2Q21_Audit_EN.pdf

HYUNDAICAPITALSERVICES,INC.ANDSUBSIDIARIES
CondensedConsolidatedInterimFinancialStatements
June30,2021and2020(Unaudited),andDecember31,2020
(WithIndependentAuditors’ReviewReportThereon)

HYUNDAI CAPITAL SERVICES, INC. AND SUBSIDIARIES
Table of 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

1
Independent Auditors’ Review Report
(Based on a report originally issued in Korean)
To the Board of Directors and Shareholders of
Hyundai Capital Services, Inc.:
Reviewed Financial Statements
We have reviewed the accompanying condensed consolidated interim financial statements of Hyundai
Capital Services, Inc. and its subsidiaries (“the Group”), which comprise the condensed consolidated
statement of financial position as of June 30, 2021, the condensed consolidated statements of
comprehensive income for the three-month and six-month periods ended June 30, 2021 and 2020,
changes in equity and cash flows for the six-month periods ended June 30, 2021 and 2020, and notes,
comprising a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
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 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 and 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 Korean Standards on Auditing
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.

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.
The consolidated statement of financial position of the Group as of December 31, 2020, 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 in accordance with Korean Standards
on Auditing and our report thereon, dated March 11, 2021, expressed an unqualified opinion. The
accompanying consolidated statement of financial position of the Group as of December 31, 2020,
presented for comparative purposes, is consistent, in all material respects, with the audited consolidated
financial statements from which it has been derived.
Seoul, Republic of Korea
August 13, 2021
This report is effective as of August 13, 2021, 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 review report has not been updated to reflect the impact of such subsequent events or
circumstances, if any.

Condensed Consolidated Interim Statements of Financial Position (Unaudited)
As of June 30, 2021 and December 31, 2020
(In millions of Korean won)
June 30, December 31,
Notes 2021 2020
Assets
Cash and due from other financial institutions
Cash and cash equivalents 4,27 W 398,521 406,065
Due from banks 4 16,788 26,731
Short-term financial investments 5 736,300 1,255,216
1,151,609 1,688,012
Securities
Investments in associates and joint ventures 8 1,380,848 1,267,078
Measured at fair value through profit or loss 6 10,779 11,590
Measured at fair value through other comprehensive income 7 67,113 64,320
1,458,740 1,342,988
Loans receivable 9
Loans receivable 10,146,402 9,695,297
Allowance for loan losses (449,249) (482,923)
9,697,153 9,212,374
Installment financial assets 9,30
Automobile installment financing receivables 14,126,256 14,664,950
Durable goods installment financing receivables 1 1
Allowance for loan losses (1) (1)
Mortgage installment financing receivables 194 364
Allowance for loan losses (18) (20)
13,984,163 14,523,446
Lease receivables 9
Finance lease receivables 2,390,044 2,447,425
Cancelled lease receivables 34,433 34,411
2,354,151 2,407,146
Leased assets 10
Operating lease assets 5,335,654 4,648,386
Accumulated depreciation (1,204,439) (1,045,594)
Accumulated impairment losses (714) (721)
Cancelled lease assets 24,105 25,872
Accumulated impairment losses (6,219) (6,263)
4,148,387 3,621,680
Property and equipment, net 12 193,976 201,783
Right-of-use assets, net 11 36,614 36,887
Other assets
Non-trade receivables 95,797 110,550
Allowance for doubtful accounts 9 (12,322) (12,362)
Accrued revenues 164,411 157,178
Allowance for doubtful accounts 9 (16,528) (17,510)
Advance payments 97,891 70,436
Prepaid expenses 123,843 108,785
Intangible assets 13 93,394 115,050
Derivative assets 17,31 154,335 93,533
Leasehold deposits 19,967 20,045
Net defined benefit assets 15 — 3,319
720,788 649,024
Assets of a disposal group classified as held for sale 35 4,069 —
Total assets W 33,749,650 33,683,340
See accompanying notes to the condensed consolidated interim financial statements.
3

Condensed Consolidated Interim Statements of Financial Position (Unaudited) (Continued)
As of June 30, 2021 and December 31, 2020
Notes 2021 2020
Liabilities
Borrowed funds 14
Borrowings W 3,263,044 3,525,243
Bonds issued 24,127,233 23,814,413
27,390,277 27,339,656
Other liabilities
Non-trade payables 272,343 279,735
Accrued expenses 91,304 113,153
Unearned revenue 17,149 15,004
Withholdings 294,765 296,649
Derivative liabilities 17,31 119,923 359,095
Lease liabilities 11 35,307 35,183
Current tax liabilities 47,216 43,663
Employee benefit liabilities 15 9,245 7,587
Deposits received 239,438 245,885
Deferred income tax liabilities 177,296 129,081
Provisions 16 93,275 86,526
Other 16 —
1,397,277 1,611,561
Liabilities directly associated with the assets of 35
a disposal group classified as held for sale 192 —
Total liabilities 28,787,746 28,951,217
Equity
Equity attributable to the owners of the Company
Issued capital 496,537 496,537
Capital surplus 388,613 388,613
Accumulated other comprehensive income (loss) 26 53,063 (41,006)
Retained earnings 18 4,023,691 3,887,979
4,961,904 4,732,123
Non-controlling interests — —
Total equity 4,961,904 4,732,123
Total liabilities and equity W 33,749,650 33,683,340
4

Condensed Consolidated Interim Statements of Comprehensive Income (Unaudited)
For the three-month and six-month periods ended June 30, 2021 and 2020
(In millions of Korean won except for Earnings per share)
Three-month periods Six-month periods
ended June 30, ended June 30,
Notes 2021 2020 2021 2020
Continuing operations
Operating revenue
Interest income 19 W 2,519 5,789 5,473 10,399
Gain on valuation and sale of securities 203 413 377 515
Income on loans 19,20 195,955 198,344 389,698 405,662
Income on installment financial assets 19,20 158,036 156,159 316,960 311,512
Income on leases 19,20,21 338,635 270,373 656,336 530,661
Gain on sale of loans 1 49,482 3 63,841
Gain on foreign currency transactions (26,738) (32,499) 13,656 13,711
Dividend income — 428 519 1,060
Other operating income 22 9,979 (42,970) 269,465 324,645
Total operating revenue 678,590 605,519 1,652,487 1,662,006
Operating expenses
Interest expense 19 136,298 147,449 276,485 297,844
Lease expense 20,21 255,324 237,660 487,058 414,145
Loss on valuation and sale of securities 18 (250) 544 1,615
Provision for loan losses 9 57,361 53,470 90,010 135,430
Loss on sale of loans 9 1,540 62 3,691
Loss on foreign currency transactions (18,605) (81,542) 197,501 240,726
General and administrative expenses 23 149,453 148,683 301,247 299,809
Other operating expenses 22 (10,081) (9,431) 59,222 62,635
Total operating expenses 569,777 497,579 1,412,129 1,455,895
Operating income 108,813 107,940 240,358 206,111
Non-operating income
Share in net income of associates and joint ventures
under the equity method 8 30,338 21,997 57,321 38,936
Gain on sale of property and equipment 29 62 65 65
Gain on sale of intangible assets — 89 — 89
Gain on sale of assets held-for-sale 293 — 293 3,324
Other 1,124 6,005 1,780 7,488
Total non-operating income 31,784 28,153 59,459 49,902
Non-operating expenses
Share in net loss of associates and joint ventures
under the equity method 8 (1,161) (236) 527 162
Loss on sale of property and equipment — 5 177 51
Loss on sale of intangible assets — 2 68 2
Donation 55 33 97 158
Other 91 331 91 331
Total non-operating expenses (1,015) 135 960 704
Profit before income taxes 141,612 135,958 298,857 255,309
Income tax expense 24 31,434 32,717 68,838 62,296
Profit from continuing operations 110,178 103,241 230,019 193,013
Loss from discontinued operations 35 (968) (2,838) (2,547) (6,750)
Profit for the period W 109,210 100,403 227,472 186,263
5

Condensed Consolidated Interim Statements of Comprehensive Income (Unaudited)(Continued)
For the three-month and six-month periods ended June 30, 2021 and 2020
(In millions of Korean won except for Earnings per share)
Three-month periods Six-month periods
ended June 30, ended June 30,
Notes 2021 2020 2021 2020
Other comprehensive income (loss), 26
net of income taxes
Items that will never be reclassified to profit or loss:
Remeasurements of defined benefit plans W (896) (1,775) 472 (1,874)
Net change in unrealized gains and losses on
equity securities measured at fair value
through other comprehensive income (203) 6,058 (387) 5,712
Items that are or may be reclassified
subsequently to profit or loss:
Share in other comprehensive income (loss)
of associates and joint ventures
under the equity method 16,836 (9,367) 32,760 5,018
Net change in effective portion of
cash flow hedges 41,899 8,090 60,412 (65,379)
Net change in foreign currency
translation adjustments 628 1,180 868 (823)
Net change in unrealized valuation gains and losses
on debt securities measured at fair value through
other comprehensive income (22) (171) (56) (130)
Total other comprehensive income (loss),
net of income taxes 58,242 4,015 94,069 (57,476)
Total comprehensive income for the period W 167,452 104,418 321,541 128,787
Profit attributtable to:
Owners of the Company W 109,210 100,403 227,472 186,263
Non-controlling interests — — — —
W 109,210 100,403 227,472 186,263
Total comprehensive income
attributtable to:
Owners of the Company W 167,452 104,418 321,541 128,787
Non-controlling interests — — — —
W 167,452 104,418 321,541 128,787
Earnings per share
Basic and diluted earnings per share of continuing operations (in won) 25 W 1,109 1,040 2,316 1,944
Basic and diluted earnings per share of discontinued operations (in won) (10) (29) (26) (68)
6

