Samsung C&T 2014 - Consolidated Financial Statements

Samsung C&T Corporation
and Subsidiaries
Consolidated Financial Statements
December 31, 2014 and 2013
Samsung C&T Corporation and Subsidiaries

Index
Pages
Independent Auditors Report................................
1 - 2

Consolidated Statements of Financial Position ...
3 - 5
Consolidated Statements of Comprehensive Income...................................................................
6 - 7
Consolidated Statements of Changes in Equity.............................................................
8 - 9
Consolidated Statements of Cash Flows..............
10 - 11
Notes to Consolidated Financial Statements.............................................................
12 - 124
Independent Auditors Report

(English Translation of a Report Originally Issued in Korean)
To the Board of Directors and Shareholders of
We have audited the accompanying consolidated financial statements of Samsung C&T Corporation
and its subsidiaries (collectively referred to as the Group), which comprise the consolidated
statements of financial position as of December 31, 2014 and 2013, and the consolidated statements
of comprehensive income, changes in equity and cash flows for the years then ended, and notes,
comprising a summary of significant accounting policies and other explanatory information.
Managements responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with the International Financial Reporting Standards as adopted by the Republic of Korea
(Korean IFRS) and for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditors responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We
conducted our audits in accordance with the Korean Standards on Auditing. Those standards require
that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the auditors judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entitys
preparation and fair presentation of the financial statements 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 entitys internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by management, as
well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.

Consolidated Statements of Financial Position
(in millions of Korean won and thousands of U.S. dollars (Note 3))
Notes
2014
2013
2014
2013
Assets
Current assets
Cash and cash equivalents
Short-term financial
instruments
Available-for-sale financial
assets
Trade receivables
7,11
7,8
Other current assets

Inventories
7,8
6
Total current assets

Assets held for sale
Non-current assets
assets
Investments in associates
and joint ventures
Property, plant and equipment
Investment properties
Biological assets
Intangible assets
Deferred income tax assets
Other non-current assets
1,468,603
1,911,637
1,336,065
56,840
40,760
51,711
37,082
138
4,990,376
2,611,752
1,011,684
4,665,169
2,430,571
1,432,474
125
4,540,007
4,244,149
2,376,048
920,382
2,211,218
1,303,197
10,772,061
10,037,577
9,799,910
9,131,711
1,12
474,321
23,756
431,515
21,612
7,11
13,185,271
10,622,670
11,995,333
9,664,001
12
13
14
15
13
29
966,110
1,797,730
76,028
76,133
1,390,100
25,088
742,992
1,185,015
1,158,802
77,120
72,674
1,284,139
23,561
980,596
878,921
1,635,490
69,167
69,262
1,264,647
22,824
675,939
1,078,071
1,054,224
70,160
66,115
1,168,249
21,435
892,098
15,404,577
16,611,583
14,014,353
26,843,008 $
23,167,676
18,259,452
Total non-current assets

Total assets
2,101,271
29,505,834
25,465,910

Notes
2014
2013
2014
2013
Liabilities
Current liabilities
Trade payables
Short-term borrowings
Current portion of long-term
debts
Income taxes payable
Other current liabilities
7
7,16
7,16
7,10,18
Total current liabilities

Non-current liabilities
Debentures and long-term
borrowings
Net defined benefit obligation
Deferred income tax liabilities
Provisions
Other non-current liabilities
Total non-current liabilities
Total liabilities
7,16
17
29
18
7,10
2,043,500
1,988,191
1,806,481
1,361,491
1,859,080
1,643,451
1,808,762
1,238,620
429,236
101,070
4,997,518
721,450
20,197
4,827,847
390,499
91,949
4,546,503
656,341
18,375
4,392,146
9,377,805
8,919,176
8,531,482
8,114,244
3,060,135
58,039
3,055,860
204,462
77,097
2,468,827
70,690
2,336,001
205,055
46,607
2,783,966
52,802
2,780,076
186,010
70,138
2,246,021
64,311
2,125,182
186,549
42,402
6,455,593
5,127,180
5,872,992
4,664,465
15,833,398
14,046,356
14,404,474
12,778,709

Notes
2014
2013
2014
2013
Equity
804,332
1,023,786
804,332 $
1,060,478
22
8,539,197
2,797,900
6,486,897
2,630,349
7,768,557
2,545,396
5,901,471
2,392,967
13,165,215
507,221
10,982,056
437,498
11,977,088
461,446
9,990,953
398,014
13,672,436
11,419,554
25,465,910 $
12,438,534
Share capital
Additional paid-in capital
Other components of equity
20
Retained earnings
Equity attributable to owners
of the parent company
Non-controlling interests
21
Total equity
Total liabilities and equity
29,505,834
731,743
931,392
26,843,008
731,743
964,772
10,388,967
$
23,167,676
The US dollar figures are provided for information purposes only and do not form part of the consolidated financial statements. Refer to Note 3.
The accompanying notes are an integral part of these consolidated financial statements.
5

Consolidated Statements of Comprehensive Income
Years ended December 31, 2014 and 2013
(in millions of Korean won and thousands of U.S. dollars, except earnings per share amounts (Note 3))
Notes
2014
2013
2014
Net sales
Cost of sales
Gross profit
Selling and administrative
expenses
Operating profit
Other income
Other expenses
Finance income
Finance expenses
Gain on valuation of equity
method investments
Loss on valuation of equity
method investments
Profit before income tax
Income tax expense
Profit for the year
33
25
23,25
27,33
12,24
12,24
28
28
12
28,445,513
28,433,401
2013
26,218,256
26,461,951
27,021,481
24,905,725
27,009,975
25,137,219
2,227,257
1,971,450
2,115,756
1,872,756
1,574,893
652,364
1,538,148
1,496,051
1,461,146
889,652
1,054,679
154,197
181,734
433,302
944,365
896,535
110,332
180,464
619,705
845,115
1,001,880
146,478
172,636
411,610
897,088
851,652
104,808
22,416
79,688
21,294
75,699
171,429
12
25,210
42,002
23,948
39,900
29
457,006
171,487
285,519
448,686
182,314
266,372
434,128
162,902
426,224
173,187
271,226
253,037

Consolidated Statements of Comprehensive Income
(in millions of Korean won and thousands of U.S. dollars, except earnings per share amounts (Note 3))
Notes
2014
2013
Other comprehensive income
for the year, net of tax
Items that will be reclassified
subsequently to profit or loss
Items that will not be reclassified
subsequently to profit or loss
Total comprehensive income
(loss) for the year
Profit for the year attributable
to:
Equity holders of the Parent
Company
Non-controlling interest
Total comprehensive income
for the year attributable to:
Equity holders of the Parent
Company
Earnings per share to the
equity holders of the
company:
2,113,732
(751,635)
2014
2013
2,007,915
(714,008)
11,655
2,125,387
(35,083)
(786,718)
11,071
2,018,986
(33,326)
(747,334)
2,410,906
(520,346)
2,290,212
(494,297)
270,860
14,659
242,444
23,928
257,301
13,925
230,307
22,730
2,322,757
88,149
(533,210)
12,864
2,206,476
83,736
(506,517)
12,220
30
Basic earnings per share
1,824
1,632
1.73
1.55
Diluted earnings per share
1,824
1,632
1.73
1.55
7

Consolidated Statements of Changes in Equity
Notes
Balance at January 1, 2013
Consolidated Consolidated
Other
share
retained
components
premium
earnings
of equity
Share
capital
Noncontrolling
interests
Other
share
retained
components
premium
earnings
of equity
Share
capital
Total
101,226 11,689,272 $
Noncontrolling
interests
Total
804,332
1,056,567
2,467,579
7,259,568
242,444
23,928
266,372
220,564
21,768
242,332
(584,332)
(584,332)
(531,597)
(531,597)
(42,554)
(42,554)
(38,714)
(38,714)
(112,682)
(112,682)
(102,513)
(102,513)
(1,004)
(1,004)
(914)
(914)
(35,082)
(35,082)
(31,916)
(31,916)
(75,885)
(7,355)
(83,240)
(69,037)
(6,691)
(75,728)
731,743 $
961,215 $
2,244,886 $
6,604,410 $
92,091 $ 10,634,345
Total comprehensive income:

Profit for the year
Loss on valuation of available-for-sale

financial assets
Accumulated comprehensive income
of equity method investees
12
Cumulative effect of foreign

currency translation from
overseas operations
Loss on valuation of derivative
instruments
19
Remeasurements of the net defined

benefit liability
Transactions with owners:
Cash dividends
Loss on sale of treasury stock
(2,656)
2,656
Exercise of share options
268
522
790
860
6,562
7,422
5,221
338,501
343,722
Capital reduction of subsidiaries

Changes in ownership interests in a
subsidiary that do not result in a
loss of control :
Changes in non-controlling interest
associated with disposal of shares
(2,416)
2,416
243
476
719
782
5,970
6,752
4,750
307,952
312,702
Cumulative effect of changes in

consolidated entities
6,693
6,693
6,089
6,089
Others
(2,438)
(1,133)
(195)
(32,057)
(35,823)
(2,218)
(1,030)
(177)
(29,165)
(32,590)
804,332
1,060,478
2,630,349
6,486,897
Balance at December 31, 2013
437,498 11,419,554 $
731,743 $
964,772 $
2,392,967 $
5,901,471 $
398,014 $ 10,388,967

Consolidated Statements of Changes in Equity
Notes
Balance at January 1, 2014
Other
share
retained
components
premium
earnings
of equity
Share
capital
804,332
1,060,478
2,630,349
Noncontrolling
interests
share
retained
premium
earnings
Share
capital
Total
6,486,897 437,498 11,419,554 $
731,743 $
964,772 $
Other
components
of equity
2,392,967 $
Noncontrolling
interests
5,901,471 $
Total
398,014 $ 10,388,967
Total comprehensive income:

Profit for the year
270,860
14,659
285,519
246,416
13,336
259,752
Gain on valuation of available-for-sale

financial assets
11
2,006,669
2,006,669
1,825,573
1,825,573
Accumulated comprehensive income of

equity method investees
12
(64,812)
(64,812)
(58,963)
(58,963)
85,494
85,494
77,779
77,779
12,891
12,891
11,727
11,727
11,655
11,655
10,603
10,603
Cash dividends
(75,909)
(10,406)
(86,315)
(69,059)
(9,467)
(78,526)
Loss on sale of treasury stock
(743)
743
(676)
676
Exercise of share options
627
(144)
483
570
(130)
440
Cumulative effect of foreign

currency translation from
overseas operations
Gain on valuation of derivative
instruments
Remeasurements of the net defined
benefit liability
19
Transactions with owners:
Cumulative effect of changes in

consolidated entities
48,296
48,296
43,938
43,938
Others
(37,319)
(26,657)
(196)
17,174
(46,998)
(33,950)
(24,252)
(179)
15,625
(42,756)
804,332
1,023,786
2,797,900
Balance at December 31, 2014
8,539,197 507,221 13,672,436 $
731,743
931,392
2,545,396 $
7,768,557
9
461,446 $ 12,438,534

Consolidated Statements of Cash Flows
Notes
2014
2013
2014
2013
510,772 $
125,263
(151,619)
87,763
(144,727)
759,156 $
129,992
(108,861)
136,406
(166,199)
464,676
113,958
(137,936)
79,843
(131,666)
Cash flows from operating activities

Cash generated from operations
Interest received
Interest paid
Dividends received
Income tax paid
Net cash generated from operating
activities
32
834,464
142,888
(119,660)
149,937
(182,686)
824,943
427,452
750,494
388,875
11,361
6,325
8,004
3,512
-
10,335
5,754
7,282
3,195
-
8
11
1
12
10,407
62,552
99,437
34,122
3,705
132,868
61,386
7,922
9,468
56,907
90,463
31,042
3,371
120,877
55,846
7,207
8,9
13
13
14
182,118
18,452
4,819
272
29,908
82,575
136,699
141,609
6,529
28,345
6,379
165,683
16,787
4,384
247
27,209
75,123
124,363
128,829
5,939
25,787
5,802
459,773
619,533
418,279
563,621
11
15,836
38,632
5,138
22,596
231,760
14,406
35,146
4,674
20,557
210,844
Cash flows from investing activities

Cash provided by investing activities
Disposal of assets held for sale
Decrease in short-term financial instruments
Decrease in short-term loans
Decrease in the current portion of long-term
receivables
Disposal of available-for-sale securities
Disposal of subsidiaries
Disposal of associates and joint ventures
Decrease in deposits for overseas resources
development
Decrease in long-term receivables
Disposal of property, plant and equipment
Disposal of intangible assets
Disposal of investment properties
Disposal of other non-current assets
Cash used in investing activities
Acquisition of assets held for sale
Increase in short-term financial instruments
Increase in short-term loans
Acquisition of available-for-sale securities
Investments in associates and joint ventures
Increase in deposits for overseas resources
development
Increase in long-term receivables
12
269,410
144,864
245,096
131,791
8
8,9
5,931
249,866
14,267
78,488
5,395
227,316
12,979
71,405
Acquisition of property, plant and equipment

Acquisition of intangible assets
Increase in other non-current assets
Cash used in business combination
13
13
8
35
189,083
103,136
21,952
272,384
175,027
104,504
9,771
1,081
172,019
93,828
19,973
247,802
159,232
95,073
8,888
983
(1,166,230)
(787,496)
(1,060,981)
(716,426)
(706,457)
(167,963)
(642,702)
(152,805)
Net cash used in investing activities
10

Consolidated Statements of Cash Flows
Notes
2014
2013
2014
2013
Cash flows from financing activities

Cash provided by financing activities
Increase in short-term borrowings
Proceeds from Debentures issuance
Increase in long-term borrowings
Disposal of treasury stock
Increase in non-controlling interest due to
disposal of shares
Increase in other reserves
16
16
16
20,21
262,080
647,640
445,796
375
- $
697,539
397,435
549
238,428
589,192
405,564
341
634,588
361,567
499
2,770
327,012
4,789
2,521
297,500
4,358
1,358,661
1,427,324
1,236,046
1,298,512
Cash used in financing activities

Decrease in short-term borrowings
Dividends paid
Repayment of current portion of
long-term debts
Repayment of long-term debts
Decrease in leasehold deposits received
Capital reduction by non-controlling interests
Dividends paid to non-controlling interests
16
253,373
230,506
75,910
75,885
69,059
69,037
16
681,416
615,174
619,921
559,656
16
63,761
26
10,407
579,809
293
18,185
7,354
58,006
24
9,467
527,484
266
16,543
6,691
(831,520)
(1,550,073)
(756,477)
(1,410,183)
527,141
(122,749)
479,569
(111,671)
1
1
Net cash generated from (used in)

financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning
of the year
Exchange loss on cash and cash
equivalents
645,627
136,740
587,361
124,399
1,468,603
1,378,201
1,336,065
1,253,822
(12,959)
(46,338)
(11,789)
(42,156)
Cash and cash equivalents at the end of the

year
2,101,271
1,468,603 $
1,911,637
The US dollar figures are provided for information purposes only and do not form part of the
consolidated financial statements. Refer to Note 3.
11
1,336,065

Notes to Consolidated Financial Statements
1. General Information
These consolidated financial statements are prepared in accordance with Korean IFRS 1110,
Consolidated Financial Statements. Samsung C&T Corporation (the Company) has 95
subsidiaries, including Samsung C&T America, Inc., and 41 associates and joint ventures,
including Samsung General Chemicals Co., Ltd.(collectively the Group).
1.1 The Company
Samsung C&T Corporation (the Company) is engaged in the construction and trading business in
global markets. The Company is headquartered in Seoul and operates a number of domestic and
foreign operations as of December 31, 2014.
The Companys shares were offered for public ownership in 1975, and all issued and outstanding
shares are listed on the Korean Stock Exchange. Also, the Company listed its Global Depositary
Receipts (GDRs) on the London Stock Exchange on December 8, 2006 (Note 20).
12

1.2 Subsidiaries
(a) General information of subsidiaries as of December 31, 2014, is as follows:
Subsidiaries
Primary business
Capital stock
(in millions of
Korean won)
Number of shares
Number of
outstanding
shares
Samsung
C&T
Subsidiaries
Total
Percentage
of
ownership(%)
Location
Samoo Architects &

Engineers Co., Ltd.
Golf course
operational service
Architectural design
service
CVnet Corporation (**)
e-Business
3,200
6,400,000
2,569,155
2,569,155
40.14
Korea
Myodo Metal Co., Ltd.
Production of
steel products
3,811
10,080,000
10,080,000
10,080,000
100.00
Japan
Trading
42,104
5,000,000
5,000,000
5,000,000
100.00
Japan
Trading
52,259
105
105
105
100.00
U.S.A.
78,895
83,889
75,500
8,389
83,889
100.00
U.S.A.
79,144
641,667
641,667
641,667
100.00
Canada
2,422
100.00
U.S.A.
9,378
112,683,150
112,683,150
112,683,150
100.00
Mexico
104
100
100
100
100.00
U.S.A.
100.00
U.S.A.
Seoul Lakeside Co., Ltd.
Samsung C&T Japan

Corporation
Samsung C&T America,
Inc.
Samsung Oil & Gas USA
Corp.
Samsung Renewable
Energy, Inc.
Samsung Green
Repower, LLC. (*)
SCNT Power Norte
S. de R.L. de C.V.
Samsung E&C America,
Inc.
Samsung Solar
Construction, Inc. (*)
Natural resources
development
Renewable energy
development
Renewable energy
development
Thermal power
generation
Construction
Renewable energy
development
1,176
117,600
94,080
94,080
80.00
Korea
5,848
100,000
100,000
100,000
100.00
Korea
13
Percentage of
ownership in
subsidiaries (%)

Inc. 10%

Inc. 100%

Inc. 100%

Subsidiaries
QSSC, S.A, de C.V.
Samsung E&C RADIUS,
Inc. (*)
Samsung C&T Oil &
Gas Parallel Corp. (*)
Parallel Petroleum
LLC. (*)
Primary business
Production of
steel products
Construction
Capital stock
(in millions of
Korean won)
\
Number of shares
Number of
outstanding
shares
Samsung
C&T
Subsidiaries
Total
Percentage
of
ownership(%)
Location
8,616
93,758,250
56,254,950
18,751,650
75,006,600
80.00
Mexico
2,142
100.00
U.S.A.
Natural resources
development
Natural resources
development
Renewable energy
development
59,630
100.00
U.S.A.
837,480
51.00
U.S.A.
100.00
Canada
SRE GRW EPC LP (*)
Renewable energy
development
11
100.00
Canada
SRE SKW EPC GP, Inc.(*)
Renewable energy
development
100.00
Canada
SRE SKW EPC LP (*)
Renewable energy
development
11
100.00
Canada
4,442
1,000,000
700,000
300,000
1,000,000
100.00
U.S.A.
100.00
Canada
238,537
83.61
U.S.A.
SRE GRW EPC GP, Inc.(*)
Samsung C&T Automation

Inc.
Samsung C&T Canada Ltd.
(*)
PLL Holdings LLC. (*)
Machinery
brokerage
Construction
Natural resources
development
14
Percentage of
ownership in
subsidiaries (%)
Inc. 20%
Samsung E&C America,
Inc. 100%
PLL Holdings LLC. 61%

Samsung Renewable
Energy, Inc. 100%
Samsung Renewable
Energy, Inc. 99.99%,
SRE GRW EPC GP, Inc.
0.01%
Samsung Renewable
Energy, Inc. 100%
Samsung Renewable
SRE SKW EPC GP, Inc.
0.01%
Samsung C&T America Inc.
30%
Samsung C&T Oil & Gas

Parallel Corp. 83.61%

Subsidiaries
Primary business
SRE GRW LP Holdings LP

(*)
Renewable energy
development
SRE SKW LP Holdings LP

(*)
Capital stock
(in millions of
Korean won)
Number of shares
Number of
outstanding
shares
Samsung
C&T
Subsidiaries
Percentage
of
ownership(%)
Total
Location
32,655
100.00
Canada
Renewable energy
development
28,322
100.00
Canada
SRE WIND PA GP Inc. (*)
Renewable energy
development
100.00
Canada
SRE WIND PA LP (*)
Renewable energy
development
11
100.00
Canada
34,733
90.00
U.S.A.
100.00
Canada
PLL E&P LLC. (*)

SRE GRS Holdings GP Inc.
(*)
Natural resources
development
Renewable energy
development
SRE GRS Holdings LP (*)
Renewable energy
development
2,530
100.00
Canada
SRE K2 EPC GP Inc. (*)
Renewable energy
development
100.00
Canada
SRE K2 EPC LP (*)
Renewable energy
development
100.00
Canada
15
Percentage of
ownership in
subsidiaries (%)
Samsung Renewable
SRE Wind GP Holdings,
Inc. 0.01%
Samsung Renewable
Inc. 0.01%
Samsung Renewable
Energy, Inc. 100%
Samsung Renewable
SRE Wind PA GP Inc. 0.01%
Samsung C&T Oil & Gas
Parallel Corp. 90%
Samsung Renewable
Energy, Inc. 100%
Samsung Renewable
SRE GRS Holdings GP
Inc. 0.01%
Samsung Renewable
Energy, Inc. 100%
Samsung Renewable
SRE K2 EPC GP Inc. 0.01%

Subsidiaries
Primary business
SRE K2 LP Holdings LP (*)
Renewable energy
development
SRE KS Holdings GP Inc. (*)
Capital stock
(in millions of
Korean won)
Number of shares
Number of
outstanding
shares
Samsung
C&T
Subsidiaries
Percentage
of
ownership(%)
Total
Location
41,940
100.00
Canada
Renewable energy
development
100.00
Canada
SRE KS Holdings LP (*)
Renewable energy
development
515
100.00
Canada
Southgate Solar GP Inc.(*)
Renewable energy
development
100.00
Canada
Southgate Solar LP (*)
Renewable energy
development
3,751
100.00
Canada
Windsor Solar GP Inc. (*)
Renewable energy
development
100.00
Canada
Windsor Solar LP (*)
Renewable energy
development
5,011
100.00
Canada
SRE Belle River LP

Holdings LP (*)
Renewable energy
development
2,593
100.00
Canada
SRE Armow EPC GP Inc. (*)
Renewable energy
development
100.00
Canada
16
Percentage of
ownership in
subsidiaries (%)
Samsung Renewable
Inc. 0.01%
Samsung Renewable
Energy, Inc. 100%
Samsung Renewable
SRE KS Holdings GP,
Inc. 0.01%
Samsung Renewable
Energy, Inc. 100%
Samsung Renewable
Southgate Solar GP,
Inc. 0.01%
Samsung Renewable
Energy, Inc. 100%
Samsung Renewable
Windsor Solar GP, Inc.
0.01%
Samsung Renewable
Inc. 0.01%
Samsung Renewable
Energy, Inc. 100%

Subsidiaries
Primary business
SRE Armow EPC LP (*)
Renewable energy
development
SRE Armow LP Holdings LP

(*)
Capital stock
(in millions of
Korean won)
Number of shares
Number of
outstanding
shares
Samsung
C&T
Subsidiaries
Percentage
of
ownership(%)
Total
Location
100.00
Canada
Renewable energy
development
42,318
100.00
Canada
SRE Dover LP Holdings

LP (*)
Renewable energy
development
990
100.00
Canada
SRE Wind GP Holdings, Inc.

