2015 연결 영문

Hyundai Commercial, Inc. and Subsidiaries
Condensed Consolidated Interim Financial Statements
(Unaudited)
June 30, 2015
(With Independent Auditors’ Review Report Thereon)

Contents
Page
Independent Auditors’ Review Report 1
Condensed Interim Statements of Financial Position 3
Condensed Interim Statements of Comprehensive Income 5
Condensed Interim Statements of Changes in Equity 7
Condensed Interim Statements of Cash Flows 8
Notes to Condensed Consolidated Interim Financial Statements 9

KPMG Samjong Accounting Corp.
10th Floor, Gangnam Finance Center,
152 Teheran-ro,
Gangnam-ku, Seoul 135-984,
Republic of Korea
Tel +82 (2) 2112 0100
Fax +82 (2) 2112 0101
www.kr.kpmg.com
Independent Auditors’ Review Report
Based on a report originally issued in Korean
The Board of Directors and Shareholders
Hyundai Commercial, Inc.:
Reviewed Financial Statements
We have reviewed the accompanying condensed consolidated interim financial statements of Hyundai Commercial, Inc.
and its subsidiaries (”the Group”), which comprise the condensed consolidated statement of financial position as of June
30, 2015, the condensed consolidated statements of comprehensive income (loss) for the three-month and six-month
periods ended June 30, 2015 and 2014, the condensed consolidated statements of changes in equity and cash flows for
the six-month periods ended June 30, 2015 and 2014 and notes, comprising a summary of significant accounting
policies and other explanatory information.
Management’s Responsibility
Management is responsible for the preparation and fair presentation of these condensed consolidated interim financial
statements in accordance with Korean International Financial Reporting Standards (“K-IFRS”) No. 1034, Interim
Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of
condensed consolidated interim financial statements that are free from material misstatement, whether due to fraud or
error.
Auditors’ Review Responsibility
Our responsibility is to issue a report on these condensed consolidated interim financial statements based on our
reviews.
We conducted our reviews in accordance with the Review Standards for Quarterly & Semiannual Financial Statements
established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial
information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in
accordance with auditing standards generally accepted in the Republic of Korea and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
Conclusion
Based on our reviews nothing has come to our attention that causes us to believe that the accompanying condensed
consolidated interim financial statements referred to above are not prepared, in all material respects, in accordance with
K-IFRS No. 1034, Interim Financial Reporting.

ABCD
2
Other Matters
The procedures and practices utilized in the Republic of Korea to review such condensed consolidated interim financial
statements may differ from those generally accepted and applied in other countries.
The consolidated statement of financial position of the Group as of December 31, 2014, and the related consolidated
statements of comprehensive income, changes in equity, and cash flows (not included in this review report) for the year
then ended, were audited by us in accordance with auditing standards generally accepted in the Republic of Korea, and
our report thereon, dated March 13, 2015, expressed an unqualified opinion. The accompanying condensed
consolidated statement of financial position of the Group as of December 31, 2014, presented for comparative
purposes, is not different from that audited by us in all material respects.
KPMG Samjong Accounting Corp.
Seoul, Korea
August 13, 2015
This report is effective as of August 13, 2015, the review report date. Certain subsequent events or circumstances,
which may occur between the review report date and the time of reading this report, could have a material impact on the
accompanying condensed consolidated interim financial statements and notes thereto. Accordingly, the readers of the
review report should understand that the above report has not been updated to reflect the impact of such subsequent
events or circumstances, if any.

Condensed Consolidated Interim Statements of Financial Position
As of June 30, 2015 and December 31, 2014
(Unaudited)
3
(In Korean won) Notes
June 30,
2015
December 31,
2014
Assets
Cash and due from bank 10
Cash and cash equivalents 25 W 162,416,309,895 232,793,098,679
Due from banks 4 9,000,000 9,000,000
162,425,309,895 232,802,098,679
Securities
Trading securities 5,10 128,862,353,997 29,063,677,042
Available-for-sale securities 6,10 31,026,811,463 46,867,767,400
Investments in associates 7 292,491,198,204 295,630,649,552
452,380,363,664 371,562,093,994
Loans receivables 8,9,10,11
Factoring - 2,156,213,021
Allowance for loan losses - (2,516,085)
Loans 3,742,227,477,470 3,525,862,060,385
Allowance for loan losses (25,399,828,113) (22,435,822,911)
3,716,827,649,357 3,505,579,934,410
Installment financial assets 8,9,10,11
Auto installment financial receivables 312,267,996,093 285,343,219,344
Durable goods installment financing receivables 16,464,936,159 13,487,744,235
Allowance for loan losses (4,303,846) (3,881,563)
327,148,985,275 297,359,029,803
Lease receivables 8,9,10
Financial lease receivables 12 368,875,845,849 307,183,216,287
Advance lease assets 187,760,000 -
365,158,891,428 303,949,798,783
Property and equipment 13
Vehicles - 19,044,075
Fixtures and furniture 4,568,842,231 5,227,946,145
Others 370,999,664 370,999,664
4,939,841,895 5,617,989,884
Other assets
Intangible assets 14 11,590,009,972 11,983,837,035
Accounts receivable 10 4,300,745,189 3,565,683,526
Allowance for doubtful accounts 9 (4,942,133) (12,214,781)
Accrued revenues 10 18,841,872,523 20,948,755,918
Allowance for doubtful accounts 9 (114,059,646) (121,887,215)
Advance payments 21,268,702,893 16,723,036,367
Prepaid expenses 6,568,017,945 6,539,358,614
Leasehold deposits 10 2,565,774,534 2,409,425,689
Derivative assets 10 361,345,427 -
65,377,466,704 62,035,995,153
Total assets W 5,094,258,508,218 4,778,906,940,706
See accompanying notes to the condensed consolidated interim financial statements.

Condensed Consolidated Interim Statements of Financial Position, Continued
As of June 30, 2015 and December 31, 2014
(Unaudited)
4
June 30,
2015
December 31,
2014
Liabilities
Borrowings and debt securities issued 10
Borrowings 15 W 398,051,669,530 432,828,418,961
Debentures 16 4,004,053,635,213 3,592,437,798,383
Securitized debts 17 9,999,695,736 89,982,509,453
4,412,105,000,479 4,115,248,726,797
Other liabilities
Account payables 10 14,957,074,593 20,409,056,771
Accrued expenses 10 27,743,067,447 32,305,066,665
Unearned revenue 4,759,902,688 5,348,288,440
Advances 1,067,411,946 160,049,366
Withholdings 10 23,064,587,256 9,171,921,658
Net defined benefit liabilities 18 6,573,832,151 4,388,337,963
Leasehold deposits received 10 60,228,585,042 57,948,012,269
Provisions 1,594,873,153 1,504,378,384
Current income tax liabilities 7,878,341,121 7,674,842,295
Deferred income tax liabilities 26,534,973,980 25,078,547,564
Derivative liabilities 10,19 2,907,329,161 3,493,828,647
Financial guarantee liabilities 542,045,688 1,406,867,122
Non-controlling interest liabilities 19,820,000 19,820,000
177,871,844,226 168,909,017,144
Total liabilities 4,589,976,844,705 4,284,157,743,941
Equity
Capital stock 1,20
Common stock 100,000,000,000 100,000,000,000
Preferred stock 25,000,000,000 25,000,000,000
125,000,000,000 125,000,000,000
Capital surplus 20
Paid-in capital in excess of par value 74,608,059,537 74,608,059,537
Hybrid security 20 119,644,480,000 119,644,480,000
Capital adjustments
Other capital adjustments (2,397,101,756) (2,397,101,756)
Accumulated other comprehensive loss 24
Unrealized loss on valuation of derivatives (2,500,629,670) (2,630,032,786)
Unrealized gain on valuation of available-for-sale securities 944,045,548 734,946,364
Accumulated other comprehensive gain of equity method
investee 12,258,716,928 10,905,883,336
Remeasurement of defined benefit plans (4,303,204,721) (3,936,978,968)
6,398,928,085 5,073,817,946
Retained earnings 21
Legal reserve 10,070,000,000 8,830,000,000
Voluntary reserve 21,184,298,738 16,151,091,015
Unappropriated retained earnings 149,772,998,909 147,838,850,023
(Appropriated regulatory reserve for credit losses
W(2,785,005,586) andW5,033,207,723, respectively)
181,027,297,647 172,819,941,038
Total equity 504,281,663,513 494,749,196,765
Total liabilities and equity W 5,094,258,508,218 4,778,906,940,706

