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.| 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 |
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.| 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.
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.| 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 |
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.| 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.
