1Q22_Audit_EN.pdf

HYUNDAI CAPITAL SERVICES, INC. AND
SUBSIDIARIES
Consolidated Interim Financial Statements
as of March 31, 2022 (Unaudited), and December 31, 2021,
and for the Three-month Periods Ended March 31, 2022 and 2021
HYUNDAI CAPITAL SERVICES, INC. AND SUBSIDIARIES

Contents
I. Report on Review of Consolidated Interim Financial Statements ---------------------- 1
II. Consolidated Interim Financial Statements (Attachment)
Consolidated Interim Statements of Financial Position ---------------------------------- 4
Consolidated Interim Statements of Comprehensive Income --------------------------- 7
Consolidated Interim Statements of Changes in Equity---------------------------------- 9
Consolidated Interim Statements of Cash Flows------------------------------------------ 11
Notes to the Consolidated Interim Financial Statements ----------------------------- 12

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Report on Review of Consolidated Interim Financial Statements
(English Translation of a Report Originally Issued in Korean)
To the Board of Directors and Shareholders of
Hyundai Capital Services, Inc.:
Report on the Consolidated Interim Financial Statements
We have reviewed the accompanying consolidated interim financial statements of Hyundai
Capital Services, Inc. and subsidiaries (the “Group”). These consolidated interim financial
statements consist of the consolidated interim statement of financial position as of March 31,
2022 (unaudited), and the related consolidated interim statements of comprehensive income,
consolidated interim statements of changes in equity and consolidated interim statements of
cash flows for the three-month period ended March 31, 2022, all expressed in Korean won, and
a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Consolidated Interim Financial Statements
The Group’s management is responsible for the preparation and fair presentation of the
accompanying consolidated interim financial statements in accordance with Korean
International Financial Reporting Standard (“K-IFRS”) 1034, Interim Financial Reporting, and
for such internal control as management determines is necessary to enable the preparation of
consolidated interim financial statements that are free from material misstatement, whether due
to fraud or error.
Independent Accountants’ Responsibility
Our responsibility is to express a conclusion on the accompanying consolidated interim financial
statements based on our reviews.
We conducted our reviews in accordance with the standards for review of consolidated interim
financial statements in the Republic of Korea. A review of interim financial information is limited
primarily to inquiries of company personnel responsible for financial and accounting matters
and analytical procedures applied to financial data and other review procedures, and this
provides less assurance than an audit. We have not performed an audit and, accordingly, we
do not express an audit opinion.
Review Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim financial statements of the Group are not presented fairly,
in all material respects, in accordance with K-IFRS 1034, Interim Financial Reporting.

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Others
The consolidated interim statement of comprehensive income for the three-month ended
March 31, 2021, and the related consolidated interim statement of changes in equity and
consolidated interim statement of cash flows for the three-month period then ended prepared
in accordance with K-IFRS 1034 presented for comparative purpose, have been reviewed by
KPMG Samjong Accounting Corporation whose review report dated May 14, 2021, expressed
an unqualified review opinion.
Moreover, the consolidated statement of financial position as at December 31, 2021, and the
related consolidated statement of comprehensive income, consolidated statement of changes
in equity and consolidated statement of cash flows for the year then ended, which have been
audited by KPMG Samjong Accounting Corporation, in accordance with auditing standards
generally accepted in the Republic of Korea (not presented here in), whose report dated
March 18, 2022, expressed an unqualified opinion. The accompanying consolidated statement
of financial position as of December 31, 2021, presented for comparative purpose, is not
different, in all material respects, from the above audited consolidated statement of financial
position.
Seoul, Korea
May 12, 2022
Notice to Readers
This report is effective as of May 12, 2022, 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 consolidated interim financial statements and
notes thereto. Accordingly, the readers of the review report should understand that there is a
possibility that the above review report may have to be revised to reflect the impact of such
subsequent events or circumstances, if any.

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Consolidated Statements of Financial Position (Attachment)
As of March 31, 2022 (Unaudited) and December 31, 2021
"We, Hyundai Capital Services, Inc. provided the Consolidated Financial Statements attached”
Representative Director, Mok Jin-Won
Headquarters: Hyundai Capital Bd. 3, Uisadang-daero, Yeongdeungpo-gu, Seoul, Korea
Phone: 1544-2114

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Consolidated Statements of Financial Position (Unaudited)
As of March 31, 2022 (Unaudited) and December 31, 2021
HYUNDAI CAPITAL SERVICES, INC. AND SUBSIDIARIES (Unit: Won)
Account Notes March 31, 2022 December 31, 2021
Assets
Ⅰ. Cash and due from other financial
institutions
1,012,206,899,955 1,673,883,755,470
1. Cash and cash equivalents 4,28,32 466,376,006,620 509,170,276,567
2. Cash and due from other
financial institutions
4 15,975,422,167 15,930,576,326
3. Short-term financial investments 5 529,855,471,168 1,148,782,902,577
Ⅱ. Securities 1,644,753,012,454 1,505,653,711,975
1. Investments in associates and
joint ventures
8 1,566,851,130,183 1,437,594,428,180
2. Measured at fair value through
profit or loss (FVTPL)
6,32 16,553,364,625 14,517,282,926
3. Measured at fair value through
other comprehensive income
7,32 61,348,517,646 53,542,000,869
Ⅲ. Loans receivable 9,31,32 10,388,809,584,690 10,117,989,267,752
1. Loans 10,758,666,775,423 10,493,995,590,123
Allowance for loan losses (369,857,190,733) (376,006,322,371)
Ⅳ. Installment Financial assets 9,31,32 13,510,869,960,099 13,752,115,472,889
1. Automobile 13,663,068,490,213 13,903,329,735,943
2. Durable goods 913,176 1,041,903
Allowance for loan losses (913,176) (989,314)
3. Mortgage 101,776,060 103,850,131
Allowance for loan losses (16,554,541) (17,119,798)
Ⅴ. Lease receivables 9,32 2,085,997,492,410 2,108,313,898,542
1. Finance lease receivables 2,118,473,991,423 2,141,639,560,797
2. Cancelled lease receivables 35,297,328,584 35,292,792,917
Ⅵ. Leased assets 10 4,791,271,066,243 4,559,020,458,787
1. Operating leased assets 6,323,201,440,789 5,998,525,127,938
Accumulated depreciation (1,506,226,300,310) (1,411,525,790,424)
Accumulated impairment losses (37,105,547,923) (39,244,635,590)
2. Cancelled leased assets 17,976,659,524 17,932,458,942
Accumulated impairment losses (6,575,185,837) (6,666,702,079)
Ⅶ. Tangible Asset 12 196,792,541,898 196,788,938,299
1. Land 79,121,040,878 79,121,040,878
2. Building 112,721,826,682 112,721,826,682
Accumulated depreciation (25,112,673,530) (24,403,263,878)
3. Vehicles 6,148,447,440 6,141,809,837
4. Fixture and furniture 176,825,647,453 176,791,425,514

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5. Other tangible asset 1,003,789,514 1,003,789,514
6. Construction in progress 6,332,922,916 3,187,137,450
Ⅷ. Right-of-use assets 11 17,305,630,018 14,356,199,889
1. Right-of-use assets 39,762,741,301 30,176,037,924
Ⅸ. Other assets 1,160,005,034,590 988,949,397,323
1. Non-trade receivables 32 126,939,439,743 108,162,734,414
Allowance for loan losses 9 (12,220,888,143) (12,413,200,788)
2. Accrued revenues 32 174,516,687,204 172,247,505,129
Allowance for loan losses 9 (16,278,098,326) (16,207,479,732)
3. Advance payments 87,427,698,234 72,425,256,669
4. Prepaid expenses 125,537,422,942 102,222,523,392
5. Intangible assets 13 103,389,899,187 108,440,850,762
6. Derivative assets 17,31,32 531,299,449,363 417,396,376,572
7. Leasehold deposits 32 22,914,224,602 22,952,054,101
8. Net defined benefit assets 15 16,479,199,784 13,722,776,804
Total assets 34,808,011,222,357 34,917,071,100,926
Liabilities
Ⅰ. Borrowed funds 14, 32 28,201,426,789,855 28,519,080,143,454
1. Borrowings 2,816,016,872,153 3,288,512,361,857
2. Bonds issued 25,385,409,917,702 25,230,567,781,597
Ⅱ. Other liabilities 1,209,255,436,939 1,191,260,197,675
1. Non-trade payables 32 357,732,826,045 325,863,217,390
2. Accrued expenses 32 89,438,771,970 108,056,045,568
3. Unearned revenue 19,420,169,358 17,671,649,049
4. Withholdings 113,702,252,440 120,346,510,476
5. Derivative liabilities 17,31,32 7,316,286,692 22,809,636,698
6. Lease liabilities 11 16,320,357,774 13,238,676,349
7. Current tax liabilities 69,196,358,786 77,862,485,162
8. Employee benefit liabilities 15 8,999,851,471 10,072,403,100
9. Deposits received 230,978,456,480 233,438,604,294
10. Deferred income tax liabilities 227,988,889,335 196,191,399,085
11. Provisions 16 68,154,657,632 65,696,574,464
12. Other 6,558,956 12,996,040
Total liabilities 29,410,682,226,794 29,710,340,341,129
Equity
Ⅰ. Equity attributable to the owners of
the Company
5,397,328,995,563 5,206,730,759,797
1. Issued capital 496,537,175,000 496,537,175,000
2. Capital surplus 388,612,881,398 388,612,881,398
3. Accumulated other comprehensive
income
26 158,587,308,692 92,761,963,177
4. Retained earnings 18 4,353,591,630,473 4,228,818,740,222
Ⅱ. Non-controlling interests -

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Total equity 5,397,328,995,563 5,206,730,759,797
Total liabilities and equity 34,808,011,222,357 34,917,071,100,926
"See accompanying notes to the consolidated interim financial statements."

