Dynamic Design, Submission of 2024 Audit Report

Dynamic Design, a tire mold manufacturing and sales company (CEO Hwang Eung-yeon), announced on the 21st that it has submitted its audit report.

The Korea Exchange's KOSPI Market Headquarters took measures on the 21st before the market opened, including a "trading suspension related to rumor inquiries" and a "request for disclosure regarding the auditor's adverse audit opinion rumor." However, Dynamic Design submitted the audit report and resolved these measures. Trading will resume from the 25th.

However, Dynamic Design is expected to be designated as a management item by disclosing a "qualified opinion due to scope limitation" in its audit report.

A representative of Dynamic Design explained, "We deeply apologize for causing concern to shareholders and stakeholders due to the modified audit opinion that did not meet expectations. The audit opinion arose from a lack of sufficient evidence regarding the appropriateness of amounts due to limited provision of some data related to current profit and loss - fair value measurement financial assets."

They added, "Except for the basis of the qualified opinion, the rest was prepared fairly and appropriately, so we believe it can be resolved promptly."

However, they stated, "On a consolidated basis, we recorded an operating loss of 2.5 billion KRW, but this reflects an improvement of about 5.5 billion KRW compared to the previous year. Sales have been continuously recovering since 2021, and we expect to return to profitability by 2025."

Additionally, they mentioned that the Indonesian Cirebon mold plant (PT. DYNAMIC DESIGN INDONESIA) is currently setting up production facilities with the goal of starting operations within the first half of the year, which is expected to increase sales through expanded market share and improve profits through cost reduction.