SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March, 2016
Commission File Number: 1-13368
POSCO
(Translation of registrants name into English)
POSCO Center, 440 Teheran-ro, Gangnam-gu, Seoul, Korea, 135-777
(Address of principal executive office)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form20-F x Form
40-F ¨
[Indicate by check mark whether the registrant by furnishing the information contained
in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ¨ No x
[If Yes is marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b) : 82- .]
POSCO is furnishing under cover of Form 6-K:
Exhibit 99.1: An English-language translation of documents with respect to Consolidated Financial Statements
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
POSCO
(Registrant)
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Date: March 4, 2016 |
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By |
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/s/ Noh, Min-Yong |
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(Signature)* |
*Print the name and title under the signature of the signing officer. |
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Name: |
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Noh, Min-Yong |
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Title: |
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Senior Vice President |
Exhibit 99.1
POSCO
and Subsidiaries
Consolidated Financial Statements
December 31,
2015 and 2014
(With Independent Auditors Report Thereon)
Table of Contents
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Page |
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Independent Auditors Report |
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Consolidated Financial Statements |
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Consolidated Statements of Financial Position |
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3 |
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Consolidated Statements of Comprehensive Income |
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5 |
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Consolidated Statements of Changes in Equity |
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6 |
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Consolidated Statements of Cash Flows |
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8 |
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Notes to the Consolidated Financial Statements |
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10 |
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Independent Auditors Report
Based on a report originally issued in Korean
The Board of Directors and Shareholders
POSCO:
We have audited the accompanying consolidated financial statements of POSCO and its subsidiaries (the Company), which comprise the consolidated
statements of financial position as of December 31, 2015 and 2014, 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 Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Korean International
Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated 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 consolidated financial statements based on our audits. We conducted our audits in accordance with 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 consolidated financial statements are free from material misstatement.
An audit involves
performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the
consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entitys preparation and fair presentation of the consolidated 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 consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In
our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2015 and 2014, and its consolidated financial performance and its consolidated
cash flows for the years then ended in accordance with Korean International Financial Reporting Standards.
Other Matters
The procedures and practices utilized in the Republic of Korea to audit such consolidated financial statements may differ from those generally accepted and
applied in other countries. Accordingly, this report and the accompanying consolidated financial statements are for use by those knowledgeable about Korean auditing standards and their application in practice.
Seoul, Korea
February 25, 2016
This report is effective as of February 25, 2016, the audit report date. Certain subsequent events or
circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying consolidated financial statements and notes thereto. Accordingly, the readers of the audit report
should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.
2
POSCO and Subsidiaries
Consolidated Statements of Financial Position
As of
December 31, 2015 and 2014
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(in millions of Won) |
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Notes |
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December 31, 2015 |
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December 31, 2014 |
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Assets |
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Cash and cash equivalents |
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4,5,23 |
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W |
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4,870,185 |
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3,811,202 |
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Trade accounts and notes receivable, net |
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6,17,23,29,37 |
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9,595,935 |
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11,786,055 |
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Other receivables, net |
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7,23 |
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1,679,879 |
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1,956,216 |
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Other short-term financial assets |
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8,23,37 |
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3,910,387 |
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1,462,920 |
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Inventories |
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9 |
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8,225,205 |
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10,471,330 |
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Current income tax assets |
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35 |
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33,765 |
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36,147 |
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Assets held for sale |
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10 |
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57,281 |
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2,127,087 |
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Other current assets |
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16 |
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808,252 |
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976,425 |
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Total current assets |
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29,180,889 |
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32,627,382 |
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Long-term trade accounts and notes receivable, net |
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6,23 |
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120,338 |
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79,336 |
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Other receivables, net |
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7,23 |
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863,258 |
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1,144,160 |
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Other long-term financial assets |
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8,23 |
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2,341,460 |
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2,455,900 |
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Investments in associates and joint ventures |
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11 |
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3,945,333 |
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4,060,507 |
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Investment property, net |
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13 |
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1,084,292 |
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1,055,592 |
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Property, plant and equipment, net |
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14 |
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34,522,855 |
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35,241,195 |
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Intangible assets, net |
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15 |
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6,405,754 |
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6,884,989 |
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Deferred tax assets |
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35 |
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1,315,580 |
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1,195,563 |
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Other non-current assets |
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16 |
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629,000 |
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507,549 |
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Total non-current assets |
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51,227,870 |
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52,624,791 |
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Total assets |
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W |
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80,408,759 |
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85,252,173 |
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See accompanying notes to the consolidated financial statements.
3
POSCO and Subsidiaries
Consolidated Statements of Financial Position, Continued
As of December 31, 2015 and 2014
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(in millions of Won) |
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Notes |
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December 31, 2015 |
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December 31, 2014 |
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Liabilities |
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Trade accounts and notes payable |
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23,37 |
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W |
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3,125,348 |
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3,950,786 |
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Short-term borrowings and current installments of long-term borrowings |
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4,17,23 |
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12,371,032 |
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12,195,484 |
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Other payables |
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18,23 |
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2,129,093 |
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2,194,713 |
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Other short-term financial liabilities |
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19,23,37 |
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202,117 |
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111,637 |
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Current income tax liabilities |
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35 |
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377,962 |
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453,613 |
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Liabilities of disposal group held for sale |
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10 |
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34,202 |
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590,982 |
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Provisions |
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20 |
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102,320 |
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150,030 |
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Other current liabilities |
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22,29 |
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1,788,852 |
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2,229,764 |
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Total current liabilities |
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20,130,926 |
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21,877,009 |
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Long-term trade accounts and notes payable |
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23,37 |
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11,098 |
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88,469 |
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Long-term borrowings, excluding current installments |
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4,17,23 |
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12,849,199 |
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15,232,773 |
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Other payables |
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18,23 |
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134,470 |
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169,986 |
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Other long-term financial liabilities |
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19,23 |
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54,696 |
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91,095 |
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Defined benefit liabilities, net |
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21 |
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182,025 |
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290,325 |
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Deferred tax liabilities |
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35 |
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1,676,658 |
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1,832,260 |
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Long-term provisions |
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20 |
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221,692 |
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223,239 |
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Other long-term liabilities |
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22 |
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77,773 |
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155,653 |
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Total non-current liabilities |
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15,207,611 |
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18,083,800 |
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Total liabilities |
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35,338,537 |
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39,960,809 |
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Equity |
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Share capital |
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24 |
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482,403 |
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482,403 |
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Capital surplus |
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24 |
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1,383,623 |
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1,083,718 |
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Hybrid bonds |
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25 |
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996,919 |
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996,919 |
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Reserves |
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26 |
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(594,756 |
) |
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(408,773 |
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Treasury shares |
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27 |
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(1,533,898 |
) |
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(1,534,457 |
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Retained earnings |
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40,501,059 |
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40,967,558 |
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Equity attributable to owners of the controlling company |
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41,235,350 |
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41,587,368 |
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Non-controlling interests |
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25 |
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3,834,872 |
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3,703,996 |
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Total equity |
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45,070,222 |
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45,291,364 |
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Total liabilities and equity |
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|
W |
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80,408,759 |
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85,252,173 |
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See accompanying notes to the consolidated financial statements.
4
POSCO and Subsidiaries
Consolidated Statements of Comprehensive Income (loss)
For the years ended December 31, 2015 and 2014
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(in millions of Won, except per share information) |
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Notes |
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2015 |
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2014 |
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Revenue |
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28,29,37 |
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W |
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58,192,345 |
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65,098,445 |
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Cost of sales |
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29,31,34,37 |
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(51,658,098 |
) |
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(57,815,041 |
) |
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Gross profit |
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6,534,247 |
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7,283,404 |
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Selling and administrative expenses |
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30,34 |
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Administrative expenses |
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31 |
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(2,395,248 |
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(2,309,756 |
) |
Selling expenses |
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(1,728,956 |
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(1,760,118 |
) |
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Operating profit |
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2,410,043 |
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3,213,530 |
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Share of loss of equity-accounted investees, net |
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11 |
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(506,054 |
) |
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(299,893 |
) |
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Finance income and costs |
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23,32 |
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Finance income |
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2,557,073 |
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|
2,396,762 |
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Finance costs |
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(3,387,054 |
) |
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|
(3,221,987 |
) |
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Other non-operating income and expenses |
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33,37 |
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Other non-operating income |
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|
549,048 |
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|
269,406 |
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Other non-operating expenses |
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34 |
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(1,442,298 |
) |
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(979,674 |
) |
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Profit before income tax |
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180,758 |
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|
1,378,144 |
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Income tax expense |
|
35 |
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|
|
|
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|
(276,939 |
) |
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|
(821,485 |
) |
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Profit (loss) |
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(96,181 |
) |
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|
556,659 |
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Other comprehensive income (loss) |
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Items that will not be reclassified subsequently to profit or loss : |
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Remeasurements of defined benefit pension plans |
|
21 |
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|
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|
41,954 |
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|
(75,101 |
) |
Items that are or may be reclassified subsequently to profit or loss : |
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|
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|
|
|
|
|
|
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Capital adjustment arising from investments in equity-method investees |
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|
|
|
|
|
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|
(82,509 |
) |
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|
(45,754 |
) |
Net changes in the unrealized fair value of available-for-sale investments |
|
23 |
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|
|
|
|
|
(187,854 |
) |
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|
(333,891 |
) |
Foreign currency translation differences |
|
|
|
|
|
|
|
|
66,280 |
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|
|
(836 |
) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss, net of tax |
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|
|
|
|
|
|
|
(162,129 |
) |
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|
(455,582 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) |
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|
|
W |
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|
(258,310 |
) |
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|
101,077 |
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|
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|
|
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|
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|
Profit (loss) attributable to : |
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|
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|
|
|
|
|
|
|
|
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|
Owners of the controlling company |
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|
|
W |
|
|
|
|
180,647 |
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|
|
626,099 |
|
Non-controlling interests |
|
|
|
|
|
|
|
|
(276,828 |
) |
|
|
(69,440 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) |
|
|
|
W |
|
|
|
|
(96,181 |
) |
|
|
556,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) attributable to : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the controlling company |
|
|
|
W |
|
|
|
|
33,017 |
|
|
|
174,918 |
|
Non-controlling interests |
|
|
|
|
|
|
|
|
(291,327 |
) |
|
|
(73,841 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) |
|
|
|
W |
|
|
|
|
(258,310 |
) |
|
|
101,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share (in Won) |
|
36 |
|
|
|
|
|
|
1,845 |
|
|
|
7,432 |
|
See accompanying notes to the consolidated financial statements.
5
POSCO and Subsidiaries
Consolidated Statements of Changes in Equity
For the
years ended December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to owners of the controlling company |
|
|
Non- controlling interests |
|
|
Total |
|
(in millions of Won) |
|
|
|
|
Share capital |
|
|
Capital surplus |
|
|
Hybrid bonds |
|
|
Reserves |
|
|
Treasury shares |
|
|
Retained earnings |
|
|
Sub total |
|
|
|
Balance as of January 1, 2014 |
|
W |
|
|
|
|
482,403 |
|
|
|
1,078,266 |
|
|
|
996,919 |
|
|
|
(23,076 |
) |
|
|
(1,579,124 |
) |
|
|
41,090,649 |
|
|
|
42,046,037 |
|
|
|
3,775,993 |
|
|
|
45,822,030 |
|
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
626,099 |
|
|
|
626,099 |
|
|
|
(69,440 |
) |
|
|
556,659 |
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remeasurements of defined benefit pension plans, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(65,152 |
) |
|
|
(65,152 |
) |
|
|
(9,949 |
) |
|
|
(75,101 |
) |
Capital adjustment arising from investments in equity-method investees, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(50,920 |
) |
|
|
|
|
|
|
|
|
|
|
(50,920 |
) |
|
|
5,166 |
|
|
|
(45,754 |
) |
Net changes in the unrealized fair value of available-for-sale investments, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(335,626 |
) |
|
|
|
|
|
|
|
|
|
|
(335,626 |
) |
|
|
1,735 |
|
|
|
(333,891 |
) |
Foreign currency translation differences, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
517 |
|
|
|
|
|
|
|
|
|
|
|
517 |
|
|
|
(1,353 |
) |
|
|
(836 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(386,029 |
) |
|
|
|
|
|
|
560,947 |
|
|
|
174,918 |
|
|
|
(73,841 |
) |
|
|
101,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners of the controlling company, Recognized directly in equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-end dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(478,702 |
) |
|
|
(478,702 |
) |
|
|
(32,887 |
) |
|
|
(511,589 |
) |
Interim dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(159,568 |
) |
|
|
(159,568 |
) |
|
|
(76,854 |
) |
|
|
(236,422 |
) |
Changes in subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91,551 |
|
|
|
91,551 |
|
Changes in ownership interests in subsidiaries |
|
|
|
|
|
|
|
|
|
|
(9,401 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,401 |
) |
|
|
44,265 |
|
|
|
34,864 |
|
Interest of hybrid bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(43,600 |
) |
|
|
(43,600 |
) |
|
|
(26,175 |
) |
|
|
(69,775 |
) |
Disposal of treasury shares |
|
|
|
|
|
|
|
|
|
|
14,576 |
|
|
|
|
|
|
|
|
|
|
|
44,667 |
|
|
|
|
|
|
|
59,243 |
|
|
|
|
|
|
|
59,243 |
|
Others |
|
|
|
|
|
|
|
|
|
|
277 |
|
|
|
|
|
|
|
332 |
|
|
|
|
|
|
|
(2,168 |
) |
|
|
(1,559 |
) |
|
|
1,944 |
|
|
|
385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions with owners of the controlling company |
|
|
|
|
|
|
|
|
|
|
5,452 |
|
|
|
|
|
|
|
332 |
|
|
|
44,667 |
|
|
|
(684,038 |
) |
|
|
(633,587 |
) |
|
|
1,844 |
|
|
|
(631,743 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2014 |
|
W |
|
|
|
|
482,403 |
|
|
|
1,083,718 |
|
|
|
996,919 |
|
|
|
(408,773 |
) |
|
|
(1,534,457 |
) |
|
|
40,967,558 |
|
|
|
41,587,368 |
|
|
|
3,703,996 |
|
|
|
45,291,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the consolidated financial statements.
6
POSCO and Subsidiaries
Consolidated Statements of Changes in Equity, Continued
For the years ended December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to owners of the controlling company |
|
|
Non- controlling interests |
|
|
|
|
(in millions of Won) |
|
|
|
|
Share capital |
|
|
Capital surplus |
|
|
Hybrid bonds |
|
|
Reserves |
|
|
Treasury shares |
|
|
Retained earnings |
|
|
Sub total |
|
|
|
Total |
|
Balance as of January 1, 2015 |
|
W |
|
|
|
|
482,403 |
|
|
|
1,083,718 |
|
|
|
996,919 |
|
|
|
(408,773 |
) |
|
|
(1,534,457 |
) |
|
|
40,967,558 |
|
|
|
41,587,368 |
|
|
|
3,703,996 |
|
|
|
45,291,364 |
|
Comprehensive income (loss) : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
180,647 |
|
|
|
180,647 |
|
|
|
(276,828 |
) |
|
|
(96,181 |
) |
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remeasurements of defined benefit pension plans, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,771 |
|
|
|
38,771 |
|
|
|
3,183 |
|
|
|
41,954 |
|
Capital adjustment arising from investments in equity-method investees, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(81,418 |
) |
|
|
|
|
|
|
|
|
|
|
(81,418 |
) |
|
|
(1,091 |
) |
|
|
(82,509 |
) |
Net changes in the unrealized fair value of available-for-sale investments, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(183,077 |
) |
|
|
|
|
|
|
|
|
|
|
(183,077 |
) |
|
|
(4,777 |
) |
|
|
(187,854 |
) |
Foreign currency translation differences, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
78,094 |
|
|
|
|
|
|
|
|
|
|
|
78,094 |
|
|
|
(11,814 |
) |
|
|
66,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(186,401 |
) |
|
|
|
|
|
|
219,418 |
|
|
|
33,017 |
|
|
|
(291,327 |
) |
|
|
(258,310 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners of the controlling company, Recognized directly in equity : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-end dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(479,958 |
) |
|
|
(479,958 |
) |
|
|
(32,410 |
) |
|
|
(512,368 |
) |
Interim dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(159,987 |
) |
|
|
(159,987 |
) |
|
|
(67,700 |
) |
|
|
(227,687 |
) |
Changes in subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(311,548 |
) |
|
|
(311,548 |
) |
Changes in ownership interests in subsidiaries |
|
|
|
|
|
|
|
|
|
|
301,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
301,029 |
|
|
|
857,244 |
|
|
|
1,158,273 |
|
Interest of hybrid bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(43,574 |
) |
|
|
(43,574 |
) |
|
|
(24,187 |
) |
|
|
(67,761 |
) |
Disposal of treasury shares |
|
|
|
|
|
|
|
|
|
|
(35 |
) |
|
|
|
|
|
|
|
|
|
|
559 |
|
|
|
|
|
|
|
524 |
|
|
|
|
|
|
|
524 |
|
Others |
|
|
|
|
|
|
|
|
|
|
(1,089 |
) |
|
|
|
|
|
|
418 |
|
|
|
|
|
|
|
(2,398 |
) |
|
|
(3,069 |
) |
|
|
804 |
|
|
|
(2,265 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions with owners of the controlling company |
|
|
|
|
|
|
|
|
|
|
299,905 |
|
|
|
|
|
|
|
418 |
|
|
|
559 |
|
|
|
(685,917 |
) |
|
|
(385,035 |
) |
|
|
422,203 |
|
|
|
37,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2015 |
|
W |
|
|
|
|
482,403 |
|
|
|
1,383,623 |
|
|
|
996,919 |
|
|
|
(594,756 |
) |
|
|
(1,533,898 |
) |
|
|
40,501,059 |
|
|
|
41,235,350 |
|
|
|
3,834,872 |
|
|
|
45,070,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the consolidated financial statements.
7
POSCO and Subsidiaries
Consolidated Statements of Cash Flows
For the years
ended December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
Notes |
|
|
|
|
|
2015 |
|
|
2014 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) |
|
|
|
|
|
W |
|
|
|
|
(96,181 |
) |
|
|
556,659 |
|
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
|
|
2,836,663 |
|
|
|
2,894,609 |
|
Amortization |
|
|
|
|
|
|
|
|
|
|
381,583 |
|
|
|
343,940 |
|
Finance income |
|
|
|
|
|
|
|
|
|
|
(1,165,340 |
) |
|
|
(1,046,718 |
) |
Finance costs |
|
|
|
|
|
|
|
|
|
|
1,852,862 |
|
|
|
1,801,015 |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
276,939 |
|
|
|
821,485 |
|
Impairment loss on property, plant and equipment |
|
|
|
|
|
|
|
|
|
|
136,269 |
|
|
|
64,833 |
|
Gain on disposal of property, plant and equipment |
|
|
|
|
|
|
|
|
|
|
(22,730 |
) |
|
|
(15,039 |
) |
Loss on disposal of property, plant and equipment |
|
|
|
|
|
|
|
|
|
|
101,732 |
|
|
|
50,006 |
|
Impairment loss on goodwill and intangible assets |
|
|
|
|
|
|
|
|
|
|
161,412 |
|
|
|
55,220 |
|
Share of loss of equity-accounted investees |
|
|
|
|
|
|
|
|
|
|
506,054 |
|
|
|
299,893 |
|
Impairment loss on assets held for sale |
|
|
|
|
|
|
|
|
|
|
133,547 |
|
|
|
17,205 |
|
Gain on disposals of assets held for sale |
|
|
|
|
|
|
|
|
|
|
(227,956 |
) |
|
|
(48,232 |
) |
Loss on disposals of assets held for sale |
|
|
|
|
|
|
|
|
|
|
190,357 |
|
|
|
14 |
|
Costs for defined benefit plans |
|
|
|
|
|
|
|
|
|
|
245,402 |
|
|
|
237,886 |
|
Bad debt expenses |
|
|
|
|
|
|
|
|
|
|
337,235 |
|
|
|
205,306 |
|
Loss on valuation of inventories |
|
|
|
|
|
|
|
|
|
|
152,952 |
|
|
|
41,713 |
|
Contribution to provisions |
|
|
|
|
|
|
|
|
|
|
86,903 |
|
|
|
245,470 |
|
Others, net |
|
|
|
|
|
|
|
|
|
|
(21,643 |
) |
|
|
126,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,962,241 |
|
|
|
6,095,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities |
|
|
39 |
|
|
|
|
|
|
|
2,754,039 |
|
|
|
(1,913,972 |
) |
Interest received |
|
|
|
|
|
|
|
|
|
|
198,193 |
|
|
|
238,817 |
|
Interest paid |
|
|
|
|
|
|
|
|
|
|
(831,566 |
) |
|
|
(882,183 |
) |
Dividends received |
|
|
|
|
|
|
|
|
|
|
237,715 |
|
|
|
114,694 |
|
Income taxes paid |
|
|
|
|
|
|
|
|
|
|
(622,612 |
) |
|
|
(797,324 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
|
|
|
W |
|
|
|
|
7,601,829 |
|
|
|
3,412,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the consolidated financial statements.
8
POSCO and Subsidiaries
Consolidated Statements of Cash Flows, Continued
For
the years ended December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
Notes |
|
|
|
|
|
2015 |
|
|
2014 |
|
Cash flows from investing activities |
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of short-term financial instruments |
|
|
|
|
|
W |
|
|
|
|
(13,037,990 |
) |
|
|
(3,096,602 |
) |
Proceeds from disposal of short-term financial instruments |
|
|
|
|
|
|
|
|
|
|
10,595,379 |
|
|
|
4,635,120 |
|
Increase in loans |
|
|
|
|
|
|
|
|
|
|
(295,689 |
) |
|
|
(361,671 |
) |
Collection of loans |
|
|
|
|
|
|
|
|
|
|
308,906 |
|
|
|
76,717 |
|
Acquisitions of available-for-sale investments |
|
|
|
|
|
|
|
|
|
|
(87,824 |
) |
|
|
(75,582 |
) |
Proceeds from disposal of available-for-sale investments |
|
|
|
|
|
|
|
|
|
|
308,161 |
|
|
|
252,056 |
|
Acquisitions of investment in associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
(77,155 |
) |
|
|
(702,989 |
) |
Proceeds from disposal of investment in associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
11,813 |
|
|
|
21,359 |
|
Acquisitions of investment property |
|
|
|
|
|
|
|
|
|
|
(61,478 |
) |
|
|
(406,603 |
) |
Proceeds from disposal of investment property |
|
|
|
|
|
|
|
|
|
|
1,120 |
|
|
|
43,167 |
|
Acquisitions of property, plant and equipment |
|
|
|
|
|
|
|
|
|
|
(2,560,244 |
) |
|
|
(3,505,549 |
) |
Proceeds from disposal of property, plant and equipment |
|
|
|
|
|
|
|
|
|
|
59,031 |
|
|
|
62,829 |
|
Acquisitions of intangible assets |
|
|
|
|
|
|
|
|
|
|
(289,148 |
) |
|
|
(343,804 |
) |
Proceeds from disposal of intangible assets |
|
|
|
|
|
|
|
|
|
|
12,832 |
|
|
|
9,043 |
|
Proceeds from disposal of assets held for sale |
|
|
|
|
|
|
|
|
|
|
127,133 |
|
|
|
1,291 |
|
Cash paid in acquisition of business, net of cash acquired |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(388,578 |
) |
Cash received from disposal of business, net of cash transferred |
|
|
|
|
|
|
|
|
|
|
469,576 |
|
|
|
48,949 |
|
Other, net |
|
|
|
|
|
|
|
|
|
|
(19,099 |
) |
|
|
(14,335 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
|
|
|
|
|
|
|
|
(4,534,676 |
) |
|
|
(3,745,182 |
) |
Cash flows from financing activities |
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from borrowings |
|
|
|
|
|
|
|
|
|
|
1,779,097 |
|
|
|
2,522,495 |
|
Repayment of borrowings |
|
|
|
|
|
|
|
|
|
|
(3,509,970 |
) |
|
|
(2,802,150 |
) |
Proceeds from (repayment of) short-term borrowings, net |
|
|
|
|
|
|
|
|
|
|
(846,230 |
) |
|
|
1,037,912 |
|
Capital contribution from non-controlling interest and proceeds from disposal of subsidiaries while maintaining control |
|
|
|
|
|
|
|
|
|
|
1,260,053 |
|
|
|
54,066 |
|
Payment of cash dividends |
|
|
|
|
|
|
|
|
|
|
(822,570 |
) |
|
|
(677,000 |
) |
Payment of interest of hybrid bonds |
|
|
|
|
|
|
|
|
|
|
(67,725 |
) |
|
|
(69,713 |
) |
Other, net |
|
|
|
|
|
|
|
|
|
|
(34,256 |
) |
|
|
69,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing (used in) activities |
|
|
|
|
|
|
|
|
|
|
(2,241,601 |
) |
|
|
135,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate fluctuation on cash held |
|
|
|
|
|
|
|
|
|
|
23,496 |
|
|
|
11,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
849,048 |
|
|
|
(186,426 |
) |
Cash and cash equivalents at beginning of the period |
|
|
5 |
|
|
|
|
|
|
|
4,022,136 |
|
|
|
4,208,562 |
|
Cash and cash equivalents at end of the period |
|
|
5 |
|
|
W |
|
|
|
|
4,871,184 |
|
|
|
4,022,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the consolidated financial statements.
9
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements
As of
December 31, 2015 and 2014
General information about POSCO, its 42 domestic subsidiaries including POSCO
Engineering & Construction Co., Ltd., 171 foreign subsidiaries including POSCO America Corporation (collectively the Company) and its 98 associates and joint ventures are as follows:
(a) |
The controlling company |
POSCO, the controlling company, was incorporated on April 1,
1968, under the Commercial Code of the Republic of Korea to manufacture and sell steel rolled products and plates in the domestic and foreign markets.
The shares of POSCO have been listed on the Korea Exchange on June 10, 1988. POSCO owns and operates two steel plants (Pohang and
Gwangyang) and one office in Korea and it also operates internationally through five of its overseas liaison offices.
As of
December 31, 2015, POSCOs shareholders are as follows:
|
|
|
|
|
|
|
|
|
Shareholders name |
|
Number of shares |
|
|
Ownership (%) |
|
National Pension Service |
|
|
7,885,065 |
|
|
|
9.04 |
|
Nippon Steel & Sumitomo Metal Corporation(*1) |
|
|
4,394,712 |
|
|
|
5.04 |
|
Pohang University of Science and Technology |
|
|
1,905,000 |
|
|
|
2.18 |
|
Government of Singapore Investment Corporation Pte Ltd |
|
|
1,862,625 |
|
|
|
2.14 |
|
KB Financial Group Inc. and subsidiaries(*2) |
|
|
1,828,207 |
|
|
|
2.10 |
|
Others |
|
|
69,311,226 |
|
|
|
79.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
87,186,835 |
|
|
|
100.00 |
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Nippon Steel & Sumitomo Metal Corporation owns American Depository Receipts (ADRs) of POSCO, each of which represents 0.25 share of POSCOs common share which has par value of W5,000 per
share. |
|
(*2) |
Includes shares held by subsidiaries pursuant to Articles of Incorporation. |
As of
December 31, 2015, the shares of POSCO are listed on the Korea Exchange, while its depository shares are listed on the New York Stock Exchange.
10
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(b) |
Consolidated subsidiaries |
Details of consolidated subsidiaries as of December 31, 2015
and 2014 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership (%) |
|
|
|
|
|
|
|
December 31, 2015 |
|
|
December 31, 2014 |
|
|
|
|
|
Principal operations |
|
POSCO |
|
|
Subsidiaries |
|
|
Total |
|
|
POSCO |
|
|
Subsidiaries |
|
|
Total |
|
|
Region |
[Domestic] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO ENGINEERING & CONSTRUCTION., LTD. |
|
Engineering and construction |
|
|
52.80 |
|
|
|
|
|
|
|
52.80 |
|
|
|
89.53 |
|
|
|
|
|
|
|
89.53 |
|
|
Pohang |
POSCO Processing&Service |
|
Steel sales and trading |
|
|
96.01 |
|
|
|
|
|
|
|
96.01 |
|
|
|
96.01 |
|
|
|
|
|
|
|
96.01 |
|
|
Seoul |
POSCO COATED & COLOR STEEL Co., Ltd. |
|
Coated steel manufacturing |
|
|
56.87 |
|
|
|
|
|
|
|
56.87 |
|
|
|
56.87 |
|
|
|
|
|
|
|
56.87 |
|
|
Pohang |
POSCO ICT |
|
Computer hardware and software distribution |
|
|
65.38 |
|
|
|
|
|
|
|
65.38 |
|
|
|
65.38 |
|
|
|
|
|
|
|
65.38 |
|
|
Seongnam |
POSCO Research Institute |
|
Economic research and consulting |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
Seoul |
POSMATE |
|
Business facility maintenance |
|
|
57.25 |
|
|
|
11.05 |
|
|
|
68.30 |
|
|
|
57.25 |
|
|
|
11.05 |
|
|
|
68.30 |
|
|
Suncheon |
POSCO A&C |
|
Architecture and consulting |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
Seoul |
POSCO Capital Co.,Ltd |
|
Investment in venture companies |
|
|
95.00 |
|
|
|
|
|
|
|
95.00 |
|
|
|
95.00 |
|
|
|
|
|
|
|
95.00 |
|
|
Pohang |
eNtoB Corporation |
|
Electronic commerce |
|
|
7.50 |
|
|
|
53.63 |
|
|
|
61.13 |
|
|
|
|
|
|
|
62.38 |
|
|
|
62.38 |
|
|
Seoul |
POSCO CHEMTECH |
|
Refractories manufacturing and sales |
|
|
60.00 |
|
|
|
|
|
|
|
60.00 |
|
|
|
60.00 |
|
|
|
|
|
|
|
60.00 |
|
|
Pohang |
POSCO-Terminal Co., Ltd. |
|
Transporting and warehousing |
|
|
51.00 |
|
|
|
|
|
|
|
51.00 |
|
|
|
51.00 |
|
|
|
|
|
|
|
51.00 |
|
|
Gwangyang |
POSCO M-TECH |
|
Packing materials manufacturing and sales |
|
|
48.85 |
|
|
|
|
|
|
|
48.85 |
|
|
|
48.85 |
|
|
|
|
|
|
|
48.85 |
|
|
Pohang |
POSCO ENERGY CO., LTD. |
|
Generation of electricity |
|
|
89.02 |
|
|
|
|
|
|
|
89.02 |
|
|
|
89.02 |
|
|
|
|
|
|
|
89.02 |
|
|
Seoul |
POSCO TMC Co., Ltd. |
|
Component manufacturing |
|
|
|
|
|
|
74.56 |
|
|
|
74.56 |
|
|
|
|
|
|
|
74.56 |
|
|
|
74.56 |
|
|
Cheonan |
POSCO NIPPON STEEL RHF JOINT VENTURE.CO.,Ltd. |
|
Steel manufacturing and sales |
|
|
70.00 |
|
|
|
|
|
|
|
70.00 |
|
|
|
70.00 |
|
|
|
|
|
|
|
70.00 |
|
|
Pohang |
MegaAsset Co.,Ltd. |
|
Real estate rental and sales |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Cheonan |
POSCO Engineering CO.,Ltd |
|
Construction and engineering service |
|
|
|
|
|
|
95.56 |
|
|
|
95.56 |
|
|
|
|
|
|
|
95.56 |
|
|
|
95.56 |
|
|
Incheon |
POSCO AST |
|
Steel manufacturing and sales |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Ansan |
POSHIMETAL Co., Ltd. |
|
Ferromanganese manufacturing and sales |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
65.00 |
|
|
|
|
|
|
|
65.00 |
|
|
Gwangyang |
Poscoene |
|
Refuse derived fuel and power generation |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Seoul |
POSCO Humans |
|
Construction |
|
|
90.30 |
|
|
|
|
|
|
|
90.30 |
|
|
|
90.30 |
|
|
|
|
|
|
|
90.30 |
|
|
Pohang |
Mapo Hibroad Parking co., Ltd. |
|
Construction |
|
|
|
|
|
|
70.99 |
|
|
|
70.99 |
|
|
|
|
|
|
|
70.99 |
|
|
|
70.99 |
|
|
Seoul |
Steel Processing and Fabricating Center Co., LTD |
|
Steel manufacturing |
|
|
|
|
|
|
84.89 |
|
|
|
84.89 |
|
|
|
|
|
|
|
84.89 |
|
|
|
84.89 |
|
|
Gwangyang |
BLUE O&M Co.,Ltd. |
|
Engineering service |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Pohang |
Busan E&E Co,. Ltd. |
|
Refuse derived fuel and power generation |
|
|
70.00 |
|
|
|
|
|
|
|
70.00 |
|
|
|
70.00 |
|
|
|
|
|
|
|
70.00 |
|
|
Busan |
POSCO Family Strategy Fund |
|
Investment in venture companies |
|
|
69.91 |
|
|
|
30.09 |
|
|
|
100.00 |
|
|
|
60.79 |
|
|
|
39.21 |
|
|
|
100.00 |
|
|
Pohang |
Daewoo International Corporation |
|
Trading, energy & resource development and others |
|
|
60.31 |
|
|
|
|
|
|
|
60.31 |
|
|
|
60.31 |
|
|
|
|
|
|
|
60.31 |
|
|
Seoul |
POSCO LED Co., Ltd. |
|
LED lightening |
|
|
16.70 |
|
|
|
63.30 |
|
|
|
80.00 |
|
|
|
16.70 |
|
|
|
63.30 |
|
|
|
80.00 |
|
|
Seongnam |
Pohang Scrap Recycling Distribution Center Co., Ltd. |
|
Steel processing and sales |
|
|
|
|
|
|
51.00 |
|
|
|
51.00 |
|
|
|
|
|
|
|
51.00 |
|
|
|
51.00 |
|
|
Pohang |
PSC Energy Global Co., Ltd. |
|
Investment in energy industry |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Pohang |
Suncheon Eco Trans Co., Ltd |
|
Train manufacturing and management |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
Suncheon |
Tamra Offshore Wind Power Co., Ltd |
|
Cogeneration plant operation |
|
|
|
|
|
|
64.00 |
|
|
|
64.00 |
|
|
|
|
|
|
|
64.00 |
|
|
|
64.00 |
|
|
Jeju |
IT Engineering |
|
Automotive engineering service |
|
|
|
|
|
|
17.00 |
|
|
|
17.00 |
|
|
|
|
|
|
|
17.00 |
|
|
|
17.00 |
|
|
Seoul |
Future Creation Fund Postech Early Stage account |
|
Investment in venture companies |
|
|
|
|
|
|
40.00 |
|
|
|
40.00 |
|
|
|
|
|
|
|
40.00 |
|
|
|
40.00 |
|
|
Seoul |
POSCO Green Gas Technology Co., Ltd |
|
Gas production and sales |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
Gwangyang |
POSCO WOMANS FUND |
|
Investment in venture companies |
|
|
|
|
|
|
40.00 |
|
|
|
40.00 |
|
|
|
|
|
|
|
40.00 |
|
|
|
40.00 |
|
|
Seoul |
POSPOWER Co., Ltd. |
|
Other generation |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Samchuck |
Songdo Posco family Housing |
|
House manufacturing and management |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Incheon |
Posco Group University |
|
Education service and real estate business |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incheon |
HOTEL LAONZENA |
|
Hotel business |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daegu |
Growth Ladder POSCO K-Growth Global Fund |
|
Investment in venture companies |
|
|
|
|
|
|
50.00 |
|
|
|
50.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pohang |
2015 POSCO New technology II Fund |
|
Investment in venture companies |
|
|
|
|
|
|
25.00 |
|
|
|
25.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pohang |
SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel Co., Ltd.) |
|
Special steel manufacturing and sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72.09 |
|
|
|
|
|
|
|
72.09 |
|
|
Changwon |
11
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership (%) |
|
|
|
|
|
|
|
December 31, 2015 |
|
|
December 31, 2014 |
|
|
|
|
|
Principal operations |
|
POSCO |
|
|
Subsidiaries |
|
|
Total |
|
|
POSCO |
|
|
Subsidiaries |
|
|
Total |
|
|
Region |
POSFINE Co., Ltd. |
|
Non-metallic mineral manufacturing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69.23 |
|
|
|
|
|
|
|
69.23 |
|
|
Gwangyang |
POSCO PLANTEC Co., Ltd. |
|
Industry plant construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60.84 |
|
|
|
13.10 |
|
|
|
73.94 |
|
|
Pohang |
POREKA Co., Ltd. |
|
Advertising business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
Seoul |
New Altec Co., Ltd |
|
Aluminum manufacturing and sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60.10 |
|
|
|
60.10 |
|
|
Incheon |
PONUTech Co.,Ltd. |
|
Nuclear power plant design and repair service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Ulsan |
POS-HiAL |
|
High purity alumina manufacturing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51.00 |
|
|
|
51.00 |
|
|
Yeongam |
Keystone-HYUNDAI SECURITIES NO. 1. Private Equity Fund |
|
Investment in new regeneration energy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55.12 |
|
|
|
55.12 |
|
|
Seoul |
Chun Sa wind |
|
Other generation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Seoul |
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO America Corporation |
|
Steel trading |
|
|
99.45 |
|
|
|
0.55 |
|
|
|
100.00 |
|
|
|
99.45 |
|
|
|
0.55 |
|
|
|
100.00 |
|
|
USA |
POSCO AUSTRALIA PTY LTD |
|
Iron ore sales & mine development |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
Australia |
POSCO Canada Ltd. |
|
Coal sales |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Canada |
POSCO Asia Co., Ltd. |
|
Steel and raw material trading |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
China |
POSCO-CTPC Co., Ltd. |
|
Steel manufacturing |
|
|
56.60 |
|
|
|
43.40 |
|
|
|
100.00 |
|
|
|
56.60 |
|
|
|
43.40 |
|
|
|
100.00 |
|
|
China |
POSCO-JWPC Co., Ltd. |
|
Steel manufacturing |
|
|
|
|
|
|
89.18 |
|
|
|
89.18 |
|
|
|
|
|
|
|
89.18 |
|
|
|
89.18 |
|
|
Japan |
POSCO E&C Vietnam Co., Ltd. |
|
Steel manufacturing |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Vietnam |
Zhangjiagang Pohang Stainless Steel Co., Ltd. |
|
Stainless steel manufacturing |
|
|
58.60 |
|
|
|
23.88 |
|
|
|
82.48 |
|
|
|
58.60 |
|
|
|
23.88 |
|
|
|
82.48 |
|
|
China |
POSCO(Guangdong) Steel Co., Ltd. |
|
Plating steel sheet manufacturing |
|
|
87.04 |
|
|
|
10.04 |
|
|
|
97.08 |
|
|
|
87.04 |
|
|
|
10.04 |
|
|
|
97.08 |
|
|
China |
POSCO (Thailand) Company Limited |
|
Steel manufacturing |
|
|
85.62 |
|
|
|
14.38 |
|
|
|
100.00 |
|
|
|
85.62 |
|
|
|
14.38 |
|
|
|
100.00 |
|
|
Thailand |
Myanmar POSCO Steel Co., Ltd |
|
Zinc relief manufacturing |
|
|
70.00 |
|
|
|
|
|
|
|
70.00 |
|
|
|
70.00 |
|
|
|
|
|
|
|
70.00 |
|
|
Myanmar |
POSCO Investment Co., Ltd. |
|
Financial Service |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
China |
POSCO-MKPC SDN BHD |
|
Steel manufacturing |
|
|
44.69 |
|
|
|
25.31 |
|
|
|
70.00 |
|
|
|
44.69 |
|
|
|
25.31 |
|
|
|
70.00 |
|
|
Malaysia |
Qingdao Pohang Stainless Steel Co., Ltd. |
|
Stainless steel manufacturing |
|
|
70.00 |
|
|
|
30.00 |
|
|
|
100.00 |
|
|
|
70.00 |
|
|
|
30.00 |
|
|
|
100.00 |
|
|
China |
POSCO(Suzhou) Automotive Processing Center Co., Ltd. |
|
Steel manufacturing |
|
|
90.00 |
|
|
|
10.00 |
|
|
|
100.00 |
|
|
|
90.00 |
|
|
|
10.00 |
|
|
|
100.00 |
|
|
China |
POSEC Hawaii, Inc. |
|
Real estate Industry |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
USA |
POSCO-China Qingdao Processing Center Co., Ltd. |
|
Steel manufacturing |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
POS-ORE PTY LTD |
|
Iron ore sales & mine development |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Australia |
POSCO-China Holding Corp. |
|
Holding company |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
China |
POSCO JAPAN Co., Ltd. |
|
Steel trading |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
Japan |
POS-CD PTY LTD |
|
Coal sales |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Australia |
POS-GC PTY LTD |
|
Coal sales |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Australia |
POSCO-India Private Limited |
|
Steel manufacturing |
|
|
99.99 |
|
|
|
|
|
|
|
99.99 |
|
|
|
99.99 |
|
|
|
|
|
|
|
99.99 |
|
|
India |
POSCO-India Pune Processing Center. Pvt. Ltd. |
|
Steel manufacturing |
|
|
65.00 |
|
|
|
|
|
|
|
65.00 |
|
|
|
65.00 |
|
|
|
|
|
|
|
65.00 |
|
|
India |
POSCO-JEPC Co., Ltd. |
|
Steel manufacturing |
|
|
|
|
|
|
88.02 |
|
|
|
88.02 |
|
|
|
|
|
|
|
88.02 |
|
|
|
88.02 |
|
|
Japan |
POSCO-CFPC Co., Ltd. |
|
Steel manufacturing |
|
|
39.60 |
|
|
|
60.40 |
|
|
|
100.00 |
|
|
|
39.60 |
|
|
|
60.40 |
|
|
|
100.00 |
|
|
China |
POSCO E&C CHINA Co., Ltd. |
|
Construction and civil engineering |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
POSCO MPPC S.A. de C.V. |
|
Steel manufacturing |
|
|
|
|
|
|
95.00 |
|
|
|
95.00 |
|
|
|
|
|
|
|
95.00 |
|
|
|
95.00 |
|
|
Mexico |
Zhangjigang Pohang Port Co., Ltd. |
|
Loading and unloading service |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
Qingdao Pos-metal Co., Ltd. |
|
Steel manufacturing |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
POSCO-VIETNAM Co., Ltd. |
|
Steel manufacturing |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
85.00 |
|
|
|
|
|
|
|
85.00 |
|
|
Vietnam |
POSCO MEXICO S.A. DE C.V. |
|
Automotive steel sheet manufacturing |
|
|
84.84 |
|
|
|
15.16 |
|
|
|
100.00 |
|
|
|
84.84 |
|
|
|
15.16 |
|
|
|
100.00 |
|
|
Mexico |
POSCO India Delhi Steel Processing Centre Private Limited |
|
Steel manufacturing |
|
|
66.40 |
|
|
|
10.00 |
|
|
|
76.40 |
|
|
|
66.40 |
|
|
|
10.00 |
|
|
|
76.40 |
|
|
India |
POSCAN Elkview |
|
Coal sales |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Canada |
POSCO-Poland Wroclaw Processing Center Sp. z o. o. |
|
Steel manufacturing |
|
|
60.00 |
|
|
|
|
|
|
|
60.00 |
|
|
|
60.00 |
|
|
|
|
|
|
|
60.00 |
|
|
Poland |
POS-NP PTY LTD |
|
Coal sales |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Australia |
POSCO-Vietnam Processing Center Co., Ltd. |
|
Steel manufacturing |
|
|
87.07 |
|
|
|
4.98 |
|
|
|
92.05 |
|
|
|
87.07 |
|
|
|
4.98 |
|
|
|
92.05 |
|
|
Vietnam |
POSCO(Chongqing) Automotive Processing Center Co., Ltd. |
|
Steel manufacturing |
|
|
90.00 |
|
|
|
10.00 |
|
|
|
100.00 |
|
|
|
90.00 |
|
|
|
10.00 |
|
|
|
100.00 |
|
|
China |
SUZHOU POSCO-CORE TECHNOLOGY CO., LTD. |
|
Component manufacturing |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
POSCO-Malaysia SDN. BHD. |
|
Steel manufacturing |
|
|
81.79 |
|
|
|
13.63 |
|
|
|
95.42 |
|
|
|
81.79 |
|
|
|
13.63 |
|
|
|
95.42 |
|
|
Malaysia |
POS-Minerals Corporation |
|
Mine development & sales |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
USA |
POSCO(Wuhu) Automotive Processing Center Co., Ltd. |
|
Steel manufacturing |
|
|
68.57 |
|
|
|
31.43 |
|
|
|
100.00 |
|
|
|
68.57 |
|
|
|
31.43 |
|
|
|
100.00 |
|
|
China |
12
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership (%) |
|
|
|
|
|
|
|
December 31, 2015 |
|
|
December 31, 2014 |
|
|
|
|
|
Principal operations |
|
POSCO |
|
|
Subsidiaries |
|
|
Total |
|
|
POSCO |
|
|
Subsidiaries |
|
|
Total |
|
|
Region |
POSCO Engineering and Construction India Private Limited |
|
Construction and engineering |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
India |
POSCO E&C SMART S DE RL DE CV |
|
Construction and engineering |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Mexico |
POSCO Philippine Manila Processing Center, Inc. |
|
Steel manufacturing |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Philippines |
POSCO China Suzhou Processing Center Co.,Ltd. |
|
Steel manufacturing |
|
|
30.00 |
|
|
|
70.00 |
|
|
|
100.00 |
|
|
|
30.00 |
|
|
|
70.00 |
|
|
|
100.00 |
|
|
China |
POSCO Gulf SFC LLC |
|
Steel manufacturing |
|
|
|
|
|
|
81.93 |
|
|
|
81.93 |
|
|
|
|
|
|
|
81.93 |
|
|
|
81.93 |
|
|
United Arab Emirates |
Dalian POSCO ICT-DONGFANG Engineering Co., Ltd. |
|
Electric control equipment manufacturing |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
SANPU TRADING Co., Ltd. |
|
Raw material trading |
|
|
|
|
|
|
70.00 |
|
|
|
70.00 |
|
|
|
|
|
|
|
70.00 |
|
|
|
70.00 |
|
|
China |
Zhangjiagang BLZ Pohang International Trading |
|
Steel transit trading |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
POSCO MEXICO HUMAN TECH S.A. de C.V. |
|
Service |
|
|
80.00 |
|
|
|
20.00 |
|
|
|
100.00 |
|
|
|
80.00 |
|
|
|
20.00 |
|
|
|
100.00 |
|
|
Mexico |
POSCO MESDC S.A. DE C.V. |
|
Steel product sales |
|
|
|
|
|
|
56.80 |
|
|
|
56.80 |
|
|
|
|
|
|
|
56.80 |
|
|
|
56.80 |
|
|
Mexico |
POSCO ICT-China |
|
IT service and DVR business |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
Pos-Sea Pte Ltd |
|
Steel transit trading |
|
|
|
|
|
|
67.54 |
|
|
|
67.54 |
|
|
|
|
|
|
|
67.54 |
|
|
|
67.54 |
|
|
Singapore |
POSCO Europe Steel Distribution Center |
|
Steel product sales |
|
|
50.00 |
|
|
|
20.00 |
|
|
|
70.00 |
|
|
|
50.00 |
|
|
|
20.00 |
|
|
|
70.00 |
|
|
Slovenia |
POSCO ENGINEERING (THAILAND) CO., LTD. |
|
Chemical plant |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
48.90 |
|
|
|
48.90 |
|
|
Thailand |
POSCO VST CO., LTD. |
|
Stainless steel sheet manufacturing and sales |
|
|
95.65 |
|
|
|
|
|
|
|
95.65 |
|
|
|
95.65 |
|
|
|
|
|
|
|
95.65 |
|
|
Vietnam |
POSCO Maharashtra Steel Private Limited |
|
Steel manufacturing |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
India |
POSCO India Chennai Steel Processing Centre Pvt.Ltd. |
|
Steel manufacturing |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
India |
POSCO TNPC Otomotiv Celik San. Ve Tic. A.S |
|
Steel manufacturing |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
Turkey |
POSCO Vietnam Ha Noi Processing Center Co., Ltd. |
|
Steel manufacturing |
|
|
70.00 |
|
|
|
|
|
|
|
70.00 |
|
|
|
70.00 |
|
|
|
|
|
|
|
70.00 |
|
|
Vietnam |
POSCO(Liaoning) Automotive Processing Center Co., Ltd. |
|
Steel manufacturing |
|
|
90.00 |
|
|
|
10.00 |
|
|
|
100.00 |
|
|
|
90.00 |
|
|
|
10.00 |
|
|
|
100.00 |
|
|
China |
POSCO-Indonesia Jakarta Processing Center |
|
Steel manufacturing |
|
|
65.00 |
|
|
|
20.00 |
|
|
|
85.00 |
|
|
|
65.00 |
|
|
|
20.00 |
|
|
|
85.00 |
|
|
Indonesia |
POSCO E&C VENEZUELA C.A. |
|
Construction and engineering |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Venezuela |
Motta Resources Indonesia |
|
Mine development |
|
|
65.00 |
|
|
|
|
|
|
|
65.00 |
|
|
|
65.00 |
|
|
|
|
|
|
|
65.00 |
|
|
Indonesia |
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO TMC INDIA PRIVATE LIMITED |
|
Steel manufacturing |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
India |
POSCO America Alabama Processing Center Co., Ltd. |
|
Steel manufacturing |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
USA |
PT PEN INDONESIA |
|
Construction |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
67.00 |
|
|
|
67.00 |
|
|
Indonesia |
POSCO(Yantai) Automotive Processing Center Co., Ltd. |
|
Steel manufacturing |
|
|
90.00 |
|
|
|
10.00 |
|
|
|
100.00 |
|
|
|
90.00 |
|
|
|
10.00 |
|
|
|
100.00 |
|
|
China |
POSCO India Steel Distribution Center Private Ltd. |
|
Steel logistics |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
India |
POSCO China Dalian Plate Processing Center Co., Ltd. |
|
Steel manufacturing |
|
|
80.00 |
|
|
|
10.00 |
|
|
|
90.00 |
|
|
|
80.00 |
|
|
|
10.00 |
|
|
|
90.00 |
|
|
China |
POSCO-South Asia Company Limited |
|
Steel product sales |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
Thailand |
POSCO SS-VINA |
|
Steel manufacturing |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Vietnam |
POSCO NCR Coal Ltd. |
|
Coal sales |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Canada |
POSCO WA PTY LTD |
|
Iron ore sales & mine development |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
Australia |
POSCO Engineering and Construction - UZ |
|
Construction |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Uzbekistan |
POSCO AUSTRALIA GP PTY LIMITED |
|
Resource development |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Australia |
POSCO YongXin Rare Earth Metal Co., Ltd. |
|
Magnet material manufacturing and sales |
|
|
|
|
|
|
51.60 |
|
|
|
51.60 |
|
|
|
|
|
|
|
51.67 |
|
|
|
51.67 |
|
|
China |
13
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership (%) |
|
|
|
|
|
|
|
December 31, 2015 |
|
|
December 31, 2014 |
|
|
|
|
|
Principal operations |
|
POSCO |
|
|
Subsidiaries |
|
|
Total |
|
|
POSCO |
|
|
Subsidiaries |
|
|
Total |
|
|
Region |
Hanjung Power Pty., Ltd |
|
Electricity production |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Papua New Guinea |
Daewoo International (America) Corp. |
|
Trading business |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
USA |
Daewoo International (Deutschland) GmbH. |
|
Trading business |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Germany |
Daewoo International Japan Corp. |
|
Trading business |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Japan |
DAEWOO INTERNATIONAL SINGAPORE PTE. LTD. |
|
Trading business |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Singapore |
Daewoo Italia S.r.l. |
|
Trading business |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Italy |
Daewoo (China) Co., Ltd. |
|
Trading business |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
DAEWOO TEXTILE FERGANA LLC |
|
Textile manufacturing |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Uzbekistan |
DAEWOO TEXTILE BUKHARA LLC |
|
Textile manufacturing |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Uzbekistan |
DAEWOO INTERNATIONAL AUSTRALIA HOLDINGS PTY LTD |
|
Resource development |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Australia |
Daewoo Paper Manufacturing Co., Ltd. |
|
Paper manufacturing |
|
|
|
|
|
|
66.70 |
|
|
|
66.70 |
|
|
|
|
|
|
|
66.70 |
|
|
|
66.70 |
|
|
China |
Tianjin Daewoo Paper Manufacturing Co., Ltd. |
|
Paper manufacturing |
|
|
|
|
|
|
68.00 |
|
|
|
68.00 |
|
|
|
|
|
|
|
68.30 |
|
|
|
68.30 |
|
|
China |
POSCO MAURITIUS LIMITED |
|
Coal development and sales |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Mauritius |
PT. KRAKATAU POSCO |
|
Steel manufacturing |
|
|
70.00 |
|
|
|
|
|
|
|
70.00 |
|
|
|
70.00 |
|
|
|
|
|
|
|
70.00 |
|
|
Indonesia |
DAEWOO INTERNATIONAL MEXICO S.A. DE C.V. |
|
Trading business |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Mexico |
Daewoo International Guangzhou Corp. |
|
Trading business |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
POSCO (Zhangjiagang) STS Processing Center Co., Ltd |
|
Steel manufacturing |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
Daewoo International (M) SDN BHD |
|
Trading business |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Malaysia |
Daewoo International SHANGHAI CO., LTD. |
|
Trading business |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
PGSF, L.P. |
|
Investment in bio tech Industry |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
USA |
Xenesys Inc. |
|
Power generation equipment manufacturing |
|
|
29.58 |
|
|
|
21.35 |
|
|
|
50.93 |
|
|
|
29.58 |
|
|
|
21.35 |
|
|
|
50.93 |
|
|
Japan |
Daewoo International INDIA Private Ltd. |
|
Trading business |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
India |
PT. POSCO E&C INDONESIA |
|
Construction |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Indonesia |
HUME COAL PTY LTD |
|
Raw material manufacturing |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Australia |
POSCO FOUNDATION |
|
Non-profit charitable organization |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
India |
EPC EQUITIES LLP |
|
Construction |
|
|
|
|
|
|
80.00 |
|
|
|
80.00 |
|
|
|
|
|
|
|
80.00 |
|
|
|
80.00 |
|
|
England |
SANTOS CMI CONSTRUCTION TRADING LLP |
|
Construction |
|
|
|
|
|
|
99.90 |
|
|
|
99.90 |
|
|
|
|
|
|
|
99.90 |
|
|
|
99.90 |
|
|
England |
SANTOS CMI INC. USA |
|
Construction |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
USA |
SANTOS CMI ENGENHARIA E CONSTRUCOES LTDA |
|
Construction |
|
|
|
|
|
|
99.98 |
|
|
|
99.98 |
|
|
|
|
|
|
|
99.98 |
|
|
|
99.98 |
|
|
Brazil |
SANTOS CMI PERU S.A. |
|
Construction |
|
|
|
|
|
|
99.99 |
|
|
|
99.99 |
|
|
|
|
|
|
|
99.99 |
|
|
|
99.99 |
|
|
Peru |
SANTOS CMI CONSTRUCCIONES S.A. |
|
Construction |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Uruguay |
GENTECH INTERNATIONAL INC. |
|
Construction |
|
|
|
|
|
|
90.00 |
|
|
|
90.00 |
|
|
|
|
|
|
|
90.00 |
|
|
|
90.00 |
|
|
Panama |
SANTOSCMI S.A. |
|
Construction |
|
|
|
|
|
|
80.00 |
|
|
|
80.00 |
|
|
|
|
|
|
|
80.00 |
|
|
|
80.00 |
|
|
Ecuador |
SANTOSCMI CONSTRUCCIONES DE CHILE S.A. |
|
Construction |
|
|
|
|
|
|
99.00 |
|
|
|
99.00 |
|
|
|
|
|
|
|
99.00 |
|
|
|
99.00 |
|
|
Chile |
COMPANIADEAUTOMATIZACION &CONTROL, GENESYS S.A. |
|
Construction |
|
|
|
|
|
|
90.00 |
|
|
|
90.00 |
|
|
|
|
|
|
|
90.00 |
|
|
|
90.00 |
|
|
Ecuador |
POSCO ASSAN TST STEEL INDUSTRY |
|
Steel manufacturing |
|
|
60.00 |
|
|
|
10.00 |
|
|
|
70.00 |
|
|
|
60.00 |
|
|
|
10.00 |
|
|
|
70.00 |
|
|
Turkey |
HONG KONG POSCO E&C (CHINA) INVESTMENT Co., Ltd. |
|
Investment |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Hongkong |
14
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership (%) |
|
|
|
|
|
|
|
December 31, 2015 |
|
|
December 31, 2014 |
|
|
|
|
|
Principal operations |
|
POSCO |
|
|
Subsidiaries |
|
|
Total |
|
|
POSCO |
|
|
Subsidiaries |
|
|
Total |
|
|
Region |
POSCO ENGINEERING & CONSTRUCTION DO BRAZIL LTDA. |
|
Construction |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Brazil |
POSCO Electrical Steel India Private Limited |
|
Electrical steel manufacturing |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
India |
PT.POSCO-Indonesia Inti |
|
Mine development |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
Indonesia |
POSCO(Dalian) IT Center Development Co., Ltd. |
|
Investment |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
Brazil Sao Paulo Steel Processing Center |
|
Steel manufacturing |
|
|
|
|
|
|
76.00 |
|
|
|
76.00 |
|
|
|
|
|
|
|
76.00 |
|
|
|
76.00 |
|
|
Brazil |
DAESAN (CAMBODIA) Co., Ltd. |
|
Investment |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Cambodia |
PT.POSCO ICT INDONESIA |
|
IT service and electric control engineering |
|
|
|
|
|
|
66.99 |
|
|
|
66.99 |
|
|
|
|
|
|
|
66.99 |
|
|
|
66.99 |
|
|
Indonesia |
PT. POSCO MTECH INDONESIA |
|
Steel manufacturing |
|
|
|
|
|
|
99.98 |
|
|
|
99.98 |
|
|
|
|
|
|
|
71.43 |
|
|
|
71.43 |
|
|
Indonesia |
PT. KRAKATAU POSCO ENERGY |
|
Manufacturing & management |
|
|
|
|
|
|
90.00 |
|
|
|
90.00 |
|
|
|
|
|
|
|
90.00 |
|
|
|
90.00 |
|
|
Indonesia |
POSCO RUS LLC |
|
Trading business |
|
|
90.00 |
|
|
|
10.00 |
|
|
|
100.00 |
|
|
|
90.00 |
|
|
|
10.00 |
|
|
|
100.00 |
|
|
Russia |
POSCO Thainox Public Company Limited |
|
Steel manufacturing |
|
|
84.93 |
|
|
|
|
|
|
|
84.93 |
|
|
|
84.93 |
|
|
|
|
|
|
|
84.93 |
|
|
Thailand |
DAEWOO INTERNATIONAL SHANGHAI WAIGAOQIAO CO., LTD. |
|
Merchandising trade |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
PT. Bio Inti Agrindo |
|
Forest resources development |
|
|
|
|
|
|
85.00 |
|
|
|
85.00 |
|
|
|
|
|
|
|
85.00 |
|
|
|
85.00 |
|
|
Indonesia |
POSCO ENGINEERING AND CONSTRUCTION AUSTRALIA (POSCO E&C AUSTRALIA) PTY LTD |
|
Iron ore sales |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Australia |
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO-TISCO (JILIN) PROCESSING CENTER Co., Ltd. |
|
Steel manufacturing |
|
|
50.00 |
|
|
|
10.00 |
|
|
|
60.00 |
|
|
|
50.00 |
|
|
|
10.00 |
|
|
|
60.00 |
|
|
China |
Hunchun Posco Hyundai International Logistics Complex Development Co., Ltd |
|
Logistics |
|
|
|
|
|
|
80.00 |
|
|
|
80.00 |
|
|
|
|
|
|
|
80.00 |
|
|
|
80.00 |
|
|
China |
USA-SRDC |
|
Scrap sales |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
USA |
Daewoo International Vietnam Co., Ltd. |
|
Trading business |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Vietnam |
PT.Krakatau Posco Chemtech Calcination |
|
quicklime manufacturing and sales |
|
|
|
|
|
|
80.00 |
|
|
|
80.00 |
|
|
|
|
|
|
|
80.00 |
|
|
|
80.00 |
|
|
Indonesia |
POSCO AFRICA (PROPRIETARY) LIMITED |
|
Trading business |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
South Africa |
EPC INGENIERIA & SERVICIOS DE COSTA RICA SA |
|
Construction and ● engineering service |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Costa Rica |
POSCO ICT BRASIL |
|
IT service and engineering |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Brazil |
LA-SRDC |
|
Scrap manufacturing |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
68.41 |
|
|
|
68.41 |
|
|
USA |
DONG FANG JIN HONG |
|
Real estate development, rental and management |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
99.00 |
|
|
|
99.00 |
|
|
China |
POSCO AMERICA
COMERCIALIZADORA S DE RL DE CV |
|
Human resource service |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Mexico |
POSCO(Guangdong) Automotive Steel Co., Ltd. |
|
Steel manufacturing and sales |
|
|
83.64 |
|
|
|
10.00 |
|
|
|
93.64 |
|
|
|
83.64 |
|
|
|
10.00 |
|
|
|
93.64 |
|
|
China |
POSCO MAPC SA DE CV |
|
Steel manufacturing and sales |
|
|
80.00 |
|
|
|
20.00 |
|
|
|
100.00 |
|
|
|
80.00 |
|
|
|
20.00 |
|
|
|
100.00 |
|
|
Mexico |
POSCO-Mory-Maruyasu PIPE |
|
Common steel welded pipe manufacturing and sales |
|
|
|
|
|
|
50.00 |
|
|
|
50.00 |
|
|
|
|
|
|
|
50.00 |
|
|
|
50.00 |
|
|
Japan |
PT KRAKATAU BLUE WATER |
|
Wastewater treamtment facilities operation and maintemance |
|
|
|
|
|
|
67.00 |
|
|
|
67.00 |
|
|
|
|
|
|
|
67.00 |
|
|
|
67.00 |
|
|
Indonesia |
KRAKATAU POS-CHEM DONG-SUH CHEMICAL |
|
Chemical by-product manufacturing and sales |
|
|
|
|
|
|
45.00 |
|
|
|
45.00 |
|
|
|
|
|
|
|
45.00 |
|
|
|
45.00 |
|
|
Indonesia |
Myanmar Daewoo International Corporation |
|
Trading business |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Myanmar |
POSCO-Italy Processing Center |
|
Stainless steel sheet manufacturing and sales |
|
|
80.00 |
|
|
|
10.00 |
|
|
|
90.00 |
|
|
|
80.00 |
|
|
|
10.00 |
|
|
|
90.00 |
|
|
Italy |
DAEWOO E&P CANADA CORPORATION |
|
Crude oil and natural gas mining |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Canada |
Yingkou Puxiang Trade Co.,Ltd. |
|
Refractory quality test and import and export trade |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
15
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership (%) |
|
|
|
|
|
|
|
December 31, 2015 |
|
|
December 31, 2014 |
|
|
|
|
|
Principal operations |
|
POSCO |
|
|
Subsidiaries |
|
|
Total |
|
|
POSCO |
|
|
Subsidiaries |
|
|
Total |
|
|
Region |
Myanmar POSCO C&C Company, Limited. |
|
Steel manufacturing and sales |
|
|
|
|
|
|
70.00 |
|
|
|
70.00 |
|
|
|
|
|
|
|
70.00 |
|
|
|
70.00 |
|
|
Myanmar |
POSCO ICT VIETNAM |
|
IT service and electric control engineering |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Vietnam |
Daewoo Global Development. Pte., Ltd |
|
Real estate development |
|
|
|
|
|
|
51.00 |
|
|
|
51.00 |
|
|
|
|
|
|
|
51.00 |
|
|
|
51.00 |
|
|
Myanmar |
Myanmar POSCO Engineering&Construction Company, Limited. |
|
Construction and engineering service |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Myanmar |
POSCO COATED STEEL (THAILAND) CO., LTD. |
|
Automotive steel sheet manufacturing and sales |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
Thailand |
Daewoo Power and Infra (PTY) Limited |
|
Electricity |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
South Africa |
Daewoo Amara Company Limited |
|
Real estate development |
|
|
|
|
|
|
98.54 |
|
|
|
98.54 |
|
|
|
|
|
|
|
98.54 |
|
|
|
98.54 |
|
|
Myanmar |
POSMATE-CHINA CO., LTD |
|
Business facility maintenance |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
China |
Daewoo Precious Resources Co., Ltd. |
|
Resources development |
|
|
|
|
|
|
70.00 |
|
|
|
70.00 |
|
|
|
|
|
|
|
60.00 |
|
|
|
60.00 |
|
|
Myanmar |
POSCO-Mexico Villagran Wire-rod Processing Center |
|
Steel manufacturing |
|
|
56.75 |
|
|
|
10.00 |
|
|
|
66.75 |
|
|
|
56.75 |
|
|
|
10.00 |
|
|
|
66.75 |
|
|
Mexico |
SANTOS CMI Guatemala S.A. |
|
Construction |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
99.00 |
|
|
|
99.00 |
|
|
Guatemala |
POSCO-China Dalian Steel Fabricating Center |
|
Steel manufacturing |
|
|
42.16 |
|
|
|
25.39 |
|
|
|
67.55 |
|
|
|
42.16 |
|
|
|
25.39 |
|
|
|
67.55 |
|
|
China |
POSCO-CDPC(POSCO ChengDu Processing Center) Co., Ltd |
|
Steel manufacturing |
|
|
33.00 |
|
|
|
10.00 |
|
|
|
43.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China |
POSCO E&C HOLDINGS CO., Ltd. |
|
Holding company |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Thailand |
POSCO E&C (THAILAND) CO., Ltd. |
|
Construction |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Thailand |
DAEWOO POWER PNG Ltd. |
|
Electricity prodction |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Papua New Guinea |
POSCO India Ahmedabad Steel Processing Center Pvt. Ltd. |
|
Steel manufacturing |
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
India |
COINSA INGENIERIA Y PETROQUIMICA S.R.L |
|
Construction |
|
|
|
|
|
|
50.00 |
|
|
|
50.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bolivia |
PT.Krakatau Posco Social Enterprise |
|
Social enterprise |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indonesia |
POSCO Vietnam Holdings Co., LTD. |
|
Holding company |
|
|
79.28 |
|
|
|
20.72 |
|
|
|
100.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vietnam |
Ventanas Philippines Construction Inc |
|
Construction |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philippines |
POSCO E&C Mongolia |
|
Construction |
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mongolia |
POSCO BIOVENTURES I, L.P. |
|
Bio tech Industry |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
USA |
PT. POSNESIA Stainless Steel Industry |
|
Steel manufacturing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70.00 |
|
|
|
|
|
|
|
70.00 |
|
|
Indonesia |
DWEMEX, S.A.DE.C.V. |
|
Construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.00 |
|
|
|
99.00 |
|
|
Mexico |
POSCO MPC Servicios S.A. de C.V. |
|
Steel manufacturing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61.00 |
|
|
|
61.00 |
|
|
Mexico |
POSCO-Uruguay S.A |
|
Lumber manufacturing & sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98.10 |
|
|
|
|
|
|
|
98.10 |
|
|
Uruguay |
VECTUS LIMITED |
|
PRT test track construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.69 |
|
|
|
99.69 |
|
|
England |
ZEUS(Cayman) |
|
Service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00 |
|
|
|
|
|
|
|
100.00 |
|
|
Kai Manje Island |
Myanmar Daewoo Limited |
|
Trading business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Myanmar |
Daewoo (M) SDN. BHD. |
|
Trading business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Malaysia |
Daewoo EL SALVADOR S.A. DE C.V. |
|
Trading business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88.00 |
|
|
|
88.00 |
|
|
El Salvador |
TECHREN Solar, LLC |
|
Electrical Industry |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.92 |
|
|
|
99.92 |
|
|
USA |
EPC INVESTMENTS C.V. |
|
Construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.99 |
|
|
|
99.99 |
|
|
Holland |
VAUTIDAMERICAS S.A. |
|
Construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51.00 |
|
|
|
51.00 |
|
|
Ecuador |
POSCO Klappan Coal Limited |
|
Coal sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Canada |
PRODUCTOS OFERTAS SISTEMAS Y COMERCIALIZADORA ORIENTAL S DE RL DE CV |
|
Steel sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00 |
|
|
|
100.00 |
|
|
Mexico |
SUNGJIN CANADA LTD. |
|
Machinery installation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70.00 |
|
|
|
70.00 |
|
|
Canada |
POSCO PLANTEC Thailand CO. LTD |
|
Steel work maintenance and machinery installation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48.78 |
|
|
|
48.78 |
|
|
Thailand |
16
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
The equity of controlling company is increased by W301,029 million (POSCO
ENGINEERING & CONSTRUCTION., LTD., PT PEN INDONESIA and others) as a result of changes in the Companys ownership interests in subsidiaries that did not result in a loss of control for the years ended December 31, 2015 and
decreased by W9,401 million (POSCO Processing&Service, Steel Processing and Fabricating Center Co., LTD and others) for the year ended December 31, 2014.
