With only a few days left in 2013, the year's final executive meeting was convened.
The heads of subsidiaries with high sales entered the meeting room confidently, while those from less successful affiliates hung their heads low.
"We will begin the 2013 year-end executives' meeting. Let's start with the report from Taewoo Electronics."
Under the planning director's lead, the financial report began.
The CEO of Taewoo Electronics, reporting first, carried himself with great pride.
His posture and expression alone reflected just how well Taewoo Electronics had performed this year.
"Taewoo Electronics has recorded the highest sales for the fourth consecutive year. Sales of home appliances developed in collaboration with Apple have seen significant annual growth, maintaining the top sales position in Korea. Globally, we also narrowly secured first place."
"I understand that the revenue from royalties exceeds that of appliance sales."
"We receive royalties from Apple and several other companies. Especially for smartphone manufacturers, Taewoo Electronics' technology is indispensable."
Taewoo Electronics possessed numerous core technologies for smartphones.
They had acquired intellectual property from Japan, the U.S., and Europe, and thanks to my own knowledge, had developed original technologies as well.
Because of this, Taewoo Electronics was profitable even without manufacturing appliances.
"Currently, Taewoo Electronics is growing through partnerships. Unless it fully establishes its own brand image, it's not unlikely to be overtaken. So invest more to produce innovative products."
"We are continuously planning new products based on artificial intelligence. Our AI speaker launched by Taewoo Electronics is regarded as possessing technology at least two levels ahead of any other product worldwide."
Taewoo Electronics already had a solid system in place.
Exceptional talent kept flowing in, and it had a cash cow that could fund massive investments.
So, as long as no major mistakes were made, maintaining the current situation was guaranteed.
A firm push without arrogance would be enough to keep them on track.
"Let's wrap up Taewoo Electronics and move on to Taewoo Communications."
"Taewoo Communications firmly holds the number one market share in Korea and has actively expanded into Europe and Southeast Asia with significant investments."
Taewoo Communications had also firmly rooted itself as the top domestic company.
Especially through the AI speaker and smart TVs developed by Taewoo Electronics, it was able to secure many more subscribers.
"Taewoo Communications will soon start a new business. We are currently in talks with a U.S. satellite company, and a low-earth orbit communication network division will be added. Please prepare accordingly."
"Ah, understood!"
The CEO of Taewoo Communications looked caught off guard.
No wonder—Taewoo Communications was hardly related to satellites.
So to suddenly hear they would start a low-earth orbit communication network business using satellites was quite surprising.
Still, the Taewoo Communications CEO didn't object.
"Next, let's hear the report from Taewoo Motors."
"Sales of electric cars have been steadily increasing. Especially, the number of customers wanting the Apple Car is growing. Thanks to that, sales of internal combustion engine vehicles have also increased. We have secured the number one position in the domestic automobile industry and rose to third place globally."
The Apple Car was a huge success.
It captured customers' hearts in the unfamiliar electric vehicle market by using Apple's name.
Of course, it was only possible because Taewoo Motors' technology was outstanding, and the company had invested huge amounts for a long time in electric vehicle development to produce these results.
"If combined with GM's sales, reaching second place worldwide is possible."
"The current number two is Volkswagen. If we combine GM, Taewoo, and Kia Motors' sales, we can narrowly surpass them and climb to second place."
"If we maximize electric car sales, becoming the world's number one is definitely achievable. Don't just aim to briefly hold first place—work to firmly establish that position."
"We will run tirelessly without rest until the day we become number one in the global market!"
The automotive affiliate was also thriving.
While it was hard to call it profitable yet considering past investments in electric vehicles, they could recover all investments within two years at the latest, and by then, becoming number one worldwide would be possible.
"Next, let's hear about Taewoo Semiconductor."
Starting from Taewoo Electronics, then Taewoo Motors, semiconductors, and IT—
reports came quickly from affiliates with high sales.
So far, the meeting had been marked by satisfied smiles, but when it was time for the report from an affiliate stuck in the red, the atmosphere in the room shifted.
"This is the report for Taewoo Trading. The e-commerce platform 'Rocket' has surpassed 5 million members. Since the estimated internet shopping population in Korea is about 20 million, more than 25% of people use Rocket."
"The internet shopping population will continue to grow. In a decade, it will likely exceed 30 million. So Rocket's membership should comfortably surpass 10 million."
We started on a positive note.
Rocket, the internet shopping platform with the largest number of users in Korea, had grown its membership rapidly in a short time because it provided high-quality service—and quality service costs a lot.
"Last year's sales exceeded 1 trillion won for the first time. However, the operating loss reached 550 billion won."
"The loss is smaller than expected. We anticipated a deficit of over 600 billion won, so the fact that you defended 50 billion won is thanks to Taewoo Trading's excellent management."
