The Korea Water Resources Corp. (K-water) led by President Choi Gye-woon, cut its debt by 500 billion won in 2014 and generated 300 billion won in net profit, then slashed its debt another 200 billion won in 2015 thanks to various reforms made by the company in the past several years.
In May 2013, K-water declared “the One-Mind Partnership by Management and Labor” initiative and conducted various reforms, including reducing the use of paper materials in internal office procedures and cutting the number of face-to-face reports. The company also introduced the smart work centers to boost efficiency.
K-water did not stop with reforms of its internal work procedures. It also made moves outside the company with various firms which have mutual interests. They declared “the Work Smart Declaration Together with Customers” in September 2014. Under the declaration, the company set out to reform some 60 customer services in the five areas of its operation related to customer service.
As a result of all of those reform efforts, K-water concluded an agreement with its labor union to get their cooperation in tightening the management of the company. K-water also won the honor of being listed among the 100 top state-owned companies to work for two years in a row.
K-water’s credit rating was upgraded to Aa2 from Aa3 by Moody’s in December as a result of its debt reduction and improved financial conditions.
K-water plans to pay down its huge debt, which amounts to 5.9 trillion won, within 20 years with the profits generated from its operations in such sectors as power, industrial complexes construction and water management, among others, so that its debt ratio would be improved to 47.3 percent.
K-water plans to invest a total of 29.2 trillion won through 2025 on preventing floods and drought. The company will also find new growth engines, including solar energy, tidal and wind power projects in addition to its traditional water management.
K-water manages 21 percent of the new and recycled energy generation facilities. It produced 1,346 Mw last year. The company sold 1.8 billion Kwh of clean energy for 224.3 billion won.
The company plans to declare the importance of water management on March 22, on World Water Day, and unveil its vision for water management as one of the key future growth engines.
Dr. Choi Gye-woon was appointed as new chief executive officer of Korea Water Resources Corporation in November of 2013. He received Ph.D in hydraulic engineering from Colorado State University, in Denver. He is specialized in Hydraulics, water and wastewater engineering, and researching Smart Water Grids.
K-water has maintained a commitment to the efficient, environmentally friendly development and management of water resources in Korea, and plays a leading role as a public organization in serving public interests and pursuing green growth. K-water is providing total water solutions such as multipurpose dams, interregional water supply networks, rivers, including local water and wastewater facility.
K-water has more than 40 years’ experience managing water resources and regional water supply systems. It is ISO9001/14001-certified and is a member of the United Nations Global Compact.
K-water is committed to environmental responsibility and transparent and ethical governance as a means of optimizing its long-term performance and finding new ways to maximize water resource utilization through efficient management and the development of core technologies. As K-water’s research and development arm, the Korea Institute of Water and Environment (KIWE) is the Republic of Korea’s leading water specialized research institute. From developing state-of-the-art water management techniques to inventing new processes of water treatment and desalination, KIWE is dedicated to the development of clean and safe water supply systems in Korea and abroad.
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