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    1. General Information

    2. Financial Rights Provided to Management Body Members and Senior Managers

    3. Research and Development Studies

    4. Company Activities & Developments

    5. Financial Situation

    6. Risk Management

    7. Articles of Association Amendments

    8. Independent Audit Company Amendment

    9. Stock and Bonds

    10. Legislation Amendments

    11. Vision and Values

    12. Strategical Initiatives

    13. Corporate Values

    14. Products


    1. Declaration of Compliance to Corporate Governance Principles

    2. Shareholders

    3. Public Disclosure and Transparency

    4. Stockholders

    5. Board of Directors

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    DRT Yönetim Hizmetleri A.Ş.

    (DRT Management Services Inc.) Maslak No.1 Plaza

    Eski Büyükderece Caddesi

    Maslak Mahallesi No:1 Maslak, Sarıyer 34398

    Istanbul, Turkey

    Phone: +90 (212) 366 6000

    Fax: +90 (212) 366 6029

    MERSIS No: 0313054887100011

    Trade Registry No: 668036



    To Board of Directors of,

    Kordsa Global Endüstriyel İplik ve Kord Bezi Sanayi ve Ticaret A.Ş.

    Audit Report of Annual Activity Report belonging to Board of Directors within the framework of Independent Audit Standards

    We audited the annual activity report of the accounting period ending on the date of 31st December 2016 belonging to Kordsa Global Endüstriyel İplik ve Kord Bezi Sanayi ve Ticaret A.Ş. and its affiliated companies (from now on, will be referred as “Group” all together)

    Responsibility of the Board of Directors regarding Annual Activity Report

    Group management, in compliance with 514th provision of Turkish Commercial Code (“TTK”) no. 6102 and “Notification of Principles

    related with Financial Reporting in Capital Markets” (“Notification”) no 14.1, is responsible with preparing annual activity reports in a way that is consistent with consolidated financial statements and in a way that reflects the truth, and responsible with an internal audit that seems

    to be required for preparation of an activity report with such qualifications.

    Responsibility of the Independent Auditor

    Our responsibility is to give opinion on whether the financial information within this activity report is consistent with the consolidated financial statements of the Group, which is the subject of the independent audit report dated 20 th February 2017, and whether it reflects the

    truth, on the basis of independent audit we carried out on Company’s activity report within the framework of TTK’s 397 th provision and the Notification.

    The independent audit, which we performed, was carried out in compliance with Independent Audit Standards (“BDS”), which is a part of the Turkish Audit Standards published by Public Oversight, Accounting and Auditing Standards Authority (“KGK”). These standards

    requires being in compliance with ethical provisions and the independent audit being planned in a way that creates reasonable reliability on

    reflecting truth and the financial information within the activity report being consistent with consolidated financial statements.

    Independent audit consists of audit procedures with the purpose of acquiring audit evidence about historical financial information. The

    selection of the procedure depends on occupational reasoning of the independent auditor.

    We believe that the independent audit evidence acquired during our independent audit forms an adequate and suitable basis for the formation

    of our opinion.

    Deloitte expresses Deloiette Touche Tohmatsu Limited (“DTTL”) company, which was founded in compliance with England regulations,

    one or more than one of companies and relevant legal entities within the member company network. DTTL and each of the member companies are separate and independent legal entities. DTTL (also referred as “Deloiette Global”) doesn’t provide services for customers.

    For more information regarding our global member company network, visit

    @2016. Please contact with Deloitte Turkey (Deloitte Touche Tohmatsu Limited member company).

