Headlines for February 2017
1. [Hanwha Group] Held a New Year ceremony for 2017
Hanwha Group held a 2017 New Year ceremony with Chairman Seung Young Kim on January 2nd, which was the first working day of the year. In his 2017 New Year’s message, Chairman Kim said that 2017 marks the start of “Quantum Jump”, and he emphasized that this is the time to remain committed to the dream of making Hanwha a global leader.
The chairman, vice chairmen, CEOs, and executive members attended the 2017 New Year ceremony and they committed to the new beginning with a strong pledge to make Hanwha a global leader.
Through his 2017 New Year’s message, Chairman Kim emphasized that Hanwha members must bolster the intensity of their innovation to ensure not only stability for today but growth for tomorrow in this climate with the market challenges we face.
“The winds of change, portending a new era and a new order are blowing aggressively across the world. The speed and power with which it will fundamentally change mankind in this climate of chaotic upheavals are nothing short of revolutionary. And with anticipation, we must ready ourselves with new thoughts, perspectives, and leadership suited for this new era.”
He also said that all employees have to redefine social roles and responsibilities to meet the demands of the new times while achieving not only economic success but also recognition in all other areas during this process.
Moreover, the chairman asked Hanwha members to devote their energy to upgrade business systems and secure new opportunities for growth by strengthening their core capabilities as they prepare for the rise of the world’s 4th industrial revolution. He demanded the elimination of outdated systems and suboptimal practices in order to help transform the company into a better Hanwha.
“We must reinforce the fundamentals and principles of corporate management that is aligned with the spirit of the new times. Outdated systems and suboptimal practices must be eliminated, and replaced with improved standards that can better drive Hanwha Group’s transformation.”
In addition, he pointed out that Hanwha members must adopt risk management that does not deflect from their goals even during the worst possible crisis. And he encouraged all of Hanwha employees to ensure unshakable financial stability and advance organizational resilience and core competitiveness.
“My dear Hanwha family, it is said that birds build their nests on a day when the wind blows the fiercest. Perhaps, they toil under such harsh conditions to build a house to make sure it will withstand even strongest gust of wind. We, too, must strengthen our company amidst the relentless gales of change that is gales of change that is blowing against us.”
Lastly, he asked all members to start the change with themselves and even shape the winds of change around them for the dream of making Hanwha a global leader and to begin this new year full of Hanwha’s energy and youthful passion.
After the New Year ceremony, each affiliate held a ceremony to kick off the New Year. Employees of Hanwha’s defense affiliates, Hanwha Corporation, Hanwha Techwin, Hanwha Systems, and Hanwha Defense, started their first working day in 2017 by visiting the Seoul National Cemetery.
About 130 employees, including Lee Tae-jong, CEO of Hanwha Corporation, Shin Hyun-woo, CEO of Hanwha Techwin and Hanwha Defense, Chang Si-kwon, CEO of Hanwha Systems paid their respects at the National Cemetery. And they showed their will to serve the country with the business by representing companies for the Korean defense industry in 2017.
2. [Hanwha Group] Participated in the World Economic Forum held in Davos, Swintzerland from January 17th to 20th
The World Economic Forum, which is also known as the Davos Forum, was held in Davos, Switzerland for four days from January 17th with the theme, “Responsive and Responsible Leadership.” Hanwha also participated in the forum again this year. Hanwha officials who attended the forum met with about 200 global leaders and strengthened Hanwha’s competitiveness for global core businesses in the future.
At the 2017 Davos Forum, Hanwha officials exchanged ideas with global economic leaders to institute responsive and responsible leadership so that they can better deal with the world’s 4th industrial revolution and neoisolationism.
Kim Dong-kwan, Managing Director of Hanwha Group Management and Planning H.Q. , Kim Dong-won, Head of Fintech & Innovation Center of Hanwha Life Insurance, Cha Nam-gyu, CEO of Hanwha Life Insurance, Shin Hyun-woo, CEO of Hanwha Techwin, Kim Hee-cheol, CEO of Hanwha Total, Kim Yong-hyun, CEO of Hanwha Asset Management attended the forum.
Hanwha set up an office space and named it “Hanwha Office.” It was located within a three minute walking distance from the main event center. The space was mainly used for hosting meetings with global leaders. They installed a sign board for Hanwha brands on the exterior wall of the office building where visitors coming to the Congress Centre could easily see it. The sign board helped introduce the Hanwha name as a global brand. There were five meeting rooms and a control room in the Hanwha Office. These meeting rooms were used as a place for network exchanges.
Kim Dong-kwan has been visiting the Davos Forum for eight consecutive years. This year, he focused on finding an appropriate direction for the company in preparation for the changes coming from the era of the world’s 4th industrial revolution along with the theme of this year’s Davos Forum, Responsive and Responsible Leadership.
