Hci fy2013 ye_final

Hyundai Commercial, Inc. and Subsidiaries
Consolidated Financial Statements
December 31, 2013
(With Independent Auditors’ Audit Report Thereon)

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

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’ Report
Based on a report originally issued in Korean
The Board of Directors and Shareholders
Hyundai Commercial, Inc.:
We have audited the accompanying consolidated statement of financial position of Hyundai Commercial,
Inc. and its subsidiaries (collectively “the Group”) as of December 31, 2013 and the related consolidated
statements of comprehensive income, changes in equity and cash flows for the year then ended.
Management is responsible for the preparation and fair presentation of these consolidated financial
statements in accordance with Korean International Financial Reporting Standards. Our responsibility is to
express an opinion on these consolidated financial statements based on our audit. The accompanying
consolidated statements of financial position of the Group as of December 31, 2012, and the related
consolidated statements of comprehensive income, changes in equity and cash flows for the year then
ended, were audited by other auditors, whose report thereon dated March 19, 2013, expressed an
unqualified opinion.
We conducted our audit in accordance with auditing standards generally accepted in the Republic of Korea.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the consolidated financial statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An
audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall consolidated financial statement presentation. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In our opinion, the consolidated financial statements referred above present fairly, in all material respects,
the financial position of the Group as of December 31, 2013, and its financial performance and its cash flows
for the year then ended, in accordance with Koran International Financial Reporting Standards.
Based on our audits and the report of other auditors, the accompanying consolidated financial statements
present fairly, in all material respects, the financial position of the Group as of December 31, 2013 and 2012
and its financial performance and cash flows for the years then ended in accordance with Korean
International Financial Reporting Standards.
The procedures and practices utilized in the Republic of Korea to audit such consolidated financial
statements may differ from those generally accepted and applied in other countries.
Accordingly, this report is for use by those knowledgeable about Korean auditing standards and their
application in practice.

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
March 13, 2014
This report is effective as of March 13, 2014, the audit report date. Certain subsequent events or
circumstances, which may occur between the audit report date and the time of reading this report, could
have a material impact on the accompanying consolidated financial statements and notes thereto.
Accordingly, the readers of the audit report should understand that the above report has not been updated
to reflect the impact of such subsequent events or circumstances, if any.

Consolidated Statements of Financial Position
As of December 31, 2013 and 2012
3
(In Korean won) Notes
December 31,
2013
December 31,
2012
Assets
Cash and due from bank 11
Cash and cash equivalents 29 W 280,489,429,324 282,825,795,422
Due from banks 6 9,000,000 9,000,000
280,498,429,324 282,834,795,422
Securities
Available-for-sale securities 7,11 52,913,346,681 26,984,327,193
Investments in associates 8 258,117,765,424 285,401,945,483
311,031,112,105 312,386,272,676
Loans receivables 9,10,11,12
Factoring 4,145,309,432 108,000,000
Allowance for doubtful accounts (28,760,007) (270,108)
Loans 3,003,414,808,167 2,800,613,129,940
Allowance for doubtful accounts (21,626,634,497) (19,258,899,976)
2,985,904,723,095 2,781,461,959,856
Installment financial assets 9,10,11,12
Auto installment financial receivables 281,894,747,216 333,721,265,726
Durable goods installment financing receivables 20,071,412,811 25,624,608,935
Allowance for doubtful accounts (135,964,512) (176,228,378)
300,002,240,921 356,818,556,366
Lease receivables 9,10,11
Financial lease receivables 13 213,536,302,589 132,356,464,281
211,720,715,936 131,329,553,468
Property and equipment 14
Vehicles 38,087,150 69,799,497
Fixtures and furniture 3,259,138,554 2,701,927,277
Others 410,999,664 410,999,664
3,708,225,368 3,182,726,438
Other assets
Intangible assets 15 4,474,389,846 3,453,010,248
Account receivables 11 18,117,506,853 15,919,893,264
Allowance for doubtful accounts 10 (42,153,646) (106,582,840)
Accrued revenues 11 18,277,365,728 16,979,241,639
Allowance for doubtful accounts 10 (121,450,184) (120,891,875)
Advanced payments 11,320,091,953 1,157,855,722
Prepaid expenses 3,571,104,042 3,258,141,295
Leasehold deposits 11 2,126,867,765 11,083,913,915
Derivative assets 11,20 162,823,025 137,774,538
Other investment assets 3,914,564,740 3,885,995,860
61,801,110,122 55,648,351,766
Total assets W 4,154,666,556,871 3,923,662,215,992
See accompanying notes to the consolidated financial statements.

Consolidated Statements of Financial Position, Continued
As of December 31, 2013 and 2012
4
(In Korean won) Notes
December 31,
2013
December 31,
2012
Liabilities
Borrowings and debt securities issued
Borrowings 11,16 W 596,955,176,683 723,883,961,368
Debentures 11,17 2,803,450,657,012 2,428,295,638,414
Securitized debts 11,12,18 259,852,347,235 309,637,147,861
3,660,258,180,930 3,461,816,747,643
Other liabilities
Account payables 11 14,442,798,233 15,199,624,950
Accrued expenses 11 24,018,798,330 27,995,752,026
Unearned revenue 5,883,874,618 4,660,074,481
Advances 561,139,875 245,291,834
Withholdings 11 4,638,033,401 3,470,180,556
Net defined benefit liabilities 19 2,511,838,894 2,056,215,563
Leasehold deposits received 11 53,848,412,018 33,014,098,305
Current income tax liabilities 9,140,342,918 9,539,343,812
Deferred income tax liabilities 26 23,056,840,364 20,052,096,124
Derivative liabilities 11,20 1,937,593,381 7,505,990,273
140,039,672,032 123,738,667,924
Total liabilities 3,800,297,852,962 3,585,555,415,567
Equity
Capital stock 1,21
Common stock 100,000,000,000 100,000,000,000
Preferred stock 25,000,000,000 25,000,000,000
125,000,000,000 125,000,000,000
Capital surplus 21
Paid-in capital in excess of par value 74,608,059,537 74,608,059,537
Accumulated other comprehensive income (loss) 28
Unrealized loss on valuation of derivatives 20 (950,104,066) (1,914,821,981)
Unrealized gain (loss) on valuation of available-for-
sale securities (1,908,746,117) 713,160,297
Accumulated comprehensive income (loss) of equity
method investee (9,334,142,540) 3,811,298,060
Remeasurement of defined benefit plans (2,254,434,232) (1,670,150,616)
(14,447,426,955) 939,485,760
Retained earnings 22
Legal reserve 7,100,000,000 4,000,000,000
Voluntary reserve 15,389,637,505 3,457,191,901
Unappropriated retained earnings 146,698,613,822 130,082,243,227
(Appropriated regulatory reserve for credit losses -
W(15,289,637,505) and W(3,357,191,901),
respectively)
(Estimated provision (reversal) of regulatory reserve
for credit losses W(761,453,510) and
(W11,932,445,604), respectively)
169,188,251,327 137,539,435,128
Total equity attributable to owners of the Controlling
Company 354,348,883,909 338,086,980,425
Non-controlling interests 19,820,000 19,820,000
Total equity 354,368,703,909 338,106,800,425
Total liabilities and equity W 4,154,666,556,871 3,923,662,215,992

Consolidated Statements of Comprehensive Income
For the years ended December 31, 2013 and 2012
5
(In Korean won) Notes 2013 2012
Operating revenue
Interest income 23 W 9,434,233,198 11,194,567,834
Income on loans 23,24 281,391,820,093 272,663,892,191
Income on installment financial
receivables 23,24 29,016,725,243 42,262,441,366
Income on leases 23,24 11,466,743,779 7,957,875,306
Gain on disposal of loans 3,988,547,540 6,163,108,697
Gain on foreign transactions 316,000,000 4,521,000,000
Dividend income 200,000,000 250,000,000
Gain on disposal of available-for-sale securities 3,267,027,980 -
Other operating revenue 7,149,934,537 1,678,784,874
346,231,032,370 346,691,670,268
Operating expenses
Interest expense 23 157,791,181,350 163,476,708,039
Bad debt expense 10 25,054,917,751 21,565,121,705
Loss on disposal of loans 7,510,206,205 3,302,529,161
Loss on foreign transactions 1,316 -
General and administrative expenses 25 71,486,179,960 66,024,037,995
Loss on valuation of derivatives 83,414,242 4,948,370,220
Other operating expenses 8,435,402,416 4,566,451,085
270,361,303,240 263,883,218,205
Operating income 75,869,729,130 82,808,452,063
Non-operating income
Gain on equity method valuation 8 9,041,656,171 10,609,149,548
Gain on disposal of property and equipment 42,750,144 2,856,483
Miscellaneous income 641,755,608 659,947,262
9,726,161,923 11,271,953,293
Non-operating expenses
Loss on equity method valuation 8 25,292,131,269 18,716,248,681
Loss on disposal of property and equipment - 113,850,242
Donation 1,952,381 50,000,000
Miscellaneous losses 546,058,448 534,359,600
Other non-operating expenses - 8,582,824,000
25,840,142,098 27,997,282,523
Profit before income taxes 59,755,748,955 66,083,122,833
Income tax expenses 26 23,138,278,177 22,435,670,215
Profit for the period 22 W 36,617,470,778 43,647,452,618
(Profit adjusted by regulatory reserve for credit losses
amounted to W35,856,017,268 and W31,715,007,014 for
the years ended December 31, 2013 and 2012,
respectively)
Profit attributable to:
Owners of the Controlling Company W 36,617,470,778 43,647,452,618
Non-controlling interests - -
Profit for the period W 36,617,470,778 43,647,452,618

