현대커머설 연결영문보고서 Fy2013_2_q_송부용

Hyundai Commercial, Inc. and Subsidiaries
Condensed Consolidated Interim Financial Statements
(Unaudited)
June 30, 2013
(With Independent Auditors’ Review Report Thereon)

Contents
Page
Independent Auditors’ Review Report 1
Condensed Consolidated Interim Statements of Financial Position 3
Condensed Consolidated Interim Statements of Comprehensive Income 5
Condensed Consolidated Interim Statements of Changes in Equity 7
Condensed Consolidated Interim Statements of Cash Flows 8
Notes to the Condensed Consolidated Interim Financial Statements 9

KPMG Samjong Accounting Corp.
10th Floor, Gangnam Finance Center,
737 Yeoksam-dong,
Gangnam-ku, Seoul 135-984,
Republic of Korea
Tel +82 (2) 2112 0100
Fax +82 (2) 2112 0101
www.kr.kpmg.com
Independent Auditors’ Review Report
Based on a report originally issued in Korean
The Board of Directors and Shareholders
Hyundai Commercial, Inc.:
Reviewed Financial Statements
We have reviewed the accompanying condensed consolidated interim financial statements of Hyundai
Commercial, Inc. and its subsidiaries (the “Group”), which comprise the condensed consolidated interim
statement of financial position as of June 30, 2013, the condensed consolidated interim statements of
comprehensive income for the three-month and six-month periods ended June 30, 2013, changes in equity
and cash flows for the six-month period ended June 30, 2013, and notes, comprising a summary of
significant accounting policies and other explanatory information.
Management’s Responsibility
Management is responsible for the preparation and fair presentation of these condensed consolidated
interim financial statements in accordance with Korean International Financial Reporting Standards (“K-
IFRS”) No. 1034, ‘Interim Financial Reporting’, and for such internal control as management determines is
necessary to enable the preparation of condensed consolidated interim financial statements that are free
from material misstatement, whether due to fraud or error.
Auditors’ Review Responsibility
Our responsibility is to issue a report on these condensed consolidated interim financial statements based
on our review.
We conducted our review in accordance with the Review Standards for Quarterly & Semiannual Financial
Statements established by the Securities and Futures Commission of the Republic of Korea. A review of
interim financial information consists of making inquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is substantially less in
scope than an audit conducted in accordance with auditing standards generally accepted in the Republic of
Korea and consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying
condensed consolidated interim financial statements referred to above are not prepared, in all material
respects, in accordance with K-IFRS No. 1034, ‘Interim Financial Reporting’.

ABCD
2
Other Matters
The condensed consolidated interim statements of comprehensive income for the three-month and six-
month periods ended June 30, 2012, and changes in equity and cash flows for the six-month period ended
June 30, 2012, presented for comparative purposes, were reviewed by Samil Accounting Corp. and their
review report thereon, dated August 24, 2012, expressed that nothing had come to their attention that
caused them to believe that the condensed consolidated interim financial statements as of and for the
three-month and six-month periods ended June 30, 2012 were not prepared, in all material respects, in
accordance with K-IFRS. However, as discussed in note 3 to the condensed consolidated interim financial
statements, the Group adopted the amendment to K-IFRS No.1001, ‘Presentation of Financial Statements.’
The Group applied this change in accounting policies retrospectively, and accordingly restated the
comparative information of the statement of comprehensive income for the three-month and six-month
periods ended June 30, 2012.
The condensed consolidated statement of financial position of the Group as of December 31, 2012, and the
related condensed consolidated statements of comprehensive income, changes in equity and cash flows for
the year then ended, which are not accompanying this report, were audited by Samil Accounting Corp. in
accordance with auditing standards generally accepted in the Republic of Korea and their report thereon,
dated March 19, 2013, expressed an unqualified opinion. The accompanying condensed consolidated
statement of financial position of the Group as of December 31, 2012, presented for comparative purposes,
is not different from that audited by Samil Accounting Corp. in all material respects, except for the effects of
changes in accounting policies discussed in note 3 to the condensed consolidated interim financial
statements.
We have not performed a review, audit or any other attestation on the accompanying condensed
consolidated statement of financial position of the Group as of December 31, 2012 and the condensed
consolidated statements of comprehensive income for the three-month and six-month periods ended June
30, 2012, including changes in accounting policies described in note 3, and accordingly it is not included in
the scope of our review.
The procedures and practices utilized in the Republic of Korea to review such condensed consolidated
interim financial statements may differ from those generally accepted and applied in other countries.
Accordingly, this report and the accompanying condensed consolidated interim financial statements are for
use by those knowledgeable about Korean review standards and their application in practice.
KPMG Samjong Accounting Corp.
Seoul, Korea
August 13, 2013
This report is effective as of August 13, 2013, the review report date. Certain subsequent events or
circumstances, which may occur between the review report date and the time of reading this report, could
have a material impact on the accompanying condensed consolidated interim financial statements and notes
thereto. Accordingly, the readers of the review report should understand that the above report has not
been updated to reflect the impact of such subsequent events or circumstances, if any.

Condensed Consolidated Interim Statements of Financial Position
As of June 30, 2013 and December 31, 2012
(Unaudited)
3
(In Korean won) Notes
June 30,
2013
December 31,
2012 (Restated)
Assets
Cash and due from bank 9
Cash and cash equivalents 24 W 273,745,376,758 282,825,795,422
Due from banks 4 9,000,000 9,000,000
273,754,376,758 282,834,795,422
Securities
Available-for-sale securities 5,9 32,516,374,857 26,984,327,193
Investments in associates 6 270,217,753,192 285,401,945,483
302,734,128,049 312,386,272,676
Loans receivables 7,8,9,10
Factoring 8,681,252,164 108,000,000
Allowance for doubtful accounts (39,576,385) (270,108)
Loans 3,044,748,986,485 2,800,613,129,940
Allowance for doubtful accounts (18,001,447,993) (19,258,899,976)
3,035,389,214,271 2,781,461,959,856
Installment financial assets 7,8,9,10
Auto installment financial receivables 309,764,946,982 333,721,265,726
Durable goods installment financing receivables 20,458,119,719 25,624,608,935
Allowance for doubtful accounts (139,509,992) (176,228,378)
328,418,156,041 356,818,556,366
Lease receivables 7,8,9
Financial lease receivables 11 171,420,676,546 132,356,464,281
170,094,925,287 131,329,553,468
Property and equipments 12
Vehicles 47,608,687 69,799,497
Fixtures and furniture 2,999,398,514 2,701,927,277
Others 410,999,664 410,999,664
3,458,006,865 3,182,726,438
Other assets 8
Intangible assets 13 3,288,607,358 3,453,010,248
Account receivables 9 10,789,711,878 15,919,893,264
Accrued revenues 9 16,873,640,031 16,979,241,639
Advanced payments 3,544,493,285 1,157,855,722
Prepaid expenses 4,724,419,829 3,258,141,295
Leasehold deposits 9 2,394,837,720 11,083,913,915
Derivative assets 9,18 1,350,947,214 137,774,538
Other investment assets 3,885,995,860 3,885,995,860
46,690,815,511 55,648,351,766
Total assets W 4,160,539,622,782 3,923,662,215,992
See accompanying notes to the condensed consolidated interim financial statements.

Condensed Consolidated Interim Statements of Financial Position, Continued
As of June 30, 2013 and December 31, 2012
(Unaudited)
4
June 30,
2013
December 31,
2012 (Restated)
Liabilities
Borrowings and debt securities issued
Borrowings 9,14 W 620,550,420,573 723,883,961,368
Debentures 9,15 2,755,522,146,646 2,428,295,638,414
Securitized debts 9,10,16 309,747,458,173 309,637,147,861
3,685,820,025,392 3,461,816,747,643
Other liabilities
Account payables 9 14,596,795,043 15,199,624,950
Accrued expenses 9 22,258,343,662 27,995,752,026
Unearned revenue 5,749,233,128 4,660,074,481
Advances 547,453,698 245,291,834
Deposits 9 8,396,783,147 3,470,180,556
Defined benefit liabilities 17 3,155,290,968 2,056,215,563
Leasehold deposits received 9 43,030,690,737 33,014,098,305
Current income tax liabilities 7,810,151,271 9,539,343,812
Deferred income tax liabilities 21,738,923,964 20,052,096,124
Derivative liabilities 9,18 3,692,968,234 7,505,990,273
130,976,633,852 123,738,667,924
Total liabilities 3,816,796,659,244 3,585,555,415,567
Equity
Capital stock 1,19
Common stock 100,000,000,000 100,000,000,000
Preferred stock 25,000,000,000 25,000,000,000
125,000,000,000 125,000,000,000
Capital surplus
Paid-in capital in excess of par value 19 74,608,059,537 74,608,059,537
Accumulated other comprehensive income (loss) 23
Unrealized loss on valuation of derivatives (1,325,511,724) (1,914,821,981)
Unrealized gain (loss) on valuation of available-for-
sale securities (855,456,347) 713,160,297
Accumulated comprehensive income (loss) of equity
method investee (3,683,508,350) 3,811,298,060
Remeasurement of defined benefit plans 3 (1,695,131,536) (1,670,150,616)
(7,559,607,957) 939,485,760
Retained earnings
Legal reserve 20 7,100,000,000 4,000,000,000
Voluntary reserve 15,389,637,505 3,457,191,901
Unappropriated retained earnings 3 129,185,054,453 130,082,243,227
(Appropriated regulatory reserve for credit losses -
(W15,289,637,505) and (W3,357,191,901),
respectively)
(Estimated provision (reversal) of regulatory reserve
for credit losses - (W3,686,307,413) and
(W11,932,445,604), respectively)
151,674,691,958 137,539,435,128
Total equity attributable to owners of the Controlling
Company 343,723,143,538 338,086,980,425
Non-controlling interests 19,820,000 19,820,000
Total equity 343,742,963,538 338,106,800,425
Total liabilities and equity W 4,160,539,622,782 3,923,662,215,992

