# EDGAR Filing Document

**Accession Number:** 0000889132
**File Stem:** 0001193125-23-042984
**Filing Date:** 2023-2
**Character Count:** 73044
**Document Hash:** 1dbf370e4f171419b01a020d403cbded
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-042984.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001193125-23-042984

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230221

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POSCO HOLDINGS INC.
- **CENTRAL INDEX KEY:** 0000889132
- **STANDARD INDUSTRIAL CLASSIFICATION:** STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13368
- **FILM NUMBER:** 23645366

**BUSINESS ADDRESS:**
- **STREET 1:** POSCO CENTER
- **STREET 2:** 440 TEHERAN-RO
- **CITY:** GANGNAM-GU, SEOUL
- **STATE:** M5
- **ZIP:** 06194
- **BUSINESS PHONE:** 02-3457-0114

**MAIL ADDRESS:**
- **STREET 1:** POSCO CENTER
- **STREET 2:** 440 TEHERAN-RO
- **CITY:** GANGNAM-GU, SEOUL
- **STATE:** M5
- **ZIP:** 06194

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POSCO
- **DATE OF NAME CHANGE:** 20020517

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POHANG IRON & STEEL CO LTD
- **DATE OF NAME CHANGE:** 19930607

##### [**Table of Contents**](#toc)

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**Form 6-K** 

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**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15D-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of February, 2023** 

**Commission File Number: 1-13368** 

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## POSCO HOLDINGS INC.
**(Translation of registrant's name into English)** 

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**POSCO Center, 440 Teheran-ro, Gangnam-gu, Seoul, Korea, 06194** 

**(Address of principal executive office)** 

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

**Note**: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

**Note**: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

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##### [**Table of Contents**](#toc)
POSCO HOLDINGS INC. is furnishing under cover of Form 6-K:

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| | |
|:---|:---|
| **Exhibit** | **99.1:** An English-language translated documents with respect to Notice of the 55<sup>th</sup> Ordinary General Meeting of Shareholders  |

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##### [**Table of Contents**](#toc)
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | <u>POSCO HOLDINGS INC.</u> | <u>POSCO HOLDINGS INC.</u> |
|  | (Registrant) | (Registrant) |
| Date: February 21, 2023 | By | /s/ Han, Young-Ah |
|  | (Signature) | (Signature) |
|  |  | Name: Han, Young-Ah |
|  |  | Title: Senior Vice President |

---

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##### [**Table of Contents**](#toc)
**Exhibit 99.1** 

**<u>To Shareholders</u>**

**<u>Notice of the 55<sup>th</sup> Ordinary General Meeting of Shareholders</u>**

We hereby notify you that the 55<sup>th</sup> Ordinary General Meeting of Shareholders will be held pursuant to Article 362 of the Korean Commercial Act and Article 19 of the Company's Articles of Incorporation as follows.

**1. Date: March 17, 2023 at 9:00 am (KST)** 

**2. Place: Art Hall, 4F West Wing, POSCO Center, 440 Teheran-ro, Gangnam-gu, Seoul, Korea** 

**3. List of Agenda Items** 

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| | |
|:---|:---|
| ● **Agenda 1 :** | **Approval of Financial Statements for the 55<sup>th</sup> FY**  |

---

**(From January 1, 2022 to December 31, 2022)** <br>

**(Year-end dividend per share : KRW 2,000)** <br>

• Consolidated Financial Statements: See Appendix 1

• Separate Financial Statements: See Appendix 2

The audit report from the independent auditors of 55<sup>th</sup> FY Financial Statements, based on K-IFRS standards, will be uploaded at POSCO HOLDINGS INC.'s website (<u>http://www.posco-inc.com</u>) on March 9, 2023.

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##### [**Table of Contents**](#toc)
● **Agenda 2: Partial Amendments of the Articles of Incorporation** 

[Description of the Proposal]

Pursuant to Article 433 of the Korean Commercial Act and Article 24 of the Company's Articles of Incorporation, we request that the Ordinary General Meeting of Shareholders to approve partial amendments of the Articles of Incorporation.

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| | | |
|:---|:---|:---|
| **Existing Article** | **Amendment** | **Purpose of Change** |
| **Article 3. Location of the Head Office and Branch Offices**<br>The head office of the Company shall be located at <u>Seoul</u>, the Republic of Korea ("Korea"). Branch offices may be established elsewhere by resolution of the Board of Directors of the Company. | **Article 3. Location of the Head Office and Branch Offices**<br>The head office of the Company shall be located at <u>Pohang, Gyeongsangbuk-do</u>, the Republic of Korea ("Korea"). Branch offices may be established elsewhere by resolution of the Board of Directors of the Company. | Revised upon change of the location of the Head Office |
| <br> **Article 19. Convening of General Meeting of Shareholders**<br>(3) General Meeting of Shareholders shall be held at <u>location of the Company's head office</u> but also may be held at a nearby place if necessary. | <br> **Article 19. Convening of General Meeting of Shareholders**<br>(3) General Meeting of Shareholders shall be held at <u>the location of the Company's head office or in Seoul</u> but also may be held at a nearby place if necessary. | Revised upon change of the location of the Head Office |
| **Article 25. Exercise of Voting Right in Writing**<br><u>(1) Any shareholder is entitled to exercise its voting rights at a General Meeting of Shareholders in writing without being present at such General Meeting of Shareholders.</u><br><u>(2) In connection with Paragraph (1) above, the Company shall attach the document necessary for the shareholder's exercise of its voting rights in writing and any reference documents to the written notice for convening a General Meeting of Shareholders.</u><br><u>(3) A shareholder, who intends to exercise its voting rights in writing, shall fill in the document referred to in Paragraph (2) above and submit such document to the Company one (1) day prior to the date of the relevant General Meeting of Shareholders.</u> | **Article 25. Delete** | Revised due to successful settlement of electronic voting system and in order to promote environmental protection by reducing paper mails\* |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Article 56. Dividends**<br><u>(3) The Company may pay quarterly dividends in cash by a resolution of the Board of Directors each fiscal year. In such case, the record date for the distribution of quarterly dividends shall be the last day of March, June and September. The dividends should be paid within 20 days from the resolution above.</u><br><u>(4) Dividends referred to in Paragraphs (1) and (3) shall be paid to the shareholders and registered pledgees whose names appear in the shareholders' register of the Company as of the last day of each fiscal year or the record date for the distribution of quarterly dividends.</u><br>| **Article 56. Dividends**<br><u>(3) Dividends referred to in Paragraph (1) shall be paid to the shareholders or registered pledgees whose names appear in the shareholders' register of the Company as of the record date determined by the resolution of the Board of Directors. In case the Company sets forth the record date for dividends, the Company shall post a public notice at least two (2) weeks prior to the record date.</u><br>(4) Delete | Revised upon change of the record date for year-end dividends |
|  | **Article 56-2. Quarterly Dividends**<br><u>(1) The Company may pay quarterly dividends in cash by a resolution of the Board of Directors each fiscal year. In such case, the record date for the distribution of quarterly dividends shall be the last day of March, June or September. The dividends shall be paid within 20 days from the resolution above.</u><br><u>(2) Dividends referred to in Paragraph (1) shall be paid to the shareholders or registered pledgees whose names appear in the shareholders' register of the Company as of the record date for the distribution of quarterly dividends.</u> | Revised upon change of the record date for year-end dividends |
|  | **ADDENDA (March 17, 2023)**<br>The amended Articles of Incorporation shall be effective as of the date on which they are approved by the resolution at the Ordinary General Meeting of Shareholders for the 55th fiscal year; provided, however, that the amendments to Article 56, Paragraph (3) shall apply starting from the payment of annual dividends for the fiscal year 2023. |  |