Condensed Consolidated Interim Statements of Comprehensive Income
For the three-month and six-month periods ended June 30, 2015 and 2014
(Unaudited)
5
June 30, 2015 June 30, 2014
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Operating revenue
Interest income W 1,615,207,105 3,114,260,781 2,508,016,553 5,115,062,936
Income on loans 74,098,393,059 147,679,831,797 70,911,030,204 139,894,228,274
Income on installment financial receivables 5,928,785,975 11,175,550,438 6,510,562,250 12,454,055,209
Income on leases 6,244,271,361 11,821,556,372 4,437,278,155 8,043,417,842
Gain on disposal of loans 1,003,114,800 2,029,255,030 613,633,850 1,277,387,221
Gain on valuation and disposal of marketable
securities 353,572,879 723,494,750 - -
Dividend income - - - 100,000,000
Gain on valuation of derivatives 573,000,000 777,000,000 (269,847,288) -
Gain on disposal of available-for-sale
securities 146,897,578 146,897,578 17,657 17,657
Other operating income 3,492,065,940 6,305,499,472 979,528,624 3,196,303,815
93,455,308,697 183,773,346,218 85,690,220,005 170,080,472,954
Operating expenses
Interest expense 35,911,380,892 72,142,003,644 38,381,193,615 76,707,575,374
Lease expense 294,477,608 452,347,821 65,131,580 65,131,580
Bad debt expense 9 10,928,125,277 22,876,655,464 7,733,610,798 15,287,796,522
Loss on disposal of loans 1,002,923,159 1,849,291,245 1,216,589,391 2,254,198,684
Loss on foreign transactions 573,000,000 777,000,000 (270,000,000) -
General and administrative expenses 22 19,826,593,813 42,427,529,525 18,737,731,498 38,312,676,853
Loss on valuation of derivatives 19 - - 152,712 152,712
Other operating expenses 2,771,189,409 5,507,766,973 2,400,984,571 4,676,719,122
71,307,690,158 146,032,594,672 68,265,394,165 137,304,250,847
Operating income 22,147,618,539 37,740,751,546 17,424,825,840 32,776,222,107
Non-operating income
Gain on equity method valuation 7 2,695,692,054 6,139,701,631 3,018,201,669 7,587,342,545
Gain on disposal of property
and equipment 645,000 20,190,694 1,226,500 1,226,500
Miscellaneous income 366,965,045 687,730,818 246,288,259 547,082,973
3,063,302,099 6,847,623,143 3,265,716,428 8,135,652,018
Non-operating expenses
Loss on equity method valuation 7 4,580,946,405 10,571,571,691 6,864,270,895 14,976,219,820
Loss on disposal of property
and equipment - 20,766,668 436,344 436,344
Impairment loss of other investment assets - - - 480,000,000
Contribution - 1,980,000 - 2,000,000
Miscellaneous losses 301,291,895 523,814,749 195,489,344 387,426,677
4,882,238,300 11,118,133,108 7,060,196,583 15,846,082,841
Profit before income taxes 20,328,682,338 33,470,241,581 13,630,345,685 25,065,791,284
Income tax expenses 23 5,638,889,046 9,411,487,713 5,580,404,212 9,344,206,489
Profit for the period 21 W 14,689,793,292 24,058,753,868 8,049,941,473 15,721,584,795
(Profit adjusted by regulatory reserve for credit
losses amounted to
W13,433,643,187 for the three-month period
and W26,843,759,454 for the six-month period
ended June 30, 2015 and W7,928,591,386 for
the three-month period and W18,776,424,671
for the six-month period ended June 30, 2014)

Condensed Consolidated Interim Statements of Comprehensive Income, Continued
For the three-month and six-month periods ended June 30, 2015 and 2014
(Unaudited)
6
June 30, 2015 June 30, 2014
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Other comprehensive income (loss),
net of Income taxes 24
Items that are or may be reclassified to profit
or loss subsequently W (2,752,394,044) 1,691,335,892 5,148,492,750 7,238,291,170
Items that will not be reclassified to profit or
loss 342,383,887 (366,225,753) (146,886,000) (313,877,561)
(2,410,010,157) 1,325,110,139 5,001,606,750 6,924,413,609
Total comprehensive income
for the period W 12,279,783,135 25,383,864,007 13,051,548,223 22,645,998,404

Condensed Consolidated Interim Statements of Changes in Equity
For the six-month periods ended June 30, 2015 and 2014
(Unaudited)
7
(In Korean won)
Capital
stock
Capital
surplus
Hybrid
security Capital adjustment
Accumulated other
comprehensive income
(loss) Retained earnings
Total
equity
Balance at January 1, 2014 W 125,000,000,000 74,608,059,537 - - (14,447,426,955) 169,241,350,786 354,401,983,368
Profit for the period - - - - - 15,721,584,795 15,721,584,795
Other comprehensive income (loss)
Net unrealized loss on valuation of derivatives - - - - (471,823,740) - (471,823,740)
Net unrealized loss on valuation of available-for-
sale securities - - - - (408,460,433) - (408,460,433)
Other comprehensive income of equity method investees - - - - 8,118,575,343 - 8,118,575,343
Remeasurement of defined benefit plans - - - - (313,877,561) - (313,877,561)
- - - - 6,924,413,609 15,721,584,795 22,645,998,404
Transactions with owners
Dividends paid - - - - - (17,300,000,000) (17,300,000,000)
Issuance of hybrid securities - - 119,644,480,000 - - - 119,644,480,000
Interest paid to hybrid securities holders - - - - - (324,164,383) (324,164,383)
- - 119,644,480,000 - - (17,624,164,383) 102,020,315,617
Balance at June 30, 2014 W 125,000,000,000 74,608,059,537 119,644,480,000 - (7,523,013,346) 167,338,771,198 479,068,297,389
Balance at January 1, 2015 W 125,000,000,000 74,608,059,537 119,644,480,000 (2,397,101,756) 5,073,817,946 172,819,941,038 494,749,196,765
Profit for the period - - - - - 24,058,753,868 24,058,753,868
Other comprehensive income (loss)
Net unrealized gain on valuation of derivatives - - - - 129,403,116 - 129,403,116
Net unrealized gain on valuation of available-for-
sale securities - - - - 209,099,184 - 209,099,184
Other comprehensive income of equity method
investees - - - - 1,352,833,592 - 1,352,833,592
Remeasurement of defined benefit plans - - - - (366,225,753) - (366,225,753)
- - - - 1,325,110,139 24,058,753,868 25,383,864,007
Transactions with owners
Dividends paid - - - - - (12,400,000,000) (12,400,000,000)
Interest paid to hybrid securities holders - - - - - (3,451,397,259) (3,451,397,259)
- - - - - (15,851,397,259) (15,851,397,259)
Balance at June 30, 2015 W 125,000,000,000 74,608,059,537 119,644,480,000 (2,397,101,756) 6,398,928,085 181,027,297,647 504,281,663,513

Condensed Consolidated Interim Statements of Cash Flows
For the six-month periods ended June 30, 2015 and 2014
(Unaudited)
8
(In Korean won) Notes 2015 2014
Cash flows from operating activities
Cash used in operations 25 W (291,409,655,177) (209,862,846,224)
Interest received 3,345,606,482 5,560,832,714
Interest paid (69,040,789,919) (73,935,441,685)
Dividend received - 100,000,000
Income taxes paid (7,682,424,970) (9,268,332,399)
Net cash used in operating activities (364,787,263,584) (287,405,787,594)
Cash flows from investing activities
Proceeds from sale of available-for-sale securities 16,265,515,247 6,082,902,181
Acquisition of available-for-sale securities - (6,540,000,000)
Acquisition of investments in associates - (40,149,070,000)
Proceeds from disposal of vehicles 34,474,000 -
Proceeds from disposal of fixtures and furniture 24,159,970 1,627,500
Acquisition of fixtures and furniture (418,995,318) (999,791,180)
Disposal of other property and equipment - 40,000,000
Acquisition of intangible assets (852,343,861) (2,207,091,797)
Increase in advance payments - (3,542,250,678)
Decrease in leasehold deposits - 5,000,000
Increase in leasehold deposits (141,109,459) (109,211,103)
Net cash provided by (used in) investing
activities 14,911,700,579 (47,417,885,077)
Cash flows from financing activities
Proceeds from borrowings 415,700,000,000 390,890,000,000
Repayments of borrowings (450,476,749,431) (565,990,050,357)
Issuance of debentures 1,018,766,501,752 709,406,723,600
Repayments of debentures (609,000,000,000) (221,106,000,000)
Payments of dividends (12,400,000,000) (17,300,000,000)
Issuance of hybrid security - 119,644,480,000
Repayments of securitized debts (79,982,813,717) (79,918,243,671)
Interest paid to hybrid security holders (3,108,164,383) (324,164,383)
Net cash provided by financing activities 279,498,774,221 335,302,745,189
Net cash increase (decrease) in cash and cash
equivalents (70,376,788,784) 479,072,518
Cash and cash equivalents at beginning of period 25 232,793,098,679 280,489,429,324
Cash and cash equivalents at end of period 25 W 162,416,309,895 280,968,501,842

Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2015
(Unaudited)
(In thousands of won)
9
1. Reporting Entity
Hyundai Commercial, Inc., the controlling company, and its subsidiaries (collectively, the “Group”) included in
consolidation are summarized as below.
(a) Controlling Company
Hyundai Commercial, Inc. (the “Controlling Company”) was established on March 27, 2007, by taking over all
the assets, liabilities, rights, and obligations related with the loans of the industrial product division of Hyundai
Capital Services, Inc. and its 9nstalment financing and lease financing division. It is engaged in installment
financing and leasing of facilities. The Group’s operations are headquartered at 3, Gukhoe-daero 66-gil,
Yeongdeungpo-gu, Seoul, Korea. The common shareholders of the Group as of June 30, 2015 were as follows:
Number of shares Percentage of ownership (%)
Hyundai Motor Company 10,000,000 50.00
Myung-yi Chung 6,667,000 33.33
Tae-young Chung 3,333,000 16.67
20,000,000 100.00
(b) The Group’s subsidiaries
Subsidiaries as of June 30, 2015 and December 31, 2014 were as follows. The Group has substantial power over
the subsidiaries established as special purpose entities for asset securitization even though its ownership interest
over the subsidiaries do not exceed 50%.
June 30, 2015 December 31, 2014
Special Purpose Entities
Commercial Auto First
SPC (Trust)
Commercial Auto First
SPC (Trust)
Commercial Auto Second SPC
(Trust)
Commercial Auto Second SPC
(Trust)
2. Basis of Preparation
(a) Statement of compliance
These condensed consolidated interim financial statements were prepared in accordance with K-IFRS No. 1034,
Interim Financial Reporting as part of the period covered by the Group’s K-IFRS consolidated annual financial
statements. Selected explanatory notes are included to explain events and transactions that are significant to an
understanding of the changes in financial position and performance of the Group since the last annual consolidated
financial statements as of and for the year ended December 31, 2014.
(b) Use of estimates and judgements
The preparation of the condensed consolidated interim financial statements in conformity with K-IFRS requires
management to make judgments, estimates and assumptions that affect the application of accounting policies and
the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial statements, the significant judgments made by
management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the
same as those that were applied to the consolidated financial statements as of and for the year ended December 31,
2014.

June 30, 2015
(Unaudited)
10
3. Significant Accounting Policies
Except as described below, the accounting policies applied by the Group in these condensed consolidated interim
financial statements are the same as those applied by the Group in the consolidated financial statements as of and
for the year ended December 31, 2014. The following changes in accounting policies are also expected to be
reflected in the Group’s consolidated financial statements as of and for the year ending December 31, 2015.
Amendments to K-IFRS No. 1019, Employee Benefits, entitled Defined Benefits Plans: Employee
Contributions
The narrow scope amendments apply to contributions from employees or third parties to defined benefit plans.
The objective of the amendments is to simplify the accounting for contributions that are independent of the
number of years of employee service, for example, employee contributions that are calculated according to a fixed
percentage of salary. When contributions are eligible for the practical expedient, a company is permitted, but not
required, to recognize them as a reduction of the service cost in the period in which the related service is rendered.
The amendments apply retrospectively for annual periods beginning on or after July 1, 2014. Earlier application
is permitted. The adoption of the amendments had no significant impact on the Group’s consolidated financial
statements.

June 30, 2015
(Unaudited)
11
4. Restricted Financial Instruments
Restricted financial instruments as of June 30, 2015 and December 31, 2014 were as follows:
Type Depository
June 30,
2015
December 31,
2014 Restriction
Due from
banks
Kookmin Bank
and 2 others W 9,000 9,000
Guarantee deposit for
account opening
5. Trading securities
Trading securities as of June 30, 2015 and December 31, 2014 were as follows:
(*) For liquidity management purpose, the Group holds short-term investments in excess of immediate funding
needs. These excess funds are invested in short-term, highly liquid and investment grade money market
instruments, which provide liquidity for the Group’s short-term funding needs and flexibility in the use of
other funding sources.
Debt securities as of June 30, 2015 and December 31, 2014 were as follows:
Book value
Acquisition cost June 30, 2015 December 31, 2014
Commercial papers W 128,483,772 128,862,354 29,063,677
Gains and losses from trading securities recognized in profit or loss for the three-month and six-month periods
ended June 30, 2015 and 2014 were as follows:
June 30, 2015 December 31, 2014
Trading securities (*)
Debt securities W 128,862,354 29,063,677
2015 2014
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Gain on valuation of trading securities W 353,573 723,495 - -
Loss on valuation of trading securities - - - -

June 30, 2015
(Unaudited)
12
6. Available-for-sale Securities
Balances as of available-for-sale securities as of June 30, 2015 and December 31, 2014 were as follows:
June 30, 2015 December 31, 2014
Equity securities
Listed equity securities W 5,000,000 4,655,000
Unlisted equity securities 2,981,172 2,893,203
Equity investments 1 1
Beneficiary certificates 14,657,699 26,879,856
22,638,872 34,428,060
Debt securities 8,387,939 12,439,707
W 31,026,811 46,867,767

June 30, 2015
(Unaudited)
13
6. Available-for-sale Securities, Continued
Details of available-for-sale securities as of June 30, 2015 and December 31, 2014 were as follows:
Book value
Number of
shares
Ownership
(%)
Acquisition
cost June 30, 2015
December 31,
2014
Marketable equity securities
JNK Heaters Co., Ltd. 1,000,000 12.50 W 10,126,881 5,000,000 4,655,000
Unlisted equity securities
Anyang KDC Project Corp.
(*1) 389,999 15.00 2,580,576 2,881,792 2,832,087
Anyang KDC Asset
Management Corp. (*1) 1,499 15.00 9,919 11,514 11,243
Isung Eng, Corp. 24 - 620 620 620
Tong Yang Leisure Co., Ltd.
(*1) 6,200 0.18 190,395 87,246 49,253
2,781,510 2,981,172 2,893,203
Equity investments
HB Fourth ABS, Ltd. 13 0.19 1 1 1
Beneficiary certificates
Hanjoo New Credit Private
Special Asset Investment
Trust - - - - 621,184
Yuniae Daebu Investment
Trust (*2) - - - - 5,021,568
Nice Investment Second
Trust (*2) - - 5,126,000 5,164,805 6,408,806
YNK Partners Daebu - - - - 5,092,928
Hyundai Ship Investment
Fund No.3 (*3) - - 9,360,000 9,492,894 9,735,370
14,486,000 14,657,699 26,879,856
Debt securities
Commercial Auto Third SPC - - - - 4,128,163
Commercial Auto Fourth
SPC - - 8,000,000 8,387,939 8,311,544
8,000,000 8,387,939 12,439,707
W 35,394,392 31,026,811 46,867,767

June 30, 2015
(Unaudited)
14
6. Available-for-sale Securities, Continued
(*1) The fair value of the securities was estimated based on the prices provided by an external appraiser, KIS
Pricing Inc.
(*2) The fair value of beneficiary certificates which is related to NPL investment was estimated based on the
prices provided by an external appraiser, KIS Pricing Inc. The fair value of the securities was determined
by discounting the expected cash flows based on principal and interest arising from trusted asset at an
appropriate rate.
(*3) The fair value of the securities was estimated based on the prices provided by an external appraiser, KIS
Pricing Inc. The fair value is measured by deducting other assets and liabilities within the investment trust
from the amount estimated by discounting expected future cash flows of beneficiary certificates.
7. Investments in Associates
Details of investments in associates as of June 30, 2015 and December 31, 2014 were as follows:
Location
Number of
shares
Ownership
(%)
Acquisition
cost Book value
June 30, 2015
Hyundai Card Co.,
Ltd. (*) Korea 8,889,622 5.54 W 113,820,162 184,382,435
Hyundai Life
Insurance Co., Ltd. Korea 15,509,040 39.65 180,002,130 108,108,763
W 293,822,292 292,491,198
December 31, 2014
Hyundai Card Co.,
Ltd. (*) Korea 8,889,622 5.54 W 113,820,162 178,492,382
Hyundai Life
Insurance Co., Ltd. Korea 15,509,040 39.65 180,002,130 117,138,268
W 293,822,292 295,630,650
(*) The Group’s shareholdings are less than 20%. However, the Group is able to significantly exert influence
through its involvement in the financial and operating processes, and thus the Group classifies it as an
associate.