Condensed Consolidated Interim Statements of Comprehensive Income
For the three-month and six-month periods ended June 30, 2013 and 2012
(Unaudited)
5
2013 2012
Three-month
period ended
Six-month
period ended
Three-month
period ended
(Restated)
Six-month
period ended
(Restated)
Operating revenue
Interest income W 2,064,041,914 4,606,179,440 2,800,734,685 5,572,386,120
Income on loans 70,586,691,375 140,846,471,172 68,177,970,017 133,313,505,392
Income on installment financial
receivables 7,520,885,531 15,458,572,550 10,977,195,309 23,040,822,533
Income on leases 2,799,986,412 5,156,132,989 1,896,785,538 3,574,663,299
Gain on disposal of loans 856,701,261 2,247,850,595 966,463,198 1,729,577,040
Dividend income - 200,000,000 - 250,000,000
Gain on valuation of derivatives 2,068,132,660 4,248,740,550 658,301,020 27,500,000
Other operating income 430,540,156 720,978,619 236,675,753 361,801,923
86,326,979,309 173,484,925,915 85,714,125,520 167,870,256,307
Operating expenses
Interest expense 39,383,394,192 79,013,119,505 41,035,492,920 80,550,883,516
Bad debt expense 8 5,237,966,381 12,903,454,267 3,889,005,153 8,697,812,014
Loss on disposal of loans 1,692,170,707 3,285,647,453 464,015,511 1,079,502,006
Loss on foreign transactions 2,068,000,000 4,323,000,000 880,000,000 27,500,000
General and administrative expenses 21 14,707,543,146 33,070,234,790 15,581,238,326 29,866,953,086
Loss on valuation of derivatives - - - 272,953,980
Other operating expenses 1,601,990,759 3,265,449,572 964,526,684 1,519,109,243
64,691,065,185 135,860,905,587 62,814,278,594 122,014,713,845
Operating income 21,635,914,124 37,624,020,328 22,899,846,926 45,855,542,462
Non-operating income 3
Gain on equity method valuation 6 2,000,627,221 4,615,645,017 - 5,856,423,741
Gain on disposal of property
and equipment 31,356,144 41,633,144 - 1,660,733
Miscellaneous income 172,508,740 339,083,815 158,227,384 237,707,723
2,204,492,105 4,996,361,976 158,227,384 6,095,792,197
Non-operating expenses 3
Loss on equity method valuation 6 6,396,994,962 12,312,128,413 12,975,036,702 7,982,403,935
Loss on disposal of property
and equipment - - 87,386,150 87,386,150
Contribution - 1,000,000 - -
Miscellaneous losses 107,853,847 203,212,853 129,051,625 248,314,748
Other non-operating expenses - - - 8,582,824,000
6,504,848,809 12,516,341,266 13,191,474,477 16,900,928,833
Profit before income taxes 17,335,557,420 30,104,041,038 9,866,599,833 35,050,405,826
Income tax expenses 22 5,829,382,043 9,968,784,208 5,714,613,323 10,391,091,084
Profit for the period 20,24 W 11,506,175,377 20,135,256,830 4,151,986,510 24,659,314,742
(Profit adjusted by regulatory reserve
for credit losses amounted to
W9,284,759,522 and W4,387,676,326
for the three-month, and
W16,448,949,417 and
W14,976,768,169 for the six-month
periods ended June 30, 2013 and 2012)
Profit attributable to:
Owners of the Controlling Company W 11,506,175,377 20,135,256,830 4,151,986,510 24,659,314,742
Non-controlling interests - - - -
Profit for the period W 11,506,175,377 20,135,256,830 4,151,986,510 24,659,314,742

Condensed Consolidated Interim Statements of Comprehensive Income, Continued
For the three-month and six-month periods ended June 30, 2013 and 2012
(Unaudited)
6
2013 2012
(In Korean won)
Notes
Three-month
period ended
Six-month
period ended
Three-month
period ended
(Restated)
Six-month
period ended
(Restated)
Other comprehensive income (loss),
net of Income taxes 3,23
Items that are or may be reclassified to
profit or loss subsequently W (12,335,865,805) (8,474,112,797) (9,673,612,466) (1,866,698,770)
Items that will not be reclassified to
profit or loss 212,688,748 (24,980,920) - -
(12,123,177,057) (8,499,093,717) (9,673,612,466) (1,866,698,770)
Total comprehensive income (loss)
for the period W (617,001,680) 11,636,163,113 (5,521,625,956) 22,792,615,972
attributable to:
Owners of the Controlling Company W (617,001,680) 11,636,163,113 (5,521,625,956) 22,792,615,972
Non-controlling interests - - - -
for the period W (617,001,680) 11,636,163,113 (5,521,625,956) 22,792,615,972

Condensed Consolidated Interim Statements of Changes in Equity
For the six-month periods ended June 30, 2013 and 2012
(Unaudited)
7
(In Korean won)
Capital
stock
Capital
surplus
Accumulated
other
comprehensive
income (loss) Retained earnings
Total
attributable
to owners of the
Controlling
Company
Non-controlling
interests Total equity
Balance as of January 1, 2012 W 125,000,000,000 74,608,059,537 3,262,305,957 146,466,631,832 349,336,997,326 19,820,000 349,356,817,326
Changes in accounting policy - - (940,586,101) 940,586,101 - - -
Balance as of January 1, 2012 (Restated) 125,000,000,000 74,608,059,537 2,321,719,856 147,407,217,933 349,336,997,326 19,820,000 349,356,817,326
Profit for the period - - - 24,659,314,742 24,659,314,742 - 24,659,314,742
Other comprehensive income (loss)
Net unrealized gain on valuation of derivatives - - 467,720,979 - 467,720,979 - 467,720,979
Net unrealized loss on valuation of available-for-
sale securities - - (4,104,904,072) - (4,104,904,072) - (4,104,904,072)
Other comprehensive income of equity method
investees - - 1,770,484,323 148,895,651 1,919,379,974 - 1,919,379,974
Total comprehensive income (loss) for the period - - (1,866,698,770) 24,808,210,393 22,941,511,623 - 22,941,511,623
Transactions with owners
Dividends paid - - - (30,000,000,000) (30,000,000,000) - (30,000,000,000)
Balance as of June 30, 2012 W 125,000,000,000 74,608,059,537 455,021,086 142,215,428,326 342,278,508,949 19,820,000 342,298,328,949
Balance as of January 1, 2013 W 125,000,000,000 74,608,059,537 2,609,636,376 135,869,284,512 338,086,980,425 19,820,000 338,106,800,425
Changes in accounting policy - - (1,670,150,616) 1,670,150,616 - - -
Balance as of January 1, 2013 (Restated) 125,000,000,000 74,608,059,537 939,485,760 137,539,435,128 338,086,980,425 19,820,000 338,106,800,425
Profit for the period - - - 20,135,256,830 20,135,256,830 - 20,135,256,830
Other comprehensive income (loss)
Net unrealized gain on valuation of derivatives - - 589,310,257 - 589,310,257 - 589,310,257
Net unrealized loss on valuation of available-for-
sale securities - - (1,568,616,644) - (1,568,616,644) - (1,568,616,644)
Other comprehensive loss of equity method
Investees - - (7,494,806,410) - (7,494,806,410) - (7,494,806,410)
Remeasurement of defined benefit plans - - (24,980,920) - (24,980,920) - (24,980,920)
Total comprehensive income (loss) for the period - - (8,499,093,717) 20,135,256,830 11,636,163,113 - 11,636,163,113
Transactions with owners
Dividends paid - - - (6,000,000,000) (6,000,000,000) - (6,000,000,000)
Balance as of June 30, 2013 W 125,000,000,000 74,608,059,537 (7,559,607,957) 151,674,691,958 343,723,143,538 19,820,000 343,742,963,538

Condensed Consolidated Interim Statements of Cash Flows
For the six-month periods ended June 30, 2013 and 2012
(Unaudited)
8
(In Korean won) Notes 2013 2012
Cash flows from operating activities
Cash used in operations 24 W (138,312,164,112) (101,510,726,025)
Interest received 4,007,100,691 4,842,900,556
Interest paid (75,991,189,715) (77,670,773,925)
Dividend received 200,000,000 250,000,000
Income taxes paid (9,820,966,030) (14,172,117,385)
Net cash used in operating activities (219,917,219,166) (188,260,716,779)
Cash flows from investing activities
Proceeds from sale of available-for-sale securities 2,087,507,420 -
Acquisition of available-for-sale securities (9,208,371,617) -
Acquisition of investments in associates - (98,969,780,000)
Proceeds from disposal of vehicles 33,890,000 63,107,858
Acquisition of vehicles - (76,172,300)
Proceeds from disposal of fixtures and furniture 10,502,000 -
Acquisition of fixtures and furniture (877,776,698) (766,713,486)
Acquisition of intangible assets (107,615,973) (279,514,400)
Increase in advanced payments (2,699,484,858) -
Decrease in leasehold deposits 8,861,621,928 5,000,000
Increase in leasehold deposits (232,289,437) (908,722,500)
Net cash used in investing activities (2,132,017,235) (100,932,794,828)
Cash flows from financing activities
Proceeds from borrowings 550,140,000,000 345,790,000,000
Repayments of borrowings (653,473,540,795) (361,722,161,249)
Issuance of debentures 657,979,358,532 619,356,099,400
Repayments of debentures (335,677,000,000) (245,000,000,000)
Payments of dividends (6,000,000,000) (30,000,000,000)
Net cash provided by financing activities 212,968,817,737 328,423,938,151
Net cash increase (decrease) in cash and cash
equivalents (9,080,418,664) 39,230,426,544
Cash and cash equivalents at beginning of period 24 282,825,795,422 276,009,118,714
Cash and cash equivalents at end of period 24 W 273,745,376,758 315,239,545,258

Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2013
(Unaudited)
(In thousands of won)
9
1. Reporting Entity
Hyundai Commercial, Inc., the controlling company, and its subsidiaries (collectively, the “Group”)
included in consolidation are summarized as below.
(a) Controlling Company
Hyundai Commercial, Inc. (the “Controlling Company”) was established on March 27, 2007, by taking
over all the assets, liabilities, rights, and obligations related with the loans of the industrial product
division of Hyundai Capital Services, Inc. and its installment financing and lease financing division. It is
engaged in installment financing and leasing of facilities. The Group’s operations are headquartered in
Yeouido, Seoul. The common shareholders of the Group’s as of June 30, 2013 were as follows:
Number of shares Percentage of ownership (%)
Hyundai Motor Company 10,000,000 50.00
Myung-yi Chung 6,667,000 33.33
Tae-young Chung 3,333,000 16.67
20,000,000 100.00
(b) The Group’s subsidiaries
Subsidiaries as of June 30, 2013 and December 31, 2012 were as follows. The Group has the
substantial power over the subsidiaries established as special purpose entities for asset securitization
even though its ownership interests over the subsidiaries do not exceed 50%.
June 30, 2013 December 31, 2012
Special Purpose Entities
Commercial Auto First
SPC (trust)
Commercial Auto First
SPC (trust)
Commercial Auto Second
SPC (trust)
Commercial Auto Second
SPC (trust)
2. Basis of Preparation
(a) Statement of compliance
These condensed consolidated interim financial statements were prepared in accordance with K-IFRS
No. 1034, Interim Financial Reporting as part of the period covered by the Group’s K-IFRS consolidated
annual financial statements. Selected explanatory notes are included to explain events and
transactions that are significant to understanding of the changes in financial position and performance
of the Group since the last annual consolidated financial statements as of and for the year ended
December 31, 2012.
(b) Use of estimates and judgements
The preparation of the condensed consolidated interim financial statements in conformity with K-IFRS
requires management to make judgments, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual
results may differ from these estimates.

