1Q21_Audit_EN.pdf

HYUNDAICAPITALSERVICES,INC.ANDSUBSIDIARIES
CondensedConsolidatedInterimFinancialStatements
(Unaudited)
March31,2021
(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 March 31, 2021, the condensed consolidated statements of
comprehensive income, changes in equity and cash flows for the three-month periods ended March 31,
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 condensed 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
May 14, 2021
This report is effective as of May 14, 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 March 31, 2021 and December 31, 2020
(In millions of Korean won)
March 31, December 31,
Notes 2021 2020
Assets
Cash and due from other financial institutions
Cash and cash equivalents 4,28 W 517,161 406,065
Due from banks 4 16,640 26,731
Short-term financial investments 5 1,112,993 1,255,216
1,646,794 1,688,012
Securities
Investments in associates and joint ventures 8 1,313,311 1,267,078
Measured at fair value through profit or loss 6 10,932 11,590
Measured at fair value through other comprehensive income 7 66,734 64,320
1,390,977 1,342,988
Loans receivable 9,31
Loans receivable 9,759,391 9,695,297
Allowance for loan losses (473,126) (482,923)
9,286,265 9,212,374
Installment financial assets 9,31
Automobile installment financing receivables 14,389,886 14,664,950
Durable goods installment financing receivables 1 1
Allowance for loan losses (1) (1)
Mortgage installment financing receivables 359 364
Allowance for loan losses (19) (20)
14,250,241 14,523,446
Lease receivables 9
Finance lease receivables 2,367,203 2,447,425
Cancelled lease receivables 34,230 34,411
2,332,333 2,407,146
Leased assets 10
Operating lease assets 4,984,385 4,648,386
Accumulated depreciation (1,118,281) (1,045,594)
Accumulated impairment losses (711) (721)
Cancelled lease assets 26,046 25,872
Accumulated impairment losses (6,263) (6,263)
3,885,176 3,621,680
Property and equipment, net 12 194,651 201,783
Right-of-use assets, net 11 39,441 36,887
Other assets
Non-trade receivables 126,834 110,550
Allowance for doubtful accounts 9 (12,385) (12,362)
Accrued revenues 161,171 157,178
Allowance for doubtful accounts 9 (17,657) (17,510)
Advance payments 78,799 70,436
Prepaid expenses 129,680 108,785
Intangible assets 13 97,629 115,050
Derivative assets 17,32 123,894 93,533
Leasehold deposits 20,134 20,045
Net defined benefit assets 15 2,538 3,319
710,637 649,024
Assets held for sale 18 5,181 —
Assets of a disposal group classified as held for sale 36 4,078 —
Total assets W 33,745,774 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 March 31, 2021 and December 31, 2020
Notes 2021 2020
Liabilities
Borrowed funds 14
Borrowings W 3,226,492 3,525,243
Bonds issued 24,256,476 23,814,413
27,482,968 27,339,656
Other liabilities
Non-trade payables 337,631 279,735
Accrued expenses 78,157 113,153
Unearned revenue 16,208 15,004
Withholdings 301,479 296,649
Derivative liabilities 17,32 152,980 359,095
Lease liabilities 11 37,892 35,183
Current tax liabilities 48,962 43,663
Employee benefit liabilities 15 7,046 7,587
Deposits received 242,260 245,885
Deferred income tax liabilities 155,129 129,081
Provisions 16 90,355 86,526
1,468,099 1,611,561
Liabilities directly associated with the assets of 36
a disposal group classified as held for sale 254 —
Total liabilities 28,951,321 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 loss 27 (5,178) (41,006)
Retained earnings 19 3,914,481 3,887,979
4,794,453 4,732,123
Non-controlling interests — —
Total equity 4,794,453 4,732,123
Total liabilities and equity W 33,745,774 33,683,340
4

Condensed Consolidated Interim Statements of Comprehensive Income (Unaudited)
For the three-month periods ended March 31, 2021 and 2020
(In millions of Korean won except for Earnings per share)
Notes 2021 2020
Continuing operations
Operating revenue
Interest income 20 W 2,954 4,610
Gain on valuation and sale of securities 172 102
Income on loans 20,21 193,743 207,318
Income on installment financial assets 20,21 158,926 155,353
Income on leases 20,21,22 317,701 260,288
Gain on sale of loans 3 14,359
Gain on foreign currency transactions 40,392 46,210
Dividend income 519 632
Other operating income 23 259,487 367,614
Total operating revenue 973,897 1,056,486
Operating expenses
Interest expense 20 140,187 150,395
Lease expense 21,22 231,734 176,485
Loss on valuation and sale of securities 527 1,865
Provision for loan losses 9 32,649 81,960
Loss on sale of loans 54 2,151
Loss on foreign currency transactions 216,106 322,267
General and administrative expenses 24 151,794 151,125
Other operating expenses 23 69,301 72,067
Total operating expenses 842,352 958,315
Operating income 131,545 98,171
Non-operating income
Share in net income of associates and joint ventures
under the equity method 8 26,983 16,939
Gain on sale of property and equipment 36 3
Gain on sale of assets held-for-sale — 3,324
Other 656 1,483
Total non-operating income 27,675 21,749
Non-operating expenses
Share in net loss of associates and joint ventures
under the equity method 8 1,688 398
Loss on sale of property and equipment 177 46
Loss on sale of intangible assets 68 —
Donation 42 125
Other — —
Total non-operating expenses 1,975 569
Profit before income taxes 157,245 119,351
Income tax expense 25 37,404 29,579
Profit from continuing operations 119,841 89,772
Loss from discontinued operations 36 (1,579) (3,912)
Profit for the period W 118,262 85,860
5

Condensed Consolidated Interim Statements of Comprehensive Income (Unaudited)(Continued)
(In millions of Korean won except for Earnings per share)
Notes 2021 2020
Other comprehensive income (loss), 27
net of income taxes
Items that will never be reclassified to profit or loss:
Remeasurements of defined benefit plans W 1,369 (99)
Net change in unrealized gains and losses on
equity securities measured at fair value
through other comprehensive income (184) (346)
Items that are or may be reclassified
subsequently to profit or loss:
Share in other comprehensive income
of associates under the
equity method 15,924 14,385
Net change in effective portion of
cash flow hedges 18,513 (73,469)
Net change in foreign currency
translation adjustments 240 (2,003)
Net change in unrealized valuation gains and losses
on debt securities measured at fair value through
other comprehensive income (34) 41
Total other comprehensive income (loss),
net of income taxes 35,828 (61,491)
Total comprehensive income for the period W 154,090 24,369
Profit attributtable to:
Owners of the Company 118,262 85,860
118,262 85,860
Total comprehensive income
attributable to:
Owners of the Company 154,090 24,369
154,090 24,369
Earnings per share 26
Basic and diluted earnings per share of continuing operations (in won) W 1,207 904
Basic and diluted earnings per share of discontinued operations (in won) (16) (39)
6

