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HYUNDAI MOTOR COMPANY Annual Report 2014
FINANCIAL STATEMENTS / 7776
To the Shareholders and the Board of Directors of Hyundai Motor Company:
We have audited the accompanying consolidated financial statements of Hyundai Motor Company (the “Company”) and its subsidiaries,
which comprise the consolidated statements of financial position as of December 31, 2014 and December 31, 2013, respectively, and
the consolidated statements of income, comprehensive income, statements of changes in equity and statements of cash flows, all ex-
pressed in Korean won, for the years then ended, and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Consolidated Financial statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with
Korean International Financial Reporting Standards (“K-IFRS”) and for such internal control as management determines is necessary to
enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an audit opinion on these financial statements based on our audit. We conducted our audit in accordance
with Korean Auditing Standards. Those standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the en-
tity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the cir-
cumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as
well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company and
its subsidiaries as of December 31, 2014 and December 31, 2013, respectively, and its financial performance and its cash flows for the
years then ended in accordance with K-IFRS.
Others
We have audited the consolidated financial statements of the Company and its subsidiaries as of December 31, 2013 in accordance
with the former KSAs, known as auditing standards generally accepted in Korea, which we relied on the report of other auditor on
the financial statements of certain consolidated subsidiaries whose financial statements reflect 42.3% of consolidated total assets as
of December 31, 2013 and 49.0% of consolidated total sales for the year then ended, respectively.
March 3, 2015
Notice to Readers
This report is effective as of March 3, 2015, the auditor’s report date. Certain subsequent events or circumstances may have occurred
between the auditor’s report date and the time the auditor’s report is read. Such events or circumstances could significantly affect
the financial statements and may result in modifications to the auditor’s report.
INDEPENDENT AUDITORS’ REPORT
English Translation of Independent Auditors’ Report Originally Issued in Korean on March 3, 2015
INDEPENDENT AUDITORS’ REPORT 77
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 78
CONSOLIDATED STATEMENTS OF INCOME 80
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 81
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 82
CONSOLIDATED STATEMENTS OF CASH FLOWS 84
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 86
FINANCIAL
STATEMENTS
HYUNDAI MOTOR COMPANY AND ITS SUBSIDIARIES