Revenue down 72% and 4000 hundred million won in golf course deals? A closer look at MegaStudy’s debt-funded golf expansion
An independent exercise, not a statement by the video creator or verification of every claim in the video.
Calculate parent loan receipts separately from consolidated cash flow
Applying the disclosed 4.6% rate for 1 year to the KRW 30 billion principal gives simple interest of KRW 1.38 billion. Interest receipts and principal recovery matter to the standalone parent. Consolidation eliminates the internal loan and interest, so assess external repayment capacity using golf course operating cash after maintenance investment and external interest.
Check for yourself
- How would expected cash receipts at the parent change if the loan principal were extended again?
- Which payments come first if you map external borrowing and fund options by maturity?
Limits of application
The simple-interest calculation assumes constant principal and interest for the year. It does not estimate payment timing, further repayment, refinancing or option exercise.
- What to look for
- See what changed the revenue ranking of education and leisure and how the golf investments were funded.
- Why it matters
- Distinguish consolidated segment results, parent-only cash flow and third-party contingent rights when assessing cash recovery from diversification.
Timeline
5 segmentsThe extension filing for the KRW 30,000,000,000 loan balance to Mega BMC gives a maturity of 2027-04-27 and an interest rate of 4.6%. The options on the fund associated with Princess GC are separate. The annual report lists put options on remaining fund units and a parent performance guarantee. Actual payments depend on exercise terms, the remaining balance and undistributed amounts.