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Pioneer... Powerful... Trustworthy...
Kolin Group of Companies
Annual Report 2011

Xxx
Contents
02
Our Vision, Mission, and Strategy
03
Our Fundamental Values and Strengths
04
Company Profile
06
Milestones
10
Kolin in Numbers
12
Companies of the Group
14
Message from the Chairman
16
Executive Board
18
Sectoral Analysis
22
Sectoral Performance
26
Construction and Contracting
40
Energy
56
Port and Shipyard Operation
68
Minerals and Cement
72
Tourism and Services
84
Trade
88
Industry
96
Quality-Confidence-Stability
106
Financial Highlights
170
Addresses
Kolin Group of Companies 2011 / Annual Report 01

Vision/Mission/Strategy Fundamental Values/Strengths
OUR VISION
To be a reputable, trustworthy, and market-leading brand in the
industry while keeping service and product quality and customerfocus
at the highest levels and in compliance with international
quality standards. To be one of the leading names in the
business areas in which the Company sees growth potential and
to extend its domestic successes to the global arena.
OUR MISSION
To grow as an investor by bringing our 35 years of experience
to bear in a range of business fields, through important
projects which provide social and economic benefits to all.
To operate using our quality approach established with the
tenets of knowledge, highly skilled workforce and state-ofthe-art
technology. To enact an investment policy shaped by
the fundamental principles of being a pioneer and creating a
difference. To act with the knowledge that long-term profit lies
within quality. To contribute to the development of the economy
and the industries in which the Company is active, regardless of
the prevailing conditions. To continue to be a trustworthy group
in all aspects.
OUR STRATEGY
The core strategy of Kolin Group is to maintain and strengthen its
position in its core business area – the construction and contracting
industry. The Group’s growth and expansion strategy is to transfer
knowledge and experience gained throughout many years in the
contracting field into other business areas in which there are
domestic and/or international growth opportunities.
FUNDAMENTAL VALUES
• To be knowledgeable
• To be trustworthy
• To operate effectively
• To be successful
• To produce high-quality work
• To complete the job on time
• To always create the better and the best
• To lead the way in new developments
• To be competitive in cost and quality
• To value and motivate employees
• To love what we do and to be enthusiastic about our work
• To be sharing and participative
• To be open to criticism
• To be investigative and pursuer
• To continually seek success under all circumstances and in all
subjects
Kolin Group of Companies 2011 / Annual Report 03
OUR STRENGTHS
Kolin Group of Companies;
• Kolin Group has superior engineering and technical
capabilities that can realize the projects requiring specialized
expertise in the construction and contracting industry.
• Kolin Group acknowledges as its primary objective the
completion of effective and high-quality work in the shortest
possible time. It transforms its experience in the construction
field into innovative solutions. Kolin Group develops new
technologies that reduce time and costs without compromising
quality and safety.
• Kolin Group aims to complete projects with zero error or loss
by effectively monitoring and controlling all processes within its
areas of activity. The Group organizes the infrastructure accordingly
so as to fulfill this objective.
• While maintaining focus on its core activities in the construction
and contracting industry, Kolin Group simultaneously applies a
strong synergistic approach to all group companies to ensure it
is consistently producing its best work.
• The central theme of Kolin Group’s corporate culture is its
people-orientation. Accordingly, Kolin:
- maintains ethical values,
- adopts a conscientious approach to health, safety and
environmental issues,
- supports social, cultural, and community development.
• Kolin Group believes that success lies within relationships based
on mutual respect and trust. The Group encourages teamwork
and the formation of teams that share and act with a common
mindset.
• Kolin Group Companies consistently find the most suitable
solutions to perfectly fulfill the commitments made to customers,
using a proactive approach.
• Kolin Group Companies undertake several investments mainly
on privatization and Built-Operate-Transfer (BOT) model projects.
All of these investment projects show remarkably succesful trend
by their “high productivity-high quality” charecter. The Group
maintains its competence and highly prestigious company name
and also its faithful represantation ir respect to financial institutes
and creditors in constanly strenghtening manner.

Company Profile
With the establishment of Kolin Construction in 1977,
foundations of Kolin Group of Companies were also laid.
Sustaining its success with 35-year experience in construction
sector, Kolin Construction continues to be a prestigious brand in
the world wide with its strong financial structure and competent
human resources as well as its sound experience.
Setting the example of sustainability with its stable growth
performance as of the foundation date, Kolin Group of Companies
is among the strong and respectable companies of Turkey.
Kolin, which is active in the fields of construction-contracting,
energy, port and shipyard management, mining, tourism service,
trade and industry, stands out as a brand name identified with
honesty and reliability. Kolin Group of Companies draws attention
as a qualified and reliable service provider, a model entrepreneur
and a strong national investor. Having shaped its business
strategies around these concepts, the Group also adopts it as
principle to establish long-standing business partnerships.
Active participant of the sector
Kolin Construction is a member of Asphalt Contractors Association,
International Road Federation, World Water Council, Council on
Foreign Economic Relations, Turkish Construction and Installation
Contractors Employer Syndicate (INTES), Turkish National Roads
Committee, Turkish-American Association in Turkey, World Trade
Center Union, Confederation of Turkey Employer Syndicate (TISK),
Turkish Tourism Investor Association and Turkey Contractors Union
and also holds NATO Security Certificate.
Symbol of experience and quality: Kolin Construction
Kolin Construction, which managed to become a favored
business partner in both Turkey and different geographies of the
world, carried out important projects in Afghanistan, Cyprus and
Jordan, and provides service in a large geography extending from
Libya to Azerbaijan, from Serbia to Uganda. Kolin Construction
became a powerful name in its sector by determining new
techniques and methods in several high-level projects. It is the
“first company” of the sector, which acts within the framework
of the integrated management system by obtaining ISO
9001:2008 Quality Management, ISO 14001:2004 Environmental
Management and OHSAS 18001:2007 Occupational Health and
Safety certificates simultaneously.
Kolin Construction continues to strengthen its reliable,
respectable, risk-taking and eligible company image with its
creditability and expertise and to “construct permanent works in
the way of civilization”.
With 35-years experience in the sector, Kolin Construction was
rated as the 136th among the “The Biggest 225 International
Contracting Firm of the World” in the “2007 Top International List”
prepared by Engineering News Record Magazine which is accepted
to be the most prestigious magazine of the sector by international
contracting authorities. In 2011, it was rated as 211th in “The Top
225 Global Contractors” prepared by the Engineering News Record
Magazine. Kolin Construction is the 10th among the 13 Turkish firms
included in the list and 65th among the European countries.
At the “Award Ceremony for Tax Champions” where 50
institutions “making the most export” and “paying the highest
corporate tax” were awarded, Kolin Construction received totally
3 awards in two branches.
During the ceremony held on 18 May 2011 at ATO Congress
Centre, Kolin Construction was awarded with a plaquet as the
15th company making the most export in 2009, 23rd company
paying the highest corporate tax in 2009 and the 7th company
paying the highest corporate tax in 2010.
We continue to rise
Having proved its high-quality in the engineering and
construction-contracting services, Kolin Group of Companies also
realized major works in the fields of energy, port and shipyard
management, mining, tourism service, trade and industry.
Akköy I (103,5 MW) and Akköy II (230 MW) dams and
hydroelectric power plants (HPP) undertaken by Akköy Energy,
one of the companies of the Group, are rated among the
important energy projects of Turkey. Akköy I plant was completed
in 2008 and started commercial production activities. And Akköy
II project was planned to be finalized in June 2012.
The Group managed to become a powerful name in the natural
gas distribution sector in a short time as well with ESGAZ and
İZMİRGAZ investments. Under the scope of the privatization of
Electricity Distribution companies organized by the Privatization
Administration, Kolin, together with its partners, concluded the
Çamlibel Electricity Distribution Contract which includes Sivas,
Yozgat and Tokat, and Uludag Electricity Distribution Contract
which includes Balıkesir, Bursa, Çanakkale and Yalova. To this
aim, companies of Çamlı and Uluğ Electricity Distribution and
Retail Sale Service of which it is also a member were founded.
Kolin Group of Companies is also assertive in the field of port
management. Canakkale Kepez Port is one of the major ports
of the Europe, with especially its modern waste collection and
recycling plant. As to Sığacık Marina whose investment and
Kolin Group of Companies 2011 / Annual Report 05
Kolin Group of Companies draws its
strength from its business approach,
strong financial and professional
structure, clearly defined strategy
and stable growth target. Total of
the consolidated assets raised to
1,265 million Dollars as of the end
of 2011 and total equity capital
raised to 345 million Dollars. Kolin
proved its existence in the field of
construction-contracting which is its
main activity field and proved that
Kolin is determined to convert the
added value to the investments in and
outside the country
management is undertaken by the Group is taking firm steps
towards being an important marina. Today, the Group provides
services at totally three important areas in the Aegean with
Çanakkale Kepez, Dikili and Sığacık Ports. Sefine Denizcilik
founded in 2005 maintains its activities with the aim of becoming
a leader in the ship construction sector.
Kolin Group of Companies entered into the mining sector with
Malatya Hekimhan Iron Mine bought from the Directorate of
Privatization Administration in 2007. The prominent investment
of the Group in the field of tourism, Kolin Hotel and Congress
Center, is the only five-star hotel on the coastline of Izmir-
Istanbul. It is also the biggest congress center of the region.
Kolin Group of Companies draws its strength from its business
approach, strong financial and professional structure, clearly defined
strategy and stable growth target. Total of the consolidated assets
raised to 1,265 million Dollars as of the end of 2011 and total equity
capital raised to 345 million Dollars. Kolin proved its existence in the
field of construction-contracting which is its main activity field and
proved that Kolin is determined to convert the added value to the
investments in and outside the country.
As a service provider and investor in Turkey and in the
international markets, Kolin continues and will continue to
implement its strategies without making any concessions
with the aim of growing. Kolin Group of Companies which has
undertaken many privileged projects will continue contributing
to the civilization and share the produced added value with its
shareholders.

