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DAEWOO ENGINEERING & CONSTRUCTION CO., LTD. And DAEWOO ENGINEERING & CONSTRUCTION CO., LTD. and Subsidiaries Consolidated Financial Statements December 31, 2012 and 2011 DAEWOO ENGINEERING & CONSTRUCTION CO., LTD. and Subsidiaries Index December 31, 2012 and 2011 Page(s) Report of Independent Auditors .................................................................................................. 1 - 2 Consolidated Financial Statements Consolidated Statements of Financial Position................................................................................. 3 - 4 Consolidated Statements of Income ...................................................................................................... 5 Consolidated Statements of Comprehensive Income.............................................................................. 6 Consolidated Statements of Changes in Equity................................................................................ 7 - 8 Consolidated Statements of Cash Flows ............................................................................................... 9 Notes to Consolidated Financial Statements ............................................................................ 10 - 119 Report of Independent Auditors To the Board of Directors and Shareholders of DAEWOO ENGINEERING & CONSTRUCTION CO., LTD. We have audited the accompanying consolidated statements of financial position of DAEWOO ENGINEERING & CONSTRUCTION CO., LTD. and its subsidiaries as of December 31, 2012 and 2011, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the years then ended, expressed in Korean won. These consolidated financial statements are the responsibility of the Company's management. 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 plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements, referred to above, present fairly, in all material respects, the financial position of DAEWOO ENGINEERING & CONSTRUCTION CO., LTD. and its subsidiaries as of December 31, 2012 and 2011, and their financial performance and cash flows for the years then ended, in accordance with International Financial Reporting Standards as adopted by the Republic of Korea. The amounts expressed in U.S. dollars are provided solely for the convenience of the reader and have been translated on the basis set forth in Note 4 to the accompanying consolidated financial statements. Samil PricewaterhouseCoopers, LS Yongsan Tower, 191, Hangangno 2-ga, Yongsan-gu, Seoul 140-702, Korea (Yongsan P.O Box 266, 140-600), www.samil.com DAEWOO ENGINEERING & CONSTRUCTION CO., LTD. and Subsidiaries Consolidated Statements of Financial Position December 31, 2012 and 2011 (in millions of Korean won and thousands of US dollars (Note 4)) Notes 2012 2011 2012 2011 Assets Current assets Cash and cash equivalents 6, 10, 36 ￦ 388,440 ￦ 713,827 $ 362,656 $ 666,443 Financial instrument assets 10, 11 ,12, 23, 36 37,015 42,767 34,558 39,928 Trade receivables 7, 8, 10, 34, 36 2,671,793 2,593,441 2,494,438 2,421,287 Other receivables 7, 10, 34, 36 882,046 764,941 823,495 714,164 Advance payments 34 580,555 382,171 542,018 356,802 Prepaid expenses 335,766 354,697 313,478 331,152 Inventories 9, 23 1,426,787 1,015,597 1,332,076 948,181 Assets held for sale 13, 23 394,304 329,171 368,130 307,321 6,716,706 6,196,612 6,270,849 5,785,278 Non-current assets Investments in associates 14, 23, 34 96,290 103,524 89,898 96,652 Financial instrument assets 10, 12, 23, 36 2,051 164,875 1,915 153,930 Investments in securities 10, 11, 23, 34, 36 717,286 732,321 669,672 683,709 Other receivables 7, 8, 10, 34, 36 750,980 645,445 701,130 602,600 Prepaid expenses 31,335 41,089 29,254 38,361 Investment property 17, 23 189,874 192,238 177,270 179,477 Property, plant and equipment 15, 23 697,829 773,858 651,507 722,489 Intangible assets 16, 23 113,627 105,101 106,084 98,124 Deferred income tax assets 32 543,341 513,516 507,274 479,429 3,142,613 3,271,967 2,934,004 3,054,771 Total assets ￦ 9,859,319 ￦ 9,468,579 $ 9,204,853 $ 8,840,049 3 DAEWOO ENGINEERING & CONSTRUCTION CO., LTD. and Subsidiaries Consolidated Statements of Financial Position December 31, 2012 and 2011 (in millions of Korean won and thousands of US dollars (Note 4)) Notes 2012 2011 2012 2011 Liabilities Current liabilities Financial instrument liabilities 