Samsung C&T Corporation and Subsidiaries

Consolidated Interim Financial Statements September 30, 2023 and 2022

Samsung C&T Corporation and Subsidiaries

Samsung C&T Corporation and Subsidiaries

Index

September 30, 2023 and 2022 (Unaudited), and December 31, 2022

Pages

Report on Review of Interim Financial Statements ………………………

1

- 2

Consolidated Interim Financial Statements

Consolidated Interim Statements of Financial Position ……………………………………………..

3

- 5

Consolidated Interim Statements of Comprehensive Income

.......................................................

6

- 8

Consolidated Interim Statements of Changes in Equity

…………

9

- 10

Consolidated Interim Statements of Cash Flows……………………………………………………..

11

- 12

Notes to the Consolidated Interim Financial Statements

……....……

13

- 92

Ernst & Young Han Young

2-4F,6-8F, Taeyoung Building, 111, Yeouigongwon-ro,

Yeongdeungpo-gu, Seoul 07241 Korea

Tel: +82 2 3787 6600

Fax: +82 2 783 5890 ey.com/kr

Report on Review of Interim Financial Statements

(English Translation of a Report Originally Issued in Korean)

To the Board of Directors and Shareholders of

Samsung C&T Corporation

Reviewed Financial Statements

We have reviewed the accompanying consolidated interim financial statements of Samsung C&T Corporation and its subsidiaries (collectively referred to as the "Group"). These financial statements consist of the consolidated interim statement of financial position of the Group as at September 30, 2023, and the related consolidated interim statements of comprehensive income for the three-month and nine-month periods ended September 30, 2023 and 2022, changes in equity and cash flows for the nine-month periods ended September 30, 2023 and 2022, and a summary of material accounting policies and other explanatory notes, expressed in Korean won.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated interim financial statements in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (Korean IFRS) 1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of consolidated interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to issue a report on these consolidated interim financial statements based on our review.

We conducted our review in accordance with quarterly or semi-annual review standards established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe the accompanying consolidated interim financial statements are not presented fairly, in all material respects, in accordance with Korean IFRS 1034 Interim Financial Reporting.

A member firm of Ernst & Young Global Limited

Other Matters

We have audited the consolidated statement of financial position of the Group as at December 31, 2022, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, in accordance with Korean Standards on Auditing. We expressed an unqualified opinion on those financial statements, not presented herein, in our audit report dated March 3, 2023. The consolidated statement of financial position as at December 31, 2022, presented herein for comparative purposes, is consistent, in all material respects, with the above audited statement of financial position as at December 31, 2022.

Review standards and their application in practice vary among countries. The procedures and practices used in the Republic of Korea to review such financial statements may differ from those generally accepted and applied in other countries.

November 14, 2023

Seoul, Korea

This report is effective as of November 14, 2023, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that there is a possibility that the above review report may have to be revised to reflect the impact of such subsequent events or circumstances, if any.

A member firm of Ernst & Young Global Limited

Samsung C&T Corporation and Subsidiaries

Consolidated Interim Financial Statements

September 30, 2023 and 2022

"The accompanying consolidated interim financial statements, including all footnotes and disclosures,

have been prepared by the Group."

Jung Suk Koh, Sechul Oh, Hailin Jeong

Chief Executive Officer

Samsung C&T Corporation

3

Samsung C&T Corporation and Subsidiaries

Consolidated Interim Statements of Financial Position

September 30, 2023 and December 31, 2022

(in millions of Korean won and thousands of U.S. dollars (Note 3))

Notes

September 30, 2023

December 31, 2022

September 30, 2023

December 31, 2022

(Unaudited)

(Unaudited)

