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Chairwoman Hyun, jeong-eun`s New Year`s Message
2012-01-01
Dear Hyundai Group Colleagues,

Another New Year is upon us again with all its fresh challenges. I would like, at this special time, to thank all of our employees for their hard work, and the efforts everyone has made for the Group's continued success in spite of the difficult business conditions.

2011 was a very eventful year: financial crises in developed regions, such as the U.S. and Europe, edged the world into a slump; uncertainties increased due to unexpected events like the disastrous tsunami in Japan, the democratization movements in the Middle East, and the sit-down protests on Wall Street.

Despite such crises, affiliates of the Hyundai Group cemented their leading positions in their business sectors: the foundations for a general financial group were laid with the take-over of a savings bank, and we created a strong basis for sustainable growth and a stable financial structure.

Many external and internal challenges and difficulties will undoubtedly face us in the New Year. Externally, the slow down in the world economy particularly in advanced countries will continue, due to the ongoing financial crisis in Europe. In Korea, we will almost certainly have to contend with a weak domestic market brought about by high consumer prices and oil prices - and a strong Korean won.

Nevertheless, I am sure that we will be able to overcome any such difficulties by banding together in the face of adverse conditions. With strong confidence, we should devote ourselves to achieving the targets set for the New Year.

I ask you to bear several points in mind in order to ensure a successful start to 2012:

First, we should put all our energy into developing a new 'growth engine' for the future.

We should concentrate on creating a base for future expansion by developing new overseas prospects, by preparing for change in the market environment, and by strengthening cooperation amongst our affiliated companies.

Without question, the Hyundai Group has to prioritise tapping into emerging regions such as China, Brazil, India, Russia and the Middle East.

I hope that you will make the most of your expertise and talents to satisfy these particular market demands, and to develop goods and services and attractive localization strategies.

Furthermore, we should diversify our business structure as we develop new business ventures and maximise their potential.

Second, we should enhance our competitive edge by strengthening our core capabilities and quality-oriented management.

I want you to do your best to maximize the added-value of each business division by reinforcing core capabilities. This can be done by developing new products and services, by expanding 'brand power,' and by nurturing human resources and sales efforts.

I expect each affiliate of the group to seek to become international leaders - going beyond being number one at home - by being competitive despite difficulties.

Third, we have to ensure sustainable growth by building an emergency management system.

We should implement such a system to accurately predict factors such as foreign exchange rates, interest rates, prices of oil and other materials, and to constantly monitor markets to cope with uncertainties.

I ask you to focus on TCR (Total Cost Reduction) to reduce inefficiency and costs. This requires new products and services, an improvement in organization and human resources management, and effective, strategic purchasing.
Fourth, we have to thoroughly prepare for the resumption of our business in North Korea.

The Hyundai Group takes pride in its record of leading the development of the Korean economy, and in its history of promoting economic cooperation between North and South Korea, irrespective of self-interest considerations.

Although our North Korean business project is presently experiencing difficulties, it is our historic mission and destiny to work for the reconciliation and unification of Korea. Therefore, in preparation for the resumption of our North Korean ventures, we should constantly monitor the political situation on and around the Korean peninsula, and devise measures to cope with any problematic changes. We need to prepare ourselves for opportunities in the future, and to look forward to a resumption of our North Korean projects.

Fifth, let's actively and continually practice 4T, our corporate culture.

Now is the time for us to release the 'Hyundai Spirit' and realize the vision of the group on the basis of 4T. I ask you to actively implement 4T and make it much more than an empty slogan! I want you to become a world-beating driving force by constantly practicing 3S (Smart, Speed, Simple) management to overcome all obstacles.

2012 is a 'Black Dragon' year - one which comes around only every 60 years. Let's become a corporate dragon that can soar through the clouds, as in the old saying, "Biryungseungeun(??? ?)".

Whatever comes our way, I hope that Hyundai Group will fly high in 2012. Let's create a great future together.

I feel happy and strong, and approach the New Year with confidence in you all.

Last, but not least, I hope you - and every family member - will be happy and healthy throughout 2012.

Happy New Year!

Hyun Jeong-Eun
Hyundai Group Chairwoman

 
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