Hyundai 2000 Annual Report Download - page 70

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NOTES TO FINANCIAL STATEMENTS
December 31, 2000 and 1999
Condensed statements of income of HMSC for the three months ended March 31, 1999 and for the year ended December 31,
1998 are as follows:
27. Acquisition of Kia Motor Corp. and Asia Motors Co., Inc.
On December 1, 1998, the Company entered into a stock acquisition agreement involving Kia Motor Corp. (Kia) and Asia
Motors Co., Inc. (Asia Motors). A consortium, consisting of the Company and its affiliates acquired 214,200 thousand shares,
or 51 percent of the scheduled outstanding shares of Kia and Asia Motors at a total acquisition amount of ￦1,178,100 million
($935,223 thousand) paid on March 29, 1999. The Company’s ownership of Kia (after Kia merged with Asia Motors on June
30, 1999) is 30.78 percent effective June 30, 1999.
Sales
Cost of sales
Gross profit
Selling and administrative expenses
Operating loss
Other expenses, net
Ordinary loss
Extraordinary items
Loss before income taxes
Income taxes
Net loss
Mar. 31, 1999
$ 777,345
683,331
94,014
178,510
(84,496)
52,363
(136,859)
-
(136,859)
-
$ (136,859)
Dec. 31, 1998
$ 2,072,275
1,747,693
324,582
324,799
(217)
166,726
(166,943)
(13,906)
(180,849)
-
$ (180,849)
Dec. 31, 1998
￦2,610,445
2,201,569
408,876
409,149
(273)
210,025
(210,298)
(17,518)
(227,816)
-
￦(227,816)
Mar. 31, 1999
￦979,221
860,792
118,429
224,869
(106,440)
65,961
(172,401)
-
(172,401)
-
￦(172,401)
U.S. dollars (Note 2)
(in thousands)
Korean won
(in millions)