Condensed Consolidated Interim Statements of Changes in Equity (Unaudited)
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 — — — — 85,860 85,860
Other comprehensive income (loss):
Share in other comprehensive income of associates and joint ventures
under the equity method — — — 14,385 — 14,385
Net change in effective portion of cash flow hedges — — — (73,469) — (73,469)
Net change in foreign currency translation adjustments — — — (2,003) — (2,003)
Remeasurements of defined benefit plans — — — (99) — (99)
Net change in unrealized gains and losses on equity securities
measured at fair value through other comprehensive income — — — (345) — (345)
Net change in unrealized valuation gains and losses on debt securities
measured at fair value through other comprehensive income — — — 41 — 41
Total comprehensive income — — — (61,490) 85,860 24,370
Transaction with owners of the Company
Annual dividends — — — — (89,476) (89,476)
Total transaction with owners of the Company — — — — (89,476) (89,476)
Balances as of March 31, 2020 W 496,537 369,339 19,274 (123,943) 3,625,268 4,386,475
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 — — — — 118,262 118,262
Other comprehensive income (loss):
Share in other comprehensive income of associates and joint ventures
under the equity method — — — 15,924 — 15,924
Net change in effective portion of cash flow hedges — — — 18,513 — 18,513
Net change in foreign currency translation adjustments — — — 240 — 240
Remeasurements of defined benefit plans — — — 1,369 — 1,369
Net change in unrealized gains and losses on equity securities
Net change in unrealized valuation gains and losses on debt securities
Total comprehensive income — — — 35,828 118,262 154,090
Transaction with owners of the Company
Annual dividends — — — — (91,760) (91,760)
Balances as of March 31, 2021 W 496,537 369,339 19,274 (5,178) 3,914,481 4,794,453
7

Condensed Consolidated Interim Statements of Cash Flows (Unaudited)
Notes 2021 2020
Cash flows from operating activities
Cash generated from operations 28 W 368,979 1,054,409
Interest received 2,859 4,903
Interest paid (168,672) (168,040)
Dividends received 11 632
Income taxes paid (16,547) (26,367)
Net cash provided by (used in) operating activities 186,630 865,537
Cash flows from investing activities
Acquisition of investments in associates and joint ventures — (103,275)
Acquisition of property and equipment (1,677) (726)
Proceeds from sale of property and equipment 57 58
Acquisition of intangible assets (2,653) (4,191)
Proceeds from sale of intangible assets 4,020 —
Increase in leasehold deposits (692) (1,014)
Decrease in leasehold deposits 609 455
Proceeds from sale of non-current assets held for sale — 15,000
Net cash used in investing activities (336) (93,693)
Cash flows from financing activities 28
Proceeds from borrowings 450,065 459,311
Repayments of borrowings (754,183) (370,065)
Proceeds from issue of bonds 1,993,325 1,021,102
Repayments of bonds (1,704,000) (1,407,134)
Net decrease (increase) in derivative financial instruments (56,328) 856
Repayments of lease liabilities (4,077) (3,729)
Net cash provided by (used in) financing activities (75,198) (299,659)
Net increase (decrease) in cash and cash equivalents 111,096 472,185
Cash and cash equivalents at beginning of the period 28 406,065 351,085
Cash and cash equivalents in the statements of 28
financial position at end of the period W 517,161 823,270
8

Notes to the Condensed Consolidated Interim Financial Statements
(Unaudited)
March 31, 2021
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, 1998. In
accordance with the Monopoly Regulation and Fair-Trade Act, the Company is incorporated into
Hyundai Motor Company Group. As of March 31, 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
(*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 March 31, December 31,
Location (%) 2021 2020
ABS SPCs:
Korea 0.5 Autopia 64th
, 65th
, 66th
, 67th
, Autopia 63rd
, 64th
, 65th
, 66th
, 67th
68th
, 69th
and 70th
ABS SPCs (*1) 68th
, 69th
and 70th
ABS SPCs (*1)
Structured Entity:
Korea — 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
Indonesia 100 PT. Hyundai Capital Indonesia PT. Hyundai Capital Indonesia
Stock company:
Australia 100 Hyundai Capital Australia Pty Limited Hyundai Capital Australia Pty Limited
Trusts:
Korea 100 Specified money trust (8 trusts) Specified money trust (16 trusts)

(Unaudited)
March 31, 2021
10
(2) Changes in subsidiaries
There were no subsidiaries that were included in the Group’s consolidated financial statements
except for changes in the number of specified money trust accounts in which the Group invests, and a
subsidiary that was excluded from the Group’s consolidated financial statements during the three-month
period ended March 31, 2021 is as follow:
Subsidiaries excluded from the consolidated financial statements during the three-month period
ended March 31, 2021
• Autopia 63rd
ABS SPC (including trust for asset securitization): structured entity dissolved.
(3) Key financial information of subsidiaries
Key financial information of subsidiaries as of and for the three-month periods ended March 31,
2021 is summarized as follows:
(4) Nature of risks related to consolidated structured entities
As of March 31, 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 21,439 1,116 20,323 2,495 363 567
Hyundai Capital India Private Ltd. 819 182 637 416 20 43
Hyundai Capital Brasil LTDA 220 — 220 82 (74) (91)
Hyundai Capital Australia Pty Limited 1,076 81 995 471 8 37
PT. Hyundai Capital Indonesia 192 10 182 33 (17) (14)
Autopia ABS SPCs 3,872,586 3,883,438 (10,852) 69,355 (1,529) (1,567)
Autopia ABS trusts 5,542,496 5,511,888 30,608 51,888 (2,858) (2,858)
Specified money trusts 370,568 — 370,568 68 68 68
Zavurov First Co., Ltd. 40,327 40,381 (54) 413 (1) (1)

(Unaudited)
March 31, 2021
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 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.

(Unaudited)
March 31, 2021
12
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 33.
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.
(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.2021 'Levies' are
applicable, the definition follows each standard instead of K-IFRS 1103.

(Unaudited)
March 31, 2021
13
4. Due from Banks
Restricted accounts in due from banks as of March 31, 2021 and December 31, 2020 are as follows:
5. Short-term Financial Investments
Short-term financial investments as of March 31, 2021 and December 31, 2020 are as follows:
For liquidity management, the Group holds short-term investments in excess of immediate funding
needs. These excess funds are invested in short-term, highly liquid and investment grade money market
instruments, which provide liquidity for the Group’s short-term funding needs and flexibility in the use
of other funding sources.
(in millions of Korean won) March 31, 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 9 others 47,169 29,404 Deposits in trust of ABS SPCs
W 63,579 45,814
(in millions of Korean won) Carrying amount
Acquisition March 31, December 31,
cost 2021 2020
Commercial paper W 651,448 651,666 1,037,986
Bank debenture 247,116 247,356 126,870
Government and public bonds 213,500 213,971 90,360
W 1,112,064 1,112,993 1,255,216

(Unaudited)
March 31, 2021
14
6. Securities Measured at Fair Value through Profit or Loss
Securities measured at fair value through profit or loss as of March 31, 2021 and December 31,
2020 are as follows:
(*1) The Group recognized impairment losses except for memorandum values before previous year.
(*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 4,615 5,216
Asia Pacific No.49 Ship Investment Co., Ltd. 317 374
Wooricard Auto 1st Private Placing Corporate Bond (*3) 3,000 3,000
KB Capital Auto ABS SPC (Equity tranche) (*3) 3,000 3,000
10,932 11,590
W 10,932 11,590