Milestones
1976
• The first Group company, Kolsan Construction Automotive
Industry and Trade Co Inc. was established.
1977
• Kolin Construction Company was established in Elazığ by the
engineer members of Koloğlu family.
1978
• Kolin Construction began its first irrigation project with the
construction of Uluova Pumped Irrigation Project.
1982
• Kolin Construction began its first road infrastructure projects
with the construction of the Çaycuma Bartın Road.
1987
• Kolin Construction moved its headquarters to Ankara.
1997
• The Harran IV Irrigation Project, undertaken by Kolin
Construction, was the first irrigation project which has been
completed as part of the Southeastern Anatolia Project (GAP),
one of the largest development projects in the world.
1998
• Kolin Construction won its first motorway project with the
Birecik-Suruç portion of the Gaziantep-Şanlıurfa motorway, which
carries a significant proportion of regional and transit traffic.
1999
• Akköy Energy Inc., the Group’s first company in the energy industry,
was established to operate in the power generation industry.
2001
• Kolin Construction completed two turnkey projects, Tüvenen
Tincal Dissolving Unit and Kırka 3rd Boron Derivatives Facility, built
to process strategically significant boron mines. Kırka 3rd Boron
Derivatives Facility has the highest boron processing capacity in
Turkey and was built in the shortest period of time.
• Kolin Construction won its first international project with the
Mujib and Southern Irrigation 2nd Section Project in Jordan.
The project was completed in 2004 and handed over to the
Hashemite Kingdom of Jordan Ministry of Water and Irrigation.
2002
• Kolin Construction completed the first double highway and
crossover road projects in the Turkish Republic of Northern
Cyprus.
• Kolin Construction, along with its partners, completed the Bolu
Mountain Passage Project in the first-degree seismic zone. All
geotechnical precautions were taken. The existing road was
transformed into a divided road, and a road and traffic information
system was installed.
2003
• Kolin Group built Çanakkale Kolin Hotel and Convention Center,
the first Build-Operate-Transfer model to be used in the tourism
services industry, and obtained the operating license for 49 years.
• Kolin Group purchased ESGAZ, a natural-gas distribution
company in Eskişehir when it was privatized. ESGAZ was the
Group’s first investment in the natural-gas distribution industry.
• The Group won its first road construction project in Afghanistan
with the Kabul-Kandahar Highway Project.
2004
• Kolin Group acquired the Dikili Port from the Ministry of
Transportation General Directorate of Railways, Harbors, and
Airports Construction, using a 30-year Build-Operate-Transfer
model. This project is the Group’s first investment in the port
management field.
• Acquired with a 29-year Build-Operate-Transfer model from the
Ministry of Transportation General Directorate of Railways, Ports,
and Airports Construction, Çanakkale Kepez Port was the Group’s
second investment in the port management area. This port in the
Çanakkale Strait is the first service port in Turkey, and has been
managed by the Kolin Group since 2006.
• Section D (km: 177+000-262+000) of the Kabul-Kandahar
Highway and six-bridge construction project in Afghanistan was
completed.
2005
• A license for natural gas distribution in İzmir and Tire was
Kolin Kolin Group Şirketler of Companies Grubu 2011 / / Faaliyet Annual Raporu Report 07
acquired for a 30-year period after a bidding process overseen by
the Energy Market Regulatory Authority. As a result, IZMIRGAZ
Inc. was established.
• The Kandahar-Herat Highway (km: 231+566-356+000) Packet IV
project in Afghanistan was completed.
2006
• The Akköy I Dam and Hydroelectric Power Plant project
was initiated. This project was the Group’s first investment in
hydroelectricity.
• Kolin Construction completed the Bozova Pumped Irrigation
Part 1 Project with the help of foreign loans, the Spanish FAD
(Fondo de Agnida al Desarollo) and the Organization for Economic
Co-operation and Development (OECD) Export.
• Two projects from Farah, the Afghanistan Freeway Connection
Project (km: 0+000-71+000) and the Kandahar-Herat Highway
Rehabilitation Project Saudi Section (km: 116+566-231+566)
were completed.
2007
• Kolin Construction finished the first highway underpass project
in Baku, Azerbaijan.
• The Birecik-Suruç Section (including the Suruç connection road)
of the Gaziantep-Şanlıurfa Highway was completed on July 17,
2007 and was provisionally accepted.
• Hekimhan Mining was established to operate the largest ferro-

Milestones
manganese ore site in Turkey with an annual production capacity
of 2 million tons. Through privatization the Group acquired its
operating license until 2040.
• The Group acquired Sığacık Marina as a 23-year-6-month Build-
Operate-Transfer model from the Ministry of Transportation General
Directorate of Railways, Harbors, and Airports Construction.
2008
• Two projects were initiated in Libya: the Ghot Es Sultan Water
Conveyance Line and Pumping Stations Project and the Al-Khadra
Ranch Irrigation Project.
• The Benghazi Plain Water Distribution System Project in Libya
was undertaken.
• In September the Akköy Hydroelectric Power Plant came online
and commercial power generation began.
• The Akköy II Hydroelectric Power Plant Project started.
• The Artvin-Erzurum State Highway 2nd Part Project, including
the construction of four balanced overhang viaducts and a
5.3-kilometer road was begun.
• 88 percent of the shares of Arslanlı Plaster and Raw Materials
Inc. (ARSLANLI) were acquired by Kolin Group. ARSLANLI was
established in early 2007 in Elazığ and is concerned with the
production of various plasters.
• The Group established Işıksu Energy Production and Trade Inc.
in 2008 in order to have an active role in the power generation
industry.
• A joint venture established by China Major Bridge, Cengiz,
Limak, Mapa, and Kolin undertook the Yerköy – Sivas High-Speed
Train Railroad Infrastructure Project.
• Construction of the Piraziz – Giresun coastal road, as part of the
Black Sea Coastal Road Project, was completed and provisionally
accepted.
• Construction of Umurbey Dam was completed.
2009
• 50 percent of Sefine Maritime Shipyard Tourism and Trade Inc.
shares were purchased by Kolin Group.
• The existing Haydar Aliyev Prospekti 105 Unvan bridge in
Azerbaijan was rebuilt and expanded.
• The Kayseri Northern Passage Diversion (infrastructure,
superstructure, and signaling) construction project was acquired
from General Directorate of Turkish State Railways.
• The contract to construct the new U.S. Embassy Facility was
acquired in Serbia.
• An infrastructure project for 10,680 homes in Tripoli, Libya was
acquired.
• The Al-Kadra Ranch Project in Libya was completed.
• Superstructure Improvement and Large-scale Repair of
Mahmutbey - Kozyatağı Highway, Side Roads, and Connection
Roads (including 1st and 2nd beltways) in İstanbul was completed
and provisionally accepted.
2010
• Within the framework of the privatization of Elektrik Dağıtım
A.Ş. (Electricity Distribution Corporations) organized by the
Directorate of Privatization Administration, Çamlıbel Electricity
Distribution contract which covers Sivas, Yozgat and Tokat, and
Uludağ Electricity Distribution contract which covers Balıkesir,
Bursa, Çanakkale, Yalova were awarded to Limgaz-Kolin-
Cengiz Joint Venture Group. To this aim, the company of Çamlı
and Uluğ Electricity Distribution and Retail Sale Service was
established.
• Concerning the construction of Obrenovac-Ub and Lajkovac-Ljig
Road in Serbia, MOU was signed with the Government of Serbia.
• Construction of Artvin-Erzurum State road 2th Section which
also covers construction of 5 “Balanced Cantilever” Viaducts,
Construction works of Ortaköy Viaduct and Ortaköy Provincial
Road were undertaken.
• Ankara Drinking Water IInd Phase Project Gerede System
Construction work was undertaken. The Project is one of the
longest (31.6) water transfer tunnels of the world.
• Road construction work of İzmir Ring road, Harmandalı
Junction-Koyundere Junction Km:2+500-10+000 was undertaken.
• Road superstructure restoration work of Gebze Junction-Körfez
Junction Km: 45+300-73+469 was undertaken.
2011
• Since the capacity of İzmir Port is not sufficient, Çandarlı Port
Project was launched in order to carry out the requirements
about the container loads and establish a port complex which can
serve on the main container transport lines passing through the
Mediterranean.
• Rehabilitation and Reconstruction Work of Köseköy-Gebze
Section of the Ankara-İstanbul High-Speed Train Project was
undertaken.
• Construction of Water Supply and Waste Water Systems and
Waste Water Treatment Plant for İsmayilli Rayon in Azerbaijan
was started. This project aims not only to supply clean, easily
accessible and continuous water to İsmailli Rayon but also
remove and recycle the waste water in a manner not to damage
the environment and human health.
• Rehabilitation of Hajiqabul-Horadiz Road in Azerbaijan (M6),
Parcel 1 Hajiqabul Bulagli Section Km: 00+000-40+500 and
Rehabilitation of Hajiqabul-Horadiz Road (M6), Parcel 2, Bulagli-
Bahramtepe Section, Km: 40+500-112+550 were started.
• Upgrading of Hoima-Kaiso–Tonya Road (92 km) to paved
(bituminous) standard, which is a preferential project for Uganda
since it is a main route ensuring access to petrol reserves, was
undertaken.
• Construction of 3 balance cantilever viaducts whose pillar
heights vary from 110-119m and lengths vary from 275-350 were
completed within a short time.
Kolin Group of Companies 2011 / Annual Report 09

Kolin in numbers
Consolidated Financial Indicators of Kolin Construction and Subsidiaries
2011
2010 2009
USD TL USD TL USD
TL
Total Assets 1.265.410.588 2.390.234.057 1.056.149.220 1.632.806.694 781.059.783 1.176.041.714
Total Financial Liabilities 582.432.842 1.100.157.396 373.075.000 576.773.950 273.694.204 412.101.364
Total Equity 345.327.621 652.289.342 377.979.646 584.356.532 325.400.829 489.956.029
Total Revenue (Sales ) 1.010.004.579 1.907.797.649 768.241.573 1.187.701.472 707.087.214 1.064.661.218
EBITDA 128.154.331 242.070.715 143.945.938 222.540.420 100.496.823 151.318.067
Net Profit 36.255.317 68.482.668 61.681.861 95.360.156 59.109.820 89.001.657
Gross Profit Rate (%) 13 20 14
Equities /Total Assets (%) 27 36 42
Return on Assets (%) 3 6 8
Return on Profitability (%) 10 16 18
Total Assets
(Million USD)
1.265
1.056
781
Total Equity
(Million USD)
345,3
377,9
325,4
2011 2010 2009 2011 2010 2009
EBITDA
(Million USD)
128,1
143,9
100,4
2011 2010 2009
Size of assets
1.265
million Dollars
Turnover
exceeding
1.010 million
Dollars with
a growth of
31%
in 2011
A large family
with more
than
3 thousands
employees
Kolin Group of Companies 2011 / Annual Report 11
Since 1977, 96 completed projects worth USD
2,1 billion and ongoing projects worth
USD 3 billion
Equities
exceeding
345 million
Dollars
Net profit
exceeding
36 million
Dollars
despite the
crisis

Companies of the Group
Construction-Contracting
Successful, respectable, reliable and
symbol of the stability with 35-year sectoral
experience...
Kolin Construction Inc.
Kolsan Inc.
Murtezaoğlu Inc.
Geomed Inc.
Prebeton Inc.
El Hedef El Hendesi Inc.
Kobin Construction Inc.
Armin Inc.
KLG LLC Ltd.
Mining
Exploitation of the biggest and most
important manganous iron ore deposit of
Turkey...
Hekimhan Mining Inc.
Kolin Energy Group
Lead in the production and distribution of
sustainable, clean and environmentally
friendly energy...
Natural Gas Distribution, Storage, Import, Export,
Wholesale and Retail Sales Services
İZMİRGAZ Inc.
ESGAZ Inc.
Naturgaz Inc.
Etki Port Management Natural Gas Export and Trade. Inc.
Power Generation, Distribution, Wholesale and Retail Sales
Services
Çamlıbel EDAŞ.
Uludağ Electricity Distribution Inc.
Akköy Inc.
Işıksu Inc.
Server Energy Production and Trade Inc.
Uluğ Energy Inc.
Çamlı Energy Inc.
Kolen Inc.
ENO Energy Inc.
Energy Investment, Contracting and Consulting Services
Truva Inc.
Albe Energy Inc.
Hidro-Gen Inc.
Atlas Inc.
ANC Inc.
Port and Shipyard Management
Service quality of world standards in port,
marina and shipyard management...
Çanakkale Port Inc.
Dikili Port Inc.
Teos Marina Inc.
Sefine Denizcilik Inc.
Kolmar Marina Investment Co.Ltd.
Industry
Production concept adding power and
value to the economy and employment...
Arslanlı Alçı Inc.
Hekimhan Iron Steel Mining Manufacture Inc.
İnkol Construction Energy Ind. and Trade Inc.
Sivas Travers Manufacture Ind. and Trade Inc.
Tourism-Service
Kolin Group of Companies 2011 / Annual Report 13
Exclusive places of the high quality
service...
Çanakkale Kolin Hotel
Köşem Ltd.
Park Fora Ltd.
Şişman Ltd.
Gazbil Ltd.
KA Insurance Ltd.
Akkol Inc.
Turkol Turizm Inc.
Kiplasma Industrial Waste Integrated Disposal Ind. and Trade Inc.
Trade
Sustainable, high quality, reliable,
transparent trade concept...
Koltar Agriculture Inc.
Kolpaş Inc.
Efes Group Transport Ind. and Trade Inc.

