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Hyundai Motor Company Annual Report 2004_96
HYUNDAI MOTOR COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2004 AND 2003
The changes in investment securities accounted for using the equity method in 2003 are as follows:
Korean won
(in millions)
Translation into
U.S. dollars (Note 2)
(in thousands)
Kia Tigers Co., Ltd. 14,083 (3,993) -10,090 $9,667
Hysco America Co., Ltd - (265) 5,955 5,690 5,451
HMJ R&D 2,090 43 258 2,391 2,291
Yan Ji Kia Motors A/S - - 1,792 1,792 1,717
Beijing-Hyundai Motor Company 129,468 152,701 (172) 281,997 270,164
HAOSVT (Turkey) - 21,379 4,480 25,859 24,774
Donghui Auto Co., Ltd. 10,530 (4,869) (53) 5,608 5,373
Korea Space & Aircraft Co., Ltd. 84,690 3,455 (8,833) 79,312 75,984
PT. Kia Timor Motors 10,996 1,241 628 12,865 12,325
Korea Economy Daily 17,568 (2,437) (1,002) 14,129 13,536
TRW Steering Co., Ltd. 8,692 (438) - 8,254 7,908
NGVTEK.com - - 250 250 240
Hyundai MOBIS 173,550 50,410 86,100 310,060 297,049
EUKOR Car Carriers, Inc. - 649 52,674 53,323 51,085
Iljin Bearing Co., Ltd. (formerly
Iljin Automotive Co., Ltd.) 11,890 1,128 (224) 12,794 12,257
Daesung Automotive Co., Ltd. 5,200 567 (148) 5,619 5,383
Kia Service Philippines Co. - - 185 185 177
Eukor Car Carriers
Singapore Pte. - - 13 13 12
First CRV 99,240 - (99,240) - -
Wuhan Grand Motor Co., Ltd. 8,018 - (8,018) - -
576,015 219,571 34,645 830,231 $693,130
(*) Other changes consist of the increase of acquisition cost mainly due to the acquisition and participation in investees’ additional
paid-in capital, decrease mainly due to disposal of investments, decrease due to receipt of the dividends, and other change of
shareholders’ equity due to change of subsidiaries’ shareholders’ equity.
The difference between the acquisition cost and the Company’s portion of an investee’s net equity at the date the Company was
considered to be able to exercise significant influence over the operating and financial policy of an investee is amortized (or reversed)
within 20 years, using the straight-line method. Also, the Company assesses any possible recognition of impairment loss on unamortized
balance of the difference considered as goodwill. The unamortzed balance of goodwill and unreversed balance of negative goodwill as
of December 31, 2004 are 24,790 million (US$ 23,750 thousand) and 23,336 million (US$ 22,357 thousand), respectively.
Affiliated Company Beginning Gain (loss) Other changes (*) End of year End of year
of year on valuation
HYUNDAI MOTOR COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2004 AND 2003
(2) The changes in investment securities accounted for using the equity method in 2004 are as follows:
Korean won
(in millions)
Translation into
U.S. dollars (Note 2)
(in thousands)
Kia Tigers Co., Ltd. 10,090 (4,066) -6,024 $5,771
HMJ R&D 2,391 88 (234) 2,245 2,151
Yan Ji Kia Motors A/S 1,792 - - 1,792 1,717
Beijing-Hyundai Motor Company 281,997 120,120 (109,221) 292,896 280,606
HAOSVT (Turkey) 25,859 7,165 (8,259) 24,765 23,726
Donghui Auto Co., Ltd. 5,608 2,087 - 7,695 7,372
Korea Space & Aircraft Co., Ltd. 79,312 2,516 (1) 81,827 78,394
PT. Kia Timor Motors 12,865 201 (2,729) 10,337 9,903
Korea Economy Daily 14,129 98 20 14,247 13,649
TRW Steering Co., Ltd. 8,254 (656) - 7,598 7,279
NGVTEK.com 250 - - 250 240
Hyundai MOBIS 310,060 121,862 115,001 546,923 523,973
EUKOR Car Carriers, Inc. 53,323 28,196 (710) 80,809 77,418
Iljin Bearing Co., Ltd. (formerly
Iljin Automotive Co., Ltd.) 12,794 381 (73) 13,102 12,552
Daesung Automotive Co., Ltd. 5,619 555 (80) 6,094 5,838
Kia Service Philippines Co. 185 - (185) - -
Eukor Car Carriers Singapore Pte. 13 - - 13 12
Kia Motors Australia. Pty - - 825 825 790
Wia Automotive Parts Co., Ltd. - - 6,975 6,975 6,682
Beijing Lear Dymos Automotive
Seating and Interior Co., Ltd. - - 571 571 547
Hyundai Motor Deutschland GmbH - 5,717 6,872 12,589 12,061
Hyundai Motor Group China, Ltd. - - 1,508 1,508 1,445
Hysco America Co., Ltd. 5,690 - (5,690) - -
830,231 284,264 4,590 1,119,085 $1,072,126
(*) Other changes consist of the increase of acquisition cost mainly due to the acquisition and participation in investees’ additional
paid-in capital, decrease mainly due to disposal of investments, decrease due to receipt of the dividends, and other change of
shareholders’ equity due to change of subsidiaries’ shareholders’ equity.
Affiliated Company Beginning Gain (loss) Other changes (*) End of year End of year
of year on valuation