Consolidated Statements of Comprehensive Income, Continued
6
Other comprehensive income, net of income taxes 28
Items that are or may be reclassified to profit or loss
subsequently W (14,802,629,099) (652,669,581)
Items that will not be reclassified to profit or loss (584,283,616) (729,564,515)
(15,386,912,715) (1,382,234,096)
Total comprehensive income for the period W 21,230,558,063 42,265,218,522
Total comprehensive income attributable to:
Owners of the Controlling Company W 21,230,558,063 42,265,218,522
Non-controlling interests - -
Total comprehensive income for the period W 21,230,558,063 42,265,218,522
Earnings per share 27
Basic earnings per share W 1,531 1,882
Diluted earnings per share 1,465 1,746

Consolidated Statements of Changes in Equity
7
(In Korean won)
Capital
stock
Capital
surplus
Accumulated
other
comprehensive
income (loss) Retained earnings
Total
attributable
to owners of the
Controlling
Company
Non-controlling
interests Total equity
Balance as of January 1, 2012 W 125,000,000,000 74,608,059,537 2,321,719,856 147,407,217,933 349,336,997,326 19,820,000 349,356,817,326
Total comprehensive income (loss)
Profit for the period - - - 43,647,452,618 43,647,452,618 - 43,647,452,618
Other comprehensive income (loss)
Net unrealized loss on valuation of derivatives - - (831,874,468) - (831,874,468) - (831,874,468)
Net unrealized loss on valuation of available-for-
sale securities - - (5,334,677,551) - (5,334,677,551) - (5,334,677,551)
Other comprehensive income of equity method
investees - - 5,513,882,438 1,484,764,577 6,998,647,015 - 6,998,647,015
Remeasurement of defined benefit plans - - (729,564,515) - (729,564,515) - (729,564,515)
Total comprehensive income (loss) for the period - - (1,382,234,096) 45,132,217,195 43,749,983,099 - 43,749,983,099
Transactions with owners
Annual dividends paid - - - (30,000,000,000) (30,000,000,000) - (30,000,000,000)
Interim dividends paid - - - (25,000,000,000) (25,000,000,000) - (25,000,000,000)
Balance as of December 31, 2012 W 125,000,000,000 74,608,059,537 939,485,760 137,539,435,128 338,086,980,425 19,820,000 338,106,800,425
Balance as of January 1, 2013 W 125,000,000,000 74,608,059,537 939,485,760 137,539,435,128 338,086,980,425 19,820,000 338,106,800,425
Total comprehensive income (loss)
Profit for the period - - - 36,617,470,778 36,617,470,778 - 36,617,470,778
Other comprehensive income (loss)
Net unrealized gain on valuation of derivatives - - 964,717,915 - 964,717,915 - 964,717,915
Net unrealized loss on valuation of available-for-
sale securities - - (2,621,906,414) - (2,621,906,414) - (2,621,906,414)
Other comprehensive income (loss) of equity method
Investees - - (13,145,440,600) 1,031,345,421 (12,114,095,179) - (12,114,095,179)
Remeasurement of defined benefit plans - - (584,283,616) - (584,283,616) - (584,283,616)
Total comprehensive income (loss) for the period - - (15,386,912,715) 37,648,816,199 22,261,903,484 - 22,261,903,484
Transactions with owners
Annual dividends paid - - - (6,000,000,000) (6,000,000,000) - (6,000,000,000)
Balance as of December 31, 2013 W 125,000,000,000 74,608,059,537 (14,447,426,955) 169,188,251,327 354,348,883,909 19,820,000 354,368,703,909

Consolidated Statements of Cash Flows
8
Cash flows from operating activities
Cash generated from (used in) operations 29 W 16,926,012,674 (62,299,924,616)
Interest received 7,852,640,077 9,681,332,266
Interest paid (153,042,772,791) (158,384,342,272)
Dividend received 200,000,000 250,000,000
Income taxes paid (20,254,938,110) (21,083,558,210)
Net cash used in operating activities (148,319,058,150) (231,836,492,832)
Cash flows from investing activities
Proceeds from disposal of available-for-sale securities 8,759,859,472 -
Acquisition of available-for-sale securities (44,267,937,586) (6,302,089,113)
Acquisition of investments in associates (940,000,000) (138,913,060,000)
Proceeds from disposal of vehicles 33,890,000 63,107,858
Acquisition of vehicles - (76,172,300)
Proceeds from disposal of fixtures and furniture 11,675,000 1,360,000
Acquisition of fixtures and furniture (1,815,170,606) (1,418,127,063)
Acquisiton of other investment assets (28,568,880) -
Acquisition of intangible assets (376,058,800) (1,030,108,684)
Increase in advanced payments (11,522,462,304) -
Decrease in leasehold deposits 9,303,000,928 1,106,291,200
Increase in leasehold deposits (289,147,437) (2,005,013,700)
Net cash used in investing activities (41,130,920,213) (148,573,811,802)
Cash flows from financing activities
Proceeds from borrowings 673,059,902,143 757,578,850,000
Repayments of borrowings (799,773,487,454) (759,218,611,658)
Issuance of debentures 1,250,875,138,454 1,128,866,743,000
Repayments of debentures (876,336,940,878) (635,000,000,000)
Issuance of securitized debts 170,000,000,000 -
Repayments of securitized debts (220,000,000,000) (50,000,000,000)
Liquidation of derivatives (4,711,000,000) -
Payments of dividends (6,000,000,000) (55,000,000,000)
Net cash provided by financing activities 187,113,612,265 387,226,981,342
Net cash increase (decrease) in cash and cash
equivalents (2,336,366,098) 6,816,676,708
Cash and cash equivalents at beginning of period 29 282,825,795,422 276,009,118,714
Cash and cash equivalents at end of period 29 W 280,489,429,324 282,825,795,422

Notes to the Consolidated Financial Statements
December 31, 2013
(In thousands of won)
9
1. Reporting Entity
Hyundai Commercial, Inc., the controlling company, and its subsidiaries (collectively, the “Group”)
included in consolidation are summarized as below.
(a) Controlling Company
Hyundai Commercial, Inc. (the “Controlling Company”) was established on March 27, 2007, by taking
over all the assets, liabilities, rights, and obligations related with the loans of the industrial product
division of Hyundai Capital Services, Inc. and its installment financing and lease financing division. It is
engaged in installment financing and leasing of facilities. The Group’s operations are headquartered in
Yeouido, Seoul. The common shareholders of the Group as of December 31, 2013 are as follows:
Number of shares
Percentage of ownership
(%)
Hyundai Motor Company 10,000,000 50.00
Myung-yi Chung 6,667,000 33.33
Tae-young Chung 3,333,000 16.67
20,000,000 100.00
(b) The Group’s subsidiaries
Subsidiaries as of December 31, 2013 and 2012 are as follows. The Group has control over the
subsidiaries established as special purpose entities for asset securitization even though its ownership
interests over the subsidiaries do not exceed 50%.
Subsidiaries
Ratio of
ownership Location
Reporting
Date
Special Purpose
Entities
Commercial Auto First SPC (trust)(*1) 0.90% Korea March 31(*2)
Commercial Auto Second SPC
(trust)(*1) 0.90% Korea December 31
(*1) Special Purpose Entities (“SPE”) were established to securitize certain financial assets held by the
Group. The Group concluded that it has control over the SPE as it is significantly exposed to
variable returns from its involvement with the SPE by acquiring subordinated debentures issued
by SPE and has the ability to affect those returns through its power, even though it holds less than
a majority of the voting rights of the investees. Accordingly, the Group concluded that it has
control over SPE which are included in the consolidated financial statements of the Group.
(*2) The end of the reporting period of Commercial Auto First SPC (trust) is different from that of the
Controlling Company. Therefore, the Controlling Company consolidates the financial information of
the subsidiary using the financial statements as of the same date.

December 31, 2013
10
1. Reporting Entity, Continued
(c) Condensed financial information of subsidiaries
Assets Liabilities Equity
Operating
revenue
Profit for
the year
December 31, 2013
Commercial Auto
First SPC (trust) W 150,305,348 150,211,822 93,526 9,796,267 (131,774)
Commercial Auto
Second SPC
(trust) 110,203,346 110,129,148 74,198 5,437,737 (83,405)
December 31, 2012
Commercial Auto
First SPC (trust) W 200,375,234 200,149,934 225,300 10,317,412 (133,659)
Commercial Auto
Second SPC
(trust) 110,203,363 110,045,760 157,603 6,965,620 (141,723)

December 31, 2013
11
2. Basis of Preparation
(a) Statement of compliance
The consolidated financial statements have been prepared in accordance with the Korean International
Financial Reporting Standards (“K-IFRS”) as prescribed in the Act on External Audits of Corporations in
the Republic of Korea.
(b) Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for the
following material items in the consolidated statement of financial position:
- Available-for-sale financial instruments measured at fair value
- Derivative financial instruments measured at fair value
- The liability (asset) for defined benefit obligations is recognized as the present value of the defined
benefit obligation less the fair value of the plan assets.
(c) Use of estimates and judgments
The preparation of the consolidated 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.
Estimates and underlying assumptions are evaluated on an ongoing basis. Revisions to accounting
estimates are recognized in the period in which the estimates are revised and in any future years
affected.
Information about critical judgments in applying accounting policies that have the most significant
effect on the amounts recognized in the consolidated financial statements is included in the following
notes:
- Note 4(i) – Allowance for financial receivables
- Note 4(o) – Net defined benefit liabilities
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a
material adjustment within the next financial year are included in the following notes:
- Note 10 – Allowance for Doubtful Accounts
- Note 19 – Net Defined Benefit Liabilities

