Financial Instruments – Fair values and risk management (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Notes and other explanatory information [abstract] |
|
| Schedule of financial assets and liability at fair value |
| Schedule of financial assets
and liability at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Fair value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
|
|
(In thousands of Korean won) |
|
| Financial assets at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Guaranteed Return Insurances
(short-term) (*) |
|
₩ |
|
|
21,560 |
|
|
|
- |
|
|
|
21,560 |
|
|
|
- |
|
|
|
21,560 |
|
| Guaranteed Return Insurances
(long-term) (*) |
|
|
|
|
310,908 |
|
|
|
- |
|
|
|
310,908 |
|
|
|
- |
|
|
|
310,908 |
|
| Long-term investment securities |
|
|
|
|
3,983,858 |
|
|
|
268,768 |
|
|
|
- |
|
|
|
3,715,090 |
|
|
|
3,983,858 |
|
| Total |
|
₩ |
|
|
4,316,326 |
|
|
|
268,768 |
|
|
|
332,468 |
|
|
|
3,715,090 |
|
|
|
4,316,326 |
|
| (*) | The fair value of guaranteed return insurances classified
at Level 2 in the fair value hierarchy is determined using an evaluation of surrender proceeds received from financial institutions. |
| |
|
|
|
Fair value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
|
|
(In thousands of Korean won) |
|
| Financial liability at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Convertible Notes |
|
₩ |
|
|
24,002,559 |
|
|
|
- |
|
|
|
- |
|
|
|
24,002,559 |
|
|
|
24,002,559 |
|
| Warrants |
|
|
|
|
528,772 |
|
|
|
425,350 |
|
|
|
- |
|
|
|
103,422 |
|
|
|
528,772 |
|
| Derivative liabilities |
|
|
|
|
330,417 |
|
|
|
- |
|
|
|
- |
|
|
|
330,417 |
|
|
|
330,417 |
|
| Total |
|
₩ |
|
|
24,861,748 |
|
|
|
425,350 |
|
|
|
- |
|
|
|
24,436,398 |
|
|
|
24,861,748 |
|
The carrying amounts of financial instruments by category as of December 31, 2024 are as follows:
| |
|
|
|
Fair value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
|
|
(In thousands of Korean won) |
|
| Financial assets at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Guaranteed Return Insurances
(short-term) (*) |
|
₩ |
|
|
13,524 |
|
|
|
- |
|
|
|
13,524 |
|
|
|
- |
|
|
|
13,524 |
|
| Guaranteed Return Insurances
(long-term) (*) |
|
|
|
|
322,538 |
|
|
|
- |
|
|
|
322,538 |
|
|
|
- |
|
|
|
322,538 |
|
| Long-term investment securities |
|
|
|
|
730,390 |
|
|
|
143,992 |
|
|
|
- |
|
|
|
586,398 |
|
|
|
730,390 |
|
| Total |
|
₩ |
|
|
1,066,452 |
|
|
|
143,992 |
|
|
|
336,062 |
|
|
|
586,398 |
|
|
|
1,066,452 |
|
| (*) | The fair value of guaranteed return insurances classified
at Level 2 in the fair value hierarchy is determined using an evaluation of surrender proceeds received from financial institutions. |
|
| Schedule of fair value measurements |
| Schedule of fair value measurements |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
2025 |
|
| |
|
|
|
Long-term
investment
securities |
|
|
Project
investment |
|
| |
|
|
|
(In thousands of Korean won) |
|
| Financial assets at fair value |
|
|
|
|
|
|
|
|
|
|
| Beginning balance |
|
₩ |
|
|
586,398 |
|
|
|
- |
|
| Changes in scope of consolidation |