(Unaudited)
March 31, 2021
15
7. Securities Measured at Fair Value through Other Comprehensive Income
Securities measured at fair value through other comprehensive income as of March 31, 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 43,033 43,437
Unlisted equity securities 16,869 16,708
59,902 60,145
Debt securities
Government and public bonds 1,348 1,668
Corporate bonds 5,484 2,507
6,832 4,175
W 66,734 64,320
(in millions of Korean won)
Number of shares Ownership March 31, December 31,
(in shares) (%) 2021 2020
Listed equity securities
NICE Information Service Co., Ltd. 1,365,930 2.25 W 34,626 33,875
NICE Holdings Co., Ltd. 491,620 1.30 8,407 9,562
Unlisted equity securities
HYUNDAI M Partners Co., Ltd. (*1) 1,700,000 9.29 16,869 16,708
W 59,902 60,145
Carrying amount

(Unaudited)
March 31, 2021
16
(b) Debt Securities
(*1) The fair values 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) and KB Capital Auto
ABS 4th
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 1,348 1,668
Corporate bonds (*2) Veritas 1st ABS SPC 1,007 1,007
KB Capital Auto 3rd
ABS SPC
(Mezzanine tranche) 1,491 1,500
KB Capital Auto 4th
ABS SPC
(Mezzanine tranche) 2,986 —
W 6,832 4,175

(Unaudited)
March 31, 2021
17
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 March 31, 2021 and December 31,
(*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 March 31, 2021.
(*3) Beijing Hyundai Auto Finance Co., Ltd., Hyundai Corretora de Seguros LTDA. and BAIC
Hyundai Leasing Co. Ltd. are classified as joint ventures.
March 31, 2021
Principal Date of
Ownership place of financial
(%) business statements Industry
Korea Credit Bureau (*1) 7.00 Korea 03/31/2021 Credit information service
Hyundai Capital UK Ltd. 29.99 U.K. 03/31/2021 Credit finance business
Beijing Hyundai Auto Finance Co., Ltd. (*3) 46.00 China 03/31/2021 Credit finance business
Hyundai Capital Canada Inc. 20.00 Canada 03/31/2021 Credit finance business
Hyundai Capital Bank Europe GmbH 49.00 Germany 03/31/2021 Credit finance business
BANCO HYUNDAI CAPITAL BRASIL S.A. (*2) 50.00 Brazil 03/31/2021 Credit finance business
Hyundai Corretora de Seguros LTDA.(*2,3) 50.00 Brazil 03/31/2021 Insurance brokerage
BAIC Hyundai Leasing Co. Ltd. (*3) 40.00 China 03/31/2021 Financial leasing

(Unaudited)
March 31, 2021
18
(*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.
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

(Unaudited)
March 31, 2021
19
(2) Summary of financial information of investees
Summary of financial information of investees as of March 31, 2021 and December 31, 2020, for
assets and liabilities, and for the three-month periods ended March 31, 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) March 31, 2021
The
Group’s
Total Total Issued Total share in Carrying
assets liabilities capital equity net assets Goodwill amount
Korea Credit Bureau W 114,673 38,853 10,000 75,820 5,307 1,037 6,344
Hyundai Capital UK Ltd. 5,406,157 4,965,089 96,055 441,068 132,276 — 132,276
Beijing Hyundai Auto Finance Co., Ltd. 6,270,091 5,009,067 708,965 1,261,024 580,071 — 580,071
Hyundai Capital Canada Inc. 3,076,628 2,827,984 208,608 248,644 49,729 2,308 52,037
Hyundai Capital Bank Europe GmbH 5,706,948 4,729,711 14,282 977,237 467,861 23,280 491,141
BANCO HYUNDAI CAPITAL BRASIL S.A. 656,429 590,083 91,529 66,346 33,173 — 33,173
Hyundai Corretora de Seguros LTDA. 633 532 617 101 51 — 51
BAIC Hyundai Leasing Co., Ltd. 66,830 21,285 50,603 45,545 18,218 — 18,218
(in millions of Korean won) Three-month period ended March 31, 2021
Other Total
compre- compre-
Operating Interest Interest Net hensive hensive
revenue income expense income income income Dividends
Korea Credit Bureau W 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) —
BANCO HYUNDAI CAPITAL BRASIL 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 —
(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

(Unaudited)
March 31, 2021
20
(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 three-month periods ended March 31, 2021 and 2020.
Other Total
compre- compre-
Operating Interest Interest Net hensive hensive
revenue income expense income income income Dividends
Korea Credit Bureau W 23,988 30 — 2,996 — 2,996 1,000
Hyundai Capital UK Ltd. 40,830 39,845 11,304 16,873 (1,534) 15,339 —
Beijing Hyundai Auto Finance Co., Ltd. 109,426 106,705 45,266 22,691 44,214 66,905 —
Hyundai Capital Canada Inc. 117,613 105,917 90,496 (1,290) (10,752) (12,042) —
Hyundai Capital Bank Europe GmbH 24,149 19,880 5,494 141 16,068 16,209 —
BANCO HYUNDAI CAPITAL BRASIL S.A. 16,971 16,971 7,308 2,346 (15,729) (13,383) —
Hyundai Corretora de Seguros LTDA. 47 — — (24) (95) (119) —
BAIC Hyundai Leasing Co., Ltd. 9 — — (30) 1,135 1,105 —
Share in
other
compre-
Opening Share in hensive Closing
balance Acquisition net income income (loss) Dividends balance
Korea Credit Bureau W 6,601 — (187) — (70) 6,344
Hyundai Capital UK Ltd. 120,550 — 5,529 6,197 — 132,276
Beijing Hyundai Auto Finance Co., 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
BANCO HYUNDAI CAPITAL 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
W 1,267,077 — 25,295 21,009 (70) 1,313,311
Share in
other
compre-
Opening Share in hensive Closing
balance Acquisition net income income (loss) Dividends balance
Korea Credit Bureau W 5,697 — 246 — (70) 5,873
Hyundai Capital UK Ltd. 104,905 — 5,060 (460) — 109,505
Beijing Hyundai Auto Finance Co., Ltd. 501,495 — 10,438 20,339 — 532,272
Hyundai Capital Canada Inc. 44,439 — (258) (2,214) — 41,967
Hyundai Capital Bank Europe GmbH 159,948 103,275 (107) 8,770 — 271,886
BANCO HYUNDAI CAPITAL BRASIL S.A. 42,194 — 1,195 (7,864) — 35,525
Hyundai Corretora de Seguros LTDA. 269 — (12) (48) — 209
BAIC Hyundai Leasing Co., Ltd. 11,252 — (21) 455 — 11,686
W 870,199 103,275 16,541 18,978 (70) 1,008,923

(Unaudited)
March 31, 2021
21
9. Financial Receivables
(1) Carrying amount
Financial receivables measured at amortized costs as of March 31, 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 9,716,743 44,336 (1,688) (473,126) 9,286,265
Installment financial assets
Automobile 14,683,990 (294,104) — (139,985) 14,249,901
Durable goods 1 — — (1) —
Mortgage 358 1 — (19) 340
14,684,349 (294,103) — (140,005) 14,250,241
Lease receivables
Finance lease receivables 2,367,399 (196) — (43,004) 2,324,199
Cancelled lease receivables 34,230 — — (26,096) 8,134
2,401,629 (196) — (69,100) 2,332,333
W 26,802,721 (249,963) (1,688) (682,231) 25,868,839
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