(*)
Samsung C&T Deutschland
GmbH (*)
Renewable energy
development
107
100.00
Canada
Trading
18,551
100.00
Germany
Samsung C&T U.K. Ltd.
Trading
59,415
27,950,000
27,950,000
27,950,000
100.00
United
Kingdom
Samsung C&T Italia

S.A.R.L. (*)
Trading
123
100.00
Italy
Samsung C&T France S.A.S
Trading
5,489
8,000
8,000
8,000
100.00
France
Samsung C&T ECUK

Limited (*)
Construction
57
100.00
Whessoe Project Limited
Industry plant
engineering
138
138
138
100.00
17
United
Kingdom
United
Kingdom
Percentage of
ownership in
subsidiaries (%)
Samsung Renewable
SRE Armow EPC GP
Inc. 0.01%
Samsung Renewable
Inc. 0.01%
Samsung Renewable
Energy,Inc. 99.99%,
Inc. 0.01%
Samsung Renewable
Energy, Inc. 100%

GmbH 100%

Subsidiaries
POSS-SLPC S.R.O (*)
Solluce Romania 1 B.V. (*)
Ecosolar OOD
Ecoenerg Solar OOD
Agriplam EOOD
Fishtrade EOOD
Manageprojekt EOOD
Solar Park EOOD
Veselinovo Energy OOD
Samsung C&T Construction
Hungary Kft. (*)
Samsung Engineering &
Construction (KL)
Sdn. Bhd. (*)
Samsung C&T Malaysia
Sdn. Bhd.
Samsung Chemtech VINA
(*)
Primary business
Production of
steel products
Capital stock
(in millions of
Korean won)
Number of shares
Number of
outstanding
shares
Samsung
C&T
Subsidiaries
Total
Percentage
of
ownership(%)
Location
Percentage of
ownership in
subsidiaries (%)
5,967
70.00
Slovakia

GmbH 20%
33,517
100.00
Netherlands

GmbH 20%
15,143
27,300,300
27,300,300
27,300,300
100.00
Bulgaria
9,507
18,656,000
18,656,000
18,656,000
100.00
Bulgaria
4,290
80,041
80,041
80,041
100.00
Bulgaria
6,595
79,959
79,959
79,959
100.00
Bulgaria
6,086
749,042
749,042
749,042
100.00
Bulgaria
2,353
384,002
384,002
384,002
100.00
Bulgaria
2,732
606,050
606,050
606,050
100.00
Bulgaria
Construction
100.00
Hungary
Construction
3,870
100.00
Malaysia
Trading
6,002
15,000,000
15,000,000
15,000,000
100.00
Malaysia
Trading
3,554
100.00
Vietnam
Renewable energy
development
Renewable energy
development
Renewable energy
development
Renewable energy
development
Renewable energy
development
Renewable energy
development
Renewable energy
development
Renewable energy
development
18
Samsung C&T Singapore

Pte.Ltd. 48.33%

Subsidiaries
Primary business
Capital stock
(in millions of
Korean won)
Number of shares
Number of
outstanding
shares
Samsung
C&T
Subsidiaries
Percentage
of
ownership(%)
Total
Location
Percentage of
ownership in
subsidiaries (%)
Inc. 24%,
Pte.Ltd. 16%
Samsung C&T Hongkong
Limited 13.18%
Pte. Ltd. 10%
2,245
80.00
Vietnam
126
409,600
180,000
54,000
234,000
57.13
Thailand
Wholesale and
retail of coal
1,037
1,000,000
900,000
100,000
1,000,000
100.00
Indonesia
Construction
2,748
126,500,000
126,500,000
126,500,000
100.00
India
Trading
3,455
16,500,001
16,500,001
16,500,001
100.00
India
MSSC Sdn. Bhd.
Production of
steel products
4,928
44,974
31,482
13,492
44,974
100.00
Malaysia

Pte. Ltd.
Trading
35,574
34,000,000
34,000,000
34,000,000
100.00
Singapore
45,922
46,312,500
23,400,000
5,850,000
29,250,000
63.16
Singapore

Pte.Ltd. 12.63%
11,320
100,000,000
95,000,000
95,000,000
60.00
Indonesia
S&G Bio Fuel Pte. Ltd. 95%
11,320
100,000,000
95,000,000
95,000,000
60.00
Indonesia
S&G Bio Fuel Pte. Ltd. 95%
1,215
70.00
Mongolia
598
100.00
Mongolia
382
100.00
China
S-Print (*)
Production of textile
Samsung C&T (Thailand)

Co., Ltd.
Trading
PT. Insam Batubara Energy

Samsung India Private
Limited
Samsung C&T India Private
Ltd.
S&G Bio Fuel Pte. Ltd.

PT Gandaerah Hendana
PT Inecda
Samsung C&T Mongolia
LLC. (*)
Samsung C&T Eng.&Const.
Mongolia LLC. (*)
Samsung (Tianjin)
International Trading
Co., Ltd. (*)
Natural resources
development
Natural resources
development
Natural resources
development
Industrial plant
construction
Industrial plant
construction
Trading
19

Pte.Ltd. 30%

Limited 100%

Subsidiaries
Samsung Trading
(Shanghai) Co., Ltd. (*)
Limited
Guang Dong Xingpu Steel
Center Co., Ltd.
Samsung C&T Taiwan Co.,
Ltd.
Samsung Precision
Stainless Steel Co., Ltd.
(*)
Samsung Logistics (China)
Limited
Samsung C&T Co.,
(Guanzhou) Ltd. (*)
Samsung Logistics (Tianjin)
Ltd. (*)
Samsung E&C (Shanghai)
Co.,Ltd. (*)
Samsung Logistics
(Shenzhen) Ltd. (*)
Samsung Trading
(Shenzhen) Ltd. (*)
Saudi Arabia (*)
Samsung C&T Chile Copper
SpA
Pampa Camarones S.A.
(*)(**)
Primary business
Capital stock
(in millions of
Korean won)
\
Number of shares
Number of
outstanding
shares
Samsung
C&T
Subsidiaries
Total
Percentage
of
ownership(%)
Location
498
100.00
China
Trading
83,748
111,565
111,565
111,565
100.00
Hong Kong
Production and sale

of steel products
15,297
10,985,000
5,666,000
5,666,000
51.55
China
361
1,000,000
1,000,000
1,000,000
100.00
Taiwan
82,979
100.00
China
1,822
12,593,945
12,593,945
12,593,945
100.00
Hong Kong
466
100.00
China
1,557
100.00
China
11,066
100.00
China
Logistics
684
100.00
China
Trading
464
100.00
China
2,658
100.00
Saudi Arabia
12,495
11,169,199
11,169,199
11,169,199
100.00
Chile
9,324
46.50
Chile
Trading
Trading
Production of
steel products
Logistics
Trading
Logistics
Construction
Construction
Natural resources
development
Natural resources
development
20
Percentage of
ownership in
subsidiaries (%)
Limited 100%

Limited 45%
Limited 100%
Limited 100%
Limited 100%

Limited 100%
Limited 100%
Samsung C&T Chile Copper

SpA 46.50%

Subsidiaries
SCNT Power Kelar
Inversiones LTDA
Samsung C&T Brasil
Participacoes LTDA (*)
Primary business
Thermal power
generation
Construction
S.C. Otelinox S.A.
Production of
stainless steel
plates and poles
Samsung Corporation Rus

LLC. (*)
Construction
Capital stock
(in millions of
Korean won)
\
Number of shares
Number of
outstanding
shares
Samsung
C&T
Subsidiaries
Total
Percentage
of
ownership(%)
Location
100
100
100
100.00
Chile
2,208
100.00
Brazil
56,148
33,078,479
31,179,053
31,179,053
94.26
Romania
6,303
100.00
Russia
Percentage of
ownership in
subsidiaries (%)

GmbH 94.26%
(*) No share has been issued in accordance with the local laws and regulations.
(**) The Company has de facto control to appoint or dismiss more than 50% of the members of board of directors even though it has less than 50% ownership
interest.
21

(b) Summarized financial information of subsidiaries as of and for the year ended December 31,
2014, is as follows:
(In millions of Korean won)
Total
assets
Subsidiaries
Total
liabilities
Revenue
618,814 \ 334,577
Total
comprehensive
income(loss)
Profit(loss)
\ 35,820
7,992
7,562
Samoo Architects & Engineers Co., Ltd.
92,314
85,343
68,345
811
1,131
CVnet Corporation
26,347
10,004
43,001
(375)
(682)
Myodo Metal Co., Ltd.
89,237
85,160
131,680
1,453
1,176
Samsung C&T Japan Corporation
171,615
120,046
1,222,323
1,598
(3,126)
Samsung C&T America, Inc.
440,435
245,827
841,846
27,676
36,444
Samsung Oil & Gas USA Corp.
196,191
55,734
99,348
1,298
8,270
Samsung Renewable Energy, Inc.
214,335
28,060
23,834
83,388
79,240
9,767
49
18,796
20,915
SCNT Power Norte S. de R.L. de C.V.
42,712
33,242
99
93
Samsung E&C America, Inc.
59,864
50,279
281,806
(4,511)
(4,225)
34
(17)
63
31,726
23,256
59,425
669
661
2,197
28
(28)
58
Samsung C&T Oil & Gas Parallel Corp.
301,370
300,465
(9,850)
(18,471)
Parallel Petroleum LLC.
957,366
52,057
131,954
37,361
72,860
3,703
1,801
10,021
10,021
10,837
784
304
2,672
2,682
3,901
Samsung C&T Automation Inc.
14,501
9,021
15,580
538
758
Samsung C&T Canada Ltd.
11,650
54,038
115,128
(43,182)
(42,895)
559,390
285,712
7,343
21,405
SRE GRW LP Holdings LP
32,712
(55)
SRE SKW LP Holdings LP
28,405
(4)
(90)
(1)
(1)
1,030
17
1,044
1,039
1,105
36,212
7,639
6,961
893
1,985
(3)
(3)
Samsung Green Repower, LLC.
Samsung Solar Construction, Inc.

QSSC, S.A, de C.V.
Samsung E&C RADIUS, Inc.
SRE GRW EPC GP, Inc.

SRE GRW EPC LP
SRE SKW EPC GP, Inc.
SRE SKW EPC LP
PLL Holdings LLC.
SRE WIND PA GP Inc.

SRE WIND PA LP
PLL E&P LLC.
SRE GRS Holdings GP Inc.
22

Subsidiaries
SRE GRS Holdings LP
Total
assets
\
Total
liabilities
6,945 \
SRE K2 EPC GP Inc.
Revenue
2,915
Total
comprehensive
income(loss)
Profit(loss)
-
12
(389)
SRE K2 EPC LP
29,408
25,615
16,504
16,502
16,715
SRE K2 LP Holdings LP
41,830
(3)
(112)
4,507
50,067
49,419
3,807
12
43
Windsor Solar LP
5,133
79
43
SRE Belle River LP Holdings LP
2,579
(1)
(15)
8,249
6,887
2,315
2,315
2,305
42,318
SRE Dover LP Holdings LP
989
(1)
(2)
SRE Wind GP Holdings, Inc.
99
(1)
(2)
409,258
239,302
525,888
19,875
10,217
39,798
15,565
87,619
(1,250)
(1,640)
Samsung C&T Italia S.A.R.L.
492
1,053
7,725
2,436
2,691
Samsung C&T France S.A.S
8,880
67
468
3,989
3,365
Samsung C&T ECUK Limited
41,517
35,922
50,020
3,027
2,944
12,471
5,278
26,145
1,046
923
POSS-SLPC S.R.O
23,082
13,425
43,376
1,112
293
Solluce Romania 1 B.V.
32,970
77
(59)
(55)
Ecosolar OOD
41,732
27,069
5,789
786
(498)
Ecoenerg Solar OOD
26,916
17,728
3,807
501
(302)
Agriplam EOOD
10,389
5,944
1,698
380
(3)
Fishtrade EOOD
12,425
6,123
1,679
222
(335)
Manageprojekt EOOD
11,957
6,188
1,678
175
(336)
Solar Park EOOD
5,567
3,250
846
139
(63)
Veselinovo Energy OOD
8,924
5,424
1,650
806
525
SRE KS Holdings GP Inc.

SRE KS Holdings LP
Southgate Solar GP Inc.
Southgate Solar LP
Windsor Solar GP Inc.
SRE Armow EPC GP Inc.

SRE Armow EPC LP
SRE Armow LP Holdings LP
Samsung C&T Deutschland GmbH

Samsung C&T U.K. Ltd.
23

Subsidiaries
Total
assets
Profit(loss)
\ 11,382
141,799
103,688
424,202
28,256
27,389
7,290
6,908
22,505
1,742
1,727
Samsung Chemtech VINA
12,494
12,762
37,056
886
886
S-Print
12,129
16,001
16,024
47
(51)
7,588
4,213
16,359
523
651
469
60
66
(662)
(628)
80,462
89,494
96,997
(6,698)
(6,767)
1,570
2,247
6,129
189
177
17,021
11,720
50,753
259
155
Samsung C&T Singapore Pte. Ltd.
170,527
157,031
923,288
(1,513)
(1,339)
127,940
92,507
7,811
5,291
82,942
33,506
40,247
8,307
10,309
PT Inecda
61,877
21,865
31,791
7,190
7,862
SAMSUNG C&T Mongolia LLC.
67,252
56,562
55,717
3,770
2,930
175,913
146,098
180,214
22,449
21,535
20,781
13,393
78,250
815
944
Samsung Trading (Shanghai) Co., Ltd.
117,807
104,257
243,060
1,149
1,380
Samsung C&T Hongkong Limited
370,462
261,184
3,638,435
10,635
12,823
25,364
6,289
35,156
(1,733)
(1,472)
8,845
5,180
45,582
296
235
Samsung Precision Stainless Steel

Co., Ltd.
74,887
16,450
58,930
2,452
3,398
Samsung Logistics (China) Limited
3,932
561
8,017
635
626
17,706
9,015
47,848
752
900
2,882
760
9,288
(84)
(93)
Samsung E&C (Shanghai) Co., Ltd.
335,810
257,878
657,739
47,725
49,402
Samsung Logistics (Shenzhen) Ltd.
227
(30)
(27)
2,625
2,318
81,629
(1,153)
(1,170)
338,237
635,378
165,529
(273,822)
(286,239)
2,280
Revenue
Total
comprehensive
income(loss)
656
Samsung C&T Construction Hungary Kft.
Total
liabilities
1,250
1,157
Samsung Engineering & Construction (KL)

Sdn. Bhd.
Samsung C&T Malaysia Sdn. Bhd.
Samsung C&T (Thailand) Co., Ltd.

PT. Insam Batubara Energy
Samsung India Private Limited
Samsung C&T India Private Ltd.
MSSC Sdn. Bhd.
Samsung C&T Eng.&Const. Mongolia

LLC.
Samsung (Tianjin) International Trading
Co., Ltd.
Guang Dong Xingpu Steel Center Co., Ltd.

Samsung C&T Taiwan Co., Ltd.
Samsung C&T Co., (Guanzhou) Ltd.

Samsung Logistics (Tianjin) Ltd.
Samsung Trading (Shenzhen) Ltd.

Samsung C&T Corporation Saudi Arabia
24

Subsidiaries
Samsung C&T Chile Copper SpA
Pampa Camarones S.A.
Total
assets
\
12,113
Total
liabilities
\
Revenue
-
Profit(loss)
-
35
Total
comprehensive
income(loss)
\
39
104,164
102,312
10,958
(4,139)
(4,075)
SCNT Power Kelar Inversiones LTDA
2,258
2,347
(1)
(94)
Samsung C&T Brasil Participacoes LTDA
3,466
4,842
3,618
(805)
(692)
S.C. Otelinox S.A.
56,342
8,849
47,395
(1,463)
(5,930)
Samsung Corporation Rus LLC.
56,904
47,899
17,676
11,622
7,764
(*) Intercompany transactions, balances, and unrealized gains and losses on transactions between the
Group companies are not eliminated in the summarized financial information above. Also, shares in
controlled subsidiaries and associates, accounted for under the equity method which the controlled
subsidiaries own, are recognized at acquisition cost.
25

Notes to Interim Consolidated Financial Statements
September 30, 2014 and 2013, and December 31, 2013
1.3 Investments in Associates and Joint Ventures
General information of associates and joint ventures accounted for under the equity method as of December 31, 2014, is as follows (Note 12):
Associates
Primary
business
Capital stock
(in millions of
Korean won)
Number of
outstanding
shares
Percentage
of ownership
(%)
Number of shares
Samsung C&T
Subsidiaries
Total
Location
Samsung General Chemicals

Co., Ltd.
Petrochemical
products
manufacturing
570,609
57,060,923
21,272,689
21,272,689
37.28
Korea
Terminal KMS de GNL, S. de

R.L. de C.V. (*)
LNG receiving
terminal
166,029
20.00
Mexico
Starworld Corporation
Property
development
18,352
5,300,000
2,120,000
530,000
2,650,000
50.00
Philippines
Uglegorskugol, LLC. (*)
Natural
resources
development
49.99
Russia
Port Uglegorsky, LLC. (*)
Natural
resources
development
50.00
Russia
Tongling Guoxing Chemical Co.,

Ltd. (*)
Petrochemical
products
manufacturing
9,081
30.00
China
Solar Projects Solutions, LLC.

(*)
Renewable
energy
development
13,503
50.00
U.S.A.
349
1,000,000
300,000
300,000
30.00
Malaysia
14
12,000
2,400
2,400
20.00
Oman
330,658
66,131,621
20,600,000
20,600,000
31.15
Korea
Waris Gigih Engineering &

Technology Sdn. Bhd.
Korea LNG Limited
Construction
Natural
resources
development
Dongducheon Dream Power

Co., Ltd.
Integrated
thermal power
generation
26

Notes to Interim Consolidated Financial Statements
September 30, 2014 and 2013, and December 31, 2013
Associates
Sino-Singapore Tianjin
Eco-City Investment and
Development Co., Ltd. (*)
Primary
business
Property
development
Capital stock
(in millions of
Korean won)
Number of
outstanding
shares
Percentage
of ownership
(%)
Number of shares
Samsung C&T
Subsidiaries
Total
Location
48,274
40.00
China
238,666
2,418,350
1,813,762
1,813,762
75.00
Kazakhstan
LJG Green Source Energy

Alpha S.R.L. (*)(**)
Internal
combustion
power plant
Renewable
energy
develop
29
78.00
Romania
Chongqing Shanxia Technology

Textile Co., Ltd. (*)
Cotton thread
manufacturing
77,223
20.00
China
Samsung Investment
Manzanilo.B.V (**)
Natural
resources
development
58,486
41,473,469
22,119,184
22,119,184
53.33
Netherlands
Kelar S.A. (*)
Internal
combustion
power plant
6,372
35.00
Chile
JSC Balkhash Thermal Power

Plant (**)
(*) No share has been issued in accordance with the local laws and regulations.
(**) Excluded from the scope of consolidation as it is a joint venture under the contractual arrangement.
27

1.4 Changes in Scope of Consolidation
Subsidiaries newly included in the consolidation for the year ended December 31, 2014:
Subsidiaries
PT. Insam Batubara Energy and 13 others
Description
Included in the scope of consolidation as the
ownership interest is over 50%
Included in the scope of consolidation as a result of
business combination
Included in the scope of consolidation as a result of

Subsidiaries excluded from the consolidation for the year ended December 31, 2014:
Subsidiaries
Description
Carecamp, Inc.
Samsung C&T Corporation HANOI Logistics
SPS Atwell Island, LLC.
Loss of control due to disposal of the investment
shares
Posco-Samsung Suzhou Processing Center Co., Ltd.