December 31, 2013
12
3. Changes in accounting policies
Except as described below, the accounting policies applied by the Group in these consolidated financial
statements are the same as those applied by the Group in the consolidated financial statements as of
and for the year ended December 31, 2012. The following changes in accounting policies have been
reflected in the Group’s consolidated financial statements as of and for the year ended December 31,
2013. However, the Group adopted early the amendments to K-IFRS No.1019, ‘Employee Benefits’
for annual periods beginning after January 1, 2012.
- K-IFRS No. 1110 Consolidated Financial Statements
- K-IFRS No. 1112 Disclosure of Interests in Other Entities
- K-IFRS No. 1113 Fair Value Measurement
- K-IFRS No. 1001 Presentation of Financial Statements
(a) New standards and interpretations adopted
i) Enactment of K-IFRS No. 1110 Consolidated Financial Statements
The standard outlines the requirements for the preparation and presentation of consolidated financial
statements, requiring the Group to consolidate entities it controls. An investor is considered to have
control over an investee when it has exposure or rights to variable returns from its involvement with
the investee and has the ability to affect those returns through its power over the investee.
The adoption of this standard had no impact on the Group’s consolidated financial statements on
January 1, 2013, the date of initial application in accordance with the transition of the standard.
ii) Enactment of K-IFRS No. 1112 Disclosure of Interests in Other Entities
The standard requires a wide range of disclosures about an entity's interests in subsidiaries, joint
arrangements, associates and unconsolidated 'structured entities'. The standard requires the
disclosure of information that enables users of financial statements to evaluate the nature, and risks
associated with its interests in other entities and the effects of those interests on its financial position,
financial performance and cash flows.
iii) Enactment of K-IFRS No. 1113 Fair Value Measurement
The standard provides a single framework for measuring fair value and requires disclosures about fair
value measurements. The standard defines fair value as the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date.
The Group applies this standard prospectively and comparative information related to new disclosure
is not provided in accordance with the transition of the standard. The adoption of this standard had
no material impact on the Group’s consolidated financial statements.
iv) Amendments to K-IFRS No. 1001 Presentation of Financial Statements
The Group applies the amendments from annual periods beginning at January 1, 2013. The
amendments require presenting items in other comprehensive income on the basis of whether they
are potentially reclassifiable to profit or loss in subsequent periods. Therefore, the consolidated
statement of comprehensive income for the year ended, December 31, 2012, has been restated.

December 31, 2013
13
3. Changes in accounting policies, Continued
(b) New standards and interpretations not yet adopted
The following new standards, interpretations and amendments to existing standards have been
published and are mandatory for the Group for annual periods beginning after January 1, 2013, and the
Group has not early adopted them.
Management believes the impact of the amendments on the Group’s consolidated financial statements
is not significant.
K-IFRS No. 1032 Financial Instruments: Presentation
The amendments address inconsistencies in current practice when applying the offsetting criteria in K-
IFRS No. 1032 Financial Instruments: Presentation. The amendments clarify the meaning of a legally
enforceable right of set-off and that some gross settlement systems may be considered equivalent to
net settlement. The amendments are effective for annual periods beginning on or after January 1,
2014 and are required to be applied retrospectively.

December 31, 2013
14
4. Significant Accounting Policies
Significant accounting policies applied consolidated financial statements preparing according to K-IFRS
are following, and consolidated financial statements as of current and prior that is for period presented
for comparative was prepared by the same accounting policies.
Some amount of statement of comprehensive income for prior period presented for comparative are
changed some item’s presentation and classified to reflect the changes related other comprehensive
income items presentation method standard.
(a) Consolidation
i) Subsidiaries
The Group controls subsidiaries when it is exposed, or has rights, to variable returns from its
involvement with the subsidiaries and has the ability to affect those returns through its power over the
subsidiaries. The financial statements of subsidiaries are included in the consolidated financial
statements from the date that control commences until the date that control ceases. If a subsidiary of
the Group uses accounting policies other than those adopted in the consolidated financial statements
for like transactions and events in similar circumstances, appropriate adjustments are made to its
financial statements in preparing the consolidated financial statements.
ii) Intra-group transactions
Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group
transactions, are eliminated in preparing the consolidated financial statements. Intra-group losses are
recognized as expense if intra-group losses indicate an impairment that requires recognition in the
consolidated financial statements.
iii) Non-controlling interests
Non-controlling interests in a subsidiary are accounted for separately from the parent’s ownership
interests in a subsidiary. Each component of net profit or loss and other comprehensive income is
attributed to the owners of the parent and non-controlling interest holders, even when the allocation
reduces the non-controlling interest balance below zero.
iv) Changes in ownership interests in a subsidiary
Changes in ownership interests in a subsidiary that do not result in a loss of control, such as the
subsequent purchase or sale by a parent of a subsidiary’s equity instruments, are accounted for as
equity transactions in capital adjustments. Adjustments to non-controlling interests are based on a
proportionate amount of net asset of the subsidiary. No adjustments are made to goodwill and no
gain or loss is recognized in profit or loss. The difference between the consideration and the
adjustments made to non-controlling interest is recognized directly in equity attributable to the owners
of the Group.

December 31, 2013
15
4. Significant Accounting Policies, Continued
(b) Associates
An associate is an entity over which the Group has significant influence and that is neither a subsidiary
nor an interest in a joint venture. Significant influence is the power to participate in the financial and
operating policy decisions of the investee but not have control or joint control over these policies.
Significant influence is generally presumed to exist when the Group holds 20% or more, but less than
50%, of the voting rights.
Under the equity method, an investment in an associate is initially recognized in the consolidated
statements of financial position at cost and adjusted thereafter to recognize the Group’s share of the
profit or loss and other comprehensive income of the associate. When the Group’s share of losses of
an associate exceeds the Group’s interest in that associate (which includes any long-term interests that,
in substance, form part of the Group’s net investment in the associate), the Group discontinues
recognizing its share of further losses. Additional losses are recognized only to the extent that the
Group has incurred legal or constructive obligations or made payments on behalf of the associate.
If an associate uses accounting policies different from those of the Group for like transactions and
events in similar circumstances, appropriate adjustments are made to its financial statements in
applying the equity method.
When the Group’s share of losses exceeds its interest in an equity accounted investee, the carrying
amount of that interest, including any long-term investments, is reduced to nil and the recognition of
further losses is discontinued except to the extent that the Group has an obligation or has to make
payments on behalf of the investee for further losses.
(c) Cash and cash equivalents
The Group considers cash on hand, call deposits, and highly liquid financial assets which are subject to
insignificant risk of changes in their fair values to be cash and cash equivalents.
(d) Non-derivative financial assets
Non-derivative financial assets are classified into the following measurement categories: financial
assets at fair value through profit or loss, held-to-maturity investments, loans and receivables and
available-for-sale financial assets, all of which are initially recognized on the date at which the Group
becomes a party to the contractual provisions of the instrument.
A financial asset is measured initially at its fair value plus, for an item not at fair value through profit or
loss, transaction costs that are directly attributable to its acquisition.
i) Financial assets at fair value through profit or loss
Financial assets are classified as at fair value through profit or loss when the financial asset is either
held for trading or is designated at fair value through profit or loss. Financial assets at fair value
through profit or loss are measured at fair value upon initial recognition and changes therein are
recognized in profit or loss. Upon initial recognition, attributable transaction costs are recognized in
profit or loss as incurred.
ii) Held-to-maturity investments
If the non-derivative assets have a fixed maturity with fixed or determinable payments, and the Group
has the positive intent and ability to hold them until maturity, then such financial assets are classified as
held-to-maturity. Subsequent to initial recognition, held-to-maturity financial assets are measured at
amortized cost using the effective interest rate method.

December 31, 2013
16
(d) Non-derivative financial assets, Continued
iii) Loans and receivables
Loans and receivables are financial assets with fixed or determinable payments that are not quoted in
an active market. Subsequent to initial recognition, loans and receivables are measured at amortized
cost using the effective interest method.
iv) Available-for-sale financial assets
Available-for-sale financial assets are those non-derivative financial assets that are designated as
available-for-sale or are not classified as financial assets at fair value through profit or loss, held-to-
maturity investments or loans and receivables. Subsequent to initial recognition, they are measured at
fair value, with changes in fair value, net of any tax effect, recorded in other comprehensive income in
equity. Investments in equity instruments that do not have a quoted market price in an active market
and whose fair value cannot be reliably measured and derivatives those are linked to and must be
settled by delivery of such unquoted equity instruments are measured at cost.
v) Derecognition of financial assets
The Group de-recognizes a financial asset when the contractual rights to the cash flows from the asset
expire, or it transfers the rights to receive the contractual cash flows of the financial asset in a
transaction in which substantially all the risks and rewards of ownership of the financial asset are
transferred. If the Group retains substantially all the risks and rewards of ownership of the transferred
financial assets, the Group continues to recognize the transferred financial assets and recognizes
financial liabilities for the consideration received.
vi) Offsetting between financial assets and financial liabilities
Financial assets and financial liabilities are offset and the net amount is presented in the consolidated
statement of financial position only when the Group currently has a legally enforceable right to offset
the recognized amounts, and there is the intention to settle on a net basis or to realize the asset and
settle the liability simultaneously.

December 31, 2013
17
(e) Derivative financial instruments
Derivatives are initially recognized at fair value. Subsequent to initial recognition, derivatives are
measured at fair value, and changes therein are accounted for as described below.
1) Hedge accounting
The Group holds various derivative financial instruments, such as currency swaps and interest rate
swaps, etc., to hedge its foreign currency and interest rate risk exposures.
On initial designation of the hedge, the Group formally documents the relationship between the
hedging instruments and hedged items, including the risk management objectives and strategy in
undertaking the hedge transaction, together with the methods that will be used to assess the
effectiveness of the hedging relationship.
i) Fair value hedge
Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are
recognized in profit or loss. The gain or loss from remeasuring the hedging instrument at fair value for
a derivative hedging instrument and the gain or loss on the hedged item attributable to the hedged risk
are recognized in profit or loss in the same line item of the consolidated statement of comprehensive
income. The Group discontinues fair value hedge accounting if the hedging instrument expires or is
sold, terminated or exercised, or if the hedge no longer meets the criteria for hedge accounting. Any
adjustment arising from gain or loss on the hedged item attributable to the hedged risk is amortized to
profit or loss from the date the hedge accounting is discontinued.
ii) Cash flow hedge
When a derivative is designated to hedge the variability in cash flows attributable to a particular risk
associated with a recognized asset or liability or a highly probable forecasted transaction that could
affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in
other comprehensive income, net of tax, and presented in the hedging reserve in equity. Any
ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or
loss.
If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold,
terminated, exercised, or the designation is revoked, then hedge accounting is discontinued
prospectively. The cumulative gain or loss on the hedging instrument that has been recognized in
other comprehensive income is reclassified to profit or loss in the periods during which the forecasted
transaction occurs. If the forecasted transaction is no longer expected to occur, then the balance in
other comprehensive income is recognized immediately in profit or loss.
2) Embedded derivative instruments
Embedded derivatives are separated from the host contract and accounted for separately only if the
following criteria has been met: (a) the economic characteristics and risks of the host contract and the
embedded derivatives are not clearly and closely related to a separate instrument with the same terms
as the embedded derivative that would meet the definition of a derivative, and (b) the hybrid (combined)
instrument is not measured at fair value through profit or loss. Changes in the fair value of separable
embedded derivatives are recognized immediately in profit or loss.
3) Other derivative instruments
Changes in the fair value of other derivative financial instrument not designated as a hedging
instrument are recognized immediately in profit or loss.

