Audit Report: Hyundai Capital 1Q12 (English)

1. Hyundai Capital Services, Inc. and
Subsidiaries
Interim Consolidated Financial Statements
March 31, 2012 and 2011

2. Hyundai Capital Services, Inc. and Subsidiaries
Index
March 31, 2012
Report on Review of Interim Financial Statements ....................................................................... 1-2
Interim Consolidated Financial Statements
Interim Consolidated Statements of Financial Position ...................................................................... 3-5
Interim Consolidated Statements of Comprehensive Income............................................................. 6-8
Interim Consolidated Statements of Changes in Equity ................................................................... 9-10
Interim Consolidated Statements of Cash Flows ................................................................................ 11
Notes to the Interim Consolidated Financial Statements................................................................ 12-49

3. Report on Review of Interim Financial Statements
To the Shareholders and Board of Directors of
Hyundai Capital Services, Inc.
Reviewed Financial Statements
We have reviewed the accompanying interim consolidated financial statements of Hyundai
Capital Services, Inc. and its subsidiaries. These financial statements consist of consolidated
statement of financial position of the Company and subsidiaries as of March 31, 2012, and the
related consolidated statements of comprehensive income, changes in equity and cash flows
for the three-month periods ended March 31, 2012 and 2011, and a summary of significant
accounting policies and other explanatory notes, expressed in Korean won.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated
financial statements in accordance with the International Financial Reporting Standards as
adopted by the Republic of Korea (Korean IFRS) 1034, Interim Financial Reporting, and for
such internal control as management determines is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor's Responsibility
Our responsibility is to issue a report on these consolidated financial statements based on our
reviews.
We conducted our reviews in accordance with the quarterly and semi-annual review
standards established by the Securities and Futures Commission of the Republic of Korea. A
review of interim financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance with
auditing standards generally accepted in the Republic of Korea and consequently does not
enable us to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit opinion.
1

4. Conclusion
Based on our reviews, nothing has come to our attention that causes us to believe the
accompanying interim consolidated financial statements do not present fairly, in all material
respects, in accordance with the Korean IFRS 1034, Interim Financial Reporting.
Emphasis of Matter
We audited the consolidated statement of financial position as of December 31, 2011, and the
related statements of comprehensive income, changes in equity and cash flows for the year
ended December 31, 2011, in accordance with auditing standards generally accepted in the
Republic of Korea and expressed an unqualified opinion on those statements dated February
24, 2012. The statement of financial position as of December 31, 2011, presented herein for
comparative purposes, is consistent, in all material respects, with the above audited statement
of financial position as of December 31, 2011.
Review standards and their application in practice vary among countries. The procedures and
practices used in the Republic of Korea to review such consolidated financial statements may
differ from those generally accepted and applied in other countries. Accordingly, this report is
for use by those who are informed about Korean review standards and their application in
practice
Seoul, Korea
May 11, 2012
This report is effective as of May 11, 2012, the review report date. Certain subsequent
events or circumstances, which may occur between the review report date and the time of
reading this report, could have a material impact on the accompanying interim consolidated
financial statements and notes thereto. Accordingly, the readers of the review report should
understand that there is a possibility that the above review report may have to be revised to
reflect the impact of such subsequent events or circumstances, if any.
2

5. Hyundai Capital Services, Inc. and Subsidiaries
Interim Consolidated Statements of Financial Position
March 31, 2012 and December 31, 2011
(In millions of Korean won)
2012 2011
Assets
Cash and deposits
Cash and cash equivalents (Note 25) 1,751,636 1,455,432
Deposits (Note 3) 10 10
1,751,646 1,455,442
Securities (Note 4)
Available-for-sale securities 20,450 18,452
Equity method investments 53,691 51,768
74,141 70,220
Loans receivable (Notes 5, 6 and 8) 11,136,563 11,129,246
Allowances for doubtful accounts (275,702) (281,184)
10,860,861 10,848,062
Installment financial assets (Notes 5, 6 and 8)
Auto installment financing receivables 4,758,356 5,030,541
Allowances for doubtful accounts (31,252) (36,748)
Durable goods installment financing receivables 741 1,422
Allowances for doubtful accounts (77) (141)
Mortgage installment financing receivables 21,821 25,679
Allowances for doubtful accounts (168) (1,204)
Machinery installment financing receivables 689 1,682
Allowances for doubtful accounts (19) (37)
4,750,091 5,021,194
Lease receivables (Notes 5 and 6)
Finance lease receivables (Note 9) 2,364,548 2,278,383
Cancelled lease receivables 305 211
2,364,853 2,278,594
Leased assets (Note 10)
Operating leased assets 1,100,777 1,119,309
Cancelled leased assets 3,840 3,769
1,104,617 1,123,078
3

6. Hyundai Capital Services, Inc. and Subsidiaries
Interim Consolidated Statements of Financial Position
March 31, 2012 and December 31, 2011
(In millions of Korean won)
2012 2011
Property and equipment (Note 11) 320,608 265,433
Other assets
Intangible assets (Note 12) 63,414 65,117
Non-trade receivables 93,441 87,895
Allowances for doubtful accounts (3,354) (2,913)
Accrued revenues 122,998 128,351
Allowances for doubtful accounts (14,120) (14,371)
Advance payments 98,829 55,013
Prepaid expenses 49,516 26,434
Leasehold deposits 33,601 35,929
Derivative assets (Note 18) 271,088 475,431
715,413 856,886
Total assets 21,942,230 21,918,910
Liabilities and Equity
Borrowings
Borrowings (Note 13) 2,125,000 2,250,000
Debentures (Notes 8 and 14) 15,472,212 15,522,368
17,597,212 17,772,368
Other liabilities
Non-trade payables 387,763 345,089
Accrued expenses 131,957 135,083
Unearned revenue 58,450 61,095
Withholdings 28,912 24,140
Defined benefit liability (Note 15) 22,221 20,362
Leasehold deposits received 795,245 787,858
Deferred income tax liabilities (Note 16) 39,046 47,884
Provisions (Note 17) 9,852 10,446
Derivative liabilities (Note 18) 58,808 58,096
1,532,254 1,490,053
Total liabilities 19,129,466 19,262,421
4

