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Notes to Consolidated
Financial Statements
December 31, 2010 and 2009
8. Equity Securities Accounted for by Using the Equity Method
(a) Investments in associated companies accounted for by using the equity method as of December 31, 2010 are as follows:
The Company accounts for its investment in Hyundai Mobis Co., Ltd. and Hyundai AMCO Co., Ltd. under the equity method of accounting
due to its significant influence even though the Company’s ownership is under 20%. In addition, the Company and its holding company,
Hyundai Motor Company, together own more than 20% of Hyundai Card Co., Ltd., Hyundai Hysco Co., Ltd., EUKOR Car Carriers, Inc., WIA
Automotive Engine (Shandong) Company, Ltd., Haevichi Country Club., Ltd., HMC Investment Securities Co., Ltd., The Korea Economic
Daily Co., Ltd., HMC Win-Win Cooperation Fund, EUKOR Car Carriers Singapore Pte. Ltd. and EUKOR Shipowning Singapore Pte. Ltd.,
Hyundai Capital America (HCA), Hyundai Powertech Manufacturing America, Inc., which the Company generally presumes that the investee
is under significant influence, and thus accounts for these investees under the equity method of accounting.
(b) Investments in associated companies accounted for by using the equity method as of December 31, 2009 are as follows:
In millions of won, except percentage of ownership Balance at
Percentage of December
Company ownership Cost Net assets 31, 2010
Hyundai Mobis Co., Ltd. 16.88% ￦ 215,012 1,775,159 1,790,930
Hyundai Steel Company 21.29% 245,153 1,587,977 1,370,752
Hyundai Powertech Co., Ltd. 37.58% 172,576 230,750 230,319
Hyundai WIA Corporation (*1) 39.33% 30,184 372,588 366,794
Hyundai Card Co., Ltd. 11.48% 147,960 189,710 189,710
Hyundai Dymos Inc. 45.37% 89,438 156,534 156,239
Hyundai Hysco Co., Ltd. 13.91% 37,479 186,151 168,817
EUKOR Car Carriers, Inc. 8.00% 19,565 54,715 50,173
Hyundai AMCO Co., Ltd. 19.99% 10,067 84,055 84,055
Beijing Hyundai Mobis Automotive Parts Co., Ltd. 24.08% 22,790 52,341 52,294
China Millennium Corp. 30.30% 27,185 16,487 16,487
Partecs Company, Ltd. 31.00% 12,400 16,433 16,433
Autoever Systems Co., Ltd. 20.00% 1,000 26,590 26,590
Hyundai Motor Group (China) Ltd. 30.00% 9,211 61,668 59,997
Donghee Auto Co., Ltd. 35.10% 10,530 11,175 11,175
WIA Automotive Engine (Shandong) Company 18.00% 35,382 54,374 54,374
TRW Steering Co., Ltd. 29.00% 8,952 6,668 6,668
Haevichi Country Club., Ltd. 15.00% 2,250 2,116 2,116
HMC Investment Securities Co., Ltd. 3.68% 26,619 22,462 25,244
The Korea Economic Daily Co., Ltd. 4.35% 4,168 5,699 5,699
HMC Win-Win Cooperation Fund 11.11% 6,000 6,043 6,043
Kia Tigers Co., Ltd. 100.00% 20,300 (48) -
Yanji Kia Motors A/S and Repair 100.00% 1,792 1,792 1,792
NGVTEK.com Co., Ltd. 24.39% 250 250 250
EUKOR Car Carriers Singapore Pte. Ltd. 8.00% 5 5 5
EUKOR Shipowning Singapore Pte. Ltd. 8.00% 3 2,019 1,110
Hyundai Motor Manufacturing Rus LLC 30.00% 129,229 116,179 126,027
Hyundai Powertech (Shangdong) Co., Ltd. 25.00% 8,926 8,926 8,926
Innocean world Americas, LLC 30.00% 557 3,562 3,562
Hyundai Information System North America 30.00% 1,911 2,239 2,239
Hyundai Capital America (HCA) (formerly, HMFC) 6.04% 93,820 68,824 68,824
Hyundai Powertech Manufacturing America, Inc. 10.00% 8,802 7,972 7,972
Sewon America, Inc. 40.00% 15,090 11,097 11,097
￦ 1,414,606 5,142,512 4,922,713
In millions of won, except percentage of ownership Balance at
Percentage of December
Company ownership Cost Net assets 31, 2009
Hyundai Mobis Co., Ltd. 16.88% ￦ 215,012 1,311,042 1,332,405
Hyundai Steel Company 21.39% 245,153 1,374,898 1,131,474
Hyundai Powertech Co., Ltd. 37.58% 135,000 174,338 174,061
Hyundai WIA Corporation 39.33% 30,184 322,540 314,216
Hyundai Card Co., Ltd. 11.48% 147,960 171,640 171,640
Hyundai Dymos Inc. 45.37% 89,438 137,934 137,729
Hyundai Hysco Co., Ltd. 13.91% 37,479 160,397 139,630
EUKOR Car Carriers, Inc. 8.00% 19,565 47,050 42,129
Hyundai AMCO Co., Ltd. 19.99% 10,067 81,536 81,536
Beijing Hyundai Mobis Automotive Parts Co., Ltd. 24.08% 22,790 47,789 47,649
China Millennium Corp. 30.30% 27,185 16,292 16,292
Partecs Company, Ltd. 31.00% 12,400 14,308 14,308
Autoever Systems Co., Ltd. 20.00% 1,000 21,417 21,417
Hyundai Motor Group (China) Ltd. 30.00% 9,211 41,622 40,848
Donghee Auto Co., Ltd. 35.10% 10,530 10,803 10,803
WIA Automotive Engine (Shandong) Company 18.00% 35,382 44,535 44,535
TRW Steering Co., Ltd. 29.00% 8,952 6,531 6,531
Haevichi Country Club., Ltd. 15.00% 2,250 2,862 2,862
HMC Investment Securities Co., Ltd. 3.68% 26,619 21,104 25,123
The Korea Economic Daily Co., Ltd. 4.35% 4,168 5,336 5,336
HMC Win-Win Cooperation Fund 20.00% 6,000 6,202 6,202
Kia Tigers Co., Ltd. 100.00% 20,300 (604) -
Yanji Kia Motors A/S and Repair 100.00% 1,792 1,792 1,792
NGVTEK.com Co., Ltd. 24.39% 250 250 250
EUKOR Car Carriers Singapore Pte. Ltd. 8.00% 5 5 5
EUKOR Shipowning Singapore Pte. Ltd. 8.00% 3 1,399 442
Innocean World Americas, LLC 30.00% 557 2,114 2,114
Hyundai Information System North America 30.00% 1,911 2,082 2,082
(*1) The Company disposed of 4 million shares of Hyundai WIA Corporation on Feburary 14, 2011.
74 COMPONENTS OF SUSTAINABLE GROWTH 75
KIA MOTORS ANNUAL REPORT 2010