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The 9th
LS Cable & System Ltd.

Separate Statements of Financial Position(As of December 31, 2016 and 2015)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1208.50 the exchange rate in effect on December 31, 2016.
Financial statement
Korean won(In milions) Translation into U.S. dollars(In thousands)
2016 2015 2016 2015
Assets
Current assets
Cash and cash equivalents 102,441 175,622 84,767 145,322
Financial deposits 14,782 26,687 12,232 22,083
Trade receivables 701,782 784,645 580,705 649,272
Other receivables 18,651 22,342 15,433 18,487
Derivative assets 30,028 5,823 24,847 4,818
Firm commitment assets 36,276 67,402 30,017 55,773
Inventories 254,338 214,078 210,458 177,144
Other current assets 147,390 102,204 121,961 84,571
Total current assets 1,305,688 1,398,803 1,080,420 1,157,470
Non-current assets held for sale 2,590 7,691 2,143 6,364
Non-current assets
Property, plant and equipment 514,349 531,929 425,610 440,156
Intangible assets 32,630 33,989 27,001 28,125
Investment property 9,758 8,630 8,075 7,141
Financial deposits 20 21 16 17
Trade receivables 27,095 55,075 22,420 45,573
Other receivables 26,551 32,946 21,970 27,262
Available-for-sale financial assets 4,833 4,905 3,999 4,059
Derivative assets 1,866 326 1,544 270
Firm commitment assets 430 3,451 356 2,856
Investments in subsidiaries 388,451 345,467 321,432 285,864
Deferred tax asset 12,759 11,276 10,558 9,331
Other non-current assets 513 525 424 434
Total non-current assets 1,019,254 1,028,540 843,404 851,088
Total assets 2,327,532 2,435,034 1,925,968 2,014,923
Liabilities and equity
Current liabilties
Trade payables 507,337 417,919 419,807 345,816
Borrowings 153,593 448,128 127,094 370,813
Derivative liabilities 30,077 57,113 24,888 47,259
Firm commitment liabilities 41,790 10,012 34,580 8,285
Other payables 118,989 133,243 98,460 110,255
Current income tax liabilities 11,750 21,210 9,723 17,551
Other current liabilities 107,828 103,083 89,225 85,298
Total current liabilties 971,364 1,190,708 803,776 985,278
Non-current liabilities
Borrowings 529,084 458,564 437,802 379,449
Derivative liabilities 430 3,451 356 2,856
Firm commitment liabilities 1,866 317 1,544 262
Other payables 51 631 42 522
Post-employment benefits 9,971 15,046 8,250 12,450
Deferred income tax liabilities 0 0 0 0
Provisions for other liabilities and charges 21,407 32,879 17,714 27,206
Total non-current liabilities 562,808 510,888 465,708 422,746
Total liabilities 1,534,172 1,701,596 1,269,484 1,408,023
Equity
Capital stock 93,752 93,752 77,577 77,577
Shae premium 542,579 542,579 448,969 448,969
Accumulated other comprehenive income 845 900 699 745
Other equity components (110) (110) (91) (91)
Retained earnings 156,294 96,317 129,329 79,700
Total equity 793,360 733,438 656,483 606,899
Total liabilities and equity 2,327,532 2,435,034 1,925,968 2,014,923
LS Cable & System Ltd.

Separate Statements of Comprehensive Income(Years Ended December 31, 2016 and 2015)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1208.50 the exchange rate in effect on December 31, 2016.
Financial statement
Korean won
(In milions, except per share amounts)
Translation into U.S. dollars
(In thousands, except per share amounts)
2016 2015 2016 2015
Sales 2,548,199 2,975,829 2,108,563 2,462,415
Cost of sales 2,326,143 2,662,435 1,924,818 2,203,090
Gross profit 222,056 313,394 183,745 259,325
Selling and administrative expenses 160,285 211,097 132,631 174,677
Operating profit 61,771 102,297 51,114 84,648
Other income 247,021 319,425 204,403 264,315
Other expenses 246,592 308,086 204,048 254,933
Financial income 8,496 9,310 7,030 7,704
Financial expenses 26,903 27,711 22,261 22,930
Other non-operating income 43,603 (10,137) 36,080 (8,388)
Profit before income tax 87,396 85,098 72,318 70,416
Income tax expense 2,829 25,354 2,341 20,979
Profit for the year from
continuing operations
84,567 59,744 69,977 49,437
Discontinued operations loss
from discontinued operations
15,464 9,821 12,796 8,127
Profit for the year 69,103 49,923 57,181 41,310
Basic earnings per share(Unit:Korean won, U.S. dollar)
From continuing operations 4,511 3,187 3.7 2.6
From discontinued operations (825) (524) (0.7) (0.4)
Basic earnings per share 3,686 2,663 3.0 2.2

