Effects on Hyundai Motor Company's Financial Statement as a Result of Accounting Policy Changes by Kia Motor Company (which falls subject under the Equity Method Accounting)
As a result of Kia Motors Corporation (a subsidiary under Hyundai Motor Company) changing its accounting policy, the following effects have taken place on Hyundai Motor Company's financial statement that was approved at the 37 th Annual General Meeting of Shareholders :
1. Summary of Kia Motors Corporation's accounting policy change
- Date of Change : March 05,2005
- Contents of change : Kia's accounting policy change regarding Hyundai Mobis (whom Kia has investment in) from market value assessment method to equity accounting method
2. Resulting effect on Hyundai Motor Company's financial statement (cumulative 2004)
- Balance Sheets (KRW Billion)
1) Asset : 25,069.5 -> 24,700.8 (368.7 decrease)
2) Shareholder's equity : 13,733.8 ->13,365.1 (368.7 decrease)
-Income Statements(KRW Billion)
1) Ordinary Income : 2,488.9 ->2,517.4 (28.5 increase)
2) Net Income : 1,784.6 ->1,804.2 (19.6 increase)
3. Others
-The above details do not impact Hyundai Motor Company's financial statement that was approved at the 37 th Annual General Meeting of Shareholders (Friday, March 04, 2005 10:00 AM)
- For more detailed information, please refer to the company's 37 th Business Report, which is expected to be submitted by March 31, 2005
- BOD Report Date : March 25, 2005
