Schedule of changes in assets and liabilities from operating activities


		2025			2024			2023
		(In thousands of Korean won)
Other non-current non-financial assets	₩		(118,649	)		698,657			-
Other current non-financial assets			578,126			54,560			(2,708,583	)
Accounts receivable — trade, net			4,989,162			(2,665,062	)		7,951,197
Accounts receivable — other, net			939,918			(346,964	)		(303,948	)
Trade and other payables			(8,056,159	)		(447,975	)		(19,972,438	)
Inventories, net			(727,447	)		(1,971,804	)		3,329,293
Contract liabilities			646,601			-			-
Value added tax receivables			9,462			145,204			1,965,135
Value added tax payables			(20,715	)		-			-
Other current liabilities			128,352			593,949			299,334
Other non-current financial assets			100,000			-			-
Liabilities due to payment of benefits			(316,267	)		(496,920	)		(658,367	)
Contract assets			643,945			-			-
Long-term investment securities			(2,449,482	)		-			-
Payments for Investments in associates			(66,000	)		-			-
Proceeds from Investments in associates			47,892			-			-
Other current provisions			(17,170	)		-			-
Other non-current liabilities			1,397,592			-			-
Total			(2,290,839	)		(4,436,355	)		(10,098,377	)

Schedule of liabilities to cash flows arising from financing activities


		Borrowings			Convertible notes			Lease liabilities			Total
Balance at 1 January 2023	₩		2,568,640			-			17,403,492			19,972,132
Changes from financing cash flows
Proceeds from borrowings			130,000			-			-			130,000
Repayment of borrowings			(24,960	)		-			-			(24,960	)
Payment of lease liabilities			-			-			(1,617,756	)		(1,617,756	)
Receipt of lease deposits			-			-			-			-
Total	₩		105,040			-			(1,617,756	)		(1,512,716	)
Other changes
Borrowing assumed (*1)			2,900,000			-			-			2,900,000
Present value discount			(282,734	)		-			-			(282,734	)
New leases			-			-			612,220			612,220
Lease termination / lease modification			-			-			(1,889,447	)		(1,889,447	)
Interest expense			72,055			-			1,047,738			1,119,793
Interest paid			-			-			(1,047,738	)		(1,047,738	)
Total	₩		2,689,321			-			(1,277,227	)		1,412,094
Balance at 31 December 2023	₩		5,363,001			-			14,508,509			19,871,510
Balance at 1 January 2024	₩		5,363,001			-			14,508,509			19,871,510
Changes from financing cash flows
Proceeds from borrowings			870,000			-			-			870,000
Repayment of borrowings			(418,960	)		-			-			(418,960	)
Payment of lease liabilities			-			-			(1,663,415	)		(1,663,415	)
Receipt of lease deposits			-			-			-			-
Repayment of lease deposits			-			-			-			-
Total	₩		451,040			-			(1,663,415	)		(1,212,375	)
Other changes
Offset of loans			(42,000	)		-			-			(42,000	)
Present value discount			100,915			-			-			100,915
New leases			-			-			364,731			364,731
Lease termination / lease modification			-			-			(2,120,588	)		(2,120,588	)
Interest expense			-			-			851,543			851,543
Interest paid			-			-			(851,543	)		(851,543	)
Total	₩		58,915			-			(1,755,857	)		(1,696,942	)
Balance at 31 December 2024	₩		5,872,956			-			11,089,238			16,962,194
Balance at 1 January 2025	₩		5,872,956			-			11,089,238			16,962,194
Changes from financing cash flows
Proceeds from borrowings			9,742,333			25,572,796			-			35,315,129
Repayment of borrowings			(3,429,014	)		-			-			(3,429,014	)
Payment of lease liabilities			-			-			(2,055,725	)		(2,055,725	)
Receipt of lease deposits			-			-			-			-
Reclassification			-			1,208,196			-			1,208,196
Total	₩		6,313,319			26,780,992			(2,055,725	)		31,038,587
Other changes
Changes in scope of consolidation			5,861,311			3,920,244			361,690			10,143,245
Foreign exchange differences			(691,248	)		348,309			(1,955	)		(344,894	)
Conversion of Convertible Bonds to Common Stock			-			(8,045,803	)		-			(8,045,803	)
Other non-cash transactions			(1,504,194	)		10,929,831			-			9,425,637
New leases			-			-			414,622			414,622
Lease termination / lease modification			-			-			(1,836,600	)		(1,836,600	)
Interest expense			131,318			259,508			538,378			929,204
Interest paid			-			-			(538,378	)		(538,378	)
Gains on Valuation of FVPL			-			(5,559,062	)		-			(5,559,062	)
Total	₩		3,797,187			1,853,028			(1,062,243	)		4,587,972
Balance at 31 December 2025	₩		15,983,462			28,634,020			7,971,269			52,588,751

(*1)

Prior to 2023, the Parent Company granted a loan amounting to Korean Won 1,700,000 thousand to its subsidiary. Upon consolidation, this intercompany transaction was offset. During 2023, the obligation, along with a new loan of Korean Won 1,200,000 thousand borrowed by the subsidiary within the year, was transitioned to Cho Hyeong Seok, CEO of the Parent Company. This reallocated liability is presented as “borrowing assumed”, denoting a change in debtor, not the origination of a new loan.