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HYUNDAI MOTOR COMPANY Annual Report 2014
FINANCIAL STATEMENTS / 149148
(3) The changes in deferred tax assets (liabilities) for the year ended December 31, 2014, are as follows:
In millions of Korean Won
Description Beginning of the year Changes End of the year
Provisions ￦ 1,737,352 ￦ 107,182 ￦ 1,844,534
AFS financial assets (247,363) (60,212) (307,575)
Subsidiaries, associates and joint ventures (1,172,789) (156,805) (1,329,594)
Reserve for research and manpower development (290,481) 57,172 (233,309)
Derivatives (52,121) 74,216 22,095
PP&E (3,962,231) (788,151) (4,750,382)
Accrued income (7,509) 4,489 (3,020)
Gain on foreign currency translation 992 (3,539) (2,547)
Others 178,374 (52,628) 125,746
(3,815,776) (818,276) (4,634,052)
Accumulated deficit and tax credit carryforward 984,823 247,876 1,232,699
￦ (2,830,953) ￦ (570,400) ￦ (3,401,353)
The changes in deferred tax assets (liabilities) for the year ended December 31, 2013, were as follows:
In millions of Korean Won
Description Beginning of the year Changes End of the year
Provisions ￦ 1,672,540 ￦ 64,812 ￦ 1,737,352
AFS financial assets (229,971) (17,392) (247,363)
Subsidiaries, associates and joint ventures (854,175) (318,614) (1,172,789)
Reserve for research and manpower development (240,177) (50,304) (290,481)
Derivatives (56,428) 4,307 (52,121)
PP&E (3,232,024) (730,207) (3,962,231)
Accrued income (32,434) 24,925 (7,509)
Gain on foreign currency translation 615 377 992
Others 294,834 (116,460) 178,374
(2,677,220) (1,138,556) (3,815,776)
Accumulated deficit and tax credit carryforward 804,237 180,586 984,823
￦ (1,872,983) ￦ (957,970) ￦ (2,830,953)
(4) The components of items charged to equity for the years ended December 31, 2014 and 2013, are as follows:
In millions of Korean Won
Description 2014 2013
Deferred tax charged or credited to:
Loss (gain) on valuation of AFS financial assets, net ￦ 72,227 ￦ (17,411)
Loss (gain) on valuation of cash flow hedge derivatives, net 19,982 (2,216)
Remeasurements of defined benefit plans 128,118 (91,818)
Changes in retained earnings of equity-accounted investees 11,192 (1,985)
￦ 231,519 ￦ (113,430)
(5) The temporary differences not recognized as deferred tax liabilities related to subsidiaries, associates and joint ventures are
￦7,000,120 million and ￦6,248,359 million as of December 31, 2014 and 2013, respectively.
33. RETIREMENT BENEFIT PLAN:
(1) Expenses recognized in relation to defined contribution plans for the years ended December 31, 2014 and 2013, are as fol-
lows:
In millions of Korean Won
Description 2014 2013
Paid in cash ￦ 6,426 ￦ 6,315
Recognized liability 508 416
￦ 6,934 ￦ 6,731
(2) The significant actuarial assumptions used by the Group as of December 31, 2014 and 2013, are as follows:
Description December 31, 2014 December 31, 2013
Discount rate 3.62% 4.45%
Rate of expected future salary increase 5.01% 4.97%
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013