1. Name of purchaser : World Industries Ace. Corp.
- Relationship with company : Affiliated company
2. Sales amount : amount will be finalized after asset duediligence
3. Object of sale : Assets & liabilities of the Machine tool business division and the European subsidiary Hyundai Machine Tool Europe GmbH (HYME)
4. Purpose of sales :
Synergy achieved through the integration like businesses
5. Contents of asset sales
i) Appraisal amount of assets sales : amount will be finalized after asset due diligence.
ii) Book value of asset sales : KRW 86,761,000,000.
iii) Details on asset sales
- Current assets : KRW 63,314,000,000
(Trade receivables :KRW 25,076,000,000
Inventories : KRW 34,307,000,000, etc)
- Investment assets : KRW 15,054,000,000
(investment securities [HYME:14,992], etc
- Property and equipment : KRW 13,759,000,000
(Machine & equipment : KRW 11,054,000,000,
Land : KRW 2,087,000,000, etc)
- Liabilities : KRW 5,366,000,000
( Advance receipts : 4,071,000,000, etc)
6. Effects of sales :
The effects of sales are minimal since the reason for sales
is to achieve synergy through the integration of like businesses.
7. Date of board resolution : December 13, 2004
- Attendance of Outside Directors : 3 out of 4
- Attendance of auditors : 3 out of 3
* Hyundai Motor Company's audit committee members are all outside directors.
8. Others :
- All financial data in #5 above is based on the book value as of the end 3rd quarter 2004, and amounts less than KRW 1,000,000 have been deleted.
- The above details correspond with the fair trade act and contain the same details as the announcement sent to the fair trade committee on December 13, 2004.
- The schedule for asset sales may be subject to change,and the asset for sale may change depending on the asset due diligence and appraisal.