Hyundai 2001 Annual Report Download - page 65

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December 31, 2001 and 2000
25. Sale of the Sales Division for Motor Parts for After-Sales Service
Effective January 31, 2000, the Company sold the Sales Division for motor parts for after-sales service, which handled the
sales and distribution of the parts used for after-sales service, to Hyundai MOBIS. The assets and liabilities of this division as of
January 31, 2000 are as follows:
24. Supplementary Information for Computation of Value Added
The accounts and amounts needed for calculation of value added are as follows:
Ordinary income
Labor costs
Interest expense, net
Rent
Taxes and dues
Depreciation
2001
$1,256,329
1,901,019
191,541
20,455
24,388
532,900
$ 3,926,632
2000
$ 675,961
1,616,974
315,622
21,564
20,514
419,764
$ 3,070,399
2000
"896,392
2,144,269
418,546
28,596
27,204
556,649
"
"4,071,656
2001
"1,666,018
2,520,941
254,002
27,126
32,341
706,679
"
"5,207,107
U.S. dollars (Note 2)
(in thousands)
Korean won
(in millions)
Assets
Current assets
Non-current assets
Total assets
Liabilities
Current liabilities
Long-term liabilities
Total liabilities
Net assets
$ 178,973
150,801
329,774
12,694
18,142
30,836
$ 298,938
"237,336
199,978
437,314
16,834
24,058
40,892
"
"396,422
U.S. dollars (Note 2)(in thousands)Korean won (in millions)
Description
N
OTES TO
N
ON
-C
ONSOLIDATED
F
INANCIAL
S
TATEMENTS
Of the book value of the disposed net assets of "396,422 million ($298,938 thousand), in 2000, the Company received
payment for "170,420 million ($128,512 thousand), which is equal to the book value of land, buildings and structures, and will
receive payment for the remaining "226,002 million ($170,426 thousand) equally over five years beginning in 2002.
Additionally, payment of a lump-sum royalty of "50,000 million ($37,705 thousand) was received equally over a five year
period beginning in 2002, however, the entire amount was received in 2001. The Company also receives as annual royalty for
ten percent of ordinary income of the Sales Division for motor parts for after-sales service for a ten year period starting in 2000.
Interest on the principal of the disposed net assets and the lump-sum royalty is at 11 percent annually. The Company
accounted for the lump-sum royalty of "50,000 million ($37,705 thousand) as an extraordinary gain in 2000.
67
2001 Annual ReportHyundai Motor Company