Hyundai 2005 Annual Report Download - page 47

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9291
9. PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment as of December 31, 2005 and 2004 consist of the following:
Description 2005 2004 2005 2004
Buildings and structures ￦7,078,546 ￦6,518,904 $6,987,706 $6,435,246
Machinery and equipment 11,508,182 10,290,771 11,360,496 10,158,708
Vehicles 212,382 183,877 209,656 181,517
Tools, dies and molds 4,392,993 4,017,552 4,336,617 3,965,994
Other equipment 1,310,013 1,279,070 1,293,201 1,262,655
24,502,116 22,290,174 24,187,676 22,004,120
Less: Accumulated depreciation (9,891,942) (8,523,304) (9,764,997) (8,413,923)
14,610,174 13,766,870 14,422,679 13,590,197
Land 4,165,180 4,084,137 4,111,728 4,031,725
Construction in progress 2,672,685 1,951,279 2,638,386 1,926,238
￦21,448,039 ￦19,802,286 $21,172,793 $19,548,160
Korean Won
(In millions)
Translation into
U.S. Dollars (Note 2)
(In thousands)
HYUNDAI MOTOR COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004
7. LEASED ASSETS:
The Company and its subsidiaries have entered into lease agreements for certain machinery and equipment. The capital lease
obligations are included in long-term debt in the accompanying balance sheets. Annual payments on these lease agreements
as of December 31, 2005 are as follows (Won in millions):
Lease Interest Lease Lease
payments portion obligation payments
2006 55,760 4,379 51,381 22,362
2007 34,929 1,065 33,864 20,811
2008 114 3 111 19,978
2009 - - - 16,581
Thereafter - - - 74,889
￦90,803 ￦5,447 ￦85,356 ￦154,621
8. INSURED ASSETS:
As of December 31, 2005, certain property, plant and equipment are insured for ￦12,267,408 million (US$12,109,978
thousand) and the Company and certain subsidiaries carry general insurance for vehicles and workers’ compensation and
casualty insurance for employees. In addition, the Company and its subsidiaries carry products and completed operations
liability insurance with a maximum coverage of ￦280,575 million (US$276,974 thousand).
Financing leases Operating leases
HYUNDAI MOTOR COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004
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 $5,947
HMJ R&D 2,391 88 (234) 2,245 2,216
Yan Ji Kia Motors A/S 1,792 - - 1,792 1,769
Beijing-Hyundai Motor Company 281,997 120,120 (109,221) 292,896 289,137
HAOSVT (Turkey) 25,859 7,165 (8,259) 24,765 24,447
Donghui Auto Co., Ltd. 5,608 2,087 - 7,695 7,596
Korea Space & Aircraft Co., Ltd. 79,312 2,516 (1) 81,827 80,777
PT. Kia Timor Motors 12,865 201 (2,729) 10,337 10,204
Korea Economy Daily 14,129 98 20 14,247 14,064
TRW Steering Co., Ltd. 8,254 (656) - 7,598 7,500
NGVTEK.com 250 - - 250 247
Hyundai MOBIS 310,060 121,862 115,001 546,923 539,904
EUKOR Car Carriers, Inc. 53,323 28,196 (710) 80,809 79,772
Iljin Bearing Co., Ltd. (Formerly
Iljin Automotive Co., Ltd.) 12,794 381 (73) 13,102 12,934
Daesung Automotive Co., Ltd. 5,619 555 (80) 6,094 6,016
Kia Service Philippines Co. 185 - (185) - -
Eukor Car Carriers Singapore Pte. 13 - - 13 13
Kia Motors Australia. Pty - - 825 825 814
Wia Automotive Parts Co., Ltd. - - 6,975 6,975 6,885
Beijing Lear Dymos Automotive
Seating and Interior Co., Ltd. - - 571 571 564
Hyundai Motor Deutschland GmbH - 5,717 6,872 12,589 12,427
Hyundai Motor Group China, Ltd. - - 1,508 1,508 1,489
Hysco America Co., Ltd. 5,690 - (5,690) - -
￦830,231 ￦284,264 ￦4,590 ￦1,119,085 $1,104,724
(*) Other changes consist of the increase of acquisition cost mainly due to the acquisition and participation in investees’
additional paid-in capital, decrease disposal of investments, decrease due to receipt of the dividends and other change of
shareholders’ equity due to change of subsidiaries’ shareholders’ equity.
The difference between the acquisition cost and the Company’s portion of an investee’s net equity at the date the Company
was considered to be able to exercise significant influence over the operating and financial policy of an investee is amortized (or
reversed) within 20 years, using the straight-line method. Also, the Company assesses any possible recognition of impairment
loss on unamortized balance of the difference considered as goodwill. The net unamortzed balance of goodwill and unreversed
balance of negative goodwill as of December 31, 2005 and 2004 are ￦328,873 million (US$ 324,653 thousand) and ￦8,721
million (US$ 8,609 thousand), respectively.
Affiliated Company Beginning Gain (loss) Other changes (*) End of year End of year
of year on valuation