Hyundai 2011 Annual Report Download

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Table of contents

  • Page 1

  • Page 2
    HYUNDAI MOTOR COMPANY IN 2011- sURPAssING AUTOMOTIVE POWERHOUsEs, CAPTIVATING THE ENTIRE WORLD. No. 1 in Germany's AutoBild Qualitätsreport; No. 1 in America's J.D. Power Customer Retention Award. Hyundai Motor Company satisfied the seemingly insurmountable barriers and demanding standards of ...

  • Page 3
    ... 1999, Hyundai Motor Company continued in its support of the passionate game of football through the 2006 Germany World Cup, Euro 2008, and the 2010 South Africa World Cup to name a few. In 2012, Hyundai Motor Company will plant the seeds for more passion in the hearts of customers worldwide through...

  • Page 4
    ..., CREATING GROWTH AND OPPORTUNITIEs, OPENING A BRIGHT FUTURE. 4,059,438 cars sold worldwide in 2011. Achieving a sharp increase in sales despite the continued global economic crisis, Hyundai Motor Company is captivating the hearts of people all over the world through its strategy of localization and...

  • Page 5
    ... Motor Company is creating in an effort to conserve our planet's ecosystem. Hyundai is expanding the grounds for a tomorrow where everyone can be happy together through a project that seeks to transform the arid Chakanor district of Inner Mongolia into grassland. Not only that, it is developing eco...

  • Page 6
    ...China / Accounted in equity income accounting) * PC: Passenger Car / RV: Recreational Vehicle / CV: Commercial Vehicle Consolidated statements of finanCial position At Year End Liabilities K-GAAP 2007 2008 2009 2010 2010 K-IFRs 2011 produCtion By plant 4,074 fy 2011 1,892 338...

  • Page 7
    ...Vehicle Dependability Study. Hyundai Elantra won a number of prizes around the world, including the prestigious north American Car of the Year award. Hyundai was also ranked as the highest among all automotive brands in the J.D. Power 2012 Customer Retention Study. In Europe, leading German motoring...

  • Page 8
    ..., Hyundai Motor Company will pursue a management strategy of further solidifying our quality management and focusing on internal growth. To do so, we will reinforce our presence in emerging markets, maximize the momentum that we gained through the launch of new models in various parts of the world...

  • Page 9
    ... customs, aspire to be the world's best at what we do, and strive to become a respected global corporate citizen. Construction logistics rolling stock / heavy industry finance / service New Vision for the Future: "Lifetime Partner in Automobiles and Beyond" Hyundai Motor Group established a new...

  • Page 10
    ...; developing cars that cater to the diverse lifestyles of customers and propose an advanced automobile life and culture; enriching the lives of customers who have an active and positive approach to life-that is the Modern Premium of Hyundai Motor Company. New concept hatchback-style hybrid car...

  • Page 11
    ...of concept car HCD-III 1996 •Hyundai exceeds 10 million units in cumulative production (all models combined) •Completion of namyang Technical Research Center •Launch of Dynasty, Tiburon 1997 •Completion of Turkey plant; independent development Epsilon engine 1998 •Acquisition of Kia Motors...

  • Page 12
    ...compact car i10 by Hyundai Motor India Limited (HMIL) •i30 selected as Australia's Best Car of the Year •Launch of Korea's first global CSR website •Hyundai awarded President's Medal by Korean gov't for environmental management 2008 •Launch of Genesis, Genesis Coupe, i30cw •Hyundai Beijing...

  • Page 13
    ... and awards over the past year-all are results of "nEW THInKInG. nEW POSSIBILITIES." A slogan that is at the heart of all Hyundai executives and employees, the premiums contained in every Made in Hyundai car and the emotional services that move every Hyundai customer-all are expressions of "new...

  • Page 14
    ... in 2012. Hyundai Motor Company will continue in its steadfast pursuit of quality management and grow as a brand where the customers are the first to recognize the level of the quality of its products. Global sales trend 2007 2008 2009 2010 2011 2,750 2,780 3,106 3,614 4,059 hyundai's Gamma engine...

