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					                                                                                                                                                                                                            www.hyundaielevator.co.kr
                                                                                                                                                                                                            Annual Report
                                                                                                                                                                                                                       2003
                                                                                                                                      HEAD OFFICE & FACTORY
        HYUNDAI ELEVATOR CO., LTD.                                                                                                    San 136-1, Ami- ri, Bubal-eup, Ichon-shi, Kyonggi-do 467-734, Korea
                                                                                                                                      Tel : 82-31-644-5160 Fax: 82-2-745-4227
                                                                                                                                      Homesite : http://www.hyundaielevator.co.kr
                                                                                                                                      E-mail : e-biz@hyundaielevator.co.kr
                                                                                                                                      SEOUL OFFICE(INT’L SALES DIV.)
                                                                                                                                      1-83 Dongsoong-dong, Jongro-ku, Seoul 110-510, Korea
                                                                                                                                      Tel: 82-2-3670-0659 Fax : 82-2-3672-8763~4



ßè   HYUNDAI ELEVATOR INTERNATIONAL SALES & SERVICE NETWORK
U.S.A.                                                                  PAKISTAN                                                         ITALY
Hyundai Elevator Co., Ltd.                                              Islamabad Industrial & Trading Corp.                             Paravia Elevators Service Srl
L.A Office                                                              304 Amber Estate Shahra-e-faisal, Karachi - 75350, Pakistan      Via San Leonardo 120
879W. 190th St. Suite 580 Gardena, CA 90248 U.S.A.                      Tel: 92-21-452-3237~8 Fax: 92-21-454-7405                        84131 Salerno, Italy
Tel: 1-310-538-4770 Fax: 1-310-538-4745                                                                                                  Tel: 39-08-933-2594 Fax: 39-08-933-4031
                                                                        EGYPT
JAPAN                                                                   International Eng. & Trade                                       CHINA
Hyundai Elevator Co., Ltd.                                              10 El Hakam St., Helmeyt Ei Zayton Cairo, Egypt                  ¶UChina Operation Head Office
11F, Yamato Life Bldg. 1-1-7, Uchisaiwai-cho,                           Tel: 20-2-241-8542 Fax: 20-2-249-2672                              Hyundai Elevator Co., Ltd.
Chiyoda-ku, Tokyo, 100-0011, Japan
                                                                        U.A.E.                                                             27F, Jinxuan Bldg., No.238 Nandan RD.(East),
Tel: 81-3-3519-6125 Fax: 81-3-3519-6126
                                                                        Arabian Elevators & Engineering Co.,Ltd.                           Shanghai, China, 200030
PHILIPPINES                                                             P.O.Box : 26031, Sharjah, U.A.E.                                   Tel: 86-21-6427-9755/6616 Fax: 86-21-6427-4428
Hyco Industrial Sales Corp.                                             Tel: 971-6-561-4533 Fax: 971-6-561-5532                          ¶UBeijing Office
#81 Kapiligan St., Cor. Bayani, Dona lmelda, Quezon City, Philippines                                                                      Hyundai Elevator Co., Ltd.
Tel: 63-2-716-0905 Fax: 63-2-714-8896                                   KUWAIT                                                             Beijing Office
                                                                        Deal General Trading & Contracting Co.                             Golden Land Bldg. Rm506 32 Liang Ma Bridge Road,
INDONESIA                                                               P. O. Box 27956 Safat, 13140 Kuwait
PT. Superhelindo Jaya                                                                                                                      Beijing, China
                                                                        Tel: 965-245-7925 Fax: 965-242-3510                                Tel: 86-10-6464-3483/3485 Fax: 86-10-6464-3394
JL. K. H. Moch. Mansyur No. 19B Jembatan Lima,
Jakarta 10140, Indonesia                                                JORDAN                                                        ¶R
                                                                                                                                       Shenyang Hyundai Elevator Co., Ltd.
Tel: 62-21-631-8444 Fax: 62-21-632-6288                                 Bseiso Engineering Materials Corp.                                 No. 43 Shenda Road, Yuhong District,
                                                                        P. O. Box 830681                                                   Shenyang, China, 110 141
THAILAND                                                                Amman 11183, Jordan
Loxley Public Co., Ltd.                                                                                                                    Tel: 86-24-2530-0108 Fax: 86-24-2583-2321
                                                                        Tel: 962-656-99012 Fax: 962-656-99014
102 Na Ranong Rd, Klongtoey, Bangkok 10110, Thailand                                                                                  ¶R
                                                                                                                                       Shanghai Hyundai Elevator Manufacturing Co., Ltd.
Tel: 66-2-348-8000 Fax: 66-2-240-3127~8                                 IRAN
                                                                        Mehfakhr                                                         ¶U
                                                                                                                                          Head Office(Factory)
BANGLADESH                                                              Flat No. 84 8th Flr.                                               Xiao Zheng Town, Qingpu County, Shanghai, China
Regional Traders Ltd.                                                   No. 23 Corner of 13th St.                                          Tel: 86-21-5981-1878/3294/3295/1573 Fax: 86-21-5981-1563
Karim chamber(3rd Floor) 99,                                            Asadabadi Ave. Tehran Iran                                       ¶UShanghai Office
Motijheel Commercial Area Dhaka-1000, Bangladesh                        Tel: 98-21-872-6082 Fax: 98-21-855-3741                            27F, Jinxuan Bldg., No.238 Nandan Rd(East),
Tel: 880-2-956-3122 Fax: 880-2-956-7377                                                                                                    Shanghai, China, 200030
                                                                        SPAIN                                                              Tel: 86-21-6438-9755/6616 Fax: 86-21-6427-4428
INDIA                                                                   Inelsa
Kinetic Escalator & Elevator Ltd.                                       C/Dr. Horno Alcorta No 9
D1 Block, Plot No.18/1, Chinchwad, Pune 411 019, India                  Cp 50004. Zaragoza. Spain
Tel: 91-20-2747-0566 Fax: 91-20-2747-0568                               Tel: 34-976-30-2525 Fax: 34-976-30-2526
HYUNDAI ANNUAL REPORT
2003
                                                                          Financial Highlights




