Investors 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