  • Page 15
    ... • 2011 EuroCarBody Golden Award, EuroCarBody Conference Before-Service program Home-to-Home service poster Global Service Support Center (GSSC) i30 • 2011 • 2010 • 2010 • 2010 Car of the Year, Brazil •2011 no. 1 Compact Family, Auto Express, u.K. Best Buy / medium hatchbacks, Which...

  • Page 16
    ... OF NEW THINKING. NEW POssIBILITIEs. From sales networks to technical research centers, design centers, proving grounds, and factories, Hyundai's bases at home and abroad are the foundation as well as the fruit of "nEW THInKInG. nEW POSSIBILITIES." To provide newer, more pleasant automotive life...

  • Page 17
    ..., India's "IT city," the India Technical Center is actively supporting the design and analytic research of automobiles as well as the development of products suited to the local market. technical research Centers, the Base Camp for Global leadership namyang technical research Center, Korea Hyundai...

  • Page 18
    ... companies •Sales companies •Research centers •Local headquarters Hyundai Motor Japan Technical Center Hyundai Motor Japan (HMJ) Beijing Hyundai Motor Company (BHMC) Hyundai Motor Group China (HMGC) Global support center (China) India production/sales corporation (HMI) India Technical Center...

  • Page 19
    ... and preferences of local customers. This not only is received favorably by customers, but is helping Hyundai enlarge its foothold worldwide. the World's Biggest and Best Working environments, right here in Korea ulsan factory, the World's largest single factory ulsan is Hyundai's main factory with...

  • Page 20
    ... (ICC) Cricket World Cup, India achieved the valuable feat of producing 619,785 vehicles and selling 616,039 in 2011. Czech factory, a Bridge for expanding market share in europe The Czech Factory, located in Central Europe, exceeded 300,000 units in total production in november 2010, only two years...

  • Page 21
    ... its design philosophy and technologies. Cars as living works of art that convey the flowing dynamism of nature-that is Hyundai's Fluidic Sculpture design aesthetic. not only that, Hyundai sponsors many sports games, and constantly explores new ways to communicate with customers using new media. Its...

  • Page 22
    ... Customers The u.S. Design Center unveiled nuvis (HCD-XI), a concept car incorporating Blue Drive, Hyundai's strategy on eco-friendly technology development, at the 2009 new York Motor Show where it garnered much enthusiasm. In 2011, Hyundai surprised the world again when it introduced the small...

  • Page 23
    ... first mass production : 2010 Models : Avante, Accent Capacity (â„") : 1.6 Maximum power (ps) : 140 Maximum torque (kg·m) : 17.0 Dual-CVVT RWD six-speed auto transmission RWD eight-speed auto transmission r 2.2 Crdi enGine Year of first mass production : 2009 Models : Santa-Fe, Tucson Capacity...

  • Page 24
    ...five-star safety performance, make the ix20 the latest big player in the small MVP category. VERACRuZ (ix55) ACCEnT TuCSOn ix (ix35) SOnATA AZERA (GRAnDEuR) GEnESIS CEnTEnnIAL (EQuuS) SAnTA FE i10 i20 ix20 i40 Sedan ELAnTRA COuPE SOnATA HYBRID VELOSTER i30 ELAnTRA (AVAnTE) GEnESIS COuPE...

  • Page 25
    ... and ready to take on heavy loads, it offers the perfect "mix" of performance, price, and reliability with top mixing and pouring performance and ruggedized construction for a long service life. traCKter truCK : designed for perfect Business The Hyundai tractor truck delivers more cost-effectiveness...

  • Page 26
    Moving the World Together

  • Page 27
    as an automotive company, hyundai looks for new ways to contribute to humanity, society, the environment, and the future, and puts them to practice one by one. it is because moving people's hearts is harder and even more valuable than making cars.