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Consolidated Statements of Comprehensive Income (Unaudited)
For the Three-month Periods Ended March 31, 2022 and 2021
Account Notes March 31, 2022 March 31, 2021
I. Operating revenue 939,883,048,468 973,897,200,212
1. Interest income 19 6,724,737,315 2,954,378,688
2. Gain on valuation and sale of securities 228,254,057 171,967,442
3. Income on loans 19,20 208,762,815,302 193,743,335,631
4. Income on installment financial assets 19,20 149,617,076,391 158,925,934,798
5. Income on leases 19,20,21 375,700,271,075 317,701,320,885
6. Gain on sale of loans 2,156,713 2,541,590
7. Gain on foreign currency transactions 4,051,822,494 40,392,486,447
8. Dividend income 635,114,400 518,914,037
9. Other operating income 22 194,160,800,721 259,486,320,694
II. Operating expenses 803,685,113,746 842,351,505,417
1. Interest expense 19 147,562,107,502 140,186,629,620
2. Lease expense 20,21 279,957,449,615 231,733,791,338
3. Loss on valuation and sale of securities - 526,906,204
4. Provision for loan losses 9 31,733,662,133 32,649,247,494
5. Loss on sale of loans 52,070,103 53,901,016
6. Loss on foreign currency transactions 169,465,679,532 216,106,247,826
7. General and administrative expenses 23 152,730,169,679 151,794,323,740
8. Other operating expenses 22 22,183,975,182 69,300,458,179
III. Operating income 136,197,934,722 131,545,694,795
IV. Non-operating income 30,772,084,125 27,674,889,894
1. Share in net income of associates and joint ventures under the
equity method
8 28,316,354,085 26,983,025,555
2. Gain on sale of property and equipment 16,423,642 35,938,364
3. Loss on sale of intangible assets 198,310,000 -
4. Gain on sale of assets held for sale - -
5. Other 2,240,996,398 655,925,975
V. Non-operating expenses 3,531,800,387 1,974,928,907
1. Share in net loss of associates and joint ventures under the equity
method
8 3,337,939,879 1,688,244,949
2. Loss on sale of property and equipment - 176,535,119
3. Loss on sale of intangible assets 75,660,000 68,000,000
4. Donation 117,863,357 41,836,938
5. Other 337,151 311,901
VI. Profit before income taxes 163,438,218,460 157,245,655,782
VII. Income tax expense 24 38,665,328,209 37,404,177,514
VIII. Profit from continuing operations 124,772,890,251 119,841,478,268
IX. Profit (Loss) from discontinued operations, net of tax 35 - (1,579,703,051)
X. Profit for the period 124,772,890,251 118,261,775,217
XI. Other comprehensive income, net of income taxes 26 65,825,345,516 35,828,185,050
1. Items that will never be reclassified to profit or loss
(1) Remeasurements of defined benefit plans 4,263,575,361 1,368,977,045
(2) Profit (loss) on net change in unrealized gains and losses on
equity securities measured at fair value through other
comprehensive income equity securities
4,787,997,960 (183,849,489)
2. Items that are or may be reclassified subsequently to profit or loss
(1) Associates and joint ventures’ other comprehensive income,
share on net of income taxes
21,677,448,691 15,924,552,152
(2) Net change in effective portion of cash flow hedges 36,397,442,098 18,512,639,704

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(3) Overseas project conversion profit or loss (1,169,374,437) 240,005,234
(4) Net change in unrealized gains and losses on equity
securities measured at fair value through other comprehensive
income, total other comprehensive loss, net of income taxes
(131,744,157) (34,139,596)
XII. Total comprehensive income 190,598,235,767 154,089,960,267
1. Profit attributable to 124,772,890,251 118,261,775,217
(1) Equity attributable to the owners of the Company 124,772,890,251 118,261,775,217
A. Continuing operations profit for the period 124,772,890,251 119,841,478,268
B. Discontinued operations profit for the period (loss) - (1,579,703,051)
(2) Non-controlling interests - -
2. Total comprehensive income for the period attributed to 190,598,235,767 154,089,960,267
(1) Equity attributable to the owners of the Company 190,598,235,767 154,089,960,267
(2) Non-controlling interests - -
XIII. Equity attributable to the earnings on equity attributable to
the owners of the Company per share
26
1. Basic and diluted earnings per share of continuing operations
(in won)
1,256 1,207
2. Basic and diluted earnings (loss) per share of discontinued
operations (in won)
- (16)
"See accompanying notes to the consolidated interim financial statements."

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Consolidated Statements of Changes in Equity (Unaudited)
Account
Equity attributable to the owners of the Company
Total equity
Issued capital
Capital surplus
Accumulated other
comprehensive income (loss) Retained earnings
Additional paid-in capital Other capital surplus
Balances as of January 1, 2021 496,537,175,000 369,339,066,885 19,273,814,513 (41,006,219,511) 3,887,978,851,228 4,732,122,688,115
Total comprehensive income (expense):
1. Profit for the period - - - - 118,261,775,217 118,261,775,217
2. Other comprehensive income (loss), net of income taxes
(1) Associates and Joint ventures Other comprehensive income, share on net of
income taxes
- - - 15,924,552,152 - 15,924,552,152
(2) Net change in effective portion of cash flow hedges - - - 18,512,639,704 - 18,512,639,704
(3) Overseas project conversion profit or loss - - - 240,005,234 - 240,005,234
(4) Remeasurements of defined benefit plans - - - 1,368,977,045 - 1,368,977,045
(5) Loss on net change in unrealized gains and losses on equity securities measured
at fair value through other comprehensive income equity securities
- - - (183,849,489) - (183,849,489)
(6) Net change in unrealized gains and losses on equity securities measured at fair
value through other comprehensive income, total other comprehensive income
(loss), net of income taxes
- - - (34,139,596) - (34,139,596)
Total - - - 35,828,185,050 118,261,775,217 154,089,960,267
Transaction with owners of the Company:
1. Annual dividends - - - - (91,760,069,940) (91,760,069,940)
March 31, 2021 496,537,175,000 369,339,066,885 19,273,814,513 (5,178,034,461) 3,914,480,556,505 4,794,452,578,442
January 1, 2022 496,537,175,000 369,339,066,885 19,273,814,513 92,761,963,177 4,228,818,740,222 5,206,730,759,797
Total comprehensive income (expense):
1. Profit for the period 124,772,890,251 124,772,890,251
2. Other comprehensive income (loss), net of income taxes
(1) Associates and Joint ventures Other comprehensive income (loss), share on net
of income taxes
- - - 21,677,448,691 - 21,677,448,691
(2) Net change in effective portion of cash flow hedges - - - 36,397,442,098 - 36,397,442,098
(3) Overseas project conversion profit or loss - - - (1,169,374,438) - (1,169,374,438)
(4) Remeasurements of defined benefit plans - - - 4,263,575,361 - 4,263,575,361
(5) Profit(loss) on Net change in unrealized gains and losses on equity securities
measured at fair value through other comprehensive income equity securities
- - - 4,787,997,960 - 4,787,997,960

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Account
Equity attributable to the owners of the Company
Total equity
Issued capital
Capital surplus
Accumulated other
comprehensive income(loss) Retained earnings
Additional paid-in capital Other capital surplus
(6) Loss on valuation of debt securities measured at fair value through other
comprehensive income equity securities
- - - (131,744,157) - (131,744,157)
Total - - - 65,825,345,515 124,772,890,251 190,598,235,766
Transaction with owners of the Company:
1. Annual dividends - - - - - -
March 31, 2022 496,537,175,000 369,339,066,885 19,273,814,513 158,587,308,692 4,353,591,630,473 5,397,328,995,563
"See accompanying notes to the consolidated separate interim financial statements."

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Consolidated Statements of Cash Flows (Unaudited)
Ⅰ. Cash flows from operating activities 458,511,160,862 186,629,529,590
Cash generated from operations 27 645,717,972,228 368,979,210,243
Interest received 6,151,617,702 2,858,690,651
Interest paid (159,516,912,517) (168,671,738,019)
Dividends received - 10,545,887
Income taxes paid (33,841,516,551) (16,547,179,172)
Ⅱ. Cash flows from investing activities (87,484,888,481) (335,843,529)
Added investments in associates and joint
ventures
(75,680,070,526) -
Acquisition of building - (21,340,000)
Disposal of building - -
Acquisition of property and equipment - (256,794,662)
Proceeds from sale of property and
equipment
- 56,948,182
Acquisition of fixture and furniture (1,040,044,482) (561,777,647)
Disposal of fixture and furniture 17,602,934 435,480
Disposal of other tangible asset - -
Acquisition of construction in progress (2,985,108,386) (837,934,574)
Acquisition of intangible assets (11,208,043,282) (2,652,751,850)
Proceeds from sale of intangible assets 3,724,614,400 4,020,000,000
Increase in leasehold deposits (3,195,888,640) (691,634,692)
Decrease in leasehold deposits 2,882,049,501 609,006,234
Ⅲ. Cash flows from financing activities 27 (413,820,542,328) (75,197,339,329)
Proceeds from borrowings 449,760,000,000 450,065,444,766
Repayments of borrowings (925,000,010,000) (754,183,444,766)
Proceeds from issue of bonds 2,849,524,930,744 1,993,325,098,896
Repayments of bonds (2,821,760,000,000) (1,704,000,000,000)
Net increase in derivative financial
instruments
37,121,930,878 (56,327,531,486)
Repayments of lease liabilities (3,467,393,950) (4,076,906,739)
Dividend paid - -
Ⅳ. Net change in foreign currency translation
adjustments
- -
Ⅴ. Net increase in cash and cash equivalents
(I+II+III+Ⅳ)
(42,794,269,947) 111,096,346,732
Ⅵ. Cash and cash equivalents at beginning of
the period
27 509,170,276,567 406,065,094,754
Ⅶ. Cash and cash equivalents closing
balance
27 466,376,006,620 517,161,441,486
"See accompanying notes to the consolidated separate interim financial statements."

Notes to Consolidated Interim Financial Statements
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1. The Parent Entity
Hyundai Capital Services, Inc. (the “Company”) was established on December 22, 1993, to engage
in installment financing, facilities leasing and new technology financing. The Company changed its
trade name from Hyundai Auto Finance Co., Ltd. to Hyundai Financial Services Co. on April 21, 1995,
and changed its trade name once again to Hyundai Capital Services, Inc. on December 30, 1998.
In accordance with the Monopoly Regulation and Fair-Trade Act, the Company is incorporated
into Hyundai Motor Company Group. As of September 30, 2021, the Company’s operations are
headquartered at 3 Uisadang-daero, Yeongdeungpo-gu, Seoul, Korea. Its major shareholders are
Hyundai Motor Company and Kia Corporation with 59.68% and 40.10% ownership, respectively.
The consolidated interim financial statements include the accounts of the Company and its subsidiaries,
including Autopia 64th Asset Securitization Specialty Company (ABS SPC) with trust for the
securitization, and other subsidiaries as summarized below (collectively, the “Group”). Investments in
Beijing Hyundai Auto Finance Co., Ltd. and eight other associates and joint ventures are accounted
for under the equity method.
(1) The Group’s subsidiaries
Subsidiaries as of March 31, 2022 and 2021, are as follows:
Classification Business
place
Industry Ownershi
p (%)
March 31, 2022 December 31, 2021
SPCs(*1)
Korea Asset securitization
vehicles
0.50(*5)
Autopia 64th SPCs, Autopia 64th SPCs,
Autopia 68th SPCs,
Autopia 69th SPCs,
Autopia 68th SPCs,
Autopia 69th SPCs,
Autopia 71st SPCs, Autopia 71st SPCs,
Autopia 72nd SPCs, Autopia 72nd SPCs
Autopia 73rd SPCs
Structured
Entity(*2)
Korea Other financial
services
- Zavurov First Co., Ltd. Zavurov First Co., Ltd.
Limited liability
companies(*3)
Germany Management
consultancy activities
100.00 Hyundai Capital Europe GmbH Hyundai Capital Europe GmbH
Limited liability
companies
India Management
100.00 Hyundai Capital India Private
Limited
Hyundai Capital India Private
Limited
Limited liability
companies
Brazil Management
100.00 Hyundai Capital Brazil LTDA Hyundai Capital Brazil LTDA
Joint stock
company
Australia Management
100.00 Hyundai Capital Australia Pty
Limited
Hyundai Capital Australia Pty
Limited
Limited liability
companies(*4)
Indonesia Management
100.00 PT. Hyundai Capital Indonesia PT. Hyundai Capital Indonesia
Investments
trusts
Korea Investments trusts 100.00 Specified money trusts (nine trusts) Specified money trusts (seven trusts)

