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HYUNDAI ENGINEERING CO., LTD. Separate Financial Statements

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HYUNDAI ENGINEERING CO., LTD. Separate Financial Statements HYUNDAI ENGINEERING CO., LTD. Separate Financial Statements December 31, 2018 (With Independent Auditors’ Report Thereon) Contents Page Independent Auditors’ Report 1 Separate Statements of Financial Position 6 Separate Statements of Comprehensive Income 10 Separate Statements of Changes in Equity 12 Separate Statements of Cash Flows 14 Notes to the Separate Financial Statements 18 Independent Auditors’ Review Report on Internal Accounting Control System 97 Report on Operational status of Internal Accounting Control System 98 KPMG SAMJONG Accounting Corp. Tel +82 (2) 2112 0100 152, Teheran-ro, Gangnam-gu, Seoul 06236 Fax +82 (2) 2112 0101 Republic of Korea www.kr.kpmg.com Independent Auditors’ Report Based on a report originally issued in Korean The Board of Directors and Shareholders HYUNDAI ENGINEERING CO., LTD.: Opinion We have audited the separate financial statements of HYUNDAI ENGINEERING CO., LTD (the “Company”), which comprise the separate statements of financial position as of December 31, 2018, the separate statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory information. In our opinion, the accompanying separate financial statements present fairly, in all material respects, the separate financial position of the Company as of December 31, 2018, and its separate financial performance and its separate cash flows for the year then ended in accordance with Korean International Financial Reporting Standards (“K-IFRS”). Basis for Opinion We conducted our audits in accordance with Korean Standards on Auditing (KSAs). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Separate Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the separate financial statements in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters related to industry with production-to-order transactions Pursuant to “Practical Guide to Korean Standards on Auditing 2016-1(amended in 2018)”, Key audit matters related to entities engaged in production-to-order transactions are those matters that, in our professional judgment and communication with those charged with governance, were of most significance in our audit of the separate financial statements as of and for the year ended December 31, 2018. These matters were addressed in the context of the audit of the separate financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have considered the result of the audit procedures for the following key audit matters in forming our audit opinion on the separate financial statements of the Company. A. General Information Information relevant to the key audit matters related to the industry with in production-to-order transactions described in our audit report are as follows: As explained in the Note 2 to the separate financial statements, the Company recognizes contract revenue and contract costs as revenue and expense, respectively, based on the percentage of completion at the end of the 1 reporting period in accordance with K-IFRS 1115 ‘Revenue from Contracts with Customers’ when the outcome of a performance obligation can be reliably estimated. The percentage of completion is calculated based on the ratio of contract costs incurred to date to estimated total costs, excluding costs incurred that do not reflect the progress of completion. Due from customers is the amount of the costs incurred plus recognized profits (less recognized losses) in excess of progress billings to customers. Due to customers is the amount of progress billings to customers in excess of the costs incurred plus recognized profits (less recognized losses). However, if the Company is not able to reasonably estimate the outcome of a performance obligation, the Company recognizes revenue only to the extent of the costs incurred that are likely to be recoverable. B. Revenue recognition based on the input method As 89% of total revenue is based on the input method, the Company is exposed to a risk of material misstatement of contract revenue if the method to measure the stage of completion does not reliably measure the work performed. As explained in Note 21 to the separate financial statements, changes in estimated total contract revenue and contract costs amount to W424,865 million and W203,995 million, respectively, for the year ended December 31, 2018. Due to such changes, the profit for the year ended December 31, 2018 has increased by W173,612 million, and the future profit or loss is estimated to increase by W47,258 million. If uncertainty in estimation increase the changes in total expected contract revenue and costs may have an negative impact on the profit or loss for the current year. Therefore, we have identified revenue recognition based on the input method as a key audit matter. We have performed the following audit procedures regarding the revenue recognized by the input method for the year ended December 31, 2018. ① Reviewed the Company’s accounting policy for revenue recognition whether it is in conformity with the relevant accounting standard. ② Reviewed the accounting policy for revenue recognition applied to major projects to assess whether the accounting policy applied conforms with the relevant accounting standard. ③ Inquired of and performed analytical review on the progress and significant changes for major projects. ④ Performed analytical review on major financial indicators including contracts amount and estimated cost as well as cost ratio, ratio of dues from customers for contract work. ⑤ Inquired of any contract modifications in major projects and reviewed the contracts for new projects. C. Uncertainty of estimated total contract costs As described in the Note 3 to the separate financial statements, total contract costs are estimated based on future estimates of material costs, labor costs, construction period and others. Considering increasing uncertainties of construction contracts due to factors such as long-term construction periods, modification to work, changes in construction environment, fluctuation in material costs and others, we have identified uncertainty of estimated total contract costs as a Key audit matter. We have performed the following audit procedures regarding the impact of uncertainty in the Company’s estimated total contract costs in the separate financial statements for the year ended December 31, 2018. ① Compared total contract costs by reporting periods and inquired of constructions with significant changes. ② For constructions completed in the current year, compared the accumulated costs incurred with the estimated total contract costs to identify any significant changes and inspected supporting documents, if necessary. ③ Inspected whether review and approval was obtained from proper authorized person for changes in estimated total contract costs for selected samples. ④ Inquired of any construction delays in projects and whether such change has been reflected estimated total contract costs and inspected supporting documents, if necessary. ⑤ Assessed the reliability of estimated total contract costs for two overseas construction sites by using an external expert in industries with in production-to-order transactions. ⑥ Performed site visits for ten overseas construction sites and nine domestic construction sites. 2 D. Measuring progress of construction projects As described in Note 21 to the separate financial statement, changes in estimated total contract costs amount to W203,995 million for the year ended December 31, 2018. As there is uncertainty in the estimation of total contract costs, we have identified measurement of percentage of completion as a key audit matter. We have performed the following audit procedures regarding estimated total contract costs and accumulated costs incurred that impact the measurement of percentage of completion. ① Recalculated the percentage of completion of the Company. ② Identified any significant difference between the progress reported to the customer and the percentage of completion used for accounting purpose and obtained relevant evidence, if necessary. ③ Tested the existence and the cut off of costs incurred and allocation of costs incurred to the each project. ④ Assessed the accuracy of contract costs data for each construction contracts by using our internal IT audit team. - Examined the reasons for costs incurred before the contract date for new construction projects commenced during the year. - Examined the sub-ledger such as costs of sales to identify journal entries of costs transferred between projects with the same amount in debit and credit. E. Collectability of due from customers Due from customers is the amount of the costs incurred plus recognized profits (less recognized losses) in excess of progress billings to customers and due to customers is the amount of progress billings to customers in excess of the costs incurred plus recognized profits (less recognized losses). Due from customers is a significant account as it comprises 8.7% of the total assets and is used as a key indicator when assessing the financial soundness
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