2021

Assets
Current assets 106,420,448,437
Cash and Cash Equivalents 26,324,338,957
Trade receivables and other receivables 24,306,606,492
Profit or loss - fair value measurement financial assets (current) 0
Other Current Financial Assets 50,754,352,585
Inventory 957,700,862
Other current assets 4,077,449,541
Current tax assets 0
Non-current assets 147,613,400,489
Financial assets measured at fair value through profit or loss (non-curre 34,910,724,585
Financial assets measured at fair value through other comprehensive i 2,909,699,380
Available-for-sale financial assets 0
Other non-current financial assets 8,123,138,981
Investment in subsidiaries and associates 37,889,103,353
Investment property 671,435,314
Tangible assets 35,007,665,227
Itangible asset 28,101,633,649
Deferred corporate tax assets 0
Total assets 254,033,848,926
Liabilities
Current liabilities 48,057,973,524
Trade payables and other payables 13,172,912,978
Other current financial liabilities 2,045,745,932
Advance payment 14,588,170,626
Other current liabilities 13,351,029,021
Current corporate tax liabilities 4,900,114,967
Non-current liabilities 7,661,204,743
Other non-current financial liabilities 1,317,077,425
Deferred corporate tax liabilities 1,641,329,902
Total liabilities 55,719,178,267
Equity
Capital 17,943,451,500
Capital surplus 68,073,565,569
Capital adjustment (11,986,731,511)
Accumulated other comprehensive income 807,540,035
Retained Earnings (Loss) 123,476,845,066
Total equity 198,314,670,659
Total equity and liabilities 254,033,848,926
 2020 2019 2018 2017

91,490,903,152 87,433,470,456 65,160,010,863 48,724,029,635

16,845,589,220 18,960,833,466 29,722,791,400 17,802,388,137
13,734,257,774 13,659,862,864 12,515,313,798 10,249,624,808
0 1,157,800,000 0 1055111453
57,440,000,000 50,347,873,976 15,978,663,186 13,142,870,445
445,216,696 690,988,886 243,919,528 340,812,963
3,025,839,462 2,616,111,264 5,098,725,860 4,997,237,399
0 0 1,600,597,091 1,135,984,430
98,415,151,475 92,958,832,692 79,689,738,398 69,234,599,944
11,695,641,107 12,364,578,220 3,176,495,665 0
2,965,596,800 3,292,772,852 487,287,765 0
0 0 0 2103258268
5,910,036,971 6,233,218,727 6,007,855,817 7,712,827,160
9,322,292,536 3,344,902,441 4,515,360,028 4,195,843,228
154,007,461 158,410,481 162,813,503 0
37,964,617,517 37,997,537,790 36,231,744,438 24,734,521,106
29,159,253,302 29,043,036,790 29,108,181,182 29,134,692,496
1,243,705,781 524,375,391 0 1353457686
189,906,054,627 180,392,303,148 144,849,749,261 117,958,629,579

25,140,536,816 36,735,330,871 27,698,772,264 32,801,419,106

8,228,580,327 14,442,138,425 12,399,863,232 13,741,702,056
946,642,582 853,113,674 0 0
5,937,323,779 13,046,371,739 13,678,881,268 14,582,230,050
7,607,611,542 1,415,016,810 1,620,027,764 1,196,125,089
2,420,378,586 6,978,690,223 3281361911
3,300,505,589 1,650,337,291 544,595,810 3,619,709,278
2,556,450,381 1,650,337,291 255,500,000 3,619,709,278
0 289,095,810
28,441,042,405 38,385,668,162 28,243,368,074 36,421,128,384

17,943,451,500 17,942,201,500 17,872,313,500 17,311,460,500

68,073,565,569 68,019,860,569 65,015,134,925 54,999,764,045
(12,054,078,634) (12,012,398,634) (9,772,970,909) (14,008,520,847)
407,394,701 769,590,608 (73,184,518) (12,200,767)
87,094,679,086 67,287,380,943 43,565,088,189 23,246,998,264
161,465,012,222 142,006,634,986 116,606,381,187 81,537,501,195
189,906,054,627 180,392,303,148 144,849,749,261 117,958,629,579
Revenue(Sales)
Cost of sales
Gross profit
Selling and administrative expenses
Operating income (Loss)
Other gains
Other losses
Financial income
Financial costs
Net Income Before Income Tax (Loss)
Corporate tax
Net Income (Loss)
Other comprehensive income
Items that can be reclassified to profit or loss (other comprehensive income after tax)
Other comprehensive income - gain or loss on valuation of financial assets measured at fair value (debt inst
Items not reclassified to profit or loss (other comprehensive income after tax)
Other comprehensive income - gain or loss on valuation of financial assets measured at fair value
Gain or loss on valuation of available-for-sale financial assets
Foreign business translation gains and losses
Total comprehensive income
Earnings per share
Basic earnings per share (loss) (Unit: KRW)
Diluted earnings per share (loss) (Unit: KRW)
 2021 2020 2019 2018 2017
165,230,961,759 130,009,011,506 144,613,992,410 118,167,060,285 96,761,010,427
85,021,699,011 66,485,526,364 78,749,086,621 69,068,235,655 61,796,530,883
80,209,262,748 63,523,485,142 65,864,905,789 49,098,824,630 34,964,479,544
37,793,651,481 26,149,182,965 26,631,753,645 23,667,935,143 17,070,075,553
42,415,611,267 37,374,302,177 39,233,152,144 25,430,889,487 17,894,403,991
1,234,317,780 31,484,613 779,872,721 651,513,028 3,771,389,595
4,026,315,911 2,743,312,402 1,874,730,922 116,465,070 285,989,964
16,956,067,186 2,730,364,618 2,360,367,824 1,555,144,017 845,251,301
2,657,687,869 6,253,262,856 2,763,696,528 405,192,367 1,904,351,352
53,921,992,453 31,139,576,150 37,734,965,239 27,115,889,095 20,320,703,571
12,442,725,387 6,202,465,897 9,967,900,583 4,844,715,188 4,040,947,037
41,479,267,066 24,937,110,253 27,767,064,656 22,271,173,907 16,279,756,534
400,145,334 (362,195,907) 842,775,126 (46,330,559) (300,996,491)
186,416,170 (119,693,352) (48,893) (46,432,553)
180,434,719 (116,503,188) (48,893) (46,432,553)
5,981,451 (3,190,164) 842,824,019 101,994 (300,996,491)
213,729,164 (242,502,555) 839,600,789
213,729,164 (242,502,555) (294,879,980)
41,879,412,400 24,574,914,346 3,223,230 101,994 (6,116,511)
28,609,839,782 22,224,843,348 15,978,760,043

