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FY2005 Annual Report HYUNDAI SECURITIES CO., LTD

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FY2005 Annual Report HYUNDAI SECURITIES CO., LTD FY2005 Annual Report HYUNDAI SECURITIES CO., LTD. FY2005 Annual Report HYUNDAI SECURITIES CO., LTD. Contents 03 Company Profile | 05 Financial Highlights | 06 Vision & Strategy 09 Message from the CEO | 10 Major Achievements in FY2005 | 12 Review of Operations | 26 Financial Section 70 Board of Directors | 71 Organization Chart | 72 Shareholders’ Information 02 HYUNDAI SECRITIES CO., LTD. 2005 ANNUAL REPORT Company profile : From the leader of Korea’s financial market to Asia’s leading investment bank Hyundai Securities Hyundai Securities introduced a product called“ Buy Korea,”which played a pivotal role to revive the nation’s sagging financial market after the 1997-98 Asian financial crisis, by attracting more than 30 trillion won to this fund product. All of Hyundai Securities’efforts are geared towards establishing bigger, more specialized, globalized and diversified operations. Hyundai Securities, based on its 135 local branches and overseas offices in New York, London, HongKong, Tokyo and Shanghai, is providing a diverse range of services from money trust and asset management to corporate finance to our customers at home and overseas. Our net income during the 2005 fiscal year increased more than fourfold compared to the previous year, based on increased market share, outstanding sales ability and constant cost-cutting efforts. We will continue making efforts to increase shareholders’value by maximizing profits. 03 04 HYUNDAI SECRITIES CO., LTD. 2005 ANNUAL REPORT Financial Highlights : KRW in billions FY2005 FY2004 FY2003 Operating Results Operating revenues 937 473 654 Operating expenses 684 406 520 Operating income 252 67 135 Non-operating income 33 18 11 Non-operating expenses 7 8 296 Pretax income 279 77 -150 Net income 283 54 -190 Financial Condition Total assets 5,454 3,071 2,596 Total liabilities 3,948 1,871 1,451 Shareholders' equity 1,505 1,200 1,145 Return on average common shareholders' equity 20.9% 4.6% - Net Capital Ratio 598% 623% 470% Selected Data Number of outstanding shares 139,353,423 139,353,423 139,353,423 Book value per share 10,802 8,611 8,219 Earnings per share 2,028 387 - Total Employees 2,334 2,321 2,673 Branches(overseas) 133(5) 134(5) 133(5) 283 1,505 20.90% 1,200 1,145 54 4.60% - 03 04 05 03 04 05 03 04 05 -190 Net income Shareholders' equity Return on Equity 05 (KRW in billions) (KRW in billions) Vision & Strategy Vision “Take a leap toward Global Investment Bank” “Innovation to build up foothold of everlasting Hyundai Securities” Strategy Expansion Diversification Specialization ▶ Increase Equity Capital ▶ Strengthen Proprietary Trading ▶ Strengthen workforce through targeted training ▶ Mergers & Acquisitions ▶ Leverage opportunities with Wealth Management ▶ Attract, develop and retain the ▶ Strategic Alliance ▶ Revitalization of Corporate Finance best talent in the industry ▶ Improve Incentive System You need a reliable partner for more efficient financial investment. We will provide consulting services to help you handle various emergencies in corporate business. As having a good partner helps you tackle every challenge in life much easier, Hyundai Securities, with our commitment to our investors and customers, will be the excellent investment partner to create more values for you and make your life happier. 06 HYUNDAI SECRITIES CO., LTD. 2005 ANNUAL REPORT 07 08 HYUNDAI SECRITIES CO., LTD. 2005 ANNUAL REPORT Message from the CEO : Dear Fellow Shareholders and Clients : In 2005, Korea’s benchmark Kospi, after breaking the psychological barrier of 1,000 points earlier in the year, continued breaking record highs amid the world’s booming stock markets. I am happy to announce Hyundai Securities, buoyed by such stellar performance of local stock markets and based on our constant efforts to diversify sources of income, achieved an impressive growth in fiscal year 2005. Also, our efforts to improve the company’s financial performance also led two of Korea’s major ratings agencies to lift their credit ratings on Hyundai Securities to“ A.” Despite such achievement, we still have a long way to cement our leading position in the industry. The company will establish business platforms to achieve a sustainable growth, in an effort to reinvent itself as a global investment bank. Our business targets for the year of 2006 are as follows: First, we will expand our organization to become an extensive global investment bank. Second, we will make efforts to establish more stable operations by diversifying sources of income. By developing and adopting more diverse financial products, we will reinforce our wealth management operations designed for needs of each customer and enhance our corporate performance. Third, we