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Financial Statements

The 9th
LS Cable & System Ltd.

Separate Statements of Financial Position(As of December 31, 2019 and 2018)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1,157.80 the exchange rate in effect on December 31, 2019.
Financial statement
Korean won(In milions) Translation into U.S. dollars(In thousands)
2019 2018 2019 2018
Assets
Current assets
Cash and cash equivalents 232,009 117,994 200,388 101,912
Financial deposits 6,153 9,414 5,314 8,131
Trade receivables 951,986 923,995 822,237 798,061
Other receivables 67,044 69,724 57,906 60,221
Derivative assets 18,631 15,041 16,092 12,991
Firm commitment assets 46,927 47,519 40,531 41,042
Inventories 341,118 308,858 294,626 266,763
Other assets 206,390 151,416 178,260 130,779
Total current assets 1,870,258 1,643,961 1,615,354 1,419,900
Non-current assets
Property, plant and equipment 513,477 486,922 443,494 420,558
Intangible assets 42,666 39,796 36,851 34,372
Investment property 6,363 12,268 5,496 10,596
Right-of-use assets 23,065 - 19,921 -
Financial deposits 20 21 16 17
Trade receivables 64,964 37,618 56,110 32,491
Other receivables 9,038 26,958 7,806 23,284
Financial assets at fair value through profit or loss 210 210 181 181
Financial assets at fair value through other comprehensive income 519 519 448 448
Derivative financial assets 16,419 4,280 14,181 3,697
Firm commitment assets 416 1,478 359 1,277
Investments in subsidiaries 454,497 400,669 392,552 346,061
Investments in joint ventures 28,971 531 25,022 459
Deferred tax asset - 11,154 - 9,634
Other assets 457 499 395 432
Total non-current assets 1,161,082 1,022,922 1,002,833 883,507
Total assets 3,031,340 2,666,883 2,618,187 2,303,407
Liabilities and equity
Current liabilties
Trade payables 563,308 454,773 486,533 392,791
Borrowings 344,964 425,754 297,948 367,727
Derivative financial liabilities 24,584 37,831 21,233 32,675
Firm commitment liabilities 30,417 19,386 26,271 16,744
Other payables 111,857 105,065 96,612 90,745
Current income tax liabilities 1,351 9,216 1,167 7,960
Lease liabilities 6,596 - 5,697 -
Provisions 9,408 11,823 8,126 10,212
Other liabilities 150,491 105,331 129,981 90,974
Total current liabilties 1,242,976 1,169,179 1,073,568 1,009,828
Non-current liabilities
Borrowings 892,454 666,642 770,819 575,783
Derivative financial liabilities 752 1,478 650 1,277
Firm commitment liabilities 1,499 164 1,295 142
Other payables 512 127 442 110
Deferred tax liabilities 463 - 400 -
Net defined benefit liabilities 6,416 7,155 5,542 6,180
Lease liabilities 16,560 - 14,303 -
Provisions - 974 - 841
Total non-current liabilities 918,656 676,540 793,451 584,333
Total liabilities 2,161,632 1,845,719 1,867,019 1,594,161
Equity
Share capital 93,752 93,752 80,974 80,974
Shae premium 542,579 542,579 468,629 468,629
Reserves 321 424 277 366
Accumulated other comprehenive income -14,098 -17,133 -12,177 -14,798
Other components of equity -110 -110 -95 -95
Retained earnings 247,264 201,652 213,564 174,168
Total equity 869,708 821,164 751,172 709,244
Total liabilities and equity 3,031,340 2,666,883 2,618,191 2,303,405
LS Cable & System Ltd.

Separate Statements of Comprehensive Income(Years Ended December 31, 2019 and 2018)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1,157.80 the exchange rate in effect on December 31, 2019.
Financial statement
Korean won
(In milions, except per share amounts)
Translation into U.S. dollars
(In thousands, except per share amounts)
2019 2018 2019 2016
Revenue 3,242,768 3,332,203 2,800,802 2,878,047
Cost of sales 2,941,912 3,052,405 2,540,950 2,636,383
Gross profit 300,856 279,798 259,852 241,664
Selling and administrative expenses 180,672 172,054 156,048 148,604
Operating profit 112,140 105,212 96,856 90,873
Other income 213,569 209,641 184,461 181,068
Other expenses 212,944 193,858 183,921 167,437
interest income 4,035 2,683 3,485 2,317
Other finance income 10 630 9 544
Finance costs 42,174 33,529 36,426 28,959
Share of profit of equity method investments, net 50,571 39,192 43,679 33,850
Other non-operating income(expenses) -20,101 -2,962 -17,361 -2,558
Profit before income tax 105,106 127,009 90,782 109,698
Income tax expense 25,179 18,009 21,746 15,553
Profit from continuing operations 79,927 109,000 69,036 94,145
Loss from discontinued operations, net of tax 2,576 8,769 2,225 7,574
Profit for the year 77,351 100,231 66,811 86,571
Basic earnings per share(Unit:Korean won, U.S. dollar)
From continuing operations 4,263 5,814 4 5
From discontinuing operations 137 468 0 0
Basic earnings per share 4,126 5,346 4 5