(Unaudited)
March 31, 2021
22
(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
three-month periods ended March 31, 2021 and 2020:
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 W309,646 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 14,589 (13,623) (966) — 6,004 (5,080) (924) 1,389 (749) (640) — —
Transferred to lifetime expected credit losses (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 — —
Disposals — — 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 W 141,140 77,460 226,909 27,617 61,282 29,084 49,639 16,583 6,303 46,214 30,042 712,273

(Unaudited)
March 31, 2021
23
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, 2020 were W233,415 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 14,987 (13,720) (1,267) — 5,626 (4,161) (1,465) 2,569 (1,279) (1,290) — —
Transferred to lifetime expected credit losses (13,876) 16,850 (2,974) — (3,430) 4,859 (1,429) (884) 1,750 (866) — —
Transferred to credit-impaired (1,217) (8,157) 9,374 — (156) (1,764) 1,920 (75) (483) 558 — —
Disposals — — (33,921) (14,833) — — (8,988) (2,241) (821) (28) — (60,832)
Charge-offs — — (25,791) (12,861) — — (7,550) — — (389) (305) (46,896)
Recoveries — — 8,868 11,863 — — 2,250 — — 68 349 23,398
Unwinding of discounts — — (3,526) (8) — — (132) — — (49) — (3,715)
Provision for (release of) allowance (1,619) 4,400 50,519 11,614 (5,043) 2,290 18,904 (898) (180) 1,926 47 81,960
Closing balance W 152,920 96,391 218,948 56,903 55,973 28,643 43,371 14,053 8,011 47,617 29,132 751,962

(Unaudited)
March 31, 2021
24
10. Leased Assets
(1) Carrying amount
All operating leased assets where the Group is the lessor consist of vehicles and the details as of
March 31, 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 three-month periods ended March 31, 2021 and 2020:
Accumulated
Accumulated impairment Carrying
Acquisition cost depreciation losses amount
Operating leased assets W 4,984,385 (1,118,281) (711) 3,865,393
Cancelled leased assets 26,046 — (6,263) 19,783
W 5,010,431 (1,118,281) (6,974) 3,885,176
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 Closing
balance Addition Disposal Depreciation Impairment balance
Vehicles W 3,602,071 454,213 (27,102) (163,799) 10 3,865,393
W 3,602,071 454,213 (27,102) (163,799) 10 3,865,393
Opening Closing
balance Addition Disposal Depreciation Impairment balance
Vehicles W 2,338,995 456,807 (74,995) (108,722) (11) 2,612,074
Machine equipment 1,490 — — (146) — 1,344
W 2,340,485 456,807 (74,995) (108,868) (11) 2,613,418
Three-month period ended March 31, 2021

(Unaudited)
March 31, 2021
25
11. Lessee
(1) Carrying amount
Amounts recognized for leases in consolidated financial statements as of March 31, 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 March 31, 2021 was 1.99%.
(2) Reconciliation of changes in right-of-use assets
The following table presents a reconciliation of changes in the carrying amount of the right-of-use
assets for the three-month periods ended March 31, 2021 and 2020:
2021 2020
Right-of-use assets
Buildings W 37,518 34,617
Vehicles 267 303
Fixture and furniture 1,656 1,967
Lease liabilities
Lease liabilities(*1) W 37,892 35,183
Cancellation
Opening balance Addition Depreciation or termination Closing balance
Buildings W 34,617 6,968 (3,821) (246) 37,518
Vehicles 303 — (36) — 267
Fixture and furniture 1,967 — (311) — 1,656
W 36,887 6,968 (4,168) (246) 39,441
Cancellation
Opening balance Addition Depreciation or termination Closing balance
Buildings W 39,631 6,869 (5,552) (65) 40,883
Vehicles 42 384 (14) — 412
Fixture and furniture 3,208 — (310) — 2,898
W 42,881 7,253 (5,876) (65) 44,193

(Unaudited)
March 31, 2021
26
(3) Expenses on lease
The following table presents expenses on lease liabilities for the three-month periods ended March
31, 2021 and 2020:
(*1) The Group had no income from variable lease payment or subleasing right-of-use assets for
the three-month periods ended March 31, 2021 and 2020.
(4) Total cash outflows for lease liabilities
Total cash outflows for lease liabilities for the three-month periods ended March 31, 2021 and 2020
are as follows:
(in millions of Korean won) Three-month periods ended March 31,
2021 (*1) 2020(*1)
Interest expense from lease liabilities (belongs to interest expense) W 187 214
Lease payment for leases of low value items 100 86
(belongs to general and administrative expenses)
2021 2020
Total cash outflows for lease liabilities W 4,177 3,815

(Unaudited)
March 31, 2021
27
12. Property and Equipment
The following tables present a reconciliation of changes in the carrying amounts of property and
equipment for the three-month periods ended March 31, 2021 and 2020:
(*1) Including gains and losses from discontinued operations.
(in millions of
Korean won) Three-month period ended March 31, 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 — — (710) — — 90,555
Vehicles 3,289 257 — (23) (177) — — 3,346
Fixture and
furniture 19,653 500 801 (175) (2,608) — 1 18,172
Others 2,429 — — — — — — 2,429
Construction
in progress 807 963 (801) — — — — 969
W 201,783 1,741 — (198) (3,495) (5,181) 1 194,651
(in millions of
Opening Translation Closing
balance Addition Transfer Disposal Depreciation(*1) differences balance
Land W 89,290 — — — — — 89,290
Buildings 99,296 — — — (752) — 98,544
Vehicles 3,372 79 — (93) (202) 1 3,157
Fixture and
furniture 21,154 589 — (7) (3,215) (19) 18,502
Others 2,429 — — — — — 2,429
Construction
in progress — 69 — — — — 69
W 215,541 737 — (100) (4,169) (18) 211,991

(Unaudited)
March 31, 2021
28
13. Intangible Assets
The following tables present a reconciliation of changes in the carrying amounts of intangible assets
for the three-month periods ended March 31, 2021 and 2020:
(in millions of
Transferred to
aasets of a
disposal group
Opening classified as Translation Closing
balance Addition Transfer Disposal Amortization(*1) held for sale differences balance
Software
development costs W 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) (377) 1 7,944
Software under
development 2,433 2,816 (1,124) — — — — 4,125
W 115,049 2,842 — (4,088) (12,139) (4,035) — 97,629
(in millions of
Opening Translation Closing
balance Addition Transfer Amortization(*1) differences balance
Software
development costs W 92,178 52 1,565 (10,238) — 83,557
Memberships 28,811 — — — (6) 28,805
Other intangible
assets 9,040 5 43 (1,139) — 7,949
Software under
development 6,805 2,811 (1,608) — — 8,008
W 136,834 2,868 — (11,377) (6) 128,319