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    Deloitte Opinion According to our opinion, financial information found within the annual activity report of Board of Directors is consistent with consolidated financial statements and reflects the truth with all important aspects. Other Obligations due to Regulations Pursuant to 3rd sub-section of 402nd provision of TTK; within the framework of BDS 570 “Operation Continuity”, there isn’t an essential matter that needs to be reported in relation to the operation being unable to continue its activities in foreseeable future. DRT BAĞIMSIZ DENETİM VE SERBEST MUHASEBECİ MALİ MÜŞAVİRLİK A.Ş. Member of DELOITTE TOUCHE TOHMATSU LIMITED Zere Gaye Şentürk Cap Auditor (Responsible) Istanbul, 20th February 2017

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    1. General Information:

    a) Accounting Period of the report: 1st January 2016 – 31st December 2016

    b) Trade title, trade registry number, contact information of headquarter and branches and address of the web site of the Company:

    Trade Title : Kordsa Global Endüstriyel İplik ve Kord Bezi Sanayi ve Ticaret Anonim Şirketi Quarter Name : Sabancı Center Kule:2 Kat:17 34330 4.Levent, Beşiktaş / ISTANBUL - TURKEY Contact Address : Sanayi Mahallesi Teknopark Bulvarı No:1/1B 34906 Pendik / ISTANBUL - TURKEY Telephone : 0216-300 10 00 Fax : 0216-300 10 01 Addresses of Production Facilities: Factory: Alikahya Fatih Mahallesi Sanayi Caddesi No:90 İZMİT 41310/KOCAELI – TURKEY Teknopark Branch: Sanayi Mahallesi Teknopark Bulvarı No:1/1B 34906 Pendik/ISTANBUL - TURKEY Information regarding our production facility sites abroad can be found at our internet site. E-Mail Address : Web Address : Registration Date : 17.08.1973 Kordsa Kord Bezi Sanayi ve Ticaret A.Ş. 12.04.2000 Kordsa Sabancı Dupont Endüstriyel İplik ve Kord Bezi Sanayi ve Ticaret A.Ş. 09.12.2005 Kordsa Endüstriyel İplik ve Kord Bezi Sanayi ve Ticaret A.Ş. 30.11.2006 Kordsa Global Endüstriyel İplik ve Kord Bezi Sanayi ve Ticaret A.Ş. Mersis No : 0577-0053-5640-0013 Trade Registry and Number : T.R. Registry of Commerce Istanbul – 123648 Tax Office and Number : Büyük Mükellefler (Major Taxpayers) – 577 005 3564

    c) Organization, capital and partnership structures of the Company and amendments regarding these within the fiscal period:

    Kordsa Global Endüstriyel İplik ve Kord Bezi Sanayi ve Ticaret A.Ş. (“Company” or “Kordsa”), which was founded in Kocaeli Izmit in 1973, is active as a subsidiary of Hacı Ömer Sabancı Holding A.Ş. (“Sabancı Holding”)

    Kordsa’s Major Business Activitiy;

    Manufacturing of yarns found in structure of tires and forming the main frame; manufacturing of industrial fabric and industrial cord found in the structure of rubber and plastic materials such as transmission belts, V-belts, rubber hoses; manufacturing of heavy denier fiber and connection fabrics; transformation of any kinds of yarns into tire cord fabric, fabric used in mechanical rubber goods, pilot fabrics and other rubber reinforcement materials, and to market thereof; to produce and to carry out all kinds of marketing, sales, importation and exportation of Nylon 6, Nylon 6.6 and PET (Polyethylene-terephthalate) HMLS (High Modulus Low Shrinkage) polyester and rayon heavy decitex yarn to be used in auto tires and mechanical rubber products; and

    Participating in capital and management of domestic and foreign companies founded and/or to be founded for the purpose of working on any kinds of business subject particularly commercial, industrial, infrastructure services, transportation services, mining, touristic, construction subjects; to make them to be managed by creating competing conditions that will respond to needs and in favor of companies whose capitals and management it participated in and more efficiently, rational and profitably depending on the same management and behavior relations and in accordance with the current conditions and other works written in the text of amendment to the main contract registered on the date of 1.4.2013,

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    Capital and Partnership Structure:

    Registered Capital : 500.000.000 TL Paid Capital : 194.529.076 TL

    Partners with more than 10% of the Company Capital:

    There is no real person ultimate controlling shareholder of the Company. Whole of Company stocks (shares) are registered. Company’s stocks have been traded at Borsa İstanbul A.Ş. (BİST) since 1991. The Company can not track the share transfer of the shareholders representing its public capital (28,89%). Company is only informed 1 shareholder who is owner of stocks/ dividends representing other capital of the Co