2023 at KRW 383.4bn.
ROE was highest in 2023 at 10.4% and lowest in 2024 at 3.0%.
4. Latest half-year report (end of H1, 43rd fiscal period, consolidated basis)
The period differs, so these figures cannot be compared directly with the annual tables above. Only cumulative figures for the same period of the previous year are compared.
| Item | 2026 cumulative | Same period last year | Change |
|---|---|---|---|
| Revenue | 7.99tn | 5.03tn | +58.76% |
| Operating income | −38.3bn | 209.2bn | turned to loss |
| Net income | 181.0bn | 95.3bn | +89.81% |
| Finance income | 18.3bn | 18.1bn | +1.58% |
| Operating cash flow | 417.4bn | — | — |
At the end of the period, total assets were KRW 20.49tn, total liabilities KRW 17.74tn and total equity KRW 2.76tn.
The cumulative operating margin was −0.5%.
No rate of change is computed for operating income, because the sign changed between the two periods.
5. Ownership, dividends and staff (as of the 2025 annual report)
- Largest shareholder: 구자열 (name as filed), stake 12.78%
- Cash dividend per share KRW 4,550, payout ratio 25.10%, dividend yield 4.57%
- Employees: 334, average pay per employee KRW 144m
How to read this
This page lays out the filed figures by year and nothing more. Financial statements do not say why the numbers moved, so neither do we.
The order of publication follows revenue in the latest fiscal year and has nothing to do with the content.
To check the same figures, search for the company on DART and open the consolidated financial statements in its annual reports. Every number here was computed from the 2020–2025 annual reports and the interim report downloaded through the OpenDART API on 2026-10-16; ratios divide the filed account amounts.
This article is for information only and is not investment advice.