KT Corporation Separate Interim Financial Statements March 31, 2019 and 2018 KT Corporation Index March 31, 2019 and 2018

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KT Corporation Separate Interim Financial Statements March 31, 2019 and 2018 KT Corporation Index March 31, 2019 and 2018 KT Corporation Separate Interim Financial Statements March 31, 2019 and 2018 KT Corporation Index March 31, 2019 and 2018 Page(s) Report on Review of Interim Financial Statements …….....……….……. 1 – 2 Separate Interim Financial Statements Separate Interim Statements of Financial Position …………………………. 3 – 4 Separate Interim Statements of Profit or Loss ………….…………………… 5 Separate Interim Statements of Comprehensive Income ...………...……… 6 Separate Interim Statements of Changes in Equity ……….……….……….. 7 Separate Interim Statements of Cash Flows ………………………………. 8 Notes to the Separate Interim Financial Statements ……………………… 9 – 54 Report on Review of Interim Financial Statements (English Translation of a Report Originally Issued in Korean) To the Shareholders and Board of Directors of KT Corporation Reviewed Financial Statements We have reviewed the accompanying separate interim financial statements of KT Corporation (the “Company”). These financial statements consist of the separate interim statement of financial position of the Company as at March 31, 2019, and the related separate interim statements of profit or loss, comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2019 and 2018, and a summary of significant accounting policies and other explanatory notes, expressed in Korean won. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these separate interim financial statements in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (Korean IFRS) 1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of separate interim financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to issue a report on these separate interim financial statements based on our review. We conducted our review in accordance with quarterly or semi-annual review standards established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe the accompanying separate interim financial statements are not presented fairly, in all material respects, in accordance with Korean IFRS 1034 Interim Financial Reporting. Samil PricewaterhouseCoopers, 100, Hangangdaero, Yongsan-gu, Seoul 04386, Korea, www.samil.com Other Matters We have audited the separate statement of financial position of the Company as at December 31, 2018, and the related separate statements of profit or loss, comprehensive income, changes in equity and cash flows for the year then ended, in accordance with Korean Standards on Auditing. We expressed an unqualified opinion on those financial statements, not presented herein, in our audit report dated March 11, 2019. The separate statement of financial position as at December 31, 2018, presented herein for comparative purposes, is consistent, in all material respects, with the above audited statement of financial position as at December 31, 2018. Review standards and their application in practice vary among countries. The procedures and practices used in the Republic of Korea to review such financial statements may differ from those generally accepted and applied in other countries. Seoul, Korea May 15, 2019 This report is effective as of May 15, 2019, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying separate interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that there is a possibility that the above review report may have to be revised to reflect the impact of such subsequent events or circumstances, if any. 2 KT Corporation Separate Interim Statements of Financial Position March 31, 2019 and December 31, 2018 March 31, 2019 December 31, 2018 (in millions of Korean won) Notes (Unaudited) Assets Current assets Cash and cash equivalents 4 ₩ 1,750,124 ₩ 1,779,745 Trade and other receivables, net 4, 5 3,357,771 2,968,764 Other financial assets 4, 6 106,216 75,401 Inventories, net 7 446,364 465,273 Other current assets 8 1,646,855 1,572,436 Total current assets 7,307,330 6,861,619 Non-current assets Trade and other receivables, net 4, 5 641,666 766,316 Other financial assets 4, 6 144,084 130,651 Property and equipment, net 9 10,656,728 10,864,398 Right-of-use assets 28 891,549 - Investment properties, net 9 584,841 600,624 Intangible assets, net 9 2,617,318 