                                                                                                                                            Total Sales    In Billions of won          Operating Income In Billions of won


                                                                                                                                                                     358                                        43.8
                                                                                                                                                                                                      40.4
                                                                                                                                                          311
                                                                                                                                                                                              27.1
                                                                                                                                              275




                                                                                                                                              ’01         ’02        ’03                    ’01        ’02       ’03


Elegant Design & Advanced Technology
                                                                                                                                      2003                                                     2002
                                                                                                                            Thousand of                                             Thousand of
The Hyundai Elevator Company was established in 1984.                                                                                               U.S. Dollars                                           U.S. Dollars
                                                                                                                            Korean Won                                              Korean Won
However, its short history must not be taken lightly. Today, Hyundai
Elevator provides a full line of moving systems meticulous in detail,          Sales                                     £ 358,168,257          £⁄300,552,368                   £   311,415,432       £⁄   259,426,385
bringing together some of the most adva n ced te c h n o logy and
progressive designs in the industry.                                           Operating Income                              43,835,313              36,783,849                      40,422,351              33,674,068


By working in close cooperation with international partners and                Net Income                                    28,346,514              23,786,618                 ¡ 35,882,030           ¡ 29,891,727
developing in-house technology, Hyundai Elevator has become a major
                                                                              Total Assets                                  409,357,074             343,506,817                     267,627,587            222,948,673
supplier of elegant passenger elevators and escalators in Korea as well
as in Southeast Asia, the U.S.A., Japan and Europe.
                                                                              Stockholders’ Equity                          282,054,625             236,682,576                     117,547,614              97,923,704
In order to meet the rise in demand, the production capacity has been
increased to handle 7,000 elevators and 1,000 escalators per annum.
Other major products include machine-room-less elevators, marine               Earnings Per Share                                      42                         35                      ¡     54                 ¡   45
                                                                               Dividend Per Share
elevators, and a variety of multi-level parking and material handling
                                                                                1) Principal Shareholders : £ 250
systems.                                                                        2) Minorities : £ 1,500

Hyundai Elevator continues its every effort to develop the most           Note : Amounts in Korean won have been translated into U.S. dollars, solely for the reader’s convenience. The exchange rates
advanced and comprehensive moving systems in the world.                   used for conversion were £ 1,1917 and £ 1,2004 per U.S. dollar in 2003 and 2002 respectively, which were the average
                                                                          exchange rates of the Bank of Korea on those years.