1,253 753 840 693 516

1253 753 840 682 508
 Cash flow for 2017-2019 period
2019
Cash flow from operating activities 44,081,550,143
Net Income (Loss) 27,767,064,656
Adjustments 15,277,067,932
Depreciation 2,833,872,062
Amortization of intangible assets 280,876,735
Bad debt expenses 181,830,000
Stock compensation cost 85,301,259
Interest income (1,125,592,434)
Interest expense 40,715,846
Dividend income
Profit or loss - gain on disposal of financial assets at fair value (16,099,536)
Loss on disposal of financial assets at fair value through profit or 1,159,042,398
Profit or loss - gain on valuation of financial assets at fair value (368,795,631)
Loss on valuation of financial assets at fair value through profit or 818,078,401
Gain on disposal of available-for-sale financial assets
Foreign currency translation gains (594,714,887)
Foreign currency translation loss 533,610,348
Reversal of allowance for bad debts (20,552,387)
Other medical expenses 172,650,227
Gain on disposal of tangible assets (10,332,639)
Loss on disposal of tangible assets
Loss on impairment of intangible assets
Impairment loss on investments in subsidiaries 1,339,807,587
Gain on disposal of investment in associates (530,000)
Joint Venture Investment Impairment Loss
Corporate tax 9,967,900,583
Changes in assets and liabilities due to operating activities 2,643,791,363
Decrease (increase) in trade receivables and other receivables (1,142,631,948)
Decrease (increase) in other current assets 2,482,780,952
Decrease (increase) in inventory (447,069,358)
Increase (decrease) in trade payables and other payables 2,045,145,015
Increase (decrease) in advance payments (677,942,595)
Increase (decrease) in other current liabilities (205,010,954)
Increase (decrease) in other non-current financial liabilities 588,520,251
Interest received 595,710,662
Corporate tax payment (2,202,084,470)
Cash flow from investing activities (50,612,895,606)
Decrease in other current financial assets 68,340,900,926
Decrease in financial assets measured at fair value through profit 1,631,989,967
Decrease in financial assets measured at fair value through oth 4,129,967,715
Decrease in available-for-sale financial assets
Decrease in other non-current financial assets 1,949,481,726
Disposition of investment in associates 530,000
Disposition of Tangible Assets
 Increase in other current financial assets (103,762,069,511)
Increase in financial assets measured at fair value through profit (14,093,215,049)
Increase in other comprehensive income - fair value measured fin (4,398,004,073)
Increase in other non-current financial assets (2,299,170,879)
Acquisition of investments in subsidiaries (169,350,000)
Acquisition of tangible assets (1,728,224,085)
Acquisition of intangible assets (215,732,343)
Cash flow from financing activities (4,300,133,988)
New stock warrant exercise
Stock option exercise 749,884,660
Reduction of lease liabilities (1,029,412,756)
Payment of dividends (4,020,605,892)
Effects of Changes in Foreign Exchange Rates on Cash and Cash A 69,521,517
Net increase (decrease) in cash and cash equivalents (10,761,957,934)
Underlying Cash and Cash Equivalents 29,722,791,400
Ending cash and cash equivalents 18,960,833,466
d
2018 2017
19,992,479,303 25,976,741,020
22,271,173,907 16,279,756,520
8,733,703,653 7,566,411,207
832,749,987 289,398,099
276,995,624 2,559,055,223
214,769,753
4,123,924,072 3,374,420,237
(339,613,797) (390,107,415)

(118,901,440)
(553,933,339) 24,599,980

(2,725,847,427)
(359,735,790) (217,034,074)
184,022,602 1,665,831,451
(510,247,249) (1,148,450,484)

19,566,602
12,500,006

490,000 200,000,000
4,844,715,188 4,040,947,051
(4,495,366,635) 5,046,033,025
(2,669,486,678) (3,442,795,266)
(101,488,461) (1,964,220,274)
96,893,435 (129,416,316)
(1,341,838,824) 5,505,840,699
(903,348,782) 4,242,139,934
423,902,675 834,484,248

