Foodnamoo Receives "Unqualified" Audit Opinion... Removed from Management and Investment Warning Categories

Foodnamoo has received an "unqualified" opinion in its external audit, allowing the company to be removed from the watchlist of management and investment warning categories.

On March 24, Foodnamoo announced through a public disclosure that it had received an unqualified opinion from its external auditor for both its separate and consolidated financial statements for the previous year. The audit opinion for its internal accounting control system was also unqualified.

With the submission of this audit report, the company is being credited with the recovery of its financial reliability and management transparency. In particular, as the reasons for being designated as a management issue and investment warning company have been resolved, external trust in the company is also expected to improve.

The company's financial structure has also improved significantly. On a consolidated basis, total equity increased from approximately 2.2 billion won at the end of the previous fiscal year to about 35 billion won at the end of the current fiscal year. Total liabilities decreased from approximately 105.9 billion won to 51.5 billion won. As a result, the net debt ratio dropped from 3,621% to 113%.

The company is continuing a range of measures to improve its financial structure and normalize operations. These include workforce restructuring, the sale of non-core subsidiaries, and logistics efficiency enhancements, while also preparing capital increases and securing new financing options.

A company official stated, "With our financial base stabilized through the submission of the audit report, we plan to focus on profitability-driven business management and strengthening our core competitiveness going forward," adding, "We will continue to enhance our corporate value through ongoing structural improvements."

This content was produced with the assistance of AI translation services.