Message from the Chairman
Kolin Group of Companies has deserved proud of leaving one more successful
year behind by sustaining its growth in all activity fields. With our investments
in the new business fields, we will continue to add value to the Turkish economy
and undertake sustainable projects which can meet the needs of the future
generation in order to create a more livable world.
Dear Shareholders,
2011 was a globally challenging year with regards to the
economy. Japan earthquake of 2011 and financial and political
problems of the Europe affected the whole world profoundly.
European-originated financial difficulties brought about global
problems. Despite these adverse events, Turkey managed
to overcome the crisis smoothly with the strong growth
performance of the last two years. Having been rated as the
fastest growing state of the OECD countries in 2010, Turkey
continued to grow soundly in 2011 as well. Fast growing trend
of Turkey slowed down a bit but it is expected to sustain its
momentum in 2012.
Kolin Group of Companies continued to strengthen Turkish
economy even more with its successful financial performance in
all fields. Kolin kept diversifying its activity fields in 2011 as well.
Kolin Group of Companies stepped into the field of industry too
in 2011. SİTAŞ, an industrial company of our group, was founded
under the leadership of Kolsan, another company of Kolin Group
of Companies with the partnership of Eser Beton, Osman Yıldırım
and Margaritelli S.p.A. from the Yıltaş Group of Companies
following the tender launched by the General Directorate of State
Railways (TCDD) on 21.10.2010. Having started the construction
work of the production facility in 2011, the Company will initiate
the manufacture as of the second quarter of 2012.
As a service provider and investor in Turkey and in the
international markets, the Group continues and will continue to
implement its strategies without making any concessions with
the aim of growing.
Kolin, having gained prestige with 35-year experience in its main
activity field, construction sector, continues to be a favored work
partner in both Turkey and different geographies of the world with
its projects executed by Kolin Construction which is the driving
power of the construction field in 2011.
In 2011, Kolin Group of Companies realized important projects in
the energy field too. Akköy Projects, among the most important
hydroelectric projects of Turkey, is not only the first investment
of Kolin in the energy field but also a crucial milestone evidencing
engineering and economic power of Kolin in this area.
It will be ensured to create notable added values in the electrical
energy field as is the case in other activity fields of our Group.
Concerning natural gas distribution, Kolin Energy Group which
has undertaken natural gas distribution of Eskişehir and İzmir,
exhibits a successful performance in this field too. ESGAZ, one
of our distribution companies, is the first natural gas distribution
company which provides penetration rate of 100% in Turkey.
Kolin Group of Companies finished the year of 2011 with success
in the field of port and shipyard management, one of the business
branches focused under the growth strategy. It ensured growth
with the investments made in Çanakkale Kepez Port, Dikili Port
and Sefine Shipyard.
With its 35-year experience, qualified and experienced staff and
an understanding which has no tolerance in the quality of work,
Kolin will continue to contribute to the Turkish economy and
shape the future of the country. The Group will maintain its stable
growth with its new investments.
Kolin Group of Companies will continue to put its signature under
the projects which will gain the approval of all shareholders. It will
sustain its leading position in the related sectors. I express my
gratitude to all our employees, business partners, stock holders
and shareholders, who contributed to our success. I believe
that we will maintain our growth in 2012 too with a successful
performance.
Yours faithfully,
Naci KOLOĞLU
Chairman of the Executive Board
Kolin Group of Companies 2011 / Annual Report 15

Executive Board
Standing, from left to right:
Celal KOLOĞLU
Member of the
Executive Board
Veysi Akın KOLOĞLU
Member of the
Executive Board
Naci KOLOĞLU
Chairman of the
Executive Board
M. Kemal KOLOĞLU
General Coordinator
Kolin Group of Companies 2011 / Annual Report 17

Sectoral Analysis
Construction-Contracting
With regards to expectations, 2011 remained behind as a
“surprising” year according to definitions of the experts. Estimations
put forward at the end of 2010 and beginning of 2011 turned out
to be invalid. Economy kept growing and rose over 8%. Current
deficit estimated to be 50 billion Dollars ended up with 77 billion
Dollars. An unexpected value loss occurred in TL. Dollar which was
expected to be around TL 1,55 reached 1,90. While unemployment
rate estimated to fall below 11%, an unemployment rate below
10% was caught with an unexpected employment rise. Inflation
which displayed a horizontal movement until the last quarter of
2011 when general elections were also held increased to doubledigit
numbers during the final quarter. Under these circumstances,
construction and contracting sector displayed a growth of 10% and
provided employment for 1,9 million people. Construction sector
continued to be the locomotive sector in Turkey when impacts of
the economic crisis were still visible in many countries. Out of the
total employment rate, share of the employment in the construction
sector raised to 7,7% in 2011. Under the light of these data,
employment rate in the construction sector is also expected to be
high in 2012 too. While an economical growth of 4% is expected,
a growth of 10-15% is also estimated in the construction sector for
2012.
Energy
In 2012, a very busy agenda is estimated for energy sector.
Liberalization activities in natural gas and electricity are expected to
be among the important agenda items. In 2012, big-scale electricity
generation investments are expected to be put into practice.In
case the natural gas supply continues on the normal level, demand
problems are estimated not to happen unless radical changes take
place.
In order to ensure liberalization of the natural gas sector, Natural Gas
Law no 4646 is foreseen to be amended in 2012, and it is required
to clarify whether the West Line Contract, which is a critical issue
to expand liberalization in the natural gas import, will be taken over
by the private sector. Due to global economic challenges, there
is expected a decrease in the demand increase of electricity and
natural gas in 2012. “World Energy Outlook 2011” (WEO-2011)
report which is prepared annually by the International Energy Agency
(IEA) and includes analysis about current status and future of the
global energy markets covers the latest data about today and next
25 years of the global energy markets. The whole world increasingly
depends on the electricity in parallel with the energy needs of the
last 25 years. Especially fast economic growth of the developing
countries and increases in the national income per capita give rise to
the electricity demands.
Estimations of the “World Energy Outlook 2011” report are
based on three different scenarios. New Policies Scenario, main
scenario of WEO-2011 and this scenario deem that the latest
government commitments are implemented carefully. According
to this scenario and in parallel with the prediction that the average
world temperature will increase by 3,5 degree in the long term, the
primary energy demand of the world too will increase by one third.
During the same period, energy-originated carbon dioxide emissions
will increase by 20%. In the following 25 years, 90%of the global
energy demand will come from the non-OECD countries and energy
demand of China which is the biggest energy consumer of the world
will make up 30% of this increase on its own. As of 2035, China
will consume 70% more energy than the USA, the second biggest
consumer of today. Despite this increase, the energy consumption
per capita will be less than the half of the energy consumption of
the USA. As to the consumption increase rate in India, Indonesia,
Brazil and Middle East, it is expected to be higher than China. The
developing economies will also determine the dynamics of the
energy supply. The world will be dependent on the petrol production
of OPEC even more, which will reach more than the half of the
global total.
According to the scenario prepared by the USA Energy Information
Administration (EIA), electricity generation which was 17,3 TWh
in 2005 will increase to 33,3 in 2030. Major part of this foreseen
increase is expected to happen in the non- OECD countries with
a sound increase of 4% rather than the OECD countries of which
Turkey is a member too. Share of the fossil fuel in the global
primary energy consumption was 81% in 2010, which is estimated
to decrease to 75% in 2025. The only fossil fuel whose rate will
increase in the global energy sources until 2035 is the natural gas.
Port-shipyard
About 90% of the world trade is carried out by sea. Therefore, being
active in the international sea transport is very important in terms of
the international trade. According to the data of the Undersecretariat
for Maritime Affairs General Directorate of Sea Trade, totally 49.798
ships passed through the Bosphorus and 45.379 ships passed
through the Dardanelles in 2011. As a country surrounded with
sea, it is inevitable that Turkey receives a bigger slice from this
cake. According to the information compiled from the data of the
Undersecretariat for Maritime Affairs General Directorate of Sea
Trade, the number of the ships of 150 gross ton and more, and
registered under the Turkish flag raised to 1.832 with an increase
of 45% during the last 10 years. In the Turkish merchant marine
fleet, the number of ships of 150 gross ton and more was 1.261 in
2001 and decreased to 1.148 in 2003. After this year, the number
of the ships increased continuously and reached 1.832 at the end of
2011. Consequently, an increase of 45% took place in the number
of the ships of the Turkish merchant marine fleet during the last 10
years. Out of 1.832 ships in the Turkish merchant marine fleet, 1.245
ships have the size of 300 gross ton and more. The development
of the last 10 years showed its impact also on the number of the
ships with Turkish International Ship Registry. In 2001, there were
945 ships with National Ship Registry while there were 316 ships
with Turkish International Ship Registry; despite the increase in the
number of ships of 150 gross ton and more in 2011, the number of
ships with National Ship Registry decreased to 845. And the number
of ships with Turkish International Ship Registry was tripled and
reached 987. Age average of the Turkish merchant marine fleet was
24 in 2003; it decreased to 23 in 2004 and 21 in 2005. Age average
increased to 22 in 2006 but it was fixed to 21 as of 2007.
When ship types of the Turkish merchant marine fleet are
considered, dry cargo ships take the lead with 496 vessels. Dry
cargo ships are followed by 237 passenger ships and 221 tankers
carrying liquid/gas. Concerning the ships of 150 gross ton and
more, the increase in the number of yachts is striking. The number
of the sportive and recreational vessels and yachts which was
65 in 2008 was almost doubled in 2011 and reached 124. When
evaluated based on the yacht types, the number of the commercial
yachts increased to 66 from 49 and the number of the private
yachts increased to 58 from 16. Out of these, 8 of the commercial
Kolin Group of Companies 2011 / Annual Report 19
yachts and 16 of the private yachts have the size of 300 gross
ton and more. The number of the employees working in the
ship construction industry was more than doubled in 2007 when
compared with the figures of 2003. Following the Regulation on
Shipyard Vessel Manufacture and Boatyard Areas, facilities with less
than 50 m-sea front were excluded from the shipyard definition,
which also affected the employment figures. Today 21.449 people
are working in this sector, together with the employment figures of
the vessel manufacture firms.
Mining
According to the 2011 Report of the Chamber of Mining Engineers
Mining Sector and Policies published by the Union of Chambers of
Turkish Engineers and Architects (UCTEA); share of the mining in
the Gross National Product is as follows in the developed countries:
5% in the USA, 4% in Germany, 3,7% in Canada, 6,5% in Australia,
22% in Russia, 8,5% in Chile, 6,5% , in the South Africa, 3% in
Brazil and 1,2% in Turkey. Among the countries which come to
the fore about the world mine reserves and production; the USA,
China, South Africa, Australia and Russia take the lead. When
the global trade figures are examined, crude petrol, non-ferrous
metals and industrial minerals have an important position based on
the export values of the mining products. The increasing demand
levels in such developing economies as China, Brazil and India
ensured fast growth of the sector as of 2001. Depletion life of the

