LG 2012 Annual Report Download - page 50

82 83
83 Report of Independent Auditors
84 Consolidated Statements of Financial Position
86 Consolidated Statements of Income
87 Consolidated Statements of Comprehensive Income
88 Consolidated Statements of Changes in Equity
89 Consolidated Statements of Cash Flows
To the Board of Directors and Shareholders of LG Electronics Inc.
We have audited the accompanying consolidated statements of financial position of LG Electronics Inc. and its subsidiaries (collectively
the “Group”) as of December 31, 2012 and 2011, and the related consolidated statements of income, comprehensive income, changes
in equity and cash flows for the years then ended, expressed in Korean won. These financial statements are the responsibility of the
Group’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit
the financial statements of certain consolidated subsidiaries, whose financial statements represent 33% of the Group’s consolidated
total assets as of December 31, 2012 and 2011, respectively, and 59% and 57% of the Group’s consolidated total sales for the years
then ended, respectively. These statements were audited by other auditors whose reports have been furnished us and our opinion,
insofar as it relates to the amounts included for those subsidiaries, is based solely on the reports of other auditors.
We conducted our audits in accordance with auditing standards generally accepted in the Republic of Korea. Those standards require
that we plan and perform the audits 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 audits provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of the other auditors, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of the Group as of December 31, 2012 and 2011, and their financial
performance and cash flows for the years then ended, in conformity with International Financial Reporting Standards as adopted by the
Republic of Korea (“Korean IFRS”).
Auditing standards and their application in practice vary among countries.
The procedures and practices used in the Republic of Korea to audit such financial statements may differ from those generally accepted
and applied in other countries. Accordingly, this report is for use by those who are informed about Korean auditing standards and their
application in practice.
Seoul, Korea
March 6, 2013
This report is effective as of March 6, 2013, the audit report date. Certain subsequent events or circumstances, which may occur
between the audit report date and the time of reading this report, could have a material impact on the accompanying consolidated
financial statements and notes thereto. Accordingly, the readers of the audit report should understand that there is a possibility that
the above audit report may have to be revised to reflect the impact of such subsequent events or circumstances, if any.
Report of Independent Auditors
Financial Statements