현대커머셜 연결영문보고서 Fy2014_3_q_final

Hyundai Commercial, Inc. and Subsidiaries
Condensed Consolidated Interim Financial Statements
(Unaudited)
September 30, 2014
(With Independent Auditors’ Review Report Thereon)

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

KPMG Samjong Accounting Corp.
10th Floor, Gangnam Finance Center,
152 Teheran-ro,
Gangnam-ku, Seoul 135-984,
Republic of Korea
Tel +82 (2) 2112 0100
Fax +82 (2) 2112 0101
www.kr.kpmg.com
Independent Auditors’ Review Report
Based on a report originally issued in Korean
The Board of Directors and Shareholders
Hyundai Commercial, Inc.:
Reviewed Financial Statements
We have reviewed the accompanying condensed consolidated interim financial statements of Hyundai
Commercial, Inc. and its subsidiaries (”the Group”), which comprise the condensed consolidated statement
of financial position as of September 30, 2014, the condensed consolidated statements of comprehensive
income for the three-month and nine-month periods ended September 30, 2014 and 2013, the condensed
consolidated statements of changes in equity and cash flows for the nine-month periods ended September
30, 2014 and 2013 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 review, 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
Other Matters
The consolidated statement of financial position of the Group as of December 31, 2013, 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, 2014, expressed an unqualified
opinion. The accompanying condensed consolidated statement of financial position of the Group as of
December 31, 2013, presented for comparative purposes, is not different from that audited by us in all
material respects.
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.
2
KPMG Samjong Accounting Corp.
Seoul, Korea
November 14, 2014
This report is effective as of November 14, 2014, 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 September 30, 2014 and December 31, 2013
(Unaudited)
3
(In Korean won)
Notes
September 30,
2014
December 31,
2013
Assets
Cash and due from bank 9
Cash and cash equivalents 24 W 296,468,886,655 280,489,429,324
Due from banks 4 9,000,000 9,000,000
296,477,886,655 280,498,429,324
Securities
Available-for-sale securities 5,9 60,191,016,441 52,913,346,681
Investments in associates 6 304,070,931,511 258,117,765,424
364,261,947,952 311,031,112,105
Loans receivables 7,8,9,10
Factoring - 4,145,309,432
Allowance for loan losses - (28,760,007)
Loans 3,420,308,977,823 3,003,414,808,167
Allowance for loan losses (22,790,065,358) (21,626,634,497)
3,397,518,912,465 2,985,904,723,095
Installment financial assets 7,8,9,10
Auto installment financial receivables 262,129,774,609 281,894,747,216
Allowance for loan losses (1,312,894,443) (1,827,954,594)
Durable goods installment financing receivables 14,071,250,288 20,071,412,811
Allowance for loan losses (94,234,724) (135,964,512)
274,793,895,730 300,002,240,921
Lease receivables 7,8,9
Financial lease receivables 11 287,535,212,405 213,536,302,589
Allowance for loan losses 8 (2,657,000,343) (1,815,586,653)
Advance lease assets 188,570,000 -
285,066,782,062 211,720,715,936
Property and equipment 12
Vehicles 23,804,843 38,087,150
Fixtures and furniture 3,931,191,670 3,259,138,554
Others 370,999,664 410,999,664
4,325,996,177 3,708,225,368
Other assets
Intangible assets 13 12,005,409,044 4,474,389,846
Accounts receivable 9 4,576,657,093 18,117,506,853
Allowance for doubtful accounts 8 (17,236,301) (42,153,646)
Accrued revenues 9 19,329,151,707 18,277,365,728
Allowance for doubtful accounts 8 (116,084,310) (121,450,184)
Advance payments 16,442,487,784 11,320,091,953
Prepaid expenses 3,388,054,339 3,624,203,501
Leasehold deposits 9 2,263,379,702 2,126,867,765
Derivative assets 9,18 - 162,823,025
Other investment assets - 3,914,564,740
57,871,819,058 61,854,209,581
Total assets W 4,680,317,240,099 4,154,719,656,330
See accompanying notes to the condensed consolidated interim financial statements.

Condensed Consolidated Interim Statements of Financial Position, Continued
As of September 30, 2014 and December 31, 2013
(Unaudited)
4
(In Korean won)
Notes
September 30,
2014
December 31,
2013
Liabilities
Borrowings and debt securities issued
Borrowings 9,14 W 415,627,297,557 596,955,176,683
Debentures 9,15 3,480,983,206,964 2,803,450,657,012
Securitized debts 9,16 139,962,808,165 259,852,347,235
4,036,573,312,686 3,660,258,180,930
Other liabilities
Account payables 9 14,474,970,064 14,442,798,233
Accrued expenses 9 23,245,658,477 24,018,798,330
Unearned revenue 5,658,534,632 5,883,874,618
Advances 3,158,400 561,139,875
Withholdings 9 6,412,673,609 4,638,033,401
Net defined benefit liabilities 17 5,439,563,826 2,511,838,894
Leasehold deposits received 9 57,584,658,809 53,848,412,018
Current income tax liabilities 7,598,224,109 9,140,342,918
Deferred income tax liabilities 25,221,170,221 23,056,840,364
Derivative liabilities 9,18 3,117,867,888 1,937,593,381
Financial guarantee liabilities 598,615,174 -
On demand liabilities 19,820,000 19,820,000
149,374,915,209 140,059,492,032
T otal liabilities 4,185,948,227,895 3,800,317,672,962
E quity
Capital stock 1,19
Common stock 100,000,000,000 100,000,000,000
Preferred stock 25,000,000,000 25,000,000,000
125,000,000,000 125,000,000,000
Capital surplus
Paid-in capital in excess of par value 19 74,608,059,537 74,608,059,537
Hybrid security 19 119,644,480,000 -
Accumulated other comprehensive loss 23
Unrealized loss on valuation of derivatives (2,363,246,531) (950,104,066)
Unrealized loss on valuation of available-for-sale
securities
(2,351,789,000) (1,908,746,117)
Accumulated other comprehensive income (loss) of
equity method investee
3,435,254,794 (9,334,142,540)
Remeasurement of defined benefit plans 3 (2,858,267,458) (2,254,434,232)
(4,138,048,195) (14,447,426,955)
Retained earnings 20
Legal reserve 8,830,000,000 7,100,000,000
Voluntary reserve 16,151,091,015 15,389,637,505
Unappropriated retained earnings 154,273,429,847 146,751,713,281
(Appropriated regulatory reserve for credit losses -
W16,051,091,015 and W15,289,637,505,
respectively)
(Estimated provision (reversal) of regulatory reserve
for credit losses amounted to
W(1,298,610,857) and W761,453,510, respectively)
179,254,520,862 169,241,350,786
Total equity 494,369,012,204 354,401,983,368
Total liabilities and equity W 4,680,317,240,099 4,154,719,656,330