June 30, 2015
(Unaudited)
15
7. Investments in Associates, Continued
Details of valuation of equity method investment and other changes as of June 30, 2015 and December 31, 2014
were as follows:
Beginning
balance Acquisition
Gain (loss) on
equity method
valuation
Comprehen-sive
income (loss) of
equity method
investees (*)
Ending
balance
June 30,
2015
Hyundai Card Co.,
Ltd. W 178,492,382 - 6,139,702 (249,649) 184,382,435
Hyundai Life
Insurance Co.,
Ltd. 117,138,268 - (10,571,572) 1,542,067 108,108,763
W 295,630,650 - (4,431,870) 1,292,418 292,491,198
December 31,
2014
Hyundai Card Co.,
Ltd. W 168,007,972 - 12,382,461 (1,898,051) 178,492,382
Hyundai Life
Insurance Co.,
Ltd. 90,109,793 40,149,070 (34,799,344) 21,678,749 117,138,268
W 258,117,765 40,149,070 (22,416,883) 19,780,698 295,630,650
(*) Tax effects are not deducted.
Summary of financial information of associates as of June 30, 2015 and for the six-month period ended June 30,
2015 were as follows:
Reporting date
Summary of financial information of associates (*)
Total assets Total liabilities Net assets
June 30, 2015
Hyundai Card Co., Ltd. December 31 W 12,128,610,183 9,466,908,852 2,661,701,331
Hyundai Life Insurance
Co., Ltd. December 31 5,377,801,914 5,164,548,419 213,253,495
Reporting date
Operating
revenue
Profit (loss)
for the period
Total
comprehen-
sive income
(loss)
Dividends
received
June 30, 2015
Hyundai Card Co., Ltd. December 31 W 1,287,137,612 110,826,870 106,320,505 -
Co., Ltd. December 31 691,490,655 (25,315,000) (21,426,126) -
7. Investments in Associates, Continued

June 30, 2015
(Unaudited)
16
Summary of financial information of associates as of December 31, 2014 and for the six-month period ended June
30, 2014 were as follows:
Reporting date
Total assets Total liabilities Net assets
December 31, 2014
Hyundai Card Co., Ltd. December 31 W 12,402,910,868 9,847,530,042 2,555,380,826
Co., Ltd. December 31 4,902,840,052 4,668,160,432 234,679,620
Reporting date
Operating
revenue
Profit (loss)
for the period
Total
comprehen-
sive income
(loss)
Dividends
received
June 30, 2014
Hyundai Card Co., Ltd. December 31 W 1,302,207,653 136,958,027 119,415,857 -
Co., Ltd. December 31 480,797,344 (35,586,148) (13,133,754) -
(*) Summarized financial statements of Hyundai Life Insurance Co., Ltd. were adjusted to reflect fair value
adjustments made at the time of acquisition.
Reconciliations of the summarized financial information presented to the carrying amount of its interest in
associates as of June 30, 2015 and December 31, 2014 were as follows:
Net assets
Ownership
(%)
Share of
assets Goodwill
Unamortized
fair value
adjustments
(*) Book value
June 30, 2015
Hyundai Card Co., Ltd. W 2,661,701,331 5.54 147,455,685 36,926,750 - 184,382,435
Co., Ltd. 213,253,495 39.65 84,562,043 19,739,063 3,807,657 108,108,763
W 2,874,954,826 232,017,728 56,665,813 3,807,657 292,491,198
December 31, 2014
Hyundai Card Co., Ltd. W 2,555,380,826 5.54 141,565,632 36,926,750 - 178,492,382
Co., Ltd. 234,679,620 39.65 93,058,209 19,739,063 4,340,996 117,138,268
W 2,790,060,446 234,623,841 56,665,813 4,340,996 295,630,650
(*) Fair value adjustments are related to value of business acquired, sales channel and IT systems made at the time
of acquisition.

June 30, 2015
(Unaudited)
17
8. Financial Receivables
Details of financial receivables as of June 30, 2015 and December 31, 2014 were as follows:
Principal
Deferred loan
origination fees
and costs
Present value
discount
Allowance for
loan losses Book value
June 30, 2015
Loans receivables
Loans W 3,701,582,011 41,496,435 (850,969) (25,399,828) 3,716,827,649
Installment financial
assets
Auto 307,795,222 4,472,774 - (1,579,643) 310,688,353
Durable goods 16,672,929 (207,993) - (4,304) 16,460,632
324,468,151 4,264,781 - (1,583,947) 327,148,985
Lease receivables
Financial lease
receivables 368,118,021 757,824 - (3,904,714) 364,971,131
Advance lease assets 187,760 - - - 187,760
368,305,781 757,824 - (3,904,714) 365,158,891
W 4,394,355,943 46,519,040 (850,969) (30,888,489) 4,409,135,525
December 31, 2014
Loans receivables
Factoring receivables W 2,156,213 - - (2,516) 2,153,697
Loans 3,483,482,341 42,746,404 (366,685) (22,435,823) 3,503,426,237
3,485,638,554 42,746,404 (366,685) (22,438,339) 3,505,579,934
assets
Auto 281,405,117 3,938,103 - (1,468,052) 283,875,168
Durable goods 13,839,097 (351,353) - (3,882) 13,483,862
295,244,214 3,586,750 - (1,471,934) 297,359,030
Lease receivables
Financial lease
receivables 306,642,700 540,517 - (3,233,418) 303,949,799
W 4,087,525,468 46,873,671 (366,685) (27,143,691) 4,106,888,763

June 30, 2015
(Unaudited)
18
9. Allowance for Loan Losses
Changes in allowance for loan losses for the six-month period ended June 30, 2015 and for the year ended
December 31, 2014 were as follows:
Loans
receivables
Installment
financial assets
Lease
receivables Other assets Total
June 30, 2015
Beginning balance W 22,438,339 1,471,934 3,233,418 134,102 27,277,793
Amounts
written off (6,812,720) (252,955) (2,154,122) - (9,219,797)
Recovery of amounts
previously written off 368,091 26,467 58,805 - 453,363
Disposal of receivables (9,499,536) (459,605) (214,374) - (10,173,515)
Unwinding of discount (182,084) (4,774) (20,150) - (207,008)
Additional (reversed)
allowance 19,087,738 802,880 3,001,137 (15,100) 22,876,655
Ending balance W 25,399,828 1,583,947 3,904,714 119,002 31,007,491
December 31, 2014
Beginning balance W 21,655,394 1,963,919 1,815,587 163,604 25,598,504
Amounts
written off (9,722,696) (1,073,302) (1,969,996) - (12,765,994)
Recovery of amounts
previously written off 1,069,282 252,861 187 - 1,322,330
Disposal of receivables (17,579,858) (1,017,426) - - (18,597,284)
Unwinding of discount (215,080) (11,780) - - (226,860)
Additional (reversed)
allowance 27,231,297 1,357,662 3,387,640 (29,502) 31,947,097
Ending balance W 22,438,339 1,471,934 3,233,418 134,102 27,277,793

June 30, 2015
(Unaudited)
19
10. Fair Value of Financial Instruments
Fair value is the amount at which the asset could be exchanged or the liabilities could be settled in a transaction
between knowledgeable and willing independent parties. The best estimated fair value is the published price
quotation in an active market. The Group believes that valuation technique applied to the financial instruments is
adequate and fair value of financial instruments is reasonable, but if the Group use another valuation technique or
assumptions, such fair value might be changed. Also, as fair value measurement of financial instruments uses
variable valuation techniques and assumptions, comparing fair value with those recognized by other financial
institutions might be difficult.
Fair values of financial instruments as of June 30, 2015 and December 31, 2014 were as follows:
June 30, 2015 December 31, 2014
Book value Fair value Book value Fair value
Financial assets
Cash and due from
banks W 162,425,310 162,425,310 232,802,099 232,802,099
Trading securities 128,862,354 128,862,354 29,063,677 29,063,677
Available-for-sale
securities 31,026,811 31,026,811 46,867,767 46,867,767
Loans receivables 3,716,827,649 3,729,455,233 3,505,579,934 3,508,954,446
assets 327,148,985 325,717,202 297,359,030 296,679,081
Lease receivables 365,158,891 365,750,294 303,949,799 304,045,372
Derivative assets 361,345 361,345 - -
Accounts receivable 4,295,803 4,295,803 3,553,469 3,553,469
Accrued revenues 18,727,813 18,727,813 20,826,869 20,826,869
Leasehold deposits 2,565,775 2,588,358 2,409,426 2,326,800
W 4,757,400,736 4,769,210,523 4,442,412,070 4,445,119,580
Financial liabilities
Borrowings W 398,051,670 398,622,303 432,828,419 433,598,405
Debentures 4,004,053,635 4,025,878,103 3,592,437,798 3,637,422,103
Securitized debts 9,999,696 10,037,320 89,982,509 90,975,852
Derivative liabilities 2,907,329 2,907,329 3,493,829 3,493,829
Account payables 14,957,075 14,957,075 20,409,057 20,409,057
Accrued expenses 27,743,067 27,743,067 32,305,067 32,305,067
Withholdings (*) 22,505,401 22,505,401 8,545,657 8,545,657
Leasehold deposits 60,228,585 61,775,920 57,948,012 59,530,573
W 4,540,446,458 4,564,426,518 4,237,950,348 4,286,280,543
(*) Excluding taxes and dues

