Statements of Cash Flows

12 Months Ended

Dec. 31, 2023

(1)Cash generated from operations for the years ended December 31, 2023, 2022 and 2021 are as follows:


	2023		2022		2021
	(In millions of Korean won)
Profit for the year	₩	131,982	₩	83,058	₩	65,880
Depreciation expense	5,252		5,145		4,570
Amortization expense	2,406		1,917		1,748
Bad debt expenses	1,402		701		933
Unrealized foreign currency loss	1,595		1,311		211
Interest expense	162		127		115
Loss on disposal of property and equipment	—		—		57
Impairment loss on intangible assets	1,531		293		281
Impairment loss on other non-current assets	—		177		1,087
Post-employment benefit expense	23		66		23
Income tax expense	36,717		26,824		33,421
Unrealized foreign currency gain	(1,417)		(689)		(134)
Interest income	(11,492)		(4,501)		(1,383)
Gain on disposal of property and equipment	(20)		(15)		(7)
Reversal of allowance for doubtful accounts	—		—		(132)
Others	6		6		(214)
Change in accounts receivable	2,365		(38,199)		5,530
Change in other receivables	(3,770)		899		(1,082)
Change in prepaid expenses	397		(104)		(3,296)
Change in prepayment	(1)		(1,641)		2,165
Change in other current assets	(696)		34		243
Change in other non-current assets	(3,486)		218		144
Change in accounts payable	(13,837)		43,900		(8,512)
Change in deferred revenue	(1,292)		4,915		1,185
Change in withholdings	(262)		(631)		686
Change in accrued expenses	255		547		118
Change in other current liabilities	165		301		34
Change in other non-current liabilities	2,247		15		(99)
Total	₩	150,232	₩	124,674	₩	103,572

(2)Significant non-cash transactions for the years ended December 31, 2023, 2022 and 2021 are as follows:


	2023		2022		2021
	(In millions of Korean won)
Reclassification of prepayment to intangible assets	₩	102	₩	64	₩	219
Increase of accounts payable relating to the acquisition of software	2,033		609		667
Acquisitions of right-of-use assets	4,704		1,209		6,055
Increase of accounts payable relating to the acquisition of other intangible assets	1,147		—		—
Reclassification of other non-current financial asset to other non- current assets	1,030		—		—

(3)Changes in liabilities arising from financing activities for the year ended December 31, 2023, 2022 and 2021 are as follows:


	2023		2022		2021
	(In millions of Korean won)
Beginning of the year	₩	5,963	₩	8,730	₩	5,900
Cash flows used in financing activities – Payment of lease liabilities	(4,083)		(3,918)		(3,648)
Cash flows from operating activities – Interest paid	(157)		(122)		(111)
Non-cash transactions
Acquisitions – leases	4,358		1,209		6,055
Interest expense	157		122		111
Others	260		(124)		—
Translation difference	64		66		423
Ending of the year	₩	6,562	₩	5,963	₩	8,730