ÜLKER BİSKÜVİ

Annual Report 2020

CONTENTS Biscuit ËśŘĞƙ¦ŽƭŌďŽƙɏ ŌơŘƙĞŤɏËśŘĞƙ ĞďĞɏ
PóŦńŤĞśśĞƙɏ±óŘśńŘŽǔɏ^ŘƙóŤɏËśŘĞƙhƙĞŤóśńɏ
$ŲŘŲƖƙĞŦơɏȘhóƭ¾óƭɏȘhóƭ©ƵśŲŘóƭɏȘhóƭ
^ŦĐĞ^ŦĐĞɏ¦ƙŲďŌơɏ$ŲŘŲŤĞśɏśƭńŦďóƦóŘɏ©ŲŦėŲɏ
!óŦƖóƙĞɏPóǔśóǔĶɏËśŘĞƙHŌŦķĞƙɏËśŘĞƙ(ĞśƵǓĞɏ
(ŲƙĞɏËśŘĞƙhóŘóŲśƵ ŌơŘƻǍŌɏhóƭhóƭ¾óƭɏ$ŌǞŌɏ
Ȑȑ hĞǔHŌŦóŦĐŌóśóŦė $ŌǞŌǍŌēɏËśŘĞƙ$ƵďƵŘhƙóŘĞƙɏËśŘĞƙ±ƵơóŤśńɏ
‚ƖĞƙóƭŌŲŦóśUŦėŌĐóƭŲƙơ $ƵďƵŘhƙóŘĞƙɏhƙŌơƖŌɏ¾óēhƙóŘĞƙɏ!ŌĐŌ óśńŘɏ
Ȑȓ ±óśĞơÝŲśƵŤĞóŦė©ĞǍĞŦƵĞ tĐÝŌƭŌĞʀơ
IƙŲǎƭľ
Ȑȓ !óƖŌƭóś±ƭƙƵĐƭƵƙĞ
ȐȔ ËśŘĞƙóŦėUƭơ±ľóƙĞ
¦ĞƙĶŲƙŤóŦĐĞŲŦƭľĞ U±¾
Ȑȕ ďŲƵƭƖśóėŌơ
Chocolate
ËśŘĞƙ$ŌŘŲśóƭóśńIŲĶƙĞƭɏPóśśĞǔɏśďĞŦŌɏ(ŌėŲɏ
Ȑȗ ËśŘĞƙ ŌơŘƻǍŌ¦ƙŲėƵĐƭŌŲŦ
jóǍŌǍóɏ$ŲŘŲŦóƭɏtĞƭƙŲɏ!ŲĐŲơƭóƙɏPŲďďǔɏ
HóĐŌśŌƭŌĞơ
¦ŌŘŲɏ$ŲŘŲŤŌśŘɏśƖĞśśóɏ$ŲŘŲŘƙĞŤɏËśŘĞƙ
ȑȏ tĞơơóķĞĶƙŲŤƭľĞ!ľóŌƙŤóŦ
$ŌŘŲśóƭóɏvóƖŲśŌƭĞŦɏ!óƙóŤŌŲɏ±ŤóƙƭƭɏËśŘĞƙ
ȑȑ tĞơơóķĞĶƙŲŤƭľĞ!1‚
HśŌƖǞɏ1ĐĞɏ$ŌŘŲśóƭŌŦɏ ƵŘśĞƭɏhŲŦēĞƙƭŲɏ±ĞŦĶŲŦŌɏ
ȑȕ ±ƭƙóƭĞķŌĞơ
±ĞśĞĐƭɏjóśĞǞóƙɏ ĞǔśĞƙďĞǔŌɏIŲėŌǍó
ȑȖ !ƵƙƙĞŦƭ1ĐŲŦŲŤŌĐ‚ƵƭśŲŲŘɏ
IśŲďóśóŦė¾ƵƙŘŌơľHŲŲė
UŦėƵơƭƙŌĞơ
ȑȗ tóƙŘĞƭŌŦķ
Ȓȏ ¦ƙŲėƵĐƭŌŲŦóŦė!óƖóĐŌƭǔ
Ȓȕ ‚ƖĞƙóƭŌŲŦóś1ǓĐĞśśĞŦĐĞ
Ȓȗ UŦǍĞơƭŤĞŦƭơ Cake
ȒȘ ±ƵďơŌėŌóƙŌĞơóŦėHŌŦóŦĐŌóś
UŦǍĞơƭŤĞŦƭơ
ȓȑ ±ƵơƭóŌŦóďŌśŌƭǔ
(óŦŘĞŘɏ‚ʀśóśóɏȗhĞŘɏhĞŘơƭƙóɏ¦ŽƭŌɏËśŘĞƙ
Ȕȏ PƵŤóŦ©ĞơŲƵƙĐĞơ
HńƙńŦėóŦɏ$ŲŘŲŘƙĞŤ¦óŦŘĞŘɏśďĞŦŌ
Ȕȑ ©ĞơĞóƙĐľɏ(ĞǍĞśŲƖŤĞŦƭóŦė
UŦŦŲǍóƭŌŲŦ
Ȕȓ ¨ƵóśŌƭǔơơƵƙóŦĐĞ
Ȕȕ ±ŲĐŌóś©ĞơƖŲŦơŌďŌśŌƭǔ
Ȕȗ !ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞ
¦ƙŌŦĐŌƖśĞơ!ŲŤƖśŌóŦĐĞ©ĞƖŲƙƭ
ȖȐ (ĞĐśóƙóƭŌŲŦŲĶ!ŲŤƖśŌóŦĐĞƭŲ
±ƵơƭóŌŦóďŌśŌƭǔ¦ƙŌŦĐŌƖśĞơ
Ȗȑ ±ƵơƭóŌŦóďŌśŌƭǔ¦ƙŌŦĐŌƖśĞơ
SALES VOLUME BY CATEGORY
!ŲŤƖśŌóŦĐĞHƙóŤĞǎŲƙŘ
(Thousand Tons) 2019 (%) 2020 (%) IƙŲǎƭľŌŦȑȏȐȘɲȑȏȑȏ
ȗȕ ©ŌơŘtóŦóķĞŤĞŦƭ
ȗȖ UŦǍĞơƭŲƙ©ĞśóƭŌŲŦơ ŌơĐƵŌƭ 328 57 334 56 1.6%

ȗȗ ‚ƭľĞƙUơơƵĞơ©ĞķóƙėŌŦķ !ľŲĐŲśóƭĞ 199 35 219 37 9.8%

!ŲŤƖóŦǔ‚ƖĞƙóƭŌŲŦơ !óŘĞ 49 8 42 7 ɲȐȑɔȗʼ
ȗȘ ±ƭóƭĞŤĞŦƭŲĶ©ĞơƖŲŦơŌďŌśŌƭǔ !ŲŦĶĞĐƭŌŲŦóƙǔ¾Ųƭóś 576 100 595 100 3.2%
©ĞķóƙėŌŦķƭľĞŦŦƵóś©ĞƖŲƙƭ
Șȏ ±ƵďơŌėŌóƙǔ!ŲŤƖóŦǔ©ĞƖŲƙƭ
©ĞơƵśƭơ NET SALES BY CATEGORY
ȘȐ UŦėĞƖĞŦėĞŦƭƵėŌƭ©ĞƖŲƙƭ
ȘȒ !ŲŦơŲśŌėóƭĞėHŌŦóŦĐŌóś ɦ¾jtŌśśŌŲŦɧ 2019 (%) 2020 (%) IƙŲǎƭľŌŦȑȏȐȘɲȑȏȑȏ
±ƭóƭĞŤĞŦƭơĶŲƙƭľĞäĞóƙ ŌơĐƵŌƭ ȒɏȒȘȔ 44 ȓɏȐȓȘ 44 22.2%
fóŦƵóƙǔȒȐɲ(ĞĐĞŤďĞƙ !ľŲĐŲśóƭĞ ȒɏȖȔȖ 49 ȓɏȕȘȓ 50 25.0%
ȒȐɏȑȏȑȏ¾ŲķĞƭľĞƙǎŌƭľ
!óŘĞ 575 7 557 6 ɲȒɔȑʼ
UŦėĞƖĞŦėĞŦƭƵėŌƭŲƙʀơ©ĞƖŲƙƭ
!ŲŦĶĞĐƭŌŲŦóƙǔ¾Ųƭóś ȖɏȖȑȖ 100 9,401 100 21.7%
 Taste and success are at the top!
Life was interrupted due to the coronavirus pandemic. Everyone stayed at
home. A strange time commenced. Someone had to add flavor to life.

As Turkey’s leading food company, Ülker Bisküvi remained committed to

its business mission throughout the pandemic. Our employees continued
to work with great effort while adhering to strict precautionary measures.
During this challenging period, we maintained our export performance
in line with our production, sales and distribution activities. As a result,
we extended our sustainable growth.

We continued to spread happiness not only to Turkey but across the

world with our delicious taste, commitment and success, driven by our
domestic production operations as well as our exports.
We Expanded Our Export
and International
Operations Strongly
¾ľĞǎŲƙśėŦĞĞėĞėóśŌƭƭśĞľóƖƖŌŦĞơơėƵƙŌŦķƭľĞơĞėŌĶĶŌĐƵśƭ
ėóǔơɔÞĞĞǓƖŲƙƭĞėŲƵƙƖƙŲėƵĐƭơƭŲŲǍĞƙȐȏȏĐŲƵŦƭƙŌĞơɔÞĞ
ŤóŌŦƭóŌŦĞėŲƵƙśĞóėĞƙơľŌƖƖŲơŌƭŌŲŦŌŦƭľĞďŌơĐƵŌƭŤóƙŘĞƭ
ŌŦ±óƵėŌƙóďŌóóŦė1ķǔƖƭɔÞĞóśơŲĞǓƭĞŦėĞėŲƵƙơƭƙŲŦķ
ķƙŲǎƭľƭƙĞŦėŌŦ!ĞŦƭƙóśơŌóŦĐŲƵŦƭƙŌĞơɔ

International
operations growth rate

23.4%
Total revenue

TL 9.4 Billion
We Supported Our Farmers
UŦśŌŦĞǎŌƭľƭľĞơƵơƭóŌŦóďśĞėĞǍĞśŲƖŤĞŦƭķŲóśơŲĶŲƵƙ
ĐŲƵŦƭƙǔɏǎĞėĞǍĞśŲƖƖƙŲŕĞĐƭơƭľóƭóśǎóǔơƖƙŌŲƙŌƭŌǞĞśŲĐóś
ƖƙŲėƵĐĞƙơŌŦŲƵƙơƵơƭóŌŦóďŌśŌƭǔóĐƭŌǍŌƭŌĞơɔÞŌƭľśŌóĸó ŌơĐƵŌƭ
ÞľĞóƭɏǎľŌĐľĞŤĞƙķĞėóĶƭĞƙŤóŦǔǔĞóƙơŲĶŲƵƙŕŲŌŦƭǎŲƙŘ
ǎŌƭľ óľƙŌ(óĸėóƦUŦƭĞƙŦóƭŌŲŦóśķƙŌĐƵśƭƵƙóś©ĞơĞóƙĐľ
UŦơƭŌƭƵƭĞơɏǎĞƖƙŲǍŌėĞėľŌķľɲǔŌĞśėŌŦķďŌơĐƵŌƭǎľĞóƭƭľóƭ
ŌơśŲĐóśśǔėĞǍĞśŲƖĞėóŦėėƙŲƵķľƭɲɏėŌơĞóơĞɲóŦėĐśŌŤóƭĞ
ĐľóŦķĞɲƙĞơŌơƭóŦƭɯóĶŌƙơƭŌŦ¾ƵƙŘĞǔɔ‚ƵƙǎľĞóƭɏǎľŌĐľǎĞ
ľóƙǍĞơƭĞėĶŲƙƭľĞĶŌƙơƭƭŌŤĞŌŦfƵśǔȑȏȑȏɏǎóơơŲǎĞėóķóŌŦŌŦ
vŲǍĞŤďĞƙɔ‚ƵƙķŲóśŌơƭŲŤĞĞƭŤŲƙĞƭľóŦľóśĶŲĶŲƵƙŦĞĞėơ
ĶƙŲŤśŌóĸó ŌơĐƵŌƭÞľĞóƭŌŦȑȏȑȒɔ
We Introduced New Flavors
to Our Consumers
ËśŘĞƙŌơóĐŲŤƖóŦǔƭľóƭóśǎóǔơśŌơƭĞŦơƭŲƭľĞŦĞĞėơŲĶŌƭơ
ĐŲŦơƵŤĞƙơóŦėƖƙŲėƵĐĞơƭľĞƙŌķľƭơŲśƵƭŌŲŦơĶŲƙƭľĞŤɔ(ƵƙŌŦķ
ƭľĞƖóŦėĞŤŌĐƖĞƙŌŲėɏǎĞľóǍĞĐśŲơĞśǔĶŲśśŲǎĞėĐľóŦķŌŦķ
ĐŲŦơƵŤĞƙľóďŌƭơóŦėƭƙĞŦėơɔÞĞĐŲŦƭŌŦƵĞėƭŲŌŦŦŲǍóƭĞ
ǎŌƭľŲƵƭơśŲǎŌŦķėŲǎŦɔÞŌƭľŦĞǎƭóơƭĞơóŦėėŌơĐŲǍĞƙŌĞơɏËśŘĞƙ
ŌơóśǎóǔơƭľĞƙĞĶŲƙśŌĶĞʀơśŌƭƭśĞŤŲŤĞŦƭơŲĶľóƖƖŌŦĞơơɔÞĞ
ľóǍĞĐŲŦƭŌŦƵĞėƭŲďĞóƖŌŲŦĞĞƙŌŦƭľĞŌŦėƵơƭƙǔɔ

Share of new products

in revenue*

13.6%
ɊUŦƭľĞ¾ƵƙŘŌơľŤóƙŘĞƭ
 We Boosted Production
without Waste
ÞľŌśĞƙóŤƖŌŦķƵƖŲƵƙƖƙŲėƵĐƭŌŲŦɏǎĞƙĞŤóŌŦĞėŤŌŦėĶƵś
ŲĶĞǓƖĞŦơĞơɔơóƙĞơƵśƭŲĶŦĞóƙśǔȐȔȏŌŤƖƙŲǍĞŤĞŦƭ
ƖƙŲŕĞĐƭơƭľóƭǎĞľóǍĞŌŤƖśĞŤĞŦƭĞėɏǎĞƙĞĐŲƙėĞė
ơŌķŦŌĶŌĐóŦƭơóǍŌŦķơɔ¾óƙķĞƭŌŦķƭľĞķŲóśŲĶǞĞƙŲǎóơƭĞɏǎĞ
ƙĞĐǔĐśĞȘȐʼŲĶŲƵƙǎóơƭĞɔUŦóėėŌƭŌŲŦɏǎĞľóǍĞƙĞėƵĐĞė
ŲƵƙĞśĞĐƭƙŌĐŌƭǔóŦėǎóƭĞƙĐŲŦơƵŤƖƭŌŲŦɔ

Savings achieved through

projects in 2020

TL 21 million
 We Understand that
Nature is Entrusted to Us
ÞĞĐóƙĞóďŲƵƭŤóŘŌŦķŲƵƙơƭóŘĞľŲśėĞƙơóŦėŲƵƙƖśóŦĞƭ
ĶĞĞśľóƖƖǔóŦėơƭóǔŌŦķľóƖƖǔǎľŌśĞėŲŌŦķŲƵƙŕŲďɔÞĞóĐƭ
ƙĞơƖŲŦơŌďśǔŌŦŲƙėĞƙƭŲƖƙŲƭĞĐƭƭľĞƵŦŌƘƵĞŦóƭƵƙóśóơơĞƭơóŦė
ƙĞơŲƵƙĐĞơŲĶŲƵƙďĞóƵƭŌĶƵśĐŲƵŦƭƙǔóŦėƖóơơƭľĞŤŲŦƭŲĶƵƭƵƙĞ
ķĞŦĞƙóƭŌŲŦơɔ±ŌŦĐĞȑȏȐȓɏǎĞľóǍĞķƙŲǎŦơƭĞóėŌśǔǎŌƭľŲƵƭóŦǔ
ŌŦĐƙĞóơĞŌŦĐóƙďŲŦĞŤŌơơŌŲŦơɔÞĞƙóŌơĞơŲĐŌóśóǎóƙĞŦĞơơďǔ
ơóǔŌŦķɽtǔďĞóƵƭŌĶƵśĐŲƵŦƭƙǔɏŦóƭƵƙĞŌơĞŦƭƙƵơƭĞėƭŲƵơɔɾ

Logistics-induced carbon
emission reduction target

20%
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Annual Report 2020

hĞǔHŌŦóŦĐŌóśóŦė‚ƖĞƙóƭŌŲŦóśUŦėŌĐóƭŲƙơ

Ülker Bisküvi reached successful financial and operational

results by increasing its market share in the biscuit and
chocolate categories, and increased its sales revenue to
TL 9.4 billion in 2020.

±ƵŤŤóƙǔ óśóŦĐбľĞĞƭɦ¾jtŌśśŌŲŦɧ 2019 2020

!ƵƙƙĞŦƭơơĞƭơ ȗɏȖȑȏ ȐȒɏȑȕȒ
vŲŦɲ!ƵƙƙĞŦƭơơĞƭơ ȓɏȏȖȑ ȓɏȕȒȏ
±ľŲƙƭɲƭĞƙŤjŌóďŌśŌƭŌĞơ ȕɏȗȏȏ ȑɏȓȔȓ
jŲŦķɲƭĞƙŤjŌóďŌśŌƭŌĞơ ȐɏȏȔȗ ȗɏȘȕȔ

±ľóƙĞľŲśėĞƙơɘ1ƘƵŌƭǔ ȓɏȘȒȓ ȕɏȓȖȓ

±ƵŤŤóƙǔUŦĐŲŤĞ±ƭóƭĞŤĞŦƭɦ¾jtŌśśŌŲŦɧ 2019 2020

©ĞǍĞŦƵĞ ȖɏȗȏȒ ȘɏȓȏȐ
IƙŲơơ¦ƙŲĶŌƭ ȑɏȐȒȘ ȑɏȕȓȒ
‚ƖĞƙóƭŌŦķ¦ƙŲĶŌƭ ȐɏȐȔȓ ȐɏȓȘȒ
vĞƭ¦ƙŲĶŌƭɦ1ƘƵŌƭǔPŲśėĞƙơŲĶƭľĞ¦óƙĞŦƭɧ 997 ȐɏȏȐȕ

©óƭŌŲơ 2019 2020

IƙŲơơ¦ƙŲĶŌƭtóƙķŌŦ 27.4% 28.1%
1 U¾(tóƙķŌŦ 16.7% 17.2%
vĞƭ¦ƙŲĶŌƭtóƙķŌŦɦ1ƘƵŌƭǔPŲśėĞƙơŲĶƭľĞ¦óƙĞŦƭɧ 12.8% 10.8%
1óƙŦŌŦķơƖĞƙ±ľóƙĞɦȐ¾jvŲŤŌŦóśɧ 2.91 2.97

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Annual Report 2020

Revenue ɦ¾jtŌśśŌŲŦɧ Operating Profit ɦ¾jtŌśśŌŲŦɧ EBITDA Margin ɦʼɧ

9,401 1,493 17.2

16.7

7,803
1,154

2019 2020 2019 2020 2019 2020

Shareholders’ Equity ɦ¾jtŌśśŌŲŦɧ Gross Profit ɦ¾jtŌśśŌŲŦɧ Gross Profit Margin ɦʼɧ

6,474 2,643 28.1

27.4

2,139
4,934

2019 2020 2019 2020 2019 2020

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Annual Report 2020

±óśĞơÝŲśƵŤĞóŦė©ĞǍĞŦƵĞIƙŲǎƭľ

Sales Volume by Category Net Sales by Category

ɦ¾ľŲƵơóŦė¾ŲŦơɧ ɦ¾jtŌśśŌŲŦɧ

!óŘĞ !ľŲĐŲśóƭĞ ŌơĐƵŌƭ !óŘĞ !ľŲĐŲśóƭĞ ŌơĐƵŌƭ

49 42 575 557

199 219 ȒɏȖȔȖ 4,694

328 334 3,395 4,149

2019 2020 2019 2020

!óƖŌƭóś±ƭƙƵĐƭƵƙĞ

ȒȐ(ĞĐĞŤďĞƙȑȏȑȏ ȒȐ(ĞĐĞŤďĞƙȑȏȐȘ
vóŤĞŲĶƭľĞ±ľóƙĞľŲśėĞƙ ±ľóƙĞÝóśƵĞ ±ľóƙĞ©óƭŌŲ ±ľóƙĞÝóśƵĞ ±ľóƙĞ©óƭŌŲ
ƖśóėŌơHŲŲėơjŌŤŌƭĞė ȐȖȓɏȓȑȏ 51.00% ȐȖȓɏȓȑȏ 51.00%
äńśėńǞPŲśėŌŦķɔ¶ɔóŦėËśŘĞƙHóŤŌśǔ
ȑȔɏȔȗȏ 7.48% ȑȔɏȔȗȏ 7.48%
tĞŤďĞƙơ
‚ƭľĞƙ Ȑȓȑɏȏȏȏ 41.52% Ȑȓȑɏȏȏȏ 41.52%
¾Ųƭóś 342,000 100.00% 342,000 100.00%

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Annual Report 2020

ËśŘĞƙóŦėUƭơ±ľóƙЦĞƙĶŲƙŤóŦĐĞŲŦƭľĞ U±¾

ȓȐɔȔʼŲĶËśŘĞƙʀơơľóƙĞơóƙĞƖƵďśŌĐśǔƭƙóėĞėŲŦƭľĞ U±¾±ƭóƙtóƙŘĞƭƵŦėĞƙƭľĞƭŌĐŘĞƙơǔŤďŲśÅjh1©ɔU±ɔ¦ƙĞĶĞƙƙĞė
ďǔƭľĞŌŦǍĞơƭŲƙơǎľŲơŲƵķľƭóśŲŦķɲƭĞƙŤŌŦǍĞơƭŤĞŦƭËśŘĞƙʀơơľóƙĞƖƙŌĐĞơƭŲŲėóƭ¾jȑȒɔȐóơŲĶ(ĞĐĞŤďĞƙȒȐɏ
ȑȏȑȏɔƭǔĞóƙɲĞŦėɏËśŘĞƙʀơŤóƙŘĞƭĐóƖŌƭóśŌǞóƭŌŲŦƭŲƭóśĞė¾jȖɏȘȐȓŤŌśśŌŲŦɏǎľŌśĞƭľĞŤóƙŘĞƭǍóśƵĞŲĶŌƭơĶƙĞĞɲĶśŲóƭ
ơľóƙĞơƙĞóĐľĞėƭŲ¾jȒɏȑȘȖŤŌśśŌŲŦɔ

!ŲŤƖóŦǔ ËśŘĞƙ ŌơŘƻǍŌ

©ĞƵƭĞƙơˀHŲƙĞǓ!ŲėĞ Åjh1©ɔU±
śŲŲŤďĞƙķ!ŲėĞ Åjh1©¾U
±ĞĐƭŲƙ H‚‚(
©ĞśóƭĞė U±¾UŦėĞǓ U±¾jj
U±¾H‚‚(ɏ 1Ý1©I1
U±¾Uv(ű¾©Uj±
U±¾±Å±¾Uv UjU¾ä
U±¾(UÝU(1v(
U±¾Ȑȏȏ
U±¾Ȕȏ
U±¾±¾©±
U±¾vh©

ËśŘĞƙơƭŲĐŘƖĞƙĶŲƙŤóŦĐĞĐŲŤƖóƙĞėƭŲ U±¾ɲȐȏȏŌŦėĞǓƖĞƙĶŲƙŤóŦĐĞĶŲƙƭľĞƖĞƙŌŲėďĞƭǎĞĞŦƭľĞȐơƭŲĶfóŦƵóƙǔ
óŦėȒȐơƭŲĶ(ĞĐĞŤďĞƙȑȏȑȏŌơķŌǍĞŦŌŦƭľĞďĞśŲǎƭóďśĞɎ

ơŲĶȒȐɔȐȑɔȑȏȑȏ
!śŲơŌŦķ¦ƙŌĐĞɦ¾jɧ 23.1
HƙĞĞHśŲóƭɦʼɧ 41.5
tóƙŘĞƭÝóśƵĞɦ¾jɧ ȖɏȘȐȓ

±ƭŲĐئĞƙĶŲƙŤóŦĐĞɦʼɧ 2019 2020

¾j 22.4 23.1
ű( 3.8 3.1

15
 ^±hËÝ^
Annual Report 2020

ďŲƵƭƖśóėŌơ

ƙŌŦķŌŦķƭŲķĞƭľĞƙäńśėńǞPŲśėŌŦķʀơĐŲƙĞĐŲŦĶĞĐƭŌŲŦĞƙǔ
ďƵơŌŦĞơơĞơóŦėďĞśŲǍĞėďƙóŦėơɏŌŦĐśƵėŌŦķtĐÝŌƭŌĞʀơɏ
ËśŘĞƙɏóŦėIŲėŌǍóƵŦėĞƙóơŌŦķśĞƙŲŲĶɏƖśóėŌơ
ĐŲŦƭŌŦƵĞơŌƭơķśŲďóśŕŲƵƙŦĞǔơƵĐĐĞơơĶƵśśǔǎľŌĐľ
ơƭóƙƭĞėǎŌƭľƭľĞŤŲƭƭŲɽÞĞóƙĞƖƙŲŤŌơŌŦķƭŲďƙŌŦķ
ľóƖƖŌŦĞơơƭŲƭľĞǎŲƙśėǎŌƭľĞǍĞƙǔďŌƭĞɔɾ

ƖśóėŌơėĞśŌǍĞƙơơƵƖĞƙŤóƙŘĞƭơĞƙŌĞơIŲėŌǍó
ĐľŲĐŲśóƭĞơɏƙĞķŌŲŦóśďƙóŦėơơƵĐľóơfóĐŲďʀơɏķŲ
óľĞóėɑɏ!óƙƙʀơɏHśŌƖǞɏ vɏÝĞƙŘóėĞɏt1vŤóƙŘĞƭ
śĞóėĞƙËśŘĞƙóŦėŤóŦǔŤŲƙĞɏėĞśŌķľƭŌŦķĐŲŦơƵŤĞƙơ
ǎŌƭľƖƙŲėƵĐƭơóĐƙŲơơƭľĞơŦóĐŘŌŦķĐóƭĞķŲƙǔ
ŌŦĐśƵėŌŦķơǎĞĞƭóŦėơóǍŲƙǔďŌơĐƵŌƭơɏǎóĶĞƙɏĐóŘĞɏ
ĐľŲĐŲśóƭĞɏķƵŤóŦėĐóŦėǔƭŲƭľĞĐŲŦơƵŤĞƙơɔ

HŲƙŤĞėŌŦȑȏȐȕǎŌƭľóƖƙŲŤŌơĞƭŲďƙŌŦķľóƖƖŌŦĞơơ
ƭŲƭľĞǍóƙŌŲƵơķĞŲķƙóƖľŌĐóśƖóƙƭơŲĶƭľĞǎŲƙśėɏ
ƖśóėŌơŌơƭľĞƖƙŲƵėơƭĞǎóƙėŲĶŤŲƙĞƭľóŦȒȏȏǔĞóƙơʀ
ďóŘŌŦķóŦėĐŲŦĶĞĐƭŌŲŦĞƙǔľĞƙŌƭóķĞɔ1ƘƵŌƖƖĞėǎŌƭľ
ƭľĞĞǓƖĞƙƭŌơĞŲĶŤŲƙĞƭľóŦȐȕɏȏȏȏɲĞŤƖśŲǔĞĞơóƭȑȔ
ĶóĐƭŲƙŌĞơŌŦȐȐĐŲƵŦƭƙŌĞơɏƖśóėŌơŌơľóƖƖŌśǔǎŲƙŘŌŦķ
ƭŲėĞśŌǍĞƙƭľĞľŌķľĞơƭƘƵóśŌƭǔƖƙŲėƵĐƭơƭŲȓďŌśśŌŲŦ
ƖĞŲƖśĞóĐƙŲơơƭľĞǎŲƙśėɔ

v‚©¾P
t1©U!

pladis continues its global journey

successfully which started with
the motto “We are promising to
bring happiness to the world with
every bite.”

16
 ^±hËÝ^
Annual Report 2020

pladis operates in 25 plants across 11 countries, with

more than 16,000 employees and deep expertise exceeding
300 years of experience, to bring happiness to the world
with every bite to all its consumers by responding to the
expectations and needs of the consumers with a rich variety
of product range.

Åhv(
U©1jv(

!1v¾©j±U
1Å©‚¦1

©‚tvU

¾Å©h1ä
tU((j11±¾

H©U!

17
 ^±hËÝ^
Annual Report 2020

ËśŘĞƙ ŌơŘƻǍŌ¦ƙŲėƵĐƭŌŲŦHóĐŌśŌƭŌĞơ

Ülker Bisküvi began its operations at a small

workshop with three employees in
Eminönü, Istanbul in 1944.

Silivri, Istanbul Factory Gebze, Kocaeli Factory

!ľŲĐŲśóƭĞóŦė!ľŲĐŲśóƭĞ!ŲǍĞƙĞė ŌơĐƵŌƭ ŌơĐƵŌƭơɏ!ľŲĐŲśóƭĞóŦė!óŘĞ
1ơƭóďśŌơľĞėŌŦɎȐȘȘȔ 1ơƭóďśŌơľĞėŌŦɎȐȘȘȖ
!óƖóĐŌƭǔɎ !óƖóĐŌƭǔɎ

25 thousand tons/year 149 thousand tons/year

Esenyurt, Istanbul Factory Egypt Factory (Hi-Food)
!óŘĞ ŌơĐƵŌƭ
1ơƭóďśŌơľĞėŌŦɎȐȘȘȑ ¦ƵƙĐľóơĞėŌŦɎȑȏȐȕ
!óƖóĐŌƭǔɎ !óƖóĐŌƭǔɎ

47 thousand tons/year 51 thousand tons/year

Topkapı, Istanbul Factory Kazakhstan Factory
!ľŲĐŲśóƭĞ ŌơĐƵŌƭơɏ!ľŲĐŲśóƭĞóŦė!óŘĞ
1ơƭóďśŌơľĞėŌŦɎȐȘȘȐ ¦ƵƙĐľóơĞėŌŦɎȑȏȐȖɔ
!óƖóĐŌƭǔɎ !óƖóĐŌƭǔɎ

221 thousand tons/year 36 thousand tons/year

Ankara Factory Saudi Arabia Factory (FMC)
ŌơĐƵŌƭ ŌơĐƵŌƭɏ!ľŲĐŲśóƭĞóŦė!óŘĞ
1ơƭóďśŌơľĞėŌŦȐȘȕȘ ¦ƵƙĐľóơĞėŌŦɎȑȏȐȕ
!óƖóĐŌƭǔɎ !óƖóĐŌƭǔɎ

139 thousand tons/year 46 thousand tons/year

Karaman Factory Saudi Arabia Factory (IBC)
ŌơĐƵŌƭɏ!óŘĞɏ!ƙóĐŘĞƙˀ!ľŲĐŲśóƭĞ ŌơĐƵŌƭóŦė!ľŲĐŲśóƭĞ
1ơƭóďśŌơľĞėŌŦɎȐȘȗȕ ¦ƵƙĐľóơĞėŌŦɎȑȏȐȗ
!óƖóĐŌƭǔɎ !óƖóĐŌƭǔɎ

216 thousand tons/year 30 thousand tons/year

18
 ^±hËÝ^
Annual Report 2020

hîhP±¾v

¾Å©h1ä

1I䦾
±Å(U
© U

Today Ülker Bisküvi has

become a regional force
continuing its production
activities with 10 plants in
four countries.

19
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Annual Report 2020
tĞơơóķĞĶƙŲŤƭľĞ!ľóŌƙŤóŦ
Further strengthened by a digitalization infrastructure
already in process, we successfully managed the pandemic.
(Ğóƙ±ƭóŘĞľŲśėĞƙơɏ
UŦȑȏȑȏɏǎĞǎŌƭŦĞơơĞėơŌķŦŌĶŌĐóŦƭėĞǍĞśŲƖŤĞŦƭơ
ƭľóƭĐóŦďĞĐŲŦơŌėĞƙĞėóŤŌśĞơƭŲŦĞĶŲƙóƖĞƙŌŲėŲĶ
ĞĐŲŦŲŤŌĐɏơŲĐŌóśóŦėƭĞĐľŦŲśŲķŌĐóśƭƙóŦơĶŲƙŤóƭŌŲŦ
ƭľóƭǎŌśśķƵŌėĞƭľĞŦĞóƙĶƵƭƵƙĞŲĶľƵŤóŦŌƭǔɔUŦ
ȑȏȑȏɏǎĞĞǓƖĞƙŌĞŦĐĞėóƙĞǍŲśƵƭŌŲŦóƙǔĐľóŦķĞƭŲ
ŲƵƙŲƵƭśŲŲŘŲŦśŌĶĞɏơƭóƙƭŌŦķĶƙŲŤŲƵƙơŲĐŌóśóŦė
ƖƙŲĶĞơơŌŲŦóśľóďŌƭơɔUŦƭľĞĶóĐĞŲĶĐľóśśĞŦķŌŦķ
ĐŲŦėŌƭŌŲŦơɏǎĞƭŲŲŘŌŦŦŲǍóƭŌǍĞơƭĞƖơƭŲơƭƙĞŦķƭľĞŦ
ŲƵƙóėóƖƭóƭŌŲŦƭŲƭľĞƖóŦėĞŤŌĐóŦėŌƭơĞĶĶĞĐƭơɔ¾ľŌơ
ėŌĶĶŌĐƵśƭǔĞóƙŲŦĐĞóķóŌŦľŌķľśŌķľƭĞėƭľĞơŌķŦŌĶŌĐóŦĐĞ
ŲĶďƵơŌŦĞơơĐŲŦƭŌŦƵŌƭǔóŦėŌƭơĐŲŤƖŲŦĞŦƭơɔ
HŲĐƵơŌŦķŲŦɽľƵŤóŦľĞóśƭľɾơŌŦĐĞƭľĞǍĞƙǔ
ďĞķŌŦŦŌŦķŲĶƭľĞƖóŦėĞŤŌĐɏŲƵƙƖƙŌŲƙŌƭǔǎóơƭŲ
ĞŦơƵƙĞƭľĞơóĶĞƭǔŲĶĞóĐľóŦėĞǍĞƙǔĞŤƖśŲǔĞĞóŦė
ƭŲŤóŌŦƭóŌŦŲƵƙŲƖĞƙóƭŌŲŦơɔ‚ƵƙķŲóśǎóơƭŲĐŲŦƭŌŦƵĞ
ƭŲĐŲŦƭƙŌďƵƭĞƭŲóśśƭľĞơƭóŘĞľŲśėĞƙơǎŌƭľŌŦŲƵƙǍóśƵĞ
ĐľóŌŦɏĶƙŲŤơƵƖƖśŌĞƙơƭŲĐŲŦơƵŤĞƙơɏǎľŌśĞĐŲŦėƵĐƭŌŦķ
ŲƵƙóĐƭŌǍŌƭŌĞơɔ
HƙŲŤƭľĞďĞķŌŦŦŌŦķŲĶƭľĞƖóŦėĞŤŌĐɏǎĞėĞǍĞśŲƖĞė
ĞǓĞŤƖśóƙǔƖƙóĐƭŌĐĞơƭŲĞŦóďśĞƭľĞóĐĐĞơơŲĶŲƵƙ
ĐŲŦơƵŤĞƙơƭŲơóĶĞƖƙŲėƵĐƭơóŦėƭŲƖƙŲƭĞĐƭƭľĞ
ľĞóśƭľŲĶŲƵƙĞŤƖśŲǔĞĞơɔơóƙĞơƵśƭŲĶƭľĞơĞ
ƖƙóĐƭŌĐĞơɏǎĞǎĞƙĞóǎóƙėĞėƭľĞ¾±1!‚ÝU(ɲȐȘ±óĶĞ
¦ƙŲėƵĐƭŌŲŦ!ĞƙƭŌĶŌĐóƭĞĶŲƙóśśŲƵƙĶóĐƭŲƙŌĞơŌŦ¾ƵƙŘĞǔɔ
20
(ŌķŌƭóśŌǞóƭŌŲŦǎóơóŤŲŦķƭľĞŤŲơƭƖƙŲŤŌŦĞŦƭŌơơƵĞơ
ŲĶȑȏȑȏɔHƵƙƭľĞƙơƭƙĞŦķƭľĞŦĞėďǔóėŌķŌƭóśŌǞóƭŌŲŦ
ŌŦĶƙóơƭƙƵĐƭƵƙĞóśƙĞóėǔŌŦƖƙŲĐĞơơɏǎĞơƵĐĐĞơơĶƵśśǔ
ŤóŦóķĞėƭľĞƖóŦėĞŤŌĐɔÞĞŌŦóƵķƵƙóƭĞėėŌķŌƭóś
ƭƙóŦơĶŲƙŤóƭŌŲŦǎŌƭľóŦĞŦėɲƭŲɲĞŦėóƖƖƙŲóĐľ
ĞǓƭĞŦėŌŦķĶƙŲŤơƵƖƖśǔĐľóŌŦƭŲĐŲŦơƵŤĞƙɔ
‚ŦŲƵƙƖóƭľƭŲóėŲƖƭŌŦķŲƵƙɽŦŲɲǎóơƭĞĐŲŤƖóŦǔɾ
ŤŲėĞśɏǎĞƖƵƭóśśŲƵƙĞĶĶŲƙƭơŌŦƭŲśĞóǍŌŦķĶƵƭƵƙĞ
ķĞŦĞƙóƭŌŲŦơóľóďŌƭóďśĞǎŲƙśėɏóơǎĞśśóơŤóŌŦƭóŌŦŌŦķ
ŲƵƙŲƖĞƙóƭŌŲŦơʀơƵơƭóŌŦóďŌśŌƭǔɔ(ƵƙŌŦķƭľĞ!‚ÝU(ɲȐȘ
ƖĞƙŌŲėɏǎĞóĐƭĞėŌŦóǎóƙĞŦĞơơŲĶƭľĞŌŤƖŲƙƭóŦĐĞŲĶ
ƭľĞơƵƖƖśǔĐľóŌŦɏƭŲĞŦơƵƙĞƭľóƭĐŲŦơƵŤĞƙơĐŲƵśė
ĐŲŦƭŌŦƵĞƭŲóĐĐĞơơŲƵƙƖƙŲėƵĐƭơɏƭŲƵŦėĞƙơƭóŦėŲƵƙ
ĐŲŦơƵŤĞƙơɏóŦėƭŲĐóƙƙǔŲŦŌŦóĐĐŲƙėóŦĐĞǎŌƭľƭľĞŌƙ
ƙĞƘƵŌƙĞŤĞŦƭơóŦėĐľóŦķŌŦķďĞľóǍŌŲƙơɔ
ÞĞóśǎóǔơóƭƭóĐľƖƙŌŲƙŌƭǔƭŲŲƵƙƙĞơƖŲŦơŌďŌśŌƭŌĞơ
ƭŲǎóƙėơƭľĞĞŦǍŌƙŲŦŤĞŦƭóŦėĶƵƭƵƙĞķĞŦĞƙóƭŌŲŦơ
ėƵƙŌŦķƖƙŲėƵĐƭŌŲŦɔÞľŌśĞĐóƙƙǔŌŦķŲƵƭơƵơƭóŌŦóďŌśŌƭǔ
óĐƭŌǍŌƭŌĞơŌŦśŌŦĞǎŌƭľśŲŦķɲƭĞƙŤķŲóśơƭľóƭǎĞ
ėĞĶŌŦĞėŌŦȑȏȐȓɏËśŘĞƙ ŌơŘƻǍŌľóơďĞĞŦśŌơƭĞėŌŦƭľĞ
ŲƙơóUơƭóŦďƵś±ƵơƭóŌŦóďŌśŌƭǔUŦėĞǓóŦėH¾±1ȓIŲŲė
1ŤĞƙķŌŦķUŦėĞǓĞơɏƭľĞķśŲďóśơƵơƭóŌŦóďŌśŌƭǔŌŦėĞǓɏ
ơŌŦĐĞȑȏȐȔóŦėȑȏȐȕɏƙĞơƖĞĐƭŌǍĞśǔɔÞĞĐŲŦƭŌŦƵĞė
ƭŲķƙŲǎƭŲķĞƭľĞƙǎŌƭľŲƵƙơƭóŘĞľŲśėĞƙơŌŦȑȏȑȏɏ
ǎŌƭľŲƵƭĐŲŤƖƙŲŤŌơŌŦķŲƵƙơóǍŌŦķóŦėĞĶĶŌĐŌĞŦĐǔ
óƖƖƙŲóĐľĞơɔ
 ^±hËÝ^
Annual Report 2020

HŲƙŲƵƙĐŲƵŦƭƙǔɏóơǎĞśśóơƭľĞĞŦƭŌƙĞǎŲƙśėɏȑȏȑȏ
ľóơďĞĞŦóĐľóśśĞŦķŌŦķǔĞóƙɔ‚ŦƭľĞŲƭľĞƙľóŦėɏ
ƭľóŦŘơƭŲśóǎơĞŦóĐƭĞėƭŲďŲŲơƭƭľĞŤóƙŘĞƭơóŦė
ǎŌƭľƭľĞĐŲŦƭƙŌďƵƭŌŲŦŲĶķƙŲǎƭľĶŌķƵƙĞơɏĞơƖĞĐŌóśśǔŌŦ
ƭľĞŌŦėƵơƭƙǔơĞĐƭŲƙóŦėóĶƭĞƙƭľĞơĞĐŲŦėƘƵóƙƭĞƙŲĶ
ȑȏȑȏŌŦƖóƙƭŌĐƵśóƙɏǎĞďĞśŌĞǍĞƭľóƭȑȏȑȐǎŌśśėĞśŌǍĞƙó
ơŌķŦŌĶŌĐóŦƭƙĞĐŲǍĞƙǔɔƭËśŘĞƙ ŌơŘƻǍŌɏǎĞǎŌśśĐŲŦƭŌŦƵĞ
ƭŲơƵƖƖŲƙƭŲƵƙĐŲƵŦƭƙǔʀơėĞǍĞśŲƖŤĞŦƭķŲóśơóŦė
ķóŌŦơƭƙĞŦķƭľŌŦƭľĞķśŲďóśĐŲŤƖĞƭŌƭŌŲŦɏŤóŌŦƭóŌŦŲƵƙ
ơƭƙŲŦķƖŲơŌƭŌŲŦŌŦƭľĞĞǓŌơƭŌŦķŤóƙŘĞƭơɏóŦėơƵơƭóŌŦ
ŲƵƙśĞóėĞƙơľŌƖŌŦȑȏȑȐɏóơǎĞśśɔ

UĞǓƭĞŦėŤǔľĞóƙƭĶĞśƭƭľóŦŘơƭŲóśśŲƵƙơƭóŘĞľŲśėĞƙơ
ǎľŲĐŲŦƭŌŦƵĞƭŲďĞśŌĞǍĞŌŦóŦėơƵƖƖŲƙƭƵơŌŦƭľĞ
óėėĞėǍóśƵĞǎĞƖƙŲǍŌėĞĶŲƙŲƵƙ!ŲŤƖóŦǔóŦėŲƵƙ
ĐŲƵŦƭƙǔɔ At Ülker Bisküvi, we will
tĞľŤĞƭ¾ƻƭƻŦĐƻ continue to support our
!ľóŌƙŤóŦŲĶƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơ
country’s development
goals in 2021.

21
 ^±hËÝ^
Annual Report 2020
tĞơơóķĞĶƙŲŤƭľĞ!1‚
We significantly increased our profitability while achieving
sustainable growth in our areas of operation in 2020.
(Ğóƙ±ƭóŘĞľŲśėĞƙơɏ
ȑȏȑȏǎŌśśďĞƙĞŤĞŤďĞƙĞėóơóŦŌŤƖŲƙƭóŦƭǔĞóƙ
ŌŦƭĞƙŤơŲĶŲǍĞƙĐŲŤŌŦķƭľĞĐľóśśĞŦķĞơǎĞĶóĐĞė
ėƵĞƭŲƭľĞƖóŦėĞŤŌĐɏóơǎĞśśóơŌŦƭĞƙŤơŲĶ
ķśŲďóśĐŲŲƖĞƙóƭŌŲŦóŦėơŲśŌėóƙŌƭǔɔUŦơƵĐľƭƙǔŌŦķ
ƭŌŤĞơɏóƭËśŘĞƙ ŌơŘƻǍŌɏǎĞĐŲŤƖśĞƭĞśǔĶƵśĶŌśśĞė
ŲƵƙƙĞơƖŲŦơŌďŌśŌƭŌĞơóĐƙŲơơóśśŲƵƙƖƙŲĐĞơơĞơɏŌŦ
ƖƙŲėƵĐƭŌŲŦóŦėŌŦóĐĐĞơơƭŲĐŲŦơƵŤĞƙơɔÞĞŘĞƖƭ
ŲƵƙƖƙŲėƵĐƭŌŲŦƖƙŲĐĞơơĞơķŲŌŦķɏơƵƖƖŲƙƭŌŦķƭľĞ
ĞĐŲŦŲŤǔɔơƭľĞơƭƙóƭĞķŌĐơĞĐƭŲƙėƵƙŌŦķƭľĞƖĞƙŌŲėɏ
ǎĞĐŲŦƭŌŦƵĞėơĞƙǍŌŦķŲƵƙĐŲƵŦƭƙǔɔ
ÞĞŌŤƖśĞŤĞŦƭĞėŲƵƙƖóŦėĞŤŌĐŤĞóơƵƙĞơ
ėǔŦóŤŌĐóśśǔďǔĐśŲơĞśǔĶŲśśŲǎŌŦķƭľĞėĞǍĞśŲƖŤĞŦƭơɔ
ÞĞóėŲƖƭĞėƙĞǍŌơŌŲŦơŌŦŲƵƙďƵơŌŦĞơơƖƙŲĐĞơơĞơ
ŌŦśŌŦĞǎŌƭľƭľĞĞǍŲśǍŌŦķĐŌƙĐƵŤơƭóŦĐĞơɏƭľóŦŘơ
ƭŲŲƵƙĶśĞǓŌďśĞóŦėóķŌśĞďƵơŌŦĞơơŤŲėĞśɔŦė
ǎĞŤóŌŦƭóŌŦĞėŲƵƙĐŲŦƭƙŌďƵƭŌŲŦƭŲŲƵƙĐŲƵŦƭƙǔʀơ
ĞĐŲŦŲŤǔƭľƙŲƵķľŲƵƙƖƙŲėƵĐƭŌŲŦɏĞǓƖŲƙƭóƭŌŲŦóŦė
ƙĞĐƙƵŌƭŤĞŦƭƖƙŲĐĞơơĞơɔ
‚ƵƙƖƙŌŲƙŌƭǔľóơóśǎóǔơďĞĞŦľƵŤóŦľĞóśƭľóŦė
ǎĞŌŦƭĞŦơŌĶŌĞėŲƵƙĞĶĶŲƙƭơǎľĞŦƭľĞƖóŦėĞŤŌĐ
ďĞķóŦɔÞĞŌŤƖśĞŤĞŦƭĞėƭľĞȐȓƙƵśĞơóėǍŌơĞėďǔƭľĞ
tŌŦŌơƭƙǔŲĶPĞóśƭľŌŦóśśŲƵƙǎŲƙŘóƙĞóơɏŌŦĐśƵėŌŦķŲƵƙ
ĶóĐƭŲƙŌĞơɏƭŲƖƙŲƭĞĐƭƭľĞľĞóśƭľŲĶŲƵƙĞŤƖśŲǔĞĞơɏ
óơǎĞśśóơƭľĞŌƙĶóŤŌśŌĞơɔUŦƭľĞŤĞóŦƭŌŤĞɏǎĞ
ƭŲŲŘóėėŌƭŌŲŦóśŤĞóơƵƙĞơǎľŌĐľǎĞĐóśśĞėɽȐȓʤȐȓɔɾ
ÞŌƭľŲƵƙƙĞơƖŲŦơŌďŌśŌƭǔƭŲŤĞĞƭƭľĞƙĞƘƵŌƙĞŤĞŦƭơ
ŲĶĐŲŦơƵŤĞƙơɏƖóƙƭŌĐƵśóƙśǔėƵƙŌŦķƭľĞƖóŦėĞŤŌĐɏ
ǎĞƖƵƭóśśŲƵƙĞĶĶŲƙƭơƭŲǎóƙėơƵŦŌŦƭĞƙƙƵƖƭĞė
ƖƙŲėƵĐƭŌŲŦóƭóśśďƵơŌŦĞơơƵŦŌƭơóŦėƭƙóŦơĶĞƙƙŌŦķ
ƭľĞķŲŲėơƖƙŲėƵĐĞėƭŲȐȘȏɏȏȏȏƙĞƭóŌśśŲĐóƭŌŲŦơɯƭŲ
ŲƵƙĐŲŦơƵŤĞƙơɯŦóƭŌŲŦǎŌėĞɏƭľƙŲƵķľŲƵƙơƭƙŲŦķ
ėŌơƭƙŌďƵƭŌŲŦŦĞƭǎŲƙŘɔ
22
ÞĞŌŦĐƙĞóơĞėŲƵƙƙĞǍĞŦƵĞďǔȑȏɔȔʼ
UŦȑȏȑȏɏǎĞơŌķŦŌĶŌĐóŦƭśǔŌŦĐƙĞóơĞėŲƵƙƖƙŲĶŌƭóďŌśŌƭǔ
ǎľŌśĞóĐľŌĞǍŌŦķơƵơƭóŌŦóďśĞķƙŲǎƭľŌŦƭľĞóƙĞóơ
ǎľĞƙĞǎĞŲƖĞƙóƭĞɔÞĞŌŦĐƙĞóơĞėŲƵƙĐŲŦơŲśŌėóƭĞė
ƙĞǍĞŦƵĞďǔȑȏɔȔʼƭŲ¾jȘɔȓďŌśśŌŲŦóơǎĞśśóơŲƵƙ
1óƙŦŌŦķơ ĞĶŲƙĞUŦƭĞƙĞơƭɏ¾óǓɏ(ĞƖƙĞĐŌóƭŌŲŦóŦė
ŤŲƙƭŌǞóƭŌŲŦɦ1 U¾(ɧďǔȑȓɔȓʼƭŲȐȖɔȑʼ1 U¾(
ŤóƙķŌŦɔÞĞľóǍĞĐŲŦƭŌŦƵĞėŲƵƙƵŦėŌơƖƵƭĞė
śĞóėĞƙơľŌƖŌŦƭľĞŲǍĞƙóśśĐŲŦĶĞĐƭŌŲŦóƙǔŤóƙŘĞƭ
ŌŦ¾ƵƙŘĞǔɔÞĞśĞóėŲƵƙĐŲƵŦƭƙǔŌŦďĞĐŲŤŌŦķó
ƖƙŲėƵĐƭŌŲŦóŦėĞǓƖŲƙƭóƭŌŲŦďóơĞǎľŌśĞŌŦĐƙĞóơŌŦķ
ƙĞƭóŌśóŦėƖƙŲĶŌƭóďŌśŌƭǔɔÞĞóĐľŌĞǍĞėóķƙŲǎƭľŲĶ
ȐȗɔȕʼóŦėȑȒɔȓʼŌŦŲƵƙėŲŤĞơƭŌĐóŦėŌŦƭĞƙŦóƭŌŲŦóś
ŲƖĞƙóƭŌŲŦơƙĞơƖĞĐƭŌǍĞśǔɔ
ÞĞƙĞŌŦĶŲƙĐĞėŲƵƙŤóƙŘĞƭśĞóėĞƙơľŌƖŌŦƭľĞďŌơĐƵŌƭơ
ŤóƙŘĞƭŌŦ±óƵėŌƙóďŌóɦh±ɧɏǎľĞƙĞǎĞŲƖĞƙóƭĞƭǎŲ
ĶóĐƭŲƙŌĞơɏǎľŌśĞǎĞơƭƙĞŦķƭľĞŦĞėŲƵƙƖŲơŌƭŌŲŦŌŦƭľĞ
t1vóŦė!ĞŦƭƙóśơŌóŤóƙŘĞƭơɔÞĞóśơŲóĐľŌĞǍĞė
ơƭóďśĞķƙŲǎƭľŌŦŲƵƙƙĞƭóŌśĶŌķƵƙĞơŌŦhóǞóŘľơƭóŦɏ
ŲƵƙķóƭĞǎóǔƭŲ!ĞŦƭƙóśơŌóɔUŦóėėŌƭŌŲŦƭŲƭľĞơĞ
óĐľŌĞǍĞŤĞŦƭơɏǎĞơƵĐĐĞơơĶƵśśǔĐŲŤƖśĞƭĞėȑȏȑȏǎŌƭľ
óǍĞƙǔơƭƙŲŦķďóśóŦĐĞơľĞĞƭóŦėŦĞƭėĞďƭƙóƭŌŲơɔ
ÞĞĐŲŦƭƙŌďƵƭĞƭŲŲƵƙĐŲƵŦƭƙǔʀơĞĐŲŦŲŤǔƭľƙŲƵķľŲƵƙ
ĞǓƖŲƙƭóƭŌŲŦŲƖĞƙóƭŌŲŦơƭŲŤŲƙĞƭľóŦȐȏȏĐŲƵŦƭƙŌĞơ
ǎŲƙśėǎŌėĞɏƭľƙŲƵķľŤŲƙĞƭľóŦȘɏȏȏȏĞŤƖśŲǔĞĞơɏóŦė
ƭľƙŲƵķľŲƵƙƖƙŲėƵĐƭŌŲŦŲƖĞƙóƭŌŲŦơóƭȐȏĶóĐƭŲƙŌĞơɏ
ơŌǓŌŦ¾ƵƙŘĞǔóŦėĶŲƵƙŲǍĞƙơĞóơɔơŲƵƙĞĶĶŌĐŌĞŦĐǔ
ŌŦŌƭŌóƭŌǍĞơŌŦ¾ƵƙŘĞǔśĞóėƭŲĐŲơƭóėǍóŦƭóķĞơɏŲƵƙ
ŦĞǎƖƙŲėƵĐƭơơƭƙĞŦķƭľĞŦŲƵƙśĞóėŌŦķƖŲơŌƭŌŲŦŌŦƭľĞ
ƙĞśóƭĞėĐóƭĞķŲƙŌĞơɔ
 ^±hËÝ^
Annual Report 2020

UŦȑȏȑȏɏǎĞơŌķŦĞėóśŲóŦóķƙĞĞŤĞŦƭŲĶű(ȓȔȔ
ŤŌśśŌŲŦóŦėŌơơƵĞė1ƵƙŲďŲŦėóŤŲƵŦƭŌŦķƭŲű(
ȕȔȏŤŌśśŌŲŦɔUŦƭľĞĶŌƙơƭľóśĶŲĶƭľĞǔĞóƙɏËśŘĞƙ ŌơŘƻǍŌ
ơŌķŦĞėóű(ȓȔȔŤŌśśŌŲŦśŲóŦóķƙĞĞŤĞŦƭǎŌƭľƭľĞ
1ƵƙŲƖĞóŦ óŦŘĶŲƙ©ĞĐŲŦơƭƙƵĐƭŌŲŦóŦė(ĞǍĞśŲƖŤĞŦƭ
ɦ1 ©(ɧóŦėơĞǍĞŦŌŦƭĞƙŦóƭŌŲŦóśďóŦŘơɔUŦƭľĞ
ơĞĐŲŦėľóśĶŲĶƭľĞǔĞóƙɏËśŘĞƙ ŌơŘƻǍŌĐŲŦĐśƵėĞėŌƭơ
ĶŌƙơƭ1ƵƙŲďŲŦėŌơơƵóŦĐĞŲĶű(ȕȔȏŤŌśśŌŲŦǎŌƭľóŦ
ŲǍĞƙĶśŲǎŲĶơƵďơĐƙŌƖƭŌŲŦŲĶű(ȐɔȗďŌśśŌŲŦĶƙŲŤŲǍĞƙ
ȐȒȏŌŦƭĞƙŦóƭŌŲŦóśŌŦǍĞơƭŲƙơŌŦȑȗĐŲƵŦƭƙŌĞơɔ(ĞơƖŌƭĞ
ƭľĞĐľóśśĞŦķŌŦķķśŲďóśĞĐŲŦŲŤŌĐĐŲŦėŌƭŌŲŦơɏƭľĞ
ƖƙŲǍŌơŌŲŦŲĶśŲŦķɲƭĞƙŤĶŌŦóŦĐŌŦķƭŲŲƵƙ!ŲŤƖóŦǔďǔ
ŌŦƭĞƙŦóƭŌŲŦóśŌŦǍĞơƭŲƙơǎóơóŦŌŦėŌĐóƭŌŲŦŲĶƭƙƵơƭŌŦ
¾ƵƙŘĞǔóŦėŲƵƙ!ŲŤƖóŦǔɔËśŘĞƙ ŌơŘƻǍŌǎŌśśơƵơƭóŌŦ
ŌƭơķƙŲǎƭľƭľƙŲƵķľóŦŌŦǍĞơƭŤĞŦƭɲŲƙŌĞŦƭĞėŤĞŦƭóśŌƭǔ
ďóơĞėŲŦóĐŲŦĐƙĞƭĞĶŌŦóŦĐŌŦķŤŲėĞśɔ In the 2020, we launched more
UŦŦŲǍóƭŌŲŦɎėƙŌǍŌŦķĶŲƙĐĞŌŦķƙŲǎƭľ than 70 new products in the
ơóƙĞơƵśƭŲĶŲƵƙ©ˀ(óĐƭŌǍŌƭŌĞơɏǎĞƖƙĞơĞŦƭ
ŌŦŦŲǍóƭŌǍĞƖƙŲėƵĐƭơƭŲŲƵƙĐŲŦơƵŤĞƙơĶŲƙƭľĞŌƙ chocolate, biscuit and cake
ơóƭŌơĶóĐƭŌŲŦɔÞĞėĞǍĞśŲƖŦĞǎƖƙŲėƵĐƭơŌŦśŌŦĞǎŌƭľ
ƭľĞėĞŤóŦėóŦėƙĞƘƵŌƙĞŤĞŦƭơɏǎľŌśĞóśơŲƙĞóśŌǞŌŦķ categories.
ƖƙŲŕĞĐƭơƭŲŌŤƖƙŲǍĞóŦėŌŦĐƙĞóơĞƭľĞǍóƙŌĞƭǔŲĶ
ĞǓŌơƭŌŦķƖƙŲėƵĐƭơɔUŦȑȏȑȏɏǎĞŌŦǍĞơƭĞėŌŦŲƵƙ
ƖƙŲėƵĐƭŌŲŦĶóĐŌśŌƭŌĞơóŦėśóƵŦĐľĞėóŦėƙĞɲśóƵŦĐľĞė
ơĞǍĞƙóśŌŦŦŲǍóƭŌǍĞƖƙŲėƵĐƭơƵŦėĞƙƭľĞËśŘĞƙ$ŌŘŲśóƭóɏ
(ŌėŲɏËśŘĞƙ$ŌŘŲśóƭóśńIŲĶƙĞƭɏPóŦńŤĞśśĞƙɏśďĞŦŌɏ
‚ʀśóśóɏ ŌơŘƙĞŤɏËśŘĞƙhƙĞŤóśńóŦė$ŌǞŌďƙóŦėơɏŌŦ
ƖóƙƭŌĐƵśóƙɔUŦƭľĞȑȏȐȘɲȑȏȑȏɏǎĞśóƵŦĐľĞėŤŲƙĞƭľóŦ
ȖȏŦĞǎƖƙŲėƵĐƭơŌŦƭľĞĐľŲĐŲśóƭĞɏďŌơĐƵŌƭóŦėĐóŘĞ
ĐóƭĞķŲƙŌĞơɔUŦƭľĞƖóơƭƭľƙĞĞǔĞóƙơɏǎĞơŌķŦŌĶŌĐóŦƭśǔ
ŌŦĐƙĞóơĞėƭľĞƙóƭŌŲŲĶŦĞǎƖƙŲėƵĐƭơŌŦƙĞƭóŌśĶŌķƵƙĞơɏ
ėĞŤŲŦơƭƙóƭŌŦķƭľóƭŌŦŦŲǍóƭŌŲŦŌơóėƙŌǍŌŦķĶŲƙĐĞŌŦ
ŲƵƙ!ŲŤƖóŦǔʀơķƙŲǎƭľɔ

23
 ^±hËÝ^
Annual Report 2020
tĞơơóķĞĶƙŲŤƭľĞ!1‚
We place sustainability efforts at the core of our way of
business: these efforts are shaped from the ground up and
include producers, suppliers, stakeholders, business partners
and consumers.
(ŌķŌƭóśŌǞóƭŌŲŦóķĞŦėóóƭƭľĞĶŲƙĞĶƙŲŦƭ
(ŌķŌƭóśŌǞóƭŌŲŦľóơśŲŦķďĞĞŦƖóƙƭŲĶŲƵƙóķĞŦėóɔ
¾ľóŦŘơƭŲƭľŌơǍŌơŌŲŦóŦėŲƵƙŌŦǍĞơƭŤĞŦƭơŌŦƭŲ
ėŌķŌƭóśŌǞóƭŌŲŦɏǎĞơǎŌĶƭśǔóėóƖƭĞėƭŲƭľĞŦĞǎ
ĐŲŦėŌƭŌŲŦơɔÞĞŌŦĐƙĞóơĞėĞĶĶŌĐŌĞŦĐǔƭľƙŲƵķľ
ŌŦŌƭŌóƭŌǍĞơŲŦƭƙóŦơĶŲƙŤŌŦķśóďŲƙɏƖƙŲėƵĐƭŌŲŦóŦė
ơƵƖƖśǔŤóŦóķĞŤĞŦƭɔÞĞĞǓƭĞŦėĞėŤĞƙĐľóŦėŌơŌŦķ
óĐƭŌǍŌƭŌĞơóŦėơŌƭĞǍŌơŌƭơƭŲƭľĞėŌķŌƭóśĞŦǍŌƙŲŦŤĞŦƭ
ƭľƙŲƵķľŲƵƙɽtĞƙĐľóŦėŌơŌŦķɾóŦėɽIŲǔóơơŌơƭóŦƭɾ
ƖƙŲŕĞĐƭơɏƙĞơƖĞĐƭŌǍĞśǔɔ¾ľĞƭŌŤĞŲĶƭóŘŌŦķŦŲƭĞơďǔ
ľóŦėóƭƭľĞơŌƭĞóŦėĞɲŤóŌśŌŦķƭľĞƙĞśóƭĞėĐŲŦƭóĐƭ
ľóơĞŦėĞėɔÞĞŌŦƭĞķƙóƭĞėɽUŤóķЦƙŲĐĞơơŌŦķɾ
ƭĞĐľŦŲśŲķǔŌŦƭŲŲƵƙďƵơŌŦĞơơƖƙŲĐĞơơĞơəǎĞŦŲǎƵơĞ
ɽ©ŲďŲƭŌЦƙŲĐĞơơƵƭŲŤóƭŌŲŦɾƭŲóǍŲŌėŤóŦƵóśóŦė
ƙĞƖĞƭŌƭŌǍĞƖƙŲĐĞơơĞơǎŌƭľŦŲóėėĞėǍóśƵĞɔ¾ľƙŲƵķľ
ƭľĞɽU‚¾UŦơƭóŦƭ¦ƙŲėƵĐƭŌŲŦ¾ƙóĐŘŌŦķ¦ƙŲŕĞĐƭɏɾǎĞĐóŦ
ŌŦơƭóŦƭśǔŤŲŦŌƭŲƙƭľĞƖƙŲėƵĐƭŌŲŦƖĞƙĶŲƙŤóŦĐĞŲĶ
śŌŦĞơǍŌóơĞŦơŲƙơŌŦơƭóśśĞėŲŦƭľĞƖƙŲėƵĐƭŌŲŦśŌŦĞơɔÞĞ
ŤŲǍĞėľƵŤóŦƙĞơŲƵƙĐĞơƙĞĐƙƵŌƭŤĞŦƭóŦėŲƙŌĞŦƭóƭŌŲŦ
ƖƙŲĐĞơơĞơƭŲėŌķŌƭóśĶŲƙŤóƭơóŦėơŌŤƖśŌĶŌĞėƭľĞŤ
ĶŲƙơǎŌĶƭĞƙŤóŦóķĞŤĞŦƭɔÞľŌśĞƖóǔŌŦķƭľĞƵƭŤŲơƭ
óƭƭĞŦƭŌŲŦƭŲƭľĞľĞóśƭľŲĶŲƵƙĞŤƖśŲǔĞĞơɯǎŌƭľŲƵƭ
ŌŦƭĞƙƙƵƖƭŌŦķƖƙŲėƵĐƭŌŲŦɯŲƵƙėŌķŌƭóśƭƙóŦơĶŲƙŤóƭŌŲŦ
ŤĞƭľŲėơƙĞĶśĞĐƭĞėǍĞƙǔƖŲơŌƭŌǍĞśǔŲŦƙĞǍĞŦƵĞóŦė
ĞǓƖŲƙƭóƭŌŲŦĶŌķƵƙĞơɔ
ƖľŌśŲơŲƖľǔŲĶķƙŲǎŌŦķƭŲķĞƭľĞƙǎŌƭľŲƵƙ
ơƭóŘĞľŲśėĞƙơ
±ƵơƭóŌŦóďŌśŌƭǔŌơŲĶĐƙŌƭŌĐóśơŌķŦŌĶŌĐóŦĐĞĶŲƙƭľĞ
ĶƵƭƵƙĞŲĶŲƵƙǎŲƙśėóŦėľƵŤóŦŌƭǔɔ¾ľĞƖóŦėĞŤŌĐ
ĐŲŦĶŌƙŤĞėƭľĞǍóśƵĞŲĶơƭĞƖơƭóŘĞŦơŲĶóƙŌŦƭĞƙŤơ
ŲĶơƵơƭóŌŦóďŌśŌƭǔɔėŲƖƭŌŦķóɽŦŲɲǎóơƭĞĐŲŤƖóŦǔɾ
ŤŲėĞśơŌŦĐĞŲƵƙĞơƭóďśŌơľŤĞŦƭɏǎĞĐŲŦƭŌŦƵĞŲƵƙ
ŲƖĞƙóƭŌŲŦơǎŌƭľóŦóƖƖƙŲóĐľƭľóƭŌơĶŲĐƵơĞėŲŦ
24
ķƙŲǎŌŦķóŦėơƭƙĞŦķƭľĞŦŌŦķƭŲķĞƭľĞƙǎŌƭľơŲĐŌĞƭǔɏ
ŲƵƙơƭóŘĞľŲśėĞƙơɔÞĞėĞǍĞśŲƖǍóƙŌŲƵơƖƙŲŕĞĐƭơŲŦ
ǎóƭĞƙóŦėĞŦĞƙķǔƖƙĞơĞƙǍóƭŌŲŦɏľƵŤóŦƙĞơŲƵƙĐĞơ
óŦėƖƙŲėƵĐƭŌŲŦƘƵóśŌƭǔəƭľĞơĞĞĶĶŲƙƭơóƙĞďóơĞėŲŦ
ƭľĞÅŦŌƭĞėvóƭŌŲŦơȑȏȒȏ±ƵơƭóŌŦóďśĞ(ĞǍĞśŲƖŤĞŦƭ
IŲóśơŌŦŲƙėĞƙƭŲŤŲŦŌƭŲƙóŦėóƵėŌƭƭľĞŤŌŦśŌŦĞǎŌƭľó
ĐĞƙƭóŌŦơƭƙóƭĞķǔɔÞĞƖśóĐĞơƵơƭóŌŦóďŌśŌƭǔĞĶĶŲƙƭơóƭƭľĞ
ĐŲƙĞŲĶŲƵƙǎóǔŲĶďƵơŌŦĞơơɎƭľĞơĞĞĶĶŲƙƭơóƙĞơľóƖĞė
ĶƙŲŤƭľĞķƙŲƵŦėƵƖóŦėŌŦĐśƵėĞƖƙŲėƵĐĞƙơɏơƵƖƖśŌĞƙơɏ
ơƭóŘĞľŲśėĞƙơɏďƵơŌŦĞơơƖóƙƭŦĞƙơóŦėĐŲŦơƵŤĞƙơɔƭ
ËśŘĞƙ ŌơŘƻǍŌɏǎĞďĞśŌĞǍĞƭľóƭǎĞŤóŘĞóķƙĞóƭĞƙ
ĐŲŦƭƙŌďƵƭŌŲŦƭŲƭľĞĶƵƭƵƙĞŲĶŲƵƙĐŲƵŦƭƙǔɏóơǎĞśśóơƭľĞ
ǎŲƙśėɏǎľĞŦǎĞƖƙŲƭĞĐƭóŦėƖóƙƭŌĐŌƖóƭĞŌŦƭľŌơĐǔĐśĞɔ
‚ƵƙķŲóśŌơƭŲóĐľŌĞǍĞơƵơƭóŌŦóďśĞķƙŲǎƭľǎŌƭľŲƵƭ
ǎóơƭŌŦķƙĞơŲƵƙĐĞơɯŦŲƭŲŦśǔėƵƙŌŦķƖƙŲėƵĐƭŌŲŦóŦė
ơƵƖƖśǔƖľóơĞơɏďƵƭŌŦĞǍĞƙǔơƭĞƖŲĶŲƵƙóĐƭŌǍŌƭŌĞơɔơ
ơƵĐľɏǎĞƖƙŌŲƙŌƭŌǞĞśŲĐóśơƵƖƖśŌĞƙơėƵƙŌŦķƭľĞơƵƖƖśǔ
ƖƙŲĐĞơơɔ ǔơƵƖƖŲƙƭŌŦķśŲĐóśƖƙŲėƵĐĞƙơɏǎĞĞŦóďśĞƭľĞ
ėĞǍĞśŲƖŤĞŦƭŲĶơƵơƭóŌŦóďśĞóķƙŌĐƵśƭƵƙóśƖƙóĐƭŌĐĞơɔÞĞ
óƙĞľŌķľśǔóǎóƙĞŲĶƭľĞơŌķŦŌĶŌĐóŦĐĞŲĶơƭĞƖơƭóŘĞŦ
ƙĞķóƙėŌŦķơƵƖƖśǔơĞĐƵƙŌƭǔŌŦƭľĞĶŲŲėŌŦėƵơƭƙǔóŦėƭľĞ
ơƵƖƖŲƙƭơƖƙŲǍŌėĞėƭŲśŲĐóśƖƙŲėƵĐĞƙơŌŦƭĞƙŤơŲĶƭľĞ
ơƵơƭóŌŦóďśĞėĞǍĞśŲƖŤĞŦƭķŲóśơŲĶŲƵƙĐŲƵŦƭƙǔɔ¾ľƵơɏ
ǎĞĶŲĐƵơŲŦƖƙŲŕĞĐƭơƭľóƭĐŲŦƭƙŌďƵƭĞŌŦƭľĞɽ±ĞĐƵƙŌƭǔŲĶ
HŲŲė±ƵƖƖśǔɾóƙĞóɔ
¾ƵƙŘĞǔʀơĶŌƙơƭśŲĐóśóŦėŦóƭŌŲŦóśďŌơĐƵŌƭǎľĞóƭɎ
śŌóĸó
ÞĞĐŲŦėƵĐƭƙĞơĞóƙĐľƖóƙƭŌĐƵśóƙśǔŲŦǎľĞóƭóŦėŲóƭ
ƭŲķĞƭľĞƙǎŌƭľƭľĞóķƙŌĐƵśƭƵƙĞƙĞơĞóƙĐľŌŦơƭŌƭƵƭĞơŲĶ
ƭľĞ¾ƵƙŘŌơľtŌŦŌơƭƙǔŲĶķƙŌĐƵśƭƵƙĞóŦėHŲƙĞơƭƙǔəóŦė
ǎĞơƭƙŌǍĞƭŲĐŲŦƭƙŌďƵƭĞƭŲƭľĞĶƵƭƵƙĞŲĶóķƙŌĐƵśƭƵƙĞ
ŌŦ¾ƵƙŘĞǔɔÞĞĐŲśśóďŲƙóƭĞėǎŌƭľ óľƙŌ(óĸėóƦ
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Annual Report 2020

UŦƭĞƙŦóƭŌŲŦóśķƙŌĐƵśƭƵƙóś©ĞơĞóƙĐľUŦơƭŌƭƵƭĞóŦėɏ
óĶƭĞƙśŲŦķǔĞóƙơŲĶơƭƵėǔɏǎĞėĞǍĞśŲƖĞėśŲĐóśóŦė
ŦóƭŌŲŦóśśŌóĸó ŌơĐƵŌƭÞľĞóƭɔ¾ľŌơǎľĞóƭŌơƙĞơŌơƭóŦƭ
ƭŲėƙŲƵķľƭɏėŌơĞóơĞơóŦėĐśŌŤóƭĞĐľóŦķĞəŌƭŌơľŌķľɲ
ǔŌĞśėŌŦķɏľŌķľɲƘƵóśŌƭǔɏóŦėóĶŌƙơƭŲĶŌƭơŘŌŦėŌŦ¾ƵƙŘĞǔɔ
¾ľĞĶŌƙơƭľóƙǍĞơƭŲĶƭľĞǎľĞóƭƭŲŲŘƖśóĐĞŌŦfƵśǔ
ȑȏȑȏóŦėǎĞǎĞƙĞķśóėƭŲơĞĞƭľóƭƭľĞǎľĞóƭǎóơ
ķƙĞóƭśǔóƖƖƙĞĐŌóƭĞėďǔŲƵƙĶóƙŤĞƙơɏƭľĞľĞóƙƭŲĶ
ŲƵƙƖƙŲėƵĐƭŌŲŦɔÞĞǎĞƙĞƖśĞóơĞėóŦėƖƙŲƵėƭľóƭ
ƭľĞƖƙŲŕĞĐƭǎóơķƙóŦƭĞėƭľĞɽ!óƙƙǔŌŦķķƙŌĐƵśƭƵƙĞƭŲ
ƭľĞHƵƭƵƙĞɾóǎóƙėďǔ ĞŘŌƙ¦óŘėĞŤŌƙśŌɏƭľĞ¾ƵƙŘŌơľ
tŌŦŌơƭĞƙŲĶķƙŌĐƵśƭƵƙĞóŦėHŲƙĞơƭƙǔɔ
UŦƭĞƙŤơŲĶƖƙŲƭĞĐƭŌŦķƭľĞĞŦǍŌƙŲŦŤĞŦƭɏǎĞďĞśŌĞǍĞ
ƭľóƭóơŌķŦŌĶŌĐóŦƭŤŌơơŌŲŦŌơƭŲƖŲƖƵśóƭĞŲƵƙśóŦėơ
ǎŌƭľơóƖśŌŦķơɯóĐŲŦƭƙŌďƵƭŌŲŦƭŲóľóďŌƭóďśĞĶƵƭƵƙĞɔ
ÞĞƖśóŦƭĞėóƭŲƭóśŲĶȒȐɏȏȏȏơóƖśŌŦķơɎȐȐɏȏȏȏơóƖśŌŦķơ
ǎĞƙĞƖśóŦƭĞėŌŦPóƭóǔɏhóƙóŤóŦóŦėŦŘóƙóĶŲƙ
ƭľĞɽ ƙĞóƭľĶŲƙƭľĞHƵƭƵƙĞɾĐóŤƖóŌķŦŲĶƭľĞ
tŌŦŌơƭƙǔŲĶķƙŌĐƵśƭƵƙĞóŦėHŲƙĞơƭƙǔəóŦėȑȏɏȏȏȏ
ơóƖśŌŦķơǎĞƙĞƖśóŦƭĞėŌŦ1śóǞńĸóŦė1ơŘŌƦĞľŌƙƭľƙŲƵķľ
ƭľĞ¾1tHŲƵŦėóƭŌŲŦɔÞľŌśĞĐóƙƙǔŌŦķŲƵƭŲƵƙ
ơƵơƭóŌŦóďŌśŌƭǔóĐƭŌǍŌƭŌĞơŌŦśŌŦĞǎŌƭľśŲŦķɲƭĞƙŤķŲóśơɏ
ǎĞƖƙĞƖóƙĞėóơĞƙŌĞơŲĶǍŌėĞŲơƵŦėĞƙƭľĞƭŌƭśĞŲĶ
ɽtǔ ĞóƵƭŌĶƵś!ŲƵŦƭƙǔɏvóƭƵƙĞŌơUŦ‚Ƶƙ!óƙĞɔɾ¾ľĞơĞ
ǍŌėĞŲơĐŲǍĞƙĞėŌơơƵĞơơƵĐľóơƖƙŲƭĞĐƭŌŦķŦóƭƵƙóś
ƙĞơŲƵƙĐĞơɏǎóƭĞƙƖƙĞơĞƙǍóƭŌŲŦɏĞŦĞƙķǔĞĶĶŌĐŌĞŦĐǔɏ
ǎóơƭĞŤóŦóķĞŤĞŦƭɏŤŌƭŌķóƭŌŦķƭľĞĐóƙďŲŦĶŲŲƭƖƙŌŦƭɏ
óŦėƖƙĞǍĞŦƭŌŦķĶŲŲėǎóơƭĞɔÞĞďĞķóŦơľóƙŌŦķƭľĞ
ǍŌėĞŲơŲŦŲƵƙơŲĐŌóśŤĞėŌóóĐĐŲƵŦƭơėƵƙŌŦķƭľĞśóơƭ
ƘƵóƙƭĞƙŲĶȑȏȑȏɏǎŌƭľƭľĞķŲóśƭŲƙóŌơĞóǎóƙĞŦĞơơ
ŲŦơƵơƭóŌŦóďŌśŌƭǔɏóơǎĞśśóơľŌķľśŌķľƭŌŦķǎľóƭǎĞ
ĐóŦóĐĐŲŤƖśŌơľŌŦėŌǍŌėƵóśśǔóŦėǎľóƭǎĞľóǍĞ
óĐĐŲŤƖśŌơľĞėóơóĐŲŤƖóŦǔɔ
ÞĞĐƙŲǎŦĞėŲƵƙơƵĐĐĞơơǎŌƭľŦóƭŌŲŦóśóŦė
ŌŦƭĞƙŦóƭŌŲŦóśóǎóƙėơ
ĐĐŲƙėŌŦķƭŲƭľĞƙĞơƵśƭơŲĶƭľĞIŲŲėjŌĶĞ ƙóŦėơ
±ƵƙǍĞǔȑȏȑȏɏĐŲŦėƵĐƭĞėǎŌƭľƭľĞĐŲśśóďŲƙóƭŌŲŦŲĶ
vŌĞśơĞŦóŦė±ƵơƭóŌŦóďśĞ ƙóŦėơUơƭóŦďƵśɏǎĞǎĞƙĞ
ķƙóŦƭĞėƭľĞIŲŲėjŌĶĞ ƙóŦėƭŌƭśĞĶŲƙƭľĞƭľŌƙėƭŌŤĞŌŦ
óƙŲǎɔ
ƭƭľĞ1ėŌбƵơƭóŌŦóďŌśŌƭǔjĞóėĞƙơǎóƙėơɏŲŦĞŲĶ
ƭľĞŤŲơƭƖƙĞơƭŌķŌŲƵơďƵơŌŦĞơơóǎóƙėơɏǎĞǎĞƙĞ
ƖƙŲƵėƭŲďĞƭľĞŲŦśǔ¾ƵƙŘŌơľĐŲŤƖóŦǔơľŲƙƭśŌơƭĞėŌŦ
ĶŲƵƙĐóƭĞķŲƙŌĞơɎɽÞóƭĞƙtóŦóķĞŤĞŦƭɏɾɽÞóơƭĞóŦė
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ɽ1ŤƖśŲǔĞЦóƙƭŌĐŌƖóƭŌŲŦóŦė!ƵśƭƵƙóś¾ƙóŦơĶŲƙŤóƭŌŲŦ
jĞóėĞƙơľŌƖɔɾ
ƭƭľĞIśŲďóśȐȏȏǎóƙėơŲƙķóŦŌǞĞėďǔ¦śóƭŌŦ
tóķóǞŌŦĞŌŦȑȏȑȏƵŦėĞƙƭľĞėŌķŌƭóśŌǞóƭŌŲŦƭľĞŤĞɏ
ǎĞǎĞƙĞƖśĞóơĞėƭŲďĞƙĞĐŲķŦŌǞĞėóơŲŦĞŲĶƭľĞ
ƭŲƖȐȏĐŲŤƖóŦŌĞơơƭóŦėŌŦķŲƵƭǎŌƭľŌŦǍĞơƭŤĞŦƭơŌŦ
ėŌķŌƭóśŌǞóƭŌŲŦɏóŦėƭľĞŦƵŤďĞƙŲŦĞĐŲŤƖóŦǔŌŦƭľĞ
ĶŲŲėŌŦėƵơƭƙǔɔ
UŦȑȏȑȐɏǎĞɏóƭËśŘĞƙ ŌơŘƻǍŌɏǎŌśśŤóŌŦƭóŌŦŲƵƙ
ķƙŲǎƭľƖĞƙĶŲƙŤóŦĐĞɔÞŌƭľóƖóƙƭŌĐƵśóƙĶŲĐƵơŲŦŲƵƙ
ĞŤƖśŲǔĞĞơɏĐŲŦơƵŤĞƙơóŦėơƭóŘĞľŲśėĞƙơɏǎĞǎŌśśƖŌĐŘ
ƵƖƭľĞƖóĐĞŌŦėŌķŌƭóśƭƙóŦơĶŲƙŤóƭŌŲŦóŦėơƵƖƖŲƙƭ
ƭľĞėĞǍĞśŲƖŤĞŦƭķŲóśơŲĶŲƵƙĐŲƵŦƭƙǔǎŌƭľŦĞǎ
ŌŦǍĞơƭŤĞŦƭơóŦėơƭƙŲŦķŌŦŦŲǍóƭŌŲŦɔÞĞǎŌśśĐŲŦƭŌŦƵĞ
ƭŲķóŌŦơƭƙĞŦķƭľŌŦƭľĞķśŲďóśŤóƙŘĞƭƖśóĐĞɏŤóŌŦƭóŌŦ
ŲƵƙơƭƙŲŦķƖŲơŌƭŌŲŦŌŦƭľĞĞǓŌơƭŌŦķŤóƙŘĞƭơɏóŦė
ơƵơƭóŌŦŲƵƙśĞóėĞƙơľŌƖɔ
UǎŲƵśėśŌŘĞƭŲƭľóŦŘóśśƭľĞơƭóŘĞľŲśėĞƙơǎľŲ
ơƵƖƖŲƙƭƵơŲŦŲƵƙƖóƭľóơǎĞĐŲŦƭŌŦƵĞƖƙŲėƵĐƭŌŲŦɏ
ƙĞĐƙƵŌƭŤĞŦƭɏĞǓƖŲƙƭóƭŌŲŦóĐƭŌǍŌƭŌĞơɏóơǎĞśśóơ
ŌŦǍĞơƭŤĞŦƭơĶŲƙŲƵƙĐŲƵŦƭƙǔɔ
©ĞơƖĞĐƭĶƵśśǔǔŲƵƙơɏ
tĞƭĞ ƵǔƵƙķóŦ
CEO
We collaborated with Bahri
Dağdaş International
Agricultural Research
Institute and, after
long years of study, we
developed local and
national Aliağa Biscuit
Wheat.

