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2011 ANNUAL REPORT Contents AGILE KORDSA GLOBAL IN HIGH VALUE BUSINESSES FOR SUSTAINABLE GROWTH 2011 ANNUAL REPORT CONTENTS Introduction 2 2011 Developments 4 Global Footprint of Kordsa Global 6 Key Financials 10 Hacı Ömer Sabancı Holding 12 Milestones 14 Kordsa Global’s Strategy House 16 What Does Kordsa Global Manufacture? Management 18 Message of the Chairman 20 Board of Directors 22 Message of the President and CEO 24 Senior Management 2011 Activities 26 Financial Activities 28 2011 World Market and Kordsa Global Activities 30 Products 32 Marketing 36 Research and Development Sustainability 38 Human Resources 40 Safety, Health and Environment 42 Code of Business Ethics 43 Environmental Practices Corporate Governance 44 Corporate Governance Principles Compliance Report 49 Audit Committee Members and Working Principles 50 Agenda of the General Assembly 51 Profit Share Distribution Chart Financial Statements 53 Consolidated Financial Statements and Independent Auditor’s Report 148 2011 Statutory Audit Report Directory Kordsa Global A world leader in nylon and polyester yarn, cord fabric and single end cord production, Kordsa Global serves the tire reinforcement and mechanical rubber markets with its wide product range. Kordsa Global is the world leader in tire cord fabric materials with its flexible and yet powerful production structure, high product and service quality, ongoing long term customer relationships and a multitude of business partners. The origin of the Company can be traced back to the cord fabric production facility established in Izmit in 1973. Kordsa Global continues to expand its field of services by increasing its product range in line with effective R&D investments designed to respond to customer needs. The Company serves its customers through operations in 10 facilities in nine countries spread over five continents, and a workforce of 4,500 employees. Conducting its operations to quickly adapt to ever changing market dynamics while leading the sector with a constantly growing global production structure, Kordsa Global is largely owned by Hacı Ömer Sabancı Holding, which holds 91.1% of its shares. INTRODUCTION KORDSA GLOBAL ACHIEVED TURNOVER OF US$ 985 MILLION IN 2011. 2011 DEVELOPMENTS Kordsa Global recorded Kordsa Global realized a Kordsa Brazil raised its turnover of US$ 985 capacity increase at its productivity level. million in 2011. Indonesia facility. One of the most important With the target of increasing its market Kordsa Brazil achieved an increase suppliers of the tire reinforcement share to 15% in the manufacture of in productivity in 2011. The sector worldwide, Kordsa Global new products in the next three years, Company implemented significant posted total turnover of US$ 985 Kordsa Global has accelerated its R&D productivity improvements during million in 2011, through its efforts and plant investments. To this the year at the Brazil plant, which is activities in North America, South end, the Company realized a capacity the largest Kordsa Global facility in increase at the Indonesia production America, Europe-Middle East-Africa South America. facility in April 2011. and Asia-Pacific. Operating 10 facilities in the USA, With this turnover result, Kordsa Argentina, Brazil, China, Egypt, Global recorded an increase of 16% Germany, Indonesia, Thailand and in US$ terms in 2011 over a year Turkey, Kordsa Global completed its earlier, further strengthening its polyester yarn third line investment position in the sector. in the Indonesia plant, which also supplies goods for the Chinese market. The capacity increase totaled 7,000 tons; the fourth line investment for the same product has also commenced. Additionally, this facility is the largest Turkish investment in Indonesia. 2 Kordsa Global posted net term profit of US$ 58.2 million in 2011. Kordsa Global announced net term profit of US$ 58.2 million for 2011. Since the start of the global economic crisis, Kordsa Global has increased its profitability significantly thanks to effective capacity utilization and an efficient approach to cost management. In addition, the Company was able to improve profitability by diversifying raw materials, reflecting the increase in raw materials prices to customers effectively and capitalizing on fluctuations in the foreign exchange rate. Kordsa Global developed eco- Monolyx® nominated for the 9th friendly Capmax™ which reduces raw Technology Awards in the Large materials use by tire manufacturers. Scale Company-Product category. In 2011, Kordsa Global introduced an innovative Having adopted innovation and excellence as key product developed in its own R&D Centre: Capmax™ components of its corporate culture, Kordsa Global ready-to-use strips for use in tire manufacturing. continued to pursue the development of new