June 30, 2013
(Unaudited)
10
3. Significant Accounting Policies
(a) Changes in accounting policies
Except as described below, the accounting policies applied by the Group in these condensed
consolidated interim financial statements are the same as those applied by the Group in the
consolidated financial statements as of and for the year ended December 31, 2012. The following
changes in accounting policies are also expected to be reflected in the Group’s consolidated financial
statements as of and for the year ended December 31, 2013.
1) New standards and interpretations
i) Amendments to K-IFRS No. 1001 Presentation of Financial Statements
The Group applies the amendments from annual periods beginning at January 1, 2013. The
amendments require presenting items in other comprehensive income on the basis of whether
they are potentially reclassifiable to profit or loss in subsequent periods.
ii) Enactment of K-IFRS No. 1110 Consolidated Financial Statements
The Group applies the standard from annual periods beginning on January 1, 2013. The standard
outlines the requirements for the preparation and presentation of consolidated financial statements,
requiring the Group to consolidate entities it controls. An investor is considered to have control
over an investee when it has exposure or rights to variable returns from its involvement with the
investee and has the ability to affect those returns through its power over the investee.
iii) Enactment of K-IFRS No. 1112 Disclosure of Interests in Other Entities
requires a wide range of disclosures about an entity's interests in subsidiaries, joint arrangements,
associates and unconsolidated 'structured entities'. The standard requires the disclosure of
information that enables users of financial statements to evaluate the nature, and risks associated
with its interests in other entities and the effects of those interests on its financial position,
financial performance and cash flows.
iv) Amendments to K-IFRS No. 1019 Employee Benefits
The Group applies the amendments from annual periods beginning on January 1, 2013. The
amendments require recognition of actuarial gains and losses immediately in other comprehensive
income, and to calculate expected returns on plan assets based on the rate used to discount the
defined benefit obligation.
v) Enactment of K-IFRS No. 1113 Fair Value Measurement
provides a single framework for measuring fair value and requires disclosures about fair value
measurements.

June 30, 2013
(Unaudited)
11
3. Significant Accounting Policies, Continued
(a) Changes in accounting policies, continued
2) Effects of changes in accounting policies
i) Amendments to K-IFRS No. 1001 Presentation of Financial Statements
The Group applied the amendments to K-IFRS No. 1001 Presentation of Financial Statements from
the annual periods beginning at January 1, 2013. The Group applied the changes of accounting
policy retrospectively and restated its comparative financial statements. The following table
summarizes the financial effects on the statement of comprehensive income for the three-month
and six-month periods ended June 30, 2012.
June 30, 2012
As previously reported Amendments (*) As restated
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Operating income W 22,841,637 45,759,210 58,210 96,332 22,899,847 45,855,542
Profit for the period 4,151,987 24,659,315 - - 4,151,987 24,659,315
Earnings per share (won) 208 1,233 - - 208 1,233
(*) The following items were classified as operating income before applying the amendments to K-
IFRS No. 1001 Presentation of Financial Statements. After the amendments, they were excluded
from operating income.
June 30, 2012
Three-month
period ended
Six-month
period ended
Non-operating income
Gain on disposal of property and equipment W - 1,661
Miscellaneous income 158,227 237,708
Non-operating expenses
Loss on disposal of property and equipment 87,386 87,386
Miscellaneous losses 129,051 248,315
ii) Amendments to K-IFRS No. 1019 Employee Benefits
The amendments to K-IFRS No. 1019 Employee Benefits are applied retrospectively, and the
Group reclassified accumulated actuarial gains and losses into other comprehensive income
accordingly. The following table summarizes the financial effects on the condensed consolidated
statement of financial position as of December 31, 2012. The Group applied the changes of
accounting policy retrospectively and restated its comparative financial statements.
December 31, 2012
As previously
reported Amendments As restated
Accumulated other comprehensive income W 2,609,636 (1,670,150) 939,486
Retained earnings 135,869,285 1,670,150 137,539,435

June 30, 2013
(Unaudited)
12
(a) Changes in accounting policies, continued
3) New standards and interpretations not yet adopted
The following new standards, interpretations and amendments to existing standards have been
published and are mandatory for the Group for annual periods beginning after January 1, 2013, and
the Group has not early adopted them. The financial impact of the adoption of these
amendments is currently under assessment.
K-IFRS No. 1032 Financial Instruments: Presentation
The amendments address inconsistencies in current practice when applying the offsetting criteria
in K-IFRS No. 1032 Financial Instrument: Presentation. The amendments clarify the meaning of a
legally enforceable right of set-off and that some gross settlement systems may be considered
equivalent to net settlement. The amendments are effective for annual periods beginning on or
after January 1, 2014 and are required to be applied retrospectively.
(b) Consolidation
i) Subsidiaries
The financial statements of subsidiaries are included in the consolidated financial statements from
the date that control commences until the date that control ceases. If a subsidiary of the Group
uses accounting policies other than those adopted in the consolidated financial statements for like
transactions and events in similar circumstances, appropriate adjustments are made to its financial
statements in preparing the consolidated financial statements.
ii) Intra-group transactions
Intra-group balances and transactions, and any unrealized income and expenses arising from intra-
group transactions, are eliminated in preparing the consolidated financial statements. Intra-group
losses are recognized as expense if intra-group losses indicate an impairment that requires
recognition in the consolidated financial statements.
iii) Non-controlling interests
Non-controlling interests in a subsidiary are accounted for separately from the parent’s ownership
interests in a subsidiary. Each component of net profit or loss and other comprehensive income
is attributed to the owners of the parent and non-controlling interest holders, even when the
allocation reduces the non-controlling interest balance below zero.
iv) Changes in ownership interests in a subsidiary
Changes in ownership interests in a subsidiary that do not result in a loss of control, such as the
subsequent purchase or sale by a parent of a subsidiary’s equity instruments, are accounted for as
equity transactions in capital adjustments. Adjustments to non-controlling interests are based on
a proportionate amount of net asset of the subsidiary. No adjustments are made to goodwill and
no gain or loss is recognized in profit or loss. The difference between the consideration and the
adjustments made to non-controlling interest is recognized directly in equity attributable to the
owners of the Group.

June 30, 2013
(Unaudited)
13
(c) Associates
An associate is an entity over which the Group has significant influence and that is neither a subsidiary
nor an interest in a joint venture. Significant influence is the power to participate in the financial and
operating policy decisions of the investee but not have control or joint control over these policies.
Significant influence is generally presumed to exist when the Group holds 20% or more, but less than
50%, of the voting rights.
Under the equity method, an investment in an associate is initially recognized in the consolidated
statements of financial position at cost and adjusted thereafter to recognize the Group’s share of the
profit or loss and other comprehensive income of the associate. When the Group’s share of losses of
an associate exceeds the Group’s interest in that associate (which includes any long-term interests
that, in substance, form part of the Group’s net investment in the associate), the Group discontinues
recognizing its share of further losses. Additional losses are recognized only to the extent that the
Group has incurred legal or constructive obligations or made payments on behalf of the associate.
If an associate uses accounting policies different from those of the Group for like transactions and
events in similar circumstances, appropriate adjustments are made to its financial statements in
applying the equity method.
When the Group’s share of losses exceeds its interest in an equity accounted investee, the carrying
amount of that interest, including any long-term investments, is reduced to nil and the recognition of
further losses is discontinued except to the extent that the Group has an obligation or has to make
payments on behalf of the investee for further losses.
(d) Cash and cash equivalents
The Group considers cash on hand, call deposits, and highly liquid financial assets which are subject to
insignificant risk of changes in their fair values to be cash and cash equivalents.
(e) Non-derivative financial assets
Non-derivative financial assets are classified into the following measurement categories: financial
assets at fair value through profit or loss, held-to-maturity investments, loans and receivables and
available-for-sale financial assets, all of which are initially recognized on the date at which the Group
becomes a party to the contractual provisions of the instrument.
A financial asset is measured initially at its fair value plus, for an item not at fair value through profit or
loss, transaction costs that are directly attributable to its acquisition.
i) Financial assets at fair value through profit or loss
Financial assets are classified as at fair value through profit or loss when the financial asset is either
held for trading or is designated at fair value through profit or loss. Financial assets at fair value
through profit or loss are measured at fair value upon initial recognition and changes therein are
recognized in profit or loss. Upon initial recognition, attributable transaction costs are recognized
in profit or loss as incurred.

June 30, 2013
(Unaudited)
14
(e) Non-derivative financial assets, continued
ii) Held-to-maturity investments
If the non-derivative assets have a fixed maturity with fixed or determinable payments, and the
Group has the positive intent and ability to hold them until maturity, then such financial assets are
classified as held-to-maturity. Subsequent to initial recognition, held-to-maturity financial assets
are measured at amortized cost using the effective interest rate method.
iii) Loans and receivables
Loans and receivables are financial assets with fixed or determinable payments that are not quoted
in an active market. Subsequent to initial recognition, loans and receivables are measured at
amortized cost using the effective interest method.
iv) Available-for-sale financial assets
Available-for-sale financial assets are those non-derivative financial assets that are designated as
available-for-sale or are not classified as financial assets at fair value through profit or loss, held-to-
maturity investments or loans and receivables. Subsequent to initial recognition, they are
measured at fair value, with changes in fair value, net of any tax effect, recorded in other
comprehensive income in equity. Investments in equity instruments that do not have a quoted
market price in an active market and whose fair value cannot be reliably measured and derivatives
those are linked to and must be settled by delivery of such unquoted equity instruments are
measured at cost.
v) Derecognition of financial assets
The Group de-recognizes a financial asset when the contractual rights to the cash flows from the
asset expire, or it transfers the rights to receive the contractual cash flows of the financial asset in
a transaction in which substantially all the risks and rewards of ownership of the financial asset are
transferred. If the Group retains substantially all the risks and rewards of ownership of the
transferred financial assets, the Group continues to recognize the transferred financial assets and
recognizes financial liabilities for the consideration received.
vi) Offsetting between financial assets and financial liabilities
Financial assets and financial liabilities are offset and the net amount is presented in the
consolidated statement of financial position only when the Group currently has a legally enforceable
right to offset the recognized amounts, and there is the intention to settle on a net basis or to
realize the asset and settle the liability simultaneously.
(f) Derivative financial instruments
Derivatives are initially recognized at fair value. Subsequent to initial recognition, derivatives are
measured at fair value, and changes therein are accounted for as described below.
1) Hedge accounting
The Group holds various derivative financial instruments, such as currency swaps and interest rate
swaps, etc., to hedge its foreign currency and interest rate risk exposures.
On initial designation of the hedge, the Group formally documents the relationship between the
hedging instruments and hedged items, including the risk management objectives and strategy in
undertaking the hedge transaction, together with the methods that will be used to assess the
effectiveness of the hedging relationship.

