연결영문보고서 Fy2013 1_q

Hyundai Commercial, Inc. and Subsidiaries
Condensed Consolidated Interim Financial Statements
(Unaudited)
March 31, 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 March 31, 2013, the condensed consolidated interim statements of comprehensive income, changes in equity and
cash flows for the three-month period ended March 31, 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, changes in equity and cash flows for the
three-month period ended March 31, 2012, presented for comparative purposes, were reviewed by other auditors and
their review report thereon, dated May 23, 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 period ended March
31, 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 period
ended March 31, 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 other auditors 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 other auditors 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, 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
May 14, 2013
This report is effective as of May 14, 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 March 31, 2013 and December 31, 2012
(Unaudited)
3
(In Korean won) Notes
March 31,
2013
December 31,
2012
Assets
Cash and due from bank 9
Cash and cash equivalents 24 W 269,509,327,019 282,825,795,422
Due from banks 4 9,000,000 9,000,000
269,518,327,019 282,834,795,422
Securities
Available-for-sale securities 5,9 38,108,323,940 26,984,327,193
Investments in associates 6 285,065,306,004 285,401,945,483
323,173,629,944 312,386,272,676
Loans receivables 7,8,9,10
Factoring 248,000,000 108,000,000
Allowance for doubtful accounts (620,248) (270,108)
Loans 2,905,178,277,934 2,800,613,129,940
Allowance for doubtful accounts (19,044,674,722) (19,258,899,976)
2,886,380,982,964 2,781,461,959,856
Installment financial assets 7,8,9,10
Auto installment financial receivables 316,950,729,848 333,721,265,726
Durable goods installment financing receivables 19,728,084,517 25,624,608,935
Allowance for doubtful accounts (135,375,268) (176,228,378)
334,670,382,002 356,818,556,366
Lease receivables 7,8,9
Financial lease receivables 11 150,074,907,602 132,356,464,281
Prepaid lease assets 195,800,000 -
149,104,264,734 131,329,553,468
Property and equipments 12
Vehicles 57,437,166 69,799,497
Fixtures and furniture 2,687,457,431 2,701,927,277
Others 410,999,664 410,999,664
3,155,894,261 3,182,726,438
Other assets
Intangible assets 13 3,187,266,073 3,453,010,248
Account receivables 9 13,327,652,876 15,919,893,264
Accrued revenues 9 17,363,242,427 16,979,241,639
Advanced payments 2,176,535,806 1,157,855,722
Prepaid expenses 3,897,638,826 3,258,141,295
Leasehold deposits 9 9,702,038,051 11,083,913,915
Derivative assets 9,18 239,596,424 137,774,538
Other investment assets 3,885,995,860 3,885,995,860
53,587,630,185 55,648,351,766
Total assets W 4,019,591,111,109 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 March 31, 2013 and December 31, 2012
(Unaudited)
4
March 31,
2013
December 31,
2012
Liabilities
Borrowings and debt securities issued
Borrowings 9,14 W 687,319,149,561 723,883,961,368
Debentures 9,15 2,553,589,566,027 2,428,295,638,414
Securitized debts 9,16 309,692,137,029 309,637,147,861
3,550,600,852,617 3,461,816,747,643
Other liabilities
Account payables 9 9,624,690,624 15,199,624,950
Accrued expenses 9 24,973,356,211 27,995,752,026
Unearned revenue 4,452,526,157 4,660,074,481
Advances 369,612,055 245,291,834
Deposits 9 4,688,952,588 3,470,180,556
Accrued income taxes 12,784,313,674 9,539,343,812
Defined benefit liabilities 17 3,054,624,080 2,056,215,563
Leasehold deposits received 9 37,354,015,398 33,014,098,305
Deferred income tax liabilities 21,102,750,327 20,052,096,124
Derivative liabilities 9,18 5,977,813,485 7,505,990,273
124,382,654,599 123,738,667,924
Total liabilities 3,674,983,507,216 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 and expenses 23
Unrealized loss on valuation of derivatives (2,332,183,767) (1,914,821,981)
Unrealized gain on valuation of available-for-sale securities 1,987,348,181 713,160,297
Accumulated comprehensive income of equity method investee 6,816,224,970 3,811,298,060
Remeasurement of defined benefit plans 3 (1,907,820,284) (1,670,150,616)
4,563,569,100 939,485,760
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 3 117,926,517,751 130,082,243,227
(Appropriated regulatory reserve for credit losses-
(15,289,637,505) and (3,357,191,901) respectively)
(Estimated provision (reversal) of regulatory reserve for credit
losses- (1,464,891,558) and (11,932,445,604) respectively)
140,416,155,256 137,539,435,128
Total equity attributable to equity holders of the Controlling
Company 344,587,783,893 338,086,980,425
Non-controlling interests 19,820,000 19,820,000
Total equity 344,607,603,893 338,106,800,425
Total liabilities and equity W 4,019,591,111,109 3,923,662,215,992

