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"f4284": {
"value": "1. GENERAL:
\nHyundai Motor Company (the \u201cCompany\u201d or \u201cParent Company\u201d) was incorporated in December 1967, under the laws of
\nthe Republic of Korea.
The Company and its subsidiaries (the \u201cGroup\u201d) manufacture and distribute motor vehicles and
\nparts, operate vehicle financing and credit card processing, and manufacture trains.
\nThe shares of the Company have been listed on the Korea Exchange since June 1974, and the Global Depositary Receipts
\nissued by the Company have been listed on the London Stock Exchange and Luxembourg Stock Exchange.
\nAs of December 31, 2022, the major shareholders of the Company are Hyundai MOBIS (45,782,023 shares, 21.43%) and
\nMr. Chung, Mong Koo (11,395,859 shares, 5.33%).
\n(1)
The Group\u2019s consolidated subsidiaries as of December 31, 2022 are as follows.
\nName of subsidiaries
\nNature of
\nb
usiness
\nLocation
\nOwnership
\np
ercentage
\nIndirect ownership
\nHYUNDAI CAPITAL SERVICES, INC.
Financing
Korea
59.68%
\nHYUNDAI CARD CO., LTD.
(
*1
)
\u02dd
\u02dd
36.96%
\nHYUNDAI ROTEM COMPANY (*2)
Manufacturing
\u02dd
33.77%
\nHYUNDAI KEFICO CORPORATION
\u02dd
\u02dd
100.00%
\nHYUNDAI PARTECS
\u02dd
\u02dd
56.00%
\nH
y
undai NGV
En
g
ineerin
g
\u02dd
53.66%
\nMAINtrans company
Services
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n100.00%
\nRotem SRS Co., Ltd.
\u02dd
\u02dd
100.00%
\u02dd
\nJEONBUK HYUNDAI MOTORS FC
\nCO., LTD
\nFootball club
\u02dd
100.00%
\nAirPlu
g
Inc.
R&D and Sales
\u02dd
99.32%
\n42dot Inc. (*5)
\u02dd
\u02dd
66.08%
\nMovia Inc.
Trans
p
ortin
g
\u02dd
100.00%
42dot 100.00%
\nHyundai Motor America (HMA)
Sales
USA
100.00%
\nH
y
undai Ca
p
ital America
(
HCA
)
Financin
g
\u02dd
80.00%
HMA 80.00%
\nHyundai Motor Manufacturing
\nAlabama, LLC (HMMA)
\nManufacturing
\u02dd
100.00%
HMA 100.00%
\nHyundai Motor Group Metaplant America,
\nLLC (HMGMA)
\n\u02dd
\u02dd
60.00%
HMA 60.00%
\nH
y
undai Translead
(
HT
)
\u02dd
\u02dd
100.00%
\nStamped Metal American Research
\nTechnolo
gy
, Inc.
(
SMARTI
)
\nHolding company
\u02dd
72.45%
HMA 72.45%
\nSMART Alabama, LLC (SMART)
Manufacturing
\u02dd
100.00%
SMARTI 100.00%
\nHyundai America Technical Center,
\nInc. (HATCI)
\nR&D
\u02dd
100.00%
\nGenesis Motor America LLC
Sales
\u02dd
100.00%
HMA 100.00%
\nHyundai Rotem USA Corporation
Manufacturing
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n100.00%
\nHyundai Motor Investment, Inc.
Investment
\u02dd
100.00%
\n42 Air, Inc
R&D and Sales
\u02dd
100.00%
42dot 100.00%
\nHYUNDAI AUTO CANADA CORP.
\n(
HACC
)
\nSales
Canada
100.00%
HMA 100.00%
\nHYUNDAI AUTO CANADA CAPTIVE
\nINSURANCE INC.
(
HACCI
)
\nInsurance
\u02dd
100.00%
\u02dd
\nHyundai Capital Canada Inc. (HCCA)
Financing
\u02dd
70.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 20.00%
\nHyundai Capital Lease Inc. (HCLI)
\u02dd
\u02dd
100.00%
HCCA 100.00%
\nHK Lease Funding LP
\u02dd
\u02dd
100.00%
\nHCLI 99.99%,
\nHCCA Funding Inc. 0.01%
\nHCCA Funding Inc.
\u02dd
\u02dd
100.00%
HCLI 100.00%
\nHCCA Funding Two Inc.
\u02dd
\u02dd
100.00%
HCCA 100.00%
\nName of subsidiaries
\nNature of
\nb
usiness
\nLocation
\nOwnership
\np
ercentage
\nIndirect ownership
\nHK Retail Funding LP
Financing
Canada
100.00%
\nHCCA 99.99%,
\nHCCA Funding Two Inc 0.01%
\nHYUNDAI MOTOR INDIA LIMITED
\n(HMI)
\nManufacturing
India
100.00%
\nHYUNDAI MOTOR INDIA
\nENGINEERING PRIVATE LIMITED
\n(
HMIE
)
\nR&D
\u02dd
100.00%
HMI 100.00%
\nHYUNDAI INDIA INSURANCE
\nBROKING PRIVATE LIMITED
(
HIIB
)
\nInsurance
\u02dd
100.00%
\u02dd
\nHYUNDAI CAPITAL INDIA PRIVATE
\nLIMITED
(
HCI
)
\nFinancing
\u02dd
100.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 100.00%
\nHyundai Mobility Japan Co., Ltd. (HMJ)
\n(
*3
)
\nSales
Japan
100.00%
\nHyundai Mobility Japan R&D Center Co.,
\nLtd.
(
HMJ R&D
)
(
*3
)
\nR&D
\u02dd
100.00%
\nBeijing Jingxian Motor Safeguard
\nService Co., Ltd. (BJMSS)
\nSales
China
100.00%
\nBeijing Jingxianronghua Motor Sale
\nCo., Ltd.
\n\u02dd
\u02dd
100.00%
BJMSS 100.00%
\nGenesis Motor Sales (Shanghai) Co.,
\nLTD.
\n\u02dd
\u02dd
100.00%
\nHyundai Millennium (Beijing) Real Estate
\nDevelopment Co., Ltd.
\nReal estate
\ndevelopment
\n\u02dd
99.00%
CMEs 99.00%
\nRotem Equipments (Beijing) Co., Ltd.
Sales
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n100.00%
\nKEFICO Automotive Systems(Beijing)
\nCo., Ltd.
\nManufacturing
\u02dd
100.00%
\nHYUNDAI KEFICO
\nCORPORATION 100.00%
\nKEFICO Automotive
\nSystems(Chongqing) Co., Ltd.
\n\u02dd
\u02dd
90.00%
\nHYUNDAI KEFICO
\nCORPORATION 90.00%
\nHyundai Truck & Bus (China) Co., Ltd.
\n(HTBC)
\n\u02dd
\u02dd
100.00%
\nHYUNDAI THANH CONG VIETNAM
\nAUTO MANUFACTURING
\nCORPORATION
(
HTMV
)(
*1
)
\n\u02dd
Vietnam
50.00%
\nHYUNDAI THANH CONG
\nCOMMERCIAL VEHICLE JOINT
\nSTOCK COMPANY (HTCV)(*1)
\nSales
\u02dd
50.00%
\nHYUNDAI THANH CONG VIET NAM
\nAUTO JOINT VENTURE JOINT
\nSTOCK COMPANY
(
HTV
)(
*1
)
\n\u02dd
\u02dd
50.00%
\nHYUNDAI KEFICO VIETNAM
\nCOMPANY LIMITED
\nManufacturing
\u02dd
100.00%
\nHYUNDAI KEFICO
\nCORPORATION 100.00%
\nHYUNDAI MOTOR COMPANY
\nAUSTRALIA PTY LIMITED
(
HMCA
)
\nSales
Australia
100.00%
\nHYUNDAI MOTOR PHILIPPINES, INC.
\n(
HMPH
)
\n\u02dd
Philippines
99.99%
\nHYUNDAI MOBILITY (THAILAND)
\nCO., LTD.
(
HMT
)
\n\u02dd
Thailand
100.00%
\nPT HYUNDAI MOTOR
\nMANUFACTURING INDONESIA
\n(
HMMI
)
\nManufacturing
Indonesia
99.99%
\nPT HYUNDAI MOTORS INDONESIA
\n(
HMID
)
\nSales
\u02dd
100.00%
HMMI 0.01%
\nPT Hyundai Solusi Mobilitas (HSM)
\u02dd
\u02dd
99.99%
HMID 99.99%
\nPT. HYUNDAI CAPITAL INDONESIA
\n(HCID)
\nFinancing
\u02dd
100.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 100.00%
\nH
y
undai Ca
p
ital Australia Pt
y
Limite
d
\u02dd
Australia
100.00%
\u02dd
\nHR MECHANICAL SERVICES
\nLIMITED
\nServices
New Zealand
100.00%
\nHYUNDAI ROTEM COMPANY
\n100.00%
\nHyundai Motor Manufacturing Czech
\ns.r.o.
(
HMMC
)
\nManufacturing
Czech
100.00%
\nHyundai Motor Czech s.r.o. (HMCZ)
Sales
\u02dd
100.00%
\nHyundai Motor Europe GmbH (HME)
\nMarketing and
\nSales
\nGermany
100.00%
\nHyundai Motor Deutschland GmbH
\n(HMD)
\nSales
\u02dd
100.00%
\nName of subsidiaries
\nNature of
\nb
usiness
\nLocation
\nOwnership
\np
ercentage
\nIndirect ownership
\nHyundai Motor Europe Technical
\nCenter GmbH (HMETC)
\nR&D
Germany
100.00%
\nH
y
undai Motors
p
ort GmbH
(
HMSG
)
Marketin
g
\u02dd
100.00%
HME 100.00%
\nHyundai Capital Europe GmbH.
Financing
\u02dd
100.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 100.00%
\nHMCIS B.V.
Holding company
Netherlands
100.00%
HMMR 1.65%
\nHyundai Motor Netherlands B.V.
\n(HMNL)
\nSales
\u02dd
100.00%
\nHyundai Motor Manufacturing Rus
\nLLC (HMMR)
\nManufacturing
Russia
70.00%
\nHyundai Motor CIS Limited Liability
\nCompany (HMCIS)
\nSales
\u02dd
100.00%
HMCIS B.V. 100.00%
\nHyundai Mobility Lab Limited Liability
\nCompany. (HML)
\nR&D
\u02dd
100.00%
HMCIS 99.00%, HMMR 1.00%
\nHYUNDAI CAPITAL SERVICES
\nLIMITED LIABILITY COMPANY
\nFinancing
\u02dd
100.00%
Hyundai Capital Europe 100.00%
\nLimited liability company Hyundai Truck
\n& Bus Rus
(
HTBR
)
\nSales
\u02dd
100.00%
\nHyundai Assan Otomotiv Sanayi Ve
\nTicaret Anonim Sirketi
(
HAOSVT
)
\nManufacturing
Turkiye
97.00%
\nHyundai EURotem Demiryolu Araclari
\nSana
y
i ve Ticaret A.S
\n\u02dd
\u02dd
\n50.50%
HYUNDAI ROTEM COMPANY
\n50.50%
\nHyundai Rotem Company \u2013 Hyundai
\nEUROTEM Demiryolu Araclari SAN.
\nVE TIC. A.S ORTAK GIRISIMI
\nSales
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n65.00%,
\nHyundai EURotem A.S. 35.00%
\nHyundai Rotem Company - Hyundai
\nEUROTEM Mahmutbey Projesi
\nORTAK GIRISIMI
\n\u02dd
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n85.00%,
\nH
y
undai EURotem A.S. 15.00%
\nRotem SRS Ukraine LLC.
Services
Ukraine
100.00%
Rotem SRS Co., Ltd. 100.00%
\nRotem SRS E
gyp
t LLC.
\u02dd
E
gyp
t
98.00%
Rotem SRS Co., Ltd. 98.00%
\nHYUNDAI MOTOR UK LIMITED
\n(
HMUK
)
\nSales
UK
100.00%
\nHYUNDAI MOTOR COMPANY ITALY
\nS.R.L.
(
HMCI
)
\n\u02dd
Italy
100.00%
\nHYUNDAI MOTOR ESPANA, S.L.U.
\n(
HMES
)
\n\u02dd
Spain
100.00%
\nHYUNDAI MOTOR FRANCE (HMF)
\u02dd
France
100.00%
\nH
y
undai Motor Poland s
p
. z o.o.
(
HMP
)
\u02dd
Polan
d
100.00%
\nGENESIS MOTOR EUROPE GmbH
\n(
GME
)
\n\u02dd
Germany
100.00%
\nGENESIS MOTOR UK LIMITED
\n(
GMUK
)
\n\u02dd
UK
100.00%
GME 100.00%
\nGENESIS MOTOR SWITZERLAND AG
\n(
GMCH
)
\n\u02dd
Switzerland
100.00%
\u02dd
\nGENESIS MOTOR DEUTSCHLAND
\nGmbH
(
GMD
)
\n\u02dd
Germany
100.00%
\u02dd
\nHyundai Hydrogen Mobility AG (HHM)
\u02dd
Switzerlan
d
75.00%
\nHyundai Hydrogen Mobility Germany
\nGmbH (HHMG)
\n\u02dd
Germany
100.00%
HHM 100.00%
\nHYUNDAI MOTOR DE MEXICO S DE
\nRL DE CV
(
HMM
)
\n\u02dd
Mexico
100.00%
HT 0.01%
\nHyundai de Mexico, SA DE C.V.,
\n(
HYMEX
)
\nManufacturing
\u02dd
99.99%
HT 99.99%
\nHYUNDAI KEFICO MEXICO, S.
\nDE R.L. DE C.V.
\n\u02dd
\u02dd
100.00%
\nHYUNDAI KEFICO
\nCORPORATION 100.00%
\nHyundai Rio Vista, Inc.
\nReal estate
\ndevelo
p
ment
\nUSA
100.00%
HT 100.00%
\nHYUNDAI MOTOR BRASIL
\nMONTADORA DE AUTOMOVEIS
\nLTDA (HMB)
\nManufacturing
Brazil
100.00%
\nHyundai Capital Brasil Servicos De
\nAssistencia Financeira Ltda.
\nFinancing
\u02dd
100.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 100.00%
\nHyundai Rotem Brasil Industria E
\nComercio De Trens Ltda.
\nManufacturing
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n100.00%
\nName of subsidiaries
\nNature of
\nb
usiness
\nLocation
\nOwnership
\np
ercentage
\nIndirect ownership
\nHMS SERVICOS DE MOBILIDADE
\nLTDA. (*4)
\nHolding company
Brazil
99.99%
HMB 99.99%
\nChina Millennium Corporations (CMEs)
\u02dd
\nCayman
\nIslands
\n59.60%
\nChina Mobility Fund, L.P.
Investment
\u02dd
72.00%
\nZER01NE Accelerator
\nInvestment Fund No.1
\n\u02dd
\u02dd
99.00%
\nAutopia Sixty-fifth ~ Seventy-Fifth
\nAsset Securitization Specialty Company
\n(
*1
)
\nFinancing
\u02dd
0.50%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 0.50%
\nZavurov First Co., Ltd. (*1)
\u02dd
\u02dd
0.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 0.00%
\nSuper Series Sixth ~ Fourteenth
\nSecuritization S
p
ecialt
y
Co., Ltd.
(
*1
)
\n\u02dd
\u02dd
0.50%
\nHYUNDAI CARD CO., LTD.
\n0.50%
\nBluewalnut Co., Ltd.
\u02dd
\u02dd
100.00%
\nHYUNDAI CARD CO., LTD.
\n100.00%
\nMOCEAN Co.,Lt
d
Mobility Service
\u02dd
80.00%
\nH
y
undai Cha Fundin
g
, LLC
Financin
g
USA
100.00%
HCA 100.00%
\nHyundai Lease Titling Trust
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai HK Fundin
g
, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHyundai HK Funding Two, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai HK Fundin
g
Three, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHyundai HK Funding Four, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai ABS Fundin
g
, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHK Real Properties, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai Auto Lease Offerin
g
, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHyundai HK Lease, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nExtended Term Amortizin
g
Pro
g
ram, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHyundai Asset Backed Lease, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHCA Exchan
g
e, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai Protection Plan, Inc.
Insurance
\u02dd
100.00%
\u02dd
\nHyundai Protection Plan Florida, Inc.
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai Ca
p
ital Insurance Services, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHyundai Capital Insurance Company
\u02dd
\u02dd
100.00%
\u02dd
\nPower Protect Extended Services, Inc.
\u02dd
\u02dd
100.00%
\u02dd
\nPower Protect Extended Services Florida,
\nInc.
\u02dd
\u02dd
100.00%
\u02dd
\n(*1)
The Group is considered to have substantive control over the entities by virtue of an agreement or relationship with other
\ninvestors, or relationship with structured entities.
\n(*2)
Even though the shareholding ratio of ownership is less than half, the Group has de facto control over the entity due to the
\nrelative size of the voting rights held and the degree of share dispersion of other voting rights holders.
\n(*3)
During the year ended December 31, 2022, the names of companies were changed from Hyundai Motor Japan Co., Ltd. and
\nHyundai Motor Japan R&D Center Inc. to Hyundai Mobility Japan Co., Ltd. and Hyundai Mobility Japan R&D Center Co.,
\nLtd., respectively.
\n(*4)
The name of company was changed from HMB Holding Participacoes Financeiras Ltda. to HMS SERVICOS DE
\nMOBILIDADE LTDA.
\n(*5)
During the year ended December 31, 2022, the Group acquired additional shares of 42dot Inc. and reclassified its shares to a
\nsubsidiary. Although the shareholding ratio of common stock is 66.08%, the shareholding ratio with voting rights is 55.90%
\nconsidering the redeemable convertible preference share with voting rights issued.
\n(2)
Summarized financial position and results of operations of major consolidated subsidiaries
as
of
and for the year
\nended December 31, 2022 are as follows.
\nN
ame of subsidiaries
Assets
Liabilities
Sales
\nProfit (loss)
\nfor the
p
erio
d
\n(In millions of Korean Won)
\nHYUNDAI CAPITAL SERVICES, INC. (*)
\uffe6
38,647,454
\uffe6
33,017,783
\uffe6
4,436,122
\uffe6
437,087
\nHYUNDAI CARD CO., LTD. (*)
25,102,360
21,256,797
3,015,376
253,957
\nHYUNDAI ROTEM COMPANY (*)
4,823,870
3,332,399
3,163,344
194,534
\nHYUNDAI KEFICO CORPORATION (*)
2,118,244
1,151,710
2,255,354
86,781
\nHCA (*)
65,174,141
57,784,155
12,392,502
416,542
\nHMA
13,534,367
8,484,603
33,684,033
2,549,423
\nHMMA
4,974,559
3,863,001
11,399,961
(807,997)
\nHMI (*)
4,932,560
2,071,012
9,230,238
710,908
\nHMMC
4,554,767
1,724,596
9,291,193
680,064
\nHME (*)
2,604,267
2,528,135
14,302,787
12,792
\nHACC (*)
1,811,550
1,003,562
4,146,159
102,258
\nHMB
1,801,019
1,195,946
3,314,994
97,250
\nHAOSVT
1,733,527
867,053
3,625,354
288,338
\nHMMR
1,242,120
406,509
965,782
(230,103)
\nHMCA
1,074,603
874,474
2,371,422
45,739
\n(*)
Based on the subsidiary\u2019s consolidated financial statements
\nSummarized financial position and results of operations of major consolidated subsidiaries
as
of
and for the year
\nended December 31, 2021 are as follows.
\nN
ame of subsidiaries
Assets
Liabilities
Sales
\nProfit (loss)
\nfor the
p
erio
d
\n(In millions of Korean Won)
\nHYUNDAI CAPITAL SERVICES, INC. (*)
\uffe6
34,917,071
\uffe6
29,710,340
\uffe6
3,485,601
\uffe6
432,055
\nHYUNDAI CARD CO., LTD. (*)
21,654,608
18,026,253
2,744,902
314,139
\nHYUNDAI ROTEM COMPANY (*)
4,107,183
2,838,938
2,872,512
51,412
\nHYUNDAI KEFICO CORPORATION (*)
2,038,940
1,187,748
2,029,003
60,512
\nHCA (*)
59,230,349
52,672,107
10,686,865
1,050,250
\nHMA
8,578,534
5,929,588
22,883,130
1,028,470
\nHMMA
4,522,540
2,741,306
8,088,117
236,955
\nHMMC
4,406,392
1,852,526
7,426,329
417,537
\nHMI (*)
4,310,031
1,782,415
7,339,424
437,395
\nHME (*)
2,107,163
2,044,181
11,846,977
11,410
\nHACC (*)
1,946,770
1,119,224
3,582,216
117,911
\nHMMR
1,931,470
959,020
3,178,717
172,149
\nHAOSVT
1,469,527
887,896
3,021,886
198,490
\nHMB
1,387,554
913,764
2,074,018
41,020
\nHMCA
911,712
716,694
1,938,967
28,116
\n(*)
Based on the subsidiary\u2019s consolidated financial statements
\n(3)
The financial statements of all subsidiaries used in the preparation of the consolidated financial
statements
\nare prepared for the same reporting periods as the Company\u2019s.
\n(4)
Summarized cash flows of non-wholly owned subsidiaries that have material non-controlling interests to the
\nGroup and subsidiaries of finance segment for the year ended December 31, 2022 are as follows.
\nDescription
\nHYUNDAI
\nCAPITAL
\nSERVICES, INC.
\nHYUNDAI CARD
\nCO., LTD.
\nHCA
HCCA
\nHYUNDAI
\nROTEM
\nCOMPANY
\n(In millions of Korean Won)
\nProvided by (used in)
\noperatin
g
activities
\uffe6
(1,111,074)
\uffe6
(618,906)
\uffe6
(254,261)
\uffe6
(1,257,295)
\uffe6
716,229
\nProvided by (used in)
\ninvestin
g
activities
(223,067)
(70,359)
28,172
(1,741)
(429,045)
\nProvided by (used in)
\nfinancin
g
activities
2,572,598
2,379,211
389,229
1,274,970
(97,120)
\nEffect of exchange rate
\nchanges on cash and
\ncash equivalen
t
-
-
22,292
(542)
(3,784)
\nN
et increase (decrease) in
\ncash and cash
\nequivalents
1,238,457
1,689,946
185,432
15,392
186,280
\nBeginning balance of
\ncash and cash
\nequivalents
509,170
579,444
368,191
72,402
319,728
\nEnding balance of cash
\nand cash equivalents
\uffe6
1,747,627
\uffe6
2,269,390
\uffe6
553,623
\uffe6
87,794
\uffe6
506,008
\nSummarized cash flows of non-wholly owned subsidiaries that had material non-controlling interests to the
Group
\nand subsidiaries of finance segment for the year ended December 31, 2021 are as follows.
\nDescription
\nHYUNDAI
\nCAPITAL
\nSERVICES, INC.
\nHYUNDAI CARD
\nCO., LTD.
\nHCA
HCCA
\nHYUNDAI
\nROTEM
\nCOMPANY
\n(In millions of Korean Won)
\nProvided by (used in)
\noperatin
g
activities
\uffe6
(367,733)
\uffe6
(1,400,073)
\uffe6
(7,321,554)
\uffe6
(1,558,760)
\uffe6
(62,714)
\nProvided by (used in)
\ninvestin
g
activities
(40,360)
(105,567)
(955,140)
(642)
146,142
\nProvided by (used in)
\nfinancin
g
activities
510,859
1,310,731
8,132,339
1,549,724
(99,586)
\nEffect of exchange rate
\nchanges on cash and
\ncash equivalen
t
339
-
37,398
6,651
(2,842)
\nN
et increase (decrease) in
\ncash and cash
\nequivalents
103,105
(194,909)
(106,957)
(3,027)
(19,000)
\nBeginning balance of
\ncash and cash
\nequivalents
406,065
774,353
475,148
75,429
338,728
\nEnding balance of cash
\nand cash equivalents
\uffe6
509,170
\uffe6
579,444
\uffe6
368,191
\uffe6
72,402
\uffe6
319,728
\n(5)
Details of non-wholly owned subsidiaries of the Company that have material non-controlling interests as of
\nand for the year ended December 31, 2022 are as follows.
\nDescription
\nHYUNDAI
\nCAPITAL
\nSERVICES, INC.
\nHYUNDAI CARD
\nCO., LTD.
\nHYUNDAI
\nROTEM
\nCOMPANY
\n(In millions of Korean Won)
\nOwnership percentage of non-controlling
\ninterests
40.32%
63.04%
66.23%
\nAccumulated non-controllin
g
interests
\uffe6
2,263,283
\uffe6
2,511,596
\uffe6
845,085
\nProfit attributable to non-controlling
\ninterests
171,675
160,104
127,747
\nDividends paid to non-controllin
g
interests
-
56,753
-
\nDetails of non-wholly owned subsidiaries of the Company that had material non-controlling interests as of and for
\nthe year ended December 31, 2021 are as follows.
\nDescription
\nHYUNDAI
\nCAPITAL
\nSERVICES, INC.
\nHYUNDAI
\nCARD CO.,
\nLTD.
\nHYUNDAI
\nROTEM
\nCOMPANY
\n(In millions of Korean Won)
\nOwnership percentage of non-controlling
\ninterests
40.32%
63.04%
66.23%
\nAccumulated non-controllin
g
interests
\uffe6
2,097,956
\uffe6
2,379,871
\uffe6
702,366
\nProfit attributable to non-controlling
\ninterests
170,930
198,059
28,968
\nDividends paid to non-controllin
g
interests
37,002
92,463
-
\n(6)
Financial support provided to consolidated structured entities
\nAs of December 31, 2022, HYUNDAI CARD CO., LTD. and HYUNDAI CAPITAL SERVICES, INC., subsidiaries
\nof the Company, have agreements that provide counterparties with rights of recourse in the event of default on the
\nderivatives relating to asset-backed securities issued by consolidated structured entities, Autopia Sixty-Eighth and
\nSixty-Ninth Asset Securitization Specialty Company, Super Series Sixth, Eighth, Ninth, Twelfth and Fourteenth
\nSecuritization Specialty Co., Ltd..
\n(7)
Nature and risks associated with interests in unconsolidated structured entities
\n1)
Nature of interests in unconsolidated structured entities of the Group as of December 31, 2022 is as follows.
\nDescription
Purpose
N
ature of business
\nMethod of
\nfundin
g
Total assets (*)
\n(In millions of Korean Won)
\nAsset
\nsecuritization SPC
\nFund raising
\nthrough asset-
\nsecuritization
\nFund
\ncollection
\nAsset Backed
\nSecurities and
\nothers
\uffe6
711,575
\nInvestment fund
Investment trust and
\nothers
\nFund management
\nand operation,
\ndistribution of
\noperating profit
\nand others
\nBeneficiary
\n(Investment)
\ncertificates
\n6,877,841
\nStructured Finance
Fund raising
\nthrough project
\nfinancing
\nProject financing
\nfor construction
\nproject and
\nship investmen
t
\nProject financing
\nand others
\n24,128,653
\n(*) The financial information of unconsolidated structured entity includes unaudited amounts.
\nNature of interests in unconsolidated structured entities of the Group as of December 31, 2021 is as follows.
\nDescription
Purpose
N
ature of business
\nMethod of
\nfundin
g
Total assets (*)
\n(In millions of Korean Won)
\nAsset
\nsecuritization SPC
\nFund raising
\nthrough asset-
\nsecuritization
\nFund
\ncollection
\nAsset Backed
\nSecurities and
\nothers
\uffe6
138,514
\nInvestment fund
Investment trust and
\nothers
\nFund management
\nand operation,
\ndistribution of
\noperating profit
\nand others
\nBeneficiary
\n(Investment)
\ncertificates
\n9,874,543
\nStructured Finance
Fund raising
\nthrough project
\nfinancing
\nProject financing
\nfor construction
\nproject and
\nship investmen
t
\nProject financing
\nand others
\n19,487,943
\n(*) The financial information of unconsolidated structured entity includes unaudited amounts.
\n2)
Risks associated with interests in unconsolidated structured entities of the Group as of
December 31, 2022 are as
\nfollows.
\nDescription
\nFinancial support provided
\nto the structured entit
y
\nMaximum amount
\nof exposure to loss
\nof the structured
\nentit
y
\nBook value in the
\nstructured entit
y
Metho
d
Purpose
\n(In millions of Korean Won)
\nAsset
\nsecuritization SPC
\uffe6
70,208
\nLoan
\nobli
g
ations
\nLoan agreement
\n(Credi
t
line)
\uffe6
77,000
\nInvestment fund
\n238,424
\nBeneficiary
\ncertificates,
\nInvestmen
t
trus
t
\nInvest
\nagreement
\n238,424
\nStructured Finance
\n1,585,070
\nLoan
\nobli
g
ations
\nLoan agreement
\n(Credi
t
line)
2,089,900
\nRisks associated with interests in unconsolidated structured entities of the Group as of December 31, 2021 are as
\nfollows.
\nDescription
\nFinancial support provided
\nto the structured entit
y
\nMaximum amount
\nof exposure to loss
\nof the structured
\nentit
y
\nBook value in the
\nstructured entit
y
Metho
d
Purpose
\n(In millions of Korean Won)
\nAsset
\nsecuritization SPC
\uffe6
18,797
\nLoan
\nobli
g
ations
\nLoan agreement
\n(Credi
t
line)
\uffe6
24,000
\nInvestment fund
\n178,552
\nBeneficiary
\ncertificates,
\nInvestmen
t
trus
t
\nInvest
\nagreement
\n178,552
\nStructured Finance
\n826,220
\nLoan
\nobli
g
ations
\nLoan agreement
\n(Credi
t
line)
1,117,599
\n(8)
Significant restrictions on the subsidiaries
\nAs of December 31, 2022, HYUNDAI CARD CO., LTD., a subsidiary of the Company, is subject to significant
\nrestrictions that require it to obtain consent from a nominated outside director recommended by non-controlling
\nshareholders in the events of acquiring a company, entering into new business, providing guarantees, making
\ninvestments in stocks or contracts beyond a certain amount and others.
\n(9)
Changes in consolidated subsidiaries
\nSubsidiaries newly included in or excluded from consolidation during the year ended December 31, 2022 are as follows.
\nChanges
N
ame of subsidiaries
Description
\nInclude
d
Autopia Seventy-Third Asset Securitization Specialty Company
Establishmen
t
\n\u02dd
Autopia Seventy-Fourth Asset Securitization Specialty Company
\u02dd
\n\u02dd
Autopia Seventy-Fifth Asset Securitization Specialty Company
\u02dd
\n\u02dd
Super Series Twelfth Securitization Specialty Co., Ltd.
\u02dd
\n\u02dd
Super Series Thirteenth Securitization Specialty Co., Ltd.
\u02dd
\n\u02dd
Super Series Fourteenth Securitization Specialty Co., Ltd.
\u02dd
\n\u02dd
Hyundai Motor Group Metaplant America, LLC (HMGMA)
\u02dd
\n\u02dd
Hyundai Hydrogen Mobility Germany GmbH (HHMG)
\u02dd
\n\u02dd
HYUNDAI MOBILITY (THAILAND) CO., LTD. (HMT)
\u02dd
\n\u02dd
PT Hyundai Solusi Mobilitas (HSM)
\u02dd
\n\u02dd
42dot Inc.
Acquisition
\n\u02dd
42 Air, Inc
\u02dd
\n\u02dd
Movia Inc.
\u02dd
\nExcluded
supernal, LLC
\nChanged to equity
\nmetho
d
\n\u02dd
Super Series Fifth Securitization Specialty Co., Ltd.
Liquidation
\n\u02dd
Autopia Sixty-fourth Asset Securitization Specialty Company
\u02dd
\n\u02dd
KyoboAXA Private Tomorrow Securities Investment Trust No.12
\u02dd
\n\u02dd
Shinhan BNPP Private Corporate Security Investment Trust No.34
\u02dd
\n\u02dd
KB Leaders Private Securities Fund1(Bond Mixed)
\u02dd
\n\u02dd
Samsung ETF rotation Private Investment Trust 1
\u02dd
\n\u02dd
MoceanLab, Inc.
\u02dd
\n\u02dd
HYUNDAI ROTEM MALAYSIA SDN BHD
\u02dd
\n2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
\n(1)
Basis of consolidated financial statements preparation
\nThe consolidated financial statements have been prepared in accordance with Korean International Financial Reporting
\nStandards (\u201cK-IFRS\u201d), as prescribed in the Act on External Audit of Stock Companies, Etc in the Republic of Korea.
\nThe significant accounting policies used for the preparation of the consolidated financial statements are summarized
\nbelow. These accounting policies are consistent with those applied to the consolidated financial statements as of and for
\nthe year ended December 31, 2021, except for the new or amended accounting standards and interpretations described
\nbelow.
\n1)
New and amended standards that have been applied from the year beginning on January 1, 2022 are as follows.
\nThe Group applied
Proceeds before Intended Use
(Amendments to K-IFRS 1016
\u2018Property, Plant and Equipment\u2019)
,
\nCost of Fulfilling a Contract
(Amendments to K-IFRS 1037 \u2018
Provisions, Contingent Liabilities and Contingent Assets\u2019)
,
\nAnnual Improvements to IFRS Standards 2018-2020
,
Reference to the Conceptual Framework
(Amendments to K-IFRS
\n1103
\u2018Business Combinations\u2019)
and
Covid-19-Related Rent Concessions beyond 30 June 2021
(Amendments to K-IFRS
\n1116
\u2018Leases\u2019
) for the first time on January 1, 2022. These standards and other new accounting standards effective from
\nJanuary 1, 2022 do
not have a material impact on the Group's consolidated financial statements.
\n2) A number of new standards are effective for annual periods beginning after January 1, 2022 and earlier application is
\npermitted; however, the Group has not early adopted them in preparing these consolidated financial statements.
\nThe Group is currently evaluating the effect of the following new or amended standards and interpretations, if any, to the
\nconsolidated financial statements, however, those standards are not expected to have a significant impact on the Group\u2019s
\nconsolidated financial statements.
\n- Classification of Liabilities as Current or Non-current (K-IFRS 1001
\u2018Presentation of Financial Statements\u2019
)
\n- K-IFRS 1117
\u2018Insurance Contracts\u2019
and its amendments
\n- Disclosure of Accounting policies (K-IFRS 1001 \u2018
Presentation of Financial Statements\u2019
)
\n- Definition of Accounting estimate (K-IFRS 1008 \u2018
Accounting Policies, Changes in Accounting Estimates and Errors
\u2019)
\n- Deferred Tax related to Assets and Liabilities arising from a Single Transaction (K-IFRS 1012 \u2018
Income Taxes
\u2019)
\n- Disclosure of Gains and Losses on Valuation of Financial Liabilities with Conditions for Adjustment of Exercise Price
\n(K-IFRS 1001 \u2018
Presentation of Financial Statements
\u2019)
\nThe consolidated financial statements were approved by the Board of Directors on January 26, 2023 and are
\nexpected to be submitted for the Company's annual general meeting of shareholders.
\n(2)
Basis of measurement
\nThe consolidated financial statements have been prepared on the historical cost basis except as otherwise stated in the
\naccounting policies below. Historical cost is usually measured at the fair value of the consideration given to acquire the
\nassets.
\n(3)
Basis of consolidations
\nThe consolidated financial statements incorporate the financial statements of the Company and entities (including
\nstructured entities) controlled by the Company (or its subsidiaries).
Control is achieved when the Company:
\n\ue001
has power over
the investee;
\n\ue001
is exposed, or has rights, to variable returns from its involvement with the investee; and
\n\ue001
has the ability to use its power to affect its returns.
\nThe Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to
\none or more of the three elements of control listed above.
\nWhen the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting
\nrights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally.
The Group
\nconsiders all relevant facts and circumstances in assessing whether or not the Group\u2019s voting rights in an investee are
\nsufficient to give it power, including:
\n\ue001
the size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote
\nholders;
\n\ue001
potential voting rights held by the Group, other vote holders or other parties;
\n\ue001
rights arising from other contractual arrangements; and
\n\ue001
any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to
\ndirect the relevant activities at the time that decisions need to be made, including voting patterns at previous
\nshareholders\u2019 meetings.
\nIncome and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements
\nof comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate.
\nWhen necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into
\nline with those used by the Group.
All intragroup transactions, balances, income and expenses are eliminated in full on
\nconsolidation.
Non-controlling interests are presented in the consolidated statement of financial position within equity,
\nseparately from the equity of the owners of the Group.
The carrying amount of non-controlling interests consists of the
\namount of those non-controlling interests at the initial recognition and the changes in shares of the non-controlling
\ninterests in equity since the date of the acquisition.
Total comprehensive income is attributed to the owners of the Group
\nand to the non-controlling interests even if the non-controlling interest has a deficit balance.
\nChanges in the Group's ownership interests in subsidiaries, without a loss of control, are accounted for as equity
\ntransactions.
The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the
\nchanges in their relative interests in the subsidiaries.
Any difference between the amount by which the non-controlling
\ninterests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed
\nto owners of the Group.
\nWhen the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the
\naggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous
\ncarrying amount of the assets (including goodwill), liabilities of the subsidiary and any non-controlling interests. The
\namounts previously recognized in other comprehensive income and accumulated in equity are accounted for as if the
\nGroup had directly disposed of the relevant assets (i.e., reclassified to profit or loss or transferred directly to retained
\nearnings as specified by applicable K-IFRS).
The fair value of any investment retained in the former subsidiary at the
\ndate when control is lost is regarded as the fair value on initial recognition for subsequent accounting under K-IFRS 1109
\nFinancial Instruments: Recognition and Measurement
or, when applicable, the cost on initial recognition of an investment
\nin an associate or a joint venture.
\n(4)
Business combination
\nAcquisitions of businesses are accounted for using the acquisition method.
The consideration transferred in a business
\ncombination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets
\ntransferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests
\nissued by the Group in exchange for control of the acquiree.
The consideration includes any asset or liability resulting
\nfrom a contingent consideration arrangement and is measured at fair value.
\nAcquisition-related costs are recognized in profit or loss as incurred. When a business combination is achieved in stages,
\nthe Group's previously held equity interest in the acquiree is remeasured at its fair value at the acquisition date (i.e., the
\ndate when the Group obtains control) and the resulting gain or loss, if any, is recognized in profit or loss.
Prior to the
\nacquisition date, the amount resulting from changes in the value of its equity interest in the acquiree that have previously
\nbeen recognized in other comprehensive income are reclassified to profit or loss where such treatment would be
\nappropriate if that interest were directly disposed of.
\n(5)
Revenue recognition
\nIn accordance with K-IFRS 1115, all types of contracts recognize revenues by the 5-step revenue recognition model (1)
\nidentification of contract
\u2192
(2) identification of performance obligations
\u2192
(3) calculation of transaction price
\u2192
(4)
\nallocation of transaction price to performance obligations
\u2192
(5) recognition of revenue when performance obligation is
\nsatisfied.
\n1) Identification of performance obligations
\nThe Group operates businesses such as the manufacture and sale of automobiles and auto parts. In the automobile sales
\ncontracts with customers, services other than automobile sales are separately identified as performance obligations.
\n2) Performance obligations satisfied at a point in time
\nRevenue is recognized when the performance obligations under the terms of a contract with the Group\u2019s customer are
\nsatisfied, which generally occurs with the transfer of control of goods or services.
\n3) Performance obligations satisfied over time
\nIn assessing whether the control over goods or services is transferred over time, the Group evaluates whether the customer
\nsimultaneously obtains and consumes the benefits provided by the Group\u2019s performance, whether the assets are controlled
\nby the customer, and whether the assets created by the Group have no substitute purpose, and whether the Group is entitled
\nto reimbursement of costs incurred to date, including a reasonable margin.
\n4) Allocation of transaction price
\nThe Group allocates the transaction price to each of the performance obligations identified in a single contract in
\nproportion to its stand-alone selling price. When the stand-alone selling price is not directly observable, the Group
\nestimates the stand-alone selling price using the adjusted market assessment approach, or the expected cost plus a margin
\napproach.
\n5) Variable consideration
\nThe Group estimates the amount of consideration it will be entitled to receive using the method (either the expected value
\nmethod or the most likely amount method) that provides the most accurate prediction.
\nVariable consideration is included in the transaction price only to the extent that it is highly probable that a significant
\nreversal in the cumulative amount of revenue recognized will not occur in future periods.
\n6) Significant financing element
\nIf the period between the transfer of the goods or services promised to the customer and the payment from the customer
\nis within one year, the Group does not adjust the promised amount of consideration for the effects of a significant financing
\ncomponent, as a practical expedient.
\n7) Construction contracts
\nWhere the outcome of a construction contract can be estimated reliably, the contract revenue and contract costs associated
\nwith the construction contract are recognized as revenue and expenses, respectively, by reference to the stage of
\ncompletion of the contract activity at the end of reporting period.
\nThe percentage of completion of a contract activity is reliably measured based on the proportion of contract costs incurred
\nfor work performed to date relative to the estimated total contract costs, by surveys of work performed or by completion
\nof a physical proportion of the contract work.
Variations in contract work, claim and incentive payments are included to
\nthe extent that the amount can be measured reliably and its receipt is considered probable.
Where the outcome of a
\nconstruction contract cannot be estimated reliably, contract revenue is recognized to the extent of contract costs incurred
\nthat it is probable will be recoverable.
Contract costs are recognized as expenses in the period in which they are incurred.
\nWhen it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an
\nexpense immediately.
\n(6)
Foreign currency translation
\nThe individual financial statements of each entity in the Group are prepared and presented in the currency of the
\nprimary economic environment in which the entity operates (its functional currency).
\nIn preparing the financial statements of the individual entities, transactions occurring in currencies other than their
\nfunctional currency (foreign currencies) are recorded using the exchange rate on the dates of the transactions.
At the end
\nof each reporting period, monetary items denominated in foreign currencies are translated using the exchange rate at the
\nreporting period.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated
\nusing the exchange rate at the date of the transaction.
Non-monetary items that are measured at fair value in a foreign
\ncurrency are translated using the exchange rates at the date when the fair value was determined.
Exchange differences
\nresulting from settlement of assets or liabilities and translation of monetary items denominated in foreign currencies are
\nrecognized in profit or loss in the period in which they arise except for some exceptions.
\nForeign exchange gains or losses are classified in finance income (expenses) or other income (expenses) by the nature of
\nthe transaction or event.
\nFor the purpose of presenting the consolidated financial statements, assets and liabilities in the Group\u2019s foreign operations
\nare translated into Won, using the exchange rates at the end of reporting period.
Income and expense items are translated
\nat the average exchange rate for the period, unless the exchange rate during the period has significantly fluctuated, in
\nwhich case the exchange rates at the dates of the transactions are used.
The exchange differences arising, if any, are
\nrecognized in equity as other comprehensive income.
Upon the disposal of a foreign operation, the cumulative amount
\nof the exchange differences relating to that foreign operation is reclassified from equity to profit or loss when the gain or
\nloss on disposal is recognized.
Any goodwill arising on the acquisition of a foreign operation and any fair value
\nadjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation are treated
\nas assets and liabilities of the foreign operation and translated at the exchange rate at the end of reporting period.
\n(7)
Financial Assets
\nThe Group classifies financial assets as financial assets measured at fair value through profit or loss, financial assets
\nmeasured at amortized cost or financial assets measured at fair value through other comprehensive income according to
\nthe terms and purpose of acquisition. The Group determines the classification of a financial asset at initial recognition.
\nAll recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending
\non the classification of the financial assets.
\n1)
Classification of financial assets
\nDebt instruments that meet the following conditions are measured subsequently at amortized cost:
\n\ue001
The financial asset is held within a business model whose objective is to hold financial assets in order to
\ncollect contractual cash flows; and
\n\ue001
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
\nof principal and interest on the principal amount outstanding.
\nDebt instruments that meet the following conditions are measured subsequently at fair value through other comprehensive
\nincome (FVOCI):
\n\ue001
The financial asset is held within a business model whose objective is achieved by both collecting contractual
\ncash flows and selling the financial assets; and
\n\ue001
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
\nof principal and interest on the principal amount outstanding.
\nBy default, all other financial assets are measured subsequently at fair value through profit or loss (FVPL).
\nDespite the foregoing, the Group may make the following irrevocable election / designation at initial recognition of a
\nfinancial asset:
\n\ue001
The Group may irrevocably elect to present subsequent changes in fair value of an equity investment in other
\ncomprehensive income if certain criteria are met; and
\n\ue001
The Group may irrevocably designate a debt investment that meets the amortized cost or FVOCI criteria as
\nmeasured at FVPL if doing so eliminates or significantly reduces an accounting mismatch
\n1-1)
Amortization cost and effective interest rate method
\nThe effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest
\nincome over the relevant period. The amortized cost of a financial asset is the amount at which the financial asset is
\nmeasured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective
\ninterest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance.
\nThe gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss
\nallowance. Interest income is recognized using the effective interest method for debt instruments measured subsequently
\nat amortized cost and at FVOCI.
\n1-2)
Debt instruments classified as at FVOCI
\nCorporate bonds are initially measured at fair value plus transaction costs. Subsequently, changes in the carrying amount
\nof these corporate bonds as a result of foreign exchange gains and losses, impairment gains or losses, and interest income
\ncalculated using the effective interest method are recognized in profit or loss. The amounts that are recognized in profit
\nor loss are the same as the amounts that would have been recognized in profit or loss if these corporate bonds had been
\nmeasured at amortized cost. All other changes in the carrying amount of these corporate bonds are recognized in other
\ncomprehensive income and accumulated in investments revaluation reserve. When these corporate bonds are
\nderecognized, the cumulative gains or losses previously recognized in other comprehensive income are reclassified to
\nprofit or loss.
\n1-3)
Equity instruments designated as at FVOCI
\nOn initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument basis) to designate
\ninvestments in equity instruments as at FVOCI. Designation at FVOCI is not permitted if the equity investment is held
\nfor trading or if it is contingent consideration recognized by an acquirer in a business combination.
\nInvestments in equity instruments at FVOCI are initially measured at fair value plus transaction costs. Subsequently, they
\nare measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive
\nincome and accumulated in the investments revaluation reserve. The cumulative gain or loss will not be reclassified to
\nprofit or loss on disposal of the equity investments, instead, it is transferred to retained earnings.
\n1-4)
Financial assets measured at FVPL
\nFinancial assets that do not meet the criteria for being measured at amortized cost or FVOCI are measured at FVPL. Gains
\nor losses arising from changes in the fair value of FVPL, dividends and interest income from the financial assets are
\nrecognized in profit or loss.
\n2) Foreign exchange gain / loss
\nThe carrying amount of a financial asset designated as a foreign currency is determined in foreign currencies and is
\ntranslated at the spot exchange rate at the end of the reporting period.
\n(8)
Impairment of financial assets
\nThe Group recognizes a loss allowance for expected credit losses on investments in debt instruments that are measured
\nat amortized cost or at FVOCI, lease receivables, trade receivables and contract assets, as well as on financial guarantee
\ncontracts. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since
\ninitial recognition of the respective financial instrument.
\nThe Group always recognizes lifetime expected credit losses (ECL) for trade receivables, contract assets and lease
\nreceivables. The ECLs on these financial assets are estimated using a provision matrix based on the Group\u2019s historical
\ncredit loss experience and valuation of individual assets, adjusted for factors that are specific to the debtors, general
\neconomic conditions and an assessment of forecast on present and future conditions reflecting time value of money where
\nappropriate.
\nFor all other financial instruments, the Group recognizes lifetime ECLs when there has been a significant increase in
\ncredit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly
\nsince initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-
\nmonth ECLs.
\nLifetime ECL represents the expected credit losses that will result from all possible default events over the expected life
\nof a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from
\ndefault events on a financial instrument that are possible within 12 months after the reporting date.
\n1) Significant increase in credit risk
\nIn assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the
\nGroup compares the risk of a default occurring on the financial instrument at the reporting date with the risk of a default
\noccurring on the financial instrument at the date of initial recognition.
\nIn particular, the following information is taken into account when assessing whether credit risk has increased
\nsignificantly since initial recognition:
\n\ue001
an actual or expected significant deterioration in the financial instrument\u2019s external (if available) or internal
\ncredit rating;
\n\ue001
other significant increases in credit risk;
\n2) Definition of default
\nThe Group believes that, based on past experience, if the debtor violates the terms of the contract, it is considered to
\nconstitute a default event for internal credit risk management purposes.
\n3) Credit-impaired financial assets
\nA financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash
\nflows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following
\nobservable data:
\n(a)
significant financial difficulty of the issuer or the borrower;
\n(b)
a breach of contract, such as a default or past due event as defined by the Group\u2019s internal policy;
\n4) Measurements and recognition of expected credit losses
\nThe measurement of ECLs is a function of the probability of default, loss given default (i.e. the magnitude of the loss if
\nthere is a default) and the exposure at default. The assessment of the probability of default and loss given default is based
\non historical data adjusted by forward-looking information as described above. As for the exposure at default, for financial
\nassets, this is represented by the assets\u2019 gross carrying amount at the reporting date.
\nFor financial assets, the ECLs are estimated as the difference between all contractual cash flows that are due to the Group
\nin accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective
\ninterest rate.
\nIf the Group has measured the loss allowance for a financial instrument at an amount equal to lifetime ECLs in the
\nprevious reporting period, but determines at the current reporting date that the conditions for lifetime ECLs are no longer
\nmet, the Group measures the loss allowance at an amount equal to 12-month ECLs at the current reporting date, except
\nfor financial assets for which a simplified approach is used.
\nThe Group recognizes an impairment gain or loss in profit or loss for all financial instruments with a corresponding
\nadjustment to their carrying amount through a loss allowance account, except for investments in debt instruments that are
\nmeasured at FVOCI, for which the loss allowance is recognized in other comprehensive income and accumulated in the
\ninvestment revaluation reserve, and does not reduce the carrying amount of the financial asset in the statement of financial
\nposition.
\n(9)
Derecognition of financial assets
\nThe Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when
\nit transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the
\nGroup neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the
\ntransferred asset, the Group recognizes its retained interest in the asset and an associated liability for amounts it may have
\nto pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group
\ncontinues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received.
\nOn derecognition of a financial asset measured at amortized cost, the difference between the asset\u2019s carrying amount and
\nthe sum of the consideration received and receivable is recognized in profit or loss. In addition, on derecognition of an
\ninvestment in a debt instrument classified as at FVOCI, the cumulative gain or loss previously accumulated in the
\ninvestments revaluation reserve is reclassified to profit or loss. In contrast, on derecognition of an investment in equity
\ninstrument which the Group has elected on initial recognition to measure at FVOCI, the cumulative gain or loss previously
\naccumulated in the investments revaluation reserve is not reclassified to profit or loss, but is transferred to retained
\nearnings.
\n(10) Inventory
\nInventory is measured at the lower of cost or net realizable value.
Inventory cost, including the fixed and variable
\nmanufacturing overhead cost, is calculated, using the moving average method, except for the cost for inventory in transit,
\nwhich is determined by the specific identification method.
\n(11) Investments in associates and joint ventures
\nAn associate is an entity over which the Group has significant influence, but not a joint venture or a subsidiary.
Significant
\ninfluence is the power to participate in the financial and operating policy decisions of the investee, but is not control or
\njoint control over those policies.
\nA joint venture is a joint arrangement, whereby the parties that have joint control of the arrangement have rights to the
\nnet assets of the joint arrangement.
Joint control is the contractually agreed sharing of control of an arrangement, which
\nexists only when decisions about the relevant activities require unanimous consent of the parties sharing control.
\nThe investment in an associate or a joint venture is initially recognized at cost and accounted for using the equity method.
\nUnder the equity method, an investment in an associate or a joint venture is initially recognized in the consolidated
\nstatement of financial position at cost and adjusted thereafter to recognize the Group's share of the profit or loss and other
\ncomprehensive income of the associate or the joint venture.
\nWhen the Group's share of losses of an associate or a joint venture exceeds the Group's interest in that associate or joint
\nventure (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate
\nor the joint venture), the Group discontinues recognizing its share of further losses.
Additional losses are recognized only
\nto the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or
\nthe joint venture.
\nInvestment in associate or joint venture is accounted for using the equity method from the date that the investee becomes
\nthe associate or joint venture. Any excess of the cost of acquisition over the Group's share of the net fair value of the
\nidentifiable assets, liabilities and contingent liabilities of an associate or a joint venture recognized at the date of
\nacquisition is recognized as goodwill, which is included within the carrying amount of the investment.
\nAny excess of the Group's share of the net fair value of the identifiable assets, liabilities and contingent liabilities over
\nthe cost of acquisition, after reassessment, is recognized immediately in profit or loss.
\nThe requirements of K-IFRS 1028 are applied to determine whether it is necessary to recognize any impairment loss with
\nrespect to the Group\u2019s investment in an associate or a joint venture. When there is any indication of impairment, the entire
\ncarrying amount of the investment (including goodwill) is tested for impairment in accordance with K-IFRS 1036 as a
\nsingle asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its
\ncarrying amount. Any impairment loss recognized is not allocated to any asset, including goodwill that forms part of the
\ncarrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with K-IFRS 1036
\nto the extent that the recoverable amount of the investment subsequently increases.
\nUpon disposal of an associate or a joint venture that results in the Group losing significant influence over that associate
\nor joint venture, any retained investment is measured at fair value at that date and the fair value is regarded as its fair
\nvalue on initial recognition as a financial asset in accordance with K-IFRS 1109.
The difference between the previous
\ncarrying amount of the associate or joint venture attributable to the retained interest and its fair value is included in the
\ndetermination of the gain or loss on disposal of the associate or joint venture.
In addition, the Group accounts for all
\namounts previously recognized in other comprehensive income in relation to that associate or joint venture on the same
\nbasis we would be required if that associate or joint venture had directly disposed of the related assets or liabilities.
\nTherefore, if a gain or loss previously recognized in other comprehensive income by that associate or joint venture would
\nbe reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss
\nfrom equity to profit or loss (as reclassification adjustment) when it loses significant influence over that associate or joint
\nventure. When the Group reduces its ownership interest in an associate or a joint venture, but the Group continues to use
\nthe equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been
\nrecognized in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be
\nreclassified to profit or loss on the disposal of the related assets or liabilities.
In addition, the Group applies K-IFRS 1105
\nto a portion of investment in an associate or a joint venture that meets the criteria to be classified as held for sale.
\nThe Group continues to use the equity method when an investment in an associate becomes an investment in a joint
\nventure or an investment in a joint venture becomes an investment in an associate.
There is no remeasurement to fair
\nvalue upon such changes in ownership interests.
\nUnrealized gains from transactions between the Group and its associates or joint ventures are eliminated up to the shares
\nin associate (joint venture) stocks.
Unrealized losses are also eliminated, unless evidence of impairment in assets
\ntransferred is produced.
If the accounting policy of associates or joint ventures differs from the Group, financial
\nstatements are adjusted accordingly before applying equity method of accounting.
\n(12)
Property, plant and equipment
\nProperty, plant and equipment is recognized if, and only if it is probable that future economic benefits associated with the
\nasset will flow to the Group, and the cost of the asset can be measured reliably.
After the initial recognition, property,
\nplant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses.
The cost includes
\nany cost directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating
\nin the manner intended by management and the initial estimate of the costs of dismantling and removing the item and
\nrestoring the site on which it is located.
In addition, in case the recognition criteria are met, the subsequent costs will be
\nadded to the carrying amount of the asset or recognized as a separate asset, and the carrying amount of what was replaced
\nis derecognized.
\nDepreciation is computed using the straight-line method based on the estimated useful lives of the assets.
The
\nrepresentative useful lives are as follows.
\nRepresentative useful lives (
y
ears)
\nBuildin
g
s and structures
12
\u2013
50
\nMachiner
y
and equipmen
t
6
\u2013
15
\nVehicles
6
\u2013
15
\nDies, mold and tools
4
\u2013
6
\nOffice equipmen
t
3
\u2013
15
\nOthe
r
2
\u2013
20
\nThe Group reviews the depreciation method, the estimated useful lives and residual values of property, plant and
\nequipment at the end of each annual reporting period.
If expectations differ from previous estimates, the changes are
\naccounted for as a change in accounting estimate.
\n(13)
Investment properties
\nInvestment properties are property held to earn rentals or for capital appreciation or both.
Investment properties are
\nmeasured initially at its cost and transaction costs are included in the initial measurement.
After initial recognition, the
\nbook value of investment properties is presented at the cost less accumulated depreciation and accumulated impairment
\nlosses.
\nSubsequent costs are recognized as the carrying amount of the asset when, and only when it is probable that future
\neconomic benefits associated with the asset will flow to the Group, and the cost of the asset can be measured reliably, or
\nrecognized as a separate asset if appropriate.
The carrying amount of what was replaced is derecognized.
\nLand is not depreciated, and other investment properties are depreciated using the straight-line method over the period
\nfrom 20 to 50 years.
The Group reviews the depreciation method, the estimated useful lives and residual values at the
\nend of each annual reporting period.
If expectations differ from previous estimates, the changes are accounted for as a
\nchange in accounting estimate.
\n(14)
Intangible assets
\n1)
Goodwill
\nGoodwill arising from a business combination is recognized as an asset at the time of obtaining control (the acquisition
\ndate).
Goodwill is measured as the excess of the aggregate of the consideration transferred, the amount of any non-
\ncontrolling interest in the acquiree and the acquisition-date fair value of the Group\u2019s previously held equity interest in the
\nacquiree over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.
\nIf, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed
\nexceeds the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the
\nacquisition-date fair value of the Group\u2019s previously held equity interest in the acquiree, the excess is recognized
\nimmediately in profit or loss as a bargain purchase gain.
\nGoodwill is not amortized, but tested for impairment at least annually.
For purposes of impairment tests, goodwill is
\nallocated to those cash-generating units (\u201cCGU\u201d) of the Group expected to have synergies from the business combination.
\nCGU that goodwill has been allocated is tested for impairment every year or when an event occurs that indicates
\nimpairment.
\nIf the recoverable amount of a CGU is less than its carrying amount, the impairment will first decrease the goodwill
\nallocated to that CGU and the remaining impairment will be allocated among other assets relative to its carrying value.
\nImpairment recognized for goodwill may not be reversed.
When disposing a subsidiary, related goodwill will be included
\nin gain or loss from disposal.
\n2)
Development costs
\nThe expenditure on research is recognized as an expense when it is incurred.
The expenditure on development is
\nrecognized as an intangible asset, and amortization is computed using the straight-line method based on the estimated
\nuseful lives of the assets since the asset is available for use or sale.
\nResearch and development activities are conducted in phases of preceding research, development approval, product
\ndevelopment and mass production.
The Group generally recognizes intangible assets as development activities after the
\ndevelopment approval phases which product specification, release schedule, and sales plan are established.
Expenditure
\nincurred at the previous phase is recognised as an expense as it is considered as research activities when it is incurred.
\n3)
Intangible assets acquired separately
\nIntangible assets are measured initially at cost, and are subsequently measured at cost less accumulated amortization and
\naccumulated impairment losses.
\nIntangible assets are amortized by the straight-line method based on estimated useful lives from the date of availability.
\nThe Group reviews the estimated useful life and amortization method at the end of each annual reporting period.
If
\nexpectations differ from previous estimates, the changes are accounted for as a change in accounting estimate.
Intangible
\nassets assessed as having indefinite useful life such as club membership are subjected to impairment test at least once a
\nyear without amortization.
\nThe representative useful lives are as follows.
\nRepresentative useful lives (
y
ears)
\nDevelopment costs
3, 7
\nIndustrial propert
y
ri
g
hts
5
\u2013
10
\nSoftware
3
\u2013
7
\nOthe
r
5
\u2013
40
\n(15)
Impairment of non-financial assets
\nThe Group assesses at the end of each reporting period whether there is any indication that an asset may be impaired.
If
\nany such indication exists, the Group estimates the recoverable amount of the asset to determine the extent of the
\nimpairment loss.
Recoverable amount is the higher of fair value less costs to sell and value in use. If the cash inflows of
\nan individual asset are largely independent from other assets or group of assets, the recoverable amount is measured for
\nthat individual asset; otherwise, it is measured for the cash generating unit (CGU) to which the asset belongs.
An
\nimpairment loss in respect of goodwill is not reversed. For other assets, impairment loss is reversed if the recoverable
\namount increases in subsequent years, but only to the extent that the asset\u2019s carrying amount does not exceed the carrying
\namount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
\nIntangible assets with indefinite useful lives or intangible assets not yet available for use are not amortized, but tested for
\nimpairment annually.
\n(16) Non-current assets classified as held for sale
\nThe Group classifies a non-current asset (or disposal group) as held for sale, if its carrying amount will be recovered
\nprincipally through a sale transaction rather than through continuing use.
For this to be the case, the asset (or disposal
\ngroup) must be available for immediate sale in its present condition subject only to terms that are usual and customary
\nfor sales of such assets (or disposal groups) and its sale must be highly probable.
The management must be committed
\nto a plan to sell the asset (or disposal group), and the sale should be expected to qualify for recognition as a completed
\nsale within one year from the date of classification.
\nNon-current assets (or disposal group) classified as held for sale are measured at the lower of their carrying amount and
\nfair value, less costs to sell.
\n(17)
Lease
\nAt contract inception, the Group assesses whether a contract is or contains a lease. A contract is, or contains, a lease if
\nthe contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration.
\nWhen assessing whether the contract conveys a right to control the use of an identified asset, definition of a lease under
\nK-IFRS 1116 has been applied.
\n1) As a lessee
\nAt inception or effective date of change, the Group allocates the consideration in the contract to each lease on the basis
\nof their relative stand-alone prices. However, for leases of properties in which it is a lessee, the Group has elected not to
\nseparate non-lease components and will instead account for the lease and non-lease components as a single lease
\ncomponent.
\nThe Group recognizes a right-of-use asset and lease liability at the lease commencement date. The right-of-use asset is
\ninitially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made
\nat or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove
\nthe underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentive received.
\nThe right-of use asset is subsequently depreciated using the straight-line method from the commencement date to the end
\nof the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or
\nthe cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset
\nwill be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property
\nand equipment. In addition, the right-of use asset is periodically reduced by impairment losses, if any, and adjusted for
\ncertain remeasurements of the lease liability.
\nThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
\ndate, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s
\nincremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
\nWhen the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use
\nasset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
\nThe Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-
\nterm leases. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis
\nover the lease term.
\n2) As a lessor
\nThe accounting policies applicable in the same period to the Group as a lessor are not different from those under K-IFRS
\n1116. When the Group acted as a lessor, it determined at lease inception whether each lease was a finance lease or an
\noperating lease. To classify each lease, the Group made an overall assessment of whether the lease transferred
\nsubstantially all of the risks and rewards incidental to ownership of the underlying asset. If this was the case, then the
\nlease was a finance lease; if not, then it was an operating lease.
\nAmounts due from lessees under finance leases are recognized as receivables at the amount of the Group\u2019s net investment
\nin the leases.
Finance lease interest income is allocated to accounting periods so as to reflect an effective interest rate on
\nthe Group\u2019s net investment outstanding in respect of the leases.
Rental income from operating leases is recognized on a
\nstraight-line basis over the term of the relevant lease.
Initial direct costs incurred in negotiating and arranging an operating
\nlease are added to the carrying amount of the carrying amount of investments in operating leases and recognized as
\nexpense on a straight-line basis over the lease term.
\n(18) Borrowing costs
\nBorrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized to
\nthe cost of those assets, until they are ready for their intended use or sale.
A qualifying asset is an asset that necessarily
\ntakes a substantial period of time to get ready for its intended use or sale.
Investment income earned on the temporary
\ninvestment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs
\neligible for capitalization.
All other borrowing costs are recognized in profit or loss in the period in which they are
\nincurred.
\n(19) Retirement benefit plans
\nThe retirement benefit obligation recognized in the consolidated statements of financial position represents the present
\nvalue of the defined benefit obligation, less the fair value of plan assets.
Defined benefit obligations are calculated by an
\nactuary using the Projected Unit Credit Method.
\nThe present value of the defined benefit obligations is measured by discounting estimated future cash outflows by the
\ninterest rate of high-quality corporate bonds, with similar maturity as the expected post-employment benefit payment date.
\nIn countries where there is no deep market in such bonds, the market yields at the end of the reporting period on
\ngovernment bonds are used.
\nThe remeasurements of the net defined benefit liabilities (assets) comprising actuarial gain or loss from changes in
\nactuarial assumptions or differences between actuarial assumptions and actual results, the effect of the changes to the
\nasset ceiling and return on plan assets, excluding amounts included in net interest on the net defined benefit liabilities
\n(assets), are recognized in other comprehensive income of the consolidated statements of comprehensive income, which
\nis immediately recognized as retained earnings.
Those recognized in retained earnings will not be reclassified in profit
\nor loss.
Past service costs are recognized in profit and loss when the plan amendment occurs, and net interest is calculated
\nby applying the discount rate determined at the beginning of the annual reporting period to the net defined benefit
\nliabilities (assets).
Defined benefit costs are composed of service cost (including current service cost, past service cost,
\nas well as gains and losses on settlements), net interest expense (income), and remeasurements.
\nThe retirement benefit obligation recognized in the consolidated statements of financial position represents the actual
\ndeficit or surplus in the Group\u2019s defined benefit plans.
Any surplus resulting from this calculation is limited to the present
\nvalue of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the
\nplans.
\nContributions to defined contribution retirement benefit plans are recognized as expenses when employees provide
\nservices eligible for payment.
\n(20) Provisions
\nA provision is recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is
\nprobable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
\nestimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the
\nconsideration required to settle the present obligation at the end of the reporting period, taking into account the risks and
\nuncertainties surrounding the obligation.
A provision is measured using the present value of the cash flows estimated to
\nsettle the present obligation.
The increase in provision due to passage of time is recognized as interest expense.
\nThe Group recognizes provisions for costs expected to be incurred in the future for the repair of regular parts within the
\nwarranty period based on historical experience and compensation for accidents caused by defects in the exported products
\nor parts of the product when such amounts are probable of payment. Also, the Group recognizes provisions for the
\nprobable losses of unused loan commitment, construction contracts, pre-contract sale or service contract due to legal or
\nconstructive obligations. In addition, the Company recognizes provisions expected to be paid in the future with regard to
\nlong-term employee benefits payable to long-term employees.
\nWhen some or all of the economic benefits required to settle a provision are expected to be recovered from a third party,
\na receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the
\nreceivable can be measured reliably.
\n(21) Taxation
\nIncome tax expense is composed of current and deferred tax.
\n1)
Current tax
\nThe current tax is computed based on the taxable profit for the current year.
The taxable profit differs from the profit
\nbefore income tax as reported in the consolidated statements of income because it excludes items of income or expense
\nthat are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
The Group\u2019s
\ncurrent tax liability is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting
\nperiod.
The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or
\nreceived that reflects uncertainty related to income taxes, if any.
\n2)
Deferred tax
\nDeferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the
\nconsolidated financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax
\nliabilities are generally recognized for all taxable temporary differences.
Deferred tax assets shall be generally recognized
\nfor all deductible temporary differences to the extent that it is probable that taxable profits will be available against which
\nthose deductible temporary differences can be utilized.
Such deferred tax assets and liabilities shall not be recognized if
\nthe temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of
\nother assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
\nDeferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and
\nassociates and interests in joint ventures, except when the Group is able to control the timing of the reversal of the
\ntemporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred
\ntax assets arising from deductible temporary differences associated with such investments and interests are only
\nrecognized to the extent that taxable profit will be available against which the temporary difference can be utilized and
\nthey are expected to be reversed in the foreseeable future.
\nThe carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that
\nit is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
\nDeferred tax assets and liabilities are measured at the tax rates that are expected to be applied in the period in which the
\nliability is settled or the asset is realized, based on tax rates and tax laws that have been enacted or substantively enacted
\nby the end of the reporting period.
The measurement of deferred tax assets and liabilities reflects the tax consequences
\nthat would follow from the manner in which the Group expects to recover or settle the carrying amount of its assets and
\nliabilities at the end of the reporting period.
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against
\ncurrent tax liabilities and when they relate to income tax levied by the same taxation authority.
Also, they are offset when
\ndifferent taxable entities that intend either to settle current tax liabilities and assets on a net basis, or to realize the assets
\nand settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or
\nassets are expected to be settled or recovered.
\n3)
Recognition of current and deferred taxes
\nCurrent and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in other
\ncomprehensive income or directly in equity, or items arising from initial accounting treatments of a business combination.
\nThe tax effect arising from a business combination is included in the accounting for the business combination.
\n(22) Treasury stock
\nWhen the Group repurchases its equity instruments (treasury stock), the incremental costs and net of tax effect are
\ndeducted from equity and recognized as other capital item deducted from the total equity in the consolidated statements
\nof financial position.
In addition, profits or losses from purchase, sale or retirement of treasury stocks are directly
\nrecognized in equity and not in current profit or loss.
\n(23)
Financial liabilities and equity instruments
\nDebt instruments and equity instruments issued by the Group are recognized as financial liabilities or equity depending
\non the contract and the definitions of financial liability and equity instrument.
\n1) Equity instruments
\nAn equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its
\nliabilities. Equity instruments issued by the Group are recognized at the proceeds received, net of direct issue costs.
\nRepurchase of the Company\u2019s own equity instruments is recognized and deducted directly in equity. No gain or loss is
\nrecognized in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments.
\n2) Financial guarantee liability
\nA financial guarantee contract is a contract that the issuer must pay a certain amount of money to compensate for losses
\nincurred by the holder due to the failure of a specific debtor to pay the due date on the original contract or modified terms
\nof the debt instrument. Financial guarantee liabilities are measured initially at fair value and subsequently measured at
\nthe greater of the following, unless they are designated as at fair value through profit or loss or arising from the transfer
\nof assets.
\n\ue001
Loss provision calculated in accordance with K-IFRS 1109
\n\ue001
The amount recognized less the accumulated profits recognized in accordance with K-IFRS 1115
\n3) Financial liabilities measured at FVPL
\nFinancial liabilities are classified as at FVPL when the financial liability is (i) contingent consideration of an acquirer in
\na business combination, (ii) held for trading or (iii) it is designated as at FVPL as of the date of initial recognition.
\nHowever, for financial liabilities that are designated as at FVPL, the amount of change in the fair value of the financial
\nliability that is attributable to changes in the credit risk of that liability is recognized in other comprehensive income,
\nunless the recognition of the effects of changes in the liability\u2019s credit risk in other comprehensive income would create
\nor enlarge an accounting mismatch in profit or loss. The remaining amount of change in the fair value of liability is
\nrecognized in profit or loss. Changes in fair value attributable to a financial liability\u2019s credit risk that are recognized in
\nother comprehensive income are not subsequently reclassified to profit or loss; instead, they are transferred to retained
\nearnings upon derecognition of the financial liability. Gains or losses on financial guarantee contracts issued by the Group
\nthat are designated by the Group as at FVPL are recognized in profit or loss.
\n4) Financial liabilities measured subsequently at amortized cost
\nFinancial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held for trading,
\nor (iii) designated as at FVPL as of the date of initial recognition, are measured subsequently at amortized cost using the
\neffective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability
\nand of allocating interest expense over the relevant period.
\n5) Derecognition of financial liabilities
\nThe Group derecognizes financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or
\nhave expired. The difference between the carrying amount of the financial liability derecognized and the consideration
\npaid and payable is recognized in profit or loss.
\n(24) Derivatives
\nDerivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently
\nremeasured to their fair value at the end of each reporting period.
The resulting gain or loss is recognized in profit or loss
\nimmediately, unless the derivative is designated and effective as a hedging instrument, in such case, the timing of the
\nrecognition in profit or loss depends on the nature of the hedge relationship.
\nThe Group designates certain derivatives as hedging instruments to hedge the risk of changes in fair value of a recognized
\nasset or liability or an unrecognized firm commitment (fair value hedges) and the risk of changes in cash flow of a highly
\nprobable forecast transaction and the risk of changes in foreign currency exchange rates of firm commitment (cash flow
\nhedges).
\n1)
Fair value hedges
\nThe Group recognizes the changes in the fair value of derivatives that are designated and qualified as fair value hedges
\nare recognized in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability
\nthat are attributable to the hedged risk. Hedge accounting is discontinued when the Group revokes the hedging relationship,
\nwhen the hedging instrument expires or is sold, terminated or exercised, or when it is no longer qualified for hedge
\naccounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized
\nto profit or loss from that date.
\n2)
Cash flow hedges
\nThe effective portion of changes in the fair value of derivatives that are designated and qualified as cash flow hedges is
\nrecognized in other comprehensive income.
The gain or loss relating to the ineffective portion is recognized immediately
\nin profit or loss.
Amounts previously recognized in other comprehensive income and accumulated in equity are
\nreclassified to profit or loss in the periods when the hedged item affects profit or loss.
If the forecast transaction results
\nin the recognition of a non-financial asset or liability, the related gain and loss recognized in other comprehensive income
\nand accumulated in equity are transferred from equity to the initial cost of related non-financial asset or liability.
\nCash flow hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging
\ninstrument expires or is sold, terminated or exercised, or it no longer qualifies for the criteria of hedging.
Any gain or
\nloss accumulated in equity at that time remains in equity, and is recognized as profit or loss when the forecast transaction
\noccurs.
When the forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized
\nimmediately in profit or loss.
\n(25) Fair value
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
\nmarket participants at the measurement date, regardless of whether that price is directly observable or estimated using
\nanother valuation technique.
In estimating the fair value of an asset or a liability, the Group takes into account the
\ncharacteristics of the asset or liability if market participants would take those characteristics into account when pricing
\nthe asset or liability at the measurement date.
Fair value for measurement and/or disclosure purposes in these consolidated
\nfinancial statements is determined on such a basis, except for leasing transactions that are within the scope of K-IFRS
\n1116
Leases
, and measurements that have some similarities to fair value, but are not fair value, such as net realisable
\nvalue in K-IFRS 1002
Inventories
or value in use in K-IFRS 1036
Impairment of Assets
.
\nIn addition, for financial reporting purposes, fair value measurements are categorized into Levels 1, 2 or 3, based on the
\ndegree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair
\nvalue measurement in its entirety, which are described in Note 20.
\n(26) Accounting Treatment related to the Emission Rights Cap and Trade Scheme
\nThe Group classifies the emission rights as intangible assets.
The emission rights allowances received from the
\ngovernment free of charge are measured at zero, while purchased emission rights allowances are measured at cost.
No
\nemission liability is recognized if the expected quantity of emission for the performing period does not exceed the
\nemission allowance in possession.
If the expected emissions exceed the emission allowances held, the emission liability
\nis measured and recognized based on the expected excess quantity of emissions and the market unit price of the emission
\nrights at the end of the reporting period.
\n(27) Significant accounting estimates and key sources of estimation uncertainties
\nIn the application of the Group\u2019s accounting policies, management is required to make judgments, estimates and
\nassumptions about the carrying amounts of assets and liabilities that cannot be identified from other sources.
The
\nestimation and assumptions are based on historical experience and other factors that are considered to be relevant.
Actual
\nresults may be different from those estimations.
The estimates and underlying assumptions are continually evaluated.
\nRevisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only
\nthat period or in the period of the revision and future periods if the revision affects both current and future periods.
\nInformation about assumptions and estimation uncertainties at December 31, 2022 that have a significant risk of resulting
\nin a material adjustment to the carrying amounts of assets and liabilities in the next financial year is as follows.
\n1)
Impairment test for goodwill and non-financial assets
\nDetermining whether goodwill and non-financial asset is impaired requires an estimation of the value in use of the CGU
\nto which goodwill has been allocated and value in use of non-financial assets.
The value in use calculation requires the
\nmanagement to estimate the future cash flows expected to arise from the CGU and a suitable discount rate in order to
\ncalculate present value.
\n2)
Warranty provision
\nThe Group recognizes provisions for the warranties of its products as described in Note 2.(20).
The amounts are
\nrecognized based on the best estimate of amounts necessary to settle the present and future warranty obligation.
\n3)
Defined benefit plans
\nThe Group operates defined retirement benefit plans.
Defined benefit obligations are determined at the end of each
\nreporting period using an actuarial valuation method that requires management assumptions on discount rates, rates of
\nexpected future salary increases and mortality rates.
The characteristic of post-employment benefit plan that serves for
\nthe long term period causes significant uncertainties when the post-employment benefit obligation is estimated.
\n4)
Taxation
\nThe Group recognizes current tax and deferred tax based on the best estimates of income tax effect to be charged in the
\nfuture as the result of operating activities until the end of the reporting period.
However, actual final income tax to be
\ncharged in the future may differ from the relevant assets and liabilities recognized at the end of the reporting period and
\nthe difference may affect income tax charged or credited, or deferred tax assets and liabilities in the period in which the
\nfinal income tax determined.
\n5)
Fair value of financial instruments
\nThe Group uses valuation techniques that include inputs that are not based on observable market data to estimate the fair
\nvalue of certain type of financial instruments.
The Group makes judgements on the choice of various valuation methods
\nand assumptions based on the condition of the principal market at the end of the reporting period.
\n6)
Measurement and useful lives of property, plant, equipment or intangible assets
\nWhen the Group acquires property, plant, equipment or intangible assets from a business combination, it is required to
\nestimate the fair value of the assets at the acquisition date and determine the useful lives of such assets for depreciation
\nand amortization.
\n7)
Credit loss allowance
\nThe Group sets credit loss allowance upon evaluation of impairment relating to account receivables and financial services
\nreceivables as described in Note 2.(8).
The precision in loss allowance is based on the estimation of expected cash flow
\nand assumptions and variables of risk measurement model used for the estimation.
\n3.
TRADE NOTES AND ACCOUNTS RECEIVABLE:
\n(1)
Trade notes and accounts receivable as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
Curren
t
N
on-curren
t
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nTrade notes and accounts receivable
\uffe6
4,298,915
\uffe6
200,400
\uffe6
3,190,030
\uffe6
145,648
\nLoss allowance
(19,858)
(5,028)
(42,734)
(773)
\nPresent value discount accounts
-
(15,591)
-
(7,718)
\n\uffe6
4,279,057
\uffe6
179,781
\uffe6
3,147,296
\uffe6
137,157
\n(2)
Aging analysis of trade notes and accounts receivable
\nAs of December 31, 2022, aging analysis of total trade notes and accounts receivable that are past due, but not impaired
\nare as follows.
\nDescription
N
ot due
\nOverdue
\nWithin
\n90da
y
s
\nOverdue
\nWithin
\n180days
\nMore than
\n91da
y
s
\nOverdue
\nMore than
\n181 da
y
s
\nTotal
\namounts
\nAmount of
\nimpaired
\nreceivables
\n(In millions of Korean Won)
\nTotal trade note and
\naccounts receivable
\uffe6
4,225,436
\uffe6
192,913
\uffe6
7,766
\uffe6
73,200
\uffe6
4,499,315
\uffe6
24,886
\nAs of December 31, 2021, aging analysis of total trade notes and accounts receivable that are past due, but not impaired
\nare as follows.
\nDescription
N
ot due
\nOverdue
\nWithin
\n90da
y
s
\nOverdue
\nWithin
\n180days
\nMore than
\n91da
y
s
\nOverdue
\nMore than
\n181 da
y
s
\nTotal
\namounts
\nAmount of
\nimpaired
\nreceivables
\n(In millions of Korean Won)
\nTotal trade note and
\naccounts receivable
\uffe6
2,998,927
\uffe6
249,201
\uffe6
5,437
\uffe6
82,113
\uffe6
3,335,678
\uffe6
43,507
\n(3)
Transferred trade notes and accounts receivable that are not derecognized
\nAs of December 31, 2022 and December 31, 2021, total trade notes and accounts receivable (including inter-company
\nreceivables within the Group) which the Group transferred to financial institutions but did not qualify for derecognition,
\namount to
\uffe6
2,123,379 million and
\uffe6
3,059,551 million, respectively.
Cash and cash equivalents received as
\nconsideration for the transfer are recognized as short-term borrowings due to the fact that the risks and rewards were not
\ntransferred substantially.