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\* POSCO HOLDINGS has preemptively introduced electronic voting system in 2019, and 99.92% of the voting shares have been exercised by either proxy or electronic method at 54th ordinary general meeting of shareholders. In contrast to electronic voting system which has been successfully settled, the utilization rate of paper voting system has declined every year and hit 0.08% at the 54th ordinary general meeting of shareholders. Deleting Article 25 will enable the company to reduce paper mails sent to shareholders every year, leading to enhanced environmental protection and ESG management. 

● **Agenda 3: Election of Inside Directors** 

**•** **Number of Inside Directors to be Elected: 3 Directors** 

**•** **Candidates** 

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Date of Birth | Professional Experience | Professional Experience | Term |
| Name/<br> Agenda | Recommended<br>by | Period | Details | Term |
| Jeong,<br> Ki-Seop<br> (3-1) | October 4, 1961 | January 2023<br> ~ Present | CSO of Chief Strategy Office, President of POSCO HOLDINGS INC. | 1 Year |
| Jeong,<br> Ki-Seop<br> (3-1) | October 4, 1961 | 2020 | Representative Director, President of POSCO Energy | 1 Year |
| Jeong,<br> Ki-Seop<br> (3-1) | October 4, 1961 | 2018 | Senior Executive Vice President, Head of Corporate Planning Division, POSCO Energy | 1 Year |
| Jeong,<br> Ki-Seop<br> (3-1) | October 4, 1961 | 2017 | Executive Vice President, Head of Domestic Business Management Office, POSCO | 1 Year |
| Jeong,<br> Ki-Seop<br> (3-1) | October 4, 1961 | 2016 | Senior Vice President, Head of Domestic Business Management Office, POSCO | 1 Year |
| Jeong,<br> Ki-Seop<br> (3-1) | Board of Directors | 2015 | Senior Vice President, Finance Chief, POSCO | 1 Year |
| Jeong,<br> Ki-Seop<br> (3-1) | Board of Directors | 2013 | Senior Vice President, Head of Business Strategy Department, POSCO International | 1 Year |
| Jeong,<br> Ki-Seop<br> (3-1) | Board of Directors | 2012 | Senior Vice President, Head of Overseas Management Team, POSCO International | 1 Year |
| Yoo,<br> Byeong-Og<br> (3-2) | May 4, 1962 | March 2022<br> ~ Present | Senior Executive Vice President (Inside Director), Head of Green Materials & Energy Business Team, POSCO HOLDINGS INC. | 1 Year |
| Yoo,<br> Byeong-Og<br> (3-2) | May 4, 1962 | February 2022 | Senior Executive Vice President, Head of Green Materials & Energy Business Team of Governance Enhancement TFO (TF Organization), POSCO | 1 Year |
| Yoo,<br> Byeong-Og<br> (3-2) | May 4, 1962 | 2021 | Senior Executive Vice President, Head of Industrial Gasses & Hydrogen Business Unit, POSCO | 1 Year |
| Yoo,<br> Byeong-Og<br> (3-2) | Board of Directors | 2019 | Senior Executive Vice President, Head of Purchasing and Investment Division, POSCO | 1 Year |
| Yoo,<br> Byeong-Og<br> (3-2) | Board of Directors | 2017 | Executive Vice President, Head of Corporate Strategy Department, POSCO | 1 Year |
| Yoo,<br> Byeong-Og<br> (3-2) | Board of Directors | 2016 | Senior Vice President, Head of Raw Materials Department, POSCO | 1 Year |
| Yoo,<br> Byeong-Og<br> (3-2) | Board of Directors | 2015 | Senior Vice President, Head of Stainless Steel Raw Materials Department and Raw Materials Department II, POSCO | 1 Year |
| Kim,<br> Ji-Yong<br> (3-3) | March, 14, 1962 | January 2023<br> ~ Present | Senior Executive Vice President, Head of New Experience of Technology Hub, POSCO HOLDINGS INC. | 1 Year |
| Kim,<br> Ji-Yong<br> (3-3) | March, 14, 1962 | 2022 | Senior Executive Vice President (Inside Director), Head of Safety Health Environment(SHE) Division, POSCO | 1 Year |
| Kim,<br> Ji-Yong<br> (3-3) | March, 14, 1962 | 2021 | Senior Executive Vice President, Head of Gwangyang Steelworks, POSCO | 1 Year |
| Kim,<br> Ji-Yong<br> (3-3) | March, 14, 1962 | 2018 | Executive Vice President, President of PT.KP (Krakatau-POSCO), Representative President of PT—P-Indonesia Inti<br>\* Senior Executive Vice President (from Feb. 2018 onward) | 1 Year |
| Kim,<br> Ji-Yong<br> (3-3) | Board of Directors | April 2015 | Executive Vice President, Representative President of PT-P-Indonesia Inti | 1 Year |
| Kim,<br> Ji-Yong<br> (3-3) | Board of Directors | February 2015 | Executive Vice President, Head of PT-P-Indonesia Inti Launch TF Team | 1 Year |
| Kim,<br> Ji-Yong<br> (3-3) | Board of Directors | 2014 | Executive Vice President, Head of Steel Solutions Centre, POSCO | 1 Year |
| Kim,<br> Ji-Yong<br> (3-3) | Board of Directors | 2010 | Senior Vice President, Head of Advanced Materials Department, POSCO | 1 Year |

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\* All candidates have no relation with the largest shareholder and no transactions with POSCO HOLDINGS INC. in the past three years.