2 HYUNDAI ANNUAL REPORT 2003                                                                                                                                                             HYUNDAI ANNUAL REPORT 2003 3
           Message from the President



                                        Dear Shareholders:

                                        We appreciate your sincere interest in our Company and we are very
                                                                                                                   We will put great emphasis on developing corporate strength to proactively cope with any changes
                                        glad to explain our last year's performance and the operational plan for
                                                                                                                   in external environment. We will build strong marketing network and renovate service system. We
                                        this year.
                                                                                                                   are confident that the company will be reborn as one of leading players in the elevator industry.

                                        As you may well be aware of it, last year we witnessed lots of domestic
                                                                                                                   Though the prospect of economic situation does not seem very good, with the effort I mentioned
                                        and international events which had adverse impacts on the operation of
                                                                                                                   above, we will set the targeted revenue for 2004 at £ 400,000,000,000, a 12% increase from that of
            our Company. Iraqi War, galloping oil prices, SARS, North Korean nuclear standoff and the stagnant
                                                                                                                   last year. We will put our priority on healthy and sound operation of the Company. We will do our
            domestic demand caused by alarming increase of overdue loans which created instability in the
                                                                                                                   best to maximize the corporate value through enhanced corporate transparency, investment from
            financial market. All these events made economic situation so difficult that someone even said the
                                                                                                                   foreign capitals, increased R & D activities, renovation in corporate ownership and diversification to
            situation was worse than that of financial crisis of 1997.
                                                                                                                   profitable businesses.

            But the directors and staffs of the Company stood strong and accomplished the best performance in
                                                                                                                   This year is the 20th year since the Company was incorporated. So it is a crucial period as the
            the Company's history through increased productivity, cost reduction from continuous
                                                                                                                   Company has to take its full responsibility as a mature and independent identity. Company staff will
            improvement, and increased R & D activities. Annual revenue amounted to £ 358,200,000,000 and
                                                                                                                   do their best to make this year an important threshold for our Company to enter into a new era. We
            net income recorded £ 23,800,000,000. Company's financial status has become far healthier as its
                                                                                                                   hope this year would be a significant one during which the Company would grow to one of the most
            liability ratio remained as low as 45% while stockholder's equity ratio was no less than 69%. In
                                                                                                                   admired companies which enjoy the confidence from shareholders and people alike.
            addition to the 28% capital stock increase without consideration made as of end of last year,
            considerable cash dividends (dividend ratio: principal shareholders: 5%, minorities: 30%) were
                                                                                                                   Thank you.
            distributed upon approval from general meeting of shareholders.


            We are facing prolonged slump in construction industry as the result of various new regulations on
            real estate created by the government at the end of last year. The events of the unprecedented
            presidential impeachment will also affect the turnaround of the construction business. Besides, the
            competition is becoming intense as big players such Otis, Schindler, Mitsubishi and Thyssen have
            entered the Korean market.


            But we are regarding this as more of an opportunity. We will meet the challenge proactively through
            cost saving and increased profitability from continuous improvement based on stable labor relation,    Y. M. Choi
            which has not witnessed any major labor disputes during the last 15 years.                             President & Representative Director




4 HYUNDAI ANNUAL REPORT 2003                                                                                                                                                                            HYUNDAI ANNUAL REPORT 2003 5
        Independent Auditor’s Report                                                                                   Statements of Income


                                                                                                                                                                                                      (Years ended December 31, 2003 and 2002)


