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Hyundai Motor Company Annual Report 2004_98
HYUNDAI MOTOR COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2004 AND 2003
The changes in property, plant and equipment in 2004 are as follows:
9. PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment as of December 31, 2004 and 2003 consist of the following:
Description 2004 2003 2004 2003
Buildings and structures 6,518,904 5,759,631 $6,245,357 $5,517,945
Machinery and equipment 10,290,771 8,633,803 9,858,949 8,271,511
Vehicles 183,877 168,568 176,161 161,495
Tools, dies and molds 4,017,552 3,603,200 3,848,967 3,452,002
Other equipment 1,279,070 1,048,891 1,225,398 1,004,877
22,290,174 19,214,093 21,354,832 18,407,830
Less: Accumulated depreciation (8,515,806) (7,445,356) (8,158,465) (7,132,934)
Accumulated impairment loss (7,498) - (7,183) -
13,766,870 11,768,737 13,189,184 11,274,896
Land 4,084,137 3,983,127 3,912,758 3,815,987
Construction in progress 1,951,279 2,091,034 1,869,399 2,003,290
19,802,286 17,842,898 $18,971,341 $17,094,173
Korean won
(in millions)
Translation into
U. S. dollars(Note 2)
(in thousands)
Korean won
(in millions)
Translation into
U. S. dollars
(Note 2)
(in thousands)
Beginning Acquisition Transfer Disposal Depreciation Other End of End of
of year changes year year
Land 3,983,127 80,341 85,056 (70,959) -6,572 4,084,137 $3,912,758
Buildings
and structures
4,829,780 430,848 389,724 (109,323) (202,319) 56,019 5,394,729 5,168,355
Machinery
and equipment
5,359,327 332,771 1,669,801 (185,733) (858,578) 96,626 6,414,214 6,145,060
Vehicles 109,296 11,773 28,045 (6,957) (25,542) 1,025 117,640 112,704
Tools, dies
and molds 1,007,225 77,571 392,590 (12,035) (365,051) 73,257 1,173,557 1,124,312
Other equipment
463,109 79,722 132,564 (26,347) (170,702) 188,384 666,730 638,753
Construction
in progress 2,091,034 2,399,010 (2,708,146) (38,658) - 208,039 1,951,279 1,869,399
17,842,898 3,412,036 (10,366) (450,012) (1,622,192) 629,922 19,802,286 18,971,341
As of December 31, 2004 and 2003, the value of the land, which the Company and its subsidiaries own domestically, totals
3,915,257 million (US$3,750,965 thousand) and 3,340,181 million (US$3,200,020 thousand), respectively, in terms of land
prices officially announced by the Korean government.
HYUNDAI MOTOR COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2004 AND 2003
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, 2004 are as follows (won in millions):
Lease Interest Lease Lease
payments portion obligation payments
2005 10,692 1,930 8,762 11,042
2006 47,185 7,828 39,357 1,153
2007 48,104 484 47,620 591
2008 20,762 - 20,762 -
126,743 10,242 116,501 12,786
8. INSURED ASSETS:
As of December 31, 2004, certain property, plant and equipment are insured for 11,200,967 million (US$10,730,951 thousand)
and the Company and 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 215,979 million (US$206,916 thousand) with Hyundai Marine & Fire Insurance Co., Ltd.
Financing leases Operating leases