\* All candidates stated and signed that they do not have any legal issues to be qualified for inside directors.

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##### [**Table of Contents**](#toc)
• **Recommendation for candidates by the Board of Directors** 

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| | |
|:---|:---|
| Name/<br> Agenda | Grounds |
| <br> Jeong,<br> Ki-Seop<br> (3-1)<br>| The candidate possesses considerable knowledge in the Group's overall business, including POSCO, POSCO International and POSCO Energy and also has experiences in corporate restructuring. As Chief Strategy Officer, he is expected to play a role in managing crises and enhancing business competitiveness at the group level.<br>|
| <br> Yoo,<br> Byeong-Og<br> (3-2)<br>| The candidate has deep insight and knowledge of the group with extensive experiences in production(steelmaking), raw materials purchase, corporate strategy, purchasing and investment, industrial gasses and hydrogen and etc. As Head of Green Materials & Energy Business Team, he is expected to play a leading role in the Group's strategies in new growth areas such as hydrogen and battery materials.<br>|
| <br> Kim,<br> Ji-Yong<br> (3-3)<br>| The candidate has experienced a wide range of operations and posts, including on-site operations (cold rolled products), sales (automotive steel), Head of Advanced Materials Department, Head of overseas operations, Head of steelworks and Head of Safety Health Environment(SHE) Division, which gives him a considerable depth of perspective. He is expected to contribute to POSCO Group's effort to develop new growth technologies in capacity as Head of New Experience of Technology Hub.<br>|

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● **Agenda 4: Election of Non-Standing Director** 

• **Number of Non-Standing Director to be Elected: 1 Director** 

• **Candidate** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Date of Birth | Professional Experience | Professional Experience | Term |
| Name | Recommended<br>by | Period | Details | Term |
| Kim,<br> Hag-Dong | May 27, 1959 | March 2022 ~ Present | Representative Director, Vice Chairman, POSCO | 1 Year |
| Kim,<br> Hag-Dong | May 27, 1959 | 2022 | Representative Director, Vice Chairman, Head of Steel Business Unit, POSCO | 1 Year |
| Kim,<br> Hag-Dong | May 27, 1959 | 2021 | Representative Director, President, Head of Steel Business Unit, POSCO | 1 Year |
| Kim,<br> Hag-Dong | Board of Directors | 2019 | Senior Executive Vice President(Inside Director), Head of Steel Production & Technology Division, POSCO | 1 Year |
| Kim,<br> Hag-Dong | Board of Directors | 2017 | Senior Executive Vice President, Head of Gwangyang Steelworks, POSCO | 1 Year |
| Kim,<br> Hag-Dong | Board of Directors | 2015 | Senior Executive Vice President, Head of Pohang Steelworks, POSCO | 1 Year |
| Kim,<br> Hag-Dong | Board of Directors | 2013 | Representative Director, Senior Executive Vice President, SNNC | 1 Year |

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\* The candidate has no relation with the largest shareholder and no transactions with POSCO HOLDINGS INC. in the past three years.

\* The candidate has stated and signed that he does not have any legal issues to be qualified for non-standing director.

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##### [**Table of Contents**](#toc)
**•** **Recommendation for the candidate by the Board of Directors** 

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| | |
|:---|:---|
| Name | Grounds |
| Kim,<br> Hag-Dong | As Head of Steel Production & Technology Division and Steel Business Unit, the candidate has devoted himself for the competitiveness of steel production and stable operation of steel works.<br>As CEO and Vice Chairman of steel company which is a core business of the Group, he is expected to generate continued synergy between holding company and steel business subsidiary, POSCO.<br>|

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● **Agenda 5: Election of Outside Director** 

**•** **Number of Outside Directors to be Elected: 1 Director** 

**•** **Candidate** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Date of Birth | Professional Experience | Professional Experience | Term |
| Name/<br> Agenda | Recommended<br>by | Period | Details | Term |
| Kim,<br> Joon-Ki | May 13, 1965 | 2008 ~ Present<br> May, 2022 ~ Present | Professor of Law, Yonsei University (Yonsei Law School)<br> President, Korean Council for International Arbitration (KOCIA) | 3 Years |
| Kim,<br> Joon-Ki | May 13, 1965 | 2021 ~ Present | Vice Chair, ICC Korea, International Arbitration Committee | 3 Years |
| Kim,<br> Joon-Ki | May 13, 1965 | 2018 ~ Present | Member, KCAB, International Arbitration Committee | 3 Years |
| Kim,<br> Joon-Ki | May 13, 1965 | 2013 ~ Present | Panel of Arbitrators, World Bank's International Centre for Settlement of Investment Disputes | 3 Years |
| Kim,<br> Joon-Ki | Director Candidate Recommendation Committee | 1998 ~ 2008 | Professor, Graduate School of International Studies, Yonsei University | 3 Years |
| Kim,<br> Joon-Ki | Director Candidate Recommendation Committee | 2003 ~ 2007 | Founding Executive Director, Hills Governance Center in Korea | 3 Years |
| Kim,<br> Joon-Ki | Director Candidate Recommendation Committee | 1995 ~ 1998 | Professor of Law, Hongik University | 3 Years |
| Kim,<br> Joon-Ki | Director Candidate Recommendation Committee | 1992 ~ 1995 | Attorney, Foley & Lardner, Washington, D.C | 3 Years |

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##### [**Table of Contents**](#toc)
**•** **Candidates' plan to fulfill duties as Outside Directors** 