Kingston Solar GP, Inc. (*)
Kingston Solar LP (*)
Comptoir Des Produits Inoxydables S.A.S
(*) During the year ended December 31, 2014, the Group sold some of Kingston Solar GP, Inc. and
Kingston Solar LPs equity shares, representing 50% and 74.985% interest, respectively. The
remaining shares of Kingston Solar LP, Inc. (22.01%) scheduled to be sold according to the confirmed
disposal plan were classified as assets held for sale (book value : \ 26,846 million) as of December 31,
2014.
28

1.5 Financial Information about Non-Controlling Interest
Accumulated non-controlling interests of subsidiaries as of December 31, 2014 and 2013, are as
follows:
(in millions of Korean won)
2014
\
2013
55,975
CVnet Corporation
9,684
10,191
441,714
422,421
PLL Holdings LLC.
(33,513)
(35,016)
(35,232)
(31,616)
24,659
22,245
PT Inecda
16,004
12,859
9,021
9,735
S.C. Otelinox S.A.
4,816
5,253
14,094
21,426
Others
.
507,222
437,498
Profit or loss attributed to the non-controlling interests for the years ended December 31, 2014 and
2013, are as follows:
2014
\

CVnet Corporation
2013
727
(323)
(1,040)
11,900
24,243
(823)
(3,609)
(2,687)
(1,787)
3,323
4,107
PT Inecda
2,876
1,766
(840)
(217)
S.C. Otelinox S.A.
(58)
140
Others
564
325

PLL Holdings LLC.
29
14,659
23,928

Dividends paid to non-controlling interests for the years ended December 31, 2014 and 2013, are as
follows:
2014
\
Carecamp, Inc.
Parallel Petroleum LLC
Others
2013
232
232
9,648
6,223
527
900
10,407
7,355
Summarized Financial Information

A summary of the subsidiaries statements of financial position as of December 31, 2014 and 2013, is
as follows:

Current assets
Non-current assets
2014
PLL Holdings
LLC.
Parallel
Petroleum LLC.
\
27,394
Seoul Lakeside
Co., Ltd.
39,864
10,514
929,972
519,526
608,300
Current liabilities
26,916
15,712
210,840
25,141
270,000
123,737
905,309
273,678
284,237
Equity
2013
Parallel
Petroleum LLC.
Current assets
Non-current assets
31,067
PLL Holdings
LLC.
\
10,329
869,070
514,664
Current liabilities
24,914
39,141
17,851
233,579
857,372
252,273
Equity
30

A summary of consolidated statements of comprehensive income for the years ended December 31,
2014 and 2013, is as follows:
(in millions of Korean
won)
2014
Sales
Profit (loss) for the year

Other comprehensive
Income (loss)
Total comprehensive
income
2013
132,883
Seoul Lakeside
Co., Ltd.
PLL Holdings LLC
2014
140,652
2014
2013
(929)
35,820
37,361
49,517
7,343
(2,140)
7,992
35,499
(14,138)
14,062
47,838
(430)
72,860
35,379
21,405
45,698
7,562
A summary of consolidated statements of cash flows for the years ended December 31, 2014 and
2013, is as follows:
(in millions of Korean
won)
2014
Cash flow generated
from operating
activities
Cash flow generated
from (used in)
investment activities
Cash flow generated
from (used in) financing
activities
Cash flow from changes
in scope of
consolidation
Increase (decrease) in
cash and cash
equivalents
Cash and cash
equivalent at the
beginning of the period
Exchange gains and
losses on cash and
cash equivalents
Cash and cash
equivalent at the end of
the period
2013
81,127
Seoul Lakeside
Co., Ltd.
PLL Holdings LLC
2014
77,462
2014
2013
9,423
8,023
11,832
(57,782)
(57,161)
(2,213)
328,071
2,301
(24,738)
(12,700)
1,582
(335,309)
(10,431)
6,499
(1,393)
7,601
8,792
785
10,201
13,820
6,590
757
513
(371)
421
(28)
12,940
13,820
31
9,970
757
10,201

2. Significant Accounting Policies
The principal accounting policies applied in the preparation of these consolidated financial statements
are set out below. These policies have been consistently applied to all the years presented, unless
otherwise stated.
2.1 Basis of Preparation
The Group maintains its accounting records in Korean won and prepares statutory financial statements
in the Korean language (Hangul) in accordance with the International Financial Reporting Standards as
adopted by the Republic of Korea (Korean IFRS). The accompanying consolidated financial
statements have been condensed, restructured and translated into English from the Korean language
financial statements.
Certain information attached to the Korean language financial statements, but not required for a fair
presentation of the Group's financial position, financial performance or cash flows, is not presented in
the accompanying consolidated financial statements.
The consolidated financial statements of the Group have been prepared in accordance with Korean
IFRS. These are the standards, subsequent amendments and related interpretations issued by the
International Accounting Standards Board (IASB) that have been adopted by the Republic of Korea.
The preparation of the consolidated financial statements requires the use of certain critical accounting
estimates. It also requires management to exercise judgment in the process of applying the Groups
accounting policies. The areas involving a higher degree of judgment or complexity, or areas where
assumptions and estimates are significant to the consolidated financial statements are disclosed in
Note 4.
The Group newly applied the following amended and enacted standards for the annual period
beginning on January 1, 2014:
-
Enactment of Korean IFRS 2121, Levies
Korean IFRS 2121, Levies, is applied to a liability to pay a levy imposed by the government in
accordance with the legislation. The interpretation requires that the liability to pay a levy is recognized
when the activity that triggers the payment of the levy occurs, as identified by the legislation. The
application of this interpretation does not have a material impact on the consolidated financial
statements.
32

-
Amendment to Korean IFRS 1102, Share-based payment
Korean IFRS 1102, Share-based payment, clarifies the definition of vesting conditions such as
performance condition, service condition and others. This amendment is applied to share-based
payment transactions for which the grant date is on or after July 1, 2014. The application of this
amendment does not have a material impact on the consolidated financial statements.
-
Amendment to Korean IFRS 1032, Financial Instruments: Presentation
Amendment to Korean IFRS 1032, Financial Instruments: Presentation, provides that the right to offset
must not be contingent on a future event and must be legally enforceable in all of circumstances; and if
an entity can settle amounts in a manner such that outcome is, in effect, equivalent to net settlement,
the entity will meet the net settlement criterion.
-
Amendment to Korean IFRS 1036, Impairment of Assets
Amendment to Korean IFRS 1036, Impairment of Assets, removed certain disclosures of the
recoverable amount of cash-generating units which had been included in this amendment by the
issuance of Korean IFRS 1113.
-
Amendment to Korean IFRS 1039, Financial Instruments: Recognition and Measurement
Amendment to Korean IFRS 1039, Financial Instruments: Recognition and Measurement, allows the
continuation of hedge accounting for a derivative that has been designated as a hedging instrument in
a circumstance in which that derivative is novated to a central counterparty (CCP) as a consequence of
laws or regulations.
The Group expects that new standards, amendments and interpretations issued but not effective for
the annual period beginning on January 1, 2014 and not early adopted would not have a material
impact on its consolidated financial statements.
2.2 Consolidation
The Group has prepared the consolidated financial statements in accordance with Korean-IFRS 1110,
(a) Subsidiaries
Subsidiaries are all entities over which the Company has control. The Company controls the
corresponding investee when it is exposed, or has rights, to variable returns from its involvement with
the investee and has the ability to affect those returns through its power over the investee. The
consolidation of a subsidiary begins from the date the Company obtains control of a subsidiary and
ceases when the Company loses control of the subsidiary.
33

The Group applies the acquisition method to account for business combinations. The consideration
transferred is measured at the fair values of the assets transferred, and identifiable assets acquired and
liabilities and contingent liabilities assumed in a business combination are initially measured at their fair
values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an
acquisition-by-acquisition basis in the event of liquidation, either at fair value or at the non-controlling
interests proportionate share of the recognized amounts of acquirees identifiable net assets. All other
non-controlling interests are measured at their acquisition-date fair values, unless another
measurement basis is required by IFRSs. Acquisition-related costs are expensed as incurred.
Goodwill is recognized as the excess of the aggregate of the consideration transferred, the amount of
any non-controlling interest in the acquiree, and the acquisition-date fair value of the acquirers
previously held equity interest in the acquiree over the identifiable net assets acquired. If this
consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is
recognized in profit or loss.
Balances of receivables and payables, income and expenses and unrealized gains on transactions
between the Group subsidiaries are eliminated. Accounting policies of subsidiaries have been changed
where necessary to ensure consistency with the policies adopted by the Group.
(b) Associates
Associates are all entities over which the Group has significant influence, and investments in
associates are initially recognized at acquisition cost using the equity method. Unrealized gains on
transactions between the Group and its associates are eliminated to the extent of the Groups interest
in the associates. If there is any objective evidence that the investment in the associate is impaired, the
Group recognizes the difference between the recoverable amount of the associate and its book value
as impairment loss.
(c) Joint arrangements
A joint arrangement, wherein two or more parties have joint control, is classified as either a joint
operation or a joint venture. A joint operator has rights to the assets, and obligations for the liabilities,
relating to the joint operation and recognizes the assets, liabilities, revenues and expenses relating to
its interest in a joint operation. A joint venturer has rights to the net assets relating to the joint venture
and accounts for that investment using the equity method.
34

2.3 Foreign Currency Translation
(a) Functional and presentation currency
Items included in the financial statements of each of the Groups entities are measured using the
currency of the primary economic environment in which the each entity operates (the functional
currency). The consolidated financial statements are presented in Korean won, which is the Companys
functional and presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in
the statements of profit and loss.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are
presented in the statements of comprehensive income within finance income or expenses. All other
foreign exchange gains and losses are presented in the statements of comprehensive income within
other income or expense.
Exchange differences arising on non-monetary financial assets and liabilities such as equity instrument
at fair value through profit or loss and available-for-sale equity instruments are recognized in profit or
loss and included in other comprehensive income, respectively, as part of the fair value gain or loss.
The results and financial position of all the foreign operations that have a functional currency different
from the presentation currency of the Group are translated into the presentation currency. Assets and
liabilities for each statement of financial position presented are translated at the closing rate at the end
of the reporting date, and income and expenses for each statement of income are translated at average
exchange rates, and all resulting exchange differences are recognized in other comprehensive income
and presented as a separate component of equity (accumulated comprehensive income).
Exchange differences arising from the translation of the net investment in foreign operations are
recognized in other comprehensive income and presented as a separate component of equity. When a
foreign operation is partially disposed of or sold, the exchange differences that were recorded in equity
are recognized in the statement of income where there is a loss of control.
35

(c) Translation of financial statements of overseas subsidiaries
Items on the statements of financial position are translated at the closing rate at the end of the reporting
period, except historical exchange rate applied to equity accounts. Items on the statements of
comprehensive are translated at average exchange rates. All resulting exchange differences are
recognized in other comprehensive income and allocated to equity attributable to owners of the parent
and non-controlling interests. Differences allocated to equity attributable to owners of the parent are
presented on the consolidated statements of financial position as other equity items (cumulative effect
of foreign currency translation of overseas operations).
2.4 Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, and other short-term
highly liquid investments that are readily convertible to a known amount of cash and are subject to an
insignificant risk of change in value.
2.5 Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable for the sale of goods
or rendering of services arising from the normal activities of the Group. It is stated as net of value added
taxes, returns, and discounts, after elimination of intra-company transactions.
The Group recognizes revenue when the amount of revenue can be reliably measured; when it is
probable that future economic benefits will flow to the entity; and when specific criteria have been met
for each of the Groups activities, as described below. The Group bases its estimate on historical results,
taking into consideration the type of customer, the type of transaction and the specifics of each
arrangement.
(a) Sale of goods and sales commission
Sales are recognized when significant risk and rewards of ownership of the goods are transferred. Sale
of merchandise is recognized when it is delivered to the customer, except export sales which are
recognized upon shipment of product. Sales commission is recognized on an accrual basis when the
transaction, where the Group serves as the selling agent, is completed.
(b) Contract revenue
Revenues from construction contracts are recognized using the percentage-of-completion method,
measured principally by the percentage of costs incurred for work performed to date to estimated total
costs to complete the contract work.
36

(c) Interest income
Interest income is recognized using the effective interest method according to the time passed. When a
loan and receivable is impaired, the Group reduces the carrying amount to its recoverable amount and
continues unwinding the discount as interest income. Interest income on impaired loan and receivables
is recognized using the original effective interest rate.
(d) Dividend income
Dividend income is recognized when the right to receive payment is established.
2.6 Construction Contracts
Construction contract is defined by Korean IFRS 1011, Construction Contracts, as a contract
specifically negotiated for the construction of an asset.
Contract costs are recognized as an expense in the period in which they are incurred. When the
outcome of a construction contract cannot be estimated reliably, contract revenue is recognized only to
the extent of contract costs incurred that are likely to be recoverable. When the outcome of a
construction contract can be estimated reliably and it is probable that the contract will be profitable,
contract revenue is recognized over the period of the contract by reference to the stage of completion.
Variations in contract work, claims and incentive payments are included in contract revenue to the
extent that may have been agreed with the customer and are capable of being reliably measured.
When it is probable that total contract costs will exceed total contract revenue, the expected loss on the
construction contract is immediately recognized as an expense.
The Group uses the percentage-of-completion method to determine the appropriate amount to
recognize in a given period. The stage of completion is measured by reference to the contract costs
incurred up to the end of the reporting period as a percentage of total estimated costs for each contract.
Costs incurred in the year in connection with future activity on a contract are excluded from contract
costs in determining the stage of completion. These amounts are recognized as inventory or other
current assets.
On the statement of financial position, the Group reports the net contract position for each contract as
either an asset or a liability. A contract represents an asset where costs incurred plus recognized profits
(less recognized losses) exceed progress billings (due from customers for contract work); a contract
represents a liability where the opposite is the case (due to customers for contract work).
Revenues from the sale of real-estate of apartment units are recognized using the
percentage-of-completion method in accordance with Korea Accounting Institute Q&A 2011-I-KQA,
effective under Korean IFRS Section based on the Article 13.1.1 of the Act on External Audit in Korea.
37

2.7 Financial Assets
(a) Classification and measurement
The Group classifies its financial assets in the following categories: financial assets at fair value through
profit or loss, available-for-sale financial assets, loans and receivables, and held-to-maturity financial
assets.
For hybrid (combined) instruments, the Group is unable to measure an embedded derivative separately
from its host contract and therefore, the entire hybrid (combined) contract is classified as at fair value
through profit or loss. The financial assets designated at fair value through profit or loss by the Group
are foreign convertible bonds and securitized derivatives.
Regular purchases and sales of financial assets are recognized on the trade date. At initial recognition,
financial assets are measured at fair value plus, in the case of financial assets not carried at fair value
through profit or loss, transaction costs. Transaction costs of financial assets carried at fair value
through profit or loss are expensed in the statement of income. After the initial recognition,
available-for-sale financial assets and financial assets at fair value through profit or loss are
subsequently carried at fair value. Loans and receivables, and held-to-maturity investments are
subsequently carried at amortized cost using the effective interest rate method.
Changes in fair value of financial assets at fair value through profit or loss are recognized in profit or
loss and changes in fair value of available-for-sale financial assets are recognized in other
comprehensive income. When the available-for-sale financial assets are sold or impaired, the fair value
adjustments recorded in equity are reclassified into profit or loss.
(b) Impairment
The Group assesses at the end of each reporting period whether there is objective evidence that a
financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets
is impaired and impairment losses are incurred only if there is objective evidence of impairment as a
result of one or more events that occurred after the initial recognition of the asset (a loss event) and
that loss event (or events) has an impact on the estimated future cash flows of the financial asset or a
group of financial assets that can be reliably estimated.
Impairment of loans and receivables is presented as a deduction in an allowance account. Impairment
of other financial assets is directly deducted from their carrying amount. The Group writes off financial
assets when the assets are determined to be no longer recoverable.
The objective evidence that a financial asset is impaired includes significant financial difficulty of the
issuer or obligor; a delinquency in interest or principal payments; or the disappearance of an active
market for that financial asset because of financial difficulties.
38

(c) Derecognition
If the Group transfers a financial asset and the transfer does not result in derecognition because the
Group has retained substantially of all risks and rewards of ownership of the transferred asset due to a
recourse in the event the debtor defaults, the Group continues to recognize the transferred asset in its
entirety and recognizes a financial liability for the consideration received. The related financial liability is
classified as short-term borrowings in the statement of financial position.
(d) Offsetting of financial instruments
Financial assets and liabilities are offset and the net amount reported in the consolidated statements of
financial position where there is a legally enforceable right to offset the recognized amounts and there
is an intention to settle on a net basis or realize the assets and settle the liability simultaneously. The
legally enforceable right must not be contingent on future events and must be enforceable in the
normal course of business and in the event of default, insolvency or bankruptcy of the Group or the
counterparty.
2.8 Trade Receivables
Trade receivables are amounts due from customers for merchandise sold or services performed in the
ordinary course of business. If collection is expected in one year or less, they are classified as current
assets. If not, they are presented as non-current assets.
Trade receivables are recognized initially at fair value and subsequently measured at amortized cost
using the effective interest method, less allowance for doubtful accounts.
Factoring of trade receivables is recognized when the contractual rights to receive cash flows from the
receivables have expired or have been transferred and the Group has substantially transferred all risks
and rewards of ownership.
2.9 Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the
specific identification method or moving average method. Net realizable value is the estimated selling
price in the ordinary course of business, less applicable variable selling expenses.
39

2.10 Property, Plant and Equipment
Property, plant and equipment are stated at cost less accumulated depreciation. Historical cost
includes expenditures that are directly attributable to the acquisition of the items.
Land is not depreciated. Depreciation on other assets is calculated using the straight-line method over
the following estimated useful lives, except that other property, plant and equipment of subsidiaries in
natural resources development, trading and construction are depreciated using the units of production
method and the declining-balance method:
Estimated useful lives
20 - 40 years
5 - 12 years
Buildings and structures

Others
The depreciation method, residual values and useful lives of property, plant and equipment are
reviewed at the end of each reporting period and, if appropriate, accounted for as changes in
accounting estimates.
2.11 Intangible Assets
Intangible assets are initially measured at their historical cost, and carried at cost less accumulated
amortization. Intangible assets, except for mineral rights amortized using the units of production
method, are amortized using the straight-line method to allocate their cost to their residual values of nil
over their estimated useful lives, as stated below. Membership rights are regarded as intangible assets
with indefinite useful life and not amortized, because there is no foreseeable limit to the period over
which the assets are expected to be utilized.
Estimated useful lives
5 - 10 years
14 - 20 years
Indefinite
5 - 20 years
Industrial property rights

Right to use property
Memberships
Others
2.12 Investment Property
Property held to earn rentals or for capital appreciation or both is classified as investment property.
Investment property is measured initially at its cost. After recognition as an asset, investment property
is carried at its cost less accumulated depreciation and impairment losses. Investment property, except
for land, is depreciated using the straight-line method over their useful lives of 10~40 years.
40

2.13 Biological Assets
A biological asset shall be measured on initial recognition and at each statement of financial position
date at its fair value less estimated costs to sell. The fair value of a biological asset is measured by an
independent professional organization by using Discounted Cash Flow (DCF) method. The cash flows
during the life expectancy of a biological asset are determined under consideration of agricultural
produce such as Fresh Fruit Bunch at the point of harvest, market price and the estimated cultivating
costs and other variations.
2.14 Impairment of Non-Financial Assets
Goodwill or intangible assets with indefinite useful lives are not subject to amortization and are tested
annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable. An
impairment loss is recognized for the amount by which the assets carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an assets fair value less costs to sell and
value in use. Non-financial assets, other than goodwill, that suffered impairment are reviewed for
possible reversal of the impairment at each reporting date.
2.15 Financial Liabilities
(a) Classification and measurement
Financial liabilities at fair value through profit or loss are financial instruments held for trading. Financial
liabilities are classified in this category if incurred principally for the purpose of repurchasing them in the
near term. Derivatives that are not designated as hedges or bifurcated from financial instruments
containing embedded derivatives are also categorized as held-for-trading.
The Group classifies non-derivative financial liabilities, except for financial liabilities at fair value through
profit or loss, financial guarantee contracts and financial liabilities that arise when a transfer of financial
assets does not qualify for derecognition, as financial liabilities carried at amortized cost and presented
as trade payables, borrowings, and other financial liabilities in the statement of financial position.
(b) Derecognition
Financial liabilities are removed from the statement of financial position when it is extinguished, for
example, when the obligation specified in the contract is discharged, cancelled or expired or when the
terms of an existing financial liability are substantially modified.
41

2.16 Trade Payables
Trade payables are amounts due to suppliers for merchandise purchased or services received in the
ordinary course of business. If payment is expected in one year or less (or in the normal operating
cycle of the Group if longer), they are classified as current liabilities. If not, they are presented as
non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured
at amortized cost using the effective interest method.
2.17 Financial Guarantee Contract
Financial guarantees are initially recognized in the financial statements at fair value on the date the
guarantee was given. If the amount measured in subsequent periods exceeds the unamortized balance
of the amount initially recognized, the excess is classified as other financial liabilities.
The amount determined in accordance with Korean-IFRS 1037, Provisions, Contingent Liabilities
and Contingent Assets; or
the initial amount, less accumulated amortization recognized in accordance with
Korean-IFRS1018, Revenue.
2.18 Borrowings and Borrowing Costs

Borrowings are recognized initially at fair value, net of transaction costs and are subsequently
measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the
redemption value is recognized in the consolidated statement of comprehensive income as financial
expense over the period of the borrowings using the effective interest method.
If the Group has an indefinite right to defer payment for a period longer than 12 months after the end of
the reporting date, such liabilities are recorded as non-current liabilities, otherwise, they are recorded
as current liabilities.
General and specific borrowing costs directly attributable to the acquisition, construction or production
of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for
their intended use or sale, are added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale. Investment income earned on the temporary
investment of specific borrowings pending their expenditure on qualifying assets is deducted from the
borrowing costs eligible for capitalization. All other borrowing costs are recognized in profit or loss in
the period in which they are incurred.
42

