Review reports 1 q2014 ko

Hyundai Capital Services, Inc. and Subsidiaries
Condensed Consolidated Interim Financial Statements
(Unaudited)
March 31, 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 8
Condensed Consolidated Interim Statements of Cash Flows 10
Notes to the Condensed Consolidated Interim Financial Statements 11

KPMG Samjong Accounting Corp.
10th Floor, Gangnam Finance Center,
737 Yeoksam-dong,
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 Capital Services, Inc.:
Reviewed Financial Statements
We have reviewed the accompanying condensed consolidated interim financial statements of Hyundai
Capital Services, Inc. and its subsidiaries (the “Group”), which comprise the condensed consolidated
statement of financial position as of March 31, 2014, the condensed consolidated statements of
comprehensive income, changes in equity and cash flows for the three-month periods ended March
31, 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 reviews, nothing has come to our attention that causes us to believe that the
accompanying condensed consolidated interim financial statements referred to above are not
prepared, in all material respects, in accordance with K-IFRS No.1034 Interim Financial Reporting.
Others
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 in accordance with auditing
standards generally accepted in the Republic of Korea, and our report thereon, dated February 27,
2014, expressed an unqualified opinion. The accompanying consolidated statement of financial position
of the Group as of December 31, 2013, presented for comparative purposes, is not different from that
audited in all material respects.

10th Floor, Gangnam Finance Center,
737 Yeoksam-dong,
Gangnam-ku, Seoul 135-984,
Republic of Korea
Tel +82 (2) 2112 0100
Fax +82 (2) 2112 0101
www.kr.kpmg.com
Seoul, Korea
May 13, 2014
This report is effective as of May 13, 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 March 31, 2014 and December 31, 2013
(Unaudited)
3
(In millions of won) Notes
March 31,
2014
December 31,
2013
Assets
Cash and due from banks 22
Cash and cash equivalents W 1,911,613 1,502,600
Due from banks 15 15
1,911,628 1,502,615
Securities 3
Available-for-sale securities 55,022 52,783
Investments in associates 133,074 157,313
188,096 210,096
Loans receivable 4,5
Loans receivable 10,723,208 11,457,559
Allowance for loan loss (337,687) (333,359)
10,385,521 11,124,200
Installment financial assets 4,5
Auto installment financing receivables 5,453,893 4,832,949
Allowance for loan loss (48,357) (42,693)
Durable goods installment financing receivables 71 -
Mortgage installment financing receivables 9,406 9,884
Allowance for loan loss (180) (286)
5,414,833 4,799,854
Lease receivables 4,5
Finance lease receivables 2,945,228 2,989,186
Cancelled lease receivables 809 773
2,946,037 2,989,959
Leased assets, net
Operating lease assets 1,106,211 1,066,694
Cancelled lease assets 3,378 3,033
1,109,589 1,069,727
Property and equipment, net 6 232,075 233,018
Non-current assets held for sale 8 22,347 22,347
Other assets
Intangible assets 7 60,143 62,747
Non-trade receivables 114,414 119,207
Allowance for credit loss 5 (5,688) (5,457)
Accrued revenues 117,007 118,737
Allowance for credit loss 5 (15,451) (15,220)
Advance payments 64,245 57,153
Prepaid expenses 78,168 47,774
Leasehold deposits 27,839 28,343
Derivative assets 12 31,434 23,946
472,111 437,230
Total assets W 22,682,237 22,389,046
See accompanying notes to the condensed consolidated interim financial statements.

Hyundai Capital Services, Inc.
Condensed Consolidated Interim Statements of Financial Position, Continued
As of March 31, 2014 and December 31, 2013
(Unaudited)
4
(In millions of won) Notes
March 31,
2014
December 31,
2013
Liabilities
Borrowings 9
Borrowings W 1,717,270 1,811,443
Bonds 15,972,356 15,426,879
17,689,626 17,238,322
Other liabilities
Non-trade payables 240,741 307,752
Accrued expenses 168,431 161,447
Unearned revenue 41,000 41,857
Withholdings 41,124 37,486
Derivative liabilities 12 410,220 512,746
Current tax liabilities 54,840 58,528
Defined benefit liability 10 15,129 12,884
Leasehold deposits received 684,391 706,224
Deferred income tax liabilities 19 52,826 57,021
Provisions 11 1,700 1,826
Other liabilities 60 70
1,710,462 1,897,841
Total liabilities 19,400,088 19,136,163
Equity
Issued capital 496,537 496,537
Capital surplus 407,539 407,539
Accumulated other comprehensive loss 21 (12,859) (11,573)
Retained earnings 13,14 2,390,932 2,360,380
Total equity 3,282,149 3,252,883
Total liabilities and equity W 22,682,237 22,389,046

Condensed Consolidated Interim Statements of Comprehensive Income
For the three-month periods ended March 31, 2014 and 2013
(Unaudited)
5
(In millions of won, except earnings per share information) Notes 2014 2013
Operating revenue
Interest income 15 W 11,876 8,128
Gain on valuation and disposal of securities 653 921
Income on loans 15,16 332,543 376,043
Income on installment financial receivables 15,16 79,405 66,648
Income on leases 15,16 218,648 228,029
Gain on disposals of loans 3,844 3,138
Gain on foreign currency transactions 508 22,976
Dividend income 2,206 2,357
Other operating income 17 139,266 211,341
Total operating revenue W 788,949 919,581

Condensed Consolidated Interim Statements of Comprehensive Income, Continued
(Unaudited)
6
Operating expenses
Interest expenses 15 W 194,815 204,013
Lease expenses 16 126,258 127,829
Provision for loan loss 5 118,978 100,930
Loss on foreign currency transactions 105,060 175,969
General and administrative expenses 18 153,533 154,280
Other operating expenses 17 12,823 39,214
Total operating expenses 711,467 802,235
Operating income 77,482 117,346
Non-operating income 6,122 91,884
Non-operating expenses (28,318) (3,149)
Profit before income taxes 55,286 206,081
Income tax expense 19 24,734 53,232
Profit for the period W 30,552 152,849

Condensed Consolidated Interim Statements of Comprehensive Income, Continued
For the three-month periods ended March, 2014 and 2013
(Unaudited)
7
Other comprehensive income (loss), net of
income taxes 21
Items that will not be reclassified to profit or loss:
Changes in remeasurements of defined benefit
plans W (889) (1,459)
Items that are or may be reclassified
subsequently to profit or loss:
Net change in unrealized fair value of available-
for-sale financial securities 883 242
Other comprehensive income (expense) of
equity method investees (389) 1,139
Net change in unrealized fair value of derivatives (794) (19,737)
Effect of overseas operation translations (97) 92
Total other comprehensive income (loss), net of
income tax (1,286) (19,723)
Total comprehensive income for the period W 29,266 133,126
Earnings per share 20
Basic and diluted earnings per share W 308 1,539

HyundaiCapitalServices,Inc.andSubsidiaries
CondensedConsolidatedInterimStatementsofChangesinEquity
Forthethree-monthperiodsendedMarch31,2014and2013
(Unaudited)
8
(Inmillionsofwon)
Issued
capital
Capitalsurplus
Additional
paid-in
capital
Other
additional
capital
Accumulated
other
comprehensive
loss
Retained
earnings
Total
equity
BalancesasofJanuary1,2013
(Restated)W496,537369,33938,200(13,432)2,148,9983,039,642
Totalcomprehensiveincome
(loss)
Profitfortheperiod----152,849152,849
Othercomprehensiveincome:
Netchangeinunrealizedfair
valueofavailable-for-sale
securities---242-242
Othercomprehensiveincome
ofequitymethodinvestees---1,139-1,139
ofvaluederivatives---(19,737)-(19,737)
Effectofoverseasoperation
translations---92-92
Changesinremeasurements
ofdefinedbenefitplans---(1,459)-(1,459)
(loss)fortheperiod---(19,723)152,849133,126
BalancesasofMarch31,2013W496,537369,33938,200(33,155)2,301,8473,172,768
Seeaccompanyingnotestothecondensedconsolidatedinterimfinancialstatements.

CondensedConsolidatedInterimStatementsofChangesinEquity,Continued
Forthethree-monthperiodsendedMarch31,2014and2013
(Unaudited)
9
(Inmillionsofwon)
Issued
capital
CapitalsurplusAccumulated
other
comprehensive
loss
Retained
earnings
Total
equity
Additional
paid-in
capital
Other
additional
capital
BalancesasofJanuary1,2014
(Restated)
W
496,537369,33938,200(11,573)2,360,3803,252,883
(loss)
Profitfortheperiod----30,55230,552
Othercomprehensiveincome:
valueofavailable-for-sale
securities---883-883
Othercomprehensiveincome
ofequitymethodinvestees---(389)-(389)
ofvaluederivatives---(794)-(794)
Effectofoverseasoperation
translations---(97)-(97)
Changesinremeasurements
ofdefinedbenefitplans---(889)-(889)
(loss)fortheperiod---(1,286)30,55229,266
BalancesasofMarch31,2014W496,537369,33938,200(12,859)2,390,9323,282,149
Seeaccompanyingnotestothecondensedconsolidatedinterimfinancialstatements.