|
|
|
|
3,000 |
|
|
|
1,509,715 |
|
| Acquisition |
|
|
|
|
102,600 |
|
|
|
4,911,974 |
|
| Changing Account Classification |
|
|
|
|
- |
|
|
|
(490,680 |
) |
| Disposal |
|
|
|
|
- |
|
|
|
(500,000 |
) |
| Valuation |
|
|
|
|
- |
|
|
|
(2,407,918 |
) |
| Ending balance |
|
₩ |
|
|
691,998 |
|
|
|
3,023,091 |
|
| |
|
|
|
2025 |
|
| |
|
|
|
Derivative
liabilities |
|
|
Warrant |
|
| |
|
|
|
(In thousands of Korean won) |
|
| Financial liabilities at fair value |
|
|
|
|
|
|
|
|
|
|
| Beginning balance |
|
₩ |
|
|
- |
|
|
|
- |
|
| Changes in scope of consolidation |
|
|
|
|
1,078,713 |
|
|
|
- |
|
| Issuance |
|
|
|
|
1,070,677 |
|
|
|
15,893,067 |
|
| Exercised |
|
|
|
|
(2,650,417 |
) |
|
|
- |
|
| Valuation |
|
|
|
|
849,911 |
|
|
|
(15,791,555 |
) |
| Foreign exchange differences |
|
|
|
|
(18,467 |
) |
|
|
1,910 |
|
| Ending balance |
|
₩ |
|
|
330,417 |
|
|
|
103,422 |
|
| |
|
|
|
2025 |
|
| |
|
|
|
Convertible
Notes |
|
| |
|
|
|
(In thousands of Korean won) |
|
| Financial liabilities at fair value |
|
|
|
|
|
|
| Beginning balance |
|
₩ |
|
|
- |
|
| Changes in scope of consolidation |
|
|
|
|
- |
|
| Issuance |
|
|
|
|
29,730,795 |
|
| Exercised |
|
|
|
|
(612,351 |
) |
| Valuation |
|
|
|
|
(5,559,062 |
) |
| Foreign exchange differences |
|
|
|
|
443,177 |
|
| Ending balance |
|
₩ |
|
|
24,002,559 |
|
|
| Schedule of significant unobservable inputs |
| Schedule of significant unobservable inputs |
|
|
|
|
|
|
| Category |
|
Valuation Technique |
|
Significant
Unobservable Inputs |
|
Relationship between
Fair Value and
Unobservable Inputs |
| Unlisted Equity Securities |
|
Cost Model |
|
- |
|
- |
| Project investment |
|
Cost Model (*) |
|
- |
|
- |
| Convertible Notes |
|
Tsiveriotis-Fernandes Model |
|
Volatility (Dec 31, 2025: 53.5%) |
|
Estimated fair value decreases as expected volatility decreases. |
|
Derivative liabilities
(Conversion Option) |
|
Tsiveriotis-Fernandes Model |
|
Volatility (Dec 31, 2025: 53.5%) |
|
Estimated fair value increases as expected volatility increases. |
| Derivative liabilities (D. Boral) |
|
Monte Carlo Simulation |
|
Volatility (Dec 31, 2025: 53.5%) |
|
Estimated fair value increases as expected volatility increases. |
| Warrant |
|
Binomial option pricing model |
|
Volatility (Dec 31, 2025: 53.5%) |
|
Estimated fair value decreases as expected volatility decreases. |
| (*) | Project Investments are related to investments in movie making
projects. Due to the inability to reasonably assume the future cash flow, management believes that Cost Model best represents the fair
value of these financial instruments. |
|
| Schedule of financial risk management |
| Schedule of financial risk management | |
|
|
| | | |
| | |
| | |
|
|
December 31,
2025 |
| |
December 31,
2024 | |
| | |
|
|
(In thousands of Korean won) |
|
| Cash and cash equivalents | |
₩ |
|
| 8,364,432 | | |
| 4,150,572 | |
| Short-term financial instruments | |
|
|
| 21,560 | | |
| 410,000 | |
| Accounts receivable, net | |
|
|
| 4,917,020 | | |
| 9,340,923 | |
| Short-term loans, net | |
|
|
| 3,427,400 | | |
