Kia : 2024 1Q Audit Report

KIA CORPORATION

AND ITS SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2024 and 2023

ATTACHMENT: INDEPENDENT AUDITORS' REVIEW REPORT

KIA CORPORATION

Contents

Independent Auditors' Review Report	1
Consolidated Interim Financial Statements
Consolidated Interim Statements of Financial Position	4
Consolidated Interim Statements of Income	6
Consolidated Interim Statements of Comprehensive Income	7
Consolidated Interim Statements of Changes in Equity	8
Consolidated Interim Statements of Cash Flows	10
Notes to the Consolidated Interim Financial Statements	11

152, Teheran-ro,Gangnam-gu, Seoul 06236

(Yeoksam-dong, Gangnam Finance Center 27th Floor)

Republic of Korea

Independent Auditors' Review Report

Based on a report originally issued in Korean

The Board of Directors and Shareholders

Kia Corporation:

Reviewed Financial Statements

We have reviewed the accompanying condensed consolidated interim financial statements of Kia Corporation and its subsidiaries (the "Group"), which comprise the condensed consolidated interim statement of financial position as of March 31, 2024, the condensed consolidated interim statements of income and comprehensive income, changes in equity and cash flows for the three‐month periods ended March 31, 2024 and 2023 and notes, comprising material accounting policy information and other explanatory information.

Management's responsibility

Management is responsible for the preparation and fair presentation of these condensed consolidated interim financial statements in accordance with Korean International Financial Reporting Standards ("K‐IFRS") No.1034 "Interim Financial Reporting", and for such internal control as management determines is necessary to enable the preparation of condensed consolidated interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' review responsibility

Our responsibility is to issue a report on these condensed consolidated interim financial statements based on our reviews.

We conducted our reviews in accordance with the Review Standards for Quarterly and Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our reviews, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements referred to above are not prepared, in all material respects, in accordance with K‐IFRS No.1034 "Interim Financial Reporting".

Other matters

The consolidated statement of financial position as of December 31, 2023, and the related consolidated statements of income and comprehensive income, changes in equity and cash flows for the year then ended, which are not accompanying this report, were audited by us in accordance with Korean Standards on Auditing and our report thereon, dated March 7, 2024, expressed an unqualified opinion. The accompanying consolidated statement of financial position as of December 31, 2023, presented for comparative purposes, is not different from that audited by us from which it was derived, in all material respects.

The procedures and practices utilized in the Republic of Korea to review such condensed consolidated interim financial statements may differ from those generally accepted and applied in other countries.

Seoul, Korea

May 16, 2024

This report is effective as of May 16, 2024, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

2

KIA CORPORATION

AND ITS SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2024 and 2023

"The accompanying consolidated interim financial statements, including all footnotes and disclosures, were prepared by,

and are the responsibility of, the Group."

Song, Ho Sung

Chief Executive Officer

KIA CORPORATION

Main Office Address: (Road Name Address) 12, Heolleung-ro,Seocho-gu, Seoul (Phone Number) 02-3464-5114

3

KIA CORPORATION AND ITS SUBSIDIARIES

Consolidated Interim Statements of Financial Position

As of March 31, 2024 and December 31, 2023

(In millions of Korean won)
				March 31,
	Note			2024
Assets
Current assets
Cash and cash equivalents	26		￦	15,514,361
Short‐term financial instruments	26			2,854,213
Other financial assets	9,26			2,968,128
Accounts and notes receivable - trade	26,27			3,263,572
Accounts and notes receivable - others	26,27			2,623,582
Advanced payments				121,874
Inventories	5			11,577,579
Current tax assets				67,441
Other assets				140,821
Total current assets				39,131,571
Non‐current assets
Long‐term financial instruments	26			270,313
Other financial assets	9,26			1,839,496
Long‐term accounts and notes receivable - trade	26			3,741
Investments in joint ventures and associates	6			21,793,131
Property, plant and equipment and right‐of‐use assets	4,7,14,23			16,377,740
Investment property	4			23,382
Intangible assets	4,8			3,396,262
Deferred tax assets				202,064
Other assets	12			591,137
Total non‐current assets				44,497,266
Total assets			￦	83,628,837

December 31,

2023

• 14,353,142
  2,295,794
  4,146,680
  2,475,015
  2,453,361

108,463

11,272,875

159,486

201,486

37,466,302

270,195

1,409,028

3,655

20,762,440

16,104,174

22,706

3,310,126

561,770

717,430

43,161,524

• 80,627,826

(Continued)

4

KIA CORPORATION AND ITS SUBSIDIARIES

Consolidated Interim Statements of Financial Position, Continued

As of March 31, 2024 and December 31, 2023

(In millions of Korean won)
				March 31,
	Note			2024
Liabilities
Current liabilities
Accounts and notes payable - trade	26,27		￦	9,773,988
Short‐term borrowings	10,24,26			148,972
Accounts and notes payable - others	26,27			3,171,061
Advances received				439,740
Accrued expenses	26			3,029,948
Current tax liabilities				2,226,838
Current portion of long‐term debt and bonds	10,24,26			1,109,805
Provisions	13			5,588,884
Other liabilities	11,23,24,26			2,938,029
Total current liabilities				28,427,265
Non‐current liabilities
Bonds	10,24,26			2,063,394
Long‐term debts	10,24,26			200,000
Long‐term advances received				134,783
Net defined benefit liabilities	12			3,363
Provision for other long‐term employee benefits				317,534
Provisions	13,14			2,093,122
Deferred tax liabilities				882,273
Other liabilities	11,23,24,26			2,221,745
Total non‐current liabilities				7,916,214
Total liabilities				36,343,479
Equity
Shareholders of the parent
Capital stock	15			2,139,317
Capital surplus				1,560,650
Retained earnings				43,852,630
Accumulated other comprehensive loss	15			423,052
Other equity	15			(697,401)
Equity attributable to owners of the Company				47,278,248
Non‐controlling interests				7,110
Total equity				47,285,358
Total liabilities and equity			￦	83,628,837

See accompanying notes to the consolidated interim financial statements.

