Kia 2010 Annual Report Download - page 25

Download and view the complete annual report

Please find page 25 of the 2010 Kia annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 64

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64

2010
FINANCIAL
REVIEW
Consolidated
51 Independent Auditors’ Report
52 Consolidated Financial Statements
59 Notes to Consolidated Financial Statements
Non-consolidated
111 Independent Auditors’ Report
112 Non-consolidated Financial Statements
Independent
Auditors’ Report
Based on a report originally issued in Korean
This report is effective as of March 29, 2011, 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 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.
The Board of Directors and Stockholders Kia Motors Corporation:
We have audited the accompanying consolidated statements of financial position of Kia Motors Corporation and subsidiaries (collectively,
the “Company”) as of December 31, 2010 and 2009, the related consolidated statements of income, changes in equity and cash
flows for the years then ended. These consolidated financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on these consolidated financial statements based on our audits. We did not audit the financial
statements of certain subsidiaries in 2010 and 2009, which financial statements reflect 2.2% and 1.8% of total consolidated assets
(before elimination of intercompany transactions) as of December 31, 2010 and 2009, respectively, and 4.3% and 2.9% of total
consolidated sales (before elimination of intercompany transactions) for the years then ended, respectively. Those financial statements
were audited by other auditors whose reports have been furnished to us, and our report, insofar as it relates to the amounts is based
solely on the reports of the other auditors.
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 provide a reasonable basis for our opinion.
In our opinion, based on our audits and reports of the other auditors, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of Kia Motors Corporation and subsidiaries as of December 31, 2010 and 2009, and
the results of its operations, the changes in equity, and its cash flows 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 consolidated financial statements, accounting principles and auditing standards and their application in
practice vary among countries. The accompanying consolidated financial statements are not intended to present the financial position,
results of operations, changes in equity 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
consolidated financial statements may differ from those generally accepted and applied in other countries. Accordingly, this report and
the accompanying consolidated financial statements are intended solely for use by those knowledgeable about Korean accounting
procedures and audit standards and their application in practice.
Seoul, Korea
March 29, 2011
50 COMPONENTS OF SUSTAINABLE GROWTH 51
KIA MOTORS ANNUAL REPORT 2010