June 30, 2013
(Unaudited)
15
(f) Derivative financial instruments, continued
i) Fair value hedge
Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are
recognized in profit or loss. The gain or loss from remeasuring the hedging instrument at fair
value for a derivative hedging instrument and the gain or loss on the hedged item attributable to
the hedged risk are recognized in profit or loss in the same line item of the consolidated
statement of comprehensive income.
The Group discontinues fair value hedge accounting if the hedging instrument expires or is sold,
terminated or exercised, or if the hedge no longer meets the criteria for hedge accounting. Any
adjustment arising from gain or loss on the hedged item attributable to the hedged risk is
amortized to profit or loss from the date the hedge accounting is discontinued.
ii) Cash flow hedge
When a derivative is designated to hedge the variability in cash flows attributable to a particular
risk associated with a recognized asset or liability or a highly probable forecasted transaction that
could affect profit or loss, the effective portion of changes in the fair value of the derivative is
recognized in other comprehensive income, net of tax, and presented in the hedging reserve in
equity. Any ineffective portion of changes in the fair value of the derivative is recognized
immediately in profit or loss.
If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold,
terminated, exercised, or the designation is revoked, then hedge accounting is discontinued
prospectively. The cumulative gain or loss on the hedging instrument that has been recognized
in other comprehensive income is reclassified to profit or loss in the periods during which the
forecasted transaction occurs. If the forecasted transaction is no longer expected to occur, then
the balance in other comprehensive income is recognized immediately in profit or loss.
2) Embedded derivative instruments
Embedded derivatives are separated from the host contract and accounted for separately only if the
following criteria has been met: (a) the economic characteristics and risks of the host contract and
the embedded derivatives are not clearly and closely related to a separate instrument with the
same terms as the embedded derivative that would meet the definition of a derivative, and (b) the
hybrid (combined) instrument is not measured at fair value through profit or loss. Changes in the
fair value of separable embedded derivatives are recognized immediately in profit or loss.
3) Other derivative instruments
Changes in the fair value of other derivative financial instrument not designated as a hedging
instrument are recognized immediately in profit or loss.

June 30, 2013
(Unaudited)
16
(g) Impairment of financial assets
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to
determine whether there is objective evidence that it is impaired. A financial asset is impaired if
objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and
that the loss event had a negative effect on the estimated future cash flows of that asset that can be
estimated reliably. However, losses expected as a result of future events, regardless of likelihood, are
not recognized.
Objective evidence that a financial asset is impaired includes, but not limited to, the following events:
i) Assets carried at amortized cost
An impairment loss in respect of assets carried at amortized cost measured at amortized cost is
calculated as the difference between its carrying amount and the present value of the estimated
future cash flows discounted at the asset’s original effective interest rate and is recognized in
profit or loss. Interest on the impaired asset continues to be recognized through the unwinding
of the discount. When a subsequent event causes the amount of impairment loss to decrease,
the decrease in impairment loss is reversed through profit or loss.
ii) Available-for-sale financial assets
When a decline in the fair value of an available-for-sale financial asset has been recognized in other
comprehensive income and there is objective evidence that the asset is impaired, the cumulative
loss that had been recognized in other comprehensive income is reclassified from equity to profit
or loss as a reclassification adjustment even though the financial asset has not been derecognized.
Impairment losses recognized in profit or loss for an investment in an equity instrument classified
as available-for-sale are not reversed through profit or loss. If, in a subsequent period, the fair
value of a debt instrument classified as available-for-sale increases and the increase can be
objectively related to an event occurring after the impairment loss was recognized in profit or loss,
the impairment loss is reversed, with the amount of the reversal recognized in profit or loss.
(h) Revenue recognition
The Group recognizes capital lent to customers as loans receivables. Installment financial capital
paid by the Group to manufacturers or sellers on behalf of customers is recognized as installment
financial assets. Financial lease receivables classified as financial leases are recognized as lease
receivables.
The expected future cash flows from loans receivables, installment financial assets and lease
receivables (“financial receivables”) described above are amortized under the effective interest
method over the period of the financial receivables being used by customers.
(i) Deferral of loan origination fee and loan origination cost
Loan origination fee, which is processing fee in relation to the loan origination process such as
upfront fee, is deferred and deducted from the loan account, adjusted over the life of the loan
based on the effective interest rate method. Loan origination cost, which relates to activities
performed by the lender such as soliciting potential borrowers, is deferred and added to the loan
account, adjusted over the life of the loan based on the effective interest rate method when the
future economic benefit in connection with the cost incurred can be identified on a per loan basis.

June 30, 2013
(Unaudited)
17
(j) Allowance for financial receivables
i) Calculation of allowance for doubtful accounts
The Group recognizes the impairment of receivables as an allowance for doubtful accounts. It is
based on the impairment estimates made through impairment assessment of receivables carried
at amortized cost. Allowance for doubtful account consists of impairments related to individually
material financial receivables and collective assessment for impairment incurred in homogeneous
assets.
Individually material receivables undertake the individual assessment of the difference between
the assets’ carrying amount and the present value of estimated future cash flows. Unimpaired
assets from individual assessments and individually immaterial assets undertake the collective
assessment classified by asset groups that have analogous risk attributes. The Group uses
statistical model in the collective assessment based on the expected probability of default, periodic
collect amounts, loss-given default based on the past losses, loss emergence period, and
management’s decision about the current economy and credit circumstance. The material factors
used in statistical model for the collective assessment are evaluated to compare with actual data
regularly.
The amount of impairment loss is reflected in allowance for doubtful accounts as profit or loss.
ii) Write-off policy
The Group writes off the doubtful receivables when the assets are deemed unrecoverable. This
decision considers the information about significant changes of financial position such that a
borrower or an obligor is in default, or the amount recoverable from security is not enough.
Write-off decision of standard small loan is generally made based on the delinquent status of loan.
(k) Leases
i) Classification
The Group classifies and accounts for leases as either a finance or operating lease, depending on
the terms. Leases where the lessee assumes substantially all of the risks and rewards of
ownership are classified as finance leases. All other leases are classified as operating leases.
The lease arrangement classified as a finance lease is where: ① the lease transfers ownership of
the asset to the lessee by the end of the lease term, the lessee has the option to purchase the②
asset at a price that is expected to be sufficiently lower than the fair value at the date the option
becomes exercisable for it to be reasonably certain, at the inception of the lease, that the option
will be exercised, ③ the lease term is for the major part of the economic life of the asset even if
the title is not transferred, ④ at the inception of the lease the present value of the minimum lease
payments amounts to at least substantially all of the fair value of the leased asset, or ⑤ the leased
assets are of such a specialized nature that only the lessee can use them without major
modifications.
Minimum lease payments include that part of the residual value that is guaranteed by the lessee,
by a party related to the lessee or by a third party unrelated to the Group that is financially capable
of discharging the obligation under the guarantee.

June 30, 2013
(Unaudited)
18
(k) Leases, continued
ii) Finance leases
Where the Group has substantially all the risks and rewards of ownership, lease of property, and
equipment are classified as finance lease. An amount equal to the net investment in the lease is
presented as a receivable. Expenses that are incurred with regard to the lease contract made but
not executed at the date of the statement of financial position are accounted for as prepaid leased
assets and are classified as finance lease receivables at the inception of the lease. Lease
receivables include amounts such as commissions, legal fees, and internal costs that are
incremental and directly attributable to negotiation and arranging a lease. Each lease payment is
allocated between principal and finance income. Financial income on an uncollected part of net
investment shall be allocated to each period during the lease term so as to produce a constant
periodic rate of interest on the remaining balance of the liability.
(l) Property and equipment
Property and equipment are initially measured at cost and after initial recognition, are carried at cost
less accumulated depreciation and accumulated impairment losses. The cost of property and
equipment includes expenditures arising directly from the construction or acquisition of the asset, any
costs directly attributable to bringing the asset to the location and condition necessary for it to be
capable of operating in the manner intended by management and the initial estimate of the costs of
dismantling and removing the item and restoring the site on which it is located.
The cost of replacing a part of an item of property or equipment is recognized in the carrying amount of
the item if it is probable that the future economic benefits embodied within the part will flow to the
Group and its cost can be measured reliably. The carrying amount of the replaced cost is
derecognized. The cost of the day to day servicing of property and equipment are recognized in profit
or loss as incurred.
Property and equipment are depreciated on a straight-line basis over the estimated useful lives, which
most closely reflect the expected pattern of consumption of the future economic benefits embodied in
the asset. The estimated useful lives for the current and comparative years are as follows:
Descriptions Depreciation method Useful lives
Vehicles Straight-line 4 years
Fixtures and furniture Straight-line 4 years
Works of art classified under other tangible assets are not amortized due to their indefinite useful life
in nature.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of
each reporting period. An asset’s carrying amount is written down immediately to its recoverable
amount if the carry amount is greater than its estimated recoverable amount. Gains and losses on
disposals are determined by comparing the proceeds with the carrying amount, and recognized within
other operating income (expenses) in the consolidated statement of comprehensive income.

June 30, 2013
(Unaudited)
19
(m) Intangible assets
Intangible assets are measured initially at cost and, subsequently, are carried at cost less accumulated
amortization and accumulated impairment losses.
Amortization of intangible assets is calculated on a straight-line basis over the estimated useful lives of
intangible assets from the date that they are available for use. The residual value of intangible assets
is zero.
Descriptions Amortization method Useful lives
Development Straight-line 5 years
Software Straight-line 4 years
Other intangible assets Straight-line 5 years
i) Research and development
Expenditures on research activities, undertaken with the prospect of gaining new scientific or
technical knowledge and understanding, are recognized in profit or loss as incurred.
Development expenditures are capitalized only if development costs can be measured reliably, the
product or process is technically and commercially feasible, future economic benefits are probable,
and the Group intends to and has sufficient resources to complete development and to use or sell
the asset. Other development expenditures are recognized in profit or loss as incurred.
ii) Subsequent expenditures
Subsequent expenditures are capitalized only when they increase the future economic benefits
embodied in the specific asset to which it relates. All other expenditures, including expenditures
on internally generated goodwill and brands, are recognized in profit or loss as incurred.
(n) Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortization and are tested annually for
impairment. Assets that are subject to amortization are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of the asset’s fair value less costs to
sell and value in use. For the purposes of assessing impairment, assets are grouped at the
lowest levels for which there are separately identifiable cash flows (cash generating units). Non-
financial assets that are subject to amortization suffered impairment are viewed for possible
reversal of the impairment at each reporting date.
(o) Non-derivative financial liabilities
The Group classifies non-derivative financial liabilities into financial liabilities at fair value through
profit or loss or other financial liabilities in accordance with the substance of the contractual
arrangement and the definitions of financial liabilities. The Group recognizes financial liabilities in
the consolidated statement of financial position when the Group becomes a party to the
contractual provisions of the financial liability.
i) Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading or
designated as such upon initial recognition. Subsequent to initial recognition, financial liabilities at
fair value through profit or loss are measured at fair value, and changes therein are recognized in
profit or loss. Upon initial recognition, transaction costs that are directly attributable to the
acquisition are recognized in profit or loss as incurred.

