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HYUNDAI MOTOR COMPANY Annual Report 2014
FINANCIAL STATEMENTS / 147146
30. EXPENSES BY NATURE:
Expenses by nature for the years ended December 31, 2014 and 2013, consist of the following:
In millions of Korean Won
Description 2014 2013
Changes in inventories ￦ (351,411) ￦ (389,147)
Raw materials and merchandise used 49,677,376 47,353,933
Employee benefits 8,537,685 8,308,494
Depreciation 1,843,802 1,768,985
Amortization 706,095 782,353
Others 22,600,885 22,233,974
Total (*) ￦ 83,014,432 ￦ 80,058,592
(*) Sum of cost of sales, selling and administrative expenses and other expenses in the consolidated statements of income.
31. EARNINGS PER COMMON SHARE AND PREFERRED STOCK:
Basic earnings per common share and preferred stock are computed by dividing profit available to common shares and preferred stock
by the weighted-average number of common shares and preferred stock outstanding during the year. The Group did not compute dilut-
ed earnings per common share for the years ended December 31, 2014 and 2013, since there were no dilutive items during the years.
Basic earnings per common share and preferred stock for the years ended December 31, 2014 and 2013, are computed as follows:
In millions of Korean Won, except per share amounts
December 31, 2014
Description Profit available to share Weighted-average number of shares outstanding (*) Basic earnings per share
Common stock ￦ 5,656,688 209,221,204 ￦ 27,037
1st preferred stock 628,018 23,155,054 27,122
2nd preferred stock 994,937 36,608,682 27,178
3rd preferred stock 67,164 2,477,823 27,106
December 31, 2013
Description Profit available to share Weighted-average number of shares outstanding (*) Basic earnings per share
Common stock ￦ 6,579,651 209,269,769 ￦ 31,441
1st preferred stock 729,301 23,159,022 31,491
2nd preferred stock 1,154,838 36,613,865 31,541
3rd preferred stock 78,044 2,478,299 31,491
(*) Weighted-average number of shares outstanding includes the effects of treasury stock transactions.
32. INCOME TAX EXPENSE:
(1) Income tax expense for the years ended December 31, 2014 and 2013, consist of the following:
In millions of Korean Won
Description 2014 2013
Income tax currently payable ￦ 1,643,888 ￦ 1,620,676
Adjustments recognized in the current year in relation to the prior years (52,349) 207,646
Changes in deferred taxes due to:
Temporary differences 818,276 1,138,556
Tax credits and deficits (247,876) (180,586)
Items directly charged to equity 231,519 (113,430)
Effect of foreign exchange differences (91,652) 30,347
Income tax expense ￦ 2,301,806 ￦ 2,703,209
(2) The reconciliation from income before income tax to income tax expense pursuant to Corporate Income Tax Law of Korea for
the years ended December 31, 2014 and 2013, are as follows:
In millions of Korean Won
Description 2014 2013
Income before income tax ￦ 9,951,274 ￦ 11,696,706
Income tax expense calculated at current applicable tax rates
of 27.2% in 2014 and 27.0% in 2013 2,708,321 3,163,781
Adjustments:
Non-taxable income (111,489) (109,720)
Disallowed expenses 139,304 101,057
Tax credits (713,191) (685,584)
Others 278,861 233,675
(406,515) (460,572)
Income tax expense ￦ 2,301,806 ￦ 2,703,209
Effective tax rate 23.1% 23.1%
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013