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Hyundai Motor Company and Subsidiaries Consolidated HYUNDAI MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2007, 2008 AND 2009 AND INDEPENDENT AUDITORS’ REPORT Independent Auditors’ Report English Translation of a Report Originally Issued in Korean To the Shareholders and Board of Directors of Hyundai Motor Company: We have audited the accompanying consolidated statements of financial position of Hyundai Motor Company (the “Company”) and its subsidiaries as of December 31, 2007, 2008 and 2009, and the related consolidated statements of income, changes in shareholders’ equity and cash flows for the years then ended, all expressed in Korean Won. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of certain subsidiaries including Kia Motors Corporation, which statements reflect total assets of ￦40,235,279 million (US$34,459,814 thousand), ￦51,272,235 million (US$43,912,500 thousand) and ￦48,617,024 million (US$41,638,424 thousand) as of December 31, 2007, 2008 and 2009, respectively, and total revenues of ￦39,742,303 million (US$34,037,601 thousand), ￦44,079,949 million (US$37,752,611 thousand) and ￦52,837,394 million (US$45,252,992 thousand) in 2007, 2008 and 2009, respectively. Those statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for those entities, is based solely on the reports of other auditors. We conducted our audits in accordance with auditing standards generally accepted in the Republic of Korea. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting standards used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, based on our audits and the reports of other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Hyundai Motor Company and its subsidiaries as of December 31, 2007, 2008 and 2009, and the results of their operations, changes in its shareholders’ equity and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the Republic of Korea (See Note 2). Our audits also comprehended the translation of Korean Won amounts into U.S. Dollar amounts and, in our opinion, such translation has been made in conformity with the basis in Note 2. Such U.S. Dollar amounts are presented solely for the convenience of readers outside of Korea. Accounting principles and auditing standards and their application in practice vary among countries. The accompanying financial statements are not intended to present the financial position, results of operations, changes in shareholders’ equity and cash flows in accordance with accounting principles and practices generally accepted in countries other than the Republic of Korea. In addition, the procedures and practices utilized in the Republic of Korea to audit such financial statements may differ from those generally accepted and applied in other countries. Accordingly, this report and the accompanying financial statements are for use by those knowledgeable about Korean accounting procedures and auditing standards and their application in practice. Deloitte Anjin LLC March 29, 2010 Notice to Readers This report is effective as of March 29, 2010, the auditors' report date. Certain subsequent events or circumstances may have occurred between the auditors' report date and the time the auditors' report is read. Such events or circumstances could significantly affect the accompanying financial statements and may result in modifications to the auditors’ report. HYUNDAI MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31, 2007, 2008 AND 2009 Translation into U. S. Dollars Korean Won (Note 2) ASSETS 2007 2008 2009 2009 (In millions) (In thousands) Current assets: Cash and cash equivalents (Notes 3 and 10) ￦ 4,393,692 ￦ 6,218,218 ￦ 8,659,561 $ 7,416,548 Short-term financial instruments (Notes 3 and 10) 3,344,206 3,369,071 5,581,783 4,780,561 Short-term investment securities (Note 5) 142,814 1,065,429 252,602 216,343 Trade notes and accounts receivable, less allowance for doubtful accounts and present value discount account of ￦202,492 million in 2007, ￦247,539 million in 2008 and ￦195,463 million in 2009 (Note 16) 6,308,361 6,687,501 6,530,319 5,592,942 Trade notes and accounts receivable - other (Notes 16) 177,587 975,218 779,469 667,582 Derivative assets (Note 29) 18,760 67,494 89,899 76,995 Deferred tax assets (Note 19) 797,520 1,163,042 1,082,180 926,841 Inventories (Notes 4, 10 and 24) 11,318,214 16,940,493 11,695,151 10,016,402 