Condensed Consolidated Interim Statements of Cash Flows
(Unaudited)
10
(In millions of won) Notes 2014 2013
Cash flows from operating activities
Cash generated from operations 22 W 267,677 276,857
Interest received 11,693 7,917
Interest paid (170,925) (201,362)
Dividends received 2,206 2,357
Income taxes paid (32,709) (33,067)
Net cash provided by operating activities 77,942 52,702
Cash flows from investing activities
Dividends from associates - 533
Acquisition of land (10) -
Proceeds from disposal of land - 114,486
Acquisition of building (405) -
Proceeds from disposal of building - 63,415
Acquisition of vehicles (189) (155)
Proceeds from disposal of vehicles 64 98
Acquisition of fixtures and furniture (1,978) (1,057)
Proceeds from disposal of fixtures and furniture 2 47
Acquisition of other tangible assets (65) (48)
Proceeds from disposal of other tangible assets 10 -
Increase in construction in progress (2,350) (4,262)
Proceeds from disposal of intangible assets (612) (162)
Decrease in leasehold deposits 1,072 -
Increase in leasehold deposits (513) (2,765)
Net cash provided by provided by (used in)
investing activities (4,974) 170,130
Cash flows from financing activities
Proceeds from borrowings 330,000 460,000
Repayments of borrowings (425,000) (654,969)
Issuance of bonds 1,361,393 748,190
Repayments of bonds (930,318) (945,730)
Net cash used in financing activities 336,075 (392,509)
Effect of exchange rate fluctuations on cash and
cash equivalents held (30) 14
Net increase (decrease) in cash and cash
equivalents 409,013 (169,663)
Cash and cash equivalents at beginning of period 22 1,502,600 1,302,161
Cash and cash equivalents at end of period 22 W 1,911,613 1,132,498

Notes to the Condensed Consolidated Interim Financial Statements
March, 2014
(Unaudited)
(In millions of won)
11
1. Reporting Entity
Hyundai Capital Services, Inc. (the “Company”) was established on December 22, 1993, to engage in
installment financing, facilities leasing and new technology financing. The Company changed its trade
name from Hyundai Auto Finance Co., Ltd. to Hyundai Financial Services Co. on April 21, 1995, and
changed its trade name once again to Hyundai Capital Services, Inc. on December 30, 1998. In
accordance with the Monopoly Regulation and Fair Trade Act, the Company is incorporated into
Hyundai Motor Company Group. As of March 31, 2014, the Company’s operations are headquartered
in 3, Uisadang-daero, Yeongdeungpo-gu, Seoul, Korea. Its major shareholders are Hyundai Motor
Company and GE International Holdings Corporation with 56.47% and 43.30% ownership,
respectively.
The condensed consolidated interim financial statements include the accounts of the Company, as the
parent company, certain Autopia SPC trusts and other subsidiaries (collectively, the “Group”), while
HK Mutual Savings Bank and five other entities are associates.
(1) The Group’s subsidiaries
Subsidiaries as of March 31, 2014 and December 31, 2013, are as follows. The Group has substantial
power over the subsidiaries established as special purpose entities for asset securitization even
though its ownership interests over the subsidiaries do not exceed 50%.
Location
Ratio of
ownership
(%) March 31, 2014 December 31, 2013
Special
Purpose
Entities
Korea 0.9 Autopia Thirty-sixth SPC (trust) Autopia Thirty-sixth SPC (trust)
Autopia Forty-third SPC (trust) Autopia Forty-second SPC (trust)
Autopia Forty-fourth SPC (trust) Autopia Forty-third SPC (trust)
Autopia Forty-fifth SPC (trust) Autopia Forty-fourth SPC (trust)
Autopia Forty-sixth SPC (trust) Autopia Forty-fifth SPC (trust)
Autopia Forty-seventh SPC (trust) Autopia Forty-sixth SPC (trust)
HB third SPC Autopia Forty-seventh SPC (trust)
HB third SPC
0.5 Autopia Forty-ninth SPC (trust) Autopia Forty-ninth SPC (trust)
Autopia Fiftieth SPC (trust) Autopia Fiftieth SPC (trust)
Autopia Fifty-first SPC (trust) Autopia Fifty-first SPC (trust)
Autopia Fifty-second SPC (trust) Autopia Fifty-second SPC (trust)
0.31 HB Fourth SPC HB Fourth SPC
Limited
liability
company
Germany 100 Hyundai Capital Europe GmbH (*) Hyundai Capital Europe GmbH (*)
India 100 Hyundai Capital India Private
Limited
Hyundai Capital India Private
Limited
Brazil 100 Hyundai Capital Brazil LTDA Hyundai Capital Brazil LTDA
(*) It holds 100% shares of Hyundai Capital Services Limited Liability Company.

March, 2014
(Unaudited)
12
1. Reporting Entity, Continued
(2) Changes in subsidiaries
Subsidiaries that are excluded from the Group’s consolidated interim financial statements are as
follows:
Change Reason Subsidiaries
exluded Liquidation Autopia Forty-second SPC (trust)
(3) Condensed financial condition of subsidiaries as of March 31, 2014 is as follows:
Assets Liabilities Equity
Operating
income
Profit
(loss) for
the year
Total
comprehensive
income (loss)
Hyundai Capital
Europe GmbH W 12,063 2,713 9,350 3,516 (511) (511)
Hyundai Capital India
Private Limited 1,564 999 565 136 10 10
Hyundai Capital
Brazil LTDA 2,082 - 2,082 1,124 639 639
SPC(*) 2,246,966 2,245,005 1,961 35,417 (259) (259)
(*) SPC (trust)s in (1) the Group’s subsidiaries

March, 2014
(Unaudited)
13
2. Accounting Policies
2.1 Basis of Preparation
(1) Statement of compliance
These condensed consolidated interim financial statements were prepared in accordance with K-IFRS
(No. 1034 Interim Financial Reporting) for the period ended March 31, 2014, and do not include all of
the disclosures required for full 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 were prepared as of and for the year ended December 31, 2013.
These condensed consolidated interim financial statements have been prepared in accordance with
the Korean IFRS standards and interpretations issued and effective or issued and early adopted as of
March 31, 2014.
(2) Use of estimates and judgements
The preparation of the 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.

March, 2014
(Unaudited)
14
2. Accounting Policies, Continued
2.2 Significant Accounting Policies
(1) 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 its
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 at 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 Presentation of Financial Statements
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.

March, 2014
(Unaudited)
15
3. Securities
Securities as of March 31, 2014 and December 31, 2013 are as follows:
March 31, 2014 December 31, 2013
Available-for-sale securities
Equity securities
Marketable equity securities W 11,471 9,981
Unlisted equity securities 10,252 10,844
21,723 20,825
Debt securities
Corporate bonds 2,859 1,735
Government and public bonds 30,440 30,223
33,299 31,958
Investments in associates 133,074 157,313
W 188,096 210,096

March, 2014
(Unaudited)
16
3. Securities, Continued
3.1 Available-for-sale securities
Available-for-sale securities as of March 31, 2014 and December 31, 2013, are as follows:
(1) Marketable equity securities
Book value
Number of
shares
Ownership
(%)
Acquisition
cost
March
31, 2014
December
31, 2013
Marketable equity securities
NICE Information Service 1,365,930 2.25 W 3,312 5,006 4,180
NICE Holdings 491,620 1.30 3,491 6,465 5,801
Unlisted equity securities
Hyundai Finance Corp. (*) 1,700,000 9.29 9,888 10,073 10,665
Korean Egloan, Inc. 4,000 3.12 100 100 100
Golfclub Lich AG 14 0.59 60 79 79
W 16,851 21,723 20,825
(*) The fair value for Hyundai Finance Corp. was valued as the average of valuation prices provided by
two external appraisers, KIS Pricing Inc. and Korea Asset Pricing, using the discounted cash flow
model. The five-year financial statements, projected based on past performance, were used in
measuring the fair value assuming that the operational structure will remain as is for the next five
years. Operating income and expenses were estimated based on the past performance, business
plan and expected market conditions.
(2) Debt securities
Book value
Issuer
Interest
rate (%)
Acquisition
cost
March
31, 2014
December
31, 2013
Government and public
bonds
Metropolitan
Rapid Transit
and others 2.00 W 2,708 2,859 1,735
Corporate bonds Autopia Fifty-
third SPC 3.59, 4.42 30,000 30,440 30,223
W 32,708 33,299 31,958