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(*1) ABS SPCs are established for asset liquidation purposes. Although the Group owns less than
50% of the shares of subsidiaries, it is considered that the Group has control over the companies
as it is exposed, or has rights, to variable returns from its involvement with the investees and has
the ability to affect those returns through its power over the investees.
(*2) It is established to finance real estate projects. Although the Group owns less than 50% of the
shares of subsidiary, it is considered that the Group has control over the company as it is exposed,
or has rights, to variable returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee.
(*3) Hyundai Capital Europe GmbH holds 100% ownership interests of Hyundai Capital Services
Limited Liability Company in Russia.
(*4) The Company owns directly 99.50% shares; however, it was written in 100% by adding the
portions indirectly owned through the president of the subsidiary according to the local laws.
(*5) Newly established Autopia 73rd SPCs in the period did not put the equity on March 31, 2022,
status quo.
(2) Changes in subsidiaries
No subsidiaries were excluded from the Group’s consolidated interim financial statements, except
for changes in specified money trust accounts in which the Group invests, during the year ended
March 31, 2022, and the subsidiaries newly included into the consolidated financial statements
are as follows:
1) Subsidiaries newly included in the consolidated financial statements during the year ended
March 31, 2022:
Subsidiaries Reason
Autopia 73rd SPCs
SPC (Investments trusts) established during the
period in relation to new asset securitization
vehicles
(3) Key financial information of subsidiaries as of March 31, 2022, is summarized as follows:
(Unit: M Won)
Company Asset Liability Equity Operating
revenue
Net income
(loss)
Total
comprehensive
income
(expense)
Hyundai Capital Europe GmbH 22,776 1,024 21,752 1,879 (300) (497)
Hyundai Capital India Private Limited 912 173 739 402 17 64
Hyundai Capital Brazil LTDA 252 - 252 71 (26) 22
Hyundai Capital Australia Pty Limited 1,180 111 1,069 450 8 92
PT. Hyundai Capital Indonesia 249 27 222 174 22 39
Autopia ABS SPCs 4,528,478 4,510,599 17,879 47,442 (2,480) 24,684
Zavurov First Co., Ltd. 20,965 20,972 (7) 207 5 5
Specified money trusts (nine trusts) 251,266 - 251,266 66 66 66

- 14 -
(4) Nature of risks related to structured entities consolidated into the Group
As of March 31, 2022, the Company provides guarantees to the counterparties of currency swaps
in relation to asset-backed securitized notes issued by Autopia 68th and 69th ABS SPCs, structured
entities that the Group consolidates. These guarantees would require the Company to reimburse
the swap counterparties for losses that they incur if these structured entities do not perform in
accordance with the contractual terms of the swaps.
2. Basis of Preparation
(1) Statement of compliance
The consolidated separate interim financial statements have been prepared in accordance
with Korean International Financial Reporting Standards (K-IFRS), as prescribed in the Act on
External Audits of Stock Companies, etc., in the Republic of Korea.
These consolidated separate interim financial statements were prepared in accordance with
K-IFRS No. 1034, Interim Financial Reporting, as part of the period covered by the Company’s
K-IFRS 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 Company since the last annual financial statements as at and for the year
ended December 31, 2021.
(2) Use of estimates and judgments
1) Uncertainties in assumptions and estimates of the management
The preparation of the consolidated separate 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.
The COVID-19 impact on the macroeconomic factors is reflected in the forward-looking
information in calculation of the expected credit loss (ECL) allowance. The Company has been
monitoring the impact of the pandemic on the global economy, the Company’s business and its
financial position.
In preparing these consolidated separate interim financial statements, the significant judgments
made by management in applying the Company’s accounting policies and the key sources of
estimation uncertainty except for changes described in Note 3. (1) were the same as those were
applied to the separate financial statements as of and for the year ended December 31, 2021.

- 15 -
2) Measurement of fair value
The Group is establishing fair value assessment policies and procedures. These policies and
procedures include the operation of the assessment department responsible for reviewing all
significant fair value measurements, including fair value classified as Level 3 of the fair value
hierarchy, and the results are reported directly to the financial officer.
The Group regularly reviews significant unobservable inputs and valuation adjustments. If
third-party information, such as broker quotes or pricing services, is used in measuring fair values,
then the Group assesses the evidence obtained from the third parties to support the conclusion
that such valuations meet the requirements of K-IFRS, including the level in the fair value
hierarchy.
When measuring the fair value of an asset or a liability, the Group uses market observable
data as far as possible. Fair values are categorized into different levels in a fair value hierarchy
based on the inputs used in the valuation techniques as follows.
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset
or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
- Level 3: inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
If the inputs used in measuring the fair value of an asset or a liability might be categorized
in different levels of the fair value hierarchy, then the fair value measurement is categorized in
its entirety in the same level of the fair value hierarchy as the lowest level input that is significant
to the entire measurement. The Group recognizes transfers between levels of the fair value
hierarchy at the end of the reporting period during which the change has occurred.
Further information about the assumptions made in measuring fair values is included in Note 32.
3. Significant Accounting Policies
The significant accounting policies applied by the Group in the preparation of its consolidated
financial statements are included below. Except for the changes as described in (1), the
accounting policies applied by the Group in these consolidated financial statements are as same
as those applied by the Group in its consolidated financial statements as of and for the year ended
December 31, 2022. The 2022 consolidated comprehensive income statement has been restated
to separately present the results of the discontinued operation from that of the continuing
operations.
(1) Changes in accounting policies
The Group newly applied the established, revised standards and interpretation standards to be
applied on January 1, 2022, and the application of the standards does not make significant
influence on the consolidated interim financial statements.

- 16 -
- K-IFRS No. 1103 ‘Business Combinations’ - Refer to the Concept System (Revised)
The said revision includes the details into No. 1103 to refer to ‘Concept System’ (2018) instead
of the old Concept System (2007). For the provisional liabilities or contingent liabilities
categorized into the range of No. 1037, the said revision adds the requirement of applying
K-IFRS No. 1037 for the acquisitioner to decide whether the present obligations exist
consequently to the past events at the acquisition date. For the payments falling on the
application scope of K-IFRS No. 2121, the K-IFRS No. 2121 is applied to decide whether the
obligatory events to bring the liabilities for payment till the acquisition date.
The said revision adds the explicit paragraph that the acquisitioner does not recognize the
contingent liabilities in business combinations.
The said revision is quoted to the business combinations with the acquisition date after the first
day of the fiscal year starting since January 1, 2022.
- K-IFRS No. 1016 ‘Tangible Asset’ - Cost on the sales proceeds of the goods produced before
using in intended manner (Revised)
The said revision prohibits for the management to deduct the proceeds of the tangible asset from
the cost of the tangible asset in the course of reaching to the point and state required to operate
it in the manner intended. Accordingly, such sales proceeds and related costs are recognized as
net profit (loss) and such cost is measured according to K-IFRS No 1002.
The consolidated interim statements of comprehensive income, which include the amounts of
the sales proceeds, cost and the account shall be publicized when the proceeds and cost of the
goods produced are not registered separately in the consolidated interim statements of
comprehensive income as the goods are not derived from the usual activities of the entity.
The said revision is quoted retrospectively to the tangible asset reached to the point and state to
be operated in the intended manner of the management since the date of the earliest time
registered in the financial statements quoted the revised details firstly. The first quoting effect is
recognized by adjusting the opening balance of the retained earnings (Otherwise, if proper,
another component of the equity) at the earliest starting date registered.

- 17 -
- K-IFRS No. 1037 ‘Provisions, contingent liabilities and contingent asset’ – loss bearing
commitment-commitment cost (Revised)
The said revision clarifies that the commitment cost is made of the costs related directly to the
commitment. The cost related directly to the commitment is composed of the augmented cost
(E.g., direct labor cost, direct raw material cost) and other cost distributions (E.g., Depreciation
on the tangible asset used for the commitment) to execute the commitment.
The said revision is quoted to the commitment not finished for all obligations at the starting date
of the fiscal year of the first quotation of this revision. The comparative financial statements are
not made again, instead of that, the accumulation effects from the first application of the revised
details are recognized as the retained earning opening balance in the first application date or if
proper, as another equity.
- Consecutive revisions on K-IFRS accepted by Korea on 2018-2020
The said consecutive revisions include K-IFRS No. 1101 ‘International Accounting Principles
accepted firstly by Korea,’K-IFRS No. 1109 ‘ Financial instruments,’K-IFRS No. 1116 ‘Lease,’
and a part of the revisions on K-IFRS No. 1041 ‘Agriculture, forest and fishery industry.’
① K-IFRS No. 1101 ‘International Accounting Principles accepted firstly by Korea’
The said revision provides the additional exemption on the accounting procedures of
accumulated translation differences of the subsidiaries, which accepts the revision firstly later
than the parent.
The subsidiaries accepting the exemption regulations of D16(1) may choose to measure the
accumulated translation differences in all overseas business sites with the carrying amount to be
included in the financial statements of the parent by registering the opening balance on the
conversion date to the International Accounting Principles of the parent accepted by Korea.
However, the effects of the business combinations of acquisitioning the subsidiaries by the parent
and the adjustments in the consolidating process are excluded. For the cases of quoting the
exemption regulations in D16(1), paragraph K-IFRS No. 1101 by the other related parties or the
common entities, the similar choices are available.
② K-IFRS No. 1109 ‘Financial Instruments’
The said revision includes only the fees to be received or paid between the entity (Borrower) and
lender in applying ‘10%” test for deciding the elimination of the financial liabilities. It clarifies
the inclusion of the fees paid or received by the enterprise or the lender on behalf of the other
parties. The said revision is applied progressively to the changes and exchanges occurred after
the first application date.

