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Notes to Consolidated
Financial Statements
December 31, 2010 and 2009
The Company made an adjustment to conform the associates’ accounting policies to those of the Company for like transactions and
events in similar circumstances. Relating to this adjustment, equity in earnings of associates has been increased by W2,105 million and
capital adjustments-gain of equity method accounted investments has been increased by W16,494 million for the year ended December 31,
2009, respectively.
(*1) Other increase(decrease) consists of cash dividends from associated companies and reclassified equity method securities in the year.
(*2) Hyundai Mobis Co., Ltd. merged with Hyundai Autonet Co., Ltd. on June 25, 2009.
(*3) The Company accounted for its investment by using the equity method of accounting based on the unaudited financial statements as it
was unable to obtain the audited financial statements and performed procedures to verify the unaudited financial statements.
(h) The market price of equity investments in listed associate companies as of December 31, 2010 and 2009 are as follows:
(i) Summarized financial information of the investees as of and for the year ended December 31, 2010 is as follows:
Company 2010 2009
Hyundai Mobis Co., Ltd. ￦ 4,673,503 2,809,030
Hyundai Steel Company 2,260,860 1,570,798
Hyundai Hysco Co., Ltd. 280,540 188,514
Hyundai Investment Securites Co., Ltd. 22,871 23,411
￦ 7,237,774 4,591,753
In millions of won Total Total Net income
Company assets liabilities Sales (loss)
Hyundai Mobis Co., Ltd. ￦ 13,863,837 3,688,515 13,695,717 2,423,295
Hyundai Steel Company 18,195,567 10,455,809 10,198,165 1,014,142
Hyundai Powertech Co., Ltd. 1,529,858 915,834 1,980,163 51,613
Hyundai WIA Corporation 2,717,420 1,770,082 4,434,895 143,433
Hyundai Card Co., Ltd. 9,915,707 8,263,178 2,275,742 343,681
Hyunda Dymos Inc. 895,169 550,153 1,154,235 42,933
Hyundai Hysco Co., Ltd. 3,268,947 1,930,692 5,846,521 199,002
EUKOR Car Carriers, Inc. 2,398,329 1,714,392 2,190,196 175,043
Hyundai AMCO Co., Ltd 922,697 502,213 1,241,476 62,914
Beijing Hyundai Mobis Automotive Parts Co., Ltd. 319,907 102,547 380,780 17,062
China Millennium Corp. 　 94,581 40,167 16,348 129
Partecs Company, Ltd. 96,406 43,395 46,272 6,856
Autoever Systems Co., Ltd. 293,413 160,465 563,150 31,245
Hyundai-Motor Group (China) Ltd. 451,239 245,678 2,076,358 111,306
Donghee Auto Co., Ltd. 129,972 98,134 131,891 905
WIA Automotive Engine (Shandong) Company 663,798 361,718 507,477 52,210
TRW Steering Co., Ltd. 69,556 46,563 151,123 471
Haevichi Country Club., Ltd. 292,185 278,078 11,390 (4,970)
HMC Investment Securities Co., Ltd. 2,613,649 2,003,263 306,434 27,530
The Korea Economic Daily Co., Ltd. 193,799 62,792 123,100 7,552
HMC Win-Win Cooperation Fund 54,396 - 1,478 941
Kia Tigers Co., Ltd. 4,219 4,267 21,958 (45)
EUKOR Shipowning Singapore Pte. Ltd. 107,280 82,048 25,413 10,057
Hyundai Motor Manufacturing Rus LLC 913,396 526,134 3,078 (6,230)
Innocean World Americas, LLC 139,952 124,343 140,500 10,037
Hyundai Information System North America 16,216 7,712 82,758 1,935
Hyundai Capital America (HCA) (formerly, HMFC) 9,380,682 8,241,318 455,752 40,911
Hyundai Powertech Manufacturing America, Inc. 322,654 245,066 14,562 1,738
Sewon America, Inc. 184,819 157,119 148,943 (1,281)
In millions of won
80 COMPONENTS OF SUSTAINABLE GROWTH 81
KIA MOTORS ANNUAL REPORT 2010