Assets

Current assets

Cash and cash equivalents

7

￦

3,104,570

￦

4,200,424

$

2,308,574

$

3,123,457

Short-term financial instruments

7

1,892,657

2,504,316

1,407,389

1,862,222

Financial assets at fair value through

profit or loss

7,11,29

71,216

124,306

52,957

92,434

Financial assets at fair value through

other comprehensive income

7,11,29

7

72

5

53

Trade and other receivables

7,8,10

6,564,024

6,709,807

4,881,041

4,989,446

Other current assets

7,8

3,026,077

2,665,121

2,250,206

1,981,797

Inventories

6

4,410,095

4,108,795

3,279,369

3,055,321

Total current assets

19,068,647

20,312,841

14,179,541

15,104,730

Non-current assets

Financial assets at fair value through

profit or loss

7,11

412,401

371,898

306,663

276,545

Financial assets at fair value through

other comprehensive income

7,11

25,720,569

21,609,401

19,125,944

16,068,859

Investments in associates

and joint ventures

12

938,062

596,217

697,548

443,350

Property, plant and equipment

13

6,818,823

6,401,159

5,070,511

4,759,934

Investment properties

14

112,835

112,301

83,904

83,508

Biological assets

8,062

7,514

5,995

5,588

Intangible assets

13

6,420,534

6,667,164

4,774,341

4,957,736

Right-of-use assets

13

807,196

754,526

600,235

561,069

Deferred tax assets

50,704

44,219

37,704

32,881

Other non-current assets

7,8

2,062,806

2,013,346

1,533,913

1,497,134

Net defined benefit asset

16

63,377

90,906

47,127

67,598

Total non-current assets

43,415,370

38,668,651

32,283,886

28,754,202

Total assets

￦

62,484,018

￦

58,981,492

$

46,463,428

$

43,858,933

4

Samsung C&T Corporation and Subsidiaries

Consolidated Interim Statements of Financial Position

September 30, 2023 and December 31, 2022

(in millions of Korean won and thousands of U.S. dollars (Note 3))

Notes

September 30, 2023

December 31, 2022

September 30, 2023

December 31, 2022

(Unaudited)

(Unaudited)

Liabilities

Current liabilities

Trade payables

7

￦

3,615,321

￦

2,358,284

$

2,688,371

$

1,753,632

Short-term borrowings

7,15

1,726,047

2,129,418

1,283,497

1,583,446

Current portion of long-term borrowings

7,15

1,928,491

1,427,624

1,434,035

1,061,589

Current tax liabilities

508,342

384,944

378,006

286,246

Other current liabilities

5,7,9,10,17

7,362,884

10,113,132

5,475,077

7,520,176

Total current liabilities

15,141,085

16,413,402

11,258,986

12,205,088

Non-current liabilities

Debentures and long-term borrowings

7,15

1,442,229

2,057,971

1,072,449

1,530,317

Net defined benefit liability

16

68,046

16,289

50,599

12,113

Deferred tax liabilities

7,233,831

6,262,520

5,379,113

4,656,841

Provisions

5,17

355,838

473,953

264,603

352,434

Other non-current liabilities

7,9

1,298,808

1,793,235

965,800

1,333,459

Total non-current liabilities

10,398,751

10,603,968

7,732,563

7,885,164

Total liabilities

25,539,836

27,017,370

18,991,549

20,090,252

Samsung C&T Corporation and Subsidiaries

Consolidated Interim Statements of Financial Position

September 30, 2023 and December 31, 2022

(in millions of Korean won and thousands of U.S. dollars (Note 3))

Notes

September 30, 2023

December 31, 2022

September 30, 2023

December 31, 2022

(Unaudited)

(Unaudited)

Equity

Share capital

19

18,722

18,851

13,922

14,018

Consolidated capital surplus

10,695,726

10,620,369

7,953,395

7,897,360

Other components of equity

19,20

8,430,457

5,194,866

6,268,930

3,862,928

Retained earnings

12,312,602

10,846,579

9,155,712

8,065,570

Equity attributable to owners

of the Parent Company

31,457,506

26,680,665

23,391,959

19,839,876

Non-controlling interests

1

5,486,676

5,283,456

4,079,920

3,928,804

Total equity

36,944,182

31,964,121

27,471,878

23,768,680

Total liabilities and equity

￦

62,484,018

￦

58,981,492

$

46,463,428

$

43,858,933

5

The U.S. dollar figures are provided for information purposes only and do not form part of the consolidated interim financial statements. Refer to Note 3.

