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HYUNDAI CORPORATION and Subsidiaries

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HYUNDAI CORPORATION and Subsidiaries HYUNDAI CORPORATION and Subsidiaries Consolidated Financial Statements December 31, 2015 and 2014 HYUNDAI CORPORATION and Subsidiaries Index December 31, 2015 and 2014 Page(s) Report of Independent Auditors ……………………………...………………………………… 1 - 2 Consolidated Financial Statements Consolidated Statements of Financial Position ……………………………………….……… 3 Consolidated Statements of Income ...………………………………………………………… 4 Consolidated Statements of Comprehensive Income ……………………………………….. 5 Consolidated Statements of Changes in Equity …………………………………………....... 6 Consolidated Statements of Cash Flows ……….……………………………………..……… 7 Notes to Consolidated Financial Statements ……….………………………………………… 8 - 55 Independent Auditor’s Report (English Translation of a Report Originally Issued in Korean) To the Board of Directors and Shareholders of HYUNDAI CORPORATION We have audited the accompanying consolidated financial statements of HYUNDAI CORPORATION and its subsidiaries (the “Group”), which comprise the consolidated statements of financial position as of December 31, 2015 and 2014, and the consolidated statements of income, 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. Management’s responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with the International Financial Reporting Standards as adopted by the Republic of Korea (“Korean IFRS”) and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with the Korean Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Samil PricewaterhouseCoopers, LS Yongsan Tower, 92 Hangang-daero, Yongsan-gu, Seoul 140-702, Korea (Yongsan P.O Box 266, 140-600), www.samil.com 1 Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Hyundai Corporation and its subsidiaries as of December 31, 2015 and 2014, and their financial performance and cash flows for the years then ended in accordance with the Korean IFRS. Emphasis of matter Without qualifying our opinion, we draw attention to Notes 1 and 38 to these financial statements which discuss that upon the approval of the Board of Directors on May 27, 2015, and the shareholders’ meeting on August 28, 2015, the Company was split into the existing company HYUNDAI Corporation, trading and petroleum and mineral development division, and the newly established company, HYUNDAI C&F Co., Ltd., brand and new business division. Other Matters The accompanying consolidated financial statements as of and for the years ended December 31, 2015 and 2014, have been translated into US dollars solely for the convenience of the reader and have been translated on the basis set forth in Note 39 to the consolidated financial statements. Auditing standards and their application in practice vary among countries. The procedures and practices used in the Republic of Korea to audit such financial statements may differ from those generally accepted and applied in other countries. Seoul, Korea March 17, 2016 This report is effective as of March 17, 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 there is a possibility that the above audit report may have to be revised to reflect the impact of such subsequent events or circumstances, if any. 2 HYUNDAI CORPORATION and Subsidiaries Consolidated Statements of Financial Position December 31, 2015 and 2014 (in thousands of Korean won Notes 2015 2014 2015 and thousands of US dollars) (in US dollars) (Note 39) Assets Current assets Cash and cash equivalents 4,7,8,11 ￦ 69,742,974 ￦ 305,561,694 $ 59,508 Short-term financial instruments 4,7,8 - 13,100,000 - Tradeaccountsreceivable 4,7,8,9,12,36 516,946,067 773,620,594 441,080 Inventories 13 341,181,676 267,359,107 291,111 Derivativefinancialassets 4,7,8,17,35 1,726,508 1,379,627 1,473 Current portion of long-term loans 10,802,686 - 9,217 Currenttaxasset 143,597 89,531 123 Otheraccountsreceivable 4,7,8,14,36 73,048,058 20,886,097 62,328 Othercurrentassets 14,36 44,459,394 51,087,862 37,935 