XML 46 R35.htm IDEA: XBRL DOCUMENT v3.25.1
Related Parties and Others
12 Months Ended
Dec. 31, 2024
Textblock 1 [Abstract]  
Related Parties and Others
28.
Related Parties and Others
(a)
Related parties

Details of related parties as of December 31, 2024 are as follows:

 

Classification

 

Description

Associates (*)

 

Paju Electric Glass Co., Ltd. and others

Entity that has significant influence over the

Parent Company

 

LG Electronics Inc.

Subsidiaries of the entity that has significant

influence over the Parent Company

 

Subsidiaries of LG Electronics Inc.

 

(*) Details of associates are described in Note 8.

28.
Related Parties and Others, Continued
(b)
Details of major transactions with related parties for the years ended December 31, 2022, 2023 and 2024 are as follows:

 

(In millions of won)

 

2022

 

 

 

 

 

 

 

Purchase and others

 

 

Sales
and others

 

 

Dividend income

 

 

Purchase of raw
material and
others

 

 

Others (*1)

 

Associates

 

 

 

 

 

 

 

 

 

 

 

 

AVATEC Co., Ltd.

 

₩

—

 

 

 

—

 

 

 

64,550

 

 

 

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

 

 

 

37,989

 

Material Science Co., Ltd.

 

 

—

 

 

 

—

 

 

 

17

 

 

 

—

 

Entity that has significant influence over the
   Parent Company

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics Inc.(*2)

 

₩

238,358

 

 

 

—

 

 

 

19,808

 

 

 

655,179

 

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

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics India Pvt. Ltd.

 

₩

70,514

 

 

 

—

 

 

 

—

 

 

 

519

 

LG Electronics Vietnam Haiphong Co., Ltd.

 

 

468,380

 

 

 

—

 

 

 

—

 

 

 

882

 

 

(In millions of won)

 

2022

 

 

 

 

 

 

 

Purchase and Others

 

 

Sales and others

 

 

Dividend income

 

 

Purchase of raw
material and
others

 

 

Others (*1)

 

LG Electronics Nanjing New Technology
   Co., Ltd.

 

₩

334,099

 

 

 

—

 

 

 

—

 

 

 

1,178

 

LG Electronics RUS, LLC

 

 

23,458

 

 

 

—

 

 

 

—

 

 

 

414

 

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.

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,323

 

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

 

 

 

1,521

 

Total

 

₩

4,232,231

 

 

 

4,461

 

 

 

367,721

 

 

 

812,225

 

 

(*1) Others include the amount of the acquisition of property, plant and equipment.

(*2) Others for LG Electronics Inc. include the amount of the acquisition of property, plant and equipment W517,476 million.

28.
Related Parties and Others, Continued

 

(In millions of won)

 

2023

 

 

 

 

 

 

 

 

Purchase and Others

 

 

Sales and others

 

 

Dividend income

 

 

Purchase of raw
material and
others

 

 

Others (*1)

 

Associates

 

 

 

 

 

 

 

 

 

 

 

 

AVATEC Co., Ltd.

 

₩

—

 

 

 

—

 

 

 

43,662

 

 

 

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

 

 

 

23,202

 

Material Science Co., Ltd.

 

 

—

 

 

 

—

 

 

 

—

 

 

 

179

 

Entity that has significant influence over the
   Parent Company

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics Inc.(*2)

 

₩

231,935

 

 

 

—

 

 

 

22,370

 

 

 

501,094

 

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

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics India Pvt. Ltd.

 

₩

47,031

 

 

 

—

 

 

 

—

 

 

 

270

 

LG Electronics Vietnam Haiphong Co., Ltd.

 

 

434,789

 

 

 

—

 

 

 

—

 

 

 

7,090

 

 

(In millions of won)

 

2023

 

 

 

 

 

 

 

Purchase and others

 

 

Sales and others

 

 

Dividend income

 

 

Purchase of raw
material and
others

 

 

Others (*1)

 

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

 

 

 

—

 

 

 

—

 

 

 

6,278

 

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

 

 

 

1,502

 

Total

 

₩

3,210,048

 

 

 

15,200

 

 

 

275,669

 

 

 

675,677

 

 

(*1) Others include the amount of the acquisition of property, plant and equipment.

(*2) Others for LG Electronics Inc. include the amount of the acquisition of property, plant and equipment W320,555 million.

