Hyundai 2004 Annual Report Download - page 6

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2004 2003 2002 2004
Sales 53,101 46,588 44,420 $50,872
Net Income 1,687 1,793 1,444 1,616
Total Asset 58,367 53,427 45,945 55,917
Shareholder's Equity 17,130 15,429 13,258 16,411
Earnings Per Share (Korean won, US dollars)7,399 7,909 6,356 7.09
Dividends Per Share (Korean won, US dollars)1,150 1,000 850 1.102
2004 Financial Highlights
For the years ended December 31, 2004, 2003, and 2002
Korean won
in billions
US dollars
in millions
Financial ratings agency Moody's Investors Services has upgraded
Hyundai Motor Company's senior unsecured rating from Ba1 to
Baa3, recognizing Hyundai Motor Co.'s commercial paper as
investment grade for the very first time in the Korean automaker's
37-year-long history.
Moody's expectation that Hyundai Motor Company’s and Kia's
overall earnings and credit profile will continue improving, supported
by their solid positions in the Korean automotive market and
strengthening global market positions as a result of regional
diversification has determined this rating. In line with their
management strategy to increase market share globally and meet
growing demand for their brands, HMC and Kia have been actively
investing overseas. Moody's views that this business strategy ~
which includes building a new plant in Alabama in 2005 and another
in Slovakia in 2006 ~ will lead to a further strengthening of their
overseas operations. As a result, Moody's anticipates a high level of
capital expenditures from the companies over the next three years,
but believes they will maintain investments within cash flow.
This is great news for everyone, especially our shareholders and is a
big vote of confidence for our management team. It proves our
strategies are on the right track and our goal to being recognized as
a world leader in automotive quality is justified.
Hyundai Motor Company Annual Report 2004_10
Gaining
Momentum
Hyundai's Credit Rating is Upgraded to Investment Grade