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Hyosung Corporation and Subsidiaries Hyosung Corporation and Subsidiaries Consolidated Financial Statements December 31, 2014 and 2013 Hyosung Corporation and Subsidiaries Index December 31, 2014 and 2013 Page(s) Independent Auditor’s Report ........................................................................................................ 1 - 2 Consolidated Financial Statements Consolidated Statements of Financial Position....................................................................................... 3 Consolidated Statements of Income ....................................................................................................... 4 Consolidated Statements of Comprehensive Income.............................................................................. 5 Consolidated Statements of Changes in Equity...................................................................................... 6 Consolidated Statements of Cash Flows ................................................................................................ 7 Notes to the Consolidated Financial Statements ..................................................................……... 8 - 97 Independent Auditor’s Report (English Translation of a Report Originally Issued in Korean) To the Board of Directors and Shareholders of Hyosung Corporation We have audited the accompanying consolidated financial statements of Hyosung Corporation and its subsidiaries (collectively the “Group”), which comprise the consolidated statements of financial position as of December 31, 2014 and 2013, and the consolidated statements of income, 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 financial statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the International Financial Reporting Standards as adopted by the Republic of Korea (Korean IFRS) 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 the 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 from 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 the auditor’s judgment, 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, the auditor considers 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. Hyosung Corporation and Subsidiaries Consolidated Statements of Financial Position December 31, 2014 and 2013 (in millions of Korean won) Notes 2014 2013 Assets Current assets Cash and cash equivalents 4, 7, 8, 9 \ 526,920 \ 444,591 Trade and other receivables 4, 6, 7, 10, 19 1,780,287 1,870,594 Due from customers for contract work 4, 7, 29 183,644 66,811 Other financial assets 4, 7, 9, 11 70,569 113,438 Other current assets 13 164,744 161,401 Inventories 14 1,372,164 1,423,752 Current tax assets 20,595 12,707 4,118,923 4,093,294 Non-current assets Long-term trade and other receivables 4, 7, 9, 10, 19 251,901 275,133 Property, plant and equipment 15, 19, 38 5,485,728 5,450,912 Investment property 16 593,856 562,888 Intangible assets 17 409,768 440,100 Investments in associates 18, 38 212,492 272,599 Other financial business assets 4, 7, 12 2,205,796 2,237,555 Other non-current financial assets 4, 7, 9, 11, 18 292,989 169,031 Other non-current assets 13 54,011 46,381 Deferred tax assets 23 36,610 45,520 9,543,151 9,500,119 Total assets \ 13,662,074 \ 13,593,413 Liabilities Current liabilities Trade and other payables 4, 7, 19, 21 \ 1,452,579 \ 1,401,022 Due to customers for contract work 29 106,741 70,505 Borrowings 4, 6, 7, 20 5,220,188 5,201,074 Other financial liabilities 4, 7, 11 27,242 1,221 Current tax liabilities 73,854 77,960 Other current liabilities 24 345,569 380,770 7,226,173 7,132,552 Non-current liabilities Long-term trade and other payables 4, 7, 19, 21 419,978 366,356 Long-term borrowings 4, 7, 20 2,701,376 3,019,719 Net defined benefit liability 22 53,103 42,577 Deferred tax liabilities 23 300,851 298,107 Other non-current financial liabilities 4, 7, 11 5,697 109 Other non-current liabilities 24 59,628 59,912 3,540,633 3,786,780 Total liabilities 10,766,806 10,919,332 Equity attributable to owners of the Parent Capital stock 25 175,587 175,587 Capital surplus 130,826 130,826 Retained earnings 26 2,256,086 2,042,726 Other components of equity 23, 27 229,539 249,709 2,792,038 2,598,848 Non-controlling interest 103,230 75,233 Total equity 2,895,268 2,674,081 Total liabilities and equity \ 13,662,074 \ 13,593,413 The accompanying notes are an integral part of these consolidated financial statements. 