June 30, 2013
(Unaudited)
20
(o) Non-derivative financial liabilities, continued
ii) Other financial liabilities
Non-derivative financial liabilities other than financial liabilities at fair value through profit or loss are
classified as other financial liabilities. At the date of initial recognition, other financial liabilities are
measured at fair value minus transaction costs that are directly attributable to the acquisition.
Subsequent to initial recognition, other financial liabilities are measured at amortized cost using the
effective interest method.
The Group derecognizes a financial liability from the consolidated statement of financial position
when it is extinguished (i.e., when the obligation specified in the contract is discharged, cancelled
or expires).
(p) Pension obligations
The Group operates a defined benefit plan. A defined benefit plan is a post-employment benefit plan
other than a defined contribution plan.
The liability recognized in the statement of financial position in respect of defined benefit pension plans
is the present value of the defined benefit obligation at the end of reporting period less the fair value of
plan assets, together with adjustments for unrecognized past-service costs. The defined benefit
obligation is calculated annually by independent actuaries using the projected unit credit method. The
present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows using interest rates of high-quality corporate bonds that are denominated in the currency in
which the benefits will be paid, and that have terms to maturity approximating to the terms of the
related pension obligation. Actuarial gains and losses arising from experience adjustments and
changes in actuarial assumptions are recognized in other comprehensive income or loss in the period
in which they arise.
(q) Provisions and contingent liabilities
When there is a probability that an outflow of economic benefits will occur due to a present obligation
resulting from a present legal or as a result of past events, and whose amount is reasonably estimable,
a corresponding amount of provision is recognized in the consolidated financial statements.
Provisions are the best estimate of the expenditure required to settle the present obligation that
consider the risks and uncertainties inevitably surround many events and circumstances at the
reporting date. Where the effect of the time value of money is material, the amount of a provision is
the present value of the expenditure expected to be required to settle the obligation.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best
estimates. If it is no longer probable that an outflow of resources embodying economic benefits will
be required to settle the obligation, the provision is reversed.
A possible obligation that arises from past events and whose existence will be confirmed only by the
occurrence or non-occurrence of uncertain future events, or a present obligation that arises from past
events but is not certain to occur, or cannot be reliably estimated, a disclosure regarding the contingent
liability is made in the notes to the consolidated financial statements.

June 30, 2013
(Unaudited)
21
(r) Foreign currency
Items included in the financial statements of each of the Group’s entities are measured using the
currency of the primary economic environment in which the entity operates (the “functional
currency”). The consolidated financial statements are presented in Korean won, which is the Group’s
functional currency.
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions or valuation where items are remeasured. Foreign
exchange gains and losses resulting from the settlement of such transactions and from the translation
at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognized in the statement of comprehensive income, except when deferred in other comprehensive
income as qualifying cash flow hedges.
(s) Equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of
ordinary shares and share options are recognized as a deduction from equity, net of any tax effects.
Preference share capital is classified as equity if it is non-redeemable, or redeemable only at the
Group’s option, and any dividends are discretionary. Dividends thereon are recognized as
distributions within equity upon approval by the Group’s shareholders.
(t) Income tax
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized
in profit or loss except to the extent that it relates to a business combination, or items recognized
directly in equity or in other comprehensive income.
i) Current income tax
Current income tax is the expected tax payable or receivable on the taxable profit or loss for the
year, using tax rates enacted or substantively enacted at the end of the reporting period and any
adjustment to tax payable in respect of previous years. The taxable profit is different from the
accounting profit for the period since the taxable profit is calculated excluding the temporary
differences, which will be taxable or deductible in determining taxable profit (tax loss) of future
periods, and non-taxable or non-deductible items from the accounting profit.
ii) Deferred income tax
Deferred income tax is recognized, using the liability method, on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the consolidated
financial statements.
However, deferred tax assets and liabilities are not recognized if they arise from initial recognition
of an asset or liability in a transaction other than a business combination that at the time of the
transaction affects neither accounting nor taxable profit or loss. Deferred income tax is
determined using tax rates and laws that have been enacted or substantially enacted by the
statement of financial position date and are expected to apply when the related deferred income
tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are
recognized only to the extent that it is probable that future taxable profit will be available against
which the temporary differences can be utilized.

June 30, 2013
(Unaudited)
22
(t) Income tax, continued
The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and
reduces the carrying amount to the extent that it is no longer probable that sufficient taxable profit
will be available to allow the benefit of part or all of that deferred tax asset to be utilized.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries,
associates and joint ventures except for deferred income tax liability where the timing of the
reversal of the temporary difference is controlled by the Group and it is probable that the
temporary difference will not reverse in the foreseeable future.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to
offset current tax assets against current tax liabilities and when the deferred income taxes assets
and liabilities relate to income taxes levied by the same taxation authority on either the same
taxable entity or different taxable entities where there is an intention to settle the balances on a
net basis.
4. Restricted Financial Instruments
Restricted financial instruments as of June 30, 2013 and December 31, 2012 were as follows:
Type Depository
June 30,
2013
December 31,
2012 Restriction
Due from banks
Kookmin Bank
and 2 others W 9,000 9,000
Guarantee deposit
for account opening
5. Available-for-sale Securities
Balances as of available-for-sale securities as of June 30, 2013 and December 31, 2012 were as
follows:
June 30, 2013 December 31, 2012
Equity securities
Marketable equity securities W 8,210,000 10,650,000
Unlisted equity securities 5,824,021 5,607,645
Beneficiary certificates 7,150,131 -
21,184,152 16,257,645
Debt securities 11,332,223 10,726,682
W 32,516,375 26,984,327

June 30, 2013
(Unaudited)
23
5. Available-for-sale Securities, Continued
Details of available-for-sale securities as of June 30, 2013 and December 31, 2012 were as follows:
Book value
Number
of shares
Ownership
(%)
Acquisition
cost
June 30,
2013
December 31,
2012
Marketable equity
securities
JNK Heaters Co.,
Ltd. 1,000,000 12.50 W 10,126,881 8,210,000 10,650,000
Unlisted equity
securities
Leehan Corp. (*1) 136,000 12.30 3,199,762 3,521,312 3,304,936
Anyang KDC
Project Corp. 389,999 15.00 2,293,275 2,293,275 2,293,275
Anyang KDC
Asset
Management
Corp. 1,499 15.00 8,814 8,814 8,814
Isung Eng, Corp. 24 - 620 620 620
5,502,471 5,824,021 5,607,645
Beneficiary
certificates
Hanjoo New
Credit private
special asset
investment trust - 73.70 7,120,864 7,150,131 -
Debt securities
Leehan Corp. (*2) - - 5,469,801 7,332,223 6,726,682
Commercial Auto
Third SPC - - 4,000,000 4,000,000 4,000,000
9,469,801 11,332,223 10,726,682
W 32,220,017 32,516,375 26,984,327
(*1) The fair value of the securities of Leehan Corp. is the valuation price provided by an external
appraiser, Korea Asset Pricing. The external appraiser valuated the fair value as the average of
valuation prices using the discounted cash flow model and the imputed market value model.
(*2) The debt security is a convertible bond issued by Leehan Corp. The fair value of the convertible
bond is provided by an external appraiser, Korea Asset Pricing. The difference between the fair
value and book value of the convertible bond is amortized using the effective interest rate method
and is recognized as a gain or loss on valuation of debt securities. The fluctuation of in the fair value
of the conversion right and the advanced redemption right is recognized in the gain or loss on
embedded derivatives.

June 30, 2013
(Unaudited)
24
6. Investments in Associates
Details of investments in associates as of June 30, 2013 and December 31, 2012 were as follows:
Number
of shares
Ownership
(%)
Acquisition
cost
Net asset
value Book value
June 30, 2013
Hyundai Card Co.,
Ltd. (*) 8,889,622 5.54 W 113,820,162 126,105,513 163,031,164
Hyundai Life
Insurance Co., Ltd. 10,685,620 39.07 138,913,060 83,088,468 107,186,589
W 252,733,222 209,193,981 270,217,753
December 31, 2012
Hyundai Card Co.,
Ltd. (*) 8,889,622 5.54 W 113,820,162 121,460,539 158,386,190
Hyundai Life
Insurance Co., Ltd. 10,685,620 39.07 138,913,060 102,391,658 127,015,755
W 252,733,222 223,852,197 285,401,945
(*) The Group’s shareholdings are less than 20%. However, the Group is able to significantly exert
influence through its involvement in the financial and operating processes, and thus the equity method
is applied.
Details of valuation of equity method investment and other changes as of June 30, 2013 and
December 31, 2012 were as follows:
Beginning
balance Acquisition
Gain (loss)
on valuation
Changes in
accumulated
other
comprehen-
sive income
(*)
Changes
in
retained
earning
Ending
balance
June 30, 2013
Hyundai Card Co.,
Ltd. W 158,386,190 - 4,615,645 29,329 - 163,031,164
Hyundai Life
Insurance Co., Ltd. 127,015,755 - (12,312,128) (7,517,038) - 107,186,589
W 285,401,945 - (7,696,483) (7,487,709) - 270,217,753
December 31, 2012
Hyundai Card Co.,
Ltd. W 147,539,965 - 10,609,150 237,075 - 158,386,190
Hyundai Life
Insurance Co., Ltd. - 138,913,060 (18,716,249) 5,334,179 1,484,765 127,015,755
W 147,539,965 138,913,060 (8,107,099) 5,571,254 1,484,765 285,401,945
(*) Tax effects are not deducted.

June 30, 2013
(Unaudited)
25
6. Investments in Associates, Continued
Condensed financial statements of associates as of June 30, 2013 and December 31, 2012 were as
follows:
Closing
month Assets Liabilities
Operating
revenue
Profit (loss)
for the
period
June 30, 2013
Hyundai Card Co.,
Ltd. December W 10,769,615,707 8,493,303,266 1,307,474,500 83,316,343
Hyundai Life
Insurance Co., Ltd. March 3,943,244,446 3,730,602,119 497,318,652 (17,606,775)
December 31, 2012
Hyundai Card Co.,
Ltd. December W 11,252,488,244 9,060,021,557 2,524,941,896 191,504,230
Hyundai Life
Insurance Co., Ltd. (*) March 3,824,606,629 3,562,563,039 885,330,384 (6,045,704)
(*) Hyundai Life Insurance Co. Ltd. is a corporation with fiscal year ending on March 31. However,
its assets and liabilities presented above are as of December 31, 2012, and the results of its
operations are for the nine-month period ended December 31, 2012. The deemed acquisition date
was February 29, 2012.

