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1Q Consolidated Financial Statements LG Electronics Consolidated Interim Financial Statements March 31, 2021 and 2020 LG Electronics Index March 31, 2021 and 2020 Page(s) Report on Review of Interim Financial Statements ............................................. 1 - 2 Consolidated Interim Financial Statements Consolidated Interim Statements of Financial Position ............................................ 3 - 4 Consolidated Interim Statements of Profit or Loss ................................................... 5 Consolidated Interim Statements of Comprehensive Income ................................... 6 Consolidated Interim Statements of Changes in Equity ........................................... 7 Consolidated Interim Statements of Cash Flows ...................................................... 8 Notes to the Consolidated Interim Financial Statements .......................................... 9 - 83 Report on Review of Interim Financial Statements (English Translation of a Report Originally Issued in Korean) To the Shareholders and Board of Directors of LG Electronics Inc. Reviewed Financial Statements We have reviewed the accompanying consolidated interim financial statements of LG Electronics Inc. and its subsidiaries (collectively referred to as the “Group”). These financial statements consist of the consolidated interim statement of financial position of the Group as at March 31, 2021, and the related consolidated interim statements of profit or loss and comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2021 and 2020, 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 consolidated 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 consolidated 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 consolidated 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 consolidated interim financial statements are not presented fairly, in all material respects, in accordance with Korean IFRS 1034 Interim Financial Reporting. Emphasis of Matter Without modifying our conclusion, we draw attention to Note 3 to these consolidated interim financial statements of the Group, which describes the uncertainty, relating to the impact of the spread of Coronavirus Disease-19 (“COVID-19”) on the Group’s productivity and ability to fulfill customer’s orders. Other Matters We have audited the consolidated statement of financial position of the Group as at December 31, 2020, and the related consolidated 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 4, 2021. The consolidated statement of financial position as at December 31, 2020, presented herein for comparative purposes, is consistent, in all material respects, with the above audited statement of financial position as at December 31, 2020. 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. May 17, 2021 Seoul, Korea This report is effective as of May 17, 2021, 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 consolidated 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 LG Electronics Consolidated Interim Statements of Financial Position March 31, 2021 and December 31, 2020 (in millions of Korean won) Notes March 31, 2021 December 31, 2020 (Unaudited) Assets Current assets Cash and cash equivalents 5,32 6,303,286 5,896,309 Deposits held by financial institutions 5,32 80,083 82,018 Trade receivables 5,6,32 8,248,960 7,154,932 Other receivables 5,6,32 487,879 446,426 Other financial assets 5,7,32 15,103 4,292 Inventories 8 7,995,929 7,447,157 Current tax assets 83,587 137,324 Contract assets 9 624,164 642,171 Other current assets 1,073,730 1,038,976 Assets held for sale 34 393,853 389,815 25,306,574 23,239,420 Non-current assets Deposits held by financial institutions 5,32 58,285 58,903 Other receivables 5,6,32 472,904 458,171 Other financial assets 5,7,32 172,532 156,491 Property, plant and equipment 10 14,064,795 13,973,998 Intangible assets 10 3,068,642 3,139,080 Deferred tax assets 1,864,962 1,915,928 Investments in associates and joint ventures 11 4,627,747 4,471,590 Investment properties 376 379 Net defined benefit assets 14 12,753 10,716 Contract assets 9 236,599 230,511 Other non-current assets 572,465 549,040 25,152,060 24,964,807 Total assets 50,458,634 48,204,227 Liabilities Current liabilities Trade payables 5,32 9,812,929 8,728,159 Borrowings 5,12,32 1,707,223 1,450,135 Lease liabilities 5,13,32 275,420 276,632 Other payables 5,32 3,445,238 3,555,968 Other financial liabilities 5,7,32 9,717 19,961 Current tax liabilities 369,317 202,887 Provisions 15 920,549 911,009 Contract liabilities 9 1,911,648 1,645,323 Other current liabilities 3,193,681 3,417,418 21,645,722 20,207,492 Non-current liabilities Borrowings 5,12,32 8,056,147 8,469,620 Lease liabilities 5,13,32 609,444 585,428 Other payables 5,32 62,157 63,136 Other financial liabilities 5,7,32 105,841 177,471 Deferred tax liabilities 129,057 131,809 Net defined benefit liabilities 14 475,890 499,133 Provisions 15 269,634 284,770 Contract liabilities 9 31,294 29,042 Other non-current liabilities 222,649 214,201 9,962,113 10,454,610 Total liabilities 31,607,835 30,662,102 3 LG Electronics Consolidated Interim Statements of Financial Position March 31, 2021 and December 31, 2020 (in millions of Korean won) Notes March 31, 2021 December 31, 2020 (Unaudited) Equity Paid-in capital: 16 Share capital 904,169 904,169 Share premium 3,088,179 3,088,179 Retained earnings 17 14,514,560 13,652,837 Accumulated other comprehensive loss 18 (1,739,632) (1,997,921) Other components of equity 19 (209,764) (209,764) Equity attributable to owners of the Parent Company 16,557,512 15,437,500 Non-controlling interests 2,293,287 2,104,625 Total equity 18,850,799 17,542,125 Total liabilities and equity 50,458,634 48,204,227 4 LG Electronics Consolidated Interim Statements of Profit or Loss Three-month Periods Ended March 31, 2021 and 2020 (in millions of Korean won, except per share amounts) Three-month Period Ended March 31 Notes 2021 2020 (Unaudited) (Unaudited) Net sales 20 18,809,481 14,727,803 Cost of sales 21 13,933,446 10,834,056 Gross profit 4,876,035 3,893,747 Selling and marketing expenses 21,22 2,067,618 1,685,336 Administrative expenses 21,22 327,746 290,579 Research and development expenses 21,22 599,621 571,737 Service costs 21,22 364,404 255,691 Operating profit 1,516,646 1,090,404 Financial income 23 195,341 290,445 Financial expenses 24 210,629 405,645 Gain (loss) from equity method valuation 11 83,575 (77,143) Other non-operating income 25 480,609 1,237,012 Other non-operating expenses 26 571,921 745,700 Profit before income tax 1,493,621 1,389,373 Income tax expense 324,476 302,642 Profit for the period 1,169,145 1,086,731 Profit for the period attributable to: Owners of the Parent Company 998,269 1,025,438 Non-controlling interests 170,876 61,293 1,169,145 1,086,731 Earnings per share attributable to the owners of the Parent Company during the period (in Korean won) : 27 Earnings per ordinary share 5,543 5,694 Earnings per preferred share 5,555 5,706 5 LG Electronics Consolidated Interim Statements of Comprehensive Income Three-month Periods Ended March 31, 2021 and 2020 (in millions of Korean won) Three-month Period Ended March 31 Notes 2021 2020 (Unaudited) (Unaudited) Profit for the period 1,169,145 1,086,731 Other comprehensive income (loss), net of tax Items that will not be reclassified subsequently to profit or loss: Remeasurements of the net defined benefit liability 14 87,459 1,835 Share of remeasurements of associates 11 (1,440) (666) Financial
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