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Annual Reporting Period Doosan Heavy Industries & Construction Co., Ltd. and its subsidiaries Consolidated Financial Statements and Independent Auditor’s Report As at and For the Years Ended December 31, 2015 and 2014 Doosan Heavy Industries & Construction Co., Ltd. Contents I. Independent Auditor’s Report ------------------------------------------------------------ 1 II. Consolidated Financial Statements Consolidated Statements of Financial Position ----------------------------------------- 4 Consolidated Statements of Profit or Loss ----------------------------------------------- 6 Consolidated Statements of Comprehensive Income or Loss ------------------------ 7 Consolidated Statements of Changes in Equity ---------------------------------------- 8 Consolidated Statements of Cash Flows ------------------------------------------------- 10 Notes ---------------------------------------------------------------------------------------------- 12 Independent auditors’ report The Board of Directors and Stockholders Doosan Heavy Industries & Construction Co., Ltd. We have audited the accompanying consolidated financial statements of Doosan Heavy Industries & Construction Co., Ltd. (the “Company”) and its subsidiaries (collectively, the “Group”), which comprise the consolidated statements of financial position as at December 31, 2015 and 2014, and the consolidated statements of profit or loss, consolidated statements of comprehensive income or loss, consolidated statements of changes in equity and consolidated statements of cash flows for the years then ended, and 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 (KIFRS), 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. Auditors’ Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the Republic of Korea. 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 our 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, 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 the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. A member firm of Ernst & Young Global Limited Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Doosan Heavy Industries & Construction Co., Ltd. and its subsidiaries as at December 31, 2015 and 2014, and their consolidated financial performance and cash flows for the years then ended in accordance with Korean International Financial Reporting Standards. March 17, 2016 This audit report is effective as at March 17, 2016, the independent auditors’ report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the auditors’ report date to the time this report is used. Such events and circumstances could significantly affect the accompanying consolidated financial statements and may result in modification to this report. A member firm of Ernst & Young Global Limited Doosan Heavy Industries & Construction Co., Ltd. and its subsidiaries Consolidated financial statements for the years ended December 31, 2015 and 2014 “The accompanying consolidated financial statements, including all footnotes and disclosures, have been prepared by, and are the responsibility of, the Group.” Geewon Park Chief Executive Officer Doosan Heavy Industries & Construction Co., Ltd. 3 Doosan Heavy Industries & Construction Co., Ltd. and its subsidiaries Consolidated statements of financial position as at December 31, 2015, 2014 (Korean won in units) Notes December 31, 2015 December 31, 2014 Assets Current assets: Cash and cash equivalents 4, 5, 10 \ 1,893,007,747,878 \ 1,297,560,213,962 Short-term financial instruments 4, 5, 10, 34 475,822,932,100 591,481,515,302 Short-term investments in securities 4, 6, 10 440,994,129 31,385,470,088 Trade receivables, net 4, 7, 10, 26, 34, 35 2,512,793,814,167 2,564,431,426,660 Due from customers for contract work, net 7, 26 1,898,305,160,818 2,035,389,942,663 Other receivables, net 4, 7, 10, 35 389,866,374,113 331,073,026,441 Prepayments 7 617,000,416,576 623,678,714,210 Prepaid expenses 80,051,592,909 97,716,964,385 Short-term loans, net 4, 7, 10, 35 178,384,058,498 541,593,602,039 Derivative financial assets 4, 9, 10 24,409,004,032 37,340,410,136 Firm