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| SSANGYONG MOTOR COMPANY |
| BALANCE SHEETS AS OF MARCH
31, 2007 AND DECEMBER 31. 2006 |
 |
|
| |
Korean Won
(In thousands, except per share amounts) |
Translation into
U.S. Dollar
(In thousands, except per share amounts) |
ASSETS
|
2007 |
2006 |
2007 |
2006 |
| CURRENT
ASSETS : |
Cash and
cash equivaletns |
 107,907,974 |
133,741,387 |
$114,759 |
$ 142,233 |
| Short-term financial
instruments |
3,743,959 |
4,577,074 |
3,982 |
4,868 |
| Available-for-sale securities |
1,037,576 |
1,048,505 |
1,103 |
1,115 |
TTrade receivables, net of allowance for doubtful
accounts of ￦2,836,847 thousand in 2007 and
￦2,569,481 thousand in 2006, and present value
discount of ￦ 134,453 thousand in 2007 and
￦ 213,716 thousand in 2006 (Notes 12, 15 and 21) |
205,910,940 |
176,181,101 |
218,984 |
187,367 |
Short-term loans, net of allowance for doubtful
accounts of ￦39,352 thousand in 2007 and
￦22,983 thousand in 2006 (Note 6)
|
3,424,489
|
1,797,041 |
3,642 |
1,911 |
Other receivables, net of allowance for doubtful
accounts of ￦3,425,039 thousand in 2007 and
￦3,173,866 thousand in 2006 (Notes 15 and 21)
|
13,126,023
|
25,298,111 |
13,959 |
26,904 |
Advanced payments, net of allowance for doubtful
accounts of ￦ 82,773 thousand in 2007 and ￦22,526
thousand in 2006
|
11,965,584
|
9,003,444 |
12,725 |
9,575 |
| Prepaid expenses |
11,241,419
|
2,661,899 |
11,955 |
2,831 |
Inventories, net of allowance for valuation of
￦11,279,258 thousand in 2007 and ￦11,817,992
thousand in 2006 (Notes 2, 4 and 7) |
303,143,067
|
334,715,482 |
322,390 |
355,967 |
| Derivative assets (Note 23) |
1,221,140 |
2,540,053 |
1,299 |
2,701 |
Other current assets, net of allowance for doubtful
accounts of ￦144 thousand in 2007 and
￦81 thousand in 2006 |
144,261 |
3,486,934 |
153 |
3,707 |
| |
662,866,432 |
695,051,031 |
704,951 |
739,179 |
| NON-CURRENT
ASSETS |
Long-term financial
instruments (Note 3) |
9,000
|
8,000 |
10 |
10 |
| Available-for-sale securities (Note 5)
|
565,768
|
1,404,167 |
602 |
1,493 |
| Equity securities using the equity method (Note 5) |
2,353,709 |
2,241,605 |
2,503 |
2,384 |
Long-term loans, net of allowance for doubtful
accounts of ￦281,466 thousand in 2007 and ￦292,784
thousand in 2006 (Note 6) |
25,963,736
|
27,084,146 |
27,612 |
28,804 |
Long-term trade receivables, net of allowance for
doubtful accounts of ￦3,599 thousand in 2007 and
￦5,853 thousand in 2006, and present value
discount of ￦48,043 thousand in 2007 and ￦96,423
thousand in 2006 (Note 12) |
308,231 |
483,018 |
328 |
514 |
Guarantee deposits, net of allowance for doubtful accounts
of ￦ 298,741 thousand in 2007 and ￦333,492
thousand in 2006 |
33,121,188
|
36,561,563 |
35,224 |
38,883 |
| Advance for employee
contribution |
10,372,630
|
10,086,200 |
11,031 |
10,727 |
| Other investments in
properties |
8,089,761
|
2,737,552 |
8,603 |
2,911 |
| Property, plant and
equipment, net |
1,474,724,822 |
1,507,794,423 |
1,568,356 |
1,603,525 |
| Intangible assets |
72,107,526 |
67,842,110 |
76,686 |
72,149 |
| |
1,627,616,371 |
1,656,243,784 |
1,730,955 |
1,761,400 |
| |
2,290,482,803 |
2,351,294,815 |
$2,435,906 |
$2,500,579 |
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
2007 |
2006 |
2007 |
2006 |
| CURRENT
LIABILITIES : |
Trade payables |
499,771,752 |
523,523,282 |
$531,502 |
$556,762 |
| Short-term borrowings
|
54,635,507 |
70,924,116 |
58,104 |
75,427 |
| Other payables |
162,740,890 |
197,411,866 |
173,073 |
209,946 |
| Advances from customers |
11,731,507 |
7,800,240 |
12,476 |
8,295 |
| Withholdings |
14,733,334 |
18,328,153 |
15,669 |
19,492 |
| Accrued expenses |
16,406,777 |
25,188,676 |
17,448 |
26,788 |
| Accrued warranties and
product liabilities |
48,847,624
|
47,071,684 |
51,949 |
50,060 |
| Derivative liabilities |
5,873,347 |
6,250,007 |
6,246 |
6,647 |
| Other current liabilities |
11,291,962 |
3,820,827 |
12,011 |
4,063 |
| |
826,032,700 |
900,318,851 |
878,478 |
957,480 |
| LONG-TERM
LIABILITIES : |
Bond, net of present value discount of ￦ 580,948
thousand in 2007 and ￦ 651,688 thousand in 2006
(Notes 11 and 12) |
299,419,052
|
299,348,312 |
318,429 |
318,354 |
Accrued severance indemnities, net of National
Pension Fund of ￦1,569,887 thousand in 2007
and ￦1,790,672 thousand in 2006, and
severance insurance deposits of ￦ 5,375,846
thousand in 2007 and ￦5,635,518 thousand
in 2006 (Note 2) |
167,184,912 |
165,377,040 |
177,800 |
175,877 |
Accrued warranties and product liabilities (Notes 12
and 13) |
60,025,322
|
55,495,518 |
63,836 |
59,019 |
| Other long-term liabilities |
3,097,264 |
5,413,856 |
3,294 |
5,758 |
| |
529,726,550
|
525,634,726 |
563,359 |
559,008 |
| Total liabilities |
1,355,759,250 |
1,425,953,577 |
1,441,837 |
1,516,488 |
| SHAREHOLDERS'
EQUITY : |
Capital stock |
604,023,100
|
604,023,100
|
642,373 |
432,373 |
| Capital surplus |
15,440,281 |
15,440,281 |
16,421 |
16,421 |
Accumulated other comprehensive income:
Gain on valuation of available-for-sale securities
(Notes 5, 18 and 20) |
96,036
|
90,434 |
102 |
96 |
Exchange differences on translation (credit) of
financial statements of operations outside Korea
(Notes 5 and 20) |
33,662
|
- |
36 |
- |
| Exchange differences on translation of financial statements of operations outside Korea |
(249,584)
|
(339,884)
|
(267) |
(362) |
Retained earnings (Note 14)
(Net income of ￦9,252,751 thousand for the three
months ended March 31, 2007 and net loss of
￦195,961,754 thousand for the year ended
December 31, 2006) |
315,380,058 |
306,127,307 |
335,404 |
325,563 |
| Total Shareholders' Equity |
934,723,553 |
925,341,238 |
994,069 |
984,091 |
| Total Liabilities and
Shareholders' Equity |
2,290,482,803 |
2,351,294,815 |
$2,435,906 |
$2,500,579 |
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