Condensed Consolidated Interim Statements of Comprehensive Income
For the three-month periods ended March 31, 2013 and 2012
(Unaudited)
5
March 31,
2013
March 31,
2012
Operating revenue
Interest income W 2,542,137,526 2,771,651,435
Income on loans 70,259,779,797 65,135,535,375
Income on installment financial receivables 7,937,687,019 12,063,627,224
Income on leases 2,356,146,577 1,677,877,761
Gain on disposal of loans 1,391,149,334 763,113,842
Gain on foreign transactions - 852,500,000
Dividend income 200,000,000 250,000,000
Gain on valuation of derivatives 2,180,607,890 -
Other operating income 290,438,463 125,126,170
87,157,946,606 83,639,431,807
Operating expenses
Interest expenses 39,629,725,313 39,515,390,596
Bad debt expenses 8 7,665,487,886 4,808,806,861
Loss on disposal of loans 1,593,476,746 615,486,495
Loss on foreign transactions 2,255,000,000 -
General and administrative expenses 18,362,691,644 14,285,714,760
Loss on valuation of derivatives 21 - 903,755,000
Other operating expenses 1,663,458,813 554,582,559
71,169,840,402 60,683,736,271
Operating income 15,988,106,204 22,955,695,536
Non-operating income 3
Gain on equity method valuation 6 2,615,017,796 10,849,056,508
Gain on disposal of property and equipment 10,277,000 1,660,733
Miscellaneous income 166,575,075 79,480,339
2,791,869,871 10,930,197,580
Non-operating expenses 3
Gain on equity method valuation 6 5,915,133,451 -
Contribution 1,000,000 -
Miscellaneous losses 95,359,006 119,263,123
Other non-operating expenses - 8,582,824,000
6,011,492,457 8,702,087,123
Profit before income taxes 12,768,483,618 25,183,805,993
Income tax expenses 22 4,139,402,165 4,676,477,761
Profit for the period W 8,629,081,453 20,507,328,232
(Profit adjusted by regulatory reserve for credit losses
amounted to W7,164,189,895 and W10,589,091,843 for
the three-month periods ended March 31, 2013 and
2012) 20
Profit attributable to:
Owners of the Controlling Company 8,629,081,453 20,507,328,232
Non-controlling interests - -
Profit for the period W 8,629,081,453 20,507,328,232

Condensed Consolidated Interim Statements of Comprehensive Income,Continued
(Unaudited)
6
March 31,
2013
March 31,
2012
Other comprehensive income, net of income
taxes 3,23
Items that are or may be reclassified subsequently to
profit or loss W 3,861,753,008 7,806,913,696
Items that will not be reclassified to profit or loss (237,669,668) -
3,624,083,340 7,806,913,696
Total comprehensive income for the period W 12,253,164,793 28,314,241,928
Total comprehensive income attributable to:
Owners of the Controlling Company W 12,253,164,793 28,314,241,928
Non-controlling interests - -
Total comprehensive income for the period W 12,253,164,793 28,314,241,928

Condensed Consolidated Interim Statements of Changes in Equity
(Unaudited)
7
(In Korean won)
Capital
stock
Capital
surplus
Accumulated other
comprehensive
income Retained earnings Total
Non-controlling
interests Total equity
Balance at 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
Total comprehensive income
Profit for the period - - - 20,507,328,232 20,507,328,232 - 20,507,328,232
Other comprehensive income
Net unrealized gain on valuation of derivatives - - 712,448,836 - 712,448,836 - 712,448,836
Net unrealized loss on valuation of available-for-
sale securities - - (1,367,612,543) - (1,367,612,543) - (1,367,612,543)
Other comprehensive income of equity method
investees - - 8,462,077,403 - 8,462,077,403 - 8,462,077,403
- - 7,806,913,696 20,507,328,232 28,314,241,928 - 28,314,241,928
Transactions with owners
Dividends paid - - - (30,000,000,000) (30,000,000,000) - (30,000,000,000)
Changes in retained earnings of equity method
investee - - - 15,453,193 15,453,193 - 15,453,193
Balance at March 31, 2012 W 125,000,000,000 74,608,059,537 11,069,219,653 136,989,413,257 347,666,692,447 19,820,000 347,686,512,447
Balance at January 1, 2013 W 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
Total comprehensive income
Profit for the period - - - 8,629,081,453 8,629,081,453 - 8,629,081,453
Other comprehensive income
Net unrealized loss on valuation of derivatives - - (417,361,786) - (417,361,786) - (417,361,786)
Net unrealized gain on valuation of available-for-
sale securities - - 1,274,187,884 - 1,274,187,884 - 1,274,187,884
Other comprehensive income of equity method
investees - - 3,004,926,910 - 3,004,926,910 - 3,004,926,910
Remeasurement of defined benefit plans - - (237,669,668) - (237,669,668) - (237,669,668)
- - 3,624,083,340 8,629,081,453 12,253,164,793 - 12,253,164,793
Transactions with owners
Dividends paid - - - (6,000,000,000) (6,000,000,000) - (6,000,000,000)
Others 247,638,675 247,638,675 - 247,638,675
Balance at March 31, 2013 W 125,000,000,000 74,608,059,537 4,563,569,100 140,416,155,256 344,587,783,893 19,820,000 344,607,603,893

