카드 영문

Hyundai Card Co., Ltd.
HYUNDAI CARD CO., LTD. AND ITS
SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2015,AND DECEMBER 31, 2014,
AND FOR THE THREE MONTHS ENDED MARCH 31, 2015AND 2014
ATTACHMENT : INDEPENDENT AUDITORS’ REPORT

Independent Accountants’ Review Report
English Translation of a Report Originally Issued in Korean
To the Shareholders and Board of Directors of
Hyundai Card Co., Ltd.:
We have reviewed the accompanying condensed consolidated financial statements of Hyundai Card Co., Ltd., and
its subsidiaries (collectively, the “Consolidated Entity”). The condensed consolidated financial statements consist of
the condensed consolidated statements of financial position as of March 31, 2015, and the related condensed
consolidated statements of comprehensive income for the three months ended March 31, 2015 and 2014, the related
condensed consolidated statements of changes in shareholders’ equity and the related condensed consolidated
statements of cash flows for the three months ended March 31, 2015 and 2014, respectively, and a summary of
significant accounting policies and other explanatory information.
Management’s responsibility for the condensed consolidated financial statements
The Consolidated Entity’s management is responsible for the preparation and fair presentation of the accompanying
condensed consolidated financial statements and for such internal control as management determines is necessary to
enable the preparation of condensed consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
Independent accountants’ responsibility
Our responsibility is to express a conclusion on the accompanying condensed consolidated financial statements
based on our reviews.
We conducted our reviews in accordance with standards for review of interim financial statements in the Republic
of Korea. A review is limited primarily to inquiries of company personnel and analytical procedures applied to
financial data, and this provides less assurance than an audit. We have not performed an audit, and accordingly, we
do not express an audit opinion.
Review conclusion
Based on our reviews, nothing has come to our attention that causes us to believe that the accompanying
condensed consolidated financial statements of the Consolidated Entity are not presented fairly, in all material
respects, in accordance with Korean International Financial Reporting Standards (“K-IFRS”) 1034, Interim
Financial Reporting.
Deloitte Anjin LLC
9Fl., One IFC,
10, Gukjegeumyung-ro,
Youngdeungpo-gu, Seoul
150-945, Korea
Tel :+82 (2) 6676 1000
Fax :+82 (2) 6674 2114
www.deloitteanjin.co.kr
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”),
its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities.
DTTL (also referred to as “Deloitte Global”) does not provide services to clients.
Please see www.deloitte.com/kr/about for a more detailed description of DTTL and its member firms.
Member of Deloitte Touche Tohmatsu Limited

Others
We audited the consolidated statement of financial position as of December 31, 2014, and the related consolidated
statement of comprehensive income, consolidated statement of changes in shareholders’ equity and consolidated
statement of cash flows for the year ended December 31, 2014 (not presented in the accompanying condensed
consolidated financial statements), respectively, all expressed in Korean won, in accordance with auditing standards
generally accepted in the Republic of Korea. We expressed an unqualified opinion on those consolidated financial
statements in our independent auditors’ report dated March 3, 2015. The consolidated statement of financial position
as of December 31, 2014, presented as a comparative purpose in the accompanying condensed consolidated
financial statements does not differ, in all material respects, from the audited consolidated statement of financial
position as of December 31, 2014.
May 11, 2015
Notice to Readers
This report is effective as of May 11, 2015, the accountants’ review report date. Certain subsequent events or
circumstances may have occurred between the accountants’ review report date and the time the accountants’ review
report is read. Such events or circumstances could significantly affect the condensed consolidated financial
statements and may result in modifications to the accountants’ review report.

HYUNDAI CARD CO., LTD. AND ITS SUBSIDIARIES (the
“Consolidated Entity”)
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2015 AND DECEMBER 31, 2014,
AND FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014
The accompanying condensed consolidated financial statements, including all footnote disclosures, were
prepared by, and are the responsibility of, the management of the Consolidated Entity.
Chung, Tae Young
Chief Executive Officer
Hyundai Card Co., Ltd.

HYUNDAI CARD CO., LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF MARCH 31, 2015 AND DECEMBER 31, 2014
(Unit: Korean won)
March 31, 2015 December 31, 2014
ASSETS:
CASH AND DEPOSITS (Notes 4 and 28):
Cash and cash equivalents (Note 23) 555,694,465,473 167,697,056,564
Deposits 33,028,250,000 33,028,250,000
Total cash and deposits 588,722,715,473 200,725,306,564
SECURITIES (Notes 5 and 28):
Trading securities 506,092,750,318 739,004,232,776
Available-for-sale (AFS) securities 1,766,969,764 1,766,969,764
Total securities 507,859,720,082 740,771,202,540
CARD ASSETS (Notes 6, 7, 26 and 28):
Card receivables, net of present value discounts and
deferred origination cost and fee 6,589,176,472,798 6,901,493,380,783
Allowance for doubtful accounts (69,444,735,716) (71,521,933,866)
Cash advances 790,045,857,827 837,547,597,115
Card loans, net of present value discounts 3,051,557,587,053 3,046,695,716,404
Total card assets 10,195,615,023,790 10,549,896,972,421
PROPERTY, PLANT AND EQUIPMENT (Note 8):
Land 138,257,299,573 138,257,299,573
Buildings 112,414,709,239 113,265,523,657
Accumulated depreciation (9,492,848,210) (8,792,114,539)
Vehicles 2,514,088,391 2,590,262,299
Accumulated depreciation (115,137,742) (125,949,719)
Fixtures and equipment 214,558,407,661 211,900,465,338
Accumulated depreciation (132,829,951,430) (124,045,253,624)
Construction in progress 28,107,356,212 23,380,082,412
Total property, plant and equipment 353,413,923,694 356,430,315,397
OTHER ASSETS:
Other accounts receivable (Note 28) 147,322,520,863 116,605,521,297
Allowance for doubtful accounts (Notes 7 and 28) (759,573,671) (611,019,783)
Accrued revenue (Note 28) 50,197,642,515 50,756,921,220
Allowance for doubtful accounts (Notes 7 and 28) (1,288,818,983) (1,348,989,201)
Advance payments 12,691,725,211 14,223,977,849
Allowance for doubtful accounts (Note 7) (176,507,712) (650,322,306)
Prepaid expenses 45,347,435,771 45,029,725,258
Intangible assets (Note 9) 132,227,894,836 133,667,230,921
Derivative assets (Notes 13, 27 and 28) 10,712,355,017 8,739,491,485
Deferred income tax assets (Note 20) 148,818,699,064 149,460,296,801
Guarantee deposits (Notes 4 and 28) 30,273,374,711 31,048,421,043
Others 2,569,749,136 2,674,605,943
Total other assets 577,936,496,758 549,595,860,527
Total Assets 12,223,547,879,797 12,397,419,657,449
(Continued)

