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Samsung C&T Corporation and Subsidiaries

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Samsung C&T Corporation and Subsidiaries Samsung C&T Corporation and Subsidiaries Consolidated Interim Financial Statements September 30, 2017 and 2016 Samsung C&T Corporation and Subsidiaries Index September 30, 2017 and 2016 Pages Report on Review of Interim Financial Statements ………………………............................... 1 - 5 Consolidated Interim Financial Statements Consolidated Interim Statements of Financial Position …………………………………………….. 6 - 8 Consolidated Interim Statements of Comprehensive Income....................................................... 9 - 10 Consolidated Interim Statements of Changes in Equity..............................…………................... 11 - 12 Consolidated Interim Statements of Cash Flows…………………………………………………….. 13 - 14 Notes to the Consolidated Interim Financial Statements....................................……....……....... 15 - 102 Report on Review of Interim Financial Statements (English Translation of a Report Originally Issued in Korean) To the Shareholders and Board of Directors of Samsung C&T Corporation Reviewed Financial Statements We have reviewed the accompanying consolidated interim financial statements of Samsung C&T Corporation (the Company) and its subsidiaries (collectively referred to as the “Group”). These financial statements consist of the consolidated interim statement of financial position of the Group as at September 30, 2017, and the related consolidated interim statements of comprehensive income for the three-month and nine-months periods ended September 30, 2017 and 2016, and consolidated interim statements of changes in equity and cash flows for the nine-month periods ended September 30, 2017 and 2016, and a summary of significant accounting policies and other explanatory notes, expressed in Korean won. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these consolidated interim financial statements in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (Korean IFRS) 1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of consolidated interim financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to issue a report on these consolidated interim financial statements based on our review. We conducted our review in accordance with quarterly or semi-annual review standards established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe the accompanying consolidated interim financial statements are not presented fairly, in all material respects, in accordance with Korean IFRS 1034 Interim Financial Reporting. Emphasis of Matters Without qualifying our opinion, we draw attention to the following area of focus: Auditor’s emphasis on area of focus on construction contracts 1 Area of focus on construction contracts in accordance with the Practical Guidance of Auditing Standard 2016-1 are those matters that, in the auditor’s professional judgment and communication with those charged with governance, were of most significance in the review of the consolidated interim financial statements of the current period. These matters were addressed in the context of the review of the financial statements as a whole, and the auditor does not provide a separate opinion on these matters. As described in the "Auditor’s responsibility", it is our responsibility to conduct our review in accordance with quarterly or semi-annual review standards established by the Securities and Futures Commission of the Republic of Korea and to issue a report based on our review. A review of the area of focus on construction contract consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. - Uncertainty of the estimated total contract costs As described in Note 2 to the consolidated interim financial statements, the Group recognizes contract revenue and contract costs associated with the construction contract as revenue and expense respectively based on the percentage of completion of the contract activity at the end of the reporting period when the outcome of a construction contract can be estimated reliably. The percentage of completion of the contract activity is the proportion of costs incurred to date divided by the estimated total costs of the contract. Also, as described in Note 4 to the consolidated interim financial statements, total contract costs are estimated based on future expectation of material costs, labor costs, construction period and others. In addition, Note 5 to the consolidated interim financial statements states that changes in the estimated total contract costs by construction types for the nine-month period ended September 30, 2017, amount to \ 2,606,718 million, which is 106% of changes in the estimated total contract revenue. It also states that impact on profit or loss for the current period and in the succeeding periods amounts to \ (72,633) million and \ (80,524) million, respectively. For a construction contract, it is probable that an unexpected change in the estimated total contract costs may incur due to changes in market price of raw materials, construction delays caused by natural disasters, changes in foreign currency exchange rates, and risks associated with developing a new market and others. Considering the impact of an increase in uncertainty of estimating total contract costs and changes in the estimates on the Group’s profit or loss for the period, we identified the uncertainty of the estimated total contract costs as a significant risk. 1 This paragraph is being included in accordance with the “Practical Guidance of Auditing Standard 2016-1, Practical Guidance for Special Consideration in Auditing Construction Contracts”, prescribed by Korean Institute of Certified Public Accountants, and should not be considered as a communication of key audit matter described in International Standards on Auditing 700 (Revised). 2 In respect of the uncertainty of the estimated total contract costs on the Group’s consolidated financial statements, we have performed the following review procedures as at September 30, 2017. Made inquiries and performed analytical review procedures on how major components of the estimated total contract costs has changed by reporting periods. Made inquiries and performed analytical review procedures on appropriateness of estimated total contract cost component for each project. With regards to the projects where the estimated total contract costs has changed significantly, made inquiries about reasons for the significant changes in the estimated total contract costs. With regards to the projects where the ratio of estimated total contract costs to estimated total contract revenue has a material change comparing to the ratio of final contract costs to final total contract revenue, made inquiries about reasons for the difference. - Measurement of percentage of completion As described in Note 2 to the consolidated interim financial statements, the Group measures the percentage of completion by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. For a construction contract, it is probable that costs that do not reflect the percentage of completion and costs that are not chargeable to the customers may be incurred due to additional costs from change of circumstances, delay in the customer’s progress payment, concentration of costs incurred in certain periods and other reasons. There is a risk that the percentage of completion measured by reference to the costs incurred and the actual construction progress may be significantly different; therefore, we identified the Group’s measurement of percentage of completion as a significant risk. We performed the following review procedures with regards to estimated total contract costs and cumulative contract costs incurred, which affect the Group’s measurement of percentage of completion. Made inquiries about reasons for quarterly changes in the percentage of completion. Made inquiries why contract costs have increased, and how they are expected to be. Made inquiries to determine the existence of costs that are not reflected in the percentage of completion, and are excluded from both cumulative contract costs incurred and estimated total contract costs. Made inquiries on how these costs have been accounted for, if any. - Collectability of the gross amount due from customer for contract work As described in Note 2 to the consolidated interim financial statements, the Group presents the gross amount due from customer for contract work as an asset for all contracts in progress for which costs incurred plus recognized profits (less recognized losses) exceed progress billings, and presents the gross
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