  • Page 28
    ... soccer league uEFA and the international soccer league FIFA in 1999. Starting with the 2002 Korea Japan World Cup, it went on to officially sponsor the 2006 Germany World Cup, Euro 2008, and the 2010 South Africa World Cup. This year, it will operate a "Team Hyundai" composed of five world-class...

  • Page 29
    ... MEDIA MARKETING neW media, helpinG hyundai CommuniCate and Come Closer to its Customers. With the emergence of diverse new media channels, the platform on which Hyundai can meet its customers has become wider. Customers can now become the main stars on Youtube, and various social network services...

  • Page 30
    ... Based on the experiences it acquired in developing electric cars, starting from the Sonata in 1991 to the Excel, Accent, and Santa Fe, Hyundai debuted the Blue-On electric car in September 2010, the first Korean electric car capable of high speed operation. The Blue-On electric car can go 140 km on...

  • Page 31
    ... welfare experts, and customers to take part and communicate with each other in their undertaking of social contribution activities. Hyundai's Gift Car campaign, started in the latter half of 2011, is a program that gives a car as a gift every time a story of a small business owner gathers more than...

  • Page 32
    THE GROWTH OF NEW THINKING. NEW POssIBILITIEs.

  • Page 33
    ... Jul. 28. 2011 Sep. 01. 2011 Sep. 26. 2011 Oct. 27. 2011 nov. 30. 2011 Agenda •Approval of financial statements for the 43rd fiscal year and 8 other items •Approval of agenda items for the 43rd General Shareholders' Meeting •Approval of signing of stock punchase agreement on shares of Hyundai...

  • Page 34
    ... an external director. Key agenda items in 2011 dealt with insider trading with subsidiaries and social contribution activities. Key Activities of the Ethics Committee in 2011 Assembly Date •Review of 2011 social contribution plans Agenda Item Resolution finanCial statements 68 | Independent...

  • Page 35
    ... of comprehensive income, consolidated statements of changes in shareholders' equity and consolidated statements of cash flows, all expressed in Korean won, for the years ended December 31, 2011 and 2010, respectively. The Group's management is responsible for the preparation and fair presentation...

  • Page 36
    70 71 HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs Consolidated statements of finanCial position AS OF DECEMBER 31, 2011, DECEMBER 31, 2010 AnD JAnuARY 1, 2010 (In millions of Korean Won) (In millions of Korean Won) AssETs Current assets: Cash and cash ...

  • Page 37
    ...the Parent Company non-controlling interests Total comprehensive income 2011 ￦ 8,104,863 2010 ￦ 6,001,182 Cost of sales Gross profit (91,860) 4,004 158,977 (175,500) (147,280) (251,659) ￦ 7,853,204 454,338 30,650 34,994 (164,704) (133,118) 222,160 ￦ 6,223,342 Selling and administrative...

  • Page 38
    ... equity Balance at January 1, 2010 Comprehensive income: Profit for the period Gain (loss) on valuation of available-for-sale financial assets, net Gain (loss) on valuation of cash flow hedge derivatives, net Changes in valuation of equity-accounted investees, net Actuarial loss on defined benefit...

  • Page 39
    ... MOTOR COMPANY AND sUBsIDIARIEs HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs Consolidated statements of Cash floWs FOR THE YEARS EnDED DECEMBER 31, 2011 AnD 2010 (In millions of Korean Won) (In millions of Korean Won) 2011 Cash flows from operating activities: Cash generated from operations Profit...

  • Page 40
    ... Metal American Research Technology LLC Hyundai America Technical Center Inc. (HATCI) Hyundai Translead, Inc. (HT) Rotem uSA Corporation Hyundai Motor India Limited (HMI) Hyundai Motor India Engineering Private Limited (HMIE) Hyundai Motor Japan Co., Ltd. (HMJ) Hyundai Motor Japan R&D Center Inc...

