Hyundai 2005 Annual Report Download - page 30

58
ASSETS 2005 2004 2005 2004
Current assets:
Cash and cash equivalents ￦4,397,808 ￦3,187,954 $4,341,370 $3,147,042
Short-term financial instruments (Note 17) 4,399,626 5,540,454 4,343,165 5,469,352
Short-term investment securities (Note 4) 859,774 471,218 848,740 465,171
Trade notes and accounts receivable, less
allowance for doubtful accounts of ￦219,056
million in 2005 and ￦258,146 million in 2004,
and unamortized present value discount of
￦2,743 million in 2005 and ￦1,269 million
in 2004 (Note 17) 4,327,963 2,755,645 4,272,422 2,720,281
Inventories (Notes 3 and 17) 7,976,723 6,940,542 7,874,356 6,851,473
Advances and other, net of allowance for
doubtful accounts of ￦353,466 million in 2005
and ￦98,855 million in 2004 2,964,964 3,317,974 2,926,914 3,275,394
Total current assets 24,926,858 22,213,787 24,606,967 21,928,713
Non-current assets:
Long-term financial instruments (Note 17) 71,653 135,385 70,733 133,648
Long-term investment securities (Notes 5 and 17) 2,346,863 2,884,751 2,316,745 2,847,731
Investment securities accounted for using
the equity method (Notes 6 and 17) 1,620,167 1,119,085 1,599,375 1,104,724
Property, plant and equipment, net of
accumulated depreciation of ￦9,891,942
million in 2005 and ￦8,523,304 million
in 2004 (Notes 7, 8, 9 and 17) 21,448,039 19,802,286 21,172,793 19,548,160
Intangibles (Note 10) 2,330,122 1,812,495 2,300,219 1,789,235
Deferred income tax assets (Note 19) 452,915 1,351,434 447,103 1,334,091
Other assets (Notes 11 and 17) 1,638,298 1,079,972 1,617,274 1,066,111
Total non-current assets 29,908,057 28,185,408 29,524,242 27,823,700
Other financial business assets (Note 12) 11,056,431 7,623,936 10,914,542 7,526,097
Total assets ￦65,891,346 ￦58,023,131 $65,045,751 $57,278,510
(continued)
Korean Won
(In millions)
Translation into
U.S. Dollars (Note 2)
(In thousands)
HYUNDAI MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2005 AND 2004
57 Independent Auditors’ Report
English Translation of a Report Originally Issued in Korean
To the Shareholders and Board of Directors of
Hyundai Motor Company:
We have audited the accompanying consolidated balance sheets of Hyundai Motor Company (the “Company”) and its subsidiaries as of
December 31, 2005 and 2004, and the related consolidated statements of income, changes in shareholders’ equity and cash flows for the
years then ended, all expressed in Korean. These financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on our audits. In 2005 and 2004, we did not audit the financial
statements of certain subsidiaries, which statements reflect total assets of ￦22,393,490 million (US$22,106,111 thousand) and
￦17,125,773 million (US$16,905,995 thousand), respectively, and total revenues of ￦33,279,134 million (US$32,852,057 thousand) and
￦27,558,371 million (US$27,204,710 thousand), respectively. Those statements were audited by other auditors whose reports have been
furnished to us, and our opinion, insofar as it relates to the amounts included for those entities, is based solely on the reports of other
auditors.
We conducted our audits in accordance with auditing standards generally accepted in the Republic of Korea. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting standards used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of other auditors, the financial statements referred to above present fairly, in all material
respects, the financial position of Hyundai Motor Company and its subsidiaries as of December 31, 2005 and 2004, and the results of their
operations and changes in the shareholders’ equity and their cash flows for the years then ended in conformity with accounting principles
generally accepted in the Republic of Korea (See Note 2).
Our audits also comprehended the translation of Korean Won amounts into U.S. dollar amounts and, in our opinion, such translation has
been made in conformity with the basis in Note 2. Such U.S. dollar amounts are presented solely for the convenience of readers outside of
Korea.
Accounting principles and auditing standards and their application in practice vary among countries. The accompanying financial
statements are not intended to present the financial position, results of operations and cash flows in accordance with accounting principles
and practices generally accepted in countries other than the Republic of Korea. In addition, the procedures and practices utilized in the
Republic of Korea to audit such financial statements may differ from those generally accepted and applied in other countries. Accordingly,
this report and the accompanying financial statements are for use by those knowledgeable about Korean accounting procedures and
auditing standards and their application in practice.
April 7, 2006
Notice to Readers
This report is effective as of April 7, 2006, the auditors’ report date. Certain subsequent events or circumstances may have occurred
between the auditors' report date and the time the auditors’ report is read. Such events or circumstances could significantly affect the
accompanying financial statements and may result in modifications to the auditors’ report.
HYUNDAI MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED
DECEMBER 31, 2005 AND 2004
AND INDEPENDENT AUDITORS’ REPORT