- 18 -
③ K-IFRS No. 1116 ‘Lease’
The said revision deleted the details on the lease changing compensation in the case 13, K-IFRS
No. 1116.
(2) Unreflected Establishment ㆍ Revision Standards
The Establishment ㆍ Revision Standards and its interpretations established and declared on
March 31, 2022, status quo, but not effectuated on the fiscal year starting since January 1, 2022,
are as follows. We did not quote the following Establishment ㆍ Revision Standards and its
interpretations earlier at the provision of the financial statements.
- K-IFRS No. 1001 ‘Financial Statements Representation:’ Classification on the current
liabilities and non-current liabilities (Revised)
The said revision impacts only the current liabilities and non-current liabilities on the
consolidated interim financial statements and does not impact the publicizing information on
the assets, liabilities, amount of profit (loss), recognition time or corresponding accounts.
The said revision clarifies that the classification of the current liabilities and non-current
liabilities is based on the enterprises’ rights existing at the end of the period and emphasizes that
it is regardless of expecting the execution of the right to defer paying for the liabilities. Also, it
describes the existence of the said right when the borrowing commitments are complied at the
end of the period, and clarifies the definition on the payment to transfer the cash, share products,
other assets or services to the trading partners.
The said revision is applied retrospectively and allowed to apply earlier since the starting date
of the fiscal year staring since January 1, 2023.
- K-IFRS No. 1001 ‘Financial Statements Representation’ and International Accounting
Principle Working Manual 2 ‘Judgement on the Materiality’ (Revised): Accounting policy
publication
The said revision changes the requirements on the accounting policy publication, K-IFRS No.
1001, all terminologies of ‘Significant accounting policies’ are replaced with ‘Material
accounting policies.’

- 19 -
The paragraphs on K-IFRS No. 1001 are revised to clarify that the insignificant transactions, other
events or situations and related accounting policies are not required to be publicized. The accounting
policies may be significant even though the amount is insignificant due to the nature of the trades,
other events or situations related. All information on the accounting policies related to the trades, other
events or situations are not significant as they are.
The guidelines and cases were developed to describe and apply the ‘4 steps of the materialization
process’ described in the ‘Judgements on the Materiality’ in International Accounting Principle
Working Manual 2.
The said revision is applied progressively to the fiscal year starting firstly since January 1, 2023,
and earlier application is allowed. The revision on the in International Accounting Principle
Working Manual 2 does not include its execution date and transitional regulations.
- K-IFRS No. 1008 ‘Changes and Mistakes on Accounting Policies and Accounting Estimates’
(Revised): Definition of the Accounting Estimates
The said revision transfers the definition on the changes in accounting estimates to the
accounting estimates. According to new definition, the accounting estimates are “currency
amounts on the financial statements impacted by the measurement uncertainty.”
The said revision is applied from the fiscal year starting firstly since January 1, 2023, and its
earlier application is allowed. It is applied to the changes on the accounting estimates and
accounting policies occurred since the starting date of the fiscal year of applying this revision
firstly.
- K-IFRS No. 1012 ‘Corporate Tax’: Deferred corporate tax on the assets and liabilities from
the single transaction.
The said revision reduces the application scope of the exceptional regulations on the first
recognition. According to the said revision, the exceptional regulations on the first recognition
are not applied to the transactions, which make the tentative differences for adding and
deducting in same amount.

- 20 -
The tentative differences to be added or deducted in same amount may be taken place at neither
the business combination nor the trades not impacting to the accounting profit or taxation
incomes at the first recognition on the assets or the liabilities. For example, such case may be
occurred at the recognition of the lease liabilities and its responsive right-of-use assets in
application of K-IFRS No. 1116 on the lease starting date.
According to the revision on K-IFRS No. 1012, the related deferred corporate tax assets and
deferred income tax liabilities shall be recognized and the recognition on the deferred corporate
tax assets is subject to the requirements of redemption possibility in K-IFRS No. 1012.
The said revision is applied from the fiscal year starting firstly since January 1, 2023, and its
earlier application is allowed.
4. Due from Banks
Restricted accounts in due from banks as of March 31, 2022, and December 31, 2021, are as
follows:
(Unit: M Won)
Financial Institution March 31, 2022 December 31, 2021 Restrictions
Nonghyup Bank and one other 15,700 15,700 Loans secured by saving
accounts
Hana Bank and two others 10 10 Key money deposits for
checking account received
Citi Bank and seven others 92,867 92,880 Deposits in trust of ABS SPCs
Total 108,577 108,590

- 21 -
5. Short-term Financial Investments
Short-term financial investments as of March 31, 2022, and December 31, 2021, are as follows:
(Unit: M Won)
Classification Acquisition cost March 31, 2022 December 31, 2021
Debt securities
Commercial paper 396,435 396,372 840,566
Bank debenture - - 224,719
Government and public bonds 133,500 133,483 83,498
Total 529,935 529,855 1,148,783
For liquidity management, the Group holds floating money 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.
6. Securities Measured at FVTPL
Securities measured at FVTPL as of March 31, 2022, and December 31, 2021, are as follows:
(Unit: M Won)
Classification March 31, 2022 December 31, 2021
Debt securities(*1)
Multi asset KDB Ocean value up Private Fund Special Asset Trust
8
4,264 4,304
Wooricard Auto 1st Private Placing Corporate Bond issued(*2) 3,000 3,000
KB Capital Auto 3rd ABS SPC (Equity tranche)(*2) 3,000 3,000
KB Capital Auto 4th ABS SPC (Equity tranche)(*2) 1,800 1,800
JB Woori Capital Auto 23rd ABS SPC (Equity tranche)(*2) 1,800 1,800
Mirae Asset NPL special investment type private collective real
estate Trust 8
689 613
VIP power plus-S 2 year general private collective investment trust
5(*2)
2,000 -
Total 16,553 14,517
(*1) The fair values of the debt securities are quoted from an independent valuation service
provider, using the valuation technique based on the NAV (net asset value) approach or the
dividend discount model.
(*2) It is measured at acquisition cost as the information is not enough for fair value measurement.

- 22 -
7. Securities Measured at Fair Value through Other Comprehensive Income
(1) Securities measured at fair value through other comprehensive income as of March 31,
2022, and December 31, 2021, is as follows:
(Unit: M Won)
Equity securities(*1)
Listed equity securities 35,242 32,453
Unlisted equity securities 17,981 13,954
Subtotal 53,223 46,407
Debt securities
Government and public bonds 2,405 1,230
Corporate bonds 5,721 5,905
Subtotal 8,126 7,135
Total 61,349 53,542
(*1) The equity securities the Group holds for the purposes of strategic alliance and others
are designated as securities measured at fair value through other comprehensive income.
(2) Equity securities as of March 31, 2022, and December 31, 2021
(Unit: M Won)
Classification
Number of
shares (in
shares)
Ownership
(%)
March 31,
2022
December
31, 2021
Listed equity securities
NICE Information Service Co., Ltd. 1,365,930 2.25 26,909 24,587
NICE Holdings Co., Ltd. 491,620 1.30 8,333 7,866
Subtotal 35,242 32,453
Unlisted equity securities(*1)
HYUNDAI M Partners Co., Ltd. 1,700,000 9.29 17,481 13,954
Data-based medium interest rate market
innovation preparatory corp.
100,000 3.57 500 -
Subtotal 17,981 13,954
Total 53,223 46,407
(*1) The fair value of unlisted equity securities is estimated at the appraisal value quoted from
an independent valuation service provider.

- 23 -
(3) Debt Securities as of March 31, 2022, and December 31, 2021
(Unit: M Won)
Classificatio
n
Issuer March 31, 2022 December 31, 2021
Government
and public
bonds(*1)
Seoul Metropolitan Rapid Transit Corp. and other Korean
municipal bonds
2,405 1,230
Corporate
bonds(*2)
KB Capital Auto 3rd ABS SPC (Mezzanine tranche) 1,430 1,477
KB Capital Auto 4th ABS SPC (Mezzanine tranche) 2,856 2,950
JB Woori Capital Auto 23rd ABS SPC (Mezzanine
tranche)
1,435 1,478
Subtotal 5,721 5,905
Total 8,126 7,135
(*1) The fair values of Seoul Metropolitan Rapid Transit Corp. and other Korean municipal
bonds are quoted from securities companies.
(*2) The fair values of KB Capital Auto 3rd ABS SPC (Mezzanine tranche), KB Capital Auto
4th ABS SPC (Mezzanine tranche) and JB Woori Capital Auto 23rd ABS SPC (Mezzanine
tranche) are quoted from an independent valuation service provider.

- 24 -
8. Investments in Associates and Joint ventures
Details of investments in associates and joint ventures as of March 31, 2022, and
December 31, 2021, are as follows:
(1) Details of investments in associates and joint ventures
1) March 31, 2022
Company
Ownership
(%)
Business
place
Date of
financial
statements
Industry
Korea Credit Bureau(*1) 7.00 Korea Credit information service
Hyundai Capital UK Ltd. 29.99 U.K. 31.03.2022 Credit finance business
Beijing Hyundai Auto Finance Co., Ltd.(*3) 46.00 China 31.03.2022 Credit finance business
Hyundai Capital Canada Inc. 20.00 Canada 31.03.2022 Credit finance business
BANCO HYUNDAI CAPITAL BRASIL
S.A(*2)
50.00 Brazil 31.03.2022 Credit finance business
Hyundai Corretora de Seguros LTDA.(*2,3) 50.00 Brazil 31.03.2022 Insurance brokerage
Hyundai Capital Bank Europe GMBH 49.00 Germany 31.03.2022 Credit finance business
BAIC Hyundai Leasing Co. Ltd(*3) 40.00 China 31.03.2022 Lease
Hyundai Capital France(*4) 50.00 France 31.03.2022 Credit finance business
(*1) While the Group holds less than 20% of the voting rights, the equity security method is used
to assess because it exercises the significant influence through representation on the board of
directors or equivalent governing body of the investee.
(*2) Both the Group and the other participants have rights to purchase or sell all shares held by
the parties in the cases of termination of the joint venture agreement, violation of any Brazilian
Law or others. The Group judged that the rights are not substantive as of March 31, 2022.
(*3) It corresponds to the joint ventures.
(*4) Due to capital contribution and others by the Group during the three-month ended March 31,
2022, the entities have been included in the investment in associates.
2) December 31, 2021
Company Ownershi
p (%)
Business
place
Date of
financial
statements
Industry
Korea Credit Bureau(*1) 7.00 Korea 31.12.2021 Credit information service
Hyundai Capital UK Ltd. 29.99 U.K. 31.12.2021 Credit finance business
Beijing Hyundai Auto Finance Co., Ltd.(*3) 46.00 China 31.12.2021 Credit finance business
Hyundai Capital Canada Inc. 20.00 Canada 31.12.2021 Credit finance business
Hyundai Capital Bank Europe GmbH 49.00 Germany 31.12.2021 Credit finance business
S.A.(*2)
50.00 Brazil 31.12.2021 Credit finance business
Hyundai Corretora de Seguros LTDA.(*2,3) 50.00 Brazil 31.12.2021 Insurance brokerage
BAIC Hyundai Leasing Co. Ltd(*3) 40.00 China 31.12.2021 Lease