Cash dividends paid to POSCO by subsidiaries in 2015 and 2014 amounted to W437,194 million and W58,488
million, respectively.
As of December 31, 2015, there are no restrictions on the ability of subsidiaries to transfer funds to the
controlling company, such as in the form of cash dividends, repayment of loans or payment of advances.
(c) |
Summarized financial information of subsidiaries as of and for the years ended December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
Assets |
|
|
Liabilities |
|
|
Equity (deficit) |
|
|
Sales |
|
|
Net income (loss) |
|
[Domestic] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO ENGINEERING & CONSTRUCTION., LTD. |
|
W |
|
|
|
|
6,846,306 |
|
|
|
3,341,227 |
|
|
|
3,505,079 |
|
|
|
6,536,879 |
|
|
|
134,869 |
|
POSCO Processing&Service |
|
|
|
|
|
|
1,192,733 |
|
|
|
320,732 |
|
|
|
872,001 |
|
|
|
3,144,016 |
|
|
|
737 |
|
POSCO COATED & COLOR STEEL Co., Ltd. |
|
|
|
|
|
|
413,901 |
|
|
|
234,845 |
|
|
|
179,056 |
|
|
|
788,694 |
|
|
|
13,207 |
|
POSCO ICT |
|
|
|
|
|
|
652,489 |
|
|
|
310,623 |
|
|
|
341,866 |
|
|
|
804,863 |
|
|
|
(79,635 |
) |
POSCO Research Institute |
|
|
|
|
|
|
30,561 |
|
|
|
6,721 |
|
|
|
23,840 |
|
|
|
35,683 |
|
|
|
491 |
|
POSMATE |
|
|
|
|
|
|
238,851 |
|
|
|
60,760 |
|
|
|
178,091 |
|
|
|
138,713 |
|
|
|
6,531 |
|
POSCO A&C |
|
|
|
|
|
|
109,146 |
|
|
|
75,015 |
|
|
|
34,131 |
|
|
|
237,705 |
|
|
|
1,017 |
|
POSCO Capital Co.,Ltd |
|
|
|
|
|
|
255,898 |
|
|
|
142,251 |
|
|
|
113,647 |
|
|
|
18,956 |
|
|
|
648 |
|
eNtoB Corporation |
|
|
|
|
|
|
80,210 |
|
|
|
43,860 |
|
|
|
36,350 |
|
|
|
538,804 |
|
|
|
1,394 |
|
POSCO CHEMTECH |
|
|
|
|
|
|
653,689 |
|
|
|
113,112 |
|
|
|
540,577 |
|
|
|
1,175,272 |
|
|
|
43,978 |
|
POSCO-Terminal Co., Ltd. |
|
|
|
|
|
|
171,313 |
|
|
|
12,623 |
|
|
|
158,690 |
|
|
|
120,309 |
|
|
|
20,384 |
|
POSCO M-TECH |
|
|
|
|
|
|
184,553 |
|
|
|
107,194 |
|
|
|
77,359 |
|
|
|
344,575 |
|
|
|
27,155 |
|
POSCO ENERGY CO., LTD. |
|
|
|
|
|
|
4,676,349 |
|
|
|
3,113,948 |
|
|
|
1,562,401 |
|
|
|
1,909,919 |
|
|
|
18,752 |
|
POSCO TMC Co., Ltd. |
|
|
|
|
|
|
214,312 |
|
|
|
124,260 |
|
|
|
90,052 |
|
|
|
329,231 |
|
|
|
3,984 |
|
POSCO NIPPON STEEL RHF JOINT VENTURE.CO.,Ltd. |
|
|
|
|
|
|
117,747 |
|
|
|
65,313 |
|
|
|
52,434 |
|
|
|
52,683 |
|
|
|
1,563 |
|
MegaAsset Co.,Ltd. |
|
|
|
|
|
|
52,602 |
|
|
|
27,398 |
|
|
|
25,204 |
|
|
|
71,913 |
|
|
|
(20,012 |
) |
POSCO Engineering CO.,Ltd |
|
|
|
|
|
|
580,003 |
|
|
|
424,333 |
|
|
|
155,670 |
|
|
|
964,926 |
|
|
|
(15,610 |
) |
POSCO AST |
|
|
|
|
|
|
378,556 |
|
|
|
258,707 |
|
|
|
119,849 |
|
|
|
512,333 |
|
|
|
(24,853 |
) |
POSHIMETAL Co., Ltd. |
|
|
|
|
|
|
293,459 |
|
|
|
350,249 |
|
|
|
(56,790 |
) |
|
|
154,081 |
|
|
|
(53,921 |
) |
Poscoene |
|
|
|
|
|
|
39,961 |
|
|
|
15,246 |
|
|
|
24,715 |
|
|
|
5,629 |
|
|
|
2,371 |
|
POSCO Humans |
|
|
|
|
|
|
16,056 |
|
|
|
6,887 |
|
|
|
9,169 |
|
|
|
37,423 |
|
|
|
1,317 |
|
Mapo Hibroad Parking co., Ltd. |
|
|
|
|
|
|
1,533 |
|
|
|
345 |
|
|
|
1,188 |
|
|
|
|
|
|
|
(30 |
) |
Steel Processing and Fabricating Center Co.,LTD |
|
|
|
|
|
|
118,819 |
|
|
|
72,615 |
|
|
|
46,204 |
|
|
|
124,706 |
|
|
|
(19,505 |
) |
BLUE O&M Co.,Ltd. |
|
|
|
|
|
|
16,680 |
|
|
|
7,873 |
|
|
|
8,807 |
|
|
|
23,712 |
|
|
|
2,361 |
|
Busan E&E Co,. Ltd. |
|
|
|
|
|
|
92,140 |
|
|
|
48,842 |
|
|
|
43,298 |
|
|
|
24,232 |
|
|
|
2,844 |
|
POSCO Family Strategy Fund |
|
|
|
|
|
|
46,102 |
|
|
|
|
|
|
|
46,102 |
|
|
|
983 |
|
|
|
(5,451 |
) |
Daewoo International Corporation |
|
|
|
|
|
|
7,474,312 |
|
|
|
5,107,402 |
|
|
|
2,366,910 |
|
|
|
16,881,040 |
|
|
|
81,850 |
|
POSCO LED Co., Ltd. |
|
|
|
|
|
|
24,140 |
|
|
|
34,222 |
|
|
|
(10,082 |
) |
|
|
42,832 |
|
|
|
(11,801 |
) |
Pohang Scrap Recycling Distribution Center Co., Ltd. |
|
|
|
|
|
|
16,807 |
|
|
|
361 |
|
|
|
16,446 |
|
|
|
3,359 |
|
|
|
66 |
|
PSC Energy Global Co., Ltd. |
|
|
|
|
|
|
162,737 |
|
|
|
|
|
|
|
162,737 |
|
|
|
|
|
|
|
29,496 |
|
Suncheon Eco Trans Co., Ltd |
|
|
|
|
|
|
66,009 |
|
|
|
29,398 |
|
|
|
36,611 |
|
|
|
2,045 |
|
|
|
(4,438 |
) |
Tamra Offshore Wind Power Co., Ltd |
|
|
|
|
|
|
90,810 |
|
|
|
64,095 |
|
|
|
26,715 |
|
|
|
|
|
|
|
(154 |
) |
IT Engineering |
|
|
|
|
|
|
5,671 |
|
|
|
2,091 |
|
|
|
3,580 |
|
|
|
6,535 |
|
|
|
(148 |
) |
Future Creation Fund Postech Early Stage account |
|
|
|
|
|
|
28,054 |
|
|
|
8 |
|
|
|
28,046 |
|
|
|
153 |
|
|
|
(614 |
) |
POSCO Green Gas Technology Co., Ltd |
|
|
|
|
|
|
1,090,713 |
|
|
|
426,805 |
|
|
|
663,908 |
|
|
|
|
|
|
|
(14,883 |
) |
POSCO WOMANS FUND |
|
|
|
|
|
|
9,490 |
|
|
|
2 |
|
|
|
9,488 |
|
|
|
22 |
|
|
|
(235 |
) |
POSPOWER Co., Ltd. |
|
|
|
|
|
|
80,091 |
|
|
|
5,885 |
|
|
|
74,206 |
|
|
|
|
|
|
|
(3,010 |
) |
Songdo Posco family Housing |
|
|
|
|
|
|
106,780 |
|
|
|
106,030 |
|
|
|
750 |
|
|
|
|
|
|
|
(240 |
) |
Posco Group University |
|
|
|
|
|
|
17,442 |
|
|
|
4,478 |
|
|
|
12,964 |
|
|
|
32,196 |
|
|
|
33 |
|
HOTEL LAONZENA |
|
|
|
|
|
|
107,717 |
|
|
|
61,394 |
|
|
|
46,323 |
|
|
|
7,322 |
|
|
|
(3,493 |
) |
Growth Ladder POSCO K-Growth Global Fund |
|
|
|
|
|
|
19,113 |
|
|
|
2 |
|
|
|
19,111 |
|
|
|
119 |
|
|
|
(689 |
) |
2015 POSCO New technology II Fund |
|
|
|
|
|
|
12,039 |
|
|
|
|
|
|
|
12,039 |
|
|
|
162 |
|
|
|
39 |
|
17
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
Assets |
|
|
Liabilities |
|
|
Equity (deficit) |
|
|
Sales |
|
|
Net income (loss) |
|
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO America Corporation |
|
W |
|
|
|
|
489,103 |
|
|
|
429,409 |
|
|
|
59,694 |
|
|
|
823,847 |
|
|
|
(7,805 |
) |
POSCO AUSTRALIA PTY LTD |
|
|
|
|
|
|
666,132 |
|
|
|
46,015 |
|
|
|
620,117 |
|
|
|
88,651 |
|
|
|
35,002 |
|
POSCO Canada Ltd. |
|
|
|
|
|
|
484,916 |
|
|
|
85,689 |
|
|
|
399,227 |
|
|
|
113,528 |
|
|
|
(12,311 |
) |
POSCO Asia Co., Ltd. |
|
|
|
|
|
|
908,975 |
|
|
|
857,837 |
|
|
|
51,138 |
|
|
|
3,142,920 |
|
|
|
1,335 |
|
POSCO-CTPC Co., Ltd. |
|
|
|
|
|
|
102,739 |
|
|
|
63,982 |
|
|
|
38,757 |
|
|
|
185,735 |
|
|
|
(1,257 |
) |
POSCO-JWPC Co., Ltd. |
|
|
|
|
|
|
115,830 |
|
|
|
98,978 |
|
|
|
16,852 |
|
|
|
188,179 |
|
|
|
850 |
|
POSCO E&C Vietnam Co., Ltd. |
|
|
|
|
|
|
219,373 |
|
|
|
150,704 |
|
|
|
68,669 |
|
|
|
315,703 |
|
|
|
2,691 |
|
Zhangjiagang Pohang Stainless Steel Co., Ltd. |
|
|
|
|
|
|
1,077,372 |
|
|
|
673,542 |
|
|
|
403,830 |
|
|
|
2,482,140 |
|
|
|
(116,436 |
) |
POSCO(Guangdong) Steel Co., Ltd. |
|
|
|
|
|
|
103,502 |
|
|
|
71,040 |
|
|
|
32,462 |
|
|
|
130,918 |
|
|
|
(10,979 |
) |
POSCO (Thailand) Company Limited |
|
|
|
|
|
|
106,151 |
|
|
|
65,215 |
|
|
|
40,936 |
|
|
|
201,986 |
|
|
|
(2,613 |
) |
Myanmar POSCO Steel Co., Ltd |
|
|
|
|
|
|
20,774 |
|
|
|
764 |
|
|
|
20,010 |
|
|
|
15,096 |
|
|
|
420 |
|
POSCO Investment Co., Ltd. |
|
|
|
|
|
|
1,053,466 |
|
|
|
930,648 |
|
|
|
122,818 |
|
|
|
16,692 |
|
|
|
5,541 |
|
POSCO-MKPC SDN BHD |
|
|
|
|
|
|
102,275 |
|
|
|
68,759 |
|
|
|
33,516 |
|
|
|
146,894 |
|
|
|
(2,982 |
) |
Qingdao Pohang Stainless Steel Co., Ltd. |
|
|
|
|
|
|
192,685 |
|
|
|
108,718 |
|
|
|
83,967 |
|
|
|
298,912 |
|
|
|
(3,933 |
) |
POSCO(Suzhou) Automotive Processing Center Co., Ltd. |
|
|
|
|
|
|
330,545 |
|
|
|
207,012 |
|
|
|
123,533 |
|
|
|
476,014 |
|
|
|
(3,648 |
) |
POSEC Hawaii, Inc. |
|
|
|
|
|
|
244 |
|
|
|
5 |
|
|
|
239 |
|
|
|
|
|
|
|
(52 |
) |
POSCO-China Qingdao Processing Center Co., Ltd. |
|
|
|
|
|
|
47,626 |
|
|
|
32,537 |
|
|
|
15,089 |
|
|
|
111,158 |
|
|
|
(496 |
) |
POS-ORE PTY LTD |
|
|
|
|
|
|
8,854 |
|
|
|
4,941 |
|
|
|
3,913 |
|
|
|
39,780 |
|
|
|
10,538 |
|
POSCO-China Holding Corp. |
|
|
|
|
|
|
452,765 |
|
|
|
222,016 |
|
|
|
230,749 |
|
|
|
219,223 |
|
|
|
(28,715 |
) |
POSCO JAPAN Co., Ltd. |
|
|
|
|
|
|
656,583 |
|
|
|
541,807 |
|
|
|
114,776 |
|
|
|
1,240,549 |
|
|
|
5,594 |
|
POS-CD PTY LTD |
|
|
|
|
|
|
24,139 |
|
|
|
13,593 |
|
|
|
10,546 |
|
|
|
12,939 |
|
|
|
(4,234 |
) |
POS-GC PTY LTD |
|
|
|
|
|
|
63,482 |
|
|
|
65,016 |
|
|
|
(1,534 |
) |
|
|
|
|
|
|
(5,266 |
) |
POSCO-India Private Limited |
|
|
|
|
|
|
122,672 |
|
|
|
1,198 |
|
|
|
121,474 |
|
|
|
2,428 |
|
|
|
2,623 |
|
POSCO-India Pune Processing Center. Pvt. Ltd. |
|
|
|
|
|
|
191,590 |
|
|
|
182,160 |
|
|
|
9,430 |
|
|
|
377,977 |
|
|
|
1,724 |
|
POSCO-JEPC Co., Ltd. |
|
|
|
|
|
|
168,412 |
|
|
|
148,623 |
|
|
|
19,789 |
|
|
|
263,275 |
|
|
|
863 |
|
POSCO-CFPC Co., Ltd. |
|
|
|
|
|
|
154,949 |
|
|
|
111,712 |
|
|
|
43,237 |
|
|
|
621,240 |
|
|
|
(3,650 |
) |
POSCO E&C CHINA Co., Ltd. |
|
|
|
|
|
|
230,130 |
|
|
|
146,633 |
|
|
|
83,497 |
|
|
|
190,987 |
|
|
|
10,483 |
|
POSCO MPPC S.A. de C.V. |
|
|
|
|
|
|
259,419 |
|
|
|
220,234 |
|
|
|
39,185 |
|
|
|
410,857 |
|
|
|
2,306 |
|
Zhangjigang Pohang Port Co., Ltd. |
|
|
|
|
|
|
20,861 |
|
|
|
3,414 |
|
|
|
17,447 |
|
|
|
6,497 |
|
|
|
557 |
|
Qingdao Pos-metal Co., Ltd. |
|
|
|
|
|
|
2,101 |
|
|
|
3,445 |
|
|
|
(1,344 |
) |
|
|
15,793 |
|
|
|
(863 |
) |
POSCO-VIETNAM Co., Ltd. |
|
|
|
|
|
|
469,107 |
|
|
|
457,647 |
|
|
|
11,460 |
|
|
|
527,439 |
|
|
|
(16,494 |
) |
POSCO MEXICO S.A. DE C.V. |
|
|
|
|
|
|
848,226 |
|
|
|
625,181 |
|
|
|
223,045 |
|
|
|
499,250 |
|
|
|
784 |
|
POSCO India Delhi Steel Processing Centre Private Limited |
|
|
|
|
|
|
129,878 |
|
|
|
124,292 |
|
|
|
5,586 |
|
|
|
219,626 |
|
|
|
(1,056 |
) |
POSCAN Elkview |
|
|
|
|
|
|
63,031 |
|
|
|
|
|
|
|
63,031 |
|
|
|
|
|
|
|
1,934 |
|
POSCO-Poland Wroclaw Processing Center Sp. z o. o. |
|
|
|
|
|
|
37,655 |
|
|
|
21,958 |
|
|
|
15,697 |
|
|
|
41,085 |
|
|
|
(1,182 |
) |
POS-NP PTY LTD |
|
|
|
|
|
|
28,059 |
|
|
|
22,916 |
|
|
|
5,143 |
|
|
|
1,682 |
|
|
|
(9,278 |
) |
POSCO-Vietnam Processing Center Co., Ltd. |
|
|
|
|
|
|
146,858 |
|
|
|
117,903 |
|
|
|
28,955 |
|
|
|
242,303 |
|
|
|
(2,053 |
) |
POSCO(Chongqing) Automotive Processing Center Co., Ltd. |
|
|
|
|
|
|
95,658 |
|
|
|
56,002 |
|
|
|
39,656 |
|
|
|
132,283 |
|
|
|
(363 |
) |
SUZHOU POSCO-CORE TECHNOLOGY CO., LTD. |
|
|
|
|
|
|
54,693 |
|
|
|
32,297 |
|
|
|
22,396 |
|
|
|
74,963 |
|
|
|
(1,906 |
) |
POSCO-Malaysia SDN. BHD. |
|
|
|
|
|
|
57,038 |
|
|
|
76,515 |
|
|
|
(19,477 |
) |
|
|
96,872 |
|
|
|
(10,856 |
) |
POS-Minerals Corporation |
|
|
|
|
|
|
91,106 |
|
|
|
148,269 |
|
|
|
(57,163 |
) |
|
|
|
|
|
|
(153,749 |
) |
POSCO(Wuhu) Automotive Processing Center Co., Ltd. |
|
|
|
|
|
|
89,290 |
|
|
|
44,744 |
|
|
|
44,546 |
|
|
|
119,425 |
|
|
|
(531 |
) |
POSCO Engineering and Construction India Private Limited |
|
|
|
|
|
|
13,962 |
|
|
|
4,599 |
|
|
|
9,363 |
|
|
|
4,833 |
|
|
|
511 |
|
POSCO E&C SMART S DE RL DE CV |
|
|
|
|
|
|
4,946 |
|
|
|
2,345 |
|
|
|
2,601 |
|
|
|
|
|
|
|
1,097 |
|
POSCO Philippine Manila Processing Center, Inc. |
|
|
|
|
|
|
24,514 |
|
|
|
12,106 |
|
|
|
12,408 |
|
|
|
33,454 |
|
|
|
873 |
|
POSCO China Suzhou Processing Center Co.,Ltd. |
|
|
|
|
|
|
23,385 |
|
|
|
17,923 |
|
|
|
5,462 |
|
|
|
57,312 |
|
|
|
440 |
|
POSCO Gulf SFC LLC |
|
|
|
|
|
|
64,149 |
|
|
|
62,626 |
|
|
|
1,523 |
|
|
|
69,011 |
|
|
|
(2,041 |
) |
Dalian POSCO ICT-DONGFANG Engineering Co., Ltd. |
|
|
|
|
|
|
3,887 |
|
|
|
2,250 |
|
|
|
1,637 |
|
|
|
3,292 |
|
|
|
(362 |
) |
SANPU TRADING Co., Ltd. |
|
|
|
|
|
|
1,911 |
|
|
|
|
|
|
|
1,911 |
|
|
|
60 |
|
|
|
16 |
|
Zhangjiagang BLZ Pohang International Trading |
|
|
|
|
|
|
8,245 |
|
|
|
2,653 |
|
|
|
5,592 |
|
|
|
49,537 |
|
|
|
231 |
|
POSCO MEXICO HUMAN TECH S.A. de C.V. |
|
|
|
|
|
|
365 |
|
|
|
255 |
|
|
|
110 |
|
|
|
1,855 |
|
|
|
(61 |
) |
POSCO MESDC S.A. DE C.V. |
|
|
|
|
|
|
11,156 |
|
|
|
273 |
|
|
|
10,883 |
|
|
|
8,636 |
|
|
|
519 |
|
POSCO ICT-China |
|
|
|
|
|
|
7,834 |
|
|
|
6,964 |
|
|
|
870 |
|
|
|
13,621 |
|
|
|
(128 |
) |
18
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(in millions of Won)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
Assets |
|
|
Liabilities |
|
|
Equity (deficit) |
|
|
Sales |
|
|
Net income (loss) |
|
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pos-Sea Pte Ltd |
|
W |
|
|
|
|
41,926 |
|
|
|
40,638 |
|
|
|
1,288 |
|
|
|
561,755 |
|
|
|
1,064 |
|
POSCO Europe Steel Distribution Center |
|
|
|
|
|
|
7,398 |
|
|
|
1,066 |
|
|
|
6,332 |
|
|
|
14,573 |
|
|
|
607 |
|
POSCO ENGINEERING (THAILAND) CO., LTD. |
|
|
|
|
|
|
31,788 |
|
|
|
45,567 |
|
|
|
(13,779 |
) |
|
|
100,474 |
|
|
|
(17,013 |
) |
POSCO VST CO., LTD. |
|
|
|
|
|
|
329,849 |
|
|
|
310,278 |
|
|
|
19,571 |
|
|
|
401,440 |
|
|
|
(6,300 |
) |
POSCO Maharashtra Steel Private Limited |
|
|
|
|
|
|
1,282,589 |
|
|
|
1,081,312 |
|
|
|
201,277 |
|
|
|
687,120 |
|
|
|
(80,487 |
) |
POSCO India Chennai Steel Processing Centre Pvt.Ltd. |
|
|
|
|
|
|
113,568 |
|
|
|
99,506 |
|
|
|
14,062 |
|
|
|
194,323 |
|
|
|
2,652 |
|
POSCO TNPC Otomotiv Celik San. Ve Tic. A.S |
|
|
|
|
|
|
44,941 |
|
|
|
42,024 |
|
|
|
2,917 |
|
|
|
48,935 |
|
|
|
(3,101 |
) |
POSCO Vietnam Ha Noi Processing Center Co., Ltd. |
|
|
|
|
|
|
68,391 |
|
|
|
61,875 |
|
|
|
6,516 |
|
|
|
148,201 |
|
|
|
(1,802 |
) |
POSCO(Liaoning) Automotive Processing Center Co., Ltd. |
|
|
|
|
|
|
78,241 |
|
|
|
47,709 |
|
|
|
30,532 |
|
|
|
139,272 |
|
|
|
(1,236 |
) |
POSCO-Indonesia Jakarta Processing Center |
|
|
|
|
|
|
82,622 |
|
|
|
73,247 |
|
|
|
9,375 |
|
|
|
77,686 |
|
|
|
(7,973 |
) |
POSCO E&C VENEZUELA C.A. |
|
|
|
|
|
|
408 |
|
|
|
2 |
|
|
|
406 |
|
|
|
|
|
|
|
(220 |
) |
Motta Resources Indonesia |
|
|
|
|
|
|
1,138 |
|
|
|
19,314 |
|
|
|
(18,176 |
) |
|
|
|
|
|
|
(4,037 |
) |
POSCO TMC INDIA PRIVATE LIMITED |
|
|
|
|
|
|
11,516 |
|
|
|
10,013 |
|
|
|
1,503 |
|
|
|
21,132 |
|
|
|
(314 |
) |
POSCO America Alabama Processing Center Co., Ltd. |
|
|
|
|
|
|
58,149 |
|
|
|
43,420 |
|
|
|
14,729 |
|
|
|
103,046 |
|
|
|
839 |
|
PT PEN INDONESIA |
|
|
|
|
|
|
13,324 |
|
|
|
30,036 |
|
|
|
(16,712 |
) |
|
|
35,681 |
|
|
|
(7,358 |
) |
POSCO(Yantai) Automotive Processing Center Co., Ltd. |
|
|
|
|
|
|
66,139 |
|
|
|
44,680 |
|
|
|
21,459 |
|
|
|
111,669 |
|
|
|
(137 |
) |
POSCO India Steel Distribution Center Private Ltd. |
|
|
|
|
|
|
16,046 |
|
|
|
13,362 |
|
|
|
2,684 |
|
|
|
52,614 |
|
|
|
314 |
|
POSCO China Dalian Plate Processing Center Co., Ltd. |
|
|
|
|
|
|
116,336 |
|
|
|
111,913 |
|
|
|
4,423 |
|
|
|
59,297 |
|
|
|
(9,121 |
) |
POSCO-South Asia Company Limited |
|
|
|
|
|
|
13,318 |
|
|
|
523 |
|
|
|
12,795 |
|
|
|
5,413 |
|
|
|
(799 |
) |
POSCO SS-VINA |
|
|
|
|
|
|
755,135 |
|
|
|
600,905 |
|
|
|
154,230 |
|
|
|
76,545 |
|
|
|
(113,987 |
) |
POSCO NCR Coal Ltd. |
|
|
|
|
|
|
38,132 |
|
|
|
|
|
|
|
38,132 |
|
|
|
|
|
|
|
(82 |
) |
POSCO WA PTY LTD |
|
|
|
|
|
|
427,612 |
|
|
|
7 |
|
|
|
427,605 |
|
|
|
|
|
|
|
(11,690 |
) |
POSCO Engineering and Construction - UZ |
|
|
|
|
|
|
7,094 |
|
|
|
5,550 |
|
|
|
1,544 |
|
|
|
5,924 |
|
|
|
522 |
|
POSCO AUSTRALIA GP PTY LIMITED |
|
|
|
|
|
|
20,399 |
|
|
|
6 |
|
|
|
20,393 |
|
|
|
|
|
|
|
(4,754 |
) |
POSCO YongXin Rare Earth Metal Co., Ltd. |
|
|
|
|
|
|
29,119 |
|
|
|
64,853 |
|
|
|
(35,734 |
) |
|
|
10,760 |
|
|
|
(38,324 |
) |
Hanjung Power Pty., Ltd |
|
|
|
|
|
|
27,249 |
|
|
|
16,878 |
|
|
|
10,371 |
|
|
|
27,294 |
|
|
|
3,142 |
|
Daewoo International (America) Corp. |
|
|
|
|
|
|
443,504 |
|
|
|
388,689 |
|
|
|
54,815 |
|
|
|
1,124,251 |
|
|
|
800 |
|
Daewoo International (Deutschland) GmbH. |
|
|
|
|
|
|
188,935 |
|
|
|
177,751 |
|
|
|
11,184 |
|
|
|
402,344 |
|
|
|
1,254 |
|
Daewoo International Japan Corp. |
|
|
|
|
|
|
253,125 |
|
|
|
246,367 |
|
|
|
6,758 |
|
|
|
770,362 |
|
|
|
442 |
|
DAEWOO INTERNATIONAL SINGAPORE PTE. LTD. |
|
|
|
|
|
|
114,256 |
|
|
|
109,913 |
|
|
|
4,343 |
|
|
|
801,225 |
|
|
|
22 |
|
Daewoo Italia S.r.l. |
|
|
|
|
|
|
124,548 |
|
|
|
121,367 |
|
|
|
3,181 |
|
|
|
303,784 |
|
|
|
(1,288 |
) |
Daewoo (China) Co., Ltd. |
|
|
|
|
|
|
84,324 |
|
|
|
30,082 |
|
|
|
54,242 |
|
|
|
209,488 |
|
|
|
3,216 |
|
DAEWOO TEXTILE FERGANA LLC |
|
|
|
|
|
|
90,172 |
|
|
|
57,778 |
|
|
|
32,394 |
|
|
|
106,150 |
|
|
|
242 |
|
DAEWOO TEXTILE BUKHARA LLC |
|
|
|
|
|
|
52,250 |
|
|
|
29,826 |
|
|
|
22,424 |
|
|
|
40,797 |
|
|
|
1,136 |
|
DAEWOO INTERNATIONAL AUSTRALIA HOLDINGS PTY LTD |
|
|
|
|
|
|
120,087 |
|
|
|
20,997 |
|
|
|
99,090 |
|
|
|
27,717 |
|
|
|
2,477 |
|
Daewoo Paper Manufacturing Co., Ltd. |
|
|
|
|
|
|
57,041 |
|
|
|
72,226 |
|
|
|
(15,185 |
) |
|
|
48,466 |
|
|
|
(6,810 |
) |
Tianjin Daewoo Paper Manufacturing Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
26,040 |
|
|
|
(26,040 |
) |
|
|
|
|
|
|
(7,775 |
) |
POSCO MAURITIUS LIMITED |
|
|
|
|
|
|
29,493 |
|
|
|
4 |
|
|
|
29,489 |
|
|
|
|
|
|
|
(8 |
) |
PT. KRAKATAU POSCO |
|
|
|
|
|
|
4,259,257 |
|
|
|
3,818,369 |
|
|
|
440,888 |
|
|
|
1,227,266 |
|
|
|
(422,490 |
) |
DAEWOO INTERNATIONAL MEXICO S.A. DE C.V. |
|
|
|
|
|
|
117,205 |
|
|
|
107,406 |
|
|
|
9,799 |
|
|
|
345,087 |
|
|
|
3,036 |
|
Daewoo International Guangzhou Corp. |
|
|
|
|
|
|
5,116 |
|
|
|
6,454 |
|
|
|
(1,338 |
) |
|
|
23,251 |
|
|
|
(1,494 |
) |
POSCO (Zhangjiagang) STS Processing Center Co., Ltd |
|
|
|
|
|
|
64,383 |
|
|
|
53,315 |
|
|
|
11,068 |
|
|
|
341,862 |
|
|
|
(2,863 |
) |
Daewoo International (M) SDN BHD |
|
|
|
|
|
|
48,366 |
|
|
|
45,577 |
|
|
|
2,789 |
|
|
|
130,640 |
|
|
|
602 |
|
Daewoo International SHANGHAI CO., LTD. |
|
|
|
|
|
|
16,582 |
|
|
|
8,860 |
|
|
|
7,722 |
|
|
|
23,252 |
|
|
|
(842 |
) |
PGSF, L.P. |
|
|
|
|
|
|
14,005 |
|
|
|
2 |
|
|
|
14,003 |
|
|
|
|
|
|
|
1,504 |
|
Xenesys Inc. |
|
|
|
|
|
|
2,060 |
|
|
|
2,658 |
|
|
|
(598 |
) |
|
|
1,314 |
|
|
|
(4,048 |
) |
19
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
Assets |
|
|
Liabilities |
|
|
Equity (deficit) |
|
|
Sales |
|
|
Net income (loss) |
|
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daewoo International INDIA Private Ltd. |
|
W |
|
|
|
|
33,254 |
|
|
|
30,809 |
|
|
|
2,445 |
|
|
|
59,453 |
|
|
|
334 |
|
PT. POSCO E&C INDONESIA |
|
|
|
|
|
|
24,898 |
|
|
|
14,200 |
|
|
|
10,698 |
|
|
|
6,837 |
|
|
|
(2,190 |
) |
HUME COAL PTY LTD |
|
|
|
|
|
|
102,165 |
|
|
|
8,159 |
|
|
|
94,006 |
|
|
|
820 |
|
|
|
1,023 |
|
POSCO FOUNDATION |
|
|
|
|
|
|
175 |
|
|
|
2 |
|
|
|
173 |
|
|
|
|
|
|
|
(2 |
) |
EPC EQUITIES LLP |
|
|
|
|
|
|
78,456 |
|
|
|
81,081 |
|
|
|
(2,625 |
) |
|
|
|
|
|
|
(1,425 |
) |
SANTOS CMI CONSTRUCTION TRADING LLP |
|
|
|
|
|
|
9,533 |
|
|
|
29,774 |
|
|
|
(20,241 |
) |
|
|
|
|
|
|
(8,868 |
) |
SANTOS CMI INC. USA |
|
|
|
|
|
|
30,478 |
|
|
|
28,626 |
|
|
|
1,852 |
|
|
|
10,515 |
|
|
|
204 |
|
SANTOS CMI ENGENHARIA E CONSTRUCOES LTDA |
|
|
|
|
|
|
20,158 |
|
|
|
28,277 |
|
|
|
(8,119 |
) |
|
|
75,764 |
|
|
|
(2,817 |
) |
SANTOS CMI PERU S.A. |
|
|
|
|
|
|
10,327 |
|
|
|
35,778 |
|
|
|
(25,451 |
) |
|
|
51,702 |
|
|
|
(689 |
) |
SANTOS CMI CONSTRUCCIONES S.A. |
|
|
|
|
|
|
9,707 |
|
|
|
16,975 |
|
|
|
(7,268 |
) |
|
|
1,874 |
|
|
|
(7,254 |
) |
GENTECH INTERNATIONAL INC. |
|
|
|
|
|
|
99 |
|
|
|
126 |
|
|
|
(27 |
) |
|
|
586 |
|
|
|
(25 |
) |
SANTOSCMI S.A. |
|
|
|
|
|
|
40,567 |
|
|
|
29,731 |
|
|
|
10,836 |
|
|
|
33,955 |
|
|
|
(1,982 |
) |
SANTOSCMI CONSTRUCCIONES DE CHILE S.A. |
|
|
|
|
|
|
7,386 |
|
|
|
3,257 |
|
|
|
4,129 |
|
|
|
9,459 |
|
|
|
552 |
|
COMPANIADEAUTOMATIZACION&CONTROL, GENESYS S.A. |
|
|
|
|
|
|
9,130 |
|
|
|
7,161 |
|
|
|
1,969 |
|
|
|
9,706 |
|
|
|
(1,681 |
) |
POSCO ASSAN TST STEEL INDUSTRY |
|
|
|
|
|
|
761,826 |
|
|
|
692,929 |
|
|
|
68,897 |
|
|
|
485,847 |
|
|
|
(29,288 |
) |
HONG KONG POSCO E&C (CHINA) INVESTMENT Co., Ltd. |
|
|
|
|
|
|
152,348 |
|
|
|
206,145 |
|
|
|
(53,797 |
) |
|
|
|
|
|
|
(20,555 |
) |
POSCO ENGINEERING & CONSTRUCTION DO BRAZIL LTDA. |
|
|
|
|
|
|
289,054 |
|
|
|
296,531 |
|
|
|
(7,477 |
) |
|
|
500,355 |
|
|
|
(34,723 |
) |
POSCO Electrical Steel India Private Limited |
|
|
|
|
|
|
212,482 |
|
|
|
185,453 |
|
|
|
27,029 |
|
|
|
128,332 |
|
|
|
(5,747 |
) |
PT.POSCO-Indonesia Inti |
|
|
|
|
|
|
6,641 |
|
|
|
396 |
|
|
|
6,245 |
|
|
|
2,356 |
|
|
|
(1,096 |
) |
POSCO(Dalian) IT Center Development Co., Ltd. |
|
|
|
|
|
|
238,500 |
|
|
|
89,693 |
|
|
|
148,807 |
|
|
|
136,148 |
|
|
|
9,169 |
|
Brazil Sao Paulo Steel Processing Center |
|
|
|
|
|
|
34,191 |
|
|
|
63,049 |
|
|
|
(28,858 |
) |
|
|
18,249 |
|
|
|
(29,260 |
) |
DAESAN (CAMBODIA) Co., Ltd. |
|
|
|
|
|
|
30,603 |
|
|
|
36,251 |
|
|
|
(5,648 |
) |
|
|
|
|
|
|
(13 |
) |
PT.POSCO ICT INDONESIA |
|
|
|
|
|
|
13,523 |
|
|
|
12,183 |
|
|
|
1,340 |
|
|
|
22,140 |
|
|
|
154 |
|
PT. POSCO MTECH INDONESIA |
|
|
|
|
|
|
23,617 |
|
|
|
20,061 |
|
|
|
3,556 |
|
|
|
22,826 |
|
|
|
(970 |
) |
PT. KRAKATAU POSCO ENERGY |
|
|
|
|
|
|
336,338 |
|
|
|
217,076 |
|
|
|
119,262 |
|
|
|
39,624 |
|
|
|
6,915 |
|
POSCO RUS LLC |
|
|
|
|
|
|
3,106 |
|
|
|
6,015 |
|
|
|
(2,909 |
) |
|
|
2,838 |
|
|
|
(4,272 |
) |
POSCO Thainox Public Company Limited |
|
|
|
|
|
|
375,865 |
|
|
|
81,878 |
|
|
|
293,987 |
|
|
|
409,505 |
|
|
|
3,669 |
|
DAEWOO INTERNATIONAL SHANGHAI WAIGAOQIAO CO., LTD. |
|
|
|
|
|
|
11,633 |
|
|
|
11,348 |
|
|
|
285 |
|
|
|
58,666 |
|
|
|
(557 |
) |
PT. Bio Inti Agrindo |
|
|
|
|
|
|
133,398 |
|
|
|
105,093 |
|
|
|
28,305 |
|
|
|
3,015 |
|
|
|
(1,029 |
) |
POSCO ENGINEERING AND CONSTRUCTION AUSTRALIA (POSCO E&C AUSTRALIA) PTY LTD |
|
|
|
|
|
|
12,998 |
|
|
|
14,084 |
|
|
|
(1,086 |
) |
|
|
32,895 |
|
|
|
375 |
|
POSCO-TISCO (JILIN) PROCESSING CENTER Co., Ltd. |
|
|
|
|
|
|
46,758 |
|
|
|
34,763 |
|
|
|
11,995 |
|
|
|
52,768 |
|
|
|
(3,740 |
) |
Hunchun Posco Hyundai International Logistics Complex Development Co., Ltd |
|
|
|
|
|
|
107,741 |
|
|
|
4,199 |
|
|
|
103,542 |
|
|
|
2,190 |
|
|
|
(4,572 |
) |
USA-SRDC |
|
|
|
|
|
|
377 |
|
|
|
|
|
|
|
377 |
|
|
|
|
|
|
|
(67 |
) |
Daewoo International Vietnam Co., Ltd. |
|
|
|
|
|
|
6,211 |
|
|
|
2,197 |
|
|
|
4,014 |
|
|
|
24,567 |
|
|
|
(464 |
) |
PT.Krakatau Posco Chemtech Calcination |
|
|
|
|
|
|
75,161 |
|
|
|
44,234 |
|
|
|
30,927 |
|
|
|
28,654 |
|
|
|
2,404 |
|
POSCO AFRICA (PROPRIETARY) LIMITED |
|
|
|
|
|
|
33,527 |
|
|
|
26 |
|
|
|
33,501 |
|
|
|
209 |
|
|
|
1,262 |
|
EPC INGENIERIA & SERVICIOS DE COSTA RICA SA |
|
|
|
|
|
|
87 |
|
|
|
975 |
|
|
|
(888 |
) |
|
|
99 |
|
|
|
(875 |
) |
POSCO ICT BRASIL |
|
|
|
|
|
|
4,486 |
|
|
|
8,072 |
|
|
|
(3,586 |
) |
|
|
2,732 |
|
|
|
(2,759 |
) |
LA-SRDC |
|
|
|
|
|
|
876 |
|
|
|
290 |
|
|
|
586 |
|
|
|
2,107 |
|
|
|
(54 |
) |
DONG FANG JIN HONG |
|
|
|
|
|
|
526,123 |
|
|
|
366,636 |
|
|
|
159,487 |
|
|
|
20,567 |
|
|
|
(15,660 |
) |
POSCO AMERICA COMERCIALIZADORA S DE RL DE CV |
|
|
|
|
|
|
65,115 |
|
|
|
64,686 |
|
|
|
429 |
|
|
|
134,513 |
|
|
|
905 |
|
POSCO(Guangdong) Automotive Steel Co., Ltd. |
|
|
|
|
|
|
332,981 |
|
|
|
220,571 |
|
|
|
112,410 |
|
|
|
221,343 |
|
|
|
(16,192 |
) |
POSCO MAPC SA DE CV |
|
|
|
|
|
|
40,885 |
|
|
|
19,911 |
|
|
|
20,974 |
|
|
|
114,851 |
|
|
|
(1,168 |
) |
POSCO-Mory-Maruyasu PIPE |
|
|
|
|
|
|
8,582 |
|
|
|
7,103 |
|
|
|
1,479 |
|
|
|
5,400 |
|
|
|
(1,025 |
) |
PT KRAKATAU BLUE WATER |
|
|
|
|
|
|
825 |
|
|
|
238 |
|
|
|
587 |
|
|
|
1,245 |
|
|
|
(35 |
) |
KRAKATAU POS-CHEM DONG-SUH CHEMICAL |
|
|
|
|
|
|
26,997 |
|
|
|
23,694 |
|
|
|
3,303 |
|
|
|
19,455 |
|
|
|
(5,257 |
) |
Myanmar Daewoo International Corporation |
|
|
|
|
|
|
6,338 |
|
|
|
83 |
|
|
|
6,255 |
|
|
|
1,849 |
|
|
|
1,019 |
|
POSCO-Italy Processing Center |
|
|
|
|
|
|
108,470 |
|
|
|
102,683 |
|
|
|
5,787 |
|
|
|
104,647 |
|
|
|
(419 |
) |
20
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
Assets |
|
|
Liabilities |
|
|
Equity (deficit) |
|
|
Sales |
|
|
Net income (loss) |
|
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DAEWOO E&P CANADA CORPORATION |
|
W |
|
|
|
|
28,316 |
|
|
|
18,007 |
|
|
|
10,309 |
|
|
|
4,620 |
|
|
|
(3,449 |
) |
Yingkou Puxiang Trade Co.,Ltd. |
|
|
|
|
|
|
376 |
|
|
|
40 |
|
|
|
336 |
|
|
|
955 |
|
|
|
65 |
|
Myanmar POSCO C&C Company, Limited. |
|
|
|
|
|
|
23,029 |
|
|
|
21,968 |
|
|
|
1,061 |
|
|
|
12,976 |
|
|
|
(5,335 |
) |
POSCO ICT VIETNAM |
|
|
|
|
|
|
3,160 |
|
|
|
1,653 |
|
|
|
1,507 |
|
|
|
5,922 |
|
|
|
275 |
|
Daewoo Global Development. Pte., Ltd |
|
|
|
|
|
|
163,923 |
|
|
|
112,229 |
|
|
|
51,694 |
|
|
|
1,136 |
|
|
|
321 |
|
Myanmar POSCO Engineering&Construction Company, Limited. |
|
|
|
|
|
|
14,526 |
|
|
|
6,244 |
|
|
|
8,282 |
|
|
|
25,596 |
|
|
|
3,209 |
|
POSCO COATED STEEL (THAILAND) CO., LTD. |
|
|
|
|
|
|
303,680 |
|
|
|
187,470 |
|
|
|
116,210 |
|
|
|
|
|
|
|
1,800 |
|
Daewoo Power and Infra (PTY) Limited |
|
|
|
|
|
|
1,215 |
|
|
|
596 |
|
|
|
619 |
|
|
|
1,422 |
|
|
|
375 |
|
Daewoo Amara Company Limited |
|
|
|
|
|
|
154,204 |
|
|
|
109,612 |
|
|
|
44,592 |
|
|
|
|
|
|
|
(5,586 |
) |
POSMATE-CHINA CO., LTD |
|
|
|
|
|
|
271 |
|
|
|
17 |
|
|
|
254 |
|
|
|
210 |
|
|
|
32 |
|
Daewoo Precious Resources Co., Ltd. |
|
|
|
|
|
|
7,159 |
|
|
|
10 |
|
|
|
7,149 |
|
|
|
|
|
|
|
|
|
POSCO-Mexico Villagran Wire-rod Processing Center |
|
|
|
|
|
|
39,475 |
|
|
|
30,333 |
|
|
|
9,142 |
|
|
|
8,751 |
|
|
|
(7,989 |
) |
SANTOS CMI Guatemala S.A. |
|
|
|
|
|
|
2,802 |
|
|
|
1,109 |
|
|
|
1,693 |
|
|
|
53,935 |
|
|
|
1,591 |
|
POSCO-China Dalian Steel Fabricating Center |
|
|
|
|
|
|
8,153 |
|
|
|
1,247 |
|
|
|
6,906 |
|
|
|
2,955 |
|
|
|
(2,229 |
) |
POSCO-CDPC(POSCO ChengDu Processing Center) Co., Ltd |
|
|
|
|
|
|
38,146 |
|
|
|
24,000 |
|
|
|
14,146 |
|
|
|
204 |
|
|
|
(1,417 |
) |
POSCO E&C HOLDINGS CO.,Ltd. |
|
|
|
|
|
|
335 |
|
|
|
48 |
|
|
|
287 |
|
|
|
|
|
|
|
(13 |
) |
POSCO E&C (THAILAND) CO.,Ltd. |
|
|
|
|
|
|
5,732 |
|
|
|
3,763 |
|
|
|
1,969 |
|
|
|
10,093 |
|
|
|
1,372 |
|
DAEWOO POWER PNG Ltd. |
|
|
|
|
|
|
29,557 |
|
|
|
16,730 |
|
|
|
12,827 |
|
|
|
|
|
|
|
(1,035 |
) |
POSCO India Ahmedabad Steel Processing Center Pvt.Ltd. |
|
|
|
|
|
|
21,605 |
|
|
|
6,866 |
|
|
|
14,739 |
|
|
|
|
|
|
|
(432 |
) |
COINSA INGENIERIA Y PETROQUIMICA S.R.L |
|
|
|
|
|
|
12,599 |
|
|
|
10,524 |
|
|
|
2,075 |
|
|
|
19,273 |
|
|
|
2,013 |
|
PT.Krakatau Posco Social Enterprise |
|
|
|
|
|
|
1,234 |
|
|
|
55 |
|
|
|
1,179 |
|
|
|
558 |
|
|
|
(21 |
) |
POSCO Vietnam Holdings Co., LTD. |
|
|
|
|
|
|
4,760 |
|
|
|
458 |
|
|
|
4,302 |
|
|
|
1,029 |
|
|
|
(435 |
) |
Ventanas Philippines Construction Inc |
|
|
|
|
|
|
237 |
|
|
|
11 |
|
|
|
226 |
|
|
|
|
|
|
|
(24 |
) |
POSCO E&C Mongolia |
|
|
|
|
|
|
118 |
|
|
|
|
|
|
|
118 |
|
|
|
|
|
|
|
|
|
21
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
Assets |
|
|
Liabilities |
|
|
Equity (deficit) |
|
|
Sales |
|
|
Net income (loss) |
|
[Domestic] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO ENGINEERING & CONSTRUCTION., LTD. |
|
W |
|
|
|
|
6,566,784 |
|
|
|
3,594,334 |
|
|
|
2,972,450 |
|
|
|
7,514,710 |
|
|
|
13,353 |
|
POSCO Processing&Service |
|
|
|
|
|
|
1,297,049 |
|
|
|
425,568 |
|
|
|
871,481 |
|
|
|
3,162,892 |
|
|
|
(14,418 |
) |
POSCO COATED & COLOR STEEL Co., Ltd. |
|
|
|
|
|
|
423,833 |
|
|
|
257,365 |
|
|
|
166,468 |
|
|
|
801,982 |
|
|
|
(1,881 |
) |
POSCO ICT |
|
|
|
|
|
|
721,006 |
|
|
|
298,718 |
|
|
|
422,288 |
|
|
|
921,524 |
|
|
|
20,327 |
|
POSCO Research Institute |
|
|
|
|
|
|
37,511 |
|
|
|
10,118 |
|
|
|
27,393 |
|
|
|
59,851 |
|
|
|
897 |
|
POSMATE |
|
|
|
|
|
|
243,499 |
|
|
|
64,530 |
|
|
|
178,969 |
|
|
|
132,292 |
|
|
|
9,892 |
|
POSCO A&C |
|
|
|
|
|
|
86,469 |
|
|
|
53,203 |
|
|
|
33,266 |
|
|
|
189,401 |
|
|
|
(6,755 |
) |
SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel Co., Ltd.) |
|
|
|
|
|
|
1,693,511 |
|
|
|
744,776 |
|
|
|
948,735 |
|
|
|
1,261,374 |
|
|
|
(20,126 |
) |
POSCO Capital Co.,Ltd |
|
|
|
|
|
|
163,045 |
|
|
|
52,034 |
|
|
|
111,011 |
|
|
|
16,074 |
|
|
|
4,073 |
|
eNtoB Corporation |
|
|
|
|
|
|
96,251 |
|
|
|
61,188 |
|
|
|
35,063 |
|
|
|
694,731 |
|
|
|
2,468 |
|
POSCO CHEMTECH |
|
|
|
|
|
|
645,782 |
|
|
|
138,334 |
|
|
|
507,448 |
|
|
|
1,330,564 |
|
|
|
70,544 |
|
POSCO-Terminal Co., Ltd. |
|
|
|
|
|
|
155,298 |
|
|
|
14,379 |
|
|
|
140,919 |
|
|
|
116,449 |
|
|
|
18,153 |
|
POSCO M-TECH |
|
|
|
|
|
|
220,770 |
|
|
|
171,484 |
|
|
|
49,286 |
|
|
|
437,995 |
|
|
|
(100,718 |
) |
POSCO ENERGY CO., LTD. |
|
|
|
|
|
|
4,645,722 |
|
|
|
3,061,231 |
|
|
|
1,584,491 |
|
|
|
2,533,673 |
|
|
|
19,254 |
|
POSCO TMC Co., Ltd. |
|
|
|
|
|
|
212,215 |
|
|
|
124,789 |
|
|
|
87,426 |
|
|
|
320,403 |
|
|
|
(3,418 |
) |
POSCO NIPPON STEEL RHF JOINT VENTURE.CO.,Ltd. |
|
|
|
|
|
|
129,227 |
|
|
|
77,319 |
|
|
|
51,908 |
|
|
|
64,879 |
|
|
|
5,061 |
|
MegaAsset Co.,Ltd. |
|
|
|
|
|
|
96,884 |
|
|
|
51,690 |
|
|
|
45,194 |
|
|
|
97,793 |
|
|
|
(3,489 |
) |
POSCO Engineering CO.,Ltd |
|
|
|
|
|
|
568,164 |
|
|
|
398,179 |
|
|
|
169,985 |
|
|
|
928,505 |
|
|
|
1,308 |
|
POSCO AST |
|
|
|
|
|
|
494,743 |
|
|
|
349,438 |
|
|
|
145,305 |
|
|
|
621,944 |
|
|
|
(7,146 |
) |
POSHIMETAL Co., Ltd. |
|
|
|
|
|
|
348,050 |
|
|
|
353,470 |
|
|
|
(5,420 |
) |
|
|
186,634 |
|
|
|
(14,184 |
) |
Poscoene |
|
|
|
|
|
|
39,990 |
|
|
|
17,647 |
|
|
|
22,343 |
|
|
|
33,140 |
|
|
|
(12 |
) |
POSFINE Co., Ltd. |
|
|
|
|
|
|
53,556 |
|
|
|
40,662 |
|
|
|
12,894 |
|
|
|
22,489 |
|
|
|
(506 |
) |
POSCO Humans |
|
|
|
|
|
|
15,784 |
|
|
|
7,791 |
|
|
|
7,993 |
|
|
|
32,998 |
|
|
|
(1,451 |
) |
Mapo Hibroad Parking co., Ltd. |
|
|
|
|
|
|
1,541 |
|
|
|
323 |
|
|
|
1,218 |
|
|
|
|
|
|
|
(27 |
) |
Steel Processing and Fabricating Center Co.,LTD |
|
|
|
|
|
|
150,587 |
|
|
|
84,928 |
|
|
|
65,659 |
|
|
|
176,558 |
|
|
|
(7,051 |
) |
BLUE O&M Co.,Ltd. |
|
|
|
|
|
|
11,255 |
|
|
|
4,532 |
|
|
|
6,723 |
|
|
|
21,052 |
|
|
|
3,406 |
|
POSCO PLANTEC Co., Ltd. |
|
|
|
|
|
|
745,763 |
|
|
|
529,904 |
|
|
|
215,859 |
|
|
|
618,580 |
|
|
|
(279,217 |
) |
Busan E&E Co,. Ltd. |
|
|
|
|
|
|
97,734 |
|
|
|
57,278 |
|
|
|
40,456 |
|
|
|
22,096 |
|
|
|
897 |
|
POSCO Family Strategy Fund |
|
|
|
|
|
|
53,144 |
|
|
|
|
|
|
|
53,144 |
|
|
|
1,249 |
|
|
|
(9,495 |
) |
POREKA Co., Ltd. |
|
|
|
|
|
|
19,791 |
|
|
|
15,924 |
|
|
|
3,867 |
|
|
|
20,477 |
|
|
|
(175 |
) |
Daewoo International Corporation |
|
|
|
|
|
|
8,631,129 |
|
|
|
6,287,212 |
|
|
|
2,343,917 |
|
|
|
19,938,097 |
|
|
|
173,421 |
|
POSCO LED Co., Ltd. |
|
|
|
|
|
|
47,561 |
|
|
|
46,154 |
|
|
|
1,407 |
|
|
|
50,005 |
|
|
|
(5,718 |
) |
Pohang Scrap Recycling Distribution Center Co., Ltd. |
|
|
|
|
|
|
16,938 |
|
|
|
326 |
|
|
|
16,612 |
|
|
|
3,994 |
|
|
|
426 |
|
PSC Energy Global Co., Ltd. |
|
|
|
|
|
|
108,792 |
|
|
|
8 |
|
|
|
108,784 |
|
|
|
|
|
|
|
(4,138 |
) |
Suncheon Eco Trans Co., Ltd |
|
|
|
|
|
|
69,362 |
|
|
|
46,226 |
|
|
|
23,136 |
|
|
|
1,295 |
|
|
|
(5,098 |
) |
New Altec Co., Ltd |
|
|
|
|
|
|
128,050 |
|
|
|
33,347 |
|
|
|
94,703 |
|
|
|
72,145 |
|
|
|
(1,867 |
) |
PONUTech Co.,Ltd. |
|
|
|
|
|
|
110,739 |
|
|
|
84,288 |
|
|
|
26,451 |
|
|
|
48,581 |
|
|
|
(8,047 |
) |
Tamra Offshore Wind Power Co., Ltd |
|
|
|
|
|
|
26,881 |
|
|
|
12 |
|
|
|
26,869 |
|
|
|
|
|
|
|
141 |
|
POS-HiAL |
|
|
|
|
|
|
60,794 |
|
|
|
53,068 |
|
|
|
7,726 |
|
|
|
1,445 |
|
|
|
(8,576 |
) |
IT Engineering |
|
|
|
|
|
|
6,002 |
|
|
|
2,274 |
|
|
|
3,728 |
|
|
|
7,666 |
|
|
|
51 |
|
Future Creation Fund Postech Early Stage account |
|
|
|
|
|
|
16,590 |
|
|
|
3 |
|
|
|
16,587 |
|
|
|
98 |
|
|
|
(659 |
) |
Keystone-HYUNDAI SECURITIES NO. 1. Private Equity Fund |
|
|
|
|
|
|
24,139 |
|
|
|
107 |
|
|
|
24,032 |
|
|
|
|
|
|
|
(4,143 |
) |
POSCO Green Gas Technology |
|
|
|
|
|
|
894,226 |
|
|
|
214,915 |
|
|
|
679,311 |
|
|
|
|
|
|
|
(3,289 |
) |
POSCO WOMANS FUND |
|
|
|
|
|
|
2,916 |
|
|
|
1 |
|
|
|
2,915 |
|
|
|
21 |
|
|
|
(85 |
) |
POSPOWER CO., Ltd. |
|
|
|
|
|
|
79,222 |
|
|
|
1,911 |
|
|
|
77,311 |
|
|
|
|
|
|
|
(1,190 |
) |
Songdo Posco family Housing |
|
|
|
|
|
|
69,125 |
|
|
|
68,135 |
|
|
|
990 |
|
|
|
|
|
|
|
(10 |
) |
22
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
Assets |
|
|
Liabilities |
|
|
Equity (deficit) |
|
|
Sales |
|
|
Net income (loss) |
|
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO America Corporation |
|
W |
|
|
|
|
515,212 |
|
|
|
451,641 |
|
|
|
63,571 |
|
|
|
921,052 |
|
|
|
(17,185 |
) |
POSCO AUSTRALIA PTY LTD |
|
|
|
|
|
|
720,400 |
|
|
|
59,585 |
|
|
|
660,815 |
|
|
|
91,250 |
|
|
|
78,401 |
|
POSCO Canada Ltd. |
|
|
|
|
|
|
576,606 |
|
|
|
109,457 |
|
|
|
467,149 |
|
|
|
142,286 |
|
|
|
39,343 |
|
POSCO Asia Co., Ltd. |
|
|
|
|
|
|
1,064,932 |
|
|
|
1,018,268 |
|
|
|
46,664 |
|
|
|
3,561,754 |
|
|
|
5,570 |
|
POSCO-CTPC Co., Ltd. |
|
|
|
|
|
|
106,837 |
|
|
|
67,556 |
|
|
|
39,281 |
|
|
|
138,102 |
|
|
|
2,145 |
|
POSCO-JKPC Co., Ltd. |
|
|
|
|
|
|
105,381 |
|
|
|
85,664 |
|
|
|
19,717 |
|
|
|
216,557 |
|
|
|
990 |
|
POSCO E&C Vietnam Co., Ltd. |
|
|
|
|
|
|
266,220 |
|
|
|
203,011 |
|
|
|
63,209 |
|
|
|
493,472 |
|
|
|
14,905 |
|
Zhangjiagang Pohang Stainless Steel Co., Ltd. |
|
|
|
|
|
|
1,353,790 |
|
|
|
837,341 |
|
|
|
516,449 |
|
|
|
3,022,527 |
|
|
|
7,336 |
|
POSCO(Guangdong) Steel Co., Ltd. |
|
|
|
|
|
|
115,250 |
|
|
|
72,510 |
|
|
|
42,740 |
|
|
|
185,880 |
|
|
|
(2,397 |
) |
POSCO (Thailand) Company Limited |
|
|
|
|
|
|
111,616 |
|
|
|
66,827 |
|
|
|
44,789 |
|
|
|
169,822 |
|
|
|
(356 |
) |
Myanmar POSCO Steel Co., Ltd |
|
|
|
|
|
|
19,206 |
|
|
|
846 |
|
|
|
18,360 |
|
|
|
15,393 |
|
|
|
1,058 |
|
POSCO Investment Co., Ltd. |
|
|
|
|
|
|
852,003 |
|
|
|
742,198 |
|
|
|
109,805 |
|
|
|
14,865 |
|
|
|
5,302 |
|
POSCO-MKPC SDN BHD |
|
|
|
|
|
|
114,638 |
|
|
|
72,849 |
|
|
|
41,789 |
|
|
|
162,687 |
|
|
|
(1,682 |
) |
Qingdao Pohang Stainless Steel Co., Ltd. |
|
|
|
|
|
|
192,701 |
|
|
|
107,717 |
|
|
|
84,984 |
|
|
|
347,484 |
|
|
|
(7,313 |
) |
POSCO(Suzhou) Automotive Processing Center Co., Ltd. |
|
|
|
|
|
|
373,257 |
|
|
|
248,405 |
|
|
|
124,852 |
|
|
|
460,216 |
|
|
|
8,821 |
|
POSCO BIOVENTURES I, L.P. |
|
|
|
|
|
|
7,016 |
|
|
|
41 |
|
|
|
6,975 |
|
|
|
351 |
|
|
|
(992 |
) |
PT. POSNESIA Stainless Steel Industry |
|
|
|
|
|
|
12,080 |
|
|
|
|
|
|
|
12,080 |
|
|
|
|
|
|
|
29 |
|
POSEC Hawaii, Inc. |
|
|
|
|
|
|
280 |
|
|
|
5 |
|
|
|
275 |
|
|
|
|
|
|
|
(43 |
) |
POSCO-China Qingdao Processing Center Co., Ltd. |
|
|
|
|
|
|
53,358 |
|
|
|
37,951 |
|
|
|
15,407 |
|
|
|
99,795 |
|
|
|
557 |
|
POS-ORE PTY LTD |
|
|
|
|
|
|
22,757 |
|
|
|
13,589 |
|
|
|
9,168 |
|
|
|
112,323 |
|
|
|
32,629 |
|
POSCO-China Holding Corp. |
|
|
|
|
|
|
430,973 |
|
|
|
173,012 |
|
|
|
257,961 |
|
|
|
220,376 |
|
|
|
880 |
|
POSCO JAPAN Co., Ltd. |
|
|
|
|
|
|
631,040 |
|
|
|
520,718 |
|
|
|
110,322 |
|
|
|
1,440,254 |
|
|
|
13,854 |
|
POS-CD PTY LTD |
|
|
|
|
|
|
29,252 |
|
|
|
13,661 |
|
|
|
15,591 |
|
|
|
11,873 |
|
|
|
(24,933 |
) |
POS-GC PTY LTD |
|
|
|
|
|
|
46,289 |
|
|
|
42,339 |
|
|
|
3,950 |
|
|
|
3,354 |
|
|
|
(6,004 |
) |
POSCO-India Private Limited |
|
|
|
|
|
|
118,083 |
|
|
|
1,186 |
|
|
|
116,897 |
|
|
|
|
|
|
|
71 |
|
POSCO-India Pune Processing Center. Pvt. Ltd. |
|
|
|
|
|
|
194,840 |
|
|
|
187,259 |
|
|
|
7,581 |
|
|
|
335,847 |
|
|
|
3,356 |
|
POSCO-JEPC Co., Ltd. |
|
|
|
|
|
|
155,248 |
|
|
|
137,364 |
|
|
|
17,884 |
|
|
|
283,836 |
|
|
|
1,558 |
|
POSCO-CFPC Co., Ltd. |
|
|
|
|
|
|
211,258 |
|
|
|
165,223 |
|
|
|
46,035 |
|
|
|
638,272 |
|
|
|
1,289 |
|
POSCO E&C CHINA Co., Ltd. |
|
|
|
|
|
|
275,313 |
|
|
|
201,973 |
|
|
|
73,340 |
|
|
|
319,427 |
|
|
|
17,504 |
|
POSCO MPPC S.A. de C.V. |
|
|
|
|
|
|
236,416 |
|
|
|
202,138 |
|
|
|
34,278 |
|
|
|
348,507 |
|
|
|
2,985 |
|
Zhangjigang Pohang Port Co., Ltd. |
|
|
|
|
|
|
22,145 |
|
|
|
5,567 |
|
|
|
16,578 |
|
|
|
6,167 |
|
|
|
516 |
|
Qingdao Pos-metal Co., Ltd. |
|
|
|
|
|
|
5,368 |
|
|
|
5,838 |
|
|
|
(470 |
) |
|
|
34,511 |
|
|
|
72 |
|
POSCO-VIETNAM Co., Ltd. |
|
|
|
|
|
|
558,841 |
|
|
|
532,066 |
|
|
|
26,775 |
|
|
|
645,269 |
|
|
|
(6,334 |
) |
POSCO MEXICO S.A. DE C.V. |
|
|
|
|
|
|
806,888 |
|
|
|
598,459 |
|
|
|
208,429 |
|
|
|
492,045 |
|
|
|
168 |
|
POSCO India Delhi Steel Processing Centre Private Limited |
|
|
|
|
|
|
119,803 |
|
|
|
113,271 |
|
|
|
6,532 |
|
|
|
170,150 |
|
|
|
(1,348 |
) |
POSCAN Elkview |
|
|
|
|
|
|
68,575 |
|
|
|
|
|
|
|
68,575 |
|
|
|
|
|
|
|
1,922 |
|
POSCO-Poland Wroclaw Processing Center Sp. z o. o. |
|
|
|
|
|
|
38,960 |
|
|
|
21,430 |
|
|
|
17,530 |
|
|
|
49,446 |
|
|
|
73 |
|
POS-NP PTY LTD |
|
|
|
|
|
|
36,662 |
|
|
|
21,434 |
|
|
|
15,228 |
|
|
|
17,092 |
|
|
|
(14,860 |
) |
POSCO-Vietnam Processing Center Co., Ltd. |
|
|
|
|
|
|
128,334 |
|
|
|
100,033 |
|
|
|
28,301 |
|
|
|
208,533 |
|
|
|
1,147 |
|
POSCO(Chongqing) Automotive Processing Center Co., Ltd. |
|
|
|
|
|
|
94,082 |
|
|
|
67,088 |
|
|
|
26,994 |
|
|
|
128,069 |
|
|
|
3,392 |
|
SUZHOU POSCO-CORE TECHNOLOGY CO., LTD. |
|
|
|
|
|
|
54,488 |
|
|
|
30,627 |
|
|
|
23,861 |
|
|
|
88,534 |
|
|
|
(1,001 |
) |
POSCO-Malaysia SDN. BHD. |
|
|
|
|
|
|
76,452 |
|
|
|
87,145 |
|
|
|
(10,693 |
) |
|
|
112,578 |
|
|
|
(5,933 |
) |
POS-Minerals Corporation |
|
|
|
|
|
|
228,578 |
|
|
|
132,804 |
|
|
|
95,774 |
|
|
|
|
|
|
|
(5,999 |
) |
POSCO(Wuhu) Automotive Processing Center Co., Ltd. |
|
|
|
|
|
|
89,252 |
|
|
|
45,002 |
|
|
|
44,250 |
|
|
|
127,266 |
|
|
|
2,487 |
|
POSCO Engineering and Construction India Private Limited |
|
|
|
|
|
|
13,444 |
|
|
|
4,737 |
|
|
|
8,707 |
|
|
|
39,427 |
|
|
|
1,564 |
|
POSCO E&C SMART S DE RL DE CV |
|
|
|
|
|
|
14,365 |
|
|
|
10,040 |
|
|
|
4,325 |
|
|
|
4,077 |
|
|
|
730 |
|
POSCO Philippine Manila Processing Center, Inc. |
|
|
|
|
|
|
25,367 |
|
|
|
14,501 |
|
|
|
10,866 |
|
|
|
30,918 |
|
|
|
577 |
|
POSCO China Suzhou Processing Center Co.,Ltd. (formerly, POSCO-SAMSUNG Suzhou Processing Center Co., Ltd.) |
|
|
|
|
|
|
20,079 |
|
|
|
15,150 |
|
|
|
4,929 |
|
|
|
28,466 |
|
|
|
(308 |
) |
POSCO Gulf SFC LLC |
|
|
|
|
|
|
73,679 |
|
|
|
70,267 |
|
|
|
3,412 |
|
|
|
32,464 |
|
|
|
(2,090 |
) |
Dalian POSCO ICT-DONGFANG Engineering Co., Ltd. |
|
|
|
|
|
|
4,388 |
|
|
|
1,952 |
|
|
|
2,436 |
