Hyundai 2007 Annual Report Download - page 97

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95
HYUNDAI MOTOR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
The temporary differences of 218,889 million (US$233,307 thousand) and 317,555 million (US$ 338,473thousand) as of December 31,
2007 and 2006, respectively, were not recognized since it is not probable that the temporary difference will be reversed in the foreseeable
future.
Effective tax rate used in calculating deferred tax assets or liabilities arising from temporary differences of the company and domestic
subsidiaries are 27.5% including resident tax.
23. DIVIDENDS:
The computation of the proposed dividends for 2007 is as follows:
Number of Dividend rate Korean Won Translation into
shares (In millions) U.S. Dollars
(Note 2)
(In thousands)
Common shares, net of treasury shares 208,802,067 20% 208,802 $222,556
Preferred shares, net of treasury shares:
First and Third preferred shares 25,637,321 21% 26,919 28,692
Second preferred shares 36,613,865 22% 40,275 42,928
275,996 $294,176
The computation of the proposed dividends for 2006 is as follows:
Number of Dividend rate Korean Won Translation into
shares (In millions) U.S. Dollars
(Note 2)
(In thousands)
Common shares, net of treasury shares 208,178,785 20% 208,179 $221,892
Preferred shares, net of treasury shares:
First and Third preferred shares 25,637,321 21% 26,919 28,692
Second preferred shares 36,613,865 22% 40,275 42,928
275,373 $293,512
The payout ratios (dividends declared/net income) are 17.2% and 21.9% for the years ended December 31, 2007 and 2006, respectively.