products, processes and methodologies at its R&D Centre in As it can be applied to the tire directly, Capmax™ Izmit in 2011. With this approach, the Company took eliminates the cord fabric cutting and calendaring steps to industrialize the manufacturing processes. processes, resulting in savings in materials, labor and energy due to reduced rubber use. This innovation Monolyx® is one of three new products developed by provides significant productivity, financial and Kordsa Global in 2011 at its R&D Centre. The product environmental advantages for tire manufacturers. was nominated for the 9th Technology Awards in the Large Scale Company-Product category, recognition of Capmax™ is among the products developed by Kordsa the importance of the Company’s innovations. Global tire companies as part of their eco-friendly tire manufacturing efforts. KORDSA GLOBAL 2011 ANNUAL REPORT 3 INTRODUCTION 10 PLANTS IN NINE COUNTRIES... NEARLY 4,500 EMPLOYEES... TURNOVER OF US$ 985 MILLION*... GLOBAL FOOTPRINT OF KORDSA GLOBAL North America USA Kordsa Inc. Laurel Hill, NC Chattanooga, TN Products : NY6.6, TCF Number of Employees : 365 people USA South America Brazil Kordsa Brazil Salvador de Bahia, Brazil Products : PET, SEC, TCF Number of Employees : 409 people BRAzil Argentina Kordsa Argentina ARGENTINA Buenos Aires, Argentina Products : NY6.6 Number of Employees : 188 people *Including South America Incentive Income 244 130 381 219 US$ million US$ million** US$ million US$ million North America South America Europe-Middle East-Africa Asia-Pacific Annual Turnover Annual Turnover Annual Turnover Annual Turnover Asia-Pacific China KQNE Shanghai, China Sales and Marketing Office Number of Employees: 13 people Thailand Thai Indo Kordsa Co. Ltd. Ayutthaya, Thailand GERMANY Products: TCF Number of Employees: 479 people TURKEY Indonesia PT Indo-Kordsa Tbk. EGYPT CHINA Jakarta, Indonesia Products: NY6.6, PET, TCF Number of Employees: 966 people THAILAND INDONESIA NY6.6: Nylon PET: Polyester SEC: Single End Cord TCF: Tire Cord Fabric Europe-Middle East-Africa Turkey Germany Egypt Istanbul Headquarters Interkordsa GmbH, Kordsa GmbH Nile-Kordsa Izmit, Global R&D Centre, Turkey Mühlhausen, Germany Cairo, Egypt Products : NY6.6, PET, SEC, TCF Products : SEC Products : TCF Number of Employees : 1,238 people Number of Employees : 104 people Number of Employees : 271 people **Excluding South America Incentive Income INTRODUCTION KORDSA GLOBAL AIMS TO BE THE MOST PREFERRED GLOBAL BRAND IN THE SECTOR. KEY FINANCIALS FINANCIAL RATIOS 2010 2011 Liquidity Ratios (%) Current Ratio 2.06 1.86 Acid-Test Ratio 0.91 0.72 Cash Ratio 0.19 0.15 Debt-to-Capital Ratio (%) 18 39 Profitability Ratios (%) Return on Equity 5.7 9.9 Gross Profit Margin 15.3 15.8 Operational Profit Margin 6.7 8.2 Net Profit Margin 4.0 6.0 EBITDA Margin 11.9 12.9 NET PROFIT MARGIN (%) EBITDA MARGIN (%) 6.0 12.9 2011 2011 4.0 11.9 2010 2010 6 ASSETS (US$) 2010 2011 Cash and Cash Equivalents 33,643,151 34,077,974 Trade receivables (net) 129,033,071 134,298,525 Other Receivables 8,508,811 10,874,222 Inventories (net) 166,903,635 217,364,930 Other Current Assets 22,349,032 39,638,362 Asset Held for Sale 0 246,658 Current Asset 360,437,700 436,500,671 Other Receivables 10,636,871 10,354,525 Financial Instruments 120,669 108,804 Tangible Assets (net) 442,729,987 399,505,593 Intangible Assets (net) 5,310,488 11,566,083 Investment Property 0 6,972,961 Goodwill 29,492,346 24,138,476 Deferred Tax Assets 12,043,098 10,725,351 Other Non-Current Assets 635,873 858,939 Non-Current Asset 500,969,332 464,230,731 TOTAL ASSETS 861,407,032 900,731,402 LIABILITIES (US$) Borrowings 67,259,955 135,503,450 Trade Payables 70,755,019 63,520,720 Other Payables 11,758,438 10,724,211 Current Year Tax Liability 3,025,048 3,418,619 Provision for Employee Benefit 8,193,191 8,508,036 Other Short Term Liabilities 13,915,069 12,692,260 Short Term Liabilities 174,906,720 234,367,297 Borrowings 39,831,658 55,288,624 Other Financial Liabilities 0 0 Other Liabilities 7,919,800 7,522,302 Government Grants 1,421,929 1,376,337 Provision for Employee Benefit 12,004,396 11,445,891 Deferred Tax Liabilities 38,475,798 31,848,452 Long Term Liabilities 99,653,580 107,481,606 Total Liabilities 274,560,300 341,848,903 KORDSA GLOBAL 2011 ANNUAL REPORT 7 INTRODUCTION KEY FINANCIALS EQUITY (US$) 2010 2011 Equity Attributable to the Owners of the Parent 513,225,119 486,263,681 Share Capital 125,827,345 102,985,376 Share Premium 40,137,604 32,851,255 Shareholder’s Contribution 317,997,298 260,269,904 Financial Assets Fair Value Reserve -174,742 -143,020 Currency Translation Difference -8,579,468 22,429,233 Hedge Reserve -785,530 854,233 Restricted Reserves 7,836,791 8,801,977 Accumulated Reserves -2,040,468 0 Net Profit for the Period 33,006,289 58,214,723
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