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NOTES TO NON-CONSOLIDATED FINANCIAL STATEMENTS
▶DECEMBER 31, 2003 AND 2002
62 Kia Motors Corporation
5. EQUITY SECURITIES ACCOUNTED FOR USING THE EQUITY M ETHOD :
(1) Equity securities accounted for using the equity method as of December 31, 2003 consist of the following :
Equity securities are valued based on the unaudited financial statements with adjustments made for the effects of any significant events or
transactions. Also, significant unrealized profit (loss) on intercompany transactions is eliminated.
The difference between the acquisition cost and the Company’s portion of an investee’s net equity at the date the Company was considered to
be able to exercise significant influence over the operating and financial policy of an investee is amortized over 5 years for positive goodwill or
reversed over the remaining weighted average useful life of the identifiable acquired depreciable assets for negative goodwill, using the
straight-line method.
As of December 31, 2003, the difference between acquisition cost and equity value of ￦39,749 million (US$33,185 thousand) was accounted
Acquisition
cost
Korean won (in millions) U.S. dollars (Note 2) (in thousands)
Kia Motors America, Inc.
Kia Canada, Inc.
Kia Motors Deutschland GmbH
Kia Motors Europe GmbH
Kia Japan Co., Ltd.
PT. Kia Timor Motors
Dong feng Yueda-Kia Motors
Co., Ltd.
Kia Tigers Co., Ltd.
Hyundai Powertech Co., Ltd.
WIA Corporation
Haevichi Resort Co., Ltd.
(formerly Cheju Dynasty Co.,
Ltd.)
Bontek Co., Ltd.
Donghui Auto Co., Ltd.
Beijing Hyundai Mobis
Automotive Parts Co., Ltd.
TRW Steering Co., Ltd.
Dymos Inc.
e-HD.com Inc.
Hyundai Hysco Co., Ltd.
Autoever Systems Co., Ltd.
(formerly Autoever Co., Ltd.)
Hyundai card Co., Ltd.
EUKOR Car Carriers, Inc. (* )
Yan Ji Kia Motors A/S
NGVTEK Com
Kia Service Philippines Co., Ltd.
EUKOR Car Carriers Singapore
Pte. (* )
(* ) The shares of the Company and its affiliates on these investees total more than 20 percent of the outstanding shares; accordingly, the Company applied the equity method.
66,798
58,507
53,139
44,695
33,197
10,908
50,893
20,300
120,000
347
8,520
1,950
10,530
13,518
8,952
41,680
4,558
64,829
1,000
123,336
19,565
1,792
250
185
5
759,454
￦
￦
Net equity
value
4,781
6,537
(2,751)
55,662
25,821
13,226
61,783
221
128,607
87,535
5,161
17,973
5,528
13,264
6,207
47,998
2,650
214,999
3,285
23,885
28,395
-
-
-
-
750,767
￦
￦
Book value
-
-
-
25,470
25,821
13,226
70,593
10,081
128,607
61,325
6,048
13,907
10,530
13,307
8,094
52,026
2,650
143,365
3,285
107,936
21,202
1,792
250
185
5
719,705
￦
￦
Acquisition
cost
55,767
48,845
44,364
37,314
27,715
9,107
42,489
16,948
100,184
290
7,113
1,628
8,791
11,286
7,474
34,797
3,805
54,123
835
102,969
16,334
1,496
209
154
4
634,041
＄
＄
Net equity
value
3,991
5,458
(2,297)
46,470
21,557
11,042
51,580
185
107,369
73,080
4,309
15,005
4,615
11,074
5,182
40,072
2,212
179,495
2,743
19,941
23,706
-
-
-
-
626,789
＄
＄
Book value
-
-
-
21,264
21,557
11,042
58,936
8,416
107,369
51,198
5,049
11,610
8,791
11,110
6,757
43,436
2,212
119,690
2,743
90,112
17,701
1,496
209
154
4
600,856
＄
＄
Ownership
percentage
(% )
100.00
82.53
100.00
100.00
100.00
30.00
50.00
100.00
50.00
45.30
40.00
39.00
35.12
30.00
29.00
27.29
22.76
24.06
20.00
20.72
8.00
100.00
24.39
20.00
8.00