"Overcoming the COVID Crisis with a Stunning Turnaround" Daemyung Sono Awards Total 15 Billion KRW in Performance Bonuses to All Employees

Operating Profit of 30 Billion KRW and Sales of 1.1 Trillion KRW Last Year
Reducing Working Days and Cutting Salaries
Payment as a Token of Appreciation for Hardworking Employees

Daemyeong Sono Group Headquarters, Songpa-gu, Seoul.

Daemyung Sono Group has paid a total of 15 billion KRW in performance bonuses to all employees.

According to the distribution industry on the 18th, Daemyung Sono Group paid 15 billion KRW in performance bonuses to about 5,000 employees. This amounts to approximately 100% of each employee's base salary. Annual salaries were also increased by 10-15% based on the highest rating in personnel evaluations.

The hotel and resort industry suffered significant damage due to restrictions on foreign arrivals and increased burdens on domestic travel amid the COVID-19 pandemic. In this context, the payment of performance bonuses is considered exceptional. A representative of Daemyung Sono Group stated, "As business performance improved through management efficiency during the COVID-19 period, we paid performance bonuses to encourage employees who have worked hard." During the worsening COVID-19 situation, the number of working days for employees was reduced by 50% in the second half of 2020, resulting in a 20% salary cut, and in the first half of last year, a four-day workweek was implemented, with employees receiving only about 87-88% of their salaries.

Daemyung Sono Group posted an operating profit of 30 billion KRW on a consolidated basis last year, turning profitable from a 50 billion KRW loss in 2020. Sales also exceeded 1 trillion KRW again, recording 1.1 trillion KRW following 2020. Sono International, the group's holding company, also returned to profitability with an operating profit of 1.4 billion KRW last year, reversing a 32.1 billion KRW loss in 2020. Its sales increased by 34% year-on-year to 932.2 billion KRW.

Daemyung Sono Group originated from Daemyung Housing, founded in 1979 by the late Seo Hong-song. It currently operates Sono and Sol Beach (hotels and resorts), Ocean World, Vivaldi Park, golf courses (leisure and sports), and Sono Season (furniture). After Chairman Seo's passing, his wife, Chairwoman Park Chun-hee, and their son, Vice Chairman Seo Jun-hyuk, have been leading the company.