커머셜 검토 영문

Hyundai Commercial, Inc. and Subsidiaries
Condensed Consolidated Interim Financial Statements
(Unaudited)
March 31, 2015
(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,
152 Teheran-ro,
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 statement of financial position as of
March 31, 2015, the condensed consolidated statements of comprehensive income for the three-month periods ended
March 31, 2015 and 2014, the condensed consolidated statements of changes in equity and cash flows for the three-
month periods ended March 31, 2015 and 2014 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
reviews.
We conducted our reviews 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 reviews, 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 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.
The statement of financial position of the Group as of December 31, 2014, and the related 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 us and our report thereon, dated March 13, 2015, expressed an unqualified opinion. The
accompanying condensed consolidated statement of financial position of the Group as of December 31, 2014, presented
for comparative purposes, is not different from that audited by us in all material respects.
KPMG Samjong Accounting Corp.
Seoul, Korea
May 14, 2015
This report is effective as of May 14, 2015, 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, 2015 and December 31, 2014
(Unaudited)
3
(In Korean won) Notes
March 31,
2015
December 31,
2014
Assets
Cash and due from bank 10
Cash and cash equivalents 25 W 159,109,696,309 232,793,098,679
Due from banks 4 9,000,000 9,000,000
159,118,696,309 232,802,098,679
Securities
Trading securities 5,10 108,849,158,861 29,063,677,042
Available-for-sale securities 6,10 41,417,036,002 46,867,767,400
Investments in associates 7 296,665,026,679 295,630,649,552
446,931,221,542 371,562,093,994
Loans receivables 8,9,10
Factoring - 2,156,213,021
Allowance for loan losses - (2,516,085)
Loans 3,710,202,268,500 3,525,862,060,385
Allowance for loan losses (24,676,469,740) (22,435,822,911)
3,685,525,798,760 3,505,579,934,410
Installment financial assets 8,9,10
Auto installment financial receivables 289,712,175,367 285,343,219,344
Durable goods installment financing receivables 15,911,067,650 13,487,744,235
Allowance for loan losses (4,241,579) (3,881,563)
304,313,436,613 297,359,029,803
Lease receivables 8,9,10,12
Financial lease receivables 336,074,787,919 307,183,216,287
Advance lease assets 187,760,000 -
332,288,922,347 303,949,798,783
Property and equipment 13
Vehicles - 19,044,075
Fixtures and furniture 4,939,805,803 5,227,946,145
Others 370,999,664 370,999,664
5,310,805,467 5,617,989,884
Other assets
Intangible assets 14 11,495,838,777 11,983,837,035
Accounts receivable 10 4,151,640,206 3,565,683,526
Allowance for doubtful accounts 9 (6,574,873) (12,214,781)
Accrued revenues 10 21,453,251,407 20,948,755,918
Allowance for doubtful accounts 9 (116,986,835) (121,887,215)
Advance payments 17,725,714,161 16,723,036,367
Prepaid expenses 6,305,025,559 6,539,358,614
Leasehold deposits 10 2,478,199,743 2,409,425,689
63,486,108,145 62,035,995,153
Total assets W 4,996,974,989,183 4,778,906,940,706
See accompanying notes to the condensed consolidated interim financial statements.

Condensed Consolidated Interim Statements of Financial Position, Continued
As of March 31, 2015 and December 31, 2014
(Unaudited)
4
(In Korean won) Notes
March 31,
2015
December 31,
2014
Liabilities
Borrowings and debt securities issued
Borrowings 10,15 W 400,289,373,065 432,828,418,961
Bonds issued 10,16 3,893,643,284,773 3,592,437,798,383
Securitized debts 10,17 49,994,737,529 89,982,509,453
4,343,927,395,367 4,115,248,726,797
Other liabilities
Account payables 10 15,482,550,970 20,409,056,771
Accrued expenses 10 26,446,312,268 32,305,066,665
Unearned revenue 5,016,742,826 5,348,288,440
Advances 3,158,400 160,049,366
Withholdings 10 7,940,431,816 9,171,921,658
Net defined benefit liabilities 18 6,266,553,734 4,388,337,963
Leasehold deposits received 10 58,408,600,221 57,948,012,269
Provisions 1,444,828,810 1,504,378,384
Current income tax liabilities 7,491,668,048 7,674,842,295
Deferred income tax liabilities 25,776,012,631 25,078,547,564
Derivative liabilities 10,19 3,700,307,904 3,493,828,647
Financial guarantee liabilities 1,313,492,934 1,406,867,122
Non-controlling interest liabilities 19,820,000 19,820,000
159,310,480,562 168,909,017,144
Total liabilities 4,503,237,875,929 4,284,157,743,941
Equity
Capital stock 1,20
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 20 74,608,059,537 74,608,059,537
Hybrid security 20 119,644,480,000 119,644,480,000
Capital adjustments
Other capital adjustments (2,397,101,756) (2,397,101,756)
Accumulated other comprehensive gain 24
Unrealized loss on valuation of derivatives (2,941,273,391) (2,630,032,786)
Unrealized gain on valuation of available-for-sale securities 1,809,400,511 734,946,364
Accumulated other comprehensive income of equity method
investee 14,586,399,730 10,905,883,336
Remeasurement of defined benefit plans (4,645,588,608) (3,936,978,968)
8,808,938,242 5,073,817,946
Retained earnings 21
Legal reserve 10,070,000,000 8,830,000,000
Voluntary reserve 21,184,298,738 16,151,091,015
Unappropriated retained earnings 136,818,438,493 147,838,850,023
(Estimated provision (reversal) of regulatory reserve for
credit losses amounted to
W(4,041,155,691) and W5,033,207,723 respectively)
168,072,737,231 172,819,941,038
Total equity 493,737,113,254 494,749,196,765
Total liabilities and equity W 4,996,974,989,183 4,778,906,940,706

Condensed Consolidated Interim Statements of Comprehensive Income
For the three-month periods ended March 31, 2015 and 2014
(Unaudited)
5
(In Korean won) Notes March 31, 2015 March 31, 2014
Operating revenue
Interest income W 1,499,053,676 2,607,046,383
Income on loans 73,581,438,738 68,983,198,070
Income on installment financial receivables 5,246,764,463 5,943,492,959
Income on leases 5,577,285,011 3,606,139,687
Gain on disposal of loans 1,026,140,230 663,753,371
Gain on valuation and disposal of securities 369,921,871 -
Dividend income - 100,000,000
Gain on valuation of derivatives 204,000,000 269,847,288
Other operating revenue 2,813,433,532 2,216,775,191
90,318,037,521 84,390,252,949
Operating expenses
Interest expense 36,230,622,752 38,326,381,759
Lease expenses 157,870,213 6,300
Bad debt expense 9 11,948,530,187 7,554,185,724
Loss on disposal of loans 846,368,086 1,037,609,293
Loss on foreign transactions 204,000,000 270,000,000
General and administrative expenses 22 22,600,935,712 19,574,945,355
Other operating expenses 2,736,577,564 2,275,734,551
74,724,904,514 69,038,856,682
Operating income 15,593,133,007 15,351,396,267
Non-operating income
Gain on equity method valuation 7 3,444,009,577 4,569,140,876
Gain on disposal of property and equipment 19,545,694 -
Miscellaneous income 320,765,773 300,794,714
3,784,321,044 4,869,935,590
Non-operating expenses
Loss on equity method valuation 7 5,990,625,286 8,111,948,925
Loss on disposal of property and equipment 20,766,668 -
Impairment loss on other investment assets - 480,000,000
Donation 1,980,000 2,000,000
Miscellaneous losses 222,522,854 191,937,333
6,235,894,808 8,785,886,258
Profit before income taxes 13,141,559,243 11,435,445,599
Income tax expenses 23 3,772,598,667 3,763,802,277
Profit for the period 21 W 9,368,960,576 7,671,643,322
(Profit adjusted by regulatory reserve for credit losses
amounted to W13,410,116,267 and W10,847,833,285 for
the three-month periods ended March 31, 2015 and 2014,
respectively)