| 787,400 | |
| Other current financial assets | |
|
|
| 735,110 | | |
| 40,000 | |
| Long-term financial instruments | |
|
|
| 310,908 | | |
| - | |
| Long-term investment securities | |
|
|
| 3,983,858 | | |
| - | |
| Long-term loans, net | |
|
|
| 191,023 | | |
| - | |
| Other non-current financial assets | |
|
|
| 2,180,055 | | |
| 1,803,220 | |
| Total | |
₩ |
|
| 24,131,366 | | |
| 16,532,115 | |
|
| Schedule of financial Instruments accounts receivables |
| Schedule
of financial Instruments accounts receivables |
|
|
|
|
|
|
|
|
|
|
|
|
| As of December 31, 2025 |
|
Expected
loss rate |
|
|
|
Carrying
amount |
|
|
Loss
allowance |
|
| |
|
|
|
|
|
(In thousands of Korean won) |
|
| Not due or overdue less than 90 days |
|
0.03% |
|
|
|
|
4,066,384 |
|
|
|
1,195 |
|
| More than 90 days ~ Less than 180 days |
|
1.19% |
|
|
|
|
313,700 |
|
|
|
3,745 |
|
| More than 180 days ~ Less than 270 days |
|
0.00% |
|
|
|
|
- |
|
|
|
- |
|
| More than 270 days ~ Less than 1 year |
|
0.00% |
|
|
|
|
5,742 |
|
|
|
- |
|
| More than 1 year |
|
100.00% |
|
|
|
|
726,218 |
|
|
|
726,218 |
|
| Total |
|
|
|
₩ |
|
|
5,112,044 |
|
|
|
731,158 |
|
| As of December 31, 2024 |
|
Expected
loss rate |
|
|
|
Carrying
amount |
|
|
Loss
allowance |
|
| |
|
|
|
|
|
(In thousands of Korean won) |
|
| Not due or overdue less than 90 days |
|
0.35% |
|
₩ |
|
|
9,186,195 |
|
|
|
32,453 |
|
| More than 90 days ~ Less than 180 days |
|
3.95% |
|
|
|
|
12,952 |
|
|
|
512 |
|
| More than 180 days ~ Less than 270 days |
|
13.01% |
|
|
|
|
36,013 |
|
|
|
4,686 |
|
| More than 270 days ~ Less than 1 year |
|
0.00% |
|
|
|
|
7,374 |
|
|
|
- |
|
| More than 1 year |
|
99.21% |
|
|
|
|
703,223 |
|
|
|
697,666 |
|
| Total |
|
|
|
₩ |
|
|
9,945,757 |
|
|
|
735,317 |
|
| As of December 31, 2025 |
|
Expected
loss rate |
|
|
|
Carrying
amount |
|
|
Loss
allowance |
|
| |
|
|
|
|
|
(In thousands of Korean won) |
|
| Not due or overdue less than 90 days |
|
0.00% |
|
|
|
|
529,639 |
|
|
|
- |
|
| More than 90 days ~ Less than 180 days |
|
0.00% |
|
|
|
|
- |
|
|
|
- |
|
| More than 180 days ~ Less than 270 days |
|
0.00% |
|
|
|
|
- |
|
|
|
- |
|
| More than 270 days ~ Less than 1 year |
|
0.00% |
|
|
|
|
6,495 |
|
|
|
- |
|
| More than 1 year |
|
100.00% |
|
|
|
|
539,151 |
|
|
|
539,151 |
|
| Total |
|
|
|
₩ |
|
|
1,075,285 |
|
|
|
539,151 |
|
| As of December 31, 2024 |
|
Expected
loss rate |
|
|
|
Carrying
amount |
|
|
Loss
allowance |
|
| |
|
|
|
|
|
(In thousands of Korean won) |
|
| Not due or overdue less than 90 days |
|
0.00% |
|
₩ |
|
|
124,729 |
|
|
|
- |
|
| More than 90 days ~ Less than 180 days |
|
0.00% |
|
|
|
|
- |
|
|
|
- |
|
| More than 180 days ~ Less than 270 days |
|
0.00% |
|
|
|
|
- |
|
|
|
- |
|
| More than 270 days ~ Less than 1 year |
|
0.00% |
|
|
|
|
- |
|
|
|
- |
|
| More than 1 year |
|
98.95% |
|
|
|
|
549,856 |
|
|
|
544,104 |
|
| Total |
|
|
|
₩ |
|
|
674,585 |
|
|
|
544,104 |
|
|
| Schedule of financial Instruments liquidity risk |
| Schedule
of financial Instruments liquidity risk |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