Condensed Consolidated Interim Statements of Changes in Equity (Unaudited)
For the six-month periods ended June 30, 2021 and 2020
Equity attributable to owners of the Company
Capital surplus Accumulated
Issued Additional paid-in Other capital other compre Retained Total
Capital capital surplus -hensive income (loss) earnings equity
Balances as of January 1, 2020 W 496,537 369,339 19,274 (62,453) 3,628,884 4,451,581
Profit for the period — — — — 186,263 186,263
Other comprehensive income (loss):
Share in other comprehensive income of associates and joint ventures
under the equity method — — — 5,018 — 5,018
Net change in effective portion of cash flow hedges — — — (65,379) — (65,379)
Net change in foreign currency translation adjustments — — — (823) — (823)
Remeasurements of defined benefit plans — — — (1,874) — (1,874)
Net change in unrealized gains and losses on equity securities
measured at fair value through other comprehensive income — — — 5,712 — 5,712
Net change in unrealized valuation gains and losses on debt securities
measured at fair value through other comprehensive income — — — (130) — (130)
Total comprehensive income — — — (57,476) 186,263 128,787
Transaction with owners of the Company
Annual dividends — — — — (89,476) (89,476)
Balances as of June 30, 2020 W 496,537 369,339 19,274 (119,929) 3,725,671 4,490,892
Balances as of January 1, 2021 W 496,537 369,339 19,274 (41,006) 3,887,979 4,732,123
Profit for the period — — — — 227,472 227,472
Other comprehensive income (loss):
Share in other comprehensive income of associates and joint ventures
under the equity method — — — 32,760 — 32,760
Net change in effective portion of cash flow hedges — — — 60,412 — 60,412
Net change in foreign currency translation adjustments — — — 868 — 868
Remeasurements of defined benefit plans — — — 472 — 472
Net change in unrealized gains and losses on equity securities
Net change in unrealized valuation gains and losses on debt securities
Total comprehensive income — — — 94,069 227,472 321,541
Transaction with owners of the Company
Annual dividends — — — — (91,760) (91,760)
Balances as of June 30, 2021 W 496,537 369,339 19,274 53,063 4,023,691 4,961,904
7

Condensed Consolidated Interim Statements of Cash Flows (Unaudited)
For the six-month periods ended June 30, 2021 and 2020
Notes 2021 2020
Cash flows from operating activities
Cash generated from operations 27 W 608,156 804,551
Interest received 5,333 10,488
Interest paid (285,335) (293,333)
Dividends received 519 1,060
Income taxes paid (46,269) (54,603)
Net cash provided by operating activities 282,404 468,163
Cash flows from investing activities
Dividends received from associates and joint ventures 13,873 70
Acquisition of investments in associates and joint ventures (27,630) (103,275)
Acquisition of property and equipment (4,212) (4,119)
Proceeds from sale of property and equipment 87 188
Acquisition of intangible assets (7,610) (9,777)
Proceeds from sale of intangible assets 4,020 354
Increase in leasehold deposits (1,042) (1,273)
Decrease in leasehold deposits 1,087 1,686
Proceeds from sale of non-current assets held for sale 5,473 15,000
Net cash used in investing activities (15,954) (101,146)
Cash flows from financing activities 27
Proceeds from borrowings 1,074,620 1,336,111
Repayments of borrowings (1,341,868) (943,565)
Proceeds from issue of bonds 4,291,451 2,607,197
Repayments of bonds (4,136,796) (2,800,486)
Net increase in derivative financial instruments (61,444) (95)
Repayments of lease liabilities (8,199) (7,688)
Dividends paid (91,758) (89,474)
Net cash provided by (used in) financing activities (273,994) 102,000
Net increase (decrease) in cash and cash equivalents (7,544) 469,017
Cash and cash equivalents at beginning of the period 27 406,065 351,085
Cash and cash equivalents in the statements of
financial position at end of the period 27 W 398,521 820,102
8

Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2021 and 2020 (Unaudited), and December 31, 2020
9
1. Reporting 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, 199
+8. In accordance with the Monopoly Regulation and Fair-Trade Act, the Company is incorporated
into Hyundai Motor Company Group. As of June 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 20.10% ownership, respectively.
The consolidated 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 seven other associates and joint ventures are accounted for
under the equity method.
(1) The Group’s subsidiaries
Subsidiaries as of June 30, 2021 and December 31, 2020 are as follows:
(*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.
Ownership June 30, December 31,
Location (%) 2021 2020
Asset securitization vehicles:
Korea 0.5 Autopia 64th
, 65th
, 66th
, 67th
, 68th
, 69th
Autopia 63
rd
, 64th
, 65th
, 66th
, 67th
, 68th
70th
and 71st
ABS SPCs (*1) 69th
and 70th
ABS SPCs (*1)
Structured Entity:
Korea ㅡ Zavurov First Co., Ltd. (*2) Zavurov First Co., Ltd. (*2)
Limited liability companies:
Germany 100 Hyundai Capital Europe GmbH (*3) Hyundai Capital Europe GmbH (*3)
India 100 Hyundai Capital India Private Ltd. Hyundai Capital India Private Ltd.
Brazil 100 Hyundai Capital Brasil LTDA Hyundai Capital Brasil LTDA
Australia 100 Hyundai Capital Australia Pty Limited Hyundai Capital Australia Pty Limited
Indonesia 100 PT. Hyundai Capital Indonesia PT. Hyundai Capital Indonesia
Trusts:
Korea 100 Specified money trust (7 trusts) Specified money trust (16 trusts)

10
(2) Changes in subsidiaries
Subsidiaries that were included in and excluded from the Group’s consolidated financial
statements, except for changes in the number of specified money trust accounts in which the Group
invests, during the six-month period ended June 30, 2021 are as follows:
(a) Subsidiaries newly included in the consolidated financial statements during the six-month
period ended June 30, 2021
• Autopia 71st
ABS SPC (including trust for asset securitization): structured entity newly
established for the Autopia asset securitization program.
(b) Subsidiaries excluded from the consolidated financial statements during the six-month
period ended June 30, 2021
• Autopia 63rd
ABS SPC (including trusts for asset securitization): structured entity dissolved.
(3) Key financial information of subsidiaries
Key financial information of subsidiaries as of and for the six-month period ended June 30, 2021
is summarized as follows:
(4) Nature of risks related to consolidated structured entities
As of June 30, 2021, the Company provides guarantees to the counterparties of currency swaps at
Autopia 68th
and 69th
ABS SPCs, structured entities that the Group consolidates, in relation to asset
backed securitized notes issued. 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.
(in millions of Korean won) Total
compre-
Operating Profit (loss) hensive
Assets Liabilities Equity revenue for the period income (loss)
Hyundai Capital Europe GmbH W 22,718 1,077 21,641 5,249 1,067 1,884
Hyundai Capital India Private Ltd. 808 163 645 706 36 50
Hyundai Capital Brasil LTDA 273 — 273 168 (60) (39)
Hyundai Capital Australia Pty Limited 1,064 63 1,001 742 29 43
PT. Hyundai Capital Indonesia 171 13 158 107 (40) (38)
Autopia ABS SPCs 4,342,709 4,343,837 (1,128) 84,280 (621) 8,157
Autopia ABS trusts 6,607,852 6,562,172 45,680 112,025 12,214 12,214
Zavurov First Co., Ltd. 40,421 40,459 (38) 822 16 16
Specified money trusts 236,446 — 236,446 46 46 46

11
2. Basis of Preparation
(1) Statement of compliance
The condensed consolidated 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 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
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 at and for the year ended December 31,
2020. These condensed consolidated interim financial statements do not include all of the disclosures
required for full annual financial statements.
(2) Use of estimates and judgments
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.
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 Group has been monitoring
the impact of the pandemic on the global economy, the Group’s business and its financial position.
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 except for changes described in Note 3. (1) were the same as those that were applied to the
consolidated financial statements as of and for the year ended December 31, 2020.
(3) 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).

12
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.