ÞĞǎĞƙĞóśơŲķƙóŦƭĞėƭǎŲIŲśėĞŦǎóƙėơŌŦƭľĞ
‚!UŦƭĞƙŦóƭŌŲŦóś ƙŌśśŌóŦĐĞǎóƙėơŌŦƭľĞĐóƭĞķŲƙŌĞơ
ŲĶɽ ƙŌśśŌóŦĐĞŌŦ1ŤƖśŲǔĞĞ1ŦķóķĞŤĞŦƭɾóŦė
ɽ ƙŌśśŌóŦĐĞŌŦÅơĞŲĶ¾ĞĐľŦŲśŲķǔŌŦU!ɔɾ

25
 ^±hËÝ^
Annual Report 2020
±ƭƙóƭĞķŌĞơ
Ülker Bisküvi is carrying out its operations with the goal to
further strengthen and advance its brand reputation, which
is the most preferred brand by consumers, and become one of
the top five companies in the world.
Productivity
ɍ ĞĐŲŤĞƭľĞŤŲơƭƖƙŲėƵĐƭŌǍĞĐŲŤƖóŦǔŌŦóśś
ơĞķŤĞŦƭơŲĶƭľĞŌŦėƵơƭƙǔɏ
ɍ ŲŲơƭƖƙŲėƵĐƭƘƵóśŌƭǔďǔŌŦĐƙĞóơŌŦķŲƖĞƙóƭŌŲŦóś
ĞĶĶŌĐŌĞŦĐǔóŦėƙĞėƵĐŌŦķƖƙŲėƵĐƭŌŲŦĐŲơƭơɏ
ɍĐľŌĞǍĞŤŲƙĞĞĶĶŌĐŌĞŦĐǔóŦėƖƙŲėƵĐƭŌǍŌƭǔŌŦ
ėŌơƭƙŌďƵƭŌŲŦĐľóŦŦĞśơóŦėƖŲŌŦƭơŲĶơóśĞďǔĐƵƭƭŌŦķ
ơóśĞơĐŲơƭơɏ
ɍUŦĐƙĞóơĞƖƙŲėƵĐƭŌŲŦĞĶĶŌĐŌĞŦĐǔɏŌŤƖƙŲǍĞƖśóŦŦŌŦķ
óŦėĶŲƙĞĐóơƭóĐĐƵƙóĐǔǎŌƭľŦĞǎķĞŦĞƙóƭŌŲŦ
ėŌķŌƭóśŌǞĞėƭĞĐľŦŲśŲķǔɔ
We aim to increase production
efficiency, improve planning
and forecast accuracy with new
generation digitalized technology.
26
Brand Investments
ɍUŦƭĞƙƖƙĞƭĐŲŦơƵŤĞƙėĞŤóŦėơĐŲƙƙĞĐƭśǔɏóŦėŤóŘŌŦķ
ơƵƙĞƭľóƭŲƵƙĐŲŦơƵŤĞƙơƙĞóĐľƭľĞƖƙŲėƵĐƭơ
ėĞǍĞśŲƖĞėŌŦśŌŦĞǎŌƭľĐŲŦơƵŤĞƙŦĞĞėơóƙĞŲĶĶĞƙĞėóƭ
ƭľĞŤŲơƭóĶĶŲƙėóďśĞƖƙŌĐĞóŦėƘƵóśŌƭǔɏ
ɍ‚ĶĶĞƙŲƵƙƖŲǎĞƙľŲƵơĞďƙóŦėơƭŲĐŲŦơƵŤĞƙơóƭ
ƙĞóơŲŦóďśĞƖƙŌĐĞơɏ
ɍ1ŦơƵƙĞƭľĞĐŲŦƭŌŦƵŌƭǔŲĶŲƵƙďƙóŦėŌŦǍĞơƭŤĞŦƭơɏ
ɍ‚ĶĶĞƙŦĞǎƖƙŲėƵĐƭơƭŲĐŲŦơƵŤĞƙơɔ
Strategies
ɍUŦĐƙĞóơĞŲƵƙŲƖĞƙóƭŌŦķƖƙŲĶŌƭďǔóĐľŌĞǍŌŦķľŌķľĞƙ
ơóśĞơǍŲśƵŤĞơóŦėƙĞǍĞŦƵĞơŌŦƭľĞďŌơĐƵŌƭɏĐľŲĐŲśóƭĞ
óŦėĐóŘĞĐóƭĞķŲƙŌĞơɏ
ɍ1ǓƖóŦėŲƵƙďƵơŌŦĞơơƭŲďĞĐŲŤĞóơƭƙŲŦķƙĞķŌŲŦóś
ƖśóǔĞƙǎŌƭľŲƵƙķśŲďóśɏƙĞķŌŲŦóśóŦėśŲĐóśďƙóŦėơɏ
ɍIĞƭƖŲơŌƭŌŲŦĞėŌŦƭľĞƙĞķŌŲŦóơƭľĞŤóŌŦƖƙŲėƵĐƭŌŲŦ
ďóơĞƵƖŲŦƭľĞóĐƘƵŌơŌƭŌŲŦŲĶƭľĞHŲŲėtóŦƵĶóĐƭƵƙŌŦķ
!ŲŤƖóŦǔŌŦ±óƵėŌƙóďŌóɏÅUt1vóŦėU !óŦė
ĐƙĞóƭĞơǔŦĞƙķǔŌŦƭľĞĶóơƭɲķƙŲǎŌŦķtŌėėśĞ1óơƭŤóƙŘĞƭ
ďǔĞŦóďśŌŦķĶóơƭĞƙóĐĐĞơơɏ
ɍIĞƭƖŲơŌƭŌŲŦĞėŌŦ1ķǔƖƭɏǎľĞƙĞĐŲŦơƵŤƖƭŌŲŦķƙŲǎơ
ƙóƖŌėśǔɏóơƭľĞďóơĞóŦėŤóŌŦƖƙŲėƵĐƭŌŲŦĶóĐŌśŌƭǔ
ĶŲƙvŲƙƭľĶƙŌĐóơóśĞơǎŌƭľPŌɲHŲŲėŌŦ1ķǔƖƭóŦė
ĞŦľóŦĐĞŲƵƙơƭƙĞŦķƭľŌŦƭľĞƙĞķŌŲŦǎŌƭľƭľĞƖƙŲėƵĐƭŌŲŦ
ŲƖĞƙóƭŌŲŦơŲĶtĐÝŌƭŌĞʀơɏ
ɍIĞƭóơƭƙóƭĞķŌĐóśƖŲơŌƭŌŲŦŌŦhóǞóŘľơƭóŦƭŲóĐĐĞơơ
!ĞŦƭƙóśơŌóɏ©ƵơơŌóɏóŦė!ľŌŦóǎŌƭľƭľĞóĐƘƵŌơŌƭŌŲŦ
ŲĶPóŤśĞŌŦhóǞóŘľơƭóŦóŦėŲƭľĞƙŌŦǍĞơƭŤĞŦƭơóŦė
ŤĞĞƭŦĞǎĐŲŦơƵŤĞƙơŌŦƙĞķŌŲŦơǎľĞƙĞĐŲŦơƵŤƖƭŌŲŦ
ŌŦĐƙĞóơĞơƙóƖŌėśǔɏ
ɍUŦĐƙĞóơĞƭľĞĐƵƙƙĞŦƭďƙóŦėóǎóƙĞŦĞơơĶƵƙƭľĞƙŌŦ
¾ƵƙŘĞǔɏvŲƙƭľĶƙŌĐóɏ!ĞŦƭƙóśơŌóóŦėƭľĞtŌėėśĞ1óơƭɏ
ɍ©ĞóĐľŦĞǎĐŲŦơƵŤĞƙơŌŦóǎŌėĞƙƙĞķŌŲŦɏŌŤƖśĞŤĞŦƭ
ơǔŦĞƙķǔóĐƭŌǍŌƭŌĞơďŲƭľŌŦƭľĞĶŌĞśėóŦėŌŦƖƙŲėƵĐƭŌŲŦɏ
ɍUŤƖśĞŤĞŦƭóŦėŤóŌŦƭóŌŦķŲŲėĐŲƙƖŲƙóƭĞķŲǍĞƙŦóŦĐĞ
ƖƙóĐƭŌĐĞơóƭƭľĞľŌķľĞơƭśĞǍĞśɏ
ɍĐľŌĞǍĞơƭƙŲŦķƙĞơƵśƭơƭľóƭǎŌśśơóƭŌơĶǔóśśŲĶŲƵƙ
ơƭóŘĞľŲśėĞƙơɔ
 ^±hËÝ^
Annual Report 2020
!ƵƙƙĞŦƭ1ĐŲŦŲŤŌĐ‚ƵƭśŲŲŘɏIśŲďóśóŦė¾ƵƙŘŌơľHŲŲėUŦėƵơƭƙŌĞơ
The snack food market had a successful year and achieved
1.8% growth in tonnage as well as a 19.6% growth in revenue.
śƭľŲƵķľȑȏȑȏǎóơĞǓƖĞĐƭĞėƭŲďĞƭľĞĶŌƙơƭƖľóơĞ
ŲĶóśŲŦķɲƭĞƙŤƙĞĐŲǍĞƙǔƖĞƙŌŲėĶŲƙƭľĞķśŲďóś
ĞĐŲŦŲŤǔɏóŦŲǍĞśĐŲƙŲŦóǍŌƙƵơɦ!‚ÝU(ɲȐȘɧƖóŦėĞŤŌĐɏ
ŲƙŌķŌŦóƭĞėĶƙŲŤ!ľŌŦóóƭƭľĞďĞķŌŦŦŌŦķŲĶƭľĞǔĞóƙ
óŦėďĞĐóŤĞƙóŤƖóŦƭǎŲƙśėǎŌėĞɏƙĞơƵśƭĞėŌŦó
śŌƭĞƙóśśŲĐŘɲėŲǎŦŌŦĞĐŲŦŲŤŌĐóŦėơŲĐŌóśĶŌĞśėơóŦė
ĐľóŦķĞėóśśơĐĞŦóƙŌŲơɔ
ÞľŌśơƭƭľĞķƙŲǎƭľėǔŦóŤŌĐơŌŦƭľĞķśŲďóśĞĐŲŦŲŤǔ
ľóǍĞďĞĞŦóėǍĞƙơĞśǔŌŤƖóĐƭĞėĶƙŲŤƭľŌơƵŦĞǓƖĞĐƭĞė
ƖóŦėĞŤŌĐėƵƙŌŦķƭľŌơƖĞƙŌŲėɏėĞĐƙĞóơŌŦķķśŲďóś
ėĞŤóŦėơóŦėŤóŦėóƭŲƙǔƖƙŲėƵĐƭŌŲŦśŌŤŌƭóƭŌŲŦơ
ĐóƵơĞėėƙóŤóƭŌĐėĞĐśŌŦĞơŌŦƭľĞķśŲďóśƭƙóėŌŦķ
ǍŲśƵŤĞɔ(ƵƙŌŦķ¨ȒŲĶƭľĞǔĞóƙɏƭľĞķśŲďóśóŦė
¾ƵƙŘŌơľĞĐŲŦŲŤǔǎĞƙĞƙĞśŌĞǍĞėóďŌƭǎľĞŦƭľĞśŲĐŘɲ
ėŲǎŦơǎĞƙĞĞóơĞėəľŲǎĞǍĞƙɏƭľĞŌŤƖóĐƭơŲĶƭľĞ
ƖóŦėĞŤŌĐƙĞơƵƙĶóĐĞėėƵƙŌŦķ¨ȓėƵĞƭŲƭľĞơĞĐŲŦėɲ
ǎóǍĞɲƙĞśóƭĞėśŲĐŘɲėŲǎŦơóŦėśŌŤŌƭóƭŌŲŦơɏǎľŌĐľ
ƙĞơƵśƭĞėŌŦėŲǎŦƭƵƙŦɔ
¾ľĞķśŲďóśĐŲŦƭƙóĐƭŌŲŦĞǓƖĞĐƭóƭŌŲŦơŲĶUtHǎóơ
ƙĞǍŌơĞėƭŲďĞďĞƭǎĞĞŦɲȓʼóŦėɲȕʼėƵĞƭŲƭľĞơĞ
ŌŤƖóĐƭơɔ¾ľĞŤŲơƭóĶĶĞĐƭĞėơĞĐƭŲƙơǎŲƙśėǎŌėĞóŦėŌŦ
¾ƵƙŘĞǔėƵĞƭŲƭľĞƖóŦėĞŤŌĐóƙĞƖƙŲėƵĐƭŌŲŦɏơĞƙǍŌĐĞɏ
ƭŲƵƙŌơŤɦóĐĐŲŤŤŲėóƭŌŲŦɲƭƙóǍĞśɧɏĶŲŲėɏơƖŲƙƭơóŦė
ĞŦƭĞƙƭóŌŦŤĞŦƭơĞĐƭŲƙơɔUŦƭľĞŤĞóŦƭŌŤĞɏƭľóŦŘơƭŲ
ƭľĞŤĞóơƵƙĞơƭóŘĞŦŌŦŲƙėĞƙƭŲŤŌƭŌķóƭĞƭľĞóėǍĞƙơĞ
ŌŤƖóĐƭơŲĶƭľĞĐƙŌơŌơɏơƭƙĞŦķƭľĞŦĞĐŲŦŲŤǔóŦė
ƙĞėƵĐĞƭľĞėĞĐƙĞóơĞŌŦƙĞĐƙƵŌƭŤĞŦƭɏ¾ƵƙŘŌơľĞĐŲŦŲŤǔ
ĞǓƖĞƙŌĞŦĐĞėóĐŲŦƭƙóĐƭŌŲŦɦɲȘʼɧśĞơơƭľóŦƭľĞķśŲďóś
ĞĐŲŦŲŤŌĞơŌŦ¨ȑóŦėóĐľŌĞǍĞėóƙĞśóƭŌǍĞśǔơŲśŌė
ķƙŲǎƭľƙóƭĞɦȕɔȖʼɧŌŦ¨Ȓɔ
!‚ÝU(ɲȐȘľóơóśơŲĐóƵơĞėơŌķŦŌĶŌĐóŦƭŌŤƖóĐƭơŲŦ
ƭľĞŲǍĞƙóśśėŌĞƭóƙǔľóďŌƭơŌŦ¾ƵƙŘĞǔóŦėǎŲƙśėǎŌėĞɔ
ÞľĞŦƭľĞĶŌƙơƭĐóơĞơǎĞƙĞóŦŦŲƵŦĐĞėŌŦtóƙĐľ
óŦėĐƵƙĶĞǎơɏśŌŤŌƭóƭŌŲŦơóŦėŤĞóơƵƙĞơóķóŌŦơƭƭľĞ
ƖóŦėĞŤŌĐǎĞƙĞŌŦŌƭŌóƭĞėɏĐŲŦơƵŤƖƭŌŲŦŲĶĶóơƭɲ
ŤŲǍŌŦķĐŲŦơƵŤĞƙķŲŲėơɦHt!IɧơŌķŦŌĶŌĐóŦƭśǔ
ŌŦĐƙĞóơĞėóơƖĞŲƖśĞľóėƭŲơƭóǔóƭľŲŤĞóŦėĶŲŲė
ˀďĞǍĞƙóķĞśŲĐóƭŌŲŦơĐŲƵśėŦŲƭƖƙŲǍŌėĞơĞƙǍŌĐĞɔ
ÅŦśŌŘĞƭľĞƖƙĞǍŌŲƵơǔĞóƙơɏ󜜍ĞóŦơŲĶơľŲƖƖŌŦķɏ
27
ƖóƙƭŌĐƵśóƙśǔơƵƖĞƙŤóƙŘĞƭơɏĞǓƖĞƙŌĞŦĐĞėóŦŌŦĐƙĞóơŌŦķ
ƭƙĞŦėŌŦƭľĞŌƙƙĞǍĞŦƵĞơəǎľŌśĞŲŦśŌŦĞŤĞóŦơŲĶ
ơľŲƖƖŌŦķóĐľŌĞǍĞėơŌķŦŌĶŌĐóŦƭŌŦĐƙĞóơĞŌŦƭľĞŌƙ
ķƙŲǎƭľƙóƭĞơóŦėƙĞĐŲķŦŌƭŌŲŦɔ¾ľŌơƭƙóŦơŌƭŌŲŦóśơŲ
ƙĞơƵśƭĞėŌŦŌŦĐƙĞóơĞėƵơĞŲĶŤƵśƭŌɲĐľóŦŦĞśơľŲƖƖŌŦķɔ
¾ľĞHt!IŤóƙŘĞƭóĐľŌĞǍĞėóķƙŲǎƭľŲĶȖɔȔʼóŦė
ȑȒʼŌŦƭƙóėŌŦķǍŲśƵŤĞóŦėƙĞǍĞŦƵĞɏƙĞơƖĞĐƭŌǍĞśǔɔ
±ƭóƖśĞĶŲŲėơóŦėĐśĞóŦŌŦķƖƙŲėƵĐƭơĐóƭĞķŲƙŌĞơ
óĐľŌĞǍĞėƭľĞśóƙķĞơƭķƙŲǎƭľəǎľŌśĞŲǍĞƙóśśĶŲŲėˀ
ďĞǍĞƙóķĞơĞĐƭŲƙóĐľŌĞǍĞėóķƙŲǎƭľŲĶȖʼóŦėȑȔʼ
ŌŦƭƙóėŌŦķǍŲśƵŤĞóŦėƙĞǍĞŦƵĞɏƙĞơƖĞĐƭŌǍĞśǔɔ±ƭóƖśĞ
ĶŲŲėơɏėóŌƙǔƖƙŲėƵĐƭơóŦėŲŌśơǎĞƙĞƙĞơƖĞĐƭŌǍĞśǔƭľĞ
śóƙķĞơƭķƙŲǎŌŦķĐóƭĞķŲƙŌĞơŌŦľŲƵơĞơɔ
¾ľĞėŌơƭŌŦĐƭŌǍĞĐƙŌƭĞƙŌóƭľóƭơƭŲŲėŲƵƭŌŦƖƙŲėƵĐƭŌŲŦ
ơĞśĞĐƭŌŲŦŲĶƭľĞĐŲŦơƵŤĞƙơĶŲƙƭľĞƖĞƙŌŲėǎĞƙĞ
ƭľĞƘƵóśŌƭǔŲĶƖƙŲėƵĐƭơɏľǔķŌĞŦĞŲĶƖƙŲėƵĐƭŌŲŦ
ĐŲŦėŌƭŌŲŦơɏŦóƭƵƙóśŦĞơơɏƖƙŲėƵĐƭŌŲŦĐŲŤƖóŦǔďĞŌŦķó
ɽśŲĐóśɏɾƙĞĐŲķŦŌǞĞėɏƙĞśŌóďśĞĐŲŤƖóŦǔɚďƙóŦėɔ
PĞŦĐĞɏËśŘĞƙ ŌơŘƻǍŌɏǎľŌĐľľóơơǎŌĶƭśǔƭóŘĞŦóśś
ŤĞóơƵƙĞơĶŲƙƭľĞľĞóśƭľóŦėơóĶĞƭǔŲĶŌƭơĞŤƖśŲǔĞĞơɏ
ơƭóŘĞľŲśėĞƙơóŦėĐŲŦơƵŤĞƙơóŦėŘĞƖƭŌƭơƖƙŲėƵĐƭŌŲŦ
ķŲŌŦķɏĐŲŦƭŌŦƵĞėƭŲóĐĐĞơơŌƭơƙĞƭóŌśƖŲŌŦƭơóśśóƙŲƵŦė
¾ƵƙŘĞǔóơǎĞśśóơŌƭơĞŦƭľƵơŌóơŤƭŲŲĶĶĞƙśŌƭƭśĞŕŲǔơ
ƭŲƭľĞơľŲƖƖĞƙơóŦėŌƭơĐŲŦơƵŤĞƙơɏŤóŌŦƭóŌŦĞėŌƭơ
śĞóėŌŦķƖŲơŌƭŌŲŦŌŦƭľĞ¾ƵƙŘŌơľơŦóĐŘơơĞĐƭŲƙŌŦȑȏȑȏ
ǎŌƭľóŤóƙŘĞƭơľóƙĞŲĶȒȖɔȐʼóŦėơƵơƭóŌŦĞėƭŲďĞƭľĞ
ƵŦƘƵĞơƭŌŲŦóďśĞśĞóėĞƙŌŦƭľĞơŦóĐŘơƖƙŲėƵĐƭơɔ
¾ľĞďŌơĐƵŌƭơĐóƭĞķŲƙǔɏƭľĞśóƙķĞơƭŤóƙŘĞƭŌŦƭľĞ
ơŦóĐŘơơĞĐƭŲƙɏóĐľŌĞǍĞėóǍóśƵĞɲďóơĞėŌŦĐƙĞóơĞŲĶ
ȐȕʼɔtóŘŌŦķóơŌķŦŌĶŌĐóŦƭĐŲŦƭƙŌďƵƭŌŲŦƭŲƭľĞķƙŲǎƭľ
ŲĶďŌơĐƵŌƭơŤóƙŘĞƭɏËśŘĞƙŌŦĐƙĞóơĞėŌƭơƭƵƙŦŲǍĞƙơľóƙĞ
ȐɔȑƖŲŌŦƭơóŦėơƭƙĞŦķƭľĞŦĞėŌƭơśĞóėŌŦķƖŲơŌƭŌŲŦŌŦ
ƭľĞŤóƙŘĞƭǎŌƭľóŤóƙŘĞƭơľóƙĞŲĶȓȐɔȘʼɔÞľŌśơƭ
ƭľĞŲǍĞƙóśśĐľŲĐŲśóƭĞŤóƙŘĞƭóĐľŌĞǍĞėóǍóśƵĞɲ
ďóơĞėķƙŲǎƭľŲĶȑȕɔȗʼɏËśŘĞƙ ŌơŘƻǍŌŤóŌŦƭóŌŦĞė
ŌƭơƖŲǎĞƙĶƵśśĞóėĞƙơľŌƖŌŦƭľĞŤóƙŘĞƭǎŌƭľóŤóƙŘĞƭ
ơľóƙĞŲĶȓȐʼɔ
 ^±hËÝ^
Annual Report 2020
tóƙŘĞƭŌŦķ
Focusing on delivering happiness, Ülker aims to create
value for all stakeholders - especially consumers - with the
approach of “Actions speak louder than words.”
ËśŘĞƙɯŲŦĞŲĶ¾ƵƙŘĞǔʀơŤŲơƭĞơƭóďśŌơľĞėɏơƭƙŲŦķɏ
ŦóƭŌŲŦóśóŦėķśŲďóśďƙóŦėơɯľóơóśŲŦķľŌơƭŲƙǔ
ŲĶďƵŌśėŌŦķĐśŲơĞƙĞśóƭŌŲŦơľŌƖơǎŌƭľĐŲŦơƵŤĞƙơ
ėóƭŌŦķďóĐŘƭŲȐȘȓȓɔ¾ľŲơĞǎľŲŤĞƭËśŘĞƙėƵƙŌŦķ
ƭľĞŌƙĐľŌśėľŲŲėơĞĞƭľĞďƙóŦėóơóŦŌŦƭĞķƙóśƖóƙƭŲĶ
ƭľĞŌƙśŌǍĞơóŦėĞóƙśŌĞơƭŤĞŤŲƙŌĞơɔUƭơŌĐŲŦŌĐďƙóŦėơɏ
ƖƙŲėƵĐƭƘƵóśŌƭǔɏŦĞǎƖƙŲėƵĐƭėĞǍĞśŲƖŤĞŦƭóŦė
ŌŦŦŲǍóƭŌŲŦɏľŌķľĐƵơƭŲŤĞƙơóƭŌơĶóĐƭŌŲŦɏǎŌėĞƖƙŲėƵĐƭ
ƙóŦķĞóŦėƖƵďśŌĐóĐĐŲƵŦƭóďŌśŌƭǔŤóŘĞËśŘĞƙó
ĶóǍŲƙŌƭĞďƙóŦėŌŦƭľĞĞǔĞơŲĶĐŲŦơƵŤĞƙơóơǎĞśśóơ
ŲŦĞŲĶƭľĞśóƙķĞơƭďŌơĐƵŌƭƖƙŲėƵĐĞƙơŌŦƭľĞǎŲƙśėɔ
ơóďƙóŦėɏËśŘĞƙŌơƖŲơŌƭŌŲŦĞėóƭƭľĞľĞóƙƭŲĶ
ơŲĐŌĞƭǔǎľŌśĞĞŤďŲėǔŌŦķĶĞĞśŌŦķơƭľóƭóĐĐŲŤƖóŦǔ
ľóƖƖǔŤŲŤĞŦƭơɏśŌŘĞƭƙƵơƭɏơŌŦĐĞƙŌƭǔɏóŦėŌŦƭŌŤóĐǔɔ
UŦơľŲƙƭɏËśŘĞƙóŌŤơƭŲďĞśŌŘĞóŤĞŤďĞƙŲĶƭľĞ
ĶóŤŌśǔɔhĞĞƖŌŦķŌƭơĐŲŤŤƵŦŌĐóƭŌŲŦĐľóŦŦĞśơŲƖĞŦ
ǎŌƭľĐŲŦơƵŤĞƙơóƭóśśƭŌŤĞơɏËśŘĞƙķŌǍĞơƖƙŌŲƙŌƭǔ
As a brand, Ülker is positioned
at the heart of society while
embodying feelings that
accompany happy moments, like
trust, sincerity, and intimacy.
28
ƭŲƭľĞĐŲƙĞƖƙŌŦĐŌƖśĞŲĶƭƙóŦơƖóƙĞŦĐǔŌŦóśśŌƭơ
ďƵơŌŦĞơơóĐƭŌǍŌƭŌĞơɔÞŌƭľŌƭơĐŲƙƖŲƙóƭĞĐƵśƭƵƙĞŲĶ
óśǎóǔơơĞóƙĐľŌŦķĶŲƙƭľĞśóƭĞơƭóŦėŦĞǎĞơƭɏËśŘĞƙ
ŌơĐŲŤŤŌƭƭĞėƭŲĶƵśĶŌśśŌŦķŌƭơƖƙŲŤŌơĞŲĶƘƵóśŌƭǔ
ƖƙŲėƵĐƭơĶŲƙĐŲŦơƵŤĞƙơɔơóĐŲŤƖóŦǔɏËśŘĞƙơƭóŦėơ
óƖóƙƭĶƙŲŤƭľĞĐŲŤƖĞƭŌƭŌŲŦŦŲƭŕƵơƭǎŌƭľǎľóƭŌƭ
ėĞśŌǍĞƙơďƵƭóśơŲǎŌƭľǎľóƭŌƭėŲĞơɔÞŌƭľŌƭơĶŲĐƵơŲŦ
ŌŦŦŲǍóƭŌŲŦɏËśŘĞƙŌơóŤŲėĞśĶŲƙƭľĞơĞĐƭŲƙŌŦĞǍĞƙǔ
óơƖĞĐƭɯĶƙŲŤŤóŦƵĶóĐƭƵƙŌŦķóŦėƭĞĐľŦŲśŲķǔɏƭŲ
©ˀ(óŦėŌŦŦŲǍóƭŌŲŦɔ
(ƵƙŌŦķƭľĞƖóŦėĞŤŌĐŌŦȑȏȑȏɏËśŘĞƙʀơĐŲŤŤƵŦŌĐóƭŌŲŦ
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ďƙóŦėóŦėơƵďɲďƙóŦėơɔ!ŲŤŤƵŦŌĐóƭŌŲŦĞĶĶŲƙƭơ
ĞŤƖľóơŌǞĞėƭľóƭËśŘĞƙơƭŲŲėďǔĐŲŦơƵŤĞƙơŌŦƭľĞơĞ
ėŌĶĶŌĐƵśƭƭŌŤĞơɔśŲŦķǎŌƭľĶŲơƭĞƙŌŦķƭƙƵơƭóŤŲŦķ
ĐŲŦơƵŤĞƙơɏËśŘĞƙľóơƙĞŤóŌŦĞėŌƙƙĞƖśóĐĞóďśĞĶŲƙ
ŤŲŤĞŦƭơƭľóƭĐŲŦơƵŤĞƙơơƖĞŦėǎŌƭľƭľĞŌƙĶóŤŌśŌĞơ
óƭľŲŤĞėƵƙŌŦķƭľĞƖóŦėĞŤŌĐɏǎŌƭľŌƭơĐśóơơŌĐ
ƖƙŲėƵĐƭơơƵĐľóơ¦ŽƭŌďŽƙɏǎľŌĐľĐĞśĞďƙóƭĞėŌƭơȖȔƭľ
óŦŦŌǍĞƙơóƙǔɔÞŌƭľƭľŌơóƖƖƙŲóĐľɏËśŘĞƙľóơơƭóǔĞė
ĶƙĞơľŌŦĐŲŦơƵŤĞƙơʀŤĞŤŲƙŌĞơɔUŦȑȏȑȏɏȐɔȗŤŌśśŌŲŦ
ËśŘĞƙƖƙŲėƵĐƭơǎĞƙĞėĞśŌǍĞƙĞėƭŲľĞóśƭľĐóƙĞǎŲƙŘĞƙơɏ
ŌơŲśóƭŌŲŦėŲƙŤŌƭŲƙŌĞơóŦėƖĞŲƖśĞŌŦŦĞĞėƭľƙŲƵķľƭľĞ
©Ğė!ƙĞơĐĞŦƭɔ
!ŲŤŤƵŦŌĐóƭŌŲŦĐóŤƖóŌķŦơɦ¾ÝóŦė(ŌķŌƭóśɧǎĞƙĞ
ƖƙĞƖóƙĞėɏƖóƙƭŌĐƵśóƙśǔĶŲƙơƖĞĐŌóśėóǔơóŦėľŲśŌėóǔơ
ơƭóƙƭŌŦķŌŦƖƙŌśɔ ƙŲóėĐóơƭĞėóėơƙĞóĐľĞėŲǍĞƙȐȓȏ
ŤŌśśŌŲŦǍŌĞǎĞƙơɔơóďƙóŦėóėŲƖƭŌŦķƭľĞɽĐƭŌŲŦơ
ơƖĞóŘśŲƵėĞƙƭľóŦǎŲƙėơɾóƖƖƙŲóĐľɏËśŘĞƙƖśóŦƭĞė
óƭŲƭóśŲĶȒȐɏȏȏȏơóƖśŌŦķơɎȐȐɏȏȏȏóơƖóƙƭŲĶƭľĞɽ
ƙĞóƭľĶŲƙƭľĞHƵƭƵƙĞɾĐóŤƖóŌķŦóŦėȑȏɏȏȏȏƭľƙŲƵķľ
¾1tHŲƵŦėóƭŌŲŦɔ
 ^±hËÝ^
Annual Report 2020
¾ľĞɽPŲǎUơUƭ¦ƙŲėƵĐĞėɕɾǍŌėĞŲơĞƙŌĞơƭóƙķĞƭơ
ĐŲŦơƵŤĞƙơǎľŲĶƙĞƘƵĞŦƭśǔĞǓƖƙĞơơĐƵƙŌŲơŌƭǔóďŲƵƭ
ľŲǎŌĐŲŦŌĐËśŘĞƙƖƙŲėƵĐƭơóƙĞŤóŦƵĶóĐƭƵƙĞėɏ
ĞơƖĞĐŌóśśǔŲŦơŲĐŌóśŤĞėŌóɔÞŌƭľƭľŌơƖŲƖƵśóƙǍŌėĞŲ
ơĞƙŌĞơɏËśŘĞƙĞǓƖśóŌŦơľŲǎPóśśĞǔɏËśŘĞƙ!ľŲĐŲśóƭĞ
ÞóĶĞƙóŦė¦ŽƭŌďŽƙóƙĞƖƙŲėƵĐĞėŌŦóĐśĞóƙóŦė
ƭƙóŦơƖóƙĞŦƭǎóǔɔ
ËśŘĞƙơƭƙŌǍĞơƭŲĞǓƖóŦėŌƭơŲŦķŲŌŦķơƵơƭóŌŦóďŌśŌƭǔ
ĞĶĶŲƙƭơǎľŌśĞƙóŌơŌŦķóǎóƙĞŦĞơơŲĶƭľĞŌŤƖŲƙƭóŦĐĞŲĶ
ơƵơƭóŌŦóďŌśŌƭǔƭŲơŲĐŌĞƭǔŌŦķĞŦĞƙóśɔơŌǓɲƖóƙƭǍŌėĞŲ
ơĞƙŌĞơǎóơƖƙĞƖóƙĞėɏėĞơĐƙŌďŌŦķËśŘĞƙʀơơƵơƭóŌŦóďŌśŌƭǔ
ƖƙŲŕĞĐƭơĐƵƙƙĞŦƭśǔƵŦėĞƙǎóǔóŦėƖƙŲǍŌėŌŦķǍóśƵóďśĞ
ķƵŌėĞśŌŦĞơƭŲĐŲŦơƵŤĞƙơĶŲƙƭľĞĐŲŦơĞƙǍóƭŌŲŦŲĶ
ŦóƭƵƙóśƙĞơŲƵƙĐĞơɔËśŘĞƙóŌŤơƭŲƙóŌơĞóǎóƙĞŦĞơơŲŦ
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!ŲƵŦƭƙǔɏvóƭƵƙĞUơ1ŦƭƙƵơƭĞė¾ŲÅơɔɾ¾ľĞơĞƙŌĞơ
ĶŲĐƵơĞơŲŦǎóǔơƭŲƖƙŲƭĞĐƭŦóƭƵƙóśƙĞơŲƵƙĐĞơɏơóǍĞ
ǎóƭĞƙɏďŲŲơƭĞŦĞƙķǔĞĶĶŌĐŌĞŦĐǔɏĞŦķóķĞŌŦĞĶĶĞĐƭŌǍĞ
ǎóơƭĞŤóŦóķĞŤĞŦƭɏƙĞėƵĐĞĐóƙďŲŦĶŲŲƭƖƙŌŦƭóŦė
ƖƙĞǍĞŦƭĶŲŲėǎóơƭĞɔ
ǍŌėĞŲơĞƙŌĞơŲŦơƵơƭóŌŦóďŌśŌƭǔǎóơơľŲǎŦŲŦ
ơŲĐŌóśŤĞėŌóĐľóŦŦĞśơóŦėơľŲƭŌŦǍóƙŌŲƵơƙĞķŌŲŦơ
ŲĶ¾ƵƙŘĞǔǎŌƭľƭľĞŦóƙƙóƭŌŲŦŲĶǎŲƙśėėŌǍŌŦķƙĞĐŲƙė
ľŲśėĞƙ¶óľŌŘó1ƙĐƻŤĞŦɔ¾ľĞơĞƙŌĞơóśơŲŌŦĐśƵėĞė
ơƭóƭĞƭŤĞŦƭơŲĶËśŘĞƙŲĶĶŌĐŌóśơóďŲƵƭƭľĞ!ŲŤƖóŦǔʀơ
óĐƭŌŲŦơóŦėĞǓƖĞƙƭơŲƖŌŦŌŲŦơɔ
ËśŘĞƙʀơƙŌĐľƖƙŲėƵĐƭƙóŦķĞŌŦĐśƵėĞơŤŲƙĞƭľóŦ
ȒȏȏƖƙŲėƵĐƭơơƵŌƭóďśĞĶŲƙóśśƖóśóƭĞơóŦėďƵėķĞƭơɔ
UŦóėėŌƭŌŲŦƭŲƭľŌơĞǓƭĞŦơŌǍĞƖƙŲėƵĐƭƖŲƙƭĶŲśŌŲɏ
ĐŲŦơƵŤĞƙɲĶŲĐƵơĞėŌŦŦŲǍóƭŌŲŦĞĶĶŲƙƭơóƙĞóŤóŕŲƙ
ėƙŌǍĞƙŲĶƭľĞĐŲŤƖóŦǔʀơķƙŲǎƭľɔ
ËśŘĞƙUŦŦŲǍóƭŌŲŦ!ĞŦƭĞƙŤĞƭľŲėŌĐóśśǔėĞǍĞśŲƖơ
ķƙŲƵŦėďƙĞóŘŌŦķƖƙŲėƵĐƭơóƭơƵƖĞƙŌŲƙƘƵóśŌƭǔ
ơƭóŦėóƙėơŌŦśŌŦĞǎŌƭľĞŤĞƙķŌŦķŤóƙŘĞƭƭƙĞŦėơ
29
óŦėĐŲŦơƵŤĞƙŦĞĞėơɔ(ĞśŌǍĞƙŌŦķƭľĞơĞŌŦŦŲǍóƭŌǍĞ
ƖƙŲėƵĐƭơƭŲĐŲŦơƵŤĞƙơɏƭľĞ!ĞŦƭĞƙʀơĞĶĶŲƙƭơľĞśƖ
ËśŘĞƙʀơơƭƙŲŦķďƙóŦėơƙĞóĐľƭľĞǔŲƵŦķƭóƙķĞƭ
óƵėŌĞŦĐĞóŦėŤóŌŦƭóŌŦƭŌĞơŲĶóĶĶĞĐƭŌŲŦɔUŦȑȏȑȏɏ
ŤŲƙĞƭľóŦȖȏƖƙŲėƵĐƭơɦ±hÅơɧǎĞƙĞŌŦƭƙŲėƵĐĞėƭŲ
ĐŲŦơƵŤĞƙơǎŌƭľśóƵŦĐľĞơóŦėƙĞśóƵŦĐľĞơƭľóŦŘơ
ƭŲƭľĞǍóśƵóďśĞĐŲŦƭƙŌďƵƭŌŲŦŲĶƙĞơĞóƙĐľĐŲŦėƵĐƭĞė
ǎŌƭľŤŲƙĞƭľóŦȘȏƭľŲƵơóŦėĐŲŦơƵŤĞƙơɔUŦŦŲǍóƭŌǍĞ
ƖƙŲėƵĐƭơśóƵŦĐľĞėėƵƙŌŦķƭľĞǔĞóƙóĐĐŲƵŦƭĞėĶŲƙ
ȖɔȓʼŲĶƭŲƭóśėŲŤĞơƭŌĐŤóƙŘĞƭƭƵƙŦŲǍĞƙɔ
¾ľóŦŘơƭŲơƭƙŲŦķơƵƖƖŲƙƭŌŦƭľĞĶŌĞśėóŦėóĐƙŲơơƭľĞ
ŤĞėŌóɏËśŘĞƙďŲŲơƭĞėŌƭơśĞóėĞƙơľŌƖŌŦĐŲŦơƵŤĞƙƭŲƖ
ŲĶŤŌŦėóǎóƙĞŦĞơơďǔơŌǓƖŲŌŦƭơǔĞóƙɲŲŦɲǔĞóƙŌŦ
ƭľĞ ƙóŦė¾ľóƭ!ŲŤĞơƭŲtŌŦėơĐŲƙĞơɔUŦȑȏȑȏɏȒȏ
ƖĞƙơŲŦơŲƵƭŲĶȐȏȏŌŦ¾ƵƙŘĞǔơƭóƭĞėƭľóƭËśŘĞƙǎóơ
ƭľĞĶŌƙơƭďƙóŦėƭľóƭĐóŤĞƭŲŤŌŦėóŤŲŦķóśśơĞĐƭŲƙơ
ŲĶƭľĞĞĐŲŦŲŤǔɔ ǔŌŤƖƙŲǍŌŦķŌƭơơľóƙĞŌŦƭľĞ ƙóŦė
(ĞơŌƙĞóŦė¾Ųƭóś ƙóŦėÝóśƵĞơĐŲƙĞơĐŲŤƖóƙĞėƭŲ
ƭľĞƖƙĞǍŌŲƵơǔĞóƙɏËśŘĞƙŕƵŤƖĞėĶƵƙƭľĞƙóľĞóėŲĶ
ŌƭơĐśŲơĞơƭĐŲŤƖĞƭŌƭŲƙɔUŦȑȏȑȏɏËśŘĞƙʀơ ƙóŦėÝóśƵĞ
ơĐŲƙĞǎóơȔɔȖƖŲŌŦƭơóďŲǍĞŌƭơŦĞóƙĞơƭĐŲŤƖĞƭŌƭŲƙɏ
ǎľŌśĞŌƭơ ƙóŦė(ĞơŌƙĞơĐŲƙĞǎóơȑɔȔƖŲŌŦƭơľŌķľĞƙ
ƭľóŦŌƭơĐśŲơĞơƭĐŲŤƖĞƭŌƭŌŲŦɔ
(ƵƙŌŦķƭľĞǔĞóƙɏËśŘĞƙʀơĞĶĶŲƙƭơƭŲďĞŦĞĶŌƭơŲĐŌĞƭǔ
óŦėƭľĞŦóƭƵƙóśĞŦǍŌƙŲŦŤĞŦƭǎĞƙĞƙĞĐŲķŦŌǞĞė
ǎŌƭľǍóƙŌŲƵơóǎóƙėơɔËśŘĞƙƭŲƖƖĞėƭľĞɽ±ŦóĐŘɾ
ĐóƭĞķŲƙǔĶŲƙƭľĞƭľŌƙėƭŌŤĞŌŦóƙŲǎŌŦƭľĞIŲŲė
jŌĶĞ ƙóŦėơȑȏȑȏơƭƵėǔĐŲŦėƵĐƭĞėďǔvŌĞśơĞŦ
ĶŲƙ±ƵơƭóŌŦóďśĞ ƙóŦėơ¾ƵƙŘĞǔɔUŦóėėŌƭŌŲŦɏËśŘĞƙ
!ŲŘŲŘƙĞŤǎóơƖƙĞơĞŦƭĞėǎŌƭľƭľĞ ƙŲŦǞĞ1ĶĶŌĞ
ŌŦƭľĞɽ±ǎĞĞƭɲ±óśƭǔ±ŦóĐŘơɾĐóƭĞķŲƙǔǎŌƭľŌƭơ
ɽ±ǎĞĞƭĞơƭtŲƙŦŌŦķơŌŦ1ǍĞƙǔ©ĞķŌŲŦŲĶ¾ƵƙŘĞǔɾ
ĐóŤƖóŌķŦóƭƭľĞ1ĶĶŌоƵƙŘĞǔȑȏȑȏĐŲŤƖĞƭŌƭŌŲŦɔ¾ľŌơ
ƖƙĞơƭŌķŌŲƵơĐŲŤƖĞƭŌƭŌŲŦƙĞĐŲķŦŌǞĞơ¾ƵƙŘĞǔʀơŤŲơƭ
ĞĶĶĞĐƭŌǍĞóėǍĞƙƭŌơŌŦķóŦėŤóƙŘĞƭŌŦķĐŲŤŤƵŦŌĐóƭŌŲŦ
ĐóŤƖóŌķŦơɔ
 ^±hËÝ^
Annual Report 2020

¦ƙŲėƵĐƭŌŲŦóŦė!óƖóĐŌƭǔ

Ülker Bisküvi carries on generating happiness at six domestic

factories where new generation digital technologies are in use,
with an innovative mind-set focused on consumers with the
most productive cutting edge techniques.

Biscuit Main Brands

jŲĐóƭĞėŲŦóȐȐȏɏȏȏȏŤȺśóŦėƖóƙĐĞśɏŲĶǎľŌĐľȗȏɏȏȏȏ
ŤȺŌơĐŲǍĞƙĞėơƖóĐĞɏƙƵŦŦŌŦķƭľƙĞĞơľŌĶƭơƖĞƙėóǔɏ
ŦŘóƙóHóĐƭŲƙǔƖƙŲėƵĐĞėóƭŲƭóśŲĶȐȏȕɏȑȔȔƭŲŦơŲĶ
ďŌơĐƵŌƭơóŦėĐľŲĐŲśóƭĞŌŦȑȏȑȏɔÞŌƭľƭľĞŲƖĞƙóƭŌŲŦóś
ĞǓĐĞśśĞŦĐĞóŦėƖƙŲėƵĐƭŌǍŌƭǔƖƙŲŕĞĐƭơĐóƙƙŌĞėŲƵƭ
óƭƭľĞĶóĐŌśŌƭŌĞơŌŦȑȏȑȏɏȒɏȐȏȏƭŲŦơɚǔĞóƙĐóƖóĐŌƭǔ
ŌŦĐƙĞóơĞǎóơóƭƭóŌŦĞėŌŦƭŲƭóśɔ
1ơƭóďśŌơľĞėŌŦƭľĞIĞďǞĞ‚ƙķóŦŌǞĞėUŦėƵơƭƙŌóśîŲŦĞ
ŌŦȐȘȘȖɏƭľĞIĞďǞĞHóĐƭŲƙǔŌơśŲĐóƭĞėŲŦóŦȗȔɏȒȒȏŤȺ
śóŦėƖóƙĐĞśɏŲĶǎľŌĐľȗȏɏȏȏȏŤȺŌơĐŲǍĞƙĞėơƖóĐĞɔ
ËśŘĞƙ¦ŽƭŌďŽƙɏ ŌơŘƙĞŤɏËśŘĞƙ ĞďĞɏPóŦńŤĞśśĞƙɏ
±óŘśńŘŽǔɏ^ŘƙóŤɏËśŘĞƙhƙĞŤóśńɏ$ŲŘŲƖƙĞŦơɏȘhóƭ
¾óƭɏȘhóƭ©ƵśŲŘóƭɏȘhóƭ^ŦĐĞ^ŦĐĞɏ¦ƙŲďŌơɏ$ŲŘŲŤĞśɏ
śƭńŦďóƦóŘɏ©ŲŦėŲɏ!óŦƖóƙĞɏPóǔśóǔĶɏËśŘĞƙHŌŦķĞƙɏ
ËśŘĞƙ(ĞśƵǓĞɏ(ŲƙĞɏËśŘĞƙhóŘóŲśƵ ŌơŘƻǍŌɏhóƭhóƭ
¾óƭɏ$ŌǞŌɏ$ŌǞŌǍŌēɏËśŘĞƙ$ƵďƵŘhƙóŘĞƙɏËśŘĞƙ±ƵơóŤśń
$ƵďƵŘhƙóŘĞƙɏhƙŌơƖŌɏ¾óēhƙóŘĞƙɏ!ŌĐŌ óśńŘɏtĐÝŌƭŌĞʀơɏ
±ƻơơĞɏPóśŘóŦė¾ĞŤƖŲ¦ĞƭŌďŽƙơơŲƙƭŤĞŦƭɏËśŘĞƙ
óŦėPóśŘhƙĞŤóśń ŌơĐƵŌƭơơŲƙƭŤĞŦƭɏPóśŘɏhóƙơó
ŘóƙĞŘƙĞŤóśń¦ƙŲėƵĐƭIƙŲƵƖơɏ!Ƶơƭóƙė!ƙĞóŤɏ
ƙƵŦŲɲ¾ĞŤƖŲɲPóśŘHŌķóƙŲhƙĞŤóśń¦ƙŲėƵĐƭ
IƙŲƵƖơɏËśŘĞƙ©ƵśŲŘóƭ¦ƙŲėƵĐƭIƙŲƵƖơɏPóśŘɲhóƙơóɲ
tŌơďŌơ©ƵśŲŘóƭơơŲƙƭŤĞŦƭɏ¶‚h¦ĞŘŌhƻƖIŲĶƙĞƭɏ
PóśŘHŌķóƙŲÞóĶĶĞƙơơŲƙƭŤĞŦƭɏ(ƵďśĞÞóĶĶĞƙ
ơơŲƙƭŤĞŦƭɏȘhóƭ¾óƭ¾ľŌŦÞóĶĶĞƙơơŲƙƭŤĞŦƭɏ ŌŤ
!ĞŦƭƙŲɲ¶‚h¦ĞŘŌȒȔȏI©ÞóĶĶĞƙơơŲƙƭŤĞŦƭɏËśŘĞƙ
(ĞśƻŘơÞóĶĶĞƙơơŲƙƭŤĞŦƭɏhóƙơóHŲƵƙƙĞɏËśŘĞƙɲ¶ŲŘ
¾ĞŤƖŲɲPóśŘHŌŦķĞƙɏËśŘĞƙ$ŲŘŲƖƙĞŦơɏËśŘĞƙ$ŌĶƭĞ
jĞǞǞĞƭɏPóśŘ ŲƙŦĞŲɏ¶‚h¾ĞŤƖŲ±óŦėǍŌē ŌơŘƻǍŌɏ
±ƻơơоƵƙƭóɏËśŘĞƙ ŌơŘƙĞŤɏhóƙơóhśóơɏ(ŲśķƵśƵ
ŌơŘƻǍŌɏ ŌŤhƙŌŦŘńś$ƵďƵŘɏ¶‚h¾ĞŤƖŲ$ƵďƵŘ
hƙóŘĞƙɏËśŘĞƙ¦ĞƭŌďŽƙ

30
 ^±hËÝ^
Annual Report 2020

31
 ^±hËÝ^
Annual Report 2020
¦ƙŲėƵĐƭŌŲŦóŦė!óƖóĐŌƭǔ
Ülker Çikolata carries out its
operations on 29,716 m2 closed space
established on 84,537 m2.
Chocolate
ơƵďơŌėŌóƙǔŲĶËśŘĞƙɏËśŘĞƙ$ŌŘŲśóƭóĐóƙƙŌĞơŲƵƭŌƭơ
ŲƖĞƙóƭŌŲŦơŲŦȑȘɏȖȐȕŤ2ĐśŲơĞėơƖóĐĞĞơƭóďśŌơľĞė
ŲŦȗȓɏȔȒȖŤ2ɔÞŌƭľƭľĞŦĞǎŤŲƵśėŌŦķśŌŦĞƖƙŲŕĞĐƭ
ĐóƙƙŌĞėŲƵƭŌŦȑȏȑȏóƭƭľŌơĶóĐƭŲƙǔɏȐȏƭľŲƵơóŦėƭŲŦơɚ
ǔĞóƙóėėŌƭŌŲŦóśĐóƖóĐŌƭǔŌơóĐľŌĞǍĞėɔ¾ľĞĶóĐŌśŌƭǔ
ǎóơƭóŘĞŦŌŦƭŲŲƖĞƙóƭŌŲŦŌŦ(ĞĐĞŤďĞƙȑȏȑȏóŦė
ƖƙŲėƵĐƭŌŲŦľóơơƭóƙƭĞėɔ
32
Main Brands
ËśŘĞƙ$ŌŘŲśóƭóśńIŲĶƙĞƭɏPóśśĞǔɏśďĞŦŌɏ(ŌėŲɏjóǍŌǍóɏ
$ŲŘŲŦóƭɏtĞƭƙŲɏ!ŲĐŲơƭóƙɏPŲďďǔɏ¦ŌŘŲɏ$ŲŘŲŤŌśŘɏ
$ŲŘŲŘƙĞŤɏËśŘĞƙ$ŌŘŲśóƭóɏvóƖŲśŌƭĞŦɏ!óƙóŤŌŲɏ
±ŤóƙƭƭɏËśŘĞƙHśŌƖǞɏ1ĐĞɏ$ŌŘŲśóƭŌŦɏ ƵŘśĞƭɏhŲŦēĞƙƭŲɏ
±ĞŦĶŲŦŌɏ±ĞśĞĐƭɏjóśĞǞóƙɏ ĞǔśĞƙďĞǔŌɏIŲėŌǍóɏ
śƖĞśśóɏtŌơďŌơhóƙŤĞŦóŦėPóśŘhƵďďĞśŌÞóĶĞƙ
ơơŲƙƭŤĞŦƭɏP‚ ä óƙơơŲƙƭŤĞŦƭɏhóƙơó¾ŲƙŌŦŲɏ
śďĞŦŌ±ƭŌĐŘóŦėäƵǍóƙśóŘ óƙɏśƖĞśśó!ŲóƭĞė
ÞóĶĞƙơơŲƙƭŤĞŦƭɏ¶‚hhóƙŤĞŦɲ ŌŤ݂Þɏ ¾¾
śƖĞśśó!ŲóƭĞėvƵķó óƙɏPóśŘɲhóƙơó!ŲóƭĞė
ÞóĶĞƙơơŲƙƭŤĞŦƭɏËśŘĞƙ¦ŌƙóśŌŦɏPŲďďǔhƙĞŤɏ
śƖĞśśóhƙĞŤ$ŌŘŲśóƭóɏËśŘĞƙ$ŲŘŲŤĞśɏËśŘĞƙ¦ŲĶƭŌɏ
ËśŘĞƙ!óƙóŤŌŲɏËśŘĞƙ±ŤóƙƭäƵŤƵƙƭóɏËśŘĞƙHŌŦķĞƙ
$ŌŘŲśóƭóɏhóƙơó$ŌŘŲďĞơƭɏśƖĞśśóɏËśŘĞƙ!ŲĐŲơƭóƙɏ
ËśŘĞƙ!ľŲĐŲƙŲŦėŲɏ ŌŤãjɲ¶ŲŘhóƙŤĞŦɲPóśŘäĞơĞŤ
!ŲóƭĞėǎŌƭľŤóƙơľŤóśśŲǎ ŌơĐƵŌƭHƵėķĞ!ŲóƭĞė
ŌơĐƵŌƭơơŲƙƭŤĞŦƭɏËśŘĞƙPóŦńŤĞśśĞƙjĞŤŲŦ!ŲŲŘŌĞɏ
ËśŘĞƙ±ŤóƙƭhŲƙŦĞƭɏËśŘĞƙ$ŲŘŲƭŲǔ
 ^±hËÝ^
Annual Report 2020

33
 ^±hËÝ^
Annual Report 2020

¦ƙŲėƵĐƭŌŲŦóŦė!óƖóĐŌƭǔ

Established on a covered area of 27,000 m²,

Ülker Esenyurt Factory produced 25 thousand
tons of cake in 2020.

Cake Main Brands

ËśŘĞƙƖƙŲėƵĐĞơĐóŘĞơóƭŌƭơ1ơĞŦǔƵƙƭHóĐƭŲƙǔɏǎľŌĐľ
ǎóơĞơƭóďśŌơľĞėŌŦȐȘȘȒŲŦóĐŲǍĞƙĞėóƙĞóŲĶȑȖɏȏȏȏ
ŤȺɔUŦȑȏȑȏɏȑȔƭľŲƵơóŦėƭŲŦơŲĶĐóŘĞǎóơƖƙŲėƵĐĞė
óƭƭľĞĶóĐƭŲƙǔɏǎľŌĐľŲƖĞƙóƭĞơŌŦƭľĞƭƙŌƖśĞơľŌĶƭŲƙėĞƙɔ
ơóƙĞơƵśƭŲĶƭľĞƖƙŲėƵĐƭŌǍŌƭǔƖƙŲŕĞĐƭĐóƙƙŌĞėŲƵƭ
ŌŦ‚ĐƭŲďĞƙóƭ ŌơŘŲƭhóƙóŤóŦHóĐƭŲƙǔɏóĐóƖóĐŌƭǔ
ŌŦĐƙĞóơĞŲĶȓȔȏƭŲŦơɚǔĞóƙǎóơƙĞóśŌǞĞėɔ
(óŦŘĞŘɏ‚ʀśóśóIƵƙŤĞɏ‚śóśó±ƵĶśĞɏ‚śóśóÞóĶĶśĞhĞŘɏ
‚śóśó óƙhĞŘɏ(óŦŘĞŘ$ŌŘŲśóƭóśńŤɏȗhĞŘɏhĞŘơƭƙóɏ
¦ŽƭŌɏËśŘĞƙHńƙńŦėóŦɏ$ŲŘŲŘƙĞŤ¦óŦŘĞŘɏśďĞŦŌɏ
śƖĞśśóɏ(ŲơƭŌŦŲɦ¦jɧɏ(óŦŘĞŘ$óǔ±óóƭŌɏ(óŦŘĞŘ
©ƵśŲ¦óơƭóɏhĞŘơƭƙó óƙhĞŘɏhĞŘơƭƙóhŲŦĶĞƭŌɏ
(óŦŘĞŘUơśóŘhĞŘɏ±Ťóƙƭ±ƻƭhĞŘɏ(óŦŘĞئŽƭŌ
tƵĶĶŌŦɏ¦ĞŘŌtƵĶĶŌŦɏ(óŦŘĞŘjŲŘŤóśńŘơơŲƙƭŤĞŦƭɏ
PóśŘɲśƖĞśśóhóƖŘĞŘɏ ŌŤɲPóśŘǍж‚h óƭŲŦhĞŘ
ơơŲƙƭŤĞŦƭɏ‚śóśó ŲśėɏśƖĞśśó óƙŘĞŘ

34
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Annual Report 2020

35
 ^±hËÝ^
Annual Report 2020
‚ƖĞƙóƭŌŲŦóś1ǓĐĞśśĞŦĐĞ
From operators to senior management, each employee
is active in operational excellence processes.
ËśŘĞƙľóơĐƙĞóƭĞėŌƭơŲǎŦɽŲƖĞƙóƭŌŲŦóśĞǓĐĞśśĞŦĐĞ
ŤŲėĞśɏɾŌŦơƖŌƙĞėďǔƭľĞŌŦƭĞƙŦóƭŌŲŦóśśǔƖƙŲǍĞŦ
óƖƖƙŲóĐľĞơŌŦĐśƵėŌŦķjĞóŦtóŦƵĶóĐƭƵƙŌŦķɏ¾Ųƭóś
¦ƙŲėƵĐƭŌǍĞtóŌŦƭĞŦóŦĐĞɏ¾Ųƭóś¨ƵóśŌƭǔtóŦóķĞŤĞŦƭɏ
±ŌǓ±ŌķŤóóŦėȔ±ɔ!óśśĞėƭľĞäńśėńǞ¦óƭľŲĶ1ǓĐĞśśĞŦĐĞ
ɦätäɧɏƭľĞƖƙŲķƙóŤŌơďóơĞėŲŦƭľĞƖƙŌŦĐŌƖśĞŲĶ
ɽóĐľŌĞǍŌŦķơƵơƭóŌŦóďśĞƙĞơƵśƭơǎŌƭľľóƖƖǔóŦė
ŤŲƭŌǍóƭĞėƭĞóŤơƭľóƭŌŤƖśĞŤĞŦƭƖĞƙĶĞĐƭơǔơƭĞŤơɔɾ
ÞŲƙŘĶŲśśŲǎɲƵƖŌơĐóƙƙŌĞėŲƵƭƭľƙŲƵķľĐŲŤŤŌƭƭĞĞơ
ĶŲƙŤĞėŲŦóǍŲśƵŦƭóƙǔďóơŌơɔ¾ľĞơĞĐŲŤŤŌƭƭĞĞơɏ
ǎľŌĐľŲƖĞƙóƭĞŌŦėŌĶĶĞƙĞŦƭĶŌĞśėơɏŌŦĐśƵėĞĞŤƖśŲǔĞĞơ
ĶƙŲŤǍóƙŌŲƵơėĞƖóƙƭŤĞŦƭơóŦėƖŲơŌƭŌŲŦơɔ¾Ų
ľĞśƖĶóĐƭŲƙŌĞơƭŲƙĞóĐľƭľĞŌƙŤóŌŦƭóƙķĞƭơɏĞóĐľ
ĐŲŤŤŌƭƭĞĞĐŲŦƭŌŦƵĞơƭŲǎŲƙŘŌŦóśŌķŦŤĞŦƭǎŌƭľŌƭơ
ŲǎŦƙŲóėŤóƖɔ
A total of nearly 2,000 improvements
are completed and reported up to the
present. The amount of savings achieved
during 2020 was TL 21 million.
36
HƙŲŤŲƖĞƙóƭŲƙơƭŲơĞŦŌŲƙŤóŦóķĞŤĞŦƭɏĞóĐľ
ĞŤƖśŲǔĞĞŌơóĐƭŌǍĞŌŦŲƖĞƙóƭŌŲŦóśĞǓĐĞśśĞŦĐĞ
ƖƙŲĐĞơơĞơɏƵƭŌśŌǞŌŦķŌŤƖƙŲǍĞŤĞŦƭƭŲŲśơĶƙŲŤóśśśĞǍĞśơɔ
1óĐľĶóĐƭŲƙǔĐƙĞóƭĞơŌƭơơƭƙóƭĞķŌĐƖśóŦóŦėơĞƭơķŲóśơ
ƵŦėĞƙƭľĞŦóŤĞŲĶɽîĞƙŲjŲơơfŲƵƙŦĞǔɏɾóŦėóśś
ŌŤƖƙŲǍĞŤĞŦƭóĐƭŌǍŌƭŌĞơóƙĞŤóŦóķĞėŌŦśŌŦĞǎŌƭľƭľŌơ
ƖśóŦɔ
‚ƖĞƙóƭŌŲŦóśĞǓĐĞśśĞŦĐĞơƭƵėŌĞơóƙĞďóơŌĐóśśǔ
óėǍóŦĐĞėŌŦƭľƙĞĞŤóŌŦĶŲĐƵơĞơɎɽîĞƙŲÞŲƙŘ
ĐĐŌėĞŦƭơɏɾɽîĞƙŲ¨ƵóśŌƭǔ¦ƙŲďśĞŤơɾóŦėɽîĞƙŲ
jŲơơɔɾvƵŤďĞƙŲĶŌŤƖƙŲǍĞŤĞŦƭǎŲƙŘơŌơŌŦĐƙĞóơŌŦķ
ĞóĐľǔĞóƙɔɏóśƭľŲƵķľƭľĞŦƵŤďĞƙŌŦĐƙĞóơĞơĞóĐľ
ǔĞóƙɔƭŲƭóśŲĶŦĞóƙśǔȑɏȏȏȏŌŤƖƙŲǍĞŤĞŦƭơóƙĞ
ĐŲŤƖśĞƭĞėóŦėƙĞƖŲƙƭĞėƵƖƭŲƭľĞƖƙĞơĞŦƭɔÞŌƭľ
ƭľĞơĞĞĶĶŲƙƭơɏóƖƖƙŲǓŌŤóƭĞśǔ¾jȐȕɔȔŤŌśśŌŲŦǎóơ
ơóǍĞėŌŦȑȏȐȗóŦė¾jȐȏŤŌśśŌŲŦŌŦȑȏȐȘɔ¾ľĞóŤŲƵŦƭ
ŲĶơóǍŌŦķơóĐľŌĞǍĞėėƵƙŌŦķȑȏȑȏǎóơ¾jȑȐŤŌśśŌŲŦɔ
¾ľĞơĞơóǍŌŦķơĐŲŤƖƙŌơĞƭľĞŌŤƖƙŲǍĞŤĞŦƭơƙĞóśŌǞĞė
ǎŌƭľŲƵƭŤóŘŌŦķóŦǔŌŦǍĞơƭŤĞŦƭóŦėǎŌƭľŤŌŦŌŤóś
ĞǓƖĞŦėŌƭƵƙĞɔ
‚ƖĞƙóƭŌŲŦóśĞǓĐĞśśĞŦĐĞơƭƵėŌĞơóƙĞĐóƙƙŌĞėŲƵƭ
ďǔƭĞóŤơĐƙĞóƭĞėŲŦóǍŲśƵŦƭóƙǔďóơŌơóƭËśŘĞƙ
HóĐƭŲƙŌĞơɔPŲǎĞǍĞƙɏóśśƭľĞƭƙóŌŦŌŦķɏĐŲŦơƵśƭóŦĐǔ
óŦėĐŲóĐľŌŦķŦĞĞėơŲĶƭľĞĶóĐƭŲƙǔƭĞóŤơóƙĞŤĞƭ
ďǔƭľĞ‚ƖĞƙóƭŌŲŦóś1ǓĐĞśśĞŦĐĞɦ‚tɧ!ĞŦƭĞƙ¾ĞóŤɏ
ĐŲŦơŌơƭŌŦķŲĶƭľƙĞĞƖĞŲƖśĞɔ
 ^±hËÝ^
Annual Report 2020

ËśŘĞƙĐŲŤƖóƙĞơŌƭơĶóĐƭŲƙŌĞơǎŌƭľĞóĐľŲƭľĞƙŌŦ ËśŘĞƙĐśóơơŌĶŌĞơĶóĐƭŲƙŌĞơóĐĐŲƙėŌŦķƭŲƭľĞśĞǍĞśŲĶ
ƭĞƙŤơŲĶƭľĞƙĞơƵśƭơƭľĞǔóĐľŌĞǍĞóŦėƭľĞơǔơƭĞŤơ ŲƖĞƙóƭŌŲŦóśĞǓĐĞśśĞŦĐĞƭľĞǔľóǍĞóĐľŌĞǍĞėóŦė
ƭľĞǔóƖƖśǔŌŦƭľĞŕŲƵƙŦĞǔŲĶŲƖĞƙóƭŌŲŦóśĞǓĐĞśśĞŦĐĞ ėŌĶĶĞƙĞŦƭŌóƭĞơƭľĞŌƙơƵƖƖŲƙƭŦĞĞėơóĐĐŲƙėŌŦķśǔɔUŦ
óŦėƭƵƙŦơƭľĞŤŌŦƭŲɽơƭóŦėóƙėɾďǔƙĞǎóƙėŌŦķ ĞóĐľƖľóơĞŲĶƭľĞĶŲƵƙɲƖľóơĞŤŲėĞśƵơĞėŌŦƭľŌơ
ƭľĞďĞơƭƖƙóĐƭŌĐĞơɔÞŌƭľƭľĞI‚äɦ©ŲóŤɏ(ŲŦʀƭ ĐśóơơŌĶŌĐóƭŌŲŦơƭƵėǔɏƭľĞóĐƭŌǍŌƭŌĞơƭŲďĞƖĞƙĶŲƙŤĞė
±ŌƭŦǔŤŲƙĞɧƖƙóĐƭŌĐĞơĐóƙƙŌĞėŲƵƭďĞƭǎĞĞŦƭľĞ ďǔƭľĞĶóĐƭŲƙŌĞơóŦėƭľĞƙĞơƵśƭơƭŲďĞóĐľŌĞǍĞėóƙĞ
ĶóĐƭŲƙŌĞơɏďĞơƭƖƙóĐƭŌĐĞơóƙĞóơơĞơơĞėŲŦɲơŌƭĞóŦė ơƖĞĐŌĶŌĞėɔ¾ľĞĐƵƙƙĞŦƭƖľóơĞśĞǍĞśŲĶƭľĞĶóĐƭŲƙǔ
ƙóƖŌėśǔėŌơơĞŤŌŦóƭĞėɔ¾ľĞśĞóƙŦŌŦķƭľóƭĞŤĞƙķĞơ ŌơėĞƭĞƙŤŌŦĞėƭľƙŲƵķľƙĞķƵśóƙĞǍóśƵóƭŌŲŦơóŦė
ǎŌƭľŌŦƭľŌơơĐŲƖĞŌơėŲĐƵŤĞŦƭĞėŌŦľóŦėďŲŲŘơƭŲ ƭľŌơŌơƭƵƙŦĞėŌŦƭŲóŦŲƖƖŲƙƭƵŦŌƭǔĶŲƙƙĞĐŲķŦŌƭŌŲŦɏ
ĐŲŦƭƙŌďƵƭĞƭŲƭľĞĐŲƙƖŲƙóƭĞŤĞŤŲƙǔɔ!ƵƙƙĞŦƭśǔɏƭǎŲ óƖƖƙĞĐŌóƭŌŲŦóŦėƙĞǎóƙėɔ
ľóŦėďŲŲŘơľóǍĞďĞĞŦƖƵďśŌơľĞėɏóŦėėŌơƭƙŌďƵƭĞėƭŲ
óśśƭĞóŤơɎƭľĞɽ‚ƖĞƙóƭŌŲŦóś1ǓĐĞśśĞŦĐĞPóŦėďŲŲŘɏɾ
ėĞơĐƙŌďŌŦķƭľĞŲƖĞƙóƭŌŲŦóśĞǓĐĞśśĞŦĐĞŤŲėĞśƭľóƭ
ľóơďĞĞŦŌŤƖśĞŤĞŦƭĞėơŲĶóƙəóŦėƭľĞɽtóŌŦƭĞŦóŦĐĞ
HƵŦĐƭŌŲŦPóŦėďŲŲŘɏɾĐŲǍĞƙŌŦķËśŘĞƙơƭóŦėóƙėơŲĶ
ŤóŌŦƭĞŦóŦĐĞɔơǎĞśśɏŲŦśŌŦĞƖśóƭĶŲƙŤơóƙĞóĐƭŌǍĞśǔ
ƵơĞėǎŌƭľŌŦƭľĞơĐŲƖĞŲĶėŌķŌƭóśŌǞóƭŌŲŦɏóŦėóŦǔ
ƵƖėóƭĞơƭľóƭŤóǔŲĐĐƵƙŌŦơƵďơĞƘƵĞŦƭĞėŌƭŌŲŦơŲĶ
ƭľĞŤóŦƵóśơóƙĞƙĞĐŲƙėĞėɔ

37
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Annual Report 2020

Investments

Aiming to increase its customer satisfaction by making

investments, Ülker Bisküvi improves product quality more
and more and makes its cost structure more competitive by
enhancing its operational efficiency.

