XML 76 R65.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Related Parties and Others (Tables)
 12 Months Ended
Dec. 31, 2023
Textblock 1 [Abstract]  
Significant Transactions, Trade Accounts and Notes Receivable and Payable Occurred in Normal Course of Business with Related Parties
(b)
Significant transactions such as sales of goods and purchases of raw material and outsourcing service and others, which occurred in the normal course of business with related parties for the years ended December 31, 2021, 2022 and 2023 are as follows:

 

(In millions of won)

 

2021

 

 

 

 

 

 

 

 

Purchase and others

 

 

Sales
and others

 

 

Dividend income

 

 

Purchase of raw material and others

 

 

Acquisition of property, plant and equipment

 

 

Outsourcing fees

 

 

Other costs

 

Associates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVATEC Co., Ltd.

 

₩

—

 

 

 

200

 

 

 

713

 

 

 

—

 

 

 

72,156

 

 

 

1,485

 

Paju Electric Glass Co., Ltd.

 

 

—

 

 

 

3,668

 

 

 

365,400

 

 

 

—

 

 

 

—

 

 

 

2,734

 

WooRee E&L Co., Ltd.

 

 

—

 

 

 

—

 

 

 

13,541

 

 

 

—

 

 

 

—

 

 

 

79

 

YAS Co., Ltd.

 

 

—

 

 

 

200

 

 

 

10,337

 

 

 

54,071

 

 

 

—

 

 

 

9,824

 

Cynora GmbH

 

 

—

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

—

 

 

 

—

 

Material Science Co., Ltd.

 

 

—

 

 

 

—

 

 

 

187

 

 

 

—

 

 

 

—

 

 

 

—

 

 

₩

—

 

 

 

4,068

 

 

 

390,188

 

 

 

54,071

 

 

 

72,156

 

 

 

14,122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entity that has significant influence
   over the Controlling Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics Inc.

 

₩

270,396

 

 

 

—

 

 

 

19,805

 

 

 

395,654

 

 

 

—

 

 

 

130,924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsidiaries of the entity that has
    significant influence over the
   Controlling Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics India Pvt. Ltd.

 

₩

97,475

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

418

 

LG Electronics Vietnam Haiphong
   Co., Ltd.

 

 

414,806

 

 

 

—

 

 

 

—

 

 

 

607

 

 

 

—

 

 

 

1,445

 

LG Electronics Nanjing New
   Technology Co., Ltd.

 

 

449,390

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,263

 

LG Electronics RUS, LLC

 

 

98,812

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,141

 

 

29.
Related Parties and Others, Continued

 

(In millions of won)

 

2021

 

 

 

 

 

 

 

 

Purchase and others

 

 

Sales
and others

 

 

Dividend income

 

 

Purchase of raw material and others

 

 

Acquisition of property, plant and equipment

 

 

Outsourcing fees

 

 

Other costs

 

LG Electronics do Brasil Ltda.

 

₩

154,565

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

543

 

LG Innotek Co., Ltd.

 

 

3,753

 

 

 

—

 

 

 

26,874

 

 

 

451

 

 

 

—

 

 

 

85,471

 

HI-M Solutek Co., Ltd

 

 

—

 

 

 

—

 

 

 

44

 

 

 

—

 

 

 

—

 

 

 

5,662

 

LG Electronics Mexicalli, S.A. DE
   C.V.

 

 

269,305

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

89

 

LG Electronics Mlawa Sp. z o.o.

 

 

1,254,164

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

577

 

LG Electronics Reynosa, S.A. DE
   C.V.

 

 

1,256,107

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,011

 

LG Electronics Egypt S.A.E.

 

 

106,469

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

159

 

LG Electronics Japan, Inc.

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

5,334

 

P.T. LG Electronics Indonesia

 

 

537,944

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

574

 

LG Electronics Taiwan Taipei Co., Ltd.

 

 

5,046

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

659

 

LG Electronics Nanjing Vehicle
   Components Co., Ltd.