Condensed Consolidated Interim Statements of Comprehensive Income, Continued
(Unaudited)
(In Korean won) Notes March 31, 2015 March 31, 2014
Other comprehensive income (loss), net of income taxes 24
Items that are or may be reclassified to profit or loss
subsequently W 4,443,729,936 2,089,798,420
Items that will never be reclassified to profit or loss
subsequently
18
(708,609,640) (166,991,561)
3,735,120,296 1,922,806,859
Total comprehensive income for the period W 13,104,080,872 9,594,450,181

Condensed Consolidated Interim Statements of Changes in Equity
(Unaudited)
7
(In Korean won)
Capital
stock
Capital
surplus Hybrid security
Capital
adjustments
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Total
equity
Balances as of January 1, 2014 W 125,000,000,000 74,608,059,537 - - (14,447,426,955) 169,241,350,786 354,401,983,368
Total comprehensive income (loss)
Profit for the period - - - - - 7,671,643,322 7,671,643,322
Other comprehensive income (loss)
Net unrealized loss on valuation of derivatives - - - - (187,347,862) - (187,347,862)
Net unrealized gain on valuation of available-for-
sale securities - - - - 443,006,946 - 443,006,946
Other comprehensive income of equity method
investees - - - - 1,834,139,336 - 1,834,139,336
Remeasurement of defined benefit plans - - - - (166,991,561) - (166,991,561)
- - - - 1,922,806,859 7,671,643,322 9,594,450,181
Transactions with owners
Annual dividends paid - - - - - (17,300,000,000) (17,300,000,000
Balances as of March 31, 2014 W 125,000,000,000 74,608,059,537 - - (12,524,620,096) 159,612,994,108 346,696,433,549
Balances as of January 1, 2015 W 125,000,000,000 74,608,059,537 119,644,480,000 (2,397,101,756) 5,073,817,946 172,819,941,038 494,749,196,765
Total comprehensive income (loss)
Profit for the period - - - - - 9,368,960,576 9,368,960,576
Other comprehensive income (loss)
Net unrealized loss on valuation of derivatives - - - - (311,240,605) - (311,240,605)
Net unrealized gain on valuation of available-for-
sale securities - - - - 1,074,454,147 - 1,074,454,147
Other comprehensive income of equity method
investees - - - - 3,680,516,394 - 3,680,516,394
Remeasurement of defined benefit plans - - - - (708,609,640) - (708,609,640)
- - - - 3,735,120,296 9,368,960,576 13,104,080,872
Transactions with owners
Annual dividends paid - - - - - (12,400,000,000) (12,400,000,000)
Interest paid to hybrid security holders - - - - - (1,716,164,383) (1,716,164,383)
Balances as of March 31, 2015 W 125,000,000,000 74,608,059,537 119,644,480,000 (2,397,101,756) 8,808,938,242 168,072,737,231 493,737,113,254
See accompanying notes to the consolidated financial statements.

Condensed Consolidated Interim Statements of Cash Flows
(Unaudited)
8
(In Korean won) Notes 2015 2014
Cash flows from operating activities
Cash used in operations 25 W (259,261,472,598) (98,935,368,126)
Interest received 1,705,532,403 3,119,215,109
Interest paid (33,204,637,396) (36,407,738,316)
Dividend received - 100,000,000
Income taxes paid (2,576,547,271) (3,887,966,880)
Net cash used in operating activities (293,337,124,862) (136,011,858,213)
Cash flows from investing activities
Acquisition of available-for-sale securities - (6,540,000,000)
Proceeds from sale of available-for-sale securities 6,868,217,081 2,763,760,299
Acquisition of fixtures and furniture (266,625,483) (269,351,060)
Proceeds from disposal of fixtures and furniture 48,995,038 -
Disposal of other property and equipment - 40,000,000
Proceeds from disposal of vehicles 8,963,932 -
Acquisition of intangible assets (127,243,471) (592,874,717)
Increase in advance payments - (2,034,360,625)
Decrease in leasehold deposits - 5,000,000
Increase in leasehold deposits (61,196,459) (38,760,903)
Net cash provided by used in investing activities 6,471,110,638 (6,666,587,006)
Cash flows from financing activities
Proceeds from borrowings 210,688,555,151 55,700,000,000
Repayments of borrowings (243,227,601,047) (136,848,564,147)
Proceeds from issue of bonds 549,466,695,873 369,676,053,600
Repayments of bonds (249,000,000,000) (80,000,000,000)
Repayments of securitized debts - (50,000,000,000)
Liquidation of derivatives (40,972,106,616) -
Payments of dividends (12,400,000,000) (17,300,000,000)
Interest paid to hybrid security holders (1,372,931,507) -
Net cash provided by financing activities 213,182,611,854 141,227,489,453
Net cash decrease in cash and cash equivalents (73,683,402,370) (1,450,955,766)
Cash and cash equivalents at beginning of the period 25 232,793,098,679 280,489,429,324
Cash and cash equivalents at end of the period 25 W 159,109,696,309 279,038,473,558

Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2015
(Unaudited)
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 at 3, Gukhoe-daero 66-gil,
Yeongdeungpo-gu, Seoul, Korea. The common shareholders of the Group as of March 31, 2015 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, 2015 and December 31, 2014 were as follows. The Group has 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, 2015 December 31, 2014
Special Purpose Entities
Commercial Auto First
SPC (Trust)
Commercial Auto First
SPC (Trust)
Commercial Auto Second SPC
(Trust)
Commercial Auto Second SPC
(Trust)

March 31, 2015
(Unaudited)
10
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, 2014.
(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.
In preparing these condensed consolidated interim financial statements, the significant judgments made by
management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the
same as those that were applied to the consolidated financial statements as of and for the year ended December 31,
2014.
3. Significant Accounting Policies
Except as described below, the accounting policies applied by the Group in these condensed consolidated interim
financial statements are the same as those applied by the Group in the consolidated financial statements as of and
for the year ended December 31, 2014. 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, 2015.
Amendments to K-IFRS No. 1019, Employee Benefits, entitled Defined Benefits Plans: Employee
Contributions
The narrow scope amendments apply to contributions from employees or third parties to defined benefit plans.
The objective of the amendments is to simplify the accounting for contributions that are independent of the
number of years of employee service, for example, employee contributions that are calculated according to a fixed
percentage of salary. When contributions are eligible for the practical expedient, a company is permitted, but not
required, to recognize them as a reduction of the service cost in the period in which the related service is rendered.
The amendments apply retrospectively for annual periods beginning on or after July 1, 2014. Earlier application is
permitted. The adoption of the amendments had no significant impact on the Group’s consolidated financial
statements.

