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HYUNDAI MOTOR COMPANY Annual Report 2014
FINANCIAL STATEMENTS / 131130
16. PROVISIONS:
(1) Provisions as of December 31, 2014 and 2013, consist of the following:
In millions of Korean Won
Description December 31, 2014 December 31, 2013
Warranty ￦ 5,613,785 ￦ 5,871,332
Other long-term employee benefits 674,397 624,836
Others 438,688 409,751
￦ 6,726,870 ￦ 6,905,919
(2) The changes in provisions for the year ended December 31, 2014, are as follows:
In millions of Korean Won
Description Warranty
Other long-term
employee benefits Others
Beginning of the year ￦ 5,871,332 ￦ 624,836 ￦ 409,751
Charged 866,416 103,242 189,247
Utilized (1,136,032) (53,599) (155,660)
Amortization of present value discounts 138,039 -3,555
Changes in expected reimbursements by third parties (86,270) - -
Effect of foreign exchange differences (39,700) (82) (8,205)
End of the year ￦ 5,613,785 ￦ 674,397 ￦ 438,688
The changes in provisions for the year ended December 31, 2013, were as follows:
In millions of Korean Won
Description Warranty
Other long-term
employee benefits Others
Beginning of the year ￦ 5,908,719 ￦ 609,589 ￦ 490,450
Charged 773,917 64,075 100,207
Utilized (975,612) (48,834) (181,975)
Amortization of present value discounts 142,133 - 13,268
Changes in expected reimbursements by third parties 44,819 - -
Effect of foreign exchange differences (22,644) 6 (12,199)
End of the year ￦ 5,871,332 ￦ 624,836 ￦ 409,751
17. OTHER FINANCIAL LIABILITIES:
Other financial liabilities as of December 31, 2014 and 2013, consist of the following:
In millions of Korean Won
December 31, 2014 December 31, 2013
Description Current Non-current Current Non-current
Financial liabilities at FVTPL ￦ 10,139 ￦ 192 ￦ 2 ￦ 3,061
Derivative liabilities that are effective hedging instruments 204,438 209,591 134,974 426,434
Financial lease liabilities 8,726 745 9,093 10,618
￦ 223,303 ￦ 210,528 ￦ 144,069 ￦ 440,113
18. OTHER LIABILITIES:
Other liabilities as of December 31, 2014 and 2013, consist of the following:
In millions of Korean Won
December 31, 2014 December 31, 2013
Description Current Non-current Current Non-current
Advances received ￦ 412,851 ￦ 87,526 ￦ 250,886 ￦ 48,426
Withholdings 994,554 460,593 1,105,380 491,180
Accrued expenses 1,954,263 -1,663,951 -
Unearned income 402,145 640,578 442,495 458,707
Due to customers for contract work 290,827 -445,292 -
Others 147,329 763,450 91,110 611,168
￦ 4,201,969 ￦ 1,952,147 ￦ 3,999,114 ￦ 1,609,481
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013