Şişecam Announces First-Quarter Financial Results

Şişecam First Quarter Financial Results Şişecam, which continues its global growth with production activities spanning 14 countries across 4 continents and sales to over 150 countries, achieved net sales of TRY 28.4 billion (USD 1.5 billion) in the January-March period of 2023. During this period, international sales accounted for 62% of Şişecam's total sales. The company's total investments in the first quarter of the year amounted to TRY 2.8 billion (USD 149 million), while exports reached USD 275 million. Şişecam's consolidated net sales in the first quarter of 2023 reached TRY 28.4 billion (USD 1.5 billion), with international sales—comprising exports from Turkey and sales from production outside Turkey—accounting for 62% of consolidated sales. In the first quarter, Şişecam produced 1.3 million tonnes of glass, 1.1 million tonnes of soda ash, and approximately 908 thousand tonnes of industrial raw materials. The company's total investments in the first quarter of the year amounted to TRY 2.8 billion (USD 149 million), while exports reached USD 275 million. Şişecam Chief Executive Officer Görkem Elverici, commenting on the 2023 first quarter results, said: "Amid continuing global economic and geopolitical risks, as a leading global player in the glass and chemicals sectors, we have achieved sustainable success during this period, drawing strength from our intelligent technologies and competent human resources. In an environment of rising global costs and hyperinflation, we skillfully navigated uncertainties through our effective cost management approach and inventory optimization strategy. While continuing our path toward becoming one of the world's top three players in our core business areas, we made strategic investment decisions to remove obstacles in the supply processes of our business lines. We continued our value-creation growth journey by combining our production strength built over 88 years with our future vision." Görkem Elverici, also referring to the significant investments and outstanding projects executed by Şişecam in the first three months of 2023, continued his statement as follows: "Şişecam, as always, pursued its growth initiatives in the first quarter of 2023 with a comprehensive development approach. In this context, in March 2023 we took decisions on two strategic mining investments in Tarsus and Mersin. The first is a new sand preparation facility investment within our land in Tarsus Organized Industrial Zone, where we will implement our ongoing flat glass investment. The second is a capacity increase for our limestone and dolomite processing facility in Mersin. Also in March, we announced another investment to meet the logistics needs of our natural soda ash investment in the United States. Together with our current partner Ciner Group in this country, we decided to invest in a port operation in California. Under this plan, Şişecam Chemicals USA became a 50% partner in Denmar US LLC, which will conduct the Stockton Port Operations Project to establish the logistics infrastructure to be used in the potential exports of the ongoing soda ash investment. We will continue these steps in the coming period to manage risks that could arise from global supply chain disruptions and to ensure sustainability in our investments." Informing about Şişecam becoming the sole shareholder of Şişecam Environmental Systems Inc. at the beginning of the second quarter, Elverici said: "While we continue our work toward becoming one of the world's three largest producers in our core business areas, in April we exercised our option to purchase the 10% stake held by the European Bank for Reconstruction and Development (EBRD) in Şişecam Environmental Systems Inc., becoming the company's sole shareholder. In every step we take, we will continue to serve a better future vision and support the growth of the recycling sector by implementing new projects and investments. As a global company, we have important sustainability-focused objectives." he said. Emphasizing that Şişecam, which identifies sustainability as a fundamental element of its business model, continues to take important steps with a vision for a livable world, Görkem Elverici explained these steps as follows: "In the first quarter, Şişecam made a decision to support its sustainability objectives and became a signatory to the United Nations Global Compact (UN Global Compact), the world's most comprehensive sustainability platform. The Global Compact comprises 10 principles established in the areas of human rights, working conditions, environment, and anti-corruption. As Şişecam, we view our sustainability approach not as an obligation but as an important responsibility, and we aim to align all our strategies and operations with these universal principles by adopting the platform's 10 principles." Görkem Elverici also commented on the devastating earthquakes that shook Turkey in February: "In February, we experienced devastating earthquakes that deeply affected a wide area encompassing Turkey and Syria. We suffered losses among our stakeholders and business partners in these earthquakes. From the first day of the disaster, we took action and provided continuous support to our stakeholders and citizens in the affected region. While deferring payments for our customers in the earthquake zone, we made advance payments to our suppliers. During a difficult period, we supported those stakeholders in need through ecosystem financing. We also continue our efforts to develop long-term sustainable solutions in the region. We believe we will overcome these difficult times with solidarity and heal our wounds together. On this occasion, we offer our deepest condolences to those who lost their loved ones in this tragic disaster."