Kia 2004 Annual Report Download - page 78

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Notes to Non-Consolidated
Financial Statements As of December 31, 2004 and 2003
78
KIA Motors_2004 Annual Report
As of December 31, 2004, the Company’s property, plant and equipment are pledged as collateral for various long-term debt to a m axim um of ￦810,518 million
(US$776,507 thousand).
The published value of the Company-owned land totals ￦1,463,843 million (US$1,402,417 thousand) and ￦1,257,885 million (US$1,205,102 thousand) as of
December 31, 2004 and 2003, respectively, in terms of land prices officially announced by the Korean governm ent.
7. INSURANCE:
As of December 31, 2004, inventories and property, plant and equipm ent are insured for ￦3,822,979 million (US$3,662,559 thousand). In addition, the Company
carries general insurance for vehicles and w orkers’ compensation and casualty insurance for employees. Also, the Company has insurance to cover potential
product liability arising from its product liability claims in North America and Europe with maximum coverage of US$85,000 thousand and in the dom estic with
maximum coverage of ￦1,000 million (US$958 thousand).
8. INTANGIBLES:
Intangibles as of December 31, 2004 consist of the follow ing:
Intangibles as of December 31, 2003 consist of the follow ing:
The changes in book value of intangible assets for the year ended December 31, 2004 are as follows:
11,131
18,662
850,896
880,689
￦
￦
5,297
9,423
247,022
261,742
￦
￦
–
–
7,703
7,703
￦
￦
5,834
9,239
596,171
611,244
￦
￦
5,589
8,851
571,155
585,595
＄
＄
Acquisition
cost
Accumulated
amortization
Accumulated
impairment loss Book value Book value
Industrial property rights
Right of utilization
Developm ent costs
Korean won
(In millions) U.S. dollars (Note 2)
(In thousands)
4,899
1,828
(893)
–
5,834
￦
￦
11,106
–
(1,867)
–
9,239
￦
￦
437,809
294,334
(128,269)
(7,703)
596,171
￦
￦
453,814
296,162
(131,029)
(7,703)
611,244
￦
￦
434,771
283,735
(125,531)
(7,380)
585,595
＄
＄
Industrial
property Rights
Right of
utilization Development costs Total Total
Beginning of the year
Addition: Expenditures
Deduction: Amortization
Deduction: Impairment
End of the year
Korean won
(In millions) U.S. dollars (Note 2)
(In thousands)
9,303
18,662
556,562
584,527
￦
￦
4,404
7,556
118,753
130,713
￦
￦
4,899
11,106
437,809
453,814
￦
￦
4,693
10,640
419,438
434,771
＄
＄
Acquisition
cost
Accumulated
amortization Book value Book value
Industrial property rights
Right of utilization
Developm ent costs
Korean won
(In millions) U.S. dollars (Note 2)
(In thousands)