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Financial Statements

The 15th
LS Cable & System Ltd.

Separate Statements of Financial Position(As of December 31, 2022 and 2021)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1,267.30 the exchange rate in effect on December 31, 2022.
Financial statement
Korean won(In milions) Translation into U.S. dollars(In thousands)
2022 2021 2022 2021
Assets
Current assets
Cash and cash equivalents 370,892 225,653 292,663 178,058
Financial deposits 1,293 1,877 1,020 1,481
Trade receivables 1,040,816 1,187,050 821,286 936,676
Other receivables 155,280 77,280 122,528 60,980
Derivative financial assets 61,836 86,383 48,794 68,163
Firm commitment assets 145,348 57,614 114,691 45,462
Inventories 740,363 611,722 584,205 482,697
Other assets 170,768 163,613 134,750 129,104
Total current assets 2,686,596 2,411,192 2,119,937 1,902,621
Non-current assets held for sale 2,080 - 1,641 -
Non-current assets
Property, plant and equipment, net 814,564 713,356 642,756 562,894
Intangible assets, net 59,196 54,829 46,710 43,264
Investment property, net 37,794 8,329 29,823 6,572
Right-of-use assets, net 11,729 16,315 9,255 12,874
Financial deposits 19 20 15 16
Trade receivables 42,522 48,737 33,553 38,457
Other receivables 6,171 8,591 4,870 6,779
Financial assets at fair value through profit or loss 3,546 211 2,798 167
Financial assets at fair value through other comprehensive income 1,208 1,842 953 1,454
Derivative financial assets 1,891 7,708 1,492 6,082
Firm commitment assets 13,614 263 10,743 208
Investments in subsidiaries 626,864 533,260 494,645 420,784
Investments in joint ventures 153,659 92,858 121,249 73,272
Net defined benefit assets 20,917 7,792 16,505 6,149
Other assets 369 370 291 292
Total non-current assets 1,794,063 1,494,481 1,415,658 1,179,264
Total assets 4,482,739 3,905,673 3,537,236 3,081,885
Liabilities
current liabilities
Trade payables 658,698 734,532 519,765 579,604
Borrowings 975,906 644,283 770,067 508,390
Derivative financial liabilities 60,973 25,172 48,113 19,863
Firm commitment liabilities 107,060 113,136 84,479 89,273
Other payables 234,669 120,589 185,172 95,154
Current income tax liabilities - 13,408 - 10,580
Lease liabilities 6,729 6,922 5,310 5,462
Provisions 1,062 1,993 838 1,573
Other liabilities 161,988 195,394 127,821 154,181
Total current liabilities 2,207,085 1,855,429 1,741,565 1,464,080
Non-current liabilities
Borrowings 834,320 685,713 658,344 541,082
Derivative financial liabilities 47,092 15,593 37,159 12,304
Firm commitment liabilities 1,454 4,990 1,147 3,937
Other payables 907 1,078 716 851
Deferred income tax liabilities 23,191 22,100 18,300 17,439
Lease liabilities 5,464 9,922 4,312 7,829
Provisions 7,818 4,462 6,169 3,521
Total non-current liabilities 920,246 743,858 726,147 586,963
Total liabilities 3,127,331 2,599,287 2,467,712 2,051,043
Equity attributable to owners of the parent company
Share capital 111,618 111,618 88,075 88,075
Shae premium 744,620 744,620 587,564 587,564
Accumulated other comprehenive income 92,323 91,225 72,850 71,984
Other components of equity -41,632 -41,435 -32,851 -32,695
Retained earnings 448,479 400,358 353,886 315,914
Total equity 1,355,408 1,306,386 1,069,524 1,030,842
Total liabilities and equity 4,482,739 3,905,673 3,537,236 3,081,885
LS Cable & System Ltd.