Condensed Consolidated Interim Statements of Cash Flows
(Unaudited)
8
March 31,
2013
March 31,
2012
Cash flows from operating activities 24
Cash used in operations W (49,757,739,799) (10,167,972,302)
Interest received 1,753,387,010 2,508,291,569
Interest paid (37,582,723,816) (37,272,790,705)
Dividend received 200,000,000 250,000,000
Net cash used in operating activities (85,387,076,605) (44,682,471,438)
Cash flows from investing activities
Acquisition of available-for-sale securities (9,208,371,617) -
Acquisition of investments in associates - (95,644,380,000)
Proceeds from disposal of vehicles - 63,107,858
Acquisition of vehicle - (76,172,300)
Proceeds from disposal of fixtures and furniture 10,502,000 -
Acquisition of fixture and furniture (260,565,767) (57,306,040)
Acquisition of intangible assets (12,784,200) (57,690,600)
Decrease in leasehold deposits 1,732,828,000 -
Increase in leasehold deposits (232,289,437) (685,649,000)
Net cash used in investing activities (7,970,681,021) (96,458,090,082)
Cash flows from financing activities
Proceeds from borrowings 379,389,069,863 285,790,000,000
Repayments from borrowings (415,953,881,670) (280,837,876,329)
Issuance of debentures 272,606,101,030 289,675,205,800
Repayments of debentures (150,000,000,000) (85,000,000,000)
Payments of dividends (6,000,000,000) (30,000,000,000)
Net cash from financing activities 80,041,289,223 179,627,329,471
Net cash increase (decrease) in cash and cash
equivalents (13,316,468,403) 38,486,767,951
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 269,509,327,019 314,495,886,665

Notes to the Condensed Consolidated Interim Financial Statements
March 31, 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 March 31, 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 March 31, 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
interest over the subsidiaries do not exceed 50%.
March 31, 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 an
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.

March 31, 2013
(Unaudited)
10
3. Significant Accounting Policies
(a) Changes in accounting policies
Except as described below, the accounting policies applied by the Group in theses 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 ending 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
The Group applies the standard from annual periods beginning on January 1, 2013. The standard 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
The Group applies the standard from annual periods beginning on January 1, 2013. The standard provides a
single framework for measuring fair value and requires disclosures about fair value measurements.

March 31, 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 period ended March 31,
2012.
March 31, 2012
Before revision Adjustments (*) After revision
Operating income W 22,917,574 38,122 22,955,696
Profit for the period 20,507,328 - 20,507,328
Earnings per share (won) 1,025 - 1,025
(*) 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.
March 31, 2012
Non-operating income
Gain on disposal of property and equipment W 1,661
Miscellaneous income 79,480
Non-operating expenses
Miscellaneous losses 119,263
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 interim statement of
comprehensive income for the three-month period ended March 31, 2012. The Group applied the changes
of accounting policy retrospectively and restated its comparative financial statements.
March 31, 2012
Before revision Adjustments After revision
Accumulated other comprehensive income W 2,609,636 (1,670,150) 939,486
Retained earnings 135,869,285 1,670,150 137,539,435

March 31, 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
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.

March 31, 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.

March 31, 2013
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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.

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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.

March 31, 2013
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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 receivable, 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.

March 31, 2013
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17
(j) Allowances for financial receivables
i) Calculation of allowances 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 allowances of 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, ② the lessee has the option to purchase the 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.

March 31, 2013
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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.

March 31, 2013
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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.
(o) Non-derivative financial liabilities, continued
ii) Other financial liabilities

March 31, 2013
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20
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

March 31, 2013
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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.

March 31, 2013
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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 March 31, 2013 and December 31, 2012 were as follows:
Type Depository
March 31,
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 March 31, 2013 and December 31, 2012 were as follows:
Equity securities
Marketable equity securities W 11,950,000 10,650,000
Unlisted equity securities 5,803,757 5,607,645
Beneficiary certificates 9,208,372 -
26,962,129 16,257,645
Debt securities 11,146,195 10,726,682
W 38,108,324 26,984,327

March 31, 2013
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23
5. Available-for-sale Securities, Continued
Details of available-for-sale securities as of March 31, 2013 and December 31, 2012 were as follows:
Book value
Number of
shares
Ownership
(%)
Acquisition
cost
March 31,
2013
December 31,
2012
Marketable equity
securities
JNK Heaters Co.,
Ltd. 1,000,000 12.50 W 10,126,881 11,950,000 10,650,000
Unlisted equity
securities
Leehan Corp. (*1) 136,000 12.30 3,199,762 3,501,048 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 5,803,757 5,607,645
Beneficiary
certificates
Hanjoo New Credit
private special
asset investment
trust - 73.70 9,208,372 9,208,372 -
Debt securities
Leehan Corp. (*2) - - 5,469,801 7,146,195 6,726,682
Commercial Auto
Third SPC - - 4,000,000 4,000,000 4,000,000
9,469,801 11,146,195 10,726,682
W 34,307,525 38,108,324 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.

