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Hyundai Motor Company Annual Report 2003 _8483_Hyundai Motor Company Annual Report 2003
HYUNDAI MOTOR COMPANY AND SUBSIDIARIES HYUNDAI MOTOR COMPANY AND SUBSIDIARIES
Companies Acquisition Book value Book value Ownership
cost percentage(*2)
KT ICOM Co., Ltd. (formerly I-COM) 18,000 18,000 15,028 1.00
Cheju International Convention Center 500 500 417 0.59
Kyongnam Shinmun Co., Ltd. 20 3 3 0.28
Daewoo Commercial Vehicle 40 2 2 0.05
Daewoo Motor Co., Ltd. 2,213 - - 0.02
Space Imaging LLC 5,319 5,319 4,441 -
Machinery Insurance Cooperative 8,188 8,188 6,836 -
Other 15,544 14,832 12,381 -
281,712 262,543 $219,188
(*1) The equity securities of these affiliates were excluded from using the equity method since the Company believes the
changes in the investment value due to the changes in the net assets of the investee, whose individual beginning balance of
total assets or paid-in capital at the date of its establishment is less than 7,000 million (US$5,844 thousand), are not
material.
(*2) Percentage ownership is calculated by combining the ownership of the Company and its subsidiaries.
(5) Held-to-maturity debt securities as of December 31, 2002 consist of the following:
7. LEASED ASSETS:
The Company and its subsidiaries have entered into lease agreements for certain machinery and equipment. The capital lease
obligations are included in long-term debt in the accompanying balance sheets. Annual payments on these lease agreements
as of December 31, 2003 are as follows (won in millions):
Korean won
(in millions)
U. S. dollars
(Note 2)
(in thousands)
Lease Interest Lease Lease
payments portion obligation payments
2004 75,573 10,049 65,524 42,953
2005 62,479 5,240 57,239 22,385
2006 61,937 4,640 57,297 8,950
2007 38,376 2,512 35,864 6,325
Thereafter 105 10 95 23,651
238,470 22,451 216,019 104,264
8. INSURED ASSETS:
As of December 31, 2003, certain property, plant and equipment are insured for 10,929,715 million (US $9,124,825 thousand)
and the Company and its certain subsidiaries carry general insurance for vehicles and workers’ compensation and casualty
insurance for employees. In addition, the Company and Kia carry products and completed operations liability insurance with
a maximum coverage of 234,211 million (US $195,534 thousand) with Hyundai Marine & Fire Insurance Co., Ltd.
Financing leases Operating leases
Description Acquisition Book value Book value
cost
Foreign currency bonds 167,293 163,962 $136,886
Subordinated bonds 237,450 210,371 175,631
Private placed bonds 68,110 49,950 41,701
Other 38,845 35,874 29,950
511,698 460,157 $384,168
Korean won
(in millions)
U. S. dollars
(Note 2)
(in thousands)