28.
Related Parties and Others, Continued

 

(In millions of won)

 

2024

 

 

 

 

 

 

 

Purchase and others

 

 

Sales
and others

 

 

Dividend income

 

 

Purchase of raw
material and
others

 

 

Others (*2)

 

Associates

 

 

 

 

 

 

 

 

 

 

 

 

AVATEC Co., Ltd.(*1)

 

₩

—

 

 

 

200

 

 

 

52,983

 

 

 

2,947

 

Paju Electric Glass Co., Ltd.

 

 

—

 

 

 

—

 

 

 

237,002

 

 

 

8,428

 

WooRee E&L Co., Ltd.(*1)

 

 

—

 

 

 

—

 

 

 

5,045

 

 

 

32

 

YAS Co., Ltd.(*1)

 

 

—

 

 

 

—

 

 

 

5,266

 

 

 

7,578

 

Material Science Co., Ltd.

 

 

—

 

 

 

—

 

 

 

3,579

 

 

 

1,512

 

Entity that has significant influence over the
   Parent Company

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics Inc.(*3)

 

₩

349,194

 

 

 

—

 

 

 

19,959

 

 

 

354,362

 

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

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics India Pvt. Ltd.

 

₩

52,736

 

 

 

—

 

 

 

—

 

 

 

275

 

LG Electronics Vietnam Haiphong Co., Ltd.

 

 

306,727

 

 

 

—

 

 

 

—

 

 

 

5,945

 

 

(In millions of won)

 

2024

 

 

 

 

 

 

 

Purchase and Others

 

 

Sales and others

 

 

Dividend income

 

 

Purchase of raw
material and
others

 

 

Others (*2)

 

LG Electronics Nanjing New Technology
   Co., Ltd.

 

₩

379,241

 

 

 

—

 

 

 

—

 

 

 

629

 

LG Electronics do Brasil Ltda.

 

 

32,165

 

 

 

—

 

 

 

—

 

 

 

248

 

LG Innotek Co., Ltd.

 

 

10,999

 

 

 

—

 

 

 

18,166

 

 

 

72,123

 

LG Electronics Mlawa Sp. z o.o.

 

 

977,531

 

 

 

—

 

 

 

—

 

 

 

1,105

 

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

 

 

973,432

 

 

 

—

 

 

 

—

 

 

 

746

 

LG Electronics Egypt S.A.E

 

 

24,454

 

 

 

—

 

 

 

—

 

 

 

32

 

LG Electronics Japan, Inc.

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,250

 

LG Electronics RUS, LLC

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,005

 

LG Electronics U.S.A., Inc.

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,128

 

P.T. LG Electronics Indonesia

 

 

482,099

 

 

 

—

 

 

 

—

 

 

 

1,254

 

HI-M Solutek Co., Ltd

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9,636

 

LG Technology Ventures LLC

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,319

 

Others

 

 

330

 

 

 

—

 

 

 

462

 

 

 

1,579

 

Total

 

₩

3,588,908

 

 

 

200

 

 

 

342,462

 

 

 

482,133

 

 

(*1) For the year ended December 31, 2024, WooRee E&L Co., Ltd., AVATEC Co., Ltd. and YAS Co., Ltd. were excluded from related parties and others due to loss of significant influence and transaction amount is the amount prior to exclusion.

(*2) Others include the amount of the acquisition of property, plant and equipment.

(*3) Others for LG Electronics Inc. include the amount of the acquisition of property, plant and equipment W184,999 million.

28.
Related Parties and Others, Continued
(c)
Trade accounts and notes receivable and payable as of December 31, 2023 and 2024 are as follows:

 

(In millions of won)

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade accounts and notes receivable
and others

 

 

Trade accounts and notes payable
and others

 

 

December 31, 2023

 

 

December 31, 2024

 

 

December 31, 2023

 

 

December 31, 2024

 

Associates

 

₩

 

 

 

 

 

 

 

 

 

 

 

AVATEC Co., Ltd.(*1)

 

 

—

 

 

 

—

 

 

 

4,775

 

 

 

—

 

Paju Electric Glass Co., Ltd.

 

 

—

 

 

 

—

 

 

 

56,136

 

 

 

64,140

 

WooRee E&L Co., Ltd.(*1)

 

 

695

 

 

 

—

 

 

 

2,219

 

 

 

—

 

YAS Co., Ltd.(*1)

 

 

—

 

 

 

—

 

 

 

12,483

 

 

 

—

 

Material Science Co., Ltd.