March, 2014
(Unaudited)
17
3.2 Investments in associates
(1) Details of investments in associates as of March 31, 2014 and December 31, 2013, are as follows:
(*1) 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 equity
method is applied.
(*2) Due to the unavailability of the financial statements as of March 31, 2014, the equity method was
applied to the financial statements as of February 28, 2014. Significant transactions occurred
between the HI Network, Inc.’s reporting date and the Group’s reporting date were appropriately
reflected.
March 31, 2014
Number
of shares
Owner –
ship (%) Location
Financial
statement
date Industry
HK Mutual Savings
Bank (*1) 4,990,438 19.99 Korea 03/31/2014 Savings bank
HI Network, Inc.
(*1) (*2) 13,332 19.99 Korea 02/28/2014 Insurance brokerage
Korea Credit
Bureau(*1) 140,000 7.00 Korea 03/31/2014 Credit bureau
Hyundai capital
Germany GmbH 600,200 30.01
Frankfurt
(Germany) 03/31/2014
Automobile finance
brokerage
Hyundai Capital UK
Ltd. 13,495,500 29.99
London
(England) 03/31/2014
Automobile finance
brokerage
Beijing Hyundai Auto
Finance Co., Ltd. - 46.00
Beijing
(China) 03/31/2014
Automobile finance
brokerage

March, 2014
(Unaudited)
18
(*1) 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 equity
method is applied.
(*2) Due to the unavailability of the financial statements as of December 31, 2013, the equity method
was applied to the financial statements as of November 30, 2013. Significant transactions
occurred between the HI Network, Inc.’s reporting date and the Group’s reporting date were
appropriately reflected.
December 31, 2013
Number
of shares
Owner –
ship (%) Location
Financial
statement
date Industry
HK Mutual Savings
Bank (*1) 4,990,438 19.99 Korea 12/31/2013 Savings bank
HI Network, Inc.
(*1) (*2) 13,332 19.99 Korea 11/30/2013 Insurance brokerage
Korea Credit
Bureau(*1) 140,000 7.00 Korea 12/31/2013 Credit bureau
Hyundai capital
Germany GmbH 600,200 30.01
Frankfurt
(Germany) 12/31/2013
Automobile finance
brokerage
Hyundai Capital UK
Ltd. 13,495,500 29.99
London
(England) 12/31/2013
Automobile finance
brokerage
Finance Co., Ltd. - 46.00
Beijing
(China) 12/31/2013
Automobile finance
brokerage

March, 2014
(Unaudited)
19
(2) Summary of financial information of investees as of March, 31 2014 and December 31, 2013 for
assets and liabilities, and for the three-month period ended March 31, 2014 and 2013, for revenue and
income, are as follows:
March 31, 2014
Total
assets
Total
liabilities Equity
Total
equity
Shares of
assets
Unrealized
gain (loss)
and
others(*2)
Book
value
HK Mutual Savings
Bank(*1) W 2,259,538 2,062,336 124,761 197,202 39,440 (15,440) 24,000
HI Network, Inc. 4,544 2,790 333 1,754 351 - 351
Korea Credit
Bureau 55,979 12,100 10,000 43,879 3,071 1,037 4,108
Hyundai Capital
Germany GmbH 7,402 1,188 3,547 6,214 1,865 - 1,865
Hyundai Capital
UK Ltd. 1,509,506 1,422,521 78,882 86,985 26,087 - 26,087
Beijing Hyundai
Auto Finance Co.,
Ltd. 1,294,583 1,127,924 176,225 166,659 76,663 - 76,663
Three-month period ended March 31, 2014
Operating
income
Interest
income
Interest
expense
Profit for the
year
Other
comprehen -
sive loss
Total
comprehen-
sive income
HK Mutual Savings
Bank (*1) W 80,379 79,393 15,835 2,770 (13) 2,757
HI Network, Inc. 1,981 12 - (366) - (366)
Korea Credit
Bureau 6,608 131 - (2,622) - (2,622)
Hyundai Capital
Germany GmbH 846 17 - 314 - 314
Hyundai Capital UK
Ltd. 20,301 18,492 3,103 9,696 - 9,696
Beijing Hyundai
Auto Finance Co.,
Ltd. 32,892 32,205 14,954 1,171 - 1,171
(*1) Although HK Mutual Savings Bank’s fiscal year ends in June, the assets and liabilities are based
on March 31, 2014, and the operating income and net income is based on the 3-month
performance from January 1, 2014 to March 31, 2014.
(*2) Impairment losses are recognized based on valuations for recoverable amounts on the
investments of HK Mutual Savings Bank. Recognized impairment losses are included.

March, 2014
(Unaudited)
20
December 31, 2013
Total
assets
Total
liabilities Equity
Total
equity
Shares of
assets
Unrealized
gain and
others
Book
value
HK Mutual
Savings Bank (*) W 2,494,096 2,299,652 124,761 194,444 38,889 12,248 51,137
HI Network, Inc. 5,480 3,361 333 2,119 424 - 424
Korea Credit
Bureau 63,043 16,542 10,000 46,501 3,255 1,037 4,292
Hyundai Capital
Germany GmbH 6,889 1,042 3,547 5,847 1,755 - 1,755
Hyundai Capital
UK Ltd. 1,210,970 1,135,383 78,882 75,587 22,668 - 22,668
Beijing Hyundai
Auto Finance
Co., Ltd. 873,419 705,947 176,225 167,472 77,037 - 77,037
Operating
income
Interest
income
Interest
expense
Profit
for the
year
Other
comprehen
-sive
loss
Total
comprehen
-sive
income
(loss)
Divi
-dends
HK Mutual
Savings Bank (*) W 99,293 97,589 22,558 10,330 (905) 9,425 -
HI Network, Inc. 3,133 16 - 324 - 324 (533)
Korea Credit
Bureau 8,729 97 - (995) - (995) -
Hyundai Capital
Germany GmbH 710 11 - 342 - 342 -
Hyundai Capital
UK Ltd. 10,109 7,769 1,219 954 - 954 -
Beijing Hyundai
Auto Finance
Co., Ltd. 2,164 2,136 532 85 - 85 -
(*) Although HK Mutual Savings Bank’s fiscal year ends in June, the assets and liabilities are based on
March 31, 2013, and the operating income and net income is based the 3-month performance from
January 1, 2013 to March 31, 2013.

March, 2014
(Unaudited)
21
(3) Changes of investments in associates for the three-month period ended March 31, 2014 and 2013
are as follows:
2014
Beginning
balance
Gain (loss) on
valuation
Changes in
accumulated
other comprehen
-sive gain (loss)
Impairment
loss
Ending
balance
HK Mutual Savings
Bank(*) W 51,137 554 (3) (27,688) 24,000
HI Network, Inc. 424 (73) - - 351
Korea Credit Bureau 4,292 (184) - - 4,108
Hyundai Capital
Germany GmbH 1,755 94 16 - 1,865
Hyundai Capital UK
Ltd. 22,668 2,908 511 - 26,087
Finance Co., Ltd. 77,037 539 (913) - 76,663
W 157,313 3,838 (389) (27,688) 133,074
(*) Based on the impairment test performed on HK Mutual Savings Bank, the carrying amount before
impairment is W51,688 million, while the recoverable amount on the interest in investment is W
24,000 million as of March 31, 2014.
2013
Beginning
balance
Gain (loss) on
valuation
Changes in
accumulated
other comprehen
-sive gain (loss) Dividends
Ending
balance
HK Mutual Savings
Bank W 51,170 2,066 (181) - 53,055
HI Network, Inc. 861 570 - (533) 898
Korea Credit Bureau 3,965 (106) - - 3,879
Hyundai Capital
Germany GmbH 1,183 152 6 - 1,341
Hyundai Capital UK
Ltd. 6,197 286 (145) - 6,338
Finance Co., Ltd. 35,400 1,101 1,459 - 37,960
W 98,796 4,069 1,139 (533) 103,471
(4) Goodwill related to associates as of March 31, 2014 and December 31, 2013 are as follows:
HK Mutual Savings Bank W - 12,248
Korea Credit Bureau 1,037 1,037
W 1,037 13,285

March, 2014
(Unaudited)
22
4. Financial Receivables
Financial receivables as of March 31, 2014 and December 31, 2013, are as follows:
March 31, 2014
Principal
Deferred
loan
origination
fees and
costs
(Direct profit
for leased
assets)
Present
value
discounts
Allowance
for loan
loss
Carrying
amount
Loans
receivable
Loan W 10,713,126 11,489 (1,407) (337,687) 10,385,521
Installment
financial assets
Auto 5,415,116 38,777 - (48,357) 5,405,536
Durable goods 71 - - - 71
Mortgage 9,391 15 - (180) 9,226
5,424,578 38,792 - (48,537) 5,414,833
Lease
receivables
Finance lease
receivables 3,000,604 (604) - (54,772) 2,945,228
Cancelled lease
receivables 12,356 - - (11,547) 809
3,012,960 (604) - (66,319) 2,946,037
W 19,150,664 49,676 (1,407) (452,543) 18,746,390