March 31, 2013
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24
6. Investments in Associates
Details of investments in associates as of March 31, 2013 and December 31, 2012 were as follows:
Number of
shares
Ownership
(%)
Acquisition
cost
Net asset
value Book value
March 31, 2013
Hyundai Card Co.,
Ltd. (*) 8,889,622 5.54 W 113,820,162 123,904,273 160,829,925
Hyundai Life
Insurance Co., Ltd. 10,685,620 39.07 138,913,060 92,745,938 124,235,381
W 252,733,222 216,650,211 285,065,306
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 March 31, 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
March 31, 2013
Hyundai Card Co.,
Ltd. W 158,386,190 - 2,615,018 (171,283) - 160,829,925
Hyundai Life
Insurance Co., Ltd. 127,015,755 - (5,915,134) 3,134,760 - 124,235,381
W 285,401,945 - (3,300,116) 2,963,477 - 285,065,306
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.

March 31, 2013
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25
6. Investments in Associates, Continued
Condensed financial statements of associates as of March 31, 2013 and December 31, 2012 were as follows:
Closing
month Assets Liabilities
Operating
revenue
Profit (loss)
for the period
March 31, 2013
Hyundai Card Co.,
Ltd. December W 10,617,655,963 8,381,077,785 642,609,270 47,203,310
Hyundai Life
Insurance Co., Ltd. March 3,913,298,124 3,657,370,230 255,143,405 (7,847,919)
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.

March 31, 2013
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26
7. Financial Receivables
Details of financial receivables as of March 31, 2013 and December 31, 2012 were as follows:
Principal
Deferred loan
origination fees
and costs
Present value
discount
Allowance for
doubtful
accounts Book value
March 31, 2013
Loans receivables
Factoring receivables W 248,000 - - (620) 247,380
Loans 2,866,256,746 39,123,694 (202,162) (19,044,675) 2,886,133,603
2,866,504,746 39,123,694 (202,162) (19,045,295) 2,886,380,983
Installment financial
assets
Auto 313,872,878 3,077,852 - (1,873,057) 315,077,673
Durable goods 19,846,230 (118,146) - (135,375) 19,592,709
333,719,108 2,959,706 - (2,008,432) 334,670,382
Lease receivables
Financial lease
receivables 150,273,268 (2,560) - (1,166,443) 149,104,265
W 3,350,497,122 42,080,840 (202,162) (22,220,170) 3,370,155,630
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
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

March 31, 2013
(Unaudited)
27
8. Allowance for Doubtful Accounts
Changes in allowance for doubtful accounts for the three-month period ended March 31, 2013 and for the year
ended December 31, 2012 were as follows:
Loans
receivables
Installment
financial
assets
Lease
receivables Other assets Total
March 31, 2013
Beginning balance W 19,259,170 2,527,318 1,026,911 227,475 23,040,874
Amounts
written off (2,452,337) (72,226) (30,551) - (2,555,114)
Recoveries of
amounts
previously written
off 14,283 - - - 14,283
Disposal of
receivables (4,903,959) (770,246) - - (5,674,205)
Unwinding of
discount (70,713) (8,106) - - (78,819)
Additional
(reversed)
allowance 7,198,851 331,692 170,083 (35,138) 7,665,488
Ending balance W 19,045,295 2,008,432 1,166,443 192,337 22,412,507
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

March 31, 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 March 31, 2013 and December 31, 2012 were as follows:
Book value Fair value Book value Fair value
Financial assets
Cash and due from
banks W 269,518,327 269,518,327 282,834,795 282,834,795
Available-for-sale
securities 38,108,324 38,108,324 26,984,327 26,984,327
Loans receivables 2,886,380,983 2,887,549,853 2,781,461,960 2,775,937,581
assets 334,670,382 335,799,689 356,818,556 357,631,944
Lease receivables 149,104,265 150,422,156 131,329,553 132,353,718
Derivative assets 239,596 239,596 137,775 137,775
Account receivables 13,246,150 13,246,150 15,813,310 15,813,310
Accrued revenues 17,252,409 17,252,409 16,858,350 16,858,350
Leasehold deposits 9,702,038 9,675,695 11,083,914 11,201,215
W 3,718,222,474 3,721,812,199 3,623,322,540 3,619,753,015
Financial liabilities
Borrowings W 687,319,150 693,812,320 723,883,961 730,188,793
Debentures 2,553,589,566 2,635,034,251 2,428,295,638 2,494,275,095
Securitized debts 309,692,137 320,331,533 309,637,148 319,737,569
Derivative liabilities 5,977,814 5,977,814 7,505,990 7,505,990
Account payables 9,624,691 9,624,691 15,199,625 15,199,625
Accrued expenses 24,973,356 24,973,356 27,995,752 27,995,752
Withholdings (*) 4,269,022 4,269,022 3,045,893 3,045,893
Leasehold deposits 37,354,015 38,212,616 33,014,098 33,618,900
W 3,632,799,751 3,732,235,603 3,548,578,105 3,631,567,617
(*) Excluding taxes and dues

