Hyundai 2005 Annual Report Download - page 50

98
HYUNDAI MOTOR COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004
The Company completed stock retirement of 1,320,000 common shares of treasury stock on May 4, 2004, which had been
acquired for the purpose of such retirement based on the decision of the Board of Directors on March 12, 2004.
Also, the Company acquired treasury stock after cancellation of Trust Cash Fund on March 2, 2001, and in accordance with
the decision of the Board of Directors, on March 5, 2001, the Company retired 10,000,000 common shares in treasury and
1,000,000 second preferred shares in treasury, which had additional dividend rate of 2 percent to the rate of common stock,
using the retained earnings. Due to these stock retirements, the total face value of outstanding stock differs from the capital
stock amount.
The preferred shares are non-cumulative, participating and non-voting. Of the total preferred stock issued of 65,202,146
shares as of December 31, 2005, a total of 27,588,281 preferred shares (First and Third preferred shares) are eligible to
receive cash dividends, if declared, equal to that declared for common shares plus an additional 1 percent minimum increase
while the dividend rate for the remaining 37,613,865 preferred shares (Second preferred shares) is 2 percent higher than that
declared for common shares.
The Company issued 10,000,000 Global Depositary Receipts (GDRs) representing 5,000,000 shares of preferred stock in
November 1992, 4,675,324 GDRs representing 2,337,662 shares of preferred stock in June 1995 and 7,812,500 GDRs
representing 3,906,250 shares of preferred stock in June 1996, all of which have been listed on the Luxembourg Stock
Exchange.
In 1999, the Company issued 45,788,000 Global Depositary Shares representing 22,894,000 common shares for ￦601,356
million (US$593,639 thousand), which include paid-in capital in excess of par value of ￦486,886 million (US$480,638
thousand).
16. CAPITAL ADJUSTMENTS:
Capital adjustments as of December 31, 2005 and 2004 consist of the following:
Korean Won
(In millions)
Translation into
U.S. Dollars (Note 2)
(In thousands)
Description 2005 2004 2005 2004
Treasury stock ￦(743,692) ￦(98,341) $(734,149) $(97,079)
Discounts on stock issuance (1,688) (3,244) (1,666) (3,202)
Gain on valuation of available-for- sale
securities (See Notes 4 and 5) 358,400 443,221 353,801 437,533
Loss on valuation of investment
securities accounted for using the equity
method (310,141) (335,148) (306,162) (330,847)
Stock option cost 14,528 19,130 14,342 18,885
Cumulative translation adjustments (292,525) (213,608) (288,771) (210,867)
Gain (Loss) on valuation of derivatives 9,000 (28,463) 8,885 (28,098)
￦(966,118) ￦(216,453) $(953,720) $(213,675)
97
HYUNDAI MOTOR COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004
The maturity of long-term debt as of December 31, 2005 is as follows:
Debentures Local Foreign Total Total
currency currency
loans loans
2006 ￦3,172,269 ￦238,647 ￦61,880 ￦3,472,796 $3,428,229
2007 3,412,920 340,321 727,569 4,480,810 4,423,307
2008 2,840,738 210,454 146,067 3,197,259 3,156,228
2009 846,594 44,057 2,859 893,510 882,043
Thereafter 1,703,400 26,395 298,383 2,028,178 2,002,150
￦11,975,921 ￦859,874 ￦1,236,758 ￦14,072,553 $13,891,957
15. CAPITAL STOCK:
Capital stock as of December 31, 2005 consists of the following:
Korean Won
(In millions)
Translation into
U.S. Dollars (Note 2)
(In thousands)
Authorized Issued Par value Korean Won Translation into
(In millions) U.S. Dollars(Note 2)
(In thousands)
Common stock 450,000,000 shares 219,058,702 shares ￦5,000 ￦1,151,894 $1,137,112
Preferred stock 150,000,000 shares 65,202,146 shares 5,000 331,011 326,763
￦1,482,905 $1,463,875
Capital stock as of December 31, 2004 consists of the following:
Authorized Issued Par value Korean Won Translation into
(In millions) U.S. Dollars(Note 2)
(In thousands)
Common stock 450,000,000 shares 218,628,302 shares ￦5,000 ￦1,149,741 $1,134,986
Preferred stock 150,000,000 shares 65,202,146 shares 5,000 331,011 326,763
￦1,480,752 $1,461,749
In 2005 and 2004, a part of the stock options granted to the directors were exercised at an exercise price of ￦14,900
(US$14,709) and new common stock of 430,400 and 429,800 shares were issued, respectively. This issuance of new
common stock resulted in the increase of paid-in capital in excess of par value by ￦8,209 million (US$8,104 thousand) and
￦8,197 million (US$8,092 thousand) in 2005 and 2004, respectively.