|
|
|
| |
| SSANGYONG MOTOR COMPANY |
| STATEMENTS OF INCOME FOR THE
YEARS ENDED DECEMBER 31, 2003 AND 2002 |
 |
|
| |
Korean
Won |
Translation
into
U.S. Dollar |
| |
2003 |
2002 |
2002 |
2001 |
| SALES
|
3,281,451,843 |
3,417,339,191 |
$2,739,566
|
$2,853,012
|
| COST
OF SALES |
2,475,695,548
|
2,589,560,592
|
2,066,869
|
2,161,930
|
| GROSS
PROFIT |
805,756,295
|
827,777,599
|
672,697
|
691,082
|
| SELLING
AND ADMINISTRATIVE EXPENSES |
516,179,828
|
509,411,234
|
430,940
|
425,289
|
| OPERATING
INCOME |
289,576,467
|
318,366,365
|
241,757
|
265,793
|
| OTHER
INCOME (EXPENSES) : |
Interest
income |
16,920,237
|
12,905,625
|
14,126
|
10,774
|
| Interest expense |
(49,234,300)
|
(68,470,185)
|
(41,104)
|
(57,163) |
| Reversal of allowance
for doubtful accounts (bad deft expense), net |
115,040,929
|
(1,666,441)
|
96,044
|
(1,391) |
| Loss on disposal of
trading securities |
(6,647) |
(16,261) |
(6) |
(14) |
| Gain (loss) on valuation
of trading securities, net |
58,711
|
(78,643)
|
49
|
(66) |
| Loss on valuation of
inventories |
(2,664,428)
|
(1,172,425)
|
(2,224)
|
(979) |
| Gain (loss) on disposal
of investment |
(3,622,180)
|
2,587
|
(3,024)
|
2 |
| Loss on disposal of
property, plant and equipment, net |
(4,734,678)
|
(1,361,797)
|
(3,953)
|
(1,137) |
| Impairment loss on property,
plant and equipment, net |
(12,293,449)
|
(4,832,552)
|
(10,263)
|
(4,034) |
| Gain (loss) on foreign
currency transactions, net |
(4,639,726)
|
4,286,574
|
(3,874)
|
3,579 |
| Loss on foreign currency
translations, net |
(5,752,169)
|
(4,854,078)
|
(4,802)
|
(4,052) |
| Product warranty expenses
|
-
|
(7,951,748)
|
-
|
(6,639) |
| Reparation for product
warranty expenses |
11,364,446
|
16,983,956
|
9,488
|
14,179
|
Loss on futures transactions,
net
|
-
|
(32,764)
|
-
|
(27)
|
Depreciation expense
on assets not in use
|
(251,442)
|
(466,450)
|
(210)
|
(389) |
Fees earned
|
5,497,202
|
2,101,650
|
4,589
|
1,755
|
Gain on liabilities
exempted
|
5,594,966
|
-
|
4,671
|
-
|
Donations
|
(1,066,969)
|
(3,114,137)
|
(891)
|
(2,600) |
Others, net
|
(4,557,349)
|
11,870,580
|
(3,805)
|
9,910 |
| |
65,653,154
|
(45,866,509)
|
54,811
|
(38,292) |
ORDINARY
INCOME (LOSS)
|
355,229,621
|
272,499,856
|
296,568
|
227,501
|
| EXTRAORDINARY
INCOME (LOSS) |
Gain on liabilities
exempted
|
5,627,332
|
47,788,979
|
4,698
|
39,897
|
Gain on insurance settlement
|
-
|
89,465
|
-
|
75
|
Gain on asset contributed
|
-
|
46,728
|
-
|
39
|
| |
5,627,332
|
47,925,172
|
4,698
|
40,011
|
INCOME
BEFORE INCOME TAX
|
360,856,953
|
320,425,028
|
301,266
|
267,512
|
INCOME
TAX BENEFITS
|
(228,838,866)
|
-
|
(191,050)
|
- |
NET
INCOME
|
589,695,819
|
320,425,028
|
$492,316
|
$267,512
|
ORDINARY
INCOME (LOSS) PER SHARE
|
4,849
|
2,485
|
$4
|
$2 |
EARNINGS
PER SHARE
|
4,881
|
2,922
|
$4
|
$2 |
|
 |
|
|
|
