Audit Report Disclosed
Private equity fund MBK Partners released an audit report on Oct. 13, disclosing its management performance and the status of funds under its management for the first time. The fund’s governance structure was also revealed. Partners Yoon Jong-ha and Kim Kwang-il had more shares than founder Kim Byung-joo.
In fiscal year 2021 (from July 2020 to June 2021), it had 55.9 billion won in assets, 37.2 billion won in capital and 39.7 billion won in sales. Compared to the previous year, assets and capital decreased, while sales fell to a third. Earnings improved from a loss of 6.4 billion won in 2020 to 2.3 billion won in profit in 2021. Its business performance is expected to improve substantially next year, as the financial situations of the funds under its management have improved significantly.
According to the combined financial data of the 14 funds recognized by MBK Partners as fair value measurement financial assets, assets rose from 3,719.8 billion won a year earlier to 6,905.5 billion won and sales also expanded from 598.9 billion won to 3,953.0 billion won. Earnings turned around from a deficit of 3,023.8 billion won to a surplus of 3,678.3 billion. This was due to the incorporation of new assets and improved business performances of existing assets.
A big contribution was made by Homeplus, which reversed its performance from a deficit of more than 530 billion won in 2019 to a surplus of 88.3 billion won in 2020. Moreover, Lotte Card and Golf Zone County posted significantly improved performances.