Samil PwC gives green light for HHI’s 3.5 trillion won management improvement plan

Hyundai Heavy Industries (HHI) was notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement plan is good enough for HHI to make operating profits and secure liquidity even in the worst case scenario, the Company said in a press release.

The announcement is the result of due diligence that had been conducted by Samil PwC for 10 weeks from May 23 this year at the request of HHI’s main creditor banks including the Export-Import Bank of Korea and KEB-Hana Bank.

According to the analysis of Samil PwC, with the faithful execution of the proposed management plan, HHI
would be able to make operating profits, secure enough liquidity and cut down considerable amount of debt
each year until 2020.

An HHI official said, “The green light from Samil PwC for our management improvement plan today will help us greatly to regain the trust of the market and financial sector.”

An official from the Export-Import Bank of Korea who attended the due diligence briefing session held today added, “We see the due diligence result today will help creditor banks of HHI to take a positive stance on RG issuance for new shipbuilding orders HHI expects to win down the road.”

Ulsan, South Korea headquartered Hyundai Heavy Industries Co., Ltd. (HHI) is the world's largest shipbuilding company and offshore facilities manufacturer. The group has seven business divisions and affiliated companies specializing in shipbuilding, offshore and engineering, industrial plant and engineering, engine and machinery, electro and electric systems, construction equipment, and green energy.