www.hyundaielevator.co.kr Annual Report 2005 HEAD OFFICE & FACTORY San 136-1, Ami- ri, Bubal- eup, Ichon-shi, Kyonggi-do 467-734, Korea Tel : 82-31-644-5160 Fax: 82-2-745-4227 Homesite : http://www.hyundaielevator.co.kr E-mail : [email protected]SEOUL OFFICE(INT’L SALES DIV.) 1-83 Dongsoong- dong, Jongro-ku, Seoul 110-510, Korea Tel: 82-2-3670-0659 Fax : 82-2-3672-8763~4 U.S.A . Hyundai Elevator Co., Ltd. LA Office 879W. 190th St. Suite 580 Gardena, CA 90248 U.S.A. Tel: 1-310-538-4770 Fax: 1-310-538-4745 JAPAN Hyundai Elevator Co., Ltd. 11F, Yamato Life Bldg. 1-1-7, Uchisaiwai-cho, Chiyoda-ku, Tokyo, 100-0011, Japan Tel: 81-3-3519-6125 Fax: 81-3-3519-6126 PHILIPPINES Hyco Industrial Sales Corp. #81 Kapiligan Cor. Bayani St., Dona lmelda, Quezon Ci ty, Philippines Tel: 63-2-716-0905/0923 Fax: 63-2-714-8896 INDONESIA PT. Superhelindo Jaya JL. KH. Moch. Mansyur No 19B, Jakarta 10140, Indonesia Tel: 62-21-631-8444 Fax: 62-21-632-6288 THAILAND Loxley Public Co., Ltd. Construction Materials Department 102 Na Ranong Rd, Klong toey, Bangkok 10110, Thailand Tel: 66-2-348-8000 Fax: 66-2-240-3127/3128 BANGLADESH Regional Traders Ltd. Karim Chamber(3rd Floor)99, Motijheel Commercial Area Dhaka-1000, Bangladesh Tel: 880-2-956-3122 Fax: 880-2-956-7377 INDIA Kinetic Escalator & Elevator Ltd. G-92, D- Ⅲ Block, Midc, Chinchwad, Pune-411.019 India Tel: 91-20-3950-2190~1 Fax: 91-20-2747-0568 PAKISTAN Islamabad Industrial & Trading Corp. 304 Amber Estate Shahra-e-faisal, Karachi - 75350, Pakistan Tel: 92-21-452-3237~8 Fax: 92-21-454-7405 EGYPT International Eng. & Trade 10 El Hakam St., Helmeyt Ei Zayton Cairo, Egypt Tel: 20-2-241-8542 Fax: 20-2-639-2672 U.A.E. Arabian Elevators & Engineering Co.,Ltd. P. O. Box : 26031, Sharjah, U.A.E. Tel: 971-6-561-4533 Fax: 971-6-561-5532 KUWAIT Deal General Trading & Contracting Co. P. O. Box 27956 Safat, 13140 Kuwait Tel: 965-245-7925 Fax: 965-242-3510 JORDAN Bseiso Engineering Materials Corp. P. O. Box 830681 Amman 11183, Jordan Tel: 962-656-99012 Fax: 962-656-99014 IRAN Mehfakhr Flat No. 84 8th Flr. No. 23 Corner of 13th St. Asadabadi Ave. Tehran Iran Tel: 98-21-872-6082 Fax: 98-21-855-3741 SAUDI ARABIA M/S. Electromechanical & Technical Associates., P. O. Box 6591, Jeddah-21452, Saudi Arabia Tel: 966-2-652-9000 Fax: 966-2-652-9090 CHINA •China Operation Head Office Hyundai Elevator Co., Lt d. 27F, Jinxuan Bldg., No.238 Nandan RD.(East), Shanghai, China, 200030 Tel: 86-21-6427-6616 Fax: 86-21-6427-4428 •Beijing Office Hyundai Elevator Co., Lt d. Beijing Office Golden Land Bldg. Rm517&518 No.32 Liang Ma Bridge Road, Chaoyang District Beijing, 100016, China Tel: 86-10-6464-3483/3509 Fax: 86-10-6464-3394 Shenyang Hyundai Elevator Co., Ltd. No. 43 Shenda Road, Yuhong District, Shenyang, China, Post Code : 110141 Tel: 86-24-2530-0108 Fax: 86-24-2583-2321 Shanghai Hyundai Elevator Manufacturing Co., Ltd. •Head Office(Factory) Xiaozheng Qingpu Xian, Shanghai, China 201716 Tel: 86-21-5981-3981/3990/3961/3971 Fax: 86-21-5981-3982 •Shanghai Office 27F, Jinxuan Bldg., No.238 Nandan Rd(East), Shanghai, China, 200030 Tel: 86-21-6427-6616 Fax: 86-21-6427-4428 HYUNDAI ELEVATOR INTERNATIONAL SALES & SERVICE NETWORK HYUNDAI ELEVATOR CO., LTD.