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)
AS OF MARCH 31, 2015, AND DECEMBER 31, 2014
(Unit: Korean won)
LIABILITIES:
BORROWINGS (Notes 10 and 28):
Borrowings 200,000,000,000 200,000,000,000
Debenture, net of discounts 7,451,010,298,315 7,730,126,733,953
Total borrowings 7,651,010,298,315 7,930,126,733,953
OTHER LIABILITIES:
Accounts payable (Note 28) 1,031,224,076,474 1,001,186,223,971
Accrued expenses (Note 28) 200,501,706,782 214,281,445,423
Unearned revenue 358,032,681,326 364,854,106,867
Withholdings (Note 28) 177,394,572,432 146,547,177,277
Derivative liabilities (Notes 13, 27 and 28) 31,499,603,123 30,922,252,463
Current tax liability 38,894,718,991 42,028,995,360
Net defined benefit liability (Note 11) 25,877,155,335 19,884,606,576
Guarantee deposits received (Note 28) 8,586,022,676 8,652,184,880
Provisions (Notes 12 and 24) 90,402,391,119 83,555,104,835
Total other liabilities 1,962,412,928,258 1,911,912,097,652
Total liabilities 9,613,423,226,573 9,842,038,831,605
SHAREHOLDERS’ EQUITY:
Capital stock 802,326,430,000 802,326,430,000
Capital surplus 57,704,443,955 57,704,443,955
Accumulated other comprehensive loss (Note 22) (47,541,677,156) (40,118,183,826)
Retained earnings (Notes 14 and 15) 1,797,635,456,425 1,735,468,135,715
Total shareholders’ equity 2,610,124,653,224 2,555,380,825,844
Total Liabilities and Shareholders’ Equity 12,223,547,879,797 12,397,419,657,449
(Concluded)
See accompanying notes.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014
(Unit: Korean won)
Three months ended
March 31, 2015
Three months ended
March 31, 2014
OPERATING REVENUE:
Card income (Note 17) 620,828,898,162 619,891,367,493
Interest income (Note 16) 6,292,884,903 5,106,966,569
Gain on valuation and disposal of securities 219,137,267 30,307,300
Dividends income 146,989,275 172,578,278
Reversal of provision for unused credit limits (Note 12) - 653,641,276
Other operating revenue (Note 18) 13,912,679,751 16,485,861,893
Total operating revenue 641,400,589,358 642,340,722,809
OPERATING EXPENSES:
Card expenses (Note 17) 256,016,861,411 237,951,344,408
Interest expenses (Note 16) 72,223,451,082 76,249,562,701
General and administrative expenses (Note 19) 162,969,315,053 141,353,078,642
Securitization expenses 81,061,771 116,690,899
Bad debt expenses and losses on disposal of loans (Note 7) 55,439,740,720 60,138,009,937
Transfer to provision for unused credit limits (Note 12) 743,134,862 -
Other operating expenses (Note 18) 13,302,020,409 19,026,479,681
Total operating expenses 560,775,585,308 534,835,166,268
OPERATING INCOME 80,625,004,050 107,505,556,541
NON-OPERATING INCOME:
Gain from sale of property, plant and equipment and
intangible assets
19,805,430 -
Reversal of impairment loss for intangible assets
(Note 9)
- 6,262,020
Rental revenue 377,680,844 461,152,308
Miscellaneous gain 61,185,324 53,320,377
Total non-operating income 458,671,598 520,734,705
NON-OPERATING EXPENSES:
Donations 167,802,000 174,656,675
Loss from sale of property, plant and equipment and
intangible assets
1,208,525,531 17,750,141
Total non-operating expenses 1,376,327,531 192,406,816
NET INCOME BEFORE INCOME TAX 79,707,348,117 107,833,884,430
INCOME TAX EXPENSE (Note 20) 17,540,027,407 25,356,980,737
NET INCOME 62,167,320,710 82,476,903,693
(Continued)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)
(Unit: Korean won)
Three months ended
March 31, 2015
Three months ended
March 31, 2014
OTHER COMPREHENSIVE INCOME (LOSS),
NET OF TAX(Note 22)
Items not reclassified subsequently to profit or loss (3,246,298,081) , (589,117,135)
Remeasurements of net defined benefit liability (3,246,298,081) (589,117,135)
Items reclassified subsequently to profit or loss (4,177,195,249) (1,210,038,773)
Cash flow hedging loss (4,177,195,249) (1,210,038,773)
Total other comprehensive income (loss) (7,423,493,330) (1,799,155,908)
TOTAL COMPREHENSIVE INCOME 54,743,827,380 80,677,747,785
EARNINGS PER SHARE (Note 21):
Basic earnings per share 387 00,000,000,514
Diluted earnings per share 387 00,000,000,514
(Concluded)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unit: Korean won)
Capital stock
Capital surplus
Retained
earnings TotalPaid-in capital
Other
capital
Accumulated
other
comprehensive
gain(loss)
Balance at January 1, 2014 802,326,430,000 45,399,364,539 12,305,079,416 (5,856,733,562) 1,511,954,114,940 2,366,128,255,333
Total comprehensive income (loss)
Net income - - - - 82,476,903,693 82,476,903,693
Other comprehensive income (loss)
Remeasurements of net defined benefit liability - - - (589,117,135) - (589,117,135)
Cash flow hedging loss - - - (1,210,038,773) - (1,210,038,773)
Balance at March 31, 2014 802,326,430,000 45,399,364,539 12,305,079,416 (7,655,889,470) 1,594,431,018,633 2,446,806,003,118
Balance at January 1, 2015 802,326,430,000 45,399,364,539 12,305,079,416 (40,118,183,826) 1,735,468,135,715 2,555,380,825,844
Total comprehensive income (loss)
Net income - - - - 62,167,320,710 62,167,320,710
Other comprehensive income (loss)
Remeasurements of net defined benefit liability - - - (3,246,298,081) - (3,246,298,081)
Cash flow hedging loss - - - (4,177,195,249) - (4,177,195,249)
Balance at March 31, 2015 802,326,430,000 45,399,364,539 12,305,079,416 (47,541,677,156) 1,797,635,456,425 2,610,124,653,224

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unit: Korean won)
Three months ended
March 31, 2015
Three months ended
March 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash generated from operating activities (Note 23) 772,856,684,057 204,847,780,072
Interests received 6,011,892,258 5,383,022,132
Interests paid (66,678,319,369) (71,612,832,371)
Dividends received 146,989,275 172,578,278
Income taxes paid (18,141,811,192) (14,334,287,563)
Net cash provided by operating activities 694,195,435,029 124,456,260,548
CASH FLOWS FROM INVESTING ACTIVITIES:
Disposal of AFS securities 24,624,800 30,307,300
Disposal of property, plant and equipment 180,916,679 10,000,000
Acquisition of property, plant and equipment (13,881,255,678) (12,918,402,475)
Acquisition of intangible assets (7,827,612,943) (11,368,671,357)
Net cash used in investing activities (21,503,327,142) (24,246,766,532)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in borrowings 30,000,000,000 990,000,000,000
Proceeds from issue of debentures 1,918,865,303,953 1,189,616,899,808
Repayment of borrowings (30,000,000,000) (990,000,000,000)
Repayment of debentures (2,203,560,002,931) (1,301,059,997,890)
Net cash used in financing activities (284,694,698,978) (111,443,098,082)
NET INCREASE(DECREASE) IN CASH AND CASH
EQUIVALENTS 387,997,408,909 (11,233,604,066)
CASH AND CASH EQUIVALENTS, BEGINNING OF
THE PERIOD (Note 23) 167,697,056,564 965,455,273,460
CASH AND CASH EQUIVALENTS, END OF THE
PERIOD (Note 23) 555,694,465,473 954,221,669,394