March 31, 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 March 31, 2013 and December 31, 2012 were as follows:
Fair value hierarchy
Book value Fair value Level 1 Level 2 Level 3
March 31, 2013
Financial assets
Available-for-sale
securities W 38,108,324 38,108,324 11,950,000 - 26,158,324
Derivative assets 239,596 239,596 - 239,596 -
W 38,347,920 38,347,920 11,950,000 239,596 26,158,324
Derivative
liabilities W 5,977,814 5,977,814 - 5,977,814 -
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 -

March 31, 2013
(Unaudited)
30
The changes in financial instruments of level 3 for the three-month period ended March 31, 2013 and for the year
ended December 31, 2012 were as follows:
Available-for-sale securities
Beginning balance W 16,334,327 8,648,233
Acquisition 9,208,372 6,302,089
Interest income 234,638 871,838
Gains on valuation (other comprehensive income) 380,987 512,167
Ending balance W 26,158,324 16,334,327
The book values of financial instruments by categories as of March 31, 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
March 31, 2013
Financial assets
Cash and due from banks W - - 269,518,327 - 269,518,327
Available-for-sale securities - 38,108,324 - - 38,108,324
Loans receivable - - 2,886,380,983 - 2,886,380,983
Installment financial assets - - 334,670,382 - 334,670,382
Finance lease assets - - 149,104,265 - 149,104,265
Derivative assets 30 - - 239,566 239,596
Account receivables - - 13,246,150 - 13,246,150
Accrued revenues - - 17,252,409 - 17,252,409
Leasehold deposits - - 9,702,038 - 9,702,038
W 30 38,108,324 3,679,874,554 239,566 3,718,222,474
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
Finance lease assets - - 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

March 31, 2013
(Unaudited)
31
at amortized cost
Hedging derivative
instruments Total
March 31, 2013
Borrowings W 687,319,150 - 687,319,150
Debentures 2,553,589,566 - 2,553,589,566
Securitized debts 309,692,137 - 309,692,137
Derivative liabilities - 5,977,814 5,977,814
Account payables 9,624,691 - 9,624,691
Accrued expenses 24,973,356 - 24,973,356
Withholdings (*) 4,269,022 - 4,269,022
Leasehold deposits received 37,354,015 - 37,354,015
W 3,626,821,937 5,977,814 3,632,799,751
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

March 31, 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 March 31, 2013 and December 31, 2012
were as follows:
Book value of assets
Loan receivable W 493,401,147 539,978,100
Installment financial assets 25,321,088 35,652,795
Sub total 518,722,235 575,630,895
Book value of related liabilities W 309,692,137 309,637,148
Liabilities having right of resource on
transferred assets:
Fair value of assets W 519,007,486 574,639,694
Fair value of related liabilities (320,331,533) (319,737,569)
Net position W 198,675,953 254,902,125
(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 4,000,000 4,000,000

March 31, 2013
(Unaudited)
33
11. Financial Lease Receivables
Details of total lease investments and present value of minimum lease payment as of March 31, 2013 and
December 31, 2012 were as follows:
Total lease
investments
Present value of
minimum lease
payment
Total lease
investments
Present value of
minimum lease
payment
Less than 1 year W 64,270,134 56,821,958 55,614,516 48,968,100
1 to 5 years 98,726,977 93,252,950 88,188,405 83,388,364
W 162,997,111 150,074,908 143,802,921 132,356,464
Details of unearned interest income as of March 31, 2013 and December 31, 2012 were as follows:
Total lease investments W 162,997,111 143,802,921
Net lease investments
Minimum lease payment (present value) 150,074,908 132,356,464
Unguaranteed residual value
(present value) - -
150,074,908 132,356,464
Unearned interest income 12,922,203 11,446,457
12. Property and Equipment
Details of property and equipment as of March 31, 2013 and December 31, 2012 were as follows:
Acquisition cost
Accumulated
depreciation Book value
March 31, 2013
Vehicles W 235,097 (177,660) 57,437
Fixtures and furniture 8,055,356 (5,367,899) 2,687,457
Others 411,000 - 411,000
W 8,701,453 (5,545,559) 3,155,894
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
12. Property and Equipment, Continued

March 31, 2013
(Unaudited)
34
Changes in property and equipment for the three-month period ended March 31, 2013 and for the year ended
Beginning
balance Acquisition Disposal Depreciation
Ending
balance
March 31, 2013
Vehicles W 69,799 - - (12,362) 57,437
Fixtures and furniture 2,701,927 260,566 (225) (274,811) 2,687,457
Others 411,000 - - - 411,000
W 3,182,726 260,566 (225) (287,173) 3,155,894
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 March 31, 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 W218,550,612 thousand (W92,452,845 thousand as of December 31, 2012).