7. Hyundai Capital Services, Inc. and Subsidiaries
Interim Consolidated Statements of Financial Position
March 31, 2012 and December 31, 2011
(In millions of Korean won)
2012 2011
Equity
Common stock (Notes 1 and 19) 496,537 496,537
Capital surplus
Paid-in capital in excess of par value 369,339 369,339
Other capital surplus 38,200 38,200
407,539 407,539
Accumulated other comprehensive income and
expenses (Note 24)
Gain on valuation of available-for-sale
255 (388)
Securities
Accumulated comprehensive income of equity
25 47
method investees
Loss on valuation of derivatives (Note 18) (23,423) (50,156)
Cumulative effect of overseas operation
(493) (343)
translation
(23,636) (50,840)
Retained earnings (Note 19) 1,932,215 1,803,144
Non-controlling interests 109 109
Total equity 2,812,764 2,656,489
Total liabilities and equity 21,942,230 21,918,910
The accompanying notes are an integral part of these interim consolidated financial statements.
5

8. Hyundai Capital Services, Inc. and Subsidiaries
Interim Consolidated Statements of Comprehensive Income
Three-Month Periods ended March 31, 2012 and 2011
(In millions of Korean won, except per share amounts)
2012 2011
Operating revenue
Interest income (Note 20)
Interest on bank deposits 12,602 9,088
Other interest income 43 130
12,645 9,218
Gain on valuation and disposal of securities 1,348 1,604
Income on loans (Notes 20 and 21) 373,411 381,019
Income on installment financial receivables (Notes
101,825 114,594
20 and 21)
Income on leased assets (Notes 20 and 21) 221,253 222,517
Gain on disposal of loans 24,812 -
Gain on foreign transactions
Gain on foreign exchanges translation 85,926 146,543
Gain on foreign currency transactions 12,215 2,021
98,141 148,564
Dividend income 2,831 3,238
Other operating income
Gain on valuation of derivatives 48,874 32,672
Gain on derivatives transactions - 715
Others 31,097 24,676
79,971 58,063
Total operating revenue 916,237 938,817
Operating expenses
Interest expenses (Note 20) 229,454 239,921
Lease expenses (Note 21) 123,967 131,570
Bad debts expense (Note 6) 82,996 59,716
Loss on foreign transactions
Loss on foreign exchanges translation 48,876 32,676
Loss on foreign currency transactions - 715
48,876 33,391
General and administrative expenses (Note 22) 136,149 133,186
6

9. Hyundai Capital Services, Inc. and Subsidiaries
Interim Consolidated Statements of Comprehensive Income
Three-Month Periods ended March 31, 2012 and 2011
(In millions of Korean won, except per share amounts)
2012 2011
Other operating expenses
Loss on valuation of derivatives 85,929 146,548
Loss on derivatives transactions 12,222 2,028
Others 15,388 10,583
113,539 159,159
Total operating expenses 734,981 756,943
Operating income 181,256 181,874
Non-operating income
Gain on equity method valuation (Note 4) 2,259 2,885
Non-operating expenses
Loss on equity method valuation (Note 4) 116 30
Income before income taxes 183,399 184,729
Income tax expense (Note 16) 54,329 39,605
Net income 129,070 145,124
Net income attributable to:
Owners of the parent 129,070 145,124
Non-controlling interests - -
129,070 145,124
Other comprehensive income, net of income taxes
(Note 24)
Gain on valuation of available-for-sale financial
643 35
securities
Other comprehensive income of equity method
(22) 102
investees
Gain (Loss) on valuation of derivatives 26,733 62,321
Effect of overseas operation translation (150) (184)
27,204 62,274
Total comprehensive income 156,274 207,398
7

10. Hyundai Capital Services, Inc. and Subsidiaries
Interim Consolidated Statements of Comprehensive Income
Three-Month Periods ended March 31, 2012 and 2011
(In millions of Korean won, except per share amounts)
2012 2011
Total comprehensive income attributable to:
Owners of the parent 156,274 207,398
Non-controlling interests - -
156,274 207,398
Earnings per share attributable to the
ordinary equity holders of the company (Note 23)
Basic earnings per share 1,300 1,461
The accompanying notes are an integral part of these interim consolidated financial statements.
8

11. Hyundai Capital Services, Inc. and Subsidiaries
Interim Consolidated Statements of Changes in Equity
Three-Month Periods ended March 31, 2012 and 2011
Accumulated Total
(In millions of Korean won) other attributable Non-
comprehensive
Capital Capital income and Retained to owners of controlling
stock surplus expenses earnings the parent interests Total equity
Balances as of January 1, 2011 496,537 407,539 (67,371) 1,400,013 2,236,718 129 2,236,847
Total comprehensive income
Net income - - - 145,124 145,124 - 145,124
Other comprehensive income
Gain on valuation of available- - - 35 - 35 - 35
for-sale securities
Other comprehensive income of - - 102 - 102 - 102
equity method investees
Gain on valuation of derivatives - - 62,321 - 62,321 - 62,321
Effect of overseas operation
- - (184) - (184) - (184)
translation
Total comprehensive income - - 62,274 145,124 207,398 - 207,398
Transactions with owners
Dividends - - - (104,272) (104,272) - (104,272)
Balances as of March 31, 2011 496,537 407,539 (5,097) 1,440,865 2,339,844 129 2,339,973
9