13
3. Significant Accounting Policies
The significant accounting policies applied by the Group in preparation of its condensed
consolidated interim financial statements are included below.
(1) Changes in accounting policies
Except as described below, the accounting policies applied by the Group in these consolidated
financial statements are the same as those applied by the Group in its consolidated financial statements
as of and for the year ended December 31, 2020. The Group has applied the following new standards,
with a date of initial application of January 1, 2021.
K-IFRS No.1109, ‘Financial Instruments’, K-IFRS No.1039 Financial Instruments: Recognition
and Measurement, K-IFRS No.1107, ‘Financial Instruments: Disclosures’, K-IFRS 1104 ‘Insurance
Contracts, and K-IFRS No.1116, ‘Leases’- Interest rate benchmark reform
The amendments permit changes required by interest rate benchmark reform to be made to
financial instrument measured at amortized cost by updating the effective interest rate (EIR) without
adjusting the carrying amount, and to hedge designations and hedge documentation without the hedging
relationship being discontinued.
Further information about interest rate benchmark reform is included in Note 17, 28.
(2) New accounting standards issued but not yet effective
A number of new standards and amendments are issued but not yet effective from annual period
beginning after January 1, 2021, where early adoption is allowed. The followings are newly required
standards and amendments that the Group decided not to early adopt in preparation of these consolidated
financial statements.
K-IFRS No.1037, ‘Provisions, Contingent Liabilities and Contingent Assets’
In identifying onerous contracts, the amendments added a principle about the extent to which
contract costs should be unavoidable costs directly related to the contract and other cost allocations.
K-IFRS No.1016, ‘Property, Plant and Equipment’
The amendment prohibits deducting the net sale amount of goods produced in the test process from
the acquisition cost before using the property, plant and equipment in the intended manner, and requires
the sale and related costs to be recognized in profit or loss.
K-IFRS No.1103, ‘Business Combinations’
The framework referred in the definition of assets and liabilities in K-IFRS 1103 is replaced with the
framework revised in 2018. When measuring liabilities and contingent liabilities where K-IFRS
No.1037 ‘Provisions, Contingent Liabilities and Contingent Asset’ and K-IFRS No.2121 ‘Levies’ are
applicable, the definition follows each standard instead of K-IFRS 1103.
K-IFRS No.1008, ‘Accounting Policies, Changes in Accounting Estimates and Errors’
The definition of ‘changes in accounting estimates’are deleted and the term ‘accounting estimates’
are added to define it as ‘amount of money in financial statements affected by measurement uncertainty’.
It is also clarified that changes in inputs or measurement techniques used in development of accounting
estimates are changes in accounting estimates unless they are correction of error.

14
K-IFRS No.1012, ‘Income Taxes’
The scope of the Deferred Tax Exemption Regulation are clarified by revising the recognition of
deferred tax only for transactions where assets and liabilities are recognised for the first time at the same
time except for business combinations and where the same amount of offsettable temporary difference
occurs at the transaction date.

15
4. Due from Banks
Restricted accounts in due from banks as of June 30, 2021 and December 31, 2020 are as follows:
5. Short-term Financial Investments
Short-term financial investments as of June 30, 2021 and December 31, 2020 are as follows:
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.
(in millions of Korean won) June 30, December 31,
2021 2020 Restriction
Nonghyup Bank and 2 others W 16,400 16,400 Loans secured by saving accounts
Hana Bank and 2 others 10 10 Key money deposits for checking account
Citi Bank and 7 others 53,769 29,404 Deposits in trust of ABS SPCs
W 70,179 45,814
(in millions of Korean won) Carrying amount
Acquisition June 30, December 31,
cost 2021 2020
Commercial paper W 482,226 482,456 1,037,986
Bank debenture 225,072 225,355 126,870
Short-term bond 4,991 4,997 —
Government and public bonds 23,500 23,492 90,360
W 735,789 736,300 1,255,216

16
6. Securities Measured at Fair Value through Profit or Loss
Securities measured at fair value through profit or loss as of June 30, 2021 and December 31, 2020
are as follows:
(*1) The Group recognized impairment losses except for memorandum values in prior years.
(*2) 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.
(*3) It is measured at acquisition cost as the information is not enough for fair value measurement.
2021 2020
Equity securities (*1) W — —
Debt securities (*2)
Multi asset KDB Ocean value up Private Fund Special Asset Trust 8 4,482 5,216
Asia Pacific No.49 Ship Investment Co., Ltd. 297 374
Wooricard Auto 1
st
Private Placing Corporate Bond (*3) 3,000 3,000
KB Capital Auto ABS SPC (Equity tranche) (*3) 3,000 3,000
10,779 11,590
W 10,779 11,590

17
7. Securities Measured at Fair Value through Other Comprehensive Income
Securities measured at fair value through other comprehensive income as of June 30, 2021 and
December 31, 2020 are as follows:
(*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.
(a) Equity Securities
(*1) The fair value of HYUNDAI M Partners Co., Ltd. is estimated at the appraisal value quoted
from an independent valuation service provider.
2021 2020
Equity securities (*1)
Listed equity securities W 43,650 43,437
Unlisted equity securities 15,984 16,708
59,634 60,145
Debt securities
Government and public bonds 1,522 1,668
Corporate bonds 5,957 2,507
7,479 4,175
W 67,113 64,320
(in millions of Korean won)
Number of shares Ownership June 30, December 31,
(in shares) (%) 2021 2020
Listed equity securities
NICE Information Service Co., Ltd. 1,365,930 2.25 W 34,285 33,875
NICE Holdings Co., Ltd. 491,620 1.30 9,365 9,562
Unlisted equity securities
HYUNDAI M Partners Co., Ltd. (*1) 1,700,000 9.29 15,984 16,708
W 59,634 60,145
Carrying amount

18
(b) Debt Securities
(*1) The fair value of Seoul Metropolitan Rapid Transit Corp. and other Korean municipal bonds
are quoted from securities companies.
(*2) The fair value 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. The fair value of Veritas 1st
ABS SPC was
measured as acquisition cost due to the low importance of the amount of the acquisition cost.
Issuer 2021 2020
Government and Seoul Metropolitan Rapid
public bonds (*1) Transit Corp. and other
Korean municipal bonds W 1,522 1,668
Corporate bonds (*2) Veritas 1
st
ABS SPC — 1,007
KB Capital Auto 3rd
ABS SPC
(Mezzanine tranche) 1,488 1,500
KB Capital Auto 4th
ABS SPC
(Mezzanine tranche) 2,970 —
JB Woori Capital Auto 23
rd
ABS SPC
(Mezzanine tranche) 1,499 —
W 7,479 4,175

19
8. Investments in Associates and Joint Ventures
(1) Details of investments in associates and joint ventures
Details of investments in associates and joint ventures as of June 30, 2021 and December 31, 2020
are as follows:
(*1) While the Group holds less than 20% of the voting rights, it has the ability to exercise
significant influence through representation on the board of directors or equivalent governing body of
the investee. Therefore, investments in these entities are accounted for using the equity method.
(*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 June 30, 2021.
(*3) Beijing Hyundai Auto Finance Co., Ltd., Hyundai Corretora de Seguros LTDA. and BAIC
Hyundai Leasing Co., Ltd. are classified as joint ventures.
(*1) While the Group holds less than 20% of the voting rights, it has the ability to exercise
significant influence through representation on the board of directors or equivalent governing body of
the investee. Therefore, investments in these entities are accounted for using the equity method.
(*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 December 31, 2020.
(*3) Beijing Hyundai Auto Finance Co., Ltd., Hyundai Corretora de Seguros LTDA. and BAIC
Hyundai Leasing Co., Ltd. are classified as joint ventures.
(*4) The Group acquired 92.07% of shares of Sixt Leasing SE in Germany during the year ended
December 31, 2020.
(2) Summary of financial information of investees
June 30, 2021
Principal Date of
Ownership place of financial
(%) business statements Industry
Korea Credit Bureau (*1) 7.00 Korea 06/30/2021 Credit information service
Hyundai Capital UK Ltd. 29.99 U.K. 06/30/2021 Credit finance business
Beijing Hyundai Auto Finance Co., Ltd. (*3) 46.00 China 06/30/2021 Credit finance business
Hyundai Capital Canada Inc. 20.00 Canada 06/30/2021 Credit finance business
Hyundai Capital Bank Europe GmbH 49.00 Germany 06/30/2021 Credit finance business
BANCO HYUNDAI CAPITAL BRASIL S.A. (*2) 50.00 Brazil 06/30/2021 Credit finance business
Hyundai Corretora de Seguros LTDA.(*2,3) 50.00 Brazil 06/30/2021 Insurance brokerage
BAIC Hyundai Leasing Co., Ltd. (*3) 40.00 China 06/30/2021 Financial leasing
December 31, 2020
Principal Date of
Ownership place of financial
(%) business statements Industry
Korea Credit Bureau (*1) 7.00 Korea 12/31/2020 Credit information service
Hyundai Capital UK Ltd. 29.99 U.K. 12/31/2020 Credit finance business
Beijing Hyundai Auto Finance Co., Ltd. (*3) 46.00 China 12/31/2020 Credit finance business
Hyundai Capital Canada Inc. 20.00 Canada 12/31/2020 Credit finance business
Hyundai Capital Bank Europe GmbH (*4) 49.00 Germany 12/31/2020 Credit finance business
BANCO HYUNDAI CAPITAL BRASIL S.A. (*2) 50.00 Brazil 12/31/2020 Credit finance business
Hyundai Corretora de Seguros LTDA.(*2,3) 50.00 Brazil 12/31/2020 Insurance brokerage
BAIC Hyundai Leasing Co., Ltd. (*3) 40.00 China 12/31/2020 Financial leasing