Advances and other current assets 1,688,134 2,287,922 2,115,413 1,811,762 Total current assets 28,189,288 38,774,388 36,786,377 31,505,976 Non-current assets: Long-term financial instruments (Note 3) 5,539 12,571 76,238 65,295 Long-term investment securities (Notes 6 and 10) 1,492,399 1,075,254 756,238 647,686 Investment securities accounted for using the equity method (Notes 7 and 16) 2,035,078 2,702,336 3,895,695 3,336,498 Property, plant and equipment, net of accumulated depreciation of ￦13,277,036 million in 2007, ￦15,541,430 million in 2008 and ￦17,515,442 million in 2009 (Notes 8, 9, 10, 16 and 24) 25,629,530 28,918,261 28,821,237 24,684,170 Intangibles (Note 11) 2,997,884 3,448,857 3,708,187 3,175,905 Derivative assets (Note 29) 259,656 1,928,165 1,170,707 1,002,661 Deferred tax assets (Note 19) 610,799 689,650 420,641 360,261 Other assets (Note 12) 1,093,401 1,457,922 973,939 834,138 Total non-current assets 34,124,286 40,233,016 39,822,882 34,106,614 Other financial business assets (Notes 13 and 16) 21,533,952 24,198,379 25,715,675 22,024,387 Total assets ￦ 83,847,526 ￦ 103,205,783 ￦ 102,324,934 $ 87,636,977 (Continued) HYUNDAI MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED) AS OF DECEMBER 31, 2007, 2008 AND 2009 Translation into U. S. Dollars Korean Won (Note 2) LIABILITIES AND SHAREHOLDERS’ EQUITY 2007 2008 2009 2009 (In millions) (In thousands) Current liabilities: Trade notes and accounts payable ￦ 6,263,049 ￦ 8,247,726 ￦ 8,314,944 $ 7,121,398 Short-term borrowings (Note 14) 16,427,071 21,628,102 12,949,025 11,090,292 Trade notes and accounts payable-other 3,897,252 4,732,974 4,998,611 4,281,099 Accrued expenses 1,756,883 2,205,681 2,748,647 2,354,100 Income tax payable (Note 19) 807,668 752,771 500,294 428,481 Current maturities of long-term debt and debentures (Notes 8 and 15) 4,428,143 6,418,366 9,789,043 8,383,901 Accrued warranties (Note 17) 1,340,268 1,419,427 1,379,039 1,181,089 Derivative liabilities (Note 29) 389,209 343,517 99,347 85,087 Deferred tax liabilities (Note 19) 18,395 15,955 884 757 Withholdings and other current liabilities 1,675,358 2,181,551 2,474,941 2,119,681 Total current liabilities 37,003,296 47,946,070 43,254,775 37,045,885 Long-term liabilities: Long-term debt and debentures, net of current maturities and discount on debentures issued (Notes 8 and 15) 16,862,777 22,237,911 23,250,429 19,913,009 Deposit for letter of guarantees and others 955,174 1,083,159 1,042,506 892,862 Accrued severance benefits, net of National Pension payments for employees of ￦36,613 million in 2007, ￦27,788 million in 2008 and ￦21,658 million in 2009, and individual severance insurance deposits of ￦1,851,881 million in 2007, ￦1,920,288 million in 2008 and ￦2,206,932 million in 2009 (Note 2) 1,000,186 1,119,567 950,274 813,869 Long-term accounts payable 228,559 37,608 22,498 19,269 Long-term unearned income 67,521 252,024 231,890 198,604 Long-term accrued warranties (Note 17) 3,040,225 3,465,091 3,393,089 2,906,037 Provision for other liabilities 183,166 222,095 259,666 222,393 Derivative liabilities (Note 29) 83,597 288,033 216,869 185,739 Deferred tax liabilities (Note 19) 564,016 438,272 537,149 460,045 Other long-term liabilities 13,694 238 4,465 3,824 Total long-term liabilities 22,998,915 29,143,998 29,908,835 25,615,651 Other financial business liabilities (Note 13) 131,679 763,818 199,664 171,005 Total liabilities 60,133,890 77,853,886 73,363,274 62,832,541 (Continued) HYUNDAI MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED) AS OF DECEMBER 31, 2007, 2008 AND 2009 Translation into U. S. Dollars Korean Won (Note 2) LIABILITIES AND SHAREHOLDERS’ EQUITY 2007 2008 2009 2009 (In millions) (In thousands) Shareholders’ equity: Capital stock (Note 20) ￦ 1,486,980 ￦ 1,488,993 ￦ 1,488,993 $ 1,275,260 Capital surplus 5,753,003 5,839,874 5,793,489 4,961,878 Capital adjustments (Note 21) (718,405) (719,235) (743,909) (637,127) Accumulated other comprehensive income (Notes 18 and 22) 326,725 618,309 505,970 433,342 Retained earnings 11,240,361 11,841,859 14,617,652 12,519,400 Minority interests 5,624,972 6,282,097 7,299,465 6,251,683 Total shareholders’ equity 23,713,636 25,351,897 28,961,660 24,804,436 Total liabilities and shareholders’ equity ￦ 83,847,526 ￦ 103,205,783 ￦ 102,324,934 $ 87,636,977 See accompanying notes to consolidated financial statements.
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