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www.hyundaielevator.co.kr
Annual Report 2005
HEAD OFFICE & FACTORYSan 136-1, Ami- ri, Bubal- eup, Ichon-shi, Kyonggi-do 467-734, Korea Tel : 82-31-644-5160 Fax: 82-2-745-4227Homesite : http://www.hyundaielevator.co.krE-mail : [email protected]
SEOUL OFFICE(INT’L SALES DIV.)1-83 Dongsoong- dong, Jongro-ku, Seoul 110-510, KoreaTel: 82-2-3670-0659 Fax : 82-2-3672-8763~4
U.S.A.Hyundai Elevator Co., Ltd.LA Office879W. 190th St. Suite 580 Gardena, CA 90248 U.S.A.Tel: 1-310-538-4770 Fax: 1-310-538-4745
JAPANHyundai Elevator Co., Ltd. 11F, Yamato Life Bldg. 1-1-7, Uchisaiwai-cho, Chiyoda-ku, Tokyo, 100-0011, JapanTel: 81-3-3519-6125 Fax: 81-3-3519-6126
PHILIPPINESHyco Industrial Sales Corp. #81 Kapiligan Cor. Bayani St., Dona lmelda, Quezon City, PhilippinesTel: 63-2-716-0905/0923 Fax: 63-2-714-8896
INDONESIAPT. Superhelindo Jaya JL. KH. Moch. Mansyur No 19B, Jakarta 10140, IndonesiaTel: 62-21-631-8444 Fax: 62-21-632-6288
THAILANDLoxley Public Co., Ltd.Construction Materials Department102 Na Ranong Rd, Klongtoey, Bangkok 10110, ThailandTel: 66-2-348-8000 Fax: 66-2-240-3127/3128
HYUNDAI ELEVATOR INTERNATIONAL SALES & SERVICE NETWORK
HYUNDAI ELEVATOR CO., LTD.
2 Hyundai Annual Report 2005
The Hyundai Elevator Company was established in 1984. However, its short history must not be taken lightly. Today, HyundaiElevator provides a full line of moving systems meticulous in detail,bringing together some of the most advanced technology andprogressive designs in the industry.
By working in close cooperation with international partners anddeveloping in-house technology, Hyundai Elevator has become a majorsupplier of elegant passenger elevators and escalators in Korea as wellas in Southeast Asia, the U.S.A., Japan and Europe.In order to meet the rise in demand, the production capacity has beenincreased to handle 7,200 elevators and 600 escalators per annum.Other major products include machine-room-less elevators, marineelevators, platform screen doors, and a variety of multi-level parkingand material handling systems.
Hyundai Elevator continues its every effort to develop the mostadvanced and comprehensive moving systems in the world.
Elegant Design & Advanced Technology
Hyundai Annual Report 2005
3Hyundai Annual Report 2005
Financial Highlights
Sales
Operating Income
Net Income
Total Assets
Stockholders’ Equity
Earnings Per ShareDividend Per Share ₩400 (8%)
₩473,019,017
56,293,278
83,948,120
561,609,044
330,891,935
13 4
Thousand ofKorean Won
Note : Amounts in Korean won have been translated into U.S. dollars, solely for the reader’s convenience. The exchange ratesused for conversion were 1,02424 and 1,14531 per U.S. dollar in 2005 and 2004 respectively, which were the averageexchange rates of the Bank of Korea on those years.
U.S. DollarsThousand ofKorean Won
U.S. Dollars
$461,824,394
54,961,023
81,961,377
554,401,820
326,645,543
13 1
₩440,884,972
35,301,675
83,940,845
407,914,902
225,817,653
12 8
$384,948,156
30,822,813
73,290,938
390,797,952
216,341,879
112
2005 2004
’03 ’04 ’05
473440
358
Total Sales In Billions of Won
4 Hyundai Annual Report 2005
Dear Shareholders:
I would like to take this opportunity to outline the overall corporate
achievements made by Hyundai Elevator Co., Ltd. during 2005 and
present the business plan for 2006.
Last year, we experienced a difficult business environment a sluggish
construction sector caused by public measures to curb the overheated
real estate market, high oil prices and increased material costs. We did our best to cope with low
growth in the domestic elevator sector by increasing our focus on non-elevator sectors such as
platform screen doors for subway system, automated material handling systems and the growing
export market.
