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Financial
Review
61 Independent Auditors’ Report
62 Consolidated Statements of Financial Position
64 Consolidated Statements of Income
65 Consolidated Statements of Comprehensive Income
66 Consolidated Statements of Changes in Equity
68 Consolidated Statements of Cash Flows
69 Notes to the Consolidated Financial Statements
Independent Auditors’ Report
Based on a report originally issued in Korean
The Board of Directors and Stockholders
Kia Motors Corporation:
We have audited the accompanying consolidated financial statements of Kia Motors Corporation and its subsidiaries (the “Company”), which
comprise the consolidated statements of financial position as at December 31, 2014 and 2013, the consolidated statements of income and
comprehensive income, changes in equity and cash ows for the years then ended, and notes, comprising a summary of signicant accounting
policies and other explanatory information.
Management’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Korean
International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of
consolidated nancial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated nancial statements based on our audits. We conducted our audits in accordance
with Korean Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the consolidated nancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated nancial statements.
The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated nancial
statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity’s preparation and
fair presentation of the consolidated nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the
consolidated nancial statements.
We believe that the audit evidence we have obtained is sufcient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated nancial statements present fairly, in all material respects, the consolidated nancial position of the Company
as of December 31, 2014 and 2013 and its consolidated financial performance and its consolidated cash flows for the years then ended in
accordance with Korean International Financial Reporting Standards.
Other Matter
The accompanying consolidated statement of nancial position of the Company as of December 31, 2013, and the related consolidated statements
of income and comprehensive income, changes in equity and cash ows for the year then ended, were audited by us in accordance with the previous
Korean auditing standards.
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.
KPMG Samjong Accounting Corp.
Seoul, Korea
March 9, 2015
This report is effective as of March 9, 2015, 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 the above audit report has not been updated to reflect the impact of such
subsequent events or circumstances, if any.
61
Annual Report 2014Financial Review