2023 was a year during which Hyundai Capital was able to demonstrate our resilience in a challenging environment. The year was marked by many headwinds including interest rate hikes, inflation, and deteriorating market environments which all wielded considerable impact on the world economy.

Despite ongoing challenges around the globe, Hyundai Capital has managed to surpass KRW 158 trillion in total global assets, and secured financial stability through pre-emptive risk management. In addition, 2023 was a critical time for us as we reinforced our position as the Captive Finance arm of Hyundai Motor Group, and further developed and honed business strategies built upon our vision of "Global Leader in Mobility Finance."

In the year ahead, we anticipate both risks and opportunities.
Many offer the positive forecasts that in 2024, central banks around the world will be shifting their tone from raising to lowering their interest rates. However, looming threats from real estate and credit risks are expected to be the greatest pitfalls facing the economy this year. Moreover, geopolitical events as yet unforeseen may further distress financial markets. Hyundai Capital is no exception from the impacts of these external challenges.

We need to develop new business capabilities in a speedy and structured manner.
Hyundai Motor Group, now world’s Top 3 automaker, requires our active collaboration more than ever. Hyundai Capital needs to step up to play the key role in HMG's business innovation, by providing financial services that drive the Group's newly launched CPO business as well as new car sales in Korea. In addition, in line with HMG's global expansion, we need to focus on developing our global business both in scale and quality.

In the future, we will double up on our efforts to create new profit models through innovative financial products and services. We need to safeguard our investment for the future by diversifying our business models into a variety of high-yield businesses.

Technology in financial services is currently in the midst of a profound transformation. This is not a matter of choice, but an essential element for survival among the competition. We will concentrate on developing agile and powerful digital capabilities that carry our own color.

Out of crisis emerge new and exciting opportunities. This is a natural result, as market players that fail to cope with the crisis are eliminated and players that do overcome challenges achieve great growth by seizing the chances afforded by the vacancies.

I believe this year is an opportunity to show the true strength of Hyundai Capital. To this end, I will do my very best together with all of our invaluable colleagues around the world.

I wish everyone good health and great happiness in the new year ahead.