March 31, 2015
(Unaudited)
(In thousands of won)
11
4. Restricted Financial Instruments
Restricted financial instruments as of March 31, 2015 and December 31, 2014 were as follows:
Type Depository
March 31,
2015
December 31,
2014 Restriction
Due from
banks
Kookmin Bank
and 2 others W 9,000 9,000
Guarantee deposit for
account opening
5. Trading Securities
Trading securities as of March 31, 2015 and December 31, 2014 were as follows:
(
*
)
F
or the purpose of liquidity management, the Group holds short-term investments in excess of immediate funding
needs. These excess funds are invested in short-term, highly liquid and investment grade money market
instruments, which provide liquidity for the Group’s short-term funding needs and flexibility in the use of other
funding sources.
Debt securities as of March 31, 2015 and December 31, 2014 were as follows:
Book value
Acquisition cost March 31, 2015 December 31, 2014
Commercial papers W 108,454,228 108,849,159 29,063,677
Gains and losses from trading securities recognized in profit or loss for the three-month periods ended March 31,
2015 and 2014 were as follows:
2015 2014
Gain on valuation of trading securities W 369,922 -
Loss on valuation of trading securities - -
6. Available-for-sale Securities
Trading securities (*)
Debt securities W 108,849,159 29,063,677

March 31, 2015
(Unaudited)
12
Balances of available-for-sale securities as of March 31, 2015 and December 31, 2014 were as follows:
Equity securities
Listed equity securities W 6,150,000 4,655,000
Unlisted equity securities 2,893,203 2,893,203
Equity investments 1 1
Beneficiary certificates 19,934,125 26,879,856
28,977,329 34,428,060
Debt securities 12,439,707 12,439,707
W 41,417,036 46,867,767

March 31, 2015
(Unaudited)
13
6. Available-for-sale Securities, Continued
Details of available-for-sale securities as of March 31, 2015 and December 31, 2014 were as follows:
Book value
Number of
shares
Ownership
(%)
Acquisition
cost
March 31,
2015
December 31,
2014
Listed equity securities
JNK Heaters Co., Ltd. 1,000,000 12.50 W 10,126,881 6,150,000 4,655,000
Unlisted equity securities
Anyang KDC Project Corp.
(*1) 389,999 15.00 2,580,576 2,832,087 2,832,087
Anyang KDC Asset
Management Corp. (*1) 1,499 15.00 9,919 11,243 11,243
Isung Eng, Corp. 24 - 620 620 620
Tong Yang Leisure Co., Ltd.
(*1) 6,200 0.18 190,395 49,253 49,253
2,781,510 2,893,203 2,893,203
Equity investments
HB Fourth ABS, Ltd. 13 0.19 1 1 1
Beneficiary certificates
Hanjoo New Credit Private
Special Asset Investment
Trust (*2) - - - - 621,184
Yuniae Daebu Investment
Trust (*2) - - - - 5,021,568
Nice Investment Second
Trust (*2) - - 5,721,000 5,795,806 6,408,806
YNK Partners Daebu (*2) - - 4,493,595 4,563,864 5,092,928
Hyundai Ship Investment
Fund No.3 (*3) - - 9,520,000 9,574,455 9,735,370
19,734,595 19,934,125 26,879,856
Debt securities
Commercial Auto Third SPC
(*1) - - 4,000,000 4,128,163 4,128,163
Commercial Auto Fourth SPC
(*1) - - 8,000,000 8,311,544 8,311,544
12,000,000 12,439,707 12,439,707
W 44,642,987 41,417,036 46,867,767
6. Available-for-sale Securities, Continued

March 31, 2015
(Unaudited)
14
(*1) The fair value of the securities was estimated based on the prices provided by an external appraiser, Korea
Investors Service Pricing Inc.
(*2) The fair value of beneficiary certificates which is related to NPL investment was estimated based on the
prices provided by an external appraiser, Korea Investors Service Pricing Inc. The fair value of the securities
was determined by discounting the expected cash flows based on principal and interest arising from trusted
asset at an appropriate rate.
(*3) The fair value of the securities was estimated based on the prices provided by an external appraiser, KIS
Pricing Inc. The fair value is measured by deducting other assets and liabilities within the investment trust
from the amount estimated by discounting expected future cash flows of beneficiary certificates.

March 31, 2015
(Unaudited)
15
7. Investments in Associates
(1) Details of investments in associates as of March 31, 2015 and December 31, 2014 were as follows:
Location
Number of
shares
Ownership
(%)
Acquisition
cost Book value
March 31, 2015
Hyundai Card Co.,
Ltd. (*) Korea 8,889,622 5.54 W 113,820,162 181,525,137
Hyundai Life
Insurance Co., Ltd. Korea 15,509,040 39.65 180,002,130 115,139,890
W 293,822,292 296,665,027
December 31, 2014
Hyundai Card Co.,
Ltd. (*) Korea 8,889,622 5.54 W 113,820,162 178,492,382
Hyundai Life
Insurance Co., Ltd. Korea 15,509,040 39.65 180,002,130 117,138,268
W 293,822,292 295,630,650
(*) 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 Group classifies it as an associate.

March 31, 2015
(Unaudited)
16
7. Investments in Associates, Continued
(2) Details of valuation of equity method investment and other changes as of March 31, 2015 and December 31,
2014 were as follows:
Beginning
balance Acquisition
Income
(loss) on equity
method
valuation
Comprehensive
income (loss) of
equity method
investees (*1)
Ending
balance
March 31, 2015
Hyundai Card Co., Ltd. W 178,492,382 - 3,444,009 (411,254) 181,525,137
Hyundai Life
Insurance Co., Ltd. 117,138,268 - (5,990,625) 3,992,247 115,139,890
W 295,630,650 - (2,546,616) 3,580,993 296,665,027
December 31, 2014
Hyundai Card Co., Ltd. W 168,007,972 - 12,382,461 (1,898,051) 178,492,382
Hyundai Life
Insurance Co.,Ltd.(*2) 90,109,793 40,149,070 (34,799,344) 21,678,749 117,138,268
W 258,117,765 40,149,070 (22,416,883) 19,780,698 295,630,650
(*1) Tax effects are not deducted.
(*2) The Group recognized expense related to the investment in Hyundai Life Insurance Co., Ltd. which
amounted to W8,582,824 thousand as other operating expense.
(3) Summary of financial information of associates as of March 31, 2015 and for the three-month period ended
March 31, 2015 were as follows:
Reporting date
Summary of financial information of associates (*1)
Total assets Total liabilities Net assets
March 31, 2015
Hyundai Card Co., Ltd. December 31 W 12,223,547,880 9,613,423,227 2,610,124,653
Hyundai Life Insurance Co., Ltd. December 31 5,140,289,681 4,910,082,319 230,207,362
Reporting date
Operating
revenue
Profit (loss) for
the period
Total
comprehensive
income (loss)
Dividends
received
March 31, 2015
Hyundai Card Co., Ltd. December 31 W 641,400,589 62,167,321 54,743,827 -
Hyundai Life Insurance Co.,
Ltd. December 31 321,359,288 (14,540,140) (4,629,338) -