2.19 Employee Benefits
(a) Net defined benefit liability
The Group has both defined contribution and defined benefit plans.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a
separate entity. The contributions are recognized as employee benefit expense when an employee has
rendered service.
A defined benefit plan is a pension plan that is not a defined contribution plan. Typically defined benefit
plans define an amount of pension benefit that an employee will receive on retirement, usually
dependent on one or more factors such as age, years of service and compensation. The liability
recognized in the statement of financial position in respect of defined benefit pension plans is the
present value of the defined benefit obligation at the end of the reporting period less the fair value of
plan assets. The defined benefit obligation is calculated annually by independent actuaries using the
projected unit credit method. The present value of the defined benefit obligation is determined by
discounting the estimated future cash outflows using interest rates of high-quality corporate bonds and
that have terms to maturity approximating to the terms of the related pension obligation. The
remeasurements of the net defined benefit liability are recognized in other comprehensive income.
If any plan amendments, curtailments, or settlements occur, past service costs or any gains or losses
on settlement are recognized as profit or loss for the year.
(b) Long-term employee benefit fund
Long-term employee benefit fund are held by the Group. The Group recognizes the fund as
an asset to the net amount that the prepayment will lead to a reduction in related future payments
of employee benefits.
(c) Share-based payments
Equity-settled share-based payments granted to employees are estimated at the grant date fair value
of equity instruments and recognized as employee benefit expenses over the vesting period. The
number of equity instruments expected to vest is remeasured with consideration to non-market vesting
conditions at the end of the reporting period, with any changes from the original measurement
recognized in the profit for the year and equity.
2.20 Provisions
Provisions are measured at the present value of the expenditures expected to be required to settle the
obligation. The increase in the provisions due to passage of time is recognized as an interest expense.
43

2.21 Derivative Instruments
Derivatives are initially recognized at fair value on the date when a derivative contract is entered into
and are subsequently re-measured at their fair value. Changes in the fair value of the derivatives that
are not qualified for hedge accounting are recognized in the statement of comprehensive income within
'other income (expenses)' or 'finance income (expenses)' according to the nature of transactions.
The Group applies cash flow hedge accounting for hedging price changes risks on forecast purchases
of inventories and others. The effective portion of changes in fair value of derivatives that are
designated and qualify as cash flow hedges is recognized in other comprehensive income and the
ineffective portion is recognized in other income (expenses).
Amounts of changes in fair value of effective hedging instruments accumulated in other comprehensive
income are included in the initial measurement of the cost of non-financial assets as hedging
transactions and recognized as cost of sales for the periods when the corresponding transactions
affect profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or
loss that is reported in other comprehensive income is recognized as other income (expenses).
The Group applies fair value hedge accounting for hedging fixed interest risks on borrowings. The
effective portion of changes in fair value of derivatives that are designated and qualify as fair value
hedges is recognized as finance cost, and the ineffective portion is recognized as other
non-operating income (expenses). However, changes in the fair value of the hedged items attributable
to hedged risk are recognized as finance cost.
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount
of a hedged item for which the effective interest method is used is amortized to profit or loss over the
period to maturity.
2.22 Dividend Distribution
Dividend distribution to the Groups shareholders is recognized when the dividends are approved.
2.23 Current and Deferred Income Tax
The tax expense for the period comprises current and deferred tax. Tax is recognized on the profit for
the period in the statement of income, except to the extent that it relates to items recognized in other
comprehensive income or directly in equity, in which case the tax is also recognized in other
comprehensive income or directly in equity, respectively.
The tax expense is calculated on the basis of the tax laws enacted or substantively enacted at the
reporting period.
44

Deferred tax is recognized for temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts as expected tax consequences at the recovery or settlement of the
carrying amounts of the assets and liabilities. However, deferred tax assets and liabilities are not
recognized if they arise from initial recognition of an asset or liability in a transaction other than a
business combination that at the time of the transaction affects neither accounting nor taxable profit or
loss.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit
will be available against which the temporary differences can be utilized.
A deferred tax liability is recognized for temporary differences associated with investments in
subsidiaries and associates, and interests in joint ventures, except to the extent that the Group is able
to control the timing of the reversal of the temporary differences and it is probable that the temporary
difference will not reverse in the foreseeable future. In addition, a deferred tax asset is recognized for
deductible temporary differences arising from such investments to the extent that it is probable that the
temporary difference will reverse in the foreseeable future and taxable profit will be available against
which the temporary difference can be utilized.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current
tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate
to income taxes levied by the same taxation authority on either the same taxable entity or different
taxable entities where there is an intention to settle the balances on a net basis.
2.24 Earnings per Share
Basic earnings per share is calculated by dividing net profit for the period available to common
shareholders by the weighted-average number of common shares outstanding during the year.
Diluted earnings per share is calculated using the weighted-average number of common shares
outstanding adjusted to include the potentially dilutive effect of common equivalent shares outstanding.
2.25 Segment Reporting
Information of each operating segment is reported in a manner consistent with the internal reporting
provided to the Groups management, which is responsible for allocating resources and assessing
performance of the operating segments.
45

2.26 Share Capital
Common shares and preferred shares with no repayment obligations are classified as equity.
When the Company purchases its common shares, the acquisition cost including direct transaction
costs are deducted from equity until the redemption or reissuance of treasury shares. Consideration
received on the subsequent or issue of treasury shares is credited to equity.
2.27 Assets Held-for-Sale
Non-current assets (or disposal group) are classified as assets held-for-sale when their carrying
amount is to be recovered principally through a sale transaction and a sale is considered highly
probable. The assets are measured at the lower amount between their carrying amount and the fair
value less costs to sell.
2.28 Approval of Issuance of the Financial Statements
These consolidated financial statements were approved by the Board of Directors on January 29, 2015,
which is subject to change with the approval of the shareholders meeting.
46

3. United States Dollar Amounts
The Company and its domestic subsidiaries operate primarily in Korean won and their official
accounting records are maintained in Korean won. The U.S. dollar amounts, provided herein,
represent supplementary information solely for the convenience of the reader. All Korean won
amounts other than those in statement of comprehensive income have been translated into U.S.
dollars at the exchange rate of \1,099.20 to US$ 1, while Korean won amounts in statement of
comprehensive income have been translated into U.S. dollars at the exchange rate of \ 1,052.70 to
US$ 1. Such presentation is not in accordance with generally accepted accounting principles in
either the Republic of Korea or the United States, and should not be construed as a representation
that the Korean won amounts shown could be readily converted, realized or settled in U.S. dollars at
this or any other rate.
The December 31, 2013 U.S. dollar amounts, which were previously expressed at the exchange
rate of \1,055.30 to US$ 1(the statements of comprehensive income: \ 1,095.04 to US$ 1), the
rate in effect on December 31, 2013, have been restated to reflect the exchange rate in effect on
December 31, 2014.
4. Critical Accounting Estimates and Assumptions
The Group makes estimates and assumptions concerning the future. Estimates and assumptions
are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances. The
resulting accounting estimates will, by definition, seldom equal the related actual results. The
estimates and assumptions that have a significant risk of causing adjustments to the carrying
amounts of assets and liabilities after the end of the reporting date are addressed below.
(a) Construction contract
The recognition of revenue is recognized by reference to the percentage of completion method. The
stage of completion of a contract is determined in the proportion that contract costs incurred for work
performed to date bear to the estimated total contract costs.
(b) Estimated impairment of goodwill
The recoverable amounts of cash generating units have been determined based on value-in-use
calculations. These calculations are based on estimates.
(c) Fair value of financial instruments
The fair value of financial instruments that are not traded in an active market is determined by using
valuation techniques. The Group uses its judgment to select a variety of methods and make
assumptions that are mainly based on market conditions existing at the end of each reporting period.
47

(d) Net defined benefit liability
The net defined benefit liability depends on a number of factors that are determined on an actuarial
basis using a number of assumptions.
(e) Income taxes
The Group is operating in numerous countries and the income generated from these operations is
subject to income taxes based on tax laws and interpretations of tax authorities in numerous
jurisdictions. There are many transactions and calculations for which the ultimate tax determination
is uncertain. The Group recorded, based on its best estimate, current taxes and deferred taxes that
the Group will be liable in the future for the operating results as of the financial year end. However,
the final tax outcome in the future may be different from the amounts that were initially recorded.
Such differences will impact the current and deferred income tax assets and liabilities in the period in
which such determination is made.
(f) Provisions
As described in Note 2.20, the Group recognizes provisions for warranties, repairs and others as of
the reporting date. The amounts are estimated based on historical data.
48

5. Construction Contracts
The Groups balances of construction contracts as of December 31, 2014 and 2013, are summarized
as follows:
2014
Domestic
Overseas
2013
Total
Total
\ 11,576,912
\ 17,757,680
\ 29,334,592
\ 22,555,714
New construction contracts
5,950,046
7,768,939
13,718,985
19,469,554
Revenue recognized during the year
5,534,047
8,278,163
13,812,210
12,690,676
\ 11,992,911
\ 17,248,456
\ 29,241,367
\ 29,334,592
Beginning balance
Ending balance
The Group provides the certificates of payment from financial institutions to the ordering parties or
reserves certain amount for guarantees for bidding, performance, payment and warranty relating to
the construction contracts mentioned above, presented in the statement of financial position as
guarantee deposits received. As of December 31, 2014, the Group reserves \ 253,072 million
(2013: \ 211,164 million) relating to the constructions in progress.
As of December 31, 2014, the Group has accumulated revenues and costs on the ongoing
construction projects amounting to \ 26,751,319 million and \ 24,715,938 million, respectively. As
of December 31, 2014, the total accumulated revenues and costs incurred on all construction
projects, including those which were completed during the current period, were \ 37,947,755
million and \ 34,602,518 million, respectively.
Investments in Dongducheon Dream Power Co., Ltd., amounting to 103,000 million, were
pledged as collateral to financial institution related to the construction of Dongducheon combined
cycle power plant against borrowings (total borrowing limit of 1,265,000 million) of the
Dongducheon Dream Power Co., Ltd.(Note 12 and Note 31).
49

The account balances of outstanding construction contracts as of December 31, 2014 and 2013,
are summarized as follows:
2014
Domestic
Accounts receivable
2013
Overseas
\ 1,786,404 \ 1,415,613
Total
Total
\ 3,202,017
\ 2,913,713
Advance payments
55,174
507,344
562,518
450,446
Prepaid expenses
448,634
38,265
486,899
545,426
32,035
490,494
522,529
301,408
Long-term loans
331,230
331,230
316,507
Short-term loans
167,680
4,629
172,309
190,553
Advances received
691,498
1,476,928
2,168,426
2,392,875
Payment guarantee from financial institutions
5,345,127
4,526,721
9,871,848
8,584,460
Payment guarantee from Construction

Guarantee Cooperative
3,407,102
3,407,102
3,716,130
5,874
5,874
13,779
Guarantee deposits
Payment guarantee from Korea Software

Financial Cooperative
The Group pays commissions (0.15 - 2.31%) to Korea Construction Financial Cooperative and
Korea Housing Guarantee Co., Ltd. in relation to payment guarantee from financial institution. As of
December 31, 2014, unbilled amount out of accounts receivable is 2,147,032 million and
overbilled amount out of advances received is 1,004,559 million.
As of December 31, 2014, construction sites are covered by construction work insurance amounting
to 5,454,356 million (2013: 6,310,117 million). For the year ended December 31, 2014,
changes in provision for estimated warranty costs for the completed projects and reserve for
foreseeable losses from construction contract are as follows:
Beginning
Increase
Decrease
Provision for estimated warranty costs (provision)
\ 167,141
\ 35,349
\ (36,598)
\ 165,892
67,962
24,442
(41,189)
51,215
Reserve for foreseeable losses (other current liability)
Ending
The Group arranges housing finance for the members engaged in redevelopment and
reconstruction that the Group manages. Advances received temporarily received but not executed
related to housing finance amounts to 975,698 million. The Company has provided a joint
guarantee limit of 2,740,300 million (balance of 2,421,900 million) with regard to the housing
finance in accordance with the agreements with the relevant financial institutions.
50

In addition, payment guarantees provided by the Group for borrowings of the developer as of
December 31, 2014, are as follows:
Financial
institution
Business location
Seoul, Korea
Maximum
amount
Amount
Bank and others
\ 388,220
\ 388,220
Details
Acceptances
for debt
Period
Type
2013.5.242018.5.24
Other PF
loans
The details of major joint venture construction as of December 31, 2014, are as follows:
Total contract
Amount of
Percentage of
amount
the Company
ownership
\ 8,646,041
\ 2,435,071
UAE nuclear power plant
6,121,157
2,754,521
Abu Dhabi Cleveland Clinic
1,703,507
681,403
40.00% BESIX
Qatar DohaMetro42
1,532,762
766,381
50.00% Samsung C&T Corporation
1,132,566
402,061
682,268
409,361
369,686
184,843
Hallim- Saengnim road
287,193
132,109
DTL C908
189,749
104,362
Saudi Riyadh Metro
Representative company
28.16% FCC
Hyundai Engineering &
45.00%
Construction Co., Ltd.
Shin-Wolsong nuclear power

plant #1,2 major facilities
Hong Kong Metro SCLC1109
Dangjin thermal power
generation 9/10 construction
The details of major presale construction as of December 31, 2014, are as follows:
Accumulate
Accounts
Total contract Accumulated Revenue for the receivables
receivable
amount
revenue
reporting period
collected
\ 558,073
\ 558,073
Gangnam Bogeumjari
775,511
775,511
314,578
775,511
Wirye New City
287,309
156,859
125,724
136,143
20,716
Suji Gym
394,237
171,216
130,902
209,734
(38,518)
Bucheon Jung-dong
244,656
129,520
100,652
129,272
248
Gimpo-Hangang(Ab-11)
\ 212,076 \ 558,073
(advances)
\
As of December 31, 2014, the Group has accumulated revenues and costs on the ongoing presale
constructions amounting to \ 1,791,179 million and \ 1,730,628 million, respectively.
51

6. Inventories
Inventories as of December 31, 2014 and 2013, consist of the following:

Acquisition
cost
Merchandise
\ 340,248
2014
Inventory
valuation
allowance
Carrying
amount
Acquisition
cost
2013
Inventory
valuation
allowance
Carrying
amount
\ (14,806) \ 325,442 \ 307,864 \ (14,707)
\ 293,157
Finished good
38,691
(2,448)
36,243
58,732
(2,232)
56,500
Raw materials
93,631
(583)
93,048
95,660
(1,720)
93,940
Land held for housing projects
249,095
(612)
248,483
714,268
(612)
713,656
Materials-in-transit
189,513
189,513
154,265
154,265
Others
118,955
118,955
120,973
(17)
120,956
\ 1,030,133
\ (18,449) \ 1,011,684 \ 1,451,762 \ (19,288) \ 1,432,474
52

7. Financial Instruments by Category
Details of financial instruments by category as of December 31, 2014, are as follows:
Financial assets
measured at fair
value through
profit or loss
Loans and
receivables
Financial assets
Cash and cash equivalents \ 2,101,271

instruments
Trade receivables

assets
Derivative
instruments
for hedging
activities
-
Available-forsale financial
assets
-
Total
\ 2,101,271
56,840
56,840
2,843,344
2,843,344
1,231,616
35,215
35,368
1,302,199
13,185,408
13,185,408
693,440
693,440
35,368
\ 13,185,408
\ 20,182,502
\ 6,926,511
35,215
Accounts receivable unbilled which amount to 2,147,032 million are excluded from financial
instruments.
2
Bank deposits amounting to 63 million are subject to withdrawal restrictions in relation to the
Groups loan facility agreement.
Financial liabilities
Trade payables
Financial
liabilities
measured at fair
value through
profit or loss
\
Derivative
instruments
for hedging
activities
-
Current portion of
long-term debts
Long-term debts
Other non-current
liabilities
2,043,500
1,085,217
Other
financial
liabilities
\
Total
-
721,264
2,043,500
1,806,481
429,236
429,236
13,709
24,712
912,014
87,563
1,037,998
3,060,135
3,060,135
Financial
liabilities
measured at
amortized cost
13,709
780
\
53
25,492
74,533
\
7,604,635
808,827
75,313
\
8,452,663

Details of financial instruments by category as of December 31, 2013, are as follows:
Loans and
receivables
Financial assets
\ 1,468,603
instruments
Trade receivables

assets
Financial assets
measured at fair
value through
profit or loss
Derivative
instruments
for hedging
activities
Available-forsale financial
assets
Total
1,468,603
40,760
40,760
3,189,193
3,189,193
1,153,626
20,049
8,356
1,182,031
10,622,670
10,622,670
930,810
2,679
933,489
11,035
\ 10,622,670
\ 17,436,746
\ 6,782,992
20,049
Accounts receivable unbilled which amount to 1,475,976 million are excluded from financial
instruments.
2
Bank deposits amounting to 610 million are subject to withdrawal restrictions in relation to the
Groups loan facility agreement.
Trade payables
Financial
liabilities
measured at fair
value through
profit or loss
Derivative
instruments
for hedging
activities
Financial
liabilities
measured at
amortized cost
1,988,191
Other
financial
liabilities
Total
1,988,191
931,550
429,941
1,361,491
Current portion of
long-term debts
721,450
721,450
6,653
22,331
1,000,787
98,020
1,127,791
Long-term debts
2,468,827
2,468,827
Other non-current
liabilities
44,631
44,631
527,961
\ 7,712,381
6,653
22,331
7,155,436
Fair value of financial instruments is the same as carrying value, except for those which do not have
market prices in active market and whose fair value cannot be reliably measured.
54

Finance income (expense) categorized by assets and liabilities for the years ended December 31,
2014 and 2013, is as follows:
2014
Available-for-sale financial assets

Gain (loss) on valuation (Other comprehensive
income/ loss)
Gain (loss) on disposal (Profit/ loss)
2013
2,006,670
(584,332)
8,689
(2,159)
(6,372)
1,055
251
1,311
112,055
85,001
(14,853)
(51)
Interest income (expense)
(55,481)
(79,823)
Gain (loss) on disposal of trade receivables
(16,839)
(15,530)
Gain (loss) on foreign currency translation

Bad debt expense/Reversal of provision for
impairment of receivables
43,562
(2,281)
(190,383)
28,052
28,740
157,599
8,699
240
Financial liabilities measured at fair value through profit or loss

Gain (loss) on foreign currency translation (gain/
loss on valuation of derivative instruments)
(11,874)
(93,989)
Derivative instruments for hedging activities

(23,387)
(920)
(5,025)
(1,836)
Gain (loss) on disposal (Reclassification)

Dividend income
Impairment/Reversal (Profit/loss)
Impairment (Reclassification)
Financial assets/liabilities measured at amortized cost
Financial assets measured at fair value through profit or loss

Derivative instruments for hedging activities
Gain (loss) on foreign currency translation
(gain/loss on valuation of derivative
instruments)
Other financial liabilities

1
Accumulated other comprehensive gain (loss) in prior year was reclassified as gain (loss) for the
year.
55

8. Trade Receivables and Other Assets
Trade receivables and other assets as of December 31, 2014 and 2013, are as follows:
2014
2013
Provision for
Gross amount impairment
Net amount
Net amount
Trade receivables
Financial instruments
2,900,637 \
(57,293) \ 2,843,344
\ 3,189,193
2,147,032
2,147,032
1,475,976
5,047,669
(57,293)
4,990,376
4,665,169
Short-term loans
Current portion of long-term receivables
(Note 9)
277,450
(133,962)
143,488
161,436
66,174
66,174
13,220
Non-trade receivables
443,356
(41,096)
402,260
493,970
Accrued revenues
202,751
(42,443)
160,308
206,559
Deposits
542,858
(12,889)
529,969
306,846
1,532,589
(230,390)
1,302,199
1,182,031
Due from customer for construction work

Financial instruments :
Advances payments
736,339
(33,099)
703,240
551,485
Prepaid expenses
638,107
(162,663)
475,444
565,071
Others
130,869
130,869
131,983
3,037,904
(426,152)
2,611,752
2,430,570
Long-term receivables (Note 9)
763,400
(239,263)
524,137
747,360
Long-term financial instruments
8,621
8,621
610
141,295
(975)
140,320
159,574
29,196
(8,834)
20,362
23,266
2,679
942,512
(249,072)
693,440
933,489

Financial instruments :
Deposits
Overseas natural resources development
Derivative instruments
Others
\
56
49,554
49,554
47,107
992,066
(249,072)
742,994
980,596
\ (732,517) \ 8,345,122
\ 8,076,335
9,077,639

2014
2013
Provision for
Gross amount
Third party receivables
impairment
Net amount
Net amount
\ 8,986,337
\ (721,949)
\ 8,264,388
91,302
(10,568)
80,734
220,966
\ 9,077,639
\ (732,517)
\ 8,345,122
\ 8,076,335
Related party receivables
\ 7,855,369
As of December 31, 2014, trade receivables amounting to 721,264 million (2013: 429,941
million) which were transferred to financial institutions but have not matured yet, are recognized as
trade receivables and short-term borrowings, respectively, due to a recourse in the event the debtor
fails to pay (Note 16).
Changes in provision for impairment for the year ended December 31, 2014, are as follows:
January 1,
Bad debts
2014
expense

Trade receivables
51,155
5,518
December 31,
Write-off
\
Reversal
(4) \
Others(*)
(3,485)
2014
4,109
57,293

Short-term loans
132,760
3,192
(1,845)
(145)
133,962
33,564
16,083
(8,772)
221
41,096
Accrued revenues
41,486
2,704
(1,755)
42,443
Deposits
Advances payments
Prepaid expenses
6,820
6,632
(563)
12,889
214,630
28,611
(12,935)
84
230,390
15,953
17,984
(1,166)
(58)
386
33,099
179,238
54,803
(71,378)
162,663
409,821
101,398
(1,166)
(84,371)
470
426,152
(Note 9)
95,113
163,555
(18,768)
(690)
53
239,263
Deposits
975
975

Long-term receivables
Overseas natural
resources development
8,834
8,834
95,113
173,364
(18,768)
(690)
53
249,072
\ 556,089
\ 280,280
\ (19,938)
\ (88,546)
(*) Others include translation differences, consolidation adjustments and others.
57
4,632
732,517

Changes in provision for impairment for the year ended December 31, 2013, are as follows:
January 1,
Bad debts
2013
expense

Trade receivables
51,934
December 31,
Reversal
15,287 \
Others(*)
(9,091) \
2013
(6,975)
51,155

Short-term loans
168,822
3,199
(2,206)
(37,055)
132,760
9,781
(9,781)
93,874
9,142
(69,157)
(295)
33,564
Accrued revenues
70,077
2,788
(1,189)
(30,190)
41,486
7,487
(667)
6,820
350,041
15,129
(73,219)
(77,321)
214,630
Current portion of
long-term receivables
Deposits
Advances payments
Prepaid expenses
Others
7,400
8,604
(51)
15,953
158,963
53,678
(33,403)
179,238
(110)
108
516,404
77,413
(106,732)
(77,264)
409,821
23,853
(11)
9,762

61,509
\
629,847 \
116,553 \ (115,834) \ (74,477)
95,113
\
556,089
(*) Others include translation differences, consolidation adjustments and others.