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| | |
|:---|:---|
| Name | Working Plan |
| Kim,<br> Joon-Ki | As an expert in international trade, international trade law and corporate governance improvement, I am currently working as a law professor at Yonsei Law School. With my wide range of experiences, expertise and global perspective in the areas of international arbitration, international investment and trade, and corporate governance improvement, I hope to contribute to the Board of Director's decision-making process.<br>I have been active in various domestic and international agencies, including The Korean Commercial Arbitration Board, The Korean Council for International Arbitration, International Center for Settlement of Investment Disputes (ICSID), and the International Court of Arbitration of the International Chamber of Commerce (ICC).<br>In addition, I have actively been involved in endeavors for improvement of corporate governance and transparency in corporate management, including through my tenure as the first director of the Hills Governance Center, a research institute jointly founded by Yonsei University, the World Bank and the Center for Strategic and International Studies (CSIS).<br>I plan to perform constructive roles to improve the company's international competitiveness in terms of internal and external governance, in part of which endeavor I will faithfully carry out my obligations as an outside director, transparently carry out my duties from an independent position, provide reasonable check-and-balance on the company's operations as a legal expert, provide assessment on legal and regulatory risks, and contribute to improvement in investor relations activities. |

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**•** **Recommendation for the candidates by the Board of Directors** 

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| | |
|:---|:---|
| Name | Grounds |
| Kim,<br> Joon-Ki | As a professor and expert in the areas of international trade, international trade law and corporate governance improvement possesses considerable legal expertise, he has been actively involved in a wide array of research and outside activities in the areas of international dispute resolution, trade and corporate governance, including through his tenure as arbitrator and presiding arbitrator at domestic and foreign international arbitrator boards, first director of the Hills Governance Center, etc.<br>As a legal academic and expert in legal practice with considerable experience and knowledge, he is expected to provide diverse insights into the Company's management and operation of Board of Directors, while contributing profoundly to improving the Company's international competitiveness in the area of corporate governance. |

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\* The candidate has no relation with the largest shareholder and no transactions with POSCO HOLDINGS INC. for the past three years.

\* The candidate stated and signed that he does not have any legal issues to be qualified for outside director.

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##### [**Table of Contents**](#toc)
● **Agenda 6: Approval of the Ceiling Amount of Total Remuneration for Directors** 

☐ The ceiling amount (to be approved) of the total remuneration in the FY 2023: 

KRW 10.0 billion

☐ The ceiling amount (approved) of the total remuneration in the FY 2022: 

KRW 10.0 billion

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**(Formerly, POSCO)** 

**and Subsidiaries** 

**Consolidated Financial Statements** 

**December 31, 2022 and 2021** 

**(With Independent Auditors' Report Thereon)** 

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##### [**Table of Contents**](#toc)
**Table of Contents** 

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| | |
|:---|:---|
|  | **Page** |
|  **Independent Auditors' Report** | TBD |
|  **Consolidated Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Financial Position](#tx_con441389_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Comprehensive Income](#tx_con441389_2) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Changes in Equity](#tx_con441389_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Cash Flows](#tx_con441389_4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to the Consolidated Financial Statements | TBD |

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. (Formerly, POSCO) and Subsidiaries** 

**Consolidated Statements of Financial Position** 

**As of December 31, 2022 and 2021** 

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | | **December 31, 2022** | **December 31, 2021** |
|  **Assets** |  |  |  |  |
|  Cash and cash equivalents | 4523 | W | 8053108 | 4775166 |
|  Trade accounts and notes receivable, net | 617232937 |  | 9769553 | 10061982 |
|  Other receivables, net | 72337 |  | 2112697 | 2104610 |
|  Other short-term financial assets | 823 |  | 10909920 | 13447717 |
|  Inventories | 9 |  | 15472417 | 15215098 |
|  Current income tax assets | 35 |  | 243829 | 23229 |
|  Assets held for sale | 10 |  | 12003 | 78470 |
|  Other current assets | 16 |  | 1075939 | 915358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** |  |  | 47649466 | 46621630 |
|  Long-term trade accounts and notes receivable, net | 623 |  | 24033 | 63205 |
|  Other receivables, net | 72337 |  | 1520331 | 1415143 |
|  Other long-term financial assets | 823 |  | 2332538 | 2119674 |
|  Investments in associates and joint ventures | 11 |  | 4996551 | 4514647 |
|  Investment property, net | 13 |  | 1074031 | 1086077 |
|  Property, plant and equipment, net | 1433 |  | 31781195 | 29596698 |
|  Intangible assets, net | 1533 |  | 4838451 | 4166309 |
|  Defined benefit assets, net | 21 |  | 520659 | 255858 |
|  Deferred tax assets | 35 |  | 3502152 | 1433766 |
|  Other non-current assets | 16 |  | 167374 | 198607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current assets** |  |  | 50757315 | 44849984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** |  | W | 98406781 | 91471614 |

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*See accompanying notes to the consolidated financial statements* 

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. (Formerly, POSCO) and Subsidiaries** 

**Consolidated Statements of Financial Position, Continued** 

**As of December 31, 2022 and 2021** 

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | | **December 31, 2022** | **December 31, 2021** |
|  **Liabilities** |  |  |  |  |
|  Trade accounts and notes payable | 2337 | W | 5520807 | 5468175 |
|  Short-term borrowings and current installments of long-term borrowings | 41723 |  | 11915994 | 8830067 |
|  Other payables | 1823 |  | 2865868 | 2189361 |
|  Other short-term financial liabilities | 192337 |  | 106527 | 111641 |
|  Current income tax liabilities | 35 |  | 502685 | 2139718 |
|  Liabilities directly associated with the assets held for sale |  |  | 5 | 189 |
|  Provisions | 20 |  | 515988 | 399984 |
|  Other current liabilities | 2229 |  | 1760316 | 1944488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** |  |  | 23188190 | 21083623 |
|  Long-term trade accounts and notes payable | 2337 |  | 15 | 694 |
|  Long-term borrowings, excluding current installments | 41723 |  | 12389667 | 12911149 |
|  Other payables | 1823 |  | 790402 | 679009 |
|  Other long-term financial liabilities | 1923 |  | 87052 | 23996 |
|  Defined benefit liabilities, net | 21 |  | 37707 | 50842 |
|  Deferred tax liabilities | 35 |  | 2924552 | 1271775 |
|  Long-term provisions | 20 |  | 579918 | 589092 |
|  Other non-current liabilities | 22 |  | 151877 | 56491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current liabilities** |  |  | 16961190 | 15583048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** |  |  | 40149380 | 36666671 |
|  **Equity** |  |  |  |  |
|  Share capital | 24 |  | 482403 | 482403 |
|  Capital surplus | 24 |  | 1400832 | 1387960 |
|  Hybrid bonds | 25 |  |  | 199384 |
|  Reserves | 26 |  | (443990) | (666985) |
|  Treasury shares | 27 |  | (1892308) | (2508294) |
|  Retained earnings |  |  | 52965179 | 51532887 |
|  **Equity attributable to owners of the controlling company** |  |  | 52512116 | 50427355 |
|  **Non-controlling interests** | 25 |  | 5745285 | 4377588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total equity** |  |  | 58257401 | 54804943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and equity** |  | W | 98406781 | 91471614 |