431,104,642 261,016,517
(6,948,136,264) (3,176,476,249)
(13,507,918,683) (29,039,579,038)

5,294,718,225
6,021,235,669 83,473

12,755,705
 (2,325,545,492) (7,023,969,005)

(4,120,764,326) (1,202,173,466)
(320,006,800) (606,851,000)
(12,525,109,129) (24,773,652,158)
(250,484,310) (727,735,107)
5,160,403,294 2,499,987,699
3,499,997,436 2,499,987,699
1,660,405,858

275,439,349 (417,855,196)
11,920,403,263 (980,705,515)
17,802,388,137 18,783,093,652
29,722,791,400 17,802,388,137
 Cash flow for 2020-2021 period

Cash flow from operating activities

Net Income (Loss)
Adjustments
Depreciation
Amortization of intangible assets
Bad debt expenses
Stock compensation cost (reversal)
Interest income
Interest expense
Long-term financial instrument valuation gains
Profit or loss - gain on disposal of financial assets at fair value
Loss on disposal of financial assets at fair value through profit or loss
Profit or loss - gain on valuation of financial assets at fair value
Loss on valuation of financial assets at fair value through profit or loss
Other comprehensive income - loss on disposal of financial assets measured at fair value
Foreign exchange loss
Foreign currency translation gains
Foreign currency translation loss
Inventory disposal loss
Reversal of allowance for bad debts
Other bad debt expenses
Gain on disposal of tangible assets
Loss on disposal of tangible assets
Gain on disposal of intangible assets
Loss on disposal of intangible assets
Loss on impairment of intangible assets
Impairment loss on investments in subsidiaries
Reversal of impairment loss on equity investments in subsidiaries
Impairment loss on equity investments in associates
Gain on disposal of investment in associates
Loss on disposal of overseas business sites
Miscellaneous profit
Miscellaneous loss
Corporate tax
Changes in assets and liabilities due to operating activities
Decrease (increase) in trade receivables and other receivables
Decrease (increase) in other current assets
Decrease (increase) in inventory
Increase (decrease) in trade payables and other payables
Increase (decrease) in advance payments
Increase (decrease) in other current liabilities
Increase (decrease) in other non-current financial liabilities
Increase (decrease) in other non-current liabilities
Interest received
 Corporate tax payment
Cash flow from investing activities
Decrease in other current financial assets
Decrease in financial assets measured at fair value through profit or loss
Decrease in financial assets measured at fair value through other comprehensive income
Decrease in other non-current financial assets
Disposition of investment in associates
Disposition of Tangible Assets
Disposal of intangible assets
Increase in other current financial assets
Increase in financial assets measured at fair value through profit or loss
Increase in other comprehensive income - fair value measured financial assets
Increase in other non-current financial assets
Acquisition of investments in subsidiaries
Acquisition of investment in associates
Acquisition of tangible assets
Acquisition of intangible assets
Cash flow from financing activities
Increase in other current financial liabilities
Increase in other non-current financial liabilities
Increase in other non-current liabilities
Stock option exercise
Reduction of lease liabilities
Reduction of other current financial liabilities
Payment of dividends
Effects of Changes in Foreign Exchange Rates on Cash and Cash Assets
Net increase (decrease) in cash and cash equivalents
Underlying Cash and Cash Equivalents
Ending cash and cash equivalents
21 period
2021 2020
50,499,307,818 21,668,260,512
41,479,267,066 24,937,110,253
7,469,927,016 14,098,809,948
3,237,177,906 3,091,626,356
284,729,956 217,004,522
878,670,751 1,357,344
67,347,123
(688,264,060) (1,183,920,474)
22,267,180 80,739,683
(693,198)
(84,625,173) (151,850,452)
62,599,397 826
(15,413,077,732) (247,354,222)
2,285,478,217 3,697,714,239
179,935,979
1,306,119
(117,243,359) (603,446,700)
107,407,096 1,402,009,439
436,537,374
(1,664,326) (1,788,268)

