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HYUNDAI MOTOR COMPANY Annual Report 2015
138 139
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014
16. PROVISIONS:
(1) Provisions as of December 31, 2015 and 2014 consist of the following:
In millions of Korean Won
Description December 31, 2015 December 31, 2014
Warranty ￦ 5,639,595 ￦ 5,613,785
Other long-term employee benefits 643,274 674,397
Others 459,031 438,688
￦ 6,741,900 ￦ 6,726,870
(2) The changes in provisions for the year ended December 31, 2015 are as follows:
In millions of Korean Won
Description Warranty
Other long-term
employee benefits Others
Beginning of the year ￦ 5,613,785 ￦ 674,397 ￦ 438,688
Charged 998,395 26,008 204,342
Utilized (1,130,761) (57,101) (166,450)
Amortization of present value discounts 110,134 -2,856
Changes in expected reimbursements
by third parties 40,644 - -
Effect of foreign exchange differences 7,398 (30) (20,405)
End of the year ￦ 5,639,595 ￦ 643,274 ￦ 459,031
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
17. OTHER FINANCIAL LIABILITIES:
Other financial liabilities as of December 31, 2015 and 2014 consist of the following:
In millions of Korean Won
Description
December 31, 2015 December 31, 2014
Current Non-current Current Non-current
Financial liabilities at FVTPL ￦ 37,276 ￦ 172 ￦ 10,139 ￦ 192
Derivative liabilities that are effective hedging instruments 16,180 145,110 204,438 209,591
Financial lease liabilities 714 -8,726 745
Other (*) 621,267 -- -
￦ 675,437 ￦ 145,282 ￦ 223,303 ￦ 210,528
(*) During 2015, the Company recognized the gross obligation in respect of the agreements written over the shares of a subsidiary and corresponding entry is recorded within
shareholders equity in accordance with K-IFRS 1032.
18. OTHER LIABILITIES:
Other liabilities as of December 31, 2015 and 2014 consist of the following:
In millions of Korean Won
Description
December 31, 2015 December 31, 2014
Current Non-current Current Non-current
Advances received ￦ 655,727 ￦ 103,059 ￦ 412,851 ￦ 87,526
Withholdings 1,153,527 417,223 994,554 460,593
Accrued expenses 3,051,435 -1,954,263 -
Unearned income 404,359 821,813 402,145 640,578
Due to customers for contract work 462,675 -290,827 -
Others 134,423 1,129,643 147,329 763,450
￦ 5,862,146 ￦ 2,471,738 ￦ 4,201,969 ￦ 1,952,147