June 30, 2013
(Unaudited)
26
7. Financial Receivables
Details of financial receivables as of June 30, 2013 and December 31, 2012 were as follows:
Principal
Deferred loan
origination
fees and costs
Present value
discount
Allowance for
doubtful
accounts Book value
June 30, 2013
Loans receivables
Factoring receivables W 8,681,252 - - (39,576) 8,641,676
Loans 3,002,635,539 42,351,312 (237,865) (18,001,448) 3,026,747,538
3,011,316,791 42,351,312 (237,865) (18,041,024) 3,035,389,214
Installment financial
assets
Auto 306,282,676 3,482,271 - (1,665,401) 308,099,546
Durable goods 20,691,118 (232,998) - (139,510) 20,318,610
326,973,794 3,249,273 - (1,804,911) 328,418,156
Lease receivables
Financial lease
receivables 171,320,283 100,393 - (1,325,751) 170,094,925
W 3,509,610,868 45,700,978 (237,865) (21,171,686) 3,533,902,295
December 31, 2012
Loans receivables
Factoring receivables W 108,000 - - (270) 107,730
Loans 2,764,943,740 35,870,003 (200,613) (19,258,900) 2,781,354,230
2,765,051,740 35,870,003 (200,613) (19,259,170) 2,781,461,960
Installment financial
assets
Auto 331,018,925 2,702,341 - (2,351,090) 331,370,176
Durable goods 25,765,456 (140,848) - (176,228) 25,448,380
356,784,381 2,561,493 - (2,527,318) 356,818,556
Lease receivables
Financial lease
receivables 132,355,777 687 - (1,026,911) 131,329,553
W 3,254,191,898 38,432,183 (200,613) (22,813,399) 3,269,610,069

June 30, 2013
(Unaudited)
27
8. Allowance for Doubtful Accounts
Changes in allowance for doubtful accounts for the six-month period ended June 30, 2013 and for the
year ended December 31, 2012 were as follows:
Loans
receivables
Installment
financial
assets
Lease
receivables Other assets Total
June 30, 2013
Beginning balance W 19,259,170 2,527,318 1,026,911 227,475 23,040,874
Amounts
written off (4,368,807) (267,432) (137,513) - (4,773,752)
Recoveries of
amounts
previously
written off 324,430 3,538 - - 327,968
Disposal of
receivables (8,697,852) (1,318,218) (955) - (10,017,025)
Unwinding of
discount (136,084) (11,911) - - (147,995)
Additional
(reversed)
allowance 11,660,167 871,616 437,308 (65,637)) 12,903,454
Ending balance W 18,041,024 1,804,911 1,325,751 161,838 21,333,524
December 31, 2012
Beginning balance W 18,169,160 3,175,354 620,397 330,388 22,295,299
Amounts
written off (4,168,839) (396,392) - - (4,565,231)
Recoveries of
amounts
previously
written off 772,833 86,527 - - 859,360
Disposal of
receivables (14,903,755) (1,921,390) (34,163) - (16,859,308)
Unwinding of
discount (226,349) (28,019) - - (254,368)
Additional
(reversed)
allowance 19,616,120 1,611,238 440,677 (102,913) 21,565,122
Ending balance W 19,259,170 2,527,318 1,026,911 227,475 23,040,874

June 30, 2013
(Unaudited)
28
9. Fair Value of Financial Instruments
Fair value is the amount at which the asset could be exchanged or the liabilities could be settled in a
transaction between knowledgeable and willing independent parties. The best estimated fair value is
the published price quotation in an active market. The Group believes that valuation technique applied
to the financial instruments is adequate and fair value of financial instruments is reasonable, but if the
Group use another valuation technique or assumptions, such fair value might be changed. Also, as fair
value measurement of financial instruments uses variable valuation techniques and assumptions,
comparing fair value with those recognized by other financial institutions might be difficult.
Fair values of financial instruments as of June 30, 2013 and December 31, 2012 were as follows:
June 30, 2013 December 31, 2012
Book value Fair value Book value Fair value
Financial assets
Cash and due from
banks W 273,754,377 273,754,377 282,834,795 282,834,795
Available-for-sale
securities 32,516,375 32,516,375 26,984,327 26,984,327
Loans receivables 3,035,389,214 3,098,500,805 2,781,461,960 2,775,937,581
Installment
financial assets 328,418,156 327,552,265 356,818,556 357,631,944
Lease receivables 170,094,925 170,164,643 131,329,553 132,353,718
Derivative assets 1,350,947 1,350,947 137,775 137,775
Account
receivables 10,732,874 10,732,874 15,813,310 15,813,310
Accrued revenues 16,768,640 16,768,640 16,858,350 16,858,350
Leasehold deposits 2,394,838 2,148,219 11,083,914 11,201,215
W 3,871,420,346 3,933,489,145 3,623,322,540 3,619,753,015
Financial liabilities
Borrowings W 620,550,421 628,750,152 723,883,961 730,188,793
Debentures 2,755,522,147 2,788,678,160 2,428,295,638 2,494,275,095
Securitized debts 309,747,458 317,890,362 309,637,148 319,737,569
Derivative liabilities 3,692,968 3,692,968 7,505,990 7,505,990
Account payables 14,596,795 14,596,795 15,199,625 15,199,625
Accrued expenses 22,258,344 22,258,344 27,995,752 27,995,752
Withholdings (*) 7,955,022 7,955,022 3,045,893 3,045,893
Leasehold deposits 43,030,691 43,590,888 33,014,098 33,618,900
W 3,777,353,846 3,827,412,691 3,548,578,105 3,631,567,617
(*) Excluding taxes and dues

June 30, 2013
(Unaudited)
29
9. Fair Value of Financial Instruments, Continued
The levels of fair value hierarchy have been defined as follows:
- Level 1: Quoted prices in active markets for identical assets or liabilities. For example, listed
stocks and derivatives.
- Level 2: Inputs for the asset or liability included within valuation techniques that are observable
market data. For example, most bonds issued in Korean won and foreign currency, general
unlisted derivatives like swap, forward, option.
- Level 3: Inputs for the asset or liability that is not based on observable market data. For example,
unlisted stocks, complicated structured bonds, complicated unlisted derivatives and others.
The fair value hierarchy of financial instruments as of June 30, 2013 and December 31, 2012 were as
follows:
Fair value hierarchy
Book value Fair value Level 1 Level 2 Level 3
June 30, 2013
Financial assets
Available-for-sale
securities W 32,516,375 32,516,375 8,210,000 - 24,306,375
Derivative assets 1,350,947 1,350,947 - 1,350,947 -
W 33,867,322 33,867,322 8,210,000 1,350,947 24,306,375
Derivative
liabilities W 3,692,968 3,692,968 - 3,692,968 -
December 31, 2012
Financial assets
Available-for-sale
securities W 26,984,327 26,984,327 10,650,000 - 16,334,327
Derivative assets 137,775 137,775 - 137,775 -
W 27,122,102 27,122,102 10,650,000 137,775 16,334,327
Derivative
liabilities W 7,505,990 7,505,990 - 7,505,990 -

June 30, 2013
(Unaudited)
30
The changes in financial instruments of level 3 for the six-month period ended June 30, 2013 and for
the year ended December 31, 2012 were as follows:
Available-for-sale securities
June 30, 2013 December 31, 2012
Beginning balance W 16,334,327 8,648,233
Acquisition 7,120,864 6,302,089
Interest income 480,599 871,838
Gains on valuation (other comprehensive income) 370,585 512,167
Ending balance W 24,306,375 16,334,327
The book values of financial instruments by categories as of June 30, 2013 and December 31, 2012
were as follows:
Financial
assets at fair
value through
profit or loss
Available-for-
sale financial
assets
Loans and
receivables
Hedging
derivative
instruments Total
June 30, 2013
Financial assets
Cash and due from banks W - - 273,754,377 - 273,754,377
Available-for-sale securities - 32,516,375 - - 32,516,375
Loans receivable - - 3,035,389,214 - 3,035,389,214
Installment financial assets - - 328,418,156 - 328,418,156
Financial lease receivables - - 170,094,925 - 170,094,925
Derivative assets 163 - - 1,350,784 1,350,947
Account receivables - - 10,732,874 - 10,732,874
Accrued revenues - - 16,768,640 - 16,768,640
Leasehold deposits - - 2,394,838 - 2,394,838
W 163 32,516,375 3,837,553,024 1,350,784 3,871,420,346
December 31, 2012
Financial assets
Cash and due from banks W - - 282,834,795 - 282,834,795
Available-for-sale securities - 26,984,327 - - 26,984,327
Loans receivable - - 2,781,461,960 - 2,781,461,960
Installment financial assets - - 356,818,556 - 356,818,556
Financial lease receivables - - 131,329,553 - 131,329,553
Derivative assets 74,422 - - 63,353 137,775
Account receivables - - 15,813,310 - 15,813,310
Accrued revenues - - 16,858,350 - 16,858,350
Leasehold deposits - - 11,083,914 - 11,083,914
W 74,422 26,984,327 3,596,200,438 63,353 3,623,322,540

June 30, 2013
(Unaudited)
31
at amortized cost
Hedging
derivative
instruments Total
June 30, 2013
Borrowings W 620,550,421 - 620,550,421
Debentures 2,755,522,147 - 2,755,522,147
Securitized debts 309,747,458 - 309,747,458
Derivative liabilities - 3,692,968 3,692,968
Account payables 14,596,795 - 14,596,795
Accrued expenses 22,258,344 - 22,258,344
Withholdings (*) 7,955,022 - 7,955,022
Leasehold deposits received 43,030,691 - 43,030,691
W 3,773,660,878 3,692,968 3,777,353,846
December 31, 2012
Borrowings W 723,883,961 - 723,883,961
Debentures 2,428,295,638 - 2,428,295,638
Securitized debts 309,637,148 - 309,637,148
Derivative liabilities - 7,505,990 7,505,990
Account payables 15,199,625 - 15,199,625
Accrued expenses 27,995,752 - 27,995,752
Withholdings (*) 3,045,893 - 3,045,893
Leasehold deposits received 33,014,098 - 33,014,098
W 3,541,072,115 7,505,990 3,548,578,105
(*) Excluding taxes and dues