(1,453,348) (5,370,844)
71,961,783 476,682,274
(37,549,415)
1,012,907
2,171,519,096
687,096,835
(640,857,747)
1,000,006,930
(2,000,000)
990,614
(5,584,103)
5,779,253
14,084,055,289 6,202,465,897
10,218,831,175 (7,213,220,837)
(11,425,429,208) (295,031,243)
(1,136,832,764) (409,839,574)
(512,484,166) (190,765,184)
4,941,727,213 (696,006,550)
12,444,040,858 (7,109,047,960)
5,743,417,479 672,692,159
720,000,000
164,391,763 94,777,515
596,535,423 1,325,669,072
 (9,265,252,862) (11,480,107,924)
(35,006,953,726) (18,011,284,662)
85,094,995,045 129,263,708,072
2,934,739,542 3,835,496,836
338,360,760 591,564,474
2,678,780,656 2,196,109,169
2,000,000
3,990,890 49,230,000
55,761,481
(75,559,971,895) (135,526,480,108)
(13,000,197,729) (6,465,070,114)
(623,394,165)
(7,875,470,882) (1,827,572,474)
(3,000,000,000) (4,664,480,000)
(25,925,960,000) (2,000,006,930)
(131,222,274) (2,509,088,717)
(620,759,320) (333,300,705)
(6,013,604,356) (5,301,981,687)
300,000,000
560,000,000
900,000,000
13,275,000
(1,256,503,270) (1,085,444,577)
(520,000,000)
(5,097,101,086) (5,129,812,110)
1 (470,238,409)
9,478,749,737 (2,115,244,246)
16,845,589,220 18,960,833,466
26,324,338,957 16,845,589,220
 Liquidity Ratios
2021 2020
Operating cash flow to maturing obligations (OCFMO) 1.051 0.862
Current ratio 2.214 3.639
Quick ratio 2.194 3.621
Working Capital to Sales ratio (WC to Sales) 0.353 0.510
Debtors days (Receivables days) 53.694 38.559
Creditors days (Payables days) 56.552 45.174
Stock days 3.011 3.119
Gearing Ratios
DE 3.863 2.044
Borrowing ratio 21.934 14.976
Gearing ratio 3.719 2.003
Interest cover 19.001 3.465
Efficiency Ratios
Sales to capital employed ratio (SCE) 0.802 0.789
Total asset turnover 0.650 0.685
Fixed asset turnover 4.631 3.411
Profitability Ratios
Gross profit margin (GPM) 48.544 48.861
Operating profit margin (PBITM or EBITM) 32.634 23.952
Net profit margin (NPM) 25.104 19.181
Return on captital employed (ROCE) 26.179 18.899
Return on equity (ROE) 20.916 15.444
Investor related Ratios
Latest Dividend 369
Total outstanding Common share's 33100000
Market price per share 50,700
Dividend payout ratio (DPR) 29.4%
Dividend yield (DY) 0.728%
Price-earnings ratio (PE) 40.463
Market to book ratio 8.462
 2019 2018 2017
1.200 0.722 0.792
2.380 2.352 1.485
2.361 2.344 1.475
0.351 0.317 0.165
34.477 38.658 38.663
66.939 65.529 81.165
2.167 1.545 2.013

1.162 0.467 4.439

21.279 19.498 30.876
1.149 0.465 4.251
15.950 49.341 13.641

1.007 1.009 1.136

0.802 0.816 0.820
3.790 3.247 3.912

45.545 41.550 36.135

26.094 22.947 21.001
19.201 18.847 16.825
26.267 23.146 23.863
19.553 19.099 19.966
os
Balance sheet
Assets
Current assets
Cash and Cash Equivalents
Trade receivables and other receivables
Profit or loss - fair value measurement financial assets (current)
Other Current Financial Assets
Inventory
Other current assets
Current tax assets
Non-current assets
Financial assets measured at fair value through profit or loss (non-current)
Financial assets measured at fair value through other comprehensive income
Available-for-sale financial assets
Other non-current financial assets
Investment in subsidiaries and associates
Investment property
Tangible assets
Itangible asset
Deferred corporate tax assets
Total assets
Liabilities
Current liabilities
Trade payables and other payables
Other current financial liabilities
Advance payment
Other current liabilities
Current corporate tax liabilities
Non-current liabilities
Other non-current financial liabilities
Deferred corporate tax liabilities
Total liabilities
Equity
Capital
Capital surplus
Capital adjustment
Accumulated other comprehensive income
Retained Earnings (Loss)
Total equity
Total equity and liabilities
Income statement
Revenue(Sales)
Cost of sales
Gross profit
Selling and administrative expenses
Operating income (Loss)
Other gains
Other losses
Financial income
Financial costs
Net Income Before Income Tax (Loss)
Corporate tax
Net Income (Loss)
Other comprehensive income
Items that can be reclassified to profit or loss (other comprehensive income after tax)
Other comprehensive income - gain or loss on valuation of financial assets measured at fair value (debt inst
Items not reclassified to profit or loss (other comprehensive income after tax)
Other comprehensive income - gain or loss on valuation of financial assets measured at fair value
Gain or loss on valuation of available-for-sale financial assets
Foreign business translation gains and losses
Total comprehensive income
Earnings per share
Basic earnings per share (loss) (Unit: KRW)
Diluted earnings per share (loss) (Unit: KRW)
 2021 2020 2019 2018

106,420,448,437 91,490,903,152 87,433,470,456 65,160,010,863

26,324,338,957 16,845,589,220 18,960,833,466 29,722,791,400
24,306,606,492 13,734,257,774 13,659,862,864 12,515,313,798
0 0 1,157,800,000 0
50,754,352,585 57,440,000,000 50,347,873,976 15,978,663,186
957,700,862 445,216,696 690,988,886 243,919,528
4,077,449,541 3,025,839,462 2,616,111,264 5,098,725,860
0 0 0 1,600,597,091
147,613,400,489 98,415,151,475 92,958,832,692 79,689,738,398
34,910,724,585 11,695,641,107 12,364,578,220 3,176,495,665
2,909,699,380 2,965,596,800 3,292,772,852 487,287,765
0 0 0 0
8,123,138,981 5,910,036,971 6,233,218,727 6,007,855,817
37,889,103,353 9,322,292,536 3,344,902,441 4,515,360,028
671,435,314 154,007,461 158,410,481 162,813,503
35,007,665,227 37,964,617,517 37,997,537,790 36,231,744,438
28,101,633,649 29,159,253,302 29,043,036,790 29,108,181,182
0 1,243,705,781 524,375,391 0
254,033,848,926 189,906,054,627 180,392,303,148 144,849,749,261