UŦȑȏȑȏɏËśŘĞƙ ŌơŘƻǍŌĶƵƙƭľĞƙƙĞŌŦĶŲƙĐĞėŌƭơƙŲďƵơƭ UŦȑȏȑȏɏËśŘĞƙĐóƙƙŌĞėŲƵƭƭľĞĶŲśśŲǎŌŦķ

ŤóƙŘĞƭƖŲơŌƭŌŲŦǎŌƭľŦĞǎĐóƖŌƭóśŌŦǍĞơƭŤĞŦƭơƭľóƭ ŤŲėĞƙŦŌǞóƭŌŲŦóĐƭŌǍŌƭŌĞơǎŌƭľóŦóƖƖƙŲǓŌŤóƭĞśǔ¾j
ŌŦĐśƵėĞėŦĞǎŌŦơƭóśśóƭŌŲŦơŌŦƭľĞĶóĐƭŲƙŌĞơɏĐóƖóĐŌƭǔ ȐȗȒŤŌśśŌŲŦŌŦǍĞơƭŤĞŦƭŲŦóĐŲŦơŲśŌėóƭĞėďóơŌơɎ
ŌŦĐƙĞóơĞơɏŤŲėŌĶŌĐóƭŌŲŦơƭŲƖƙŲėƵĐƭŌŲŦśŌŦĞơɏƖƙŲėƵĐƭ
ƵƖķƙóėĞơɏóŦėŌŤƖƙŲǍĞŤĞŦƭơŌŦľǔķŌĞŦŌĐĐŲŦėŌƭŌŲŦơ ɍ ¦óĐŘŌŦķŤóĐľŌŦĞƙǔƖƵƙĐľóơĞɏ
óŦėǎóƙĞľŲƵơŌŦķƖƙŲĐĞơơĞơɔ ɍ ¦ƙŲėƵĐƭŌŲŦĶĞĞėŌŦķƵŦŌƭƙĞŦĞǎóśɏ
ɍ ±ĞƙǍŌĐĞƭóŦŘƙĞŦĞǎóśɏ
ŌŤŌŦķƭŲŌŦĐƙĞóơĞŌƭơĐƵơƭŲŤĞƙơóƭŌơĶóĐƭŌŲŦďǔ ɍ vĞǎƖóĐŘóķŌŦķŤóĐľŌŦĞƙǔƖƵƙĐľóơĞɏ
ŤóŘŌŦķŌŦǍĞơƭŤĞŦƭơɏƭľĞ!ŲŤƖóŦǔŌŤƖƙŲǍĞơ ɍ vĞǎƖƙŲėƵĐƭŌŲŦśŌŦĞóơơĞŤďśǔɔ
ƖƙŲėƵĐƭƘƵóśŌƭǔŤŲƙĞóŦėŤŲƙĞóŦėŤóŘĞơŌƭơ
ĐŲơƭơƭƙƵĐƭƵƙĞŤŲƙĞĐŲŤƖĞƭŌƭŌǍĞďǔĞŦľóŦĐŌŦķŌƭơ
ŲƖĞƙóƭŌŲŦóśĞĶĶŌĐŌĞŦĐǔɔ

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±ƵďơŌėŌóƙŌĞơóŦėHŌŦóŦĐŌóśUŦǍĞơƭŤĞŦƭơ

ŌơŘŲƭ ŌơŘƻǍŌIńėó PŌɲHŲŲėĶŲƙėǍóŦĐĞėHŲŲėUŦėƵơƭƙŌĞơɦ±ɔɔ1ɔɧ

ŌơŘŲƭ ŌơŘƻǍŌIńėóóƭƭóŌŦĞėóśóƙķĞƙƖƙŲėƵĐƭŌŲŦ
ǍŲśƵŤĞƭľóŦŘơƭŲƭľĞŤĞƙķĞƙŲĶI±ɲŦóėŲśƵ
Ińėó±óŦɔǍоŌĐɔɔ¶ɔɏóĐóŘĞơƖƙŲėƵĐĞƙɏǎŌƭľ ŌơŘŲƭ
ŌơŘƻǍŌIńėó±óŦɔǍоŌĐɔɔ¶ɔóƭȑȏȐȐǔĞóƙɲĞŦėUƭơ
ƖƙŲėƵĐƭƖŲƙƭĶŲśŌŲĐŲŦơŌơƭơŲĶďŌơĐƵŌƭɦƖĞƭŌƭɲďĞƵƙƙĞ
ďŌơĐƵŌƭơɏĶŌŦķĞƙơɧɏơƖĞĐŌóśďŌơĐƵŌƭɏĐƙĞóŤɲĶŌśśĞėďŌơĐƵŌƭơɏ
ơóŦėǎŌĐľďŌơĐƵŌƭơɏĐƙóĐŘĞƙơɏǎóĶĞƙơɏĐľŲĐŲśóƭĞ
ǎóĶĞƙơɏƙŲśśĞėǎóĶĞƙơɏĐóŘĞɦŤƵĶĶŌŦɏďóƭŲŦɧɏ
ĐľŲĐŲśóƭĞɲĐŲǍĞƙĞėĐóŘĞơɏĐľŲĐŲśóƭĞɲĐŲǍĞƙĞėďóƙɏ
ĐľŲĐŲśóƭĞɲĐŲǍĞƙĞėŤóƙơľŤóśśŲǎɏĐľŲĐŲśóƭĞĐƙĞóŤɏ
ĐľŲĐŲśóƭĞĞķķơǎŌƭľƭŲǔơɏóŦėķŌĶƭóďśĞĐľŲĐŲśóƭĞơɔ
tóŕŲƙďƙóŦėơóƙĞËśŘĞƙɏśƖĞśśóóŦėhóƙơóɔ¾ľĞ
!ŲŤƖóŦǔɏǎľŌĐľóśơŲƖƙŲėƵĐĞơĶŲƙ¦jɦƖƙŌǍóƭĞśóďĞśɧ
ďƙóŦėơɏơƭóŦėơŲƵƭǎŌƭľŌƭơƵŦŌƘƵĞƖƙŲėƵĐƭơɦėƙóķĞĞɏ
ĐŲƙŦĞƭɏėƙŲƖɏĞķķɏĞƭĐɔɧɔ ŌơŘŲƭ ŌơŘƻǍŌIńėóĐŲŦƭŌŦƵĞơ
ŌƭơŲƖĞƙóƭŌŲŦơǎŌƭľȐȕƖƙŲėƵĐƭŌŲŦĶóĐŌśŌƭŌĞơŲŦóȓȑɏȔȏȏ
Ť2ŲĶĐśŲơĞėơƖóĐĞɏǎŌƭľƭľĞóėėŌƭŌŲŦŲĶóŦĞǎ
ďƵŌśėŌŦķɔ
ËśŘĞƙ$ŌŘŲśóƭó
UŦȑȏȐȐɏËśŘĞƙóĐƘƵŌƙĞėóŤóŕŲƙŌƭǔơƭóŘĞŌŦËśŘĞƙ
$ŌŘŲśóƭó±óŦóǔŌɔ¶ɔɏƖƙĞǍŌŲƵơśǔľĞśėďǔäńśėńǞPŲśėŌŦķɔ
¾ľĞĐŲŤƖóŦǔŤóŦƵĶóĐƭƵƙŌŦķƵŦėĞƙƭľĞĐóƭĞķŲƙŌĞơ
ŲĶơŲśŌėĐľŲĐŲśóƭĞɏĐľŲĐŲśóƭĞĐŲǍĞƙĞėƖƙŲėƵĐƭơɏ
ĐƙĞóŤĐľŲĐŲśóƭĞɏĐóƭĞƙŌŦķĐľŲĐŲśóƭĞóŦėƖŲǎėĞƙĞė
ĐŲĐŲóóŦėŌơƭľĞŤóƙŘĞƭśĞóėĞƙŌŦƭľĞơĞĐƭŲƙɏ
ĐŲŦƭŌŦƵĞơŌƭơƖƙŲėƵĐƭŌŲŦóĐƭŌǍŌƭŌĞơŌŦóƭŲƭóśĐśŲơĞė
óƙĞóŲĶȗȓɔȔȒȖŤȺŌŦUơƭóŦďƵś¾ŲƖŘóƖńɔ
PŌɲHŲŲėĶŲƙėǍóŦĐĞėHŲŲėUŦėƵơƭƙŌĞơǎóơ
ĞơƭóďśŌơľĞėŲŦfóŦƵóƙǔȐȔɏȑȏȏȓɔUƭơŤŌơơŌŲŦŌơƭŲ
ƖƙŲėƵĐĞďŌơĐƵŌƭơŌŦƭľĞĶóĐƭŲƙǔŌŦ1ķǔƖƭóŦėƭŲ
ơĞśśƭľĞơĞƭŲƭľĞŌŦƭĞƙŦóśŤóƙŘĞƭóŦėƭľĞŌŦƭĞƙŦóś
ĐŲƵŦƭƙŌĞơŌŦƭľĞƙĞķŌŲŦɔ
HŲŲėtóŦƵĶóĐƭƵƙĞƙơ!ŲŤƖóŦǔ
¾ľĞHŲŲėtóŦƵĶóĐƭƵƙĞƙơ!ŲŤƖóŦǔǎóơĞơƭóďśŌơľĞė
ŲŦfóŦƵóƙǔȑȔɏȑȏȏȏɔ ŌơĐƵŌƭơɏĐóŘĞơóŦėĐľŲĐŲśóƭĞơ
óƙĞŤóŦƵĶóĐƭƵƙĞėŌŦƭľĞĶóĐƭŲƙǔŌŦ±óƵėŌƙóďŌóĶŲƙ
ơóśĞŌŦƭľĞėŲŤĞơƭŌĐŤóƙŘĞƭóŦėƭľĞĐŲƵŦƭƙŌĞơŌŦƭľĞ
ƙĞķŌŲŦɔ
PóŤśĞ!ŲŤƖóŦǔjƭėɔjj¦
ĐƘƵŌƙĞėŌŦȑȏȐȖĶƙŲŤtóŌóUŦƭĞƙŦóƭŌŲŦóś ɔÝɔǎľŌĐľ
ȐȏȏʼŌơŲǎŦĞėďǔäńśėńǞPŲśėŌŦķɔ¶ɔUŦƭľĞĶóĐƭŲƙǔ
śŲĐóƭĞėŌŦhóǞóŘľơƭóŦɏďŌơĐƵŌƭơɏĐóŘĞơóŦėĐŲóƭĞė
ĐľŲĐŲśóƭĞóƙĞƖƙŲėƵĐĞėƭŲơĞśśƭŲƭľĞėŲŤĞơƭŌĐ
ŤóƙŘĞƭóŦėƭľĞĐŲƵŦƭƙŌĞơŌŦƭľĞƙĞķŌŲŦɔ

IŲėŌǍó
ÞŌƭľIŲėŌǍó ĞśķŌƵŤ Ý ɏŌŦǎľŌо˜ŘĞƙ ŌơŘƻǍŌ
ľóơóȐȑɔȘȔʼơƭóŘĞóŦėIɲvĞǎUŦĐɏŌŦǎľŌо˜ŘĞƙ
ŌơŘƻǍŌľóơóȐȗɔȒȔʼơƭóŘĞɏIŲėŌǍó!ľŲĐŲśóƭŌĞƙUŦĐɔŌơ
ƭľĞŲǎŦĞƙŲĶƭľĞIŲėŌǍóďƙóŦėɏƭľĞǎŲƙśėʀơśĞóėŌŦķ
ďƙóŦėŲĶƖƙĞŤŌƵŤĐľŲĐŲśóƭĞóŦėĐľŲĐŲśóƭĞɲĐŲóƭĞė
ƖƙŲėƵĐƭơɔUŦȑȏȏȗɏäńśėńǞPŲśėŌŦķóĐƘƵŌƙĞėIŲėŌǍó
!ľŲĐŲśóƭŌĞƙUŦĐɔĶŲƙű(ȗȔȏŤŌśśŌŲŦɏƭľĞśóƙķĞơƭ
ŲǍĞƙơĞóơóĐƘƵŌơŌƭŌŲŦďǔó¾ƵƙŘŌơľĐŲŤƖóŦǔóŦė
ĐƙĞóƭĞėóƭƙƵĞơƵĐĐĞơơơƭŲƙǔŲǍĞƙƭľĞśóơƭƭĞŦǔĞóƙơɔ
±ŌśŌǍƙŌHóĐƭŲƙǔľóơďĞĐŲŤĞƭľĞƖƙŲėƵĐƭŌŲŦľƵďĶŲƙ
IŲėŌǍótóơƭĞƙƖŌĞĐĞĐľŲĐŲśóƭĞɔ

39
 ^±hËÝ^
Annual Report 2020

±ƵďơŌėŌóƙŌĞơóŦėHŌŦóŦĐŌóśUŦǍĞơƭŤĞŦƭơ

ŤŌƙIśŲďóś¾ƙóėŌŦķHî1 UŦƭĞƙŦóƭŌŲŦóś ŌơĐƵŌƭơ!ŲŤƖóŦǔ

UŦśŌŦĞǎŌƭľŌƭơơƭƙóƭĞķǔɏËśŘĞƙ ŌơŘƻǍŌďŲƵķľƭɏŌŦ
ȑȏȐȖɏÅUtĞŦó ÝĐŲŤƖóŦǔƭľĞŲŦśǔơľóƙĞľŲśėĞƙ
ŲĶŤŌƙIśŲďóś¾ƙóėŌŦķHî1ɏǎľŌĐľľóơėŌơƭƙŌďƵƭŌŲŦɚ
ƖƙŲėƵĐƭŌŲŦƙŌķľƭơŲĶƭľĞÅŦŌƭĞė ŌơĐƵŌƭơjŌŤŌƭĞė
ƖƙŲėƵĐƭơŌŦ±óƵėŌƙóďŌóɏtŌėėśĞ1óơƭóŦėvŲƙƭľ
ĶƙŌĐóɔ
UŦśŌŦĞǎŌƭľŌƭơȑȏȐȗơƭƙóƭĞķǔɏËśŘĞƙ ŌơŘƻǍŌóĐƘƵŌƙĞė
ƭľĞĞŦƭŌƙĞơľóƙĞơŲĶUŦƭĞƙŦóƭŌŲŦóś ŌơĐƵŌƭơ!ŲŤƖóŦǔɏ
ǎľŌĐľǎóơŲǎŦĞėďǔÅ IƙŲƵƖjŌŤŌƭĞėɏóơƵďơŌėŌóƙǔ
ŲĶäńśėńǞPŲśėŌŦķɔ ŌơĐƵŌƭóŦėĐŲóƭĞėĐľŲĐŲśóƭĞ
ƖƙŲėƵĐƭŌŲŦŌơĐóƙƙŌĞėŲƵƭóƭƭľĞĶóĐƭŲƙǔśŲĐóƭĞėŌŦ
±óƵėŌƙóďŌóɔ

ȒȐ(ĞĐĞŤďĞƙȑȏȑȏ ȒȐ(ĞĐĞŤďĞƙȑȏȐȘ
(ŌƙĞĐƭ 1ĶĶĞĐƭŌǍĞ (ŌƙĞĐƭ 1ĶĶĞĐƭŌǍĞ
tóŌŦHŌĞśėŲĶ
±ƵďơŌėŌóƙŌĞơ ‚ǎŦĞƙơľŌƖ ‚ǎŦĞƙơľŌƖ ‚ǎŦĞƙơľŌƖ ‚ǎŦĞƙơľŌƖ
ĐƭŌǍŌƭǔ
©óƭŌŲ ©óƭŌŲ ©óƭŌŲ ©óƭŌŲ
ŌơŘŲƭ ŌơŘƻǍŌIńėó±óŦóǔŌǍĞ
73.9% 73.9% 73.9% 73.9% ¦ƙŲėƵĐƭŌŲŦ
¾ŌĐóƙĞƭɔ¶ɔ
ËśŘĞƙ$ŌŘŲśóƭó±óŦóǔŌɔ¶ɔ 91.7% 91.7% 91.7% 91.7% ¦ƙŲėƵĐƭŌŲŦ
ƭśóơIńėó¦óǞóƙśóŤó±óŦóǔŌǍĞ
100.0% 100.0% 100.0% 100.0% ¾ƙóėĞ
¾ŌĐóƙĞƭɔ¶ɔ
©ĞĶŲƙŤIńėó¦óǞɔ±óŦɔǍоŌĐɔɔ¶ɔ 100.0% 100.0% 100.0% 100.0% ¾ƙóėĞ
ÅU1ķǔƖƭ ɔÝɔ 51.0% 51.0% 51.0% 51.0% UŦǍĞơƭŤĞŦƭ
PŌɲHŲŲėĶŲƙėǍóŦĐĞėHŲŲė ¦ƙŲėƵĐƭŌŲŦɲ
ɲ 51.4% ɲ 51.4%
UŦėƵơƭƙŌĞơ ±óśĞơ
±óďŲƵƙŦĞUŦǍĞơƭŤĞŦƭơjƭė 100.0% 100.0% 100.0% 100.0% UŦǍĞơƭŤĞŦƭ
¦ƙŲėƵĐƭŌŲŦɲ
HŲŲėtóŦƵĶóĐƭƵƙĞƙơʀ!ŲŤƖóŦǔ ɲ 55.0% ɲ 55.0%
±óśĞơ
¦ƙŲėƵĐƭŌŲŦɲ
PóŤśĞ!ŲŤƖóŦǔjƭėjj¦ 100.0% 100.0% 100.0% 100.0%
±óśĞơ
ÅśŘĞƙ±ƭóƙjj! ɲ 99.0% ɲ 99.0% ±óśĞơ
ÅUtĞŦó Ý 100.0% 100.0% 100.0% 100.0% UŦǍĞơƭŤĞŦƭ
ŤŌƙIśŲďóś¾ƙóėŌŦķHî1 ɲ 100.0% ɲ 100.0% ±óśĞơ
ÅśŘĞƙĶŲƙ¾ƙóėŌŦķóŦėtóƙŘĞƭŌŦķ ɲ 99.8% ɲ 99.8% ±óśĞơ
¦ƙŲėƵĐƭŌŲŦɲ
UŦƭĞƙŦóƭŌŲŦóś ŌơĐƵŌƭơ!ŲŤƖóŦǔ 100.0% 100.0% 100.0% 100.0%
±óśĞơ

40
 ^±hËÝ^
Annual Report 2020

41
 ^±hËÝ^
Annual Report 2020

±ƵơƭóŌŦóďŌśŌƭǔ

We focused our sustainability efforts at Ülker Bisküvi

on generating long-term value and establishing the
necessary strategies, policies and objectives in order
to manage the risks that may arise due to economic,
environmental and social factors.

¾ľĞĐŲƙĞŲĶŲƵƙơƵơƭóŌŦóďŌśŌƭǔóĐƭŌǍŌƭŌĞơķŲĞơďóĐŘƭŲ
ƭľĞėóǔËśŘĞƙǎóơĶŲƵŦėĞėəďóơĞėŲŦŲƵƙĶŲƵŦėĞƙ
±óďƙŌËśŘĞƙʀơɽǎóơƭĞśĞơơĐŲŤƖóŦǔŤŲėĞśɔɾtƙɔ±óďƙŌ
ËśŘĞƙĐƙĞóƭĞėóĐŲŤƖóŦǔĐƵśƭƵƙĞƭľóƭŦĞŌƭľĞƙǎóơƭĞơ
óķƙóŤŲĶĶśŲƵƙɏóėƙŲƖŲĶǎóƭĞƙɏŦŲƙƭľĞśóďŲƙŲĶ
ŤóŦɔPĞśĞĶƭƭľŌơĐƵśƭƵƙĞƭŲƭľĞŦĞǓƭķĞŦĞƙóƭŌŲŦơɔŦė
ǎŌƭľƭľĞơƭƙĞŦķƭľľĞķóǍĞƵơɏǎĞʀƙĞƭƙǔŌŦķƭŲėĞǍĞśŲƖ
ƭľŌơľĞƙŌƭóķĞɏóŦėƖóơơŌƭŲŦƭŲƭľĞŦĞǓƭķĞŦĞƙóƭŌŲŦơɔ
ÞĞďĞśŌĞǍĞƭľóƭŌƭŌơŲƵƙƖƙŌŤóƙǔƙĞơƖŲŦơŌďŌśŌƭǔƭŲ
ĐŲŦơĐŌŲƵơśǔƵơĞǎŲƙśėʀơśŌŤŌƭĞėƙĞơŲƵƙĐĞơɏƭŲŤóŦóķĞ
ŲƵƙƭóśĞŦƭơĐŲƙƙĞĐƭśǔɏóŦėƭŲƙĞơƖŲŦėďŲƭľƭŲŲƵƙ
ǎŲƙśėƭľóƭľóơóŦŌŦĐƙĞóơŌŦķƖŲƖƵśóƭŌŲŦóŦėƭŲŲƵƙ
ĐŲŦơƵŤĞƙơǎľŲľóǍĞĐľóŦķŌŦķĞǓƖĞĐƭóƭŌŲŦơóŦė
ŦĞĞėơɔ ĞĐóƵơĞŲƵƙśĞóėĞƙơľŌƖƖŲơŌƭŌŲŦŌŦƭľĞơĞĐƭŲƙ
ƙĞƘƵŌƙĞơƵơƭŲďĞóƖŌŲŦĞĞƙóŦėóŦĞǓóŤƖśĞŌŦƭľĞ
ĶŌĞśėŲĶơƵơƭóŌŦóďŌśŌƭǔɔ
ÞĞĶŲĐƵơĞėŲƵƙơƵơƭóŌŦóďŌśŌƭǔĞĶĶŲƙƭơóƭËśŘĞƙ ŌơŘƻǍŌ
ŲŦķĞŦĞƙóƭŌŦķśŲŦķɲƭĞƙŤǍóśƵĞóŦėĞơƭóďśŌơľŌŦķƭľĞ
ŦĞĐĞơơóƙǔơƭƙóƭĞķŌĞơɏƖŲśŌĐŌĞơóŦėŲďŕĞĐƭŌǍĞơŌŦŲƙėĞƙ
ƭŲŤóŦóķĞƭľĞƙŌơŘơƭľóƭŤóǔóƙŌơĞėƵĞƭŲĞĐŲŦŲŤŌĐɏ
ĞŦǍŌƙŲŦŤĞŦƭóśóŦėơŲĐŌóśĶóĐƭŲƙơɔÞĞĶŲśśŲǎɲƵƖ
ƭľĞĐŲŤƖśŌóŦĐĞŲĶƭľĞơĞĞĶĶŲƙƭơǎŌƭľƭľĞ!ŲƙƖŲƙóƭĞ
IŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơóơǎĞśśóơǎŌƭľƭľĞėĞĐŌơŌŲŦơɏ
ŤóŦóķĞŤĞŦƭóŦėƖƙŲĐĞơơĞơŲĶƭľĞ!ŲŤƖóŦǔɔ¾ľĞ
±ƵơƭóŌŦóďŌśŌƭǔ¦śóƭĶŲƙŤŌơƙĞƖƙĞơĞŦƭĞėóƭóŦĞǓĞĐƵƭŌǍĞ
śĞǍĞśďǔƭľĞƖƙĞơŌėĞŦƭɏǍŌĐĞƖƙĞơŌėĞŦƭóŦėķĞŦĞƙóś
ŤóŦóķĞƙɔ¾ľĞ¦śóƭĶŲƙŤĐŲŦƭŌŦƵŲƵơśǔŤŲŦŌƭŲƙơ
ƭľĞĞŦǍŌƙŲŦŤĞŦƭóśɏơŲĐŌóśóŦėóėŤŌŦŌơƭƙóƭŌǍĞ
ėĞǍĞśŲƖŤĞŦƭơɏŤŲơƭŲĶǎľŌĐľŲĐĐƵƙŲƵƭơŌėĞƭľĞ
ėŌƙĞĐƭŌŦĶśƵĞŦĐĞŲĶËśŘĞƙ ŌơŘƻǍŌɏóŦėĶƵśĶŌśśơŌƭơ
ƖƙĞėĞĶŌŦĞėėƵƭŌĞơóŦėƙĞơƖŲŦơŌďŌśŌƭŌĞơɔ
¾ľĞơƵơƭóŌŦóďŌśŌƭǔĞĶĶŲƙƭơĐóƙƙŌĞėŲƵƭƵŦėĞƙơŌǓ
ĐóƭĞķŲƙŌĞơóƭËśŘĞƙ ŌơŘƻǍŌĐŲŦƭŌŦƵĞėóƭóŦ
óĐĐĞśĞƙóƭĞėƖóĐĞŌŦȑȏȑȏɔËśŘĞƙ ŌơŘƻǍŌƖƙŲķƙĞơơĞė
ŌƭơơƵơƭóŌŦóďŌśŌƭǔóĐƭŌǍŌƭŌĞơėĞơƖŌƭĞ!‚ÝU(ɲȐȘ
ƖóŦėĞŤŌĐóƙŲƵŦėƭľĞķśŲďĞɔÞĞĶŲśśŲǎŲƵƙƖƙŲķƙĞơơ
ŌŦśŌŦĞǎŌƭľŲƵƙķŲóśơóƭƙĞķƵśóƙśǔľĞśėơƵơƭóŌŦóďŌśŌƭǔ
ƖśóƭĶŲƙŤŤĞĞƭŌŦķơɔƭƭľĞƖśóƭĶŲƙŤŤĞĞƭŌŦķơľĞśėŌŦ
ȑȏȑȏɏǎĞƵƖėóƭĞėƭľĞƖĞƙĶŲƙŤóŦĐĞŌŦėŌĐóƭŲƙơĶŲƙóśś
ƵŦŌƭơɔ
ĐƭŌǍŌƭŌĞơƭľóƭǎĞĐóƙƙǔŲƵƭŌŦśŌŦĞǎŌƭľŲƵƙśĞóėĞƙơľŌƖ
ķŲóśóƙĞŲĶĶŌĐŌóśśǔƙĞĐŲķŦŌǞĞėďǔƭľĞŌŦėŌĐĞơƭľóƭ
óơơĞơơơƵơƭóŌŦóďŌśŌƭǔƖĞƙĶŲƙŤóŦĐĞơɔ¾ľóŦŘơƭŲŲƵƙ
ǎŲƙśėɲĐśóơơĞŦǍŌƙŲŦŤĞŦƭóśɏơŲĐŌóśóŦėĐŲƙƖŲƙóƭĞ
ķŲǍĞƙŦóŦĐĞƖƙóĐƭŌĐĞơɏǎĞŤóŌŦƭóŌŦĞėŲƵƙƖŲơŌƭŌŲŦ
ŌŦƭľĞśĞóėŌŦķơƵơƭóŌŦóďŌśŌƭǔŌŦėŌĐĞơɔÞĞľóǍĞďĞĞŦ
óƖóƙƭŲĶƭľĞH¾±1ȓIŲŲė1ŤĞƙķŌŦķtóƙŘĞƭơUŦėĞǓ
ơŌŦĐĞȑȏȐȕɏóŦėƭľĞ ŲƙơóUơƭóŦďƵś±ƵơƭóŌŦóďŌśŌƭǔ
UŦėĞǓơŌŦĐĞȑȏȐȔɔÞĞóƙĞóŤŲŦķƭľĞĐŲŤƖóŦŌĞơƭľóƭ
ŤóėĞŌƭƭŲƭľĞĶŌŦóśơóƭƭľĞ1ėŌбƵơƭóŌŦóďŌśŌƭǔǎóƙėơ
ŌŦƭľĞĐóƭĞķŲƙŌĞơŲĶǎóƭĞƙŤóŦóķĞŤĞŦƭɏśŲķŌơƭŌĐơ
óŦėơƵơƭóŌŦóďŌśŌƭǔƙĞƖŲƙƭŌŦķɔ
ǔĶŲĐƵơŌŦķŲŦóŦóĐƭŌǍĞśŌĶĞɏǎĞŌŦĶŲƙŤóśś
ĐŲŦơƵŤĞƙơóŦėŲƭľĞƙơƭóŘĞľŲśėĞƙơŌŦƭľŌơƙĞķóƙė
ƭƙóŦơƖóƙĞŦƭśǔǎľŌśĞĶŲĐƵơŌŦķŲŦĶóĐŌśŌƭóƭŌŦķóŦė
ơŌŤƖśŌĶǔŌŦķśŌĶĞĶŲƙƭľĞơŲĐŌĞƭǔɔ

42
 ^±hËÝ^
Annual Report 2020

43
 ^±hËÝ^
Annual Report 2020
±ƵơƭóŌŦóďŌśŌƭǔ
In collaboration with a retail organization and WRI
(World Resources Institute), Ülker Bisküvi is among the
20 volunteering companies committed to reduce the rate of
food loss and waste by 50% by 2030.
ÞĞĐóƙƙǔŲƵƭóśśŲĶŲƵƙóĐƭŌǍŌƭŌĞơǎŌƭľƭľĞóǎóƙĞŦĞơơ
ƭľóƭŲƵƙƖƙŲėƵĐƭơėĞƖĞŦėŲŦƭľĞĞóƙƭľɏǎóƭĞƙ
óŦėŦóƭƵƙĞɔ‚ƵƙŤŌơơŌŲŦŲĶɽĐŲŦƭƙŌďƵƭŌŦķƭŲó
ľóƖƖŌĞƙǎŲƙśėɾėĞƭĞƙŤŌŦĞơŲƵƙƙĞśóƭŌŲŦơľŌƖǎŌƭľ
ƭľĞĞŦǍŌƙŲŦŤĞŦƭɏǎľŌĐľǎĞóėŲƖƭóơŲŦĞŲĶ
ƭľĞŤŲơƭŌŤƖŲƙƭóŦƭóƙĞóơŲĶŲƵƙơƵơƭóŌŦóďŌśŌƭǔ
ơƭƙóƭĞķǔɔËśŘĞƙ ŌơŘƻǍŌĐŲŦơŌėĞƙơŌơơƵĞơƙĞśóƭĞėƭŲ
ĞŦǍŌƙŲŦŤĞŦƭóśơƵơƭóŌŦóďŌśŌƭǔŌŦėŌĶĶĞƙĞŦƭóƙĞóơơƵĐľ
óơĐśŌŤóƭĞĐľóŦķĞóŦėĞŦĞƙķǔɏŦóƭƵƙóśƙĞơŲƵƙĐĞ
ŤóŦóķĞŤĞŦƭɏƖóĐŘóķŌŦķɏóŦėǎóơƭĞŤóŦóķĞŤĞŦƭ
óŦėďŌŲėŌǍĞƙơŌƭǔɔUŦóėėŌƭŌŲŦɏǎĞŤóŦóķĞŲƵƙŌŤƖóĐƭ
ƭľƙŲƵķľƭľĞ1ŦǍŌƙŲŦŤĞŦƭóśtóŦóķĞŤĞŦƭ±ǔơƭĞŤɏ
ǎľŌĐľǎóơėĞǍĞśŲƖĞėǎŌƭľŌŦƭľĞĶƙóŤĞǎŲƙŘŲĶŲƵƙ
ĐŲŤŤŲŦ1ŦǍŌƙŲŦŤĞŦƭóś¦ŲśŌĐǔɔÞĞľŲśėU±‚ȐȓȏȏȐɏ
U±‚ȘȏȏȐóŦėU±‚ȑȑȏȏȐĐĞƙƭŌĶŌĐóƭĞơóƭóśśŲĶŲƵƙ
ĶóĐƭŲƙŌĞơŌŦ¾ƵƙŘĞǔɔ‚ŦƭľĞŲƭľĞƙľóŦėɏŲƵƙIĞďǞĞ
HóĐƭŲƙǔľóơďĞĞŦóǎóƙėĞėƭľĞ ©11tIƙĞĞŦ
ƵŌśėŌŦķ!ĞƙƭŌĶŌĐóƭĞóƭóI‚‚(śĞǍĞśɏƭľƵơďĞĐŲŤŌŦķ
ƭľĞĶŌƙơƭɲĞǍĞƙďƵŌśėŌŦķƭŲľóǍĞƭľŌơĐĞƙƭŌĶŌĐóƭĞŌŦŌƭơ
ƙĞơƖĞĐƭŌǍĞĶŌĞśėɔ
ÞĞơĞƭśŲŦķɲƭĞƙŤķŲóśơƙĞķóƙėŌŦķơƵơƭóŌŦóďŌśŌƭǔ
óĐƭŌǍŌƭŌĞơɔUŦȑȏȐȓɏǎĞơĞƭśŲŦķɲƭĞƙŤķŲóśơƭóƙķĞƭĞėóƭ
ƭľĞǔĞóƙȑȏȑȓóŦėóĐĐŲƙėŌŦķśǔǎĞŤóŦóķĞėƭŲķƙŲǎ
ǎŌƭľŲƵƭóŦŌŦĐƙĞóơĞŌŦĐóƙďŲŦĞŤŌơơŌŲŦɏóŦėŲƵƙ
óŌŤŌơƭŲĐŲŦƭŌŦƵĞƭľŌơƭƙĞŦėƵŦƭŌśȑȏȑȓɔHƵƙƭľĞƙŤŲƙĞɏ
ǎĞóśơŲŌėĞŦƭŌĶŌĞėķŲóśơƭŲƙĞėƵĐĞƭľĞǎóƭĞƙ
ĐŲŦơƵŤƖƭŌŲŦƖĞƙƖƙŲėƵĐƭŌŲŦďǔȒȏʼɏėŌơƖŲơĞǞĞƙŲ
ǎóơƭĞƭŲśóŦėĶŌśśơƭľƙŲƵķľȐȏȏʼƙĞĐǔĐśŌŦķɏƙĞėƵĐĞ
ƙĞƭƵƙŦƖóĐŘóķĞƙóƭĞďǔȔȏʼɏĞƭĐɔ
ÞĞóśơŲƖśóŦƭŲóĐľŌĞǍĞķŲóśơɏŌŦĐśƵėŌŦķƙĞėƵĐŌŦķ
ĐóƙďŲŦĞŤŌơơŌŲŦĶƙŲŤśŲķŌơƭŌĐơďǔȑȏʼɏóėŲƖƭó
ơƵơƭóŌŦóďśĞƖóĐŘóķŌŦķơƭƙóƭĞķǔóŦėƖŲśŌĐǔɏŘĞĞƖ
ƙĞķƙĞƭƭĞėśŲơơƙóƭĞƵŦėĞƙȒʼɏǞĞƙŲśŲơƭėóǔơėƵĞ
ƭŲǎŲƙŘóĐĐŌėĞŦƭơɏĐŲśśĞĐƭóƭśĞóơƭȔȏȏďƙóŌŦďŲǓ
ơƵķķĞơƭŌŲŦơĶƙŲŤƭľĞĞŤƖśŲǔĞĞơŲŦơƵơƭóŌŦóďŌśŌƭǔɏ
44
ŘĞĞƖĞŤƖśŲǔĞĞĐŲŤŤŌƭŤĞŦƭśĞǍĞśďĞƭǎĞĞŦȕȔʼ
ƭŲȐȏȏʼɏŘĞĞƖĞŤƖśŲǔĞĞƭƵƙŦŲǍĞƙƙóƭĞďĞśŲǎȐȑʼɏ
ƙĞėƵĐĞơóƭƵƙóƭĞėĶóƭɏơóśƭóŦėơƵķóƙóŤŲƵŦƭơɏ
ėĞĐƙĞóơĞĐƵơƭŲŤĞƙķƙŌĞǍóŦĐĞơďǔȑȏʼóŦė
ĐŲŦƭŌŦƵĞĐŲśśóďŲƙóƭŌŲŦơóŦėƖƙŲŕĞĐƭơǎŌƭľśĞóėŌŦķ
ŲƙķóŦŌǞóƭŌŲŦơŌŦƭľĞŌƙĶŌĞśėơŲŦơŲĐŌóśľĞóśƭľóŦė
ĶƵƭƵƙĞɏďǔȑȏȑȓɔ
ĐľŌĞǍŌŦķIƙŲǎƭľÞŌƭľŲƵƭUŦĐƙĞóơŌŦķ!óƙďŲŦ
1ŤŌơơŌŲŦơ
ơƖóƙƭŲĶŲƵƙķƙŲǎƭľƭóƙķĞƭǎŌƭľŲƵƭŌŦĐƙĞóơŌŦķ
ĐóƙďŲŦĞŤŌơơŌŲŦơɏǎĞĐŲŦƭŌŦƵĞėƭŲĐŲŦėƵĐƭĞŦĞƙķǔ
ơƭƵėŌĞơŌŦËśŘĞƙ ŌơŘƻǍŌĶóĐƭŲƙŌĞơɏĞơƭóďśŌơľėĞƭóŌśĞė
ĞŦĞƙķǔŤŲŦŌƭŲƙŌŦķơǔơƭĞŤơóŦėėĞǍĞśŲƖŦĞǎ
ƖƙŲŕĞĐƭơŌŦȑȏȐȘɔ±ŌŦĐĞƭľĞėóƭĞǎĞơĞƭƭľŌơƭóƙķĞƭɏ
ǎĞŤóŦóķĞėƭŲķƙŲǎǎŌƭľŲƵƭóŦŌŦĐƙĞóơĞŌŦĐóƙďŲŦ
ĞŤŌơơŌŲŦɏóŦėŲƵƙóŌŤŌơƭŲĐŲŦƭŌŦƵĞƭľŌơƭƙĞŦėƵŦƭŌś
ȑȏȑȓɔơƖóƙƭŲĶ‚ƖĞƙóƭŌŲŦóś±ƵơƭóŌŦóďŌśŌƭǔĞĶĶŲƙƭơɏǎĞ
ĐŲŦƭŌŦƵĞƭŲŌŦƭĞķƙóƭĞƭľĞIƙĞĞŦľŲƵơĞIóơ1ŤŌơơŌŲŦơ
ĐĐŲƵŦƭŌŦķóŦėÝĞƙŌĶŌĐóƭŌŲŦ±ǔơƭĞŤɏóŦėU±‚ȔȏȏȏȐ
1ŦĞƙķǔtóŦóķĞŤĞŦƭ±ǔơƭĞŤóƭŲƵƙĶóĐƭŲƙŌĞơɔÞĞ
ŌŤƖśĞŤĞŦƭĞėƭľŌơơǔơƭĞŤŌŦóśśŲƵƙĶóĐƭŲƙŌĞơɔÞĞóśơŲ
ƖƙŲǍŌėĞƭƙóŌŦŌŦķǎŲƙŘơľŲƖơŲŦơƵơƭóŌŦóďŌśŌƭǔƭŲŲƵƙ
ĶóĐƭŲƙǔƖĞƙơŲŦŦĞśóơƖóƙƭŲĶƭľĞơĞĞĶĶŲƙƭơɔơƖóƙƭ
ŲĶƭľĞ!óƙďŲŦ(ŌơĐśŲơƵƙЦƙŲŕĞĐƭɦ!(¦ɧɏǎĞơƭóƙƭĞė
ŌŦȑȏȐȕɏǎĞĐŲŦƭŌŦƵĞƭŲơľóƙĞŲƵƙĐśŌŤóƭĞĐľóŦķĞ
ơƭƙóƭĞķǔóŦėĐóƙďŲŦĞŤŌơơŌŲŦơǎŌƭľŲƵƙƙĞƖŲƙƭŌŦķɔ
ơŲĶƭľĞĶŌƙơƭȐȏŤŲŦƭľŲĶȑȏȑȏɏǎľŌśĞǎóƭĞƙ
ĐŲŦơƵŤƖƭŌŲŦƙóƭĞơǎĞƙĞŌŦĐŲŤƖśŌóŦĐĞǎŌƭľƭľĞ
ķŲóśɏĞśĞĐƭƙŌĐŌƭǔĐŲŦơƵŤƖƭŌŲŦĶŌķƵƙĞơĶĞśśóďŌƭ
ďĞľŌŦėƭľĞķŲóśɏóśƭľŲƵķľŦóƭƵƙóśķóơĐŲŦơƵŤƖƭŌŲŦ
ƖĞƙĶŲƙŤóŦĐĞǎóơóľĞóėŲĶƭľĞķŲóśɔPĞŦĐĞɏĐóƙďŲŦ
ĞŤŌơơŌŲŦķŲóśǎóơĐśŲơĞƭŲóĐľŌĞǍĞɔƭƭľĞĞŦėŲĶ
ƭľĞĶŌƙơƭȗŤŲŦƭľơɏƭľĞƙóƭĞŲĶǎóơƭĞėŌơƖŲơĞėƭŲ
śóŦėĶŌśśơǎóơȐȏɔȖʼɔ(ƵƙŌŦķƭľĞĶŌƙơƭȘŤŲŦƭľơŲĶȑȏȑȏɏ
óƖśóơƭŌĐƙĞėƵĐƭŌŲŦƖƙŲŕĞĐƭǎŌƭľóƖŲƭĞŦƭŌóśŲĶȑȑȏ
 ^±hËÝ^
Annual Report 2020

ƭŲŦơɚǔĞóƙǎóơĐóƙƙŌĞėŲƵƭɏǎľŌśĞƭľĞĐŲƙƙĞơƖŲŦėŌŦķ
ĶŌķƵƙĞĶŲƙƖóƖĞƙƙĞėƵĐƭŌŲŦǎóơȑȘȏƭŲŦơɚǔĞóƙɔ

UŦĐŲśśóďŲƙóƭŌŲŦǎŌƭľóƙĞƭóŌśŲƙķóŦŌǞóƭŌŲŦóŦėÞ©U
ɦÞŲƙśė©ĞơŲƵƙĐĞơUŦơƭŌƭƵƭĞɧɏËśŘĞƙ ŌơŘƻǍŌŌơóŤŲŦķ
ƭľĞȑȏǍŲśƵŦƭĞĞƙŌŦķĐŲŤƖóŦŌĞơĐŲŤŤŌƭƭĞėƭŲƙĞėƵĐĞ
ƭľĞƙóƭĞŲĶĶŲŲėśŲơơóŦėǎóơƭĞďǔȔȏʼďǔȑȏȒȏɔ
ĐƭŌǍŌƭŌĞơóƙĞĐŲŦƭŌŦƵĞėóƭŲƵƙĶóĐƭŲƙŌĞơƭŲƭƙóŌŦƭľĞ
ŲƖĞƙóƭŲƙơóơďśƵĞɲĐŲśśóƙŌŦƭĞƙŦóśƭƙóŌŦĞƙơɔ¾ľĞǔĞóƙɲ
ŲŦɲǔĞóƙŤóƭĞƙŌóśďóśóŦĐĞƙóƭĞơŌŦďóŘĞėƖƙŲėƵĐƭơ
óŦėĐľŲĐŲśóƭĞĐóƭĞķŲƙŌĞơǎĞƙĞŌŤƖƙŲǍĞėďǔȓɔȐȒʼ
óŦėȗɔȗȓʼɏƙĞơƖĞĐƭŌǍĞśǔɔ

ÞľŌśơƭĐŲŤŤƵŦŌĐóƭŌŲŦóĐƭŌǍŌƭŌĞơóƙĞŲŦķŲŌŦķ
ƙĞķóƙėŌŦķƭľĞĶŌƙơƭľóƙǍĞơƭŲĶśŌóĸóǎľĞóƭɏǎĞ
óĐƭŌǍĞśǔơƵƖƖŲƙƭĞėƭľĞɽ±óǍĞǔŲƵƙĶŲŲėɾĐóŤƖóŌķŦ
śóƵŦĐľĞėďǔƭľĞ¾ƵƙŘŌơľtŌŦŌơƭƙǔŲĶķƙŌĐƵśƭƵƙĞóŦė
HŲƙĞơƭóŦėóƭƭĞŦėĞėƭľĞŲŦśŌŦĞśóƵŦĐľŤĞĞƭŌŦķľĞśė
ĶŲƙƭľĞĐóŤƖóŌķŦŌŦtóǔɔ

±ƵơƭóŌŦóďśĞ±ƵƖƖśǔ!ľóŌŦ
ÞĞơƭƙŌǍĞĶŲƙơƵơƭóŌŦóďśĞƖƙŲėƵĐƭŌŲŦƭľƙŲƵķľŲƵƭ
ƭľĞĞŦƭŌƙĞǍóśƵĞĐľóŌŦɔ¾ľƵơɏďǔơƵƖƖŲƙƭŌŦķŲƵƙ
ơƭóŘĞľŲśėĞƙơɏǎĞơƭƙĞŦķƭľĞŦƭŲķĞƭľĞƙɏĞŦơƵƙĞơƵƖƖśǔ
ơĞĐƵƙŌƭǔɏóŦėĐŲŦƭƙŌďƵƭĞƭŲơŲĐŌóśėĞǍĞśŲƖŤĞŦƭóơ
ǎĞśśóơƭľĞƙĞėƵĐƭŌŲŦŲĶĞŦǍŌƙŲŦŤĞŦƭóśŌŤƖóĐƭơ
ƭľƙŲƵķľŲƵƭƭľĞơƵƖƖśǔĐľóŌŦɔÞĞƖƙŲǍŌėĞėƘƵóśŌƭǔ
óŦėĶŲŲėơóĶĞƭǔƭƙóŌŦŌŦķƭŲŲƵƙƙĞƭóŌśóŦėėŌơƭƙŌďƵƭŌŲŦ
ƭĞóŤơŌŦ¾ƵƙŘĞǔŌŦŲƙėĞƙƭŲĐŲŦǍĞǔƭľĞĐŲŤƖóŦǔ
ĐƵśƭƵƙĞƭľƙŲƵķľŲƵƭƭľĞơƵƖƖśǔĐľóŌŦóŦėǞĞƙŲ
ŤŌơƭóŘĞŤóŦƵóśŌơƙĞǍŌơĞėɔ

ÞĞŤóŦóķĞėƭŲŘĞĞƖǍĞľŌĐśĞŲĐĐƵƖóŦĐǔƙóƭĞơ We also identified goals to

óďŲǍĞȘȔʼóŦėŲƵƙėŲƵďśĞƭƙƵĐŘƙóƭĞơƙĞóĐľĞė
óƙŲƵŦėȑȔʼɔ¾ľóŦŘơƭŲƭľĞơĞĞĶĶŲƙƭơɏŌŦƭľĞĶŌƙơƭĞŌķľƭ reduce the water consumption
ŤŲŦƭľơɏȐɏȑȏȏƭŲŦơŲĶ!‚2ǎĞƙĞƙĞėƵĐĞėĐóƵơĞėďǔ
śŲķŌơƭŌĐơóĐƭŌǍŌƭŌĞơɔ per production by 30%, dispose
ƵėŌƭơŲĶơƵƖƖśŌĞƙơóŦėėĞƖŲƭơĐŲŦƭŌŦƵĞėŌŦ zero waste to landfills through
ȑȏȑȏóśơŲɔƵėŌƭơŲĶȑȗơƵƖƖśŌĞƙơóŦėȘȗėĞƖŲƭơ
ĐŲŤƖśĞƭĞėóơƖĞƙƭľĞƭľŌƙėƘƵóƙƭĞƙƙĞơƵśƭơɔÞŌƭľŌŦ 100% recycling, and reduce
ƭľĞơĐŲƖĞŲĶƭľĞ±ƵơƭóŌŦóďśĞ±ƵƖƖśǔ!ľóŌŦ¦ƙŲŕĞĐƭ
ŌŦȑȏȑȏɏƭľĞơŲĐŌóśóŦėĞŦǍŌƙŲŦŤĞŦƭóśĐŲŤƖśŌóŦĐĞ return package rate by 50%, etc.
ơĞśĶɲóơơĞơơŤĞŦƭƘƵĞơƭŌŲŦŦóŌƙĞơŲĶơĞśĞĐƭĞėĐƙŌƭŌĐóś
ơƵƖƖśŌĞƙơǎĞƙĞĐŲŤƖśĞƭĞėóŦėơƵƖƖśŌĞƙėĞǍĞśŲƖŤĞŦƭ
ơƭƵėŌĞơľóǍĞďĞķƵŦɔ

¦ƙŲƭĞĐƭŌŦķ ŌŲėŌǍĞƙơŌƭǔ
¦ƙŲƭĞĐƭŌŦķóŦėŤóŦóķŌŦķďŌŲėŌǍĞƙơŌƭǔƖśóǔơóŦ
ŌŤƖŲƙƭóŦƭƙŲśĞŌŦËśŘĞƙʀơơƵơƭóŌŦóďŌśŌƭǔǍŌơŌŲŦɏ
ŌƭơơƭƙóƭĞķŌĐŲďŕĞĐƭŌǍĞơóŦėŌƭơĞŦǍŌƙŲŦŤĞŦƭóś
ƖƙŲƭĞĐƭŌŲŦóĐƭŌǍŌƭŌĞơɔ‚ƵƙŤóŌŦóƖƖƙŲóĐľŌŦƭľŌơĶŌĞśė
ŌơďóơĞėŲŦóơơĞơơŌŦķóŦėŤŲŦŌƭŲƙŌŦķƭľĞŌŤƖóĐƭ
ŲĶŲƵƙŲƖĞƙóƭŌŲŦơŲŦďŌŲėŌǍĞƙơŌƭǔɏĞŦơƵƙŌŦķƭľóƭǎĞ
óėľĞƙĞƭŲėĞĶŌŦĞėŲďŕĞĐƭŌǍĞơóŦėėŲƭľĞŦĞĐĞơơóƙǔ
ƙĞƖŲƙƭŌŦķɔ ǔóėėŌƭŌŲŦóśȐɏȔȏȏơóƖśŌŦķƖśóŦƭŌŦķɏ
ƭľĞŦƵŤďĞƙŲĶƭƙĞĞơŌŦŦŘóƙótĞŤŲƙŌóśHŲƙĞơƭ
ŌŦĐƙĞóơĞėƭŲȒȏɏȒȏȏɔ

45
 ^±hËÝ^
Annual Report 2020
±ƵơƭóŌŦóďŌśŌƭǔ
We transferred OHS processes to a digital environment.
We purchased the SafeUP software, an OHS information
management system, and began using the program for all
related processes.
±ƵơƭóŌŦóďśĞPóǞĞśŦƵƭHóƙŤŌŦķ¦ƙŲŕĞĐƭ
ơóĐŲŤƖóŦǔƭľóƭŲďƭóŌŦơŌƭơƙóǎŤóƭĞƙŌóśơ
ĶƙŲŤƭľĞơŲŌśɏǎĞóƙĞóǎóƙĞƭľóƭóķƙŌĐƵśƭƵƙĞŌơŲĶ
ƖóƙóŤŲƵŦƭơŌķŦŌĶŌĐóŦĐĞŌŦǍŌĞǎŲĶơƵơƭóŌŦóďŌśŌƭǔŌŦ
ŲƵƙĐŲƙƖŲƙóƭĞóĐƭŌǍŌƭŌĞơóơǎĞśśɔUŦŲƵƙĐŲƵŦƭƙǔ¾ƵƙŘĞǔɏ
ǎľŌĐľľóơóŦŌŤƖŲƙƭóŦƭƖśóĐĞŌŦƭľĞǎŲƙśėŌŦƭĞƙŤơ
ŲĶóķƙŌĐƵśƭƵƙóśƖƙŲėƵĐƭėŌǍĞƙơŌƭǔɏǎĞďĞśŌĞǍĞƭľóƭ
ďǔơƵƖƖŲƙƭŌŦķơƵơƭóŌŦóďśĞóķƙŌĐƵśƭƵƙĞɏďŌŲėŌǍĞƙơŌƭǔ
ơľŲƵśėďĞƖƙŲƭĞĐƭĞėɔơơƵĐľəǎĞŌŤƖśĞŤĞŦƭĞėƭľĞ
ɽ±ƵơƭóŌŦóďśĞPóǞĞśŦƵƭHóƙŤŌŦķɾƖƙŲŕĞĐƭǎŌƭľóŦ
ŌŦƭĞƙŦóƭŌŲŦóśĶŲƵŦėóƭŌŲŦŌŦȑȏȐȔǎŌƭľŌŦƭľĞơĐŲƖĞŲĶ
ŲƵƙĞĶĶŲƙƭơƭŲơƵƖƖŲƙƭďŌŲėŌǍĞƙơŌƭǔŌŦ¾ƵƙŘĞǔɏƭŲķĞƭľĞƙ
ǎŌƭľƭľĞľóǞĞśŦƵƭơɏǎľŌĐľǎĞĞǓƭĞŦơŌǍĞśǔƵơĞŌŦŲƵƙ
ėĞśŌĐóĐŌĞơɏóŦėŌƭơĶóƙŤŌŦķɔÞŌƭľƭľŌơƖƙŲŕĞĐƭɏĐóƖóĐŌƭǔ
ďƵŌśėŌŦķóŦėƖŌśŲƭķóƙėĞŦơƭƵėŌĞơǎĞƙĞĐóƙƙŌĞėŲƵƭ
ŌŦŲƙėĞƙƭŲƖƙĞơĞƙǍĞľóǞĞśŦƵƭďŌŲėŌǍĞƙơŌƭǔŌŦƙĞķŌŲŦơɏ
ǎľŲơĞŦóƭƵƙóśǍĞķĞƭóƭŌŲŦŌŦĐśƵėĞơľóǞĞśŦƵƭơóŦė
ľóǞĞśŦƵƭƖƙŲėƵĐƭŌŲŦɏĞơƖĞĐŌóśśǔŌŦIŌƙĞơƵŦɔÞĞ
ŌŦĶŲƙŤĞėŲƵƙľóǞĞśŦƵƭĶóƙŤĞƙơóďŲƵƭǎóǔơŲŦ
ơƵơƭóŌŦóďśĞóķƙŌĐƵśƭƵƙĞɔ¾ľĞƙĞĶŲƙĞɏǎĞŤóŦóķĞėƭŲ
ơƵƖƖŲƙƭŲƵƙĶóƙŤĞƙơóŦėƭľĞśŲĐóśơŲĐŌŲɲĞĐŲŦŲŤŌĐ
ėĞǍĞśŲƖŤĞŦƭɔ
1ŤƖśŲǔĞĞơ
‚ƵƙĞŤƖśŲǔĞĞơóƙĞƭľĞŤŲơƭŌŤƖŲƙƭóŦƭƖóƙƭŲĶŲƵƙ
ơƵơƭóŌŦóďŌśŌƭǔĞĶĶŲƙƭơóƭËśŘĞƙ ŌơŘƻǍŌɔÞĞŘŦŲǎƭľóƭ
ǎĞĐóŦóĐľŌĞǍĞơƵĐĐĞơơŲŦśǔƭľƙŲƵķľƭľĞĐŲŤŤŲŦ
ĞĶĶŲƙƭơŲĶŲƵƙĞŤƖśŲǔĞĞơɔ ǔŘĞĞƖŌŦķƖĞŲƖśĞóƭƭľĞ
ĐĞŦƭĞƙɏǎĞĐƙĞóƭĞƭľĞķƙŲƵŦėĶŲƙƭľĞėĞǍĞśŲƖŤĞŦƭŲĶ
ŦĞǎƭóśĞŦƭơɔÞĞƙĞĶƙóŌŦĶƙŲŤľŌĞƙóƙĐľŌĐóśơƭƙƵĐƭƵƙĞơ
ŌŦŌŦƭĞƙŦóśĐŲŤŤƵŦŌĐóƭŌŲŦóŦėǎĞŲĶĶĞƙóśśŲƵƙ
ĞŤƖśŲǔĞĞơƭľĞǍóśƵĞƭľĞǔėĞơĞƙǍĞɔÞĞĐŲŦƭŌŦƵĞė
ƭŲóƭƭƙóĐƭŦĞǎƭóśĞŦƭƭŲŲƵƙĐŲŤƖóŦǔǎŌƭľƭľĞɽfŲď
UŦƭĞƙŦɾƖƙŲķƙóŤŌŦȑȏȐȘóśơŲɔ
46
ÞĞƖóǔóƭƭĞŦƭŌŲŦƭŲƖƙŲǍŌėĞėŌǍĞƙơŌƭǔóŦėĞƘƵóś
ŲƖƖŲƙƭƵŦŌƭǔóƭǎŲƙŘɔ¾ľĞƙĞĶŲƙĞɏǎĞơƵƖƖŲƙƭƖƙŲŕĞĐƭơ
ơƵĐľóơəɽäŲƵŦķ¦śóƭĶŲƙŤɾóŦėɽtŲƙĞÞŲŤĞŦUŦ¾ľĞ
ŲóƙėơɾǎľŌĐľóŌŤƭŲĞŤƖŲǎĞƙóŦėŌŦƭĞķƙóƭĞǔŲƵŦķ
ƖĞŲƖśĞóŦėǎŲŤĞŦŌŦƭŲďƵơŌŦĞơơśŌĶĞɔ
‚ĐĐƵƖóƭŌŲŦóśPĞóśƭľóŦė±óĶĞƭǔ
ÞĞóŌŤƭŲƖƙŲóĐƭŌǍĞśǔóơơĞơơƖŲƭĞŦƭŌóś‚P±
ƙŌơŘơóŦėƭóŘĞƖƙĞĐóƵƭŌŲŦóƙǔŤĞóơƵƙĞơɏƭľĞƙĞďǔ
ƖƙĞǍĞŦƭŌŦķóĐĐŌėĞŦƭơɔơƖóƙƭŲĶŲƵƙĞĶĶŲƙƭơŲŦ
ŲƖĞƙóƭŌŲŦóśĞǓĐĞśśĞŦĐĞɏǎĞĐƙĞóƭĞóǎóƙĞŦĞơơŌŦ
ŲƵƙĞŤƖśŲǔĞĞơóďŲƵƭơóĶĞďĞľóǍŌŲƙơóŦėƖƙŲǍŌėĞ
ƙĞķƵśóƙƭƙóŌŦŌŦķơŲŦƭľŌơƭŲƖŌĐɔUŦŲƙėĞƙƭŲĶŲơƭĞƙó
ơƭƙŲŦķ‚P±ĐƵśƭƵƙĞóĐƙŲơơŲƵƙĐŲŤƖóŦǔɏŲƵƙ‚P±
ƭĞóŤƖĞƙĶŲƙŤơŌŦƭĞƙŦóśŌŦơƖĞĐƭŌŲŦơóƭŲƵƙĶóĐƭŲƙŌĞơɏ
ŌėĞŦƭŌĶŌĞơƭľĞơóĶĞƭǔķóƖơóŦėĐóƙƙŌĞơŲƵƭƭľĞ
ŦĞĐĞơơóƙǔƖƙŲŕĞĐƭơƭŲóėėƙĞơơƭľĞơĞķóƖơɔ¾ľĞƙĞďǔɏ
ǎĞóĐľŌĞǍĞŤŌŦŌŤŌǞŌŦķǎŲƙŘƖśóĐĞóĐĐŌėĞŦƭơǎľŌśĞ
ĐŲŦƭƙŌďƵƭŌŦķƭŲƭľĞĐŲƙƖŲƙóƭĞĐƵśƭƵƙĞɔ
ÞĞśóƵŦĐľĞėóďĞľóǍŌŲƙơɲŲƙŌĞŦƭĞėŲĐĐƵƖóƭŌŲŦóś
ơóĶĞƭǔơǔơƭĞŤĐóśśĞė‚ĐĐƵƖóƭŌŲŦóś±óĶĞƭǔ
ŤďóơơóėŲƙƭŲĞŦóďśĞŲƵƙĞŤƖśŲǔĞĞơƭŲóėŲƖƭ
ƭľĞ‚P±ĐƵśƭƵƙĞóŦėƖóƙƭŌĐŌƖóƭĞɔ!ŲǍĞƙŌŦķóśśŲƵƙ
ĞŤƖśŲǔĞĞơǎŲƙŘŌŦķóƭŲƵƙĶóĐƭŲƙŌĞơɏƭľĞơǔơƭĞŤ
ƙĞƘƵŌƙĞơĞóĐľĞŤƖśŲǔĞĞƭŲóơơĞơơƭľĞďĞľóǍŌŲƙơŲĶ
ŲƭľĞƙĞŤƖśŲǔĞĞơŌŦƭĞƙŤơŲĶĐŲŤƖśŌóŦĐĞƭŲ‚P±ɔ
UŦƭľĞĞǍĞŦƭóŦĞŤƖśŲǔĞĞŲďơĞƙǍĞơóėóŦķĞƙŲƵơ
ďĞľóǍŌŲƙɏƭľĞĞŤƖśŲǔĞĞǎƙŌƭĞơóŦŲƭŌĐĞĐóƙėƭŲƭľĞ
ėóŦķĞƙŲƵơďĞľóǍŌŲƙėŌơƖśóǔŌŦķƖĞƙơŲŦŦĞśóơó
ƙĞŤŌŦėĞƙɔ(óŦķĞƙŲƵơďĞľóǍŌŲƙėŌơƖśóǔŌŦķƖĞƙơŲŦŦĞś
ơŌķŦơƭľĞĐóƙėóŦėƭľĞŦƖƵƭơƭľĞĐóƙėŌŦĐóƙėŦŲƭŌĐĞ
ďŲǓĞơɔ‚ŦƭľĞŲƭľĞƙľóŦėɏŌŦƭľĞĞǍĞŦƭŲĶŲďơĞƙǍŌŦķ
óơóĶĞďĞľóǍŌŲƙɏơóŤĞƖƙŲĐĞėƵƙĞóƖƖśŌĞơĶŲƙóŦ
óƖƖƙĞĐŌóƭŌŲŦĐóƙėɔ¾ľĞơĞĐóƙėơóƙĞƙĞĐŲƙėĞėďǔ
ƭľĞ‚P±ƭĞóŤóŦėƭľĞĞŤƖśŲǔĞĞơǎľŲƙĞĐĞŌǍĞƭľĞ
ľŌķľĞơƭŦƵŤďĞƙŲĶóƖƖƙĞĐŌóƭŌŲŦĐóƙėơóŦėķŌǍĞ
 ^±hËÝ^
Annual Report 2020

ƭľĞľŌķľĞơƭŦƵŤďĞƙŲĶŦŲƭŌĐĞơóƙĞƙĞǎóƙėĞėĞǍĞƙǔ
ŤŲŦƭľɔÞĞƖśóŦĞǍĞŦƭơƭŲĞŦĐŲƵƙóķĞŲƵƙĞŤƖśŲǔĞĞơ
ƭŲóĐƭơóĶĞśǔŌŦóƙĞóơǎľĞƙĞėóŦķĞƙŲƵơďĞľóǍŌŲƙơ
óƙĞėŌơƖśóǔĞėƭľĞŤŲơƭɔ¾ľĞơóŤĞơǔơƭĞŤŌơóśơŲ
ŌŤƖśĞŤĞŦƭĞėŌŦĶŲŲėơóĶĞƭǔǍŌóƭľĞHŲŲė±óĶĞƭǔ
ŤďóơơóėŲƙƖƙóĐƭŌĐĞɔ
HƵƙƭľĞƙŤŲƙĞɏǎĞŌŤƖśĞŤĞŦƭóŦƙĞó©ĞơƖŲŦơŌďŌśŌƭǔ
¦ƙŲŕĞĐƭóƭóśśŲƵƙĶóĐƭŲƙŌĞơƭŲƙóŌơĞóǎóƙĞŦĞơơŲŦ
‚P±ĐƵśƭƵƙĞɔơƖóƙƭŲĶƭľĞƙĞó©ĞơƖŲŦơŌďŌśŌƭǔ
¦ƙŲŕĞĐƭɏǎĞėĞơŌķŦóƭĞĞŤƖśŲǔĞĞơŌŦĐľóƙķĞŲĶ
ơĞƖóƙóƭĞóƙĞóơǎŌƭľŌŦƭľĞĶóĐƭŲƙŌĞơɔ¾ľĞĞŤƖśŲǔĞĞŌŦ
ĐľóƙķĞėĞƭĞƙŤŌŦĞơƭľĞėóŦķĞƙŲƵơơŌƭƵóƭŌŲŦơŌŦƭľĞŌƙ
óƙĞóŲĶƙĞơƖŲŦơŌďŌśŌƭǔɏėĞĶŌŦĞơƭľĞ‚P±ŤĞóơƵƙĞơ
ƙĞƘƵŌƙĞėóŦėŤŲŦŌƭŲƙơƭľĞóĐƭŌŲŦơƙĞƘƵŌƙĞėƭŲ
ďĞƭóŘĞŦɔPĞŦĐĞɏƭľĞơĞĞŤƖśŲǔĞĞơĞŦơƵƙĞƭľóƭ
ƭľĞǎŲƙŘŌŦķóƙĞóƭľĞǔóƙĞóơơŌķŦĞėŌơơóĶĞĶŲƙ
ƭľĞŤơĞśǍĞơɏƭľĞŌƙĐŲśśĞóķƵĞơóŦėǍŌơŌƭŲƙơŌŦƭĞƙŤơŲĶ
‚P±ɔtŲƙĞŲǍĞƙɏĞŤƖśŲǔĞĞơŌŦĐľóƙķĞŲĶơĞƖóƙóƭĞ
óƙĞóơĐƙŲơơɲóƵėŌƭƭľĞŲƭľĞƙóƙĞóơɏƙĞƖŲƙƭƭľĞ
ėóŦķĞƙŲƵơơŌƭƵóƭŌŲŦơóŦėďĞľóǍŌŲƙơƭľĞǔŲďơĞƙǍĞŌŦ
ƭľĞơĞóƙĞóơƭŲƙĞó±ƵƖĞƙǍŌơŲƙơəóŦėľĞŦĐĞɏľĞśƖƭľĞ
!ŲŤƖóŦǔƭŲĞśŌŤŌŦóƭĞóŦǔėóŦķĞƙƭľóƭŤóǔĐóƵơĞ
ǎŲƙŘóĐĐŌėĞŦƭơɔ
ÞĞŲƙķóŦŌǞĞǍóƙŌŲƵơ‚P±ĞǍĞŦƭơĶŲƙŲƵƙĞŤƖśŲǔĞĞơ
ǎŲƙŘŌŦķóƭŲƵƙĶóĐƭŲƙŌĞơɔ1ŤƖśŲǔĞĞơơľóƙĞƭľĞŌƙ
ĞǓƖĞĐƭóƭŌŲŦơóŦėŲƖŌŦŌŲŦơǎŌƭľƭľĞŌƙŤóŦóķĞƙơ
ėƵƙŌŦķƭľĞŤŲŦƭľśǔ‚P±ŤĞĞƭŌŦķơľĞśėɔ¾ľĞóƭƙĞ
ƖśóǔơóƙĞơƭóķĞėƭŲƙóŌơĞóǎóƙĞŦĞơơŲŦ‚P±ɔUŦƭľĞ
ƵƖĐŲŤŌŦķƖĞƙŌŲėɏǎĞĞŦĐŲƵƙóķĞƭľĞ¾ľĞóƭƙĞ!śƵďơ
ĐŲŤƖŲơĞėŲĶŲƵƙĞŤƖśŲǔĞĞơƭŲơƭóķĞóƖśóǔƭŲƙóŌơĞ
óǎóƙĞŦĞơơŲŦ‚P±ɔ
(ŌķŌƭóśŌǞóƭŌŲŦ
ÞĞƖƵƙĐľóơĞėƭľĞ±óĶĞŦơŲĶƭǎóƙĞɏóŦ‚P±
ŌŦĶŲƙŤóƭŌŲŦŤóŦóķĞŤĞŦƭơǔơƭĞŤɏóŦėďĞķóŦ
ƵơŌŦķƭľĞƖƙŲķƙóŤĶŲƙóśśƙĞśóƭĞėƖƙŲĐĞơơĞơɔ‚P±
ƭƙóŌŦŌŦķɏ©ŌơŘơơĞơơŤĞŦƭóĐƭŌǍŌƭŌĞơɏ¦¦1ɏ1ŤĞƙķĞŦĐǔɏ
PĞóśƭľĐóƙĞɦĞɲ©ĞĐŌƖĞɧɏ!ŲŤƖśŌóŦĐĞƭŲjĞķŌơśóƭŌŲŦɏ
(óŦķĞƙóŦėUŦĐŲŤƖśŌóŦĐĞŤŲŦŌƭŲƙŌŦķóŦėóĐƭŌŲŦơƭŲ
ďĞƭóŘĞŦɏĞƭĐɔóƙĞĶŲśśŲǎĞėƵƖƭľƙŲƵķľƭľŌơƖśóƭĶŲƙŤɔ

