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Hyundai Engineering Co., Ltd. and Subsidiaries

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Hyundai Engineering Co., Ltd. and Subsidiaries HYUNDAI ENGINEERING CO., LTD. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2019 ATTACHMENT: INDEPENDENT AUDITORS’ REPORT HYUNDAI ENGINEERING CO., LTD. Contents INDEPENDENT AUDITORS’ REPORT ------------------------------------------------------------------------ 1 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ----------------------------------- 5 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ---------------------------- 9 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ------------------------------------ 11 CONSOLIDATED STATEMENTS OF CASH FLOWS ----------------------------------------------- 13 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ---------------------------------------- 17 Deloitte Anjin LLC 9F., One IFC, 10, Gukjegeumyung-ro, Youngdeungpo-gu, Seoul 07326, Korea Tel: +82 (2) 6676 1000 Fax: +82 (2) 6674 2114 www.deloitteanjin.co.kr INDEPENDENT AUDITORS’ REPORT English Translation of Independent Auditors’ Report Originally Issued in Korean on March 4, 2020. To the Shareholders and the Board of Directors of HYUNDAI ENGINEERING CO., LTD.: Our Opinion We have audited the accompanying consolidated financial statements of HYUNDAI ENGINEERING CO., LTD. and its subsidiaries (the “Group”), which comprise the consolidated statement of financial position as of December 31, 2019, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2019, and its financial performance and its cash flows for the year then ended in accordance with Korean International Financial Reporting Standards (“K-IFRSs”). Basis for Audit Opinion We conducted our audit in accordance with the Korean Standards on Auditing (“KSAs”). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated 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 audit 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 consolidated financial statements as of and for the year ended December 31, 2019. These matters were addressed in the context of the audit of the consolidated 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 consolidated financial statements of the Group: A. Uncertainty of estimated total contract costs As described in the Note 3 to the consolidated 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. As of December 31, 2019, the major audit procedures we performed regarding the impact of uncertainty in the Group’s estimated total contract costs in the consolidated financial statements are as follows: G Identifying the Group’s business procedures related to estimating and changing the total estimated cost and understanding and evaluating its internal control design. G Identifying the cause of changes for the constructions with significant changes in the total estimated cost and documenting inspection if necessary. G Analytical reviewing and questioning changes in the total estimated cost for each reporting period by the major configuration items. G Identifying the appropriateness of the total estimated cost by comparison of the progress reported to the customer and the percentage of completion used for accounting purpose at major sites. G Comparing material costs, outsourcing expenses and others spent on major projects after the end of the reporting period with details of the total estimated cost as of the end of the reporting period. Other Matter The consolidated financial statements of the Group for the year ended December 31, 2018, were audited by another auditor who expressed an unmodified opinion on those statements on March 4, 2019. The accompanying consolidated financial statements as of and for the years ended December 31, 2019 and 2018, have been translated into US dollars solely for the convenience of the reader. We have audited the translation and, in our opinion, the consolidated financial statements expressed in Korean won have been translated into US dollars on the basis set forth in Note 31 to the consolidated financial statements. The procedures and practices utilized in the Republic of Korea to audit such consolidated financial statements may differ from those generally accepted and applied in other countries. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation of the accompanying consolidated financial statements in accordance with K-IFRSs, and for such internal control as they determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management of the Group is responsible for assessing the Group’s ability to continue as a going concern; disclosing, as applicable, matters related to going concern; and using the going-concern basis of accounting, unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group’s financial reporting process. Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with KSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with KSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: G Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error; design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. G Obtain an understanding of internal control relevant to the audit 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 Group’s internal control. -2- G Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. G Conclude on the appropriateness of the management’s use of the going-concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group to cease to continue as a going concern. G Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial
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