---

*See accompanying notes to the consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. (Formerly, POSCO) and Subsidiaries** 

**Consolidated Statements of Comprehensive Income** 

**For the years ended December 31, 2022 and 2021** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won, except per share information)* | **Notes** | | **2022** | **2021** |
|  **Revenue** | 282937 | W | 84750204 | 76332345 |
|  **Cost of sales** | 29313437 |  | (77100912) | (64451219) |
|  **Gross profit** |  |  | 7649292 | 11881126 |
|  Selling and administrative expenses | 3034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of (impairment loss) on trade accounts and notes receivable | 23 |  | (24791) | (40153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other administrative expenses | 31 |  | (2479966) | (2209809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling expenses |  |  | (294482) | (393075) |
|  **Operating profit** |  |  | 4850053 | 9238089 |
|  Share of profit of equity-accounted investees, net | 11 |  | 676260 | 649569 |
|  Finance income and costs | 2332 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income |  |  | 4834011 | 2730110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  | (5804466) | (2765175) |
|  Other non-operating income and expenses | 33 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of (impairment loss) on other receivables | 23 |  | (9824) | 12975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating income |  |  | 592017 | 577997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating expenses | 34 |  | (1123685) | (1027492) |
|  **Profit before income tax** |  |  | 4014366 | 9416073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | 35 |  | (453882) | (2220183) |
|  **Profit** |  |  | 3560484 | 7195890 |
|  **Other comprehensive income (loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans | 21 |  | 105769 | 51155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments at fair value through<br> other comprehensive income | 23 |  | (10076) | 214888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that are or may be reclassified subsequently to profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital adjustment arising from investments in equity-accounted investees |  |  | 133134 | 165106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences |  |  | 4024 | 386141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains or losses on valuation of derivatives | 23 |  | 1023 | 309 |
|  **Other comprehensive income (loss), net of tax** |  |  | 233874 | 817599 |
|  **Total comprehensive income** |  | W | 3794358 | 8013489 |
|  **Profit attributable to:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company |  | W | 3144087 | 6617239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  | 416397 | 578651 |
|  **Profit** |  | W | 3560484 | 7195890 |
|  **Total comprehensive income attributable to :** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company |  | W | 3380649 | 7384571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  | 413709 | 628918 |
|  **Total comprehensive income** |  | W | 3794358 | 8013489 |
|  **Earnings per share (in Won)** | 36 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share (in Won) |  |  | 41456 | 87330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share (in Won) |  | W | 39126 | 85377 |

---

*See accompanying notes to the consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. (Formerly, POSCO) and Subsidiaries** 

**Consolidated Statements of Changes in Equity** 

**For the years ended December 31, 2022 and 2021** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Non-**<br>**controlling<br>interests** | **Total** |
| *(in millions of Won)* |  | **Share<br>capital** | **Capital<br>surplus** | **Hybrid<br>bonds** | **Reserves** | **Treasury<br>shares** | **Retained<br>earnings** | **Subtotal** | **Non-**<br>**controlling<br>interests** | **Total** |
|  **Balance as of January 1, 2021** | W | 482403 | 1310547 | 199384 | (1380918) | (2391523) | 46111457 | 44331350 | 3343242 | 47674592 |
|  **Comprehensive income:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit |  |  |  |  |  |  | 6617239 | 6617239 | 578651 | 7195890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans, net of tax |  |  |  |  |  |  | 44405 | 44405 | 6749 | 51154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital adjustment arising from investments in equity-accounted investees, net of tax |  |  |  |  | 160343 |  |  | 160343 | 4764 | 165107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax |  |  |  |  | 205924 |  | 8948 | 214872 | 16 | 214888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences, net of tax |  |  |  |  | 347469 |  |  | 347469 | 38672 | 386141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains or losses on valuation of derivatives, net of tax |  |  |  |  | 243 |  |  | 243 | 66 | 309 |
|  **Total comprehensive income** |  |  |  |  | 713979 |  | 6670592 | 7384571 | 628918 | 8013489 |
|  **Transactions with owners of the controlling company, recognized directly in equity:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year-end dividends |  |  |  |  |  |  | (342565) | (342565) | (62230) | (404795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  |  | (907507) | (907507) |  | (907507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in subsidiaries |  |  |  |  |  |  |  |  | 15034 | 15034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in ownership interest in subsidiaries |  |  | 83547 |  |  |  |  | 83547 | 459917 | 543464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest of hybrid bonds |  |  |  |  |  |  | (9200) | (9200) | (7254) | (16454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of treasury shares |  |  |  |  |  | (116771) |  | (116771) |  | (116771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | (6134) |  | (46) |  | 10110 | 3930 | (39) | 3891 |
|  **Total transactions with owners of the controlling company** |  |  | 77413 |  | (46) | (116771) | (1249162) | (1288566) | 405428 | (883138) |
|  **Balance as of December 31, 2021** | W | 482403 | 1387960 | 199384 | (666985) | (2508294) | 51532887 | 50427355 | 4377588 | 54804943 |

---

*See accompanying notes to the consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. (Formerly, POSCO) and Subsidiaries** 