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, 2019 and 2018)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1,157.80 the exchange rate in effect on December 31, 2019.
Financial statement
Korean won(In milions) Translation into U.S. dollars(In thousands)
2019 2018 2019 2018
Assets
Current assets
Cash and cash equivalents 334,188 199,863 288,641 172,623
Financial deposits 29,560 53,313 25,531 46,047
Trade receivables 1,289,651 1,262,855 1,113,881 1,090,737
Other receivables 74,146 67,011 64,040 57,878
Financial assets at fair value through profit or loss 4,001 4,009 3,456 3,463
Derivative assests 23,888 19,259 20,632 16,634
Firm commitment assets 51,697 58,685 44,651 50,687
Inventories 657,147 613,915 567,582 530,243
Other assets 248,087 193,588 214,275 167,201
Total current assets 2,712,365 2,472,498 2,342,689 2,135,513
Non-current assets held for sale 45,915 45,886 39,657 39,634
Non-current assets
Property, plant and equipment, net 1,080,119 1,005,368 932,906 868,343
Intangible assets 56,324 56,128 48,647 48,478
Investment properties, net 8,851 22,693 7,645 19,600
Right-of-use assets 47,529 - 41,051 -
Financial deposits 1,151 1,040 994 898
Trade receivables 65,205 37,618 56,318 32,491
Other receivables 17,229 35,238 14,881 30,435
Investments in joint ventures 44,525 531 38,457 459
Financial assets at fair value through other comprehensive income 1,860 1,911 1,606 1,651
Financial assets at fair value through profit or loss 870 1,184 751 1,023
Derivative financial assests 16,817 4,432 14,525 3,828
Firm commitnent assets 584 3,624 504 3,130
Deferred tax assets 3,983 12,475 3,440 10,775
Other assets 527 21,944 457 18,953
Total non-current assets 1,345,574 1,204,186 1,162,182 1,040,064
Total assets 4,103,854 3,722,570 3,544,528 3,215,211
Liabilities and equity
Current liabilties
Trade payables 719,824 655,512 621,717 566,170
Borrowings 771,543 696,252 666,387 601,358
Derivative financial liabilities 30,470 50,623 26,317 43,723
Firm commitment liabilities 33,883 20,697 29,265 17,876
Other payables 145,749 140,418 125,884 121,280
Current income tax liabilities 4,657 10,560 4,022 9,121
Provisions 22,863 13,492 19,747 11,653
Lease liabilities 10,839 - 9,362 -
Other liabilities 180,215 153,835 155,654 132,868
Total currrent liabilities 1,920,043 1,741,389 1,658,355 1,504,049
Non-current liabilities
Borrowings 947,244 788,757 818,141 681,255
Derivative financial liabilities 1,112 4,871 960 4,207
Firm commitment liabilities 1,522 203 1,315 175
Other payables 203 249 175 216
Deferred tax liabilities 9,954 12,705 8,597 10,973
Net defined benefit liabilities 50,177 49,802 43,338 43,014
Lease liabilities 24 14,941 21 12,905
Provisions 23,367 - 20,183 -
Total non-current liabilities 1,033,603 871,528 892,730 752,745
Total liabilities 2,953,646 2,612,917 2,551,085 2,256,794
Equity
Share capital 93,752 93,752 80,974 80,974
Share premium 542,579 542,579 468,629 468,629
Accumulated other comprehensive income -17,115 -23,364 -14,782 -20,180
Other components of equity 359,371 348,531 310,391 301,029
Accumulated deficit -108,647 -175,003 -93,839 -151,149
Non-controlling interests 280,268 323,158 242,069 279,114
Total equity 1,150,208 1,109,653 993,442 958,417
Total liabilities and equity 4,103,854 3,722,570 3,544,527 3,215,211
LS Cable & System Ltd.

Consolidated Statements of Comprehensive Income(Years Ended December 31, 2019 and 2018)

*All won amouts are expressed in U.S.dollars at US$ 1: ₩1,157.80 the exchange rate in effect on December 31, 2019.
Financial statement
Korean won
(In milions, except per share amounts)
Translation into U.S. dollars
(In thousands, except per share amounts)
2019 2018 2019 2018
Revenue 4,602,796 4,181,895 3,975,467 3,611,932
Cost of sales 4,145,555 3,796,169 3,580,545 3,278,778
Gross profit 457,241 385,726 394,922 333,154
Selling and administrative expenses 288,841 258,001 249,474 222,837
Impairment loss(reversal) 5,810 11,474 5,018 9,910
Operating profit 162,590 116,251 140,430 100,407
Other income 271,256 335,272 234,286 289,577
Other expenses 266,357 261,523 230,054 225,879
Interest income 5,121 4,454 4,423 3,847
Other finance income 110 300 95 259
Finance costs 61,981 50,049 53,533 43,228
Share of profit of equity method investments, net 1,922 86,286 1,660 74,526
Other non-operating income(expenses) 12,295 -104,160 10,619 -89,964
Profit before income tax 124,956 126,831 107,926 109,545
Income tax expense 35,674 27,271 30,812 23,554
Profit from continuing operations 89,282 99,560 77,114 85,991
Loss from discontinued operations, net of tax 2,576 9,247 2,225 7,987
Profit for the year 86,706 90,313 74,889 78,004
Basic earnings per share(Unit:Korean won, U.S. dollar)
From continuing operations 4,347 5,088 3.75 4.39
From discontinuing operations 137 493 0.12 0.43
Basic earnings per share 4,210 4,595 3.63 3.96

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, 2019 and 2018, and their financial performance and cash flows for the years then ended in accordance with the Korean IFRS.

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