December 31, 2025 |
|
| |
|
|
|
Carrying
Amount |
|
|
Less than
3 months |
|
|
3 months
~ 1 year |
|
|
1~2 years |
|
|
2~5 years |
|
|
More
than
5 years |
|
|
Total |
|
| |
|
|
|
(In thousands of Korean won) |
|
| Non-derivative financial liabilities |
|
| Trade payables |
|
₩ |
|
|
7,494,343 |
|
|
|
4,661,133 |
|
|
|
2,833,210 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,494,343 |
|
| Other payables |
|
|
|
|
42,784,819 |
|
|
|
42,338,213 |
|
|
|
446,606 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
42,784,819 |
|
| Accrued expense |
|
|
|
|
7,124,447 |
|
|
|
5,821,809 |
|
|
|
1,302,638 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,124,447 |
|
| Secured borrowings |
|
|
|
|
6,952,687 |
|
|
|
1,536,903 |
|
|
|
5,551,863 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,088,766 |
|
| Non-secured borrowings |
|
|
|
|
9,030,775 |
|
|
|
2,807 |
|
|
|
6,317,790 |
|
|
|
220,000 |
|
|
|
3,280,000 |
|
|
|
- |
|
|
|
9,820,597 |
|
| Convertible Notes |
|
|
|
|
28,634,020 |
|
|
|
29,035,913 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
29,035,913 |
|
| Lease liabilities |
|
|
|
|
7,971,269 |
|
|
|
573,735 |
|
|
|
1,619,185 |
|
|
|
1,786,344 |
|
|
|
4,002,611 |
|
|
|
951,293 |
|
|
|
8,933,168 |
|
| Other financial liabilities |
|
|
|
|
470,000 |
|
|
|
- |
|
|
|
250,000 |
|
|
|
220,000 |
|
|
|
- |
|
|
|
- |
|
|
|
470,000 |
|
| Total |
|
|
|
|
110,462,360 |
|
|
|
83,970,513 |
|
|
|
18,321,292 |
|
|
|
2,226,344 |
|
|
|
7,282,611 |
|
|
|
951,293 |
|
|
|
112,752,053 |
|
Financial liabilities of the Company by maturity according to the remaining period from December 31, 2024 to the contractual maturity date are as follows:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
December 31, 2024 |
|
| |
|
|
|
Carrying
Amount |
|
|
Less than
3 months |
|
|
3 months
~ 1 year |
|
|
1~2 years |
|
|
2~5 years |
|
|
More
than
5 years |
|
|
Total |
|
| |
|
|
|
(In thousands of Korean won) |
|
| Non-derivative financial liabilities |
| Trade payables |
|
₩ |
|
|
10,073,408 |
|
|
|
10,073,408 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,073,408 |
|
| Other payable |
|
|
|
|
1,239,546 |
|
|
|
1,239,544 |
|
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
|
- |
|
|
|
1,239,546 |
|
| Accrued expense |
|
|
|
|
1,967,458 |
|
|
|
1,967,458 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,967,458 |
|
| Secured borrowings |
|
|
|
|
2,918,720 |
|
|
|
1,040,954 |
|
|
|
1,960,815 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,001,769 |
|
| Non-secured borrowings |
|
|
|
|
2,954,236 |
|
|
|
34,658 |
|
|
|
3,169,901 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,204,559 |
|
| Lease liabilities |
|
|
|
|
11,089,239 |
|
|
|
635,413 |
|
|
|
1,824,646 |
|
|
|
2,361,688 |
|
|
|
5,546,102 |
|
|
|
2,875,871 |
|
|
|
13,243,720 |
|
|
Other
non-current financial liabilities
|
|
|
|
|
280,000 |
|
|
|
50,000 |
|
|
|
80,000 |
|
|
|
130,000 |
|
|
|
20,000 |
|
|
|
- |
|
|
|
280,000 |
|
| Total |
|
₩ |
|
|
30,522,607 |
|
|
|
15,041,435 |
|
|
|
7,035,362 |
|
|
|
2,491,690 |
|
|
|
5,566,102 |
|
|
|
2,875,871 |
|
|
|
