Financial Statements

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LS Cable & System Ltd.

Separate Statements of Financial Position(As of December 31, 2021 and 2020)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1,157.80 the exchange rate in effect on December 31, 2021.

Financial statement
	Korean won(In milions)		Translation into U.S. dollars(In thousands)
	2021	2020	2021	2020
Assets
Current assets
Cash and cash equivalents	225,653	396,894	190,344	334,790
Financial deposits	1,877	4,857	1,583	4,097
Trade receivables	1,187,050	887,077	1,001,307	748,272
Other receivables	77,280	68,491	65,188	57,774
Derivative financial assets	86,383	88,127	72,866	74,337
Firm commitment assets	57,614	59,677	48,599	50,339
Inventories	611,722	511,061	516,003	431,093
Other assets	163,613	197,652	138,012	166,725
Total current assets	2,411,192	2,213,836	2,033,902	1,867,427
Non-current assets
Property, plant and equipment, net	713,356	549,274	601,734	463,327
Intangible assets, net	54,829	48,998	46,250	41,331
Investment property, net	8,329	7,518	7,026	6,342
Right-of-use assets, net	16,315	19,544	13,762	16,486
Financial deposits	20	20	17	17
Trade receivables	48,737	81,415	41,111	68,676
Other receivables	8,591	8,812	7,247	7,433
Financial assets at fair value through profit or loss	211	211	178	178
Financial assets at fair value through other comprehensive income	1,842	480	1,554	405
Derivative financial assets	7,708	24,321	6,502	20,515
Firm commitment assets	263	180	222	152
Investments in subsidiaries	533,260	500,603	449,819	422,272
Investments in joint ventures	92,858	25,083	78,328	21,158
Deferred tax asset	-	3,155	-	2,661
Net defined benefit assets	7,792	5	6,573	4
Other assets	370	457	312	385
Total non-current assets	1,494,481	1,270,076	1,260,635	1,071,342
Total assets	3,905,673	3,483,912	3,294,536	2,938,769
Liabilities
current liabilities
Trade payables	734,532	685,309	619,597	578,076
Borrowings	644,283	524,701	543,469	442,599
Derivative financial liabilities	25,172	24,012	21,233	20,255
Firm commitment liabilities	113,136	119,244	95,433	100,585
Other payables	120,589	130,882	101,720	110,402
Current income tax liabilities	13,408	22,569	11,310	19,038
Lease liabilities	6,922	6,459	5,839	5,448
Provisions	1,993	1,163	1,681	981
Other liabilities	195,394	183,922	164,820	155,143
Total current liabilities	1,855,429	1,698,261	1,565,102	1,432,527
Non-current liabilities
Borrowings	685,713	801,296	578,417	675,914
Derivative financial liabilities	15,593	14,929	13,153	12,5937
Firm commitment liabilities	4,990	22,071	4,210	18,616
Other payables	1,078	652	909	550
Deferred income tax liabilities	22,100	-	18,642	-
Lease liabilities	9,922	13,357	8,369	11,267
Provisions	4,462	4,399	3,764	3,711
Total non-current liabilities	743,858	856,704	627,464	722,651
Total liabilities	2,599,287	2,554,965	2,192,566	2,155,178
Equity attributable to owners of the parent company
Share capital	111,618	93,752	94,153	79,082
Shae premium	744,620	542,579	628,106	457,679
Accumulated other comprehenive income	91,225	-21,420	76,951	-18,068
Other components of equity	-41,435	211	-34,951	178
Retained earnings	400,358	313,825	337,712	264,720
Total equity	1,306,386	928,947	1,101,971	783,591
Total liabilities and equity	3,905,673	3,483,912	3,294,537	2,938,769

LS Cable & System Ltd.

Separate Statements of Comprehensive Income(Years Ended December 31, 2021 and 2020)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1,157.80 the exchange rate in effect on December 31, 2021.