48,057,973,524 25,140,536,816 36,735,330,871 27,698,772,264

13,172,912,978 8,228,580,327 14,442,138,425 12,399,863,232
2,045,745,932 946,642,582 853,113,674 0
14,588,170,626 5,937,323,779 13,046,371,739 13,678,881,268
13,351,029,021 7,607,611,542 1,415,016,810 1,620,027,764
4,900,114,967 2,420,378,586 6,978,690,223 0
7,661,204,743 3,300,505,589 1,650,337,291 544,595,810
1,317,077,425 2,556,450,381 1,650,337,291 255,500,000
1,641,329,902 0 0 289,095,810
55,719,178,267 28,441,042,405 38,385,668,162 28,243,368,074

17,943,451,500 17,943,451,500 17,942,201,500 17,872,313,500

68,073,565,569 68,073,565,569 68,019,860,569 65,015,134,925
(11,986,731,511) (12,054,078,634) (12,012,398,634) (9,772,970,909)
807,540,035 407,394,701 769,590,608 (73,184,518)
123,476,845,066 87,094,679,086 67,287,380,943 43,565,088,189
198,314,670,659 161,465,012,222 142,006,634,986 116,606,381,187
254,033,848,926 189,906,054,627 180,392,303,148 144,849,749,261
 2021 2020 2019 2018

165,230,961,759 130,009,011,506 144,613,992,410 118,167,060,285

85,021,699,011 66,485,526,364 78,749,086,621 69,068,235,655
80,209,262,748 63,523,485,142 65,864,905,789 49,098,824,630
37,793,651,481 26,149,182,965 26,631,753,645 23,667,935,143
42,415,611,267 37,374,302,177 39,233,152,144 25,430,889,487
1,234,317,780 31,484,613 779,872,721 651,513,028
4,026,315,911 2,743,312,402 1,874,730,922 116,465,070
16,956,067,186 2,730,364,618 2,360,367,824 1,555,144,017
2,657,687,869 6,253,262,856 2,763,696,528 405,192,367
53,921,992,453 31,139,576,150 37,734,965,239 27,115,889,095
12,442,725,387 6,202,465,897 9,967,900,583 4,844,715,188
41,479,267,066 24,937,110,253 27,767,064,656 22,271,173,907
400,145,334 (362,195,907) 842,775,126 (46,330,559)
186,416,170 (119,693,352) (48,893) (46,432,553)

180,434,719 (116,503,188) (48,893) (46,432,553)

5,981,451 (3,190,164) 842,824,019 101,994
213,729,164 (242,502,555) 839,600,789 0
213,729,164 (242,502,555) 0 0
41,879,412,400 24,574,914,346 3,223,230 101,994
0 0 28,609,839,782 22,224,843,348

1,253 753 840 693

1253 753 840 682
 2017

48,724,029,635
17,802,388,137
10,249,624,808
1055111453
13,142,870,445
340,812,963
4,997,237,399
1,135,984,430
69,234,599,944
0
0
2103258268
7,712,827,160
4,195,843,228
0
24,734,521,106
29,134,692,496
1353457686
117,958,629,579

32,801,419,106
13,741,702,056
0
14,582,230,050
1,196,125,089
3281361911
3,619,709,278
3,619,709,278
0
36,421,128,384

17,311,460,500
54,999,764,045
(14,008,520,847)
(12,200,767)
23,246,998,264
81,537,501,195
117,958,629,579
 2017

96,761,010,427
61,796,530,883
34,964,479,544
17,070,075,553
17,894,403,991
3,771,389,595
285,989,964
845,251,301
1,904,351,352
20,320,703,571
4,040,947,037
16,279,756,534
(300,996,491)
0

0
(300,996,491)
0
(294,879,980)
(6,116,511)
15,978,760,043

516
508
Vertical Analysis
Assets
Current assets
Cash and Cash Equivalents
Trade receivables and other receivables
Profit or loss - fair value measurement financial assets (current)
Other Current Financial Assets
Inventory
Other current assets
Current tax assets
Non-current assets
Financial assets measured at fair value through profit or loss (non-current)
Financial assets measured at fair value through other comprehensive income
Available-for-sale financial assets
Other non-current financial assets
Investment in subsidiaries and associates
Investment property
Tangible assets
Itangible asset
Deferred corporate tax assets
Total assets
Liabilities
Current liabilities
Trade payables and other payables
Other current financial liabilities
Advance payment
Other current liabilities
Current corporate tax liabilities
Non-current liabilities
Other non-current financial liabilities
Deferred corporate tax liabilities
Total liabilities
Equity
Capital
Capital surplus
Capital adjustment
Accumulated other comprehensive income
Retained Earnings (Loss)
Total equity
Total equity and liabilities
Revenue(Sales)
Cost of sales
Gross profit
Selling and administrative expenses
Operating income (Loss)
Other gains
Other losses
Financial income
Financial costs
Net Income Before Income Tax (Loss)
Corporate tax
Net Income (Loss)