March 31, 2015
(Unaudited)
17
7. Investments in Associates, Continued
Summary of financial information of associates as of December 31, 2014 and for the three-month period ended
March 31, 2014 were as follows:
Reporting date
Total assets Total liabilities Net assets
December 31, 2014
Hyundai Card Co., Ltd. December 31 W 12,402,910,868 9,847,530,042 2,555,380,826
Hyundai Life Insurance
Co., Ltd. December 31 4,902,840,052 4,668,160,432 234,679,620
Reporting date
Operating
revenue
Profit (loss)
for the period
Total
comprehen-
sive income
(loss)
Dividends
received
March 31, 2014
Hyundai Card Co., Ltd. December 31 W 642,340,723 82,476,904 80,677,748 -
Hyundai Life Insurance
Co., Ltd. December 31 230,533,303 (19,911,715) (15,069,696) -
(*1) Summarized financial statements of Hyundai Life Insurance Co., Ltd. were adjusted to reflect fair value
adjustments made at the time of acquisition.
(4) Reconciliations of the summarized financial information presented to the carrying amount of its interest in
associates as of March 31, 2015 and December 31, 2014 were as follows:
Net assets
Ownership
(%)
Shares of
assets Goodwill
Unamortized
fair value
adjustments
(*) Book value
March 31, 2015
Hyundai Card Co., Ltd. W 2,610,124,653 5.54 144,598,387 36,926,750 - 181,525,137
Hyundai Life
Insurance Co., Ltd. 230,207,362 39.65 91,284,811 19,739,063 4,116,016 115,139,890
W 2,840,332,015 235,883,198 56,665,813 4,116,016 296,665,027
December 31, 2014
Hyundai Card Co., Ltd. W 2,555,380,826 5.54 141,565,632 36,926,750 - 178,492,382
Hyundai Life
Insurance Co., Ltd. 234,679,620 39.65 93,058,209 19,739,063 4,340,996 117,138,268
W 2,790,060,446 234,623,841 56,665,813 4,340,996 295,630,650
(*) Fair value adjustments are related to value of business acquired, sales channel and IT systems made at the time
of acquisition.

March 31, 2015
(Unaudited)
18
8. Financial Receivables
Details of financial receivables as of March 31, 2015 and December 31, 2014 were as follows:
Principal
Deferred loan
origination fees
and costs
Present value
discount
Allowance for
loan losses Book value
March 31, 2015
Loans receivables
Loans W 3,669,673,238 41,490,192 (961,161) (24,676,470) 3,685,525,799
Installment financial
assets
Auto 285,581,308 4,130,868 - (1,305,565) 288,406,611
Durable goods 16,168,329 (257,261) - (4,242) 15,906,826
301,749,637 3,873,607 - (1,309,807) 304,313,437
Lease receivables
Financial lease
receivables 335,419,909 654,879 - (3,973,626) 332,101,162
Advances for
acquisition of assets
to be leased 187,760 - - - 187,760
335,607,669 654,879 - (3,973,626) 332,288,922
W 4,307,030,544 46,018,678 (961,161) (29,959,903) 4,322,128,158
December 31, 2014
Loans receivables
Factoring receivables W 2,156,213 - - (2,516) 2,153,697
Loans 3,483,482,341 42,746,404 (366,685) (22,435,823) 3,503,426,237
3,485,638,554 42,746,404 (366,685) (22,438,339) 3,505,579,934
assets
Auto 281,405,117 3,938,103 - (1,468,052) 283,875,168
Durable goods 13,839,097 (351,353) - (3,882) 13,483,862
295,244,214 3,586,750 - (1,471,934) 297,359,030
Lease receivables
Financial lease
receivables 306,642,700 540,517 - (3,233,418) 303,949,799
W 4,087,525,468 46,873,671 (366,685) (27,143,691) 4,106,888,763

March 31, 2015
(Unaudited)
19
9. Allowance for Loan Losses
Changes in allowance for loan losses for the three-month period ended March 31, 2015 and for the year ended
December 31, 2014 were as follows:
Loans
receivables
Installment
financial
assets
Lease
receivables Other assets Total
March 31, 2015
Beginning balance W 22,438,339 1,471,934 3,233,418 134,102 27,277,793
Amounts written off (3,708,328) (159,031) (481,562) - (4,348,921)
Recoveries of amounts
previously written off 250,621 26,454 6,170 - 283,245
Disposal of receivables (4,609,060) (241,553) (144,159) - (4,994,772)
Unwinding of discount (73,286) (2,975) (6,149) - (82,410)
Additional (reversed)
allowance 10,378,184 214,978 1,365,908 (10,540) 11,948,530
Ending balance W 24,676,470 1,309,807 3,973,626 123,562 30,083,465
December 31, 2014
Beginning balance W 21,655,394 1,963,919 1,815,587 163,604 25,598,504
Amounts written off (9,722,696) (1,073,302) (1,969,996) - (12,765,994)
Recoveries of amounts
previously written off 1,069,282 252,861 187 - 1,322,330
Disposal of receivables (17,579,858) (1,017,426) - - (18,597,284)
Unwinding of discount (215,080) (11,780) - - (226,860)
Additional (reversed)
allowance 27,231,297 1,357,662 3,387,640 (29,502) 31,947,097
Ending balance W 22,438,339 1,471,934 3,233,418 134,102 27,277,793

March 31, 2015
(Unaudited)
20
10. 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
techniques 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.
(1) Fair values of financial instruments as of March 31, 2015 and December 31, 2014 were as follows:
Book value Fair value Book value Fair value
Financial assets
Cash and due from banks W 159,118,696 159,118,696 232,802,099 232,802,099
Trading securities 108,849,159 108,849,159 29,063,677 29,063,677
Available-for-sale
securities 41,417,036 41,417,036 46,867,767 46,867,767
Loans receivables 3,685,525,799 3,698,395,573 3,505,579,934 3,508,954,446
Installment financial assets 304,313,437 304,410,700 297,359,030 296,679,081
Lease receivables 332,288,922 334,886,148 303,949,799 304,045,372
Account receivables 4,145,065 4,145,065 3,553,469 3,553,469
Accrued revenues 21,336,265 21,336,265 20,826,869 20,826,869
Leasehold deposits 2,478,200 2,407,911 2,409,426 2,326,800
W 4,659,472,579 4,674,966,553 4,442,412,070 4,445,119,580
Financial liabilities
Borrowings W 400,289,373 400,913,498 432,828,419 433,598,405
Bonds 3,893,643,285 3,938,179,461 3,592,437,798 3,637,422,103
Securitized debts 49,994,738 50,379,279 89,982,509 90,975,852
Derivative liabilities 3,700,308 3,700,308 3,493,829 3,493,829
Account payables 15,482,551 15,482,551 20,409,057 20,409,057
Accrued expenses 26,446,312 26,446,312 32,305,067 32,305,067
Withholdings (*) 4,502,941 4,502,941 8,545,657 8,545,657
Leasehold deposits 58,408,600 60,372,894 57,948,012 59,530,573
W 4,452,468,108 4,499,977,244 4,237,950,348 4,286,280,543
(*) Excluding taxes and dues

March 31, 2015
(Unaudited)
21
10. Fair Value of Financial Instruments, Continued
(2) Fair Value Hierarchy
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, 2015 and December 31, 2014 were as
follows:
Fair value hierarchy
Book value Fair value Level 1 Level 2 Level 3
March 31, 2015
Financial assets
Trading securities W 108,849,159 108,849,159 - 108,849,159 -
Available-for-sale
securities 41,417,036 41,417,036 6,150,000 - 35,267,036
W 150,266,195 150,266,195 6,150,000 108,849,159 35,267,036
Derivative liabilities W 3,700,308 3,700,308 - 3,700,308 -
December 31, 2014
Financial assets
Trading securities W 29,063,677 29,063,677 - 29,063,677 -
Available-for-sale
securities 46,867,767 46,867,767 4,655,000 - 42,212,767
W 75,931,444 75,931,444 4,655,000 29,063,677 42,212,767
Derivative liabilities W 3,493,829 3,493,829 - 3,493,829 -