\n(4)
Changes in loss allowance for the years ended December 31, 2022 and December 31, 2021 are as follows
\nDescription
2022
2021
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
43,507
\uffe6
55,210
\nImpairment loss (reversal)
(940)
2,204
\nWrite-off
(20,769)
(14,307)
\nEffect of forei
g
n exchan
g
e differences and others
3,088
400
\nEnd of the year
\uffe6
24,886
\uffe6
43,507
\n4.
OTHER RECEIVABLES:
\n(1)
Other receivables as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
Curren
t
N
on-curren
t
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nAccounts receivable
\u2013
othe
r
s (*)
\uffe6
3,143,232
\uffe6
418,541
\uffe6
2,785,799
\uffe6
373,569
\nDue from
customers for contract wor
k
1,413,886
-
1,421,108
-
\nLease and rental deposits
17,471
323,362
24,105
310,536
\nDeposits
12,854
40,740
7,289
33,469
\nOthe
r
s
5,631
38,407
3,546
23,594
\nLoss allowance
(134,385)
-
(20,877)
-
\n\uffe6
4,458,689
\uffe6
821,050
\uffe6
4,220,970
\uffe6
741,168
\n(*) As of December 31, 2022 and December 31, 2021, the Group recognized the reimbursement related to the warranty provisions as
\na separate asset in the amount of
\uffe6
1,045,159 million and
\uffe6
1,091,859 million, respectively.
\n(2)
Changes in other allowance for the years ended December 31, 2022 and December 31, 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nBeginning of the year
\uffe6
20,877
\uffe6
18,169
\nImpairment loss
130,650
517
\nWrite-off
(971)
(871)
\nEffect of forei
g
n exchan
g
e
differences
(16,171)
3,062
\nEnd of the year
\uffe6
134,385
\uffe6
20,877
\n5.
OTHER FINANCIAL ASSETS:
\n(1)
Other financial assets as of December 31, 2022 are as follows.
\nDecember 31, 2022
\nDescription
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nFinancial assets measured at FVPL
\uffe6
5,366,752
\uffe6
343,594
\nFinancial assets measured at FVOCI
66,044
2,773,537
\nFinancial assets measured at amortized cos
t
25,404
12,494
\nDerivative assets that are effective hedging instruments
476,545
760,151
\n\uffe6
5,934,745
\uffe6
3,889,776
\nOther financial assets as of December 31, 2021 are as follows.
\nDecember 31, 2021
\nDescription
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nFinancial assets measured at FVPL
\uffe6
12,249,980
\uffe6
222,120
\nFinancial assets measured at FVOCI
25,150
2,886,373
\nFinancial assets measured at amortized cos
t
18,466
8,729
\nDerivative assets that are effective hedging instruments
103,050
422,064
\n\uffe6
12,396,646
\uffe6
3,539,286
\n(2)
Financial assets measured at FVOCI as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\nDescription
\nAcquisition
\ncos
t
Book value
Book value
\n(In millions of Korean Won)
\nDebt instruments
\uffe6
532,805
\uffe6
499,193
\uffe6
450,711
\nEquit
y
instruments (*)
2,769,268
2,340,388
2,460,812
\n\uffe6
3,302,073
\uffe6
2,839,581
\uffe6
2,911,523
\n(*)
The Group makes an irrevocable election to present in other comprehensive income subsequent changes in the fair value of an
\ninvestment in an equity instrument that is not held for trading at the date of initial recognition.
\n(3)
Equity instruments classified into financial assets measured at FVOCI as of December 31, 2022 and December
\n31, 2021 are as follows.
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\nN
ame of the compan
y
\nOwnership
\np
ercenta
g
e
\nAcquisition
\ncos
t
Book value
Book value
\n(%)
(In millions of Korean Won)
\nKT Corporation (*4)
4.69
\uffe6
458,793
\uffe6
414,412
\uffe6
7,443
\nH
y
undai Steel Compan
y
(*1)
6.87
835,375
322,546
434,277
\nH
y
undai Glovis Co., Ltd.
4.88
210,688
299,359
314,922
\nANI Technolo
g
ies Private Limited (OLA)
3.38
278,955
278,825
290,116
\nH
y
undai Oilbank Co., Ltd.
4.35
53,734
270,911
230,812
\nGrab Holdin
g
s Limite
d
1.11
442,922
175,010
362,508
\nHD H
y
undai (*3)
2.20
9,018
99,055
94,892
\nH
y
undai M Partners Co., Ltd.
9.29
9,888
17,151
13,954
\nN
ICE Information Service Co., Ltd.
2.25
3,312
16,664
24,587
\nH
y
undai Green Food Co., Ltd.
2.36
15,005
15,531
20,077
\nN
ICE Holdin
g
s Co., Ltd.
1.30
3,491
6,342
7,866
\nH
y
undai Asan Corporation
1.40
22,500
2,117
2,117
\nKorea Aerospace Industries, Ltd. (*2)
-
-
-
153,522
\nOthers
425,587
422,465
503,719
\n\uffe6
2,769,268
\uffe6
2,340,388
\uffe6
2,460,812
\n(*1)
The Group entered into a total return swap agreement to transfer 1,367,114 shares out of total 10,540,709 shares with a third
\nparty.
\n(*2)
The Group entered into a total return swap agreement to transfer total shares with a third party. The Group has disposed of all
\nof its shares during the year ended December 31, 2022.
\n(*3)
During the year ended December 31, 2022, the name of company has been changed from Hyundai Heavy Industries Holdings
\nCo., Ltd. to HD Hyundai.
\n(*4)
During the year ended December 31, 2022, the Group acquired 12,011,143 shares in KT Corporation shares by exchange of
\ntreasury stocks for the purpose of strengthening its business partnership with KT Corporation, and the shares acquired by the
\nGroup are restricted from disposal for a certain period of time.
\n6.
INVENTORIES:
\nInventories as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nFinished
g
oods
\uffe6
7,824,079
\uffe6
5,987,233
\nMerchandise
100,075
59,518
\nSemifinished
g
oods
666,083
711,155
\nWork in pro
g
ress
578,404
692,832
\nRaw materials
3,460,781
2,536,671
\nSupplies
351,994
315,871
\nMaterials in transi
t
576,321
730,970
\nOthe
r
s (*1)
733,479
611,391
\nTotal (*2)
\uffe6
14,291,216
\uffe6
11,645,641
\n(*1) As of December 31, 2022 and December 31, 2021, others include inventories provided by operating lease with repurchase
\nagreement in the amount of
\uffe6
163,268 million and
\uffe6
143,641 million, respectively.
\n(*2) As of December 31, 2022 and December 31, 2021, the Group recognized a valuation allowance in the amount of
\uffe6
177,907
\nmillion and
\uffe6
167,888 million, respectively.
\n 7.
OTHER ASSETS:
\nOther assets as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
Curren
t
N
on-curren
t
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nAccrued income
\uffe6
460,921
\uffe6
531
\uffe6
353,643
\uffe6
716
\nAdvanced pa
y
ments
882,136
130,743
662,919
-
\nPrepaid expenses
782,749
1,332,807
558,336
1,108,621
\nPrepaid value-added tax and others
514,747
86,374
506,955
81,947
\n\uffe6
2,640,553
\uffe6
1,550,455
\uffe6
2,081,853
\uffe6
1,191,284
\n8.
NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE:
\nNon-current assets classified as held for sale and non-current liabilities classified as held for sale as of December 31, 2022
\nand December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nLan
d
\uffe6
6,676
\uffe6
-
\nBuildin
g
and others
15,626
28,121
\nTotal
\uffe6
22,302
\uffe6
28,121
\nN
on-current liabilities classified as held for sale
\uffe6
5,365
\uffe6
-
\n9.
PROPERTY, PLANT AND EQUIPMENT:
\n(1)
Property, plant and equipment (\u201cPP&E\u201d) as of December 31, 2022 and 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
\nAcquisition
\ncost
\nAccumulated
\ndepreciation (*)
Book value
\nAcquisition
\ncost
\nAccumulated
\ndepreciation (*)
Book value
\n(
In millions of Korean Won
)
\nLan
d
\uffe6
12,180,112
\uffe6
-
\uffe6
12,180,112
\uffe6
12,130,094
\uffe6
-
\uffe6
12,130,094
\nBuildin
g
s
11,620,590
(
4,489,885
)
7,130,705
10,872,099
(
4,108,392
)
6,763,707
\nStructures
1,762,100
(911,214)
850,886
1,634,658
(820,896)
813,762
\nMachiner
y
and e
q
ui
p
ment
18,215,786
(
11,632,625
)
6,583,161
17,542,258
(
10,884,908
)
6,657,350
\nVehicles
615,152
(252,906)
362,246
473,053
(219,202)
253,851
\nDies, molds and tools
15,387,346
(
11,258,981
)
4,128,365
14,310,816
(
9,899,714
)
4,411,102
\nOffice equipment
2,090,753
(1,601,189)
489,564
1,926,607
(1,502,058)
424,549
\nOthers
272,101
(
114,293
)
157,808
309,479
(
102,861
)
206,618
\nConstruction in
p
ro
g
ress
4,270,343
-
4,270,343
3,882,050
-
3,882,050
\n\uffe6
66,414,283
\uffe6
(30,261,093)
\uffe6
36,153,190
\uffe6
63,081,114
\uffe6
(27,538,031)
\uffe6
35,543,083
\n(*)
Accumulated impairment losses are included.
\n(2)
The changes in PP&E for the year ended December 31, 2022 are as follows.
\nDescription
\nBeginning
\nof the yea
r
Acquisitions
\nTransfers
\nwithin PP&E
Disposals
Depreciation
Others (*)
\nEnd of
\nthe yea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
12,130,094
\uffe6
-
\uffe6
56,663
\uffe6
(9,874)
\uffe6
-
\uffe6
3,229
\uffe6
12,180,112
\nBuildings
6,763,707
6,946
703,192
(28,181)
(357,212)
42,253
7,130,705
\nStructures
813,762
18,900
90,828
(5,258)
(77,357)
10,011
850,886
\nMachinery and
\nequipmen
t
6,657,350
32,604
986,035
(91,333)
(1,064,339)
62,844
6,583,161
\nVehicles
253,851
109,262
137,739
(59,329)
(81,904)
2,627
362,246
\nDies, molds
\nand tools
4,411,102
19,799
1,284,698
(65,801)
(1,403,168)
(118,265)
4,128,365
\nOffice equipmen
t
424,549
55,507
187,658
(3,303)
(173,658)
(1,189)
489,564
\nOthers
206,618
3,577
79,172
(288)
(17,647)
(113,624)
157,808
\nConstruction-in
\n-
p
rogress
3,882,050
4,110,106
(3,525,985)
(1,192)
-
(194,636)
4,270,343
\n\uffe6
35,543,083
\uffe6
4,356,701
\uffe6
-
\uffe6
(264,559)
\uffe6
(3,175,285)
\uffe6
(306,750)
\uffe6
36,153,190
\n(*) Others include the effect of foreign exchange differences, transfers from or to other accounts, impairment loss of
\uffe6
172,769
\nmillion for the CGU attributable to Hyundai Motor Manufacturing Rus LLC and others. The impairment test regarding CGU
\nattributable to Hyundai Motor Manufacturing Rus LLC was conducted due to continued suspension of production, and the recoverable
\namount was based on its fair value less costs to sell (net fair value).
\nThe changes in PP&E for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the yea
r
Acquisitions
\nTransfers
\nwithin PP&E
Disposals
Depreciation
Others (*)
\nEnd of
\nthe yea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
12,047,003
\uffe6
68,990
\uffe6
39,283
\uffe6
(1,303)
\uffe6
-
\uffe6
(23,879)
\uffe6
12,130,094
\nBuildings
6,355,852
39,130
626,269
(3,460)
(328,580)
74,496
6,763,707
\nStructures
762,248
27,774
103,295
(14,823)
(68,500)
3,768
813,762
\nMachinery and
\nequipmen
t
6,668,945
28,839
922,091
(31,931)
(1,010,082)
79,488
6,657,350
\nVehicles
205,102
84,104
82,730
(51,161)
(61,111)
(5,813)
253,851
\nDies, molds
\nand tools
3,837,278
27,708
1,792,988
(18,308)
(1,292,982)
64,418
4,411,102
\nOffice equipmen
t
385,763
61,338
130,049
(1,919)
(157,611)
6,929
424,549
\nOthers
75,623
8,451
147,235
(23,572)
(13,650)
12,531
206,618
\nConstruction-in
\n-
p
rogress
3,754,415
4,036,440
(3,843,940)
(451)
-
(64,414)
3,882,050
\n\uffe6
34,092,229
\uffe6
4,382,774
\uffe6
-
\uffe6
(146,928)
\uffe6
(2,932,516)
\uffe6
147,524
\uffe6
35,543,083
\n(*) Others include the effect of foreign exchange differences, transfers from or to other accounts, impairment loss of
\uffe6
44,499 million
\nallocated from the impairment of CGU attributable to Hyundai Truck & Bus(China) Co., Ltd. and others. The recoverable amount of
\nCGU attributable to Hyundai Truck & Bus(China) Co., Ltd. was based on its value in use or fair value less costs to disposal(net fair
\nvalue), and the discount rate applied to the measurement of value in use is 8.7%.
\n10.
INVESTMENT PROPERTY:
\n(1)
Investment property as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
\nAcquisition
\ncos
t
\nAccumulated
\ndepreciation
Book value
\nAcquisition
\ncos
t
\nAccumulated
\ndepreciation
Book value
\n(In millions of Korean Won)
\nLan
d
\uffe6
47,608
\uffe6
-
\uffe6
47,608
\uffe6
54,284
\uffe6
-
\uffe6
54,284
\nBuildin
g
s
310,589
(223,852)
86,737
313,777
(221,919)
91,858
\nStructures
18,630
(8,525)
10,105
18,630
(8,116)
10,514
\n\uffe6
376,827
\uffe6
(232,377)
\uffe6
144,450
\uffe6
386,691
\uffe6
(230,035)
\uffe6
156,656
\n(2)
The changes in investment property for the year ended December 31, 2022 are as follows:
\nDescription
\nBeginning
\nof the yea
r
Transfers(*)
Depreciation
\nEffect of foreign
\nexchange
\ndifferences
\nEnd of
\nthe
y
ea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
54,284
\uffe6
(6,676)
\uffe6
-
\uffe6
-
\uffe6
47,608
\nBuildin
g
s
91,858
201
(4,994)
(328)
86,737
\nStructures
10,514
-
(408)
(1)
10,105
\n\uffe6
156,656
\uffe6
(6,475)
\uffe6
(5,402)
\uffe6
(329)
\uffe6
144,450
\n(*)
Transferred amount from Construction-in-progress.
\nThe changes in Investment properties for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the yea
r
Disposals
Transfers(*)
Depreciation
\nEffect of foreign
\nexchange
\ndifferences
\nEnd of
\nthe
y
ea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
56,046
\uffe6
(1,762)
\uffe6
-
\uffe6
-
\uffe6
-
\uffe6
54,284
\nBuildin
g
s
94,000
-
1,537
(4,990)
1,311
91,858
\nStructures
10,921
-
-
(408)
1
10,514
\n\uffe6
160,967
\uffe6
(1,762)
\uffe6
1,537
\uffe6
(5,398)
\uffe6
1,312
\uffe6
156,656
\n(*)
Transferred amount from Construction-in-progress.
\n(3) The fair value of Investment properties as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nLan
d
\uffe6
47,608
\uffe6
54,284
\nBuildin
g
s
333,488
338,579
\nStructures
15,496
15,496
\n\uffe6
396,592
\uffe6
408,359
\nThe fair value measurement of the Investment properties was performed by an independent third party.
The Group deems
\nthe change in fair value from the fair value measurement performed at the initial recognition of the Investment properties
\nis not material.
\nThe fair value of the Investment properties is classified as Level 3, based on the inputs used in the valuation techniques.
\nThe fair value has been determined based on the cost approach and the market approach.
The cost approach measures
\nfair value as current replacement cost considering building structures and design, supplementary installation, depreciation
\nperiod.
\n(4) Income and expenses related to Investment properties for the years ended December 31, 2022 and 2021 are as
\nfollows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nRental income
\uffe6
43,967
\uffe6
47,710
\nOperatin
g
and maintenance expenses
13,201
13,265
\n11.
INTANGIBLE ASSETS:
\n(1)
Intangible assets as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
\nAcquisition
\ncos
t
\nAccumulated
\namortization (*)
Book value
\nAcquisition
\ncos
t
\nAccumulated
\namortization (*)
Book value
\n(In millions of Korean Won)
\nGoodwill
\uffe6
728,644
\uffe6
(35,927)
\uffe6
692,717
\uffe6
409,570
\uffe6
(35,807)
\uffe6
373,763
\nDevelopment
\ncosts
10,679,258
(7,124,833)
3,554,425
10,374,450
(6,331,957)
4,042,493
\nIndustrial
\np
ropert
y
ri
g
hts
515,017
(366,666)
148,351
477,280
(338,071)
139,209
\nSoftware
1,935,307
(1,280,424)
654,883
1,567,846
(1,089,990)
477,856
\nOthers
874,134
(216,651)
657,483
821,000
(189,077)
631,923
\nConstruction in
\np
ro
g
ress
415,983
(21,465)
394,518
197,278
(15,536)
181,742
\n\uffe6
15,148,343
\uffe6
(9,045,966)
\uffe6
6,102,377
\uffe6
13,847,424
\uffe6
(8,000,438)
\uffe6
5,846,986
\n(*)
Accumulated impairment losses are included.
\n(2)
The changes in intangible assets for the year ended December 31, 2022 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
\nInternal
\ndevelopments
\nExternal
\nacquisition
\nTransfers
\nwithin
\nintangible
\nassets
Disposals
\n(In millions of Korean Won)
\nGoodwill
\uffe6
373,763
\uffe6
-
\uffe6
-
\uffe6
-
\uffe6
-
\nDevelopment Costs
4,042,493
1,176,423
26,653
45,890
(3,755)
\nIndustrial propert
y
ri
g
hts
139,209
93
505
33,875
(85)
\nSoftware
477,856
540
62,745
60,924
(23)
\nOthers
631,923
-
40,277
45,521
(30,387)
\nConstruction in pro
g
ress
181,742
18,941
388,696
(186,210)
-
\n\uffe6
5,846,986
\uffe6
1,195,997
\uffe6
518,876
\uffe6
-
\uffe6
(34,250)
\n(*1) Impairment losses include impairment of development costs due to the discontinued sales and development projects
\nand others
for the year ended December 31, 2022.
\nDescription
Amortization
\nImpairment loss
\n/reversal (*1)
Others (*2)
\nEnd of
\nthe
y
ea
r
\n(In millions of Korean Won)
\nGoodwill
\uffe6
-
\uffe6
-
\uffe6
318,954
\uffe6
692,717
\nDevelopment Costs
(1,596,985)
(159,009)
22,715
3,554,425
\nIndustrial propert
y
ri
g
hts
(29,057)
-
3,811
148,351
\nSoftware
(188,800)
(7,426)
249,067
654,883
\nOthers
(52,093)
(1,841)
24,083
657,483
\nConstruction in pro
g
ress
-
(502)
(8,149)
394,518
\n\uffe6
(1,866,935)
\uffe6
(168,778)
\uffe6
610,481
\uffe6
6,102,377
\n(*2) Others include the effect of foreign exchange differences, transfers from or to other accounts, changes in the scope of consolidation
\nand others.
\nThe changes in intangible assets for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
\nInternal
\ndevelopments
\nExternal
\nacquisition
\nTransfers
\nwithin
\nintangible
\nassets
Disposals
\n(In millions of Korean Won)
\nGoodwill
\uffe6
341,476
\uffe6
-
\uffe6
-
\uffe6
-
\uffe6
-
\nDevelopment Costs
4,277,671
1,291,676
31,287
41,147
(417)
\nIndustrial propert
y
ri
g
hts
245,400
64
951
28,076
(152)
\nSoftware
419,101
8,531
41,316
32,113
(110)
\nOthers
251,263
-
1,150
21,771
(18,662)
\nConstruction in pro
g
ress
142,656
11,124
171,226
(123,107)
-
\n\uffe6
5,677,567
\uffe6
1,311,395
\uffe6
245,930
\uffe6
-
\uffe6
(19,341)
\nDescription
Amortization
\nImpairment loss
\n/reversal (*1)
\nTransfer to Non-
\ncurrent assets
\nclassified as held
\nfor sale
Others (*2)
\nEnd of
\nthe
y
ea
r
\n(In millions of Korean Won)
\nGoodwill
\uffe6
-
\uffe6
(76,805)
\uffe6
-
\uffe6
109,092
\uffe6
373,763
\nDevelopment Costs
(1,406,713)
(192,213)
(3,496)
3,551
4,042,493
\nIndustrial propert
y
ri
g
hts
(24,076)
(112,278)
-
1,224
139,209
\nSoftware
(158,353)
(4)
-
135,262
477,856
\nOthers
(28,681)
6
(162)
405,238
631,923
\nConstruction in pro
g
ress
-
(12,853)
-
(7,304)
181,742
\n\uffe6
(1,617,823)
\uffe6
(394,147)
\uffe6
(3,658)
\uffe6
647,063
\uffe6
5,846,986
\n(*1) Impairment losses include impairment of development costs due to the discontinued sales and development projects, impairment
\nloss of
\uffe6
246,707 million allocated from the impairment of CGU attributable to Hyundai Truck & Bus(China) Co., Ltd. and others.
\n(*2) Others include the effect of foreign exchange differences, transfers from or to other accounts, changes in the scope of consolidation
\nand others.
\n(3) Development costs of intangible assets as of December 31, 2022 consist of as follows.
\nDescription
Book value
Remainin
g
amortization period (*)
\n(In millions of Korean Won)
\nAutomobile
Developing
\uffe6
944,149
-
\n\u02dd
Amortizing
2,163,052
30 months
\nPowertrain
Developin
g
106,894
-
\n\u02dd
Amortizing
153,676
24 months
\nOthers
Developin
g
-
-
\n\u02dd
Amortizing
186,654
46 months
\n\uffe6
3,554,425
\n(*)
Since the remaining amortization period differs for each project, the weighted average remaining useful lives of the development
\ncosts at the end of reporting period are disclosed.
\nDevelopment costs of intangible assets as of December 31, 2021 consist of as follows.
\nDescription
Book value
Remainin
g
amortization period (*)
\n(In millions of Korean Won)
\nAutomobile
Developing
\uffe6
1,176,530
-
\n\u02dd
Amortizing
2,378,965
32 months
\nPowertrain
Developin
g
142,567
-
\n\u02dd
Amortizing
171,828
25 months
\nOthers
Developin
g
54
-
\n\u02dd
Amortizing
172,549
46 months
\n\uffe6
4,042,493
\n(*)
Since the remaining amortization period differs for each project, the weighted average remaining useful lives of the development
\ncosts at the end of reporting period are disclosed.
\n(4)
Research and development expenditures for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nDevelopment costs (intan
g
ible assets)
\uffe6
1,203,076
\uffe6
1,322,963
\nResearch and development costs (*1)
2,133,497
1,774,934
\nTotal (*2)
\uffe6
3,336,573
\uffe6
3,097,897
\n(*1)
Presented in manufacturing costs, administrative expenses.
\n(*2)
Amortization of development costs is not included.
\n(5)
Impairment test of goodwill
\nThe allocation of goodwill amongst the Group\u2019s CGUs as of December 31, 2022 and December 31, 2021 are as follows.
\nSe
g
men
t
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nVehicle
\uffe6
256,508
\uffe6
253,204
\nFinance
482
482
\nOthers
435,727
120,077
\n\uffe6
692,717
\uffe6
373,763
\nThe recoverable amounts of the Group\u2019s CGUs are measured as their value-in-use calculated based on cash flow
\nprojections of financial budgets for the next five years approved by management.
The pre-tax discount rate applied
\nto the cash flow projections for the years ended December 31, 2022 and 2021, are 12.7% and 8.7% respectively.
\nCash flow projections beyond the five-year period are extrapolated by using the estimated growth rate which does
\nnot exceed the long-term average growth rate of the region and industry to which the CGU belongs.
No impairment
\nloss had been recognized for the year ended December 31, 2022. An impairment loss on goodwill of
\uffe6
76,805
\nmillion was recognized with respect to the impairment of CGU attributable to Hyundai Truck & Bus(China) Co.,
\nLtd. for the year ended December 31, 2021.
\n12.
LEASES (AS A LESSEE):
\n(1)
The changes in right-of-use assets for the year ended December 31, 2022 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
Acquisitions
Disposals
Depreciation
Others(*)
End of the
y
ea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
83,604
\uffe6
175,406
\uffe6
(392)
\uffe6
(6,097)
\uffe6
(623)
\uffe6
251,898
\nBuildin
g
s
754,149
330,661
(59,061)
(197,807)
(8,589)
819,353
\nVehicles
2,370
34,238
(507)
(6,258)
(3,250)
26,593
\nOthers
100,703
18,482
-
(6,323)
(93,413)
19,449
\n\uffe6
940,826
\uffe6
558,787
\uffe6
(59,960)
\uffe6
(216,485)
\uffe6
(105,875)
\uffe6
1,117,293
\n(*)
Others include the effect of foreign exchange differences, changes in the scope of consolidation and others.
\nThe changes in right-of-use assets for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
Acquisitions
Disposals
Depreciation
Others(*)
End of the
y
ea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
143,679
\uffe6
13,863
\uffe6
(457)
\uffe6
(6,686)
\uffe6
(66,795)
\uffe6
83,604
\nBuildin
g
s
681,335
249,691
(22,786)
(184,173)
30,082
754,149
\nVehicles
2,672
1,566
(78)
(1,845)
55
2,370
\nOthers
8,638
97,885
(854)
(8,722)
3,756
100,703
\n\uffe6
836,324
\uffe6
363,005
\uffe6
(24,175)
\uffe6
(201,426)
\uffe6
(32,902)
\uffe6
940,826
\n(*)
Others include the effect of foreign exchange differences, changes in the scope of consolidation, impairment loss of
\uffe6
46,910
\nmillion allocated from the impairment of CGU attributable to Hyundai Truck & Bus(China) Co., Ltd. and others.
\n(2)
Lease liabilities as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nUndiscounted lease liabilities
\uffe6
1,303,067
\uffe6
1,150,757
\nDiscounted lease liabilities
1,110,804
950,572
\nCurren
t
405,053
167,266
\nN
on-curren
t
705,751
783,306
\n(3)
Expenses recognized in relation to leases for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nInterest on lease liabilities
\uffe6
33,993
\uffe6
25,126
\nExpenses in relation to leases of short-term and low-
\nvalue assets
20,174
20,907
\n13.
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES:
\n(1)
Investments in joint ventures and associates as of December 31, 2022 are as follows.
\nN
ame of the compan
y
\nNature of
\nb
usiness
Location
\nOwnership
\np
ercenta
g
e
Book value
\n(%)
\n(In millions of
\nKorean Won)
\nBeijing Hyundai Qiche Financing
\nCompan
y
(BHAF) (*1,3)
Financin
g
China
53.00
\uffe6
759,766
\nBeijing-Hyundai Motor Company
\n(BHMC) (*1)
Manufacturin
g
China
50.00
525,250
\nHyundai WIA Automotive Engine
\n(Shandon
g
) Compan
y
(WAE)
Manufacturin
g
China
31.40
215,786
\nMotional AD LLC (*1)
R&D
USA
25.92
907,061
\nHMG Global LLC (*4)
New business
\nInvestment &
\nmana
g
emen
t
USA
49.50
608,223
\nBoston D
y
namics AI Institute, LLC
R&D
USA
47.50
266,357
\nsupernal, LLC (*1,5)
R&D
USA
44.44
178,564
\nHyundai Capital Bank Europe GmbH
\n(HCBE)
Financin
g
German
y
49.00
508,110
\nHYUNDAI MOTOR GROUP
\nINNOVATION CENTER IN
\nSINGAPORE PTE. LTD.(HMGICS)
Manufacturin
g
Sin
g
apore
40.00
104,556
\nKia Corporation
Manufacturin
g
Korea
33.88
13,251,475
\nHyundai Engineering & Construction
\nCo., Ltd.
Construction
Korea
20.95
3,033,945
\nH
y
undai Trans
y
s Inc.
Manufacturin
g
Korea
41.13
1,157,462
\nH
y
undai WIA Corporation
Manufacturin
g
Korea
25.35
759,270
\nH
y
undai Autoever Corp.
IT service
Korea
31.59
449,994
\nH
y
undai Commercial Inc.
Financin
g
Korea
37.50
374,970
\nHyundai Motor Securities Co., Ltd.
Securities
\nBrokera
g
e
Korea
25.43
332,624
\nEukor Car Carriers Inc. (*2)
Transportation
Korea
12.00
269,261
\nHaevichi Hotels & Resorts Co., Ltd.
Hotelkeepin
g
Korea
41.90
96,303
\nOthers
1,400,460
\n\uffe6
25,199,437
\n(*1)
Each of the joint arrangements in which the Group retains joint control is structured through a separate entity and there are no
\ncontractual terms stating that the parties retain rights to the assets and obligations for the liabilities relating to the joint
\narrangement or other relevant facts and circumstances.
As a result, the Group considers that the parties that retain joint control
\nin the arrangement have rights to the net assets and classifies the joint arrangements as joint ventures.
Also, there are
\nrestrictions, which require consent from the director who is designated by the other investors, for certain transactions, such as
\npayment of dividend.
\n(*2)
As the Group is considered to be able to exercise significant influence by representation on the board of directors of the
\ninvestee and other reasons, although the total ownership percentage is less than 20%, the investment is accounted for using the
\nequity method.
\n(*3)
The entity is categorized as a joint venture although the Group\u2019s total ownership percentage is a majority share of 53%, because
\nthe Group does not have control over the entity by virtue of an agreement with the other investors.
\n(*4)
During the year ended December 31, 2022, the Group completed the establishment of HMG Global LLC by
\nContributing cash and all of Group\u2019s interests in Boston Dynamics, Inc. to HMG Global LLC.
\n(*5)
During the year ended December 31, 2022, the classification of supernal, LLC was changed from a subsidiary to investment in
\nan associate due to loss of control. In addition, during the year ended December 31, 2021, the name of company was changed
\nfrom Genesis Air Mobility LLC to supernal, LLC.
\nInvestments in joint ventures and associates as of December 31, 2021 are as follows.
\nN
ame of the compan
y
\nNature of
\nb
usiness
Location
\nOwnership
\np
ercenta
g
e
Book value
\n(%)
\n(In millions of
\nKorean Won)
\nBeijing Hyundai Qiche Financing
\nCompan
y
(BHAF) (*1,3)
Financin
g
China
53.00
\uffe6
736,704
\nBeijing-Hyundai Motor Company
\n(BHMC) (*1)
Manufactu
r
in
g
China
50.00
345,950
\nHyundai WIA Automotive Engine
\n(Shandon
g
) Compan
y
(WAE)
Manufacturin
g
China
31.40
245,868
\nMotional AD LLC (*1)
R&D
USA
25.97
1,025,263
\nBoston D
y
namics, Inc.
R&D
USA
30.00
414,634
\nHyundai Capital Bank Europe GmbH
\n(HCBE)
Financin
g
Germany
49.00
498,050
\nHyundai Motor Group INNOVATION
\nCENTER IN SINGAPORE PTE.
\nLTD.(HMGICS) (*6)
Manufacturin
g
Sin
g
apore
40.00
78,316
\nKia Corporation (*4)
Manufacturin
g
Korea
33.88
11,620,132
\nHyundai Engineering & Construction
\nCo., Ltd.
Construction
Korea
20.95
2,935,786
\nH
y
undai Trans
y
s Inc.
Manufacturin
g
Korea
41.13
1,085,858
\nH
y
undai WIA Corporation
Manufacturin
g
Korea
25.35
729,053
\nH
y
undai Autoever Corp. (*5)
IT service
Korea
31.59
410,935
\nH
y
undai Commercial Inc.
Financin
g
Korea
37.50
339,300
\nHyundai Motor Securities Co., Ltd.
Securities
\nBrokera
g
e
Korea
25.43
314,532
\nEukor Car Carriers Inc. (*2)
Transportation
Korea
12.00
186,489
\nHaevichi Hotels & Resorts Co., Ltd.
Hotelkeepin
g
Korea
41.90
98,894
\nOthers
1,363,353
\n\uffe6
22,429,117
\n(*1)
Each of the joint arrangements in which the Group retains joint control is structured through a separate entity and there are no
\ncontractual terms stating that the parties retain rights to the assets and obligations for the liabilities relating to the joint
\narrangement or other relevant facts and circumstances.
As a result, the Group considers that the parties that retain joint control
\nin the arrangement have rights to the net assets and classifies the joint arrangements as joint ventures.
Also, there are
\nrestrictions, which require consent from the director who is designated by the other investors, for certain transactions, such as
\npayment of dividend.
\n(*2)
As the Group is considered to be able to exercise significant influence by representation on the board of directors of the
\ninvestee and other reasons, although the total ownership percentage is less than 20%, the investment is accounted for using the
\nequity method.
\n(*3)
The entity is categorized as a joint venture although the Group\u2019s total ownership percentage is a majority share of 53%, because
\nthe Group does not have control over the entity by virtue of an agreement with the other investors.
\n(*4)
During the year ended December 31, 2021, the name of the company was changed from Kia Motors Corporation to Kia
\nCorporation.
\n(*5)
During the year ended December 31, 2021, as the merger with Hyundai Autron Company Ltd., the subsidiary of the Company,
\nand HYUNDAI MNSOFT, Inc., the associate of the Company, was completed, the Group\u2019s ownership percentage was changed
\nfrom 28.48% to 31.59%.
\n(*6)
During the year ended December 31, 2021, the name of the company was changed from HYUNDAI MOTOR SINGAPORE
\nPTE. LTD. (HMS) to Hyundai Motor Group Innovation Center in Singapore Pte. Ltd. (HMGICS).
\n(2)
The changes in investments in joint ventures and associates for the year ended December 31, 2022 are as follows.
\nN
ame of the compan
y
\nBeginning of
\nthe
y
ea
r
\nAcquisitions
\n(disposals)
\nShare of
\nprofits (losses)
\nfor the perio
d
Dividend
s
Others (*)
End of the
y
ea
r
\n(In millions of Korean Won)
\nBHAF
\uffe6
736,704
\uffe6
-
\uffe6
44,478
\uffe6
-
\uffe6
(21,416)
\uffe6
759,766
\nBHMC
345,950
597,979
(394,495)
-
(24,184)
525,250
\nWAE
245,868
-
(25,336)
-
(4,746)
215,786
\nMotional AD LLC
1,025,263
-
(189,135)
-
70,933
907,061
\nHMG Global LLC
-
743,062
(5,483)
-
(129,356)
608,223
\nBoston Dynamics AI
\nInstitute, LLC
-
283,366
(2,308)
-
(14,701)
266,357
\nsupernal, LLC
-
194,596
(87,946)
-
71,914
178,564
\nBoston D
y
namics, Inc.
414,634
-
(37,483)
-
(377,151)
-
\nHCBE
498,050
-
15,337
-
(5,277)
508,110
\nHMGICS
78,316
29,528
(8,067)
-
4,779
104,556
\nKia Corporation
11,620,132
-
1,906,772
(411,955)
136,526
13,251,475
\nHyundai Engineering &
\nConstruction Co., Ltd.
2,935,786
-
89,636
(13,996)
22,519
3,033,945
\nH
y
undai Trans
y
s Inc.
1,085,858
-
47,166
-
24,438
1,157,462
\nH
y
undai WIA Corporation
729,053
-
31,439
(4,826)
3,604
759,270
\nH
y
undai Autoever Corp.
410,935
-
39,961
(6,065)
5,163
449,994
\nH
y
undai Commercial Inc.
339,300
-
100,212
(20,000)
(44,542)
374,970
\nHyundai Motor Securities
\nCo., Ltd.
314,532
-
22,153
(6,453)
2,392
332,624
\nEukor Car Carriers Inc.
186,489
-
82,923
(7,392)
7,241
269,261
\nHaevichi Hotels & Resorts
\nCo., Ltd.
98,894
-
(2,601)
-
10
96,303
\nOthers
1,363,353
152,952
8,554
(16,349)
(108,050)
1,400,460
\n\uffe6
22,429,117
\uffe6
2,001,483
\uffe6
1,635,777
\uffe6
(487,036)
\uffe6
(379,904)
\uffe6
25,199,437
\n(*)
Others consist of changes in accumulated other comprehensive income (loss) and others.
\nThe changes in investments in joint ventures and associates for the year ended December 31, 2021 are as follows.
\nN
ame of the compan
y
\nBeginning of
\nthe
y
ea
r
\nAcquisitions
\n(disposals)
\nShare of
\nprofits (losses)
\nfor the perio
d
Dividend
s
Others (*1)
End of the
y
ea
r
\n(In millions of Korean Won)
\nBHAF
\uffe6
627,895
\uffe6
-
\uffe6
50,724
\uffe6
(15,880)
\uffe6
73,965
\uffe6
736,704
\nBHMC
779,958
-
(502,344)
-
68,336
345,950
\nWAE
224,979
-
(3,432)
-
24,321
245,868
\nMotional AD LLC
1,053,282
-
(122,871)
-
94,852
1,025,263
\nBoston Dynamics, Inc.
\n(*2)
-
431,882
(36,010)
-
18,762
414,634
\nHCBE
495,999
-
(99)
-
2,150
498,050
\nHMGICS
51,766
26,202
(3,300)
-
3,648
78,316
\nKia Corporation
9,972,824
-
1,601,473
(137,318)
183,153
11,620,132
\nHyundai Engineering &
\nConstruction Co., Ltd.
2,835,399
-
82,421
(13,996)
31,962
2,935,786
\nH
y
undai Trans
y
s Inc.
1,017,906
-
39,223
-
28,729
1,085,858
\nH
y
undai WIA Corporation
694,991
-
16,637
(4,826)
22,251
729,053
\nH
y
undai Autoever Corp.
158,073
-
24,876
(4,485)
232,471
410,935
\nH
y
undai Commercial Inc.
261,601
-
67,187
(3,750)
14,262
339,300
\nHyundai Motor Securities
\nCo., Ltd.
310,472
-
23,027
(5,444)
(13,523)
314,532
\nEukor Car Carriers Inc.
150,503
-
22,457
-
13,529
186,489
\nHaevichi Hotels & Resorts
\nCo., Ltd.
97,655
-
980
-
259
98,894
\nOthers
1,191,957
182,786
17,642
(12,344)
(16,688)
1,363,353
\n\uffe6
19,925,260
\uffe6
640,870
\uffe6
1,278,591
\uffe6
(198,043)
\uffe6
782,439
\uffe6
22,429,117
\n(*1) Others consist of changes in accumulated other comprehensive income (loss) and others.
\n(*2) Share acquisition has been completed in the year ended December 31, 2021, and the acquisition cost is measured as the cash paid
\nduring the years ended December 31, 2022 and 2021, and the value of put option owned by other investors.
\n(3)
Summarized financial information of the Group\u2019s major joint ventures and associates as of and for the year
\nended December 31, 2022 is as follows.
\nN
ame of the compan
y
\nCurrent
\nassets
\nNon-current
\nassets
\nCurrent
\nliabilities
\nNon-current
\nliabilities
\n(In millions of Korean Won)
\nBHAF (*)
\uffe6
4,044,066
\uffe6
-
\uffe6
2,610,546
\uffe6
-
\nBHMC
3,042,267
3,120,431
4,715,086
399,063
\nWAE
537,909
457,303
338,319
5,551
\nMotional AD LLC
646,160
3,187,411
142,518
89,824
\nHMG Global LLC
799,047
1,384,220
88,391
320,996
\nBoston D
y
namics AI Institute, LLC
556,273
53,152
9,072
39,876
\nsupernal, LLC
338,831
216,123
42,290
108,565
\nHCBE (*)
9,448,406
-
8,405,237
-
\nHMGICS
118,876
370,889
18,593
216,915
\nKia Corporation
34,147,147
39,563,818
25,377,803
8,990,081
\nHyundai Engineering &
\nConstruction Co., Ltd.
15,516,745
5,394,963
8,757,397
2,230,034
\nH
y
undai Trans
y
s Inc.
4,311,914
3,209,159
3,147,190
1,499,678
\nH
y
undai WIA Corporation
4,267,463
3,278,988
2,410,435
1,402,365
\nH
y
undai Autoever Corp.
1,695,856
923,580
883,698
245,358
\nH
y
undai Commercial Inc. (*)
11,170,366
-
9,774,127
-
\nH
y
undai Motor Securities Co., Ltd. (*)
10,233,054
-
9,008,411
-
\nEukor Car Carriers Inc.
1,026,513
3,312,611
609,827
1,505,122
\nHaevichi Hotels & Resorts Co., Ltd.
43,919
412,477
253,312
34,862
\nN
ame of the compan
y
Sales
\nProfit (loss) for
\nthe period from
\ncontinuing
\noperations
\nOther
\ncomprehensive
\nincome (loss)
\nTotal
\ncomprehensive
\nincome (loss)
\n(In millions of Korean Won)
\nBHAF (*)
\uffe6
362,978
\uffe6
83,920
\uffe6
-
\uffe6
83,920
\nBHMC
4,900,315
(821,204)
-
(821,204))
\nWAE
501,436
(71,164)
-
(71,164)
\nMotional AD LLC
1,207
(751,726)
(6,314)
(758,040)
\nHMG Global LLC
21,388
(63,993)
-
(63,993)
\nBoston D
y
namics AI Institute, LLC
-
(4,858)
-
(4,858)
\nsupernal, LLC
\n-
(195,567)
-
(195,567)
\nHCBE (*)
971,654
32,144
16,302
48,446
\nHMGICS
12,190
(20,168)
-
(20,168)
\nKia Corporation
86,559,029
5,408,976
227,095
5,636,071
\nHyundai Engineering &
\nConstruction Co., Ltd.
21,239,082
470,876
144,153
615,029
\nH
y
undai Trans
y
s Inc.
10,256,254
123,483
64,705
188,188
\nH
y
undai WIA Corporation
8,207,614
43,482
9,136
52,618
\nH
y
undai Autoever Corp.
2,754,508
116,170
17,586
133,756
\nH
y
undai Commercial Inc. (*)
588,167
266,640
(116,056)
150,584
\nH
y
undai Motor Securities Co., Ltd. (*)
1,186,029
87,102
5,147
92,249
\nEukor Car Carriers Inc.
2,865,427
668,062
43,489
711,551
\nHaevichi Hotels & Resorts Co., Ltd.
152,860
(5,485)
9
(5,476)
\n(*)
The companies operate financial business and their total assets (liabilities) are included in current assets (liabilities) as the companies
\ndo not distinguish current and non-current portion in their separate financial statements.
\nSummarized financial information of the Group\u2019s major joint ventures and associates as of and for the year
\nended December 31, 2021 is as follows.
\nN
ame of the compan
y
\nCurrent
\nassets
\nNon-current
\nassets
\nCurrent
\nliabilities
\nNon-current
\nliabilities
\n(In millions of Korean Won)
\nBHAF (*)
\uffe6
5,648,345
\uffe6
-
\uffe6
4,258,337
\uffe6
-
\nBHMC
2,877,226
3,897,225
5,047,580
984,476
\nWAE
648,858
530,099
185,159
255,961
\nMotional AD LLC
630,770
3,603,314
97,631
105,139
\nBoston D
y
namics, Inc.
117,854
250,999
55,254
79,823
\nHCBE (*)
6,910,165
-
5,916,354
-
\nHMGICS
23,970
166,297
1,612
-
\nKia Corporation
29,205,483
37,644,514
21,562,636
10,374,805
\nHyundai Engineering &
\nConstruction Co., Ltd.
14,555,535
5,091,172
7,616,041
2,594,756
\nH
y
undai Trans
y
s Inc.
3,592,986
3,043,732
2,164,191
1,786,510
\nH
y
undai WIA Corporation
4,156,485
3,593,022
2,126,275
1,927,968
\nH
y
undai Autoever Corp.
1,471,052
875,071
721,374
248,927
\nH
y
undai Commercial Inc. (*)
10,001,066
-
8,699,018
-
\nH
y
undai Motor Securities Co., Ltd. (*)
8,806,128
-
7,645,418
-
\nEukor Car Carriers Inc.
534,016
3,169,325
654,912
1,467,448
\nHaevichi Hotels & Resorts Co., Ltd.
44,922
409,187
235,954
44,458
\nN
ame of the compan
y
Sales
\nProfit (loss) for
\nthe period from
\ncontinuing
\noperations
\nOther
\ncomprehensive
\nincome (loss)
\nTotal
\ncomprehensive
\nincome (loss)
\n(In millions of Korean Won)
\nBHAF (*)
\uffe6
423,416
\uffe6
95,703
\uffe6
-
\uffe6
95,703
\nBHMC
6,240,989
(1,012,933)
-
(1,012,933)
\nWAE
797,685
(4,226)
-
(4,226)
\nMotional AD LLC
949
(516,204)
(5,025)
(521,229)
\nBoston D
y
namics, Inc.
66,779
(196,950)
-
(196,950)
\nHCBE (*)
711,616
(325)
4,241
3,916
\nHMGICS
-
(8,251)
-
(8,251)
\nKia Corporation
69,862,366
4,760,311
664,223
5,424,534
\nHyundai Engineering &
\nConstruction Co., Ltd.
18,065,534
549,501
168,103
717,604
\nH
y
undai Trans
y
s Inc.
8,143,951
90,623
66,409
157,032
\nH
y
undai WIA Corporation
7,527,739
56,071
131,926
187,997
\nH
y
undai Autoever Corp.
2,070,382
71,368
13,648
85,016
\nH
y
undai Commercial Inc. (*)
482,087
185,303
(31,808)
153,495
\nH
y
undai Motor Securities Co., Ltd. (*)
853,770
117,749
913
118,662
\nEukor Car Carriers Inc.
1,894,623
192,229
137,672
329,901
\nHaevichi Hotels & Resorts Co., Ltd.
116,466
2,063
16
2,079
\n(*)
The companies operate financial business and their total assets (liabilities) are included in current assets (liabilities) as the companies
\ndo not distinguish current and non-current portion in their separate financial statements.
\n(4)
Summarized additional financial information of the Group\u2019s major joint ventures as of and for the year
\nended December 31, 2022 is as follows.
\nName of the
\ncompan
y
\nCash and
\ncash
\nequivalents
\nCurrent
\nfinancial
\nliabilities
\nNon-current
\nfinancial
\nliabilities
\nDepreciation
\nand
\namortization
\nInterest
\nincome
\nInterest
\nexpenses
\nIncome tax
\nexpense
\n(In millions of Korean Won)
\nBHAF(*)
\uffe6
1,023,368
\uffe6
2,385,681
\uffe6
-
\uffe6
13,926
\uffe6
341,357
\uffe6
128,264
\uffe6
32,245
\nBHMC
1,887,932
606,105
161,500
570,749
18,263
51,436
60,112
\nMotional AD
\nLLC
71,075
16,062
62,753
87,887
5,760
-
6,027
\nsupernal, LLC
333,184
-
-
8,305
589
5,983
-
\n(*)
Operating finance business of which total assets (liabilities) are included in current financial liabilities as BHAF does not distinguish
\ncurrent and non-current portion in its separate financial statements.
\nSummarized additional financial information of the Group\u2019s major joint ventures as of and for the year ended December
\n31, 2021 is as follows.
\nName of the
\ncompan
y
\nCash and
\ncash
\nequivalents
\nCurrent
\nfinancial
\nliabilities
\nNon-current
\nfinancial
\nliabilities
\nDepreciation
\nand
\namortization
\nInterest
\nincome
\nInterest
\nexpenses
\nIncome tax
\nexpense
\n(In millions of Korean Won)
\nBHAF(*)
\uffe6
860,234
\uffe6
3,993,580
\uffe6
-
\uffe6
8,155
\uffe6
419,195
\uffe6
175,403
\uffe6
32,648
\nBHMC
975,177
379,970
723,688
481,351
11,599
81,288
2,665
\nMotional AD
\nLLC
188,571
14,407
71,982
73,807
3,642
-
(7,875)
\n(*)
Operating finance business of which total assets (liabilities) are included in current financial liabilities as BHAF does not distinguish
\ncurrent and non-current portion in its separate financial statements.
\n(5)
Reconciliation of the Group\u2019s share of net assets of the Group\u2019s major joint ventures and associates to their
\ncarrying amounts as of December 31, 2022 is as follows.
\nN
ame of the compan
y
\nGroup\u2019s share of
\nnet assets
Goodwill
\nUnrealized
\nprofit (loss) and
\nothers
\nCarrying
\namounts
\n(In millions of Korean Won)
\nBHAF
\uffe6
759,766
\uffe6
-
\uffe6
-
\uffe6
759,766
\nBHMC
551,378
-
(26,128)
525,250
\nWAE (*)
207,938
7,809
39
215,786
\nMotional AD LLC
922,942
-
(15,881)
907,061
\nHMG Global LLC
608,223
-
-
608,223
\nBoston D
y
namics AI Institute, LLC
266,227
-
130
266,357
\nsupernal, LLC
178,571
-
(7)
178,564
\nHCBE
497,892
22,341
(12,123)
508,110
\nHMGICS
101,702
2,854
-
104,556
\nKia Corporation
13,124,472
197,089
(70,086)
13,251,475
\nHyundai Engineering & Construction
\nCo., Ltd. (*)
2,302,451
731,362
132
3,033,945
\nH
y
undai Trans
y
s Inc.
1,142,960
-
14,502
1,157,462
\nH
y
undai WIA Corporation
854,377
-
(95,107)
759,270
\nH
y
undai Autoever Corp. (*)
391,073
58,822
99
449,994
\nH
y
undai Commercial Inc.
374,970
-
-
374,970
\nH
y
undai Motor Securities Co., Ltd.
291,823
40,052
749
332,624
\nEukor Car Carriers Inc.
268,999
-
262
269,261
\nHaevichi Hotels & Resorts Co., Ltd. (*)
92,727
3,576
-
96,303
\n(*)
The difference between the carrying amount and the fair value of the investee\u2019s identifiable assets and liabilities as of the acquisition
\ndate is included in the amount of net assets.
\nReconciliation of the Group\u2019s share of net assets of the Group\u2019s major joint ventures and associates to their carrying
\namounts as of December 31, 2021 is as follows.
\nN
ame of the compan
y
\nGroup\u2019s share
\nof
\nnet assets
Goodwill
\nUnrealized
\nprofit (loss) and
\nothers
\nCarrying
\namounts
\n(In millions of Korean Won)
\nBHAF
\uffe6
736,704
\uffe6
-
\uffe6
-
\uffe6
736,704
\nBHMC
371,198
-
(25,248)
345,950
\nWAE (*)
238,021
7,809
38
245,868
\nMotional AD LLC
1,047,834
-
(22,571)
1,025,263
\nBoston D
y
namics, Inc. (*)
199,325
209,428
5,881
414,634
\nHCBE
474,523
22,341
1,186
498,050
\nHMGICS
75,462
2,854
-
78,316
\nKia Corporation
11,505,153
197,089
(82,110)
11,620,132
\nHyundai Engineering & Construction
\nCo., Ltd. (*)
2,204,424
731,362
-
2,935,786
\nH
y
undai Trans
y
s Inc.
1,070,931
-
14,927
1,085,858
\nH
y
undai WIA Corporation
823,381
-
(94,328)
729,053
\nH
y
undai Autoever Corp. (*)
352,013
58,822
100
410,935
\nH
y
undai Commercial Inc.
339,300
-
-
339,300
\nH
y
undai Motor Securities Co., Ltd.
275,563
40,052
(1,083)
314,532
\nEukor Car Carriers Inc.
186,227
-
262
186,489
\nHaevichi Hotels & Resorts Co., Ltd. (*)
95,318
3,576
-
98,894
\n(*)
The difference between the carrying amount and the fair value of the investee\u2019s identifiable assets and liabilities as of the acquisition
\ndate is included in the amount of net assets.
\n(6)
The market price of major listed equity securities as of December 31, 2022 is as follows.
\nN
ame of the compan
y
Price per share
\nTotal number of
\nshares
Market value
\n(In millions of Korean Won, except price per share)
\nKia Corporation
\uffe6
59,300
137,318,251
\uffe6
8,142,972
\nH
y
undai Autoever Corp.
95,500
8,664,334
827,444
\nH
y
undai En
g
ineerin
g
& Construction Co., Ltd.
34,900
23,327,400
814,126
\nH
y
undai WIA Corporation
49,450
6,893,596
340,888
\nH
y
undai Motor Securities Co., Ltd.
9,090
8,065,595
73,316
\n14.
FINANCIAL SERVICES RECEIVABLES:
\n(1)
Financial services receivables as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\n(In millions of Korean Won)
\nLoans
\uffe6
69,298,391
\uffe6
61,959,509
\nCard receivables
21,018,287
18,728,408
\nFinancial lease receivables
2,060,971
2,123,472
\nOthers
20,761
35,291
\n92,398,410
82,846,680
\nLoss allowance
(1,726,916)
(1,551,987)
\nLoan ori
g
ination fee
(261,084)
(231,762)
\nPresent value discount accounts
(46,564)
(33,799)
\n\uffe6
90,363,846
\uffe6
81,029,132
\n(2) Transfer of financial services receivables
\nAs of December 31, 2022 and 2021, the Group has issued asset-backed securities with loan receivables and credit card
\nreceivables as underlying assets and related asset-backed securities have the right of recourse.
As of December 31, 2022,
\nthe carrying amount of financial assets that were transferred but not derecognized (including inter-company bonds)
\namounted to
\uffe6
31,838,127 million and its fair value is
\uffe6
30,847,083 million. The carrying amount of related liabilities is
\n\uffe6
22,795,844 million and its fair value is
\uffe6
22,263,492 million.
As a result, the fair value of net position is
\uffe6
8,583,591
\nmillion. As of December 31, 2021, the carrying amount of financial assets that were transferred but not derecognized
\n(including inter-company bonds) amounted to
\uffe6
26,292,997 million and its fair value is
\uffe6
26,213,213 million. The
\ncarrying amount of related liabilities is
\uffe6
19,352,363 million and its fair value is
\uffe6
19,225,190 million.
As a result, the
\nfair value of net position is
\uffe6
6,988,023 million.
\n(3)
The changes in loss allowance of financial services receivables for the year ended December 31, 2022 are as follows.
\nLoan Obli
g
ations
\n12-Month
\nexpected
\ncredit losses
\nLifetime expected credit losses
\nDescription
N
ot Impaire
d
Impaire
d
\nTotal loan
\nobligations
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
449,207
\uffe6
316,425
\uffe6
204,034
\uffe6
969,666
\nTransfer to 12-Month expected
\ncredit losses
69,360
(65,956)
(3,404)
-
\nTransfer to lifetime expected
\ncredit losses
(54,196)
58,198
(4,002)
-
\nTransfer to credit-impaired
\nfinancial assets
(2,434)
(7,225)
9,659
-
\nImpairment loss (reversal)
(139,481)
435,731
164,836
461,086
\nCollection (write-off)
(169)
(241,816)
(132,234)
(374,219)
\nDisposals and others
(2)
-
(4,794)
(4,796)
\nEffect of foreign exchange
\ndifferences
22,750
6,062
62
28,874
\nEnd of the
y
ea
r
\uffe6
345,035
\uffe6
501,419
\uffe6
234,157
\uffe6
1,080,611
\nCard receivables
\n12-Month
\nexpected
\ncredit losses
\nLifetime expected credit losses
\nDescription
N
ot Impaire
d
Impaire
d
\nTotal card
\nreceivables
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
195,709
\uffe6
163,391
\uffe6
154,600
\uffe6
513,700
\nTransfer to 12-Month expected
\ncredit losses
49,247
(49,118)
(129)
-
\nTransfer to lifetime expected
\ncredit losses
(26,980)
27,145
(165)
-
\nTransfer to credit-impaired
\nfinancial assets
(93,623)
(70,901)
164,524
-
\nImpairment loss (reversal)
65,488
149,053
217,342
431,883
\nCollection (write-off)
-
-
(342,013)
(342,013)
\nDisposals and others
-
1
(15,368)
(15,367)
\nEffect of foreign exchange
\ndifferences
-
-
-
-
\nEnd of the
y
ea
r
\uffe6
189,841
\uffe6
219,571
\uffe6
178,791
\uffe6
588,203
\nOthers
\nTotal
\nAllowances
\n12-Month
\nexpected
\ncredit losses
\nLifetime expected credit losses
\nDescription
N
ot Impaire
d
Impaire
d
Total others
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
14,299
\uffe6
8,119
\uffe6
46,203
\uffe6
68,621
\uffe6
1,551,987
\nTransfer to 12-Month expected
\ncredit losses
4,326
(1,737)
(2,590)
(1)
(1)
\nTransfer to lifetime expected
\ncredit losses
(1,550)
1,974
(424)
-
-
\nTransfer to credit-impaired
\nfinancial assets
(100)
(237)
337
-
-
\nImpairment loss (reversal)
(3,639)
855
8,315
5,531
898,500
\nCollection (write-off)
-
-
(16,049)
(16,049)
(732,281)
\nDisposals and others
-
-
-
-
(20,163)
\nEffect of foreign exchange
\ndifferences
-
-
-
-
28,874
\nEnd of the
y
ea
r
\uffe6
13,336
\uffe6
8,974
\uffe6
35,792
\uffe6
58,102
\uffe6
1,726,916
\nThe changes in allowance for doubtful accounts of financial services receivables for the year ended December 31,
\n2021 are as follows.
\nLoan Obli
g
ations
\n12-Month
\nexpected
\ncredit losses
\nLifetime expected credit losses
\nDescription
N
ot Impaire
d
Impaire
d
\nTotal loan
\nobligations
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
441,192
\uffe6
300,082
\uffe6
315,136
\uffe6
1,056,410
\nTransfer to 12-Month expected
\ncredit losses
71,703
(67,049)
(4,654)
-
\nTransfer to lifetime expected
\ncredit losses
(57,656)
61,633
(3,977)
-
\nTransfer to credit-impaired
\nfinancial assets
(2,773)
(5,866)
8,639
-
\nImpairment loss (reversal)
(27,338)
128,769
135,156
236,587
\nCollection (write-off)
50
(114,436)
(246,714)
(361,100)
\nDisposals and others
-
-
234
234
\nEffect of foreign exchange
\ndifferences
24,029
13,292
214
37,535
\nEnd of the
y
ea
r
\uffe6
449,207
\uffe6
316,425
\uffe6
204,034
\uffe6
969,666
\nCard receivables
\n12-Month
\nexpected
\ncredit losses
\nLifetime expected credit losses
\nDescription
N
ot Impaire
d
Impaire
d
\nTotal card
\nreceivables
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
186,440
\uffe6
142,390
\uffe6
225,298
\uffe6
554,128
\nTransfer to 12-Month expected
\ncredit losses
49,439
(49,287)
(152)
-
\nTransfer to lifetime expected
\ncredit losses
(14,871)
15,045
(174)
-
\nTransfer to credit-impaired
\nfinancial assets
(117,994)
(56,471)
174,465
-
\nImpairment loss (reversal)
120,496
111,716
99,160
331,372
\nCollection (write-off)
-
-
(332,434)
(332,434)
\nDisposals and others
(27,801)
(2)
(11,563)
(39,366)
\nEffect of foreign exchange
\ndifferences
-
-
-
-
\nEnd of the
y
ea
r
\uffe6
195,709
\uffe6
163,391
\uffe6
154,600
\uffe6
513,700
\nOthers
\nTotal
\nAllowances
\n12-Month
\nexpected
\ncredit losses
\nLifetime expected credit losses
\nDescription
N
ot Impaire
d
Impaire
d
Total others
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
18,032
\uffe6
6,368
\uffe6
50,291
\uffe6
74,691
\uffe6
1,685,229
\nTransfer to 12-Month expected
\ncredit losses
3,649
(1,461)
(2,188)
-
-
\nTransfer to lifetime expected
\ncredit losses
(1,879)
2,388
(509)
-
-
\nTransfer to credit-impaired
\nfinancial assets
(144)
(233)
377
-
-
\nImpairmen
t
loss (reversal)
(5,359)
1,057
(1,449)
(5,751)
562,208
\nCollection (write-off)
-
-
(319)
(319)
(693,853)
\nDisposals and others
-
-
-
-
(39,132)
\nEffect of foreign exchange
\ndifferences
-
-
-
-
37,535
\nEnd of the
y
ea
r
\uffe6
14,299
\uffe6
8,119
\uffe6
46,203
\uffe6
68,621
\uffe6
1,551,987
\n(4)
Gross investments in financial leases and their present value of minimum lease receipts as of December 31, 2022
\nand December 31, 2021 are as follows.
\nDecembe
r
31, 2022
December 31, 2021
\nDescription
\nGross
\ninvestments
\nin financial
\nleases
\nPresent value
\nof minimum
\nlease payment
\nreceivable
\nGross
\ninvestments
\nin financial
\nleases
\nPresent value
\nof minimum
\nlease payment
\nreceivable
\n(In millions of Korean Won)
\nN
ot later than one
y
ea
r
\uffe6
868,890
\uffe6
758,724
\uffe6
888,358
\uffe6
788,739
\nLater than one year and not later
\nthan five
y
ears
1,423,828
1,293,495
1,421,468
1,324,645
\nLater than five
y
ears
5,215
4,988
6,475
6,236
\n\uffe6
2,297,933
\uffe6
2,057,207
\uffe6
2,316,301
\uffe6
2,119,620
\n(5)
Unearned interest income of financial leases as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
Decembe
r
31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nGross investments in financial lease
\uffe6
2,297,933
\uffe6
2,316,301
\nN
et lease investments:
\nPresent value of minimum lease pa
y
ment receivable
2,057,207
2,119,620
\nPresent value of un
g
uaranteed residual value
3,764
3,852
\n2,060,971
2,123,472
\nUnearned interest income
\uffe6
236,962
\uffe6
192,829
\n15.
INVESTMENTS IN OPERATING LEASES (AS A LESSOR):
\n(1)
Investments in operating leases as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
Decembe
r
31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nAcquisition
cos
t
\uffe6
32,090,728
\uffe6
29,980,884
\nAccumulated depreciation
(4,262,026)
(3,477,632)
\nAccumulated impairment loss
(147,168)
(175,256)
\n\uffe6
27,681,534
\uffe6
26,327,996
\n(2) Future minimum lease payment receivable related to investments in operating leases as of December 31, 2022 and
\nDecember 31, 2021 is as follows.
\nDescription
Decembe
r
31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nN
ot later than one
y
ea
r
\uffe6
5,001,104
\uffe6
5,323,499
\nLater than one year and not later
\nthan five
y
ears
5,906,720
5,744,918
\nLater than five
y
ears
111
77
\n\uffe6
10,907,935
\uffe6
11,068,494
\n16.
BORROWINGS AND DEBENTURES:
\n(1)
Short-term borrowings as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
Lende
r
\nAnnual
\ninterest rate
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\n(%)
(In millions of Korean Won)
\nOverdrafts
\nCiti Bank and others
\n1.75~3.98
\uffe6
62,101
\uffe6
456,044
\nGeneral borrowings
Korea Development Bank
\nand others
1.93~14.60
5,277,609
3,994,073
\nBorrowings collateralized
\nby
trade receivables
Hana Ban
k
and others
0.00001~12.54
2,123,379
3,059,551
\nBanker\u2019s Usance
Hana Ban
k
and others
0.15~9.20
705,155
786,755
\nCommercial pape
r
Shinhan Ban
k
and others
3.10~7.10
2,898,236
4,791,413
\nCredit facilities
Korea Development Ban
k
2.54
300,000
-
\n\uffe6
11,366,480
\uffe6
13,087,836
\n(2) Long-term debt as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
Lende
r
\nAnnual
\ninterest rate
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\n(%)
(In millions of Korean Won)
\nGeneral borrowin
g
s
Mizuho Bank and others
\n0.12~16.80
\uffe6
8,909,156
\uffe6
9,738,949
\nCredit facilities
N
H Bank and others
5.85~9.13
40,200
540,600
\nCommercial paper
BNK Investment & Securities
\nand others
1.19~4.74
2,900,000
1,650,000
\nAsse
t
-
b
acked securities
HSBC and others
1.65~5.20
6,377,616
4,136,643
\nOthers(*)
NH Investment & Securities
\nand others
68,903
392,032
\n18,295,875
16,458,224
\nLess: present value discounts
(77,686)
(88,059)
\nLess: current maturities
(5,933,040)
(5,702,434)
\n\uffe6
12,285,149
\uffe6
10,667,731
\n(*) The Group transferred a portion of its voting shares to a third party with the total revenue swap agreement. However, the Group still
\nrecognizes it as the financial asset because the Group still owns the majority of the risks and rewards of ownership of the transferred
\nshares. Also, the Group recognized the amount received from disposal as borrowings.
\n(3) Debentures as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
\nLatest
\nmaturit
y
date
\nAnnual
\ninterest rate
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\n(%)
(In millions of Korean Won)
\nN
on-
g
uaranteed public debentures
March 29, 2032
\n0.96~6.63
\uffe6
33,979,495
\uffe6
31,533,051
\nN
on-
g
uaranteed private debentures
April 8, 2030
0.80~6.38
25,971,468
27,604,469
\nAsse
t
-
b
acked securities
October 16, 2028
0.19~5.52
22,801,451
19,359,999
\n82,752,414
78,497,519
\nLess: discount on debentures
(151,263)
(162,242)
\nLess: current maturities
(19,641,091)
(14,876,468)
\n\uffe6
62,960,060
\uffe6
63,458,809
\n17.
PROVISIONS:
\n(1) Provisions as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\n(In millions of Korean Won)
\nWarranty
\uffe6
10,399,527
\uffe6
9,048,185
\nOther lon
g
-term emplo
y
ee benefits
598,637
676,432
\nOthers
1,432,417
1,154,167
\n\uffe6
12,430,581
\uffe6
10,878,784
\n(2) The changes in provisions for the year ended December 31, 2022 are as follows.
\nDescription
Warrant
y
(*)
\nOther long-term
\nemplo
y
ee benefits
Others
\n(In millions of Korean Won)
\nBeginning of the year
\uffe6
9,048,185
\uffe6
676,432
\uffe6
1,154,167
\nChar
g
e
d
4,347,523
3,900
953,430
\nUtilized
(3,133,544)
(83,682)
(645,750)
\nEffect of foreign exchange differences
\nand others
137,363
1,987
(29,430)
\nEnd of the year
\uffe6
10,399,527
\uffe6
598,637
\uffe6
1,432,417
\n(*)
During the year ended December 31, 2022, the Group updated the measurement of warranty provisions related to the recall of
\ntheta 2 and other engines to reflect of new information and a longer period of historical claim data.
\nThe changes in provisions for the year ended December 31, 2021 are as follows.
\nDescription
Warrant
y
\nOther long-term
\nemplo
y
ee benefits
Others
\n(In millions of Korean Won)
\nBeginning of the year
\uffe6
8,514,173
\uffe6
729,996
\uffe6
1,126,719
\nChar
g
e
d
2,900,638
42,595
680,707
\nUtilized
(2,551,716)
(96,713)
(631,469)
\nEffect of foreign exchange differences
\nand others
185,090
554
(21,790)
\nEnd of the year
\uffe6
9,048,185
\uffe6
676,432
\uffe6
1,154,167
\n18.
OTHER FINANCIAL LIABILITIES:
\n(1)
Other financial liabilities as of December 31, 2022 are as follows.
\nDecember 31, 2022
\nDescription
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nFinancial liabilities measured at FVPL
\uffe6
10,053
\uffe6
174,386
\nDerivative liabilities that are effective hed
g
in
g
instruments
88,832
86,464
\nFinancial Liabilities measured at amortized cos
t
259
1,668
\n\uffe6
99,144
\uffe6
262,518
\n(2)
Other financial liabilities as of December 31, 2021 are as follows.
\nDecember 31, 2021
\nDescription
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nFinancial liabilities measured at FVPL
\uffe6
674
\uffe6
53,427
\nDerivative liabilities that are effective hed
g
in
g
instruments
54,365
32,705
\nFinancial Liabilities measured at amortized cos
t
148
1,126
\n\uffe6
55,187
\uffe6
87,258
\n19.
OTHER LIABILITIES:
\nOther liabilities as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
Curren
t
N
on-curren
t
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nAdvances receive
d
\uffe6
1,464,339
\uffe6
67,776
\uffe6
1,235,937
\uffe6
42,482
\nWithholdin
g
s
1,056,483
223,568
968,318
197,714
\nAccrued expenses
3,351,822
-
2,851,174
-
\nUnearned income
1,090,242
3,150,126
864,536
2,356,667
\nDue to customers for contrac
t
wor
k
1,217,052
-
902,124
-
\nOthers
420,303
810,795
618,031
747,755
\n\uffe6
8,600,241
\uffe6
4,252,265
\uffe6
7,440,120
\uffe6
3,344,618
\n20.
FINANCIAL INSTRUMENTS:
\n(1)
Financial assets by categories as of December 31, 2022 are as follows.
\nDescription
\nFinancial
\nassets
\nmeasured at
\nFVPL
\nFinancial assets
\nmeasured at
\namortized cos
t
\nFinancial assets
\nmeasured at
\nFVOCI
\nDerivative assets
\nthat are effective
\nhedging
\ninstruments
Book value
Fair value
\n(In millions of Korean Won)
\nCash and
\ncash
\nequivalents
\uffe6
\n-
\n\uffe6
\n20,864,879
\n\uffe6
-
\uffe6
-
\uffe6
\n20,864,879
\n\uffe6
20,864,879
\nShort-term and
\nlong-
\nterm financial
\ninstruments
-
5,887,154
-
-
5,887,154
5,887,154
\nTrade notes and
\naccounts
\nreceivable
-
4,458,838
-
-
4,458,838
4,458,838
\nOther
\nreceivables
\n-
2,378,968
-
-
2,378,968
2,378,968
\nOther financial
\nassets
\n5,710,346
\n37,898
2,839,581
1,236,696
9,824,521
9,824,521
\nOther assets
27,960
434,829
-
-
462,789
462,789
\nFinancial
\nservices
\nreceivables
-
90,363,846
-
-
90,363,846
86,705,579
\n\uffe6
5,738,306
\uffe6
124,426,412
\uffe6
2,839,581
\uffe6
1,236,696
\uffe6
134,240,995
\uffe6
130,582,728
\nFinancial assets by categories as of December 31, 2021 are as follows.
\nDescription
\nFinancial
\nassets
\nmeasured at
\nFVPL
\nFinancial assets
\nmeasured at
\namortized cos
t
\nFinancial
\nassets
\nmeasured at
\nFVOCI
\nDerivative
\nassets that
\nare effective
\nhedging
\ninstruments
Book value
Fair value
\n(In millions of Korean Won)
\nCash and
\ncash equivalents
\uffe6
-
\uffe6
12,795,554
\uffe6
-
\uffe6
-
\uffe6
12,795,554
\uffe6
12,795,554
\nShort-term and long-
\nterm financial
\ninstruments
-
7,255,743
-
-
7,255,743
7,255,743
\nTrade notes and
\naccounts receivable
-
3,284,453
-
-
3,284,453
3,284,453
\nOther receivables
-
2,076,803
-
-
2,076,803
2,076,803
\nOther financial assets
12,472,100
27,195
2,911,523
525,114
15,935,932
15,935,932
\nOther assets
23,568
331,353
-
-
354,921
354,921
\nFinancial services
\nreceivables
-
81,029,132
-
-
81,029,132
81,059,639
\n\uffe6
12,495,668
\uffe6
106,800,233
\uffe6
2,911,523
\uffe6
525,114
\uffe6
122,732,538
\uffe6
122,763,045
\n(2)
Financial liabilities by categories as of December 31, 2022 are as follows.
\nDescription
\nFinancial liabilities
\nmeasured at FVPL
\nFinancial liabilities
\nmeasured at
\namortized cos
t
\nDerivative liabilities
\nthat are effective
\nhed
g
in
g
instruments
Book value
Fair value
\n(In millions of Korean Won)
\nTrade notes and
\naccounts pa
y
able
\uffe6
-
\uffe6
10,797,065
\uffe6
-
\uffe6
10,797,065
\uffe6
10,797,065
\nOther pa
y
ables
-
7,292,508
-
7,292,508
7,292,508
\nBorrowings and
\ndebentures
27,239
112,158,581
-
112,185,820
108,603,134
\nOther financial liabilities
184,439
1,927
175,296
361,662
361,662
\nLease liabilities
-
1,110,804
-
1,110,804
1,110,804
\nOther liabilities
-
2,960,053
-
2,960,053
2,960,053
\n\uffe6
211,678
\uffe6
134,320,938
\uffe6
175,296
\uffe6
134,707,912
\uffe6
131,125,226
\nFinancial liabilities by categories as of December 31, 2021 are as follows.
\nDescription
\nFinancial liabilities
\nmeasured at
\nFVPL
\nFinancial liabilities
\nmeasured at
\namortized cos
t
\nDerivative liabilities
\nthat are effective
\nhed
g
in
g
instruments
Book value
Fair value
\n(In millions of Korean Won)
\nTrade notes and
\naccounts pa
y
able
\uffe6
-
\uffe6
9,155,255
\uffe6
-
\uffe6
9,155,255
\uffe6
9,155,255
\nOther pa
y
ables
-
5,422,320
-
5,422,320
5,422,320
\nBorrowings and
\ndebentures
-
107,793,278
-
107,793,278
108,112,411
\nOther financial liabilities
54,101
1,274
87,070
142,445
142,445
\nLease liabilities
-
950,572
-
950,572
950,572
\nOther liabilities
-
2,415,891
-
2,415,891
2,415,891
\n\uffe6
54,101
\uffe6
125,738,590
\uffe6
87,070
\uffe6
\n125,879,761
\n\uffe6
\n126,198,894
\n(3)
Fair value estimation
\nThe Group categorizes the assets and liabilities measured at fair value into the following three-level fair value hierarchy
\nin accordance with the inputs used for fair value measurement.
\n\ue001
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n\ue001
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\ndirectly (i.e. as prices) or indirectly (i.e. derived from prices).
\n\ue001
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs)
\nFair value measurements of financial instruments by fair value
hierarchy levels as of December 31, 2022 are as follows.
\nDecember 31, 2022
\nDescription
Level 1
Level 2
Level 3
Total
\n(In millions of Korean Won)
\nFinancial assets:
\nFinancial assets measured
\nat FVPL
\uffe6
57,556
\uffe6
5,412,130
\uffe6
268,620
\uffe6
5,738,306
\nDerivative assets that are
\neffective hed
g
in
g
instruments
-
1,236,696
-
1,236,696
\nFinancial assets measured
\nat FVOCI
1,493,627
451,990
893,964
2,839,581
\n\uffe6
1,551,183
\uffe6
7,100,816
\uffe6
1,162,584
\uffe6
9,814,583
\nFinancial liabilities:
\nFinancial liabilities measured
\nat FVPL
\uffe6
-
\uffe6
11,451
\uffe6
200,227
\uffe6
211,678
\nDerivative liabilities that are
\neffective hed
g
in
g
instruments
-
173,361
1,935
175,296
\n\uffe6
-
\uffe6
184,812
\uffe6
202,162
\uffe6
386,974
\nFair value measurements of financial instruments by fair value hierarchy levels as of December 31, 2021 are as
\nfollows.
\nDecember 31, 2021
\nDescription
Level 1
Level 2
Level 3
Total
\n(In millions of Korean Won)
\nFinancial assets:
\nFinancial assets measured
\nat FVPL
\uffe6
107,290
\uffe6
12,226,048
\uffe6
162,330
\uffe6
12,495,668
\nDerivative assets that are
\neffective hed
g
in
g
instruments
-
525,114
-
525,114
\nFinancial assets measured
\nat FVOCI
1,561,959
435,797
913,767
2,911,523
\n\uffe6
1,669,249
\uffe6
13,186,959
\uffe6
1,076,097
\uffe6
15,932,305
\nFinancial liabilities:
\nFinancial liabilities measured
\nat FVPL
\uffe6
-
\uffe6
962
\uffe6
53,139
\uffe6
54,101
\nDerivative liabilities that are
\neffective hed
g
in
g
instruments
-
87,070
-
87,070
\n\uffe6
-
\uffe6
88,032
\uffe6
53,139
\uffe6
141,171
\nThe changes in financial instruments classified as Level 3 for the year ended December 31, 2022 are as follows.
\nDescri
p
tion
\nBeginning
\nof the perio
d
Purchases
Disposals
Valuation
Others
\nEnd of
\nthe perio
d
\n(In millions of Korean Won)
\nFinancial assets measured
\nat FVPL
\uffe6
162,330
\uffe6
92,328
\uffe6
(6,107)
\uffe6
8,529
\uffe6
11,540
\uffe6
268,620
\nFinancial assets measured
\nat FVOCI
913,767
12,373
(874)
79,143
(110,445)
893,964
\nFinancial liabilities measured
\nat FVPL
53,139
29,884
-
2,169
115,035
200,227
\nDerivative liabilities that are
\neffective hedging instruments
-
1,935
-
-
-
1,935
\nThe changes in financial instruments classified as Level 3 for the year ended December 31, 2021 are as follows.
\nDescri
p
tion
\nBeginning
\nof the perio
d
Purchases
Disposals
Valuation
Others
\nEnd of
\nthe perio
d
\n(In millions of Korean Won)
\nFinancial assets measured
\nat FVPL
\uffe6
515,020
\uffe6
38,076
\uffe6
(
411,334
)
\uffe6
20,568
\uffe6
-
\uffe6
162,330
\nFinancial assets measured
\nat FVOCI
739,669
66,580
(2,579)
73,805
36,292
913,767
\nFinancial liabilities measured
\nat FVPL
-
52,323
-
816
-
53,139
\n(4)
Financial assets and liabilities subject to offsetting, and financial instruments subject to an enforceable
master netting
\narrangement or similar agreement as of December 31, 2022 are as follows.
\nDescription
\nGross amounts
\nof recognized
\nfinancial assets
\nand liabilities
\nGross amounts
\nof recognized
\nfinancial assets
\nand liabilities
\nset off in the
\nconsolidated
\nstatement of
\nfinancial
\np
osition
\nNet amounts of
\nfinancial assets
\nand liabilities
\npresented in the
\nconsolidated
\nstatement of
\nfinancial
\np
osition
\nRelated
\namounts not set
\noff in the
\nconsolidated
\nstatement of
\nfinancial
\nposition -
\nfinancial
\ninstruments
\nRelated
\namounts not
\nset off in the
\nstatement of
\nfinancial
\nposition -
\ncollateral
\nreceived
\n(pledged)
Net amounts
\n(In millions of Korean Won)
\nFinancial assets:
\nTrade notes and accounts
\nreceivable
\uffe6
4,731,300
\uffe6
272,462
\uffe6
4,458,838
\uffe6
-
\uffe6
-
\uffe6
4,458,838
\nOther receivables
3,005,009
626,041
2,378,968
-
-
2,378,968
\nFinancial assets measured at
\nFVPL
47,256
-
47,256
-
-
47,256
\nDerivative assets that are
\neffective hedging instruments (*)
1,236,696
-
1,236,696
93,233
-
1,143,463
\n\uffe6
9,020,261
\uffe6
898,503
\uffe6
8,121,758
\uffe6
93,233
\uffe6
-
\uffe6
8,028,525
\nFinancial liabilities:
\nTrade notes and accounts
\np
ayable
\uffe6
11,418,549
\uffe6
621,484
\uffe6
10,797,065
\uffe6
-
\uffe6
-
\uffe6
10,797,065
\nOther payables
7,569,527
277,019
7,292,508
-
-
7,292,508
\nFinancial liabilities measured at
\nFVPL
211,678
-
211,678
-
-
211,678
\nDerivative liabilities that are
\neffective hedging instruments (*)
175,296
-
175,296
93,233
-
82,063
\n\uffe6
19,375,050
\uffe6
898,503
\uffe6
18,476,547
\uffe6
93,233
\uffe6
-
\uffe6
18,383,314
\n(*)
These are derivative assets and liabilities that the Group may have the right to offset in the event of default, insolvency or bankruptcy
\nof the counterparty although these do not meet the criteria of offsetting under K-IFRS 1032.
