Hyundai 2006 Annual Report Download - page 107

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103
HYUNDAI MOTOR COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
The components of accumulated temporary differences and deferred tax assets (liabilities) as of December 31, 2006 are as follows:
Korean Won
(In millions)
Translation into
U.S. Dollars (Note 2)
(In thousands)
Description Accumulated Deferred Accumulated Deferred
temporary tax assets tax assets tax assets
differences (liabilities) differences (liabilities)
Accrued warranties 4,186,016 1,151,154 $4,503,029 $1,238,333
Long-term investment securities 253,414 (16,770) 272,605 (18,040)
Allowance for doubtful accounts 254,688 70,039 273,976 75,343
Other non-current assets (1,805,122) (628,300) (1,941,827) (675,882)
Reserve for research and manpower
Development (685,799) (188,595) (737,736) (202,878)
Derivative assets (liabilities) (158,598) (43,614) (170,609) (46,917)
Development cost (16,574) (4,558) (17,829) (4,903)
Depreciation (322,151) (106,456) (346,548) (114,518)
Accrued income (272,258) (74,871) (292,877) (80,540)
Dividends 7,745 2,130 8,332 2,291
Advanced depreciation provisions (509,786) (8,352) (548,393) (8,985)
Other 781,439 329,119 840,620 354,043
Accumulated temporary differences 1,713,014 480,926 1,842,743 517,347
Carry over tax deduction 396,445 416,730 426,468 448,290
2,109,459 897,656 $2,269,211 $965,637
The temporary differences of 35,809 million (US$38,521 thousand) and 523,704 million (US$563,365 thousand) as of December 31, 2006
and 2005, respectively, were not recognized since it is not probable that the temporary difference will be reversed in the foreseeable future.
Effective tax rate used in calculating deferred tax assets or liabilities arising from temporary differences is 27.5% including resident tax.
21. DIVIDENDS:
The computation of the proposed dividends for 2006 is as follows:
Number of Dividend rate Korean Won Translation into
shares (%) (In millions) U.S. Dollars
(Note 2)
(In thousands)
Common shares, net of treasury shares 208,178,785 20% 208,179 $223,944
Preferred shares, net of treasury shares:
First and Third preferred shares 25,637,321 21% 26,919 28,958
Second preferred shares 36,613,865 22% 40,275 43,325
275,373 $296,227