 

 

2,009

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

LG Technology Ventures LLC

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,411

 

Others

 

 

5

 

 

 

—

 

 

 

739

 

 

 

602

 

 

 

—

 

 

 

968

 

 

₩

4,649,850

 

 

 

—

 

 

 

27,657

 

 

 

1,670

 

 

 

—

 

 

 

109,725

 

 

₩

4,920,246

 

 

 

4,068

 

 

 

437,650

 

 

 

451,395

 

 

 

72,156

 

 

 

254,771

 

 

29.
Related Parties and Others, Continued

 

(In millions of won)

 

2022

 

 

 

 

 

 

 

 

Purchase and others

 

 

Sales
and others

 

 

Dividend income

 

 

Purchase of raw material and others

 

 

Acquisition of property, plant and equipment

 

 

Outsourcing fees

 

 

Other costs

 

Associates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVATEC Co., Ltd.

 

₩

—

 

 

 

—

 

 

 

58

 

 

 

—

 

 

 

64,492

 

 

 

3,617

 

Paju Electric Glass Co., Ltd.

 

 

—

 

 

 

4,361

 

 

 

245,962

 

 

 

—

 

 

 

—

 

 

 

2,942

 

WooRee E&L Co., Ltd.

 

 

—

 

 

 

—

 

 

 

12,321

 

 

 

—

 

 

 

—

 

 

 

2

 

YAS Co., Ltd.

 

 

—

 

 

 

100

 

 

 

14,291

 

 

 

29,951

 

 

 

—

 

 

 

8,038

 

Material Science Co., Ltd.

 

 

—

 

 

 

—

 

 

 

17

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

₩

—

 

 

 

4,461

 

 

 

272,649

 

 

 

29,951

 

 

 

64,492

 

 

 

14,599

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entity that has significant influence
   over the Controlling Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics Inc.

 

₩

238,358

 

 

 

—

 

 

 

19,808

 

 

 

517,476

 

 

 

—

 

 

 

137,703

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsidiaries of the entity that has
   significant influence over the
   Controlling Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics India Pvt. Ltd.

 

₩

70,514

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

519

 

LG Electronics Vietnam Haiphong
   Co., Ltd.

 

 

468,380

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

882

 

LG Electronics Nanjing New
   Technology Co., Ltd.

 

 

334,099

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,178

 

LG Electronics RUS, LLC

 

 

23,458

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

414

 

 

29.
Related Parties and Others, Continued

 

(In millions of won)

 

2022

 

 

 

 

 

 

 

 

Purchase and others

 

 

Sales
and others

 

 

Dividend income

 

 

Purchase of raw material and others

 

 

Acquisition of property, plant and equipment

 

 

Outsourcing fees

 

 

Other costs

 

LG Electronics do Brasil Ltda.

 

₩

88,835

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

200

 

LG Innotek Co., Ltd.

 

 

27,698

 

 

 

—

 

 

 

10,122

 

 

 

—

 

 

 

—

 

 

 

79,515

 

LG Electronics Mlawa Sp. z o.o.

 

 

1,178,140

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,089

 

LG Electronics Reynosa, S.A. DE C.V.

 

 

1,195,146

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

958

 

LG Electronics Egypt S.A.E.

 

 

72,055

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

372

 

LG Electronics Japan, Inc.

 

 

—

 

 

 

—

 

 

 

—

 

 

 

16

 

 

 

—

 

 

 

7,307

 

P.T. LG Electronics Indonesia

 

 

531,543

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,415

 

LG Electronics Taiwan Taipei Co., Ltd.

 

 

3,433

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

615

 

LG Technology Ventures LLC

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,922

 

HI-M Solutek Co., Ltd

 

 

—

 

 

 

—

 

 

 

58

 

 

 

—

 

 

 

—

 

 

 

9,258

 

LG Electronics U.S.A., Inc.

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,315

 

Others

 

 

572

 

 

 

—

 

 

 

592

 

 

 

608

 

 

 

—

 

 

 

913

 

 

₩

3,993,873

 

 

 

—

 

 

 

10,772

 

 

 

624

 

 

 

—

 

 

 

111,872

 

 

 

₩

4,232,231

 

 

 

4,461

 

 

 

303,229

 

 

 

548,051

 

 

 

64,492

 

 

 

264,174

 

 

29.
Related Parties and Others, Continued

 

(In millions of won)

 

2023

 

 

 

 

 

 

 

 

Purchase and others

 

 

Sales
and others

 

 

Dividend income

 

 

Purchase of raw material and others

 

 

Acquisition of property, plant and equipment

 

 

Outsourcing fees

 

 

Other costs

 

Associates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVATEC Co., Ltd.

 

₩

—

 

 

 

—

 

 

 

452

 

 

 

—

 

 

 

43,210

 

 

 

11,003

 

Paju Electric Glass Co., Ltd.