**Consolidated Statements of Changes in Equity, Continued** 

**For the years ended December 31, 2022 and 2021** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Non-**<br>**controlling<br>interests** | **Total** |
| *(in millions of Won)* |  | **Share<br>capital** | **Capital<br>surplus** | **Hybrid<br>bonds** | **Reserves** | **Treasury<br>shares** | **Retained<br>earnings** | **Subtotal** | **Non-**<br>**controlling<br>interests** | **Total** |
|  **Balance as of January 1, 2022** | W | 482403 | 1387960 | 199384 | (666985) | (2508294) | 51532887 | 50427355 | 4377588 | 54804943 |
|  **Comprehensive income:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit |  |  |  |  |  |  | 3144087 | 3144087 | 416397 | 3560484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans, net of tax |  |  |  |  |  |  | 67167 | 67167 | 38602 | 105769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital adjustment arising from investments in equity-accounted investees, net of tax |  |  |  |  | 126278 |  |  | 126278 | 6856 | 133134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax |  |  |  |  | 49516 |  | (59576) | (10060) | (16) | (10076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences, net of tax |  |  |  |  | 52725 |  |  | 52725 | (48701) | 4024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains or losses on valuation of derivatives, net of tax |  |  |  |  | 452 |  |  | 452 | 571 | 1023 |
|  **Total comprehensive income** |  |  |  |  | 228971 |  | 3151678 | 3380649 | 413709 | 3794358 |
|  **Transactions with owners of the controlling company, recognized directly in equity:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year-end dividends |  |  |  |  |  |  | (378128) | (378128) | (82110) | (460238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  |  | (758492) | (758492) |  | (758492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in subsidiaries |  |  |  |  |  |  |  |  | 422424 | 422424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in ownership interest in subsidiaries |  |  | (7827) |  |  |  |  | (7827) | 425871 | 418044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest of hybrid bonds |  |  |  |  |  |  | (1487) | (1487) | (15007) | (16494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation due to split |  |  |  | (199384) |  |  |  | (199384) | 199384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of treasury stock |  |  | 9491 |  |  | 48512 |  | 58003 |  | 58003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury stock |  |  |  |  |  | 567474 | (583485) | (16011) |  | (16011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payment |  |  | 12115 |  |  |  |  | 12115 |  | 12115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | (907) |  | (5976) |  | 2206 | (4677) | 3426 | (1251) |
|  **Total transactions with owners of the controlling company** |  |  | 12872 | (199384) | (5976) | 615986 | (1719386) | (1295888) | 953988 | (341900) |
|  **Balance as of December 31, 2022** | W | 482403 | 1400832 |  | (443990) | (1892308) | 52965179 | 52512116 | 5745285 | 58257401 |

---

*See accompanying notes to the consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. (Formerly, POSCO) and Subsidiaries** 

**Consolidated Statements of Cash Flows** 

**For the years ended December 31, 2022 and 2021** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | | **2022** | **2021** |
|  **Cash flows from operating activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit |  | W | 3560484 | 7195890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  |  | 3198786 | 3135345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization |  |  | 487989 | 444100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income |  |  | (1943660) | (1270044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  | 2532735 | 1257112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense |  |  | 453883 | 2220183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on property, plant and equipment |  |  | 213183 | 311520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property, plant and equipment |  |  | (18502) | (12016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property, plant and equipment |  |  | 111082 | 95720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on goodwill and other intangible assets |  |  | 370663 | 224328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of investments in subsidiaries, associates and joint ventures |  |  | (13904) | (85981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of investments in subsidiaries, associates and joint ventures |  |  | 12400 | 12882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of profit of equity-accounted investees |  |  | (676260) | (649569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of assets held for sale |  |  | (55262) | (60208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses related to post-employment benefit |  |  | 227201 | 243567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on trade and other receivables |  |  | 34617 | 27178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of inventories |  |  | 259678 | 78783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase to provisions |  |  | 317069 | 159592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  |  | (209179) | (37287) |
|  |  |  | 5302519 | 6095205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities | 39 |  | (667224) | (7070574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest received |  |  | 249751 | 279554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid |  |  | (560766) | (433794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends received |  |  | 1034383 | 782053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes paid |  |  | (2773599) | (588969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities |  | W | 6145548 | 6259365 |

---

*See accompanying notes to the consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. (Formerly, POSCO) and Subsidiaries** 

**Consolidated Statements of Cash Flows, Continued** 

**For the years ended December 31, 2022 and 2021** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | | **2022** | **2021** |
|  **Cash flows from investing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of short-term financial instruments |  | W | (88775633) | (41797503) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of short-term financial instruments |  |  | 90282469 | 40336417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in loans |  |  | (1087409) | (526643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection of loans |  |  | 1086964 | 568536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of securities |  |  | (728039) | (300807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of securities |  |  | 496375 | 273935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of long-term financial instruments |  |  | (21638) | (289612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of investment in subsidiaries, associates and joint ventures |  |  | (550011) | (492435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of investment in subsidiaries, associates and joint ventures |  |  | 201218 | 61013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of investment property |  |  | (1561) | (91880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of investment property |  |  | 23401 | 3809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of property, plant and equipment |  |  | (4925202) | (3068591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of property, plant and equipment |  |  | 17664 | (11117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of intangible assets |  |  | (493477) | (431122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of intangible assets |  |  | 7746 | 9485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of assets held for sale |  |  | 131354 | 67293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection of lease receivables |  |  | 54614 | 97701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for acquisition of business, net of cash acquired |  |  |  | 5472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash outflows due to business combinations |  |  | (901223) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflow due to insurance money |  |  | 236344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  |  | 764619 | 2542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities |  |  | (4181425) | (5583507) |
|  **Cash flows from financing activities** | 39 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from borrowings |  |  | 4553747 | 4358955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of borrowings |  |  | (4138054) | (3719542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from (repayment of) short-term borrowings, net |  |  | 1764569 | (329897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contribution from non-controlling interests |  |  | 577330 | 660488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of cash dividends |  |  | (1218405) | (1310920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of treasury shares |  |  |  | (116771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of interest of hybrid bonds |  |  | (16494) | (16493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of lease liabilities |  |  | (268082) | (281288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  |  | 67568 | (13198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities |  |  | 1322179 | (768666) |
|  **Effect of exchange rate fluctuation on cash held** |  |  | (8740) | 112950 |
|  **Net increase in cash and cash equivalents** |  |  | 3277562 | 20142 |
|  **Cash and cash equivalents at beginning of the period** | 510 |  | 4775720 | 4755578 |
|  **Cash and cash equivalents at end of the period** | 510 | W | 8053282 | 4775720 |