March 31, 2015
(Unaudited)
22
(3) The changes in financial instruments of level 3 for the three-month period ended March 31, 2015 and for the
year ended December 31, 2014 were as follows:
Available-for-sale securities
Beginning balance W 42,212,767 45,713,347
Acquisition - 16,570,396
Interest income - 386,359
Gain (loss) on valuation (other comprehensive
income (loss)) (77,514) 560,840
Disposal (6,868,217) (21,018,175)
Ending balance W 35,267,036 42,212,767

March 31, 2015
(Unaudited)
23
(4) The book value of financial instruments by categories as of March 31, 2015 and December 31, 2014 were as
follows:
Financial assets at
fair value through
profit or loss
Available-for-sale
financial assets
Loans and
receivables Total
March 31, 2015
Financial assets
Cash and due from banks W - - 159,118,696 159,118,696
Trading securities 108,849,159 - - 108,849,159
Available-for-sale
securities - 41,417,036 - 41,417,036
Loans receivables - - 3,685,525,799 3,685,525,799
assets - - 304,313,437 304,313,437
Finance lease assets - - 332,288,922 332,288,922
Accounts receivable - - 4,145,065 4,145,065
Accrued revenues - - 21,336,265 21,336,265
Leasehold deposits - - 2,478,200 2,478,200
W 108,849,159 41,417,036 4,509,206,384 4,659,472,579
December 31, 2014
Financial assets
Cash and due from banks W - - 232,802,099 232,802,099
Trading securities 29,063,677 - - 29,063,677
Available-for-sale
securities - 46,867,767 - 46,867,767
Loans receivable - - 3,505,579,934 3,505,579,934
assets - - 297,359,030 297,359,030
Finance lease assets - - 303,949,799 303,949,799
Account receivables - - 3,553,469 3,553,469
Accrued revenues - - 20,826,869 20,826,869
Leasehold deposits - - 2,409,426 2,409,426
W 29,063,677 46,867,767 4,366,480,626 4,442,412,070
at amortized cost
Hedging
derivative
instruments Total

March 31, 2015
(Unaudited)
24
March 31, 2015
Borrowings W 400,289,373 - 400,289,373
Bonds 3,893,643,285 - 3,893,643,285
Securitized debts 49,994,738 - 49,994,738
Derivative liabilities - 3,700,308 3,700,308
Account payables 15,482,551 - 15,482,551
Accrued expenses 26,446,312 - 26,446,312
Withholdings (*) 4,502,941 - 4,502,941
Leasehold deposits received 58,408,600 - 58,408,600
W 4,448,767,800 3,700,308 4,452,468,108
December 31, 2014
Borrowings W 432,828,419 - 432,828,419
Bond Issued 3,592,437,798 - 3,592,437,798
Securitized debts 89,982,509 - 89,982,509
Derivative liabilities - 3,493,829 3,493,829
Account payables 20,409,057 - 20,409,057
Accrued expenses 32,305,067 - 32,305,067
Withholdings (*) 8,545,657 - 8,545,657
Leasehold deposits received 57,948,012 - 57,948,012
W 4,234,456,519 3,493,829 4,237,950,348
(*) Excluding taxes and dues

March 31, 2015
(Unaudited)
25
11. Transfer of Financial Assets
(a) 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.
Also, the Group derecognized loans receivables from the consolidated financial statements by transferring them
for W202,700,000 thousand to Commercial Auto Fourth SPC (Trustee Bank: Woori Bank) on November 15,
2013. Gains related to the transaction amounted to W2,674,381 thousand.
The Group has continuing involvement in the transferred assets after taking over debt securities issued by
Commercial Auto Third SPC and Fourth SPC.
Details of continuing involvement were as follows:
Book value of continuing
involvement Maximum
exposure to
loss
Type of continuing
involvement Available-for-sale securities
March 31, 2015
Commercial Auto Third SPC Acquisition on debt
securities
W 4,128,163 4,128,163
Commercial Auto Fourth SPC 8,311,544 8,311,544
W 12,439,707 12,439,707
Book value of continuing
involvement Maximum
exposure to
loss
Type of continuing
involvement Available-for-sale securities
December 31, 2014
Commercial Auto Third SPC Acquisition on debt
securities
W 4,128,163 4,128,163
Commercial Auto Fourth SPC 8,311,544 8,311,544
W 12,439,707 12,439,707

March 31, 2015
(Unaudited)
26
12. Financial Lease Receivables
Details of total lease investments and present value of minimum lease payments as of March 31, 2015 and
Total lease
investments
Present value of
minimum lease
payments
Total lease
investments
Present value of
minimum lease
payments
Less than 1 year W 122,464,300 104,627,584 114,331,819 98,361,154
1 to 5 years 253,404,873 231,447,204 228,163,719 208,822,062
W 375,869,173 336,074,788 342,495,538 307,183,216
Details of unearned interest income as of March 31, 2015 and December 31, 2014 were as follows:
Total lease investments W 375,869,173 342,495,538
Net lease investments
Minimum lease payments (present value) 336,074,788 307,183,216
Unguaranteed residual value
(present value) - -
336,074,788 307,183,216
Unearned interest income W 39,794,385 35,312,322

March 31, 2015
(Unaudited)
27
13. Property and Equipment
Details of property and equipment as of March 31, 2015 and December 31, 2014 were as follows:
Acquisition cost
Accumulated
depreciation Book value
March 31, 2015
Vehicles W - - -
Fixtures and furniture 13,261,230 (8,321,425) 4,939,805
Others 371,000 - 371,000
W 13,632,230 (8,321,425) 5,310,805
December 31, 2014
Vehicles W 113,472 (94,428) 19,044
Fixtures and furniture 13,163,555 (7,935,609) 5,227,946
Others 371,000 - 371,000
W 13,648,027 (8,030,037) 5,617,990
Changes in property and equipment for the three-month period ended March 31, 2015 and for the year ended
Beginning
balance Acquisition Disposal Depreciation
Ending
balance
March 31, 2015
Vehicles W 19,044 - (14,283) (4,761) -
Fixtures and furniture 5,227,946 266,625 (44,897) (509,869) 4,939,805
Others 371,000 - - - 371,000
W 5,617,990 266,625 (59,180) (514,630) 5,310,805
December 31, 2014
Vehicles W 38,087 - - (19,043) 19,044
Fixtures and furniture 3,259,138 3,736,064 (2,333) (1,764,923) 5,227,946
Others 411,000 - (40,000) - 371,000
W 3,708,225 3,736,064 (42,333) (1,783,966) 5,617,990
As of March 31, 2015, the Group maintained comprehensive property insurance with Hyundai Marine and Fire
Insurance for its fixtures and furniture, and other tangible assets for up to W 5,002,921 thousand (W4,631,921
thousand as of December 31, 2014), 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 W46,911,597 thousand (W41,212,098 thousand as of December 31, 2014).
14. Intangible Assets
Details of intangible assets as of March 31, 2015 and December 31, 2014 were as follows:
Acquisition cost Accumulated Book value

