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Inverstors News

Notification and Details of the Convocation of General Meeting of Shareholders

2006.02.22 No. 413
< CHANGE IN ANNOUNCEMENT DETAILS >
Date of Original Announcement : February 22, 2006

Category

Before Change

After Change

“Item 2: Amendment of the Articles of Incorporation”

Article 2
(Business Purpose)
section

------------------------------------------------------------------- and mail-order sales business

------------------------------------------------------------------- and telemarketing and sales business

1. Date of Shareholder’s Meeting : March 10, 2006 10:00 AM
2. Place of Shareholder’s Meeting :
- 2 nd Floor Grand Hall of the Hyundai Motor Company Headquarters, 231 Yangjae-dong, Seocho-ku, Seoul, Korea .
3. Agenda and Key Issues :
Reports :
Issues to report> Annual report, Independent Audit’s report.
Agenda :
Item 1: Approval of financial statements for the 38 th business year (1/1/2005~12/31/2005)
Item 2: Amendment of the Articles of Incorporation.
Item 3: Appointment of director(s)
Item 4: Appointment of member(s) of Audit Committee
Item 5: Approval of the limit of directors’ remuneration
Item 1: Approval of financial statements for the 38 th business year (1/1/2005~12/31/2005)

(1) BALANCE SHEET (unit : KRW 100 million)

 

2005

2004

Assets

Ⅰ . Current Assets

90,034

89,186

1) Quick Assets

79,953

76,515

2) Inventories

10,081

12,671

Ⅱ . Non-current Assets

175,578

155,019

1) Investment assets

76,919

69,463

2) Tangible assets

89,455

87,334

3) Intangible assets

9,204

6,565

 

 

Total Assets

265,612

244,205

Liabilities

and

Shareholders’

Equity

Liabilities

Ⅰ . Current Liabilities

76,166

67,080

Ⅱ . Non-current Liabilities

39,917

46,277

Total Liabilities

116,083

113,357

Shareholders’

Equity

Ⅰ . Capital Stock

14,829

14,807

Ⅱ . Capital Surplus

53,916

53,596

Ⅲ . Retained Earnings

88,884

63,832

Ⅳ . Capital Adjustments

-8,100

-1,387

 

Total Shareholder’s Equity

149,529

130,848

 

Total Liabilities and Shareholder’s Equity

265,612

244,205

(2) STATEMENT OF INCOME (unit : KRW 100 million)

 

2005

2004

I .

Sales

273,837

274,724

II .

Cost of Sales

221,857

207,980

III .

Gross Profit

51,980

66,744

IV .

Selling & Administrative Expenses

38,139

46,930

V .

Operating Income

13,841

19,814

VI .

Non-operating Income

25,541

17,982

VII .

Non-operating Expenses

11,992

12,793

VIII .

Ordinary Income

27,390

25,003

IX .

Extraordinary Gains

-

-

X .

Extraordinary Losses

-

-

XI .

Income before Income Tax Expenses

27,390

25,003

XII .

Income Tax Expenses

4,244

7,549

XIII .

Net Income

23,146

17,454

(3) STATEMENT OF APPROPRIATIONS OF RETAINED EARNINGS

(unit : KRW 100 million)

 

2005

2004

Remark

I. Unappropriated Retained Earnings

   

*Dividends per share (%) of the 38th Business year :

1.Unappropriated RetainedEarnings carried over from prior period

2.Change in retained earnings for the year

3.Net Income for the year

-1,841

 

5,173

 

23,146

-1,534

 

-923

 

17,454

- Common shares : KRW 1,250(25%)

- Series 1
  Preferred shares :
 KRW 1,300(26%)

- Series 2
  Preferred shares :
 KRW 1,350(27%)

-Series 3
  Preferred shares :
 KRW 1,300(26%)

 

 

*Dividends per share (%) of the 37th Business year :

- Common shares :
  KRW 1,150(23%)