commitment assets 9 111,500,155,075 64,068,051,449 Inventories, net 8, 34 2,196,491,764,508 2,331,909,520,735 Other current assets 4, 7, 10 227,111,159,002 264,712,483,766 Non-current assets classified as held-for-sale 37 119,220,470,226 - Total current assets 10,724,405,644,031 10,812,341,341,836 Non-current assets: Long-term financial instruments 4, 5, 10 77,402,476,564 84,712,208,686 Long-term investments in securities 4, 6, 10, 34 190,420,094,063 187,942,074,247 Share of investments in associates and joint ventures 11, 34 62,411,138,388 226,744,904,296 Long-term loans, net 4, 7, 10, 35 1,019,229,605,248 719,430,932,517 Property, plant and equipment, net 12, 34 7,206,578,365,565 7,190,139,774,839 Intangible assets, net 13 6,657,774,324,948 6,863,345,310,432 Investment properties 14, 34 30,516,385,496 68,163,327,038 Derivative financial assets 4, 9, 10 63,996,129,207 27,913,927,369 Firm commitment assets 9 73,771,115,605 56,626,716,041 Guarantee deposits, net 4, 5, 7, 10 253,322,937,601 309,024,141,234 Deferred tax assets 31 782,988,943,041 944,406,898,458 Other non-current assets 4, 7, 10 117,323,450,501 61,114,955,310 Total non-current assets 16,535,734,966,227 16,739,565,170,467 Total assets \ 27,260,140,610,258 \ 27,551,906,512,303 (Continued) 4 Doosan Heavy Industries & Construction Co., Ltd. and its subsidiaries Consolidated statements of financial position as at December 31, 2015, 2014 (cont'd) (Korean won in units) Notes December 31, 2015 December 31, 2014 Liabilities and equity Current liabilities: Trade payables 4, 10, 35 \ 2,259,960,866,728 \ 2,691,130,566,041 Short-term borrowings 4, 10, 15, 34 3,943,165,035,852 2,967,464,808,128 Asset-backed loans 4, 10, 15 394,044,438,739 397,347,705,208 Other payables 4, 10, 35 797,731,063,373 720,622,823,183 Advanced received 346,939,985,983 361,265,911,412 Due to customers for contract work 26 1,200,598,386,238 1,120,201,735,582 Withholdings 84,990,443,174 116,998,812,277 Accrued expenses 4, 10 579,421,166,491 488,643,525,511 Income tax payable 35,923,644,791 69,207,517,934 Current portion of long-term debt 4, 10, 15, 34 2,252,663,857,555 1,631,163,514,293 Derivative financial liabilities 9, 10 217,439,689,022 185,685,205,347 Firm commitment liabilities 9 16,325,825,501 65,365,984,651 Other provisions 17 130,417,938,027 137,223,875,500 Other current liabilities 4, 10 195,873,537,768 179,750,645,637 Total current liabilities 12,455,495,879,242 11,132,072,630,704 Non-current liabilities: Debentures 4, 10, 15, 34 2,547,984,215,918 3,009,799,381,248 Long-term borrowings 4, 10, 15, 34 3,282,290,330,730 3,597,626,371,249 Long-term asset-backed loans 4, 10, 15 150,408,282,978 42,677,714,962 Long-term other payables 4, 10 41,882,360,478 51,247,058,484 Employee benefits liability 16 900,192,936,968 1,020,609,311,678 Deposits received 4, 10 152,617,695,614 223,675,032,387 Derivative financial liabilities 9, 10 147,638,954,643 128,730,391,781 Firm commitment liabilities 9 28,734,919,118 26,648,783,925 Deferred tax liabilities 31 118,224,240,213 82,460,285,676 Other provisions 17 244,242,092,508 237,747,776,849 Other non-current liabilities 4, 10 164,321,029,716 321,610,053,428 Total non-current liabilities 7,778,537,058,884 8,742,832,161,667 Total liabilities 20,234,032,938,126 19,874,904,792,371 Equity: Issued capital 1, 18 596,808,980,000 596,808,980,000 Capital surplus 19 1,563,917,672,526 1,828,284,636,585 Other components of equity 20 (105,157,160,978) (101,795,674,821) Accumulated other comprehensive income 6, 9, 10, 21 512,011,506,902 220,918,859,061 Retained earnings 22 1,013,088,220,397 2,115,202,768,057 Equity attributable to equity holders of the parent 3,580,669,218,847 4,659,419,568,882 Hybrid equity instruments 23 841,695,963,991 508,259,603,649 Other non-controlling interests 23 2,603,742,489,294 2,509,322,547,401 Non-controlling interests 3,445,438,453,285 3,017,582,151,050 Total equity 7,026,107,672,132 7,677,001,719,932 Total liabilities and equity \ 27,260,140,610,258 \ 27,551,906,512,303 The accompanying notes are an integral part of the consolidated financial statements.
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