Condensed Consolidated Interim Statements of Comprehensive Income
For the three-month and nine-month periods ended September 30, 2014 and 2013
(Unaudited)
5
2014 2013
(In Korean won)
Notes
Three-month
period ended
Nine-month
period ended
Three-month
period ended
Nine-month
period ended
Operating revenue
Interest income W 2,379,345,573 7,494,408,509 2,415,138,307 7,021,317,747
Income on loans 73,745,910,670 213,640,138,944 73,009,333,728 213,855,804,900
Income on installment financial receivables 5,538,761,236 17,992,816,445 6,952,103,467 22,410,676,017
Income on leases 4,873,058,778 12,916,476,620 2,983,330,279 8,139,463,268
Gain on disposal of loans 659,224,006 1,936,611,227 1,137,224,979 3,385,075,574
Gain on foreign transactions - - 4,233,000,000 -
Dividend income - 100,000,000 - 200,000,000
Gain on valuation of derivatives - - - 90,000,000
Gain on disposal of available-for-sale
securities
2,608 20,265 - -
Other operating income 1,859,716,625 5,056,020,440 1,563,991,099 2,284,969,718
89,056,019,496 259,136,492,450 92,294,121,859 257,387,307,224
Operating expenses
Interest expense 38,432,565,355 115,140,140,729 39,555,848,726 118,568,968,231
Lease expense 47,221,889 112,353,469 - -
Bad debt expense 8 9,195,104,501 24,482,901,023 5,871,818,797 18,775,273,064
Loss on disposal of loans 1,022,086,180 3,276,284,864 1,818,388,340 5,104,035,793
Loss on foreign transactions - - 389 90,000,389
General and administrative expenses 21 20,329,193,458 58,641,870,311 17,909,655,745 50,979,890,535
Loss on valuation of derivatives - 152,712 4,232,427,150 73,686,600
Other operating expenses 2,530,331,543 7,207,050,665 2,203,095,873 5,468,545,445
71,556,502,926 208,860,753,773 71,591,235,020 199,060,400,057
Operating income 17,499,516,570 50,275,738,677 20,702,886,839 58,326,907,167
Non-operating income
Gain on equity method valuation 6 3,777,596,275 11,364,938,820 2,431,294,617 7,046,939,634
Gain on disposal of property
and equipment
203,372 1,429,872 - 41,633,144
Miscellaneous income 143,649,562 690,732,535 137,999,529 477,083,344
3,921,449,209 12,057,101,227 2,569,294,146 7,565,656,122
Non-operating expenses
Loss on equity method valuation 6 2,996,972,510 17,973,192,330 8,284,642,285 20,596,770,698
Loss on disposal of property
and equipment
997,324 1,433,668 - -
Impairment loss on other investment
assets
(50,395,800) 429,604,200
- -
Contribution - 2,000,000 - 1,000,000
Miscellaneous losses 162,403,944 549,830,621 123,472,416 326,685,269
3,109,977,978 18,956,060,819 8,408,114,701 20,924,455,967
Profit before income taxes 18,310,987,801 43,376,779,085 14,864,066,284 44,968,107,322
Income tax expenses 22 4,641,047,175 13,985,253,664 5,800,726,420 15,769,510,628
Profit for the period 20 W 13,669,940,626 29,391,525,421 9,063,339,864 29,198,596,694
(Profit adjusted by regulatory reserve for
credit losses amounted to
W11,913,711,607 for the three-month
period and W30,690,136,278 for the nine-month
period ended September 30, 2014
and W9,063,339,864 for the three-month
period and W25,512,289,281 for the nine-month
period ended September 30, 2013)

Condensed Consolidated Interim Statements of Comprehensive Income, Continued
For the three-month and nine-month periods ended September 30, 2014 and 2013
(Unaudited)
6
2014 2013
(In Korean won)
Notes
Three-month
period ended
Nine-month
period ended
Three-month
period ended
Nine-month
period ended
Other comprehensive income (loss),
net of income taxes
3, 23
Items that are or may be reclassified to
profit or loss subsequently
W 3,674,920,816 10,913,211,986 393,108,701 (8,081,004,096)
Items that will not be reclassified to profit
or loss
(289,955,665) (603,833,226) (13,081,028) (38,061,948)
3,384,965,151 10,309,378,760 380,027,673 (8,119,066,044)
Total comprehensive income
for the period
W 17,054,905,777 39,700,904,181 9,443,367,537 21,079,530,650

Condensed Consolidated Interim Statements of Changes in Equity
For the nine-month periods ended September 30, 2014 and 2013
(Unaudited)
7
(In Korean won)
Capital
stock
Capital
surplus Hybrid security
Accumulated other
comprehensive
income (loss) Retained earnings
Total equity
Balance at January 1, 2013 W 125,000,000,000 74,608,059,537 - 939,485,760 137,592,534,587 338,140,079,884
Profit for the period - - - - 29,198,596,694 29,198,596,694
Other comprehensive income (loss)
Net unrealized gain on valuation of derivatives - - - 847,160,724 - 847,160,724
Net unrealized loss on valuation of available-for-sale
securities - - - (1,340,130,972) - (1,340,130,972)
Other comprehensive loss of equity method
investees - - - (7,588,033,848) - (7,588,033,848)
Remeasurement of defined benefit plans - - - (38,061,948) - (38,061,948)
- - - (8,119,066,044) 29,198,596,694 21,079,530,650
Transactions with owners
Dividends paid - - - - (6,000,000,000) (6,000,000,000)
Balance at September 30, 2013 W 125,000,000,000 74,608,059,537 - (7,179,580,284) 160,791,131,281 353,219,610,534
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 - - - - 29,391,525,421 29,391,525,421
Other comprehensive income (loss)
Net unrealized loss on valuation of derivatives - - - (1,413,142,465) - (1,413,142,465)
Net unrealized loss on valuation of available-for-sale
securities - - - (443,042,883) - (443,042,883)
Other comprehensive income of equity method
Investees - - - 12,769,397,334 - 12,769,397,334
Remeasurement of defined benefit plans - - - (603,833,226) - (603,833,226)
- - - 10,309,378,760 29,391,525,421 39,700,904,181
Transactions with owners
Dividends paid - - - - (17,300,000,000) (17,300,000,000)
Issuance of hybrid security - - 119,644,480,000 - - 119,644,480,000
Interest paid to hybrid security holders - - - - (2,078,355,345) (2,078,355,345)
- - 119,644,480,000 - (19,378,355,345) 100,266,124,655
Balance at September 30, 2014 W 125,000,000,000 74,608,059,537 119,644,480,000 (4,138,048,195) 179,254,520,862 494,369,012,204

Condensed Consolidated Interim Statements of Cash Flows
For the nine-month periods ended September 30, 2014 and 2013
(Unaudited)
(In Korean won) Notes 2014 2013
Cash flows from operating activities
Cash used in operations 24 W (286,120,691,828) (30,067,670,981)
Interest received 7,882,850,476 5,233,076,246
Interest paid (108,923,205,362) (114,695,825,147)
Dividend received 100,000,000 200,000,000
Income taxes paid (12,479,456,574) (13,677,914,420)
Net cash used in operating activities (399,540,503,288) (153,008,334,302)
Cash flows from investing activities
Proceeds from sale of available-for-sale securities 9,094,595,886 3,717,175,679
Acquisition of available-for-sale securities (16,380,000,000) (26,873,441,598)
Acquisition of investments in associates (40,149,070,000) -
Proceeds from disposal of vehicles - 33,890,000
Proceeds from disposal of fixtures and furniture 1,910,500 10,502,000
Acquisition of fixtures and furniture (1,858,646,540) (1,392,630,598)
Disposal of other property and equipment 40,000,000 -
Acquisition of intangible assets (5,672,005,072) (123,111,013)
Increase in advance payments (5,122,395,831) (6,859,044,802)
Decrease in leasehold deposits 5,000,000 9,306,000,928
Increase in leasehold deposits (117,250,383) (289,147,437)
Net cash used in investing activities (60,157,861,440) (22,469,806,841)
Cash flows from financing activities
Proceeds from borrowings 308,390,000,000 572,540,000,000
Repayments of borrowings (489,717,879,126) (593,268,965,304)
Issuance of debentures 1,029,017,115,600 921,848,440,878
Repayments of debentures (352,388,000,000) (687,398,500,000)
Payments of dividends (17,300,000,000) (6,000,000,000)
Issuance of hybrid security 119,644,480,000 -
Repayments of securitized debts (119,889,539,070) (19,834,664,160)
Liquidation of derivatives - (4,711,000,000)
Interest paid to hybrid security holders (2,078,355,345) -
Net cash provided by financing activities 475,677,822,059 183,175,311,414
Net cash increase in cash and cash equivalents 15,979,457,331 7,697,170,271
Cash and cash equivalents at beginning of period 24 280,489,429,324 282,825,795,422
Cash and cash equivalents at end of period 24 W 296,468,886,655 290,522,965,693
8

