Hyundai 2001 Annual Report Download - page 57

Download and view the complete annual report

Please find page 57 of the 2001 Hyundai annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 69

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69

December 31, 2001 and 2000
Hyundai Merchant Marine
Hyundai MOBIS
Overseas subsidiaries
Other
$406,488
9,571
576,678
3,580
$996,317
"539,044
12,692
764,733
4,747
"
"1,321,216
U.S. dollars (Note 2)
(in thousands)
Korean won
(in millions)
12. Commitments and Contingent liabilities
(1) The Company is contingently liable for guarantees of indebtedness, primarily for the following affiliates
(including foreign subsidiaries), as of December 31, 2001.
(2) Bank deposits ["181,027 million ($136,511 thousand)], investment securities ["83,240 million ($62,771 thousand), at
cost], 1 checks amounting to "2,624 million ($1,979 thousand), 30 blank promissory notes and property, plant and
equipment are pledged as collateral for short-term borrowings, the local currency and foreign currency loans and other
payables (see Note 6).
(3) The Company uses a customer financing system related to a long-term installment sales contract and has provided
guarantees of "566,884 million ($427,482 thousand) to the banks concerned as of December 31, 2001. These
guarantees are all covered by insurance contracts, which regulate a customer and the Company as contractor and
beneficiary, respectively.
(4) At December 31, 2001, the outstanding balance of accounts receivable discounted with recourse amounts to "946,933
million ($714,074 thousand), including discounted overseas accounts receivable translated using the foreign exchange rate
as of December 31, 2001..
(5) In connection with the merger of Automotive and Machine Tools Divisions of Hyundai MOBIS as at July 31, 1999, under the
Korean Commercial Code, the Company became liable for the payment of the full amount of liabilities previously owned by
Hyundai MOBIS. As a result, the Company is deemed to have assumed additional contingent liabilities of "133,533 million
($100,696 thousand) as of December 31, 2001..
(6) The Company accrues estimated product liabilities expenses (see Note 2) and carries the products and completed
operations liability insurance (see Note 5) in order to cover the potential loss which may occur due to the law suits related to
its operation such as product liabilities. However, the Company expects that the resolution of cases pending against the
Company as of December 31, 2001 will not have any material effect on its financial position.
13. Capital Stock
Capital stock as of December 31, 2001 and 2000 consists of the following:
Common stock
Preferred stock
$863,768
249,613
$1,113,381
U.S. dollars (Note 2)
(in thousands)
"1,145,443
331,011
"
"1,476,454
Korean won
(in millions)
"5,000
5,000
Par value
219,088,702 shares
65,202,146 shares
Issued
450,000,000 shares
150,000,000 shares
Authorized
N
OTES TO
N
ON
-C
ONSOLIDATED
F
INANCIAL
S
TATEMENTS
59
2001 Annual ReportHyundai Motor Company