Hyundai 2002 Annual Report Download - page 41

HYUNDAI MOTOR COMPANY AND SUBSIDIARIES: Financial Statements 2002
18. INCOME TAX EXPENSE AND DEFERRED INCOME TAX DEBITS (CREDITS)
Income tax expense in 2002 and 2001 consists of the following:
Korean won U.S. dollars(Note 2)
(in millions) (in thousands)
Description 2002 2001 2002 2001
Income tax currently payable 1,023,118 604,744
$ 852,314 $ 503,785
Changes in deferred income taxes due to:
Temporary differences (178,981) (162,229) (149,101) (135,146)
Tax loss carried forward 95,899 138,866 79,889 115,683
Tax credit carried over (6,159) (8,881) (5,131) (7,398)
Deduction of capital surplus and
retained earnings (480) 96,499 (400) 80,389
Excess of limitation on donation to
designated organization, others 607 (607) 506 (506)
Changes in temporary differences
due to consolidating adjustments (68,901) 47,036 (57,398) 39,184
Changes in retained earnings
due to consolidation adjustments (20,759) (44,264) (17,293) (36,874)
(178,774) 66,420 (148,928) 55,332
Income tax expense 844,344 671,164 $703,386 $559,117
In 2002, the changes in accumulated temporary difference due to consolidation adjustments are as follows:
Korean won
(in millions)
Beginning End End
Description Of the year Changes of the year of the year
Elimination of unrealized profits and
losses 248,562 40,438 289,000 $ 240,753
Reversal of accrued product liabilities (66,700) (29,468) (96,168) (80,113)
Gain on valuation of investments
(equity method) (63,135) 111,576 48,441 40,354
Others (13,559) 109,444 95,885 79,877
105,168 231,990 337,158 280,871
Tax rate (%) 29.7% 29.7% 29.7% 29.7 %
31,235 68,901 100,136 $83,419
In 2001, the changes in accumulated temporary difference due to consolidation adjustments are as follows:
Korean won
(in millions)
Beginning End End
Description Of the year Changes of the year of the year
Elimination of unrealized profits and
losses 140,837 107,725 248,562 $ 207,066
Reversal of accrued product liabilities (54,569) (12,131) (66,700) (55,565)
Gain on valuation of investments
(equity method) 182,526 (245,661) (63,135) (52,595)
Others (14,666) 1,107 (13,559) (11,295)
254,128 (148,960) 105,168 87,611
Tax rate (%) 30.8% 29.7% 29.7%
78,271 (47,036) 31,235 $26,020
U. S. dollars
(Note 2)
(in thousands)
U. S. dollars
(Note 2)
(in thousands)
HYUNDAI MOTOR COMPANY AND SUBSIDIARIES: Financial Statements 2002
Deferred income taxes as of December 31, 2002 are computed as follows:
Debits Credits
Korean won U.S. dollars Korean won
U.S. dollars (Note 2)
Description (in millions) (in thousands) (in millions) (in thousands)
Accounts of the Company 365,120 $ 304,165 - $ -
Accounts of subsidiaries 684,204 569,980 78,371 65,288
1,049,324 874,145 78,371 65,288
Changes due to
consolidating adjustments 317,313 264,340 45,924 38,257
Deferred income taxes 1,366,637 $1,138,485 124,295 $103,545
Deferred income taxes as of December 31, 2001 are computed as follows:
Debits Credits
Korean won U.S. dollars Korean won U.S. dollars (Note 2)
Description (in millions) (in thousands) (in millions) (in thousands)
Accounts of the Company 241,570 $ 201,241 - $ -
Accounts of subsidiaries 854,793 712,090 78,437 65,342
1,096,363 913,331 78,437 65,342
Changes due to
consolidating adjustments 37,689 31,397 6,454 5,377
Deferred income taxes 1,134,052 $944,728 84,891 $70,719
19. DIVIDENDS
The proposed dividends for 2002 is computed as follows:
Number of Korean won U.S. dollars (Note 2)
shares Dividend rate (in millions) (in thousands)
Common shares, net of treasury shares 218,083,132 17% 185,371 $ 154,424
Preferred shares, net of treasury shares:
First and Third 24,492,541 18% 22,043 18,363
Second 37,542,305 19% 35,665 29,711
243,079 $202,498
The proposed dividends for 2001 was computed as follows:
Number of Korean won U.S. dollars (Note 2)
shares Dividend rate (in millions) (in thousands)
Common shares, net of treasury shares 218,187,967 15% 163,641 $ 136,322
Preferred shares, net of treasury shares:
First and Third 24,492,541 16% 19,594 16,323
Second 37,541,005 17% 31,910 26,583
215,145 $179,228
The proposed dividends for 2002 and 2001 were approved by shareholders’ meeting being held on March 14, 2003 and
March 15, 2002, respectively.
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