Notes to the Condensed Consolidated Interim Financial Statements
September 30, 2014
(Unaudited)
9
1. Reporting Entity
Hyundai Commercial, Inc., the controlling company, and its subsidiaries (collectively, the “Group”)
included in consolidation are summarized as below.
(a) Controlling company
Hyundai Commercial, Inc. (the “Controlling Company”) was established on March 27, 2007, by taking
over all the assets, liabilities, rights, and obligations related with the loans of the industrial product
division of Hyundai Capital Services, Inc. and its installment financing and lease financing division. It is
engaged in installment financing and leasing of facilities. The Group’s operations are headquartered at
3, Gukhoe-daero 66-gil, Yeongdeungpo-gu, Seoul, Korea. The common shareholders of the Group as
of September 30, 2014 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 September 30, 2014 and December 31, 2013 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%.
September 30, 2014 December 31, 2013
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, 2013.
(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, 2013.

September 30, 2014
(Unaudited)
10
3. Significant Accounting Policies
(a) Changes in 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, 2013. 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, 2014.
i) Amendments to K-IFRS No. 1032 Presentation of Financial Statements
The standard requires the offsetting of financial assets to financial liabilities to be presented as a
net value on the statement of financial position, only if the assets and liabilities recognized by the
Group has legal enforceable rights to offset, and has the intent to realize the net value or realize
liabilities simultaneously to when realizing assets. The amendments are effective for annual
periods beginning on or after January 1, 2014. The adoption of the amendments had no
significant impact on the Group’s consolidated financial statements.
ii) Amendments to K-IFRS No. 1036 Impairment of Assets
The amendments address disclosure of recoverable amounts only for individual assets or cash
generating units that recognize impairment losses (or subsequent gains) on goodwill and intangible
assets with indefinite useful life. The amendments are effective for annual periods beginning on
or after January 1, 2014. The adoption of the amendments had no significant impact on the
Group’s consolidated financial statements.
iii) K-IFRS No. 2121 Levies
The interpretation defines a levy as an outflow from an entity by a government in accordance with
legislation. The obligating event that gives rise to a liability to pay a levy is the activity that triggers
the payment of the levy, as identified by the legislation. The liability to pay a levy is recognized
progressively if the obligation event occurs over a period of time; if an obligation to pay a levy is
triggered when a minimum threshold is reached, the corresponding liability is recognized when
that minimum activity threshold is reached. An entity shall recognize an asset if it has prepaid a
levy but does not yet have a present obligation to pay that levy. The interpretation confirms that
an entity recognizes a liability for a levy when, and only when, the triggering event specified in the
legislation occurs. An entity does not recognize a liability at an earlier date, even if it has no
realistic opportunity to avoid the triggering event. The interpretation is effective for annual periods
beginning on or after January 1, 2014. The adoption of the interpretation had no significant
impact on the Group’s consolidated financial statements.

September 30, 2014
(Unaudited)
(In thousands of won)
11
4. Restricted Financial Instruments
Restricted financial instruments as of September 30, 2014 and December 31, 2013 were as follows:
Type Depository
September 30,
2014
December 31,
2013 Restriction
Due from banks
Kookmin Bank
and 2 others W 9,000 9,000
Guarantee deposit
for account opening
5. Available-for-sale Securities
Balances of available-for-sale securities as of September 30, 2014 and December 31, 2013 were as
follows:
Equity securities
Listed equity securities W 5,950,000 7,200,000
Unlisted equity securities 2,973,672 2,700,821
Equity investments 1 1
Beneficiary certificates 35,090,809 27,416,294
44,014,482 37,317,116
Debt securities 16,176,534 15,596,231
W 60,191,016 52,913,347

September 30, 2014
(Unaudited)
12
5. Available-for-sale Securities, Continued
Details of available-for-sale securities as of September 30, 2014 and December 31, 2013 were as
follows:
Book value
Number
of shares
Ownership
(%)
Acquisition
cost
September
30, 2014
December
31, 2013
Listed equity securities
JNK Heaters Co., Ltd. 1,000,000 12.50 W 10,126,881 5,950,000 7,200,000
Unlisted equity securities
Anyang KDC Project Corp.
(*1) 389,999 15.00 2,580,576 2,772,002 2,689,862
Anyang KDC Asset
Management Corp. (*1) 1,499 15.00 9,919 10,655 10,339
Isung Eng, Corp. 24 - 620 620 620
Tong Yang Leisure Co., Ltd. 6,200 0.18 190,395 190,395 -
2,781,510 2,973,672 2,700,821
Equity investments
HB Fourth ABS, Ltd. 13 0.19 1 1 1
Beneficiary certificates
Hanjoo New Credit Private
Special Asset
Investment Trust - - 1,292,261 1,301,070 4,134,256
Yuniae Daebu Investment
Trust (*2) - - 5,646,584 5,736,383 7,764,524
Nice Investment Second
Trust (*2) - - 6,935,000 7,082,760 8,705,756
Daesong Finance Daebu (*2) - - 5,349,000 5,515,900 6,811,758
YNK Partners Daebu (*2) - - 5,580,356 5,614,696 -
Hyundai Ship Investment
Fund No.3 - - 9,840,000 9,840,000 -
34,643,201 35,090,809 27,416,294
Debt securities
Leehan Corp. (*3) - - 2,727,000 3,800,951 3,512,054
Commercial Auto Third SPC - - 4,000,000 4,099,659 4,007,450
Commercial Auto Fourth SPC - - 8,000,000 8,275,924 8,076,727
14,727,000 16,176,534 15,596,231
W 62,278,593 60,191,016 52,913,347
(*1) The fair value of the securities was estimated based on the prices provided by an external
appraiser, KIS Pricing Inc.

September 30, 2014
(Unaudited)
13
5. Available-for-sale Securities, Continued
(*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 debt security is a convertible bond issued by Leehan Corp. The fair value of the convertible
bond is provided by an external appraiser, Korea Asset Pricing. The difference between the fair
value and book value of the convertible bond is amortized using the effective interest rate method
and is recognized as a gain or loss on valuation of debt securities. The fluctuation of the fair
value of the conversion right and the advanced redemption right is recognized in the gain or loss
on embedded derivatives.
6. Investments in Associates
Details of investments in associates as of September 30, 2014 and December 31, 2013 were as
follows:
Location
Number of
shares
Ownership
(%)
Acquisition
cost Book value
September 30, 2014
Hyundai Card Co.,
Ltd. (*)
Korea 8,889,622 5.54 W 113,820,162 177,897,507
Hyundai Life
Insurance Co., Ltd.
Korea 15,509,040 39.65 180,002,130 126,173,425
W 293,822,292 304,070,932
December 31, 2013
Hyundai Card Co.,
Ltd. (*)
Korea 8,889,622 5.54 W 113,820,162 168,007,972
Hyundai Life
Insurance Co., Ltd.
Korea 10,785,620 39.44 139,853,060 90,109,793
W 253,673,222 258,117,765
(*) 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.