Horizontal Analysis

Assets
Current assets
Cash and Cash Equivalents
Trade receivables and other receivables
Profit or loss - fair value measurement financial assets (current)
Other Current Financial Assets
Inventory
Other current assets
Current tax assets
Non-current assets
Financial assets measured at fair value through profit or loss (non-current)
Financial assets measured at fair value through other comprehensive income
Available-for-sale financial assets
Other non-current financial assets
Investment in subsidiaries and associates
Investment property
Tangible assets
Itangible asset
Deferred corporate tax assets
Total assets
Liabilities
Current liabilities
Trade payables and other payables
Other current financial liabilities
 Advance payment
Other current liabilities
Current corporate tax liabilities
Non-current liabilities
Other non-current financial liabilities
Deferred corporate tax liabilities
Total liabilities
Equity
Capital
Capital surplus
Capital adjustment
Accumulated other comprehensive income
Retained Earnings (Loss)
Total equity
Total equity and liabilities

Revenue(Sales)
Cost of sales
Gross profit
Selling and administrative expenses
Operating income (Loss)
Other gains
Other losses
Financial income
Financial costs
Net Income Before Income Tax (Loss)
Corporate tax
Net Income (Loss)
2021 2020 2019 2018 2017

42% 48% 48% 45% 41%

10% 9% 11% 21% 15%
10% 7% 8% 9% 9%
0% 0% 1% 0% 1%
20% 30% 28% 11% 11%
0% 0% 0% 0% 0%
2% 2% 1% 4% 4%
0% 0% 0% 1% 1%
58% 52% 52% 55% 59%
14% 6% 7% 2% 0%
1% 2% 2% 0% 0%
3% 3% 3% 4% 7%
15% 5% 2% 3% 4%
15% 5% 2% 3% 4%
0% 0% 0% 0% 0%
14% 20% 21% 25% 21%
11% 15% 16% 20% 25%
0% 1% 0% 0% 1%
100% 100% 100% 100% 100%

19% 13% 20% 19% 28%

5% 4% 8% 9% 12%
1% 0% 0% 0% 0%
6% 3% 7% 9% 12%
5% 4% 1% 1% 1%
2% 1% 4% 0% 3%
3% 2% 1% 0% 3%
1% 1% 1% 0% 3%
1% 0% 0% 0% 0%
22% 15% 21% 19% 31%

7% 9% 10% 12% 15%

27% 36% 38% 45% 47%
-5% -6% -7% -7% -12%
0% 0% 0% 0% 0%
49% 46% 37% 30% 20%
78% 85% 79% 81% 69%
100% 100% 100% 100% 100%
 2021 2020 2019 2018 2017

100% 100% 100% 100% 100%

51% 51% 54% 58% 64%
49% 49% 46% 42% 36%
23% 20% 18% 20% 18%
26% 29% 27% 22% 18%
1% 0% 1% 1% 4%
2% 2% 1% 0% 0%
10% 2% 2% 1% 1%
2% 5% 2% 0% 2%
33% 24% 26% 23% 21%
8% 5% 7% 4% 4%
25% 19% 19% 19% 17%

2020-2021 2019-2020 2018-2019

Change in Won Change in % Change in Won Change in % Change in Won

14,929,545,285 16% 4057432696 5% 22273459593

9,478,749,737 56% -2115244246 -11% -10761957934
10,572,348,718 77% 74394910 1% 1144549066
0 0% -1157800000 -100% 1157800000
(6,685,647,415) -12% 7092126024 14% 34369210790
512,484,166 115% -245772190 -36% 447069358
1,051,610,079 35% 409728198 16% -2482614596
0 0% 0 0% -1600597091
49,198,249,014 50% 5456318783 6% 13269094294
23,215,083,478 198% -668937113 -5% 9188082555
(55,897,420) -2% -327176052 -10% 2805485087
0 0% 0 0% 0
2,213,102,010 37% -323181756 -5% 225362910
28,566,810,817 306% 5977390095 179% -1170457587
517,427,853 336% -4403020 -3% -4403022
(2,956,952,290) -8% -32920273 0% 1765793352
(1,057,619,653) -4% 116216512 0% -65144392
(1,243,705,781) -100% 719330390 137% 524375391
64,127,794,299 34% 9513751479 5% 35542553887

22,917,436,708 91% -11594794055 -32% 9036558607

4,944,332,651 60% -6213558098 -43% 2042275193
1,099,103,350 116% 93528908 11% 853113674
 8,650,846,847 146% -7109047960 -54% -632509529
5,743,417,479 75% 6192594732 438% -205010954
2,479,736,381 102% -4558311637 -65% 6978690223
4,360,699,154 132% 1650168298 100% 1105741481
(1,239,372,956) -48% 906113090 55% 1394837291
1,641,329,902 0% 0 0% -289095810
27,278,135,862 96% -9944625757 -26% 10142300088

0 0% 1250000 0% 69888000
0 0% 53705000 0% 3004725644
67,347,123 -1% -41680000 0% -2239427725
400,145,334 98% -362195907 -47% 842775126
36,382,165,980 42% 19807298143 29% 23722292754
36,849,658,437 23% 19458377236 14% 25400253799
64,127,794,299 34% 9513751479 5% 35542553887