5

December 31,

2023

• 10,369,375
  128,765

3,358,059

351,054

2,611,251

1,745,646

968,813

5,448,913

692,229

25,674,105

2,502,261

200,000

133,010

3,077

316,531

1,963,828

1,188,361

2,088,418

8,395,486

34,069,591

2,139,317

1,560,650

43,270,759

(220,991)

(197,351)

46,552,384

5,851

46,558,235

• 80,627,826

KIA CORPORATION AND ITS SUBSIDIARIES

Consolidated interim Statements of Income

For the three months ended March 31, 2024 and 2023

(In millions of Korean won, except earnings per share information)
	Note			2024
Sales	4,17,27		￦	26,212,851
Cost of sales	22,27			19,976,744
Gross profit				6,236,107
Selling expenses	18,22			1,652,638
General and administrative expenses	18,22			1,157,759
Operating profit				3,425,710
Gain(loss) on investments in associates and
joint ventures, net	6			186,306
Finance income	19,26			389,831
Finance expenses	19,26			175,871
Other income	20			279,618
Other expenses	20			321,083
Profit before income taxes				3,784,511
Income tax expense	21			975,459
Profit for the period			￦	2,809,052
Profit attributable to :
Owners of the Company			￦	2,807,904
Non‐controlling interests				1,148
Earnings per share attributable to
the owners of the Company	16
Basic earnings per share in Korean won			￦	7,125

2023

• 23,690,660
  18,317,258

5,373,402

1,452,854

1,046,576

2,873,972

229,672

299,341

160,371

228,158

328,685

3,142,087

1,022,240

• 2,119,847
• 2,119,502
  345
• 5,323

See accompanying notes to the consolidated interim financial statements.

6

KIA CORPORATION AND ITS SUBSIDIARIES

Consolidated interim Statements of Comprehensive Income

For the three months ended March 31, 2024 and 2023

(In millions of Korean won)
		2024			2023
Profit for the period	￦	2,809,052		￦	2,119,847
Other comprehensive income(loss) for the period:
Items that will not be reclassified subsequently to profit
or loss:
Remeasurements of defined benefit plans		(31,605)			(95,857)
Remeasurements of defined benefit plans of
investment of associates and joint ventures, net		(151)			(15,524)
Gain(loss) on financial assets measured at FVOCI, net		(35,315)			17,261
		(67,071)			(94,120)
Items that may be reclassified subsequently to profit or
loss:
Gain(loss) on valuation of cash flow hedges derivatives, net		1,768			(15,115)
Changes in share of OCI of equity‐accounted investees, net		327,788			184,037
Gain on foreign operations translation, net		349,913			397,154
		679,469			566,076
Total other comprehensive income for the period		612,398			471,956
Total comprehensive income	￦	3,421,450		￦	2,591,803
Comprehensive income attributable to:
Owners of the Company	￦	3,420,191		￦	2,591,305
Non‐controlling interests		1,259			498

See accompanying notes to the consolidated interim financial statements.

7

KIA CORPORATION AND ITS SUBSIDIARIES

Consolidated interim Statements of Changes in Equity

For the three months ended March 31, 2024 and 2023

(In millions of Korean won)

Attributable to owners of the Company

Accumulated

other

Other

Non‐

Capital

Capital

Retained

comprehensive

controlling

stock

surplus

earnings

income(loss)

equity

Total

interests

Total

Balance at January 1,

2023

￦

2,139,317

￦

1,560,650

￦

36,320,754

￦

(610,514)

￦

(72,269)

￦

39,337,938

￦

5,143

￦

39,343,081

Comprehensive income:

Profit for the period

‐

‐

2,119,502

‐

‐

2,119,502

345

2,119,847

Gain on financial assets

measured at FVOCI,

net

‐

‐

‐

17,261

‐

17,261

‐

17,261

Loss on valuation of

cash flow hedges

‐

(15,115)

derivatives, net

‐

‐

‐

(15,115)

‐

(15,115)

Changes in share of OCI

of equity‐accounted

investees, net

‐

‐

‐

184,037

‐

184,037

‐

184,037

Remeasurements of

‐

(95,857)

‐

‐

(95,857)

‐

(95,857)

defined benefit plans

‐

Remeasurements of

defined benefit plans

of investment of

associates and joint

‐

(15,524)

‐

‐

(15,524)

‐

(15,524)

ventures, net

‐

Gain on foreign operations

translation, net

‐

‐

‐

397,001

‐

397,001

153

397,154

Total comprehensive

income

‐

‐

2,008,121

583,184

‐

2,591,305

498

2,591,803

Transactions with

shareholders and other,

recorded directly in

equity:

Payment of cash

dividends

‐

‐

(1,403,256)

‐

‐

(1,403,256)

‐

(1,403,256)

Acquisition of

treasury stocks

‐

‐

‐

‐

(500,050)

(500,050)

‐

(500,050)

Total transactions with

shareholders and other,

recorded directly in

equity:

‐

‐

(1,403,256)

‐

(500,050)

(1,903,306)

‐

(1,903,306)

Balance at March 31,

2023

￦

2,139,317

￦

1,560,650

￦

36,925,619

￦

(27,330)

￦

(572,319)

￦

40,025,937

￦

5,641

￦

40,031,578

(Continued)

8