September 30, 2014
(Unaudited)
14
6. Investments in Associates, Continued
Details of valuation of equity method investment and other changes as of September 30, 2014 and
December 31, 2013 were as follows:
Beginning
balance Acquisition
Income
(Loss) on
equity
method
valuation
Comprehen-sive
income
(loss) of
equity
method
investees (*)
Changes
in
retained
earnings
Ending
balance
September 30, 2014
Hyundai Card Co.,
Ltd. W 168,007,972 - 11,364,939 (1,475,404) - 177,897,507
Hyundai Life
Insurance Co., Ltd. 90,109,793 40,149,070 (17,973,192) 13,887,754 - 126,173,425
W 258,117,765 40,149,070 (6,608,253) 12,412,350 - 304,070,932
December 31, 2013
Hyundai Card Co.,
Ltd. W 158,386,190 - 9,041,656 80,467 499,659 168,007,972
Hyundai Life
Insurance Co., Ltd. 127,015,755 940,000 (25,292,131) (13,206,434) 652,603 90,109,793
W 285,401,945 940,000 (16,250,475) (13,125,967) 1,152,262 258,117,765
(*) Tax effects are not deducted.
Summary of financial information of associates as of September 30, 2014 and for the nine-month
period ended September 30, 2014 were as follows:
Reporting date
Summary of financial information of associates (*1)
Total assets Total liabilities Net assets
September 30, 2014
Hyundai Card Co., Ltd. December 31 W 11,933,478,757 9,388,835,931 2,544,642,826
Hyundai Life Insurance
Co., Ltd. December 31 4,482,512,524 4,224,678,548 257,833,976
Reporting date
Operating
revenue
Profit (loss)
for the
period
Total
comprehen-sive
income
(loss)
Dividends
received
September 30, 2014
Hyundai Card Co., Ltd. December 31 W 1,920,896,497 205,146,873 178,514,571 -
Co., Ltd. December 31 735,910,895 (42,590,699) (7,446,954) -

September 30, 2014
(Unaudited)
15
6. Investments in Associates, Continued
Summary of financial information of associates as of December 31, 2013 and for the nine-month period
ended September 30, 2013 were as follows:
Reporting date
Total assets Total liabilities Net assets
December 31, 2013
Hyundai Card Co., Ltd. December 31 W 11,520,877,692 9,154,729,617 2,366,148,075
Co., Ltd. December 31 (*2) 4,107,538,481 3,941,914,013 165,624,468
Reporting date
Operating
revenue
Profit (loss)
for the
period
Total
comprehen-sive
income
(loss)
Dividends
received
September 30, 2013
Hyundai Card Co., Ltd. December 31 W 1,875,911,211 127,203,292 132,520,911 -
Co., Ltd. December 31 (*2) 741,367,447 (29,180,375) (50,822,580)
-
(*1) Summarized financial statements of Hyundai Life Insurance Co., Ltd. were adjusted to reflect fair
value adjustments made at the time of acquisition.
(*2) The reporting date of Hyundai Life Insurance Co., Ltd. has been changed from March 31 to
December 31 according to Enforcement Decree of the Insurance Business Act, Article 61.
Reconciliations of the summarized financial information presented to the carrying amount of its interest
in associates as of September 30, 2014 and December 31, 2013 were as follows:
Net assets
Ownership
(%)
Shares of
assets Goodwill
Unamortized
fair value
adjustments
(*) Book value
September 30, 2014
Hyundai Card Co., Ltd. W 2,544,642,826 5.54 140,970,757 36,926,750 - 177,897,507
Co., Ltd. 257,833,976 39.65 102,239,674 17,265,061 6,668,690 126,173,425
W 2,802,476,802 243,210,431 54,191,811 6,668,890 304,070,932
December 31, 2013
Hyundai Card Co., Ltd. W
2,366,148,075 5.54
131,081,222 36,926,750 -
168,007,972
Co., Ltd.
165,624,468 39.44
65,322,218 17,265,061
7,522,514
90,109,793
W
2,531,772,543
196,403,440 54,191,811
7,522,514
258,117,765
(*) Fair value adjustments are related to value of business acquired, sales channel and IT systems
made at the time of acquisition.

September 30, 2014
(Unaudited)
16
7. Financial Receivables
Details of financial receivables as of September 30, 2014 and December 31, 2013 were as follows:
Principal
Deferred loan
origination
fees and
costs
Present value
discount
Allowance
for loan
losses Book value
September 30, 2014
Loans receivables
Loans W 3,378,073,030 42,599,453 (363,506) (22,790,065) 3,397,518,912
Installment financial
assets
Auto 258,631,965 3,497,809 - (1,312,894) 260,816,880
Durable goods 14,176,087 (104,836) - (94,235) 13,977,016
272,808,052 3,392,973 - (1,407,129) 274,793,896
Lease receivables
Financial lease
receivables 287,057,690 477,522 - (2,657,000) 284,878,212
Advances for
acquisition of assets
to be leased 188,570 - - - 188,570
287,246,260 477,522 - (2,657,000) 285,066,782
W 3,938,127,342 46,469,948 (363,506) (26,854,194) 3,957,379,590
December 31, 2013
Loans receivables
Factoring receivables W 4,145,309 - - (28,760) 4,116,549
Loans 2,962,002,487 41,732,726 (320,405) (21,626,634) 2,981,788,174
2,966,147,796 41,732,726 (320,405) (21,655,394) 2,985,904,723
Installment financial
assets
Auto 278,334,703 3,560,044 - (1,827,954) 280,066,793
Durable goods 20,315,358 (243,945) - (135,965) 19,935,448
298,650,061 3,316,099 - (1,963,919) 300,002,241
Lease receivables
Financial lease
receivables 213,344,202 192,101
- (1,815,587) 211,720,716
W 3,478,142,059 45,240,926 (320,405) (25,434,900) 3,497,627,680

September 30, 2014
(Unaudited)
17
8. Allowance for Loan Losses
Changes in allowance for loan losses for the nine-month period ended September 30, 2014 and for the
year ended December 31, 2013 were as follows:
Loans
receivables
Installment
financial
assets
Lease
receivables Other assets Total
September 30, 2014
Beginning balance W 21,655,394 1,963,919 1,815,587 163,604 25,598,504
Amounts
written off (7,738,381) (986,597) (1,235,437) - (9,960,415)
Recoveries of amounts
previously written off 920,353 188,544 105,563 - 1,214,460
Disposal of receivables (13,314,406) (863,419) - - (14,177,825)
Unwinding of discount (162,281) (7,829) - - (170,110)
Additional (reversed)
allowance 21,429,386 1,112,511 1,971,287 (30,283) 24,482,901
Ending balance W 22,790,065 1,407,129 2,657,000 133,321 26,987,515
December 31, 2013
Beginning balance W 19,259,170 2,527,318 1,026,911 227,475 23,040,874
Amounts
written off (6,452,388) (280,185) (128,917) - (6,861,490)
Recoveries of amounts
previously written off 1,278,189 59,806 23,660 - 1,361,655
Disposal of receivables (15,011,571) (1,698,041) (955) - (16,710,567)
Unwinding of discount (262,070) (24,816) - - (286,886)
Additional (reversed)
allowance 22,844,064 1,379,837 894,888 (63,871) 25,054,918
Ending balance W 21,655,394 1,963,919 1,815,587 163,604 25,598,504