March, 2014
(Unaudited)
23
4. Financial Receivables, Continued
December 31, 2013
Principal
Deferred
loan
origination
fees and
costs
(Direct profit
for leased
assets)
Present
value
discounts
Allowance
for loan
loss
Carrying
amount
Loans receivable
Loan W 11,462,116 (3,242) (1,314) (333,359) 11,124,201
Installment
financial assets
Auto 4,804,618 28,332 - (42,694) 4,790,256
Durable goods - - - - -
Mortgage 9,868 16 - (286) 9,598
4,814,486 28,348 - (42,980) 4,799,854
Lease
receivables
Finance lease
receivables 3,039,544 (746) - (49,612) 2,989,186
Cancelled lease
receivables 11,329 - - (10,556) 773
3,050,873 (746) - (60,168) 2,989,959
W 19,327,475 24,360 (1,314) (436,507) 18,914,014

March, 2014
(Unaudited)
24
5. Allowance for Loan Loss
Changes in allowance for doubtful accounts for the three-month periods ended March 31, 2014 and
2013, are as follows:
2014
Loan
receivables
Installment
financial
assets
Lease
receivables
Other
assets Total
Beginning balance W 333,359 42,980 60,168 20,677 457,184
Amounts written off (116,484) (10,162) (511) (1,607) (128,764)
Recoveries of
amounts
previously written off 23,356 2,685 5 2,459 28,505
Unwinding of discount (2,066) (81) (80) - (2,227)
Additional (reversed)
allowance 99,732 13,115 6,521 (390) 118,978
Others (210) - 216 - 6
Ending balance W 337,687 48,537 66,319 21,139 473,682
2013
Loan
receivables
Installment
financial
assets
Lease
receivables
Other
assets Total
Beginning balance W 312,829 33,484 38,881 18,740 403,934
Amounts written off (99,255) (10,810) (41) (1,738) (111,844)
Recoveries of
amounts
previously written off 22,540 2,512 55 2,407 27,514
Unwinding of discount (1,923) (113) (64) - (2,100)
Additional (reversed)
allowance 91,505 4,667 4,879 (121) 100,930
Others 408 - (441) (1) (34)
Ending balance W 326,104 29,740 43,269 19,287 418,400

March, 2014
(Unaudited)
25
6. Property and Equipment
Changes in property and equipment for the three-month periods ended March 31, 2014 and 2013 are
as follows:
2014
Beginning
balance
Acquisi
-tion
Reclassifi
-cation Disposal
Deprecia
-tion
Translation
difference
Ending
balance
Land W 95,218 10 1,922 - - - 97,150
Buildings 89,267 405 131 - (598) - 89,205
Vehicles 2,154 189 - (54) (232) 6 2,063
Fixture and
furniture 42,068 1,978 59 (2) (5,243) 1 38,861
Others 2,005 65 - (10) - - 2,060
Construction in
progress 2,306 2,350 (1,921) - - 1 2,736
W 233,018 4,997 191 (66) (6,073) 8 232,075
2013
Beginning
balance Acquisition Replacement Disposal Depreciation
Ending
balance
Land W 143,729 - - (40,015) - 103,714
Buildings 119,847 - 277 (55,335) (923) 63,866
Vehicles 2,478 155 - (44) (234) 2,355
Fixture and
furniture 45,054 1,057 - (6) (5,037) 41,068
Others 2,032 48 - - - 2,080
Construction in
progress 7,598 4,261 (2,727) - - 9,132
W 320,738 5,521 (2,450) (95,400) (6,194) 222,215

March, 2014
(Unaudited)
26
7. Intangible Assets
Changes in intangible assets for the three-month periods ended March 31, 2014 and 2013 are as
follows:
2014
Beginning
balance Increase
Replace-
ment
Amortiza
-tion
Reversal of
impair-
ment loss
Ending
balance
Goodwill W 1,429 - - - - 1,429
Development
costs 29,017 613 - (2,625) - 27,005
Rights of
trademark 2 - - (2) - -
Membership 29,638 - (191) - 26 29,473
Other
intangible
assets 2,661 - - (425) 26 2,236
W 62,747 613 (191) (3,052) 26 60,143
2013
Beginning
balance Increase Amortization Ending balance
Goodwill W 1,429 - - 1,429
Development
costs 28,198 2,889 (2,395) 28,692
Rights of
trademark 16 - (3) 13
Membership 30,008 - - 30,008
Other
intangible
assets 4,512 - (474) 4,038
W 64,163 2,889 (2,872) 64,180
8. Noncurrent Assets Held for Sale
Details of the non-current assets held for sale as of March 31, 2014 and December 31, 2013 are as
follows:
Land W 13,676 13,676
Buildings 8,671 8,671
W 22,347 22,347
The Group recognized the lesser amount between the fair value less costs to sell, and the carrying
value of the assets held for sale as the non-current assets held for sale.

March, 2014
(Unaudited)
27
9. Borrowings
(1) Borrowings as of March 31, 2014 and December 31, 2013 are as follows:
Type Lender
Annual
interest rate (%) Maturity
March
31, 2014
December
31, 2013
Borrowings in won
Commercial paper Shinhan Bank
and 2 others 2.95 ~ 4.15
2014.4.1 ~
2014.5.15 W 250,000 320,000
General loans Kookmin Bank
and 11 others 2.60 ~ 5.23
2014.4.28 ~
2016.9.28 1,413,981 1,438,860
1,663,981 1,758,860
Borrowings in
foreign currency
General loans Bank of America 3.43 2015.6.12 53,289 52,583
W 1,717,270 1,811,443
(2) Bonds as of March 31, 2014 and December 31, 2013 are as follows:
Type
Annual
interest rate (%) Maturity
March
31, 2014
December
31, 2013
Current portion of bond
Bonds 2.44 ~6.85 2014.4.7 ~ 2015.3.31 W 3,430,987 3,554,082
Less: Discount on
bonds (3,583) (1,189)
3,427,404 3,552,893
Long-term bond
Bonds 2.44 ~7.20 2015.4.18 ~ 2021.2.10 12,579,204 11,912,543
Less: Discount on
bonds (34,252) (38,557)
12,544,952 11,873,986
W 15,972,356 15,426,879

March, 2014
(Unaudited)
28
10. Defined Benefit Liability
(1) Defined contribution plans
The amount recognized in the statement of comprehensive income for retirement benefits based on
the defined contribution plan.
Three-month period
ended March 31, 2014
Three-month period
ended March 31, 2013
Post-employment benefit expense
defined contribution plans W 13 20
(2) Defined benefit plans
(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
Present value of
defined benefit
obligation Plan assets
National
pension fund
Defined benefit
liability, net
Beginning Balance W 69,772 (56,846) (42) 12,884
Contributions - - - -
Current service costs 3,138 - - 3,138
Interest expense (income) 621 (506) - 115
Return on plan assets
(excluding net interests) - 104 - 104
Actuarial gain and losses
due to changes in
financial assumptions 1,069 - - 1,069
Transfer of severance
benefits from(to) related
parties (620) 56 - (564)
Benefits paid (2,646) 1,029 - (1,617)
W 71,334 (56,163) (42) 15,129

March, 2014
(Unaudited)
29
10. Defined Benefit Liability, Continued
Present value of
defined benefit
obligation Plan assets
National
pension fund
Defined benefit
liability, net
Beginning Balance W 63,848 (50,816) (43) 12,989
Contributions - (3,629) - (3,629)
Current service costs 3,183 - - 3,183
Interest expense (income) 508 (403) - 105
Return on plan assets
(excluding net interests) - 23 - 23
Actuarial gain and losses
due to changes in
financial assumptions 1,902 - - 1,902
Transfer of severance
benefits from(to) related
parties (185) 114 - (71)
Benefits paid (2,628) 4,253 - 1,625
W 66,628 (50,458) (43) 16,127
11. Provisions
Changes in provisions for the three-month periods ended March 31, 2014 and 2013, are as follows:
2014 2013
Unused
loan
commit
-ments(*1) Other(*2) Total
Unused
loan
commit
-ments(*1) Other(*2) Total
Beginning balance W 1,826 - 1,826 2,017 - 2,017
Reversals (151) 25 (126) (15) - (15)
Ending balance W 1,675 25 1,700 2,002 - 2,002
(*1) The Group manages loans with limits, and therefore, recognizes provisions for unused loan
commitments.
(*2) The Group manages installment financial instruments in relation to guarantees for remaining
values of used automobiles, and therefore, recognizes provisions

March, 2014
(Unaudited)
30
12. Derivative Financial Instruments and Hedge Accounting
Trading derivatives as of March 31, 2014 and December 31, 2013, are as follows:
Assets Liabilities Assets Liabilities
Forward foreign exchange W - 2 - 2
During the three-month periods ended March 31, 2014 and 2013, the Group recognized loss onading
derivatives of W1 million and W5 million, respectively.
Derivatives designated as cash flow hedges as of March 31, 2014 and December 2013, are as follows:
March 31, 2014
Open Interest Assets Liabilities
Notional
Principal
amounts
Exchange forward W 9,063 516 - (5)
Interest rate swaps 1,530,000 1,176 4,071 (2,195)
Currency swaps 7,164,245 29,742 406,147 3,184
W 8,703,308 31,434 410,218 984
December 31, 2013
Open Interest Assets Liabilities
Notional
Principal
amounts
Exchange forward W 13,400 658 - (14)
Interest rate swaps 1,670,000 2,103 4,045 (1,472)
Currency swaps 6,720,795 21,185 508,698 3,263
W 8,404,195 23,946 512,743 1,777
The maximum period the Group is exposed to the variability in future cash flows arising from
derivatives designated as cash flow hedges, is expected to be until February 7, 2019.
There is no ineffective portion recognized related to cash flow hedge for the three-month periods
ended March 31, 2014 and 2013.

