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Annual Reporting Period DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO., LTD. Separate Financial Statements December 31, 2020 and 2019 (With Independent Auditors’ Report Thereon) Contents Page Independent Auditors’ Report 1 Separate Financial Statements Separate Statements of Financial Position 6 Separate Statements of Loss 8 Separate Statements of Comprehensive Loss 9 Separate Statements of Changes in Equity 10 Separate Statements of Cash Flows 11 Notes to the Separate Financial Statements 13 Independent Auditors’ Report on Internal Control over Financial Reporting 93 Report on the Operations of Internal Control over Financial Reporting 95 152, Teheran-ro, Gangnam-gu, Seoul 06236 (Yeoksam-dong, Gangnam Finance Center 27th Floor) Republic of Korea Independent Auditors’ Report Based on a report originally issued in Korean To the Shareholders and Board of Directors of Doosan Heavy Industries & Construction Co., Ltd.: Opinion We have audited the separate financial statements of Doosan Heavy Industries & Construction Co., Ltd. (“the Company”), which comprise the separate statements of financial position as of December 31, 2020 and 2019, the separate statements of loss and comprehensive loss, changes in equity and cash flows for the years 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, 2020 and 2019, and its separate financial performance and its separate cash flows for the years then ended in accordance with Korean International Financial Reporting Standards (“K-IFRS”). We also have audited, in accordance with Korean Standards on Auditing (KSAs), the Company’s Internal Control over Financial Reporting (“ICFR”) as of December 31, 2020 based on the criteria established in Conceptual Framework for Designing and Operating ICFR issued by the Operating Committee of ICFR in the Republic of Korea, and our report dated March 18, 2021 expressed an unmodified opinion on the effectiveness of the Company’s ICFR. Basis for Opinion We conducted our audits in accordance with 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 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. Emphasis of Matter Without qualifying our opinion, we draw attention to following: As described in Note 36 to the separate financial statements, the Company is pursuing financial structure improvement plans such as restructuring of human resources and capital expansion to respond to financial difficulties. In particular, in order to overcome liquidity risks, the Company has entered into an agreement to implement the financial structure improvement plan with Korea Development Bank and Korea EXIM Bank, and is in the process of rationalizing its business and selling the Company's major subsidiaries according to the agreement. If a disruption occurs in the Company's financial structure improvement plan, the financial position and business performance may change significantly depending on the impact. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the separate financial statements of the current period. These matters were addressed in the context of our 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. 1) Recognition of revenue such as using the input method As described in the Note 2 to the separate financial statements, the Company recognizes its revenue when the control of products and services is transferred to the customers. Therefore, the Company estimates percentage-of completion of performance obligation satisfied over time by using the input method and recognizes revenue over time depending on the progress. For performance obligations satisfied at a point of time, the Company recognizes revenue when the product is delivered to and accepted by the customer. As the amount of revenue recognized over time using the input method depends on the measured percentage- of-completion, management’s judgment is involved in determining the method of measuring progress, estimating total contract cost and changes in construction. In addition, there is an inherent risk in revenue such as overstatement of unit sales price and manipulation of revenue through fictitious customers as revenue is one of the major performance indicators of the Company. Therefore, as there is a risk of overstatement of revenue due to an error in judgment or intent, we have identified the recognition of revenue as a key audit matter. Following audit procedures were performed regarding the revenue recognized using the input method. • Evaluation and testing of internal controls related to the determination and modification of estimated total contract cost • Evaluation and testing of internal controls related to changes in contract terms • Evaluation and testing of internal controls related to product sales • Evaluation and testing of internal controls related to aggregation and allocation of project costs ssssssssssssssssssssssssssss • Evaluation and testing of internal controls related to purchasing, production, inventory, and logistics of the Company affecting the input costs • Evaluation and testing of internal controls related to calculation of liquidated damages • Evaluation and testing of internal controls related to calculation of provisions for construction losses • For major projects completed during the current year, performed retrospective review by comparing the actual cost incurred during the current year and construction cost estimated at the end of the prior year • Inquiries and inspection of documents for projects with significant changes in estimated total contract cost • Comparison of estimated total contract cost with those of other similar projects • Inquiries and analytical review of changes in the percentage-of-completion for each reporting period • For major projects, inquiries and inspection of documents if there were significant differences between the progress rate in the respective monthly progress reports received from customers and the percentage-of-completion calculated based on cost • For selected samples, inspecting related documents to test the existence of cost of goods manufactured (including material costs, outsourced construction costs and other expenses) incurred during the current year and to test whether it attributed to appropriate project and period. • Testing journal entries of cost transferred between projects to understand the reason of transfer and whether appropriate approval was obtained • For the selected samples, performed site visits for on-going construction sites and sites which have equipment under construction • Recalculation of the percentage-of-completion independently for each project • For selected samples, inspection of documents (change order, official letter and others) to test changes in contract price • Examined the contractual delivery date with the expected delivery date as of year-end. For those which the contractual delivery date has passed, inquired of the basis, performed analytical review and agreed to underlying documents • Assessing the appropriateness of the estimation of liquidated damages at the end of current period 2 • For the selected samples of sales transactions, inspecting related documents to test whether it agrees with the substance of recorded sales transactions which incurred during the current year • Assessing whether revenue is recognized in appropriate period by inspecting delivery acceptance notes signed by customers and bill of lading documents for selected samples of sales transactions • For the selected samples, recalculation of the foreign currency transition of contract amount denominated in foreign currency • Retrospective review and recalculation of provisions for construction losses by project 2) Recoverability of due from customers for contract work As described in the Note 2 to the separate financial statements, the Company calculates expected credit losses (“ECLs”) based on the expected life of the ECLs and evaluates the recoverability of due from customers for contract work. In calculating ECLs, management’s judgment is involved due to uncertainty over the collection of due from customers for contract work from delayed payment of the owner, changes in conditions or claims incurred. Therefore, we identified the assessment of the recoverability of due from customers for contract work as a key audit matter, given there are risks of overstatement of due from customers for contract work due to error or bias in judgment. Following audit procedures were performed regarding assessment of the recoverability of due from customers for contract work. ssssssssssssssssssssssssssss • Evaluation and testing of internal controls related to the assessment of recoverability of due from customers for contract work • Inquiries and inspection of documents to assess payment terms, delivery time, and other obligations
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