20
Summary of financial information of investees as of June 30, 2021 and December 31, 2020, for
assets and liabilities, and for the six-month periods ended June 30, 2021 and 2020, for revenue and
income, and the reconciliation of investee’s net assets to the carrying amount of the investments in the
Group’s financial statements are as follows:
(in millions of Korean won) June 30, 2021
The
Group’s
Total Total Issued Total share in Carrying
assets liabilities capital equity net assets Goodwill amount
Korea Credit Bureau W 122,167 38,981 10,000 83,186 5,823 1,037 6,860
Hyundai Capital UK Ltd. 5,501,406 5,032,986 96,055 468,420 140,479 — 140,479
Beijing Hyundai Auto Finance Co., Ltd. 5,180,258 3,895,041 708,965 1,285,217 591,200 — 591,200
Hyundai Capital Canada Inc. 3,690,773 3,281,612 346,758 409,161 81,832 2,342 84,174
Hyundai Capital Bank Europe GmbH 6,225,002 5,233,981 14,282 991,021 474,430 23,563 497,993
BANCO HYUNDAI CAPITAL BRASIL S.A. 864,344 782,654 91,529 81,690 40,845 — 40,845
Hyundai Corretora de Seguros LTDA. 861 827 617 34 17 — 17
BAIC Hyundai Leasing Co., Ltd. 96,039 47,838 50,603 48,201 19,280 — 19,280
(in millions of Korean won) Six-month period ended June 30, 2021
Other Total
compre- compre-
Operating Interest Interest Net hensive hensive
revenue income expense income(loss) income income(loss) Dividends
Korea Credit Bureau W 60,698 55 — 11,097 — 11,097 1,000
Hyundai Capital UK Ltd. 79,232 77,504 15,276 43,982 22,469 66,451 —
Beijing Hyundai Auto Finance Co., Ltd. 212,176 209,885 89,085 73,848 56,668 130,516 30,006
Hyundai Capital Canada Inc. 265,356 245,942 207,983 29,942 17,992 47,934 —
Hyundai Capital Bank Europe GmbH 344,424 39,819 13,154 (1,125) 4,799 3,674 —
BANCO HYUNDAI CAPITAL BRASIL S.A. 39,772 39,772 15,629 7,194 6,688 13,882 —
Hyundai Corretora de Seguros LTDA. 97 — — (123) 2 (121) —
BAIC Hyundai Leasing Co., Ltd. 4,066 — — (1,148) 2,155 1,007 —

21
(in millions of Korean won) December 31, 2020
The
Group’s
Total Total Issued Total share in Carrying
assets liabilities capital equity net assets Goodwill amount
Korea Credit Bureau W 117,077 37,599 10,000 79,478 5,564 1,037 6,601
Hyundai Capital UK Ltd. 5,081,734 4,679,765 96,055 401,969 120,550 — 120,550
Beijing Hyundai Auto Finance Co., Ltd. 6,077,427 4,892,720 708,965 1,184,707 544,965 — 544,965
Hyundai Capital Canada Inc. 2,707,455 2,484,379 208,608 223,076 44,616 2,193 46,809
Hyundai Capital Bank Europe GmbH 5,635,284 4,648,027 14,282 987,257 472,534 23,465 495,999
BANCO HYUNDAI CAPITAL BRASIL S.A. 627,638 559,914 91,529 67,724 33,862 — 33,862
Hyundai Corretora de Seguros LTDA. 665 510 617 155 77 — 77
BAIC Hyundai Leasing Co., Ltd. 58,655 13,120 50,603 45,535 18,214 — 18,214
Other Total
compre- compre-
Operating Interest Interest Net hensive hensive
revenue income expense income(loss) income income(loss) Dividends
Korea Credit Bureau W 49,321 49 — 7,063 — 7,063 1,000
Hyundai Capital UK Ltd. 78,902 77,550 22,889 29,450 (10,341) 19,109 —
Beijing Hyundai Auto Finance Co., Ltd. 218,151 212,968 93,080 55,793 25,215 81,008 —
Hyundai Capital Canada Inc. 243,766 210,438 180,197 6,762 (6,606) 156 —
Hyundai Capital Bank Europe GmbH 49,353 40,009 10,550 660 16,656 17,316 —
BANCO HYUNDAI CAPITAL BRASIL S.A. 31,685 31,685 13,086 3,565 (19,672) (16,107) —
Hyundai Corretora de Seguros LTDA. 10 — — (131) (109) (240) —
BAIC Hyundai Leasing Co., Ltd. 19 — — (219) 668 449 —

22
(3) Reconciliation of changes in investments in associates and joint ventures
The following tables present a reconciliation of changes in the carrying amounts of investments in
associates and joint ventures for the six-month periods ended June 30, 2021 and 2020:
Share in
other
compre-
Opening Share in hensive Closing
balance Acquisition net income income (loss) Dividends balance
Korea Credit Bureau W 6,601 — 329 — (70) 6,860
Hyundai Capital UK Ltd. 120,550 — 13,191 6,738 — 140,479
Beijing Hyundai Auto Finance Co., Ltd. 544,965 — 33,971 26,067 (13,803) 591,200
Hyundai Capital Canada Inc. 46,809 27,630 5,988 3,747 — 84,174
Hyundai Capital Bank Europe GmbH 495,999 — (466) 2,460 — 497,993
BANCO HYUNDAI CAPITAL BRASIL S.A. 33,862 — 3,638 3,345 — 40,845
Hyundai Corretora de Seguros LTDA. 77 — (61) 1 — 17
BAIC Hyundai Leasing Co., Ltd. 18,214 — 204 862 — 19,280
W 1,267,077 27,630 56,794 43,220 (13,873) 1,380,848
Share in
other
compre-
Opening Share in hensive Closing
balance Acquisition net income income (loss) Dividends balance
Korea Credit Bureau W 5,697 — 531 — (70) 6,158
Hyundai Capital UK Ltd. 104,905 — 8,832 (3,101) — 110,636
Beijing Hyundai Auto Finance Co., Ltd. 501,495 — 25,665 11,599 — 538,759
Hyundai Capital Canada Inc. 44,439 — 1,960 (1,340) — 45,059
Hyundai Capital Bank Europe GmbH 159,948 103,275 145 9,085 — 272,453
BANCO HYUNDAI CAPITAL BRASIL S.A. 42,194 — 1,803 (9,836) — 34,161
Hyundai Corretora de Seguros LTDA. W 269 — (66) (54) — 149
BAIC Hyundai Leasing Co., Ltd. 11,252 — (96) 267 — 11,423
870,199 103,275 38,774 6,620 (70) 1,018,798

23
9. Financial Receivables
(1) Carrying amount
Financial receivables measured at amortized costs as of June 30, 2021 and December 31, 2020 are
as follows:
Deferred
loan costs,
net of fees
(Initial
Unpaid direct fees,
outstanding net of costs Present Allowance
principal on finance value for loan Carrying
balance leases) discounts losses amount
Loans receivable
Loans W 10,103,039 44,742 (1,379) (449,249) 9,697,153
Installment financial assets
Automobile 14,394,541 (268,285) — (142,269) 13,983,987
Durable goods 1 — — (1) —
Mortgage 193 1 — (18) 176
14,394,735 (268,284) — (142,288) 13,984,163
Lease receivables
Finance lease receivables 2,390,252 (208) — (43,908) 2,346,136
Cancelled lease receivables 34,433 — — (26,418) 8,015
2,424,685 (208) — (70,326) 2,354,151
W 26,922,459 (223,750) (1,379) (661,863) 26,035,467
Deferred
loan costs,
net of fees
(Initial
Unpaid direct fees,
outstanding net of costs Present Allowance
principal on finance value for loan Carrying
balance leases) discounts losses amount
Loans receivable
Loans W 9,652,684 44,568 (1,955) (482,923) 9,212,374
Installment financial assets
Automobile 14,991,589 (326,639) — (141,848) 14,523,102
Durable goods 1 — — (1) —
Mortgage 363 1 — (20) 344
14,991,953 (326,638) — (141,869) 14,523,446
Lease receivables
Finance lease receivables 2,447,610 (185) — (46,881) 2,400,544
Cancelled lease receivables 34,411 — — (27,809) 6,602
2,482,021 (185) — (74,690) 2,407,146
W 27,126,658 (282,255) (1,955) (699,482) 26,142,966

24
(2) Reconciliation of changes in allowance for loan losses
The following tables present a reconciliation of changes in allowance for loan losses including allowance for doubtful accounts for other assets for the six-
month periods ended June 30, 2021 and 2020:
(*1) In June 2021, the Group has strengthened the criteria for stage 2 classification of loan for specific type of industry and multiple debt holders, which
are expected to be influenced strongly by COVID-19. The amount of additional provision for allowance due to the change of classification criteria is W24,500
million.
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 June 30, 2021 were W318,469 million.
Loans receivable Installment financial assets Lease receivables
12-month Lifetime expected Purchased or 12-month Lifetime expected 12-month Lifetime expected
expected credit losses originated expected credit losses expected credit losses
credit Not credit- Credit- credit-impaired credit Not credit- Credit- credit Not credit- Credit- Other
losses impaired impaired financial assets losses impaired impaired losses impaired impaired assets Total
Opening balance W 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 expected credit losses 12,645 (11,049) (1,596) — 5,124 (4,165) (959) 2,295 (1,054) (1,241) — —
Transferred to lifetime expected credit losses (39,869) 42,606 (2,737) — (13,876) 15,130 (1,254) (1,902) 2,301 (399) — —
Transferred to credit-impaired (2,108) (5,648) 7,756 — (232) (1,501) 1,733 (69) (155) 224 — —
Repurchases (Disposals) — — 87 85 — — 47 — — — — 219
Charge-offs — — (110,542) (11,498) — — (30,464) — — (2,125) (404) (155,033)
Recoveries — — 15,632 13,553 — — 5,748 — — 50 913 35,896
Unwinding of discounts — — (9,034) (205) — — (341) — — (153) — (9,733)
Provision for (release of) allowance (*1) (6,431) 22,097 62,351 (9,769) (5,544) 9,241 21,732 (2,648) 566 (54) (1,531) 90,010
Closing balance W 106,563 127,247 192,232 23,207 47,533 47,771 46,984 15,845 7,952 46,529 28,850 690,713