NOTES
AS OF MARCH 31, 2015, AND DECEMBER 31, 2014, AND
1. REPORTING ENTITY:
Hyundai Card Co., Ltd. (the “Company” or the “Consolidated Entity”), which is a controlling company in
accordance with Korean International Financial Reporting Standards (“K-IFRS”) 1110, Consolidated
Financial Statements, is engaged in the credit card business under the Specialized Credit Financial Business
Law of Korea, with its headquarters located at 3, Uisadang-daero, Yeongdeungpo-gu, Seoul. On June 15, 1995,
the Company acquired the credit card business of Korea Credit Circulation Co., Ltd., and on June 16, 1995,
Korean government granted permission to the Company to engage in the credit card business. The Company
operates its business under the Specialized Credit Financial Business Act and other relevant applicable
regulations.
As of March 31, 2015, the Company has approximately 6.24 million card members, 2.22 million registered
merchants and 121 marketing centers, branches and posts.
As of March 31, 2015, the total common stock of the Company is 802,326 million. The shareholders of the
Company and its ownerships as of March 31, 2015 and December 31, 2014, are as follows:
Shareholder
Number of shares
Percentage of
ownership Number of shares
Percentage of
ownership
Hyundai Motor Co., Ltd. 59,301,937 36.96 59,301,937 36.96
Kia Motors Co., Ltd. 18,422,142 11.48 18,422,142 11.48
GE Capital Int’l Holdings 69,000,073 43.00 69,000,073 43.00
Hyundai Commercial Inc. 8,889,622 5.54 8,889,622 5.54
Others 4,851,512 3.02 4,851,512 3.02
Total 160,465,286 100.00 160,465,286 100.00
(1) Details of the Company’s subsidiaries as of March 31, 2015, and December 31, 2014, are as follows:
Place of
incorporation
and operation
Voting share (%)
Entities Major operation March 31, 2015 December 31, 2014
End of
reporting
period
PRIVIA 3rd SPC Asset securitization Korea 0.9 0.9 January
PRIVIA 4th SPC Asset securitization Korea 0.5 0.5 December
PRIVIA 5th SPC Asset securitization Korea 0.5 0.5 December
Money Market
Trust
Trust business Korea 100 100 -
The subsidiaries above are structured companies as voting rights and other powers do not play a major role in
determining the controlling interest.
The entities are special-purpose entities that were established for the Company’s business activity. The
Company has a power over the entities because the Company involves in the objectives and design of the
entities and exposes itself to risks and rewards of them. Also, all decision-making processes of the entities are
operated in a predetermined way in accordance with provisions and articles of incorporation. The Company is
considered to have an ability to use power as it has a control over the changes of provisions and articles of
incorporation. Therefore, the Company consolidates the entities.
Meanwhile, in the case when derivative contracts with hedging risks arising from debentures for asset
securitization issued by the subsidiaries default, counterparties of the derivative contracts can make a claim to
the Company for fulfillment of agreement.

- 2 -
2. BASIS OF FINANCIAL STATEMENT PREPARATION AND SIGNIFICANT ACCOUNTING
POLICIES :
(1) Basis of condensed consolidated financial statement preparation
The Consolidated Entity’s condensed onsolidated financial statements for the three months ended March 31,
2015 and 2014 are prepared in accordance with Korean International Financial Reporting Standards (“K-IFRS”)
1034, Interim Financial Reporting. It is necessary to use the annual consolidated financial statements for the
year ended December 31, 2014 for the understanding of the accompanying interim consolidated financial
statements.
The Consolidated Entity’s accounting policies applied for the accompanying condensed interim consolidated
financial statements are the same as the policies applied for the preparation of consolidated financial statements
as of and for the year ended December 31, 2014, except for the effects from the introduction of new and revised
accounting standards or interpretations as described below.
1) The Consolidated Entity has newly adopted the following new standards and interpretations that affected
the Consolidated Entity’s accounting policies
Amendments to K-IFRS 1019 – Employee Benefits
The amendments permit the Consolidated Entity to recognize amount of contributions as a reduction in the
service cost in which the related service is rendered if the amount of the contributions are independent of the
number of years of service. The adoption of the amendment has no significant impact on the Consolidated
Entity’s condensed consolidated financial statements.
Annual Improvements to K-IFRS 2010-2012 Cycle
The amendments to K-IFRS 1002 (i) changes the definitions of ‘vesting condition’ and ‘market condition’; and
(ii) add definition for ‘performance condition’ and ‘service condition’ which were previously included within
the definition of ‘vesting condition’. The amendments to K-IFRS 1103 Business Combinations clarify the
classification and measurement of the contingent consideration in business combination. The amendments to
K-IFRS 1108 clarify that a reconciliation of the total of the reportable segments’ assets should only be provided
if the segment assets are regularly provided to the chief operating decision maker. The adoption of the
amendment has no significant impact on the Consolidated Entity’s condensed consolidated financial statements.
Annual Improvements to K-IFRS 2011-2013 Cycle
The amendments to K-IFRS 1103 clarify the scope of the portfolio exception for measuring the fair values of
the Consolidated Entity of financial assets and financial liabilities on a net basis includes all contracts that are
within the scope the standard does not apply to the accounting for the formation of all types of joint
arrangement in the financial statements of the joint arrangement itself. The amendments to K-IFRS 1113 Fair
values Measurements and K-IFRS 1040 Investment Properties exist and the adoption of the amendment has no
significant impact on the Consolidated Entity’s condensed consolidated financial statements.
2) The Consolidated Entity has not applied the following K-IFRSs that have been issued but are not yet
effective:
Amendments to K-IFRS 1016 – Property, Plant and Equipment
The amendments to K-IFRS 1016 prohibit the Consolidated Entity from using a revenue-based depreciation
method for items of property, plant and equipment. The amendments are effective for the annual periods
beginning on or after January 1, 2016.
Amendments to K-IFRS 1038 – Intangible Assets
The amendments to K-IFRS 1038 do not allow presumption that revenue is an appropriate basis for the
amortization of intangible assets, which presumption can only be rebutted when the intangible asset is

- 3 -
expressed as a measure of revenue or when it can be demonstrated that revenue and consumption of the
economic benefits of the intangible asset are highly correlated. The amendments apply prospectively for
annual periods beginning on or after January 1, 2016.
Amendments to K-IFRS 1111 – Accounting for Acquisitions of Interests in Joint Operations
The amendments to K-IFRS 1111 provide guidance on how to account for the acquisition of a joint operation
that constitutes a business as defined in K-IFRS 1103 Business Combinations. A joint operator is also required
to disclose the relevant information required by K-IFRS 1103 and other standards for business combinations.
The amendments to K-IFRS 1111 are effective for the annual periods beginning on or after January 1, 2016.
3. SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS:
In the preparation of the Consolidated Entity’s condensed consolidated finaicial statements, management is
required to make judgments, estimates and assumptions which affect assets, liabilities, revenue and expenses.
Actual results may differ from these estimates.
The significant judgments which management has made about the application of the Consolidated Entity’s
accounting policies and key sources of estimation uncertainty do not differ from those used in preparing the
consolidated financial statements for the year ended December 31, 2014.
4. RESTRICTED FINANCIAL ASSETS:
Details of restricted financial assets as of March 31, 2015 and December 31, 2014, are as follows (Unit:
Korean won in millions):
Type Entity March 31, 2015 December 31, 2014 Restriction
Cash and deposits KB and others 19 19 Guarantee deposits for overdraft
Shinhan Bank and
others 33,000 33,000 Secured deposits
Mirae Asset
Securities 10 10
Social enterprise fund
Other assets Korea Asset
Management
Corporation 6,906 6,885 Escrow account
39,935 39,914

- 4 -
5. SECURITIES:
Securities as of March 31, 2015 and December, 31 2014, are as follows (Unit: Korean won in millions):
Trading securities
Treasury bonds 89,081 39,137
Corporate bonds 20,263 515,300
Securities 48,024 140,063
Others 348,725 44,504
Subtotal 506,093 739,004
Available-for-sale securities
Unlisted shares investment 1,767 1,767
Total 507,860 740,771
6. CARD ASSETS:
Details of card assets by customers as of March 31, 2015 and December 31, 2014, are as follows (Unit: Korean
won in millions):
March 31, 2015
Principal
Deferred
origination
cost and fee
Present value
discounts
Allowance for
doubtful
accounts Book value
Card receivables
Households 6,005,282 (6,810) (6,505) (62,220) 5,929,747
Corporates 597,210 - (1) (7,225) 589,984
Cash advances
Households 790,046 - - (29,298) 760,748
Card loans
Households 3,052,324 - (766) (136,422) 2,915,136
Total 10,444,862 (6,810) (7,272) (235,165) 10,195,615
December 31, 2014
Principal
Deferred
origination
cost and fee
Present value
discounts
Allowance for
doubtful
accounts Book value
Card receivables
Households 6,301,454 (6,761) (6,644) (63,711) 6,224,338
Corporates 613,445 - - (7,811) 605,634
Cash advances
Households 837,548 - - (30,078) 807,470
Card loans
Households 3,047,465 - (770) (134,240) 2,912,455
Total 10,799,912 (6,761) (7,414) (235,840) 10,549,897
7. ALLOWANCE FOR DOUBTFUL ACCOUNTS:
Changes in the allowance for doubtful accounts for the three months ended March 31, 2015 and 2014, are as
follows (Unit: Korean won in millions):
Three months ended March 31, 2015
Card receivables Card advances Card loans Other assets Total
Beginning balance 71,522 30,078 134,240 2,610 238,450
Bad debt expenses (408) (62) (175) - (645)
Bad debt recovered 165 217 77 - 459
Disposition and repurchase (5,806) (3,381) (6,677) - (15,864)
Transfer (reversal) of allowance
for doubtful accounts
3,972 2,446 8,957 (385) 14,990
Ending balance 69,445 29,298 136,422 2,225 237,390

