Kia 2007 Annual Report Download - page 99

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099_
Kia Motors Annual Report 2007
(24) Capital Surplus
Capital surplus as of December 31, 2007 and 2006 are summarized as follows:
(25) Retained Earnings
Retained earnings as of December 31, 2007 and 2006 are summarized as follows:
(a) Legal reserve
The Korean Commercial Code requires the Company to appropriate as legal reserve an amount equal to at least 10% of cash dividends for each accounting period
until the reserve equals 50% of stated capital. The legal reserve may be used to reduce a deficit or transferred to common stock in connection with a free issue of
shares.
(b) Reserve for technology development
The Company’s appropriated retained earnings for technology development is a voluntary reserve which may be used for purposes other than that for which it was
established, under a resolution of a general shareholders’ meeting.
(26) Capital Adjustments
Details of capital adjustments as of December 31, 2007 and 2006 are as follows:
Number of shares
1,580,065
119,859
4,659
1,704,583
￦
￦
2007 2006
1,580,065
119,859
3,920
1,703,844
Paid-in capital in excess of par value
Gain on capital reduction
Other(*)
In millions of Won
42,800
1,790,000
(243,537)
1,589,263
￦
￦
2007 2006
42,800
1,750,700
39,361
1,832,861
Legal reserve
Reserve for technology development
Unappropriated (undisposed) accumulated retained earnings (deficit)
In millions of Won
(2,877)
450
(2,427)
￦
￦
2007 2006
(3,603)
963
(2,640)
Treasury stock (note 30)
Stock options (note 30)
In millions of Won
(*) Other includes gain from re-issuance of treasury stock.