Mr. Kim met with Lorenzo Simonelli, CEO of GE Oil & Gas, which is a global company in energy equipment. They shared their views on the future of the energy equipment industry. They also discussed ways to increase business cooperation between the two companies.
He also met with Matthias Zachert, Chairman of Lanxess, which is one of top five chemical companies in Germany. They discussed their common interests, such as lightweight composite materials for automobiles, and the future of the global chemical business in a low-growth situation.
Mr. Kim not only positioned himself as a global entrepreneur through networking with global leaders but also discovered future growth engines and made a forecast for global business at the Davos Forum.
On January 20th, which was the last day of the forum, he participated in a panel session called Energy Game Changer, which was held at Davos Congress Centre. He emphasized how Hanwha Q CELLS, one of the world’s number one solar companies, became one of the most innovative companies as he presented a case that showed the company’s efforts to double their competitiveness and innovation through an internal innovation and cooperation with partners.
Kim Dong-won, Head of Fintech & Innovation Center of HLI attended this year’s forum for the second time. He focused on finding information about fintech and the new order in financial markets. He discussed future growth engines in Asia with young entrepreneurs. He also met with Truong Gia Binh, Chairman of FPT, which is the number one software company in Vietnam. They discussed the possibility of participating in the development of customer support software for HLI Vietnam. They also exchanged information about start-up business areas in Vietnam.
Cha Nam-gyu, CEO of HLI has attended the forum for five consecutive years, and he focused on finding global finance business strategies. With Kim Yong-hyun, CEO of Hanwha Asset Management, CEO Cha met with Roger Crandall, Chairman of Massachusetts Mutual Life which is the parent company of Barings. They talked about how revenue increased in the life insurance market over the last nine years until 2015, and differentiated marketing strategies for bancasurance products offered by life insurance companies, brokers, and direct marketing. The CEOs also met with David Rubenstein, a co-founder of The Carlyle Group, the world’s largest investment company, and James Coulter, a co-founder of TPG Capital. They discussed the global economy, the forecast of private equity fund markets, promising investment areas, and investment strategies.
Shin Hyun-woo, CEO of Hanwha Techwin, figured out the Mega Trend during his first attendance at Davos Forum. He tried to establish a foundation of cooperation with global companies. Kim Hee-cheol, CEO of Hanwha Total, focused on figuring out global trends in the energy industry by attending various sessions with topics such as a carbon market, climate crisis, and forecasts of global energy.
Meanwhile, Hanwha Q CELLS held the Global Green Growth Institute (GGGI) Breakfast 2017 on January 19th. GGGI is supported by the UN. At this breakfast meeting, Kim Dong-kwan participated with KAIST professor Kim Sang-hyup and government officers who are in charge of energy policies in the U.S., Germany, Britain, and Malaysia. They discussed the future direction of environmental policy and new renewable energies.
Hanwha is going to actively respond to market changes with the global business management strategies and branding and marketing practices learned at this year’s Davos Forum. And Hanwha will continue to try to find ways to establish responsive and responsible leadership that can overcome the waves of the 4th industrial revolution and neoisolationism.
3. [Hanwha Engineering & Construction] Collected $598 million from the Iraqi government for the Bismayah new city development project
The Bismayah new city development project is one of Hanwha E&C’s large size core projects. They are building about 100,000 housing units and other social infrastructure projects. On January 2nd, Hanwha E&C collected $598 million from the Iraqi government for the Bismayah new city development project.
When you take the situation into consideration that the Iraqi government was having financial difficulties due to civil war and a slide in oil prices, this payment showed the Iraqi government’s strong will to complete the Bismayah new city development project successfully and serves as an expression of wholehearted trust in Hanwha E&C.
Last month, Choi Kwang-ho, CEO of Hanwha E&C, met with the prime minister Haider al-Abadi in Iraq. CEO Choi explained future construction plans and presented the residents’ level of satisfaction. The prime minister expressed his full support for Hanwha E&C, which is carrying out the project successfully. He promised to provide government assistance and full support for the remainder of the project.
Thanks to this payment, Hanwha E&C is going to reduce loans and improve the debt ratio through the increase of liquidity.
[Hanwha Group] Donated $2.6 million to Community Chest of Korea as part of social contribution activities
In this cold winter season, Hanwha Group is continuing to support and help our neighbors through various social contribution activities. In celebration of the New Year, Hanwha donated $2.6 million to the Community Chest of Korea to reach out to those in need.
Hanwha Group has been donating to the Community Chest of Korea every year since 2003. In order to overcome economic crises in Korea as well as overseas, and to participate in a sharing culture with local communities for win-win growth, Hanwha donated $2.6 million this year to the Community Chest of Korea.
At the donation delivery ceremony, Choi Sun-mok, senior executive president of the Hanwha Group communication team, said that Hanwha is going to serve as the light that shines into every dark corner of the world where there is suffering and neglect. And Hanwha is going to fulfill its social responsibilities as a corporate leader with the philosophy of ‘Going Further Together’