December 31, 2013
18
(f) Impairment of financial assets
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to
determine whether there is objective evidence that it is impaired. A financial asset is impaired if
objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and
that the loss event had a negative effect on the estimated future cash flows of that asset that can be
estimated reliably. However, losses expected as a result of future events, regardless of likelihood,
are not recognized.
Objective evidence that a financial asset is impaired includes, but not limited to, the following events:
i) Assets carried at amortized cost
An impairment loss in respect of assets carried at amortized cost measured at amortized cost is
calculated as the difference between its carrying amount and the present value of the estimated future
cash flows discounted at the asset’s original effective interest rate and is recognized in profit or loss.
Interest on the impaired asset continues to be recognized through the unwinding of the discount.
When a subsequent event causes the amount of impairment loss to decrease, the decrease in
impairment loss is reversed through profit or loss.
ii) Available-for-sale financial assets
When a decline in the fair value of an available-for-sale financial asset has been recognized in other
comprehensive income and there is objective evidence that the asset is impaired, the cumulative loss
that had been recognized in other comprehensive income is reclassified from equity to profit or loss as
a reclassification adjustment even though the financial asset has not been derecognized. Impairment
losses recognized in profit or loss for an investment in an equity instrument classified as available-for-
sale are not reversed through profit or loss. If, in a subsequent period, the fair value of a debt
instrument classified as available-for-sale increases and the increase can be objectively related to an
event occurring after the impairment loss was recognized in profit or loss, the impairment loss is
reversed, with the amount of the reversal recognized in profit or loss.
(g) Revenue recognition
The Group recognizes capital lent to customers as loans receivables. Installment financial capital paid
by the Group to manufacturers or sellers on behalf of customers is recognized as installment financial
assets. Financial lease receivables classified as financial leases are recognized as lease receivables.
The expected future cash flows from loans receivables, installment financial assets and lease
receivables (“financial receivables”) described above are amortized under the effective interest method
over the period of the financial receivables being used by customers.
(h) Deferral of loan origination fee and loan origination cost
Loan origination fee, which is processing fee in relation to the loan origination process such as upfront
fee, is deferred and deducted from the loan account, adjusted over the life of the loan based on the
effective interest rate method. Loan origination cost, which relates to activities performed by the
lender such as soliciting potential borrowers, is deferred and added to the loan account, adjusted over
the life of the loan based on the effective interest rate method when the future economic benefit in
connection with the cost incurred can be identified on a per loan basis.

December 31, 2013
19
(i) Allowance for financial receivables
i) Calculation of allowance for doubtful accounts
The Group recognizes the impairment of receivables as an allowance for doubtful accounts. It is
based on the impairment estimates made through impairment assessment of receivables carried at
amortized cost. Allowance for doubtful account consists of impairments related to individually
material financial receivables and collective assessment for impairment incurred in homogeneous
assets.
Individually material receivables undertake the individual assessment of the difference between the
assets’ carrying amount and the present value of estimated future cash flows. Unimpaired assets
from individual assessments and individually immaterial assets undertake the collective assessment
classified by asset groups that have analogous risk attributes. The Group uses statistical model in the
collective assessment based on the expected probability of default, periodic collect amounts, loss-given
default based on the past losses, loss emergence period, and management’s decision about the
current economy and credit circumstance. The material factors used in statistical model for the
collective assessment are evaluated to compare with actual data regularly.
The amount of impairment loss is reflected in allowance for doubtful accounts as profit or loss.
ii) Write-off policy
The Group writes off the doubtful receivables when the assets are deemed unrecoverable. This
decision considers the information about significant changes of financial position such that a borrower
or an obligor is in default, or the amount recoverable from security is not enough. Write-off decision of
standard small loan is generally made based on the delinquent status of loan.

December 31, 2013
20
(j) Leases
i) Classification
The Group classifies and accounts for leases as either a finance or operating lease, depending on the
terms. Leases where the lessee assumes substantially all of the risks and rewards of ownership are
classified as finance leases. All other leases are classified as operating leases.
The lease arrangement classified as a finance lease is where: ① the lease transfers ownership of the
asset to the lessee by the end of the lease term, the lessee has the option to purchase the asset at②
a price that is expected to be sufficiently lower than the fair value at the date the option becomes
exercisable for it to be reasonably certain, at the inception of the lease, that the option will be exercised,
the lease term is for the major part of the economic life of the asset e③ ven if the title is not
transferred, at the inception of the lease the present value of the minimum lease payments amounts④
to at least substantially all of the fair value of the leased asset, or the leased assets are of such a⑤
specialized nature that only the lessee can use them without major modifications.
Minimum lease payments include that part of the residual value that is guaranteed by the lessee, by a
party related to the lessee or by a third party unrelated to the Group that is financially capable of
discharging the obligation under the guarantee.
ii) Finance leases
Where the Group has substantially all the risks and rewards of ownership, lease of property, and
equipment are classified as finance lease. An amount equal to the net investment in the lease is
presented as a receivable. Expenses that are incurred with regard to the lease contract made but not
executed at the date of the statement of financial position are accounted for as prepaid leased assets
and are classified as finance lease receivables at the inception of the lease. Lease receivables include
amounts such as commissions, legal fees, and internal costs that are incremental and directly
attributable to negotiation and arranging a lease. Each lease payment is allocated between principal
and finance income. Financial income on an uncollected part of net investment shall be allocated to
each period during the lease term so as to produce a constant periodic rate of interest on the remaining
balance of the liability.

December 31, 2013
21
(k) Property and equipment
Property and equipment are initially measured at cost and after initial recognition, are carried at cost
less accumulated depreciation and accumulated impairment losses. The cost of property and
equipment includes expenditures arising directly from the construction or acquisition of the asset, any
costs directly attributable to bringing the asset to the location and condition necessary for it to be
capable of operating in the manner intended by management and the initial estimate of the costs of
dismantling and removing the item and restoring the site on which it is located.
The cost of replacing a part of an item of property or equipment is recognized in the carrying amount of
the item if it is probable that the future economic benefits embodied within the part will flow to the
Group and its cost can be measured reliably. The carrying amount of the replaced cost is
derecognized. The cost of the day to day servicing of property and equipment are recognized in profit
or loss as incurred. Property and equipment are depreciated on a straight-line basis over the
estimated useful lives, which most closely reflect the expected pattern of consumption of the future
economic benefits embodied in the asset. The estimated useful lives for the current and comparative
years are as follows:
Descriptions Depreciation method Useful lives
Vehicles Straight-line 4 years
Fixtures and furniture Straight-line 4 years
Works of art classified under other tangible assets are not amortized due to their indefinite useful life in
nature.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of
each reporting period. An asset’s carrying amount is written down immediately to its recoverable
amount if the carry amount is greater than its estimated recoverable amount. Gains and losses on
disposals are determined by comparing the proceeds with the carrying amount, and recognized within
other operating income (expenses) in the consolidated statement of comprehensive income.

December 31, 2013
22
(l) Intangible assets
Intangible assets are measured initially at cost and, subsequently, are carried at cost less accumulated
amortization and accumulated impairment losses.
Amortization of intangible assets is calculated on a straight-line basis over the estimated useful lives of
intangible assets from the date that they are available for use. The residual value of intangible assets
is zero.
Descriptions Amortization method Useful lives
Development Straight-line 5 years
Software Straight-line 4 years
Other intangible assets Straight-line 5 years
i) Research and development
Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical
knowledge and understanding, are recognized in profit or loss as incurred. Development expenditures
are capitalized only if development costs can be measured reliably, the product or process is
technically and commercially feasible, future economic benefits are probable, and the Group intends to
and has sufficient resources to complete development and to use or sell the asset. Other
development expenditures are recognized in profit or loss as incurred.
ii) Subsequent expenditures
Subsequent expenditures are capitalized only when they increase the future economic benefits
embodied in the specific asset to which it relates. All other expenditures, including expenditures on
internally generated goodwill and brands, are recognized in profit or loss as incurred.
(m) Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortization and are tested annually for
impairment. Assets that are subject to amortization are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable. An impairment
loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of the asset’s fair value less costs to sell and value in
use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which
there are separately identifiable cash flows (cash generating units). Non-financial assets that are
subject to amortization suffered impairment are viewed for possible reversal of the impairment at each
reporting date.