"I'm sorry. We tried to minimize the losses as much as possible, but it wasn't enough."
"I think you misunderstand me. I wasn't blaming Taewoo Trading—I was praising you. For the next few years, you'll continue to face losses above 500 billion won. Sales must reach 10 trillion won before turning a profit, so don't be too impatient."
Rocket was still in its growth phase.
It was growing rapidly, investing trillions annually, and internet shopping companies were dropping out of the chicken game one after another.
At this rate, Rocket would monopolize the Korean market within three years.
If that happened, it could generate more profits than the losses it had suffered, so the deficit size was not an issue.
"We are still building new logistics warehouses and installing automation equipment in all warehouses."
"Just keep doing that. Also, your losses are too small. Next year, make aggressive investments with the mindset that you'll run a trillion-won deficit."
Would anyone get scolded for making smaller losses?
Normally I wouldn't want to scold, but for Taewoo Trading, which was too timid, drastic measures were necessary.
"But the underground resources division is running even larger losses. This year alone, it lost nearly 600 billion won."
"Losses are normal in the resource sector. But once mining starts and sales begin, losses can be quickly recovered."
"Full-scale mining is expected to begin next year. Especially, the mining infrastructure in Mongolia is nearing completion."
Currently, Taewoo Group had abundant money.
But there was a time when it expected shortages and bet on the Japanese earthquake and European fiscal crisis, needing to fill its granary.
After acquiring large groups like GM and AIG and investing tens of trillions in underground resources, the company had expended almost all its retained earnings, leaving the coffers empty.
There was not much time left to recover the massive investments.
Once the funds were recovered, Taewoo Group would no longer need to depend on other countries or companies for resource shortages.
"Start mining as soon as the infrastructure is complete."
"Mining can begin, but the problem is transportation. It's difficult unless we pass through China or Russia."
"That issue will be resolved soon, so don't worry. Taewoo Trading should focus solely on mining."
"I will personally oversee starting full-scale mining early next year."
A large amount was also invested in Mongolia.
About 20% of the underground resources division's funds were spent there.
Mongolia was crucial for us, and to fully use that market, we had to secure transportation routes through Russia and China.
"How is Taewoo Construction doing?"
"The construction market is still frozen. However, unlike other construction companies, Taewoo Construction has not lacked orders thanks to adopting a post-sale system. But the problem comes after the apartments are completed."
"Apartments, once built, will eventually sell. And any unsold units can be provided as dormitories or for employees under the Taewoo Group."
This was a time known as the apartment pre-sale crisis.
Apartments were being sold through home shopping channels, and even new methods like "live first, buy later" were introduced.
But this period just had to be endured.
Within ten years, apartment prices in Seoul were expected to more than double.
Just building apartments with Taewoo Group's funds would yield twice the profit.
They could push volume to Taewoo Construction.
Since the post-sale business would reap double the profits, there was no problem at all for Taewoo Group.
But because the future was unknown, the Taewoo Construction CEO's worries never ended.
"The use of better materials than other construction firms and the attention to noise insulation leads to much higher sale prices, which is also a problem."
"Tough times are when image management matters most. If you build a premium apartment image now, it will be a great advantage when real estate prices rise. If other apartments rise by 10%, Taewoo Group apartments will increase by 15%, so keep focusing on quality."
With the report from Taewoo Construction, the year-end meeting concluded.
The current Taewoo Group could be called a dormant dragon.
Calling the number one business group in Korea a dormant dragon may be an exaggeration,
but it could be seen as a period during which it was momentarily retracting its strength to prepare for a leap to the world's number one.
The moment it awoke and stretched,
Taewoo Group would soar to number one in the world in one bound.
***
The new year of 2014 had dawned.
As expected, Taewoo Securities was the busiest affiliate in the Taewoo Group.
The entire Financial Tower was united, working hard on a single project.
"All preparations are complete. We can move as soon as Russia makes its move."
"They'll start moving by April at the latest."
"We're monitoring information from the White House, Wall Street, and within Russia in real time through David. Still, there's speculation that if Russia does take action, it'll be after the Winter Olympics are over. ...In fact, some are skeptical that Russia will attack Crimea at all."
This operation's focus was Russia.
They had prepared their strategy for the exact moment Russia attacked Crimea, and had made plans assuming the U.S. would impose economic sanctions on Russia.
Not only Taewoo Securities, but all the financial firms within the Financial Tower had already poured in enormous investments.
But what if Russia didn't make a move?
They would be stuck paying massive interest expenses each month.
The solidarity among the Financial Tower's firms could collapse in an instant.
"Russia will definitely move. Russia isn't the type to wait around just because it's hosting the Olympics."