The above consolidated interim statements of financial position should be read in conjunction with the accompanying notes.

Samsung C&T Corporation and Subsidiaries

Consolidated Interim Statements of Comprehensive Income

Three-month and Nine-month Periods Ended September 30, 2023 and 2022

(in millions of Korean won and thousands of U.S. dollars, except earnings per share amounts (Note 3))

Notes

2023 (Unaudited)

2022 (Unaudited)

2023 (Unaudited)

2022 (Unaudited)

Three

Nine

Three

Nine

Three

Nine

Three

Nine

months

months

months

months

months

months

months

months

6

Net sales

Cost of sales

Gross profit

Selling and administrative expenses

Operating Profit

Other income Other expenses Financial income

Financial expenses

Share of profit of associates and joint ventures

Share of loss of associates and joint ventures

28

10,971,190

31,795,935

11,255,613

32,513,914

$ 8,433,355

$ 24,440,960

$ 8,651,986

$ 24,992,858

9,258,010

26,885,562

9,511,622

28,120,154

7,116,465

20,666,445

7,311,412

21,615,454

1,713,180

4,910,373

1,743,991

4,393,760

1,316,891

3,774,515

1,340,574

3,377,403

21

882,809

2,667,166

947,194

2,499,432

678,599

2,050,202

728,091

1,921,269

28

830,371

2,243,207

796,797

1,894,328

638,291

1,724,313

612,483

1,456,135

22

341,156

1,293,681

637,184

1,900,157

262,241

994,429

489,792

1,460,616

22

211,535

836,764

462,468

1,158,801

162,603

643,205

355,491

890,750

23

72,881

293,808

224,114

417,222

56,022

225,845

172,273

320,711

23

78,371

258,365

338,878

558,516

60,242

198,600

260,490

429,321

12

30,388

99,619

21,904

127,728

23,359

76,576

16,837

98,182

12

(1,934)

7,522

4,736

5,726

(1,487)

5,782

3,640

4,402

Profit before income tax

986,825

2,827,665

873,917

2,616,392

758,554

2,173,575

671,765

2,011,172

Income tax expense

24

285,640

679,873

277,079

737,593

219,566

522,606

212,986

566,974

Profit for the period

701,185

2,147,792

596,838

1,878,799

$

538,988

$

1,650,969

$

458,779

$

1,444,198

7

Samsung C&T Corporation and Subsidiaries

Consolidated Interim Statements of Comprehensive Income

Three-month and Nine-month Periods Ended September 30, 2023 and 2022

(in millions of Korean won and thousands of U.S. dollars, except earnings per share amounts (Note 3))

Notes

2023 (Unaudited)

2022 (Unaudited)

2023 (Unaudited)

2022 (Unaudited)

Three

Nine

Three

Nine

Three

Nine

Three

Nine

months

months

months

months

months

months

months

months

Other comprehensive income (loss)

for the period, net of tax

Items that may be subsequently

reclassified to profit or loss

Share of other comprehensive

income of associates and joint

12,440

44,785

68,442

136,717

$

9,563

$

34,425

$

52,610

$

105,092

ventures

Exchange differences

72,181

154,593

81,751

118,026

55,484

118,833

62,841

90,724

Cash flow hedges

(138)

(1,698)

601

2,858

(106)

(1,305)

462

2,197

Items that will not be reclassified to

profit or loss

Loss on valuation of financial

assets at fair value through other

(642,207)

3,066,313

(923,128)

(5,899,900)

(493,653)

2,357,020

(709.591)

(4,535,146)

comprehensive income

(557,724)

3,263,993

(772,334)

(5,642,299)

(428,713)

2,508,973

(593,679)

(4,337,133)

Total comprehensive income (loss)

143,461

5,411,785

(175,496)

(3,763,500)

$ 110,276

$ 4,159,942

$ (134,900)

$

(2,892,9

for the period

36)

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Samsung C&T Corporation published this content on 02 January 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 January 2024 08:12:43 UTC.