An investment target of TL 5.9 billion for the 2021-2023 period

28 April 2021
An investment target of TL 5.9 billion for the 2021-2023 period

With net sales of TL 26.1 billion, Borusan concludes the rough year of 2020 with success

Pulling through the challenging year of 2020 marked by the pandemic, Borusan Holding has consolidated its financial outlook thanks to the strong performance of its group companies. Borusan Group reached TL 26.1 billion in sales and a total asset size of TL 29.6 billion as of the end of 2020, and it sets its investment target for the 2021 - 2023 period as TL 5.9 billion.

On 28.04.2021, Borusan Holding issued its 2020 activity report. Having soundly closed a year where uncertainties and a series of challenges prevailed, Borusan Holding improved its financials compared to those of the previous year.

While the pandemic triggered fundamental changes in 2020, Borusan made substantial progress in its journey of digitalization upon which it had embarked back in 2018, and watched its investments pan out during the pandemic. Choosing to view this transformation not just as a digital innovation to go through, but rather a cultural metamorphosis, the company has remodeled its usual methods in several areas ranging from human resources processes to the ways it conducted its businesses.

Borusan Holding continued to cherish the principles of unity, solidarity and transparency also during the COVID-19 crisis, and it introduced an array of multi-layer measures by embracing the philosophy of "we will overcome this together" and a sentiment that ‘I protect my employees, my business, and my stakeholders’. Having stepped up to take action to address the potential implications of the COVID-19 pandemic even before any cases were reported in Turkey, Borusan Holding shared its model projects with all of its stakeholders after establishing the Borusan Solidarity Platform. In reference to the motto ‘I protect my employees’, Borusan Group maintained regular and transparent communication with its staff members through the Crises Committee since the first day of the pandemic and Borusan Academy offered all kinds of development support which the employees might need while they worked from home. In the spirit of ‘I protect my business’, physical working environments were protected against all kinds of risks while the prevailing synergy was maintained by sharing the experiences with even the most remote colleagues, through digital means. Borusan also upheld its commitment to the ideal that ‘I protect my stakeholders’ as it fulfilled its responsibilities to the company's stakeholders, and acted on its sentiment of social responsibility by carrying out a series of efforts aimed at helping out the health and education industries.

Social benefit efforts carried on during the pandemic

Borusan Kocabıyık Foundation provided students with 3,850 tablet and desktop computers to make sure that their education is not interrupted due to the global pandemic, and offered scholarships to 202 students in 2020. As part of a pay-it-forward project called #AskıdaEğitimVar (#EducationOntheHanger) launched in partnership with “Askıda Ne Var” (What’s on the Hanger) Social Entrepreneurship Platform, Borusan Holding reached out to 11.290 university students who were experiencing difficulties in accessing distance learning opportunities. During the COVID-19 pandemic, Borusan Ocean Volunteers shared their expertize online, to foster solidarity with employees. In 2020, more than 1000 volunteers worked in several projects, and Borusan staff members volunteered for more than 16.500 hours for 40 projects promoting progress in the United Nations Sustainable Development Goals. Borusan Sanat and Borusan Contemporary worked to ensure that arts remain a part of our lives even during the pandemic. While Borusan Sanat made their concerts available free of charge through a number of digital platforms, Borusan Contemporary's exhibitions were viewed by 6,266 people physically, and by 78,491 people through digital platforms in 2020. Throughout the 2020 activity period, Borusan Holding maintained its business volume and high profitability across its focal sectors, while successfully maintaining digital transformation and R&D investments.

Under the umbrella of "Equal Borusan – Social Equality Platform" established by Borusan to adopt and internalize gender equality at both corporate and individual levels, the “Gender Lens Program” was introduced on March 5, 2020. As part of the Program, policies and principles regarding communication, recruitment, promotion, performance and remuneration at Borusan Group were defined, and in addition, Group a set of targets were established. Equal Borusan – Social Equality Platform also developed the “Gender Equality and Domestic Violence Manual”. As a key source of reference, this Manual is designed to provide guidance to executives and employees, and facilitate pinpointing the drivers of domestic violence while offering support and assurance to the survivors of violence in light of Borusan Policies in this area.