|
|
|
7,436 |
|
|
|
77 |
|
SANPU TRADING Co., Ltd. |
|
|
|
|
|
|
1,859 |
|
|
|
|
|
|
|
1,859 |
|
|
|
69 |
|
|
|
23 |
|
Zhangjiagang BLZ Pohang International Trading |
|
|
|
|
|
|
10,683 |
|
|
|
5,421 |
|
|
|
5,262 |
|
|
|
67,936 |
|
|
|
180 |
|
POSCO MEXICO HUMAN TECH S.A. de C.V. |
|
|
|
|
|
|
1,314 |
|
|
|
1,129 |
|
|
|
185 |
|
|
|
10,209 |
|
|
|
72 |
|
23
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
Assets |
|
|
Liabilities |
|
|
Equity (deficit) |
|
|
Sales |
|
|
Net income (loss) |
|
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO MESDC S.A. DE C.V. |
|
W |
|
|
|
|
11,772 |
|
|
|
277 |
|
|
|
11,495 |
|
|
|
6,865 |
|
|
|
361 |
|
POSCO ICT-China |
|
|
|
|
|
|
5,465 |
|
|
|
4,484 |
|
|
|
981 |
|
|
|
11,439 |
|
|
|
347 |
|
DWEMEX S.A.DE C.V. |
|
|
|
|
|
|
169 |
|
|
|
25 |
|
|
|
144 |
|
|
|
|
|
|
|
(8 |
) |
POS MPC Servicios de C.V. |
|
|
|
|
|
|
1,403 |
|
|
|
1,121 |
|
|
|
282 |
|
|
|
7,449 |
|
|
|
28 |
|
POSCO-Uruguay S.A |
|
|
|
|
|
|
21,408 |
|
|
|
168 |
|
|
|
21,240 |
|
|
|
8 |
|
|
|
(482 |
) |
Pos-Sea Pte Ltd |
|
|
|
|
|
|
43,343 |
|
|
|
43,168 |
|
|
|
175 |
|
|
|
200,491 |
|
|
|
(2,505 |
) |
POSCO Europe Steel Distribution Center |
|
|
|
|
|
|
7,880 |
|
|
|
1,382 |
|
|
|
6,498 |
|
|
|
15,151 |
|
|
|
693 |
|
POSCO ENGINEERING (THAILAND) CO., LTD. |
|
|
|
|
|
|
47,197 |
|
|
|
44,170 |
|
|
|
3,027 |
|
|
|
118,897 |
|
|
|
2,202 |
|
VECTUS LIMITED |
|
|
|
|
|
|
1,942 |
|
|
|
12,272 |
|
|
|
(10,330 |
) |
|
|
3,252 |
|
|
|
1,993 |
|
POSCO VST CO., LTD. |
|
|
|
|
|
|
345,119 |
|
|
|
320,642 |
|
|
|
24,477 |
|
|
|
414,452 |
|
|
|
(4,416 |
) |
POSCO Maharashtra Steel Private Limited |
|
|
|
|
|
|
1,408,178 |
|
|
|
1,210,616 |
|
|
|
197,562 |
|
|
|
376,207 |
|
|
|
(26,742 |
) |
POSCO India Chennai Steel Processing Centre Pvt.Ltd. |
|
|
|
|
|
|
115,574 |
|
|
|
104,350 |
|
|
|
11,224 |
|
|
|
173,873 |
|
|
|
2,426 |
|
POSCO TNPC Otomotiv Celik San. Ve Tic. A.S |
|
|
|
|
|
|
38,009 |
|
|
|
31,066 |
|
|
|
6,943 |
|
|
|
48,985 |
|
|
|
56 |
|
POSCO Vietnam Ha Noi Processing Center Co., Ltd. |
|
|
|
|
|
|
68,454 |
|
|
|
60,593 |
|
|
|
7,861 |
|
|
|
149,408 |
|
|
|
1,047 |
|
POSCO(Liaoning) Automotive Processing Center Co., Ltd. |
|
|
|
|
|
|
90,145 |
|
|
|
58,957 |
|
|
|
31,188 |
|
|
|
155,931 |
|
|
|
4,184 |
|
POSCO-Indonesia Jakarta Processing Center |
|
|
|
|
|
|
102,635 |
|
|
|
86,082 |
|
|
|
16,553 |
|
|
|
72,998 |
|
|
|
(1,175 |
) |
POSCO E&C VENEZUELA C.A. |
|
|
|
|
|
|
160 |
|
|
|
6 |
|
|
|
154 |
|
|
|
|
|
|
|
(189 |
) |
Motta Resources Indonesia |
|
|
|
|
|
|
3,723 |
|
|
|
18,391 |
|
|
|
(14,668 |
) |
|
|
|
|
|
|
(367 |
) |
POSCO TMC INDIA PRIVATE LIMITED |
|
|
|
|
|
|
12,037 |
|
|
|
10,250 |
|
|
|
1,787 |
|
|
|
21,278 |
|
|
|
(128 |
) |
POSCO America Alabama Processing Center Co., Ltd. |
|
|
|
|
|
|
50,401 |
|
|
|
37,403 |
|
|
|
12,998 |
|
|
|
102,543 |
|
|
|
620 |
|
PT PEN INDONESIA |
|
|
|
|
|
|
8,758 |
|
|
|
17,293 |
|
|
|
(8,535 |
) |
|
|
14,765 |
|
|
|
(10,701 |
) |
POSCO(Yantai) Automotive Processing Center Co., Ltd. |
|
|
|
|
|
|
68,503 |
|
|
|
47,304 |
|
|
|
21,199 |
|
|
|
91,994 |
|
|
|
2,783 |
|
POSCO India Steel Distribution Center Private Ltd. |
|
|
|
|
|
|
12,750 |
|
|
|
10,419 |
|
|
|
2,331 |
|
|
|
31,734 |
|
|
|
650 |
|
POSCO China Dalian Plate Processing Center Co., Ltd. |
|
|
|
|
|
|
117,991 |
|
|
|
104,670 |
|
|
|
13,321 |
|
|
|
40,761 |
|
|
|
(7,434 |
) |
POSCO-South Asia Company Limited |
|
|
|
|
|
|
14,189 |
|
|
|
231 |
|
|
|
13,958 |
|
|
|
9,460 |
|
|
|
605 |
|
POSCO SS-VINA |
|
|
|
|
|
|
670,244 |
|
|
|
422,339 |
|
|
|
247,905 |
|
|
|
|
|
|
|
(8,422 |
) |
POSCO NCR Coal Ltd. |
|
|
|
|
|
|
34,194 |
|
|
|
|
|
|
|
34,194 |
|
|
|
|
|
|
|
(112 |
) |
POSCO WA PTY LTD |
|
|
|
|
|
|
450,307 |
|
|
|
8 |
|
|
|
450,299 |
|
|
|
|
|
|
|
(6,957 |
) |
POSCO Engineering and Construction - UZ |
|
|
|
|
|
|
5,479 |
|
|
|
4,394 |
|
|
|
1,085 |
|
|
|
2,967 |
|
|
|
222 |
|
POSCO AUSTRALIA GP PTY LIMITED |
|
|
|
|
|
|
26,521 |
|
|
|
3 |
|
|
|
26,518 |
|
|
|
|
|
|
|
(11,381 |
) |
POSCO YongXin Rare Earth Metal Co., Ltd. |
|
|
|
|
|
|
76,178 |
|
|
|
96,493 |
|
|
|
(20,315 |
) |
|
|
36,803 |
|
|
|
(9,979 |
) |
Hanjung Power Pty., Ltd |
|
|
|
|
|
|
26,855 |
|
|
|
12,737 |
|
|
|
14,118 |
|
|
|
39,364 |
|
|
|
8,441 |
|
Daewoo International (America) Corp. |
|
|
|
|
|
|
556,964 |
|
|
|
506,331 |
|
|
|
50,633 |
|
|
|
1,336,452 |
|
|
|
2,660 |
|
Daewoo International (Deutschland) GmbH. |
|
|
|
|
|
|
208,781 |
|
|
|
198,442 |
|
|
|
10,339 |
|
|
|
422,239 |
|
|
|
31 |
|
Daewoo International Japan Corp. |
|
|
|
|
|
|
262,049 |
|
|
|
256,088 |
|
|
|
5,961 |
|
|
|
762,596 |
|
|
|
311 |
|
DAEWOO INTERNATIONAL SINGAPORE PTE. LTD. |
|
|
|
|
|
|
197,342 |
|
|
|
193,290 |
|
|
|
4,052 |
|
|
|
1,084,755 |
|
|
|
123 |
|
Daewoo Italia S.r.l. |
|
|
|
|
|
|
73,310 |
|
|
|
68,619 |
|
|
|
4,691 |
|
|
|
259,456 |
|
|
|
235 |
|
Daewoo (China) Co., Ltd. |
|
|
|
|
|
|
121,588 |
|
|
|
71,510 |
|
|
|
50,078 |
|
|
|
320,028 |
|
|
|
1,275 |
|
DAEWOO TEXTILE FERGANA LLC |
|
|
|
|
|
|
87,729 |
|
|
|
57,609 |
|
|
|
30,120 |
|
|
|
99,825 |
|
|
|
889 |
|
DAEWOO TEXTILE BUKHARA LLC |
|
|
|
|
|
|
51,456 |
|
|
|
31,530 |
|
|
|
19,926 |
|
|
|
40,903 |
|
|
|
1,575 |
|
DAEWOO INTERNATIONAL AUSTRALIA HOLDINGS PTY LTD |
|
|
|
|
|
|
125,964 |
|
|
|
24,150 |
|
|
|
101,814 |
|
|
|
22,493 |
|
|
|
(759 |
) |
Daewoo Paper Manufacturing Co., Ltd. |
|
|
|
|
|
|
63,029 |
|
|
|
71,231 |
|
|
|
(8,202 |
) |
|
|
50,188 |
|
|
|
(4,253 |
) |
Tianjin Daewoo Paper Manufacturing Co., Ltd. |
|
|
|
|
|
|
14,166 |
|
|
|
32,073 |
|
|
|
(17,907 |
) |
|
|
|
|
|
|
|
|
POSCO MAURITIUS LIMITED |
|
|
|
|
|
|
26,585 |
|
|
|
4 |
|
|
|
26,581 |
|
|
|
|
|
|
|
(11 |
) |
PT. KRAKATAU POSCO |
|
|
|
|
|
|
3,955,121 |
|
|
|
3,131,407 |
|
|
|
823,714 |
|
|
|
1,129,977 |
|
|
|
(250,848 |
) |
Myanmar Daewoo Limited |
|
|
|
|
|
|
677 |
|
|
|
692 |
|
|
|
(15 |
) |
|
|
|
|
|
|
(180 |
) |
DAEWOO INTERNATIONAL MEXICO S.A. DE C.V. |
|
|
|
|
|
|
101,819 |
|
|
|
94,153 |
|
|
|
7,666 |
|
|
|
249,722 |
|
|
|
2,128 |
|
24
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
Assets |
|
|
Liabilities |
|
|
Equity (deficit) |
|
|
Sales |
|
|
Net income (loss) |
|
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daewoo International Guangzhou Corp. |
|
W |
|
|
|
|
6,152 |
|
|
|
5,994 |
|
|
|
158 |
|
|
|
27,280 |
|
|
|
(428 |
) |
POSCO (Zhangjiagang) STS Processing Center Co., Ltd |
|
|
|
|
|
|
73,628 |
|
|
|
59,946 |
|
|
|
13,682 |
|
|
|
395,782 |
|
|
|
375 |
|
Daewoo International (M) SDN BHD |
|
|
|
|
|
|
39,461 |
|
|
|
36,902 |
|
|
|
2,559 |
|
|
|
102,439 |
|
|
|
314 |
|
Daewoo International SHANGHAI CO., LTD. |
|
|
|
|
|
|
39,981 |
|
|
|
31,572 |
|
|
|
8,409 |
|
|
|
30,161 |
|
|
|
330 |
|
PGSF, L.P. |
|
|
|
|
|
|
9,290 |
|
|
|
2 |
|
|
|
9,288 |
|
|
|
|
|
|
|
1,452 |
|
Xenesys Inc. |
|
|
|
|
|
|
5,141 |
|
|
|
1,713 |
|
|
|
3,428 |
|
|
|
2,668 |
|
|
|
(1,900 |
) |
Daewoo International INDIA Private Ltd. |
|
|
|
|
|
|
29,318 |
|
|
|
27,241 |
|
|
|
2,077 |
|
|
|
58,090 |
|
|
|
283 |
|
TECHREN Solar, LLC |
|
|
|
|
|
|
106 |
|
|
|
330 |
|
|
|
(224 |
) |
|
|
|
|
|
|
(5,623 |
) |
PT. POSCO E&C INDONESIA |
|
|
|
|
|
|
22,799 |
|
|
|
9,401 |
|
|
|
13,398 |
|
|
|
54,954 |
|
|
|
7,701 |
|
HUME COAL PTY LTD |
|
|
|
|
|
|
88,827 |
|
|
|
6,580 |
|
|
|
82,247 |
|
|
|
266 |
|
|
|
(2 |
) |
POSCO FOUNDATION |
|
|
|
|
|
|
172 |
|
|
|
1 |
|
|
|
171 |
|
|
|
|
|
|
|
8 |
|
EPC EQUITIES LLP |
|
|
|
|
|
|
49,096 |
|
|
|
50,173 |
|
|
|
(1,077 |
) |
|
|
|
|
|
|
(156 |
) |
SANTOS CMI CONSTRUCTION TRADING LLP |
|
|
|
|
|
|
22,371 |
|
|
|
32,738 |
|
|
|
(10,367 |
) |
|
|
730 |
|
|
|
(7,661 |
) |
SANTOS CMI INC. USA |
|
|
|
|
|
|
31,286 |
|
|
|
29,747 |
|
|
|
1,539 |
|
|
|
19,318 |
|
|
|
122 |
|
SANTOS CMI ENGENHARIA E CONSTRUCOES LTDA |
|
|
|
|
|
|
22,741 |
|
|
|
30,708 |
|
|
|
(7,967 |
) |
|
|
47,640 |
|
|
|
(3,300 |
) |
SANTOS CMI PERU S.A. |
|
|
|
|
|
|
10,863 |
|
|
|
37,270 |
|
|
|
(26,407 |
) |
|
|
1,382 |
|
|
|
(2,806 |
) |
SANTOS CMI CONSTRUCCIONES S.A. |
|
|
|
|
|
|
9,888 |
|
|
|
10,399 |
|
|
|
(511 |
) |
|
|
9,413 |
|
|
|
(518 |
) |
GENTECH INTERNATIONAL INC. |
|
|
|
|
|
|
103 |
|
|
|
104 |
|
|
|
(1 |
) |
|
|
99 |
|
|
|
(658 |
) |
EPC INVESTMENTS C.V. |
|
|
|
|
|
|
|
|
|
|
25 |
|
|
|
(25 |
) |
|
|
|
|
|
|
|
|
SANTOSCMI S.A. |
|
|
|
|
|
|
38,264 |
|
|
|
26,176 |
|
|
|
12,088 |
|
|
|
38,840 |
|
|
|
(2,406 |
) |
SANTOSCMI CONSTRUCCIONES DE CHILE S.A. |
|
|
|
|
|
|
8,545 |
|
|
|
4,591 |
|
|
|
3,954 |
|
|
|
1,172 |
|
|
|
808 |
|
COMPANIADEAUTOMATIZACION&CONTROL, GENESYS S.A. |
|
|
|
|
|
|
7,736 |
|
|
|
4,256 |
|
|
|
3,480 |
|
|
|
12,484 |
|
|
|
25 |
|
VAUTIDAMERICAS S.A. |
|
|
|
|
|
|
3,365 |
|
|
|
2,265 |
|
|
|
1,100 |
|
|
|
1,573 |
|
|
|
(744 |
) |
POSCO ASSAN TST STEEL INDUSTRY |
|
|
|
|
|
|
723,377 |
|
|
|
694,452 |
|
|
|
28,925 |
|
|
|
509,859 |
|
|
|
(14,543 |
) |
HONG KONG POSCO E&C (CHINA) INVESTMENT Co., Ltd. |
|
|
|
|
|
|
150,088 |
|
|
|
182,662 |
|
|
|
(32,574 |
) |
|
|
|
|
|
|
(9,418 |
) |
POSCO ENGINEERING & CONSTRUCTION DO BRAZIL LTDA. |
|
|
|
|
|
|
193,998 |
|
|
|
162,790 |
|
|
|
31,208 |
|
|
|
270,082 |
|
|
|
6,263 |
|
POSCO Electrical Steel India Private Limited |
|
|
|
|
|
|
216,877 |
|
|
|
184,643 |
|
|
|
32,234 |
|
|
|
114,433 |
|
|
|
189 |
|
PT. POSCO RESOURCES INDONESIA |
|
|
|
|
|
|
753 |
|
|
|
34 |
|
|
|
719 |
|
|
|
719 |
|
|
|
(334 |
) |
POSCO(Dalian) IT Center Development Co., Ltd. |
|
|
|
|
|
|
312,970 |
|
|
|
175,925 |
|
|
|
137,045 |
|
|
|
|
|
|
|
(2,134 |
) |
Brazil Sao Paulo Steel Processing Center |
|
|
|
|
|
|
63,978 |
|
|
|
69,325 |
|
|
|
(5,347 |
) |
|
|
34,734 |
|
|
|
(12,867 |
) |
DAESAN (CAMBODIA) Co., Ltd. |
|
|
|
|
|
|
28,718 |
|
|
|
34,003 |
|
|
|
(5,285 |
) |
|
|
|
|
|
|
6 |
|
PT.POSCO ICT INDONESIA |
|
|
|
|
|
|
9,300 |
|
|
|
7,860 |
|
|
|
1,440 |
|
|
|
30,841 |
|
|
|
1,004 |
|
PT. POSCO MTECH INDONESIA |
|
|
|
|
|
|
17,509 |
|
|
|
13,231 |
|
|
|
4,278 |
|
|
|
12,532 |
|
|
|
(1,026 |
) |
PT. KRAKATAU POSCO ENERGY |
|
|
|
|
|
|
320,630 |
|
|
|
215,524 |
|
|
|
105,106 |
|
|
|
31,693 |
|
|
|
15,152 |
|
POSCO RUS LLC |
|
|
|
|
|
|
10,604 |
|
|
|
9,681 |
|
|
|
923 |
|
|
|
5,496 |
|
|
|
(1,344 |
) |
POSCO Thainox Public Company Limited |
|
|
|
|
|
|
421,059 |
|
|
|
122,113 |
|
|
|
298,946 |
|
|
|
475,345 |
|
|
|
3,799 |
|
DAEWOO INTERNATIONAL SHANGHAI WAIGAOQIAO CO., LTD. |
|
|
|
|
|
|
21,997 |
|
|
|
21,169 |
|
|
|
828 |
|
|
|
125,707 |
|
|
|
|
|
PT. Bio Inti Agrindo |
|
|
|
|
|
|
89,249 |
|
|
|
64,759 |
|
|
|
24,490 |
|
|
|
2,817 |
|
|
|
(2,048 |
) |
POSCO ENGINEERING AND CONSTRUCTION AUSTRALIA (POSCO E&C AUSTRALIA) PTY LTD |
|
|
|
|
|
|
5,788 |
|
|
|
7,330 |
|
|
|
(1,542 |
) |
|
|
7,799 |
|
|
|
(3,662 |
) |
POSCO-TISCO (JILIN) PROCESSING CENTER Co., Ltd. |
|
|
|
|
|
|
71,032 |
|
|
|
55,576 |
|
|
|
15,456 |
|
|
|
95,681 |
|
|
|
(1,302 |
) |
Hunchun Posco Hyundai International LogisticsComplex Development Co., Ltd |
|
|
|
|
|
|
85,440 |
|
|
|
49 |
|
|
|
85,391 |
|
|
|
|
|
|
|
(537 |
) |
USA-SRDC |
|
|
|
|
|
|
419 |
|
|
|
|
|
|
|
419 |
|
|
|
|
|
|
|
(4 |
) |
Daewoo International Vietnam Co., Ltd. |
|
|
|
|
|
|
5,130 |
|
|
|
835 |
|
|
|
4,295 |
|
|
|
5,951 |
|
|
|
387 |
|
PT.Krakatau Posco Chemtech Calcination |
|
|
|
|
|
|
75,294 |
|
|
|
48,625 |
|
|
|
26,669 |
|
|
|
23,856 |
|
|
|
5,244 |
|
POSCO AFRICA (PROPRIETARY) LIMITED |
|
|
|
|
|
|
40,803 |
|
|
|
48 |
|
|
|
40,755 |
|
|
|
219 |
|
|
|
(1,048 |
) |
EPC INGENIERIA & SERVICIOS DE COSTA RICA SA |
|
|
|
|
|
|
3,616 |
|
|
|
132 |
|
|
|
3,484 |
|
|
|
2,914 |
|
|
|
773 |
|
POSCO ICT BRASIL |
|
|
|
|
|
|
5,876 |
|
|
|
7,578 |
|
|
|
(1,702 |
) |
|
|
2,863 |
|
|
|
(1,416 |
) |
LA-SRDC |
|
|
|
|
|
|
1,154 |
|
|
|
552 |
|
|
|
602 |
|
|
|
5,431 |
|
|
|
19 |
|
25
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
Assets |
|
|
Liabilities |
|
|
Equity (deficit) |
|
|
Sales |
|
|
Net income (loss) |
|
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DONG FANG JIN HONG |
|
W |
|
|
|
|
470,759 |
|
|
|
298,789 |
|
|
|
171,970 |
|
|
|
|
|
|
|
(2,047 |
) |
PRODUCTOS OFERTAS SISTEMAS Y COMERCIALIZADORA ORIENTAL S DE RL DE CV |
|
|
|
|
|
|
79 |
|
|
|
75 |
|
|
|
4 |
|
|
|
787 |
|
|
|
3 |
|
POSCO AMERICA COMERCIALIZADORA S DE RL DE CV |
|
|
|
|
|
|
55,653 |
|
|
|
56,127 |
|
|
|
(474 |
) |
|
|
91,370 |
|
|
|
(696 |
) |
POSCO(Guangdong) Automotive Steel Co., Ltd. |
|
|
|
|
|
|
384,846 |
|
|
|
258,563 |
|
|
|
126,283 |
|
|
|
237,943 |
|
|
|
(317 |
) |
POSCO MAPC SA DE CV |
|
|
|
|
|
|
49,621 |
|
|
|
28,816 |
|
|
|
20,805 |
|
|
|
86,818 |
|
|
|
16 |
|
POSCO-Mory-Maruyasu PIPE |
|
|
|
|
|
|
8,417 |
|
|
|
6,007 |
|
|
|
2,410 |
|
|
|
4,425 |
|
|
|
(1,622 |
) |
PT KRAKATAU BLUE WATER |
|
|
|
|
|
|
1,470 |
|
|
|
823 |
|
|
|
647 |
|
|
|
1,369 |
|
|
|
335 |
|
KRAKATAU POS-CHEM DONG-SUH CHEMICAL |
|
|
|
|
|
|
28,389 |
|
|
|
20,196 |
|
|
|
8,193 |
|
|
|
16,626 |
|
|
|
(591 |
) |
Myanmar Daewoo International Corporation |
|
|
|
|
|
|
6,410 |
|
|
|
179 |
|
|
|
6,231 |
|
|
|
1,771 |
|
|
|
493 |
|
POSCO-Italy Processing Center |
|
|
|
|
|
|
86,819 |
|
|
|
80,333 |
|
|
|
6,486 |
|
|
|
84,698 |
|
|
|
1,042 |
|
DAEWOO E&P CANADA CORPORATION |
|
|
|
|
|
|
35,943 |
|
|
|
21,841 |
|
|
|
14,102 |
|
|
|
6,572 |
|
|
|
1,903 |
|
Yingkou Puxiang Trade Co.,Ltd. |
|
|
|
|
|
|
328 |
|
|
|
62 |
|
|
|
266 |
|
|
|
998 |
|
|
|
(85 |
) |
Myanmar POSCO C&C Company, Limited. |
|
|
|
|
|
|
19,773 |
|
|
|
13,594 |
|
|
|
6,179 |
|
|
|
606 |
|
|
|
(398 |
) |
POSCO ICT VIETNAM |
|
|
|
|
|
|
3,013 |
|
|
|
1,729 |
|
|
|
1,284 |
|
|
|
5,259 |
|
|
|
607 |
|
Daewoo Global Development. Pte., Ltd |
|
|
|
|
|
|
109,238 |
|
|
|
61,067 |
|
|
|
48,171 |
|
|
|
352 |
|
|
|
(6,296 |
) |
Myanmar POSCO Engineering&Construction Company, Limited. |
|
|
|
|
|
|
11,871 |
|
|
|
7,221 |
|
|
|
4,650 |
|
|
|
18,763 |
|
|
|
2,351 |
|
POSCO COATED STEEL (THAILAND) CO., LTD |
|
|
|
|
|
|
91,177 |
|
|
|
727 |
|
|
|
90,450 |
|
|
|
|
|
|
|
(2,481 |
) |
Daewoo Power and Infra (PTY) Limited |
|
|
|
|
|
|
705 |
|
|
|
327 |
|
|
|
378 |
|
|
|
1,116 |
|
|
|
388 |
|
Daewoo Amara Company Limited |
|
|
|
|
|
|
102,412 |
|
|
|
55,162 |
|
|
|
47,250 |
|
|
|
|
|
|
|
(1,068 |
) |
POSMATE-CHINA CO., LTD |
|
|
|
|
|
|
254 |
|
|
|
5 |
|
|
|
249 |
|
|
|
120 |
|
|
|
34 |
|
Daewoo Precious Resources Co., Ltd. |
|
|
|
|
|
|
3,411 |
|
|
|
3 |
|
|
|
3,408 |
|
|
|
|
|
|
|
|
|
POSCO-Mexico Villagran Wire-rod Processing Center |
|
|
|
|
|
|
16,547 |
|
|
|
210 |
|
|
|
16,337 |
|
|
|
|
|
|
|
(566 |
) |
SANTOS CMI Guatemala S.A. |
|
|
|
|
|
|
9,001 |
|
|
|
8,814 |
|
|
|
187 |
|
|
|
36,602 |
|
|
|
101 |
|
POSCO-China Dalian Steel Fabricating Center |
|
|
|
|
|
|
9,410 |
|
|
|
436 |
|
|
|
8,974 |
|
|
|
558 |
|
|
|
(906 |
) |
POSCO E&C HOLDINGS CO.,Ltd. |
|
|
|
|
|
|
500 |
|
|
|
192 |
|
|
|
308 |
|
|
|
|
|
|
|
(22 |
) |
POSCO E&C (THAILAND) CO.,Ltd. |
|
|
|
|
|
|
2,181 |
|
|
|
1,543 |
|
|
|
638 |
|
|
|
125 |
|
|
|
(10 |
) |
SUNGJIN CANADA LTD. |
|
|
|
|
|
|
357 |
|
|
|
55 |
|
|
|
302 |
|
|
|
|
|
|
|
(430 |
) |
POSCO PLANTEC Thailand CO. LTD |
|
|
|
|
|
|
1,498 |
|
|
|
1,108 |
|
|
|
390 |
|
|
|
5,015 |
|
|
|
40 |
|
26
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(d) |
Details of non-controlling interest as of and for the years ended December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Daewoo International Corporation |
|
|
PT. KRAKATAU POSCO |
|
|
POSCO CHEMTECH |
|
|
POSCO ENGINEERING & CONSTRUCTION., LTD. |
|
|
POSCO ENERGY Co., Ltd. |
|
|
Others |
|
|
Total |
|
Current assets |
|
W |
|
|
|
|
3,930,857 |
|
|
|
441,999 |
|
|
|
360,812 |
|
|
|
4,794,319 |
|
|
|
590,460 |
|
|
|
9,648,917 |
|
|
|
19,767,364 |
|
Non-current assets |
|
|
|
|
|
|
4,777,482 |
|
|
|
3,363,935 |
|
|
|
248,549 |
|
|
|
1,738,162 |
|
|
|
3,333,351 |
|
|
|
7,776,264 |
|
|
|
21,237,743 |
|
Current liabilities |
|
|
|
|
|
|
(3,568,714 |
) |
|
|
(1,004,002 |
) |
|
|
(106,167 |
) |
|
|
(2,903,097 |
) |
|
|
(663,945 |
) |
|
|
(9,692,004 |
) |
|
|
(17,937,929 |
) |
Non-current liabilities |
|
|
|
|
|
|
(1,941,909 |
) |
|
|
(2,315,554 |
) |
|
|
(5,405 |
) |
|
|
(594,897 |
) |
|
|
(2,420,547 |
) |
|
|
(2,567,980 |
) |
|
|
(9,846,292 |
) |
Equity |
|
|
|
|
|
|
3,197,716 |
|
|
|
486,378 |
|
|
|
497,789 |
|
|
|
3,034,487 |
|
|
|
839,319 |
|
|
|
5,165,197 |
|
|
|
13,220,886 |
|
Non-controlling interests |
|
|
|
|
|
|
1,269,096 |
|
|
|
145,913 |
|
|
|
199,116 |
|
|
|
1,432,305 |
|
|
|
92,118 |
|
|
|
1,182,137 |
|
|
|
4,320,685 |
|
Sales |
|
|
|
|
|
|
16,890,723 |
|
|
|
1,227,266 |
|
|
|
1,175,272 |
|
|
|
6,536,879 |
|
|
|
1,909,919 |
|
|
|
25,784,254 |
|
|
|
53,524,313 |
|
Profit (loss) for the period |
|
|
|
|
|
|
79,092 |
|
|
|
(398,438 |
) |
|
|
35,516 |
|
|
|
131,948 |
|
|
|
15,831 |
|
|
|
(835,389 |
) |
|
|
(971,440 |
) |
Profit (loss) attributable to non-controlling interests |
|
|
|
|
|
|
31,390 |
|
|
|
(119,531 |
) |
|
|
14,206 |
|
|
|
62,280 |
|
|
|
1,738 |
|
|
|
(247,106 |
) |
|
|
(257,023 |
) |
Cash flows from operating activities |
|
|
|
|
|
|
433,493 |
|
|
|
(13,595 |
) |
|
|
19,921 |
|
|
|
434,257 |
|
|
|
6,075 |
|
|
|
(72,371 |
) |
|
|
807,780 |
|
Cash flows from investing activities |
|
|
|
|
|
|
(74,644 |
) |
|
|
(8,994 |
) |
|
|
25,318 |
|
|
|
21,075 |
|
|
|
(20,980 |
) |
|
|
(110,712 |
) |
|
|
(168,937 |
) |
Cash flows from financing activities (before dividends to non-controlling interest) |
|
|
|
|
|
|
(340,532 |
) |
|
|
18,886 |
|
|
|
66 |
|
|
|
69,615 |
|
|
|
11,572 |
|
|
|
289,715 |
|
|
|
49,322 |
|
Dividend to non-controlling interest |
|
|
|
|
|
|
(22,597 |
) |
|
|
|
|
|
|
(4,135 |
) |
|
|
(703 |
) |
|
|
(2,648 |
) |
|
|
(145,582 |
) |
|
|
(175,665 |
) |
Effect of exchange rate fluctuation on cash held |
|
|
|
|
|
|
430 |
|
|
|
83 |
|
|
|
|
|
|
|
819 |
|
|
|
|
|
|
|
3,502 |
|
|
|
4,834 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
|
|
|
|
(3,850 |
) |
|
|
(3,620 |
) |
|
|
41,170 |
|
|
|
525,063 |
|
|
|
(5,981 |
) |
|
|
(35,448 |
) |
|
|
517,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Daewoo International Corporation |
|
|
PT. KRAKATAU POSCO |
|
|
POSCO CHEMTECH |
|
|
POSCO ENGINEERING & CONSTRUCTION., LTD. |
|
|
POSCO ENERGY Co., Ltd. |
|
|
Others |
|
|
Total |
|
Current assets |
|
W |
|
|
|
|
5,177,495 |
|
|
|
645,598 |
|
|
|
360,673 |
|
|
|
4,501,969 |
|
|
|
501,219 |
|
|
|
12,781,184 |
|
|
|
23,968,138 |
|
Non-current assets |
|
|
|
|
|
|
6,028,358 |
|
|
|
3,303,632 |
|
|
|
251,206 |
|
|
|
1,322,767 |
|
|
|
3,393,917 |
|
|
|
10,135,827 |
|
|
|
24,435,707 |
|
Current liabilities |
|
|
|
|
|
|
(5,046,468 |
) |
|
|
(988,132 |
) |
|
|
(131,389 |
) |
|
|
(2,996,618 |
) |
|
|
(546,791 |
) |
|
|
(11,493,074 |
) |
|
|
(21,202,472 |
) |
Non-current liabilities |
|
|
|
|
|
|
(1,807,698 |
) |
|
|
(2,118,519 |
) |
|
|
(7,150 |
) |
|
|
(754,696 |
) |
|
|
(2,513,129 |
) |
|
|
(3,681,307 |
) |
|
|
(10,882,499 |
) |
Equity |
|
|
|
|
|
|
4,351,687 |
|
|
|
842,579 |
|
|
|
473,340 |
|
|
|
2,073,422 |
|
|
|
835,216 |
|
|
|
7,742,630 |
|
|
|
16,318,874 |
|
Non-controlling interests |
|
|
|
|
|
|
1,727,078 |
|
|
|
252,773 |
|
|
|
189,336 |
|
|
|
217,182 |
|
|
|
91,668 |
|
|
|
1,677,400 |
|
|
|
4,155,437 |
|
Sales |
|
|
|
|
|
|
19,938,711 |
|
|
|
1,129,977 |
|
|
|
1,331,527 |
|
|
|
7,514,710 |
|
|
|
2,533,673 |
|
|
|
28,738,206 |
|
|
|
61,186,804 |
|
Profit (loss) for the period |
|
|
|
|
|
|
83,167 |
|
|
|
(232,503 |
) |
|
|
68,196 |
|
|
|
42,643 |
|
|
|
21,100 |
|
|
|
(159,066 |
) |
|
|
(176,463 |
) |
Profit (loss) attributable to non-controlling interests |
|
|
|
|
|
|
33,007 |
|
|
|
(69,751 |
) |
|
|
27,278 |
|
|
|
4,467 |
|
|
|
2,316 |
|
|
|
(62,302 |
) |
|
|
(64,985 |
) |
Cash flows from operating activities |
|
|
|
|
|
|
(149,695 |
) |
|
|
(27,383 |
) |
|
|
20,676 |
|
|
|
24,592 |
|
|
|
36,346 |
|
|
|
(121,697 |
) |
|
|
(217,161 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
(167,573 |
) |
|
|
(74,454 |
) |
|
|
(28,349 |
) |
|
|
(33,755 |
) |
|
|
(117,154 |
) |
|
|
(230,954 |
) |
|
|
(652,239 |
) |
Cash flows from financing activities (before dividends to non-controlling interest) |
|
|
|
|
|
|
336,114 |
|
|
|
75,680 |
|
|
|
|
|
|
|
(15,162 |
) |
|
|
83,014 |
|
|
|
406,904 |
|
|
|
886,550 |
|
Dividend to non-controlling interest |
|
|
|
|
|
|
(13,558 |
) |
|
|
|
|
|
|
(3,544 |
) |
|
|
(1,923 |
) |
|
|
(2,648 |
) |
|
|
(5,748 |
) |
|
|
(27,421 |
) |
Effect of exchange rate fluctuation on cash held |
|
|
|
|
|
|
(46 |
) |
|
|
134 |
|
|
|
43 |
|
|
|
(8 |
) |
|
|
|
|
|
|
3,636 |
|
|
|
3,759 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
|
|
|
|
5,242 |
|
|
|
(26,023 |
) |
|
|
(11,174 |
) |
|
|
(26,256 |
) |
|
|
(442 |
) |
|
|
52,141 |
|
|
|
(6,512 |
) |
27
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(e) |
Details of associates and joint ventures |
Details of associates as of December 31, 2015 and 2014 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership (%) |
|
|
|
Investee |
|
Category of business |
|
2015 |
|
|
2014 |
|
|
Region |
[Domestic] |
|
|
|
|
|
|
|
|
|
|
|
|
EQP POSCO Global NO1 Natural Resources PEF |
|
Investment in new technologies |
|
|
28.93 |
|
|
|
28.48 |
|
|
Seoul |
POSCO PLANTEC Co., Ltd.(*2,3) |
|
Construction of industrial plant |
|
|
73.94 |
|
|
|
|
|
|
Ulsan |
SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel Co., Ltd.)(*1,3) |
|
Steel manufacturing and sales |
|
|
19.94 |
|
|
|
|
|
|
Changwon |
SNNC |
|
Raw material manufacturing and sales |
|
|
49.00 |
|
|
|
49.00 |
|
|
Gwangyang |
QSONE Co.,Ltd. |
|
Real estate rental and facility management |
|
|
50.00 |
|
|
|
50.00 |
|
|
Seoul |
UITrans LRT Co., Ltd. |
|
Transporting |
|
|
38.19 |
|
|
|
38.19 |
|
|
Seoul |
Incheon-Gimpo Expressway Co., Ltd. |
|
Construction |
|
|
22.32 |
|
|
|
25.76 |
|
|
Anyang |
BLUE OCEAN Private Equity Fund |
|
Private equity financial |
|
|
27.52 |
|
|
|
27.52 |
|
|
Seoul |
Chun-cheon Energy Co., Ltd |
|
Electricity generation |
|
|
29.90 |
|
|
|
29.90 |
|
|
Chuncheon |
KoFC POSCO HANWHA KB Shared Growth NO. 2. Private Equity Fund(*1) |
|
Investment in new technologies |
|
|
12.50 |
|
|
|
12.50 |
|
|
Seoul |
Daesung Steel Co.(*1,3) |
|
Steel sales |
|
|
17.54 |
|
|
|
|
|
|
Busan |
Keystone-HYUNDAI SECURITIES NO. 1. Private Equity Fund(*3) |
|
Private equity financial |
|
|
40.45 |
|
|
|
|
|
|
Seoul |
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd |
|
Real estate development |
|
|
25.10 |
|
|
|
25.10 |
|
|
Chungju |
KONES, Corp. |
|
Technical service |
|
|
41.67 |
|
|
|
41.67 |
|
|
Gyeongju |
Gale International Korea, LLC |
|
Real estate rental |
|
|
29.90 |
|
|
|
29.90 |
|
|
Seoul |
Pohang Techno Valley PFV Corporation(*2) |
|
Real estate development and rental |
|
|
54.99 |
|
|
|
54.99 |
|
|
Pohang |
Gunggi Green Energy(*1) |
|
Electricity generation |
|
|
19.00 |
|
|
|
19.00 |
|
|
Hwaseong |
Pohang Special Welding Co.,Ltd. |
|
Welding material and tools manufacturing and sales |
|
|
50.00 |
|
|
|
50.00 |
|
|
Pohang |
KC Chemicals(*1) |
|
Machinery manufacturing |
|
|
19.00 |
|
|
|
19.00 |
|
|
Hwaseong |
Posco-IDV Growth Ladder IP Fund(*1) |
|
Investment in new technologies |
|
|
17.86 |
|
|
|
17.86 |
|
|
Seoul |
Green Jang Ryang Co.Ltd |
|
Sewerage treatment |
|
|
25.00 |
|
|
|
25.00 |
|
|
Pohang |
Daewoo Public Car Sales (Gwangju) CO.,Ltd |
|
Leasing services |
|
|
50.00 |
|
|
|
50.00 |
|
|
Gwangju |
DAEHO GLOBAL MANAGEMENT CO., LTD. |
|
Investment advisory service |
|
|
35.82 |
|
|
|
35.82 |
|
|
Pohang |
Clean Gimpo Co., Ltd. |
|
Construction |
|
|
29.58 |
|
|
|
29.58 |
|
|
Gimpo |
Postech Early Stage Fund(*1) |
|
Investment in new technologies |
|
|
10.00 |
|
|
|
10.00 |
|
|
Pohang |
POSCO Energy Valley Fund(*3) |
|
Investment in new technologies |
|
|
20.00 |
|
|
|
|
|
|
Pohang |
Pureun Tongyeong Enviro Co., Ltd. |
|
Sewerage treatment |
|
|
20.40 |
|
|
|
20.40 |
|
|
Tongyeong |
Posgreen Co., Ltd.(*1) |
|
Plaster manufacturing |
|
|
19.00 |
|
|
|
19.00 |
|
|
Gwangyang |
Pohang E&E Co,. Ltd.(*3) |
|
Investment in waste energy |
|
|
30.00 |
|
|
|
|
|
|
Pohang |
POSTECH Social Enterprise Fund(*1) |
|
Investment in new technologies |
|
|
9.17 |
|
|
|
9.17 |
|
|
Seoul |
Applied Science Corp. |
|
Machinery manufacturing |
|
|
25.73 |
|
|
|
26.47 |
|
|
Paju |
Noel Green Energy Co., Ltd. |
|
Electricity generation |
|
|
20.00 |
|
|
|
20.00 |
|
|
Seoul |
Universal Studios Resort Asset Management Corporation |
|
Real estate services |
|
|
26.17 |
|
|
|
26.17 |
|
|
Seoul |
Synergy Private Equity Fund(*2) |
|
Investment in new technologies |
|
|
17.86 |
|
|
|
17.86 |
|
|
Seoul |
28
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership (%) |
|
|
|
Investee |
|
Category of business |
|
2015 |
|
|
2014 |
|
|
Region |
Pohang Techno Valley AMC Corporation |
|
Construction |
|
|
29.50 |
|
|
|
29.50 |
|
|
Pohang |
METAPOLIS Co.,Ltd. |
|
Multiplex development |
|
|
40.05 |
|
|
|
40.05 |
|
|
Hwaseong |
New Songdo International City Development, LLC |
|
Real estate rental |
|
|
29.90 |
|
|
|
29.90 |
|
|
Seoul |
Busan-Gimhae Light Rail Transit Co., Ltd. |
|
Transporting |
|
|
25.00 |
|
|
|
25.00 |
|
|
Gimhae |
Mokpo Deayang Industrial Corporation |
|
Real estate development |
|
|
27.40 |
|
|
|
27.40 |
|
|
Mokpo |
Clean Iksan Co., Ltd. |
|
Construction |
|
|
23.50 |
|
|
|
23.50 |
|
|
Pohang |
Innovalley Co., Ltd. |
|
Real estate development |
|
|
28.77 |
|
|
|
28.77 |
|
|
Yongin |
Pure Gimpo Co., Ltd. |
|
Construction |
|
|
28.79 |
|
|
|
28.79 |
|
|
Seoul |
Garolim Tidal Power Plant Co.,Ltd |
|
Tidal power plant construction and management |
|
|
32.13 |
|
|
|
32.13 |
|
|
Seosan |
Posco e&c Songdo International Building |
|
Non-resident building lease |
|
|
49.00 |
|
|
|
49.00 |
|
|
Seoul |
Pajoo & Viro Co., Ltd.(*4) |
|
Construction |
|
|
|
|
|
|
40.00 |
|
|
Paju |
SuNAM Co., Ltd(*6) |
|
Power supply manufacturing |
|
|
|
|
|
|
19.17 |
|
|
Seoul |
Suwon Green Environment Co.,Ltd(*4) |
|
Construction |
|
|
|
|
|
|
27.50 |
|
|
Hwaseong |
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
South-East Asia Gas Pipeline Company Ltd. |
|
Pipeline construction |
|
|
25.04 |
|
|
|
25.04 |
|
|
Myanmar |
AES-VCM Mong Duong Power Company Limited |
|
Electricity generation |
|
|
30.00 |
|
|
|
30.00 |
|
|
Vietnam |
7623704 Canada Inc.(*1) |
|
Investments management |
|
|
10.40 |
|
|
|
10.40 |
|
|
Canada |
Eureka Moly LLC |
|
Raw material manufacturing and sales |
|
|
20.00 |
|
|
|
20.00 |
|
|
USA |
Nickel Mining Company SAS |
|
Raw material manufacturing and sales |
|
|
49.00 |
|
|
|
49.00 |
|
|
New Caledonia |
AMCI (WA) PTY LTD. |
|
Iron ore sales & mine development |
|
|
49.00 |
|
|
|
49.00 |
|
|
Australia |
KOREA LNG LTD. |
|
Gas production and sales |
|
|
20.00 |
|
|
|
20.00 |
|
|
England |
NCR LLC |
|
Coal sales |
|
|
29.41 |
|
|
|
29.41 |
|
|
Canada |
Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd |
|
Tinplate manufacturing and sales |
|
|
34.00 |
|
|
|
34.00 |
|
|
China |
PT. Batutua Tembaga Raya |
|
Raw material manufacturing and sales |
|
|
24.10 |
|
|
|
24.10 |
|
|
Indonesia |
PT. Wampu Electric Power |
|
Construction and engineering service |
|
|
20.00 |
|
|
|
20.00 |
|
|
Indonesia |
VSC POSCO Steel Corporation |
|
Steel processing and sales |
|
|
50.00 |
|
|
|
50.00 |
|
|
Vietnam |
POSCO SeAH Steel Wire(Nantong) Co., Ltd. |
|
Steel processing and sales |
|
|
25.00 |
|
|
|
25.00 |
|
|
China |
IMFA ALLOYS FINLEASE LTD. |
|
Raw material manufacturing and sales |
|
|
24.00 |
|
|
|
24.00 |
|
|
India |
General Medicines Company Ltd. |
|
Medicine manufacturing and sales |
|
|
33.00 |
|
|
|
33.00 |
|
|
Sudan |
PT.INDONESIA POS CHEMTECH CHOSUN Ref |
|
Refractory manufacturing and sales |
|
|
30.19 |
|
|
|
30.19 |
|
|
Indonesia |
POSK(Pinghu) Steel Processing Center Co., Ltd. |
|
Steel processing and sales |
|
|
20.00 |
|
|
|
20.00 |
|
|
China |
SHANGHAI LANSHENG DAEWOO CORP. |
|
Trading |
|
|
49.00 |
|
|
|
49.00 |
|
|
China |
AN KHANH NEW CITY DEVELOPMENT J.V CO., LTD. |
|
Highway construction and new town development |
|
|
50.00 |
|
|
|
50.00 |
|
|
Vietnam |
POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd |
|
Steel processing and sales |
|
|
25.00 |
|
|
|
25.00 |
|
|
China |
SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO INL TRADING CO., LTD. |
|
Trading |
|
|
49.00 |
|
|
|
49.00 |
|
|
China |
XG Sciences(*1) |
|
New materials manufacturing and development |
|
|
10.50 |
|
|
|
26.27 |
|
|
USA |
29
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership (%) |
|
|
|
Investee |
|
Category of business |
|
2015 |
|
|
2014 |
|
|
Region |
PT. Tanggamus Electric Power(*1) |
|
Construction and engineering service |
|
|
17.50 |
|
|
|
20.59 |
|
|
Indonesia |
NS-Thainox Auto Co., Ltd. |
|
Steel manufacturing and sales |
|
|
49.00 |
|
|
|
49.00 |
|
|
Vietnam |
Hamparan Mulia |
|
Resource development |
|
|
45.00 |
|
|
|
45.00 |
|
|
Indonesia |
Sebang Steel |
|
Scrap sales |
|
|
49.00 |
|
|
|
49.00 |
|
|
Japan |
GLOBAL KOMSCO Daewoo LLC |
|
Mintage |
|
|
35.00 |
|
|
|
35.00 |
|
|
Uzbekistan |
POSCO-Poggenamp Electrical Steel Pvt. Ltd. |
|
Steel manufacturing |
|
|
26.00 |
|
|
|
26.00 |
|
|
India |
Fifth Combined Heat and Power Plant LLC |
|
Thermal power generation |
|
|
30.00 |
|
|
|
30.00 |
|
|
Mongolia |
KIRIN VIETNAM CO., LTD(*1,3) |
|
Panel manufacturing |
|
|
19.00 |
|
|
|
|
|
|
Vietnam |
POSCHROME (PROPRIETARY) LIMITED |
|
Raw material manufacturing and sales |
|
|
50.00 |
|
|
|
50.00 |
|
|
South Africa |
CAML RESOURCES PTY LTD. |
|
Raw material manufacturing and sales |
|
|
33.34 |
|
|
|
33.34 |
|
|
Australia |
KG Power(M) SDN. BHD |
|
Energy & resource development |
|
|
20.00 |
|
|
|
20.00 |
|
|
Malaysia |
LI3 ENERGY INC |
|
Energy & resource development |
|
|
26.06 |
|
|
|
26.06 |
|
|
Peru |
LLP POSUK Titanium |
|
Titanium manufacturing and sales |
|
|
36.83 |
|
|
|
36.83 |
|
|
Kazakhstan |
BGC-POS PTY LTD.(*4) |
|
Construction |
|
|
|
|
|
|
49.00 |
|
|
Australia |
Baganuur Energy Corporation(*5) |
|
Refined oil manufacturing |
|
|
|
|
|
|
50.00 |
|
|
Mongolia |
Arctos Anthracite Joint Venture(*5) |
|
Coal sales |
|
|
|
|
|
|
20.00 |
|
|
Canada |
(*1) |
The Company is able to exercise significant influence even though the Companys percentage of ownership is below 20% as of December 31, 2015. |
(*2) |
Considering the composition of board of directors, the Company is not able to exercise control over the investee even though the Companys percentage of ownership is above 50%. |
(*3) |
These associates were newly established or acquired in 2015. |
(*4) |
Excluded from associates due to the disposal of shares during the year ended December 31, 2015. |
(*5) |
Excluded from associates due to liquidation during the year ended December 31, 2015. |
(*6) |
Excluded from associates due to the loss of significant influence caused by change in composition of the Board of Directors during the year ended December 31, 2015. |
30
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Details of joint ventures as of December 31, 2015 and 2014 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership (%) |
|
|
Region |
Investee |
|
Category of business |
|
2015 |
|
|
2014 |
|
|
[Domestic] |
|
|
|
|
|
|
|
|
|
|
|
|
POSCO MITSUBISHI CARBON TECHNOLOGY |
|
Steel processing and sales |
|
|
60.00 |
|
|
|
60.00 |
|
|
Gwangyang |
POSCO ES MATERIALS |
|
Secondary battery manufacturing |
|
|
50.00 |
|
|
|
50.00 |
|
|
Gumi |
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
Roy Hill Holdings Pty Ltd. |
|
Energy & resource development |
|
|
12.50 |
|
|
|
12.50 |
|
|
Australia |
POSCO-NPS Niobium LLC |
|
Mine development |
|
|
50.00 |
|
|
|
50.00 |
|
|
USA |
DMSA/AMSA |
|
Energy & resource development |
|
|
4.07 |
|
|
|
4.00 |
|
|
Madagascar |
BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |
|
Steel processing and sales |
|
|
25.00 |
|
|
|
25.00 |
|
|
China |
CSP-Compania Siderurgica do Pecem |
|
Steel manufacturing and sales |
|
|
20.00 |
|
|
|
20.00 |
|
|
Brazil |
KOBRASCO |
|
Facility lease |
|
|
50.00 |
|
|
|
50.00 |
|
|
Brazil |
PT. POSMI Steel Indonesia |
|
Steel processing and sale |
|
|
36.69 |
|
|
|
36.69 |
|
|
Indonesia |
Henan Tsingpu Ferro Alloy Co., Ltd. |
|
Raw material manufacturing and sales |
|
|
49.00 |
|
|
|
49.00 |
|
|
China |
VNS-DAEWOO Co., Ltd. |
|
Steel scrap processing and sale |
|
|
40.00 |
|
|
|
40.00 |
|
|
Vietnam |
YULCHON MEXICO S.A. DE C.V.(*1) |
|
Tube for automobile manufacturing |
|
|
19.00 |
|
|
|
|
|
|
Mexico |
POSCO-SAMSUNG-Slovakia Processing Center |
|
Steel processing and sales |
|
|
30.00 |
|
|
|
30.00 |
|
|
Slovakia |
Zhangjiagang Pohang Refractories Co., Ltd. |
|
Refractory manufacturing |
|
|
50.00 |
|
|
|
50.00 |
|
|
China |
United Spiral Pipe, LLC |
|
Material manufacturing and sales |
|
|
35.00 |
|
|
|
35.00 |
|
|
USA |
Korea Siberia Wood CJSC |
|
Forest resource development |
|
|
50.00 |
|
|
|
50.00 |
|
|
Russia |
Hyunson Engineering & Construction HYENCO(*1) |
|
Construction |
|
|
4.90 |
|
|
|
|
|
|
Algeria |
TANGGANG-POSCO LED |
|
LED manufacturing and sales |
|
|
50.00 |
|
|
|
50.00 |
|
|
China |
USS-POSCO Industries |
|
Cold rolled coil manufacturing and sales |
|
|
50.00 |
|
|
|
50.00 |
|
|
USA |
POSCO-CDPC(POSCO ChengDu Processing Center) Co., Ltd(*2) |
|
Steel processing and sale |
|
|
|
|
|
|
43.00 |
|
|
China |
SUNGJIN DRIVER INC(*3) |
|
Module and plant manufacturing |
|
|
|
|
|
|
50.00 |
|
|
Canada |
(*1) |
These joint ventures were newly established or acquired in 2015. |
(*2) |
Reclassified to subsidiary from joint venture during the year ended December 31, 2015. |
(*3) |
Excluded from joint ventures due to liquidation during the year ended December 31, 2015. |
(f) |
Newly included subsidiaries |
Consolidated subsidiaries acquired or newly established during the
year ended December 31, 2015 are as follows:
|
|
|
|
|
|
|
|
|
Company |
|
Date of acquisition |
|
Ownership (%) |
|
|
Reason |
Posco Group University |
|
February 2015 |
|
|
100.00 |
|
|
New establishment |
POSCO India Ahmedabad Steel Processing Center Pvt.Ltd. |
|
February 2015 |
|
|
100.00 |
|
|
New establishment |
HOTEL LAONZENA |
|
February 2015 |
|
|
100.00 |
|
|
New establishment |
COINSA INGENIERIA Y PETROQUIMICA S.R.L |
|
February 2015 |
|
|
50.00 |
|
|
New establishment |
Miracle number four |
|
March 2015 |
|
|
|
|
|
Acquisition |
PT.Krakatau Posco Social Enterprise |
|
April 2015 |
|
|
100.00 |
|
|
New establishment |
POSCO Vietnam Holdings Co., LTD. |
|
May 2015 |
|
|
100.00 |
|
|
New establishment |
Growth Ladder POSCO K-Growth Global Fund |
|
May 2015 |
|
|
50.00 |
|
|
New establishment |
2015 POSCO New technology II Fund |
|
June 2015 |
|
|
25.00 |
|
|
New establishment |
POSCO-CDPC(POSCO ChengDu Processing Center) Co., Ltd |
|
July 2015 |
|
|
43.00 |
|
|
Reclassification from associate |
Ventanas Philippines Construction Inc |
|
November 2015 |
|
|
100.00 |
|
|
New establishment |
POSCO E&C Mongolia |
|
December 2015 |
|
|
100.00 |
|
|
New establishment |
31
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(g) |
Excluded subsidiaries |
Subsidiaries that were excluded from consolidation during the year ended
December 31, 2015 are as follows:
|
|
|
|
|
Company |
|
Date of exclusion |
|
Reason |
SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel Co., Ltd.) |
|
March 2015 |
|
Reclassification to associates due to decline in ownership |
Keystone-HYUNDAI SECURITIES NO. 1. Private Equity Fund |
|
March 2015 |
|
Reclassification to associates due to decline in ownership |
Chun Sa wind |
|
March 2015 |
|
Exclusion upon reclassification of parent company, Keystone-HYUNDAI SECURITIES NO. 1. Private Equity Fund to associates |
Zeus(Cayman) |
|
April 2015 |
|
Exclusion upon liquidation |
POSFINE Co., Ltd. |
|
April 2015 |
|
Disposal |
PT. POSNESIA Stainless Steel Industry |
|
April 2015 |
|
Exclusion upon liquidation |
TECHREN Solar, LLC |
|
May 2015 |
|
Disposal |
New Altec Co., Ltd |
|
May 2015 |
|
Disposal |
POS-HiAL |
|
June 2015 |
|
Loss of control due to administration by court |
SUNGJIN CANADA LTD. |
|
June 2015 |
|
Exclusion upon liquidation |
POREKA Co., Ltd. |
|
August 2015 |
|
Disposal |
POSCO PLANTEC Co., Ltd. |
|
September 2015 |
|
Reclassified to associate due to loss of control through workout |
POSCO PLANTEC Thailand CO. LTD |
|
September 2015 |
|
Exclusion upon reclassification of parent company, POSCO PLANTEC Co., Ltd. to associates |
Miracle number four |
|
September 2015 |
|
Exclusion upon reclassification of parent company, POSCO PLANTEC Co., Ltd. to associates |
POSCO Klappan Coal Limited |
|
September 2015 |
|
Exclusion upon liquidation |
EPC INVESTMENTS C.V. |
|
September 2015 |
|
Exclusion upon liquidation |
POSCO MPC Servicios S.A. de C.V. |
|
September 2015 |
|
Merged into POSCO MPPC S.A. de C.V. |
PONUTech Co.,Ltd. |
|
November 2015 |
|
Disposal |
PRODUCTOS OFERTAS SISTEMAS Y COMERCIALIZADORA ORIENTAL S DE RL DE CV |
|
December 2015 |
|
Merged into POSCO AMERICA COMERCIALIZADORA S DE RL DE CV |
VAUTIDAMERICAS S.A. |
|
December 2015 |
|
Exclusion upon liquidation |
Daewoo EL SALVADOR S.A. DE C.V. |
|
December 2015 |
|
Exclusion upon liquidation |
Daewoo (M) SDN. BHD. |
|
December 2015 |
|
Exclusion upon liquidation |
Myanmar Daewoo Limited |
|
December 2015 |
|
Exclusion upon liquidation |
VECTUS LIMITED |
|
December 2015 |
|
Disposal |
POSCO-Uruguay S.A |
|
December 2015 |
|
Exclusion upon liquidation |
DWEMEX, S.A.DE.C.V. |
|
December 2015 |
|
Disposal |
POSCO BIOVENTURES I, L.P. |
|
December 2015 |
|
Exclusion upon liquidation |
32
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
2. |
Statement of Compliance |
The consolidated financial statements have been prepared in accordance with
Korean International Financial Reporting Standards (K-IFRS), as prescribed in the Act on External Audits of Corporations in the Republic of Korea.
