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2010 Annual Report 2010 Annual Report 2010 ANNUAL REPORT 2010 ANNUAL REPORT 2010 ANNUAL Sabancı Center Tower 2, 17th Floor 4.Levent 34330 İstanbul / TURKEY Tel : +90 212 385 86 57 Fax : +90 212 282 00 12 www.kordsaglobal.com Kordsa Global Annual Report 2010 Contents Mission, Vision and Values 03 Kordsa Global, Milestones 04 Manufacturing Process 06 Worldwide Operations 08 Message of the Chairman 11 Board of Directors 13 Contact Information Message of the CEO 15 HEADQUARTERS SOUTH AMERICA Senior Management 17 Sabanc› Center Tower 2, 17th Floor Brazil-Kordsa Brazil Financial Activities 2010 19 34330 4.Levent ‹stanbul -Turkey 2010 Activities 20 Tel : + 90 212 385 86 57 Plant Fax : + 90 212 282 00 12 Rua Eteno, 3832 Camacari/BA Research and Development 23 Mobile : 42810-000 EUROPE, MIDDLE EAST and Tel : + 55 71 2104-4500/4700 Products 25 AFRICA Fax : + 55 71 2104-4701 Global Market Shares 26 + 55 71 3632-1256 Turkey Marketing Communication Activities 27 Alikahya Fatih Mah. Sanayi Cad. Sales and Marketing Office No:90 41310 İzmit- Kocaeli Av. Ibirapuera, 2907-Conj. 601/602 Safety, Health and Environment 29 Tel : + 90 262 316 70 00 Moema Sao Paulo/SP Global Human Resources 31 Fax : + 90 262 316 70 70 Mobile : 04029-200 Tel : + 55 11 5053 9739/40/41 Business Ethics Rules 31 Germany-Interkordsa GmbH Fax : + 55 11 5053 9738 Am Alten Bahndamn 7, 99974 Audit Committee Members and Working 32 Mühlhausen Argentina-Kordsa Argentina Principles Tel : + 49 3601 884 0 Calle 144 Nro. 512 Esq. Diagonal 2010 Corporate Management Principles 33 Fax : + 49 3601 884 123 Obispo Jorge Novak Compliance Report 1884-Berazategui, Buenos Aires Germany-Kordsa GmbH Tel : + 54 11 4229 3142 Agenda 39 Langulaer Weg 4 Fax : + 54 11 4229 3072 99974 Mühlhausen Independent Auditor’s Report 43 Tel : + 49 3601 8879 60 ASIA PACIFIC Fax : + 49 3601 8879 55 2010 Statutory Audit Report 135 Indonesia-PT Indo Kordsa Tbk Egypt-Nile Kordsa Contact Information Jl. Pahlawan, Desa Karang Asem Timur, 137 Industrial Area B1 10th of Citeureup, Bogor 16810 Ramadan City Tel : + 62 21 875 21 15 P.O. Box 549 Fax : + 62 21 875 39 34 Tel : + 20 15 364 592 Fax : + 20 15 367 081 Thailand-Thai Indo Kordsa Co. Ltd. Rojana Industrial Park, 1/61 Moo 5 NORTH AMERICA Khanham Subdistrict, Uthai District Ayuthaya 13210 USA-Chattanooga Kordsa Inc. Tel : + 66 35 330 221 to 9 4501 North Access Road Fax : + 66 35 330 230 Chattanooga, TN 37415-9990 Tel : + 1 423 643 8300 China-KQNE Fax : + 1 423 643 2726 Plant USA-Laurel Hill Kordsa Inc. 22 Hai An Road, Qingdao 17780 Armstrong Road Shandong 266031 Laurel Hill, NC 28351 Tel : + 86 532 8374 1224 Tel : + 1 910 462 2051 Fax : + 86 532 8374 1324 Fax : + 1 910 462 5040 Sales and Marketing Office Room 1106A Pacheer Commercial Center 555 Nanjing West Road, 200041 Shanghai Tel : + 86 021 62555910 Fax : + 86 021 62555911 Printed on 100% Recycled Paper Printed on 100% Recycled Paper Kordsa Global Annual Report 2010 US $ Mil. Sales 1500 1250 843 1000 882 656 750 500 250 843 0 2008 2009 2010 US $ Mil. Net Income 60 50 33 40 36 27 30 20 10 33 0 2008 2009 2010 US $ Mil. Operating Profit 240 200 80 160 56 120 44 80 40 56 0 2008 2009 2010 Shareholders' Structure Hacı Ömer Sabancı Holding Other (Public) 91,1% 8,9% 1 Kordsa Global Annual Report 2010 2 Kordsa Global Annual Report 2010 Mission / Vision / Values Mission Corporate Values Deliver high value added SHE (Safety, Health, and Environment) reinforcement solutions, Whatever we do, SHE comes first. globally We are 100% committed to achieving an accident free and safe workspace for our employees and business partners. As a Vision company respecting the society, our purpose is to protect environmental health and natural resources. Solution partner for the rubber industry, worldwide Integrity In all business and personal matters, we always comply with the laws of the countries we operate and demonstrate the highest ethical values. Customer Focused We respect our customers. Our goal is not only finding the right and permanent solutions to their problems and supporting their successes, but also be their innovative and trustworthy business partner. Results Driven We are a ‘result oriented’ team and focused on delivering our commitments with a continuous improvement mindset. Global Collaboration We believe in working together. While working together, we would like to create synergy by benefiting from the strength and best-practices of our employees, suppliers, contractors and customers. Open Minded We are willing to embrace and consider new ideas and perspectives from different sources. 