Dear honorable shareholders,
The fiscal year 2010, our 12th year in business, saw its share of extreme economic volatility, triggered by the European debt crisis and Japan’s earthquake before the global economy fully recovers from the financial crisis. There was also a rise in geopolitical risks on the Korean Peninsula, caused by the Cheonan sinking and Yeonpyeong shelling, leading to extreme uncertainty in the management environment.
Notwithstanding such domestic and overseas economic instability, Mirae Asset Securities recorded operating revenue of KRW 1,423.8 billion, operating profit of KRW 182.1 billion, and net income of KRW 142.1 billion for FY2010.
In 2011, our 13th year in business, we aim to achieve more by giving further impetus to future growth businesses and wealth management business focusing on the VIP.
Mirae Asset Securities has been making bold investments in future growth businesses, such as retirement pensions and overseas businesses, with a long-term perspective. We expect that such efforts will lead to tangible results in 2011, thus adding more strength to the company’s growth. The company’s retirement pension business, with reserves exceeding KRW 1 trillion at the end of last year, has fully entered a path of growth, and the company has achieved successful deals and implemented cutting edge technology in it’s overseas business. Examples include the work carried out to list Vinaincon, a government-run firm, on the stock market in Vietnam; the high popularity enjoyed by Mirae Asset Securities’ WTS (Web Trading System) in Brazil’s retail market; and the enhancement of equity sales in overseas subsidiaries.
We also expect our existing business sectors to achieve stable growth, including wealth management, brokerage, trading, and IB business. Innovative new products recently released by Mirae Asset Securities are garnering considerable attention in the market. They include the annuity type Brazilian government bond trust, monthly coupon payment ELS, overseas stock wrap, global CTA fund, and smartphone trading application (M-stock). We have also doubled our competitiveness in the VIP wealth management business as both our number and AUM of VIP clients have quickly increased, resulting in a stronger customer base.
As a member of the United Nations Global Compact, Mirae Asset Securities has also been actively supporting the UN’s Millennium Development Goals and Global Compact. To reduce the carbon footprint as a financial institute, the company signed the Carbon Disclosure Project (CDP) and is actively supporting various global sustainability initiatives as well as the Korean government’s green growth policy. Corporate-wide efforts are being made to fulfill the company’s responsibilities towards the environment, society, and corporate governance.
Such changes are the results of Mirae Asset Securities’ efforts to pursue continuous innovation and to build a distinctive global network.
Refusing to become content with small successes, Mirae Asset Securities will lead the domestic capital market through continuous innovation and make increased efforts to compete with top tier global investment banks.
I sincerely thank all our customers and shareholders for the unwavering trust and affection, and hope to see you stand by the side of Mirae Asset Securities as it grows into the No. 1 financial investment company in Asia as well as Korea.
Thank you.
May 27, 2011
Hyun-man Choi
Vice-Chairman
Mirae Asset Securities