March 31, 2015
(Unaudited)
28
depreciation
March 31, 2015
Development costs W 7,610,450 (3,227,351) 4,383,099
Software 8,164,132 (6,427,836) 1,736,296
Memberships 4,720,565 - 4,720,565
Others 812,901 (157,023) 655,878
W 21,308,048 (9,812,210) 11,495,838
December 31, 2014
Development costs W 7,502,523 (2,850,184) 4,652,339
Software 8,144,817 (6,229,114) 1,915,703
Memberships 4,720,565 - 4,720,565
Others 812,901 (117,671) 695,230
W 21,180,806 (9,196,969) 11,983,837
Changes in intangible assets for the three-month period ended March 31, 2015 and for the year ended December
31, 2014 were as follows:
(
*1)
Inc
lud
es
tra
nsf
er
fro
m
adva
nce
paym
ents
(
*
2
)
D
u
e to changes in the Group’s accounting policy, the account has been reclassified from other investment
assets to membership. Among the amount, W190,395 thousand were converted into available-for-sale
securities.
15. Borrowings
Details of borrowings as of March 31, 2015 and December 31, 2014 were as follows:
Lender
Annual
interest rate
(%)
March 31,
2015
December 31,
2014
Beginning
balance Acquisition Transfer Amortization
Impairment
loss
Ending
balance
March 31, 2015
Development
costs W 4,652,339 107,927 - (377,167) - 4,383,099
Software 1,915,703 19,316 - (198,723) - 1,736,296
Memberships 4,720,565 - - - - 4,720,565
Others 695,230 - (39,352) - 655,878
W 11,983,837 127,243 - (615,242) - 11,495,838
Beginning
balance
Acquisition(
*1)
Transfer
(*2) Amortization
Impairment
loss
Ending
balance
December 31, 2014
Development costs W 3,245,474 2,683,611 - (1,276,746) - 4,652,339
Software 1,228,913 1,349,921 - (663,131) - 1,915,703
Memberships - 1,500,000 3,724,169 - (503,604) 4,720,565
Others 3 787,050 - (91,823) - 695,230
W 4,474,390 6,320,582 3,724,169 (2,031,700) (503,604) 11,983,837

March 31, 2015
(Unaudited)
29
Borrowings in won
Commercial paper Shinhan Bank and
1 other 1.81~2.18 W 90,000,000 120,000,000
General loan Kookmin Bank
and 5 others 2.35~4.54 310,289,373 312,828,419
W 400,289,373 432,828,419
16. Bonds
Details of bonds Issued by the Group as of March 31, 2015 and December 31, 2014 were as follows:
Annual interest rate
(%) Par value Book value
March 31, 2015
Current portion of bonds
Bonds 1.82 ~ 6.48 W 1,210,000,000 1,210,000,000
Discount on bonds - (356,324)
1,210,000,000 1,209,643,676
Non-current portion of bonds
Bonds 1.90 ~ 5.85 2,686,150,000 2,686,150,000
Discount on bonds - (2,150,391)
2,686,150,000 2,683,999,609
W 3,896,150,000 3,893,643,285
December 31, 2014
Current portion of bonds
Bonds 2.14 ~ 5.4 W 979,000,000 979,000,000
Discount on bonds - (383,842)
979,000,000 978,616,158
Non-current portion of bonds
Bonds 2.30 ~ 6.48 2,615,946,000 2,615,946,000
Discount on bonds - (2,124,360)
2,615,946,000 2,613,821,640
W 3,594,946,000 3,592,437,798
17. 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, 2015 and December 31, 2014 were as follows:
Annual interest
rate (%) Par value Book value

March 31, 2015
(Unaudited)
30
March 31, 2015
Current portion of securitized debts
Securitized debts 5.02 ~ 5.43 W 50,000,000 50,000,000
Discount on securitized debts - (5,262)
50,000,000 49,994,738
December 31, 2014
Current portion of securitized debts
Securitized debts 4.97 ~ 5.43 W 90,000,000 90,000,000
Discount on securitized debts - (17,491)
90,000,000 89,982,509

March 31, 2015
(Unaudited)
31
18. Net Defined Benefit Liability
(i) Features of the defined benefit plan
The Group manages the defined benefit plan based on final wages. The plan assets are mainly comprised of
interest rate guaranteed type instruments, and therefore, are exposed to the risk of declining interest rates.
(ii) Adjustments on the net defined benefit liability
March 31, 2015
Present value of
defined benefit
obligation Plan assets
National
Pension Fund
Defined benefit
liability, net
Beginning balance W 19,069,034 (14,675,307) (5,389) 4,388,338
Current service costs 913,102 - - 913,102
Interest expense (income) 132,402 (103,396) - 29,006
Return on plan assets
(excluding net interests) - (4,227) - (4,227)
Actuarial gains and losses due
to changes in financial
assumptions 939,068 - - 939,068
Experience adjustments - - - -
Transfer of severance benefits
from (to) related parties 126,378 (125,112) - 1,266
Benefits paid (72,080) 72,080 - -
W 21,107,904 (14,835,962) (5,389) 6,266,553

March 31, 2015
(Unaudited)
32
18. Net Defined Benefit Liability, Continued
(ii) Adjustments on the net defined benefit liability, Continued
December 31, 2014
Present value of
defined benefit
obligation Plan assets
National
Pension Fund
Defined benefit
liability, net
Beginning balance W 14,127,941 (11,610,713) (5,389) 2,511,839
Contributions - (3,280,000) - (3,280,000)
Current service costs 2,856,493 - - 2,856,493
Interest expense (income) 503,052 (396,034) - 107,018
Return on plan assets
(excluding net interests) - 104,076 - 104,076
Changes in demographic
assumption 1,055,191 - - 1,055,191
Actuarial gains and losses
due to changes in financial
assumptions 1,292,022 - - 1,292,022
Experience adjustments (231,573) - - (231,573)
Transfer of severance
benefits from (to) related
parties (54,126) 27,398 - (26,728)
Benefits paid (479,966) 479,966 - -
W 19,069,034 (14,675,307) (5,389) 4,388,338

March 31, 2015
(Unaudited)
33
19. Derivative Financial Instruments and Hedge Accounting
There are no amounts recognized as derivative assets as of March 31, 2015 and the Group recognized derivative
assets of W0 thousand as of December 31, 2014. Net losses on the derivative assets did not exist and W153
thousand for the three-month periods ended March 31, 2015 and 2014, 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 bond issued. Interest rate swaps and currency swaps are used.
Derivatives designated as cash flow hedges as of March 31, 2015 and December 31, 2014 were as follows:
Assets Liabilities
Other comprehensive
income (loss)
March 31, 2015
Interest rate swaps W - 3,601,400 (2,729,862)
Currency swaps - 98,908 (211,411)
W - 3,700,308 (2,941,273)
December 31, 2014
Interest rate swaps W - 3,335,696 (2,528,457)
Currency swaps - 158,133 (101,576)
W - 3,493,829 (2,630,033)
For the three-month period ended March 31, 2015, the amount recognized as other comprehensive loss,
representing the effective portion related to cash flow hedge, is W(410,479) thousand (before tax), and the
reclassified amount from other comprehensive loss to profit or loss is nil. 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, 2015.