25
(*1) In June 2020, the Group adjusted forward-looking information used in PD estimation to reflect the Covid-19 impact on allowances for loan losses.
The Covid-19 impact on the provision is reflected in the financial statements since June 30, 2020 and the amount recognized as of June 30, 2020 is W14,100
million.
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 June 30, 2020 were W228,919 million.
Loans receivable Installment financial assets Lease receivables
12-month Lifetime expected Purchased or 12-month Lifetime expected 12-month Lifetime expected
expected credit losses originated expected credit losses expected credit losses
credit Not credit- Credit- credit-impaired credit Not credit- Credit- credit Not credit- Credit- Other
losses impaired impaired financial assets losses impaired impaired losses impaired impaired assets Total
Opening balance W 154,645 97,018 217,666 61,128 58,976 27,419 39,861 15,582 9,024 47,687 29,041 758,047
Movements between the three stages
Transferred to 12-month expected credit losses 19,804 (18,134) (1,670) — 7,482 (6,081) (1,401) 4,660 (2,821) (1,839) — —
Transferred to lifetime expected credit losses (19,787) 21,548 (1,761) — (4,956) 5,806 (850) (1,180) 2,496 (1,316) — —
Transferred to credit-impaired (2,350) (9,088) 11,438 — (346) (2,036) 2,382 (188) (948) 1,136 — —
Disposals — — (66,124) (31,213) — — (17,688) (2,241) (821) (28) — (118,115)
Charge-offs — — (49,015) (24,596) — — (15,516) — — (701) (563) (90,391)
Recoveries — — 17,358 23,447 — — 4,894 — — 72 704 46,475
Unwinding of discounts — — (8,079) (128) — — (308) — — (134) — (8,649)
Provision for (release of) allowance (*1) (34,389) (6,556) 106,454 21,342 1,740 7,379 38,228 (2,892) (1,325) 5,606 (157) 135,430
Closing balance W 117,923 84,788 226,267 49,980 62,896 32,487 49,602 13,741 5,605 50,483 29,025 722,797

26
10. Leased Assets
(1) Carrying amount
Leased assets as of June 30, 2021 and December 31, 2020 are as follows:
(2) Reconciliation of changes in leased assets
The following tables present a reconciliation of changes in the carrying amounts of leased assets
for the six-month periods ended June 30, 2021 and 2020:
Accumulated
Accumulated impairment Carrying
Acquisition cost depreciation losses amount
Operating leased assets W 5,335,654 (1,204,439) (714) 4,130,501
Cancelled leased assets 24,105 — (6,219) 17,886
W 5,359,759 (1,204,439) (6,933) 4,148,387
Accumulated
Accumulated impairment Carrying
Acquisition cost depreciation losses amount
Operating leased assets W 4,648,386 (1,045,594) (721) 3,602,071
Cancelled leased assets 25,872 — (6,263) 19,609
W 4,674,258 (1,045,594) (6,984) 3,621,680
Opening Reversal of Closing
balance Addition Disposal Depreciation Impairment balance
Vehicles W 3,602,071 997,678 (121,174) (348,081) 7 4,130,501
Opening Reversal of Closing
balance Addition Disposal Depreciation Impairment balance
Vehicles W 2,338,995 953,317 (134,651) (243,686) 78 2,914,053
Machine equipment 1,490 — — (292) — 1,198
W 2,340,485 953,317 (134,651) (243,978) 78 2,915,251

27
11. Lessee
(1) Carrying amount
Amounts recognized for leases in consolidated financial statements as of June 30, 2021 and
December 31, 2020 are as follows:
(*1) The incremental borrowing rate on weighted average the Group used when recognizing and
measuring the lease liabilities as of June 30, 2021 was 2.01%.
(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 six-month periods ended June 30, 2021 and 2020:
2021 2020
Right-of-use assets
Buildings W 35,038 34,617
Vehicles 230 303
Fixture and furniture 1,346 1,967
Lease liabilities
Lease liabilities (*1) W 35,307 35,183
Cancellation
Opening balance Addition Depreciation or termination Closing balance
Buildings W 34,617 8,385 (7,698) (266) 35,038
Vehicles 303 — (73) — 230
Fixture and furniture 1,967 — (621) — 1,346
W 36,887 8,385 (8,392) (266) 36,614
Cancellation
Opening balance Addition Depreciation or termination Closing balance
Buildings W 39,631 7,667 (9,530) (96) 37,672
Vehicles 42 384 (51) — 375
Fixture and furniture 3,208 — (620) — 2,588
W 42,881 8,051 (10,201) (96) 40,635

28
(3) Expenses on lease
The following table presents expenses on lease liabilities for the three-month and six-month
periods ended June 30, 2021 and 2020:
(*1) The Group had no income from variable lease payment or subleasing right-of-use assets for
the six-month periods ended June 30, 2021 and 2020.
(4) Total cash outflows for lease liabilities
Total cash outflows for lease liabilities for the six-month periods ended June 30, 2021 and 2020
are as follows:
(in millions of Korean won) Three-month periods ended June 30, Six-month periods ended June 30,
2021 (*1) 2020 (*1) 2021 (*1) 2020 (*1)
Interest expense from lease liabilities (belongs to interest expense) W 185 215 372 429
Lease payment for leases of low value items 103 86 203 172
(belongs to general and administrative expenses)
(in millions of Korean won) Six-month periods ended June 30,
2021 2020
Total cash outflows for lease liabilities W 8,402 7,860

29
12. Property and Equipment
The following tables present a reconciliation of changes in the carrying amounts of property and
equipment for the six-month periods ended June 30, 2021 and 2020:
(*1) Including gains and losses from discontinued operations.
(in millions of
Korean won) Six-month period ended June 30, 2021
Transferred to
Opening assets held Translation Closing
balance Addition Transfer Disposal Depreciation(*1) for sale differences balance
Land W 84,361 — — — — (5,181) — 79,180
Buildings 91,244 21 — — (1,420) — — 89,845
Vehicles 3,289 694 — (23) (363) — — 3,597
Fixture and
furniture 19,653 1,491 1,507 (176) (5,034) — 7 17,448
Others 2,429 — — — — — — 2,429
Construction
in progress 807 2,177 (1,507) — — — — 1,477
W 201,783 4,383 — (199) (6,817) (5,181) 7 193,976
(in millions of
Opening Translation Closing
balance Addition Disposal Depreciation(*1) differences balance
Land W 89,290 — — — — 89,290
Buildings 99,296 12 — (1,504) — 97,804
Vehicles 3,372 509 (167) (407) 1 3,308
Fixture and
furniture 21,154 3,506 (8) (6,258) (4) 18,390
Others 2,429 — — — — 2,429
Construction
in progress — 295 — — — 295
W 215,541 4,322 (175) (8,169) (3) 211,516

30
13. Intangible Assets
The following tables present a reconciliation of changes in the carrying amounts of intangible assets
for the six-month periods ended June 30, 2021 and 2020:
(in millions of
Transferred to
Opening assets held Translation Closing
balance Addition Transfer Disposal Amortization(*1) for sale differences balance
Software
development costs W 74,745 — 2,789 — (19,773) (3,657) — 54,104
Memberships 28,534 — — (4,088) — — (1) 24,445
Other intangible
assets 9,337 61 1,111 — (2,254) (377) 1 7,879
Software under
development 2,433 8,433 (3,900) — — — — 6,966
W 115,049 8,494 — (4,088) (22,027) (4,034) — 93,394
(in millions of
Opening Translation Closing
balance Addition Transfer Disposal Amortization(*1) differences balance
Software
development costs W 92,178 411 5,775 — (20,606) — 77,758
Memberships 28,811 — — (267) — (5) 28,539
Other intangible
assets 9,040 99 996 — (2,294) — 7,841
Software under
development 6,805 8,059 (6,771) — — — 8,093
W 136,834 8,569 — (267) (22,900) (5) 122,231

31
14. Borrowed Funds
(1) Borrowings
Borrowings as of June 30, 2021 and December 31, 2020 are as follows:
(2) Bonds issued
Bonds issued as of June 30, 2021 and December 31, 2020 are as follows:
(in millions of Annual Carrying amount
Korean won) interest June 30, December 31,
Lender rate (%) Maturity 2021 2020
Short-term borrowings:
Commercial paper Shinhan Bank 0.86 ~ February 21, 2022 through
and 6 others 1.53 July 19, 2021 W 480,000 330,000
General loans SC Bank 1.61 ~ September 17, 2021 through
and 1 others 1.78 July 16, 2021 250,000 568,368
730,000 898,368
Current portion of
long-term borrowings:
Commercial paper Kiwoom
Securities Co., Ltd.
and 1 others 2.12 March 7, 2022 200,000 —
General loans Kookmin Bank 1.37 ~ June 24, 2022 through
and 9 others 3.03 July 26, 2021 853,486 657,033
1,053,486 657,033
Long-term borrowings:
Commercial paper BNK
Securities Co., Ltd. 1.40 ~ September 13, 2024 through
and 4 others 1.65 December 16, 2022 500,000 700,000
General loans Kookmin Bank 1.16 ~ July 10, 2024 through
and 10 others 4.00 July 1, 2022 979,558 1,269,842
1,479,558 1,969,842
W 3,263,044 3,525,243
(in millions of Korean won) Annual Carrying amount
interest June 30, December 31,
rate (%) Maturity 2021 2020
Short-term bonds:
Bonds 0.79 ~ October 8, 2021 through W 480,000 520,000
Less: discount on bonds 1.42 July 2, 2021 (213) (449)
479,787 519,551
Current portion of long-term bonds:
Bonds 1.02 ~ June 24, 2022 through 5,078,148 4,889,788
Less: discount on bonds 2.85 July 1, 2021 (2,395) (1,710)
5,075,753 4,888,078
Long-term bonds:
Bonds 0.96 ~ November 12, 2030 through 18,599,345 18,434,919
Less: discount on bonds 3.38 July 6, 2022 (27,652) (28,135)
18,571,693 18,406,784
W 24,127,233 23,814,413