(Unaudited)
March 31, 2021
29
14. Borrowed Funds
(1) Borrowings
Borrowings as of March 31, 2021 and December 31, 2020 are as follows:
(2) Bonds issued
Bonds issued as of March 31, 2021 and December 31, 2020 are as follows:
(in millions of Annual Carrying amount
Korean won) interest March 31, December 31,
Lender rate (%) Maturity 2021 2020
Short-term borrowings:
Commercial paper Shinhan Bank 1.18 ~ April 19, 2021 through
and 3 others 1.59 June 29, 2021 W 330,000 330,000
General loans Standard Chartered Bank 1.61 ~ April.19, 2021 through
and 2 others 2.25 September 17, 2021 298,000 568,368
628,000 898,368
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 ~ April 5, 2021 through
and 7 others 2.95 March 29, 2022 718,331 657,033
918,331 657,033
Long-term borrowings:
Commercial paper BNK
Securities Co., Ltd. 1.40 ~ December 16, 2022 through
and 4 others 1.65 September 13, 2024 500,000 700,000
General loans Kookmin Bank 1.16 ~ April 1, 2022 through
and 10 others 4.00 July 10, 2024 1,180,161 1,269,842
1,680,161 1,969,842
W 3,226,492 3,525,243
(in millions of Korean won) Annual Carrying amount
interest March 31, December 31,
rate (%) Maturity 2021 2020
Short-term bonds:
Bonds 0.76 ~ April 1, 2021 through W 910,000 520,000
Less: discount on bonds 1.72 October 8, 2021 (664) (449)
909,336 519,551
Current portion of long-term bonds:
Bonds 1.02 ~ April 2, 2021 through 5,301,860 4,889,788
Less: discount on bonds 3.69 March 30, 2022 (3,028) (1,710)
5,298,832 4,888,078
Long-term bonds:
Bonds 0.96 ~ April 1, 2022 through 18,077,905 18,434,919
Less: discount on bonds 3.38 November 12, 2030 (29,597) (28,135)
18,048,308 18,406,784
W 24,256,476 23,814,413

(Unaudited)
March 31, 2021
30
15. Employee benefit liabilities
(1) Defined contribution plans
The Group recognized W454 million and W408 million in the statement of comprehensive income
for retirement benefits based on the defined contribution plan for the three-month periods ended March
31, 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 tables present a reconciliation of changes in the present value of defined benefit
obligations for the three-month periods ended March 31, 2021 and 2020:
2021 2020
Opening balance W 109,920 103,766
Current service costs (*1) 3,303 3,360
Interest cost (*1) 619 576
Actuarial losses (gains):
Changes in economic assumptions (2,013) (62)
Transfer of severance benefits from (to) related parties, net (1,268) 356
Benefits paid (4,556) (4,058)
Transfer to Liabilities directly associated with
the assets of a disposal group classified as held for sale (294) —
Closing balance W 105,711 103,938

(Unaudited)
March 31, 2021
31
(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 three-
month periods ended March 31, 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
three-month periods ended March 31, 2021 and 2020:
2021 2020
Expected return on plan assets (*1) 638 617
Actuarial losses - Changes in economic assumptions (206) (192)
Transfer of severance benefits from (to) related parties, net (1,294) 356
Benefits paid (3,833) (4,057)
Transfer to assets of a disposal group classified as held for sale (294) —
2021 2020
Current service costs (*1) 137 136
Interest cost (*1) 38 36
Actuarial losses (gains) (104) 2
Benefits paid (589) (391)
Transfer to Liabilities directly associated with
the assets of a disposal group classified as held for sale (23) —

(Unaudited)
March 31, 2021
32
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 three-month
periods ended March 31, 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 23 3,938 (344) 51 3,668
Provisions made for AROs and
capitalized to related assets (*3) — — 137 — 137
Unwinding of interests — — 24 — 24
Closing balance W 180 83,748 6,376 51 90,355
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 (90) 4,025 (542) — 3,393
Provisions made for AROs and
capitalized to related assets (*3) — — 831 — 831
Unwinding of interests — — 38 — 38
Closing balance W 414 58,472 6,187 — 65,073

(Unaudited)
March 31, 2021
33
17. Derivative Financial Instruments and Hedge Accounting
(1) Trading derivatives
The Group had no balance of trading derivatives as of March 31, 2021 and December 31, 2020.
(2) Derivatives designated and qualifying as hedging instruments
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 and bonds issued. 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. The Group also utilizes currency forward contracts to manage exposures to fluctuation
in future cash flows related to its lease contracts denominated in foreign currencies. 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 holds interest rate swap contracts with carrying amount of $ 1,446
million to avoid the cash flow variability of borrowings that is attributable to changes in the interest rate
benchmark, the one-month and three-month USD LIBOR. However, the USD LIBOR will be replaced
by SOFR (Secured Overnight Financing Rate) from 2022. The Group assumes that the interest rate
benchmark is not altered as a result of the interest rate benchmark reform.
Details of cash flow hedged items as of March 31, 2021 and December 31, 2020 are as follows:
(in millions of March 31, 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 — 4,823,000 Borrowings and Bonds issued — (22,873)
Foreign exchange risk 29,222 7,056,252 Loans, Borrowings and Bonds issued (153,656) (743)
W 29,222 11,879,252 (153,656) (23,616)
(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)

(Unaudited)
March 31, 2021
34
Derivatives that are designated and qualifying as hedging instruments for cash flow hedges as of
March 31, 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.
Notional Line item
principal Carrying amount in the financial Changes in
amount (*1) Assets Liabilities statements fair value
Interest rate swaps W 4,823,000 9,102 35,889 Derivative 45,986
Currency swaps 7,085,474 114,792 117,091 assets (liabilities) 157,612
W 11,908,474 123,894 152,980 203,598
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)

(Unaudited)
March 31, 2021
35
Changes in effective portion of cash flow hedges for the three-month periods ended March 31,
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 hedge
discontinued during the three-month periods ended March 31, 2021 and 2020.
The ineffective portion recognized in profit or loss related to cash flow hedge during the three-
month period ended March 31, 2021 is W2,070 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) 203,598 (179,175) (31,155)
Income tax effects 13,449 7,539
Effective portion of cash flow hedges,
net of income taxes W (42,129) (23,616)
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) 180,859 (277,783) (174,822)
Income tax effects 18,851 42,306
Effective portion of cash flow hedges,
net of income taxes W (59,047) (132,516)

(Unaudited)
March 31, 2021
36
18. Assets Held for Sale
Details of assets held for sale as of March 31, 2021 and December 31, 2020 are as follows:
There are no assets held for sale as of December 31, 2020.
19. 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, 2021 and December 31, 2020 are as
follows:
(*1) Regulatory reserve for loan losses as of December 31, 2021 and 2020 represents the amount
which reflects the expected provision for (release of) regulatory reserve for loan losses to appropriated
regulatory reserve for loan losses at the beginning of the year.
(in millions of March 31, 2021
Korean won) Acquisition Accumulated Carrying
cost impairment losses amount Fair value
Land held for sale W 5,181 — 5,181 5,400
2021 2020
Appropriated regulatory reserve for loan losses W 213,477 218,712
Expected provision for (release of)
regulatory reserve for loan losses 5,197 (5,235)
Regulatory reserve for loan losses (*1) W 218,674 213,477

