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Kakao Corp. and Subsidiaries Kakao Corp. and Subsidiaries Consolidated Financial Statements December 31, 2018 and 2017 Kakao Corp. and Subsidiaries Index December 31, 2018 and 2017 Page(s) Independent Auditor’s Report ..................................................................................................... 1 – 6 Consolidated Financial Statements Consolidated Statements of Financial Position............................................................................... 7 – 8 Consolidated Statements of Comprehensive Income ........................................................................... 9 Consolidated Statements of Changes in Equity ........................................................................... 10 – 11 Consolidated Statements of Cash Flows .................................................................................... 12 – 13 Notes to the Consolidated Financial Statements ........................................................................ 14 – 129 Independent Auditor’s Report (English Translation of a Report Originally Issued in Korean) To the Shareholders and Board of Directors of Kakao Corp. Opinion We have audited the accompanying consolidated financial statements of Kakao Corp. and its subsidiaries (collectively the “Company”), which comprise the consolidated statements of financial position as at December 31, 2018 and 2017, and the consolidated statements of comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows for the years 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 Company as at December 31, 2018 and 2017, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (Korean IFRS). Basis for Opinion We conducted our audits 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 Company 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. 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. 2 A. Recognition in revenue from search advertising Key Audit Matter We considered its size of an amount and complexity of search advertising amounting to ￦ 184,768 million incurred in 2018. Revenue from search advertising depends on the terms of the contracts with a number of advertisers and advertising and the amount of revenue from search advertising of the Company is determined and recorded in a financial system through a complex process based on large amounts of data including a number of customer information and various contract terms aggregated in the sales system (Note 2). There is a potential risk that the amount of revenue was improperly recognized due to such complex process and large amounts of data. As a result, we determined that there is a significant risk in relation to the occurrence of the revenue from search advertising. How our audit addressed the Key Audit Matter To confirm the appropriateness of accounting for recognition in revenue from search advertising of the Company, we performed the following important audit procedures: • Understand and evaluate accounting policies and controls of the Company regarding recognition in revenue from search advertising • Ensure the appropriateness of control activity procedures for general computer control activities on the operating system (program change, security, computer operation) • Check the appropriateness of the control for monitoring the non-charged amounts in the operating system by testing samples • Verify the accuracy of the charged amounts in the operating system through an independent re-execution • Check the appropriateness of the control in relation to a pre-approval in the change of data by testing samples and investigating the relevant evidence documents • Reconcile the amount of revenue recorded in the operating system to the amount of revenue recognized in the financial accounting system • Verify the accuracy of recognized amount of operating income through screening of evidence documents B. Impairment of goodwill of cash-generating units of internet portal service including other services and music service Key Audit Matter As at December 31, 2018, goodwill of cash-generating unit of internet portal service and other services amounts to ￦ 1,080,385 million and goodwill of cash-generating units of music service amounts to ￦ 1,221,284 million (Note 18). The Company performed the impairment tests on the above goodwill using value-in-use calculations based on the discounted cash flow (Note 3). We determined accounting 3 for the above goodwill as a key audit matter due to the (￦ 2,301,669 million) and because the value- in-use involves management’s significant judgements and estimates about discount rate, growth rate and future cash flow forecasts. How our audit addressed the Key Audit Matter We performed the following important audit procedures for the impairment tests on the above goodwill • Evaluate the adequacy of valuation model used by management to estimate value-in-use • Evaluate the eligibility and independence of an external specialist hired by the company • Understand and evaluate procedure and control in relation to future cash flow estimates • Evaluate whether future cash flow is reasonably estimated based on a business plan reported to management • Evaluate the reasonableness of key assumptions used to estimate value-in-use - Confirm whether forecasts including revenue growth rates and operating profit rates of relevant CGU are consistent with previous performances and compare the actual performance of the current period with the estimates of the prior period - Compare the economic and industrial forecasts with long-term growth rate - Compare the discount rates that are independently calculated using an observable information with the discount rates applied by management • Evaluate the results of a sensitivity analysis on the discount rates and the perpetual growth rates performed by management to assess the impact of changes in key assumptions on the impairment tests Other Matter 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. 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 Company’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 4 the Company or to cease operations. Those charged with governance are responsible for overseeing the Company’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
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