Total revenue for 2005 was ₩473 billion while net income was ₩83.9 billion. The financial status is
healthy with a 70% debt ratio and 59% net equity ratio.
We expect 2006 to be a year of greater challenges. The foreign exchange rate is forecasted to be
less stable as Korean Won has become stronger against the US Dollar since the beginning of the
year with the exchange rate falling to as low as 960 won per dollar. The Government will likely
continue to try to cool off the volatile real estate market and prospects for the construction sector do
not seem bright. Crude oil price may rise as high as US$70 per barrel with the Iranian nuclear
standoff being a major destabilizing factor and other material costs are likely to follow suit.
Still, our target for 2006 annual revenue is set to be ₩528 billion - a 12% increase from previous year.
We will continue our effort to strengthen our competitiveness and to increase customers’ satisfaction.
Company staff will remain united to this common cause. No one will be left behind in our endeavor for
renovation and we will establish our own unique service system to better serve the customers’ needs.
Our key words for 2006 are “all participating renovation” and “customer satisfaction”.
Message from the President
5Hyundai Annual Report 2005
Last year we adopted “Total solutions for Movement” as our corporate slogan, which emphasized
our strategy to transform ourselves into a total solutions corporation which creates the best
efficiency in movement. “Total solutions for Movement” symbolizes our willingness to vigorously
expand into non-elevator sectors and consolidate the corporate wealth and well-being. We will do
our best to better serve the interests of shareholders as well as public in general.
Thank you.
Sincerely yours,
Y. M. Choi
President & Representative Director
6 Hyundai Annual Report 2005
Independent Auditor’s Report
To the Stockholders and Board of Directors of Hyundai Elevator Co., Ltd.
We have audited the accompanying balance sheet of Hyundai Elevator Co., Ltd. (“the Company”) as ofDecember 31, 2005 and December 31, 2004 and the related statements of income, statements ofappropriations of retained earnings, and cash flows for the year then ended, all expressed in Koreanwon. These financial statements are the responsibility of the Company’s management. Ourresponsibility is to express an opinion on these financial statements based on our audit. We did not auditthe financial statements of Hyundai Merchant Marine Co., Ltd., a subsidiary of the Company, whichstatements reflect total assets constituting 45.2% and 38.4% of consolidated total assets as ofDecember 31, 2005 and December 31, 2004 respectively. The financial statements of Hyundai MerchantMarine Co., Ltd. were audited by the other auditors (KPMG Samjong Accounting) whose report has beenfurnished to us, and our opinion, insofar as it relates to the amounts included for Hyundai MerchantMarine Co., Ltd., is based solely on the report of such other auditors.
We conducted our audit in accordance with auditing standards generally accepted in the Republic ofKorea. Those standards require that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free of material misstatements. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statements presentation. We believethat our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, thefinancial positions of Hyundai Elevator Co., Ltd. as of December 31, 2005 and December 31, 2004 and theresults of its operations, statements of appropriations of retained earnings and cash flows for the yearthen ended in conformity with accounting principles generally accepted in the Republic of Korea.
This report is effective as of February 10, 2006, the auditors' report date. Certain subsequent events orcircumstances may have occurred between this audit report date and the time the audit report is read.Such events or circumstances could significantly affect the accompanying financial statements and mayresult in modifications to the auditors' report.
AnjinA member firm of Deloitte Touche Tohmatsu14F Hanwha Securities Co. bldg. #23-5Yoido-dong, Youngdeungpo-ku,Seoul 150-717, Korea
Note : Amounts in Korean won have been translated into U.S. dollars, solely for the reader’s convenience. The exchangerates used for conversion were 1,02424 and 1,14531 per U.S. dollar in 2005 and 2004 respectively, which were theaverage exchange rates of the Bank of Korea on those years.
Ⅰ. Capital stockⅡ. Capital surplusⅢ. Retained earningsⅣ. Capital adjustment
(Total stockholders’ equity)
Total liabilities &stockholders’ equity
₩201,909,6927,283,335
209,193,028
303,038,20149,358,134
19,681352,416,016
561,609,044
137,198,37093,518,739
230,717,109
35,662,56569,557,145
265,465,01139,792,786
330,891,935
₩561,609,044
$199,318,5517,189,867
206,508,418
299,149,26148,724,713
19,428347,893,402
554,401,820
135,437,68092,318,597
227,756,277
35,204,90168,664,506
262,058,25339,282,118
326,645,543
$554,401,820
Thousand ofKorean Won U.S. Dollars
2005
$142,837,2728,915,696
151,752,968
192,564,72046,455,458
24,806239,044,984
390,797,952
124,150,12850,305,945
174,456,073
34,166,09066,638,384
142,834,18427,296,779
216,341,879
$390,797,952
₩149,093,5449,306,204
158,399,748
200,999,05548,490,207
25,892249,515,154
407,914,902
129,587,90452,509,345
182,097,249
35,662,56569,557,145
149,090,32128,492,378
225,817,653
₩407,914,902
Thousand ofKorean Won U.S. Dollars
2004
Balance Sheets
(December 31, 2005 and 2004)
Note : Amounts in Korean won have been translated into U.S. dollars, solely for the reader’s convenience. The exchangerates used for conversion were 1,013 and 1,0438 per U.S. dollar in 2005 and 2004 respectively, which were theexchange rates of the Bank of Korea on December 31, 2005 and 2004.