(Unaudited)
March 31, 2021
37
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 the three-month
periods ended March 31, 2021 and 2020 are as follows:
(*1) Provision for (release of) regulatory reserve for loan losses represents additional (excess)
reserves expected to be made (released) for the three-month periods ended March 31, 2021 and 2020.
(*2) Profit for the period adjusted with provision for (release of) regulatory reserve for losses is not
prepared in accordance with K-IFRS, but the amount reflects the expected provision for (release of)
regulatory reserve for loan losses on a pre-tax basis on profit for the period.
2021 2020
Less (add): provision for (release of)
regulatory reserve for loan losses (*1) 5,197 (2,525)
Profit for the period adjusted with provision for
(release of) regulatory reserve for loan losses (*2) W 113,065 88,385
Basic and diluted earnings per share
adjusted with provision for (release of)
regulatory reserve for loan losses (in won) W 1,139 890

(Unaudited)
March 31, 2021
38
(2) Retained earnings
Details of retained earnings as of March 31, 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 3,524,544 3,501,983
W 3,914,481 3,887,979

(Unaudited)
March 31, 2021
39
20. Net Interest Income
Net interest income for the three-month periods ended March 31, 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.
21. Net Fee Income
Net fee income for the three-month periods ended March 31, 2021 and 2020 are as follows:
2021 2020
Interest income:
Interest income recognized by using the effective interest method
Cash and due from other financial institutions W 2,833 4,199
Securities measured at FVOCI 29 297
Loans receivable 188,986 200,241
Installment financial assets 153,071 149,736
Lease receivables (*1) 32,475 29,755
Other (*2) 92 114
377,486 384,342
Interest expense:
Borrowings 16,053 16,913
Bonds issued 122,524 131,435
Other (*2) 1,610 2,047
140,187 150,395
Net interest income W 237,299 233,947
2021 2020
Fee income:
Loans receivable W 4,757 7,077
Installment financial assets 5,855 5,617
Lease receivables 30,796 28,023
41,408 40,717
Fee expenses:
Lease expenses 32,413 31,183
Net fee income W 8,995 9,534

(Unaudited)
March 31, 2021
40
22. Net Lease Income
Net lease income for the three-month periods ended March 31, 2021 and 2020 are as follows:
(*1) Excluding net interest income and net fee income
2021 2020
Income on leases (*1)
Income on operating leases W 207,598 153,743
Gain on sale of lease assets 5,773 18,071
Fee income on operating leases 41,059 30,696
254,430 202,510
Lease expense (*1)
Depreciation 163,799 108,868
Loss on sale of lease assets 8,483 7,429
Impairment losses on lease assets (9) (21)
Fee expenses on operating leases 23,898 24,785
Other 3,150 4,241
199,321 145,302
Net lease income W 55,109 57,208

(Unaudited)
March 31, 2021
41
23. Other Operating Income and Expenses
Other operating income and expenses for the three-month periods ended March 31, 2021 and 2020
are as follows:
2021 2020
Other operating income:
Gain on valuation of derivatives W 199,696 321,363
Gain on derivatives transactions 23,950 904
Gain on valuation of short-term financial investments 930 1,590
Gain on purchased loan 2,971 9,313
Shared services income 10,951 8,912
Other fee and commission 6,826 5,419
Advisory fee 10,971 10,804
Release of allowance 369 632
Other 2,823 8,677
W 259,487 367,614
Other operating expenses:
Loss on valuation of derivatives W 43,970 44,483
Loss on derivatives transactions 501 —
Shared services expense 12,809 11,278
Indirect financing cost 2,384 2,612
Provision for allowance 4,037 4,025
Other 5,600 9,669
W 69,301 72,067

(Unaudited)
March 31, 2021
42
24. General and Administrative Expenses
General and administrative expenses for the three-month periods ended March 31, 2021 and 2020
are as follows:
2021 2020
Salaries W 48,382 47,396
Severance benefits 3,725 3,632
Employee benefits 13,796 10,465
Advertising 7,825 9,132
Sales promotion 13,045 9,980
Rents 4,524 4,523
Utilities 2,069 2,664
Communication 2,931 3,112
Travel and transportation 687 1,138
Professional and other service fees 12,713 13,913
Outsourcing service charges 6,556 7,991
Commissions and charges 5,108 4,779
Amortization 11,792 10,901
Other 11,037 11,516
W 151,794 151,125

(Unaudited)
March 31, 2021
43
25. 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 three-month
periods ended March 31, 2021 and 2020 (income tax expense/profit before income taxes) is 23.8% and
24.8%.
26. Earnings Per Share
(1) Basic earnings per share
Basic earnings per share attributable to common stock of equity holders for the three-month periods
ended March 31, 2021 and 2020 are as follows:
(2) Diluted earnings per share
There are no potential common stocks as of March 31, 2021 and 2020. Therefore, the diluted
earnings per share is equal to basic earnings per share for the three-month periods ended March 31,
2021 and 2020.
Three-month periods ended March 31,
2021 2020
Continuing Discontinued Continuing Discontinued
Operations Operations Operations Operations
Profit for the period attributable
to owners of the Company (in won) (A) W 119,841,478,268 (1,579,703,051) 89,771,967,332 (3,911,707,714)
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 1,207 (16) 904 (39)

(Unaudited)
March 31, 2021
44
27. Accumulated Other Comprehensive Income
Changes in accumulated other comprehensive income for the three-month periods ended March 31,
2021 and 2020 are as follows:
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 — (243) 59 32,754
gains and losses on valuation of
debt securities measured at FVOCI 71 (67) 21 12 37
Share in other comprehensive income (loss)
of associates and joint ventures
under the equity method (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)
translation adjustments (7,372) — 240 — (7,132)
Remeasurements of
defined benefit plans (14,739) — 1,807 (438) (13,370)
W (41,006) (179,242) 226,432 (11,362) (5,178)
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 — (455) 109 16,588
gains and losses on valuation of
debt securities measured at FVOCI 602 (28) 83 (13) 644
Share in other comprehensive income (loss)
of associates and joint ventures
under the equity method (2,398) — 18,978 (4,593) 11,987
Net change in effective portion
of cash flow hedges (59,047) (277,783) 180,859 23,455 (132,516)
translation adjustments (4,550) — (2,004) — (6,554)
Remeasurements of
defined benefit plans (13,994) — (130) 31 (14,093)
W (62,453) (277,811) 197,331 18,989 (123,944)

(Unaudited)
March 31, 2021
45
28. Supplemental Cash Flow Information
(1) Cash and cash equivalents
Details of cash and cash equivalents as of March 31, 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 W36,169 million and W18,404 million as of March 31, 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 as of March 31, 2021 and
December 31, 2020, respectively, for the Autopia asset securitization program.
2021 2020
Ordinary deposits (*1) W 99,786 86,791
Checking deposits 2,228 2,398
Other cash equivalents (*2) 415,147 316,876
W 517,161 406,065