47
 ^±hËÝ^
Annual Report 2020
±ƵơƭóŌŦóďŌśŌƭǔ
According to the results of the employee loyalty and
satisfaction survey, which we conduct every two years, the
level of employee loyalty materialized as 80.4% in 2019. By
further improving this rate above the Turkish average, we are
confidently moving forward towards our goal of taking part
in the “High-Performance Companies” category.
ÞĞƭƙóŦơĶĞƙƙĞė óơŌĐ‚P±ƭƙóŌŦŌŦķƭŲóŦŲŦśŌŦĞ
ƖśóƭĶŲƙŤɔUŦśŌŦĞǎŌƭľƭľĞśĞķŌơśóƭŌŲŦɏƭľĞ óơŌĐ‚P±
ƭƙóŌŦŌŦķƭľóƭǎĞƖƙĞƖóƙĞėďĞĐóŤĞóǍóŌśóďśĞĶŲƙŲƵƙ
ĞŤƖśŲǔĞĞơƭľƙŲƵķľƭľĞƖśóėŌơĐóėĞŤǔɔ ĞơŌėĞơŲƵƙ
‚P±ƭƙóŌŦŌŦķɏǎĞóśơŲƖƙŲǍŌėĞė!‚ÝU(ɲȐȘIĞŦĞƙóś
UŦĶŲƙŤóƭŌŲŦɏ±śĞĞƖPĞóśƭľɏ¾ƙóǍĞś±óĶĞƭǔóŦė¾ƙóĶĶŌĐ
±óĶĞƭǔƭƙóŌŦŌŦķƭŲŲƵƙĞŤƖśŲǔĞĞơƭľƙŲƵķľƭľĞƖśóėŌơ
ĐóėĞŤǔɔ
‚ƵƙóĐƭŌǍŌƭŌĞơƙĞśóƭĞėƭŲ‚ĐĐƵƖóƭŌŲŦóśPĞóśƭľóŦė
±óĶĞƭǔɏ1ŦǍŌƙŲŦŤĞŦƭóŦė1ŦĞƙķǔɏŲƵƙďƵơŌŦĞơơ
ŤĞƭľŲėơóŦėƭľĞķŲŲėƖƙóĐƭŌĐĞơóƭŲƵƙĶóĐƭŲƙŌĞơóƙĞ
ơƭóŦėóƙėŌǞĞėɏĐŲśśĞĐƭĞėƵŦėĞƙËśŘĞƙ‚ĐĐƵƖóƭŌŲŦóś
PĞóśƭľóŦė±óĶĞƭǔɏ1ŦǍŌƙŲŦŤĞŦƭóŦė1ŦĞƙķǔtóŦƵóś
óŦėƖƵďśŌơľĞėɔ
UŦȑȏȑȏɏĶŌǍĞŲĶŲƵƙĶóĐƭŲƙŌĞơĐŲŤƖśĞƭĞėƭľĞƭƙóŦơŌƭŌŲŦ
ƖƙŲĐĞơơĶƙŲŤ‚P±±ȐȗȏȏȐtóŦóķĞŤĞŦƭ±ǔơƭĞŤɏ
ǎľŌĐľǎóơŌŤƖśĞŤĞŦƭĞėóƭóśśŲƵƙĶóĐƭŲƙŌĞơɏƭŲU±‚
ȓȔȏȏȐ‚ĐĐƵƖóƭŌŲŦóśPĞóśƭľóŦė±óĶĞƭǔtóŦóķĞŤĞŦƭ
±ǔơƭĞŤɔ¾ľĞƭƙóŦơŌƭŌŲŦƖƙŲĐĞơơǎóơĐŲŤƖśĞƭĞėŌŦơŌǓ
ĶóĐƭŲƙŌĞơŌŦfóŦƵóƙǔȑȏȑȐɔ
48
UŦȑȏȐȘɏǎĞóƖƖśŌĞėƭŲ ƙŌƭŌơľ±óĶĞƭǔ!ŲƵŦĐŌśǎŌƭľ
ƭľĞƖƙŲŕĞĐƭơǎĞĐóƙƙŌĞėŲƵƭŌŦ‚ĐĐƵƖóƭŌŲŦóśPĞóśƭľ
óŦė±óĶĞƭǔóŦėǎĞƙĞķƙóŦƭĞėUŦƭĞƙŦóƭŌŲŦóś±óĶĞƭǔ
ǎóƙėơȑȏȑȏóǎóƙėŲƙķóŦŌǞĞėĞǍĞƙǔǔĞóƙɔ‚Ƶƙ
!ŲŤƖóŦǔơĐŲƙĞėȒȕƖŲŌŦƭơŌŦƭľĞUŦƭĞƙŦóƭŌŲŦóś
±óĶĞƭǔǎóƙėơȑȏȑȏɏƭľĞŤŲơƭƖƙĞơƭŌķŌŲƵơóǎóƙė
ŌŦƭľĞķśŲďóś‚ĐĐƵƖóƭŌŲŦóśPĞóśƭľóŦė±óĶĞƭǔĶŌĞśė
ķƙĞóƭśǔóėŤŌƙĞėďǔƭľĞŌŦƭĞƙŦóƭŌŲŦóśĐŲŤƖóŦŌĞơɏóŦė
ǎóơƖƙĞơĞŦƭĞėóŦóǎóƙėǎŌƭľɽ¦óơơɾķƙóėĞɔ
ÞĞĞśĞǍóƭĞėƭľĞ‚P±ƖĞƙĶŲƙŤóŦĐĞŲĶŲƵƙďĞľóǍŌŲƙɲ
ŲƙŌĞŦƭĞėơóĶĞƭǔĐƵśƭƵƙĞƖƙŲŕĞĐƭơɏǎľŌĐľǎĞƙĞŌŦŌƭŌóƭĞė
ŌŦŲƵƙŲƖĞƙóƭŌŲŦơŌŦ¾ƵƙŘĞǔɏƭŲIśŲďóś ĞŦĐľŤóƙŘ
śĞǍĞśơɔUŦśŌŦĞǎŌƭľŲƵƙɽȏ¾ŲśĞƙóŦĐĞɾɽȏÞŲƙŘĐĐŌėĞŦƭɾ
ķŲóśɏǎĞơŌķŦŌĶŌĐóŦƭśǔėĞĐƙĞóơĞėǎŲƙŘóĐĐŌėĞŦƭơɏ
ƙóŌơĞėóǎóƙĞŦĞơơŲŦơóĶĞƭǔĐƵśƭƵƙĞɏŌŦĐƙĞóơĞėƭľĞ
ŦƵŤďĞƙŲĶơóĶĞďĞľóǍŌŲƙơəľĞŦĐĞɏǎĞǎĞƙĞķƙóŦƭĞė
ƭľŌơóǎóƙėǎľŌĐľĞŦĐŲƵƙóķĞėóśśŲƵƙĞŤƖśŲǔĞĞơɔ
‚ƵƙķŲóśŌơƭŲďĞśŌơƭĞėóŤŲŦķƭľĞďĞơƭķśŲďóś
ĐŲŤƖóŦŌĞơŌŦƭĞƙŤơŲĶ‚ĐĐƵƖóƭŌŲŦóśPĞóśƭľóŦė
±óĶĞƭǔɔ‚ƵƙƖƙŌŲƙŌƭǔŌơƭľĞľóƖƖŌŦĞơơóŦėơóĶĞƭǔŲĶ
ŲƵƙĞŤƖśŲǔĞĞơľóǍŌŦķƭľĞķŲóśƭŲɽďƙŌŦķľóƖƖŌŦĞơơ
ƭŲƭľĞǎŲƙśėóƭĞóĐľďŌƭĞɔɾ
1ŤƖśŲǔĞбóƭŌơĶóĐƭŌŲŦ
ĐĐŲƙėŌŦķƭŲƭľĞƙĞơƵśƭơŲĶƭľĞĞŤƖśŲǔĞĞśŲǔóśƭǔóŦė
ơóƭŌơĶóĐƭŌŲŦơƵƙǍĞǔɏǎľŌĐľǎĞĐŲŦėƵĐƭĞǍĞƙǔƭǎŲ
ǔĞóƙơɏƭľĞśĞǍĞśŲĶĞŤƖśŲǔĞĞśŲǔóśƭǔŤóƭĞƙŌóśŌǞĞėóơ
ȗȏɔȓʼŌŦȑȏȐȘɔ ǔĶƵƙƭľĞƙŌŤƖƙŲǍŌŦķƭľŌơƙóƭĞóďŲǍĞ
ƭľĞ¾ƵƙŘŌơľóǍĞƙóķĞɏǎĞóƙĞĐŲŦĶŌėĞŦƭśǔŤŲǍŌŦķ
ĶŲƙǎóƙėƭŲǎóƙėơŲƵƙķŲóśŲĶƭóŘŌŦķƖóƙƭŌŦƭľĞ
ɽPŌķľɲ¦ĞƙĶŲƙŤóŦĐĞ!ŲŤƖóŦŌĞơɾĐóƭĞķŲƙǔɔ
 ^±hËÝ^
Annual Report 2020

49
 ^±hËÝ^
Annual Report 2020
PƵŤóŦ©ĞơŲƵƙĐĞơ
The priority of Ülker Bisküvi has always been ensuring
happiness of employees from recruitment to training and
development, performance and talent management processes.
±ŌŦĐĞŌƭơŌŦĐĞƖƭŌŲŦɏƭľĞďŌķķĞơƭĐŲŤŤŌƭŤĞŦƭŲĶËśŘĞƙ
ƭŲďŲƭľŌƭơĐƵơƭŲŤĞƙơóŦėĞŤƖśŲǔĞĞơľóơďĞĞŦ
ɽPóƖƖŌŦĞơơɔɾ!ŲŦơĞƘƵĞŦƭśǔƭľĞ!ŲŤƖóŦǔĞŦėĞóǍŲƙơ
ƭŲďƵŌśėƵƖŌƭơƖƙŲĐĞơơĞơŲŦĞŤƖśŲǔĞĞơóƭŌơĶóĐƭŌŲŦɔ
¾ľĞƖƙŌŲƙŌƭǔŲĶËśŘĞƙ ŌơŘƻǍŌľóơóśǎóǔơďĞĞŦ
ĞŦơƵƙŌŦķľóƖƖŌŦĞơơŲĶĞŤƖśŲǔĞĞơĶƙŲŤƙĞĐƙƵŌƭŤĞŦƭ
ƭŲƭƙóŌŦŌŦķóŦėėĞǍĞśŲƖŤĞŦƭɏƖĞƙĶŲƙŤóŦĐĞóŦė
ƭóśĞŦƭŤóŦóķĞŤĞŦƭƖƙŲĐĞơơĞơɔ
UŦśŌŦĞǎŌƭľËśŘĞƙ ŌơŘƻǍŌʀơǍŌơŌŲŦƭŲɽƭŲĶƵƙƭľĞƙ
ơƭƙĞŦķƭľĞŦóŦėóėǍóŦĐĞŌƭơďƙóŦėƙĞƖƵƭóƭŌŲŦɏ
ǎľŌĐľŌơƭľĞŤŲơƭƖƙĞĶĞƙƙĞėďƙóŦėďǔĐŲŦơƵŤĞƙơɏ
óŦėďĞĐŲŤĞŲŦĞŲĶƭľĞƭŲƖĶŌǍĞĐŲŤƖóŦŌĞơŌŦ
ƭľĞǎŲƙśėǎŌƭľŌŦƭľĞŦĞǓƭȐȏǔĞóƙơɏɾËśŘĞƙĶŲĐƵơĞơ
ŲŦŲƖĞƙóƭŌŲŦóśĞǓĐĞśśĞŦĐĞóŦėóĐƭơǎŌƭľľƵŤóŦ
ƙĞơŲƵƙĐĞơơǔơƭĞŤĐƙĞóƭŌŦķŌŦƭĞƙŦóƭŌŲŦóśơŲśƵƭŌŲŦơ
ǎŌƭľóķśŲďóśǍŌơŌŲŦóŦėóŦśĞóėĞƙơĐƵśƭŌǍóƭŌŦķ
ŌŦŦŲǍóƭŌŲŦĐƵśƭƵƙĞɔ¾ľĞ!ŲŤƖóŦǔʀơľƵŤóŦƙĞơŲƵƙĐĞơ
ǍŌơŌŲŦŌơƭŲĞơƭóďśŌơľóĐŲŤƖĞƭŌƭŌǍĞɏóĐƭŌǍĞɏƖŌŲŦĞĞƙ
ŌŦŌŦŦŲǍóƭŌŲŦóŦėóŦŌŦŦŲǍóƭŲƙŲƙķóŦŌǞóƭŌŲŦɏƭŲ
ĞŤďƙóĐĞóĐƵśƭƵƙĞďóơĞėŲŦĞƭľŌĐóśƖƙŌŦĐŌƖśĞơóŦė
ĞóƙŦĞėǍóśƵĞơɏĐŲŤŤŌƭƭĞėƭŲƙóƭŌŲŦóśėĞĐŌơŌŲŦơ
óŦėďĞóķśŲďóśŲƙķóŦŌǞóƭŌŲŦĐƙĞóƭŌŦķơƵơƭóŌŦóďśĞ
ĐŲŤƖĞƭŌƭŌǍĞóėǍóŦƭóķĞɔ
UƭŌơóŌŤĞėƭŲŌŦĐƙĞóơĞËśŘĞƙʀơĐŲŤƖĞƭŌƭŌǍĞ
óėǍóŦƭóķĞơŌŦďŲƭľėŲŤĞơƭŌĐóŦėĶŲƙĞŌķŦŤóƙŘĞƭơ
ǍŌóĞĶĶĞĐƭŌǍĞľƵŤóŦƙĞơŲƵƙĐĞơƖƙóĐƭŌĐĞơɏǎľŌĐľóŌŤ
ƭŲóĐľŌĞǍĞơƵƖĞƙŌŲƙƘƵóśŌƭǔŌŦóśśďƵơŌŦĞơơƖƙŲĐĞơơĞơɏ
ľŌķľśĞǍĞśơŲĶŤŲƭŌǍóƭŌŲŦóŦėśŲǔóśƭǔóŤŲŦķ
ĞŤƖśŲǔĞĞơɏóŦėóĐƵśƭƵƙĞŲĶĐŲśśóďŲƙóƭŌŲŦɔ
50
ËśŘĞƙ ŌơŘƻǍŌŌơĐŲŤŤŌƭƭĞėƭŲơƵƖƖŲƙƭŌŦķŌƭơ
ĞŤƖśŲǔĞĞơɏǍŌĞǎĞėóơɽƭľĞ!ŲŤƖóŦǔʀơŤŲơƭ
ŌŤƖŲƙƭóŦƭĐóƖŌƭóśóŦėóơơĞƭɏɾŦŲƭŲŦśǔƭŲƙĞóĐľ
ďƵơŌŦĞơơƭóƙķĞƭơóŦėĞŦľóŦĐĞĐŲŤƖĞƭŌƭŌǍĞŦĞơơ
ďƵƭóśơŲĶŲƙƭľĞŌƙŲǎŦƖĞƙơŲŦóśėĞǍĞśŲƖŤĞŦƭɔ
¾ľĞ!ŲŤƖóŦǔŌơŌŦǍĞơƭŌŦķŌŦľƵŤóŦƙĞơŲƵƙĐĞơ
ĐŲŦƭŌŦƵŲƵơśǔƭŲŌŦĐƙĞóơĞŌƭơĐŲŤƖĞƭŌƭŌǍĞŦĞơơŌŦƭľĞ
ŤóƙŘĞƭďǔĶŲśśŲǎŌŦķƵƖƭľĞŦĞǎėĞǍĞśŲƖŤĞŦƭơóŦė
ƭƙĞŦėơóƙŲƵŦėƭľĞǎŲƙśėɔ
¾ľĞĞŤƖśŲǔĞĞơóƙĞơƵƖƖŲƙƭĞėďǔśĞóƙŦŌŦķ
óŦėėĞǍĞśŲƖŤĞŦƭƖƙŲķƙóŤơƭŲơľŲǎƭľĞŌƙďĞơƭ
ƖĞƙĶŲƙŤóŦĐĞŌŦƭľĞŌƙŲĐĐƵƖóƭŌŲŦơɏķĞƭƭľĞŤơĞśǍĞơ
óŦėƭľĞŲƙķóŦŌǞóƭŌŲŦƙĞóėǔĶŲƙƭľĞĶƵƭƵƙĞɔ¾ľĞ
ėĞǍĞśŲƖŤĞŦƭŲƖƖŲƙƭƵŦŌƭŌĞơƖƙŲǍŌėĞėƭŲƭľĞ
ĞŤƖśŲǔĞĞơŌŦĐśƵėĞơƖĞĐŌóśŌǞóƭŌŲŦƖƙŲķƙóŤơɏ
ĞǓĞĐƵƭŌǍĞƭƙóŌŦŌŦķƖƙŲķƙóŤơɏėŲŤĞơƭŌĐóŦė
ĶŲƙĞŌķŦĐŲŦĶĞƙĞŦĐĞơɏƖĞƙơŲŦóśóŦėŲĐĐƵƖóƭŌŲŦóś
ėĞǍĞśŲƖŤĞŦƭƖƙŲķƙóŤơɔËśŘĞƙŲĶĶĞƙơƖĞƙơŲŦŦĞś
ƭƙóŌŦŌŦķŲƖƖŲƙƭƵŦŌƭŌĞơŌŦóėŌǍĞƙơĞƙóŦķĞŲĶƭŲƖŌĐơ
ƭľóƭŌŦĐśƵėĞɎ
ɍ jĞóėĞƙơľŌƖ¾ƙóŌŦŌŦķ!ŲƵƙơĞơɦjĞóėĞƙơľŌƖ±ƵŤŤŌƭɏ
jĞóėĞƙơľŌƖ!ŲŤƖóơơɏjĞóėĞƙơľŌƖtóƖɏHŌƙơƭ±ƭĞƖ
ƭŲjĞóėĞƙơľŌƖɧ
ɍ ¦ĞƙơŲŦóś(ĞǍĞśŲƖŤĞŦƭɦ!óƭóśŲķɧ!ŲƵƙơĞơ
ɍ 1ƭľŌĐóśóŦė‚ƖĞƙóƭŌŲŦóś¦ƙŌŦĐŌƖśĞơ¾ƙóŌŦŌŦķ
ɍ ‚ĐĐƵƖóƭŌŲŦóś±óĶĞƭǔóŦėPĞóśƭľ¾ƙóŌŦŌŦķ
ɍ 1ŦƭƙǔjĞǍĞśtóŦóķĞƙ¾ƙóŌŦŌŦķ
ɍ ±ƭóƙ‚ƖĞƙóƭŲƙ¾ƙóŌŦŌŦķ
ɍ ¾ĞĐľŦŌĐóś¾ƙóŌŦŌŦķơ
 ^±hËÝ^
Annual Report 2020

51

Annual Report 2020
©ĞơĞóƙĐľɏ(ĞǍĞśŲƖŤĞŦƭóŦėUŦŦŲǍóƭŌŲŦ
The digitalization project was successfully completed; and
all activities carried out at R&D centers and factories were
transferred to a digital platform.
ËśŘĞƙ ŌơŘƻǍŌ©ĞơĞóƙĐľóŦė(ĞǍĞśŲƖŤĞŦƭɦ©ˀ(ɧ
ĐƭŌǍŌƭŌĞơ
©ˀ(óĐƭŌǍŌƭŌĞơǎĞƙĞơǔơƭĞŤóƭŌĐóśśǔŌŦŌƭŌóƭĞėŌŦ
ȐȘȖȔǎŌƭľĶŲƙĞŌķŦďŌơĐƵŌƭĐŲŦơƵśƭóŦƭơơƖĞĐŌóśŌǞĞėŌŦ
ƭľĞŌƙĶŌĞśėơɔPóǍŌŦķďĞĞŦĐŲŦƭŌŦƵŲƵơśǔŌŤƖƙŲǍŌŦķ
ƭľĞŌƙĞǓƖĞƙƭŌơĞóơǎĞśśóơƭĞĐľŦŌĐóśɏƭĞĐľŦŲśŲķŌĐóś
ĐŲŤƖĞƭĞŦĐŌĞơơŌŦĐĞƭľĞǍĞƙǔĶŌƙơƭėóǔƵƖƵŦƭŌś
ƭŲėóǔɏƭľĞ©ˀ(ŲƙķóŦŌǞóƭŌŲŦėĞǍĞśŲƖĞėóŦƵŤďĞƙ
ŲĶŌĐŲŦŌĐďƙóŦėɲŦĞǎƖƙŲėƵĐƭơĶŲƙďƙóŦėơƭľóƭ
óƙĞľŌķľśǔóėŤŌƙĞėďǔĐŲŦơƵŤĞƙơóŦėóėėǍóśƵĞ
ƭŲƭľĞ!ŲŤƖóŦǔɔHƵƙƭľĞƙŤŲƙĞɏǍóƙŌŲƵơƘƵóśŌƭǔ
óŦėĞĶĶŌĐŌĞŦĐǔŌŤƖƙŲǍĞŤĞŦƭƖƙŲŕĞĐƭơľóǍĞďĞĞŦ
ĐŲŦėƵĐƭĞėɔ
¾ľĞ©ˀ(ŲƙķóŦŌǞóƭŌŲŦĐóƙƙŌĞơŲƵƭóśśƖƙŲėƵĐƭ
ėĞǍĞśŲƖŤĞŦƭƖƙŲĐĞơơĞơŌŦĐśƵėŌŦķƭľĞķĞơƭóƭŌŲŦŌŦ
ďŌơĐƵŌƭơɏĐƙóĐŘĞƙơɏǎóĶĞƙơɏĐóŘĞơɏĐóĐóŲóŦėĐóĐóŲ
ƖƙŲėƵĐƭơɏĐľŲĐŲśóƭĞơɏďóƙơĐóƭĞķŲƙŌĞơɏĐƙĞóƭŌŦķó
ďƙóŦėɲŦĞǎƖƙŲėƵĐƭɏǍóśŌėóƭŌŲŦŲĶƖƙŲėƵĐƭơƭľƙŲƵķľ
ĐŲŦơƵŤĞƙƭĞơƭơɏƖƙŲėƵĐƭŌŲŦśŌŦĞƭƙŌóśơɏĶŌƙơƭďóƭĐľĞơɏ
ƖƙŲėƵĐƭơľĞśĶɲśŌĶĞƖĞƙĶŲƙŤóŦĐĞƭĞơƭơɔtŲƙĞŲǍĞƙɏ
ƖƙŲėƵĐƭŌŲŦɏƘƵóśŌƭǔóŦėĞĶĶŌĐŌĞŦĐǔŌŤƖƙŲǍĞŤĞŦƭ
ǎŲƙŘơóƙĞĐŲŦƭŌŦƵŲƵơśǔĐŲŦėƵĐƭĞėɔ
śśƭľĞơĞóĐƭŌǍŌƭŌĞơóƙĞĐóƙƙŌĞėŲƵƭǎŌƭľľŌķľśǔ
ơƖĞĐŌóśŌǞĞėƭĞóŤơƵŦėĞƙ¦ƙŲėƵĐƭ(ĞǍĞśŲƖŤĞŦƭɏ
¦óĐŘóķĞ(ĞǍĞśŲƖŤĞŦƭɏ¦ƙŲĐĞơơɏ¨ƵóśŌƭǔ
(ĞǍĞśŲƖŤĞŦƭɏ¾ĞĐľŦŌĐóś!ŲŦơƵŤĞƙơƵƙǍĞǔơɏ±ĐŌĞŦƭŌĶŌĐ
©ĞơĞóƙĐľĞơóŦėjĞķŌơśóƭŌŲŦóƵėŌƭĶƵŦĐƭŌŲŦơɔ
©ˀ(óĐƭŌǍŌƭŌĞơóƙĞŘĞƖƭķŲŌŦķóƭƭǎŲơĞƖóƙóƭĞ©ˀ(
ĐĞŦƭĞƙơĐĞƙƭŌĶŌĞėďǔƭľĞ¾ƵƙŘŌơľtŌŦŌơƭƙǔŲĶUŦėƵơƭƙǔ
óŦė¾ĞĐľŦŲśŲķǔɔIĞďǞĞ óŘĞė¦ƙŲėƵĐƭơ©ˀ(!ĞŦƭƙĞ
ŌơĶŲĐƵơĞėŲŦ ŌơĐƵŌƭơɏ!ƙóĐŘĞƙơɏÞóĶĞƙơɏ!óŘĞơɏ
!óĐóŲóŦė!óĐóŲƖƙŲėƵĐƭơɔ¾ŲƖŘóƖń!ľŲĐŲśóƭĞ©ˀ(
!ĞŦƭƙĞŌơĶŲĐƵơĞėŲŦ!ľŲĐŲśóƭĞơɏ!óĐóŲóŦė!óĐóŲ
ƖƙŲėƵĐƭơɏÞóĶĞƙơóŦė óƙơɔ
52
^±hËÝ^
©ˀ(ĐĞŦƭĞƙơĐŲŦėƵĐƭơĐŌĞŦƭŌĶŌĐƙĞơĞóƙĐľƖƙŲŕĞĐƭơ
ƭľóƭǎŌśśóėėǍóśƵĞƭŲƭľĞ!ŲŤƖóŦǔƭŲķĞƭľĞƙǎŌƭľƭľĞ
ƵŦŌǍĞƙơŌƭŌĞơɏ±ĐŌĞŦƭŌĶŌĐóŦė¾ĞĐľŦŲśŲķŌĐóś©ĞơĞóƙĐľ
!ŲƵŦĐŌśŲĶ¾ƵƙŘĞǔɦ¾Ë ^¾hɧóŦėŲƭľĞƙƙĞơĞóƙĐľ
ĐĞŦƭĞƙơɔ
¾ľĞėŌķŌƭóśŌǞóƭŌŲŦƖƙŲŕĞĐƭǎóơơƵĐĐĞơơĶƵśśǔĐŲŤƖśĞƭĞėə
óŦėóśśóĐƭŌǍŌƭŌĞơĐóƙƙŌĞėŲƵƭóƭ©ˀ(ĐĞŦƭĞƙơóŦė
ĶóĐƭŲƙŌĞơǎĞƙĞƭƙóŦơĶĞƙƙĞėƭŲóėŌķŌƭóśƖśóƭĶŲƙŤɔ¾ľĞ
ƭƙóŦơĶĞƙĞŦóďśĞėƭľĞ©ˀ(óĐƭŌǍŌƭŌĞơƭŲďĞĐóƙƙŌĞėŲƵƭ
ŲŦóėŌķŌƭóśƖśóƭĶŲƙŤəóŦėĶóĐŌśŌƭóƭĞėƭľĞĞǓƖĞƙŌĞŦĐĞơ
óŦėƭĞĐľŦŌĐóśŘŦŲǎɲľŲǎŲĶƭľĞ!ŲŤƖóŦǔƭŲďĞóďśĞ
ƭŲďĞėŌķŌƭóśśǔơƭŲƙĞėóŦėĞóơŌśǔóĐĐĞơơĞėɏŌĶƙĞƘƵŌƙĞėɔ
¾ľƵơɏ©ˀ(ƖƙŲĐĞėƵƙĞóŦėǎóǔơŲĶďƵơŌŦĞơơǎĞƙĞ
ŌŤƖƙŲǍĞėóŦėėĞǍĞśŲƖĞėɔ
ÞŌƭľƭľĞėŌķŌƭóśŌǞĞė©ˀ(óĐƭŌǍŌƭŌĞơɏŌƭŌơóŌŤĞėƭŲə
ɍ HŲśśŲǎƵƖƭľĞƖƙŲėƵĐƭėĞǍĞśŲƖŤĞŦƭƖƙŲĐĞơơĞơ
ŲŦśŌŦĞɏ
ɍ (ĞǍĞśŲƖóŦėƙĞĐŲƙėơƖĞĐŌĶŌĐóƭŌŲŦơóŦėƙĞĐŌƖĞơĶŲƙ
ƭľĞƙóǎŤóƭĞƙŌóśɏ
ɍ IĞŦĞƙóƭĞóŦėƙĞĐŲƙėóśśơƖĞĐŌĶŌĐóƭŌŲŦơóŦėƙĞĐŌƖĞơ
ĶŲƙƭľĞƖƙŲėƵĐƭɏ
ɍ tóŦóķĞƭľĞ©ˀ(śóďóŦėŌŦėƵơƭƙŌóśƖƙŲėƵĐƭƭĞơƭŌŦķɏ
ɍ !ŲŤƖśĞƭĞƭľĞóƖƖƙŲǍóśƖƙŲĐĞơơĞơƙĞśóƭĞėƭŲƭľĞ
ĶŌŦóśƖƙŲėƵĐƭ
óŦėƙóǎŤóƭĞƙŌóśɔ
¾ľĞơǔơƭĞŤǎŲƙŘơŌŦĐŲŤƖśŌóŦĐĞǎŌƭľŲƭľĞƙėŌķŌƭóś
ƖśóƭĶŲƙŤơɔ(ĞơƖŌƭĞƭľĞĐľóśśĞŦķŌŦķĐŲŦėŌƭŌŲŦơėƵƙŌŦķ
ƭľĞƖóŦėĞŤŌĐɏƭĞóŤơƖƵƭóśśƭľĞŌƙĞĶĶŲƙƭơƭŲśóƵŦĐľ
ǍóƙŌŲƵơƖƙŲėƵĐƭơɔ¾ľŌơƖĞƙŌŲėƖƙŲǍĞėƭľĞƙĞƘƵŌƙĞŤĞŦƭ
óŦėơŌķŦŌĶŌĐóŦĐĞŲĶėŌķŌƭóśŌǞóƭŌŲŦɔ©ˀ(ƭĞóŤơďŲƭľ
ơƵƖƖŲƙƭĞėƭľĞƭƙóŦơŌƭŌŲŦƖƙŲĐĞơơƭŲƭľĞơǔơƭĞŤóŦė
óĐľŌĞǍĞėơƵĐĐĞơơĶƵśśóƵŦĐľŌŦķŲĶƖƙŲėƵĐƭơėƵƙŌŦķƭľŌơ
ĐľóśśĞŦķŌŦķƖĞƙŌŲėɔ
 ^±hËÝ^
Annual Report 2020

ÞŌƭľƭľĞơƵƖƖŲƙƭơŲĶƭľĞĐŲŦơƵŤĞƙƭĞơƭơėĞƖóƙƭŤĞŦƭɏ ©ƵďǔɏËśŘĞƙIŲśėĞŦóŦėËśŘĞƙ ĞǔóǞ$ŌŘŲśóƭóśń

ƭĞơƭŌŦķǎóơŘĞƖƭķŲŌŦķŌŦƭľĞėŌķŌƭóśĞŦǍŌƙŲŦŤĞŦƭ IŲĶƙĞƭƖƙŲėƵĐƭơǎĞƙĞśóƵŦĐľĞėóŦėƙĞśóƵŦĐľĞėĶŲƙ
óŦėƭľĞŦĞĞėơŲĶĐŲŦơƵŤĞƙơóŦėƭľĞŤóƙŘĞƭǎĞƙĞ ĐŲŦơƵŤĞƙơɔ
ŌėĞŦƭŌĶŌĞėɔ
±ƵơƭóŌŦóďŌśŌƭǔóĐƭŌǍŌƭŌĞơǎĞƙĞóśơŲĐśŲơĞśǔĶŲśśŲǎĞė
ËśŘĞƙ ŌơŘƻǍŌľóơƭľĞķŲóśƭŲƖŌĐŘƵƖƭľĞƖóĐĞŌŦ ƵƖďǔƭľĞƭĞóŤơóŦėȐȘȏƭŲŦơŲĶďƵƭƭĞƙóŦėȐȖƭŲŦơ
©ˀ(óĐóėĞŤǔóĐƭŌǍŌƭŌĞơóŦėėĞǍĞśŲƖóŦėŌŤƖƙŲǍĞ ŲĶơóśƭƵơĞėŌŦƙĞĐŌƖĞơŲĶƭľĞƖƙŲŕĞĐƭơƭľóƭƭľĞƭĞóŤơ
ƭľĞĐŲŤƖĞƭĞŦĐŌĞơŲĶƭľĞƭĞóŤơɔvóƭŌŲŦóśóŦė ľóėďĞĞŦǎŲƙŘŌŦķŲŦǎĞƙĞƙĞėƵĐĞėɔ
ŌŦƭĞƙŦóƭŌŲŦóśĶóŌƙơɏơĞŤŌŦóƙơóŦėƭƙóŌŦŌŦķǎĞƙĞ
ƖóƙƭŌĐŌƖóƭĞėƭŲľóǍĞƭľĞŤďĞĐŲŤĞŤŲƙĞŌŦŦŲǍóƭŌǍĞ
óŦėŤŲƙĞơŲśƵƭŌŲŦɲŲƙŌĞŦƭĞėɔtŲƙĞƭľóŦȑȏƭĞĐľŦŌĐóś
ƭƙóŌŦŌŦķǎóơƖƙŲǍŌėĞėǎŌƭľ©ˀ(óĐóėĞŤǔóŦėŤŲƙĞ
ƭľóŦȕȏȏ©ˀ(ĞŤƖśŲǔĞĞơóƭƭĞŦėĞėƭľĞƭƙóŌŦŌŦķ
ƖƙŲǍŌėĞėɔ

‚ĶĶŌĐŌóśóĐƭŌǍŌƭŌĞơóŦėƙĞƖŲƙƭŌŦķĶŲƙ©ˀ(!ĞŦƭƙĞǎĞƙĞ
ĐŲŤƖśĞƭĞėĶŲƙȑȏȑȏóŦėƭľĞĐĞƙƭŌĶŌĐóƭŌŲŦơŲĶƭľĞƭǎŲ
©ˀ(ĐĞŦƭĞƙơɦ!ľŲĐŲśóƭĞóŦė óŘĞė¦ƙŲėƵĐƭơ©ˀ(
!ĞŦƭƙĞɧŲĶËśŘĞƙ ŌơŘƻǍŌǎĞƙĞŲŦĐĞŤŲƙĞĞǓƭĞŦėĞė
ďǔƭľĞ¾ƵƙŘŌơľtŌŦŌơƭƙǔŲĶUŦėƵơƭƙǔóŦė¾ĞĐľŦŲśŲķǔɔ

ËśŘĞƙʀơ©ˀ(ĐƭŌǍŌƭŌĞơŌŦȑȏȑȏ
‚ǍĞƙȔȏȏ©ˀ(ƖƙŲŕĞĐƭơɏĞŌƭľĞƙơŤóśśŲƙśóƙķĞɏóƭ
ǍóƙŌŲƵơĐóƭĞķŲƙŌĞơǎĞƙĞŌŦŌƭŌóƭĞėɔUŦȑȏȑȏɏơó
ƙĞơƵśƭŲĶƭľĞơĞƖƙŲŕĞĐƭơɏŤŲƙĞƭľóŦȖȏƖƙŲėƵĐƭơ
ŌŦĐśƵėŌŦķ‚ʀśóśó ŲśėɏPóŦńŤĞśśĞƙjŌŤŲŦśƵɏ$ŌǞŌtŌśĶŽǔɏ
ŌơŘƙĞŤ(ƵďśĞ©ƵďǔśďĞŦŌÝŌǍóɏ(ŌėŲ©ƵďǔɏjóǍŌǍó

53
 ^±hËÝ^
Annual Report 2020
¨ƵóśŌƭǔơơƵƙóŦĐĞ
Ülker Bisküvi maintains development with new investments,
technological renewal, institutionalization efforts, new
markets and new products, in line with its objectives and
using all its resources in the most effective way.
!ƵơƭŲŤĞƙvŲƭŌĶŌĐóƭŌŲŦ±ǔơƭĞŤ
¾ľĞ!ƵơƭŲŤĞƙvŲƭŌĶŌĐóƭŌŲŦ±ǔơƭĞŤɏĞơƭóďśŌơľĞė
óƭóśśƖƙŲėƵĐƭŌŲŦĶóĐŌśŌƭŌĞơƭŲĶóĐŌśŌƭóƭĞóơơĞơơŤĞŦƭ
ŲĶóŦǔŘŌŦėŲĶĶĞĞėďóĐŘɚơƵķķĞơƭŌŲŦɚŌŦĶŲƙŤóƭŌŲŦ
ƙĞƘƵĞơƭƙĞĐĞŌǍĞėĶƙŲŤĐŲŦơƵŤĞƙơɏŌơƵƖėóƭĞėɔ¾ľĞ
±ǔơƭĞŤĞŦóďśĞơơǎŌĶƭóŦėĞĶĶĞĐƭŌǍĞƙĞơƖŲŦơĞơƭŲƭľĞ
ĐŲŦơƵŤĞƙơóŦėƙóƖŌėóĐƭŌŲŦơďǔĶŲśśŲǎŌŦķƭľĞƭƙĞŦėơ
ŲĶƭľĞŦŲƭŌĶŌĐóƭŌŲŦơƙĞĐĞŌǍĞėɔ¾ľĞƙĞǍŌơĞė!ƵơƭŲŤĞƙ
vŲƭŌĶŌĐóƭŌŲŦ±ǔơƭĞŤĞŦóďśĞơƭľĞ!ŲŤƖóŦǔƭŲ
ŌŤŤĞėŌóƭĞśǔŤóŦóķĞƭľĞŦŲƭŌĶŌĐóƭŌŲŦơƙĞĐĞŌǍĞėĶƙŲŤ
ĐŲŦơƵŤĞƙơɚĐƵơƭŲŤĞƙơóƭ!ƵơƭŲŤĞƙ!ŲŤŤƵŦŌĐóƭŌŲŦ
!ĞŦƭĞƙƭľƙŲƵķľóŦǔŤĞóŦơŲĶĐŲŤŤƵŦŌĐóƭŌŲŦóƭó
ơŌŦķśĞƖśóƭĶŲƙŤóŦėƭŲơǎŌĶƭśǔƙĞƖśǔƭľĞĐŲŦơƵŤĞƙơ
ƭľƙŲƵķľƭľĞĐľóŦŦĞśƭľĞǔŦŲƭŌĶŌĞėƭľĞ!ŲŤƖóŦǔɏƭŲ
ŤĞóơƵƙĞĐŲŦơƵŤĞƙɚĐƵơƭŲŤĞƙơóƭŌơĶóĐƭŌŲŦóŦėƭŲ
ĐƙĞóƭĞŌŤŤĞėŌóƭĞƙĞƖŲƙƭơɏƙóƖŌėóĐƭŌŲŦơóŦėŌŦơŌķľƭơ
ƙĞķóƙėŌŦķƭľĞŦŲƭŌĶŌĐóƭŌŲŦơɔ
Consumer sensitivities are
monitored beginning from
selection of suppliers till final
product delivery.
54
ĐƭŌǍŌƭŌĞơ©ĞśóƭĞėƭŲ!ŲŦơƵŤĞƙ±ĞŦơŌƭŌǍŌƭǔ
!ŲŦơƵŤĞƙơóśśóƙŲƵŦėƭľĞǎŲƙśėľóǍĞėŌĶĶĞƙĞŦƭóŦė
ŦĞǎėĞŤóŦėơóŦėĞǓƖĞĐƭóƭŌŲŦơƙĞķóƙėŌŦķƭľĞĶŲŲėơ
ƭľĞǔĐŲŦơƵŤĞėĞƖĞŦėŌŦķŲŦƭľĞŌƙśŌĶĞơƭǔśĞơɏėŌĞƭóƙǔ
ƖƙĞĶĞƙĞŦĐĞơóŦėƙĞśŌķŌŲƵơơĞŦơŌƭŌǍŌƭŌĞơɔPóśóśɏhŲơľĞƙ
óŦėÝĞķĞƭóƙŌóŦĶŲŲėơŌŦśŌŦĞǎŌƭľĐŲŦơƵŤĞƙơʀďĞśŌĞĶơ
ơƭóŦėŲƵƭóŤŲŦķƭľĞơĞėĞŤóŦėơóŦėĞǓƖĞĐƭóƭŌŲŦơɔ
!ŲŦơƵŤĞƙơĞŦơŌƭŌǍŌƭŌĞơóƙĞóŤŲŦķƭľĞŤóƭĞƙŌóś
ŌơơƵĞơĶŲƙƭľĞ!ŲŤƖóŦǔɔ±ƖĞĐŌĶŌĐƭƙóŌŦŌŦķŌơƖƙŲǍŌėĞė
ƭŲóśśĞŤƖśŲǔĞĞơƭŲŌŦĶŲƙŤɏƙóŌơĞóǎóƙĞŦĞơơɏ
ĞơƭóďśŌơľóơĞŦơŌƭŌǍŌƭǔóŦėŌŤƖśĞŤĞŦƭóƭŌŲŦơƭóŦėóƙė
óŦėĞŤƖśŲǔĞĞơƭóŘĞƭĞơƭơĶŲśśŲǎŌŦķƭľĞƭƙóŌŦŌŦķɔ
!ŲŦơƵŤĞƙơĞŦơŌƭŌǍŌƭŌĞơóƙĞŤŲŦŌƭŲƙĞėďĞķŌŦŦŌŦķĶƙŲŤ
ơĞśĞĐƭŌŲŦŲĶơƵƖƖśŌĞƙơƭŌśśĶŌŦóśƖƙŲėƵĐƭėĞśŌǍĞƙǔɔ
±óśĞơóŦė(ŌơƭƙŌďƵƭŌŲŦ¨ƵóśŌƭǔ¾ƙóŌŦŌŦķ
¾ľĞ!ŲŤƖóŦǔʀơķŲóśŌơƭŲĐŲŤƖśĞƭĞƖƙŲėƵĐƭŌŲŦ
óƭŌŦƭĞƙŦóƭŌŲŦóśƘƵóśŌƭǔơƭóŦėóƙėơǎŌƭľƭľĞɽîĞƙŲ
tŌơƭóŘĞɾŤŲƭƭŲóŦėľóǍĞƭľĞơóŤĞƖƙŲėƵĐƭƘƵóśŌƭǔ
ŌŦĞóĐľóŦėĞǍĞƙǔƖóĐŘóķĞƭŲĶƵśĶŌśśƭľĞĞǓƖĞĐƭóƭŌŲŦơ
ŲĶĐŲŦơƵŤĞƙơɔPĞŦĐĞɏŌƭŌơŲĶĐƙŌƭŌĐóśơŌķŦŌĶŌĐóŦĐĞƭŲ
ƖƙĞơĞƙǍĞƭľĞƭóơƭĞɏơŤĞśśɏóƖƖĞóƙóŦĐĞóŦėơƭƙƵĐƭƵƙóś
ĶĞóƭƵƙĞơɏŌŦƭĞķƙŌƭǔóŦėĐśĞóŦŦĞơơŲĶƖóĐŘóķĞơ
ėƵƙŌŦķơƭŲƙóķĞɏėĞśŌǍĞƙǔɏŤĞƙĐľóŦėŌơŌŦķơƭóķĞơóŦė
óǍŲŌėĐŲŦơƵŤĞƙėŌơơóƭŌơĶóĐƭŌŲŦɔ¾ľĞƙĞĶŲƙĞɏɽîĞƙŲ
tŌơƭóŘĞŌŦ¨ƵóśŌƭǔɾƭƙóŌŦŌŦķǎóơėĞơŌķŦĞėƭŲƖƙŲǍŌėĞ
ŌŦĶŲƙŤóƭŌŲŦŲŦƭľĞƙĞƘƵŌƙĞŤĞŦƭơƭŲƖƙĞơĞƙǍĞƭŲƖ
ƘƵóśŌƭǔóŦėĶŲŲėơóĶĞƭǔơƭóŦėóƙėơƭľƙŲƵķľŲƵƭ
ƭľĞƖĞƙŌŲėơƭóƙƭŌŦķĶƙŲŤƭľĞƖƙŲėƵĐƭơśĞóǍŌŦķƭľĞ
ĶóĐƭŲƙǔƭŌśśƙĞóĐľŌŦķĐŲŦơƵŤĞƙơəóŦėƭľĞƭƙóŌŦŌŦķǎóơ
ƖƙŲǍŌėĞėƭŲóŦóƖƖƙŲǓŌŤóƭĞƭŲƭóśŲĶȓɏȏȏȏĶŌĞśėơóśĞơ
ƭĞóŤơŦóƭŌŲŦǎŌėĞŌŦĐśƵėŌŦķơóśĞơƙĞƖƙĞơĞŦƭóƭŌǍĞơɏ
ơƭŲƙĞʀơóĐƭŌǍŌƭǔƖĞƙơŲŦŦĞśɔ
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Annual Report 2020

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 ^±hËÝ^
Annual Report 2020
±ŲĐŌóś©ĞơƖŲŦơŌďŌśŌƭǔ
“We believe that every person has the right to have a happy
childhood wherever they live in the world.” The motto of Sabri
Ülker has become a source of guidance and inspiration in all
areas, all social responsibility projects are based on the main
theme of “child and happiness.”
(ƵƙŌŦķƭľĞ!‚ÝU(ɲȐȘƖóŦėĞŤŌĐɏǎľŌĐľľóơóķśŲďóś
ŌŤƖóĐƭɏËśŘĞƙĐŲŦƭŌŦƵĞėƖƙŲėƵĐƭŌŲŦóŦėėĞśŌǍĞƙŌŦķ
ŌƭơƖƙŲėƵĐƭơƭŲƭľĞĐŲŦơƵŤĞƙơóơǎĞśśóơƖƙŲǍŌėĞė
ŦĞĞėĶƵśƖĞŲƖśĞǎŌƭľơŲĐŌóśóŌėơóŦėƭƙŌĞėƭŲķŌǍĞ
ŤŲƙóśơƵƖƖŲƙƭƭŲľĞóśƭľǎŲƙŘĞƙơɏǎľŲóƙĞǎŲƙŘŌŦķ
ơĞśĶśĞơơśǔɏďǔďƙŌŦķŌŦķŌŦËśŘĞƙƖƙŲėƵĐƭơɔ
¾ľĞ!ŲŤƖóŦǔơƵƖƖŲƙƭĞėƘƵóƙóŦƭŌŦĞśŲėķŌŦķơɏ
ľĞóśƭľǎŲƙŘĞƙơɏĐŲŦƭóĐƭƭƙóĐŌŦķƭĞóŤơǍĞǍŌóvI‚ơ
ƭľƙŲƵķľŲƵƭƭľĞǔĞóƙóŦėƖƙŲǍŌėĞėŦĞĞėĶƵśƖĞŲƖśĞ
ėƵƙŌŦķ©óŤóėóŦɔUŦóėėŌƭŌŲŦɏóơƖóƙƭŲĶƭľĞɽtóŘĞ
PóƖƖǔɏ ĞPóƖƖǔ(óǔɾĐĞśĞďƙóƭŌŲŦơŲŦƭľĞƭľŌƙė
¾ľƵƙơėóǔŲĶvŲǍĞŤďĞƙĞóĐľǔĞóƙɏŤŲƙĞƭľóŦȐȏȏȏ
ĐľŌśėƙĞŦƙĞĐĞŌǍĞėĐśŲƭľŌŦķóŦėƭŲǔơķŌĶƭơóƭƭľĞĐŌƭŌĞơ
ǎľĞƙĞĶóĐƭŲƙŌĞơóƙĞśŲĐóƭĞėɔ
ɽÞĞďĞśŌĞǍĞƭľóƭĞǍĞƙǔƖĞƙơŲŦľóơƭľĞƙŌķľƭƭŲľóǍĞ
óľóƖƖǔĐľŌśėľŲŲėǎľĞƙĞǍĞƙƭľĞǔśŌǍĞŌŦƭľĞǎŲƙśėɔɾ
¾ľĞŤŲƭƭŲŲĶ±óďƙŌËśŘĞƙľóơďĞĐŲŤĞóơŲƵƙĐĞ
ŲĶķƵŌėóŦĐĞóŦėŌŦơƖŌƙóƭŌŲŦŌŦóśśóƙĞóơɏóśśơŲĐŌóś
ƙĞơƖŲŦơŌďŌśŌƭǔƖƙŲŕĞĐƭơóƙĞďóơĞėŲŦƭľĞŤóŌŦƭľĞŤĞ
ŲĶɽĐľŌśėóŦėľóƖƖŌŦĞơơɔɾ
ÞŌƭŦĞơơŌŦķƭľĞķƙŲǎƭľŲĶƭĞŦơŲĶķĞŦĞƙóƭŌŲŦơơŌŦĐĞ
ȐȘȓȓɏËśŘĞƙŌơķŌǍŌŦķƖƙŌŲƙŌƭǔƭŲơƵƖƖŲƙƭƖƙŲŕĞĐƭơƭľóƭ
ǎŌśśŤóŘĞĐľŌśėƙĞŦľóƖƖǔƭŲėóǔŕƵơƭśŌŘĞŌŦƭľĞƖóơƭɔ
ËśŘĞƙĐŲŦơŌơƭĞŦƭśǔŌŦǍĞơƭơŌŦƭľĞƖľǔơŌĐóśɏơŲĐŌóśɏ
ĐƵśƭƵƙóśóŦėŤĞŦƭóśėĞǍĞśŲƖŤĞŦƭŲĶĐľŌśėƙĞŦǍŌó
ŌƭơƖƙŲŕĞĐƭơķóƭľĞƙĞėƵŦėĞƙƭľĞƭľƙĞĞĐóƭĞķŲƙŌĞơɏ
ŦóŤĞśǔơƖŲƙƭơɏóƙƭɲĐŌŦĞŤóóŦėďóśóŦĐĞėŦƵƭƙŌƭŌŲŦ
ƭƙóŌŦŌŦķɔ
56
UŦƭľĞśóơƭėĞĐóėĞɏóƖƖƙŲǓŌŤóƭĞśǔȐɔȔŤŌśśŌŲŦĐľŌśėƙĞŦ
ľóǍĞďĞĞŦƙĞóĐľĞėƭľƙŲƵķľƖƙŲŕĞĐƭơơƵĐľóơƭľĞ
ËśŘĞƙ!ľŌśėƙĞŦʀơ!ŌŦĞŤóHĞơƭŌǍóśɏHŲŲƭďóśśÝŌśśóķĞơ
óŦėƭľĞËśŘĞƙ!ľŌśėƙĞŦʀơƙƭÞŲƙŘơľŲƖɔ ĞƭǎĞĞŦ
ƭľĞǔĞóƙơŲĶȑȏȏȖɲȑȏȐȕɏŤŲƙĞƭľóŦȒȒȏƭľŲƵơóŦė
ĐľŌśėƙĞŦǎĞƙĞŌŦƭƙŲėƵĐĞėŌŦƭŲơƖŲƙƭơóƭóŦĞóƙśǔóķĞ
ƭľƙŲƵķľĐľŌśėƙĞŦʀơĶŲŲƭďóśśƖƙŲŕĞĐƭơɏơŲŤĞŲĶƭľĞ
ďŲǔơóŦėķŌƙśơǎľŲƖóƙƭŌĐŌƖóƭĞėŌŦƭľĞŲƙķóŦŌǞĞė
HŲŲƭďóśśÝŌśśóķĞơǎĞƙĞơƵĐĐĞơơĶƵśŌŦƭľĞŌƙĐśƵďơóŦė
ơƵĐĐĞĞėĞėŌŦƖśóǔŌŦķóƭƭĞóŤśĞǍĞśɏóŦėơŲŤĞ
ǎĞƙĞĐľŲơĞŦĶŲƙƭľĞÅɲȐȔvóƭŌŲŦóś¾ĞóŤơɔ
ËśŘĞƙľóơďĞĞŦŌŦǍŲśǍĞėŌŦƖƙŲŕĞĐƭơƭľóƭĶóĐŌśŌƭóƭĞ
ƭľĞŤĞĞƭŌŦķŲĶóƙƭóŦėƭľĞƖĞŲƖśĞǍŌóơƖŲŦơŲƙơľŌƖ
ŲĶɽUơƭóŦďƵśtŲėĞƙŦɲäŲƵƙ¾ľƵƙơėóǔɾóŦėɽ¦ƙŌŦƭ
tƵơĞƵŤɲHƙĞоƵĞơėóǔ(óǔ±ƵƖƖŲƙƭɔɾ
±óƖśŌŦķơtĞĞƭƭľĞ±ŲŌś
ËśŘĞƙóśơŲĞŦėĞóǍŲƙĞėƭŲƖƙŲƭĞĐƭƭľĞŦóƭƵƙĞóŦė
ĐŲŦƭƙŌďƵƭĞƭŲƭľĞĶƵƭƵƙĞƭľƙŲƵķľŲƵƭƭľĞǔĞóƙɔơƖóƙƭ
ŲĶŌƭơHŲƙĞơƭŲĶtǔ ĞóƵƭŌĶƵś!ŲƵŦƭƙǔŌŦŌƭŌóƭŌǍĞɏËśŘĞƙ
ơƵƖƖŲƙƭĞė ƙĞóƭľŌŦƭŲƭľĞHƵƭƵƙЦƙŲŕĞĐƭŲĶƭľĞ
tŌŦŌơƭƙǔŲĶķƙŌĐƵśƭƵƙĞóŦėHŲƙĞơƭƙǔǎŌƭľȐȐƭľŲƵơóŦė
ơóƖśŌŦķơɔUŦȑȏȑȏɏËśŘĞƙƖśóŦƭĞėȒȐƭľŲƵơóŦėƭƙĞĞ
ơóƖśŌŦķơŌŦŦŘóƙóɏhóƙóŤóŦɏ1ơŘŌƦĞľŌƙɏ1śóǞńĸóŦė
PóƭóǔɏǎľĞƙĞĶŌƙĞơďƵƙŦĞėľĞĐƭóƙĞơŲĶĶŲƙĞơƭɔ
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Annual Report 2020