- 5 -
Card receivables Card advances Card loans Other assets Total
Bad debt expenses (828) (106) (103) - (1,037)
Bad debt recovered 167 239 71 - 477
Disposition and repurchase (8,922) (5,170) (10,396) - (24,488)
Transfer (reversal) of allowance
for doubtful accounts
7,407 5,051 13,362 67 25,887
Ending balance 67,929 31,328 106,372 3,078 208,707
8. PROPERTY, PLANT AND EQUIPMENT:
Changes in book value of property, plant and equipment for the three months ended March 31, 2015 and 2014,
are as follows (Unit: Korean won in millions):
Beginning
balance Acquisition Reclassification Disposal Depreciation
Ending
balance
Land 138,257 - - - - 138,257
Buildings 104,473 - - (841) (710) 102,922
Vehicles 2,464 - - (16) (49) 2,399
Fixtures and equipment 87,856 1,835 1,829 (512) (9,279) 81,729
Construction in progress 23,380 6,464 (1,737) - - 28,107
Total 356,430 8,299 92 (1,369) (10,038) 353,414
Beginning
balance Acquisition Reclassification Disposal Depreciation
Ending
balance
Land 122,012 1,613 344 - - 123,969
Buildings 72,882 374 98 - (499) 72,855
Vehicles 51 - - - (5) 46
Fixtures and equipment 53,694 2,563 429 (27) (6,289) 50,370
Finance lease assets 278 - - - (278) -
Construction in progress 33,125 1,464 (777) - - 33,812
Total 282,042 6,014 94 (27) (7,071) 281,052

- 6 -
9. INTANGIBLE ASSETS:
Changes in intangible assets for the three months ended March 31, 2015 and 2014, are as follows (Unit:
Beginning
balance Acquisition Reclassification Amortization
Impairment
reversal
Ending
balance
Development cost 98,710 456 238 (7,151) - 92,253
Others 3,199 - - (514) - 2,685
Membership 20,614 - - - - 20,614
Total 133,667 6,386 (160) (7,665) - 132,228
Beginning
balance Acquisition Reclassification Amortization
Impairment
reversal
Ending
balance
Development cost 35,434 364 671 (3,346) - 33,123
Industrial property rights 36 - - (10) - 26
Others 4,505 - - (756) - 3,749
Membership 21,156 - (141) - 6 21,021
Total 127,030 5,258 (201) (4,112) 6 127,981
10. BORROWINGS:
(1) Details of borrowings as of March 31, 2015 and December 31, 2014, are as follows (Unit: Korean won in
millions):
Lenders
Annual interest
rate (%) Maturity March 31, 2015 December 31, 2014
Short-term borrowings
Borrowings Hana bank
and five others
3.04–3.96
April 20, 2015–
March 15, 2016 150,000 150,000
Long-term borrowings
Borrowings SC Bank 3.76 April 1, 2016 50,000 50,000
200,000 200,000
(2) Details of debentures as of March 31, 2015 and December 31, 2014, are as follows (Unit: Korean won in
millions):
Annual interest
rate (%) Maturity March 31, 2015 December 31, 2014
Current portion of long-term debentures 2.67–5.68,
1M USD
LIBOR+1.5
April 2, 2015 –
March 28, 2016
2,050,667 1,922,680
Discounts on debentures
(425) (607)
Subtotal 2,050,242 1,922,073
Long-term debentures 2.07–5.50,
1M USD
LIBOR+0.55
April 16, 2016 –
October 29, 2020
5,409,450 5,817,768
Discounts on debentures
(8,682) (9,714)
Subtotal 5,400,768 5,808,054
Total 7,451,010 7,730,127
The outstanding debenture is non-guaranteed corporate bonds, with their principals to be redeemed by
installment or at maturity. Bond issuance costs are recorded as discounts on debenture and amortized using the
effective interest rate method.

- 7 -
11. RETIREMENT BENEFIT PLAN:
(1) Defined contribution plan
The expenses recognized in the condensed consolidated statements of comprehensive income related to
postemployment benefit plan under the defined contribution plan for the three months ended March 31, 2015
and 2014, are as follows (Unit: Korean won in millions):
March 31, 2015 March 31, 2014
Defined contribution plan 17 10
(2) Net defined benefit liability
The details of net defined benefit liability as of March 31, 2015 and December 31, 2014 are as follows (Unit:
Net defined benefit liability 22,159 16,332
Long-term employee benefit 3,718 3,553
Total 25,877 19,885
(3) Defined Benefit Plan
1) General
The Consolidated Entity operates a defined benefit plan that is linked to final payment. Plan assets mainly
consist of deposits and are exposed to risk of fall in interest rate.
2) Net defined benefit obligation
Changes in present value of net defined benefit obligation for the three months ended March 31, 2015 and
2014, are as follows (Unit: Korean won in millions):
Present value of the
defined benefit
obligation Plan assets
National Pension
Fund
Net defined benefit
obligation
Beginning balance 69,739 (53,378) (29) 16,332
Current service cost 3,314 - - 3,314
Interest expense (income) 461 (354) - 107
Return on plan assets,
excluding amounts included
in interest income above
- 83 - 83
Actuarial gains and losses
from changes in financial
assumptions
3,971 - - 3,971
Transfer of employees between
the Consolidated Entity and
its related companies
(100) 137 - 37
Benefits paid (2,841) 1,156 - (1,685)
Ending balance 74,544 (52,356) (29) 22,159

- 8 -
Present value of the
defined benefit
obligation Plan assets
National Pension
Fund
Net defined benefit
obligation
Beginning balance 46,404 (43,006) (30) 3,368
Current service cost 2,167 - - 2,167
Interest expense (income) 416 (391) - 25
Return on plan assets,
excluding amounts included
in interest income above
- 94 - 94
Actuarial gains and losses
from changes in financial
assumptions
681 - - 681
Transfer of employees between
the Consolidated Entity and
its related companies
93 236 - 329
Benefits paid (2,288) 1,087 - (1,201)
Ending balance 47,473 (41,980) (30) 5,463
(4) Long Term Employee Benefits
Changes of present value of long-term employee benefits liability for the three months ended March 31, 2015,
are as follows (Unit: Korean won in millions):
Three months ended
March 31, 2015
Beginning balance 3,553
Current service cost 109
Interest cost 27
Actuarial gains and losses 170
Benefits paid (141)
Ending balance 3,718
12. PROVISIONS:
Changes in provisions for the three months ended March 31, 2015 and 2014, are as follows (Unit: Korean won
in millions):
Unused
commitment Point
Asset retirement
obligation Others Total
Increase (decrease) 743 6,251 (148) 1 6,847
Ending balance 46,632 28,995 5,389 9,386 90,402
Unused commitment Point Others Total
Beginning balance 47,497 22,944 15,880 86,321
Increase (decrease) (654) 582 (2,444) (2,516)
Ending balance 46,843 23,526 13,436 83,805
Other provisions include provision for deposits in escrow account and for pending litigations amounting to
2,235 million (see Note 24(5)) and 7,151 million, respectively, as of March 31, 2015. Also, provision for
pending litigations includes the provision related to deposits in escrow account amounting to 4,467 million.