\nFinancial assets and liabilities, subject to offsetting, and financial instruments subject to an enforceable master
\nnetting arrangement or similar agreement as of December 31, 2021 are as follows.
\nDescription
\nGross amounts
\nof recognized
\nfinancial assets
\nand liabilities
\nGross amounts
\nof recognized
\nfinancial assets
\nand liabilities
\nset off in the
\nconsolidated
\nstatement of
\nfinancial
\np
osition
\nNet amounts of
\nfinancial assets
\nand liabilities
\npresented in the
\nconsolidated
\nstatement of
\nfinancial
\np
osition
\nRelated
\namounts not set
\noff in the
\nconsolidated
\nstatement of
\nfinancial
\nposition -
\nfinancial
\ninstruments
\nRelated
\namounts not
\nset off in the
\nstatement of
\nfinancial
\nposition -
\ncollateral
\nreceived
\n(pledged)
Ne
t
amounts
\n(In millions of Korean Won)
\nFinancial assets:
\nTrade notes and accounts
\nreceivable
\uffe6
3,519,284
\uffe6
234,831
\uffe6
3,284,453
\uffe6
-
\uffe6
-
\uffe6
3,284,453
\nOther receivables
2,573,976
497,173
2,076,803
-
-
2,076,803
\nFinancial assets measured at
\nFVPL
14,534
-
14,534
21
-
14,513
\nDerivative assets that are
\neffective hedging instruments (*)
525,114
-
525,114
18,204
-
506,910
\n\uffe6
6,632,908
\uffe6
732,004
\uffe6
5,900,904
\uffe6
18,225
\uffe6
-
\uffe6
5,882,679
\nFinancial liabilities:
\nTrade notes and accounts
\np
ayable
\uffe6
9,640,133
\uffe6
484,878
\uffe6
9,155,255
\uffe6
-
\uffe6
-
\uffe6
9,155,255
\nOther payables
5,669,446
247,126
5,422,320
-
-
5,422,320
\nFinancial liabilities measured at
\nFVPL
54,101
-
54,101
21
-
54,080
\nDerivative liabilities that are
\neffective hedging instruments (*)
87,070
-
87,070
18,204
-
68,866
\n\uffe6
15,450,750
\uffe6
732,004
\uffe6
14,718,746
\uffe6
18,225
\uffe6
-
\uffe6
14,700,521
\n(*) These are derivative assets and liabilities that the Group may have the right to offset in the event of default, insolvency or bankruptcy
\nof the counterparty although these do not meet the criteria of offsetting under K-IFRS 1032.
\n(5)
Interest income, dividend income and interest expenses by categories of financial instruments for the year ended
\nDecember 31, 2022 are as follows.
\n2022
\nDescription
\nInterest
\nincome
\nDividend
\nincome
\nInterest
\nexpenses
\n(In millions of Korean Won)
\nN
on-financial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
489,133
\uffe6
-
\uffe6
-
\nFinancial assets
\nmeasured at FVPL
150,084
-
-
\nFinancial assets measured
\nat FVOCI
-
44,533
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
434,059
\n\uffe6
639,217
\uffe6
44,533
\uffe6
434,059
\nFinancial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
3,466,000
\uffe6
-
\uffe6
-
\nFinancial assets measured
\nat FVPL
5,825
1,300
-
\nFinancial assets measured
\nat FVOCI
899
-
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
2,277,906
\n\uffe6
3,472,724
\uffe6
1,300
\uffe6
2,277,906
\nInterest income, dividend income and interest expenses by categories of financial instruments for the year ended
\nDecember 31, 2021 are as follows.
\n2021
\nDescription
\nInterest
\nincome
\nDividend
\nincome
\nInterest
\nexpenses
\n(In millions of Korean Won)
\nN
on-financial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
248,198
\uffe6
-
\uffe6
-
\nFinancial assets
\nmeasured at FVPL
100,415
-
-
\nFinancial assets measured
\nat FVOCI
-
28,419
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
267,648
\n\uffe6
348,613
\uffe6
28,419
\uffe6
267,648
\nFinancial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
4,138,039
\uffe6
-
\uffe6
-
\nFinancial assets measured
\nat FVPL
4,040
1,721
-
\nFinancial assets measured
\nat FVOCI
203
-
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
1,730,903
\n\uffe6
4,142,282
\uffe6
1,721
\uffe6
1,730,903
\n(6)
The commission income (financial services revenue) arising from financial assets or liabilities other than financial
\nassets or liabilities measured at FVPL for the years ended December 31, 2022 and 2021 are
\uffe6
1,011,152 million and
\n\uffe6
923,656 million, respectively.
In addition, the fee expenses (cost of sales from financial services)
related
to
\nfinancial assets or liabilities other than financial assets or liabilities measured at FVPL for the years ended December
\n31, 2022 and 2021 are
\uffe6
427,606 million and
\uffe6
374,229 million, respectively.
\n(7)
The Group recognizes transfers between levels of the fair value hierarchy at the date of the event or change in
\ncircumstances that caused the transfer.
There are no significant transfers between Level 1 and Level 2 for the year
\nended December 31, 2022.
\n(8)
Descriptions of the valuation techniques and the inputs used in the fair value measurements categorized
within
\nLevel 2 and Level 3 of the fair value hierarchy are as follows.
\n-
Currency
forwards, options and swap
\nFair value of currency forwards, options and swap is measured based on forward exchange rate quoted in the current
\nmarket at the end of the reporting period, which
has the same remaining period of derivatives to be measured.
If
\nthe forward exchange rate, which has the same remaining period of currency forwards, options and swap, is not
\nquoted in the current market, fair value is measured using estimates of similar period of forward exchange rate by
\napplying interpolation method with quoted forward exchange rates.
\nAs the inputs used to measure fair value of currency forwards, options and swap are supported by observable market
\ndata, such as forward exchange rates, the Group classifies the estimates of fair value measurements
of the currency
\nforwards, options and swap as Level 2 of the fair value hierarchy.
\n- Interest rate swap
\nThe discount rate and forward interest rate used to measure the fair value of interest rate swap are determined based
\non an applicable yield curve derived from interest quoted in the current market at the end of the reporting period.
\nThe fair value of interest rate swap was measured as a discount on the estimated future cash flows of interest rate
\nswap based on forward interest rates derived from the above method at an appropriate discount rate.
\nAs the inputs used to measure fair value of interest rate swap are supported by observable market data,
such
as
\nyield curves, the Group classifies the estimates of fair value measurements
of the interest rate swap as Level 2 of the
\nfair value hierarchy.
\n- Debt instruments including corporate bonds
\nFair value of debt instruments including corporate bonds is measured applying discounted cash flow method.
\nThe rate used to discount cash flows is determined based on swap rate and credit spreads of debt instruments,
\nwhich have the similar credit rating and period quoted in the current market with those of debt instruments
\nincluding corporate bonds that should be measured.
The Group classifies fair value measurements of debt
\ninstruments including corporate bonds as Level 2 of the fair-value hierarchy since the rate, which has significant
\neffects on fair value of debt instruments including corporate bonds, is based on observable market data.
\n- Unlisted equity securities
\nFair value of unlisted equity securities is measured using discounted cash flow projection and market approach, and
\nas for discounted cash flow projections, certain assumptions not based on observable market prices or rate, such as
\nsales growth rate, pre-tax operating income ratio and discount rate based on business plan and circumstance of
\nindustry are used to estimate the future cash flow.
The discount rate used to discount the future cash
flows,
is
\ncalculated by applying the Capital Asset Pricing Model, using the data of similar listed companies.
The Group
\ndetermines that the effect of estimation and assumptions referred above affecting fair value of unlisted equity
\nsecurities is significant and classifies fair value measurements of unlisted securities as Level 3 of the fair value
\nhierarchy.
\n- Redeemable convertible preference share
\nThe fair value of redeemable convertible preference share is measured based on the fair value, exercise price,
\nmaturity, and the stock price volatility up to the maturity of the underlying asset, using the binomial option pricing
\nmodel.
The discount rate used in the binomial option pricing model is applied by converting the rate of return on
\ncorporate bonds with equivalent credit rating corresponding to the remaining maturity into a continuous
\ncompounding discount rate, and the stock price volatility up to maturity uses historical volatility of proxy
\ncompanies in similar industries in response to the remaining maturity. The fair value of the underlying asset is
\nassumed to be maintained until the end of the current period after estimating the underlying asset value on the
\ncontracted date by inverting the underlying asset value inherent in the terms of the transaction on the premise that
\nthe acquisition transaction of related shares in the current period is an orderly transaction and traded at fair value.
\nThe group classifies the fair value measurement of redeemable convertible preference share as Level 3 in the fair
\nvalue hierarchy based on the assumption that the effect of the above assumptions and estimates on the fair value
\nof redeemable convertible preference share classified.
\n(9) The quantitative information about significant unobservable inputs used in the fair value measurements
\ncategorized
within Level 3 of the fair value hierarchy and the description of relationships of significant
\nunobservable inputs to the fair value are as follows:
\nDescription
\nFair value at
\nDecember 31, 2022
\nValuation
\ntechniques
\nUnobservable
\ninputs
Ran
g
e
\nDescription of
\nrelationship
\nFinancial
\nassets
\nFinancial
\nliabilities
\n(In millions of Korean Won)
\nUnlisted equity
\nsecurities,
\nredeemable
\nconvertible
\npreference
\nshare and
\nothers
\n\uffe6
1,162,584
\uffe6
202,162
Discounted
\ncash flow
\nand others
\nSales growth rate
-8.8% ~ -2.6%
If the sales
\ngrowth rate,
\nthe pre-tax
\noperating
\nprofit margin
\nratio and stock
\nprice volatility
\nincreases or
\nthe discount
\nrate declin
es,
\nthe fair value
\nincreases.
\nPre-tax operating
\nprofit margin
\nratio
\n2.0% ~ 7.6%
\nDiscount rate
8.3%
\nStock price
\nvolatility
\n59.2% ~ 60.1%
\nThe Group does not expect changes in significant unobservable inputs would have a significant impact on the fair value,
\ntaking into account reasonable alternative assumptions.
\n21.
CAPITAL STOCK:
\nThe Company\u2019s number of shares authorized is 600,000,000 shares.
Common stock and preferred stock as of
\nDecember 31, 2022 and December 31, 2021 are as follows.
\n(1) Common stock
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won, except par value)
\nIssue
d
213,668,187 shares
213,668,187 shares
\nPar value
\uffe6
5,000
\uffe6
5,000
\nCapital stoc
k
1,157,982
1,157,982
\nThe Company completed stock retirement of 10,000,000 common shares, 1,320,000 common shares and 6,608,292
\ncommon shares as of March 5, 2001, May 4, 2004 and July 27, 2018 respectively.
Due to these stock retirements, the
\ntotal face value of outstanding stock differs from the capital stock amount.
\n(2) Preferred stock
\nDescription
Par value
Issue
d
Korean Won
Dividend rate
\n(In millions of
\nKorean Won)
\n1
\nst
\np
referred stoc
k
\uffe6
5,000
24,356,685 shares
\uffe6
125,550
Dividend rate of common stock + 1%
\n2
\nnd
\np
referred stoc
k
\u02dd
36,485,451 shares
193,069
The lowest stimulated dividend rate: 2%
\n3
\nrd
\np
referred stoc
k
\u02dd
2,428,735 shares
12,392
The lowest stimulated dividend rate: 1%
\n63,270,871 shares
\uffe6
331,011
\nAs of March 5, 2001, the Company retired 1,000,000 second preferred shares and as of July 27, 2018, the Company
\nretired 753,297 first preferred shares, 1,128,414 second preferred shares and 49,564 third preferred shares.
Due to the
\nstock retirement, the total face value of outstanding stock differs from the capital stock amount.
\n22.
CAPITAL SURPLUS:
\nCapital surplus as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nPaid-in capital in excess of par value
\uffe6
3,321,334
\uffe6
3,321,334
\nOthers(*)
919,969
748,926
\n\uffe6
4,241,303
\uffe6
4,070,260
\n(*) During the year ended December 31, 2022, the Group disposed of 2,216,983 shares of treasury stocks through
\ntreasury stock exchange with KT Corporation, and recognized gain on disposal of treasury stocks in the amount of
\uffe6
118,686
\nmillion.
\n23.
OTHER CAPITAL ITEMS:
\nOther capital items consist of treasury stocks purchased for the stabilization of stock price.
Number of treasury stocks
\nas of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\n(Number of shares)
\nCommon stoc
k
11,408,711
14,048,242
\n1
\nst
\np
referred stoc
k
2,430,559
2,333,133
\n2
\nnd
\np
referred stoc
k
1,718,424
1,572,482
\n3
\nrd
\np
referred stoc
k
72,861
63,146
\n24.
ACCUMULATED OTHER COMPREHENSIVE LOSS:
\n(1)
Accumulated other comprehensive loss as of December 31, 2022 is as follows.
\nDescription
December 31, 2022
\n(In millions of Korean Won)
\nGain on valuation of financial assets measured at FVOCI
\uffe6
418,986
\nLoss on valuation of financial assets measured at FVOCI
(768,117)
\nGain on valuation of cash flow hed
g
e derivatives
276,938
\nLoss on valuation of cash flow hed
g
e derivatives
(93,162)
\nGain on share of the other comprehensive income of
\nequit
y
-accounted investees
195,912
\nLoss on share of the other comprehensive income of
\nequit
y
-accounted investees
(715,558)
\nLoss on forei
g
n operations translation, ne
t
(935,681)
\n\uffe6
(1,620,682)
\n(2)
Accumulated other comprehensive loss as of December 31, 2021 is as follows.
\nDescription
December 31, 2021
\n(In millions of Korean Won)
\nGain on valuation of financial assets measured at FVOCI
\uffe6
451,693
\nLoss on valuation of financial assets measured at FVOCI
(370,812)
\nGain on valuation of cash flow hed
g
e derivatives
56,048
\nLoss on valuation of cash flow hed
g
e derivatives
(42,068)
\nGain on share of the other comprehensive income of
\nequit
y
-accounted investees
228,299
\nLoss on share of the other comprehensive income of
\nequit
y
-accounted investees
(587,620)
\nLoss on forei
g
n operations translation, ne
t
(1,508,141)
\n\uffe6
(1,772,601)
\n25.
RETAINED EARNINGS:
\n(1)
Retained earnings as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31,2021
\n(In millions of Korean Won)
\nLe
g
al reserve (*)
\uffe6
744,836
\uffe6
744,836
\nDiscretionar
y
reserve
\n47,307,996
47,701,296
\nUnappropriate
d
\n31,900,769
24,721,723
\n\uffe6
79,953,601
\uffe6
73,167,855
\n(*)
The Commercial Code of the Republic of Korea requires the Company to appropriate as a legal reserve, a minimum of 10% of
\nannual cash dividends declared, until such reserve equals 50% of its capital stock issued.
The reserve is not available for the
\npayment of cash dividends, but may be transferred to capital stock or used to reduce accumulated deficit, if any.
\nAppraisal gains, amounting to
\uffe6
1,852,871 million, derived from asset revaluation pursuant to the Asset Revaluation Law
\nof Korea are included in retained earnings.
It may be only transferred to capital stock or used to reduce accumulated
\ndeficit, if any.
\n(2)
The computation of the interim dividends for the year ended December 31, 2022 is as follows.
\nDescription
\nCommon
\nstoc
k
\n1
\nst
\nPreferred
\nstoc
k
\n2
\nnd
\nPreferred
\nstoc
k
\n3
\nrd
\nPreferred
\nstoc
k
\n(In millions of Korean Won, except per share amounts)
\nPar value per share
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\nShares, net of treasur
y
stocks
198,765,273
21,926,126
34,767,027
2,355,874
\nDividends per share
\uffe6
1,000
\uffe6
1,000
\uffe6
1,000
\uffe6
1,000
\nDividend rate
20%
20%
20%
20%
\nDividends declare
d
198,764
21,926
34,767
2,356
\nThe computation of the interim dividends for the year ended December 31, 2021 is as follows.
\nDescription
\nCommon
\nstoc
k
\n1
\nst
\nPreferred
\nstoc
k
\n2
\nnd
\nPreferred
\nstoc
k
\n3
\nrd
\nPreferred
\nstoc
k
\n(In millions of Korean Won, except per share amounts)
\nPar value per share
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\nShares, net of treasur
y
stocks
200,576,769
22,169,692
35,131,881
2,380,161
\nDividends per share
\uffe6
1,000
\uffe6
1,000
\uffe6
1,000
\uffe6
1,000
\nDividend rate
20%
20%
20%
20%
\nDividends declare
d
200,577
22,170
35,132
2,380
\n(3)
The computation of the proposed dividends for the year ended December 31, 2022 is as follows.
\nDescription
\nCommon
\nstoc
k
\n1
\nst
\nPreferred
\nstoc
k
\n2
\nnd
\nPreferred
\nstoc
k
\n3
\nrd
\nPreferred
\nstoc
k
\n(In millions of Korean Won, except per share amounts)
\nPar value per share
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\nShares, net of treasur
y
stocks
202,259,476
21,926,126
34,767,027
2,355,874
\nDividends per share
\uffe6
6,000
\uffe6
6,050
\uffe6
6,100
\uffe6
6,050
\nDividend rate
120%
121%
122%
121%
\nDividends declare
d
1,213,557
132,653
212,079
14,253
\nThe computation of the dividends for the year ended December 31, 2021 is as follows.
\nDescription
\nCommon
\nstoc
k
\n1
\nst
\nPreferred
\nstoc
k
\n2
\nnd
\nPreferred
\nstoc
k
\n3
\nrd
\nPreferred
\nstoc
k
\n(In millions of Korean Won, except per share amounts)
\nPar value per share
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\nShares, net of treasur
y
stocks
199,619,945
22,023,552
34,912,969
2,365,589
\nDividends per share
\uffe6
4,000
\uffe6
4,050
\uffe6
4,100
\uffe6
4,050
\nDividend rate
80%
81%
82%
81%
\nDividends declare
d
798,480
89,195
143,143
9,581
\n26.
HYBRID BOND:
\n(1)
HYUNDAI CARD CO., LTD., a subsidiary of the Company, issued hybrid bond and the Group classified it as
\nequity (non-controlling interests). As of December 31, 2022, hybrid bond is as follows.
\nDescription
\nIssue date
\nMaturity date
\nAnnual
\ninterest rate
\nDecember 31, 2022
\n(%)
(In millions of Korean Won)
\nThe 731st
Hybrid Tier 1 (Private)
Jul
y
5, 2018
Jul
y
5, 2048
4.70
\uffe6
300,000
\nIssue cos
t
(760)
\n\uffe6
299,240
\n(2)
As of December 31, 2022, the conditions of hybrid bond that HYUNDAI CARD CO., LTD., a subsidiary of the
\nCompany issued are as follows.
\nDescription
\nMaturity
Thirty years (Maturity extension is possible according to the issuer's decision
\nupon maturit
y
)
\nInterest rate
Issue date ~ July 5, 2023 : An annual fixed interest rate 4.7%
\nIncrease of 2% after five years which is limited to one time only in accordance with
\nStep-up clause
\nInterest payment
\ncondition
\nThree months, optional postponement of payment
\nOthers
Repayment before maturity by issuer is available after five years from issue date
\n27.
SALES:
\n(1)
Sales for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nSales of
g
oods
\uffe6
121,128,808
\uffe6
99,722,885
\nRenderin
g
of services
3,577,155
2,624,047
\nRo
y
alties
252,904
276,564
\nFinancial services revenue
13,764,122
11,536,970
\nRevenue related to construction contracts
3,099,326
2,814,036
\nOthers
705,220
636,124
\n\uffe6
142,527,535
\uffe6
117,610,626
\n(2)
As of December 31, 2022, the aggregate transaction price allocated to the unsatisfied (or partially unsatisfied)
\nperformance obligation that is expected to be recognized as revenue in future periods is as follows.
\nDescription
Within a yea
r
After a yea
r
\n(In millions of Korean Won)
\nDeferred revenue and others
\uffe6
2,016,748
\uffe6
3,079,984
\n28.
SELLING AND ADMINISTRATIVE EXPENSES:
\nSelling and administrative expenses for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nSellin
g
expenses:
\nExport expenses
\uffe6
78,842
\uffe6
46,057
\nOverseas market expenses
443,923
412,476
\nAdvertisements and sales promotion
3,102,616
2,609,784
\nSales commissions
909,093
983,949
\nExpenses for warranties
4,346,694
2,947,290
\nTransportation expenses
101,995
116,035
\n8,983,163
7,115,591
\nAdministrative expenses:
\nPa
y
roll
3,265,946
2,882,164
\nPos
t
-emplo
y
ment benefits
173,367
177,845
\nWelfare expenses
550,396
496,461
\nService char
g
es
1,682,831
1,529,151
\nResearch
1,762,749
1,534,993
\nOthe
r
s
2,079,831
1,515,341
\n9,515,120
8,135,955
\n\uffe6
18,498,283
\uffe6
15,251,546
\n29.
GAIN(LOSS) ON INVESTMENTS IN JOINT VENTURES AND ASSOCIATES:
\nGain(loss) on investments in joint ventures and associates for the years ended December 31, 2022 and 2021 is as
\nfollows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nGain on share of earnings of equity-accounted investees, net
\uffe6
1,635,777
\uffe6
1,278,591
\nGain on disposals of investments in associates
63,992
38,106
\nImpairment loss on investments in associates
(143,186)
(13,332)
\n\uffe6
1,556,583
\uffe6
1,303,365
\n30.
FINANCE INCOME AND EXPENSES:
\n(1)
Finance income for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nInterest income
\uffe6
639,217
\uffe6
348,613
\nGain on forei
g
n exchan
g
e transactions
146,066
62,003
\nGain on forei
g
n currenc
y
translation
333,849
162,811
\nDividend income
44,533
28,419
\nGain on derivatives
18,689
89,522
\nOthers
36,459
221,434
\n\uffe6
1,218,813
\uffe6
912,802
\n(2)
Finance expenses for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nInterest expenses
\uffe6
536,086
\uffe6
304,542
\nLoss on forei
g
n exchan
g
e transactions
77,799
54,622
\nLoss on forei
g
n currenc
y
translation
416,846
182,233
\nLoss on derivatives and others
23,497
7,013
\n\uffe6
1,054,228
\uffe6
548,410
\n31.
OTHER INCOME AND EXPENSES:
\n(1)
Other income for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nGain on foreign exchange transactions
\uffe6
827,960
\uffe6
624,884
\nGain on foreign currency translation
688,119
220,468
\nGain on disposals of PP&E
49,442
23,978
\nCommission income
18,335
22,716
\nRental income
97,905
94,528
\nOthers
575,352
460,687
\n\uffe6
2,257,113
\uffe6
1,447,261
\n(2)
Other expenses for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nLoss on foreign exchange transactions
\uffe6
738,469
\uffe6
527,878
\nLoss on foreign currency translation
814,458
231,859
\nLoss on disposals of PP&E
177,132
57,899
\nDonations
89,984
66,249
\nOthers
1,030,064
950,520
\n\uffe6
2,850,107
\uffe6
1,834,405
\n32.
EXPENSES BY NATURE:
\nExpenses by nature for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nChan
g
es in inventories
\uffe6
(1,677,346)
\uffe6
434,257
\nRaw materials and
merchandise use
d
80,774,363
67,579,441
\nEmplo
y
ee benefits
10,667,028
9,613,599
\nDepreciation
3,180,687
2,937,914
\nAmortization
1,866,935
1,617,823
\nOthers
40,746,206
30,583,048
\nTotal (*)
\uffe6
135,557,873
\uffe6
112,766,082
\n(*)
Sum of cost of sales, selling and administrative expenses and other expenses in the consolidated statements of income.
\n33.
EARNINGS PER COMMON STOCK AND PREFERRED STOCK:
\nBasic earnings per common stock and preferred stock are computed by dividing profit available to common stock and
\npreferred stock by the weighted-average number of common stock and preferred stock outstanding during the year.
The
\nGroup does not compute diluted earnings per common stock for the years ended December 31, 2022 and 2021, since there
\nare no dilutive items during the years.
\nBasic earnings per common stock and preferred stock for the years ended December 31, 2022 and 2021 are computed as
\nfollows.
\nFor the
y
ear ended December 31, 2022
For the
y
ear ended December 31, 2021
\nDescription
\nProfit
\nattributable to
\nshare
\nWeighted-
\naverage number
\nof shares
\noutstandin
g
(*1)
\nBasic
\nearnings
\np
er share
\nProfit
\nattributable to
\nshare
\nWeighted-
\naverage number
\nof shares
\noutstandin
g
(*1)
\nBasic
\nearnings
\np
er share
\n(In millions of Korean Won, excep
t
p
er share amounts)
\nCommon stoc
k
\uffe6
5,696,576
199,735,258
\uffe6
28,521
\uffe6
3,806,754
200,578,742
\uffe6
18,979
\n1
\nst
\nPreferred stock (*2)
618,639
21,932,141
28,207
421,090
22,160,384
19,002
\n2
\nnd
\nPreferred stoc
k
982,679
34,775,916
28,257
669,282
35,117,788
19,058
\n3
\nrd
\nPreferred stoc
k
66,470
2,356,491
28,207
45,230
2,379,240
19,010
\n(*1) Weighted-average number of shares outstanding includes the effects of treasury stock transactions.
\n(*2) 1
\nst
\npreferred stock meets the definition of \u2018ordinary shares\u2019 as defined in K-IFRS 1033 \u2018Earnings per Share\u2019.
\n34.
INCOME TAX EXPENSE:
\n(1)
The components of income tax expense for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nCurrent tax expense
\uffe6
2,705,459
\uffe6
1,816,699
\nAdjustments recognized in the current year in relation to
\nthe prior
y
ears
66,052
(274,525)
\nChan
g
es in deferred taxes relatin
g
to
\nTemporar
y
differences
(623,348)
1,718,022
\nTax losses and tax credits
949,285
(683,646)
\nItems that are char
g
ed or credited directl
y
to equit
y
(186,176)
(104,461)
\nEffect of forei
g
n exchan
g
e differences and others
53,057
(205,604)
\nIncome tax expense
\uffe6
2,964,329
\uffe6
2,266,485
\n(2)
The reconciliation from profit before income tax to income tax expense for the years ended December 31, 2022
\nand 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nProfi
t
b
efore income tax
\uffe6
10,947,943
\uffe6
7,959,562
\nIncome tax expense calculated at the applicable
\ntax rates of 27.2% in 2022 and 21.4% in 2021
2,973,667
1,699,706
\nAd
j
ustments:
\nN
on-taxable income
(91,601)
(100,314)
\nN
on-deductible expenses
399,296
261,172
\nTax credits
(528,986)
(429,012)
\nOthers
211,953
834,933
\n(9,338)
566,779
\nIncome tax expense
\uffe6
2,964,329
\uffe6
2,266,485
\nEffective tax rate
27.1%
28.5%
\n(3)
The changes in deferred tax assets (liabilities) for the year ended December 31, 2022 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
Chan
g
es
\nEnd
\nof the
y
ea
r
\n(In millions of Korean Won)
\nProvisions
\uffe6
2,824,209
\uffe6
451,449
\uffe6
3,275,658
\nFinancial assets measured at FVPL
1,231
308
1,539
\nFinancial assets measured at FVOCI
(121,184)
113,194
(7,990)
\nInvestment of subsidiaries, associates and joint
\nventures
\n(1,578,133)
(418,369)
(1,996,502)
\nDerivatives
(1,516)
(93,536)
(95,052)
\nPP&E
(5,861,743)
60,309
(5,801,434)
\nAccrued income
(15,840)
(2,927)
(18,767)
\nGain (loss) on forei
g
n currenc
y
translation, ne
t
(136)
(197)
(333)
\nOthers
(42,945)
513,117
470,172
\n(4,796,057)
623,348
(4,172,709)
\nCarryforward of tax losses and tax credits
3,331,562
(949,285)
2,382,277
\n\uffe6
(1,464,495)
\uffe6
(325,937)
\uffe6
(1,790,432)
\nThe changes in deferred tax assets (liabilities) for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
Chan
g
es
\nEnd
\nof the
y
ea
r
\n(In millions of Korean Won)
\nProvisions
\uffe6
2,713,730
\uffe6
110,479
\uffe6
2,824,209
\nFinancial assets measured at FVPL
1,795
(564)
1,231
\nFinancial assets measured at FVOCI
(137,271)
16,087
(121,184)
\nInvestment of subsidiaries, associates and joint
\nventures
\n(1,516,729)
(61,404)
(1,578,133)
\nDerivatives
(45,697)
44,181
(1,516)
\nPP&E
(5,058,726)
(803,017)
(5,861,743)
\nAccrued income
61,186
(77,026)
(15,840)
\nGain (loss) on foreign currency translation, net
431
(567)
(136)
\nOthers
903,246
(946,191)
(42,945)
\n(3,078,035)
(1,718,022)
(4,796,057)
\nCarryforward of tax losses and tax credits
2,647,916
683,646
3,331,562
\n\uffe6
(430,119)
\uffe6
(1,034,376)
\uffe6
(1,464,495)
\n(4)
Income taxes relating to items that are charged or credited directly to equity for the years ended December 31,
\n2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nGain on disposal of treasur
y
stocks
\uffe6
(66,131)
\uffe6
(9,451)
\nLoss (
g
ain) on financial assets measured at FVOCI, ne
t
97,671
(32,147)
\nLoss (
g
ain) on valuation of cash flow hed
g
e derivatives, ne
t
(78,505)
5,848
\nRemeasurements of defined benefit plans
(152,166)
(64,906)
\nChan
g
es in retained earnin
g
s of equit
y
-accounted
investees, ne
t
12,955
(3,805)
\n\uffe6
(186,176)
\uffe6
(104,461)
\n(5)
The amount of temporary differences associated with investments in subsidiaries, joint ventures and associates, for
\nwhich deferred tax liabilities are not recognized, are
\uffe6
8,948,716 million and
\uffe6
5,644,375 million as of December
\n31, 2022 and 2021, respectively.
\n35.
RETIREMENT BENEFIT PLAN:
\n(1)
Expenses recognized in relation to defined contribution plans for the years ended December 31, 2022 and 2021 are as
\nfollows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nPaid-in cash
\uffe6
14,377
\uffe6
11,650
\nReco
g
nized liabilit
y
4,754
3,320
\n\uffe6
19,131
\uffe6
14,970
\n(2)
The significant actuarial assumptions used by the Group as of December 31, 2022 and December 31, 2021 are as
\nfollows.
\nDescription
December 31, 2022
December 31, 2021
\nDiscount rate (*)
5.29%
3.84%
\nRate of expected future salar
y
increase
4.05%
4.51%
\n(*) The Group applied the market yields of high-quality corporate bonds (AA+) and others as the discount rate at
\nDecember 31, 2022, to discount the defined benefit obligation to the present value, and the same discount rate was
\napplied as the expected return rate when calculating interest income on plan assets.
\nEmployee turnover and mortality assumptions used for actuarial valuation are based on the economic conditions and
\nstatistical data of each country where entities within the Group are located.
\n(3)
The amounts recognized in the consolidated statements of financial position related to defined benefit plans
as of
\nDecember 31, 2022 and December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nPresent value of defined benefit obli
g
ations
\uffe6
6,033,698
\uffe6
6,580,593
\nFair value of plan assets
(6,809,339)
(6,721,149)
\n\uffe6
(775,641)
\uffe6
(140,556)
\nN
et defined benefit liabili
t
ies
61,861
79,165
\nN
et defined benefit assets
(837,502)
(219,721)
\n(4)
Changes in net defined benefit assets and liabilities for the year ended December 31, 2022 are as follows.
\nDescription
\nPresent value of defined
\nb
enefit obli
g
ations
\nFair value of
\np
lan assets
\nNet defined benefit
\nliabilities
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
6,580,593
\uffe6
(6,721,149)
\uffe6
(140,556)
\nCurrent service cos
t
575,608
-
575,608
\nInterest expenses (income)
173,934
(185,313)
(11,379)
\nPast service cos
t
(33)
-
(33)
\n7,330,102
(6,906,462)
423,640
\nRemeasurements:
\nReturn on plan assets
-
168,474
168,474
\nActuarial gains and losses arising
\nfrom changes in demographic
\nassumptions
255,197
-
255,197
\nActuarial gains and losses arising
\nfrom changes in financial
\nassumptions
(1,002,183)
-
(1,002,183)
\nActuarial gains and losses arising
\nfrom experience adjustments and
\nothers
35,038
-
35,038
\n(711,948)
168,474
(543,474)
\nContributions
-
(584,701)
(584,701)
\nBenefits pai
d
(583,748)
483,747
(100,001)
\nTransfers in (out)
1,946
(1,454)
492
\nEffect of foreign exchange
\ndifferences and othe
r
s
(2,654)
31,057
28,403
\nEnd of the
y
ea
r
\uffe6
6,033,698
\uffe6
(6,809,339)
\uffe6
(775,641)
\nChanges in net defined benefit assets and liabilities for the year ended December 31, 2021 are as follows.
\nDescription
\nPresent value of defined
\nb
enefit obli
g
ations
\nFair value of
\np
lan assets
\nNet defined benefit
\nliabilities
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
6,490,583
\uffe6
(6,253,299)
\uffe6
237,284
\nCurrent service cos
t
598,231
-
598,231
\nInterest expenses (income)
140,222
(139,588)
634
\nPast service cos
t
221
-
221
\n7,229,257
(6,392,887)
836,370
\nRemeasurements:
\nReturn on plan assets
-
(1,247)
(1,247)
\nActuarial gains and losses arising
\nfrom changes in demographic
\nassumptions
2,573
-
2,573
\nActuarial gains and losses arising
\nfrom changes in financial
\nassumptions
(259,343)
-
(259,343)
\nActuarial gains and losses arising
\nfrom experience adjustments and
\nothers
17,719
-
17,719
\n(239,051)
(1,247)
(240,298)
\nContributions
-
(689,687)
(689,687)
\nBenefits pai
d
(447,857)
367,927
(79,930)
\nTransfers in (out)
2,721
(1,605)
1,116
\nEffect of foreign exchange
\ndifferences and othe
r
s
35,523
(3,650)
31,873
\nEnd of the
y
ea
r
\uffe6
6,580,593
\uffe6
(6,721,149)
\uffe6
(140,556)
\n(5)
The sensitivity analysis based on reasonably possible changes of the significant
assumptions as of December 31,
\n2022 and December 31, 2021, while all the other assumptions are retained, are as follows.
\nEffect on the net defined benefit liabilities
\nDecember 31, 2022
December 31, 2021
\nDescription
Increase b
y
1%
Decrease b
y
1%
Increase b
y
1%
Decrease b
y
1%
\n(In millions of Korean Won)
(In millions of Korean Won)
\nDiscount rate
\uffe6
(367,700)
\uffe6
419,353
\uffe6
(486,472)
\uffe6
542,497
\nRate of expected future salary increase
400,804
(360,074)
492,651
(457,048)
\n(6)
The fair value of the plan assets as of December 31, 2022 and December 31, 2021 is as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nInsurance instruments
\uffe6
6,806,690
\uffe6
6,717,877
\nOthers
2,649
3,272
\n\uffe6
6,809,339
\uffe6
6,721,149
\n(7)
The Group expects to pay contribution of approximately
\uffe6
546,548 million to the plan in 2023 and the weighted
\naverage duration of the defined benefit obligation as of December 31, 2022 is 7.8 years.
\n36.
CASH GENERATED FROM OPERATIONS:
\n(1)
Cash generated from operations for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nProfit for the
y
ea
r
\uffe6
7,983,614
\uffe6
5,693,077
\nAd
j
ustments:
\nRetirement benefit costs
568,950
602,406
\nDepreciation
3,180,687
2,937,914
\nAmortization of intan
g
ible assets
1,866,935
1,617,823
\nProvision for warranties
4,007,458
2,678,950
\nIncome tax expense
2,964,329
2,266,485
\nLoss on forei
g
n currenc
y
translation, ne
t
249,758
30,813
\nLoss on disposals of PP&E, ne
t
127,690
33,921
\nInterest income, ne
t
(103,131)
(44,071)
\nGain on share of earnin
g
s of equit
y
-accounted investees, ne
t
(1,635,777)
(1,278,591)
\nCost of sales from financial services, ne
t
7,439,938
6,229,723
\nImpairment loss on investments in associates
143,186
13,332
\nOthers
1,445,915
688,884
\n20,255,938
15,777,589
\nChan
g
es in operatin
g
assets and liabilities:
\nDecrease (increase) in trade notes and accounts receivable
(1,325,728)
280,750
\nIncrease in other receivables
622,992
(161,098)
\nDecrease (increase) in other financial assets
1,423,023
237,835
\nDecrease (increase) in inventories
(2,721,100)
177,234
\nIncrease in other assets
(83,879)
(381,923)
\nIncrease in trade notes and accounts pa
y
able
1,146,082
555,739
\nIncrease in other pa
y
ables
2,186,971
13,702
\nIncrease in other liabilities
2,086,192
1,057,959
\nDecrease in other financial liabilities
(1,597)
(11,583)
\nDecrease in net defined benefit liabilities
(573,780)
(678,416)
\nPa
y
ment of severance benefits
(100,001)
(79,930)
\nDecrease in provisions
(3,796,018)
(3,261,759)
\nChan
g
es in financial services receivables
(8,457,539)
(9,551,305)
\nInvestment in operatin
g
leases
(4,689,798)
(7,649,654)
\nOthers
361,523
(835,327)
\n(13,922,657)
(20,287,776)
\nCash
g
enerated from operations
\uffe6
14,316,895
\uffe6
1,182,890
\n(2)
Major non-cash transactions not stated on the consolidated statements of cash flows from investing and financing
\nactivities for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nReclassification of the current portion of long-term debt
\nand debentures
\uffe6
24,891,478
\uffe6
21,149,425
\nReclassification of construction-in-
p
ro
g
ress to PP&E
3,525,985
3,843,940
\nReclassification of construction-in-
p
ro
g
ress to intan
g
ible assets
186,210
123,107
\n(3)
Changes in liabilities arising from financial activities for the year ended
December 31, 2022 are as follows.
\nChanges from non-cash transactions
\nDescription
\nBeginning
\nof the yea
r
\nCash flows from
\nfinancing
\nactivities
\nReclassified to
\ncurrent portion
\nEffect of
\nexchange rate
\nchanges
\nPresent value
\ndiscoun
t
s
Others(*)
\nEnd of
\nthe yea
r
\n(In millions of Korean Won)
\nShort-term
\nborrowings
\n(including
\ncurrent
\np
ortion)
\uffe6
33,666,738
\uffe6
(22,985,947)
\uffe6
24,891,478
\uffe6
684,515
\uffe6
56,738
\uffe6
627,089
\uffe6
36,940,611
\nLong-term
\ndebts
10,667,731
6,925,739
(5,432,473)
115,999
7,656
497
12,285,149
\nDebentures
63,458,809
16,381,780
(19,459,005)
2,524,323
18,593
35,560
62,960,060
\n(*)
Others include transfers from or to other accounts and others.
\nChanges in liabilities arising from financial activities for the year ended
December 31, 2021 are as follows.
\nChanges from non-cash transactions
\nDescription
\nBeginning
\nof the yea
r
\nCash flows from
\nfinancing
\nactivities
\nReclassified to
\ncurrent portion
\nEffect of
\nexchange rate
\nchanges
\nPresent
\nvalue
\ndiscoun
t
s
Others(*)
\nEnd of
\nthe yea
r
\n(In millions of Korean Won)
\nShort-term
\nborrowings
\n(including
\ncurrent
\np
ortion)
\uffe6
29,884,675
\uffe6
(19,812,277)
\uffe6
21,149,425
\uffe6
1,649,562
\uffe6
18,765
\uffe6
776,588
\uffe6
33,666,738
\nLong-term
\ndebts
12,726,724
3,853,657
(6,285,807)
338,631
10,831
23,695
10,667,731
\nDebentures
48,795,361
26,862,597
(14,863,618)
2,536,702
23,103
104,664
63,458,809
\n(*)
Others include transfers from or to other accounts and others.
\n37.
RISK MANAGEMENT:
\n(1)
Capital risk management
\nThe Group manages its capital to maintain an optimal capital structure for maximizing profit of its shareholder and
\nreducing the cost of capital. Debt to equity ratio calculated as total liabilities divided by total equity is used as an index
\nto manage the Group\u2019s capital. The overall capital risk management policy is consistent with that of the prior period. Debt
\nto equity ratios as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nTotal liabilities
\uffe6
164,845,917
\uffe6
151,330,626
\nTotal equit
y
90,896,545
82,615,789
\nDeb
t
-to-equit
y
ratio
181.4%
183.2%
\n(2)
Financial risk management
\nThe Group is exposed to various financial risks such as market risk (foreign exchange risk, interest rate risk and price
\nrisk), credit risk and liquidity risk related to its financial instruments. The purpose of risk management of the Group is to
\nidentify potential risks related to financial performance and reduce, eliminate and evade those risks to an acceptable level
\nof risks to the Group. Overall, the Group\u2019s financial risk management policy is consistent with the prior period policy.
\n1) Market risk
\nThe Group is mainly exposed to financial risks arising from changes in foreign exchange rates and interest rates.
\nAccordingly, the Group uses financial derivative contracts to hedge and to manage its interest rate risk and foreign
\ncurrency risk.
\na)
Foreign exchange risk management
\nThe Group is exposed to various foreign exchange risks by making transactions in foreign currencies. The Group is
\nmainly exposed to foreign exchange risk in USD, EUR, JPY and others.
\nThe Group manages foreign exchange risk by matching the inflow and the outflow of foreign currencies according to
\neach currency and maturity, and by adjusting the foreign currency settlement date based on its exchange rate forecast.
\nThe Group uses foreign exchange derivatives, such as currency forward, currency swap, and currency option; as hedging
\ninstruments. However, speculative foreign exchange trade on derivative financial instruments is prohibited.
\nSensitivity analysis for a 5% change in exchange rate of the functional currency against each foreign currency on profit
\nbefore income tax as of December 31, 2022 is as follows.
\nForei
g
n Exchan
g
e Rate Sensitivit
y
\nForei
g
n Currenc
y
Increase b
y
5%
Decrease b
y
5%
\n(In millions of Korean Won)
\nUSD
\uffe6
111,585
\uffe6
(111,585)
\nEUR
20,435
(20,435)
\nJPY
(3,585)
3,585
\nb) Interest rate risk management
\nThe Group has borrowings with fixed or variable interest rates. Also, the Group is exposed to interest rate risk arising
\nfrom financial instruments with variable interest rates. To manage the interest rate risk, the Group maintains an appropriate
\nbalance between borrowings with fixed and variable interest rates for short-term borrowings and has a policy to borrow
\nfunds with fixed interest rates to avoid the future cash flow fluctuation risk for long-term debt if possible. The Group
\nmanages its interest rate risk through regular assessments of the change in market conditions and the adjustments in nature
\nof its interest rates.
\nSensitivity analysis for a 1% change in interest rates on profit before income tax as of December 31, 2022 is as follows.
\nInterest Rate Sensitivit
y
\nAccounts
Increase b
y
1%
Decrease b
y
1%
\n(In millions of Korean Won)
\nCash and cash equivalents
\uffe6
35,897
\uffe6
(35,897)
\nFinancial assets measured at FVPL
1,644
(1,644)
\nShort-term and long-term financial
\ninstruments
15,584
(15,584)
\nBorrowin
g
s and debentures
(99,610)
99,610
\nThe Company\u2019s subsidiaries,
HYUNDAI CARD CO., LTD.
and
HYUNDAI CAPITAL SERVICES, INC.
, that are operating
\nfinancial business, are managing interest rate risk by utilizing value at risk (VaR). VaR is defined as a threshold value
\nwhich is a statistical estimate of the maximum potential loss based on normal distribution. As of December 31, 2022 and
\nDecember 31, 2021, the amounts of interest rate risk measured at VaR are
\uffe6
135,241 million and
\uffe6
182,864 million,
\nrespectively.
\nc)
Price risk
\nThe Group is exposed to market price fluctuation risk arising from equity instruments. As of December 31, 2022, the
\namounts of financial assets measured at FVPL and financial assets measured at FVOCI are
\uffe6
57,556 million
\nand
\uffe6
2,340,388 million, respectively.
\n2)
Credit risk
\nThe Group is exposed to credit risk when a counterparty defaults on its contractual obligation resulting in a financial loss
\nfor the Group. The Group operates a policy to transact with counterparties who only meet a certain level of credit rating
\nwhich was evaluated based on the counterparty\u2019s financial conditions, default history, and other factors.
The credit risk
\nin the liquid funds and derivative financial instruments is limited as the Group transacts only with financial institutions
\nwith high credit-ratings assigned by international credit-rating agencies. Except for the guarantee of indebtedness
\ndiscussed in Note 39, the book value of financial assets in the consolidated financial statements represents the maximum
\namounts of exposure to credit risk. In addition, the Company\u2019s subsidiaries,
HYUNDAI CARD CO., LTD.
and
HYUNDAI
\nCAPITAL SERVICES, INC.
, that are operating financial business, assesses their credit stability according to their internal
\ncredit ratings and manage credit risk concentrations by debtor. As of December 31, 2022, credit risk concentrations are
\n87% for households and 13% for companies.
\n3)
Liquidity risk
\nThe Group manages liquidity risk based on maturity profile of its funding. The Group analyses and reviews actual cash
\noutflow and its budget to match the maturity of its financial liabilities to that of its financial assets.
\nThe Group retains an appropriate level of deposit to cope with uncertainty caused by the inherent nature of the industry
\nwhich is sensitive to economic fluctuation and to invest in R&D constantly.
\nIn addition, the Group has agreements with financial institutions related to trade financing and overdraft to mitigate any
\nsignificant unexpected market deterioration. Also, the Group continues to strengthen its credit rates to secure a stable
\nfinancing capability.
\nThe Group\u2019s maturity analysis of its non-derivative liabilities according to their remaining contract period before
\nexpiration as of December 31, 2022 is as follows.
\nRemainin
g
contract perio
d
\nDescription
\nNot later than
\none
y
ea
r
\nLater than one year and
\nnot later than five
y
ears
\nLater than
\nfive
y
ears
Total
\n(In millions of Korean Won)
\nNon-interest-
\nb
earin
g
liabilities
\uffe6
20,918,523
\uffe6
57,047
\uffe6
-
\uffe6
20,975,570
\nInterest-bearing
\nliabilities
40,215,791
72,730,956
7,184,077
120,130,824
\nFinancial
\ng
uarantee
270,448
62,968
88,284
421,700
\nThe maturity analysis is based on the non-discounted cash flows and the earliest maturity date at which payments, i.e.
\nboth principal and interest, should be made.
\n(3)
Derivative instruments
\nThe Group enters into derivative instrument contracts such as currency forwards, currency options, currency swaps and
\ninterest swaps to hedge its exposure to changes in foreign exchange rate or interest rate.
\nAs of December 31, 2022 and December 31, 2021, the Group recognized an accumulative net profit of
\uffe6
183,776 million
\nand net profit of
\uffe6
13,980 million, respectively, in accumulated other comprehensive profit or loss, for effective cash
\nflow hedging instruments.
\nThe longest period in which the forecasted transactions are expected to occur is within 111 months as of December 31,
\n2022.
\nFor the years ended December 31, 2022 and 2021, the Group recognized a net profit of
\uffe6
391,801 million and net loss of
\n\uffe6
675,508 million in profit or loss (before tax), respectively, which resulted from the ineffective portion of its cash flow
\nhedging instruments and changes in the valuation of its other non-hedging derivative instruments and others.
\nIn addition, the Company\u2019s subsidiaries,
HYUNDAI CARD CO., LTD.
and
HYUNDAI CAPITAL SERVICES, INC.
, that are
\nengaged in financial services business, use interest rate swaps and currency swaps to hedge the risks of future cash flows,
\nwhich related to borrowings, debentures and others, due to market interest rate fluctuations and exchange rate fluctuations.
\nAs of December 31, 2022, the average hedge ratio is 100%.
\n38.
RELATED-PARTY AND OTHER TRANSACTIONS:
\nThe transactions and balances of receivables and payables within the Group are wholly eliminated in the preparation of
\nconsolidated financial statements of the Group.
\n(1)
For the year ended December 31, 2022, significant transactions arising from operations between
the Group
and
\nrelated parties or affiliates by the Monopoly Regulation and Fair Trade Act of the Republic of Korea (\u201cthe
Act\u201d)
\nare as follows.
\nDescription
\nSales/proceeds
Purchases/expenses
\nSales
Others
Purchases
Others
\n(In millions of Korean Won)
\nEntity with
\nsignificant
\ninfluence over
\nthe Company
\nand its
\nsubsidiaries
\nH
y
undai MOBIS Co., Ltd.
\uffe6
617,886
\uffe6
15,569
\uffe6
12,246,389
\uffe6
74,457
\nMobis Alabama, LLC
175,677
152
1,952,641
6,392
\nMobis Automotive Czech s.r.o.
88
745
2,441,059
24,371
\nMobis India, Ltd.
15,783
3,237
1,310,317
3,340
\nMobis Parts America, LLC
173,649
4,140
1,528,014
825
\nMobis Module CIS, LLC.
67
376
88,339
2,791
\nMobis Parts Europe N.V.
18,037
1,993
622,583
1,064
\nOthers
68,863
1,480
1,499,679
9,582
\nJoint ventures
\nand associates
\nKia Corporation
1,344,334
781,710
576,677
749,322
\nKia Russia & CIS, LLC
236,563
7
29
-
\nKia Slovakia s.r.o..
106,675
338
706,944
1,751
\nKia Geor
g
ia, Inc.
850,880
1,017
42
-
\nBHMC
243,336
-
28,184
-
\nHMGC
27,747
1,773
44,864
52,023
\nH
y
undai WIA Corporation
119,339
913
1,039,973
10,837
\nOthers
838,127
65,143
5,922,155
2,079,207
\nOther related parties
\n21,567
3,755
2,531
7
\nAffiliates b
y
the Ac
t
\n838,319
121,880
10,962,515
1,152,633
\nFor the year ended December 31, 2021, significant transactions arising from operations between the Group and related
\nparties or affiliates by the Act are as follows.
\nDescription
\nSales/proceeds
Purchases/expenses
\nSales
Others
Purchases
Others
\n(In millions of Korean Won)
\nEntity with
\nsignificant
\ninfluence over
\nthe Company
\nand its
\nsubsidiaries
\nH
y
undai MOBIS Co., Ltd.
\uffe6
546,326
\uffe6
141,828
\uffe6
9,189,407
\uffe6
80,346
\nMobis Alabama, LLC
200,423
58
1,296,680
47,303
\nMobis Automotive Czech s.r.o.
11
501
1,948,940
12,268
\nMobis India, Ltd.
12,150
2,664
1,060,774
2,263
\nMobis Parts America, LLC
111,115
3,564
1,067,076
1,140
\nMobis Module CIS, LLC.
31
315
419,772
31
\nMobis Parts Europe N.V.
16,986
1,450
473,989
746
\nOthers
62,109
1,788
1,120,565
8,564
\nJoint ventures
\nand associates
\nKia Corporation
1,167,895
726,215
732,297
786,682
\nKia Russia & CIS, LLC
994,790
112
-
-
\nKia Slovakia s.r.o..
97,731
281
671,653
4
\nKia Geor
g
ia, Inc.
617,122
1,518
292
-
\nBHMC
321,700
-
115,309
18,080
\nHMGC
37,287
1,299
103,139
63,877
\nH
y
undai WIA Corporation
135,431
1,605
1,280,719
14,515
\nOthers
728,094
64,383
4,505,972
1,816,502
\nOther related parties
16,780
14,627
3,927
6
\nAffiliates b
y
the Ac
t
769,822
118,065
8,566,617
922,130
\n(2)
As of December 31, 2022, significant balances related to the transactions between the Group and related
parties or
\naffiliates by the Act are as follows.
\nDescription
\nReceivables (*1,2)
Payables
\nTrade notes
\nand accounts
\nreceivable
\nOther
\nreceivables
\nand others
\nTrade notes
\nand accounts
\np
a
y
able
\nOther
\npayables
\nand others
\n(In millions of Korean Won)
\nEntity with
\nsignificant
\ninfluence over
\nthe Company
\nand its
\nsubsidiaries
\nH
y
undai MOBIS Co., Ltd.
\uffe6
112,072
\uffe6
186,427
\uffe6
2,631,460
\uffe6
453,605
\nMobis Alabama, LLC
22,829
-
148,988
411
\nMobis Automotive Czech s.r.o.
-
9,924
240,666
-
\nMobis India, Ltd.
-
1,462
176,609
22
\nMobis Parts America, LLC
19,635
95
113,577
-
\nMobis Module CIS, LLC
-
71
804
-
\nMobis Parts Europe N.V.
359
1,328
49,254
-
\nOthers
21,772
949
115,791
6,847
\nJoint ventures
\nand associates
\nKia Corporation
483,663
383,401
103,109
111,663
\nKia Russia & CIS, LLC
4
24
-
-
\nKia Slovakia s.r.o.
6,018
163
55,100
319
\nKia Geor
g
ia, Inc.
59,925
33,682
-
30,404
\nKia America, Inc.
-
10,568
-
19,943
\nBHMC
272,134
14,411
-
57
\nHMGC
7,738
23,734
5,133
23,306
\nH
y
undai WIA Corporation
33,157
7,449
171,098
28,850
\nOthers
169,169
125,220
699,974
1,058,827
\nOther related parties
1,742
44
13
344
\nAffiliates b
y
the Ac
t
181,415
68,799
1,242,171
423,944
\n(*1) The Group has recognized the loss allowance for the related parties' receivables in the amount of
\uffe6
958 million as of December 31,
\n2022 and the
impairment loss is recognized in the amount of
\uffe6
749 million for the year ended December 31, 2022.
\n(*2) As of December 31, 2022, outstanding payment of
\uffe6
23,592 million of corporate purchase card agreement provided by HYUNDAI
\nCARD CO., LTD. is included. For the year ended December 31, 2022, amount used and repayment of agreement are
\uffe6
426,510 million
\nand
\uffe6
425,013 million, respectively.
\nAs of December 31, 2021, significant balances related to the transactions between the Group and related parties or
\naffiliates by the Act are as follows.
\nDescription
\nReceivables (*1,2)
Payables
\nTrade notes
\nand accounts
\nreceivable
\nOther
\nreceivables
\nand others
\nTrade notes
\nand accounts
\np
a
y
able
\nOther
\npayables
\nand others
\n(In millions of Korean Won)
\nEntity with
\nsignificant
\ninfluence over
\nthe Company
\nand its
\nsubsidiaries
\nH
y
undai MOBIS Co., Ltd.
\uffe6
92,116
\uffe6
301,436
\uffe6
1,687,603
\uffe6
466,862
\nMobis Alabama, LLC
14,344
-
108,355
-
\nMobis Automotive Czech s.r.o.
-
901
194,217
-
\nMobis India, Ltd.
1,370
18
123,770
5
\nMobis Parts America, LLC
31,309
62
101,750
-
\nMobis Module CIS, LLC
15
37
50,666
-
\nMobis Parts Europe N.V.
550
118
47,095
18
\nOthers
11,339
491
101,671
6,947
\nJoint ventures
\nand associates
\nKia Corporation
328,668
335,571
84,505
121,814
\nKia Russia & CIS, LLC
134,733
48
-
-
\nKia Slovakia s.r.o.
6,832
279
46,186
205
\nKia Geor
g
ia, Inc.
91,109
64,378
11,120
96,639
\nKia America, Inc.
-
149,910
9
-
\nBHMC
199,426
13,626
12,344
414
\nHMGC
6,019
21,752
4,479
37,996
\nH
y
undai WIA Corporation
31,147
920
185,022
28,048
\nOthers
209,556
69,666
679,046
920,138
\nOther related parties
80
710
52
-
\nAffiliates b
y
the Ac
t
154,455
61,484
905,856
351,422
\n(*1) The Group has recognized the loss allowance for the related parties' receivables in the amount of
\uffe6
209 million as of December 31,
\n2021 and the reversal of impairment loss is recognized in the amount of
\uffe6
56 million for the year ended December 31, 2021.
\n(*2) As of December 31, 2021, outstanding payment of
\uffe6
22,096 million of corporate purchase card agreement provided by HYUNDAI
\nCARD CO., LTD. is included. For the year ended December 31, 2021, amount used and repayment of agreement are
\uffe6
383,299 million
\nand
\uffe6
406,133 million, respectively.
\n(3)
Significant fund transactions and equity contribution transactions for the year ended December 31,
2022, between
\nthe Group and related parties are as follows.
\nLoans
Borrowin
g
s
Equit
y
\nDescription
Lendin
g
Collection
Borrowin
g
Repa
y
men
t
contribution
\n(In thousands of USD Dollar and Chinese Yuan, In millions of Korean won)
\nJoint ventures and associates
\uffe5
15,000
-
$
612,000
$
600,000
\uffe6
2,002,648
\n\uffe6
520
\uffe6
4,252
\nSignificant fund transactions and equity contribution transactions for the year ended December 31, 2021, between
\nthe Group and related parties
are as follows.
\nLoans
Borrowin
g
s
Equit
y
\nDescription
Lendin
g
Collection
Borrowin
g
Repa
y
men
t
contribution
\n(In millions of Korean won)
\nJoint ventures and associates
-
-
\uffe6
7,600
\uffe6
313,720
\nFor the years ended December 31, 2022 and 2021, the Group received dividends of
\uffe6
503,634 million and
\uffe6
209,957
\nmillion from related parties and affiliates by the Act, respectively and paid dividends of
\uffe6
349,958 million and
\n\uffe6
322,421 million to related parties, respectively. During 2022, the Group traded in other financial assets and others of
\n\uffe6
1,710,000 million with HYUNDAI MOTOR SECURITIES Co., Ltd., an associate of the Group.
The Group has
\nother financial assets of
\uffe6
315,000 million in the consolidated statement of financial position as of December 31, 2022.
\nFor the year ended December 31, 2021, HYUNDAI MOTOR SECURITIES CO., Ltd., an associate of the Group,
\nacquired bonds issued by the consolidated entities,
HYUNDAI CAPITAL SERVICES, INC.
and
HYUNDAI CARD CO.,
\nLTD.
in amount of
\uffe6
10,000 million and
\uffe6
20,000 million respectively, and there are no acquired bonds for the year
\nended December 31, 2022.
\n(4)
Compensation of registered and unregistered directors, who are considered to be the key management
personnel
\nfor the years ended
December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nShor
t
-term emplo
y
ee salaries
\uffe6
348,368
\uffe6
296,733
\nRetirement benefit costs
53,146
48,906
\nOther lon
g
-term benefits
1,289
1,209
\n\uffe6
402,803
\uffe6
346,848
\n(5)
For the year ended December 31, 2022, the Group offer payment guarantee to related parties and affiliates by the
\nAct.
\n39.
COMMITMENTS AND CONTINGENCIES:
\n(1)
As of December 31, 2022, the debt guarantees provided by the Group, excluding the ones provided to the
\nCompany\u2019s subsidiaries are as follows.
\nDescription
Domestic
Overseas (*)
\n(In millions of Korean Won)
\nTo associates
\uffe6
28,910
\uffe6
211,491
\nTo others
3,558
209,224
\n\uffe6
32,468
\uffe6
420,715
\n(*)
The guarantee amounts in foreign currencies are translated into Korean Won using the Base Rate announced by Seoul Money
\nBrokerage Services, Ltd. as of December 31, 2022.
\n(2)
As of December 31, 2022, the Group is involved in domestic and foreign lawsuits as a defendant. In addition, the
\nGroup is involved in lawsuits for product liabilities and others. The Group obtains insurance for potential losses
\nwhich may result from product liabilities and other lawsuits. In addition, as of December 31, 2022, the Group is
\nunder investigation by related authorities in relation to the theta 2 engine recall and others, and its results and impacts
\nare unpredictable. The Group is unable to estimate the outcome of the lawsuits and the amount and timing of outflows
\nof resources are uncertain. The Group does not expect the impact on the consolidated financial statements to be
\nsignificant.
\n(3)
As of December 31, 2022, a substantial portion of the Group\u2019s PP&E is pledged as collateral for various loans and
\nleasehold deposits up to
\uffe6
782,803 million. In addition, the Group pledged certain
bank
deposits,
checks
and
\npromissory notes, including 213,466 shares of Kia Corporation, as collateral to financial institutions and others.
\nCertain receivables held by the Company\u2019s foreign subsidiaries, such as financial services receivables are pledged
\nas collateral for their borrowings.
\n(4)
As of December 31, 2022, the Group has overdrafts, general loans, and trade-financing agreements with numerous
\nfinancial institutions including Kookmin Bank, with a combined limit of up to USD 30,000 million, and
\uffe6
5,985,200
\nmillion.
\n(5)
As of December 31, 2022,
HYUNDAI CAPITAL SERVICES, INC.
and
HYUNDAI CARD CO., LTD.
have entered into
\nagreements for certain borrowings including trigger clauses for the purpose of credit enhancement. If the credit rating
\nof
HYUNDAI CAPITAL SERVICES, INC.
and
HYUNDAI CARD CO., LTD.
falls below a certain level, this may result
\nin early repayment of the borrowings or termination of the contracts.
\n(6)
As of December 31, 2022, the Company has a shareholder agreement with investors of third parties regarding shares
\nof
HYUNDAI CARD CO., LTD.
and Hyundai Commercial Inc. This includes the call options that allow the Company
\nto buy shares from the investors and the put options that allow the investors to dispose of the shares to the Company.
\n(7)
In December 2019, the Company entered into an agreement to invest
\uffe6
1,408,220 million in the construction of new
\nGlobal Business Centre (GBC). As of December 31, 2022, the Company has recognized relevant liability in the
\namount of
\uffe6
921,278 million in accordance with the agreement with the Seoul government to implement public
\ncontributions relating to the new construction project.
\n(8)
Financial instruments with restricted use for the years ended
December 31, 2022 and 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nShort-term and long-term financial
\ninstruments
\uffe6
1,464,888
\uffe6
1,694,904
\nCash and cash equivalents
631,954
225,731
\nOther financial assets
2
2
\n\uffe6
2,096,844
\uffe6
1,920,637
\n40.
SEGMENT INFORMATION:
\n(1)
The Group operating segments include vehicle segment, finance segment and others segment. The vehicle segment
\nis engaged in the manufacturing and sale of motor vehicles. The finance segment operates vehicle financing, credit
\ncard processing and other financing activities. Others segment includes the R&D, train manufacturing and other
\nactivities.
\n(2)
Sales and operating profit by operating segments for the years ended December 31, 2022 and 2021 are as follows.
\nFor the
y
ear ended December 31, 2022
\n(*1) Operating profit of the vehicle segment include internal transaction adjustments.
\n(*2) Net sales represent sales from external customers.
\nFor the
y
ear ended December 31, 2021
\nVehicle
(*1)
Finance
Others
Total
\n(In millions of Korean Won)
\nN
et sales
(*2)
\uffe6
94,143,019
\uffe6
16,782,412
\uffe6
6,685,195
\uffe6
117,610,626
\nOperatin
g
profit
4,155,765
2,195,377
327,807
6,678,949
\nInte
r
-compan
y
sales
(52,033,375)
(318,479)
(1,352,273)
(53,704,127)
\n(*1) Operating profit of the vehicle segment include internal transaction adjustments.
\n(*2) Net sales represent sales from external customers.
\n(3)
Assets and liabilities by operating segments as of December 31, 2022 are as follows.
\nDecember 31, 2022
\nVehicle
Finance
Others
\nConsolidation
\nad
j
ustments
Total
\n(In millions of Korean Won)
\nTotal assets
\uffe6
133,885,205
\uffe6
135,124,336
\uffe6
9,793,550
\uffe6
(23,060,629)
\uffe6
255,742,462
\nTotal liabilities
58,838,578
117,649,362
5,910,506
(17,552,529)
164,845,917
\nBorrowin
g
s and debentures
9,983,190
107,328,133
2,225,394
(7,350,897)
112,185,820
\nVehicle
(*1)
Finance
Others
Total
\n(In millions of Korean Won)
\nN
et sales
(*2)
\uffe6
113,718,058
\uffe6
20,037,912
\uffe6
8,771,565
\uffe6
142,527,535
\nOperatin
g
profit
7,393,480
1,844,571
581,718
9,819,769
\nInte
r
-compan
y
sales
(67,688,701)
(268,245)
(1,666,746)
(69,623,692)
\nAssets and liabilities by operating segments as of December 31, 2021 are as follows.
\nDecember 31, 2021
\nVehicle
Finance
Others
\nConsolidation
\nad
j
ustments
Total
\n(In millions of Korean Won)
\nTotal assets
\uffe6
121,826,011
\uffe6
120,951,619
\uffe6
8,836,191
\uffe6
(17,667,406)
\uffe6
233,946,415
\nTotal liabilities
54,135,289
104,597,059
5,199,761
(12,601,483)
151,330,626
\nBorrowin
g
s and debentures
12,568,592
96,734,509
2,569,958
(4,079,781)
107,793,278
\n(4)
Sales by region based on where the Group\u2019s entities are located for the years ended December 31, 2022 and 2021
\nare as follows.
\nFor the
y
ear ended December 31, 2022
\nKorea
\nNorth
\nAmerica
Asia
Euro
p
e
Others
Total
\n(In millions of Korean Won)
\nNet sales
\uffe6
44,725,966
\uffe6
55,941,024
\uffe6
15,594,336
\uffe6
22,117,832
\uffe6
4,148,377
\uffe6
142,527,535
\nFor the year ended December 31, 2021
\nKorea
\nNorth
\nAmerica
Asia
Euro
p
e
Others
Total
\n(In millions of Korean Won)
\nNet sales
\uffe6
41,332,243
\uffe6
40,750,484
\uffe6
11,390,768
\uffe6
21,508,735
\uffe6
2,628,396
\uffe6
117,610,626
\n(5) Non-current assets by region where the Group\u2019s entities are located in as of December 31, 2022 and December 31,
\n2021 are as follows.
\nDescription
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\n(In millions of Korean Won)
\nKorea
\uffe6
33,935,698
\uffe6
33,323,986
\nN
orth America
3,211,607
2,967,662
\nAsia
2,835,528
2,781,728
\nEurope
2,012,856
2,254,395
\nOthers
623,992
520,729
\n42,619,681
41,848,500
\nConsolidation ad
j
ustments
(219,664)
(301,775)
\nTotal (*)
\uffe6
42,400,017
\uffe6
41,546,725
\n(*)
Total amount is the same as summation of PP&E, intangible assets and investment properties.
\n(6)
There is no single external customer who represents 10% or more of the Group\u2019s revenue for the years ended
\nDecember 31, 2022 and 2021.
\n41.
CONSTRUCTION CONTRACTS:
\n(1)
Cost, income and loss and claimed construction from construction in progress as of December 31, 2022 and
\nDecember 31, 2021 are as follows.
\nDescription
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\n(In millions of Korean Won)
\nAccumulated cos
t
\uffe6
14,866,771
\uffe6
12,658,465
\nAccumulated income
336,083
146,975
\nAccumulated construction in process
15,202,854
12,805,440
\nProgress billing
15,006,020
12,286,456
\nDue from customers
1,413,886
1,421,108
\nDue to customers
1,217,052
902,124
\nReserve (*)
77,915
79,161
\n(*)
Reserve is recognized as long-term trade notes and accounts receivable in the consolidated financial statements.
\n(2)
Effects on profit or loss of current and future periods, due from customers related to changes in accounting estimates
\nof total contract revenue and total contract costs of ongoing contracts of Hyundai Rotem, a subsidiary of the Company,
\nas of December 31, 2022 are as follows.
\nDescription
December 31, 2022
\n(In millions of Korean Won)
\nChanges in accounting estimates of total contract revenue
\uffe6
493,798
\nChanges in accounting estimates of total contract costs
513,064
\nEffects on profit or loss of current perio
d
(14,707)
\nEffects on profit or loss of future periods
(4,559)
\nChanges in due from customers
(7,202)
\nProvision for construction loss
38,417
\nEffects on profit or loss of current and future periods were calculated with estimated total contract costs and estimated
\ntotal contract revenue based on factors that are considered to be relevant from commencement of the contract to December
\n31, 2022. Total contract revenue and costs may change in future periods.
\n(3)
There is no contract as of December 31, 2022, in which contract revenue is recognized using the percentage of
\ncompletion method based on the input method, that accounted for more than 5% of the Group's revenue in the prior
\nperiod.
\n42.
BUSINESS COMBINATIONS:
\nThe Group acquired 46.97% of shares in 42dot, Inc. during the year ended December 31, 2022.
\nThe accounting for the business combination at the acquisition date is as follows.
\nDescription
Amoun
t
\n(In millions of Korean Won)
\nTotal considerations transferre
d
\uffe6
180,380
\nN
on-controlling interests
(68,033)
\nAssets and liabilities acquired:
\nCurrent assets
41,468
\nN
on-curren
t
assets
145,159
\nCurrent liabilities
5,180
\nN
on-current liabilities
384,648
\nFair value of identifiable net assets
(203,201)
\nGoodwill
315,548
\nThe amounts of sales and net loss of the acquiree since the acquisition date included in the consolidated statement of
\nincome for the year ended December 31, 2022 are
\uffe6
1,226 million and
\uffe6
15,855 million, respectively.
\n43.
SUBSEQUENT EVENT:
\nThe Group completed stock retirement of its treasury shares on February 3, 2023 as follows.
\nDescription
Total number of shares
December 31, 2022
\n(In millions of Korean Won)
\nCommon stoc
k
2,136,681
\uffe6
273,893
\nPreferred stoc
k
632,707
41,518",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4285": {
"value": "1. GENERAL:
\nHyundai Motor Company (the \u201cCompany\u201d or \u201cParent Company\u201d) was incorporated in December 1967, under the laws of
\nthe Republic of Korea.
The Company and its subsidiaries (the \u201cGroup\u201d) manufacture and distribute motor vehicles and
\nparts, operate vehicle financing and credit card processing, and manufacture trains.
\nThe shares of the Company have been listed on the Korea Exchange since June 1974, and the Global Depositary Receipts
\nissued by the Company have been listed on the London Stock Exchange and Luxembourg Stock Exchange.
\nAs of December 31, 2022, the major shareholders of the Company are Hyundai MOBIS (45,782,023 shares, 21.43%) and
\nMr. Chung, Mong Koo (11,395,859 shares, 5.33%).
\n(1)
The Group\u2019s consolidated subsidiaries as of December 31, 2022 are as follows.
\nName of subsidiaries
\nNature of
\nb
usiness
\nLocation
\nOwnership
\np
ercentage
\nIndirect ownership
\nHYUNDAI CAPITAL SERVICES, INC.
Financing
Korea
59.68%
\nHYUNDAI CARD CO., LTD.
(
*1
)
\u02dd
\u02dd
36.96%
\nHYUNDAI ROTEM COMPANY (*2)
Manufacturing
\u02dd
33.77%
\nHYUNDAI KEFICO CORPORATION
\u02dd
\u02dd
100.00%
\nHYUNDAI PARTECS
\u02dd
\u02dd
56.00%
\nH
y
undai NGV
En
g
ineerin
g
\u02dd
53.66%
\nMAINtrans company
Services
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n100.00%
\nRotem SRS Co., Ltd.
\u02dd
\u02dd
100.00%
\u02dd
\nJEONBUK HYUNDAI MOTORS FC
\nCO., LTD
\nFootball club
\u02dd
100.00%
\nAirPlu
g
Inc.
R&D and Sales
\u02dd
99.32%
\n42dot Inc. (*5)
\u02dd
\u02dd
66.08%
\nMovia Inc.
Trans
p
ortin
g
\u02dd
100.00%
42dot 100.00%
\nHyundai Motor America (HMA)
Sales
USA
100.00%
\nH
y
undai Ca
p
ital America
(
HCA
)
Financin
g
\u02dd
80.00%
HMA 80.00%
\nHyundai Motor Manufacturing
\nAlabama, LLC (HMMA)
\nManufacturing
\u02dd
100.00%
HMA 100.00%
\nHyundai Motor Group Metaplant America,
\nLLC (HMGMA)
\n\u02dd
\u02dd
60.00%
HMA 60.00%
\nH
y
undai Translead
(
HT
)
\u02dd
\u02dd
100.00%
\nStamped Metal American Research
\nTechnolo
gy
, Inc.
(
SMARTI
)
\nHolding company
\u02dd
72.45%
HMA 72.45%
\nSMART Alabama, LLC (SMART)
Manufacturing
\u02dd
100.00%
SMARTI 100.00%
\nHyundai America Technical Center,
\nInc. (HATCI)
\nR&D
\u02dd
100.00%
\nGenesis Motor America LLC
Sales
\u02dd
100.00%
HMA 100.00%
\nHyundai Rotem USA Corporation
Manufacturing
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n100.00%
\nHyundai Motor Investment, Inc.
Investment
\u02dd
100.00%
\n42 Air, Inc
R&D and Sales
\u02dd
100.00%
42dot 100.00%
\nHYUNDAI AUTO CANADA CORP.
\n(
HACC
)
\nSales
Canada
100.00%
HMA 100.00%
\nHYUNDAI AUTO CANADA CAPTIVE
\nINSURANCE INC.
(
HACCI
)
\nInsurance
\u02dd
100.00%
\u02dd
\nHyundai Capital Canada Inc. (HCCA)
Financing
\u02dd
70.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 20.00%
\nHyundai Capital Lease Inc. (HCLI)
\u02dd
\u02dd
100.00%
HCCA 100.00%
\nHK Lease Funding LP
\u02dd
\u02dd
100.00%
\nHCLI 99.99%,
\nHCCA Funding Inc. 0.01%
\nHCCA Funding Inc.
\u02dd
\u02dd
100.00%
HCLI 100.00%
\nHCCA Funding Two Inc.
\u02dd
\u02dd
100.00%
HCCA 100.00%
\nName of subsidiaries
\nNature of
\nb
usiness
\nLocation
\nOwnership
\np
ercentage
\nIndirect ownership
\nHK Retail Funding LP
Financing
Canada
100.00%
\nHCCA 99.99%,
\nHCCA Funding Two Inc 0.01%
\nHYUNDAI MOTOR INDIA LIMITED
\n(HMI)
\nManufacturing
India
100.00%
\nHYUNDAI MOTOR INDIA
\nENGINEERING PRIVATE LIMITED
\n(
HMIE
)
\nR&D
\u02dd
100.00%
HMI 100.00%
\nHYUNDAI INDIA INSURANCE
\nBROKING PRIVATE LIMITED
(
HIIB
)
\nInsurance
\u02dd
100.00%
\u02dd
\nHYUNDAI CAPITAL INDIA PRIVATE
\nLIMITED
(
HCI
)
\nFinancing
\u02dd
100.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 100.00%
\nHyundai Mobility Japan Co., Ltd. (HMJ)
\n(
*3
)
\nSales
Japan
100.00%
\nHyundai Mobility Japan R&D Center Co.,
\nLtd.
(
HMJ R&D
)
(
*3
)
\nR&D
\u02dd
100.00%
\nBeijing Jingxian Motor Safeguard
\nService Co., Ltd. (BJMSS)
\nSales
China
100.00%
\nBeijing Jingxianronghua Motor Sale
\nCo., Ltd.
\n\u02dd
\u02dd
100.00%
BJMSS 100.00%
\nGenesis Motor Sales (Shanghai) Co.,
\nLTD.
\n\u02dd
\u02dd
100.00%
\nHyundai Millennium (Beijing) Real Estate
\nDevelopment Co., Ltd.
\nReal estate
\ndevelopment
\n\u02dd
99.00%
CMEs 99.00%
\nRotem Equipments (Beijing) Co., Ltd.
Sales
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n100.00%
\nKEFICO Automotive Systems(Beijing)
\nCo., Ltd.
\nManufacturing
\u02dd
100.00%
\nHYUNDAI KEFICO
\nCORPORATION 100.00%
\nKEFICO Automotive
\nSystems(Chongqing) Co., Ltd.
\n\u02dd
\u02dd
90.00%
\nHYUNDAI KEFICO
\nCORPORATION 90.00%
\nHyundai Truck & Bus (China) Co., Ltd.
\n(HTBC)
\n\u02dd
\u02dd
100.00%
\nHYUNDAI THANH CONG VIETNAM
\nAUTO MANUFACTURING
\nCORPORATION
(
HTMV
)(
*1
)
\n\u02dd
Vietnam
50.00%
\nHYUNDAI THANH CONG
\nCOMMERCIAL VEHICLE JOINT
\nSTOCK COMPANY (HTCV)(*1)
\nSales
\u02dd
50.00%
\nHYUNDAI THANH CONG VIET NAM
\nAUTO JOINT VENTURE JOINT
\nSTOCK COMPANY
(
HTV
)(
*1
)
\n\u02dd
\u02dd
50.00%
\nHYUNDAI KEFICO VIETNAM
\nCOMPANY LIMITED
\nManufacturing
\u02dd
100.00%
\nHYUNDAI KEFICO
\nCORPORATION 100.00%
\nHYUNDAI MOTOR COMPANY
\nAUSTRALIA PTY LIMITED
(
HMCA
)
\nSales
Australia
100.00%
\nHYUNDAI MOTOR PHILIPPINES, INC.
\n(
HMPH
)
\n\u02dd
Philippines
99.99%
\nHYUNDAI MOBILITY (THAILAND)
\nCO., LTD.
(
HMT
)
\n\u02dd
Thailand
100.00%
\nPT HYUNDAI MOTOR
\nMANUFACTURING INDONESIA
\n(
HMMI
)
\nManufacturing
Indonesia
99.99%
\nPT HYUNDAI MOTORS INDONESIA
\n(
HMID
)
\nSales
\u02dd
100.00%
HMMI 0.01%
\nPT Hyundai Solusi Mobilitas (HSM)
\u02dd
\u02dd
99.99%
HMID 99.99%
\nPT. HYUNDAI CAPITAL INDONESIA
\n(HCID)
\nFinancing
\u02dd
100.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 100.00%
\nH
y
undai Ca
p
ital Australia Pt
y
Limite
d
\u02dd
Australia
100.00%
\u02dd
\nHR MECHANICAL SERVICES
\nLIMITED
\nServices
New Zealand
100.00%
\nHYUNDAI ROTEM COMPANY
\n100.00%
\nHyundai Motor Manufacturing Czech
\ns.r.o.
(
HMMC
)
\nManufacturing
Czech
100.00%
\nHyundai Motor Czech s.r.o. (HMCZ)
Sales
\u02dd
100.00%
\nHyundai Motor Europe GmbH (HME)
\nMarketing and
\nSales
\nGermany
100.00%
\nHyundai Motor Deutschland GmbH
\n(HMD)
\nSales
\u02dd
100.00%
\nName of subsidiaries
\nNature of
\nb
usiness
\nLocation
\nOwnership
\np
ercentage
\nIndirect ownership
\nHyundai Motor Europe Technical
\nCenter GmbH (HMETC)
\nR&D
Germany
100.00%
\nH
y
undai Motors
p
ort GmbH
(
HMSG
)
Marketin
g
\u02dd
100.00%
HME 100.00%
\nHyundai Capital Europe GmbH.
Financing
\u02dd
100.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 100.00%
\nHMCIS B.V.
Holding company
Netherlands
100.00%
HMMR 1.65%
\nHyundai Motor Netherlands B.V.