September 30, 2014
(Unaudited)
18
9. 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 September 30, 2014 and December 31, 2013 were as follows:
Book value Fair value Book value Fair value
Financial assets
Cash and due from
banks W 296,477,887 296,477,887 280,498,429 280,498,429
Available-for-sale
securities 60,191,016 60,191,016 52,913,347 52,913,347
Loans receivables 3,397,518,912 3,402,272,637 2,985,904,723 2,968,560,192
Installment
financial assets 274,793,896 274,662,494 300,002,241 298,739,837
Lease receivables 285,066,782 286,003,470 211,720,716 211,044,247
Derivative assets - - 162,823 162,823
Accounts
receivable 4,559,421 4,559,421 18,075,353 18,075,353
Accrued revenues 19,213,067 19,213,067 18,155,916 18,155,916
Leasehold deposits 2,263,380 2,197,340 2,126,868 2,086,563
W 4,340,084,361 4,345,577,332 3,869,560,416 3,850,236,707
Financial liabilities
Borrowings W 415,627,298 416,739,830 596,955,177 598,777,407
Debentures 3,480,983,207 3,563,831,843 2,803,450,657 2,850,826,093
Securitized debts 139,962,808 141,863,200 259,852,347 265,161,361
Derivative liabilities 3,117,868 3,117,868 1,937,593 1,937,593
Account payables 14,474,970 14,474,970 14,442,798 14,442,798
Accrued expenses 23,245,658 23,245,658 24,018,798 24,018,798
Withholdings (*) 5,709,245 5,709,245 4,170,622 4,170,622
Leasehold deposits 57,584,659 59,132,146 53,848,412 54,366,279
W 4,140,705,713 4,228,114,760 3,758,676,404 3,813,700,951
(*) Excluding taxes and dues

September 30, 2014
(Unaudited)
9. 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
19
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 September 30, 2014 and December 31, 2013
were as follows:
Fair value hierarchy
Book
value Fair value Level 1 Level 2 Level 3
September 30, 2014
Financial assets
Available-for-sale
securities W 60,191,016 60,191,016 5,950,000 - 54,241,016
Derivative liabilities W 3,117,868 3,117,868 - 3,117,868 -
December 31, 2013
Financial assets
Available-for-sale
securities W 52,913,347 52,913,347 7,200,000 - 45,713,347
Derivative assets 162,823 162,823 - 162,823 -
W 53,076,170 53,076,170 7,200,000 162,823 45,713,347
Derivative liabilities W 1,937,593 1,937,593 - 1,937,593 -

September 30, 2014
(Unaudited)
The changes in financial instruments of level 3 for the nine-month period ended September 30, 2014
and for the year ended December 31, 2013 were as follows:
20
Available-for-sale securities
Beginning balance W 45,713,347 16,334,327
Acquisition 16,380,000 44,267,937
Interest income 386,359 2,000,762
Gain (loss) on valuation (other comprehensive
income (loss)) 855,906 (11,396,848)
Disposal (9,094,596) (5,492,831)
Ending balance W 54,241,016 45,713,347
The book value of financial instruments by categories as of September 30, 2014 and December 31,
2013 were as follows:
Financial
assets at fair
value
through
profit or loss
Available-for-
sale
financial
assets
Loans and
receivables
Hedging
derivative
instruments Total
September 30, 2014
Financial assets
Cash and due from banks W - - 296,477,887 - 296,477,887
Available-for-sale securities - 60,191,016 - - 60,191,016
Loans receivable - - 3,397,518,912 - 3,397,518,912
Installment financial assets - - 274,793,896 - 274,793,896
Finance lease assets - - 285,066,782 - 285,066,782
Accounts receivable - - 4,559,421 - 4,559,421
Accrued revenues - - 19,213,067 - 19,213,067
Leasehold deposits - - 2,263,380 - 2,263,380
W - 60,191,016 4,279,893,345 - 4,340,084,361
December 31, 2013
Financial assets
Cash and due from banks W - - 280,498,429 - 280,498,429
Available-for-sale securities - 52,913,347 - - 52,913,347
Loans receivable - - 2,985,904,723 - 2,985,904,723
Installment financial assets - - 300,002,241 - 300,002,241
Finance lease assets - - 211,720,716 - 211,720,716
Derivative assets 153 - - 162,670 162,823
Account receivables - - 18,075,353 - 18,075,353
Accrued revenues - - 18,155,916 - 18,155,916
Leasehold deposits - - 2,126,868 - 2,126,868
W 153 52,913,347 3,816,484,246 162,670 3,869,560,416

September 30, 2014
(Unaudited)
Financial
liabilities at
amortized cost
21
Hedging
derivative
instruments Total
September 30, 2014
Borrowings W 415,627,298 - 415,627,298
Debentures 3,480,983,207 - 3,480,983,207
Securitized debts 139,962,808 - 139,962,808
Derivative liabilities - 3,117,868 3,117,868
Account payables 14,474,970 - 14,474,970
Accrued expenses 23,245,658 - 23,245,658
Withholdings (*) 5,709,245 - 5,709,245
Leasehold deposits received 57,584,659 - 57,584,659
W 4,137,587,845 3,117,868 4,140,705,713
December 31, 2013
Borrowings W 596,955,177 - 596,955,177
Debentures 2,803,450,657 - 2,803,450,657
Securitized debts 259,852,347 - 259,852,347
Derivative liabilities - 1,937,593 1,937,593
Account payables 14,442,798 - 14,442,798
Accrued expenses 24,018,798 - 24,018,798
Withholdings (*) 4,170,622 - 4,170,622
Leasehold deposits received 53,848,412 - 53,848,412
W 3,756,738,811 1,937,593 3,758,676,404
(*) Excluding taxes and dues

September 30, 2014
(Unaudited)
22
10. 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
September 30, 2014
Commercial Auto Third SPC Acquisition on debt
securities
W 4,099,659 4,099,659
Commercial Auto Fourth SPC 8,275,924 8,275,924
W 12,375,583 12,375,583
Book value of
continuing involvement Maximum
exposure
to loss
Type of continuing
involvement
Available-for-sale
securities
December 31, 2013
Commercial Auto Third SPC Acquisition on debt
securities
W 4,007,450 4,007,450
Commercial Auto Fourth SPC 8,076,727 8,076,727
W 12,084,177 12,084,177

September 30, 2014
(Unaudited)
23
11. Financial Lease Receivables
Details of total lease investments and present value of minimum lease payment as of September 30,
2014 and December 31, 2013 were as follows:
Total lease
investments
Present value of
minimum lease
payments
Total lease
investments
Present value of
minimum lease
payments
Less than 1 year W 109,277,283 94,578,061 88,198,065 78,351,361
1 to 5 years 210,357,389 193,145,722 144,063,735 135,184,942
W 319,634,672 287,723,783 232,261,800 213,536,303
Details of unearned interest income as of September 30, 2014 and December 31, 2013 were as
follows:
Total lease investments W 319,634,672 232,261,800
Net lease investments
Minimum lease payment (present value) 287,723,783 213,536,303
Unguaranteed residual value
(present value)
- -
287,723,783 213,536,303
Unearned interest income
W 31,910,889 18,725,497

