Hyundai 2015 Annual Report Download - page 80

Download and view the complete annual report

Please find page 80 of the 2015 Hyundai annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 92

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

HYUNDAI MOTOR COMPANY Annual Report 2015
158 159
Changes in net defined benefit assets and liabilities for the year ended December 31, 2014 are as follows:
In millions of Korean Won
Description
Present value of defined
benefit obligations Fair value of plan assets Net defined benefit liabilities
Beginning of the year ￦ 3,131,966 ￦ (2,749,943) ￦ 382,023
Current service cost 452,968 -452,968
Interest expenses (income) 136,845 (119,797) 17,048
3,721,779 (2,869,740) 852,039
Remeasurements:
Return on plan assets -28,274 28,274
Actuarial gains and losses arising
from changes in demographic assumptions 25,672 -25,672
Actuarial gains and losses arising
from changes in financial assumptions 389,867 -389,867
Actuarial gains and losses arising
from experience adjustments and others 62,158 -62,158
477,697 28,274 505,971
Contributions -(724,424) (724,424)
Benefits paid (153,751) 101,627 (52,124)
Transfers in (out) 514 106 620
Effect of foreign exchange
differences and others 19,503 (7,646) 11,857
End of the year ￦ 4,065,742 ￦ (3,471,803) ￦ 593,939
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014
(3) The amounts recognized in the consolidated statements of financial position related to defined benefit plans as of
December 31, 2015 and 2014 consist of the following:
In millions of Korean Won
Description December 31, 2015 December 31, 2014
Present value of defined benefit obligations ￦ 4,464,399 ￦ 4,065,742
Fair value of plan assets (3,859,966) (3,471,803)
￦ 604,433 ￦ 593,939
Net defined benefit liabilities 604,433 594,058
Net defined benefit assets -(119)
(4) Changes in net defined benefit assets and liabilities for the year ended December 31, 2015 are as follows:
In millions of Korean Won
Description
Present value of defined
benefit obligations Fair value of plan assets Net defined benefit liabilities
Beginning of the year ￦ 4,065,742 ￦ (3,471,803) ￦ 593,939
Current service cost 528,837 -528,837
Interest expenses (income) 141,410 (120,076) 21,334
Past service cost (10,878) -(10,878)
4,725,111 (3,591,879) 1,133,232
Remeasurements:
Return on plan assets -38,721 38,721
Actuarial gains and losses arising
from changes in demographic assumptions (6,022) -(6,022)
Actuarial gains and losses arising
from changes in financial assumptions (104,927) -(104,927)
Actuarial gains and losses arising
from experience adjustments and others (9,430) -(9,430)
(120,379) 38,721 (81,658)
Contributions -(405,286) (405,286)
Benefits paid (167,146) 111,192 (55,954)
Transfers in (out) 1,502 (642) 860
Effect of foreign exchange
differences and others 25,311 (12,072) 13,239
End of the year ￦ 4,464,399 ￦ (3,859,966) ￦ 604,433