57
 ^±hËÝ^
Annual Report 2020
!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơ!ŲŤƖśŌóŦĐĞ©ĞƖŲƙƭ
¦©¾Uɲ!‚©¦‚©¾1I‚Ý1©vv!1¦©Uv!U¦j1±Ɏ
!‚t¦jUv!1±¾¾1t1v¾
¾ľĞ!ŲŤƖóŦǔľóơƖƙŲǍŌėĞėŌŦėĞƭóŌśďĞśŲǎƭľĞ
óơơĞơơŤĞŦƭóŦėĶŌŦėŌŦķơŲŦƭľĞśĞǍĞśŲĶĐŲŤƖśŌóŦĐĞ
ǎŌƭľƭľĞ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơóŦėŲƵƙ
ĐŲŤŤĞŦƭơŲŦƭľĞƖŲƭĞŦƭŌóśŌŤƖƙŲǍĞŤĞŦƭóƙĞóơ
ƙĞśóƭĞėƭŲĐŲŤƖśŌóŦĐĞŌŦƭĞƙŤơŲĶơĐŲƖĞóŦėƘƵóśŌƭǔɔ
¦ƵƙơƵóŦƭƭŲ!óƖŌƭóśtóƙŘĞƭơ Ųóƙė!ŲŤŤƵŦŌƘƵğ
óŦėƙƭŌĐśĞȕȒȕȑŲĶƭľĞ!óƖŌƭóśtóƙŘĞƭjóǎvŲɎ
ȕȒȕȑɏėóƭĞė(ĞĐĞŤďĞƙȕɏȑȏȐȑɏóŦėUUɲȐȖɔȐ!ŲƙƖŲƙóƭĞ
IŲǍĞƙŦóŦĐĞ!ŲŤŤƵŦŌƘƵğƙĞśĞóơĞėŲŦȒɔȐɔȑȏȐȓɏ
ŌơơƵóŦĐĞŲĶóɽ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞ!ŲŤƖśŌóŦĐĞ
©ĞƖŲƙƭɾóŦėĐŲŤƖśŌóŦĐĞǎŌƭľơƖĞĐŌĶŌĞė!ŲƙƖŲƙóƭĞ
IŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơľóǍĞďĞĐŲŤĞŤóŦėóƭŲƙǔ
ĶŲƙĐŲŤƖóŦŌĞơƭƙóėĞėŲŦ ŲƙơóUơƭóŦďƵśɦ U±¾ɧɔ
ĐĐŲƙėŌŦķśǔɏƭľĞ!ŲŤƖóŦǔľóơƙĞơŲśǍĞėƭľóƭƭľĞ
ƙĞƘƵŌƙĞŤĞŦƭơŌŤƖŲơĞėďǔƭľĞ!t ďĞơƭƙŌĐƭśǔ
ĶŲśśŲǎĞėɏóŦėƭľĞ!ŲŤƖóŦǔľóơóśơŲĐŲŤƖśĞƭĞė
óśśƭľĞǎŲƙŘơŦĞĐĞơơóƙǔĶŲƙĐŲŤƖśŌóŦĐĞǎŌƭľƭľĞ
ŲƭľĞƙƖƙŌŦĐŌƖśĞơơƖĞĐŌĶŌĞėŌŦƭľĞ!ŲŤŤƵŦŌƘƵğɔ
¾ľĞĞơƭóďśŌơľĞė!ŲŤŤŌƭƭĞĞơŲĶƭľĞ ŲóƙėŲĶ
(ŌƙĞĐƭŲƙơóĐƭŌǍĞśǔĐóƙƙǔŲƵƭƭľĞŌƙƭóơŘơɔ!ŲŤŤŌƭƭĞĞ
ǎŲƙŘŌŦķƖƙŌŦĐŌƖśĞơǎĞƙĞóŦŦŲƵŦĐĞėŲŦƭľĞǎĞďơŌƭĞɔ
!ŲŤŤŌƭƭĞĞĐľóŌƙŤĞŦǎĞƙĞĶŲƙŤĞėóŤŲŦķơƭƭľĞ
ŌŦėĞƖĞŦėĞŦƭŤĞŤďĞƙơŲĶƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơ
ǎľŌśĞŌŦėĞƖĞŦėĞŦƭŤĞŤďĞƙĐóŦėŌėóƭĞơóƙĞŌŦ
ŤóŕŲƙŌƭǔŌŦƭľĞĐŲŤŤŌƭƭĞĞơɔ¾ľƙĞĞǎĞĞŘơƖƙŌŲƙƭŲƭľĞ
IĞŦĞƙóśơơĞŤďśǔɏŌŦĶŲƙŤóƭŌŲŦėŲĐƵŤĞŦƭɏŤĞĞƭŌŦķ
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ĐóŦėŌėóƭĞơĶŲƙƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơóŦėŲƭľĞƙ
ŌŦĶŲƙŤóƭŌŲŦƭŲďĞóŦŦŲƵŦĐĞėǎĞƙĞơƵďŤŌƭƭĞėƭŲ
ƭľĞŌŦĶŲƙŤóƭŌŲŦŲĶƭľĞŌŦǍĞơƭŲƙơóŦėơľóƙĞľŲśėĞƙơɔ
©ĞśóƭĞėƖóƙƭǔƭƙóŦơóĐƭŌŲŦơǎĞƙĞơƵďŤŌƭƭĞėƭŲƭľĞ
ŌŦĶŲƙŤóƭŌŲŦŲĶƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɏóŦėďǔķĞƭƭŌŦķ
ƭľĞóƖƖƙŲǍóśŲĶƭľĞŌŦėĞƖĞŦėĞŦƭŤĞŤďĞƙơŲĶƭľĞ
ŲóƙėŲĶ(ŌƙĞĐƭŲƙơóėĞĐŌơŌŲŦǎóơƭóŘĞŦƭŲĐŲŦƭŌŦƵĞ
ƭľĞƭƙóŦơóĐƭŌŲŦơɔ‚ƵƙĐŲŤƖóŦǔǎĞďơŌƭĞóŦėóŦŦƵóś
ƙĞƖŲƙƭǎĞƙĞƙĞǍŌĞǎĞėóŦėĞĶĶŲƙƭơǎĞƙĞƵŦėĞƙƭóŘĞŦ
ƭŲƵƖėóƭĞƭľĞŤɔƙĞƖŲƙƭĶŲƙƭľĞĞǓƭĞŦơŌǍĞóŦė
ĐŲŦƭŌŦƵŲƵơƭƙóŦơóĐƭŌŲŦơŌŦȑȏȑȏǎóơƖƙĞƖóƙĞėóŦė
ƖƵďśŌơľĞėŲŦƭľĞ¦ƵďśŌĐ(ŌơĐśŲơƵƙЦśóƭĶŲƙŤƵƖŲŦƭľĞ
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ƭľĞŌŦėĞƖĞŦėĞŦƭŤĞŤďĞƙơŲĶƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơ
ǎóơĞǓóŤŌŦĞėɏóŦėŦĞǎĐóŦėŌėóƭĞơǎĞƙĞƖƙĞơĞŦƭĞė
ďǔƭľĞvŲŤŌŦóƭŌŲŦ!ŲŤŤŌƭƭĞĞƭŲƭľĞ ŲóƙėŲĶ
(ŌƙĞĐƭŲƙơɔÞŌƭľŌŦƭľĞơĐŲƖĞŲĶƭľĞơƵơƭóŌŦóďŌśŌƭǔ
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ƙĞƖŲƙƭǎóơƙĞśĞóơĞėŌŦȑȏȐȕǎľĞƙĞóơƭľĞƭľŌƙė
ơƵơƭóŌŦóďŌśŌƭǔƙĞƖŲƙƭǎóơƙĞśĞóơĞėŌŦȑȏȐȘóŦėŤóėĞ
óǍóŌśóďśĞóŦėóĐĐĞơơŌďśĞĶŲƙƭľĞơľóƙĞľŲśėĞƙơóŦė
ơƭóŘĞľŲśėĞƙơóƭƭľĞŌŦǍĞơƭŲƙƙĞśóƭŌŲŦơǎĞďơŌƭĞŲĶ
ËśŘĞƙ ŌơŘƻǍŌɔ
58
©ĞóơŲŦơĶŲƙƭľĞ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơ
ƭľóƭóƙĞŦŲƭŌŤƖśĞŤĞŦƭĞėɎ
Ȑɔ vŲŤŲėĞśŲƙŤĞĐľóŦŌơŤǎóơĐƙĞóƭĞėĶŲƙƭľĞ
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PŲǎĞǍĞƙɏƭľĞŌŦėĞƖĞŦėĞŦƭŤĞŤďĞƙơŲĶƭľĞ Ųóƙė
ŲĶ(ŌƙĞĐƭŲƙơŤóŘĞơƵƙĞƭľóƭƭľĞ!ŲŤƖóŦǔóŦė
ơľóƙĞľŲśėĞƙơɏóơǎĞśśóơóśśơƭóŘĞľŲśėĞƙơɏóƙĞ
ƙĞƖƙĞơĞŦƭĞėŌŦƭľĞŤóŦóķĞŤĞŦƭɔ
ȑɔ ¾ľĞƙĞŌơŦŲǎƙŌƭƭĞŦĐŲŤƖĞŦơóƭŌŲŦƖŲśŌĐǔĶŲƙƭľĞ
ĞŤƖśŲǔĞĞơƭľóƭŤƵơƭďĞĞơƭóďśŌơľĞėŌŦóĐĐŲƙėóŦĐĞ
ǎŌƭľƙƭŌĐśĞȒɔȐɔȑŲĶƭľĞ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞ
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Ȓɔ ±ŲŤĞŲĶƭľĞŤĞŤďĞƙơŲĶƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơ
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ȓɔ ơƖĞƙƭľĞƙƭŌĐśĞȓɔȕɔȔŲĶƭľĞɽ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞ
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ƭľĞóŦŦŲƵŦĐĞŤĞŦƭŌơŦŲƭŤóėĞŲŦóƖĞƙơŲŦóśďóơŌơ
ďƵƭŤóėĞƭŲŌŦėŌĐóƭĞƭľĞėŌĶĶĞƙĞŦƭŌóƭŌŲŦďĞƭǎĞĞŦƭľĞ
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ƖƙŲƭĞĐƭĞėɔ
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ƖƙŌŦĐŌƖśĞơƭľóƭľóǍĞŦŲƭďĞĞŦŌŤƖśĞŤĞŦƭĞėǔĞƭóơ
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ĐŲŦĶśŌĐƭơŲĶŌŦƭĞƙĞơƭóŤŲŦķơƭóŘĞľŲśėĞƙơėƵĞƭŲƭľĞ
śŌŤŌƭĞėŦƵŤďĞƙŲĶĐŲƙƖŲƙóƭĞķŲǍĞƙŦóŦĐĞƖƙŌŦĐŌƖśĞơ
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ŤóƭĐľƭľĞĞǓŌơƭŌŦķơƭƙƵĐƭƵƙĞŲĶƭľĞŤóƙŘĞƭóŦėŲƵƙ
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ďĞĞŦƖƵƭŌŦƭŲƖƙóĐƭŌĐĞǔĞƭóƙĞŌŦƖƙŲķƙĞơơóŦėŌƭŌơ
ƖśóŦŦĞėƭŲďĞŌŤƖśĞŤĞŦƭĞėóĶƭĞƙƭľĞĐŲŤƖśĞƭŌŲŦ
ŲĶóėŤŌŦŌơƭƙóƭŌǍĞɏśĞķóśóŦėƭĞĐľŦŌĐóśŌŦĶƙóơƭƙƵĐƭƵƙĞ
ǎŲƙŘơŌŦóǎóǔƭľóƭǎŌśśĐŲŦƭƙŌďƵƭĞƭŲƭľĞĞĶĶĞĐƭŌǍĞ
ŤóŦóķĞŤĞŦƭŲĶŲƵƙ!ŲŤƖóŦǔɔ
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ƙĞƘƵŌƙĞėďǔƭľĞ!óƖŌƭóśtóƙŘĞƭơ Ųóƙė©ĞơŲśƵƭŌŲŦ
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ŲŦ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞǎŌśśďĞƖƵďśŌơľĞėŲŦƭľĞ
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ƙĞƖŲƙƭɏďĞơŌėĞơ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞ!ŲŤƖśŌóŦĐĞ
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UŦĶŲƙŤóƭŌŲŦHŲƙŤɦhä HɧƙĞǍĞóśĞėŌŦƭľĞ¦ƵďśŌĐ
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HŌŦóŦĐŌóśĶĶóŌƙơɯ!H‚ŲĶĶŌĐĞɔ‚Ƶƙ!ŲŤƖóŦǔ
ĞǓĞĐƵƭŌǍĞơƙĞơƖŲŦơŌďśĞĶŲƙƙĞśóƭŌŲŦơǎŌƭľƭľĞ
ơľóƙĞľŲśėĞƙơóƙĞśŌơƭĞėďĞśŲǎɔ
±ĞƙŘóŦơśńǔƻĐĞɲHŌŦóŦĐŌóśĶĶóŌƙơ(ŌƙĞĐƭŲƙ
hńơńŘśńtóľɔHĞƙóľ!óėɔvŲɎȐ
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ÝĞƙėó ĞơƭоóƦóƙɲ ŲóƙėtĞŤďĞƙɦUŦėĞƖĞŦėĞŦƭɧ
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¾ľĞÅŦŌƭƖƙŲĐĞơơĞơóŦǔóŦėóśśǎƙŌƭƭĞŦŲƙŲŦśŌŦĞ
ŌŦƘƵŌƙŌĞơơƵďŤŌƭƭĞėďǔŲƵƙơľóƙĞľŲśėĞƙơóŦėóƭƭĞŦėơ
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¾ľĞUŦǍĞơƭŲƙ©ĞśóƭŌŲŦơÅŦŌƭĐŲŦėƵĐƭơ U±¾ɏ!t óŦė
!±(ėŌơĐśŲơƵƙĞơƭŲŌŦĶŲƙŤóśśŲƭƭĞĞơɏơľóƙĞľŲśėĞƙơ
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59
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UŦǍĞơƭŲƙ©ĞśóƭŌŲŦơÅŦŌƭŤóǔŲƙķóŦŌǞĞŲƭľĞƙóėɲľŲĐ
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ƙĞƘƵĞơƭơĶƙŲŤŲƵƙơľóƙĞľŲśėĞƙơĶŲƙŌŦĶŲƙŤóƭŌŲŦ
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ƭƙóėĞėŲŦƭľĞơƭŲĐŘĞǓĐľóŦķĞóƙĞƙĞƘƵŌƙĞėƭŲơĞƭƵƖ
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Annual Report 2020
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¾ľĞ‚ƙėŌŦóƙǔIĞŦĞƙóśơơĞŤďśǔŤĞĞƭŌŦķĶŲƙƭľĞ
ǔĞóƙȑȏȐȘǎóơľĞśėŲŦfƵśǔȑȐɏȑȏȑȏɏóƭȐȐɎȏȏóɔŤɔ
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ơƵƖĞƙǍŌơŌŲŦŲĶƭľĞtŌŦŌơƭƙǔ©ĞƖƙĞơĞŦƭóƭŌǍĞtơɔPóƭŌĐĞ
ŦėĞƙɏǎľŲǎóơóơơŌķŦĞėǎŌƭľUơƭóŦďƵś¦ƙŲǍŌŦĐŌóś
¾ƙóėĞ(ŌƙĞĐƭŲƙóƭĞʀơśĞƭƭĞƙŦŲɔȔȔȘȖȖȑȒȗėóƭĞėfƵśǔȑȐɏ
2020.
¾ľĞŌŦǍŌƭóƭŌŲŦĶŲƙƭľĞIĞŦĞƙóśơơĞŤďśǔɏǎľŌĐľơƭóƭĞė
ƭľĞėóƭĞóŦėóķĞŦėóŲĶƭľĞŤĞĞƭŌŦķɏǎóơƖƵďśŌơľĞė
ŌŦƭľĞ¾ƵƙŘŌơľ¾ƙóėĞ©ĞķŌơƭƙǔIóǞĞƭƭĞvŲɔȐȏȐȏȔėóƭĞė
fƵŦĞȑȔɏȑȏȑȏɏóŦėŌŦƭľĞėóŌśǔ(ƻŦǔóvĞǎơƖóƖĞƙ
ŌơơƵĞėóƭĞėfƵŦĞȑȑɏȑȏȑȏɏóŦėŲŦƭľĞ
ËśŘĞƙ ŌơŘƻǍŌ±óŦóǔŌɔ¶ɔĐŲƙƖŲƙóƭĞǎĞďơŌƭĞ
ľƭƭƖɎɚɚƵśŘĞƙďŌơŘƵǍŌǔóƭŌƙŌŤĐŌŌśŌơŘŌśĞƙŌɔĐŲŤɏŲŦ¦ƵďśŌĐ
(ŌơĐśŲơƵƙЦśóƭĶŲƙŤĞŦėŲŦ1śĞĐƭƙŲŦŌĐIĞŦĞƙóś
ơơĞŤďśǔ±ǔơƭĞŤóơơƖĞĐŌĶŌĞėďǔśóǎóŦėƭľĞ
ƙƭŌĐśĞơŲĶơơŲĐŌóƭŌŲŦóƭśĞóơƭƭľƙĞĞǎĞĞŘơďĞĶŲƙĞ
ƭľĞėóƭĞŲĶIĞŦĞƙóśơơĞŤďśǔďǔŌŦėŌĐóƭŌŦķƭľĞėóƭĞ
óŦėóķĞŦėóŲĶƭľĞŤĞĞƭŌŦķɔ
¾ľĞ!ŲŤƖóŦǔŤóŘĞơƭľĞĶŌŦóŦĐŌóśơƭóƭĞŤĞŦƭơ
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ƖƙŲƖŲơóśɏĞśĞĐƭŌŦķƭľĞŤĞŤďĞƙơŲĶƭľĞ ŲóƙėŲĶ
(ŌƙĞĐƭŲƙơɏƖƙĞơĞŦƭŌŦķƭľĞĐŲŤƖóŦǔóƵėŌƭŲƙɏŤĞŤŲŲŦ
ƭľĞƖƙŲƖŲơĞėóķĞŦėóƭŲďĞėŌơĐƵơơĞėóƭƭľĞIĞŦĞƙóś
ơơĞŤďśǔɏóŦėŲƭľĞƙėŲĐƵŤĞŦƭơĶŲƙŌƭĞŤơŲĶƭľĞ
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ĶŲƙƙĞǍŌĞǎďǔŲƵƙơľóƙĞľŲśėĞƙơóƭƭľĞľĞóėƘƵóƙƭĞƙơ
óŦėďƙóŦĐľĞơŲĶƭľĞ!ŲŤƖóŦǔơƭóƙƭŌŦķĶƙŲŤƭľĞ
ėóƭĞŲĶƭľĞŌŦǍŌƭóƭŌŲŦĶŲƙƭľĞIĞŦĞƙóśơơĞŤďśǔɔ
ƭƭľĞIĞŦĞƙóśơơĞŤďśǔŤĞĞƭŌŦķɏŌơơƵĞơŲŦƭľĞ
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ǎŌƭľóĐśĞóƙóŦėƵŦėĞƙơƭóŦėóďśĞŤĞƭľŲėóŦėƭľĞ
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ƭŲĞǓƖƙĞơơƭľĞŌƙŲƖŌŦŌŲŦơɏóŦėƙóŌơĞóŦǔƘƵĞơƭŌŲŦơƭŲ
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¾ľĞóŤŲƵŦƭŲĶĐŲŦƭƙŌďƵƭŌŲŦơóŦėėŲŦóƭŌŲŦơŤóėĞ
ďǔƭľĞ!ŲŤƖóŦǔėƵƙŌŦķƭľĞĶŌơĐóśƖĞƙŌŲėľóǍĞďĞĞŦ
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¾ľĞóķĞŦėóŌƭĞŤơɏơóŤƖśĞƖŲǎĞƙŲĶóƭƭŲƙŦĞǔɏ
ŌŦĶŲƙŤóƭŌŲŦėŲĐƵŤĞŦƭɏďóśóŦĐĞơľĞĞƭɏƖƙŲĶŌƭɲ
śŲơơơƭóƭĞŤĞŦƭơɏŌŦėĞƖĞŦėĞŦƭóƵėŌƭƙĞƖŲƙƭóŦė
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ƵśŘĞƙďŌơŘƵǍŌǔóƭŌƙŌŤĐŌŌśŌơŘŌśĞƙŌɔĐŲŤɚėĞĶóƵśƭɔóơƖǓ
ǎĞďơŌƭĞơďĞĶŲƙĞƭľĞŤĞĞƭŌŦķėóƭĞóŦėƖƙĞơĞŦƭĞėƭŲ
ơƭóŘĞľŲśėĞƙơɔ
vŲƙĞƘƵĞơƭǎóơơĞŦƭƭŲƭľĞ!ŲŤƖóŦǔďǔƭľĞ
ơľóƙĞľŲśėĞƙơƙĞķóƙėŌŦķƭľĞóķĞŦėóŲĶƭľĞŤĞĞƭŌŦķɔ
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IĞŦĞƙóśơơĞŤďśǔtĞĞƭŌŦķľĞśėŲŦfƵśǔȑȐɏȑȏȑȏɏ
ǎĞƙĞƙĞķŌơƭĞƙĞėďǔUơƭóŦďƵś¾ƙóėĞ©ĞķŌơƭƙǔ‚ĶĶŌĐĞŲŦ
±ĞƖƭĞŤďĞƙȒɏȑȏȑȏɔ
ȑɔȓɔ݂¾UvIv(tUv‚©U¾ä©UIP¾±
ĐĐŲƙėŌŦķƭŲƭľĞƙƭŌĐśĞơŲĶơơŲĐŌóƭŌŲŦɏĞóĐľơľóƙĞ
ĐóƙƙŌĞơƭľĞƙŌķľƭƭŲŲŦĞǍŲƭĞɔŦǔơľóƙĞľŲśėĞƙɏǎľŲŌơ
ĞŦƭŌƭśĞėƭŲóƭƭĞŦėIĞŦĞƙóśơơĞŤďśǔŤĞĞƭŌŦķơɏŤóǔ
óƭƭĞŦėƭľĞŤĞĞƭŌŦķơǍŌóĞśĞĐƭƙŲŦŌĐĐŲŤŤƵŦŌĐóƭŌŲŦ
ŤĞóŦơŌŦóĐĐŲƙėóŦĐĞǎŌƭľƙƭŌĐśĞȐȔȑȖŲĶƭľĞ¾ƵƙŘŌơľ
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IĞŦĞƙóśơơĞŤďśǔŲĶfŲŌŦƭ±ƭŲĐŘ!ŲŤƖóŦŌĞơƭŲďĞ
PĞśėǍŌó1śĞĐƭƙŲŦŌĐtĞóŦơɏƭľĞ!ŲŤƖóŦǔŤóǔơĞƭƵƖ
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óŦǔơǔơƭĞŤėĞǍĞśŲƖĞėĶŲƙƭľŌơƖƵƙƖŲơĞơŲƭľóƭ
ơľóƙĞľŲśėĞƙơóƙĞóďśĞƭŲóƭƭĞŦėɏĞǓƖƙĞơơƭľĞŌƙǍŌĞǎơɏ
ŤóŘĞơƵķķĞơƭŌŲŦơɏóŦėĐóơƭƭľĞŌƙǍŲƭĞơǍŌóĞśĞĐƭƙŲŦŌĐ
ĐŲŤŤƵŦŌĐóƭŌŲŦŤĞóŦơɔ¦ƵƙơƵóŦƭƭŲƭľĞƙĞśĞǍóŦƭ
ƖƙŲǍŌơŌŲŦŌŦƭľĞƙƭŌĐśĞơŲĶơơŲĐŌóƭŌŲŦɏơľóƙĞľŲśėĞƙơ
óŦėƭľĞŌƙƖƙŲǓŌĞơóƙĞóśśŲǎĞėƭŲĞǓĞƙĐŌơĞƭľĞŌƙ
ƙĞơƖĞĐƭŌǍĞƙŌķľƭơóƭóŦǔIĞŦĞƙóśơơĞŤďśǔŤĞĞƭŌŦķɏ
ƵŦėĞƙƭľĞƙĞĶĞƙĞŦĐĞėƙĞķƵśóƭŌŲŦơǍŌóƭľĞĞśĞĐƭƙŲŦŌĐ
ơǔơƭĞŤɔ
¾ľĞ!ŲŤƖóŦǔėŲĞơŦŲƭķƙóŦƭóŦǔƖƙŌǍŌśĞķĞơƭŲơľóƙĞ
ķƙŲƵƖơŲƙŲƭľĞƙơľóƙĞơɔvŲŦĞŲĶŲƵƙơľóƙĞľŲśėĞƙơ
ĐŲŦƭƙŲśơɏŲƙŌơĐŲŦƭƙŲśśĞėďǔɏƭľĞ!ŲŤƖóŦǔɔ
!ƵŤƵśóƭŌǍĞǍŲƭŌŦķŌơŦŲƭƖƙóĐƭŌĐĞėŌŦƭľĞ!ŲŤƖóŦǔɔ
ơƖĞƙƙƭŌĐśĞȑȖŲĶƭľĞ!ŲŤƖóŦǔʀơƙƭŌĐśĞơŲĶ
ơơŲĐŌóƭŌŲŦɏơľóƙĞľŲśėĞƙơƙĞƖƙĞơĞŦƭŌŦķŲŦĞɲƭǎĞŦƭŌĞƭľ
ŲĶƭľĞơľóƙĞĐóƖŌƭóśĐóŦĞǓĞƙĐŌơĞŤŌŦŲƙŌƭǔƙŌķľƭơɔ
¾ľĞƙƭŌĐśĞơŲĶơơŲĐŌóƭŌŲŦėŲŦŲƭĐŲŦƭóŌŦóŦǔ
ƖƙŲǍŌơŌŲŦƖƙŲľŌďŌƭŌŦķǍŲƭŌŦķďǔƖƙŲǓǔɏǎľŲŌơŦŲƭó
ơľóƙĞľŲśėĞƙŲĶƭľĞ!ŲŤƖóŦǔɔ
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Annual Report 2020
ȑɔȔɔ(UÝU(1v(©UIP¾±
‚Ƶƙ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơľóơóėŲƖƭĞėƭľĞƖƙŲĶŌƭ
ėŌơƭƙŌďƵƭŌŲŦƖŲśŌĐǔŌŦóĐĐŲƙėóŦĐĞǎŌƭľƭľĞ!ŲƙƖŲƙóƭĞ
IŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơƖƵďśŌơľĞėďǔƭľĞ!t ɔ¾ľĞ
!ŲŤƖóŦǔėŌơƭƙŌďƵƭĞơƖƙŲĶŌƭŌŦóĐĐŲƙėóŦĐĞǎŌƭľƭľĞ
¾ƵƙŘŌơľ!ŲŤŤĞƙĐŌóś!ŲėĞɏ!óƖŌƭóśtóƙŘĞƭjóǎɏ¾óǓ
jóǎɏŲƭľĞƙóƖƖśŌĐóďśĞśĞķŌơśóƭŌŲŦóŦėƭľĞóƙƭŌĐśĞơ
ƙĞśóƭĞėƭŲƖƙŲĶŌƭėŌơƭƙŌďƵƭŌŲŦŌŦƭľĞ!ŲŤƖóŦǔʀơ
ƙƭŌĐśĞơŲĶơơŲĐŌóƭŌŲŦɔ¾ľĞóŦŦƵóśƖƙŲĶŌƭėŌơƭƙŌďƵƭŌŲŦ
ƖƙŲƖŲơóśŲĶƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɏǎľŌĐľŌŦĐśƵėĞơ
ƭľĞŤóƭƭĞƙơơƭŌƖƵśóƭĞėŌŦƭľĞƖƙŲĶŌƭėŌơƭƙŌďƵƭŌŲŦƖŲśŌĐǔ
óŦėƭľĞ!t !ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơɏŌơ
ơƵďŤŌƭƭĞėĶŲƙƭľĞóƖƖƙŲǍóśŲĶƭľĞơľóƙĞľŲśėĞƙơóƭƭľĞ
IĞŦĞƙóśơơĞŤďśǔɏóŦėŌƭŌơóśơŲƖƵďśŌĐśǔėŌơĐśŲơĞė
ŲŦƭľĞ!ŲŤƖóŦǔʀơǎĞďơŌƭĞɏóśŲŦķơŌėĞėĞƭóŌśĞė
ŌŦĶŲƙŤóƭŌŲŦŲŦƭľĞƖƙŲĶŌƭėŌơƭƙŌďƵƭŌŲŦľŌơƭŲƙǔóŦė
ĐóƖŌƭóśŌŦĐƙĞóơĞơɔ
¾ľĞƖƙŲĶŌƭėŌơƭƙŌďƵƭŌŲŦƖŲśŌĐǔŲĶŲƵƙ!ŲŤƖóŦǔŌơ
ėĞĶŌŦĞėŌŦóĐĐŲƙėóŦĐĞǎŌƭľƭľĞĐśóƵơĞơŲĶƭľĞ
¾ƵƙŘŌơľ!ŲŤŤĞƙĐŌóś!ŲėĞɏ!óƖŌƭóśtóƙŘĞƭjóǎóŦė
ƙƭŌĐśĞơŲĶơơŲĐŌóƭŌŲŦɏƭóŘŌŦķŌŦƭŲĐŲŦơŌėĞƙóƭŌŲŦ
ƭľĞ!ŲŤƖóŦǔʀơŲƖĞƙóƭŌŲŦóśƖĞƙĶŲƙŤóŦĐĞɏŦóƭŌŲŦóś
ĶŌŦóŦĐŌóśơŌƭƵóƭŌŲŦɏóŦėŤóƙŘĞƭėĞǍĞśŲƖŤĞŦƭơɏŌŦ
śŌŦĞǎŌƭľƭľĞĞǓƖĞĐƭóƭŌŲŦơŲĶƭľĞơľóƙĞľŲśėĞƙơóŦė
ƙĞƘƵŌƙĞŤĞŦƭơŲĶŲƵƙ!ŲŤƖóŦǔǎŌƭľƭľĞ Ųóƙėʀơ
ƖƙŲƖŲơóśóŦėƙĞơŲśƵƭŌŲŦƭóŘĞŦŌŦƭľĞIĞŦĞƙóś
ơơĞŤďśǔɔ¾ľĞ!ŲŤƖóŦǔƖśóŦơƭŲėŌơƭƙŌďƵƭĞó
ŤóǓŌŤƵŤŲĶȖȏʼŲĶŌƭơŦĞƭėŌơƭƙŌďƵƭóďśĞƖƙŲĶŌƭĶŲƙ
ĞóĐľóĐĐŲƵŦƭŌŦķƖĞƙŌŲėŌŦĐóơľɏóơśŲŦķóơƭľĞǔĐóŦ
ďĞėŌơďƵƙơĞėďǔƭľĞĐƵƙƙĞŦƭơŲƵƙĐĞơŌŦśĞķóśƙĞĐŲƙėơ
óĶƭĞƙėƵĞĐŲŦơŌėĞƙóƭŌŲŦŲĶƭľĞ!ŲŤƖóŦǔʀơĐóơľ
ĶśŲǎƙĞƘƵŌƙĞŤĞŦƭơɔ¾ľŌơƖŲśŌĐǔơľóśśďĞďóơĞėŲŦ
ŲƭľĞƙĶƵŦėŌŦķƙĞƘƵŌƙĞŤĞŦƭơĶŲƙĶƵƭƵƙĞŌŦǍĞơƭŤĞŦƭơɏ
ŌŦėƵơƭƙŌóśĐŲŦėŌƭŌŲŦơɏóŦėƭľĞ!ŲŤƖóŦǔʀơĶŌŦóŦĐŌóś
ơŌƭƵóƭŌŲŦɔ¾ľŌơƖŲśŌĐǔơľóśśďĞƙĞǍŌĞǎĞėĞóĐľǔĞóƙ
ďǔƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɏƭóŘŌŦķŌŦƭŲóĐĐŲƵŦƭŲĶ
ƭľĞėŲŤĞơƭŌĐóŦėķśŲďóśĞĐŲŦŲŤŌĐĐŲŦėŌƭŌŲŦơɏŤŌė
óŦėśŲŦķɲƭĞƙŤĐŲƙƖŲƙóƭĞķƙŲǎƭľóŦėŌŦǍĞơƭŤĞŦƭ
ơƭƙóƭĞķŌĞơóŦėĐóơľŦĞĞėơŲĶƭľĞ!ŲŤƖóŦǔɔ¾ľĞ
IĞŦĞƙóśơơĞŤďśǔŤóǔėĞĐŌėĞƭŲėŌơƭƙŌďƵƭĞėŌǍŌėĞŦė
ŌŦóľŌķľĞƙƙóƭĞŲƙƭŲƭƙóŦơĶĞƙóƖóƙƭŲĶŲƙóśśŲĶ
ƭľĞŤƭŲĞǓƭƙóŲƙėŌŦóƙǔƙĞơĞƙǍĞơɔUŦƭľĞĞǍĞŦƭƭľóƭ
ƭľĞ ŲóƙėƖƙŲƖŲơĞơŦŲƭƭľĞėŌơƭƙŌďƵƭĞėŌǍŌėĞŦėơ
ƭŲƭľĞIĞŦĞƙóśơơĞŤďśǔɏƭľĞơŌƭƵóƭŌŲŦóŦėľŲǎ
ƭľĞƵŦėŌơƭƙŌďƵƭĞėėŌǍŌėĞŦėơľóśśďĞƵơĞėďǔƭľĞ
!ŲŤƖóŦǔóƙĞĞǓƖśóŌŦĞėƭŲƭľĞơľóƙĞľŲśėĞƙơŌŦƭľĞ
IĞŦĞƙóśơơĞŤďśǔǎŌƭľśĞķŌƭŌŤóƭĞƙĞóơŲŦơɔ¾ľĞ
IĞŦĞƙóśơơĞŤďśǔŤóŘĞơóƙĞơŲśƵƭŌŲŦơƖĞĐŌĶŌĐƭŲ
ĞóĐľĶŌŦóŦĐŌóśǔĞóƙƙĞķóƙėŌŦķėŌǍŌėĞŦėơəƖƙŲĶŌƭ
ėŌơƭƙŌďƵƭŌŲŦƖƙŲƖŲơóśŌơďĞĞŦóŦŦŲƵŦĐĞėƭŲƭľĞƖƵďśŌĐ
ŌŦĐŲŤƖśóŌŦƭǎŌƭľƭľĞƙĞķƵśóƭŌŲŦơóŦėóĐĐĞơơŌďśĞ
61
óƭƭľĞ!ŲŤƖóŦǔǎĞďơŌƭĞɔ¾ľĞƖƙŲƖŲơóśơľóśśďĞ
óĐĐĞƖƭĞėŲƙƙĞŕĞĐƭĞėďǔƭľĞIĞŦĞƙóśơơĞŤďśǔɔ¾ľĞ
ėŌǍŌėĞŦėơóƙĞĞƘƵóśśǔėŌơƭƙŌďƵƭĞėƭŲóśśơľóƙĞơŌŦƭľĞ
ƙĞśĞǍóŦƭóĐĐŲƵŦƭŌŦķƖĞƙŌŲėǎŌƭľŲƵƭƭóŘŌŦķĞǓƖƵśơŌŲŦ
óŦėóĐƘƵŌơŌƭŌŲŦėóƭĞơŲĶƭľĞŤŌŦƭŲĐŲŦơŌėĞƙóƭŌŲŦɔ
(ŌǍŌėĞŦėėŌơƭƙŌďƵƭŌŲŦơƭóƙƭơóƭóėóƭĞƭľóƭơľóśśďĞ
ơĞƭďǔƭľĞ ŲóƙėŲŦƭľĞĐŲŦėŌƭŌŲŦƭŲķĞƭóƵƭľŲƙŌǞĞė
ďǔƭľĞIĞŦĞƙóśơơĞŤďśǔŦŲƭśóƭĞƙƭľóŦƭľĞĞŦė
ŲĶƭľĞǔĞóƙŲĶƭľĞIĞŦĞƙóśơơĞŤďśǔŤĞĞƭŌŦķɔ¾ľĞ
!ŲŤƖóŦǔơľóśśĐŲŦơŌėĞƙǎľĞƭľĞƙƭŲŤóŘĞóėǍóŦĐĞė
ėŌǍŌėĞŦėƖóǔŤĞŦƭŲƙėŌơƭƙŌďƵƭĞŌƭŌŦŌŦơƭóśŤĞŦƭơŲƙ
ĞƘƵóśśǔɔ
¦ƵƙơƵóŦƭƭŲƭľĞƙĞơŲśƵƭŌŲŦŲĶŲƵƙ ŲóƙėėóƭĞė
ȐȘɔȏȕɔȑȏȑȏɏėƵĞƭŲƭľĞơƭƙƵķķśŌŦķĞĐŲŦŲŤǔơƭĞŤŤŌŦķ
ĶƙŲŤƭľĞķĞŦĞƙóśƵŦĐĞƙƭóŌŦƭǔĐóƵơĞėďǔ!‚ÝU(ɲȐȘ
ƖóŦėĞŤŌĐɏĐŲŦơŌėĞƙŌŦķƭľĞśĞķóśƙĞķƵśóƭŌŲŦơŲŦ
ƖƙŲƭĞĐƭŌŲŦŲĶĞƘƵŌƭǔĐóƖŌƭóśŲĶĐŲŤƖóŦŌĞơəŌƭŌơ
ƙĞơŲśǍĞėŦŲƭƭŲėŌơƭƙŌďƵƭĞƖƙŲĶŌƭơĶƙŲŤȑȏȐȘĶŌŦóŦĐŌóś
ǔĞóƙƖƙŲĶŌƭơŌŦŲƙėĞƙƭŲƖƙĞơĞƙǍĞóśśŘŌŦėơŲĶśŌƘƵŌė
óơơĞƭơɏĞƘƵŌƭŌĞơɏĐóƖŌƭóśơƭƙƵĐƭƵƙĞóŦėĐóơľďóśóŦĐĞ
ŲĶŲƵƙ!ŲŤƖóŦǔɏóơƖĞƙƭľĞƖƙĞĐóƵƭŌŲŦóƙǔƖƙŌŦĐŌƖśĞɔ
¾ľĞƙĞơŲśƵƭŌŲŦŌơơƵďŤŌƭƭĞėĶŲƙƭľĞóƖƖƙŲǍóśŲĶ
ơľóƙĞľŲśėĞƙơóŦėơƭóŘĞľŲśėĞƙơóƭƭľĞIĞŦĞƙóś
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HŲśśŲǎŌŦķƭľĞóƖƖƙŲǍóśŲĶƭľĞóŤĞŦėŤĞŦƭơƭŲƭľĞ
ƙƭŌĐśĞơŲĶơơŲĐŌóƭŌŲŦóƭƭľĞ‚ƙėŌŦóƙǔIĞŦĞƙóś
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!ŲŤƖóŦǔơľóśśŦŲƭŌơơƵĞóŦǔƙĞķŌơƭĞƙĞėơľóƙĞơɔ
¾ľĞƙĞóƙĞŦŲƙĞơƭƙŌĐƭŌŲŦơŌŦƭľĞ!ŲŤƖóŦǔʀơƙƭŌĐśĞơ
ŲĶơơŲĐŌóƭŌŲŦƙĞķóƙėŌŦķƭľĞƭƙóŦơĶĞƙŲĶËśŘĞƙ ŌơŘƻǍŌ
ơľóƙĞơƭľóƭóƙĞƖƵďśŌĐśǔƭƙóėĞėŌŦ ŲƙơóUơƭóŦďƵśɏŌŦ
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ƭľĞ!óƖŌƭóśtóƙŘĞƭơjóǎŦŲɔȕȒȕȑɔ
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Annual Report 2020

!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơ!ŲŤƖśŌóŦĐĞ©ĞƖŲƙƭ

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óƙĞƖƙĞƖóƙĞėŌŦĐŲŦĶŲƙŤŌƭǔǎŌƭľəɦŌɧtŌŦŌơƭƙǔŲĶ
ȒɔȐɔ!‚t¦väʀ±Þ1 ±U¾1v(!‚v¾1v¾± !ƵơƭŲŤơóŦė¾ƙóėĞɽ©ĞķƵśóƭŌŲŦŲŦ(ĞƭĞƙŤŌŦŌŦķ
¾P1©1‚H ƭľĞtŌŦŌŤƵŤ!ŲŦƭĞŦƭŲĶƭľĞŦŦƵóś©ĞƖŲƙƭơŲĶƭľĞ
‚ƵƙĐŲŤƖóŦǔǎĞďơŌƭĞŌơóǍóŌśóďśĞďŲƭľŌŦ !ŲŤƖóŦŌĞơɾɦŌơơƵĞėǍŌó‚ĶĶŌĐŌóśIóǞĞƭƭĞŦɔȑȗȒȘȔŲŦ
¾ƵƙŘŌơľóŦė1ŦķśŌơľóƭǎǎǎɔƵśŘĞƙďŌơŘƵǍŌɔĐŲŤɔ ƵķƵơƭȑȗɏȑȏȐȑɧəɦŌŌɧ!óƖŌƭóśtóƙŘĞƭơ Ųóƙėɦɽ!t ɾɧ
ƭƙɔHƵƙƭľĞƙŤŲƙĞɏƭľĞĐŲŤƖóŦǔʀơŌŦǍĞơƭŲƙƙĞśóƭŌŲŦơ !ŲŤŤƵŦŌƘƵğŦɔUUɲȐȓɔȐŲŦɽ¦ƙŌŦĐŌƖśĞơ©ĞķóƙėŌŦķ
ǎĞďơŌƭĞŌơóǍóŌśóďśĞŌŦ¾ƵƙŘŌơľóŦė1ŦķśŌơľóƭľƭƭƖɎɚɚ HŌŦóŦĐŌóś©ĞƖŲƙƭŌŦķŌŦƭľĞ!óƖŌƭóśtóƙŘĞƭơɏɾóŦėəɦŌŌŌɧ
ƵśŘĞƙďŌơŘƵǍŌǔóƭŌƙŌŤĐŌŌśŌơŘŌśĞƙŌɔĐŲŤɚėĞĶóƵśƭɔóơƖǓɔ¾ľĞ !óƖŌƭóśtóƙŘĞƭơ ŲóƙėƙĞķƵśóƭŌŲŦơŲŦ!ŲƙƖŲƙóƭĞ
ĶŲśśŲǎŌŦķŌŦĶŲƙŤóƭŌŲŦŌơóǍóŌśóďśĞóƭƭľĞĐŲŤƖóŦǔ IŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơɔÅƖŲŦƭľĞóƖƖƙŲǍóśŲĶŲƵƙ
ǎĞďơŌƭĞĶŲƙƭľĞƖƵƙƖŲơĞŲĶėŌơĐśŲơƵƙĞƭŲŲƵƙ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɏƭľĞŦŦƵóś©ĞƖŲƙƭơŲĶŲƵƙ
ơľóƙĞľŲśėĞƙơɎ !ŲŤƖóŦǔóƙĞƖƵďśŌĐśǔóŦŦŲƵŦĐĞėŌŦĐŲŦĶŲƙŤŌƭǔǎŌƭľ
ƭľĞƖƙŲǍŌơŌŲŦơŲĶƭľĞƙĞśĞǍóŦƭśĞķŌơśóƭŌŲŦóŦėŤóėĞ
ɍ UŦĶŲƙŤóƭŌŲŦŲŦËśŘĞƙ ŌơŘƻǍŌóŦėŌƭơ±ƵďơŌėŌóƙŌĞơ óǍóŌśóďśĞŲŦŲƵƙUŦǍĞơƭŲƙ©ĞśóƭŌŲŦơǎĞďơŌƭĞɔ
ɍ !ŲŤƖóŦǔʀơÝŌơŌŲŦ
ɍ !ŲėĞŲĶ!ŲŦėƵĐƭ ¦©¾UÝɯ±¾h1P‚j(1©±
ɍ UŦĶŲƙŤóƭŌŲŦŲŦƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơóŦė
1ǓĞĐƵƭŌǍĞtóŦóķĞŤĞŦƭ ȓɔȐɔUvH‚©t¾U‚v¾‚±¾h1P‚j(1©±
ɍ !ŲŤƖóŦǔʀơ±ľóƙĞľŲśėŌŦķ±ƭƙƵĐƭƵƙĞ UŦƭľĞĞǍĞŦƭƭľĞƙĞŌơŦŲƭóŦǔƙĞķƵśóƭŌŲŦŌŦɲśóǎơŲƙ
ɍ !ŲŤƖóŦǔʀơ‚ƙķóŦŌǞóƭŌŲŦóś!ľóƙƭ ĐŲŦƭƙóĐƭơƙĞķóƙėŌŦķƭľĞƙŌķľƭơŲĶơƭóŘĞľŲśėĞƙơɏƭľĞ
ɍ ±ŲĐŌóś©ĞơƖŲŦơŌďŌśŌƭǔ !ŲŤƖóŦǔĞŦėĞóǍŲƙơƭŲƖƙŲƭĞĐƭƭľĞŌƙƙŌķľƭơŌŦķŲŲė
ɍ ¾ƙóėĞ©ĞķŌơƭƙǔUŦĶŲƙŤóƭŌŲŦóŦė!ŲŤƖóŦǔ¦ƙŲĶŌśĞ ĶóŌƭľóŦėǎŌƭľŌŦŤĞóŦơóǍóŌśóďśĞƭŲƭľĞ!ŲŤƖóŦǔ
ɍ ƙƭŌĐśĞơŲĶơơŲĐŌóƭŌŲŦ ǎŌƭľėƵĞĐŲŦơŌėĞƙóƭŌŲŦķŌǍĞŦƭŲƭľĞƙĞƖƵƭóƭŌŲŦŲĶƭľĞ
ɍ HŌŦóŦĐŌóś±ƭóƭĞŤĞŦƭơóŦėvŲƭĞơ !ŲŤƖóŦǔɔHƵƙƭľĞƙŤŲƙĞɏ!ŲŤƖóŦǔĞŤƖśŲǔĞĞơŤóǔ
ɍ ŦŦƵóś©ĞƖŲƙƭơ óĐĐĞơơƭľĞĐŌƙĐƵśóƙơóŦėóŦŦŲƵŦĐĞŤĞŦƭơƭľƙŲƵķľ
ɍ tóƭĞƙŌóś1ǍĞŦƭ(ŌơĐśŲơƵƙĞơ ŲƵƙŌŦƭĞƙŦóśƖŲƙƭóśɏóŦėŌŤƖŲƙƭóŦƭóŦŦŲƵŦĐĞŤĞŦƭơ
ɍ ©ĞƖŲƙƭŲŦ!ŲŤƖśŌóŦĐĞǎŌƭľ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞ óƙĞėŌơơĞŤŌŦóƭĞėƭŲóśśŲĶŲƵƙĞŤƖśŲǔĞĞơƖƙŲŤƖƭśǔ
¦ƙŌŦĐŌƖśĞơ ǍŌóĞɲŤóŌśɔ¾ľĞƙĞóƙĞŦŲƙĞơƭƙŌĐƭŌŲŦơƭľóƭƖƙĞǍĞŦƭ
ɍ UŦĶŲƙŤóƭŌŲŦŲŦƭľĞIĞŦĞƙóśơơĞŤďśǔɦķĞŦėóɏ ơƭóŘĞľŲśėĞƙơĶƙŲŤĐŲŦƭóĐƭŌŦķƭľĞ!ŲƙƖŲƙóƭĞ
¦ƙŲĐĞĞėŌŦķơɏjŌơƭŲĶƭƭĞŦėĞĞơóŦė¦ƙŲǓǔHŲƙŤ IŲǍĞƙŦóŦĐĞ!ŲŤŤŌƭƭĞĞŲƙƭľĞƵėŌƭ!ŲŤŤŌƭƭĞĞ
¾ĞŤƖśóƭĞɧ óďŲƵƭóŦǔ!ŲŤƖóŦǔƭƙóŦơóĐƭŌŲŦơƭľĞǔėĞĞŤ
ɍ ¦ŲśŌĐŌĞơ ĞŌƭľĞƙƵŦĞƭľŌĐóśŲƙĐŲŦƭƙóƙǔƭŲƙĞķƵśóƭŌŲŦơɔ
ɍ !ŲŤŤŌƭƭĞĞơ ±ƭóŘĞľŲśėĞƙơŤóǔĐŲŦƭóĐƭƭľĞơĞĐŲŤŤŌƭƭĞĞơďǔóŦǔ
ɍ vĞǎơóŦėŦŦŲƵŦĐĞŤĞŦƭơɦUŦǍŌƭóƭŌŲŦơƭŲƭľĞ ĐŲŤŤƵŦŌĐóƭŌŲŦŤĞóŦơƭľĞǔƖƙĞĶĞƙɔ
IĞŦĞƙóśơơĞŤďśǔɏóŦėƭľĞśŌŘĞɧ
ɍ jŌơƭŲĶ!ŲƙƖŲƙóƭĞUŦơŌėĞƙơ
ɍ ©óƭŌŦķ©ĞƖŲƙƭơ
ɍ ËśŘĞƙŲŦƭľĞ U±¾ɦ©óƭŌŲơóŦė!ľóƙƭơƙĞśóƭĞėƭŲƭľĞ
!ŲŤƖóŦǔʀơ±ľóƙĞơɧ
ɍ jŌơƭŲĶtŲŦŌƭŲƙŌŦķŦóśǔơƭơóŦėUŦǍĞơƭŲƙ
¦ƙĞơĞŦƭóƭŌŲŦơ
ɍ ±ƵơƭóŌŦóďŌśŌƭǔ

62
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Annual Report 2020
ȓɔȑɔ¦©¾U!U¦¾U‚v‚H±¾h1P‚j(1©±Uv
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ĐĐŲƙėŌŦķƭŲƭľĞƙƭŌĐśĞơŲĶơơŲĐŌóƭŌŲŦɏƭľĞ Ųóƙė
ŲĶ(ŌƙĞĐƭŲƙơľóơóƭśĞóơƭơĞǍĞŦŤĞŤďĞƙơǎľŲóƙĞ
ĞśĞĐƭĞėďǔƭľĞIĞŦĞƙóśơơĞŤďśǔƵƖŲŦŦŲŤŌŦóƭŌŲŦ
ďǔơľóƙĞľŲśėĞƙơŲĶėŌĶĶĞƙĞŦƭơľóƙĞĐśóơơĞơŌŦ
óĐĐŲƙėóŦĐĞǎŌƭľƭľĞƙƭŌĐśĞơŲĶơơŲĐŌóƭŌŲŦɔ
¾ľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơĐŲŦơŌơƭơŲĶŦŌŦĞŤĞŤďĞƙơɏ
ƭľƙĞĞŲĶǎľŲŤóƙĞŌŦėĞƖĞŦėĞŦƭŤĞŤďĞƙơɔśƭľŲƵķľ
ƭľĞƙĞóƙĞŦŲơƖĞĐŌĶŌĐĞĶĶŲƙƭơƙĞķóƙėŌŦķơƭóŘĞľŲśėĞƙơʀ
ƖóƙƭŌĐŌƖóƭŌŲŦŌŦŤóŦóķĞŤĞŦƭɏƭľĞ!ŲŤƖóŦǔƭóŘĞơ
ŦŲƭĞŲĶƭľĞŲƖŌŦŌŲŦơóŦėơƵķķĞơƭŌŲŦơŲĶĞŤƖśŲǔĞĞơɏ
ơƵƖƖśŌĞƙơɏŦŲŦɲķŲǍĞƙŦŤĞŦƭóśŲƙķóŦŌǞóƭŌŲŦơóŦėóśś
ŲƭľĞƙơƭóŘĞľŲśėĞƙơɔHƵƙƭľĞƙŤŲƙĞɏƭľĞĞŤƖśŲǔĞĞơ
óƙĞŲĶĶĞƙĞėƭľĞŲƖƖŲƙƭƵŦŌƭǔƭŲơľóƙĞóŦėƖƵƭŌŦƭŲ
ƖƙóĐƭŌĐĞƭľĞŌƙŌėĞóơŲŦUėĞó±ƭóƙơɏƭľĞUŦŦŲǍóƭŌŲŦɏ
UŦơƖŌƙóƭŌŲŦóŦėUėĞó¦śóƭĶŲƙŤɔ¾ľƵơɏĞŤƖśŲǔĞĞơ
ĐóŦơľóƙĞƭľĞŌƙƭľŲƵķľƭơŌŦŲƙėĞƙƭŲďƙŌŦķėŌĶĶĞƙĞŦƭ
ŌėĞóơĶƙŲŤƖƙŲĐĞơơĞơƭŲďƵơŌŦĞơơŤŲėĞśơŌŦƭŲśŌĶĞ
óŦėƭŲĶŌŦėơŲśƵƭŌŲŦơƭŲƖƙŲďśĞŤơɔ1ŤƖśŲǔĞĞơóśơŲ
ľóǍĞƭľĞĐľóŦĐĞƭŲĞŦƭĞƙĐŲŤƖĞƭŌƭŌŲŦơƵŦėĞƙɽĐóśśơɾ
óŦŦŲƵŦĐĞėŲŦUėĞó±ƭóƙơóŦėǎŌŦơƖĞĐŌĶŌĐóǎóƙėơɔ
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¾ľĞŤóŌŦƖƵƙƖŲơĞŲĶƭľĞ!ŲŤƖóŦǔʀơľƵŤóŦ
ƙĞơŲƵƙĐĞơƖŲśŌĐǔŌơƭŲďƵŌśėóƭĞóŤŲĶľŌķľɲ
ƖĞƙĶŲƙŤóŦĐĞĞŤƖśŲǔĞĞơďǔŌŤƖƙŲǍŌŦķóŦė
ėĞǍĞśŲƖŌŦķƭľĞľƵŤóŦĐóƖŌƭóśŲŦƭľĞďóơŌơŲĶƭľĞ
ƭľŌŦķơėŲŦĞơŲĶóƙɔ¾ľĞľƵŤóŦƙĞơŲƵƙĐĞơƖŲśŌĐǔ
óėŲƖƭĞėďǔƭľĞ!ŲŤƖóŦǔŌơĶƵŦėóŤĞŦƭóśśǔƭľóƭŲĶ
äńśėńǞPŲśėŌŦķʀơɏóŦėŌơóǍóŌśóďśĞóƭǎǎǎɔƵśŘĞƙďŌơŘƵǍŌɔ
ĐŲŤɔƭƙóŦėľƭƭƖɎɚɚƵśŘĞƙďŌơŘƵǍŌǔóƭŌƙŌŤĐŌŌśŌơŘŌśĞƙŌɔĐŲŤɚ
ėĞĶóƵśƭɔóơƖǓɔËśŘĞƙ ŌơŘƻǍŌɔ¶ɔɦËśŘĞƙɧŲƖĞƙóƭĞơǎŌƭľ
ƭľĞǍŌơŌŲŦŲĶĐŲŦƭƙŌďƵƭŌŦķƭŲĞĐŲŦŲŤŌĐɏĞŦǍŌƙŲŦŤĞŦƭóś
óŦėơŲĐŌóśơƵơƭóŌŦóďŌśŌƭǔóơƖóƙƭŲĶơƵơƭóŌŦóďŌśŌƭǔ
ĞĶĶŲƙƭơɔ©ĞơƖĞĐƭĶŲƙĶƵŦėóŤĞŦƭóśľƵŤóŦƙŌķľƭơŌơ
ƭľĞŤóŌŦŲďŕĞĐƭŌǍĞŲĶóśśďƵơŌŦĞơơƖƙŲĐĞơơĞơɔUŦ
ƭľŌơƙĞķóƙėɏËśŘĞƙPƵŤóŦ©Ōķľƭơ¦ŲśŌĐǔǎóơŌơơƵĞė
ŌŦȑȏȐȕɏŲŦƭľĞďóơŌơŲĶÅŦŌǍĞƙơóś(ĞĐśóƙóƭŌŲŦ
ŲĶPƵŤóŦ©ŌķľƭơɏÅŦŌƭĞėvóƭŌŲŦơɦÅvɧIśŲďóś
!ŲŤƖóĐƭɏÅv!ŲŦǍĞŦƭŌŲŦŲŦƭľĞ©ŌķľƭơŲĶƭľĞ!ľŌśėɏ
UŦƭĞƙŦóƭŌŲŦóśjóďŲƙ‚ƙķóŦŌǞóƭŌŲŦɦUj‚ɧ!ŲŦǍĞŦƭŌŲŦơɏ
‚1!(IƵŌėĞśŌŦĞơĶŲƙtƵśƭŌŦóƭŌŲŦóś1ŦƭĞƙƖƙŌơĞơɏÅv
IƵŌėŌŦķ¦ƙŌŦĐŌƖśĞơŲŦ ƵơŌŦĞơơóŦėPƵŤóŦ©Ōķľƭơɏ
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1ǓĞĐƵƭŌǍĞ ȑȐɔȏȖɔȑȏȑȏɲȑȐɔȏȖɔȑȏȑȒ
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PŲśėŌŦķʀơ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơơŌŦĐĞȑȏȐȐɏďĞĐóŤĞ
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ȑȏȑȏɔPóǍŌŦķơƭƙŲŦķŘŦŲǎśĞėķĞóŦėĞǓƖĞƙŌĞŦĐĞŌŦ
ŤóƙŘĞƭŌŦķóŦėơóśĞơɏľĞƭóŘĞơóơƖĞĐŌóśŌŦƭĞƙĞơƭŌŦ
ŌŦŦŲǍóƭŌŲŦóŦėơƵƖƖŲƙƭơƭľĞǍóƙŌŲƵơƭĞóŤơǎŲƙŘŌŦķ
ŌŦƭľŌơŘĞǔóƙĞóǎŌƭľŌŦƭľĞIƙŲƵƖɔśŌËśŘĞƙĞŦŕŲǔơ
ŤĞŦƭŲƙŌŦķǔŲƵƭľɔPĞóśơŲśŌŘĞơơƖĞŦėŌŦķƭŌŤĞŌŦ
ŦóƭƵƙĞóŦėƖóƙƭŌĐŌƖóƭŌŦķŌŦŲƵƭėŲŲƙơƖŲƙƭơɔśŌËśŘĞƙɏ
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Annual Report 2020
tƵƙóƭËśŘĞƙɲ ŲóƙėtĞŤďĞƙ
PĞďĞķóŦľŌơƖƙŲĶĞơơŌŲŦóśĐóƙĞĞƙŌŦȐȘȗȑóŦė
ơƭƵėŌĞėóďƙŲóėɏƭóŘŌŦķơĞĐƭŲƙɲƙĞśóƭĞėĐŲƵƙơĞơóƭ
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ɦU ɧóŦėîĞŦƭƙóśĶóĐľơĐľƵśĞėĞƙ(ĞƵƭơĐľĞŦ
±ƻƬǎóƙĞŦǎŌƙƭơĐľóĶƭɦî(±ɧɔPĞŌŦƭĞƙŦĞėóƭ
!ŲŦƭŌŦĞŦƭóś óŘŌŦķɏŌŦƭľĞűóŦėɏĶŲƙƭľƙĞĞǔĞóƙơɏ
ĐŲŦėƵĐƭĞėĞǓóŤŌŦóƭŌŲŦơŌŦŦĞóƙśǔȕȏĶóĐƭŲƙŌĞơ
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ĶŲŲėơĞĐƭŲƙŌŦƭľĞűóŦėŌŦ1ƵƙŲƖĞɔPĞóśơŲ
óơơƵŤĞėƙŲśĞơŌŦǍóƙŌŲƵơUŦƭĞƙŦóƭŌŲŦóś1ǓĞĐƵƭŌǍĞ
±ĞƙǍŌĐĞơ!ŲƙƖơɦU1±!ɧƖƙŲŕĞĐƭơɔtƙɔËśŘĞƙďĞķóŦ
ǎŲƙŘŌŦķóơ!ŲŦƭƙŲś!ŲŲƙėŌŦóƭŲƙǎŌƭľŌŦƭľĞIƙŲƵƖ
ŌŦȐȘȗȓóŦėǎóơóƖƖŲŌŦƭĞėóơơơŌơƭóŦƭIĞŦĞƙóś
tóŦóķĞƙĶŲƙ1ŦƭĞƙƖƙŌơĞơóŦėIĞŦĞƙóśtóŦóķĞƙ
ŌŦƭľĞĶŲśśŲǎŌŦķǔĞóƙơɔĐƭŌŦķóơótĞŤďĞƙŲĶƭľĞ
1ǓĞĐƵƭŌǍĞ!ŲŤŤŌƭƭĞĞóŦėó ŲóƙėŤĞŤďĞƙŌŦ
ėŌĶĶĞƙĞŦƭĞŦƭĞƙƖƙŌơĞơǎŌƭľŌŦƭľĞIƙŲƵƖɏtƙɔËśŘĞƙ
ŤóŦóķĞėŦƵŤĞƙŲƵơŦĞǎǍĞƙƭŌĐóśŌŦƭĞķƙóƭŌŲŦɲƙĞśóƭĞė
ŌŦǍĞơƭŤĞŦƭơɔơơƵŤŌŦķƭľĞƙŲśĞŲĶ!ľóŌƙŌŦķƭľĞ
PŲśėŌŦķʀơ1ǓĞĐƵƭŌǍĞ ŲóƙėŌŦȑȏȏȏɏtƵƙóƭËśŘĞƙóĐƭĞė
óơƭľĞ!ľóŌƙŤóŦŲĶƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơơƭóƙƭŌŦķ
ĶƙŲŤȑȏȏȏɔPĞďĞĐóŤĞ!ľŌĞĶ1ǓĞĐƵƭŌǍĞ‚ĶĶŌĐĞƙŲĶ
äńśėńǞPŲśėŌŦķʀơ1ǓĞĐƵƭŌǍĞ ŲóƙėŌŦȑȏȏȏɏóŦėơĞƙǍĞė
óơ Ųóƙė!ľóŌƙŤóŦĶƙŲŤȑȏȏȗƭŲȑȏȑȏɔtƵƙóƭ
ËśŘĞƙľóơƙĞŤóŌŦĞėóĐƭŌǍĞśǔŌŦǍŲśǍĞėŌŦĐŲŤƖóŦŌĞơ
óĶĶŌśŌóƭĞėƭŲƭľĞPŲśėŌŦķóơ ŲóƙėtĞŤďĞƙơŌŦĐĞ
fóŦƵóƙǔȑȘɏȑȏȑȏɔPĞóśơŲơĞƙǍĞơóơ!ľóŌƙŤóŦŲĶ
ƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơóƭ¦śóėŌơóŦėIŲėŌǍóɔtƵƙóƭ
ËśŘĞƙɏǎľŲŌơŤóƙƙŌĞėǎŌƭľƭľƙĞĞĐľŌśėƙĞŦɏĞŦŕŲǔơ
ƭƙóǍĞśŌŦķǎŌƭľľŌơĶóŤŌśǔóŦėơóŌśŌŦķɔPŌơŲƭľĞƙóƙĞóơ
ŲĶŌŦƭĞƙĞơƭŌŦĐśƵėĞĐóśśŌķƙóƖľǔóŦėŤŲėĞƙŦƖóŌŦƭŌŦķɔ
^ďƙóľŌŤ¾óƦŘńŦɲ ŲóƙėtĞŤďĞƙ
ŲƙŦŌŦ¾ƙóďǞŲŦŌŦȐȘȕȔɏ^ďƙóľŌŤ¾óƦŘńŦĐŲŤƖśĞƭĞė
ľŌơƖƙŌŤóƙǔĞėƵĐóƭŌŲŦŌŦƙƭǍŌŦóŦėľŌơơĞĐŲŦėóƙǔ
ĞėƵĐóƭŌŲŦŌŦUơƭóŦďƵśɔPĞķƙóėƵóƭĞėĶƙŲŤƭľĞ
HóĐƵśƭǔŲĶjóǎóƭUơƭóŦďƵśÅŦŌǍĞƙơŌƭǔŌŦȐȘȗȕɔPĞ
ơĞƙǍĞėóơóŦŲĶĶŌĐĞƙóƭƭľĞ(ŌơĐŌƖśŌŦóƙǔ!ŲƵƙƭŌŦ
¶óŦśńƵƙĶóóŦėĐŲŤƖśĞƭĞėľŌơĐŲŤƖƵśơŲƙǔŤŌśŌƭóƙǔ
ơĞƙǍŌĐĞŌŦȐȘȗȗɔơóơĞśĶɲĞŤƖśŲǔĞėśóǎǔĞƙɏľĞľóơ
ďĞĞŦóŤĞŤďĞƙŲĶƭľĞUơƭóŦďƵś óƙơơŲĐŌóƭŌŲŦ
ơŌŦĐĞȐȘȗȘɔ ĞƭǎĞĞŦȐȘȘȏóŦėȐȘȘȓɏľĞśĞĐƭƵƙĞė
ŲŦ!ŲŦơƭŌƭƵƭŌŲŦóśjóǎɏ!ƙŌŤŌŦóśjóǎɏ!ƙŌŤŌŦóś
¦ƙŲĐĞĞėŌŦķơjóǎóŦė‚ĐĐƵƖóƭŌŲŦóśjĞķŌơśóƭŌŲŦŲĶ
ƭľĞ¦ŲśŌĐĞHŲƙĐĞơóƭƭľĞHśŲƙǔó¦ŲśŌĐоƙóŌŦŌŦķ!ĞŦƭĞƙ
ŲĶƭľĞIĞŦĞƙóś(ŌƙĞĐƭŲƙóƭĞŲĶ±ĞĐƵƙŌƭǔŌŦ¾ƵƙŘĞǔɔ
PĞŌơƙĞơƖŲŦơŌďśĞĶŲƙjĞķóśĶĶóŌƙơóƭäńśėńǞPŲśėŌŦķ
ơŌŦĐĞȑȏȏȓɔ!ƵƙƙĞŦƭśǔɏľĞŌơƭľĞ¦ƙĞơŌėĞŦƭŲĶIśŲďóś
jĞķóśĶĶóŌƙơŲĶäńśėńǞPŲśėŌŦķɔPĞóśơŲơĞƙǍĞơóơó
ďŲóƙėŤĞŤďĞƙĶŲƙơĞǍĞƙóśĐŲŤƖóŦŌĞơóŦėǎŲƙŘơĶŲƙ
ǍóƙŌŲƵơóơơŲĐŌóƭŌŲŦơóŦėĶŲƵŦėóƭŌŲŦơŌŦƭľĞĐóƖóĐŌƭǔ
ŲĶĶŲƵŦėĞƙɏŤóŦóķĞƙŲƙŤĞŤďĞƙɔUŦóėėŌƭŌŲŦƭŲľŌơ
ƙĞơƖŲŦơŌďŌśŌƭŌĞơŌŦƭľĞóĶĶŌśŌóƭĞėĐŲŤƖóŦŌĞơŲĶƭľĞ
PŲśėŌŦķɏľĞóśơŲơĞƙǍĞơóơ!ľóŌƙŤóŦŲĶƭľĞPŲŦŲƙ
ŲóƙėóŦė!ľóŌƙŤóŦŲĶƭľĞ ŲóƙėŲĶHŲŲė±ĞĐƵƙŌƭǔ
65
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óŦėľĞơƖĞóŘơ1ŦķśŌơľɔ^ďƙóľŌŤ¾óƦŘńŦƭŲŲŘŲŦďŲóƙė
ŤĞŤďĞƙóŦėĐľóŌƙŤóŦƙŲśĞơŌŦķƙŲƵƖĐŲŤƖóŦŌĞơŲƵƭ
ŲĶËśŘĞƙ ŌơŘƻǍŌŌŦȑȏȑȏɔ
tĞƭĞ ƵǔƵƙķóŦɯCEO
tĞƭĞ ƵǔƵƙķóŦķƙóėƵóƭĞėĶƙŲŤ$ƵŘƵƙŲǍó
ÅŦŌǍĞƙơŌƭǔɏ(ĞƖóƙƭŤĞŦƭŲĶ ƵơŌŦĞơơėŤŌŦŌơƭƙóƭŌŲŦ
ĶŲśśŲǎŌŦķľŌơƖƙŌŤóƙǔɏơĞĐŲŦėóƙǔɏóŦėľŌķľơĐľŲŲś
ĞėƵĐóƭŌŲŦŌŦėóŦóɔPĞƙĞĐĞŌǍĞėľŌơtóơƭĞƙʀơėĞķƙĞĞ
ŌŦPƵŤóŦ©ĞơŲƵƙĐĞơtóŦóķĞŤĞŦƭĶƙŲŤtóƙŤóƙó
ÅŦŌǍĞƙơŌƭǔɏHóĐƵśƭǔŲĶ ƵơŌŦĞơơėŤŌŦŌơƭƙóƭŌŲŦ
ŌŦ1ŦķśŌơľɔPĞǎĞŦƭŲŦƭŲĐŲŤƖśĞƭĞƭľĞ±óśĞơ
tóŦóķĞŤĞŦƭƖƙŲķƙóŤóƭvĞǎäŲƙŘÅŦŌǍĞƙơŌƭǔɔĶƭĞƙ
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¦óśŤŲśŌǍĞŌŦȐȘȘȓɏtƙɔ ƵǔƵƙķóŦóơơƵŤĞėǍóƙŌŲƵơ
ƖŲơŌƭŌŲŦơŌŦŤóƙŘĞƭŌŦķóŦėơóśĞơĶƵŦĐƭŌŲŦơĶŲƙȐȑ
ǔĞóƙơɔŌŤŌŦķƭŲķóŌŦĞǓƖĞƙŌĞŦĐĞŌŦƖƙŲėƵĐƭŌŲŦɏ
ƖƵƙĐľóơŌŦķɏśŲķŌơƭŌĐơɏóŦėơƵƖƖśǔĐľóŌŦɏľĞŕŲŌŦĞė
PŲďďǔ!ŲơŤĞƭŌĐơŌŦȑȏȏȔóơIĞŦĞƙóśtóŦóķĞƙƭŲ
ĐóƙƙǔŲƵƭƭľĞĐŲŤƖóŦǔʀơƙĞơƭƙƵĐƭƵƙŌŦķĞĶĶŲƙƭɔtƙɔ
ƵǔƵƙķóŦơƖĞóƙľĞóėĞėƭľĞĞơƭóďśŌơľŤĞŦƭŲĶŲŦĞ
ŲĶƭľĞśóƙķĞơƭƖĞƙơŲŦóśĐóƙĞĶóĐƭŲƙŌĞơŌŦ1ƵƙŲƖĞ
óĶƭĞƙľĞľóėĞǓƖóŦėĞėPŲďďǔ!ŲơŤĞƭŌĐơĶŲƵƙĶŲśė
ǎŌƭľŌŦĶŲƵƙǔĞóƙơǎŌƭľŕƵơƭóơŤóśśƭĞóŤɔ¾ľóŦŘơƭŲ
ƭľŌơĞǓĐĞƖƭŌŲŦóśơƵĐĐĞơơɏƭľĞĐŲŤƖóŦǔǎóơơŲśėƭŲ
(óďƵƙɏUŦėŌóʀơśóƙķĞơƭĶóơƭɲŤŲǍŌŦķĐŲŦơƵŤĞƙķŲŲėơ
ĐŲŤƖóŦǔɔtƙɔ ƵǔƵƙķóŦơĞƙǍĞėóơƙĞķŌŲŦóś!1‚ĶŲƙ
(óďƵƙUŦƭĞƙŦóƭŌŲŦóśĶŲƙóďŲƵƭĶŲƵƙóŦėóľóśĶǔĞóƙơə
ľĞóśơŲŤóŦóķĞėơŲŤĞŲĶƭľĞĐŲŤƖóŦǔʀơƙĞķŌŲŦơ
ŌŦ!ĞŦƭƙóśơŌóɏvŲƙƭľĶƙŌĐóɏtŌėėśĞ1óơƭóơǎĞśśóơ
¾ƵƙŘĞǔóŦėUƙóŦɔĶƭĞƙŕŲŌŦŌŦķäńśėńǞPŲśėŌŦķóơÝŌĐĞ
¦ƙĞơŌėĞŦƭŲĶƭľĞHŲŲėIƙŲƵƖŌŦȑȏȐȒɏtĞƭĞ ƵǔƵƙķóŦ
óơơƵŤĞėŤóŦóķĞŤĞŦƭŲĶǍóƙŌŲƵơĐŲŤƖóŦŌĞơǎŌƭľŌŦ
ƭľĞPŲśėŌŦķɔPĞơĞƙǍĞėóơƖśóėŌơ¾ƵƙŘŌơľ¦ƙĞơŌėĞŦĐǔ
ďĞƭǎĞĞŦȑȏȐȕóŦėȑȏȐȗəľĞǎóơóƖƖŲŌŦƭĞėƭŲƖśóėŌơ
©ĞķŌŲŦóś¦ƙĞơŌėĞŦƭŲĶ¾ƵƙŘĞǔɏ!ĞŦƭƙóśơŌóɏ©ŲŤóŦŌóɏ
óŦėƭľĞ óśŘóŦơŌŦȑȏȐȗɔUŦóėėŌƭŌŲŦƭŲľŌơĐƵƙƙĞŦƭ
ėƵƭŌĞơɏtĞƭĞ ƵǔƵƙķóŦǎóơóƖƖŲŌŦƭĞė!1‚óƭ
ËśŘĞƙŌŦHĞďƙƵóƙǔȑȏȑȏɔPĞƵŦėĞƙƭŲŲŘŤóŦǔŤŲƙĞ
ƙĞơƖŲŦơŌďŌśŌƭŌĞơƭŲĶƵƙƭľĞƙďŲŲơƭËśŘĞƙʀơƖƙĞơĞŦĐĞŌŦ
ƭľĞ¾ƵƙŘŌơľŤóƙŘĞƭɏĞơƖĞĐŌóśśǔŌŦƭľĞĐľĞǎŌŦķķƵŤ
óŦėĐŲŦĶĞĐƭŌŲŦĞƙǔɏďóŘĞƙǔƖƙŲėƵĐƭơóŦėĐľŲĐŲśóƭĞ
ĐóƭĞķŲƙŌĞơɔÅŦėĞƙľŌơśĞóėĞƙơľŌƖɏËśŘĞƙŌơĐŲŦėƵĐƭŌŦķ
ŌŦėĞƖƭľơƭƵėŌĞơŌŦóǎŌėĞƙóŦķĞŲĶóƙĞóơɏŌŦĐśƵėŌŦķ
ĶŌŦóŦĐŌóśƖƙŲĐĞơơĞơɏƖƙŲėƵĐƭŌŲŦɏơóśĞơɏŤóƙŘĞƭŌŦķɏ
ľƵŤóŦƙĞơŲƵƙĐĞơɏơƵƖƖśǔĐľóŌŦɏĞǓƖŲƙƭɏơŲĐŌóś
ƖƙŲŕĞĐƭơɏơƵơƭóŌŦóďŌśŌƭǔĞĶĶŲƙƭơɏóŦėďƙóŦėƖĞƙĐĞƖƭŌŲŦɔ
tĞƭĞ ƵǔƵƙķóŦŌơŤóƙƙŌĞėǎŌƭľƭǎŲĐľŌśėƙĞŦɔ
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Annual Report 2020

!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơ!ŲŤƖśŌóŦĐĞ©ĞƖŲƙƭ

¦ńŦóƙUśķóǞɲ ŲóƙėtĞŤďĞƙɦUŦėĞƖĞŦėĞŦƭtĞŤďĞƙɧ ľóơóơơƵŤĞėƭľĞĶŲśśŲǎŌŦķƙŲśĞơɎtóŦóķĞŤĞŦƭ ŲóƙėɲÝŌĐĞ

IƙóėƵóƭĞėĶƙŲŤUǞŤŌƙ ŲƙŦŲǍóŦóėŲśƵPŌķľ±ĐľŲŲśŌŦȐȘȗȒɔ
IƙóėƵóƭĞėĶƙŲŤƭľĞĶóĐƵśƭǔŲĶėŤŌŦŌơƭƙóƭŌǍбĐŌĞŦĐĞơóƭ
ŲĸóǞŌēŌÅŦŌǍĞƙơŌƭǔŌŦȐȘȗȗǎŌƭľóėĞķƙĞĞŌŦ¦ƵďśŌĐėŤŌŦŌơƭƙóƭŌŲŦɔ
±ľĞŌơơƖĞĐŌóśŌǞĞėŲŦPƵŤóŦ©ĞơŲƵƙĐĞơtóŦóķĞŤĞŦƭɏ
‚ƙķóŦŌǞóƭŌŲŦóś±ƭƙƵĐƭƵƙĞóŦė‚ƖĞƙóƭŌŲŦɏŌŦơƭŌƭƵƭŌŲŦóśŌǞóƭŌŲŦɏ
IŲǍĞƙŦóŦĐĞóŦė±ƵơƭóŌŦóďśĞtóŦóķĞŤĞŦƭɔĶƭĞƙĐŲŤƖśĞƭŌŦķ
ƭľĞtóŦóķĞŤĞŦƭ¾ƙóŌŦĞĞƖƙŲķƙóŤóƭ1ŤśóŘ óŦŘŌŦȐȘȗȘɏ
ǎŲƙŘĞėŌŦƭľĞėĞƖóƙƭŤĞŦƭŲĶŌŦǍĞơƭŤĞŦƭĐƙĞėŌƭĞǍóśƵóƭŌŲŦɔjóƭĞƙɏ
óơơƵŤĞėƭľĞƖŲơŌƭŌŲŦŲĶHŌŦóŦĐŌŦķơơŌơƭóŦƭtóŦóķĞƙóƭÝóŘńĶ
HŌŦóŦĐŌóśjĞóơŌŦķUŦĐɔóŦėĐóƙƙŌĞėŲƵƭľĞƙŤŌơơŌŲŦĶŲƙƭľĞŦĞǓƭȒ
ǔĞóƙơɔ±ŌŦĐĞȐȘȘȔơľĞŌơǎŲƙŘŌŦķóƭ©I1!ŲŦơƵśƭŌŦķɔ!ƵƙƙĞŦƭśǔ
ơľĞŌơƭóŘŌŦķƖóƙƭŌŦǍóƙŌŲƵơƖƙŲŕĞĐƭơŌŦ©I1!ŲŦơƵśƭŌŦķóơ
tóŦóķŌŦķ¦óƙƭŦĞƙɔÅŦėĞƙƭľĞƙŲŲĶŲĶ©I1ɏơľĞľóơĐŲŦėƵĐƭĞė
ŤóŦóķĞŤĞŦƭĐŲŦơƵśƭŌŦķƖƙŲŕĞĐƭơĶŲƙŤŲƙĞƭľóŦȐȏȏėŌĶĶĞƙĞŦƭ
ŲƙķóŦŌǞóƭŌŲŦơŌŦėŌĶĶĞƙĞŦƭơĞĐƭŲƙơóŦėóƭėŌĶĶĞƙĞŦƭơŌǞĞơŌŦƭľĞ
óƙĞóơŲĶơƭƙóƭĞķŌĐĞǍóśƵóƭŌŲŦóŦėƖĞƙĶŲƙŤóŦĐĞĞŦľóŦĐĞŤĞŦƭ
ƖƙŲŕĞĐƭơɏŌŦơƭŌƭƵƭŌŲŦóśŌǞóƭŌŲŦɏĐŲƙƖŲƙóƭĞķŲǍĞƙŦóŦĐĞơƭƙƵĐƭƵƙĞơóŦė
ơƵơƭóŌŦóďŌśŌƭǔơƭƙóƭĞķŌĞơóŦėP©ɔ±ľĞŌơŌŦǍŲśǍĞėŌŦƭľĞóėǍŌơŲƙǔ
ĐŲŤŤŌƭƭĞĞŲĶóĐŲŤƖóŦǔŌŦĶŲŲėơĞĐƭŲƙŤóŘŌŦķƖƙŲėƵĐƭŌŲŦ
óŦėķśŲďóśơóśĞơɔśŲŦķľĞƙėƵƭŌĞơóƭ©I1!ŲŦơƵśƭŌŦķɏơľĞ
¦ƙĞơŌėĞŦƭóƭƙķƻėĞŦIŲǍĞƙŦóŦĐĞĐóėĞŤǔɏtóŦóķĞŤĞŦƭ
ŲóƙėɲÝŌĐЦƙĞơŌėĞŦƭóƭ¦ƙŌǍóƭбĞĐƭŲƙÝŲśƵŦƭĞĞƙơơơŲĐŌóƭŌŲŦɏ
!ŲśśóďŲƙóƭŌŲŦ!ŲŤŤŌƭƭĞĞtĞŤďĞƙóƭÞŲŤĞŦUŦtóŦóķĞŤĞŦƭ
ŲóƙėơóơơŲĐŌóƭŌŲŦɏ±ŲĐŌóśIĞŦėĞƙ1ƘƵóśŌƭǔÞŲƙŘķƙŲƵƖtĞŤďĞƙ
óƭ¾ƻơŌóėɦ¾ƵƙŘŌơľ ƵơŌŦĞơơ¦ĞƙơŲŦơơŲĐŌóƭŌŲŦɧɔ±ľĞľóơďĞĞŦ
ơĞśĞĐƭĞėĶŲƙƭľĞɽtŲƙĞÞŲŤĞŦUŦtóŦóķĞŤĞŦƭ Ųóƙėơɾ¦ƙŲķƙóŤ
ǎŌƭľȓȏŲƭľĞƙĶĞŤóśĞŤóŦóķĞƙơóŦėľóơĐŲŤƖśĞƭĞėƭľĞƭƙóŌŦŌŦķ
ơĞơơŌŲŦơƭľóƭóŌŤƭŲƖƙĞƖóƙĞƭľĞƖóƙƭŌĐŌƖóŦƭơĶŲƙƭóŘŌŦķóĐƭŌǍĞƙŲśĞ
ŌŦŤóŦóķĞŤĞŦƭďŲóƙėơóơUŦėĞƖĞŦėĞŦƭtĞŤďĞƙơɔ±ľĞŌơóŤŲŦķ
ƭľĞóƵƭľŲƙơŲĶƭľĞďŲŲŘơhƵƙƵŤơóśäŽŦĞƭŌƦŌŤtŲėĞśŌɦ!ŲƙƖŲƙóƭĞ
IŲǍĞƙŦóŦĐĞtŲėĞśɧɏ(ĞĸŌƦŌŤäŽŦĞƭŌŤŌɦtóŦóķĞŤĞŦƭ‚Ķ!ľóŦķĞɧɏ
óŦėIŽŦƻśśƻhƵƙƵśƵƦśóƙńŦäŽŦĞƭŌŤŌɦtóŦóķĞŤĞŦƭ‚ĶÝŲśƵŦƭĞĞƙŌŦķ
‚ƙķóŦŌǞóƭŌŲŦơɧɔUŦȑȏȑȏ¦ńŦóƙUśķóǞľóơóơơƵŤĞėƭľĞĶŲśśŲǎŌŦķ
ƙŲśĞơŲƵƭơŌėĞƭľĞ!ŲŤƖóŦǔɎtóŦóķĞŤĞŦƭ ŲóƙėɲÝŌĐЦƙĞơŌėĞŦƭ
óƭƙķƻėĞŦIŲǍĞƙŦóŦĐĞĐóėĞŤǔɏUŦėĞƖĞŦėĞŦƭ ŲóƙėtĞŤďĞƙ
óƭ¶‚htóƙŘĞƭśĞƙɏtóŦóķĞŤĞŦƭ ŲóƙėɲÝŌĐЦƙĞơŌėĞŦƭóƭ¦ƙŌǍóƭĞ
±ĞĐƭŲƙÝŲśƵŦƭĞĞƙơơơŲĐŌóƭŌŲŦɏ!ŲśśóďŲƙóƭŌŲŦ!ŲŤŤŌƭƭĞĞtĞŤďĞƙ
óƭÞŲŤĞŦUŦtóŦóķĞŤĞŦƭ ŲóƙėơóơơŲĐŌóƭŌŲŦɏ±ŲĐŌóśIĞŦėĞƙ
1ƘƵóśŌƭǔÞŲƙŘķƙŲƵƖtĞŤďĞƙóƭ¾ƻơŌóėɦ¾ƵƙŘŌơľ ƵơŌŦĞơơ¦ĞƙơŲŦ
ơơŲĐŌóƭŌŲŦɧɔ

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UľĞƙĞďǔėĞĐśóƙĞƭŲƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɏIĞŦĞƙóśơơĞŤďśǔɏơľóƙĞľŲśėĞƙơóŦėóśśơƭóŘĞľŲśėĞƙơƭľóƭUóŤŦŲŤŌŦóƭĞėƭŲơĞƙǍĞóơóŦ
ɽŌŦėĞƖĞŦėĞŦƭŤĞŤďĞƙɾŌŦƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơŲĶËśŘĞƙ ŌơŘƻǍŌ±óŦóǔŌŦŲŦŌŤ¶ŌƙŘĞƭŌɦɽ!ŲŤƖóŦǔɾɧɏóơƖĞƙƭľĞĐƙŌƭĞƙŌóơƭŌƖƵśóƭĞėŌŦ
ƭľĞ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơơĞƭĶŲƙƭľŌŦ!óƖŌƭóśtóƙŘĞƭơ Ųóƙė!ŲŤŤƵŦŌƘƵğŲŦ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞɦUUɲȐȖɔȐɧĞŦóĐƭĞėƵƖŲŦ
ƖƵďśŌĐóƭŌŲŦŌŦƭľĞ‚ĶĶŌĐŌóśIóǞĞƭƭĞŦŲɔȑȗȗȖȐŲŦfóŦƵóƙǔȒɏȑȏȐȓəóŦėƭľóƭɎ

óɧ¾ľĞƙĞŌơŦŲƙĞśóƭŌŲŦŲĶĞŤƖśŲǔŤĞŦƭŌŦĞǓĞĐƵƭŌǍĞƖŲơŌƭŌŲŦơƭŲóơơƵŤĞŤóƭĞƙŌóśƙŲśĞơóŦėƙĞơƖŲŦơŌďŌśŌƭŌĞơĶŲƙƭľĞƖóơƭȔǔĞóƙơďĞƭǎĞĞŦƭľĞ
!ŲŤƖóŦǔɏ±ƵďơŌėŌóƙŌĞơǎľĞƙĞƭľĞ!ŲŤƖóŦǔľŲśėơĐŲŦƭƙŲśŲƙơŌķŦŌĶŌĐóŦƭƖŲǎĞƙŲǍĞƙŤóŦóķĞŤĞŦƭŲƙ¦óƙƭŦĞƙơƭľóƭľŲśėơŌķŦŌĶŌĐóŦƭƖŲǎĞƙ
ŌŦƭľĞ!ŲŤƖóŦǔóŦėƭľĞśĞķóśĞŦƭŌƭŌĞơǎľĞƙĞơƵĐľ¦óƙƭŦĞƙơľŲśėĐŲŦƭƙŲśŲǍĞƙŤóŦóķĞŤĞŦƭɏóŦėŤĞɏŤǔǎŌĶĞɏóŦėƵƖƭŲơĞĐŲŦėɲėĞķƙĞĞ
ƙĞśóƭŌǍĞơďǔŘŌŦơľŌƖóŦėŤóƙƙŌóķĞəƭľóƭŦŲĐóƖŌƭóśŲƙǍŲƭŌŦķƙŌķľƭơŲƙƖƙŌǍŌśĞķĞėơľóƙĞơŤŲƙĞƭľóŦȔʼǎĞƙĞľĞśėĐŲśśĞĐƭŌǍĞśǔŲƙŌŦėŌǍŌėƵóśśǔŲƙ
ŦŲŤóƭĞƙŌóśƭƙóėĞƙĞśóƭŌŲŦơǎĞƙĞĞơƭóďśŌơľĞėə

ďɧUŦƭľĞƖóơƭĶŌǍĞǔĞóƙơɏUǎóơŦŲƭóơľóƙĞľŲśėĞƙɦȔʼóŦėóďŲǍĞɧŲƙóŦĞŤƖśŲǔĞĞŌŦĞǓĞĐƵƭŌǍĞƖŲơŌƭŌŲŦơƭŲóơơƵŤĞŤóƭĞƙŌóśėƵƭŌĞơóŦė
ƙĞơƖŲŦơŌďŌśŌƭŌĞơɏƖóƙƭŌĐƵśóƙśǔŌŦĐśƵėŌŦķƙŲśĞơŌŦ!ŲŤƖóŦǔóƵėŌƭơɦƭóǓóƵėŌƭɏśĞķóśóƵėŌƭóŦėŌŦƭĞƙŦóśóƵėŌƭɧɏƙóƭŌŦķơɏóŦėĐŲŦơƵśƭóŦĐǔɏŦŲƙėŌėU
ơĞƙǍĞóơóďŲóƙėŤĞŤďĞƙɏŌŦƭľĞĐŲŤƖóŦŌĞơƭŲóŦėĶƙŲŤǎľŌĐľƭľĞ!ŲŤƖóŦǔĞǓƭĞŦơŌǍĞśǔơŲśėŲƙƖƵƙĐľóơĞėơĞƙǍŌĐĞơŲƙƖƙŲėƵĐƭơóơƖĞƙƭľĞ
ĐŲŦƭƙóĐƭơơŌķŦĞėɏóŦėėƵƙŌŦķƖĞƙŌŲėơǎľĞƙĞƖƙŲėƵĐƭơŲƙơĞƙǍŌĐĞơǎĞƙĞƖƵƙĐľóơĞėŲƙơŲśėə

ĐɧUľóǍĞƭľĞĞėƵĐóƭŌŲŦóśďóĐŘķƙŲƵŦėɏŘŦŲǎśĞėķĞóŦėĞǓƖĞƙŌĞŦĐĞŦĞĐĞơơóƙǔĶŲƙŤĞƭŲėƵśǔƖĞƙĶŲƙŤƭľĞƭóơŘơUǎŌśśóơơƵŤĞóơóŦ
ŌŦėĞƖĞŦėĞŦƭďŲóƙėŤĞŤďĞƙə

