Hanwha Aerospace Co., Ltd. financial statements, 6 years: Operating income rose 191% in one year and grew to 2x in another
Consolidated financial statements for 2020–2025 and the 2026 half-year report that Hanwha Aerospace Co., Ltd. filed with DART, laid out by year. No interpretation or outlook.
Hanwha Aerospace Co., Ltd. financial statements, 6 years: Operating income rose 191% in one year and grew to 2x in another
The consolidated financial statements in the 2020–2025 annual reports that Hanwha Aerospace Co., Ltd. (012450) 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 — operating income changed by more than 70% in 2 years
| Fiscal year | Revenue | Revenue change | Operating income | Op. income change | Operating margin | Net income |
|---|---|---|---|---|---|---|
| 2020 | 5.32tn | — | 243.9bn | — | 4.6% | 164.7bn |
| 2021 | 5.54tn | +4.13% | 277.1bn | +13.59% | 5.0% | 301.8bn |
| 2022 | 6.54tn | +18.01% | 377.2bn | +36.13% | 5.8% | 152.0bn |
| 2023 | 7.89tn | +20.64% | 594.3bn | +57.55% | 7.5% | 976.9bn |
| 2024 | 11.24tn | +42.47% | 1.73tn | +191.41% | 15.4% | 2.54tn |
| 2025 | 26.70tn | +137.57% | 3.09tn | +78.38% | 11.6% | 2.20tn |
Revenue was largest in 2025 at KRW 26.70tn and smallest in 2020 at KRW 5.32tn among the six years. It never fell from the previous year.
Operating income was largest in 2025 at KRW 3.09tn and smallest in 2020 at KRW 243.9bn. The operating margin was highest in 2024 at 15.4%.
Net income was largest in 2024 at KRW 2.54tn and smallest in 2022 at KRW 152.0bn.
2. Financial position — equity became 5.62x
| Fiscal year | Total assets | Total equity | Debt ratio | Current ratio |
|---|---|---|---|---|
| 2020 | 9.46tn | 2.99tn | 216.6% | 131.3% |
| 2021 | 11.05tn | 3.93tn | 180.9% | 145.1% |
| 2022 | 15.16tn | 3.92tn | 286.3% | 103.9% |
| 2023 | 19.54tn | 4.68tn | 317.2% | 76.1% |
| 2024 | 43.56tn | 11.49tn | 279.1% | 90.1% |
| 2025 | 53.95tn | 16.79tn | 221.4% | 102.4% |
The debt ratio was highest in 2023 at 317.2% and lowest in 2021 at 180.9%.
Over the same period total assets went from KRW 9.46tn to KRW 53.95tn (5.70x), and total equity went from KRW 2.99tn to KRW 16.79tn and became 5.62x.
The current ratio was below 100% in 2 years, 2023 and 2024 — in those years current liabilities exceeded current assets.
3. Cash flow — positive in all six years
| Fiscal year | Operating cash flow | Net income | Operating CF ÷ net income | ROE |
|---|---|---|---|---|
| 2020 | 434.7bn | 164.7bn | 2.64x | 5.5% |
| 2021 | 990.0bn | 301.8bn | 3.28x | 7.7% |
| 2022 | 1.52tn | 152.0bn | 10.03x | 3.9% |
| 2023 | 1.39tn | 976.9bn | 1.42x | 20.9% |
| 2024 | 1.39tn | 2.54tn | 0.55x | 22.1% |
| 2025 | 4.05tn | 2.20tn | 1.84x | 13.1% |
Operating cash flow was positive in all six years. It was largest in 2025 at KRW 4.05tn and smallest in 2020 at KRW 434.7bn.
ROE was highest in 2024 at 22.1% and lowest in 2022 at 3.9%.
4. Latest half-year report (end of H1, 50th 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 | 15.04tn | 11.80tn | +27.54% |
| Operating income | 2.00tn | 1.39tn | +44.06% |
| Net income | 1.61tn | 469.1bn | +242.55% |
| Finance income | 1.08tn | 861.0bn | +25.01% |
| Operating cash flow | −370.7bn | — | — |
At the end of the period, total assets were KRW 58.74tn, total liabilities KRW 38.50tn and total equity KRW 20.24tn.
The cumulative operating margin was 13.3%.
5. Ownership, dividends and staff (as of the 2025 annual report)
- Largest shareholder: Hanwha Corp, stake 32.18%
- Cash dividend per share KRW 7,000, payout ratio 25.63%, dividend yield 0.70%
- Employees: 8,168, average pay per employee KRW 124m
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 2026-09-28; ratios divide the filed account amounts.
This article is for information only and is not investment advice.