9Hyundai Annual Report 2005
Description
Ⅰ. Retained earningsbefore appropriations
1. Unappropriated retained earningscarried over from prior years
2. Net income3. Retained earnings adjustment on
valuation of actual value method(Sub total)
Ⅱ. Transfers from voluntaryreserves
1. Reserve for technical development2. Reserve for loss from export
(Sub total)
Total
Ⅲ. Appropriations of retainedearnings
1. Legal reserve2. Dividends
Cash dividend - Dividend ratio(2005) 8%
3. Reserve for technical development4. Reserve for loss on disposal of treasury
stock5.Reserve for business expansion
(Sub total)
Ⅳ. Unappropriated retained earningsto be carried over forwardto subsequent year
₩74,213,691
83,948,12035,894,966
194,056,777
3,247,703-
3,247,703
197,304,480
251,0002,502,822
3,000,000-
-5,753,822
₩191,550,658
$73,261,294
82,870,80035,434,320
191,566,414
3,206,025-
3,206,025
194,772,438
247,7792,470,703
2,961,500-
-5,679,982
$189,092,456
₩811,797
83,940,845-
84,752,642
3,879,445-
3,879,445
88,632,087
350,0003,468,397
3,000,0007,600,000
-14,418,397
₩74,213,690
Thousand ofKorean Won U.S. Dollars
2005
$777,732
80,418,514-
81,196,246
3,716,656-
3,716,656
84,912,902
335,3133,322,856
2,874,1147,281,088
-13,813,371
$71,099,531
Thousand ofKorean Won U.S. Dollars
2004
Statements of Appropriations of Retained Earnings
(Years ended December 31, 2005 and 2004)
Note : Amounts in Korean won have been translated into U.S. dollars, solely for the reader’s convenience. The exchangerates used for conversion were 1,013 and 1,0438 per U.S. dollar in 2005 and 2004 respectively, which were theexchange rates of the Bank of Korea on December 31, 2005 and 2004.
Authorized Capital : Won 100,000,000,000Paid-in Capital : Won 35,662,565,000
D. Corporate Information
1. Date of Establishment : May 23, 19842. Head Office : San 136-1, Ami-ri, Bubal-eup, lchon-shi, Kyunggi-do 467-734, Korea3. TEL : 82-2-3670-06604. Fiscal Year End : December 31st.5. Number of Employees : 1,1646. The Total Number of Outstanding Capital Stocks
Par value : ₩ 5,000Authorized Number of Shares : 7,132,513 shares
7. Total Assets ; ₩ 561,609,044 (In thousands) , U.S. $554,401,820
May 1984 Hyundai Elevator Co., Ltd. established. Technical License Agreement signed by Hyundai and Westinghouse to manufacture
various kinds of elevators and escalators.
Sep 1989 Termination of joint venture with Westinghouse
Dec 1991 Certificated ISO 9001 certification from DNV
Aug 1993 Established joint venture in Shanghai, China
Nov 1995 Established joint venture in Shenyang, China
Jul 1996 Listed on the Korea Stock Exchange
Dec 1996 Certificated After Service Certification from the Ministry of Trade and Commerce
Apr 1997 Certificated ISO 14001 environmental certification from DNV
Mar 1998 Certificated ISO 9001 and ISO 14001 certification from DNV for the Auto Parking Systems and Material Handling Systems.
Aug 1999 Certificated CE Mark from DNV
Oct 1999 Signed a contract for a technology alliance with Japan’s Nabco for PSD(Platform Screen Doors)
May 2001 Signed a contract for installation and maintenance alliance in Japan with Nihon Shokouki Co.,Ltd. for marine elevators.
Jul 2001 Certificated CE mark for elevators from DNV
Sep 2003 Certificated Korea Productivity Award from Korea Productivity Center
Dec 2004 Certificated ISO 9001 and ISO 14001 Certification from DNV for Platform Screen Doors
Feb 2005 Selected one of the most admired companies from the Federation of Korean Industries and the Seoul Economic Daily