 

 

—

 

 

 

15,200

 

 

 

176,831

 

 

 

—

 

 

 

—

 

 

 

4,341

 

WooRee E&L Co., Ltd.

 

 

—

 

 

 

—

 

 

 

7,853

 

 

 

—

 

 

 

—

 

 

 

513

 

YAS Co., Ltd.

 

 

—

 

 

 

—

 

 

 

9,832

 

 

 

17,447

 

 

 

—

 

 

 

5,755

 

Material Science Co., Ltd.

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

179

 

 

₩

—

 

 

 

15,200

 

 

 

194,968

 

 

 

17,447

 

 

 

43,210

 

 

 

21,791

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entity that has significant influence
   over the Controlling Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics Inc.

 

₩

231,935

 

 

 

—

 

 

 

22,370

 

 

 

320,555

 

 

 

—

 

 

 

180,539

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsidiaries of the entity that has
   significant influence over the
   Controlling Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics India Pvt. Ltd.

 

₩

47,031

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

270

 

LG Electronics Vietnam Haiphong
   Co., Ltd.

 

 

434,789

 

 

 

—

 

 

 

—

 

 

 

6,108

 

 

 

—

 

 

 

982

 

 

29.
Related Parties and Others, Continued

 

(In millions of won)

 

2023

 

 

 

 

 

 

 

 

Purchase and others

 

 

Sales
and others

 

 

Dividend income

 

 

Purchase of raw material and others

 

 

Acquisition of property, plant and equipment

 

 

Outsourcing fees

 

 

Other costs

 

LG Electronics Nanjing New
   Technology Co., Ltd.

 

₩

350,207

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

451

 

LG Electronics do Brasil Ltda.

 

 

29,249

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

316

 

LG Innotek Co., Ltd.

 

 

7,754

 

 

 

—

 

 

 

14,970

 

 

 

—

 

 

 

—

 

 

 

100,272

 

LG Electronics Mlawa Sp. z o.o.

 

 

811,880

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,611

 

LG Electronics Reynosa S.A. DE C.V.

 

 

826,547

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

810

 

LG Electronics Egypt S.A.E

 

 

20,225

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

66

 

LG Electronics Japan, Inc.

 

 

114

 

 

 

—

 

 

 

—

 

 

 

24

 

 

 

—

 

 

 

6,254

 

LG Electronics RUS, LLC

 

 

360

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,359

 

LG Electronics U.S.A., Inc.

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,177

 

P.T. LG Electronics Indonesia

 

 

448,528

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,231

 

LG Electronics Nanjing Vehicle
   Components Co., Ltd.

 

 

1,414

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

LG Technology Ventures LLC

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,596

 

HI-M Solutek Co., Ltd

 

 

—

 

 

 

—

 

 

 

9

 

 

 

—

 

 

 

—

 

 

 

7,316

 

Others

 

 

15

 

 

 

—

 

 

 

142

 

 

 

55

 

 

 

—

 

 

 

1,447

 

 

₩

2,978,113

 

 

 

—

 

 

 

15,121

 

 

 

6,187

 

 

 

—

 

 

 

129,158

 

 

₩

3,210,048

 

 

 

15,200

 

 

 

232,459

 

 

 

344,189

 

 

 

43,210

 

 

 

331,488

 

 

29.
Related Parties and Others, Continued
(c)
Trade accounts and notes receivable and payable as of December 31, 2022 and 2023 are as follows:

 

(In millions of won)

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade accounts and notes receivable and others

 

 

Trade accounts and notes payable and others

 

 

December 31,
2022

 

 

December 31,
2023

 

 

December 31,
2022

 

 

December 31,
2023

 

Associates

 

₩

—

 

 

 

 

 

 

 

 

 

 

AVATEC Co., Ltd.

 

 

—

 

 

 

—

 

 

 

3,756

 

 

 

4,775

 

Paju Electric Glass Co., Ltd.

 

 

—

 

 

 

—

 

 

 

30,431

 

 

 

56,136

 

WooRee E&L Co., Ltd.

 

 

878

 

 

 

695

 

 

 

1,502

 

 

 

2,219

 

YAS Co., Ltd.

 

 

—

 

 

 

—

 

 

 

7,680

 

 

 

12,483

 

Material Science Co., Ltd.