March, 2014
(Unaudited)
31
13. Equity
Details of appropriated and expected reserves for bad loans as of March 31, 2014 and December 31,
2013 are as follows:
Appropriated reserve for bad loans W 328,317 273,906
Expected reserve for bad loans 5,479 54,411
W 333,796 328,317
Transfer to reserve for bad loans and profit for the period in consideration of effect of changes in
reserve for bad loans for the three-month periods ended March 31, 2014 and 2013 are as follows:
2014 2013
Expected transfer to reserve for bad loans (*1) 5,479 (6,580)
Profit for the period in consideration of changes in
reserve for bad loans (*2) W 25,073 159,430
Profit for the period per share in consideration of
changes in reserve for bad loans(in Korean won) W 252 1,605
(*1) The amount transferred to reserve for bad loans for the three-month period ended March 31,
2014, is the difference between the balance of reserve for bad loans as of March 31, 2014, and
the balance as of December 31, 2013.
(*2) Profit for the period and earnings per share in consideration of changes in reserve for bad loans
are not accordance with K-IFRS, and this amount is the sum of the expected transfer to reserve
for bad loans before income tax and Profit for the period.

March, 2014
(Unaudited)
32
14. Retained Earnings
Details of retained earnings as of March 31, 2014 and December 31, 2013 are as follows:
Legal reserve
Earned surplus reserve(*) W 107,635 89,630
Voluntary reserve
Appropriated reserve for
bad loans (Note 13) 328,317 273,906
Provisions for electronic
financial transactions 100 100
Reserve for Business
rationalization 74 74
328,491 274,080
Retained earnings before
appropriation 1,954,806 1,996,670
W 2,390,932 2,360,380
(*) In accordance with the Korean Commercial Law, a minimum of 10% of annual cash dividends
declared are accumulated as a legal reserve each accounting period, until the reserve equals 50%
of its issued capital stock. This reserve is not available for the payment of cash dividends, but may
only be transferred to capital stock or used to reduce accumulated deficit.

March, 2014
(Unaudited)
33
15. Net Interest Income
Net interest income for the three-month periods ended March 31, 2014 and 2013 are as follows:
2014 2013
Interest income:
Due from Banks W 10,510 7,765
Loans receivable 321,297 364,617
Installment financial assets 77,499 65,649
Lease receivables (*1) 60,453 62,176
Other (*2) 1,366 363
471,125 500,570
Interest expense:
Borrowings (17,325) (22,517)
Bonds (170,748) (171,831)
Other (*2) (6,742) (9,665)
(194,815) (204,013)
Net interest expense W 276,310 296,557
(*1) Includes amortization of present value discount for lease guarantee.
(*2) Amortization of present value discount using the effective interest method.
16. Net Commission Income
Net commission income for the three-month periods ended March 31, 2014 and 2013 are as follows:
2014 2013
Commission income
Loans receivable W 11,246 11,426
Installment financial assets 1,906 999
Lease receivables 46,460 42,645
59,612 55,070
Commission expenses
Lease expenses (6,725) (6,510)
Net Commission Income W 52,887 48,560

March, 2014
(Unaudited)
34
17. Other operating income and expenses
Other operating income and expenses for the three-month periods ended March 31, 2014 and 2013
are as follows:
2014 2013
Other operating income
Gains on valuation of derivatives W 104,096 173,836
Gains on derivatives transactions 960 2,136
Other operating income 34,210 35,369
W 139,266 211,341
Other operating expenses
Losses on valuation of derivatives W 94 21,861
Losses on derivatives transactions 72 954
Other operating expenses 12,657 16,399
W 12,823 39,214
18. General and Administrative Expenses
General and administrative expenses for the three-month periods ended March 31, 2014 and 2013,
are as follows:
2014 2013
Payroll W 33,891 38,194
Severance benefits 3,266 3,308
Fringe benefits 9,342 11,053
Depreciation 6,073 6,194
Advertising 12,595 11,403
Travel and transportation 969 995
Communication 3,893 3,624
Water, lighting and heating 3,384 3,213
Commission 15,516 13,990
Payment Commission 5,112 4,677
Sales commission 16,470 17,372
Amortization 3,052 2,872
Outsourcing service charges 17,521 15,754
Rent 11,743 10,090
Other expenses 10,706 11,541
W 153,533 154,280

March, 2014
(Unaudited)
35
19. Income Tax
(1) Income tax expense for the three-month periods ended March 31, 2014 and 2013 are as follows:
(2) Deferred income taxes recognized directly to equity as of the three-month periods ended March
31, 2014 and 2013 are as follows:
2014 2013
Current income tax expense W 28,674 50,491
Change in deferred income tax due to
temporary differences (4,195) (3,949)
Deferred income taxes recognized
directly to equity 255 6,690
Income tax expense W 24,734 53,232
2014
Beginning
balance
Ending
balance Changes
Loss on valuation of available-for-sale
financial securities W (1,036) (1,317) (282)
Changes in remeasurements of
defined benefit plans 4,356 4,640 284
Net change in unrealized fair value of
derivatives (567) (314) 253
W 2,753 3,008 255
2013
Beginning
balance
Ending
balance Changes
Loss on valuation of available-for-sale
financial securities W (320) (397) (77)
Changes in remeasurements of
defined benefit plans 4,197 4,663 466
Net change in unrealized fair value of
derivatives (678) 5,623 6,301
W 3,199 9,889 6,690

March, 2014
(Unaudited)
36
19. Income Tax, Continued
(3) Reconciliation between income before income taxes and income tax expense for the three-month
periods ended March 31, 2014 and 2013 are as follows:
20. Earnings Per Share
(1) Basic earnings per share
Basic earnings per share attributable to common stock of equity holders for the three-month periods
ended March 31, 2014 and 2013 are as follows:
(2) Diluted earnings per share
As there was no discontinued operation during the three-month periods ended March 31, 2014 and
2013, basic earnings per share is the same as basic earnings per share from continuing operations.
There are no potential common stocks as of March 31, 2014 and 2013. Therefore, the diluted earnings
per share is the same as basic earnings per share for the three-month periods ended March 31, 2014
and 2013.
2014 2013
Income before income taxes (A) W 55,287 206,081
Income taxes at statutory tax rates 12,917 49,410
Adjustments:
Non taxable income - (24)
Non-deductible expense for tax purposes 90 33
Changes in tax reconciliation of the
previous year 12,073 5,056
Others (346) (1,243)
Income tax expense (B) W 24,734 53,232
Effective tax rate (B/A) 44.74% 25.83%
2014 2013
Profit for the period attributable to
common stock (In Korean won) (A) W 30,552,113,596 152,849,504,648
Weighted average of number of
outstanding common shares (B) 99,307,435 99,307,435
Basic earnings per Share (In Korean
won) (A/B)
W
308 1,539

March, 2014
(Unaudited)
37
21. Other Comprehensive Income
Other comprehensive income for the three-month periods ended March 31, 2014 and 2013 are as
follows:
2014
Beginning
balance
Changes
Income tax
effects
Ending
balance
Reclassifi-
cation of
profit or loss
Other
changes
Unrealized gain on
valuation of available-
for-sale financial
assets W 3,243 (99) 1,265 (282) 4,127
Share of other
comprehensive
income of associates (1,616) - (389) - (2,005)
Unrealized loss on
valuation of
derivatives 1,777 (5,244) 4,198 253 984
Loss on exchange
differences of foreign
operations (1,333) - (98) - (1,431)
Changes in
remeasurements of
defined benefit plans (13,645) - (1,173) 284 (14,534)
W (11,574) (5,343) 3,803 255 (12,859)

