HHI Reports 2013 Business Performance

Hyundai Heavy Industries (HHI), the world’s biggest shipbuilder, held its 40th Annual General Meeting of Shareholders at Hanmaeum Cultural Center, Ulsan.

The meeting agenda included approval for the financial statements, and the ceiling for the Board of Directors’ remuneration as well as appointment of directors, and a new audit committee member.

At the meeting, HHI reported its business performance for 2013. Its revenues for the full year of 2013 reached KRW 24.28 trillion. Its operating profit and net profit stood at KRW 734.7 billion and KRW 451.6 billion respectively with total current assets of KRW 32.13 trillion. HHI also announced a cash dividend per share of KRW 2,000 along with 2014 annual sales target of KRW 26.57 trillion and new orders target of USD 29.6 billion.

The Board of Directors reappointed Lee Jai-seong, Chairman & CEO of HHI, as an inside director; and appointed Kim Jung-rae, President & COO of HHI, as a new inside director. The Board also newly appointed Lee Jang-yung, President of Korea Banking Institute, and Kim Jong-seok, the Dean of the College of Business Administration of Hongik University, as external directors. Lee Jang-yung was also appointed as a member of the audit committee.

“Despite rather lackluster results of last year, we demonstrated our competitiveness not only by winning an order to build world’s largest 19,000TEU containerships, but also securing a USD 3.3 billion ultra large power plant order, the biggest single order HHI ever won,” Lee said at the meeting. “We also successfully completed the world’s first newbuilding LNG FSRU, and developed eco-friendly 2-stroke marine engines. We expect to face many difficulties this year as well, but we will stand firm and make all-out efforts to continue our journey to become a great company.”

1 South Korean won = 0.000926 U.S. dollars