The consolidated financial statements were authorized for issue by the Board of Directors on January 28, 2016, and will be submitted for approval at the
shareholders meeting to be held on March 11, 2016.
Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis, except for the following material items in the statement of financial
position, as described in the accounting policy below.
(a) |
Derivatives instruments are measured at fair value |
(b) |
Available-for-sale financial assets are measured at fair value |
(c) |
Defined benefit liabilities are measured at the present value of the defined benefit obligation less the fair value of the plan assets |
Functional and presentation currency
The financial
statements of POSCO and subsidiaries are prepared in functional currency of the respective operation. These consolidated financial statements are presented in Korean Won, which is POSCOs functional currency and the currency of the primary
economic environment in which POSCO operates.
Use of estimates and judgments
The preparation of the consolidated financial statements in conformity with K-IFRS requires management to make judgments, estimates and assumptions that affect
the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period prospectively.
Information about critical judgments in applying accounting policies that have the
most significant effect on the amounts recognized in the consolidated financial statements is included in the following notes:
|
|
|
Note1 - Subsidiaries, associates and joint ventures |
|
|
|
Note 10 - Assets held for sale |
|
|
|
Note 12 - Joint operations |
(b) |
Assumptions and estimation uncertainties |
33
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Information about assumptions and estimation uncertainties that have a significant risk of
resulting in a material adjustment within the next financial year is included in the following notes:
|
|
|
Note 11 - Investments in associates and joint ventures |
|
|
|
Note 15 - Goodwill and other intangible assets, Net |
|
|
|
Note 21 - Employee benefits |
|
|
|
Note 29 - Construction contracts |
|
|
|
Note 38 - Commitments and contingencies |
(c) |
Measurement of fair value |
The Companys accounting policies and disclosures require the
measurement of fair values, for both financial and non-financial assets and liabilities. The Company has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility
for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the financial officer.
The
valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained
from the third parties to support the conclusion that such valuations meet the requirements of K-IFRS including the level in the fair value hierarchy in which such valuation techniques should be classified.
When measuring the fair value of an asset or a liability, the Company uses market observable data as far as possible. Fair values are
categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.
|
|
|
Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities. |
|
|
|
Level 2 - inputs other than quoted prices included in Level 1 that are observable for the assets or liability, either directly or indirectly. |
|
|
|
Level 3 - inputs for the assets or liability that are not based on observable market data. |
34
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
If the inputs used to measure the fair value of an asset or a liability might be categorized
in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Company
recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
Information about the assumptions made in measuring fair values is included in the following note:
|
|
|
Note 23 - Financial instruments |
(d) |
Changes in accounting policies |
The Company has adopted the following amendments to standards
and new interpretation with a date of initial application of January 1, 2015.
|
1) |
K-IFRS No. 1019, Employee Benefits |
K-IFRS No. 1019, Employee Benefits,
introduced a practical expedient for companies that operate defined benefit plans and when contributions are made by employees or third parties. According to the amendments, the Company is permitted to recognize those contributions as a reduction of
the service cost in the period in which the related service is rendered, instead of forecast future contributions from employees or third parties and attribute them to periods or service as negative benefits.
(e) |
Impact of changes in accounting policies |
As management believes the impact of K-IFRS
No. 1019 on the Companys prior years consolidated financial statement is not significant, the comparative periods consolidated financial statements are not restated.
35
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
3. |
Summary of Significant Accounting Policies |
The significant accounting policies applied by the Company
in preparation of its consolidated financial statements are included below. The accounting policies set out below have been applied consistently to all periods presented in these financial statements, except for those as disclosed in note 2.
Basis of consolidation
(a) |
Business combinations |
The Company accounts for business combinations using the acquisition
method when control is transferred to the Company.
The consideration transferred in the acquisition is generally measured at fair value,
as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on bargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the
issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognized in profit or loss.
Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as
equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss.
If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquirees employees
(acquirees awards), then all or a portion of the amount of the acquirers replacement awards is included in measuring the consideration transferred in the business combination. This determination is based on the market-based measure of
the replacement awards compared with the market-based measure of the acquirees awards and the extent to which the replacement awards relate to pre-combination service.
(b) |
Non-controlling interests |
Non-controlling interests are measured at their proportionate share
of the acquirees identifiable net assets at the acquisition date. Changes in the Companys interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
36
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Subsidiaries are entities controlled by the Company. The Company controls an
entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the
consolidated financial statements from the date on which control commences until the date on which control ceases.
When the Company loses control over a subsidiary, it derecognizes the assets
and liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when
control is lost.
(e) |
Interests in equity-accounted investees |
The Companys interests in equity-control
investees comprise interests in associates and joint ventures. Associates are those entities in which the Company has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an
arrangement in which the Company has joint control, whereby the Company has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.
Interests in associates and joint ventures are accounted for using the equity method. They are recognized initially at cost, which includes
transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Companys share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant
influence or joint control ceases.
(f) |
Transactions eliminated on consolidation |
Intra-group balances and transactions, and any
unrealized income and expenses arising from intra-group transactions, are eliminated. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Companys interest in
the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.
37
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Foreign currency transactions and translation
(a) |
Foreign currency transactions |
Foreign currency transactions are initially recorded using the
spot exchange rate between the functional currency and the foreign currency at the date of the transaction. At the end of each reporting period, foreign currency monetary items are translated using the closing rate. Non-monetary items that are
measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the original transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange
rate at the date fair value was initially determined.
Exchange differences arising on the settlement of monetary items or on translating
monetary items at rates different from those at which they were translated on initial recognition during the period or in previous financial statements are recognized in profit or loss in the period in which they arise. When gains or losses on
non-monetary items are recognized in other comprehensive income, exchange components of those gains or losses are recognized in other comprehensive income. Conversely, when gains or losses on non-monetary items are recognized in profit or loss,
exchange components of those gains or losses are recognized in profit or loss.
If the presentation currency of the Company is different from a foreign
operations functional currency, the financial statements of the foreign operation are translated into the presentation currency using the following methods:
The assets and liabilities of foreign operations, whose functional currency is not the currency of a hyperinflationary economy, are translated
to presentation currency at exchange rates at the reporting date. The income and expenses of foreign operations are translated to functional currency at exchange rates at the dates of the transactions. Foreign currency differences are recognized in
other comprehensive income.
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying
amounts of assets and liabilities arising on the acquisition of that foreign operation are treated as assets and liabilities of the foreign operation. Thus, they are expressed in the functional currency of the foreign operation and translated at the
closing rate.
When a foreign operation is disposed of, the relevant amount in the translation is transferred to profit or loss as part of
the profit or loss on disposal. On the partial disposal of a subsidiary that includes a foreign operation, the relevant proportion of such cumulative amount is reattributed to non-controlling interest. In any other partial disposal of a foreign
operation, the relevant proportion is reclassified to profit or loss.
Foreign exchange gains or losses arising from a monetary item
receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely to occur in the foreseeable future and which in substance is considered to form part of the net investment in the foreign operation, are
recognized in other comprehensive income in the translation reserve.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits, and short-term investments in highly liquid securities that are readily convertible to known
amounts of cash with maturities of three months or less from the acquisition date and which are subject to an insignificant risk of changes in value. Equity investments are excluded from cash and cash equivalents.
38
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Non-derivative financial assets
The Company recognizes and measures non-derivative financial assets by the following four categories: financial assets at fair value through profit or loss,
held-to-maturity financial assets, loans and receivables and available-for-sale financial assets. The Company recognizes financial assets in the consolidated statement of financial position when the Company becomes a party to the contractual
provisions of the instrument.
Upon initial recognition, non-derivative financial assets are measured at their fair value plus, in the case of a financial
asset not at fair value through profit or loss, transaction costs that are directly attributable to the assets acquisition or issuance.
(a) |
Financial assets at fair value through profit or loss |
Financial assets are classified at fair
value through profit or loss if they are held for trading or designated as such upon initial recognition. Upon initial recognition, transaction costs are recognized in profit or loss when incurred. Financial assets at fair value through profit or
loss are measured at fair value, and changes therein are recognized in profit or loss.
(b) |
Held-to-maturity financial assets |
A non-derivative financial asset with a fixed or
determinable payment and fixed maturity, for which the Company has the positive intention and ability to hold to maturity, is classified as held-to-maturity. Subsequent to initial recognition, held-to-maturity financial assets are measured at
amortized cost using the effective interest rate method.
(c) |
Loans and receivables |
Loans and receivables are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method unless the effect of discounting is immaterial.
39
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(d) |
Available-for-sale financial assets |
Available-for-sale financial assets are those
non-derivative financial assets that are designated as available-for-sale or are not classified as financial assets at fair value through profit or loss, held-to-maturity financial assets or loans and receivables. Subsequent to initial recognition,
they are measured at fair value, with changes in fair value, net of any tax effect, recorded in other comprehensive income in equity. Investments in equity instruments that do not have a quoted market price in an active market and whose fair value
cannot be reliably measured and derivatives that are linked to and must be settled by delivery of such unquoted equity instruments are measured at cost. When a financial asset is derecognized or impairment losses are recognized, the cumulative gain
or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss. Dividends on an available-for-sale equity instrument are recognized in profit or loss when the Companys right to receive payment is
established.
(e) |
Derecognition of non-derivative financial assets |
The Company derecognizes non-derivative
financial assets when the contractual rights to the cash flows from the financial asset expire, or the Company transfers the rights to receive the contractual cash flows from the financial asset as well as substantially all the risks and rewards of
ownership of the financial asset. Any interest in a transferred financial asset that is created or retained by the Company is recognized as a separate asset or liability.
If the Company retains substantially all the risks and rewards of ownership of the transferred financial assets, the Company continues to
recognize the transferred financial assets and recognizes financial liabilities for the consideration received.
(f) |
Offsetting a financial asset and a financial liability |
Financial assets and financial
liabilities are offset and the net amount is presented in the consolidated statement of financial position only when the Company currently has a legally enforceable right to offset the recognized amounts, and there is the intention to settle on a
net basis or to realize the asset and settle the liability simultaneously.
Inventories
Inventory costs, except materials-in-transit in which costs are determined by using specific identification method, are determined by using the moving-weighted
average method. The cost of inventories comprise all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. The allocation of fixed production overheads to the costs of
finished goods or work in progress are based on the normal capacity of the production facilities.
40
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Inventories are measured at the lower of cost or net realizable value. The amount of any write-down of
inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories arising from an increase in net realizable value
is recognized as a reduction in the amount of inventories recognized as a cost of goods sold in the period in which the reversal occurs.
The carrying
amount of those inventories is recognized as cost of goods sold in the period in which the related revenue is recognized.
Non-current assets held for
sale
Non-current assets or disposal groups comprising assets and liabilities that are expected to be recovered primarily through sale rather than
through continuing use are classified as held for sale. In order to be classified as held for sale, the assets or disposal groups must be available for immediate sale in their present condition and their sale must be highly probable. The assets or
disposal groups that are classified as non-current assets held for sale are measured at the lower of their carrying amount and fair value less cost to sell.
The Company recognizes an impairment loss for any initial or subsequent write-down of an asset or disposal group to fair value less costs to sell, and a gain
for any subsequent increase in fair value less costs to sell, up to the cumulative impairment loss previously recognized in accordance with K-IFRS No. 1036 Impairment of Assets.
A non-current asset that is classified as held for sale or part of a disposal group classified as held for sale is not depreciated (or amortized).
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. Transaction costs are included in the initial measurement. Subsequently, investment property is carried at depreciated cost
less any accumulated impairment losses.
Subsequent costs are recognized in the carrying amount of investment property at cost or, if appropriate, as
separate items if it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day
servicing are recognized in profit or loss as incurred.
Depreciation methods, useful lives and residual values are reviewed at the end of each reporting
date and adjusted, if appropriate. The change is accounted for as a change in an accounting estimate.
41
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Property, plant and equipment
Property, plant and equipment are initially measured at cost and after initial recognition, are carried at cost less accumulated depreciation and any
accumulated impairment losses. The cost of property, plant and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition
necessary for it to be capable of operating in the manner intended by management and, when the Company has an obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the item and restoring the site on
which it is located.
The cost of replacing a part of an item is recognized in the carrying amount of the item of property, plant and equipment, if the
following recognition criteria are met:
(a) |
it is probable that future economic benefits associated with the item will flow to the Company, and |
(b) |
the cost can be measured reliably. |
The carrying amount of the replaced part is derecognized at the time the
replacement part is recognized. The costs of the day-to-day servicing of the item are recognized in profit or loss as incurred.
Items of property, plant
and equipment are depreciated from the date they are available for use or, in respect of self-constructed assets, from the date that the asset is completed and ready for use. Other than land, the costs of an asset less its estimated residual value
are depreciated. Depreciation of property, plant and equipment is recognized in profit or loss on a straight-line basis, which most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset, over the
estimated useful lives of each component of an item of property, plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by
the end of the lease term. Land is not depreciated.
Each part of an item of property, plant and equipment with a cost that is significant in relation to
the total cost of the item is depreciated separately.
The gain or loss arising from the derecognition of an item of property, plant and equipment is
included in profit or loss when the item is derecognized.
The estimated useful lives for the current and comparative periods are as follows:
|
|
|
|
|
Buildings |
|
|
3-60 years |
|
Structures |
|
|
4-50 years |
|
Machinery and equipment |
|
|
2-25 years |
|
Vehicles |
|
|
3-10 years |
|
Tools |
|
|
4-10 years |
|
Furniture and fixtures |
|
|
3-10 years |
|
Lease assets |
|
|
3-20 years |
|
The estimated residual value, useful lives and the depreciation method are reviewed at least at the end of each reporting
period and, if expectations differ from previous estimates, the changes are accounted for as changes in accounting estimates.
42
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Borrowing costs
The Company capitalizes borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that
asset. Other borrowing costs are recognized in expense as incurred. A qualifying asset is an asset that requires a substantial period of time to get ready for its intended use or sale. Financial assets and inventories that are manufactured or
otherwise produced over a short period of time are not qualifying assets. Assets that are ready for their intended use or sale when acquired are not qualifying assets.
To the extent that the Company borrows funds specifically for the purpose of obtaining a qualifying asset, the Company determines the amount of borrowing
costs eligible for capitalization as the actual borrowing costs incurred on that borrowing during the period less any investment income on the temporary investment of those borrowings. The Company immediately recognizes other borrowing costs as an
expense. To the extent that the Company borrows funds generally and uses them for the purpose of obtaining a qualifying asset, the Company shall determine the amount of borrowing costs eligible for capitalization by applying a capitalization rate to
the expenditures on that asset. The capitalization rate shall be the weighted average of the borrowing costs applicable to the borrowings of the Company that are outstanding during the period, other than borrowings made specifically for the purpose
of obtaining a qualifying asset. The amount of borrowing costs that the Company capitalizes during a period shall not exceed the amount of borrowing costs incurred during that period.
Intangible assets
Intangible assets are measured
initially at cost and, subsequently, are carried at cost less accumulated amortization and accumulated impairment losses.
Amortization of intangible
assets except for goodwill is calculated on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use. The residual value of intangible assets is zero. However, as there are no
foreseeable limits to the periods over which club memberships are expected to be available for use, this intangible asset is determined as having an indefinite useful life and not amortized.
|
|
|
Intellectual property rights |
|
5-10 years |
Development costs |
|
3-10 years |
Port facilities usage rights |
|
4-75 years |
Other intangible assets |
|
2-25 years |
Amortization periods and the amortization methods for intangible assets with finite useful lives are reviewed at the end of
each reporting period. The useful lives of intangible assets that are not being amortized are reviewed at the end of each reporting period to determine whether events and circumstances continue to support indefinite useful life assessments for those
assets. Changes are accounted for as changes in accounting estimates.
Expenditures on research activities, undertaken with the prospect of gaining new
scientific or technical knowledge and understanding, are recognized in profit or loss as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially
feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Other development expenditures are recognized in profit or loss as incurred.
43
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Subsequent expenditures are capitalized only when they increase the future economic benefits embodied in the
specific asset to which they relate. All other expenditures, including expenditures on internally generated goodwill and brands, are recognized in profit or loss as incurred.
Exploration for and evaluation of mineral resources
POSCO is engaged in exploration projects for mineral resources through subsidiaries, associates and joint ventures in the mines or other contractual
arrangements. Expenditures related to the development of mineral resources are recognized as exploration or development intangible assets. The nature of these intangible assets are as follows:
(a) |
Exploration and evaluation assets |
Exploration and evaluation assets consist of expenditures
for topographical studies, geophysical studies and trenching. These assets are reclassified as development assets when it is proved that the exploration has identified commercially viable mineral deposit.
When proved reserves are determined and development is sanctioned,
development expenditures incurred are capitalized. These expenditures include evaluation of oil fields, construction of oil/gas wells, drilling for viability and others. On completion of development and inception of extraction for commercial
production of developed proved reserves, the development assets are reclassified as either property, plant and equipment or as intellectual property rights (mining rights) under intangible assets based on the nature of the capitalized expenditure.
The respective property, plant and equipment and intellectual property (mining rights) are each depreciated and amortized based on proved
reserves on a unit of production basis.
Government grants
(a) |
Grants related to assets |
Government grants are not recognized unless there is reasonable
assurance that the Company will comply with the grants conditions and that the grant will be received.
Government grants whose
primary condition is that the Company purchase, construct or otherwise acquire long-term assets are deducted from the carrying amount of the assets and recognized in profit or loss on a systematic and rational basis over the life of the depreciable
assets.
44
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(b) |
Grants related to income |
Government grants which are intended to compensate the Company for
expenses incurred are deducted from the related expenses.
Leases
The Company classifies and accounts for leases as either a finance or operating lease, depending on the terms. Leases where the Company assumes substantially
all of the risks and rewards of ownership are classified as finance leases. All other leases are classified as operating leases.
At the commencement of the lease term, the Company recognizes as finance assets
and finance liabilities the lower amount of the fair value of the leased property and the present value of the minimum lease payments, each determined at the inception of the lease. Any initial direct costs are added to the amount recognized as an
asset.
Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance
charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents are charged as expenses in the periods in which they are incurred.
The depreciable amount of a leased asset is allocated to each accounting period during the period of expected use on a systematic basis
consistent with the depreciation policy the Company adopts for similar depreciable assets that are owned. If there is no reasonable certainty that the Company will obtain ownership by the end of the lease term, the asset is fully depreciated over
the shorter of the lease term and its useful life.
Lease obligations under operating leases are recognized as an expense on a
straight-line basis over the lease term. Contingent rents are charged as expenses in the periods in which they are incurred.
(c) |
Determining whether an arrangement contains a lease |
Determining whether an arrangement is, or
contains, a lease is based on the substance of the arrangement and requires an assessment of whether fulfillment of the arrangement is dependent on the use of a specific asset or assets (the asset) and the arrangement conveys a right to use the
asset.
At inception or reassessment of the arrangement, management of the Company separates payments and other consideration required by
such an arrangement into those for the lease and those for other elements on the basis of their relative fair values. If management of the Company concludes for a financial lease that it is impracticable to separate the payments reliably, the
Company recognizes an asset and a liability at an amount equal to the fair value of the underlying asset that was identified as the subject of the lease. Subsequently, the liability shall be reduced as payments are made and an imputed finance charge
on the liability recognized using the purchasers incremental borrowing rate of interest.
45
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Impairment for financial assets
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it
is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that
can be estimated reliably. However, losses expected as a result of future events, regardless of likelihood, are not recognized.
Objective evidence that a
financial asset or group of financial assets are impaired includes:
(a) |
significant financial difficulty of the issuer or obligor; |
(b) |
a breach of contract, such as a default or delinquency in interest or principal payments; |
(c) |
the lender, for economic or legal reasons relating to the borrowers financial difficulty, granting to the borrower a concession that the lender would not otherwise consider; |
(d) |
it becoming probable that the borrower will enter bankruptcy or other financial reorganization; |
(e) |
the disappearance of an active market for that financial asset because of financial difficulties; or |
(f) |
observable data indicating that there is a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be
identified with the individual financial assets in the group. |
In addition, for an investment in an equity security, a significant or
prolonged decline in its fair value below its cost is objective evidence of impairment.
46
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
If there is objective evidence that financial assets are impaired, impairment losses are measured and
recognized.
(a) |
Financial assets measured at amortized cost |
An impairment loss in respect of a financial asset
measured at amortized cost is calculated as the difference between its carrying amount and the present value of its estimated future cash flows discounted at the assets original effective interest rate. If it is not practicable to obtain the
instruments estimated future cash flows, impairment losses would be measured by using prices from any observable current market transactions. The Company can recognize impairment losses directly or establish a provision to cover impairment
losses. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss shall be reversed either
directly or by adjusting an allowance account.
(b) |
Financial assets carried at cost |
If there is objective evidence that an impairment loss has
occurred on an unquoted equity instrument that is not carried at fair value because its fair value cannot be reliably measured, or on a derivative asset that is linked to and must be settled by delivery of such an unquoted equity instrument, the
amount of the impairment loss is measured as the difference between the carrying amount of the financial asset and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such
impairment losses are not reversed.
(c) |
Available-for-sale financial assets |
When a decline in the fair value of an available-for-sale
financial asset has been recognized in other comprehensive income and there is objective evidence that the asset is impaired, the cumulative loss that had been recognized in other comprehensive income shall be reclassified from equity to profit or
loss as a reclassification adjustment even though the financial asset has not been derecognized. Impairment losses recognized in profit or loss for an investment in an equity instrument classified as available-for-sale are not reversed through
profit or loss. If, in a subsequent period, the fair value of a debt instrument classified as available-for-sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in profit or loss,
the impairment loss shall be reversed, with the amount of the reversal recognized in profit or loss.
47
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Impairment for non-financial assets
The carrying amounts of the Companys non-financial assets, other than assets arising from construction contracts, employee benefits, inventories,
deferred tax assets and non-current assets held for sale, are reviewed at the end of the reporting period to determine whether there is any indication of impairment. If any such indication exists, then the assets recoverable amount is
estimated. Goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, irrespective of whether there is any indication of impairment, are tested for impairment annually by comparing their recoverable
amount to their carrying amount.
Management estimates the recoverable amount of an individual asset. If it is impossible to measure the individual
recoverable amount of an asset, then management estimates the recoverable amount of cash-generating unit (CGU). A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash
inflows from other assets or groups of assets. The recoverable amount of an asset or CGU is the greater of its value-in-use and its fair value less costs to sell. The Company determined that individual operating entities are CGUs.
The recoverable amount of an asset or CGU is the greater of its value-in-use and its fair value less costs to sell. The value-in-use is estimated by applying
a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU for which estimated future cash flows have not been adjusted, to the estimated future cash flows expected to be
generated by the asset or CGU.
An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its recoverable amount. Impairment
losses are recognized in profit or loss.
Goodwill acquired in a business combination is allocated to each CGU that is expected to benefit from the
synergies arising from the goodwill acquired. Any impairment identified at the CGU level will first reduce the carrying value of goodwill and then be used to reduce the carrying amount of the other assets in the CGU on a pro rata basis. Except for
impairment losses in respect of goodwill which are never reversed, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the
assets carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
48
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Derivative financial instruments and hedges
Derivatives are initially recognized at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are
recognized in profit or loss.
Embedded derivatives are separated from the host contract and accounted
for separately only if the following criteria have been met: (a) the economic characteristics and risks of the host contract and the embedded derivatives are not clearly and closely related to a separate instrument with the same terms as the
embedded derivative that would meet the definition of a derivative, and (b) the hybrid (combined) instrument is not measured at fair value through profit or loss. Changes in the fair value of separable embedded derivatives from the host
contract are recognized immediately in profit or loss. However, convertible rights of convertible bonds are not separated from the host contract and the compound financial instruments of bonds and convertible rights are designated and measured at
fair value through profit and loss.
Changes in the fair value of a derivative that is not designated as a
hedging instrument are recognized immediately in profit or loss.
Non-derivative financial liabilities
The Company classifies non-derivative financial liabilities into financial liabilities at fair value through profit or loss or other financial liabilities in
accordance with the substance of the contractual arrangement and the definitions of financial liabilities. The Company recognizes financial liabilities in the consolidated statement of financial position when the Company becomes a party to the
contractual provisions of the financial liability.
(a) |
Financial liabilities at fair value through profit or loss |
Financial liabilities at fair value
through profit or loss include financial liabilities held for trading or designated as such upon initial recognition. Subsequent to initial recognition, financial liabilities at fair value through profit or loss are measured at fair value, and
changes therein are recognized in profit or loss. Upon initial recognition, transaction costs that are directly attributable to the acquisition are recognized in profit or loss as incurred.
49
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(b) |
Other financial liabilities |
Non-derivative financial liabilities other than financial
liabilities at fair value through profit or loss are classified as other financial liabilities. At the date of initial recognition, other financial liabilities are measured at fair value minus transaction costs that are directly attributable to the
acquisition. Subsequent to initial recognition, other financial liabilities are measured at amortized cost using the effective interest method. The Company derecognizes a financial liability from the consolidated statement of financial position when
it is extinguished (i.e. when the obligation specified in the contract is discharged, cancelled or expires).
Construction work in progress
Construction work in progress represents the gross unbilled amount expected to be collected from customers for contract work performed to date. It is measured
at cost plus profit recognized to date less progress billings and recognized losses. Cost includes all expenditures related directly to specific projects and an allocation of fixed and variable overheads incurred in the Companys contract
activities based on normal operating capacity.
Construction work in progress is presented as part of trade accounts and notes receivable in the
consolidated statement of financial position for all contracts in which costs incurred plus recognized profits exceed progress billings. If progress billings exceed costs incurred plus recognized profits, then the difference is presented as amounts
due to customers for contract work in the consolidated statement of financial position.
50
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Employee benefits
(a) |
Short-term employee benefits |
Short-term employee benefits are employee benefits that are due
to be settled within twelve months after the end of the period in which the employees render the related service. When an employee has rendered service to the Company during an accounting period, the Company recognizes the undiscounted amount of
short-term employee benefits expected to be paid in exchange for that service as profit or loss. If the Company has a legal or constructive obligation which can be reliably measured, the Company recognizes the amount of expected payment for
profit-sharing and bonuses payable as liabilities.
(b) |
Other long-term employee benefits |
Other long-term employee benefits include employee benefits
that are settled beyond 12 months after the end of the period in which the employees render the related service, and are calculated at the present value of the amount of future benefit that employees have earned in return for their service in the
current and prior periods, less the fair value of any related assets. The present value is determined by discounting the expected future cash flows using the interest rate of corporate bonds that have maturity dates approximating the terms of the
Companys obligations and that are denominated in the same currency in which the benefits are expected to be paid. Any actuarial gains and losses are recognized in profit or loss in the period in which they arise.
(c) |
Retirement benefits: Defined contribution plans |
For defined contribution plans, when an
employee has rendered service to the Company during a period, the Company recognizes the contribution payable to a defined contribution plan in exchange for that service as an accrued expense, after deducting any contributions already paid. If the
contributions already paid exceed the contribution due for service before the end of the reporting period, the Company recognizes that excess as an asset (prepaid expense) to the extent that the prepayment will lead to a reduction in future payments
or a cash refund.
(d) |
Retirement benefits: Defined benefit plans |
A defined benefit plan is a post-employment benefit
plan other than a defined contribution plan. The Companys net obligation in respect of defined benefit plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and
prior periods; that benefit is discounted to determine its present value. The fair value of plan assets is deducted. The calculation is performed annually by an independent actuary using the projected unit credit method.
The discount rate is the yield at the reporting date on corporate bonds that have maturity dates approximating the terms of the Companys
obligations and that are denominated in the same currency in which the benefits are expected to be paid. The Company recognizes all actuarial gains and losses arising from actuarial assumption changes and experiential adjustments in other
comprehensive income when incurred.
51
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
When the fair value of plan assets exceeds the present value of the defined benefit
obligation, the Company recognizes an asset, to the extent of the present value of the total of cumulative any economic benefits available in the form of refunds from the plan or reduction in the future contributions to the plan.
Remeasurements of net defined benefit liabilities, which comprise actuarial gains and losses, the return on plan assets (excluding interest)
and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in other comprehensive income. The Company determines the net interest expense (income) on the net defined benefit liability (asset) for the period by
applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during
the period as a result of contributions and benefit payments, net interest expense and other expenses related to defined benefit plans are recognized in profit or loss.
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain
or loss in curtailment is recognized immediately in profit or loss. The Company recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs.
Provisions
Provisions are recognized when the Company
has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation.
The risks and uncertainties that inevitably surround many events and circumstances are taken into account in reaching the best estimate of a
provision. Where the effect of the time value of money is material, provisions are determined at the present value of the expected future cash flows.
Where some or all of the expenditures required to settle a provision are expected to be reimbursed by another party, the reimbursement shall be recognized
when, and only when, it is virtually certain that reimbursement will be received if the entity settles the obligation. The reimbursement shall be treated as a separate asset.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimates. If it is no longer probable that an outflow of
resources embodying economic benefits will be required to settle the obligation, the provision is reversed.
A provision for warranties is recognized when
the underlying products are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities.
52
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Regarding provision for construction warranties, warranty period starts from the completion of construction
in accordance with construction contracts. If the Company has an obligation for warranties, provision for warranties which are estimated based on historical warranty data are recorded as cost of construction and provision for warranties during the
construction period.
A provision for restoration regarding contamination of land is recognized in accordance with the Companys announced
Environment Policy and legal requirement as needed.
A provision is used only for expenditures for which the provision was originally recognized.
Emission Rights
The Company accounts for greenhouse
gases emission right and the relevant liability as below pursuant to the Act on Allocation and Trading of Greenhouse Gas Emission which became effective in 2015.
(a) |
Greenhouse Gases Emission Right |
Greenhouse Gases Emission Right consists of emission
allowances which are allocated from the government free of charge or purchased from the market. The cost includes any directly attributable costs incurred during the normal course of business.
Emission rights held for the purpose of performing the obligation is classified as intangible asset and is initially measured at cost and after
initial recognition, are carried at cost less accumulated impairment losses. Emission rights held for short-swing profits are classified as current asset and are measured at fair value with any changes in fair value recognized as profit or loss in
the respective reporting period.
The Company derecognizes an emission right asset when the emission allowance is unusable, disposed or
submitted to government in which the future economic benefits are no longer expected to be probable.
53
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Emission liability is a present obligation of submitting emission rights to
the government with regard to emission of greenhouse gas. Emission liability is recognized when there is a high possibility of outflows of resources in performing the obligation and the costs required to perform the obligation are reliably
estimable. Emission liability is an amount of estimated obligations for emission rights to be submitted to the government for the performing period. The emission liability is measured based on the expected quantity of emission for the performing
period in excess of emission allowance in possession and the unit price for such emission rights in the market at the end of the reporting period.
Equity instruments
Common stock is classified as equity and the incremental costs arising directly
attributable to the issuance of common stock less their tax effects are deducted from equity.
If the Company reacquires its own equity
instruments, the amount of those instruments (treasury shares) are presented as a contra equity account. No gain or loss is recognized in profit or loss on the purchase, sale, issuance or cancellation of its own equity instruments. When
treasury shares are sold or reissued subsequently, the amount received is recognized as an increase to equity, and the resulting surplus or deficit on the transaction is recorded in capital surplus.
Debt and equity instruments issued by the Company are classified as either
financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of financial liability and an equity instrument. When the Company has an unconditional right to avoid delivering cash or another
financial asset to settle a contractual obligation, the instruments are classified as equity instruments.
54
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Revenue
Revenue from the sale of goods, services provided and the use of assets is measured at the fair value of the consideration received or receivable, net of
returns and allowances, trade discounts and volume rebates, which are not significant for all periods presented.
Revenue from the sale of goods in the ordinary course of activities is measured
at the fair value of the consideration received or receivable, net of returns, trade discounts and volume rebates. Revenue is recognized when persuasive evidence exists, usually in the form of an executed sales agreement, that the significant risks
and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and
the amount of revenue can be measured reliably. The appropriate timing for transfer of risks and rewards varies depending on the individual terms and conditions of the sales contract. For international sales, this timing depends on the type of
international commercial terms of the contract.
Revenue from services rendered is recognized in profit or loss in proportion
to the stage of completion of the transaction at the reporting date. The stage of completion is assessed by reference to surveys of work performed.
(c) |
Construction contracts |
Construction contracts of the Company primarily consist of contracts
for the construction of plants and commercial or residential buildings, and revenue recognition for different types of contracts is as follows:
When the outcome of a construction contract can be estimated reliably, contract revenue is recognized in profit or loss in proportion to the
stage of completion of the contract. Contract revenue includes the initial amount agreed in the contract plus any variation in contract work, claims and incentive payments, to the extent that it is probable that they will result in revenue and can
be measured reliably. The stage of completion of a contract is determined based on the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs.
When the outcome of a construction contract cannot be estimated reliably, the revenue is recognized only to the extent of contract costs
incurred that it is probable will be recoverable. An expected loss on the construction contract is recognized as an expense immediately.
55
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Rental income from investment property, net of lease incentives granted, is
recognized in profit or loss on a straight-line basis over the term of the lease.
Finance income and finance costs
Finance income comprises interest income on funds invested (including available-for-sale financial assets), dividend income, gains on the disposal of
available-for-sale financial assets and changes in the fair value of financial assets at fair value through profit or loss. Interest income is recognized as it accrues in profit or loss, using the effective interest rate method. Dividend income is
recognized in profit or loss on the date that the Companys right to receive payment is established.
Finance costs comprise interest expense on
borrowings and changes in the fair value of financial assets at fair value through profit or loss. Borrowing costs are recognized in profit or loss using the effective interest rate method.
Income taxes
Income tax expense comprises current and
deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.
Current income tax is the expected income tax payable or receivable on the
taxable profit or loss for the year, using tax rates enacted or substantively enacted at the end of the reporting period and any adjustment to tax payable in respect of previous years. The taxable profit is different from the accounting profit for
the period since the taxable profit is calculated excluding the temporary differences, which will be taxable or deductible in determining taxable profit of future periods, and non-taxable or non-deductible items from the accounting profit.
The measurement of deferred income tax liabilities and deferred tax assets
reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
56
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
The Company recognizes a deferred income tax liability for all taxable temporary differences
associated with investments in subsidiaries, associates, and joint ventures, except to the extent that the Company is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future. The Company recognizes a deferred income tax asset for deductible temporary differences arising from investments in subsidiaries, associates and joint ventures, 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. However, deferred income tax is not recognized for the following temporary differences: taxable temporary
differences arising on the initial recognition of goodwill, or the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting profit or loss nor taxable income.
The carrying amount of a deferred income tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilized.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or
the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred income tax liabilities and deferred income tax assets reflects the tax
consequences that would follow from the manner in which the Company expects, at the end of the reporting period to recover or settle the carrying amount of its assets and liabilities.
Deferred income tax assets and liabilities are offset only if there is a legally enforceable right to offset the related current income tax
liabilities and assets, and they relate to income taxes levied by the same tax authority and they intend to settle current income tax liabilities and assets on a net basis.
Earnings per share
Management calculates basic earnings
per share (EPS) data for the Companys ordinary shares, which is presented at the end of the statement of comprehensive income. Basic EPS is calculated by dividing profit attributable to ordinary shareholders of the Company by the
weighted average number of ordinary shares outstanding during the period, adjusted for own shares held.
57
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Operating segments
An operating segment is a component of the Company that : a) engages in business activities from which it may earn revenues and incur expenditures, including
revenues and expenses that relate to transactions with any of the Companys other components, b) whose operating results are regularly reviewed by the Companys chief operating decision maker (CODM) to make decisions about
resources to be allocated to the segment and assess its performance and for which discrete financial information is available. Management has determined that the CODM of the Company is the CEO.
Segment profit and loss is determined the same way that consolidated net after tax profit for the period is determined under K-IFRS without any adjustment for
corporate allocations. The accounting policies used by each segment are consistent with the accounting policies used in the preparation of the consolidated financial statements. Segment assets and liabilities are measured based on total assets and
liabilities in accordance with K-IFRS without any adjustment for corporate allocations. Also, segment assets and liabilities are based on the separate financial statements of the entities instead of on consolidated basis. In addition, there are
varying levels of transactions amongst the reportable segments. These transactions include sales of property, plant and assets, and rendering of construction service and so on.
Segment results that are reported to the CEO include items directly attributable to a segment and do not include allocated items. Segment capital expenditure
is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill.
New standards and
interpretations not yet adopted
The following new standards, interpretations and amendments to existing standards have been published and are
mandatory for the Company for annual periods beginning after January 1, 2015, and the Company has not early adopted them.
(a) |
K-IFRS No. 1109 Financial Instruments |
K-IFRS 1109, published in December
2015, replaces the existing guidance in K-IFRS No. 1039, Financial Instruments: Recognition and Measurement. K-IFRS 1109 includes revised guidance on the classification and measurement of financial instruments, a new expected credit loss model
for calculating impairment on financial assets, and new general hedge accounting requirements. It also carries forward the guidance on recognition and derecognition of financial instruments from K-IFRS No. 1039. K-IFRS 1109 is effective for
annual periods beginning on or after January 1, 2018, with early adoption permitted.
As of December 31, 2015, the Company
couldnt estimate the impact on its consolidated financial statements resulting from the application of K-IFRS 1109.
(b) |
K-IFRS No. 1115 Revenue from Contracts with Customers |
K-IFRS 1115, published
in January 2016, establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue recognition guidance, including K-IFRS No. 1018, Revenue, K-IFRS No. 1011, Construction
Contracts and K-IFRS No. 2113, Customer Loyalty Programmes. K-IFRS 1115 is effective for annual reporting periods beginning on or after January 1, 2018, with early adoption permitted.
58
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
As of December 31, 2015, The Company couldnt estimate the impact on its
consolidated financial statements resulting from the application of K-IFRS 1115.
4. |
Financial risk management |
The Company has exposure to the following risks from its use of financial
instruments:
This note presents information about the Companys exposure to each of the above risks, the
Companys objectives, policies and processes for measuring and managing risk, and the Companys management of capital. Further quantitative disclosures are included throughout these consolidated financial statements.
(a) |
Financial risk management |
|
1) |
Risk management policy |
The Board of Directors has overall responsibility for the establishment
and oversight of the Companys risk management framework. The Companys risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and
adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Companys activities.
The Company, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment
in which all employees understand their roles and obligations.
Credit risk is the risk of financial loss to the Company if a customer or
counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Companys receivables from customers and investment securities. In addition, credit risk arises from finance guarantees.
The Company implements a credit risk management policy under which the Company only transacts business with counterparties that have a certain
level of credit rate evaluated based on financial condition, historical experience, and other factors. The Companys exposure to credit risk is influenced mainly by the individual characteristics of each customer. The default risk of a nation
or an industry in which a customer operates its business does not have a significant influence on credit risk. The Company has established a credit policy under which each new customer is analyzed individually for creditworthiness.
59
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
The Company establishes an allowance for impairment that represents its estimate of incurred
losses in respect of trade and other receivables. The main components of this allowance are a specific loss component that relates to individually significant exposures, and a collective loss component established for companies of similar assets in
respect of losses that have been incurred but not yet identified. The collective loss allowance is determined based on historical data of payment statistics for similar financial assets. Debt securities are analyzed individually, and an expected
loss shall be directly deducted from debt securities.
Credit risk also arises from transactions with financial institutions, and such
transactions include transactions of cash and cash equivalents, various deposits, and financial instruments such as derivative contracts. The Company manages its exposure to this credit risk by only entering into transactions with banks that have
high international credit ratings. The Companys treasury department authorizes, manages, and overseas new transactions with financial institutions with whom the Company has no previous relationship.
Furthermore, the Company limits its exposure to credit risk of financial guarantee contracts by strictly evaluating their necessity based on
internal decision making processes, such as the approval of the board of directors.
|
3) |
Liquidity risk management |
Liquidity risk is the risk that the Company will encounter
difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Companys approach to managing liquidity is to ensure, as far as possible, that it will always
have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Companys reputation.
The Companys cash flow from business, borrowing or financing is sufficient to meet the cash requirements for the Companys strategic
investments. Management believes that the Company is capable of raising funds by borrowing or financing if the Company is not able to generate cash flow requirements from its operations. The Company has committed borrowing facilities with various
banks.
|
4) |
Market risk management |
Market risk means that the fair value or future cash flows of a
financial instrument will fluctuate because of changes in market prices. The goal of market risk management is optimization of profit and controlling the exposure to market risk within acceptable limits.
60
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Each segment is influenced by a risk factor of changes in foreign currency exchange rates
for the different directions due to the difference in structure of each industry regarding the cash inflows and cash outflows in foreign currency. The steel segment and the engineering and construction segments have excessive foreign currency
inflows, while other segment including entities in electricity industry has a lack of foreign currency cash inflows. The trading segment is structured such that the cash inflows and outflows of foreign currencies are to be offset; however, the
trading segment is exposed to a risk of changes in foreign currency exchange rates when there are differences in currencies on receiving and paying the foreign currency amount and time differences.
The Companys policy in respect of foreign currency risks is a natural hedge whereby foreign currency income is offset with foreign
currency expenditures. The remaining net exposures after the natural hedge have been hedged using derivative contracts such as forward exchange contracts. In addition, the Companys derivative transactions are limited to hedging actual foreign
currency transactions and speculative hedging is not permitted. Based on this policy, the Company entities have performed currency risk management specific to various characteristics of different segments. The entities in the steel industry, which
have excessive foreign currency inflows converted from lack, reduces the foreign currency exposure by repayment of foreign currency borrowings subjected to investment in overseas when its maturities come. The entities in the engineering and
construction segments, which have excessive foreign currency cash flows, have hedged foreign currency risks by using forward exchange contracts. Entities in the trading industry have hedged foreign currency risks by using forward exchange contracts
when the foreign currencies received and paid are different.
The Company manages the exposure to interest rate risk by adjusting of
borrowing structure ratio between borrowings at fixed interest rates and variable interest rate. The Company monitors interest rate risks regularly in order to avoid exposure to interest rate risk on borrowings at variable interest rate.
|
③ |
Other market price risk |
Equity price risk arises from listed equity securities among
available-for-sale equity securities. Management of the Company measures regularly the fair value of listed equity securities and the risk of variance in future cash flow caused by market price fluctuations. Significant investments are managed
separately and all buy and sell decisions are approved by management of the Company.
(b) |
Management of capital risk |
The fundamental goal of capital management is the maximization of
shareholders value by means of the stable dividend policy and the retirement of treasury shares. The capital structure of the Company consists of equity and net debt, deducting cash and cash equivalents and current financial instruments from
borrowings. The Company applied the same financial risk management strategy that was applied in the previous period.
61
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Net borrowing-to-equity ratio as of December 31, 2015 and 2014 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Total borrowings |
|
W |
|
|
|
|
25,220,231 |
|
|
|
27,428,257 |
|
Less: Cash and cash equivalents |
|
|
|
|
|
|
4,870,185 |
|
|
|
3,811,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net borrowings |
|
|
|
|
|
|
20,350,046 |
|
|
|
23,617,055 |
|
Total equity |
|
|
|
|
|
|
45,070,222 |
|
|
|
45,291,364 |
|
Net borrowings-to-equity ratio |
|
|
|
|
|
|
45.15 |
% |
|
|
52.14 |
% |
5. |
Cash and Cash Equivalents |
Cash and cash equivalents as of December 31, 2015 and 2014 are as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Cash |
|
W |
|
|
|
|
2,632 |
|
|
|
2,100 |
|
Demand deposits and checking accounts |
|
|
|
|
|
|
1,318,677 |
|
|
|
1,209,367 |
|
Time deposits |
|
|
|
|
|
|
2,911,928 |
|
|
|
1,185,146 |
|
Other cash equivalents |
|
|
|
|
|
|
636,948 |
|
|
|
1,414,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
4,870,185 |
|
|
|
3,811,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents classified as assets held for sale amounting to W999 million and
W210,934 million are included in the beginning and ending balance of cash and cash equivalents, respectively, in the statement of cash flows for the year ended December 31, 2015. In result, there are differences from cash and
cash equivalents in the statement of financial position for the corresponding amounts (Note 10).
6. |
Trade Accounts and Notes Receivable |
(a) |
Trade accounts and notes receivable as of December 31, 2015 and 2014 are as follows: |
62
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Current |
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts and notes receivable |
|
W |
|
|
|
|
8,953,245 |
|
|
|
10,814,600 |
|
Finance lease receivables |
|
|
|
|
|
|
21,042 |
|
|
|
24,344 |
|
Unbilled due from customers for contract work |
|
|
|
|
|
|
1,218,031 |
|
|
|
1,528,427 |
|
Less: Allowance for doubtful accounts |
|
|
|
|
|
|
(596,383 |
) |
|
|
(581,316 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
9,595,935 |
|
|
|
11,786,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current |
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts and notes receivable |
|
W |
|
|
|
|
126,200 |
|
|
|
60,583 |
|
Finance lease receivables |
|
|
|
|
|
|
22,758 |
|
|
|
42,907 |
|
Less: Allowance for doubtful accounts |
|
|
|
|
|
|
(28,620 |
) |
|
|
(24,154 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
120,338 |
|
|
|
79,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts and notes receivable sold to financial institutions, for which the derecognition conditions
were not met, amounted to W846,676 million and W2,030,342 million as of December 31, 2015 and 2014, respectively. The fair value of trade accounts and notes receivable approximates the carrying amounts and
trade accounts and notes receivable are included in short-term borrowings from financial institutions (Note 17).