 

 

—

 

 

 

—

 

 

 

—

 

 

 

118

 

 

₩

878

 

 

 

695

 

 

 

43,369

 

 

 

75,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entity that has significant influence over the
   Controlling Company

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics Inc. (*1)

 

₩

69,447

 

 

 

63,284

 

 

 

99,934

 

 

 

1,140,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsidiaries of the entity that has significant
   influence over the Controlling Company

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics India Pvt. Ltd.

 

₩

5,669

 

 

 

2,013

 

 

 

15

 

 

 

35

 

LG Electronics Vietnam Haiphong Co., Ltd.

 

 

50,173

 

 

 

76,952

 

 

 

53

 

 

 

1,403

 

LG Electronics Nanjing New Technology Co., Ltd.

 

 

30,018

 

 

 

38,502

 

 

 

—

 

 

 

27

 

LG Electronics do Brasil Ltda.

 

 

10,997

 

 

 

6,252

 

 

 

—

 

 

 

32

 

LG Innotek Co., Ltd. (*2)

 

 

3,838

 

 

 

3,002

 

 

 

209,032

 

 

 

216,049

 

 

29.
Related Parties and Others, Continued

 

(In millions of won)

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade accounts and notes receivable and others

 

 

Trade accounts and notes payable and others

 

 

December 31,
2022

 

 

December 31,
2023

 

 

December 31,
2022

 

 

December 31,
2023

 

LG Electronics Mlawa Sp. z o.o.

 

₩

94,346

 

 

 

101,357

 

 

 

155

 

 

 

—

 

LG Electronics Reynosa, S.A. DE C.V.

 

 

16,760

 

 

 

64,208

 

 

 

167

 

 

 

109

 

LG Electronics Japan, Inc.

 

 

—

 

 

 

114

 

 

 

566

 

 

 

632

 

P.T. LG Electronics Indonesia

 

 

45,617

 

 

 

46,146

 

 

 

195

 

 

 

108

 

LG Electronics Taiwan Taipei Co., Ltd.

 

 

—

 

 

 

—

 

 

 

77

 

 

 

115

 

LG Electronics Egypt S.A.E

 

 

—

 

 

 

369

 

 

 

—

 

 

 

1

 

Others

 

 

2,260

 

 

 

251

 

 

 

4,574

 

 

 

2,184

 

 

₩

259,678

 

 

 

339,166

 

 

 

214,834

 

 

 

220,695

 

 

₩

330,003

 

 

 

403,145

 

 

 

358,137

 

 

 

1,436,686

 

 

(*1) Trade accounts and note payable and others for LG Electronics Inc. as of December 31, 2023 includes long-term borrowings of W1,000,000 million. (see note 12(c))

 

(*2) Trade accounts and note payable and others for LG Innotek Co., Ltd. as of December 31, 2023 and 2022 Includes deposits received amount W180,000 million from lease agreement.
Details of Significant Financing Transactions with Related Parties

(In millions of won)

 

 

 

 

 

 

 

2021

 

Associates

 

Loans

 

 

Collection of loans

 

WooRee E&L Co., Ltd.

 

₩

878

 

 

 

—

 

 

(In millions of won)

 

 

 

 

 

2023

 

Entity that has significant influence
over the Controlling Company

 

Borrowings

 

LG Electronics Inc.(*)

 

₩

1,000,000

 

 

 

 

 

Associates

 

Collection of loans

 

WooRee E&L Co., Ltd.

 

₩

183

 

 

 

(*) The Group entered into a loan agreement with LG Electronics Inc. on March 27, 2023 for a total borrowing amount of W1,000,000 million, and received W650,000 million on March 30, 2023 and W350,000 million on April 20, 2023. The repayment plan is instalment payment for a period of one year, granting grace period of two years and the maturity date is March 30, 2026 (see note 12(c)).

 

There were no significant financing transactions with related parties for the year ended December 31, 2022.
Compensation Costs of Key Management

Compensation costs of key management for the years ended December 31, 2021, 2022 and 2023 are as follows:

 

(In millions of won)

 

 

 

 

 

 

 

 

 

 

2021

 

 

2022

 

 

2023

 

Short-term benefits

 

₩

3,747

 

 

 

2,305

 

 

 

2,291

 

Expenses related to the defined benefit plan

 

 

366

 

 

 

417

 

 

 

355

 

 

₩

4,113

 

 

 

2,722

 

 

 

2,646

 

 

Key management refers to the registered directors who have significant control and responsibilities over the Controlling Company’s operations and business.