\n(HMNL)
\nSales
\u02dd
100.00%
\nHyundai Motor Manufacturing Rus
\nLLC (HMMR)
\nManufacturing
Russia
70.00%
\nHyundai Motor CIS Limited Liability
\nCompany (HMCIS)
\nSales
\u02dd
100.00%
HMCIS B.V. 100.00%
\nHyundai Mobility Lab Limited Liability
\nCompany. (HML)
\nR&D
\u02dd
100.00%
HMCIS 99.00%, HMMR 1.00%
\nHYUNDAI CAPITAL SERVICES
\nLIMITED LIABILITY COMPANY
\nFinancing
\u02dd
100.00%
Hyundai Capital Europe 100.00%
\nLimited liability company Hyundai Truck
\n& Bus Rus
(
HTBR
)
\nSales
\u02dd
100.00%
\nHyundai Assan Otomotiv Sanayi Ve
\nTicaret Anonim Sirketi
(
HAOSVT
)
\nManufacturing
Turkiye
97.00%
\nHyundai EURotem Demiryolu Araclari
\nSana
y
i ve Ticaret A.S
\n\u02dd
\u02dd
\n50.50%
HYUNDAI ROTEM COMPANY
\n50.50%
\nHyundai Rotem Company \u2013 Hyundai
\nEUROTEM Demiryolu Araclari SAN.
\nVE TIC. A.S ORTAK GIRISIMI
\nSales
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n65.00%,
\nHyundai EURotem A.S. 35.00%
\nHyundai Rotem Company - Hyundai
\nEUROTEM Mahmutbey Projesi
\nORTAK GIRISIMI
\n\u02dd
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n85.00%,
\nH
y
undai EURotem A.S. 15.00%
\nRotem SRS Ukraine LLC.
Services
Ukraine
100.00%
Rotem SRS Co., Ltd. 100.00%
\nRotem SRS E
gyp
t LLC.
\u02dd
E
gyp
t
98.00%
Rotem SRS Co., Ltd. 98.00%
\nHYUNDAI MOTOR UK LIMITED
\n(
HMUK
)
\nSales
UK
100.00%
\nHYUNDAI MOTOR COMPANY ITALY
\nS.R.L.
(
HMCI
)
\n\u02dd
Italy
100.00%
\nHYUNDAI MOTOR ESPANA, S.L.U.
\n(
HMES
)
\n\u02dd
Spain
100.00%
\nHYUNDAI MOTOR FRANCE (HMF)
\u02dd
France
100.00%
\nH
y
undai Motor Poland s
p
. z o.o.
(
HMP
)
\u02dd
Polan
d
100.00%
\nGENESIS MOTOR EUROPE GmbH
\n(
GME
)
\n\u02dd
Germany
100.00%
\nGENESIS MOTOR UK LIMITED
\n(
GMUK
)
\n\u02dd
UK
100.00%
GME 100.00%
\nGENESIS MOTOR SWITZERLAND AG
\n(
GMCH
)
\n\u02dd
Switzerland
100.00%
\u02dd
\nGENESIS MOTOR DEUTSCHLAND
\nGmbH
(
GMD
)
\n\u02dd
Germany
100.00%
\u02dd
\nHyundai Hydrogen Mobility AG (HHM)
\u02dd
Switzerlan
d
75.00%
\nHyundai Hydrogen Mobility Germany
\nGmbH (HHMG)
\n\u02dd
Germany
100.00%
HHM 100.00%
\nHYUNDAI MOTOR DE MEXICO S DE
\nRL DE CV
(
HMM
)
\n\u02dd
Mexico
100.00%
HT 0.01%
\nHyundai de Mexico, SA DE C.V.,
\n(
HYMEX
)
\nManufacturing
\u02dd
99.99%
HT 99.99%
\nHYUNDAI KEFICO MEXICO, S.
\nDE R.L. DE C.V.
\n\u02dd
\u02dd
100.00%
\nHYUNDAI KEFICO
\nCORPORATION 100.00%
\nHyundai Rio Vista, Inc.
\nReal estate
\ndevelo
p
ment
\nUSA
100.00%
HT 100.00%
\nHYUNDAI MOTOR BRASIL
\nMONTADORA DE AUTOMOVEIS
\nLTDA (HMB)
\nManufacturing
Brazil
100.00%
\nHyundai Capital Brasil Servicos De
\nAssistencia Financeira Ltda.
\nFinancing
\u02dd
100.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 100.00%
\nHyundai Rotem Brasil Industria E
\nComercio De Trens Ltda.
\nManufacturing
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n100.00%
\nName of subsidiaries
\nNature of
\nb
usiness
\nLocation
\nOwnership
\np
ercentage
\nIndirect ownership
\nHMS SERVICOS DE MOBILIDADE
\nLTDA. (*4)
\nHolding company
Brazil
99.99%
HMB 99.99%
\nChina Millennium Corporations (CMEs)
\u02dd
\nCayman
\nIslands
\n59.60%
\nChina Mobility Fund, L.P.
Investment
\u02dd
72.00%
\nZER01NE Accelerator
\nInvestment Fund No.1
\n\u02dd
\u02dd
99.00%
\nAutopia Sixty-fifth ~ Seventy-Fifth
\nAsset Securitization Specialty Company
\n(
*1
)
\nFinancing
\u02dd
0.50%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 0.50%
\nZavurov First Co., Ltd. (*1)
\u02dd
\u02dd
0.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 0.00%
\nSuper Series Sixth ~ Fourteenth
\nSecuritization S
p
ecialt
y
Co., Ltd.
(
*1
)
\n\u02dd
\u02dd
0.50%
\nHYUNDAI CARD CO., LTD.
\n0.50%
\nBluewalnut Co., Ltd.
\u02dd
\u02dd
100.00%
\nHYUNDAI CARD CO., LTD.
\n100.00%
\nMOCEAN Co.,Lt
d
Mobility Service
\u02dd
80.00%
\nH
y
undai Cha Fundin
g
, LLC
Financin
g
USA
100.00%
HCA 100.00%
\nHyundai Lease Titling Trust
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai HK Fundin
g
, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHyundai HK Funding Two, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai HK Fundin
g
Three, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHyundai HK Funding Four, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai ABS Fundin
g
, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHK Real Properties, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai Auto Lease Offerin
g
, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHyundai HK Lease, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nExtended Term Amortizin
g
Pro
g
ram, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHyundai Asset Backed Lease, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHCA Exchan
g
e, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai Protection Plan, Inc.
Insurance
\u02dd
100.00%
\u02dd
\nHyundai Protection Plan Florida, Inc.
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai Ca
p
ital Insurance Services, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHyundai Capital Insurance Company
\u02dd
\u02dd
100.00%
\u02dd
\nPower Protect Extended Services, Inc.
\u02dd
\u02dd
100.00%
\u02dd
\nPower Protect Extended Services Florida,
\nInc.
\u02dd
\u02dd
100.00%
\u02dd
\n(*1)
The Group is considered to have substantive control over the entities by virtue of an agreement or relationship with other
\ninvestors, or relationship with structured entities.
\n(*2)
Even though the shareholding ratio of ownership is less than half, the Group has de facto control over the entity due to the
\nrelative size of the voting rights held and the degree of share dispersion of other voting rights holders.
\n(*3)
During the year ended December 31, 2022, the names of companies were changed from Hyundai Motor Japan Co., Ltd. and
\nHyundai Motor Japan R&D Center Inc. to Hyundai Mobility Japan Co., Ltd. and Hyundai Mobility Japan R&D Center Co.,
\nLtd., respectively.
\n(*4)
The name of company was changed from HMB Holding Participacoes Financeiras Ltda. to HMS SERVICOS DE
\nMOBILIDADE LTDA.
\n(*5)
During the year ended December 31, 2022, the Group acquired additional shares of 42dot Inc. and reclassified its shares to a
\nsubsidiary. Although the shareholding ratio of common stock is 66.08%, the shareholding ratio with voting rights is 55.90%
\nconsidering the redeemable convertible preference share with voting rights issued.
\n(2)
Summarized financial position and results of operations of major consolidated subsidiaries
as
of
and for the year
\nended December 31, 2022 are as follows.
\nN
ame of subsidiaries
Assets
Liabilities
Sales
\nProfit (loss)
\nfor the
p
erio
d
\n(In millions of Korean Won)
\nHYUNDAI CAPITAL SERVICES, INC. (*)
\uffe6
38,647,454
\uffe6
33,017,783
\uffe6
4,436,122
\uffe6
437,087
\nHYUNDAI CARD CO., LTD. (*)
25,102,360
21,256,797
3,015,376
253,957
\nHYUNDAI ROTEM COMPANY (*)
4,823,870
3,332,399
3,163,344
194,534
\nHYUNDAI KEFICO CORPORATION (*)
2,118,244
1,151,710
2,255,354
86,781
\nHCA (*)
65,174,141
57,784,155
12,392,502
416,542
\nHMA
13,534,367
8,484,603
33,684,033
2,549,423
\nHMMA
4,974,559
3,863,001
11,399,961
(807,997)
\nHMI (*)
4,932,560
2,071,012
9,230,238
710,908
\nHMMC
4,554,767
1,724,596
9,291,193
680,064
\nHME (*)
2,604,267
2,528,135
14,302,787
12,792
\nHACC (*)
1,811,550
1,003,562
4,146,159
102,258
\nHMB
1,801,019
1,195,946
3,314,994
97,250
\nHAOSVT
1,733,527
867,053
3,625,354
288,338
\nHMMR
1,242,120
406,509
965,782
(230,103)
\nHMCA
1,074,603
874,474
2,371,422
45,739
\n(*)
Based on the subsidiary\u2019s consolidated financial statements
\nSummarized financial position and results of operations of major consolidated subsidiaries
as
of
and for the year
\nended December 31, 2021 are as follows.
\nN
ame of subsidiaries
Assets
Liabilities
Sales
\nProfit (loss)
\nfor the
p
erio
d
\n(In millions of Korean Won)
\nHYUNDAI CAPITAL SERVICES, INC. (*)
\uffe6
34,917,071
\uffe6
29,710,340
\uffe6
3,485,601
\uffe6
432,055
\nHYUNDAI CARD CO., LTD. (*)
21,654,608
18,026,253
2,744,902
314,139
\nHYUNDAI ROTEM COMPANY (*)
4,107,183
2,838,938
2,872,512
51,412
\nHYUNDAI KEFICO CORPORATION (*)
2,038,940
1,187,748
2,029,003
60,512
\nHCA (*)
59,230,349
52,672,107
10,686,865
1,050,250
\nHMA
8,578,534
5,929,588
22,883,130
1,028,470
\nHMMA
4,522,540
2,741,306
8,088,117
236,955
\nHMMC
4,406,392
1,852,526
7,426,329
417,537
\nHMI (*)
4,310,031
1,782,415
7,339,424
437,395
\nHME (*)
2,107,163
2,044,181
11,846,977
11,410
\nHACC (*)
1,946,770
1,119,224
3,582,216
117,911
\nHMMR
1,931,470
959,020
3,178,717
172,149
\nHAOSVT
1,469,527
887,896
3,021,886
198,490
\nHMB
1,387,554
913,764
2,074,018
41,020
\nHMCA
911,712
716,694
1,938,967
28,116
\n(*)
Based on the subsidiary\u2019s consolidated financial statements
\n(3)
The financial statements of all subsidiaries used in the preparation of the consolidated financial
statements
\nare prepared for the same reporting periods as the Company\u2019s.
\n(4)
Summarized cash flows of non-wholly owned subsidiaries that have material non-controlling interests to the
\nGroup and subsidiaries of finance segment for the year ended December 31, 2022 are as follows.
\nDescription
\nHYUNDAI
\nCAPITAL
\nSERVICES, INC.
\nHYUNDAI CARD
\nCO., LTD.
\nHCA
HCCA
\nHYUNDAI
\nROTEM
\nCOMPANY
\n(In millions of Korean Won)
\nProvided by (used in)
\noperatin
g
activities
\uffe6
(1,111,074)
\uffe6
(618,906)
\uffe6
(254,261)
\uffe6
(1,257,295)
\uffe6
716,229
\nProvided by (used in)
\ninvestin
g
activities
(223,067)
(70,359)
28,172
(1,741)
(429,045)
\nProvided by (used in)
\nfinancin
g
activities
2,572,598
2,379,211
389,229
1,274,970
(97,120)
\nEffect of exchange rate
\nchanges on cash and
\ncash equivalen
t
-
-
22,292
(542)
(3,784)
\nN
et increase (decrease) in
\ncash and cash
\nequivalents
1,238,457
1,689,946
185,432
15,392
186,280
\nBeginning balance of
\ncash and cash
\nequivalents
509,170
579,444
368,191
72,402
319,728
\nEnding balance of cash
\nand cash equivalents
\uffe6
1,747,627
\uffe6
2,269,390
\uffe6
553,623
\uffe6
87,794
\uffe6
506,008
\nSummarized cash flows of non-wholly owned subsidiaries that had material non-controlling interests to the
Group
\nand subsidiaries of finance segment for the year ended December 31, 2021 are as follows.
\nDescription
\nHYUNDAI
\nCAPITAL
\nSERVICES, INC.
\nHYUNDAI CARD
\nCO., LTD.
\nHCA
HCCA
\nHYUNDAI
\nROTEM
\nCOMPANY
\n(In millions of Korean Won)
\nProvided by (used in)
\noperatin
g
activities
\uffe6
(367,733)
\uffe6
(1,400,073)
\uffe6
(7,321,554)
\uffe6
(1,558,760)
\uffe6
(62,714)
\nProvided by (used in)
\ninvestin
g
activities
(40,360)
(105,567)
(955,140)
(642)
146,142
\nProvided by (used in)
\nfinancin
g
activities
510,859
1,310,731
8,132,339
1,549,724
(99,586)
\nEffect of exchange rate
\nchanges on cash and
\ncash equivalen
t
339
-
37,398
6,651
(2,842)
\nN
et increase (decrease) in
\ncash and cash
\nequivalents
103,105
(194,909)
(106,957)
(3,027)
(19,000)
\nBeginning balance of
\ncash and cash
\nequivalents
406,065
774,353
475,148
75,429
338,728
\nEnding balance of cash
\nand cash equivalents
\uffe6
509,170
\uffe6
579,444
\uffe6
368,191
\uffe6
72,402
\uffe6
319,728
\n(5)
Details of non-wholly owned subsidiaries of the Company that have material non-controlling interests as of
\nand for the year ended December 31, 2022 are as follows.
\nDescription
\nHYUNDAI
\nCAPITAL
\nSERVICES, INC.
\nHYUNDAI CARD
\nCO., LTD.
\nHYUNDAI
\nROTEM
\nCOMPANY
\n(In millions of Korean Won)
\nOwnership percentage of non-controlling
\ninterests
40.32%
63.04%
66.23%
\nAccumulated non-controllin
g
interests
\uffe6
2,263,283
\uffe6
2,511,596
\uffe6
845,085
\nProfit attributable to non-controlling
\ninterests
171,675
160,104
127,747
\nDividends paid to non-controllin
g
interests
-
56,753
-
\nDetails of non-wholly owned subsidiaries of the Company that had material non-controlling interests as of and for
\nthe year ended December 31, 2021 are as follows.
\nDescription
\nHYUNDAI
\nCAPITAL
\nSERVICES, INC.
\nHYUNDAI
\nCARD CO.,
\nLTD.
\nHYUNDAI
\nROTEM
\nCOMPANY
\n(In millions of Korean Won)
\nOwnership percentage of non-controlling
\ninterests
40.32%
63.04%
66.23%
\nAccumulated non-controllin
g
interests
\uffe6
2,097,956
\uffe6
2,379,871
\uffe6
702,366
\nProfit attributable to non-controlling
\ninterests
170,930
198,059
28,968
\nDividends paid to non-controllin
g
interests
37,002
92,463
-
\n(6)
Financial support provided to consolidated structured entities
\nAs of December 31, 2022, HYUNDAI CARD CO., LTD. and HYUNDAI CAPITAL SERVICES, INC., subsidiaries
\nof the Company, have agreements that provide counterparties with rights of recourse in the event of default on the
\nderivatives relating to asset-backed securities issued by consolidated structured entities, Autopia Sixty-Eighth and
\nSixty-Ninth Asset Securitization Specialty Company, Super Series Sixth, Eighth, Ninth, Twelfth and Fourteenth
\nSecuritization Specialty Co., Ltd..
\n(7)
Nature and risks associated with interests in unconsolidated structured entities
\n1)
Nature of interests in unconsolidated structured entities of the Group as of December 31, 2022 is as follows.
\nDescription
Purpose
N
ature of business
\nMethod of
\nfundin
g
Total assets (*)
\n(In millions of Korean Won)
\nAsset
\nsecuritization SPC
\nFund raising
\nthrough asset-
\nsecuritization
\nFund
\ncollection
\nAsset Backed
\nSecurities and
\nothers
\uffe6
711,575
\nInvestment fund
Investment trust and
\nothers
\nFund management
\nand operation,
\ndistribution of
\noperating profit
\nand others
\nBeneficiary
\n(Investment)
\ncertificates
\n6,877,841
\nStructured Finance
Fund raising
\nthrough project
\nfinancing
\nProject financing
\nfor construction
\nproject and
\nship investmen
t
\nProject financing
\nand others
\n24,128,653
\n(*) The financial information of unconsolidated structured entity includes unaudited amounts.
\nNature of interests in unconsolidated structured entities of the Group as of December 31, 2021 is as follows.
\nDescription
Purpose
N
ature of business
\nMethod of
\nfundin
g
Total assets (*)
\n(In millions of Korean Won)
\nAsset
\nsecuritization SPC
\nFund raising
\nthrough asset-
\nsecuritization
\nFund
\ncollection
\nAsset Backed
\nSecurities and
\nothers
\uffe6
138,514
\nInvestment fund
Investment trust and
\nothers
\nFund management
\nand operation,
\ndistribution of
\noperating profit
\nand others
\nBeneficiary
\n(Investment)
\ncertificates
\n9,874,543
\nStructured Finance
Fund raising
\nthrough project
\nfinancing
\nProject financing
\nfor construction
\nproject and
\nship investmen
t
\nProject financing
\nand others
\n19,487,943
\n(*) The financial information of unconsolidated structured entity includes unaudited amounts.
\n2)
Risks associated with interests in unconsolidated structured entities of the Group as of
December 31, 2022 are as
\nfollows.
\nDescription
\nFinancial support provided
\nto the structured entit
y
\nMaximum amount
\nof exposure to loss
\nof the structured
\nentit
y
\nBook value in the
\nstructured entit
y
Metho
d
Purpose
\n(In millions of Korean Won)
\nAsset
\nsecuritization SPC
\uffe6
70,208
\nLoan
\nobli
g
ations
\nLoan agreement
\n(Credi
t
line)
\uffe6
77,000
\nInvestment fund
\n238,424
\nBeneficiary
\ncertificates,
\nInvestmen
t
trus
t
\nInvest
\nagreement
\n238,424
\nStructured Finance
\n1,585,070
\nLoan
\nobli
g
ations
\nLoan agreement
\n(Credi
t
line)
2,089,900
\nRisks associated with interests in unconsolidated structured entities of the Group as of December 31, 2021 are as
\nfollows.
\nDescription
\nFinancial support provided
\nto the structured entit
y
\nMaximum amount
\nof exposure to loss
\nof the structured
\nentit
y
\nBook value in the
\nstructured entit
y
Metho
d
Purpose
\n(In millions of Korean Won)
\nAsset
\nsecuritization SPC
\uffe6
18,797
\nLoan
\nobli
g
ations
\nLoan agreement
\n(Credi
t
line)
\uffe6
24,000
\nInvestment fund
\n178,552
\nBeneficiary
\ncertificates,
\nInvestmen
t
trus
t
\nInvest
\nagreement
\n178,552
\nStructured Finance
\n826,220
\nLoan
\nobli
g
ations
\nLoan agreement
\n(Credi
t
line)
1,117,599
\n(8)
Significant restrictions on the subsidiaries
\nAs of December 31, 2022, HYUNDAI CARD CO., LTD., a subsidiary of the Company, is subject to significant
\nrestrictions that require it to obtain consent from a nominated outside director recommended by non-controlling
\nshareholders in the events of acquiring a company, entering into new business, providing guarantees, making
\ninvestments in stocks or contracts beyond a certain amount and others.
\n(9)
Changes in consolidated subsidiaries
\nSubsidiaries newly included in or excluded from consolidation during the year ended December 31, 2022 are as follows.
\nChanges
N
ame of subsidiaries
Description
\nInclude
d
Autopia Seventy-Third Asset Securitization Specialty Company
Establishmen
t
\n\u02dd
Autopia Seventy-Fourth Asset Securitization Specialty Company
\u02dd
\n\u02dd
Autopia Seventy-Fifth Asset Securitization Specialty Company
\u02dd
\n\u02dd
Super Series Twelfth Securitization Specialty Co., Ltd.
\u02dd
\n\u02dd
Super Series Thirteenth Securitization Specialty Co., Ltd.
\u02dd
\n\u02dd
Super Series Fourteenth Securitization Specialty Co., Ltd.
\u02dd
\n\u02dd
Hyundai Motor Group Metaplant America, LLC (HMGMA)
\u02dd
\n\u02dd
Hyundai Hydrogen Mobility Germany GmbH (HHMG)
\u02dd
\n\u02dd
HYUNDAI MOBILITY (THAILAND) CO., LTD. (HMT)
\u02dd
\n\u02dd
PT Hyundai Solusi Mobilitas (HSM)
\u02dd
\n\u02dd
42dot Inc.
Acquisition
\n\u02dd
42 Air, Inc
\u02dd
\n\u02dd
Movia Inc.
\u02dd
\nExcluded
supernal, LLC
\nChanged to equity
\nmetho
d
\n\u02dd
Super Series Fifth Securitization Specialty Co., Ltd.
Liquidation
\n\u02dd
Autopia Sixty-fourth Asset Securitization Specialty Company
\u02dd
\n\u02dd
KyoboAXA Private Tomorrow Securities Investment Trust No.12
\u02dd
\n\u02dd
Shinhan BNPP Private Corporate Security Investment Trust No.34
\u02dd
\n\u02dd
KB Leaders Private Securities Fund1(Bond Mixed)
\u02dd
\n\u02dd
Samsung ETF rotation Private Investment Trust 1
\u02dd
\n\u02dd
MoceanLab, Inc.
\u02dd
\n\u02dd
HYUNDAI ROTEM MALAYSIA SDN BHD
\u02dd",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4290": {
"value": "Hyundai Motor Company",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4292": {
"value": "Republic of Korea",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4293": {
"value": "Republic of Korea",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4294": {
"value": "Republic of Korea",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4296": {
"value": "manufacture and distribute motor vehicles and parts, operate vehicle financing and credit card processing, and manufacture trains.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4302": {
"value": "2022-12-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4305": {
"value": "(1) The Group\u2019s consolidated subsidiaries as of December 31, 2022 are as follows.
\nName of subsidiaries
\nNature of
\nb
usiness
\nLocation
\nOwnership
\np
ercentage
\nIndirect ownership
\nHYUNDAI CAPITAL SERVICES, INC.
Financing
Korea
59.68%
\nHYUNDAI CARD CO., LTD.
(
*1
)
\u02dd
\u02dd
36.96%
\nHYUNDAI ROTEM COMPANY (*2)
Manufacturing
\u02dd
33.77%
\nHYUNDAI KEFICO CORPORATION
\u02dd
\u02dd
100.00%
\nHYUNDAI PARTECS
\u02dd
\u02dd
56.00%
\nH
y
undai NGV
En
g
ineerin
g
\u02dd
53.66%
\nMAINtrans company
Services
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n100.00%
\nRotem SRS Co., Ltd.
\u02dd
\u02dd
100.00%
\u02dd
\nJEONBUK HYUNDAI MOTORS FC
\nCO., LTD
\nFootball club
\u02dd
100.00%
\nAirPlu
g
Inc.
R&D and Sales
\u02dd
99.32%
\n42dot Inc. (*5)
\u02dd
\u02dd
66.08%
\nMovia Inc.
Trans
p
ortin
g
\u02dd
100.00%
42dot 100.00%
\nHyundai Motor America (HMA)
Sales
USA
100.00%
\nH
y
undai Ca
p
ital America
(
HCA
)
Financin
g
\u02dd
80.00%
HMA 80.00%
\nHyundai Motor Manufacturing
\nAlabama, LLC (HMMA)
\nManufacturing
\u02dd
100.00%
HMA 100.00%
\nHyundai Motor Group Metaplant America,
\nLLC (HMGMA)
\n\u02dd
\u02dd
60.00%
HMA 60.00%
\nH
y
undai Translead
(
HT
)
\u02dd
\u02dd
100.00%
\nStamped Metal American Research
\nTechnolo
gy
, Inc.
(
SMARTI
)
\nHolding company
\u02dd
72.45%
HMA 72.45%
\nSMART Alabama, LLC (SMART)
Manufacturing
\u02dd
100.00%
SMARTI 100.00%
\nHyundai America Technical Center,
\nInc. (HATCI)
\nR&D
\u02dd
100.00%
\nGenesis Motor America LLC
Sales
\u02dd
100.00%
HMA 100.00%
\nHyundai Rotem USA Corporation
Manufacturing
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n100.00%
\nHyundai Motor Investment, Inc.
Investment
\u02dd
100.00%
\n42 Air, Inc
R&D and Sales
\u02dd
100.00%
42dot 100.00%
\nHYUNDAI AUTO CANADA CORP.
\n(
HACC
)
\nSales
Canada
100.00%
HMA 100.00%
\nHYUNDAI AUTO CANADA CAPTIVE
\nINSURANCE INC.
(
HACCI
)
\nInsurance
\u02dd
100.00%
\u02dd
\nHyundai Capital Canada Inc. (HCCA)
Financing
\u02dd
70.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 20.00%
\nHyundai Capital Lease Inc. (HCLI)
\u02dd
\u02dd
100.00%
HCCA 100.00%
\nHK Lease Funding LP
\u02dd
\u02dd
100.00%
\nHCLI 99.99%,
\nHCCA Funding Inc. 0.01%
\nHCCA Funding Inc.
\u02dd
\u02dd
100.00%
HCLI 100.00%
\nHCCA Funding Two Inc.
\u02dd
\u02dd
100.00%
HCCA 100.00%
\nName of subsidiaries
\nNature of
\nb
usiness
\nLocation
\nOwnership
\np
ercentage
\nIndirect ownership
\nHK Retail Funding LP
Financing
Canada
100.00%
\nHCCA 99.99%,
\nHCCA Funding Two Inc 0.01%
\nHYUNDAI MOTOR INDIA LIMITED
\n(HMI)
\nManufacturing
India
100.00%
\nHYUNDAI MOTOR INDIA
\nENGINEERING PRIVATE LIMITED
\n(
HMIE
)
\nR&D
\u02dd
100.00%
HMI 100.00%
\nHYUNDAI INDIA INSURANCE
\nBROKING PRIVATE LIMITED
(
HIIB
)
\nInsurance
\u02dd
100.00%
\u02dd
\nHYUNDAI CAPITAL INDIA PRIVATE
\nLIMITED
(
HCI
)
\nFinancing
\u02dd
100.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 100.00%
\nHyundai Mobility Japan Co., Ltd. (HMJ)
\n(
*3
)
\nSales
Japan
100.00%
\nHyundai Mobility Japan R&D Center Co.,
\nLtd.
(
HMJ R&D
)
(
*3
)
\nR&D
\u02dd
100.00%
\nBeijing Jingxian Motor Safeguard
\nService Co., Ltd. (BJMSS)
\nSales
China
100.00%
\nBeijing Jingxianronghua Motor Sale
\nCo., Ltd.
\n\u02dd
\u02dd
100.00%
BJMSS 100.00%
\nGenesis Motor Sales (Shanghai) Co.,
\nLTD.
\n\u02dd
\u02dd
100.00%
\nHyundai Millennium (Beijing) Real Estate
\nDevelopment Co., Ltd.
\nReal estate
\ndevelopment
\n\u02dd
99.00%
CMEs 99.00%
\nRotem Equipments (Beijing) Co., Ltd.
Sales
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n100.00%
\nKEFICO Automotive Systems(Beijing)
\nCo., Ltd.
\nManufacturing
\u02dd
100.00%
\nHYUNDAI KEFICO
\nCORPORATION 100.00%
\nKEFICO Automotive
\nSystems(Chongqing) Co., Ltd.
\n\u02dd
\u02dd
90.00%
\nHYUNDAI KEFICO
\nCORPORATION 90.00%
\nHyundai Truck & Bus (China) Co., Ltd.
\n(HTBC)
\n\u02dd
\u02dd
100.00%
\nHYUNDAI THANH CONG VIETNAM
\nAUTO MANUFACTURING
\nCORPORATION
(
HTMV
)(
*1
)
\n\u02dd
Vietnam
50.00%
\nHYUNDAI THANH CONG
\nCOMMERCIAL VEHICLE JOINT
\nSTOCK COMPANY (HTCV)(*1)
\nSales
\u02dd
50.00%
\nHYUNDAI THANH CONG VIET NAM
\nAUTO JOINT VENTURE JOINT
\nSTOCK COMPANY
(
HTV
)(
*1
)
\n\u02dd
\u02dd
50.00%
\nHYUNDAI KEFICO VIETNAM
\nCOMPANY LIMITED
\nManufacturing
\u02dd
100.00%
\nHYUNDAI KEFICO
\nCORPORATION 100.00%
\nHYUNDAI MOTOR COMPANY
\nAUSTRALIA PTY LIMITED
(
HMCA
)
\nSales
Australia
100.00%
\nHYUNDAI MOTOR PHILIPPINES, INC.
\n(
HMPH
)
\n\u02dd
Philippines
99.99%
\nHYUNDAI MOBILITY (THAILAND)
\nCO., LTD.
(
HMT
)
\n\u02dd
Thailand
100.00%
\nPT HYUNDAI MOTOR
\nMANUFACTURING INDONESIA
\n(
HMMI
)
\nManufacturing
Indonesia
99.99%
\nPT HYUNDAI MOTORS INDONESIA
\n(
HMID
)
\nSales
\u02dd
100.00%
HMMI 0.01%
\nPT Hyundai Solusi Mobilitas (HSM)
\u02dd
\u02dd
99.99%
HMID 99.99%
\nPT. HYUNDAI CAPITAL INDONESIA
\n(HCID)
\nFinancing
\u02dd
100.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 100.00%
\nH
y
undai Ca
p
ital Australia Pt
y
Limite
d
\u02dd
Australia
100.00%
\u02dd
\nHR MECHANICAL SERVICES
\nLIMITED
\nServices
New Zealand
100.00%
\nHYUNDAI ROTEM COMPANY
\n100.00%
\nHyundai Motor Manufacturing Czech
\ns.r.o.
(
HMMC
)
\nManufacturing
Czech
100.00%
\nHyundai Motor Czech s.r.o. (HMCZ)
Sales
\u02dd
100.00%
\nHyundai Motor Europe GmbH (HME)
\nMarketing and
\nSales
\nGermany
100.00%
\nHyundai Motor Deutschland GmbH
\n(HMD)
\nSales
\u02dd
100.00%
\nName of subsidiaries
\nNature of
\nb
usiness
\nLocation
\nOwnership
\np
ercentage
\nIndirect ownership
\nHyundai Motor Europe Technical
\nCenter GmbH (HMETC)
\nR&D
Germany
100.00%
\nH
y
undai Motors
p
ort GmbH
(
HMSG
)
Marketin
g
\u02dd
100.00%
HME 100.00%
\nHyundai Capital Europe GmbH.
Financing
\u02dd
100.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 100.00%
\nHMCIS B.V.
Holding company
Netherlands
100.00%
HMMR 1.65%
\nHyundai Motor Netherlands B.V.
\n(HMNL)
\nSales
\u02dd
100.00%
\nHyundai Motor Manufacturing Rus
\nLLC (HMMR)
\nManufacturing
Russia
70.00%
\nHyundai Motor CIS Limited Liability
\nCompany (HMCIS)
\nSales
\u02dd
100.00%
HMCIS B.V. 100.00%
\nHyundai Mobility Lab Limited Liability
\nCompany. (HML)
\nR&D
\u02dd
100.00%
HMCIS 99.00%, HMMR 1.00%
\nHYUNDAI CAPITAL SERVICES
\nLIMITED LIABILITY COMPANY
\nFinancing
\u02dd
100.00%
Hyundai Capital Europe 100.00%
\nLimited liability company Hyundai Truck
\n& Bus Rus
(
HTBR
)
\nSales
\u02dd
100.00%
\nHyundai Assan Otomotiv Sanayi Ve
\nTicaret Anonim Sirketi
(
HAOSVT
)
\nManufacturing
Turkiye
97.00%
\nHyundai EURotem Demiryolu Araclari
\nSana
y
i ve Ticaret A.S
\n\u02dd
\u02dd
\n50.50%
HYUNDAI ROTEM COMPANY
\n50.50%
\nHyundai Rotem Company \u2013 Hyundai
\nEUROTEM Demiryolu Araclari SAN.
\nVE TIC. A.S ORTAK GIRISIMI
\nSales
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n65.00%,
\nHyundai EURotem A.S. 35.00%
\nHyundai Rotem Company - Hyundai
\nEUROTEM Mahmutbey Projesi
\nORTAK GIRISIMI
\n\u02dd
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n85.00%,
\nH
y
undai EURotem A.S. 15.00%
\nRotem SRS Ukraine LLC.
Services
Ukraine
100.00%
Rotem SRS Co., Ltd. 100.00%
\nRotem SRS E
gyp
t LLC.
\u02dd
E
gyp
t
98.00%
Rotem SRS Co., Ltd. 98.00%
\nHYUNDAI MOTOR UK LIMITED
\n(
HMUK
)
\nSales
UK
100.00%
\nHYUNDAI MOTOR COMPANY ITALY
\nS.R.L.
(
HMCI
)
\n\u02dd
Italy
100.00%
\nHYUNDAI MOTOR ESPANA, S.L.U.
\n(
HMES
)
\n\u02dd
Spain
100.00%
\nHYUNDAI MOTOR FRANCE (HMF)
\u02dd
France
100.00%
\nH
y
undai Motor Poland s
p
. z o.o.
(
HMP
)
\u02dd
Polan
d
100.00%
\nGENESIS MOTOR EUROPE GmbH
\n(
GME
)
\n\u02dd
Germany
100.00%
\nGENESIS MOTOR UK LIMITED
\n(
GMUK
)
\n\u02dd
UK
100.00%
GME 100.00%
\nGENESIS MOTOR SWITZERLAND AG
\n(
GMCH
)
\n\u02dd
Switzerland
100.00%
\u02dd
\nGENESIS MOTOR DEUTSCHLAND
\nGmbH
(
GMD
)
\n\u02dd
Germany
100.00%
\u02dd
\nHyundai Hydrogen Mobility AG (HHM)
\u02dd
Switzerlan
d
75.00%
\nHyundai Hydrogen Mobility Germany
\nGmbH (HHMG)
\n\u02dd
Germany
100.00%
HHM 100.00%
\nHYUNDAI MOTOR DE MEXICO S DE
\nRL DE CV
(
HMM
)
\n\u02dd
Mexico
100.00%
HT 0.01%
\nHyundai de Mexico, SA DE C.V.,
\n(
HYMEX
)
\nManufacturing
\u02dd
99.99%
HT 99.99%
\nHYUNDAI KEFICO MEXICO, S.
\nDE R.L. DE C.V.
\n\u02dd
\u02dd
100.00%
\nHYUNDAI KEFICO
\nCORPORATION 100.00%
\nHyundai Rio Vista, Inc.
\nReal estate
\ndevelo
p
ment
\nUSA
100.00%
HT 100.00%
\nHYUNDAI MOTOR BRASIL
\nMONTADORA DE AUTOMOVEIS
\nLTDA (HMB)
\nManufacturing
Brazil
100.00%
\nHyundai Capital Brasil Servicos De
\nAssistencia Financeira Ltda.
\nFinancing
\u02dd
100.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 100.00%
\nHyundai Rotem Brasil Industria E
\nComercio De Trens Ltda.
\nManufacturing
\u02dd
100.00%
\nHYUNDAI ROTEM COMPANY
\n100.00%
\nName of subsidiaries
\nNature of
\nb
usiness
\nLocation
\nOwnership
\np
ercentage
\nIndirect ownership
\nHMS SERVICOS DE MOBILIDADE
\nLTDA. (*4)
\nHolding company
Brazil
99.99%
HMB 99.99%
\nChina Millennium Corporations (CMEs)
\u02dd
\nCayman
\nIslands
\n59.60%
\nChina Mobility Fund, L.P.
Investment
\u02dd
72.00%
\nZER01NE Accelerator
\nInvestment Fund No.1
\n\u02dd
\u02dd
99.00%
\nAutopia Sixty-fifth ~ Seventy-Fifth
\nAsset Securitization Specialty Company
\n(
*1
)
\nFinancing
\u02dd
0.50%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 0.50%
\nZavurov First Co., Ltd. (*1)
\u02dd
\u02dd
0.00%
\nHYUNDAI CAPITAL SERVICES,
\nINC. 0.00%
\nSuper Series Sixth ~ Fourteenth
\nSecuritization S
p
ecialt
y
Co., Ltd.
(
*1
)
\n\u02dd
\u02dd
0.50%
\nHYUNDAI CARD CO., LTD.
\n0.50%
\nBluewalnut Co., Ltd.
\u02dd
\u02dd
100.00%
\nHYUNDAI CARD CO., LTD.
\n100.00%
\nMOCEAN Co.,Lt
d
Mobility Service
\u02dd
80.00%
\nH
y
undai Cha Fundin
g
, LLC
Financin
g
USA
100.00%
HCA 100.00%
\nHyundai Lease Titling Trust
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai HK Fundin
g
, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHyundai HK Funding Two, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai HK Fundin
g
Three, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHyundai HK Funding Four, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai ABS Fundin
g
, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHK Real Properties, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai Auto Lease Offerin
g
, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHyundai HK Lease, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nExtended Term Amortizin
g
Pro
g
ram, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHyundai Asset Backed Lease, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHCA Exchan
g
e, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai Protection Plan, Inc.
Insurance
\u02dd
100.00%
\u02dd
\nHyundai Protection Plan Florida, Inc.
\u02dd
\u02dd
100.00%
\u02dd
\nH
y
undai Ca
p
ital Insurance Services, LLC
\u02dd
\u02dd
100.00%
\u02dd
\nHyundai Capital Insurance Company
\u02dd
\u02dd
100.00%
\u02dd
\nPower Protect Extended Services, Inc.
\u02dd
\u02dd
100.00%
\u02dd
\nPower Protect Extended Services Florida,
\nInc.
\u02dd
\u02dd
100.00%
\u02dd
\n(*1)
The Group is considered to have substantive control over the entities by virtue of an agreement or relationship with other
\ninvestors, or relationship with structured entities.
\n(*2)
Even though the shareholding ratio of ownership is less than half, the Group has de facto control over the entity due to the
\nrelative size of the voting rights held and the degree of share dispersion of other voting rights holders.
\n(*3)
During the year ended December 31, 2022, the names of companies were changed from Hyundai Motor Japan Co., Ltd. and
\nHyundai Motor Japan R&D Center Inc. to Hyundai Mobility Japan Co., Ltd. and Hyundai Mobility Japan R&D Center Co.,
\nLtd., respectively.
\n(*4)
The name of company was changed from HMB Holding Participacoes Financeiras Ltda. to HMS SERVICOS DE
\nMOBILIDADE LTDA.
\n(*5)
During the year ended December 31, 2022, the Group acquired additional shares of 42dot Inc. and reclassified its shares to a
\nsubsidiary. Although the shareholding ratio of common stock is 66.08%, the shareholding ratio with voting rights is 55.90%
\nconsidering the redeemable convertible preference share with voting rights issued.
\n(2)
Summarized financial position and results of operations of major consolidated subsidiaries
as
of
and for the year
\nended December 31, 2022 are as follows.
\nN
ame of subsidiaries
Assets
Liabilities
Sales
\nProfit (loss)
\nfor the
p
erio
d
\n(In millions of Korean Won)
\nHYUNDAI CAPITAL SERVICES, INC. (*)
\uffe6
38,647,454
\uffe6
33,017,783
\uffe6
4,436,122
\uffe6
437,087
\nHYUNDAI CARD CO., LTD. (*)
25,102,360
21,256,797
3,015,376
253,957
\nHYUNDAI ROTEM COMPANY (*)
4,823,870
3,332,399
3,163,344
194,534
\nHYUNDAI KEFICO CORPORATION (*)
2,118,244
1,151,710
2,255,354
86,781
\nHCA (*)
65,174,141
57,784,155
12,392,502
416,542
\nHMA
13,534,367
8,484,603
33,684,033
2,549,423
\nHMMA
4,974,559
3,863,001
11,399,961
(807,997)
\nHMI (*)
4,932,560
2,071,012
9,230,238
710,908
\nHMMC
4,554,767
1,724,596
9,291,193
680,064
\nHME (*)
2,604,267
2,528,135
14,302,787
12,792
\nHACC (*)
1,811,550
1,003,562
4,146,159
102,258
\nHMB
1,801,019
1,195,946
3,314,994
97,250
\nHAOSVT
1,733,527
867,053
3,625,354
288,338
\nHMMR
1,242,120
406,509
965,782
(230,103)
\nHMCA
1,074,603
874,474
2,371,422
45,739
\n(*)
Based on the subsidiary\u2019s consolidated financial statements
\nSummarized financial position and results of operations of major consolidated subsidiaries
as
of
and for the year
\nended December 31, 2021 are as follows.
\nN
ame of subsidiaries
Assets
Liabilities
Sales
\nProfit (loss)
\nfor the
p
erio
d
\n(In millions of Korean Won)
\nHYUNDAI CAPITAL SERVICES, INC. (*)
\uffe6
34,917,071
\uffe6
29,710,340
\uffe6
3,485,601
\uffe6
432,055
\nHYUNDAI CARD CO., LTD. (*)
21,654,608
18,026,253
2,744,902
314,139
\nHYUNDAI ROTEM COMPANY (*)
4,107,183
2,838,938
2,872,512
51,412
\nHYUNDAI KEFICO CORPORATION (*)
2,038,940
1,187,748
2,029,003
60,512
\nHCA (*)
59,230,349
52,672,107
10,686,865
1,050,250
\nHMA
8,578,534
5,929,588
22,883,130
1,028,470
\nHMMA
4,522,540
2,741,306
8,088,117
236,955
\nHMMC
4,406,392
1,852,526
7,426,329
417,537
\nHMI (*)
4,310,031
1,782,415
7,339,424
437,395
\nHME (*)
2,107,163
2,044,181
11,846,977
11,410
\nHACC (*)
1,946,770
1,119,224
3,582,216
117,911
\nHMMR
1,931,470
959,020
3,178,717
172,149
\nHAOSVT
1,469,527
887,896
3,021,886
198,490
\nHMB
1,387,554
913,764
2,074,018
41,020
\nHMCA
911,712
716,694
1,938,967
28,116
\n(*)
Based on the subsidiary\u2019s consolidated financial statements
\n(3)
The financial statements of all subsidiaries used in the preparation of the consolidated financial
statements
\nare prepared for the same reporting periods as the Company\u2019s.
\n(4)
Summarized cash flows of non-wholly owned subsidiaries that have material non-controlling interests to the
\nGroup and subsidiaries of finance segment for the year ended December 31, 2022 are as follows.
\nDescription
\nHYUNDAI
\nCAPITAL
\nSERVICES, INC.
\nHYUNDAI CARD
\nCO., LTD.
\nHCA
HCCA
\nHYUNDAI
\nROTEM
\nCOMPANY
\n(In millions of Korean Won)
\nProvided by (used in)
\noperatin
g
activities
\uffe6
(1,111,074)
\uffe6
(618,906)
\uffe6
(254,261)
\uffe6
(1,257,295)
\uffe6
716,229
\nProvided by (used in)
\ninvestin
g
activities
(223,067)
(70,359)
28,172
(1,741)
(429,045)
\nProvided by (used in)
\nfinancin
g
activities
2,572,598
2,379,211
389,229
1,274,970
(97,120)
\nEffect of exchange rate
\nchanges on cash and
\ncash equivalen
t
-
-
22,292
(542)
(3,784)
\nN
et increase (decrease) in
\ncash and cash
\nequivalents
1,238,457
1,689,946
185,432
15,392
186,280
\nBeginning balance of
\ncash and cash
\nequivalents
509,170
579,444
368,191
72,402
319,728
\nEnding balance of cash
\nand cash equivalents
\uffe6
1,747,627
\uffe6
2,269,390
\uffe6
553,623
\uffe6
87,794
\uffe6
506,008
\nSummarized cash flows of non-wholly owned subsidiaries that had material non-controlling interests to the
Group
\nand subsidiaries of finance segment for the year ended December 31, 2021 are as follows.
\nDescription
\nHYUNDAI
\nCAPITAL
\nSERVICES, INC.
\nHYUNDAI CARD
\nCO., LTD.
\nHCA
HCCA
\nHYUNDAI
\nROTEM
\nCOMPANY
\n(In millions of Korean Won)
\nProvided by (used in)
\noperatin
g
activities
\uffe6
(367,733)
\uffe6
(1,400,073)
\uffe6
(7,321,554)
\uffe6
(1,558,760)
\uffe6
(62,714)
\nProvided by (used in)
\ninvestin
g
activities
(40,360)
(105,567)
(955,140)
(642)
146,142
\nProvided by (used in)
\nfinancin
g
activities
510,859
1,310,731
8,132,339
1,549,724
(99,586)
\nEffect of exchange rate
\nchanges on cash and
\ncash equivalen
t
339
-
37,398
6,651
(2,842)
\nN
et increase (decrease) in
\ncash and cash
\nequivalents
103,105
(194,909)
(106,957)
(3,027)
(19,000)
\nBeginning balance of
\ncash and cash
\nequivalents
406,065
774,353
475,148
75,429
338,728
\nEnding balance of cash
\nand cash equivalents
\uffe6
509,170
\uffe6
579,444
\uffe6
368,191
\uffe6
72,402
\uffe6
319,728
\n(5)
Details of non-wholly owned subsidiaries of the Company that have material non-controlling interests as of
\nand for the year ended December 31, 2022 are as follows.
\nDescription
\nHYUNDAI
\nCAPITAL
\nSERVICES, INC.
\nHYUNDAI CARD
\nCO., LTD.
\nHYUNDAI
\nROTEM
\nCOMPANY
\n(In millions of Korean Won)
\nOwnership percentage of non-controlling
\ninterests
40.32%
63.04%
66.23%
\nAccumulated non-controllin
g
interests
\uffe6
2,263,283
\uffe6
2,511,596
\uffe6
845,085
\nProfit attributable to non-controlling
\ninterests
171,675
160,104
127,747
\nDividends paid to non-controllin
g
interests
-
56,753
-
\nDetails of non-wholly owned subsidiaries of the Company that had material non-controlling interests as of and for
\nthe year ended December 31, 2021 are as follows.
\nDescription
\nHYUNDAI
\nCAPITAL
\nSERVICES, INC.
\nHYUNDAI
\nCARD CO.,
\nLTD.
\nHYUNDAI
\nROTEM
\nCOMPANY
\n(In millions of Korean Won)
\nOwnership percentage of non-controlling
\ninterests
40.32%
63.04%
66.23%
\nAccumulated non-controllin
g
interests
\uffe6
2,097,956
\uffe6
2,379,871
\uffe6
702,366
\nProfit attributable to non-controlling
\ninterests
170,930
198,059
28,968
\nDividends paid to non-controllin
g
interests
37,002
92,463
-
\n(6)
Financial support provided to consolidated structured entities
\nAs of December 31, 2022, HYUNDAI CARD CO., LTD. and HYUNDAI CAPITAL SERVICES, INC., subsidiaries
\nof the Company, have agreements that provide counterparties with rights of recourse in the event of default on the
\nderivatives relating to asset-backed securities issued by consolidated structured entities, Autopia Sixty-Eighth and
\nSixty-Ninth Asset Securitization Specialty Company, Super Series Sixth, Eighth, Ninth, Twelfth and Fourteenth
\nSecuritization Specialty Co., Ltd..
\n(7)
Nature and risks associated with interests in unconsolidated structured entities
\n1)
Nature of interests in unconsolidated structured entities of the Group as of December 31, 2022 is as follows.
\nDescription
Purpose
N
ature of business
\nMethod of
\nfundin
g
Total assets (*)
\n(In millions of Korean Won)
\nAsset
\nsecuritization SPC
\nFund raising
\nthrough asset-
\nsecuritization
\nFund
\ncollection
\nAsset Backed
\nSecurities and
\nothers
\uffe6
711,575
\nInvestment fund
Investment trust and
\nothers
\nFund management
\nand operation,
\ndistribution of
\noperating profit
\nand others
\nBeneficiary
\n(Investment)
\ncertificates
\n6,877,841
\nStructured Finance
Fund raising
\nthrough project
\nfinancing
\nProject financing
\nfor construction
\nproject and
\nship investmen
t
\nProject financing
\nand others
\n24,128,653
\n(*) The financial information of unconsolidated structured entity includes unaudited amounts.
\nNature of interests in unconsolidated structured entities of the Group as of December 31, 2021 is as follows.
\nDescription
Purpose
N
ature of business
\nMethod of
\nfundin
g
Total assets (*)
\n(In millions of Korean Won)
\nAsset
\nsecuritization SPC
\nFund raising
\nthrough asset-
\nsecuritization
\nFund
\ncollection
\nAsset Backed
\nSecurities and
\nothers
\uffe6
138,514
\nInvestment fund
Investment trust and
\nothers
\nFund management
\nand operation,
\ndistribution of
\noperating profit
\nand others
\nBeneficiary
\n(Investment)
\ncertificates
\n9,874,543
\nStructured Finance
Fund raising
\nthrough project
\nfinancing
\nProject financing
\nfor construction
\nproject and
\nship investmen
t
\nProject financing
\nand others
\n19,487,943
\n(*) The financial information of unconsolidated structured entity includes unaudited amounts.
\n2)
Risks associated with interests in unconsolidated structured entities of the Group as of
December 31, 2022 are as
\nfollows.
\nDescription
\nFinancial support provided
\nto the structured entit
y
\nMaximum amount
\nof exposure to loss
\nof the structured
\nentit
y
\nBook value in the
\nstructured entit
y
Metho
d
Purpose
\n(In millions of Korean Won)
\nAsset
\nsecuritization SPC
\uffe6
70,208
\nLoan
\nobli
g
ations
\nLoan agreement
\n(Credi
t
line)
\uffe6
77,000
\nInvestment fund
\n238,424
\nBeneficiary
\ncertificates,
\nInvestmen
t
trus
t
\nInvest
\nagreement
\n238,424
\nStructured Finance
\n1,585,070
\nLoan
\nobli
g
ations
\nLoan agreement
\n(Credi
t
line)
2,089,900
\nRisks associated with interests in unconsolidated structured entities of the Group as of December 31, 2021 are as
\nfollows.
\nDescription
\nFinancial support provided
\nto the structured entit
y
\nMaximum amount
\nof exposure to loss
\nof the structured
\nentit
y
\nBook value in the
\nstructured entit
y
Metho
d
Purpose
\n(In millions of Korean Won)
\nAsset
\nsecuritization SPC
\uffe6
18,797
\nLoan
\nobli
g
ations
\nLoan agreement
\n(Credi
t
line)
\uffe6
24,000
\nInvestment fund
\n178,552
\nBeneficiary
\ncertificates,
\nInvestmen
t
trus
t
\nInvest
\nagreement
\n178,552
\nStructured Finance
\n826,220
\nLoan
\nobli
g
ations
\nLoan agreement
\n(Credi
t
line)
1,117,599
\n(8)
Significant restrictions on the subsidiaries
\nAs of December 31, 2022, HYUNDAI CARD CO., LTD., a subsidiary of the Company, is subject to significant
\nrestrictions that require it to obtain consent from a nominated outside director recommended by non-controlling
\nshareholders in the events of acquiring a company, entering into new business, providing guarantees, making
\ninvestments in stocks or contracts beyond a certain amount and others.
\n(9)
Changes in consolidated subsidiaries
\nSubsidiaries newly included in or excluded from consolidation during the year ended December 31, 2022 are as follows.
\nChanges
N
ame of subsidiaries
Description
\nInclude
d
Autopia Seventy-Third Asset Securitization Specialty Company
Establishmen
t
\n\u02dd
Autopia Seventy-Fourth Asset Securitization Specialty Company
\u02dd
\n\u02dd
Autopia Seventy-Fifth Asset Securitization Specialty Company
\u02dd
\n\u02dd
Super Series Twelfth Securitization Specialty Co., Ltd.
\u02dd
\n\u02dd
Super Series Thirteenth Securitization Specialty Co., Ltd.
\u02dd
\n\u02dd
Super Series Fourteenth Securitization Specialty Co., Ltd.
\u02dd
\n\u02dd
Hyundai Motor Group Metaplant America, LLC (HMGMA)
\u02dd
\n\u02dd
Hyundai Hydrogen Mobility Germany GmbH (HHMG)
\u02dd
\n\u02dd
HYUNDAI MOBILITY (THAILAND) CO., LTD. (HMT)
\u02dd
\n\u02dd
PT Hyundai Solusi Mobilitas (HSM)
\u02dd
\n\u02dd
42dot Inc.
Acquisition
\n\u02dd
42 Air, Inc
\u02dd
\n\u02dd
Movia Inc.
\u02dd
\nExcluded
supernal, LLC
\nChanged to equity
\nmetho
d
\n\u02dd
Super Series Fifth Securitization Specialty Co., Ltd.
Liquidation
\n\u02dd
Autopia Sixty-fourth Asset Securitization Specialty Company
\u02dd
\n\u02dd
KyoboAXA Private Tomorrow Securities Investment Trust No.12
\u02dd
\n\u02dd
Shinhan BNPP Private Corporate Security Investment Trust No.34
\u02dd
\n\u02dd
KB Leaders Private Securities Fund1(Bond Mixed)
\u02dd
\n\u02dd
Samsung ETF rotation Private Investment Trust 1
\u02dd
\n\u02dd
MoceanLab, Inc.
\u02dd
\n\u02dd
HYUNDAI ROTEM MALAYSIA SDN BHD
\u02dd",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5680": {
"value": "(5)
Details of non-wholly owned subsidiaries of the Company that have material non-controlling interests as of
\nand for the year ended December 31, 2022 are as follows.
\nDescription
\nHYUNDAI
\nCAPITAL
\nSERVICES, INC.
\nHYUNDAI CARD
\nCO., LTD.
\nHYUNDAI
\nROTEM
\nCOMPANY
\n(In millions of Korean Won)
\nOwnership percentage of non-controlling
\ninterests
40.32%
63.04%
66.23%
\nAccumulated non-controllin
g
interests
\uffe6
2,263,283
\uffe6
2,511,596
\uffe6
845,085
\nProfit attributable to non-controlling
\ninterests
171,675
160,104
127,747
\nDividends paid to non-controllin
g
interests
-
56,753
-
\nDetails of non-wholly owned subsidiaries of the Company that had material non-controlling interests as of and for
\nthe year ended December 31, 2021 are as follows.
\nDescription
\nHYUNDAI
\nCAPITAL
\nSERVICES, INC.
\nHYUNDAI
\nCARD CO.,
\nLTD.
\nHYUNDAI
\nROTEM
\nCOMPANY
\n(In millions of Korean Won)
\nOwnership percentage of non-controlling
\ninterests
40.32%
63.04%
66.23%
\nAccumulated non-controllin
g
interests
\uffe6
2,097,956
\uffe6
2,379,871
\uffe6
702,366
\nProfit attributable to non-controlling
\ninterests
170,930
198,059
28,968
\nDividends paid to non-controllin
g
interests
37,002
92,463
-
(1)
HYUNDAI CARD CO., LTD., a subsidiary of the Company, issued hybrid bond and the Group classified it as
\nequity (non-controlling interests). As of December 31, 2022, hybrid bond is as follows.
\nDescription
\nIssue date
\nMaturity date
\nAnnual
\ninterest rate
\nDecember 31, 2022
\n(%)
(In millions of Korean Won)
\nThe 731st
Hybrid Tier 1 (Private)
Jul
y
5, 2018
Jul
y
5, 2048
4.70
\uffe6
300,000
\nIssue cos
t
(760)
\n\uffe6
299,240
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6098": {
"value": "2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
\n(1)
Basis of consolidated financial statements preparation
\nThe consolidated financial statements have been prepared in accordance with Korean International Financial Reporting
\nStandards (\u201cK-IFRS\u201d), as prescribed in the Act on External Audit of Stock Companies, Etc in the Republic of Korea.
\nThe significant accounting policies used for the preparation of the consolidated financial statements are summarized
\nbelow. These accounting policies are consistent with those applied to the consolidated financial statements as of and for
\nthe year ended December 31, 2021, except for the new or amended accounting standards and interpretations described
\nbelow.
\n1)
New and amended standards that have been applied from the year beginning on January 1, 2022 are as follows.
\nThe Group applied
Proceeds before Intended Use
(Amendments to K-IFRS 1016
\u2018Property, Plant and Equipment\u2019)
,
\nCost of Fulfilling a Contract
(Amendments to K-IFRS 1037 \u2018
Provisions, Contingent Liabilities and Contingent Assets\u2019)
,
\nAnnual Improvements to IFRS Standards 2018-2020
,
Reference to the Conceptual Framework
(Amendments to K-IFRS
\n1103
\u2018Business Combinations\u2019)
and
Covid-19-Related Rent Concessions beyond 30 June 2021
(Amendments to K-IFRS
\n1116
\u2018Leases\u2019
) for the first time on January 1, 2022. These standards and other new accounting standards effective from
\nJanuary 1, 2022 do
not have a material impact on the Group's consolidated financial statements.
\n2) A number of new standards are effective for annual periods beginning after January 1, 2022 and earlier application is
\npermitted; however, the Group has not early adopted them in preparing these consolidated financial statements.
\nThe Group is currently evaluating the effect of the following new or amended standards and interpretations, if any, to the
\nconsolidated financial statements, however, those standards are not expected to have a significant impact on the Group\u2019s
\nconsolidated financial statements.
\n- Classification of Liabilities as Current or Non-current (K-IFRS 1001
\u2018Presentation of Financial Statements\u2019
)
\n- K-IFRS 1117
\u2018Insurance Contracts\u2019
and its amendments
\n- Disclosure of Accounting policies (K-IFRS 1001 \u2018
Presentation of Financial Statements\u2019
)
\n- Definition of Accounting estimate (K-IFRS 1008 \u2018
Accounting Policies, Changes in Accounting Estimates and Errors
\u2019)
\n- Deferred Tax related to Assets and Liabilities arising from a Single Transaction (K-IFRS 1012 \u2018
Income Taxes
\u2019)
\n- Disclosure of Gains and Losses on Valuation of Financial Liabilities with Conditions for Adjustment of Exercise Price
\n(K-IFRS 1001 \u2018
Presentation of Financial Statements
\u2019)
\nThe consolidated financial statements were approved by the Board of Directors on January 26, 2023 and are
\nexpected to be submitted for the Company's annual general meeting of shareholders.
\n(2)
Basis of measurement
\nThe consolidated financial statements have been prepared on the historical cost basis except as otherwise stated in the
\naccounting policies below. Historical cost is usually measured at the fair value of the consideration given to acquire the
\nassets.
\n(3)
Basis of consolidations
\nThe consolidated financial statements incorporate the financial statements of the Company and entities (including
\nstructured entities) controlled by the Company (or its subsidiaries).
Control is achieved when the Company:
\n\ue001
has power over
the investee;
\n\ue001
is exposed, or has rights, to variable returns from its involvement with the investee; and
\n\ue001
has the ability to use its power to affect its returns.
\nThe Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to
\none or more of the three elements of control listed above.
\nWhen the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting
\nrights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally.
The Group
\nconsiders all relevant facts and circumstances in assessing whether or not the Group\u2019s voting rights in an investee are
\nsufficient to give it power, including:
\n\ue001
the size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote
\nholders;
\n\ue001
potential voting rights held by the Group, other vote holders or other parties;
\n\ue001
rights arising from other contractual arrangements; and
\n\ue001
any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to
\ndirect the relevant activities at the time that decisions need to be made, including voting patterns at previous
\nshareholders\u2019 meetings.
\nIncome and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements
\nof comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate.
\nWhen necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into
\nline with those used by the Group.
All intragroup transactions, balances, income and expenses are eliminated in full on
\nconsolidation.
Non-controlling interests are presented in the consolidated statement of financial position within equity,
\nseparately from the equity of the owners of the Group.
The carrying amount of non-controlling interests consists of the
\namount of those non-controlling interests at the initial recognition and the changes in shares of the non-controlling
\ninterests in equity since the date of the acquisition.
Total comprehensive income is attributed to the owners of the Group
\nand to the non-controlling interests even if the non-controlling interest has a deficit balance.
\nChanges in the Group's ownership interests in subsidiaries, without a loss of control, are accounted for as equity
\ntransactions.
The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the
\nchanges in their relative interests in the subsidiaries.
Any difference between the amount by which the non-controlling
\ninterests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed
\nto owners of the Group.
\nWhen the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the
\naggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous
\ncarrying amount of the assets (including goodwill), liabilities of the subsidiary and any non-controlling interests. The
\namounts previously recognized in other comprehensive income and accumulated in equity are accounted for as if the
\nGroup had directly disposed of the relevant assets (i.e., reclassified to profit or loss or transferred directly to retained
\nearnings as specified by applicable K-IFRS).
The fair value of any investment retained in the former subsidiary at the
\ndate when control is lost is regarded as the fair value on initial recognition for subsequent accounting under K-IFRS 1109
\nFinancial Instruments: Recognition and Measurement
or, when applicable, the cost on initial recognition of an investment
\nin an associate or a joint venture.
\n(4)
Business combination
\nAcquisitions of businesses are accounted for using the acquisition method.
The consideration transferred in a business
\ncombination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets
\ntransferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests
\nissued by the Group in exchange for control of the acquiree.
The consideration includes any asset or liability resulting
\nfrom a contingent consideration arrangement and is measured at fair value.
\nAcquisition-related costs are recognized in profit or loss as incurred. When a business combination is achieved in stages,
\nthe Group's previously held equity interest in the acquiree is remeasured at its fair value at the acquisition date (i.e., the
\ndate when the Group obtains control) and the resulting gain or loss, if any, is recognized in profit or loss.
Prior to the
\nacquisition date, the amount resulting from changes in the value of its equity interest in the acquiree that have previously
\nbeen recognized in other comprehensive income are reclassified to profit or loss where such treatment would be
\nappropriate if that interest were directly disposed of.
\n(5)
Revenue recognition
\nIn accordance with K-IFRS 1115, all types of contracts recognize revenues by the 5-step revenue recognition model (1)
\nidentification of contract
\u2192
(2) identification of performance obligations
\u2192
(3) calculation of transaction price
\u2192
(4)
\nallocation of transaction price to performance obligations
\u2192
(5) recognition of revenue when performance obligation is
\nsatisfied.
\n1) Identification of performance obligations
\nThe Group operates businesses such as the manufacture and sale of automobiles and auto parts. In the automobile sales
\ncontracts with customers, services other than automobile sales are separately identified as performance obligations.
\n2) Performance obligations satisfied at a point in time
\nRevenue is recognized when the performance obligations under the terms of a contract with the Group\u2019s customer are
\nsatisfied, which generally occurs with the transfer of control of goods or services.
\n3) Performance obligations satisfied over time
\nIn assessing whether the control over goods or services is transferred over time, the Group evaluates whether the customer
\nsimultaneously obtains and consumes the benefits provided by the Group\u2019s performance, whether the assets are controlled
\nby the customer, and whether the assets created by the Group have no substitute purpose, and whether the Group is entitled
\nto reimbursement of costs incurred to date, including a reasonable margin.
\n4) Allocation of transaction price
\nThe Group allocates the transaction price to each of the performance obligations identified in a single contract in
\nproportion to its stand-alone selling price. When the stand-alone selling price is not directly observable, the Group
\nestimates the stand-alone selling price using the adjusted market assessment approach, or the expected cost plus a margin
\napproach.
\n5) Variable consideration
\nThe Group estimates the amount of consideration it will be entitled to receive using the method (either the expected value
\nmethod or the most likely amount method) that provides the most accurate prediction.
\nVariable consideration is included in the transaction price only to the extent that it is highly probable that a significant
\nreversal in the cumulative amount of revenue recognized will not occur in future periods.
\n6) Significant financing element
\nIf the period between the transfer of the goods or services promised to the customer and the payment from the customer
\nis within one year, the Group does not adjust the promised amount of consideration for the effects of a significant financing
\ncomponent, as a practical expedient.
\n7) Construction contracts
\nWhere the outcome of a construction contract can be estimated reliably, the contract revenue and contract costs associated
\nwith the construction contract are recognized as revenue and expenses, respectively, by reference to the stage of
\ncompletion of the contract activity at the end of reporting period.
\nThe percentage of completion of a contract activity is reliably measured based on the proportion of contract costs incurred
\nfor work performed to date relative to the estimated total contract costs, by surveys of work performed or by completion
\nof a physical proportion of the contract work.
Variations in contract work, claim and incentive payments are included to
\nthe extent that the amount can be measured reliably and its receipt is considered probable.
Where the outcome of a
\nconstruction contract cannot be estimated reliably, contract revenue is recognized to the extent of contract costs incurred
\nthat it is probable will be recoverable.
Contract costs are recognized as expenses in the period in which they are incurred.
\nWhen it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an
\nexpense immediately.
\n(6)
Foreign currency translation
\nThe individual financial statements of each entity in the Group are prepared and presented in the currency of the
\nprimary economic environment in which the entity operates (its functional currency).
\nIn preparing the financial statements of the individual entities, transactions occurring in currencies other than their
\nfunctional currency (foreign currencies) are recorded using the exchange rate on the dates of the transactions.
At the end
\nof each reporting period, monetary items denominated in foreign currencies are translated using the exchange rate at the
\nreporting period.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated
\nusing the exchange rate at the date of the transaction.
Non-monetary items that are measured at fair value in a foreign
\ncurrency are translated using the exchange rates at the date when the fair value was determined.
Exchange differences
\nresulting from settlement of assets or liabilities and translation of monetary items denominated in foreign currencies are
\nrecognized in profit or loss in the period in which they arise except for some exceptions.
\nForeign exchange gains or losses are classified in finance income (expenses) or other income (expenses) by the nature of
\nthe transaction or event.
\nFor the purpose of presenting the consolidated financial statements, assets and liabilities in the Group\u2019s foreign operations
\nare translated into Won, using the exchange rates at the end of reporting period.
Income and expense items are translated
\nat the average exchange rate for the period, unless the exchange rate during the period has significantly fluctuated, in
\nwhich case the exchange rates at the dates of the transactions are used.
The exchange differences arising, if any, are
\nrecognized in equity as other comprehensive income.
Upon the disposal of a foreign operation, the cumulative amount
\nof the exchange differences relating to that foreign operation is reclassified from equity to profit or loss when the gain or
\nloss on disposal is recognized.
Any goodwill arising on the acquisition of a foreign operation and any fair value
\nadjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation are treated
\nas assets and liabilities of the foreign operation and translated at the exchange rate at the end of reporting period.
\n(7)
Financial Assets
\nThe Group classifies financial assets as financial assets measured at fair value through profit or loss, financial assets
\nmeasured at amortized cost or financial assets measured at fair value through other comprehensive income according to
\nthe terms and purpose of acquisition. The Group determines the classification of a financial asset at initial recognition.
\nAll recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending
\non the classification of the financial assets.
\n1)
Classification of financial assets
\nDebt instruments that meet the following conditions are measured subsequently at amortized cost:
\n\ue001
The financial asset is held within a business model whose objective is to hold financial assets in order to
\ncollect contractual cash flows; and
\n\ue001
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
\nof principal and interest on the principal amount outstanding.
\nDebt instruments that meet the following conditions are measured subsequently at fair value through other comprehensive
\nincome (FVOCI):
\n\ue001
The financial asset is held within a business model whose objective is achieved by both collecting contractual
\ncash flows and selling the financial assets; and
\n\ue001
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
\nof principal and interest on the principal amount outstanding.
\nBy default, all other financial assets are measured subsequently at fair value through profit or loss (FVPL).
\nDespite the foregoing, the Group may make the following irrevocable election / designation at initial recognition of a
\nfinancial asset:
\n\ue001
The Group may irrevocably elect to present subsequent changes in fair value of an equity investment in other
\ncomprehensive income if certain criteria are met; and
\n\ue001
The Group may irrevocably designate a debt investment that meets the amortized cost or FVOCI criteria as
\nmeasured at FVPL if doing so eliminates or significantly reduces an accounting mismatch
\n1-1)
Amortization cost and effective interest rate method
\nThe effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest
\nincome over the relevant period. The amortized cost of a financial asset is the amount at which the financial asset is
\nmeasured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective
\ninterest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance.
\nThe gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss
\nallowance. Interest income is recognized using the effective interest method for debt instruments measured subsequently
\nat amortized cost and at FVOCI.
\n1-2)
Debt instruments classified as at FVOCI
\nCorporate bonds are initially measured at fair value plus transaction costs. Subsequently, changes in the carrying amount
\nof these corporate bonds as a result of foreign exchange gains and losses, impairment gains or losses, and interest income
\ncalculated using the effective interest method are recognized in profit or loss. The amounts that are recognized in profit
\nor loss are the same as the amounts that would have been recognized in profit or loss if these corporate bonds had been
\nmeasured at amortized cost. All other changes in the carrying amount of these corporate bonds are recognized in other
\ncomprehensive income and accumulated in investments revaluation reserve. When these corporate bonds are
\nderecognized, the cumulative gains or losses previously recognized in other comprehensive income are reclassified to
\nprofit or loss.
\n1-3)
Equity instruments designated as at FVOCI
\nOn initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument basis) to designate
\ninvestments in equity instruments as at FVOCI. Designation at FVOCI is not permitted if the equity investment is held
\nfor trading or if it is contingent consideration recognized by an acquirer in a business combination.
\nInvestments in equity instruments at FVOCI are initially measured at fair value plus transaction costs. Subsequently, they
\nare measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive
\nincome and accumulated in the investments revaluation reserve. The cumulative gain or loss will not be reclassified to
\nprofit or loss on disposal of the equity investments, instead, it is transferred to retained earnings.
\n1-4)
Financial assets measured at FVPL
\nFinancial assets that do not meet the criteria for being measured at amortized cost or FVOCI are measured at FVPL. Gains
\nor losses arising from changes in the fair value of FVPL, dividends and interest income from the financial assets are
\nrecognized in profit or loss.
\n2) Foreign exchange gain / loss
\nThe carrying amount of a financial asset designated as a foreign currency is determined in foreign currencies and is
\ntranslated at the spot exchange rate at the end of the reporting period.
\n(8)
Impairment of financial assets
\nThe Group recognizes a loss allowance for expected credit losses on investments in debt instruments that are measured
\nat amortized cost or at FVOCI, lease receivables, trade receivables and contract assets, as well as on financial guarantee
\ncontracts. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since
\ninitial recognition of the respective financial instrument.
\nThe Group always recognizes lifetime expected credit losses (ECL) for trade receivables, contract assets and lease
\nreceivables. The ECLs on these financial assets are estimated using a provision matrix based on the Group\u2019s historical
\ncredit loss experience and valuation of individual assets, adjusted for factors that are specific to the debtors, general
\neconomic conditions and an assessment of forecast on present and future conditions reflecting time value of money where
\nappropriate.
\nFor all other financial instruments, the Group recognizes lifetime ECLs when there has been a significant increase in
\ncredit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly
\nsince initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-
\nmonth ECLs.
\nLifetime ECL represents the expected credit losses that will result from all possible default events over the expected life
\nof a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from
\ndefault events on a financial instrument that are possible within 12 months after the reporting date.
\n1) Significant increase in credit risk
\nIn assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the
\nGroup compares the risk of a default occurring on the financial instrument at the reporting date with the risk of a default
\noccurring on the financial instrument at the date of initial recognition.
\nIn particular, the following information is taken into account when assessing whether credit risk has increased
\nsignificantly since initial recognition:
\n\ue001
an actual or expected significant deterioration in the financial instrument\u2019s external (if available) or internal
\ncredit rating;
\n\ue001
other significant increases in credit risk;
\n2) Definition of default
\nThe Group believes that, based on past experience, if the debtor violates the terms of the contract, it is considered to
\nconstitute a default event for internal credit risk management purposes.
\n3) Credit-impaired financial assets
\nA financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash
\nflows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following
\nobservable data:
\n(a)
significant financial difficulty of the issuer or the borrower;
\n(b)
a breach of contract, such as a default or past due event as defined by the Group\u2019s internal policy;
\n4) Measurements and recognition of expected credit losses
\nThe measurement of ECLs is a function of the probability of default, loss given default (i.e. the magnitude of the loss if
\nthere is a default) and the exposure at default. The assessment of the probability of default and loss given default is based
\non historical data adjusted by forward-looking information as described above. As for the exposure at default, for financial
\nassets, this is represented by the assets\u2019 gross carrying amount at the reporting date.
\nFor financial assets, the ECLs are estimated as the difference between all contractual cash flows that are due to the Group
\nin accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective
\ninterest rate.
\nIf the Group has measured the loss allowance for a financial instrument at an amount equal to lifetime ECLs in the
\nprevious reporting period, but determines at the current reporting date that the conditions for lifetime ECLs are no longer
\nmet, the Group measures the loss allowance at an amount equal to 12-month ECLs at the current reporting date, except
\nfor financial assets for which a simplified approach is used.
\nThe Group recognizes an impairment gain or loss in profit or loss for all financial instruments with a corresponding
\nadjustment to their carrying amount through a loss allowance account, except for investments in debt instruments that are
\nmeasured at FVOCI, for which the loss allowance is recognized in other comprehensive income and accumulated in the
\ninvestment revaluation reserve, and does not reduce the carrying amount of the financial asset in the statement of financial
\nposition.
\n(9)
Derecognition of financial assets
\nThe Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when
\nit transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the
\nGroup neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the
\ntransferred asset, the Group recognizes its retained interest in the asset and an associated liability for amounts it may have
\nto pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group
\ncontinues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received.
\nOn derecognition of a financial asset measured at amortized cost, the difference between the asset\u2019s carrying amount and
\nthe sum of the consideration received and receivable is recognized in profit or loss. In addition, on derecognition of an
\ninvestment in a debt instrument classified as at FVOCI, the cumulative gain or loss previously accumulated in the
\ninvestments revaluation reserve is reclassified to profit or loss. In contrast, on derecognition of an investment in equity
\ninstrument which the Group has elected on initial recognition to measure at FVOCI, the cumulative gain or loss previously
\naccumulated in the investments revaluation reserve is not reclassified to profit or loss, but is transferred to retained
\nearnings.
\n(10) Inventory
\nInventory is measured at the lower of cost or net realizable value.
Inventory cost, including the fixed and variable
\nmanufacturing overhead cost, is calculated, using the moving average method, except for the cost for inventory in transit,
\nwhich is determined by the specific identification method.
\n(11) Investments in associates and joint ventures
\nAn associate is an entity over which the Group has significant influence, but not a joint venture or a subsidiary.
Significant
\ninfluence is the power to participate in the financial and operating policy decisions of the investee, but is not control or
\njoint control over those policies.
\nA joint venture is a joint arrangement, whereby the parties that have joint control of the arrangement have rights to the
\nnet assets of the joint arrangement.
Joint control is the contractually agreed sharing of control of an arrangement, which
\nexists only when decisions about the relevant activities require unanimous consent of the parties sharing control.
\nThe investment in an associate or a joint venture is initially recognized at cost and accounted for using the equity method.
\nUnder the equity method, an investment in an associate or a joint venture is initially recognized in the consolidated
\nstatement of financial position at cost and adjusted thereafter to recognize the Group's share of the profit or loss and other
\ncomprehensive income of the associate or the joint venture.
\nWhen the Group's share of losses of an associate or a joint venture exceeds the Group's interest in that associate or joint
\nventure (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate
\nor the joint venture), the Group discontinues recognizing its share of further losses.
Additional losses are recognized only
\nto the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or
\nthe joint venture.
\nInvestment in associate or joint venture is accounted for using the equity method from the date that the investee becomes
\nthe associate or joint venture. Any excess of the cost of acquisition over the Group's share of the net fair value of the
\nidentifiable assets, liabilities and contingent liabilities of an associate or a joint venture recognized at the date of
\nacquisition is recognized as goodwill, which is included within the carrying amount of the investment.
\nAny excess of the Group's share of the net fair value of the identifiable assets, liabilities and contingent liabilities over
\nthe cost of acquisition, after reassessment, is recognized immediately in profit or loss.
\nThe requirements of K-IFRS 1028 are applied to determine whether it is necessary to recognize any impairment loss with
\nrespect to the Group\u2019s investment in an associate or a joint venture. When there is any indication of impairment, the entire
\ncarrying amount of the investment (including goodwill) is tested for impairment in accordance with K-IFRS 1036 as a
\nsingle asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its
\ncarrying amount. Any impairment loss recognized is not allocated to any asset, including goodwill that forms part of the
\ncarrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with K-IFRS 1036
\nto the extent that the recoverable amount of the investment subsequently increases.
\nUpon disposal of an associate or a joint venture that results in the Group losing significant influence over that associate
\nor joint venture, any retained investment is measured at fair value at that date and the fair value is regarded as its fair
\nvalue on initial recognition as a financial asset in accordance with K-IFRS 1109.
The difference between the previous
\ncarrying amount of the associate or joint venture attributable to the retained interest and its fair value is included in the
\ndetermination of the gain or loss on disposal of the associate or joint venture.
In addition, the Group accounts for all
\namounts previously recognized in other comprehensive income in relation to that associate or joint venture on the same
\nbasis we would be required if that associate or joint venture had directly disposed of the related assets or liabilities.
\nTherefore, if a gain or loss previously recognized in other comprehensive income by that associate or joint venture would
\nbe reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss
\nfrom equity to profit or loss (as reclassification adjustment) when it loses significant influence over that associate or joint
\nventure. When the Group reduces its ownership interest in an associate or a joint venture, but the Group continues to use
\nthe equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been
\nrecognized in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be
\nreclassified to profit or loss on the disposal of the related assets or liabilities.
In addition, the Group applies K-IFRS 1105
\nto a portion of investment in an associate or a joint venture that meets the criteria to be classified as held for sale.
\nThe Group continues to use the equity method when an investment in an associate becomes an investment in a joint
\nventure or an investment in a joint venture becomes an investment in an associate.
There is no remeasurement to fair
\nvalue upon such changes in ownership interests.
\nUnrealized gains from transactions between the Group and its associates or joint ventures are eliminated up to the shares
\nin associate (joint venture) stocks.
Unrealized losses are also eliminated, unless evidence of impairment in assets
\ntransferred is produced.
If the accounting policy of associates or joint ventures differs from the Group, financial
\nstatements are adjusted accordingly before applying equity method of accounting.
\n(12)
Property, plant and equipment
\nProperty, plant and equipment is recognized if, and only if it is probable that future economic benefits associated with the
\nasset will flow to the Group, and the cost of the asset can be measured reliably.
After the initial recognition, property,
\nplant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses.
The cost includes
\nany cost directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating
\nin the manner intended by management and the initial estimate of the costs of dismantling and removing the item and
\nrestoring the site on which it is located.
In addition, in case the recognition criteria are met, the subsequent costs will be
\nadded to the carrying amount of the asset or recognized as a separate asset, and the carrying amount of what was replaced
\nis derecognized.
\nDepreciation is computed using the straight-line method based on the estimated useful lives of the assets.
The
\nrepresentative useful lives are as follows.
\nRepresentative useful lives (
y
ears)
\nBuildin
g
s and structures
12
\u2013
50
\nMachiner
y
and equipmen
t
6
\u2013
15
\nVehicles
6
\u2013
15
\nDies, mold and tools
4
\u2013
6
\nOffice equipmen
t
3
\u2013
15
\nOthe
r
2
\u2013
20
\nThe Group reviews the depreciation method, the estimated useful lives and residual values of property, plant and
\nequipment at the end of each annual reporting period.
If expectations differ from previous estimates, the changes are
\naccounted for as a change in accounting estimate.
\n(13)
Investment properties
\nInvestment properties are property held to earn rentals or for capital appreciation or both.
Investment properties are
\nmeasured initially at its cost and transaction costs are included in the initial measurement.