Separate Statements of Comprehensive Income(Years Ended December 31, 2022 and 2021)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1,267.30 the exchange rate in effect on December 31, 2022.
Financial statement
Korean won
(In milions, except per share amounts)
Translation into U.S. dollars
(In thousands, except per share amounts)
2022 2021 2022 2021
Continuing operations
Revenue 4,223,754 3,875,899 3,332,876 3,058,391
Cost of sales 3,848,138 3,506,236 3,036,485 2,766,698
Gross profit 375,616 369,663 296,391 291,693
Selling and administrative expenses 223,436 210,655 176,309 166,223
Impairment loss 4,777 8,094 3,769 6,387
Operating profit 147,403 150,914 116,313 119,083
Other income 616,618 423,701 486,561 334,334
Other expenses 632,562 450,910 499,141 355,804
Finance income 2,440 1,846 1,925 1,457
Finance costs 51,100 31,133 40,322 24,566
Share of profit of equity method investments, net -44 23,045 -35 18,184
Other non-operating income 15,090 213 11,907 168
Profit before income tax expense 97,846 117,676 77,208 92,856
Income tax expense 14,071 25,338 11,103 19,994
Profit from continuing operations 83,775 92,338 66,105 72,862
Profit from discontinued operations -2,211 8,341 -1,745 6,582
Profit for the year 81,564 100,679 64,360 79,444
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurement of postemployment benefit obligation -3,886 -1,532 -3,067 -1,209
Remeasurement of postemployment benefit obligation of subsidiaries and others 2,913 -50 2,299 -39
Gain (loss) on valuation of financial assets at fair value through other comprehensive income, net -473 1,033 -373 815
Changes in revaluation surplus 2,486 75,737 1,962 59,762
1,040 75,188 821 59,329
Items that may be subsequently reclassified to profit or loss
Cash flow hedges 868 -1,313 685 -1,036
Share of other comprehensive income (loss) of subsidiaries and others -1,783 37,486 -1,407 29,579
-915 36,173 -722 28,543
Other comprehensive income for the year, net of tax 125 111,361 99 87,872
Total comprehensive income for the year 81,689 212,040 64,459 167,316
Earnings (losses) per share from continuing and discontinued operations
Earnings per share from continuing operations 3,870 4,699 3.05 3.71
(Losses) income per share from discontinued operations -102 425 -0.08 0.34
Basic earnings per share 3,768 5,124 2.97 4.05

Opinion : The Separate financial statements present fairly, in all material respects, the financial position of LS Cable & System Ltd. as of December 31, 2022 and 2021, and its financial performance and cash flows for the years then ended in accordance with the Korean IFRS.

LS Cable & System Ltd.

Consolidated Statements of Financial Position(As of December 31, 2022 and 2021)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1,267.30 the exchange rate in effect on December 31, 2022.
Financial statement
Korean won(In milions) Translation into U.S. dollars(In thousands)
2022 2021 2022 2021
Assets
Current assets
Cash and cash equivalents 559,769 329,948 441,702 260,355
Financial deposits 55,214 42,386 43,568 33,446
Trade receivables 1,524,223 1,552,214 1,202,733 1,224,820
Other receivables 150,619 76,150 118,850 60,088
Financial assets at fair value through profit or loss 14,136 13,571 11,154 10,709
Derivative financial assets 85,554 116,510 67,509 91,936
Firm commitment assets 160,785 60,909 126,872 48,062
Inventories 1,287,359 1,154,687 1,015,828 911,139
Other assets 254,593 216,269 200,894 170,653
Total current assets 4,092,252 3,562,644 3,229,110 2,811,208
Non-current assets held for sale 2,080 32,385 1,641 25,554
Non-current assets
Property, plant and equipment, net 1,558,208 1,374,151 1,229,550 1,084,314
Intangible assets, net 74,635 71,239 58,893 56,213
Investment properties, net 1,790 54 1,412 43
Right-of-use assets, net 40,480 40,865 31,942 32,246
Financial deposits 285 1,021 225 806
Trade receivables 45,623 48,928 36,000 38,608
Other receivables 15,312 17,465 12,082 13,781
Investments in joint ventures 238,334 153,805 188,064 121,364
Financial assets at fair value through profit or loss 4,422 898 3,489 709
Financial assets at fair value through other comprehensive income 2,715 3,903 2,142 3,080
Derivative financial assests 3,553 7,787 2,804 6,145
Firm commitnent assets 13,628 280 10,754 221
Deferred tax assets 4,387 3,067 3,462 2,420
Net defined benefit assets 27,978 7,226 22,077 5,702
Other assets 1,326 529 1,046 416
Total non-current assets 2,032,676 1,731,218 1,603,942 1,366,068
Total assets 6,127,008 5,326,247 4,834,693 4,202,830
Liabilities
current liabilities
Trade payables 919,688 934,822 725,707 737,649
Borrowings 1,665,567 1,180,668 1,314,264 931,640
Derivative financial liabilities 77,582 31,087 61,218 24,530
Firm commitment liabilities 122,672 142,523 96,798 112,462
Other payables 307,069 164,014 242,302 129,420
Current income tax liabilities 6,386 18,889 5,039 14,905
Provisions 4,256 3,803 3,358 3,001
Lease liabilities 10,481 10,529 8,270 8,308
Other liabilities 230,196 236,230 181,643 186,404
Total currrent liabilities 3,343,897 2,722,565 2,638,599 2,148,319
Non-current liabilities
Borrowings 982,136 843,946 774,983 665,940
Derivative financial liabilities 48,537 16,752 38,300 13,219
Firm commitment liabilities 1,489 5,022 1,175 3,963
Other payables 406 1,051 320 829
Deferred income tax liabilities 83,264 82,575 65,702 65,158
Provisions 8,717 5,257 6,878 4,148
Lease liabilities 14,430 14,356 11,386 11,328
Total non-current liabilities 1,138,979 968,959 898,744 764,585
Total liabilities 4,482,876 3,691,524 3,537,343 2,912,904
Equity attributable to owners of the Parent Company
Share capital 111,618 111,618 88,075 88,075
Share premium 744,620 744,620 587,564 587,564
Accumulated other comprehensive income 75,862 76,305 59,861 60,211
Other components of equity 310,528 324,416 245,031 255,990
Accumulated deficit 137,243 68,851 108,296 54,329
1,379,871 1,325,810 1,088,827 1,046,169
Non-controlling interests 264,261 308,913 208,523 243,757
Total equity 1,644,132 1,634,723 1,297,350 1,289,926
Total liabilities and equity 6,127,008 5,326,247 4,834,693 4,202,830
LS Cable & System Ltd. and Subsidiaries

