-NEXEN TIRE holds the first general shareholder’s meeting for 12 consecutive years.
NEXEN TIRE held the 53rd general shareholders' meeting on February 14 thus keeping the amazing record
of being the first listed company to hold the general meeting among those who close the account in December. Every year since 2000, NEXEN has been the first one to hold the general meeting.
It is in line with the company policy that prioritizes transparency and can be understood as NEXEN's commitment to return the achievement back to the shareholders as early as possible.
A large number of shareholders attended the general meeting that day along with many from the media.
They were all impressed by the fact that 'NEXEN TIRE is Korea's representative company for transparent management'. Many reporters competitively sent out this news and had interviews to learn the secret.
NEXEN TIRE initiated various changes when they changed the company name to 'NEXEN TIRE' in 2000,
which can be summed up as their commitment to a good labor relations, fast growth and transparent management. Especially, holding the general meeting first year after year manifests their commitment to transparent management. It is not easy to be the first one to hold the general meeting every year among
all the listed Korean companies that close the account in December.
Holding the first general meeting for the shareholders
Of course, the preparation for the meeting is demanding. But there should also be many things to prepare to let the shareholders know that transparent management is the company's first priority. There is a special meaning in holding the first general meeting since it assures that NEXEN TIRE will move fast to disclose the performance and settle the dividends through transparent management. For 12 years, NEXEN TIRE has been giving out cash dividends. The shareholders were also very satisfied to find out that NEXEN has achieved the biggest sales.
Most of the Korean corporations hold the general meeting at the end of March but NEXEN TIRE holds it
a month earlier. Now holding the first general meeting is one of NEXEN's trademarks.
At this year's general meeting they celebrated the highest performance results since the foundation
of the company.
Even during the recession and challenging times, everyone in NEXEN worked as one and achieved the
biggest sales of 1.08 trillion KRW(£589.7million; €695.7million; US$959million), an 11.8 % increase compared with 2009.
The operating profit was 101.8 billion KRW(£55.6 million; €65.6 million; US$90 million) and
the ordinary profit was 97.3 billion KRW(£53.1 million; €62.7 million; US$86 million).
This is over five times bigger than the sales of 200 billion KRW(£109.2 million; €128.8 million; US$177 million). in 2000, which makes NEXEN the fastest growing tire manufacturer in the world. Looking at the performance of each function, we can see that NEXEN grew by 63% in the OE market and 32% in the
RE market in Korea compared to the last year. Export sales grew by 4%, also raising the performance
Along with the tremendous sales increase, NEXEN TIRE had a meaningful year of raising its value by
receiving the 500 million dollar export award, promoting the company through many advertisements
including the professional baseball team NEXEN Heroes and raising its value by stepping up two levels
in Korean Corporate Credit Rating. We should not forget the overseas dealers who also contributed
a lot to the growth. This achievement is the outcome of all employees' hard work.
The worsening financial crisis in Europe, concerns over Chinese inflation, soaring price of the raw material and many other challenges faced us last year. But the increasing sales in both domestic and export markets made it possible to achieve the biggest sales performance.
NEXEN's Vice President and CEO, Hyun Bong Lee says, "By differentiating local marketing strategy, securing the sales network and being aggressive in sports marketing, 'NEXEN' brand was greatly loved by the customers last year." And he continued to emphasize, "With the improved brand power, we will continue to grow in quality and quantity by expanding the supply for global car makers and keeping the good work in domestic and export markets."
NEXEN TIRE plans to continue to be the first one to hold the general meeting. It is also planning to provide various products that will meet the customers' needs to the market in a timely matter to respond to the market demands in a proactive way.