March 31, 2013
(Unaudited)
35
13. Intangible Assets
Details of intangible assets as of March 31, 2013 and December 31, 2012 were as follows:
Acquisition cost
Accumulated
depreciation Book value
March 31, 2013
Development costs W 2,878,806 (1,012,652) 1,866,154
Software 6,431,621 (5,110,598) 1,321,023
Others 25,851 (25,762) 89
W 9,336,278 (6,149,012) 3,187,266
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 three-month period ended March 31, 2013 and for the year ended December
31, 2012 were as follows:
Beginning
balance Increase (*) Amortization Ending balance
March 31, 2013
Development costs W 1,978,048 31,013 (142,907) 1,866,154
Software 1,474,742 12,784 (166,503) 1,321,023
Others 220 - (131) 89
W 3,453,010 43,797 (309,541) 3,187,266
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

March 31, 2013
(Unaudited)
36
14. Borrowings
Details of borrowings as of March 31, 2013 and December 31, 2012 were as follows:
Lender
Annual interest
rate (%) March 31, 2013
December 31,
2012
Borrowings in won
Commercial paper SK Securities
and 7 others 2.75 ~ 4.17 W 170,000,000 210,000,000
General loan Woori Bank and
8 others 3.19 ~ 5.80 517,319,150 513,883,961
W 687,319,150 723,883,961
15. Debentures
Details of debentures issued by the Group as of March 31, 2013 and December 31, 2012 were as follows:
Annual interest rate
(%) Par value Issue price
March 31, 2013
Current portion of debenture
Debenture 3.05 ~ 5.38 W 778,923,500 778,923,500
Discount on debentures - (202,764)
778,923,500 778,720,736
Non-current portion of debenture
Debenture 2.80 ~ 8.00 1,776,524,000 1,776,524,000
Discount on debentures - (1,655,170)
1,776,524,000 1,774,868,830
W 2,555,447,500 2,553,589,566
December 31, 2012
Current portion of debenture
Debenture 3.05 ~ 5.38 W 847,488,500 847,488,500
Discount on debentures - (313,409)
847,488,500 847,175,091
Non-current portion of debenture
Debenture 2.80 ~ 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

March 31, 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 March 31, 2013 and December 31, 2012 were as follows:
Annual interest rate
(%) Par value Issue price
March 31, 2013
Current portion of securitized debts
Securitized debts 4.78 ~ 5.02 W 70,000,000 70,000,000
Discount on securitized debts - (33,646)
70,000,000 69,966,354
Non-current portion of securitized debts
Securitized debts 4.76 ~ 5.43 240,000,000 240,000,000
240,000,000 239,725,783
W 310,000,000 309,692,137
December 31, 2012
Current portion of securitized debts
Securitized debts 4.78 ~ 5.02 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 March 31, 2013 and December 31, 2012 were as follows:
Present value of defined benefit obligation W 11,562,245 10,602,378
Fair value of plan assets (8,507,621) (8,546,162)
Defined benefit liability W 3,054,624 2,056,216

March 31, 2013
(Unaudited)
38
17. Defined Benefit Liability, Continued
Changes in present value of defined benefit obligations for the three-month period ended March 31, 2013 and for
the year ended December 31, 2012 were as follows:
Current service cost 618,700 2,065,107
Interest cost 85,179 312,346
Actuarial losses 305,846 966,673
Transfer of severance benefits from related
parties 341,424 1,301,233
Transfer of severance benefits to related parties (114,491) (1,230,543)
Benefits paid (276,791) (409,250)
Ending balance W 11,562,245 10,602,378
Changes in the fair value of plan assets for the three-month period ended March 31, 2013 and for the year ended
Expected return on plan assets 70,062 220,433
Remeasurement gains (losses) (7,702) 4,187
Transfer of severance benefits from related
parties 260,918 600,148
Transfer of severance benefits to related parties (85,028) (294,075)
Contributions by plan participants - 3,000,000
Benefits paid (276,791) (348,877)
Ending balance W 8,507,621 8,546,162
Gains and losses related to defined benefit plans for the three-month periods ended March 31, 2013 and 2012
were as follows:
March 31, 2013 March 31, 2012
Current service cost W 618,700 468,146
Interest cost 85,179 75,736
Expected return on plan assets (70,062) (50,448)
W 633,817 493,434
18. Derivative Financial Instruments and Hedge Accounting

March 31, 2013
(Unaudited)
39
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 W30 thousand and W74,423 thousand as of March 31, 2013 and
December 31, 2012, respectively. Net losses on the derivative assets were W74,392 thousand and W51,255
thousand for the three-month period ended March 31, 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 March 31, 2013 and December 31, 2012 were as follows:
Assets Liabilities
Other comprehensive
income
March 31, 2013
Interest rate swaps W - 2,455,034 (2,442,342)
Currency swaps 239,566 3,522,779 110,158
W 239,566 5,977,813 (2,332,184)
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 three-month period ended March 31, 2013, the amount recognized as other comprehensive income,
representing the effective portion related to cash flow hedge, is W(417,362) thousand, and the reclassified amount
from other comprehensive income to profit or loss is W2,180,608 thousand (before tax). There is no amount
recognized as profit or loss related to cash flow hedge, representing the ineffective portion, for the three-month
period ended March 31, 2013.