(b) |
Finance lease receivables are as follows: |
(in millions of Won)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer |
|
Contents |
|
|
|
|
2015 |
|
|
2014 |
|
Korea Electric Power Corporation |
|
Combined thermal power plant #1~4 |
|
W |
|
|
|
|
42,536 |
|
|
|
66,858 |
|
KC CHEMICAL Co.,Ltd. |
|
Machinery and equipment |
|
|
|
|
|
|
380 |
|
|
|
393 |
|
Hystech.Co. Ltd. |
|
Machinery and equipment |
|
|
|
|
|
|
884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
43,800 |
|
|
|
67,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) |
The gross amount and present value of minimum lease payments as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Less than 1 year |
|
W |
|
|
|
|
27,382 |
|
|
|
32,302 |
|
1 year - 5 years |
|
|
|
|
|
|
25,643 |
|
|
|
51,999 |
|
Unrealized interest income |
|
|
|
|
|
|
(9,225 |
) |
|
|
(17,050 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Present value of minimum lease payment |
|
W |
|
|
|
|
43,800 |
|
|
|
67,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Other receivables as of December 31, 2015 and 2014 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Current |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
W |
|
|
|
|
405,281 |
|
|
|
254,108 |
|
Other accounts receivable |
|
|
|
|
|
|
1,255,075 |
|
|
|
1,523,659 |
|
Accrued income |
|
|
|
|
|
|
136,762 |
|
|
|
76,393 |
|
Deposits |
|
|
|
|
|
|
89,444 |
|
|
|
58,384 |
|
Others |
|
|
|
|
|
|
20,383 |
|
|
|
227,192 |
|
Less : Allowance for doubtful accounts |
|
|
|
|
|
|
(227,066 |
) |
|
|
(183,520 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
1,679,879 |
|
|
|
1,956,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
W |
|
|
|
|
725,968 |
|
|
|
960,652 |
|
Other accounts receivable |
|
|
|
|
|
|
142,290 |
|
|
|
158,018 |
|
Accrued income |
|
|
|
|
|
|
1,236 |
|
|
|
1,533 |
|
Deposits |
|
|
|
|
|
|
141,373 |
|
|
|
189,120 |
|
Less : Allowance for doubtful accounts |
|
|
|
|
|
|
(147,609 |
) |
|
|
(165,163 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
863,258 |
|
|
|
1,144,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
8. |
Other Financial Assets |
Other financial assets as of December 31, 2015 and 2014 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Current |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives assets held for trading |
|
W |
|
|
|
|
94,603 |
|
|
|
77,182 |
|
Available-for-sale securities |
|
|
|
|
|
|
17,994 |
|
|
|
25,512 |
|
Current portion of held-to-maturity securities |
|
|
|
|
|
|
21,490 |
|
|
|
15,297 |
|
Short-term financial instruments(*1,2) |
|
|
|
|
|
|
3,776,300 |
|
|
|
1,344,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
3,910,387 |
|
|
|
1,462,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives assets held for trading(*3) |
|
W |
|
|
|
|
93,886 |
|
|
|
19,084 |
|
Available-for-sale securities (equity instruments)(*4,5) |
|
|
|
|
|
|
2,095,206 |
|
|
|
2,294,244 |
|
Available-for-sale securities (bonds) |
|
|
|
|
|
|
36,914 |
|
|
|
33,350 |
|
Available-for-sale securities (others) |
|
|
|
|
|
|
59,630 |
|
|
|
67,135 |
|
Held-to-maturity securities |
|
|
|
|
|
|
1,889 |
|
|
|
1,796 |
|
Long-term financial instruments(*2) |
|
|
|
|
|
|
53,935 |
|
|
|
40,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
2,341,460 |
|
|
|
2,455,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
As of December 31, 2015 and 2014, W6,593 million and W5,465 million, respectively, are restricted for the use in a government project. |
(*2) |
As of December 31, 2015 and 2014, financial instruments amounting to W105,195 million and W177,014 million, respectively, are restricted for use in financial arrangements, pledge
and others. |
(*3) |
The Company assessed the values of its put option and earn-out consideration in relation to the residual equity upon the Companys disposal of SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel
Co., Ltd.). Accordingly, the Company has recognized derivatives assets for the values of both amounting to W63,300 million and W14,992 million, respectively, as of December 31, 2015. |
(*4) |
During the year ended December 31, 2015 and 2014, there were objective evidences of impairment for listed equity securities such as Hyundai Heavy Industries Co., Ltd. and others due to the significant decline in
the fair value of the shares or the continuous decline for a prolonged period and non-listed equity securities such as Dongbu Metal Co., Ltd and others since its carrying amount significantly exceeds its fair value. As a result, an impairment loss
of W142,781 million and W369,723 million was recognized in profit or loss during the year ended December 31, 2015 and 2014, respectively. |
(*5) |
As of December 31, 2015 and 2014, W124,541 million and W173,632 million of available-for-sale securities, respectively, have been provided as collateral for borrowings,
construction projects and others. |
65
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(a) |
Inventories as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Finished goods |
|
W |
|
|
|
|
1,381,018 |
|
|
|
1,647,331 |
|
Merchandise |
|
|
|
|
|
|
715,951 |
|
|
|
902,347 |
|
Semi-finished goods |
|
|
|
|
|
|
1,390,382 |
|
|
|
1,654,556 |
|
Raw materials |
|
|
|
|
|
|
1,868,773 |
|
|
|
2,334,992 |
|
Fuel and materials |
|
|
|
|
|
|
810,516 |
|
|
|
759,193 |
|
Construction inventories |
|
|
|
|
|
|
828,071 |
|
|
|
1,129,370 |
|
Materials-in-transit |
|
|
|
|
|
|
1,382,291 |
|
|
|
2,109,207 |
|
Others |
|
|
|
|
|
|
79,581 |
|
|
|
96,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,456,583 |
|
|
|
10,633,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Allowance for inventories valuation |
|
|
|
|
|
|
(231,378 |
) |
|
|
(161,940 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
8,225,205 |
|
|
|
10,471,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
The changes of allowance for inventories valuation for the years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Beginning |
|
W |
|
|
|
|
161,940 |
|
|
|
189,282 |
|
Loss on valuation of inventories |
|
|
|
|
|
|
152,952 |
|
|
|
41,713 |
|
Realization on disposal of inventories |
|
|
|
|
|
|
(77,102 |
) |
|
|
(69,996 |
) |
Others |
|
|
|
|
|
|
(6,412 |
) |
|
|
941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending |
|
W |
|
|
|
|
231,378 |
|
|
|
161,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Details of assets held for sale and related liabilities as of December 31,
2015 and 2014 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
(in millions of Won) |
|
|
|
|
Controlling company(*1) |
|
|
Subsidiaries (*2,7) |
|
|
Total |
|
|
Controlling company(*3,7) |
|
|
Subsidiaries (*4,5,6,7) |
|
|
Total |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
W |
|
|
|
|
|
|
|
|
999 |
|
|
|
999 |
|
|
|
|
|
|
|
210,934 |
|
|
|
210,934 |
|
Trade accounts and notes receivable and other receivables |
|
|
|
|
|
|
|
|
|
|
7,724 |
|
|
|
7,724 |
|
|
|
|
|
|
|
90,811 |
|
|
|
90,811 |
|
Other financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
580,062 |
|
|
|
21,028 |
|
|
|
601,090 |
|
Inventories |
|
|
|
|
|
|
|
|
|
|
2,129 |
|
|
|
2,129 |
|
|
|
|
|
|
|
289,716 |
|
|
|
289,716 |
|
Property, plant and equipment |
|
|
|
|
|
|
25,892 |
|
|
|
10,383 |
|
|
|
36,275 |
|
|
|
2,672 |
|
|
|
895,391 |
|
|
|
898,063 |
|
Intangible assets |
|
|
|
|
|
|
|
|
|
|
1,049 |
|
|
|
1,049 |
|
|
|
|
|
|
|
7,627 |
|
|
|
7,627 |
|
Other assets |
|
|
|
|
|
|
|
|
|
|
9,105 |
|
|
|
9,105 |
|
|
|
|
|
|
|
28,846 |
|
|
|
28,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
25,892 |
|
|
|
31,389 |
|
|
|
57,281 |
|
|
|
582,734 |
|
|
|
1,544,353 |
|
|
|
2,127,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts and notes payable and other payables |
|
W |
|
|
|
|
|
|
|
|
6,028 |
|
|
|
6,028 |
|
|
|
|
|
|
|
225,403 |
|
|
|
225,403 |
|
Borrowings |
|
|
|
|
|
|
|
|
|
|
26,500 |
|
|
|
26,500 |
|
|
|
|
|
|
|
330,059 |
|
|
|
330,059 |
|
Other liabilities |
|
|
|
|
|
|
|
|
|
|
1,674 |
|
|
|
1,674 |
|
|
|
|
|
|
|
35,520 |
|
|
|
35,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
|
|
|
|
34,202 |
|
|
|
34,202 |
|
|
|
|
|
|
|
590,982 |
|
|
|
590,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
The Company determined to exchange 1FINEX facilities with the shares of newly established company in India, and has signed in Memorandum of Association (MOA) with Uttam Galva Steels Limited in India. The Company has
classified the related facilities of W25,892 million as assets held for sale. |
(*2) |
The Company determined to dispose of its shares in POSCO LED Co., Ltd., a subsidiary of the Company, and agreed to Memorandum of Understanding (MOU) with Armitron consortium on December 30, 2015. The Company
classified the accompanying assets and liabilities as assets and liabilities held for sale. |
(*3) |
During the year ended December 31, 2014, the Company determined to dispose of its shares in Nacional Minerios S.A., which was an available-for-sale investment of the Company, in exchange for shares in the newly
incorporated entity as Nacional Minerios S.A. entered into a merger agreement with another entity. Accordingly, the Company classified its investment in Nacional Minerios S.A. as assets held for sale. The Company recognized W95,737
million of impairment loss on assets held for sale during the year ended December 31, 2015 since the fair value less cost to sell was below carrying amount. The accompanying transaction was completed during the year ended December 31,
2015, and the Company recognized W188,927 million of loss on disposal of assets held for sale. |
(*4) |
The Company determined to dispose of 52.2% of its shares in SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel Co., Ltd.) to SeAH Besteel Corp. and classified the accompanying investment in the
subsidiary as assets and liabilities held for sale during the year ended December 31, 2014. Disposal of the asset held for sale was completed during the year ended December 31, 2015, and the Company recognized W161,579
million of gain on disposal of assets held for sale. |
(*5) |
The Company determined to dispose of the shares in POSFINE Co., Ltd., a subsidiary of the Company, to Hahn & Company PRIVATE EQUITY FUND No.1, and classified the accompanying investment in the subsidiary as
assets and liabilities held for sale during the year ended December 31, 2014. Disposal of the assets and liabilities held for sale was completed during the year ended December 31, 2015, and the Company recognized W38,843
million of gain on disposal of assets held for sale. |
67
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(*6) |
Daewoo International Corporation, a subsidiary of the Company, determined to dispose its Daewoo Department Store located in Masan and classified the assets and liabilities of the accompanying department as assets and
liabilities held for sale during the year ended December 31, 2014. Disposal of the assets held for sale was completed during the year ended December 31, 2015, and the Company recognized W121 million of gain on disposal of
assets held for sale. |
(*7) |
Besides the above, the controlling company and subsidiaries of the Company (POSCO M-TECH, POSCO COATED & COLOR STEEL Co., Ltd., POSCO CHEMTECH and POSCO AST) determined to dispose of certain tangible assets
including land and disused facilities and classified them as assets held for sale. |
11. |
Investments in Associates and Joint ventures |
(a) |
Investments in associates and joint ventures as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Investments in associates |
|
W |
|
|
|
|
1,875,971 |
|
|
|
1,626,801 |
|
Investments in joint ventures |
|
|
|
|
|
|
2,069,362 |
|
|
|
2,433,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
3,945,333 |
|
|
|
4,060,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(b) |
Details of investments in associates as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
2015 |
|
|
2014 |
|
Company |
|
Number of shares |
|
|
Ownership (%) |
|
|
Acquisition cost |
|
|
|
|
|
Book value |
|
|
Book value |
|
[Domestic] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQP POSCO Global NO1 Natual Resources PEF |
|
|
178,565 |
|
|
|
28.93 |
|
|
W |
178,566 |
|
|
W |
|
|
|
|
175,676 |
|
|
|
176,899 |
|
POSCO PLANTEC Co., Ltd.(*1) |
|
|
133,711,880 |
|
|
|
73.94 |
|
|
|
217,282 |
|
|
|
|
|
|
|
171,218 |
|
|
|
|
|
SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel Co., Ltd.) (*2,3,5) |
|
|
7,190,000 |
|
|
|
19.94 |
|
|
|
159,978 |
|
|
|
|
|
|
|
165,754 |
|
|
|
|
|
SNNC |
|
|
18,130,000 |
|
|
|
49.00 |
|
|
|
90,650 |
|
|
|
|
|
|
|
111,326 |
|
|
|
131,671 |
|
QSONE Co.,Ltd. |
|
|
200,000 |
|
|
|
50.00 |
|
|
|
84,395 |
|
|
|
|
|
|
|
83,919 |
|
|
|
83,849 |
|
UITrans LRT Co., Ltd.(*4) |
|
|
6,350,997 |
|
|
|
38.19 |
|
|
|
31,755 |
|
|
|
|
|
|
|
40,903 |
|
|
|
30,098 |
|
Incheon-Gimpo Expressway Co., Ltd.(*4) |
|
|
9,032,539 |
|
|
|
22.32 |
|
|
|
45,163 |
|
|
|
|
|
|
|
39,447 |
|
|
|
43,045 |
|
BLUE OCEAN Private Equity Fund |
|
|
333 |
|
|
|
27.52 |
|
|
|
33,300 |
|
|
|
|
|
|
|
35,437 |
|
|
|
31,439 |
|
Chuncheon Energy Corp. |
|
|
6,573,600 |
|
|
|
29.90 |
|
|
|
32,868 |
|
|
|
|
|
|
|
30,420 |
|
|
|
|
|
KoFC POSCO HANWHA KB Shared Growth NO. 2. Private Equity Fund(*5) |
|
|
15,475 |
|
|
|
12.50 |
|
|
|
15,475 |
|
|
|
|
|
|
|
14,829 |
|
|
|
12,268 |
|
Daesung Steel Co.(*5) |
|
|
108,038 |
|
|
|
17.54 |
|
|
|
14,000 |
|
|
|
|
|
|
|
14,000 |
|
|
|
|
|
Keystone-HYUNDAI SECURITIES NO. 1. Private Equity Fund |
|
|
13,800,000 |
|
|
|
40.45 |
|
|
|
13,800 |
|
|
|
|
|
|
|
13,015 |
|
|
|
|
|
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd(*4) |
|
|
2,008,000 |
|
|
|
25.10 |
|
|
|
10,040 |
|
|
|
|
|
|
|
12,265 |
|
|
|
19,801 |
|
KONES, Corp. |
|
|
3,250,000 |
|
|
|
41.67 |
|
|
|
6,893 |
|
|
|
|
|
|
|
5,775 |
|
|
|
5,430 |
|
Others (30 companies)(*4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,933 |
|
|
|
33,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
947,917 |
|
|
|
568,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South-East Asia Gas Pipeline Company Ltd. |
|
|
135,219,000 |
|
|
|
25.04 |
|
|
|
150,779 |
|
|
|
|
|
|
|
222,269 |
|
|
|
172,805 |
|
AES-VCM Mong Duong Power Company Limited |
|
|
|
|
|
|
30.00 |
|
|
|
74,161 |
|
|
|
|
|
|
|
153,271 |
|
|
|
93,021 |
|
7623704 Canada Inc.(*5) |
|
|
114,452,000 |
|
|
|
10.40 |
|
|
|
124,341 |
|
|
|
|
|
|
|
134,034 |
|
|
|
117,100 |
|
Eureka Moly LLC |
|
|
|
|
|
|
20.00 |
|
|
|
240,123 |
|
|
|
|
|
|
|
87,878 |
|
|
|
228,004 |
|
Nickel Mining Company SAS |
|
|
3,234,698 |
|
|
|
49.00 |
|
|
|
157,585 |
|
|
|
|
|
|
|
76,445 |
|
|
|
107,408 |
|
AMCI (WA) PTY LTD |
|
|
49 |
|
|
|
49.00 |
|
|
|
209,664 |
|
|
|
|
|
|
|
72,289 |
|
|
|
88,050 |
|
KOREA LNG LTD. |
|
|
2,400 |
|
|
|
20.00 |
|
|
|
135,205 |
|
|
|
|
|
|
|
53,548 |
|
|
|
72,089 |
|
NCR LLC |
|
|
|
|
|
|
29.41 |
|
|
|
32,348 |
|
|
|
|
|
|
|
35,447 |
|
|
|
32,598 |
|
Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd |
|
|
10,200,000 |
|
|
|
34.00 |
|
|
|
9,517 |
|
|
|
|
|
|
|
19,311 |
|
|
|
21,032 |
|
PT. Batutua Tembaga Raya |
|
|
128,285 |
|
|
|
24.10 |
|
|
|
14,785 |
|
|
|
|
|
|
|
15,382 |
|
|
|
14,653 |
|
PT. Wampu Electric Power(*4) |
|
|
8,708,400 |
|
|
|
20.00 |
|
|
|
10,044 |
|
|
|
|
|
|
|
8,855 |
|
|
|
7,611 |
|
POSCO SeAH Steel Wire(Nantong) Co., Ltd. |
|
|
50 |
|
|
|
25.00 |
|
|
|
4,723 |
|
|
|
|
|
|
|
7,061 |
|
|
|
6,969 |
|
CAML RESOURCES PTY LTD |
|
|
3,239 |
|
|
|
33.34 |
|
|
|
40,388 |
|
|
|
|
|
|
|
|
|
|
|
38,240 |
|
Others (22 companies)(*4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,264 |
|
|
|
59,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
928,054 |
|
|
|
1,058,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
1,875,971 |
|
|
|
1,626,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
On September 30, 2015, in order to improve its financial standing and normalize operation, the associate reached a workout agreement with its Creditor Financial Institutions Committee. As a result, the Company lost
its control and classified its shares as investment in an associate. |
(*2) |
During the year ended December 31, 2015, the Company disposed of 52.2% of shares in SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel Co., Ltd.), which resulted in the Companys loss of
control, and the Company classified the remaining investment as investment in an associate. |
(*3) |
During the year ended December 31, 2015, POSCO Specialty Steel Co., Ltd. changed its corporate name to SeAH Changwon Integrated Special Steel. |
69
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(*4) |
Investment in associates is provided as collateral related to associates borrowings amounting to W101,360 million and W110,721 million as of December 31, 2015 and 2014,
respectively. |
(*5) |
As of December 31, 2015, it was classified as an associate even though the Companys ownership percentage is less than 20% of ownership percentage since the Company has significant influence over the investee
when considering its structure of the Board of Directors and others. |
(c) |
Details of investments in joint ventures as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
2015 |
|
|
2014 |
|
Company |
|
Number of shares |
|
|
Ownership (%) |
|
|
Acquisition cost |
|
|
|
|
|
Book value |
|
|
Book value |
|
[Domestic] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO MITSUBISHI CARBON TECHNOLOGY |
|
|
11,568,000 |
|
|
|
60.00 |
|
|
W |
1115,680 |
|
|
W |
|
|
|
|
104,970 |
|
|
|
112,837 |
|
POSCO ES MATERIALS |
|
|
1,000,000 |
|
|
|
50.00 |
|
|
|
43,000 |
|
|
|
|
|
|
|
38,447 |
|
|
|
38,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
143,417 |
|
|
|
150,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Roy Hill Holdings Pty Ltd(*1) |
|
|
13,117,972 |
|
|
|
12.50 |
|
|
|
1,528,672 |
|
|
|
|
|
|
|
1,153,434 |
|
|
|
1,268,678 |
|
POSCO-NPS Niobium LLC |
|
|
325,050,000 |
|
|
|
50.00 |
|
|
|
364,609 |
|
|
|
|
|
|
|
381,461 |
|
|
|
357,874 |
|
DMSA/AMSA(*2) |
|
|
|
|
|
|
4.07 |
|
|
|
265,612 |
|
|
|
|
|
|
|
105,964 |
|
|
|
165,094 |
|
BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |
|
|
|
|
|
|
25.00 |
|
|
|
61,961 |
|
|
|
|
|
|
|
100,908 |
|
|
|
98,893 |
|
CSP - Compania Siderurgica do Pecem |
|
|
827,771,230 |
|
|
|
20.00 |
|
|
|
469,891 |
|
|
|
|
|
|
|
80,805 |
|
|
|
260,906 |
|
KOBRASCO |
|
|
2,010,719,185 |
|
|
|
50.00 |
|
|
|
32,950 |
|
|
|
|
|
|
|
78,364 |
|
|
|
99,787 |
|
Others (11 companies) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,009 |
|
|
|
31,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,925,945 |
|
|
|
2,282,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
2,069,362 |
|
|
|
2,433,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
As of December 31, 2015 and 2014, investment in joint ventures amounting to W1,153,434 million and W1,268,678 million, respectively, are provided as collateral in relation to loan.
|
(*2) |
As of December 31, 2015 and 2014, investment in joint ventures amounting to W105,964 million and W165,094 million, respectively, are provided as collateral for the joint
ventures guarantees. |
70
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(d) |
The movements of investments in associates and joint ventures for the years ended December 31, 2015 and 2014 were as follows: |
|
1) |
For the year ended December 31, 2015 |
(in millions of Won)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
December 31, 2014 Book value |
|
|
Acquisition |
|
|
Dividends |
|
|
Share of profits (losses) |
|
|
Other increase (decrease)(*1) |
|
|
December 31, 2015 Book value |
|
[Domestic] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQP POSCO Global NO1 Natural Resources PEF |
|
W |
|
|
|
|
176,899 |
|
|
|
|
|
|
|
|
|
|
|
(1,223 |
) |
|
|
|
|
|
|
175,676 |
|
POSCO PLANTEC Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
217,282 |
|
|
|
|
|
|
|
(46,058 |
) |
|
|
(6 |
) |
|
|
171,218 |
|
SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel Co., Ltd.) |
|
|
|
|
|
|
|
|
|
|
159,978 |
|
|
|
|
|
|
|
6,464 |
|
|
|
(688 |
) |
|
|
165,754 |
|
SNNC |
|
|
|
|
|
|
131,671 |
|
|
|
|
|
|
|
|
|
|
|
(20,566 |
) |
|
|
221 |
|
|
|
111,326 |
|
QSONE Co.,Ltd. |
|
|
|
|
|
|
83,849 |
|
|
|
|
|
|
|
|
|
|
|
70 |
|
|
|
|
|
|
|
83,919 |
|
UITrans LRT Co., Ltd. |
|
|
|
|
|
|
30,098 |
|
|
|
9,777 |
|
|
|
|
|
|
|
1,086 |
|
|
|
(58 |
) |
|
|
40,903 |
|
Incheon-Gimpo Expressway Co., Ltd. |
|
|
|
|
|
|
43,045 |
|
|
|
|
|
|
|
|
|
|
|
(3,910 |
) |
|
|
312 |
|
|
|
39,447 |
|
BLUE OCEAN Private Equity Fund |
|
|
|
|
|
|
31,439 |
|
|
|
|
|
|
|
|
|
|
|
5,645 |
|
|
|
(1,647 |
) |
|
|
35,437 |
|
Chuncheon Energy Corp. |
|
|
|
|
|
|
|
|
|
|
32,853 |
|
|
|
|
|
|
|
(2,433 |
) |
|
|
|
|
|
|
30,420 |
|
KoFC POSCO HANWHA KB Shared Growth NO. 2. Private Equity Fund |
|
|
|
|
|
|
12,268 |
|
|
|
3,725 |
|
|
|
|
|
|
|
211 |
|
|
|
(1,375 |
) |
|
|
14,829 |
|
Daesung Steel Co. |
|
|
|
|
|
|
|
|
|
|
14,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,000 |
|
Keystone-HYUNDAI SECURITIES NO. 1. Private Equity Fund |
|
|
|
|
|
|
|
|
|
|
13,800 |
|
|
|
|
|
|
|
(451 |
) |
|
|
(334 |
) |
|
|
13,015 |
|
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd |
|
|
|
|
|
|
19,801 |
|
|
|
|
|
|
|
|
|
|
|
(7,536 |
) |
|
|
|
|
|
|
12,265 |
|
KONES, Corp. |
|
|
|
|
|
|
5,430 |
|
|
|
|
|
|
|
|
|
|
|
311 |
|
|
|
34 |
|
|
|
5,775 |
|
POSCO MITSUBISHI CARBON TECHNOLOGY |
|
|
|
|
|
|
112,837 |
|
|
|
|
|
|
|
|
|
|
|
(7,841 |
) |
|
|
(26 |
) |
|
|
104,970 |
|
POSCO ES MATERIALS |
|
|
|
|
|
|
38,021 |
|
|
|
|
|
|
|
|
|
|
|
440 |
|
|
|
(14 |
) |
|
|
38,447 |
|
Others (30 companies) |
|
|
|
|
|
|
33,511 |
|
|
|
3,800 |
|
|
|
|
|
|
|
2,877 |
|
|
|
(6,255 |
) |
|
|
33,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
718,869 |
|
|
|
455,215 |
|
|
|
|
|
|
|
(72,914 |
) |
|
|
(9,836 |
) |
|
|
1,091,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South-East Asia Gas Pipeline Company Ltd. |
|
|
|
|
|
|
172,805 |
|
|
|
|
|
|
|
(18,602 |
) |
|
|
54,351 |
|
|
|
13,715 |
|
|
|
222,269 |
|
AES-VCM Mong Duong Power Company Limited |
|
|
|
|
|
|
93,021 |
|
|
|
23,146 |
|
|
|
|
|
|
|
29,561 |
|
|
|
7,543 |
|
|
|
153,271 |
|
7623704 Canada Inc. |
|
|
|
|
|
|
117,100 |
|
|
|
|
|
|
|
(1,775 |
) |
|
|
10,875 |
|
|
|
7,834 |
|
|
|
134,034 |
|
Eureka Moly LLC |
|
|
|
|
|
|
228,004 |
|
|
|
|
|
|
|
|
|
|
|
(147,270 |
) |
|
|
7,144 |
|
|
|
87,878 |
|
Nickel Mining Company SAS |
|
|
|
|
|
|
107,408 |
|
|
|
|
|
|
|
|
|
|
|
(25,562 |
) |
|
|
(5,401 |
) |
|
|
76,445 |
|
AMCI (WA) PTY LTD |
|
|
|
|
|
|
88,050 |
|
|
|
|
|
|
|
|
|
|
|
(11,222 |
) |
|
|
(4,539 |
) |
|
|
72,289 |
|
KOREA LNG LTD. |
|
|
|
|
|
|
72,089 |
|
|
|
|
|
|
|
(12,195 |
) |
|
|
12,362 |
|
|
|
(18,708 |
) |
|
|
53,548 |
|
NCR LLC |
|
|
|
|
|
|
32,598 |
|
|
|
|
|
|
|
|
|
|
|
(62 |
) |
|
|
2,911 |
|
|
|
35,447 |
|
Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd |
|
|
|
|
|
|
21,032 |
|
|
|
|
|
|
|
(376 |
) |
|
|
(1,787 |
) |
|
|
442 |
|
|
|
19,311 |
|
PT. Batutua Tembaga Raya |
|
|
|
|
|
|
14,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
729 |
|
|
|
15,382 |
|
PT. Wampu Electric Power |
|
|
|
|
|
|
7,611 |
|
|
|
1,015 |
|
|
|
|
|
|
|
(261 |
) |
|
|
490 |
|
|
|
8,855 |
|
POSCO SeAH Steel Wire(Nantong) Co., Ltd. |
|
|
|
|
|
|
6,969 |
|
|
|
|
|
|
|
|
|
|
|
(76 |
) |
|
|
168 |
|
|
|
7,061 |
|
CAML RESOURCES PTY LTD |
|
|
|
|
|
|
38,240 |
|
|
|
|
|
|
|
|
|
|
|
(34,987 |
) |
|
|
(3,253 |
) |
|
|
|
|
Roy Hill Holdings Pty Ltd |
|
|
|
|
|
|
1,268,678 |
|
|
|
|
|
|
|
|
|
|
|
(61,589 |
) |
|
|
(53,655 |
) |
|
|
1,153,434 |
|
POSCO-NPS Niobium LLC |
|
|
|
|
|
|
357,874 |
|
|
|
|
|
|
|
(13,177 |
) |
|
|
12,967 |
|
|
|
23,797 |
|
|
|
381,461 |
|
DMSA/AMSA |
|
|
|
|
|
|
165,094 |
|
|
|
72,430 |
|
|
|
|
|
|
|
(137,723 |
) |
|
|
6,163 |
|
|
|
105,964 |
|
BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |
|
|
|
|
|
|
98,893 |
|
|
|
|
|
|
|
|
|
|
|
291 |
|
|
|
1,724 |
|
|
|
100,908 |
|
71
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
December 31, 2014 Book value |
|
|
Acquisition |
|
|
Dividends |
|
|
Share of profits (losses) |
|
|
Other increase (decrease)(*1) |
|
|
December 31, 2015 Book value |
|
CSP - Compania Siderurgica do Pecem |
|
|
|
|
|
|
260,906 |
|
|
|
|
|
|
|
|
|
|
|
(145,206 |
) |
|
|
(34,895 |
) |
|
|
80,805 |
|
KOBRASCO |
|
|
|
|
|
|
99,787 |
|
|
|
|
|
|
|
(24,380 |
) |
|
|
31,124 |
|
|
|
(28,167 |
) |
|
|
78,364 |
|
Others (33 companies) |
|
|
|
|
|
|
90,826 |
|
|
|
2,839 |
|
|
|
(5,506 |
) |
|
|
(18,926 |
) |
|
|
(1,960 |
) |
|
|
67,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,341,638 |
|
|
|
99,430 |
|
|
|
(76,011 |
) |
|
|
(433,140 |
) |
|
|
(77,918 |
) |
|
|
2,853,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
4,060,507 |
|
|
|
554,645 |
|
|
|
(76,011 |
) |
|
|
(506,054 |
) |
|
|
(87,754 |
) |
|
|
3,945,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Other increase or decrease represents the changes in investments in associates and joint ventures due to disposals, change in capital adjustments arising from translations of financial statements of foreign investees
and others. |
|
2) |
For the year ended December 31, 2014 |
(in millions of Won)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
December 31, 2013 Book value |
|
|
Acquisition |
|
|
Dividends |
|
|
Share of profits (losses) |
|
|
Other increase (decrease)(*1) |
|
|
December 31, 2014 Book value |
|
[Domestic] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQP POSCO Global NO1 Natual Resources PEF |
|
W |
|
|
|
|
177,563 |
|
|
|
|
|
|
|
|
|
|
|
(664 |
) |
|
|
|
|
|
|
176,899 |
|
POSCO PLANTEC Co., Ltd. |
|
|
|
|
|
|
234,203 |
|
|
|
25,356 |
|
|
|
|
|
|
|
(210,616 |
) |
|
|
(48,943 |
) |
|
|
|
|
SNNC |
|
|
|
|
|
|
123,969 |
|
|
|
|
|
|
|
(5,149 |
) |
|
|
13,873 |
|
|
|
(1,022 |
) |
|
|
131,671 |
|
QSONE Co.,Ltd. |
|
|
|
|
|
|
84,096 |
|
|
|
|
|
|
|
|
|
|
|
(247 |
) |
|
|
|
|
|
|
83,849 |
|
UITrans LRT Co., Ltd. |
|
|
|
|
|
|
19,185 |
|
|
|
2,330 |
|
|
|
|
|
|
|
8,583 |
|
|
|
|
|
|
|
30,098 |
|
Incheon-Gimpo Expressway Co., Ltd. |
|
|
|
|
|
|
37,759 |
|
|
|
8,331 |
|
|
|
|
|
|
|
(340 |
) |
|
|
(2,705 |
) |
|
|
43,045 |
|
BLUE OCEAN Private Equity Fund |
|
|
|
|
|
|
29,391 |
|
|
|
|
|
|
|
|
|
|
|
2,193 |
|
|
|
(145 |
) |
|
|
31,439 |
|
KoFC POSCO HANWHA KB Shared Growth NO. 2. Private Equity Fund |
|
|
|
|
|
|
6,685 |
|
|
|
6,113 |
|
|
|
|
|
|
|
(530 |
) |
|
|
|
|
|
|
12,268 |
|
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd |
|
|
|
|
|
|
23,733 |
|
|
|
|
|
|
|
|
|
|
|
(3,714 |
) |
|
|
(218 |
) |
|
|
19,801 |
|
KONES, Corp. |
|
|
|
|
|
|
5,784 |
|
|
|
|
|
|
|
|
|
|
|
(378 |
) |
|
|
24 |
|
|
|
5,430 |
|
Gunggi Green Energy |
|
|
|
|
|
|
4,996 |
|
|
|
|
|
|
|
|
|
|
|
(354 |
) |
|
|
|
|
|
|
4,642 |
|
POSCO MITSUBISHI CARBON TECHNOLOGY |
|
|
|
|
|
|
115,708 |
|
|
|
|
|
|
|
|
|
|
|
(2,835 |
) |
|
|
(36 |
) |
|
|
112,837 |
|
POSCO ES MATERIALS |
|
|
|
|
|
|
40,386 |
|
|
|
|
|
|
|
|
|
|
|
(2,229 |
) |
|
|
(136 |
) |
|
|
38,021 |
|
Others (31 companies) |
|
|
|
|
|
|
52,761 |
|
|
|
12,875 |
|
|
|
|
|
|
|
(24,284 |
) |
|
|
(12,483 |
) |
|
|
28,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
956,219 |
|
|
|
55,005 |
|
|
|
(5,149 |
) |
|
|
(221,542 |
) |
|
|
(65,664 |
) |
|
|
718,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South-East Asia Gas Pipeline Company Ltd. |
|
|
|
|
|
|
140,202 |
|
|
|
|
|
|
|
|
|
|
|
25,638 |
|
|
|
6,965 |
|
|
|
172,805 |
|
AES-VCM Mong Duong Power Company Limited |
|
|
|
|
|
|
81,436 |
|
|
|
|
|
|
|
|
|
|
|
(3,845 |
) |
|
|
15,430 |
|
|
|
93,021 |
|
7623704 Canada Inc. |
|
|
|
|
|
|
119,516 |
|
|
|
|
|
|
|
(5,505 |
) |
|
|
(1,678 |
) |
|
|
4,767 |
|
|
|
117,100 |
|
Eureka Moly LLC |
|
|
|
|
|
|
217,513 |
|
|
|
|
|
|
|
|
|
|
|
(37 |
) |
|
|
10,528 |
|
|
|
228,004 |
|
Nickel Mining Company SAS |
|
|
|
|
|
|
135,178 |
|
|
|
|
|
|
|
|
|
|
|
(17,391 |
) |
|
|
(10,379 |
) |
|
|
107,408 |
|
AMCI (WA) PTY LTD |
|
|
|
|
|
|
98,467 |
|
|
|
|
|
|
|
|
|
|
|
(6,477 |
) |
|
|
(3,940 |
) |
|
|
88,050 |
|
KOREA LNG LTD. |
|
|
|
|
|
|
64,453 |
|
|
|
|
|
|
|
(18,668 |
) |
|
|
18,613 |
|
|
|
7,691 |
|
|
|
72,089 |
|
NCR LLC |
|
|
|
|
|
|
30,496 |
|
|
|
|
|
|
|
|
|
|
|
(3,984 |
) |
|
|
6,086 |
|
|
|
32,598 |
|
CAML RESOURCES PTY LTD |
|
|
|
|
|
|
43,820 |
|
|
|
|
|
|
|
|
|
|
|
(2,191 |
) |
|
|
(3,389 |
) |
|
|
38,240 |
|
Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd |
|
|
|
|
|
|
20,600 |
|
|
|
|
|
|
|
(352 |
) |
|
|
378 |
|
|
|
406 |
|
|
|
21,032 |
|
PT. Batutua Tembaga Raya |
|
|
|
|
|
|
|
|
|
|
14,785 |
|
|
|
|
|
|
|
|
|
|
|
(132 |
) |
|
|
14,653 |
|
PT. Wampu Electric Power |
|
|
|
|
|
|
7,237 |
|
|
|
|
|
|
|
|
|
|
|
134 |
|
|
|
240 |
|
|
|
7,611 |
|
72
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
December 31, 2013 Book value |
|
|
Acquisition |
|
|
Dividends |
|
|
Share of profits (losses) |
|
|
Other increase (decrease)(*1) |
|
|
December 31, 2014 Book value |
|
POSCO SeAH Steel Wire(Nantong) Co., Ltd. |
|
|
|
|
|
|
6,083 |
|
|
|
|
|
|
|
|
|
|
|
679 |
|
|
|
207 |
|
|
|
6,969 |
|
VSC POSCO Steel Corporation |
|
|
|
|
|
|
9,464 |
|
|
|
|
|
|
|
(1,850 |
) |
|
|
7 |
|
|
|
|
|
|
|
7,621 |
|
Roy Hill Holdings Pty Ltd |
|
|
|
|
|
|
825,901 |
|
|
|
530,492 |
|
|
|
|
|
|
|
(14,783 |
) |
|
|
(72,932 |
) |
|
|
1,268,678 |
|
POSCO-NPS Niobium LLC |
|
|
|
|
|
|
343,590 |
|
|
|
|
|
|
|
(16,414 |
) |
|
|
16,370 |
|
|
|
14,328 |
|
|
|
357,874 |
|
DMSA/AMSA |
|
|
|
|
|
|
180,355 |
|
|
|
|
|
|
|
|
|
|
|
(21,793 |
) |
|
|
6,532 |
|
|
|
165,094 |
|
BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |
|
|
|
|
|
|
96,309 |
|
|
|
|
|
|
|
|
|
|
|
943 |
|
|
|
1,641 |
|
|
|
98,893 |
|
CSP - Compania Siderurgica do Pecem |
|
|
|
|
|
|
263,419 |
|
|
|
75,966 |
|
|
|
|
|
|
|
(57,127 |
) |
|
|
(21,352 |
) |
|
|
260,906 |
|
KOBRASCO |
|
|
|
|
|
|
95,233 |
|
|
|
|
|
|
|
(18,429 |
) |
|
|
30,356 |
|
|
|
(7,373 |
) |
|
|
99,787 |
|
Others (34 companies) |
|
|
|
|
|
|
73,202 |
|
|
|
50,605 |
|
|
|
(858 |
) |
|
|
(42,163 |
) |
|
|
2,419 |
|
|
|
83,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,852,474 |
|
|
|
671,848 |
|
|
|
(62,076 |
) |
|
|
(78,351 |
) |
|
|
(42,257 |
) |
|
|
3,341,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
3,808,693 |
|
|
|
726,853 |
|
|
|
(67,225 |
) |
|
|
(299,893 |
) |
|
|
(107,921 |
) |
|
|
4,060,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Other increase or decrease represents the changes in investments in associates and joint ventures due to disposals, change in capital adjustments arising from translations of financial statements of foreign investees
and others. |
(e) |
Summarized financial information of associates and joint ventures as of and for the years ended December 31, 2015 and 2014 are as follows: |
(in millions of Won)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
Assets |
|
|
Liabilities |
|
|
Equity (deficit) |
|
|
Sales |
|
|
Net income (loss) |
|
[Domestic] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQP POSCO Global NO1 Natural Resources PEF |
|
W |
|
|
|
|
607,966 |
|
|
|
1,043 |
|
|
|
606,923 |
|
|
|
|
|
|
|
(1,231 |
) |
POSCO PLANTEC Co., Ltd. |
|
|
|
|
|
|
609,655 |
|
|
|
725,406 |
|
|
|
(115,751 |
) |
|
|
457,180 |
|
|
|
(330,819 |
) |
SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel Co., Ltd.) |
|
|
|
|
|
|
1,293,143 |
|
|
|
568,639 |
|
|
|
724,504 |
|
|
|
971,557 |
|
|
|
23,403 |
|
SNNC |
|
|
|
|
|
|
793,480 |
|
|
|
551,830 |
|
|
|
241,650 |
|
|
|
509,044 |
|
|
|
(57,156 |
) |
QSONE Co.,Ltd. |
|
|
|
|
|
|
249,482 |
|
|
|
81,644 |
|
|
|
167,838 |
|
|
|
15,068 |
|
|
|
140 |
|
UITrans LRT Co., Ltd. |
|
|
|
|
|
|
343,744 |
|
|
|
267,543 |
|
|
|
76,201 |
|
|
|
|
|
|
|
(846 |
) |
Incheon-Gimpo Expressway Co., Ltd. |
|
|
|
|
|
|
648,602 |
|
|
|
458,137 |
|
|
|
190,465 |
|
|
|
|
|
|
|
(1,567 |
) |
BLUE OCEAN Private Equity Fund |
|
|
|
|
|
|
380,000 |
|
|
|
244,316 |
|
|
|
135,684 |
|
|
|
492,065 |
|
|
|
24,422 |
|
Chuncheon Energy Corp. |
|
|
|
|
|
|
149,025 |
|
|
|
42,094 |
|
|
|
106,931 |
|
|
|
|
|
|
|
(2,389 |
) |
KoFC POSCO HANWHA KB Shared Growth NO. 2. Private Equity Fund |
|
|
|
|
|
|
119,747 |
|
|
|
1,112 |
|
|
|
118,635 |
|
|
|
5,012 |
|
|
|
1,804 |
|
Daesung Steel Co. |
|
|
|
|
|
|
163,331 |
|
|
|
115,475 |
|
|
|
47,856 |
|
|
|
13,798 |
|
|
|
(1,725 |
) |
Keystone-HYUNDAI SECURITIES NO. 1. Private Equity Fund |
|
|
|
|
|
|
68,315 |
|
|
|
31,626 |
|
|
|
36,689 |
|
|
|
|
|
|
|
(1,956 |
) |
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd |
|
|
|
|
|
|
154,695 |
|
|
|
137,471 |
|
|
|
17,224 |
|
|
|
21,518 |
|
|
|
(30,023 |
) |
KONES, Corp. |
|
|
|
|
|
|
3,544 |
|
|
|
2,114 |
|
|
|
1,430 |
|
|
|
5,337 |
|
|
|
746 |
|
POSCO MITSUBISHI CARBON TECHNOLOGY |
|
|
|
|
|
|
489,393 |
|
|
|
315,392 |
|
|
|
174,001 |
|
|
|
|
|
|
|
(13,068 |
) |
POSCO ES MATERIALS |
|
|
|
|
|
|
84,719 |
|
|
|
39,381 |
|
|
|
45,338 |
|
|
|
29,214 |
|
|
|
880 |
|
73
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
Assets |
|
|
Liabilities |
|
|
Equity (deficit) |
|
|
Sales |
|
|
Net income (loss) |
|
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South-East Asia Gas Pipeline Company Ltd. |
|
|
2,223,846 |
|
|
|
1,333,048 |
|
|
|
890,798 |
|
|
|
554,927 |
|
|
|
220,203 |
|
7623704 Canada Inc. |
|
|
1,300,951 |
|
|
|
7 |
|
|
|
1,300,944 |
|
|
|
76,114 |
|
|
|
118,007 |
|
Nickel Mining Company SAS |
|
|
445,685 |
|
|
|
238,695 |
|
|
|
206,990 |
|
|
|
155,980 |
|
|
|
(45,748 |
) |
KOREA LNG LTD. |
|
|
257,773 |
|
|
|
36 |
|
|
|
257,737 |
|
|
|
63,574 |
|
|
|
61,806 |
|
Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd |
|
|
107,874 |
|
|
|
45,534 |
|
|
|
62,340 |
|
|
|
114,994 |
|
|
|
(5,783 |
) |
PT. Batutua Tembaga Raya |
|
|
286,761 |
|
|
|
268,933 |
|
|
|
17,828 |
|
|
|
|
|
|
|
|
|
PT. Wampu Electric Power |
|
|
201,383 |
|
|
|
160,159 |
|
|
|
41,224 |
|
|
|
17,473 |
|
|
|
(1,304 |
) |
POSCO SeAH Steel Wire(Nantong) Co., Ltd. |
|
|
65,973 |
|
|
|
38,336 |
|
|
|
27,637 |
|
|
|
67,700 |
|
|
|
(403 |
) |
CAML RESOURCES PTY LTD |
|
|
136,112 |
|
|
|
41,768 |
|
|
|
94,344 |
|
|
|
146,909 |
|
|
|
(20,110 |
) |
Roy Hill Holdings Pty Ltd |
|
|
9,295,492 |
|
|
|
6,584,536 |
|
|
|
2,710,956 |
|
|
|
|
|
|
|
(492,709 |
) |
POSCO-NPS Niobium LLC |
|
|
762,719 |
|
|
|
|
|
|
|
762,719 |
|
|
|
|
|
|
|
25,935 |
|
DMSA/AMSA |
|
|
6,415,380 |
|
|
|
4,812,244 |
|
|
|
1,603,136 |
|
|
|
737,604 |
|
|
|
(3,308,836 |
) |
BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |
|
|
703,408 |
|
|
|
327,391 |
|
|
|
376,017 |
|
|
|
936,590 |
|
|
|
1,162 |
|
CSP - Compania Siderurgica do Pecem |
|
|
3,839,967 |
|
|
|
3,319,880 |
|
|
|
520,087 |
|
|
|
|
|
|
|
(721,937 |
) |
KOBRASCO |
|
|
187,823 |
|
|
|
31,094 |
|
|
|
156,729 |
|
|
|
94,169 |
|
|
|
62,248 |
|
(in millions of Won)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
Assets |
|
|
Liabilities |
|
|
Equity (deficit) |
|
|
Sales |
|
|
Net income (loss) |
|
[Domestic] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQP POSCO Global NO1 Natural Resources PEF |
|
W |
|
|
|
|
621,960 |
|
|
|
1,044 |
|
|
|
620,916 |
|
|
|
|
|
|
|
(576 |
) |
SNNC |
|
|
|
|
|
|
826,597 |
|
|
|
528,246 |
|
|
|
298,351 |
|
|
|
345,836 |
|
|
|
41,117 |
|
QSONE Co.,Ltd. |
|
|
|
|
|
|
247,590 |
|
|
|
79,891 |
|
|
|
167,699 |
|
|
|
13,674 |
|
|
|
(603 |
) |
UITrans LRT Co., Ltd. |
|
|
|
|
|
|
169,574 |
|
|
|
117,996 |
|
|
|
51,578 |
|
|
|
|
|
|
|
(887 |
) |
Incheon-Gimpo Expressway Co., Ltd. |
|
|
|
|
|
|
337,639 |
|
|
|
172,464 |
|
|
|
165,175 |
|
|
|
|
|
|
|
(1,148 |
) |
BLUE OCEAN Private Equity Fund |
|
|
|
|
|
|
361,810 |
|
|
|
247,573 |
|
|
|
114,237 |
|
|
|
574,476 |
|
|
|
8,489 |
|
KoFC POSCO HANWHA KB Shared Growth NO. 2. Private Equity Fund |
|
|
|
|
|
|
100,063 |
|
|
|
1,917 |
|
|
|
98,146 |
|
|
|
1,932 |
|
|
|
(4,238 |
) |
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd |
|
|
|
|
|
|
256,207 |
|
|
|
208,960 |
|
|
|
47,247 |
|
|
|
5,240 |
|
|
|
(14,798 |
) |
KONES, Corp. |
|
|
|
|
|
|
3,756 |
|
|
|
3,155 |
|
|
|
601 |
|
|
|
7,269 |
|
|
|
(907 |
) |
Gunggi Green Energy |
|
|
|
|
|
|
328,976 |
|
|
|
264,278 |
|
|
|
64,698 |
|
|
|
124,181 |
|
|
|
(4,720 |
) |
POSCO MITSUBISHI CARBON TECHNOLOGY |
|
|
|
|
|
|
405,387 |
|
|
|
218,275 |
|
|
|
187,112 |
|
|
|
|
|
|
|
(4,725 |
) |
POSCO ES MATERIALS |
|
|
|
|
|
|
64,088 |
|
|
|
19,602 |
|
|
|
44,486 |
|
|
|
13,403 |
|
|
|
(4,459 |
) |
[Foreign] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South-East Asia Gas Pipeline Company Ltd. |
|
|
|
|
|
|
1,997,068 |
|
|
|
1,306,957 |
|
|
|
690,111 |
|
|
|
353,439 |
|
|
|
102,385 |
|
7623704 Canada Inc. |
|
|
|
|
|
|
1,138,126 |
|
|
|
4 |
|
|
|
1,138,122 |
|
|
|
|
|
|
|
(612 |
) |
Nickel Mining Company SAS |
|
|
|
|
|
|
410,230 |
|
|
|
140,860 |
|
|
|
269,370 |
|
|
|
133,975 |
|
|
|
(24,800 |
) |
KOREA LNG LTD. |
|
|
|
|
|
|
393,581 |
|
|
|
45 |
|
|
|
393,536 |
|
|
|
94,936 |
|
|
|
93,067 |
|
CAML RESOURCES PTY LTD |
|
|
|
|
|
|
159,281 |
|
|
|
38,591 |
|
|
|
120,690 |
|
|
|
172,093 |
|
|
|
(6,570 |
) |
Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd |
|
|
|
|
|
|
148,077 |
|
|
|
80,538 |
|
|
|
67,539 |
|
|
|
186,733 |
|
|
|
1,112 |
|
PT. Batutua Tembaga Raya |
|
|
|
|
|
|
100,142 |
|
|
|
151,591 |
|
|
|
(51,449 |
) |
|
|
1,309 |
|
|
|
(2,110 |
) |
VSC POSCO Steel Corporation |
|
|
|
|
|
|
38,388 |
|
|
|
26,942 |
|
|
|
11,446 |
|
|
|
103,877 |
|
|
|
73 |
|
PT. Wampu Electric Power |
|
|
|
|
|
|
172,950 |
|
|
|
138,012 |
|
|
|
34,938 |
|
|
|
43,184 |
|
|
|
670 |
|
POSCO SeAH Steel Wire(Nantong) Co., Ltd. |
|
|
|
|
|
|
66,097 |
|
|
|
38,572 |
|
|
|
27,525 |
|
|
|
80,059 |
|
|
|
2,636 |
|
Roy Hill Holdings Pty Ltd. |
|
|
|
|
|
|
6,809,416 |
|
|
|
3,431,438 |
|
|
|
3,377,978 |
|
|
|
|
|
|
|
(118,264 |
) |
POSCO-NPS Niobium LLC |
|
|
|
|
|
|
715,546 |
|
|
|
|
|
|
|
715,546 |
|
|
|
|
|
|
|
32,741 |
|
DMSA/AMSA |
|
|
|
|
|
|
8,938,860 |
|
|
|
5,918,665 |
|
|
|
3,020,195 |
|
|
|
695,505 |
|
|
|
(544,837 |
) |
BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |
|
|
|
|
|
|
816,813 |
|
|
|
448,854 |
|
|
|
367,959 |
|
|
|
1,290,490 |
|
|
|
3,771 |
|
CSP - Compania Siderurgica do Pecem |
|
|
|
|
|
|
3,060,008 |
|
|
|
1,467,004 |
|
|
|
1,593,004 |
|
|
|
|
|
|
|
(90,649 |
) |
KOBRASCO |
|
|
|
|
|
|
234,595 |
|
|
|
35,021 |
|
|
|
199,574 |
|
|
|
99,677 |
|
|
|
60,712 |
|
74
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Details of significant joint operations that the Company is participating in as a
party to a joint arrangement as of December 31, 2015 are as follows:
|
|
|
|
|
|
|
Joint operations |
|
Operation |
|
Ownership (%) |
|
Location |
Myanmar A-1/A-3 mine |
|
Mine development |
|
51.00 |
|
Myanmar |
Offshore midstream |
|
Mine development |
|
51.00 |
|
Myanmar |
Greenhills mine |
|
Mine development |
|
20.00 |
|
Canada |
Arctos Anthracite coal project |
|
Mine development |
|
20.00 |
|
Canada |
Mt. Thorley J/V |
|
Mine development |
|
20.00 |
|
Australia |
POSMAC J/V |
|
Mine development |
|
20.00 |
|
Australia |
CD J/V |
|
Mine development |
|
5.00 |
|
Australia |
RUM J/V |
|
Mine development |
|
10.00 |
|
Australia |
13. |
Investment Property, Net |
(a) |
Investment property as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
(in millions of Won) |
|
|
|
|
Acquisition cost |
|
|
Accumulated depreciation and impairment loss |
|
|
Book value |
|
|
Acquisition cost |
|
|
Accumulated depreciation and impairment loss |
|
|
Book value |
|
Land |
|
W |
|
|
|
|
378,717 |
|
|
|
(31,838 |
) |
|
|
346,879 |
|
|
|
447,350 |
|
|
|
(31,838 |
) |
|
|
415,512 |
|
Buildings |
|
|
|
|
|
|
806,030 |
|
|
|
(109,504 |
) |
|
|
696,526 |
|
|
|
681,924 |
|
|
|
(90,277 |
) |
|
|
591,647 |
|
Structures |
|
|
|
|
|
|
3,971 |
|
|
|
(2,152 |
) |
|
|
1,819 |
|
|
|
4,058 |
|
|
|
(1,998 |
) |
|
|
2,060 |
|
Construction-in-progress |
|
|
|
|
|
|
39,068 |
|
|
|
|
|
|
|
39,068 |
|
|
|
46,373 |
|
|
|
|
|
|
|
46,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
1,227,786 |
|
|
|
(143,494 |
) |
|
|
1,084,292 |
|
|
|
1,179,705 |
|
|
|
(124,113 |
) |
|
|
1,055,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2015, the fair value of investment property is W1,513,111 million,
among which the Company evaluated the investment property of 3 subsidiaries, including HOTEL LAONZENA acquired during the year ended December 31, 2015, as its book value since it is believed that the book value of W70,607
million approximates fair value. Also, the Company used the prior years fair value for some of the investment property since it is believed to be approximately the same.
(b) |
Changes in the carrying value of investment property for the years ended December 31, 2015 and 2014 were as follows: |
|
1) |
For the year ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Beginning |
|
|
Acquisitions |
|
|
Business combination |
|
|
Disposals |
|
|
Depreciation(*1) |
|
|
Others(*2) |
|
|
Ending |
|
Land |
|
W |
|
|
|
|
415,512 |
|
|
|
2,665 |
|
|
|
5,964 |
|
|
|
(433 |
) |
|
|
(85 |
) |
|
|
(76,744 |
) |
|
|
346,879 |
|
Buildings |
|
|
|
|
|
|
591,647 |
|
|
|
49,281 |
|
|
|
26,750 |
|
|
|
(909 |
) |
|
|
(25,391 |
) |
|
|
55,148 |
|
|
|
696,526 |
|
Structures |
|
|
|
|
|
|
2,060 |
|
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
(173 |
) |
|
|
(108 |
) |
|
|
1,819 |
|
Construction-in-progress |
|
|
|
|
|
|
46,373 |
|
|
|
9,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16,797 |
) |
|
|
39,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
1,055,592 |
|
|
|
61,478 |
|
|
|
32,714 |
|
|
|
(1,342 |
) |
|
|
(25,649 |
) |
|
|
(38,501 |
) |
|
|
1,084,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Impairment loss on investment property amounting to W85 million are included. |
(*2) |
Includes reclassification resulting from changing purpose of use, adjustment of foreign currency translation difference and others. |
75
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
2) |
For the year ended December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Beginning |
|
|
Acquisitions |
|
|
Business combination |
|
|
Disposals |
|
|
Depreciation(*1) |
|
|
Others(*2) |
|
|
Ending |
|
Land |
|
W |
|
|
|
|
161,502 |
|
|
|
97,883 |
|
|
|
13 |
|
|
|
(20,500 |
) |
|
|
|
|
|
|
176,614 |
|
|
|
415,512 |
|
Buildings |
|
|
|
|
|
|
239,193 |
|
|
|
195,722 |
|
|
|
208 |
|
|
|
(19,212 |
) |
|
|
(12,858 |
) |
|
|
188,594 |
|
|
|
591,647 |
|
Structures |
|
|
|
|
|
|
3,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(413 |
) |
|
|
(1,126 |
) |
|
|
2,060 |
|
Construction-in-progress |
|
|
|
|
|
|
20,935 |
|
|
|
112,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(87,560 |
) |
|
|
46,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
425,229 |
|
|
|
406,603 |
|
|
|
221 |
|
|
|
(39,712 |
) |
|
|
(13,271 |
) |
|
|
276,522 |
|
|
|
1,055,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Impairment loss on investment property amounting to W23 million are included. |
(*2) |
Includes reclassification resulting from changing purpose of use, adjustment of foreign currency translation difference and others. |
14. |
Property, Plant and Equipment, Net |
(a) |
Property, plant and equipment as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
(in millions of Won) |
|
|
|
|
Acquisition cost |
|
|
Accumulated depreciation and impairment loss |
|
|
Government grants |
|
|
Book value |
|
|
Acquisition cost |
|
|
Accumulated depreciation and impairment loss |
|
|
Government grants |
|
|
Book value |
|
Land |
|
W |
|
|
|
|
2,572,807 |
|
|
|
|
|
|
|
|
|
|
|
2,572,807 |
|
|
|
2,801,288 |
|
|
|
|
|
|
|
|
|
|
|
2,801,288 |
|
Buildings |
|
|
|
|
|
|
8,982,405 |
|
|
|
(3,816,242 |
) |
|
|
(438 |
) |
|
|
5,165,725 |
|
|
|
8,824,462 |
|
|
|
(3,460,858 |
) |
|
|
(4,280 |
) |
|
|
5,359,324 |
|
Structures |
|
|
|
|
|
|
5,217,953 |
|
|
|
(2,268,465 |
) |
|
|
(75 |
) |
|
|
2,949,413 |
|
|
|
5,106,863 |
|
|
|
(2,076,499 |
) |
|
|
(201 |
) |
|
|
3,030,163 |
|
Machinery and equipment |
|
|
|
|
|
|
45,547,591 |
|
|
|
(24,453,433 |
) |
|
|
(415 |
) |
|
|
21,093,743 |
|
|
|
43,972,182 |
|
|
|
(22,771,455 |
) |
|
|
(842 |
) |
|
|
21,199,885 |
|
Vehicles |
|
|
|
|
|
|
303,366 |
|
|
|
(251,315 |
) |
|
|
(46 |
) |
|
|
52,005 |
|
|
|
304,346 |
|
|
|
(247,611 |
) |
|
|
(40 |
) |
|
|
56,695 |
|
Tools |
|
|
|
|
|
|
372,440 |
|
|
|
(298,586 |
) |
|
|
(376 |
) |
|
|
73,478 |
|
|
|
360,625 |
|
|
|
(296,517 |
) |
|
|
(39 |
) |
|
|
64,069 |
|
Furniture and fixtures |
|
|
|
|
|
|
590,046 |
|
|
|
(441,565 |
) |
|
|
(382 |
) |
|
|
148,099 |
|
|
|
577,126 |
|
|
|
(433,330 |
) |
|
|
(14 |
) |
|
|
143,782 |
|
Finance lease assets |
|
|
|
|
|
|
168,601 |
|
|
|
(75,805 |
) |
|
|
|
|
|
|
92,796 |
|
|
|
162,154 |
|
|
|
(82,073 |
) |
|
|
|
|
|
|
80,081 |
|
Construction-in-progress |
|
|
|
|
|
|
2,379,890 |
|
|
|
|
|
|
|
(5,101 |
) |
|
|
2,374,789 |
|
|
|
2,511,009 |
|
|
|
|
|
|
|
(5,101 |
) |
|
|
2,505,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
66,135,099 |
|
|
|
(31,605,411 |
) |
|
|
(6,833 |
) |
|
|
34,522,855 |
|
|
|
64,620,055 |
|
|
|
(29,368,343 |
) |
|
|
(10,517 |
) |
|
|
35,241,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
Changes in the carrying value of property, plant and equipment for the years ended December 31, 2015 and 2014 were as follows: |
|
1) |
For the year ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Beginning |
|
|
Acquisitions |
|
|
Business combination |
|
|
Disposals |
|
|
Depreciation(*1) |
|
|
Others(*2) |
|
|
Ending |
|
Land |
|
W |
|
|
|
|
2,801,288 |
|
|
|
47,858 |
|
|
|
12,520 |
|
|
|
(30,222 |
) |
|
|
(1,517 |
) |
|
|
(257,120 |
) |
|
|
2,572,807 |
|
Buildings |
|
|
|
|
|
|
5,359,324 |
|
|
|
57,042 |
|
|
|
56,156 |
|
|
|
(20,759 |
) |
|
|
(349,774 |
) |
|
|
63,736 |
|
|
|
5,165,725 |
|
Structures |
|
|
|
|
|
|
3,030,163 |
|
|
|
23,149 |
|
|
|
|
|
|
|
(3,819 |
) |
|
|
(213,550 |
) |
|
|
113,470 |
|
|
|
2,949,413 |
|
Machinery and equipment |
|
|
|
|
|
|
21,199,885 |
|
|
|
239,430 |
|
|
|
301 |
|
|
|
(74,445 |
) |
|
|
(2,244,183 |
) |
|
|
1,972,755 |
|
|
|
21,093,743 |
|
Vehicles |
|
|
|
|
|
|
56,695 |
|
|
|
9,735 |
|
|
|
|
|
|
|
(1,601 |
) |
|
|
(18,221 |
) |
|
|
5,397 |
|
|
|
52,005 |
|
Tools |
|
|
|
|
|
|
64,069 |
|
|
|
25,230 |
|
|
|
1,714 |
|
|
|
(1,169 |
) |
|
|
(29,401 |
) |
|
|
13,035 |
|
|
|
73,478 |
|
Furniture and fixtures |
|
|
|
|
|
|
143,782 |
|
|
|
43,697 |
|
|
|
1,497 |
|
|
|
(1,502 |
) |
|
|
(63,754 |
) |
|
|
24,379 |
|
|
|
148,099 |
|
Finance lease assets |
|
|
|
|
|
|
80,081 |
|
|
|
598 |
|
|
|
157 |
|
|
|
(98 |
) |
|
|
(9,026 |
) |
|
|
21,084 |
|
|
|
92,796 |
|
Construction-in-progress |
|
|
|
|
|
|
2,505,908 |
|
|
|
2,245,729 |
|
|
|
|
|
|
|
(4,418 |
) |
|
|
(17,846 |
) |
|
|
(2,354,584 |
) |
|
|
2,374,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
35,241,195 |
|
|
|
2,692,468 |
|
|
|
72,345 |
|
|
|
(138,033 |
) |
|
|
(2,947,272 |
) |
|
|
(397,848 |
) |
|
|
34,522,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
76
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(*1) |
Impairment losses of property, plant and equipment amounting to W136,269 million are included. |
(*2) |
Includes reclassification for changing purpose of use, adjustment of foreign currency translation differences and others. |
|
2) |
For the year ended December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Beginning |
|
|
Acquisitions |
|
|
Business combination |
|
|
Disposals |
|
|
Depreciation(*1) |
|
|
Others(*2) |
|
|
Ending |
|
Land |
|
W |
|
|
|
|
2,708,010 |
|
|
|
92,645 |
|
|
|
146,755 |
|
|
|
(10,410 |
) |
|
|
(1,839 |
) |
|
|
(133,873 |
) |
|
|
2,801,288 |
|
Buildings |
|
|
|
|
|
|
4,888,835 |
|
|
|
97,701 |
|
|
|
72,483 |
|
|
|
(18,968 |
) |
|
|
(372,445 |
) |
|
|
691,718 |
|
|
|
5,359,324 |
|
Structures |
|
|
|
|
|
|
2,784,587 |
|
|
|
42,341 |
|
|
|
15,525 |
|
|
|
(3,517 |
) |
|
|
(223,487 |
) |
|
|
414,714 |
|
|
|
3,030,163 |
|
Machinery and equipment |
|
|
|
|
|
|
19,442,836 |
|
|
|
372,448 |
|
|
|
26,998 |
|
|
|
(45,777 |
) |
|
|
(2,194,014 |
) |
|
|
3,597,394 |
|
|
|
21,199,885 |
|
Vehicles |
|
|
|
|
|
|
51,033 |
|
|
|
17,665 |
|
|
|
614 |
|
|
|
(2,136 |
) |
|
|
(20,166 |
) |
|
|
9,685 |
|
|
|
56,695 |
|
Tools |
|
|
|
|
|
|
62,853 |
|
|
|
29,351 |
|
|
|
4,210 |
|
|
|
(578 |
) |
|
|
(33,480 |
) |
|
|
1,713 |
|
|
|
64,069 |
|
Furniture and fixtures |
|
|
|
|
|
|
173,152 |
|
|
|
41,113 |
|
|
|
1,599 |
|
|
|
(2,291 |
) |
|
|
(70,938 |
) |
|
|
1,147 |
|
|
|
143,782 |
|
Finance lease assets |
|
|
|
|
|
|
100,524 |
|
|
|
2,710 |
|
|
|
|
|
|
|
(31 |
) |
|
|
(29,825 |
) |
|
|
6,703 |
|
|
|
80,081 |
|
Construction-in-progress |
|
|
|
|
|
|
5,548,289 |
|
|
|
2,804,568 |
|
|
|
19,156 |
|
|
|
(14,088 |
) |
|
|
|
|
|
|
(5,852,017 |
) |
|
|
2,505,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
35,760,119 |
|
|
|
3,500,542 |
|
|
|
287,340 |
|
|
|
(97,796 |
) |
|
|
(2,946,194 |
) |
|
|
(1,262,816 |
) |
|
|
35,241,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Impairment losses of property, plant and equipment amounting to W64,833 million are included. |
(*2) |
Includes reclassification for changing purpose of use, adjustments of foreign currency translation differences and others. |
(c) |
Borrowing costs capitalized and the capitalized interest rate for the years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Weighted average expenditure |
|
W |
|
|
|
|
1,733,503 |
|
|
|
1,772,492 |
|
Borrowing costs capitalized |
|
|
|
|
|
|
40,990 |
|
|
|
76,566 |
|
Capitalization rate (%) |
|
|
|
|
|
|
3.02 ~ 4.24 |
|
|
|
1.69 ~ 4.19 |
|
(d) |
Property, plant and equipment and investment property pledged as collateral as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
Collateral right holder |
|
|
|
|
2015 |
|
|
2014 |
|
Land(*1) |
|
Korean Development Bank and others |
|
W |
|
|
|
|
826,802 |
|
|
|
1,040,850 |
|
Buildings and structures(*1) |
|
Korean Development Bank and others |
|
|
|
|
|
|
1,446,605 |
|
|
|
1,324,597 |
|
Machinery and equipment |
|
Korean Development Bank and others |
|
|
|
|
|
|
4,260,206 |
|
|
|
3,594,331 |
|
Tools |
|
Korean Development Bank |
|
|
|
|
|
|
162 |
|
|
|
104 |
|
Construction-in-progress |
|
Export-Import Bank of Korea |
|
|
|
|
|
|
1,000,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
7,534,093 |
|
|
|
5,959,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Investment property and other assets (land-use right) are included. |
77
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
15. |
Goodwill and Other Intangible Assets, Net |
(a) |
Goodwill and other intangible assets as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
(in millions of Won) |
|
|
|
|
Acquisition cost |
|
|
Accumulated depreciation and impairment |
|
|
Government grants |
|
|
Book value |
|
|
Acquisition cost |
|
|
Accumulated depreciation and impairment |
|
|
Government grants |
|
|
Book value |
|
Goodwill |
|
W |
|
|
|
|
1,660,395 |
|
|
|
(198,441 |
) |
|
|
|
|
|
|
1,461,954 |
|
|
|
1,932,065 |
|
|
|
(136,921 |
) |
|
|
|
|
|
|
1,795,144 |
|
Intellectual property rights |
|
|
|
|
|
|
2,848,990 |
|
|
|
(181,098 |
) |
|
|
(806 |
) |
|
|
2,667,086 |
|
|
|
2,910,143 |
|
|
|
(146,544 |
) |
|
|
(920 |
) |
|
|
2,762,679 |
|
Premium in rental |
|
|
|
|
|
|
148,141 |
|
|
|
(20,192 |
) |
|
|
|
|
|
|
127,949 |
|
|
|
150,438 |
|
|
|
(19,496 |
) |
|
|
|
|
|
|
130,942 |
|
Development expense |
|
|
|
|
|
|
337,318 |
|
|
|
(201,278 |
) |
|
|
(244 |
) |
|
|
135,796 |
|
|
|
330,365 |
|
|
|
(161,263 |
) |
|
|
(356 |
) |
|
|
168,746 |
|
Port facilities usage rights |
|
|
|
|
|
|
625,991 |
|
|
|
(361,190 |
) |
|
|
|
|
|
|
264,801 |
|
|
|
506,125 |
|
|
|
(349,681 |
) |
|
|
|
|
|
|
156,444 |
|
Exploration and evaluation assets |
|
|
|
|
|
|
181,710 |
|
|
|
(30,566 |
) |
|
|
|
|
|
|
151,144 |
|
|
|
123,025 |
|
|
|
(30,566 |
) |
|
|
|
|
|
|
92,459 |
|
Customer relationships |
|
|
|
|
|
|
857,417 |
|
|
|
(297,608 |
) |
|
|
|
|
|
|
559,809 |
|
|
|
859,023 |
|
|
|
(217,398 |
) |
|
|
|
|
|
|
641,625 |
|
Power generation permit |
|
|
|
|
|
|
539,405 |
|
|
|
|
|
|
|
|
|
|
|
539,405 |
|
|
|
539,405 |
|
|
|
|
|
|
|
|
|
|
|
539,405 |
|
Other intangible assets |
|
|
|
|
|
|
966,761 |
|
|
|
(468,934 |
) |
|
|
(17 |
) |
|
|
497,810 |
|
|
|
1,159,574 |
|
|
|
(562,014 |
) |
|
|
(15 |
) |
|
|
597,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
8,166,128 |
|
|
|
(1,759,307 |
) |
|
|
(1,067 |
) |
|
|
6,405,754 |
|
|
|
8,510,163 |
|
|
|
(1,623,883 |
) |
|
|
(1,291 |
) |
|
|
6,884,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
The changes in carrying value of goodwill and other intangible assets for the years ended December 31, 2015 and 2014 were as follows: |
|
1) |
For the year ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Beginning |
|
|
Acquisitions |
|
|
Disposals |
|
|
Amortization |
|
|
Impairment loss |
|
|
Others(*2) |
|
|
Ending |
|
Goodwill |
|
W |
|
|
|
W |
1,795,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(99,052 |
) |
|
|
(234,138 |
) |
|
|
1,461,954 |
|
Intellectual property rights |
|
|
|
|
|
|
2,762,679 |
|
|
|
127,112 |
|
|
|
(3,921 |
) |
|
|
(192,660 |
) |
|
|
(20,725 |
) |
|
|
(5,399 |
) |
|
|
2,667,086 |
|
Premium in rental(*1) |
|
|
|
|
|
|
130,942 |
|
|
|
13,530 |
|
|
|
(10,594 |
) |
|
|
(171 |
) |
|
|
(2,413 |
) |
|
|
(3,345 |
) |
|
|
127,949 |
|
Development expense |
|
|
|
|
|
|
168,746 |
|
|
|
6,749 |
|
|
|
(1,084 |
) |
|
|
(53,740 |
) |
|
|
(3,034 |
) |
|
|
18,159 |
|
|
|
135,796 |
|
Port facilities usage rights |
|
|
|
|
|
|
156,444 |
|
|
|
|
|
|
|
|
|
|
|
(11,810 |
) |
|
|
|
|
|
|
120,167 |
|
|
|
264,801 |
|
Exploration and evaluation assets |
|
|
|
|
|
|
92,459 |
|
|
|
61,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,742 |
) |
|
|
151,144 |
|
Customer relationships |
|
|
|
|
|
|
641,625 |
|
|
|
|
|
|
|
|
|
|
|
(51,808 |
) |
|
|
(28,402 |
) |
|
|
(1,606 |
) |
|
|
559,809 |
|
Power generation permit |
|
|
|
|
|
|
539,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
539,405 |
|
Other intangible assets |
|
|
|
|
|
|
597,545 |
|
|
|
88,105 |
|
|
|
(488 |
) |
|
|
(71,394 |
) |
|
|
(7,531 |
) |
|
|
(108,427 |
) |
|
|
497,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
W |
6,884,989 |
|
|
|
296,923 |
|
|
|
(16,087 |
) |
|
|
(381,583 |
) |
|
|
(161,157 |
) |
|
|
(217,331 |
) |
|
|
6,405,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Premium in rental includes memberships with indefinite useful lives. |
(*2) |
Includes reclassification, adjustments of foreign currency translation differences and others. |
78
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
2) |
For the year ended December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Beginning |
|
|
Acquisitions |
|
|
Business combination |
|
|
Disposals |
|
|
Amortization |
|
|
Impairment loss |
|
|
Others(*3) |
|
|
Ending |
|
Goodwill(*1) |
|
W |
|
|
|
|
1,615,938 |
|
|
|
|
|
|
|
187,285 |
|
|
|
|
|
|
|
|
|
|
|
(11,297 |
) |
|
|
3,218 |
|
|
|
1,795,144 |
|
Intellectual property rights |
|
|
|
|
|
|
1,474,859 |
|
|
|
199,850 |
|
|
|
32 |
|
|
|
(218 |
) |
|
|
(143,548 |
) |
|
|
(27,720 |
) |
|
|
1,259,424 |
|
|
|
2,762,679 |
|
Premium in rental(*2) |
|
|
|
|
|
|
131,267 |
|
|
|
8,775 |
|
|
|
1,661 |
|
|
|
(4,484 |
) |
|
|
(265 |
) |
|
|
(2,609 |
) |
|
|
(3,403 |
) |
|
|
130,942 |
|
Development expense |
|
|
|
|
|
|
61,102 |
|
|
|
18,032 |
|
|
|
2,659 |
|
|
|
(3,484 |
) |
|
|
(56,453 |
) |
|
|
(9,366 |
) |
|
|
156,256 |
|
|
|
168,746 |
|
Port facilities usage rights |
|
|
|
|
|
|
167,111 |
|
|
|
433 |
|
|
|
|
|
|
|
|
|
|
|
(12,462 |
) |
|
|
|
|
|
|
1,362 |
|
|
|
156,444 |
|
Exploration and evaluation assets |
|
|
|
|
|
|
359,748 |
|
|
|
32,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(718 |
) |
|
|
(298,762 |
) |
|
|
92,459 |
|
Mining development assets |
|
|
|
|
|
|
968,191 |
|
|
|
1,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(969,675 |
) |
|
|
|
|
Customer relationships |
|
|
|
|
|
|
692,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(53,969 |
) |
|
|
|
|
|
|
2,714 |
|
|
|
641,625 |
|
Power generation permit(*4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
539,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
539,405 |
|
Other intangible assets(*5) |
|
|
|
|
|
|
458,744 |
|
|
|
262,076 |
|
|
|
88,808 |
|
|
|
(665 |
) |
|
|
(77,243 |
) |
|
|
(717 |
) |
|
|
(133,458 |
) |
|
|
597,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
5,929,840 |
|
|
|
522,841 |
|
|
|
819,850 |
|
|
|
(8,851 |
) |
|
|
(343,940 |
) |
|
|
(52,427 |
) |
|
|
17,676 |
|
|
|
6,884,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
During the year ended December 31, 2014, goodwill arising from business combination amounting to W180,418 million were included in relation to the acquisition of POSCO PLANTEC Co., Ltd.