10, 12, 19, 36 ￦ 1,380,132 ￦ 955,585 $ 1,288,518 $ 892,153 Trade payables 10, 34, 36 467,643 687,978 436,601 642,310 Other payables 10, 18, 34, 36 898,399 795,623 838,763 742,809 Advances received 8, 18, 34 1,175,821 1,056,548 1,097,770 986,414 Withholdings 34 129,783 109,637 121,167 102,358 Guarantee deposits received 10, 34 45,591 39,710 42,565 37,074 Income tax payable 31 59,491 41,615 55,542 38,853 4,156,860 3,686,696 3,880,926 3,441,971 Non-current liabilities Financial instruments liabilities 10, 12, 19, 36 1,473,239 1,347,752 1,375,445 1,258,288 Other payables 8,10,18 5,451 5,584 5,089 5,213 Advances received 8,18 433,732 723,155 404,941 675,152 Provisions 21 144,370 117,323 134,787 109,535 Guarantee deposits received 10, 34 48,266 45,158 45,062 42,160 Defined benefit liabilities 20 170,163 130,721 158,868 122,044 Deferred income tax liabilities 32 16,258 - 15,179 - 2,291,479 2,369,693 2,139,371 2,212,392 Total liabilities 6,448,339 6,056,389 6,020,297 5,654,363 Equity attributable to owners of the Parent Company Capital stock 24 2,078,113 2,078,113 1,940,167 1,940,167 Capital surplus 24 548,200 548,200 511,810 511,810 Other components of equity 25 (99,203) (99,203) (92,618) (92,618) Accumulated other comprehensive income 25 (59,051) 84,611 (55,131) 78,994 Retained earnings 26 885,419 732,396 826,645 683,779 3,353,478 3,344,117 3,130,873 3,122,132 Non-controlling interest 57,502 68,073 53,683 63,554 Total equity 3,410,980 3,412,190 3,184,556 3,185,686 Total liabilities and equity ￦ 9,859,319 ￦ 9,468,579 $ 9,204,853 $ 8,840,049 The U.S. dollars figures are provided for information purpose only and do not form part of the consolidated financial statements. Refer to Note 4. The accompanying notes are an integral part of these consolidated financial statements. 4 DAEWOO ENGINEERING & CONSTRUCTION CO., LTD. and Subsidiaries Consolidated Statements of Income Years Ended December 31, 2012 and 2011 (in millions of Korean won and thousands of US dollars, except per share amounts (Note 4)) Notes 2012 2011 2012 2011 Sales 5, 8, 34 ￦ 8,223,433 ￦ 7,019,592 $ 7,677,559 $ 6,553,629 Cost of sales 8, 28, 34 7,403,857 6,336,765 6,912,386 5,916,128 Gross profit 819,576 682,827 765,173 637,501 Selling and administrative expenses 28, 29, 34 473,889 385,272 442,432 359,698 Operating income 2,5 345,687 297,555 322,741 277,803 Income from associates 14 234 2,413 218 2,253 Other income 30, 34 344,037 395,408 321,200 369,161 Other expenses 30, 34 367,923 351,510 343,500 328,177 Financial income 31, 34 41,596 62,118 38,835 57,995 Financial costs 31, 34 135,683 195,967 126,676 182,959 Profit before income tax 227,948 210,017 212,818 196,076 Income tax expense 32 54,919 36,463 51,273 34,043 Profit for the year ￦ 173,029 ￦ 173,554 $ 161,545 $ 162,033 Profit (loss) for the period attributable to: Equity holders of the Parent Company 176,902 177,074 165,159 165,320 Non-controlling interest (3,873) (3,520) (3,614) (3,287) Earnings per share attributable 27 to the equity holders of the Parent Company during the period Basic earnings per share ￦ 431 ￦ 431 $ 0.40 $ 0.40 Diluted earnings per share 430 430 0.40 0.40 The U.S. dollars figures are provided for information purpose only and do not form part of the consolidated financial statements. Refer to Note 4. The accompanying notes are an integral part of these consolidated financial statements. 5 DAEWOO ENGINEERING & CONSTRUCTION CO., LTD. and Subsidiaries Consolidated Statements of Comprehensive Income Years Ended December 31, 2012 and 2011 (in millions of Korean won and thousands of US dollars (Note 4)) Notes 2012 2011 2012 2011 Profit for the year ￦ 173,029 ￦ 173,554 $ 161,545 $ 162,034 Other comprehensive income (loss) Gain (loss) on valuation of available-for-sale financial assets 10, 11, 25 21,202 (79,611) 19,795 (74,325) Loss on overseas operations translation 25 (148,892) (18,027) (139,008) (16,830) Actuarial loss on defined benefit liability 20 (23,879) (20,106) (22,294) (18,771) Other comprehensive income (loss) from associates 25 (13,030) 1,966 (12,165) 1,835 Total comprehensive income for the year ￦ 8,430 ￦ 57,776 $ 7,873 $ 53,943 Comprehensive income (loss) for the year attributable to: Equity holders of the Parent Company ￦ 18,437 ￦ 60,889 $ 17,213 $ 56,847 Non-controlling interest (10,007) (3,113) (9,342) (2,904) The U.S.
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