32
15. Employee benefit liabilities
(1) Defined contribution plans
The Group recognized W862 million and W794 million in the statement of comprehensive income
for retirement benefits based on the defined contribution plan for the six-month periods ended June 30,
2021 and 2020, respectively.
(2) Defined benefit plans
(a) Characteristics of the defined benefit plan
The Group operates a defined benefit plan. Under the plan, eligible employees are paid severance
benefits based on average salaries of three months prior to the termination and service periods. The plan
assets are mainly comprised of interest rate guaranteed type instruments, and therefore, are exposed to
the risk of declining interest rates.
(b) Reconciliation of changes in present value of defined benefit obligations
The following table presents a reconciliation of changes in the present value of defined benefit
obligations for the six-month periods ended June 30, 2021 and 2020:
2021 2020
Opening balance W 109,920 103,766
Current service costs (*1) 6,606 6,719
Interest cost (*1) 1,238 1,153
Actuarial losses (gains):
Experience adjustments 1,617 444
Changes in economic assumptions (2,640) 1,207
Changes in demographic assumptions (113) 360
Transfer of severance benefits from (to) related parties, net (1,244) (141)
Benefits paid (5,844) (6,392)
Transfer to Liabilities directly associated with
the assets of a disposal group classified as held for sale (422) —
Closing balance W 109,118 107,116

33
(c) Reconciliation of changes in fair value of plan assets
The following tables present a reconciliation of changes in the fair value of plan assets for the six-
month periods ended June 30, 2021 and 2020:
(3) Other long-term employee benefit plans
The following tables present a reconciliation of changes in other long-term benefit liability for the
six-month periods ended June 30, 2021 and 2020:
2021 2020
Expected return on plan assets (*1) 1,277 1,234
Actuarial losses - Changes in economic assumptions (513) (462)
Transfer of severance benefits from (to) related parties, net (1,255) (141)
Benefits paid (5,121) (6,384)
Transfer to assets of a disposal group classified as held for sale (422) —
2021 2020
Current service costs (*1) 275 271
Interest cost (*1) 76 72
Actuarial losses 17 331
Benefits paid (589) (391)
Transfer to Liabilities directly associated with
the assets of a disposal group classified as held for sale (34) —

34
16. Provisions
Provisions include the allowance for unused loan commitments, residual value guarantees, asset
retirement obligations, litigations and others. A similar approach to the allowance for loan losses is used
for calculating a reserve for the estimated credit losses related to unused loan commitments.
The following tables present a reconciliation of changes in the provisions for the six-month periods
ended June 30, 2021 and 2020:
(*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 asset retirement obligations (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.
Unused Residual Asset
loan value retirement
commit- guaran- obliga-
ments (*1) tees (*2) tions (*3) Litigations Total
Opening balance W 157 79,810 6,559 — 86,526
Provision for (release of) allowance 146 7,049 (685) 58 6,568
Provisions made for AROs and
capitalized to related assets (*3) — — 137 — 137
Unwinding of interests — — 44 — 44
Closing balance W 303 86,859 6,055 58 93,275
Unused Residual Asset
loan value retirement
commit- guaran- obliga-
ments (*1) tees (*2) tions (*3) Litigations Total
Opening balance W 504 54,447 5,860 — 60,811
Provision for (release of) allowance (222) 11,560 (608) — 10,730
Provisions made for AROs and
capitalized to related assets (*3) — — 857 — 857
Unwinding of interests — — 63 — 63
Closing balance W 282 66,007 6,172 — 72,461

35
17. Derivative Financial Instruments and Hedge Accounting
(1) Trading derivatives
The Group had no balance of trading derivatives as of June 30, 2021 and December 31, 2020.
(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 accounting 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 one-month and three-month USD 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, 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.
Details of Financial instruments using USD LIBOR as interest rate benchmark as of June 30, 2021
are as follows:
Book value of
Interest rate Non-derivative Nominal value of
benchmark Currency financial liability Hedging instument
USD 1M LIBOR USD W 1,126,638 1,195,125
USD 3M LIBOR USD 503,463 512,362

36
Details of cash flow hedged items as of June 30, 2021 and December 31, 2020 are as follows:
Derivatives that are designated and qualifying as hedging instruments for cash flow hedges as of
June 30, 2021 and December 31, 2020 are as follows:
(*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.
(*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.
(in millions of June 30, 2021
Korean won) Accumulated other
Carrying amount Line item Changes in comprehensive
Assets Liabilities in the financial statements fair value income (loss)
Interest rate risk W — 4,630,000 Borrowings and Bonds issued — (8,652)
Foreign exchange risk 29,577 6,763,573 Loans, Borrowings and Bonds issued (153,419) 26,935
W 29,577 11,393,573 (153,419) 18,283
(in millions of December 31, 2020
Korean won) Accumulated other
Carrying amount Line item Changes in comprehensive
Assets Liabilities in the financial statements fair value income (loss)
Interest rate risk W — 5,043,000 Borrowings and Bonds issued — (56,833)
Foreign exchange risk 29,441 6,766,282 Loans, Borrowings and Bonds issued 281,426 14,704
W 29,441 11,809,282 281,426 (42,129)
Notional Line item
principal Carrying amount in the financial Changes in
amount (*1) Assets Liabilities statements fair value
Interest rate swaps W 4,630,000 14,733 22,501 Derivative 65,117
Currency swaps 6,793,150 139,602 97,422 assets (liabilities) 205,097
W 11,423,150 154,335 119,923 270,214
Notional Line item
principal Carrying amount in the financial Changes in
amount (*1) Assets Liabilities statements fair value
Interest rate swaps W 5,043,000 944 74,112 Derivative (9,462)
Currency swaps 6,795,723 92,589 284,983 assets (liabilities) (231,341)
W 11,838,723 93,533 359,095 (240,803)

37
Changes in effective portion of derivatives that are designated and qualifying as hedging
instruments for cash flow hedges for the six-month periods ended June 30, 2021 and 2020 are as follows:
The Group is expected to be exposed to the variability in future cash flows arising from hedged
items designated as cash flow hedges, until September 7, 2029. There was no cash flow hedges
discontinued during the six-month periods ended June 30, 2021 and 2020.
The ineffective portion recognized in profit related to cash flow hedge during the six-month period
ended June 30, 2021 is W5,412 million.
Changes
in fair value
recognized
in other Reclassified
Opening comprehensive to Closing
balance income profit or loss balance
Effective portion of cash flow hedges W (55,578) 270,214 (190,515) 24,121
Income tax effects 13,449 (5,838)
Effective portion of cash flow hedges,
net of income taxes W (42,129) 18,283
Changes
in fair value
recognized
in other Reclassified
Opening comprehensive to Closing
balance income profit or loss balance
Effective portion of cash flow hedges W (77,898) 142,203 (228,455) (164,150)
Income tax effects 18,851 39,724
Effective portion of cash flow hedges,
net of income taxes W (59,047) (124,426)

38
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 June 30, 2021 and December 31, 2020 are as
follows:
(*1) Regulatory reserve for loan losses as of June 30, 2021 and December 31, 2020 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.
Release of regulatory reserve for loan losses and profit for the period and earnings per share
adjusted with release of regulatory reserve for loan losses for the six-month periods ended June 30,
2021 and 2020 are as follows:
(*1) Release of regulatory reserve for loan losses represents excessive reserves expected to be
released for the six-month periods ended June 30, 2021 and 2020.
(*2) Profit for the period adjusted with release of regulatory reserve for losses is not prepared in
accordance with K-IFRS, but the amount reflects the expected release of regulatory reserve for loan
losses on a pre-tax basis on profit for the period.
2021 2020
Appropriated regulatory reserve for loan losses W 213,477 218,712
Expected reversal of
regulatory reserve for loan losses (22,427) (5,235)
Regulatory reserve for loan losses (*1) W 191,050 213,477
2021 2020
Profit for the period W 227,472 186,263
add: reversal of
regulatory reserve for loan losses (*1) (22,427) (52,612)
Profit for the period adjusted with reversal of
regulatory reserve for loan losses (*2) W 249,899 238,875
Basic and diluted earnings per share
adjusted with reversal of
regulatory reserve for loan losses (in won) W 2,516 2,405