December 31, 2013
23
(n) Non-derivative financial liabilities
The Group classifies non-derivative financial liabilities into financial liabilities at fair value through profit
or loss or other financial liabilities in accordance with the substance of the contractual arrangement and
the definitions of financial liabilities. The Group recognizes financial liabilities in the consolidated
statement of financial position when the Group becomes a party to the contractual provisions of the
financial liability.
i) Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading or
designated as such upon initial recognition. Subsequent to initial recognition, financial liabilities at fair
value through profit or loss are measured at fair value, and changes therein are recognized in profit or
loss. Upon initial recognition, transaction costs that are directly attributable to the acquisition are
recognized in profit or loss as incurred.
ii) Other financial liabilities
Non-derivative financial liabilities other than financial liabilities at fair value through profit or loss are
classified as other financial liabilities. At the date of initial recognition, other financial liabilities are
measured at fair value minus transaction costs that are directly attributable to the acquisition.
Subsequent to initial recognition, other financial liabilities are measured at amortized cost using the
effective interest method.
The Group derecognizes a financial liability from the consolidated statement of financial position when
it is extinguished (i.e., when the obligation specified in the contract is discharged, cancelled or expires).
(o) Net defined benefit liabilities
The Group operates a defined benefit plan. A defined benefit plan is a post-employment benefit plan
other than a defined contribution plan.
The liability recognized in the statement of financial position in respect of defined benefit pension plans
is the present value of the defined benefit obligation at the end of reporting period less the fair value of
plan assets, together with adjustments for unrecognized past-service costs. The defined benefit
obligation is calculated annually by independent actuaries using the projected unit credit method. The
present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows using interest rates of high-quality corporate bonds that are denominated in the currency in
which the benefits will be paid, and that have terms to maturity approximating to the terms of the
related pension obligation. Actuarial gains and losses arising from experience adjustments and
changes in actuarial assumptions are recognized in other comprehensive income or loss in the period
in which they arise.

December 31, 2013
24
(p) Provisions and contingent liabilities
When there is a probability that an outflow of economic benefits will occur due to a present obligation
resulting from a present legal or as a result of past events, and whose amount is reasonably estimable,
a corresponding amount of provision is recognized in the consolidated financial statements.
Provisions are the best estimate of the expenditure required to settle the present obligation that
consider the risks and uncertainties inevitably surround many events and circumstances at the
reporting date. Where the effect of the time value of money is material, the amount of a provision is
the present value of the expenditure expected to be required to settle the obligation.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best
estimates. If it is no longer probable that an outflow of resources embodying economic benefits will
be required to settle the obligation, the provision is reversed.
A possible obligation that arises from past events and whose existence will be confirmed only by the
occurrence or non-occurrence of uncertain future events, or a present obligation that arises from past
events but is not certain to occur, or cannot be reliably estimated, a disclosure regarding the contingent
liability is made in the notes to the consolidated financial statements.
(q) Foreign currency
Items included in the financial statements of each of the Group’s entities are measured using the
currency of the primary economic environment in which the entity operates (the “functional
currency”). The consolidated financial statements are presented in Korean won, which is the Group’s
functional currency.
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions or valuation where items are remeasured. Foreign
exchange gains and losses resulting from the settlement of such transactions and from the translation
at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognized in the statement of comprehensive income, except when deferred in other comprehensive
income as qualifying cash flow hedges.
(r) Equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of
ordinary shares and share options are recognized as a deduction from equity, net of any tax effects.
Preference share capital is classified as equity if it is non-redeemable, or redeemable only at the
Group’s option, and any dividends are discretionary. Dividends thereon are recognized as
distributions within equity upon approval by the Group’s shareholders.

December 31, 2013
25
(s) Income tax
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized
in profit or loss except to the extent that it relates to a business combination, or items recognized
directly in equity or in other comprehensive income.
i) Current income tax
Current income tax is the expected tax payable or receivable on the taxable profit or loss for the year,
using tax rates enacted or substantively enacted at the end of the reporting period and any adjustment
to tax payable in respect of previous years. The taxable profit is different from the accounting profit
for the period since the taxable profit is calculated excluding the temporary differences, which will be
taxable or deductible in determining taxable profit (tax loss) of future periods, and non-taxable or non-
deductible items from the accounting profit.
ii) Deferred income tax
Deferred income tax is recognized, using the liability method, on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial
statements.
However, deferred tax assets and liabilities are not recognized if they arise from initial recognition of an
asset or liability in a transaction other than a business combination that at the time of the transaction
affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax
rates and laws that have been enacted or substantially enacted by the statement of financial position
date and are expected to apply when the related deferred income tax asset is realized or the deferred
income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is
probable that future taxable profit will be available against which the temporary differences can be
utilized.
The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and
reduces the carrying amount to the extent that it is no longer probable that sufficient taxable profit will
be available to allow the benefit of part or all of that deferred tax asset to be utilized.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries,
associates and joint ventures except for deferred income tax liability where the timing of the reversal
of the temporary difference is controlled by the Group and it is probable that the temporary difference
will not reverse in the foreseeable future.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when the deferred income taxes assets and
liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity
or different taxable entities where there is an intention to settle the balances on a net basis.

December 31, 2013
26
(t) Earnings per share
The Group presents its basic and diluted earnings per ordinary share in consolidated comprehensive
statement of income. Basic earnings per share amounts are calculated by dividing net profit for the
period attributable to ordinary share holders of the Group by the weighted average number of ordinary
shares outstanding during the period. Diluted earnings per share amounts are calculated by adjusting
net profit attributable to ordinary shareholders of the Group for basic earnings considered potential
ordinary shares with dilution effect and weighted average number of ordinary shares outstanding.
(u) Dividend distribution
Dividend distribution to the Group’s shareholders is recognized as a liability in the financial statements
in the period in which the dividends are approved by the Group’s shareholders.
(v) Approval of financial statements
The Group’s consolidated financial statements were approved by the board of directors on February
27, 2014 and will be reported at the annual meeting of shareholders on March 21, 2014.

December 31, 2013
27
5. Segment Reporting
The Group is engaged in limited financial business (Loans, Installment Finance, and Lease, etc.) under
the Specialized Credit Financial Business Law in Korea. Therefore segment reporting is not disclosed
as the Group’s own business is comprised of single operating segment.
6. Restricted Financial Instruments
Restricted financial instruments as of December 31, 2013 and 2012 are as follows:
Type Depository 2013 2012 Restriction
Due from banks
Kookmin Bank
and 2 others W 9,000 9,000
Guarantee deposit
for account opening
7. Available-for-sale Securities
Balances as of available-for-sale securities as of December 31, 2013 and 2012 are as follows:
2013 2012
Equity securities
Marketable equity securities W 7,200,000 10,650,000
Unlisted equity securities 2,700,821 5,607,645
Equity investments 1 -
Beneficiary certificates 27,416,294 -
37,317,116 16,257,645
Debt securities 15,596,231 10,726,682
W 52,913,347 26,984,327

December 31, 2013
28
7. Available-for-sale Securities, Continued
Details of available-for-sale securities as of December 31, 2013 and 2012 are as follows:
Book value
Number
of shares
Owner-
ship (%)
Acquisition
cost 2013 2012
Marketable equity securities
JNK Heaters Co., Ltd. 1,000,000 12.50 W 10,126,881 7,200,000 10,650,000
Unlisted equity securities
Leehan Corp. - - - - 3,304,936
Anyang KDC Project
Corp. (*1) 389,999 15.00 2,580,576 2,689,862 2,293,275
Anyang KDC Asset
Management Corp. (*1) 1,499 15.00 9,919 10,339 8,814
Isung Eng, Corp. 24 - 620 620 620
2,591,115 2,700,821 5,607,645
Equity investments
HB Fourth ABS, Ltd. 13 0.19 1 1 -
Beneficiary certificates
Hanjoo New Credit
Private Special Asset
Investment Trust - - 4,116,678 4,134,256 -
Yuniae Daebu Investment
Trust (*2) - - 7,735,119 7,764,524 -
Nice Investment Second
Trust (*2) - - 8,702,000 8,705,756 -
Daesong Finance Daebu
(*2) - - 6,804,000 6,811,758 -
27,357,797 27,416,294 -
Debt securities
Leehan Corp. (*3) - - 2,727,000 3,512,054 6,726,682
Commercial Auto Third
SPC - - 4,000,000 4,007,450 4,000,000
Commercial Auto Fourth
SPC - - 8,000,000 8,076,727 -
14,727,000 15,596,231 10,726,682
W 54,802,794 52,913,347 26,984,327

December 31, 2013
29
7. Available-for-sale Securities, Continued
(*1) The fair value of the securities was estimated based on the prices provided by an external
appraiser, Korea Investors Service Pricing Inc.
(*2) The fair value of beneficiary certificates which is related to NPL investment was estimated based
on the prices provided by an external appraiser, Korea Investors Service Pricing Inc. The fair
value of the securities was determined by discounting the expected cash flows based on principal
and interest arising from trusted asset at an appropriate rate.
(*3) The debt security is a convertible bond issued by Leehan Corp. The fair value of the convertible
bond is provided by an external appraiser, Korea Asset Pricing. The difference between the fair
value and book value of the convertible bond is amortized using the effective interest rate method
and is recognized as a gain or loss on valuation of debt securities. The fluctuation of in the fair
value of the conversion right and the advanced redemption right is recognized in the gain or loss
on embedded derivatives.

December 31, 2013
30
8. Investments in Associates
(1) Details of investments in associates as of December 31, 2013 and 2012 are as follows:
Loca-
tion Number of shares
Owner-
ship (%)
Acquisition
cost
Book
value
December 31, 2013
Hyundai Card Co.,
Ltd. (*) Korea 8,889,622 5.54 W 113,820,162 168,007,972
Hyundai Life
Insurance Co., Ltd. Korea 10,785,620 39.44 139,853,060 90,109,793
W 253,673,222 258,117,765
December 31, 2012
Hyundai Card Co.,
Ltd. (*) Korea 8,889,622 5.54 W 113,820,162 158,386,190
Hyundai Life
Insurance Co., Ltd. Korea 10,685,620 39.07 138,913,060 127,015,755
W 252,733,222 285,401,945
(*) 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.