Bad debts expenses have been included in selling and administrative expenses and other operating
expenses, respectively, in the statement of consolidated comprehensive income. Amounts charged to the
allowance account are generally written off when there is no expectation of recovering additional cash.
As of December 31, 2014 and 2013, fair values of trade receivables, other current assets and other
non-current assets are equal to their carrying value. The maximum exposure of trade and other
receivables to credit risk is the carrying value of each class of receivables mentioned above.
58

9. Long-Term Receivables
As of December 31, 2014 and 2013, long-term receivables (including current portion) are as follows:
2014
Renault Samsung Motors Co., Ltd.

Loans for others
2013
77,558
87,935
40,666
66,036
Loans for redevelopment and reconstruction projects
514,202
653,492
Less: Present value discount
(42,115)
(46,883)
Less: Current portion of long-term receivables
590,311
760,580
(66,174)
(13,220)
524,137
747,360
The collectability of the contingent receivables from Renault Samsung Motors Co., Ltd. amounting
to 66,947 million depends on the results of its future operations. Although management believes
that the collectability is uncertain, it does not, however, expect this to result in a material adverse
impact on the Groups financial position.
59

10. Other Liabilities
Details of other liabilities as of December 31, 2014 and 2013, are as follows:
2014
2013

Financial instruments:
Non-trade payables
Accrued expenses
615,591
334,844
Finance guarantee contract
682,373
347,398
87,563
98,020
1,037,998
1,127,791
3,305,731
3,347,334
Withholdings
491,711
352,108
Provisions
161,282
795
614
4,997,517
4,827,847
Long-term non-trade payables
54,932
37,340
Leasehold deposits received
20,381
7,291
75,313
44,631
Advances received
Others
Other non-current liabilities
Financial instruments:
Long-term unearned revenue
60
1,783
1,977
77,096
46,608
5,074,613
4,874,455

11. Available-for-sale Financial Assets
Changes in available-for-sale financial assets for the years ended December 31, 2014 and 2013,
are as follows:
2014
Beginning balance
Acquisition
Acquisition due to business combination (*)
Disposal
Impairment losses
Other changes
Gain(Loss) on valuation
Loss on translation of foreign currency
Ending balance
2013
10,622,670
38,632
2,819
(60,235)
(14,904)
(49,793)
2,647,338
(1,119)
13,185,408
11,344,296
239,298
(133,972)
(47,051)
(8,254)
(770,800)
(847)
10,622,670
* The Group acquired 80% equity shares of Seoul Lakeside Co., Ltd. and 100% shares of Samoo
Architects & Engineers Co., Ltd. through business combination during the year ended December 31,
2014 (Note 35).
Details of available-for-sale financial assets as of December 31, 2014 and 2013, are as follows:
2014
Details
Listed equities
(1)
Non-listed equities
(2)
Debt securities
Deduction:
Current portion
2013
12,553,374
552,404
1,510,228
79,630
84,898
13,185,408
(138)
Non-current portion
61
9,027,544
13,185,270
10,622,670
-
10,622,670

(1) Listed equities
Listed equities as of December 31, 2014 and 2013, consist of the following:
2014
Number of
Samsung Electronics Co., Ltd.
2013
Percentage
shares
(%) of
Acquisition
Market
Carrying
Carrying
owned
ownership
cost
value
value
value
\ 395,123 \ 7,930,632
7,930,632
\ 8,199,569
250,077
250,077
399,832
54,219
54,219
123,670
5,976,362
3.51
14,539,350
12.64
20,570
2,273,350
4.28
28,270
Samsung Fine Chemicals Co., Ltd.
1,441,982
5.59
34,003
47,153
47,153
64,240
Samsung Engineering Co., Ltd.
3,124,222
7.81
200,615
118,408
118,408
206,199
Samsung Securities Co., Ltd.
201,731
0.26
4,531
8,987
8,987
8,886
iMarketKorea, Inc.
647,320
1.80
324
18,384
18,384
16,668
13,215,822
17.08
180,436
3,878,844
3,878,844
1,849,850
1.37
3,376
292,276
292,276
8,451
8,613
8,613
8,480
875,699
12,607,593
12,607,593
9,027,544
(28,270)
(54,219)
(54,219)
\ 847,429 \ 12,553,374 \ 12,553,374
\ 9,027,544
Cheil Communications Inc.

Samsung Techwin Co., Ltd.
Samsung SDS Co., Ltd.

Cheil Industries Inc.
Others
Less: Asset held-for-sale

Samsung Techwin Co., Ltd.
2,273,350
4.28
The Group entered into a contract to sell 4.28% equity shares of Samsung Techwin Co., Ltd. to
Hanhwa Corporation as approved by the Board of Directors on November 26, 2014, and classified the
equity as asset held-for-sale.
2
The equity securities are listed on the Korean Stock Exchange on November 14, 2014.
3
The equity securities are listed on the Korean Stock Exchange on December 18, 2014.
Gain or loss on valuation of available-for-sale securities is recorded as accumulated other
comprehensive income and loss for the amount, net of income tax.
62

(2) Non-listed equities
Non-listed equities as of December 31, 2014 and 2013, consist of the following:
2014
Number of
shares
owned
Percentage
(%) of
ownership
2013
Fair value or
Net asset
value
Acquisition
cost
Carrying
Carrying
amount
amount
Domestic Companies
Busan Newport Co., Ltd.
Samsung SDS Co., Ltd.
Korea Housing Guarantee Co., Ltd.

Cheil Industries Inc.
DreamHerb Project Financing
14,905,167
12.91
\ 74,541
\ 103,174
\ 103,174
915,949
1,988,266
0.31
42,419
16,996
16,996
13,673
90,609
77,310
12,800,000
6.40
64,000
25,068
25,068
25,068
Samsung Economics Research

Institute
Samsung biologics
Australia water conversion fund
Oil Hub Korea and others
120,000
1.00
600
903
903
690
1,170,945
5.75
57,111
138,128
138,128
57,111
17,656
76,993
53,173
50,038
58,063
315,664
337,442
334,307
1,256,129
4,477
Overseas Companies
Samsung SDI (Hongkong) Limited
5,500,000
2.44
4,477
6,956
4,477
Beijing Samsung Real Estate Co.,

Ltd.
Korea Ras laffan LNG Ltd.
10.00
60,964
59,623
60,964
53,969
2,783,333
10.00
4,304
80,279
80,279
122,534
67,117
65,003
31,704
34,519
136,862
211,861
177,424
215,499
Posco India Delhi Steel Processing

Centre.PVT.LTD and others
Other Companies
Korea Construction Financial
Cooperative
Others
27,574
0.71
27,650
38,374
38,374
38,129
2,299
2,299
2,299
471
29,949
40,673
40,673
38,600
\ 482,475
\ 589,976
\ 552,404
\ 1,510,228
Investments in equity instruments that do not have a quoted market price in an active market and
whose fair value cannot be reliably measured are measured at cost.
2
The equity securities are listed on the Korean Stock Exchange in 2014.
3
The Group sold all beneficiary securities (book value: \17,656 million) to The Korean Teachers
Credit Union and The-K Yedaham Co., Ltd. on August 4, 2014.
63

Investments in Busan Newport Co., Ltd., amounting to 103,174 million, were pledged as
collateral against the investee's debts (total borrowing limit of 270,000 million) to eight financial
institutions, including Kookmin Bank.
As of December 31, 2014 and 2013, the debt securities amounting to 79,630 million and
84,898 million, respectively, are composed of convertible bonds, national and municipal bonds,
which have rates of return of 2.00% to 5.00% per annum.
As of December 31, 2014, the maximum amount exposed to credit risk, relating to available-for-sale
financial assets, is equal to the book value.
Changes in gain or loss on valuation of available-for-sale financial assets for the year ended
December 31, 2014, recorded as other component of equity, consist of the following:
Balance at
Balance at
January 1,
Deferred
December 31,
Valuation
income tax
2014
\ 7,023,284
\ 2,724,940
(6,052)
(77,602)
\ 7,017,232
\ 2,647,338
2014
Gain on valuation of
available-for-sale financial assets
(659,447)
\ 9,088,777
18,779
(64,875)
(640,668)
\ 9,023,902
Loss on valuation of
available-for-sale financial assets
64

12. Investments in Associates and Joint ventures
Details of major investments in associates and joint ventures as of December 31, 2014 and 2013,
are as follows:
Location
2014
Percentage
(%) of
ownership
Acquisition
cost
2013
Net assets
Acquisition
cost
Book value
Net assets
Book value
Associates
Samsung General
1,3,5
Chemicals Co., Ltd.
Korea
Samsung Petrochemical
3
Co., Ltd.
Korea
Songdo Landmark City

6
Limited
Korea
Philippines

Malaysia
Korea
2
Co., Ltd.
37.28 \ 216,804
\ 674,005
\ 674,266
\ 116,605
\ 602,300
\ 562,057
37,232
103,502
103,490
41.38
22,125
13,279
13,279
22,125
14,380
14,380
50.00
7,691
6,239
6,239
9,526
7,730
7,730
30.00
112
125
125
112
69
69
31.15
103,000
86,526
64,582
103,000
96,286
71,040
Development Co., Ltd.
Jamsil Veterans PFV Co.,
Ltd.
Chongqing Shanxia
Technology Textile Co.,
Ltd.
China
40.00
19,312
13,441
13,441
19,312
14,920
14,920
Korea
4,000
3,479
1,842
China
20.00
23,246
28,220
28,220
23,246
26,697
26,697
Uglegorskugol, LLC.
Russia
49.99
19,746
5,982
4,204
19,746
12,525
10,746
Port Uglegorsky, LLC.
Russia
50.00
6,041
6,041
368
368
China
30.00
2,724
3,464
3,464
2,724
3,058
3,058
Saudi
Arabia
35.00
132,494
132,494
132,494
China
5,849
6,465
6,465
20,051
Tongling Guoxing
Chemical Co., Ltd.
Qurayyah Investment
Company
Ningxia KNOC Samsung
Lantian Oil Development
4
Co., Ltd.
Grand Renewable Solar LP
Canada
25.01
20,051
20,051
20,051
20,051
20,051
Kingston Solar LP
Canada
25.01
29,066
29,066
29,066
11,527
10,037
8,578
11,527
4,361
2,841
613,939
1,022,929
998,009
401,096
916,191
845,754
Others
Joint ventures
Korea LNG Limited
Solar Projects Solutions,
LLC.
JSC Balkhash Thermal
Power Plant
Oman
20.00
79,493
79,493
76,268
76,268
U.S.A.
50.00
7,273
175
175
6,657
12,940
13,155
Kazakhstan
75.00
171,689
164,853
164,853
104,645
93,203
93,203
65

Alpha S.R.L.
Romania
78.00
32,959
19,076
23,872
32,959
22,434
32,977
K2 Wind Ontario LP
Canada
33.34
44,192
23,804
18,298
17,360
15,732
15,732
SP Armow Wind Ontario LP
Canada
50.00
42,311
33,507
32,343
5,828
5,028
5,028
109,340
76,852
62,075
166,364
128,574
126,654
Others
407,766
397,760
381,109
333,815
354,179
363,017
1,021,705
1,420,689
1,379,118
734,911
1,270,370
1,208,771
Less : Asset held for sale

4
Co., Ltd.
China
(5,849)
(6,465)
(6,465)
Samsung General
5
Chemicals Co., Ltd.
Korea
19.33
(112,402)
(349,471)
(355,592)

6
Limited
Korea
41.38
(22,125)
(13,279)
(13,279)
Canada
22.01
(17,291)
(17,291)
(17,291)
(17,291)
(17,291)
(17,291)
Kingston Solar LP
Canada
22.01
(26,846)
(26,846)
(26,846)
(178,664)
(406,887)
(413,008)
(23,140)
(23,756)
(23,756)
\ 843,041
\ 1,013,802
\ 966,110
\ 711,771
\ 1,246,614
\ 1,185,015
Samsung General Chemicals Co., Ltd. and Samsung Investment Manzanillo B.V. account for their
investments in Samsung Total Petrochemical Co., Ltd. (50%) and Terminal KMS (37.5%) under the
equity method.
2
Investments in Dongducheon Dream Power Co., Ltd., amounting to 103,000 million, were
pledged as collateral to a financial institution related to the construction of the Dongducheon
combined cycle power plant against the borrowings (total borrowing limit of 1,265,000 million) of
Dongducheon Dream Power Co., Ltd. (Notes 5 and 31).
3
During the current year, Samsung General Chemicals Co., Ltd. merged with Samsung
Petrochemical Co., Ltd.
4
During the current year, the Company disposed of the shares of Ningxia KNOC Samsung Lantian
Oil Development Co., Ltd., which was classified as asset held-for-sale in 2013.
5
The Company entered into a contract to sell 19.33% equity shares of Samsung General Chemicals
Co., Ltd. to Hanhwa Corporation on November 26, 2014, and classified the investee as asset
held-for-sale.
6
The Company entered into a contract to sell equity interests, receivables, and others of Songdo
Landmark City Limited to joint venture partners as approved by the Board of Directors in 2014 and
classified the investee as asset held-for-sale.
66

Changes in investments in associates and joint ventures for the years ended December 31, 2014
and 2013, are as follows:
2014
January 1,
2014
Acquisition
Disposal
Share of profit
Others
December 31,
2014
Associates
Co., Ltd.
Samsung Petrochemical Co.,
Ltd.
Limited
Co., Ltd.
Ltd.
Chongqing Shanxia
Ltd.
Uglegorskugol, LLC.
Tongling Guoxing Chemical
Co., Ltd.
Qurayyah Investment
Company
Kingston Solar LP
Others
562,057
6,734
\ (250,117)
318,674
103,490
(3,303)
(100,187)
14,380
(1,097)
(13,283)
7,730
85
(1,576)
6,239
69
59
(3)
125
71,040
(6,344)
(114)
64,582
14,920
(1,713)
234
13,441
1,842
(4,789)
2,928
19
26,697
1,068
455
28,220
10,746
(2,416)
(4,126)
4,204
368
(358)
(10)
3,058
328
78
3,464
132,494
132,494
2,760
2,760
2,220
2,220
2,841
3,606
2,131
8,578
76,268
17,830
(14,605)
79,493
13,155
335
4,441
(17,756)
175
93,203
67,044
(1,212)
5,818
164,853
32,977
(7,331)
(1,774)
23,872
15,732
26,832
(5,625)
(18,641)
18,298
5,028
36,483
(1,369)
(7,799)
32,343
126,654
6,222
(32,067)
7,748
(46,482)
62,075
\ 1,185,015
\ 269,410
\ (36,856)
14,059
\ (465,518)
Joint ventures
Korea LNG Limited
LLC.
Power Plant
Alpha S.R.L.
K2 Wind Ontario LP
Others
Others include dividends, changes in foreign currency exchange rates and other.
67
966,110

2013
January 1,
2013
Acquisition
Disposal
Share of profit
Others
December 31,
2013
Associates
\
Co., Ltd.
Ltd.
Limited
Co., Ltd.
Co., Ltd.
Ltd.
Chongqing Shanxia
Ltd.
481,843
114,941
14,896
8,451
79,688
(11,451)
787
61
7,139
526
562,057
103,490
(1,302)
(1)
14,380
194
(915)
7,730
15
(7)
69
(683)
(6,456)
79,796
18,650
(27,309)
(97)
71,040
16,015
(1,329)
234
14,920
2,454
(612)
1,842
23,246
3,462
(11)
26,697
15,359
(1,035)
(3,578)
10,746
6,726
(279)
(6,079)
368
Tongling Guoxing Chemical

Co., Ltd.
Uglegorskugol, LLC.
2,914
126
18
3,058
2,760
2,760
Others
709
2,132
2,841
110,543
22,723
(56,998)
76,268
4,428
726
11,317
(3,316)
13,155
88,449
12,116
(2,475)
(4,887)
93,203
Joint ventures
Korea LNG Limited
LLC.
Power Plant
Alpha S.R.L.
20,260
12,236
(177)
658
32,977
K2 Wind Ontario LP
4,029
13,177
(65)
(1,409)
15,732
6,659
(1,104)
(24)
(503)
5,028
Others
71,824
63,926
\ 1,056,787
\ 144,864
(7,375)
\
(8,479)
(15,356)
13,635
56,137
\ (64,294)
126,654
\
1,185,015
Others include dividends, changes in foreign currency exchange rates and other.
Samsung General Chemicals Co., Ltd. and Samsung Investment Manzanillo B.V. account for their
investments in Samsung Total Petrochemical Co., Ltd.(50%) and Terminal KMS (37.5%) under the
equity method.
68

Summarized financial information of major associates and joint ventures and dividends received of the Group as of and for the year ended December 31, 2014, is
as follows:
Summarized financial information
Percentage
(%) of
ownership
Current
assets
Non-current
assets
Current
liabilities
Non-current
liabilities
Other
Total
comprehen- comprehenProfit(loss)
sive
sive
for the year income(loss) income(loss)
Revenue
Dividends
received
Associates
Samsung General Chemicals Co., Ltd.
17.95
\557,446
\1,688,331
\274,979
\162,877
\1,073,084
Waris Gigih Engineering & Technology
Sdn. Bhd.
50.00
13,933
238
1,693
30.00
5,042
4,626
Dongducheon Dream Power Co., Ltd.

Sino-Singapore Tianjin Eco-City Investment and
31.15
38,803
1,440,281
7,304
1,194,009
40.00
58,033
11
24,442
Chongqing Shanxia Technology Textile Co., Ltd.
20.00
336,855
113,833
300,748
Uglegorskugol, LLC.
49.99
10,178
15,927
2,618
Tongling Guoxing Chemical Co., Ltd.
30.00
5,338
13,576
Korea LNG Limited

20.00
556
50.00
361
JSC Balkhash Thermal Power Plant
75.00
LJG Green Source Energy Alpha S.R.L.
78.00
\ (23,537) \
(4,742) \
18
12
858
200
(3,831)
67,521
8,841
11,711
11,521
5,387
396,955
-
95,365
142,986
18,547
13,587
101,873
24,090
(28,279)
30
200
(3,831)
(4,137)
(4,137)
484
484
22,359
(4,833)
(4,833)
1,980
63,717
1,092
1,092
42
94,936
93,071
96
93,167
17,790
11
10,137
8,585
8,585
(1,307)
(1,307)
66,913
10,539
(2,520)
(2,520)
Joint ventures
69

Summarized financial information of major associates and joint ventures and dividends received of the Group as of and for the year ended December 31, 2013, is
as follows:
Summarized financial information
Percentage
(%) of
ownership
Current
assets
Non-current
assets
Current
liabilities
Non-current
liabilities
Other
Total
comprehen- comprehenProfit(loss)
sive
sive
for the year income(loss) income(loss)
Revenue
Dividends
received
Associates
Samsung General Chemicals Co., Ltd.
38.68
\360,937
\1,236,463
989
\ 39,276
\ 207,310
\ 205,314
Waris Gigih Engineering & Technology
Sdn. Bhd.
50.00
16,844
287
1,667
387
1,357 \
(1)
386
30.00
7,804
7,584
3,940
51
51
Dongducheon Dream Power Co., Ltd.