- Series 1
 Preferred shares :
  KRW 1,200(24%)

- Series 2
  Preferred shares :
 KRW 1,250(25%)

- Series 3
  Preferred shares :
 KRW 1,200(24%)

Total

 

26,478

 

16,838

     

II. Appropriation of Retained Earnings

 

 

1. Legal Reserve

2. Reserve for Research Development

3. Reserve for Technology Development

4. Dividends

345

10,000

12,700

3,423

330

5,900

7,340

3,268

 

Total

 

26,468

 

16,838

III. Unappropriated Retained Earnings carried over to subsequent year

10

-1,841






Item 2: Amendment of the Articles of Incorporation

Article

Reason for Amendment

Current

Revised

Article 2

(Business Purpose)

Addition of new business purposes

10) To wholesale

vehicle parts

(13) To engage in the

automobile management

business (sale or

purchase of used car,

auto scrap business).

(23)To engage in

electronic commerce

and internet related

businesses.

10) ----------------------- and to manufacture and sell automobile supplies

(13 ) ------------------------------------------------------------------------------------------------------- , recycling business etc.) and related franchise business.

(23) ------------------------------------------------------------------------ and telemarketing and sales business.

Article 7 Section 3

(Stock option)

Clause 1

Reflect revisions in the Securities Exchange Act

------------------------------------------ provided that, the Company may grant the stock options by a resolution of the Board of Director, to the extent not exceeding one percent (1%) of the total number of issued shares.

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(Grant to a BOD member of the Company can be made only according to the resolution of the General Meeting of Shareholders)

Article 22.

(Number and Method of Election of Directors)

Clause 1

Text Provision

(To reflect the text from the commercial code)

The Company shall have seven (7) to eleven (11) Directors who shall be elected at the General Meeting of Shareholders

---------------------- three (3) to eleven(11) ---------------------------------------------------------------------------------------

Article 29.

(Board of Directors)

Clause 4

A resolution of the Board of Directors shall be adopted by the majority vote of the Directors present at the relevant meeting at which 50% of all Directors of the Company are present. In the case of a tie, the Chairman shall decide the issue concerned.

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

* Proviso Clause is Rescinded

Addendum Article 1 (Effective Date )

 

Newly Established

This Amendment of the Articles of Incorporation shall be effective on and after the shareholders’ resolution in the Annual General Meeting of Shareholders for the 38th Fiscal Year.


Item 3: Appointment of Director(s)
1) Nominees (1 persons):

Name

Date of birth

Major Career

Transactions with Company

Relationship with Major Shareholder

Recommended by

Yeo-Chul YOUN

52-06-23

- Head of Labor Management Support

- Plant Manager & President HMC Ulsan Plant (current)

Possession of 10,000 stock option common shares

n/a

BOD

Item 4: Appointment of member(s) of Audit Committee
1) Member whose term is expired (1 person): Byung-Il Park
2) Nominee (2 persons):

Name

Date of birth

Major Career

Transactions with Company

Relationship with Major Shareholder

Recommended by

Byung-Il PARK

(Outside Director)

38-10-15

-Director of Ma-Po

District Tax Office

-Chief of Investigation Div.II, Seoul Regional Tax Office

-Advisor to Yeollin Tax LLC (current)

-possession of 4,000 common shares

-possession of 2,000 Stock option common shares

n/a

Outside Director Nominee Recommendation Committee

Hak-kuk CHO

49-05-17

-Secretary to the President for Economic Policy

-Vice Chairman of Fair Trade Commision

-Senior Advisor to Lee & Ko (current)

n/a

n/a

Outside Director Nominee Recommendation Committee

Item 5: Approval of the limit of directors’ remuneration

Year

Number of Directors

(Number of outside Directors)

Limit of remuneration

2005

7 members(4 members)

7 billion Korean Won

2006

7 members(4 members)

10 billion Korean Won


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