June 30, 2015
(Unaudited)
20
10. Fair Value of Financial Instruments, Continued
The levels of fair value hierarchy have been defined as follows:
- Level 1: Quoted prices in active markets for identical assets or liabilities. For example, listed stocks and
derivatives.
- Level 2: Inputs for the asset or liability included within valuation techniques that are observable market data.
For example, most bonds issued in Korean won and foreign currency, general unlisted derivatives like swap,
forward, option.
- Level 3: Inputs for the asset or liability that is not based on observable market data. For example, unlisted
stocks, complicated structured bonds, complicated unlisted derivatives and others.
The fair value hierarchy of financial instruments as of June 30, 2015 and December 31, 2014 were as follows:
Fair value hierarchy
Book value Fair value Level 1 Level 2 Level 3
June 30, 2015
Financial assets
Trading securities W 128,862,354 128,862,354 - 128,862,354 -
Available-for-sale
securities 31,026,811 31,026,811 5,000,000 - 26,026,811
Derivative assets 361,345 361,345 - 361,345 -
W 160,250,510 160,250,510 5,000,000 129,223,699 26,026,811
Derivative
liabilities W 2,907,329 2,907,329 - 2,907,329 -
December 31, 2014
Financial assets
Trading securities W 29,063,677 29,063,677 - 29,063,677 -
Available-for-sale
securities 46,867,767 46,867,767 4,655,000 - 42,212,767
W 75,931,444 75,931,444 4,655,000 29,063,677 42,212,767
Derivative
liabilities W 3,493,829 3,493,829 - 3,493,829 -

June 30, 2015
(Unaudited)
21
The changes in financial instruments of level 3 for the six-month period ended June 30, 2015 and for the year
ended December 31, 2014 were as follows:
Available-for-sale securities
June 30, 2015 December 31, 2014
Beginning balance W 42,212,767 45,713,347
Acquisition - 16,570,396
Interest income - 386,359
Gain on valuation (other comprehensive income) 205,888 560,840
Disposal (16,391,844) (21,018,175)
Ending balance W 26,026,811 42,212,767
The book value of financial instruments by categories as of June 30, 2015 and December 31, 2014 were as
follows:
Financial
assets at fair
value through
profit or loss
Available-for-
sale financial
assets
Loans and
receivables
Hedging
derivative
instruments Total
June 30, 2015
Financial assets
Cash and due from banks W - - 162,425,310 - 162,425,310
Trading securities 128,862,354 - - - 128,862,354
Available-for-sale securities - 31,026,811 - - 31,026,811
Loans receivable - - 3,716,827,649 - 3,716,827,649
Installment financial assets - - 327,148,985 - 327,148,985
Finance lease assets - - 365,158,891 - 365,158,891
Derivative assets - - - 361,345 361,345
Accounts receivable - - 4,295,803 - 4,295,803
Accrued revenues - - 18,727,813 - 18,727,813
Leasehold deposits - - 2,565,775 - 2,565,775
W 128,862,354 31,026,811 4,597,150,226 361,345 4,757,400,736
December 31, 2014
Financial assets
Cash and due from banks W - - 232,802,099 - 232,802,099
Trading securities 29,063,677 - - - 29,063,677
Available-for-sale securities - 46,867,767 - - 46,867,767
Loans receivable - - 3,505,579,934 - 3,505,579,934
Installment financial assets - - 297,359,030 - 297,359,030
Finance lease assets - - 303,949,799 - 303,949,799
Account receivables - - 3,553,469 - 3,553,469
Accrued revenues - - 20,826,869 - 20,826,869
Leasehold deposits - - 2,409,426 - 2,409,426
W 29,063,677 46,867,767 4,366,480,626 - 4,442,412,070

June 30, 2015
(Unaudited)
22
at amortized cost
Hedging derivative
instruments Total
June 30, 2015
Borrowings W 398,051,670 - 398,051,670
Debentures 4,004,053,635 - 4,004,053,635
Securitized debts 9,999,696 - 9,999,696
Derivative liabilities - 2,907,329 2,907,329
Account payables 14,957,075 - 14,957,075
Accrued expenses 27,743,067 - 27,743,067
Withholdings (*) 22,505,401 - 22,505,401
Leasehold deposits received 60,228,585 - 60,228,585
W 4,537,539,129 2,907,329 4,540,446,458
December 31, 2014
Borrowings W 432,828,419 - 432,828,419
Debentures 3,592,437,798 - 3,592,437,798
Securitized debts 89,982,509 - 89,982,509
Derivative liabilities - 3,493,829 3,493,829
Account payables 20,409,057 - 20,409,057
Accrued expenses 32,305,067 - 32,305,067
Withholdings (*) 8,545,657 - 8,545,657
Leasehold deposits received 57,948,012 - 57,948,012
W 4,234,456,519 3,493,829 4,237,950,348
(*) Excluding taxes and dues

June 30, 2015
(Unaudited)
23
11. Transfer of Financial Assets
(a) Financial assets that are entirely derecognized
The Group derecognized loans receivables from the consolidated financial statements by transferring them for
W101,598,233 thousand to Commercial Auto Third SPC (Trustee Bank: Citibank Korea, Inc.) on December 18,
2012. Gains related to the transaction amounted to W2,450,829 thousand.
Also, the Group derecognized loans receivables from the consolidated financial statements by transferring them
for W202,700,000 thousand to Commercial Auto Fourth SPC (Trustee Bank: Woori Bank) on November 15,
2013. Gains related to the transaction amounted to W2,674,381 thousand.
The Group has continuing involvement in the transferred assets after taking over debt securities issued by
Commercial Auto Third SPC and Fourth SPC.
Details of continuing involvement were as follows:
Book value of continuing
involvement Maximum
exposure to
loss
Type of continuing
involvement
Available-for-sale
securities
June 30, 2015
Commercial Auto Fourth SPC
Acquisition on debt
securities W 8,387,939 8,387,939
Book value of continuing
involvement Maximum
exposure to
loss
Type of continuing
involvement
Available-for-sale
securities
December 31, 2014
Commercial Auto Third SPC Acquisition on debt
securities
W 4,128,163 4,128,163
Commercial Auto Fourth SPC 8,311,544 8,311,544
W 12,439,707 12,439,707

June 30, 2015
(Unaudited)
24
12. Financial Lease Receivables
Details of total lease investments and present value of minimum lease payment as of June 30, 2015 and December
31, 2014 were as follows:
June 30, 2015 December 31, 2014
Total lease
investments
Present value of
minimum lease
payments
Total lease
investments
Present value of
minimum lease
payments
Within 1 year W 130,110,824 110,113,748 114,331,819 98,361,154
Over 1 year to within
5 years 286,767,178 258,762,098 228,163,719 208,822,062
W 416,878,002 368,875,846 342,495,538 307,183,216
Details of unearned interest income as of June 30, 2015 and December 31, 2014 were as follows:
June 30, 2015 December 31, 2014
Total lease investments W 416,878,002 342,495,538
Net lease investments
Minimum lease payment (present value) 368,875,846 307,183,216
Unguaranteed residual value
(present value) - -
368,875,846 307,183,216
Unearned interest income W 48,002,156 35,312,322

June 30, 2015
(Unaudited)
25
13. Property and Equipment
Details of property and equipment as of June 30, 2015 and December 31, 2014 were as follows:
Acquisition cost
Accumulated
depreciation Book value
June 30, 2015
Fixtures and furniture W 13,402,980 (8,834,138) 4,568,842
Others 371,000 - 371,000
W 13,773,980 (8,834,138) 4,939,842
December 31, 2014
Vehicles W 113,472 (94,428) 19,044
Fixtures and furniture 13,163,555 (7,935,609) 5,227,946
Others 371,000 - 371,000
W 13,648,027 (8,030,037) 5,617,990
Changes in property and equipment for the six-month period ended June 30, 2015 and for the year ended
Beginning
balance Acquisition Disposal Depreciation
Ending
balance
June 30, 2015
Vehicles W 19,044 - (14,283) (4,761) -
Fixtures and furniture 5,227,946 418,995 (44,927) (1,033,172) 4,568,842
Others 371,000 - - - 371,000
W 5,617,990 418,995 (59,210) (1,037,933) 4,939,842
December 31, 2014
Vehicles W 38,087 - - (19,043) 19,044
Fixtures and furniture 3,259,138 3,736,064 (2,333) (1,764,923) 5,227,946
Others 411,000 - (40,000) - 371,000
W 3,708,225 3,736,064 (42,333) (1,783,966) 5,617,990
As of June 30, 2015, the Group maintained comprehensive property insurance with Hyundai Marine and Fire
Insurance for its fixtures and furniture, and other tangible assets for up to W4,848,093 thousand (W 4,631,921
thousand as of December 31, 2014), vehicle insurance for its vehicles, and group accident insurance, travel
insurance and business damage insurance for its employees. Also, the Group maintained comprehensive
property insurance with Hyundai Marine and Fire Insurance for its machine tool of installment financial assets
and lease assets for up to W42,555,639 thousand (W 41,212,098 thousand as of December 31, 2014).
14. Intangible Assets
Details of intangible assets as of June 30, 2015 and December 31, 2014 were as follows:

June 30, 2015
(Unaudited)
26
Acquisition cost
Accumulated
depreciation Book value
June 30, 2015
Development costs W 8,283,900 (3,619,168) 4,664,732
Software 8,215,784 (6,627,596) 1,588,188
Membership 4,720,565 - 4,720,565
Others 812,901 (196,376) 616,525
W 22,033,150 (10,443,140) 11,590,010
December 31, 2014
Development costs W 7,502,523 (2,850,184) 4,652,339
Software 8,144,817 (6,229,114) 1,915,703
Membership 4,720,565 - 4,720,565
Others 812,901 (117,671) 695,230
W 21,180,806 (9,196,969) 11,983,837
Changes in intangible assets for the six-month period ended June 30, 2015 and for the year ended December 31,
2014 were as follows:
(*1) Includes transfer from advance payments.
(*2) Due to changes in the Group’s accounting policy, the account has been reclassified from other investment
assets to membership. Among the amount, W190,395 thousand were converted into available-for-sale
securities.
Beginning
balance Acquisition Transfer Amortization
Impairment
loss
Ending
balance
June 30, 2015
Development costs W 4,652,339 781,377 - (768,984) - 4,664,732
Software 1,915,703 70,967 - (398,482) - 1,588,188
Memberships 4,720,565 - - - - 4,720,565
Others 695,230 - - (78,705) - 616,525
W 11,983,837 852,344 - (1,246,171) - 11,590,010
Beginning
balance
Acquisition(
*1)
Transfer
(*2) Amortization
Impairment
loss
Ending
balance
December 31, 2014
Development costs W 3,245,474 2,683,611 - (1,276,746) - 4,652,339
Software 1,228,913 1,349,921 - (663,131) - 1,915,703
Memberships - 1,500,000 3,724,169 - (503,604) 4,720,565
Others 3 787,050 - (91,823) - 695,230
W 4,474,390 6,320,582 3,724,169 (2,031,700) (503,604) 11,983,837

June 30, 2015
(Unaudited)
27
15. Borrowings
Details of borrowings as of June 30, 2015 and December 31, 2014 were as follows:
Lender
Annual
interest rate
(%)
June 30,
2015
December 31,
2014
Borrowings in won
Commercial paper (CP)
Shinhan Bank
and 3 others 1.79~2.18 W 130,000,000 120,000,000
General loan
Kookmin Bank
and 5 others 2.35~4.54 268,051,670 312,828,419
W 398,051,670 432,828,419
16. Debentures
Details of debentures issued by the Group as of June 30, 2015 and December 31, 2014 were as follows:
Annual interest rate
(%) Par value Issue price
June 30, 2015
Current portion of debenture
Debentures 1.78 ~ 6.48 W 1,260,000,000 1,260,000,000
Discount on debentures - (457,851)
1,260,000,000 1,259,542,149
Non-current portion of debenture
Debentures 1.83 ~ 5.85 2,746,723,000 2,746,723,000
Discount on debentures - (2,211,514)
2,746,723,000 2,744,511,486
W 4,006,723,000 4,004,053,635
December 31, 2014
Current portion of debenture
Debenture 1.82 ~ 6.48 W 979,000,000 979,000,000
Discount on debentures - (383,842)
979,000,000 978,616,158
Non-current portion of debenture
Debenture 1.90 ~ 5.85 2,615,946,000 2,615,946,000
Discount on debentures - (2,124,360)
2,615,946,000 2,613,821,640
W 3,594,946,000 3,592,437,798

June 30, 2015
(Unaudited)
28
17. Securitized Debts
The amounts of securitized debts, which are secured by loans and installment financial assets in accordance with
Asset-Backed Securitization Act as of June 30, 2015 and December 31, 2014 were as follows:
Annual interest rate
(%) Par value Issue price
June 30, 2015
Current portion of securitized debts
Securitized debts 5.43 W 10,000,000 10,000,000
Discount on securitized debts - (304)
10,000,000 9,999,696
December 31, 2014
Current portion of securitized debts
Securitized debts 4.76 ~ 5.27 W 90,000,000 90,000,000
Discount on securitized debts - (17,491)
90,000,000 89,982,509

June 30, 2015
(Unaudited)
29
18. Net Defined Benefit Liability
(i) Features of the defined benefit plan
The Group manages the defined benefit plan based on final wages. The plan assets are mainly comprised of
interest rate guaranteed type instruments, and therefore, are exposed to the risk of declining interest rates.
(ii) Adjustments on the net defined benefit liability
June 30, 2015
Present value of
defined benefit
obligation Plan assets
National
Pension Fund
Defined benefit
liability, net
Beginning balance W 19,069,034 (14,675,307) (5,389) 4,388,338
Current service costs 1,826,203 - - 1,826,203
Interest expense (income) 264,804 (206,791) - 58,013
Return on plan assets
(excluding net interests) - 29,241 - 29,241
Changes in demographic
assumption - - - -
Actuarial gain and losses due
to changes in financial
assumptions 453,906 - - 453,906
Experience adjustments - - - -
Transfer of severance
benefits from (to) related
parties 10,955 (193,525) - (182,570)
Benefits paid (367,419) 367,419 701 701
W 21,257,483 (14,678,963) (4,688) 6,573,832

June 30, 2015
(Unaudited)
30
18. Net Defined Benefit Liability, Continued
(ii) Adjustments on the net defined benefit liability, continued
December 31, 2014
Present value of
defined benefit
obligation Plan assets
National
Pension Fund
Defined benefit
liability, net
Beginning balance W 14,127,941 (11,610,713) (5,389) 2,511,839
Contributions - (3,280,000) - (3,280,000)
Current service costs 2,856,493 - - 2,856,493
Interest expense (income) 503,052 (396,034) - 107,018
Return on plan assets
(excluding net interests) - 104,076 - 104,076
Changes in demographic
assumption 1,055,191 - - 1,055,191
Actuarial gain and losses due
to changes in financial
assumptions 1,292,022 - - 1,292,022
Experience adjustments (231,573) - - (231,573)
Transfer of severance
benefits from (to) related
parties (54,126) 27,398 - (26,728)
Benefits paid (479,966) 479,966 - -
W 19,069,034 (14,675,307) (5,389) 4,388,338

June 30, 2015
(Unaudited)
31
19. Derivative Financial Instruments and Hedge Accounting
There are no amounts recognized as derivative assets as of June 30, 2015 and December 31, 2014. Net losses on
derivative assets were W153 thousand as of June 30, 2014.
A cash flow hedge is used by the Group to reduce the exposure from changes in interest rate and exchange rate of
the cash flows of foreign currency debentures. Interest rate swaps and currency swaps are used.
Derivatives designated as cash flow hedges as of June 30, 2015 and December 31, 2014 were as follows:
Assets Liabilities
Other
comprehensive loss
June 30, 2015
Interest rate swaps W - 2,907,329 (2,203,756)
Currency swaps 361,345 - (296,874)
W 361,345 2,907,329 (2,500,630)
December 31, 2014
Interest rate swaps W - 3,335,696 (2,528,457)
Currency swaps - 158,133 (101,576)
W - 3,493,829 (2,630,033)
For the six-month period ended June 30, 2015, the amount recognized as other comprehensive loss, representing
the effective portion related to cash flow hedge, is W170,845 thousand (before tax), and the reclassified amount
from other comprehensive loss to profit or loss is nil. There is no amount recognized as profit or loss related to
cash flow hedge, representing the ineffective portion, for the six-month period ended June 30, 2015.