June 30, 2013
(Unaudited)
32
10. Transfer of Financial Assets
(a) Financial assets that are not entirely derecognized
The Group issued senior and subordinated securitized debts based on loans and instalment receivables
which were securitized. The securitized debts have recourse only to the transferred assets.
Details of financial assets transferred but not entirely derecognized as of June 30, 2013 and December
31, 2012 were as follows:
June 30, 2013 December 31, 2012
Book value of assets
Loans receivables W 585,636,132 539,978,100
Installment financial assets 18,025,087 35,652,795
Sub total 603,661,219 575,630,895
Book value of related liabilities W 309,747,458 309,637,148
Liabilities having right of resource on
transferred assets:
Fair value of assets W 615,790,199 574,639,694
Fair value of related liabilities (317,890,362) (319,737,569)
Net position W 297,899,837 254,902,125
(b) Financial assets that are entirely derecognized
The Group derecognized loans receivables from the consolidated financial statements by transferring
them for W101,598,233 thousand to Commercial Auto Third SPC (Trustee Bank: Citibank Korea, Inc.)
on December 18, 2012. Gains related to the transaction amounted to W2,450,829 thousand. The
Group has continuing involvement in the transferred asset after taking over debt securities issued by
Commercial Auto Third SPC.
Details of continuing involvement were as follows:
Book value of
continuing
involvement
Maximum exposure
to loss
Available-for-sale
securities
Acquisition on debt securities W 3,990,812 3,990,812

June 30, 2013
(Unaudited)
33
11. Financial Lease Receivables
Details of total lease investments and present value of minimum lease payment as of June 30, 2013
and December 31, 2012 were as follows:
June 30, 2013 December 31, 2012
Total lease
investments
Present value of
minimum lease
payment
Total lease
investments
Present value of
minimum lease
payment
Less than 1 year W 73,654,230 65,451,695 55,614,516 48,968,100
1 to 5 years 112,216,884 105,968,982 88,188,405 83,388,364
W 185,871,114 171,420,677 143,802,921 132,356,464
Details of unearned interest income as of June 30, 2013 and December 31, 2012 were as follows:
June 30, 2013 December 31, 2012
Total lease investments W 185,871,114 143,802,921
Net lease investments
Minimum lease payment (present value) 171,420,677 132,356,464
Unguaranteed residual value
(present value) - -
171,420,677 132,356,464
Unearned interest income 14,450,437 11,446,457
12. Property and Equipment
Details of property and equipment as of June 30, 2013 and December 31, 2012 were as follows:
Acquisition cost
Accumulated
depreciation Book value
June 30, 2013
Vehicles W 113,471 (65,863) 47,608
Fixtures and furniture 8,672,568 (5,673,169) 2,999,399
Others 411,000 - 411,000
W 9,197,039 (5,739,032) 3,458,007
December 31, 2012
Vehicles W 235,097 (165,298) 69,799
Fixtures and furniture 7,965,357 (5,263,430) 2,701,927
Others 411,000 - 411,000
W 8,611,454 (5,428,728) 3,182,726

June 30, 2013
(Unaudited)
34
12. Property and Equipment, Continued
Changes in property and equipment for the six-month period ended June 30, 2013 and for the year
ended December 31, 2012 were as follows:
Beginning
balance Acquisition Disposal Depreciation
Ending
balance
June 30, 2013
Vehicles W 69,799 - (2,534) (19,657) 47,608
Fixtures and
furniture 2,701,927 877,777 (225) (580,080) 2,999,399
Others 411,000 - - - 411,000
W 3,182,726 877,777 (2,759) (599,737) 3,458,007
December 31, 2012
Vehicles W 114,731 76,172 (61,447) (59,657) 69,799
Fixtures and
furniture 2,382,936 1,418,127 (114,015) (985,121) 2,701,927
Others 411,000 - - - 411,000
W 2,908,667 1,494,299 (175,462) (1,044,778) 3,182,726
As of June 30, 2013, the Group maintained comprehensive property insurance with Hyundai Marine
and Fire Insurance for its fixtures and furniture, and other tangible assets for up to W4,008,254
thousand (W4,008,254 thousand as of December 31, 2012), vehicle insurance for its vehicles, and
group accident insurance, travel insurance and business damage insurance for its employees. Also,
the Group maintained comprehensive property insurance with Hyundai Marine and Fire Insurance for
its machine tool installment financial assets and lease assets for up to W171,751,658 thousand
(W92,452,845 thousand as of December 31, 2012).

June 30, 2013
(Unaudited)
35
13. Intangible Assets
Details of intangible assets as of June 30, 2013 and December 31, 2012 were as follows:
Acquisition cost
Accumulated
depreciation Book value
June 30, 2013
Development costs W 3,197,494 (1,165,674) 2,031,820
Software 6,529,747 (5,272,963) 1,256,784
Others 25,851 (25,848) 3
W 9,753,092 (6,464,485) 3,288,607
December 31, 2012
Development costs W 2,847,793 (869,745) 1,978,048
Software 6,422,131 (4,947,389) 1,474,742
Others 25,851 (25,631) 220
W 9,295,775 (5,842,765) 3,453,010
Changes in intangible assets for the six-month period ended June 30, 2013 and for the year ended
Beginning
balance Increase (*) Amortization
Ending
balance
June 30, 2013
Development costs W 1,978,048 349,701 (295,929) 2,031,820
Software 1,474,742 107,616 (325,574) 1,256,784
Others 220 - (217) 3
W 3,453,010 457,317 (621,720) 3,288,607
December 31, 2012
Development costs W 1,763,019 694,513 (479,484) 1,978,048
Software 1,306,607 784,411 (616,276) 1,474,742
Others 2,678 - (2,458) 220
W 3,072,304 1,478,924 (1,098,218) 3,453,010
(*) Includes transfer from advanced payments

June 30, 2013
(Unaudited)
36
14. Borrowings
Details of borrowings as of June 30, 2013 and December 31, 2012 were as follows:
Lender
Annual
interest rate
(%)
June 30,
2013
December 31,
2012
Borrowings in Korean won
Commercial paper
SK Securities
and 2 others 2.73 ~ 4.17 W 90,000,000 210,000,000
General loan
Woori Bank
and 8 others 2.98 ~ 5.80 530,550,421 513,883,961
W 620,550,421 723,883,961
15. Debentures
Details of debentures issued by the Group as of June 30, 2013 and December 31, 2012 were as
follows:
Annual interest
rate (%) Par value Issue price
June 30, 2013
Current portion of debenture
Debenture 2.73 ~ 5.49 W 713,233,500 713,233,500
Discount on debentures - (195,859)
713,233,500 713,037,641
Non-current portion of debenture
Debenture 2.74 ~ 8.00 2,044,282,000 2,044,282,000
Discount on debentures - (1,797,494)
2,044,282,000 2,042,484,506
W 2,757,515,500 2,755,522,147
December 31, 2012
Current portion of debenture
Debenture 3.05 ~ 6.00 W 847,488,500 847,488,500
Discount on debentures - (313,409)
847,488,500 847,175,091
Non-current portion of debenture
Debenture 3.10 ~ 8.00 1,582,704,000 1,582,704,000
Discount on debentures - (1,583,452)
1,582,704,000 1,581,120,548
W 2,430,192,500 2,428,295,639

June 30, 2013
(Unaudited)
37
16. Securitized Debts
The amounts of securitized debts, which are secured by loans and installment financial assets in
accordance with Asset Backed Securitization Act as of June 30, 2013 and December 31, 2012 were as
follows:
Annual interest
rate (%) Par value Issue price
June 30, 2013
Current portion of securitized debts
Securitized debts 4.76 ~ 5.12 W 130,000,000 130,000,000
Discount on securitized debts - (62,191)
130,000,000 129,937,809
Non-current portion of securitized
debts
Securitized debts 4.86 ~ 5.43 180,000,000 180,000,000
180,000,000 179,809,649
W 310,000,000 309,747,458
December 31, 2012
Current portion of securitized debts
Securitized debts 4.78 ~ 4.92 W 50,000,000 50,000,000
50,000,000 49,966,983
Non-current portion of securitized
debts
Securitized debts 4.76 ~ 5.43 260,000,000 260,000,000
260,000,000 259,670,165
W 310,000,000 309,637,148
17. Defined Benefit Liability
Details of defined benefit liability as of June 30, 2013 and December 31, 2012 were as follows:
June 30, 2013 December 31, 2012
Present value of defined benefit obligation W 11,728,730 10,602,378
Fair value of plan assets (8,573,439) (8,546,162)
Defined benefit liability W 3,155,291 2,056,216

June 30, 2013
(Unaudited)
38
17. Defined Benefit Liability, Continued
Changes in present value of defined benefit obligations for the six-month period ended June 30, 2013
and for the year ended December 31, 2012 were as follows:
June 30, 2013 December 31, 2012
Current service cost 1,237,399 2,065,107
Interest cost 170,359 312,346
Actuarial losses 30,072 966,673
Transfer of severance benefits from
related parties 521,046 1,301,233
Transfer of severance benefits to related
parties (442,749) (1,230,543)
Benefits paid (389,775) (409,250)
Ending balance W 11,728,730 10,602,378
Changes in the fair value of plan assets for the six-month period ended June 30, 2013 and for the year
ended December 31, 2012 were as follows:
June 30, 2013 December 31, 2012
Expected return on plan assets 140,124 220,433
Remeasurement gains (losses) (2,884) 4,187
Transfer of severance benefits from
related parties 409,468 600,148
Transfer of severance benefits to related
parties (129,656) (294,075)
Contributions by plan participants - 3,000,000
Benefits paid (389,775) (348,877)
Ending balance W 8,573,439 8,546,162
Gains and losses related to defined benefit plans for the six-month periods ended June 30, 2013 and
2012 were as follows:
June 30, 2013 June 30, 2012
Current service cost W 1,237,399 978,819
Past service cost - 245,559
Interest cost 170,359 151,472
Expected return on plan assets (140,124) (100,897)
W 1,267,634 1,274,953

June 30, 2013
(Unaudited)
39
18. Derivative Financial Instruments and Hedge Accounting
The Group acquired the convertible bonds issued by Leehan Corp. in 2011, and recorded the difference
between the acquisition cost of convertible bond and the fair value of bond without convertible right as
derivative assets. The Group recognized derivative assets of W163 thousand and W74,423 thousand
as of June 30, 2013 and December 31, 2012, respectively. Net losses on the derivative assets were
W74,260 thousand and W272,954 thousand for the six-month periods ended June 30, 2013 and 2012,
respectively.
A cash flow hedge is used by the Group to reduce the exposure from changes in interest rate and
exchange rate of the cash flows of foreign currency debentures. Interest rate swaps and currency
swaps are used.
Derivatives designated as cash flow hedges as of June 30, 2013 and December 31, 2012 were as
follows:
Assets Liabilities
Other
comprehensive
income (loss)
June 30, 2013
Interest rate swaps W 232,864 1,541,193 (1,573,139)
Currency swaps 1,117,920 2,151,775 247,627
W 1,350,784 3,692,968 (1,325,512)
December 31, 2012
Interest rate swaps W 63,352 2,084,383 (1,531,844)
Currency swaps - 5,421,607 (382,978)
W 63,352 7,505,990 (1,914,822)
For the six-month period ended June 30, 2013, the amount recognized as other comprehensive
income, representing the effective portion related to cash flow hedge, is W589,310 thousand, and the
reclassified amount from other comprehensive income to profit or loss is W4,323,000 thousand
(before tax). There is no amount recognized as profit or loss related to cash flow hedge, representing
the ineffective portion, for the six-month period ended June 30, 2013.