        To the Stockholders and Board of Directors of                                                                         Description                                   2003                                     2002
        Hyundai Elevator Co., Ltd.                                                                                                                               Thousand of
                                                                                                                                                                                    U.S. Dollars
                                                                                                                                                                                                         Thousand of
                                                                                                                                                                                                                               U.S. Dollars
                                                                                                                                                                 Korean Won                              Korean Won
        We have audited the accompanying balance sheet of Hyundai Elevator Co., Ltd. (“the Company”) as of
        December 31, 2003 and December 31, 2002 and the related statements of income, statements of                    1. Sales                                 £ 358,168,257     £⁄300,552,368        £ 311,415,432         £⁄259,426,385
        appropriations of retained earnings, and cash flows for the year then ended, all expressed in Korean
                                                                                                                       2. Cost of sales                           287,668,491       241,393,381           246,184,675          205,085,534
        won. These financial statements are the responsibility of the Company’s management. Our
        responsibility is to express an opinion on these financial statements based on our audit.
                                                                                                                       3. Gross profit                             70,499,766        59,158,987            65,230,757           54,340,851

        We conducted our audit in accordance with auditing standards generally accepted in the Republic of             4. Selling and general                      26,664,453        22,375,138            24,808,406           20,666,783
        Korea. Those standards require that we plan and perform the audit to obtain reasonable assurance
        about whether the financial statements are free of material misstatements. An audit includes                     administrative expenses
        examining, on a test basis, evidence supporting the amounts and disclosures in the financial
        statements. An audit also includes assessing the accounting principles used and significant estimates          5. Operating income                         43,835,313        36,783,849            40,422,351           33,674,068
        made by management, as well as evaluating the overall financial statements presentation. We believe
        that our audit provides a reasonable basis for our opinion.                                                    6. Non-operating income                      3,970,829          3,332,071             4,118,179            3,430,672


        In our opinion, the financial statements referred to above present fairly, in all material respects, the       7. Non-operating losses                      8,332,862          6,992,417           95,078,686           79,205,836
        financial positions of Hyundai Elevator Co., Ltd. as of December 31, 2003 and December 31, 2002 and the
                                                                                                                       8. Ordinary income                          39,473,280         33,123,503         ¡ 50,538,156         ¡ 42,101,096
        results of its operations, statements of appropriations of retained earnings and cash flows for the year
        then ended in conformity with accounting principles generally accepted in the Republic of Korea.
                                                                                                                       9. Extraordinary income                         -                  -                    -                    -

                                                                                                                      10. Extraordinary losses                         -                  -                    -                    -

                                                                                                                      11. Income before income taxes               39,473,280        33,123,503          ¡ 50,538,156         ¡ 42,101,096
        Anjin Deloitte LLC
        A Member Firm of Anderson Worldwide SC                                                                        12. Income tax expenses                      11,126,766          9,336,885         ¡ 14,656,126         ¡ 12,209,369
        #23-5, Yoido-dong, Youngdeungpo-ku,
        Seoul 150-717, Korea
                                                                                                                      13. Net income                             £ 28,346,514      £⁄23,786,618       £ ¡ 35,882,030        £⁄¡ 29,891,727


        Seung-woo, Yang                                                                                            Note : Amounts in Korean won have been translated into U.S. dollars, solely for the reader’s convenience. The exchange
        Country Managing Partner & Certified Public Accountant                                                     rates used for conversion were £ 1,1917 and £ 1,2004 per U.S. dollar in 2003 and 2002 respectively, which were the
                                                                                                                   average exchange rates of the Bank of Korea on those years.
        Feb. 6, 2004




6 HYUNDAI ANNUAL REPORT 2003                                                                                                                                                                                       HYUNDAI ANNUAL REPORT 2003 7
                                                                                                                  Statements of Appropriations of
        Balance Sheets                                                                                            Retained Earnings

                                                                                (December 31, 2003 and 2002)                                                                             (Years ended December 31, 2003 and 2002)


               Description                      2003                              2002                                      Description                              2003                               2002
                                        Thousand of                     Thousand of                                                                         Thousand of                     Thousand of
                                                        U.S. Dollars                      U.S. Dollars                                                                    U.S. Dollars                           U.S. Dollars
                                        Korean Won                      Korean Won                                                                          Korean Won                      Korean Won

