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Samsung Electro-Mechanics Co., Ltd. and Subsidiaries Consolidated Financial Statements December 31, 2020

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Samsung Electro-Mechanics Co., Ltd. and Subsidiaries Consolidated Financial Statements December 31, 2020 Samsung Electro-Mechanics Co., Ltd. and Subsidiaries Consolidated Financial Statements December 31, 2020 Samsung Electro-Mechanics Co., Ltd. and Subsidiaries Index December 31, 2020 Page(s) Independent Auditor’s Report ………………………………………………………………………………… 1 ~ 4 Consolidated Financial Statements Consolidated Statements of Financial Position …………………………………………………………… 5 ~ 6 Consolidated Statements of Comprehensive Income …………………………………………………… 7 ~ 8 Consolidated Statements of Changes in Equity ………………………………………………………… 9 ~ 10 Consolidated Statements of Cash Flows ……………………………………………………………………… 11 Notes to the Consolidated Financial Statements ………………………………………………………… 12 ~ 75 Independent Auditor’s Report (English Translation of a Report Originally Issued in Korean) To the Shareholders and Board of Directors of Samsung Electro-Mechanics Co., Ltd. Opinion We have audited the accompanying consolidated financial statements of Samsung Electro-Mechanics Co., Ltd. and its subsidiaries (collectively referred to as the "Group"), which comprise the consolidated statement of financial position as at December 31, 2020, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2020, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“Korean IFRS”). Basis for Opinion We conducted our audit in accordance with Korean Standards on Auditing. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements of the Republic of Korea that are relevant to our audit of the consolidated financial statements and we have fulfilled our other ethical responsibilities in accordance with the ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Emphasis of Matter Without modifying our opinion, we draw attention to Note 28 to the consolidated financial statements of the Group. As explained in Note 28, the Group classified the Wi-Fi network module business to discontinued operations for the year ended December 31, 2020. Accordingly, related gains or losses are classified and presented as the profit (loss) from discontinued operations in the consolidated statement of comprehensive income, and comparative consolidated statement of comprehensive income was restated. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Revenue recognition cut- off related to sales of goods Reason why the matter was determined to be a key audit matter As described in Note 2 to the consolidated financial statements, the Group is engaged in manufacturing and selling electronics components. Revenue from contracts with customers is recognized when control of the goods is transferred to the customer with the relevant consideration. The timing of the transfer of control of the Group’s products may vary depending on transaction agreements with customers and export terms and conditions, and management’s judgement on the timing of revenue recognition is required. Considering the possibility of deliberate manipulation or potential error, we determined the revenue recognition cut-off related to sales of goods as a Key Audit Matter. How our audit addressed the Key Audit Matter Key audit procedures we have performed in relation to the Group’s revenue recognition cut-off are as follows. • Evaluated reasonableness of the Group’s accounting policy and standard for revenue recognition cut-off. • Obtained an understanding of controls over sales and accounting systems and evaluated the design and operational effectiveness of those controls. • Examined the relevant transaction agreements and evidences through audit sampling at transaction level from sales records that occurred before and after the end of the reporting period. • Determined whether there are any unusual changes by analyzing monthly sales trend of major customers. • Examined the cause of cancellation and the relevant evidences through audit sampling from sales records canceled within a short period after the end of the reporting period. Other Matters The consolidated financial statements of the Group for the year ended December 31, 2019, were audited by another auditor who expressed an unqualified opinion on those consolidated financial statements on February 24, 2020. Auditing standards and their application in practice vary among countries. The procedures and practices used in the Republic of Korea to audit such consolidated financial statements may differ from those generally accepted and applied in other countries. The accompanying consolidated financial statements as of and for the years ended December 31, 2020 and 2019, have been translated into the U.S. dollars solely for the convenience of the reader and have been translated on the basis set forth in Note 2 to the consolidated financial statements. 2 Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with Korean IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations. Those charged with governance are responsible for overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Korean Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with Korean Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. •
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