ėɧUėŲŦŲƭǎŲƙŘĶƵśśƭŌŤĞŌŦƖƵďśŌĐŌŦơƭŌƭƵƭŌŲŦơóŦėŲƙķóŦŌǞóƭŌŲŦơə

ĞɧUóŤĐŲŦơŌėĞƙĞėƭŲƙĞơŌėĞŌŦ¾ƵƙŘĞǔƖƵƙơƵóŦƭƭŲƭľĞUŦĐŲŤĞ¾óǓjóǎŦŲɔȐȘȒėóƭĞėȒȐɔȐȑɔȐȘȕȏə

ĶɧUľóǍĞơƭƙŲŦķĞƭľŌĐóśơƭóŦėóƙėơɏƖƙŲĶĞơơŌŲŦóśƙĞƖƵƭóƭŌŲŦɏóŦėĞǓƖĞƙŌĞŦĐĞƭŲĐŲŦƭƙŌďƵƭĞƖŲơŌƭŌǍĞśǔƭŲ!ŲŤƖóŦǔʀơŲƖĞƙóƭŌŲŦơɏƭŲƖƙĞơĞƙǍĞŤǔ
ŌŤƖóƙƭŌóśŌƭǔŌŦėŌơƖƵƭĞơďĞƭǎĞĞŦƭľĞ!ŲŤƖóŦǔóŦėơľóƙĞľŲśėĞƙơɏóŦėƭŲėĞĐŌėĞǎŌƭľŤǔĶƙĞĞǎŌśśďǔƭóŘŌŦķŦŲƭĞŲĶƭľĞƙŌķľƭơŲĶơƭóŘĞľŲśėĞƙơə

ķɧUóŤóďśĞƭŲėĞǍŲƭĞƭŌŤĞƭŲƭľĞ!ŲŤƖóŦǔƭŲƭľĞĞǓƭĞŦƭŲĶŤŲŦŌƭŲƙŌŦķƭľĞĶƵŦĐƭŌŲŦŌŦķŲĶƭľĞ!ŲŤƖóŦǔʀơóĐƭŌǍŌƭŌĞơóŦėĶƵśśǔơóƭŌơĶǔŌŦķƭľĞ
ƙĞƘƵŌƙĞŤĞŦƭơŲĶƭľĞƭóơŘơUľóǍĞóơơƵŤĞėə

ľɧUľóǍĞŦŲƭơĞƙǍĞėóơóďŲóƙėŤĞŤďĞƙŲĶƭľĞ!ŲŤƖóŦǔĶŲƙŤŲƙĞƭľóŦȕǔĞóƙơŌŦƭľĞƖóơƭȐȏǔĞóƙơə

ŌɧUóŤŦŲƭóŦŌŦėĞƖĞŦėĞŦƭŤĞŤďĞƙŌŦƭľĞ!ŲŤƖóŦǔŲƙŌŦŤŲƙĞƭľóŦȒĐŲŤƖóŦŌĞơǎľĞƙĞƭľĞơľóƙĞľŲśėĞƙơǎŌƭľŤóŦóķĞŤĞŦƭĐŲŦƭƙŲśŲǍĞƙ
ƭľĞ!ŲŤƖóŦǔľŲśėŤóŦóķĞŤĞŦƭĐŲŦƭƙŲśóŦėŌŦŤŲƙĞƭľóŦóƭŲƭóśŲĶȔƖƵďśŌĐśǔƭƙóėĞėĐŲŤƖóŦŌĞơə

ŕɧUľóǍĞŦŲƭďĞĞŦƙĞķŌơƭĞƙĞėóŦėóŦŦŲƵŦĐĞėŲŦďĞľóśĶŲĶƭľĞśĞķóśƖĞƙơŲŦĞśĞĐƭĞėóơƭľĞtĞŤďĞƙŲĶƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɔ

UėĞĐśóƙĞƭŲƭľĞŌŦĶŲƙŤóƭŌŲŦŲĶƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɏƭľĞIĞŦĞƙóśơơĞŤďśǔɏŲƵƙơľóƙĞľŲśėĞƙơóŦėóśśơƭóŘĞľŲśėĞƙơɔ

©ĞơƖĞĐƭĶƵśśǔǔŲƵƙơɏ

¦ńŦóƙUśķóǞ

66
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Annual Report 2020

ľŤĞƭ óśɲ ŲóƙėtĞŤďĞƙɦUŦėĞƖĞŦėĞŦƭtĞŤďĞƙɧ óơƭľĞIĞŦĞƙóśtóŦóķĞƙŲĶ1ĶĞơ±ŌŦóŌäóƭńƙńŤPŲśėŌŦķ

ŲƙŦŌŦȐȘȔȖŌŦ¾ŲŘóƭɏľŤĞƭ óśķƙóėƵóƭĞėĶƙŲŤŦŘóƙó
ÅŦŌǍĞƙơŌƭǔɏHóĐƵśƭǔŲĶ¦ŲśŌƭŌĐóś±ĐŌĞŦĐĞơɏ(ĞƖóƙƭŤĞŦƭ
ŲĶ1ĐŲŦŲŤŌĐơóŦėHŌŦóŦĐĞóŦėďĞķóŦľŌơĐóƙĞĞƙŌŦ
ƭľĞ ŲóƙėŲĶĐĐŲƵŦƭóŦƭơŲĶƭľĞtŌŦŌơƭƙǔŲĶHŌŦóŦĐĞɔ
!ĞƙƭŌĶŌĞėƭŲďĞó!ľŌĞĶĐĐŲƵŦƭóŦƭóŦė!ĞƙƭŌĶŌĞė¦ƵďśŌĐ
ĐĐŲƵŦƭóŦƭŌŦȐȘȘȐɏľŤĞƭ óśĐŲŤƖśĞƭĞėľŌơt ŌŦ
ƵơŌŦĞơơėŤŌŦŌơƭƙóƭŌŲŦóƭvŲƭƭŌŦķľóŤÅŦŌǍĞƙơŌƭǔŌŦƭľĞ
ÅhŌŦȐȘȘȑóŦėơƭóƙƭĞėǎŲƙŘŌŦķóơóŦơơŌơƭóŦƭHŌŦóŦĐŌóś
ĶĶóŌƙơ!ŲŲƙėŌŦóƭŲƙóƭŦóėŲśƵ1ŦėƻơƭƙŌPŲśėŌŦķŌŦ
ȐȘȘȓɔ ĞƭǎĞĞŦȐȘȘȔóŦėȐȘȘȗɏľĞǎóơŌŦĐľóƙķĞŲĶ
ŦóėŲśƵIƙŲƵƖʀơUŦƭĞƙŦóƭŌŲŦóś!ŲĐóɲ!ŲśóŲƖĞƙóƭŌŲŦơ
óŦėǎóơóƖƖŲŌŦƭĞėóơƭľĞHŌŦóŦĐĞ(ŌƙĞĐƭŲƙŲĶ1ĶĞơ±ńŦóŌ
äóƭńƙńŤ¾ŌĐóƙĞƭɔ¶ɔ ĞƭǎĞĞŦȐȘȘȗóŦėȐȘȘȘľĞǎŲƙŘĞė
ɔ¶ɔɏǎľŌśĞďĞƭǎĞĞŦȐȘȘȘóŦėȑȏȏȕɏľĞǎóơóƖƖŲŌŦƭĞė
ƭŲďĞƭľĞHŌŦóŦĐŌóśĶĶóŌƙơ!ŲŲƙėŌŦóƭŲƙŌŦĐľóƙķĞŲĶ
ƭľĞƵƭŲŤŲƭŌǍĞɏHŌŦóŦĐĞóŦė±ƭóƭŌŲŦĞƙǔĐŲŤƖóŦŌĞơ
ƵŦėĞƙƭľĞŦóėŲśƵ1ŦėƻơƭƙŌPŲśėŌŦķʀơHŌŦóŦĐŌóśĶĶóŌƙơ
(ĞƖóƙƭŤĞŦƭɔ óśǎŲƙŘĞėóơƭľĞƵėŌƭŌŦķ!ŲŲƙėŌŦóƭŲƙ
ŌŦĐľóƙķĞŲĶƭľĞIƙŲƵƖ!ŲŤƖóŦŌĞơóƭŦóėŲśƵ1ŦėƻơƭƙŌ
PŲśėŌŦķďĞƭǎĞĞŦȑȏȏȕóŦėȑȏȐȑɔ ĞƭǎĞĞŦȑȏȐȒóŦė
ȑȏȐȗɏ óśơĞƙǍĞėóơƭľĞƵėŌƭŌŦķ¦ƙĞơŌėĞŦƭŌŦĐľóƙķĞŲĶ
ƭľĞƵėŌƭơŲĶƭľĞŦóėŲśƵIƙŲƵƖ!ŲŤƖóŦŌĞơɔľŤĞƭ óś
ŌơŤóƙƙŌĞėóŦėľóơƭǎŲĐľŌśėƙĞŦɔ‚ƵƭơŌėĞƭľĞ!ŲŤƖóŦǔɏ
ľŤĞƭ óśǎóơóƖƖŲŌŦƭĞėƭŲďĞƭľĞUŦėĞƖĞŦėĞŦƭ
tĞŤďĞƙŲĶƭľĞ ŲóƙėŲĶ¶‚htóƙŘĞƭśĞƙɏóơǎĞśśóơ ŌǞŌŤ
¾ŲƖƭóŦ±óƭńƦtóĸóǞóśóƙńɔ¶ɔŌŦȑȏȑȏɔ

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UľĞƙĞďǔėĞĐśóƙĞƭŲƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɏIĞŦĞƙóśơơĞŤďśǔɏơľóƙĞľŲśėĞƙơóŦėóśśơƭóŘĞľŲśėĞƙơƭľóƭUóŤŦŲŤŌŦóƭĞėƭŲ
ơĞƙǍĞóơóŦɽŌŦėĞƖĞŦėĞŦƭŤĞŤďĞƙɾŌŦƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơŲĶËśŘĞƙ ŌơŘƻǍŌ±óŦóǔŌŦŲŦŌŤ¶ŌƙŘĞƭŌɦɽ!ŲŤƖóŦǔɾɧɏóơƖĞƙ
ƭľĞĐƙŌƭĞƙŌóơƭŌƖƵśóƭĞėŌŦƭľĞ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơơĞƭĶŲƙƭľŌŦ!óƖŌƭóśtóƙŘĞƭơ Ųóƙė!ŲŤŤƵŦŌƘƵğŲŦ!ŲƙƖŲƙóƭĞ
IŲǍĞƙŦóŦĐĞɦUUɲȐȖɔȐɧĞŦóĐƭĞėƵƖŲŦƖƵďśŌĐóƭŌŲŦŌŦƭľĞ‚ĶĶŌĐŌóśIóǞĞƭƭĞŦŲɔȑȗȗȖȐŲŦfóŦƵóƙǔȒɏȑȏȐȓəóŦėƭľóƭɎ

óɧ¾ľĞƙĞŌơŦŲƙĞśóƭŌŲŦŲĶĞŤƖśŲǔŤĞŦƭŌŦĞǓĞĐƵƭŌǍĞƖŲơŌƭŌŲŦơƭŲóơơƵŤĞŤóƭĞƙŌóśƙŲśĞơóŦėƙĞơƖŲŦơŌďŌśŌƭŌĞơĶŲƙƭľĞƖóơƭ
ȔǔĞóƙơďĞƭǎĞĞŦƭľĞ!ŲŤƖóŦǔɏ±ƵďơŌėŌóƙŌĞơǎľĞƙĞƭľĞ!ŲŤƖóŦǔľŲśėơĐŲŦƭƙŲśŲƙơŌķŦŌĶŌĐóŦƭƖŲǎĞƙŲǍĞƙŤóŦóķĞŤĞŦƭ
Ųƙ¦óƙƭŦĞƙơƭľóƭľŲśėơŌķŦŌĶŌĐóŦƭƖŲǎĞƙŌŦƭľĞ!ŲŤƖóŦǔóŦėƭľĞśĞķóśĞŦƭŌƭŌĞơǎľĞƙĞơƵĐľ¦óƙƭŦĞƙơľŲśėĐŲŦƭƙŲśŲǍĞƙ
ŤóŦóķĞŤĞŦƭɏóŦėŤĞɏŤǔǎŌĶĞɏóŦėƵƖƭŲơĞĐŲŦėɲėĞķƙĞĞƙĞśóƭŌǍĞơďǔŘŌŦơľŌƖóŦėŤóƙƙŌóķĞəƭľóƭŦŲĐóƖŌƭóśŲƙǍŲƭŌŦķƙŌķľƭơ
ŲƙƖƙŌǍŌśĞķĞėơľóƙĞơŤŲƙĞƭľóŦȔʼǎĞƙĞľĞśėĐŲśśĞĐƭŌǍĞśǔŲƙŌŦėŌǍŌėƵóśśǔŲƙŦŲŤóƭĞƙŌóśƭƙóėĞƙĞśóƭŌŲŦơǎĞƙĞĞơƭóďśŌơľĞėə

ďɧUŦƭľĞƖóơƭĶŌǍĞǔĞóƙơɏUǎóơŦŲƭóơľóƙĞľŲśėĞƙɦȔʼóŦėóďŲǍĞɧŲƙóŦĞŤƖśŲǔĞĞŌŦĞǓĞĐƵƭŌǍĞƖŲơŌƭŌŲŦơƭŲóơơƵŤĞŤóƭĞƙŌóś
ėƵƭŌĞơóŦėƙĞơƖŲŦơŌďŌśŌƭŌĞơɏƖóƙƭŌĐƵśóƙśǔŌŦĐśƵėŌŦķƙŲśĞơŌŦ!ŲŤƖóŦǔóƵėŌƭơɦƭóǓóƵėŌƭɏśĞķóśóƵėŌƭóŦėŌŦƭĞƙŦóśóƵėŌƭɧɏƙóƭŌŦķơɏ
óŦėĐŲŦơƵśƭóŦĐǔɏŦŲƙėŌėUơĞƙǍĞóơóďŲóƙėŤĞŤďĞƙɏŌŦƭľĞĐŲŤƖóŦŌĞơƭŲóŦėĶƙŲŤǎľŌĐľƭľĞ!ŲŤƖóŦǔĞǓƭĞŦơŌǍĞśǔ
ơŲśėŲƙƖƵƙĐľóơĞėơĞƙǍŌĐĞơŲƙƖƙŲėƵĐƭơóơƖĞƙƭľĞĐŲŦƭƙóĐƭơơŌķŦĞėɏóŦėėƵƙŌŦķƖĞƙŌŲėơǎľĞƙĞƖƙŲėƵĐƭơŲƙơĞƙǍŌĐĞơǎĞƙĞ
ƖƵƙĐľóơĞėŲƙơŲśėə

ĐɧUľóǍĞƭľĞĞėƵĐóƭŌŲŦóśďóĐŘķƙŲƵŦėɏŘŦŲǎśĞėķĞóŦėĞǓƖĞƙŌĞŦĐĞŦĞĐĞơơóƙǔĶŲƙŤĞƭŲėƵśǔƖĞƙĶŲƙŤƭľĞƭóơŘơUǎŌśśóơơƵŤĞ
óơóŦŌŦėĞƖĞŦėĞŦƭďŲóƙėŤĞŤďĞƙə

ėɧUėŲŦŲƭǎŲƙŘĶƵśśƭŌŤĞŌŦƖƵďśŌĐŌŦơƭŌƭƵƭŌŲŦơóŦėŲƙķóŦŌǞóƭŌŲŦơə

ĞɧUóŤĐŲŦơŌėĞƙĞėƭŲƙĞơŌėĞŌŦ¾ƵƙŘĞǔƖƵƙơƵóŦƭƭŲƭľĞUŦĐŲŤĞ¾óǓjóǎŦŲɔȐȘȒėóƭĞėȒȐɔȐȑɔȐȘȕȏə

ĶɧUľóǍĞơƭƙŲŦķĞƭľŌĐóśơƭóŦėóƙėơɏƖƙŲĶĞơơŌŲŦóśƙĞƖƵƭóƭŌŲŦɏóŦėĞǓƖĞƙŌĞŦĐĞƭŲĐŲŦƭƙŌďƵƭĞƖŲơŌƭŌǍĞśǔƭŲ!ŲŤƖóŦǔʀơŲƖĞƙóƭŌŲŦơɏ
ƭŲƖƙĞơĞƙǍĞŤǔŌŤƖóƙƭŌóśŌƭǔŌŦėŌơƖƵƭĞơďĞƭǎĞĞŦƭľĞ!ŲŤƖóŦǔóŦėơľóƙĞľŲśėĞƙơɏóŦėƭŲėĞĐŌėĞǎŌƭľŤǔĶƙĞĞǎŌśśďǔƭóŘŌŦķ
ŦŲƭĞŲĶƭľĞƙŌķľƭơŲĶơƭóŘĞľŲśėĞƙơə

ķɧUóŤóďśĞƭŲėĞǍŲƭĞƭŌŤĞƭŲƭľĞ!ŲŤƖóŦǔƭŲƭľĞĞǓƭĞŦƭŲĶŤŲŦŌƭŲƙŌŦķƭľĞĶƵŦĐƭŌŲŦŌŦķŲĶƭľĞ!ŲŤƖóŦǔʀơóĐƭŌǍŌƭŌĞơóŦė
ĶƵśśǔơóƭŌơĶǔŌŦķƭľĞƙĞƘƵŌƙĞŤĞŦƭơŲĶƭľĞƭóơŘơUľóǍĞóơơƵŤĞėə

ľɧUľóǍĞŦŲƭơĞƙǍĞėóơóďŲóƙėŤĞŤďĞƙŲĶƭľĞ!ŲŤƖóŦǔĶŲƙŤŲƙĞƭľóŦȕǔĞóƙơŌŦƭľĞƖóơƭȐȏǔĞóƙơə

ŌɧUóŤŦŲƭóŦŌŦėĞƖĞŦėĞŦƭŤĞŤďĞƙŌŦƭľĞ!ŲŤƖóŦǔŲƙŌŦŤŲƙĞƭľóŦȒĐŲŤƖóŦŌĞơǎľĞƙĞƭľĞơľóƙĞľŲśėĞƙơǎŌƭľ
ŤóŦóķĞŤĞŦƭĐŲŦƭƙŲśŲǍĞƙƭľĞ!ŲŤƖóŦǔľŲśėŤóŦóķĞŤĞŦƭĐŲŦƭƙŲśóŦėŌŦŤŲƙĞƭľóŦóƭŲƭóśŲĶȔƖƵďśŌĐśǔƭƙóėĞė
ĐŲŤƖóŦŌĞơə

ŕɧUľóǍĞŦŲƭďĞĞŦƙĞķŌơƭĞƙĞėóŦėóŦŦŲƵŦĐĞėŲŦďĞľóśĶŲĶƭľĞśĞķóśƖĞƙơŲŦĞśĞĐƭĞėóơƭľĞtĞŤďĞƙŲĶƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɔ

UėĞĐśóƙĞƭŲƭľĞŌŦĶŲƙŤóƭŌŲŦŲĶƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɏƭľĞIĞŦĞƙóśơơĞŤďśǔɏŲƵƙơľóƙĞľŲśėĞƙơóŦėóśśơƭóŘĞľŲśėĞƙơɔ

±ŌŦĐĞƙĞśǔɏ

ľŤĞƭ óś

67
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Annual Report 2020

!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơ!ŲŤƖśŌóŦĐĞ©ĞƖŲƙƭ

ľŤĞƭtƵƙóƭäóśŦńǞŲĸśƵɲ ŲóƙėtĞŤďĞƙɦUŦėĞƖĞŦėĞŦƭɧ ơƭƙƵĐƭƵƙĞơɏƖóƙƭŌĐƵśóƙśǔŌŦśóƙķĞŤƵśƭŌɲďƵơŌŦĞơơĐŲŤƖóŦŌĞơ

ŲƙŦŌŦȐȘȔȖɏtƵƙóƭäóśŦńǞŲĸśƵĐŲŤƖśĞƭĞėľŌơơĞĐŲŦėóƙǔ
ĞėƵĐóƭŌŲŦóƭƭľĞUơƭóŦďƵśPŌķľ±ĐľŲŲśĶŲƙ ŲǔơɔPĞŲďƭóŌŦĞė
ó óĐľĞśŲƙʀơėĞķƙĞĞĶƙŲŤ ŲĸóǞŌēŌÅŦŌǍĞƙơŌƭǔɏóŦėó
tóơƭĞƙʀơėĞķƙĞĞŌŦŌŦėƵơƭƙŌóśóŦėơǔơƭĞŤơĞŦķŌŦĞĞƙŌŦķĶƙŲŤ
ƭľĞÅŦŌǍĞƙơŌƭǔŲĶHśŲƙŌėóɏűɔPĞďĞķóŦľŌơƖƙŲĶĞơơŌŲŦóś
ĐóƙĞĞƙŌŦȐȘȗȑóơóŦĞŦƭƙĞƖƙĞŦĞƵƙŌŦƭľĞĶŌĞśėơŲĶ
ŌŦĶŲƙŤóƭŌŲŦơǔơƭĞŤơóŦėơŲĶƭǎóƙĞėĞǍĞśŲƖŤĞŦƭɔUŦȐȘȗȘɏ
ľĞǎŲƙŘĞėŌŦƭľĞĶŌĞśėŲĶŌŦĶŲƙŤóƭŌŲŦƭĞĐľŦŲśŲķŌĞơɲŲƙŌĞŦƭĞė
ŤóŦóķĞŤĞŦƭĐŲŦơƵśƭóŦĐǔóƭƙƭľƵƙŦėĞƙơĞŦóŦėŦėĞƙơĞŦ
!ŲŦơƵśƭŌŦķɔPĞśóƭĞƙŤóŦóķĞėĐŲŦơƵśƭóŦĐǔƖƙŲŕĞĐƭơĶŲƙ
śĞóėŌŦķĐŲŤƖóŦŌĞơŌŦ¾ƵƙŘĞǔŌŦƭľĞóƙĞóơŲĶơƭƙóƭĞķǔóŦė
ŲƙķóŦŌǞóƭŌŲŦóśėĞǍĞśŲƖŤĞŦƭóơóơĞŦŌŲƙĞǓĞĐƵƭŌǍĞɏĶŲƵŦėĞƙ
óŦėƖóƙƭŦĞƙóƭ!ŲŲƖĞƙơˀjǔďƙóŦėóŦė©I1(óŦńƦŤóŦśńŘɔ
PĞľóơďĞĞŦĶŲĐƵơŌŦķŲŦėĞǍĞśŲƖŌŦķĞĶĶŌĐŌĞŦƭĐŲƙƖŲƙóƭĞ
ơŌŦĐĞȑȏȏȕɔPĞľóơĐŲŦėƵĐƭĞėóŦƵŤďĞƙŲĶơƭƵėŌĞơŲŦ
ŌŦĐƙĞóơŌŦķƭľĞĞĶĶŌĐŌĞŦĐǔŲĶďŲóƙėơŲĶėŌƙĞĐƭŲƙơɏóśŲŦķ
ǎŌƭľėĞĶŌŦŌŦķŲƙķóŦŌǞóƭŌŲŦóśơƭƙƵĐƭƵƙĞơĶƙŲŤƭľĞɽƭŲƖɔɾUŦ
óėėŌƭŌŲŦƭŲŤóŦóķĞŤĞŦƭĐŲŦơƵśƭóŦĐǔɏľĞóơơƵŤĞėďŲóƙė
ŤĞŤďĞƙơľŌƖŌŦŦƵŤĞƙŲƵơĐŲŤƖóŦŌĞơɔtƙɔäóśŦńǞŲĸśƵơľóƙĞơ
ľŌơĞǓƖĞƙŌĞŦĐĞơŌŦŤóŦóķĞŤĞŦƭɏóŦėóėėƙĞơơĞơƭľĞďĞŦĞĶŌƭơ
ŲĶɽķŲŲėɾŤóŦóķĞŤĞŦƭǎŌƭľŦŲŦɲķŲǍĞƙŦŤĞŦƭóśóŦė
ƖƙŲĶĞơơŌŲŦóśŲƙķóŦŌǞóƭŌŲŦơóŦėƵŦŌǍĞƙơŌƭŌĞơɏŌŦơĞŤŌŦóƙơóŦė
ĐŲŦĶĞƙĞŦĐĞơɏóŦėŲŦơŲĐŌóśŤĞėŌóɔUŦȑȏȑȏɏľŤĞƭtƵƙóƭ
äóśŦńǞŲĸśƵƭŲŲŘƭľĞĶŲśśŲǎŌŦķƖŲơŌƭŌŲŦơŲƵƭơŌėĞƭľĞ!ŲŤƖóŦǔɎ
U1j1ݱоŲŲśơɲ ŲóƙėtĞŤďĞƙɏ¦ƙƵǍótóŦóķĞŤĞŦƭ
!ŲŦơƵśƭóŦĐǔ!ŲɔɲHŲƵŦėŌŦķtĞŤďĞƙɏhĞƙĞǍŌƭóƦɲUŦėĞƖĞŦėĞŦƭ
ŲóƙėtĞŤďĞƙɏt1HÅŦŌǍĞƙơŌƭǔɲjĞĐƭƵƙĞƙɏÅĶƵŘUŦǍĞơƭŤĞŦƭɲ
ŲóƙėtĞŤďĞƙɔ

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UľĞƙĞďǔėĞĐśóƙĞƭŲƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɏIĞŦĞƙóśơơĞŤďśǔɏơľóƙĞľŲśėĞƙơóŦėóśśơƭóŘĞľŲśėĞƙơƭľóƭUóŤŦŲŤŌŦóƭĞėƭŲơĞƙǍĞ
óơóŦɽŌŦėĞƖĞŦėĞŦƭŤĞŤďĞƙɾŌŦƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơŲĶËśŘĞƙ ŌơŘƻǍŌ±óŦóǔŌŦŲŦŌŤ¶ŌƙŘĞƭŌɦɽ!ŲŤƖóŦǔɾɧɏóơƖĞƙƭľĞĐƙŌƭĞƙŌó
ơƭŌƖƵśóƭĞėŌŦƭľĞ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơơĞƭĶŲƙƭľŌŦ!óƖŌƭóśtóƙŘĞƭơ Ųóƙė!ŲŤŤƵŦŌƘƵğŲŦ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞ
ɦUUɲȐȖɔȐɧĞŦóĐƭĞėƵƖŲŦƖƵďśŌĐóƭŌŲŦŌŦƭľĞ‚ĶĶŌĐŌóśIóǞĞƭƭĞŦŲɔȑȗȗȖȐŲŦfóŦƵóƙǔȒɏȑȏȐȓəóŦėƭľóƭɎ

óɧ¾ľĞƙĞŌơŦŲƙĞśóƭŌŲŦŲĶĞŤƖśŲǔŤĞŦƭŌŦĞǓĞĐƵƭŌǍĞƖŲơŌƭŌŲŦơƭŲóơơƵŤĞŤóƭĞƙŌóśƙŲśĞơóŦėƙĞơƖŲŦơŌďŌśŌƭŌĞơĶŲƙƭľĞƖóơƭȔǔĞóƙơ
ďĞƭǎĞĞŦƭľĞ!ŲŤƖóŦǔɏ±ƵďơŌėŌóƙŌĞơǎľĞƙĞƭľĞ!ŲŤƖóŦǔľŲśėơĐŲŦƭƙŲśŲƙơŌķŦŌĶŌĐóŦƭƖŲǎĞƙŲǍĞƙŤóŦóķĞŤĞŦƭŲƙ¦óƙƭŦĞƙơƭľóƭ
ľŲśėơŌķŦŌĶŌĐóŦƭƖŲǎĞƙŌŦƭľĞ!ŲŤƖóŦǔóŦėƭľĞśĞķóśĞŦƭŌƭŌĞơǎľĞƙĞơƵĐľ¦óƙƭŦĞƙơľŲśėĐŲŦƭƙŲśŲǍĞƙŤóŦóķĞŤĞŦƭɏóŦėŤĞɏŤǔ
ǎŌĶĞɏóŦėƵƖƭŲơĞĐŲŦėɲėĞķƙĞĞƙĞśóƭŌǍĞơďǔŘŌŦơľŌƖóŦėŤóƙƙŌóķĞəƭľóƭŦŲĐóƖŌƭóśŲƙǍŲƭŌŦķƙŌķľƭơŲƙƖƙŌǍŌśĞķĞėơľóƙĞơŤŲƙĞƭľóŦ
ȔʼǎĞƙĞľĞśėĐŲśśĞĐƭŌǍĞśǔŲƙŌŦėŌǍŌėƵóśśǔŲƙŦŲŤóƭĞƙŌóśƭƙóėĞƙĞśóƭŌŲŦơǎĞƙĞĞơƭóďśŌơľĞėə

ďɧUŦƭľĞƖóơƭĶŌǍĞǔĞóƙơɏUǎóơŦŲƭóơľóƙĞľŲśėĞƙɦȔʼóŦėóďŲǍĞɧŲƙóŦĞŤƖśŲǔĞĞŌŦĞǓĞĐƵƭŌǍĞƖŲơŌƭŌŲŦơƭŲóơơƵŤĞŤóƭĞƙŌóś
ėƵƭŌĞơóŦėƙĞơƖŲŦơŌďŌśŌƭŌĞơɏƖóƙƭŌĐƵśóƙśǔŌŦĐśƵėŌŦķƙŲśĞơŌŦ!ŲŤƖóŦǔóƵėŌƭơɦƭóǓóƵėŌƭɏśĞķóśóƵėŌƭóŦėŌŦƭĞƙŦóśóƵėŌƭɧɏƙóƭŌŦķơɏ
óŦėĐŲŦơƵśƭóŦĐǔɏŦŲƙėŌėUơĞƙǍĞóơóďŲóƙėŤĞŤďĞƙɏŌŦƭľĞĐŲŤƖóŦŌĞơƭŲóŦėĶƙŲŤǎľŌĐľƭľĞ!ŲŤƖóŦǔĞǓƭĞŦơŌǍĞśǔơŲśėŲƙ
ƖƵƙĐľóơĞėơĞƙǍŌĐĞơŲƙƖƙŲėƵĐƭơóơƖĞƙƭľĞĐŲŦƭƙóĐƭơơŌķŦĞėɏóŦėėƵƙŌŦķƖĞƙŌŲėơǎľĞƙĞƖƙŲėƵĐƭơŲƙơĞƙǍŌĐĞơǎĞƙĞƖƵƙĐľóơĞėŲƙ
ơŲśėə

ĐɧUľóǍĞƭľĞĞėƵĐóƭŌŲŦóśďóĐŘķƙŲƵŦėɏŘŦŲǎśĞėķĞóŦėĞǓƖĞƙŌĞŦĐĞŦĞĐĞơơóƙǔĶŲƙŤĞƭŲėƵśǔƖĞƙĶŲƙŤƭľĞƭóơŘơUǎŌśśóơơƵŤĞóơóŦ
ŌŦėĞƖĞŦėĞŦƭďŲóƙėŤĞŤďĞƙə

ėɧUėŲŦŲƭǎŲƙŘĶƵśśƭŌŤĞŌŦƖƵďśŌĐŌŦơƭŌƭƵƭŌŲŦơóŦėŲƙķóŦŌǞóƭŌŲŦơə

ĞɧUóŤĐŲŦơŌėĞƙĞėƭŲƙĞơŌėĞŌŦ¾ƵƙŘĞǔƖƵƙơƵóŦƭƭŲƭľĞUŦĐŲŤĞ¾óǓjóǎŦŲɔȐȘȒėóƭĞėȒȐɔȐȑɔȐȘȕȏə

ĶɧUľóǍĞơƭƙŲŦķĞƭľŌĐóśơƭóŦėóƙėơɏƖƙŲĶĞơơŌŲŦóśƙĞƖƵƭóƭŌŲŦɏóŦėĞǓƖĞƙŌĞŦĐĞƭŲĐŲŦƭƙŌďƵƭĞƖŲơŌƭŌǍĞśǔƭŲ!ŲŤƖóŦǔʀơŲƖĞƙóƭŌŲŦơɏƭŲ
ƖƙĞơĞƙǍĞŤǔŌŤƖóƙƭŌóśŌƭǔŌŦėŌơƖƵƭĞơďĞƭǎĞĞŦƭľĞ!ŲŤƖóŦǔóŦėơľóƙĞľŲśėĞƙơɏóŦėƭŲėĞĐŌėĞǎŌƭľŤǔĶƙĞĞǎŌśśďǔƭóŘŌŦķŦŲƭĞŲĶ
ƭľĞƙŌķľƭơŲĶơƭóŘĞľŲśėĞƙơə

ķɧUóŤóďśĞƭŲėĞǍŲƭĞƭŌŤĞƭŲƭľĞ!ŲŤƖóŦǔƭŲƭľĞĞǓƭĞŦƭŲĶŤŲŦŌƭŲƙŌŦķƭľĞĶƵŦĐƭŌŲŦŌŦķŲĶƭľĞ!ŲŤƖóŦǔʀơóĐƭŌǍŌƭŌĞơóŦėĶƵśśǔ
ơóƭŌơĶǔŌŦķƭľĞƙĞƘƵŌƙĞŤĞŦƭơŲĶƭľĞƭóơŘơUľóǍĞóơơƵŤĞėə

ľɧUľóǍĞŦŲƭơĞƙǍĞėóơóďŲóƙėŤĞŤďĞƙŲĶƭľĞ!ŲŤƖóŦǔĶŲƙŤŲƙĞƭľóŦȕǔĞóƙơŌŦƭľĞƖóơƭȐȏǔĞóƙơə

ŌɧUóŤŦŲƭóŦŌŦėĞƖĞŦėĞŦƭŤĞŤďĞƙŌŦƭľĞ!ŲŤƖóŦǔŲƙŌŦŤŲƙĞƭľóŦȒĐŲŤƖóŦŌĞơǎľĞƙĞƭľĞơľóƙĞľŲśėĞƙơǎŌƭľŤóŦóķĞŤĞŦƭ
ĐŲŦƭƙŲśŲǍĞƙƭľĞ!ŲŤƖóŦǔľŲśėŤóŦóķĞŤĞŦƭĐŲŦƭƙŲśóŦėŌŦŤŲƙĞƭľóŦóƭŲƭóśŲĶȔƖƵďśŌĐśǔƭƙóėĞėĐŲŤƖóŦŌĞơə

ŕɧUľóǍĞŦŲƭďĞĞŦƙĞķŌơƭĞƙĞėóŦėóŦŦŲƵŦĐĞėŲŦďĞľóśĶŲĶƭľĞśĞķóśƖĞƙơŲŦĞśĞĐƭĞėóơƭľĞtĞŤďĞƙŲĶƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɔ

UėĞĐśóƙĞƭŲƭľĞŌŦĶŲƙŤóƭŌŲŦŲĶƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɏƭľĞIĞŦĞƙóśơơĞŤďśǔɏŲƵƙơľóƙĞľŲśėĞƙơóŦėóśśơƭóŘĞľŲśėĞƙơɔ

±ŌŦĐĞƙĞśǔɏ

ľŤĞƭtƵƙóƭäóśŦńǞŲĸśƵ

68
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Annual Report 2020
Ȕɔȑɔ©Åj1±‚H!‚v(Å!¾‚H¾P1 ‚©(‚H
(U©1!¾‚©±
¾ľĞ!ŲŤƖóŦǔʀơ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơľĞśėȒȓŤĞĞƭŌŦķơ
ŌŦƭľĞƖĞƙŌŲėŲĶfóŦƵóƙǔɯ(ĞĐĞŤďĞƙȑȏȑȏɔ
(ƵĞĐŲŦơŌėĞƙóƭŌŲŦǎóơķŌǍĞŦǎľĞŦơĞƭƭŌŦķƭľĞ
ŤĞĞƭŌŦķėóƭĞơóŦėƭŌŤĞơơŲƭľóƭĞóĐľóŦėĞǍĞƙǔ
ŤĞŤďĞƙŌơóďśĞƭŲóƭƭĞŦėƭľĞŤĞĞƭŌŦķɔ¾ľĞ Ųóƙė
ŲĶ(ŌƙĞĐƭŲƙơŤĞĞƭơƙĞķƵśóƙśǔŲŦĐĞŌŦóŤŲŦƭľóŦė
óơŲĶƭĞŦóơŦĞĐĞơơóƙǔƭŲĐŲŦėƵĐƭŌƭơďƵơŌŦĞơơóŦė
óĶĶóŌƙơĞĶĶĞĐƭŌǍĞśǔɔ¾ľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơŤƵơƭ
óśơŲĐŲŦǍĞŦĞǎľĞŦŌƭŌơėĞĞŤĞėŦĞĐĞơơóƙǔďǔƭľĞ
!ľóŌƙŤóŦŲƙŲŦĞɲƭľŌƙėŲĶƭľĞ ŲóƙėŤĞŤďĞƙơɔ¾ľĞ
ŤĞĞƭŌŦķơŲĶƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơŤóǔďĞľĞśėóƭ
ƭľĞľĞóėƘƵóƙƭĞƙơŲĶƭľĞ!ŲŤƖóŦǔŲƙóƭóĐŲŦǍĞŦŌĞŦƭ
śŲĐóƭŌŲŦŌŦƭľĞĐŌƭǔǎľĞƙĞƭľĞľĞóėƘƵóƙƭĞƙơŌơ
śŲĐóƭĞėŲƙŌŦóŦŲƭľĞƙĐŌƭǔďǔƙĞơŲśƵƭŌŲŦŲĶƭľĞ Ųóƙė
ŲĶ(ŌƙĞĐƭŲƙơɔ¾ľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơŤóǔɏƵƖŲŦ
ƙĞơŲśƵƭŌŲŦɏėĞƭĞƙŤŌŦĞǎľĞƭľĞƙŲƙŦŲƭƭľĞǔǎŌśśľóǍĞ
óėŌơƭƙŌďƵƭŌŲŦŲĶƙĞơƖŲŦơŌďŌśŌƭŌĞơóŤŲŦķƭľĞ Ųóƙė
ŤĞŤďĞƙơɔŦŌŦǍŌƭóƭŌŲŦĶŲƙƭľĞŤĞĞƭŌŦķŤƵơƭďĞ
ŤóėĞďǔóơĞǍĞŦɲėóǔƖƙŌŲƙŦŲƭŌĐĞóŦėŌƭŌŦĐśƵėĞơ
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ƭľĞŤĞĞƭŌŦķɔUŦƖƙŌŦĐŌƖśĞɏŤĞŤďĞƙơƖóƙƭŌĐŌƖóƭĞŌŦó
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ƖŲơơŌďśĞƭľóƭ ŲóƙėŤĞŤďĞƙơŤóǔƖóƙƭŌĐŌƖóƭĞŌŦó
ŲóƙėŲĶ(ŌƙĞĐƭŲƙơŤĞĞƭŌŦķďǔŤĞóŦơŲĶĞśĞĐƭƙŲŦŌĐ
ĐŲŤŤƵŦŌĐóƭŌŲŦɔ‚ƖŌŦŌŲŦơŲĶóŤĞŤďĞƙǎľŲėŲĞơ
ŦŲƭƖóƙƭŌĐŌƖóƭĞŌŦó ŲóƙėŤĞĞƭŌŦķďƵƭơƵďŤŌƭơľŌơɚ
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ƖƙĞơĞŦƭĞėƭŲƭľĞŲƭľĞƙŤĞŤďĞƙơɔ
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ǎľŌĐľŤƵơƭďĞơŌķŦĞėďǔĞóĐľŤĞŤďĞƙƖƙĞơĞŦƭ
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ƙĞơŲśƵƭŌŲŦơɔŦǔŤĞŤďĞƙǎŌƭľóėŌơơĞŦƭŌŦķǍŲƭĞŤƵơƭ
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ǍŲƭĞďĞĶŲƙĞơŌķŦŌŦķƭľĞŤŌŦƵƭĞơŲĶƭľóƭŤĞĞƭŌŦķɔ
tŌŦƵƭĞơŲĶŤĞĞƭŌŦķóŦėƙĞśóƭĞėėŲĐƵŤĞŦƭơóŦė
ĐŲƙƙĞơƖŲŦėĞŦĐĞƙĞśóƭĞėƭľĞƙĞǎŌƭľơľóśśďĞƙĞķƵśóƙśǔ
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ŤĞŤďĞƙơóŦėƙĞơŲśǍĞďǔóŤóŕŲƙŌƭǔŲĶŤĞŤďĞƙơ
ƖƙĞơĞŦƭóƭƭľĞŤĞĞƭŌŦķɔUŦƭľĞĞǍĞŦƭƭľĞƙĞŌơóƭŌĞ
ŌŦƭľĞǍŲƭĞơɏƭľĞǍŲƭĞėŌơơƵĞơľóśśďĞėŌơĐƵơơĞėóƭ
ƭľĞŦĞǓƭŤĞĞƭŌŦķɔ¾ľĞƖƙŲƖŲơóśơľóśśďĞėĞĞŤĞė
ƙĞŕĞĐƭĞėŌĶŌƭŌơŦŲƭóƖƖƙŲǍĞėďǔóŤóŕŲƙŌƭǔǍŲƭĞóƭ
ƭľĞŦĞǓƭŤĞĞƭŌŦķɔ1óĐľ ŲóƙėŤĞŤďĞƙľóơŲŦĞ
ǍŲƭŌŦķƙŌķľƭƙĞķóƙėśĞơơŲĶľŌơɚľĞƙƭŌƭśĞóŦėóƙĞó
ŲĶėƵƭǔɔ¾ľĞŦóŤĞơɏėƵƭŌĞơóŦėƙĞơƖŲŦơŌďŌśŌƭŌĞơŲĶ
ŤĞŤďĞƙơŲĶƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơóƙĞĐśĞóƙśǔ
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69
ÞľŌśĞĐóƙƙǔŌŦķŲƵƭƭľĞŌƙƙĞơƖŲŦơŌďŌśŌƭŌĞơɏƭľĞŤĞŤďĞƙơ
ŲĶƭľĞ Ųóƙė(ŌƙĞĐƭŲƙơóƙĞĶƵƙŦŌơľĞėǎŌƭľóśśƭľĞ
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ǎŌƭľóƖóƙƭŌĐŌƖóƭŌŲŦƙóƭĞŲĶȘȐʼɔUŦȑȏȑȏɏƭľĞƵėŌƭ
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ďƵƭóƭśĞóơƭĶŲƵƙƭŌŤĞơĞóĐľǔĞóƙɔUŦȑȏȑȏɏƭľĞ
ƵėŌƭ!ŲŤŤŌƭƭĞĞľóėĶŌǍĞŤĞĞƭŌŦķơɏóŦėŤĞĞƭŌŦķ
ŤŌŦƵƭĞơóŦėƙĞƖŲƙƭơǎĞƙĞƖƙĞơĞŦƭĞėƭŲƭľĞ ŲóƙėŲĶ
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ľŤĞƭ óśɲ ŲóƙėtĞŤďĞƙ
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tĞŤďĞƙ
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ĐŲŦǍĞŦĞơóơŦĞĐĞơơóƙǔďƵƭóƭśĞóơƭƭľƙĞĞƭŌŤĞơĞóĐľ
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ľóėȓŤĞĞƭŌŦķơɏóŦėŤĞĞƭŌŦķŤŌŦƵƭĞơóŦėƙĞƖŲƙƭơ
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ƙĞƖŲƙƭơėŌƙĞĐƭśǔƭŲƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơóŦė
ĐŲŦǍĞŦĞơóơŦĞĐĞơơóƙǔɔUŦȑȏȑȏɏƭľĞ©ŌơŘ!ŲŤŤŌƭƭĞĞ
ľóėơŌǓŤĞĞƭŌŦķơɏóŦėŤĞĞƭŌŦķŤŌŦƵƭĞơóŦėƙĞƖŲƙƭơ
ǎĞƙĞƖƙĞơĞŦƭĞėƭŲƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɔ
70
¾ľĞŦĞǎơƭƙƵĐƭƵƙĞĐľóŦķĞėǎŌƭľƭľĞ ŲóƙėŲĶ
(ŌƙĞĐƭŲƙơʀėĞĐŌơŌŲŦŲŦƵķƵơƭȕɏȑȏȑȏɏŌơóơĶŲśśŲǎơɔ
ľŤĞƭtƵƙóƭäóśŦńǞŲĸśƵɲ Ųóƙė
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ŤóŦóķĞŤĞŦƭóƙĞĐóƙƙŌĞėŲƵƭďǔƭľĞ©ŌơŘ!ŲŤŤŌƭƭĞĞɔ
HƵƙƭľĞƙŤŲƙĞɏŲƵƙĐŲŤƖóŦǔŌơóśơŲóƵėŌƭĞėƙĞķƵśóƙśǔ
ďǔƭľĞóƵėŌƭƵŦŌƭơŲĶäńśėńǞPŲśėŌŦķɔ¶ɔɏƭľĞƖóƙĞŦƭ
ĐŲŤƖóŦǔɏóŦėóśơŲďǔŌŦėĞƖĞŦėĞŦƭóƵėŌƭŲƙơɔ¾ľĞ
ĶŌŦėŌŦķơŲĶƭľĞơĞóƵėŌƭơóƙĞĐŲŤŤƵŦŌĐóƭĞėƭŲƭľĞ
ŤĞŤďĞƙơŲĶƭľĞƵėŌƭ!ŲŤŤŌƭƭĞĞóŦėƭŲƭľĞ Ųóƙė
ŲĶ(ŌƙĞĐƭŲƙơɔ¾ľĞďƵơŌŦĞơơĶśŲǎơɏóŦėƖƙŲĐĞėƵƙĞơŲĶ
ƭľĞ!ŲŤƖóŦǔóŦėóƵƭľŲƙŌƭŌĞơóŦėƙĞơƖŲŦơŌďŌśŌƭŌĞơ
ŲĶĞŤƖśŲǔĞĞơóƙĞĐŲŦƭƙŲśśĞėǎŌƭľŌŦƭľĞĶƙóŤĞǎŲƙŘ
ŲĶƙŌơŘŤóŦóķĞŤĞŦƭóŦėóƙĞơƵďŕĞĐƭƭŲĐŲŦƭŌŦƵŲƵơ
ŤŲŦŌƭŲƙŌŦķóŦėĐľĞĐŘơɔ
ȔɔȔɔ±¾©¾1IU!‚ f1!¾UÝ1±‚H¾P1!‚t¦vä
tŌơơŌŲŦɏÝŌơŌŲŦɏóŦė±ƭƙóƭĞķŌĐ‚ďŕĞĐƭŌǍĞơŲĶƭľĞ
!ŲŤƖóŦǔɎ¾ľĞ!ŲŤƖóŦǔóŦėóśśơƵďơŌėŌóƙŌĞơŲĶ
äńśėńǞPŲśėŌŦķǎĞƙĞĶŲƵŦėĞėŲŦƭľĞƖľŌśŲơŲƖľǔƭľóƭ
ɽĞǍĞƙǔƖĞƙơŲŦľóơƭľĞƙŌķľƭƭŲóľóƖƖǔĐľŌśėľŲŲė
ƙĞķóƙėśĞơơŲĶƭľĞĐŲƵŦƭƙǔƭľĞǔśŌǍĞŌŦɔɾ¾ľĞǍŌơŌŲŦŲĶ
ËśŘĞƙ ŌơŘƻǍŌŌơƭŲĶƵƙƭľĞƙơƭƙĞŦķƭľĞŦóŦėóėǍóŦĐĞŌƭơ
ďƙóŦėƙĞƖƵƭóƭŌŲŦɏǎľŌĐľŌơƭľĞŤŲơƭƖƙĞĶĞƙƙĞėďƙóŦė
ďǔĐŲŦơƵŤĞƙơƖóƙƭŌĐƵśóƙśǔŌŦďóŘĞƙǔƖƙŲėƵĐƭơɏóŦė
ďĞĐŲŤĞŲŦĞŲĶƭľĞƭŲƖĶŌǍĞĐŲŤƖóŦŌĞơŌŦƭľĞǎŲƙśė
ǎŌƭľŌŦƭľĞŦĞǓƭȐȏǔĞóƙơɔ¾ľĞǍŌơŌŲŦóŦėŤŌơơŌŲŦŲĶ
äńśėńǞPŲśėŌŦķóŦėŲƵƙ!ŲŤƖóŦǔŌơėŌơĐśŲơĞėƭŲƭľĞ
ƖƵďśŌĐóŦėŌơóǍóŌśóďśĞŲŦƭľĞǎĞďơŌƭĞơɎǎǎǎɔƵśŘĞƙɔ
ĐŲŤɔƭƙóŦėǎǎǎɔƵśŘĞƙďŌơŘƵǍŌɔĐŲŤɔƭƙɔ
Ȕɔȕɔ©1tÅv1©¾U‚v
©ĞŤƵŦĞƙóƭŌŲŦŲĶƭľĞŤĞŤďĞƙơŲĶƭľĞ ŲóƙėŲĶ
(ŌƙĞĐƭŲƙơŌơėĞƭĞƙŤŌŦĞėɯơĞƖóƙóƭĞśǔĶŲƙĞóĐľ
ŤĞŤďĞƙɯďǔƭľĞIĞŦĞƙóśơơĞŤďśǔóĐĐŲƙėŌŦķƭŲ
ƭľĞĶŌŦóŦĐŌóśơŌƭƵóƭŌŲŦŲĶƭľĞ!ŲŤƖóŦǔɔvŲśŲóŦǎóơ
ĞǓƭĞŦėĞėƭŲóŦǔŤĞŤďĞƙŲƙĞǓĞĐƵƭŌǍĞŲĶĶŌĐĞƙėƵƙŌŦķ
ƭľĞƖĞƙŌŲėɏŦŲƙĞǓƭĞŦėĞėɏėŌƙĞĐƭśǔŲƙƭľƙŲƵķľóƭľŌƙė
ƖóƙƭǔɏóŦǔƖĞƙơŲŦóśśŲóŦŲƙķŌǍĞŦóŦǔĐŲśśóƭĞƙóś
ŲŦƭľĞŌƙďĞľóśĶɏơƵĐľóơóơƵƙĞƭǔɔ¦ƙŌŦĐŌƖśĞơĶŲƙ
ƙĞŤƵŦĞƙóƭŌŲŦƙĞķóƙėŌŦķƭľĞďĞŦĞĶŌƭơŲĶĞǓĞĐƵƭŌǍĞ
ŤóŦóķĞŤĞŦƭóŦėƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơóƙĞ
ĞǓƖśóŌŦĞėŌŦėĞƭóŌśŲŦƭľĞǎĞďơŌƭĞɎ
ľƭƭƖɎɚɚƵśŘĞƙďŌơŘƵǍŌǔóƭŌƙŌŤĐŌŌśŌơŘŌśĞƙŌɔĐŲŤɚėĞĶóƵśƭɔóơƖǓ
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Annual Report 2020

(ĞĐśóƙóƭŌŲŦŲĶ!ŲŤƖśŌóŦĐĞƭŲ±ƵơƭóŌŦóďŌśŌƭǔ¦ƙŌŦĐŌƖśĞơ

ÞŌƭľƭľĞ!ŲŤŤƵŦŌƘƵğŲŦŤĞŦėŤĞŦƭɦUUɲȐȖɔȐɔóɧŲĶ 1ŦǍŌƙŲŦŤĞŦƭóś¦ƙŌŦĐŌƖśĞơ
ƭľĞ!ŲŤŤƵŦŌƘƵğŲŦ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞɦUUɲȐȖɔȐɧ ɍ ¾ľĞƙĞŌơŦŲĐóƙďŲŦƖƙŌĐŌŦķơǔơƭĞŤóŦėĐóƙďŲŦ
ƖƵďśŌơľĞėŌŦƭľĞ‚ĶĶŌĐŌóśIóǞĞƭƭĞėóƭĞė‚ĐƭŲďĞƙȑɏ ĐƙĞėŌƭɏŌƭŌơƖśóŦŦĞėƭŲƭóŘĞĐóƙďŲŦĐƙĞėŌƭĶŲƙȑȏȑȏɔ
ȑȏȑȏəƖóƙƭŦĞƙơơƵďŕĞĐƭƭŲ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞ ɍ ©ĞŦĞǎóďśĞĞŦĞƙķǔŌơŦŲƭƵơĞėďƵƭŌŦĐƙĞóơĞė
¦ƙŌŦĐŌƖśĞơơľóśśŌŦĐśƵėĞƭľĞƭŌƭśĞŲĶɽ±ƵơƭóŌŦóďŌśŌƭǔ ŌŦǍĞơƭŤĞŦƭơóƙĞƖśóŦŦĞėŌŦƭľŌơóƙĞóɔ
¦ƙŌŦĐŌƖśĞơ!ŲŤƖśŌóŦĐĞHƙóŤĞǎŲƙŘɾŌŦƭľĞŌƙƙĞƖŲƙƭŌŦķ ɍ 1ŦǍŌƙŲŦŤĞŦƭóśĐƙŌƭĞƙŌóóƙĞŌŦĐśƵėĞėŌŦƭľĞ
ĶŲƙƭľĞĐŲŤƖśŌóŦĐĞƭŲ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞ ƖĞƙĶŲƙŤóŦĐĞŌŦėŌĐóƭŲƙơŲĶƭľĞŤóŦóķĞƙơɏėĞƭóŌś
¦ƙŌŦĐŌƖśĞơəóŦėóśơŲƖƙŲǍŌėĞŌŦĶŲƙŤóƭŌŲŦǎľĞƭľĞƙ ŌŦĶŲƙŤóƭŌŲŦŲŦƭľŌơŤóƭƭĞƙŌơŌŦƭĞŦėĞėƭŲďĞ
ŲƙŦŲƭ±ƵơƭóŌŦóďŌśŌƭǔ¦ƙŌŦĐŌƖśĞơóƙĞŌŤƖśĞŤĞŦƭĞėɏ ėŌơĐśŲơĞėɔ
óŦėɏŌĶŦŲƭɏóƙĞóơŲŦĞėĞǓƖśóŦóƭŌŲŦɏóơǎĞśśóơóŦ
ĞǓƖśóŦóƭŌŲŦƙĞķóƙėŌŦķƭľĞŌŤƖóĐƭơŲŦĞŦǍŌƙŲŦŤĞŦƭóś ±ŲĐŌóś¦ƙŌŦĐŌƖśĞơ
óŦėơŲĐŌóśƙŌơŘŤóŦóķĞŤĞŦƭėƵĞƭŲŦŲƭĶƵśśǔ ɍ (ĞǍĞśŲƖŤĞŦƭơŲŦľƵŤóŦƙŌķľƭơóƙĞŦŲƭėŌơĐśŲơĞė
ĐŲŤƖśǔŌŦķƭľĞơĞƖƙŌŦĐŌƖśĞơŌŦƭľĞŌƙóŦŦƵóśƙĞƖŲƙƭơɔ ŌŦėĞƭóŌśɏľŲǎĞǍĞƙŌƭŌơƖśóŦŦĞėƭŲďĞŌŤƖƙŲǍĞėŌŦ
ËśŘĞƙ ŌơŘƻǍŌĐŲŤƖśŌĞơǎŌƭľƭľĞƖƙŌŦĐŌƖśĞơƖƵďśŌơľĞė ƭľĞĶŲƙƭľĐŲŤŌŦķƖĞƙŌŲėɔ
óơƖóƙƭŲĶƭľĞɽ±ƵơƭóŌŦóďŌśŌƭǔ¦ƙŌŦĐŌƖśĞơ!ŲŤƖśŌóŦĐĞ
HƙóŤĞǎŲƙŘɾŲĶ!t ƭľƙŲƵķľĞŦǍŌƙŲŦŤĞŦƭóśɏơŲĐŌóś ËśŘĞƙ±ƵơƭóŌŦóďŌśŌƭǔ©ĞƖŲƙƭơóƙĞƖƵďśŌơľĞėŲŦƭľĞ
óŦėķŲǍĞƙŦóŦĐĞɦ1±IɧƖŲśŌĐŌĞơƭľóƭƭľĞ!ŲŤƖóŦǔ ǎĞďơŌƭĞɎľƭƭƖɎɚɚƵśŘĞƙďŌơŘƵǍŌǔóƭŌƙŌŤĐŌŌśŌơŘŌśĞƙŌɔĐŲŤ
ľóơďĞĞŦơľóƙŌŦķŲŦŌƭơǎĞďơŌƭĞóơǎĞśśóơƭľĞ
±ƵơƭóŌŦóďŌśŌƭǔ©ĞƖŲƙƭơėŌơĐśŲơĞėƭŲƭľĞƖƵďśŌĐ
ơŌŦĐĞȑȏȐȔɔ1ǍĞƙǔǔĞóƙɏƭľĞ!ŲŤƖóŦǔơƵơƭóŌŦơ
óŦėŌŤƖƙŲǍĞơŌƭơóĐƭŌǍŌƭŌĞơŌŦ1±Iɔ¾ľĞėĞƭóŌśơ
ƙĞķóƙėŌŦķƭľĞĐƙŌƭĞƙŌóŤĞŦƭŌŲŦĞėŌŦƭľĞƖƙŌŦĐŌƖśĞơ
óŦėƭľĞƖĞƙĶŲƙŤóŦĐĞėóƭóǎŌśśďĞóĐĐĞơơŌďśĞŌŦ
ȑȏȑȏ±ƵơƭóŌŦóďŌśŌƭǔ©ĞƖŲƙƭƭŲďĞƖƵďśŌơľĞėŌŦfƵŦĞɔ
ÞŲƙŘơóƙĞŲŦķŲŌŦķƭŲơľóƙĞƭľĞƙĞśóƭĞėėóƭóŌŦ
óŦŦƵóśƙĞƖŲƙƭơŌŦƭľĞƵƖĐŲŤŌŦķƖĞƙŌŲėơɔ¾ľĞķŲóś
ŌơƭŲóĐľŌĞǍĞĶƵśśĐŲŤƖśŌóŦĐĞƭŲƭľĞŦŲŦɲŲďśŌķóƭŲƙǔ
ɽ±ƵơƭóŌŦóďŌśŌƭǔHƙóŤĞǎŲƙئƙŌŦĐŌƖśĞơɾóŦėƭľĞ
ĐƙŌƭĞƙŌóƭľóƭóƙĞŦŲƭŌŦĐśƵėĞėǎŌƭľŌŦƭľĞƖƙŌŦĐŌƖśĞơóƙĞ
ĞǓƖśóŌŦĞėďĞśŲǎɔÞŲƙŘŲŦƭľĞƖƙŌŦĐŌƖśĞơƭľóƭľóǍĞ
ŦŲƭďĞĞŦƖƵƭŌŦƭŲƖƙóĐƭŌĐĞǔĞƭóƙĞŌŦƖƙŲķƙĞơơóŦėŌƭ
ŌơƖśóŦŦĞėƭŲďĞŌŤƖśĞŤĞŦƭĞėóĶƭĞƙƭľĞĐŲŤƖśĞƭŌŲŦ
ŲĶóėŤŌŦŌơƭƙóƭŌǍĞɏśĞķóśóŦėƭĞĐľŦŌĐóśŌŦĶƙóơƭƙƵĐƭƵƙĞ
ǎŲƙŘơŌŦóǎóǔƭľóƭǎŌśśĐŲŦƭƙŌďƵƭĞƭŲƭľĞĞĶĶĞĐƭŌǍĞ
ŤóŦóķĞŤĞŦƭŲĶŲƵƙ!ŲŤƖóŦǔɔ

71
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Annual Report 2020

±ƵơƭóŌŦóďŌśŌƭǔ¦ƙŌŦĐŌƖśĞơ!ŲŤƖśŌóŦĐĞHƙóŤĞǎŲƙŘ

ɔIĞŦĞƙóś¦ƙŌŦĐŌƖśĞơ ȑɔUŤƖśĞŤĞŦƭóƭŌŲŦɚtŲŦŌƭŲƙŌŦķ
ɲ !ŲŤŤŌƭƭĞĞơɚėĞƖóƙƭŤĞŦƭơŌŦĐľóƙķĞŲĶ1±I
Ȑɔ±ƭƙóƭĞķǔɏ¦ŲśŌĐǔóŦė‚ďŕĞĐƭŌǍĞơ ƖŲśŌĐŌĞơóƙĞėĞĶŌŦĞėóŦėėŌơĐśŲơĞėƭŲƭľĞƖƵďśŌĐɔ
ɲ ¾ľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơėĞƭĞƙŤŌŦĞơƭľĞŤóƭĞƙŌóś ¾ľĞĐŲŤŤŌƭƭĞĞɚėĞƖóƙƭŤĞŦƭŌŦĐľóƙķĞƙĞƖŲƙƭơ
ŌơơƵĞơɏƙŌơŘơóŦėŲƖƖŲƙƭƵŦŌƭŌĞơƙĞśóƭĞėƭŲ1±IóŦė ƭľĞóĐƭŌǍŌƭŌĞơĐóƙƙŌĞėŲƵƭóơƖóƙƭŲĶƭľĞƖŲśŌĐŌĞơƭŲ
ėĞĶŌŦĞơƭľĞƙĞśóƭĞė1±IƖŲśŌĐŌĞơɔ¾ľĞơĞƖŲśŌĐŌĞơ ƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơóƭśĞóơƭŲŦĐĞóǔĞóƙɔ
óƙĞďóơĞėŲŦƭľĞƙĞơŲśƵƭŌŲŦơŲĶƭľĞ ŲóƙėŲĶ
(ŌƙĞĐƭŲƙơóŦėėŌơĐśŲơĞėƭŲƭľĞƖƵďśŌĐɔ  ¾ľĞ±ƵơƭóŌŦóďŌśŌƭǔ¦śóƭĶŲƙŤŌơŌŦĐľóƙķĞ
ŲĶơƭƙóƭĞķǔɏƖŲśŌĐǔóŦėķŲóśơƙĞķóƙėŌŦķ
 ¾ľĞ±ƵơƭóŌŦóďŌśŌƭǔ¦śóƭĶŲƙŤŌơŌŦĐľóƙķĞ ơƵơƭóŌŦóďŌśŌƭǔɏóƵėŌƭŌŦķơƵơƭóŌŦóďŌśŌƭǔóĐƭŌǍŌƭŌĞơɏ
ŲĶơƭƙóƭĞķǔɏƖŲśŌĐǔóŦėķŲóśơƙĞķóƙėŌŦķ ƙĞƖŲƙƭŌŦķƭŲƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơóŦė
ơƵơƭóŌŦóďŌśŌƭǔɏóƵėŌƭŌŦķơƵơƭóŌŦóďŌśŌƭǔóĐƭŌǍŌƭŌĞơɏ ĶŲśśŲǎŌŦķƵƖƭľĞƵƖėóƭĞơóŦėƙĞǍŌơŌŲŦơŤóėĞ
ƙĞƖŲƙƭŌŦķƭŲƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơóŦėĶŲśśŲǎŌŦķ ďǔƭľĞ ŲóƙėŌŦƭľĞơƵơƭóŌŦóďŌśŌƭǔơƭƙóƭĞķǔóŦė
ƵƖƭľĞƵƖėóƭĞơóŦėƙĞǍŌơŌŲŦơŤóėĞďǔƭľĞ Ųóƙė ķŲóśơɔ¾ľĞ¦śóƭĶŲƙŤŌŦĐśƵėĞơǍóƙŌŲƵơĶƵŦĐƭŌŲŦơ
ŌŦƭľĞơƵơƭóŌŦóďŌśŌƭǔơƭƙóƭĞķǔóŦėķŲóśơɔ ŌŦĐśƵėŌŦķ©ˀ(ɏľƵŤóŦƙĞơŲƵƙĐĞơɏĐŲƙƖŲƙóƭĞ
ĐŲŤŤƵŦŌĐóƭŌŲŦɏĶŌŦóŦĐŌóśóĶĶóŌƙơɏŲƖĞƙóƭŌŲŦóś
ɲ ¾ľĞ!ŲŤƖóŦǔ±ƭƙóƭĞķǔŌơėĞĶŌŦĞėŌŦĐŲŤƖśŌóŦĐĞ ĞǓĐĞśśĞŦĐĞɏƘƵóśŌƭǔóŦėĶŲŲėơóĶĞƭǔɏP±1ɦPĞóśƭľ
ǎŌƭľƭľĞ1±IƖŲśŌĐŌĞơɏƙŌơŘơóŦėŲƖƖŲƙƭƵŦŌƭŌĞơɔ¾ľĞ ˀ±óĶĞƭǔɏ1ŦĞƙķǔɏ1ŦǍŌƙŲŦŤĞŦƭɧɏŤóƙŘĞƭŌŦķɏ
!ŲŤƖóŦǔơƭƙóƭĞķǔóŦėơľŲƙƭɲóŦėśŲŦķɲƭĞƙŤ ƖƙŲĐƵƙĞŤĞŦƭɏơƵƖƖśǔĐľóŌŦɏĞƭĐɔóŦėóŦŌŦƭĞķƙóƭĞė
ķŲóśơŌŦśŌŦĞǎŌƭľƭľĞ1±IƖŲśŌĐŌĞơóƙĞėĞĶŌŦĞėóŦė óƖƖƙŲóĐľŌơóėŲƖƭĞėėƵƙŌŦķƭľĞơĞóĐƭŌǍŌƭŌĞơɔ
ėŌơĐśŲơĞėƭŲƭľĞƖƵďśŌĐɔ
ɲ UŤƖśĞŤĞŦƭóƭŌŲŦóŦėóĐƭŌŲŦƖśóŦơóƙĞėĞǍĞśŲƖĞė
 ÞĞľóǍĞóśǎóǔơƙĞķóƙėĞėơƵơƭóŌŦóďŌśŌƭǔǎŌƭľ ŌŦśŌŦĞǎŌƭľƭľĞơľŲƙƭɲóŦėśŲŦķɲƭĞƙŤķŲóśơ
ŲƵƙɽŤóŘĞľóƖƖǔɏďĞľóƖƖǔɾóƖƖƙŲóĐľóơóŦ ėĞĶŌŦĞėóŦėėŌơĐśŲơĞėƭŲƭľĞƖƵďśŌĐɔ
ĞơơĞŦƭŌóśƖóƙƭŲĶŲƵƙďƵơŌŦĞơơơŌŦĐĞƭľĞėóǔŲƵƙ
ĐŲŤƖóŦǔǎóơĞơƭóďśŌơľĞėɔÞĞƭŲƵĐľóśśŲƵƙ
ǍóśƵĞĐľóŌŦóŦėƖƵƭŲƵƙĞĶĶŲƙƭơƭŲėĞǍĞśŲƖóŦė
ķƙŲǎƭŲķĞƭľĞƙǎŌƭľŲƵƙơƭóŘĞľŲśėĞƙơŌŦĐśƵėŌŦķ
ƭľĞơŲŌśɏĶóƙŤĞƙơɏĞŤƖśŲǔĞĞơɏĐƵơƭŲŤĞƙơɏĞƭĐɔ
ÞĞķóƭľĞƙóśśóĐƭŌǍŌƭŌĞơŌŦƭľŌơĶŌĞśėƵŦėĞƙơŌǓ
ķƙŲƵƖơɏŌɔĞɔ1ŦǍŌƙŲŦŤĞŦƭɏÝóśƵĞ!ľóŌŦɏ1ŤƖśŲǔĞĞơɏ
UŦŦŲǍóƭŌŲŦɏ±ŲĐŌóś©ĞơƖŲŦơŌďŌśŌƭǔóŦėjĞóėĞƙơľŌƖɔ
(ƵƙŌŦķƭľŌơŕŲƵƙŦĞǔɏǎĞƙĞĶĞƙƭŲƭľĞķŲóśơǎĞơĞƭ
ĶŲƙȑȏȑȓóŦėŲƵƙơƵơƭóŌŦóďŌśŌƭǔƖƙŌŦĐŌƖśĞơƭľóƭǎĞ
ėĞǍĞśŲƖĞėƵŦėĞƙơŌǓķƙŲƵƖơɔÞĞĐśŲơĞśǔĶŲśśŲǎ
ƵƖŦóƭŌŲŦóśóŦėŌŦƭĞƙŦóƭŌŲŦóśėĞǍĞśŲƖŤĞŦƭơ
ǎŌƭľƭľĞƖƵƙƖŲơĞƭŲŤóŘĞóĐŲŦƭƙŌďƵƭŌŲŦƭŲȑȏȒȏ
±ƵơƭóŌŦóďśĞ(ĞǍĞśŲƖŤĞŦƭIŲóśơɔÞĞďĞśŌĞǍĞ
ŲƵƙơƵơƭóŌŦóďŌśŌƭǔĞĶĶŲƙƭơĐóŦŲŦśǔďĞơƵĐĐĞơơĶƵś
ŌĶƭľĞĞŦƭŌƙĞĐŲŤƖóŦǔóŦėĞŤƖśŲǔĞĞơĐŲŤŤŌƭ
ƭľĞŤơĞśǍĞơƭŲƭľĞơĞĞĶĶŲƙƭơɔPĞŦĐĞɏǎĞĐŲŦƭŌŦƵĞ
ǎŲƙŘŌŦķƵŦėĞƙƭľĞśĞóėĞƙơľŌƖŲĶƭľĞ Ųóƙė
ŲĶ(ŌƙĞĐƭŲƙơǎŌƭľƭľĞĐŲŦƭƙŌďƵƭŌŲŦơŲĶóśśŲƵƙ
ĞŤƖśŲǔĞĞơóŦėŤóŦóķĞƙơƭŲǎóƙėƭľĞƙŲóėŤóƖ
ǎĞėĞĶŌŦĞėƭŲƙĞóĐľŲƵƙķŲóśơɔ¾ľĞƖƙŲķƙĞơơ
ƭŲǎóƙėƭľĞơĞķŲóśơóśơŲĐƙĞóƭĞơŌŦƖƵƭĶŲƙƭľĞ
ƖĞƙĶŲƙŤóŦĐĞŌŦėŌĐóƭŲƙơŲĶĞŤƖśŲǔĞĞơóŦė
ŤóŦóķĞƙơɏŌŦĐśƵėŌŦķƭľĞ!1‚ɔ

72
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Annual Report 2020

73
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Annual Report 2020

±ƵơƭóŌŦóďŌśŌƭǔ¦ƙŌŦĐŌƖśĞơ!ŲŤƖśŌóŦĐĞHƙóŤĞǎŲƙŘ

HŲĐƵơƙĞó IŲóś ¦ƙŲķƙĞơơɦ!ŲŤƖóƙĞėÞŃƭľȑȏȐȓɧ Situation

IƙŲǎŌŦķǎŌƭľǞĞƙŲĐóƙďŲŦĞŤŌơơŌŲŦ ‚ƵƙĐóƙďŲŦĞŤŌơơŌŲŦơľóǍĞƙĞŤóŌŦĞė
ŌŦĐƙĞóơĞ ƵŦĐľóŦķĞėơŌŦĐĞȑȏȐȓɔ

(ĞǍĞśŲƖŌŦķóśŲŦķɲƭĞƙŤĞŦĞƙķǔ ÞĞơóǍĞėȑɏȔȏȑtÞľŲĶĞŦĞƙķǔŌŦ
ĞĶĶŌĐŌĞŦĐǔơƭƙóƭĞķǔ 2019.