Sino-Singapore Tianjin Eco-City Investment and
31.15
56,503
1,093,076
1,097
839,378
(15,309)
(15,309)
40.00
117,817
18
80,534
(3,321)
(3,321)
Chongqing Shanxia Technology Textile Co., Ltd.
20.00
251,757
118,081
217,203
19,150
203,043
4,609
4,609
Uglegorskugol, LLC.
49.99
11,083
29,187
2,469
12,746
25,036
(2,070)
(2,070)
Tongling Guoxing Chemical Co., Ltd.
30.00
6,514
14,136
6,975
3,482
68,113
416
416
206,671
Joint ventures
Korea LNG Limited
20.00
363
381,073
15
82
111,602
113,616
(152,079)
(38,463)
21,996
50.00
26,205
582
907
27,436
22,633
22,633
2,066
JSC Balkhash Thermal Power Plant
75.00
40,866
99,140
15,735
(3,299)
(3,299)
78.00
37,025
113,901
23,994
98,170
6,813
(227)
(227)
70

Reconciliation of financial information to book value of the major investments in associates and joint
ventures for the years ended December 31, 2014 and 2013, are as follows:
2014
Net assets
Associates
\
Co., Ltd.
Co., Ltd.
Net asset value

Intercompany
of equity
transaction
shares
Percentage
(%) of
ownership
Book value
1,807,922
17.95
\ 324,534 \
(5,860)
277,771
31.15
86,526
(21,944)
64,582
397,466
20.00
79,493
79,493
219,804
75.00
164,853
164,853
318,674
Joint ventures
Korea LNG Limited
Plant
2013
Net assets
Associates
\
Co., Ltd.
Ltd.
Co., Ltd.
Net asset value

Intercompany
of equity
transaction
shares
Percentage
(%) of
ownership
\ 602,300 \ (40,243)
Book value
1,557,135
38.68
562,057
379,545
27.27
103,502
(12)
103,490
309,104
31.15
96,286
(25,246)
71,040
381,339
20.00
76,268
76,268
124,271
75.00
93,203
93,203
Joint ventures
Korea LNG Limited
Plant
71

13. Property, Plant and Equipment, and Intangible Assets
Changes in property, plant and equipment for the years ended December 31, 2014 and 2013, are
as follows:
2014
Buildings and
Land
structures
Construction
Others
in progress
Total
Beginning balance
Acquisition cost
\ 320,376
\ 649,743
\ 647,832
\ 63,910
\ 1,681,861
(138,070)
(384,989)
(523,059)
320,376
511,673
262,843
63,910
1,158,802
4,555
138,267
46,252
189,083
557,066
37,514
15,930
610,510
Accumulated depreciation
Net carrying amount
Changes during the year
Acquisition
Acquisition due to
business combination1
Disposal
(266)
(13,398)
(13,664)
Depreciation
(24,782)
(81,078)
(105,860)
Other changes
Net carrying amount
63
41,528
(16,146)
(66,586)
(41,141)
\ 877,514
\ 570,222
\ 306,418
\ 43,576
\ 1,797,730
877,514
749,343
747,513
43,576
2,417,946
Ending balance
Acquisition cost
Net carrying amount
(179,121)
(441,095)
(620,216)
877,514
\ 570,222
\ 306,418
\ 43,576
\ 1,797,730
The Group acquired 80% equity shares of Seoul Lakeside Co., Ltd. and 100% shares of Samoo
2014 (Note 35).
2
Other changes include asset transfer, adjustment on changes in foreign currency exchange rates
and scope of consolidation.
72

2013
Buildings and
Land
Construction
structures
Others
in progress
Total
Beginning balance
\
Acquisition cost
319,881
Net carrying amount
655,661
631,820
130,382
1,737,744
(125,820)
(362,222)
(488,042)
319,881
529,841
269,598
130,382
1,249,702
4,216
4,747
105,297
60,767
175,027
Changes during the year

Acquisition
Acquisition due to
Disposal
Depreciation
Other changes
Net carrying amount
382
382
(2,421)
(100,122)
(32,925)
(135,468)
(25,068)
(75,374)
(100,442)
(1,300)
102,275
(4,135)
(127,239)
(30,399)
320,376
511,673
262,843
63,910
1,158,802
Ending balance
Acquisition cost
Net carrying amount
320,376
649,743
647,832
63,910
1,681,861
(138,070)
(384,989)
(523,059)
320,376
511,673
262,843
63,910
1,158,802
The Group acquired 100% equity shares of Whessoe Project Limited through business
combination during the year ended December 31, 2013 (Note 35).
2
Changes in intangible assets for the years ended December 31, 2014 and 2013, are as follows:
2014
Right to use
Mineral rights Memberships
Beginning balance
Acquisition
\ 1,035,277
73,010
84,149
Software
property
Goodwill
60,188
1,238
6,799
14,197
Others
22,989
613
Total
67,339
\ 1,284,139
21,476
103,136
Acquisition due to
Disposal
Amortization
2,428
59,010
66
61,504
(3,026)
(382)
(5)
(1,498)
(4,911)
(47,316)
(16,339)
(913)
(18,159)
(82,727)
Other changes2
50,662
(286)
6,022
(5,785)
(3,122)
(18,532)
28,959
Ending Balance
\ 1,111,633
50,692
\ 1,390,100
84,503
56,288
73
8,107
78,877

1
The Group acquired 80% equity shares of Seoul Lakeside Co., Ltd. and 100% shares of Samoo
2014 (Note 35).
2
2013
Right to use
Mineral rights Memberships
Beginning balance
Acquisition
\ 1,017,817
Software
property
Goodwill
85,624
\ 1,230,992
2,630
23,688
16,488
104,504
10,880
897
11,777
(4,520)
(275)
(2,037)
(6,832)
(54,868)
(9,376)
(1,206)
(14,788)
(80,238)
13,079
9,074
19,760
Total
61,698
85,638
Others
Acquisition due to
Disposal
Amortization
Other changes2
10,630
Ending Balance
\ 1,035,277
401
\
84,149
33,072
\
60,188
6,329
\
14,197
(7,651)
\
22,989
(18,845)
23,936
67,339
\ 1,284,139
The Group acquired 100% equity shares of Whessoe Project Limited through business
combination during the year ended December 31, 2013 (Note 35).
2
Goodwill is monitored by the management at the operating segment level. The following is a
summary of goodwill allocation for each operating segment (cash-generating unit or groups of
cash-generating units) as of December 31, 2014 and 2013:
2014
\

Others
74
2013
10,880
10,880
58,660
9,337
12,109
78,877
22,989

Goodwill or intangible assets with indefinite useful lives are tested annually for impairment. The
recoverable amounts of cash generating unit (CGU) have been determined based on value-in-use
calculations. These calculations use pre-tax cash flow projections based on financial budgets
approved by management covering three to five-year period. The key assumptions used for
value-in-use calculations of the CGU as of December 31, 2014, are as follows:
Whessoe Project
Limited
Seoul Lakeside
Co., Ltd.
40% - 41%
35%
Expected sales by year
0%
0%
0%
10.60%
7.50%
Gross margin (% of revenue)

Sales growth rate
Perpetual growth rate

2
Pre-tax discount rate

1
The growth rate is a weighted average sales growth rate used to estimate cash flows for three to
five years and determined based on past performance and the Groups expectations of market
development.
2
The discount rates used are pre-tax and reflect specific risks relating to the relevant operating
segments.
In accordance with the Asset Revaluation Law of the Republic of Korea, in 1998, the Group
revalued a substantial portion of its property, plant and equipment, and certain equity securities
included in the investments account on June 1, 1998. As of December 31, 2014, the resulting
revaluation reserve included in consolidated capital premium amounts to 128,626 million.
As of December 31, 2014, the value of land owned by the Company and its domestic subsidiaries,
as determined by the local government in Korea for property tax assessment purposes, amounts to
approximately 703,197 million (2013: 374,435 million).
The right to use property is on the off-street parking area donated to the Seoul city government, and
others. The Company is able to use the facility for free for 14 - 20 years after the completion of the
construction.
Depreciation and amortization expenses allocated to cost of sales and selling and general
administrative expense amount to 131,656 million and 56,931 million (2013: 130,249
million and 50,431 million), respectively.
75

14. Investment Properties
Changes in investment properties for the years ended December 31, 2014 and 2013, are as
follows:
2014
Land
Beginning balance
2013
Building
Total
Land
Building
Total
\ 42,973
\ 34,147
\ 77,120
\ 53,223
\ 53,878
\ 107,101
Acquisition
Disposal
(272)
(272)
(10,250)
(18,081)
(28,331)
Depreciation
(1,340)
(1,340)
(1,444)
(1,444)
Other changes
Ending Balance
520
520
(206)
\ 42,973
\ 33,055
\ 76,028
\ 42,973
\ 34,147
(206)
\
Other changes include adjustments due to changes in foreign currency exchange rates.
As of December 31, 2014, fair value of the investment properties above is 165,917 million (2013:
166,684 million).
The rental income for the years ended December 31, 2014 and 2013, arising from the investment
properties above, amounts to 5,015 million and 4,288 million, respectively.
76
77,120

15. Biological Assets
Changes in biological assets for the years ended December 31, 2014 and 2013, are as follows:
2014
2013
Beginning balance
72,674
Acquisition
Gain (loss) on valuation
Exchange differences
91,782
1,891
1,002
(21)
585
1,589
\
Ending balance
(20,695)
\
76,133
72,674
16. Borrowings
Details of borrowings as of December 31, 2014 and 2013, are as follows:
2014
2013
Current liabilities
\
1,806,481
1,361,491
Current portion of long-term borrowings
109,457
271,743
Current portion of debentures
320,000
450,000
Less: Discount on debentures
(221)
(294)
2,235,717
2,082,940
984,885
723,392
2,080,000
1,750,000
Long-term borrowings
Debentures
Less: Discount on debentures
\
77
(4,750)
(4,565)
3,060,135
2,468,827
5,295,852
4,551,767

Short-term borrowings as of December 31, 2014 and 2013, consist of the following:
Annual interest
Creditors
rate (%)
2014
2013
Samsung C&T and domestic subsidiaries

Korea Construction
Loans in local currency
Financial Cooperative
1.65 3.63
187,218
270,550
and others
Loans in foreign
currency
SMBC and others
0.08 - 9.80
71,346
Bankers usance
Woori Bank and others
L+0.50 2.00
79,407
42,442
Secured loans(Note 8)
Woori Bank and others
L+0.50 - 1.80
719,108
429,941
1,057,079
742,933
Foreign subsidiaries
General loans
Citibank and others
0.33 9.60
747,246
618,558
Secured loans(Note 8)
BTMU and others
1.48 - 1.50
2,156
749,402
618,558
\ 1,806,481
\ 1,361,491
As of December 31, 2014, the Company has bank overdraft facility agreements amounting to
132,000 million and credit facility agreements amounting to 273,000 million with eight banks,
including Woori Bank. Also, the Company has entered into credit agreement using its notes
receivable which are guaranteed, as collateral for up to 150,000 million with three banks,
including Shinhan bank.
Debentures as of December 31, 2014 and 2013, consist of the following:
Annual interest
Non-guaranteed and publicly listed
Less: Current portion of debentures
rate (%)
2014
2.43 - 4.58
2,400,000
2013
2,200,000
1,750,000
(320,000)
2,080,000
78
(450,000)

Long-term borrowings as of December 31, 2014 and 2013, consist of the following:
Annual interest
rate (%)
Creditors
2014
2013
Denominated in Korean won

Korea Housing Guarantee Co., Ltd. and others
1.00 - 3.14
32,866
32,866
Hana Bank
Korea Investment & Securities Co., Ltd. and
others
3.00 - 3.95
3,547
39,503
2.97 - 3.11
300,000
300,000
336,413
372,369
(2,971)
(14,387)
333,442
357,982
Less: Current portion of long-term borrowings
Denominated in foreign currency

Korea National Oil Corporation
0.75 - 5.00
Korea Exim bank
33,493
46,346
216,337
67,021
14,069
300,080
357,335
346,014
Mizuho Corporate Bank
Libor + 0.80
Libor + 0.70 1.11
SMBC
Foreign subsidiaries
SCB and others
0.33 - 5.00
Less: Current portion of long-term borrowings
757,929
622,766
(106,486)
(257,356)
651,443
365,410
984,885
723,392
The annual maturities of long-term debts outstanding as of December 31, 2014, are as follows:
Debentures
Won currency
Foreign currency
(Face value)
loans
loans
Total
January 1, 2016~
December 31, 2016
580,000
305,643
245,864
1,131,507
January 1, 2017~
December 31, 2017
830,000
2,533
94,268
926,801
370,000
300,000
2,533
22,733
42,750
268,561
415,283
591,294
January 1, 2018
December 31, 2018
After January 1, 2019
2,080,000
79
333,442
651,443
3,064,885

Long-term borrowings and debentures by currencies as of December 31, 2014 and 2013, are as
follows:
2014
US Dollars
Korean Won
Japanese Yen
2013
648,316
2014
359,991
2013
-
333,443
357,983
2,075,250
1,745,435
3,126
4,321
Others
Debentures
984,885
80
1,097
\
723,392
2,075,250
1,745,435

17. Net Defined Benefit Liabilities
The amounts recognized on the statements of financial position as of December 31, 2014 and 2013,
are as follows:
2014
Defined benefit obligation
2013
464,192
Less: Plan assets
398,400
(405,223)
(326,675)
(930)
(1,035)
Less: Contribution to National Pension Fund
58,039
70,690
The Company and its subsidiaries under defined benefit plans are required to pay retirement
benefits to any employee who has provided one year or more of services as of reporting date, in
accordance with the Group's policies on payment of retirement benefits (in accordance with local
regulations for overseas subsidiaries). Additionally, as of December 31, 2014, the Company and its
subsidiaries are under contracts with Samsung Life Insurance Co., Ltd. and others for operations
management and asset management of their defined benefit pension plans.
Details of defined benefit liabilities in the statements of financial position as of December 31, 2014
and 2013, are determined as follows:
2014
\
Present value of funded obligations

Fair value of plan assets
Present value of unfunded obligations

\
1
2013
399,958
318,025
(406,153)
(327,710)
(6,195)
(9,685)
64,234
80,375
58,039
70,690
The amount includes contributions to the National Pension Fund of \ 930 million (2013: \ 1,035
million).
81

Changes in the carrying amount of defined benefit obligations for the years ended December 31,
2014 and 2013, are as follows:
2014
Beginning balance
2013
398,400
344,005
Current service cost
87,416
53,176
Interest expense
26,445
13,973
(54,790)
32,355
44,727
(9,116)
Remeasurement (before tax )

(Gain)/Loss from change in demographic
assumptions
(Gain)/ Loss from change in financial
assumptions
Experience (gain)/ loss
Benefits paid
Transfer-out
Increase due to business combinations
Others
20,219
(61,560)
(42,217)
(845)
(13,045)
37,198
(91)
\
Ending balance
1
(12,708)
464,192
(950)
\
398,400
The amount includes adjustments due to change in foreign currency.
Changes in the fair value of plan assets for the years ended December 31, 2014 and 2013, are as
follows:
2014
Beginning balance
2013
327,710
255,967
Return on plan assets (excluding amounts

included in interest expenses/income)
Actuarial gain (loss) (before tax)
Employer contributions
16,122
11,183
(8,030)
(3,743)
88,381
96,405
Benefits paid
(39,958)
(32,471)
Transfer-out
(2,370)
Increase due to business combinations
25,892
Others
(1,594)
\
Ending balance
82
406,153
369
\
327,710

The amounts recognized in the statements of comprehensive income for the years ended
December 31, 2014 and 2013, are as follows:
2014
2013
Defined benefit plan

\
Current service cost
87,416
Interest expense
53,176
26,445
13,973
(16,122)
(11,183)
Severance benefits
4,730
1,721
Other(retirement bonus)
4,810
Return on plan assets (excluding amounts

included in interest expenses/income)
Defined contribution plan
107,279
57,687
Details of allocation of expenses during the years ended December 31, 2014 and 2013, are as
follows:
2014
\
Cost of sales
2013
50,195
26,017
Selling and administrative expenses

(severance benefits)
40,502
23,686
6,060
2,484
Selling and administrative expenses

(research and development)
Other assets
10,522
\
107,279
5,500
\
57,687
The principal actuarial assumptions used as of the reporting dates, are as follows:
(In Percentage)
2014
2013
Discount rate
0.40% - 4.20%
0.90% - 4.90%
Weighted average future salary increase
2.80% - 5.24%
4.50% - 5.00%
Expected return rate on plan assets
0.40% - 4.20%
0.90% - 4.90%
Discount rate is measured by reference to corporate bond rated AA- and Japanese corporate bond
with a 10-year maturity. Mortality rate for defined benefit pension plan announced by Korea
Insurance Development Institute is adapted and the retirement rate is measured by reference to the
historical record of retirement.
83

Accumulated actuarial gains and losses recognized as other comprehensive income amount to
\ 122,386 million as of December 31, 2014 (2013: \ 134,041 million).
The sensitivity of the overall pension liability to changes in the weighted principal assumptions is:
Changes in principal
assumption
Impact on overall liability
Discount rate
1%
(6)%/7%
Salary growth rate
1%
7%/(7)%
Plan assets as of December 31, 2014 and 2013, consist of:

2014
Amount
Equity instruments
Debentures
Others
7,351
2013
Percentage
(%)
Amount
1.81
Percentage
(%)
15,665
4.78
339,950
83.70
191,317
58.38
58,852
14.49
120,728
36.84
100.00 327,710
100.00
406,153
The estimated amount that the Groups management expects to contribute to plan assets within 12
months after the end of the reporting period is 60,799 million.
Actual income on plan assets for the years ended December 31, 2014 and 2013, is 8,750 million
and 7,440 million, respectively.
84

Adjustments for the differences between initial assumptions and actual figures as of December 31,
2014 and 2013, are as follows:
2014
Present value of defined benefit liability

Fair value of plan assets
Deficit (surplus) of the funded plans
Defined benefit liability adjustments
Plan assets adjustments
2013
464,192
406,153
58,039
12,708
(8,030)
398,400
327,710
70,690
(20,219)
(3,743)
Expected contribution to post-employment benefit plans for the year ending December 31, 2015, is
\ 66,252 million.
Expected maturity analysis of undiscounted pension benefits as of December 31, 2014, is as
follows:
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Pension benefits
54,047
53,084
85
167,513
Over 5 years
\
286,402
Total
\ 561,046

18. Other Provisions for Liabilities and Charges
Changes in provisions for liabilities and charges for the years ended December 31, 2014 and 2013,
are as follows:
2014

Construction
warranties
January 1, 2014
Additional provisions
Used and reversed
Restoring
167,141
30,865
Other
Total
7,049
205,055
35,349
7,455
159,117
201,921
(36,878)
(4,925)
(7,635)
(49,438)
280
1,155
6,771
8,206
December 31, 2014
165,892
34,550
165,302
365,744
Current (Note 10)
(176)
(161,106)
(161,282)
Non-current
165,892
34,374
4,196
204,462
The Group recognizes expenses, which are expected to be spent in the future due to repairs, as a
provision based on historical experience.
2
The Group recognizes amounts discounted at present value, which are expected to be spent in the
future due to dismantling and removing the equipment of oil and gas subsidiaries or restoring the
site after, as a provision.
3
The Group recognizes loss amounts, which are expected to be spent in the future due to
contingencies that occurred in the business process, as a provision.
86

2013

Construction
warranties
January 1, 2013
Additional provisions
Used and reversed
Restoring
137,711
Other
36,450
Total
265
174,426
53,061
7,057
60,118
(22,803)
(5,250)
(271)
(28,324)
(2)
(1,165)
December 31, 2013
167,141
30,865
7,049
205,055
Current (Note 10)
Non-current
(828)
(335)
167,141
30,865
7,049
205,055
The Group recognizes expenses, which are expected to be spent in the future due to repairs, as a
provision based on historical experience.
2
The Group recognizes amounts discounted at present value, which are expected to be spent in the
future due to dismantling and removing the equipment of oil and gas subsidiaries or restoring the
site after, as a provision.
3
The Group recognizes loss amounts, which are expected to be spent in the future due to
contingencies that occurred in the business process, as a provision.
87

19. Contingencies and Commitments
As of December 31, 2014, the Company has agreements with several financial institutions,
including Woori Bank, for the guarantees of letters of credit related to the Groups export and
import, totaling USD 683,634 thousand (2013: USD 339,217 thousand), for the guarantee of the
performance of exporting contracts amounting to USD 173,119 thousand (2013: USD 174,341
thousand) and for the guarantee of various trade finance with a limit of USD 2,185,839 thousand
(2013: USD 1,796,633 thousand). The receivables from exporting transactions sold to financial
institutions, which amount to USD 654,533 thousand, are not yet due as of December 31, 2014
(2013: USD 404,697 thousand).
As of December 31, 2014, the Group has provided one note amounting to 500 million, and 40
blank checks and notes as collateral for various guarantees.
As of December 31, 2014, the Group is contingently liable for loan guarantees, principally for
foreign associates and joint ventures amounting to USD 203,959 thousand (2013: USD 221,314
thousand) (Note 31).The Group provides performance guarantees on the construction contracts of
its foreign operations limited to USD 6,051,994 thousand, and the Group provides guarantees for
the performance of other construction companies projects amounting to 1,454,070 million
(2013: 1,113,811 million). Conversely, other construction companies provide guarantees for the
performance of the Groups projects amounting to 1,750,493 million (2013: 1,377,099
million).
As of December 31, 2014, the Group holds a short-term export insurance with Korea Trade
Insurance Corporation. The certificates issued by Korea Trade Insurance Corporation (insured
amount of 457,114 million) relating to guarantees provided by financial institutions are pledged
as collateral.
As of December 31, 2014, the Group has been named as the defendant in certain lawsuits brought
against it in the normal course of business. The aggregate amount of 117 claims brought against
the Group, excluding the Samsung Motor Inc. case mentioned below, amounted to approximately
115,503 million and USD 192,233 thousand. The Group also filed 60 counterclaims amounting
to 242,255 million and USD 55,079 thousand. The Group's management believes that the
ultimate resolution of these cases will not have a material adverse effect on the operations or
financial position of the Group.
88

