Changhae Ethanol Balance Sheet

Financials in millions KRW. Fiscal year is January - December.

Millions KRW. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	11,638	6,706	6,447	3,686	3,750	5,002
Short-Term Investments	3,000	-	-	640	-	0
Cash & Short-Term Investments	14,638	6,706	6,447	4,326	3,750	5,002
Cash Growth	164.34%	4.02%	49.02%	15.36%	-25.02%	-16.28%
Accounts Receivable	24,439	25,415	23,946	24,473	23,632	22,738
Other Receivables	1,254	1,035	505.97	584.61	564.36	1,020
Receivables	31,410	31,855	29,870	30,427	29,944	29,436
Inventory	17,086	21,048	23,309	28,239	24,955	15,373
Prepaid Expenses	218.24	397.65	58.39	71.61	62.06	46.84
Other Current Assets	4,607	4,193	7,275	8,597	3,404	2,498
Total Current Assets	67,959	64,201	66,960	71,661	62,115	52,355
Property, Plant & Equipment	44,425	45,502	39,510	38,664	38,818	40,660
Long-Term Investments	29,072	28,753	27,482	24,816	37,180	35,893
Goodwill	46,921	46,921	46,921	46,921	46,921	51,118
Other Intangible Assets	303.11	303.22	303.76	303.04	305.85	310.3
Long-Term Deferred Tax Assets	408.21	408.2	730.09	517.11	306.42	1,236
Other Long-Term Assets	8,342	8,504	8,182	8,589	9,439	8,448
Total Assets	197,431	194,591	190,088	191,471	195,085	190,020
Accounts Payable	7,842	7,929	3,311	7,892	9,807	4,021
Accrued Expenses	590.74	613.51	578.39	926.33	746.07	385.47
Short-Term Debt	27,707	28,939	36,717	41,496	41,422	38,403
Current Portion of Long-Term Debt	4,000	4,129	1,866	1,375	1,281	1,281
Current Portion of Leases	533.16	651.03	626.66	627.29	278.04	331.7
Current Income Taxes Payable	2,006	1,730	2,298	2,343	639.2	1,700
Other Current Liabilities	9,505	4,257	3,773	6,318	2,574	3,073
Total Current Liabilities	52,184	48,248	49,169	60,978	56,748	49,196
Long-Term Debt	-	-	4,129	2,124	2,858	2,790
Long-Term Leases	212.37	191.69	291.19	232.59	114.84	95.31
Pension & Post-Retirement Benefits	-	-	-	-	-	171.39
Long-Term Deferred Tax Liabilities	217.14	217.14	-	-	86.58	-
Other Long-Term Liabilities	291.33	283.72	0	-	-	0
Total Liabilities	52,905	48,941	53,590	63,334	59,807	52,253
Common Stock	4,595	4,595	4,595	4,595	4,595	4,595
Additional Paid-In Capital	16,735	16,735	16,735	16,556	16,573	16,573
Retained Earnings	132,062	133,175	124,421	116,510	124,152	127,895
Treasury Stock	-12,981	-12,981	-12,981	-12,981	-12,981	-12,981
Comprehensive Income & Other	945.67	877.46	305.15	-38.81	-384.61	-1,408
Total Common Equity	141,357	142,402	133,076	124,642	131,955	134,675
Minority Interest	3,168	3,249	3,423	3,495	3,323	3,092
Shareholders' Equity	144,526	145,651	136,499	128,137	135,278	137,767
Total Liabilities & Equity	197,431	194,591	190,088	191,471	195,085	190,020
Total Debt	32,453	33,911	43,629	45,855	45,955	42,902
Net Cash (Debt)	-17,814	-27,204	-37,182	-41,529	-42,204	-37,900
Net Cash Per Share	-2348.86	-3585.50	-4901.12	-5473.43	-5562.46	-4995.13
Filing Date Shares Outstanding	7.58	7.59	7.59	7.59	7.59	7.59
Total Common Shares Outstanding	7.58	7.59	7.59	7.59	7.59	7.59
Working Capital	15,775	15,952	17,790	10,684	5,368	3,159
Book Value Per Share	18641.30	18768.31	17539.19	16427.57	17391.40	17749.97
Tangible Book Value	94,134	95,178	85,852	77,418	84,728	83,247
Tangible Book Value Per Share	12413.76	12544.30	11315.11	10203.59	11167.05	10971.87
Land	9,399	9,399	9,399	9,399	9,399	9,361
Buildings	18,708	13,143	19,186	18,844	18,347	18,085
Machinery	86,245	30,289	83,619	85,941	82,712	80,771
Construction In Progress	-	51.78	560.41	336.42	183.38	9.36