- 9 -
13. DERIVATIVES AND HEDGE ACCOUNTING:
(1) There are no derivative instruments held for trading as of March 31, 2015 and December 31, 2014.
(2) Cash flow hedge
The Company removes the volatility risk of future cash flow of a hedged item, such as borrowings, caused
by changes in market interest rates or in foreign currency rates, by using derivative instruments, such as an
interest rate swap or currency swap. The Company’s policies and strategies of cash flow hedge are the same
as those as of December 31, 2014.
1) Fair value of cash flow hedge as of March 31, 2015 and December 31, 2014, are as follows (Unit: Korean
won in millions):
March 31, 2015
Unsettled
contract amount Assets Liabilities
Accumulated other
comprehensive
loss (*1)
Interest rate swap 1,223,000 27 25,851 (19,759)
Cross-currency swap 615,117 10,685 5,649 (5,067)
Total 1,838,117 10,712 31,500 (24,826)
December 31, 2014
Unsettled
contract amount Assets Liabilities
Accumulated other
comprehensive
loss (*1)
Interest rate swap 1,213,000 80 20,291 (15,351)
Cross-currency swap 758,448 8,659 10,631 (5,297)
Total 1,971,448 8,739 30,922 (20,648)
(*1) After the effect of corporate income taxes
For transactions between local and foreign currencies, the unsettled contract amount of transaction is translated
by applying the basic foreign exchange rate at the end of reporting period to the contract amount in foreign
currencies. For transactions between foreign currencies and other foreign currencies, the unsettled contract
amount is the amounts translated by applying the basic foreign exchange rate at the end of reporting period to
the contract amount in foreign currencies purchased.
2) The maximum period for the Company exposed to the variability in future cash flows arising from
derivatives designated as cash flow hedges is expected to be until March 6, 2019. Meanwhile, there is no
ineffective portion recognized related to cash flow hedge for the three months ended March 31, 2015 and
2014.
14. PLANNED RESERVES FOR BAD LOANS:
(1) Details of planned reserves for bad loans as of March 31, 2015 and December 31, 2014, are as follows
(Unit: Korean won in millions):
Accumulated reserve for bad loans 666,023 659,761
Transfer(reversal) to planned reserve for bad loans (36,876) 6,262
Reserve for bad loans 629,147 666,023

- 10 -
(2) Reversal to planned reserve for bad loans and net income after the reserve provided for the three months
ended March 31, 2015 and 2014, are as follows (Unit: Korean won in millions, except for earnings per
share):
Three months ended March 31
2015 2014
Net income 62,167 82,477
Reversal to planned reserve for bad loans 36,876 10,151
Net income after the planned reserve provided 99,043 92,628
Earnings per share after the planned reserve provided 617 577
15. RETAINED EARNINGS:
(1) Details of retained earnings as of March 31, 2015 and December 31, 2014, are as follows (Unit: Korean
won in millions):
Legal reserve (*1) 20,143 20,143
Planned reserve for bad loans (Note 14) 666,023 659,761
Unappropriated retained earnings 1,111,469 1,055,564
Total 1,797,635 1,735,468
(*1) Korean Commercial Code requires a company to appropriate at least 10% of dividends paid as legal
reserve for each fiscal period, until the reserve equals 50% of paid-in capital. This reserve is not
available for payment of cash dividends; however, it can be used to reduce deficit or be transferred to
capital.
(2) Changes in retained earnings for the three months ended March 31, 2015 and 2014, are as follows (Unit:
2015 2014
Beginning balance 1,735,468 1,511,954
Net income 62,167 82,477
Ending balance 1,797,635 1,594,431
16. NET INTEREST EXPENSE:
Net interest expense from financial instruments for the three months ended March 31, 2015 and 2014, are as
2015 2014
Interest income
Cash and deposits 5,739 4,532
Others 554 575
Total 6,293 5,107
Interest expenses
Borrowings 2,026 2,981
Debentures 70,192 73,262
Others 5 7
Total 72,223 76,250
Net interest expenses (65,930) (71,143)

- 11 -
17. NET COMMISSION INCOME:
Net commission income (expenses) from financial instruments for the three months ended March 31, 2015 and
2015 2014
Commission income
Card income 380,588 378,150
Total 380,588 378,150
Commission expenses
Service fee 131,698 128,320
Financial payment fee 2,307 2,608
Handling fee relating to credit purchase 37,894 30,057
Merchant’s copayment fee 13 13
Overseas payment fee 10,517 10,072
Other 10,682 12,818
Total 193,111 183,888
Net commission income 187,477 194,262
18. OTHER OPERATING REVENUE AND OTHER OPERATING EXPENSES:
Other operating revenues and expenses for the three months ended March 31, 2015 and 2014, are as follows
2015 2014
Other operating revenue
Foreign exchange gain 3,467 2,884
Gain on transaction of derivatives 2,200 1,460
Gain on valuation of derivatives 3,229 6,300
Others 5,017 5,842
Total 13,913 16,486
Other operating expenses
Foreign exchange loss 3,473 2,281
Foreign currency translation loss 3,229 6,300
Others 6,600 10,445
Total 13,302 19,026

- 12 -
19. GENERAL AND ADMINISTRATIVE EXPENSES:
Details of general and administrative expenses for the three months ended March 31, 2015 and 2014, are as
2015 2014
Salaries and wages 45,441 28,621
Pension expenses 3,438 2,202
Employee benefits 7,396 6,815
Travel expenses 544 467
Communication expenses 7,880 5,889
Posts expenses 4,772 5,325
Rental expenses 6,500 6,106
Taxes dues 4,934 4,834
Repair and maintenance expenses 161 145
Insurance expenses 50 25
Entertainment expenses 141 142
Advertising expenses 5,755 6,080
Supplies 708 434
Vehicle maintenance expenses 3 4
Periodicals expenses 36 71
Publication expenses 2,003 1,872
Training expenses 1,419 1,142
Electronic data processing expenses 10,140 11,273
Expense for temporary staff 2,250 8,905
Professional service expenses 31,437 30,775
Delivery commission 420 455
Commission expenses 6,781 6,101
Business activities expenses 676 689
Depreciation expenses 10,038 7,071
Amortization expenses 7,665 4,112
Event expenses 436 122
Conference expenses 60 39
Building administrative expenses 1,885 1,637
Total 162,969 141,353
20. INCOME TAX EXPENSES:
(1) Income tax expenses for the three months ended March 31, 2015 and 2014, are as follows (Unit: Korean
won in millions):
2015 2014
Income tax currently payable 15,009 22,249
Changes in deferred income tax assets 641 2,539
Changes in income tax expense reflected directly in shareholders’ equity 1,890 569
Income tax expense 17,540 25,357
(2) Income tax expenses reflected directly in shareholders’ equity for the three months ended March 31, 2015
and 2014, are as follows (Unit: Korean won in millions):
January 1, 2015 Increase March 31, 2015
Tax effect related to the cash flow hedging reserve loss 6,537 1,082 7,619
Tax effect related to remeasurements of the net defined benefit liability 6,166 808 6,974
Total 12,703 1,890 14,593

- 13 -
January 1, 2014 Increase March 31, 2014
Tax effect related to the cash flow hedging reserve loss 261 383 644
Tax effect related to remeasurements of the net defined benefit liability 1,591 186 1,777
Total 1,852 569 2,421
(3) A reconciliation between income before income tax and income tax expense for the three months ended
March 31, 2015 and 2014, are as follows (Unit: Korean won in millions):
2015 2014
Net income before income tax 79,707 107,834
Net income tax payable by the statutory income tax rates (*) 18,827 25,634
Tax reconciliations:
Others (1,287) (277)
Subtotal (1,287) (277)
Income tax expense for continued operation 17,540 25,357
Effective tax rates (income tax/income before income tax) 22.01% 23.51%
(*) Applicable income tax rate: 1) 11% for below 200 million, 2) 22% for from 200 million to 20
billion and 3) 24.2% for above 20 billion.
21. EARNINGS PER SHARE:
(1) Basic earnings per share for the three months ended March 31, 2015 and 2014, are as follows (Unit: Korean
won):
March 31, 2015 March 31, 2014
Net income (A) 62,167,320,710 82,476,903,693
Weighted-average
number of shares (B) 160,465,286 shares 160,465,286 shares
Net income per share (A/B) 387 514
(2) Diluted earnings per share
As there were no discontinued operations during the three months ended March 31, 2015 and 2014, basic
earnings per share are the same as basic earnings per share from continuing operations.

