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LG Uplus Corp. and Subsidiaries Consolidated Financial Statements December 31, 2019 and 2018 LG Uplus Corp

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LG Uplus Corp. and Subsidiaries Consolidated Financial Statements December 31, 2019 and 2018 LG Uplus Corp LG Uplus Corp. and Subsidiaries Consolidated Financial Statements December 31, 2019 and 2018 LG Uplus Corp. and Subsidiaries Index December 31, 2019 and 2018 Page(s) Independent Auditor’s Report .............................................................................................. 1 - 4 Consolidated Financial Statements Consolidated Statements of Financial Position ....................................................................... 5 Consolidated Statements of Profit or Loss ................................................................................ 6 Consolidated Statements of Comprehensive Income ............................................................... 7 Consolidated Statements of Changes in Equity ...................................................................... 8 Consolidated Statements of Cash Flows ................................................................................. 9 - 10 Notes to the Consolidated Financial Statements .................................................................... 11 - 94 Independent Auditor’s Report (English Translation of a Report Originally Issued in Korean) To the Board of Directors and Shareholders of LG Uplus Corp. Opinion We have audited the accompanying consolidated financial statements of LG Uplus Corp. and its subsidiaries (collectively referred to as the "Group"), which comprise the consolidated statements of financial position as at December 31, 2019 and 2018, and the consolidated statements of profit or loss, 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 Group as at December 31, 2019 and 2018, 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 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. 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. (a) Accounting for business combination of LG HelloVision Corp. (formerly, CJ Hello Co., Ltd.) As explained in Note 22 of the consolidated financial statements, the Group acquired 50.00%+1 shares and obtained control of LG HelloVision Corp. (formerly, CJ Hello Co., Ltd.) for \ 800,000 million as at December 31, 2019, and was accounted for in accordance with Korean IFRS 1103 Business Combination. The consideration transferred was allocated to various assets acquired and liabilities assumed, and the purchase price allocation relies on fair value estimates. The Group engaged an independent external expert to assist the Group in valuation of the main tangible and intangible assets acquired. We considered business combination to be a key audit matter given the size of the consideration transferred and the extent of management’s judgments required for determination of the purchase price allocation. We performed the following control testing and substantive testing on business combination of LG HelloVision Corp. including the following procedures. Obtained understanding and evaluated the business combination process Assessed the appropriateness of the methodology applied by the Group in determining the fair value of identifiable intangible assets and other assets acquired and liabilities assumed Assessed the competence and objectivity of expert engaged by management in fair value estimation Assessed the reasonableness of key fundamental assumptions and variables used in determining fair value Tested that the result of calculation of fair value was accurate Assessed the appropriateness of the Group’s disclosure around the business combination included in the notes to the consolidated financial statements. (b) Presentation and disclosure of assets held for sale and discontinued operation of payment service As explained in the Note 21 of the consolidated financial statements, the Group decided to sell operation of payment service in 2020, and presented in consolidated financial statements as a discontinued operation as at and for the year ended December 31, 2019 in accordance with Korean IFRS 1105 Non-Current Assets Held for Sale and Discontinued Operations. As the sale of operation of payment service is a non-recurring transaction and considering the significant impact in consolidated financial statements, we focused on presentation and disclosure of assets held for sale and discontinued operations. We performed the following substantive testing on presentation and disclosure of assets held for sale and discontinued operations including the following procedures. Reviewed the appropriateness of basis on classification of assets held for sale and discontinued operations of payment service Reviewed the appropriateness of classification date of discontinued operations through review of minutes of the meetings of the Board of Directors and sales contract regarding decision-making on the sale of payment service Reviewed the appropriateness of measurement of assets and liabilities held for sale Reviewed the appropriateness of financial statement disclosure related to assets held for sale and discontinued operations. 2 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 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
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