After initial recognition, the
\nbook value of investment properties is presented at the cost less accumulated depreciation and accumulated impairment
\nlosses.
\nSubsequent costs are recognized as the carrying amount of the asset when, and only when it is probable that future
\neconomic benefits associated with the asset will flow to the Group, and the cost of the asset can be measured reliably, or
\nrecognized as a separate asset if appropriate.
The carrying amount of what was replaced is derecognized.
\nLand is not depreciated, and other investment properties are depreciated using the straight-line method over the period
\nfrom 20 to 50 years.
The Group reviews the depreciation method, the estimated useful lives and residual values at the
\nend of each annual reporting period.
If expectations differ from previous estimates, the changes are accounted for as a
\nchange in accounting estimate.
\n(14)
Intangible assets
\n1)
Goodwill
\nGoodwill arising from a business combination is recognized as an asset at the time of obtaining control (the acquisition
\ndate).
Goodwill is measured as the excess of the aggregate of the consideration transferred, the amount of any non-
\ncontrolling interest in the acquiree and the acquisition-date fair value of the Group\u2019s previously held equity interest in the
\nacquiree over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.
\nIf, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed
\nexceeds the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the
\nacquisition-date fair value of the Group\u2019s previously held equity interest in the acquiree, the excess is recognized
\nimmediately in profit or loss as a bargain purchase gain.
\nGoodwill is not amortized, but tested for impairment at least annually.
For purposes of impairment tests, goodwill is
\nallocated to those cash-generating units (\u201cCGU\u201d) of the Group expected to have synergies from the business combination.
\nCGU that goodwill has been allocated is tested for impairment every year or when an event occurs that indicates
\nimpairment.
\nIf the recoverable amount of a CGU is less than its carrying amount, the impairment will first decrease the goodwill
\nallocated to that CGU and the remaining impairment will be allocated among other assets relative to its carrying value.
\nImpairment recognized for goodwill may not be reversed.
When disposing a subsidiary, related goodwill will be included
\nin gain or loss from disposal.
\n2)
Development costs
\nThe expenditure on research is recognized as an expense when it is incurred.
The expenditure on development is
\nrecognized as an intangible asset, and amortization is computed using the straight-line method based on the estimated
\nuseful lives of the assets since the asset is available for use or sale.
\nResearch and development activities are conducted in phases of preceding research, development approval, product
\ndevelopment and mass production.
The Group generally recognizes intangible assets as development activities after the
\ndevelopment approval phases which product specification, release schedule, and sales plan are established.
Expenditure
\nincurred at the previous phase is recognised as an expense as it is considered as research activities when it is incurred.
\n3)
Intangible assets acquired separately
\nIntangible assets are measured initially at cost, and are subsequently measured at cost less accumulated amortization and
\naccumulated impairment losses.
\nIntangible assets are amortized by the straight-line method based on estimated useful lives from the date of availability.
\nThe Group reviews the estimated useful life and amortization method at the end of each annual reporting period.
If
\nexpectations differ from previous estimates, the changes are accounted for as a change in accounting estimate.
Intangible
\nassets assessed as having indefinite useful life such as club membership are subjected to impairment test at least once a
\nyear without amortization.
\nThe representative useful lives are as follows.
\nRepresentative useful lives (
y
ears)
\nDevelopment costs
3, 7
\nIndustrial propert
y
ri
g
hts
5
\u2013
10
\nSoftware
3
\u2013
7
\nOthe
r
5
\u2013
40
\n(15)
Impairment of non-financial assets
\nThe Group assesses at the end of each reporting period whether there is any indication that an asset may be impaired.
If
\nany such indication exists, the Group estimates the recoverable amount of the asset to determine the extent of the
\nimpairment loss.
Recoverable amount is the higher of fair value less costs to sell and value in use. If the cash inflows of
\nan individual asset are largely independent from other assets or group of assets, the recoverable amount is measured for
\nthat individual asset; otherwise, it is measured for the cash generating unit (CGU) to which the asset belongs.
An
\nimpairment loss in respect of goodwill is not reversed. For other assets, impairment loss is reversed if the recoverable
\namount increases in subsequent years, but only to the extent that the asset\u2019s carrying amount does not exceed the carrying
\namount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
\nIntangible assets with indefinite useful lives or intangible assets not yet available for use are not amortized, but tested for
\nimpairment annually.
\n(16) Non-current assets classified as held for sale
\nThe Group classifies a non-current asset (or disposal group) as held for sale, if its carrying amount will be recovered
\nprincipally through a sale transaction rather than through continuing use.
For this to be the case, the asset (or disposal
\ngroup) must be available for immediate sale in its present condition subject only to terms that are usual and customary
\nfor sales of such assets (or disposal groups) and its sale must be highly probable.
The management must be committed
\nto a plan to sell the asset (or disposal group), and the sale should be expected to qualify for recognition as a completed
\nsale within one year from the date of classification.
\nNon-current assets (or disposal group) classified as held for sale are measured at the lower of their carrying amount and
\nfair value, less costs to sell.
\n(17)
Lease
\nAt contract inception, the Group assesses whether a contract is or contains a lease. A contract is, or contains, a lease if
\nthe contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration.
\nWhen assessing whether the contract conveys a right to control the use of an identified asset, definition of a lease under
\nK-IFRS 1116 has been applied.
\n1) As a lessee
\nAt inception or effective date of change, the Group allocates the consideration in the contract to each lease on the basis
\nof their relative stand-alone prices. However, for leases of properties in which it is a lessee, the Group has elected not to
\nseparate non-lease components and will instead account for the lease and non-lease components as a single lease
\ncomponent.
\nThe Group recognizes a right-of-use asset and lease liability at the lease commencement date. The right-of-use asset is
\ninitially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made
\nat or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove
\nthe underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentive received.
\nThe right-of use asset is subsequently depreciated using the straight-line method from the commencement date to the end
\nof the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or
\nthe cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset
\nwill be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property
\nand equipment. In addition, the right-of use asset is periodically reduced by impairment losses, if any, and adjusted for
\ncertain remeasurements of the lease liability.
\nThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
\ndate, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s
\nincremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
\nWhen the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use
\nasset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
\nThe Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-
\nterm leases. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis
\nover the lease term.
\n2) As a lessor
\nThe accounting policies applicable in the same period to the Group as a lessor are not different from those under K-IFRS
\n1116. When the Group acted as a lessor, it determined at lease inception whether each lease was a finance lease or an
\noperating lease. To classify each lease, the Group made an overall assessment of whether the lease transferred
\nsubstantially all of the risks and rewards incidental to ownership of the underlying asset. If this was the case, then the
\nlease was a finance lease; if not, then it was an operating lease.
\nAmounts due from lessees under finance leases are recognized as receivables at the amount of the Group\u2019s net investment
\nin the leases.
Finance lease interest income is allocated to accounting periods so as to reflect an effective interest rate on
\nthe Group\u2019s net investment outstanding in respect of the leases.
Rental income from operating leases is recognized on a
\nstraight-line basis over the term of the relevant lease.
Initial direct costs incurred in negotiating and arranging an operating
\nlease are added to the carrying amount of the carrying amount of investments in operating leases and recognized as
\nexpense on a straight-line basis over the lease term.
\n(18) Borrowing costs
\nBorrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized to
\nthe cost of those assets, until they are ready for their intended use or sale.
A qualifying asset is an asset that necessarily
\ntakes a substantial period of time to get ready for its intended use or sale.
Investment income earned on the temporary
\ninvestment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs
\neligible for capitalization.
All other borrowing costs are recognized in profit or loss in the period in which they are
\nincurred.
\n(19) Retirement benefit plans
\nThe retirement benefit obligation recognized in the consolidated statements of financial position represents the present
\nvalue of the defined benefit obligation, less the fair value of plan assets.
Defined benefit obligations are calculated by an
\nactuary using the Projected Unit Credit Method.
\nThe present value of the defined benefit obligations is measured by discounting estimated future cash outflows by the
\ninterest rate of high-quality corporate bonds, with similar maturity as the expected post-employment benefit payment date.
\nIn countries where there is no deep market in such bonds, the market yields at the end of the reporting period on
\ngovernment bonds are used.
\nThe remeasurements of the net defined benefit liabilities (assets) comprising actuarial gain or loss from changes in
\nactuarial assumptions or differences between actuarial assumptions and actual results, the effect of the changes to the
\nasset ceiling and return on plan assets, excluding amounts included in net interest on the net defined benefit liabilities
\n(assets), are recognized in other comprehensive income of the consolidated statements of comprehensive income, which
\nis immediately recognized as retained earnings.
Those recognized in retained earnings will not be reclassified in profit
\nor loss.
Past service costs are recognized in profit and loss when the plan amendment occurs, and net interest is calculated
\nby applying the discount rate determined at the beginning of the annual reporting period to the net defined benefit
\nliabilities (assets).
Defined benefit costs are composed of service cost (including current service cost, past service cost,
\nas well as gains and losses on settlements), net interest expense (income), and remeasurements.
\nThe retirement benefit obligation recognized in the consolidated statements of financial position represents the actual
\ndeficit or surplus in the Group\u2019s defined benefit plans.
Any surplus resulting from this calculation is limited to the present
\nvalue of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the
\nplans.
\nContributions to defined contribution retirement benefit plans are recognized as expenses when employees provide
\nservices eligible for payment.
\n(20) Provisions
\nA provision is recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is
\nprobable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
\nestimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the
\nconsideration required to settle the present obligation at the end of the reporting period, taking into account the risks and
\nuncertainties surrounding the obligation.
A provision is measured using the present value of the cash flows estimated to
\nsettle the present obligation.
The increase in provision due to passage of time is recognized as interest expense.
\nThe Group recognizes provisions for costs expected to be incurred in the future for the repair of regular parts within the
\nwarranty period based on historical experience and compensation for accidents caused by defects in the exported products
\nor parts of the product when such amounts are probable of payment. Also, the Group recognizes provisions for the
\nprobable losses of unused loan commitment, construction contracts, pre-contract sale or service contract due to legal or
\nconstructive obligations. In addition, the Company recognizes provisions expected to be paid in the future with regard to
\nlong-term employee benefits payable to long-term employees.
\nWhen some or all of the economic benefits required to settle a provision are expected to be recovered from a third party,
\na receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the
\nreceivable can be measured reliably.
\n(21) Taxation
\nIncome tax expense is composed of current and deferred tax.
\n1)
Current tax
\nThe current tax is computed based on the taxable profit for the current year.
The taxable profit differs from the profit
\nbefore income tax as reported in the consolidated statements of income because it excludes items of income or expense
\nthat are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
The Group\u2019s
\ncurrent tax liability is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting
\nperiod.
The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or
\nreceived that reflects uncertainty related to income taxes, if any.
\n2)
Deferred tax
\nDeferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the
\nconsolidated financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax
\nliabilities are generally recognized for all taxable temporary differences.
Deferred tax assets shall be generally recognized
\nfor all deductible temporary differences to the extent that it is probable that taxable profits will be available against which
\nthose deductible temporary differences can be utilized.
Such deferred tax assets and liabilities shall not be recognized if
\nthe temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of
\nother assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
\nDeferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and
\nassociates and interests in joint ventures, except when the Group is able to control the timing of the reversal of the
\ntemporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred
\ntax assets arising from deductible temporary differences associated with such investments and interests are only
\nrecognized to the extent that taxable profit will be available against which the temporary difference can be utilized and
\nthey are expected to be reversed in the foreseeable future.
\nThe carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that
\nit is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
\nDeferred tax assets and liabilities are measured at the tax rates that are expected to be applied in the period in which the
\nliability is settled or the asset is realized, based on tax rates and tax laws that have been enacted or substantively enacted
\nby the end of the reporting period.
The measurement of deferred tax assets and liabilities reflects the tax consequences
\nthat would follow from the manner in which the Group expects to recover or settle the carrying amount of its assets and
\nliabilities at the end of the reporting period.
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against
\ncurrent tax liabilities and when they relate to income tax levied by the same taxation authority.
Also, they are offset when
\ndifferent taxable entities that intend either to settle current tax liabilities and assets on a net basis, or to realize the assets
\nand settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or
\nassets are expected to be settled or recovered.
\n3)
Recognition of current and deferred taxes
\nCurrent and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in other
\ncomprehensive income or directly in equity, or items arising from initial accounting treatments of a business combination.
\nThe tax effect arising from a business combination is included in the accounting for the business combination.
\n(22) Treasury stock
\nWhen the Group repurchases its equity instruments (treasury stock), the incremental costs and net of tax effect are
\ndeducted from equity and recognized as other capital item deducted from the total equity in the consolidated statements
\nof financial position.
In addition, profits or losses from purchase, sale or retirement of treasury stocks are directly
\nrecognized in equity and not in current profit or loss.
\n(23)
Financial liabilities and equity instruments
\nDebt instruments and equity instruments issued by the Group are recognized as financial liabilities or equity depending
\non the contract and the definitions of financial liability and equity instrument.
\n1) Equity instruments
\nAn equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its
\nliabilities. Equity instruments issued by the Group are recognized at the proceeds received, net of direct issue costs.
\nRepurchase of the Company\u2019s own equity instruments is recognized and deducted directly in equity. No gain or loss is
\nrecognized in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments.
\n2) Financial guarantee liability
\nA financial guarantee contract is a contract that the issuer must pay a certain amount of money to compensate for losses
\nincurred by the holder due to the failure of a specific debtor to pay the due date on the original contract or modified terms
\nof the debt instrument. Financial guarantee liabilities are measured initially at fair value and subsequently measured at
\nthe greater of the following, unless they are designated as at fair value through profit or loss or arising from the transfer
\nof assets.
\n\ue001
Loss provision calculated in accordance with K-IFRS 1109
\n\ue001
The amount recognized less the accumulated profits recognized in accordance with K-IFRS 1115
\n3) Financial liabilities measured at FVPL
\nFinancial liabilities are classified as at FVPL when the financial liability is (i) contingent consideration of an acquirer in
\na business combination, (ii) held for trading or (iii) it is designated as at FVPL as of the date of initial recognition.
\nHowever, for financial liabilities that are designated as at FVPL, the amount of change in the fair value of the financial
\nliability that is attributable to changes in the credit risk of that liability is recognized in other comprehensive income,
\nunless the recognition of the effects of changes in the liability\u2019s credit risk in other comprehensive income would create
\nor enlarge an accounting mismatch in profit or loss. The remaining amount of change in the fair value of liability is
\nrecognized in profit or loss. Changes in fair value attributable to a financial liability\u2019s credit risk that are recognized in
\nother comprehensive income are not subsequently reclassified to profit or loss; instead, they are transferred to retained
\nearnings upon derecognition of the financial liability. Gains or losses on financial guarantee contracts issued by the Group
\nthat are designated by the Group as at FVPL are recognized in profit or loss.
\n4) Financial liabilities measured subsequently at amortized cost
\nFinancial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held for trading,
\nor (iii) designated as at FVPL as of the date of initial recognition, are measured subsequently at amortized cost using the
\neffective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability
\nand of allocating interest expense over the relevant period.
\n5) Derecognition of financial liabilities
\nThe Group derecognizes financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or
\nhave expired. The difference between the carrying amount of the financial liability derecognized and the consideration
\npaid and payable is recognized in profit or loss.
\n(24) Derivatives
\nDerivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently
\nremeasured to their fair value at the end of each reporting period.
The resulting gain or loss is recognized in profit or loss
\nimmediately, unless the derivative is designated and effective as a hedging instrument, in such case, the timing of the
\nrecognition in profit or loss depends on the nature of the hedge relationship.
\nThe Group designates certain derivatives as hedging instruments to hedge the risk of changes in fair value of a recognized
\nasset or liability or an unrecognized firm commitment (fair value hedges) and the risk of changes in cash flow of a highly
\nprobable forecast transaction and the risk of changes in foreign currency exchange rates of firm commitment (cash flow
\nhedges).
\n1)
Fair value hedges
\nThe Group recognizes the changes in the fair value of derivatives that are designated and qualified as fair value hedges
\nare recognized in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability
\nthat are attributable to the hedged risk. Hedge accounting is discontinued when the Group revokes the hedging relationship,
\nwhen the hedging instrument expires or is sold, terminated or exercised, or when it is no longer qualified for hedge
\naccounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized
\nto profit or loss from that date.
\n2)
Cash flow hedges
\nThe effective portion of changes in the fair value of derivatives that are designated and qualified as cash flow hedges is
\nrecognized in other comprehensive income.
The gain or loss relating to the ineffective portion is recognized immediately
\nin profit or loss.
Amounts previously recognized in other comprehensive income and accumulated in equity are
\nreclassified to profit or loss in the periods when the hedged item affects profit or loss.
If the forecast transaction results
\nin the recognition of a non-financial asset or liability, the related gain and loss recognized in other comprehensive income
\nand accumulated in equity are transferred from equity to the initial cost of related non-financial asset or liability.
\nCash flow hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging
\ninstrument expires or is sold, terminated or exercised, or it no longer qualifies for the criteria of hedging.
Any gain or
\nloss accumulated in equity at that time remains in equity, and is recognized as profit or loss when the forecast transaction
\noccurs.
When the forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized
\nimmediately in profit or loss.
\n(25) Fair value
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
\nmarket participants at the measurement date, regardless of whether that price is directly observable or estimated using
\nanother valuation technique.
In estimating the fair value of an asset or a liability, the Group takes into account the
\ncharacteristics of the asset or liability if market participants would take those characteristics into account when pricing
\nthe asset or liability at the measurement date.
Fair value for measurement and/or disclosure purposes in these consolidated
\nfinancial statements is determined on such a basis, except for leasing transactions that are within the scope of K-IFRS
\n1116
Leases
, and measurements that have some similarities to fair value, but are not fair value, such as net realisable
\nvalue in K-IFRS 1002
Inventories
or value in use in K-IFRS 1036
Impairment of Assets
.
\nIn addition, for financial reporting purposes, fair value measurements are categorized into Levels 1, 2 or 3, based on the
\ndegree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair
\nvalue measurement in its entirety, which are described in Note 20.
\n(26) Accounting Treatment related to the Emission Rights Cap and Trade Scheme
\nThe Group classifies the emission rights as intangible assets.
The emission rights allowances received from the
\ngovernment free of charge are measured at zero, while purchased emission rights allowances are measured at cost.
No
\nemission liability is recognized if the expected quantity of emission for the performing period does not exceed the
\nemission allowance in possession.
If the expected emissions exceed the emission allowances held, the emission liability
\nis measured and recognized based on the expected excess quantity of emissions and the market unit price of the emission
\nrights at the end of the reporting period.
\n(27) Significant accounting estimates and key sources of estimation uncertainties
\nIn the application of the Group\u2019s accounting policies, management is required to make judgments, estimates and
\nassumptions about the carrying amounts of assets and liabilities that cannot be identified from other sources.
The
\nestimation and assumptions are based on historical experience and other factors that are considered to be relevant.
Actual
\nresults may be different from those estimations.
The estimates and underlying assumptions are continually evaluated.
\nRevisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only
\nthat period or in the period of the revision and future periods if the revision affects both current and future periods.
\nInformation about assumptions and estimation uncertainties at December 31, 2022 that have a significant risk of resulting
\nin a material adjustment to the carrying amounts of assets and liabilities in the next financial year is as follows.
\n1)
Impairment test for goodwill and non-financial assets
\nDetermining whether goodwill and non-financial asset is impaired requires an estimation of the value in use of the CGU
\nto which goodwill has been allocated and value in use of non-financial assets.
The value in use calculation requires the
\nmanagement to estimate the future cash flows expected to arise from the CGU and a suitable discount rate in order to
\ncalculate present value.
\n2)
Warranty provision
\nThe Group recognizes provisions for the warranties of its products as described in Note 2.(20).
The amounts are
\nrecognized based on the best estimate of amounts necessary to settle the present and future warranty obligation.
\n3)
Defined benefit plans
\nThe Group operates defined retirement benefit plans.
Defined benefit obligations are determined at the end of each
\nreporting period using an actuarial valuation method that requires management assumptions on discount rates, rates of
\nexpected future salary increases and mortality rates.
The characteristic of post-employment benefit plan that serves for
\nthe long term period causes significant uncertainties when the post-employment benefit obligation is estimated.
\n4)
Taxation
\nThe Group recognizes current tax and deferred tax based on the best estimates of income tax effect to be charged in the
\nfuture as the result of operating activities until the end of the reporting period.
However, actual final income tax to be
\ncharged in the future may differ from the relevant assets and liabilities recognized at the end of the reporting period and
\nthe difference may affect income tax charged or credited, or deferred tax assets and liabilities in the period in which the
\nfinal income tax determined.
\n5)
Fair value of financial instruments
\nThe Group uses valuation techniques that include inputs that are not based on observable market data to estimate the fair
\nvalue of certain type of financial instruments.
The Group makes judgements on the choice of various valuation methods
\nand assumptions based on the condition of the principal market at the end of the reporting period.
\n6)
Measurement and useful lives of property, plant, equipment or intangible assets
\nWhen the Group acquires property, plant, equipment or intangible assets from a business combination, it is required to
\nestimate the fair value of the assets at the acquisition date and determine the useful lives of such assets for depreciation
\nand amortization.
\n7)
Credit loss allowance
\nThe Group sets credit loss allowance upon evaluation of impairment relating to account receivables and financial services
\nreceivables as described in Note 2.(8).
The precision in loss allowance is based on the estimation of expected cash flow
\nand assumptions and variables of risk measurement model used for the estimation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6102": {
"value": "(1) Basis of consolidated financial statements preparation
\nThe consolidated financial statements have been prepared in accordance with Korean International Financial Reporting
\nStandards (\u201cK-IFRS\u201d), as prescribed in the Act on External Audit of Stock Companies, Etc in the Republic of Korea.
\nThe significant accounting policies used for the preparation of the consolidated financial statements are summarized
\nbelow. These accounting policies are consistent with those applied to the consolidated financial statements as of and for
\nthe year ended December 31, 2021, except for the new or amended accounting standards and interpretations described
\nbelow.
\n1)
New and amended standards that have been applied from the year beginning on January 1, 2022 are as follows.
\nThe Group applied
Proceeds before Intended Use
(Amendments to K-IFRS 1016
\u2018Property, Plant and Equipment\u2019)
,
\nCost of Fulfilling a Contract
(Amendments to K-IFRS 1037 \u2018
Provisions, Contingent Liabilities and Contingent Assets\u2019)
,
\nAnnual Improvements to IFRS Standards 2018-2020
,
Reference to the Conceptual Framework
(Amendments to K-IFRS
\n1103
\u2018Business Combinations\u2019)
and
Covid-19-Related Rent Concessions beyond 30 June 2021
(Amendments to K-IFRS
\n1116
\u2018Leases\u2019
) for the first time on January 1, 2022. These standards and other new accounting standards effective from
\nJanuary 1, 2022 do
not have a material impact on the Group's consolidated financial statements.
\n2) A number of new standards are effective for annual periods beginning after January 1, 2022 and earlier application is
\npermitted; however, the Group has not early adopted them in preparing these consolidated financial statements.
\nThe Group is currently evaluating the effect of the following new or amended standards and interpretations, if any, to the
\nconsolidated financial statements, however, those standards are not expected to have a significant impact on the Group\u2019s
\nconsolidated financial statements.
\n- Classification of Liabilities as Current or Non-current (K-IFRS 1001
\u2018Presentation of Financial Statements\u2019
)
\n- K-IFRS 1117
\u2018Insurance Contracts\u2019
and its amendments
\n- Disclosure of Accounting policies (K-IFRS 1001 \u2018
Presentation of Financial Statements\u2019
)
\n- Definition of Accounting estimate (K-IFRS 1008 \u2018
Accounting Policies, Changes in Accounting Estimates and Errors
\u2019)
\n- Deferred Tax related to Assets and Liabilities arising from a Single Transaction (K-IFRS 1012 \u2018
Income Taxes
\u2019)
\n- Disclosure of Gains and Losses on Valuation of Financial Liabilities with Conditions for Adjustment of Exercise Price
\n(K-IFRS 1001 \u2018
Presentation of Financial Statements
\u2019)
\nThe consolidated financial statements were approved by the Board of Directors on January 26, 2023 and are
\nexpected to be submitted for the Company's annual general meeting of shareholders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6106": {
"value": "The consolidated financial statements have been prepared in accordance with Korean International Financial Reporting Standards (\u201cK-IFRS\u201d), as prescribed in the Act on External Audit of Stock Companies, Etc in the Republic of Korea.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6111": {
"value": "These accounting policies are consistent with those applied to the consolidated financial statements as of and for the year ended December 31, 2021, except for the new or amended accounting standards and interpretations described
\nbelow.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6166": {
"value": "The consolidated financial statements were approved by the Board of Directors on January 26, 2023 and are expected to be submitted for the Company's annual general meeting of shareholders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6176": {
"value": "(3) Basis of consolidations
\nThe consolidated financial statements incorporate the financial statements of the Company and entities (including
\nstructured entities) controlled by the Company (or its subsidiaries).
Control is achieved when the Company:
\n\ue001
has power over
the investee;
\n\ue001
is exposed, or has rights, to variable returns from its involvement with the investee; and
\n\ue001
has the ability to use its power to affect its returns.
\nThe Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to
\none or more of the three elements of control listed above.
\nWhen the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting
\nrights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally.
The Group
\nconsiders all relevant facts and circumstances in assessing whether or not the Group\u2019s voting rights in an investee are
\nsufficient to give it power, including:
\n\ue001
the size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote
\nholders;
\n\ue001
potential voting rights held by the Group, other vote holders or other parties;
\n\ue001
rights arising from other contractual arrangements; and
\n\ue001
any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to
\ndirect the relevant activities at the time that decisions need to be made, including voting patterns at previous
\nshareholders\u2019 meetings.
\nIncome and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements
\nof comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate.
\nWhen necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into
\nline with those used by the Group.
All intragroup transactions, balances, income and expenses are eliminated in full on
\nconsolidation.
Non-controlling interests are presented in the consolidated statement of financial position within equity,
\nseparately from the equity of the owners of the Group.
The carrying amount of non-controlling interests consists of the
\namount of those non-controlling interests at the initial recognition and the changes in shares of the non-controlling
\ninterests in equity since the date of the acquisition.
Total comprehensive income is attributed to the owners of the Group
\nand to the non-controlling interests even if the non-controlling interest has a deficit balance.
\nChanges in the Group's ownership interests in subsidiaries, without a loss of control, are accounted for as equity
\ntransactions.
The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the
\nchanges in their relative interests in the subsidiaries.
Any difference between the amount by which the non-controlling
\ninterests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed
\nto owners of the Group.
\nWhen the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the
\naggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous
\ncarrying amount of the assets (including goodwill), liabilities of the subsidiary and any non-controlling interests. The
\namounts previously recognized in other comprehensive income and accumulated in equity are accounted for as if the
\nGroup had directly disposed of the relevant assets (i.e., reclassified to profit or loss or transferred directly to retained
\nearnings as specified by applicable K-IFRS).
The fair value of any investment retained in the former subsidiary at the
\ndate when control is lost is regarded as the fair value on initial recognition for subsequent accounting under K-IFRS 1109
\nFinancial Instruments: Recognition and Measurement
or, when applicable, the cost on initial recognition of an investment
\nin an associate or a joint venture.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6229": {
"value": "Non-controlling interests are presented in the consolidated statement of financial position within equity, separately from the equity of the owners of the Group.
The carrying amount of non-controlling interests consists of the
\namount of those non-controlling interests at the initial recognition and the changes in shares of the non-controlling
\ninterests in equity since the date of the acquisition.
Total comprehensive income is attributed to the owners of the Group
\nand to the non-controlling interests even if the non-controlling interest has a deficit balance.
\nChanges in the Group's ownership interests in subsidiaries, without a loss of control, are accounted for as equity
\ntransactions.
The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the
\nchanges in their relative interests in the subsidiaries.
Any difference between the amount by which the non-controlling
\ninterests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed
\nto owners of the Group.
\nWhen the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the
\naggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous
\ncarrying amount of the assets (including goodwill), liabilities of the subsidiary and any non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6258": {
"value": "(4) Business combination
\nAcquisitions of businesses are accounted for using the acquisition method.
The consideration transferred in a business
\ncombination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets
\ntransferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests
\nissued by the Group in exchange for control of the acquiree.
The consideration includes any asset or liability resulting
\nfrom a contingent consideration arrangement and is measured at fair value.
\nAcquisition-related costs are recognized in profit or loss as incurred. When a business combination is achieved in stages,
\nthe Group's previously held equity interest in the acquiree is remeasured at its fair value at the acquisition date (i.e., the
\ndate when the Group obtains control) and the resulting gain or loss, if any, is recognized in profit or loss.
Prior to the
\nacquisition date, the amount resulting from changes in the value of its equity interest in the acquiree that have previously
\nbeen recognized in other comprehensive income are reclassified to profit or loss where such treatment would be
\nappropriate if that interest were directly disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6277": {
"value": "(5) Revenue recognition
\nIn accordance with K-IFRS 1115, all types of contracts recognize revenues by the 5-step revenue recognition model (1)
\nidentification of contract
\u2192
(2) identification of performance obligations
\u2192
(3) calculation of transaction price
\u2192
(4)
\nallocation of transaction price to performance obligations
\u2192
(5) recognition of revenue when performance obligation is
\nsatisfied.
\n1) Identification of performance obligations
\nThe Group operates businesses such as the manufacture and sale of automobiles and auto parts. In the automobile sales
\ncontracts with customers, services other than automobile sales are separately identified as performance obligations.
\n2) Performance obligations satisfied at a point in time
\nRevenue is recognized when the performance obligations under the terms of a contract with the Group\u2019s customer are
\nsatisfied, which generally occurs with the transfer of control of goods or services.
\n3) Performance obligations satisfied over time
\nIn assessing whether the control over goods or services is transferred over time, the Group evaluates whether the customer
\nsimultaneously obtains and consumes the benefits provided by the Group\u2019s performance, whether the assets are controlled
\nby the customer, and whether the assets created by the Group have no substitute purpose, and whether the Group is entitled
\nto reimbursement of costs incurred to date, including a reasonable margin.
\n4) Allocation of transaction price
\nThe Group allocates the transaction price to each of the performance obligations identified in a single contract in
\nproportion to its stand-alone selling price. When the stand-alone selling price is not directly observable, the Group
\nestimates the stand-alone selling price using the adjusted market assessment approach, or the expected cost plus a margin
\napproach.
\n5) Variable consideration
\nThe Group estimates the amount of consideration it will be entitled to receive using the method (either the expected value
\nmethod or the most likely amount method) that provides the most accurate prediction.
\nVariable consideration is included in the transaction price only to the extent that it is highly probable that a significant
\nreversal in the cumulative amount of revenue recognized will not occur in future periods.
\n6) Significant financing element
\nIf the period between the transfer of the goods or services promised to the customer and the payment from the customer
\nis within one year, the Group does not adjust the promised amount of consideration for the effects of a significant financing
\ncomponent, as a practical expedient.
\n7) Construction contracts
\nWhere the outcome of a construction contract can be estimated reliably, the contract revenue and contract costs associated
\nwith the construction contract are recognized as revenue and expenses, respectively, by reference to the stage of
\ncompletion of the contract activity at the end of reporting period.
\nThe percentage of completion of a contract activity is reliably measured based on the proportion of contract costs incurred
\nfor work performed to date relative to the estimated total contract costs, by surveys of work performed or by completion
\nof a physical proportion of the contract work.
Variations in contract work, claim and incentive payments are included to
\nthe extent that the amount can be measured reliably and its receipt is considered probable.
Where the outcome of a
\nconstruction contract cannot be estimated reliably, contract revenue is recognized to the extent of contract costs incurred
\nthat it is probable will be recoverable.
Contract costs are recognized as expenses in the period in which they are incurred.
\nWhen it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an
\nexpense immediately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6349": {
"value": "(6) Foreign currency translation
\nThe individual financial statements of each entity in the Group are prepared and presented in the currency of the
\nprimary economic environment in which the entity operates (its functional currency).
\nIn preparing the financial statements of the individual entities, transactions occurring in currencies other than their
\nfunctional currency (foreign currencies) are recorded using the exchange rate on the dates of the transactions.
At the end
\nof each reporting period, monetary items denominated in foreign currencies are translated using the exchange rate at the
\nreporting period.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated
\nusing the exchange rate at the date of the transaction.
Non-monetary items that are measured at fair value in a foreign
\ncurrency are translated using the exchange rates at the date when the fair value was determined.
Exchange differences
\nresulting from settlement of assets or liabilities and translation of monetary items denominated in foreign currencies are
\nrecognized in profit or loss in the period in which they arise except for some exceptions.
\nForeign exchange gains or losses are classified in finance income (expenses) or other income (expenses) by the nature of
\nthe transaction or event.
\nFor the purpose of presenting the consolidated financial statements, assets and liabilities in the Group\u2019s foreign operations
\nare translated into Won, using the exchange rates at the end of reporting period.
Income and expense items are translated
\nat the average exchange rate for the period, unless the exchange rate during the period has significantly fluctuated, in
\nwhich case the exchange rates at the dates of the transactions are used.
The exchange differences arising, if any, are
\nrecognized in equity as other comprehensive income.
Upon the disposal of a foreign operation, the cumulative amount
\nof the exchange differences relating to that foreign operation is reclassified from equity to profit or loss when the gain or
\nloss on disposal is recognized.
Any goodwill arising on the acquisition of a foreign operation and any fair value
\nadjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation are treated
\nas assets and liabilities of the foreign operation and translated at the exchange rate at the end of reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6350": {
"value": "(6) Foreign currency translation
\nThe individual financial statements of each entity in the Group are prepared and presented in the currency of the
\nprimary economic environment in which the entity operates (its functional currency).
\nIn preparing the financial statements of the individual entities, transactions occurring in currencies other than their
\nfunctional currency (foreign currencies) are recorded using the exchange rate on the dates of the transactions.
At the end
\nof each reporting period, monetary items denominated in foreign currencies are translated using the exchange rate at the
\nreporting period.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated
\nusing the exchange rate at the date of the transaction.
Non-monetary items that are measured at fair value in a foreign
\ncurrency are translated using the exchange rates at the date when the fair value was determined.
Exchange differences
\nresulting from settlement of assets or liabilities and translation of monetary items denominated in foreign currencies are
\nrecognized in profit or loss in the period in which they arise except for some exceptions.
\nForeign exchange gains or losses are classified in finance income (expenses) or other income (expenses) by the nature of
\nthe transaction or event.
\nFor the purpose of presenting the consolidated financial statements, assets and liabilities in the Group\u2019s foreign operations
\nare translated into Won, using the exchange rates at the end of reporting period.
Income and expense items are translated
\nat the average exchange rate for the period, unless the exchange rate during the period has significantly fluctuated, in
\nwhich case the exchange rates at the dates of the transactions are used.
The exchange differences arising, if any, are
\nrecognized in equity as other comprehensive income.
Upon the disposal of a foreign operation, the cumulative amount
\nof the exchange differences relating to that foreign operation is reclassified from equity to profit or loss when the gain or
\nloss on disposal is recognized.
Any goodwill arising on the acquisition of a foreign operation and any fair value
\nadjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation are treated
\nas assets and liabilities of the foreign operation and translated at the exchange rate at the end of reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6403": {
"value": "(7) Financial Assets
\nThe Group classifies financial assets as financial assets measured at fair value through profit or loss, financial assets
\nmeasured at amortized cost or financial assets measured at fair value through other comprehensive income according to
\nthe terms and purpose of acquisition. The Group determines the classification of a financial asset at initial recognition.
\nAll recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending
\non the classification of the financial assets.
\n1)
Classification of financial assets
\nDebt instruments that meet the following conditions are measured subsequently at amortized cost:
\n\ue001
The financial asset is held within a business model whose objective is to hold financial assets in order to
\ncollect contractual cash flows; and
\n\ue001
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
\nof principal and interest on the principal amount outstanding.
\nDebt instruments that meet the following conditions are measured subsequently at fair value through other comprehensive
\nincome (FVOCI):
\n\ue001
The financial asset is held within a business model whose objective is achieved by both collecting contractual
\ncash flows and selling the financial assets; and
\n\ue001
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
\nof principal and interest on the principal amount outstanding.
\nBy default, all other financial assets are measured subsequently at fair value through profit or loss (FVPL).
\nDespite the foregoing, the Group may make the following irrevocable election / designation at initial recognition of a
\nfinancial asset:
\n\ue001
The Group may irrevocably elect to present subsequent changes in fair value of an equity investment in other
\ncomprehensive income if certain criteria are met; and
\n\ue001
The Group may irrevocably designate a debt investment that meets the amortized cost or FVOCI criteria as
\nmeasured at FVPL if doing so eliminates or significantly reduces an accounting mismatch
\n1-1)
Amortization cost and effective interest rate method
\nThe effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest
\nincome over the relevant period. The amortized cost of a financial asset is the amount at which the financial asset is
\nmeasured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective
\ninterest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance.
\nThe gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss
\nallowance. Interest income is recognized using the effective interest method for debt instruments measured subsequently
\nat amortized cost and at FVOCI.
\n1-2)
Debt instruments classified as at FVOCI
\nCorporate bonds are initially measured at fair value plus transaction costs. Subsequently, changes in the carrying amount
\nof these corporate bonds as a result of foreign exchange gains and losses, impairment gains or losses, and interest income
\ncalculated using the effective interest method are recognized in profit or loss. The amounts that are recognized in profit
\nor loss are the same as the amounts that would have been recognized in profit or loss if these corporate bonds had been
\nmeasured at amortized cost. All other changes in the carrying amount of these corporate bonds are recognized in other
\ncomprehensive income and accumulated in investments revaluation reserve. When these corporate bonds are
\nderecognized, the cumulative gains or losses previously recognized in other comprehensive income are reclassified to
\nprofit or loss.
\n1-3)
Equity instruments designated as at FVOCI
\nOn initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument basis) to designate
\ninvestments in equity instruments as at FVOCI. Designation at FVOCI is not permitted if the equity investment is held
\nfor trading or if it is contingent consideration recognized by an acquirer in a business combination.
\nInvestments in equity instruments at FVOCI are initially measured at fair value plus transaction costs. Subsequently, they
\nare measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive
\nincome and accumulated in the investments revaluation reserve. The cumulative gain or loss will not be reclassified to
\nprofit or loss on disposal of the equity investments, instead, it is transferred to retained earnings.
\n1-4)
Financial assets measured at FVPL
\nFinancial assets that do not meet the criteria for being measured at amortized cost or FVOCI are measured at FVPL. Gains
\nor losses arising from changes in the fair value of FVPL, dividends and interest income from the financial assets are
\nrecognized in profit or loss.
\n2) Foreign exchange gain / loss
\nThe carrying amount of a financial asset designated as a foreign currency is determined in foreign currencies and is
\ntranslated at the spot exchange rate at the end of the reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6480": {
"value": "1-4)
Financial assets measured at FVPL
\nFinancial assets that do not meet the criteria for being measured at amortized cost or FVOCI are measured at FVPL. Gains
\nor losses arising from changes in the fair value of FVPL, dividends and interest income from the financial assets are
\nrecognized in profit or loss.
3) Financial liabilities measured at FVPL
\nFinancial liabilities are classified as at FVPL when the financial liability is (i) contingent consideration of an acquirer in
\na business combination, (ii) held for trading or (iii) it is designated as at FVPL as of the date of initial recognition.
\nHowever, for financial liabilities that are designated as at FVPL, the amount of change in the fair value of the financial
\nliability that is attributable to changes in the credit risk of that liability is recognized in other comprehensive income,
\nunless the recognition of the effects of changes in the liability\u2019s credit risk in other comprehensive income would create
\nor enlarge an accounting mismatch in profit or loss. The remaining amount of change in the fair value of liability is
\nrecognized in profit or loss. Changes in fair value attributable to a financial liability\u2019s credit risk that are recognized in
\nother comprehensive income are not subsequently reclassified to profit or loss; instead, they are transferred to retained
\nearnings upon derecognition of the financial liability. Gains or losses on financial guarantee contracts issued by the Group
\nthat are designated by the Group as at FVPL are recognized in profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6491": {
"value": "(8) Impairment of financial assets
\nThe Group recognizes a loss allowance for expected credit losses on investments in debt instruments that are measured
\nat amortized cost or at FVOCI, lease receivables, trade receivables and contract assets, as well as on financial guarantee
\ncontracts. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since
\ninitial recognition of the respective financial instrument.
\nThe Group always recognizes lifetime expected credit losses (ECL) for trade receivables, contract assets and lease
\nreceivables. The ECLs on these financial assets are estimated using a provision matrix based on the Group\u2019s historical
\ncredit loss experience and valuation of individual assets, adjusted for factors that are specific to the debtors, general
\neconomic conditions and an assessment of forecast on present and future conditions reflecting time value of money where
\nappropriate.
\nFor all other financial instruments, the Group recognizes lifetime ECLs when there has been a significant increase in
\ncredit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly
\nsince initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-
\nmonth ECLs.
\nLifetime ECL represents the expected credit losses that will result from all possible default events over the expected life
\nof a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from
\ndefault events on a financial instrument that are possible within 12 months after the reporting date.
\n1) Significant increase in credit risk
\nIn assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the
\nGroup compares the risk of a default occurring on the financial instrument at the reporting date with the risk of a default
\noccurring on the financial instrument at the date of initial recognition.
\nIn particular, the following information is taken into account when assessing whether credit risk has increased
\nsignificantly since initial recognition:
\n\ue001
an actual or expected significant deterioration in the financial instrument\u2019s external (if available) or internal
\ncredit rating;
\n\ue001
other significant increases in credit risk;
\n2) Definition of default
\nThe Group believes that, based on past experience, if the debtor violates the terms of the contract, it is considered to
\nconstitute a default event for internal credit risk management purposes.
\n3) Credit-impaired financial assets
\nA financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash
\nflows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following
\nobservable data:
\n(a)
significant financial difficulty of the issuer or the borrower;
\n(b)
a breach of contract, such as a default or past due event as defined by the Group\u2019s internal policy;
\n4) Measurements and recognition of expected credit losses
\nThe measurement of ECLs is a function of the probability of default, loss given default (i.e. the magnitude of the loss if
\nthere is a default) and the exposure at default. The assessment of the probability of default and loss given default is based
\non historical data adjusted by forward-looking information as described above. As for the exposure at default, for financial
\nassets, this is represented by the assets\u2019 gross carrying amount at the reporting date.
\nFor financial assets, the ECLs are estimated as the difference between all contractual cash flows that are due to the Group
\nin accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective
\ninterest rate.
\nIf the Group has measured the loss allowance for a financial instrument at an amount equal to lifetime ECLs in the
\nprevious reporting period, but determines at the current reporting date that the conditions for lifetime ECLs are no longer
\nmet, the Group measures the loss allowance at an amount equal to 12-month ECLs at the current reporting date, except
\nfor financial assets for which a simplified approach is used.
\nThe Group recognizes an impairment gain or loss in profit or loss for all financial instruments with a corresponding
\nadjustment to their carrying amount through a loss allowance account, except for investments in debt instruments that are
\nmeasured at FVOCI, for which the loss allowance is recognized in other comprehensive income and accumulated in the
\ninvestment revaluation reserve, and does not reduce the carrying amount of the financial asset in the statement of financial
\nposition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6492": {
"value": "(8)Impairment of financial assets
\nThe Group recognizes a loss allowance for expected credit losses on investments in debt instruments that are measured
\nat amortized cost or at FVOCI, lease receivables, trade receivables and contract assets, as well as on financial guarantee
\ncontracts. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since
\ninitial recognition of the respective financial instrument.
\nThe Group always recognizes lifetime expected credit losses (ECL) for trade receivables, contract assets and lease
\nreceivables. The ECLs on these financial assets are estimated using a provision matrix based on the Group\u2019s historical
\ncredit loss experience and valuation of individual assets, adjusted for factors that are specific to the debtors, general
\neconomic conditions and an assessment of forecast on present and future conditions reflecting time value of money where
\nappropriate.
\nFor all other financial instruments, the Group recognizes lifetime ECLs when there has been a significant increase in
\ncredit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly
\nsince initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-
\nmonth ECLs.
Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life
\nof a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from
\ndefault events on a financial instrument that are possible within 12 months after the reporting date.
\n1) Significant increase in credit risk
\nIn assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the
\nGroup compares the risk of a default occurring on the financial instrument at the reporting date with the risk of a default
\noccurring on the financial instrument at the date of initial recognition.
\nIn particular, the following information is taken into account when assessing whether credit risk has increased
\nsignificantly since initial recognition:
\n\ue001
an actual or expected significant deterioration in the financial instrument\u2019s external (if available) or internal
\ncredit rating;
\n\ue001
other significant increases in credit risk;
\n2) Definition of default
\nThe Group believes that, based on past experience, if the debtor violates the terms of the contract, it is considered to
\nconstitute a default event for internal credit risk management purposes.
\n3) Credit-impaired financial assets
\nA financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash
\nflows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following
\nobservable data:
\n(a)
significant financial difficulty of the issuer or the borrower;
\n(b)
a breach of contract, such as a default or past due event as defined by the Group\u2019s internal policy;
\n4) Measurements and recognition of expected credit losses
\nThe measurement of ECLs is a function of the probability of default, loss given default (i.e. the magnitude of the loss if
\nthere is a default) and the exposure at default. The assessment of the probability of default and loss given default is based
\non historical data adjusted by forward-looking information as described above. As for the exposure at default, for financial
\nassets, this is represented by the assets\u2019 gross carrying amount at the reporting date.
\nFor financial assets, the ECLs are estimated as the difference between all contractual cash flows that are due to the Group
\nin accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective
\ninterest rate.
\nIf the Group has measured the loss allowance for a financial instrument at an amount equal to lifetime ECLs in the
\nprevious reporting period, but determines at the current reporting date that the conditions for lifetime ECLs are no longer
\nmet, the Group measures the loss allowance at an amount equal to 12-month ECLs at the current reporting date, except
\nfor financial assets for which a simplified approach is used.
\nThe Group recognizes an impairment gain or loss in profit or loss for all financial instruments with a corresponding
\nadjustment to their carrying amount through a loss allowance account, except for investments in debt instruments that are
\nmeasured at FVOCI, for which the loss allowance is recognized in other comprehensive income and accumulated in the
\ninvestment revaluation reserve, and does not reduce the carrying amount of the financial asset in the statement of financial
\nposition.
(15)Impairment of non-financial assets
\nThe Group assesses at the end of each reporting period whether there is any indication that an asset may be impaired.
If
\nany such indication exists, the Group estimates the recoverable amount of the asset to determine the extent of the
\nimpairment loss.
Recoverable amount is the higher of fair value less costs to sell and value in use. If the cash inflows of
\nan individual asset are largely independent from other assets or group of assets, the recoverable amount is measured for
\nthat individual asset; otherwise, it is measured for the cash generating unit (CGU) to which the asset belongs.
An
\nimpairment loss in respect of goodwill is not reversed. For other assets, impairment loss is reversed if the recoverable
\namount increases in subsequent years, but only to the extent that the asset\u2019s carrying amount does not exceed the carrying
\namount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
\nIntangible assets with indefinite useful lives or intangible assets not yet available for use are not amortized, but tested for
\nimpairment annually.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6582": {
"value": "(9)
Derecognition of financial assets
\nThe Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when
\nit transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the
\nGroup neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the
\ntransferred asset, the Group recognizes its retained interest in the asset and an associated liability for amounts it may have
\nto pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group
\ncontinues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received.
\nOn derecognition of a financial asset measured at amortized cost, the difference between the asset\u2019s carrying amount and
\nthe sum of the consideration received and receivable is recognized in profit or loss. In addition, on derecognition of an
\ninvestment in a debt instrument classified as at FVOCI, the cumulative gain or loss previously accumulated in the
\ninvestments revaluation reserve is reclassified to profit or loss. In contrast, on derecognition of an investment in equity
\ninstrument which the Group has elected on initial recognition to measure at FVOCI, the cumulative gain or loss previously
\naccumulated in the investments revaluation reserve is not reclassified to profit or loss, but is transferred to retained
\nearnings.
5) Derecognition of financial liabilities
\nThe Group derecognizes financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or
\nhave expired. The difference between the carrying amount of the financial liability derecognized and the consideration
\npaid and payable is recognized in profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6599": {
"value": "(10) Inventory Inventory is measured at the lower of cost or net realizable value.
Inventory cost, including the fixed and variable
\nmanufacturing overhead cost, is calculated, using the moving average method, except for the cost for inventory in transit,
\nwhich is determined by the specific identification method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6607": {
"value": "(11) Investments in associates and joint ventures An associate is an entity over which the Group has significant influence, but not a joint venture or a subsidiary.
Significant
\ninfluence is the power to participate in the financial and operating policy decisions of the investee, but is not control or
\njoint control over those policies.
\nA joint venture is a joint arrangement, whereby the parties that have joint control of the arrangement have rights to the
\nnet assets of the joint arrangement.
Joint control is the contractually agreed sharing of control of an arrangement, which
\nexists only when decisions about the relevant activities require unanimous consent of the parties sharing control.
\nThe investment in an associate or a joint venture is initially recognized at cost and accounted for using the equity method.
\nUnder the equity method, an investment in an associate or a joint venture is initially recognized in the consolidated
\nstatement of financial position at cost and adjusted thereafter to recognize the Group's share of the profit or loss and other
\ncomprehensive income of the associate or the joint venture.
\nWhen the Group's share of losses of an associate or a joint venture exceeds the Group's interest in that associate or joint
\nventure (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate
\nor the joint venture), the Group discontinues recognizing its share of further losses.
Additional losses are recognized only
\nto the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or
\nthe joint venture.
\nInvestment in associate or joint venture is accounted for using the equity method from the date that the investee becomes
\nthe associate or joint venture. Any excess of the cost of acquisition over the Group's share of the net fair value of the
\nidentifiable assets, liabilities and contingent liabilities of an associate or a joint venture recognized at the date of
\nacquisition is recognized as goodwill, which is included within the carrying amount of the investment.
\nAny excess of the Group's share of the net fair value of the identifiable assets, liabilities and contingent liabilities over
\nthe cost of acquisition, after reassessment, is recognized immediately in profit or loss.
\nThe requirements of K-IFRS 1028 are applied to determine whether it is necessary to recognize any impairment loss with
\nrespect to the Group\u2019s investment in an associate or a joint venture. When there is any indication of impairment, the entire
\ncarrying amount of the investment (including goodwill) is tested for impairment in accordance with K-IFRS 1036 as a
\nsingle asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its
\ncarrying amount. Any impairment loss recognized is not allocated to any asset, including goodwill that forms part of the
\ncarrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with K-IFRS 1036
\nto the extent that the recoverable amount of the investment subsequently increases.
\nUpon disposal of an associate or a joint venture that results in the Group losing significant influence over that associate
\nor joint venture, any retained investment is measured at fair value at that date and the fair value is regarded as its fair
\nvalue on initial recognition as a financial asset in accordance with K-IFRS 1109.
The difference between the previous
\ncarrying amount of the associate or joint venture attributable to the retained interest and its fair value is included in the
\ndetermination of the gain or loss on disposal of the associate or joint venture.
In addition, the Group accounts for all
\namounts previously recognized in other comprehensive income in relation to that associate or joint venture on the same
\nbasis we would be required if that associate or joint venture had directly disposed of the related assets or liabilities.
\nTherefore, if a gain or loss previously recognized in other comprehensive income by that associate or joint venture would
\nbe reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss
\nfrom equity to profit or loss (as reclassification adjustment) when it loses significant influence over that associate or joint
\nventure. When the Group reduces its ownership interest in an associate or a joint venture, but the Group continues to use
\nthe equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been
\nrecognized in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be
\nreclassified to profit or loss on the disposal of the related assets or liabilities.
In addition, the Group applies K-IFRS 1105
\nto a portion of investment in an associate or a joint venture that meets the criteria to be classified as held for sale.
\nThe Group continues to use the equity method when an investment in an associate becomes an investment in a joint
\nventure or an investment in a joint venture becomes an investment in an associate.
There is no remeasurement to fair
\nvalue upon such changes in ownership interests.
\nUnrealized gains from transactions between the Group and its associates or joint ventures are eliminated up to the shares
\nin associate (joint venture) stocks.
Unrealized losses are also eliminated, unless evidence of impairment in assets
\ntransferred is produced.
If the accounting policy of associates or joint ventures differs from the Group, financial
\nstatements are adjusted accordingly before applying equity method of accounting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6608": {
"value": "(11) Investments in associates and joint ventures An associate is an entity over which the Group has significant influence, but not a joint venture or a subsidiary.
Significant
\ninfluence is the power to participate in the financial and operating policy decisions of the investee, but is not control or
\njoint control over those policies.
\nA joint venture is a joint arrangement, whereby the parties that have joint control of the arrangement have rights to the
\nnet assets of the joint arrangement.
Joint control is the contractually agreed sharing of control of an arrangement, which
\nexists only when decisions about the relevant activities require unanimous consent of the parties sharing control.
\nThe investment in an associate or a joint venture is initially recognized at cost and accounted for using the equity method.
\nUnder the equity method, an investment in an associate or a joint venture is initially recognized in the consolidated
\nstatement of financial position at cost and adjusted thereafter to recognize the Group's share of the profit or loss and other
\ncomprehensive income of the associate or the joint venture.
\nWhen the Group's share of losses of an associate or a joint venture exceeds the Group's interest in that associate or joint
\nventure (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate
\nor the joint venture), the Group discontinues recognizing its share of further losses.
Additional losses are recognized only
\nto the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or
\nthe joint venture.
\nInvestment in associate or joint venture is accounted for using the equity method from the date that the investee becomes
\nthe associate or joint venture. Any excess of the cost of acquisition over the Group's share of the net fair value of the
\nidentifiable assets, liabilities and contingent liabilities of an associate or a joint venture recognized at the date of
\nacquisition is recognized as goodwill, which is included within the carrying amount of the investment.
\nAny excess of the Group's share of the net fair value of the identifiable assets, liabilities and contingent liabilities over
\nthe cost of acquisition, after reassessment, is recognized immediately in profit or loss.
\nThe requirements of K-IFRS 1028 are applied to determine whether it is necessary to recognize any impairment loss with
\nrespect to the Group\u2019s investment in an associate or a joint venture. When there is any indication of impairment, the entire
\ncarrying amount of the investment (including goodwill) is tested for impairment in accordance with K-IFRS 1036 as a
\nsingle asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its
\ncarrying amount. Any impairment loss recognized is not allocated to any asset, including goodwill that forms part of the
\ncarrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with K-IFRS 1036
\nto the extent that the recoverable amount of the investment subsequently increases.
\nUpon disposal of an associate or a joint venture that results in the Group losing significant influence over that associate
\nor joint venture, any retained investment is measured at fair value at that date and the fair value is regarded as its fair
\nvalue on initial recognition as a financial asset in accordance with K-IFRS 1109.
The difference between the previous
\ncarrying amount of the associate or joint venture attributable to the retained interest and its fair value is included in the
\ndetermination of the gain or loss on disposal of the associate or joint venture.
In addition, the Group accounts for all
\namounts previously recognized in other comprehensive income in relation to that associate or joint venture on the same
\nbasis we would be required if that associate or joint venture had directly disposed of the related assets or liabilities.
\nTherefore, if a gain or loss previously recognized in other comprehensive income by that associate or joint venture would
\nbe reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss
\nfrom equity to profit or loss (as reclassification adjustment) when it loses significant influence over that associate or joint
\nventure. When the Group reduces its ownership interest in an associate or a joint venture, but the Group continues to use
\nthe equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been
\nrecognized in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be
\nreclassified to profit or loss on the disposal of the related assets or liabilities.
In addition, the Group applies K-IFRS 1105
\nto a portion of investment in an associate or a joint venture that meets the criteria to be classified as held for sale.
\nThe Group continues to use the equity method when an investment in an associate becomes an investment in a joint
\nventure or an investment in a joint venture becomes an investment in an associate.
There is no remeasurement to fair
\nvalue upon such changes in ownership interests.
\nUnrealized gains from transactions between the Group and its associates or joint ventures are eliminated up to the shares
\nin associate (joint venture) stocks.
Unrealized losses are also eliminated, unless evidence of impairment in assets
\ntransferred is produced.
If the accounting policy of associates or joint ventures differs from the Group, financial
\nstatements are adjusted accordingly before applying equity method of accounting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6609": {
"value": "(11) Investments in associates and joint ventures An associate is an entity over which the Group has significant influence, but not a joint venture or a subsidiary.
Significant
\ninfluence is the power to participate in the financial and operating policy decisions of the investee, but is not control or
\njoint control over those policies.
\nA joint venture is a joint arrangement, whereby the parties that have joint control of the arrangement have rights to the
\nnet assets of the joint arrangement.
Joint control is the contractually agreed sharing of control of an arrangement, which
\nexists only when decisions about the relevant activities require unanimous consent of the parties sharing control.
\nThe investment in an associate or a joint venture is initially recognized at cost and accounted for using the equity method.
\nUnder the equity method, an investment in an associate or a joint venture is initially recognized in the consolidated
\nstatement of financial position at cost and adjusted thereafter to recognize the Group's share of the profit or loss and other
\ncomprehensive income of the associate or the joint venture.
\nWhen the Group's share of losses of an associate or a joint venture exceeds the Group's interest in that associate or joint
\nventure (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate
\nor the joint venture), the Group discontinues recognizing its share of further losses.
Additional losses are recognized only
\nto the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or
\nthe joint venture.
\nInvestment in associate or joint venture is accounted for using the equity method from the date that the investee becomes
\nthe associate or joint venture. Any excess of the cost of acquisition over the Group's share of the net fair value of the
\nidentifiable assets, liabilities and contingent liabilities of an associate or a joint venture recognized at the date of
\nacquisition is recognized as goodwill, which is included within the carrying amount of the investment.
\nAny excess of the Group's share of the net fair value of the identifiable assets, liabilities and contingent liabilities over
\nthe cost of acquisition, after reassessment, is recognized immediately in profit or loss.
\nThe requirements of K-IFRS 1028 are applied to determine whether it is necessary to recognize any impairment loss with
\nrespect to the Group\u2019s investment in an associate or a joint venture. When there is any indication of impairment, the entire
\ncarrying amount of the investment (including goodwill) is tested for impairment in accordance with K-IFRS 1036 as a
\nsingle asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its
\ncarrying amount. Any impairment loss recognized is not allocated to any asset, including goodwill that forms part of the
\ncarrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with K-IFRS 1036
\nto the extent that the recoverable amount of the investment subsequently increases.
\nUpon disposal of an associate or a joint venture that results in the Group losing significant influence over that associate
\nor joint venture, any retained investment is measured at fair value at that date and the fair value is regarded as its fair
\nvalue on initial recognition as a financial asset in accordance with K-IFRS 1109.
The difference between the previous
\ncarrying amount of the associate or joint venture attributable to the retained interest and its fair value is included in the
\ndetermination of the gain or loss on disposal of the associate or joint venture.
In addition, the Group accounts for all
\namounts previously recognized in other comprehensive income in relation to that associate or joint venture on the same
\nbasis we would be required if that associate or joint venture had directly disposed of the related assets or liabilities.
\nTherefore, if a gain or loss previously recognized in other comprehensive income by that associate or joint venture would
\nbe reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss
\nfrom equity to profit or loss (as reclassification adjustment) when it loses significant influence over that associate or joint
\nventure. When the Group reduces its ownership interest in an associate or a joint venture, but the Group continues to use
\nthe equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been
\nrecognized in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be
\nreclassified to profit or loss on the disposal of the related assets or liabilities.
In addition, the Group applies K-IFRS 1105
\nto a portion of investment in an associate or a joint venture that meets the criteria to be classified as held for sale.
\nThe Group continues to use the equity method when an investment in an associate becomes an investment in a joint
\nventure or an investment in a joint venture becomes an investment in an associate.
There is no remeasurement to fair
\nvalue upon such changes in ownership interests.
\nUnrealized gains from transactions between the Group and its associates or joint ventures are eliminated up to the shares
\nin associate (joint venture) stocks.
Unrealized losses are also eliminated, unless evidence of impairment in assets
\ntransferred is produced.
If the accounting policy of associates or joint ventures differs from the Group, financial
\nstatements are adjusted accordingly before applying equity method of accounting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6695": {
"value": "(12) Property, plant and equipment
\nProperty, plant and equipment is recognized if, and only if it is probable that future economic benefits associated with the
\nasset will flow to the Group, and the cost of the asset can be measured reliably.
After the initial recognition, property,
\nplant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses.
The cost includes
\nany cost directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating
\nin the manner intended by management and the initial estimate of the costs of dismantling and removing the item and
\nrestoring the site on which it is located.
In addition, in case the recognition criteria are met, the subsequent costs will be
\nadded to the carrying amount of the asset or recognized as a separate asset, and the carrying amount of what was replaced
\nis derecognized.
\nDepreciation is computed using the straight-line method based on the estimated useful lives of the assets.
The
\nrepresentative useful lives are as follows.
\nRepresentative useful lives (
y
ears)
\nBuildin
g
s and structures
12
\u2013
50
\nMachiner
y
and equipmen
t
6
\u2013
15
\nVehicles
6
\u2013
15
\nDies, mold and tools
4
\u2013
6
\nOffice equipmen
t
3
\u2013
15
\nOthe
r
2
\u2013
20
\nThe Group reviews the depreciation method, the estimated useful lives and residual values of property, plant and
\nequipment at the end of each annual reporting period.
If expectations differ from previous estimates, the changes are
\naccounted for as a change in accounting estimate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6709": {
"value": "Depreciation is computed using the straight-line method based on the estimated useful lives of the assets.
The
\nrepresentative useful lives are as follows.
\nRepresentative useful lives (
y
ears)
\nBuildin
g
s and structures
12
\u2013
50
\nMachiner
y
and equipmen
t
6
\u2013
15
\nVehicles
6
\u2013
15
\nDies, mold and tools
4
\u2013
6
\nOffice equipmen
t
3
\u2013
15
\nOthe
r
2
\u2013
20
\nThe Group reviews the depreciation method, the estimated useful lives and residual values of property, plant and
\nequipment at the end of each annual reporting period.
If expectations differ from previous estimates, the changes are
\naccounted for as a change in accounting estimate.
Land is not depreciated, and other investment properties are depreciated using the straight-line method over the period
\nfrom 20 to 50 years.
The Group reviews the depreciation method, the estimated useful lives and residual values at the
\nend of each annual reporting period.
If expectations differ from previous estimates, the changes are accounted for as a
\nchange in accounting estimate.
Intangible assets are measured initially at cost, and are subsequently measured at cost less accumulated amortization and
\naccumulated impairment losses.
\nIntangible assets are amortized by the straight-line method based on estimated useful lives from the date of availability.
\nThe Group reviews the estimated useful life and amortization method at the end of each annual reporting period.
If
\nexpectations differ from previous estimates, the changes are accounted for as a change in accounting estimate.
Intangible
\nassets assessed as having indefinite useful life such as club membership are subjected to impairment test at least once a
\nyear without amortization.
\nThe representative useful lives are as follows.
\nRepresentative useful lives (
y
ears)
\nDevelopment costs
3, 7
\nIndustrial propert
y
ri
g
hts
5
\u2013
10
\nSoftware
3
\u2013
7
\nOthe
r
5
\u2013
40
The right-of use asset is subsequently depreciated using the straight-line method from the commencement date to the end
\nof the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or
\nthe cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset
\nwill be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property
\nand equipment. In addition, the right-of use asset is periodically reduced by impairment losses, if any, and adjusted for
\ncertain remeasurements of the lease liability.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6754": {
"value": "(13) Investment properties
\nInvestment properties are property held to earn rentals or for capital appreciation or both.
Investment properties are
\nmeasured initially at its cost and transaction costs are included in the initial measurement.
After initial recognition, the
\nbook value of investment properties is presented at the cost less accumulated depreciation and accumulated impairment
\nlosses.
\nSubsequent costs are recognized as the carrying amount of the asset when, and only when it is probable that future
\neconomic benefits associated with the asset will flow to the Group, and the cost of the asset can be measured reliably, or
\nrecognized as a separate asset if appropriate.
The carrying amount of what was replaced is derecognized.
\nLand is not depreciated, and other investment properties are depreciated using the straight-line method over the period
\nfrom 20 to 50 years.
The Group reviews the depreciation method, the estimated useful lives and residual values at the
\nend of each annual reporting period.
If expectations differ from previous estimates, the changes are accounted for as a
\nchange in accounting estimate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6792": {
"value": "(14) Intangible assets
\n1)
Goodwill
\nGoodwill arising from a business combination is recognized as an asset at the time of obtaining control (the acquisition
\ndate).
Goodwill is measured as the excess of the aggregate of the consideration transferred, the amount of any non-
\ncontrolling interest in the acquiree and the acquisition-date fair value of the Group\u2019s previously held equity interest in the
\nacquiree over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.
\nIf, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed
\nexceeds the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the
\nacquisition-date fair value of the Group\u2019s previously held equity interest in the acquiree, the excess is recognized
\nimmediately in profit or loss as a bargain purchase gain.
\nGoodwill is not amortized, but tested for impairment at least annually.
For purposes of impairment tests, goodwill is
\nallocated to those cash-generating units (\u201cCGU\u201d) of the Group expected to have synergies from the business combination.
\nCGU that goodwill has been allocated is tested for impairment every year or when an event occurs that indicates
\nimpairment.
\nIf the recoverable amount of a CGU is less than its carrying amount, the impairment will first decrease the goodwill
\nallocated to that CGU and the remaining impairment will be allocated among other assets relative to its carrying value.
\nImpairment recognized for goodwill may not be reversed.
When disposing a subsidiary, related goodwill will be included
\nin gain or loss from disposal.
\n2)
Development costs
\nThe expenditure on research is recognized as an expense when it is incurred.
The expenditure on development is
\nrecognized as an intangible asset, and amortization is computed using the straight-line method based on the estimated
\nuseful lives of the assets since the asset is available for use or sale.
\nResearch and development activities are conducted in phases of preceding research, development approval, product
\ndevelopment and mass production.
The Group generally recognizes intangible assets as development activities after the
\ndevelopment approval phases which product specification, release schedule, and sales plan are established.
Expenditure
\nincurred at the previous phase is recognised as an expense as it is considered as research activities when it is incurred.
\n3)
Intangible assets acquired separately
\nIntangible assets are measured initially at cost, and are subsequently measured at cost less accumulated amortization and
\naccumulated impairment losses.
\nIntangible assets are amortized by the straight-line method based on estimated useful lives from the date of availability.
\nThe Group reviews the estimated useful life and amortization method at the end of each annual reporting period.
If
\nexpectations differ from previous estimates, the changes are accounted for as a change in accounting estimate.
Intangible
\nassets assessed as having indefinite useful life such as club membership are subjected to impairment test at least once a
\nyear without amortization.
\nThe representative useful lives are as follows.
\nRepresentative useful lives (
y
ears)
\nDevelopment costs
3, 7
\nIndustrial propert
y
ri
g
hts
5
\u2013
10
\nSoftware
3
\u2013
7
\nOthe
r
5
\u2013
40",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6796": {
"value": "1) Goodwill
\nGoodwill arising from a business combination is recognized as an asset at the time of obtaining control (the acquisition
\ndate).
Goodwill is measured as the excess of the aggregate of the consideration transferred, the amount of any non-
\ncontrolling interest in the acquiree and the acquisition-date fair value of the Group\u2019s previously held equity interest in the
\nacquiree over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.
\nIf, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed
\nexceeds the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the
\nacquisition-date fair value of the Group\u2019s previously held equity interest in the acquiree, the excess is recognized
\nimmediately in profit or loss as a bargain purchase gain.
\nGoodwill is not amortized, but tested for impairment at least annually.
For purposes of impairment tests, goodwill is
\nallocated to those cash-generating units (\u201cCGU\u201d) of the Group expected to have synergies from the business combination.
\nCGU that goodwill has been allocated is tested for impairment every year or when an event occurs that indicates
\nimpairment.
\nIf the recoverable amount of a CGU is less than its carrying amount, the impairment will first decrease the goodwill
\nallocated to that CGU and the remaining impairment will be allocated among other assets relative to its carrying value.
\nImpairment recognized for goodwill may not be reversed.
When disposing a subsidiary, related goodwill will be included
\nin gain or loss from disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6820": {
"value": "2) Development costs
\nThe expenditure on research is recognized as an expense when it is incurred.
The expenditure on development is
\nrecognized as an intangible asset, and amortization is computed using the straight-line method based on the estimated
\nuseful lives of the assets since the asset is available for use or sale.
\nResearch and development activities are conducted in phases of preceding research, development approval, product
\ndevelopment and mass production.
The Group generally recognizes intangible assets as development activities after the
\ndevelopment approval phases which product specification, release schedule, and sales plan are established.
Expenditure
\nincurred at the previous phase is recognised as an expense as it is considered as research activities when it is incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6835": {
"value": "3) Intangible assets acquired separately
Intangible assets are measured initially at cost, and are subsequently measured at cost less accumulated amortization and
\naccumulated impairment losses.
\nIntangible assets are amortized by the straight-line method based on estimated useful lives from the date of availability.
\nThe Group reviews the estimated useful life and amortization method at the end of each annual reporting period.
If
\nexpectations differ from previous estimates, the changes are accounted for as a change in accounting estimate.
Intangible
\nassets assessed as having indefinite useful life such as club membership are subjected to impairment test at least once a
\nyear without amortization.
\nThe representative useful lives are as follows.
\nRepresentative useful lives (
y
ears)
\nDevelopment costs
3, 7
\nIndustrial propert
y
ri
g
hts
5
\u2013
10
\nSoftware
3
\u2013
7
\nOthe
r
5
\u2013
40",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6889": {
"value": "(15) Impairment of non-financial assets
\nThe Group assesses at the end of each reporting period whether there is any indication that an asset may be impaired.
If
\nany such indication exists, the Group estimates the recoverable amount of the asset to determine the extent of the
\nimpairment loss.
Recoverable amount is the higher of fair value less costs to sell and value in use. If the cash inflows of
\nan individual asset are largely independent from other assets or group of assets, the recoverable amount is measured for
\nthat individual asset; otherwise, it is measured for the cash generating unit (CGU) to which the asset belongs.
An
\nimpairment loss in respect of goodwill is not reversed. For other assets, impairment loss is reversed if the recoverable
\namount increases in subsequent years, but only to the extent that the asset\u2019s carrying amount does not exceed the carrying
\namount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
\nIntangible assets with indefinite useful lives or intangible assets not yet available for use are not amortized, but tested for
\nimpairment annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6909": {
"value": "(16) Non-current assets classified as held for sale The Group classifies a non-current asset (or disposal group) as held for sale, if its carrying amount will be recovered
\nprincipally through a sale transaction rather than through continuing use.
For this to be the case, the asset (or disposal
\ngroup) must be available for immediate sale in its present condition subject only to terms that are usual and customary
\nfor sales of such assets (or disposal groups) and its sale must be highly probable.
The management must be committed
\nto a plan to sell the asset (or disposal group), and the sale should be expected to qualify for recognition as a completed
\nsale within one year from the date of classification.
\nNon-current assets (or disposal group) classified as held for sale are measured at the lower of their carrying amount and
\nfair value, less costs to sell.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6923": {
"value": "(17) Lease
\nAt contract inception, the Group assesses whether a contract is or contains a lease. A contract is, or contains, a lease if
\nthe contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration.
\nWhen assessing whether the contract conveys a right to control the use of an identified asset, definition of a lease under
\nK-IFRS 1116 has been applied.
\n1) As a lessee
\nAt inception or effective date of change, the Group allocates the consideration in the contract to each lease on the basis
\nof their relative stand-alone prices. However, for leases of properties in which it is a lessee, the Group has elected not to
\nseparate non-lease components and will instead account for the lease and non-lease components as a single lease
\ncomponent.
\nThe Group recognizes a right-of-use asset and lease liability at the lease commencement date. The right-of-use asset is
\ninitially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made
\nat or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove
\nthe underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentive received.
\nThe right-of use asset is subsequently depreciated using the straight-line method from the commencement date to the end
\nof the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or
\nthe cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset
\nwill be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property
\nand equipment. In addition, the right-of use asset is periodically reduced by impairment losses, if any, and adjusted for
\ncertain remeasurements of the lease liability.
\nThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
\ndate, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s
\nincremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
\nWhen the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use
\nasset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
\nThe Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-
\nterm leases. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis
\nover the lease term.
\n2) As a lessor
\nThe accounting policies applicable in the same period to the Group as a lessor are not different from those under K-IFRS
\n1116. When the Group acted as a lessor, it determined at lease inception whether each lease was a finance lease or an
\noperating lease. To classify each lease, the Group made an overall assessment of whether the lease transferred
\nsubstantially all of the risks and rewards incidental to ownership of the underlying asset. If this was the case, then the
\nlease was a finance lease; if not, then it was an operating lease.
\nAmounts due from lessees under finance leases are recognized as receivables at the amount of the Group\u2019s net investment
\nin the leases.
Finance lease interest income is allocated to accounting periods so as to reflect an effective interest rate on
\nthe Group\u2019s net investment outstanding in respect of the leases.
Rental income from operating leases is recognized on a
\nstraight-line basis over the term of the relevant lease.
Initial direct costs incurred in negotiating and arranging an operating
\nlease are added to the carrying amount of the carrying amount of investments in operating leases and recognized as
\nexpense on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6986": {
"value": "(18) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized to
\nthe cost of those assets, until they are ready for their intended use or sale.
A qualifying asset is an asset that necessarily
\ntakes a substantial period of time to get ready for its intended use or sale.
Investment income earned on the temporary
\ninvestment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs
\neligible for capitalization.
All other borrowing costs are recognized in profit or loss in the period in which they are
\nincurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6999": {
"value": "(19) Retirement benefit plans The retirement benefit obligation recognized in the consolidated statements of financial position represents the present
\nvalue of the defined benefit obligation, less the fair value of plan assets.
Defined benefit obligations are calculated by an
\nactuary using the Projected Unit Credit Method.
\nThe present value of the defined benefit obligations is measured by discounting estimated future cash outflows by the
\ninterest rate of high-quality corporate bonds, with similar maturity as the expected post-employment benefit payment date.
\nIn countries where there is no deep market in such bonds, the market yields at the end of the reporting period on
\ngovernment bonds are used.
\nThe remeasurements of the net defined benefit liabilities (assets) comprising actuarial gain or loss from changes in
\nactuarial assumptions or differences between actuarial assumptions and actual results, the effect of the changes to the
\nasset ceiling and return on plan assets, excluding amounts included in net interest on the net defined benefit liabilities
\n(assets), are recognized in other comprehensive income of the consolidated statements of comprehensive income, which
\nis immediately recognized as retained earnings.
Those recognized in retained earnings will not be reclassified in profit
\nor loss.
Past service costs are recognized in profit and loss when the plan amendment occurs, and net interest is calculated
\nby applying the discount rate determined at the beginning of the annual reporting period to the net defined benefit
\nliabilities (assets).
Defined benefit costs are composed of service cost (including current service cost, past service cost,
\nas well as gains and losses on settlements), net interest expense (income), and remeasurements.
\nThe retirement benefit obligation recognized in the consolidated statements of financial position represents the actual
\ndeficit or surplus in the Group\u2019s defined benefit plans.
Any surplus resulting from this calculation is limited to the present
\nvalue of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the
\nplans.
\nContributions to defined contribution retirement benefit plans are recognized as expenses when employees provide
\nservices eligible for payment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7043": {
"value": "(20) Provisions A provision is recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is
\nprobable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
\nestimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the
\nconsideration required to settle the present obligation at the end of the reporting period, taking into account the risks and
\nuncertainties surrounding the obligation.
A provision is measured using the present value of the cash flows estimated to
\nsettle the present obligation.
The increase in provision due to passage of time is recognized as interest expense.
\nThe Group recognizes provisions for costs expected to be incurred in the future for the repair of regular parts within the
\nwarranty period based on historical experience and compensation for accidents caused by defects in the exported products
\nor parts of the product when such amounts are probable of payment. Also, the Group recognizes provisions for the
\nprobable losses of unused loan commitment, construction contracts, pre-contract sale or service contract due to legal or
\nconstructive obligations. In addition, the Company recognizes provisions expected to be paid in the future with regard to
\nlong-term employee benefits payable to long-term employees.
\nWhen some or all of the economic benefits required to settle a provision are expected to be recovered from a third party,
\na receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the
\nreceivable can be measured reliably.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7065": {
"value": "(21) Taxation Income tax expense is composed of current and deferred tax.
\n1)
Current tax
\nThe current tax is computed based on the taxable profit for the current year.
The taxable profit differs from the profit
\nbefore income tax as reported in the consolidated statements of income because it excludes items of income or expense
\nthat are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
The Group\u2019s
\ncurrent tax liability is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting
\nperiod.
The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or
\nreceived that reflects uncertainty related to income taxes, if any.
\n2)
Deferred tax
\nDeferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the
\nconsolidated financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax
\nliabilities are generally recognized for all taxable temporary differences.
Deferred tax assets shall be generally recognized
\nfor all deductible temporary differences to the extent that it is probable that taxable profits will be available against which
\nthose deductible temporary differences can be utilized.
Such deferred tax assets and liabilities shall not be recognized if
\nthe temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of
\nother assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
\nDeferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and
\nassociates and interests in joint ventures, except when the Group is able to control the timing of the reversal of the
\ntemporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred
\ntax assets arising from deductible temporary differences associated with such investments and interests are only
\nrecognized to the extent that taxable profit will be available against which the temporary difference can be utilized and
\nthey are expected to be reversed in the foreseeable future.
\nThe carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that
\nit is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
\nDeferred tax assets and liabilities are measured at the tax rates that are expected to be applied in the period in which the
\nliability is settled or the asset is realized, based on tax rates and tax laws that have been enacted or substantively enacted
\nby the end of the reporting period.
The measurement of deferred tax assets and liabilities reflects the tax consequences
\nthat would follow from the manner in which the Group expects to recover or settle the carrying amount of its assets and
\nliabilities at the end of the reporting period.
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against
\ncurrent tax liabilities and when they relate to income tax levied by the same taxation authority.
Also, they are offset when
\ndifferent taxable entities that intend either to settle current tax liabilities and assets on a net basis, or to realize the assets
\nand settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or
\nassets are expected to be settled or recovered.
\n3)
Recognition of current and deferred taxes
\nCurrent and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in other
\ncomprehensive income or directly in equity, or items arising from initial accounting treatments of a business combination.
\nThe tax effect arising from a business combination is included in the accounting for the business combination.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7080": {
"value": "2) Deferred tax
\nDeferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the
\nconsolidated financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax
\nliabilities are generally recognized for all taxable temporary differences.
Deferred tax assets shall be generally recognized
\nfor all deductible temporary differences to the extent that it is probable that taxable profits will be available against which
\nthose deductible temporary differences can be utilized.
Such deferred tax assets and liabilities shall not be recognized if
\nthe temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of
\nother assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
\nDeferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and
\nassociates and interests in joint ventures, except when the Group is able to control the timing of the reversal of the
\ntemporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred
\ntax assets arising from deductible temporary differences associated with such investments and interests are only
\nrecognized to the extent that taxable profit will be available against which the temporary difference can be utilized and
\nthey are expected to be reversed in the foreseeable future.
\nThe carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that
\nit is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
\nDeferred tax assets and liabilities are measured at the tax rates that are expected to be applied in the period in which the
\nliability is settled or the asset is realized, based on tax rates and tax laws that have been enacted or substantively enacted
\nby the end of the reporting period.
The measurement of deferred tax assets and liabilities reflects the tax consequences
\nthat would follow from the manner in which the Group expects to recover or settle the carrying amount of its assets and
\nliabilities at the end of the reporting period.
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against
\ncurrent tax liabilities and when they relate to income tax levied by the same taxation authority.
Also, they are offset when
\ndifferent taxable entities that intend either to settle current tax liabilities and assets on a net basis, or to realize the assets
\nand settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or
\nassets are expected to be settled or recovered.
