Page 9 - Annual Report 2019

through our continued business development efforts, we are seeking to expand our international operations in
Lebanon, North Africa, Sub-Saharan Africa, Bosnia-Herzegovina, Kosovo, Albania, Macedonia, Serbia, Montenegro,
Kuwait, Kazakhstan, Azerbaijan, Iran, Afghanistan, Pakistan, India, Romania and Ukraine. Serving toward the
fulfilment of the needs of the Turkish defence sector, NUROL Makina, NUROL Teknoloji, FNSS and NUROL BAE
Systems (BNA) are continuing their efforts in efficient, reliable and innovative production, design and engineering,
offering integrated solution packages that are tailor-made to suit user requirements. By generating employment,
establishing a supply chain and transferring technology, our companies continue to create economic added value
for our country not only through their achievements in Turkey, but also through their exports to other countries in
which they have undersigned many important projects.

TÜMAD Engineering mines gold in line with the principles of sustainability, respecting human life and the
environment, and operating with the motto “Mine for the People” at its mines. Our company has secured a place
among the leading gold production companies as the new driving force of our country, thanks to its projects in
which “the best applicable technologies” are utilised to meet the performance requirements of the European Bank
for Reconstruction and Development (EBRD). TÜMAD is the first Turkish company to be presented with two
international project funding awards in the field of natural resources. The company launched its mining operations
in 2011 and it continues its operations today in exploration of minerals in Turkey and abroad, in addition to its
Lapseki and Ivrindi projects, which were entered into operation in a short period of time.

NUROL GROUP’s financial data at a glance:

Our consolidated assets were worth approximately TL 25 billion as of 31 December, 2019. With a turnover of TL 9.1
billion in the same period, our Group had aimed to bring its turnover to TL 9.6 billion by the end of 2020. We will,
however, need to reconsider our goals for the coming period in parallel with unforeseen changes in the market and
economy, and to establish new goals that are commensurate with the current situation.

Through the investments we have made that have contributed to national development for more than half century,
we strive to provide better and more qualified services in line with the demands of our times, making contributions
to the national economy and to the creation of new jobs through the inflows of foreign currency we bring. In
addition to the commercial accomplishments of our companies, we continue supporting projects that bring social
benefit to many fields, including education, culture, the arts and sports, through the activities of the NUROL
Foundation, which was established in order to fulfil our social responsibilities. Guided by our respect for human
life and the environment, we are engaged in various social activities throughout the country, including in the
regions in which we have made investments, with a view to protecting our natural and cultural heritage, and we
continue to build schools, libraries and mosques for our nation.

We share the concerns of the international community regarding our future, stemming from the coronavirus
pandemic that was first identified China, but which has spread around the entire world. I strongly believe that we
will put these challenging times behind us through unity and solidarity, as has always been the case. I thank all of
the members of the NUROL FAMILY, particularly our Founding Shareholders, who have always worked with full
devotion and who have supported us. We hope that our country and the world as a whole will soon
return to peaceful times.

Sincerely yours,
Nurettin ÇARMIKLI
Chairman of Board

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