As of December 31, 2014, the Group has 1,009 forward exchange contracts amounting to USD
553,413 thousand, JPY 2,298,916 thousand, EUR 2,935 thousand, SGD 880 thousand, GBP 536
thousand, CHF 288 thousand, AUD 66,973 thousand, and KWD 443 thousand and six interest
rate swap contracts with financial institutions whose contracts amount to 296,000 million and
USD 169,295 thousand. These forward exchange contracts and interest rate swap contracts are
intended to hedge foreign exchange risk and interest risk exposures of the Group. In addition, the
Group has entered 135 commodity futures contracts with financial institutions whose contract
prices amount to USD 410,693 thousand. For the year ended December 31, 2014, realized gains
and losses from the contracts mentioned above, included in foreign exchange gain and loss,
amount to approximately 166,879 million and 222,454 million, respectively.
As of December 31, 2014, details of gain(loss) on valuation of each derivative instrument are as
follows:

Currency forward contracts
Interest swap contracts
Commodity futures contracts
Gain on valuation
\
12,197
716
Loss on valuation
\
(29,381)
(2,894)
Other component
of equity
\
557
854
12,033
As of December 31, 2014, the Company has an electronic credit sales agreement and collateral
loan agreements using the accounts receivable amounting to \ 100,000 million with financial
institutions, including Hana Bank.
On February 14, 2012, the Company entered into a Share Purchase Agreement with JSC
Samruk-Energy to purchase its shares related to the construction of and business investment in
the coal-fired electrical power plant located in Kazakhstan. The Company retains the right to
re-sell the shares purchased from JSC Samruk-Energy, which also retains the right to re-purchase
the sold shares.
As of December 31, 2014, the Company has entered into a charter party with Miraero SG, a ship
owner, and a sub-charter party with Geden Holdings Limited. In addition, the Company guarantees
Badaro SG, a shareholder of Geden Holdings Limited, in the amount of USD 81,507 thousand,
representing four ships with each costing approximately USD 20,377 thousand, in case of
non-fulfillment of the ship purchase contract with a contract date of September 10, 2017, between
Geden Holdings Limited and the ship owner.
The Company has entered into a preservation of preferential loss (expiry: March 31, 2023) for 5%
of fund principal (\ 325,476 million * 5%=\ 16,274 million) in relation to the KIM Parallel Oilfield
Overseas Resources Dev. SPECIAL Asset Fund(1), which invests in Korea Investment Parallel
LLC Holding 39% shares of PLL Holdings LLC.
89

20. Share Capital
The Company is authorized to issue 320 million shares of common stock with a par value of
5,000 per share, and preferred stock, which is entitled to an additional dividend of 1% of the par
value over voting common stock, up to 50% of total issued and outstanding shares of stock. As of
December 31, 2014, 156,217,764 shares of common stock and 4,648,653 shares of preferred stock
are issued and outstanding. As of December 31, 2014, the paid-in capital is \804,332 million.
The Company has listed Global Depositary Receipts (GDRs), representing certain shares of
common stock and preferred stock, at the London Stock Exchange, as follows:
Number of shares
Number of shares of GDR
Common stock
1,435,434
2,870,868
Preferred stock
2,152,906
4,305,812
As authorized in its Articles of Incorporation, the Company is able to issue convertible bonds which
can be converted into common shares and preferred shares of the Company and bonds with
warrants which grant the right to purchase new preferred shares to the amount of 800 billion
each. As of December 31, 2014, there are no convertible bonds and bonds with warrants issued
under these terms.
The Company holds its own common shares and preferred shares as treasury stock acquired for
price stabilization of its shares recorded as other reserve. These acquired shares are expected to
be used when the Company should issue the shares if the share options are exercised.
Details of treasury stock as of December 31, 2014 and 2013, are as follows:
2014
(in millions of Korean won,
except number of shares)
Preferred
Common
Preferred
Common
shares
shares
shares
shares
Number of shares
Acquisition cost
2013
449,930
8,990,557
6,092
282,780
90
449,930
9,016,757
6,092
283,604

21. Other Components of Equity
Other components of equity as of December 31, 2014 and 2013, consist of:
2014
Treasury stock (Note 20)
2013
(288,872) \
Share options
Other capital adjustments
(289,696)
225
(665)
(469)
Gain on valuation of available-for-sale financial

assets, net (Note 11)
8,997,953
7,017,232
Gain on valuation of available-for-sale financial

assets, net asset held-for-sale (Note 11)
25,949
Gain on valuation of investment in associates
87,292
92,424
Loss on valuation of investment in associates
(129,862)
(70,182)
(43,656)
(129,150)
13,444
554
Cumulative effect of foreign currency translation of

overseas operations
Gain on valuation of
derivative instruments, net (Note 19)
Remeasurement of net defined benefit liability
(Note 17)
(122,386)
\
8,539,197
(134,041)
\
6,486,897
22. Retained Earnings

Retained earnings as of December 31, 2014 and 2013, consist of:
( in millions of Korean won)
2014
Legal reserves1
Discretionary reserves
Unappropriated retained earnings
\
1
2013
102,644
95,052
2,251,260
2,195,313
443,996
339,984
2,797,900
2,630,349
The Korean Commercial Code requires the Group to appropriate, as a legal reserve, an amount
equal to a minimum of 10% of annual cash dividends paid, until the reserve equals 50% of capital
stock. This reserve is not available for the payment of cash dividends, but may be transferred to
capital stock or used to reduce accumulated deficit, if any, with the ratification of the Companys
majority shareholders.
91

23. Selling and Administrative Expenses
Selling and administrative expenses for the years ended December 31, 2014 and 2013, are as
follows:
2014

Salaries and others
Employee benefits
Depreciation
Travel
Commission
Rent
Freight
Taxes and dues
Advertising
Research and development
Bad debts expense (Note 8)
Others
2013
561,112
86,548
47,089
47,825
265,696
38,866
181,893
41,674
22,527
135,270
2,033
144,359
1,574,892
92
538,063
91,445
41,026
57,447
240,268
38,050
163,966
38,200
17,502
127,892
6,196
178,093
1,538,148

24. Other Income and Expenses
Other income and expenses for the years ended December 31, 2014 and 2013, consist of:
2014

Other income
Gain on valuation of equity method
investments
Dividend income
Foreign exchange gain
Gain on translation of foreign currency
Gain on disposal of investments
Gain on disposal of property, plant and
equipment
Gain on disposal of investment property
Gain on disposal of intangible assets
Reversal of allowance for doubtful
accounts (Note 8)
Others
Other expenses
Loss on valuation of equity method
investments
Foreign exchange losses
Loss on translation of foreign currency
39,549
112,055
319,622
57,286
117,776
38,546
85,001
375,899
175,245
85,435
14,204
1,014
590
85,061
151,258
106,743
61,688
889,652
22,697
332,112
60,883
6,658
387
Impairment loss on investments

Impairment loss on property, plant and
equipment
Impairment loss on intangible assets
Loss on disposal of investments
Loss on disposal of property, plant and
equipment
Loss on disposal of investment property
Loss on disposal of intangible assets
Loss on disposal of trade receivables
Donations
Other bad debts expense (Note 8)
Others
93
2013
944,365
20,095
437,122
117,809
14,904
55,431
35
9,548
10,779
10,652
3,979
1,848
479
16,839
10,825
274,762
309,747
1,054,679
8,063
1,000
894
15,530
6,310
100,128
108,743
896,535

25. Expenses by Nature
Expenses recorded by nature as cost of sales, selling and administrative expenses in the
statements of comprehensive income for the years ended December 31, 2014 and 2013, consist of:
2014
Changes in finished goods and

work-in-process
Construction outsourcing
Employee benefit expenses
Commission
Freight
Research and development
Heavy construction equipment usage
Rental
Taxes and dues
Depreciation and amortization
Insurance
Other
17,192,502
6,080,742
1,600,674
1,101,736
185,489
135,270
169,493
117,555
166,276
178,745
50,501
814,166
27,793,149
2013
19,400,793
4,533,214
1,389,349
890,595
166,245
127,892
162,981
109,181
128,836
171,275
53,757
865,981
28,000,099
26. Employee Benefits

Employee benefits for the years ended December 31, 2014 and 2013, consist of:
2014
Wages and salaries

Welfare
1,235,290
274,687
90,697
1,073,626
266,020
49,703
1,600,674
1,389,349
Retirement benefit obligation
94
2013

27. Adjusted Operating Profit
The operating profit adjusted to reflect the performance of the Group by including and excluding the
other income or expenses not included within operating profit in the statements of comprehensive
income for the years ended December 31, 2014 and 2013, is as follows:
2014
Operating profit in the statement of consolidated

comprehensive income
Gain on valuation of equity method investment
2013
652,364
433,302
16,852
18,451
Dividends income
112,055
85,001
Foreign exchange loss
(12,490)
(61,223)
(3,597)
57,436
108,228
81,456
(14,904)
(55,431)
(10,779)
(35)
(10,652)
4,810
6,141
(92)
(304)
(189,701)
6,615
14
Donations
(10,825)
(6,310)
Loss on disposal of trade receivables
(16,839)
(15,530)
(158,488)
(47,055)
Gain(Loss) on translation of foreign currency
Impairment loss on property, plant and equipment

Gain on disposal of property, plant and equipment
Reversal of allowance for bad debts (other bad debts
expense)
Others
\
Adjusted operating profit
95
487,338
481,132

28. Finance Income and Expenses
Finance income and expenses for the years ended December 31, 2014 and 2013, consist of:
2014
2013
Interest income :
Deposits in bank
17,188
Securities
8,642
251
1,311
15,158
10,725
Overdue interest
1,114
274
Present value discounts
4,924
1,352
20,696
21,123
Foreign exchange gain

Gain on translation of
foreign currency
30,419
40,529
64,447
26,376
Total finance income
154,197
110,332
20,042
26,688
21,433
25,421
Debentures
88,290
79,509
Others
23,829
12,441
Capitalized interests
(34,008)
(28,967)
Foreign exchange loss

Loss on translation of
foreign currency
29,853
42,209
32,295
23,163
181,734
180,464
Loans
Others
Interest expense :
Total finance expenses

Finance expense(net)
27,537
96
70,132

29. Income Tax Expense
Income tax expense for the years ended December 31, 2014 and 2013, consists of:
2014
Current income taxes for the Company

Deferred income taxes
Items charged directly to equity
Income tax expense for the Company
Income tax expense for subsidiaries
134,102
571,600
(648,537)
57,165
114,322
171,487
2013
102,004
(244,761)
186,091
43,334
138,980
182,314
Income tax expense differs from the theoretical amount that would arise using the weighted
average tax rate applicable to profit before income tax of the Group as follows:
2014
Profit before income tax

Tax calculated at domestic tax rates
applicable to profits in the respective
countries
Tax effect of
- Expenses not deductible for tax
purposes
- Tax credits
- Subsidiaries, associates and interests in
joint ventures
- Others
Net adjustment items
97
2013
457,006
448,686
233,712
139,397
(53,726)
(21,708)
(3,114)
(7,375)
27,910
(10,000)
(4,701)
54,321
(4,461)
3,546
171,487
182,314

As of December 31, 2014 and 2013, deferred income tax assets and liabilities are as follows:
2014
2013
Deferred income tax assets

- After 12 months
- Within 12 months
376,065
304,334
92,483
77,028
(3,498,479)
(2,693,160)
(841)
(641)
Deferred income tax liabilities

- After 12 months
- Within 12 months
Net amount
98
(3,030,772)
(2,312,439)

Changes in deferred income tax assets and liabilities for the years ended December 31, 2014 and 2013,
are as follows:
2014
Temporary differences
Deferred income tax assets(liabilities)
Beginning
Increase
Ending
Beginning
Increase
Ending
balance
/decrease
balance
balance
/decrease
balance

Provisions
844,165
302,313
1,146,478
204,288
73,160
277,448
Investment equity
(823,432)
23
(823,409)
(199,271)
(199,265)
Impairment losses
159,571
62,732
222,303
38,616
15,181
53,797
receivables/payables
6,583
(3,089)
3,494
1,593
(748)
845
20,575
(4,924)
15,651
4,979
(1,192)
3,787
Financial guarantee liabilities
63,100
(1,160)
61,940
15,270
(281)
14,989
190,246
(37,967)
152,279
46,040
(9,189)
36,851
460,808
317,928
778,736
111,515
76,937
188,452
(9,256,578)
(2,677,572)
(11,934,150)
(2,239,535)
(648,529)
(2,888,064)
17,523
(37)
17,486
4,240
(8)
4,232
(26,605)
(26,605)
(6,438)
(6,438)
(9,265,660)
(2,677,609)
(11,943,269)
(2,241,733)
(648,537)
(2,890,270)
(2,130,218)
(571,600)
(2,701,818)
(182,221)
(146,733)
(328,954)
Foreign currency
Others
Income tax directly charged to equity

Available-to-sale securities
Gain (loss) on valuation of
derivative instruments
Advanced depreciation
provision for land
Deferred income tax of

consolidated subsidiaries
(2,312,439)
Total
99
(718,333) (3,030,772)

2013
Temporary differences
Deferred income tax assets(liabilities)
Beginning
Increase
Ending
Beginning
Increase
Ending
balance
/decrease
balance
balance
/decrease
balance

Provisions
765,118
79,047
844,165
185,158
19,130
204,288
Investment equity
(807,802)
(15,630)
(823,432)
(195,488)
(3,783)
(199,271)
Impairment losses
123,792
35,779
159,571
29,958
8,658
38,616
receivables/payables
4,574
2,009
6,583
1,107
486
1,593
21,910
(1,335)
20,575
5,302
(323)
4,979
63,100
63,100
15,270
15,270
103,337
86,909
190,246
26,808
19,232
46,040
210,929
249,879
460,808
52,845
58,670
111,515
(10,027,985)
771,407
(9,256,578)
(2,426,215)
186,680
(2,239,535)
19,956
(2,433)
17,523
4,829
(589)
4,240
(26,605)
(26,605)
(6,438)
(6,438)
(10,034,634)
768,974
(9,265,660)
(2,427,824)
186,091
(2,241,733)
(2,374,979)
244,761
(2,130,218)
(106,170)
(76,051)
(182,221)
168,710
(2,312,439)
Foreign currency
Financial guarantee liabilities

Others
Income tax directly charged to equity

Available-to-sale securities
Gain (loss) on valuation of
derivative instruments
Advanced depreciation
provision for land
Deferred income tax of

consolidated subsidiaries
(2,481,149)
Total
The Group annually assesses its ability to recover deferred income tax assets, and recognizes
deferred tax assets to the extent that it is almost certain that benefits from such deferred tax assets
will be realized. However, deferred tax assets have not been recognized for temporary differences
arising from investments in subsidiaries, associates and joint ventures, as it is not probable that
such differences will reverse in the foreseeable future due to disposal of equity shares or dividends.
In 2014, deferred tax liabilities of 27,910 million (2013: 54,321 million) have been recognized
for temporary differences arising from undistributed profits of subsidiaries, associates and joint
ventures, considering the probability that such differences will subsequently reverse due to
dividends.
100

30. Earnings per Share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the
Company by the weighted average number of ordinary shares outstanding during the year
excluding ordinary shares purchased by the Company and held as treasury shares.
Weighted- average number of common shares outstanding for the year ended December 31, 2014,
is as follows:
Number of
days
outstanding
Number of shares
Beginning balance
156,217,764
Treasury stock
(8,990,557)
Weighted average number

of shares outstanding
365
57,019,483,860
(*)
(3,284,216,905)
53,735,266,955
(*) Weighted number of treasury stock was deducted when calculating weighted average number of
common shares.
Weighted average number of common shares: 53,735,266,955 / 365 = 147,219,909
Basic earnings per ordinary share for the years ended December 31, 2014 and 2013, is as follows:
2014
\
Profit attributable to equity holders (*)

Less: Dividends paid to preferred
shareholders
Adjusted profit attributable to common
shares ( I )
Weighted average number of common
shares outstanding ( II )
Basic earnings per share ( I )/( II )
270,860 million
2013
\
242,444 million
(2,309) million
(2,309) million
268,551 million
240,135 million
147,219,909 shares
\
1,824
147,157,182 shares
1,632
(*) Represents the profit attributable to owners of the Parent Company

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary
shares outstanding to assume conversion of all dilutive potential ordinary shares.
The Company has no outstanding share options as of December 31, 2014, but there were 20,023
share options as of December 31, 2013.
101

Diluted earnings per ordinary share for the years ended December 31, 2014 and 2013, is as follows:
2014
Adjusted profit attributable to common shares ( I ) \
268,551 million
Adjusted weighted-average number of common
shares outstanding ( II )
147,219,909 shares
Diluted earnings per share ( I )/( II )
\
1,824
102
2013
240,135 million
147,177,205 shares
1,632

31. Related Party Transactions
As of December 31, 2014, the Group's related parties consist of 41 associates and joint ventures,
including Samsung Petrochemical Co., Ltd. (Note 1.3).
Significant transactions between the Company and its associates, and joint ventures for the years
ended December 31, 2014 and 2013, and the related account balances as of December 31, 2014 and
2013, consist of the following:
Sales
2014
Purchases
2013
2014
Receivables
2013
2014
Payables
2013
2014
2013
Associates
Co., Ltd.
\ 9,190
\ 16,117 \ 280,599 \ 362,873
846 \ 7,673 \ 8,566
\ 10,399
Samsung Total
Petrochemicals Co., Ltd.1
68,017
167,665
795,950 1,045,040
15,228
31,990
29,894
112,555
39
3,526
138,706
605,223
321
36,887
35,363
1,475
3,365
144
8,895
3,134
3,565
263
526
1,398

Limited
Dongducheon Dream
Power Co., Ltd.1
Ltd.1
Others
Joint venture
Korea LNG Limited
1
Unbilled accounts receivable are excluded from the transactions with associates and related
receivables (Note 31).
103

Significant transactions between the Group and its associates and joint ventures for the years
ended December 31, 2014 and 2013, and the related account balances as of December 31, 2014
and 2013, consist of the following:
Sales
2014
Purchases
2013
2014
Receivables
2013
2014
Payables
2013
2014
2013
Associates
Samsung General
Chemicals Co., Ltd.
6,729 \ 181,862
6,841
Samsung Total
Petrochemicals Co., Ltd.
13
11,624
10,605
28,864
514
532
26,760
16,103
1,641
19,291
162
13,296
17
195
32
136
2,054
29,712
Chongqing Shanxia
Ltd.
Others
Joint ventures
South Kent Wind LP
2,672
8,460
335
42,350
Grand Renewable Wind LP
10,021
1,457
2,828
14,655
Others
21,387
457
17,129
11,657
Major fund transactions with related parties for the years ended December 31, 2014 and 2013, are
as follows:
2014
Loans
2013
Repayments
Loans
Repayments
Associates
KST Electric Power Company,
SAPI de CV
Port Uglegorsky, LLC
29,711
390
5,988
5,679
Joint venture
104

Payment guarantees for the liabilities of foreign associates and joint ventures provided by the
Group as of December 31, 2014, are as follows:
Amount
(in thousands of US dollars)
Guarantor
Guaranteed period
MBB
May 20, 2015
Actual
Guaranteed
borrowings
amount
Associates
Terminal KMS de GNL, S. de R.L.
de C.V.
Sino-Singapore Tianjin Eco City
Shengxing Development Co., Ltd.
KST Electric Power Company,
SAPI de C.V.
Santander and
593
4,288
September 1, 2031
93,414
93,414
June 28, 2017
9,651
9,651
HANA and others
December 31, 2015
12,151
12,151
BTMU and others
April 30, 2031
81,340
81,340
others
China Construction
Bank
Joint ventures
Kelar S.A.
Others
3,115
200,264
3,115
203,959
In addition to the above, as of December 31, 2014, the Company recognized revenues using the
percentage-of-completion method in excess of billed amounts on uncompleted construction
contracts with a related party amounting to 51,632 million.
For the year ended December 31, 2014, the Company recognized expenses for short-term benefits
amounting to 4,605 million (2013: 3,688 million) and retirement benefits amounting to 1,250
million (2013: 2,188 million) as key management compensation. Key management includes
executive officers who have significant authorities and responsibilities with the respect to planning,
operating and controlling of the Groups business activities.
Also, the Company introduced long-term incentive plans for its executives based on a three-year
management performance criteria and has made a provision for the cumulative estimated incentive
cost for the past periods. For the years ended December 31, 2014, and 2013, the Company
recognized expenses amounting to 3,942 million and 3,035 million, respectively.
105

32. Cash Generated from Operations
Reconciliation between operating profit and net cash inflow from operating activities is as follows:
(in Korean won)
2014
2013
\ 285,519,448,134
\ 266,371,572,855
Income tax expense
171,486,932,230
182,314,072,819
Interest expense
119,585,609,140
115,091,314,042
Depreciation and amortization
189,927,112,239
182,123,705,140
Retirement benefits
97,738,695,713
55,966,602,210
Bad debts expense
2,032,984,046
6,195,790,444
Guarantee commission
154,647,010,163
63,100,000,000
Other bad debts expense
274,761,996,999
100,128,255,513
24,442,239,319
71,277,204,213
Profit for the year

Addition
Transfer in provision for construction losses

Transfer in provision for construction
warranties
35,349,096,870
53,061,275,685
93,178,032,578
140,972,472,080
Loss on disposal of investments
9,547,884,658
3,979,289,803
14,903,560,773
55,430,824,845
1,848,327,207
8,063,027,599
10,778,912,096
479,358,941
893,640,408
35,144,369
10,652,274,888
999,718,871
investments
47,906,588,998
62,097,186,974
Others expenses
6,372,197,722
6,961,261,747
1,244,242,771,965
1,130,086,829,377
Interest income
59,330,177,733
43,426,344,561
Dividend income
112,055,125,073
85,000,501,023
Gain on foreign exchange translation
121,733,756,128
201,621,174,562
41,188,668,965
20,168,102,611
85,061,370,182
106,742,660,884
117,776,367,444
85,435,489,700
Loss on foreign currency translation
Loss on disposal of property, plant and

equipment
Impairment loss on property, plant and
equipment
Loss on disposal of investment property

Loss on valuation of equity method
Deduction
Reversal of provision for construction losses

Reversal of allowance for doubtful accounts
106

Gain on disposal of property, plant and
equipment
6,657,925,605
14,204,263,548
386,786,342
589,821,445
1,013,696,163
61,965,119,616
118,234,288,276
37,344,367,429
2,803,921,720
(643,499,664,517)
(679,240,264,493)
Increase in trade receivables
(362,718,649,462)
(249,840,431,563)
Increase in other current assets
(181,470,674,432)
(39,384,277,925)
Decrease in inventories
435,263,708,152
282,018,909,903
Increase (Decrease) in trade payables
155,140,666,579
(233,359,703,579)
Increase (Decrease) in other current liabilities
(19,082,190,520)
214,881,921,534
(37,098,694,650)
(22,803,200,438)
(194,483,821)
(248,859,078)
12,878,627,894
(12,738,295,742)
Payment of defined benefit liability
(61,560,382,612)
(42,217,396,769)
Increase in plan assets, net
(48,422,611,458)
(63,932,924,987)
1,525,238,744
(13,414,024,468)
51,791,235,019
(38,852,485,863)
2,150,395,469
13,444,525,278
(51,797,815,098)
(206,446,243,697)
\ 834,464,740,484
\ 510,771,894,042
Gain on disposal of intangible assets

Gain on valuation of equity method
investments
Other income
Changes in operating assets and liabilities
Decrease in provisions for construction

warranties
Decrease in long-term unearned income
Increase (Decrease) in long-term non-trade
payables
Transfer-in (out) of defined benefit liability, net

Decrease (Increase) in cumulative effect of
foreign currency translation from overseas
operations
Others
Cash generated from operations
107

33. Segment Information
The strategic steering committee is the Groups chief operating decision-maker. Management has
determined the operating segments based on the information reviewed by the strategic steering
committee for the purposes of allocating resources and assessing performance. Also, a summary of
information on the Groups operations by business segment as of and for the years ended
December 31, 2014 and 2013, is prepared after elimination of intercompany transactions in
operating profit, and liabilities of operating segments are not included as those are not periodically
reported to the Groups management.
Summary of information on the Groups operations by business segment as of and for the years
ended December 31, 2014 and 2013, is as follows:
2014
Construction
Trading
Total segment sales
\ 14,922,395
\ 15,307,115
Inter-segment sales
(48,887)
Common
\ 30,229,510
(1,735,110)
(1,783,997)
14,873,508
13,572,005
28,445,513
Operating profit
569,281
83,084
652,365
231,849
255,489
487,338
\ 10,582,478
\ 5,349,725
\ 13,573,631
\ 29,505,834
External sales
Total assets
Total
For total assets, common is separately presented.