2,773,387 Investments in subsidiaries, associates and joint ventures 10 3,554,638 3,547,683 Other non-current assets 8 439,578 466,228 Total non-current assets 19,530,402 19,149,287 Total assets ₩ 26,837,732 ₩ 26,010,906 3 KT Corporation Separate Interim Statements of Financial Position March 31, 2019 and December 31, 2018 March 31, 2019 December 31, 2018 (in millions of Korean won) Notes (Unaudited) Liabilities Current liabilities Trade and other payables 4, 11 ₩ 4,472,362 ₩ 4,002,408 Borrowings 4, 12 948,496 1,181,434 Current tax liabilities 281,513 182,548 Other provisions 13 100,904 103,703 Deferred income 45,711 48,002 Other current liabilities 8 434,796 390,402 Total current liabilities 6,283,782 5,908,497 Non-current liabilities Trade and other payables 4, 11 1,524,913 1,460,062 Borrowings 4, 12 5,502,689 5,132,103 Other financial liabilities 4, 6 35,305 61,833 Net defined benefit liabilities 14 467,131 429,163 Other provisions 13 106,158 111,982 Deferred income 101,069 105,241 Deferred tax liabilities 19,959 29,116 Other non-current liabilities 8 58,700 61,181 Total non-current liabilities 7,815,924 7,390,681 Total liabilities 14,099,706 13,299,178 Equity Share capital 1,564,499 1,564,499 Share premium 1,440,258 1,440,258 Retained earnings 16 10,741,727 10,740,042 Accumulated other comprehensive income (3,296) (11,251) Other components of equity 17 (1,005,162) (1,021,820) Total equity 12,738,026 12,711,728 Total liabilities and equity ₩ 26,837,732 ₩ 26,010,906 The above separate interim statements of financial position should be read in conjunction with the accompanying notes. 4 KT Corporation Separate Interim Statements of Profit or Loss Three-Month Periods Ended March 31, 2019 and 2018 Three-Month Period Ended March 31 2019 2018 (in millions of Korean won, except per share amounts) Notes (Unaudited) (Unaudited) Operating revenue 18 ₩ 4,334,284 ₩ 4,297,158 Operating expenses 19 4,037,839 3,992,201 Operating profit 296,445 304,957 Other income 20 165,397 214,609 Other expenses 20 56,836 59,520 Finance income 21 106,287 70,151 Finance costs 21 114,110 97,984 Profit before income tax expense 397,183 432,213 Income tax expense 104,548 115,446 Profit for the period ₩ 292,635 ₩ 316,767 Earnings per share Basic earnings per share 23 ₩ 1,194 ₩ 1,292 Diluted earnings per share 23 1,194 1,292 The above separate interim statements of profit or loss should be read in conjunction with the accompanying notes. 5 KT Corporation Separate Interim Statements of Comprehensive Income Three-Month Periods Ended March 31, 2019 and 2018 Three-Month Period Ended March 31 2019 2018 (in millions of Korean won) Notes (Unaudited) (Unaudited) Profit for the period ₩ 292,635 ₩ 316,767 Other comprehensive income Items that will not be reclassified to profit or loss: Remeasurements of the net defined benefit liability 14 27 (1,358) Loss on valuation of financial instruments at fair value through other comprehensive income (85) - Items that may be subsequently reclassified to profit or loss: Valuation gain (loss) on cash flow hedge 6 34,936 (20,073) Other comprehensive income from cash flow hedges reclassified to profit or loss (26,896) 5,005 Other comprehensive income for the period, net of tax 7,982 (16,426) Total comprehensive income for the period ₩ 300,617 ₩ 300,341 The above separate interim statements of comprehensive income should be read in conjunction with the accompanying notes. 6 KT Corporation Separate Interim Statements of Changes in Equity Three-Month Periods Ended March 31, 2019 and 2018 (in millions of Korean won) Accumulated Other Share Share Retained other comprehensive components Total Notes capital premium earnings income of equity equity Balance as at January 1, 2018 ₩ 1,564,499 ₩ 1,440,258 ₩ 9,344,506 ₩ (1,502) ₩ (1,036,683) ₩ 11,311,078 Changes in accounting policy - - 967,586 - - 967,586 Comprehensive income Profit for the period - - 316,767 - - 316,767 Remeasurements of net defined benefit liability 14 - - (1,358) - - (1,358) Valuation loss on cash flow hedge 6 - - - (15,068) - (15,068) Total comprehensive income for the period - - 315,409 (15,068) - 300,341 Transactions with equity holders Dividends paid - - (245,097) - - (245,097) Appropriation of retained earnings related to loss on disposal of treasury stock - - (2,046) - 2,046 - Others - - - - 1,621 1,621 Subtotal - - (247,143)
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