March 31, 2015
(Unaudited)
34
20. Capital Stock and Hybrid Security
The Controlling Company is authorized to issue 80,000,000 shares (par value at W5,000).
Detail of capital stock as of March 31, 2015 was as follows:
Common stock Preferred stock (*) Total
Number of issued shares
outstanding 20,000,000 5,000,000 25,000,000
Capital stock W 100,000,000 25,000,000 125,000,000
Paid-in-capital in excess of par
value - 74,608,060 74,608,060
(*) The convertible preferred stocks are non-cumulative, non-participating, nominative, non-permanent preferred
stocks without voting right. The stocks will be converted to common stock after 7 years from issue date.
Details of hybrid security as of March 31, 2015 and December 31, 2014 were as follows:
Amount
Date of
issue
Date of
maturity
March 31,
2015
December 31,
2014
Interest
rate (%)
The 171st
bond type
hybrid security
June 13,
2014 June 13, 2044 W 119,644,480 119,644,480 5.80
The hybrid security above is early-payable after 5 years from the date of issue, and the maturity can be extended
with the same terms and conditions on the date of maturity. In addition, in case the controlling company
decides not to pay dividend on common and preferred stock, it will not pay contractual interest to the security
holders.

March 31, 2015
(Unaudited)
35
21. Retained Earnings
Details of retained earnings as of March 31, 2015 and December 31, 2014 were as follows:
Legal reserve
Revenue reserve W 10,070,000 8,830,000
Voluntary reserve
Reserve for loan losses 21,084,299 16,051,091
Reserve for electronic financial transactions 100,000 100,000
21,184,299 16,151,091
Unappropriated retained earnings 136,818,438 147,838,850
(Expected provision (reversal) of regulatory
reserve for credit losses
March 31, 2015: W(4,041,156) thousand,
December 31, 2014: W5,033,208 thousand)
W 168,072,737 172,819,941
Appropriated and expected provision (reversal) of regulatory reserve for credit losses as of March 31, 2015 and
Appropriated regulatory reserve for credit
losses W 21,084,299 16,051,091
Expected provision (reversal) of regulatory
reserve for credit losses (4,041,156) 5,033,208
W 17,043,143 21,084,299

March 31, 2015
(Unaudited)
36
21. Retained Earnings, Continued
Profit adjusted for estimated regulatory reserve for credit losses for the three-month period ended March 31,
2015 and December 31, 2014 were as follows:
Profit for the period W 9,368,961 7,671,643
Estimated provision of regulatory
reserve for credit losses 4,041,156 3,176,190
Profit adjusted by regulatory
reserve for credit losses W 13,410,117 10,847,833
Earnings per share adjusted by
estimated regulatory reserve for
credit losses (in won) 671 542
The dividends for the year ended December 31, 2014 were paid in March 2015 and details of dividend for the
fiscal year 2014 and 2013 were as follows:
December 31, 2014 December 31, 2013
Annual dividends
Common stock 7,700,000 11,300,000
Preferred stock 4,700,000 6,000,000
W 12,400,000 17,300,000

March 31, 2015
(Unaudited)
37
22. General and Administrative Expenses
Details of general and administrative expenses for the three-month periods ended March 31, 2015 and 2014
were as follows:
March 31, 2015 March 31, 2014
Wages and salaries W 9,502,844 7,704,026
Retirement benefits 1,215,025 683,165
Employee welfare 1,974,644 1,696,276
Outsourcing service charges 565,900 1,144,076
Sales commission 1,706,439 1,481,195
Commission 1,534,163 826,955
Outsourcing service commission 899,311 1,458,177
Depreciation 514,630 364,425
Amortization 615,242 400,177
Taxes and dues 624,597 608,027
Electronic data processing expenses 1,364,415 1,229,445
Rent 942,606 895,372
Administrative expenses for building 31,090 28,977
Travel expenses 177,460 196,992
Training expenses 144,116 162,638
Communication 196,348 164,893
Others 592,106 530,129
W 22,600,936 19,574,945
23. 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 periods ended March 31, 2015 and 2014 were 28.71% and 32.91%, respectively.

March 31, 2015
(Unaudited)
38
24. Other Comprehensive Income
Details of other comprehensive income for the three-month periods ended March 31, 2015 and 2014 were as
follows:
Changes
Beginning
balance
Reclassification of
profit or loss
Other
changes
Income
tax effects
Ending
balance
March 31, 2015
Items that are or may be
reclassified subsequently to
profit or loss
Unrealized loss on valuation
of derivatives W (2,630,033) - (410,608) 99,368 (2,941,273)
Unrealized gain on valuation
of available-for-sale
financial assets 734,946 (77,514) 1,495,000 (343,032) 1,809,400
Other comprehensive income
of equity method investees 10,905,883 - 3,580,993 99,524 14,586,400
9,010,796 (77,514) 4,665,385 (144,140) 13,454,527
Items that will never be
reclassified to profit or loss
Remeasurement of defined
benefit plans (3,936,979) - (934,841) 226,231 (4,645,589)
W 5,073,817 (77,514) 3,730,544 82,091 5,771,461
March 31, 2014
Items that are or may be
reclassified subsequently to
profit or loss
of derivatives W (950,104) 269,847 (517,008) 59,813 (1,137,452)
of available-for-sale
financial assets (1,908,746) - 584,442 (141,435) (1,465,739)
Other comprehensive loss of
equity method investees (9,334,143) - 1,810,019 24,121 (7,500,003)
(12,192,993) 269,847 1,877,453 (57,501) (10,103,194)
Items that will never be
reclassified to profit or loss
Remeasurement of defined
benefit plans (2,254,434) - (220,306) 53,314 (2,421,426)
W (14,447,427) 269,847 1,657,147 (4,187) (12,524,620)

March 31, 2015
(Unaudited)
39
25. 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, 2015 and December 31, 2014
were as follows:
Ordinary deposits W 34,761,924 14,919,766
Short-term financial instruments 124,347,772 217,873,333
W 159,109,696 232,793,099
Cash generated from operations for the three-month periods ended March 31, 2015 and 2014 were as follows:
March 31, 2015 March 31, 2014
Profit for the period: W 9,368,961 7,671,643
Adjustments:
Net interest expense 34,731,569 35,719,335
Dividends - (100,000)
Income tax expenses 3,772,599 3,763,802
Gain on loans 10,846,819 8,405,116
Gain on installment financial receivables 569,032 508,305
Gain on leases 523,968 278,635
Loss on foreign exchange transactions 204,000 270,000
Loss on equity method valuation 2,546,615 3,542,808
Gain on disposal of property and equipment 1,221 -
Bad debt expense 11,948,530 7,554,186
Retirement benefits 1,215,025 683,165
Depreciation 514,630 364,425
Amortization of intangible assets 615,242 400,177
Gain on valuation of derivatives (204,000) (269,847)
Impairment loss on other investment assets - 480,000
Gain on valuation of trading securities (369,922) -
Transfer to provision 1,777 -
Other long-term employee benefits 80,792 -
W 66,997,897 61,600,107
25. Supplemental Cash Flow Information, Continued