Sectoral Analysis
currently known reserves of various mines are as follows based
on the current consumption speed: coal: 400 years, aluminum:
1027 years, antimony: 30 years, chrome: 143 years, copper: 75
years, gold: 45 years, indium: 13 years, lead: 42 years, nickel: 90
years, phosphor: 345 years, platinum: 360 years, silver: 29 years,
tantalum: 116 years, stannic: 40 years, uranium: 59 years, zinc: 46.
According to the research conducted by the Mineral Research and
Exploration Institute (MTA), marble, pearlite, dolomite, rock salt,
pumice, boron, quartzite and trona are the most abundant mineral
resources in Turkey. In fact, 2.5 percent of the world’s industrial
mineral reserves, 72 percent of the world’s boron reserves, 33
percent of its marble reserves, 20 percent of its bentonite reserves,
and more than half the world’s pearlite reserves are found in our
country. Today, there are almost 60 different minerals and minerals
being processed in Turkey. Our country has an important potential
with regards to natural resources. However, mining does not
occupy a crucial place in the Turkish economy. In terms of the
produced mineral resource diversity, Turkey is ranked as the 10th out of 152 countries based on the production of 29 mineral types,
but when its shares in the world market is considered, it is the
52nd country with the rate of 0,16%. About 50 mineral resources
are processed and added value of this production reaches to
2-2,5 billion dollars. Its share in the gross national product is
only around 1,5%. When mining and minarel based industry are
considered together, share of the related added value reaches to
12%, which means a value of 22 billion Dollars. Concerning our
share in the world mineral potential; we have great reserves of
such minerals as boron, thorium, lignite, marble, magnesite, rare
earth elements, zeolite, trona, barite, feldspatand sodium sulphate,
and our competitive capacity is quite high. Therefore, it is required
to implement new steps to increase our competitiveness in the
international markets, like processing these resources, producing
semi-finished and then finished products from these and supporting
the use of these products in the related industries. Furthermore, it
is needed to execute and encourage the scientific and technological
researches in order to determine new use areas of these products.
Today, mines and minerals of 350-400 billion Dollars, excluding the
raw materials of energy, are processed and turn into intermediate
goods of 3,8 trillion Dollars. These intermediate goods are turned
into end products by the industry sector and they constitute 33
trillion Dollars of the world GNP. Mining and integrated production
industry which is very important for development and economic
growth of the countries also create the highest added value.
Tourism
According to the 4th term tourism statistics of 2011 published
by the Turkish Statistical Institute; tourism revenues decreased
by1% compared to the same period of the last year. But tourism
expenses increased by 3,6% compared with the same period
of the last year. The number of visitors also increased by 5,5%
compared with the same period of the last year. 73% of the
tourism revenues came from the foreign visitors and 27% of it
came from our citizens residing abroad. Visitors use the personal
or package tours. The average expenditure per capita was
702 dollars in the last quarter of 2011. In this period, average
expenditure of foreigners was 592 dollars and that of our citizens
residing abroad was 1.389 dollars. The number of visitors who
went abroad in the fourth quarter of 2011 was 7.423.747. Out
of this figure, 6.401.709 people were foreigners and 1.022.038
people were our citizens residing abroad. Tourism expenditures
composed of the expenses made by our citizens residing in
Turkey but visiting other countries increased by 3,6% compared
to the same period of the last year. Average expenditure per
capita of 1.283.815 citizens visiting abroad was 1.097 Dollars.
According to the 3rd term household domestic tourism research
of 2011 published by TÜİK (Turkish Statistics Institute); the total
number of the travels made during this period by those residing
within the country as one or more overnight stay was 27 million
494 thousands. As the reason of the travel, “visiting the relatives”
came the first with the rate of 61,9%, “trip, recreation, holiday”
was the second with the rate of 30,1% and “Health” was the
third with the rate of 3,7%. During the 3rd period of 2011, those
who travelled with the aim of staying overnight for one or several
days made totally 296 million 690 thousands overnight stay.
During this period, the number of average overnight stay was 10,8
nights and average expenditure per travel was TL 273. Travelers
spent TL 7 billion 508 million 717 thousands in total.
Trade
According to the foreign trade statistics published by the Ministry
of Economy; total foreign trade volume of 2011 was 375 million
807 thousand Dollars. Foreign trade volume of total 57 million
223 thousand Dollars realized in January and February of 2011
changed by 5,9% in comparison with 2011. Foreign trade volume
realized in the same period of 2011 was 54 million 35 thousand
Dollars. Total export amount executed in 2011 was 134 billion
969 thousand Dollars. 13 billion 959 thousand Dollars of the total
export amount was made to Germany. Total general export made
in January-February of 2012 was 22 billion 137 thousand Dollars.
In the same period of 2011, total export figure of Turkey was 19
billion 611 thousand Dollars. Total import amount of 2011 was 240
billion 838 thousand Dollars. In the total import of Turkey, Russian
Federation came the first with about 23 billion, then Germany with
22 billion and thirdly China with 21 billion dollars. Total general
import amount in January-February of 2012 was 35 billion 86
Kolin Group of Companies 2011 / Annual Report 21
million Dollars. Total import amount of Turkey in the same period
of 2011 was 34 billion 425 million Dollars. Concerning the total
import amount executed in January-February of 2012, Russia
came the first with about 4 billion, then China with about 3,5
billion and thirdly Germany with about 3 billion dollars.
Industry
According to the “Industry Production Index and Manufacturing
Industry Evaluation Report” preaped based on the TUIK (Turkish
Statistic Institute) data of the Ministry of Industry and Trade;
Industry Production Index increased by 6,7% in June of 2011
with comparison of the same month of the previous year
and reached the level of 128,4%. When sub-sectors of the
Industry Production Index are examined, mining and quarry
index decreased by 2,2% while manufacturing industry index
increased by 7,5% and electricity, gas, vapor and air-conditioner
production and distribution sector index increased by 4%. Index
of the manufacturing industry sector increased by 7,5% when
compared with the same month of the previous year and 0,7%
when compared with May. The index which was 126,7% in May
became 127,6% in June. Index of electricity, gas, vapor and
air-conditioner production and distribution sector increased by
4% when compared with June of the previous year. The index
increased by 2,5% in comparison with May. In June of 2011,
the index of mining and quarry sector decreased by 2,2% when
compared with the same month of the previous year. The index
increased by 5,7% in comparison with May.
According to the results of the “Capacity Use Rate of Manufacturing
Industry” organized by the Central Bank and held in June with
the participation of 1.888 work places active in the manufacturing
industry; capacity use rate of the manufacturing industry is 76,7%
with an increase of 3,4 points in comparison with the same month
of the previous year and 1,5 points in comparison with the previous
month.