  • Page 41
    ... Corporation Hyundai Capital Insurance Services, LLC HK Real Properties, LLC Hyundai Auto Lease Offering, LLC Hyundai HK Lease, LLC Nature of business ˝ Location ˝ Ownership percentage 0.90% Indirect ownership Hyundai Capital Services 0.90% (2) Condensed finanCial information of the Company...

  • Page 42
    ...Inc.(*) Hyundai Card Co., Ltd.(*) Hyundai Rotem Company(*) Hyundai Motor America (HMA) Hyundai Capital America (HCA) Hyundai Motor Manufacturing Alabama, LLC (HMMA) Hyundai Auto Canada Corp. (HAC)(*) Hyundai Translead, Inc. (HT)(*) Hyundai Motor India Limited (HMI)(*) Hyundai Motor Company Australia...

  • Page 43
    ... HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs notes to Consolidated finanCial statements FOR THE YEARS EnDED DECEMBER 31, 2011 AnD 2010 2. summary of siGnifiCant aCCountinG poliCies: The Company maintains its official accounting records in the Republic of Korean...

  • Page 44
    ...fair value through profit or loss. Available-for-sale financial assets are measured at fair value. However, investments in equity instruments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured are measured at cost. A gain or loss on changes in...

  • Page 45
    ... associate stocks. unrealized losses are also eliminated unless evidence of impairment in assets transferred is produced. If the accounting policy of associates differs from the Group, financial statements are adjusted accordingly before applying equity method of accounting. If the Group's ownership...

  • Page 46
    90 91 HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs notes to Consolidated finanCial statements FOR THE YEARS EnDED DECEMBER 31, 2011 AnD 2010 (13) property, plant and eQuipment Property, plant and equipment is to be recognized if, and only if it is probable that ...

  • Page 47
    92 93 HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs notes to Consolidated finanCial statements FOR THE YEARS EnDED DECEMBER 31, 2011 AnD 2010 (16) impairment of tanGiBle and intanGiBle assets The Group assesses at the end of each reporting period whether there is...

  • Page 48
    ...from the total equity in the consolidated statements of financial position. In addition, profits or losses from purchase, sale or retirement of treasury stocks are directly recognized in shareholders' equity and not in current profit or loss. 1) fair value hedGes The Group recognizes the changes in...

  • Page 49
    ...) (3) eQuity seCurities Classified into afs finanCial assets as of deCemBer 31, 2011, deCemBer 31, 2010 and January 1, 2010, respeCtively, Consist of the folloWinG: (In millions of Korean Won) December 31, 2011 Description Accounts receivables-other Due from customers for contract work Lease and...

  • Page 50
    ...HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs notes to Consolidated finanCial statements FOR THE YEARS EnDED DECEMBER 31, 2011 AnD 2010 (In millions of Korean Won) December 31, 2011 Name of company Doosan Capital Co., Ltd. Hyundai Finance Corporation ubivelox Co., Ltd. KT Corporation Hyundai Development...

  • Page 51
    100 101 HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs notes to Consolidated finanCial statements FOR THE YEARS EnDED DECEMBER 31, 2011 AnD 2010 8. property, plant and eQuipment: (1) property, plant and eQuipment as of deCemBer 31, 2011, deCemBer 31, 2010 and ...

  • Page 52
    ...103 HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs notes to Consolidated finanCial statements FOR THE YEARS EnDED DECEMBER 31, 2011 AnD 2010 9. investment property: (1) investment property as of deCemBer 31, 2011, deCemBer 31, 2010 and January 1, 2010, respeCtively...

  • Page 53
    ... COMPANY AND sUBsIDIARIEs HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs notes to Consolidated finanCial statements FOR THE YEARS EnDED DECEMBER 31, 2011 AnD 2010 (2) the ChanGes in intanGiBles for the year ended deCemBer 31, 2011 are as folloWs: (In millions of Korean Won) (3) researCh and development...

