CJ E&M CORPORATION and SUBSIDIARIES Consolidated
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CJ E&M CORPORATION AND SUBSIDIARIES Consolidated Financial Statements December 31, 2015 and 2014 (With Independent Auditors’ Report Thereon) Contents Page Independent Auditors’ Report 1 Consolidated Statements of Financial Position 3 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Changes in Equity 7 Consolidated Statements of Cash Flows 9 Notes to the Consolidated Financial Statements 12 Independent Auditor’s Report Based on a report originally issued in Korean The Board of Directors and Shareholders CJ E&M Corporation: We have audited the accompanying consolidated financial statements of CJ E&M Corporation and its subsidiaries (the “Group”), which comprise the consolidated statements of financial position as at December 31, 2015 and 2014, the consolidated statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Korean International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Korean Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgments, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2015 and 2014 and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with Korean International Financial Reporting Standards. Other Matter The procedures and practices utilized in the Republic of Korea to audit such consolidated financial statements may differ from those generally accepted and applied in other countries. Seoul, Korea March 4, 2016 This report is effective as of March 4, 2016, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying consolidated financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any. CJ E&M CORPORATION AND SUBSIDIARIES Consolidated Statements of Financial Position As of December 31, 2015 and 2014 (In won) Note 2015 2014 Assets : Cash and cash equivalents 5,7,29 W 47,493,272,198 33,525,990,630 Accounts and notes receivable - trade 9,29,33 406,450,567,144 352,453,730,663 Advance payments 13 131,440,330,594 138,528,894,268 Other current financial assets 5,12,29,33 337,273,057,259 500,522,346,764 Other current assets 17 10,141,670,019 8,833,316,387 Income tax refund receivable 3,429,431,349 66,375,975 Inventories 8 3,915,888,761 5,243,369,241 Current assets 940,144,217,324 1,039,174,023,928 Available-for-sale financial assets 10,29 77,991,343,288 67,836,584,920 Held-to-maturity investments 29 7,519,395,000 8,529,395,000 Investments in equity method investees 11 495,330,178,618 377,297,630,661 Property and equipment 14 77,339,271,637 88,464,908,331 Intangible assets 15 653,159,648,557 694,725,260,394 Investment property 16 3,578,311,814 - Other non-current financial assets 12,29,33 22,448,495,842 21,367,208,661 Other non-current assets 17 32,937,005,913 19,470,503,910 Deferred tax assets 32 54,407,753,505 40,520,008,394 Non-current assets 1,424,711,404,174 1,318,211,500,271 Total assets W 2,364,855,621,498 2,357,385,524,199 See accompanying notes to the consolidated financial statements. 3 CJ E&M CORPORATION AND SUBSIDIARIES Consolidated Statements of Financial Position, Continued As of December 31, 2015 and 2014 (In won) Note 2015 2014 Liabilities : Accounts and notes payable - trade 29,33 W 107,076,227,170 67,690,656,180 Accounts and notes payable - other 29 154,909,505,619 147,014,765,667 Income tax payable 1,395,358,639 42,041,973,269 Short-term borrowings 5,18,25,29 54,552,102,000 45,470,400,301 Current portion of debentures 5,18,25,29 49,969,815,810 99,924,350,466 Current portion of long-term borrowings 5,18,25,29 71,249,950,000 2,166,703,344 Other current financial liabilities 5,19,29 135,661,864,629 138,021,900,603 Other current liabilities 20,22 66,914,984,374 37,677,454,965 Current provisions 21 556,082,507 795,738,234 Current liabilities 642,285,890,748 580,803,943,029 Debentures 5,18,25,29 99,906,927,180 149,737,504,299 Long-term borrowings 5,18,25,29 31,083,290,000 102,333,240,000 Other non-current financial liabilities 5,19,29 978,293,440 1,101,392,587 Other non-current liabilities 20,22 2,540,605,341 2,049,094,528 Liabilities for defined benefit obligations 22 12,823,188,862 8,868,495,171 Non-current provisions 21 606,958,177 967,139,598 Deferred tax liabilities 32 14,548,132,425 5,821,307,023 Non-current liabilities 162,487,395,425 270,878,173,206 Total liabilities 804,773,286,173 851,682,116,235 Stockholders’ equity : Share capital 1, 23 193,660,445,000 193,660,445,000 Share premium 969,766,994,891 969,766,994,891 Retained earnings 370,030,141,797 316,305,165,021 Other capital 23,24 18,077,989,854 29,639,156,509 Equity attributable to owners of the Parent Company 1,551,535,571,542 1,509,371,761,421 Non-controlling interests 8,546,763,783 (3,668,353,457) Total stockholders’ equity 1,560,082,335,325 1,505,703,407,964 Total stockholders’ equity and liabilities W 2,364,855,621,498 2,357,385,524,199 See accompanying notes to the consolidated financial statements. 4 CJ E&M CORPORATION AND SUBSIDIARIES Consolidated Statements of Comprehensive Income For the years ended December 31, 2015 and 2014 (In won) Note 2015 2014 Continuing operations : Revenue 6,33 W 1,347,313,885,448 1,232,665,331,630 Cost of sales 30,33 (1,019,400,511,204) (977,251,998,021) Gross profit 327,913,374,244 255,413,333,609 Selling, general and administrative expenses 27,30,33 (275,237,564,257) (268,061,754,339) Operating income (loss) 6 52,675,809,987 (12,648,420,730) Finance income 28 18,518,644,976 15,387,452,263 Finance costs 28 (20,519,617,862) (23,431,660,686) Share of profit of equity method investees 11 141,931,756,950 16,966,047,428 Share of loss of equity method investees 11 (13,214,990,009) (7,465,159,989) Other non-operating income 31 7,293,465,164 1,175,504,350 Other non-operating expenses 31 (127,353,613,496) (40,351,484,699) Profit (loss) before income tax 59,331,455,710 (50,367,722,063) Income tax expense 32 (6,411,116,068) (6,570,238,294) Profit (loss) from continuing operations 52,920,339,642 (56,937,960,357) Discontinued operations Profit from discontinued operations, net of tax 34 - 290,355,565,342 Profit for the year W 52,920,339,642 233,417,604,985 Profit (loss) attributable to: Owners of the Parent Company : - Continuing operations 54,345,192,936 (52,556,615,445) - Discontinued operations - 277,065,795,495 54,345,192,936 224,509,180,050 Non-controlling interests : - Continuing operations (1,424,853,294) (4,381,344,912) - Discontinued operations - 13,289,769,847 (1,424,853,294) 8,908,424,935 W 52,920,339,642 233,417,604,985 See accompanying notes to the consolidated financial statements. 5 CJ E&M CORPORATION AND SUBSIDIARIES Consolidated Statements of Comprehensive Income, Continued For the years ended December 31, 2015 and 2014 (In won) Note 2015 2014 Other comprehensive loss : Items that will not be reclassified to profit or loss subsequently: Remeasurements of the defined benefit plan 22 W (330,978,483) (4,520,243,625) Net changes in retained earnings of equity method investees 11 (213,727,363) - Total items that will not be reclassified to profit or loss subsequently (544,705,846) (4,520,243,625) Items that are or may be reclassified to profit or loss subsequently: Foreign currency translation differences for foreign operations (837,936,483) (2,349,510,743) Net capital changes in equity method investees 11 (569,366,224)