33,010,460 |
|
|
| Schedule of financial Instruments financial assets and liabilities |
| Schedule
of financial Instruments financial assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2025 |
|
| |
|
Assets
in foreign
currency |
|
|
Liabilities
in foreign
currency |
|
|
Assets
in Korean
Won |
|
|
Liabilities
in Korean
Won |
|
| |
|
(Individual amounts in each foreign currency) |
|
|
(In thousands of Korean won) |
|
| USD |
|
|
233,358 |
|
|
|
- |
|
|
|
334,846 |
|
|
|
- |
|
| JPY |
|
|
61,293,425 |
|
|
|
2,922,387 |
|
|
|
562,447 |
|
|
|
26,817 |
|
| CNY |
|
|
235,483 |
|
|
|
- |
|
|
|
48,218 |
|
|
|
- |
|
| BRL |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| SGD |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| MYR |
|
|
1,687 |
|
|
|
- |
|
|
|
598 |
|
|
|
- |
|
| PHP |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| THB |
|
|
38,634 |
|
|
|
- |
|
|
|
1,762 |
|
|
|
- |
|
| Total |
|
|
|
|
|
|
|
|
|
|
947,871 |
|
|
|
26,817 |
|
| |
|
December 31, 2024 |
|
| |
|
Assets
in foreign
currency |
|
|
Liabilities
in foreign
currency |
|
|
Assets
in Korean
Won |
|
|
Liabilities
in Korean
Won |
|
| |
|
(Individual amounts in each foreign currency) |
|
|
(In thousands of Korean won) |
|
| USD |
|
|
55,174 |
|
|
|
222 |
|
|
|
81,105 |
|
|
|
327 |
|
| JPY |
|
|
275,425,381 |
|
|
|
7,665,387 |
|
|
|
2,579,304 |
|
|
|
71,785 |
|
| CNY |
|
|
157,619 |
|
|
|
- |
|
|
|
31,724 |
|
|
|
- |
|
| BRL |
|
|
340 |
|
|
|
- |
|
|
|
81 |
|
|
|
- |
|
| SGD |
|
|
1,051 |
|
|
|
- |
|
|
|
1,136 |
|
|
|
- |
|
| MYR |
|
|
10,721 |
|
|
|
- |
|
|
|
3,530 |
|
|
|
- |
|
| PHP |
|
|
910 |
|
|
|
- |
|
|
|
23 |
|
|
|
- |
|
| THB |
|
|
90,877 |
|
|
|
- |
|
|
|
3,908 |
|
|
|
- |
|
| Total |
|
|
|
|
|
|
|
|
|
|
2,700,811 |
|
|
|
72,112 |
|
|
| Schedule of financial Instruments foreign currency exchange rates |
| Schedule
of financial Instruments foreign currency exchange rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2025 |
|
|
2024 |
|
| |
|
Increased by
10% |
|
|
Decreased by
10% |
|
|
Decreased by
10% |
|
|
Decreased by
10% |
|
| |
|
(In thousands of Korean won) |
|
| USD |
|
|
33,485 |
|
|
|
(33,485 |
) |
|
|
8,078 |
|
|
|
(8,078 |
) |
| JPY |
|
|
53,563 |
|
|
|
(53,563 |
) |
|
|
250,752 |
|
|
|
(250,752 |
) |
| CNY |
|
|
4,822 |
|
|
|
(4,822 |
) |
|
|
3,172 |
|
|
|
(3,172 |
) |
| BRL |
|
|
- |
|
|
|
- |
|
|
|
8 |
|
|
|
(8 |
) |
| SGD |
|
|
- |
|
|
|
- |
|
|
|
114 |
|
|
|
(114 |
) |
| MYR |
|
|
60 |
|
|
|
(60 |
) |
|
|
353 |
|
|
|
(353 |
) |
| PHP |
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
|
(2 |
) |
| THB |
|
|
176 |
|
|
|
(176 |
) |
|
|
391 |
|
|
|
(391 |
) |
| Total |
|
|
92,106 |
|
|
|
(92,106 |
) |
|
|
262,870 |
|
|
|
(262,870 |
) |
|
| Schedule of variable interest rate |
| Schedule of variable interest rate |
|
|
|
|
|
|
|
|
| |
|
|
|
December 31,
2025 |
|
|
December 31,
2024 |
|
| |
|
|
|
Increased by
100 bp |
|
|
Decreased by
100 bp |
|
|
Increased by
100 bp |
|
|
Decreased by
100 bp |
|
| |
|
|
|
(In thousands of Korean won) |
|
| Interest |
|
₩ |
|
|
42,750 |
|
|
|
(42,750 |
) |
|
|
5,070 |
|
|
|
(5,070 |
) |
|