December 31, 2013
31
8. Investments in Associates, Continued
(2) Details of valuation of equity method investment and other changes as of December 31, 2013 and
2012 are as follows:
Beginning
balance Acquisition
Share of
profit(loss)
Changes in
accumulated
other
comprehen-
sive income
(loss) (*1)
Changes
in
retained
earnings
Ending
balance
December 31, 2013
Hyundai Card Co.,
Ltd. W 158,386,190 - 9,041,656 80,467 499,659 168,007,972
Hyundai Life
Insurance Co., Ltd. 127,015,755 940,000 (25,292,131) (13,206,434) 652,603 90,109,793
W 285,401,945 940,000 (16,250,475) (13,125,967) 1,152,262 258,117,765
December 31, 2012
Hyundai Card Co.,
Ltd. W 147,539,965 - 10,609,150 237,075 - 158,386,190
Hyundai Life
Insurance Co., Ltd.
(*2) - 138,913,060 (18,716,249) 5,334,179 1,484,765 127,015,755
W 147,539,965 138,913,060 (8,107,099) 5,571,254 1,484,765 285,401,945
(*1) Tax effects are not deducted.
(*2) The Group recognized W8,582,824 of imposition amount related to acquisition of Hyundai Life
Insurance Co., Ltd. as other non-operating expenses for the year ended December 31, 2012.
(3) Summary of financial information of associates as of and for the years ended December 31, 2013
and 2012 are as follows:
Reporting date
Summary of financial information of associates (*1)
Total assets Total liabilities Net assets
December 31, 2013
Hyundai Card Co., Ltd. December 31 W 11,520,877,692 9,154,729,617 2,366,148,075
Hyundai Life Insurance
Co., Ltd. December 31 (*2) 4,107,538,481 3,941,914,013 165,624,468
December 31, 2012
Hyundai Card Co., Ltd. December 31 W 11,252,488,244 9,060,021,557 2,192,466,687
Co., Ltd. (*3) March 31 3,799,746,386 3,562,563,039 237,183,347

December 31, 2013
32
8. Investments in Associates, Continued
Reporting
date
Summary of financial information of associates (*1)
Operating
revenue
Profit(loss) for
the year
Total
comprehen-
sive
income(loss)
Dividends
received
December 31, 2013
Hyundai Card Co., Ltd. December 31 W 2,527,479,161 163,209,633 173,857,648 -
Co., Ltd.
December 31
(*2) 981,376,579 (39,543,472) (73,229,042) -
December 31, 2012
Hyundai Card Co., Ltd. December 31 W 2,524,941,896 191,504,230 195,783,656 -
Co., Ltd. (*3) March 31 885,330,384 (6,045,704) 7,474,591 -
(*1) Summarized financial statements of Hyundai Life Insurance Co., Ltd. were adjusted to reflect fair
value adjustments made at the time of acquisition.
(*2) The reporting date of Hyundai Life Insurance Co., Ltd. has been changed to December 31
according to Article 61 in Insurance Business Act Enforcement.
(*3) Hyundai Life Insurance Co. Ltd. is a corporation with fiscal year ending on March 31. However,
its assets and liabilities presented above are as of December 31, 2012, and the results of its
operations are for the nine-month period ended December 31, 2012.
(4) Reconciliations of the summarized financial information presented to the carrying amount of its
interest in associate as of December 31, 2013 and 2012 are as follows:
Net assets
Ownership
(%)
Shares of
assets Goodwill
Unamortized
fair value
adjustments
(*) Book value
December 31, 2013
Hyundai Card Co., Ltd. W 2,366,148,075 5.54 131,081,222 36,926,750 - 168,007,972
Co., Ltd. 165,624,468 39.44 65,322,218 17,265,061 7,522,514 90,109,793
W 2,531,772,543 196,403,440 54,191,811 7,522,514 258,117,765
December 31, 2012
Hyundai Card Co., Ltd. W 2,192,466,687 5.54 121,459,440 36,926,750 - 158,386,190
Co., Ltd. 237,183,347 39.07 92,677,696 17,265,061 17,072,998 127,015,755
W 2,429,650,034 214,137,136 54,191,811 17,072,998 285,401,945
(*) Fair value adjustments are related to value of business acquired, sales channel and IT systems
made at the time of acquisition.

December 31, 2013
33
9. Financial Receivables
Details of financial receivables as of December 31, 2013 and 2012 are as follows:
Principal
Deferred loan
origination
fees and
costs
Present value
discount
Allowance for
doubtful
accounts Book value
December 31, 2013
Loans receivables
Factoring receivables W 4,145,309 - - (28,760) 4,116,549
Loans 2,962,002,487 41,732,726 (320,405) (21,626,634) 2,981,788,174
2,966,147,796 41,732,726 (320,405) (21,655,394) 2,985,904,723
Installment financial
assets
Auto 278,334,703 3,560,044 - (1,827,954) 280,066,793
Durable goods 20,315,358 (243,945) - (135,965) 19,935,448
298,650,061 3,316,099 - (1,963,919) 300,002,241
Lease receivables
Financial lease
receivables 213,344,202 192,101 - (1,815,587) 211,720,716
W 3,478,142,059 45,240,926 (320,405) (25,434,900) 3,497,627,680
December 31, 2012
Loans receivables
Factoring receivables W 108,000 - - (270) 107,730
Loans 2,764,943,740 35,870,003 (200,613) (19,258,900) 2,781,354,230
2,765,051,740 35,870,003 (200,613) (19,259,170) 2,781,461,960
Installment financial
assets
Auto 331,018,925 2,702,341 - (2,351,090) 331,370,176
Durable goods 25,765,456 (140,848) - (176,228) 25,448,380
356,784,381 2,561,493 - (2,527,318) 356,818,556
Lease receivables
Financial lease
receivables 132,355,777 687 - (1,026,911) 131,329,553
W 3,254,191,898 38,432,183 (200,613) (22,813,399) 3,269,610,069

December 31, 2013
34
10. Allowance for Doubtful Accounts
Changes in allowance for doubtful accounts for the years ended December 31, 2013 and 2012 are as
follows:
Loans
receivables
Installment
financial
assets
Lease
receivables Other assets Total
December 31, 2013
Beginning balance W 19,259,170 2,527,318 1,026,911 227,475 23,040,874
Amounts written off (6,452,388) (280,185) (128,917) - (6,861,490)
Recoveries of amounts
previously written off 1,278,189 59,806 23,660 - 1,361,655
Disposal of receivables (15,011,571) (1,698,041) (955) - (16,710,567)
Unwinding of discount (262,070) (24,816) - - (286,886)
Additional (reversed)
allowance 22,844,064 1,379,837 894,888 (63,871) 25,054,918
Ending balance W 21,655,394 1,963,919 1,815,587 163,604 25,598,504
December 31, 2012
Beginning balance W 18,169,160 3,175,354 620,397 330,388 22,295,299
Amounts written off (4,168,839) (396,392) - - (4,565,231)
Recoveries of amounts
previously written off 772,833 86,527 - - 859,360
Disposal of receivables (14,903,755) (1,921,390) (34,163) - (16,859,308)
Unwinding of discount (226,349) (28,019) - - (254,368)
Additional (reversed)
allowance 19,616,120 1,611,238 440,677 (102,913) 21,565,122
Ending balance W 19,259,170 2,527,318 1,026,911 227,475 23,040,874

December 31, 2013
35
11. Fair Value of Financial Instruments
Fair value is the amount at which the asset could be exchanged or the liabilities could be settled in a
transaction between knowledgeable and willing independent parties. The best estimated fair value is
the published price quotation in an active market. The Group believes that valuation technique applied
to the financial instruments is adequate and fair value of financial instruments is reasonable, but if the
Group use another valuation technique or assumptions, such fair value might be changed. Also, as fair
value measurement of financial instruments uses variable valuation techniques and assumptions,
comparing fair value with those recognized by other financial institutions might be difficult.
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 receivables
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. 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.
Borrowings /
Dentures /
Securitized debts
The fair value 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.
Other financial
assets and other
financial liabilities
The fair value is determined by using discounted cash flow method. However,
when the cash flow cannot be objectively measured, the book value
approximates the fair value.

December 31, 2013
36
11. Fair Value of Financial Instruments, Continued
(1) Fair values of financial instruments as of December 31, 2013 and 2012 are as as follows:
2013 2012
Book value Fair value Book value Fair value
Financial assets
Cash and due from banks W 280,498,429 280,498,429 282,834,795 282,834,795
Available-for-sale securities 52,913,347 52,913,347 26,984,327 26,984,327
Loans receivables 2,985,904,723 2,968,560,192 2,781,461,960 2,775,937,581
Installment financial assets 300,002,241 298,739,837 356,818,556 357,631,944
Lease receivables 211,720,716 211,044,247 131,329,553 132,353,718
Derivative assets 162,823 162,823 137,775 137,775
Account receivables 18,075,353 18,075,353 15,813,310 15,813,310
Accrued revenues 18,155,916 18,155,916 16,858,350 16,858,350
Leasehold deposits 2,126,868 2,086,563 11,083,914 11,201,215
W 3,869,560,416 3,850,236,707 3,623,322,540 3,619,753,015
Financial liabilities
Borrowings W 596,955,177 598,777,407 723,883,961 730,188,793
Debentures 2,803,450,657 2,850,826,093 2,428,295,638 2,494,275,095
Securitized debts 259,852,347 265,161,361 309,637,148 319,737,569
Derivative liabilities 1,937,593 1,937,593 7,505,990 7,505,990
Account payables 14,442,798 14,442,798 15,199,625 15,199,625
Accrued expenses 24,018,798 24,018,798 27,995,752 27,995,752
Withholdings (*) 4,170,622 4,170,622 3,045,893 3,045,893
Leasehold deposits 53,848,412 54,366,279 33,014,098 33,618,900
W 3,758,676,404 3,813,700,951 3,548,578,105 3,631,567,617
(*) Excluding taxes and dues

