General Meeting of Hyundai Mipo Dockyard Shareholders

Hyundai Mipo Dockyard Co. Ltd. (HMD) held its 31st annual General Meeting of Shareholders on March 18, 2005, at its headquarters.

The following are issues addressed during the General Meeting of Shareholders: approval of FY2004 financial statement, appointment of directors and amendment to the Articles of Incorporation.

The FY2004 financial statement was announced with revenues of 1,431.4 billion (up 19% from the pervious year), operating profits of 130.2 billion, ordinary profits of 138.6 billion and net profit of 106.3 billion.

The favorable outcome was due to the increased construction number of the vessels, elevated production capacities, and growth in new building orders. The growing Vietnam subsidiary along with its favorable management also added to the positive conclusion of the general meeting. HMD also promised cash dividends of 1,250 per share.

President & CEO of HMD, Mr. Choi Kil-seon spoke at the precession. “Due to the drop of the US dollar and the rise of the raw material prices, the business environment of 2004 was unstable. However, we all put our efforts together, and thus we became the fourth major shipbuilding company.” said Mr. Choi.

Meanwhile, HMD set a 1,851.4 billion sales target (29% increase compare to those of last year) and $2.5 billion new order target this year, which reflects the increase of production capacity of 10 vessels due to the transfer of its ship repair business to Vietnam subsidiary.