|
(*2) |
Premium in rental includes memberships with indefinite useful lives. |
(*3) |
Includes reclassification, adjustments of foreign currency translation differences and others. |
(*4) |
POSCO ENERGY CO., LTD. recognized power generation permit amounting to W539,405 million in relation to operation permit for electricity business when acquiring POSPOWER CO., Ltd. |
(*5) |
During the year ended December 31, 2014, POSCO ENGINEERING & CONSTRUCTION., LTD. recognized other intangible assets and other provisions amounting to W169,000 million in relation to
project financing agreements on the Urban Development Project in Gaepo-dong, Seoul. |
(c) |
For the purpose of impairment testing, goodwill is allocated to individually operating entities which are determined to be CGUs. The goodwill amounts as of December 31, 2015 and 2014 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reporting
segments |
|
Total number of CGUs |
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
|
CGUs |
|
|
|
|
2015 |
|
|
2014 |
|
Steel |
|
|
9 |
|
|
|
10 |
|
|
POSCO VST CO., LTD. |
|
W |
|
|
|
|
36,955 |
|
|
|
36,955 |
|
|
|
|
|
|
|
|
|
|
|
POSCO Thainox Public Company Limited(*3) |
|
|
|
|
|
|
|
|
|
|
16,206 |
|
|
|
|
|
|
|
|
|
|
|
Others |
|
|
|
|
|
|
13,279 |
|
|
|
13,623 |
|
Trading |
|
|
3 |
|
|
|
3 |
|
|
Daewoo International Corporation(*1) |
|
|
|
|
|
|
1,163,922 |
|
|
|
1,163,922 |
|
|
|
|
|
|
|
|
|
|
|
Others |
|
|
|
|
|
|
7,638 |
|
|
|
9,918 |
|
E&C |
|
|
4 |
|
|
|
5 |
|
|
POSCO Engineering Co., Ltd.(*2) |
|
|
|
|
|
|
194,637 |
|
|
|
194,637 |
|
|
|
|
|
|
|
|
|
|
|
POSCO PLANTEC Co., Ltd.(*4,5) |
|
|
|
|
|
|
|
|
|
|
180,418 |
|
|
|
|
|
|
|
|
|
|
|
EPC EQUITIES LLP(*3) |
|
|
|
|
|
|
|
|
|
|
44,719 |
|
|
|
|
|
|
|
|
|
|
|
Others |
|
|
|
|
|
|
12,558 |
|
|
|
14,802 |
|
Others |
|
|
7 |
|
|
|
9 |
|
|
POSCO ENERGY Co., LTD. |
|
|
|
|
|
|
26,471 |
|
|
|
26,471 |
|
|
|
|
|
|
|
|
|
|
|
PONUTech Co., Ltd(*5) |
|
|
|
|
|
|
|
|
|
|
77,298 |
|
|
|
|
|
|
|
|
|
|
|
Others |
|
|
|
|
|
|
6,494 |
|
|
|
16,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
23 |
|
|
|
27 |
|
|
|
|
W |
|
|
|
|
1,461,954 |
|
|
|
1,795,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(*1) |
Recoverable amounts of Daewoo International Corporation are determined based on its value in use. As of December 31, 2015, value in use is estimated by applying 7.0% discount rate and 1.8% terminal growth rate with
5 years, the period for the estimated future cash flows, based on managements business plan. The terminal growth rate is not exceeded long-term average growth rate of its industry. No impairment loss of goodwill recognized during the year
ended December 31, 2015 as the recoverable amount exceeded the carrying value of the CGU. |
The estimated recoverable
amount of CGU exceeded the carrying value by W45,891 million. Value in use of the CGU was affected by the assumption such as discount rate and terminal growth used in discount cash flow model. When the discount rate increases by
0.25%, value in use will be decreased by 3.78% and when the terminal growth rate decreases by 0.25%, value in use will be decreased by 1.21%.
Management believes that any reasonably possible negative change in the key assumption on which the recoverable amount is based would cause
incurrence of impairment loss of goodwill.
(*2) |
Recoverable amounts of POSCO Engineering Company are determined based on its value in use. As of December 31, 2015, value in use is estimated by applying 9.4% discount rate and 1.0% terminal growth rate with 5
years. The estimated future cash flows for the next 5 years are based on managements approved business plan. The terminal growth rate is not exceeded long-term average growth rate of its industry. No impairment loss of goodwill was recognized
during the year ended December 31, 2015 as the recoverable amount exceeded the carrying value of the CGU. |
The estimated
recoverable amount of CGU exceeded the carrying value by W1,742 million. Value in use of the CGU was affected by the assumption such as discount rate and terminal growth used in discount cash flow model. When the discount rate
increases by 0.25%, value in use will be decreased by 2.27% and when the terminal growth rate decreases by 0.25%, value in use will be decreased by 1.59%.
Management believes that any reasonably possible negative change in the key assumption on which the recoverable amount is based would cause
incurrence of impairment loss of goodwill.
(*3) |
Recoverable amounts of POSCO Thainox Public Company Limited and EPC EQUITIES LLP were determined based on their value in use. Impairment loss of W15,886 million and W45,635 million were
recognized during the year ended December 31, 2015 since the recoverable amounts were below carrying amount. |
(*4) |
Recoverable amount of POSCO PLANTEC Co., Ltd. was determined based on fair value less cost to sell. Impairment loss of W37,531 million was recognized during the year ended December 31, 2015 since
the recoverable amounts were below carrying amount. |
(*5) |
The Company lost its control during the year ended December 31, 2015. |
80
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Other current assets and other non-current assets as of December 31, 2015 and 2014
are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Current |
|
|
|
|
|
|
|
|
|
|
|
|
Advance payments |
|
W |
|
|
|
|
696,839 |
|
|
|
845,114 |
|
Prepaid expenses |
|
|
|
|
|
|
107,379 |
|
|
|
129,914 |
|
Others |
|
|
|
|
|
|
4,034 |
|
|
|
1,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
808,252 |
|
|
|
976,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term advance payments |
|
W |
|
|
|
|
3,467 |
|
|
|
3,454 |
|
Long-term prepaid expenses |
|
|
|
|
|
|
403,536 |
|
|
|
243,933 |
|
Others(*1) |
|
|
|
|
|
|
221,997 |
|
|
|
260,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
629,000 |
|
|
|
507,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
As of December 31, 2015 and 2014, the Company recognized tax assets amounting to W132,489 million and W143,157 million, respectively, based on the Companys best estimate of
the tax amounts to be refunded when the results of the Companys appeal in connection with the additional income tax payment for prior years as a result of tax audits that were finalized in 2014 and claim for rectification are finalized.
|
81
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(a) |
Short-term borrowings and current portion of long-term borrowings as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
Bank |
|
Issuance date |
|
Maturity date |
|
Interest rate (%) |
|
|
|
|
2015 |
|
|
2014 |
|
Short-term borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank overdrafts |
|
Bank of America and others |
|
January, 2015~ December, 2015 |
|
January, 2016~ December, 2016 |
|
0.3~5.0 |
|
W |
|
|
|
|
129,891 |
|
|
|
105,673 |
|
Short-term borrowings |
|
HSBC and others |
|
January, 2015~ December, 2015 |
|
January, 2016~ December, 2016 |
|
0.1~13.5 |
|
|
|
|
|
|
8,285,869 |
|
|
|
9,138,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,415,760 |
|
|
|
9,244,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term borrowings |
|
Export-Import bank of Korea and others |
|
June, 2003~ December, 2015 |
|
January, 2016~ December, 2016 |
|
0.5~6.7 |
|
|
|
|
|
|
1,318,276 |
|
|
|
1,159,090 |
|
Current portion of foreign loan(*1) |
|
NATIXIS |
|
March, 1986 |
|
September, 2016 |
|
2.0 |
|
|
|
|
|
|
401 |
|
|
|
418 |
|
Current portion of debentures |
|
Korean Development Bank and others |
|
August, 2006~ June, 2015 |
|
March, 2016~ December, 2016 |
|
0.9~5.9 |
|
|
|
|
|
|
2,637,614 |
|
|
|
1,793,252 |
|
Less: Current portion of discount on debentures issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,019 |
) |
|
|
(1,753 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,955,272 |
|
|
|
2,951,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
12,371,032 |
|
|
|
12,195,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Korea Development Bank has provided guarantees related to the foreign loan. |
(b) |
Long-term borrowings, excluding current portion as of December 31, 2015 and December 31, 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
Bank |
|
Issuance date |
|
Maturity date |
|
Interest rate (%) |
|
|
|
|
2015 |
|
|
2014 |
|
Long-term borrowings |
|
Export-Import bank of Korea and others |
|
January, 1983~ September, 2015 |
|
January, 2017~ December, 2099 |
|
0.4~9.8 |
|
W |
|
|
|
|
6,814,753 |
|
|
|
7,359,773 |
|
Less : Present value discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(76,828 |
) |
|
|
(109,949 |
) |
Foreign loan(*1) |
|
NATIXIS |
|
March, 1986 |
|
March, 2017 |
|
2.0 |
|
|
|
|
|
|
200 |
|
|
|
627 |
|
Bonds |
|
Korean Development Bank and others |
|
August, 2009~ November, 2015 |
|
March, 2017~ October, 2023 |
|
1.2~6.3 |
|
|
|
|
|
|
6,134,132 |
|
|
|
8,009,547 |
|
Less: Discount on debentures issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23,058 |
) |
|
|
(27,225 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
12,849,199 |
|
|
|
15,232,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) Korea Development Bank has provided guarantees related to the foreign loan.
(c) |
Property, plant and equipment including investment property, trade accounts and notes receivable, financial assets, available-for-sale financial assets, inventories and other assets amounting to
W7,367,425 million, W22,649 million (ninety seven of notes receivable), W78,561 million, W9,520 million, W71,504 million and W157,475 million,
respectively, are provided as collateral related to short-term borrowings, long-term borrowings and debentures. |
82
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Other payables as of December 31, 2015 and 2014 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Current |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
W |
|
|
|
|
983,408 |
|
|
|
1,082,676 |
|
Accrued expenses |
|
|
|
|
|
|
759,598 |
|
|
|
740,250 |
|
Dividend payable |
|
|
|
|
|
|
6,453 |
|
|
|
12,077 |
|
Finance lease liabilities |
|
|
|
|
|
|
26,876 |
|
|
|
21,888 |
|
Withholdings |
|
|
|
|
|
|
352,758 |
|
|
|
337,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
2,129,093 |
|
|
|
2,194,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
W |
|
|
|
|
22,665 |
|
|
|
81,344 |
|
Accrued expenses |
|
|
|
|
|
|
30,221 |
|
|
|
25,886 |
|
Finance lease liabilities |
|
|
|
|
|
|
14,409 |
|
|
|
24,815 |
|
Long-term withholdings |
|
|
|
|
|
|
67,175 |
|
|
|
37,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
134,470 |
|
|
|
169,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19. |
Other Financial Liabilities |
Other financial liabilities as of December 31, 2015 and 2014 are as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Current |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives liabilities(*1) |
|
W |
|
|
|
|
117,841 |
|
|
|
84,146 |
|
Financial guarantee liabilities |
|
|
|
|
|
|
84,276 |
|
|
|
27,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
202,117 |
|
|
|
111,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives liabilities |
|
W |
|
|
|
|
37,661 |
|
|
|
64,926 |
|
Financial guarantee liabilities |
|
|
|
|
|
|
17,035 |
|
|
|
26,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
54,696 |
|
|
|
91,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
The Company assessed the values of call option of SeAH Besteel Corp. in relation to the residual equity held by the Company upon the disposal of SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel
Co., Ltd.). Accordingly, the Company has recognized derivatives liabilities amounting to W8,118 million as of December 31, 2015. |
83
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(a) |
Provisions as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
(in millions of Won) |
|
|
|
|
Current |
|
|
Non-current |
|
|
Current |
|
|
Non-current |
|
Provision for bonus payments |
|
W |
|
|
|
|
42,602 |
|
|
|
|
|
|
|
49,505 |
|
|
|
|
|
Provision for construction warranties |
|
|
|
|
|
|
10,656 |
|
|
|
70,790 |
|
|
|
16,352 |
|
|
|
63,996 |
|
Provision for legal contingencies and claims(*1) |
|
|
|
|
|
|
|
|
|
|
52,610 |
|
|
|
|
|
|
|
50,424 |
|
Provision for the restoration(*2) |
|
|
|
|
|
|
15,569 |
|
|
|
26,357 |
|
|
|
39,336 |
|
|
|
35,462 |
|
Others(*3,4) |
|
|
|
|
|
|
33,493 |
|
|
|
71,935 |
|
|
|
44,837 |
|
|
|
73,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
102,320 |
|
|
|
221,692 |
|
|
|
150,030 |
|
|
|
223,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
The Company recognized probable outflow of resources amounting to W46,001 million and W44,309 million as provisions for legal contingencies and asserted claims in relation to lawsuits
against the Company as of December 31, 2015 and 2014, respectively. |
(*2) |
Due to contamination of land near the Companys magnesium smelting plant located in Gangneung province, a provision has been recognized with a present value of estimated costs for recovery. In order to compute the
estimated costs, the Company has assumed that it would use all of technologies and materials available for now to recover the land. In addition, the Company has applied a discount rate of 2.67% to assess present value of these costs.
|
(*3) |
As of December 31, 2015 and 2014, POSCO ENERGY CO., LTD., a subsidiary of the Company, recognized W41,638 million and W31,577 million of provisions for warranties, respectively,
for the service contract on fuel cell cased on its estimate of probable outflow of resources. |
(*4) |
As of December 31, 2015 and 2014, the amount includes a provision of W23,600 million for expected outflow of resources in connection with the performance guarantee for the Hwaseong-Dongtan
complexes development project of POSCO ENGINEERING & CONSTRUCTION Co., Ltd. |
(b) |
The following are the key assumptions concerning the future and other key sources of estimation uncertainties at the end of the reporting period. |
|
|
|
|
|
Key assumptions for the estimation |
Provision for bonus payments |
|
Estimations based on financial performance |
Provision for construction warranties |
|
Estimations based on historical warranty data |
Provision for legal contingencies and claims |
|
Estimations based on the degree of probability of an unfavorable outcome and the ability to make a sufficient reliable estimate of the amount of loss |
84
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(c) |
Changes in provisions for the years ended December 31, 2015 and 2014 were as follows: |
|
1) |
For the year ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Beginning |
|
|
Increase |
|
|
Utilization |
|
|
Reversal |
|
|
Others(*1) |
|
|
Ending |
|
Provision for bonus payments |
|
W |
|
|
|
|
49,505 |
|
|
|
46,420 |
|
|
|
(49,563 |
) |
|
|
(1,493 |
) |
|
|
(2,267 |
) |
|
|
42,602 |
|
Provision for construction warranties |
|
|
|
|
|
|
80,348 |
|
|
|
33,698 |
|
|
|
(21,166 |
) |
|
|
(4,822 |
) |
|
|
(6,612 |
) |
|
|
81,446 |
|
Provision for legal contingencies and claims |
|
|
|
|
|
|
50,424 |
|
|
|
15,998 |
|
|
|
(2,467 |
) |
|
|
(4,058 |
) |
|
|
(7,287 |
) |
|
|
52,610 |
|
Provision for the restoration |
|
|
|
|
|
|
74,798 |
|
|
|
2,293 |
|
|
|
(35,461 |
) |
|
|
|
|
|
|
296 |
|
|
|
41,926 |
|
Others |
|
|
|
|
|
|
118,194 |
|
|
|
59,219 |
|
|
|
(46,994 |
) |
|
|
(15,425 |
) |
|
|
(9,566 |
) |
|
|
105,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
373,269 |
|
|
|
157,628 |
|
|
|
(155,651 |
) |
|
|
(25,798 |
) |
|
|
(25,436 |
) |
|
|
324,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Includes adjustments of foreign currency translation differences and others. |
|
2) |
For the year ended December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Beginning |
|
|
Increase |
|
|
Utilization |
|
|
Reversal |
|
|
Others(*1) |
|
|
Ending |
|
Provision for bonus payments |
|
W |
|
|
|
|
52,377 |
|
|
|
45,071 |
|
|
|
(46,761 |
) |
|
|
(1,646 |
) |
|
|
464 |
|
|
|
49,505 |
|
Provision for construction warranties |
|
|
|
|
|
|
55,696 |
|
|
|
34,410 |
|
|
|
(15,719 |
) |
|
|
(4,677 |
) |
|
|
10,638 |
|
|
|
80,348 |
|
Provision for legal contingencies and claims |
|
|
|
|
|
|
30,330 |
|
|
|
15,289 |
|
|
|
|
|
|
|
(7,716 |
) |
|
|
12,521 |
|
|
|
50,424 |
|
Provision for the restoration |
|
|
|
|
|
|
4,385 |
|
|
|
89,565 |
|
|
|
(19,328 |
) |
|
|
|
|
|
|
176 |
|
|
|
74,798 |
|
Others |
|
|
|
|
|
|
110,813 |
|
|
|
282,406 |
|
|
|
(258,571 |
) |
|
|
(19,523 |
) |
|
|
3,069 |
|
|
|
118,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
253,601 |
|
|
|
466,741 |
|
|
|
(340,379 |
) |
|
|
(33,562 |
) |
|
|
26,868 |
|
|
|
373,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Includes adjustments of foreign currency translation differences and others. |
(a) |
Defined contribution plans |
The expenses related to post-employment benefit plans under defined
contribution plans for the years ended December 31, 2015 and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Expense related to post-employment benefit plans under defined contribution plans |
|
W |
|
|
|
|
25,224 |
|
|
|
23,414 |
|
85
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(b) |
Defined benefit plans |
|
1) |
The amounts recognized in relation to net defined benefit liabilities in the statements of financial position as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Present value of funded obligations |
|
W |
|
|
|
|
1,702,735 |
|
|
|
1,713,074 |
|
Fair value of plan assets |
|
|
|
|
|
|
(1,532,090 |
) |
|
|
(1,427,918 |
) |
Present value of non-funded obligations |
|
|
|
|
|
|
11,380 |
|
|
|
5,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net defined benefit liabilities |
|
W |
|
|
|
|
182,025 |
|
|
|
290,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Changes in present value of defined benefit obligations for the years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Defined benefit obligation at the beginning of period |
|
W |
|
|
|
|
1,718,243 |
|
|
|
1,520,643 |
|
Current service costs |
|
|
|
|
|
|
239,508 |
|
|
|
230,445 |
|
Interest costs |
|
|
|
|
|
|
47,039 |
|
|
|
54,737 |
|
Remeasurements : |
|
|
|
|
|
|
(63,364 |
) |
|
|
85,166 |
|
- Loss(Gain) from change in demographic assumptions |
|
|
|
|
|
|
(10,017 |
) |
|
|
18,911 |
|
- Loss(Gain) from change in financial assumptions |
|
|
|
|
|
|
(37,367 |
) |
|
|
54,131 |
|
- Others |
|
|
|
|
|
|
(15,980 |
) |
|
|
12,124 |
|
Business combinations |
|
|
|
|
|
|
|
|
|
|
48,695 |
|
Benefits paid |
|
|
|
|
|
|
(157,983 |
) |
|
|
(160,792 |
) |
Others |
|
|
|
|
|
|
(69,328 |
) |
|
|
(60,651 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit obligation at the end of period |
|
W |
|
|
|
|
1,714,115 |
|
|
|
1,718,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3) |
Changes in fair value of plan assets for the years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Fair value of plan assets at the beginning of period |
|
W |
|
|
|
|
1,427,918 |
|
|
|
1,247,483 |
|
Interest on plan assets |
|
|
|
|
|
|
41,145 |
|
|
|
47,296 |
|
Remeasurement of plan assets |
|
|
|
|
|
|
(8,515 |
) |
|
|
(11,236 |
) |
Contributions to plan assets(*1) |
|
|
|
|
|
|
243,082 |
|
|
|
273,867 |
|
Business combinations |
|
|
|
|
|
|
|
|
|
|
30,863 |
|
Benefits paid |
|
|
|
|
|
|
(127,808 |
) |
|
|
(109,352 |
) |
Others |
|
|
|
|
|
|
(43,732 |
) |
|
|
(51,003 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at the end of period |
|
W |
|
|
|
|
1,532,090 |
|
|
|
1,427,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
The Company expects to make an estimated contribution of W242,062 million to the defined benefit plan assets in 2016. |
86
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
4) |
The fair value of plan assets as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Equity instruments |
|
W |
|
|
|
|
58,987 |
|
|
|
43,010 |
|
Debt instruments |
|
|
|
|
|
|
134,679 |
|
|
|
236,665 |
|
Deposits |
|
|
|
|
|
|
1,294,442 |
|
|
|
997,414 |
|
Others |
|
|
|
|
|
|
43,982 |
|
|
|
150,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
1,532,090 |
|
|
|
1,427,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5) |
The amounts recognized in consolidated statements of comprehensive income for the years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Current service costs |
|
W |
|
|
|
|
239,508 |
|
|
|
230,445 |
|
Net interest costs(*1) |
|
|
|
|
|
|
5,894 |
|
|
|
7,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
245,402 |
|
|
|
237,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
The actual return on plan assets amounted to W32,630 million and W36,060 million for the years ended December 31, 2015 and 2014, respectively. |
The above expenses by function were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Cost of sales |
|
W |
|
|
|
|
170,334 |
|
|
|
172,668 |
|
Selling and administrative expenses |
|
|
|
|
|
|
74,210 |
|
|
|
64,960 |
|
Others |
|
|
|
|
|
|
858 |
|
|
|
258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
245,402 |
|
|
|
237,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6) |
Accumulated actuarial gains (losses), net of tax recognized in other comprehensive income for the years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Beginning |
|
W |
|
|
|
|
(314,106 |
) |
|
|
(239,005 |
) |
Current actuarial gains (losses) |
|
|
|
|
|
|
41,954 |
|
|
|
(75,101 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending |
|
W |
|
|
|
|
(272,152 |
) |
|
|
(314,106 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
87
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
7) |
The principal actuarial assumptions as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
(%) |
|
2015 |
|
|
2014 |
|
Discount rate |
|
|
2.19~9.20 |
|
|
|
2.58~8.58 |
|
Expected future increase in salaries(*1) |
|
|
1.05~10.00 |
|
|
|
1.00~10.22 |
|
(*1) |
The expected future increase in salaries is based on the average salary increase rate for the past three years. |
All assumptions are reviewed at the end of the reporting period. Additionally, the total estimated defined benefit obligation includes
actuarial assumptions associated with the long-term characteristics of the defined benefit plan.
8) |
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1% Increase |
|
|
1% Decrease |
|
(in millions of Won) |
|
|
|
|
Amount |
|
|
Percentage(%) |
|
|
Amount |
|
|
Percentage(%) |
|
Discount rate |
|
W |
|
|
|
|
(133,175 |
) |
|
|
(7.8 |
) |
|
|
147,675 |
|
|
|
8.6 |
|
Expected future increases in salaries |
|
|
|
|
|
|
146,285 |
|
|
|
8.5 |
|
|
|
(129,539 |
) |
|
|
(7.6 |
) |
9) |
As of December 31, 2015 the maturity of the expected benefit payments are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Within 1 year |
|
|
1 year - 5 years |
|
|
5 years - years |
|
|
10 years - 20 years |
|
|
After 20 years |
|
|
Total |
|
Benefits paid |
|
W |
|
|
|
|
45,551 |
|
|
|
360,419 |
|
|
|
717,505 |
|
|
|
854,499 |
|
|
|
325,483 |
|
|
|
2,303,457 |
|
The maturity analysis of the defined benefit obligation was nominal amounts of defined benefit obligations
using expected remaining working lives of employees.
88
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Other liabilities as of December 31, 2015 and 2014 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Current |
|
|
|
|
|
|
|
|
|
|
|
|
Due to customers for contract work |
|
W |
|
|
|
|
812,120 |
|
|
|
1,041,946 |
|
Advances received |
|
|
|
|
|
|
780,357 |
|
|
|
763,168 |
|
Unearned revenue |
|
|
|
|
|
|
11,684 |
|
|
|
21,627 |
|
Withholdings |
|
|
|
|
|
|
153,562 |
|
|
|
167,002 |
|
Others |
|
|
|
|
|
|
31,129 |
|
|
|
236,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
1,788,852 |
|
|
|
2,229,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current |
|
|
|
|
|
|
|
|
|
|
|
|
Advances received |
|
W |
|
|
|
|
|
|
|
|
108,496 |
|
Unearned revenue |
|
|
|
|
|
|
20,838 |
|
|
|
1,170 |
|
Others |
|
|
|
|
|
|
56,935 |
|
|
|
45,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
77,773 |
|
|
|
155,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23. |
Financial Instruments |
(a) |
Classification of financial instruments |
|
1) |
Financial assets as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Financial assets at fair value through profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives assets held for trading |
|
W |
|
|
|
|
188,489 |
|
|
|
96,266 |
|
Available-for-sale financial assets |
|
|
|
|
|
|
2,209,744 |
|
|
|
2,420,241 |
|
Held-to-maturity financial assets |
|
|
|
|
|
|
23,379 |
|
|
|
17,093 |
|
Loans and receivables |
|
|
|
|
|
|
20,601,109 |
|
|
|
19,501,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
23,022,721 |
|
|
|
22,035,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Financial liabilities as of December 31, 2015 and 2014 are as follows: |
89
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Financial liabilities at fair value through profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives liabilities held for trading |
|
W |
|
|
|
|
155,502 |
|
|
|
149,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities measured at amortized cost |
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts and notes payable |
|
|
|
|
|
|
3,136,446 |
|
|
|
4,039,255 |
|
Borrowings |
|
|
|
|
|
|
25,220,231 |
|
|
|
27,428,257 |
|
Financial guarantee liabilities |
|
|
|
|
|
|
101,311 |
|
|
|
53,660 |
|
Others |
|
|
|
|
|
|
2,197,463 |
|
|
|
2,101,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,655,451 |
|
|
|
33,622,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
30,810,953 |
|
|
|
33,771,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3) |
Finance income and costs by category of financial instrument for the years ended December 31, 2015 and 2014 were as follows: |
|
① |
For the year ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income and costs |
|
|
Other comprehensive loss |
|
(in millions of Won) |
|
|
|
|
Interest income (expense) |
|
|
Gain and loss on valuation |
|
|
Gain and loss on foreign currency |
|
|
Gain and loss on disposal |
|
|
Impairment loss |
|
|
Others |
|
|
Total |
|
|
Financial assets at fair value through profit or loss |
|
W |
|
|
|
|
|
|
|
|
129,949 |
|
|
|
|
|
|
|
357,715 |
|
|
|
|
|
|
|
|
|
|
|
487,664 |
|
|
|
|
|
Available-for-sale financial |
|
|
|
|
|
|
1,956 |
|
|
|
|
|
|
|
|
|
|
|
138,782 |
|
|
|
(142,781 |
) |
|
|
183,712 |
|
|
|
181,669 |
|
|
|
(187,854 |
) |
Held-to-maturity financial assets |
|
|
|
|
|
|
456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(688 |
) |
|
|
(232 |
) |
|
|
|
|
Loans and receivables |
|
|
|
|
|
|
207,781 |
|
|
|
|
|
|
|
283,030 |
|
|
|
(15,406 |
) |
|
|
|
|
|
|
(217 |
) |
|
|
475,188 |
|
|
|
|
|
Financial liabilities at fair value through profit or loss |
|
|
|
|
|
|
|
|
|
|
(46,748 |
) |
|
|
|
|
|
|
(334,340 |
) |
|
|
|
|
|
|
|
|
|
|
(381,088 |
) |
|
|
|
|
Financial liabilities measured at amortized cost |
|
|
|
|
|
|
(788,772 |
) |
|
|
|
|
|
|
(665,583 |
) |
|
|
|
|
|
|
|
|
|
|
(138,827 |
) |
|
|
(1,593,182 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
(578,579 |
) |
|
|
83,201 |
|
|
|
(382,553 |
) |
|
|
146,751 |
|
|
|
(142,781 |
) |
|
|
43,980 |
|
|
|
(829,981 |
) |
|
|
(187,854 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
② |
For the year ended December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income and costs |
|
|
Other comprehensive loss |
|
(in millions of Won) |
|
|
|
|
Interest income (expense) |
|
|
Gain and loss on valuation |
|
|
Gain and loss on foreign currency |
|
|
Gain and loss on disposal |
|
|
Impairment loss |
|
|
Others |
|
|
Total |
|
|
Financial assets at fair value through profit or loss |
|
W |
|
|
|
|
|
|
|
|
72,466 |
|
|
|
|
|
|
|
256,941 |
|
|
|
|
|
|
|
|
|
|
|
329,407 |
|
|
|
|
|
Available-for-sale financial |
|
|
|
|
|
|
309 |
|
|
|
|
|
|
|
|
|
|
|
181,774 |
|
|
|
(369,723 |
) |
|
|
47,825 |
|
|
|
(139,815 |
) |
|
|
(333,891 |
) |
Held-to-maturity financial assets |
|
|
|
|
|
|
260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(244 |
) |
|
|
16 |
|
|
|
|
|
Loans and receivables |
|
|
|
|
|
|
227,685 |
|
|
|
|
|
|
|
301,623 |
|
|
|
(20,912 |
) |
|
|
|
|
|
|
(255 |
) |
|
|
508,141 |
|
|
|
|
|
Financial liabilities at fair value through profit or loss |
|
|
|
|
|
|
|
|
|
|
(98,003 |
) |
|
|
|
|
|
|
(282,638 |
) |
|
|
|
|
|
|
|
|
|
|
(380,641 |
) |
|
|
|
|
Financial liabilities measured at amortized cost |
|
|
|
|
|
|
(795,585 |
) |
|
|
|
|
|
|
(288,513 |
) |
|
|
(38,594 |
) |
|
|
|
|
|
|
(19,641 |
) |
|
|
(1,142,333 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
(567,331 |
) |
|
|
(25,537 |
) |
|
|
13,110 |
|
|
|
96,571 |
|
|
|
(369,723 |
) |
|
|
27,685 |
|
|
|
(825,225 |
) |
|
|
(333,891 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
90
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
The carrying amount of financial assets represents the Companys
maximum exposure to credit risk. The maximum exposure to credit risk as of December 31, 2015 and 2014 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Cash and cash equivalents |
|
W |
|
|
|
|
4,870,185 |
|
|
|
3,811,202 |
|
Financial assets at fair value through profit or loss |
|
|
|
|
|
|
188,489 |
|
|
|
96,266 |
|
Available-for-sale financial assets |
|
|
|
|
|
|
114,538 |
|
|
|
125,486 |
|
Held-to-maturity financial assets |
|
|
|
|
|
|
23,379 |
|
|
|
17,093 |
|
Loans and other receivables |
|
|
|
|
|
|
6,014,651 |
|
|
|
3,825,170 |
|
Trade accounts and notes receivable, net |
|
|
|
|
|
|
9,595,935 |
|
|
|
11,786,055 |
|
Long-term trade accounts and notes receivable, net |
|
|
|
|
|
|
120,338 |
|
|
|
79,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
20,927,515 |
|
|
|
19,740,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company provided financial guarantees for the repayment of loans of associates, joint ventures and third
parties. As of December 31, 2015 and 2014, the maximum exposure to credit risk related to the financial guarantees amounted to W4,709,050 million and W4,780,700 million, respectively.
|
2) |
Impairment losses on financial assets |
|
① |
Allowance for doubtful accounts as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Trade accounts and notes receivable |
|
W |
|
|
|
|
625,003 |
|
|
|
605,470 |
|
Other accounts receivable |
|
|
|
|
|
|
146,031 |
|
|
|
94,579 |
|
Loans |
|
|
|
|
|
|
220,966 |
|
|
|
234,107 |
|
Other assets |
|
|
|
|
|
|
7,678 |
|
|
|
19,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
999,678 |
|
|
|
954,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
② |
Impairment losses on financial assets for the years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Bad debt expenses on trade accounts and notes receivable |
|
W |
|
|
|
|
189,616 |
|
|
|
108,933 |
|
Other bad debt expenses(*1) |
|
|
|
|
|
|
158,071 |
|
|
|
96,373 |
|
Impairment loss on available-for-sale financial assets |
|
|
|
|
|
|
142,781 |
|
|
|
369,723 |
|
Impairment loss on held-to-maturity financial assets |
|
|
|
|
|
|
1,000 |
|
|
|
319 |
|
Less: Recovery of allowance for other bad debt accounts |
|
|
|
|
|
|
(10,452 |
) |
|
|
|
|
Less: Recovery of impairment loss on held-to-maturity financial assets |
|
|
|
|
|
|
(312 |
) |
|
|
(75 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
480,704 |
|
|
|
575,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Other bad debt expenses are mainly related to loans and other accounts receivable. |
|
③ |
The aging and impairment losses of trade accounts and notes receivable as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
(in millions of Won) |
|
|
|
|
Trade accounts and notes receivable |
|
|
Impairment |
|
|
Trade accounts and notes receivable |
|
|
Impairment |
|
Not due |
|
W |
|
|
|
|
6,840,471 |
|
|
|
55,993 |
|
|
|
8,721,366 |
|
|
|
53,093 |
|
Over due less than 1 month |
|
|
|
|
|
|
1,843,132 |
|
|
|
5,084 |
|
|
|
1,867,838 |
|
|
|
7,171 |
|
1 month - 3 months |
|
|
|
|
|
|
367,663 |
|
|
|
1,781 |
|
|
|
273,981 |
|
|
|
3,323 |
|
3 months - 12 months |
|
|
|
|
|
|
421,505 |
|
|
|
37,719 |
|
|
|
201,213 |
|
|
|
16,893 |
|
over 12 months |
|
|
|
|
|
|
868,505 |
|
|
|
524,426 |
|
|
|
1,406,463 |
|
|
|
524,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
10,341,276 |
|
|
|
625,003 |
|
|
|
12,470,861 |
|
|
|
605,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
④ |
The aging and impairment losses of other receivables as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
(in millions of Won) |
|
|
|
|
Other receivables |
|
|
Impairment |
|
|
Other receivables |
|
|
Impairment |
|
Not due |
|
W |
|
|
|
|
1,921,274 |
|
|
|
38,866 |
|
|
|
2,138,327 |
|
|
|
97,043 |
|
Over due less than 1 month |
|
|
|
|
|
|
155,762 |
|
|
|
17,955 |
|
|
|
28,806 |
|
|
|
136 |
|
1 month - 3 months |
|
|
|
|
|
|
10,285 |
|
|
|
302 |
|
|
|
97,165 |
|
|
|
19,571 |
|
3 months - 12 months |
|
|
|
|
|
|
76,571 |
|
|
|
10,556 |
|
|
|
77,119 |
|
|
|
7,264 |
|
over 12 months |
|
|
|
|
|
|
395,200 |
|
|
|
306,996 |
|
|
|
447,217 |
|
|
|
224,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
2,559,092 |
|
|
|
374,675 |
|
|
|
2,788,634 |
|
|
|
348,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
⑤ |
Changes in the allowance for doubtful accounts for the years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Beginning |
|
W |
|
|
|
|
954,153 |
|
|
|
661,651 |
|
Bad debt expenses |
|
|
|
|
|
|
189,616 |
|
|
|
108,933 |
|
Other bad debt expenses |
|
|
|
|
|
|
147,619 |
|
|
|
96,373 |
|
Others |
|
|
|
|
|
|
(291,710 |
) |
|
|
87,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending |
|
W |
|
|
|
|
999,678 |
|
|
|
954,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Contractual maturities for non-derivative financial liabilities, including estimated interest, are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Book value |
|
|
Contractual cash flow |
|
|
Within 1 year |
|
|
1 year - 5 years |
|
|
After 5 years |
|
Trade accounts and notes payable |
|
W |
|
|
|
|
3,136,446 |
|
|
|
3,136,446 |
|
|
|
3,125,348 |
|
|
|
11,098 |
|
|
|
|
|
Borrowings |
|
|
|
|
|
|
25,220,231 |
|
|
|
28,220,022 |
|
|
|
13,038,808 |
|
|
|
9,799,089 |
|
|
|
5,382,125 |
|
Financial guarantee liabilities(*1) |
|
|
|
|
|
|
101,311 |
|
|
|
4,709,050 |
|
|
|
4,709,050 |
|
|
|
|
|
|
|
|
|
Other financial liabilities |
|
|
|
|
|
|
2,197,463 |
|
|
|
2,197,462 |
|
|
|
2,062,992 |
|
|
|
134,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
30,655,451 |
|
|
|
38,262,980 |
|
|
|
22,936,198 |
|
|
|
9,944,657 |
|
|
|
5,382,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
For issued financial guarantee contracts, the maximum amount of the guarantee is allocated to the earliest period in which the guarantee could be called. |
|
2) |
The maturity analysis of derivative financial liabilities is as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Within 1 year |
|
|
1 year - 5 years |
|
|
Total |
|
Currency forward |
|
W |
|
|
|
|
50,383 |
|
|
|
3,642 |
|
|
|
54,025 |
|
Currency futures |
|
|
|
|
|
|
9,051 |
|
|
|
|
|
|
|
9,051 |
|
Currency swaps |
|
|
|
|
|
|
30,777 |
|
|
|
30,847 |
|
|
|
61,624 |
|
Interest swaps |
|
|
|
|
|
|
1,236 |
|
|
|
3,172 |
|
|
|
4,408 |
|
Other forwards |
|
|
|
|
|
|
26,394 |
|
|
|
|
|
|
|
26,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
117,841 |
|
|
|
37,661 |
|
|
|
155,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
93
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
1) |
The Company has exposure to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of the changes in foreign exchange rates. The exposure to currency risk as of
December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
(in millions of Won) |
|
|
|
|
Assets |
|
|
Liabilities |
|
|
Assets |
|
|
Liabilities |
|
USD |
|
W |
|
|
|
|
5,535,915 |
|
|
|
7,196,614 |
|
|
|
4,771,164 |
|
|
|
8,328,804 |
|
EUR |
|
|
|
|
|
|
433,686 |
|
|
|
657,734 |
|
|
|
387,102 |
|
|
|
683,685 |
|
JPY |
|
|
|
|
|
|
64,495 |
|
|
|
1,036,545 |
|
|
|
185,891 |
|
|
|
1,145,643 |
|
Others |
|
|
|
|
|
|
181,091 |
|
|
|
92,881 |
|
|
|
140,699 |
|
|
|
45,414 |
|
|
2) |
As of December 31, 2015 and 2014, provided that functional currency against foreign currencies other than functional currency hypothetically strengthens or weakens by 10%, the changes in gain or loss during the
years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
(in millions of Won) |
|
|
|
|
10% increase |
|
|
10% decrease |
|
|
10% increase |
|
|
10% decrease |
|
USD |
|
W |
|
|
|
|
(166,070 |
) |
|
|
166,070 |
|
|
|
(355,764 |
) |
|
|
355,764 |
|
EUR |
|
|
|
|
|
|
(22,405 |
) |
|
|
22,405 |
|
|
|
(29,658 |
) |
|
|
29,658 |
|
JPY |
|
|
|
|
|
|
(97,205 |
) |
|
|
97,205 |
|
|
|
(95,975 |
) |
|
|
95,975 |
|
|
1) |
The carrying amount of interest-bearing financial instruments as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Fixed rate |
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets |
|
W |
|
|
|
|
9,686,358 |
|
|
|
6,250,418 |
|
Financial liabilities |
|
|
|
|
|
|
(13,391,233 |
) |
|
|
(17,258,183 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
(3,704,875 |
) |
|
|
(11,007,765 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable rate |
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
W |
|
|
|
|
(11,828,998 |
) |
|
|
(10,170,074 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Sensitivity analysis on the fair value of financial instruments with fixed interest rate |
The
Company does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and the Company does not designate derivatives (interest rate swaps) as hedging instruments under a fair value hedge accounting model.
Therefore a change in interest rates at the reporting date would not affect profit or loss.
|
3) |
Sensitivity analysis on the cash flows of financial instruments with variable interest rate |
94
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
As of December 31, 2015 and 2014, provided that other factors remain the same and the
interest rate of borrowings with floating rates increases or decreases by 1%, the changes in interest expense for the years ended December 31, 2015 and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
(in millions of Won) |
|
|
|
|
1% increase |
|
|
1% decrease |
|
|
1% increase |
|
|
1% decrease |
|
Variable rate financial instruments |
|
W |
|
|
|
|
(118,290 |
) |
|
|
118,290 |
|
|
|
(101,701 |
) |
|
|
101,701 |
|
|
1) |
Fair value and book value |
The carrying amount and the fair value of financial instruments as
of December 31, 2015 and 2014 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
(in millions of Won) |
|
|
|
|
Book value |
|
|
Fair value |
|
|
Book value |
|
|
Fair value |
|
Assets measured at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale financial assets(*1) |
|
W |
|
|
|
|
1,854,784 |
|
|
|
1,854,784 |
|
|
|
1,963,289 |
|
|
|
1,963,289 |
|
Derivatives assets held for trading(*2) |
|
|
|
|
|
|
188,489 |
|
|
|
188,489 |
|
|
|
96,266 |
|
|
|
96,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,043,273 |
|
|
|
2,043,273 |
|
|
|
2,059,555 |
|
|
|
2,059,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets measured at amortized cost(*3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
|
4,870,185 |
|
|
|
4,870,185 |
|
|
|
3,811,202 |
|
|
|
3,811,202 |
|
Trade accounts and notes receivable, net |
|
|
|
|
|
|
9,716,273 |
|
|
|
9,716,273 |
|
|
|
11,865,391 |
|
|
|
11,865,391 |
|
Loans and other receivables, net |
|
|
|
|
|
|
6,014,651 |
|
|
|
6,014,651 |
|
|
|
3,825,170 |
|
|
|
3,825,170 |
|
Held-to-maturity financial assets |
|
|
|
|
|
|
23,379 |
|
|
|
23,379 |
|
|
|
17,093 |
|
|
|
17,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,624,488 |
|
|
|
20,624,488 |
|
|
|
19,518,856 |
|
|
|
19,518,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities measured at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives liabilities held for trading(*2) |
|
|
|
|
|
|
155,502 |
|
|
|
155,502 |
|
|
|
149,072 |
|
|
|
149,072 |
|
Liabilities measured at amortized cost(*3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts and notes payable |
|
|
|
|
|
|
3,136,446 |
|
|
|
3,136,446 |
|
|
|
4,039,255 |
|
|
|
4,039,255 |
|
Borrowings |
|
|
|
|
|
|
25,220,231 |
|
|
|
25,413,577 |
|
|
|
27,428,257 |
|
|
|
27,756,615 |
|
Financial guarantee liabilities |
|
|
|
|
|
|
101,311 |
|
|
|
101,311 |
|
|
|
53,660 |
|
|
|
53,660 |
|
Others |
|
|
|
|
|
|
2,197,463 |
|
|
|
2,197,463 |
|
|
|
2,101,354 |
|
|
|
2,101,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
30,655,451 |
|
|
|
30,848,797 |
|
|
|
33,622,526 |
|
|
|
33,950,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
The fair value of available-for-sale financial assets publicly traded is measured at the closing bid price quoted at the end of the reporting period. Meanwhile, the fair value of unquoted available-for-sale financial
assets is calculated using the valuation results from an external pricing service in which weighted average cost of capital of evaluated companies are used as discount rates. Available-for-sale financial assets which are not measured at fair value
are not included. |
(*2) |
The fair value of derivatives is measured using valuation models such as Black-Scholes model, binominal lattice model and others in which the market yields on government bonds are used as discount rates.
|
(*3) |
The fair value of financial assets and liabilities measured at amortized cost is determined at the present value of estimated future cash flows discounted at the current market interest rate. The fair value is
calculated for the disclosures in the notes. On the other hand, the Company has not performed fair value measurement for the financial assets and liabilities measured at amortized cost except borrowings since their carrying amounts approximate fair
value. |
95
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
2) |
Interest rates used for determining fair value |
Interest rates used to discount estimated cash
flows as of December 31, 2015 and 2014 are as follows:
|
|
|
|
|
|
|
2015 |
|
2014 |
Borrowings |
|
0.64% ~ 3.74% |
|
0.22% ~ 4.92% |
|
3) |
The fair value hierarchy |
|
① |
The fair values of financial instruments by fair value hierarchy as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale financial assets |
|
W |
|
|
|
|
1,458,551 |
|
|
|
|
|
|
|
396,233 |
|
|
|
1,854,784 |
|
Derivatives assets held for trading |
|
|
|
|
|
|
|
|
|
|
110,197 |
|
|
|
78,292 |
|
|
|
188,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,458,551 |
|
|
|
110,197 |
|
|
|
474,525 |
|
|
|
2,043,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives liabilities held for trading |
|
W |
|
|
|
|
|
|
|
|
147,384 |
|
|
|
8,118 |
|
|
|
155,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale financial assets |
|
W |
|
|
|
|
1,808,384 |
|
|
|
|
|
|
|
154,905 |
|
|
|
1,963,289 |
|
Derivatives assets held for trading |
|
|
|
|
|
|
|
|
|
|
96,266 |
|
|
|
|
|
|
|
96,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,808,384 |
|
|
|
96,266 |
|
|
|
154,905 |
|
|
|
2,059,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives liabilities held for trading |
|
W |
|
|
|
|
|
|
|
|
149,072 |
|
|
|
|
|
|
|
149,072 |
|
|
② |
Changes in fair value of financial instruments classified as Level 3 for the years ended December 31, 2015 and 2014 were as follows: |
96
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Beginning |
|
W |
|
|
|
|
154,905 |
|
|
|
744,031 |
|
Valuation |
|
|
|
|
|
|
7,753 |
|
|
|
(60,445 |
) |
Acquisition and others(*1) |
|
|
|
|
|
|
381,960 |
|
|
|
65,232 |
|
Disposal and others(*1,2) |
|
|
|
|
|
|
(78,211 |
) |
|
|
(593,913 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending |
|
W |
|
|
|
|
466,407 |
|
|
|
154,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Included transferred amount due to change in fair value hierarchy. |
(*2) |
Included W580,062 million transfer to assets held for sale for the year ended December 31, 2014. |
(g) |
Offsetting financial assets and financial liabilities |
As of December 31, 2015 and 2014, financial assets
and financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Gross amounts of recognized financial instruments |
|
|
Gross amounts of recognized financial instruments set off in the statement of financial position |
|
|
Net amounts of financial instruments presented in the statement of financial position |
|
|
Related amounts not set off in the statement of financial position |
|
|
Net amount |
|
|
|
|
|
|
Financial instruments |
|
|
Cash collateral received or pledged |
|
|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts and notes receivable |
|
W |
|
|
|
|
846,676 |
|
|
|
|
|
|
|
846,676 |
|
|
|
(846,676 |
) |
|
|
|
|
|
|
|
|
Derivatives(*1) |
|
|
|
|
|
|
73,471 |
|
|
|
|
|
|
|
73,471 |
|
|
|
(68,783 |
) |
|
|
|
|
|
|
4,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
920,147 |
|
|
|
|
|
|
|
920,147 |
|
|
|
(915,459 |
) |
|
|
|
|
|
|
4,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
|
|
|
|
846,676 |
|
|
|
|
|
|
|
846,676 |
|
|
|
(846,676 |
) |
|
|
|
|
|
|
|
|
Derivatives(*1) |
|
|
|
|
|
|
122,274 |
|
|
|
|
|
|
|
122,274 |
|
|
|
(68,783 |
) |
|
|
(1,349 |
) |
|
|
52,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
968,950 |
|
|
|
|
|
|
|
968,950 |
|
|
|
(915,459 |
) |
|
|
(1,349 |
) |
|
|
52,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Some of the derivative contracts are made under International Swaps and Derivatives Association (ISDA) master netting agreements. In general, under such agreements the amounts owed by each counter party on a single day
in respect of all transactions outstanding in the same currency are aggregated into a single net amount that is payable by one party to the other. In certain circumstances (i.e. when a default occurs), all standing transactions under the agreement
are terminated, the termination value is assessed and only a single amount is payable in settlement of all transactions. |
97
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Gross amounts of recognized financial instruments |
|
|
Gross amounts of recognized financial instruments set off in the statement of financial position |
|
|
Net amounts of financial instruments presented in the statement of financial position |
|
|
Related amounts not set off in the statement of financial position |
|
|
Net amount |
|
|
|
|
|
|
Financial instruments |
|
|
Cash collateral received or pledged |
|
|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts and notes receivable |
|
W |
|
|
|
|
2,030,342 |
|
|
|
|
|
|
|
2,030,342 |
|
|
|
(2,030,342 |
) |
|
|
|
|
|
|
|
|
Derivatives |
|
|
|
|
|
|
79,286 |
|
|
|
|
|
|
|
79,286 |
|
|
|
(56,714 |
) |
|
|
|
|
|
|
22,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,109,628 |
|
|
|
|
|
|
|
2,109,628 |
|
|
|
(2,087,056 |
) |
|
|
|
|
|
|
22,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
|
|
|
|
2,030,342 |
|
|
|
|
|
|
|
2,030,342 |
|
|
|
(2,030,342 |
) |
|
|
|
|
|
|
|
|
Derivatives |
|
|
|
|
|
|
128,980 |
|
|
|
|
|
|
|
128,980 |
|
|
|
(56,714 |
) |
|
|
(6,912 |
) |
|
|
65,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
2,159,322 |
|
|
|
|
|
|
|
2,159,322 |
|
|
|
(2,087,056 |
) |
|
|
(6,912 |
) |
|
|
65,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24. |
Share Capital and Capital Surplus |
(a) |
Share capital as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Share, in Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Authorized shares |
|
|
|
|
|
|
200,000,000 |
|
|
|
200,000,000 |
|
Par value |
|
W |
|
|
|
|
5,000 |
|
|
|
5,000 |
|
Issued shares(*1) |
|
|
|
|
|
|
87,186,835 |
|
|
|
87,186,835 |
|
Shared capital(*2) |
|
W |
|
|
|
|
482,403,125,000 |
|
|
|
482,403,125,000 |
|
(*1) |
As of December 31, 2015, total shares of ADRs of 49,982,260 are equivalent to 12,495,565 of common stock. |
(*2) |
As of December 31, 2015, the difference between the ending balance of common stock and the par value of issued common stock is W46,469 million due to retirement of 9,293,790 treasury stocks.
|
(b) |
The changes in issued common stock for the years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
(share) |
|
Issued shares |
|
|
Treasury shares |
|
|
Number of Outstanding shares |
|
|
Issued shares |
|
|
Treasury shares |
|
|
Number of Outstanding shares |
|
Beginning |
|
|
87,186,835 |
|
|
|
(7,193,807 |
) |
|
|
79,993,028 |
|
|
|
87,186,835 |
|
|
|
(7,403,211 |
) |
|
|
79,783,624 |
|
Disposal of treasury shares |
|
|
|
|
|
|
2,620 |
|
|
|
2,620 |
|
|
|
|
|
|
|
209,404 |
|
|
|
209,404 |
|
Ending |
|
|
87,186,835 |
|
|
|
(7,191,187 |
) |
|
|
79,995,648 |
|
|
|
87,186,835 |
|
|
|
(7,193,807 |
) |
|
|
79,993,028 |
|
(c) |
Capital surplus as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Share premium |
|
W |
|
|
|
|
463,825 |
|
|
|
463,825 |
|
Gain on disposal of treasury shares |
|
|
|
|
|
|
783,756 |
|
|
|
783,791 |
|
Other capital surplus (deficit) |
|
|
|
|
|
|
136,042 |
|
|
|
(163,898 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
1,383,623 |
|
|
|
1,083,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(a) |
Hybrid bonds classified as equity as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
Date of issue |
|
|
Date of maturity |
|
|
Interest rate (%) |
|
|
|
|
|
2015 |
|
|
2014 |
|
Hybrid bond 1-1(*1) |
|
|
2013-06-13 |
|
|
|
2043-06-13 |
|
|
|
4.30 |
|
|
W |
|
|
|
|
800,000 |
|
|
|
800,000 |
|
Hybrid bond 1-2(*1) |
|
|
2013-06-13 |
|
|
|
2043-06-13 |
|
|
|
4.60 |
|
|
|
|
|
|
|
200,000 |
|
|
|
200,000 |
|
Issuance cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,081 |
) |
|
|
(3,081 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
996,919 |
|
|
|
996,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Details of hybrid bonds as of December 31, 2015 are as follows: |
|
|
|
|
|
(in millions of Won) |
|
Hybrid bond 1-1 |
|
Hybrid bond 1-2 |
Issue price |
|
800,000 |
|
200,000 |
Maturity date |
|
30 years (The Company has a right to extend the maturity date) |
|
30 years (The Company has a right to extend the maturity date) |
Interest rate |
|
Issue date ~ 2018-06-12 : 4.3% reset every 5
years as follows; |
|
Issue date ~ 2023-06-12 : 4.6% reset every
10 years as follows; |
|
|
After 5 years : return on government bond (5 years) + 1.3% |
|
After 10 years : return on government bond (10 years) + 1.4% |
|
|
After 10 years : additionally +0.25% according to Step-up clauses |
|
After 10 years : additionally +0.25% according to Step-up clauses |
|
|
After 25 years : additionally +0.75% |
|
After 30 years : additionally +0.75% |
Interest payments condition |
|
Quarterly |
|
Quarterly |
|
|
(Optional deferral of interest payment is available to the Company) |
|
(Optional deferral of interest payment is available to the Company) |
Others |
|
The Company can call the hybrid bond at year 5 and interest payment date afterwards |
|
The Company can call the hybrid bond at year 10 and interest payment date afterwards |
The interest accumulated but not paid on the hybrid bonds as of December 31, 2015 amounts to
W2,276 million.