  • Page 54
    ... Worldwide Americas, LLC. (IWA) Hyundai Information Service north America (HISnA) Global Engine Alliance, LLC. (GEA) Hyundai Capital Germany GmbH (HCGG) Kia Motors Manufacturing Georgia Inc. (KMMG) (*2) Kia Motors Corporation Hyundai engineering & construction Co., Ltd. Hyundai WIA Corporation...

  • Page 55
    ... Worldwide Americas, LLC. (IWA) Hyundai Information Service north America (HISnA) Global Engine Alliance, LLC. (GEA) Hyundai Capital Germany GmbH (HCGG) Kia Motors Manufacturing Georgia Inc. (KMMG) Kia Motors Corporation Hyundai engineering & construction Co., LTD Hyundai WIA Corporation Hyundai...

  • Page 56
    ... America (HPMA) Innocean Worldwide Americas, LLC. (IWA) Hyundai Information Service north America (HISnA) Global Engine Alliance, LLC. (GEA) Hyundai Capital Germany GmbH (HCGG) Kia Motors Manufacturing Georgia Inc. (KMMG) Kia Motors Corporation Hyundai WIA Corporation Hyundai HYSCO Co., Ltd. Hyundai...

  • Page 57
    ...In millions of Korean Won) Name of company BHMC HMGC WAE BMT HMDG PTS HPMA IWA HISnA GEA HCGG Kia Motors Corporation Hyundai engineering & construction Co., Ltd. Hyundai WIA Corporation Hyundai HYSCO Co., Ltd. Hyundai Powertech Co., Ltd. HMC Investment Securities Co., Ltd. Hyundai Dymos Inc. KEFICO...

  • Page 58
    ... Won, except price per share) (3) the ChanGes in alloWanCe for douBtful aCCounts of finanCial serviCes reCeivaBles for the years ended deCemBer 31, 2011 and 2010, respeCtively, are as folloWs: (In millions of Korean Won) Name of company Kia Motors Corporation Hyundai engineering & construction Co...

  • Page 59
    116 117 HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs notes to Consolidated finanCial statements FOR THE YEARS EnDED DECEMBER 31, 2011 AnD 2010 13. operatinG lease assets: (1) operatinG lease assets as of deCemBer 31, 2011, deCemBer 31, 2010 and January 1, 2010, ...

  • Page 60
    118 119 HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs notes to Consolidated finanCial statements FOR THE YEARS EnDED DECEMBER 31, 2011 AnD 2010 15. provisions: (1) the provisions as of deCemBer 31, 2011, deCemBer 31, 2010 and January 1, 2010, respeCtively, ...

  • Page 61
    120 121 HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs notes to Consolidated finanCial statements FOR THE YEARS EnDED DECEMBER 31, 2011 AnD 2010 18. finanCial instruments: (1) CateGories of finanCial assets as of deCemBer 31, 2011 Consist of the folloWinG: (In ...

  • Page 62
    122 123 HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs notes to Consolidated finanCial statements FOR THE YEARS EnDED DECEMBER 31, 2011 AnD 2010 (3) fair value estimation Financial instruments that are measured subsequent to initial recognition at fair value are ...

  • Page 63
    ... of Korean Won) Preferred stock as of December 31, 2011, December 31, 2010 and January 1, 2010, respectively, consists of the following: (In millions of Korean Won) 2011 Description non-financial services: Loans and receivables Financial assets at FVTPL AFS financial assets Financial liabilities...

  • Page 64
    ...￦1,852,871 million, derived from asset revaluation by the Asset Revaluation Law of Korea are included in retained earnings. It may be only transferred to capital stock or used to reduce accumulated deficit, if any. Dividends per share Market price per share Dividend yield ratio ￦ 1,500 173,500...

  • Page 65
    ... of Korean Won) Description Selling expenses: Export expenses Overseas market expenses Advertisements Sales commissions Warranty expenses Campaign and recall expenses Transportation expenses Sales promotion Provision for warranties 2011 2010 Description Loss on foreign exchange transaction 2011...