Sectoral Performance
Evaluation of 2011
In summary...
Kolin which acquired its whole turnover from the construction and
contracting fields from 1976 to 2004 has diversified its activity fields
since 2004 with successful steps. All investments made in the new
work fields give momentum to the activities of the group, improve
the financial data and strengthen the stable growth.
Construction-Contracting
Kolin Construction which is the driving power of Kolin Group of
Companies and acts in the main activity managed to become a
favored business partner in both Turkey and different geographies
of the world. Kolin Construction carried out important projects in
Cyprus, Afghanistan and Jordan, and provides service in a large
geography extending from Libya to Azerbaijan, from Serbia to
Georgia and Uganda.
Besides the important projects completed in 2011, the
following projects were also undertaken: Çandarlı Port Project,
Rehabilitation and Reconstruction Work of Köseköy-Gebze
Section of the Ankara-Istanbul High-Speed Train Project,
Construction of Water Supply and Waste Water Systems and
Waste Water Treatment Plant for İsmayilli Rayon in Azerbaijan,
Upgrading of Hoima-Kaiso–Tonya Road (92 km) to paved
(bituminous) standard.
Kolsan which is another company of the group active in the
construction field and the first producer of the PVC tunnel type
drainage pipes of international standards kept is leader position in
2011 too. It increased the sale figures by 4% in comparison with
2010. By sustaining its growth, the company reached the market
share of 97%.
In 2011, Kolsan activated the new production line with the
investment of about TL 1.500.000. It made investments to
increase its capacity and realize the export targets. It made sales by
involving in more than 400 projects most of which are government
investments and will contribute to future of our country.
Prebeton which realized a challenging target for the prefab
company by processing concrete of 7.300 m3 in 2011 is among
the five leading firms of the sector with its production size,
quality, safety and timely delivery of the projects. ARMIN Inc,
another company of the Group, increased the net sale figure to
TL 22.642.864,99 with its subsidiaries of 2011 in comparison with
the figure of TL 13.749.890,02 in 2010. Similarly, it increased the
profitability figure to TL 6.488.765,99 from TL 3.251.218,03. The
sale grew by 66,67% and profitability increased by 99,57%.
Energy
İZMİRGAZ, one of the distribution company of the Kolin Energy
Group, completed PE line of 2.248.588 m., steel line of 178.960
m, 70.533 service boxes, 88 regional regulators and 16 RMS/A
construction as of the end of 2011 within the framework of
the infrastructure works executed since December 2005.
Construction work of two RMS/A still continues. It is planned
to be put into operation in 2012. In 2012, İZMİRGAZ made the
natural gas available for about 825.000 probable subscribers
in Karşıyaka, Çiğli, Bayraklı, Bornova, Konak, Buca, Gaziemir,
Karabağlar, Aliağa, Kemalpaşa, Torbalı, Menemen, Menderes, Tire,
Balçova and Narlıdere under the scope of license area. İZMİRGAZ
registered 102.000 new subscribers in 2011 and increased the
household equivalency number (BBS) to 282.462.
Being the first privatized natural gas distribution company of
Turkey in 2004 and passing through an intense investment period,
ESGAZ increased the total length of natural gas distribution
network to 1.785.937 m with the construction of PE line of
48.051 m and service line of 29.435 in 2011. This distance is
equivalent to commuting three times between Eskişehir-Ankara
road. ESGAZ continued its hard work as of its participation date
to the Kolin Group of Companies and managed to increase
the natural gas infrastructure of Eskişehir by 207% within
such a short time as 8 years. The company registered 21.208
new subscribers in 2011 and increased the number of total
subscribers to 304.989. Within 8 years, the number of natural
gas users increased by 185%. ESGAZ is the first natural gas
distribution company which provided penetration rate of 100% in
Turkey.
Akköy Projects under the body of Akköy Energy Inc. are not
only the first investments of Kolin in the field of energy but also
crucial milestone projects evidencing engineering and economic
power of Kolin. By putting forward its knowledge, experience and
technical means, Kolin could minimize the unit investment costs
and unit operating expenses. Akköy I and Akköy II HPP projects
will increase the momentum of Kolin Group of Companies and
ensure creation of important added values in the field of electrical
energy as is the case in other activity fields.
Akköy Energy Inc sold all of the electrical energy generated in
2008 and 2009 to Electricity Market Balancing and Financial
Settlement Center (PMUM) as per the Electricity Market
Balancing and Settlement Regulation. In 2010, within the
framework of the authorization granted with the license of
EPDK (Energy Market Regulatory Authority), besides the sales
made in the Day-Ahead Market and Balancing Market, it also
sold electrical energy to distribution companies, wholesale
companies and free consumers. In this context, 58.974.855
kWh active electrical energy was sold to distribution companies,
35.866.000 kWh to wholesale companies and 12.209.175 kWh
to free consumers in 2010, and 16.403.200 kWh to wholesale
companies and 24.112.316 kWh to free consumers.
Akköy II HPP, which is planned to be completed in the second
quarter of 2012, will meet about 1,73% of the current electricity
need of Turkey. Demand increase of electrical energy which
decreased to 3,6% in 2008 and -1,8 in 2009 with the effect of
the global economic crisis increased to 8,4% in 2010 and 8,1% in
2011 after the effects of the global crisis mitigated.
Port and Shipyard Management
Kolin Group of Companies finished 2011 with success in the field
of port and shipyard management, one of the business branches
focused under the growth strategy. In 2011, totally 90 ships
stopped by Çanakkale Kepez Port, 54 of which are passenger ship,
1 is general cargo ship and 35 are cargo ships. With passenger
ships and sea transport trips between Kepez and Limni Island,
Kolin Group of Companies 2011 / Annual Report 23
totally 6.557 passengers visited the port and totally 138.660,86
ton cargo was handled. With Kepez-Eceabat ferry tours realized by
Gestaş Sea Transport Tourism Trade Inc., totally 20.246 vehicles
were carried in 2011. Furthermore, concerning the waste reception
services arising from the additional services, totally 169.383,564 m2 liquid and solid waste was collected from 779 ships which stop by
Çanakkale Kepez Port and transit the Dardanelles.
Teos Marina started its activities on 19.06.2010 with a total
investment cost of 12,7 million USD. Teos Marina has an
advantageous location, which is at 5km distance to Seferihisar, 45
km to Izmir city center and 60 km to Adnan Menderes International
Airport. There are 391 vessels in Teos Marina as of the end of 2011.
The average length of the 379 vessels with annual contracts and 12
vessels with monthly contracts is 40.73 m2 as of the end of 2011.
The same average for the boats in the channel is 12.01 m.
Following the investments made in the Dikili Port, another port
management of the Group; closed warehouse and storehouses
and open stock areas, which are located 4km away from the port
site were increased to 31.500 m2 and 22.500 m2 respectively
for the importing and exporting firm. Stocking and packaging
services are carried out by Dikili Port and Tourism Management
Inc. at the stores. With the provided road and logistics support,
it gained a good position in the sector. Consequently, capacity of

Sectoral Performance
the port rose to 65%-70%. Among the 2012 year-end targets of
Dikili Port and Tourism Management Inc. it is included to increase
the loading and unloading tonnage to 650.000 ton/year. With
Sefine Shipyard, it realized the target of being one of the leader
shipyards in Turkish ship construction sector in Altınova region.
Although the global crisis affected the ship construction sector,
our shipyard continues its activities and delivered 13.000-dwt
general cargo ships, 2 aluminum body SAR Bot, four steamers
with a capacity of 86 vehicles and 400-600 passengers and two
fish feeding hulks in 2011. The orders of one 16.500-dwt offshore
tug to be delivered in the third quarter of 2012, two 24.000-dwt
offshore tugs to be delivered in the second and third quarter of
2013 and one offshore tug to be delivered in the third quarter of
2012 were received in 2011 in order to be exported abroad, and
their construction works were started. The employment which
will be created in 2012 with these orders is planned to be 900
person.
Mining
Hekimhan Mining Inc. established by Kolin Construction Inc. on
18.01.2007 with a capital of TL 1.000.000 purchased license and
exploration rights of Deveci Iron Ore Site from the Privatization
Administration for 33 years through tendering. Hekimhan
Mining Inc. with issued capital of TL 25.000.000 is active on the
Deveci Iron Ore Site, which is one of the oldest iron ore sites of
Turkey and operated since 1960. Deveci Iron Ore Site which is
composed of 3 main deposits, namely Karamağara, Karatepe and
Karaköçek pits, is located within the frontiers of Hekimhan district
in Malatya. The site which is 80 km away from Malatya and
165 km away from Sivas is the most important manganous iron
ore deposit of Turkey. Sale figure of Hekimhan Mining Inc was
150.230 ton in 2011. Integrated iron steel factories purchased
annually 4.500.000-ton ore domestically. Under the light of these
data, market share of the company became 3,3%. Ore amount
sold to Kardemir Inc., in 2011 increased by 84% in comparison
with the previous year. An increase of 100% is expected in 2012.
Tourism-Service
Kolin Group of Companies which is active in the field of hotel
and restaurant management also evaluates the new initiatives
in the fields of communication technology and insurance. Kolin
Hotel and Congress Center which began its service in 2003 and
became the only five-star hotel on the coastline of Izmir-Istanbul
plays an important role in the development of culture and congress
tourism. Kolin Hotel organized 154 meetings and banquets in 2011.
Kolin Hotel which provided service to 68.760 foreign tourists and
18.331 guests of corporate firms in 2011 hosted organizations
whose number of participants range from 60 to 1.200. Turkol
Tourism which was founded under the body of Kolin Group of
Companies on 06.12.2010 acts to manage and establish any
tourism investment which would serve to tourism marketing,
domestic and foreign tourism. To this aim, it will make its first
tourism investment on the Anatolian Side of Istanbul, in Tuzla, on
the bypass road of E5-E6, in the direction of Aydınlı-Çamlıbelde.
Architectural project of the said hotel whose construction process
started on 18.02.2011 was prepared by Atölye T-Tuncay Çavdar.
The project covers 51.500-m2 closed construction site, with 249
rooms 27 of which are suits; 3.700-m2 Spa&Wellness and 14
convention rooms of various size, with a total area of 2.400 m2 .
KA Insurance provides service to the Group companies and
employees as well as non-Group companies and persons about
sale of insurance products in all branches, risk management and
insurance consulting. Total production of KA Insurance was TL
8.486.626 in 2011 and made a growth of 247% in comparison
with 2010. As Anadolu Sigorta (Anatolia Insurance), it became the
3rd in the Central Anatolian Region; as Aviva Insurance, it became
the 5th in Bursa Region and as Sompo Japan Insurance, it became
the 2nd in Bursa Region.
Trade
In the field of trade, Kolin Group of Companies acts with three
companies, namely Efes Inc, Koltar Agriculture Inc and
Kolpaş Import Export and Trade Inc. Since its foundation on 1997,
Kolpaş has been providing professional consultancy service
to its clients about supply, protection and efficient and proper
use of machinery tires for the projects executed in and outside
Turkey with its expert teams. With the general turnover of TL
15.690.287,72 including VAT in 2011, the company made a
growth of about 28% in comparison with 2010. Kolpaş especially
has high market share in the fields of truck, excavation and
machinery tires. In this groups, Kolpaş is among the leading firms.
The company draws its power from a strong financial structure,
experience and professional understanding. Kolpaş is the only
organization which has a mobile vehicle in the related region and
provides service about dismounting and mounting machinery
tires. Koltar Agriculture Inc. which makes the Group even
stronger was established in 2009. It is a wholly Turkish owned
agricultural firm which undertakes agricultural activities in any
part of Turkey and supplies seed and fertilizer which are among
the top agricultural inputs. Koltar is the first firm which ensures
access of producers to the sulphurous fertilizer which adjusts
saltiness of the soil in Turkey. It is the second biggest firm among
the fertilizer distributing organizations (except fertilizer factories).
Main activity field of Efes Inc. is the transfer of hazardous wastes
such as waste oil, waste solvent and bilge generated in Çanakkale
Port Management. Efes Inc, which provides waste transfer service
for facilities generating hazardous waste like İÇDAŞ and AKÇANSA
Kolin Group of Companies 2011 / Annual Report 25
as an additional activity, continues to expand its distribution zone
with 2001 model, 10 Mercedes tankers. Efes Inc, whose monthly
average waste transfer amount is 2.100 ton (25.200 ton/year) at its
waste facility made a monthly average turnover of TL 150.000+VAT
as a result of the transfer services provided in Bursa, İzmit, Kütahya,
Balıkesir, Edirne, İzmir, Antalya and Konya. Following these figures,
Efes Inc has passed over the 2011 target. The said turnover only
covers the amount obtained from the wastes transferred from
Çanakkale Port Management.
Industry
With the aim of diversifying its activity fields, Kolin Group
of Companies stepped into the industry field in 2011 with
Arslanlı Inc, Inkol Inc and SİTAŞ. Founded in 2005 in order to
manufacture plaster, Arslanlı Inc expanded its product range with
the production of construction chemicals besides the plaster
as of 2009. With the executed investments and increased
markets, it passed over the growth target of 2011 and succeeded
a growth of 40% in comparison with the previous year. The
company exhibited an important performance in 2011 and made
147.000-ton sale in the plaster group and 23.000-ton sale in the
construction chemicals and 23.000-m3 sale in XPS group and
reached the total turnover of TL 27.400.000. Market share of
30% was obtained in the plaster group at its own sale points. In
addition to many projects of various size, more than 78 national
and international big construction projects used the products of
Arslanlı Inc.
Another industry company of the Group, Inkol Inc, started the
sleeper factory investment works on 01.09.2010 and passed
to the manufacturing in May 2011. Inkol Inc supplied totally
101.000 sleeper with the Ankara-Sincan Railway Superstructure
Construction Project and Sandıklı-Denizli Railway Superstructure
Construction Project and TCDD (Turkish State Railways) 5th Region (Malatya) Sleeper supply tender contracted in 2011. It
became the 4th organization which started the railway sleeper
manufacture with the investment of 2011. And for 2012, it
targets manufacture and sale of 450.000 sleepers.
SİTAŞ (Sivas Sleeper Manufacturing Industry and Trade Inc) was
founded under the leadership of Kolsan, another company of
Kolin Group of Companies with the partnership of Eser Beton,
Osman Yıldırım and Margaritelli S.p.A. from the Yıltaş Group
of Companies following the tender launched by the General
Directorate of State Railways (TCDD) on 21.10.2010.
Following the site delivery, SİTAŞ started the construction of
production facility in December 2011. Establishment cost of
the factory which is estimated to start the manufacturing at the
end of May 2012 will be Euro 10.000.000 while its capacity will
be 1.000.000 traverse/year.In the factory, totally 85 person will
be directly employed and it is planned to manufacture 300.000
sleepers and sell about 200.000 until the end of 2012.

