Hyundai 2015 Annual Report Download - page 68

HYUNDAI MOTOR COMPANY Annual Report 2015
134 135
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014
13. FINANCIAL SERVICES RECEIVABLES:
(1) Financial services receivables as of December 31, 2015 and 2014 consist of the following:
In millions of Korean Won
Description December 31, 2015 December 31, 2014
Loan obligations ￦ 35,018,152 ￦ 31,464,943
Card receivables 11,512,949 10,601,341
Financial lease receivables 2,672,159 2,730,188
Others 23,224 16,755
49,226,484 44,813,227
Allowance for doubtful accounts (938,300) (845,566)
Loan origination fee 58,215 35,682
Present value discount accounts (9,999) (8,755)
￦ 48,336,400 ￦ 43,994,588
(2) Aging analysis of financial services receivables
As of December 31, 2015 and 2014, total financial services receivables that are past due, but not impaired, amount to ￦ 1,607,033
million and ￦ 1,751,712 million, respectively; among them, financial services receivables past due less than 90 days are ￦ 1,607,006
million and ￦ 1,751,712 million, respectively. As of December 31, 2015 and 2014, the impaired financial services receivables
amount to ￦ 463,846 million and ￦ 513,128 million, respectively.
(3) Transferred financial services receivables that are not derecognized
As of December 31, 2015 and 2014, the Group issued asset backed securities, which have recourse to the underlying assets, based on
loans, card receivables and others. As of December 31, 2015, the carrying amounts (including inter-company receivables within the
Group) and fair values of the transferred financial assets that are not derecognized are ￦ 18,226,295 million and ￦ 18,399,766 mil-
lion, respectively, the carrying amounts and fair values of the associated liabilities are ￦ 13,267,613 million and ￦ 13,137,541 million,
respectively, and the net position is ￦ 5,262,225 million. As of December 31, 2014, the carrying amounts (including inter-company
receivables within the Group) and fair values of the transferred financial assets that are not derecognized are ￦ 15,046,062 million
and ￦ 15,220,978 million, respectively, the carrying amounts and fair values of the associated liabilities are ￦ 10,962,648 million and
￦ 10,927,013 million, respectively, and the net position is ￦ 4,293,965 million.
(4) The changes in allowance for doubtful accounts of financial services receivables for the years ended December 31,
2015 and 2014 are as follows:
In millions of Korean Won
Description December 31, 2015 December 31, 2014
Beginning of the year ￦ 845,566 ￦ 823,408
Impairment loss 598,110 629,261
Write-off (448,897) (527,556)
Disposals and others (68,954) (86,253)
Effect of foreign exchange differences 12,475 6,706
End of the year ￦ 938,300 ￦ 845,566
(5) Gross investments in financial leases and their present value of minimum lease receipts as of December 31, 2015 and
2014 are as follows:
In millions of Korean Won
Description
December 31, 2015 December 31, 2014
Gross
investments
in financial
leases
Present value
of minimum
lease receipts
Gross
investments
in financial
leases
Present value
of minimum
lease receipts
Not later than one year ￦ 1,261,488 ￦ 1,108,473 ￦ 1,284,279 ￦ 1,117,016
Later than one year and not later than five years 1,680,201 1,560,693 1,743,890 1,609,391
Later than five years 409 407 229 227
￦ 2,942,098 ￦ 2,669,573 ￦ 3,028,398 ￦ 2,726,634
(6) Unearned interest income of financial leases as of December 31, 2015 and 2014 is as follows:
In millions of Korean Won
Description December 31, 2015 December 31, 2014
Gross investments in financial lease ￦ 2,942,098 ￦ 3,028,398
Net lease investments:
Present value of minimum lease receipts 2,669,573 2,726,634
Present value of unguaranteed residual value 2,586 3,554
2,672,159 2,730,188
Unearned interest income ￦ 269,939 ￦ 298,210