35,221,950,253 27% (14,604,980,904) -10% 26,446,932,125

18,536,172,647 28% (12,263,560,257) -16% 9,680,850,966
16,685,777,606 26% (2,341,420,647) -4% 16,766,081,159
11,644,468,516 45% (482,570,680) -2% 2,963,818,502
5,041,309,090 13% (1,858,849,967) -5% 13,802,262,657
1,202,833,167 3820% (748,388,108) -96% 128,359,693
1,283,003,509 47% 868,581,480 46% 1,758,265,852
14,225,702,568 521% 369,996,794 16% 805,223,807
(3,595,574,987) -57% 3,489,566,328 126% 2,358,504,161
22,782,416,303 73% (6,595,389,089) -17% 10,619,076,144
6,240,259,490 101% (3,765,434,686) -38% 5,123,185,395
16,542,156,813 66% (2,829,954,403) -10% 5,495,890,749
2018-2019 2017-2018
Change in % Change in Won Change in %

34% 16,435,981,228 34%

-36% 11,920,403,263 67%
9% 2,265,688,990 22%
0% (1,055,111,453) -100%
215% 2,835,792,741 22%
183% (96,893,435) -28%
-49% 101,488,461 2%
-100% 464,612,661 41%
17% 10,455,138,454 15%
289% 3,176,495,665 0%
576% 487,287,765 0%
0% (2,103,258,268) -100%
4% (1,704,971,343) -22%
-26% 319,516,800 8%
-3% 162,813,503 0%
5% 11,497,223,332 46%
0% (26,511,314) 0%
0% (1,353,457,686) -100%
25% 26,891,119,682 23%

33% (5,102,646,842) -16%

16% (1,341,838,824) -10%
0% 0 0%
 -5% (903,348,782) -6%
-13% 423,902,675 35%
0% (3,281,361,911) -100%
203% (3,075,113,468) -85%
546% (3,364,209,278) -93%
-100% 289,095,810 0%
36% (8,177,760,310) -22%

0% 560,853,000 3%
5% 10,015,370,880 18%
23% 4,235,549,938 -30%
-1152% (60,983,751) 500%
54% 20,318,089,925 87%
22% 35,068,879,992 43%
25% 26,891,119,682 23%

22% 21,406,049,858 22%

14% 7,271,704,772 12%
34% 14,134,345,086 40%
13% 6,597,859,590 39%
54% 7,536,485,496 42%
20% (3,119,876,567) -83%
1510% (169,524,894) -59%
52% 709,892,716 84%
582% (1,499,158,985) -79%
39% 6,795,185,524 33%
106% 803,768,151 20%
25% 5,991,417,373 37%
 Gordon growth model
Background information
Latest Dividend (D0) (₩) 369
Risk free rate (rf) 3.60%
Equity risk premium (rm) 4.07%
Beta (B) 1.15
ROE for 2021 20.916
Earnings per share 1,253

Estimates
Indicator Formula
Cost of equity (r) rf + B(rm-rf) 4%
Dividend payout Latest Dividend/Earnings per share 29%
Expected dividend for 2022
Expected growth rate (g) (1-Dividend payout)*ROE 14.8%

Valuation
Model Formula
(D_0 (1+g))/(r−g)=D_1/(r−g)
Gordon growth model V0 = The denominator is negative due to r<g and
EV/EBITDA

P/E 40.462889066241 28.266666667 152.996759

Market/Book 8.4621576125631 3.841006826 2.69070242
Market/ Sale 10.1565105119204 4.1621920044 4.84084483

Financial Statement Item Actual Financial Statement Data for company A

Free cash flow model 1 2

Profit after taxes 41479267066

Depreciation 3237177906
Net after-tax interest payments -58472503
Increase in current assets 14929545285
Increase in current liabilities 22917436708
Increase in non-current assets at cost 49198249014

Income from Operations x (1 – tax rate)

1. Sales revenue growth 10%

2. Other curr
is negative due to r<g and the model's result is not be logical
Mean
73.9087715
4.99795562
6.38651578

3 4 5
 Price multiples valuation

Background information Formula

Market price per share
Earnings per share
Equity value per share Shareholder's equity/ Total outstanding Common share's
Shareholder's equity
Total outstanding Common share's
Sales revenue per share
Total sales

Estimates
P/E Market price per share/ Earnings per share
Market/Book Market price per share/Equity value per share
Market/ Sale Market price per share/ Sales revenue per share

Valuation
Financial statement Actual Financial Statement
Item Data For JYP company
Net income 41,479,267,066
Book value equity 198,314,670,659
Sales 165,230,961,759
Mean market equity value
Target share value
* Note: All the numbers are collected on 31 Dec 2021
uation

Company JYP Company SM Company YG

50,700 74,200 55,700
1253 2625 364.06
5991.37977821752 19317.851636453 20700.914190437
198,314,670,659 452,037,728,293 378,826,729,685
33100000 23400000 18300000
4991.87195646526 17827.1449088034 ###
165,231,000,000 417,155,000,000 210,564,485,445

Company JYP Company SM Company YG Mean

40.462889066241 28.2666666666667 152.99675877603 73.9087715
8.4621576125631 3.84100682603773 2.6907024244239 4.99795562
10.1565105119204 4.16219200436064 ### 6.38651578

Mean market
ratio Suggested value of equity
73.9087715029779 3,065,681,671,691.99
4.99795562100823 991,167,922,948.55
6.3865157809095 1,055,250,144,768.71
1,704,033,246,470
51,481.37
 5-Year projected model including valuation

Sales revenue growth

Other current assets/Sales
Current liabilities/Sales
Non-current assets/sales
Cost of goods sold/Sales
Depreciation rate
Selling and administrative expenses/Sales
Income tax rate
Dividend payout ratio
Other gains/Sales
Other losses/Sales
Finance costs/Sales
Finance income/Sales
Interest expense after tax/Operating income
Current assets/Sales