  • Page 66
    ... of Korean Won) Profit attributable to owners of the parent Expected dividends on preferred stock Profit available to common share Weighted average number of common shares outstanding (*) Basic earnings per common share Description Interest expenses Loss on foreign exchange transaction Loss on...

  • Page 67
    ... 31, 2011. The changes in deferred tax assets (liabilities) in 2010 are as follows : (In millions of Korean Won) Description Accrued warranties AFS financial assets Subsidiaries, associates and joint ventures Reserve for research and manpower development Derivatives Property, plant and equipment...

  • Page 68
    ... 31, 2011 and 2010, respeCtively, are as folloWs: (In millions of Korean Won) Cost of sales (manufacturing cost) Selling and administrative expenses Other 195,882 122,063 47,682 ￦ 365,627 Description Beginning of the period Expected return on plan assets Actuarial gain(loss) Transfer in (out...

  • Page 69
    136 137 HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs notes to Consolidated finanCial statements FOR THE YEARS EnDED DECEMBER 31, 2011 AnD 2010 (7) fair value of the plan assets as of deCemBer 31, 2011, deCemBer 31, 2010 and January 1, 2010, respeCtively, Consist...

  • Page 70
    .... Except for guarantee of indebtedness discussed in note 36, the book value of financial assets on the financial statements represents the maximum amount of exposure to credit risk. 1) marKet risK The Group is mainly exposed to financial risks arising from changes in foreign exchange rates and...

  • Page 71
    ...'s property, plant and eQuipment are pledGed as Collateral for various loans up to ￦582,719 million. in addition, the Group pledGed Certain BanK deposits, CheCKs, promissory notes and investment seCurities, inCludinG 213,466 shares of Kia motors Corporation, as Collateral to finanCial institutions...

  • Page 72
    ...Air Co., Ltd. Hyundai Capital Services, Inc. Seoul Guarantee Insurance Company Seoul Guarantee Insurance Company Hyundai WIA Corporation Financial institution GE Capital Corporation Woori Bank Kookmin Bank Shinhan Bank nonghyup Citibank, Seoul Euro worth of uSD KRW KRW KRW KRW KRW Credit line 200...

  • Page 73
    ... event the assetBaCKed seCuritization triGGers suCh Clauses, hyundai Card Co., ltd. is oBliGated to maKe early redemption of its asset- BaCKed seCurities. (9) the shares of hyundai enGineerinG & ConstruCtion Co., ltd, an eQuity method investee aCQuired durinG 2011, are restriCted to Be transferred...

  • Page 74
    ... Other Consolidation adjustments Total (5) non-Current assets By reGion Where the Group's entities are loCated in as of deCemBer 31, 2011, deCemBer 31, 2010 and January 1, 2010, respeCtively, are as folloWs: (In millions of Korean Won) December 31, 2011 Korea north America Asia Europe Other ￦ 17...

  • Page 75
    ... HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs HYUNDAI MOTOR COMPANY AND sUBsIDIARIEs notes to Consolidated finanCial statements FOR THE YEARS EnDED DECEMBER 31, 2011 AnD 2010 39. transition to K-ifrs: (1) optional exemptions from retrospeCtive appliCation of K-ifrs 1101 first-time adoption 1) Business...

  • Page 76
    ..., LLC, Hyundai Information Service north America, LLC, Beijing Mobis Transmission Co., Ltd, Hyundai Motor Group China. Ltd, Hyundai-Wia Automotive Engine (Shandong) Company Deferred tax Other K-IFRs ￦ 94,714,131 (4) adJustments in the finanCial position and finanCial performanCe due...

  • Page 77
    This place It's where loneliness is by choice and friends gather at will This is where it all happens where it all is This is where brilliance happens live brilliant brilliant.hyundai.com

  • Page 78
    throuGh neW thinKinG, We Will disCover neW possiBilities that our Customers, the World, and the times We live in never expeCted. and We Will maKe sure that the possiBilities BeCome a reality, that they BeCome neW values that Customers Can experienCe and enJoy. hyundai is "neW thinKinG. neW ...