March, 2014
(Unaudited)
38
21. Other Comprehensive Income, Continued
2013
Beginning
balance
Changes
Income tax
effects
Ending
balance
Reclassifi-
cation of
profit or loss
Other
changes
Unrealized gain on
valuation of available-
for-sale financial
assets W 1,002 (92) 412 (77) 1,245
Share of other
comprehensive
income of associates (2,540) - 1,139 - (1,401)
Unrealized loss on
valuation of
derivatives 2,125 1,425 (27,464) 6,301 (17,613)
Loss on exchange
differences of foreign
operations (872) - 93 - (779)
Changes in
remeasurements of
defined benefit plans (13,147) - (1,926) 466 (14,607)
W (13,432) 1,333 (27,746) 6,690 (33,155)

March, 2014
(Unaudited)
39
22. Supplemental Cash Flow Information
Cash and cash equivalents in cash flow statements consist of cash in hand, deposits and short-term
money-market instruments.
Cash and cash equivalents consisting of cash and financial instruments as of March 31, 2014 and
December 31, 2013, are as follows:
Cash W - 3
Ordinary deposits 165,102 200,356
Current deposits 3,611 4,941
Short-term financial instruments 1,742,915 1,297,315
1,911,628 1,502,615
Deposits with restrictions (15) (15)
W 1,911,613 1,502,600

March, 2014
(Unaudited)
40
22. Supplemental Cash Flow Information, Continued
Cash generated from operations for the three-month periods ended March 31, 2014 and 2013 are as
follows:
2014 2013
Adjustments:
Net interest expenses 182,939 195,885
Income tax 24,734 53,232
Gain on disposal of available-for-sale financial assets (653) (921)
Loss (income) on loans 5,861 (11,808)
Loss (income) on instalment financial receivables 5,899 (11,202)
Loss (income) on leases (459) 14,163
Gain on foreign exchanges translation (390) (22,251)
Dividend income (2,206) (2,357)
Gain on valuation of derivatives (104,096) (173,836)
Gain on disposal of property and equipment (13) (85,481)
Gain related to investments in associates (4,095) (4,175)
Lease expenses 75,562 83,031
Provision for loss 118,978 100,930
Loss on foreign exchanges translation 104,160 174,039
Severance benefits 3,253 3,288
Depreciation 6,073 6,194
Amortization of intangible assets 3,052 2,872
Reversal of impairment loss on intangible assets (26) -
Loss on valuation of derivatives 94 21,861
Loss on disposal of property and equipment 3 2,837
Impairment loss of investments in associates 27,689 -
Loss related to investments in associates 257 106
Reversal of provisions (151) (15)
Increase of provisions 25 -
Losses on Retirement of Bonds - 51
W 446,490 346,443

March, 2014
(Unaudited)
41
22. Supplemental Cash Flow Information, Continued
2014 2013
Changes in operating assets and liabilities
Increase in available-for-sale financial assets W (421) (282)
Decrease (Increase) in loans receivable 633,087 (519,136)
Decrease (Increase) in installment financial assets (633,992) 564,422
(Increase) in finance lease receivables (92,262) (197,768)
Decrease in cancelled leased receivables 4,574 3,278
(Increase) in operating leased assets (115,079) (68,688)
Decrease in cancelled leased assets 125,344 102,148
Decrease (Increase) in non-trade receivables 5,893 (7,874)
Decrease (Increase) in accrued revenues 1,858 (8,304)
(Increase) in advance payments (7,093) (10,954)
(Increase) in prepaid expenses (30,394) (33,822)
Decrease (Increase) in derivative assets (7,060) 1,832
Increase (decrease) in non-trade Payables (67,012) 4,439
Increase (decrease) in accrued expenses 1,400 (7,383)
(Decrease) in unearned revenue (856) (3,219)
Increase (decrease) in withholdings 3,639 (7,666)
Increase (decrease) in current tax liabilities 346 (2,267)
(Decrease) in leasehold deposits received (29,146) (32,054)
Increase in deferred income tax liabilities - 2,948
(Decrease) in defined benefit liabilities (3,266) (2,813)
Decrease in plan assets 1,185 738
(Decrease) in other liabilities (10) (10)
(209,365) (222,435)
W 267,677 276,857

March, 2014
(Unaudited)
42
23. Commitments and Contingencies
(1) Credit line agreements
As of March 31, 2014, the Group has credit line agreements with Shinhan bank and 3 others with a
limit of W106,500 million.
(2) Credit Facility Agreement
(i) Credit Facility Agreement
As of March 31, 2014, the Group has a credit facility agreement with GE Capital European Funding &
Co. (“GE Capital”), and the limit of credit facility is Euro currency for USD 600 million. The expiration
date of the contract is January 9, 2015.
Relative to the above credit facility agreement, Hyundai Motor Company shall pay GE Capital any
amount not paid by the Group, at such time multiplied by the shareholding ratio of 56% of Hyundai
Motor Company.
(ii) Revolving Credit Facility
As of March 31, 2014, the Group has revolving credit facility agreements amounted to USD 200
million and W 1,495 billion with Kookmin Bank and 18 others for credit line.
(3) Guarantees
Details of guarantees involving third parties as of March 31, 2014 and December 31, 2013 are as
follows:
Guarantor Details
March 31,
2014
December 31,
2013
Hyundai Motor
Company
Joint liabilities on finance lease
receivables (*) W 15 15
Seoul Guarantee
Insurance Co., Ltd.
Guarantee for debt collection
deposit, others 128,648 132,589
(*) The amounts represent the guaranteed balances as of March 31, 2014 and December 31, 2013, as
defined under the joint liability agreement.
The Group carries residual value guarantee insurance with LIG Insurance Co., Ltd. against loss in case
unredeemed mortgage loans exceed the recoverable amount from the collateral of the loans. The
receivables balance carried insurance and residual value guaranteed by the insurance as of March 31,
2014 and December 31, 2013 are as follows:
Type
March 31,
2014
December 31,
2013
Receivables balance W 820,206 792,244
The amount of residual value guaranteed by insurance 288,362 284,746

March, 2014
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43
23. Commitments and Contingencies, Continued
(4) Pending significant litigations
Pending significant litigations include 18 cases (total amount of W1,545 million) where the Group is
the defendant, 15 cases (total amount of W537 million) where the Group is the plaintiff, and litigations
against a number of debtors to collect receivables as of March 31, 2014.
(5) Receivables transfer agreement
The Group entered into an agreement with Hyundai Card Co., Ltd., Hyundai Commercial Co., Ltd., and
Hyundai Life Insurance Co., Ltd., regarding the transfer of receivables. According to the agreement,
the Group is a transferee of overdue receivables and amounts written off at the agreed value.

March, 2014
(Unaudited)
44
24. Related Party Transactions
(1) Relationships between parents and subsidiaries
The parent company is Hyundai Motor Company. Related parties include associates, joint ventures,
post-employment benefit plans, members of key management personnel and entities which the
Group controls directly or indirectly, has joint control or significant influence over them.
(2) Related parties with revenue arising transactions, and receivables and payables with the
Group as of March 31, 2014, are as follows:
Type Company
The Parent
company
Hyundai Auto Finance Co., Ltd.
Associates Beijing Hyundai Auto Finance Co., Ltd., HI Network, Inc., Hyundai capital
Germany GmbH, HK Mutual Savings Bank
Others Hyundai Life Insurance Co., Ltd., Hyundai Card Co., Ltd., Hyundai Capital
America, Hyundai Autoever Corp., Kia Motors Corp. and 52 others.