99
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(b) |
POSCO ENERGY Co., Ltd., a subsidiary of the Company, issued hybrid bonds, which are classified as non-controlling interests in the consolidated financial statements. Hybrid bonds as of December 31, 2015 and 2014
are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
Date of issue |
|
|
Date of maturity |
|
|
Interest rate (%) |
|
|
|
|
|
2015 |
|
|
2014 |
|
Hybrid bond 1-1(*1) |
|
|
2013-08-29 |
|
|
|
2043-08-29 |
|
|
|
4.66 |
|
|
W |
|
|
|
|
165,000 |
|
|
|
165,000 |
|
Hybrid bond 1-2(*1) |
|
|
2013-08-29 |
|
|
|
2043-08-29 |
|
|
|
4.72 |
|
|
|
|
|
|
|
165,000 |
|
|
|
165,000 |
|
Hybrid bond 1-3(*1) |
|
|
2013-08-29 |
|
|
|
2043-08-29 |
|
|
|
4.72 |
|
|
|
|
|
|
|
30,000 |
|
|
|
30,000 |
|
Hybrid bond 1-4(*1) |
|
|
2013-08-29 |
|
|
|
2043-08-29 |
|
|
|
5.21 |
|
|
|
|
|
|
|
140,000 |
|
|
|
140,000 |
|
Issuance cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,532 |
) |
|
|
(1,532 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
498,468 |
|
|
|
498,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Details of hybrid bonds of POSCO ENERGY Co., Ltd .as of December 31, 2015 are as follows: |
|
|
|
|
|
|
|
(in millions of Won) |
|
Hybrid bond 1-1 |
|
Hybrid bond 1-2 and 1-3 |
|
Hybrid bond 1-4 |
Issue price |
|
165,000 |
|
195,000 |
|
140,000 |
Maturity date |
|
30 years (The Company has a right to extend the maturity date) |
|
30 years (The Company has a right to extend the maturity date) |
|
30 years (The Company has a right to extend the maturity date) |
Interest rate |
|
Issue date ~ 2018-08-29 : 4.66% reset every 5 years as follows; |
|
Issue date ~ 2018-08-29 : 4.72% reset every 5 years as follows; |
|
Issue date ~ 2018-08-29 : 5.21% reset every 5 years as follows; |
|
|
After 5 years : return on government bond (5 years) + 1.39% |
|
After 5 years : return on government bond (5 years) + 1.45% |
|
After 5 years : return on government bond (5 years) + 1.55% |
|
|
After 10 years : additionally +0.25% according to Step-up clauses |
|
After 10 years : additionally +0.25%
according to Step-up clauses |
|
After 10 years : additionally +0.25% according to Step-up clauses |
|
|
After 30 years : additionally +0.75% |
|
After 30 years : additionally +0.75% |
|
After 30 years : additionally +0.75% |
Interest payments condition |
|
Quarterly |
|
Quarterly |
|
Quarterly |
|
|
(Optional deferral of interest payment is available to the Company) |
|
(Optional deferral of interest payment is available to the Company) |
|
(Optional deferral of interest payment is available to the Company) |
Others |
|
The Company can call the hybrid bond at year 5 and interest payment date afterwards |
|
The Company can call the hybrid bond at year 5 and interest payment date afterwards |
|
The Company can call the hybrid bond at year 5 and interest payment date afterwards |
The interest accumulated but not paid on the hybrid bonds as of December 31, 2015 amounts to
W2,125 million.
(a) |
Reserves as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Accumulated comprehensive loss of investments in associates and joint ventures |
|
W |
|
|
|
|
(426,360 |
) |
|
|
(344,942 |
) |
Changes in the unrealized fair value of available-for-sale investments |
|
|
|
|
|
|
(38,294 |
) |
|
|
144,783 |
|
foreign currency translation differences |
|
|
|
|
|
|
(109,646 |
) |
|
|
(187,740 |
) |
Others |
|
|
|
|
|
|
(20,456 |
) |
|
|
(20,874 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
(594,756 |
) |
|
|
(408,773 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
100
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(b) |
Changes in fair value of available-for-sale investments for the years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Beginning balance |
|
W |
|
|
|
|
144,783 |
|
|
|
480,409 |
|
Changes in the unrealized fair value of available-for-sale investments |
|
|
|
|
|
|
(236,752 |
) |
|
|
(411,671 |
) |
Reclassification to profit or loss upon disposal |
|
|
|
|
|
|
(45,817 |
) |
|
|
(176,124 |
) |
Impairment of available-for-sale investments |
|
|
|
|
|
|
94,487 |
|
|
|
267,920 |
|
Others |
|
|
|
|
|
|
5,005 |
|
|
|
(15,751 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance |
|
W |
|
|
|
|
(38,294 |
) |
|
|
144,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on the Board of Directors resolution, the Company holds treasury shares for
business purposes including price stabilization. The changes in treasury shares for the years ended December 31, 2015 and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
(shares, in millions of Won) |
|
Number of shares |
|
|
Amount |
|
|
Number of shares |
|
|
Amount |
|
Beginning |
|
|
7,193,807 |
|
|
W |
|
|
|
|
1,534,457 |
|
|
|
7,403,211 |
|
|
W |
|
|
|
|
1,579,124 |
|
Disposal of treasury shares |
|
|
(2,620 |
) |
|
|
|
|
|
|
(559 |
) |
|
|
(209,404 |
) |
|
|
|
|
|
|
(44,667 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending |
|
|
7,191,187 |
|
|
W |
|
|
|
|
1,533,898 |
|
|
|
7,193,807 |
|
|
W |
|
|
|
|
1,534,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Details of revenue for the years ended December 31, 2015 and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Sales of goods |
|
W |
|
|
|
|
47,018,466 |
|
|
|
53,636,957 |
|
Service sales |
|
|
|
|
|
|
2,489,447 |
|
|
|
2,962,404 |
|
Construction sales |
|
|
|
|
|
|
8,216,531 |
|
|
|
8,137,773 |
|
Rental income |
|
|
|
|
|
|
11,757 |
|
|
|
18,876 |
|
Others |
|
|
|
|
|
|
456,144 |
|
|
|
342,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
58,192,345 |
|
|
|
65,098,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
29. |
Construction Contracts |
(a) |
Construction contracts in progress as of December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Aggregate amount of costs incurred |
|
W |
|
|
|
|
19,098,409 |
|
|
|
12,235,027 |
|
Add: Recognized profits |
|
|
|
|
|
|
1,409,487 |
|
|
|
801,060 |
|
Less: Recognized losses |
|
|
|
|
|
|
(447,467 |
) |
|
|
(449,227 |
) |
Cumulative construction revenue |
|
|
|
|
|
|
20,060,429 |
|
|
|
12,586,860 |
|
Less: Progress billing |
|
|
|
|
|
|
(19,609,425 |
) |
|
|
(12,039,346 |
) |
Others |
|
|
|
|
|
|
(45,093 |
) |
|
|
(61,033 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
405,911 |
|
|
|
486,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
Unbilled amount due from customers and due to customers for contract work as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Unbilled due from customers for contract work |
|
W |
|
|
|
|
1,218,031 |
|
|
|
1,528,427 |
|
Due to customers for contract work |
|
|
|
|
|
|
(812,120 |
) |
|
|
(1,041,946 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
405,911 |
|
|
|
486,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) |
When the outcome of a construction contract can be estimated reliably, contract revenue is recognized in profit or loss in proportion to the stage of completion of the contract. The Company estimates the stage of
completion of the contract based on the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs. |
The estimated total contract costs are based on the nature and characteristics of an individual contract, historical costs of similar projects,
and current circumstances. Only those contract costs that reflect work performed are included in costs incurred to date.
The following are
the key assumptions for the estimated contract cost.
|
|
|
|
|
Key assumptions for the estimation |
Material |
|
Estimations based on recent purchasing contracts, market price and quoted price |
Labor cost |
|
Estimations based on standard monthly and daily labor cost |
Outsourcing cost |
|
Estimations based on the historical costs of similar projects, market price and quoted price |
Management continually reviews all estimates involved in such construction contracts and adjusts them as
necessary.
30. |
Selling and Administrative Expenses |
(a) |
Administrative expenses |
102
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Administrative expenses for the years ended December 31, 2015 and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Wages and salaries |
|
W |
|
|
|
|
810,851 |
|
|
|
781,433 |
|
Expenses related to post-employment benefits |
|
|
|
|
|
|
87,293 |
|
|
|
66,744 |
|
Other employee benefits |
|
|
|
|
|
|
193,967 |
|
|
|
174,131 |
|
Travel |
|
|
|
|
|
|
48,426 |
|
|
|
50,257 |
|
Depreciation |
|
|
|
|
|
|
105,470 |
|
|
|
110,908 |
|
Amortization |
|
|
|
|
|
|
168,525 |
|
|
|
162,312 |
|
Communication |
|
|
|
|
|
|
12,502 |
|
|
|
9,579 |
|
Electricity expenses |
|
|
|
|
|
|
9,573 |
|
|
|
11,746 |
|
Taxes and public dues |
|
|
|
|
|
|
74,315 |
|
|
|
55,647 |
|
Rental |
|
|
|
|
|
|
119,836 |
|
|
|
137,366 |
|
Repairs |
|
|
|
|
|
|
11,677 |
|
|
|
13,924 |
|
Entertainment |
|
|
|
|
|
|
15,740 |
|
|
|
17,633 |
|
Advertising |
|
|
|
|
|
|
90,698 |
|
|
|
104,485 |
|
Research & development |
|
|
|
|
|
|
135,508 |
|
|
|
175,195 |
|
Service fees |
|
|
|
|
|
|
218,751 |
|
|
|
215,974 |
|
Supplies |
|
|
|
|
|
|
9,855 |
|
|
|
10,856 |
|
Vehicles maintenance |
|
|
|
|
|
|
10,756 |
|
|
|
12,685 |
|
Industry association fee |
|
|
|
|
|
|
12,603 |
|
|
|
11,856 |
|
Conference |
|
|
|
|
|
|
16,053 |
|
|
|
17,620 |
|
Contribution to provisions |
|
|
|
|
|
|
14,900 |
|
|
|
16,056 |
|
Bad debt expenses |
|
|
|
|
|
|
189,616 |
|
|
|
108,933 |
|
Others |
|
|
|
|
|
|
38,333 |
|
|
|
44,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
2,395,248 |
|
|
|
2,309,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Selling expenses for the years ended December 31, 2015 and 2014 were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Freight and custody expenses |
|
W |
|
|
|
|
1,531,906 |
|
|
|
1,551,705 |
|
Operating expenses for distribution center |
|
|
|
|
|
|
11,021 |
|
|
|
10,782 |
|
Sales commissions |
|
|
|
|
|
|
80,165 |
|
|
|
66,359 |
|
Sales advertising |
|
|
|
|
|
|
3,220 |
|
|
|
4,615 |
|
Sales promotion |
|
|
|
|
|
|
22,443 |
|
|
|
25,777 |
|
Sample |
|
|
|
|
|
|
2,576 |
|
|
|
3,477 |
|
Sales insurance premium |
|
|
|
|
|
|
30,682 |
|
|
|
39,538 |
|
Contract cost |
|
|
|
|
|
|
38,425 |
|
|
|
49,891 |
|
Others |
|
|
|
|
|
|
8,518 |
|
|
|
7,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
1,728,956 |
|
|
|
1,760,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31. |
Research and Development Expenditures Recognized as Expenses |
Research and development expenditures
recognized as expenses for the years ended December 31, 2015 and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Selling and administrative expenses |
|
W |
|
|
|
|
135,508 |
|
|
|
175,195 |
|
Cost of sales |
|
|
|
|
|
|
356,173 |
|
|
|
353,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
491,681 |
|
|
|
528,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
104
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
32. |
Finance Income and Costs |
Details of finance income and costs for the years ended December 31, 2015
and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Finance income |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
W |
|
|
|
|
210,193 |
|
|
|
228,254 |
|
Dividend income |
|
|
|
|
|
|
183,712 |
|
|
|
47,825 |
|
Gain on foreign currency transactions |
|
|
|
|
|
|
1,025,240 |
|
|
|
1,022,253 |
|
Gain on foreign currency translations |
|
|
|
|
|
|
466,090 |
|
|
|
453,471 |
|
Gain on derivatives transactions |
|
|
|
|
|
|
366,482 |
|
|
|
327,738 |
|
Gain on valuations of derivatives |
|
|
|
|
|
|
155,334 |
|
|
|
73,279 |
|
Gain on disposals of available-for-sale financial assets |
|
|
|
|
|
|
139,136 |
|
|
|
236,484 |
|
Others |
|
|
|
|
|
|
10,886 |
|
|
|
7,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
2,557,073 |
|
|
|
2,396,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance costs |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
W |
|
|
|
|
788,772 |
|
|
|
795,585 |
|
Loss on foreign currency transactions |
|
|
|
|
|
|
1,157,161 |
|
|
|
1,033,723 |
|
Loss on foreign currency translations |
|
|
|
|
|
|
716,722 |
|
|
|
428,891 |
|
Loss on derivatives transactions |
|
|
|
|
|
|
343,118 |
|
|
|
353,435 |
|
Loss on valuation of derivatives |
|
|
|
|
|
|
72,133 |
|
|
|
101,330 |
|
Impairment loss on available-for-sale financial assets |
|
|
|
|
|
|
142,781 |
|
|
|
369,723 |
|
Others |
|
|
|
|
|
|
166,367 |
|
|
|
139,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
3,387,054 |
|
|
|
3,221,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
105
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
33. |
Other Non-Operating Income and Expenses |
Details of other non-operating income and expenses for the
years ended December 31, 2015 and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Other non-operating income |
|
|
|
|
|
|
|
|
|
|
|
|
Gain on disposals of assets held for sale |
|
W |
|
|
|
|
227,956 |
|
|
|
48,232 |
|
Gain on disposals of investment in subsidiaries, associates and joint ventures |
|
|
|
|
|
|
88,718 |
|
|
|
41,258 |
|
Gain on disposals of property, plant and equipment |
|
|
|
|
|
|
22,730 |
|
|
|
15,039 |
|
Recovery of allowance for other doubtful accounts |
|
|
|
|
|
|
10,452 |
|
|
|
|
|
Rental revenues |
|
|
|
|
|
|
1,019 |
|
|
|
1,743 |
|
Gain on insurance proceeds |
|
|
|
|
|
|
14,976 |
|
|
|
2,924 |
|
Others |
|
|
|
|
|
|
183,197 |
|
|
|
160,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
549,048 |
|
|
|
269,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Impairment loss on assets held for sale |
|
W |
|
|
|
|
133,547 |
|
|
|
17,205 |
|
Loss on disposals of assets held for sale |
|
|
|
|
|
|
190,357 |
|
|
|
14 |
|
Loss on disposals of investment in subsidiaries, associates and joint ventures |
|
|
|
|
|
|
18,996 |
|
|
|
2,556 |
|
Loss on disposals of property, plant and equipment |
|
|
|
|
|
|
101,732 |
|
|
|
50,006 |
|
Impairment loss on property, plant and equipment |
|
|
|
|
|
|
136,269 |
|
|
|
64,833 |
|
Impairment loss on intangible assets |
|
|
|
|
|
|
161,412 |
|
|
|
55,220 |
|
Other bad debt expenses |
|
|
|
|
|
|
158,071 |
|
|
|
96,373 |
|
Idle tangible asset expenses |
|
|
|
|
|
|
12,773 |
|
|
|
12,214 |
|
Impairment loss on other non-current assets |
|
|
|
|
|
|
12,264 |
|
|
|
38,137 |
|
Contribution to provisions |
|
|
|
|
|
|
18,396 |
|
|
|
126,601 |
|
Donations |
|
|
|
|
|
|
62,957 |
|
|
|
69,544 |
|
Others(*1,2) |
|
|
|
|
|
|
435,524 |
|
|
|
446,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
1,442,298 |
|
|
|
979,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
The Company paid W299,037 million in connection with its settlement with Nippon Steel & Sumitomo Metal Corporation for a civil lawsuit regarding improperly acquired trade secrets and patents
during the year ended December 31, 2015 (Note 38). |
(*2) |
As a result of Korea National Tax Services periodic audit of tax payments and refunds of the Company, the Company recognized additional tax payments amounting to W271,646 million, primarily
related to VAT, as other non-operating expense during the year ended December 31, 2014. |
106
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Expenses that are recorded by nature as cost of sales, selling and administrative
expenses and other non-operating expenses in the statements of comprehensive income for the years ended December 31, 2015 and 2014 were as follows (excluding finance costs and income tax expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Changes in inventories including raw materials and consumables used |
|
W |
|
|
|
|
9,358,192 |
|
|
|
9,439,560 |
|
Cost of merchandises sold |
|
|
|
|
|
|
24,220,580 |
|
|
|
30,899,849 |
|
Employee benefits expenses(*2) |
|
|
|
|
|
|
3,472,295 |
|
|
|
3,197,902 |
|
Outsourced processing cost |
|
|
|
|
|
|
8,681,271 |
|
|
|
9,294,977 |
|
Electricity expenses |
|
|
|
|
|
|
1,251,546 |
|
|
|
1,370,390 |
|
Depreciation expenses(*1) |
|
|
|
|
|
|
2,836,663 |
|
|
|
2,894,609 |
|
Amortization expenses |
|
|
|
|
|
|
381,583 |
|
|
|
343,940 |
|
Freight and custody expenses |
|
|
|
|
|
|
1,531,906 |
|
|
|
1,551,705 |
|
Sales commissions |
|
|
|
|
|
|
80,165 |
|
|
|
66,359 |
|
Loss on disposal of property, plant and equipment |
|
|
|
|
|
|
101,732 |
|
|
|
50,006 |
|
Impairment loss on property, plant and equipment |
|
|
|
|
|
|
136,269 |
|
|
|
64,833 |
|
Impairment loss on goodwill and intangible assets |
|
|
|
|
|
|
161,412 |
|
|
|
55,220 |
|
Donations |
|
|
|
|
|
|
62,957 |
|
|
|
69,544 |
|
Other expenses |
|
|
|
|
|
|
4,948,029 |
|
|
|
3,565,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
57,224,600 |
|
|
|
62,864,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Includes depreciation expense of investment property. |
(*2) |
The details of employee benefits expenses for the years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Wages and salaries |
|
W |
|
|
|
|
3,186,237 |
|
|
|
2,931,553 |
|
Expenses related to post-employment benefits |
|
|
|
|
|
|
286,058 |
|
|
|
266,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
3,472,295 |
|
|
|
3,197,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Income tax expense for the years ended December 31, 2015 and 2014 was as follows: |
107
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Current income taxes |
|
W |
|
|
|
|
553,041 |
|
|
|
790,055 |
|
Deferred income tax due to temporary differences |
|
|
|
|
|
|
(246,500 |
) |
|
|
(82,075 |
) |
Items recorded directly in equity |
|
|
|
|
|
|
(29,602 |
) |
|
|
113,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
W |
|
|
|
|
276,939 |
|
|
|
821,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
The income taxes credited (charged) directly to equity during the years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Net changes in the unrealized fair value of available-for-sale investments |
|
W |
|
|
|
|
60,077 |
|
|
|
105,639 |
|
Loss (gain) on sale of treasury shares |
|
|
|
|
|
|
12 |
|
|
|
(4,654 |
) |
Other capital surplus |
|
|
|
|
|
|
(83,746 |
) |
|
|
|
|
Others |
|
|
|
|
|
|
(5,945 |
) |
|
|
12,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
(29,602 |
) |
|
|
113,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) |
The following table reconciles the calculated income tax expense based on POSCOs statutory rate (24.2%) to the actual amount of taxes recorded by the Company for the years ended December 31, 2015 and
2014. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Profit before income tax expense |
|
W |
|
|
|
|
180,758 |
|
|
|
1,378,144 |
|
Income tax expense computed at statutory rate |
|
|
|
|
|
|
43,281 |
|
|
|
333,049 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax credits |
|
|
|
|
|
|
(152,139 |
) |
|
|
(49,615 |
) |
Under (over) provisions from prior years |
|
|
|
|
|
|
(47,053 |
) |
|
|
(463 |
) |
Investment in subsidiaries, associates and joint ventures |
|
|
|
|
|
|
442,594 |
|
|
|
371,876 |
|
Tax effects due to permanent differences |
|
|
|
|
|
|
(26,045 |
) |
|
|
69,998 |
|
Adjustment on prior year tax from tax audit |
|
|
|
|
|
|
|
|
|
|
56,257 |
|
Tax effects due to amendments to local income tax law |
|
|
|
|
|
|
|
|
|
|
39,890 |
|
Others |
|
|
|
|
|
|
16,301 |
|
|
|
493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
233,658 |
|
|
|
488,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
W |
|
|
|
|
276,939 |
|
|
|
821,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate (%) |
|
|
|
|
|
|
153.20 |
% |
|
|
59.61 |
% |
108
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(d) |
The movements in deferred tax assets (liabilities) for the years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
(in millions of Won) |
|
|
|
|
Beginning |
|
|
Inc. (Dec.) |
|
|
Ending |
|
|
Beginning |
|
|
Inc. (Dec.) |
|
|
Ending |
|
Deferred income tax due to temporary differences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for doubtful accounts |
|
W |
|
|
|
|
195,735 |
|
|
|
6,857 |
|
|
|
202,592 |
|
|
|
149,603 |
|
|
|
46,132 |
|
|
|
195,735 |
|
Reserve for technology developments |
|
|
|
|
|
|
(259,033 |
) |
|
|
81,357 |
|
|
|
(177,676 |
) |
|
|
(380,665 |
) |
|
|
121,632 |
|
|
|
(259,033 |
) |
PP&E - Depreciation |
|
|
|
|
|
|
(6,675 |
) |
|
|
(8,565 |
) |
|
|
(15,240 |
) |
|
|
(33,342 |
) |
|
|
26,667 |
|
|
|
(6,675 |
) |
Share of profit or loss of equity-accounted investees |
|
|
|
|
|
|
(96,693 |
) |
|
|
51,519 |
|
|
|
(45,174 |
) |
|
|
(89,305 |
) |
|
|
(7,388 |
) |
|
|
(96,693 |
) |
Allowance for inventories valuation |
|
|
|
|
|
|
1,991 |
|
|
|
11,382 |
|
|
|
13,373 |
|
|
|
(1,522 |
) |
|
|
3,513 |
|
|
|
1,991 |
|
PP&E - Revaluation |
|
|
|
|
|
|
(1,222,599 |
) |
|
|
(170,902 |
) |
|
|
(1,393,501 |
) |
|
|
(1,011,593 |
) |
|
|
(211,006 |
) |
|
|
(1,222,599 |
) |
Prepaid expenses |
|
|
|
|
|
|
17,461 |
|
|
|
1,719 |
|
|
|
19,180 |
|
|
|
28,385 |
|
|
|
(10,924 |
) |
|
|
17,461 |
|
PP&E - Impairment loss |
|
|
|
|
|
|
21,962 |
|
|
|
(13,907 |
) |
|
|
8,055 |
|
|
|
25,518 |
|
|
|
(3,556 |
) |
|
|
21,962 |
|
Gain or loss on foreign currency translation |
|
|
|
|
|
|
(69,112 |
) |
|
|
39,757 |
|
|
|
(29,355 |
) |
|
|
(189,202 |
) |
|
|
120,090 |
|
|
|
(69,112 |
) |
Defined benefit obligations |
|
|
|
|
|
|
120,684 |
|
|
|
(11,546 |
) |
|
|
109,138 |
|
|
|
100,356 |
|
|
|
20,328 |
|
|
|
120,684 |
|
Plan assets |
|
|
|
|
|
|
(53,035 |
) |
|
|
10,233 |
|
|
|
(42,802 |
) |
|
|
(58,666 |
) |
|
|
5,631 |
|
|
|
(53,035 |
) |
Provision for construction losses |
|
|
|
|
|
|
4,953 |
|
|
|
(4,341 |
) |
|
|
612 |
|
|
|
4,273 |
|
|
|
680 |
|
|
|
4,953 |
|
Provision for construction warranty |
|
|
|
|
|
|
20,371 |
|
|
|
1,233 |
|
|
|
21,604 |
|
|
|
16,674 |
|
|
|
3,697 |
|
|
|
20,371 |
|
Accrued income |
|
|
|
|
|
|
(3,691 |
) |
|
|
(5,291 |
) |
|
|
(8,982 |
) |
|
|
(2,915 |
) |
|
|
(776 |
) |
|
|
(3,691 |
) |
Impairment loss on AFS |
|
|
|
|
|
|
172,001 |
|
|
|
94,473 |
|
|
|
266,474 |
|
|
|
133,089 |
|
|
|
38,912 |
|
|
|
172,001 |
|
Difference in acquisition costs of treasury shares |
|
|
|
|
|
|
62,139 |
|
|
|
(23 |
) |
|
|
62,116 |
|
|
|
64,213 |
|
|
|
(2,074 |
) |
|
|
62,139 |
|
Others |
|
|
|
|
|
|
81,310 |
|
|
|
196,692 |
|
|
|
278,002 |
|
|
|
253,822 |
|
|
|
(172,512 |
) |
|
|
81,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,012,231 |
) |
|
|
280,647 |
|
|
|
(731,584 |
) |
|
|
(991,277 |
) |
|
|
(20,954 |
) |
|
|
(1,012,231 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes recognized directly to equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on valuation of available-for-sale investments |
|
|
|
|
|
|
(10,034 |
) |
|
|
60,077 |
|
|
|
50,043 |
|
|
|
(115,673 |
) |
|
|
105,639 |
|
|
|
(10,034 |
) |
Others |
|
|
|
|
|
|
67,236 |
|
|
|
(5,945 |
) |
|
|
61,291 |
|
|
|
54,716 |
|
|
|
12,520 |
|
|
|
67,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,202 |
|
|
|
54,132 |
|
|
|
111,334 |
|
|
|
(60,957 |
) |
|
|
118,159 |
|
|
|
57,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax from tax credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax credit carry-forward and others |
|
|
|
|
|
|
339,959 |
|
|
|
(62,698 |
) |
|
|
277,261 |
|
|
|
437,642 |
|
|
|
(97,683 |
) |
|
|
339,959 |
|
Investments in subsidiaries, associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in subsidiaries, associates and joint ventures |
|
|
|
|
|
|
(21,627 |
) |
|
|
3,538 |
|
|
|
(18,089 |
) |
|
|
42,761 |
|
|
|
(64,388 |
) |
|
|
(21,627 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
(636,697 |
) |
|
|
275,619 |
|
|
|
(361,078 |
) |
|
|
(571,831 |
) |
|
|
(64,866 |
) |
|
|
(636,697 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
109
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(e) |
Deferred tax assets and liabilities for the years ended December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
(in millions of Won) |
|
|
|
|
Assets |
|
|
Liabilities |
|
|
Net |
|
|
Assets |
|
|
Liabilities |
|
|
Net |
|
Deferred income tax due to temporary differences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for doubtful accounts |
|
W |
|
|
|
|
202,592 |
|
|
|
|
|
|
|
202,592 |
|
|
|
197,159 |
|
|
|
(1,424 |
) |
|
|
195,735 |
|
Reserve for technology developments |
|
|
|
|
|
|
|
|
|
|
(177,676 |
) |
|
|
(177,676 |
) |
|
|
|
|
|
|
(259,033 |
) |
|
|
(259,033 |
) |
PP&E - Depreciation |
|
|
|
|
|
|
34,575 |
|
|
|
(49,815 |
) |
|
|
(15,240 |
) |
|
|
39,412 |
|
|
|
(46,087 |
) |
|
|
(6,675 |
) |
Share of profit or loss of equity-accounted investees |
|
|
|
|
|
|
52,521 |
|
|
|
(97,695 |
) |
|
|
(45,174 |
) |
|
|
1,389 |
|
|
|
(98,082 |
) |
|
|
(96,693 |
) |
Allowance for inventories valuation |
|
|
|
|
|
|
13,373 |
|
|
|
|
|
|
|
13,373 |
|
|
|
7,294 |
|
|
|
(5,303 |
) |
|
|
1,991 |
|
PP&E - Revaluation |
|
|
|
|
|
|
|
|
|
|
(1,393,501 |
) |
|
|
(1,393,501 |
) |
|
|
|
|
|
|
(1,222,599 |
) |
|
|
(1,222,599 |
) |
Prepaid expenses |
|
|
|
|
|
|
19,180 |
|
|
|
|
|
|
|
19,180 |
|
|
|
17,461 |
|
|
|
|
|
|
|
17,461 |
|
PP&E - Impairment loss |
|
|
|
|
|
|
8,159 |
|
|
|
(104 |
) |
|
|
8,055 |
|
|
|
23,489 |
|
|
|
(1,527 |
) |
|
|
21,962 |
|
Gain or loss on foreign currency translation |
|
|
|
|
|
|
107,076 |
|
|
|
(136,431 |
) |
|
|
(29,355 |
) |
|
|
83,521 |
|
|
|
(152,633 |
) |
|
|
(69,112 |
) |
Defined benefit obligations |
|
|
|
|
|
|
129,804 |
|
|
|
(20,666 |
) |
|
|
109,138 |
|
|
|
125,758 |
|
|
|
(5,074 |
) |
|
|
120,684 |
|
Plan assets |
|
|
|
|
|
|
|
|
|
|
(42,802 |
) |
|
|
(42,802 |
) |
|
|
|
|
|
|
(53,035 |
) |
|
|
(53,035 |
) |
Provision for construction losses |
|
|
|
|
|
|
612 |
|
|
|
|
|
|
|
612 |
|
|
|
4,953 |
|
|
|
|
|
|
|
4,953 |
|
Provision for construction warranty |
|
|
|
|
|
|
21,604 |
|
|
|
|
|
|
|
21,604 |
|
|
|
20,371 |
|
|
|
|
|
|
|
20,371 |
|
Accrued income |
|
|
|
|
|
|
|
|
|
|
(8,982 |
) |
|
|
(8,982 |
) |
|
|
|
|
|
|
(3,691 |
) |
|
|
(3,691 |
) |
Impairment loss on AFS |
|
|
|
|
|
|
266,474 |
|
|
|
|
|
|
|
266,474 |
|
|
|
172,001 |
|
|
|
|
|
|
|
172,001 |
|
Difference in acquisition costs of treasury shares |
|
|
|
|
|
|
62,116 |
|
|
|
|
|
|
|
62,116 |
|
|
|
62,139 |
|
|
|
|
|
|
|
62,139 |
|
Others |
|
|
|
|
|
|
351,558 |
|
|
|
(73,556 |
) |
|
|
278,002 |
|
|
|
271,421 |
|
|
|
(190,111 |
) |
|
|
81,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,269,644 |
|
|
|
(2,001,228 |
) |
|
|
(731,584 |
) |
|
|
1,026,368 |
|
|
|
(2,038,599 |
) |
|
|
(1,012,231 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes recognized directly to equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on valuation ofavailable-for-sale investments |
|
|
|
|
|
|
218,161 |
|
|
|
(168,118 |
) |
|
|
50,043 |
|
|
|
238,489 |
|
|
|
(248,523 |
) |
|
|
(10,034 |
) |
Others |
|
|
|
|
|
|
76,086 |
|
|
|
(14,795 |
) |
|
|
61,291 |
|
|
|
91,636 |
|
|
|
(24,400 |
) |
|
|
67,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
294,247 |
|
|
|
(182,913 |
) |
|
|
111,334 |
|
|
|
330,125 |
|
|
|
(272,923 |
) |
|
|
57,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax from tax credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax credit carry-forward and others |
|
|
|
|
|
|
277,261 |
|
|
|
|
|
|
|
277,261 |
|
|
|
339,959 |
|
|
|
|
|
|
|
339,959 |
|
Investments in subsidiaries, associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in subsidiaries, associates and joint ventures |
|
|
|
|
|
|
518,326 |
|
|
|
(536,415 |
) |
|
|
(18,089 |
) |
|
|
601,265 |
|
|
|
(622,892 |
) |
|
|
(21,627 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
2,359,478 |
|
|
|
(2,720,556 |
) |
|
|
(361,078 |
) |
|
|
2,297,717 |
|
|
|
(2,934,414 |
) |
|
|
(636,697 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(f) |
As of December 31, 2015, the Company did not recognize income tax effects associated with deductible temporary differences of W5,029,818 million (deferred tax assets W1,217,216
million) mainly relating to loss of subsidiaries and affiliates because realization is not considered probable. As of December 31, 2015, the Company did not recognize income tax effects associated with taxable temporary differences of
W3,587,123 million (deferred tax liabilities W868,084 million) mainly relating to increase in retained earnings of subsidiaries since it is probable that the temporary difference will not reverse in the foreseeable
future. |
110
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Basic and diluted earnings per share for the years ended
December 31, 2015 and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Won, except per share information) |
|
|
|
|
2015 |
|
|
2014 |
|
Profit attribute to controlling interest |
|
W |
|
|
|
|
180,646,881,979 |
|
|
|
626,099,302,937 |
|
Interests of hybrid bonds |
|
|
|
|
|
|
(33,029,632,499 |
) |
|
|
(33,048,799,997 |
) |
Weighted-average number of common shares outstanding(*1) |
|
|
|
|
|
|
79,993,834 |
|
|
|
79,801,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share |
|
W |
|
|
|
|
1,845 |
|
|
|
7,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
The weighted-average number of common shares used to calculate basic and diluted earnings per share are as follows: |
|
|
|
|
|
|
|
|
|
(shares) |
|
2015 |
|
|
2014 |
|
Total number of common shares issued |
|
|
87,186,835 |
|
|
|
87,186,835 |
|
Weighted-average number of treasury shares |
|
|
(7,193,001 |
) |
|
|
(7,385,296 |
) |
|
|
|
|
|
|
|
|
|
Weighted-average number of common shares outstanding |
|
|
79,993,834 |
|
|
|
79,801,539 |
|
|
|
|
|
|
|
|
|
|
Since there were no potential shares of common stock which had dilutive effects as of December 31, 2015
and 2014, diluted earnings per share is equal to basic earnings per share.
111
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
37. |
Related Party Transactions |
(a) |
Significant transactions between the controlling company and related companies for the years ended December 31, 2015 and 2014 were as follows: |
|
1) |
For the year ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and others(*1) |
|
|
Purchase and others(*2) |
|
(in millions of Won) |
|
|
|
|
Sales |
|
|
Others |
|
|
Purchase of material |
|
|
Purchase of fixed assets |
|
|
Outsourced processing cost |
|
|
Others |
|
Subsidiaries(*3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
POSCO ENGINEERING & CONSTRUCTION., LTD. |
|
W |
|
|
|
|
4,441 |
|
|
|
145 |
|
|
|
19 |
|
|
|
427,760 |
|
|
|
2,250 |
|
|
|
37,488 |
|
POSCO Processing&Service |
|
|
|
|
|
|
1,074,826 |
|
|
|
24 |
|
|
|
437,626 |
|
|
|
|
|
|
|
|
|
|
|
2,281 |
|
POSCO COATED & COLOR STEEL Co., Ltd. |
|
|
|
|
|
|
380,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,359 |
|
|
|
104 |
|
POSCO ICT(*4) |
|
|
|
|
|
|
1,259 |
|
|
|
7 |
|
|
|
|
|
|
|
210,877 |
|
|
|
29,612 |
|
|
|
182,745 |
|
eNtoB Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
261,989 |
|
|
|
6,501 |
|
|
|
130 |
|
|
|
22,017 |
|
POSCO CHEM TECH |
|
|
|
|
|
|
436,594 |
|
|
|
30,343 |
|
|
|
519,956 |
|
|
|
9,515 |
|
|
|
297,183 |
|
|
|
1,773 |
|
POSCO ENERGY CO., LTD. |
|
|
|
|
|
|
188,458 |
|
|
|
1,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
POSCO TMC Co., Ltd. |
|
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|
|
|
|
263,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,497 |
|
|
|
1,560 |
|
POSCO AST |
|
|
|
|
|
|
362,658 |
|
|
|
15 |
|
|
|
4,115 |
|
|
|
|
|
|
|
39,175 |
|
|
|
1,611 |
|
POSHIMETAL Co., Ltd. |
|
|
|
|
|
|
10,777 |
|
|
|
151 |
|
|
|
145,165 |
|
|
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|
|
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|
46 |
|
Daewoo International Corporation |
|
|
|
|
|
|
3,505,187 |
|
|
|
34,334 |
|
|
|
46,675 |
|
|
|
|
|
|
|
|
|
|
|
480 |
|
SeAH Changw on Integrated Special Steel |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
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|
|
(formerly, POSCO Specialty Steel Co., Ltd.)(*5) |
|
|
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|
|
2,811 |
|
|
|
176,904 |
|
|
|
8,239 |
|
|
|
|
|
|
|
515 |
|
|
|
75 |
|
POSCO PLANTEC Co., Ltd.(*5) |
|
|
|
|
|
|
4,280 |
|
|
|
33 |
|
|
|
2,544 |
|
|
|
125,192 |
|
|
|
15,135 |
|
|
|
13,649 |
|
POSCO Thainox Public Company Limited |
|
|
|
|
|
|
268,576 |
|
|
|
10 |
|
|
|
5,147 |
|
|
|
|
|
|
|
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|
|
34 |
|
PT. KRAKATAU POSCO |
|
|
|
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|
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|
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|
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|
|
118,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO America Corporation |
|
|
|
|
|
|
624,549 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
725 |
|
POSCO Canada Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
111,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO Asia Co., Ltd. |
|
|
|
|
|
|
1,822,932 |
|
|
|
960 |
|
|
|
269,086 |
|
|
|
|
|
|
|
513 |
|
|
|
2,273 |
|
Qingdao Pohang Stainless Steel Co., Ltd. |
|
|
|
|
|
|
118,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
220 |
|
POSCO JAPAN Co., Ltd. |
|
|
|
|
|
|
1,051,910 |
|
|
|
9,383 |
|
|
|
25,957 |
|
|
|
2,278 |
|
|
|
201 |
|
|
|
2,754 |
|
POSCO MEXICO S.A. DE C.V. |
|
|
|
|
|
|
270,184 |
|
|
|
80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
POSCO Maharashtra Steel Private Limited |
|
|
|
|
|
|
421,244 |
|
|
|
752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31 |
|
Others(*6) |
|
|
|
|
|
|
867,334 |
|
|
|
14,474 |
|
|
|
223,393 |
|
|
|
113,769 |
|
|
|
212,539 |
|
|
|
129,506 |
|
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|
|
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|
11,680,733 |
|
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|
268,980 |
|
|
|
2,180,042 |
|
|
|
895,892 |
|
|
|
608,109 |
|
|
|
399,389 |
|
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|
Associates and joint ventures(*3) |
|
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|
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|
|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
SeAH Changw on Integrated Special Steel |
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
(formerly, POSCO Specialty Steel Co., Ltd.)(*5) |
|
|
|
|
|
|
6,042 |
|
|
|
|
|
|
|
3,802 |
|
|
|
|
|
|
|
419 |
|
|
|
|
|
POSCO PLANTEC Co., Ltd.(*5) |
|
|
|
|
|
|
147 |
|
|
|
14 |
|
|
|
1,017 |
|
|
|
82,338 |
|
|
|
3,513 |
|
|
|
4,676 |
|
SNNC |
|
|
|
|
|
|
4,673 |
|
|
|
594 |
|
|
|
422,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO-SAMSUNG-Slovakia Processing center |
|
|
|
|
|
|
26,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others(*7,8) |
|
|
|
|
|
|
28,841 |
|
|
|
40,600 |
|
|
|
51,855 |
|
|
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|
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|
|
|
|
66,082 |
|
|
|
41,208 |
|
|
|
479,094 |
|
|
|
82,338 |
|
|
|
3,932 |
|
|
|
4,676 |
|
|
|
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|
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|
W |
|
|
|
|
11,746,815 |
|
|
|
310,188 |
|
|
|
2,659,136 |
|
|
|
978,230 |
|
|
|
612,041 |
|
|
|
404,065 |
|
|
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|
|
(*1) |
Sales and others mainly consist of sales of steel products to subsidiaries, associates and joint ventures. |
(*2) |
Purchases and others mainly consist of subsidiaries purchases of construction services and purchases of raw materials to manufacture steel products. |
(*3) |
As of December 31, 2015, the Company provided guarantees to related parties (Note 38). |
(*4) |
Others (purchase) mainly consist of service fees related to maintenance and repair of ERP System. |
(*5) |
Reclassified from subsidiaries to associates (Note 11). |
112
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(*6) |
The Company borrowed USD 17.42 million from POSCO-Uruguay S.A, a subsidiary of the Company, and the entire amount was repaid during the year ended December 31, 2015. |
(*7) |
The Company lent USD 60 million to CSP-Compania Siderurgica do Pecem, an associate of the Company, and the entire amount of loan was collected during the year ended December 31, 2015. |
(*8) |
The Company collected the loan of USD 3.85 million from LLP POSUK Titanium, an associate of the Company, during the year ended December 31, 2015. |
|
2) |
For the year ended December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and others |
|
|
Purchase and others |
|
(in millions of Won) |
|
|
|
|
Sales |
|
|
Others |
|
|
Purchase of material |
|
|
Purchase of fixed assets |
|
|
Outsourced processing cost |
|
|
Others |
|
Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO ENGINEERING & CONSTRUCTION., LTD. |
|
W |
|
|
|
|
22,659 |
|
|
|
16,789 |
|
|
|
544,202 |
|
|
|
247,286 |
|
|
|
3,689 |
|
|
|
30,852 |
|
POSCO Processing & Service |
|
|
|
|
|
|
1,075,567 |
|
|
|
8,649 |
|
|
|
785,943 |
|
|
|
|
|
|
|
|
|
|
|
1,681 |
|
POSCO COATED & COLOR STEEL Co., Ltd. |
|
|
|
|
|
|
444,513 |
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
12,313 |
|
|
|
195 |
|
POSCO ICT |
|
|
|
|
|
|
929 |
|
|
|
2,593 |
|
|
|
356 |
|
|
|
209,893 |
|
|
|
26,231 |
|
|
|
161,173 |
|
eNtoB Corporation |
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
297,119 |
|
|
|
10,433 |
|
|
|
137 |
|
|
|
21,073 |
|
POSCO CHEMTECH |
|
|
|
|
|
|
532,973 |
|
|
|
26,537 |
|
|
|
513,759 |
|
|
|
5,449 |
|
|
|
301,149 |
|
|
|
923 |
|
POSCO ENERGY CO., LTD. |
|
|
|
|
|
|
177,517 |
|
|
|
1,230 |
|
|
|
|
|
|
|
2,263 |
|
|
|
|
|
|
|
20 |
|
POSCO TMC Co., Ltd. |
|
|
|
|
|
|
240,318 |
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
1,056 |
|
|
|
1,611 |
|
POSCO AST |
|
|
|
|
|
|
503,452 |
|
|
|
5 |
|
|
|
10,396 |
|
|
|
|
|
|
|
57,355 |
|
|
|
2,671 |
|
POSHIMETAL Co., Ltd. |
|
|
|
|
|
|
11,261 |
|
|
|
3,660 |
|
|
|
166,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Daewoo International Corporation |
|
|
|
|
|
|
3,558,652 |
|
|
|
20,652 |
|
|
|
90,361 |
|
|
|
|
|
|
|
|
|
|
|
3,857 |
|
SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel Co., Ltd.)(*5) |
|
|
|
|
|
|
5,313 |
|
|
|
201,927 |
|
|
|
40,124 |
|
|
|
|
|
|
|
1,939 |
|
|
|
266 |
|
POSCO America Corporation |
|
|
|
|
|
|
747,933 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,794 |
|
POSCO Canada Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
141,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO Asia Co., Ltd. |
|
|
|
|
|
|
2,167,148 |
|
|
|
89 |
|
|
|
169,945 |
|
|
|
|
|
|
|
10,006 |
|
|
|
1,969 |
|
Qingdao Pohang Stainless Steel Co., Ltd. |
|
|
|
|
|
|
79,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19 |
|
POSCO JAPAN Co., Ltd. |
|
|
|
|
|
|
1,329,947 |
|
|
|
4 |
|
|
|
15,165 |
|
|
|
2,269 |
|
|
|
3 |
|
|
|
2,279 |
|
POSCO MEXICO S.A. DE C.V. |
|
|
|
|
|
|
287,468 |
|
|
|
929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO Maharashtra Steel Private Limited |
|
|
|
|
|
|
444,407 |
|
|
|
6,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others |
|
|
|
|
|
|
980,410 |
|
|
|
4,149 |
|
|
|
334,577 |
|
|
|
66,345 |
|
|
|
232,682 |
|
|
|
104,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,610,250 |
|
|
|
293,292 |
|
|
|
3,110,156 |
|
|
|
543,938 |
|
|
|
646,560 |
|
|
|
334,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO PLANTEC Co., Ltd.(*2) |
|
|
|
|
|
|
15,310 |
|
|
|
64 |
|
|
|
3,195 |
|
|
|
119,369 |
|
|
|
15,777 |
|
|
|
22,751 |
|
SNNC |
|
|
|
|
|
|
3,077 |
|
|
|
5,716 |
|
|
|
339,991 |
|
|
|
|
|
|
|
|
|
|
|
5 |
|
POSCHROME (PROPRIETARY) LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO-SAMSUNG-Slovakia Processing Center |
|
|
|
|
|
|
24,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others(*1) |
|
|
|
|
|
|
10,785 |
|
|
|
41,903 |
|
|
|
3,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,231 |
|
|
|
47,683 |
|
|
|
406,095 |
|
|
|
119,369 |
|
|
|
15,777 |
|
|
|
22,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
12,663,481 |
|
|
|
340,975 |
|
|
|
3,516,251 |
|
|
|
663,307 |
|
|
|
662,337 |
|
|
|
357,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
The Company had made loans of USD 3.85 million to LLP POSUK Titanium, an associate of the Company, during the year ended December 31, 2014. |
(*2) |
It was reclassified from an associate to a subsidiary. |
113
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(b) |
The related account balances of significant transactions between the controlling company and related companies as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables |
|
|
Payables |
|
(in millions of Won) |
|
|
|
|
Trade accounts and notes receivable |
|
|
Others |
|
|
Total |
|
|
Trade accounts and notes payable |
|
|
Accounts payable |
|
|
Others |
|
|
Total |
|
Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO ENGINEERING & CONSTRUCTION., LTD. |
|
W |
|
|
|
|
508 |
|
|
|
30,368 |
|
|
|
30,876 |
|
|
|
|
|
|
|
42,159 |
|
|
|
1,002 |
|
|
|
43,161 |
|
POSCO Processing & Service |
|
|
|
|
|
|
74,985 |
|
|
|
175 |
|
|
|
75,160 |
|
|
|
10,868 |
|
|
|
603 |
|
|
|
|
|
|
|
11,471 |
|
POSCO COATED & COLOR STEEL Co., Ltd. |
|
|
|
|
|
|
43,669 |
|
|
|
66 |
|
|
|
43,735 |
|
|
|
|
|
|
|
|
|
|
|
1,262 |
|
|
|
1,262 |
|
POSCO ICT |
|
|
|
|
|
|
|
|
|
|
6,832 |
|
|
|
6,832 |
|
|
|
1,060 |
|
|
|
94,865 |
|
|
|
5,880 |
|
|
|
101,805 |
|
eNtoB Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,683 |
|
|
|
14,209 |
|
|
|
12 |
|
|
|
22,904 |
|
POSCO CHEMTECH |
|
|
|
|
|
|
32,670 |
|
|
|
4,500 |
|
|
|
37,170 |
|
|
|
54,636 |
|
|
|
11,398 |
|
|
|
18,062 |
|
|
|
84,096 |
|
POSCO ENERGY CO., LTD. |
|
|
|
|
|
|
18,680 |
|
|
|
2,585 |
|
|
|
21,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO TMC Co., Ltd. |
|
|
|
|
|
|
63,521 |
|
|
|
31 |
|
|
|
63,552 |
|
|
|
|
|
|
|
180 |
|
|
|
195 |
|
|
|
375 |
|
POSCO AST |
|
|
|
|
|
|
54,844 |
|
|
|
54 |
|
|
|
54,898 |
|
|
|
|
|
|
|
1,915 |
|
|
|
3,294 |
|
|
|
5,209 |
|
POSHIMETAL Co., Ltd. |
|
|
|
|
|
|
707 |
|
|
|
9 |
|
|
|
716 |
|
|
|
|
|
|
|
10,148 |
|
|
|
|
|
|
|
10,148 |
|
Daewoo International Corporation |
|
|
|
|
|
|
144,970 |
|
|
|
|
|
|
|
144,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO Thainox Public Company Limited |
|
|
|
|
|
|
65,152 |
|
|
|
2 |
|
|
|
65,154 |
|
|
|
542 |
|
|
|
|
|
|
|
|
|
|
|
542 |
|
POSCO America Corporation |
|
|
|
|
|
|
38,715 |
|
|
|
|
|
|
|
38,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO Asia Co., Ltd. |
|
|
|
|
|
|
299,608 |
|
|
|
235 |
|
|
|
299,843 |
|
|
|
21,198 |
|
|
|
69 |
|
|
|
|
|
|
|
21,267 |
|
Qingdao Pohang Stainless Steel Co., Ltd. |
|
|
|
|
|
|
16,689 |
|
|
|
|
|
|
|
16,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO MEXICO S.A. DE C.V. |
|
|
|
|
|
|
94,588 |
|
|
|
|
|
|
|
94,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO Maharashtra Steel Private Limited |
|
|
|
|
|
|
205,390 |
|
|
|
20 |
|
|
|
205,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others |
|
|
|
|
|
|
172,019 |
|
|
|
5,035 |
|
|
|
177,054 |
|
|
|
18,208 |
|
|
|
45,476 |
|
|
|
23,985 |
|
|
|
87,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,326,715 |
|
|
|
49,912 |
|
|
|
1,376,627 |
|
|
|
115,195 |
|
|
|
221,022 |
|
|
|
53,692 |
|
|
|
389,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel Co., Ltd.) |
|
|
|
|
|
|
1,201 |
|
|
|
|
|
|
|
1,201 |
|
|
|
161 |
|
|
|
15 |
|
|
|
|
|
|
|
176 |
|
POSCO PLANTEC Co., Ltd. |
|
|
|
|
|
|
123 |
|
|
|
19 |
|
|
|
142 |
|
|
|
1,901 |
|
|
|
46,159 |
|
|
|
|
|
|
|
48,060 |
|
SNNC |
|
|
|
|
|
|
298 |
|
|
|
20 |
|
|
|
318 |
|
|
|
639 |
|
|
|
2 |
|
|
|
|
|
|
|
641 |
|
Others |
|
|
|
|
|
|
740 |
|
|
|
12,200 |
|
|
|
12,940 |
|
|
|
|
|
|
|
145 |
|
|
|
|
|
|
|
145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,362 |
|
|
|
12,239 |
|
|
|
14,601 |
|
|
|
2,701 |
|
|
|
46,321 |
|
|
|
|
|
|
|
49,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
1,329,077 |
|
|
|
62,151 |
|
|
|
1,391,228 |
|
|
|
117,896 |
|
|
|
267,343 |
|
|
|
53,692 |
|
|
|
438,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
114
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables |
|
|
Payables |
|
(in millions of Won) |
|
|
|
|
Trade accounts and notes receivable |
|
|
Others |
|
|
Total |
|
|
Trade accounts and notes payable |
|
|
Accounts payable |
|
|
Others |
|
|
Total |
|
Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO ENGINEERING & CONSTRUCTION., LTD. |
|
W |
|
|
|
|
42 |
|
|
|
71,967 |
|
|
|
72,009 |
|
|
|
|
|
|
|
41,878 |
|
|
|
|
|
|
|
41,878 |
|
POSCO Processing & Service |
|
|
|
|
|
|
94,790 |
|
|
|
92 |
|
|
|
94,882 |
|
|
|
15,202 |
|
|
|
867 |
|
|
|
|
|
|
|
16,069 |
|
POSCO COATED & COLOR STEEL Co., Ltd. |
|
|
|
|
|
|
69,314 |
|
|
|
67 |
|
|
|
69,381 |
|
|
|
|
|
|
|
5 |
|
|
|
1,936 |
|
|
|
1,941 |
|
POSCO ICT |
|
|
|
|
|
|
13 |
|
|
|
103 |
|
|
|
116 |
|
|
|
920 |
|
|
|
70,823 |
|
|
|
5,425 |
|
|
|
77,168 |
|
eNtoB Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,564 |
|
|
|
28,432 |
|
|
|
43 |
|
|
|
41,039 |
|
POSCO CHEMTECH |
|
|
|
|
|
|
49,456 |
|
|
|
4,283 |
|
|
|
53,739 |
|
|
|
57,610 |
|
|
|
9,890 |
|
|
|
17,864 |
|
|
|
85,364 |
|
POSCO ENERGY CO., LTD. |
|
|
|
|
|
|
17,326 |
|
|
|
2,809 |
|
|
|
20,135 |
|
|
|
|
|
|
|
|
|
|
|
1,962 |
|
|
|
1,962 |
|
POSCO TMC Co., Ltd. |
|
|
|
|
|
|
27,429 |
|
|
|
30 |
|
|
|
27,459 |
|
|
|
|
|
|
|
117 |
|
|
|
115 |
|
|
|
232 |
|
POSCO AST |
|
|
|
|
|
|
44,281 |
|
|
|
54 |
|
|
|
44,335 |
|
|
|
|
|
|
|
2,458 |
|
|
|
3,364 |
|
|
|
5,822 |
|
POSHIMETAL Co., Ltd. |
|
|
|
|
|
|
1,269 |
|
|
|
14 |
|
|
|
1,283 |
|
|
|
|
|
|
|
12,846 |
|
|
|
|
|
|
|
12,846 |
|
Daewoo International Corporation |
|
|
|
|
|
|
164,029 |
|
|
|
3,178 |
|
|
|
167,207 |
|
|
|
8 |
|
|
|
210 |
|
|
|
1 |
|
|
|
219 |
|
SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel Co., Ltd.) |
|
|
|
|
|
|
822 |
|
|
|
201,823 |
|
|
|
202,645 |
|
|
|
4,800 |
|
|
|
140 |
|
|
|
184 |
|
|
|
5,124 |
|
POSCO America Corporation |
|
|
|
|
|
|
57,164 |
|
|
|
|
|
|
|
57,164 |
|
|
|
|
|
|
|
1,511 |
|
|
|
|
|
|
|
1,511 |
|
POSCO Asia Co., Ltd. |
|
|
|
|
|
|
197,104 |
|
|
|
221 |
|
|
|
197,325 |
|
|
|
10,995 |
|
|
|
|
|
|
|
|
|
|
|
10,995 |
|
POSCO (Thailand) Company Limited |
|
|
|
|
|
|
7,407 |
|
|
|
266 |
|
|
|
7,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qingdao Pohang Stainless Steel Co., Ltd. |
|
|
|
|
|
|
14,748 |
|
|
|
41 |
|
|
|
14,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO MEXICO S.A. DE C.V. |
|
|
|
|
|
|
96,800 |
|
|
|
|
|
|
|
96,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO Maharashtra Steel Private Limited |
|
|
|
|
|
|
364,899 |
|
|
|
7,714 |
|
|
|
372,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others |
|
|
|
|
|
|
175,567 |
|
|
|
58,592 |
|
|
|
234,159 |
|
|
|
15,494 |
|
|
|
75,051 |
|
|
|
29,076 |
|
|
|
119,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,382,460 |
|
|
|
351,254 |
|
|
|
1,733,714 |
|
|
|
117,593 |
|
|
|
244,228 |
|
|
|
59,970 |
|
|
|
421,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SNNC |
|
|
|
|
|
|
219 |
|
|
|
125 |
|
|
|
344 |
|
|
|
7,017 |
|
|
|
|
|
|
|
|
|
|
|
7,017 |
|
POSCHROME (PROPRIETARY) LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,162 |
|
|
|
|
|
|
|
|
|
|
|
1,162 |
|
LLP POSUK Titanium |
|
|
|
|
|
|
|
|
|
|
4,235 |
|
|
|
4,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others |
|
|
|
|
|
|
258 |
|
|
|
18 |
|
|
|
276 |
|
|
|
234 |
|
|
|
|
|
|
|
|
|
|
|
234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
477 |
|
|
|
4,378 |
|
|
|
4,855 |
|
|
|
8,413 |
|
|
|
|
|
|
|
|
|
|
|
8,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
1,382,937 |
|
|
|
355,632 |
|
|
|
1,738,569 |
|
|
|
126,006 |
|
|
|
244,228 |
|
|
|
59,970 |
|
|
|
430,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
115
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(c) |
Significant transactions between the Company, excluding the controlling company, and related companies for the years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and others |
|
|
Purchase and others |
|
(in millions of Won) |
|
|
|
|
Sales |
|
|
Others |
|
|
Purchase of material |
|
|
Others |
|
Associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel Co., Ltd.) |
|
W |
|
|
|
|
32,802 |
|
|
|
|
|
|
|
49,862 |
|
|
|
1,977 |
|
POSCO PLANTEC Co., Ltd. |
|
|
|
|
|
|
10,543 |
|
|
|
|
|
|
|
5,953 |
|
|
|
6,386 |
|
New Songdo International City Development, LLC |
|
|
|
|
|
|
420,094 |
|
|
|
|
|
|
|
|
|
|
|
667 |
|
SNNC |
|
|
|
|
|
|
32,160 |
|
|
|
44 |
|
|
|
6,518 |
|
|
|
53,260 |
|
Posco e&c Songdo International Building |
|
|
|
|
|
|
6,278 |
|
|
|
|
|
|
|
|
|
|
|
25,197 |
|
VSC POSCO Steel Corporation |
|
|
|
|
|
|
37,416 |
|
|
|
|
|
|
|
2,395 |
|
|
|
3 |
|
USS-POSCO Industries |
|
|
|
|
|
|
353,626 |
|
|
|
|
|
|
|
1,109 |
|
|
|
|
|
CSP - Compania Siderurgica do Pecem |
|
|
|
|
|
|
845,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd |
|
|
|
|
|
|
68,300 |
|
|
|
111 |
|
|
|
70,236 |
|
|
|
|
|
BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
23,320 |
|
|
|
|
|
POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd |
|
|
|
|
|
|
9,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO SeAH Steel Wire(Nantong) Co., Ltd. |
|
|
|
|
|
|
30,310 |
|
|
|
|
|
|
|
4 |
|
|
|
|
|
Zhangjiagang Pohang Refractories Co., Ltd. |
|
|
|
|
|
|
970 |
|
|
|
1,248 |
|
|
|
17,484 |
|
|
|
2,023 |
|
Sebang Steel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,007 |
|
|
|
|
|
SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO INL TRADING CO., LTD. |
|
|
|
|
|
|
214,521 |
|
|
|
|
|
|
|
3,960 |
|
|
|
3,190 |
|
DMSA/AMSA |
|
|
|
|
|
|
800 |
|
|
|
9,322 |
|
|
|
241,074 |
|
|
|
|
|
South-East Asia Gas Pipeline Company Ltd. |
|
|
|
|
|
|
|
|
|
|
47,556 |
|
|
|
|
|
|
|
|
|
Others |
|
|
|
|
|
|
415,217 |
|
|
|
17,793 |
|
|
|
18,518 |
|
|
|
2,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
2,478,687 |
|
|
|
76,074 |
|
|
|
469,440 |
|
|
|
95,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and others |
|
|
Purchase and others |
|
(in millions of Won) |
|
|
|
|
Sales |
|
|
Others |
|
|
Purchase of material |
|
|
Others |
|
Associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Songdo International City Development, LLC |
|
W |
|
|
|
|
492,134 |
|
|
|
227 |
|
|
|
|
|
|
|
58 |
|
SNNC |
|
|
|
|
|
|
131,181 |
|
|
|
441 |
|
|
|
3,798 |
|
|
|
3,690 |
|
Posco e&c Songdo International Building |
|
|
|
|
|
|
6,311 |
|
|
|
|
|
|
|
|
|
|
|
23,502 |
|
POSCO PLANTEC Co., Ltd. |
|
|
|
|
|
|
20,614 |
|
|
|
2 |
|
|
|
1,758 |
|
|
|
123,720 |
|
VSC POSCO Steel Corporation |
|
|
|
|
|
|
4,590 |
|
|
|
660 |
|
|
|
14,828 |
|
|
|
|
|
USS-POSCO Industries |
|
|
|
|
|
|
484,007 |
|
|
|
|
|
|
|
4,003 |
|
|
|
|
|
AN KHANH NEW CITY DEVELOPMENT J.V CO., LTD. |
|
|
|
|
|
|
3,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CSP - Compania Siderurgica do Pecem |
|
|
|
|
|
|
1,524,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd |
|
|
|
|
|
|
140,512 |
|
|
|
103 |
|
|
|
110,371 |
|
|
|
|
|
POSCO SeAH Steel Wire(Nantong) Co., Ltd. |
|
|
|
|
|
|
48,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Zhangjiagang Pohang Refractories Co., Ltd. |
|
|
|
|
|
|
909 |
|
|
|
377 |
|
|
|
21,395 |
|
|
|
2,716 |
|
Sebang Steel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,908 |
|
|
|
|
|
SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO INL TRADING CO., LTD. |
|
|
|
|
|
|
219,595 |
|
|
|
|
|
|
|
|
|
|
|
11,542 |
|
DMSA/AMSA |
|
|
|
|
|
|
31 |
|
|
|
7,621 |
|
|
|
|
|
|
|
|
|
South-East Asia Gas Pipeline Company Ltd. |
|
|
|
|
|
|
|
|
|
|
27,305 |
|
|
|
|
|
|
|
|
|
Others |
|
|
|
|
|
|
214,661 |
|
|
|
22,607 |
|
|
|
41,638 |
|
|
|
5,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
3,291,241 |
|
|
|
59,343 |
|
|
|
237,699 |
|
|
|
170,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
116
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(d) |
The related account balances of significant transactions between the Company, excluding the controlling company, and related companies as of December 31, 2015 and December 31, 2014 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables |
|
|
Payables |
|
(in millions of Won) |
|
|
|
|
Trade accounts and notes receivable |
|
|
Loan |
|
|
Others |
|
|
Total |
|
|
Trade accounts and notes payable |
|
|
Others |
|
|
Total |
|
Associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SeAH Changwon Integrated Special Steel (formerly, POSCO Specialty Steel Co., Ltd.) |
|
W |
|
|
|
|
8,721 |
|
|
|
|
|
|
|
|
|
|
|
8,721 |
|
|
|
3,489 |
|
|
|
19 |
|
|
|
3,508 |
|
POSCO PLANTEC Co., Ltd. |
|
|
|
|
|
|
9,853 |
|
|
|
|
|
|
|
6 |
|
|
|
9,859 |
|
|
|
6,263 |
|
|
|
8,908 |
|
|
|
15,171 |
|
New Songdo International City Development, LLC |
|
|
|
|
|
|
168,646 |
|
|
|
|
|
|
|
25,964 |
|
|
|
194,610 |
|
|
|
|
|
|
|
14 |
|
|
|
14 |
|
Posco e&c Songdo International Building |
|
|
|
|
|
|
5,821 |
|
|
|
|
|
|
|
|
|
|
|
5,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
VSC POSCO Steel Corporation |
|
|
|
|
|
|
17,283 |
|
|
|
|
|
|
|
|
|
|
|
17,283 |
|
|
|
34 |
|
|
|
|
|
|
|
34 |
|
USS-POSCO Industries |
|
|
|
|
|
|
170,170 |
|
|
|
|
|
|
|
|
|
|
|
170,170 |
|
|
|
9 |
|
|
|
|
|
|
|
9 |
|
Nickel Mining Company SAS |
|
|
|
|
|
|
2,353 |
|
|
|
17,580 |
|
|
|
67 |
|
|
|
20,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
AN KHANH NEW CITY DEVELOPMENT J.V CO., LTD. |
|
|
|
|
|
|
63,132 |
|
|
|
58,600 |
|
|
|
642 |
|
|
|
122,374 |
|
|
|
|
|
|
|
3,982 |
|
|
|
3,982 |
|
CSP - Compania Siderurgica do Pecem |
|
|
|
|
|
|
410,005 |
|
|
|
|
|
|
|
118,112 |
|
|
|
528,117 |
|
|
|
|
|
|
|
138,111 |
|
|
|
138,111 |
|
Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd |
|
|
|
|
|
|
9,455 |
|
|
|
10,782 |
|
|
|
6 |
|
|
|
20,243 |
|
|
|
3,999 |
|
|
|
|
|
|
|
3,999 |
|
PT. Batutua Tembaga Raya |
|
|
|
|
|
|
|
|
|
|
36,830 |
|
|
|
|
|
|
|
36,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO SeAH Steel Wire(Nantong) Co., Ltd. |
|
|
|
|
|
|
8,961 |
|
|
|
11,720 |
|
|
|
48 |
|
|
|
20,729 |
|
|
|
4 |
|
|
|
|
|
|
|
4 |
|
SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO INL TRADING CO.,LTD. |
|
|
|
|
|
|
90,195 |
|
|
|
|
|
|
|
|
|
|
|
90,195 |
|
|
|
921 |
|
|
|
|
|
|
|
921 |
|
DMSA/AMSA |
|
|
|
|
|
|
|
|
|
|
99,854 |
|
|
|
|
|
|
|
99,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
South-East Asia Gas Pipeline Company Ltd. |
|
|
|
|
|
|
|
|
|
|
283,954 |
|
|
|
|
|
|
|
283,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Others |
|
|
|
|
|
|
192,621 |
|
|
|
52,034 |
|
|
|
13,648 |
|
|
|
258,303 |
|
|
|
12,591 |
|
|
|
21,181 |
|
|
|
33,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
1,157,216 |
|
|
|
571,354 |
|
|
|
158,493 |
|
|
|
1,887,063 |
|
|
|
27,310 |
|
|
|
172,215 |
|
|
|
199,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
117
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables |
|
|
Payables |
|
(in millions of Won) |
|
|
|
|
Trade accounts and notes receivable |
|
|
Loan |
|
|
Others |
|
|
Total |
|
|
Trade accounts and notes payable |
|
|
Others |
|
|
Total |
|
Associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
METAPOLIS Co.,Ltd. |
|
W |
|
|
|
|
28,437 |
|
|
|
26,000 |
|
|
|
6,712 |
|
|
|
61,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
New Songdo International City Development, LLC |
|
|
|
|
|
|
336,796 |
|
|
|
|
|
|
|
52,969 |
|
|
|
389,765 |
|
|
|
|
|
|
|
20 |
|
|
|
20 |
|
SNNC |
|
|
|
|
|
|
19,173 |
|
|
|
|
|
|
|
1,937 |
|
|
|
21,110 |
|
|
|
3,395 |
|
|
|
98 |
|
|
|
3,493 |
|
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co., Ltd. |
|
|
|
|
|
|
48,804 |
|
|
|
|
|
|
|
|
|
|
|
48,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
UI TRANS CORPORATION |
|
|
|
|
|
|
33,424 |
|
|
|
|
|
|
|
|
|
|
|
33,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
USS-POSCO Industries |
|
|
|
|
|
|
150,557 |
|
|
|
|
|
|
|
|
|
|
|
150,557 |
|
|
|
153 |
|
|
|
|
|
|
|
153 |
|
Nickel Mining Company SAS |
|
|
|
|
|
|
609 |
|
|
|
16,488 |
|
|
|
58 |
|
|
|
17,155 |
|
|
|
|
|
|
|
4,729 |
|
|
|
4,729 |
|
AN KHANH NEW CITY DEVELOPMENT J.V CO., LTD. |
|
|
|
|
|
|
51,166 |
|
|
|
54,960 |
|
|
|
282 |
|
|
|
106,408 |
|
|
|
|
|
|
|
4,020 |
|
|
|
4,020 |
|
CSP - Compania Siderurgica do Pecem |
|
|
|
|
|
|
366,914 |
|
|
|
|
|
|
|
114,041 |
|
|
|
480,955 |
|
|
|
|
|
|
|
167,302 |
|
|
|
167,302 |
|
Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., |
|
|
|
|
|
|
31,521 |
|
|
|
11,212 |
|
|
|
5 |
|
|
|
42,738 |
|
|
|
12,000 |
|
|
|
|
|
|
|
12,000 |
|
PT. Batutua Tembaga Raya |
|
|
|
|
|
|
|
|
|
|
34,342 |
|
|
|
|
|
|
|
34,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO SeAH Steel Wire(Nantong) Co., Ltd. |
|
|
|
|
|
|
13,539 |
|
|
|
10,992 |
|
|
|
43 |
|
|
|
24,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SHANGHAI WAIGAOQIAO FREE TRADE |
|
|
|
|
|
|
139,831 |
|
|
|
|
|
|
|
|
|
|
|
139,831 |
|
|
|
35 |
|
|
|
|
|
|
|
35 |
|
ZONE LANSHENG DAEWOO INL TRADING CO.,LTD. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DMSA/AMSA |
|
|
|
|
|
|
4,211 |
|
|
|
140,544 |
|
|
|
445 |
|
|
|
145,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
South-East Asia Gas Pipeline Company Ltd. |
|
|
|
|
|
|
|
|
|
|
295,352 |
|
|
|
|
|
|
|
295,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Others |
|
|
|
|
|
|
80,772 |
|
|
|
27,170 |
|
|
|
10,676 |
|
|
|
118,618 |
|
|
|
8,402 |
|
|
|
23,919 |
|
|
|
32,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
1,305,754 |
|
|
|
617,060 |
|
|
|
187,168 |
|
|
|
2,109,982 |
|
|
|
23,985 |
|
|
|
200,088 |
|
|
|
224,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(e) |
Significant financial transactions between the Company, excluding the controlling company, and related companies for the years ended December 31, 2015 and 2014 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
|
Lend |
|
|
Collect |
|
|
Others(*2) |
|
|
Ending |
|
Associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
METAPOLIS Co.,Ltd. |
|
W |
|
|
|
|
26,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,000 |
|
DMSA/AMSA(*1) |
|
|
|
|
|
|
140,544 |
|
|
|
21,653 |
|
|
|
|
|
|
|
(62,343 |
) |
|
|
99,854 |
|
South-East Asia Gas Pipeline Company Ltd. |
|
|
|
|
|
|
295,352 |
|
|
|
|
|
|
|
(29,885 |
) |
|
|
18,487 |
|
|
|
283,954 |
|
PT. Batutua Tembaga Raya |
|
|
|
|
|
|
34,342 |
|
|
|
|
|
|
|
|
|
|
|
2,488 |
|
|
|
36,830 |
|
PT. Tanggamus Electric Power |
|
|
|
|
|
|
1,733 |
|
|
|
493 |
|
|
|
|
|
|
|
133 |
|
|
|
2,359 |
|
PT. Wampu Electric Power |
|
|
|
|
|
|
|
|
|
|
4,299 |
|
|
|
|
|
|
|
155 |
|
|
|
4,454 |
|
VSC POSCO Steel Corporation |
|
|
|
|
|
|
2,024 |
|
|
|
|
|
|
|
(2,024 |
) |
|
|
|
|
|
|
|
|
PT. POSMI Steel Indonesia |
|
|
|
|
|
|
4,397 |
|
|
|
|
|
|
|
|
|
|
|
291 |
|
|
|
4,688 |
|
Nickel Mining Company SAS |
|
|
|
|
|
|
16,488 |
|
|
|
|
|
|
|
|
|
|
|
1,092 |
|
|
|
17,580 |
|
POSK(Pinghu) Steel Processing Center Co., Ltd. |
|
|
|
|
|
|
10,772 |
|
|
|
|
|
|
|
(5,543 |
) |
|
|
514 |
|
|
|
5,743 |
|
AN KHANH NEW CITY DEVELOPMENT J.V CO., LTD. |
|
|
|
|
|
|
54,960 |
|
|
|
|
|
|
|
|
|
|
|
3,640 |
|
|
|
58,600 |
|
Zhongyue POSCO (Qinhuangdao) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tinplate Industrial Co., Ltd |
|
|
|
|
|
|
11,212 |
|
|
|
|
|
|
|
(1,132 |
) |
|
|
702 |
|
|
|
10,782 |
|
Hamparan Mulia |
|
|
|
|
|
|
3,298 |
|
|
|
|
|
|
|
|
|
|
|
218 |
|
|
|
3,516 |
|
POS-SEAHSTEELWIRE (TIANJIN)CO.,Ltd |
|
|
|
|
|
|
4,946 |
|
|
|
|
|
|
|
|
|
|
|
328 |
|
|
|
5,274 |
|
POSCO SeAH Steel Wire(Nantong) Co., Ltd. |
|
|
|
|
|
|
10,992 |
|
|
|
|
|
|
|
|
|
|
|
728 |
|
|
|
11,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
617,060 |
|
|
|
26,445 |
|
|
|
(38,584 |
) |
|
|
(33,567 |
) |
|
|
571,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
118
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(*1) |
During the year ended December 31, 2015, loans amounting to W72,430 have been converted to shares of DMSA/AMSA, and its amount is included in others. |
(*2) |
Includes adjustments of foreign currency translation differences and others. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
|
Lend |
|
|
Collect |
|
|
Others(*1) |
|
|
Ending |
|
Associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taegisan Wind Power Corporation |
|
W |
|
|
|
|
862 |
|
|
|
3,470 |
|
|
|
(4,332 |
) |
|
|
|
|
|
|
|
|
METAPOLIS Co.,Ltd. |
|
|
|
|
|
|
|
|
|
|
26,000 |
|
|
|
|
|
|
|
|
|
|
|
26,000 |
|
DMSA/AMSA |
|
|
|
|
|
|
109,583 |
|
|
|
26,096 |
|
|
|
|
|
|
|
4,865 |
|
|
|
140,544 |
|
South-East Asia Gas Pipeline Company Ltd. |
|
|
|
|
|
|
259,551 |
|
|
|
26,819 |
|
|
|
(3,308 |
) |
|
|
12,290 |
|
|
|
295,352 |
|
PT. Batutua Tembaga Raya |
|
|
|
|
|
|
|
|
|
|
34,102 |
|
|
|
|
|
|
|
240 |
|
|
|
34,342 |
|
PT. Tanggamus Electric Power |
|
|
|
|
|
|
|
|
|
|
1,660 |
|
|
|
|
|
|
|
73 |
|
|
|
1,733 |
|
VSC POSCO Steel Corporation |
|
|
|
|
|
|
10,750 |
|
|
|
|
|
|
|
(8,785 |
) |
|
|
59 |
|
|
|
2,024 |
|
PT. POSMI Steel Indonesia |
|
|
|
|
|
|
4,221 |
|
|
|
|
|
|
|
|
|
|
|
176 |
|
|
|
4,397 |
|
Nickel Mining Company SAS |
|
|
|
|
|
|
|
|
|
|
15,790 |
|
|
|
|
|
|
|
698 |
|
|
|
16,488 |
|
POSK(Pinghu) Steel Processing Center Co., Ltd. |
|
|
|
|
|
|
10,342 |
|
|
|
|
|
|
|
|
|
|
|
430 |
|
|
|
10,772 |
|
AN KHANH NEW CITY DEVELOPMENT J.V CO., LTD. |
|
|
|
|
|
|
52,765 |
|
|
|
|
|
|
|
|
|
|
|
2,195 |
|
|
|
54,960 |
|
Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd |
|
|
|
|
|
|
10,764 |
|
|
|
|
|
|
|
|
|
|
|
448 |
|
|
|
11,212 |
|
Hamparan Mulia |
|
|
|
|
|
|
|
|
|
|
3,158 |
|
|
|
|
|
|
|
140 |
|
|
|
3,298 |
|
POS-SEAHSTEELWIRE (TIANJIN)CO.,Ltd |
|
|
|
|
|
|
|
|
|
|
4,602 |
|
|
|
|
|
|
|
344 |
|
|
|
4,946 |
|
POSCO SeAH Steel Wire(Nantong) Co., Ltd. |
|
|
|
|
|
|
12,664 |
|
|
|
|
|
|
|
(1,263 |
) |
|
|
(409 |
) |
|
|
10,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
471,502 |
|
|
|
141,697 |
|
|
|
(17,688 |
) |
|
|
21,549 |
|
|
|
617,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
Includes adjustments of foreign currency translation differences and others. |
(f) |
For the years ended December 31, 2015 and 2014, details of compensation to key management officers were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Short-term benefits |
|
W |
|
|
|
|
111,278 |
|
|
|
116,961 |
|
Long-term benefits |
|
|
|
|
|
|
19,513 |
|
|
|
17,242 |
|
Retirement benefits |
|
|
|
|
|
|
21,850 |
|
|
|
21,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
152,641 |
|
|
|
155,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key management officers include directors (including non-standing directors), executive officials and
fellow officials who have significant influences and responsibilities in the Companys business and operations.