Consolidated Statements of Comprehensive Income(For the Years Ended December 31, 2022 and 2021)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1,267.30 the exchange rate in effect on December 31, 2022.
Financial statement
Korean won
(In milions, except per share amounts)
Translation into U.S. dollars
(In thousands, except per share amounts)
2022 2021 2022 2021
Continuing Operationsy
Revenue 6,621,475 5,851,539 5,224,868 4,617,327
Cost of sales 6,004,592 5,249,033 4,738,098 4,141,902
Gross profit 616,883 602,506 486,770 475,425
Selling and administrative expenses 389,026 369,987 306,972 291,949
Impairment loss 8,298 10,504 6,548 8,289
Operating profit 219,559 222,015 173,250 175,187
Other income 736,930 522,406 581,496 412,220
Other expenses 788,141 558,663 621,906 440,829
Finance income 4,941 3,182 3,899 2,511
Finance costs 83,269 49,875 65,706 39,355
Share of profit of equity method investments, net -5,890 -3,179 -4,648 -2,509
Other non-operating income 42,345 12,774 33,414 10,080
Profit before income tax expense 126,475 148,660 99,799 117,305
Income tax expense 22,723 41,376 17,930 32,649
Profit from continuing operations 103,752 107,283 81,869 84,656
Profit from discontinued operations -2,211 8,341 -1,745 6,582
Profit for the year 101,541 115,624 80,124 91,238
Profit is attributable to:
Owners of the Parent Company
Profit from continuing operations 104,493 91,859 82,453 72,484
Profit from discontinued operations -2,211 8,341 -1,745 6,582
102,282 100,200 80,708 79,066
Non-controlling interests
Profit from continuing operations -740 15,424 -584 12,171
Profit from discontinued operations - - - -
-740 15,424 -584 12,171
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurement of postemployment benefit obligation -626 -2,016 -494 -1,591
Gain (loss) on valuation of financial assets at fair value through other comprehensive income, net -1,466 865 -1,157 683
Revaluation surplus 9,435 100,076 7,445 78,968
7,343 98,925 5,794 78,060
Items that may be subsequently reclassified to profit or loss
Cash flow hedges 1,029 -1,028 812 -811
Changes from equity method -2,338 2,206 -1,845 1,741
Exchange differences -12,615 15,194 -9,954 11,989
-13,924 16,372 -10,987 12,919
Other comprehensive income (loss) for the year, net of tax -6,581 115,297 -5,193 90,979
Total comprehensive income for the year 94,961 230,921 74,931 182,216
Total comprehensive income for the year attributable to:
Owners of the Parent Company 100,362 205,226 79,193 161,941
Non-controlling interests -5,401 25,695 -4,262 20,275
Earnings (losses) per share from continuing and discontinued operations
Earnings per share from continuing operations 4,828 4,675 3.81 3.69
Earnings per share from discontinued operations -102 424 -0.08 0.33
Basic earnings per share 4,726 5,099 3.73 4.02

Opinion : The consolidated financial statements present fairly, in all material respects, the financial position of LS Cable & System Ltd. and its subsidiaries as of December 31, 2022 and 2021, and their financial performance and cash flows for the years then ended in accordance with the Korean IFRS.

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