December 31, 2013
37
(2) Fair Value Hierarchy
The levels of fair value hierarchy have been defined as follows:
- Level 1: Quoted prices in active markets for identical assets or liabilities. For example, listed
stocks and derivatives.
- Level 2: Inputs for the asset or liability included within valuation techniques that are observable
market data. For example, most bonds issued in Korean won and foreign currency, general
unlisted derivatives like swap, forward, option.
- Level 3: Inputs for the asset or liability that is not based on observable market data. For example,
unlisted stocks, complicated structured bonds, complicated unlisted derivatives and others.
A. Financial assets and liabilities carried at fair value in the consolidated statements of financial position
1) The fair value hierarchy of financial instruments as of December 31, 2013 and 2012 are as follows:
Fair value hierarchy
Book value Fair value Level 1 Level 2 Level 3
December 31, 2013
Financial assets
Available-for-sale
securities W 52,913,347 52,913,347 7,200,000 - 45,713,347
Derivative assets 162,823 162,823 - 162,823 -
W 53,076,170 53,076,170 7,200,000 162,823 45,713,347
Derivative liabilities W 1,937,593 1,937,593 - 1,937,593 -
December 31, 2012
Financial assets
Available-for-sale
securities W 26,984,327 26,984,327 10,650,000 - 16,334,327
Derivative assets 137,775 137,775 - 137,775 -
W 27,122,102 27,122,102 10,650,000 137,775 16,334,327
Derivative liabilities W 7,505,990 7,505,990 - 7,505,990 -

December 31, 2013
38
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
Derivative financial assets W 162,823 DCF Model Discount rate, short -term interest
rate, volatility, foreign exchange
rate, and others
Derivative financial liabilities 1,937,593 DCF Model Discount rate, volatility, foreign
exchange rate, stock price, and
others
Valuation techniques and quantitative information unobserved inputs of financial instruments classified
as level 3 as of December 31, 2013 are as follows:
Fair value
Valuation
techniques Inputs
Unobservable
inputs
Estimated
range of
unobservable
inputs (%)
Financial assets
Available-for-sale
securities
W 45,713,347 DCF Model Discount rate Recovery rate 94.74~100
Spot rate 3.86~7.74
Issue rate,
Residual
maturity,
Credit Rating
-
Discount curve 4.03~10.77
Financial assets classified as level 3 are available-for-sale financial assets as of December 31, 2013.
Changes in other comprehensive income due to changes in inputs to valuation are considered to have
insignificant impacts considering the amount of total equity.
3) The changes in financial instruments of level 3 for the years ended December 31, 2013 and 2012 are
as follows:
Available-for-sale securities
2013 2012
Beginning balance W 16,334,327 8,648,233
Acquisition 44,267,937 6,302,089
Interest income 2,000,762 871,838
Gain(loss) on valuation (other comprehensive
income or loss) (11,396,848) 512,167
Disposal (5,492,831) -
Ending balance W 45,713,347 16,334,327

December 31, 2013
39
B. Financial instruments not measured at fair value but disclosed
1) The fair value hierarchy of financial instruments not measured at fair value but disclosed as of
December 31, 2013 and 2012 are as follows:
2013
Book value Fair value
Level 1 Level 2 Level 3
Financial assets
Cash and due from
banks (*) W 280,498,429 280,498,429 - 280,498,429 -
Loans receivables 2,985,904,723 2,968,560,192 - - 2,968,560,192
Installment
financial assets 300,002,241 298,739,837 - - 298,739,837
Lease receivables 211,720,716 211,044,247 - - 211,044,247
Account
receivables 18,075,353 18,075,353 - - 18,075,353
Accrued revenues 18,155,916 18,155,916 - - 18,155,916
Leasehold deposits 2,126,868 2,086,563 - 2,086,563 -
W 3,816,484,246 3,797,160,537 - 282,584,992 3,514,575,545
Borrowings W 596,955,177 598,777,407 - 598,777,407 -
Debentures 2,803,450,657 2,850,826,093 - 2,850,826,093 -
Securitized debts 259,852,347 265,161,361 - - 265,161,361
Account payables 14,442,798 14,442,798 - - 14,442,798
Accrued expenses 24,018,798 24,018,798 - - 24,018,798
Withholdings 4,170,622 4,170,622 - - 4,170,622
W 3,756,738,811 3,811,763,358 - 3,503,969,779 307,793,579
(*) In the items classified as level 2, the book value is disclosed as fair value since the book value is a
reasonable estimate of the fair value.

December 31, 2013
40
2012
Book value Fair value
Level 1 Level 2 Level 3
Financial assets
Cash and due from
banks (*) W 282,834,795 282,834,795 - 282,834,795 -
Loans receivables 2,781,461,960 2,775,937,581 - - 2,775,937,581
Installment
financial assets 356,818,556 357,631,944 - - 357,631,944
Lease receivables 131,329,553 132,353,718 - - 132,353,718
Account
receivables 15,813,310 15,813,310 - - 15,813,310
Accrued revenues 16,858,350 16,858,350 - - 16,858,350
W 3,596,200,438 3,592,630,913 - 294,036,010 3,298,594,903
Borrowings W 723,883,961 730,188,793 - 730,188,793 -
Debentures 2,428,295,638 2,494,275,095 - 2,494,275,095 -
Securitized debts 309,637,148 319,737,569 - - 319,737,569
Account payables 15,199,625 15,199,625 - - 15,199,625
Accrued expenses 27,995,752 27,995,752 - - 27,995,752
Withholdings 3,045,893 3,045,893 - - 3,045,893
W 3,541,072,115 3,624,061,627 - 3,258,082,788 365,978,839
(*) In the items classified as level 2, book value is disclosed as fair value since the book value is a
reasonable estimate of the fair value.

December 31, 2013
41
2) Valuation techniques and inputs used to measure fair value
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.
The valuation techniques and the fair value measurement input variables of financial instruments
classified as level 2 or level 3 which the fair value are disclosed as of December 31, 2013 are as
follows:
Fair value
Valuation
technique Inputs
Financial assets
Loans receivables W 2,968,560,192 DCF model Procurement interest rate,
credit spread, other spread
Installment financial assets 298,739,837 DCF model Procurement interest rate,
Financial lease receivables 211,044,247 DCF model Procurement interest rate,
Leasehold deposits 2,086,563 DCF model Base interest rate
W 3,480,430,839
Borrowings W 598,777,407 DCF model Procurement interest rate,
Debentures 2,850,826,093 DCF model Procurement interest rate,
Securitized debts 265,161,361 DCF model Procurement interest rate,
Leasehold deposits 54,366,279 DCF model Base interest rate
W 3,769,131,140

December 31, 2013
42
The book values of financial instruments by categories as of December 31, 2013 and 2012 were as
follows:
Financial
assets at fair
value
through
profit or loss
Available-
for-sale
financial
assets
Loans and
receivables
Hedging
derivative
instruments Total
December 31, 2013
Financial assets
Cash and due from banks W - - 280,498,429 - 280,498,429
Available-for-sale securities - 52,913,347 - - 52,913,347
Loans receivable - - 2,985,904,723 - 2,985,904,723
Installment financial assets - - 300,002,241 - 300,002,241
Financial lease receivables - - 211,720,716 - 211,720,716
Derivative assets 153 - - 162,670 162,823
Account receivables - - 18,075,353 - 18,075,353
Accrued revenues - - 18,155,916 - 18,155,916
Leasehold deposits - - 2,126,868 - 2,126,868
W 153 52,913,347 3,816,484,246 162,670 3,869,560,416
December 31, 2012
Financial assets
Cash and due from banks W - - 282,834,795 - 282,834,795
Available-for-sale securities - 26,984,327 - - 26,984,327
Loans receivable - - 2,781,461,960 - 2,781,461,960
Installment financial assets - - 356,818,556 - 356,818,556
Financial lease receivables - - 131,329,553 - 131,329,553
Derivative assets 74,422 - - 63,353 137,775
Account receivables - - 15,813,310 - 15,813,310
Accrued revenues - - 16,858,350 - 16,858,350
Leasehold deposits - - 11,083,914 - 11,083,914
W 74,422 26,984,327 3,596,200,438 63,353 3,623,322,540

December 31, 2013
43
Financial
liabilities at
amortized cost
Hedging
derivative
instruments Total
December 31, 2013
Borrowings W 596,955,177 - 596,955,177
Debentures 2,803,450,657 - 2,803,450,657
Securitized debts 259,852,347 - 259,852,347
Derivative liabilities - 1,937,593 1,937,593
Account payables 14,442,798 - 14,442,798
Accrued expenses 24,018,798 - 24,018,798
Withholdings (*) 4,170,622 - 4,170,622
Leasehold deposits received 53,848,412 - 53,848,412
W 3,756,738,811 1,937,593 3,758,676,404
December 31, 2012
Borrowings W 723,883,961 - 723,883,961
Debentures 2,428,295,638 - 2,428,295,638
Securitized debts 309,637,148 - 309,637,148
Derivative liabilities - 7,505,990 7,505,990
Account payables 15,199,625 - 15,199,625
Accrued expenses 27,995,752 - 27,995,752
Withholdings (*) 3,045,893 - 3,045,893
Leasehold deposits received 33,014,098 - 33,014,098
W 3,541,072,115 7,505,990 3,548,578,105
(*) Excluding taxes and dues

December 31, 2013
44
12. Transfer of Financial Assets
(a) Financial assets that are not entirely derecognized
The Group issued senior and subordinated securitized debts based on loans and instalment receivables
which were securitized. The securitized debts have recourse only to the transferred assets.
Details of financial assets transferred but not entirely derecognized as of December 31, 2013 and 2012
are as follows:
2013 2012
Book value of assets:
Loans receivables W 605,061,704 539,978,100
Installment financial assets 8,609,642 35,652,795
Sub total 613,671,346 575,630,895
Book value of related liabilities W 259,852,347 309,637,148
Liabilities having right of resource
on transferred assets:
Fair value of assets W 610,120,433 574,639,694
Fair value of related liabilities (265,161,361) (319,737,569)
Net position W 344,959,072 254,902,125