CO2ĞŤŌơơŌŲŦơƖĞƙƵŦŌƭƖƙŲėƵĐƭŌŲŦǎĞƙĞ
©ĞėƵĐŌŦķĐóƙďŲŦĞŤŌơơŌŲŦơďǔȓȏʼ
ŤóŌŦƭóŌŦĞėɔ1ĶĶŲƙƭơĶŲƙƙĞŦĞǎóďśĞĞŦĞƙķǔơƵƖƖśǔ
ƖĞƙƵŦŌƭƖƙŲėƵĐƭŌŲŦ
óƙĞŌŦƖƙŲķƙĞơơɔ

©ĞėƵĐŌŦķǎóƭĞƙĐŲŦơƵŤƖƭŌŲŦďǔ WeŲƵƭƖĞƙĶŲƙŤĞėŲƵƙȑȏȑȓŲďŕĞĐƭŌǍĞɏóƭƭóŌŦŌŦķ
1ŦǍŃƙŲŦŤĞŦƭ ȒȏʼƖĞƙƵŦŌƭŲĶƖƙŲėƵĐƭŌŲŦ óȒȐɔȑʼƙĞėƵĐƭŌŲŦɔ

±ĞŦėŌŦķǞĞƙŲǎóơƭĞƭŲśóŦėĶŌśśơƭľƙŲƵķľ
¾ľĞƙóƭĞŲĶǎóơƭĞơĞŦƭƭŲśóŦėĶŌśśơǎóơ9%.
ȐȏȏʼƙĞĐǔĐśŌŦķ

ÞĞŲƵƭƖĞƙĶŲƙŤĞėŲƵƙŲďŕĞĐƭŌǍĞďǔėĞĐƙĞóơŌŦķŲƵƙ
©ĞėƵĐŌŦķƖóĐŘóķŌŦķǎóơƭĞďǔȔȏʼ ĶśĞǓŌďśĞƙĞƭƵƙŦƖóĐŘóķĞơďǔȕȔʼóŦėĐóƙėďŲóƙė
ďŲǓĞơďǔȘȘʼĐŲŤƖóƙĞėǎŌƭľȑȏȐȓɔ

‚ďƭóŌŦŌŦķ ©11tIƙĞĞŦ ƵŌśėŌŦķ ÞĞŲďƭóŌŦĞė ©11tIƙĞĞŦ ƵŌśėŌŦķ!ĞƙƭŌĶŌĐóƭĞóƭ

!ĞƙƭŌĶŌĐóƭĞĶŲƙŲƵƙIĞďǞĞHóĐƭŲƙǔ I‚‚(śĞǍĞśɔ

ÝóśƵĞ ©ĞėƵĐŌŦķśŲķŌơƭŌĐơɲďóơĞėĐóƙďŲŦ ÞĞƙĞėƵĐĞėĐóƙďŲŦĞŤŌơơŌŲŦơďǔȓɏȑȕȒƭŲŦơŌŦ

2019.
Chain ĞŤŌơơŌŲŦơďǔ20%

(ĞǍĞśŲƖŌŦķóơƵơƭóŌŦóďśĞ ÞĞėĞǍĞśŲƖĞėƭľĞơƭƙóƭĞķǔɔÞĞóƙĞƖƙĞƖóƙŌŦķ
ƖóĐŘóķŌŦķơƭƙóƭĞķǔóŦėƖŲśŌĐǔ ƭľĞƖŲśŌĐǔŌŦśŌŦĞǎŌƭľŲƵƙơƭƙóƭĞķǔɔ

UŦŦŲǍóƭŃŲŦ
ÞĞƵơĞėȒȔȔƭŲŦơŲĶƖśóơƭŌĐɏȘȕƭŲŦơŲĶƖóƖĞƙɏ
tóŘŌŦķĞĶĶŲƙƭơƭŲƙĞėƵĐĞƖóĐŘóķŌŦķ
óŦėȐȏƭŲŦơŲĶóśƵŤŌŦƵŤśĞơơĶŲƙŲƵƙƖóĐŘóķĞơɔ

IŲóśóĐľŌĞǍĞėɔ 1ĶĶŲƙƭơŌŦƖƙŲķƙĞơơɔ HóśśŌŦķďĞľŌŦėƭľĞķŲóśɔ

74
 ^±hËÝ^
Annual Report 2020

HŲĐƵơƙĞó IŲóś ¦ƙŲķƙĞơơɦ!ŲŤƖóƙĞėÞŃƭľȑȏȐȓɧ Situation

hĞĞƖŌŦķƙĞķƙĞƭƭĞėśŲơơƙóƭĞďĞśŲǎ ©ĞķƙĞƭƭĞėśŲơơƙóƭĞǎóơ1.29%ŌŦ
Ȓʼ 2019.

ƭŲƭóśŲĶȑɏȔȏȏĞŤƖśŲǔĞĞơķŲƭơƭóŦėóƙė
1ŦơƵƙŌŦķƭľóƭóśśĞŤƖśŲǔĞĞơķĞƭ ơƵơƭóŌŦóďŌśŌƭǔƭƙóŌŦŌŦķɔÞĞóŌŤƭŲƖƙŲǍŌėĞ
ơƭóŦėóƙėơƵơƭóŌŦóďŌśŌƭǔƭƙóŌŦŌŦķ ơƵơƭóŌŦóďŌśŌƭǔƭƙóŌŦŌŦķŲŦƭľĞŲŦśŌŦĞƖśóƭĶŲƙŤŌŦ
2020.

WeƙĞėƵĐĞėóĐĐŌėĞŦƭĶƙĞƘƵĞŦĐǔƙóƭĞ
©ĞėƵĐĞśŲơƭƭŌŤĞŌŦŕƵƙŌĞơƭŲǞĞƙŲ
ďǔȖȗʼɔ
1ŤƖśŲǔĞĞơ !ŲśśĞĐƭŌŦķóƭśĞóơƭȔȏȏơƵķķĞơƭŌŲŦơ
ĶƙŲŤĞŤƖśŲǔĞĞơĞóĐľǔĞóƙƵŦėĞƙƭľĞ
ȐɏȑȏȖơƵķķĞơƭŌŲŦǎĞƙĞĐŲśśĞĐƭĞėɔ
ƭŌƭśĞŲĶơƵơƭóŌŦóďŌśŌƭǔƭľƙŲƵķľŘńśhƻƖƻ
ơƵķķĞơƭŌŲŦơǔơƭĞŤ

hĞĞƖŌŦķĞŤƖśŲǔĞĞĞŦķóķĞŤĞŦƭóƭ
ȕȔɯȐȏȏʼ 1ŤƖśŲǔĞĞĞŦķóķĞŤĞŦƭǎóơȗȏɔȓʼŌŦȑȏȐȘɔ

©ĞėƵĐŌŦķĞŤƖśŲǔĞĞƭƵƙŦŲǍĞƙƙóƭĞ 1ŤƖśŲǔĞĞƭƵƙŦŲǍĞƙƙóƭĞǎóơȐȏɔȖʼŌŦȑȏȐȘɔ
ƭŲ12%

©ĞėƵĐŌŦķƭľĞóŤŲƵŦƭŲĶsaturated ÞĞƵơĞėȐȗȏƭŲŦơśĞơơĶóƭɏȐȏȘƭŲŦơśĞơơơƵķóƙɏ
ĶóƭɏơóśƭɏóŦėơƵķóƙŌŦóśśƖƙŲėƵĐƭ óŦėȐȕɔȒƭŲŦơśĞơơơóśƭŌŦóśśƖƙŲėƵĐƭĐóƭĞķŲƙŌĞơ
ĐóƭĞķŲƙŌĞơ ŌŦȑȏȐȘɔ

±ŲĐŃóś
©ĞơƖŲŦơŃďŃśŃƭǔ
©ĞėƵĐŌŦķĐƵơƭŲŤĞƙĐŲŤƖśóŌŦƭơƖĞƙ
ŤŌśśŌŲŦƖóĐŘóķĞơďǔ20%ĐŲŤƖóƙĞė ÞĞƙĞėƵĐĞėĐŲŤƖśóŌŦƭơďǔȘɔȕʼɔ
ǎŌƭľȑȏȐȗɔ

ɍ ±ƵơƭóŌŦóďśĞPóǞĞśŦƵƭ!ƵśƭŌǍóƭŌŲŦ¦ƙŲŕĞĐƭ
ɍ ÞŲƙśė!ŲĐŲóHŲƵŦėóƭŌŲŦơƵƖƖŲƙƭ
!ŲŦƭŌŦƵŌŦķƖƙŲŕĞĐƭơóŦė
ɍ HŲŲė(ƙŌŦŘ1ƵƙŲƖĞóŦė1ÅHU!ŤĞŤďĞƙơľŌƖ
ĐŲŲƖĞƙóƭŌŲŦǎŌƭľśĞóėŌŦķ
jĞóėĞƙơľŃƖ ŲƙķóŦŌǞóƭŌŲŦơĶŲƙĐŲŤŤƵŦŌƭǔľĞóśƭľ
ɍ ¾Ë±^(1ŦǍŌƙŲŦŤĞŦƭóŦė!śŌŤóƭĞ!ľóŦķĞ
ÞŲƙŘŌŦķIƙŲƵƖ
óŦėĶƵƭƵƙĞ
ɍ ¾Ë±^(1ŦĞƙķǔ1ĶĶŌĐŌĞŦĐǔ¾óơŘHŲƙĐĞ
ɍ ĐƭŌǍĞƖóƙƭŌĐŌƖóƭŌŲŦŌŦơĞŤŌŦóƙơóŦėĐŲŦĶĞƙĞŦĐĞơ

IŲóśóĐľŌĞǍĞėɔ 1ĶĶŲƙƭơŌŦƖƙŲķƙĞơơɔ HóśśŌŦķďĞľŌŦėƭľĞķŲóśɔ

75
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Annual Report 2020
±ƵơƭóŌŦóďŌśŌƭǔ¦ƙŌŦĐŌƖśĞơ!ŲŤƖśŌóŦĐĞHƙóŤĞǎŲƙŘ
ɲ 1±IhĞǔ¦ĞƙĶŲƙŤóŦĐĞUŦėŌĐóƭŲƙơɦh¦UɧóƙĞ
ėĞĶŌŦĞėóŦėėŌơĐśŲơĞėďóơĞėŲŦǔĞóƙɲŲŦɲǔĞóƙ
ĐŲŤƖóƙŌơŲŦơɔUĶǍĞƙŌĶŌóďśĞėóƭóŌơóǍóŌśóďśĞɏ
h¦UơóƙĞơƵďŤŌƭƭĞėƭŲķĞƭľĞƙǎŌƭľƭľĞśŲĐóśóŦė
ŌŦƭĞƙŦóƭŌŲŦóśơĞĐƭŲƙĐŲŤƖóƙŌơŲŦơɔ
 ¾ľĞƖĞƙĶŲƙŤóŦĐĞŌŦh¦UơėĞĶŌŦĞėóƙĞėŌơĐśŲơĞė
ŲŦƖóķĞơȔȗóŦėȔȘŲĶƭľĞȑȏȐȘ±ƵơƭóŌŦóďŌśŌƭǔ
©ĞƖŲƙƭɔȑȏȑȏƖĞƙĶŲƙŤóŦĐĞơľóśśďĞėŌơĐśŲơĞėŌŦ
ȑȏȑȏƙĞƖŲƙƭɔ
ɲ UŦŦŲǍóƭŌŲŦóĐƭŌǍŌƭŌĞơŌŤƖƙŲǍŌŦķƭľĞơƵơƭóŌŦóďŌśŌƭǔ
ƖĞƙĶŲƙŤóŦĐĞƙĞśóƭĞėƭŲǎŲƙŘƖƙŲĐĞơơĞơŲƙ
ƖƙŲėƵĐƭóŦėơĞƙǍŌĐĞơóƙĞėŌơĐśŲơĞėɔ
 UŦȑȏȐȘɏǎĞėĞǍĞśŲƖĞėóƭŲƭóśŲĶȒȖȑƖƙŲŕĞĐƭơóơ
ƖóƙƭŲĶŲƵƙ©ˀ(óĐƭŌǍŌƭŌĞơóŦėĐŲŤƖśĞƭĞėȑȐȒ
ƖƙŲŕĞĐƭơɔHƵƙƭľĞƙŤŲƙĞɏǎĞƙĞėƵĐĞėƭľĞƵơĞŲĶȒȔȔ
ƭŲŦơŲĶƖśóơƭŌĐɏȘȕƭŲŦơŲĶƖóƖĞƙóŦėȐȏƭŲŦơŲĶ
óśƵŤŌŦƵŤŌŦƖóĐŘóķŌŦķɔ
Ȓɔ©ĞƖŲƙƭŌŦķ
ɲ ±ƵơƭóŌŦóďŌśŌƭǔƖĞƙĶŲƙŤóŦĐĞɏķŲóśơóŦėóĐƭŌŲŦơ
óƙĞƙĞƖŲƙƭĞėóƭśĞóơƭŲŦĐĞóǔĞóƙóŦėėŌơĐśŲơĞė
ƭŲƭľĞƖƵďśŌĐɔUŦĶŲƙŤóƭŌŲŦŲŦơƵơƭóŌŦóďŌśŌƭǔ
óĐƭŌǍŌƭŌĞơĐóŦďĞėŌơĐśŲơĞėóơƖóƙƭŲĶóŦŦƵóś
ƙĞƖŲƙƭɏơƵơƭóŌŦóďŌśŌƭǔƙĞƖŲƙƭŲƙŌŦƭĞķƙóƭĞėƙĞƖŲƙƭɚ
ŌŦƭĞķƙóƭĞėóŦŦƵóśƙĞƖŲƙƭɔ
 1óĐľǔĞóƙɏơƵơƭóŌŦóďŌśŌƭǔƖĞƙĶŲƙŤóŦĐĞóŦėķŲóśơ
óƙĞėŌơĐśŲơĞėŌŦƭľĞơƵơƭóŌŦóďŌśŌƭǔƙĞƖŲƙƭơɔ
ɲ tóƭĞƙŌóśŌŦĶŲƙŤóƭŌŲŦĶŲƙƭľĞơƭóŘĞľŲśėĞƙơơľóśśďĞ
ėŌơĐśŲơĞėƵơŌŦķėŌƙĞĐƭóŦėĐŲŦĐŌơĞơƭóƭĞŤĞŦƭơɔ
(ĞƭóŌśĞėŌŦĶŲƙŤóƭŌŲŦóŦėėóƭóĐóŦóśơŲďĞ
ėŌơĐśŲơĞėŲŦƭľĞĐŲŤƖóŦǔʀơǎĞďơŌƭĞɏơĞƖóƙóƭĞ
ƙĞƖŲƙƭơĐóŦďĞƖƙĞƖóƙĞėƭŲĶƵśĶŌśƭľĞƙĞƘƵŌƙĞŤĞŦƭơ
ŲĶėŌĶĶĞƙĞŦƭơƭóŘĞľŲśėĞƙơɔ
 ¾ľĞ±ƵơƭóŌŦóďŌśŌƭǔ©ĞƖŲƙƭŌơƖƙĞƖóƙĞėŌŦśŌŦĞǎŌƭľ
ƭľĞŤóƭĞƙŌóśŌơơƵĞơėĞĶŌŦĞėďǔƭľĞĐŲŦƭƙŌďƵƭŌŲŦơ
ŲĶƭľĞơƭóŘĞľŲśėĞƙơóŦėėŌơĐśŲơĞėŲŦƭľĞǎĞďơŌƭĞ
ĶŲƙóśśơƭóŘĞľŲśėĞƙơƭŲóĐĐĞơơɔ
ɲ tóǓŌŤƵŤóƭƭĞŦƭŌŲŦŌơƖśóĐĞėƭŲƭľĞƖƙĞƖóƙóƭŌŲŦ
ŲĶƭľĞƙĞƖŲƙƭŌŦƭĞƙŤơŲĶƭƙóŦơƖóƙĞŦĐǔóŦė
ƙĞśŌóďŌśŌƭǔɔơƖóƙƭŲĶóďóśóŦĐĞėóƖƖƙŲóĐľɏďŲƭľ
ƖŲơŌƭŌǍĞóŦėŦĞķóƭŌǍĞėĞǍĞśŲƖŤĞŦƭơƙĞķóƙėŌŦķ
ƭľĞŤóƭĞƙŌóśŌơơƵĞơóƙĞŲďŕĞĐƭŌǍĞśǔėŌơĐśŲơĞėŌŦ
ƭľĞóŦŦŲƵŦĐĞŤĞŦƭơóŦėƙĞƖŲƙƭŌŦķɔ
76
 1ǍĞƙǔǔĞóƙɏơƵơƭóŌŦóďŌśŌƭǔƖĞƙĶŲƙŤóŦĐĞóŦėķŲóśơ
óƙĞėŌơĐśŲơĞėŌŦƭľĞơƵơƭóŌŦóďŌśŌƭǔƙĞƖŲƙƭơƵơŌŦķ
ėŌƙĞĐƭóŦėĐŲŦĐŌơĞơƭóƭĞŤĞŦƭơŌŦóƭƙóŦơƖóƙĞŦƭóŦė
ďóśóŦĐĞėŤóŦŦĞƙɔ
ɲ UŦĶŲƙŤóƭŌŲŦŲŦǎľŌĐľóĐƭŌǍŌƭŌĞơóƙĞƙĞśóƭĞėƭŲ
ǎľŌĐľÅŦŌƭĞėvóƭŌŲŦơɦÅvɧȑȏȒȏ±ƵơƭóŌŦóďśĞ
(ĞǍĞśŲƖŤĞŦƭIŲóśơŌơƖƙŲǍŌėĞėɔ
 ¾ľĞ±ƵơƭóŌŦóďŌśŌƭǔ©ĞƖŲƙƭóśơŲƖƙĞơĞŦƭơƭľĞ
ĐŲŦƭƙŌďƵƭŌŲŦƭŲȑȏȒȏ±ƵơƭóŌŦóďśĞ(ĞǍĞśŲƖŤĞŦƭ
IŲóśơɔ
ɲ UŦĶŲƙŤóƭŌŲŦŲŦƭľĞśóǎơƵŌƭơĶŌśĞėóŦėɚŲƙĐŲŦĐśƵėĞė
óķóŌŦơƭƭľĞĐŲŤƖóŦǔŲŦ1±IŌơơƵĞơŌơóśơŲ
ėŌơĐśŲơĞėɔ
 ¾ľĞƙĞóƙĞŦŲśóǎơƵŌƭơĶŌśĞėóŦėɚŲƙĐŲŦĐśƵėĞė
óķóŌŦơƭƭľĞĐŲŤƖóŦǔŲŦ1±IŌơơƵĞơɔ
ȓɔÝĞƙŌĶŌĐóƭŌŲŦ
ɲ ±ƵơƭóŌŦóďśĞƖĞƙĶŲƙŤóŦĐĞŤĞóơƵƙĞŤĞŦƭơǍĞƙŌĶŌĞė
ďǔƭľĞŌŦėĞƖĞŦėĞŦƭƭľŌƙėƖóƙƭŌĞơɦŌŦėĞƖĞŦėĞŦƭ
ơƵơƭóŌŦóďŌśŌƭǔóơơƵƙóŦĐĞƖƙŲǍŌėĞƙơɧóƙĞėŌơĐśŲơĞė
ƭŲƭľĞƖƵďśŌĐóŦėĞĶĶŲƙƭơóƙĞƖƵƭƭŲŌŦĐƙĞóơĞƭľĞ
ƙĞśóƭĞėǍĞƙŌĶŌĐóƭŌŲŦƖƙŲĐĞơơĞơɔ
 UŦėĞƖĞŦėĞŦƭǍĞƙŌĶŌĐóƭŌŲŦƙĞƖŲƙƭŌơóƙĞėŌơĐśŲơĞėŲŦ
ƖóķĞơȕȑóŦėȕȒŲĶƭľĞȑȏȐȘ±ƵơƭóŌŦóďŌśŌƭǔ©ĞƖŲƙƭɔ
ɔ1ŦǍŌƙŲŦŤĞŦƭóś¦ƙŌŦĐŌƖśĞơ
ɲ ¦ŲśŌĐŌĞơóŦėƖƙóĐƭŌĐĞơŌŦĞŦǍŌƙŲŦŤĞŦƭóś
ŤóŦóķĞŤĞŦƭɏóĐƭŌŲŦƖśóŦơɏĞŦǍŌƙŲŦŤĞŦƭóś
ŤóŦóķĞŤĞŦƭơǔơƭĞŤơɦƙĞĶĞƙƙĞėƭŲóơU±‚ȐȓȏȏȐɧ
óŦėƖƙŲķƙóŤơóƙĞėŌơĐśŲơĞėɔ
 ±ƵơƭóŌŦóďŌśŌƭǔŲĶŲƵƙóĐƭŌǍŌƭŌĞơŌơĐśŲơĞśǔƙĞśóƭĞė
ƭŲƖƙŲƭĞĐƭŌŲŦŲĶơŲŌśɏǎóƭĞƙóŦėďŌŲėŌǍĞƙơŌƭǔɏŲƵƙ
ơŲƵƙĐĞơŲĶśŌĶĞɔÞľŌśơƭŘĞĞƖŌŦķŲƵƙŲƖĞƙóƭŌŲŦơķŲŌŦķɏ
ǎĞľóǍĞƭľĞķŲóśƭŲŤŌŦŌŤŌǞĞŲƵƙĞŦǍŌƙŲŦŤĞŦƭóś
ŌŤƖóĐƭơɔ¾ľĞƖƙóĐƭŌĐĞơǎĞŌŤƖśĞŤĞŦƭķƵŌėĞ
ƭľĞơĞĐƭŲƙŌŦƭĞƙŤơŲĶơƵơƭóŌŦóďŌśŌƭǔŲĶĶŲŲė
óŦėóķƙŌĐƵśƭƵƙĞɔÞĞóơơĞơơƭľĞĐŲŤŤĞŦƭơóŦė
ơƵķķĞơƭŌŲŦơŲĶŲƵƙơƭóŘĞľŲśėĞƙơŌŦŲƙėĞƙƭŲŌŤƖƙŲǍĞ
ŲƵƙĞŦǍŌƙŲŦŤĞŦƭóśƖĞƙĶŲƙŤóŦĐĞəóŦėƭóŘĞŌŦƭŲ
óĐĐŲƵŦƭƭľĞĞǓƖĞĐƭóƭŌŲŦơŲĶƖƙŌǍóƭĞơĞĐƭŲƙɏƖƵďśŌĐ
ŌŦơƭŌƭƵƭŌŲŦơɏvI‚ơóŦėƵŦŌǍĞƙơŌƭŌĞơɔÞĞĞǍóśƵóƭĞ
ŲƵƙóĐƭŌǍŌƭŌĞơƙĞķóƙėŌŦķƭľĞĞŦǍŌƙŲŦŤĞŦƭŌŦƭĞƙŤơ
ŲĶĐśŌŤóƭĞĐľóŦķĞóŦėĞŦĞƙķǔɏǎóƭĞƙĐŲŦơƵŤƖƭŌŲŦɏ
ǎóơƭĞóŦėƖóĐŘóķŌŦķŤóŦóķĞŤĞŦƭɏóơǎĞśśóơ
ƖƙŲƭĞĐƭŌŲŦŲĶďŌŲėŌǍĞƙơŌƭǔɔ
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Annual Report 2020

 ÞĞŤóŦóķĞƭľĞŲƖĞƙóƭŌŲŦơŌŦóśśŲƵƙĶóĐƭŲƙŌĞơŌŦ
śŌŦĞǎŌƭľU±‚ȘȏȏȐ¨ƵóśŌƭǔtóŦóķĞŤĞŦƭ±ǔơƭĞŤ
óŦėU±‚ȐȓȏȏȐ1ŦǍŌƙŲŦŤĞŦƭtóŦóķĞŤĞŦƭ±ǔơƭĞŤ
ơƭóŦėóƙėơɔHƵƙƭľĞƙŤŲƙĞɏǎĞĐŲŤƖśĞƭĞėƭľĞU±‚
ȔȏȏȏȐ1ŦĞƙķǔtóŦóķĞŤĞŦƭ±ǔơƭĞŤĐŲŤƖśŌóŦĐĞ
óĐƭŌǍŌƭŌĞơóƭóśśŲƵƙĶóĐƭŲƙŌĞơóŦėóƙĞŌŦƭĞķƙóƭŌŦķ
ƭľĞơǔơƭĞŤǎŌƭľIƙĞĞŦľŲƵơĞIóơ1ŤŌơơŌŲŦɦIPIɧ
UŦǍĞŦƭŲƙǔóŦėÝĞƙŌĶŌĐóƭŌŲŦ±ǔơƭĞŤɔ
ɲ ¾ľĞľŌķľĞơƭɲśĞǍĞśƖĞƙơŲŦŌŦĐľóƙķĞŲĶƭľĞ
ĞŦǍŌƙŲŦŤĞŦƭóŦėĐśŌŤóƭĞĐľóŦķĞŌŦƭľĞ
ĐŲŤƖóŦǔɏƙĞśóƭĞėĐŲŤŤŌƭƭĞĞơóŦėƭľĞŌƙėƵƭŌĞơ
óƙĞėŌơĐśŲơĞėɔ
 !śŌŤóƭĞĐľóŦķĞŌơŤóŦóķĞėďǔƭľĞ±ƵơƭóŌŦóďŌśŌƭǔ
¦śóƭĶŲƙŤśŌŘĞƭľĞŲƭľĞƙơƵơƭóŌŦóďŌśŌƭǔŌơơƵĞơóŦė
!1‚ŌơƭľĞľŌķľĞơƭĞǓĞĐƵƭŌǍĞŌŦĐľóƙķĞŌŦƭľŌơĶŌĞśėɔ

ľƭƭƖɎɚɚƵśŘĞƙďŌơŘƵǍŌŌŦǍĞơƭŲƙƙĞśóƭŌŲŦơɔĐŲŤɚĞŦɚ ɲ UŦĐĞŦƭŌǍĞơŲĶĶĞƙĞėĶŲƙƭľĞŤóŦóķĞŤĞŦƭŲĶ
ơƵơƭóŌŦóďŌśŌƭǔɚ1ŦǍŌƙŲŦŤĞŦƭóśɲ±ƵơƭóŌŦóďŌśŌƭǔɚ ĞŦǍŌƙŲŦŤĞŦƭóśŌơơƵĞơŌŦĐśƵėŌŦķóĐľŌĞǍŌŦķƭľĞ
1ŦǍŌƙŲŦŤĞŦƭóśɲtóŦóķĞŤĞŦƭɲ±ǔơƭĞŤɔóơƖǓ ķŲóśơóƙĞėŌơĐśŲơĞėɔ

ɲ 1ŦǍŌƙŲŦŤĞŦƭɲƙĞśóƭĞėśóǎơóŦėŲƭľĞƙƙĞśóƭĞė
ƙĞķƵśóƭŌŲŦơóƙĞóėŲƖƭĞėóŦėėŌơĐśŲơĞėɔ
 ơƖóƙƭŲĶËśŘĞƙ ŌơŘƻǍŌʀơ1ŦǍŌƙŲŦŤĞŦƭóś¦ŲśŌĐǔɏ
ĞŦǍŌƙŲŦŤĞŦƭóśĐŲŦėŌƭŌŲŦơėƵĞƭŲėŌƙĞĐƭśǔ
ŲƙŌŦėŌƙĞĐƭśǔƙĞśóƭĞėśóǎơóŦėƙĞķƵśóƭŌŲŦŲƙ
ơƭóŦėóƙėơŲƙóķƙĞĞŤĞŦƭơĐŲŤŤŌƭƭĞėďǔƭľĞ
ĐŲŤƖóŦǔƙĞķóƙėŌŦķƭľĞƖƙŲėƵĐƭŌŲŦƖƙŲĐĞơơĞơ
óƙĞŤĞƭŌĐƵśŲƵơśǔĶŲśśŲǎĞėďǔƭľĞ1ŦǍŌƙŲŦŤĞŦƭ
ÅŦŌƭŲĶƭľĞHóĐƭŲƙǔɔ
ɲ ¾ľĞĞǓƭĞŦƭŲĶƭľĞƙĞƖŲƙƭėĞĶŌŦĞơƭľĞśŌŤŌƭơŲĶ
ƭľĞƙĞƖŲƙƭŌŦķƖĞƙŌŲėɏƙĞƖŲƙƭėóƭĞɏƙĞƖŲƙƭŌŦķ
ĶƙĞƘƵĞŦĐǔɏėóƭóĐŲśśĞĐƭŌŲŦƖƙŲĐĞơơóŦėƙĞƖŲƙƭŌŦķ
ĐŲŦėŌƭŌŲŦơɔ
 ¾ľĞƙĞóƙĞĐśŌŤóƭĞĐľóŦķĞóŦėĞŦǍŌƙŲŦŤĞŦƭ
ƙĞśóƭĞėĐƙŌƭĞƙŌóėĞĶŌŦĞėĶŲƙĞŤƖśŲǔĞĞơǎŌƭľŌŦƭľĞŌƙ
ƖĞƙơŲŦóśƖĞƙĶŲƙŤóŦĐĞŌŦėŌĐóƭŲƙơɏĶŲƙƭľĞŤƭŲ
ŌŦƭĞƙŦóśŌǞĞĞŦǍŌƙŲŦŤĞŦƭóśơƵơƭóŌŦóďŌśŌƭǔɔ
ɲ ¾ľĞŌŦƭĞķƙóƭŌŲŦŲĶĞŦǍŌƙŲŦŤĞŦƭóśŌơơƵĞơŌŦƭŲ
ďƵơŌŦĞơơķŲóśơóŦėơƭƙóƭĞķŌĞơóƙĞĞǓƖśóŌŦĞėɔ
 ÞĞŤóŦóķĞƭľĞƖƙŲĐĞơơďǔėĞĶŌŦŌŦķƭľĞŤóƭĞƙŌóś
ĞŦǍŌƙŲŦŤĞŦƭóśŌơơƵĞơɏėĞƭĞƙŤŌŦŌŦķƭľĞŌŤƖóĐƭ
óƙĞóơŌŦƭľĞơĞĶŌĞśėơɏóŦėĶŲśśŲǎŌŦķƵƖŲƵƙ
ƖĞƙĶŲƙŤóŦĐĞƭľƙŲƵķľķŲóśơɔÞĞĞǍóśƵóƭĞƭľĞ
ĞŦǍŌƙŲŦŤĞŦƭóśŌơơƵĞơŌŦ±ƵơƭóŌŦóďŌśŌƭǔ¦śóƭĶŲƙŤ
ŤĞĞƭŌŦķơóŦėėĞĶŌŦĞƭľĞƙĞƘƵŌƙĞėŌŤƖƙŲǍĞŤĞŦƭ
óƙĞóơɔ

 ¾ľĞơĐŲƖĞŲĶƭľĞĞŦǍŌƙŲŦŤĞŦƭóśƙĞƖŲƙƭŌŦķŌơ ɲ ±ƵơƭóŌŦóďŌśŌƭǔƖĞƙĶŲƙŤóŦĐĞóŦėơƵơƭóŌŦóďŌśŌƭǔ
ėŌơĐśŲơĞėŲŦƖóķĞơȒɏȔȕóŦėȔȖŲĶƭľĞȑȏȐȘ ƖĞƙĶŲƙŤóŦĐĞŌŤƖƙŲǍŌŦķóĐƭŌǍŌƭŌĞơƙĞśóƭĞėƭŲǎŲƙŘ
±ƵơƭóŌŦóďŌśŌƭǔ©ĞƖŲƙƭɔ ƖƙŲĐĞơơĞơŲƙƖƙŲėƵĐƭóŦėơĞƙǍŌĐĞơóƙĞėŌơĐśŲơĞėɔ

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IŲóś ¦ƙŲķƙĞơơɦ!ŲŤƖóƙĞėÞŃƭľȑȏȐȓɧ

IƙŲǎŌŦķǎŌƭľǞĞƙŲĐóƙďŲŦĞŤŌơơŌŲŦŌŦĐƙĞóơĞ ‚ƵƙĐóƙďŲŦĞŤŌơơŌŲŦơľóǍĞƙĞŤóŌŦĞėƵŦĐľóŦķĞėơŌŦĐĞȑȏȐȓɔ

(ĞǍĞśŲƖŌŦķóśŲŦķɲƭĞƙŤĞŦĞƙķǔĞĶĶŌĐŌĞŦĐǔơƭƙóƭĞķǔ ÞĞơóǍĞėȑɏȔȏȑtÞľŲĶĞŦĞƙķǔŌŦȑȏȐȘɔ

CO2ĞŤŌơơŌŲŦơƖĞƙƵŦŌƭƖƙŲėƵĐƭŌŲŦǎĞƙĞŤóŌŦƭóŌŦĞėɔ1ĶĶŲƙƭơĶŲƙ
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ƙĞŦĞǎóďśĞĞŦĞƙķǔơƵƖƖśǔóƙĞŌŦƖƙŲķƙĞơơɔ

©ĞėƵĐŌŦķǎóƭĞƙĐŲŦơƵŤƖƭŌŲŦďǔ30%ƖĞƙƵŦŌƭŲĶ WeŲƵƭƖĞƙĶŲƙŤĞėŲƵƙȑȏȑȓŲďŕĞĐƭŌǍĞɏóƭƭóŌŦŌŦķóȒȐɔȑʼ
ƖƙŲėƵĐƭŌŲŦ ƙĞėƵĐƭŌŲŦɔ

±ĞŦėŌŦķǞĞƙŲǎóơƭĞƭŲśóŦėĶŌśśơƭľƙŲƵķľȐȏȏʼƙĞĐǔĐśŌŦķ ¾ľĞƙóƭĞŲĶǎóơƭĞơĞŦƭƭŲśóŦėĶŌśśơǎóơ9%.

ÞĞŲƵƭƖĞƙĶŲƙŤĞėŲƵƙŲďŕĞĐƭŌǍĞďǔėĞĐƙĞóơŌŦķŲƵƙĶśĞǓŌďśĞ
©ĞėƵĐŌŦķƖóĐŘóķŌŦķǎóơƭĞďǔȔȏʼ ƙĞƭƵƙŦƖóĐŘóķĞơďǔ65%óŦėĐóƙėďŲóƙėďŲǓĞơďǔȘȘʼ
ĐŲŤƖóƙĞėǎŌƭľ2014.

‚ďƭóŌŦŌŦķ ©11tIƙĞĞŦ ƵŌśėŌŦķ!ĞƙƭŌĶŌĐóƭĞĶŲƙŲƵƙ

ÞĞŲďƭóŌŦĞė ©11tIƙĞĞŦ ƵŌśėŌŦķ!ĞƙƭŌĶŌĐóƭĞóƭI‚‚(śĞǍĞśɔ
IĞďǞĞHóĐƭŲƙǔ

77
 ^±hËÝ^
Annual Report 2020
±ƵơƭóŌŦóďŌśŌƭǔ¦ƙŌŦĐŌƖśĞơ!ŲŤƖśŌóŦĐĞHƙóŤĞǎŲƙŘ
ɲ ¾ľĞŤóŦóķĞŤĞŦƭŲĶĞŦǍŌƙŲŦŤĞŦƭóśŌơơƵĞơŦŲƭ
ŲŦśǔŌŦėŌƙĞĐƭŲƖĞƙóƭŌŲŦơɏďƵƭóśơŲƭľƙŲƵķľŲƵƭƭľĞ
ĐŲŤƖóŦǔʀơǍóśƵĞĐľóŌŦóŦėƭľĞŌŦƭĞķƙóƭŌŲŦŲĶ
ơƵƖƖśŌĞƙơóŦėĐƵơƭŲŤĞƙơŌŦƭŲƭľĞơƭƙóƭĞķŌĞơóƙĞ
ĞǓƖśóŌŦĞėɔ
 ơŲŦĞŲĶƭľĞǎŲƙśėʀơśĞóėŌŦķĶŲŲėƖƙŲėƵĐĞƙơɏ
ǎĞďĞśŌĞǍĞƭľóƭơƵơƭóŌŦóďśĞƵƭŌśŌǞóƭŌŲŦŲĶŦóƭƵƙóś
ƙĞơŲƵƙĐĞơĐŲŦơƭŌƭƵƭĞơĶŲƵŦėóƭŌŲŦơĶŲƙƭľĞĶƵƭƵƙĞ
ŲĶŲƵƙĐŲŤƖóŦǔóŦėƭľĞǎŲƙśėɔ¾ľĞóƖƖƙŲóĐľ
ķƵŌėĞơƵơŌŦėĞǍĞśŲƖŌŦķƖŌŲŦĞĞƙŌŦķƖƙóĐƭŌĐĞơ
ŌŦƭľĞơĞĐƭŲƙŦóƭŌŲŦǎŌėĞóŦėǎŲƙśėǎŌėĞɔÞĞ
ĐŲŦơŌėĞƙĶóƙŤĞƙơóơŌŤƖŲƙƭóŦƭƖóƙƭŦĞƙơəƖƙŲƭĞĐƭ
ƭľĞơŲŌśƭľƙŲƵķľơƵơƭóŌŦóďśĞóķƙŌĐƵśƭƵƙóśƖƙóĐƭŌĐĞơ
óŦėơŲĐŌŲĞĐŲŦŲŤŌĐóśśǔơƭƙĞŦķƭľĞŦĶóƙŤĞƙơɔ
ķƙŌĐƵśƭƵƙóśŲƖĞƙóƭŌŲŦơóŦėƙóǎŤóƭĞƙŌóśơƵƖƖśǔɏ
ŲƖĞƙóƭŌŲŦóśĞǓĐĞśśĞŦĐĞɏśŲķŌơƭŌĐơɏƘƵóśŌƭǔóŦėĶŲŲė
ơóĶĞƭǔĐŲŦơƭŌƭƵƭĞƭľĞĐŲƙĞŲĶŲƵƙǍóśƵĞĐľóŌŦɔ
HƵƙƭľĞƙėĞƭóŌśơĐóŦďĞóĐĐĞơơĞėǍŌóƭľĞÝóśƵĞ
!ľóŌŦơĞĐƭŌŲŦŌŦƭľĞȑȏȐȘ±ƵơƭóŌŦóďŌśŌƭǔ©ĞƖŲƙƭɔ
ɲ ÞľĞƭľĞƙŲƙŦŲƭďĞŌŦķŌŦĐśƵėĞėŌŦƭľĞƖŲśŌĐǔ
ėĞǍĞśŲƖŤĞŦƭƖƙŲĐĞơơĞơƙĞśóƭĞėƭŲĞŦǍŌƙŲŦŤĞŦƭóś
ŌơơƵĞơɦơĞĐƭŲƙɲďóơĞėɏƙĞķŌŲŦóśɏŦóƭŌŲŦóśóŦė
ŌŦƭĞƙŦóƭŌŲŦóśɧəĞŦǍŌƙŲŦŤĞŦƭɲƙĞśóƭĞėóơơŲĐŌóƭŌŲŦơ
ďĞŌŦķóŤĞŤďĞƙŲĶɏĐŲśśóďŲƙóƭŌŲŦơǎŌƭľƙĞśóƭĞė
ŌŦơƭŌƭƵƭŌŲŦơóŦėvI‚ơóŦėƭóơŘơƵŦėĞƙƭóŘĞŦóŦė
óĐƭŌǍŌƭŌĞơơƵƖƖŲƙƭĞėɏŌĶóŦǔɏóƙĞėŌơĐśŲơĞėɔ
 ơơŲĐŌóƭŌŲŦơƭľóƭËśŘĞƙ ŌơŘƻǍŌŌơóŤĞŤďĞƙ
ŲĶĐóŦďĞĶŲƵŦėŲŦƖóķĞȔȔŲĶƭľĞȑȏȐȘ
±ƵơƭóŌŦóďŌśŌƭǔ©ĞƖŲƙƭɔ
ɲ UŦĶŲƙŤóƭŌŲŦƙĞķóƙėŌŦķƭľĞĞŦǍŌƙŲŦŤĞŦƭóśŌŤƖóĐƭơ
ĐŲŦơŌėĞƙŌŦķƭľĞ1ŦǍŌƙŲŦŤĞŦƭóśUŦėŌĐóƭŲƙơɦIPI
1ŤŌơơŌŲŦơɦ±ĐŲƖĞɲȐɦ(ŌƙĞĐƭɧɏ±ĐŲƖĞɲȑɦ1ŦĞƙķǔ
ŌŦėŌƙĞĐƭɧɏ±ĐŲƖĞɲȒɦ‚ƭľĞƙŌŦėŌƙĞĐƭɧɧɏóŌƙƘƵóśŌƭǔɏ
ĞŦĞƙķǔŤóŦóķĞŤĞŦƭɏǎóƭĞƙóŦėǎóơƭĞǎóƭĞƙ
ŤóŦóķĞŤĞŦƭɏďŌŲėŌǍĞƙơŌƭǔŌŤƖóĐƭơɧóƙĞ
ƖĞƙŌŲėŌĐóśśǔóŦėĐŲŤƖóƙóďśǔƙĞƖŲƙƭĞėɔ
 ¦ĞƙĶŲƙŤóŦĐĞŌŦėŌĐóƭŲƙơĐóŦďĞĶŲƵŦėŲŦƖóķĞȔȗ
ŲĶƭľĞȑȏȐȘ±ƵơƭóŌŦóďŌśŌƭǔ©ĞƖŲƙƭɔ¦ĞƙĶŲƙŤóŦĐĞŌŦ
ȑȏȑȏǎŌśśďĞėŌơĐśŲơĞėŌŦƭľĞȑȏȑȏ±ƵơƭóŌŦóďŌśŌƭǔ
©ĞƖŲƙƭƭŲďĞƖƵďśŌơľĞėŌŦfƵŦĞɔ
ɲ ¾ľĞơƭóŦėóƙėơɏƖƙŲƭŲĐŲśơɏŤĞƭľŲėŲśŲķǔóŦė
ƙĞĶĞƙĞŦĐĞǔĞóƙėĞƭóŌśơƵơĞėƭŲĐŲśśĞĐƭóŦė
ĐóśĐƵśóƭĞėóƭóŌơėŌơĐśŲơĞėɔ
78
 (óƭóĐŲśśĞĐƭŌŲŦóŦėĐóśĐƵśóƭŌŲŦŤĞƭľŲėŲśŲķŌĞơ
óƙĞėŌơĐśŲơĞėŲŦƖóķĞơȔȕóŦėȔȖŲĶƭľĞȑȏȐȘ
±ƵơƭóŌŦóďŌśŌƭǔ©ĞƖŲƙƭɔ
ɲ ¾ľĞơƭóƭƵơŲĶƭľĞĞŦǍŌƙŲŦŤĞŦƭóśŌŦėŌĐóƭŲƙơŌŦƭľĞ
ƙĞƖŲƙƭǔĞóƙơŌơėŌơĐśŲơĞėŌŦĐŲŤƖóƙŌơŲŦǎŌƭľƭľĞ
ƖƙĞǍŌŲƵơǔĞóƙơɦŌŦĐƙĞóơĞŲƙėĞĐƙĞóơĞɧɔ
 ¦ĞƙĶŲƙŤóŦĐĞŌŦėŌĐóƭŲƙơĶŲƙƭľĞƖóơƭȒǔĞóƙơĐóŦ
ďĞĶŲƵŦėŲŦƖóķĞȔȗŲĶƭľĞȑȏȐȘ±ƵơƭóŌŦóďŌśŌƭǔ
©ĞƖŲƙƭɔ
ɲ ±ľŲƙƭɲóŦėśŲŦķɲƭĞƙŤƭóƙķĞƭơƭŲŤŌƭŌķóƭĞƭľĞ
ĞŦǍŌƙŲŦŤĞŦƭóśŌŤƖóĐƭơóƙĞėĞĶŌŦĞėóŦėėŌơĐśŲơĞė
ƭŲƭľĞƖƵďśŌĐɔ¾ľĞơĞƭóƙķĞƭơóƙĞóėǍŌơĞėƭŲďĞ
ėĞĶŌŦĞėóơ±ĐŌĞŦĐĞɲ óơĞė¾óƙķĞƭơơƵķķĞơƭĞėďǔ
ƭľĞÅŦŌƭĞėvóƭŌŲŦơ!śŌŤóƭĞ!ľóŦķĞ!ŲŦĶĞƙĞŦĐĞ
¦óƙƭŌĞơɔUŦƭľĞĞǍĞŦƭŲĶóŦǔŌŤƖƙŲǍĞŤĞŦƭơŌŦƭľĞ
ƙĞƖŲƙƭǔĞóƙóĐĐŲƙėŌŦķƭŲƭľĞƖƙĞǍŌŲƵơśǔėĞĶŌŦĞė
ƭóƙķĞƭơɏŌŦĶŲƙŤóƭŌŲŦŌơƖƙŲǍŌėĞėɔ
 1ŦǍŌƙŲŦŤĞŦƭóśƭóƙķĞƭơóƙĞėŌơĐśŲơĞėŌŦƭľĞȑȏȐȘ
±ƵơƭóŌŦóďŌśŌƭǔ©ĞƖŲƙƭɔ¾ľĞƙĞóƙĞŦŲ±ĐŌĞŦĐĞɲ
óơĞė¾óƙķĞƭơɔ
ɲ ¾ľĞơƭƙóƭĞķǔóŦėóĐƭŌŲŦơƭŲƭóĐŘśĞƭľĞĐśŌŤóƭĞ
ĐƙŌơŌơóƙĞƙĞǍĞóśĞėɔ
 ƭËśŘĞƙ ŌơŘƻǍŌɏǎĞƖƵƭĞĶĶŲƙƭơƭŲĞĶĶŌĐŌĞŦƭśǔ
ŤóŦóķĞŲƵƙĐóƙďŲŦĞŤŌơơŌŲŦơóŦėĞŦĞƙķǔ
ĐŲŦơƵŤƖƭŌŲŦóŦėƭƙóŦơƖóƙĞŦƭśǔėŌơĐśŲơĞŲƵƙ
ƖĞƙĶŲƙŤóŦĐĞɔơƖóƙƭŲĶƭľĞ!óƙďŲŦ(ŌơĐśŲơƵƙĞ
¦ƙŲŕĞĐƭɦ!(¦ɧɏǎĞơƭóƙƭĞėŌŦȑȏȐȕɏǎĞĐŲŦƭŌŦƵĞƭŲ
ơľóƙĞŲƵƙĐśŌŤóƭĞĐľóŦķĞơƭƙóƭĞķǔóŦėĐóƙďŲŦ
ĞŤŌơơŌŲŦơɔÞľŌśĞŲƵƙóĐƭŌǍŌƭŌĞơóŦėŲƖĞƙóƭŌŲŦơ
ķƙŲǎɏŲƵƙķŲóśŌơƭŲŘĞĞƖƭľĞśĞǍĞśŲĶŲƵƙĐóƙďŲŦ
ĞŤŌơơŌŲŦơƖĞƙƖƙŲėƵĐƭóƙŲƵŦėƭľĞśĞǍĞśơŌŦȑȏȐȓɔ
¾ľƵơɏŌŦśŌŦĞǎŌƭľƭľŌơķŲóśɏǎĞĐśŲơĞśǔŤŲŦŌƭŲƙŲƵƙ
ơĐŲƖĞȐóŦėơĐŲƖĞȑǍóśƵĞơǎľŌĐľĐŲŦơƭŌƭƵƭĞŲƵƙ
ėŌƙĞĐƭĞŤŌơơŌŲŦơəóơǎĞśśóơơĐŲƖĞȒĞŤŌơơŌŲŦơ
ĶƙŲŤƭľĞǍóśƵĞĐľóŌŦɔ¾ľóŦŘơƭŲƭľĞƙĞľóďŌśŌƭóƭŌŲŦ
óŦėĞĶĶŌĐŌĞŦĐǔƖƙóĐƭŌĐĞơŌŤƖśĞŤĞŦƭĞėŌŦŲƵƙ
ƖƙŲĐĞơơĞơɏǎĞƙĞėƵĐĞŲƵƙĞŦĞƙķǔĐŲŦơƵŤƖƭŌŲŦɔ
ɲ ¦ƙŲķƙóŤơŲƙƖƙŲĐĞėƵƙĞơƭŲŤŌƭŌķóƭĞŲƙŤŌŦŌŤŌǞĞ
ƭľĞƖŲƭĞŦƭŌóśóėǍĞƙơĞŌŤƖóĐƭơŲĶƭľĞƖƙŲėƵĐƭơ
óŦėɚŲƙơĞƙǍŌĐĞơƖƙŲǍŌėĞėóƙĞėŌơĐśŲơĞėəóĐƭŌŲŦơ
ƭóŘĞŦƭŲĞŦóďśĞƭľŌƙėƖóƙƭŌĞơƭŲƙĞėƵĐĞƭľĞŌƙIPI
ĞŤŌơơŌŲŦơóƙĞėŌơĐśŲơĞėɔ
 ^±hËÝ^
Annual Report 2020
 jŲķŌơƭŌĐơĐŲŦơƭŌƭƵƭĞóơŌķŦŌĶŌĐóŦƭŌŤƖóĐƭóƙĞó
ŌŦƭľĞǍóśƵĞĐľóŌŦɔơƖóƙƭŲĶƭľĞ±ƵƖƖśǔ!ľóŌŦ
1ǓĐĞśśĞŦĐĞfŲƵƙŦĞǔƭľóƭǎĞŌŦŌƭŌóƭĞėŌŦȑȏȐȕɏǎĞ
ĐóƙƙǔŲƵƭĞĶĶŌĐŌĞŦĐǔóŦėƙĞľóďŌśŌƭóƭŌŲŦǎŲƙŘơɔUŦ
śŌŦĞǎŌƭľŲƵƙķŲóśƭŲƙĞėƵĐĞƭľĞĐóƙďŲŦĞŤŌơơŌŲŦơ
ĶƙŲŤśŲķŌơƭŌĐơďǔȑȏʼɏǎĞľóǍĞĐŲŦƭŌŦƵŲƵơśǔ
ƙĞľóďŌśŌƭóƭĞėƭľĞėŌơƭƙŌďƵƭŌŲŦķƙŌėơŌŦĐĞȑȏȐȓóŦė
ĐŲǍĞƙĞėȑɔȑŤŌśśŌŲŦŘŤśĞơơɔ
ɲ ĐƭŌŲŦơƭóŘĞŦƭŲŤŌƭŌķóƭĞƭľĞĞŦǍŌƙŲŦŤĞŦƭóś
ŌŤƖóĐƭơɏƖƙŲŕĞĐƭơĐóƙƙŌĞėŲƵƭóŦėƭŲƭóśŦƵŤďĞƙ
ŲĶŌŦŌƭŌóƭŌǍĞơóŦėƭľĞƙĞơƵśƭŌŦķĞŦǍŌƙŲŦŤĞŦƭóś
ďĞŦĞĶŌƭơɚóėǍóŦƭóķĞơóŦėĐŲơƭĐŲŦơĞƙǍóƭŌŲŦóƙĞ
ėŌơĐśŲơĞėɔ
 ÞĞľóėƙĞėƵĐĞėŲƵƙǎóƭĞƙĐŲŦơƵŤƖƭŌŲŦ
ĶƙŲŤȑȏȐȓƭŲȑȏȐȘďǔȒȏɔȔʼóŦėƭľĞǎóƭĞƙ
ĐŲŦơƵŤƖƭŌŲŦƖĞƙƵŦŌƭƖƙŲėƵĐƭŌŲŦďǔȒȐɔȑʼəǎľŌĐľ
ŌơŲǍĞƙŲƵƙȑȏȑȓƭóƙķĞƭơɔÞŌƭľƭľĞƙĞľóďŌśŌƭóƭŌŲŦ
ǎŲƙŘơĐóƙƙŌĞėŲƵƭŌŦȑȏȐȘɏǎĞơóǍĞėóƭŲƭóśŲĶ
ȑȒɏȏȏȏŤ3ǎóƭĞƙóŦėóĐľŌĞǍĞėóĶŌŦóŦĐŌóśơóǍŌŦķ
ŲĶóƖƖƙŲǓŌŤóƭĞśǔ¾jȑȏȗɏȏȏȏɔ
 UŦȑȏȐȘɏóơƖóƙƭŲĶƭľĞóĐƭŌǍŌƭŌĞơƭŲƙĞėƵĐĞĞŦĞƙķǔ
ĐŲŦơƵŤƖƭŌŲŦɏǎĞơóǍĞėȑɏȔȏȑtÞľĞŦĞƙķǔ
ĞƘƵŌǍóśĞŦƭƭŲóŦŦƵóśĞŦĞƙķǔĐŲŦơƵŤƖƭŌŲŦŲĶ
óƖƖƙŲǓŌŤóƭĞśǔȐɏȔȏȏľŲƵơĞơɔ ǔƙĞėƵĐŌŦķƭľĞ
ĞŦĞƙķǔĐŲŦơƵŤƖƭŌŲŦɏǎĞóĐľŌĞǍĞėóƖƖƙŲǓŌŤóƭĞśǔ
¾jȐŤŌśśŌŲŦĶŌŦóŦĐŌóśơóǍŌŦķóŦėƖƙĞǍĞŦƭĞėȐɏȏȏȏ
ƭŲŦơŲĶ!‚2ĞŤŌơơŌŲŦɔ
ɲ ¾ŲƭóśĞŦĞƙķǔĐŲŦơƵŤƖƭŌŲŦėóƭóɦĞǓĐśƵėŌŦķƙóǎ
ŤóƭĞƙŌóśơɧŌơƙĞƖŲƙƭĞėóŦėĞŦĞƙķǔĐŲŦơƵŤƖƭŌŲŦŌơ
ėŌơĐśŲơĞėŌŦƭĞƙŤơŲĶ±ĐŲƖĞɲȐóŦė±ĐŲƖĞɲȑɔ
 ¦ĞƙĶŲƙŤóŦĐĞŌŦėŌĐóƭŲƙơĐóŦďĞĶŲƵŦėŲŦƖóķĞȔȗ
ŲĶƭľĞȑȏȐȘ±ƵơƭóŌŦóďŌśŌƭǔ©ĞƖŲƙƭɔ
ɲ UŦĶŲƙŤóƭŌŲŦŲŦƖƙŲėƵĐĞėóŦėĐŲŦơƵŤĞė
ĞśĞĐƭƙŌĐŌƭǔɏľĞóƭɏǍóƖŲƙóŦėĐŲŲśŌŦķŌơƖƙŲǍŌėĞėĶŲƙ
ƭľĞƙĞƖŲƙƭǔĞóƙɔ
 PĞóƭɏĐŲŲśŌŦķóŦėǍóƖŲƙėóƭóŌŦĞŦĞƙķǔ
ĐŲŦơƵŤƖƭŌŲŦóƙĞŦŲƭơĞƖóƙóƭĞśǔėŌơĐśŲơĞėəďƵƭ
ƭľĞƭŲƭóśĐŲŦơƵŤƖƭŌŲŦĶŌķƵƙĞơóƙĞƖƙŲǍŌėĞėɔ
ɲ ĐƭŌǍŌƭŌĞơóƙĞĐóƙƙŌĞėŲƵƭƭŲŌŦĐƙĞóơĞƙĞŦĞǎóďśĞ
ĞŦĞƙķǔƵơĞɏƭƙóŦơŌƭŌŲŦƭŲǞĞƙŲŲƙśŲǎĐóƙďŲŦ
ĞśĞĐƭƙŌĐŌƭǔóŦėŌŦĶŲƙŤóƭŌŲŦƙĞśóƭĞėƭŲƭľĞơĞ
óĐƭŌǍŌƭŌĞơŌơėŌơĐśŲơĞėɔ
 ©ĞŦĞǎóďśĞĞŦĞƙķǔŌơŦŲƭƵơĞėəľŲǎĞǍĞƙɏ
ŌŦĐƙĞóơŌŦķƭľĞŌŦǍĞơƭŤĞŦƭơŌŦƭľŌơĶŌĞśėŌơ
ĐŲŦơŌėĞƙĞėɔ
79
ɲ ©ĞŦĞǎóďśĞĞŦĞƙķǔƖƙŲėƵĐƭŌŲŦóŦėƵơóķĞėóƭóŌơ
ƙĞǍĞóśĞėɔ
 ©ĞŦĞǎóďśĞĞŦĞƙķǔŌơŦŲƭƵơĞėəľŲǎĞǍĞƙɏ
ŌŦĐƙĞóơŌŦķƭľĞŌŦǍĞơƭŤĞŦƭơŌŦƭľŌơĶŌĞśėŌơ
ĐŲŦơŌėĞƙĞėɔ
ɲ 1ŦĞƙķǔĞĶĶŌĐŌĞŦĐǔƖƙŲŕĞĐƭơóƙĞĐóƙƙŌĞėŲƵƭəóŦėɏ
ƭľóŦŘơƭŲƭľĞơĞƖƙŲŕĞĐƭơɏĞŦĞƙķǔĐŲŦơƵŤƖƭŌŲŦ
óŦėĞŤŌơơŌŲŦƙĞėƵĐƭŌŲŦĶŌķƵƙĞơóƙĞėŌơĐśŲơĞėɔ
 UŦȑȏȐȘɏóơƖóƙƭŲĶƭľĞóĐƭŌǍŌƭŌĞơƭŲƙĞėƵĐĞĞŦĞƙķǔ
ĐŲŦơƵŤƖƭŌŲŦɏǎĞơóǍĞėȑɏȔȏȑtÞľĞŦĞƙķǔ
ĞƘƵŌǍóśĞŦƭƭŲóŦŦƵóśĞŦĞƙķǔĐŲŦơƵŤƖƭŌŲŦŲĶ
óƖƖƙŲǓŌŤóƭĞśǔȐɏȔȏȏľŲƵơĞơɔ ǔƙĞėƵĐŌŦķƭľĞ
ĞŦĞƙķǔĐŲŦơƵŤƖƭŌŲŦɏǎĞóĐľŌĞǍĞėóƖƖƙŲǓŌŤóƭĞśǔ
¾jȐŤŌśśŌŲŦĶŌŦóŦĐŌóśơóǍŌŦķóŦėƖƙĞǍĞŦƭĞėȐɏȏȏȏ
ƭŲŦơŲĶ!‚2ĞŤŌơơŌŲŦɔ
ɲ (ƙóǎŦɏƵơĞėɏƙĞĐǔĐśĞėóŦėėŌơĐľóƙķĞėǎóƭĞƙ
óŤŲƵŦƭơĶƙŲŤơƵƙĶóĐĞǎóƭĞƙóŦėķƙŲƵŦėǎóƭĞƙɏ
ƭľĞŌƙƙĞơŲƵƙĐĞơóŦėƖƙŲĐĞėƵƙĞơɦ¾ŲƭóśǎóƭĞƙ
ėƙóǎŦƖĞƙƙĞơŲƵƙĐĞɏǎóƭĞƙƙĞơŲƵƙĐĞơóĶĶĞĐƭĞė
ĶƙŲŤǎóƭĞƙėƙóǎŦəƖĞƙĐĞŦƭóķĞóŦėƭŲƭóśǍŲśƵŤĞ
ŲĶƭľĞƙĞĐǔĐśĞėóŦėƙĞƵơĞėǎóƭĞƙɏĞƭĐɔɧóƙĞ
ƙĞƖŲƙƭĞėɔ
 ¦ĞƙĶŲƙŤóŦĐĞŌŦėŌĐóƭŲƙơĐóŦďĞĶŲƵŦėŲŦƖóķĞȔȗ
ŲĶƭľĞȑȏȐȘ±ƵơƭóŌŦóďŌśŌƭǔ©ĞƖŲƙƭɔ
ɲ ÞľĞƭľĞƙŲƙŦŲƭƭľĞŲƖĞƙóƭŌŲŦơŲƙóĐƭŌǍŌƭŌĞơ
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!óƙďŲŦ¾óǓɧŌơėŌơĐśŲơĞėɔ
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ƖƙŌĐŌŦķơǔơƭĞŤɔ
ɲ ĐĐƵŤƵśóƭĞėŲƙƖƵƙĐľóơĞėĐóƙďŲŦĐƙĞėŌƭėƵƙŌŦķ
ƭľĞƙĞƖŲƙƭŌŦķƖĞƙŌŲėŌơėŌơĐśŲơĞėɔ
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ƭŲȐȔʼŲĶŲƵƙĐóƙďŲŦĞŤŌơơŌŲŦơəľĞŦĐĞɏŲĶĶơĞƭŲƵƙ
ĞŤŌơơŌŲŦơĐŲƙƙĞơƖŲŦėŌŦķƭŲƭľŌơƙóƭĞɔ
ɲ UĶĐóƙďŲŦƖƙŌĐŌŦķŌơóƖƖśŌĞėŌŦƭľĞĐŲŤƖóŦǔɏ
ėĞƭóŌśơóƙĞėŌơĐśŲơĞėɔ
 !óƙďŲŦƖƙŌĐŌŦķŌơŦŲƭŌŤƖśĞŤĞŦƭĞėɔ
ɲ śśŤóŦėóƭŲƙǔóŦėǍŲśƵŦƭóƙǔƖśóƭĶŲƙŤơƭľóƭƭľĞ
ĐŲŤƖóŦǔėŌơĐśŲơĞơŌƭơĞŦǍŌƙŲŦŤĞŦƭóśŌŦĶŲƙŤóƭŌŲŦ
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Annual Report 2020
±ƵơƭóŌŦóďŌśŌƭǔ¦ƙŌŦĐŌƖśĞơ!ŲŤƖśŌóŦĐĞHƙóŤĞǎŲƙŘ
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ĐľóŦķĞơƭƙóƭĞķǔóŦėĐóƙďŲŦĞŤŌơơŌŲŦơɔ
!ɔ±ŲĐŌóś¦ƙŌŦĐŌƖśĞơ
!ȐɔPƵŤóŦ©ŌķľƭơóŦė1ŤƖśŲǔĞĞ©Ōķľƭơ
ɲ !ŲƙƖŲƙóƭĞPƵŤóŦ©ŌķľƭơóŦė1ŤƖśŲǔĞĞơ
©Ōķľƭơ¦ŲśŌĐǔɏǎľŌĐľŌŦĐśƵėĞơĐŲŤŤŌƭŤĞŦƭƭŲĶƵśś
ĐŲŤƖśŌóŦĐĞƭŲÅŦŌǍĞƙơóś(ĞĐśóƙóƭŌŲŦŲĶPƵŤóŦ
©ŌķľƭơɏUj‚ĐŲŦǍĞŦƭŌŲŦơƭľóƭ¾ƵƙŘĞǔŌơóƖóƙƭǔƭŲ
óŦėśĞķóśĶƙóŤĞóŦėśĞķŌơśóƭŌŲŦƙĞķƵśóƭŌŦķƭľĞ
ľƵŤóŦƙŌķľƭơóŦėĞŤƖśŲǔĞĞƙŌķľƭơŌŦ¾ƵƙŘĞǔɏŌơ
ėĞǍĞśŲƖĞėɔ©ŲśĞơóŦėƙĞơƖŲŦơŌďŌśŌƭŌĞơƙĞśóƭĞėƭŲ
ƭľĞơƵďŕĞĐƭƖŲśŌĐǔóŦėŌŤƖśĞŤĞŦƭóƭŌŲŦŲĶƭľĞ
ƖŲśŌĐǔŌơėŌơĐśŲơĞėƭŲƭľĞƖƵďśŌĐɔ
 äŲƵĐóŦóĐĐĞơơËśŘĞƙ ŌơŘƻǍŌPƵŤóŦ©Ōķľƭơ
¦ŲśŌĐǔɔ
ɲ 1ƘƵóśŲƖƖŲƙƭƵŦŌƭǔŌơóơơƵƙĞėėƵƙŌŦķƙĞĐƙƵŌƭŤĞŦƭɔ
!ŲŦơŌėĞƙŌŦķơƵƖƖśǔóŦėǍóśƵĞĐľóŌŦŌŤƖóĐƭơɏ
ƭľĞƖŲśŌĐǔĐŲǍĞƙơĶóŌƙśóďŲƙɏŌŤƖƙŲǍĞŤĞŦƭŲĶ
ǎŲƙŘŌŦķơƭóŦėóƙėơɏǍóƙŌĞƭǔóŦėŌŦĐśƵơŌŲŦɦŦŲ
ėŌơĐƙŌŤŌŦóƭŌŲŦďóơĞėŲŦơĞǓɏơĞǓƵóśŲƙŌĞŦƭóƭŌŲŦɏ
ƙĞśŌķŌŲƵơďĞśŌĞĶɏśóŦķƵóķĞɏƙóĐĞɏĞƭľŦŌĐŌƭǔɏóķĞɏ
ėŌơóďŌśŌƭǔɏŌŤŤŌķƙóƭŌŲŦơƭóƭƵơɏĞƭĐɔɧŌơơƵĞơɔ
 ËśŘĞƙ ŌơŘƻǍŌPƵŤóŦ©Ōķľƭơ¦ŲśŌĐǔĐóŦďĞ
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ĐŲŤɚɛóơơĞƭơɚƖėĶɚơƵƙėƵƙƵśĞďŌśŌƙśŌŘɚƵśŘĞƙɲŌŦơóŦɲ
ľóŘśóƙŌɲƖŲśŌƭŌŘóơŌɔƖėĶɏ±ƵƖƖśǔ!ľóŌŦ¦ŲśŌĐǔĐóŦďĞ
óĐĐĞơơĞėǍŌó1ƙƙŲƙɑPǔƖĞƙśŌŦŘƙĞĶĞƙĞŦĐĞŦŲƭǍóśŌėɔ
ľƭƭƖɎɚɚƵśŘĞƙďŌơŘƵǍŌǔóƭŌƙŌŤĐŌŌśŌơŘŌśĞƙŌɔĐŲŤɚɛóơơĞƭơɚ
ƖėĶɚơƵƙėƵƙƵśĞďŌśŌƙśŌŘɚÅśŘĞƙɛ¾ĞėóƙŌŘɛîŌŦĐŌƙŌɛ
¦ŲśŌƭŌŘóơŌɔƖėĶɔ
ɲ tĞóơƵƙĞơƭóŘĞŦƭľƙŲƵķľŲƵƭƭľĞǍóśƵĞĐľóŌŦ
ƭŲĐŲŦơŌėĞƙƭľĞƙŌķľƭơɚĞƘƵóśŲƖƖŲƙƭƵŦŌƭŌĞơƭŲ
ŤŌŦŲƙŌƭŌĞơŲƙƭŲƖĞŲƖśĞơƵơĐĞƖƭŌďśĞƭŲơƖĞĐŌĶŌĐ
ĞĐŲŦŲŤŌĐɏĞŦǍŌƙŲŦŤĞŦƭóśɏơŲĐŌóśĶóĐƭŲƙơɦƖĞŲƖśĞ
ǎŌƭľśŲǎŌŦĐŲŤĞơɏǎŲŤĞŦɏĞƭĐɔɧóƙĞėŌơĐśŲơĞėɔ
ɲ (ĞǍĞśŲƖŤĞŦƭơŲŦľƵŤóŦƙŌķľƭơóƙĞŦŲƭėŌơĐśŲơĞė
ŌŦėĞƭóŌśəľŲǎĞǍĞƙɏƭľĞŌơơƵĞǎŌśśďĞŌŤƖƙŲǍĞėŌŦ
ƭľĞƵƖĐŲŤŌŦķƖĞƙŌŲėơɔ
80
ɲ (ĞǍĞśŲƖŤĞŦƭơŲŦƖƙĞǍĞŦƭŌǍĞóŦėĐŲƙƙĞĐƭŌǍĞ
ƖƙóĐƭŌĐĞơƙĞķóƙėŌŦķėŌơĐƙŌŤŌŦóƭŌŲŦɏŌŦĞƘƵóśŌƭǔɏ
ľƵŤóŦƙŌķľƭơǍŌŲśóƭŌŲŦơɏĶŲƙĐĞėóŦėĐŲŤƖƵśơŲƙǔ
śóďŲƙóƙĞƙĞƖŲƙƭĞėɔ©ĞķƵśóƭŌŲŦơƭľóƭƖƙŲľŌďŌƭĐľŌśė
śóďŲƙóƙĞƙĞśĞóơĞėɔ
 (ĞǍĞśŲƖŤĞŦƭơŲŦľƵŤóŦƙŌķľƭơóƙĞŦŲƭėŌơĐśŲơĞė
ŌŦėĞƭóŌśəľŲǎĞǍĞƙɏƭľĞŌơơƵĞǎŌśśďĞŌŤƖƙŲǍĞėŌŦƭľĞ
ƵƖĐŲŤŌŦķƖĞƙŌŲėơɔ
ɲ ¦ŲśŌĐŌĞơƙĞķóƙėŌŦķŌŦǍĞơƭŤĞŦƭơŌŦĞŤƖśŲǔĞĞơ
ɦƭƙóŌŦŌŦķɏėĞǍĞśŲƖŤĞŦƭƖŲśŌĐŌĞơɧɏĐŲŤƖĞŦơóƭŌŲŦɏ
ĶƙŌŦķĞďĞŦĞĶŌƭơɏƙŌķľƭƭŲƵŦŌŲŦɏǎŲƙŘɚśŌĶĞďóśóŦĐĞ
ơŲśƵƭŌŲŦơóŦėơŘŌśśơŤóŦóķĞŤĞŦƭóƙĞėŌơĐśŲơĞėɔ
1ŤƖśŲǔĞĞĐŲŤƖśóŌŦƭơóŦėėŌơƖƵƭĞƙĞơŲśƵƭŌŲŦ
ƖƙŲĐĞơơĞơóƙĞėĞĶŌŦĞėɔĐƭŌǍŌƭŌĞơƙĞśóƭĞėƭŲ
ĞŤƖśŲǔĞĞơóƭŌơĶóĐƭŌŲŦóƙĞƙĞķƵśóƙśǔėŌơĐśŲơĞėɔ
¦ĞƙĶŲƙŤóŦĐĞtóŦóķĞŤĞŦƭ
 UŦśŌŦĞǎŌƭľŲƵƙơŘŌśśơŤóŦóķĞŤĞŦƭŤĞŦƭóśŌƭǔɏ
ǎĞŲďŕĞĐƭŌǍĞśǔĞǍóśƵóƭĞƖĞƙĶŲƙŤóŦĐĞơóŦė
ƖƙŲǍŌėĞƭƙóŌŦŌŦķƭŲĞŤƖśŲǔĞĞơĶŲƙƭľĞŤƭŲďĞ
óďśĞƭŲŌŤƖƙŲǍĞƭľĞŌƙĐŲŤƖĞƭĞŦĐŌĞơɔÞĞĞǍóśƵóƭĞ
ƖĞƙĶŲƙŤóŦĐĞơŲĶĞŤƖśŲǔĞĞơƭľƙŲƵķľƖĞƙĶŲƙŤóŦĐĞ
ŤóŦóķĞŤĞŦƭơǔơƭĞŤóŦėŌėĞŦƭŌĶǔƭľĞóƙĞóơ
ƭŲďĞŌŤƖƙŲǍĞėɔ¾ľĞƖƙŲĐĞơơŌơĐŲŤƖśĞƭĞėŌŦ
ƭľƙĞĞƖľóơĞơɏŌɔĞɔɏķŲóśơĞƭƭŌŦķɏŌŦƭĞƙŌŤĞǍóśƵóƭŌŲŦ
óŦėĞǍóśƵóƭŌŲŦƖĞƙŌŲėơɔ(ƵƙŌŦķƭľŌơƖĞƙŌŲėɏ
ŤóŦóķĞƙơĐóŦơƵďŤŌƭĶĞĞėďóĐŘƭŲĞŤƖśŲǔĞĞơɔ
ơóƙĞơƵśƭŲĶƭľĞĞǍóśƵóƭŌŲŦơďóơĞėŲŦƭóƙķĞƭơ
óŦėĐŲŤƖĞƭĞŦĐŌĞơɏĞŤƖśŲǔĞĞơóƙĞơƵƖƖŲƙƭĞėŌŦ
ƭĞƙŤơŲĶĐóƙĞĞƙƖśóŦŦŌŦķóŦėƖƙŲǍŌėĞėƭƙóŌŦŌŦķ
ŌŦƭľĞƙĞƘƵŌƙĞėĶŌĞśėơɔȐȏȏʼŲĶŲƵƭɲŲĶɲơĐŲƖĞ
ĞŤƖśŲǔĞĞơóƙĞĞǍóśƵóƭĞėďóơĞėŲŦƖĞƙĶŲƙŤóŦĐĞ
ŤóŦóķĞŤĞŦƭơǔơƭĞŤɔ
©ĞŤƵŦĞƙóƭŌŲŦóŦė±ŌėĞ ĞŦĞĶŌƭơ
 ©ĞŤƵŦĞƙóƭŌŲŦóŦėĶƙŌŦķĞďĞŦĞĶŌƭơŲĶĞŤƖśŲǔĞĞơ
óƙĞŤóŦóķĞėŌŦóĶóŌƙóŦėĞƘƵóśŤóŦŦĞƙďǔ
ƭóŘŌŦķŌŦƭŲóĐĐŲƵŦƭƭľĞŤóƙŘĞƭĐŲŦėŌƭŌŲŦơɔ¾ľĞ
ơƭóŦėóƙėĶƙŌŦķĞďĞŦĞĶŌƭơƖóĐŘóķĞơŲĶŲƵƭɲŲĶɲơĐŲƖĞ
ĞŤƖśŲǔĞĞơóƙĞŲĶĶĞƙĞėóơĶśĞǓŌďśĞĶƙŌŦķĞďĞŦĞĶŌƭơ
ƭľóƭĐóŦďĞơľóƖĞėŌŦśŌŦĞǎŌƭľƭľĞŌƙƖĞƙơŲŦóś
ƙĞƘƵŌƙĞŤĞŦƭơɔ1ŤƖśŲǔĞĞơĐóŦĐľŲŲơĞóśƭĞƙŦóƭŌǍĞơ
ŌŦĐśƵėŌŦķơƖŲƵơĞóŦėĐľŌśėơƵƖƖśĞŤĞŦƭóƙǔľĞóśƭľ
ŌŦơƵƙóŦĐĞɏơľŲƖƖŌŦķĐľĞƘƵĞơɏĐľĞĐŘɲƵƖɏƖĞƙơŲŦóś
ƙĞƭŌƙĞŤĞŦƭŌŦơƵƙóŦĐĞɏĞƭĐɔŲĶĶĞƙĞėŌŦƭľĞĶƙŌŦķĞ
ďĞŦĞĶŌƭơƖŲƙƭóśǎŌƭľŌŦƭľĞďƵėķĞƭƖƙŲǍŌėĞėɔHƙŌŦķĞ
ďĞŦĞĶŌƭơŲĶŌŦɲơĐŲƖĞĞŤƖśŲǔĞĞơóƙĞėĞƭĞƙŤŌŦĞėóơ
ƖóƙƭŲĶĐŲśśĞĐƭŌǍĞďóƙķóŌŦŌŦķɔ
 ^±hËÝ^
Annual Report 2020
¾ƙóŌŦŌŦķ
 ¾ƙóŌŦŌŦķóŦėėĞǍĞśŲƖŤĞŦƭƖƙŲķƙóŤơóƙĞ
ėĞơŌķŦĞėŌŦĐŲŤƖśŌóŦĐĞǎŌƭľƭľĞĐŲŤƖóŦǔʀơ
ǍŌơŌŲŦóŦėķŲóśơɔÞĞŌŦǍĞơƭŌŦơŘŌśśơŌŦśŌŦĞǎŌƭľƭľĞ
ȑȏȑȓķŲóśƭŲŘĞĞƖƭľĞśŲơƭơŘŌśśơƙóƭĞƵŦėĞƙȒʼ
óŦėƖƙŲǍŌėĞƭƙóŌŦŌŦķƭŲĞŤƖśŲǔĞĞơƭŲŌŤƖƙŲǍĞ
ƭľĞŌƙƖƙŲĶĞơơŌŲŦóśóŦėƖĞƙơŲŦóśĐŲŤƖĞƭĞŦĐŌĞơɔ
 ¾ƙóŌŦŌŦķƖƙŲķƙóŤơėĞśŌǍĞƙĞėƭŲĞŤƖśŲǔĞĞơóƙĞóơ
ĶŲśśŲǎơɎ
 ɍjĞóėĞƙơľŌƖ¾ƙóŌŦŌŦķ!ŲƵƙơĞơɦjĞóėĞƙơľŌƖ
±ƵŤŤŌƭɏjĞóėĞƙơľŌƖ!ŲŤƖóơơɏjĞóėĞƙơľŌƖtóƖɏ
HŌƙơƭ±ƭĞƖƭŲjĞóėĞƙơľŌƖɧ
 ɍ¦ĞƙơŲŦóś(ĞǍĞśŲƖŤĞŦƭɦ!óƭóśŲķɧ!ŲƵƙơĞơ
 ɍ±ƵơƭóŌŦóďŌśŌƭǔ1ėƵĐóƭŌŲŦ
 ɍ1ƭľŌĐóśóŦė‚ƖĞƙóƭŌŲŦóś¦ƙŌŦĐŌƖśĞơ¾ƙóŌŦŌŦķ
 ɍ‚ĐĐƵƖóƭŌŲŦóśPĞóśƭľóŦė±óĶĞƭǔ¾ƙóŌŦŌŦķ
 ɍ1ŦƭƙǔjĞǍĞśtóŦóķĞƙ¾ƙóŌŦŌŦķ
 ɍ±ƭóƙ‚ƖĞƙóƭŲƙ¾ƙóŌŦŌŦķ
 ɍ¾ĞĐľŦŌĐóś¾ƙóŌŦŌŦķ¦ƙŲķƙóŤơ
ɲ ‚ĐĐƵƖóƭŌŲŦóśľĞóśƭľóŦėơóĶĞƭǔƖŲśŌĐŌĞơóƙĞ
ėĞǍĞśŲƖĞėóŦėėŌơĐśŲơĞėƭŲƭľĞƖƵďśŌĐɔtĞóơƵƙĞơ
ƭóŘĞŦƭŲƖƙĞǍĞŦƭǎŲƙŘóĐĐŌėĞŦƭơóŦėóĐĐŌėĞŦƭ
ơƭóƭŌơƭŌĐơóƙĞĐŲŤŤƵŦŌĐóƭĞėɔ
 ¦ƙŲǍŌėŌŦķóľĞóśƭľǔóŦėơóĶĞǎŲƙŘĞŦǍŌƙŲŦŤĞŦƭ
ƭŲŲƵƙĞŤƖśŲǔĞĞơŌơóŤŲŦķŲƵƙŤóƭĞƙŌóśŌơơƵĞơɔ
UŦśŌŦĞǎŌƭľƭľĞîĞƙŲÞŲƙŘĐĐŌėĞŦƭķŲóśɏǎĞ
ŌŤƖśĞŤĞŦƭŲĐĐƵƖóƭŌŲŦóśľĞóśƭľóŦėơóĶĞƭǔɦ‚P±ɧ
ƖƙóĐƭŌĐĞơďĞǔŲŦėƭľĞśĞķóśƙĞƘƵŌƙĞŤĞŦƭơɏóƭ
ŌŦƭĞƙŦóƭŌŲŦóśơƭóŦėóƙėơɔUŦȑȏȑȏɏǎĞĐŲŤƖśĞƭĞė
ƭľĞƭƙóŦơŌƭŌŲŦĶƙŲŤ‚P±±ȐȗȏȏȐƭŲU±‚ȓȔȏȏȐ
‚ĐĐƵƖóƭŌŲŦóśPĞóśƭľóŦė±óĶĞƭǔtóŦóķĞŤĞŦƭ
±ǔơƭĞŤóƭóśśŲƵƙĶóĐƭŲƙŌĞơɔ
ɲ ¦ƙŲƭĞĐƭŌŲŦŲĶƖĞƙơŲŦóśėóƭóóŦėėóƭóơĞĐƵƙŌƭǔ
ƖŲśŌĐŌĞơóƙĞėĞǍĞśŲƖĞėóŦėėŌơĐśŲơĞėƭŲƭľĞ
ƖƵďśŌĐɔ
 UŦĶŲƙŤóƭŌŲŦŲŦƖƙŲƭĞĐƭŌŲŦŲĶƖĞƙơŲŦóśėóƭóĐóŦ
ďĞóĐĐĞơơĞėǍŌóǎǎǎɔƵśŘĞƙɔĐŲŤɔƭƙɔ
81
ɲ 1ƭľŌĐơƖŲśŌĐǔɦŌŦĐśƵėŌŦķóĐƭŌǍŌƭŌĞơƙĞśóƭĞėƭŲ
ǎŲƙŘɏƖƙŲĶĞơơŌŲŦóśĞƭľŌĐơɏóėóƖƭóƭŌŲŦƖƙŲĐĞơơĞơɏ
óėǍĞƙƭŌơĞŤĞŦƭóŦėŤóƙŘĞƭŌŦķĞƭľŌĐơɏėŌơĐśŲơƵƙĞɏ
ĞƭĐɔɧŌơėĞǍĞśŲƖĞėóŦėėŌơĐśŲơĞėƭŲƭľĞƖƵďśŌĐɔ
 ¾ľĞ1ƭľŌĐơ!ŲėĞơŲĶƭľĞ!ŲŤƖóŦǔĐóŦďĞ
óĐĐĞơơĞėǍŌóľƭƭƖɎɚɚƵśŘĞƙďŌơŘƵǍŌŌŦǍĞơƭŲƙƙĞśóƭŌŲŦơɔ
ĐŲŤɚĞŦɚĐŲƙƖŲƙóƭĞɲķŲǍĞƙŦóŦĐĞɚĐŲėĞɲŲĶɲĞƭľŌĐơɔ
óơƖǓ
ɲ ĐƭŌǍŌƭŌĞơƙĞķóƙėŌŦķơŲĐŌóśŌŦǍĞơƭŤĞŦƭɏơŲĐŌóś
ƙĞơƖŲŦơŌďŌśŌƭǔɏĶŌŦóŦĐŌóśŌŦĐśƵơŌŲŦɏóĐĐĞơơƭŲ
ĶŌŦóŦĐŌŦķóƙĞƙĞǍĞóśĞėɔ
 ÞĞƭóŘĞĶŌƙŤơƭĞƖơƭŲƙĞėƵĐĞƭľĞơóƭƵƙóƭĞėĶóƭɏ
ơóśƭóŦėơƵķóƙóŤŲƵŦƭơƵơĞėŌŦóśśƖƙŲėƵĐƭ
ĐóƭĞķŲƙŌĞơďǔȑȏȑȓŌŦśŌŦĞǎŌƭľŲƵƙķŲóśŌŦŲƙėĞƙ
ƭŲơƵƖƖŲƙƭĐľŌśėƙĞŦóŦėǔŲƵŦķƖĞŲƖśĞɏǎľŲóƙĞ
ŲƵƙĶƵƭƵƙĞɏƭŲóėŲƖƭóďóśóŦĐĞėėŌĞƭľóďŌƭɔÞĞ
ĞŦėĞóǍŲƙĶŲƙơŲĐŌĞƭǔƭŲóėŲƖƭóľĞóśƭľǔśŌĶĞơƭǔśĞ
óŦėĐóƙƙǔŲƵƙ©ˀ(óĐƭŌǍŌƭŌĞơƙĞśóƭĞėƭŲƖƙŲėƵĐƭơ
ǎŌƭľľŌķľŦƵƭƙŌƭŌŲŦóśǍóśƵĞɔ
 ƭËśŘĞƙ ŌơŘƻǍŌɏǎĞľóǍĞľóėƭľĞķŲóśƭŲ
ĐŲŦƭƙŌďƵƭĞƭŲƖľǔơŌĐóśɏơŲĐŌóśɏĐƵśƭƵƙóśóŦėŤĞŦƭóś
ėĞǍĞśŲƖŤĞŦƭơŲĶĐľŌśėƙĞŦƭľƙŲƵķľƭľĞơŲĐŌóś
ƙĞơƖŲŦơŌďŌśŌƭǔƖƙŲŕĞĐƭơƭľóƭǎĞľóǍĞďĞĞŦĐóƙƙŌĞė
ŲƵƭƭŲėóƭĞɔ
 ÞŌƭľƭľĞĐľŌśėƙĞŦʀơĶŲŲƭďóśśƖƙŲŕĞĐƭơĐóƙƙŌĞėŲŦ
ďĞƭǎĞĞŦȑȏȏȖóŦėȑȏȐȕɏǎĞŌŦƭƙŲėƵĐĞėơƖŲƙƭơ
ƭŲŲǍĞƙȒȒȏɏȏȏȏĐľŌśėƙĞŦŌŦƭľĞĞóƙśǔǔĞóƙơŲĶ
ƭľĞŌƙśŌǍĞơóŦėơƵƖƖŲƙƭĞėŤƵśƭŌɲėŌŤĞŦơŌŲŦóś
ėĞǍĞśŲƖŤĞŦƭŲĶƭľĞơĞĐľŌśėƙĞŦƭľƙŲƵķľƭľĞ
ŲƙķóŦŌǞóƭŌŲŦơľĞśėɔ±ŲŤĞŲĶƭľĞķŌƙśơóŦėďŲǔơ
ǎľŲóƭƭĞŦėĞėƭľĞHŲŲƭďóśśÝŌśśóķĞơŲƙķóŦŌǞĞė
ǎĞƙĞƖŌĐŘĞėĶŲƙÅɲȐȔvóƭŌŲŦóś¾ĞóŤơɔ¾ľĞǔ
ďĞĐóŤĞơƵĐĐĞơơĶƵśŌŦƭľĞŌƙơƖŲƙƭơĐśƵďơóŦėķŲƭ
ƭľĞĐľóŦĐĞƭŲŕŲŌŦƭľĞƭĞóŤɔ
 ^±hËÝ^
Annual Report 2020
±ƵơƭóŌŦóďŌśŌƭǔ¦ƙŌŦĐŌƖśĞơ!ŲŤƖśŌóŦĐĞHƙóŤĞǎŲƙŘ
 ÞĞƙĞóĐľĞėóƖƖƙŲǓŌŤóƭĞśǔȐɔȔŤŌśśŌŲŦĐľŌśėƙĞŦŌŦ
ȐȏǔĞóƙơƭľƙŲƵķľơĞǍĞƙóśƖƙŲŕĞĐƭơŌŦĐśƵėŌŦķËśŘĞƙ
!ľŌśėƙĞŦʀơHŌśŤHĞơƭŌǍóśɏHŲŲƭďóśśÝŌśśóķĞơóŦė
ËśŘĞƙ!ľŌśėƙĞŦʀơƙƭÞŲƙŘơľŲƖɏĞƭĐɔUŦȑȏȐȘɏËśŘĞƙ
ŌơŘƻǍŌƭŲŲŘóơŌķŦŌĶŌĐóŦƭƖóƙƭŲĶɽtóŘĞPóƖƖǔ
ĞPóƖƖǔ(óǔɾĐĞśĞďƙóƭŌŲŦơŲĶäńśėńǞPŲśėŌŦķɏ
ƭŲķĞƭľĞƙǎŌƭľŌƭơơƵďơŌėŌóƙŌĞơɔÞŌƭľƭľĞĞǍĞŦƭơ
ľĞśėƭľƙŲƵķľŲƵƭƭľĞǔĞóƙɏŲƵƙĞŤƖśŲǔĞĞơóŦė
ĞǓĞĐƵƭŌǍĞơŲƙķóŦŌǞĞėơĞǍĞƙóśĞǍĞŦƭơɚóĐƭŌǍŌƭŌĞơ
ƭŲŤóŘĞóŦƵŤďĞƙŲĶĐľŌśėƙĞŦľóƖƖǔɔ ĞơŌėĞơ
ďŲŲŘóŦėơƭóƭŌŲŦóƙǔėŲŦóƭŌŲŦơɏǎĞơƵƖƖŲƙƭĞė
ơĐľŲŲśơŌŦƭľĞŌƙƙĞƖóŌƙǎŲƙŘơɏľóǍĞơĐľŲŲśơ
ƖóŌŦƭĞėɏŲƙķóŦŌǞĞėƖśóŦƭŌŦķƭƙĞĞơóƖśŌŦķơɏǍŌơŌƭĞė
ŲƙƖľóŦóķĞơɔ
ɲ UŦĶŲƙŤóƭŌǍĞŤĞĞƭŌŦķơóŦėƭƙóŌŦŌŦķƖƙŲķƙóŤơŲŦ
1±IƖŲśŌĐŌĞơóŦėƖƙóĐƭŌĐĞơóƙĞėĞśŌǍĞƙĞėɔ
 ±ŲĶóƙɏǎĞľóǍĞƖƙŲǍŌėĞėƭľĞơƭóŦėóƙė
ơƵơƭóŌŦóďŌśŌƭǔƭƙóŌŦŌŦķƭŲȑȔȏȏĞŤƖśŲǔĞĞơɔUŦ
ȑȏȑȏɏǎĞǎŌśśƖƙŲǍŌėĞŲŦśŌŦĞơƵơƭóŌŦóďŌśŌƭǔƭƙóŌŦŌŦķɔ
82
!ȑɔ±ƭóŘĞľŲśėĞƙơɏUŦƭĞƙŦóƭŌŲŦóś±ƭóŦėóƙėơóŦė
UŦŌƭŌóƭŌǍĞơ
ɲ ±ƵơƭóŌŦóďŌśŌƭǔóĐƭŌǍŌƭŌĞơóƙĞĐóƙƙŌĞėŲƵƭ
ĐŲŦơŌėĞƙŌŦķƭľĞƙĞƘƵŌƙĞŤĞŦƭơóŦėƖƙŌŲƙŌƭŌĞơ
ŲĶóśśơƭóŘĞľŲśėĞƙơɦĞŤƖśŲǔĞĞơɏĐƵơƭŲŤĞƙơɏ
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ŌŦơƭŌƭƵƭŌŲŦơɏơľóƙĞľŲśėĞƙơɏķŲǍĞƙŦŤĞŦƭóśóŦė
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ĐŲŤŤƵŦŌĐóƭŌŲŦóŦėďƵŌśėŌŦķƖóƙƭŦĞƙơľŌƖơǎŌƭľ
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ŌŦŲƵƙėĞĐŌơŌŲŦɲŤóŘŌŦķŤĞĐľóŦŌơŤơɔ(ƵƙŌŦķ
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ƙĞķóƙėŌŦķĐƵơƭŲŤĞƙơóƭŌơĶóĐƭŌŲŦŤóŦóķĞŤĞŦƭ
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ĐŲŤƖóŦǔǎŲƙŘơŲŦėĞǍĞśŲƖŌŦķŲŦĞɔ
ɲ ±ƭóŘĞľŲśėĞƙĐŲŤŤƵŦŌĐóƭŌŲŦŌơŤóŌŦƭóŌŦĞėŌŦ
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ĶŲƙǎľŌĐľƖƵƙƖŲơĞóŦėŲŦǎľŌĐľŌơơƵĞơóơǎĞśś
óơėĞǍĞśŲƖŤĞŦƭơŌŦơƵơƭóŌŦóďŌśŌƭǔóĐƭŌǍŌƭŌĞơóƙĞ
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Annual Report 2020

