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058_
Kia Motors Annual Report 2007
The Board of Directors and Stockholders
Kia Motors Corporation:
We have audited the accompanying non-consolidated balance sheets of Kia Motors Corporation (the “Company”) as of December 31, 2007 and 2006, the related
non-consolidated statements of income, appropriation (disposition) of retained earnings (accumulated deficit) and cash flows for the years then ended and the
non-consolidated statement of changes in equity for the year ended December 31, 2007. These non-consolidated financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these non-consolidated financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the Republic of Korea. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provides a reasonable basis for our
opinion.
In our opinion, the non-consolidated financial statements referred to above present fairly, in all material respects, the financial position of Kia Motors Corporation as
of December 31, 2007 and 2006, and the results of its operations, the appropriation (disposition) of retained earnings (accumulated deficit), and its cash flows for the
years then ended, and the changes in equity for the year ended December 31, 2007, in conformity with accounting principles generally accepted in the Republic of
Korea.
Without qualifying our opinion, we draw attention to the following:
As discussed in note 1(b) to the non-consolidated financial statements, accounting principles and auditing standards and their application in practice vary among
countries. The accompanying non-consolidated financial statements are not intended to present the financial position, results of operations and cash flows in
accordance with accounting principles and practices generally accepted in countries other than the Republic of Korea. In addition, the procedures and practices
utilized in the Republic of Korea to audit such financial statements may differ from those generally accepted and applied in other countries. Accordingly, this report
and the accompanying non-consolidated financial statements are for use by those knowledgeable in Korean accounting principles and auditing standards and
their application in practice.
KPMG Samjong Accounting Corp.
Seoul, Korea
February 18, 2008
Independent Auditors’ Report
Based on a report originally issued in Korean
∷This report is effective as of February 18, 2008, the audit report date. Certain subsequent events or circumstances, which may occur between the audit
report date and the time of reading this report, could have a material impact on the accompanying non-consolidated financial statements and notes
thereto. Accordingly, the readers of the audit report should understand that there is a possibility that the above audit report may have to be revised to
reflect the impact of such subsequent events or circumstances, if any.