The accounting manager continued her presentation further.
"Now, I will go into more details on the product cost."
At that moment, President Jang-Hwan Song chipped in.
"Let's go over one thing before we move on to the next item."
Everyone looked at President Jang-Hwan Song's face.
"The paid-in capital of our company is 2.5 billion won. In order to pay the company's urgent and bad debt, President Gun-Ho Goo lent 3 billion won of his personal fund to the company. We are supposed to pay this amount of 3 billion won back to President Goo once we generate enough revenue. However, President Goo decided to capitalize on this 3 billion won. So, now our company has 5 billion won capital."
Silence filled the air. No one could hear even a slight cough.
"Also, President Goo decided not to take his dividend of 2.4 billion won this year but asked us to use the fund to pay for the company's debt. Therefore, we are anticipating seeing a lower debt ratio and fewer business expenses other than operating costs. We will all have to thank Mr. President Goo for his decision."
Once President Song finished the announcement, the accounting manager continued her presentation.
"So, our product cost is…"
President Song again chipped in.
"Ms. Accounting Manager, please give us big numbers only. You don't have to tell us every single one of the numbers that you see in the product cost."
"Yes, sir."
It still took a long time for the accounting manager to give the complete end-year report even though she left out small details.
Manager Chang-Hwan Seo from the sales team then started his presentation on the business plan for the coming year.
"The sales volume has steadily increased for our new product— AM083 Assembly — including S Group's product orders. The estimated profit for the upcoming year will be 12% higher than this year, and we set our sales goal to 91.4 billion won. We have also tried to lower our product costs… Therefore, we are aiming at 5 billion won as our net profit next year."
Once Manager Seo's presentation ended, the internal auditor added, "From the year after next year, our debt ratio will be significantly reduced, and I expect it to be about the industrial average debt ratio."
When all the presentations were done, Gun-Ho made a final comment for the meeting.
"Thank you for your hard work. I feel highly relieved as I see the company steadily growing with your great effort. Our sales goal next year is set to 91.4 billion won, and with your motivation and gusto, I have no doubt that we will achieve that goal.
In order for us to successfully register our company with KOSDAQ, our debt ratio must be 1.5 times lower than the industrial average debt ratio. We all want our company to go public, so we gain the public's trust, and also we will feel more proud of being a part of this community. You can expect to see more benefits that the company offers to our employees as well. Let's keep up the good work and do our best in our position. Each of you is an important asset to our company. Thank you all for being here today."
Everyone in the meeting room stood up and clapped.
That day, the company cafeteria prepared a special lunch for the employees. They added chicken and a variety of fruits to the menu. The workers assumed that the special menu was provided per President Goo's order as it was the day they announced the business plan of the upcoming year.
"I heard President Goo is very sensitive with numbers since he used to work in the accounting field before. He gets really mad if someone gives him an inaccurate number."
"The executive officers must be very nervous around him when they have to talk about numbers then."
Gun-Ho had lunch at the company cafeteria that day with the executive officers.
When Gun-Ho came back to his office after lunch, the secretary — Ms. Hee-Jeong Park brought a cup of coffee for him as she always had done. While he was enjoying his afternoon coffee, Gun-Ho received a call from Artist Choi.
"This is Artist Choi. I hope I picked the right time to call you. I thought you might not be very busy after lunchtime."
"Hi, how have you been?"
"I'm fine. I heard you and Young-Eun met several times. Why don't you propose to her? Since it's December now, I think March next year will be a perfect month for you to marry her."
Chapter end
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