 

 

—

 

 

 

—

 

 

 

118

 

 

 

261

 

Entity that has significant influence over the
   Parent Company

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics Inc. (*2)

 

₩

63,284

 

 

 

179,710

 

 

 

1,140,260

 

 

 

1,071,592

 

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

 

 

 

 

 

 

 

 

 

 

 

 

LG Electronics India Pvt. Ltd.

 

₩

2,013

 

 

 

3,317

 

 

 

35

 

 

 

—

 

LG Electronics Vietnam Haiphong Co., Ltd.

 

 

76,952

 

 

 

72,521

 

 

 

1,403

 

 

 

921

 

LG Electronics Nanjing New Technology
   Co., Ltd.

 

 

38,502

 

 

 

61,922

 

 

 

27

 

 

 

15

 

LG Electronics do Brasil Ltda.

 

 

6,252

 

 

 

13,184

 

 

 

32

 

 

 

—

 

LG Innotek Co., Ltd. (*3)

 

 

3,002

 

 

 

1,803

 

 

 

216,049

 

 

 

207,258

 

 

(In millions of won)

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade accounts and notes receivable
and others

 

 

Trade accounts and notes payable
and others

 

 

December 31, 2023

 

 

December 31, 2024

 

 

December 31, 2023

 

 

December 31, 2024

 

LG Electronics Mlawa Sp. z o.o.

 

₩

101,357

 

 

 

149,789

 

 

 

—

 

 

 

131

 

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

 

 

64,208

 

 

 

55,500

 

 

 

109

 

 

 

—

 

LG Electronics Japan, Inc.

 

 

114

 

 

 

—

 

 

 

632

 

 

 

548

 

P.T. LG Electronics Indonesia

 

 

46,146

 

 

 

63,719

 

 

 

108

 

 

 

53

 

LG Electronics Taiwan Taipei Co., Ltd.

 

 

—

 

 

 

—

 

 

 

115

 

 

 

63

 

LG Electronics Egypt S.A.E

 

 

369

 

 

 

3,877

 

 

 

1

 

 

 

7

 

Others

 

 

251

 

 

 

261

 

 

 

2,184

 

 

 

5,779

 

Total

 

₩

403,145

 

 

 

605,603

 

 

 

1,436,686

 

 

 

1,350,768

 

 

(*1) For the year ended December 31, 2024, as it was excluded from related parties and others due to loss of significant influence, there are no outstanding receivables or payables.

(*2) Trade accounts and note payable and others for LG Electronics Inc. as of December 31, 2023 and 2024 includes long-term borrowings of W1,000,000 million (see Note 12.(c)).

(*3) Trade accounts and note payable and others for LG Innotek Co., Ltd. as of December 31, 2023 and 2024 includes deposits received amount W180,000 million from lease agreement.

28.
Related Parties and Others, Continued
(d)
Details of significant financial transactions with related parties and others for the years ended December 31, 2023 and 2024, are as follows:

 

 

2023

 

(In millions of won)

 

Company Name

 

Borrowings

 

 

Collection of loans

 

Associates

 

WooRee E&L Co., Ltd.

 

₩

—

 

 

 

183

 

Entity that has significant influence over the
   Company

 

LG Electronics Inc.

 

 

1,000,000

 

 

 

—

 

 

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.

 

 

2024

 

(In millions of won)

 

Company Name

 

Capital increase

 

 

Collection of loans

 

Associates

 

WooRee E&L Co., Ltd.(*)

 

₩

—

 

 

 

256

 

Entity that has significant influence over the
   Company

 

LG Electronics Inc.

 

 

436,031

 

 

 

—

 

 

(*) For the year ended December 31, 2024, it was excluded from related parties and others due to loss of significant influence and transaction amount is the amount prior to exclusion.

There were no significant financing transactions with related parties for the year ended December 31, 2022.

(e)
Key management personnel compensation

Details of compensation costs of key management for the years ended December 31, 2022, 2023 and 2024 are as follows:

 

(In millions of won)

 

 

 

 

 

 

 

 

 

 

2022

 

 

2023

 

 

2024

 

Short-term benefits

 

₩

2,305

 

 

 

2,291

 

 

 

2,397

 

Expenses related to the defined benefit plan

 

 

417

 

 

 

355

 

 

 

604

 

 

₩

2,722

 

 

 

2,646

 

 

 

3,001

 

 

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

(f)
At the end of the reporting period, the Group did not set an allowance for doubtful accounts on the balance of receivables for related parties.