- 14 -
22. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):
Changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2015 and
March 31, 2015
Changes
Beginning
balance
Reclassification
of profit or loss Other
Income tax
effects
Ending
balance
Gain (loss) on valuation of
derivatives (20,648) 117 (5,377) 1,082 (24,826)
Remeasurements of the net
defined benefit liability (19,470) - (4,054) 808 (22,716)
Total (40,118) 117 (9,431) 1,890 (47,542)
March 31, 2014
Changes
Beginning
balance
Reclassification
of profit or loss Other
Income tax
effects
Ending
balance
Gain (loss) on valuation of
derivatives (827) 276 (1,869) 383 (2,037)
Remeasurements of the net
defined benefit liability (5,030) - (775) 186 (5,619)
Total (5,857) 276 (2,644) 569 (7,656)
23. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS:
(1) Cash and cash equivalents
Cash and cash equivalents in the condensed consolidated statements of cash flows are as follows (Unit: Korean
won in millions):
March 31, 2015 March 31, 2014
Ordinary deposits 145,184 134,977
Current deposits 27 44
Time deposits 13,500 14,200
Other cash and cash equivalents 396,983 805,001
Total 555,694 954,222

- 15 -
(2) Cash generated from operating activities
Cash generated from operating activities are as follows (Unit: Korean won in millions):
2015 2014
Net income 62,167 82,477
Adjustments:
Income tax expense 17,540 25,357
Interest income (6,293) (5,107)
Interest expense 72,223 76,250
Dividends received (147) (173)
Bad debt expenses and losses on disposal of receivables 55,440 60,138
Retirement benefits 3,421 2,192
Long-term employee benefits 306 -
Depreciation expenses 10,038 7,071
Amortization expenses 7,665 4,112
Losses on foreign currency translation 3,229 6,300
Losses from sale of property, plant and equipment and intangible
assets
1,209 18
Sales promotional expenses 8,402 6,234
Increase in provision for others 6,994 151
Other operating expenses 437 258
Gains on valuation of trading securities (195) -
Gains on disposal of available-for-sale securities (25) (30)
Gains on valuation of derivatives (3,229) (6,300)
Amortization of present value discounts of card assets (9,095) (6,855)
Amortization of deferred origination cost and fee of card assets (5,984) (6,377)
Gains from sale of property, plant and equipment and intangible assets (20) -
Reversal of impairment losses for intangible assets - (6)
Other operating revenues (9) (35)
Subtotal 161,907 163,198
Changes in operating assets and liabilities:
Decrease in trading securities 233,106 -
Decrease in card assets 304,685 34,707
Decrease (increase) in other assets (28,500) 3,315
Net decrease in guarantee deposits 796 2,651
Increase in derivative assets (343) -
Decrease in net defined benefit liabilities (1,648) (872)
Decrease in long-term employee benefits (141) -
Decrease in derivative liabilities (3,083) (12,740)
Decrease in capital lease liabilities - (298)
Increase (decrease) in other liabilities 43,911 (67,590)
Subtotal 548,783 (40,827)
Total 772,857 204,848

- 16 -
24. CONTINGENCIES AND COMMITMENTS:
(1) Credit line agreement
The credit line agreements as of March 31, 2015 and December 31, 2014, are as follows (Unit: Korean won in
millions):
Type Financial instruments March 31, 2015 December 31, 2014
Intraday overdraft limit Shinhan Bank
and 13 others 552,600 552,600
(2) Revolving Credit Facility
As the Company has a revolving credit facility agreement with many financial institutions for credit line as of
March 31, 2015, the Company made a revolving credit facility agreement for 460 billion with Kookmin
Bank and 6 others for credit line.
(3) Guarantee
The Company has a performance guarantee from the Seoul Guarantee Insurance Co., Ltd., amounting to
552 million in connection with deferred transportation payment card and others.
(4) Pending litigations
As of March 31, 2015, the Consolidated Entity is involved in 40 cases ( 24,569 million) as a defendant and
151 cases ( 12,677 million) as a plaintiff in the pending litigations. The management of the Consolidated
Entity does not anticipate that these pending litigations referred above will have a significant effect on the
Consolidated Entity’s consolidated financial statements.
(5) Deposit for Loss Reimbursement
As of March 31, 2015, the Consolidated Entity has deposits of 2,235 million and 4,670 million of
proceeds and interests, respectively, from the sale of Daewoo Engineering & Construction Co., Ltd.’s shares in
an escrow account and records 2,235 million and 4,467 million for provision of proceeds and interests,
respectively, from the litigation relating to the sale of Daewoo Engineering & Construction Co., Ltd.’s shares
(See note 12).
(6) Contract of sale of receivables
The Consolidated Entity entered into a contract with Hyundai Capital Services, Inc., relating to its sale of
receivables on January 24, 2006. In accordance with the contract, the Consolidated Entity sells the receivables
that are 60 days or more past due or written off (partially including receivables that are before 60 days) to
Hyundai Capital Services, Inc. Such sale occurs five times a month on designated cutoff dates at the amount
calculated using a predetermined price pursuant to the contract.
(7) Alliance
The Consolidated Entity has separate agency agreements regarding its credit card business with SC First Bank,
Woori Bank, Korea Exchange Bank, Shinhan Bank, Citibank Korea, Hana Bank, Gwangju Bank, Jeonbuk
Bank, Jeju Bank, Postal Office, Korea Computer Inc. and others.
(8) License Agreement and Franchise Agreement
The Consolidated Entity entered into member issuance and franchise agreements with Master Card
International, Visa International and Diners Club International for credit card issuance and pays each fees
based on a fixed rate for each credit card issued.

- 17 -
(9) Reserve for Loss Reimbursement
The Consolidated Entity has the obligation to reimburse customers for fraudulent credit card activities; the
Consolidated Entity records the expected losses as an accrued expense.
(10) Security on the Receivables Sold Relating to Asset-Backed Securitization
The Consolidated Entity continuously transfers receivables to maintain a certain level of its equity in the
second series beneficiary certificates relating to the asset-backed securitization.
(11) Early Redemption Rule Associated with Asset-Backed Securitization
According to the agreement on the Consolidated Entity’s asset-backed securitization, in order to enhance the
credit level of the asset-backed securities, several provisions are in place as trigger clauses to be used for early
redemption calls, thereby limiting the risk that the investors are exposed to resulting from a change in quality
of the assets in the future. In the event the asset-backed securitization of the Consolidated Entity is in violation
of the applicable trigger clause, the Consolidated Entity is obliged to make early redemption for the asset-
backed securities.
25. TRANSACTION WITH RELATED PARTIES:
(1) Status of related parties
Related parties consist of entities related to the Consolidated Entity, postemployment benefits, a key
management personnel and a close member of that person’s family, an entity controlled or jointly controlled
and an entity influenced significantly.
Details of the related parties as of March 31, 2015, are as follows:
Companies
Parent Company Hyundai Motor Company
Other related parties GE Capital Int’l Holdings, HMC Investment Securities, Green Air, Kia Motors,
Kia Tigers, Maintrans Co., Ltd., Busan Finance Center AMC, HL Green Power,
WIA-MAGNA Powertrain, Eukor Car Carriers, Innocean Worldwide, Iljin
Bearing, Chunbuk Hyundai Motors FC, Korea Credit Bureau, Hankook
Economy Daily, Haevichi Resort, Haevichi Country Club, Haevichi Hotel &
Resort, Hyundai Construction, Hyundai Glovis, Hyundai Dymos, Hyundai City
Corporation, Hyundai Life, Hyundai Rotem, Hyundai Materials, Hyundai
Mobis, Hyundai BNG Steel, Hyundai Farm Land & Development, Hyundai
Engineering & Steel Industries, Hyundai IHL, Hyundai Energy, Hyundai
Engineering, Hyundai NGV, Hyundai MSEAT, Hyundai MnSoft, Hyundai
AMCO, Hyundai Auto Ever Systems, Hyundai-autron, Hyundai WIA, Hyundai
Steel Company, HYUNDAI Architects & Engineers Assoc., Hyundai Capital,
Hyundai Commercial, Hyundai KEFICO, Hyundai Powertech, Hyundai Partecs,
and Hyundai Hysco.