Kolin Kolin Group Şirketler of Companies Grubu 2011 / / Faaliyet Annual Raporu Report 27
Construction-Contracting Sustainable Success...

Construction-Contracting
KOLIN CONSTRUCTION TOURISM
INDUSTRY AND TRADE INC.
Foundations of Kolin Construction which have 35-year long-standing
history were laid in Elazığ in 1977. The company established by the
engineer members of Koloğlu family operates in many sectors with
success and plays an active role in the development of Turkey.
From Çanakkale to Gümüşhane, from Trabzon to Şanlıurfa and
from İzmir to Artvin; many highway, railway, port, house, industrial
plant, irrigation and dam projects are executed. Kolin Construction
which does not limit its activity field to only Turkey is drawing a
successful, sound and stable graphic and comes to the fore as a
worldwide favored, reliable brand. Sustaining its activities in a large
geography extending from Libya to Azerbaijan, Serbia and Uganda,
Kolin Construction offers service to its clients at the foreign offices
located in Belgrade, Libya/Tripoli and Kampala.
Making a difference in the sector
Service range of Kolin Construction is also supported with the
activities of the affiliated companies. Kolin Construction sustains
its activities by combining its competency of performing many
projects in very different fields with efficiency and quality sense
and correspondingly makes a difference in the sector. The company
undertakes many projects in a wide range including highway,
road, bridge, viaduct, railway, tunnel, port, dam, modern irrigation
systems, treatment plants, water transfer lines, flood walls, industry
complex, repair and maintenance workshops, pipeline construction,
collective housing, hotel, hospital, office buildings and military
establishments, building-house projects, energy, communication
and transport projects.
A respectable organization in both Turkey and abroad
Kolin Construction states the supervision, which is ensured
with a systematic and continuous monitoring in each stage of
the activities, in its unchangeable policies about environment,
health and safety. Complying with all national and international
quality, environment and safety regulations in all activities, Kolin
Construction is the “first company” of the sector, which acts
within the framework of the integrated management system
by obtaining ISO 9001:2008 Quality Management System, ISO
14001:2004 Environmental Management System and OHSAS
18001:2007 Occupational Health and Safety Regulation System
certificates simultaneously. Having completed 96 project with
success in four sides of Turkey up to now, Kolin Construction has
37 ongoing projects and continues road construction, irrigation
and building projects abroad in particular in such countries as
Azerbaijan and Serbia. Total amount of the projects completed so
far by Kolin Construction which endorsed 1.010 million Dollars in
2011 is 2.1 billion Dollars and total contract values of the ongoing
projects are 3 billion Dollars. Of this number, the remaining work
amount as of 2011 is 1.5 billion Dollars. Out of the projects of
3 billion Dollars ongoing both in and outside Turkey as of 2011,
Kolin Construction continues 23 transport and infrastructure
projects of 1,9 billion dollars and 13 agriculture and energy
projects of 1 billion Dollars and 1 building, house and industrial
plant project of 61 million Dollars.
Sustainable growth
By keeping the stable growth, Kolin Construction increases the
technical competency and capacity use with each new project.
Human resources mostly composed of civil, mechanical, electrical
and environmental engineers, architects and technicians show a
constant increase in parallel with the said growth. As of the end of
2011, totally 3202 person 402 of whom are foreign nationals are
working under the Kolin Construction.
The number of staff varies depending on the conditions of the work
and the season. Thanks to the highly qualified human resources,
Kolin Construction is rated among the best companies of the
related sector during the last 5 years, which is one of its most
important competitive advantages.
Kolin Group of Companies 2011 / Annual Report 29
An expert in the sector
One of the active participants of the related sectors, Kolin
Construction is a member of Ankara Chamber of Commerce
(ATO), Ankara Chamber of Industry (ASO), Asphalt Contractors
Association, International Road Federation, World Water Council,
Council on Foreign Economic Relations, Turkish Construction and
Installation Contractors Employer Syndicate (INTES), Turkish National
Roads Committee, Turkish-American Association in Turkey, World
Trade Center Union, Confederation of Turkey Employer Syndicate
(TISK), Turkish Tourism Investor Association and Turkey Contractors
Union. The company holds also NATO Security Certificate, Limitless
Contractors Licence and International Contractors Licence.
Competent, strong and reliable
Being ready for the worldwide partnerships in the rapidly changing
market conditions, Kolin Construction is evaluated within the
international classification of the sector, with its high-level
competency and financial power. Kolin Construction, which has
undertaken successful projects since it was founded in 1977,
was rated as the 136th among the “The Biggest 225 International
Contracting Firm of the World” in the “2007 Top International List”
prepared by Engineering News Record Magazine which is accepted
to be the most prestigious magazine of the sector by international
contracting authorities. In 2011, it was rated as 211th in “The Top
225 Global Contractors” prepared by the Engineering News Record
Magazine. Kolin Construction is the 10th among the 13 Turkish firms

Construction-Contracting
included in the list and 65 th among the European countries.
At the “Award Ceremony for Tax Champions” where 50
institutions “making the most export” and “paying the highest
corporate tax” were awarded in 2009 and 2010 among the
ATO members, Kolin Construction received totally 3 awards in
two branches. During the ceremony held on 18 May 2011 at
ATO Congress Centre, Kolin Construction was awarded with a
plaquet as the 15th company making the most export in 2009,
23rd company paying the highest corporate tax in 2009 and the 7th company paying the highest corporate tax in 2010.
A valuable business partner by its powerful financal capacity
Kolin Construction drawing attention with its strong financial
structure is evaluated as a “financially sound company”
not only in the domestic market but also in the international
market. Developing relations with first class banks and financial
institutions based on long–term partnerships and cooperation,
Kolin Construction has the credibility to provide financial
support for its projects of various sizes from both national and
international institutions.
Among the international institutions for which the company
provides finance and works in cooperation are the World Bank,
European Investment Bank, Islamic Development Bank, Abu
Dhabi Development Fund, Arab Fund for Economic and Social
Development (AFSED), Japan International Cooperation Agency
(JICA), U.S. Agency for International Development (USAID), UNOPS
and Saudi Fund.
Kolin Construction which carried out 7 projects of total 28 million
Dollars in Turkey between 1998-2003 with the loans of World Bank
has also performed totally 7 projects of 200 million Dollars with
the loans of UNOPS, USAID, Arab Fund for Economic and Social
Development (AFESD), Islamic Development Bank, GTZ Germany,
U.S. Ministry of Defense, Islamic Bank, Abu Dhabi Fund.
A leading company in the sector
Kolin Construction which creates a difference with its capacity
to carry out the expertise-required big-scale infrastructure and
superstructure projects in a position that which has contracted
the most road construction projects in the nationwide. Below is
the list of some of the high-quality projects undertaken by Kolin
Construction, leading force of the sector:
• Within the framework of the Bolu Mountain Passage Project
located in the first-degree seismic zone and where big landslides
Being ready for the worldwide
partnerships in the rapidly
changing market conditions, Kolin
Construction is evaluated within
the international classification
of the sector, with its high-level
competency and financial power.
Kolin Construction which has
undertaken successful projects since
it was founded in 1977 gained a
respectable position in the sector.
take place; all geotechnical measures were taken; the existing road
was expanded without interrupting the traffic flow, and a road and
traffic information system was installed.
• The first double highway and crossover road projects of the
Turkish Republic of Northern Cyprus were finalized.
• During the collective housing construction required after the
Adana – Ceyhan earthquake of 1998, 610 houses were finished
Kolin Group of Companies 2011 / Annual Report 31
along with infrastructure works in just eight months. The company
received a reference from the Republic of Turkey Prime Ministry for
its achievements in this project and it was added to the company’s
portfolio.
• Kolin Construction which established industrial facilities in order to
exploit the strategically important boron mines of Turkey completed
the Kırka 3rd Boron Derivatives Facility and its supplementary units
as a turnkey project. This facility has the highest boron exploitation
capacity in Turkey and was built in the shortest period of time.
• Kolin Construction undertook and completed the Birecik - Suruç
Highway under the scope of Gaziantep - Şanlıurfa highway, which
is crucial for regional and transit traffic. This road is the first section
opened to traffic since the tender of 1997.
• Kolin Construction completed the construction of the Bozova
Pumped Irrigation Part 1 Project which is the first irrigation project
and financed with international funding through an international
bilateral agreement. This is the first high-pressure, closed cycle
irrigation project of Turkey and it was carried out with Mondragon,
a Spanish company. The project was completed in April 2006.
• Works performed by Kolin Construction under the Southeastern
Anatolia Project (GAP) cover the largest irrigation area of the region.
Agriculture and energy projects which began with the construction
of Uluova Pumping Station in 1985 continued with the completion