March 31, 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 March 31, 2013 were as follows:
Common stock Preferred stock (*) Total
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 March 31, 2013 and December 31, 2012 were as follows:
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 117,926,517 130,082,243
(Expected regulatory reserve for credit losses
March 31, 2013: W1,464,891 thousand,
December 31, 2012: W11,932,446 thousand)
W 140,416,155 137,539,435
Appropriated and expected regulatory reserve for credit losses as of March 31, 2013 and December 31, 2012 were
as follows:
Appropriated regulatory reserve for credit
losses W 15,289,638 3,357,192
Expected regulatory reserve for credit losses 1,464,891 11,932,446
W 16,754,529 15,289,638

March 31, 2013
(Unaudited)
41
20. Retained Earnings, Continued
Profit adjusted for estimated regulatory reserve for credit losses for the three-month periods ended March 31,
2013 and 2012 were as follows:
March 31, 2013 March 31, 2012
Profit for the period W 8,629,081 20,507,328
Estimated provision of regulatory reserve for
credit losses (1,464,891) (9,918,236)
Profit adjusted by regulatory reserve for credit
losses 7,164,190 10,589,092
Earnings per share adjusted by estimated
regulatory reserve for credit losses (won) 358 529
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

March 31, 2013
(Unaudited)
42
21. General and Administrative Expenses
Details of general and administrative expenses for the three-month periods ended March 31, 2013 and 2012 were
as follows:
March 31, 2013 March 31, 2012
Wages and salaries W 5,441,875 3,627,700
Retirement benefits 633,817 493,434
Employee welfare 1,762,179 1,415,100
Outsourcing service charges 1,007,034 987,431
Sales commission 4,070,683 3,285,944
Commission 1,065,063 1,205,021
Outsourcing service commission 1,068,221 501,123
Depreciation 287,173 244,394
Amortization 309,541 275,980
Taxes and dues 572,141 494,678
Electronic data processing expenses 588,980 392,101
Rent 634,643 255,933
Administrative expenses for building 19,226 269,775
Travel expenses 211,278 188,824
Training expenses 91,104 132,070
Communication 159,782 142,061
Others 439,952 374,146
W 18,362,692 14,285,715
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 three-
month period ended March 31, 2013 and 2012 were 32.4% and 18.5%, respectively.
As of March 31, 2013, the Group did not recognize deferred income tax assets of W3,551,998 thousand related to
temporary differences in investments in associates which may not be realized (2012: nil).

March 31, 2013
(Unaudited)
43
23. Other Comprehensive Income
Details of other comprehensive income for the three-month periods ended March 31, 2013 and 2012 were as
follows:
Changes
Beginning
balance
Reclassification
of profit or loss
Other
changes
Income tax
effects
Ending
balance
March 31, 2013
Items that are or may be
reclassified subsequently to
profit or loss
Unrealized loss on valuation of
derivatives W (1,914,822) 2,180,608 (2,731,217) 133,247 (2,332,184)
Unrealized gain on valuation of
available-for-sale financial
assets 713,160 - 1,680,987 (406,799) 1,987,348
Accumulated comprehensive
income of equity method
investees 3,811,298 - 2,963,477 41,450 6,816,225
2,609,636 2,180,608 1,913,247 (232,102) 6,471,389
Items that will not be
reclassified to profit or loss
Remeasurement of defined
benefit plans (1,670,151) - (313,548) 75,879 (1,907,820)
W 939,485 2,180,608 1,599,699 (156,223) 4,563,569
March 31, 2012
Items that are or may be
reclassified subsequently to
profit or loss
Unrealized loss on valuation of
derivatives W (1,082,948) 186,921 752,985 (227,457) (370,499)
Unrealized gain on valuation of
available-for-sale financial
assets 6,047,838 - (1,804,238) 436,625 4,680,225
Accumulated comprehensive
income (expense) of equity
method investees (1,702,584) - 8,528,957 (66,880) 6,759,493
3,262,306 186,921 7,477,704 142,288 11,069,219
Items that will not be
reclassified to profit or loss
Remeasurement of defined
benefit plans (940,586) - - - (940,586)
W 2,321,720 186,921 7,477,704 142,288 10,128,633

March 31, 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 March 31, 2013 and December 31, 2012 were as
follows:
Cash W 2,000 2,000
Ordinary deposits 12,504,384 5,374,125
Short-term financial instruments 257,002,943 277,449,670
W 269,509,327 282,825,795
Cash generated from operations for the three-month periods ended March 31, 2013 and 2012 were as follows:
March 31, 2013 March 31, 2012
Profit for the period: W 8,629,081 20,507,328
Adjustments:
Net interest expenses 37,087,587 36,743,740
Dividends (200,000) (250,000)
Income tax expenses 4,139,402 4,676,478
Income on loans 9,203,561 12,148,934
Income on installment financial receivables (320,639) 1,070,003
Income on leases 87,030 (5,981)
Gain on foreign exchange translations - (852,500)
Loss on foreign exchange translations 2,255,000 -
Gain (loss) on equity method valuation 3,300,115 (10,849,057)
Gain on disposal of property and equipment (10,277) (1,661)
Bad debt expenses 7,665,488 4,808,807
Retirement benefits 633,817 493,434
Depreciation 287,173 244,394
Amortization of intangible assets 309,541 275,981
Gain on valuation of derivatives (2,255,000) -
Loss on valuation of derivatives 74,392 903,755
62,257,190 49,406,327
24. Supplemental Cash Flow Information, Continued