\n3)
Recognition of current and deferred taxes
\nCurrent and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in other
\ncomprehensive income or directly in equity, or items arising from initial accounting treatments of a business combination.
\nThe tax effect arising from a business combination is included in the accounting for the business combination.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7139": {
"value": "(22) Treasury stock When the Group repurchases its equity instruments (treasury stock), the incremental costs and net of tax effect are
\ndeducted from equity and recognized as other capital item deducted from the total equity in the consolidated statements
\nof financial position.
In addition, profits or losses from purchase, sale or retirement of treasury stocks are directly
\nrecognized in equity and not in current profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7148": {
"value": "(23) Financial liabilities and equity instruments
\nDebt instruments and equity instruments issued by the Group are recognized as financial liabilities or equity depending
\non the contract and the definitions of financial liability and equity instrument.
\n1) Equity instruments
\nAn equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its
\nliabilities. Equity instruments issued by the Group are recognized at the proceeds received, net of direct issue costs.
\nRepurchase of the Company\u2019s own equity instruments is recognized and deducted directly in equity. No gain or loss is
\nrecognized in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments.
\n2) Financial guarantee liability
\nA financial guarantee contract is a contract that the issuer must pay a certain amount of money to compensate for losses
\nincurred by the holder due to the failure of a specific debtor to pay the due date on the original contract or modified terms
\nof the debt instrument. Financial guarantee liabilities are measured initially at fair value and subsequently measured at
\nthe greater of the following, unless they are designated as at fair value through profit or loss or arising from the transfer
\nof assets.
\n\ue001
Loss provision calculated in accordance with K-IFRS 1109
\n\ue001
The amount recognized less the accumulated profits recognized in accordance with K-IFRS 1115
\n3) Financial liabilities measured at FVPL
\nFinancial liabilities are classified as at FVPL when the financial liability is (i) contingent consideration of an acquirer in
\na business combination, (ii) held for trading or (iii) it is designated as at FVPL as of the date of initial recognition.
\nHowever, for financial liabilities that are designated as at FVPL, the amount of change in the fair value of the financial
\nliability that is attributable to changes in the credit risk of that liability is recognized in other comprehensive income,
\nunless the recognition of the effects of changes in the liability\u2019s credit risk in other comprehensive income would create
\nor enlarge an accounting mismatch in profit or loss. The remaining amount of change in the fair value of liability is
\nrecognized in profit or loss. Changes in fair value attributable to a financial liability\u2019s credit risk that are recognized in
\nother comprehensive income are not subsequently reclassified to profit or loss; instead, they are transferred to retained
\nearnings upon derecognition of the financial liability. Gains or losses on financial guarantee contracts issued by the Group
\nthat are designated by the Group as at FVPL are recognized in profit or loss.
\n4) Financial liabilities measured subsequently at amortized cost
\nFinancial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held for trading,
\nor (iii) designated as at FVPL as of the date of initial recognition, are measured subsequently at amortized cost using the
\neffective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability
\nand of allocating interest expense over the relevant period.
\n5) Derecognition of financial liabilities
\nThe Group derecognizes financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or
\nhave expired. The difference between the carrying amount of the financial liability derecognized and the consideration
\npaid and payable is recognized in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7159": {
"value": "2) Financial guarantee liability A financial guarantee contract is a contract that the issuer must pay a certain amount of money to compensate for losses
\nincurred by the holder due to the failure of a specific debtor to pay the due date on the original contract or modified terms
\nof the debt instrument. Financial guarantee liabilities are measured initially at fair value and subsequently measured at
\nthe greater of the following, unless they are designated as at fair value through profit or loss or arising from the transfer
\nof assets.
\n\ue001
Loss provision calculated in accordance with K-IFRS 1109
\n\ue001
The amount recognized less the accumulated profits recognized in accordance with K-IFRS 1115",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7211": {
"value": "(24) Derivatives Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently
\nremeasured to their fair value at the end of each reporting period.
The resulting gain or loss is recognized in profit or loss
\nimmediately, unless the derivative is designated and effective as a hedging instrument, in such case, the timing of the
\nrecognition in profit or loss depends on the nature of the hedge relationship.
\nThe Group designates certain derivatives as hedging instruments to hedge the risk of changes in fair value of a recognized
\nasset or liability or an unrecognized firm commitment (fair value hedges) and the risk of changes in cash flow of a highly
\nprobable forecast transaction and the risk of changes in foreign currency exchange rates of firm commitment (cash flow
\nhedges).
\n1)
Fair value hedges
\nThe Group recognizes the changes in the fair value of derivatives that are designated and qualified as fair value hedges
\nare recognized in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability
\nthat are attributable to the hedged risk. Hedge accounting is discontinued when the Group revokes the hedging relationship,
\nwhen the hedging instrument expires or is sold, terminated or exercised, or when it is no longer qualified for hedge
\naccounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized
\nto profit or loss from that date.
\n2)
Cash flow hedges
\nThe effective portion of changes in the fair value of derivatives that are designated and qualified as cash flow hedges is
\nrecognized in other comprehensive income.
The gain or loss relating to the ineffective portion is recognized immediately
\nin profit or loss.
Amounts previously recognized in other comprehensive income and accumulated in equity are
\nreclassified to profit or loss in the periods when the hedged item affects profit or loss.
If the forecast transaction results
\nin the recognition of a non-financial asset or liability, the related gain and loss recognized in other comprehensive income
\nand accumulated in equity are transferred from equity to the initial cost of related non-financial asset or liability.
\nCash flow hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging
\ninstrument expires or is sold, terminated or exercised, or it no longer qualifies for the criteria of hedging.
Any gain or
\nloss accumulated in equity at that time remains in equity, and is recognized as profit or loss when the forecast transaction
\noccurs.
When the forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized
\nimmediately in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7212": {
"value": "(24) Derivatives Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently
\nremeasured to their fair value at the end of each reporting period.
The resulting gain or loss is recognized in profit or loss
\nimmediately, unless the derivative is designated and effective as a hedging instrument, in such case, the timing of the
\nrecognition in profit or loss depends on the nature of the hedge relationship.
\nThe Group designates certain derivatives as hedging instruments to hedge the risk of changes in fair value of a recognized
\nasset or liability or an unrecognized firm commitment (fair value hedges) and the risk of changes in cash flow of a highly
\nprobable forecast transaction and the risk of changes in foreign currency exchange rates of firm commitment (cash flow
\nhedges).
\n1)
Fair value hedges
\nThe Group recognizes the changes in the fair value of derivatives that are designated and qualified as fair value hedges
\nare recognized in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability
\nthat are attributable to the hedged risk. Hedge accounting is discontinued when the Group revokes the hedging relationship,
\nwhen the hedging instrument expires or is sold, terminated or exercised, or when it is no longer qualified for hedge
\naccounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized
\nto profit or loss from that date.
\n2)
Cash flow hedges
\nThe effective portion of changes in the fair value of derivatives that are designated and qualified as cash flow hedges is
\nrecognized in other comprehensive income.
The gain or loss relating to the ineffective portion is recognized immediately
\nin profit or loss.
Amounts previously recognized in other comprehensive income and accumulated in equity are
\nreclassified to profit or loss in the periods when the hedged item affects profit or loss.
If the forecast transaction results
\nin the recognition of a non-financial asset or liability, the related gain and loss recognized in other comprehensive income
\nand accumulated in equity are transferred from equity to the initial cost of related non-financial asset or liability.
\nCash flow hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging
\ninstrument expires or is sold, terminated or exercised, or it no longer qualifies for the criteria of hedging.
Any gain or
\nloss accumulated in equity at that time remains in equity, and is recognized as profit or loss when the forecast transaction
\noccurs.
When the forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized
\nimmediately in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7221": {
"value": "The Group designates certain derivatives as hedging instruments to hedge the risk of changes in fair value of a recognized asset or liability or an unrecognized firm commitment (fair value hedges) and the risk of changes in cash flow of a highly
\nprobable forecast transaction and the risk of changes in foreign currency exchange rates of firm commitment (cash flow
\nhedges).
\n1)
Fair value hedges
\nThe Group recognizes the changes in the fair value of derivatives that are designated and qualified as fair value hedges
\nare recognized in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability
\nthat are attributable to the hedged risk. Hedge accounting is discontinued when the Group revokes the hedging relationship,
\nwhen the hedging instrument expires or is sold, terminated or exercised, or when it is no longer qualified for hedge
\naccounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized
\nto profit or loss from that date.
\n2)
Cash flow hedges
\nThe effective portion of changes in the fair value of derivatives that are designated and qualified as cash flow hedges is
\nrecognized in other comprehensive income.
The gain or loss relating to the ineffective portion is recognized immediately
\nin profit or loss.
Amounts previously recognized in other comprehensive income and accumulated in equity are
\nreclassified to profit or loss in the periods when the hedged item affects profit or loss.
If the forecast transaction results
\nin the recognition of a non-financial asset or liability, the related gain and loss recognized in other comprehensive income
\nand accumulated in equity are transferred from equity to the initial cost of related non-financial asset or liability.
\nCash flow hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging
\ninstrument expires or is sold, terminated or exercised, or it no longer qualifies for the criteria of hedging.
Any gain or
\nloss accumulated in equity at that time remains in equity, and is recognized as profit or loss when the forecast transaction
\noccurs.
When the forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized
immediately in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7256": {
"value": "(25) Fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
\nmarket participants at the measurement date, regardless of whether that price is directly observable or estimated using
\nanother valuation technique.
In estimating the fair value of an asset or a liability, the Group takes into account the
\ncharacteristics of the asset or liability if market participants would take those characteristics into account when pricing
\nthe asset or liability at the measurement date.
Fair value for measurement and/or disclosure purposes in these consolidated
\nfinancial statements is determined on such a basis, except for leasing transactions that are within the scope of K-IFRS
\n1116
Leases
, and measurements that have some similarities to fair value, but are not fair value, such as net realisable
\nvalue in K-IFRS 1002
Inventories
or value in use in K-IFRS 1036
Impairment of Assets
.
\nIn addition, for financial reporting purposes, fair value measurements are categorized into Levels 1, 2 or 3, based on the
\ndegree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair
\nvalue measurement in its entirety, which are described in Note 20.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7294": {
"value": "(26) Accounting Treatment related to the Emission Rights Cap and Trade Scheme The Group classifies the emission rights as intangible assets.
The emission rights allowances received from the
\ngovernment free of charge are measured at zero, while purchased emission rights allowances are measured at cost.
No
\nemission liability is recognized if the expected quantity of emission for the performing period does not exceed the
\nemission allowance in possession.
If the expected emissions exceed the emission allowances held, the emission liability
\nis measured and recognized based on the expected excess quantity of emissions and the market unit price of the emission
\nrights at the end of the reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7307": {
"value": "(27) Significant accounting estimates and key sources of estimation uncertainties In the application of the Group\u2019s accounting policies, management is required to make judgments, estimates and \nassumptions about the carrying amounts of assets and liabilities that cannot be identified from other sources. The \nestimation and assumptions are based on historical experience and other factors that are considered to be relevant. Actual \nresults may be different from those estimations. The estimates and underlying assumptions are continually evaluated. \nRevisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only \nthat period or in the period of the revision and future periods if the revision affects both current and future periods. \nInformation about assumptions and estimation uncertainties at December 31, 2022 that have a significant risk of resulting \nin a material adjustment to the carrying amounts of assets and liabilities in the next financial year is as follows. \n1) Impairment test for goodwill and non-financial assets \nDetermining whether goodwill and non-financial asset is impaired requires an estimation of the value in use of the CGU \nto which goodwill has been allocated and value in use of non-financial assets. The value in use calculation requires the \nmanagement to estimate the future cash flows expected to arise from the CGU and a suitable discount rate in order to \ncalculate present value. \n2) Warranty provision \nThe Group recognizes provisions for the warranties of its products as described in Note 2.(20). The amounts are \nrecognized based on the best estimate of amounts necessary to settle the present and future warranty obligation. \n3) Defined benefit plans \nThe Group operates defined retirement benefit plans. Defined benefit obligations are determined at the end of each \nreporting period using an actuarial valuation method that requires management assumptions on discount rates, rates of \nexpected future salary increases and mortality rates. The characteristic of post-employment benefit plan that serves for \nthe long term period causes significant uncertainties when the post-employment benefit obligation is estimated. \n4) Taxation \nThe Group recognizes current tax and deferred tax based on the best estimates of income tax effect to be charged in the \nfuture as the result of operating activities until the end of the reporting period. However, actual final income tax to be \ncharged in the future may differ from the relevant assets and liabilities recognized at the end of the reporting period and \nthe difference may affect income tax charged or credited, or deferred tax assets and liabilities in the period in which the \nfinal income tax determined. \n5) Fair value of financial instruments \nThe Group uses valuation techniques that include inputs that are not based on observable market data to estimate the fair \nvalue of certain type of financial instruments. The Group makes judgements on the choice of various valuation methods \nand assumptions based on the condition of the principal market at the end of the reporting period. \n6) Measurement and useful lives of property, plant, equipment or intangible assets \nWhen the Group acquires property, plant, equipment or intangible assets from a business combination, it is required to \nestimate the fair value of the assets at the acquisition date and determine the useful lives of such assets for depreciation \nand amortization. \n7) Credit loss allowance \nThe Group sets credit loss allowance upon evaluation of impairment relating to account receivables and financial services \nreceivables as described in Note 2.(8). The precision in loss allowance is based on the estimation of expected cash flow \nand assumptions and variables of risk measurement model used for the estimation.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7308": {
"value": "(27) Significant accounting estimates and key sources of estimation uncertainties In the application of the Group\u2019s accounting policies, management is required to make judgments, estimates and
\nassumptions about the carrying amounts of assets and liabilities that cannot be identified from other sources.
The
\nestimation and assumptions are based on historical experience and other factors that are considered to be relevant.
Actual
\nresults may be different from those estimations.
The estimates and underlying assumptions are continually evaluated.
\nRevisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only
\nthat period or in the period of the revision and future periods if the revision affects both current and future periods.
\nInformation about assumptions and estimation uncertainties at December 31, 2022 that have a significant risk of resulting
\nin a material adjustment to the carrying amounts of assets and liabilities in the next financial year is as follows.
\n1)
Impairment test for goodwill and non-financial assets
\nDetermining whether goodwill and non-financial asset is impaired requires an estimation of the value in use of the CGU
\nto which goodwill has been allocated and value in use of non-financial assets.
The value in use calculation requires the
\nmanagement to estimate the future cash flows expected to arise from the CGU and a suitable discount rate in order to
\ncalculate present value.
\n2)
Warranty provision
\nThe Group recognizes provisions for the warranties of its products as described in Note 2.(20).
The amounts are
\nrecognized based on the best estimate of amounts necessary to settle the present and future warranty obligation.
\n3)
Defined benefit plans
\nThe Group operates defined retirement benefit plans.
Defined benefit obligations are determined at the end of each
\nreporting period using an actuarial valuation method that requires management assumptions on discount rates, rates of
\nexpected future salary increases and mortality rates.
The characteristic of post-employment benefit plan that serves for
\nthe long term period causes significant uncertainties when the post-employment benefit obligation is estimated.
\n4)
Taxation
\nThe Group recognizes current tax and deferred tax based on the best estimates of income tax effect to be charged in the
\nfuture as the result of operating activities until the end of the reporting period.
However, actual final income tax to be
\ncharged in the future may differ from the relevant assets and liabilities recognized at the end of the reporting period and
\nthe difference may affect income tax charged or credited, or deferred tax assets and liabilities in the period in which the
\nfinal income tax determined.
\n5)
Fair value of financial instruments
\nThe Group uses valuation techniques that include inputs that are not based on observable market data to estimate the fair
\nvalue of certain type of financial instruments.
The Group makes judgements on the choice of various valuation methods
\nand assumptions based on the condition of the principal market at the end of the reporting period.
\n6)
Measurement and useful lives of property, plant, equipment or intangible assets
\nWhen the Group acquires property, plant, equipment or intangible assets from a business combination, it is required to
\nestimate the fair value of the assets at the acquisition date and determine the useful lives of such assets for depreciation
\nand amortization.
\n7)
Credit loss allowance
\nThe Group sets credit loss allowance upon evaluation of impairment relating to account receivables and financial services
\nreceivables as described in Note 2.(8).
The precision in loss allowance is based on the estimation of expected cash flow
\nand assumptions and variables of risk measurement model used for the estimation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7388": {
"value": "3. TRADE NOTES AND ACCOUNTS RECEIVABLE:
\n(1)
Trade notes and accounts receivable as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
Curren
t
N
on-curren
t
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nTrade notes and accounts receivable
\uffe6
4,298,915
\uffe6
200,400
\uffe6
3,190,030
\uffe6
145,648
\nLoss allowance
(19,858)
(5,028)
(42,734)
(773)
\nPresent value discount accounts
-
(15,591)
-
(7,718)
\n\uffe6
4,279,057
\uffe6
179,781
\uffe6
3,147,296
\uffe6
137,157
\n(2)
Aging analysis of trade notes and accounts receivable
\nAs of December 31, 2022, aging analysis of total trade notes and accounts receivable that are past due, but not impaired
\nare as follows.
\nDescription
N
ot due
\nOverdue
\nWithin
\n90da
y
s
\nOverdue
\nWithin
\n180days
\nMore than
\n91da
y
s
\nOverdue
\nMore than
\n181 da
y
s
\nTotal
\namounts
\nAmount of
\nimpaired
\nreceivables
\n(In millions of Korean Won)
\nTotal trade note and
\naccounts receivable
\uffe6
4,225,436
\uffe6
192,913
\uffe6
7,766
\uffe6
73,200
\uffe6
4,499,315
\uffe6
24,886
\nAs of December 31, 2021, aging analysis of total trade notes and accounts receivable that are past due, but not impaired
\nare as follows.
\nDescription
N
ot due
\nOverdue
\nWithin
\n90da
y
s
\nOverdue
\nWithin
\n180days
\nMore than
\n91da
y
s
\nOverdue
\nMore than
\n181 da
y
s
\nTotal
\namounts
\nAmount of
\nimpaired
\nreceivables
\n(In millions of Korean Won)
\nTotal trade note and
\naccounts receivable
\uffe6
2,998,927
\uffe6
249,201
\uffe6
5,437
\uffe6
82,113
\uffe6
3,335,678
\uffe6
43,507
\n(3)
Transferred trade notes and accounts receivable that are not derecognized
\nAs of December 31, 2022 and December 31, 2021, total trade notes and accounts receivable (including inter-company
\nreceivables within the Group) which the Group transferred to financial institutions but did not qualify for derecognition,
\namount to
\uffe6
2,123,379 million and
\uffe6
3,059,551 million, respectively.
Cash and cash equivalents received as
\nconsideration for the transfer are recognized as short-term borrowings due to the fact that the risks and rewards were not
\ntransferred substantially.
\n(4)
Changes in loss allowance for the years ended December 31, 2022 and December 31, 2021 are as follows
\nDescription
2022
2021
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
43,507
\uffe6
55,210
\nImpairment loss (reversal)
(940)
2,204
\nWrite-off
(20,769)
(14,307)
\nEffect of forei
g
n exchan
g
e differences and others
3,088
400
\nEnd of the year
\uffe6
24,886
\uffe6
43,507
\n4.
OTHER RECEIVABLES:
\n(1)
Other receivables as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
Curren
t
N
on-curren
t
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nAccounts receivable
\u2013
othe
r
s (*)
\uffe6
3,143,232
\uffe6
418,541
\uffe6
2,785,799
\uffe6
373,569
\nDue from
customers for contract wor
k
1,413,886
-
1,421,108
-
\nLease and rental deposits
17,471
323,362
24,105
310,536
\nDeposits
12,854
40,740
7,289
33,469
\nOthe
r
s
5,631
38,407
3,546
23,594
\nLoss allowance
(134,385)
-
(20,877)
-
\n\uffe6
4,458,689
\uffe6
821,050
\uffe6
4,220,970
\uffe6
741,168
\n(*) As of December 31, 2022 and December 31, 2021, the Group recognized the reimbursement related to the warranty provisions as
\na separate asset in the amount of
\uffe6
1,045,159 million and
\uffe6
1,091,859 million, respectively.
\n(2)
Changes in other allowance for the years ended December 31, 2022 and December 31, 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nBeginning of the year
\uffe6
20,877
\uffe6
18,169
\nImpairment loss
130,650
517
\nWrite-off
(971)
(871)
\nEffect of forei
g
n exchan
g
e
differences
(16,171)
3,062
\nEnd of the year
\uffe6
134,385
\uffe6
20,877",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7545": {
"value": "(4)
Changes in loss allowance for the years ended December 31, 2022 and December 31, 2021 are as follows
\nDescription
2022
2021
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
43,507
\uffe6
55,210
\nImpairment loss (reversal)
(940)
2,204
\nWrite-off
(20,769)
(14,307)
\nEffect of forei
g
n exchan
g
e differences and others
3,088
400
\nEnd of the year
\uffe6
24,886
\uffe6
43,507
(2)
Changes in other allowance for the years ended December 31, 2022 and December 31, 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nBeginning of the year
\uffe6
20,877
\uffe6
18,169
\nImpairment loss
130,650
517
\nWrite-off
(971)
(871)
\nEffect of forei
g
n exchan
g
e
differences
(16,171)
3,062
\nEnd of the year
\uffe6
134,385
\uffe6
20,877
(3)
The changes in loss allowance of financial services receivables for the year ended December 31, 2022 are as follows.
\nLoan Obli
g
ations
\n12-Month
\nexpected
\ncredit losses
\nLifetime expected credit losses
\nDescription
N
ot Impaire
d
Impaire
d
\nTotal loan
\nobligations
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
449,207
\uffe6
316,425
\uffe6
204,034
\uffe6
969,666
\nTransfer to 12-Month expected
\ncredit losses
69,360
(65,956)
(3,404)
-
\nTransfer to lifetime expected
\ncredit losses
(54,196)
58,198
(4,002)
-
\nTransfer to credit-impaired
\nfinancial assets
(2,434)
(7,225)
9,659
-
\nImpairment loss (reversal)
(139,481)
435,731
164,836
461,086
\nCollection (write-off)
(169)
(241,816)
(132,234)
(374,219)
\nDisposals and others
(2)
-
(4,794)
(4,796)
\nEffect of foreign exchange
\ndifferences
22,750
6,062
62
28,874
\nEnd of the
y
ea
r
\uffe6
345,035
\uffe6
501,419
\uffe6
234,157
\uffe6
1,080,611
\nCard receivables
\n12-Month
\nexpected
\ncredit losses
\nLifetime expected credit losses
\nDescription
N
ot Impaire
d
Impaire
d
\nTotal card
\nreceivables
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
195,709
\uffe6
163,391
\uffe6
154,600
\uffe6
513,700
\nTransfer to 12-Month expected
\ncredit losses
49,247
(49,118)
(129)
-
\nTransfer to lifetime expected
\ncredit losses
(26,980)
27,145
(165)
-
\nTransfer to credit-impaired
\nfinancial assets
(93,623)
(70,901)
164,524
-
\nImpairment loss (reversal)
65,488
149,053
217,342
431,883
\nCollection (write-off)
-
-
(342,013)
(342,013)
\nDisposals and others
-
1
(15,368)
(15,367)
\nEffect of foreign exchange
\ndifferences
-
-
-
-
\nEnd of the
y
ea
r
\uffe6
189,841
\uffe6
219,571
\uffe6
178,791
\uffe6
588,203
\nOthers
\nTotal
\nAllowances
\n12-Month
\nexpected
\ncredit losses
\nLifetime expected credit losses
\nDescription
N
ot Impaire
d
Impaire
d
Total others
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
14,299
\uffe6
8,119
\uffe6
46,203
\uffe6
68,621
\uffe6
1,551,987
\nTransfer to 12-Month expected
\ncredit losses
4,326
(1,737)
(2,590)
(1)
(1)
\nTransfer to lifetime expected
\ncredit losses
(1,550)
1,974
(424)
-
-
\nTransfer to credit-impaired
\nfinancial assets
(100)
(237)
337
-
-
\nImpairment loss (reversal)
(3,639)
855
8,315
5,531
898,500
\nCollection (write-off)
-
-
(16,049)
(16,049)
(732,281)
\nDisposals and others
-
-
-
-
(20,163)
\nEffect of foreign exchange
\ndifferences
-
-
-
-
28,874
\nEnd of the
y
ea
r
\uffe6
13,336
\uffe6
8,974
\uffe6
35,792
\uffe6
58,102
\uffe6
1,726,916
The changes in allowance for doubtful accounts of financial services receivables for the year ended December 31,
\n2021 are as follows.
\nLoan Obli
g
ations
\n12-Month
\nexpected
\ncredit losses
\nLifetime expected credit losses
\nDescription
N
ot Impaire
d
Impaire
d
\nTotal loan
\nobligations
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
441,192
\uffe6
300,082
\uffe6
315,136
\uffe6
1,056,410
\nTransfer to 12-Month expected
\ncredit losses
71,703
(67,049)
(4,654)
-
\nTransfer to lifetime expected
\ncredit losses
(57,656)
61,633
(3,977)
-
\nTransfer to credit-impaired
\nfinancial assets
(2,773)
(5,866)
8,639
-
\nImpairment loss (reversal)
(27,338)
128,769
135,156
236,587
\nCollection (write-off)
50
(114,436)
(246,714)
(361,100)
\nDisposals and others
-
-
234
234
\nEffect of foreign exchange
\ndifferences
24,029
13,292
214
37,535
\nEnd of the
y
ea
r
\uffe6
449,207
\uffe6
316,425
\uffe6
204,034
\uffe6
969,666
\nCard receivables
\n12-Month
\nexpected
\ncredit losses
\nLifetime expected credit losses
\nDescription
N
ot Impaire
d
Impaire
d
\nTotal card
\nreceivables
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
186,440
\uffe6
142,390
\uffe6
225,298
\uffe6
554,128
\nTransfer to 12-Month expected
\ncredit losses
49,439
(49,287)
(152)
-
\nTransfer to lifetime expected
\ncredit losses
(14,871)
15,045
(174)
-
\nTransfer to credit-impaired
\nfinancial assets
(117,994)
(56,471)
174,465
-
\nImpairment loss (reversal)
120,496
111,716
99,160
331,372
\nCollection (write-off)
-
-
(332,434)
(332,434)
\nDisposals and others
(27,801)
(2)
(11,563)
(39,366)
\nEffect of foreign exchange
\ndifferences
-
-
-
-
\nEnd of the
y
ea
r
\uffe6
195,709
\uffe6
163,391
\uffe6
154,600
\uffe6
513,700
\nOthers
\nTotal
\nAllowances
\n12-Month
\nexpected
\ncredit losses
\nLifetime expected credit losses
\nDescription
N
ot Impaire
d
Impaire
d
Total others
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
18,032
\uffe6
6,368
\uffe6
50,291
\uffe6
74,691
\uffe6
1,685,229
\nTransfer to 12-Month expected
\ncredit losses
3,649
(1,461)
(2,188)
-
-
\nTransfer to lifetime expected
\ncredit losses
(1,879)
2,388
(509)
-
-
\nTransfer to credit-impaired
\nfinancial assets
(144)
(233)
377
-
-
\nImpairmen
t
loss (reversal)
(5,359)
1,057
(1,449)
(5,751)
562,208
\nCollection (write-off)
-
-
(319)
(319)
(693,853)
\nDisposals and others
-
-
-
-
(39,132)
\nEffect of foreign exchange
\ndifferences
-
-
-
-
37,535
\nEnd of the
y
ea
r
\uffe6
14,299
\uffe6
8,119
\uffe6
46,203
\uffe6
68,621
\uffe6
1,551,987
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7944": {
"value": "6. INVENTORIES:
\nInventories as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nFinished
g
oods
\uffe6
7,824,079
\uffe6
5,987,233
\nMerchandise
100,075
59,518
\nSemifinished
g
oods
666,083
711,155
\nWork in pro
g
ress
578,404
692,832
\nRaw materials
3,460,781
2,536,671
\nSupplies
351,994
315,871
\nMaterials in transi
t
576,321
730,970
\nOthe
r
s (*1)
733,479
611,391
\nTotal (*2)
\uffe6
14,291,216
\uffe6
11,645,641
\n(*1) As of December 31, 2022 and December 31, 2021, others include inventories provided by operating lease with repurchase
\nagreement in the amount of
\uffe6
163,268 million and
\uffe6
143,641 million, respectively.
\n(*2) As of December 31, 2022 and December 31, 2021, the Group recognized a valuation allowance in the amount of
\uffe6
177,907
\nmillion and
\uffe6
167,888 million, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8006": {
"value": "7.OTHER ASSETS:
\nOther assets as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
Curren
t
N
on-curren
t
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nAccrued income
\uffe6
460,921
\uffe6
531
\uffe6
353,643
\uffe6
716
\nAdvanced pa
y
ments
882,136
130,743
662,919
-
\nPrepaid expenses
782,749
1,332,807
558,336
1,108,621
\nPrepaid value-added tax and others
514,747
86,374
506,955
81,947
\n\uffe6
2,640,553
\uffe6
1,550,455
\uffe6
2,081,853
\uffe6
1,191,284",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8007": {
"value": "7.OTHER ASSETS:
\nOther assets as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
Curren
t
N
on-curren
t
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nAccrued income
\uffe6
460,921
\uffe6
531
\uffe6
353,643
\uffe6
716
\nAdvanced pa
y
ments
882,136
130,743
662,919
-
\nPrepaid expenses
782,749
1,332,807
558,336
1,108,621
\nPrepaid value-added tax and others
514,747
86,374
506,955
81,947
\n\uffe6
2,640,553
\uffe6
1,550,455
\uffe6
2,081,853
\uffe6
1,191,284",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8008": {
"value": "7.OTHER ASSETS:
\nOther assets as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
Curren
t
N
on-curren
t
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nAccrued income
\uffe6
460,921
\uffe6
531
\uffe6
353,643
\uffe6
716
\nAdvanced pa
y
ments
882,136
130,743
662,919
-
\nPrepaid expenses
782,749
1,332,807
558,336
1,108,621
\nPrepaid value-added tax and others
514,747
86,374
506,955
81,947
\n\uffe6
2,640,553
\uffe6
1,550,455
\uffe6
2,081,853
\uffe6
1,191,284",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8066": {
"value": "8. NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE:
\nNon-current assets classified as held for sale and non-current liabilities classified as held for sale as of December 31, 2022
\nand December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nLan
d
\uffe6
6,676
\uffe6
-
\nBuildin
g
and others
15,626
28,121
\nTotal
\uffe6
22,302
\uffe6
28,121
\nN
on-current liabilities classified as held for sale
\uffe6
5,365
\uffe6
-",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8110": {
"value": "9. PROPERTY, PLANT AND EQUIPMENT:
\n(1)
Property, plant and equipment (\u201cPP&E\u201d) as of December 31, 2022 and 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
\nAcquisition
\ncost
\nAccumulated
\ndepreciation (*)
Book value
\nAcquisition
\ncost
\nAccumulated
\ndepreciation (*)
Book value
\n(
In millions of Korean Won
)
\nLan
d
\uffe6
12,180,112
\uffe6
-
\uffe6
12,180,112
\uffe6
12,130,094
\uffe6
-
\uffe6
12,130,094
\nBuildin
g
s
11,620,590
(
4,489,885
)
7,130,705
10,872,099
(
4,108,392
)
6,763,707
\nStructures
1,762,100
(911,214)
850,886
1,634,658
(820,896)
813,762
\nMachiner
y
and e
q
ui
p
ment
18,215,786
(
11,632,625
)
6,583,161
17,542,258
(
10,884,908
)
6,657,350
\nVehicles
615,152
(252,906)
362,246
473,053
(219,202)
253,851
\nDies, molds and tools
15,387,346
(
11,258,981
)
4,128,365
14,310,816
(
9,899,714
)
4,411,102
\nOffice equipment
2,090,753
(1,601,189)
489,564
1,926,607
(1,502,058)
424,549
\nOthers
272,101
(
114,293
)
157,808
309,479
(
102,861
)
206,618
\nConstruction in
p
ro
g
ress
4,270,343
-
4,270,343
3,882,050
-
3,882,050
\n\uffe6
66,414,283
\uffe6
(30,261,093)
\uffe6
36,153,190
\uffe6
63,081,114
\uffe6
(27,538,031)
\uffe6
35,543,083
\n(*)
Accumulated impairment losses are included.
\n(2)
The changes in PP&E for the year ended December 31, 2022 are as follows.
\nDescription
\nBeginning
\nof the yea
r
Acquisitions
\nTransfers
\nwithin PP&E
Disposals
Depreciation
Others (*)
\nEnd of
\nthe yea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
12,130,094
\uffe6
-
\uffe6
56,663
\uffe6
(9,874)
\uffe6
-
\uffe6
3,229
\uffe6
12,180,112
\nBuildings
6,763,707
6,946
703,192
(28,181)
(357,212)
42,253
7,130,705
\nStructures
813,762
18,900
90,828
(5,258)
(77,357)
10,011
850,886
\nMachinery and
\nequipmen
t
6,657,350
32,604
986,035
(91,333)
(1,064,339)
62,844
6,583,161
\nVehicles
253,851
109,262
137,739
(59,329)
(81,904)
2,627
362,246
\nDies, molds
\nand tools
4,411,102
19,799
1,284,698
(65,801)
(1,403,168)
(118,265)
4,128,365
\nOffice equipmen
t
424,549
55,507
187,658
(3,303)
(173,658)
(1,189)
489,564
\nOthers
206,618
3,577
79,172
(288)
(17,647)
(113,624)
157,808
\nConstruction-in
\n-
p
rogress
3,882,050
4,110,106
(3,525,985)
(1,192)
-
(194,636)
4,270,343
\n\uffe6
35,543,083
\uffe6
4,356,701
\uffe6
-
\uffe6
(264,559)
\uffe6
(3,175,285)
\uffe6
(306,750)
\uffe6
36,153,190
\n(*) Others include the effect of foreign exchange differences, transfers from or to other accounts, impairment loss of
\uffe6
172,769
\nmillion for the CGU attributable to Hyundai Motor Manufacturing Rus LLC and others. The impairment test regarding CGU
\nattributable to Hyundai Motor Manufacturing Rus LLC was conducted due to continued suspension of production, and the recoverable
\namount was based on its fair value less costs to sell (net fair value).
\nThe changes in PP&E for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the yea
r
Acquisitions
\nTransfers
\nwithin PP&E
Disposals
Depreciation
Others (*)
\nEnd of
\nthe yea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
12,047,003
\uffe6
68,990
\uffe6
39,283
\uffe6
(1,303)
\uffe6
-
\uffe6
(23,879)
\uffe6
12,130,094
\nBuildings
6,355,852
39,130
626,269
(3,460)
(328,580)
74,496
6,763,707
\nStructures
762,248
27,774
103,295
(14,823)
(68,500)
3,768
813,762
\nMachinery and
\nequipmen
t
6,668,945
28,839
922,091
(31,931)
(1,010,082)
79,488
6,657,350
\nVehicles
205,102
84,104
82,730
(51,161)
(61,111)
(5,813)
253,851
\nDies, molds
\nand tools
3,837,278
27,708
1,792,988
(18,308)
(1,292,982)
64,418
4,411,102
\nOffice equipmen
t
385,763
61,338
130,049
(1,919)
(157,611)
6,929
424,549
\nOthers
75,623
8,451
147,235
(23,572)
(13,650)
12,531
206,618
\nConstruction-in
\n-
p
rogress
3,754,415
4,036,440
(3,843,940)
(451)
-
(64,414)
3,882,050
\n\uffe6
34,092,229
\uffe6
4,382,774
\uffe6
-
\uffe6
(146,928)
\uffe6
(2,932,516)
\uffe6
147,524
\uffe6
35,543,083
\n(*) Others include the effect of foreign exchange differences, transfers from or to other accounts, impairment loss of
\uffe6
44,499 million
\nallocated from the impairment of CGU attributable to Hyundai Truck & Bus(China) Co., Ltd. and others. The recoverable amount of
\nCGU attributable to Hyundai Truck & Bus(China) Co., Ltd. was based on its value in use or fair value less costs to disposal(net fair
\nvalue), and the discount rate applied to the measurement of value in use is 8.7%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8243": {
"value": "(2)
The changes in PP&E for the year ended December 31, 2022 are as follows.
\nDescription
\nBeginning
\nof the yea
r
Acquisitions
\nTransfers
\nwithin PP&E
Disposals
Depreciation
Others (*)
\nEnd of
\nthe yea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
12,130,094
\uffe6
-
\uffe6
56,663
\uffe6
(9,874)
\uffe6
-
\uffe6
3,229
\uffe6
12,180,112
\nBuildings
6,763,707
6,946
703,192
(28,181)
(357,212)
42,253
7,130,705
\nStructures
813,762
18,900
90,828
(5,258)
(77,357)
10,011
850,886
\nMachinery and
\nequipmen
t
6,657,350
32,604
986,035
(91,333)
(1,064,339)
62,844
6,583,161
\nVehicles
253,851
109,262
137,739
(59,329)
(81,904)
2,627
362,246
\nDies, molds
\nand tools
4,411,102
19,799
1,284,698
(65,801)
(1,403,168)
(118,265)
4,128,365
\nOffice equipmen
t
424,549
55,507
187,658
(3,303)
(173,658)
(1,189)
489,564
\nOthers
206,618
3,577
79,172
(288)
(17,647)
(113,624)
157,808
\nConstruction-in
\n-
p
rogress
3,882,050
4,110,106
(3,525,985)
(1,192)
-
(194,636)
4,270,343
\n\uffe6
35,543,083
\uffe6
4,356,701
\uffe6
-
\uffe6
(264,559)
\uffe6
(3,175,285)
\uffe6
(306,750)
\uffe6
36,153,190
\n(*) Others include the effect of foreign exchange differences, transfers from or to other accounts, impairment loss of
\uffe6
172,769
\nmillion for the CGU attributable to Hyundai Motor Manufacturing Rus LLC and others. The impairment test regarding CGU
\nattributable to Hyundai Motor Manufacturing Rus LLC was conducted due to continued suspension of production, and the recoverable
\namount was based on its fair value less costs to sell (net fair value).
\nThe changes in PP&E for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the yea
r
Acquisitions
\nTransfers
\nwithin PP&E
Disposals
Depreciation
Others (*)
\nEnd of
\nthe yea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
12,047,003
\uffe6
68,990
\uffe6
39,283
\uffe6
(1,303)
\uffe6
-
\uffe6
(23,879)
\uffe6
12,130,094
\nBuildings
6,355,852
39,130
626,269
(3,460)
(328,580)
74,496
6,763,707
\nStructures
762,248
27,774
103,295
(14,823)
(68,500)
3,768
813,762
\nMachinery and
\nequipmen
t
6,668,945
28,839
922,091
(31,931)
(1,010,082)
79,488
6,657,350
\nVehicles
205,102
84,104
82,730
(51,161)
(61,111)
(5,813)
253,851
\nDies, molds
\nand tools
3,837,278
27,708
1,792,988
(18,308)
(1,292,982)
64,418
4,411,102
\nOffice equipmen
t
385,763
61,338
130,049
(1,919)
(157,611)
6,929
424,549
\nOthers
75,623
8,451
147,235
(23,572)
(13,650)
12,531
206,618
\nConstruction-in
\n-
p
rogress
3,754,415
4,036,440
(3,843,940)
(451)
-
(64,414)
3,882,050
\n\uffe6
34,092,229
\uffe6
4,382,774
\uffe6
-
\uffe6
(146,928)
\uffe6
(2,932,516)
\uffe6
147,524
\uffe6
35,543,083
\n(*) Others include the effect of foreign exchange differences, transfers from or to other accounts, impairment loss of
\uffe6
44,499 million
\nallocated from the impairment of CGU attributable to Hyundai Truck & Bus(China) Co., Ltd. and others. The recoverable amount of
\nCGU attributable to Hyundai Truck & Bus(China) Co., Ltd. was based on its value in use or fair value less costs to disposal(net fair
\nvalue), and the discount rate applied to the measurement of value in use is 8.7%.
(2)
The changes in investment property for the year ended December 31, 2022 are as follows:
\nDescription
\nBeginning
\nof the yea
r
Transfers(*)
Depreciation
\nEffect of foreign
\nexchange
\ndifferences
\nEnd of
\nthe
y
ea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
54,284
\uffe6
(6,676)
\uffe6
-
\uffe6
-
\uffe6
47,608
\nBuildin
g
s
91,858
201
(4,994)
(328)
86,737
\nStructures
10,514
-
(408)
(1)
10,105
\n\uffe6
156,656
\uffe6
(6,475)
\uffe6
(5,402)
\uffe6
(329)
\uffe6
144,450
\n(*)
Transferred amount from Construction-in-progress.
\nThe changes in Investment properties for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the yea
r
Disposals
Transfers(*)
Depreciation
\nEffect of foreign
\nexchange
\ndifferences
\nEnd of
\nthe
y
ea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
56,046
\uffe6
(1,762)
\uffe6
-
\uffe6
-
\uffe6
-
\uffe6
54,284
\nBuildin
g
s
94,000
-
1,537
(4,990)
1,311
91,858
\nStructures
10,921
-
-
(408)
1
10,514
\n\uffe6
160,967
\uffe6
(1,762)
\uffe6
1,537
\uffe6
(5,398)
\uffe6
1,312
\uffe6
156,656
\n(*)
Transferred amount from Construction-in-progress.
(2)
The changes in intangible assets for the year ended December 31, 2022 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
\nInternal
\ndevelopments
\nExternal
\nacquisition
\nTransfers
\nwithin
\nintangible
\nassets
Disposals
\n(In millions of Korean Won)
\nGoodwill
\uffe6
373,763
\uffe6
-
\uffe6
-
\uffe6
-
\uffe6
-
\nDevelopment Costs
4,042,493
1,176,423
26,653
45,890
(3,755)
\nIndustrial propert
y
ri
g
hts
139,209
93
505
33,875
(85)
\nSoftware
477,856
540
62,745
60,924
(23)
\nOthers
631,923
-
40,277
45,521
(30,387)
\nConstruction in pro
g
ress
181,742
18,941
388,696
(186,210)
-
\n\uffe6
5,846,986
\uffe6
1,195,997
\uffe6
518,876
\uffe6
-
\uffe6
(34,250)
Description
Amortization
\nImpairment loss
\n/reversal (*1)
Others (*2)
\nEnd of
\nthe
y
ea
r
\n(In millions of Korean Won)
\nGoodwill
\uffe6
-
\uffe6
-
\uffe6
318,954
\uffe6
692,717
\nDevelopment Costs
(1,596,985)
(159,009)
22,715
3,554,425
\nIndustrial propert
y
ri
g
hts
(29,057)
-
3,811
148,351
\nSoftware
(188,800)
(7,426)
249,067
654,883
\nOthers
(52,093)
(1,841)
24,083
657,483
\nConstruction in pro
g
ress
-
(502)
(8,149)
394,518
\n\uffe6
(1,866,935)
\uffe6
(168,778)
\uffe6
610,481
\uffe6
6,102,377
(*1) Impairment losses include impairment of development costs due to the discontinued sales and development projects
\nand others
for the year ended December 31, 2022.
(*2) Others include the effect of foreign exchange differences, transfers from or to other accounts, changes in the scope of consolidation
\nand others.
\nThe changes in intangible assets for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
\nInternal
\ndevelopments
\nExternal
\nacquisition
\nTransfers
\nwithin
\nintangible
\nassets
Disposals
\n(In millions of Korean Won)
\nGoodwill
\uffe6
341,476
\uffe6
-
\uffe6
-
\uffe6
-
\uffe6
-
\nDevelopment Costs
4,277,671
1,291,676
31,287
41,147
(417)
\nIndustrial propert
y
ri
g
hts
245,400
64
951
28,076
(152)
\nSoftware
419,101
8,531
41,316
32,113
(110)
\nOthers
251,263
-
1,150
21,771
(18,662)
\nConstruction in pro
g
ress
142,656
11,124
171,226
(123,107)
-
\n\uffe6
5,677,567
\uffe6
1,311,395
\uffe6
245,930
\uffe6
-
\uffe6
(19,341)
\nDescription
Amortization
\nImpairment loss
\n/reversal (*1)
\nTransfer to Non-
\ncurrent assets
\nclassified as held
\nfor sale
Others (*2)
\nEnd of
\nthe
y
ea
r
\n(In millions of Korean Won)
\nGoodwill
\uffe6
-
\uffe6
(76,805)
\uffe6
-
\uffe6
109,092
\uffe6
373,763
\nDevelopment Costs
(1,406,713)
(192,213)
(3,496)
3,551
4,042,493
\nIndustrial propert
y
ri
g
hts
(24,076)
(112,278)
-
1,224
139,209
\nSoftware
(158,353)
(4)
-
135,262
477,856
\nOthers
(28,681)
6
(162)
405,238
631,923
\nConstruction in pro
g
ress
-
(12,853)
-
(7,304)
181,742
\n\uffe6
(1,617,823)
\uffe6
(394,147)
\uffe6
(3,658)
\uffe6
647,063
\uffe6
5,846,986
\n(*1) Impairment losses include impairment of development costs due to the discontinued sales and development projects, impairment
\nloss of
\uffe6
246,707 million allocated from the impairment of CGU attributable to Hyundai Truck & Bus(China) Co., Ltd. and others.
\n(*2) Others include the effect of foreign exchange differences, transfers from or to other accounts, changes in the scope of consolidation
\nand others.
(1)
The changes in right-of-use assets for the year ended December 31, 2022 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
Acquisitions
Disposals
Depreciation
Others(*)
End of the
y
ea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
83,604
\uffe6
175,406
\uffe6
(392)
\uffe6
(6,097)
\uffe6
(623)
\uffe6
251,898
\nBuildin
g
s
754,149
330,661
(59,061)
(197,807)
(8,589)
819,353
\nVehicles
2,370
34,238
(507)
(6,258)
(3,250)
26,593
\nOthers
100,703
18,482
-
(6,323)
(93,413)
19,449
\n\uffe6
940,826
\uffe6
558,787
\uffe6
(59,960)
\uffe6
(216,485)
\uffe6
(105,875)
\uffe6
1,117,293
\n(*)
Others include the effect of foreign exchange differences, changes in the scope of consolidation and others.
\nThe changes in right-of-use assets for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
Acquisitions
Disposals
Depreciation
Others(*)
End of the
y
ea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
143,679
\uffe6
13,863
\uffe6
(457)
\uffe6
(6,686)
\uffe6
(66,795)
\uffe6
83,604
\nBuildin
g
s
681,335
249,691
(22,786)
(184,173)
30,082
754,149
\nVehicles
2,672
1,566
(78)
(1,845)
55
2,370
\nOthers
8,638
97,885
(854)
(8,722)
3,756
100,703
\n\uffe6
836,324
\uffe6
363,005
\uffe6
(24,175)
\uffe6
(201,426)
\uffe6
(32,902)
\uffe6
940,826
\n(*)
Others include the effect of foreign exchange differences, changes in the scope of consolidation, impairment loss of
\uffe6
46,910
\nmillion allocated from the impairment of CGU attributable to Hyundai Truck & Bus(China) Co., Ltd. and others.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8503": {
"value": "10. INVESTMENT PROPERTY:
\n(1)
Investment property as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
\nAcquisition
\ncos
t
\nAccumulated
\ndepreciation
Book value
\nAcquisition
\ncos
t
\nAccumulated
\ndepreciation
Book value
\n(In millions of Korean Won)
\nLan
d
\uffe6
47,608
\uffe6
-
\uffe6
47,608
\uffe6
54,284
\uffe6
-
\uffe6
54,284
\nBuildin
g
s
310,589
(223,852)
86,737
313,777
(221,919)
91,858
\nStructures
18,630
(8,525)
10,105
18,630
(8,116)
10,514
\n\uffe6
376,827
\uffe6
(232,377)
\uffe6
144,450
\uffe6
386,691
\uffe6
(230,035)
\uffe6
156,656
\n(2)
The changes in investment property for the year ended December 31, 2022 are as follows:
\nDescription
\nBeginning
\nof the yea
r
Transfers(*)
Depreciation
\nEffect of foreign
\nexchange
\ndifferences
\nEnd of
\nthe
y
ea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
54,284
\uffe6
(6,676)
\uffe6
-
\uffe6
-
\uffe6
47,608
\nBuildin
g
s
91,858
201
(4,994)
(328)
86,737
\nStructures
10,514
-
(408)
(1)
10,105
\n\uffe6
156,656
\uffe6
(6,475)
\uffe6
(5,402)
\uffe6
(329)
\uffe6
144,450
\n(*)
Transferred amount from Construction-in-progress.
\nThe changes in Investment properties for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the yea
r
Disposals
Transfers(*)
Depreciation
\nEffect of foreign
\nexchange
\ndifferences
\nEnd of
\nthe
y
ea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
56,046
\uffe6
(1,762)
\uffe6
-
\uffe6
-
\uffe6
-
\uffe6
54,284
\nBuildin
g
s
94,000
-
1,537
(4,990)
1,311
91,858
\nStructures
10,921
-
-
(408)
1
10,514
\n\uffe6
160,967
\uffe6
(1,762)
\uffe6
1,537
\uffe6
(5,398)
\uffe6
1,312
\uffe6
156,656
\n(*)
Transferred amount from Construction-in-progress.
\n(3) The fair value of Investment properties as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nLan
d
\uffe6
47,608
\uffe6
54,284
\nBuildin
g
s
333,488
338,579
\nStructures
15,496
15,496
\n\uffe6
396,592
\uffe6
408,359
\nThe fair value measurement of the Investment properties was performed by an independent third party.
The Group deems
\nthe change in fair value from the fair value measurement performed at the initial recognition of the Investment properties
\nis not material.
\nThe fair value of the Investment properties is classified as Level 3, based on the inputs used in the valuation techniques.
\nThe fair value has been determined based on the cost approach and the market approach.
The cost approach measures
\nfair value as current replacement cost considering building structures and design, supplementary installation, depreciation
\nperiod.
\n(4) Income and expenses related to Investment properties for the years ended December 31, 2022 and 2021 are as
\nfollows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nRental income
\uffe6
43,967
\uffe6
47,710
\nOperatin
g
and maintenance expenses
13,201
13,265",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8746": {
"value": "11. INTANGIBLE ASSETS:
\n(1)
Intangible assets as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
\nAcquisition
\ncos
t
\nAccumulated
\namortization (*)
Book value
\nAcquisition
\ncos
t
\nAccumulated
\namortization (*)
Book value
\n(In millions of Korean Won)
\nGoodwill
\uffe6
728,644
\uffe6
(35,927)
\uffe6
692,717
\uffe6
409,570
\uffe6
(35,807)
\uffe6
373,763
\nDevelopment
\ncosts
10,679,258
(7,124,833)
3,554,425
10,374,450
(6,331,957)
4,042,493
\nIndustrial
\np
ropert
y
ri
g
hts
515,017
(366,666)
148,351
477,280
(338,071)
139,209
\nSoftware
1,935,307
(1,280,424)
654,883
1,567,846
(1,089,990)
477,856
\nOthers
874,134
(216,651)
657,483
821,000
(189,077)
631,923
\nConstruction in
\np
ro
g
ress
415,983
(21,465)
394,518
197,278
(15,536)
181,742
\n\uffe6
15,148,343
\uffe6
(9,045,966)
\uffe6
6,102,377
\uffe6
13,847,424
\uffe6
(8,000,438)
\uffe6
5,846,986
\n(*)
Accumulated impairment losses are included.
\n(2)
The changes in intangible assets for the year ended December 31, 2022 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
\nInternal
\ndevelopments
\nExternal
\nacquisition
\nTransfers
\nwithin
\nintangible
\nassets
Disposals
\n(In millions of Korean Won)
\nGoodwill
\uffe6
373,763
\uffe6
-
\uffe6
-
\uffe6
-
\uffe6
-
\nDevelopment Costs
4,042,493
1,176,423
26,653
45,890
(3,755)
\nIndustrial propert
y
ri
g
hts
139,209
93
505
33,875
(85)
\nSoftware
477,856
540
62,745
60,924
(23)
\nOthers
631,923
-
40,277
45,521
(30,387)
\nConstruction in pro
g
ress
181,742
18,941
388,696
(186,210)
-
\n\uffe6
5,846,986
\uffe6
1,195,997
\uffe6
518,876
\uffe6
-
\uffe6
(34,250)
\n(*1) Impairment losses include impairment of development costs due to the discontinued sales and development projects
\nand others
for the year ended December 31, 2022.
\nDescription
Amortization
\nImpairment loss
\n/reversal (*1)
Others (*2)
\nEnd of
\nthe
y
ea
r
\n(In millions of Korean Won)
\nGoodwill
\uffe6
-
\uffe6
-
\uffe6
318,954
\uffe6
692,717
\nDevelopment Costs
(1,596,985)
(159,009)
22,715
3,554,425
\nIndustrial propert
y
ri
g
hts
(29,057)
-
3,811
148,351
\nSoftware
(188,800)
(7,426)
249,067
654,883
\nOthers
(52,093)
(1,841)
24,083
657,483
\nConstruction in pro
g
ress
-
(502)
(8,149)
394,518
\n\uffe6
(1,866,935)
\uffe6
(168,778)
\uffe6
610,481
\uffe6
6,102,377
\n(*2) Others include the effect of foreign exchange differences, transfers from or to other accounts, changes in the scope of consolidation
\nand others.
\nThe changes in intangible assets for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
\nInternal
\ndevelopments
\nExternal
\nacquisition
\nTransfers
\nwithin
\nintangible
\nassets
Disposals
\n(In millions of Korean Won)
\nGoodwill
\uffe6
341,476
\uffe6
-
\uffe6
-
\uffe6
-
\uffe6
-
\nDevelopment Costs
4,277,671
1,291,676
31,287
41,147
(417)
\nIndustrial propert
y
ri
g
hts
245,400
64
951
28,076
(152)
\nSoftware
419,101
8,531
41,316
32,113
(110)
\nOthers
251,263
-
1,150
21,771
(18,662)
\nConstruction in pro
g
ress
142,656
11,124
171,226
(123,107)
-
\n\uffe6
5,677,567
\uffe6
1,311,395
\uffe6
245,930
\uffe6
-
\uffe6
(19,341)
\nDescription
Amortization
\nImpairment loss
\n/reversal (*1)
\nTransfer to Non-
\ncurrent assets
\nclassified as held
\nfor sale
Others (*2)
\nEnd of
\nthe
y
ea
r
\n(In millions of Korean Won)
\nGoodwill
\uffe6
-
\uffe6
(76,805)
\uffe6
-
\uffe6
109,092
\uffe6
373,763
\nDevelopment Costs
(1,406,713)
(192,213)
(3,496)
3,551
4,042,493
\nIndustrial propert
y
ri
g
hts
(24,076)
(112,278)
-
1,224
139,209
\nSoftware
(158,353)
(4)
-
135,262
477,856
\nOthers
(28,681)
6
(162)
405,238
631,923
\nConstruction in pro
g
ress
-
(12,853)
-
(7,304)
181,742
\n\uffe6
(1,617,823)
\uffe6
(394,147)
\uffe6
(3,658)
\uffe6
647,063
\uffe6
5,846,986
\n(*1) Impairment losses include impairment of development costs due to the discontinued sales and development projects, impairment
\nloss of
\uffe6
246,707 million allocated from the impairment of CGU attributable to Hyundai Truck & Bus(China) Co., Ltd. and others.
\n(*2) Others include the effect of foreign exchange differences, transfers from or to other accounts, changes in the scope of consolidation
\nand others.
\n(3) Development costs of intangible assets as of December 31, 2022 consist of as follows.
\nDescription
Book value
Remainin
g
amortization period (*)
\n(In millions of Korean Won)
\nAutomobile
Developing
\uffe6
944,149
-
\n\u02dd
Amortizing
2,163,052
30 months
\nPowertrain
Developin
g
106,894
-
\n\u02dd
Amortizing
153,676
24 months
\nOthers
Developin
g
-
-
\n\u02dd
Amortizing
186,654
46 months
\n\uffe6
3,554,425
\n(*)
Since the remaining amortization period differs for each project, the weighted average remaining useful lives of the development
\ncosts at the end of reporting period are disclosed.
\nDevelopment costs of intangible assets as of December 31, 2021 consist of as follows.
\nDescription
Book value
Remainin
g
amortization period (*)
\n(In millions of Korean Won)
\nAutomobile
Developing
\uffe6
1,176,530
-
\n\u02dd
Amortizing
2,378,965
32 months
\nPowertrain
Developin
g
142,567
-
\n\u02dd
Amortizing
171,828
25 months
\nOthers
Developin
g
54
-
\n\u02dd
Amortizing
172,549
46 months
\n\uffe6
4,042,493
\n(*)
Since the remaining amortization period differs for each project, the weighted average remaining useful lives of the development
\ncosts at the end of reporting period are disclosed.
\n(4)
Research and development expenditures for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nDevelopment costs (intan
g
ible assets)
\uffe6
1,203,076
\uffe6
1,322,963
\nResearch and development costs (*1)
2,133,497
1,774,934
\nTotal (*2)
\uffe6
3,336,573
\uffe6
3,097,897
\n(*1)
Presented in manufacturing costs, administrative expenses.
\n(*2)
Amortization of development costs is not included.
\n(5)
Impairment test of goodwill
\nThe allocation of goodwill amongst the Group\u2019s CGUs as of December 31, 2022 and December 31, 2021 are as follows.
\nSe
g
men
t
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nVehicle
\uffe6
256,508
\uffe6
253,204
\nFinance
482
482
\nOthers
435,727
120,077
\n\uffe6
692,717
\uffe6
373,763
\nThe recoverable amounts of the Group\u2019s CGUs are measured as their value-in-use calculated based on cash flow
\nprojections of financial budgets for the next five years approved by management.
The pre-tax discount rate applied
\nto the cash flow projections for the years ended December 31, 2022 and 2021, are 12.7% and 8.7% respectively.
\nCash flow projections beyond the five-year period are extrapolated by using the estimated growth rate which does
\nnot exceed the long-term average growth rate of the region and industry to which the CGU belongs.
No impairment
\nloss had been recognized for the year ended December 31, 2022. An impairment loss on goodwill of
\uffe6
76,805
\nmillion was recognized with respect to the impairment of CGU attributable to Hyundai Truck & Bus(China) Co.,
\nLtd. for the year ended December 31, 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8747": {
"value": "11. INTANGIBLE ASSETS:
\n(1)
Intangible assets as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
\nAcquisition
\ncos
t
\nAccumulated
\namortization (*)
Book value
\nAcquisition
\ncos
t
\nAccumulated
\namortization (*)
Book value
\n(In millions of Korean Won)
\nGoodwill
\uffe6
728,644
\uffe6
(35,927)
\uffe6
692,717
\uffe6
409,570
\uffe6
(35,807)
\uffe6
373,763
\nDevelopment
\ncosts
10,679,258
(7,124,833)
3,554,425
10,374,450
(6,331,957)
4,042,493
\nIndustrial
\np
ropert
y
ri
g
hts
515,017
(366,666)
148,351
477,280
(338,071)
139,209
\nSoftware
1,935,307
(1,280,424)
654,883
1,567,846
(1,089,990)
477,856
\nOthers
874,134
(216,651)
657,483
821,000
(189,077)
631,923
\nConstruction in
\np
ro
g
ress
415,983
(21,465)
394,518
197,278
(15,536)
181,742
\n\uffe6
15,148,343
\uffe6
(9,045,966)
\uffe6
6,102,377
\uffe6
13,847,424
\uffe6
(8,000,438)
\uffe6
5,846,986
\n(*)
Accumulated impairment losses are included.
\n(2)
The changes in intangible assets for the year ended December 31, 2022 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
\nInternal
\ndevelopments
\nExternal
\nacquisition
\nTransfers
\nwithin
\nintangible
\nassets
Disposals
\n(In millions of Korean Won)
\nGoodwill
\uffe6
373,763
\uffe6
-
\uffe6
-
\uffe6
-
\uffe6
-
\nDevelopment Costs
4,042,493
1,176,423
26,653
45,890
(3,755)
\nIndustrial propert
y
ri
g
hts
139,209
93
505
33,875
(85)
\nSoftware
477,856
540
62,745
60,924
(23)
\nOthers
631,923
-
40,277
45,521
(30,387)
\nConstruction in pro
g
ress
181,742
18,941
388,696
(186,210)
-
\n\uffe6
5,846,986
\uffe6
1,195,997
\uffe6
518,876
\uffe6
-
\uffe6
(34,250)
\n(*1) Impairment losses include impairment of development costs due to the discontinued sales and development projects
\nand others
for the year ended December 31, 2022.
\nDescription
Amortization
\nImpairment loss
\n/reversal (*1)
Others (*2)
\nEnd of
\nthe
y
ea
r
\n(In millions of Korean Won)
\nGoodwill
\uffe6
-
\uffe6
-
\uffe6
318,954
\uffe6
692,717
\nDevelopment Costs
(1,596,985)
(159,009)
22,715
3,554,425
\nIndustrial propert
y
ri
g
hts
(29,057)
-
3,811
148,351
\nSoftware
(188,800)
(7,426)
249,067
654,883
\nOthers
(52,093)
(1,841)
24,083
657,483
\nConstruction in pro
g
ress
-
(502)
(8,149)
394,518
\n\uffe6
(1,866,935)
\uffe6
(168,778)
\uffe6
610,481
\uffe6
6,102,377
\n(*2) Others include the effect of foreign exchange differences, transfers from or to other accounts, changes in the scope of consolidation
\nand others.
\nThe changes in intangible assets for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
\nInternal
\ndevelopments
\nExternal
\nacquisition
\nTransfers
\nwithin
\nintangible
\nassets
Disposals
\n(In millions of Korean Won)
\nGoodwill
\uffe6
341,476
\uffe6
-
\uffe6
-
\uffe6
-
\uffe6
-
\nDevelopment Costs
4,277,671
1,291,676
31,287
41,147
(417)
\nIndustrial propert
y
ri
g
hts
245,400
64
951
28,076
(152)
\nSoftware
419,101
8,531
41,316
32,113
(110)
\nOthers
251,263
-
1,150
21,771
(18,662)
\nConstruction in pro
g
ress
142,656
11,124
171,226
(123,107)
-
\n\uffe6
5,677,567
\uffe6
1,311,395
\uffe6
245,930
\uffe6
-
\uffe6
(19,341)
\nDescription
Amortization
\nImpairment loss
\n/reversal (*1)
\nTransfer to Non-
\ncurrent assets
\nclassified as held
\nfor sale
Others (*2)
\nEnd of
\nthe
y
ea
r
\n(In millions of Korean Won)
\nGoodwill
\uffe6
-
\uffe6
(76,805)
\uffe6
-
\uffe6
109,092
\uffe6
373,763
\nDevelopment Costs
(1,406,713)
(192,213)
(3,496)
3,551
4,042,493
\nIndustrial propert
y
ri
g
hts
(24,076)
(112,278)
-
1,224
139,209
\nSoftware
(158,353)
(4)
-
135,262
477,856
\nOthers
(28,681)
6
(162)
405,238
631,923
\nConstruction in pro
g
ress
-
(12,853)
-
(7,304)
181,742
\n\uffe6
(1,617,823)
\uffe6
(394,147)
\uffe6
(3,658)
\uffe6
647,063
\uffe6
5,846,986
\n(*1) Impairment losses include impairment of development costs due to the discontinued sales and development projects, impairment
\nloss of
\uffe6
246,707 million allocated from the impairment of CGU attributable to Hyundai Truck & Bus(China) Co., Ltd. and others.
\n(*2) Others include the effect of foreign exchange differences, transfers from or to other accounts, changes in the scope of consolidation
\nand others.
\n(3) Development costs of intangible assets as of December 31, 2022 consist of as follows.
\nDescription
Book value
Remainin
g
amortization period (*)
\n(In millions of Korean Won)
\nAutomobile
Developing
\uffe6
944,149
-
\n\u02dd
Amortizing
2,163,052
30 months
\nPowertrain
Developin
g
106,894
-
\n\u02dd
Amortizing
153,676
24 months
\nOthers
Developin
g
-
-
\n\u02dd
Amortizing
186,654
46 months
\n\uffe6
3,554,425
\n(*)
Since the remaining amortization period differs for each project, the weighted average remaining useful lives of the development
\ncosts at the end of reporting period are disclosed.
\nDevelopment costs of intangible assets as of December 31, 2021 consist of as follows.
\nDescription
Book value
Remainin
g
amortization period (*)
\n(In millions of Korean Won)
\nAutomobile
Developing
\uffe6
1,176,530
-
\n\u02dd
Amortizing
2,378,965
32 months
\nPowertrain
Developin
g
142,567
-
\n\u02dd
Amortizing
171,828
25 months
\nOthers
Developin
g
54
-
\n\u02dd
Amortizing
172,549
46 months
\n\uffe6
4,042,493
\n(*)
Since the remaining amortization period differs for each project, the weighted average remaining useful lives of the development
\ncosts at the end of reporting period are disclosed.
\n(4)
Research and development expenditures for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nDevelopment costs (intan
g
ible assets)
\uffe6
1,203,076
\uffe6
1,322,963
\nResearch and development costs (*1)
2,133,497
1,774,934
\nTotal (*2)
\uffe6
3,336,573
\uffe6
3,097,897
\n(*1)
Presented in manufacturing costs, administrative expenses.
\n(*2)
Amortization of development costs is not included.
\n(5)
Impairment test of goodwill
\nThe allocation of goodwill amongst the Group\u2019s CGUs as of December 31, 2022 and December 31, 2021 are as follows.
\nSe
g
men
t
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nVehicle
\uffe6
256,508
\uffe6
253,204
\nFinance
482
482
\nOthers
435,727
120,077
\n\uffe6
692,717
\uffe6
373,763
\nThe recoverable amounts of the Group\u2019s CGUs are measured as their value-in-use calculated based on cash flow
\nprojections of financial budgets for the next five years approved by management.
The pre-tax discount rate applied
\nto the cash flow projections for the years ended December 31, 2022 and 2021, are 12.7% and 8.7% respectively.
\nCash flow projections beyond the five-year period are extrapolated by using the estimated growth rate which does
\nnot exceed the long-term average growth rate of the region and industry to which the CGU belongs.
No impairment
\nloss had been recognized for the year ended December 31, 2022. An impairment loss on goodwill of
\uffe6
76,805
\nmillion was recognized with respect to the impairment of CGU attributable to Hyundai Truck & Bus(China) Co.,
\nLtd. for the year ended December 31, 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9153": {
"value": "(3) Development costs of intangible assets as of December 31, 2022 consist of as follows. Description
Book value
Remainin
g
amortization period (*)
\n(In millions of Korean Won)
\nAutomobile
Developing
\uffe6
944,149
-
\n\u02dd
Amortizing
2,163,052
30 months
\nPowertrain
Developin
g
106,894
-
\n\u02dd
Amortizing
153,676
24 months
\nOthers
Developin
g
-
-
\n\u02dd
Amortizing
186,654
46 months
\n\uffe6
3,554,425
\n(*)
Since the remaining amortization period differs for each project, the weighted average remaining useful lives of the development
\ncosts at the end of reporting period are disclosed.
\nDevelopment costs of intangible assets as of December 31, 2021 consist of as follows.
\nDescription
Book value
Remainin
g
amortization period (*)
\n(In millions of Korean Won)
\nAutomobile
Developing
\uffe6
1,176,530
-
\n\u02dd
Amortizing
2,378,965
32 months
\nPowertrain
Developin
g
142,567
-
\n\u02dd
Amortizing
171,828
25 months
\nOthers
Developin
g
54
-
\n\u02dd
Amortizing
172,549
46 months
\n\uffe6
4,042,493
\n(*)
Since the remaining amortization period differs for each project, the weighted average remaining useful lives of the development
\ncosts at the end of reporting period are disclosed.
\n(4)
Research and development expenditures for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nDevelopment costs (intan
g
ible assets)
\uffe6
1,203,076
\uffe6
1,322,963
\nResearch and development costs (*1)
2,133,497
1,774,934
\nTotal (*2)
\uffe6
3,336,573
\uffe6
3,097,897
\n(*1)
Presented in manufacturing costs, administrative expenses.
\n(*2)
Amortization of development costs is not included.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9276": {
"value": "(5) Impairment test of goodwill
\nThe allocation of goodwill amongst the Group\u2019s CGUs as of December 31, 2022 and December 31, 2021 are as follows.
\nSe
g
men
t
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nVehicle
\uffe6
256,508
\uffe6
253,204
\nFinance
482
482
\nOthers
435,727
120,077
\n\uffe6
692,717
\uffe6
373,763
\nThe recoverable amounts of the Group\u2019s CGUs are measured as their value-in-use calculated based on cash flow
\nprojections of financial budgets for the next five years approved by management.
The pre-tax discount rate applied
\nto the cash flow projections for the years ended December 31, 2022 and 2021, are 12.7% and 8.7% respectively.
\nCash flow projections beyond the five-year period are extrapolated by using the estimated growth rate which does
\nnot exceed the long-term average growth rate of the region and industry to which the CGU belongs.
No impairment
\nloss had been recognized for the year ended December 31, 2022. An impairment loss on goodwill of
\uffe6
76,805
\nmillion was recognized with respect to the impairment of CGU attributable to Hyundai Truck & Bus(China) Co.,
Ltd. for the year ended December 31, 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9277": {
"value": "(5) Impairment test of goodwill
\nThe allocation of goodwill amongst the Group\u2019s CGUs as of December 31, 2022 and December 31, 2021 are as follows.
\nSe
g
men
t
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nVehicle
\uffe6
256,508
\uffe6
253,204
\nFinance
482
482
\nOthers
435,727
120,077
\n\uffe6
692,717
\uffe6
373,763
\nThe recoverable amounts of the Group\u2019s CGUs are measured as their value-in-use calculated based on cash flow
\nprojections of financial budgets for the next five years approved by management.
The pre-tax discount rate applied
\nto the cash flow projections for the years ended December 31, 2022 and 2021, are 12.7% and 8.7% respectively.
\nCash flow projections beyond the five-year period are extrapolated by using the estimated growth rate which does
\nnot exceed the long-term average growth rate of the region and industry to which the CGU belongs.
No impairment
\nloss had been recognized for the year ended December 31, 2022. An impairment loss on goodwill of
\uffe6
76,805
\nmillion was recognized with respect to the impairment of CGU attributable to Hyundai Truck & Bus(China) Co.,
Ltd. for the year ended December 31, 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9331": {
"value": "12.
LEASES (AS A LESSEE):
\n(1)
The changes in right-of-use assets for the year ended December 31, 2022 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
Acquisitions
Disposals
Depreciation
Others(*)
End of the
y
ea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
83,604
\uffe6
175,406
\uffe6
(392)
\uffe6
(6,097)
\uffe6
(623)
\uffe6
251,898
\nBuildin
g
s
754,149
330,661
(59,061)
(197,807)
(8,589)
819,353
\nVehicles
2,370
34,238
(507)
(6,258)
(3,250)
26,593
\nOthers
100,703
18,482
-
(6,323)
(93,413)
19,449
\n\uffe6
940,826
\uffe6
558,787
\uffe6
(59,960)
\uffe6
(216,485)
\uffe6
(105,875)
\uffe6
1,117,293
\n(*)
Others include the effect of foreign exchange differences, changes in the scope of consolidation and others.
\nThe changes in right-of-use assets for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
Acquisitions
Disposals
Depreciation
Others(*)
End of the
y
ea
r
\n(In millions of Korean Won)
\nLan
d
\uffe6
143,679
\uffe6
13,863
\uffe6
(457)
\uffe6
(6,686)
\uffe6
(66,795)
\uffe6
83,604
\nBuildin
g
s
681,335
249,691
(22,786)
(184,173)
30,082
754,149
\nVehicles
2,672
1,566
(78)
(1,845)
55
2,370
\nOthers
8,638
97,885
(854)
(8,722)
3,756
100,703
\n\uffe6
836,324
\uffe6
363,005
\uffe6
(24,175)
\uffe6
(201,426)
\uffe6
(32,902)
\uffe6
940,826
\n(*)
Others include the effect of foreign exchange differences, changes in the scope of consolidation, impairment loss of
\uffe6
46,910
\nmillion allocated from the impairment of CGU attributable to Hyundai Truck & Bus(China) Co., Ltd. and others.
\n(2)
Lease liabilities as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nUndiscounted lease liabilities
\uffe6
1,303,067
\uffe6
1,150,757
\nDiscounted lease liabilities
1,110,804
950,572
\nCurren
t
405,053
167,266
\nN
on-curren
t
705,751
783,306
\n(3)
Expenses recognized in relation to leases for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nInterest on lease liabilities
\uffe6
33,993
\uffe6
25,126
\nExpenses in relation to leases of short-term and low-
\nvalue assets
20,174
20,907
15.
INVESTMENTS IN OPERATING LEASES (AS A LESSOR):
\n(1)
Investments in operating leases as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
Decembe
r
31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nAcquisition
cos
t
\uffe6
32,090,728
\uffe6
29,980,884
\nAccumulated depreciation
(4,262,026)
(3,477,632)
\nAccumulated impairment loss
(147,168)
(175,256)
\n\uffe6
27,681,534
\uffe6
26,327,996
\n(2) Future minimum lease payment receivable related to investments in operating leases as of December 31, 2022 and
\nDecember 31, 2021 is as follows.
\nDescription
Decembe
r
31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nN
ot later than one
y
ea
r
\uffe6
5,001,104
\uffe6
5,323,499
\nLater than one year and not later
\nthan five
y
ears
5,906,720
5,744,918
\nLater than five
y
ears
111
77
\n\uffe6
10,907,935
\uffe6
11,068,494
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9523": {
"value": "13. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES:
\n(1)
Investments in joint ventures and associates as of December 31, 2022 are as follows.
\nN
ame of the compan
y
\nNature of
\nb
usiness
Location
\nOwnership
\np
ercenta
g
e
Book value
\n(%)
\n(In millions of
\nKorean Won)
\nBeijing Hyundai Qiche Financing
\nCompan
y
(BHAF) (*1,3)
Financin
g
China
53.00
\uffe6
759,766
\nBeijing-Hyundai Motor Company
\n(BHMC) (*1)
Manufacturin
g
China
50.00
525,250
\nHyundai WIA Automotive Engine
\n(Shandon
g
) Compan
y
(WAE)
Manufacturin
g
China
31.40
215,786
\nMotional AD LLC (*1)
R&D
USA
25.92
907,061
\nHMG Global LLC (*4)
New business
\nInvestment &
\nmana
g
emen
t
USA
49.50
608,223
\nBoston D
y
namics AI Institute, LLC
R&D
USA
47.50
266,357
\nsupernal, LLC (*1,5)
R&D
USA
44.44
178,564
\nHyundai Capital Bank Europe GmbH
\n(HCBE)
Financin
g
German
y
49.00
508,110
\nHYUNDAI MOTOR GROUP
\nINNOVATION CENTER IN
\nSINGAPORE PTE. LTD.(HMGICS)
Manufacturin
g
Sin
g
apore
40.00
104,556
\nKia Corporation
Manufacturin
g
Korea
33.88
13,251,475
\nHyundai Engineering & Construction
\nCo., Ltd.
Construction
Korea
20.95
3,033,945
\nH
y
undai Trans
y
s Inc.
Manufacturin
g
Korea
41.13
1,157,462
\nH
y
undai WIA Corporation
Manufacturin
g
Korea
25.35
759,270
\nH
y
undai Autoever Corp.
IT service
Korea
31.59
449,994
\nH
y
undai Commercial Inc.
Financin
g
Korea
37.50
374,970
\nHyundai Motor Securities Co., Ltd.
Securities
\nBrokera
g
e
Korea
25.43
332,624
\nEukor Car Carriers Inc. (*2)
Transportation
Korea
12.00
269,261
\nHaevichi Hotels & Resorts Co., Ltd.
Hotelkeepin
g
Korea
41.90
96,303
\nOthers
1,400,460
\n\uffe6
25,199,437
\n(*1)
Each of the joint arrangements in which the Group retains joint control is structured through a separate entity and there are no
\ncontractual terms stating that the parties retain rights to the assets and obligations for the liabilities relating to the joint
\narrangement or other relevant facts and circumstances.
As a result, the Group considers that the parties that retain joint control
\nin the arrangement have rights to the net assets and classifies the joint arrangements as joint ventures.
Also, there are
\nrestrictions, which require consent from the director who is designated by the other investors, for certain transactions, such as
\npayment of dividend.
\n(*2)
As the Group is considered to be able to exercise significant influence by representation on the board of directors of the
\ninvestee and other reasons, although the total ownership percentage is less than 20%, the investment is accounted for using the
\nequity method.
\n(*3)
The entity is categorized as a joint venture although the Group\u2019s total ownership percentage is a majority share of 53%, because
\nthe Group does not have control over the entity by virtue of an agreement with the other investors.
\n(*4)
During the year ended December 31, 2022, the Group completed the establishment of HMG Global LLC by
\nContributing cash and all of Group\u2019s interests in Boston Dynamics, Inc. to HMG Global LLC.
\n(*5)
During the year ended December 31, 2022, the classification of supernal, LLC was changed from a subsidiary to investment in
\nan associate due to loss of control. In addition, during the year ended December 31, 2021, the name of company was changed
\nfrom Genesis Air Mobility LLC to supernal, LLC.
\nInvestments in joint ventures and associates as of December 31, 2021 are as follows.
\nN
ame of the compan
y
\nNature of
\nb
usiness
Location
\nOwnership
\np
ercenta
g
e
Book value
\n(%)
\n(In millions of
\nKorean Won)
\nBeijing Hyundai Qiche Financing
\nCompan
y
(BHAF) (*1,3)
Financin
g
China
53.00
\uffe6
736,704
\nBeijing-Hyundai Motor Company
\n(BHMC) (*1)
Manufactu
r
in
g
China
50.00
345,950
\nHyundai WIA Automotive Engine
\n(Shandon
g
) Compan
y
(WAE)
Manufacturin
g
China
31.40
245,868
\nMotional AD LLC (*1)
R&D
USA
25.97
1,025,263
\nBoston D
y
namics, Inc.
R&D
USA
30.00
414,634
\nHyundai Capital Bank Europe GmbH
\n(HCBE)
Financin
g
Germany
49.00
498,050
\nHyundai Motor Group INNOVATION
\nCENTER IN SINGAPORE PTE.
\nLTD.(HMGICS) (*6)
Manufacturin
g
Sin
g
apore
40.00
78,316
\nKia Corporation (*4)
Manufacturin
g
Korea
33.88
11,620,132
\nHyundai Engineering & Construction
\nCo., Ltd.
Construction
Korea
20.95
2,935,786
\nH
y
undai Trans
y
s Inc.
Manufacturin
g
Korea
41.13
1,085,858
\nH
y
undai WIA Corporation
Manufacturin
g
Korea
25.35
729,053
\nH
y
undai Autoever Corp. (*5)
IT service
Korea
31.59
410,935
\nH
y
undai Commercial Inc.
Financin
g
Korea
37.50
339,300
\nHyundai Motor Securities Co., Ltd.
Securities
\nBrokera
g
e
Korea
25.43
314,532
\nEukor Car Carriers Inc. (*2)
Transportation
Korea
12.00
186,489
\nHaevichi Hotels & Resorts Co., Ltd.
Hotelkeepin
g
Korea
41.90
98,894
\nOthers
1,363,353
\n\uffe6
22,429,117
\n(*1)
Each of the joint arrangements in which the Group retains joint control is structured through a separate entity and there are no
\ncontractual terms stating that the parties retain rights to the assets and obligations for the liabilities relating to the joint
\narrangement or other relevant facts and circumstances.
As a result, the Group considers that the parties that retain joint control
\nin the arrangement have rights to the net assets and classifies the joint arrangements as joint ventures.
Also, there are
\nrestrictions, which require consent from the director who is designated by the other investors, for certain transactions, such as
\npayment of dividend.
\n(*2)
As the Group is considered to be able to exercise significant influence by representation on the board of directors of the
\ninvestee and other reasons, although the total ownership percentage is less than 20%, the investment is accounted for using the
\nequity method.