- 25 -
(*1) While the Group holds less than 20% of the voting rights, the equity security method is used
to assess because it exercises the significant influence through representation on the board of
directors or equivalent governing body of the investee.
(*2) Both the Group and the other participants have rights to purchase or sell all shares held by
the parties in the cases of termination of the joint venture agreement, violation of any Brazilian
Law or others. The Group judged that the rights are not substantive as of March 31, 2022.
(*3) It corresponds to the joint ventures.
(2) Condensed financial information on main associates and joint ventures and adjustment to
book value on the investments in associates and joint ventures
1) March 31, 2022, and the period
(Unit: M Won)
Company
March 31, 2022
Asset Liability Issued capital Total equity
Net asset
share
amount
Goodwill Book value
Korea Credit Bureau 127,818 83,117 10,000 44,701 3,129 1,037 4,166
Hyundai Capital UK Ltd. 6,185,952 5,627,045 96,055 558,907 167,616 - 167,616
Beijing Hyundai Auto Finance Co.,
Ltd.
5,488,522 4,050,672 708,965 1,437,850 661,411 - 661,411
Hyundai Capital Canada Inc. 5,133,604 4,638,298 346,758 495,306 99,061 2,495 101,555
Hyundai Capital Bank Europe GmbH 7,508,283 6,499,862 14,282 1,008,421 481,431 10,217 491,648
BANCO HYUNDAI CAPITAL
BRASIL S.A.
1,171,156 1,069,340 91,529 101,816 50,908 - 50,909
Hyundai Corretora de Seguros LTDA. 1,156 1,233 617 (77) - - -
BAIC Hyundai Leasing Co. Ltd. 119,741 81,322 50,603 38,419 15,368 - 15,368
Hyundai Capital France 1,046,294 900,997 129,120 145,296 72,647 1,531 74,178
(Unit: M Won)
Company
Three-month period ended March 31, 2022
Operating
revenue
Interest
income
Interest
expense
Net
income(loss)
Other
comprehensiv
e income
(loss), net of
income taxes
Total
comprehensiv
e income
(expense)
Annual
dividend
Korea Credit Bureau 33,699 26 - 22,065 - 3,409 -
Hyundai Capital UK Ltd. 49,197 47,356 11,332 19,743 (2,958) 19,107 -
Ltd.
104,093 103,359 38,346 25,431 28,099 47,842 -
Hyundai Capital Canada Inc. 167,286 163,609 134,124 7,461 27,866 53,297 -
Hyundai Capital Bank Europe GmbH 208,800 26,193 6,275 8,539 6,917 14,378 -
BRASIL S.A.
36,389 36,389 18,438 - 15,791 24,330 -
Hyundai Corretora de Seguros LTDA. 102 - - (4,830) (12) (12) -
BAIC Hyundai Leasing Co. Ltd. 2,289 9 - (1,392) 847 (3,983) -
Hyundai Capital France 6,062 6,062 (487) 22,065 6,919 5,527 -

- 26 -
2) December 31, 2021, and the last period
(Unit: M Won)
Company
December 31, 2021
Asset Liability Issued capital Total equity
Net asset
share
amount
Goodwill Impairment
loss
Book value
Korea Credit Bureau 127,474 72,628 10,000 54,846 3,839 1,037 - 4,876
Hyundai Capital UK Ltd. 5,852,818 5,312,436 96,055 540,382 162,061 - - 162,061
Beijing Hyundai Auto Finance Co., Ltd. 5,648,345 4,258,337 708,965 1,390,008 639,404 - - 639,404
Hyundai Capital Canada Inc. 4,642,638 4,200,629 346,758 442,009 88,402 2,392 - 90,794
Hyundai Capital Bank Europe GmbH 6,910,165 5,916,354 14,282 993,811 474,523 23,527 (13,332) 484,718
S.A.
892,224 814,663 91,529 77,561 38,781 - - 38,781
Hyundai Corretora de Seguros LTDA. 940 1,005 617 (65) - - - -
BAIC Hyundai Leasing Co. Ltd. 109,996 67,594 50,603 42,402 16,961 - - 16,961
(Unit: M Won)
Company
Three-month period ended March 31, 2021
Operating
revenue
Interest
income
Interest
expense
Net
income(loss)
Other
comprehensive
income (loss), net
of income taxes
Total
comprehensive
income (expense)
Annual dividend
Korea Credit Bureau 30,618 7 - 3,512 - 3,512 1,000
Hyundai Capital UK Ltd. 38,614 37,872 7,753 18,434 20,665 39,099 -
Beijing Hyundai Auto Finance Co., Ltd. 108,272 107,099 44,864 37,983 38,334 76,317 -
Hyundai Capital Canada Inc. 123,584 115,509 97,953 12,486 13,081 25,567 -
Hyundai Capital Bank Europe GmbH 174,177 20,369 6,608 (2,075) (7,727) (9,802) -
S.A.
17,937 17,937 6,413 2,936 (4,350) (1,414) -
Hyundai Corretora de Seguros LTDA. 40 - - (45) (8) (53) -
BAIC Hyundai Leasing Co. Ltd. 648 - - (1,457) 1,467 10 -
(3) Details on the equity method of the investing companies
1) Three-month period ended March 31, 2022
(Unit: M Won)
Company Opening balance Addition
Share in net
income
Share in other
comprehensive
income
Dividends Closing balance
Korea Credit Bureau 4,876 - (710) - - 4,166
Hyundai Capital UK Ltd. 162,061 - 6,442 (887) - 167,616
Beijing Hyundai Auto Finance Co., Ltd. 639,404 - 9,081 12,926 - 661,411
Hyundai Capital Canada Inc. 90,794 - 5,086 5,675 - 101,555
Hyundai Capital Bank Europe
GmbH(*1)
484,718 - 3,473 3,457 - 491,648
BRASIL S.A.
38,781 - 4,230 7,898 - 50,909
Hyundai Corretora de Seguros LTDA. - - - - - -
BAIC Hyundai Leasing Co. Ltd. 16,961 - (1,932) 339 - 15,368
Hyundai Capital France - 75,680 (696) (806) - 74,178
Total 1,437,594 75,680 24,978 28,598 - 1,566,850

- 27 -
2) Three-month period ended March 31, 2021
(Unit: M Won)
Company Opening
balance
Addition
Share in
net
income
Share in other
comprehensive
income
Dividends Closing
balance
Korea Credit Bureau 6,601 - (187) - (70) 6,344
Hyundai Capital UK Ltd. 120,550 - 5,529 6,197 - 132,276
Ltd.
544,965 - 17,472 17,634 - 580,071
Hyundai Capital Canada Inc. 46,809 - 2,498 2,730 - 52,037
Hyundai Capital Bank Europe GmbH 495,999 - (897) (3,961) - 491,141
BRASIL S.A.
33,862 - 1,486 (2,175) - 33,173
Hyundai Corretora de Seguros LTDA. 77 - (22) (4) - 51
BAIC Hyundai Leasing Co. Ltd. 18,214 - (584) 588 - 18,218
Total 1,267,077 - 25,295 21,009 (70) 1,313,311
(4) Suspension on recognition of loss in equity security method
The accumulated unreflected equity security changes not recognized due to the suspension on
the equity security method on March 31, 2022, and December 31, 2021, status quo as follows.
1) March 31, 2022, and the period
(Unit: M Won)
Classification Unreflected loss of
equity method
Accumulated
unreflected loss of
equity method
Hyundai Corretora de Seguros LTDA (6) (38)
2) December 31, 2021, and three-month period ended March 31, 2021
(Unit: M Won)
Classification Unreflected loss of
equity method
Accumulated
unreflected loss of
equity method
Hyundai Corretora de Seguros LTDA - (32)

- 28 -
9. Financial Receivables
(1) Financial receivables measured at amortized costs as of March 31, 2022, and
1) March 31, 2022
(Unit: M Won)
Classification
Unpaid outstanding
principal balance
Deferred loan costs,
net of fees (Initial
direct fees, net of cost
on finance leases)
Present value
discounts
Allowance for loan
losses
Book value
Loans receivable
Loans 10,721,761 38,372 (1,466) (369,857) 10,388,810
Installment Financial assets
Automobile 13,927,643 (264,574) - (152,284) 13,510,785
Durable goods 1 - - (1) -
Mortgage 101 1 - (17) 85
Subtotal 13,927,745 (264,573) - (152,302) 13,510,870
Lease receivables
Finance lease
receivables
2,118,703 (229) - (41,571) 2,076,903
Cancelled lease
receivables
35,297 - - (26,203) 9,094
Subtotal 2,154,000 (229) - (67,774) 2,085,997
Total 26,803,506 (226,430) (1,466) (589,933) 25,985,677
2) December 31, 2021
(Unit: M Won)
Classification
Unpaid outstanding
principal balance
Deferred loan
costs, net of
fees(Initial direct
fees, net of cost on
finance leases)
Present
value
discounts
Allowance for loan
losses
Book value
Loans receivable
Loans 10,452,088 43,195 (1,287) (376,006) 10,117,990
Installment Financial assets
Automobile 14,160,773 (257,443) - (151,301) 13,752,029
Durable goods 1 - - (1) -
Mortgage 102 1 - (17) 86
Subtotal 14,160,876 (257,442) - (151,319) 13,752,115
Lease receivables
Finance lease
receivables
2,141,865 (225) - (42,156) 2,099,484
Cancelled lease
receivables
35,293 - - (26,463) 8,830
Subtotal 2,177,158 (225) - (68,619) 2,108,314
Total 26,790,122 (214,472) (1,287) (595,944) 25,978,419

- 29 -
(2) The following tables present a reconciliation of changes in allowance for loan losses, including ECL allowance, for doubtful accounts and
for other assets as of March 31, 2022 and 2021:
1) March 31, 2022
(Unit: M Won)
Classification
Loans receivable Installment Financial assets Lease receivables
Other
assets
Total
12-month
ECL
Lifetime ECLs Purchased or
originated
credit-impaired
Financial
assets
12-month
ECL
Lifetime ECLs 12-month
ECL
Lifetime ECLs
Not credit
impaired
Credit
impaired
Not credit
impaired
Credit
impaired
Not credit
impaired
Credit
impaired
Opening balance 99,276 115,532 146,611 14,587 59,191 50,488 41,640 14,298 8,119 46,202 28,620 624,564
Movements between the three
stages
Transferred to 12-month ECLs 15,833 (15,171) (662) - 8,240 (7,835) (405) 1,188 (659) (529) - -
Transferred to lifetime ECLs (15,661) 19,012 (3,351) - (5,815) 7,484 (1,669) (795) 2,244 (1,449) - -
Transferred to credit-impaired (617) (6,308) 6,925 - (112) (1,496) 1,608 (17) (97) 114 - -
Disposal - - 60 - - - 16 - - - - 76
Charge-offs - - (38,304) (2,458) - - (11,980) - - (58) (226) (53,026)
Recoveries - - 9,639 6,184 - - 2,886 - - - 353 19,062
Unwinding of discounts - - (3,718) (51) - - (154) - - (55) (3,978)
Provision for (release of)
allowance
(2,464) 5,919 24,814 (5,770) (2,094) 2,823 9,485 (267) (966) 501 (248) 31,733
Closing balance 96,367 118,984 142,014 12,492 59,410 51,464 41,427 14,407 8,641 44,726 28,499 618,431
The Group is collecting receivables that were previously charged off for which the statute of limitation has not legally elapsed or due to other reasons.
The contractual amounts of such receivables written off, but not yet collected as of March 31, 2022, were W333,573 million.

