SSANGYONG MOTOR COMPANY
BALANCE SHEETS AS OF DECEMBER 3, 2002 AND 2001   
  Korean Won Translation into
U.S. Dollar
 
2002
 2001 2002
2001
CURRENT ASSETS : Cash and cash equivaletns
173,005,645
 34,219,048 $144,123 $28,506
Short-term financial instruments 49,388,947 12,618,947 41,144 10,512
Trade receivables, net of allowance for doubtful accounts of 222,173,549 thousand in 2002 and 212,784,676 thousand in 2001, and present value discount of 85,647 thousand in 2002 and 800,853 thousand in 2001
230,459,666
 270,299,623 191,986 225,175
Other receivables, net of allowance for doubtful accounts of 79,889,595 thousand in 2002 and
76,050,600 thousand in 2001
21,942,922
44,752,991
18,280
37,281
Inventories 192,267,397
156,945,932
160,169
130,745
Other current assets, net of allowance for doubtful
 21,952,211
12,531,740
18,287
10,440
  689,016,788 531,368,281 573,989 442,659
NON-CURRENT ASSETS Long-term financial instruments 14,500 - 12 -
Long-term other receivables, net of present value discount of 4,004,071 thousand in 2002 and 8,909,859 thousand in 2001
36,495,929
 45,090,141 30,403 37,563
Investment securities 27,69,134 5,152,988 2,307 4,293
Long-term loans,net allowance for doubtful accounts 11,693,076 thousand in 2002 and 11,194,864 thousand in 2001 29,979,290 9,063,104 24,974 7,550
Guarantee deposits, net of allowances for doubtful accounts of 1,983,633 thousand in 2002 and 2,743,807 thousand in 2001 29,555,708 37,109,243 24,622 30,914
Property, plant and equipment, net 1,330,104,405 136,3826,359 1,108,051
1,136,143
Other
 79,511,513
82,999,453
66,238
69,143
  1,508,430,479 1,543,241,288 1,256,607 1,285,606
Total Assets 2,197,447,267 2,074,609,569 1,830,596 1,728,265
CURRENT LIABILITIES : Trade payables 390,028,059 406,383,105 $324,915 $338,540
Short-term borrowings 100,235,243 224,316,294 83,502 186,868
Other payables 264,820,353 271,071,736 220,610 225,818
Current-portion of long-term debt, net of present value discount of 24,531 thous and in 2002 and 541,387 thousand in 2001 91,778,929 41,291,509 76,457 34,398
Other current liabilities 90,548,271
56,899,565
75,431
47,400
  937,410,855 999,962,209 780,915 833,024
LONG-TERM LIABILITIES : Debentures, net of discount on debentures of 97,758 thousand in 2002 and 612,129 thousand in 2001 2,494,242 7,946,878 2,078 6,620
Long-term debt, net of present value discount of 8,761,547 thousand in 2002 and 21,134,010 thosand in 2001 405,047,180 614,603,833 337,427 511,999
Accrued severance indemnities 133,001,913 132,458,757 110,798 110,346
Accrued warranties and product liabilities 103,092,785 72,697,362 85,882 60,561
Other 50,000 - 41 -
  643,686,120
827,706,830
536,226
689,526
Total liabilities 1,581,096,975
1,827,669,039
1,317,141
1,522,550
SHAREHOLDERS' EQUITY : Capital stock 604,023,100 190,404,440 503,185 158,617
Capital surplus 15,440,281 - 12,863 -
Retained earning (accumulated deficit)(Net income of 320,425,028 thousand in 2002 and 9,177,513 thousand in 2001 - (1,101,335,682) - (917,474)
Capital adjustments - (31,381,406) - (26,142)
Discount on stock issuance - 1,192,365,553 - 993,307
Debt to be swapped for equity (3,107,523) (3,103,802) (2,589) (2,586)
Valuation loss on investments (5,566) (8,573)
 (4) (7)
Total Shareholder's Equity 616,350,292 246,940,530 513,455 205,715
Total Liabilities and Shareholder's Equity 2,197,447,267
2,074,609,569
$1,830,596
$1,728,265