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| SSANGYONG MOTOR COMPANY |
| STATEMENT OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000 |
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Korean
Won |
Translation
into
U.S. Dollar |
| |
2001 |
2000 |
2001 |
2000 |
| SALES
|
 2,326,693,545 |
1,778,478,547 |
$1,754,538,530 |
$1,341,134,565 |
| COST
OF SALES |
1,854,626,310 |
1,685,376,570 |
1,398,556,904 |
127,092,7208 |
| GROSS
PROFIT |
472,067,235 |
93,101,977 |
355,981,626 |
70,207,357 |
| SELLING
AND ADMINISTRATIVE EXPENSES |
319,603,623 |
355,257,307 |
241,010,198 |
267,896,318 |
| OPERATING
INCOME(loss) |
152,463,612 |
(262,155,330) |
114,971,428 |
(197,688,961) |
| OTHER
INCOME (EXPENSES) : |
Interest income |
4,553,540 |
6,481,980 |
3,433,783 |
4,888,002 |
| Interest expense |
(177,705,105) |
(168,795,517) |
(134,005,810) |
(127,287,171) |
| Bad debt expense-others,
net |
(21,724,680) |
(82,495,178) |
(16,382,384) |
(62,208,867) |
| Gain on liabilities
forgiven |
24,005,999 |
105,825,728 |
18,102,706 |
79,802,223 |
| Loss on disposal of
marketable securities, net |
(73,397) |
(9,775) |
(55,348) |
(7,371) |
| Loss on valuation of
marketable securities |
(501) |
(112) |
(378) |
(84) |
| Loss on valuation of
inventories |
(194,835) |
(21,480,185) |
(146,923) |
(16,198,013) |
| Loss on of inventments |
(649,655) |
(177,825) |
(489,899) |
(134,096) |
| Gain (loss) on disposal
of investment |
1,991,539 |
(2,536,466) |
1,501,802 |
(1,912,726) |
| Loss on disposal of
property, plant and equipment, net |
(1,719,670) |
(3,838,620) |
(1,296,788) |
(2,894,669) |
| Loss on impairment of
property, plant and equipment |
- |
(547,625,027) |
- |
(412,959,073) |
| Loss on impairment of
intangible assets |
- |
(12,644,759) |
- |
(9,535,298) |
| Gain on fireign currency
transactions, net |
9,379,800 |
7,275,424 |
7,073,222 |
5,486,331 |
| Gain(Loss) on foreign
currency translations, net |
1,432,527 |
(14,818,640) |
1,080,256 |
(11,174,602) |
| Others, net |
26,121,729 |
43,342,797 |
19,698,159 |
32,684,411 |
| |
(134,582,709) |
(691,496,175) |
(101,487,602) |
(521,451,003) |
| ORDINARY
INCOME (LOSS) |
17,880,903 |
(953,651,505) |
13,428,826 |
(719,139,964) |
| EXTRAORDINARY
INCOME (LOSS) |
Loss from litigation |
(5,326,606) |
- |
(4,016,745) |
- |
| Other extraordinary
gain |
2,610,503 |
- |
(1,968,557) |
- |
| |
(2,716,103) |
- |
(2,048,188) |
- |
| INCOME
BEFORE INCOME TAX |
15,164,800 |
(953,651,505) |
11,435,638 |
(719,139,964) |
| INCOME
TAX EXPENSE |
- |
- |
- |
- |
| NET
INCOME |
15,164,800 |
(953,651,505) |
$11,435,638 |
($719,139,964) |
| EARNINGS
(LOSS) PER SHARE |
398 |
(21,828) |
$0.30 |
($16.46) |
| EARNINGS
(LOSS) PER SHARE - ASSUMING DILUTION |
304 |
(21,828) |
$0.23 |
($16.46) |
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