Hyundai 2001 Annual Report Download - page 55

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December 31, 2001 and 2000
Beginning of the year
Addition:
Expenditures for the year
Deduction:
Ordinary development and
research expenses
Amortization
End of the year
2001
$ 686,650
420,280
(65,177)
(266,305)
$ 775,448
2000
$ 397,970
400,794
(8,744)
(103,370)
$ 686,650
2000
"527,748
531,493
(11,596)
(137,079)
"
"910,566
2001
"910,566
557,334
(86,431)
(353,147)
"
"1,028,322
U.S. dollars (Note 2)
(in thousands)
Korean won
(in millions)
Long-term notes and accounts receivable,
less unamortized present value
discount of "4,782 million in 2001 and
"8,622 million in 2000 (see Note 2)
Other long-term accounts receivable
Lease and rental deposits
Long-term deposits
Accrued gain on valuation of
derivatives (See Note 2)
Long-term loans, less unamortized present
value discount of "4,956 million in 2001
Other
2001
$ 15,892
-
134,463
150,769
127
77,067
830
$ 379,148
2000
$ 5,500
208,131
148,233
220,165
-
70,887
65,036
$ 717,952
2000
"7,293
276,002
196,572
291,960
-
94,003
86,246
"
"952,076
2001
"21,074
-
178,312
199,935
168
102,199
1,100
"
"502,788
U.S. dollars (Note 2)
(in thousands)
Korean won
(in millions)
Development costs as of December 31, 2001 and 2000 are as follows:
Development costs are amortized over a period not to exceed 5 years from the date of usage of the related products using the
straight-line method. Ordinary development expenses and research expenses are charged to current operations as selling and
administrative expenses.
9. Other Assets
Other assets as of December 31, 2001 and 2000 consist of the following:
Long-term loans of "12,300 million ($9,275 thousand) are scheduled to be repaid equally over five years from 2007 with grace
period of five years and are stated at present value with discount of "4,956 million ($3,737 thousand) as of December 31,
2001, using an interest rate of 9.29% (see Note 4).
10. Short-term Borrowings
Short- term borrowings as of December 31, 2001 and 2000 amount to "497,658 million ($375,279 thousand) and "526,500
million ($397,029 thousand), respectively, and consist primarily of bank loans and export financing loans with annual interest
rates ranging from 4.56 percent to 10.5 percent. These borrowings are secured by certain bank deposits, investment securities
and property, plant and equipment (See Note 6).
N
OTES TO
N
ON
-C
ONSOLIDATED
F
INANCIAL
S
TATEMENTS
57
2001 Annual ReportHyundai Motor Company