June 30, 2015
(Unaudited)
32
20. Capital Stock and Hybrid Security
The Controlling Company is authorized to issue 80,000,000 shares (par value at W5,000). Details of capital stock
as of June 30, 2015 was as follows:
Common stock Preferred stock (*) Total
Number of issued shares outstanding 20,000,000 5,000,000 25,000,000
Capital stock W 100,000,000 25,000,000 125,000,000
Paid-in-capital in excess of par value - 74,608,060 74,608,060
(*) The convertible preferred stocks are non-cumulative, non-participating, nominative, non-permanent preferred
stocks without voting right. The stocks will be converted to common stock after 7 years from issue date.
Details of hybrid security as of June 30, 2015 and December 31, 2014 were as follows:
Amount
Date of issue
Date of
maturity June 30, 2015
December 31,
2014
Interest
rate (%)
The 171st
bond type
hybrid security June 13, 2014 June 13, 2044 W 119,644,480 119,644,480 5.80
The hybrid security above is early-payable after 5 years from the date of issue, and the maturity can be extended
with the same terms and conditions on the date of maturity. In addition, in case the controlling company decides
not to pay dividend on common and preferred stock, it will not pay contractual interest to the security holders.

June 30, 2015
(Unaudited)
33
21. Retained Earnings
Details of retained earnings as of June 30, 2015 and December 31, 2014 were as follows:
June 30, 2015 December 31, 2014
Legal reserve
Revenue reserve W 10,070,000 8,830,000
Voluntary reserve
Reserve for loan losses 21,084,299 16,051,091
Reserve for electronic financial transactions 100,000 100,000
21,184,299 16,151,091
Unappropriated retained earnings 149,772,999 147,838,850
(Expected provision (reversal) of regulatory reserve
for credit losses
June 30, 2015: W(2,785,006) thousand,
December 31, 2014: W5,033,208 thousand)
W 181,027,298 172,819,941
Appropriated and expected provision (reversal) of regulatory reserve for credit losses as of June 30, 2015 and
June 30, 2015 December 31, 2014
Appropriated regulatory reserve for credit losses W 21,084,299 16,051,091
Expected provision (reversal) of regulatory reserve
for credit losses (2,785,006) 5,033,208
W 18,299,293 21,084,299

June 30, 2015
(Unaudited)
34
21. Retained Earnings, Continued
Profit adjusted for estimated regulatory reserve for credit losses for the three-month and six-month periods ended
June 30, 2015 and 2014 were as follows:
June 30, 2015 June 30, 2014
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Profit for the period W 14,689,793 24,058,754 8,049,941 15,721,585
Estimated provision (reversal) of
regulatory reserve for credit losses (1,256,150) 2,785,006 (121,350) 3,054,840
Profit adjusted by regulatory reserve for
credit losses W 13,433,643 26,843,760 7,928,591 18,776,425
Earnings per share adjusted by estimated
regulatory reserve for credit losses (won) 672 1,342 396 939
The dividends for the year ended December 31, 2014 were paid in March 2015, and details of dividend for the
fiscal year 2014 and 2013 were as follows:
December 31, 2014 December 31, 2013
Annual dividends
Common stock W 7,700,000 11,300,000
Preferred stock 4,700,000 6,000,000
W 12,400,000 17,300,000

June 30, 2015
(Unaudited)
35
22. General and Administrative Expenses
Details of general and administrative expenses for the three-month and six-month periods ended June 30, 2015
and 2014 were as follows:
June 30, 2015 June 30, 2014
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Wages and salaries W 8,051,951 17,554,795 6,740,648 14,444,675
Retirement benefits 942,547 2,157,572 683,166 1,366,331
Employee welfare 1,615,455 3,590,099 1,364,376 3,060,652
Outsourcing service charges 546,565 1,112,465 1,107,019 2,251,096
Sales commission 1,612,127 3,318,566 1,600,725 3,081,920
Commission 867,630 2,401,793 1,238,898 2,065,853
Outsourcing service commission 982,657 1,881,968 1,094,764 2,552,941
Depreciation 523,303 1,037,933 403,356 767,781
Amortization 630,929 1,246,171 461,322 861,498
Taxes and dues 555,467 1,180,064 511,753 1,119,780
Electronic data processing expenses 1,361,435 2,725,850 1,285,284 2,514,729
Rent 965,584 1,908,190 914,926 1,810,298
Administrative expenses for building 33,100 65,967 25,770 54,747
Travel expenses 246,066 423,526 211,773 408,766
Training expenses 182,731 326,847 384,617 547,255
Communication 154,216 350,564 195,470 360,363
Others 554,831 1,145,160 513,864 1,043,992
W 19,826,594 42,427,530 18,737,731 38,312,677
23. Income Tax Expenses
Income tax expense is calculated based on the current tax expense with prior year adjustments, deferred tax
expense from changes in temporary differences, and other adjustments. The effective tax rate for the six-month
periods ended June 30, 2015 and 2014 were 39.1% and 37.3%, respectively.

June 30, 2015
(Unaudited)
36
24. Other Comprehensive Income
Details of other comprehensive income for the six-month periods ended June 30, 2015 and 2014 were as follows:
Changes
Beginning
balance
Reclassification
of profit or loss
Other
changes
Income tax
effects
Ending
balance
June 30, 2015
Items that are or may be
reclassified subsequently to
profit or loss
Unrealized loss on valuation of
derivatives W (2,630,033) 260,634 (173,128) 41,897 (2,500,630)
Unrealized gain on valuation of
available-for-sale financial
assets 734,946 (275,031) 550,888 (66,757) 944,046
Other comprehensive income
of equity method investees 10,905,883 - 1,292,419 60,415 12,258,717
9,010,796 (14,397) 1,670,179 35,555 10,702,133
Items that will not be
reclassified to profit or loss
Remeasurement of defined
benefit plans (3,936,979) - (483,147) 116,921 (4,303,205)
W 5,073,817 (14,397) 1,187,032 152,476 6,398,928
June 30, 2014
Items that are or may be
reclassified subsequently to
profit or loss
derivatives W (950,104) - (622,459) 150,635 (1,421,928)
available-for-sale financial
assets (1,908,746) - (538,866) 130,406 (2,317,206)
Other comprehensive loss of
equity method investees (9,334,143) - 7,883,395 235,181 (1,215,567)
(12,192,993) - 6,722,070 516,222 (4,954,701)
Items that will not be
reclassified to profit or loss
Remeasurement of defined
benefit plans (2,254,434) - (414,087) 100,209 (2,568,312)
W (14,447,427) - 6,307,983 616,431 (7,523,013)

June 30, 2015
(Unaudited)
37
25. Supplemental Cash Flow Information
Cash and cash equivalents in the statement of cash flows consist of cash on hand, deposits, and short-term money
market instruments. Details of cash and cash equivalents as of June 30, 2015 and December 31, 2014 were as
follows:
June 30, 2015 December 31, 2014
Ordinary deposits W 47,199,310 14,919,766
Short-term financial instruments 115,217,000 217,873,333
W 162,416,310 232,793,099
Cash used in operations for the six-month periods ended June 30, 2015 and 2014 were as follows:
June 30, 2015 June 30, 2014
Profit for the period: W 24,058,754 15,721,585
Adjustments:
Net interest expense 69,027,744 71,592,513
Dividends - (100,000)
Income tax expenses 9,411,488 9,344,206
Loss on loans 35,331,532 10,089,277
Loss on installment financial receivables 1,191,727 1,020,087
Loss on leases 1,927,140 670,645
Loss on foreign exchange translations 777,000 -
Gain on equity method valuation (6,139,702) (7,587,343)
Loss on equity method valuation 10,571,572 14,976,220
Gain on disposal of property and equipment (20,191) (1,227)
Loss on disposal of property and equipment 20,767 436
Impairment loss on other investment assets - 480,000
Bad debt expense 22,876,655 15,287,797
Retirement benefits 1,884,216 1,366,331
Depreciation 1,037,933 767,781
Amortization of intangible assets 1,246,171 861,498
Gain on valuation of derivatives (777,000) -
Loss on valuation of derivatives - 153
Gain on valuation of trading securities (723,495) -
Gain on disposal of available-for-sale securities (146,898) -
Transfer to provisions 7,727 -
Other long-term employee benefits 106,887 -
W 147,611,273 118,768,374
25. Supplemental Cash Flow Information, Continued

June 30, 2015
(Unaudited)
38
June 30, 2015 June 30, 2014
Changes in operating assets and liabilities:
Increase in loans receivables W (265,666,985) (296,056,518)
Decrease (increase) in installment financing
receivables (31,784,563) 8,410,406
Increase in finance lease receivables (66,137,370) (68,712,071)
Decrease (increase) in accounts receivable (735,062) 12,606,322
Decrease (increase) in accrued revenues 1,860,298 (995,428)
Increase in advance payments (4,547,472) -
Decrease (increase) in prepaid expenses 398,837 (48,449)
Decrease in account payables (5,451,982) (298,651)
Decrease in accrued expenses (6,089,705) (4,171,159)
Decrease in unearned revenues (5,524,432) (1,302,719)
Increase in advances 907,363 144,917
Increase (decrease) in deposits 13,892,666 (74,510)
Decrease in defined benefit liabilities (181,869) (20,018)
Increase in leasehold deposits received 5,173,269 5,541,271
Increase (decrease) in financial guarantee
liabilities (93,374) 1,137,802
Decrease in derivatives liabilities - (514,000)
Increase of trading securities (99,075,182) -
Decrease in provisions (24,119) -
(463,079,682) (344,352,805)
Cash used in operations W (291,409,655) (209,862,846)