\n(*3)
The entity is categorized as a joint venture although the Group\u2019s total ownership percentage is a majority share of 53%, because
\nthe Group does not have control over the entity by virtue of an agreement with the other investors.
\n(*4)
During the year ended December 31, 2021, the name of the company was changed from Kia Motors Corporation to Kia
\nCorporation.
\n(*5)
During the year ended December 31, 2021, as the merger with Hyundai Autron Company Ltd., the subsidiary of the Company,
\nand HYUNDAI MNSOFT, Inc., the associate of the Company, was completed, the Group\u2019s ownership percentage was changed
\nfrom 28.48% to 31.59%.
\n(*6)
During the year ended December 31, 2021, the name of the company was changed from HYUNDAI MOTOR SINGAPORE
\nPTE. LTD. (HMS) to Hyundai Motor Group Innovation Center in Singapore Pte. Ltd. (HMGICS).
\n(2)
The changes in investments in joint ventures and associates for the year ended December 31, 2022 are as follows.
\nN
ame of the compan
y
\nBeginning of
\nthe
y
ea
r
\nAcquisitions
\n(disposals)
\nShare of
\nprofits (losses)
\nfor the perio
d
Dividend
s
Others (*)
End of the
y
ea
r
\n(In millions of Korean Won)
\nBHAF
\uffe6
736,704
\uffe6
-
\uffe6
44,478
\uffe6
-
\uffe6
(21,416)
\uffe6
759,766
\nBHMC
345,950
597,979
(394,495)
-
(24,184)
525,250
\nWAE
245,868
-
(25,336)
-
(4,746)
215,786
\nMotional AD LLC
1,025,263
-
(189,135)
-
70,933
907,061
\nHMG Global LLC
-
743,062
(5,483)
-
(129,356)
608,223
\nBoston Dynamics AI
\nInstitute, LLC
-
283,366
(2,308)
-
(14,701)
266,357
\nsupernal, LLC
-
194,596
(87,946)
-
71,914
178,564
\nBoston D
y
namics, Inc.
414,634
-
(37,483)
-
(377,151)
-
\nHCBE
498,050
-
15,337
-
(5,277)
508,110
\nHMGICS
78,316
29,528
(8,067)
-
4,779
104,556
\nKia Corporation
11,620,132
-
1,906,772
(411,955)
136,526
13,251,475
\nHyundai Engineering &
\nConstruction Co., Ltd.
2,935,786
-
89,636
(13,996)
22,519
3,033,945
\nH
y
undai Trans
y
s Inc.
1,085,858
-
47,166
-
24,438
1,157,462
\nH
y
undai WIA Corporation
729,053
-
31,439
(4,826)
3,604
759,270
\nH
y
undai Autoever Corp.
410,935
-
39,961
(6,065)
5,163
449,994
\nH
y
undai Commercial Inc.
339,300
-
100,212
(20,000)
(44,542)
374,970
\nHyundai Motor Securities
\nCo., Ltd.
314,532
-
22,153
(6,453)
2,392
332,624
\nEukor Car Carriers Inc.
186,489
-
82,923
(7,392)
7,241
269,261
\nHaevichi Hotels & Resorts
\nCo., Ltd.
98,894
-
(2,601)
-
10
96,303
\nOthers
1,363,353
152,952
8,554
(16,349)
(108,050)
1,400,460
\n\uffe6
22,429,117
\uffe6
2,001,483
\uffe6
1,635,777
\uffe6
(487,036)
\uffe6
(379,904)
\uffe6
25,199,437
\n(*)
Others consist of changes in accumulated other comprehensive income (loss) and others.
\nThe changes in investments in joint ventures and associates for the year ended December 31, 2021 are as follows.
\nN
ame of the compan
y
\nBeginning of
\nthe
y
ea
r
\nAcquisitions
\n(disposals)
\nShare of
\nprofits (losses)
\nfor the perio
d
Dividend
s
Others (*1)
End of the
y
ea
r
\n(In millions of Korean Won)
\nBHAF
\uffe6
627,895
\uffe6
-
\uffe6
50,724
\uffe6
(15,880)
\uffe6
73,965
\uffe6
736,704
\nBHMC
779,958
-
(502,344)
-
68,336
345,950
\nWAE
224,979
-
(3,432)
-
24,321
245,868
\nMotional AD LLC
1,053,282
-
(122,871)
-
94,852
1,025,263
\nBoston Dynamics, Inc.
\n(*2)
-
431,882
(36,010)
-
18,762
414,634
\nHCBE
495,999
-
(99)
-
2,150
498,050
\nHMGICS
51,766
26,202
(3,300)
-
3,648
78,316
\nKia Corporation
9,972,824
-
1,601,473
(137,318)
183,153
11,620,132
\nHyundai Engineering &
\nConstruction Co., Ltd.
2,835,399
-
82,421
(13,996)
31,962
2,935,786
\nH
y
undai Trans
y
s Inc.
1,017,906
-
39,223
-
28,729
1,085,858
\nH
y
undai WIA Corporation
694,991
-
16,637
(4,826)
22,251
729,053
\nH
y
undai Autoever Corp.
158,073
-
24,876
(4,485)
232,471
410,935
\nH
y
undai Commercial Inc.
261,601
-
67,187
(3,750)
14,262
339,300
\nHyundai Motor Securities
\nCo., Ltd.
310,472
-
23,027
(5,444)
(13,523)
314,532
\nEukor Car Carriers Inc.
150,503
-
22,457
-
13,529
186,489
\nHaevichi Hotels & Resorts
\nCo., Ltd.
97,655
-
980
-
259
98,894
\nOthers
1,191,957
182,786
17,642
(12,344)
(16,688)
1,363,353
\n\uffe6
19,925,260
\uffe6
640,870
\uffe6
1,278,591
\uffe6
(198,043)
\uffe6
782,439
\uffe6
22,429,117
\n(*1) Others consist of changes in accumulated other comprehensive income (loss) and others.
\n(*2) Share acquisition has been completed in the year ended December 31, 2021, and the acquisition cost is measured as the cash paid
\nduring the years ended December 31, 2022 and 2021, and the value of put option owned by other investors.
\n(3)
Summarized financial information of the Group\u2019s major joint ventures and associates as of and for the year
\nended December 31, 2022 is as follows.
\nN
ame of the compan
y
\nCurrent
\nassets
\nNon-current
\nassets
\nCurrent
\nliabilities
\nNon-current
\nliabilities
\n(In millions of Korean Won)
\nBHAF (*)
\uffe6
4,044,066
\uffe6
-
\uffe6
2,610,546
\uffe6
-
\nBHMC
3,042,267
3,120,431
4,715,086
399,063
\nWAE
537,909
457,303
338,319
5,551
\nMotional AD LLC
646,160
3,187,411
142,518
89,824
\nHMG Global LLC
799,047
1,384,220
88,391
320,996
\nBoston D
y
namics AI Institute, LLC
556,273
53,152
9,072
39,876
\nsupernal, LLC
338,831
216,123
42,290
108,565
\nHCBE (*)
9,448,406
-
8,405,237
-
\nHMGICS
118,876
370,889
18,593
216,915
\nKia Corporation
34,147,147
39,563,818
25,377,803
8,990,081
\nHyundai Engineering &
\nConstruction Co., Ltd.
15,516,745
5,394,963
8,757,397
2,230,034
\nH
y
undai Trans
y
s Inc.
4,311,914
3,209,159
3,147,190
1,499,678
\nH
y
undai WIA Corporation
4,267,463
3,278,988
2,410,435
1,402,365
\nH
y
undai Autoever Corp.
1,695,856
923,580
883,698
245,358
\nH
y
undai Commercial Inc. (*)
11,170,366
-
9,774,127
-
\nH
y
undai Motor Securities Co., Ltd. (*)
10,233,054
-
9,008,411
-
\nEukor Car Carriers Inc.
1,026,513
3,312,611
609,827
1,505,122
\nHaevichi Hotels & Resorts Co., Ltd.
43,919
412,477
253,312
34,862
\nN
ame of the compan
y
Sales
\nProfit (loss) for
\nthe period from
\ncontinuing
\noperations
\nOther
\ncomprehensive
\nincome (loss)
\nTotal
\ncomprehensive
\nincome (loss)
\n(In millions of Korean Won)
\nBHAF (*)
\uffe6
362,978
\uffe6
83,920
\uffe6
-
\uffe6
83,920
\nBHMC
4,900,315
(821,204)
-
(821,204))
\nWAE
501,436
(71,164)
-
(71,164)
\nMotional AD LLC
1,207
(751,726)
(6,314)
(758,040)
\nHMG Global LLC
21,388
(63,993)
-
(63,993)
\nBoston D
y
namics AI Institute, LLC
-
(4,858)
-
(4,858)
\nsupernal, LLC
\n-
(195,567)
-
(195,567)
\nHCBE (*)
971,654
32,144
16,302
48,446
\nHMGICS
12,190
(20,168)
-
(20,168)
\nKia Corporation
86,559,029
5,408,976
227,095
5,636,071
\nHyundai Engineering &
\nConstruction Co., Ltd.
21,239,082
470,876
144,153
615,029
\nH
y
undai Trans
y
s Inc.
10,256,254
123,483
64,705
188,188
\nH
y
undai WIA Corporation
8,207,614
43,482
9,136
52,618
\nH
y
undai Autoever Corp.
2,754,508
116,170
17,586
133,756
\nH
y
undai Commercial Inc. (*)
588,167
266,640
(116,056)
150,584
\nH
y
undai Motor Securities Co., Ltd. (*)
1,186,029
87,102
5,147
92,249
\nEukor Car Carriers Inc.
2,865,427
668,062
43,489
711,551
\nHaevichi Hotels & Resorts Co., Ltd.
152,860
(5,485)
9
(5,476)
\n(*)
The companies operate financial business and their total assets (liabilities) are included in current assets (liabilities) as the companies
\ndo not distinguish current and non-current portion in their separate financial statements.
\nSummarized financial information of the Group\u2019s major joint ventures and associates as of and for the year
\nended December 31, 2021 is as follows.
\nN
ame of the compan
y
\nCurrent
\nassets
\nNon-current
\nassets
\nCurrent
\nliabilities
\nNon-current
\nliabilities
\n(In millions of Korean Won)
\nBHAF (*)
\uffe6
5,648,345
\uffe6
-
\uffe6
4,258,337
\uffe6
-
\nBHMC
2,877,226
3,897,225
5,047,580
984,476
\nWAE
648,858
530,099
185,159
255,961
\nMotional AD LLC
630,770
3,603,314
97,631
105,139
\nBoston D
y
namics, Inc.
117,854
250,999
55,254
79,823
\nHCBE (*)
6,910,165
-
5,916,354
-
\nHMGICS
23,970
166,297
1,612
-
\nKia Corporation
29,205,483
37,644,514
21,562,636
10,374,805
\nHyundai Engineering &
\nConstruction Co., Ltd.
14,555,535
5,091,172
7,616,041
2,594,756
\nH
y
undai Trans
y
s Inc.
3,592,986
3,043,732
2,164,191
1,786,510
\nH
y
undai WIA Corporation
4,156,485
3,593,022
2,126,275
1,927,968
\nH
y
undai Autoever Corp.
1,471,052
875,071
721,374
248,927
\nH
y
undai Commercial Inc. (*)
10,001,066
-
8,699,018
-
\nH
y
undai Motor Securities Co., Ltd. (*)
8,806,128
-
7,645,418
-
\nEukor Car Carriers Inc.
534,016
3,169,325
654,912
1,467,448
\nHaevichi Hotels & Resorts Co., Ltd.
44,922
409,187
235,954
44,458
\nN
ame of the compan
y
Sales
\nProfit (loss) for
\nthe period from
\ncontinuing
\noperations
\nOther
\ncomprehensive
\nincome (loss)
\nTotal
\ncomprehensive
\nincome (loss)
\n(In millions of Korean Won)
\nBHAF (*)
\uffe6
423,416
\uffe6
95,703
\uffe6
-
\uffe6
95,703
\nBHMC
6,240,989
(1,012,933)
-
(1,012,933)
\nWAE
797,685
(4,226)
-
(4,226)
\nMotional AD LLC
949
(516,204)
(5,025)
(521,229)
\nBoston D
y
namics, Inc.
66,779
(196,950)
-
(196,950)
\nHCBE (*)
711,616
(325)
4,241
3,916
\nHMGICS
-
(8,251)
-
(8,251)
\nKia Corporation
69,862,366
4,760,311
664,223
5,424,534
\nHyundai Engineering &
\nConstruction Co., Ltd.
18,065,534
549,501
168,103
717,604
\nH
y
undai Trans
y
s Inc.
8,143,951
90,623
66,409
157,032
\nH
y
undai WIA Corporation
7,527,739
56,071
131,926
187,997
\nH
y
undai Autoever Corp.
2,070,382
71,368
13,648
85,016
\nH
y
undai Commercial Inc. (*)
482,087
185,303
(31,808)
153,495
\nH
y
undai Motor Securities Co., Ltd. (*)
853,770
117,749
913
118,662
\nEukor Car Carriers Inc.
1,894,623
192,229
137,672
329,901
\nHaevichi Hotels & Resorts Co., Ltd.
116,466
2,063
16
2,079
\n(*)
The companies operate financial business and their total assets (liabilities) are included in current assets (liabilities) as the companies
\ndo not distinguish current and non-current portion in their separate financial statements.
\n(4)
Summarized additional financial information of the Group\u2019s major joint ventures as of and for the year
\nended December 31, 2022 is as follows.
\nName of the
\ncompan
y
\nCash and
\ncash
\nequivalents
\nCurrent
\nfinancial
\nliabilities
\nNon-current
\nfinancial
\nliabilities
\nDepreciation
\nand
\namortization
\nInterest
\nincome
\nInterest
\nexpenses
\nIncome tax
\nexpense
\n(In millions of Korean Won)
\nBHAF(*)
\uffe6
1,023,368
\uffe6
2,385,681
\uffe6
-
\uffe6
13,926
\uffe6
341,357
\uffe6
128,264
\uffe6
32,245
\nBHMC
1,887,932
606,105
161,500
570,749
18,263
51,436
60,112
\nMotional AD
\nLLC
71,075
16,062
62,753
87,887
5,760
-
6,027
\nsupernal, LLC
333,184
-
-
8,305
589
5,983
-
\n(*)
Operating finance business of which total assets (liabilities) are included in current financial liabilities as BHAF does not distinguish
\ncurrent and non-current portion in its separate financial statements.
\nSummarized additional financial information of the Group\u2019s major joint ventures as of and for the year ended December
\n31, 2021 is as follows.
\nName of the
\ncompan
y
\nCash and
\ncash
\nequivalents
\nCurrent
\nfinancial
\nliabilities
\nNon-current
\nfinancial
\nliabilities
\nDepreciation
\nand
\namortization
\nInterest
\nincome
\nInterest
\nexpenses
\nIncome tax
\nexpense
\n(In millions of Korean Won)
\nBHAF(*)
\uffe6
860,234
\uffe6
3,993,580
\uffe6
-
\uffe6
8,155
\uffe6
419,195
\uffe6
175,403
\uffe6
32,648
\nBHMC
975,177
379,970
723,688
481,351
11,599
81,288
2,665
\nMotional AD
\nLLC
188,571
14,407
71,982
73,807
3,642
-
(7,875)
\n(*)
Operating finance business of which total assets (liabilities) are included in current financial liabilities as BHAF does not distinguish
\ncurrent and non-current portion in its separate financial statements.
\n(5)
Reconciliation of the Group\u2019s share of net assets of the Group\u2019s major joint ventures and associates to their
\ncarrying amounts as of December 31, 2022 is as follows.
\nN
ame of the compan
y
\nGroup\u2019s share of
\nnet assets
Goodwill
\nUnrealized
\nprofit (loss) and
\nothers
\nCarrying
\namounts
\n(In millions of Korean Won)
\nBHAF
\uffe6
759,766
\uffe6
-
\uffe6
-
\uffe6
759,766
\nBHMC
551,378
-
(26,128)
525,250
\nWAE (*)
207,938
7,809
39
215,786
\nMotional AD LLC
922,942
-
(15,881)
907,061
\nHMG Global LLC
608,223
-
-
608,223
\nBoston D
y
namics AI Institute, LLC
266,227
-
130
266,357
\nsupernal, LLC
178,571
-
(7)
178,564
\nHCBE
497,892
22,341
(12,123)
508,110
\nHMGICS
101,702
2,854
-
104,556
\nKia Corporation
13,124,472
197,089
(70,086)
13,251,475
\nHyundai Engineering & Construction
\nCo., Ltd. (*)
2,302,451
731,362
132
3,033,945
\nH
y
undai Trans
y
s Inc.
1,142,960
-
14,502
1,157,462
\nH
y
undai WIA Corporation
854,377
-
(95,107)
759,270
\nH
y
undai Autoever Corp. (*)
391,073
58,822
99
449,994
\nH
y
undai Commercial Inc.
374,970
-
-
374,970
\nH
y
undai Motor Securities Co., Ltd.
291,823
40,052
749
332,624
\nEukor Car Carriers Inc.
268,999
-
262
269,261
\nHaevichi Hotels & Resorts Co., Ltd. (*)
92,727
3,576
-
96,303
\n(*)
The difference between the carrying amount and the fair value of the investee\u2019s identifiable assets and liabilities as of the acquisition
\ndate is included in the amount of net assets.
\nReconciliation of the Group\u2019s share of net assets of the Group\u2019s major joint ventures and associates to their carrying
\namounts as of December 31, 2021 is as follows.
\nN
ame of the compan
y
\nGroup\u2019s share
\nof
\nnet assets
Goodwill
\nUnrealized
\nprofit (loss) and
\nothers
\nCarrying
\namounts
\n(In millions of Korean Won)
\nBHAF
\uffe6
736,704
\uffe6
-
\uffe6
-
\uffe6
736,704
\nBHMC
371,198
-
(25,248)
345,950
\nWAE (*)
238,021
7,809
38
245,868
\nMotional AD LLC
1,047,834
-
(22,571)
1,025,263
\nBoston D
y
namics, Inc. (*)
199,325
209,428
5,881
414,634
\nHCBE
474,523
22,341
1,186
498,050
\nHMGICS
75,462
2,854
-
78,316
\nKia Corporation
11,505,153
197,089
(82,110)
11,620,132
\nHyundai Engineering & Construction
\nCo., Ltd. (*)
2,204,424
731,362
-
2,935,786
\nH
y
undai Trans
y
s Inc.
1,070,931
-
14,927
1,085,858
\nH
y
undai WIA Corporation
823,381
-
(94,328)
729,053
\nH
y
undai Autoever Corp. (*)
352,013
58,822
100
410,935
\nH
y
undai Commercial Inc.
339,300
-
-
339,300
\nH
y
undai Motor Securities Co., Ltd.
275,563
40,052
(1,083)
314,532
\nEukor Car Carriers Inc.
186,227
-
262
186,489
\nHaevichi Hotels & Resorts Co., Ltd. (*)
95,318
3,576
-
98,894
\n(*)
The difference between the carrying amount and the fair value of the investee\u2019s identifiable assets and liabilities as of the acquisition
\ndate is included in the amount of net assets.
\n(6)
The market price of major listed equity securities as of December 31, 2022 is as follows.
\nN
ame of the compan
y
Price per share
\nTotal number of
\nshares
Market value
\n(In millions of Korean Won, except price per share)
\nKia Corporation
\uffe6
59,300
137,318,251
\uffe6
8,142,972
\nH
y
undai Autoever Corp.
95,500
8,664,334
827,444
\nH
y
undai En
g
ineerin
g
& Construction Co., Ltd.
34,900
23,327,400
814,126
\nH
y
undai WIA Corporation
49,450
6,893,596
340,888
\nH
y
undai Motor Securities Co., Ltd.
9,090
8,065,595
73,316",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9524": {
"value": "13. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES:
\n(1)
Investments in joint ventures and associates as of December 31, 2022 are as follows.
\nN
ame of the compan
y
\nNature of
\nb
usiness
Location
\nOwnership
\np
ercenta
g
e
Book value
\n(%)
\n(In millions of
\nKorean Won)
\nBeijing Hyundai Qiche Financing
\nCompan
y
(BHAF) (*1,3)
Financin
g
China
53.00
\uffe6
759,766
\nBeijing-Hyundai Motor Company
\n(BHMC) (*1)
Manufacturin
g
China
50.00
525,250
\nHyundai WIA Automotive Engine
\n(Shandon
g
) Compan
y
(WAE)
Manufacturin
g
China
31.40
215,786
\nMotional AD LLC (*1)
R&D
USA
25.92
907,061
\nHMG Global LLC (*4)
New business
\nInvestment &
\nmana
g
emen
t
USA
49.50
608,223
\nBoston D
y
namics AI Institute, LLC
R&D
USA
47.50
266,357
\nsupernal, LLC (*1,5)
R&D
USA
44.44
178,564
\nHyundai Capital Bank Europe GmbH
\n(HCBE)
Financin
g
German
y
49.00
508,110
\nHYUNDAI MOTOR GROUP
\nINNOVATION CENTER IN
\nSINGAPORE PTE. LTD.(HMGICS)
Manufacturin
g
Sin
g
apore
40.00
104,556
\nKia Corporation
Manufacturin
g
Korea
33.88
13,251,475
\nHyundai Engineering & Construction
\nCo., Ltd.
Construction
Korea
20.95
3,033,945
\nH
y
undai Trans
y
s Inc.
Manufacturin
g
Korea
41.13
1,157,462
\nH
y
undai WIA Corporation
Manufacturin
g
Korea
25.35
759,270
\nH
y
undai Autoever Corp.
IT service
Korea
31.59
449,994
\nH
y
undai Commercial Inc.
Financin
g
Korea
37.50
374,970
\nHyundai Motor Securities Co., Ltd.
Securities
\nBrokera
g
e
Korea
25.43
332,624
\nEukor Car Carriers Inc. (*2)
Transportation
Korea
12.00
269,261
\nHaevichi Hotels & Resorts Co., Ltd.
Hotelkeepin
g
Korea
41.90
96,303
\nOthers
1,400,460
\n\uffe6
25,199,437
\n(*1)
Each of the joint arrangements in which the Group retains joint control is structured through a separate entity and there are no
\ncontractual terms stating that the parties retain rights to the assets and obligations for the liabilities relating to the joint
\narrangement or other relevant facts and circumstances.
As a result, the Group considers that the parties that retain joint control
\nin the arrangement have rights to the net assets and classifies the joint arrangements as joint ventures.
Also, there are
\nrestrictions, which require consent from the director who is designated by the other investors, for certain transactions, such as
\npayment of dividend.
\n(*2)
As the Group is considered to be able to exercise significant influence by representation on the board of directors of the
\ninvestee and other reasons, although the total ownership percentage is less than 20%, the investment is accounted for using the
\nequity method.
\n(*3)
The entity is categorized as a joint venture although the Group\u2019s total ownership percentage is a majority share of 53%, because
\nthe Group does not have control over the entity by virtue of an agreement with the other investors.
\n(*4)
During the year ended December 31, 2022, the Group completed the establishment of HMG Global LLC by
\nContributing cash and all of Group\u2019s interests in Boston Dynamics, Inc. to HMG Global LLC.
\n(*5)
During the year ended December 31, 2022, the classification of supernal, LLC was changed from a subsidiary to investment in
\nan associate due to loss of control. In addition, during the year ended December 31, 2021, the name of company was changed
\nfrom Genesis Air Mobility LLC to supernal, LLC.
\nInvestments in joint ventures and associates as of December 31, 2021 are as follows.
\nN
ame of the compan
y
\nNature of
\nb
usiness
Location
\nOwnership
\np
ercenta
g
e
Book value
\n(%)
\n(In millions of
\nKorean Won)
\nBeijing Hyundai Qiche Financing
\nCompan
y
(BHAF) (*1,3)
Financin
g
China
53.00
\uffe6
736,704
\nBeijing-Hyundai Motor Company
\n(BHMC) (*1)
Manufactu
r
in
g
China
50.00
345,950
\nHyundai WIA Automotive Engine
\n(Shandon
g
) Compan
y
(WAE)
Manufacturin
g
China
31.40
245,868
\nMotional AD LLC (*1)
R&D
USA
25.97
1,025,263
\nBoston D
y
namics, Inc.
R&D
USA
30.00
414,634
\nHyundai Capital Bank Europe GmbH
\n(HCBE)
Financin
g
Germany
49.00
498,050
\nHyundai Motor Group INNOVATION
\nCENTER IN SINGAPORE PTE.
\nLTD.(HMGICS) (*6)
Manufacturin
g
Sin
g
apore
40.00
78,316
\nKia Corporation (*4)
Manufacturin
g
Korea
33.88
11,620,132
\nHyundai Engineering & Construction
\nCo., Ltd.
Construction
Korea
20.95
2,935,786
\nH
y
undai Trans
y
s Inc.
Manufacturin
g
Korea
41.13
1,085,858
\nH
y
undai WIA Corporation
Manufacturin
g
Korea
25.35
729,053
\nH
y
undai Autoever Corp. (*5)
IT service
Korea
31.59
410,935
\nH
y
undai Commercial Inc.
Financin
g
Korea
37.50
339,300
\nHyundai Motor Securities Co., Ltd.
Securities
\nBrokera
g
e
Korea
25.43
314,532
\nEukor Car Carriers Inc. (*2)
Transportation
Korea
12.00
186,489
\nHaevichi Hotels & Resorts Co., Ltd.
Hotelkeepin
g
Korea
41.90
98,894
\nOthers
1,363,353
\n\uffe6
22,429,117
\n(*1)
Each of the joint arrangements in which the Group retains joint control is structured through a separate entity and there are no
\ncontractual terms stating that the parties retain rights to the assets and obligations for the liabilities relating to the joint
\narrangement or other relevant facts and circumstances.
As a result, the Group considers that the parties that retain joint control
\nin the arrangement have rights to the net assets and classifies the joint arrangements as joint ventures.
Also, there are
\nrestrictions, which require consent from the director who is designated by the other investors, for certain transactions, such as
\npayment of dividend.
\n(*2)
As the Group is considered to be able to exercise significant influence by representation on the board of directors of the
\ninvestee and other reasons, although the total ownership percentage is less than 20%, the investment is accounted for using the
\nequity method.
\n(*3)
The entity is categorized as a joint venture although the Group\u2019s total ownership percentage is a majority share of 53%, because
\nthe Group does not have control over the entity by virtue of an agreement with the other investors.
\n(*4)
During the year ended December 31, 2021, the name of the company was changed from Kia Motors Corporation to Kia
\nCorporation.
\n(*5)
During the year ended December 31, 2021, as the merger with Hyundai Autron Company Ltd., the subsidiary of the Company,
\nand HYUNDAI MNSOFT, Inc., the associate of the Company, was completed, the Group\u2019s ownership percentage was changed
\nfrom 28.48% to 31.59%.
\n(*6)
During the year ended December 31, 2021, the name of the company was changed from HYUNDAI MOTOR SINGAPORE
\nPTE. LTD. (HMS) to Hyundai Motor Group Innovation Center in Singapore Pte. Ltd. (HMGICS).
\n(2)
The changes in investments in joint ventures and associates for the year ended December 31, 2022 are as follows.
\nN
ame of the compan
y
\nBeginning of
\nthe
y
ea
r
\nAcquisitions
\n(disposals)
\nShare of
\nprofits (losses)
\nfor the perio
d
Dividend
s
Others (*)
End of the
y
ea
r
\n(In millions of Korean Won)
\nBHAF
\uffe6
736,704
\uffe6
-
\uffe6
44,478
\uffe6
-
\uffe6
(21,416)
\uffe6
759,766
\nBHMC
345,950
597,979
(394,495)
-
(24,184)
525,250
\nWAE
245,868
-
(25,336)
-
(4,746)
215,786
\nMotional AD LLC
1,025,263
-
(189,135)
-
70,933
907,061
\nHMG Global LLC
-
743,062
(5,483)
-
(129,356)
608,223
\nBoston Dynamics AI
\nInstitute, LLC
-
283,366
(2,308)
-
(14,701)
266,357
\nsupernal, LLC
-
194,596
(87,946)
-
71,914
178,564
\nBoston D
y
namics, Inc.
414,634
-
(37,483)
-
(377,151)
-
\nHCBE
498,050
-
15,337
-
(5,277)
508,110
\nHMGICS
78,316
29,528
(8,067)
-
4,779
104,556
\nKia Corporation
11,620,132
-
1,906,772
(411,955)
136,526
13,251,475
\nHyundai Engineering &
\nConstruction Co., Ltd.
2,935,786
-
89,636
(13,996)
22,519
3,033,945
\nH
y
undai Trans
y
s Inc.
1,085,858
-
47,166
-
24,438
1,157,462
\nH
y
undai WIA Corporation
729,053
-
31,439
(4,826)
3,604
759,270
\nH
y
undai Autoever Corp.
410,935
-
39,961
(6,065)
5,163
449,994
\nH
y
undai Commercial Inc.
339,300
-
100,212
(20,000)
(44,542)
374,970
\nHyundai Motor Securities
\nCo., Ltd.
314,532
-
22,153
(6,453)
2,392
332,624
\nEukor Car Carriers Inc.
186,489
-
82,923
(7,392)
7,241
269,261
\nHaevichi Hotels & Resorts
\nCo., Ltd.
98,894
-
(2,601)
-
10
96,303
\nOthers
1,363,353
152,952
8,554
(16,349)
(108,050)
1,400,460
\n\uffe6
22,429,117
\uffe6
2,001,483
\uffe6
1,635,777
\uffe6
(487,036)
\uffe6
(379,904)
\uffe6
25,199,437
\n(*)
Others consist of changes in accumulated other comprehensive income (loss) and others.
\nThe changes in investments in joint ventures and associates for the year ended December 31, 2021 are as follows.
\nN
ame of the compan
y
\nBeginning of
\nthe
y
ea
r
\nAcquisitions
\n(disposals)
\nShare of
\nprofits (losses)
\nfor the perio
d
Dividend
s
Others (*1)
End of the
y
ea
r
\n(In millions of Korean Won)
\nBHAF
\uffe6
627,895
\uffe6
-
\uffe6
50,724
\uffe6
(15,880)
\uffe6
73,965
\uffe6
736,704
\nBHMC
779,958
-
(502,344)
-
68,336
345,950
\nWAE
224,979
-
(3,432)
-
24,321
245,868
\nMotional AD LLC
1,053,282
-
(122,871)
-
94,852
1,025,263
\nBoston Dynamics, Inc.
\n(*2)
-
431,882
(36,010)
-
18,762
414,634
\nHCBE
495,999
-
(99)
-
2,150
498,050
\nHMGICS
51,766
26,202
(3,300)
-
3,648
78,316
\nKia Corporation
9,972,824
-
1,601,473
(137,318)
183,153
11,620,132
\nHyundai Engineering &
\nConstruction Co., Ltd.
2,835,399
-
82,421
(13,996)
31,962
2,935,786
\nH
y
undai Trans
y
s Inc.
1,017,906
-
39,223
-
28,729
1,085,858
\nH
y
undai WIA Corporation
694,991
-
16,637
(4,826)
22,251
729,053
\nH
y
undai Autoever Corp.
158,073
-
24,876
(4,485)
232,471
410,935
\nH
y
undai Commercial Inc.
261,601
-
67,187
(3,750)
14,262
339,300
\nHyundai Motor Securities
\nCo., Ltd.
310,472
-
23,027
(5,444)
(13,523)
314,532
\nEukor Car Carriers Inc.
150,503
-
22,457
-
13,529
186,489
\nHaevichi Hotels & Resorts
\nCo., Ltd.
97,655
-
980
-
259
98,894
\nOthers
1,191,957
182,786
17,642
(12,344)
(16,688)
1,363,353
\n\uffe6
19,925,260
\uffe6
640,870
\uffe6
1,278,591
\uffe6
(198,043)
\uffe6
782,439
\uffe6
22,429,117
\n(*1) Others consist of changes in accumulated other comprehensive income (loss) and others.
\n(*2) Share acquisition has been completed in the year ended December 31, 2021, and the acquisition cost is measured as the cash paid
\nduring the years ended December 31, 2022 and 2021, and the value of put option owned by other investors.
\n(3)
Summarized financial information of the Group\u2019s major joint ventures and associates as of and for the year
\nended December 31, 2022 is as follows.
\nN
ame of the compan
y
\nCurrent
\nassets
\nNon-current
\nassets
\nCurrent
\nliabilities
\nNon-current
\nliabilities
\n(In millions of Korean Won)
\nBHAF (*)
\uffe6
4,044,066
\uffe6
-
\uffe6
2,610,546
\uffe6
-
\nBHMC
3,042,267
3,120,431
4,715,086
399,063
\nWAE
537,909
457,303
338,319
5,551
\nMotional AD LLC
646,160
3,187,411
142,518
89,824
\nHMG Global LLC
799,047
1,384,220
88,391
320,996
\nBoston D
y
namics AI Institute, LLC
556,273
53,152
9,072
39,876
\nsupernal, LLC
338,831
216,123
42,290
108,565
\nHCBE (*)
9,448,406
-
8,405,237
-
\nHMGICS
118,876
370,889
18,593
216,915
\nKia Corporation
34,147,147
39,563,818
25,377,803
8,990,081
\nHyundai Engineering &
\nConstruction Co., Ltd.
15,516,745
5,394,963
8,757,397
2,230,034
\nH
y
undai Trans
y
s Inc.
4,311,914
3,209,159
3,147,190
1,499,678
\nH
y
undai WIA Corporation
4,267,463
3,278,988
2,410,435
1,402,365
\nH
y
undai Autoever Corp.
1,695,856
923,580
883,698
245,358
\nH
y
undai Commercial Inc. (*)
11,170,366
-
9,774,127
-
\nH
y
undai Motor Securities Co., Ltd. (*)
10,233,054
-
9,008,411
-
\nEukor Car Carriers Inc.
1,026,513
3,312,611
609,827
1,505,122
\nHaevichi Hotels & Resorts Co., Ltd.
43,919
412,477
253,312
34,862
\nN
ame of the compan
y
Sales
\nProfit (loss) for
\nthe period from
\ncontinuing
\noperations
\nOther
\ncomprehensive
\nincome (loss)
\nTotal
\ncomprehensive
\nincome (loss)
\n(In millions of Korean Won)
\nBHAF (*)
\uffe6
362,978
\uffe6
83,920
\uffe6
-
\uffe6
83,920
\nBHMC
4,900,315
(821,204)
-
(821,204))
\nWAE
501,436
(71,164)
-
(71,164)
\nMotional AD LLC
1,207
(751,726)
(6,314)
(758,040)
\nHMG Global LLC
21,388
(63,993)
-
(63,993)
\nBoston D
y
namics AI Institute, LLC
-
(4,858)
-
(4,858)
\nsupernal, LLC
\n-
(195,567)
-
(195,567)
\nHCBE (*)
971,654
32,144
16,302
48,446
\nHMGICS
12,190
(20,168)
-
(20,168)
\nKia Corporation
86,559,029
5,408,976
227,095
5,636,071
\nHyundai Engineering &
\nConstruction Co., Ltd.
21,239,082
470,876
144,153
615,029
\nH
y
undai Trans
y
s Inc.
10,256,254
123,483
64,705
188,188
\nH
y
undai WIA Corporation
8,207,614
43,482
9,136
52,618
\nH
y
undai Autoever Corp.
2,754,508
116,170
17,586
133,756
\nH
y
undai Commercial Inc. (*)
588,167
266,640
(116,056)
150,584
\nH
y
undai Motor Securities Co., Ltd. (*)
1,186,029
87,102
5,147
92,249
\nEukor Car Carriers Inc.
2,865,427
668,062
43,489
711,551
\nHaevichi Hotels & Resorts Co., Ltd.
152,860
(5,485)
9
(5,476)
\n(*)
The companies operate financial business and their total assets (liabilities) are included in current assets (liabilities) as the companies
\ndo not distinguish current and non-current portion in their separate financial statements.
\nSummarized financial information of the Group\u2019s major joint ventures and associates as of and for the year
\nended December 31, 2021 is as follows.
\nN
ame of the compan
y
\nCurrent
\nassets
\nNon-current
\nassets
\nCurrent
\nliabilities
\nNon-current
\nliabilities
\n(In millions of Korean Won)
\nBHAF (*)
\uffe6
5,648,345
\uffe6
-
\uffe6
4,258,337
\uffe6
-
\nBHMC
2,877,226
3,897,225
5,047,580
984,476
\nWAE
648,858
530,099
185,159
255,961
\nMotional AD LLC
630,770
3,603,314
97,631
105,139
\nBoston D
y
namics, Inc.
117,854
250,999
55,254
79,823
\nHCBE (*)
6,910,165
-
5,916,354
-
\nHMGICS
23,970
166,297
1,612
-
\nKia Corporation
29,205,483
37,644,514
21,562,636
10,374,805
\nHyundai Engineering &
\nConstruction Co., Ltd.
14,555,535
5,091,172
7,616,041
2,594,756
\nH
y
undai Trans
y
s Inc.
3,592,986
3,043,732
2,164,191
1,786,510
\nH
y
undai WIA Corporation
4,156,485
3,593,022
2,126,275
1,927,968
\nH
y
undai Autoever Corp.
1,471,052
875,071
721,374
248,927
\nH
y
undai Commercial Inc. (*)
10,001,066
-
8,699,018
-
\nH
y
undai Motor Securities Co., Ltd. (*)
8,806,128
-
7,645,418
-
\nEukor Car Carriers Inc.
534,016
3,169,325
654,912
1,467,448
\nHaevichi Hotels & Resorts Co., Ltd.
44,922
409,187
235,954
44,458
\nN
ame of the compan
y
Sales
\nProfit (loss) for
\nthe period from
\ncontinuing
\noperations
\nOther
\ncomprehensive
\nincome (loss)
\nTotal
\ncomprehensive
\nincome (loss)
\n(In millions of Korean Won)
\nBHAF (*)
\uffe6
423,416
\uffe6
95,703
\uffe6
-
\uffe6
95,703
\nBHMC
6,240,989
(1,012,933)
-
(1,012,933)
\nWAE
797,685
(4,226)
-
(4,226)
\nMotional AD LLC
949
(516,204)
(5,025)
(521,229)
\nBoston D
y
namics, Inc.
66,779
(196,950)
-
(196,950)
\nHCBE (*)
711,616
(325)
4,241
3,916
\nHMGICS
-
(8,251)
-
(8,251)
\nKia Corporation
69,862,366
4,760,311
664,223
5,424,534
\nHyundai Engineering &
\nConstruction Co., Ltd.
18,065,534
549,501
168,103
717,604
\nH
y
undai Trans
y
s Inc.
8,143,951
90,623
66,409
157,032
\nH
y
undai WIA Corporation
7,527,739
56,071
131,926
187,997
\nH
y
undai Autoever Corp.
2,070,382
71,368
13,648
85,016
\nH
y
undai Commercial Inc. (*)
482,087
185,303
(31,808)
153,495
\nH
y
undai Motor Securities Co., Ltd. (*)
853,770
117,749
913
118,662
\nEukor Car Carriers Inc.
1,894,623
192,229
137,672
329,901
\nHaevichi Hotels & Resorts Co., Ltd.
116,466
2,063
16
2,079
\n(*)
The companies operate financial business and their total assets (liabilities) are included in current assets (liabilities) as the companies
\ndo not distinguish current and non-current portion in their separate financial statements.
\n(4)
Summarized additional financial information of the Group\u2019s major joint ventures as of and for the year
\nended December 31, 2022 is as follows.
\nName of the
\ncompan
y
\nCash and
\ncash
\nequivalents
\nCurrent
\nfinancial
\nliabilities
\nNon-current
\nfinancial
\nliabilities
\nDepreciation
\nand
\namortization
\nInterest
\nincome
\nInterest
\nexpenses
\nIncome tax
\nexpense
\n(In millions of Korean Won)
\nBHAF(*)
\uffe6
1,023,368
\uffe6
2,385,681
\uffe6
-
\uffe6
13,926
\uffe6
341,357
\uffe6
128,264
\uffe6
32,245
\nBHMC
1,887,932
606,105
161,500
570,749
18,263
51,436
60,112
\nMotional AD
\nLLC
71,075
16,062
62,753
87,887
5,760
-
6,027
\nsupernal, LLC
333,184
-
-
8,305
589
5,983
-
\n(*)
Operating finance business of which total assets (liabilities) are included in current financial liabilities as BHAF does not distinguish
\ncurrent and non-current portion in its separate financial statements.
\nSummarized additional financial information of the Group\u2019s major joint ventures as of and for the year ended December
\n31, 2021 is as follows.
\nName of the
\ncompan
y
\nCash and
\ncash
\nequivalents
\nCurrent
\nfinancial
\nliabilities
\nNon-current
\nfinancial
\nliabilities
\nDepreciation
\nand
\namortization
\nInterest
\nincome
\nInterest
\nexpenses
\nIncome tax
\nexpense
\n(In millions of Korean Won)
\nBHAF(*)
\uffe6
860,234
\uffe6
3,993,580
\uffe6
-
\uffe6
8,155
\uffe6
419,195
\uffe6
175,403
\uffe6
32,648
\nBHMC
975,177
379,970
723,688
481,351
11,599
81,288
2,665
\nMotional AD
\nLLC
188,571
14,407
71,982
73,807
3,642
-
(7,875)
\n(*)
Operating finance business of which total assets (liabilities) are included in current financial liabilities as BHAF does not distinguish
\ncurrent and non-current portion in its separate financial statements.
\n(5)
Reconciliation of the Group\u2019s share of net assets of the Group\u2019s major joint ventures and associates to their
\ncarrying amounts as of December 31, 2022 is as follows.
\nN
ame of the compan
y
\nGroup\u2019s share of
\nnet assets
Goodwill
\nUnrealized
\nprofit (loss) and
\nothers
\nCarrying
\namounts
\n(In millions of Korean Won)
\nBHAF
\uffe6
759,766
\uffe6
-
\uffe6
-
\uffe6
759,766
\nBHMC
551,378
-
(26,128)
525,250
\nWAE (*)
207,938
7,809
39
215,786
\nMotional AD LLC
922,942
-
(15,881)
907,061
\nHMG Global LLC
608,223
-
-
608,223
\nBoston D
y
namics AI Institute, LLC
266,227
-
130
266,357
\nsupernal, LLC
178,571
-
(7)
178,564
\nHCBE
497,892
22,341
(12,123)
508,110
\nHMGICS
101,702
2,854
-
104,556
\nKia Corporation
13,124,472
197,089
(70,086)
13,251,475
\nHyundai Engineering & Construction
\nCo., Ltd. (*)
2,302,451
731,362
132
3,033,945
\nH
y
undai Trans
y
s Inc.
1,142,960
-
14,502
1,157,462
\nH
y
undai WIA Corporation
854,377
-
(95,107)
759,270
\nH
y
undai Autoever Corp. (*)
391,073
58,822
99
449,994
\nH
y
undai Commercial Inc.
374,970
-
-
374,970
\nH
y
undai Motor Securities Co., Ltd.
291,823
40,052
749
332,624
\nEukor Car Carriers Inc.
268,999
-
262
269,261
\nHaevichi Hotels & Resorts Co., Ltd. (*)
92,727
3,576
-
96,303
\n(*)
The difference between the carrying amount and the fair value of the investee\u2019s identifiable assets and liabilities as of the acquisition
\ndate is included in the amount of net assets.
\nReconciliation of the Group\u2019s share of net assets of the Group\u2019s major joint ventures and associates to their carrying
\namounts as of December 31, 2021 is as follows.
\nN
ame of the compan
y
\nGroup\u2019s share
\nof
\nnet assets
Goodwill
\nUnrealized
\nprofit (loss) and
\nothers
\nCarrying
\namounts
\n(In millions of Korean Won)
\nBHAF
\uffe6
736,704
\uffe6
-
\uffe6
-
\uffe6
736,704
\nBHMC
371,198
-
(25,248)
345,950
\nWAE (*)
238,021
7,809
38
245,868
\nMotional AD LLC
1,047,834
-
(22,571)
1,025,263
\nBoston D
y
namics, Inc. (*)
199,325
209,428
5,881
414,634
\nHCBE
474,523
22,341
1,186
498,050
\nHMGICS
75,462
2,854
-
78,316
\nKia Corporation
11,505,153
197,089
(82,110)
11,620,132
\nHyundai Engineering & Construction
\nCo., Ltd. (*)
2,204,424
731,362
-
2,935,786
\nH
y
undai Trans
y
s Inc.
1,070,931
-
14,927
1,085,858
\nH
y
undai WIA Corporation
823,381
-
(94,328)
729,053
\nH
y
undai Autoever Corp. (*)
352,013
58,822
100
410,935
\nH
y
undai Commercial Inc.
339,300
-
-
339,300
\nH
y
undai Motor Securities Co., Ltd.
275,563
40,052
(1,083)
314,532
\nEukor Car Carriers Inc.
186,227
-
262
186,489
\nHaevichi Hotels & Resorts Co., Ltd. (*)
95,318
3,576
-
98,894
\n(*)
The difference between the carrying amount and the fair value of the investee\u2019s identifiable assets and liabilities as of the acquisition
\ndate is included in the amount of net assets.
\n(6)
The market price of major listed equity securities as of December 31, 2022 is as follows.
\nN
ame of the compan
y
Price per share
\nTotal number of
\nshares
Market value
\n(In millions of Korean Won, except price per share)
\nKia Corporation
\uffe6
59,300
137,318,251
\uffe6
8,142,972
\nH
y
undai Autoever Corp.
95,500
8,664,334
827,444
\nH
y
undai En
g
ineerin
g
& Construction Co., Ltd.
34,900
23,327,400
814,126
\nH
y
undai WIA Corporation
49,450
6,893,596
340,888
\nH
y
undai Motor Securities Co., Ltd.
9,090
8,065,595
73,316",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12053": {
"value": "16. BORROWINGS AND DEBENTURES:
\n(1)
Short-term borrowings as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
Lende
r
\nAnnual
\ninterest rate
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\n(%)
(In millions of Korean Won)
\nOverdrafts
\nCiti Bank and others
\n1.75~3.98
\uffe6
62,101
\uffe6
456,044
\nGeneral borrowings
Korea Development Bank
\nand others
1.93~14.60
5,277,609
3,994,073
\nBorrowings collateralized
\nby
trade receivables
Hana Ban
k
and others
0.00001~12.54
2,123,379
3,059,551
\nBanker\u2019s Usance
Hana Ban
k
and others
0.15~9.20
705,155
786,755
\nCommercial pape
r
Shinhan Ban
k
and others
3.10~7.10
2,898,236
4,791,413
\nCredit facilities
Korea Development Ban
k
2.54
300,000
-
\n\uffe6
11,366,480
\uffe6
13,087,836
\n(2) Long-term debt as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
Lende
r
\nAnnual
\ninterest rate
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\n(%)
(In millions of Korean Won)
\nGeneral borrowin
g
s
Mizuho Bank and others
\n0.12~16.80
\uffe6
8,909,156
\uffe6
9,738,949
\nCredit facilities
N
H Bank and others
5.85~9.13
40,200
540,600
\nCommercial paper
BNK Investment & Securities
\nand others
1.19~4.74
2,900,000
1,650,000
\nAsse
t
-
b
acked securities
HSBC and others
1.65~5.20
6,377,616
4,136,643
\nOthers(*)
NH Investment & Securities
\nand others
68,903
392,032
\n18,295,875
16,458,224
\nLess: present value discounts
(77,686)
(88,059)
\nLess: current maturities
(5,933,040)
(5,702,434)
\n\uffe6
12,285,149
\uffe6
10,667,731
\n(*) The Group transferred a portion of its voting shares to a third party with the total revenue swap agreement. However, the Group still
\nrecognizes it as the financial asset because the Group still owns the majority of the risks and rewards of ownership of the transferred
\nshares. Also, the Group recognized the amount received from disposal as borrowings.
\n(3) Debentures as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
\nLatest
\nmaturit
y
date
\nAnnual
\ninterest rate
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\n(%)
(In millions of Korean Won)
\nN
on-
g
uaranteed public debentures
March 29, 2032
\n0.96~6.63
\uffe6
33,979,495
\uffe6
31,533,051
\nN
on-
g
uaranteed private debentures
April 8, 2030
0.80~6.38
25,971,468
27,604,469
\nAsse
t
-
b
acked securities
October 16, 2028
0.19~5.52
22,801,451
19,359,999
\n82,752,414
78,497,519
\nLess: discount on debentures
(151,263)
(162,242)
\nLess: current maturities
(19,641,091)
(14,876,468)
\n\uffe6
62,960,060
\uffe6
63,458,809",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12244": {
"value": "17. PROVISIONS:
\n(1) Provisions as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\n(In millions of Korean Won)
\nWarranty
\uffe6
10,399,527
\uffe6
9,048,185
\nOther lon
g
-term emplo
y
ee benefits
598,637
676,432
\nOthers
1,432,417
1,154,167
\n\uffe6
12,430,581
\uffe6
10,878,784
\n(2) The changes in provisions for the year ended December 31, 2022 are as follows.
\nDescription
Warrant
y
(*)
\nOther long-term
\nemplo
y
ee benefits
Others
\n(In millions of Korean Won)
\nBeginning of the year
\uffe6
9,048,185
\uffe6
676,432
\uffe6
1,154,167
\nChar
g
e
d
4,347,523
3,900
953,430
\nUtilized
(3,133,544)
(83,682)
(645,750)
\nEffect of foreign exchange differences
\nand others
137,363
1,987
(29,430)
\nEnd of the year
\uffe6
10,399,527
\uffe6
598,637
\uffe6
1,432,417
\n(*)
During the year ended December 31, 2022, the Group updated the measurement of warranty provisions related to the recall of
\ntheta 2 and other engines to reflect of new information and a longer period of historical claim data.
\nThe changes in provisions for the year ended December 31, 2021 are as follows.
\nDescription
Warrant
y
\nOther long-term
\nemplo
y
ee benefits
Others
\n(In millions of Korean Won)
\nBeginning of the year
\uffe6
8,514,173
\uffe6
729,996
\uffe6
1,126,719
\nChar
g
e
d
2,900,638
42,595
680,707
\nUtilized
(2,551,716)
(96,713)
(631,469)
\nEffect of foreign exchange differences
\nand others
185,090
554
(21,790)
\nEnd of the year
\uffe6
9,048,185
\uffe6
676,432
\uffe6
1,154,167",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12432": {
"value": "19. OTHER LIABILITIES:
\nOther liabilities as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
Curren
t
N
on-curren
t
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nAdvances receive
d
\uffe6
1,464,339
\uffe6
67,776
\uffe6
1,235,937
\uffe6
42,482
\nWithholdin
g
s
1,056,483
223,568
968,318
197,714
\nAccrued expenses
3,351,822
-
2,851,174
-
\nUnearned income
1,090,242
3,150,126
864,536
2,356,667
\nDue to customers for contrac
t
wor
k
1,217,052
-
902,124
-
\nOthers
420,303
810,795
618,031
747,755
\n\uffe6
8,600,241
\uffe6
4,252,265
\uffe6
7,440,120
\uffe6
3,344,618",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12433": {
"value": "19. OTHER LIABILITIES:
\nOther liabilities as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
Curren
t
N
on-curren
t
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nAdvances receive
d
\uffe6
1,464,339
\uffe6
67,776
\uffe6
1,235,937
\uffe6
42,482
\nWithholdin
g
s
1,056,483
223,568
968,318
197,714
\nAccrued expenses
3,351,822
-
2,851,174
-
\nUnearned income
1,090,242
3,150,126
864,536
2,356,667
\nDue to customers for contrac
t
wor
k
1,217,052
-
902,124
-
\nOthers
420,303
810,795
618,031
747,755
\n\uffe6
8,600,241
\uffe6
4,252,265
\uffe6
7,440,120
\uffe6
3,344,618",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12434": {
"value": "19. OTHER LIABILITIES:
\nOther liabilities as of December 31, 2022 and December 31, 2021 are as follows.
\nDecember 31, 2022
December 31, 2021
\nDescription
Curren
t
N
on-curren
t
Curren
t
N
on-curren
t
\n(In millions of Korean Won)
\nAdvances receive
d
\uffe6
1,464,339
\uffe6
67,776
\uffe6
1,235,937
\uffe6
42,482
\nWithholdin
g
s
1,056,483
223,568
968,318
197,714
\nAccrued expenses
3,351,822
-
2,851,174
-
\nUnearned income
1,090,242
3,150,126
864,536
2,356,667
\nDue to customers for contrac
t
wor
k
1,217,052
-
902,124
-
\nOthers
420,303
810,795
618,031
747,755
\n\uffe6
8,600,241
\uffe6
4,252,265
\uffe6
7,440,120
\uffe6
3,344,618",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12506": {
"value": "20. FINANCIAL INSTRUMENTS:
\n(1)
Financial assets by categories as of December 31, 2022 are as follows.
\nDescription
\nFinancial
\nassets
\nmeasured at
\nFVPL
\nFinancial assets
\nmeasured at
\namortized cos
t
\nFinancial assets
\nmeasured at
\nFVOCI
\nDerivative assets
\nthat are effective
\nhedging
\ninstruments
Book value
Fair value
\n(In millions of Korean Won)
\nCash and
\ncash
\nequivalents
\uffe6
\n-
\n\uffe6
\n20,864,879
\n\uffe6
-
\uffe6
-
\uffe6
\n20,864,879
\n\uffe6
20,864,879
\nShort-term and
\nlong-
\nterm financial
\ninstruments
-
5,887,154
-
-
5,887,154
5,887,154
\nTrade notes and
\naccounts
\nreceivable
-
4,458,838
-
-
4,458,838
4,458,838
\nOther
\nreceivables
\n-
2,378,968
-
-
2,378,968
2,378,968
\nOther financial
\nassets
\n5,710,346
\n37,898
2,839,581
1,236,696
9,824,521
9,824,521
\nOther assets
27,960
434,829
-
-
462,789
462,789
\nFinancial
\nservices
\nreceivables
-
90,363,846
-
-
90,363,846
86,705,579
\n\uffe6
5,738,306
\uffe6
124,426,412
\uffe6
2,839,581
\uffe6
1,236,696
\uffe6
134,240,995
\uffe6
130,582,728
\nFinancial assets by categories as of December 31, 2021 are as follows.
\nDescription
\nFinancial
\nassets
\nmeasured at
\nFVPL
\nFinancial assets
\nmeasured at
\namortized cos
t
\nFinancial
\nassets
\nmeasured at
\nFVOCI
\nDerivative
\nassets that
\nare effective
\nhedging
\ninstruments
Book value
Fair value
\n(In millions of Korean Won)
\nCash and
\ncash equivalents
\uffe6
-
\uffe6
12,795,554
\uffe6
-
\uffe6
-
\uffe6
12,795,554
\uffe6
12,795,554
\nShort-term and long-
\nterm financial
\ninstruments
-
7,255,743
-
-
7,255,743
7,255,743
\nTrade notes and
\naccounts receivable
-
3,284,453
-
-
3,284,453
3,284,453
\nOther receivables
-
2,076,803
-
-
2,076,803
2,076,803
\nOther financial assets
12,472,100
27,195
2,911,523
525,114
15,935,932
15,935,932
\nOther assets
23,568
331,353
-
-
354,921
354,921
\nFinancial services
\nreceivables
-
81,029,132
-
-
81,029,132
81,059,639
\n\uffe6
12,495,668
\uffe6
106,800,233
\uffe6
2,911,523
\uffe6
525,114
\uffe6
122,732,538
\uffe6
122,763,045
\n(2)
Financial liabilities by categories as of December 31, 2022 are as follows.
\nDescription
\nFinancial liabilities
\nmeasured at FVPL
\nFinancial liabilities
\nmeasured at
\namortized cos
t
\nDerivative liabilities
\nthat are effective
\nhed
g
in
g
instruments
Book value
Fair value
\n(In millions of Korean Won)
\nTrade notes and
\naccounts pa
y
able
\uffe6
-
\uffe6
10,797,065
\uffe6
-
\uffe6
10,797,065
\uffe6
10,797,065
\nOther pa
y
ables
-
7,292,508
-
7,292,508
7,292,508
\nBorrowings and
\ndebentures
27,239
112,158,581
-
112,185,820
108,603,134
\nOther financial liabilities
184,439
1,927
175,296
361,662
361,662
\nLease liabilities
-
1,110,804
-
1,110,804
1,110,804
\nOther liabilities
-
2,960,053
-
2,960,053
2,960,053
\n\uffe6
211,678
\uffe6
134,320,938
\uffe6
175,296
\uffe6
134,707,912
\uffe6
131,125,226
\nFinancial liabilities by categories as of December 31, 2021 are as follows.
\nDescription
\nFinancial liabilities
\nmeasured at
\nFVPL
\nFinancial liabilities
\nmeasured at
\namortized cos
t
\nDerivative liabilities
\nthat are effective
\nhed
g
in
g
instruments
Book value
Fair value
\n(In millions of Korean Won)
\nTrade notes and
\naccounts pa
y
able
\uffe6
-
\uffe6
9,155,255
\uffe6
-
\uffe6
9,155,255
\uffe6
9,155,255
\nOther pa
y
ables
-
5,422,320
-
5,422,320
5,422,320
\nBorrowings and
\ndebentures
-
107,793,278
-
107,793,278
108,112,411
\nOther financial liabilities
54,101
1,274
87,070
142,445
142,445
\nLease liabilities
-
950,572
-
950,572
950,572
\nOther liabilities
-
2,415,891
-
2,415,891
2,415,891
\n\uffe6
54,101
\uffe6
125,738,590
\uffe6
87,070
\uffe6
\n125,879,761
\n\uffe6
\n126,198,894
\n(3)
Fair value estimation
\nThe Group categorizes the assets and liabilities measured at fair value into the following three-level fair value hierarchy
\nin accordance with the inputs used for fair value measurement.
\n\ue001
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n\ue001
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\ndirectly (i.e. as prices) or indirectly (i.e. derived from prices).
\n\ue001
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs)
\nFair value measurements of financial instruments by fair value
hierarchy levels as of December 31, 2022 are as follows.
\nDecember 31, 2022
\nDescription
Level 1
Level 2
Level 3
Total
\n(In millions of Korean Won)
\nFinancial assets:
\nFinancial assets measured
\nat FVPL
\uffe6
57,556
\uffe6
5,412,130
\uffe6
268,620
\uffe6
5,738,306
\nDerivative assets that are
\neffective hed
g
in
g
instruments
-
1,236,696
-
1,236,696
\nFinancial assets measured
\nat FVOCI
1,493,627
451,990
893,964
2,839,581
\n\uffe6
1,551,183
\uffe6
7,100,816
\uffe6
1,162,584
\uffe6
9,814,583
\nFinancial liabilities:
\nFinancial liabilities measured
\nat FVPL
\uffe6
-
\uffe6
11,451
\uffe6
200,227
\uffe6
211,678
\nDerivative liabilities that are
\neffective hed
g
in
g
instruments
-
173,361
1,935
175,296
\n\uffe6
-
\uffe6
184,812
\uffe6
202,162
\uffe6
386,974
\nFair value measurements of financial instruments by fair value hierarchy levels as of December 31, 2021 are as
\nfollows.
\nDecember 31, 2021
\nDescription
Level 1
Level 2
Level 3
Total
\n(In millions of Korean Won)
\nFinancial assets:
\nFinancial assets measured
\nat FVPL
\uffe6
107,290
\uffe6
12,226,048
\uffe6
162,330
\uffe6
12,495,668
\nDerivative assets that are
\neffective hed
g
in
g
instruments
-
525,114
-
525,114
\nFinancial assets measured
\nat FVOCI
1,561,959
435,797
913,767
2,911,523
\n\uffe6
1,669,249
\uffe6
13,186,959
\uffe6
1,076,097
\uffe6
15,932,305
\nFinancial liabilities:
\nFinancial liabilities measured
\nat FVPL
\uffe6
-
\uffe6
962
\uffe6
53,139
\uffe6
54,101
\nDerivative liabilities that are
\neffective hed
g
in
g
instruments
-
87,070
-
87,070
\n\uffe6
-
\uffe6
88,032
\uffe6
53,139
\uffe6
141,171
\nThe changes in financial instruments classified as Level 3 for the year ended December 31, 2022 are as follows.
\nDescri
p
tion
\nBeginning
\nof the perio
d
Purchases
Disposals
Valuation
Others
\nEnd of
\nthe perio
d
\n(In millions of Korean Won)
\nFinancial assets measured
\nat FVPL
\uffe6
162,330
\uffe6
92,328
\uffe6
(6,107)
\uffe6
8,529
\uffe6
11,540
\uffe6
268,620
\nFinancial assets measured
\nat FVOCI
913,767
12,373
(874)
79,143
(110,445)
893,964
\nFinancial liabilities measured
\nat FVPL
53,139
29,884
-
2,169
115,035
200,227
\nDerivative liabilities that are
\neffective hedging instruments
-
1,935
-
-
-
1,935
\nThe changes in financial instruments classified as Level 3 for the year ended December 31, 2021 are as follows.
\nDescri
p
tion
\nBeginning
\nof the perio
d
Purchases
Disposals
Valuation
Others
\nEnd of
\nthe perio
d
\n(In millions of Korean Won)
\nFinancial assets measured
\nat FVPL
\uffe6
515,020
\uffe6
38,076
\uffe6
(
411,334
)
\uffe6
20,568
\uffe6
-
\uffe6
162,330
\nFinancial assets measured
\nat FVOCI
739,669
66,580
(2,579)
73,805
36,292
913,767
\nFinancial liabilities measured
\nat FVPL
-
52,323
-
816
-
53,139
\n(4)
Financial assets and liabilities subject to offsetting, and financial instruments subject to an enforceable
master netting
\narrangement or similar agreement as of December 31, 2022 are as follows.
\nDescription
\nGross amounts
\nof recognized
\nfinancial assets
\nand liabilities
\nGross amounts
\nof recognized
\nfinancial assets
\nand liabilities
\nset off in the
\nconsolidated
\nstatement of
\nfinancial
\np
osition
\nNet amounts of
\nfinancial assets
\nand liabilities
\npresented in the
\nconsolidated
\nstatement of
\nfinancial
\np
osition
\nRelated
\namounts not set
\noff in the
\nconsolidated
\nstatement of
\nfinancial
\nposition -
\nfinancial
\ninstruments
\nRelated
\namounts not
\nset off in the
\nstatement of
\nfinancial
\nposition -
\ncollateral
\nreceived
\n(pledged)
Net amounts
\n(In millions of Korean Won)
\nFinancial assets:
\nTrade notes and accounts
\nreceivable
\uffe6
4,731,300
\uffe6
272,462
\uffe6
4,458,838
\uffe6
-
\uffe6
-
\uffe6
4,458,838
\nOther receivables
3,005,009
626,041
2,378,968
-
-
2,378,968
\nFinancial assets measured at
\nFVPL
47,256
-
47,256
-
-
47,256
\nDerivative assets that are
\neffective hedging instruments (*)
1,236,696
-
1,236,696
93,233
-
1,143,463
\n\uffe6
9,020,261
\uffe6
898,503
\uffe6
8,121,758
\uffe6
93,233
\uffe6
-
\uffe6
8,028,525
\nFinancial liabilities:
\nTrade notes and accounts
\np
ayable
\uffe6
11,418,549
\uffe6
621,484
\uffe6
10,797,065
\uffe6
-
\uffe6
-
\uffe6
10,797,065
\nOther payables
7,569,527
277,019
7,292,508
-
-
7,292,508
\nFinancial liabilities measured at
\nFVPL
211,678
-
211,678
-
-
211,678
\nDerivative liabilities that are
\neffective hedging instruments (*)
175,296
-
175,296
93,233
-
82,063
\n\uffe6
19,375,050
\uffe6
898,503
\uffe6
18,476,547
\uffe6
93,233
\uffe6
-
\uffe6
18,383,314
\n(*)
These are derivative assets and liabilities that the Group may have the right to offset in the event of default, insolvency or bankruptcy
\nof the counterparty although these do not meet the criteria of offsetting under K-IFRS 1032.
\nFinancial assets and liabilities, subject to offsetting, and financial instruments subject to an enforceable master
\nnetting arrangement or similar agreement as of December 31, 2021 are as follows.
\nDescription
\nGross amounts
\nof recognized
\nfinancial assets
\nand liabilities
\nGross amounts
\nof recognized
\nfinancial assets
\nand liabilities
\nset off in the
\nconsolidated
\nstatement of
\nfinancial
\np
osition
\nNet amounts of
\nfinancial assets
\nand liabilities
\npresented in the
\nconsolidated
\nstatement of
\nfinancial
\np
osition
\nRelated
\namounts not set
\noff in the
\nconsolidated
\nstatement of
\nfinancial
\nposition -
\nfinancial
\ninstruments
\nRelated
\namounts not
\nset off in the
\nstatement of
\nfinancial
\nposition -
\ncollateral
\nreceived
\n(pledged)
Ne
t
amounts
\n(In millions of Korean Won)
\nFinancial assets:
\nTrade notes and accounts
\nreceivable
\uffe6
3,519,284
\uffe6
234,831
\uffe6
3,284,453
\uffe6
-
\uffe6
-
\uffe6
3,284,453
\nOther receivables
2,573,976
497,173
2,076,803
-
-
2,076,803
\nFinancial assets measured at
\nFVPL
14,534
-
14,534
21
-
14,513
\nDerivative assets that are
\neffective hedging instruments (*)
525,114
-
525,114
18,204
-
506,910
\n\uffe6
6,632,908
\uffe6
732,004
\uffe6
5,900,904
\uffe6
18,225
\uffe6
-
\uffe6
5,882,679
\nFinancial liabilities:
\nTrade notes and accounts
\np
ayable
\uffe6
9,640,133
\uffe6
484,878
\uffe6
9,155,255
\uffe6
-
\uffe6
-
\uffe6
9,155,255
\nOther payables
5,669,446
247,126
5,422,320
-
-
5,422,320
\nFinancial liabilities measured at
\nFVPL
54,101
-
54,101
21
-
54,080
\nDerivative liabilities that are
\neffective hedging instruments (*)
87,070
-
87,070
18,204
-
68,866
\n\uffe6
15,450,750
\uffe6
732,004
\uffe6
14,718,746
\uffe6
18,225
\uffe6
-
\uffe6
14,700,521
\n(*) These are derivative assets and liabilities that the Group may have the right to offset in the event of default, insolvency or bankruptcy
\nof the counterparty although these do not meet the criteria of offsetting under K-IFRS 1032.
\n(5)
Interest income, dividend income and interest expenses by categories of financial instruments for the year ended
\nDecember 31, 2022 are as follows.
\n2022
\nDescription
\nInterest
\nincome
\nDividend
\nincome
\nInterest
\nexpenses
\n(In millions of Korean Won)
\nN
on-financial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
489,133
\uffe6
-
\uffe6
-
\nFinancial assets
\nmeasured at FVPL
150,084
-
-
\nFinancial assets measured
\nat FVOCI
-
44,533
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
434,059
\n\uffe6
639,217
\uffe6
44,533
\uffe6
434,059
\nFinancial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
3,466,000
\uffe6
-
\uffe6
-
\nFinancial assets measured
\nat FVPL
5,825
1,300
-
\nFinancial assets measured
\nat FVOCI
899
-
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
2,277,906
\n\uffe6
3,472,724
\uffe6
1,300
\uffe6
2,277,906
\nInterest income, dividend income and interest expenses by categories of financial instruments for the year ended
\nDecember 31, 2021 are as follows.
\n2021
\nDescription
\nInterest
\nincome
\nDividend
\nincome
\nInterest
\nexpenses
\n(In millions of Korean Won)
\nN
on-financial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
248,198
\uffe6
-
\uffe6
-
\nFinancial assets
\nmeasured at FVPL
100,415
-
-
\nFinancial assets measured
\nat FVOCI
-
28,419
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
267,648
\n\uffe6
348,613
\uffe6
28,419
\uffe6
267,648
\nFinancial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
4,138,039
\uffe6
-
\uffe6
-
\nFinancial assets measured
\nat FVPL
4,040
1,721
-
\nFinancial assets measured
\nat FVOCI
203
-
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
1,730,903
\n\uffe6
4,142,282
\uffe6
1,721
\uffe6
1,730,903
\n(6)
The commission income (financial services revenue) arising from financial assets or liabilities other than financial
\nassets or liabilities measured at FVPL for the years ended December 31, 2022 and 2021 are
\uffe6
1,011,152 million and
\n\uffe6
923,656 million, respectively.
In addition, the fee expenses (cost of sales from financial services)
related
to
\nfinancial assets or liabilities other than financial assets or liabilities measured at FVPL for the years ended December
\n31, 2022 and 2021 are
\uffe6
427,606 million and
\uffe6
374,229 million, respectively.
\n(7)
The Group recognizes transfers between levels of the fair value hierarchy at the date of the event or change in
\ncircumstances that caused the transfer.
There are no significant transfers between Level 1 and Level 2 for the year
\nended December 31, 2022.
\n(8)
Descriptions of the valuation techniques and the inputs used in the fair value measurements categorized
within
\nLevel 2 and Level 3 of the fair value hierarchy are as follows.
\n-
Currency
forwards, options and swap
\nFair value of currency forwards, options and swap is measured based on forward exchange rate quoted in the current
\nmarket at the end of the reporting period, which
has the same remaining period of derivatives to be measured.
If
\nthe forward exchange rate, which has the same remaining period of currency forwards, options and swap, is not
\nquoted in the current market, fair value is measured using estimates of similar period of forward exchange rate by
\napplying interpolation method with quoted forward exchange rates.
\nAs the inputs used to measure fair value of currency forwards, options and swap are supported by observable market
\ndata, such as forward exchange rates, the Group classifies the estimates of fair value measurements
of the currency
\nforwards, options and swap as Level 2 of the fair value hierarchy.
\n- Interest rate swap
\nThe discount rate and forward interest rate used to measure the fair value of interest rate swap are determined based
\non an applicable yield curve derived from interest quoted in the current market at the end of the reporting period.
\nThe fair value of interest rate swap was measured as a discount on the estimated future cash flows of interest rate
\nswap based on forward interest rates derived from the above method at an appropriate discount rate.
\nAs the inputs used to measure fair value of interest rate swap are supported by observable market data,
such
as
\nyield curves, the Group classifies the estimates of fair value measurements
of the interest rate swap as Level 2 of the
\nfair value hierarchy.
\n- Debt instruments including corporate bonds
\nFair value of debt instruments including corporate bonds is measured applying discounted cash flow method.
\nThe rate used to discount cash flows is determined based on swap rate and credit spreads of debt instruments,
\nwhich have the similar credit rating and period quoted in the current market with those of debt instruments
\nincluding corporate bonds that should be measured.
The Group classifies fair value measurements of debt
\ninstruments including corporate bonds as Level 2 of the fair-value hierarchy since the rate, which has significant
\neffects on fair value of debt instruments including corporate bonds, is based on observable market data.
\n- Unlisted equity securities
\nFair value of unlisted equity securities is measured using discounted cash flow projection and market approach, and
\nas for discounted cash flow projections, certain assumptions not based on observable market prices or rate, such as
\nsales growth rate, pre-tax operating income ratio and discount rate based on business plan and circumstance of
\nindustry are used to estimate the future cash flow.
The discount rate used to discount the future cash
flows,
is
\ncalculated by applying the Capital Asset Pricing Model, using the data of similar listed companies.
The Group
\ndetermines that the effect of estimation and assumptions referred above affecting fair value of unlisted equity
\nsecurities is significant and classifies fair value measurements of unlisted securities as Level 3 of the fair value
\nhierarchy.
\n- Redeemable convertible preference share
\nThe fair value of redeemable convertible preference share is measured based on the fair value, exercise price,
\nmaturity, and the stock price volatility up to the maturity of the underlying asset, using the binomial option pricing
\nmodel.
The discount rate used in the binomial option pricing model is applied by converting the rate of return on
\ncorporate bonds with equivalent credit rating corresponding to the remaining maturity into a continuous
\ncompounding discount rate, and the stock price volatility up to maturity uses historical volatility of proxy
\ncompanies in similar industries in response to the remaining maturity. The fair value of the underlying asset is
\nassumed to be maintained until the end of the current period after estimating the underlying asset value on the
\ncontracted date by inverting the underlying asset value inherent in the terms of the transaction on the premise that
\nthe acquisition transaction of related shares in the current period is an orderly transaction and traded at fair value.
\nThe group classifies the fair value measurement of redeemable convertible preference share as Level 3 in the fair
\nvalue hierarchy based on the assumption that the effect of the above assumptions and estimates on the fair value
\nof redeemable convertible preference share classified.
\n(9) The quantitative information about significant unobservable inputs used in the fair value measurements
\ncategorized
within Level 3 of the fair value hierarchy and the description of relationships of significant
\nunobservable inputs to the fair value are as follows:
\nDescription
\nFair value at
\nDecember 31, 2022
\nValuation
\ntechniques
\nUnobservable
\ninputs
Ran
g
e
\nDescription of
\nrelationship
\nFinancial
\nassets
\nFinancial
\nliabilities
\n(In millions of Korean Won)
\nUnlisted equity
\nsecurities,
\nredeemable
\nconvertible
\npreference
\nshare and
\nothers
\n\uffe6
1,162,584
\uffe6
202,162
Discounted
\ncash flow
\nand others
\nSales growth rate
-8.8% ~ -2.6%
If the sales
\ngrowth rate,
\nthe pre-tax
\noperating
\nprofit margin
\nratio and stock
\nprice volatility
\nincreases or
\nthe discount
\nrate declin
es,
\nthe fair value
\nincreases.
\nPre-tax operating
\nprofit margin
\nratio
\n2.0% ~ 7.6%
\nDiscount rate
8.3%
\nStock price
\nvolatility
\n59.2% ~ 60.1%
\nThe Group does not expect changes in significant unobservable inputs would have a significant impact on the fair value,
\ntaking into account reasonable alternative assumptions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12881": {
"value": "(3) Fair value estimation
\nThe Group categorizes the assets and liabilities measured at fair value into the following three-level fair value hierarchy
\nin accordance with the inputs used for fair value measurement.
\n\ue001
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n\ue001
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\ndirectly (i.e. as prices) or indirectly (i.e. derived from prices).
\n\ue001
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs)
\nFair value measurements of financial instruments by fair value
hierarchy levels as of December 31, 2022 are as follows.
\nDecember 31, 2022
\nDescription
Level 1
Level 2
Level 3
Total
\n(In millions of Korean Won)
\nFinancial assets:
\nFinancial assets measured
\nat FVPL
\uffe6
57,556
\uffe6
5,412,130
\uffe6
268,620
\uffe6
5,738,306
\nDerivative assets that are
\neffective hed
g
in
g
instruments
-
1,236,696
-
1,236,696
\nFinancial assets measured
\nat FVOCI
1,493,627
451,990
893,964
2,839,581
\n\uffe6
1,551,183
\uffe6
7,100,816
\uffe6
1,162,584
\uffe6
9,814,583
\nFinancial liabilities:
\nFinancial liabilities measured
\nat FVPL
\uffe6
-
\uffe6
11,451
\uffe6
200,227
\uffe6
211,678
\nDerivative liabilities that are
\neffective hed
g
in
g
instruments
-
173,361
1,935
175,296
\n\uffe6
-
\uffe6
184,812
\uffe6
202,162
\uffe6
386,974
\nFair value measurements of financial instruments by fair value hierarchy levels as of December 31, 2021 are as
\nfollows.
\nDecember 31, 2021
\nDescription
Level 1
Level 2
Level 3
Total
\n(In millions of Korean Won)
\nFinancial assets:
\nFinancial assets measured
\nat FVPL
\uffe6
107,290
\uffe6
12,226,048
\uffe6
162,330
\uffe6
12,495,668
\nDerivative assets that are
\neffective hed
g
in
g
instruments
-
525,114
-
525,114
\nFinancial assets measured
\nat FVOCI
1,561,959
435,797
913,767
2,911,523
\n\uffe6
1,669,249
\uffe6
13,186,959
\uffe6
1,076,097
\uffe6
15,932,305
\nFinancial liabilities:
\nFinancial liabilities measured
\nat FVPL
\uffe6
-
\uffe6
962
\uffe6
53,139
\uffe6
54,101
\nDerivative liabilities that are
\neffective hed
g
in
g
instruments
-
87,070
-
87,070
\n\uffe6
-
\uffe6
88,032
\uffe6
53,139
\uffe6
141,171
\nThe changes in financial instruments classified as Level 3 for the year ended December 31, 2022 are as follows.
\nDescri
p
tion
\nBeginning
\nof the perio
d
Purchases
Disposals
Valuation
Others
\nEnd of
\nthe perio
d
\n(In millions of Korean Won)
\nFinancial assets measured
\nat FVPL
\uffe6
162,330
\uffe6
92,328
\uffe6
(6,107)
\uffe6
8,529
\uffe6
11,540
\uffe6
268,620
\nFinancial assets measured
\nat FVOCI
913,767
12,373
(874)
79,143
(110,445)
893,964
\nFinancial liabilities measured
\nat FVPL
53,139
29,884
-
2,169
115,035
200,227
\nDerivative liabilities that are
\neffective hedging instruments
-
1,935
-
-
-
1,935
\nThe changes in financial instruments classified as Level 3 for the year ended December 31, 2021 are as follows.
\nDescri
p
tion
\nBeginning
\nof the perio
d
Purchases
Disposals
Valuation
Others
\nEnd of
\nthe perio
d
\n(In millions of Korean Won)
\nFinancial assets measured
\nat FVPL
\uffe6
515,020
\uffe6
38,076
\uffe6
(
411,334
)
\uffe6
20,568
\uffe6
-
\uffe6
162,330
\nFinancial assets measured
\nat FVOCI
739,669
66,580
(2,579)
73,805
36,292
913,767
\nFinancial liabilities measured
\nat FVPL
-
52,323
-
816
-
53,139",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12882": {
"value": "(3) Fair value estimation
\nThe Group categorizes the assets and liabilities measured at fair value into the following three-level fair value hierarchy
\nin accordance with the inputs used for fair value measurement.
\n\ue001
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n\ue001
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\ndirectly (i.e. as prices) or indirectly (i.e. derived from prices).
\n\ue001
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs)
\nFair value measurements of financial instruments by fair value
hierarchy levels as of December 31, 2022 are as follows.
\nDecember 31, 2022
\nDescription
Level 1
Level 2
Level 3
Total
\n(In millions of Korean Won)
\nFinancial assets:
\nFinancial assets measured
\nat FVPL
\uffe6
57,556
\uffe6
5,412,130
\uffe6
268,620
\uffe6
5,738,306
\nDerivative assets that are
\neffective hed
g
in
g
instruments
-
1,236,696
-
1,236,696
\nFinancial assets measured
\nat FVOCI
1,493,627
451,990
893,964
2,839,581
\n\uffe6
1,551,183
\uffe6
7,100,816
\uffe6
1,162,584
\uffe6
9,814,583
\nFinancial liabilities:
\nFinancial liabilities measured
\nat FVPL
\uffe6
-
\uffe6
11,451
\uffe6
200,227
\uffe6
211,678
\nDerivative liabilities that are
\neffective hed
g
in
g
instruments
-
173,361
1,935
175,296
\n\uffe6
-
\uffe6
184,812
\uffe6
202,162
\uffe6
386,974
\nFair value measurements of financial instruments by fair value hierarchy levels as of December 31, 2021 are as
\nfollows.
\nDecember 31, 2021
\nDescription
Level 1
Level 2
Level 3
Total
\n(In millions of Korean Won)
\nFinancial assets:
\nFinancial assets measured
\nat FVPL
\uffe6
107,290
\uffe6
12,226,048
\uffe6
162,330
\uffe6
12,495,668
\nDerivative assets that are
\neffective hed
g
in
g
instruments
-
525,114
-
525,114
\nFinancial assets measured
\nat FVOCI
1,561,959
435,797
913,767
2,911,523
\n\uffe6
1,669,249
\uffe6
13,186,959
\uffe6
1,076,097
\uffe6
15,932,305
\nFinancial liabilities:
\nFinancial liabilities measured
\nat FVPL
\uffe6
-
\uffe6
962
\uffe6
53,139
\uffe6
54,101
\nDerivative liabilities that are
\neffective hed
g
in
g
instruments
-
87,070
-
87,070
\n\uffe6
-
\uffe6
88,032
\uffe6
53,139
\uffe6
141,171
\nThe changes in financial instruments classified as Level 3 for the year ended December 31, 2022 are as follows.