Construction-Contracting
of Harran Plain Fourth Section Irrigation Project in 1996. Besides the
Harran Plain Sixth Section Irrigation Project and Mardin – Ceylanpınar
Main Line one of the biggest irrigation channel of Turkey; Kolin
Construction also completed the Şanlıurfa Tunnel Projects which is
among the most important tunnels of the world. Construction of the
Şanlıurfa Tunnel and Facilities was completed in April 2007.
• The 301 km of the Kabul – Herat Road project, funded by
USAID, and 115 km of road construction, funded by Saudi Fund,
were completed in Afghanistan by Kolin Construction. Kolin
Construction which mobilized quickly in very severe conditions
of Afghanistan, completed the works on time and proved its
construction and organization skills in the international arena.
Kolin is the only Turkish construction company which finalized
the most road construction projects in Afghanistan. Kolin
Construction completed five transportation, one hospital, and one
girls’ dormitory projects in Afghanistan up to 2007.
• Kolin Construction carried out the Jordan Valley Irrigation Project
on behalf of the Hashemite Kingdom of Jordan Ministry of Water
and Irrigation.
•Work undertaken for the U.S. Secretary of Defense stand out in
terms of both quantity and technical qualities. Included in the list of
U.S. Corps of Engineers for over 15 years, Kolin Construction has
completed 10 projects requiring many advanced equipment and
systems. Adana Central Security Control Facility included in the
said projects and designed to be used as the supreme headquarter
during wartime was completed and handed over in 2003.
• Kolin Group purchased 50%of the shares of Sefine Maritime Inc.
• The first highway underpass project of Baku was completed in
2007 in Azerbaijan and inaugurated by the President Ilham Aliyev.
• The Al-Khadra Ranch Irrigation Project was completed.
•The construction of TCDD High-Speed Train Railway infrastructure
between Yerköy, Yozgat and Sivas still continues.
• Construction of the first balanced cantilever viaducts was
executed.
What did we do in 2010?
Projects completed by Kolin Construction in 2010 are as follows:
• Within the scope of the privatization of Electricity Distribution Inc
by the Privatization Administration; tender of Çamlıbel Electricity
Distribution Inc. which covers Sivas, Yozgat and Tokat and tender of
Uludağ Electricity Distribution Inc. which includes Balıkesir, Bursa,
Çanakkale and Yalova were awarded to the Limgaz - Kolin - Cengiz
Consortium. To this aim, the company of Çamlı and Uuğ Electricity
Distribution and Retail Sale Service was established.
• The Kayseri Northern Passage Diversion (infrastructure,
superstructure, and signaling) project, awarded by the General
Directorate of Turkish State Railways (TCDD) continued. The project
covers the construction of a 23-kilometer double lane railway
Kolin Group of Companies which
represents a brand identified with
ethical values, righteousness
and reliability has also shaped
its business strategies around
these concepts. Based on these
strategies, the Group has adopted
it as principle to establish long-term
business partnerships.
parallel to the Kayseri Northern Ring Road to replace the current
railway passing through Kayseri. Earth works of all directions,
drainage structures, under and over passes, bridge constructions as
well as rail, sleeper, ballast, switch procurement and installment and
signaling and telecommunication works of all routes are also being
carried out. The initial contract value is TL 65.000.000.
• Construction of the new U.S. Embassy Facility continued in
2010. The security design and specialized construction technique
of the project, which has a contract value of 121 million Dollars, is
different from other ordinary projects and it will further raise Kolin
Construction’s profile both internationally and nationally about the
superstructure works and enable the participation in the future
U.S. Embassy projects in other countries as well.
• The infrastructure projects of 10.680 houses continued
in Tripoli, Libya. Contract of this project which has value of
531,517,374.77 Libyan dinars and tendered by Libya’s Housing
and Infrastructure Board (HIB) was signed on February 27, 2010.
The project covers earthwork of a 830-hectare collective housing
area, 40-km road construction work, a 200-km storm drainage
system, a 50-km sewage system, a 140-km water supply system,
a 40-km irrigation system, bridge construction, electricity and
telecommunication distribution lines, construction of pumping
stations, chlorination facilities, lighting and landscaping works.
• Construction works of Gökova – Marmaris Road, Menemen –
Manisa Road, İzmir – Çeşme intersection and Balıklıova – Mordoğan
– Karaburun Road was undertaken.
• Construction of Izmir Ring Road Harmandalı Intersection –
Koyundere Intersection was undertaken.
• Construction work of Ankara Potable Water 2nd Phase Project
Gerede System was undertaken. Funded by the Japanese
International Cooperation Agency, the project aims to supply
potable water to Ankara, capital of Turkey, via a 31.6-km tunnel.
The project will be one of the longest water transfer lines of
the world. Three tunnel-boring machines will be used for the
construction of the tunnel.
• Artvin-Erzurum State Road 2nd Section Construction Project
and the Ortaköy Viaduct and Ortaköy Road Construction Project
were undertaken. Two balanced overhang viaducts with a total
length of 503 meters will be built over three elevated sections of
average height of 80 meters under the scope of this project.
2011 projects
New projects of Kolin Construction started in 2011 are as follows:
• Since the capacity of İzmir Port is not sufficient, Çandarlı Port
Project was launched in order to carry out the requirements
about the container loads and establish a port complex which can
serve on the main container transport lines passing through the
Mediterranean.
• Rehabilitation and Reconstruction Work of Köseköy-Gebze
Section of the Ankara-İstanbul High-Speed Train Project was
undertaken.
Kolin Group of Companies 2011 / Annual Report 33
• Construction of Water Supply and Waste Water Systems and
Waste Water Treatment Plant for İsmayilli Rayon in Azerbaijan
was started. This project aims not only to supply clean, easily
accessible and continuous water to İsmailli Rayon but also
remove and recycle the waste water in a manner not to damage
the environment and human health.
• Rehabilitation of Hajiqabul-Horadiz Road in Azerbaijan (M6),
Parcel 1 Hajiqabul Bulagli Section Km: 00+000-40+500 and
Rehabilitation of Hajiqabul-Horadiz Road (M6), Parcel 2, Bulagli-
Bahramtepe Section, Km: 40+500-112+550 were started.
• Upgrading of Hoima-Kaiso–Tonya Road (92 km) to paved
(bituminous) standard, which is a preferential project for Uganda
since it is a main route ensuring access to petrol reserves, was
undertaken.
Kolin Construction Projects USD
Total Completed Projects 96 2.178.041.762
Total Ongoing Projects 37 3.067.823.741
Total Completed Transportation and Infrastructure Projects 42 1.382.170.195
Total Completed Agriculture and Energy Projects 21 589.928.958
Total Completed Building-Housing-Industrial Facility Projects 33 205.942.609
Total Ongoing Transportation and Infrastructure Projects 23 1.944.324.174
Total Ongoing Agriculture and Energy Projects 13 1.062.099.548
Total Ongoing Building-Housing-Industrial Facility Projects 1 61.400.019
Backlog 1.569.888.903
Total Ongoing Transportation and Infrastructure Projects 23 1.078.358.844
Total Ongoing Agriculture and Energy Projects 13 455.195.101
Total Ongoing Building-Housing-Industrial Facility Projects 1 36.334.958

Construction-Contracting
KOLSAN CONSTRUCTION
AUTOMOTIVE INDUSTRY AND
TRADE INC.
Kolsan which is active in the manufacture and sale of ready-mixed
concrete, PVC tunnel-type drainage pipes (horseshoe crosssection),
and water stops also carries out the sale of slope stability
cell of various sizes. Established in 1976, the company is also the
dealership for Turkish Pirelli tires. Kolsan derives its power from
its devoted staff, strong infrastructure, modern machinery and its
dynamic sister companies.
The only brand in Turkey that manufactures tunnel-type
drainage pipes Kolsan is the first manufacturer of PVC tunnel-type
drainage pipes complying with international standards in Turkey.
Kolsan has manufactured PVC Tunnel-Type (horseshoe cross
section) drainage pipes for the last 18 years with great success.
Although these drainage pipes are commonly used throughout
the world, their use in Turkey is limited to large public investments
made on behalf of the General Directorate for Highways, Turkish
State Railways and the General Directorate of State Hydraulic
Works.
Kolsan also sells the DN 50 mm round drainage pipes, which are
not manufactured in Turkey, as the only importer of them. Tunneltype
drainage pipes which have a wide range of use including
infrastructure works, construction of highways, motorways,
railways, sports fields, building foundations, airports and dams and
irrigation drains ensure transfer of the water to discharging channels
and prevent the foundation and infrastructure of the building from
collapsing. Kolsan Inc. is the first manufacturer of tunnel-type
drainage pipes in Turkey, the most effective drainage pipes and a
must for infrastructure. Drainage pipes manufactured by Kolsan Inc.
were used in over 400 projects. Among these projects, the biggest
investment is the ongoing high speed railway project between
Ankara and Sivas. Kolsan Inc. PVC Tunnel-Type drainage pipes have
also been used effectively in large-scale projects in neighboring
countries such as Iraq, the Turkish Republic of Northern Cyprus,
Afghanistan, Georgia, and Bulgaria. Other large-scale projects
include Ankara – Niğde Highway, Gaziantep Ring Road, and Artvin
– Erzurum Road. Manufacture of DN 315 and 355 mm tunnel-type
drainage pipes began in 2010. With these two diameters which
are manufactured by only a limited number of firms in the world,
Kolsan started to provide service in the large-scale projects of the
Directorate of State Hydraulic Works.
The quality of Kolsan tunnel pipes with DN 100, DN 150 and
DN 200, DN 315, DN 355 horse-shoe cross section, and TSEK
certificate and complying with DIN 4262 Form F standards Was
also tested and certified by the German Süddeutsches Kunststoff –
Zentrum (SKZ) and Middle East Technical University.
Slope stability material
It is an easily applicable, light, flexible, multi-celled, and aesthetic
system with a slope protection feature to prevent erosion.
Kolsan is one of the few companies in Turkey to sell these slope
stabilization geo-cells which are not manufactured in Turkey and
ensure protection of sloped land from erosion. However, once the
Turkish market accepts this product, Kolsan Inc. will undertake to
manufacture these materials.
PVC waterstop
Kolsan also manufactures PVC waterstops which are resistant
to chemicals, salts, acids, alkali solutions and microorganisms.
Kolsan-made waterstops are used in a wide range of applications
such as dams, irrigation channels, water treatment facilities, piers,
hydraulic power plants, bridges and other industrial structures.
Kolsan waterstops are manufactured to conform to the mechanical,
thermal, and chemical requirements of the TS 3078 standard.
In addition to these types, waterstops can also be custommanufactured
on request so as to comply with technical features
and cross-sections that may be required by particular specifications.
Kolin Group of Companies 2011 / Annual Report 35
Conducting its operations with the “people first” philosophy,
Kolsan places great value and importance on human resources and
employee trainings. Having increased the employment capacity, the
company continues to progress with employees who have adopted
the “Total Quality Philosophy” and without sacrificing the product
quality with the slogan “quality is no joke”. Kolsan constantly
executes measurement and improvement activities in order to carry
the company forward, always keeps the “customer satisfaction”
in the forefront and meets customer needs and expectations on
a timely basis by closely following developments and using the
advanced technology. The company draws its strength from these
four basic principles. As a result, Kolsan is always one step ahead
from its rivals.
Kolsan Inc. sustained its leadership in 2011 too. It increased the
sale figures by 4% in comparison with 2010.The company kept
growing and reached the market share of 97%. Kolsan activated
the new production line with the investment of about TL
1.500.000 in 2011. It made investments to increase the capacity
and reach the export targets. It involved in over 400 projects
most of which are government investments and contribute to the
future of our country and made sales. Kolsan Inc targets a growth
of about 15-20% in 2012.
Superior quality in ready-mixed concrete
Kolsan began its ready-mixed concrete production and sales in