March 31, 2015
(Unaudited)
40
March 31, 2015 March 31, 2014
Changes in operating assets and liabilities:
Increase in loans receivables W (201,170,868) (151,435,019)
Decrease (increase) in installment financing
receivables (7,738,416) 9,463,335
Increase in finance lease receivables (30,229,000) (39,845,996)
Increase of Trading securities (79,415,560) -
Decrease (increase) in accounts receivable (585,957) 11,539,378
Increase in accrued revenues (718,552) (739,799)
Decrease (increase) in advance payments (1,002,678) 324,824
Decrease (increase) in prepaid expenses (326,720) 193,960
Decrease in account payables (5,199,423) (1,518,952)
Decrease in accrued expenses (7,108,765) (5,294,209)
Decrease in unearned revenues (4,662,889) (438,618)
Decrease in advances (156,891) (251,550)
Increase (decrease) in deposits (1,231,490) 5,503,884
Increase (decrease) in defined benefit liabilities 1,266 (91,716)
Increase in leasehold deposits received 4,153,104 4,383,360
Decrease of financial guarantee contract (93,374) -
Decrease of derivatives liabilities (142,118) -
(335,628,331) (168,207,118)
Cash used in operations W (259,261,473) (98,935,368)
26. Commitments and Contingencies
(1) Details of unused credit line agreements as of March 31, 2015 and December 31, 2014 were as follows:

March 31, 2015
(Unaudited)
41
Financial institution Limit Unused limit
March 31, 2015
Limit of overdraft Woori Bank and 14 others KRW 435 billion KRW 385 billion
Limit of letter of credit Korea Exchange Bank USD 2 million USD 2 million
Limit of credit facility Hyundai Capital KRW 100 billion KRW 100 billion
December 31, 2014
Limit of overdraft Woori Bank and 11 others KRW 405 billion KRW 405 billion
Limit of letter of credit Korea Exchange Bank and 1
other USD 7 million USD 7 million
Limit of credit facility Hyundai Capital KRW 100 billion KRW 100 billion
As of March 31, 2015, the Group has a credit facility agreement for unsold property with Daewoo Engineering
& Construction Co., Ltd. and others which amounted to W128.5 billion.
(2) Details of pending significant litigations as of March 31, 2015 were as follows:
Number of litigations Amount under litigation
As a plaintiff 65 W 7,303,903
As a defendant 8 1,028,305
No provisions have been recorded on the condensed consolidated interim financial statements of the Group as of
March 31, 2015.
Details of guarantees provided to the Group as of March 31, 2015 and December 31, 2014 were as follows:
Guarantor Details
March 31,
2015
December 31,
2014
Hyundai Wia Guarantees on machinery installment
financing receivables
W 16,130,467 13,792,075
Hyundai Motor Company Guarantees on finance lease
receivables
1,963,933 1,963,933
Seoul Guarantee Insurance
Company
Deposit guarantee 14,130,895 13,629,390

March 31, 2015
(Unaudited)
42
27. Related Party Transactions
Hyundai Motor Company has significant influence on the Group. Related parties include associates, joint
venture, post-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, 2015 and 2014 were as follows:
Type Related parties Transactions
March 31,
2015
December 31,
2014
Entity which has
significant
influence
Hyundai Motor
Company
Acquisition of finance lease
assets
W 105,357 119,951
Guarantee deposits for leases
(new contracts)
36,136 -
Others Hyundai Wia Acquisition of finance lease
assets
20,044,010 22,588,060
Hyundai Capital
Services, Inc.
Sales of receivables 21,106,019 11,821,033
Autoever
Corporation
Acquisition of intangible
assets
285,541 999,354
Acquisition of other assets 620,483 2,100,382
Hyundai Life
Insurance Co.,
Ltd.
Guarantee deposits for leases
(new contracts)
117,820 -
Acquisition of other assets - 40,000
Total disposal of assets W 21,106,019 11,861,033
Total acquisition of assets 21,209,347 25,807,747
27. Related Party Transactions, Continued

March 31, 2015
(Unaudited)
43
Receivables and payables associated with related parties as of March 31, 2015 and December 31, 2014 were as
follows:
Type Related parties Transactions
March 31,
2015
December 31,
2014
Entity which has
significant
influence
Hyundai Motor
Company
Guarantee deposits for
leases
W 25,938 -
Other accounts receivable 36,136 30,545
Other account payable - 40,557
Associates Hyundai card Co.,
Ltd.
leases
424,171 424,171
Other account payable 8,393,152 9,416,927
Hyundai Life
Insurance Co.,Ltd
leases
355,871 238,050
Advanced payment 616,287 97,848
Others Kia Motors
Corporation Other accounts receivable
- 97
Hyundai Capital
Services, Inc.
Loans 135,883 147,734
leases
335,604 381,364
Other account payable 255,552 57,646
Autoever
Corporation
Accrued expenses 149,006 575,080
Haevichi
Hotels&Resorts
Co., Ltd.
Other account payable - 1,255
Hyundai
Engineering Co.,
Ltd.
Other account payable 842 14,321
Employees Loans 4,400,399 4,359,193
Total receivables W 7,639,824 6,286,033
Total obligation 8,798,552 10,105,786
Revenue and expense associated with related parties for the three-month periods ended March 31, 2015 and
2014 were as follows:
Type
Related
parties Transactions
March 31,
2015
December 31,
2014

March 31, 2015
(Unaudited)
44
Entity which
has significant
influence
Hyundai
Motor
Company
Installment of finance income W 81,337 113,513
General and administrative
expenses
2,905 76
Associates Hyundai card
Co., Ltd.
Non-operating income 628,867 513,368
expenses
222,514 222,961
Non-operating expense 163,883 179,056
Hyundai Life
Insurance
Co.,Ltd.
Other income 1,680,341 340,278
expenses
95,917 75,529
Others Kia Motors
Corporation
Installment of finance income 97 -
Other expenses 134 4,313
Hyundai
Capital
Services,
Inc.
.
Interest income 2,659 3,499
Gain on disposal of loans 1,026,140 663,753
Other income 176,799 -
Non-operating income 668,579 666,137
Loss on disposal of loans 846,368 1,037,609
expenses
258,647 364,346
Non-operating expense 228,826 255,239
Autoever
Corporation
expenses
1,486,623 1,236,408
Hyundai-
amco
expenses
- 41,508
Samwoo Co.,
Ltd.
Interest income - 1,932
Haevichi
Hotels&
Resorts Co.,
Ltd.
expenses
40,550 2,340
Hyundai
Engineering
Co., Ltd.
expenses
46,072 -
Korea Credit
Bureau
expenses
111,147 -
Employees Interest income 22,495 19,300
Total income W 4,287,314 2,321,780
Total expenses 4,487,921 6,649,479
The Group has been provided with guarantees by related parties (see note 26).

March 31, 2015
(Unaudited)
45
Compensation for key management for the three-month periods ended March 31, 2015 and 2014 were as
follows:
March 31, 2015 March 31, 2014
Short-term employment benefits W 791,288 637,753
Retirement benefits 253,556 233,353
The key management above consists of directors, who have significant authority and responsibilities for
planning, operating, and controlling of the Group.
28. Financial Risk Management
The Group is exposed to credit risk, liquidity risk, and market risk. In order to manage these risk factors, the
Group operates risk management policies and programs which closely monitor these risk factors. The Group
uses derivatives to manage specific risks.
Condensed consolidated interim financial statements do not include all of the disclosure requirements for annual
consolidated financial statements. See consolidated financial statements as of December 31, 2014 for details of
full disclosures.
There was no significant change in the Group's risk management division and policies after December 31, 2014.

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