BORG Automotive Group has revealed that the firm increased turnover over the past year, reduced greenhouse gas emissions per remanufactured product and improved occupational safety. The company also unveiled its fifth environmental, social and governance report on April 4 alongside its full-year results for 2023. BORG, owned by the Danish industrial conglomerate Schouw & Co, said it achieved revenue growth of 3% during the period, while earnings before tax amounted to DKK 153 million (£17.5m), which was less than in the previous year. BORG Automotive Reman remains the most important pillar of the business, the company said. The largest European remanufacturer with the international Lucas brand and its own brands Elstock, DRI and TMI introduced around 470 new references and recorded strong growth in demand for remanufactured products in the second half of the year. In the fourth quarter alone, the company sold 29% more remanufactured parts than in the same period of the previous year. BORG’s SBS Automotive with its brands NK Autoparts and Eurobrake, on the other hand, continued to struggle with the withdrawal from the Russian business. Under the umbrella of the group, the company supplements the BORG Automotive range with many products, including non-remanufacturable spare parts for brakes and chassis. However, thanks to increased sales efforts in other European markets, the company said it was on course to fully compensate for the loss of the Russian market. As a result, the BORG Automotive Group anticipates an increase in turnover to between DKK 1.9 billion and 2.1bn and a pretax profit of between DKK 170m-200m for 2024. ESG ambitious agenda In line with the annual report of parent Schouw & Co the group also released its latest ESG report, listing all the measures taken in the past year. The group has set itself clear targets in the environmental arena. It aims to reduce greenhouse gas emissions from its own production by 30% by 2030. Over the past year, relative emissions per remanufactured product fell by 10% compared to the reference year 2020. However, total emissions increased by 19% due to significantly higher production volumes. Another focus of activities in 2023 was the implementation of comparative life cycle assessments, which document the impact of the company’s remanufactured products on the climate and resources for the first time and compare them to newly manufactured products. In addition, BORG Automotive installed a highperformance solar power system at its production site in 46 AFTERMARKET MAY 2024 REMANUFACTURED COMPONENTS www.aftermarketonline.net Lublin. This means that both branches in Poland are now equipped with photovoltaics, which should further improve the carbon footprint. BORG Automotive also built a new, significantly more energy-efficient headquarters in Silkeborg. Work accidents down BORG Automotive said it had also succeeded in reducing the so-called ‘lost time injury frequency rate’ (LTIFR) by 7% compared to the previous year with the help of prevention measures, training, process improvements, and automation. The LTIFR is defined as accidents per million working hours. In 2023, it amounted to 11.2 compared to 12.1 in 2022. The overwhelming majority were minor accidents which did not result in lengthy absences from work, the company said. BORG Automotive also prepared the Polish sites for ISO 45001 certification. The aim is to externally validate the systems and processes that ensure good working conditions and eliminate risks to health and safety in the workplace as far as possible. Corporate governance In the area of corporate governance, BORG Automotive has also worked consistently to improve its position even further. The company focused in particular on drawing up a common code of conduct for employees at all companies following the group’s strong growth in recent years. It also set up a sustainability committee to embed the importance of the topic further across the group. Additionally, the company worked on setting up a reporting system in accordance with the EU taxonomy for environmentally sustainable business activities and BORG INCREASES TURNOVER, RAMPS UP SUSTAINABILITY CEO says group on a good path economically and in terms of ESG goals
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