March, 2014
(Unaudited)
45
24. Related Party Transactions, Continued
(3) Transactions between related parties
(i) Significant transactions, which occurred in the normal course of business with related companies
for the three-month periods ended March 31, 2014 and 2013 are as follows:
2014
Other
Revenues Expenses Purchases Disposal
Parent Company
Hyundai Auto Finance
Co., Ltd. W 2,743 666 - 239,328
Associates
Finance Co., Ltd. 24 - - -
HI Network, Inc. 345 - -
Hyundai capital Germany
GmbH 229 - - -
Korea Credit Bureau - 98 - -
HK Mutual Savings Bank 7 - -
260 443 - -
Others
Hyundai Life Insurance
Co., Ltd. 79 2,073 - -
Hyundai Card Co., Ltd. 9,697 5,592 - 41,683
Hyundai Capital America 5,233 - - -
Hyundai Autoever Corp. 21 6,587 - 8,165
Kia Motors Corp. 2,835 296 - 60,700
Others 7,244 4,911 11,898 6,332
25,109 19,459 11,898 116,880
W 28,112 20,568 11,898 356,208

March, 2014
(Unaudited)
46
2013
Other
Revenues Expenses Purchases Disposal
Parent Company
Hyundai Auto Finance Co.,
Ltd. W 1,451 873 - 223,572
Associates - -
HI Network, Inc. 139 407 - -
Hyundai capital Germany
GmbH 106 - - -
HK Mutual Savings Bank 53 - - -
298 407 - -
Others
Hyundai Life Insurance Co.,
Ltd. 109 619 177,900 -
Hyundai Card Co., Ltd. 23,242 9,365 - 38,399
Hyundai Capital America 3,605 - - -
Hyundai Autoever Corp. 10 7,198 - 3,960
Kia Motors Corp. 11 1,650 - 75,323
Others 5,367 5,104 17,006 18,223
32,344 23,936 194,906 135,905
W 34,093 25,216 194,906 359,477

March, 2014
(Unaudited)
47
(ii) Receivables and payables with related parties for the years ended March 31, 2014 and December
31, 2013 are as follows:
March 31, 2014
Receivables Payables
Parent Company W
Hyundai Auto Finance Co., Ltd. 2,147 15,145
Associates
Hyundai capital
Germany GmbH 65 -
Beijing Hyundai Auto Finance Co., Ltd. 24 -
89 -
Others
Hyundai Life Insurance Co., Ltd. 38,822 108
Hyundai Card Co., Ltd. 4,121 119,544
Hyundai Capital America 24,085 -
Hyundai Autoever Corp. 6,987 4,575
Kia Motors Corp. 626 17,189
Others 3,679 566
78,320 141,982
W 80,556 157,127
December 31, 2013
Receivables Payables
Parent Company W
Hyundai Auto Finance Co., Ltd. 1,823 24,768
Others
Hyundai Life Insurance Co., Ltd. 7,067 (14,190)
Hyundai Card Co., Ltd. 3,147 83,353
Hyundai Capital America 20,866 -
Hyundai Autoever Corp. - 87
Kia Motors Corp. 1,278 40,666
Others 4,137 614
36,495 110,530
W 38,318 135,298

March, 2014
(Unaudited)
48
(iii) Details of credit granting activities with related parties as of March 31, 2014 are as follows:
Credit grantor Credit borrower Type Amount Period
Hyundai Capital
Services, Inc.
Hyundai Card
Co., Ltd. Call loan W 300,000 11/1/2013~10/31/2014
Hyundai Capital
Services, Inc.
Hyundai
Commercial Co.,
Ltd. Call loan 100,000 11/1/2013~10/31/2014
Hyundai Card
Co., Ltd.
Hyundai Capital
Services, Inc. Call loan 300,000 11/1/2013~10/31/2014
With the counterparty’s request, credit is granted when there is surplus fund. As of March 31, 2014,
no balance is recognized relating to credit granting activities.
The Group has been provided with a credit facility and payment guarantees by GE Capital European
Funding & Co. and Hyundai Motor Company, respectively (Note 23).
(4) Key management compensation
Compensation to key management for the three-month periods ended March 31, 2014 and 2013, are
as follows:
The key management above consists of directors (including non-permanent directors), who have
significant authority and responsibilities for planning, operating and controlling the Group.
Type 2014 2013
Short-term employee benefits W 3,917 1,445
Severance benefits 533 513

March, 2014
(Unaudited)
49
25. Derecognition of Financial Assets
The Group issued senior and subordinated asset-backed securities based on loans and the associated
securitized debts have recourse only to the transferred assets.
Details of financial assets transferred and not derecognized as of March 31, 2014 and December 31,
2013 are as follows:
Book value of assets
Loans receivable W 1,714,479 2,114,465
Installment financial assets 1,156,592 1,027,545
Lease receivables 347,711 297,306
3,218,782 3,439,316
Book value of related liabilities(*) (2,245,975) (2,421,325)
Liabilities having right of resources on
transferred Assets
Fair value of assets 3,222,871 3,441,725
Fair value of related liabilities(*) (2,255,627) (2,478,227)
Net position W 967,244 963,498
(*) Related liabilities aggregates senior and subordinated asset-backed securities with the related
Derivative assets.

March, 2014
(Unaudited)
50
26. Offsetting of Financial Assets and Liabilities
As defined in the derivative clearing agreements, master netting of derivative assets and liabilities
recognized by the Group is possible based on future events.
The impact of the right of set-off for financial assets and liabilities as of March 31, 2014 and December
31, 2013 are as follows:
March 31, 2014
Gross
amounts of
recognized
financial
assets/
liabilities
Gross amounts
of recognized
financial
assets/liabilities
set off in the
statement of
financial
position
Net amounts
of financial
assets/
liabilities
presented in
the statement
of financial
position
Related amounts not set
off in the statement of
financial position
Net
amount
Financial
instruments
Cash
collateral
received
Financial assets
Derivative
financial assets W 31,434 - 31,434 29,199 - 2,235
Financial
liabilities
Derivative
financial
liabilities 410,220 - 410,220 29,199 - 381,021
December 31, 2013
Gross
amounts of
recognized
financial
assets/
liabilities
Gross amounts
of recognized
financial
assets/liabilities
set off in the
statement of
financial
position
Net amounts
of financial
assets/
liabilities
presented in
the statement
of financial
position
Related amounts not set
off in the statement of
financial position
Net
amount
Financial
instruments
Cash
collateral
received
Financial assets
Derivative
financial assets W 23,946 - 23,946 23,557 - 389
Financial
liabilities
Derivative
financial
liabilities 512,745 - 512,745 23,557 - 489,188

March, 2014
(Unaudited)
51
27. Fair value management of financial Instruments
The method of measuring fair value of financial instruments is as follows:
Type Fair Value Measurement Method
Cash and due
from banks
The book value and the fair value of cash are identical. As cash, deposits, and
other cash equivalent instruments can be easily converted into cash, the book
value approximates the fair value.
Available-for-
sale securities
When available, the Group measures the fair value of a security using quoted
prices in an active market. If a market for a security is not active, the Group
establishes fair value by using a highly accredited independent valuation
agency. The independent valuation agency utilizes various valuation technique,
which include discounted cash flow model, imputed market value model, free
cash flow to equity model, dividend discount model, risk adjusted discount rate
method, and net asset valuation approach. Depending on the characteristic and
nature of the instrument, the fair value is measured by using at least one
valuation technique.
Loans
receivables/
installment
financial
assets/lease
liabilities
The fair value is determined using discounted cash flow model that incorporate
parameter inputs for expected maturity rate/prepayment rate, as appropriate.
As the discount rate used for determining the fair value incorporates the time
value of money and credit risk, the Group’s discount rate system is formed to
consider the market risk and the credit risk.
Derivative
instruments
The fair value of interest rate swaps and currency swaps are determined by
using a discounted cash flow model based on a current interest rate yield curve
appropriate for market interest rate as of December 31, 2013. The fair value of
each derivative instrument measured by discounting and offsetting the probable
future cash flows of swap, which are estimated based on the forward rate and
the closing FX price. The fair value of each derivative is measured by offsetting
and discounting the expected cash flows of the swap at appropriate discount
rate which is based on forward interest rate and exchange rate that is
generated by using above method. The fair value of currency forward is
measured principally with the forward exchange rate which is quoted in the
market at the end of reporting period considering the maturity of the currency
forward. The discount rate used in measuring the fair value of currency forward
is the adverse CRS rate which is determined by using the spot exchange rate
and the forward exchange rate based on the interest rate parity theory.
Borrowings The fair value of borrowings is determined by using discounted cash flow
method. In other words, the fair value of a financial instrument is determined
by discounting the expected cash flows at an appropriate rate.
Bonds The fair value of industrial finance bonds in won, except structured industrial
finance bonds in won, is determined by using discounted cash flow method.
The fair value of structured industrial finance bonds in won and industrial
finance bonds in foreign currencies is determined by a highly accredited
independent valuation agency.
Other financial
assets and
other financial
liabilities
The fair value of other financial assets and other financial liabilities is
determined by using discounted cash flow method. However, when the cash
flow cannot be objectively measured, the book value approximates the fair
value.