(Unaudited)
March 31, 2021
46
(2) Cash generated from operations
Cash generated from operations for the three-month periods ended March 31, 2021 and 2020 are
as follows:
2021 2020
Adjustments:
Loss on sale of securities measured at FVTPL — 1,432
Loss on valuation of securities measured at FVTPL 524 433
Gain on sale of debt securities measured at FVOCI (172) (92)
Impairment loss on securities measured at FVOCI 3 —
Reversal of impairment loss on securities measured at FVOCI — (10)
Gain on valuation of short-term financial investments (930) (1,590)
Income on loans 6,007 11,161
Income on installment financial assets 20,564 17,066
Income on leases 5,908 13,811
Gain on foreign currency translation (39,888) (44,678)
Dividend income (519) (632)
Gain on valuation of derivatives (199,696) (321,363)
Net interest expenses 137,232 145,785
Lease expenses 163,790 108,847
Provision for loan losses 32,649 81,960
Loss on foreign currency translation 192,156 321,363
Severance benefits 3,686 3,614
Long-term employee benefits 70 170
Amortization 11,792 10,901
Loss on valuation of derivatives 43,970 44,483
Provision for allowance 3,668 3,393
Share in net income of associates and joint ventures under the equity method (26,983) (16,939)
Gain on sale of property and equipment (36) (3)
Loss on sale of property and equipment 177 45
Loss on sale of intangible asset 68 —
Share in net loss of associates and joint ventures under the equity method 1,688 398
Loss on cancellation of lease 82 42
Gain on sale of non-current assets held for sale — (3,324)
Income tax expense 37,404 29,579
Adjustments associated with discontinued operations 453 650
401,271 416,485

(Unaudited)
March 31, 2021
47
2021 2020
Changes in operating assets and liabilities:
Decrease in due from banks W 10,091 60,237
Decrease in short-term financial investments 143,153 134,988
Decrease in securities measured at FVTPL 135 21,335
Increase in securities measured at FVOCI (2,533) (2,346)
Decrease (increase) in loans receivable (105,916) 148,958
Decrease in installment financial assets 242,303 274,201
Decrease (increase) in finance lease receivables (10,375) 106,903
Decrease in cancelled lease receivables 4,262 3,237
Increase in operating lease assets (427,111) (381,812)
Decrease in cancelled lease assets 78,330 102,577
Decrease (increase) in non-trade receivables (14,145) 40,918
Decrease (increase) in accrued revenues (3,971) 2,844
Decrease (increase) in advance payments (8,362) 18,923
Increase in prepaid expenses (21,813) (18,896)
Increase (decrease) in non-trade payables (34,343) 75,627
Decrease in accrued expenses (2) (2,017)
Increase (decrease) in unearned revenue 1,204 (287)
Increase (decrease) in withholdings 4,842 (15,981)
Decrease in deposits received (5,016) (16,953)
Severance payments (723) (1)
Transfer of severance benefits from (to) related parties, net 26 —
Decrease in long-term employee benefits (589) (391)
Changes in assets and liabilities associated with discontinued operations (1) —
(150,554) 552,064
W 368,979 1,054,409

(Unaudited)
March 31, 2021
48
(3) Changes in liabilities arising from financing activities
Changes in liabilities and assets that hedge liabilities arising from financing activities for the three-
month periods ended March 31, 2021 and 2020 are as follows:
(in millions of Three-month period ended March 31, 2021
Korean won) 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 (304,118) 5,278 — 89 3,226,492
Bonds issued 23,814,413 289,325 148,159 — 4,579 24,256,476
Net derivate liabilities (assets)
held to hedge borrowed funds 264,670 (56,328) (155,557) (24,415) — 28,370
Lease liabilities 35,183 (4,077) — — 6,786 37,892
W 27,639,509 (75,198) (2,120) (24,415) 11,454 27,549,230
(in millions of Three-month period ended March 31, 2020
Korean won) 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 89,245 4,567 — 85 2,928,914
Bonds issued 23,549,212 (386,032) 273,440 — 3,545 23,440,165
Net derivate liabilities (assets)
held to hedge borrowed funds (13,335) 856 (275,753) 96,126 — (192,106)
Lease liabilities 38,472 (3,729) — — 6,728 41,471
W 26,409,366 (299,660) 2,254 96,126 10,358 26,218,444

(Unaudited)
March 31, 2021
49
29. Commitments and Contingencies
(1) Line of credit commitments
As of March 31, 2021, the Group has line-of-credit commitments from Shinhan Bank and other
banks with up to W49,100 million in the aggregate. The Group also has revolving credit facility
agreements up to USD 250 million, JPY 70,000 million, EUR 250 million and W2,683,000 million with
Kookmin Bank and other financial institutions.
The Group offers line-of-credit commitments to a number of customers. The unused amounts of
line-of-credit are W122,400 million as of March 31, 2021.
(2) Guarantees
Details of guarantees provided to the Group as of March 31, 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 March 31, 2021 and December 31, 2020 are as follows:
(3) Pending litigations
Pending litigations include 29 cases with aggregated claim amounts of W22,746 million where the
Group is the defendant, 37 cases with aggregated claim amount of W3,314 million where the Group is
the plaintiff, and litigations against a number of debtors to collect receivables as of March 31, 2021.
The Group appropriates W 51 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.
Guarantor Details 2021 2020
Seoul Guarantee Guarantee for debt collection
Insurance Co., Ltd. deposit and others W 51,269 50,731
2021 2020
Loans and leases insured W 665,916 707,199
Residual value guaranteed by the insurance policies 174,966 186,027

(Unaudited)
March 31, 2021
50
(4) Receivables transfer agreement
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 March 31, 2021, the Group has agreements including trigger clauses regarding borrowed
funds and related credit commitments, W1,265,000 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 March 31, 2020, 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.

(Unaudited)
March 31, 2021
51
30. Related Party Transactions
(1) Relationships between parents and subsidiaries
The parent company is Hyundai Motor Company. Related parties include associates, joint ventures,
employment benefit plans, 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 March
31, 2021 is as follows:
Type Company
The Parent Hyundai Motor Company
Associates and Korea Credit Bureau, Hyundai Capital Bank Europe GmbH
Joint ventures Hyundai Capital Canada Inc., 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 52 others