- 30 -
2) March 31, 2021
(Unit: M Won)
Classification
Loans receivable Installment Financial assets Lease receivables
Other assets Total
12-month ECL Lifetime ECLs Purchased or
originated credit-
impaired Financial
assets
12-month ECL Lifetime ECLs 12-month ECL Lifetime ECLs
Not credit
impaired
Credit impaired Not credit
impaired
Credit impaired Not credit
impaired
Credit
impaired
Opening balance 142,326 79,241 230,315 31,041 62,061 29,066 50,742 18,169 6,294 50,227 29,872 729,354
Movements between the three
stages
Transferred to 12-month ECLs 14,589 (13,623) (966) - 6,004 (5,080) (924) 1,389 (749) (640) - -
Transferred to lifetime ECLs (11,285) 14,213 (2,928) - (3,188) 4,252 (1,064) (736) 1,056 (320) - -
Transferred to credit-impaired (1,044) (5,708) 6,752 - (107) (1,809) 1,916 (35) (109) 144 - -
Disposal - - 84 82 - - 47 - - - - 213
Charge-offs - - (40,088) (4,515) - - (14,702) - - (2,076) (228) (61,609)
Recoveries - - 6,752 6,812 - - 2,627 - - 50 400 16,641
Unwinding of discounts - - (4,611) (112) - - (173) - - (79) - (4,975)
Provision for (release of)
allowance
(3,446) 3,337 31,599 (5,691) (3,488) 2,655 11,170 (2,204) (189) (1,092) (2) 32,649
Closing balance 141,140 77,460 226,909 27,617 61,282 29,084 49,639 16,583 6,303 46,214 30,042 712,273
The Group is collecting receivables that were previously charged off for which the statute of limitation has not legally elapsed or due to other reasons.
The contractual amounts of such receivables written off, but not yet collected as of March 31, 2021, were W 309,646 million.

- 31 -
10. Leased assets
(1) Carrying amount
Leased assets as of March 31, 2022, and December 31, 2021, are as follows:
(Unit: M Won)
Classification
Acquisition
cost
Accumul
ated
deprecia
tion
Accumulated
impairment
losses
Book value Acquisition
cost
Accumulated
depreciation
Accumulated
impairment
losses
Book value
Operating leased
assets
6,323,202 (1,506,226
)
(37,106) 4,779,87
0
5,998,525 (1,411,526) (39,245) 4,547,754
Cancelled leased
assets
17,977 - (6,576) 11,40
1
17,933 - (6,667) 11,266
Total 6,341,179 (1,506,226
)
(43,682) 4,791,27
1
6,016,458 (1,411,526) (45,912) 4,559,020
(2) Reconciliation of changes in leased assets
The following tables present a reconciliation of changes in the carrying amounts of
operating leased assets on March 31, 2022 and 2021:
1) March 31, 2022
(Unit: M Won)
Classification Opening balance Addition Disposal Depreciation Reversal of
impairment
Closing balance
Vehicles 4,547,755 519,217 (80,361) (208,880) 2,139 4,779,870
2) March 31, 2021
(Unit: M Won)
Classification Opening balance Addition Disposal Depreciation Reversal of
impairment
Closing balance
Vehicles 3,602,071 454,213 (27,102) (163,799) 10 3,865,393

- 32 -
11. Lessee
(1) Carrying amount
Amounts recognized for leases in the consolidated financial statements as of March 31, 2022,
and December 31, 2021, is as follows:
(Unit: M Won)
Right-of-use assets
Building 16,770 13,473
Vehicles 121 158
Fixture and furniture 414 725
Total 17,305 14,356
Lease liabilities
Lease liabilities(*1) 16,320 13,239
(*1) The weighted-average incremental borrowing rate on weighted average the Group used
when recognizing and measuring the lease liabilities as of March 31, 2022, was 2.20%.
(2) Reconciliation of changes in right-of-use assets
The following tables present a reconciliation of changes in the carrying amount of the
right-of-use assets for the years ended March 31, 2022 and 2021:
1) March 31, 2022
(Unit: M Won)
Classification Opening
balance
Addition Depreciation Cancellation
or
termination
Closing
balance
Building 13,474 6,879 (3,583) - 16,770
Vehicles 157 - (36) - 121
Fixture and furniture 725 - (311) - 414
Total 14,356 6,879 (3,930) - 17,305
2) March 31, 2021
(Unit: M Won)
balance
Addition Depreciation Cancellation
or
termination
Closing
balance
Building 34,617 6,968 (3,821) (246) 37,518
Vehicles 303 - (36) - 267
Fixture and furniture 1,967 - (311) - 1,656
Total 36,887 6,968 (4,168) (246) 39,441

- 33 -
(3) Expenses on lease
The following table presents expenses on lease liabilities recognized on the consolidated
profit and income statements ended on March 31, 2022 and 2021:
(Unit: M Won)
Classification March 31,
2022(*1)
March 31,
2021(*1)
Interest expense from lease liabilities (belongs to interest
expense)
67 187
Lease payment for leases of low-value items (belongs to
general and administrative expenses)
57 100
(*1) The Group had no income from variable lease payment or subleasing right-of-use assets
ended on March 31, 2022 and 2021.
(4) Total cash outflows for lease liabilities
Total cash outflows for lease liabilities ended on March 31, 2022 and 2021, are as
follows:
(Unit: M Won)
Classification March 31, 2022 March 31, 2021
Total cash outflows for lease liabilities 3,524 4,177
12. Property and Equipment
The following tables present a reconciliation of changes in the carrying amounts of property and
equipment ended on March 31, 2022 and 2021:
(1) March 31, 2022
(Unit: M Won)
balance
Addition Transfer Disposal Depreciation Translation
differences
Closing
balance
Land 79,121 - - - - - 79,121
Building 88,318 - - - (709) - 87,609
Vehicles 3,226 - - - (189) - 3,037
Fixture and
furniture
21,933 56 - (1) (2,300) 1 19,689
Other tangible
asset
1,004 - - - - - 1,004
Construction in
progress
3,187 3,146 - - - - 6,333
Total 196,789 3,202 - (1) (3,198) 1 196,793

- 34 -
(2) March 31, 2021
(Unit: M Won)
balance
Addition Transfer Disposal Depreciation
(*1)
Translation
differences
Transfer of
assets to be
sold
Closing
balance
Land 84,361 - - - - - (5,181) 79,180
Building 91,244 21 - - (710) - - 90,555
Vehicles 3,289 257 - (23) (177) - - 3,346
Fixture and
furniture
19,653 500 801 (175) (2,608) 1 - 18,172
Other tangible asset 2,429 - - - - - - 2,429
Construction in
progress
807 963 (801) - - - - 969
Total 201,783 1,741 - (198) (3,495) 1 (5,181) 194,651
(*1) Including gains and losses from discontinued operations
13. Intangible assets
The following tables present a reconciliation of changes in the carrying amounts of
intangible assets ended on March 31, 2022 and 2021:
(1) March 31, 2022
(Unit: M Won)
balance
Addition Transfer Disposal Amortization Translation
differences
Closing
balance
Software
development costs
61,584 - 7,483 - (5,972) - 63,095
Memberships 24,165 - - (3,602) - (2) 20,561
Other intangible
assets
12,933 10 131 - (950) - 12,124
Construction in
progress
9,759 5,465 (7,614) - - - 7,610
Total 108,441 5,475 - (3,602) (6,922) (2) 103,390
(2) March, 2021
(Unit: M Won)
balance
Addition Transfer Disposal
Amortization
(*1)
Translation
differences
Transfer of
assets to be
sold
Closing
balance
Software
development costs
74,745 - 947 - (10,919) - (3,658) 61,115
Memberships 28,534 - - (4,088) - (1) - 24,445
Other intangible
assets
9,337 26 177 - (1,220) 1 (377) 7,944
Construction in
progress
2,433 2,816 (1,124) - - - - 4,125
Total 115,049 2,842 - (4,088) (12,139) - (4,035) 97,629

- 35 -
14. Borrowed funds
Borrowings as of March 31, 2022, and December 31, 2021, are as follows:
(1) Borrowings
(Unit: M Won)
Classification Lender Annual interest
rate(%)
Maturity March 31, 2022 December 31,
2021
Short-term borrowings
Commercial
paper(CP)
Shinhan Bank and 4
others
1.95 - 2.35 2022.4.18 - 2022.5.18 310,000 360,000
General loans Industrial Bank and 4
others
1.65 - 2.36 2022.9.16 - 2022.12.9 430,000 590,000
Subtotal 740,000 950,000
Current portion of long-term borrowings
Commercial
paper(CP)
Yujin Investment
Securities and 1 other
1.40 - 1.45 2022.12.16 - 2023.3.16 60,000 250,000
General loans Nonghyup Bank and 9
others
1.16 - 3.03 2022.4.1 - 2023.3.17 1,071,486 1,139,000
Subtotal 1,131,486 1,389,000
Long-term borrowings
Commercial
paper(CP)
BNK Investment
Securities and 3 others
1.55 - 1.65 2023.9.14 - 2024.9.13 440,000 450,000
General loans Nonghyup Bank and 6
others
1.86 - 4.00 2023.4.3 - 2024.7.10 504,531 499,512
Subtotal 944,531 949,512
Total 2,816,017 3,288,512
(2) Bonds issued
(Unit: M Won)
Classification Annual interest
rate(%)
Maturity March 31, 2022 December 31,
2021
Bonds issued(Short-term)
Short-term bonds 1.66–2.25 2022.5.11–2022.11.11 250,000 540,000
Less: discount on bonds (328) (422)
Subtotal 249,672 539,578
Current portion of bonds issued
Bonds issued 1.00–3.51 2022.4.1–2025.6.17 6,072,825 5,858,829
Less: discount on bonds (2,613) (2,543)
Subtotal 6,070,212 5,856,286
Bonds issued(Long-term)
Bonds issued 0.96–3.45 2023.4.3–2032.3.29 19,093,060 18,858,088
Less: discount on bonds (27,534) (23,384)
Subtotal 19,065,526 18,834,704
Total 25,385,410 25,230,568