Pointing out that the year 2020 altered all of our lives in some way, Ahmet Kocabıyık, Chairperson of the Board of Directors at Borusan Holding said: “We had to give up on our routines, distanced ourselves from our loved ones and our social lives, we all went through various struggles. Full of uncertainties at the beginning, and largely marked by expectations to back to how things were before and hopes to regain health, this process has been a learning experience for all of us. While news about vaccine licensing turned out to be a ray of hope for curbing the pandemic without having to wait for mass immunity, thanks to the opportunities made available by the digital transformation process, the life cycle of not only companies but also individuals has continued without interruption. I believe, as Borusan Holding, we did well in achieving our goal of “protecting our employees, our business, and our stakeholders” despite all the challenges we faced during these trying times. And we will keep on working by gearing up our business activities, guided by our vision as becoming a 200-year company”.

Erkan Kafadar, Borusan Holding Group CEO, suggested that the company had achieved good financial and operational results throughout the 2020 activity period. He went on to say that the total net sales of the group had amounted to more than TL 26.1 billion, and their EBITDA hadincreased to TL 2.6 billion. Kafadar also indicated that, notwithstanding the pandemic, they had introduced lasting improvements into the company's cost structure.

According to Kafadar, having always invested in R&D and innovation for business development purposes, the company is committed to creating sustainable value not only for today, but also for 200 years from now: “In line with our top priority of creating sustainable value, I have no doubt that we will achieve these forward-looking objectives with the valuable contributions of our shareholders, customers, business partners, and first and foremost, our employees. Borusan Family is one big team whose members are all interconnected – moving forward to the future, together.”

An asset size of TL 29.6 billion achieved in 2020

Having attained fruitful financial results despite the pandemic, Borusan Holding reached TL 26.1 billion in net sales and a total asset size of TL 29.6 billion as of the end of 2020 activity period. For comparison, net sales back in 2019 amounted to TL 22 billion. In addition, Borusan Holding generated an income of TL 8.1 billion in exports thanks to its production power, and it plans to invest around TL 5.9 billion in 2021-2023 period despite global uncertainty. Standing out with its global operations spanning 12 countries on 3 continents, the Holding shares a long list of major accomplishments with its group companies.

Vision of becoming a 200-year-old company

Viewing sustainability as a process ofcreating lasting value rather than a process merely associated with business continuity and sustainable profitability, Borusan Holding addresses this concept through şts vision of becoming a 200-year-old company, with a focus on climate, people and innovation. As part of its sustainability strategies, Borusan is not only driven by the priorities of its group companies, but also it takes an inclusive perspective to designing business models that meet the needs of the future. Having considered people as its most valuable asset for the past 77 years, Borusan holding focuses on the "human" aspect in its sustainability approaches, as well. The highest priority under Borusan’shuman focus is to create a safe workingenvironment and social benefit. To this end, the Holding gives weight to well-being and competency development of the employees’ as well as their adaptation to a changing business world. In terms of climate change, efforts are expended to prevent greenhouse gas emissions in particular, and decarbonize business models by the year 2030. Reducing and eliminating the environmental impact of operations is among the company's key objectives. In terms of innovation, the aim is to create added value through innovative products and services as well as business models for the future and innovation for sustainability.

Working of the business models of the future by blending the human aspect with innovation, Borusan Holding is getting prepared to integrate creative intelligence into its processes, where IQ and EQ (Intelligence Quotient and Emotional Quotient) would co-exist. Having faith that this is how industrial development as well as communal, economic and social welfare could be achieved, the company keeps working to live up to the requirements of the new age. Borusan Holding proceeds with its endeavors ranging from modern training programs to creative practices designed to train qualified and competent employees at all levels, and it intends to implement projects aimed at promoting creative intelligence.

For Borusan Group's 2020 Activity Report, please click the link: 2020 BorusanHoldingFaaliyetRaporu.

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