will focus on nurturing more workforces with deep financial expertise, by establishing more efficient training systems and allocating more resources to improve our employees’operation capabilities. I would like to express my gratitude for the interests of our shareholders. Our ability to deliver consistent performance is derived from the company’s management process and encouragement from our investors. It has been the efforts of people across the organization, working within the management process, that have enabled Hyundai Securities to create the opportunities we have today. Sincerely, Kim Ji Wan 09 President & Chief Executive Officer Major Achievements in FY2005 : | November 2005 | Korea’s E-Business award The Seoktap industrial merit by Korea’s Commerce Ministry The CEO Kim Ji-wan’s contribution to Hyundai Securities’e-business can be summarized by his three major principles for e- finance. Mr. Kim, based on his strategies, increased productivity of employees by 58 percent and increased the customers’total assets by 70 percent. Also, Hyundai Securities has been ranked as the top player in stocks, futures and options among local stock brokerage houses. The company, which was ranked as Korea’s best home trading system operator by Stockpia, a local securities industry research firm, also received“ Korea e-finance award,”in stock sector for two straight years beginning 2004. | February 2006| Major ratings agency raised their ratings on Hyundai Securities ● Two major ratings agency in Korea raised their ratings on Hyundai Securities to“ A” Two of Korea’s major credit ratings agencies, National Information & Credit Evaluation and Korea Ratings, lifted their ratings on Hyundai Securities by one notch from“ A-“ to“ A,”only a year after the two agencies lifted their ratings on Hyundai Securities from“ BBB+”to“ A-“ in February 2005. National Information & Credit Evaluation and Korea Ratings cited solid business platform, balanced competitiveness of each of the company’s securities operations, reduced uncertainties related to the Hyundai Group, as major reasons for the decision. In particular, Hyundai Securities’dramatically improved profitability exceeding those of its industry peers met positive responses from the rating agencies. The agencies, as Hyundai Securities is securing increasingly solid platform in sales of securities, predicted the company would enjoy more benefits from the Korean government’s recent deregulations on local securities sector, which allow securities firms to operate trust management and handle more derivative products. 10 HYUNDAI SECRITIES CO., LTD. 2005 ANNUAL REPORT | April 2006 | Hyundai Securities introduced RP-based “Hyundai CMA,” which provides distinguished financial benefits ● Exempting all service fees on withdrawals from ATMs for the first time in the industry, and pre-paid fare cards. ● Offering convenient bill payment services and high interest rates based on RP, providing the same convenient financial services as local banks ● Offering distinguished total banking service, including subscription of new shares ● Intensifying market competition by taking a plunge in local CMA market Hyundai Securities, in its effort to prepare for upcoming deregulations, introduced“ Hyundai CMA(Cash Management Account),”further intensifying the competition among Korea’s stock brokerage houses and banks in local CMA market. Hyundai Securities’CMA not only provides basic banking services such as online bill payment and anytime deposit and withdrawal but also offers an interest rate of 4.2 percent, 42 times of the average rates of 0.1 percent for commercial banking deposits. Such high interest rate, made possible by automatic short-term investment on RP bonds, helped us to attract many customers from other banks. Also, we established the concept of“ hub-account”in which a customer’s futures investment accounts, stock investment accounts, wrap account and other financial accounts are all integrated, to help our customers to better manage and review their financial accounts. CMA card can be used as a pre-paid fare card, provides various benefits from subscription for newly issued shares and exemption of various banking service fees. 11 12 HYUNDAI SECRITIES CO., LTD. 2005 ANNUAL REPORT Review of Operations : Hyundai Securities, based on constant efforts to provide top- notch customer services, advanced financial services and enhanced sales capability, will continue business that could benefit all of our clients, shareholders and employees. 13 Retail Operations Marketing Hyundai Securities, in an effort to secure a leading position in the increasingly fiercer competition with local banks, is expanding its retail operations to stocks, futures and option brokerages, sales of diverse asset management services and loan offerings. In retail operation, stock M/S in 2005 fiscal year rose
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