R&D and Innovation in Energy Efficient Products
2020 Expectations
■In the mid of this global pandemic, the first priority of company management is to ensure the health and well-being of
all employees and their families all over the world.
■ The second critical issue is to keep the high liquid position of the company to be prepared against any scenario.
■ We expect a weaker second quarter, followed by some normalization in Q3 and more stable market conditions in Q4.
■ Thanks to our operational competitive advantages and strong balance sheet, we see more opportunities in the market
aftermath of COVID-19.
■ Due to uncertainty in the global economy and our industry stemming from COVID-19 pandemic, the guidance we
shared on February 2020 is no longer valid. At this point, we prefer not to provide a guidance as visibility on
economic activity remains low.
May 2020
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