June 30, 2015
(Unaudited)
39
26. Commitments and Contingencies
Details of unused credit line agreements as of June 30, 2015 and December 31, 2014 were as follows:
Financial institution Limit Unused limit
June 30, 2015
Limit of overdraft
Woori Bank and
14 others W 455 billion 405 billion
Limit of letter of credit
Korea Exchange
Bank USD 2,000,000 USD 2,000,000
December 31, 2014
Limit of overdraft
Woori Bank and
14 others W 405 billion 405 billion
Limit of letter of credit
Korea Exchange
Bank USD 7,000,000 USD 7,000,000
As of June 30, 2015 the Group has a credit facility agreement for unsold property with Daewoo Engineering &
Construction Co., Ltd. and others which amounted to W108.5 billion.
Details of pending significant litigations as of June 30, 2015 were as follows:
Number of litigations Amount of litigations
As a plaintiff 54 W 5,327,761
As a defendant 8 1,150,381
No provisions have been recorded on the condensed consolidated interim financial statements of the Group as of
June 30, 2015.
Details of guarantees involving third parties as of June 30, 2015 and December 31, 2014 were as follows:
Guarantor Details
June 30,
2015 December 31, 2014
Hyundai Wia Guarantees on machinery
installment financing
receivables
W 16,644,339 13,792,075
Hyundai Motor Company Guarantees on finance lease
receivables
1,963,933 1,963,933
Seoul Guarantee Insurance
Company
Deposit guarantee
14,520,852 13,629,390

June 30, 2015
(Unaudited)
40
27. Related Party Transactions
Hyundai Motor Company has significant influence on the Group. Related parties include associates, joint
venture, post-employment benefit plans, member of key management personnel and entities which the Group
controls directly or indirectly or has significant influence over them.
Significant transactions, which occurred in the normal course of business with related parties, for the six-month
periods ended June 30, 2015 and 2014 were as follows:
2015
Type Related parties Transactions
Three-month
period ended
Six-month
period ended
Entity
which has
significant
influence
Hyundai Motor
Company
Acquisition of finance lease
assets W 205,485 310,842
Guarantee deposits for leases
(new contracts) (36,136) -
Others Hyundai Wia Acquisition of finance lease
assets 19,347,317 39,391,327
Hyundai Capital
Services, Inc. Sales of receivables 17,230,805 38,336,824
Autoever Corporation Acquisition of intangible assets 240,127 525,668
Acquisition of other assets 2,463,291 3,083,774
Co., Ltd.
Guarantee deposits for leases
(new contracts) - 117,820
Total acquisition of assets W 22,220,084 43,429,431
Total disposal of assets 17,230,805 38,336,824
2014
Three-month
period ended
Six-month
period ended
Entity
which has
significant
influence
Hyundai Motor
Company
Acquisition of finance lease
assets W - 119,951
Others Hyundai Wia Acquisition of finance lease
assets 11,130,431 33,718,491
Hyundai Capital
Services, Inc. Sales of receivables 20,941,804 32,762,837
Autoever Corporation Acquisition of intangible assets 2,385,117 3,384,471
Acquisition of other assets 1,446,652 3,547,034
Co., Ltd. Disposal of other assets - 40,000
Total acquisition of assets W 14,962,200 40,769,947
Total disposal of assets 20,941,804 32,802,837

June 30, 2015
(Unaudited)
41
27. Related Party Transactions, Continued
Receivables and payables associated with related parties as of June 30, 2015 and December 31, 2014 were as
follows:
June 30,
2015
December 31,
2014
Entity which
has
significant
influence
Hyundai Motor
Company
Guarantee deposits for leases W 36,136 -
Other accounts receivable 24,550 30,545
Other account payable - 40,557
Associates Hyundai Card Co.,
Ltd.
Guarantee deposits for leases 424,171 424,171
Other account payable 1,167,595 9,416,927
Hyundai Life
Insurance Co.,Ltd
Advanced payment 1,247,689 97,848
Others Kia Motors
Corporation Other accounts receivable - 97
Hyundai Capital
Services, Inc.
Loans 123,839 147,734
Other account payable 83,856 57,646
Autoever
Corporation Accrued expenses 2,662,259 575,080
Haevichi
Hotels & Resorts
Co., Ltd.
Hyundai
Engineering Co.,
Ltd.
Employees Loans 4,283,538 4,359,193
Total receivables W 7,279,359 6,286,033
Total obligation 3,913,710 10,105,786

June 30, 2015
(Unaudited)
42
Revenue and expense associated with related parties for the six-month periods ended June 30, 2015 and 2014
were as follows:
2015
Three-month
period ended
Six-month
period ended
Entity
which has
significant
influence
Hyundai Motor Company Installment of finance income
General and administrative
expenses
W 77,911
1,268
159,248
4,173
Associates Hyundai Card Co., Ltd. Non-operating income 918,988 1,547,855
expenses 222,515 445,029
Non-operating expense 397,973 561,856
Co.,Ltd.
Other income 1,751,824 3,432,165
expenses 117,437 213,354
Others Kia Motors Corporation Installment of finance income - 97
Other expenses - 134
Hyundai Capital Services,
Inc.
Interest income 2,465 5,124
Gain on disposal of loans 1,003,115 2,029,255
Other income - 176,799
Non-operating income 1,047,297 1,715,876
Loss on disposal of loans 1,002,924 1,849,292
expenses 247,832 506,029
Autoever Corporation General and administrative
expenses 1,478,640 2,965,263
Haevichi Country
Club.,Ltd
expenses - 40,550
Hyundai Engineering Co.,
Ltd.
expenses 46,149 92,221
Korea Credit Bureau General and administrative
expenses - 111,147
Employees Interest income 22,332 44,827
Total income W 4,823,932 9,111,246
Total expense 3,926,392 7,429,978

June 30, 2015
(Unaudited)
43
2014
Three-month
period ended
Six-month
period ended
Entity
which has
significant
influence
Hyundai Motor
Company
Installment of finance income
expenses
W 107,323
76
220,836
152
Associates Hyundai Card Co., Ltd. Non-operating income 607,023 1,120,391
expenses 223,922 446,883
Co.,Ltd.
Other income 433,647 773,925
expenses 78,557 154,086
Others Kia Motors Corporation Other expenses 2,954 7,267
Hyundai Capital
Services, Inc.
Interest income 3,331 6,830
Gain on disposal of loans 989,145 1,652,898
Non-operating income 720,511 1,386,648
Loss on disposal of loans 1,216,589 2,254,198
expenses 379,375 743,721
Autoever Corporation General and administrative
expenses 1,316,318 2,552,726
Innocean worldwide
INC.
expenses 28,250 28,250
Hyundai-amco General and administrative
expenses - 41,508
Samwoo Co., Ltd. Interest income - 1,932
Haevichi Country
Club.,Ltd.
expenses (1,790) 550
Haevichi Hotels &
Resorts Co., Ltd.
expenses 4,861 4,861
Hyundai Engineering
Co., Ltd.
expenses 43,941 43,941
Hyundai Engineering &
Construction Co., Ltd
expenses 2,448 2,448
Korea Credit Bureau General and administrative
expenses 87,255 87,255
Employees Interest income 19,906 39,206
Total income W 2,880,886 5,202,666
Total expense 3,973,494 7,392,879

June 30, 2015
(Unaudited)
44
The Group has been provided with guarantees by related parties (see note 26).compensation for key management
for the six-month periods ended June 30, 2015 and 2014 were as follows:
2015 2014
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Short-term employment
benefits
W 510,636 1,301,924 600,309 1,238,062
Retirement benefits 253,555 507,111 233,352 466,705
The key management above consists of directors, who have significant authority and responsibilities for planning,
operating, and controlling of the Group.
28. Financial Risk Management
The Group is exposed to credit risk, liquidity risk, and market risk. In order to manage these risk factors, the
Group operates risk management policies and programs which closely monitor these risk factors. The Group
uses derivatives to manage specific risks.
Condensed consolidated interim financial statements do not include all of the disclosure requirements for annual
consolidated financial statements. See consolidated financial statements as of December 31, 2014 for details of
full disclosures.
There was no significant change in the Group's risk management division and policies after December 31, 2014.

2015 연결 영문

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2015 연결 영문