1,058,050,960 1,433,084,512 902,775 Non-current assets Long-termfinancialinstruments 4,7,8,10 21,000 27,581 18 Available-for-salefinancialassets 5,7,15,17 88,370,932 64,658,499 75,402 Investmentsinassociates 16,17 279,833,554 341,297,784 238,766 Long-termloansreceivable 4,7,8,17,36 32,320,035 16,792,817 27,577 Investmentsindevelopmentprojects 4,7,8,17,36 4,786,493 4,786,493 4,084 Propertyandequipment 18 5,256,062 5,084,267 4,485 Intangibleassets 17,19 31,183,295 55,919,142 26,607 Deferredincometaxassets 24 630,718 698,679 538 Othernon-currentassets 4,7,8,14 3,533,437 4,310,712 3,015 445,935,526 493,575,974 380,492 Total assets ￦ 1,503,986,486 ￦ 1,926,660,486 $ 1,283,267 Liabilities Current liabilities Trade accounts and notes payable 4,7,36 ￦ 464,791,893 ￦ 577,009,535 $ 396,580 Otherpayables 4,7,36 92,522,437 40,061,949 78,944 Advancesfromcustomers 36 47,994,609 70,234,912 40,951 Short-term borrowings 4,7,9,21 288,191,909 437,269,687 245,898 Current portion of long-term borrowings 4,7,21 7,486,992 7,430,238 6,388 Current portion of provisions 23 718,113 717,059 613 Currenttaxliabilites 3,546,389 5,291,202 3,026 Derivativefinancialliabilities 4,5,7,35 1,169,118 248,782 998 Othercurrentliabilities 4,7,20 7,598,670 7,753,886 6,484 914,020,130 1,146,017,250 779,882 Non-current liabilities Long-term borrowings 4,7,21 7,961,353 14,786,074 6,793 Netdefinedbenefitliability 22 1,486,068 1,329,365 1,268 Provisions 23 5,288,350 4,874,524 4,512 Deferredincometaxliabilities 24 83,723,368 92,631,446 71,436 Othernon-currentliabilities 4,7,20,36 295,708 - 252 Non-current tax liability 1,235,962 - 1,055 99,990,809 113,621,409 85,316 TotalTotal liabilities liabilities 1,014,010,939 1,259,638,659 865,198 Equity Equity attributable to owners of the Parent Paid-in capital Capitalstock 1 66,144,830 111,649,010 56,438 Othercomponentsofequity 25 (261,068,002) (18,865,482) (222,754) Accumulated other 5,25 comprehensiveincome 255,045,399 279,919,031 217,616 Retainedearnings 26 429,046,759 293,600,720 366,081 Non-controlling interest 806,561 718,548 688 Total equity 489,975,547 667,021,827 418,069 Total liabilities and equity ￦ 1,503,986,486 ￦ 1,926,660,486 $ 1,283,267 The accompanying notes are an integral part of these consolidated financial statements. The US dollar figures are provided for information purposes only and do not form part of the consolidated financial statements. Refer to Note 39. 3 HYUNDAI CORPORATION and Subsidiaries Consolidated Statements of Income Years Ended December 31, 2015 and 2014 (in thousands of Korean won Notes 2015 2014 2015 and thousands of US dollars, (in US dollars) except per share amounts) (Note 39) Net sales 6,27,36 ￦ 4,261,900,488 ￦ 5,264,867,952 $ 3,636,434 Cost of sales 27,28,29,36 (4,156,305,881) (5,157,413,257) (3,546,336) Gross profit 105,594,607 107,454,695 90,098 Selling and administrative expenses 28,29 (82,148,172) (78,057,872) (70,092) Operating income 6 23,446,435 29,396,823 20,006 Other non-operating income 30,37 100,935,418 104,041,235 86,122 Other non-operating expenses 30 (108,681,681) (101,150,939) (92,732) Gain on investments in associates 16 20,478,966 9,552,234 17,474 Finance income 31 32,279,985 24,590,538 27,543 Finance expenses 31 (30,085,549) (25,322,908) (25,670) Income before income tax 38,373,574 41,106,983 32,743 Income tax expense 24 (11,015,557) (15,158,394) (9,399) Profit from continuing operations 27,358,018 25,948,588 23,343 Profit from discontinuing operations 38 119,872,085 7,909,872 102,280 Income for the year ￦ 147,230,103 ￦ 33,858,460 $ 125,623 Profit attributable to: Owners of the parent 147,159,973 33,762,779 125,563 Non-controlling interests 70,130 95,681 60 Earnings per share during the year (in won and US dollars) Income per share from continuing operations 32 ￦ 1,362 ￦ 1,158 $ 1 Income per share from discontinuing operations 32 ￦ 5,983 ￦ 354 $ 5 Basic earnings per share 32 ￦ 7,345 ￦ 1,512 $ 6 The accompanying notes are an integral part of these consolidated financial statements.
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