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±óƭŌơĶóĐƭŌŲŦơƵƙǍĞǔơɏ‚P±ďŲóƙėŤĞĞƭŌŦķơɏ
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1ŤƖśŲǔĞĞơ
ƖƙŲķƙóŤơɏǎŲƙŘơľŲƖơɏǎĞďơŌƭĞɏŌŦėƵơƭƙŌóśƙĞśóƭŌŲŦơ
ďŲóƙėơɏĞŤƖśŲǔĞĞơƵƖƖŲƙƭśŌŦĞɏŘńśhƻƖƻɏơƭóŘĞľŲśėĞƙ
óŦóśǔơŌơ
tĞŤďĞƙơľŌƖơóŦėďŲóƙėŤĞŤďĞƙơľŌƖơɏóĐƭŌǍĞ
UŦėƵơƭƙǔ‚ƙķóŦŌǞóƭŌŲŦơóŦėơơŲĐŌóƭŌŲŦơɏ
ƖóƙƭŌĐŌƖóƭŌŲŦŌŦŤĞĞƭŌŦķơóŦėŕŲŌŦƭĞĶĶŲƙƭơɏóŦŦƵóś
vŲŦķŲǍĞƙŦŤĞŦƭóś‚ƙķóŦŌǞóƭŌŲŦơɏóŦėUŦƭĞƙŦóƭŌŲŦóś
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‚ƙķóŦŌǞóƭŌŲŦơ
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‚ŦĞɲƭŲɲŲŦĞŤĞĞƭŌŦķơɏóŦŦƵóśƙĞƖŲƙƭơɏơƵơƭóŌŦóďŌśŌƭǔ
(ŌơƭƙŌďƵƭŲƙơóŦė±ƵƖƖśŌĞƙơ ƙĞƖŲƙƭơɏƘƵóśŌƭǔŌŦơƖĞĐƭŌŲŦơɏƙĞśĞǍóŦƭƖŲśŌĐŌĞơóŦė
ėŲĐƵŤĞŦƭơɏǎĞďơŌƭĞɏơƭóŘĞľŲśėĞƙóŦóśǔơŌơ
IĞŦĞƙóśóơơĞŤďśǔɏŤóƭĞƙŌóśĞǍĞŦėŌơĐśŲơƵƙĞơɏ
ƖƙĞơơơƭóƭĞŤĞŦƭơɏŲŦĞɲƭŲɲŲŦĞŤĞĞƭŌŦķơóŦė
ĐŲƙƙĞơƖŲŦėĞŦĐĞơɏóƭƭĞŦėóŦĐĞƭŲĐŲŦĶĞƙĞŦĐĞơɏďƙŲŘĞƙɚ
±ľóƙĞľŲśėĞƙơóŦėUŦǍĞơƭŲƙơ
ďóŦŘƙĞƖŲƙƭơɏƖĞƙŌŲėŌĐŌŦĶŲƙŤóƭŌŲŦśĞƭƭĞƙơɏóŦŦƵóś
ƙĞƖŲƙƭơɏơƵơƭóŌŦóďŌśŌƭǔƙĞƖŲƙƭơɏǎĞďơŌƭĞɏƖĞƙĐĞƖƭŌŲŦ
ƖƙŲŕĞĐƭơɏơƭóŘĞľŲśėĞƙóŦóśǔơŌơ
‚ŦĞɲƭŲɲŲŦĞŤĞĞƭŌŦķơɏóŦŦƵóśƙĞƖŲƙƭơɏơƵơƭóŌŦóďŌśŌƭǔ
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‚ŦĞɲƭŲɲŲŦĞŤĞĞƭŌŦķơɏƖƙĞơơĐŲŦĶĞƙĞŦĐĞơɏóŦŦƵóś
ƙĞƖŲƙƭơɏơƵơƭóŌŦóďŌśŌƭǔƙĞƖŲƙƭơɏóŦŦŲƵŦĐĞŤĞŦƭơ
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óŦóśǔơŌơ
ËśŘĞƙ!ƵơƭŲŤĞƙ!ŲŤŤƵŦŌĐóƭŌŲŦ!ĞŦƭĞƙɏǎĞďơŌƭĞɏ
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ơƭóŘĞľŲśėĞƙóŦóśǔơŌơ
ĐƭŌǍĞƖóƙƭŌĐŌƖóƭŌŲŦŌŦŕŲŌŦƭĞĶĶŲƙƭơɏóŦŦƵóśƙĞƖŲƙƭơɏ
ÅŦŌǍĞƙơŌƭŌĞơ ơƵơƭóŌŦóďŌśŌƭǔƙĞƖŲƙƭơɏǎĞďơŌƭĞɏŌŦƭĞƙŦơľŌƖƖƙŲķƙóŤơɏ
ĐóƙĞĞƙėóǔơɏĐŲŦĶĞƙĞŦĐĞơɏơƭóŘĞľŲśėĞƙóŦóśǔơŌơ

83
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Annual Report 2020
±ƵơƭóŌŦóďŌśŌƭǔ¦ƙŌŦĐŌƖśĞơ!ŲŤƖśŌóŦĐĞHƙóŤĞǎŲƙŘ
ɲ UŦƭĞƙŦóƭŌŲŦóś©ĞƖŲƙƭŌŦķ±ƭóŦėóƙėơóėŲƖƭĞė
ɦ!óƙďŲŦ(ŌơĐśŲơƵƙЦŲśŌĐǔɦ!(¦ɧɏIśŲďóś
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ĐĐŲƵŦƭŌŦķ±ƭóŦėóƙėơ Ųóƙėɦ±± ɧɏ¾óơŘHŲƙĐĞ
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ĐĐŲƵŦƭŌŦķ±ƭóŦėóƙėơ Ųóƙėɦ±± ɧ¦ƙŲĐĞơơĞė
HŲŲėơIƵŌėóŦĐĞɔơƖóƙƭŲĶŲƵƙśĞóėĞƙơľŌƖ
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ŲƖĞƙóƭŌŲŦơɏǎĞƖƵƭĶŲƙƭľŲƵƙĐŲŦƭƙŌďƵƭŌŲŦơƭŲƭľĞ
±ƵơƭóŌŦóďśĞ(ĞǍĞśŲƖŤĞŦƭIŲóśơɔ
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ėŌơĐśŲơĞėƭŲƭľĞƖƵďśŌĐɔ
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HŲƵŦėóƭŌŲŦɔơƖóƙƭŲĶŲƵƙŤĞŤďĞƙơľŌƖƭŲHŲŲė
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ĶŲŲėơóĶĞƭǔɏĶŲŲėơƵơƭóŌŦóďŌśŌƭǔóŦėóĐƭŌǍĞśǔ
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óƙĞŌŦĐśƵėĞėŌŦƭľĞ¾ƵƙŘŌơľUŦėƵơƭƙǔóŦė ƵơŌŦĞơơ
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HŲƙĐĞɔ
ɲ ±ƵďơƭóŦƭŌóśĞĶĶŲƙƭơóƙĞƖƵƭƭŲďĞśŌơƭĞėŌŦƭľĞ
ŲƙơóUơƭóŦďƵś±ƵơƭóŌŦóďŌśŌƭǔUŦėĞǓóŦėƭľĞ
ŌŦƭĞƙŦóƭŌŲŦóśơƵơƭóŌŦóďŌśŌƭǔŌŦėĞǓĞơɦ(ŲǎfŲŦĞơ
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UŦėĞǓĞơɏĞƭĐɔɧɔ
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84
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IŲǍĞƙŦóŦĐĞƖƙŌŦĐŌƖśĞơƭľóƭơľóśśďĞóďŌėĞė
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IŲǍĞƙŦóŦĐĞ!ŲŤŤƵŦŌƘƵğUUɲȐȖɔȐóơǎĞśśóơóśś
ŲƭľĞƙ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞƖƙŌŦĐŌƖśĞơɔ
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©ĞƖŲƙƭɾóŦėĐŲŤƖśŌóŦĐĞǎŌƭľơƖĞĐŌĶŌĞė!ŲƙƖŲƙóƭĞ
IŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơľóǍĞďĞĐŲŤĞŤóŦėóƭŲƙǔ
ĶŲƙĐŲŤƖóŦŌĞơƭƙóėĞėŲŦ ŲƙơóUơƭóŦďƵśɦ U±¾ɧɔ
ĐĐŲƙėŌŦķśǔɏƭľĞ!ŲŤƖóŦǔľóơƙĞơŲśǍĞėƭľóƭƭľĞ
ƙĞƘƵŌƙĞŤĞŦƭơŌŤƖŲơĞėďǔƭľĞ!t ďĞơƭƙŌĐƭśǔ
ĶŲśśŲǎĞėɏóŦėŦĞĐĞơơóƙǔĞĶĶŲƙƭơóƙĞƵŦėĞƙƭóŘĞŦ
ƭŲķƵóƙóŦƭĞĞĐŲŤƖśŌóŦĐĞǎŌƭľŲƭľĞƙƖƙŌŦĐŌƖśĞơ
ėĞơĐƙŌďĞėŌŦƭľŲơĞ!ŲŤŤƵŦŌƘƵğơɔ
ɲ śƭľŲƵķľĶƵśśĐŲŤƖśŌóŦĐĞǎŌƭľŦŲŦɲŤóŦėóƭŲƙǔ
!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơŌơóƭóƙķĞƭɏ
ŌƭľóơŦŲƭǔĞƭďĞĞŦóĐľŌĞǍĞėėƵĞƭŲėŌĶĶŌĐƵśƭŌĞơ
ƙĞķóƙėŌŦķŌŤƖśĞŤĞŦƭóƭŌŲŦŲĶơŲŤĞƖƙŌŦĐŌƖśĞơóŦė
ơŲŤĞƖƙŌŦĐŌƖśĞơĶóŌśŌŦķƭŲóśŌķŦǎŌƭľƭľĞĞǓŌơƭŌŦķ
ơƭƙƵĐƭƵƙĞŲĶƭľĞŤóƙŘĞƭóŦėƭľĞ!ŲŤƖóŦǔɔ
ɲ ¾ľĞƖƙŌŦĐŌƖśĞơƭľóƭľóǍĞŦŲƭďĞĞŦŌŤƖśĞŤĞŦƭĞė
ǔĞƭľóǍĞŦŲƭƙĞơƵśƭĞėŌŦóĐŲŦĶśŌĐƭŲĶŌŦƭĞƙĞơƭ
óŤŲŦķơƭóŘĞľŲśėĞƙơƵƖƭŲėóǔɔPŲǎĞǍĞƙɏƭľĞǔ
óƙĞďĞŌŦķǎŲƙŘĞėŲŦóŦėƭľĞƖśóŦŌơƭŲóėŲƖƭ
ƭľĞŤƵƖŲŦƭľĞĐŲŤƖśĞƭŌŲŦŲĶƭľĞóėŤŌŦŌơƭƙóƭŌǍĞɏ
śĞķóśóŦėƭĞĐľŦŌĐóśŌŦĶƙóơƭƙƵĐƭƵƙĞǎŲƙŘơƭľóƭ
ǎŲƵśėĐŲŦƭƙŌďƵƭĞƭŲƭľĞ!ŲŤƖóŦǔʀơĞĶĶĞĐƭŌǍĞ
ŤóŦóķĞŤĞŦƭɔ±ƵơƭóŌŦóďŌśŌƭǔɏĞŦǍŌƙŲŦŤĞŦƭóś
ŌŤƖóĐƭơŲĶƭľĞŲƖĞƙóƭŌŲŦơóŦėƙĞśóƭĞėƖƙŌŦĐŌƖśĞơ
óƙĞĐŲŦơŌėĞƙĞėǎľŌśĞėĞĶŌŦŌŦķĐŲƙƖŲƙóƭĞ
ķŲǍĞƙŦóŦĐĞơƭƙóƭĞķǔɔ
 ÞĞľóǍĞóśǎóǔơƙĞķóƙėĞėơƵơƭóŌŦóďŌśŌƭǔǎŌƭľ
ŲƵƙɽŤóŘĞľóƖƖǔɏďĞľóƖƖǔɾóƖƖƙŲóĐľóơóŦ
ĞơơĞŦƭŌóśƖóƙƭŲĶŲƵƙďƵơŌŦĞơơơŌŦĐĞƭľĞėóǔŲƵƙ
ĐŲŤƖóŦǔǎóơĞơƭóďśŌơľĞėɔÞĞƭŲƵĐľóśśŲƵƙǍóśƵĞ
ĐľóŌŦóŦėƖƵƭŲƵƙĞĶĶŲƙƭơƭŲėĞǍĞśŲƖóŦėķƙŲǎ
ƭŲķĞƭľĞƙǎŌƭľŲƵƙơƭóŘĞľŲśėĞƙơŌŦĐśƵėŌŦķƭľĞơŲŌśɏ
ĶóƙŤĞƙơɏĞŤƖśŲǔĞĞơɏĐƵơƭŲŤĞƙơɏĞƭĐɔÞĞķóƭľĞƙ
óśśóĐƭŌǍŌƭŌĞơŌŦƭľŌơĶŌĞśėƵŦėĞƙơŌǓķƙŲƵƖơɏŌɔĞɔ
1ŦǍŌƙŲŦŤĞŦƭɏÝóśƵĞ!ľóŌŦɏ1ŤƖśŲǔĞĞơɏUŦŦŲǍóƭŌŲŦɏ
±ŲĐŌóś©ĞơƖŲŦơŌďŌśŌƭǔóŦėjĞóėĞƙơľŌƖɔ
 ^±hËÝ^
Annual Report 2020

ɲ ơơƭóƭĞėŌŦ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơɏ
ŦĞĐĞơơóƙǔŤĞóơƵƙĞơóƙĞƭóŘĞŦƭŲĐŲŤƖśǔ
ǎŌƭľƭľĞƖƙŌŦĐŌƖśĞơƙĞśóƭĞėƭŲďĞŦĞĶŌĐŌóƙŌĞơóŦė
ơƭƙĞŦķƭľĞŦƭľĞĐŲŤŤƵŦŌĐóƭŌŲŦǎŌƭľďĞŦĞĶŌĐŌóƙŌĞơɔ
ĞŦĞĶŌĐŌóƙŌĞơóƙĞĐŲŦơƵśƭĞėǎľŌśĞėĞĶŌŦŌŦķƭľĞ
ŤĞóơƵƙĞơóŦėơƭƙóƭĞķŌĞơŌŦơƵơƭóŌŦóďŌśŌƭǔɔ
 ÞĞĐŲŦơƵśƭƭŲŲƵƙŤóƭĞƙŌóśơƭóŘĞľŲśėĞƙơǎľŌśĞ
ėĞĶŌŦŌŦķƭľĞŤóƭĞƙŌóśơƵơƭóŌŦóďŌśŌƭǔŌơơƵĞơɔơƖóƙƭ
ŲĶóĐŲŤƖƙĞľĞŦơŌǍĞơƭóŘĞľŲśėĞƙóŦóśǔơŌơɏǍóƙŌŲƵơ
ơƭóŘĞľŲśėĞƙķƙŲƵƖơƖƙŌŲƙŌƭŌǞĞóśŲŦķŌơơƵĞśŌơƭ
ƭľƙŲƵķľŲŦśŌŦĞơƵƙǍĞǔơɔÞĞƙĞķƵśóƙśǔĐŲŦƭóĐƭŲƵƙ
ơƭóŘĞľŲśėĞƙơóŦėóơŘƭľĞŤóďŲƵƭƭľĞŌƙŌėĞóơóŦė
ĞǓƖĞĐƭóƭŌŲŦơƙĞķóƙėŌŦķËśŘĞƙʀơŤóƭĞƙŌóśŌơơƵĞơ
óŦėóĐƭŌǍŌƭŌĞơɔ
 ±ƵơƭóŌŦóďŌśŌƭǔɏƭľĞĞŦǍŌƙŲŦŤĞŦƭóśŌŤƖóĐƭŲĶ
ŲƖĞƙóƭŌŲŦơɏóŦėƖƙŌŦĐŌƖśĞơƭŲƭľŌơĞŦėóƙĞƭóŘĞŦ
ŌŦƭŲóĐĐŲƵŦƭǎľŌśĞĞơƭóďśŌơľŌŦķƭľĞĐŲƙƖŲƙóƭĞ
ķŲǍĞƙŦóŦĐĞơƭƙóƭĞķǔɔơƖƙŲǍŌėĞėĶŲƙŌŦƭľĞ
!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐЦƙŌŦĐŌƖśĞơɏƭľĞ!ŲŤƖóŦǔ
ƭóŘĞơŦĞĐĞơơóƙǔŤĞóơƵƙĞơƭŲĐŲŤƖśǔǎŌƭľ
ƖƙŌŦĐŌƖśĞơƙĞķóƙėŌŦķơƭóŘĞľŲśėĞƙơóŦėơƭƙĞŦķƭľĞŦ
ĐŲŤŤƵŦŌĐóƭŌŲŦǎŌƭľƭľĞŤɔ
 ÞĞƙĞơƖŲŦơŌďśǔơƵƖƖśǔĐóĐóŲɏƭľĞŤóŌŦƙóǎ
ŤóƭĞƙŌóśƵơĞėŌŦŲƵƙƖƙŲėƵĐƭơɔPĞŦĐĞɏǎĞơƵƖƖŲƙƭ
ơƵơƭóŌŦóďśĞĐóĐóŲƖƙŲėƵĐƭŌŲŦɔÞĞľóǍĞďĞĞŦ
óŤĞŤďĞƙŲĶÞŲƙśė!ŲĐŲóHŲƵŦėóƭŌŲŦǎľŌĐľ
ơƵƖƖŲƙƭơơŤóśśơŌǞĞėĐŲĐŲóƖƙŲėƵĐĞƙơóŦė
ŌŦĶŲƙŤƭľĞŤŲŦơƵơƭóŌŦóďśĞóķƙŌĐƵśƭƵƙĞƖƙóĐƭŌĐĞơɏ
ơŌŦĐĞȑȏȐȑɔUŦȑȏȐȗɏ¦śóėŌơɏƭľĞƖóƙĞŦƭĐŲŤƖóŦǔɏ
ŌŦŌƭŌóƭĞėóĐŲśśóďŲƙóƭŌŲŦǎŌƭľ1óƙƭľÞŲƙŤ
HŲƵŦėóƭŌŲŦóŦėƭľĞƭƙóĐĞóďŌśŌƭǔƖƙŲķƙóŤ
ĶŲƙƖóśŤŲŌśɔơŲĶȑȏȐȘɏƭľĞǔóĐľŌĞǍĞėȐȏȏʼ
ƭƙóĐĞóďŌśŌƭǔĶŲƙƖóśŤŲŌśɔ
ɲ ŦƭŌɲďƙŌďĞƙǔóŦėĐŲƙƙƵƖƭŌŲŦƖŲśŌĐǔóŦėƖƙŲķƙóŤơ
óƙĞėŌơĐśŲơĞėɔ
 ©ĞķƵśóƭŌŲŦơŲŦóŦƭŌɲďƙŌďĞƙǔóŦėĐŲƙƙƵƖƭŌŲŦĐóŦ
ďĞóĐĐĞơơĞėǍŌó1ƭľŌĐơơĞĐƭŌŲŦɔ

ɲ UƭǎŲƙŘơŲŦơŲĐŌóśƙĞơƖŲŦơŌďŌśŌƭǔƖƙŲŕĞĐƭơɏƙĞśóƭĞė
ĞǍĞŦƭơóŦėƭƙóŌŦŌŦķƖƙŲķƙóŤơƭŲƙóŌơĞóǎóƙĞŦĞơơ
ŲŦơƵơƭóŌŦóďŌśŌƭǔóŦėŌƭơŌŤƖŲƙƭóŦĐĞɔ

 ±ŲĶóƙɏǎĞľóǍĞƖƙŲǍŌėĞėƭľĞơƭóŦėóƙė
ơƵơƭóŌŦóďŌśŌƭǔƭƙóŌŦŌŦķƭŲȑȔȏȏĞŤƖśŲǔĞĞơɔUŦ
ȑȏȑȏɏǎĞǎŌśśƖƙŲǍŌėĞŲŦśŌŦĞơƵơƭóŌŦóďŌśŌƭǔƭƙóŌŦŌŦķɔ

ɲ 1ĶĶŲƙƭơóƙĞƖƵƭƭŲďĞĐŲŤĞóŤĞŤďĞƙŲĶ
ŌŦƭĞƙŦóƭŌŲŦóśơƭóŦėóƙėơóŦėŌŦŌƭŌóƭŌǍĞơƙĞķóƙėŌŦķ
ơƵơƭóŌŦóďŌśŌƭǔóŦėĐŲŦƭƙŌďƵƭĞƭŲƭľĞŌƙóĐƭŌǍŌƭŌĞơɔ

85
 ^±hËÝ^
Annual Report 2020
©ŌơŘtóŦóķĞŤĞŦƭ
!ŲƙƖŲƙóƭĞ©ŌơŘtóŦóķĞŤĞŦƭĞĶĶŲƙƭơŌŦĐśƵėĞ
ėĞƭĞƙŤŌŦŌŦķƖŲƭĞŦƭŌóśŌŦĐŌėĞŦƭơƭľóƭŤóǔóĶĶĞĐƭËśŘĞƙ
ŌơŘƻǍŌɏŤóŦóķŌŦķƙŌơŘơŌŦśŌŦĞǎŌƭľƭľĞ!ŲŤƖóŦǔʀơ
ĐŲƙƖŲƙóƭĞƙŌơŘɲƭóŘŌŦķƖƙŲĶŌśĞɏóŦėƖƙŲǍŌėŌŦķóŦ
óĐĐĞƖƭóďśĞśĞǍĞśŲĶóơơƵƙóŦĐĞĶŲƙƭľĞ!ŲŤƖóŦǔƭŲ
óĐľŌĞǍĞŌƭơķŲóśơɔ!ŲƙƖŲƙóƭĞ©ŌơŘtóŦóķĞŤĞŦƭŌơ
óơǔơƭĞŤóƭŌĐƖƙŲĐĞơơǎľŌĐľŌơƵƭŌśŌǞĞėŌŦėĞǍŌơŌŦķ
ơƭƙóƭĞķŌĞơɏŌŤƖśĞŤĞŦƭĞėóĐƙŲơơƭľĞ!ŲŤƖóŦǔóŦė
ŌŤƖóĐƭĞėďǔƭľĞ!ŲŤƖóŦǔʀơ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɏ
ơĞŦŌŲƙŤóŦóķĞŤĞŦƭóơǎĞśśóơóśśŲĶŌƭơĞŤƖśŲǔĞĞơɔ
ÞľŌśĞóƖŲƭĞŦƭŌóśƙŌơŘŤóǔƖƙĞơĞŦƭóŦĞķóƭŌǍĞĶóĐƭŲƙ
ƭľóƭŤƵơƭďĞƭóŘĞŦƵŦėĞƙĐŲŦƭƙŲśɏĶŲƙĐŲŤƖóŦŌĞơ
ƭľóƭŌŤƖśĞŤĞŦƭ!ŲƙƖŲƙóƭĞ©ŌơŘtóŦóķĞŤĞŦƭŌƭ
ĐƙĞóƭĞơŌŤƖŲƙƭóŦƭŲƖƖŲƙƭƵŦŌƭŌĞơɔUŦƭľĞƖƙĞǍŌŲƵơ
ƖĞƙŌŲėɏǎľŌśĞƙŌơŘơǎĞƙĞŤóŦóķĞėŲŦóơĞķŤĞŦƭ
ďóơŌơɏƭľĞƙŌơŘŌơĐŲŦơŌėĞƙĞėóơóǎľŲśĞŌŦƭľĞ
ĞǍŲśǍŌŦķŤóŦóķĞŤĞŦƭóƖƖƙŲóĐľóŦėĞǍóśƵóƭĞė
ŲŦóĐŲƙƖŲƙóƭĞďóơŌơɔ¦ƙĞǍŌŲƵơśǔɏƙŌơŘóơơĞơơŤĞŦƭ
ǎóơĐóƙƙŌĞėŲƵƭďǔƭľĞŌŦƭĞƙŦóśóƵėŌƭėĞƖóƙƭŤĞŦƭơ
ŲĶĐŲŤƖóŦŌĞơɏŤĞóơƵƙĞŤĞŦƭơǎĞƙĞĞǍóśƵóƭĞė
ŌŦóơƵďŕĞĐƭŌǍĞŤóŦŦĞƙɏóŦėƙŌơŘŤóŦóķĞŤĞŦƭ
ĶƵŦĐƭŌŲŦơǎĞƙĞƵŦơƭƙƵĐƭƵƙĞėóŦėŌŦĐŲŦơŌơƭĞŦƭɔ
PŲǎĞǍĞƙɏóƭĐŲŤƖóŦŌĞơƭľóƭóėŲƖƭƭľĞƖƙŌŦĐŌƖśĞơ
ŲĶ!ŲƙƖŲƙóƭĞ©ŌơŘtóŦóķĞŤĞŦƭɏóƙŌơŘĐŲŤŤŌƭƭĞĞ
ĞŦơƵƙĞơĞĶĶĞĐƭŌǍĞƙŌơŘŤóŦóķĞŤĞŦƭóơŌŤƖŲơĞė
ďǔƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơɏóŦėƭľƵơƙŌơŘơĐóŦďĞ
ƖƙŲƖĞƙśǔŤĞóơƵƙĞėɔėėŌƭŌŲŦóśśǔɏƙŌơŘŤóŦóķĞŤĞŦƭ
ŌơơƭƙƵĐƭƵƙĞėƭŲĐŲǍĞƙ󜜍óŦóķĞŤĞŦƭơǔơƭĞŤơŲĶ
ĐŲŤƖóŦŌĞơɔ
86
ơóƙĞơƵśƭŲĶƖƙŲƖĞƙ©ŌơŘtóŦóķĞŤĞŦƭɏ!ŲŤƖóŦŌĞơ
óƙĞóďśĞƭŲɎ
ɍ ±ƵơƭóŌŦóďśĞƖƙŲĶŌƭóďŌśŌƭǔóŦėķƙŲǎƭľɏ
ɍ tŌŦŌŤŌǞĞƙĞǍĞŦƵĞĶśƵĐƭƵóƭŌŲŦɏ
ɍ tóŘĞľĞóśƭľŌĞƙėĞĐŌơŌŲŦơóďŲƵƭƙŌơŘơɏ
ɍ UėĞŦƭŌĶǔŲƖƖŲƙƭƵŦŌƭŌĞơóŦėƭľƙĞóƭơŌŦóďĞƭƭĞƙǎóǔɏ
ɍ UŦĐƙĞóơŌŦķĐŲŤƖĞƭŌƭŌǍĞŦĞơơɏ
ɍ 1ĶĶŌĐŌĞŦƭƵơĞŲĶƙĞơŲƵƙĐĞơɏ
ɍ !ŲŤƖśŌóŦĐĞǎŌƭľśóǎơóŦėƙĞķƵśóƭŌŲŦơɏóŦė
ɍ 1ŦóďśĞƖƙŲķƙĞơơƭŲóĐľŌĞǍĞơŌķŦŌĶŌĐóŦƭ
ŌŤƖƙŲǍĞŤĞŦƭơŌŦƭľĞƘƵóśŌƭǔŲĶ!ŲƙƖŲƙóƭĞ
IŲǍĞƙŦóŦĐĞɔ
ơóĐŲŤƖóŦǔĞŦķóķĞėŌŦƖƙŲėƵĐƭŌŲŦóŦėơóśĞơ
óĐƭŌǍŌƭŌĞơŌŦǍóƙŌŲƵơĐŲƵŦƭƙŌĞơɏËśŘĞƙ ŌơŘƻǍŌŌơ
óǎóƙĞŲĶƭľĞŦĞĐĞơơŌƭǔƭŲŤŲŦŌƭŲƙƙŌơŘơóŦėƭóŘĞ
ŦĞĐĞơơóƙǔŤĞóơƵƙĞơɏĞơƖĞĐŌóśśǔóďŲƵƭƙŌơŘơóƙŌơŌŦķ
ĶƙŲŤĐƵƙƙĞŦĐǔóŦėŌŦƭĞƙĞơƭƙóƭĞơɏƙóǎŤóƭĞƙŌóś
ƖƙŌĐĞơɏƖóƙƭŦĞƙơľŌƖơóŦėŦĞǎŌŦǍĞơƭŤĞŦƭơɏǎľŌĐľ
ľóǍĞďĞĐŲŤĞĞǍĞŦŤŲƙĞŌŤƖŲƙƭóŦƭǎŌƭľƭľĞśóƭĞơƭ
ėĞǍĞśŲƖŤĞŦƭơɔ
¾ľĞ!ŲŤƖóŦǔʀơƙŌơŘŤóŦóķĞŤĞŦƭóĐƭŌǍŌƭŌĞơóƙĞ
ĐóƙƙŌĞėŲƵƭďǔƭľĞ©ŌơŘ!ŲŤŤŌƭƭĞĞɔHƵƙƭľĞƙŤŲƙĞɏ
ËśŘĞƙ ŌơŘƻǍŌŌơóśơŲóƵėŌƭĞėƙĞķƵśóƙśǔďǔƭľĞóƵėŌƭ
ƵŦŌƭơŲĶäńśėńǞPŲśėŌŦķɔ¶ɔɏƭľĞƖóƙĞŦƭĐŲŤƖóŦǔɏóŦė
óśơŲďǔŌŦėĞƖĞŦėĞŦƭóƵėŌƭŲƙơɔ¾ľĞĶŌŦėŌŦķơŲĶƭľĞơĞ
óƵėŌƭơóƙĞƙĞƖŲƙƭĞėƭŲƭľĞŤĞŤďĞƙơŲĶƭľĞƵėŌƭ
ŲóƙėóơǎĞśśóơƭŲ ŲóƙėŤĞŤďĞƙơɔ¾ľĞ!ŲŤƖóŦǔʀơ
ǎŲƙŘĶśŲǎơɏƖƙŲĐĞėƵƙĞơɏóŦėƭľĞóƵƭľŲƙŌƭŌĞơóŦė
ƙĞơƖŲŦơŌďŌśŌƭŌĞơŲĶĞŤƖśŲǔĞĞơľóǍĞďĞĞŦƖśóĐĞė
ƵŦėĞƙĐŲŦƭƙŲśóŦėơƵďŕĞĐƭĞėƭŲĐŲŦơƭóŦƭơƵƖĞƙǍŌơŌŲŦ
ǎŌƭľŌŦƭľĞĶƙóŤĞǎŲƙŘŲĶƙŌơŘŤóŦóķĞŤĞŦƭɔ
 ^±hËÝ^
Annual Report 2020
UŦǍĞơƭŲƙ©ĞśóƭŌŲŦơ
ËśŘĞƙ ŌơŘƻǍŌUŦǍĞơƭŲƙ©ĞśóƭŌŲŦơóŌŤơƭŲĞŦơƵƙĞƭľóƭ
ĐŲŤŤƵŦŌĐóƭŌŲŦŌơĞĶĶĞĐƭŌǍĞɏƭƙóŦơƖóƙĞŦƭɏĞƘƵóśóŦė
ƭŌŤĞśǔɏóŦėĞŦǍŌơóķĞơƭľĞƖƙŲĐĞơơĞơƭŲďĞĐóƙƙŌĞė
ŲƵƭǎŌƭľŌŦƭľĞĶƙóŤĞǎŲƙŘŲĶĶƵśśĐŲŤƖśŌóŦĐĞǎŌƭľ
ƭľĞƙĞśĞǍóŦƭśĞķŌơśóƭŌŲŦóŦėóƭƭľĞśĞǍĞśŲĶɽďĞơƭ
ƖƙóĐƭŌĐĞơɾŌŦƭľĞķśŲďóśóƙĞŦóɔ
ÝĞƙėó ĞơƭоóƦóƙɏǎľŲóĐƭơóơƭľĞ(ŌƙĞĐƭŲƙŲĶ
UŦǍĞơƭŲƙ©ĞśóƭŌŲŦơóŦėŤĞŤďĞƙŲĶƭľĞ!ŲƙƖŲƙóƭĞ
IŲǍĞƙŦóŦĐĞ!ŲŤŤŌƭƭĞĞƖƵƙơƵóŦƭƭŲƭľĞƖƙŲǍŌơŌŲŦơ
ŲĶƭľĞ!ŲŤŤƵŦŌƘƵğŲŦ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞŦŲɔ
UUɲȐȑɲȐŲĶƭľĞ!óƖŌƭóśtóƙŘĞƭơ ŲóƙėɏľŲśėơójĞǍĞśȒ
jŌĐĞŦơĞŌŦƭľĞĶŌĞśėŲĶ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞ©óƭŌŦķ
óŦė!óƖŌƭóśtóƙŘĞƭĐƭŌǍŌƭŌĞơɏǎľŌśĞóśơŲǎŲƙŘŌŦķ
ĶƵśśƭŌŤĞėŌƙĞĐƭśǔƙĞƖŲƙƭŌŦķƭŲ(ĞƖƵƭǔ!H‚ɔ±ľĞ
ƖĞƙŌŲėŌĐóśśǔƙĞƖŲƙƭơŲŦơƭƵėŌĞơƙĞķóƙėŌŦķUŦǍĞơƭŲƙ
©ĞśóƭŌŲŦơƭŲƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơóŦė!ŲƙƖŲƙóƭĞ
IŲǍĞƙŦóŦĐĞ!ŲŤŤŌƭƭĞĞɔUŦȑȏȑȏɏơľĞƖƙĞơĞŦƭĞė
ƙĞƖŲƙƭơƭŲƭľĞ!ŲƙƖŲƙóƭĞIŲǍĞƙŦóŦĐĞ!ŲŤŤŌƭƭĞĞ
óŦėóśơŲƭŲƭľĞ ŲóƙėŲĶ(ŌƙĞĐƭŲƙơŲŦtóƙĐľȔɏtóǔ
ȓɏƵķƵơƭȕɏóŦėvŲǍĞŤďĞƙȓɔ(ƵƙŌŦķƭľĞƖĞƙŌŲėɏ
ơľĞƙĞơƖŲŦėĞėƭŲƭľĞóƖƖśŌĐóƭŌŲŦơóŦėƘƵĞơƭŌŲŦơ
ŤóėĞďǔƭľĞơľóƙĞľŲśėĞƙơďǔƖľŲŦĞɏĞɲŤóŌśŲƙŲŦĞɲ
ŲŦɲŲŦĞŤĞĞƭŌŦķơǎŌƭľŲƵƭóŦǔėŌơĐƙŌŤŌŦóƭŌŲŦóŦė
ƖóƙƭŌĐŌƖóƭĞėŌŦĶŌǍĞĐŲŦĶĞƙĞŦĐĞơɔ
ËśŘĞƙ ŌơŘƻǍŌľĞśėĶóĐĞɲƭŲɲĶóĐĞóŦėŲŦśŌŦĞŤĞĞƭŌŦķơ
ǎŌƭľŌŦǍĞơƭŲƙơóŦėóŦóśǔơƭơėŲŤĞơƭŌĐóśśǔóŦė
ŌŦƭĞƙŦóƭŌŲŦóśśǔɔ¾ľĞĐŲŤƖóŦǔóƭƭĞŦėĞėŌŦǍĞơƭŲƙ
ĐŲŦĶĞƙĞŦĐĞóƭjŲŦėŲŦŌŦȑȏȑȏóŦėĐŲŦėƵĐƭĞė
ŤĞĞƭŌŦķơóŦėėŌơĐƵơơŌŲŦơŲŦśŌŦĞėƵĞƭŲ!‚ÝU(ɲȐȘ
ƖóŦėĞŤŌĐǎľŌĐľľóơóĶĶĞĐƭĞėĐŲƵŦƭƙŌĞơóśśŲǍĞƙ
ƭľĞǎŲƙśėɔƭƭľĞơĞĐŲŦĶĞƙĞŦĐĞơóŦėŤĞĞƭŌŦķơɏ
ËśŘĞƙ ŌơŘƻǍŌƖƙŲǍŌėĞėŌŦĶŲƙŤóƭŌŲŦƭŲơľóƙĞľŲśėĞƙơ
óŦėƖƙŲơƖĞĐƭŌǍĞŌŦǍĞơƭŲƙơɏóŦėƙĞķƵśóƙśǔƙĞĐĞŌǍĞė
ƙĞƘƵĞơƭơĶŲƙŌŦĶŲƙŤóƭŌŲŦĶśŲǎɔ
87
¾ľĞėóǔóĶƭĞƙƖƵďśŌĐśǔóŦŦŲƵŦĐŌŦķƭľĞƘƵóƙƭĞƙśǔ
ĶŌŦóŦĐŌóśƙĞơƵśƭơŲŦƭľĞ¦ƵďśŌĐ(ŌơĐśŲơƵƙЦśóƭĶŲƙŤɏ
ËśŘĞƙ ŌơŘƻǍŌĐŲŦƭŌŦƵĞơƭŲŲƙķóŦŌǞĞ¾ĞśĞĐŲŦĶĞƙĞŦĐĞơ
óŦėÞĞďĐóơƭơŌŦŲƙėĞƙƭŲƖƙŲǍŌėĞŌŦĶŲƙŤóƭŌŲŦƭŲ
ŌŦǍĞơƭŲƙơóŦėóŦóśǔơƭơóŦėƭŲóŦơǎĞƙƘƵĞơƭŌŲŦơŌĶ
óŦǔɔ©ĞśĞǍóŦƭĐŲŦƭóĐƭƖľŲŦĞŦƵŤďĞƙơóŦėƭľĞǎĞď
óėėƙĞơơǎĞƙĞơľóƙĞėŲŦƭľĞŤĞĞƭŌŦķėóƭĞóƭƭľĞ
!ŲŤƖóŦǔʀơŲĶĶŌĐŌóśŌŦǍĞơƭŲƙƙĞśóƭŌŲŦǎĞďơŌƭĞľƭƭƖɎɚɚ
ƵśŘĞƙďŌơŘƵǍŌǔóƭŌƙŌŤĐŌŌśŌơŘŌśĞƙŌɔĐŲŤɚėĞĶóƵśƭɔóơƖǓ
ŦóśǔơƭơóŦėŌŦǍĞơƭŲƙơľóėóķƙĞóƭŌŦƭĞƙĞơƭ
ŌŦƭľĞƭĞśĞĐŲŦĶĞƙĞŦĐĞóŦėǎĞďĐóơƭɏóơƭľĞǔ
óơŘĞėƘƵĞơƭŌŲŦơóďŲƵƭŌơơƵĞơśŌŘĞƭľĞơƭƙóƭĞķǔɏ
ƙĞơƭƙƵĐƭƵƙŌŦķɏŤóƙŘĞƭơľóƙĞɏóŦėķƙŲǎƭľŲďŕĞĐƭŌǍĞơŲĶ
ËśŘĞƙ ŌơŘƻǍŌɔ
UŦǍĞơƭŲƙ©ĞśóƭŌŲŦơÅŦŌƭŌơƙĞơƖŲŦơŌďśĞĶŲƙĞơƭóďśŌơľŌŦķ
ƭľĞUŦĶŲƙŤóƭŌŲŦ¦ŲśŌĐǔŲĶƭľĞ!ŲŤƖóŦǔɏóŦėĶŲƙ
ĞŦơƵƙŌŦķƭľóƭƭľŌơƖŲśŌĐǔŌơóėŲƖƭĞėǎŌƭľŌŦËśŘĞƙ
ŌơŘƻǍŌɔ
¾óơŘơŲĶƭľĞÅŦŌƭóƙĞóơĶŲśśŲǎơɎ
óɧ 1ŦơƵƙŌŦķƭľóƭơľóƙĞľŲśėĞƙơʀƙĞĐŲƙėơóƙĞƙĞśŌóďśĞɏ
ơĞĐƵƙĞóŦėƵƖƭŲėóƭĞɏ
ďɧ ŦơǎĞƙŌŦķơľóƙĞľŲśėĞƙơʀǎƙŌƭƭĞŦŌŦĶŲƙŤóƭŌŲŦ
ƙĞƘƵĞơƭơóďŲƵƭƭľĞ!ŲŤƖóŦǔɯóƖóƙƭĶƙŲŤƭľŲơĞ
ƭľóƭŌŦƭĞƙĶĞƙĞǎŌƭľƭƙóėĞơĞĐƙĞƭơóŦėƭľóƭóƙĞŦŲƭ
ƖƵďśŌĐśǔóŦŦŲƵŦĐĞėɏ
Đɧ 1ŦơƵƙŌŦķƭľóƭƭľĞIĞŦĞƙóśơơĞŤďśǔtĞĞƭŌŦķŌơ
ľĞśėŌŦĐŲŦĶŲƙŤŌƭǔǎŌƭľƭľĞóƖƖśŌĐóďśĞśĞķŌơśóƭŌŲŦɏ
ƭľĞƙƭŌĐśĞơŲĶơơŲĐŌóƭŌŲŦɏóŦėŲƭľĞƙŌŦƭĞƙŦóś
ƙĞķƵśóƭŌŲŦơŲĶƭľĞ!ŲŤƖóŦǔɏ
ėɧ ¦ƙĞƖóƙŌŦķėŲĐƵŤĞŦƭơƭľóƭơľóƙĞľŲśėĞƙơŤóŘĞ
ƵơĞŲĶóƭƭľĞIĞŦĞƙóśơơĞŤďśǔtĞĞƭŌŦķɏ
Ğɧ hĞĞƖŌŦķóƙĞĐŲƙėŲĶƭľĞǍŲƭŌŦķƙĞơƵśƭơɏóŦė
ĞŦơƵƙŌŦķƭľóƭƙĞƖŲƙƭơóďŲƵƭƭľĞƙĞơƵśƭơóƙĞơĞŦƭ
ƭŲƭľĞơľóƙĞľŲśėĞƙơɏ
Ķɧ ‚ǍĞƙơĞĞŌŦķóŦėƭƙóĐŘŌŦķóśśŌơơƵĞơƙĞķóƙėŌŦķ
ƖƵďśŌĐėŌơĐśŲơƵƙĞɏŌŦĐśƵėŌŦķƭľĞśĞķŌơśóƭŌŲŦóŦėƭľĞ
ėŌơĐśŲơƵƙĞƖŲśŌĐǔŲĶƭľĞ!ŲŤƖóŦǔɔ
 ^±hËÝ^
Annual Report 2020

‚ƭľĞƙUơơƵĞơ©ĞķóƙėŌŦķ!ŲŤƖóŦǔ‚ƖĞƙóƭŌŲŦơ

ɍ UŦȑȏȑȏɏƭľĞ!ŲŤƖóŦǔėŌėŦŲƭľóǍĞóŦǔƖƙŌǍóƭĞ
óƵėŌƭǎľĞƙĞóơƖƵďśŌĐóƵėŌƭǎóơĐóƙƙŌĞėŲƵƭďǔ
ƭľĞ!ŲŤƖĞƭŌƭŌŲŦƵƭľŲƙŌƭǔóŦėƭľĞ¾ƵƙŘŌơľ¾óǓ
UŦơƖĞĐƭŌŲŦ Ųóƙėɔ!ƵƙƙĞŦƭśǔɏŦŲƙĞƖŲƙƭơľóǍĞďĞĞŦ
ƙĞĐĞŌǍĞėďǔŲƵƙ!ŲŤƖóŦǔƙĞķóƙėŌŦķóƵėŌƭƙĞơƵśƭơɔ
ɍ UŦȑȏȑȏɏŦŲóėŤŌŦŌơƭƙóƭŌǍĞŲƙŕƵėŌĐŌóśƖĞŦóśƭǔĶŲƙ
óŦǔďƙĞóĐľŲĶjĞķŌơśóƭŌŲŦƖƙŲǍŌơŌŲŦơǎóơķŌǍĞŦ
ƭŲŲƵƙ!ŲŤƖóŦǔŲƙƭľĞtĞŤďĞƙơŲĶƭľĞ ŲóƙėŲĶ
(ŌƙĞĐƭŲƙơŲĶŲƵƙ!ŲŤƖóŦǔɔ
ɍ ¾ľĞ!ŲŤƖóŦǔŤŲơƭśǔƙĞóĐľĞėŌƭơķŲóśơơĞƭŌŦ
ȑȏȑȏɔ¾ľĞIĞŦĞƙóśơơĞŤďśǔƙĞơŲśƵƭŌŲŦơóƙĞ
ĶƵśĶŌśśĞėŌŦȑȏȑȏɔ
ɍ ¾ľĞƙĞóƙĞŦŲśĞķóśóĐƭơƭóŘĞŦŲŦďĞľóśĶŲĶŲƵƙ
!ŲŤƖóŦǔŲƙŌƭơóĶĶŌśŌóƭĞơóŦėŲƙŦŲóǍŲŌėĞė
ƖƙĞĐóƵƭŌŲŦóƙǔŤĞóơƵƙĞơŌŦȑȏȑȏɔ
ɍ ¾ľĞƙĞóƙĞŦŲƖƙĞĐóƵƭŌŲŦơƭóŘĞŦŲƙóǍŲŌėĞėƭľóƭ
ǎŲƵśėľóƙŤƭľĞ!ŲŤƖóŦǔŌŦȑȏȑȏɔ
ɍ ¾ľĞƙĞóƙĞŦŲśóǎơƵŌƭơĶŌśĞėóķóŌŦơƭŲƵƙ
‚ƙķóŦŌǞóƭŌŲŦƭľóƭǎŲƵśėľóǍĞóơŌķŦŌĶŌĐóŦƭŌŤƖóĐƭ
ŲŦĞŌƭľĞƙƭľĞĶŌŦóŦĐŌóśơŌƭƵóƭŌŲŦóŦėóĐƭŌǍŌƭŌĞơŲĶ
ŲƵƙ!ŲŤƖóŦǔɔ
ɍ ¾ľĞƙĞóƙĞŦŲĐŲŦĶśŌĐƭơŲĶŌŦƭĞƙĞơƭǎŌƭľƭľĞ
ŌŦơƭŌƭƵƭŌŲŦơƭľóƭƖƙŲǍŌėĞơĞƙǍŌĐĞŲŦŌŦǍĞơƭŤĞŦƭ
óėǍŌơŲƙǔóŦėƙóƭŌŦķơɔ¾ľƵơɏŦŲƖƙĞĐóƵƭŌŲŦóƙǔ
ŤĞóơƵƙĞơóƙĞƭóŘĞŦďǔƭľĞ!ŲŤƖóŦǔɔ
ɍ vŲĞǓƭƙóŲƙėŌŦóƙǔķĞŦĞƙóśóơơĞŤďśǔŤĞĞƭŌŦķǎóơ
ľĞśėŌŦȑȏȑȏɔ

88
 ^±hËÝ^
Annual Report 2020

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ĐŲŦơŲśŌėóƭĞėĶŌŦóŦĐŌóśơƭóƭĞŤĞŦƭơǎŌƭľƭľĞɽ!ŲŤŤƵŦŌƘƵĞ©ĞķóƙėŌŦķ¾ľĞ¦ƙŌŦĐŌƖśĞơŲĶHŌŦóŦĐŌóś©ĞƖŲƙƭŌŦķ
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óĐĐŲƙėóŦĐĞǎŌƭľƭľĞƭĞŤƖśóƭĞơəŲƵƙĐŲŤƖóŦǔėĞĐśóƙĞơƭľĞĶŲśśŲǎŌŦķɎ

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!óƖŌƭóśtóƙŘĞƭƙĞķƵśóƭŌŲŦơɔ

ďɧÞŌƭľŌŦƭľĞĶƙóŤĞǎŲƙŘŲĶƭľĞŌŦĶŲƙŤóƭŌŲŦǎĞŲďƭóŌŦĞėŌŦƭľĞơĐŲƖĞŲĶŲƵƙƭóơŘơóŦėƙĞơƖŲŦơŌďŌśŌƭŌĞơɏǎĞ
ľóǍĞĐŲŦĐśƵėĞėƭľóƭƭľĞóďŲǍĞŤĞŦƭŌŲŦĞėėŲĞơŦŲƭĐŲŦƭóŌŦóŦǔŤŌơśĞóėŌŦķėŌơĐśŲơƵƙĞŲĶŤóƭĞƙŌóśŤóƭƭĞƙơŲƙ
óŦǔėĞĶŌĐŌĞŦĐŌĞơƭľóƭŤŌķľƭĐóƵơĞŤŌơĐŲŦĐĞƖƭŌŲŦóďŲƵƭƭľĞėŌơĐśŲơƵƙĞóơŲĶƭľĞėóƭĞŌƭǎóơŤóėĞɔ

ĐɧÞŌƭľŌŦƭľĞĶƙóŤĞǎŲƙŘŲĶƭľĞŌŦĶŲƙŤóƭŌŲŦǎĞŲďƭóŌŦĞėŌŦƭľĞơĐŲƖĞŲĶŲƵƙƭóơŘơóŦėƙĞơƖŲŦơŌďŌśŌƭŌĞơɏǎĞ
ľóǍĞóśơŲĐŲŦĐśƵėĞėƭľóƭəɦŌɧƭľĞĐŲŦơŲśŌėóƭĞėĶŌŦóŦĐŌóśơƭóƭĞŤĞŦƭơɏƖƙĞƖóƙĞėóŦėŌơơƵĞėŌŦóĐĐŲƙėóŦĐĞ
ǎŌƭľƭľĞĶŌŦóŦĐŌóśƙĞƖŲƙƭŌŦķơƭóŦėóƙėơɏľŲŦĞơƭśǔƙĞĶśĞĐƭƭľĞĶóĐƭơóďŲƵƭƭľĞóơơĞƭơɏśŌóďŌśŌƭŌĞơɏĶŌŦóŦĐŌóśơƭóƭƵơɏ
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ƭľĞďƵơŌŦĞơơɏƭľĞĶŌŦóŦĐŌóśơŌƭƵóƭŌŲŦŲĶƭľĞ!ŲŤƖóŦǔƭŲķĞƭľĞƙǎŌƭľƭľĞóĐƭŌǍŌƭŌĞơŌŦĐśƵėĞėǎŌƭľŌŦƭľĞơĐŲƖĞŲĶ
ĐŲŦơŲśŌėóƭŌŲŦɏóơǎĞśśóơƭľĞŌŤƖŲƙƭóŦƭƙŌơŘơóŦėƵŦĐĞƙƭóŌŦƭŌĞơɔ

ÞŌƭľŘŌŦėƙĞķóƙėơə

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Annual Report 2020

±ƵďơŌėŌóƙǔ!ŲŤƖóŦǔ©ĞƖŲƙƭ©ĞơƵśƭơ

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ȐơƭŲĶfƵśǔȑȏȐȑəËśŘĞƙ ŌơŘƻǍŌ±óŦóǔŌɔ¶ɔ ŲóƙėŲĶ
(ŌƙĞĐƭŲƙơŌơƙĞơƖŲŦơŌďśĞĶŲƙəɦŌɧŌơơƵŌŦķóƙĞƖŲƙƭŌŦȑȏȐȖ
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ŌơŘƻǍŌ±óŦóǔŌɔ¶ɔóŦėƭľĞ!ŲŤƖóŦǔʀơĐŲŦƭƙŲśśŌŦķ
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ķŌǍĞŦŌŦĶŲŲƭŦŲƭĞŦŲɔȒȒŲĶƭľĞĶŌŦóŦĐŌóśƙĞƖŲƙƭɔ
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ĐŌƙĐƵŤơƭóŦĐĞơǎĞŘŦĞǎóďŲƵƭóƭƭľĞƭŌŤĞŲĶŤóŘŌŦķ
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ȑȏȑȏɏóƖƖƙŲƖƙŌóƭĞĐŲŦơŌėĞƙóƭŌŲŦǎóơƖƙŲǍŌėĞėŌŦ
ĞóĐľƭƙóŦơóĐƭŌŲŦɏóŦėƭľĞƙĞǎĞƙĞŦŲŤĞóơƵƙĞơɏƭóŘĞŦ
ŲƙóǍŲŌėĞėɏƭľóƭĐŲƵśėĐóƵơĞśŲơơĶŲƙƭľĞĐŲŤƖóŦǔɏ
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ŤĞóơƵƙĞơƭľóƭǎŲƵśėƙĞƘƵŌƙĞŲĶĶơĞƭƭŌŦķɔɾ

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Annual Report 2020

UŦėĞƖĞŦėĞŦƭƵėŌƭ©ĞƖŲƙƭ

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ÞĞľóǍĞóƵėŌƭĞėƭľĞóŦŦƵóśƙĞƖŲƙƭŲĶËśŘĞƙ ŌơŘƻǍŌ±óŦóǔŌɔ¶ɔɦɽƭľĞ!ŲŤƖóŦǔɧóŦėŌƭơơƵďơŌėŌóƙŌĞơɦɽƭľĞIƙŲƵƖɾɧĶŲƙƭľĞƖĞƙŌŲėŲĶȐɚȐɚȑȏȑȏɲ
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ĶŌŦóŦĐŌóśơƭóƭĞŤĞŦƭơóŦėƭľĞŌŦĶŲƙŤóƭŌŲŦǎĞŲďƭóŌŦĞėėƵƙŌŦķƭľĞóƵėŌƭɔ

ȑɧ óơŌơĶŲƙ‚ƖŌŦŌŲŦ
ÞĞĐŲŦėƵĐƭĞėŲƵƙóƵėŌƭŌŦóĐĐŲƙėóŦĐĞǎŌƭľơƭóŦėóƙėơŲŦóƵėŌƭŌŦķóơŌơơƵĞėďǔƭľĞ!óƖŌƭóśtóƙŘĞƭơ ŲóƙėŲĶ¾ƵƙŘĞǔóŦėUŦėĞƖĞŦėĞŦƭƵėŌƭŌŦķ
±ƭóŦėóƙėơɦUŦ±ɧǎľŌĐľóƙĞƖóƙƭŲĶƭľĞ¾ƵƙŘŌơľƵėŌƭŌŦķ±ƭóŦėóƙėơóơŌơơƵĞėďǔƭľĞ¦ƵďśŌĐ‚ǍĞƙơŌķľƭĐĐŲƵŦƭŌŦķóŦėƵėŌƭŌŦķ±ƭóŦėóƙėơƵƭľŲƙŌƭǔ
ŲĶ¾ƵƙŘĞǔɦ¦‚ɧɔ‚ƵƙƙĞơƖŲŦơŌďŌśŌƭŌĞơƵŦėĞƙƭľŲơĞơƭóŦėóƙėơóƙĞĶƵƙƭľĞƙėĞơĐƙŌďĞėŌŦƭľĞƵėŌƭŲƙʀơ©ĞơƖŲŦơŌďŌśŌƭŌĞơĶŲƙƭľĞƵėŌƭŲĶƭľĞŦŦƵóś©ĞƖŲƙƭ
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ďǔƭľĞ¦‚ɏóŦėǎĞľóǍĞĶƵśĶŌśśĞėŲƵƙŲƭľĞƙĞƭľŌĐóśƙĞơƖŲŦơŌďŌśŌƭŌĞơŌŦóĐĐŲƙėóŦĐĞǎŌƭľƭľĞ!ŲėĞŲĶ1ƭľŌĐơɔÞĞďĞśŌĞǍĞƭľóƭƭľĞóƵėŌƭĞǍŌėĞŦĐĞǎĞľóǍĞ
ŲďƭóŌŦĞėŌơơƵĶĶŌĐŌĞŦƭóŦėóƖƖƙŲƖƙŌóƭĞƭŲƖƙŲǍŌėĞóďóơŌơĶŲƙŲƵƙŲƖŌŦŌŲŦɔ

Ȓɧ‚ƵƙƵėŌƭŲƙʀơ‚ƖŌŦŌŲŦŲŦƭľĞHƵśś±Ğƭ!ŲŦơŲśŌėóƭĞėHŌŦóŦĐŌóś±ƭóƭĞŤĞŦƭơ
ÞĞľóǍĞĞǓƖƙĞơơĞėóŦƵŦƘƵóśŌĶŌĞėŲƖŌŦŌŲŦŌŦŲƵƙóƵėŌƭŲƙʀơƙĞƖŲƙƭėóƭĞėȐȏtóƙĐľȑȏȑȐŲŦƭľĞĶƵśśơĞƭĐŲŦơŲśŌėóƭĞėĶŌŦóŦĐŌóśơƭóƭĞŤĞŦƭơŲĶƭľĞIƙŲƵƖ
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