    Assets                                                                                                     ¥ . Retained earnings
                                                                                                                  before appropriations
    ¥ . Current assets                                                                                           1. Unappropriated retained earnings          £ 702,790     £⁄589,737          £ 843,169            £⁄02,407
                                                                                                                                                                                                                     7
       1. Quick assets                 £ 148,007,162   £⁄124,198,340   £ 122,610,163    £⁄02,141,089
                                                                                         1                          carried over from prior years
                                          10,344,568       8,680,512       8,318,896        6,930,103            2. Net income                               28,346,514     23,786,619     ¡ 35,882,030         ¡ 29,891,727
       2. Inventories
                                                                                                                    (Sub total)                              29,049,304     24,376,356     ¡ 35,038,861         ¡ 29,189,320
          (Total current assets)         158,351,730     132,878,852     130,929,059      109,071,192
    ¥–. Non-current assets                                                                                     ¥– . Transfers from voluntary
       1. Investments                    200,031,822     167,854,177      85,022,766       70,828,695             reserves
       2. Tangible assets                 50,940,084      42,745,729      51,632,471       43,012,722            1. Other statutory reserves                      -              -              4,264,430           3,552,508
       3. Intangible assets                   33,438          28,059          43,291           36,064            2. Reserve for technical development         2,638,988      2,214,474          4,033,888           3,360,454
          (Total non-current assets)     251,005,344     210,627,965     136,698,528      113,877,481            3. Reserve for loss from export                 23,333         19,580            186,667             155,504
                                                                                                                 4. Reserve for loss from overseas                -              -                256,666             213,817
                                         409,357,074     343,506,817     267,627,587      222,948,673               investments
    Total Assets                                                                                                                                                                 -
                                                                                                                 5. Reserve for business expansion                -                           27,000,000           22,492,502
                                                                                                                    (Sub total)                               2,662,321      2,234,054        35,741,651           29,774,785
    Liabilities
                                                                                                                 Total                                       31,711,625     26,610,410            702,790              585,463
    ¥ . Current liabilities              108,963,991      91,435,756     107,493,845       89,548,355
                                                                                                                .
                                                                                                               ¥†Appropriations of retained
    ¥–. Long-term liabilities             18,338,458      15,388,485      42,586,128       35,476,614             earnings
        (Total liabilities)              127,302,449     106,824,241     150,079,973      125,024,969                                                                          260,133
                                                                                                                 1. Legal reserve                               310,000                             -                   -
                                                                                                                 2. Dividends                                 3,089,828      2,592,790              -                   -
    Stockholders’ equity                                                                                            Cash dividend -
                                                                                                                    Dividend ratio(2003)5% - Principal
    ¥ . Capital stock                     35,662,565      29,925,791      28,056,355       23,372,505                                        shareholders
                                          70,006,057      58,744,699      75,459,817       62,862,227               Dividend ratio(2003)30% - minorities
    ¥–. Capital surplus
                                                                                                                 3. Reserve for technical development         5,000,000      4,195,687              -                   -
      .
    ¥†Retained earnings                   68,239,304      57,262,151      39,892,790       33,232,914
                                                                                                                 4. Reserve for business expansion           22,500,000     18,880,591              -                   -
      .
    ¥‡Capital adjustment                 108,146,699      90,749,935    ¡ 25,861,348     ¡ 21,543,942
        (Total stockholders’ equity)     282,054,625     236,682,576     117,547,614       97,923,704            Total                                       30,899,828     25,929,201

    Total liabilities &                £ 409,357,074   £⁄343,506,817   £ 267,627,587    £⁄222,948,673          ¥‡Unappropriated retained earnings
                                                                                                                 .                                            £ 811,797     £⁄681,209          £ 702,790            £⁄585,463
    stockholders’ equity                                                                                           to be carried over forward
                                                                                                                   to subsequent year




8 HYUNDAI ANNUAL REPORT 2003                                                                                                                                                                        HYUNDAI ANNUAL REPORT 2003 9
          Organization                                                                                                       Company Profile