June 30, 2013
(Unaudited)
40
19. Equity
The Controlling Company is authorized to issue 80,000,000 shares (par value at W5,000). Details of
capital stock as of June 30, 2013 were as follows:
Common stock Preferred stock (*) Total
Number of issued shares
outstanding 20,000,000 5,000,000 25,000,000
Capital stock W 100,000,000 25,000,000 125,000,000
Paid-in-capital in excess of par
value - 74,608,060 74,608,060
(*) The convertible preferred stocks are non-cumulative, non-participating, nominative, non-permanent
preferred stocks without voting right. The stocks will be converted to common stock after 7 years
from issue date.
20. Retained Earnings
Details of retained earnings as of June 30, 2013 and December 31, 2012 were as follows:
June 30, 2013 December 31, 2012
Legal reserve
Revenue reserve W 7,100,000 4,000,000
Voluntary reserve
Reserve for loan losses 15,289,638 3,357,192
Reserve for electronic financial transactions 100,000 100,000
15,389,638 3,457,192
Unappropriated retained earnings 129,185,054 130,082,243
(Expected regulatory reserve for credit losses
June 30, 2013: W3,686,307 thousand,
December 31, 2012: W11,932,446 thousand)
W 151,674,692 137,539,435
Appropriated and expected regulatory reserve for credit losses as of June 30, 2013 and December 31,
June 30, 2013 December 31, 2012
Appropriated regulatory reserve for credit
losses W 15,289,638 3,357,192
Expected regulatory reserve for credit
losses 3,686,307 11,932,446
W 18,975,945 15,289,638

June 30, 2013
(Unaudited)
41
20. Retained Earnings, Continued
Profit adjusted for estimated regulatory reserve for credit losses for the six-month periods ended June
30, 2013 and 2012 were as follows:
June 30, 2013 June 30, 2012
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Profit for the period W 11,506,175 20,135,257 4,151,987 24,659,315
Estimated provision of regulatory reserve
for credit losses 2,221,416 3,686,307 (235,690) 9,682,546
Profit adjusted by regulatory reserve for
credit losses 9,284,759 16,448,950 4,387,677 14,976,769
Earnings per share adjusted by estimated
regulatory reserve for credit losses (won) 464 822 219 749
The dividends for the year ended December 31, 2012 were paid in March 2013, and details of dividend
for the fiscal year 2012 and 2011 were as follows:
December 31, 2012 December 31, 2011
Interim dividends
Common stock W 25,000,000 -
Annual dividends
Common stock - 24,000,000
Preferred stock 6,000,000 6,000,000
W 31,000,000 30,000,000

June 30, 2013
(Unaudited)
42
21. General and Administrative Expenses
Details of general and administrative expenses for the three-month and six-month periods ended June
30, 2013 and 2012 were as follows:
June 30, 2013 June 30, 2012
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Wages and salaries W 5,214,625 10,656,500 4,568,093 8,195,793
Retirement benefits 633,817 1,267,634 781,519 1,274,914
Employee welfare 1,562,465 3,324,643 1,312,506 2,727,606
Outsourcing service charges 1,150,537 2,157,572 992,298 1,979,729
Sales commission 1,037,391 5,108,074 3,602,914 6,888,858
Commission 885,385 1,950,448 606,483 1,811,504
Outsourcing service commission 640,862 1,709,083 732,547 1,233,670
Depreciation 312,564 599,737 258,027 502,421
Amortization 312,179 621,720 255,995 531,975
Taxes and dues 486,005 1,058,145 443,323 938,001
Electronic data processing expenses 621,542 1,210,522 357,298 749,399
Rent 799,395 1,434,039 372,536 628,469
Administrative expenses for building 18,404 37,630 278,182 547,957
Travel expenses 224,628 435,906 187,139 375,963
Training expenses 136,087 227,190 150,203 282,273
Communication 166,586 326,368 128,639 270,700
Others 505,071 945,024 553,536 927,721
W 14,707,543 33,070,235 15,581,238 29,866,953
22. Income Tax Expenses
Income tax expense is calculated based on the current tax expense with prior year adjustments,
deferred tax expense from changes in temporary differences, and other adjustments. The effective
tax rate for the six-month periods ended June 30, 2013 and 2012 were 33.1% and 29.7%,
respectively.
The Group did not recognize deferred income tax assets of W9,754,849 thousand and W4,956,191
thousand as of June 30, 2013 and December 31, 2012, respectively, related to temporary differences
in investments in associates which may not be realized.

June 30, 2013
(Unaudited)
43
23. Other Comprehensive Income (loss)
Details of other comprehensive income and loss for the six-month periods ended June 30, 2013 and
Changes
Beginning
balance
Reclassification
of profit or loss
Other
changes
Income tax
effects
Ending
balance
June 30, 2013
Items that are or may be
reclassified subsequently to
profit or loss
Unrealized loss on valuation
of derivatives W (1,914,822) 4,323,000 (3,545,546) (188,144) (1,325,512)
Unrealized gain (loss) on
valuation of available-for-
sale financial assets 713,160 - (2,069,415) 500,799 (855,456)
Accumulated
comprehensive income
(loss) of equity method
investees 3,811,298 - (7,487,709) (7,097) (3,683,508)
2,609,636 4,323,000 (13,102,670) 305,558 (5,864,476)
Items that will not be
reclassified to profit or loss
Remeasurement of defined
benefit plans (1,670,151) - (32,956) 7,975 (1,695,132)
W 939,485 4,323,000 (13,135,626) 313,533 (7,559,608)
June 30, 2012
Items that are or may be
reclassified subsequently to
profit or loss
Unrealized loss on valuation
of derivatives W (1,082,948) 373,842 243,204 (149,325) (615,227)
Unrealized gain on valuation
of available-for-sale
financial assets 6,047,838 - (5,415,441) 1,310,537 1,942,934
Accumulated
comprehensive income
(loss) of equity method
investees (1,702,584) - 1,818,209 (47,725) 67,900
3,262,306 373,842 (3,354,028) 1,113,487 1,395,607
Items that will not be
reclassified to profit or loss
Remeasurement of defined
benefit plans (940,586) - - - (940,586)
W 2,321,720 373,842 (3,354,028) 1,113,487 455,021

June 30, 2013
(Unaudited)
44
24. Supplemental Cash Flow Information
Cash and cash equivalents in the statement of cash flows consist of cash on hand, deposits, and short-
term money market instruments. Details of cash and cash equivalents as of June 30, 2013 and
June 30, 2013 December 31, 2012
Cash W - 2,000
Ordinary deposits 8,462,377 5,374,125
Short-term financial instruments 265,283,000 277,449,670
W 273,745,377 282,825,795
Cash generated from operations for the six-month periods ended June 30, 2013 and 2012 were as
follows:
June 30, 2013 June 30, 2012
Profit for the period: W 20,135,257 24,659,315
Adjustments:
Net interest expense 74,406,941 74,978,498
Dividends (200,000) (250,000)
Income tax expenses 9,968,784 10,391,091
Loss on loans 18,164,944 21,687,165
Loss on installment financial receivables 338,552 2,200,962
Loss (income) on leases 238,248 (10,039)
Loss on foreign exchange translations 4,323,000 27,500
Loss on equity method valuation 7,696,483 2,125,980
Gain on disposal of property and equipment (41,633) (1,661)
Loss on disposal of property and equipment - 87,386
Bad debt expense 12,903,454 8,697,812
Retirement benefits 1,267,634 1,274,953
Depreciation 599,737 502,421
Amortization of intangible assets 621,720 531,975
Gain on valuation of derivatives (4,248,741) (27,500)
Loss on valuation of derivatives - 272,954
W 126,039,123 122,489,497

June 30, 2013
(Unaudited)
45
24. Supplemental Cash Flow Information, Continued
June 30, 2013 June 30, 2012
Changes in operating assets and liabilities:
Increase in loans receivables W (283,752,366) (262,534,798)
Decrease in installment financing receivables 27,190,233 55,086,969
Increase in finance lease receivables (39,440,929) (59,005,052)
Decrease in account receivables 5,130,181 6,852,230
Decrease in accrued revenues - 1,793,683
(Increase) decrease in advanced payments (36,854) 254,740
(Increase) decrease in prepaid expenses (1,059,102) 436,058
(Decrease) increase in account payables (602,830) 4,716,375
Decrease in accrued expenses (7,189,621) (6,470,211)
(Decrease) increase in unearned revenues (382,680) 297,352
Increases (decrease) in advances 302,162 (124,986)
Increase in deposits 4,926,603 1,766,667
Decrease in defined benefit liabilities (201,515) (256,267)
Increase in leasehold deposits received 10,630,174 8,527,702
(284,486,544) (248,659,538)
Cash generated from operations W (138,312,164) (101,510,726)
25. Commitments and Contingencies
Details of unused credit line agreements as of June 30, 2013 and December 31, 2012 were as follows:
Financial institution Limit Unused limit
June 30, 2013
Limit of overdraft Woori Bank and
11 others
W 405 billion 405 billion
Limit of letter of credit Korea Exchange
Bank
USD 2,000,000 USD 2,000,000
December 31, 2012
Limit of overdraft Woori Bank and
10 others
W 435 billion 385 billion
Limit of letter of credit Korea Exchange
Bank
- -

현대커머설 연결영문보고서 Fy2013_2_q_송부용

현대커머설 연결영문보고서 Fy2013_2_q_송부용

Recomendados

Recomendados

Más contenido relacionado

La actualidad más candente

La actualidad más candente (19)

Destacado

Destacado (7)

Similar a 현대커머설 연결영문보고서 Fy2013_2_q_송부용

Similar a 현대커머설 연결영문보고서 Fy2013_2_q_송부용 (20)

Más de Hyundai Finance

Más de Hyundai Finance (20)

Último

Último (20)

현대커머설 연결영문보고서 Fy2013_2_q_송부용