39
(2) Retained earnings
Details of retained earnings as of June 30, 2021 and December 31, 2020 are as follows:
(*1) Korean Commercial Act requires the Company to appropriate, as a legal reserve, an amount
equal to a minimum of 10% of annual cash dividends declared, until the reserve equals 50% of its issued
capital. The reserve is not available for the payment of cash dividends, but may be transferred to capital
stock or used for reducing accumulated deficit, if any.
2021 2020
Legal reserves:
Earned surplus reserve (*1) W 176,286 167,110
Discretionary reserves:
Regulatory reserve for loan losses 213,477 218,712
Reserve for electronic financial transactions 100 100
Reserve for business rationalization 74 74
213,651 218,886
Retained earnings before appropriation 3,633,754 3,501,983
W 4,023,691 3,887,979

40
19. Net Interest Income
Net interest income for the three-month and six-month periods ended June 30, 2021 and 2020 are
as follows:
(*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
20. Net Fee Income
Net fee income for the three-month and six-month periods ended June 30, 2021 and 2020 are as
follows:
2021 2020 2021 2020
Interest income:
Interest income recognized by using the effective interest method
Cash and due from other financial institutions W 2,446 4,597 5,279 8,796
Securities measured at FVOCI 51 259 80 556
Loans receivable 191,420 192,553 380,406 392,794
Installment financial assets 152,509 150,172 305,578 299,908
Lease receivables (*1) 31,778 32,839 64,253 62,594
Other (*2) 22 933 114 1,047
378,226 381,353 755,710 765,695
Interest expense:
Borrowings 15,070 17,714 31,123 34,627
Bonds issued 119,675 127,870 242,199 259,305
Other (*2) 1,553 1,865 3,163 3,912
136,298 147,449 276,485 297,844
Net interest income W 241,928 233,904 479,225 467,851
2021 2020 2021 2020
Fee income:
Loans receivable W 4,535 5,791 9,292 12,868
Installment financial assets 5,527 5,987 11,382 11,604
Lease receivables 30,932 31,355 61,728 59,378
40,994 43,133 82,402 83,850
Fee expenses:
Lease expenses 36,627 31,214 69,040 62,397
Net fee income W 4,367 11,919 13,362 21,453

41
21. Net Lease Income
Net lease income for the three-month and six-month periods ended June 30, 2021 and 2020 are as
follows:
(*1) Excluding net interest income and net fee income regarding lease
22. Other Operating Income and Expenses
Other operating income and expenses for the three-month and six-month periods ended June 30,
2021 2020 2021 2020
Income on leases (*1)
Income on operating leases W 225,094 165,006 432,692 318,749
Gain on sale of lease assets 7,183 6,839 12,956 24,910
Fee income on operating leases 43,648 34,334 84,707 65,030
275,925 206,179 530,355 408,689
Lease expense (*1)
Depreciation 184,282 135,110 348,081 243,978
Loss on sale of lease assets 7,402 19,746 15,885 27,175
Impairment losses on lease assets (42) (197) (51) (218)
Fee expenses on operating leases 26,610 46,928 50,508 71,713
Other 445 4,859 3,595 9,100
218,697 206,446 418,018 351,748
Net lease income W 57,228 (267) 112,337 56,941
2021 2020 2021 2020
Other operating income:
Gain on valuation of derivatives W (27,299) (82,628) 172,397 238,735
Gain on derivatives transactions 8,236 995 32,186 1,899
Gain on valuation of short-term financial investments (418) 1,173 512 2,763
Gain on purchased loan 2,761 9,749 5,732 19,062
Shared services income 5,144 4,286 16,095 13,198
Other fee and commission 7,366 7,709 14,192 13,128
Advisory fee 11,543 11,548 22,514 22,352
Release of allowance 345 198 714 830
Other 2,301 4,000 5,123 12,678
W 9,979 (42,970) 269,465 324,645
Other operating expenses:
Loss on valuation of derivatives W (30,404) (32,304) 13,567 12,179
Loss on derivatives transactions — — 501 —
Shared services expense 5,991 5,247 18,800 16,525
Indirect financing cost 2,496 2,778 4,880 5,390
Provision for allowance 3,245 7,535 7,282 11,560
Other 8,591 7,311 14,192 16,980
W (10,081) (9,433) 59,222 62,634

42
23. General and Administrative Expenses
General and administrative expenses for the three-month and six-month periods ended June 30,
2021 2020 2021 2020
Salaries W 50,446 47,916 98,829 95,312
Severance benefits 4,049 4,592 7,775 8,224
Employee benefits 7,862 8,318 21,658 18,783
Advertising 9,885 9,756 17,710 18,888
Sales promotion 15,541 14,023 28,585 24,003
Rents 4,680 4,318 9,203 8,841
Utilities 1,965 2,190 4,033 4,854
Communication 3,032 2,950 5,963 6,062
Travel and transportation 895 977 1,582 2,114
Professional and other service fees 13,473 13,459 26,187 27,372
Outsourcing service charges 6,182 7,433 12,738 15,425
Commissions and charges 4,816 4,672 9,924 9,451
Depreciation 7,514 8,263 15,118 18,246
Amortization 9,884 11,041 21,676 21,942
Other 9,229 8,776 20,266 20,292
W 149,453 148,684 301,247 299,809

43
24. Income Taxes
Income tax expense is calculated by reflecting the current period tax adjustments in respective of
previous years, changes in deferred tax due to temporary differences, and income tax expense related
to items that is not recognized in profit and loss. The average effective tax rate for the six-month periods
ended June 30, 2021 and 2020 (income tax expense/profit before income taxes) is 23.0% and 24.4%.
25. Earnings Per Share
(1) Basic earnings per share
Basic earnings per share attributable to common stock of equity holders for the three-month and
six-month periods ended June 30, 2021 and 2020 are as follows:
(2) Diluted earnings per share
There are no potential common stocks as of June 30, 2021 and 2020. Therefore, the diluted earnings
per share is equal to basic earnings per share for the six-month periods ended June 30, 2021 and 2020.
Three-month period ended June 30, 2021 Six-month period ended June 30, 2021
Continuing Discontiuned Continuing Discontiuned
Operations Operations Operations Operations
Profit for the period attributable
to owners of the Company (in won) (A) W 110,177,950,010 (967,747,674) 230,019,428,278 (2,545,450,725)
Weighted average of number of
outstanding common stocks (B) 99,307,435 shares 99,307,435 shares 99,307,435 shares 99,307,435 shares
Basic earnings per share (in won) (A/B) W 1,109 (10) 2,316 (26)
Three-month period ended June 30, 2020 Six-month period ended June 30, 2020
Continuing Discontiuned Continuing Discontiuned
Operations Operations Operations Operations
Profit for the period attributable
to owners of the Company (in won) (A) W 103,241,705,356 (2,838,699,703) 193,013,672,688 (6,750,407,417)
Weighted average of number of
outstanding common stocks (B) 99,307,435 shares 99,307,435 shares 99,307,435 shares 99,307,435 shares
Basic earnings per share (in won) (A/B) W 1,040 (29) 1,944 (68)

44
26. Accumulated Other Comprehensive Income
Changes in accumulated other comprehensive income for the six-month periods ended June 30,
Changes
Reclassifi-
Opening cation to Other Income tax Closing
balance profit or loss changes effects balance
Net change in unrealized
gains and losses on equity
securities measured at FVOCI W 32,938 — (511) 124 32,551
gains and losses on valuation of
debt securities measured at FVOCI 71 (75) 1 18 15
under the equity method (9,775) — 43,220 (10,460) 22,985
Net change in effective portion
of cash flow hedges (42,129) (190,515) 270,214 (19,287) 18,283
Net change in gains and losses
on overseas operations translation (7,372) — 868 — (6,504)
Remeasurements of
defined benefit plans (14,739) — 623 (151) (14,267)
W (41,006) (190,590) 314,415 (29,756) 53,063
Changes
Reclassifi-
Opening cation to Other Income tax Closing
balance profit or loss changes effects balance
gains and losses on equity
securities measured at FVOCI W 16,934 — 7,537 (1,824) 22,647
gains and losses on valuation of
debt securities measured at FVOCI 602 (231) 114 (14) 471
under the equity method (2,398) — 6,620 (1,602) 2,620
Net change in effective portion
of cash flow hedges (59,047) (228,455) 142,203 20,873 (124,426)
Net change in gains and losses
on overseas operations translation (4,550) — (823) — (5,373)
Remeasurements of
defined benefit plans (13,994) — (2,473) 599 (15,868)
W (62,453) (228,686) 153,178 18,032 (119,929)

45
27. Supplemental Cash Flow Information
(1) Cash and cash equivalents
Details of cash and cash equivalents as of June 30, 2021 and December 31, 2020 are as follows:
(*1) Ordinary deposits include restricted cash at reserve accounts of Autopia ABS trusts due from
other banks in the amount of W42,769 million and W18,404 million as of June 30, 2021 and December
31, 2020, respectively, for the Autopia asset securitization program.
(*2) Other cash equivalents include demand deposits, certificate of deposits, time deposits,
commercial papers, repurchase agreements and other debt instruments 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. Other cash equivalents include restricted cash at reserve accounts of
Autopia ABS trusts due from other banks in the amount of W11,000 million each as of June 30, 2021
and December 31, 2020, respectively, for the Autopia asset securitization program.
2021 2020
Ordinary deposits (*1) W 110,116 86,791
Checking deposits 2,519 2,398
Other cash equivalents (*2) 285,886 316,876
W 398,521 406,065