Financial statement
	Korean won (In milions, except per share amounts)		Translation into U.S. dollars (In thousands, except per share amounts)
	2021	2020	2021	2020
Continuing operations
Revenue	4,135,727	3,284,306	3,488,593	2,770,397
Cost of sales	3,753,080	2,979,483	3,165,820	2,513,271
Gross profit	382,647	304,823	322,773	257,126
Selling and administrative expenses	215,300	179,093	181,611	151,070
Impairment loss (reversal)	8,092	1,096	6,826	925
Operating profit	159,255	124,634	134,336	105,131
Other income	423,701	429,606	357,403	362,384
Other expenses	450,910	444,222	380,354	374,713
Finance income	1,846	2,676	1,557	2,257
Finance costs	31,133	38,124	26,261	32,159
Share of profit of equity method investments, net	23,045	8,934	19,439	7,536
Other non-operating income(expenses)	213	10,954	180	9,240
Profit before income tax	126,017	94,458	106,300	79,676
Income tax expense	25,338	20,314	21,373	17,135
Profit for the year	100,679	74,144	84,927	62,541
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurement of postemployment benefit obligation	-1,532	1,297	-1,292	1,094
Remeasurement of postemployment benefit obligation of subsidiaries and others	-50	494	-42	417
Gain (loss) on valuation of financial assets at fair value through other comprehensive income, net	1,033	198	871	167
Changes in revaluation surplus	75,737	-	63,886	-
	75,188	1,989	63,423	1,678
Items that may be subsequently reclassified to profit or loss
Cash flow hedges	-1,313	-353	-1,108	-298
Share of other comprehensive income (loss) of subsidiaries and others	37,486	-7,167	31,620	-6,046
	36,173	-7,520	30,512	-6,344
Other comprehensive income (loss) for the year, net of tax	111,361	-5,531	93,935	-4,666
Total comprehensive income for the year	212,040	68,613	178,862	57,875
Earnings (losses) per share from continuing and discontinued operations
Earnings per share from continuing operations	5,124	3,955	4.32	3.34
Losses per share from discontinued operations	-	-	-	-
Basic earnings per share	5,124	3,955	4.32	3.34

Opinion : The Separate financial statements present fairly, in all material respects, the financial position of LS Cable & System Ltd. as of December 31, 2019 and 2018, 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, 2021 and 2020)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1,157.80 the exchange rate in effect on December 31, 2021.

Financial statement
	Korean won(In milions)		Translation into U.S. dollars(In thousands)
	2021	2020	2021	2020
Assets
Current assets
Cash and cash equivalents	329,948	490,372	278,320	413,642
Financial deposits	42,386	43,831	35,754	36,973
Trade receivables	1,552,214	1,245,867	1,309,333	1,050,921
Other receivables	76,150	58,837	64,235	49,631
Financial assets at fair value through profit or loss	13,571	15,234	11,447	12,850
Derivative assests	116,510	117,503	98,279	99,117
Firm commitment assets	60,909	64,508	51,378	54,414
Inventories	1,154,687	882,573	974,008	744,473
Other assets	216,269	245,185	182,429	206,820
Total current assets	3,562,644	3,163,910	3,005,183	2,668,841

