Hyundai Heavy: Year of uncertainties ahead

South Korea’s Hyundai Heavy Industries (HHI), one of the world’s largest shipbuilders and offshore rig builders, reported ‘below expectations’ 2014 results.

HHI today held its 41st Annual General Meeting of Shareholders at Hanmaeum Cultural Center, Ulsan. The meeting agenda included approval for the financial statements, and the ceiling for the Board of Directors’ remuneration as well as appointment of directors and a new audit committee member.

At the meeting, HHI reported its business performance for 2014. Its revenues for the full year of 2014 reached 23.46 trillion Korean won ($ 21.17 billion). Its operating loss and net loss stood at 1.92 trillion Korean won ($1.73 billion) and 1.75 trillion Korean won ($1.58 billion) respectively with total current assets of 32 trillion Korean won ($28.88 billion). HHI chose not to pay dividends due to the loss incurred last year. The company also announced its 2015 annual sales target of 24.33 trillion Korean won ($21.96 billion) and new orders target of $22.95 billion.

The Board of Directors appointed Mr. Ka Sam-hyun, COO of HHI Group Ship Sales Division, as a new inside director and appointed Yoo Kook-hyun, an attorney at a Korean legal firm Kim & Chang, as a new external director and a member of the audit committee.

“In 2014, our yearly results fell short of expectations due to mounting internal and external difficulties. This year will also likely present us with continued uncertainties including the global economic downturn, the collapse in oil prices and intensifying competition. However, with our proud 40-plus year history of overcoming numerous adversities in our mind, all HHI employees will make the utmost efforts to restore our competitiveness and lay a solid foundation for taking-off this year.” Choi Kil-seon, chairman and CEO of HHI said at the meeting.

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