---

*See accompanying notes to the consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**(Formerly, POSCO)** 

**Separate Financial Statements** 

**December 31, 2022 and 2021** 

**(With Independent Auditors' Report Thereon)** 

------

##### [**Table of Contents**](#toc)
**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page** |
|  **Independent Auditors' Report** | TBD |
|  **Separate Financial Statements** |  |
|  [Separate Statements of Financial Position](#tx_sep441389_1) | 3 |
|  [Separate Statements of Comprehensive Income](#tx_sep441389_2) | 5 |
|  [Separate Statements of Changes in Equity](#tx_sep441389_3) | 6 |
|  [Separate Statements of Cash Flows](#tx_sep441389_4) | 7 |
|  Notes to the Separate Financial Statements | TBD |
|  **Independent Auditors' Report on Internal Control over Financial Reporting** | TBD |
|  **Report on the Operating Status of Internal Control over Financial Reporting** | TBD |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. (Formerly, POSCO)** 

**Separate Statements of Financial Position** 

**As of December 31, 2022 and 2021** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
|  **Assets** |  |  |  |  |
|  Cash and cash equivalents | 4522 | W | 1415201 | 2042274 |
|  Trade accounts and notes receivable, net | 62236 |  | 128991 | 6017508 |
|  Other receivables, net | 72236 |  | 40288 | 545341 |
|  Other short-term financial assets | 822 |  | 2515375 | 9605522 |
|  Inventories | 933 |  |  | 7623202 |
|  Assets held for sale | 10 |  |  | 29789 |
|  Current tax assets |  |  | 203263 |  |
|  Other current assets |  |  | 5172 | 55244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** |  |  | 4308290 | 25918880 |
|  Long-term trade accounts and notes receivable, net | 622 |  |  | 5675 |
|  Other receivables, net | 722 |  | 209057 | 274253 |
|  Other long-term financial assets | 822 |  | 1062530 | 1326565 |
|  Investments in subsidiaries, associates<br> and joint ventures | 1132 |  | 45187628 | 16002640 |
|  Investment property, net | 12 |  | 220699 | 144140 |
|  Property, plant and equipment, net | 1332 |  | 145006 | 19772299 |
|  Intangible assets, net | 14 |  | 15902 | 551410 |
|  Defined benefit assets, net | 20 |  |  | 212531 |
|  Other non-current assets | 15 |  | 7 | 34366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current assets** |  |  | 46840829 | 38323879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** |  | W | 51149119 | 64242759 |

---

*See accompanying notes to the separate financial statements*.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. (Formerly, POSCO)** 

**Separate Statements of Financial Position, Continued** 

**As of December 31, 2022 and 2021** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
|  **Liabilities** |  |  |  |  |
|  Trade accounts and notes payable | 2236 | W |  | 2453068 |
|  Short-term borrowings and current installments of long-term borrowings | 4162238 |  |  | 2072354 |
|  Other payables | 17223638 |  | 64597 | 1267459 |
|  Other short-term financial liabilities | 182238 |  | 5815 | 13755 |
|  Current income tax liabilities | 34 |  |  | 1832078 |
|  Liabilities directly associated with the assets held for sale | 10 |  |  | 185 |
|  Provisions | 19 |  | 45388 | 84409 |
|  Other current liabilities | 21 |  | 3193 | 144961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** |  |  | 118993 | 7868269 |
|  Long-term borrowings, excluding current installments | 4162238 |  | 1359587 | 6129778 |
|  Other payables | 172238 |  |  | 399144 |
|  Other long-term financial liabilities | 182238 |  | 3668 | 21991 |
|  Net defined benefit liability | 20 |  | 3761 |  |
|  Deferred tax liabilities | 34 |  | 2480379 | 747653 |
|  Long-term provisions | 19 |  | 10868 | 36755 |
|  Other non-current liabilities | 21 |  |  | 3744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current liabilities** |  |  | 3858263 | 7339065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** |  |  | 3977256 | 15207334 |
|  **Equity** |  |  |  |  |
|  Share capital | 23 |  | 482403 | 482403 |
|  Capital surplus | 23 |  | 1360894 | 1339289 |
|  Hybrid bonds | 24 |  |  | 199384 |
|  Reserves | 25 |  | (188801) | (211849) |
|  Treasury shares | 26 |  | (1892308) | (2508294) |
|  Retained earnings | 27 |  | 47409675 | 49734492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total equity** |  |  | 47171863 | 49035425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and equity** |  | W | 51149119 | 64242759 |

---

*See accompanying notes to the separate financial statements*.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. (Formerly, POSCO)** 

**Separate Statements of Comprehensive Income** 

**For the years ended December 31, 2022 and 2021** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won, except per share informations)* | **Notes** | | **2022** | **2021** |
|  **Revenue** | 2836 | W | 8589819 | 39920201 |
|  **Cost of sales** | 30 |  | (6463246) | (32136439) |
|  **Gross profit** |  |  | 2126573 | 7783762 |
|  Selling and administrative expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on trade accounts and notes receivable |  |  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other administrative expenses | 29 |  | (414086) | (911841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling expenses | 29 |  | (37594) | (222311) |
|  **Operating profit** |  |  | 1674893 | 6649600 |
|  Finance income and costs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income |  |  | 392984 | 1694175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  | (434963) | (925649) |
|  Other non-operating income and expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of (impairment loss) on other receivables |  |  | (128) | (363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating income | 32 |  | 33699 | 227008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating expenses | 3233 |  | (347002) | (661071) |
|  **Profit before income tax** |  |  | 1319483 | 6983700 |
|  Income tax expense | 34 |  | (1787335) | (1802473) |
|  **Profit** |  |  | (467852) | 5181227 |
|  **Other comprehensive income (loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans | 20 |  | (75271) | 32426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments at fair value through other comprehensive income | 82225 |  | (37054) | 83110 |
|  **Total comprehensive income** |  | W | (580177) | 5296763 |
|  **Earnings per share (in Won)** | 35 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share (in Won) |  |  | (6185) | 68360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share (in Won) |  | W | (6649) | 66651 |

---

*See accompanying notes to the separate financial statements*.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. (Formerly, POSCO)** 

