[더파워 이경호 기자] Outdoor brand Helinox has come under scrutiny for issuing dividends despite posting a net loss, while continuing significant transactions with related parties and transferring dividend payments to its Singapore-based holding company. The company’s recent actions have raised questions about the transparency of its governance structure.
According to Helinox’s 2024 consolidated audit report released on July 7, the company posted a net loss of 2.69 billion won last year, reversing from a net profit of 2.24 billion won in the previous year. Nonetheless, Helinox paid out an interim dividend worth approximately 556.9 million won in the same year — the entirety of which was transferred to its 100%-owned parent company, Helinox Pte. Ltd., based in Singapore. The dividend payout ratio was -20.67%.
Helinox explained that the dividend was a redistribution of proceeds received from its subsidiary, Donga Aluminium, and called it an “internal dividend within the corporate group.” However, critics argue that this indicates a profit distribution structure favoring controlling shareholders, rather than aligning with standard dividend policy based on performance.
Helinox Pte. Ltd., incorporated in 2023 and located at Marina Bay Financial Centre, functions as the group’s strategic and financial control center. It holds ownership stakes in Helinox’s headquarters and other subsidiaries in Japan, France, and beyond. Despite its strategic role, the company reportedly generates only about 10 billion won in annual revenue, leading to speculation that its main function lies in asset transfers and internal dividend collection rather than operational profit generation.
Further adding to concerns, Helinox purchased land and buildings worth approximately 14.5 billion won in 2023 from its CEO, Ra Young-hwan. About 7.26 billion won of the purchase price remains unpaid. The book value of the property is around 16.1 billion won — roughly 3.6 times higher than its publicly assessed value of 4.4 billion won — raising questions about the fairness of the transaction.
This transaction was classified as a related-party deal in the audit report, but was not directly reflected in the cash flow statement. “From a financial reporting standpoint, this structure could be interpreted as asset flows favoring the owner, rather than the company,” said an industry source. “Such arrangements could hinder investor confidence in the event of an IPO or external fundraising.”
The audit report also shows that Helinox paid the CEO around 110 million won in other expenses, and lent significant funds on a short-term basis to affiliates in the U.S. and Europe. Ra remains a guarantor for company debts amounting to approximately 9.8 billion won, effectively positioning himself as both creditor and debtor — a setup experts say could lead to conflicts of interest from an accounting perspective.
In response, a Helinox official stated that “the real estate deal followed a professional appraisal, board approval, and investor consent, and the property is currently on the market.” The company emphasized that Helinox Pte. Ltd. operates a physical office staffed with employees, managing intellectual property and executing global branding strategies. “Our global brand planning is centered around the Singapore entity, with active participation from affiliates in the U.S., France, the Netherlands, and Korea. Product development is led by our Vietnam operations,” the spokesperson added.
Nevertheless, experts warn that excessive concentration of power and assets in the hands of controlling shareholders makes it difficult for outsiders to assess the company’s governance structure. As a result, there is growing demand for Helinox to improve the transparency of its accounting and decision-making processes through more robust public disclosures.
이경호 더파워 기자 lkh@thepowernews.co.kr