- 18 -
(2) Outstanding transactions with the related parties for the three months ended March 31, 2015 and 2014, are
as follows (Unit: Korean won in millions):
Revenues Expenses Others
Card income Rental revenue Others Card expense
General and
administrative
expenses Others
Purchase of
property, plant
and equipment
Purchase of
intangible
assets
Disposal of
assets
Parent Company
Hyundai Motor
Company 28,203 - - - 186 2 - - -
Other related
parties
Kia Motor
Company
9,606 - - - 7 - - - -
Hyundai Mobis 178 - - - - - - - -
Hyundai
Construction
52 - - - - - 1,799 - -
Hyundai Glovis 84 - - - - - - - -
Hyundai Capital 17 116 4,023 7,456 656 4,316 - - 92,560
Others 2,764 253 168 27 13,036 1,180 - 4,380 -
Total 40,904 369 4,191 7,483 13,885 5,498 1,799 4,380 92,560
Revenues Expenses Others
Card income Rental revenue Others Card expense
General and
administrative
expenses Others
Purchase of
property and
equipment
Purchase of
intangible
assets
Disposal of
assets
Parent Company
Hyundai Motor
Company 28,365 - - - 45 33 - - -
Other related
parties
Kia Motor
Company
10,312 - - - 6 12 - - -
Hyundai Mobis 263 - - - - - - - -
Hyundai
Construction
54 - - - - - 554 - -
Hyundai Glovis 108 - - - - - - - -
Hyundai Capital 18 125 5,449 2,850 933 5,913 - - 100,850
Others 3,857 253 250 36 10,853 4,640 - 3,530 -
Total 42,977 378 5,699 2,886 11,837 10,598 554 3,530 100,850

- 19 -
(3) Receivables and payables (except for borrowings) from the transactions with the related parties as of March
31, 2015 and December 31, 2014, are as follows (Unit: Korean won in millions):
March 31, 2015
Receivable Payables
Card assets Others
Allowance for
doubtful accounts Accounts payable Others
Parent Company
Hyundai Motor Company 57,574 2,128 (633) 52,461 -
Other related parties
Kia Motor Company 14,013 173 (154) 7,773 -
Hyundai Movis 1,481 - (16) 357 -
Hyundai Construction 1,125 - (12) - -
Hyundai Glovis 1,774 - (20) 68 -
Hyundai Wia 3,383 - (37) - -
Hyundai Steel Company 2,488 - (27) - -
Hyundai BNG Steel 537 - (6) - -
Hyundai Hysco 458 - (5) 6,809 -
Hyundai Capital 124,846 568 (1,373) 755 265
HMC Investment Securities 772 - (8) - -
Others 18,538 46,582 (204) 9,315 526
Total 226,989 49,451 (2,495) 77,538 791
December 31, 2014
Receivable Payables
Card assets Others
Allowance for
doubtful accounts Accounts payable Others
Parent Company
Hyundai Motor Company 68,293 2,128 (751) 51,529 -
Other related parties
Kia Motor Company 42,731 173 (470) 9,075 -
Hyundai Movis 2,864 - (31) 468 -
Hyundai Construction 1,787 - (20) - -
Hyundai Glovis 1,781 - (20) 364 -
Hyundai Wia 6,378 - (70) - -
Hyundai Steel Company 8,794 - (97) - -
Hyundai BNG Steel 414 - (5) - -
Hyundai Hysco 337 - (4) 3,583 -
Hyundai Capital 126,110 497 (1,387) 599 265
HMC Investment Securities 725 - (8) - -
Others 22,737 46,406 (250) 13,431 630
Total 282,951 49,204 (3,113) 79,049 895
(4) Compensation for key management for the three months ended March 31, 2015 and 2014, are as follows
2015 2014
Short-term employee benefit 3,644 2,289
Retirement benefit 491 479
Other long-term employee benefit 3 -
Total 4,138 2,768
(5) There were no borrowing transactions with the related parties for the three months ended March 31, 2015
and 2014.
(6) There were no lending transactions with the related parties for the three months ended March 31, 2015 and
2014.

- 20 -
(7) As of March 31, 2015, there are no payment guarantees and collaterals that the Consolidated Entity has
provided for the related parties to finance, and no payment guarantees and collaterals that the Consolidated
Entity has been provided from the related parties.
26. TRANSFERS OF FINANCIAL ASSETS:
The Company transferred its card assets to special-purpose companies (“SPCs”) for asset securitization and
SPCs-issued ABSs. The ABSs are collateralized by card assets as underlying assets. All of the transferred
financial assets do not qualify for derecognition under K-IFRS 1039 because the Company has retained
substantially all the risks and rewards of ownership of the transferred assets. Therefore, the Company
continues to recognize the transferred financial assets in the separate financial statements. Meanwhile, the
ABSs are included in debentures under the financial statements.
The details of ABSs and underlying assets as of March 31, 2015 and December 31, 2014, are as follows (Unit:
March 31, 2015
Carrying amount Fair value
Maturity
Underlying
asset Senior tranche
Underlying
asset Senior tranche Net position
PRIVIA 3rd SPC 2015.07.20 1,192,934 294,667 1,314,506 294,788 1,019,718
PRIVIA 4th SPC 2017.07.18 786,029 320,450 892,574 320,582 571,992
PRIVIA 5th SPC 2018.02.19 842,658 300,000 874,879 304,132 570,747
Discounts on bonds - (4,639) - - -
Total 2,821,621 910,478 3,081,959 919,502 2,162,457
December 31, 2014
Carrying amount Fair value
Maturity
Underlying
asset Senior tranche
Underlying
asset Senior tranche Net position
PRIVIA 3rd SPC 2015.07.20 1,277,386 439,680 1,388,805 440,271 948,534
PRIVIA 4th SPC 2017.07.18 829,641 318,768 924,226 319,197 605,029
PRIVIA 5th SPC 2018.02.19 858,317 300,000 877,311 300,042 577,269
Discounts on bonds - (5,334) - - -
Total 2,965,344 1,053,114 3,190,342 1,059,510 2,130,832

- 21 -
27. NETTING ON FINANCIAL ASSETS AND LIABILITIES:
Derivative assets and derivative liabilities recognized by the Consolidated Entity can be set off in accordance
with the future events described in derivative master netting agreements.
The effects of netting agreements as of March 31, 2015 and December 31, 2014, are as follows (Unit: Korean
won in millions):
March 31, 2015
Non-offsetting amount
Recognized
financial assets
and liabilities
Offsetting
amount from
recognized
financial assets
and liabilities
Net amounts
in the
consolidated
statement of
financial
position
Financial
instruments
Cash collateral
received Net amounts
Financial Assets
Derivative assets 10,712 - 10,712 5,648 - 5,064
Financial Liabilities
Derivative liabilities 31,500 - 31,500 5,648 - 25,852
December 31, 2014
Non-offsetting amount
Recognized
financial assets
and liabilities
Offsetting
amount from
recognized
financial assets
and liabilities
Net amounts
in the
consolidated
statement of
financial
position
Financial
instruments
Cash collateral
received Net amounts
Financial Assets
Derivative assets 8,739 - 8,739 8,659 - 80
Derivative liabilities 30,922 - 30,922 8,659 - 22,263