**Separate Statements of Changes in Equity** 

**For the years ended December 31, 2022 and 2021** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | **Share<br>capital** | **Capital<br>surplus** | **Hybrid<br>bonds** | **Reserves** | **Treasury<br>shares** | **Retained<br>earnings** | **Total** |
|  **Balance as of January 1, 2021** | W | 482403 | 1339289 | 199384 | (296626) | (2391523) | 45781777 | 45114704 |
|  **Comprehensive income:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit |  |  |  |  |  |  | 5181227 | 5181227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans, net of tax |  |  |  |  |  |  | 32426 | 32426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax |  |  |  |  | 84777 |  | (1667) | 83110 |
|  **Transactions with owners of the Company, recognized directly in equity:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year-end dividends |  |  |  |  |  |  | (342564) | (342564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  |  | (907507) | (907507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest of hybrid bonds |  |  |  |  |  |  | (9200) | (9200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of treasury shares |  |  |  |  |  | (116771) |  | (116771) |
|  **Balance as of December 31, 2021** | W | 482403 | 1339289 | 199384 | (211849) | (2508294) | 49734492 | 49035425 |
|  **Balance as of January 1, 2022** | W | 482403 | 1339289 | 199384 | (211848) | (2508295) | 49734492 | 49035425 |
|  **Comprehensive income:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit |  |  |  |  |  |  | (467852) | (467852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans, net of tax |  |  |  |  |  |  | (75271) | (75271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax |  |  |  |  | 23047 |  | (60101) | (37054) |
|  **Transactions with owners of the Company, recognized directly in equity:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year-end dividends |  |  |  |  |  |  | (378129) | (378129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  |  | (758492) | (758492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest of hybrid bonds |  |  |  |  |  |  | (1487) | (1487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of treasury stock |  |  | 9491 |  |  | 48513 |  | 58004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury stock |  |  |  |  |  | 567474 | (583485) | (16011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation due to split |  |  |  | (199384) |  |  |  | (199384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payment |  |  | 12114 |  |  |  |  | 12114 |
|  **Balance as of December 31, 2022** | W | 482403 | 1360894 |  | (188801) | (1892308) | 47409675 | 47171863 |

---

*See accompanying notes to the separate financial statements*.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. (Formerly, POSCO)** 

**Separate Statements of Cash Flows** 

**For the years ended December 31, 2022 and 2021** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | | **2022** | **2021** |
|  **Cash flows from operating activities** |  |  |  |  |
|  Profit |  | W | (467852) | 5181227 |
|  Adjustments for : |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses related to post-employment benefit |  |  | 22082 | 121059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  |  | 393121 | 2289507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization |  |  | 17180 | 107465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on trade and other receivables |  |  | 128 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income |  |  | (346942) | (577419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income |  |  | (909846) | (698592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  | 369038 | 514904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of inventories |  |  | 1722 | 4854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property, plant and equipment |  |  | (5464) | (30359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property, plant and equipment |  |  | 20211 | 111955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on property, plant and equipment |  |  | 3 | 228171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on intangible assets |  |  |  | 7180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of investments in subsidiaries, associates and joint venture |  |  | (13933) | (56121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of investments in subsidiaries, associates and joint venture |  |  | 263263 | 208732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of assets held for sale |  |  | (2706) | (48018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of assets held for sale |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on assets held for sale |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of emission rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of emission rights |  |  |  | 5843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase to provisions |  |  | 55196 | 42655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense |  |  | 1787335 | 1802473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits |  |  | 61603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | 4531 | 16436 |
|  Changes in operating assets and liabilities | 38 |  | (809633) | (4980364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest received |  |  | 44615 | 144368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid |  |  | (50424) | (180743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends received |  |  | 891019 | 716640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes paid |  |  | (2054487) | (151888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities |  | W | (730240) | 4780338 |

---

*See accompanying notes to the separate financial statements*.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. (Formerly, POSCO)** 

**Separate Statements of Cash Flows, Continued** 

**For the years ended December 31, 2022 and 2021** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | | **2022** | **2021** |
|  **Cash flows from investing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in deposits |  | W | 450017 | 2464819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of short-term financial instruments |  |  | 28806313 | 35801788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of long-term financial instruments |  |  | 5 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection of short-term loans |  |  | 1416 | 7430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of debt security |  |  | 151100 | 150070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of long-term debt security |  |  |  | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of equity securities |  |  | 166359 | 14066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of other securities |  |  | 49960 | 6049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of derivatives |  |  |  | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of investments in subsidiaries, associates and joint ventures |  |  | 836607 | 3896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of intangible assets |  |  |  | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of assets held for sale |  |  | 3074 | 67264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of emission rights |  |  |  | 5503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in deposits |  |  | (550571) | (2563854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of short-term financial investments |  |  | (25457214) | (35426439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of long-term financial investments |  |  |  | (272824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of long-term loans |  |  | (3618) | (196101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of debt securities |  |  | (50000) | (150033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of equity securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of other securities |  |  | (104197) | (44867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of investment in subsidiaries, associates and joint ventures |  |  | (1074151) | (1206424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of property, plant and equipment |  |  | (359294) | (1968289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for disposal of property, plant and equipment |  |  | (14447) | (59806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of intangible assets |  |  | (10430) | (49478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation due to split |  |  | (1910211) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities |  | W | 930718 | (3413276) |
|  **Cash flows from financing activities** | 38 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from borrowings |  |  | 537165 | 5553432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in long-term financial liabilities |  |  | 15515 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposals of derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipt of government grants |  |  |  | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of borrowings |  |  | (232977) | (5272719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in long-term financial liabilities |  |  | (279) | (1318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of lease liabilities |  |  | (7493) | (46756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of derivatives |  |  | (7102) | (9103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of cash dividends |  |  | (1136298) | (1248689) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of treasury shares |  |  |  | (116771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of interest of hybrid bonds |  |  |  | (9200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities |  | W | (831469) | (1149297) |
|  **Effect of exchange rate fluctuation on cash held** |  |  | 3918 | 1849 |
|  **Net increase in cash and cash equivalents** |  |  | (627073) | 219614 |
|  **Cash and cash equivalents at beginning of the period** | 5 |  | 2042274 | 1822660 |
|  **Cash and cash equivalents at end of the period** | 5 | W | 1415201 | 2042274 |

---

*See accompanying notes to the separate financial statements*