Statements of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2020

Cash generated from operations for the years ended December 31, 2020, 2019 and 2018 are as follows:

	2020				2019			2018
		(In millions of Korean won)
Profit for the year	W		62,556		W	39,730		W	31,386
Depreciation expense			3,783			2,748			545
Amortization expense			1,137			905			868
Bad debt expenses			713			281			151
Unrealized foreign currency loss			682			267			99
Interest expense			186			277			—
Loss on retirement and disposal of property and equipment			—			—			5
Impairment loss on intangible assets			115			52			623
Impairment loss on other non-current assets			1,456			434			—
Post-employment benefit expense (Reversal of allowance for retirement benefit)			62			(4	)		50
Income tax expense			25,455			11,526			3,053
Unrealized foreign currency gain			(321	)		(119	)		(81	)
Interest income			(1,088	)		(1,626	)		(819	)
Gain on disposal of property and equipment			—			(3	)		(16	)
Reversal of allowance for doubtful accounts			(50	)		(34	)		—
Gain on disposal of intangible assets			—			(1	)		—
Change in accounts receivables			(29,116	)		30,143			(18,573	)
Change in other receivables			60			232			406
Change in accrued income			—			—			—
Change in prepaid expenses			(2,134	)		1,981			544
Change in prepayment			(2,755	)		(204	)		—
Change in other current assets			622			(556	)		192
Change in other non-current assets			2,255			(1,860	)		(1,137	)
Change in accounts payables			15,510			(37,145	)		27,319
Change in deferred revenue			3,332			(9,631	)		(2,707	)
Change in withholdings			1,218			(397	)		580
Change in accrued expenses			181			140			(7	)
Change in other current liabilities			(1,256	)		113			(13	)
Change in long-term deferred revenue			—			—			100
Change in other non-current liabilities			(868	)		(463	)		—
Change in advance receipt			—			434			—
Total	W		81,735		W	37,220		W	42,571

Significant non-cash transactions for the years ended December 31, 2020, 2019 and 2018 are as follows:

	2020		2019		2018
	(In millions of Korean won)
Reclassification of prepayment to intangible assets	W	72	W	120	W	—
Increase (Decrease) of accounts payables relating to the acquisition of software		1,144		33		226
Acquisitions of right-of-use assets		3,784		2,637		—

Changes in liabilities arising from financing activities for the year ended December 31, 2020 and 2019 are as follows:

		2020				2019
	(In millions of Korean won)
Beginning of the year	W		4,994		W		4,401
Cash flows used in financing activities – Payment of lease liabilities			(2,893	)			(2,034	)
Cash flows from operating activities – Interest paid			(186	)			(277	)
Non-cash transactions
Acquisitions – leases			3,784				2,637
Interest expense			186				277
Early termination of leases			(14	)			(15	)
Translation difference			29				5
Ending of the year	W		5,900		W		4,994