Non-current assets held for sale	32,385	43,831	27,318	36,973

Non-current assets
Property, plant and equipment, net	1,374,151	1,157,283	1,159,132	976,198
Intangible assets, net	71,239	107,914	60,092	91,028
Investment properties, net	54	8,722	46	7,357
Right-of-use assets, net	40,865	43,127	34,471	36,379
Financial deposits	1,021	1,107	861	934
Trade receivables	48,928	82,056	41,272	69,216
Other receivables	17,465	17,766	14,732	14,986
Investments in joint ventures	153,805	48,628	129,739	41,019
Financial assets at fair value through profit or loss	898	1,225	757	1,033
Financial assets at fair value through other comprehensive income	3,903	1,763	3,292	1,487
Derivative financial assests	7,787	27,717	6,569	23,380
Firm commitnent assets	280	188	236	159
Deferred tax assets	3,067	8,689	2,587	7,329
Net defined benefit assets	7,226	-	6,095	-
Other assets	529	612	446	516
Total non-current assets	1,731,218	1,506,797	1,460,327	1,271,021
Total assets	5,326,247	4,714,538	4,492,828	3,976,835
Liabilities
current liabilities
Trade payables	934,822	854,716	788,547	720,975
Borrowings	1,180,668	974,090	995,924	821,670
Derivative financial liabilities	31,087	33,141	26,223	27,955
Firm commitment liabilities	142,523	146,581	120,222	123,645
Other payables	164,014	153,056	138,350	129,107
Current income tax liabilities	18,889	27,373	15,933	23,090
Provisions	3,803	11,364	3,208	9,586
Lease liabilities	10,529	10,346	8,881	8,727
Other liabilities	236,230	212,515	199,266	179,262
Total currrent liabilities	2,722,565	2,423,182	2,296,554	2,044,017
Non-current liabilities
Borrowings	843,946	893,459	711,890	753,656
Derivative financial liabilities	16,752	20,291	14,131	17,116
Firm commitment liabilities	5,022	25,467	4,237	21,482
Other payables	1,051	179	887	151
Net defined benefit liabilities	-	1,396	-	1,178
Deferred income tax liabilities	82,575	53,092	69,654	44,784
Provisions	5,257	4,869	4,434	4,107
Lease liabilities	14,356	18,958	12,110	15,992
Total non-current liabilities	968,959	1,017,711	817,343	858,466
Total liabilities	3,691,524	3,440,893	3,113,897	2,902,483
Equity attributable to owners of the Parent Company
Share capital	111,618	93,752	94,153	79,082
Share premium	744,620	542,579	628,106	457,679
Accumulated other comprehensive income	76,305	-30,384	64,365	-25,630
Other components of equity	324,416	359,384	273,653	303,150
Accumulated deficit	68,851	-16,821	58,078	-14,189
	1,325,810	948,510	1,118,355	800,092
Non-controlling interests	308,913	325,135	260,576	274,260
Total equity	1,634,723	1,273,645	1,378,931	1,074,352
Total liabilities and equity	5,326,247	4,714,538	4,492,828	3,976,835

LS Cable & System Ltd. and Subsidiaries

Consolidated Statements of Comprehensive Income(For the Years Ended December 31, 2021 and 2020)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1,157.80 the exchange rate in effect on December 31, 2021.

Financial statement
	Korean won (In milions, except per share amounts)		Translation into U.S. dollars (In thousands, except per share amounts)
	2021	2020	2021	2020
Continuing Operationsy
Revenue	6,111,367	4,831,489	5,155,097	4,075,486
Cost of sales	5,495,877	4,355,098	4,635,915	3,673,638
Gross profit	615,490	476,391	519,182	401,848
Selling and administrative expenses	374,633	308,194	316,013	259,970
Impairment loss	10,502	3,292	8,859	2,777
Operating profit	230,355	164,905	194,310	139,101
Other income	522,406	518,122	440,663	437,049
Other expenses	558,663	533,542	471,247	450,057
Finance income	3,182	4,496	2,684	3,792
Finance costs	49,875	55,814	42,071	47,081
Share of profit of equity method investments, net	-3,179	760	-2,682	641
Other non-operating income	12,774	45,936	10,775	38,748
Profit before income tax expense	157,000	144,863	132,432	122,193
Income tax expense	41,376	30,780	34,902	25,964
Profit for the year	115,624	114,083	97,530	96,229
Profit is attributable to:
Owners of the Parent Company
Profit from continuing operations	100,200	99,264	84,521	83,732
Non-controlling interests
Profit from continuing operations	15,424	14,819	13,011	12,497
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurement of postemployment benefit obligation	-2,106	2,137	-1,776	1,803
Gain on valuation of financial assets at fair value through other comprehensive income, net	865	46	730	39
Revaluation surplus	100,076	-	84,417	-
	98,925	2,183	83,445	1,842
Items that may be subsequently reclassified to profit or loss
Cash flow hedges	-1,028	-745	867	-628
Changes from equity method	2,206	-309	1,861	-261
Exchange differences	15,194	-8,083	12,817	-6,818
	16,372	-9,137	13,811	-7,707
Other comprehensive income (loss) for the year, net of tax	115,297	-6,954	97,257	-5,865
Total comprehensive income for the year	230,921	107,129	194,787	90,364
Total comprehensive income for the year attributable to:
Owners of the Parent Company	205,226	87,931	173,113	74,172
Non-controlling interests	25,695	19,198	21,674	16,194
Earnings (losses) per share from continuing and discontinued operations
Earnings per share from continuing operations	5,100	5,295	4.30	4.47
Basic earnings per share	5,100	5,295	4.30	4.47

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, 2021 and 2020, and their financial performance and cash flows for the years then ended in accordance with the Korean IFRS.

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