December 31, 2013
45
12. Transfer of Financial Assets, Continued
(b) Financial assets that are entirely derecognized
The Group derecognized loans receivables from the consolidated financial statements by transferring
them for W101,598,233 to Commercial Auto Third SPC (Trustee Bank: Citibank Korea, Inc.) on
December 18, 2012. Gains related to the transaction amounted to W2,450,829.
Also the Group derecognized loans receivables from the consolidated financial statements by
transferring them for W202,700,000 to Commercial Auto Fourth SPC (Trustee Bank: Woori Bank) on
November 15, 2013. Gains related to the transaction amounted to W2,674,381.
The Group has continuing involvement in the transferred assets after taking over debt securities issued
by Commercial Auto Third SPC.
Details of continuing involvement were as follows:
December 31, 2013
Book value of
continuing involvement Maximum
exposure
to loss
Type of continuing
involvement
Available-for-sale
securities
Commercial Auto Third SPC Acquisition on debt
securities
W 4,007,450 4,007,450
Commercial Auto Fourth SPC 8,076,727 8,076,727
W 12,084,177 12,084,177
December 31, 2012
Book value of
continuing involvement Maximum
exposure
to loss
Type of continuing
involvement
Available-for-sale
securities
Commercial Auto Third SPC
Acquisition on debt
securities W 4,000,000 4,000,000

December 31, 2013
46
13. Financial Lease Receivables
Details of total lease investments and present value of minimum lease payment as of December 31,
2013 and 2012 are as follows:
2013 2012
Total lease
investments
Present value
of minimum
lease
payment
Total lease
investments
Present value
of minimum
lease
payment
Less than 1 year W 88,198,065 78,351,361 55,614,516 48,968,100
1 to 5 years 144,063,735 135,184,942 88,188,405 83,388,364
W 232,261,800 213,536,303 143,802,921 132,356,464
Details of unearned interest income as of December 31, 2013 and 2012 are as follows:
2013 2012
Total lease investments W 232,261,800 143,802,921
Net lease investments
Minimum lease payment (present value) 213,536,303 132,356,464
Unguaranteed residual value (present value) - -
213,536,303 132,356,464
Unearned interest income W 18,725,497 11,446,457
14. Property and Equipment
Details of property and equipment as of December 31, 2013 and 2012 are as follows:
Acquisition cost
Accumulated
depreciation Book value
December 31, 2013
Vehicles W 113,472 (75,385) 38,087
Fixtures and furniture 9,574,766 (6,315,628) 3,259,138
Others 411,000 - 411,000
W 10,099,238 (6,391,013) 3,708,225
December 31, 2012
Vehicles W 235,097 (165,298) 69,799
Fixtures and furniture 7,965,357 (5,263,430) 2,701,927
Others 411,000 - 411,000
W 8,611,454 (5,428,728) 3,182,726

December 31, 2013
47
14. Property and Equipment, Continued
Changes in property and equipment for the years ended December 31, 2013 and 2012 are as follows:
Beginning
balance Acquisition Disposal
Deprecia-
tion
Ending
balance
December 31, 2013
Vehicles W 69,799 - (2,534) (29,178) 38,087
Fixtures and
furniture 2,701,927 1,815,171 (281) (1,257,679) 3,259,138
Others 411,000 - - - 411,000
W 3,182,726 1,815,171 (2,815) (1,286,857) 3,708,225
December 31, 2012
Vehicles W 114,731 76,172 (61,447) (59,657) 69,799
Fixtures and
furniture 2,382,936 1,418,127 (114,015) (985,121) 2,701,927
Others 411,000 - - - 411,000
W 2,908,667 1,494,299 (175,462) (1,044,778) 3,182,726
As of December 31, 2013, the Group maintained comprehensive property insurance with Hyundai
Marine and Fire Insurance for its fixtures and furniture, and other tangible assets for up to W2,746,052
(W4,008,254 as of December 31, 2012), vehicle insurance for its vehicles, and group accident
insurance, travel insurance and business damage insurance for its employees. Also, the Group
maintained comprehensive property insurance with Hyundai Marine and Fire Insurance for its machine
tool installment financial assets and lease assets for up to W104,410,832 (W92,452,845 as of
December 31, 2012).

December 31, 2013
48
15. Intangible Assets
Details of intangible assets as of December 31, 2013 and 2012 are as follows:
Acquisition cost
Accumulated
amortization Book value
December 31, 2013
Development costs W 4,818,913 (1,573,439) 3,245,474
Software 6,794,896 (5,565,983) 1,228,913
Others 25,851 (25,848) 3
W 11,639,660 (7,165,270) 4,474,390
December 31, 2012
Development costs W 2,847,793 (869,745) 1,978,048
Software 6,422,131 (4,947,389) 1,474,742
Others 25,851 (25,631) 220
W 9,295,775 (5,842,765) 3,453,010
Changes in intangible assets for the years ended December 31, 2013 and 2012 are as follows:
Beginning
balance Increase (*) Amortization
Ending
balance
December 31, 2013
Development costs W 1,978,048 1,971,120 (703,694) 3,245,474
Software 1,474,742 376,059 (621,888) 1,228,913
Others 220 - (217) 3
W 3,453,010 2,347,179 (1,325,799) 4,474,390
December 31, 2012
Development costs W 1,763,019 694,513 (479,484) 1,978,048
Software 1,306,607 784,411 (616,276) 1,474,742
Others 2,678 - (2,458) 220
W 3,072,304 1,478,924 (1,098,218) 3,453,010
(*) Includes transfer from advanced payments

December 31, 2013
49
16. Borrowings
Details of borrowings as of December 31, 2013 and 2012 are as follows:
Lender
Annual interest
rate (%) 2013 2012
Borrowings in won
Commercial paper SK Securities and 3
others 2.73 ~ 4.17 W 90,000,000 210,000,000
General loan Woori Bank and 8
others 2.98 ~ 5.80 506,955,177 513,883,961
W 596,955,177 723,883,961
17. Debentures
Details of debentures issued by the Group as of December 31, 2013 and 2012 are as follows:
Annual interest
rate (%) Par value Issue price
December 31, 2013
Current portion of debenture
Debenture 2.74 ~ 8.00 W 712,388,000 712,388,000
Discount on debentures - (314,325)
712,388,000 712,073,675
Non-current portion of debenture
Debenture 2.82 ~ 6.48 2,093,000,000 2,093,000,000
Discount on debentures - (1,623,018)
2,093,000,000 2,091,376,982
W 2,805,388,000 2,803,450,657
December 31, 2012
Current portion of debenture
Debenture 3.05 ~ 6.00 W 847,488,500 847,488,500
Discount on debentures - (313,409)
847,488,500 847,175,091
Non-current portion of debenture
Debenture 3.10 ~ 8.00 1,582,704,000 1,582,704,000
Discount on debentures - (1,583,453)
1,582,704,000 1,581,120,547
W 2,430,192,500 2,428,295,638

December 31, 2013
50
18. Securitized Debts
The amounts of securitized debts, which are secured by loans and installment financial assets in
accordance with Asset Backed Securitization Act as of December 31, 2013 and 2012 are as follows:
Annual interest
rate (%) Par value Issue price
December 31, 2013
Current portion of securitized debts
Securitized debts 4.76 ~ 5.27 W 170,000,000 170,000,000
Discount on securitized debts - (68,602)
170,000,000 169,931,398
Non-current portion of securitized
debts
Securitized debts 4.97 ~ 5.43 90,000,000 90,000,000
90,000,000 89,920,949
W 260,000,000 259,852,347
December 31, 2012
Current portion of securitized debts
Securitized debts 4.78 ~ 4.92 W 50,000,000 50,000,000
50,000,000 49,966,983
Non-current portion of securitized
debts
Securitized debts 4.76 ~ 5.43 260,000,000 260,000,000
260,000,000 259,670,165
W 310,000,000 309,637,148

December 31, 2013
51
19. Net Defined Benefit Liabilities
(1) Details of net defined benefit liabilities as of December 31, 2013 and 2012 are as follows:
2013 2012
Present value of defined benefit obligations W 14,127,941 10,602,378
Fair value of plan assets (11,616,102) (8,546,162)
Net defined benefit liabilities W 2,511,839 2,056,216
(2) Changes in present value of net defined benefit liabilities for the years ended December 31, 2013
and 2012 are as follows:
Present value of
defined benefit
obligations
Fair value of
plan assets
Defined benefit
liabilities
December 31, 2013
Beginning balance W 10,602,378 (8,546,162) 2,056,216
Current service cost 2,524,839 - 2,524,839
Interest cost 368,928 (287,437) 81,491
Remeasurement
Experience adjustments 1,186,219 - 1,186,219
Changes in demographic assumption 50,258 - 50,258
Changes in economic assumption (473,997) - (473,997)
Remeasurement of plan assets - 8,342 8,342
Transfer of severance benefits from
related parties 1,238,158 (1,022,394) 215,764
Transfer of severance benefits to related
parties (836,505) 299,212 (537,293)
Contributions by plan participants - (2,600,000) (2,600,000)
Benefits paid (532,337) 532,337 -
Ending balance W 14,127,941 (11,616,102) 2,511,839

December 31, 2013
52
19. Net Defined Benefit Liabilities, Continued
Present value of
defined benefit
obligations
Fair value of
plan assets
Defined benefit
liabilities
December 31, 2012
Beginning balance W 7,596,812 (5,364,346) 2,232,466
Current service cost 2,065,107 - 2,065,107
Interest cost 312,346 (220,433) 91,913
Remeasurement
Experience adjustments 483,119 - 483,119
Changes in demographic assumption (71,748) - (71,748)
Changes in economic assumption 555,302 - 555,302
Remeasurement of plan assets - (4,187) (4,187)
Transfer of severance benefits from
related parties 1,301,233 (600,148) 701,085
Transfer of severance benefits to related
parties (1,230,543) 294,075 (936,468)
Contributions by plan participants - (3,000,000) (3,000,000))
Benefits paid (409,250) 348,877 (60,373)
Ending balance W 10,602,378 (8,546,162) 2,056,216
(3) Gains and losses related to defined benefit plans for the years ended December 31, 2013 and 2012
are as follows:
2013 2012
Current service cost W 2,524,839 2,065,107
Interest cost 368,928 312,346
Expected return on plan assets (287,437) (220,433)
W 2,606,330 2,157,020

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