3 Kordsa Global Annual Report 2010 Kordsa Global, Milestones 1973-1990 1973 A world leader in nylon and polyester yarn, cord Giving priority to changing market conditions, in fabric and single end cord production, 2009 Kordsa Global began implementing a New Kordsa Global serves the tire reinforcement and Business Model that allowed transition from mechanical rubber markets. The success story regional to functional management coupled with behind Kordsa begins in 1973, when investment a revision to main processes like global customer began at its cord fabric plant in Izmit. management and supply chain. Over 37 years Kordsa Global has been transformed To fully meet evolving customer requirements, into a globally leading company thanks to strategic Kordsa Global has given further priority to R&D Formation of Kordsa Turkey buy-outs and initiatives implemented with work, which began to return its benets during Tire Cord Fabric Plant powerful business partners. The company 2010. maintains a leading position in the industry with a workforce reaching 5000 at 10 facilities in 9 Again during 2010 Kordsa Global was included in countries, spanning 5 continents. In 2010 Kordsa the Turquality programme and introduced two 1987 Global reached a sales gure of US$ 843 Million. new brands on the market. Kordsa Global has its headquarters in Istanbul with operations focused in four main regions around the world: Europe, Middle East and Africa with facilities in Turkey, Germany and Egypt North America with facilities in Formation of Dusa-Sabancı Laurel Hill / North Carolina, USA and DuPont JV Yarn Plant Chattanooga/Tennessee, USA 1990 South America with facilities in Brazil and Argentina Asia-Pacific with facilities in China, Indonesia and Thailand Initiation of “Quality Culture” Studies and Deployment of Total Quality Management 4 Kordsa Global Annual Report 2010 1993-2001 2003-2006 2007-2010 1993 2003 2007 The First ISO 9001 R&D and Single End Cord Certificate Given to a Textile Investments Company in the World: Kordsa 2008 1993 Relocation of the Technology Center from Chattanooga, USA to Kordsa Turkey Opening of the Global Technology Center in Izmit 2005 Establishment of Nile Kordsa Acquisition of Dupont 2008 Shares in DUSA LLC, Single End Cord investment in establishment of Turkey, Germany and Brazil 1998 Kordsa LLC plants Establishment of Interkordsa 1998 2009 2005 The Accreditation of Kordsa Global R&D Center by the Turkish Ministry of Industry 2010 Acceptance to the Turquality South America Investment programme Growth in Polyester 1999 Merger of Dusa Yarn Plant 2006 and Kordsa Fabric Plant Formation of Kordsa Global and Relocation of 2000 the Headquarters from Monolyx brand launch USA to Turkey 2006 Growth in Asia 2006 Twixtra brand launch North America Investment 2001 Formation of Global JV with DuPont Formation of Global Technology Center 5 Kordsa Global Annual Report 2010 Manufacturing Process TURKEY PLANT / İZMİT RAW MATERIAL YARN NYLON 6.6, HMD, AA HMLS / TECHNICAL PET : MEG, PTA PRODUCTION 6 Kordsa Global Annual Report 2010 CORD FABRIC AUTOMOTIVE TIRES AUTOMOTIVE RUBBER AIR SUSPENSION PARTS SYSTEMS INDUSTRIAL FABRIC CONVEYOR BELTS TRANSMISSION BELTS AUTOMOTIVE TIRES SINGLE END CORD V BELTS HIGH PERFORMANCE HOSES AUTOMOTIVE TIRES YARN ROPES/CORDAGE FISHNETS AUTOMOTIVE TIRES 7 Kordsa Global Annual Report 2010 Worldwide Operations With various mergers and acquisitions, Kordsa Global continuously gained Kordsa Inc. strength since its foundation in 1973. Laurel Hill North Carolina, USA Today, the company operates with 10 Chattanooga Tennessee, USA plants in 9 countries across 5 continents with a workforce of 5.000 employees. In 2010, the company generated US$ 843 Million consolidated net sales. Kordsa Global is a part of Sabancı Group of Turkey. Kordsa Brazil Salvador de Bahia, Brazil : Nylon : Polyester Kordsa Argentina : Single End Cord Buenos Aires, Argentina : Cord Fabric NORTH AMERICA SOUTH AMERICA 200 118 US$, MILLION US$, MILLION ANNUAL SALES REVENUE ANNUAL SALES REVENUE 8 Kordsa Global Annual Report 2010 Interkordsa GmbH Mühlhausen, Germany Kordsa Global (Headquarters) İzmit, Türkiye KQNE Shanghai, China Nile-Kordsa Cairo, Egypt Thai Indo Kordsa Co. Ltd. Ayutthaya, Thailand Indo-Kordsa Tbk. Jakarta, Indonesia EUROPE MIDDLE EAST ASIA AFRICA PASIFIC 318 207 US$, MILLION US$, MILLION ANNUAL SALES REVENUE ANNUAL SALES REVENUE 9 Kordsa Global Annual Report 2010 The need for “sustainability” and a “business model compatible with changing market conditions” for the present and future stand out as a common theme for all sectors. 10 Kordsa Global Annual Report 2010 Message of the Chairman Dear Shareholders, increase polyester production capacity. The Kordsa Global team plans 2010 was the year in which we began to a continued rise in turnover and see the first signs of recovery since the profitability for its 2011 budget. global financial downturn. Governments The company aims to prolong profitable in many countries around the world growth in Asia whilst strengthening implemented policies supporting competitiveness in developed markets economic activity, in return bringing by increasing capacity and cost growth that surpassed expectations. efficiency. We expect customer oriented Growing four times faster than global organisation and consistent developed countries, emerging investment in Research & Development economies including Turkey, in a sense implemented over the recent years to confirmed the trend of a “bi-polar new play an important role in reaching our world economy”.
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