Kia 2009 Annual Report Download - page 34

INDEPENDENT
AUDITORS’ REPORT
Based on a report originally issued in Korean
NONCONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
ASSETS
Cash and cash equivalents 19 ￦1,442,031 911,872
Short-term nancial instruments 470,000 105,000
Ac counts and notes receivable - trade, less discount
on present value of ￦3,452 in 2009 and
￦1,650 in 2008 and allowance for doubtful accounts of
￦100,684 in 2009 and ￦125,196 in 2008 4, 9,19 1,144,297 1,001,176
Accounts and notes receivable - other, less allowance for doubtful accounts of
￦33,981 in 2009 and ￦97,867 in 2008 9,19 201,647 259,232
Inventories 5,10 799,141 1,027,836
Current deferred tax assets, net 29 157,839 111,941
Current portion of long-term investment securities 7 598 2,446
Other current assets 6,19,23 93,150 118,952
Total current assets 4,308,703 3,538,455
Equity method accounted investments 8 4,929,976 3,912,510
Long-term investment securities 7,13 17,680 14,816
Property, plant and equipment, net 10,13,18 6,294,001 6,452,487
Intangible assets 11 1,074,110 971,895
Non-current deferred tax assets, net 29 - 128,156
Other non-current assets 12,19 317,126 433,959
Total non-current assets 12,632,893 11,913,823
Total assets ￦ 16,941,596 15,452,278
IN MILLIONS OF WON, EXCEPT SHARE DATA
Note 2009 2008
As of December 31, 2009 and 2008
We have audited the accompanying non-consolidated statements of nancial position of Kia Motors Corporation (the “Company”) as of
December 31, 2009 and 2008 and the related non-consolidated statements of income, appropriation of retained earnings, changes in equity
and cash ows for the years then ended. These non-consolidated nancial statements are the responsibility of the Company’s management.
Our responsibility is to express an opinion on these non-consolidated nancial 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 nancial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the nancial statements. An audit also
includes assessing the accounting principles used and signicant estimates made by management, as well as evaluating the overall nancial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the non-consolidated nancial statements referred to above present fairly, in all material respects, the nancial position of
Kia Motors Corporation as of December 31, 2009 and 2008 and the results of its operations, the appropriation of its retained earnings, the
changes in its equity and its cash ows for the years then ended 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 2(a) to the non-consolidated nancial 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, changes in equity and cash ows 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 non-
consolidated nancial statements may dier from those generally accepted and applied in other countries. Accordingly, this report and the
accompanying non-consolidated nancial statements are for use by those knowledgeable about Korean accounting principles and auditing
standards and their application in practice.
This report is eective as of February 26, 2010, 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 nancial 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 reect the impact of such subsequent events or
circumstances, if any.
Seoul, Korea
February 26, 2010
THE BOARD OF DIRECTORS AND STOCKHOLDERS
KIA MOTORS CORPORATION:
REDEFINING
MOBILITY
KIA MOTORS
ANNUAL REPORT
2009
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REDEFINING
MOBILITY
KIA MOTORS
ANNUAL REPORT
2009
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