38. |
Commitments and Contingencies |
(a) |
Contingent liabilities |
Contingent liabilities may develop in a way not initially expected.
Therefore, management continuously assesses contingent liabilities to determine whether an outflow of resources embodying economic benefits has become probable. If it becomes probable that an outflow of future economic benefits will be required for
an item previously dealt with as a contingent liability, a provision is recognized in the financial statements of the period in which the change in probability occurs (except in the extremely rare circumstances where no reliable estimate can be
made).
Management makes estimates and assumptions that affect disclosures of commitments and contingencies. All estimates and assumptions
are based on the evaluation of current circumstances and appraisals with the supports of internal specialists or external consultants.
119
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
Management regularly analyzes current information about these matters and provides for
probable contingent losses including the estimate of legal expense to resolve the matters. Internal and external lawyers are used for these assessments. In making the decision regarding the need for a provision, management considers whether the
Company has an obligation as a result of a past event, whether it is probable that an outflow or cash or other resources embodying economic benefits will be required to settle the obligation and the ability to make a reliable estimate of the amount
of the obligation.
(b) |
Details of guarantees |
Contingent liabilities on outstanding guarantees provided by the Company as of
December 31, 2015 are as follows.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
|
Guarantee limit |
|
|
Guarantee amount |
|
|
|
|
|
|
|
|
Guarantors |
|
Guarantee beneficiary |
|
Financial institution |
|
Foreign currency |
|
|
Won equivalent |
|
|
Foreign currency |
|
|
Won equivalent |
|
[The Company] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO |
|
POSCO ASSAN TST STEEL INDUSTRY |
|
HSBC and others |
|
USD |
|
|
146,527,500 |
|
|
|
171,730 |
|
|
|
131,874,750 |
|
|
|
154,557 |
|
|
|
POSCO COATED STEEL (THAILAND) CO., LTD. |
|
The Great&CO Co.,Ltd(SPC) |
|
THB |
|
|
5,501,000,000 |
|
|
|
178,672 |
|
|
|
5,501,000,000 |
|
|
|
178,672 |
|
|
|
POSCO Electrical Steel India Private Limited |
|
ING and others |
|
USD |
|
|
83,784,000 |
|
|
|
98,195 |
|
|
|
83,784,000 |
|
|
|
98,195 |
|
|
|
POSCO Investment Co., Ltd. |
|
BOA and others |
|
USD |
|
|
335,000,000 |
|
|
|
392,620 |
|
|
|
272,000,000 |
|
|
|
318,784 |
|
|
|
POSCO Maharashtra Steel Private Limited |
|
Export-Import Bank of Korea and others |
|
USD |
|
|
566,069,000 |
|
|
|
663,433 |
|
|
|
466,562,100 |
|
|
|
546,811 |
|
|
|
POSCO MEXICO S.A. DE C.V. |
|
HSBC and others |
|
USD |
|
|
284,725,000 |
|
|
|
333,698 |
|
|
|
234,725,000 |
|
|
|
275,098 |
|
|
|
POSCO SS-VINA |
|
Export-Import Bank of Korea and others |
|
USD |
|
|
354,351,050 |
|
|
|
415,300 |
|
|
|
354,351,050 |
|
|
|
415,300 |
|
|
|
POSCO VST CO., LTD. |
|
ANZ and others |
|
USD |
|
|
65,000,000 |
|
|
|
76,180 |
|
|
|
40,625,000 |
|
|
|
47,613 |
|
|
|
POSCO(Guangdong) Automotive Steel Co., Ltd. |
|
SMBC and others |
|
USD |
|
|
65,000,000 |
|
|
|
76,180 |
|
|
|
65,000,000 |
|
|
|
76,180 |
|
|
|
POSCO-VIETNAM Co., Ltd. |
|
Export-Import Bank of Korea |
|
USD |
|
|
196,000,000 |
|
|
|
229,712 |
|
|
|
196,000,000 |
|
|
|
229,712 |
|
|
|
PT. KRAKATAU POSCO |
|
Export-Import Bank of Korea and others |
|
USD |
|
|
1,350,300,000 |
|
|
|
1,582,552 |
|
|
|
1,234,532,175 |
|
|
|
1,446,874 |
|
|
|
Zhangjiagang Pohang Stainless Steel Co., Ltd. |
|
MIZUHO and others |
|
USD |
|
|
130,000,000 |
|
|
|
152,360 |
|
|
|
130,000,000 |
|
|
|
152,360 |
|
Daewoo International Corporation |
|
Daewoo International INDIA Private Ltd. |
|
Shinhan Bank |
|
USD |
|
|
20,000,000 |
|
|
|
23,440 |
|
|
|
8,799,114 |
|
|
|
10,313 |
|
|
|
Daewoo Paper Manufacturing Co., Ltd. |
|
HSBC |
|
USD |
|
|
12,500,000 |
|
|
|
14,650 |
|
|
|
12,500,000 |
|
|
|
14,650 |
|
|
|
DAEWOO TEXTILE BUKHARA LLC |
|
Export-Import Bank of Korea |
|
USD |
|
|
12,000,000 |
|
|
|
14,064 |
|
|
|
12,000,000 |
|
|
|
14,064 |
|
|
|
POSCO ASSAN TST STEEL INDUSTRY |
|
ING and others |
|
USD |
|
|
14,652,750 |
|
|
|
17,173 |
|
|
|
14,652,750 |
|
|
|
17,173 |
|
|
|
PT. Bio Inti Agrindo |
|
Export-Import Bank of Korea |
|
USD |
|
|
59,500,000 |
|
|
|
69,734 |
|
|
|
59,500,000 |
|
|
|
69,734 |
|
POSCO ENGINEERING & CONSTRUCTION CO., LTD. |
|
HONG KONG POSCO E&C (CHINA) INVESTMENT Co., Ltd. |
|
Woori Bank and others |
|
USD |
|
|
147,000,000 |
|
|
|
172,284 |
|
|
|
141,500,000 |
|
|
|
165,838 |
|
|
|
POSCO E&C Vietnam Co., Ltd. |
|
Export-Import Bank of Korea |
|
USD |
|
|
16,500,000 |
|
|
|
19,338 |
|
|
|
16,500,000 |
|
|
|
19,338 |
|
|
|
POSCO ENGINEERING & CONSTRUCTION DO BRAZIL LTDA. |
|
HSBC |
|
USD |
|
|
100,000,000 |
|
|
|
117,200 |
|
|
|
100,000,000 |
|
|
|
117,200 |
|
|
|
SANTOSCMI S.A. |
|
SG Bank and others |
|
USD |
|
|
2,163,000 |
|
|
|
2,535 |
|
|
|
2,163,000 |
|
|
|
2,535 |
|
|
|
POSCO Engineering and Construction India Private Limited |
|
Shinhan Bank |
|
USD |
|
|
70,000,000 |
|
|
|
82,040 |
|
|
|
68,500,000 |
|
|
|
80,282 |
|
POSCO ICT |
|
PT.POSCO ICT INDONESIA |
|
POSCO INVESTMENT Co., Ltd. |
|
USD |
|
|
2,100,000 |
|
|
|
2,461 |
|
|
|
2,100,000 |
|
|
|
2,461 |
|
120
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
|
Guarantee limit |
|
|
Guarantee amount |
|
|
|
|
|
|
|
|
Guarantors |
|
Guarantee beneficiary |
|
Financial institution |
|
Foreign currency |
|
|
Won equivalent |
|
|
Foreign currency |
|
|
Won equivalent |
|
POSCO Engineering CO., Ltd |
|
POSCO ENGINEERING (THAILAND) CO., LTD. |
|
HSBC |
|
USD |
|
|
16,000,000 |
|
|
|
18,752 |
|
|
|
16,000,000 |
|
|
|
18,752 |
|
|
|
PT PEN INDONESIA |
|
POSCO INVESTMENT Co., Ltd. |
|
USD |
|
|
6,000,000 |
|
|
|
7,032 |
|
|
|
6,000,000 |
|
|
|
7,032 |
|
POSCO CHEMTECH |
|
KRAKATAU POS-CHEM DONG-SUH CHEMICAL |
|
Hana Bank |
|
USD |
|
|
5,883,750 |
|
|
|
6,896 |
|
|
|
4,247,731 |
|
|
|
4,978 |
|
|
|
PT.Krakatau Posco Chemtech Calcination |
|
KEB Bank |
|
USD |
|
|
33,600,000 |
|
|
|
39,379 |
|
|
|
28,235,294 |
|
|
|
33,092 |
|
POSCO Processing&Service |
|
POSCO Canada Ltd. |
|
Hana Bank |
|
USD |
|
|
9,363,375 |
|
|
|
10,974 |
|
|
|
8,917,500 |
|
|
|
10,451 |
|
|
|
POSCO Gulf SFC LLC |
|
KEB Bank and others |
|
USD |
|
|
33,000,000 |
|
|
|
38,676 |
|
|
|
28,900,000 |
|
|
|
33,871 |
|
DAEWOO TEXTILE BUKHARA LLC |
|
DAEWOO TEXTILE FERGANA LLC |
|
National Bank of Uzbekistan |
|
USD |
|
|
6,127,060 |
|
|
|
7,181 |
|
|
|
6,127,060 |
|
|
|
7,181 |
|
DAEWOO TEXTILE FERGANA LLC |
|
DAEWOO TEXTILE BUKHARA LLC |
|
Bukhara TEX |
|
USD |
|
|
2,320,273 |
|
|
|
2,719 |
|
|
|
2,320,273 |
|
|
|
2,719 |
|
POSCO E&C CHINA CO., LTD. |
|
HONG KONG POSCO E&C (CHINA) INVESTMENT Co., Ltd. |
|
Woori Bank |
|
USD |
|
|
17,000,000 |
|
|
|
19,924 |
|
|
|
13,000,000 |
|
|
|
15,236 |
|
POSCO INVESTMENT Co., Ltd. |
|
Zhangjiagang Pohang Stainless Steel Co., Ltd. |
|
BOA and others |
|
USD |
|
|
103,000,000 |
|
|
|
120,716 |
|
|
|
72,000,000 |
|
|
|
84,384 |
|
POSCO-China Holding Corp. |
|
DONG FANG JIN HONG |
|
Bank of Communications and others |
|
CNY |
|
|
1,850,000,000 |
|
|
|
334,018 |
|
|
|
1,604,614,736 |
|
|
|
289,713 |
|
POSCO-Japan Co., Ltd. |
|
POSCO-JEPC Co., Ltd. |
|
MIZUHO and others |
|
JPY |
|
|
1,021,811,730 |
|
|
|
9,932 |
|
|
|
90,024,190 |
|
|
|
875 |
|
|
|
POSCO-JWPC Co., Ltd. |
|
Higo Bank and others |
|
JPY |
|
|
974,000,000 |
|
|
|
9,467 |
|
|
|
745,600,000 |
|
|
|
7,247 |
|
|
|
Xenesys Inc. |
|
Aozora Bank |
|
JPY |
|
|
250,000,000 |
|
|
|
2,430 |
|
|
|
200,000,000 |
|
|
|
1,944 |
|
POSCO-VIETNAM CO., LTD. |
|
POSCO COMPANIADEAUTOMATIZACION & CONTROL, GENESYS S.A. |
|
Export-Import Bank of Korea |
|
USD |
|
|
196,000,000 |
|
|
|
229,712 |
|
|
|
196,000,000 |
|
|
|
229,712 |
|
SANTOS CMI S.A. |
|
|
|
Banco de Guayaquil and others |
|
USD |
|
|
670,000 |
|
|
|
785 |
|
|
|
570,000 |
|
|
|
668 |
|
POSCO COATED & COLOR STEEL Co., Ltd. |
|
Myanmar POSCO C&C Company, Limited. |
|
POSCO INVESTMENT Co., Ltd. |
|
USD |
|
|
13,986,947 |
|
|
|
16,393 |
|
|
|
13,986,947 |
|
|
|
16,393 |
|
PT.POSCO ICT INDONESIA |
|
POSCO LED CO., LTD |
|
UOB |
|
KRW |
|
|
8,000 |
|
|
|
8,000 |
|
|
|
8,000 |
|
|
|
8,000 |
|
POSCO ENERGY CO., LTD. |
|
PT. Krakatau Posco Energy |
|
Export-Import Bank of Korea and others |
|
USD |
|
|
193,900,000 |
|
|
|
227,251 |
|
|
|
169,724,685 |
|
|
|
198,917 |
|
[Associates and joint ventures] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POSCO |
|
CSP - Compania Siderurgica do Pecem |
|
Export-Import Bank of Korea and others |
|
USD |
|
|
420,000,000 |
|
|
|
492,239 |
|
|
|
373,121,694 |
|
|
|
437,298 |
|
|
|
|
|
BNDES |
|
BRL |
|
|
464,060,000 |
|
|
|
137,366 |
|
|
|
274,129,418 |
|
|
|
81,145 |
|
|
|
LLP POSUK Titanium |
|
KB Bank |
|
USD |
|
|
15,000,000 |
|
|
|
17,580 |
|
|
|
15,000,000 |
|
|
|
17,580 |
|
Daewoo International Corporation |
|
GLOBAL KOMSCO Daewoo LLC |
|
ICBC and others |
|
USD |
|
|
8,225,000 |
|
|
|
9,640 |
|
|
|
8,225,000 |
|
|
|
9,640 |
|
POSCO ENGINEERING & CONSTRUCTION CO.,LTD. |
|
NSIC and others |
|
Others |
|
KRW |
|
|
696,600 |
|
|
|
696,600 |
|
|
|
687,100 |
|
|
|
687,100 |
|
POSCO ICT |
|
INCHEON GIMPO EXPRESSWAY CO.,LTD |
|
KDB Bank |
|
KRW |
|
|
100,000 |
|
|
|
100,000 |
|
|
|
100,000 |
|
|
|
100,000 |
|
|
|
UI TRANS CORPORATION |
|
KB Bank |
|
KRW |
|
|
76,000 |
|
|
|
76,000 |
|
|
|
76,000 |
|
|
|
76,000 |
|
POSCO CHEM TECH |
|
PT.INDONESIA POS CHEMTECH CHOSUN Ref |
|
KEB Bank |
|
USD |
|
|
4,500,000 |
|
|
|
5,274 |
|
|
|
4,500,000 |
|
|
|
5,274 |
|
121
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
|
Guarantee limit |
|
|
Guarantee amount |
|
|
|
|
|
|
|
|
Guarantors |
|
Guarantee beneficiary |
|
Financial institution |
|
Foreign currency |
|
|
Won equivalent |
|
|
Foreign currency |
|
|
Won equivalent |
|
POSCO Processing&Service |
|
Sebang Steel |
|
Shinhan Bank |
|
JPY |
|
|
122,500,000 |
|
|
|
1,191 |
|
|
|
122,500,000 |
|
|
|
1,191 |
|
DAEWOO (CHINA) CO., LTD. |
|
SHANGHAI LANSHENG DAEWOO CORP. |
|
Bank of Communications |
|
CNY |
|
|
30,000,000 |
|
|
|
5,417 |
|
|
|
30,000,000 |
|
|
|
5,417 |
|
|
|
SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO INL TRADING CO., LTD. |
|
Bank of Communications |
|
CNY |
|
|
50,000,000 |
|
|
|
9,028 |
|
|
|
50,000,000 |
|
|
|
9,028 |
|
[Others] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daewoo International Corporation |
|
Ambatovy Project Investments Limited and others |
|
Export-Import Bank of korea |
|
USD |
|
|
115,362,525 |
|
|
|
135,205 |
|
|
|
74,482,525 |
|
|
|
87,294 |
|
POSCO ENGINEERING & CONSTRUCTION CO.,LTD. |
|
Ecocity CO.,LTD and others |
|
Others |
|
KRW |
|
|
768,150 |
|
|
|
768,150 |
|
|
|
484,202 |
|
|
|
484,202 |
|
|
|
THE GALE INVESTMENTS COMPANY, L.L.C. |
|
Woori Bank |
|
USD |
|
|
50,000,000 |
|
|
|
58,600 |
|
|
|
50,000,000 |
|
|
|
58,600 |
|
POSCO ICT |
|
Hyochun CO., LTD |
|
Daegu Bank and others |
|
KRW |
|
|
39,575 |
|
|
|
39,575 |
|
|
|
39,575 |
|
|
|
39,575 |
|
|
|
SMS Energy and others |
|
Hana Bank and others |
|
KRW |
|
|
295,420 |
|
|
|
295,420 |
|
|
|
179,313 |
|
|
|
179,313 |
|
|
|
BLT Enterprise and others |
|
Kyobo Life Insurance Co.,Ltd and others |
|
KRW |
|
|
1,823,015 |
|
|
|
1,823,015 |
|
|
|
1,823,015 |
|
|
|
1,823,015 |
|
POSCO Engineering CO., Ltd |
|
SAMJIN SOLAR ENERGY and others |
|
Hana Bank and others |
|
KRW |
|
|
22,440 |
|
|
|
22,440 |
|
|
|
11,966 |
|
|
|
11,966 |
|
Daewoo International Japan Corp. |
|
Daewoo International Japan Corp. |
|
HSBC |
|
JPY |
|
|
800,000,000 |
|
|
|
7,776 |
|
|
|
800,000,000 |
|
|
|
7,776 |
|
HUME COAL PTY LTD |
|
Department of Trade and Investment (NSW Government) |
|
Woori Bank |
|
AUD |
|
|
804,000 |
|
|
|
686 |
|
|
|
804,000 |
|
|
|
686 |
|
POSCO AUSTRALIA PTY LTD |
|
Department of Trade and Investment (NSW Government) |
|
Woori Bank |
|
AUD |
|
|
8,023,765 |
|
|
|
6,845 |
|
|
|
8,023,765 |
|
|
|
6,845 |
|
POSCO(Suzhou) Automotive Processing Center Co.,Ltd. |
|
POS INFRA AUTO |
|
Shinhan Bank |
|
CNY |
|
|
2,925,000 |
|
|
|
528 |
|
|
|
2,242,500 |
|
|
|
405 |
|
|
|
|
|
|
|
USD |
|
|
405,000 |
|
|
|
475 |
|
|
|
405,000 |
|
|
|
475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USD |
|
|
5,283,516,230 |
|
|
|
6,192,282 |
|
|
|
4,739,432,648 |
|
|
|
5,554,619 |
|
|
|
|
|
|
|
KRW |
|
|
3,829,200 |
|
|
|
3,829,200 |
|
|
|
3,409,171 |
|
|
|
3,409,171 |
|
|
|
|
|
|
|
CNY |
|
|
1,932,925,000 |
|
|
|
348,991 |
|
|
|
1,686,857,236 |
|
|
|
304,563 |
|
|
|
|
|
|
|
THB |
|
|
5,501,000,000 |
|
|
|
178,672 |
|
|
|
5,501,000,000 |
|
|
|
178,672 |
|
|
|
|
|
|
|
JPY |
|
|
3,168,311,730 |
|
|
|
30,796 |
|
|
|
1,958,124,190 |
|
|
|
19,033 |
|
|
|
|
|
|
|
AUD |
|
|
8,827,765 |
|
|
|
7,531 |
|
|
|
8,827,765 |
|
|
|
7,531 |
|
|
|
|
|
|
|
BRL |
|
|
464,060,000 |
|
|
|
137,366 |
|
|
|
274,129,418 |
|
|
|
81,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
122
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(c) |
POSCO ENGINEERING & CONSTRUCTION Co., Ltd. has provided the completion guarantees for Samsung C&T Corporation amounting to W1,007,107 million while Samsung C&T Corporation has provided
the construction guarantees or payment guarantees on customers borrowings on behalf of POSCO ENGINEERING & CONSTRUCTION Co., Ltd. amounting to W708,400 million as of December 31, 2015. |
Details of other commitments of the Company as of December 31, 2015 are as follows:
|
|
|
POSCO |
|
POSCO entered into long-term contracts to purchase iron ore, coal, nickel and others. The contracts of iron ore and coal generally have terms of more than three years and the contracts of nickel have terms of more than one year.
These contracts provide for periodic price adjustments based on the market price. As of December 31, 2015, 166 million tons of iron ore and 26 million tons of coal remained to be purchased under such long-term contracts. |
|
|
|
|
POSCO entered into an agreement with Tangguh Liquefied Natural Gas (LNG) Consortium in Indonesia to purchase 550 thousand tons of LNG annually for 20 years commencing in August 2005. The purchase price is subject to change, based
on changes of the monthly standard oil price (JCC) and with a price ceiling. |
|
|
|
|
As of December 31, 2015, POSCO entered into commitments with Korea National Oil Corporation for long-term foreign currency borrowings, which enables POSCO to borrow up to the amount of USD 24.50 million, USD 8.25 million and USD
6.49 million. The borrowings are related to POSCOs exploration of gas hydrates in Aral Sea, Uzbekistan, the exploration of gas hydrates in Namangan-Chust and the exploration of gas hydrates in Western Fergana-Chenavard, respectively. The
repayment of the borrowings depends on the success of the projects. POSCO is not liable for the repayment of full or part of the amount borrowed if the respective projects fail. POSCO has agreed to pay a certain portion of its profits under certain
conditions, as defined by the borrowing agreements. As of December 31, 2015, the ending balance of the borrowing amounts to USD 12.35 million. |
|
|
|
|
POSCO has provided a supplemental funding agreement, as the largest shareholder, as requested from the creditors, including Norddeutsche Landesbank, for seamless funding to POSCO ENERGY Co., Ltd. under construction of new power
plant. |
|
|
POSCO ENGINEERING & CONSTRUCTION CO., LTD. |
|
As of December 31, 2015, POSCO ENGINEERING & CONSTRUCTION CO., LTD. has comprehensive loan agreements of up to W253.5 billion and USD 278 million with Woori Bank and W90 billion and USD 800
million with KEB Bank. Also, POSCO ENGINEERING & CONSTRUCTION CO., LTD. has bank overdraft agreements of up to W20 billion with Woori Bank which is included in the limit of billion comprehensive loan agreements and
W3 billion with Korea Exchange Bank. Comprehensive loan agreements include bank overdraft up to W20 billion of loans on checking account during the day with Woori Bank. |
|
|
POSCO ICT |
|
As of December 31, 2015, in relation to contract enforcement, POSCO ICT was provided with W67,032 million and W54,904 million guaranties from Korea Software Financial Cooperative and Seoul
Guarantee Insurance, respectively. |
123
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(e) |
Litigation in progress |
As of December 31, 2015, POSCO and certain subsidiaries are
defendants in legal actions arising from the normal course of business.
|
1) |
Civil lawsuits with Nippon Steel & Sumitomo Metal Corporation |
In April 2012, Nippon
Steel & Sumitomo Metal Corporation (NSSMC) filed a civil lawsuit in the Tokyo District Court of Japan against POSCO and POSCO JAPAN Co., Ltd., a subsidiary of POSCO, alleging violation of trade secrets and seeking prohibition on
production and sales of grain oriented electrical steel sheets and compensation from the Company of W958.4 billion. On September 30, 2015, pursuant to the agreement between POSCO and NSSMC, the pending lawsuit filed by NSSMC
was withdrawn, along with all related lawsuits to strengthen the strategic partnership between the two companies. On the same date, the Company paid W299 billion as the settlement to NSSMC, therefore all litigations were withdrawn
and closed.
|
2) |
Other lawsuits and claims |
(In millions of Won, in thousands of foreign currencies)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
Legal actions |
|
Claim amount |
|
|
Won equivalent |
|
|
Description |
POSCO |
|
35 |
|
KRW |
|
|
122,008 |
|
|
|
122,008 |
|
|
Lawsuit on claim for damages and others(*1) |
|
|
1 |
|
USD |
|
|
5,410 |
|
|
|
6,341 |
|
|
Arbitration |
Daewoo International Corporation |
|
1 |
|
EUR |
|
|
3,270 |
|
|
|
4,187 |
|
|
Lawsuit on claim for payment |
|
|
1 |
|
INR |
|
|
4,458,849 |
|
|
|
78,610 |
|
|
Lawsuit on claim for payment on guarantees(*1) |
|
|
9 |
|
KRW |
|
|
11,296 |
|
|
|
11,296 |
|
|
Lawsuit on claim for payment and others |
|
|
6 |
|
USD |
|
|
19,249 |
|
|
|
22,560 |
|
|
Lawsuit on claim for payment and others(*1) |
POSCO ENGINEERING & CONSTRUCTION., LTD. |
|
60 |
|
KRW |
|
|
146,545 |
|
|
|
146,545 |
|
|
Lawsuit on claim for payment on rent fees by PSIB and others |
POSCO Processing&Service |
|
2 |
|
KRW |
|
|
151 |
|
|
|
151 |
|
|
Revoking of fraudulent act and others and others(*1) |
POSCO Engineering CO.,Ltd |
|
13 |
|
KRW |
|
|
116,557 |
|
|
|
116,557 |
|
|
Lawsuit on claim for payment and others(*1) |
POSCO COATED & COLOR STEEL Co., Ltd. |
|
1 |
|
KRW |
|
|
200 |
|
|
|
200 |
|
|
Lawsuit on claim for payment and others |
POSCO ICT |
|
10 |
|
KRW |
|
|
11,233 |
|
|
|
11,233 |
|
|
Lawsuit on claim for payment on construction and others |
POSCO America Corporation |
|
1 |
|
USD |
|
|
|
|
|
|
|
|
|
Lawsuit on claim for anti-trust and others |
POSCO M-TECH |
|
3 |
|
KRW |
|
|
1,030 |
|
|
|
1,030 |
|
|
Lawsuit on claim for payment and others |
POSCO ENERGY CO., LTD. |
|
1 |
|
KRW |
|
|
5,000 |
|
|
|
5,000 |
|
|
Lawsuit on claim for payment and revocation of electricity supply contract |
POSCO E&C CHINA CO., LTD. |
|
2 |
|
CNY |
|
|
3,338 |
|
|
|
603 |
|
|
Lawsuit on claim for payment of reserve for construction warranty |
|
|
1 |
|
KRW |
|
|
3,305 |
|
|
|
3,305 |
|
|
Lawsuit on claim for payment on construction |
Daewoo International (America) Corp. |
|
2 |
|
USD |
|
|
10,456 |
|
|
|
12,254 |
|
|
Lawsuit on claim clam for indemnification damages and others |
POSPOWER Co., Ltd. |
|
2 |
|
KRW |
|
|
10,667 |
|
|
|
10,667 |
|
|
Lawsuit on claim for payment on service contract |
POSCO TNPC Otomotiv Celik San. Ve Tic. A.S |
|
2 |
|
TRY |
|
|
|
|
|
|
|
|
|
Lawsuit on claim for unfair dismissal |
SPFC CO.,LTD |
|
1 |
|
KRW |
|
|
4,717 |
|
|
|
4,717 |
|
|
Lawsuit on claim for payment |
BLUE O&M |
|
1 |
|
KRW |
|
|
|
|
|
|
|
|
|
Charges under occupation safety and health acts |
POSCO CHEMTECH |
|
1 |
|
KRW |
|
|
657 |
|
|
|
657 |
|
|
Lawsuit on claim for payment on construction |
PT. KRAKATAU POSCO |
|
2 |
|
IDR |
|
|
180,096,201 |
|
|
|
15,308 |
|
|
Lawsuit on claim for payment on construction and others |
SANTOS CMI S.A. |
|
1 |
|
USD |
|
|
322 |
|
|
|
377 |
|
|
Lawsuit on claim for dismissal payment |
POSCO ENGINEERING & CONSTRUCTION DO BRAZIL LTDA. |
|
18 |
|
BRL |
|
|
22,309 |
|
|
|
6,604 |
|
|
Lawsuit on claim for payment and others |
POSCO E&C VIETNAM CO., LTD. |
|
2 |
|
USD |
|
|
39 |
|
|
|
46 |
|
|
Lawsuit on claim for severance payment and others |
POSCO-TISCO (JILIN) PROCESSING CENTER CO., LTD. |
|
1 |
|
CNY |
|
|
1,682 |
|
|
|
304 |
|
|
Lawsuit over execution of long-term note receivables |
Brazil Sao Paulo Steel Processing Center |
|
4 |
|
BRL |
|
|
979 |
|
|
|
290 |
|
|
Lawsuit on claim for payment on construction and others |
(*1) |
The Company made a reliable estimate in 9 lawsuits by considering the possibility and amount of outflow of resources and recognized W46,001 million as provision for legal contingencies and claims.
|
For all the other lawsuits and claims, management does not believe the Company has any present obligations and therefore,
the Company has not recognized any provisions as of December 31, 2015 for the matters.
124
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
POSCO |
|
POSCO has provided two blank checks to Korea Resources Corporation as collateral for long-term domestic borrowings, and has provided six blank promissory notes and three blank checks to Korea National Oil Corporation as
collateral for long-term foreign currency borrowings. |
|
|
Daewoo International Corporation |
|
As of December 31, 2015, Daewoo International Corporation has provided forty-five blank promissory notes and seventeen blank checks to Korea National Oil Corporation as collateral for the guarantee on performance for contracts
and others. |
|
|
POSCO ENGINEERING & CONSTRUCTION CO., LTD. |
|
As of December 31, 2015, POSCO ENGINEERING & CONSTRUCTION CO., LTD. has provided eight blank promissory notes and thirty-five blank checks as collateral for agreements and outstanding loans. |
|
|
POSCO ICT |
|
As of December 31, 2015, POSCO ICT has provided two blank promissory notes and sixteen blank checks to financial institutions as collateral for the guarantee on performance for contracts and others. |
39. |
Cash Flows from Operating Activities |
Adjustments for operating cash flows for the years ended
December 31, 2015 and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Trade accounts and notes receivable |
|
W |
|
|
|
|
1,686,910 |
|
|
|
(239,214 |
) |
Other receivables |
|
|
|
|
|
|
259,741 |
|
|
|
(27,601 |
) |
Inventories |
|
|
|
|
|
|
2,095,732 |
|
|
|
(780,582 |
) |
Other current assets |
|
|
|
|
|
|
42,131 |
|
|
|
242,170 |
|
Other non-current assets |
|
|
|
|
|
|
72,826 |
|
|
|
(53,225 |
) |
Trade accounts and notes payable |
|
|
|
|
|
|
(894,129 |
) |
|
|
(385,914 |
) |
Other payables |
|
|
|
|
|
|
39,811 |
|
|
|
201,191 |
|
Other current liabilities |
|
|
|
|
|
|
(182,518 |
) |
|
|
(402,574 |
) |
Provisions |
|
|
|
|
|
|
(119,172 |
) |
|
|
(63,884 |
) |
Payments severance benefits |
|
|
|
|
|
|
(157,983 |
) |
|
|
(160,792 |
) |
Plan assets |
|
|
|
|
|
|
(115,274 |
) |
|
|
(164,515 |
) |
Other non-current liabilities |
|
|
|
|
|
|
25,964 |
|
|
|
(79,032 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
2,754,039 |
|
|
|
(1,913,972 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
125
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
40. |
Non-Cash Transactions |
Significant non-cash transactions for the years ended December 31, 2015 and
2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Acquisition of available-for-sale investment through exchanging shares |
|
W |
|
|
|
|
295,398 |
|
|
|
|
|
Transferred to assets held for sale |
|
|
|
|
|
|
933,530 |
|
|
|
2,213,673 |
|
Transferred to liabilities related to assets held for sale |
|
|
|
|
|
|
169,312 |
|
|
|
621,303 |
|
(a) |
The Companys operating businesses are organized based on the nature of markets and customers. The Company has four reportable operating segmentssteel, construction, trading and others. The steel segment
includes production of steel products and revenue of such products. The construction segment includes planning, designing and construction of industrial plants, civil engineering projects and commercial and residential buildings, both in Korea and
overseas. The trading segment consists of exporting and importing a wide range of steel products and raw materials that are both obtained from and supplied to POSCO, as well as between other suppliers and purchasers in Korea and overseas. Other
segments include power generation, liquefied natural gas production, network and system integration and logistics. The policies of classification and measurement on operating segments were the same as those that applied to the consolidated financial
statements as of and for the year ended December 31, 2014. |
(b) |
Information about reportable segments as of and for the years ended December 31, 2015 and 2014 was as follows: |
|
1) |
As of and for the year ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Steel |
|
|
Trading |
|
|
Construction |
|
|
Others |
|
|
Total |
|
External revenues |
|
W |
|
|
|
|
28,292,824 |
|
|
|
18,315,487 |
|
|
|
8,515,780 |
|
|
|
3,068,254 |
|
|
|
58,192,345 |
|
Internal revenues |
|
|
|
|
|
|
16,543,951 |
|
|
|
8,692,020 |
|
|
|
1,352,067 |
|
|
|
2,691,361 |
|
|
|
29,279,399 |
|
Including inter segment revenue |
|
|
|
|
|
|
9,146,808 |
|
|
|
4,480,744 |
|
|
|
1,090,193 |
|
|
|
2,571,219 |
|
|
|
17,288,964 |
|
Total revenues |
|
|
|
|
|
|
44,836,775 |
|
|
|
27,007,507 |
|
|
|
9,867,847 |
|
|
|
5,759,615 |
|
|
|
87,471,744 |
|
Interest income |
|
|
|
|
|
|
139,821 |
|
|
|
55,630 |
|
|
|
27,134 |
|
|
|
16,173 |
|
|
|
238,758 |
|
Interest expenses |
|
|
|
|
|
|
(560,767 |
) |
|
|
(76,672 |
) |
|
|
(91,742 |
) |
|
|
(141,095 |
) |
|
|
(870,276 |
) |
Depreciation and amortization |
|
|
|
|
|
|
(2,782,680 |
) |
|
|
(166,814 |
) |
|
|
(50,605 |
) |
|
|
(282,817 |
) |
|
|
(3,282,916 |
) |
Impairment loss on property, plant and equipment and others |
|
|
|
|
|
|
(243,828 |
) |
|
|
(17,281 |
) |
|
|
(28,345 |
) |
|
|
(22,979 |
) |
|
|
(312,433 |
) |
Impairment loss on available-for-sale investments |
|
|
|
|
|
|
(151,503 |
) |
|
|
(1,410 |
) |
|
|
(47,616 |
) |
|
|
(40,261 |
) |
|
|
(240,790 |
) |
Share of loss of equity-accounted investees, net |
|
|
|
|
|
|
(562,133 |
) |
|
|
(212,535 |
) |
|
|
(25,223 |
) |
|
|
(22,618 |
) |
|
|
(822,509 |
) |
Income tax expense |
|
|
|
|
|
|
(390,000 |
) |
|
|
(4,772 |
) |
|
|
(30,615 |
) |
|
|
(18,718 |
) |
|
|
(444,105 |
) |
Segment profit (loss) |
|
|
|
|
|
|
181,495 |
|
|
|
38,843 |
|
|
|
(275,651 |
) |
|
|
(65,570 |
) |
|
|
(120,883 |
) |
Segment assets |
|
|
|
|
|
|
70,102,972 |
|
|
|
12,160,406 |
|
|
|
9,997,683 |
|
|
|
10,962,594 |
|
|
|
103,223,655 |
|
Investment in subsidiaries, associates and joint ventures |
|
|
|
|
|
|
17,457,391 |
|
|
|
1,097,971 |
|
|
|
1,076,024 |
|
|
|
1,186,307 |
|
|
|
20,817,693 |
|
Acquisition of non-current assets |
|
|
|
|
|
|
2,102,674 |
|
|
|
303,753 |
|
|
|
276,863 |
|
|
|
345,971 |
|
|
|
3,029,261 |
|
Segment liabilities |
|
|
|
|
|
|
21,078,613 |
|
|
|
8,953,410 |
|
|
|
5,716,550 |
|
|
|
6,472,925 |
|
|
|
42,221,498 |
|
126
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
2) |
As of and for the year ended December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Steel |
|
|
Trading |
|
|
Construction |
|
|
Others |
|
|
Total |
|
External revenues |
|
W |
|
|
|
|
31,841,748 |
|
|
|
21,165,806 |
|
|
|
8,119,207 |
|
|
|
3,971,684 |
|
|
|
65,098,445 |
|
Internal revenues |
|
|
|
|
|
|
17,755,182 |
|
|
|
10,095,123 |
|
|
|
2,184,519 |
|
|
|
3,094,647 |
|
|
|
33,129,471 |
|
Including inter segment revenue |
|
|
|
|
|
|
10,159,110 |
|
|
|
5,180,926 |
|
|
|
1,679,443 |
|
|
|
2,920,354 |
|
|
|
19,939,833 |
|
Total revenues |
|
|
|
|
|
|
49,596,930 |
|
|
|
31,260,929 |
|
|
|
10,303,726 |
|
|
|
7,066,331 |
|
|
|
98,227,916 |
|
Interest income |
|
|
|
|
|
|
148,288 |
|
|
|
47,905 |
|
|
|
27,297 |
|
|
|
18,694 |
|
|
|
242,184 |
|
Interest expenses |
|
|
|
|
|
|
(524,735 |
) |
|
|
(92,855 |
) |
|
|
(61,954 |
) |
|
|
(127,843 |
) |
|
|
(807,387 |
) |
Depreciation and amortization |
|
|
|
|
|
|
(2,779,723 |
) |
|
|
(121,163 |
) |
|
|
(52,268 |
) |
|
|
(331,444 |
) |
|
|
(3,284,598 |
) |
Impairment loss on property, plant and equipment and others |
|
|
|
|
|
|
(137,708 |
) |
|
|
(35,131 |
) |
|
|
756 |
|
|
|
(50,085 |
) |
|
|
(222,168 |
) |
Impairment loss on available-for-sale investments |
|
|
|
|
|
|
(352,830 |
) |
|
|
(1,097 |
) |
|
|
(24,588 |
) |
|
|
(14,444 |
) |
|
|
(392,959 |
) |
Share of loss of equity-accounted investees, net |
|
|
|
|
|
|
(217,491 |
) |
|
|
(29,263 |
) |
|
|
(53,226 |
) |
|
|
(23,559 |
) |
|
|
(323,539 |
) |
Income tax expense |
|
|
|
|
|
|
(691,030 |
) |
|
|
(114,587 |
) |
|
|
(45,147 |
) |
|
|
(21,415 |
) |
|
|
(872,179 |
) |
Segment profit |
|
|
|
|
|
|
857,148 |
|
|
|
181,243 |
|
|
|
13,085 |
|
|
|
8,536 |
|
|
|
1,060,012 |
|
Segment assets |
|
|
|
|
|
|
74,138,707 |
|
|
|
13,597,301 |
|
|
|
10,396,691 |
|
|
|
10,742,877 |
|
|
|
108,875,576 |
|
Investment in subsidiaries, associates and joint ventures |
|
|
|
|
|
|
18,227,743 |
|
|
|
1,076,373 |
|
|
|
1,091,402 |
|
|
|
1,154,187 |
|
|
|
21,549,705 |
|
Acquisition of non-current assets |
|
|
|
|
|
|
2,348,979 |
|
|
|
399,273 |
|
|
|
701,019 |
|
|
|
906,685 |
|
|
|
4,355,956 |
|
Segment liabilities |
|
|
|
|
|
|
23,750,464 |
|
|
|
10,384,329 |
|
|
|
6,345,852 |
|
|
|
6,139,971 |
|
|
|
46,620,616 |
|
(c) |
Reconciliations of total segment revenues, profit or loss, assets and liabilities, and other significant items to their respective consolidated financial statement line items are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Total revenue for reportable segments |
|
W |
|
|
|
|
87,471,744 |
|
|
|
98,227,916 |
|
Elimination of inter-segment revenue |
|
|
|
|
|
|
(29,279,399 |
) |
|
|
(33,129,471 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
58,192,345 |
|
|
|
65,098,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Total profit (loss) for reportable segments |
|
W |
|
|
|
|
(120,883 |
) |
|
|
1,060,012 |
|
Goodwill and corporate FV adjustments |
|
|
|
|
|
|
(95,150 |
) |
|
|
(122,015 |
) |
Elimination of inter-segment profit (loss) |
|
|
|
|
|
|
119,852 |
|
|
|
(381,338 |
) |
Income tax expense |
|
|
|
|
|
|
276,939 |
|
|
|
821,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before income tax expense |
|
W |
|
|
|
|
180,758 |
|
|
|
1,378,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Total assets for reportable segments(*1) |
|
W |
|
|
|
|
103,223,655 |
|
|
|
108,875,576 |
|
Investment in subsidiaries, associates and joint ventures |
|
|
|
|
|
|
(16,872,523 |
) |
|
|
(17,487,024 |
) |
Goodwill and corporate FV adjustments |
|
|
|
|
|
|
3,390,277 |
|
|
|
4,282,455 |
|
Elimination of inter-segment assets |
|
|
|
|
|
|
(9,332,650 |
) |
|
|
(10,418,834 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
80,408,759 |
|
|
|
85,252,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) |
As segment assets and liabilities are determined based on separate financial statements, for subsidiaries which are in a different segment from that of its immediate parent company, their carrying amount in separate
financial statements is eliminated upon consolidation. In addition, adjustments are made to adjust the amount of investment in associates and joint ventures from the amount reflected in segment assets to that determined using equity method in
consolidated financial statements. |
127
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Total liabilities for reportable segments |
|
W |
|
|
|
|
42,221,498 |
|
|
|
46,620,616 |
|
Goodwill and corporate FV adjustments |
|
|
|
|
|
|
321,793 |
|
|
|
507,073 |
|
Elimination of inter-segment liabilities |
|
|
|
|
|
|
(7,204,754 |
) |
|
|
(7,166,880 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
35,338,537 |
|
|
|
39,960,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5) |
Other significant items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Total segment |
|
|
Goodwill and corporate FV adjustments |
|
|
Elimination of inter-segment transactions |
|
|
Consolidated |
|
Interest income |
|
W |
|
|
|
|
238,758 |
|
|
|
|
|
|
|
(28,565 |
) |
|
|
210,193 |
|
Interest expenses |
|
|
|
|
|
|
(870,276 |
) |
|
|
1,282 |
|
|
|
80,222 |
|
|
|
(788,772 |
) |
Depreciation and amortization |
|
|
|
|
|
|
(3,282,916 |
) |
|
|
(117,595 |
) |
|
|
182,265 |
|
|
|
(3,218,246 |
) |
Share of loss of equity-accounted investees, net |
|
|
|
|
|
|
(822,509 |
) |
|
|
|
|
|
|
316,455 |
|
|
|
(506,054 |
) |
Income tax expense |
|
|
|
|
|
|
(444,105 |
) |
|
|
24,294 |
|
|
|
142,872 |
|
|
|
(276,939 |
) |
Impairment loss on property, plant and equipment and others |
|
|
|
|
|
|
(312,433 |
) |
|
|
|
|
|
|
(142,234 |
) |
|
|
(454,667 |
) |
Impairment loss on available-for-sale investments |
|
|
|
|
|
|
(240,790 |
) |
|
|
|
|
|
|
98,009 |
|
|
|
(142,781 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
(5,734,271 |
) |
|
|
(92,019 |
) |
|
|
649,024 |
|
|
|
(5,177,266 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
Total segment |
|
|
Goodwill and corporate FV adjustments |
|
|
Elimination of inter-segment transactions |
|
|
Consolidated |
|
Interest income |
|
W |
|
|
|
|
242,184 |
|
|
|
|
|
|
|
(13,930 |
) |
|
|
228,254 |
|
Interest expenses |
|
|
|
|
|
|
(807,387 |
) |
|
|
(45,668 |
) |
|
|
57,470 |
|
|
|
(795,585 |
) |
Depreciation and amortization |
|
|
|
|
|
|
(3,284,598 |
) |
|
|
(111,263 |
) |
|
|
157,312 |
|
|
|
(3,238,549 |
) |
Share of loss of equity-accounted investees, net |
|
|
|
|
|
|
(323,539 |
) |
|
|
|
|
|
|
23,646 |
|
|
|
(299,893 |
) |
Income tax expense |
|
|
|
|
|
|
(872,179 |
) |
|
|
33,473 |
|
|
|
17,221 |
|
|
|
(821,485 |
) |
Impairment loss of property, plant and equipment and others |
|
|
|
|
|
|
(222,168 |
) |
|
|
|
|
|
|
47,838 |
|
|
|
(174,330 |
) |
Impairment loss on available-for-sale investments |
|
|
|
|
|
|
(392,959 |
) |
|
|
|
|
|
|
23,236 |
|
|
|
(369,723 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
(5,660,646 |
) |
|
|
(123,458 |
) |
|
|
312,793 |
|
|
|
(5,471,311 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) |
Revenue by geographic area for the years ended December 31, 2015 and 2014 was as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Domestic |
|
W |
|
|
|
|
39,268,907 |
|
|
|
45,805,167 |
|
Japan |
|
|
|
|
|
|
1,934,808 |
|
|
|
2,047,686 |
|
China |
|
|
|
|
|
|
5,756,867 |
|
|
|
6,319,101 |
|
Asia-other |
|
|
|
|
|
|
5,888,045 |
|
|
|
5,055,373 |
|
North America |
|
|
|
|
|
|
1,921,039 |
|
|
|
2,199,418 |
|
Others |
|
|
|
|
|
|
3,422,679 |
|
|
|
3,671,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
58,192,345 |
|
|
|
65,098,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In presenting information on the basis of geography, segment revenue is based on the geographical location of
customers.
128
POSCO and Subsidiaries
Notes to the Consolidated Financial Statements, Continued
As of December 31, 2015 and 2014
(e) |
Non-current assets by geographic area as of December 31, 2015 and 2014 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of Won) |
|
|
|
|
2015 |
|
|
2014 |
|
Domestic |
|
W |
|
|
|
|
32,693,800 |
|
|
|
33,837,971 |
|
Japan |
|
|
|
|
|
|
174,979 |
|
|
|
177,322 |
|
China |
|
|
|
|
|
|
1,631,863 |
|
|
|
1,745,125 |
|
Asia-other |
|
|
|
|
|
|
5,969,215 |
|
|
|
4,867,569 |
|
North America |
|
|
|
|
|
|
152,935 |
|
|
|
186,753 |
|
Others |
|
|
|
|
|
|
1,390,109 |
|
|
|
2,367,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
42,012,901 |
|
|
|
43,181,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets by geographic area include investment property, property, plant and equipment, goodwill and
other intangible assets.
(f) |
There are no customers whose revenue is 10% or more of consolidated revenue. |
129
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