     General Meeting of Shareholders
                                                                                                                      A. Main Products
       Board of Directors                                                                                             Elevators
                                                                                                                      Escalators
                                                                                                                      Moving Walks
            Chairman ¡                                                                                                Material Handling Systems
                                                                                                                      Auto Parking Systems
               C.E.O. ¡                                                                                               Platform Screen Doors


                                         Domestic Sales Dept. ¥                                                       B. Capital Structure
                                         Domestic Sales Dept. ¥–                                                                                                                                                                  Hyundai Elevator Ichon Factory
                                         Pusan Office                                                                 Authorized Capital : Won 100,000,000,000
                                         Taegu Office
                                                                                                                      Paid-in Capital : Won 35,662,565,000
                                         Kwangju Office
                       Executive
                                         Taejun Office
                    Vice President
                                         Junju Office                                                                 C. Brief Company History
                                         Ulsan Office
                                         Kangwon Office                                                               May 1984 Hyundai Elevator Co., Ltd. established. Technical License Agreement signed by Hyundai and Westinghouse to manufacture
                                         Inchon Office
                                                                                                                                    various kinds of elevators and escalators.
                                         Cheju Office
                                         Machang Office                                                               Sep     1989 Termination of joint venture with Westinghouse
                                                                                                                      Dec     1991 Certificated ISO 9001 certification from DNV
                                         Installation Dept.                                                           Aug     1993 Established joint venture in Shanghai, China
                                         Customer Service Dept.                                                       Nov     1995 Established joint venture in Shenyang, China
                                         Financial Dept.                                                              Jul     1996 Listed on the Korea Stock Exchange
                      Executive          Accounting Dept.                                                             Dec     1996 Certificated After Service Certification from the Ministry of Trade and Commerce
                   Vice President ¡      Purchasing Dept.
                                                                                                                      Apr     1997 Certificated ISO 14001 environmental certification from DNV
                          (C.F.O)        Management Coordination Dept.
                                         Internal Auditing Team                                                       Mar     1998 Certificated ISO 9001 and ISO 14001 certification from DNV for the Auto Parking Systems and Material Handling Systems.
                                         Public Relations Team                                                        Aug     1999 Certificated CE Mark from DNV
                                                                                                                      Oct     1999 Signed a contract for a technology alliance with Japan’s Nabco for PSD(Platform Screen Doors)
                       Executive         R & D Center                                                                 May     2001 Signed a contract for installation and maintenance alliance in Japan with Nihon Shokouki Co.,Ltd. for marine elevators.
                    Vice President       Design Engineering Dept.                                                     Jul     2001 Certificated CE mark for elevators from DNV
                                                                                         Shanghai
                                                                                                                      Sep     2003 Certificated Korea Productivity Award from Korea Productivity Center
                                                                                         Shenyang
                                                                                         Philippines

                  Managing Director      Overseas Sales Dept.                                                         D. Corporate Information
                                         Material Handling System Dept.                  China (Beijing,Shenzhen)
                                                                                         U.S.A.                       1.   Date of Establishment : May 23, 1984
                                                                                         Japan                        2.   Head Office : San 136-1, Ami-ri, Bubal-eup, lchon-shi, Kyunggi-do 467-734, Korea
                                                                                         U.A.E.                       3.   TEL : 82-2-3670-0660
                                         Quality & Environment Dept.                                                  4.   Fiscal Year End : December 31st.
                        Director         Production Dept.                                                             5.   Number of Employees : 1,144
                                         Production Management Dept.                                                  6.   The Total Number of Outstanding Capital Stocks
                                                                                                                           Par value : £ 5,000
                                                                                                                           Authorized Number of Shares : 7,132,513 shares
                                                                          Notes 1. C.E.O. (Chief Executive Officer)   7. Total Assets ; £ 409,357,074 (In thousands) , U.S. £⁄341,757,450
                                                                                2. C.F.O. (Chief Finance Officer)
                                                                                3. ¡ means Member of the Board
                                       Auditor’s committee




10 HYUNDAI ANNUAL REPORT 2003                                                                                                                                                                                                     HYUNDAI ANNUAL REPORT 2003 11

				
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