\nDescri
p
tion
\nBeginning
\nof the perio
d
Purchases
Disposals
Valuation
Others
\nEnd of
\nthe perio
d
\n(In millions of Korean Won)
\nFinancial assets measured
\nat FVPL
\uffe6
162,330
\uffe6
92,328
\uffe6
(6,107)
\uffe6
8,529
\uffe6
11,540
\uffe6
268,620
\nFinancial assets measured
\nat FVOCI
913,767
12,373
(874)
79,143
(110,445)
893,964
\nFinancial liabilities measured
\nat FVPL
53,139
29,884
-
2,169
115,035
200,227
\nDerivative liabilities that are
\neffective hedging instruments
-
1,935
-
-
-
1,935
\nThe changes in financial instruments classified as Level 3 for the year ended December 31, 2021 are as follows.
\nDescri
p
tion
\nBeginning
\nof the perio
d
Purchases
Disposals
Valuation
Others
\nEnd of
\nthe perio
d
\n(In millions of Korean Won)
\nFinancial assets measured
\nat FVPL
\uffe6
515,020
\uffe6
38,076
\uffe6
(
411,334
)
\uffe6
20,568
\uffe6
-
\uffe6
162,330
\nFinancial assets measured
\nat FVOCI
739,669
66,580
(2,579)
73,805
36,292
913,767
\nFinancial liabilities measured
\nat FVPL
-
52,323
-
816
-
53,139",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13477": {
"value": "(5) Interest income, dividend income and interest expenses by categories of financial instruments for the year ended
\nDecember 31, 2022 are as follows.
\n2022
\nDescription
\nInterest
\nincome
\nDividend
\nincome
\nInterest
\nexpenses
\n(In millions of Korean Won)
\nN
on-financial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
489,133
\uffe6
-
\uffe6
-
\nFinancial assets
\nmeasured at FVPL
150,084
-
-
\nFinancial assets measured
\nat FVOCI
-
44,533
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
434,059
\n\uffe6
639,217
\uffe6
44,533
\uffe6
434,059
\nFinancial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
3,466,000
\uffe6
-
\uffe6
-
\nFinancial assets measured
\nat FVPL
5,825
1,300
-
\nFinancial assets measured
\nat FVOCI
899
-
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
2,277,906
\n\uffe6
3,472,724
\uffe6
1,300
\uffe6
2,277,906
\nInterest income, dividend income and interest expenses by categories of financial instruments for the year ended
\nDecember 31, 2021 are as follows.
\n2021
\nDescription
\nInterest
\nincome
\nDividend
\nincome
\nInterest
\nexpenses
\n(In millions of Korean Won)
\nN
on-financial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
248,198
\uffe6
-
\uffe6
-
\nFinancial assets
\nmeasured at FVPL
100,415
-
-
\nFinancial assets measured
\nat FVOCI
-
28,419
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
267,648
\n\uffe6
348,613
\uffe6
28,419
\uffe6
267,648
\nFinancial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
4,138,039
\uffe6
-
\uffe6
-
\nFinancial assets measured
\nat FVPL
4,040
1,721
-
\nFinancial assets measured
\nat FVOCI
203
-
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
1,730,903
\n\uffe6
4,142,282
\uffe6
1,721
\uffe6
1,730,903",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13478": {
"value": "(5) Interest income, dividend income and interest expenses by categories of financial instruments for the year ended
\nDecember 31, 2022 are as follows.
\n2022
\nDescription
\nInterest
\nincome
\nDividend
\nincome
\nInterest
\nexpenses
\n(In millions of Korean Won)
\nN
on-financial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
489,133
\uffe6
-
\uffe6
-
\nFinancial assets
\nmeasured at FVPL
150,084
-
-
\nFinancial assets measured
\nat FVOCI
-
44,533
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
434,059
\n\uffe6
639,217
\uffe6
44,533
\uffe6
434,059
\nFinancial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
3,466,000
\uffe6
-
\uffe6
-
\nFinancial assets measured
\nat FVPL
5,825
1,300
-
\nFinancial assets measured
\nat FVOCI
899
-
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
2,277,906
\n\uffe6
3,472,724
\uffe6
1,300
\uffe6
2,277,906
\nInterest income, dividend income and interest expenses by categories of financial instruments for the year ended
\nDecember 31, 2021 are as follows.
\n2021
\nDescription
\nInterest
\nincome
\nDividend
\nincome
\nInterest
\nexpenses
\n(In millions of Korean Won)
\nN
on-financial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
248,198
\uffe6
-
\uffe6
-
\nFinancial assets
\nmeasured at FVPL
100,415
-
-
\nFinancial assets measured
\nat FVOCI
-
28,419
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
267,648
\n\uffe6
348,613
\uffe6
28,419
\uffe6
267,648
\nFinancial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
4,138,039
\uffe6
-
\uffe6
-
\nFinancial assets measured
\nat FVPL
4,040
1,721
-
\nFinancial assets measured
\nat FVOCI
203
-
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
1,730,903
\n\uffe6
4,142,282
\uffe6
1,721
\uffe6
1,730,903",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13479": {
"value": "(5) Interest income, dividend income and interest expenses by categories of financial instruments for the year ended
\nDecember 31, 2022 are as follows.
\n2022
\nDescription
\nInterest
\nincome
\nDividend
\nincome
\nInterest
\nexpenses
\n(In millions of Korean Won)
\nN
on-financial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
489,133
\uffe6
-
\uffe6
-
\nFinancial assets
\nmeasured at FVPL
150,084
-
-
\nFinancial assets measured
\nat FVOCI
-
44,533
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
434,059
\n\uffe6
639,217
\uffe6
44,533
\uffe6
434,059
\nFinancial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
3,466,000
\uffe6
-
\uffe6
-
\nFinancial assets measured
\nat FVPL
5,825
1,300
-
\nFinancial assets measured
\nat FVOCI
899
-
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
2,277,906
\n\uffe6
3,472,724
\uffe6
1,300
\uffe6
2,277,906
\nInterest income, dividend income and interest expenses by categories of financial instruments for the year ended
\nDecember 31, 2021 are as follows.
\n2021
\nDescription
\nInterest
\nincome
\nDividend
\nincome
\nInterest
\nexpenses
\n(In millions of Korean Won)
\nN
on-financial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
248,198
\uffe6
-
\uffe6
-
\nFinancial assets
\nmeasured at FVPL
100,415
-
-
\nFinancial assets measured
\nat FVOCI
-
28,419
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
267,648
\n\uffe6
348,613
\uffe6
28,419
\uffe6
267,648
\nFinancial services:
\nFinancial assets measured
\nat amortized cos
t
\uffe6
4,138,039
\uffe6
-
\uffe6
-
\nFinancial assets measured
\nat FVPL
4,040
1,721
-
\nFinancial assets measured
\nat FVOCI
203
-
-
\nFinancial liabilities measured
\nat amortized cos
t
-
-
1,730,903
\n\uffe6
4,142,282
\uffe6
1,721
\uffe6
1,730,903",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13658": {
"value": "(6) The commission income (financial services revenue) arising from financial assets or liabilities other than financial
\nassets or liabilities measured at FVPL for the years ended December 31, 2022 and 2021 are
\uffe6
1,011,152 million and
\n\uffe6
923,656 million, respectively.
In addition, the fee expenses (cost of sales from financial services)
related
to
\nfinancial assets or liabilities other than financial assets or liabilities measured at FVPL for the years ended December
\n31, 2022 and 2021 are
\uffe6
427,606 million and
\uffe6
374,229 million, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13724": {
"value": "- Debt instruments including corporate bonds Fair value of debt instruments including corporate bonds is measured applying discounted cash flow method.
\nThe rate used to discount cash flows is determined based on swap rate and credit spreads of debt instruments,
\nwhich have the similar credit rating and period quoted in the current market with those of debt instruments
\nincluding corporate bonds that should be measured.
The Group classifies fair value measurements of debt
\ninstruments including corporate bonds as Level 2 of the fair-value hierarchy since the rate, which has significant
\neffects on fair value of debt instruments including corporate bonds, is based on observable market data.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13837": {
"value": "21. CAPITAL STOCK:
\nThe Company\u2019s number of shares authorized is 600,000,000 shares.
Common stock and preferred stock as of
\nDecember 31, 2022 and December 31, 2021 are as follows.
\n(1) Common stock
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won, except par value)
\nIssue
d
213,668,187 shares
213,668,187 shares
\nPar value
\uffe6
5,000
\uffe6
5,000
\nCapital stoc
k
1,157,982
1,157,982
\nThe Company completed stock retirement of 10,000,000 common shares, 1,320,000 common shares and 6,608,292
\ncommon shares as of March 5, 2001, May 4, 2004 and July 27, 2018 respectively.
Due to these stock retirements, the
\ntotal face value of outstanding stock differs from the capital stock amount.
\n(2) Preferred stock
\nDescription
Par value
Issue
d
Korean Won
Dividend rate
\n(In millions of
\nKorean Won)
\n1
\nst
\np
referred stoc
k
\uffe6
5,000
24,356,685 shares
\uffe6
125,550
Dividend rate of common stock + 1%
\n2
\nnd
\np
referred stoc
k
\u02dd
36,485,451 shares
193,069
The lowest stimulated dividend rate: 2%
\n3
\nrd
\np
referred stoc
k
\u02dd
2,428,735 shares
12,392
The lowest stimulated dividend rate: 1%
\n63,270,871 shares
\uffe6
331,011
\nAs of March 5, 2001, the Company retired 1,000,000 second preferred shares and as of July 27, 2018, the Company
\nretired 753,297 first preferred shares, 1,128,414 second preferred shares and 49,564 third preferred shares.
Due to the
\nstock retirement, the total face value of outstanding stock differs from the capital stock amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13838": {
"value": "21. CAPITAL STOCK:
\nThe Company\u2019s number of shares authorized is 600,000,000 shares.
Common stock and preferred stock as of
\nDecember 31, 2022 and December 31, 2021 are as follows.
\n(1) Common stock
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won, except par value)
\nIssue
d
213,668,187 shares
213,668,187 shares
\nPar value
\uffe6
5,000
\uffe6
5,000
\nCapital stoc
k
1,157,982
1,157,982
\nThe Company completed stock retirement of 10,000,000 common shares, 1,320,000 common shares and 6,608,292
\ncommon shares as of March 5, 2001, May 4, 2004 and July 27, 2018 respectively.
Due to these stock retirements, the
\ntotal face value of outstanding stock differs from the capital stock amount.
\n(2) Preferred stock
\nDescription
Par value
Issue
d
Korean Won
Dividend rate
\n(In millions of
\nKorean Won)
\n1
\nst
\np
referred stoc
k
\uffe6
5,000
24,356,685 shares
\uffe6
125,550
Dividend rate of common stock + 1%
\n2
\nnd
\np
referred stoc
k
\u02dd
36,485,451 shares
193,069
The lowest stimulated dividend rate: 2%
\n3
\nrd
\np
referred stoc
k
\u02dd
2,428,735 shares
12,392
The lowest stimulated dividend rate: 1%
\n63,270,871 shares
\uffe6
331,011
\nAs of March 5, 2001, the Company retired 1,000,000 second preferred shares and as of July 27, 2018, the Company
\nretired 753,297 first preferred shares, 1,128,414 second preferred shares and 49,564 third preferred shares.
Due to the
\nstock retirement, the total face value of outstanding stock differs from the capital stock amount.
\n22.
CAPITAL SURPLUS:
\nCapital surplus as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nPaid-in capital in excess of par value
\uffe6
3,321,334
\uffe6
3,321,334
\nOthers(*)
919,969
748,926
\n\uffe6
4,241,303
\uffe6
4,070,260
\n(*) During the year ended December 31, 2022, the Group disposed of 2,216,983 shares of treasury stocks through
\ntreasury stock exchange with KT Corporation, and recognized gain on disposal of treasury stocks in the amount of
\uffe6
118,686
\nmillion.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13952": {
"value": "23. OTHER CAPITAL ITEMS:
\nOther capital items consist of treasury stocks purchased for the stabilization of stock price.
Number of treasury stocks
\nas of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\n(Number of shares)
\nCommon stoc
k
11,408,711
14,048,242
\n1
\nst
\np
referred stoc
k
2,430,559
2,333,133
\n2
\nnd
\np
referred stoc
k
1,718,424
1,572,482
\n3
\nrd
\np
referred stoc
k
72,861
63,146",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14076": {
"value": "(1) Retained earnings as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31,2021
\n(In millions of Korean Won)
\nLe
g
al reserve (*)
\uffe6
744,836
\uffe6
744,836
\nDiscretionar
y
reserve
\n47,307,996
47,701,296
\nUnappropriate
d
\n31,900,769
24,721,723
\n\uffe6
79,953,601
\uffe6
73,167,855
\n(*)
The Commercial Code of the Republic of Korea requires the Company to appropriate as a legal reserve, a minimum of 10% of
\nannual cash dividends declared, until such reserve equals 50% of its capital stock issued.
The reserve is not available for the
\npayment of cash dividends, but may be transferred to capital stock or used to reduce accumulated deficit, if any.
\nAppraisal gains, amounting to
\uffe6
1,852,871 million, derived from asset revaluation pursuant to the Asset Revaluation Law
\nof Korea are included in retained earnings.
It may be only transferred to capital stock or used to reduce accumulated
\ndeficit, if any.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14116": {
"value": "(2) The computation of the interim dividends for the year ended December 31, 2022 is as follows.
\nDescription
\nCommon
\nstoc
k
\n1
\nst
\nPreferred
\nstoc
k
\n2
\nnd
\nPreferred
\nstoc
k
\n3
\nrd
\nPreferred
\nstoc
k
\n(In millions of Korean Won, except per share amounts)
\nPar value per share
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\nShares, net of treasur
y
stocks
198,765,273
21,926,126
34,767,027
2,355,874
\nDividends per share
\uffe6
1,000
\uffe6
1,000
\uffe6
1,000
\uffe6
1,000
\nDividend rate
20%
20%
20%
20%
\nDividends declare
d
198,764
21,926
34,767
2,356
\nThe computation of the interim dividends for the year ended December 31, 2021 is as follows.
\nDescription
\nCommon
\nstoc
k
\n1
\nst
\nPreferred
\nstoc
k
\n2
\nnd
\nPreferred
\nstoc
k
\n3
\nrd
\nPreferred
\nstoc
k
\n(In millions of Korean Won, except per share amounts)
\nPar value per share
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\nShares, net of treasur
y
stocks
200,576,769
22,169,692
35,131,881
2,380,161
\nDividends per share
\uffe6
1,000
\uffe6
1,000
\uffe6
1,000
\uffe6
1,000
\nDividend rate
20%
20%
20%
20%
\nDividends declare
d
200,577
22,170
35,132
2,380
\n(3)
The computation of the proposed dividends for the year ended December 31, 2022 is as follows.
\nDescription
\nCommon
\nstoc
k
\n1
\nst
\nPreferred
\nstoc
k
\n2
\nnd
\nPreferred
\nstoc
k
\n3
\nrd
\nPreferred
\nstoc
k
\n(In millions of Korean Won, except per share amounts)
\nPar value per share
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\nShares, net of treasur
y
stocks
202,259,476
21,926,126
34,767,027
2,355,874
\nDividends per share
\uffe6
6,000
\uffe6
6,050
\uffe6
6,100
\uffe6
6,050
\nDividend rate
120%
121%
122%
121%
\nDividends declare
d
1,213,557
132,653
212,079
14,253
\nThe computation of the dividends for the year ended December 31, 2021 is as follows.
\nDescription
\nCommon
\nstoc
k
\n1
\nst
\nPreferred
\nstoc
k
\n2
\nnd
\nPreferred
\nstoc
k
\n3
\nrd
\nPreferred
\nstoc
k
\n(In millions of Korean Won, except per share amounts)
\nPar value per share
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\uffe6
5,000
\nShares, net of treasur
y
stocks
199,619,945
22,023,552
34,912,969
2,365,589
\nDividends per share
\uffe6
4,000
\uffe6
4,050
\uffe6
4,100
\uffe6
4,050
\nDividend rate
80%
81%
82%
81%
\nDividends declare
d
798,480
89,195
143,143
9,581",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14286": {
"value": "6000",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:KRW/xbrli:shares"
}
},
"f14344": {
"value": "4000",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:KRW/xbrli:shares"
}
},
"f14475": {
"value": "28. SELLING AND ADMINISTRATIVE EXPENSES:
\nSelling and administrative expenses for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nSellin
g
expenses:
\nExport expenses
\uffe6
78,842
\uffe6
46,057
\nOverseas market expenses
443,923
412,476
\nAdvertisements and sales promotion
3,102,616
2,609,784
\nSales commissions
909,093
983,949
\nExpenses for warranties
4,346,694
2,947,290
\nTransportation expenses
101,995
116,035
\n8,983,163
7,115,591
\nAdministrative expenses:
\nPa
y
roll
3,265,946
2,882,164
\nPos
t
-emplo
y
ment benefits
173,367
177,845
\nWelfare expenses
550,396
496,461
\nService char
g
es
1,682,831
1,529,151
\nResearch
1,762,749
1,534,993
\nOthe
r
s
2,079,831
1,515,341
\n9,515,120
8,135,955
\n\uffe6
18,498,283
\uffe6
15,251,546",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14579": {
"value": "30. FINANCE INCOME AND EXPENSES:
\n(1)
Finance income for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nInterest income
\uffe6
639,217
\uffe6
348,613
\nGain on forei
g
n exchan
g
e transactions
146,066
62,003
\nGain on forei
g
n currenc
y
translation
333,849
162,811
\nDividend income
44,533
28,419
\nGain on derivatives
18,689
89,522
\nOthers
36,459
221,434
\n\uffe6
1,218,813
\uffe6
912,802
\n(2)
Finance expenses for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nInterest expenses
\uffe6
536,086
\uffe6
304,542
\nLoss on forei
g
n exchan
g
e transactions
77,799
54,622
\nLoss on forei
g
n currenc
y
translation
416,846
182,233
\nLoss on derivatives and others
23,497
7,013
\n\uffe6
1,054,228
\uffe6
548,410",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14583": {
"value": "(1) Finance income for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nInterest income
\uffe6
639,217
\uffe6
348,613
\nGain on forei
g
n exchan
g
e transactions
146,066
62,003
\nGain on forei
g
n currenc
y
translation
333,849
162,811
\nDividend income
44,533
28,419
\nGain on derivatives
18,689
89,522
\nOthers
36,459
221,434
\n\uffe6
1,218,813
\uffe6
912,802",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14624": {
"value": "(2) Finance expenses for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nInterest expenses
\uffe6
536,086
\uffe6
304,542
\nLoss on forei
g
n exchan
g
e transactions
77,799
54,622
\nLoss on forei
g
n currenc
y
translation
416,846
182,233
\nLoss on derivatives and others
23,497
7,013
\n\uffe6
1,054,228
\uffe6
548,410",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14730": {
"value": "32. EXPENSES BY NATURE:
\nExpenses by nature for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nChan
g
es in inventories
\uffe6
(1,677,346)
\uffe6
434,257
\nRaw materials and
merchandise use
d
80,774,363
67,579,441
\nEmplo
y
ee benefits
10,667,028
9,613,599
\nDepreciation
3,180,687
2,937,914
\nAmortization
1,866,935
1,617,823
\nOthers
40,746,206
30,583,048
\nTotal (*)
\uffe6
135,557,873
\uffe6
112,766,082
\n(*)
Sum of cost of sales, selling and administrative expenses and other expenses in the consolidated statements of income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14773": {
"value": "33. EARNINGS PER COMMON STOCK AND PREFERRED STOCK:
\nBasic earnings per common stock and preferred stock are computed by dividing profit available to common stock and
\npreferred stock by the weighted-average number of common stock and preferred stock outstanding during the year.
The
\nGroup does not compute diluted earnings per common stock for the years ended December 31, 2022 and 2021, since there
\nare no dilutive items during the years.
\nBasic earnings per common stock and preferred stock for the years ended December 31, 2022 and 2021 are computed as
\nfollows.
\nFor the
y
ear ended December 31, 2022
For the
y
ear ended December 31, 2021
\nDescription
\nProfit
\nattributable to
\nshare
\nWeighted-
\naverage number
\nof shares
\noutstandin
g
(*1)
\nBasic
\nearnings
\np
er share
\nProfit
\nattributable to
\nshare
\nWeighted-
\naverage number
\nof shares
\noutstandin
g
(*1)
\nBasic
\nearnings
\np
er share
\n(In millions of Korean Won, excep
t
p
er share amounts)
\nCommon stoc
k
\uffe6
5,696,576
199,735,258
\uffe6
28,521
\uffe6
3,806,754
200,578,742
\uffe6
18,979
\n1
\nst
\nPreferred stock (*2)
618,639
21,932,141
28,207
421,090
22,160,384
19,002
\n2
\nnd
\nPreferred stoc
k
982,679
34,775,916
28,257
669,282
35,117,788
19,058
\n3
\nrd
\nPreferred stoc
k
66,470
2,356,491
28,207
45,230
2,379,240
19,010
\n(*1) Weighted-average number of shares outstanding includes the effects of treasury stock transactions.
\n(*2) 1
\nst
\npreferred stock meets the definition of \u2018ordinary shares\u2019 as defined in K-IFRS 1033 \u2018Earnings per Share\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14867": {
"value": "34. INCOME TAX EXPENSE:
\n(1)
The components of income tax expense for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nCurrent tax expense
\uffe6
2,705,459
\uffe6
1,816,699
\nAdjustments recognized in the current year in relation to
\nthe prior
y
ears
66,052
(274,525)
\nChan
g
es in deferred taxes relatin
g
to
\nTemporar
y
differences
(623,348)
1,718,022
\nTax losses and tax credits
949,285
(683,646)
\nItems that are char
g
ed or credited directl
y
to equit
y
(186,176)
(104,461)
\nEffect of forei
g
n exchan
g
e differences and others
53,057
(205,604)
\nIncome tax expense
\uffe6
2,964,329
\uffe6
2,266,485
\n(2)
The reconciliation from profit before income tax to income tax expense for the years ended December 31, 2022
\nand 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nProfi
t
b
efore income tax
\uffe6
10,947,943
\uffe6
7,959,562
\nIncome tax expense calculated at the applicable
\ntax rates of 27.2% in 2022 and 21.4% in 2021
2,973,667
1,699,706
\nAd
j
ustments:
\nN
on-taxable income
(91,601)
(100,314)
\nN
on-deductible expenses
399,296
261,172
\nTax credits
(528,986)
(429,012)
\nOthers
211,953
834,933
\n(9,338)
566,779
\nIncome tax expense
\uffe6
2,964,329
\uffe6
2,266,485
\nEffective tax rate
27.1%
28.5%
\n(3)
The changes in deferred tax assets (liabilities) for the year ended December 31, 2022 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
Chan
g
es
\nEnd
\nof the
y
ea
r
\n(In millions of Korean Won)
\nProvisions
\uffe6
2,824,209
\uffe6
451,449
\uffe6
3,275,658
\nFinancial assets measured at FVPL
1,231
308
1,539
\nFinancial assets measured at FVOCI
(121,184)
113,194
(7,990)
\nInvestment of subsidiaries, associates and joint
\nventures
\n(1,578,133)
(418,369)
(1,996,502)
\nDerivatives
(1,516)
(93,536)
(95,052)
\nPP&E
(5,861,743)
60,309
(5,801,434)
\nAccrued income
(15,840)
(2,927)
(18,767)
\nGain (loss) on forei
g
n currenc
y
translation, ne
t
(136)
(197)
(333)
\nOthers
(42,945)
513,117
470,172
\n(4,796,057)
623,348
(4,172,709)
\nCarryforward of tax losses and tax credits
3,331,562
(949,285)
2,382,277
\n\uffe6
(1,464,495)
\uffe6
(325,937)
\uffe6
(1,790,432)
\nThe changes in deferred tax assets (liabilities) for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
Chan
g
es
\nEnd
\nof the
y
ea
r
\n(In millions of Korean Won)
\nProvisions
\uffe6
2,713,730
\uffe6
110,479
\uffe6
2,824,209
\nFinancial assets measured at FVPL
1,795
(564)
1,231
\nFinancial assets measured at FVOCI
(137,271)
16,087
(121,184)
\nInvestment of subsidiaries, associates and joint
\nventures
\n(1,516,729)
(61,404)
(1,578,133)
\nDerivatives
(45,697)
44,181
(1,516)
\nPP&E
(5,058,726)
(803,017)
(5,861,743)
\nAccrued income
61,186
(77,026)
(15,840)
\nGain (loss) on foreign currency translation, net
431
(567)
(136)
\nOthers
903,246
(946,191)
(42,945)
\n(3,078,035)
(1,718,022)
(4,796,057)
\nCarryforward of tax losses and tax credits
2,647,916
683,646
3,331,562
\n\uffe6
(430,119)
\uffe6
(1,034,376)
\uffe6
(1,464,495)
\n(4)
Income taxes relating to items that are charged or credited directly to equity for the years ended December 31,
\n2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nGain on disposal of treasur
y
stocks
\uffe6
(66,131)
\uffe6
(9,451)
\nLoss (
g
ain) on financial assets measured at FVOCI, ne
t
97,671
(32,147)
\nLoss (
g
ain) on valuation of cash flow hed
g
e derivatives, ne
t
(78,505)
5,848
\nRemeasurements of defined benefit plans
(152,166)
(64,906)
\nChan
g
es in retained earnin
g
s of equit
y
-accounted
investees, ne
t
12,955
(3,805)
\n\uffe6
(186,176)
\uffe6
(104,461)
\n(5)
The amount of temporary differences associated with investments in subsidiaries, joint ventures and associates, for
\nwhich deferred tax liabilities are not recognized, are
\uffe6
8,948,716 million and
\uffe6
5,644,375 million as of December
\n31, 2022 and 2021, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14980": {
"value": "(3) The changes in deferred tax assets (liabilities) for the year ended December 31, 2022 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
Chan
g
es
\nEnd
\nof the
y
ea
r
\n(In millions of Korean Won)
\nProvisions
\uffe6
2,824,209
\uffe6
451,449
\uffe6
3,275,658
\nFinancial assets measured at FVPL
1,231
308
1,539
\nFinancial assets measured at FVOCI
(121,184)
113,194
(7,990)
\nInvestment of subsidiaries, associates and joint
\nventures
\n(1,578,133)
(418,369)
(1,996,502)
\nDerivatives
(1,516)
(93,536)
(95,052)
\nPP&E
(5,861,743)
60,309
(5,801,434)
\nAccrued income
(15,840)
(2,927)
(18,767)
\nGain (loss) on forei
g
n currenc
y
translation, ne
t
(136)
(197)
(333)
\nOthers
(42,945)
513,117
470,172
\n(4,796,057)
623,348
(4,172,709)
\nCarryforward of tax losses and tax credits
3,331,562
(949,285)
2,382,277
\n\uffe6
(1,464,495)
\uffe6
(325,937)
\uffe6
(1,790,432)
\nThe changes in deferred tax assets (liabilities) for the year ended December 31, 2021 are as follows.
\nDescription
\nBeginning
\nof the
y
ea
r
Chan
g
es
\nEnd
\nof the
y
ea
r
\n(In millions of Korean Won)
\nProvisions
\uffe6
2,713,730
\uffe6
110,479
\uffe6
2,824,209
\nFinancial assets measured at FVPL
1,795
(564)
1,231
\nFinancial assets measured at FVOCI
(137,271)
16,087
(121,184)
\nInvestment of subsidiaries, associates and joint
\nventures
\n(1,516,729)
(61,404)
(1,578,133)
\nDerivatives
(45,697)
44,181
(1,516)
\nPP&E
(5,058,726)
(803,017)
(5,861,743)
\nAccrued income
61,186
(77,026)
(15,840)
\nGain (loss) on foreign currency translation, net
431
(567)
(136)
\nOthers
903,246
(946,191)
(42,945)
\n(3,078,035)
(1,718,022)
(4,796,057)
\nCarryforward of tax losses and tax credits
2,647,916
683,646
3,331,562
\n\uffe6
(430,119)
\uffe6
(1,034,376)
\uffe6
(1,464,495)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15195": {
"value": "35. RETIREMENT BENEFIT PLAN:
\n(1)
Expenses recognized in relation to defined contribution plans for the years ended December 31, 2022 and 2021 are as
\nfollows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nPaid-in cash
\uffe6
14,377
\uffe6
11,650
\nReco
g
nized liabilit
y
4,754
3,320
\n\uffe6
19,131
\uffe6
14,970
\n(2)
The significant actuarial assumptions used by the Group as of December 31, 2022 and December 31, 2021 are as
\nfollows.
\nDescription
December 31, 2022
December 31, 2021
\nDiscount rate (*)
5.29%
3.84%
\nRate of expected future salar
y
increase
4.05%
4.51%
\n(*) The Group applied the market yields of high-quality corporate bonds (AA+) and others as the discount rate at
\nDecember 31, 2022, to discount the defined benefit obligation to the present value, and the same discount rate was
\napplied as the expected return rate when calculating interest income on plan assets.
\nEmployee turnover and mortality assumptions used for actuarial valuation are based on the economic conditions and
\nstatistical data of each country where entities within the Group are located.
\n(3)
The amounts recognized in the consolidated statements of financial position related to defined benefit plans
as of
\nDecember 31, 2022 and December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nPresent value of defined benefit obli
g
ations
\uffe6
6,033,698
\uffe6
6,580,593
\nFair value of plan assets
(6,809,339)
(6,721,149)
\n\uffe6
(775,641)
\uffe6
(140,556)
\nN
et defined benefit liabili
t
ies
61,861
79,165
\nN
et defined benefit assets
(837,502)
(219,721)
\n(4)
Changes in net defined benefit assets and liabilities for the year ended December 31, 2022 are as follows.
\nDescription
\nPresent value of defined
\nb
enefit obli
g
ations
\nFair value of
\np
lan assets
\nNet defined benefit
\nliabilities
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
6,580,593
\uffe6
(6,721,149)
\uffe6
(140,556)
\nCurrent service cos
t
575,608
-
575,608
\nInterest expenses (income)
173,934
(185,313)
(11,379)
\nPast service cos
t
(33)
-
(33)
\n7,330,102
(6,906,462)
423,640
\nRemeasurements:
\nReturn on plan assets
-
168,474
168,474
\nActuarial gains and losses arising
\nfrom changes in demographic
\nassumptions
255,197
-
255,197
\nActuarial gains and losses arising
\nfrom changes in financial
\nassumptions
(1,002,183)
-
(1,002,183)
\nActuarial gains and losses arising
\nfrom experience adjustments and
\nothers
35,038
-
35,038
\n(711,948)
168,474
(543,474)
\nContributions
-
(584,701)
(584,701)
\nBenefits pai
d
(583,748)
483,747
(100,001)
\nTransfers in (out)
1,946
(1,454)
492
\nEffect of foreign exchange
\ndifferences and othe
r
s
(2,654)
31,057
28,403
\nEnd of the
y
ea
r
\uffe6
6,033,698
\uffe6
(6,809,339)
\uffe6
(775,641)
\nChanges in net defined benefit assets and liabilities for the year ended December 31, 2021 are as follows.
\nDescription
\nPresent value of defined
\nb
enefit obli
g
ations
\nFair value of
\np
lan assets
\nNet defined benefit
\nliabilities
\n(In millions of Korean Won)
\nBe
g
innin
g
of the
y
ea
r
\uffe6
6,490,583
\uffe6
(6,253,299)
\uffe6
237,284
\nCurrent service cos
t
598,231
-
598,231
\nInterest expenses (income)
140,222
(139,588)
634
\nPast service cos
t
221
-
221
\n7,229,257
(6,392,887)
836,370
\nRemeasurements:
\nReturn on plan assets
-
(1,247)
(1,247)
\nActuarial gains and losses arising
\nfrom changes in demographic
\nassumptions
2,573
-
2,573
\nActuarial gains and losses arising
\nfrom changes in financial
\nassumptions
(259,343)
-
(259,343)
\nActuarial gains and losses arising
\nfrom experience adjustments and
\nothers
17,719
-
17,719
\n(239,051)
(1,247)
(240,298)
\nContributions
-
(689,687)
(689,687)
\nBenefits pai
d
(447,857)
367,927
(79,930)
\nTransfers in (out)
2,721
(1,605)
1,116
\nEffect of foreign exchange
\ndifferences and othe
r
s
35,523
(3,650)
31,873
\nEnd of the
y
ea
r
\uffe6
6,580,593
\uffe6
(6,721,149)
\uffe6
(140,556)
\n(5)
The sensitivity analysis based on reasonably possible changes of the significant
assumptions as of December 31,
\n2022 and December 31, 2021, while all the other assumptions are retained, are as follows.
\nEffect on the net defined benefit liabilities
\nDecember 31, 2022
December 31, 2021
\nDescription
Increase b
y
1%
Decrease b
y
1%
Increase b
y
1%
Decrease b
y
1%
\n(In millions of Korean Won)
(In millions of Korean Won)
\nDiscount rate
\uffe6
(367,700)
\uffe6
419,353
\uffe6
(486,472)
\uffe6
542,497
\nRate of expected future salary increase
400,804
(360,074)
492,651
(457,048)
\n(6)
The fair value of the plan assets as of December 31, 2022 and December 31, 2021 is as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nInsurance instruments
\uffe6
6,806,690
\uffe6
6,717,877
\nOthers
2,649
3,272
\n\uffe6
6,809,339
\uffe6
6,721,149
\n(7)
The Group expects to pay contribution of approximately
\uffe6
546,548 million to the plan in 2023 and the weighted
\naverage duration of the defined benefit obligation as of December 31, 2022 is 7.8 years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15570": {
"value": "36. CASH GENERATED FROM OPERATIONS:
\n(1)
Cash generated from operations for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nProfit for the
y
ea
r
\uffe6
7,983,614
\uffe6
5,693,077
\nAd
j
ustments:
\nRetirement benefit costs
568,950
602,406
\nDepreciation
3,180,687
2,937,914
\nAmortization of intan
g
ible assets
1,866,935
1,617,823
\nProvision for warranties
4,007,458
2,678,950
\nIncome tax expense
2,964,329
2,266,485
\nLoss on forei
g
n currenc
y
translation, ne
t
249,758
30,813
\nLoss on disposals of PP&E, ne
t
127,690
33,921
\nInterest income, ne
t
(103,131)
(44,071)
\nGain on share of earnin
g
s of equit
y
-accounted investees, ne
t
(1,635,777)
(1,278,591)
\nCost of sales from financial services, ne
t
7,439,938
6,229,723
\nImpairment loss on investments in associates
143,186
13,332
\nOthers
1,445,915
688,884
\n20,255,938
15,777,589
\nChan
g
es in operatin
g
assets and liabilities:
\nDecrease (increase) in trade notes and accounts receivable
(1,325,728)
280,750
\nIncrease in other receivables
622,992
(161,098)
\nDecrease (increase) in other financial assets
1,423,023
237,835
\nDecrease (increase) in inventories
(2,721,100)
177,234
\nIncrease in other assets
(83,879)
(381,923)
\nIncrease in trade notes and accounts pa
y
able
1,146,082
555,739
\nIncrease in other pa
y
ables
2,186,971
13,702
\nIncrease in other liabilities
2,086,192
1,057,959
\nDecrease in other financial liabilities
(1,597)
(11,583)
\nDecrease in net defined benefit liabilities
(573,780)
(678,416)
\nPa
y
ment of severance benefits
(100,001)
(79,930)
\nDecrease in provisions
(3,796,018)
(3,261,759)
\nChan
g
es in financial services receivables
(8,457,539)
(9,551,305)
\nInvestment in operatin
g
leases
(4,689,798)
(7,649,654)
\nOthers
361,523
(835,327)
\n(13,922,657)
(20,287,776)
\nCash
g
enerated from operations
\uffe6
14,316,895
\uffe6
1,182,890
\n(2)
Major non-cash transactions not stated on the consolidated statements of cash flows from investing and financing
\nactivities for the years ended December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nReclassification of the current portion of long-term debt
\nand debentures
\uffe6
24,891,478
\uffe6
21,149,425
\nReclassification of construction-in-
p
ro
g
ress to PP&E
3,525,985
3,843,940
\nReclassification of construction-in-
p
ro
g
ress to intan
g
ible assets
186,210
123,107
\n(3)
Changes in liabilities arising from financial activities for the year ended
December 31, 2022 are as follows.
\nChanges from non-cash transactions
\nDescription
\nBeginning
\nof the yea
r
\nCash flows from
\nfinancing
\nactivities
\nReclassified to
\ncurrent portion
\nEffect of
\nexchange rate
\nchanges
\nPresent value
\ndiscoun
t
s
Others(*)
\nEnd of
\nthe yea
r
\n(In millions of Korean Won)
\nShort-term
\nborrowings
\n(including
\ncurrent
\np
ortion)
\uffe6
33,666,738
\uffe6
(22,985,947)
\uffe6
24,891,478
\uffe6
684,515
\uffe6
56,738
\uffe6
627,089
\uffe6
36,940,611
\nLong-term
\ndebts
10,667,731
6,925,739
(5,432,473)
115,999
7,656
497
12,285,149
\nDebentures
63,458,809
16,381,780
(19,459,005)
2,524,323
18,593
35,560
62,960,060
\n(*)
Others include transfers from or to other accounts and others.
\nChanges in liabilities arising from financial activities for the year ended
December 31, 2021 are as follows.
\nChanges from non-cash transactions
\nDescription
\nBeginning
\nof the yea
r
\nCash flows from
\nfinancing
\nactivities
\nReclassified to
\ncurrent portion
\nEffect of
\nexchange rate
\nchanges
\nPresent
\nvalue
\ndiscoun
t
s
Others(*)
\nEnd of
\nthe yea
r
\n(In millions of Korean Won)
\nShort-term
\nborrowings
\n(including
\ncurrent
\np
ortion)
\uffe6
29,884,675
\uffe6
(19,812,277)
\uffe6
21,149,425
\uffe6
1,649,562
\uffe6
18,765
\uffe6
776,588
\uffe6
33,666,738
\nLong-term
\ndebts
12,726,724
3,853,657
(6,285,807)
338,631
10,831
23,695
10,667,731
\nDebentures
48,795,361
26,862,597
(14,863,618)
2,536,702
23,103
104,664
63,458,809
\n(*)
Others include transfers from or to other accounts and others.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15884": {
"value": "37. RISK MANAGEMENT:
\n(1)
Capital risk management
\nThe Group manages its capital to maintain an optimal capital structure for maximizing profit of its shareholder and
\nreducing the cost of capital. Debt to equity ratio calculated as total liabilities divided by total equity is used as an index
\nto manage the Group\u2019s capital. The overall capital risk management policy is consistent with that of the prior period. Debt
\nto equity ratios as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nTotal liabilities
\uffe6
164,845,917
\uffe6
151,330,626
\nTotal equit
y
90,896,545
82,615,789
\nDeb
t
-to-equit
y
ratio
181.4%
183.2%
\n(2)
Financial risk management
\nThe Group is exposed to various financial risks such as market risk (foreign exchange risk, interest rate risk and price
\nrisk), credit risk and liquidity risk related to its financial instruments. The purpose of risk management of the Group is to
\nidentify potential risks related to financial performance and reduce, eliminate and evade those risks to an acceptable level
\nof risks to the Group. Overall, the Group\u2019s financial risk management policy is consistent with the prior period policy.
\n1) Market risk
\nThe Group is mainly exposed to financial risks arising from changes in foreign exchange rates and interest rates.
\nAccordingly, the Group uses financial derivative contracts to hedge and to manage its interest rate risk and foreign
\ncurrency risk.
\na)
Foreign exchange risk management
\nThe Group is exposed to various foreign exchange risks by making transactions in foreign currencies. The Group is
\nmainly exposed to foreign exchange risk in USD, EUR, JPY and others.
\nThe Group manages foreign exchange risk by matching the inflow and the outflow of foreign currencies according to
\neach currency and maturity, and by adjusting the foreign currency settlement date based on its exchange rate forecast.
\nThe Group uses foreign exchange derivatives, such as currency forward, currency swap, and currency option; as hedging
\ninstruments. However, speculative foreign exchange trade on derivative financial instruments is prohibited.
\nSensitivity analysis for a 5% change in exchange rate of the functional currency against each foreign currency on profit
\nbefore income tax as of December 31, 2022 is as follows.
\nForei
g
n Exchan
g
e Rate Sensitivit
y
\nForei
g
n Currenc
y
Increase b
y
5%
Decrease b
y
5%
\n(In millions of Korean Won)
\nUSD
\uffe6
111,585
\uffe6
(111,585)
\nEUR
20,435
(20,435)
\nJPY
(3,585)
3,585
\nb) Interest rate risk management
\nThe Group has borrowings with fixed or variable interest rates. Also, the Group is exposed to interest rate risk arising
\nfrom financial instruments with variable interest rates. To manage the interest rate risk, the Group maintains an appropriate
\nbalance between borrowings with fixed and variable interest rates for short-term borrowings and has a policy to borrow
\nfunds with fixed interest rates to avoid the future cash flow fluctuation risk for long-term debt if possible. The Group
\nmanages its interest rate risk through regular assessments of the change in market conditions and the adjustments in nature
\nof its interest rates.
\nSensitivity analysis for a 1% change in interest rates on profit before income tax as of December 31, 2022 is as follows.
\nInterest Rate Sensitivit
y
\nAccounts
Increase b
y
1%
Decrease b
y
1%
\n(In millions of Korean Won)
\nCash and cash equivalents
\uffe6
35,897
\uffe6
(35,897)
\nFinancial assets measured at FVPL
1,644
(1,644)
\nShort-term and long-term financial
\ninstruments
15,584
(15,584)
\nBorrowin
g
s and debentures
(99,610)
99,610
\nThe Company\u2019s subsidiaries,
HYUNDAI CARD CO., LTD.
and
HYUNDAI CAPITAL SERVICES, INC.
, that are operating
\nfinancial business, are managing interest rate risk by utilizing value at risk (VaR). VaR is defined as a threshold value
\nwhich is a statistical estimate of the maximum potential loss based on normal distribution. As of December 31, 2022 and
\nDecember 31, 2021, the amounts of interest rate risk measured at VaR are
\uffe6
135,241 million and
\uffe6
182,864 million,
\nrespectively.
\nc)
Price risk
\nThe Group is exposed to market price fluctuation risk arising from equity instruments. As of December 31, 2022, the
\namounts of financial assets measured at FVPL and financial assets measured at FVOCI are
\uffe6
57,556 million
\nand
\uffe6
2,340,388 million, respectively.
\n2)
Credit risk
\nThe Group is exposed to credit risk when a counterparty defaults on its contractual obligation resulting in a financial loss
\nfor the Group. The Group operates a policy to transact with counterparties who only meet a certain level of credit rating
\nwhich was evaluated based on the counterparty\u2019s financial conditions, default history, and other factors.
The credit risk
\nin the liquid funds and derivative financial instruments is limited as the Group transacts only with financial institutions
\nwith high credit-ratings assigned by international credit-rating agencies. Except for the guarantee of indebtedness
\ndiscussed in Note 39, the book value of financial assets in the consolidated financial statements represents the maximum
\namounts of exposure to credit risk. In addition, the Company\u2019s subsidiaries,
HYUNDAI CARD CO., LTD.
and
HYUNDAI
\nCAPITAL SERVICES, INC.
, that are operating financial business, assesses their credit stability according to their internal
\ncredit ratings and manage credit risk concentrations by debtor. As of December 31, 2022, credit risk concentrations are
\n87% for households and 13% for companies.
\n3)
Liquidity risk
\nThe Group manages liquidity risk based on maturity profile of its funding. The Group analyses and reviews actual cash
\noutflow and its budget to match the maturity of its financial liabilities to that of its financial assets.
\nThe Group retains an appropriate level of deposit to cope with uncertainty caused by the inherent nature of the industry
\nwhich is sensitive to economic fluctuation and to invest in R&D constantly.
\nIn addition, the Group has agreements with financial institutions related to trade financing and overdraft to mitigate any
\nsignificant unexpected market deterioration. Also, the Group continues to strengthen its credit rates to secure a stable
\nfinancing capability.
\nThe Group\u2019s maturity analysis of its non-derivative liabilities according to their remaining contract period before
\nexpiration as of December 31, 2022 is as follows.
\nRemainin
g
contract perio
d
\nDescription
\nNot later than
\none
y
ea
r
\nLater than one year and
\nnot later than five
y
ears
\nLater than
\nfive
y
ears
Total
\n(In millions of Korean Won)
\nNon-interest-
\nb
earin
g
liabilities
\uffe6
20,918,523
\uffe6
57,047
\uffe6
-
\uffe6
20,975,570
\nInterest-bearing
\nliabilities
40,215,791
72,730,956
7,184,077
120,130,824
\nFinancial
\ng
uarantee
270,448
62,968
88,284
421,700
\nThe maturity analysis is based on the non-discounted cash flows and the earliest maturity date at which payments, i.e.
\nboth principal and interest, should be made.
\n(3)
Derivative instruments
\nThe Group enters into derivative instrument contracts such as currency forwards, currency options, currency swaps and
\ninterest swaps to hedge its exposure to changes in foreign exchange rate or interest rate.
\nAs of December 31, 2022 and December 31, 2021, the Group recognized an accumulative net profit of
\uffe6
183,776 million
\nand net profit of
\uffe6
13,980 million, respectively, in accumulated other comprehensive profit or loss, for effective cash
\nflow hedging instruments.
\nThe longest period in which the forecasted transactions are expected to occur is within 111 months as of December 31,
\n2022.
\nFor the years ended December 31, 2022 and 2021, the Group recognized a net profit of
\uffe6
391,801 million and net loss of
\n\uffe6
675,508 million in profit or loss (before tax), respectively, which resulted from the ineffective portion of its cash flow
\nhedging instruments and changes in the valuation of its other non-hedging derivative instruments and others.
\nIn addition, the Company\u2019s subsidiaries,
HYUNDAI CARD CO., LTD.
and
HYUNDAI CAPITAL SERVICES, INC.
, that are
\nengaged in financial services business, use interest rate swaps and currency swaps to hedge the risks of future cash flows,
\nwhich related to borrowings, debentures and others, due to market interest rate fluctuations and exchange rate fluctuations.
\nAs of December 31, 2022, the average hedge ratio is 100%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15888": {
"value": "(1) Capital risk management
\nThe Group manages its capital to maintain an optimal capital structure for maximizing profit of its shareholder and
\nreducing the cost of capital. Debt to equity ratio calculated as total liabilities divided by total equity is used as an index
\nto manage the Group\u2019s capital. The overall capital risk management policy is consistent with that of the prior period. Debt
\nto equity ratios as of December 31, 2022 and December 31, 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nTotal liabilities
\uffe6
164,845,917
\uffe6
151,330,626
\nTotal equit
y
90,896,545
82,615,789
\nDeb
t
-to-equit
y
ratio
181.4%
183.2%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15936": {
"value": "1) Market risk The Group is mainly exposed to financial risks arising from changes in foreign exchange rates and interest rates.
\nAccordingly, the Group uses financial derivative contracts to hedge and to manage its interest rate risk and foreign
\ncurrency risk.
\na)
Foreign exchange risk management
\nThe Group is exposed to various foreign exchange risks by making transactions in foreign currencies. The Group is
\nmainly exposed to foreign exchange risk in USD, EUR, JPY and others.
\nThe Group manages foreign exchange risk by matching the inflow and the outflow of foreign currencies according to
\neach currency and maturity, and by adjusting the foreign currency settlement date based on its exchange rate forecast.
\nThe Group uses foreign exchange derivatives, such as currency forward, currency swap, and currency option; as hedging
\ninstruments. However, speculative foreign exchange trade on derivative financial instruments is prohibited.
\nSensitivity analysis for a 5% change in exchange rate of the functional currency against each foreign currency on profit
\nbefore income tax as of December 31, 2022 is as follows.
\nForei
g
n Exchan
g
e Rate Sensitivit
y
\nForei
g
n Currenc
y
Increase b
y
5%
Decrease b
y
5%
\n(In millions of Korean Won)
\nUSD
\uffe6
111,585
\uffe6
(111,585)
\nEUR
20,435
(20,435)
\nJPY
(3,585)
3,585
\nb) Interest rate risk management
\nThe Group has borrowings with fixed or variable interest rates. Also, the Group is exposed to interest rate risk arising
\nfrom financial instruments with variable interest rates. To manage the interest rate risk, the Group maintains an appropriate
\nbalance between borrowings with fixed and variable interest rates for short-term borrowings and has a policy to borrow
\nfunds with fixed interest rates to avoid the future cash flow fluctuation risk for long-term debt if possible. The Group
\nmanages its interest rate risk through regular assessments of the change in market conditions and the adjustments in nature
\nof its interest rates.
\nSensitivity analysis for a 1% change in interest rates on profit before income tax as of December 31, 2022 is as follows.
\nInterest Rate Sensitivit
y
\nAccounts
Increase b
y
1%
Decrease b
y
1%
\n(In millions of Korean Won)
\nCash and cash equivalents
\uffe6
35,897
\uffe6
(35,897)
\nFinancial assets measured at FVPL
1,644
(1,644)
\nShort-term and long-term financial
\ninstruments
15,584
(15,584)
\nBorrowin
g
s and debentures
(99,610)
99,610
\nThe Company\u2019s subsidiaries,
HYUNDAI CARD CO., LTD.
and
HYUNDAI CAPITAL SERVICES, INC.
, that are operating
\nfinancial business, are managing interest rate risk by utilizing value at risk (VaR). VaR is defined as a threshold value
\nwhich is a statistical estimate of the maximum potential loss based on normal distribution. As of December 31, 2022 and
\nDecember 31, 2021, the amounts of interest rate risk measured at VaR are
\uffe6
135,241 million and
\uffe6
182,864 million,
\nrespectively.
\nc)
Price risk
\nThe Group is exposed to market price fluctuation risk arising from equity instruments. As of December 31, 2022, the
\namounts of financial assets measured at FVPL and financial assets measured at FVOCI are
\uffe6
57,556 million
\nand
\uffe6
2,340,388 million, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15942": {
"value": "a) Foreign exchange risk management
\nThe Group is exposed to various foreign exchange risks by making transactions in foreign currencies. The Group is
\nmainly exposed to foreign exchange risk in USD, EUR, JPY and others.
\nThe Group manages foreign exchange risk by matching the inflow and the outflow of foreign currencies according to
\neach currency and maturity, and by adjusting the foreign currency settlement date based on its exchange rate forecast.
\nThe Group uses foreign exchange derivatives, such as currency forward, currency swap, and currency option; as hedging
\ninstruments. However, speculative foreign exchange trade on derivative financial instruments is prohibited.
\nSensitivity analysis for a 5% change in exchange rate of the functional currency against each foreign currency on profit
\nbefore income tax as of December 31, 2022 is as follows.
\nForei
g
n Exchan
g
e Rate Sensitivit
y
\nForei
g
n Currenc
y
Increase b
y
5%
Decrease b
y
5%
\n(In millions of Korean Won)
\nUSD
\uffe6
111,585
\uffe6
(111,585)
\nEUR
20,435
(20,435)
\nJPY
(3,585)
3,585",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16054": {
"value": "2) Credit risk
\nThe Group is exposed to credit risk when a counterparty defaults on its contractual obligation resulting in a financial loss
\nfor the Group. The Group operates a policy to transact with counterparties who only meet a certain level of credit rating
\nwhich was evaluated based on the counterparty\u2019s financial conditions, default history, and other factors.
The credit risk
\nin the liquid funds and derivative financial instruments is limited as the Group transacts only with financial institutions
\nwith high credit-ratings assigned by international credit-rating agencies. Except for the guarantee of indebtedness
\ndiscussed in Note 39, the book value of financial assets in the consolidated financial statements represents the maximum
\namounts of exposure to credit risk. In addition, the Company\u2019s subsidiaries,
HYUNDAI CARD CO., LTD.
and
HYUNDAI
\nCAPITAL SERVICES, INC.
, that are operating financial business, assesses their credit stability according to their internal
\ncredit ratings and manage credit risk concentrations by debtor. As of December 31, 2022, credit risk concentrations are
\n87% for households and 13% for companies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16074": {
"value": "3) Liquidity risk
\nThe Group manages liquidity risk based on maturity profile of its funding. The Group analyses and reviews actual cash
\noutflow and its budget to match the maturity of its financial liabilities to that of its financial assets.
\nThe Group retains an appropriate level of deposit to cope with uncertainty caused by the inherent nature of the industry
\nwhich is sensitive to economic fluctuation and to invest in R&D constantly.
\nIn addition, the Group has agreements with financial institutions related to trade financing and overdraft to mitigate any
\nsignificant unexpected market deterioration. Also, the Group continues to strengthen its credit rates to secure a stable
\nfinancing capability.
\nThe Group\u2019s maturity analysis of its non-derivative liabilities according to their remaining contract period before
\nexpiration as of December 31, 2022 is as follows.
\nRemainin
g
contract perio
d
\nDescription
\nNot later than
\none
y
ea
r
\nLater than one year and
\nnot later than five
y
ears
\nLater than
\nfive
y
ears
Total
\n(In millions of Korean Won)
\nNon-interest-
\nb
earin
g
liabilities
\uffe6
20,918,523
\uffe6
57,047
\uffe6
-
\uffe6
20,975,570
\nInterest-bearing
\nliabilities
40,215,791
72,730,956
7,184,077
120,130,824
\nFinancial
\ng
uarantee
270,448
62,968
88,284
421,700
\nThe maturity analysis is based on the non-discounted cash flows and the earliest maturity date at which payments, i.e.
\nboth principal and interest, should be made.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16136": {
"value": "(3) Derivative instruments
\nThe Group enters into derivative instrument contracts such as currency forwards, currency options, currency swaps and
\ninterest swaps to hedge its exposure to changes in foreign exchange rate or interest rate.
\nAs of December 31, 2022 and December 31, 2021, the Group recognized an accumulative net profit of
\uffe6
183,776 million
\nand net profit of
\uffe6
13,980 million, respectively, in accumulated other comprehensive profit or loss, for effective cash
\nflow hedging instruments.
\nThe longest period in which the forecasted transactions are expected to occur is within 111 months as of December 31,
\n2022.
\nFor the years ended December 31, 2022 and 2021, the Group recognized a net profit of
\uffe6
391,801 million and net loss of
\n\uffe6
675,508 million in profit or loss (before tax), respectively, which resulted from the ineffective portion of its cash flow
\nhedging instruments and changes in the valuation of its other non-hedging derivative instruments and others.
\nIn addition, the Company\u2019s subsidiaries,
HYUNDAI CARD CO., LTD.
and
HYUNDAI CAPITAL SERVICES, INC.
, that are
\nengaged in financial services business, use interest rate swaps and currency swaps to hedge the risks of future cash flows,
\nwhich related to borrowings, debentures and others, due to market interest rate fluctuations and exchange rate fluctuations.
\nAs of December 31, 2022, the average hedge ratio is 100%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16182": {
"value": "38. RELATED-PARTY AND OTHER TRANSACTIONS:
\nThe transactions and balances of receivables and payables within the Group are wholly eliminated in the preparation of
\nconsolidated financial statements of the Group.
\n(1)
For the year ended December 31, 2022, significant transactions arising from operations between
the Group
and
\nrelated parties or affiliates by the Monopoly Regulation and Fair Trade Act of the Republic of Korea (\u201cthe
Act\u201d)
\nare as follows.
\nDescription
\nSales/proceeds
Purchases/expenses
\nSales
Others
Purchases
Others
\n(In millions of Korean Won)
\nEntity with
\nsignificant
\ninfluence over
\nthe Company
\nand its
\nsubsidiaries
\nH
y
undai MOBIS Co., Ltd.
\uffe6
617,886
\uffe6
15,569
\uffe6
12,246,389
\uffe6
74,457
\nMobis Alabama, LLC
175,677
152
1,952,641
6,392
\nMobis Automotive Czech s.r.o.
88
745
2,441,059
24,371
\nMobis India, Ltd.
15,783
3,237
1,310,317
3,340
\nMobis Parts America, LLC
173,649
4,140
1,528,014
825
\nMobis Module CIS, LLC.
67
376
88,339
2,791
\nMobis Parts Europe N.V.
18,037
1,993
622,583
1,064
\nOthers
68,863
1,480
1,499,679
9,582
\nJoint ventures
\nand associates
\nKia Corporation
1,344,334
781,710
576,677
749,322
\nKia Russia & CIS, LLC
236,563
7
29
-
\nKia Slovakia s.r.o..
106,675
338
706,944
1,751
\nKia Geor
g
ia, Inc.
850,880
1,017
42
-
\nBHMC
243,336
-
28,184
-
\nHMGC
27,747
1,773
44,864
52,023
\nH
y
undai WIA Corporation
119,339
913
1,039,973
10,837
\nOthers
838,127
65,143
5,922,155
2,079,207
\nOther related parties
\n21,567
3,755
2,531
7
\nAffiliates b
y
the Ac
t
\n838,319
121,880
10,962,515
1,152,633
\nFor the year ended December 31, 2021, significant transactions arising from operations between the Group and related
\nparties or affiliates by the Act are as follows.
\nDescription
\nSales/proceeds
Purchases/expenses
\nSales
Others
Purchases
Others
\n(In millions of Korean Won)
\nEntity with
\nsignificant
\ninfluence over
\nthe Company
\nand its
\nsubsidiaries
\nH
y
undai MOBIS Co., Ltd.
\uffe6
546,326
\uffe6
141,828
\uffe6
9,189,407
\uffe6
80,346
\nMobis Alabama, LLC
200,423
58
1,296,680
47,303
\nMobis Automotive Czech s.r.o.
11
501
1,948,940
12,268
\nMobis India, Ltd.
12,150
2,664
1,060,774
2,263
\nMobis Parts America, LLC
111,115
3,564
1,067,076
1,140
\nMobis Module CIS, LLC.
31
315
419,772
31
\nMobis Parts Europe N.V.
16,986
1,450
473,989
746
\nOthers
62,109
1,788
1,120,565
8,564
\nJoint ventures
\nand associates
\nKia Corporation
1,167,895
726,215
732,297
786,682
\nKia Russia & CIS, LLC
994,790
112
-
-
\nKia Slovakia s.r.o..
97,731
281
671,653
4
\nKia Geor
g
ia, Inc.
617,122
1,518
292
-
\nBHMC
321,700
-
115,309
18,080
\nHMGC
37,287
1,299
103,139
63,877
\nH
y
undai WIA Corporation
135,431
1,605
1,280,719
14,515
\nOthers
728,094
64,383
4,505,972
1,816,502
\nOther related parties
16,780
14,627
3,927
6
\nAffiliates b
y
the Ac
t
769,822
118,065
8,566,617
922,130
\n(2)
As of December 31, 2022, significant balances related to the transactions between the Group and related
parties or
\naffiliates by the Act are as follows.
\nDescription
\nReceivables (*1,2)
Payables
\nTrade notes
\nand accounts
\nreceivable
\nOther
\nreceivables
\nand others
\nTrade notes
\nand accounts
\np
a
y
able
\nOther
\npayables
\nand others
\n(In millions of Korean Won)
\nEntity with
\nsignificant
\ninfluence over
\nthe Company
\nand its
\nsubsidiaries
\nH
y
undai MOBIS Co., Ltd.
\uffe6
112,072
\uffe6
186,427
\uffe6
2,631,460
\uffe6
453,605
\nMobis Alabama, LLC
22,829
-
148,988
411
\nMobis Automotive Czech s.r.o.
-
9,924
240,666
-
\nMobis India, Ltd.
-
1,462
176,609
22
\nMobis Parts America, LLC
19,635
95
113,577
-
\nMobis Module CIS, LLC
-
71
804
-
\nMobis Parts Europe N.V.
359
1,328
49,254
-
\nOthers
21,772
949
115,791
6,847
\nJoint ventures
\nand associates
\nKia Corporation
483,663
383,401
103,109
111,663
\nKia Russia & CIS, LLC
4
24
-
-
\nKia Slovakia s.r.o.
6,018
163
55,100
319
\nKia Geor
g
ia, Inc.
59,925
33,682
-
30,404
\nKia America, Inc.
-
10,568
-
19,943
\nBHMC
272,134
14,411
-
57
\nHMGC
7,738
23,734
5,133
23,306
\nH
y
undai WIA Corporation
33,157
7,449
171,098
28,850
\nOthers
169,169
125,220
699,974
1,058,827
\nOther related parties
1,742
44
13
344
\nAffiliates b
y
the Ac
t
181,415
68,799
1,242,171
423,944
\n(*1) The Group has recognized the loss allowance for the related parties' receivables in the amount of
\uffe6
958 million as of December 31,
\n2022 and the
impairment loss is recognized in the amount of
\uffe6
749 million for the year ended December 31, 2022.
\n(*2) As of December 31, 2022, outstanding payment of
\uffe6
23,592 million of corporate purchase card agreement provided by HYUNDAI
\nCARD CO., LTD. is included. For the year ended December 31, 2022, amount used and repayment of agreement are
\uffe6
426,510 million
\nand
\uffe6
425,013 million, respectively.
\nAs of December 31, 2021, significant balances related to the transactions between the Group and related parties or
\naffiliates by the Act are as follows.
\nDescription
\nReceivables (*1,2)
Payables
\nTrade notes
\nand accounts
\nreceivable
\nOther
\nreceivables
\nand others
\nTrade notes
\nand accounts
\np
a
y
able
\nOther
\npayables
\nand others
\n(In millions of Korean Won)
\nEntity with
\nsignificant
\ninfluence over
\nthe Company
\nand its
\nsubsidiaries
\nH
y
undai MOBIS Co., Ltd.
\uffe6
92,116
\uffe6
301,436
\uffe6
1,687,603
\uffe6
466,862
\nMobis Alabama, LLC
14,344
-
108,355
-
\nMobis Automotive Czech s.r.o.
-
901
194,217
-
\nMobis India, Ltd.
1,370
18
123,770
5
\nMobis Parts America, LLC
31,309
62
101,750
-
\nMobis Module CIS, LLC
15
37
50,666
-
\nMobis Parts Europe N.V.
550
118
47,095
18
\nOthers
11,339
491
101,671
6,947
\nJoint ventures
\nand associates
\nKia Corporation
328,668
335,571
84,505
121,814
\nKia Russia & CIS, LLC
134,733
48
-
-
\nKia Slovakia s.r.o.
6,832
279
46,186
205
\nKia Geor
g
ia, Inc.
91,109
64,378
11,120
96,639
\nKia America, Inc.
-
149,910
9
-
\nBHMC
199,426
13,626
12,344
414
\nHMGC
6,019
21,752
4,479
37,996
\nH
y
undai WIA Corporation
31,147
920
185,022
28,048
\nOthers
209,556
69,666
679,046
920,138
\nOther related parties
80
710
52
-
\nAffiliates b
y
the Ac
t
154,455
61,484
905,856
351,422
\n(*1) The Group has recognized the loss allowance for the related parties' receivables in the amount of
\uffe6
209 million as of December 31,
\n2021 and the reversal of impairment loss is recognized in the amount of
\uffe6
56 million for the year ended December 31, 2021.
\n(*2) As of December 31, 2021, outstanding payment of
\uffe6
22,096 million of corporate purchase card agreement provided by HYUNDAI
\nCARD CO., LTD. is included. For the year ended December 31, 2021, amount used and repayment of agreement are
\uffe6
383,299 million
\nand
\uffe6
406,133 million, respectively.
\n(3)
Significant fund transactions and equity contribution transactions for the year ended December 31,
2022, between
\nthe Group and related parties are as follows.
\nLoans
Borrowin
g
s
Equit
y
\nDescription
Lendin
g
Collection
Borrowin
g
Repa
y
men
t
contribution
\n(In thousands of USD Dollar and Chinese Yuan, In millions of Korean won)
\nJoint ventures and associates
\uffe5
15,000
-
$
612,000
$
600,000
\uffe6
2,002,648
\n\uffe6
520
\uffe6
4,252
\nSignificant fund transactions and equity contribution transactions for the year ended December 31, 2021, between
\nthe Group and related parties
are as follows.
\nLoans
Borrowin
g
s
Equit
y
\nDescription
Lendin
g
Collection
Borrowin
g
Repa
y
men
t
contribution
\n(In millions of Korean won)
\nJoint ventures and associates
-
-
\uffe6
7,600
\uffe6
313,720
\nFor the years ended December 31, 2022 and 2021, the Group received dividends of
\uffe6
503,634 million and
\uffe6
209,957
\nmillion from related parties and affiliates by the Act, respectively and paid dividends of
\uffe6
349,958 million and
\n\uffe6
322,421 million to related parties, respectively. During 2022, the Group traded in other financial assets and others of
\n\uffe6
1,710,000 million with HYUNDAI MOTOR SECURITIES Co., Ltd., an associate of the Group.
The Group has
\nother financial assets of
\uffe6
315,000 million in the consolidated statement of financial position as of December 31, 2022.
\nFor the year ended December 31, 2021, HYUNDAI MOTOR SECURITIES CO., Ltd., an associate of the Group,
\nacquired bonds issued by the consolidated entities,
HYUNDAI CAPITAL SERVICES, INC.
and
HYUNDAI CARD CO.,
\nLTD.
in amount of
\uffe6
10,000 million and
\uffe6
20,000 million respectively, and there are no acquired bonds for the year
\nended December 31, 2022.
\n(4)
Compensation of registered and unregistered directors, who are considered to be the key management
personnel
\nfor the years ended
December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nShor
t
-term emplo
y
ee salaries
\uffe6
348,368
\uffe6
296,733
\nRetirement benefit costs
53,146
48,906
\nOther lon
g
-term benefits
1,289
1,209
\n\uffe6
402,803
\uffe6
346,848
\n(5)
For the year ended December 31, 2022, the Group offer payment guarantee to related parties and affiliates by the
\nAct.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16873": {
"value": "(4) Compensation of registered and unregistered directors, who are considered to be the key management
personnel
\nfor the years ended
December 31, 2022 and 2021 are as follows.
\nDescription
2022
2021
\n(In millions of Korean Won)
\nShor
t
-term emplo
y
ee salaries
\uffe6
348,368
\uffe6
296,733
\nRetirement benefit costs
53,146
48,906
\nOther lon
g
-term benefits
1,289
1,209
\n\uffe6
402,803
\uffe6
346,848",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16910": {
"value": "39. COMMITMENTS AND CONTINGENCIES:
\n(1)
As of December 31, 2022, the debt guarantees provided by the Group, excluding the ones provided to the
\nCompany\u2019s subsidiaries are as follows.
\nDescription
Domestic
Overseas (*)
\n(In millions of Korean Won)
\nTo associates
\uffe6
28,910
\uffe6
211,491
\nTo others
3,558
209,224
\n\uffe6
32,468
\uffe6
420,715
\n(*)
The guarantee amounts in foreign currencies are translated into Korean Won using the Base Rate announced by Seoul Money
\nBrokerage Services, Ltd. as of December 31, 2022.
\n(2)
As of December 31, 2022, the Group is involved in domestic and foreign lawsuits as a defendant. In addition, the
\nGroup is involved in lawsuits for product liabilities and others. The Group obtains insurance for potential losses
\nwhich may result from product liabilities and other lawsuits. In addition, as of December 31, 2022, the Group is
\nunder investigation by related authorities in relation to the theta 2 engine recall and others, and its results and impacts
\nare unpredictable. The Group is unable to estimate the outcome of the lawsuits and the amount and timing of outflows
\nof resources are uncertain. The Group does not expect the impact on the consolidated financial statements to be
\nsignificant.
\n(3)
As of December 31, 2022, a substantial portion of the Group\u2019s PP&E is pledged as collateral for various loans and
\nleasehold deposits up to
\uffe6
782,803 million. In addition, the Group pledged certain
bank
deposits,
checks
and
\npromissory notes, including 213,466 shares of Kia Corporation, as collateral to financial institutions and others.
\nCertain receivables held by the Company\u2019s foreign subsidiaries, such as financial services receivables are pledged
\nas collateral for their borrowings.
\n(4)
As of December 31, 2022, the Group has overdrafts, general loans, and trade-financing agreements with numerous
\nfinancial institutions including Kookmin Bank, with a combined limit of up to USD 30,000 million, and
\uffe6
5,985,200
\nmillion.
\n(5)
As of December 31, 2022,
HYUNDAI CAPITAL SERVICES, INC.
and
HYUNDAI CARD CO., LTD.
have entered into
\nagreements for certain borrowings including trigger clauses for the purpose of credit enhancement. If the credit rating
\nof
HYUNDAI CAPITAL SERVICES, INC.
and
HYUNDAI CARD CO., LTD.
falls below a certain level, this may result
\nin early repayment of the borrowings or termination of the contracts.
\n(6)
As of December 31, 2022, the Company has a shareholder agreement with investors of third parties regarding shares
\nof
HYUNDAI CARD CO., LTD.
and Hyundai Commercial Inc. This includes the call options that allow the Company
\nto buy shares from the investors and the put options that allow the investors to dispose of the shares to the Company.
\n(7)
In December 2019, the Company entered into an agreement to invest
\uffe6
1,408,220 million in the construction of new
\nGlobal Business Centre (GBC). As of December 31, 2022, the Company has recognized relevant liability in the
\namount of
\uffe6
921,278 million in accordance with the agreement with the Seoul government to implement public
\ncontributions relating to the new construction project.
\n(8)
Financial instruments with restricted use for the years ended
December 31, 2022 and 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nShort-term and long-term financial
\ninstruments
\uffe6
1,464,888
\uffe6
1,694,904
\nCash and cash equivalents
631,954
225,731
\nOther financial assets
2
2
\n\uffe6
2,096,844
\uffe6
1,920,637",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16914": {
"value": "(1) As of December 31, 2022, the debt guarantees provided by the Group, excluding the ones provided to the
\nCompany\u2019s subsidiaries are as follows.
\nDescription
Domestic
Overseas (*)
\n(In millions of Korean Won)
\nTo associates
\uffe6
28,910
\uffe6
211,491
\nTo others
3,558
209,224
\n\uffe6
32,468
\uffe6
420,715
\n(*)
The guarantee amounts in foreign currencies are translated into Korean Won using the Base Rate announced by Seoul Money
\nBrokerage Services, Ltd. as of December 31, 2022.
\n(2)
As of December 31, 2022, the Group is involved in domestic and foreign lawsuits as a defendant. In addition, the
\nGroup is involved in lawsuits for product liabilities and others. The Group obtains insurance for potential losses
\nwhich may result from product liabilities and other lawsuits. In addition, as of December 31, 2022, the Group is
\nunder investigation by related authorities in relation to the theta 2 engine recall and others, and its results and impacts
\nare unpredictable. The Group is unable to estimate the outcome of the lawsuits and the amount and timing of outflows
\nof resources are uncertain. The Group does not expect the impact on the consolidated financial statements to be
\nsignificant.
\n(3)
As of December 31, 2022, a substantial portion of the Group\u2019s PP&E is pledged as collateral for various loans and
\nleasehold deposits up to
\uffe6
782,803 million. In addition, the Group pledged certain
bank
deposits,
checks
and
\npromissory notes, including 213,466 shares of Kia Corporation, as collateral to financial institutions and others.
\nCertain receivables held by the Company\u2019s foreign subsidiaries, such as financial services receivables are pledged
\nas collateral for their borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16946": {
"value": "(3) As of December 31, 2022, a substantial portion of the Group\u2019s PP&E is pledged as collateral for various loans and
\nleasehold deposits up to
\uffe6
782,803 million. In addition, the Group pledged certain
bank
deposits,
checks
and
\npromissory notes, including 213,466 shares of Kia Corporation, as collateral to financial institutions and others.
\nCertain receivables held by the Company\u2019s foreign subsidiaries, such as financial services receivables are pledged
as collateral for their borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16962": {
"value": "(4) As of December 31, 2022, the Group has overdrafts, general loans, and trade-financing agreements with numerous
\nfinancial institutions including Kookmin Bank, with a combined limit of up to USD 30,000 million, and
\uffe6
5,985,200
\nmillion.
\n(5)
As of December 31, 2022,
HYUNDAI CAPITAL SERVICES, INC.
and
HYUNDAI CARD CO., LTD.
have entered into
\nagreements for certain borrowings including trigger clauses for the purpose of credit enhancement. If the credit rating
\nof
HYUNDAI CAPITAL SERVICES, INC.
and
HYUNDAI CARD CO., LTD.
falls below a certain level, this may result
\nin early repayment of the borrowings or termination of the contracts.
\n(6)
As of December 31, 2022, the Company has a shareholder agreement with investors of third parties regarding shares
\nof
HYUNDAI CARD CO., LTD.
and Hyundai Commercial Inc. This includes the call options that allow the Company
\nto buy shares from the investors and the put options that allow the investors to dispose of the shares to the Company.
\n(7)
In December 2019, the Company entered into an agreement to invest
\uffe6
1,408,220 million in the construction of new
\nGlobal Business Centre (GBC). As of December 31, 2022, the Company has recognized relevant liability in the
\namount of
\uffe6
921,278 million in accordance with the agreement with the Seoul government to implement public
\ncontributions relating to the new construction project.
\n(8)
Financial instruments with restricted use for the years ended
December 31, 2022 and 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nShort-term and long-term financial
\ninstruments
\uffe6
1,464,888
\uffe6
1,694,904
\nCash and cash equivalents
631,954
225,731
\nOther financial assets
2
2
\n\uffe6
2,096,844
\uffe6
1,920,637",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17013": {
"value": "(8) Financial instruments with restricted use for the years ended
December 31, 2022 and 2021 are as follows.
\nDescription
December 31, 2022
December 31, 2021
\n(In millions of Korean Won)
\nShort-term and long-term financial
\ninstruments
\uffe6
1,464,888
\uffe6
1,694,904
\nCash and cash equivalents
631,954
225,731
\nOther financial assets
2
2
\n\uffe6
2,096,844
\uffe6
1,920,637",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17041": {
"value": "40. SEGMENT INFORMATION:
\n(1)
The Group operating segments include vehicle segment, finance segment and others segment. The vehicle segment
\nis engaged in the manufacturing and sale of motor vehicles. The finance segment operates vehicle financing, credit
\ncard processing and other financing activities. Others segment includes the R&D, train manufacturing and other
\nactivities.
\n(2)
Sales and operating profit by operating segments for the years ended December 31, 2022 and 2021 are as follows.
\nFor the
y
ear ended December 31, 2022
\n(*1) Operating profit of the vehicle segment include internal transaction adjustments.
\n(*2) Net sales represent sales from external customers.
\nFor the
y
ear ended December 31, 2021
\nVehicle
(*1)
Finance
Others
Total
\n(In millions of Korean Won)
\nN
et sales
(*2)
\uffe6
94,143,019
\uffe6
16,782,412
\uffe6
6,685,195
\uffe6
117,610,626
\nOperatin
g
profit
4,155,765
2,195,377
327,807
6,678,949
\nInte
r
-compan
y
sales
(52,033,375)
(318,479)
(1,352,273)
(53,704,127)
\n(*1) Operating profit of the vehicle segment include internal transaction adjustments.
\n(*2) Net sales represent sales from external customers.
\n(3)
Assets and liabilities by operating segments as of December 31, 2022 are as follows.
\nDecember 31, 2022
\nVehicle
Finance
Others
\nConsolidation
\nad
j
ustments
Total
\n(In millions of Korean Won)
\nTotal assets
\uffe6
133,885,205
\uffe6
135,124,336
\uffe6
9,793,550
\uffe6
(23,060,629)
\uffe6
255,742,462
\nTotal liabilities
58,838,578
117,649,362
5,910,506
(17,552,529)
164,845,917
\nBorrowin
g
s and debentures
9,983,190
107,328,133
2,225,394
(7,350,897)
112,185,820
\nVehicle
(*1)
Finance
Others
Total
\n(In millions of Korean Won)
\nN
et sales
(*2)
\uffe6
113,718,058
\uffe6
20,037,912
\uffe6
8,771,565
\uffe6
142,527,535
\nOperatin
g
profit
7,393,480
1,844,571
581,718
9,819,769
\nInte
r
-compan
y
sales
(67,688,701)
(268,245)
(1,666,746)
(69,623,692)
\nAssets and liabilities by operating segments as of December 31, 2021 are as follows.
\nDecember 31, 2021
\nVehicle
Finance
Others
\nConsolidation
\nad
j
ustments
Total
\n(In millions of Korean Won)
\nTotal assets
\uffe6
121,826,011
\uffe6
120,951,619
\uffe6
8,836,191
\uffe6
(17,667,406)
\uffe6
233,946,415
\nTotal liabilities
54,135,289
104,597,059
5,199,761
(12,601,483)
151,330,626
\nBorrowin
g
s and debentures
12,568,592
96,734,509
2,569,958
(4,079,781)
107,793,278
\n(4)
Sales by region based on where the Group\u2019s entities are located for the years ended December 31, 2022 and 2021
\nare as follows.
\nFor the
y
ear ended December 31, 2022
\nKorea
\nNorth
\nAmerica
Asia
Euro
p
e
Others
Total
\n(In millions of Korean Won)
\nNet sales
\uffe6
44,725,966
\uffe6
55,941,024
\uffe6
15,594,336
\uffe6
22,117,832
\uffe6
4,148,377
\uffe6
142,527,535
\nFor the year ended December 31, 2021
\nKorea
\nNorth
\nAmerica
Asia
Euro
p
e
Others
Total
\n(In millions of Korean Won)
\nNet sales
\uffe6
41,332,243
\uffe6
40,750,484
\uffe6
11,390,768
\uffe6
21,508,735
\uffe6
2,628,396
\uffe6
117,610,626
\n(5) Non-current assets by region where the Group\u2019s entities are located in as of December 31, 2022 and December 31,
\n2021 are as follows.
\nDescription
\nDecember 31,
\n2022
\nDecember 31,
\n2021
\n(In millions of Korean Won)
\nKorea
\uffe6
33,935,698
\uffe6
33,323,986
\nN
orth America
3,211,607
2,967,662
\nAsia
2,835,528
2,781,728
\nEurope
2,012,856
2,254,395
\nOthers
623,992
520,729
\n42,619,681
41,848,500
\nConsolidation ad
j
ustments
(219,664)
(301,775)
\nTotal (*)
\uffe6
42,400,017
\uffe6
41,546,725
\n(*)
Total amount is the same as summation of PP&E, intangible assets and investment properties.
\n(6)
There is no single external customer who represents 10% or more of the Group\u2019s revenue for the years ended
\nDecember 31, 2022 and 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17398": {
"value": "42. BUSINESS COMBINATIONS:
\nThe Group acquired 46.97% of shares in 42dot, Inc. during the year ended December 31, 2022.
\nThe accounting for the business combination at the acquisition date is as follows.
\nDescription
Amoun
t
\n(In millions of Korean Won)
\nTotal considerations transferre
d
\uffe6
180,380
\nN
on-controlling interests
(68,033)
\nAssets and liabilities acquired:
\nCurrent assets
41,468
\nN
on-curren
t
assets
145,159
\nCurrent liabilities
5,180
\nN
on-current liabilities
384,648
\nFair value of identifiable net assets
(203,201)
\nGoodwill
315,548
\nThe amounts of sales and net loss of the acquiree since the acquisition date included in the consolidated statement of
\nincome for the year ended December 31, 2022 are
\uffe6
1,226 million and
\uffe6
15,855 million, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17439": {
"value": "43. SUBSEQUENT EVENT:
\nThe Group completed stock retirement of its treasury shares on February 3, 2023 as follows.
\nDescription
Total number of shares
December 31, 2022
\n(In millions of Korean Won)
\nCommon stoc
k
2,136,681
\uffe6
273,893
\nPreferred stoc
k
632,707
41,518",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:9884004RQX8PRBXQ8S60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}