2013
Construction
Trading
Total segment sales
\ 13,486,438
\ 18,103,382
Inter-segment sales
(45,155)
Common
\ 31,589,820
(3,111,264)
(3,156,419)
13,441,283
14,992,118
28,433,401
Operating profit
347,557
85,745
433,302
280,407
200,725
481,132
\ 9,211,999
\ 5,337,473
\ 10,916,438
\ 25,465,910
External sales
Total assets
For total assets, common is separately presented.
108
Total

Summary of information on the Groups operations by geographic areas for the years ended
December 31, 2014 and 2013, is as follows:
2014
Total revenue
Intercompany revenue
Domestic
Asia
\ 19,297,194
\ 8,324,815
(1,192,956)
(348,474)
\ 18,104,238
\ 7,976,341
Europe
The Americas
Total
834,837
\ 1,772,664
\ 30,229,510
(101,608)
(140,959)
(1,783,997)
733,229
\ 1,631,705
\ 28,445,513
Revenue from external

customers
2013
Total revenue
Intercompany revenue
Domestic
Asia
\ 19,159,740
\ 10,033,263
(2,102,088)
(763,291)
\ 17,057,652
\ 9,269,972
Europe
The Americas
Total
835,030
\ 1,561,787
\ 31,589,820
(77,403)
(213,637)
(3,156,419)
757,627
\ 1,348,150
\ 28,433,401
Revenue from external

customers
109

34. Financial Risk Management
34.1 Financial Risk Management
The Group is exposed to credit risk, liquidity risk and market risk. Market risk arises from currency
risk, interest rate risk and fair value risk associated with investments and others. The Group has a
risk management program in place to monitor and actively manage such risks.
The Groups financial assets that are under financial risk management are composed of cash and
cash equivalents, short-term financial instruments, available-for-sale securities, accounts and notes
receivable and other accounts receivable. The Groups financial liabilities under financial risk
management are composed of accounts payable, other payable, borrowings, debt and others.
(a) Market risk
i) Foreign exchange risk
The Group is exposed to foreign exchange risk arising from international operations and
transactions with different foreign currencies. Most widely used foreign currencies are the US Dollar,
Euro and Japanese Yen. Foreign exchange risk management is carried out by considering the
nature of the businesses and using risk management tools. The Group operates a system to
manage receivables and payables denominated in foreign currencies. The risks of foreign currency
exposure to receivables and payables are periodically evaluated, managed and reported through
the system.
Details of foreign assets and liabilities of the Group as of December 31, 2014 and 2013, are as
follows :
2014
Financial assets
USD
1,358,390
EUR
1,237,870
JPY
167,444
104,918
25,529
Others
25,118
12,460
3,741
2013
Financial assets
USD
1,584,511
EUR
1,469,990
132,906
72,379
110
JPY
13,507
11,838
Others
47,489
11,969

The impact of appreciation and depreciation of the Korean won by 5% against foreign currencies
with all other variables held constant on the profit before income tax of the Group as of December
31, 2014 and 2013, is as follows:
2014
Appreciation
Financial assets
Net effect
Depreciation
(78,191)
68,582
(9,609)
Net effect
78,191
(68,582)
9,609
2013
Appreciation
Financial assets
(88,921)
Depreciation
\
78,309
\
(10,612)
88,921
(78,309)
10,612
ii) Equity price risk

The Groups investment portfolio consists of direct and indirect investments in listed and non-listed
securities. The market values of the Groups equity investments as of December 31, 2014 and 2013,
are 13,105,778 million and 10,537,772 million, respectively (Note 11).
As of December 31, 2014 and 2013, if listed share prices fluctuate by 1% without other variables
changing, the effects on other comprehensive income and loss are 95,155 million and 68,429
million.
iii) Interest rate risk
The Group is exposed to interest rate risk fluctuations since the value of financial statement line
items and interest income or expenses changes as a result of investment risk. The Groups position
with regard to interest rate risk exposure is mainly related to debt obligations such as debentures
and interest-bearing deposits and investments. To mitigate interest rate risk, the Group manages
interest rate risk proactively by establishing and operating policies for minimizing interest risks,
monitoring periodically interest rate trends in domestic and international markets and preparing
countermeasures.
111

As of December 31, 2014 and 2013, financial assets and liabilities exposed to interest rate risk are
as follows:
2014
Financial assets
2013
981,286
569,158
981,286
569,158
Interest sensitivity of the Group is determined based on the following assumption:

- Changes in market interest rate which influence interest income and expense related to floating
interest rate financial instruments.
As of December 31, 2014 and 2013, under the assumption above, if interest rates fluctuate by 1%
without other variables changing, the effects on income and expenses related to borrowings and
financial deposits with variable interest rates are as follows:
2014
Increase(Decrease) of interest income
2013
1% increase 1% decrease 1% increase 1% decrease
Decrease(Increase) of interest expense
(9,813)
(9,813)
112
9,813
(5,692)
9,813
(5,692)
5,692
5,692

(c) Credit risk
Credit risk arises in connection with the normal course of transactions and investing activities,
where clients or other parties fail to discharge an obligation. The Group monitors and sets the
counterpartys credit limit on a periodic basis based on the counterpartys financial conditions,
default history and other important factors.
Credit risk arises from cash and cash equivalents, savings and derivative instruments transactions
with financial institutions. To mitigate or eliminate certain of those exposures, the Group transacts
only with highly rated financial institutions. The maximum amount exposed to credit risks by each
financial instrument is its book value.
As of December 31, 2014 and 2013, aging analyses of trade receivables are as follows:
2014
Receivables not overdue
2013
4,501,223
4,179,673
Unimpaired overdue receivables :

Less than 6 months
6 months ~ 1 year
1 year
~ 3 years
More than 3 years
120,225
123,498
8,372
8,600
17,529
18,006
133,300
136,928
Impaired receivables
267,020
249,619
Allowance for the impaired receivables
(57,293)
(51,155)
113
4,990,376
4,665,169

(d) Liquidity risk
The Group manages its liquidity risk to maintain adequate net working capital by constantly
managing projected cash flows. Beyond effective working capital and cash management, the Group
mitigates liquidity risk by factoring and contracting with financial institutions with respect to bank
overdrafts and others. In addition, for efficient application of funds, the Group monitors its cash
flows through medium and long-term management planning and short-term management strategy.
As of December 31, 2014 and 2013, the financial liabilities are classified according to the
remaining period of time to the expiration date of the contract.
2014
Cash flow schedule until the expiration date
Cash flows by
(in millions of
Korean won)
Book value
2,900,823
Borrowings
Debentures
terms of
1 year
1 year
2 years
More than 3
contract
or less
~ 2 years
~ 3 years
years
545,333
2,988,221 1,946,931
82,133
413,824
2,395,029
2,591,696
397,249
643,784
861,755
688,908
31,580
31,759
27,616
2,640
650
853
87,563
2,820,430
1,158,060
400,700
568,500
693,170
Trade payables
2,043,500
2,043,500
2,043,500
Other payables
986,547
986,547
912,014
14,907
22,360
37,267
Derivative liability
Financial guarantee
2
liability
8,445,042
1
11,462,153 6,485,370 1,607,363
1,535,398
The cash flow of derivative liability is estimated based on the net amount for payment.
The cash flow presented is the principal amount of the borrowings for which the Group provides
the financial guarantee.
114
1,834,022

2013
Cash flow schedule until the expiration date
Cash flows by
(in millions of
Korean won)
Book value
terms of
1 year
1 year
2 years
More than 3
contract
or less
~ 2 years
~ 3 years
years
107,448
399,231
524,538
380,025
625,909
875,889
29,286
29,034
252
98,020
3,086,976
1,171,045
736,016
336,177
843,738
Trade payables
1,988,191
1,988,191
1,988,191
Other payables
1,045,418
1,045,418
1,002,698
9,517
12,590
20,613
7,712,381
10,968,259
6,367,188
1,233,258
1,373,907
1,993,906
Borrowings
Debentures
Derivative liability
2,356,625
2,412,027
1,651,682
2,195,141
2,406,361
28,986
Financial guarantee
2
253,666
liability
The cash flow of derivative liability is estimated based on the net amount for payment.
The cash flow presented is the principal amount of the borrowings for which the Group provides
the financial guarantee.
34.2 Capital Risk Management
The objective of capital management is to maintain sound capital structure. The Groups capital
management considers the Groups debt ratio, computed by dividing total liabilities by total equity
disclosed in the consolidated financial statements.
As of December 31, 2014 and 2013, debt-to-equity ratios are as follows:
(in millions of Korean won, except for ratio)
2014
Liabilities (A)
Equity (B)
Debt-to-equity ratio (A/B)
115
2013
15,833,398
14,046,356
13,672,437
11,419,553
115.81%
123.00%

34.3 Assumptions in Determining Fair Value
The fair value of the financial instruments traded in wide market, such as available-for-sale
securities and others, are estimated based on the publicly announced market price as of the
reporting date. If there is no market for such financial instruments, the fair value is estimated by
using certain valuation method. The Group uses various valuation methods, and establishes the
assumptions based on the market condition as of the reporting date. For long-term liabilities, the
official market price or dollar-asking price of the similar instruments is used. In addition, the Group
uses various valuation methods, such as estimated cash flows discount method to estimate fair
value. Fair values of interest rate swap and currency swap are calculated by discounting future
estimated cash flows. The fair values of metal futures and currency forward contract are estimated
by using the official price and the official forward exchange rate as of the reporting date,
respectively. The Group records the net book value after deducting the allowance from the gross
amount as the approximate value of the fair value of the trade receivables and trade payables. The
fair value of the financial liabilities is the discounted amount of the future cash flow under the terms
of the contract by using current market interest rate applied on similar financial instruments.
The Group classifies fair value measurements using a fair value hierarchy that reflects the
significance of the inputs used in measurements.
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs, other than quoted prices, that are observable for the asset or liability, either
directly or indirectly.
Level 3: inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs).
116

The following table presents the Groups financial assets and liabilities that are measured at fair
value as of December 31, 2014:
2014
Level 1
Level 2
Level 3
Total
Assets measured at fair value

Available-for-sale financial assets:
Equity securities
12,553,374
Debentures
406,760
12,960,134
79,630
79,630
35,368
35,368
35,215
35,215
13,110,347
Derivative instruments for risk

hedge:
Derivative financial assets
Financial instruments measured at
fair value through profit or loss:
12,553,374
150,213
406,760
25,492
Liabilities measured at fair value

hedge:
Derivative financial liabilities
25,492

117
13,709
39,201
13,709
39,201

The following table presents the Groups financial assets and liabilities that are measured at fair
value as of December 31, 2013:
2013
Level 1
Level 2
Level 3
Total
1,310,386
10,337,930
Assets measured at fair value

Available-for-sale financial assets:
Equity securities
9,027,544
Debentures
hedge:
84,898
84,898
11,035
11,035
20,049
20,049
9,027,544
115,982
1,310,386
10,453,912

Liabilities measured at fair value

hedge:
22,331
22,331

6,653
28,984
6,653
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs, other than quoted prices, that are observable for the asset or liability, either
directly or indirectly.
Level 3: inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs)
During the year ended December 31, 2014, there has been no significant change in the business or
economic circumstances that affect the fair value of the entity's financial assets and financial
liabilities.
118
28,984

Valuation technique and the inputs used in the fair value measurement related to recurring and non-recurring
fair value measurements categorized within Level 2 and Level 3 of the fair value hierarchy and disclosed fair
value are as follows:
Fair value
Level
Fair value measurements
Inputs
Net asset value method, discounted
Growth rate, discount rate
Available-for-sale financial assets
Energy industry equities
80,592
38,374
cash flow method and others

Cooperative contribution
Shipping-investment
industry equities
and others
and others
3,525
Net asset value method
and others
SOC equities
103,174
Discounted cash flow method

Others
181,095
and others
and others
Counterparty credit risk
Investment bonds
79,630
Discounted cash flow method
70,583
Market approach
39,201
Market approach
and others
Derivatives (assets)
Currency forwards and
others
Currency forwards rate ,

discount rate and others
Derivatives (liabilities)
Currency forwards and
others
Currency forwards rate ,

discount rate and others
Valuation process of fair value measurements classified in level 3

The finance department of the Groups divisions is responsible for fair value measurements which contain
fair value measurement categorized in Level 3 for the purpose of financial report and the said department
reports periodically the fair value valuation process and its outcome on reporting schedule at the end of every
year.
Sensitivity analysis of financial instruments is performed to measure favorable and unfavorable changes in
the fair value of financial instruments which are affected by the unobservable parameters, using a statistical
technique. When the fair value is affected by more than two input parameters, the amounts represent the
most favorable or most unfavorable.
119

The results of the sensitivity analysis for the effect on profit or loss from changes in inputs for each financial
instrument, which is categorized within Level 3 and subject to sensitivity analysis, are as follows:
2014
Adverse changes
Favorable changes
Profit or loss
Available-for-sale
financial assets1
Capital
-
71,698
Profit or loss
Capital
-
(51,306)
For equity securities, changes in their fair value are calculated by increasing or decreasing the
discount rate, which are significant unobservable inputs. Beneficiary certificates are excluded from
sensitivity analysis, as sensitivity computation of parameters is impracticable.
120

35. Business Combination
On April 30, 2014, the Group acquired 80% shares of Seoul Lakeside Co., Ltd. for \ 280,000
million, and thus included it in the consolidation.
Goodwill of \58,659 million arising from this acquisition is attributable to the customer base
acquired and economies of scale expected from combining the operations of the Group and Seoul
Lakeside Co., Ltd.
(a) Information of merged company
Company
Location of headquarters

181, Neungwon-ro, Mohyeon-myeon, Cheoin-gu,
Yongin City, Gyeonggi Province, Korea
Owner
Yoon Daeil
Status after the merger
Subsidiary
(b) Accounting for merger

Amount
\
Consideration
280,000
Recognized amounts of identifiable assets acquired and liabilities assumed

6,500
Trade and other receivables
5,745
Inventories
285
Investment assets
161
608,500
Trade and other payables
(344,515)
276,676
(55,335)
\
Goodwill
58,659
Had Seoul Lakeside Co., Ltd. been consolidated on January 1, 2014, the consolidated statement of
comprehensive income for the year ended December 31, 2014, would have shown revenue and
profit of \ 34,867 million and \ 13,259 million, respectively. Revenue and profit of \ 25,619 million
and \ 7,113 million, respectively, are generated from the said business segment after
consolidation.
121

On September 30, 2014, the Group acquired 100% shares of Samoo Architects & Engineers Co.,
Ltd. for \ 6,900 million, and thus included it in the consolidation.
Goodwill of \ 350 million arising from this acquisition is attributable to the design competitiveness
and economies of scale expected from combining the operations of the Group and Samoo
Architects & Engineers Co., Ltd.
Company
295, Olympic-ro, Songpa-gu, Seoul, Korea
Owner
Kim Gwanjung
Subsidiary

Amount
\
Consideration
6,900

8,017
61,604
4,447
Property, plant and equipment and intangible assets
4,504
9,343
(81,365)
6,550
\
Goodwill
122
350

On March 31, 2013, the Group acquired 100% shares of Whessoe Project Limited for \ 13,049
million, and the subsidiary was included in the consolidation on the same date. As a result of the
acquisition, the Group is expected to secure design competencies and increase its presence in the
market. The goodwill of \10,880 million arising from the acquisition is attributable to the customer
base acquired and economies of scale expected from combining the operations of the Group and
Whessoe Project Limited.
Company

Durham, UK
Owner
Saudi Al-Rushaid Group
Subsidiary

Amount
\
Consideration
13,049

26
3,326
382
Intangible assets
897
(2,462)
2,169
\
Goodwill
123
10,880

36. Event after the Reporting Period
Based on the agreement entered in September 1999, Samsung Motor Inc.s creditors (the Creditors)
filed a lawsuit in December 2005 against the 28 Samsung Group associates, including the Company,
claiming for 2,450 billion and a separate payment for breach of the agreement. The case was
resolved on January 29, 2015, as the Korean Supreme Court ordered the Samsung Group
associates to pay 600 billion to the Creditors for breach of the agreement and pay 6% annual
interest for loss incurred by delay (the same amount for breach of the agreement and 1%-point
increase in annual interest for loss incurred by the delay, compared to the appellate judgment). The
total amount of 620.4 billion, which consists of penalties for breach of the agreement and for loss
incurred by delay, was paid to the Creditors in January 2011 right after the Seoul High Courts ruling.
With respect to the Korean Supreme Courts judgment, the increased penalty for loss incurred by
delay is approximately 4 billion.
124

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Samsung C&T Corporation

Samsung C&T Corporation and Subsidiaries

Consolidated Financial Statements

Consolidated Statements of Comprehensive Income...................................................................

Consolidated Statements of Changes in Equity.............................................................

Consolidated Statements of Cash Flows..............

Notes to Consolidated Financial Statements.............................................................

Independent Auditors Report

Samsung C&T Corporation and Subsidiaries

Other current assets

Total current assets

Total non-current assets

Samsung C&T Corporation and Subsidiaries

Total current liabilities

Samsung C&T Corporation and Subsidiaries

Samsung C&T Corporation and Subsidiaries

Samsung C&T Corporation and Subsidiaries

Basic earnings per share

Diluted earnings per share

Samsung C&T Corporation and Subsidiaries

Total comprehensive income:

Loss on valuation of available-for-sale

Cumulative effect of foreign

Remeasurements of the net defined

Loss on sale of treasury stock

Exercise of share options

Capital reduction of subsidiaries

Cumulative effect of changes in

Balance at December 31, 2013

Samsung C&T Corporation and Subsidiaries

6,486,897 437,498 11,419,554 $

Total comprehensive income:

Gain on valuation of available-for-sale

Accumulated comprehensive income of

Loss on sale of treasury stock

Exercise of share options

Cumulative effect of foreign

Transactions with owners:

Cumulative effect of changes in

Balance at December 31, 2014

8,539,197 507,221 13,672,436 $

Samsung C&T Corporation and Subsidiaries

Cash flows from operating activities

Cash flows from investing activities

Acquisition of property, plant and equipment

Net cash used in investing activities

Samsung C&T Corporation and Subsidiaries

Cash flows from financing activities

Cash used in financing activities

Net cash generated from (used in)

Cash and cash equivalents at the end of the

Samsung C&T Corporation and Subsidiaries

Samsung C&T Corporation and Subsidiaries

Samoo Architects &

CVnet Corporation (**)

Myodo Metal Co., Ltd.

Seoul Lakeside Co., Ltd.

Samsung C&T Japan

Samsung C&T America,

Samsung C&T America,

Samsung C&T America,

Samsung C&T Corporation and Subsidiaries