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LG Electronics Inc. IAnnual Report 2002 I48 49
Samil Accounting Corporation
Kukje Center Building 21st Flr.
191 Hangangro 2ga, Yongsanku,
Seoul 140-702, KOREA
(Yongsan P.O Box 266, 140-600)
49 Independent Auditor’s Report
50 Non-consolidated Balance Sheet
52 Non-consolidated Statement of Income
54 Non-consolidated Statement of Appropriations of Retained Earnings (Draft)
56 Non-consolidated Statement of Cash Flows
58 Notes to Non-consolidated Financial Statements
82 Other Information
F i n a n c i a l Re p o r t
To the Board of Directors and Shareholders of
LG Electronics Inc.
We have audited the accompanying non-consolidated balance sheet of LG Electronics Inc. (the “ Company” ) as of December 31, 2002, and the related non-
consolidated statements of income, appropriations of retained earnings (draft) and cash flows for the nine-month period from April 1, 2002 (date of spin-
off) to December 31, 2002, expressed in Korean Won. These financial statements are the responsibility of the Company’s management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with auditing standards generally accepted in the Republic of Korea. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the non-consolidated financial statements referred to above present fairly, in all material respects, the financial position of LG Electronics Inc.
as of December 31, 2002, and the results of its operations, the changes in its retained earnings and its cash flows for the nine-month period from April 1,
2002 (date of spin-off) to December 31, 2002, in conformity with financial accounting standards generally accepted in the Republic of Korea.
Without qualifying our opinion, we draw attention to the following matters.
As discussed in Notes 1 and 24 to the accompanying non-consolidated financial statements, the Company was spun off from LG Electronics Investment Ltd.
(formerly LG Electronics Inc.) on April 1, 2002. The electronics, and information and communications businesses were transferred from LG Electronics
Investment Ltd. to the Company. As of April 1, 2002, the Company has outstanding capital stock amounting to
￦
783,961 million, including non-voting
preferred stock, and the Company’s stock was listed on the Korean Stock Exchange on April 22, 2002.
As discussed in Note 22 to the accompanying non-consolidated financial statements, for the nine-month period ended December 31, 2002, the Company
entered into various transactions with affiliated companies including sales amounting to
￦
7,360,895 million and purchases amounting to
￦
2,120,313
million. As of December 31, 2002, related receivables and payables approximate
￦
990,556 million and
￦
819,649 million, respectively.
LG전자 - 본문 2003.4 .22 7:15 AM 페이지52