(Unaudited)
March 31, 2021
52
(3) Transactions with related parties
Significant transactions occurred with related companies during the three-month periods ended
March 31, 2021 and 2020 are as follows:
(*1) Including provision for (release of) loan losses.
(*1) Including provision for (release of) loan losses.
Purchase of
Operating Operating Non-operating Disposal of Purchase of loans and Disposal of Purchase of
revenue expenses(*1) income leased assets leased assets receivables Other assets Other assets
The Parent
Hyundai Motor Company W 32,052 297 — — 367,089 — — —
Associates and Joint ventures
Korea Credit Bureau — 749 — — — — — —
Hyundai Capital Bank Europe GmbH 292 207 — — — — — —
BAIC Hyundai Leasing Co. Ltd. 307 — — — — — — —
599 956 — — — — — —
Other related parties
Kia Corp. 25,733 45 — — 198,723 — — —
Hyundai Card Co., Ltd. 23,816 11,807 367 — — — — —
Hyundai Commercial Inc. 939 1,224 19 — — 5,015 — —
Hyundai Glovis Co., Ltd. 86 264 — 19,234 — — — —
Hyundai Autoever Corp. 55 7,194 — — — — — 2,390
Hyundai Capital America 7,635 90 — — — — — —
Hyundai Engineering Co., Ltd. 287 1,738 — — — — — —
Hyundai Construction & Engineering Co., Ltd. 452 (1) — — — — 4,020 —
Hyundai Mobis Co., Ltd. 346 — — — — — — —
Hyundai Steel Company 786 — — — — — — —
Others 2,176 399 — — — — — —
62,311 22,760 386 19,234 198,723 5,015 4,020 2,390
W 94,962 24,013 386 19,234 565,812 5,015 4,020 2,390
Purchase of
Operating Operating Non-operating Disposal of Purchase of loans and
revenue expenses(*1) income leased assets leased assets receivables Others
The Parent
Hyundai Motor Company W 31,543 88 — — 361,414 — —
Korea Credit Bureau — 745 — — — — —
Hyundai Capital Bank Europe GmbH 376 207 — — — — —
376 952 — — — — —
Kia Corp. 23,902 (25) — — 170,704 — —
Hyundai Card Co., Ltd. 18,363 10,877 512 — — 27,547 —
Hyundai Commercial Inc. 762 754 35 — — 21,554 —
Hyundai Glovis Co., Ltd. 97 326 — 25,121 — — —
Hyundai Autoever Corp. 67 6,522 — — — — 1,417
Hyundai Capital America 8,073 (231) — — — — —
Hyundai Engineering Co., Ltd. 254 2,243 24 — — — —
Hyundai Construction & Engineering Co., Ltd. 478 — — — — — —
Hyundai Mobis Co., Ltd. 313 1 — — — — —
Hyundai Steel Company 731 — — — — — —
Others 1,732 462 — — — — —
54,772 20,929 571 25,121 170,704 49,101 1,417
W 86,691 21,969 571 25,121 532,118 49,101 1,417

(Unaudited)
March 31, 2021
53
Receivables and payables with related parties as of March 31, 2021 and December 31, 2020 are
as follows:
(*1) The lease payments that the Group made related to the lease liabilities included in other
liabilities were W177 million for the three-month periods ended March 31, 2021.
Lease
receivables Other Other
and others Allowance assets Allowance liabilities(*1)
The Parent
Hyundai Motor Company W 233,659 — 355 — 69,419
Korea Credit Bureau — — 70 — —
Hyundai Capital Bank Europe GmbH 29,222 (75) 292 — —
29,222 (75) 362 — —
Hyundai Card Co., Ltd. 367 (8) 3,991 (33) 39,474
Hyundai Construction & Engineering Co., Ltd. 3,256 (1) 4,020 — —
Hyundai Glovis Co., Ltd. 572 (13) 4,925 (25) 6
Kia Corp. 166,588 — — — 59,033
Hyundai Capital America — — 39,038 (390) —
Hyundai Steel Company 6,556 (4) 209 — —
Hyundai Commercial Inc. 83 (2) 2 — 16,041
Hyundai Autoever Corp. 278 — 3 — 26
Hyundai Mobis Co., Ltd. 2,876 (4) 35 — —
Hyundai Engineering Co., Ltd. 2,433 (1) — — —
Others 3,192 (9) 565 — 5
186,201 (42) 52,788 (448) 114,585
W 449,082 (117) 53,505 (448) 184,004
March 31, 2021

(Unaudited)
March 31, 2021
54
(*1) The lease payments that the Group made related to the lease liabilities included in other
liabilities were W641 million for the year ended December 31, 2020.
Transactions of lending with related parties for the three-month periods ended March 31, 2021 and
(*1) Including effects of changes in exchange rate and others
Lease
receivables Other Other
and others Allowance assets Allowance liabilities(*1)
The Parent
Hyundai Motor Company W 253,970 — 355 — 2,044
Hyundai Capital Canada Inc. — — 4 — —
Hyundai Capital Bank Europe GmbH 29,441 (75) 1,194 — —
29,441 (75) 1,198 — —
Hyundai Card Co., Ltd. 391 (9) 3,627 (31) 38,053
Hyundai Construction & Engineering Co., Ltd. 3,775 (2) — — 9
Hyundai Glovis Co., Ltd. 683 (15) 4,674 (23) 6
Kia Corp. 179,093 — 34 — 40,736
Hyundai Capital America — — 30,015 (300) —
Hyundai Steel Company 6,586 (4) 241 — —
Hyundai Commercial Inc. 122 (3) 3 — 16,070
Hyundai Autoever Corp. 345 — 3 — 26
Hyundai Mobis Co., Ltd. 3,104 (5) 25 — —
Hyundai Engineering Co., Ltd. 2,485 (1) — — —
Others 3,700 (10) 20,323 — 1
200,284 (49) 58,945 (354) 94,901
W 483,695 (124) 60,498 (354) 96,945
December 31, 2020
Opening Other Closing
Transactions of lending: balance Increase Decrease changes(*1) balance
Hyundai Capital Bank Europe GmbH W 29,441 — — (219) 29,222
Transactions of borrowing:
Other
Hyundai Commercial Inc. 16,000 — — — 16,000

(Unaudited)
March 31, 2021
55
(*1) Including effects of changes in exchange rate and others.
Contribution in cash and redemption with related parties for the three-month periods ended March
31, 2021 and 2020 are as follows:
There is no contribution in cash and redemption with related parties for the three-month periods
ended March 31, 2021.
Hyundai Motor Securities acquired W 10,000 million of corporate bonds issued by the Group for
the three-month periods ended March 31, 2021 and 2020, respectively.
(4) Key management compensation
Compensation to key management for the three-month periods ended March 31, 2021 and 2020
are as follows:
The key management above consists of directors (including outside directors), who have significant
authority and responsibilities for planning, operating and controlling the Group.
Opening Other Closing
Transactions of lending: balance Increase Decrease changes(*2) balance
Hyundai Capital Bank Europe GmbH W 28,543 — — 1,127 29,670
Contribution in cash and redemption: Contribution in cash Redemption
BANCO HYUNDAI CAPITAL BRASIL S.A W 103,275 —
2021 2020
Short-term employee benefits W 4,391 4,325
Severance benefits 653 671
Other long-term employee benefits 5 4

(Unaudited)
March 31, 2021
56
31. Transfer of Financial Assets
The Group issued senior and subordinated asset-backed securities collateralized by loans
receivable and installment financial assets; and the investors in the securitized notes have recourse only
to the cash flows from the transferred financial assets.
Details of financial assets transferred that are not derecognized as of March 31, 2021 and December
31, 2020 are as follows:
(*1) Excluding derivatives for hedges. The Group enters into currency swaps contracts principally
to manage exposures to fluctuations in future cash flows due to interest rate risk and foreign exchange
risk of foreign currency denominated asset-backed securities issued.
2021 2020
Carrying amount of assets:
Installment financial assets W 5,173,212 5,283,164
5,173,212 5,283,164
Carrying amount of associated liabilities (*1): W (3,794,820) (3,813,145)
For those liabilities that have recourse
only to the transferred financial assets:
Fair value of assets W 5,465,134 5,552,501
Fair value of associated liabilities (*1) (3,906,199) (3,851,705)
Net position W 1,558,935 1,700,796

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