Year
Income statement
Sales revenue
Cost of goods sold
Selling and administrative expenses
Other gains
Other losses
Finance costs
Finance income
Net Income Before Income Tax (Loss)
Depreciation
Corporate tax
Net Income (Loss)
Dividends
Balance sheet
Current assets
Non-current assets
Current liabilities
Cash flow from operating activities
Interest expense after tax

Free Cash Flow calculation

Year
Profit after tax
Add back depreciation
Subtract increase in current assets
Add back increase in currrent liabilities
Subtract increase in non-current assets
Add back after-tax finance costs
Subtract after-tax finance income
Free cash flow

WACC calculation

WACC
D/(D+E) r_D (1−T)+E/(D+E) r_E

Valuation

WACC
FCF
EV in year 5
EV
Taget price
-Year projected model including valuation

27%
2%
29%
89%
51%
3%
23%
10%
29%
3%
9%
6%
40%
0.047%
64%

0 1 2
Income statement
165,230,961,759 209,995,218,082 266,886,975,345
(85,021,699,011) (108,055,718,101.69) (137,330,097,496)
(37,793,651,481) (48,032,681,044.59) (61,045,661,319.37)
1,234,317,780 10,653,236,018.86 13,539,403,252.52
(4,026,315,911) (6,708,968,568.78) (8,526,557,630.04)
(2,657,687,869) (22,938,157,897) (29,152,547,554)
16,956,067,186 146,345,607,761 185,993,457,218
53,921,992,453 181,258,536,249.23 702,474,699,815.04
(3,237,177,906) (4,410,710,394.95) (5,605,656,962.97)
(12,442,725,387) (18,125,853,624.92) (70,247,469,981.50)
41,479,267,066 163,132,682,624.30 632,227,229,833.53
12,213,900,000 12,215,362,767 7,343,809,803
Balance sheet
106,420,448,437 135,251,801,720.36 171,894,125,022.72
147,613,400,489 187,604,719,463.53 238,430,458,538.30
48,057,973,524 61,077,806,019.57 77,624,962,407.14
Cash flow from operating activities
(20,040,462) 172,966,618 219,826,613

Free Cash Flow calculation

0 1 2
163,132,682,624.30 632,227,229,833.53
 4,410,710,394.95 5,605,656,962.97
13,019,832,495.57 16,547,156,387.57
13,019,832,495.57 16,547,156,387.57
(39,991,318,975) (50,825,739,075)
20,644,342,107.44 26,237,292,798.25
(131,711,046,984.69) (167,394,111,496)
42,525,034,158.60 478,944,641,798.79

WACC calculation

Formula Indicator Result

D/(D+E) r_D (1−T)+E/(D+E) r_E Debt 13,172,912,978
Equity 12,213,900,000
Cost of debt (rd) 0.0017
Cost of equity (re) 4%
Tax rate 10%
0.0008

Valuation
1 2 3
0.0008 0.0008 0.0008
42,525,034,158.60 478,944,641,798.79 608,699,988,385.66

42,525,034,158.60 478,189,374,213.47 607,260,729,940.22

 3 4 5

339,191,807,602 431,085,414,323 547,874,772,555

(174,535,471,233) (221,820,498,739.64) (281,915,952,748.56)
(77,584,109,087.30) (98,603,141,530.06) (125,316,635,506.60)
17,207,488,889.75 21,869,329,716.26 27,794,153,191.27
(10,836,566,645.54) (13,772,401,684.05) (17,503,611,093.01)
(37,050,535,299) (47,088,240,348) (59,845,353,411)
236,382,674,255 300,423,302,646 381,813,773,183
892,788,653,011.54 1,134,662,328,986.41 1,442,064,251,688.27
(7,124,337,617.47) (9,054,458,170.20) (11,507,485,629.95)
(89,278,865,301.15) (113,466,232,898.64) (144,206,425,168.83)
803,509,787,710.39 1,021,196,096,087.77 1,297,857,826,519.44
8,177,212,177 6,558,709,634 4,794,277,862

218,463,560,865.67 277,649,555,619.18 352,870,178,578.34

303,025,871,211.27 385,121,427,800.31 489,458,255,026.48
98,655,062,802.67 125,382,623,253.99 159,351,195,645.13

279,381,884 355,071,829 451,267,639

3 4 5
803,509,787,710.39 1,021,196,096,087.77 1,297,857,826,519.44
 7,124,337,617.47 9,054,458,170.20 11,507,485,629.95
21,030,100,395.53 26,727,560,451.32 33,968,572,391.14
21,030,100,395.53 26,727,560,451.32 33,968,572,391.14
(64,595,412,673) (82,095,556,589) (104,336,827,226)
33,345,481,769.22 42,379,416,312.93 53,860,818,069.88
(212,744,406,830) (270,380,972,381.02) (343,632,395,865.02)
608,699,988,385.66 773,608,562,503.48 983,194,051,910.37

4 5 Discount year 5
0.0008 0.0008
773,608,562,503.48 983,194,051,910.37
1,245,488,428,100,880
771,170,615,687.74 979,322,536,727.75 1,240,584,078,496,850
1,243,462,546,787,580
37,566,844.31