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58
HYUNDAI MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
AND INDEPENDENT AUDITORS’ REPORT
Independent Auditors’ Report
English Translation of a Report Originally Issued in Korean
To the Shareholders and Board of Directors of
Hyundai Motor Company:
We have audited the accompanying consolidated balance sheets of Hyundai Motor Company (the “Company”) and its subsidiaries as of
December 31, 2006 and 2005, and the related consolidated statements of income, changes in shareholders’ equity and cash flows for the
years then ended, all expressed in Korean Won. These financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of
certain subsidiaries including Hyundai Motor America, which statements reflect total assets of 42,407,392 million (US$45,618,967
thousand) and 22,393,490 million (US$24,089,383 thousand) as of December 31, 2006 and 2005, respectively, and total revenues of
58,537,221 million (US$62,970,332 thousand) and 33,279,134 million (US$35,799,413 thousand) in 2006 and 2005, respectively. Those
statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts
included for those entities, is based solely on the reports of other auditors.
We conducted our audits in accordance with auditing standards generally accepted in the Republic of Korea. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting standards used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of other auditors, the financial statements referred to above present fairly, in all material
respects, the financial position of Hyundai Motor Company and its subsidiaries as of December 31, 2006 and 2005, and the results of their
operations and changes in its shareholders’ equity and their cash flows for the years then ended in conformity with accounting principles
generally accepted in the Republic of Korea (See Note 2).
Our audits also comprehended the translation of Korean Won amounts into U.S. dollar amounts and, in our opinion, such translation has been
made in conformity with the basis in Note 2. Such U.S. dollar amounts are presented solely for the convenience of readers outside of Korea.
Accounting principles and auditing standards and their application in practice vary among countries. The accompanying financial
statements are not intended to present the financial position, results of operations and cash flows in accordance with accounting principles
and practices generally accepted in countries other than the Republic of Korea. In addition, the procedures and practices utilized in the
Republic of Korea to audit such financial statements may differ from those generally accepted and applied in other countries. Accordingly,
this report and the accompanying financial statements are for use by those knowledgeable about Korean accounting procedures and
auditing standards and their application in practice.
March 30, 2007
Notice to Readers
This report is effective as of March 30, 2007, the auditors' report date. Certain subsequent events or circumstances may have occurred
between the auditors' report date and the time the auditors' report is read. Such events or circumstances could significantly affect the
accompanying financial statements and may result in modifications to the auditors’ report.