3 Hyosung Corporation and Subsidiaries Consolidated Statements of Income Years Ended December 31, 2014 and 2013 (in millions of Korean won, except per share amounts) Notes 2014 2013 Revenue 19, 28, 29 \ 12,177,134 \ 12,579,157 Cost of sales 19, 29, 30 (10,565,608) (11,095,094) Gross profit 1,611,526 1,484,063 Selling and administrative expenses 30, 31, 32 (887,004) (865,061) Research and development expenses 30 (124,176) (133,089) Operating profit 600,346 485,913 Other income 33 325,047 167,136 Other expenses 33 (144,479) (205,975) Other income (expenses), net 180,568 (38,839) Finance income 34 273,515 397,799 Finance expenses 34 (576,610) (574,182) Finance income (expenses), net (303,095) (176,383) Share of profit of associates 18 (9,130) (14,046) Profit before income tax 468,689 256,645 Income tax expense 23 (176,699) (492,889) Profit (loss) for the year \ 291,990 \ (236,244) Profit (loss) attributable to: Owners of the parent Profit (Loss) for the year attributable to owners of controlling company \ 269,229 \ (229,185) Non-controlling interests Profit (Loss) for the year attributable to non-controlling interests 22,761 (7,059) \ 291,990 \ (236,244) Earnings (loss) per share attributable to the equity holders of the Company during the year Basic earnings (loss) per share 35 \ 8,093 \ (6,889) The accompanying notes are an integral part of these consolidated financial statements. 4 Hyosung Corporation and Subsidiaries Consolidated Statements of Comprehensive Income Years Ended December 31, 2014 and 2013 (in millions of Korean won) Notes 2014 2013 Profit (Loss) for the year \ 291,990 \ (236,244) Other comprehensive income(loss) Items that will not be reclassified to profit or loss Remeasurementsofnetdefinedbenefitliability 22 (21,423) 10,675 Share of remeasurements of net defined benefit liability of associates (1,281) (1,715) Items that may be subsequently reclassified to profit or loss Gain (Loss) on valuation of available-for-sale financial assets 11, 27 (8,330) (58,375) Gain (Loss) on valuation of investments in associates 18, 27 (19,967) (1,204) Gain on valuation of derivatives 27 - 258 Translationofforeigncurrencyfinancialstatements 27 14,808 (9,242) Other comprehensive income (loss) for the year, net of tax (36,193) (59,603) Total comprehensive income (loss) for the year \ 255,797 \ (295,847) Attributable to: Equity holders of the Controlling Company \ 232,395 \ (294,984) Non-controllinginterest 23,402 (863) Total comprehensive income (loss) for the year \ 255,797 \ (295,847) The accompanying notes are an integral part of these consolidated financial statements. 5 Hyosung Corporation and Subsidiaries Consolidated Statements of Changes in Equity Years Ended December 31, 2014 and 2013 Attributable to equity holders of the Controlling Company Other Retained Components Non-controlling Total (in millions of Korean won) CapitalStock Earnings ofEquity Total Interest SurplusEquityCapital Balance at January 1, 2013 \ 175,587 \ 130,826 \ 2,298,852 \ 321,680 \ 2,926,945 \ 85,706 \ 3,012,651 Comprehensive income Net loss -- (229,185) - (229,185) (7,059) (236,244) Remeasurements of net defined benefit liability -- 10,704 - 10,704 (29) 10,675 Share of remeasurements of net defined benefit liability of associates -- (1,715) - (1,715) - (1,715) Gain (Loss) on valuation of available-for-sale financial assets --- (58,870) (58,870) 495 (58,375) Loss on valuation of investments in associates --- (1,203) (1,203) (1) (1,204) Gain on valuation of derivatives --- 258 258 - 258 Translation of foreign currency financial statements --- (7,913) (7,913) (1,329) (9,242) Transactions with equity holders of the Company : Dividends -- (33,269) - (33,269) (2,901) (36,170) Changes in other additional
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