- 22 -
28. FINANCIAL ASSETS AND LIABILITIES:
(1) The fair value of financial assets and liabilities as of March 31, 2015 and December 31, 2014, is as follows
Book value Fair value Book value Fair value
Assets:
Financial assets
Cash and deposits 588,723 588,723 200,725 200,725
Investment financial assets 507,860 507,860 740,771 740,771
Card assets 10,195,615 10,711,890 10,549,897 11,136,398
Other financial assets 236,458 236,651 205,190 205,315
Total 11,528,656 12,045,124 11,696,583 12,283,209
Liabilities:
Financial liabilities
Borrowings 200,000 200,635 200,000 200,366
Debentures 7,451,010 7,712,812 7,730,127 7,946,435
Other financial liabilities 1,433,592 1,433,615 1,393,751 1,393,764
Total 9,084,602 9,347,062 9,323,878 9,540,565
The Consolidated Entity’s valuation techniques and relevant policies with regards to the fair value are the same
as those used for the previous period.
(2) Fair value hierarchy
All financial instruments at fair value are categorized into three fair value hierarchy levels. The method of
categorizing fair value hierarchy levels is the same as the one used for the previous period.
The table below provides the Consolidated Entity’s financial assets and liabilities recorded at fair value in the
condensed consolidated statements of financial position as of March 31, 2015 and December 31, 2014 (Unit:
March 31, 2015
Fair value hierarchy
Book value Fair value Level 1 Level 2 Level 3
Financial Assets
Trading securities 506,093 506,093 - 506,093 -
Derivative assets 10,712 10,712 - 10,685 27
Derivative liabilities 31,500 31,500 - 31,500 -
December 31, 2014
Fair value hierarchy
Book value Fair value Level 1 Level 2 Level 3
Financial Assets
Trading securities 739,004 739,004 - 739,004 -
Derivative assets 8,739 8,739 - 8,659 80
Derivative liabilities 30,922 30,922 - 30,922 -

- 23 -
The table below provides the Consolidated Entity’s financial assets and financial liabilities that are carried at
cost since the fair values of the financial instruments are not readily determinable in the condensed
consolidated statements of financial position as of March 31, 2015 and December 31, 2014 (Unit: Korean won
in millions):
Description March 31, 2015 December 31, 2014
Investment financial assets
Available-for-sale securities (*1) Unlisted equity securities 1,767 1,767
(*1) Available-for-sale securities are recorded at cost since they do not have quoted prices in an active market
and the fair values are not reliably measured.
(3) The Consolidated Entity recognizes the transfers on the date of the event of change in circumstances that
caused the transfers.
(4) The following table explains valuation techniques and input variables used in Level 2 or Level 3 fair value
measurement. The valuation techniques and input variables of the financial assets and liabilities, which are
measured at amortized cost, are as follows:
Description Classification
Fair Value
(In Million KRW)
Current / Prior
Fair
Value
Hierarchy
Valuation Techniques
Notable Unobservable Inputs
and Extent
Card Assets Assets 10,711,890 11,136,398 Level 3 DCF model is used to determine
the fair value of card assets. The
fair value is determined by
discounting the expected cash
flows with the market interest
rate considering the
Consolidated Entity’s credit
grade.
Market rate of profit, credit
spread, liquidity premium,
other spread, discount rate per
creditors
Leasehold
deposits
provided
Assets 30,467 31,173 Level 2 DCF model is used to determine
the fair value of lease deposits
provided. The fair value is
determined by discounting the
expected cash flows with the
market interest rate considering
the Consolidated Entity’s credit
grade.
other spread
Trading
securities
Assets 506,093 739,004 Level 2 DCF model is used to determine
the fair value of trading
securities. The fair value is
the similar credit grade with the
debt security issuer.
N/A
Borrowings Liabilities 7,913,447 8,146,801 Level 2 DCF model is used to determine
the fair value of borrowings.
The fair value is determined by
discounting the expected cash
flows with the market interest
rate considering the
Consolidated Entity’s credit
grade.
other spread
Leasehold
deposits
received
Liabilities 8,610 8,664 Level 2 DCF model is used to determine
the fair value of lease deposits
received. The fair value is
the Consolidated Entity’s credit
grade.
other spread

- 24 -
Description Classification
Fair Value
(In Million KRW)
Current / Prior
Fair
Value
Hierarchy
Valuation Techniques
Notable Unobservable Inputs
and Extent
Interest Rate
Swap
Assets - - Level 2 Discount rates and forward rates
used to measure fair values of
interest rate swap are
determined based on the
applicable constructed market-
based yield curve. The fair
value is determined by
offsetting the discounted
expected cash flows of interest
rate swap with the
aforementioned forward rates.
N/A
Liabilities 25,851 20,291
Currency
Swaps
Assets 10,685 8,659 Level 2 Discount rates and forward rates
used to measure fair values of
currency swaps are determined
based on the applicable
constructed market-based yield
curve. The trading base rate in
the morning of the report date is
used as currency swap’s
exchange rate. The fair value is
determined by offsetting the
discounted expected cash flows
of currency swap with the
aforementioned forward rates
and closing price.
Discounted interest rate
purchased, discounted interest
rate sold.
Liabilities 5,649 10,631
Structured
Swaps
Assets 27 80 Level 3 Structured Swaps
- Discount curve and expected
interest rates used to determine
the fair value of structured swap
are taken from market-based
swap interest rates as of the
reporting date through snapping.
- The volatility used in
determining the fair value of
structured swaps is taken from
market-based
Cap/Floor/Swaption volatility as
of the reporting date through
snapping.
- Hull and White model is
applied in determining the fair
value of structured swaps.
- The fair value is determined
by discounting the expected
cash flows of structured swaps
with the aforementioned swap
interest rates and volatility.
Volatility of the underlying
assets, discounted interest
rate.

- 25 -
(5) Changes of financial assets and liabilities classified as Level 3 that are measured at fair value for the three
months ended March 31, 2015 and 2014, are as follows:
March 31, 2015
Beg
Gains/
Losses
Other
Comprehensive
Income (loss)
Purchases/
Issues
Sales/
Settlements To/From Level 3 End.
Financial Instruments
Derivatives Assets 80 - (53) - - - 27
March 31, 2014
Beg
Gains/
Losses
Other
Comprehensive
Income (loss)
Purchases/
Issues
Sales/
Settlements To/From Level 3 End.
Financial Instruments
Derivatives Assets 280 - (200) - - - 80
(6) There are no significant changes in business or economic environment that affect fair values of financial
assets and liabilities held by the Consolidated Entity as of March 31, 2015.
29. FINANCIAL RISK MANAGEMENT:
The Consolidated Entity is exposed to credit, liquidity and market risks (exchange and rate risk). In order to
manage these factors, the Consolidated Entity operates risk management policies and programs that monitor
closely and respond to each of the risk factors. The Consolidated Entity uses derivatives to manage market
risks.
There was no significant change in the Consolidated Entity’s risk management division and policies after
December 31, 2014.
30. CAPITAL MANAGEMENT:
The Company (specialized credit finance company) must maintain adjusted capital adequacy ratio in
accordance with Specialized Credit Financial Business Law and subregulations, and the ratio for the credit card
company must be more than 8 %.
This ratio is calculated dividing adjusted capital by adjusted total assets and all factors are based on separate
financial statements.
The Company maintains an adjusted capital adequacy ratio over 8%.
The details of adjusted capital adequacy ratio as of March 31, 2015 and December 31, 2014 are as follows
Adjusted total assets (A) 11,088,861 11,272,517
Adjusted total capital (B) 2,182,267 2,047,771
Adjusted capital adequacy ratio (B/A) 19.68% 18.17%

카드 영문

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Similar to 카드 영문

Similar to 카드 영문 (20)

More from Hyundai Finance

More from Hyundai Finance (20)

카드 영문