Opinion : The Separate financial statements present fairly, in all material respects, the financial position of LS Cable & System Ltd. as of December 31, 2016 and 2015, 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, 2016 and 2015)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1208.50 the exchange rate in effect on December 31, 2016.
Financial statement
Korean won(In milions) Translation into U.S. dollars(In thousands)
2016 2015 2016 2015
Assets
Current assets
Cash and cash equivalents 182,853 256,265 151,306 212,052
Financial deposits 43,993 40,970 36,403 33,902
Trade receivables 880,507 964,405 728,595 798,018
Other receivables 46,886 48,367 38,797 40,022
Available-for-sale financial assets 1,003 3,009 830 2,490
Financial assets at fair value through profit or loss 19,037 10,617 15,752 8,785
Derivative financial instrumments 37,993 9,065 31,438 7,501
Firm commitment assets 37,101 68,588 30,700 56,755
Inventories 390,129 348,704 322,821 288,543
Other current assets 184,022 134,354 152,273 111,174
Total current assets 1,823,524 1,884,344 1,508,915 1,559,242
Non-current assets held for sale 19,251 24,351 15,930 20,150
Non-current assets
Property, plant and equipment 715,558 751,968 592,104 622,233
Intangible assets 40,916 42,792 33,857 35,409
Investment property 11,660 10,728 9,648 8,877
Financial deposits 689 688 570 569
Trade receivables 27,169 55,077 22,482 45,575
Other receivables 28,297 34,590 23,415 28,622
Available-for-sale financial assets 5,868 5,979 4,856 4,947
Derivative assets 4,838 667 4,003 552
Firm commitment assets 430 3,451 356 2,856
Deferred tax asset 23,015 19,746 19,044 16,339
Other non-current assets 19,576 21,700 16,199 17,956
Total non-current assets 878,016 947,386 726,533 783,935
Total assets 2,720,791 2,856,081 2,251,379 2,363,327
Liabilities and equity
Current liabilties
Trade payables 608,386 523,080 503,422 432,834
Borrowings 436,309 715,735 361,034 592,251
Derivative liabilities 30,956 58,478 25,615 48,389
Firm commitment liabilities 47,990 10,028 39,710 8,298
Other payables 141,472 155,880 117,064 128,986
Current income tax liabilities 13,782 22,879 11,404 18,932
Provisions for other liabilities and charges 13,727 19,842 11,359 16,419
Other current liabilities 126,850 129,319 104,965 107,008
Total current liabilties 1,419,472 1,635,241 1,174,573 1,353,116
Non-current liabilities
Borrowings 530,439 491,100 438,923 406,372
Derivative liabilities 430 3,451 356 2,856
Firm commitment liabilities 4,838 641 4,003 530
Other payables 39 371 32 307
Post-employment benefits 11,740 17,032 9,715 14,094
Deferred income tax liabilities 1,619 1,534 1,340 1,269
Provisions for other liabilities and charges 26,875 41,168 22,238 34,065
Total non-current liabilities 575,980 555,297 476,607 459,493
Total liabilities 1,995,452 2,190,538 1,651,181 1,812,609
Equity attributable to owners of
the parent
646,688 616,434 535,116 510,082
Capital stock 93,752 93,752 77,577 77,577
Shae premium 542,579 542,579 448,969 448,969
Accumulated other comprehenive income 82 (2,573) 68 (2,129)
Other equity components 294,420 264,770 243,624 219,090
Accumulated deficit (284,145) (282,094) (235,122) (233,425)
Non-controlling interests 78,651 49,109 65,082 40,636
Total equity 725,339 665,543 600,198 550,718
Total liabilities and equity 2,720,791 2,856,081 2,251,379 2,363,327
LS Cable & System Ltd.

Consolidated Statements of Comprehensive Income(Years Ended December 31, 2016 and 2015)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1208.50 the exchange rate in effect on December 31, 2016.
Financial statement
Korean won
(In milions, except per share amounts)
Translation into U.S. dollars
(In thousands, except per share amounts)
2016 2015 2016 2015
Sales 3,075,581 3,512,741 2,544,957 2,906,695
Cost of sales 2,779,282 3,127,431 2,299,778 2,587,862
Gross profit 296,299 385,310 245,179 318,833
Selling and administrative expenses 215,133 269,411 178,017 222,930
Operating profit 81,166 115,899 67,163 95,903
Other income 262,024 322,925 216,818 267,211
Other expenses 266,413 319,025 220,449 263,984
Financial income 6,407 5,953 5,302 4,926
Financial expenses 37,230 38,555 30,807 31,903
Other non-operating expenses 10,001 38,748 8,276 32,063
Profit before income tax 35,953 48,449 29,750 40,090
Income tax expense 7,265 30,091 6,012 24,899
Profit for the year from
continuing operations
28,688 18,358 23,739 15,191
Discontinued operations loss
from discontinued operations
15,464 9,821 12,796 8,127
Profit for the year 13,224 8,537 10,942 7,064
Basic earnings per share(Unit:Korean won, U.S. dollar)
From continuing operations 1,199 1,106 1.0 0.9
From discontinued operations (825) (524) (0.7) (0.4)
Basic earnings per share 374 582 0.3 0.5

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, 2016 and 2015, and their financial performance and cash flows for the years then ended in accordance with the Korean IFRS.

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