September 30, 2014
(Unaudited)
24
12. Property and Equipment
Details of property and equipment as of September 30, 2014 and December 31, 2013 were as follows:
Acquisition cost
Accumulated
depreciation Book value
September 30, 2014
Vehicles W 113,472 (89,667) 23,805
Fixtures and furniture 11,332,987 (7,401,796) 3,931,191
Others 371,000 - 371,000
W 11,817,459 (7,491,463) 4,325,996
December 31, 2013
Vehicles W 113,472 (75,385) 38,087
Fixtures and furniture 9,574,766 (6,315,628) 3,259,138
Others 411,000 - 411,000
W 10,099,238 (6,391,013) 3,708,225
Changes in property and equipment for the nine-month period ended September 30, 2014 and for the
year ended December 31, 2013 were as follows:
Beginning
balance Acquisition Disposal Depreciation
Ending
balance
September 30, 2014
Vehicles W 38,087 - - (14,282) 23,805
Fixtures and
furniture 3,259,138 1,858,646 (1,914) (1,184,679) 3,931,191
Others 411,000 - (40,000) - 371,000
W 3,708,225 1,858,646 (41,914) (1,198,961) 4,325,996
December 31, 2013
Vehicles W 69,799 - (2,534) (29,178) 38,087
Fixtures and
furniture 2,701,927 1,815,171 (281) (1,257,679) 3,259,138
Others 411,000 - - - 411,000
W3,182,726 1,815,171 (2,815) (1,286,857) 3,708,225
As of September 30, 2014, the Group maintained comprehensive property insurance with Hyundai
Marine and Fire Insurance for its fixtures and furniture, and other tangible assets for up to W4,631,921
thousand (W2,746,052 thousand as of December 31, 2013), vehicle insurance for its vehicles, and
group accident insurance, travel insurance and business damage insurance for its employees. Also,
the Group maintained comprehensive property insurance with Hyundai Marine and Fire Insurance for
its machine tool installment financial assets and lease assets for up to W37,392,479 thousand
(W104,410,832 thousand as of December 31, 2013).

September 30, 2014
(Unaudited)
Acquisition
25
13. Intangible Assets
Details of intangible assets as of September 30, 2014 and December 31, 2013 were as follows:
Acquisition cost
Accumulated
depreciation Book value
September 30, 2014
Development costs W 7,283,450 (2,481,023) 4,802,427
Software 7,715,313 (6,041,479) 1,673,834
Memberships 4,794,565 - 4,794,565
Others 812,901 (78,318) 734,583
W 20,606,229 (8,600,820) 12,005,409
December 31, 2013
Development costs W 4,818,913 (1,573,439) 3,245,474
Software 6,794,896 (5,565,983) 1,228,913
Others 25,851 (25,848) 3
W 11,639,660 (7,165,270) 4,474,390
Changes in intangible assets for the nine-month period ended September 30, 2014 and for the year
ended December 31, 2013 were as follows:
Beginning
balance
(*1)
(*1) Includes transfer from advance payments
(*2) Due to changes in the Company’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 Increase (*) Amortization Ending balance
December 31, 2013
Development costs W 1,978,048 1,971,120 (703,694) 3,245,474
Software 1,474,742 376,059 (621,888) 1,228,913
Others 220 - (217) 3
W 3,453,010 2,347,179 (1,325,799) 4,474,390
(*) Includes transfer from advance payments
Transfer
(*2) Amortization
Impairment
loss
Ending
balance
September 30, 2014
Development costs W 3,245,474 2,464,537 - (907,584) - 4,802,427
Software 1,228,913 920,417 - (475,496) - 1,673,834
Memberships - 1,500,000 3,724,170 - (429,605) 4,794,565
Others 3 787,050 - (52,470) - 734,583
W 4,474,390 5,672,004 3,724,170 (1,435,550) (429,605) 12,005,409

September 30, 2014
(Unaudited)
26
14. Borrowings
Details of borrowings as of September 30, 2014 and December 31, 2013 were as follows:
Lender
Annual
interest rate
(%)
September 30,
2014
December 31,
2013
Borrowings in won
Commercial paper DongBu Securities
and 1 other 2.71 ~ 2.85 W 80,000,000 90,000,000
General loan Woori Bank and 6
others 2.77 ~ 4.54 335,627,298 506,955,177
W 415,627,298 596,955,177
15. Debentures
Details of debentures issued by the Group as of September 30, 2014 and December 31, 2013 were as
follows:
Annual interest
rate (%) Par value Book value
September 30, 2014
Current portion of debenture
Debenture 2.33 ~ 7.50 W 1,010,000,000 1,010,000,000
Discount on debentures - (179,307)
1,010,000,000 1,009,820,693
Non-current portion of debenture
Debenture 2.59 ~ 6.48 2,473,000,000 2,473,000,000
Discount on debentures - (1,837,486)
2,473,000,000 2,471,162,514
W 3,483,000,000 3,480,983,207
December 31, 2013
Current portion of debenture
Debenture 2.74 ~ 8.00 W 712,388,000 712,388,000
Discount on debentures - (314,325)
712,388,000 712,073,675
Non-current portion of debenture
Debenture 2.82 ~ 6.48 2,093,000,000 2,093,000,000
Discount on debentures - (1,623,018)
2,093,000,000 2,091,376,982
W 2,805,388,000 2,803,450,657

September 30, 2014
(Unaudited)
27
16. 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 September 30, 2014 and December 31, 2013
were as follows:
Annual interest
rate (%) Par value Book value
September 30, 2014
Current portion of securitized debts
Securitized debts 4.90 ~ 5.43 W 140,000,000 140,000,000
Discount on securitized debts - (37,192)
140,000,000 139,962,808
Non-current portion of securitized
debts
Securitized debts 5.02 ~ 5.43 - -
Discount on securitized debts - -
- -
W 140,000,000 139,962,808
December 31, 2013
Current portion of securitized debts
Securitized debts 4.76 ~ 5.27 W 170,000,000 170,000,000
170,000,000 169,931,398
Non-current portion of securitized
debts
Securitized debts 4.97 ~ 5.43 90,000,000 90,000,000
90,000,000 89,920,949
W 260,000,000 259,852,347

September 30, 2014
(Unaudited)
28
17. 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
September 30, 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
Current service costs 2,090,502 - - 2,090,502
Interest expense (income) 378,922 (304,503) - 74,419
Return on plan assets
(excluding net interests) - 66,044 - 66,044
Actuarial gain and losses
due to changes in
financial assumptions 971,168 - - 971,168
Experience adjustments (240,598) - - (240,598)
Transfer of severance
benefits from (to) related
parties (65,513) 31,703 - (33,810)
Benefits paid (254,933) 254,933 - -
W 17,007,489 (11,562,536) (5,389) 5,439,564

September 30, 2014
(Unaudited)
29
17. Net Defined Benefit Liability, Continued
(ii) Adjustments on the net defined benefit liability, continued
December 31, 2013
Present value of
defined benefit
obligation Plan assets
National
Pension Fund
Defined benefit
liability, net
Beginning balance W 10,602,378 (8,540,841) (5,321) 2,056,216
Contributions - (2,600,000) - (2,600,000)
Current service costs 2,524,839 - - 2,524,839
Interest expense (income) 368,928 (287,437) - 81,491
Return on plan assets
(excluding net interests) - 8,342 - 8,342
Changes in demographic
assumption 50,258 - - 50,258
Actuarial gain and losses
due to changes in
financial assumptions (473,997) - - (473,997)
Experience adjustments 1,186,219 - - 1,186,219
Transfer of severance
benefits from (to) related
parties 401,653 (723,114) (68) (321,529)
Benefits paid (532,337) 532,337 - -
W 14,127,941 (11,610,713) (5,389) 2,511,839