- 36 -
15. Employee benefit liabilities
(1) Defined contribution plans
The Group recognized W493 million and W454 million in the consolidated interim
statements of comprehensive income for retirement benefits based on the defined contribution
plan ended on March 31, 2022 and 2021, respectively.
(2) Defined benefit plans
1) Characteristics of the defined benefit plan
The Group operates a defined benefit plan. The plan assets are mainly composed of
interest rate guaranteed type instruments and, therefore, are exposed to the risk of declining
interest rates.
2) Reconciliation of changes in the present value of defined benefit obligations
The following table presents a reconciliation of changes in the present value of defined
benefit obligations ended on March 31, 2022 and 2021:
(Unit: M Won)
Opening balance 108,110 109,920
Current service costs(*1) 2,984 3,303
Interest expense(*1) 776 619
Actuarial losses (gains):
Changes in economic assumptions (6,103) (2,013)
Transfer of severance benefits from (to) related
parties, net
- (1,268)
Benefits paid (4,775) (4,556)
Liability transferred related to the asset groups to be
sold
- (294)
Closing balance 100,992 105,711

- 37 -
3) Reconciliation of changes in the fair value of plan assets
The following tables present a reconciliation of changes in the fair value of plan assets ended
on March 31, 2022 and 2021:
(Unit: M Won)
Contributions - -
Expected return on plan assets(*1) 876 638
Actuarial gains (478) (206)
(Unit: M Won)
Transfer of severance benefits from (to) related
parties, net
- (1,294)
Benefits paid (4,759) (3,833)
sold
- (294)
(3) Other long-term employee benefit plans
The following table presents a reconciliation of changes in the other long-term benefit liability on
March 31, 2022 and 2021:
(Unit: M Won)
Current service costs(*1) 177 137
Interest expense(*1) 65 38
Actuarial gains (457) (104)
Benefits paid (857) (589)
sold
- (23)

- 38 -
16. Provisions
The following tables present a reconciliation of changes in the provisions ended on March 31,
2022 and 2021:
(Unit: M Won)
Classification
Unused
loan
commitmen
ts (*1)
Residual
value
guarantees
(*2)
Asset
retirement
obligations
(AROs)(*3
)
Litigations Total
Unused
loan
commitme
nts (*1)
Residual
value
guarantees
(*2)
AROs(*3)
Litigations Total
Opening balance 211 59,543 5,921 21 65,696 157 79,810 6,559 - 86,526
Provision for (release
of) allowance
57 2,464 (828) (21) 1,672 23 3,938 (344) 51 3,668
Provisions made for
AROs and
capitalized to related
asset
- - 736 - 736 - - 137 - 137
Unwinding of
interests
- - 51 - 51 - - 24 - 24
Closing balance 268 62,007 5,880 - 68,155 180 83,748 6,376 51 90,355
(*1) The Group facilitates credits with limits, under which the Group provides commitments to
extend credits. Provision is made for estimated losses arising from unused loan commitments.
(*2) The Group facilitates certain installment financial receivable products, which the Group
guarantees residual value of used automobiles for consumers. The Group also contracts with
third-party guarantor to guarantee residual value of automobiles returned by consumers.
Provision is made for estimated expected losses arising from these residual value guarantees.
(*3) The Group recognizes provisions for AROs, which represent the estimated costs to restore
the existing leased properties, which are discounted to the present value using the appropriate
discount rate at the end of the reporting period. Disbursements of such costs are expected to
occur at the end of the lease contract. In order to estimate expected restoration expense, the
average actual costs incurred for the past three years and five-year average inflation rate are used.

- 39 -
17. Derivative Financial Instruments and Hedge Accounting
(1) Trading derivatives
The following table presents the Group have for trading derivatives as of March 31, 2022:
(Unit: M Won)
Classification Unpaid
commitments
Book value Account
Asset Liability
Interest rate SWAP 80,000 - 772 Derivative Liability
(2) Derivatives designated and qualifying as hedging instruments for cash flow hedges
In the normal course of business, the Group enters into derivative contracts to manage its
exposures to changes in future cash flows arising from volatilities in interest rate and foreign
currency exchange rates with its borrowings, bonds issued and loans. The Group primarily uses
interest rate swaps and currency swaps to manage exposures to fluctuations in future cash flows
due to interest rate risk and foreign exchange risk. There was no change in overall strategy of
the Group for cash flow hedges.
The Group applies cash flow hedge accountings and the hedging relationship is affected
by interest rate benchmark reform. The Group currently enters into an interest rate swap
contract and designates it as a hedging instrument for cash flow hedging accounting to avoid
the volatility in cash flows of borrowing due to changes of the interest rate benchmark, the
three-month USD London InterBank Offered Rate (LIBOR). However, the USD LIBOR
interest rate will be replaced by the Secured Overnight Financing Rate (SOFR) based on actual
transactions for specific periods (1M, 3M, 6M and 12M) from July 2023. The Group assumes
that interest rate benchmarks do not change due to interest rate benchmarks reform in this
hedging relationship. The Group is closely monitoring market and industry discussions
regarding applicable alternative base interest rates on exposed interest rate benchmarks. This
uncertainty is no longer expected when the exposed interest rate benchmark is replaced by an
applicable interest rate.
Financial instruments related to LIBOR that are scheduled to reach maturity after July 2023
and those which have not been converted to alternative interest rate benchmarks as of March 31,
2022, are as follows:
(Unit: M Won)
Interest Rate
Benchmark
Currency Book value of non-derivative
financial liabilities
Nominal value of hedging
instrument
USD 1M LIBOR USD 1,210,800 1,195,125
USD 3M LIBOR USD 297,857 285,422

- 40 -
1) Derivatives that are designated and qualifying as hedging instruments for cash flow hedges
as of March 31, 2022, and December 31, 2021, are as follows:
ⓛ March 31, 2022
(Unit: M Won)
Classification
Book value
Account
Changes in fair
value
Accumulated
other
comprehensive
income, net of
income taxes
Asset Liability
Cash flow risk hedging
Interest rate risk - 4,180,000 Borrowings and bonds
issued
- 57,617
Foreign exchange
risk
29,725 8,144,141 Loans, borrowings
and bonds issued
(126,015) 17,010
Total 29,725 12,324,141 (126,015) 74,627
(Unit: M Won)
Classification
Book value
Account
Changes in fair
value
Accumulated other
comprehensive
income (loss)
Asset Liability
Fair value risk hedging
Fair value risk - 290,000 Borrowings and bonds
issued
1,275 1,275
② December 31, 2021
(Unit: M Won)
Classification
Book value
Account
Changes in
fair value
during last
term
Other
comprehensive
income, net of
income taxes
accumulated
Asset Liability
Interest rate risk - 4,380,000 Borrowings and bonds
issued
- 9,022
Foreign exchange
risk
29,531 7,349,435 Loans, borrowings and
bonds issued
(472,370) 29,208
Total 29,531 11,729,435 (472,370) 38,230

- 41 -
2) Changes in effective portion of cash flow hedges as of March 31, 2022, and December 31,
2021, are as follows:
ⓛ March 31, 2022
(Unit: M Won)
Classification
Unpaid
commitments (*1)
Book value
Account
Changes in fair
value during last
term
Asset Liability
Interest rate SWAP 4,180,000 79,969 134 Derivative assets 63,385
Currency SWAP 8,173,866 451,330 2,873 144,088
Total 12,353,866 531,299 3,007 207,473
(Unit: M Won)
Classification
Unpaid
commitments (*1)
Book value
Account
Changes in fair
value during last
term
Asset Liability
Fair value risk hedging
Interest rate SWAP 290,000 - 3,537 Derivative
liabilities
(3,537)
(*1) Notional principal amount represents Korean won equivalent amounts of foreign currencies
for won-to-foreign currency transactions and receiving foreign currencies for foreign currency-
to-foreign currency transactions that are translated with the benchmark foreign currency
exchange rate disclosed by the Bank of Korea as of the reporting date.
② December 31, 2021
(Unit: M Won)
Classification
Unpaid
commitments (*1)
Book value
Account
Changes in fair
value during last
term
Asset Liability
Interest rate SWAP 4,380,000 25,356 8,819 Derivative asset 90,478
Currency SWAP 7,378,966 392,040 13,991 552,843
Total 11,758,966 417,396 22,810 643,321
(*1) Notional principal amount represents Korean won equivalent amounts of foreign currencies
for won-to-foreign currency transactions and receiving foreign currencies for foreign currency-
to- foreign currency transactions that are translated with the benchmark foreign currency
exchange rate disclosed by the Bank of Korea as of the reporting date.

- 42 -
3) Changes in effective portion of cash flow hedges as of March 31, 2022 and 2021, are as
follows:
① March 31, 2022
(Unit: M Won)
Classification Opening balance Changes in fair
value
Reclassified to
profit or loss
Closing
balance
Before tax 50,437 207,473 (159,455) 98,455
Corporate tax
effects
(12,207) (23,827)
After tax 38,230 74,628
② March 31, 2021
(Unit: M Won)
Classification Opening balance Changes in fair
value
Reclassified to
profit or loss
Closing
balance
Before tax (55,578) 203,598 (179,175) (31,155)
Corporate tax
effects
13,449 7,539
After tax (42,129) (23,616)
The Group is expected to be exposed to the variability in future cash flows arising from hedged
items designated as cash flow hedges, until March 29, 2032. There was no cash flow hedge
discontinued on March 31, 2022 and 2021.
The ineffective portions recognized in profit related to cash flow hedge during the three-month
period ended March 31, 2022 and 2021, are W0 and W2,070 million. The ineffective portion
on the fair value hedge is W2,262 million.