March, 2014
(Unaudited)
52
27. Fair value management of financial Instruments, Continued
(1) The fair values of financial instruments as of March 31, 2014 and December 31, 2013 are as
follows:
Book value Fair value Book value Fair value
Assets
Financial assets
Cash W - - 3 3
Deposits 168,713 168,713 205,297 205,297
Short-term financial
instruments 1,742,915 1,742,915 1,297,315 1,297,315
Available-for-sale securities 55,022 55,022 52,783 52,783
Loans receivable 10,385,521 10,556,314 11,124,201 11,318,040
Installment financial assets 5,414,833 5,416,175 4,799,854 4,801,546
Lease receivables 2,946,037 2,906,145 2,989,959 2,943,184
Derivative assets 31,434 31,434 23,946 23,946
Non-trade receivables 108,726 108,726 113,750 113,750
Accrued revenues 101,556 101,556 103,517 103,517
Guaranteed deposits on
leases 27,839 27,798 28,343 28,117
W 20,982,596 21,114,798 20,738,968 20,887,498
Liabilities
Financial liabilities
Borrowings W 1,717,270 1,729,103 1,811,443 1,822,182
Bonds 15,972,356 16,396,544 15,426,879 15,780,619
Derivative liabilities 410,220 410,220 512,745 512,745
Non-trade payables(*) 220,415 220,415 290,405 290,405
Accrued expenses 168,431 168,431 161,447 161,447
Withholdings(*) 18,288 18,288 13,673 13,673
Deposits 684,391 687,541 706,224 708,597
Other liabilities 60 60 70 70
W 19,191,431 19,630,602 18,922,886 19,289,738
(*)Taxes and dues are excluded.

March, 2014
(Unaudited)
53
(2) Fair Value Hierarchy
1-1) The fair value hierarchy of financial assets and liabilities carried at fair value on the balance sheet
as of March 31, 2014 and December 31, 2013 are as follows:
March 31, 2014
Book
value
Fair
value
Fair value hierarchy (*2)
Level 1 Level2 Level 3(*1)
Financial assets measured
at fair value
Available-for-sale financial
assets W 55,022 55,022 11,471 33,299 10,252
Derivative financial assets
Cash flow hedge financial
assets 31,434 31,434 - 31,434 -
W 86,456 86,456 11,471 64,733 10,252
measured at fair value
Derivative financial
liabilities
Trading purpose
derivative financial
instruments W 2 2 - 2 -
liabilities 410,218 410,218 - 410,218 -
W 410,220 410,220 - 410,220 -

March, 2014
(Unaudited)
54
December 31, 2013
Book
value
Fair
value
Fair value hierarchy (*2)
Level 1 Level2 Level 3(*1)
Financial assets measured
at fair value
assets W 52,783 52,783 9,981 31,958 10,844
assets 23,946 23,946 - 23,946 -
W 76,729 76,729 9,981 55,904 10,844
Derivative financial
liabilities
Trading purpose
derivative financial
instruments W 2 2 - 2 -
liabilities 512,743 512,743 - 512,743 -
W 512,745 512,745 - 512,745 -
(*1) Marketable equity securities classified as level 3 are amounted to W179 million as of March 31,
2014 and 2013, as a quoted price in an active market is unavailable and their fair value cannot be
measured reliably.
(*2) The levels of fair value hierarchy have been defined as follows:
- Level 1: Quoted prices in active markets for identical assets or liabilities. Listed stocks and
derivatives
- Level 2: Inputs for the asset or liability included within valuation techniques that are observable
market data. Most bonds issued in Korean won and foreign currency, general unlisted
derivatives like swap, forward, option
- Level 3: Inputs for the asset or the liability that are not based on observable market data.
Unlisted stocks, complicated structured bonds, complicated unlisted derivative

March, 2014
(Unaudited)
55
1-2) The valuation techniques and the fair value measurement input variables of financial assets and
liabilities classified as level 2 are as follows:
Fair value
Valuation
techniques Inputs
Financial assets
assets
W 33,299 DCF Model Discount rate
assets
31,434 DCF Model Discount rate, short -term
interest rate, volatility, foreign
exchange rate, and others
64,733
Derivative financial liabilities
Available-for-sale derivative
financial liabilities
2 DCF Model Discount rate, short -term
liabilities
410,218 DCF Model Discount rate, short -term
W 410,220
1-3) Changes in fair value of instruments classified as level 3 for the years ended March 31, 2014 and
December 31, 2013 are as follows.
Available-for-sale securities
Beginning balance W 10,844 11,165
Increase - 60
Valuation gain(loss) (Other comprehensive
income and loss) (592) (435)
Ending balance W 10,252 10,790

NotestotheCondensedConsolidatedInterimFinancialStatements
March,2014
(Unaudited)
(Inmillionsofwon)
56
27.FairvaluemanagementoffinancialInstruments,Continued
1-4)Valuationtechniquesandquantitativeinformationunobservedinputsoffinancialinstrumentsclassifiedaslevel3asofMarch31,2014areasfollows:
Fair
value
Valuation
techniqueInputs
Unobservable
inputs
Estimatedrange
ofunobservable
inputsImpactsonfairvalue
Financial
assets
Available-for-
salefinancial
asset
W10,252FCFE
model
Growthrate,
Discountrate
Increaseinrateof
sale
-0.22%~0.72%Fairvalueislikelytoincrease
whentherateofsaleandrate
ofoperatingincomebeforetax
increase,whilecostofequity
capitaldecreases
Rateofoperating
incomebeforetax
19.70%~24.81%
Costofequitycapital6.09%
W10,252
Financialassetsclassifiedaslevel3areavailable-for-salefinancialassetsasofMarch31,2014.Changesinothercomprehensiveincomeduetochangesin
inputstovaluationareconsideredtohaveinsignificantimpactsconsideringtheamountoftotalequity.

March, 2014
(Unaudited)
57
2-1) Fair value hierarchy of financial assets and liabilities which the fair value are disclosed as of March
31, 2014 and December 31, 2013, are as follows:
March 31, 2014
Book value Fair value
Fair value hierarchy
Level 1 Level 2 Level 3
Financial assets
Cash W - - - - -
Deposits 168,713 168,713 - 168,713 -
instruments 1,742,915 1,742,915 - 1,742,915 -
Loan receivables 10,385,521 10,556,314 - - 10,556,314
Installment financial
assets 5,414,833 5,416,175 - - 5,416,175
Lease receivables 2,946,037 2,906,145 - - 2,906,145
Accounts receivables 108,726 108,726 - - 108,726
Accrued revenues 101,556 101,556 - - 101,556
leases 27,839 27,798 - 27,798 -
W 20,896,140 21,028,342 - 1,939,426 19,088,916
Borrowings W 1,717,269 1,729,103 - 1,729,103 -
Bonds 15,972,356 16,396,544 - 16,396,544 -
Accounts payables 220,415 220,415 - - 220,415
Accrued expense 168,431 168,431 - - 168,431
Deposit received 18,288 18,288 - - 18,288
Deposits 684,391 687,541 - 687,541 -
60 60 - - 60
W 18,781,210 19,220,382 - 18,813,188 407,194

March, 2014
(Unaudited)
58
December 31, 2013
Book value Fair value
Fair value hierarchy
Level 1 Level 2 Level 3
Financial assets
Cash W 3 3 3 - -
Deposits 205,297 205,297 - 205,297 -
instruments 1,297,315 1,297,315 - 1,297,315 -
Loan receivables 11,124,201 11,318,040 - - 11,318,040
assets 4,799,854 4,801,546 - - 4,801,546
Lease receivables 2,989,959 2,943,184 - - 2,943,184
Accounts receivables 113,750 113,750 - - 113,750
Accrued revenues 103,517 103,517 - - 103,517
leases 28,343 28,117 - 28,117 -
W 20,662,239 20,810,769 3 1,530,729 19,280,037
Borrowings W 1,811,443 1,822,182 - 1,822,182 -
Bonds 15,426,879 15,780,619 - 15,780,619 -
Accounts payables 290,405 290,405 - - 290,405
Accrued expense 161,447 161,447 - - 161,447
Deposit received 13,673 13,673 - - 13,673
Deposits 706,224 708,597 - 708,597 -
70 70 - - 70
W 18,410,141 18,776,993 - 18,311,398 465,595

March, 2014
(Unaudited)
59
2-2) Since the book value is a reasonable estimate of the fair value, the valuation techniques and
inputs related to items that recognize the book value as the fair value are not disclosed.
liabilities classified as level 2 which the fair value are disclosed as of March 31, 2014 are as follows:
Fair value
Valuation
technique Inputs
Financial assets
Guaranteed deposits
on leases
W 27,798 DCF model Base rate
Borrowings 1,729,103 DCF model Procurement interest rate,
Other spread
Bonds 16,396,544 BDT model Discount rate, volatility, and
others
Deposits 687,541 DCF model Base rate
W 18,813,188
liabilities classified as level 3 as of March 31, 2014 are as follows:
Fair value
Valuation
technique Inputs
Financial assets
Loans and receivables W 10,556,314 DCF model Procurement interest rate,
credit spread, other spread
assets
5,416,175 DCF model Procurement interest rate,
Lease receivables 2,906,145 DCF model Procurement interest rate,
W 18,878,634
28. Financial Risk Management
The Group is exposed to credit risk, liquidity risk and market risk (exchange and rate risk). In order to
manage these factors, the Group operates risk management policies and programs that monitor
closely and respond to each of the risk factors. The Group uses derivatives to manage specific risks.
There was no significant change in the Group's risk management division and policies after December
31, 2013.

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