September 30, 2014
(Unaudited)
18. Derivative Financial Instruments and Hedge Accounting
The Group acquired the convertible bonds issued by Leehan Corp. in 2011, and recorded the difference
between the acquisition cost of convertible bond and the fair value of bond without convertible right as
derivative assets. There are no amounts recognized as derivative assets as of September 30, 2014
and the Group recognized derivative assets of W153 thousand as of December 31, 2013. Net losses
on the derivative assets were W153 thousand and W73,687 thousand for the nine-month periods
ended September 30, 2014 and 2013, respectively.
A cash flow hedge is used by the Group to reduce the exposure from changes in interest rate and
exchange rate of the cash flows of foreign currency debentures. Interest rate swaps and currency
swaps are used.
Derivatives designated as cash flow hedges as of September 30, 2014 and December 31, 2013 were
as follows:
Assets Liabilities
30
Other
comprehensive
income (loss)
September 30, 2014
Interest rate swaps W - 3,117,868 2,363,247
Currency swaps - - -
W - 3,117,868 2,363,247
December 31, 2013
Interest rate swaps W 162,670 1,302,153 (1,549,239)
Currency swaps - 635,441 599,135
W 162,670 1,937,594 (950,104)
For the nine-month period ended September 30, 2014, the amount recognized as other comprehensive
loss, representing the effective portion related to cash flow hedge, is W1,864,304 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 nine-month period ended September 30, 2014.

September 30, 2014
(Unaudited)
31
19. Capital Stock and Hybrid Security
The Controlling Company is authorized to issue 80,000,000 shares (par value at W5,000).
Detail of capital stock as of September 30, 2014 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 September 30, 2014 and December 31, 2013 were as follows:
Amount
Date of
issue
Date of
maturity
September 30,
2014
December 31,
2013
Interest
rate (%)
The 171st bond type
hybrid security
June 13,
2014
June 13,
2044 W 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.

September 30, 2014
(Unaudited)
32
20. Retained Earnings
Details of retained earnings as of September 30, 2014 and December 31, 2013 were as follows:
Legal reserve
Revenue reserve W 8,830,000 7,100,000
Voluntary reserve
Reserve for loan losses 16,051,091 15,289,638
Reserve for electronic financial transactions 100,000 100,000
16,151,091 15,389,638
Unappropriated retained earnings 154,273,430 146,751,713
(Expected provision (reversal) of regulatory
reserve for credit losses
September 30, 2014: W(1,298,611) thousand,
December 31, 2013: W761,453 thousand)
W 179,254,521 169,241,351
Appropriated and expected provision (reversal) of regulatory reserve for credit losses as of September
30, 2014 and December 31, 2013 were as follows:
Appropriated regulatory reserve for credit
losses W 16,051,091 15,289,638
Expected provision (reversal) of regulatory
reserve for credit losses (1,298,611) 761,453
W 14,752,480 16,051,091

September 30, 2014
(Unaudited)
33
20. Retained Earnings, Continued
Profit adjusted for estimated regulatory reserve for credit losses for the three-month and nine-month
periods ended September 30, 2014 and 2013 were as follows:
September 30, 2014
September 30, 2013
Three-month
period ended
Nine-month
period ended
Three-month
period ended
Nine-month
period ended
Profit for the period W 13,669,941 29,391,525 9,063,340 29,198,597
Estimated provision (reversal) of
regulatory reserve for credit losses 1,756,229 (1,298,611) - (3,686,307)
Profit adjusted by regulatory reserve
for credit losses W 11,913,712 30,690,136 9,063,340 25,512,290
Earnings per share adjusted by
estimated regulatory reserve for
credit losses (in won) 596 1,535 453 1,276
The dividends for the year ended December 31, 2013 were paid in March 2014, and details of dividend
for the fiscal year 2013 and 2012 were as follows:
December 31, 2013 December 31, 2012
Interim dividends
Common stock W - 25,000,000
Annual dividends
Common stock 11,300,000 -
Preferred stock 6,000,000 6,000,000
W 17,300,000 31,000,000

September 30, 2014
(Unaudited)
34
21. General and Administrative Expenses
Details of general and administrative expenses for the three-month and nine-month periods ended
September 30, 2014 and 2013 were as follows:
2014 2013
Three-month
period ended
Nine-month
period ended
Three-month
period ended
Nine-month
period ended
Wages and salaries W 8,689,837 23,134,512 6,764,920 17,421,419
Retirement benefits 798,590 2,164,921 669,348 1,936,982
Employee welfare 1,489,779 4,550,431 1,522,068 4,846,711
Outsourcing service charges 1,085,667 3,336,763 1,155,610 3,313,182
Sales commission 1,638,858 4,720,778 1,874,438 6,982,512
Commission 800,935 2,866,788 935,283 2,885,731
Outsourcing service commission 732,264 3,285,205 927,062 2,636,145
Depreciation 431,180 1,198,961 344,407 944,144
Amortization 574,053 1,435,551 337,391 959,111
Taxes and dues 567,915 1,687,695 502,028 1,560,174
Electronic data processing expenses 1,271,765 3,786,494 862,528 2,073,050
Rent 930,478 2,740,776 972,619 2,406,658
Administrative expenses for building 28,921 83,668 24,020 61,650
Travel expenses 231,936 640,702 156,046 591,952
Training expenses 207,169 754,424 144,081 371,271
Communication 213,567 573,930 171,121 497,489
Others 636,279 1,680,271 546,686 1,491,710
W 20,329,193 58,641,870 17,909,656 50,979,891
22. 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 nine-month periods ended September 30, 2014 and 2013 were 32.2% and 35.1%,
respectively.

September 30, 2014
(Unaudited)
35
23. Other Comprehensive Income
Details of other comprehensive income for the nine-month periods ended September 30, 2014 and
Changes
Beginning
balance
Reclassification
of profit or loss
Other
changes
Income
tax effects
Ending
balance
September 30, 2014
Items that are or may be
reclassified subsequently to
profit or loss
Unrealized loss on valuation
of derivatives W (950,104) (48,589) (1,815,716) 451,162 (2,363,247)
Unrealized loss on valuation
of available-for-sale
financial assets (1,908,746) - (584,489) 141,446 (2,351,789)
Other comprehensive
income (loss) of equity
method investees (9,334,143) - 12,412,350 357,048 3,435,255
(12,192,993) (48,589) 10,012,145 949,656 (1,279,781)
Items that will not be
reclassified to profit or loss
Remeasurement of defined
benefit plans (2,254,434) - (796,613) 192,780 (2,858,267)
W (14,447,427) (48,589) 9,215,532 1,142,436 (4,138,048)
September 30, 2013
Items that are or may be
reclassified subsequently to
profit or loss
Unrealized gain (loss) on
valuation of derivatives W (1,914,822) (90,000) 1,207,627 (270,466) (1,067,661)
Unrealized gain (loss) on
valuation of available-for-sale
financial assets 713,160 - (1,767,983) 427,852
(626,971)
Other comprehensive
income (loss) of equity
method investees 3,811,298 - (7,519,106) (68,928)
(3,776,736)
2,609,636 (90,000) (8,079,462) 88,458 (5,471,368)
Items that will not be
reclassified to profit or loss
Remeasurement of defined
benefit plans (1,670,151) - (50,214) 12,152 (1,708,213)
W 939,485 (90,000) (8,129,676) 100,610 (7,179,581)

