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| SSANGYONG MOTOR COMPANY |
| STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001 |
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Korean
Won |
Translation
into
U.S. Dollar |
| |
2002 |
2001 |
2002 |
2001 |
| SALES
|
 3,417,338,191 |
2326693545 |
$2,846,833 |
$1,938,265 |
| COST
OF SALES |
2,589,560,592 |
1,854,626,310 |
2,157,248 |
1,545,007 |
| GROSS
PROFIT |
827,777,599 |
472,067,235 |
689,585 |
393,258 |
| SELLING
AND ADMINISTRATIVE EXPENSES |
509,411,234 |
319,603,623 |
424,368 |
266,248 |
| OPERATING
INCOME |
318,366,365 |
152,463,612 |
265,217 |
127,010 |
| OTHER
INCOME (EXPENSES) : |
Interest income |
12,905,625 |
4,553,540 |
10,751 |
3,793 |
| Interest expense |
(68,470,185) |
(177,705,105) |
(57,039) |
(148,038) |
| Bad debt expense-others,
net |
(1,666,441) |
(27,711,967) |
(1,388) |
(23,086) |
| Loss on disposal of
marketable securities |
(16,261) |
(73,397) |
(14) |
(61) |
| Loss on valuation of
marketable securities, net |
(78,643) |
(501) |
(66) |
- |
| Loss on valuation of
inventories |
(1,172,425) |
(194,835) |
(977) |
(162) |
| Gain (loss) on disposal
of investment |
2,587 |
(649,655) |
2 |
(541) |
| Recovery of impairment
losses on investment securities |
- |
1,991,539 |
- |
1659 |
| Loss on disposal of
property, plant and equipment, net |
(1,361,797) |
(1,719,671) |
(1,134) |
(1,433) |
| Impairment loss on property,
plant and equipment, net |
(4,832,552) |
- |
4,026 |
- |
| Gain on foreign currency
transactions, net |
4,286,574 |
9,379,801 |
3,571 |
7,814 |
| Gain (loss) on foreign
currency translations, net |
(4,854,078) |
1,432,527 |
(4,044) |
1,193 |
| |
|
|
|
|
| Product warranty expenses
|
(7,951,748) |
|
(6,624) |
- |
| Reparation for product
warranty expenses |
16,983,956 |
6,835,492 |
14,148 |
5,694 |
| Loss on futures transactions,
net |
(32,764) |
- |
(27) |
- |
| Depreciation expense
on assets not in use |
(466,450) |
(589,564) |
(389) |
(491) |
| Loss on disposal of
trade receivables |
- |
(1,383,203) |
- |
(1,152) |
| Fees earned |
2,101,650 |
1,065,610 |
1,751 |
888 |
| Donations |
(3,114,137) |
(1,002,536) |
(2,954) |
(835) |
| Others, net |
11,870,580 |
21,195,930 |
9,889 |
17,658 |
| |
(45,66,509) |
(164,575,995) |
(38,210) |
(137,100) |
| ORDINARY
INCOME (LOSS) |
272,499,856 |
(12,112,383) |
227,007 |
(10,090) |
| EXTRAORDINARY
INCOME (LOSS) |
Gain on liabilities
exempted |
47,788,979 |
24,753,094 |
39,811 |
20,620 |
| Gain on insurance settlement |
89,465 |
1,911,441 |
75 |
1,592 |
| Gain on asset contributed |
46,728 |
7,812 |
39 |
7 |
| Other extraordinary
loss |
- |
(5,382,451) |
- |
(4,484) |
| |
47,925,172
|
21,289,896
|
39,925
|
17,735
|
| INCOME
BEFORE INCOME TAX |
320,425,028 |
9,177,513 |
266,932 |
7,645 |
| INCOME
TAX EXPENSE |
- |
- |
- |
- |
| NET
INCOME |
320,425,028 |
9,177,513 |
$266,932 |
$7,645 |
| ORDINARY
INCOME (LOSS) PER SHARE |
2,485 |
(3,181) |
$2.07 |
$2.65 |
| EARNINGS
PER SHARE |
2,922 |
(2,410) |
$2.43 |
$2.01 |
| DILUTED
ORDINARY LOSS PER SHARE |
0 |
(3,181) |
$0.00 |
$2.65 |
| DILUTED
EARNINGS PER SHARE |
0 |
(1837) |
$0.00 |
$1.53 |
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