- 43 -
18. Equity
(1) Regulatory reserve for loan losses
According to the Specialized Credit Finance Business Act 11, the Group makes regulatory
reserves for loan losses if there is a shortfall in provisions prepared in accordance with K-IFRS.
The amount required by the regulation is 120% of the minimum amount specified in the
Specialized Credit Finance Business Act, but less than the total outstanding amount of the loans.
The reserve for loan loss is a discretionary reserve, and any excess amount beyond legally
required reserve can be reversed. If there is an accumulated deficit, the reserve is made only
after when there is no accumulated deficit balance.
Details of regulatory reserve for loan losses as of March 31, 2022, and December 31, 2021, are
as follows:
(Unit: M Won)
Appropriated regulatory reserve for loan losses 193,208 213,477
Amount to be accumulated additionally for regulatory reserve
for loan losses
61,000 (20,269)
Regulatory reserve for loan losses(*1) 254,208 193,208
(*1) Regulatory reserve for loan losses as of March 31, 2022, and December 31, 2021, represents
the amount, which reflects the expected release of regulatory reserve for loan losses to
appropriated regulatory reserve for loan losses at the beginning of the year.
(2) Provision for (release of) regulatory reserve for loan losses and profit for the period and
earnings per share adjusted with provision for (release of) regulatory reserve for loan losses for
ended on March 31, 2022 and 2021, are as follows:
(Unit: M Won)
Profit for the period 124,773 118,262
Addition: Provision for regulatory reserve for loan losses(*1) 61,000 5,197
Profit for the period adjusted with provision for regulatory
reserve for loan losses(*2)
63,773 113,065
Basic and diluted earnings per share adjusted with provision
for regulatory reserve for loan losses (in won)
642 1,139
(*1) Provision for (release of) regulatory reserve for loan losses represents excessive reserves
expected to be made (released) ended on March 31, 2022 and 2021.
(*2) Profit for the period adjusted with provision for regulatory reserve for loan losses is not the
data according to K-IFRS, and the information estimated by assuming the case of reflecting the
regulatory reserve for loan losses to the net income of the period.

- 44 -
(3) Retained earnings
The retained earnings as of March 31, 2022, and December 31, 2021, are as follows:
(Unit: M Won)
Legal reserves
Earned surplus reserve 176,286 176,286
Discretionary reserves
Regulatory reserve for loan losses 193,208 213,477
Reserve for electronic financial transactions 100 100
Reserve for business rationalization 74 74
Subtotal 193,382 213,651
Retained earnings before appropriation 3,983,924 3,838,882
Total 4,353,592 4,228,819

- 45 -
19. Net interest income
Net interest income ended on March 31, 2022 and 2021, is as follows:
(Unit: M Won)
Interest income
Interest income recognized with effective interest rate
method
Cash and due from other financial institutions 6,127 2,833
Net change in unrealized gains and losses on equity
securities measured at fair value through other
comprehensive income securities
62 29
Loans receivable 204,598 188,986
Installment Financial assets 144,686 153,071
Lease receivables(*1) 30,693 32,475
Other(*2) 536 92
Subtotal 386,702 377,486
Interest expense
Borrowings 15,214 16,053
Bonds issued 130,926 122,524
Other(*2) 1,422 1,610
Subtotal 147,562 140,187
Net interest income 239,140 237,299
(*1) Including amortization of unearned revenue for security deposits received for leases
under the effective interest method
(*2) Including amortization of present value discounts under the effective interest method for
the security deposits paid for leased offices, amortization of present value discounts for
customer deposits received for leases and unwinding of provisions

- 46 -
20. Net fee income
Net fee income ended on March 31, 2022 and 2021, is as follows:
(Unit: M Won)
Fee income
Loans receivable 4,164 4,757
Installment Financial assets 4,931 5,855
Lease receivables 30,785 30,796
Subtotal 39,880 41,408
Fee expense
Lease expense 40,557 32,413
Net fee income (677) 8,995
21. Net income on leases
Net income on lease ended on March 31, 2022 and 2021, are as follows:
(Unit: M Won)
Income on leases(*1)
Income on operating leases 255,091 207,598
Gain on sale of lease assets 10,167 5,773
Fee income on operating leases 48,964 41,059
Subtotal 314,222 254,430
Lease expense(*1)
Depreciation 208,880 163,799
Loss on sale of lease assets 5,557 8,483
Impairment losses on lease assets (2,231) (9)
Operation lease fee expense 25,086 23,898
Other expenses 2,108 3,150
Subtotal 239,400 199,321
Net lease income 74,822 55,109
(*1) Excluding net interest income and net fee income regarding lease

- 47 -
22. Other Operating Income and Expenses
Other operating income and expenses ended on March 31, 2022 and 2021, are as follows:
(Unit: M Won)
Other operating income
Gain on valuation of derivatives 125,397 199,696
Gain on derivatives transactions 41,588 23,950
Gain on valuation of short-term financial
investments
1 930
Gain on purchased loan 3,019 2,971
Shared services income 1,428 10,951
Other fee and commission 4,643 6,826
Advisory fee 14,006 10,971
Provisions included 884 369
Other operating income 3,195 2,823
Total 194,161 259,487
Other operating expenses
Loss on valuation of derivatives 6,897 43,970
Loss on derivatives transactions 1,406 501
Shared services expense 1,242 12,809
Indirect financing cost 2,410 2,384
Provision for allowance 2,555 4,037
Other 7,674 5,600
Total 22,184 69,301

- 48 -
23. General and Administrative Expenses
General and administrative expenses ended on March 31, 2022 and 2021, are as follows:
(Unit: M Won)
Salaries 54,403 48,382
Severance benefits 3,377 3,725
Employee benefits 10,156 13,796
Advertising 8,113 7,825
Sales promotion 18,080 13,045
Rents 4,258 4,524
Utilities 1,944 2,069
Communication 2,808 2,931
Travel and transportation 824 687
Professional and other service fees 11,727 12,713
Outsourcing service charges 6,521 6,556
Commissions and charges 5,227 5,108
Depreciation 7,127 7,604
Amortization 6,922 11,792
Other 11,243 11,037
Total 152,730 151,794

- 49 -
24. Income Taxes
Income taxes are calculated by adjusting the adjustments recognized in the current quarter
related to the previous corporate tax burden, the amount of deferred tax changes due to
temporary differences occurring and extinguishing and the corporate tax expense related to
items other than profit or loss. The average effective tax rate for the current quarter and the
previous quarter (income before corporate tax expense/tax deduction) is 23.7% and 23.8%.
25. Earnings Per Share
(1) Basic earnings per share
Basic earnings per share attributable to common stock of equity holders ended on March 31,
2022 and 2021, are as follows:
(Unit: Won)
Classification
March 31, 2022 March 31, 2021
Continuing
Operations
Discontinued
Operations
Continuing
Operations
Discontinued
Operations
Ruling shareholders’ profit for the
period attributable to common stock
(in won)(A)
124,772,890,251 - 119,841,478,268 (1,579,703,051)
Weighted-average of number of
outstanding common stocks(B)
99,307,435 - 99,307,435 99,307,435
Basic earnings per share (in won) (A/B) 1,256 - 1,207 (16)
(2) Diluted earnings per share
There are no potential common stocks as of March 31, 2022 and 2021. Therefore, the diluted
earnings per share are equal to basic earnings per share ended on March 31, 2022 and 2021.

- 50 -
26. Accumulated Other Comprehensive Income
Changes in accumulated other comprehensive income ended on March 31, 2022 and 2021, are
as follows:
(1) March 31, 2022
(Unit: M Won)
Classification Opening balance
Changes
Corporate tax
effects
Closing
balance
Reclassified to
profit or loss
adjustments
Other
changes
Profit (loss) on net change in
unrealized gains and
losses on equity
securities measured at
fair value through other
comprehensive income,
equity securities
22,524 - 6,317 (1,529) 27,312
losses on equity
securities measured at
fair value through other
comprehensive income,
debt securities
(24) (57) (117) 42 (156)
Associates and joint
ventures, other
comprehensive income
(loss), share on net of
income taxes
54,866 - 28,598 (6,921) 76,543
Net change in
effective portion
of cash flow
hedges
38,230 (159,455) 207,473 (11,620) 74,628
(Unit: M Won)
Changes
Corporate tax
effects
Closing
balance
Reclassified to
profit or loss
adjustments
Other
changes
Overseas project conversion
profit or loss
(6,205) - (1,169) - (7,374)
Remeasurements of defined
benefit plans
(16,629) - 5,624 (1,361) (12,366)
Total 92,762 (159,512) 246,726 (21,389) 158,587

- 51 -
(2) March 31, 2021
(Unit: M Won)
Changes Corporate tax
effects
Closing balance
Reclassified to profit
or loss adjustments
Other changes
losses on equity securities
measured at fair value
through other
Equity securities
32,938 - (243) 59 32,754
losses on equity securities
measured at fair value
through other
Debt securities
71 (67) 21 12 37
Associates and Joint
ventures other
(loss), share on net of
income taxes
(9,775) - 21,009 (5,085) 6,149
Net change in
effective portion
of cash flow
hedges
(42,129) (179,175) 203,598 (5,910) (23,616)
Overseas project conversion
profit or loss
(7,372) - 240 - (7,132)
Remeasurements of defined
benefit plans
(14,739) - 1,807 (438) (13,370)
Total (41,006) (179,242) 226,432 (11,362) (5,178)

- 52 -
27. Supplemental Cash Flow Information
(1) Cash and cash equivalents
Details of cash and cash equivalents on the consolidated cash flow as of March 31, 2022, and
(Unit: M Won)
Ordinary deposits (*1) 148,619 220,960
Checking deposits 2,703 2,235
Other cash equivalents (*2) 315,054 285,975
Total 466,376 509,170
(*1) Related to the trade of the asset securitization vehicles, the ordinary deposits include the
savings restricted amount of W82,267 million and W82,180 million for use in the reserved
account of securitization trust of Autopia as of March 31, 2022, and December 31, 2021, status
quo.
(*2) Other cash equivalents include MMDA, MMW and time deposits, with maturities of three
months or less from the acquisition date that are readily convertible to known amounts of cash,
which are subject to an insignificant risk of changes in their fair value, and are used by the
Group in the management of its short-term commitments. In addition, related to the trade of
the asset securitization vehicles, the other cash equivalents include the saving’s restricted
amount of W10,600 million and W10,700 million for use in the reserved account of
securitization trust of Autopia as of March 31, 2022, and December 31, 2021, status quo.
(2) Cash generated from operations
Cash generated from operations ended on March 31, 2022 and 2021, are as follows:
(Unit: M Won)
Profit for the period 124,773 118,262
Adjustments:
Gain on sale of securities measured at FVTPL (73) -
Loss on sale of securities measured at FVTPL - 524
Gain on net change in unrealized gains and losses on
comprehensive income debt securities disposal
(155) (172)
Gain on net change in unrealized gains and losses on
comprehensive income debt securities impairment
- 3
Income on loans (deferred loan withholding profit or
loss and cash discount depreciation)
9,532 6,007

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