September 30, 2014
(Unaudited)
36
24. 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 September 30, 2014 and
December 31, 2013 were as follows:
Ordinary deposits W 29,506,887 15,239,429
Short-term financial instruments 266,962,000 265,250,000
W 296,468,887 280,489,429
Cash generated from operations for the nine-month periods ended September 30, 2014 and 2013 were
as follows:
September 30, 2014 September 30, 2013
Profit for the period: W 29,391,525 29,198,597
Adjustments:
Net interest expense 107,645,732 111,547,650
Dividends (100,000) (200,000)
Income tax expenses 13,985,254 15,769,511
Loss on loans 8,163,273 18,633,136
Loss on installment financial receivables 1,653,507 435,565
Loss on leases 1,149,718 411,595
Loss on foreign exchange translations - 90,000
Loss on equity method valuation 6,608,253 13,549,830
Gain on disposal of property and equipment (1,430) (41,633)
Loss on disposal of property and equipment 1,434 -
Bad debt expense 24,482,901 18,775,273
Retirement benefits 2,164,921 1,936,982
Depreciation 1,198,961 944,144
Amortization of intangible assets 1,435,551 959,111
Impairment loss of intangible assets 429,604 -
Loss (gain) on valuation of derivatives 153 (16,313)
W 168,817,832 182,794,851

September 30, 2014
(Unaudited)
24. Supplemental Cash Flow Information, Continued
37
Changes in operating assets and liabilities:
Increase in loans receivables W (441,206,848) (242,040,318)
Decrease in installment financing receivables 22,442,327 44,033,372
Increase in finance lease receivables (76,467,070) (55,309,749)
Decrease in accounts receivable 13,540,850 7,059,526
Increase in accrued revenues (1,850,849) -
Increase in advance payments - (88,378)
Increase in prepaid expenses (33,031) (517,052)
Increase (decrease) in account payables 32,172 (3,250,247)
Decrease in accrued expenses (3,644,735) (7,192,083)
Decrease in unearned revenues (2,348,450) (1,686,651)
Decrease in advances (557,981) (16,514)
Increase in deposits 1,774,640 452,636
Decrease in defined benefit liabilities (33,810) (191,396)
Increase in leasehold deposits received 3,938,121 16,685,735
Increase in financial guarantee liabilities 598,615 -
Decrease in derivatives liabilities (514,000) -
(484,330,049) (242,061,119)
Cash used in operations W (286,120,692) (30,067,671)
25. Commitments and Contingencies
Details of unused credit line agreements as of September 30, 2014 and December 31, 2013 were as
follows:
Financial institution Limit Unused limit
September 30, 2014
Limit of overdraft Woori Bank and 11 others KRW 405 billion KRW 405 billion
Limit of letter of credit Korea Exchange Bank and 1
other USD 7 million USD 7 million
Limit of credit facility Hyundai Capital KRW 100 billion KRW 100 billion
December 31, 2013
Limit of overdraft Woori Bank and 11 others KRW 405 billion KRW 405 billion
Limit of letter of credit Korea Exchange Bank and 1
other USD 2 million USD 2 million
Limit of credit facility Hyundai Capital KRW 100 billion KRW 100 billion
As of September 30, 2014, the Group has a credit facility agreement for unsold property with Daewoo
Engineering & Construction Co., Ltd. and others which amounted to W97 billion.

September 30, 2014
(Unaudited)
25. Commitments and Contingencies, Continued
Details of pending significant litigations as of September 30, 2014 were as follows:
Number of litigations Amount of litigations
As a plaintiff 56 W 4,029,579
As a defendant 7 1,072,212
No provisions have been recorded on the condensed consolidated interim financial statements of the
Group as of September 30, 2014.
Details of guarantees involving third parties as of September 30, 2014 and December 31, 2013 were as
follows:
Guarantor Details
38
September 30,
2014
December 31,
2013
Hyundai Wia Guarantees on machinery
installment financing
receivables W 14,120,030 20,051,379
Hyundai Motor Company Guarantees on finance lease
receivables 1,963,933 2,037,940
Seoul Guarantee Insurance
Company
Deposit guarantee 5,046,959 13,517,216

September 30, 2014
(Unaudited)
39
26. 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
nine-month periods ended September 30, 2014 and 2013 were as follows:
Purchase
of assets
Disposal
of assets
Purchase
of assets
Disposal of
assets
Entity which has significant influence
Hyundai Motor Company W 179,996 - - -
Others
Hyundai Wia 43,368,764 - 50,492,225 -
Hyundai Capital Services, Inc. - 50,292,894 - 47,490,342
Hyundai Autoever Corporation 13,162,565 - 6,678,424 -
Hyundai Life Insurance Co., Ltd. 13,761 40,000 - -
56,545,090 50,332,894 57,170,649 47,490,342
W 56,725,086 50,332,894 57,170,649 47,490,342
Receivables and payables associated with related parties as of September 30, 2014 and December 31,
Receivables Payables Receivables Payables
Hyundai Motor Company W 32,259 120,816 41,317 7,621
Associates
Hyundai Card Co., Ltd. 552,826 8,699,082 498,496 9,776,918
Hyundai Life Insurance Co., Ltd. 927,551 - 224,289 -
1,480,377 8,699,082 722,785 9,776,918
Others
KIA Motors Corporation - 562 - 985
Hyundai Capital Services, Inc. 703,110 94,931 494,775 108,018
Hyundai Autoever Corporation - 227,799 - 852,893
Samwoo Co., Ltd. - - 308,885 118,675
Employees 4,113,399 - 3,265,857 -
4,816,509 323,292 4,069,517 1,080,571
W 6,329,145 9,143,190 4,833,619 10,865,110

September 30, 2014
(Unaudited)
40
26. Related Party Transactions, Continued
Revenue and expense associated with related parties for the nine-month periods ended September 30,
2014 and 2013 were as follows:
Revenue Expense Revenue Expense
Hyundai Motor Company W 323,398 228 632,311 228
Associates
Hyundai Card Co., Ltd. 1,463,208 1,274,448 1,105,367 931,569
Hyundai Life Insurance Co.,
Ltd. 1,241,573 232,642 339,778 164,479
2,704,781 1,507,090 1,445,145 1,096,048
Others
KIA Motors Corporation - 9,139 - 4,638
Hyundai Capital Services, Inc. 4,221,228 5,147,996 4,940,237 6,680,919
Hyundai Autoever Corporation - 3,922,211 - 3,131,208
HMC Investment Securities Co., Ltd. - - - 12,200
Innocean Worldwide Inc. - 28,250 - -
Hyundai-amco - 41,508 - 83,920
Samwoo Co., Ltd. 120,607 - 35,699 -
Haevichi Country Club - 550 - 6,440
Haevichi Hotels&Resorts Co., Ltd. - 4,861 - 3,371
Hyundai Engineering Co., Ltd. - 88,021 - -
Korea Credit Bureau - 96,403 - -
Hyundai Engineering &
Construction Co., Ltd. - 2,448 - -
Employees 60,414 - 36,862 140
4,402,249 9,341,387 5,012,798 9,922,836
W 7,430,428 10,848,705 7,090,254 11,019,112
The Group has been provided with guarantees by related parties (see note 25).
Compensation for key management for the nine-month periods ended September 30, 2014 and 2013
were as follows:
Short-term employment benefits W 1,869,781 1,987,951
Retirement benefits 717,790 713,455
The key management above consists of directors, who have significant authority and responsibilities
for planning, operating, and controlling of the Group.

September 30, 2014
(Unaudited)
41
27. 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, 2013 for details of full disclosures.
There was no significant change in the Group's risk management division and policies after December
31, 2013.

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