12. Hyundai Capital Services, Inc. and Subsidiaries
Interim Consolidated Statements of Changes in Equity
Three-Month Periods ended March 31, 2012 and 2011
Accumulated Total
(In millions of Korean won) other attributable Non-
comprehensive
Capital Capital income and Retained to owners of controlling
stock surplus expenses earnings the parent interests Total equity
Balances as of January 1, 2012 496,537 407,539 (50,840) 1,803,144 2,656,380 109 2,656,489
Total comprehensive income
Net income - - - 129,070 129,070 - 129,070
Other comprehensive income - - - - - - -
Gain on valuation of available-
- - 643 - 643 - 643
for-sale securities
Other comprehensive income of
- - (22) - (22) - (22)
equity method investees
Gain on valuation of derivatives - - 26,733 - 26,733 - 26,733
Effect of overseas operation
- - (150) - (150) - (150)
translation
Total comprehensive income - - 27,204 129,070 156,274 - 156,274
Balances as of March 31, 2012 496,537 407,539 (23,636) 1,932,214 2,812,654 109 2,812,763
The accompanying notes are an integral part of these interim consolidated financial statements.
10

13. Hyundai Capital Services, Inc. and Subsidiaries
Interim Consolidated Statements of Cash Flows
Three-Month Periods ended March 31, 2012 and 2011
(In millions of Korean won)
2012 2011
Cash flows from operating activities
Cash generated from operations (Note 25) 506,496 (81,391)
Interest received 15,144 9,088
Interest paid (217,975) (230,624)
Dividends received 2,831 3,238
Income taxes paid (1,451) (36,590)
305,045 (336,279)
Cash flows from investing activities
Decrease in deposits - 3
Dividends from equity method investments 733 707
Acquisition of land (34,165) (1,853)
Acquisition of building (22,053) (4,785)
Acquisition of vehicles (2,055) (78)
Acquisition of fixtures and furniture (2,640) (5,820)
Acquisition of other tangible assets - (231)
Increase in construction in progress (847) (941)
Acquisition of intangible assets (796) (2,142)
Decrease in leasehold deposits 2,622 107
Increase in leasehold deposits (251) (629)
Acquisition of equity method investments (535) -
(59,987) (15,662)
Cash flows from financing activities
Proceeds from borrowings 530,000 750,000
Repayments of borrowings (655,000) (1,010,000)
Issuance of debentures 1,494,933 1,499,996
Repayments of debentures (1,318,635) (773,671)
Payments of dividends - (45,151)
51,298 421,174
Exchange losses on cash and cash equivalents (2) -
Decrease in other cash and cash equivalents (150) (184)
Net increase in cash and cash equivalents 296,204 69,049
Cash and cash equivalents (Note 25)
Beginning of period 1,455,432 1,224,866
End of period 1,751,636 1,293,915
The accompanying notes are an integral part of these interim consolidated financial statements.
11

14. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
1. General information
Hyundai Capital Services, Inc. was established on December 22, 1993, to engage in installment
financing, facilities lease and new technology financing. The Company changed its trade name
from Hyundai Auto Finance Co., Ltd. to Hyundai Financial Services Co. on April 21, 1995, and
changed its trade name once again to Hyundai Capital Services, Inc. on December 30, 1998. In
accordance with the Monopoly Regulation and Fair Trade Act, the Company is incorporated into
Hyundai Motor Company Group. As of March 31, 2012, the Company’s operations are
headquartered in Yeouido, Seoul. Its major shareholders are Hyundai Motor Company and GE
International Holdings Corporation with 56.47% and 43.30% ownership, respectively.
The interim consolidated financial statements have been prepared and presented which included
the accounts of Hyundai Capital Services, Inc. (the “Company”), as the parent company according
to Korean IFRS 1027, and Autopia Thirty-fifth trust and SPC and other subsidiaries (collectively the
“Group”), while HK Mutual Saving Bank and four other entities are accounted for using the equity
method.
Subsidiaries as of March 31, 2012 and December 31, 2011, are as follows. The Company has the
substantial power over the subsidiaries established as special purpose entities for asset
securitization even though its ownership interests over the subsidiaries do not exceed 50%.
Ratio of
Location ownership March 31, 2012 December 31, 2011
Special Autopia Thirty-fifth SPC(trust) Autopia Thirty-fifth SPC(trust)
Purpose Korea 0.9% Autopia Thirty-sixth SPC(trust) Autopia Thirty-sixth SPC(trust)
Entities1 Autopia Thirty-seventh SPC(trust) Autopia Thirty-seventh SPC(trust)
Autopia Thirty-ninth SPC(trust) Autopia Thirty-ninth SPC(trust)
Autopia Fortieth SPC(trust) Autopia Fortieth SPC(trust)
Autopia Forty-second SPC(trust) Autopia Forty-second SPC(trust)
Autopia Forty-third SPC(trust) Autopia Forty-third SPC(trust)
Autopia Forty-fourth SPC(trust) Autopia Forty-fourth SPC(trust)
Autopia Forty-fifth SPC(trust) Autopia Forty-fifth SPC(trust)
Autopia Forty-sixth SPC(trust) Autopia Forty-sixth SPC(trust)
Autopia Forty-seventh SPC(trust) Autopia Forty-seventh SPC(trust)
Stock 1 1
Germany 100% Hyundai Capital Europe GmbH Hyundai Capital Europe GmbH
Company
1
It holds 100% shares of Hyundai Capital Services Limited Liability Company established during
2011.
2. Summary of Significant Accounting Policies
The Group’s interim consolidated financial statements for the three-month period ended March 31,
2012, have been prepared in accordance Korean IFRS 1034, ‘Interim Financial Reporting’. These
interim consolidated financial statements have been prepared in accordance with the Korean IFRS
12

15. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
standards and interpretations issued and effective or issued and early adopted as of March 31,
2012.
New standards, amendments and interpretations issued but not effective for the financial year
beginning January 1, 2012, and not early adopted by the Group are as follows:
- Amendments to Korean-IFRS1019, Employee Benefits
According to the amendments to Korean-IFRS1019, Employee Benefits, the corridor method is no
longer permitted. Therefore, actuarial gains and losses on the defined benefit obligation are
recognized immediately under other comprehensive income. The amendment requires to
recognize immediately all past service costs. And the amendment replaces the interest cost on the
defined benefit obligation, and the expected return on plan assets with a net interest cost based on
the net defined benefit asset or liability and the discount rate measured at the beginning of the
year. This amendment will be effective for the Group as of January 1, 2013. The Group is
assessing the impact of application of the amended Korean-IFRS1019 on its consolidated financial
statements.
- Enactment of Korean-IFRS1113, Fair value measurement
Korean-IFRS1113, Fair value measurement, aims to improve consistency and reduce complexity
by providing a precise definition of fair value and a single source of fair value measurement and
disclosure requirements for use across Korean-IFRS. Korean-IFRS1101 does not extend the use
of fair value accounting but provides guidance on how it should be applied where its use is already
required or permitted by other standards within Korean-IFRS. This amendment will be effective for
the Group as of January 1, 2013, and the Group expects that it would not have a material impact
on the Group.
The following is a summary of significant accounting policies followed by the Group in the
preparation of its interim consolidated financial statements. These policies have been consistently
applied to all the periods presented, unless otherwise stated.
Interim period income tax expense is calculated by applying estimated average annual effective
tax rate to the interim period’s pre-tax income.
13

16. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
3. Restricted Financial Instruments
Restricted financial instruments as of March 31, 2012 and December 31, 2011, are as follows:
(in millions of Korean won) Amount
Type Entities 2012 2011 Restriction
Hana Bank Maintaining deposits for
Deposits
and 1 other 10 10 opening account
4. Securities
Securities as of March 31, 2012 and December 31, 2011, are as follows:
(in millions of Korean won)
Type 2012 2011
Available-for-sale securities
Marketable equity
securities 6,080 5,687
Equity securities
Unlisted equity
securities
10,893 10,526
16,973 16,213
Government and
Debt securities
public bonds
3,477 2,239
Sub-total 20,450 18,452
Equity method investments 53,691 51,768
74,141 70,220
Available-for-sale securities
Available-for-sale securities as of March 31, 2012 and December 31, 2011, are as follows:
(1) Marketable equity securities
(in millions of Korean won)
Book value
Number of Ownership Acquisition
2012 2011
shares (%) cost
Marketable equity
securities
NICE Information
Service
136,593 2.25 3,312 3,538 3,190
NICE Holdings 49,162 1.42 3,491 2,542 2,497
Unlisted equity
securities
Hyundai Finance
1 1,700,000 9.29 9,888 10,793 10,426
Corp.
Korean Egloan,
Inc.
4,000 3.12 100 100 100
16,791 16,973 16,213
14

17. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
1
The fair value for Hyundai Finance Corp. was valued as the average of valuation prices
provided by two external appraisers, KIS Pricing Inc. and Korea Asset Pricing, using the
discounted cash flow model. The five-year financial statements, projected based on past
performance, were used in measuring the fair value assuming that the operational structure will
remain as is for the next five years. Operating income and expenses were estimated based on
the past performance, business plan and expected market conditions.
(2) Debt securities
(in millions of Korean won)
Book value
Interest Acquisition
Issuer rate (%) cost 2012 2011
Government and Metropolitan Rapid
public bonds Transit and others
2.50 3,322 3,477 2,239
Equity method investments
Equity method investments as of March 31, 2012 and December 31, 2011, are as follows:
(in millions of Korean won)
2012
Number of Ownership Acquisition Net asset
Book value
shares (%) cost value
HK Mutual Saving
1 4,990,438 20.00 45,719 35,623 47,871
Bank
1
HI Network, Inc. 13,332 19.99 76 370 370
1
Korea Credit Bureau 140,000 7.00 3,800 2,813 3,850
Hyundai Capital
Germany GmbH
2 600,200 30.01 1,065 1,005 1,065
Hyundai Capital UK
Ltd.
2 1,000,000 29.99 535 535 535
51,195 40,346 53,691
(in millions of Korean won)
2011
Number of Ownership Acquisition Net asset
Book value
shares (%) cost value
HK Mutual Saving
1 4,990,438 20.00 45,719 33,487 45,735
Bank
1
HI Network, Inc. 13,332 19.99 76 1,003 1,003
1
Korea Credit Bureau 140,000 7.00 3,800 2,928 3,965
Hyundai Capital
Germany GmbH
2 600,200 30.01 1,065 1,065 1,065
50,660 38,483 51,768
1
The Company’s shareholdings in HK Mutual Saving Bank, HI Network, Inc. and Korea Credit
Bureau are less than 20%. However, the Company is able to significantly influence such as
15

18. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
involvement in the financial and operating processes, and thus the equity method is applied.
2
The Group’s shareholdings are more than 20%. However, equity method is not applied due to insignificant
fluctuation of equity.
Valuations of equity method investments for the three-month periods ended March 31, 2012 and
2011, are as follows:
(in millions of Korean won)
2012
Changes in
accumulated
Beginning Gain (loss) Ending
Acquisition other Dividends
Balance on valuation comprehensive
Balance
loss
HK Mutual Saving
Bank 45,735 - 2,158 (22) - 47,871
HI Network, Inc. 1,003 - 100 - (733) 370
Korea Credit
Bureau
3,965 - (115) - - 3,850
Hyundai Capital
Germany GmbH
1,065 - - - - 1,065
Hyundai Capital
UK Ltd
- 535 - - - 535
51,768 535 2,143 (22) (733) 53,691
Changes in
accumulated
Beginning Gain (loss) Ending
other Dividends
Balance on valuation comprehensive
Balance
loss
HK Mutual Saving
Bank 42,849 2,725 103 - 45,677
HI Network, Inc. 1,055 160 - (707) 508
Korea Credit
Bureau
3,514 (30) - - 3,484
Hyundai Capital
Germany GmbH
1,065 - - - 1,065
48,483 2,855 103 (707) 50,734
16

19. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
The difference between the acquired amounts of equity method investments and their
corresponding net asset value as of March 31, 2012 and December 31, 2011, follows:
(in millions of Korean won)
2012 2011
HK Mutual Saving Bank 12,248 12,248
Korea Credit Bureau 1,037 1,037
13,285 13,285
Summary of financial information of investees as of March 31, 2012 and December 31, 2011, for
assets and liablities , and for the three-month periods ended March 31, 2012 and 2011, for
revenue and income, follows:
(in millions of Korean won)
2012
Operating Net income
Assets Liabilities
revenue (loss)
HK Mutual Saving
2,500,492 2,322,377 96,428 10,791
Bank 1
HI Network, Inc. 9,011 3,491 3,555 624
Korea Credit Bureau 49,196 9,017 8,694 (1,152)
Hyundai Capital
4,072 373 147 78
Germany GmbH
Hyundai Capital UK
1,785 - - -
Ltd.
1
Although HK Mutual Savings Bank’s fiscal year is from July 2011 to June 2012, the asset and liability
amounts are as of March 31, 2012, and its operating revenue and net income amounts are from January 1,
2012 to March 31, 2012.
2011
Operating Net income
Assets Liabilities
revenue (loss)
HK Mutual Saving
Bank 1 2,593,289 2,425,855 88,477 13,626
HI Network, Inc. 8,560 3,544 5,075 798
Korea Credit Bureau 51,484 9,650 6,876 (423)
Hyundai Capital
3,889 341 132 12
Germany GmbH
1
Although HK Mutual Savings Bank’s fiscal year is from July 2010 to June 2011, the asset and liability
amounts are as of December 31, 2011, and its operating revenue and net income amounts are from
January 1, 2011 to March 31, 2011.
5. Financial receivables
17

20. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
Financial receivables as of March 31, 2012 and December 31, 2011, are as follows:
(in millions of Korean won)
2012
Deferred loan
origination fees Allowance
Present value Carrying
Principal and costs for doubtful
discounts amount
(Direct profit for accounts
leased assets)
Loan receivables
Loans 11,248,021 (109,707) (1,751) (275,702) 10,860,861
Installment financial assets
Auto 4,825,815 (67,459) - (31,252) 4,727,104
Durable goods 740 1 - (77) 664
Mortgage 21,773 48 - (168) 21,653
Machinery 687 - 2 (19) 670
4,849,015 (67,410) 2 (31,516) 4,750,091
Lease receivables
Finance lease
2,388,843 (674) - (23,621) 2,364,548
receivables
Cancelled lease
5,275 - - (4,970) 305
receivables
2,394,118 (674) - (28,591) 2,364,853
18,491,154 (177,791) (1,749) (335,809) 17,975,805
2011
Deferred loan
origination fees Allowance
Present value Carrying
Principal and costs for doubtful
discounts amount
(Direct profit for accounts
leased assets)
Loan receivables
Loans 11,239,870 (108,782) (1,842) (281,184) 10,848,062
Installment financial assets
Auto 5,109,299 (78,757) - (36,748) 4,993,794
Durable goods 1,419 3 - (141) 1,281
Mortgage 25,620 60 - (1,204) 24,476
Machinery 1,674 - 6 (37) 1,643
5,138,012 (78,694) 6 (38,130) 5,021,194
Lease receivables
Finance lease
2,300,204 (703) - (21,118) 2,278,383
receivables
Cancelled lease
4,656 - - (4,445) 211
receivables
2,304,860 (703) - (25,563) 2,278,594
18,682,742 (188,179) (1,836) (344,877) 18,147,850
18

21. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
6. Allowance for Doubtful Accounts
Changes in allowance for doubtful accounts for the three-month periods ended March 31, 2012
and 2011, are as follows:
(in millions of Korean won)
2012
Loan Installment Lease
Type Other assets Total
receivables financial assets receivables
Beginning balance 281,184 38,130 25,563 17,284 362,161
Amounts written off (100,814) (12,139) (30) (1,854) (114,837)
Recoveries of amounts
20,299 2,648 85 1,958 24,990
previously written off
Discount unwind (1,886) (70) (47) - (2,003)
Additional(reversed)
76,919 2,947 3,020 86 82,972
allowance
Ending balance 275,702 31,516 28,591 17,474 353,283
2011
Loan Installment Lease
Type Other assets Total
receivables financial assets receivables
Beginning balance 215,703 28,643 21,031 7,648 273,025
Amounts written off (56,556) (6,554) (9) (1,150) (64,269)
Recoveries of amounts
25,260 3,499 51 1,993 30,803
previously written off
Discount unwind (1,458) (89) (39) - (1,586)
Additional(reversed)
59,526 1,270 1,269 (2,349) 59,716
allowance
Ending balance 242,475 26,769 22,303 6,142 297,689
7. Financial instruments
a. Fair value of financial instruments
The fair values of financial instruments as of March 31, 2012 and December 31, 2011, are as follows:
(in millions of Korean won)
2012 2011
Type
Book value Fair value Book value Fair value
Assets
Financial assets
Cash and deposits 1,751,646 1,751,646 1,455,442 1,455,442
Available-for-sale
20,450 20,450 18,452 18,452
securities
Loan receivables 10,860,861 11,140,488 10,848,063 11,124,599
Installment financial
4,750,091 4,861,804 5,021,194 5,145,837
assets
Derivative assets 271,088 271,088 475,431 475,431
19

22. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
Other assets 232,567 232,503 234,892 234,810
17,886,703 18,277,979 18,053,474 18,454,571
Liabilities
Financial liabilities
Borrowings 2,125,000 2,134,616 2,250,000 2,257,918
Debentures 15,472,212 15,914,610 15,522,368 15,886,881
Derivative liabilities 58,808 58,808 58,096 58,096
Other liabilities 1,176,148 1,182,949 1,183,744 1,190,133
18,832,168 19,290,983 19,014,208 19,393,028
b. Fair value hierarchy
The fair value hierarchy of financial assets and liabilities carried at fair value as of March 31, 2012
and December 31, 2011, is as follows:
(in millions of Korean won)
2012
1
Fair value hierarchy
Type Book value Fair value
level 1 level 2 level 3
Financial assets
Financial assets at fair
value
Available-for-sale
securities 20,450 20,450 6,080 3,477 10,893
Derivative assets 271,088 271,088 - 271,088 -
291,538 291,538 6,080 274,565 10,893
Financial liabilities
Derivative liabilities 58,808 58,808 - 58,808 -
1
The levels of fair value hierarchy have been defined as follows:
Level 1: Quoted prices in active markets for identical assets or liabilities. Listed stocks and derivatives
Level 2: Inputs for the asset or liability included within valuation techniques that are observable market
data. Most bonds issued in Korean won and foreign currency, general unlisted derivatives like swap,
forward, option
Level 3: Inputs for the asset or the liability that are not based on observable market data. Unlisted stocks,
complicated structured bonds, complicated unlisted derivatives.
2011
Fair value hierarchy(*)
Type Book value Fair value
level 1 level 2 level 3
Financial assets
Financial assets at fair
value
Available-for-sale 18,452 18,452 5,687 2,239 10,526
20

23. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
securities
Derivative assets 475,431 475,431 - 475,431 -
493,883 493,883 5,687 477,670 10,526
Financial liabilities
Derivative liabilities 58,096 58,096 - 58,096 -
c. Changes in financial instruments of level 3
The changes in financial instruments of level 3 for the three-month periods ended March 31, 2012
and 2011, are as follows:
(in millions of Korean won)
Available-for-sale securities
Type
2012 2011
Beginning balance 10,526 9,887
Gain on valuation
367 197
(Other comprehensive income)
Ending balance 10,893 10,084
d. Financial instruments by categories
The carrying amounts of financial instruments by categories as of March 31, 2012 and December
31, 2011, are as follows:
(in millions of Korean won)
2012
Financial
Available-for- Hedging
assets at fair Loans and
Type sale financial derivative Total
value through receivables
assets instruments
profit or loss
Financial assets
Cash and deposits - 1,751,646 - - 1,751,646
Available-for- sale
- - 20,450 - 20,450
securities
Loan receivables - 10,860,861 - - 10,860,861
Installment
- 4,750,091 - - 4,750,091
financial assets
Derivative assets 42 - - 271,046 271,088
Other assets - 232,567 - - 232,567
42 17,595,165 20,450 271,046 17,886,703
21

24. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
2011
Financial
Available-for- Hedging
assets at fair Loans and
Type sale financial derivative Total
value through receivables
assets instruments
profit or loss
Financial assets
Cash and deposits - 1,455,442 - - 1,455,442
Available-for- sale
- - 18,452 - 18,452
securities
Loan receivables - 10,848,063 - - 10,848,063
Installment
- 5,021,194 - - 5,021,194
financial assets
Derivative assets 53 - - 475,378 475,431
Other assets - 234,892 - - 234,892
53 17,559,591 18,452 475,378 18,053,474
(in millions of Korean won)
2012 2011
Financial Financial
Hedging Hedging
liabilities at liabilities at
Type derivative Total derivative Total
amortized amortized
instruments instruments
cost cost
Financial liabilities
Borrowings 2,125,000 - 2,125,000 2,250,000 - 2,250,000
Debentures 15,472,212 - 15,472,212 15,522,368 - 15,522,368
Derivative
- 58,808 58,808 - 58,096 58,096
liabilities
Other liabilities 1,176,148 - 1,176,148 1,183,744 - 1,183,744
18,773,360 58,808 18,832,168 18,956,112 58,096 19,014,208
8. Derecognition of financial assets
The Group issued senior and subordinated asset-backed securities based on loans and installment
financial assets, and subsidiaries, like Autopia Thirty-fifth SPC, issued securitized debts based on
senior beneficiary certificates. Meanwhile, the Group is involved in ongoing securitized financial
instruments through credit reinforcement such as acquisitions of subordinated beneficiary certificates.
Details of not derecognized financial assets transferred as of March 31, 2012 and December 31,
2011, are as follows:
(in millions of Korean won)
Type 2012 2011
Book value of assets
Loan receivable 2,029,492 2,289,879
Installment financial assets 1,698,431 1,775,534
3,727,833 4,065,413
Book value of related liabilities (2,489,058) (2,748,872)
22

25. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
Liabilities having right of resource about transferred assets :
Fair value of assets 3,820,026 4,167,861
Fair value of related liabilities (2,512,419) (2,772,816)
Net position 1,307,607 1,395,045
9. Finance lease receivables
a. Total lease investments and present value of minimum lease receipts
Details of total lease investments and present value of minimum lease receipts as of March 31,
2012 and December 31, 2011, are as follows:
(in millions of Korean won)
2012 2011
Present value of Present value of
Type Total lease Total lease
minimum lease minimum lease
investments investments
receipts receipts
Less than 1 year 1,052,734 881,959 984,475 808,521
1 to 5 years 1,642,845 1,503,812 1,610,089 1,475,991
Over 5 years 104 103 77 76
2,695,683 2,385,874 2,594,641 2,284,588
b. Unearned interest income
Details of unearned interest income as of March 31, 2012 and December 31, 2011, are as follows:
(in millions of Korean won)
Type 2012 2011
Total lease investments 2,695,683 2,594,641
Net lease investments
Minimum lease receipts
2,385,874 2,284,588
(present value)
Unguaranteed residual value
2,295 14,913
(present value)
sub-total 2,388,169 2,299,501
Unearned interest income 307,514 295,140
10. Leased assets
All operating leased assets consist of vehicles as of March 31, 2012 and December 31, 2011, and
the details are as follows:
23

26. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
(in millions of Korean won)
2012 2011
Acquisition Accumulated Acquisition Accumulated
Book value Book value
cost depreciation cost depreciation
Operating
leased assets 1,754,776 (653,999) 1,100,777 1,749,697 (630,388) 1,119,309
Cancelled
6,066 (2,226) 3,840 5,995 (2,226) 3,769
leased assets
1,760,842 (656,225) 1,104,617 1,755,692 (632,614) 1,123,078
Future minimum lease receipts under operating lease as of March 31, 2012 and December 31,
2011, are as follows:
(in millions of Korean won)
Type 2012 2011
Less than 1 year 394,764 403,735
1 to 5 years 329,002 345,238
Over 5 years 4 4
723,770 748,977
11. Property and equipment
a. Details of property and equipment
Property and equipment as of March 31, 2012 and December 31, 2011, consist of:
(in millions of Korean won)
2012 2011
Type Acquisition Accumulated Carrying Acquisition Accumulated Carrying
cost depreciation amount cost depreciation amount
Land 139,590 - 139,590 105,425 - 105,425
Buildings 142,908 (23,834) 119,074 120,855 (22,916) 97,939
Structures 2,844 (304) 2,540 2,844 (286) 2,558
Vehicles 3,798 (1,130) 2,668 1,743 (982) 761
Fixture and
156,588 (105,126) 51,462 154,771 (101,001) 53,770
furniture
Others 2,000 (9) 1,991 2,001 (7) 1,994
Construction in
3,283 - 3,283 2,986 - 2,986
progress
451,011 (130,403) 320,608 390,625 (125,192) 265,433
b. Changes in property and equipment
Changes in property and equipment for the three-month periods ended March 31, 2012 and 2011,
are as follows:
24

27. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
2012
Beginning Ending
Type Acquisition Replacement Disposal Depreciation
balance balance
Land 105,425 34,165 - - - 139,590
Buildings 97,939 22,053 - - (918) 119,074
Structures 2,558 - - - (18) 2,540
Vehicles 761 2,055 - - (148) 2,668
Fixture and
53,770 2,640 523 (351) (5,120) 51,462
furniture
Others 1,994 - (1) - (2) 1,991
Construction in
2,986 847 (550) - - 3,283
progress
265,433 61,760 (28) (351) (6,206) 320,608
2011
Beginning Ending
Type Acquisition Replacement Depreciation
balance balance
Land 101,844 1,853 - - 103,697
Buildings 92,543 4,785 - (757) 96,571
Structures 2,246 - - (15) 2,231
Vehicles 838 78 - (89) 827
Fixture and
35,321 5,820 13 (4,376) 36,778
furniture
Others 1,200 231 - (2) 1,429
Construction in
8,377 941 (3,264) - 6,054
progress
242,369 13,708 (3,251) (5,239) 247,587
12. Intangible assets
a. Details of Intangible assets
Intangible assets as of March 31, 2012 and December 31, 2011, consist of:
(in millions of Korean won)
2012 2011
Type Acquisition Accumulated Book Acquisition Accumulated Book
cost depreciation value cost depreciation value
Development costs 71,898 (44,477) 27,421 71,254 (42,619) 28,635
Rights of trademark 69 (42) 27 69 (39) 30
Other intangible
53,347 (17,381) 35,966 53,296 (16,844) 36,452
assets
125,314 (61,900) 63,414 124,619 (59,502) 65,117
b. Changes in intangible assets
Changes in intangible assets for the three-month periods ended March 31, 2012 and 2011, are as
follows:
25

28. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
(in millions of Korean won)
2012
Beginning
Type Increase Replacement Amortization Ending balance
balance
Development costs 28,635 797 30 (2,041) 27,421
Rights of trademark 30 - - (3) 27
Other intangible assets 36,452 - (2) (484) 35,966
65,117 797 28 (2,528) 63,414
2011
Beginning
Type Increase Replacement Amortization Ending balance
balance
Development costs 20,004 199 3,251 (1,441) 22,013
Rights of trademark 44 - - (4) 40
Other intangible assets 32,564 1,942 - (412) 34,094
52,612 2,141 3,251 (1,857) 56,147
13. Borrowings
Borrowings as of March 31, 2012 and December 31, 2011, consist of:
(in millions of Korean won)
Annual
Types Lender 2012 2011
interest rate (%)
Borrowings in won
Shinhan Bank
Commercial paper 3.63 ~ 5.10 650,000 750,000
and 7 others
Kookmin Bank
General loans 4.16 ~ 5.72 1,475,000 1,500,000
and 12 others
2,125,000 2,250,000
14. Debentures
Debentures issued by the Group and outstanding are as follows:
(in millions of Korean won)
Annual March 31, December 31,
`
interest 2012 2011
Type
rates Securitized Securitized
Debenture Total Debenture Total
(%) debenture debenture
Short-term
debenture
Debenture 3.76~5.04 270,000 - 270,000 100,000 - 100,000
Less: Discount
(141) - (141) (29) - (29)
on debentures
26

29. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
269,859 - 269,859 99,971 - 99,971
Current portion of
debenture
Debenture 2.90~8.76 3,169,516 986,156 4,155,672 4,030,429 996,073 5,026,502
Less: Discount
(834) (211) (1,045) (1,191) (228) (1,419)
on debentures
3,168,682 985,945 4,154,627 4,029,238 995,845 5,025,083
Long-term
debenture
Debenture 0 ~7.47 9,579,745 1,510,181 11,089,926 8,665,456 1,761,283 10,426,739
Less: Discount
(35,132) (7,068) (42,200) (21,169) (8,256) (29,425)
on debentures
9,544,613 1,503,113 11,047,726 8,644,287 1,753,027 10,397,314
12,983,154 2,489,058 15,472,212 12,773,496 2,748,872 15,522,368
Securitized debentures are issued based on loans receivable and installment financial assets (Note
8).
15. Defined benefit liability
a. The amounts of defined benefit plans recognized in the statements of financial position as of
March 31, 2012 and December 31, 2011, are as follows:
(in millions of Korean won)
Type 2012 2011
Present value of funded obligations 52,048 49,709
1
Fair value of plan assets (29,827) (29,347)
Defined benefit liability 22,221 20,362
1.
As of March 31, 2012, contribution to the National Pension Fund of 43 million is included (December 31,
2011 : 45 million).
b. Changes in present value of defined benefit obligations as of March 31, 2012 and 2011:
(in millions of Korean won)
Type 2012 2011
Beginning balance 49,709 38,732
Current service cost 2,868 2,349
Interest cost 491 442
Actuarial losses (242) -
Transfer of severance benefits from
1,308 366
related parties
Transfer of severance benefits to related
- (380)
parties
27

30. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
Benefits paid (2,086) (802)
Ending balance 52,048 40,707
c. Changes in the fair value of plan assets as of March 31, 2012 and 2011:
(in millions of Korean won)
Type 2012 2011
Beginning balance 29,347 27,045
Contributions by plan participants - 3,499
Expected return on plan assets 286 263
Actuarial (losses)/gains 21 36
Transfer of severance benefits from
492 346
related parties
Transfer of severance benefits to
- (318)
related parties
Benefits paid (319) (559)
Ending balance 29,827 30,312
d. Details of the amounts recognized in the income statement as of March 31, 2012 and 2011:
(in millions of Korean won)
Type 2012 2011
Current service cost 2,868 2,349
Interest cost 491 442
Expected return on plan assets (286) (263)
Actuarial losses (263) -
2,810 2,528
e. Actual return on plan assets as of March 31, 2012 and 2011:
(in millions of Korean won)
Type 2012 2011
Actual return on plan assets 307 299
f. Details of plan assets consist of :
(in millions of Korean won)
Type March 31, 2012 December 31, 2011
Amount Ratio(%) Amount Ratio(%)
Cash 496 1.67 179 0.61
28

31. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
Deposits 11,680 39.16 11,576 39.45
Interest rate
guaranteed asset 17,651 59.17 17,592 59.94
for 1-year
29,827 100 29,347 100
g. Actuarial assumptions
Actuarial assumptions required to recognize defined benefit liability are as follows:
Type March 31, December 31,
2012 2011
Discount rate 4.28% 4.21%
Expected return on plan assets 4.15% 4.15%
Future salary increases 5.60% 5.60%
Assumptions regarding future mortality experience are set based on actuarial advice published by
Korea Insurance Development Institute.
16. Income tax
a. Income tax expense for the three-month periods ended March 31, 2012 and 2011, consists of
(in millions of Korean won)
Type 2012 2011
1
Current tax 61,762 (16,344)
Changes in deferred tax assets(liabilities) (8,838) 73,837
Deferred tax credited directly to equity 1,405 (17,888)
Income tax 54,329 39,605
1
Income tax for the three-month period ended March 31, 2012, includes changes in tax
reconciliation of the previous year.
b. Deferred tax credited directly to equity
(in millions of Korean won)
Type 2012 2011
Gain on valuation of available-for-sale
(150) 2
financial securities
Loss on valuation of derivatives 1,555 (17,890)
1,405 (17,888)
c. Reconciliation between income before income tax and income tax expense
29

32. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
(in millions of Korean won)
Type 2012 2011
Profit before tax 183,400 184,729
Current tax (24.2%) 43,921 44,678
Adjustments:
Income not subject to tax (10) (7)
Expenses not deductible for tax
313 83
purposes
Others 10,105 (5,149)
Income tax 54,329 39,605
Effective tax rate
29.6% 21.4%
(Income tax over net income before tax)
d. Changes in temporary differences and deferred assets (liabilities)
(in millions of Korean won)
2012
Temporary differences Deferred assets (liabilities)
Type
Opening Changes Ending Opening Ending
Derivatives
instruments (178,437) 123,563 (54,874) (54,421) (13,280)
Deferred fee (156,056) 24,755 (131,301) (37,765) (31,774)
Direct cost for leased
(99,692) (525) (100,217) (24,126) (24,253)
assets
Foreign exchanges
174,256 (119,954) 54,302 42,170 13,141
translation
Accrued expenses 25,262 1,819 27,081 6,113 6,554
Depreciation 69,156 (81,199) (12,043) 16,736 (2,914)
Present value
(6) - (6) (2) (2)
discounts
Unearned revenue - 29,471 29,471 - 7,132
Others (22,415) 49,418 27,003 3,411 6,350
(187,932) 27,348 (160,584) (47,884) (39,046)
2011
Temporary differences Deferred assets (liabilities)
Type
Opening Changes Ending Opening Ending
Allowances for
doubtful accounts (35,003) (173,184) (208,187) (8,471) (50,381)
Derivatives
(264,263) 36,348 (227,915) (59,619) (50,770)
instruments
Deferred fee (192,524) 51,317 (141,207) (45,647) (31,066)
Direct cost for leased
(84,109) (2,312) (86,421) (19,057) (19,013)
assets
Foreign exchanges
227,514 (74,256) 153,258 55,058 34,356
translation
Accrued expenses 132,116 (102,145) 29,971 31,770 7,253
Unearned revenue 43,532 (43,532) - 10,658 -
Present value
(66,457) 66,337 (120) (16,081) (26)
discounts
30

33. Hyundai Capital Services, Inc. and Subsidiaries
Notes to the Interim Consolidated Financial Statements
March 31, 2012 and 2011, and December 31, 2011
Others 189,061 (63,376) 125,685 48,772 33,193
(50,133) (304,803) (354,936) (2,617) (76,454)
e. Realization of the deferred tax assets and basic judgment
Realization of the future tax benefits related to the deferred tax assets is dependent on many
factors, including the Group’s ability to generate taxable income within the period during which the
temporary differences reverse, the outlook of the Korean economic environment, and the overall
future industry outlook. Management periodically considers these factors in reaching its conclusion
and recognized the deferred income tax asset based on future realization.
As of March 31, 2012, the Group recognizes deferred income tax assets excluding certain
temporary differences which may not be realized. The amount above may change if the estimation
of future taxable income changes.
17. Provisions for unused loan commitments
Changes in provisions for unused loan commitments for the three-month periods ended March 31,
2012 and 2011, are as follows:
(in millions of Korean won)
Type 2012 2011
Beginning balance 10,446 46,624
Additional(Reversal) (594) 987
Ending balance 9,852 47,611
18. Derivative financial instruments and hedge accounting
a. Trading derivatives
Trading derivatives as of March 31, 2012 and December 31, 2011, are as follows:
2012 2011
Type
Assets Liabilities Assets Liabilities
Forward foreign 42 - 53 -
exchange
During the three-month periods ended March 31, 2012 and 2011, the Group recognized loss on
trading derivatives of (-)3 million and (-)8 million, relatively.
b. Derivatives designated as cash flow hedges
Derivatives designated as cash flow hedges as of March 31, 2012 and December 31, 2011, are as
follows:
31