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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 March 31, 2018 and 2017 Samsung C&T Corporation and Subsidiaries Index March 31, 2018 and 2017 Pages Report on Review of Interim Financial Statements ………………………............................... 1 - 2 Consolidated Interim Financial Statements Consolidated Interim Statements of Financial Position …………………………………………….. 3 - 5 Consolidated Interim Statements of Comprehensive Income....................................................... 6 - 8 Consolidated Interim Statements of Changes in Equity..............................…………................... 9 - 10 Consolidated Interim Statements of Cash Flows…………………………………………………….. 11 - 12 Notes to the Consolidated Interim Financial Statements....................................……....……....... 13 - 104 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 March 31, 2018, and the related consolidated interim statements of comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2018 and 2017, 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. Other Matters We have audited the consolidated statement of financial position of the Group as at December 31, 2017, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, in accordance with Korean Standards on Auditing. We expressed an unqualified opinion on those financial statements, not presented herein, in our audit report dated March 14, 2018. The consolidated statement of financial position as at December 31, 2017, presented herein for comparative purposes, is consistent, in all material respects, with the above audited statement of financial position as at December 31, 2017. The accompanying consolidated interim financial statements as at March 31, 2018 and December 31, 2017, and for the three-month periods ended March 31, 2018 and 2017, have been translated into U.S. dollars solely for the convenience of the reader and have been translated on the basis set forth in Note 3 to the consolidated interim financial statements. Review standards and their application in practice vary among countries. The procedures and practices used in the Republic of Korea to review such financial statements may differ from those generally accepted and applied in other countries. Seoul, Korea May 15, 2018 This report is effective as of May 15, 2018, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that there is a possibility that the above review report may have to be revised to reflect the impact of such subsequent events or circumstances, if any. 2 Samsung C&T Corporation and Subsidiaries Consolidated Interim Statements of Financial Position March 31, 2018 and December 31, 2017 (in millions of Korean won and thousands of U.S. dollars (Note 3)) Notes March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (Unaudited) (Unaudited) Assets Current assets Cash and cash equivalents 7 ￦ 3,031,753 ￦ 2,993,152 $ 2,842,713 $ 2,806,519 Short-term financial instruments 7 94,116 100,721 88,248 94,441 Financial assets at fair value through other comprehensive income 7,12 341 309 320 290 Trade receivables 7,8 4,099,924 4,992,459 3,844,280 4,681,162 Other current assets 7,8 2,991,311 2,628,872 2,804,793 2,464,953 Inventories 6 1,593,337 1,533,034 1,493,987 1,437,444 Total current assets 11,810,782 12,248,547 11,074,341 11,484,809 Assets held for sale 13, 14 49,627 71,956 46,533 67,470 Non-current assets Financial assets at fair value through profit or loss 7,12 24,063 24,439 22,563 22,915 Financial assets at fair value through other comprehensive income 7,12 23,167,032 23,204,424 21,722,486 21,757,547 Investments in associates and joint ventures 13 5,567,684 5,741,754 5,220,520 5,383,736 Property, plant and equipment 14 4,961,922 4,985,944 4,652,529 4,675,053 Investment properties 15 595,691 671,661 558,548 629,780 Biological assets 16 2,162 2,204 2,027 2,066 Intangible assets 14 1,279,677 1,311,472 1,199,884 1,229,697 Deferred tax assets 71,549 75,376 67,085 70,675 Other non-current assets 7,8 754,948 711,126 707,874 666,785 Total non-current assets 36,424,728 36,728,400 34,153,516 34,438,254 Total assets ￦ 48,285,137 ￦ 49,048,903 $ 45,274,390 $ 45,990,533 3 Samsung C&T Corporation and Subsidiaries Consolidated Interim Statements of Financial Position March 31, 2018 and December 31, 2017 (in millions of Korean won and thousands of U.S. dollars (Note 3)) Notes March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (Unaudited) (Unaudited) Liabilities Current liabilities Trade payables 7 ￦ 1,790,309 ￦ 1,785,617 $ 1,678,677 $ 1,674,278 Short-term borrowings 7,17 1,652,544 2,093,310 1,549,502 1,962,785 Current portion of long-term borrowings 7,17 1,593,121 1,346,801 1,493,784 1,262,823 Current tax liabilities 88,764 51,744 83,230 48,516 Other current liabilities 5,7,10,19 9,098,492 9,180,834 8,531,169 8,608,378 Total current liabilities 14,223,230 14,458,306 13,336,362 13,556,780 Non-current liabilities Debentures and long-term borrowings 7,17 2,265,961 2,594,095 2,124,670 2,432,344 Net defined benefit liability 18 79,765 58,357 74,792 54,718 Deferred tax liabilities 6,290,961 6,295,263 5,898,698 5,902,732 Provisions 5,19 255,259 257,025 239,343 240,998 Other non-current liabilities 7,10 281,196 234,607 263,662 219,979 Total non-current liabilities 9,173,142 9,439,347 8,601,165 8,850,771 Total liabilities 23,396,372 23,897,653 21,937,527 22,407,551 4 Samsung C&T Corporation and Subsidiaries Consolidated Interim Statements of Financial Position March 31, 2018 and December 31, 2017 (in millions of Korean won and thousands of U.S. dollars (Note 3)) Notes March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (Unaudited) (Unaudited) Equity Share capital 21 19,132 19,132 17,939 17,939 Consolidated capital surplus 10,468,265 10,468,265 9,815,532 9,815,532 Other components of equity 22 6,290,689 6,313,950 5,898,443 5,920,253 Consolidated retained earnings 5,642,643 5,755,405 5,290,804 5,396,535 Equity attributable to owners of the Parent Company 22,420,729 22,556,752 21,022,718 21,150,259 Non-controlling interests 1 2,468,036 2,594,498 2,314,145 2,432,723 Total equity 24,888,765 25,151,250 23,336,863 23,582,982 Total liabilities and equity ￦ 48,285,137 ￦ 49,048,903 $ 45,274,390 $ 45,990,533 The U.S. dollar figures are provided for information purposes only and do not form part of the consolidated interim financial statements. Refer to Note 3. The above consolidated interim statements of financial position should be read in conjunction with the accompanying notes. 5 Samsung C&T Corporation and Subsidiaries Consolidated Interim Statements of Comprehensive Income Three-Month Periods Ended March 31, 2018 and 2017 (in millions of Korean won and thousands of U.S. dollars, except earnings per share amounts (Note 3)) Three-month Period Ended March 31 Notes 2018 2017 2018 2017 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales 33 ￦ 7,476,322 ￦ 6,702,302 $ 6,969,889 $ 6,248,300 Cost of sales 25 6,548,597 5,824,907 6,105,006 5,430,338 Gross profit 927,725 877,395 864,883 817,962 Selling and administrative expenses 23,25 718,554 740,020
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