46
(2) Cash generated from operations
Cash generated from operations for the six-month periods ended June 30, 2021 and 2020 are as
follows:
2021 2020
Profit for the period W 227,472 186,263
Adjustments:
Loss on sale of securities measured at FVTPL — 1,439
Loss on valuation of securities measured at FVTPL 541 176
Gain on sale of debt securities measured at FVOCI (359) (329)
Impairment loss on securities measured at FVOCI 3 —
Reversal of impairment loss on securities measured at FVOCI (18) (186)
Income on loans 19,300 16,568
Income on installment financial assets 41,032 34,558
Income on leases 11,637 21,924
Gain on foreign currency translation (12,066) (12,177)
Dividend income (519) (1,060)
Gain on valuation of derivatives (172,397) (238,735)
Gain on valuation of short-term financial investments (512) (2,763)
Net interest expenses 271,012 287,445
Lease expenses 348,030 243,760
Provision for loan losses 90,010 135,430
Loss on foreign currency translation 165,311 238,821
Severance benefits 7,313 7,201
Long-term employee benefits 365 667
Depreciation 15,118 18,246
Amortization 21,676 21,942
Loss on valuation of derivatives 13,567 12,179
Provision for allowance 6,568 10,730
Share in net income of associates and joint ventures under the equity method (57,321) (38,936)
Gain on sale of property and equipment (65) (65)
Loss on sale of property and equipment 177 51
Gain on sale of intangible assets — (89)
Loss on sale of intangible assets 68 2
Share in net loss of associates and joint ventures under the equity method 527 162
Loss on cancellation of lease 82 50
Gain on sale of non-current assets held for sale (293) (3,324)
Income tax expense 68,838 62,296
Adjustments associated with discontinued operations 536 1,287
838,161 817,270

47
2021 2020
Changes in operating assets and liabilities:
Decrease in due from banks W 9,943 60,319
Decrease in short-term financial investments 519,428 320,934
Decrease in securities measured at FVTPL 269 23,276
Decrease (increase) in securities measured at FVOCI (3,004) 3,820
Decrease (increase) in loans receivable (572,190) 286,544
Decrease (increase) in installment financial assets 472,822 (269,009)
Increase in finance lease receivables (111,271) (15,996)
Decrease in cancelled lease receivables 8,105 7,034
Increase in operating lease assets (876,503) (818,665)
Decrease in cancelled lease assets 148,427 216,163
Decrease in non-trade receivables 15,434 21,734
Increase in accrued revenues (7,173) (473)
Decrease (increase) in advance payments (27,454) 10,236
Increase in prepaid expenses (15,649) (13,187)
Decrease in non-trade payables (9,127) (15,010)
Increase (decrease) in accrued expenses 674 (608)
Increase in unearned revenue 2,145 213
Increase (decrease) in withholdings (1,869) 8,620
Decrease in deposits received (9,183) (24,528)
Severance payments (721) (8)
Transfer of severance benefits from related parties, net 11 —
Decrease in long-term employee benefits (589) (391)
Changes in assets and liabilities associated with discontinued operations (2) —
(457,477) (198,982)
W 608,156 804,551

48
(3) Changes in liabilities arising from financing activities
Changes in liabilities and assets that hedge liabilities arising from financing activities for the six-
month periods ended June 30, 2021 and 2020 are as follows:
Non-cash changes
Changes in
foreign
Opening Net exchange Changes in Other Closing
balance cash flows rates fair value changes balance
Borrowings W 3,525,243 (267,249) 4,872 — 178 3,263,044
Bonds issued 23,814,413 154,655 148,683 — 9,482 24,127,233
Net derivate liabilities (assets)
held to hedge borrowed funds 264,670 (61,444) (159,015) (79,880) — (35,669)
Lease liabilities 35,183 (8,199) — — 8,323 35,307
W 27,639,509 (182,237) (5,460) (79,880) 17,983 27,389,915
Non-cash changes
Changes in
foreign
Opening Net exchange Changes in Other Closing
balance cash flows rates fair value changes balance
Borrowings W 2,835,017 392,546 4,290 — 176 3,232,029
Bonds issued 23,549,212 (193,289) 223,427 — 7,036 23,586,386
Net derivate liabilities (assets)
held to hedge borrowed funds (13,407) (95) (227,717) 86,910 — (154,309)
Lease liabilities 38,472 (7,688) — — 7,667 38,451
W 26,409,294 191,474 — 86,910 14,879 26,702,557

49
28. Commitments and Contingencies
(1) Line of credit commitments
As of June 30, 2021, the Group has line-of-credit commitments from Shinhan Bank and other banks
with up to KRW 49,100 million in the aggregate. The Group also has revolving credit facility
agreements up to USD 200 million, JPY 70,000 million, EUR 250 million and KRW 2,673,500 million
with Kookmin Bank and other financial institutions.
The Group is exposed to interest rates benchmarks (USD 3M LIBOR, JPY 1M LIBOR) subject to
interest rate benchmarks reform. Among the group's contract, the limit related to USD 3M LIBOR and
JPY 1M LIBOR is KRW 200 million and KRW 70,000 million, respectively. The USD LIBOR interest
rate will be replaced by the Secured Overnight Financing Rate (SOFR) based on actual transactions
from July 2023, while the JPY LIBOR will be replaced by the TOKYO Overnight Average Rate (TONA)
from January 2022. 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.
The Group offers line-of-credit commitments to a number of customers. The unused amounts of
line-of-credit are W141,700 million as of June 30, 2021.
(2) Guarantees
Details of guarantees provided to the Group as of June 30, 2021 and December 31, 2020 are as
follows:
The Group has residual value guarantee insurance policies with DB INSURANCE CO., LTD. and
another insurance carrier which cover losses resulting from defaults in mortgage loans where unpaid
amounts exceed the recoverable amounts from the collateral of the loans and cover losses resulting from
sales of off-lease vehicles returned where the expected residual values exceed the recoverable amounts
at the end of the lease terms. Loans and leases insured by the policies and residual value guaranteed by
the insurance policies as of June 30, 2021 and December 31, 2020 are as follows:
(3) Pending litigations
Pending litigations include 49 cases with aggregated claim amounts of W27,310 million where the
Group is the defendant, 43 cases with aggregated claim amount of W3,650 million where the Group is
the plaintiff, and litigations against a number of debtors to collect receivables as of June 30, 2021.
The Group appropriates W 58 million for provision to cover a lost case in first trial. The Group
concluded that rest of the cases will not have significant influence on the financial statements.
(4) Receivables transfer agreement
Guarantor Details 2021 2020
Seoul Guarantee Guarantee for debt collection
Insurance Co., Ltd. deposit and others W 46,115 50,731
2021 2020
Loans and leases insured W 625,962 707,199
Residual value guaranteed by the insurance policies 164,851 186,027

50
The Group entered into an agreement with Hyundai Card Co., Ltd., Hyundai Commercial Co., Ltd.,
and Fubon Hyundai Life Insurance Co., Ltd. to purchase certain delinquent receivables on a regular
basis at amount agreed with the transferors.
(5) Borrowed funds agreement
As of June 30, 2021, the Group has agreements including trigger clauses regarding borrowed funds
and related credit commitments, W1,375,000 million for creditors’ credit enhancement. When the
Group’s credibility declines below certain level, the Group is required for advanced redemption or
agreements with creditors can be invalid or cancelled.
(6) Purchase option
The Group can exercise the purchase option regarding the headquarters building which the Group
is leasing when the lessor intends to sell the building or at the date when it is 4 years and 5 months from
the lease inception date. In case a party with pre-emption decide not to exercise purchase option for the
building, then the Group can exercise its purchase option.
(7) Agreement related to asset securitization
The Group needs to maintain a certain ratio of securitized asset to securities and provides additional
assets for any shortfalls. The asset back securitization contract includes triggering clauses requiring
early redemptions. It provides credit enhancement to the asset back securities and therefore limits the
investor's risk in case of changes in the asset quality. When triggering events occur, the Group has to
redeem the securities for its ABS SPC. As of June 30, 2021, if Autopia 68th
and 69th
ABS SPCs default
on the settlement of derivatives contracts in relation to asset backed securities, the Company has an
obligation to compensate counterparties for any losses.

51
29. Related Party Transactions
(1) Relationships between parents and subsidiaries
The parent company is Hyundai Motor Company. Related parties include associates, joint ventures,
members of key management personnel and entities which the Group controls directly or indirectly, or
has joint control or significant influence over.
(2) Related parties
Related parties that have transactions, and receivables and payables with the Group as of June 30,
2021 is as follows:
Type Company
The Parent Hyundai Motor Company
Associates Korea Credit Bureau, Hyundai Capital Bank Europe GmbH,
Hyundai Capital Canada Inc., BANCO HYUNDAI CAPITAL BRASIL S.A.
BAIC Hyundai Leasing Co., Ltd.
Others Kia Corp., Hyundai Card Co., Ltd., Hyundai Commercial Inc.,
Hyundai Autoever Corp., Hyundai Glovis Co., Ltd.,
Hyundai Construction & Engineering Co., Ltd., Hyundai Steel Company,
Hyundai Engineering Co., Ltd., Hyundai Mobis Co., Ltd.,
Hyundai Capital America and 54 others

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