March 31, 2013
(Unaudited)
45
March 31, 2013 March 31, 2012
Changes in operating assets and liabilities:
Increase in loans receivables W (121,321,436) (98,004,667)
Decrease in installment financing receivables 22,137,122 36,598,032
Increase in finance lease receivables (18,031,824) (25,987,773)
Decrease in account receivables 2,839,879 3,680,198
Decrease in accrued revenues - 2,371,714
(Increase) decrease in advanced payments (1,049,693) 204,928
(Increase) decrease in prepaid expenses (588,049) 382,445
(Decrease) increase in account payables (5,574,934) 474,524
Decrease in accrued expenses (4,581,580) (5,543,701)
Decrease in unearned revenues (207,548) (538,769)
Increases in advances 124,320 6,295
Increase in deposits 1,218,772 3,433,443
Increase (decrease) in defined benefit liabilities 51,043 (696,855)
Increase in leasehold deposits received 4,339,917 3,538,559
(120,644,011) (80,081,627)
W (49,757,740) (10,167,972)
25. Commitments and Contingencies
Details of unused credit line agreements as of March 31, 2013 and December 31, 2012 were as follows:
Financial institution Limit Unused limit
March 31, 2013
Limit of overdraft
Woori Bank and
10 others W 405 billion 400 billion
Limit of letter of credit
Korea Exchange
Bank USD 2,000,000 USD 1,858,860
December 31, 2012
Limit of overdraft
Woori Bank and
10 others W 435 billion 385 billion
Limit of letter of credit
Korea Exchange
Bank - -

March 31, 2013
(Unaudited)
46
25. Commitments and Contingencies, Continued
Details of pending significant litigations as of March 31, 2013 were as follows:
Number of litigations Amount of litigations
As a plaintiff 7 W 283,470
As of report date, no provisions have been recorded on the condensed consolidated interim financial statements of
the Group as of March 31, 2013.
The Group entered into a financial support agreement with Shinhan Bank for acquisition of mold equipment for
Hyundai and Kia Motor Company’s component partner companies. The Group guarantees the loans of the
component partner companies, and the amount of payment guarantees was W879,667 thousand and W1,905,528
thousand as of March 31, 2013 and December 31, 2012, respectively.
Details of guarantees involving third parties as of March 31, 2013 and December 31, 2012 were as follows:
Guarantor Details
March 31,
2013 December 31, 2012
Hyundai Wia Guarantees on machinery
installment financing
receivables
W 18,507,426 23,779,938
Hyundai Motor Company Guarantees on finance lease
receivables
2,570,449 2,824,246
Seoul Guarantee Insurance
Company
Deposit guarantee 13,977,165 13,449,276

March 31, 2013
(Unaudited)
47
26. Related Party Transactions
The parent company of the Group is Hyundai Motor Company. Related parties include associates, joint venture,
post-employment employment benefit plans, member of key management personnel and entities which the Group
controls directly or indirectly or has significant influence over them.
Significant transactions, which occurred in the normal course of business with related parties, for the three-month
periods ended March 31, 2013 and 2012 were as follows:
March 31, 2013 March 31, 2012
Purchase of
assets
Disposal of
assets
Purchase of
assets
Disposal of
assets
Parent company
Hyundai Motor Company W - - 85,742 -
Others
Hyundai Wia 8,714,978 - 11,033,130 -
Hyundai Capital Services, Inc. - 17,514,231 - 12,271,016
Hyundai Autoever Corporation 884,498 - 41,950 -
9,599,476 17,514,231 11,075,080 12,271,016
W 9,599,476 17,514,231 11,160,822 12,271,016
Receivables and payables associated with related parties as of March 31, 2013 and December 31, 2012 were as
follows:
Receivables Payables Receivables Payables
Parent company
Hyundai Motor Company W 80,836 13,427 116,435 851,685
Associates
Hyundai Card Co., Ltd. 4,105,079 5,444,858 4,088,408 11,061,020
Hyundai Life Insurance Co.,
Ltd. 224,289 - 835,422 -
4,329,368 5,444,858 4,923,830 11,061,020
Others
Kia Motors Corporation - 1,220 1,839 -
Hyundai Capital Services, Inc. 4,052,452 58,354 5,673,930 68,206
Samwoo Co., Ltd. 718,544 118,675 849,526 118,675
Employees 1,980,526 - 2,052,314 -
6,751,522 178,249 8,577,609 186,881
W 11,161,726 5,636,534 13,617,874 12,099,586

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