Fireworks for APEC Summit
Hanwha provides 700 million won worth of firework shells to celebrate the global event
Heads of state from 21 countries are expected to attend the 2005 Asia-Pacific Economic Cooperation summit meeting in Busan. As part of events planned for the eve of the summit, Hanwha will help put on the biggest fireworks display ever by sponsoring 700 million won's worth of fireworks or 80,000 firework shells. Hanwha will provide 700 million won worth of fireworks for celebrations taking place on November 16, the eve of the APEC summit meeting, which will be the largest and most high-tech lights show in Korea to date. Hanwha's cutting-edge multimedia display will include a "Niagara Fireworks Show"spanning 1 km along the Gwangan bridge, in addition to lasers, special lighting, and visual aspects. The newly restored Cheonggyecheon stream in downtown Seoul has been swamped with visitors since its official opening October 1. To mark the occasion, the company has prepared various cultural events for visitors to the new landmark in Seoul. In November, Hanwha will host a street festival as part of the "Cheonggyecheon Cultural Performance"program and various other events like a photography exhibit.
The Hanwha Group recorded sales of 15 trillion won to September this year, but its net profit rose by about 200 billion won for a total of 1.1 trillion won during the period.
The enviable record has been due to good performance in the chemical sector and the continued expansion in new businesses in addition to structural reform in the service sector, raising profits. The stable operation of the group? insurance sector also contributed to the group's excellent operational results.
Officials of the group said the group would not have trouble achieving 21 trillion won in sales and 1.4 trillion won in net profit, owing to its new businesses and continued structural reform, despite poor economic trends.
In order to achieve good record, affiliates of the group have been making heavier investments in their core business sectors and advances to overseas markets. Hanwha Co.
is expected to record 1.6 trillion won in sales until the third quarter and has no trouble meeting 2 trillion won in sales for the year as targeted. The company has invested 60 billion won already during the first nine months of the year and investments would total 100 billion won by the end of this year. Its explosives plant in Incheon will move to Boun, North Chungcheong Province by September and the site will be developed for other purposes. The company also plans to expand investments in the defense industry. The manufacturing facilities for dynamite will be relocated to China for mass production of the explosives.
U.S. financial magazine Forbes included Hanwha on its list of 'Asia's Fabulous Fifty Companies.'The magazine looked at Asian conglomerates with market values of over $5 billion, judging them on their long-term profitability, sales, operating profit and projected stock-price gains. The top fifty were listed in no particular order. This was the first time that the U.S. publication has chosen Asia's fifty most promising companies, and eight Korean firms made the list along with the Hanwha Group, including Samsung Electronics, POSCO, Hyundai Motor and SK Telecom.
Hanwha has a proud tradition of trust and honor, and ethical practices are stressed as the basis for all business activity. Employees are given a Code of Conduct and Behavioral Guidelines to follow, and a system is followed to ensure accountability and transparency at all times. The Code of Conduct outlines the obligations and responsibilities toward customers, shareholders employees, society and the nation. It also addresses issues regarding legal requirements, fairness in business transactions, and basic ethics required and expected of workers and management. The Code is the centerpiece of Hanwha's ethical management. Ethics are the basis for assessing business performance among Hanwha affiliates and ongoing training is conducted in business ethics. The emphasis on ethics is one of the group? core competence and the key to success as a top-tier world player. nw
A firework by Hanwha Corp. on the Han River in Seoul.
President Nam Young-sun of Hanwha Corp.