Construction-Contracting
Afyonkarahisar under the name of Kolsan Ready-Mixed Concrete
in 1996. Today, Kolsan has four ready-mixed concrete facilities in
Turkey, located in Afyonkarahisar, Ankara, Giresun, and Artvin. Each
of these facilities has a ready-mixed concrete production capacity of
100 m3 /hour.
Kolsan Ready-Mixed Concrete sold about 425.000,00-m 3
readymixed
concrete in the ready-mixed concrete facilities of Ankara,
Afyonkarahisar, Giresun and Artvin, the whole of which passed
through technological inspection and manufactured with maximum
sensitivity. Based on the geographical and climate conditions of the
regions, each facility worked on the highest performance level.
Kolsan was involved in many important projects in Ankara from
Çankaya and Gölbaşı to Pursaklar and Kazan; in Afyon from Emirdağ
and Çay to Sandıklı and in the Black Sea Region, on the majority of
the Black Sea Coastline from Giresun to Trabzon and undertook the
construction of Artvin-Erzurum Road IInd Section which includes
four balanced cantilever viaducts in Artvin and Kolsan is among
the strongest ready-mixed concrete firms with the highest market
share in the related regions.
Kolsan Ready-Mixed Concrete introduced the construction and
ready-mixed concrete sector in Afyon and surroundings with the
“Self-Compacting Concrete” for the first time and increased the
quality and resistance of the ready-mixed concrete to the highest
level for the undertaken projects.
The most important advantageous of the Kolsan Ready-Mixed
Concrete is its strong group structure, young and dynamic staff and
adaptation to innovation. Speed and creativity brought about with
the said features render the Kolsan Ready-Mixed Concrete sound
and permanent. The biggest competition advantage of Kolsan
Ready-Mixed Concrete in the related regions is the meticulous
attitude in the production, Re-De, speed, innovation and the
consequent quality.
Kolsan Ready-Mixed Concrete contributes to the completion of
the toughest projects in the related regions without compromising
quality, and maintains to be a trustworthy supplier in many new
projects.
All facilities of Kolsan Ready-Mixed Concrete have the Quality
Assurance System (Q.A.S) Quality Certificate (Turkish Standards
Institute) and (G) Certificates. Kolsan Inc, continues to operate
with a rapidly growing equipment pool, ongoing investments and
young workforce, while keeping in mind the quality and customer
satisfaction. As in the previous years, in 2012 too, Kolsan Ready-
Mixed Concrete aims to carry the business volume forward without
sacrificing the sensitivity and quality.
PREBETON PREFABRICATED
COMPONENTS AND READY-MIX
CONCRETE INDUSTRY AND TRADE INC.
Prebeton processed 7.300 m 3
concrete in 2011 and accomplished
a difficult task for a prefab company. With its production capacity,
quality, safety, and ability to deliver the projects on time, Prebeton
is among the top five companies in the industry. As a matter of
course, the company has a large workforce and the technical team
has been reinforced for organization and management issues. The
production team and technical employees make up the majority of
the workforce.
As railroad investments increase, Prebeton continued the Ankara-
Sivas project, which it undertook in 2010 in Kayseri, as the partner
in 2011 too. The project will continue in 2012 as well.
The company is especially a leader in following the advanced
technology about the beams and fast mobilization. The company
has also purchased beam-loading testing equipment. Along with its
strong machinery and equipment portfolio, Prebeton’s principle of
producing high-quality work enables the company to maintain its
Kolin Group of Companies 2011 / Annual Report 37
competitive edge. Prebeton continues to complete the undertaken
projects and diversify its production fields. In 2011, Preboton
completed all committed projects.
Prebeton will continue its operations with the aim of becoming
a model player both among the Group’s companies and on
the international market through the importance it places on
its corporate organizational structure, product quality, and
occupational safety.
GEOMED GEOTECHNICAL
CONSULTANCY, INVESTIGATION,
SUPERVISION AND TRADE INC.
Geomed has been active in design, application, and consultancy
services of soil mechanics and foundation engineering works since
2000. The company has completed engineering, consultancy and
control services for road, tunnel, soil investigation, and design
work as well as the related construction and contracting projects in
Turkey, Afghanistan, Libya, Russia, Azerbaijan, and Jordan.
In the field of geotechnical survey and project design; the company
has extensive experience in such areas as shallow foundation, piled
foundation, landslide investigations and remedial design projects,
slope stabilization systems, deep excavation solutions, reinforced

Construction-Contracting
support structures and creating solutions for geotechnical problems
of tunnels. Among the activity fields of the company, there are
also installation of monitoring equipment, periodical reading and
reporting of the collected data regarding horizontal and vertical
inclinometers, pressure meters, and hydrostatic profile measuring
extensometers as well as supervision of geotechnical projects
after implementation and execution of pile sustainability tests. The
company conducts soil mechanic tests in compliance with Turkish
Standards in laboratories certified by the Ministry of Public Works.
Geomed gets its strength from the know-how of its technical
employees and from creating corrective solutions to customers’
seemingly unsolvable problems by developing technically
innovative projects. With its expertise in its field, Geomed has
a strong competitive edge and provides unique, one-of-a-kind,
practical, fast, and diverse solutions. Geomed stays up-to-date
in the industry through its relationship with university technocities
and through working capital investments, as well as
through receiving academic consultancy and attending scientific
conventions and technical exhibitions.
Concerning projects and engineering works, Geomed mainly
focused on geotechnical project design of viaduct, overpass, slope
stability, embankment and weak soil improvement as part of the
Ankara – Sivas High-Speed Train Project, and weak soil reports and
weak soil improvement projects for overpasses, bridges and filling
ground, and developing solutions for problematic filling ground and
slopes as part of the Kayseri Northern Railway Project. Among the
projects to be performed in 2012, there are geologic-geotechnical
Hydrostatic profile measurement
which is the most practical method
for instrumental monitoring of
consolidation settlements of the
high road embankments was applied
by Geomed for the first time in
Turkey. The said company performed
over 150 geotechnical projects in
2011.
engineering works under the Rehabilitation Work of Köseköy-Gebze
Section of the Ankara-Istanbul High-Speed Train Project. In addition,
Geomed carried out survey and measurement work in various
projects with its instrumental analysis, deformation investigation,
and land experiments teams. The company also performed
laboratory tests through the year.
In 2010, Geomed invested in the devices required for new
measurement tools and experiments regarding soil investigation,
(Micro Deval Test, Horizontal Clinometers, etc.) and made use of
them. Device investments continued in 2011 and Conic Penetration
Testing (CPT) device was purchased.
Geomed continues its activities in order to bring together
the advanced technologies and industry players and work
on collaborative contributions to improve the technological
advancement of the industry.
MURTEZAOĞLU CONSTRUCTION
INDUSTRY AND TRADE INC.
Murtezaoğlu Construction which was established in 1930 and sold
93% of its shares to the Koloğlu Family in 1999 exhibits a successful
performance with the completed and ongoing infrastructure,
superstructure, railway, bridge, and similar construction projects.
In 2009, Murtezaoğlu Construction completed and turned over
the Bağcılar – TEM Highway Completion Work tendered by the
Metropolitan Municipality of Istanbul and the Edip Iplik Shopping
Center Bridge Crossing Project tendered by the Edip Real-Estate
Investment Inc. The company also completed its own housing
project initiated in 2007, consisting of 46 villas in Tuzla, Istanbul, and
established a sales office in the same region to market these villas.
Murtezaoğlu Construction owns 30% of Turkol Tourism Industry and
Trade Inc., which also started hotel construction in Tuzla.
Construction work of Istanbul/Çekmeköy Primary School building
started in 2011 still continues.
LIBYA EL HEDEF EL HENDESI INC.
Libya El Hedef El Hendesi was established in Tripoli, capital city of
Libya, in 2007. The company provides contracting services and has
two ongoing projects currently. 65 percent of the company’s shares
are owned by Kolin Inc. while the remaining 35 percent belongs to
the Libyan private individuals.
ARMİN ELECTRIC CONSTRUCTION
INDUSTRY AND TRADE INC.
Armin was established in 2000 in order to provide electricity
of the construction and industrial facilities, and the contracting
activities associated with this field in Turkey and abroad. Armin has
Kolin Group of Companies 2011 / Annual Report 39
successfully performed design, management, and maintenance
of many turnkey projects undertaken in the electromechanical,
electricity conveyance and generation, smart building automation,
highway lighting, and electricity distribution contracting fields.
Armin increased its net sales to TL 22.642.864,99 in 2011 with
its subsidiaries when compared with TL 13.749.890,02 in 2010.
Profitability figures also increased to 6.488.765,99 from TL
3.251.218,03. In summary, sales grew by 66,67% and profitability
by 99,57%.
Carrying out contracting works in a sector which does not elicit
accurate growth and market share values, Armin stands out by
receiving business offers and invitations to participate in tenders
from public institutions and high capital companies of the energy
industry. Success and quality of the completed projects makes
Armin a respectable firm in the sector. Armin draws its strength
from the highly skilled workforce, state-of-the-art equipment and
machinery, and its ability to perform fast and high-quality works.
Armin works directly with manufacturing companies for material
procurement. As a result, the company gets acquainted with the
innovations of the sector immediately. The company also monitors
exhibitions and seminars related to its line of business very closely
to ensure self-development.
Being mostly involved in state projects which will make significant
contributions to Turkey’s development. Armin undertakes such
crucial investments as highway lighting, installation of electricity
transmission lines and construction of telecommunication lines.
It offers service totally in 6 big projects. Armin contributes to
the domestic economy by creating employment for 520 people
composed of 20 engineers (mainly electrical engineers), 43
technical staff, 457 headmen, foremen and workers. Through the
projects, it creates employment opportunities and supports the
domestic economy. Armin managed to be a favored firm of the
sector with the skilled work force, modern machinery-equipment
and its ability to perform fast and high-quality work. In 2011, Armin
aims to carry out railway signaling and electrification projects and
become one of the few companies in this sector. In parallel with
its growth, Armin has expanded its machinery pool with new
construction equipment in 2011. Holding the ISO 9001 and ISO
14001 certificates, Armin aims to achieve a growth of 15 – 20% in
2012 compared to 2011, considering the fluctuations in the market.
KLG LLC. LTD.
The company started its activities in 2011 in order to develop HPP
Projects, invest in the energy projects, establish facilities and carry
out the rehabilitation of the current ones and to execute production
and operation activities.

Energy Efficient…
Kolin Kolin Group Şirketler of Companies Grubu 2011 / / Faaliyet Annual Raporu Report 41

Energy
Natural Gas Distribution, Storage,
Import, Export, Wholesale and
Retail Sales Services
İZMİRGAZ NATURAL GAS
DISTRIBUTION INC.
In December 2005 İZMİRGAZ, an affiliate of Kolin Energy Group
renders gas distribution and retail sales services under a licence
granted by Energy Market Regulatory Authority. The company
started construction works of its gas grid in December 2005 and
established a gas network consisting of 2.248.588 m. PE, 178.960
m. steel line, 70.533 service boxes, 88 regional regulators and 16
RMS/A as of end-2011. The works for two RMS/A stations are
underway and expected to be commissioned in 2012.
As of 2011, İZMİRGAZ has offered approximately 825.000
potential subscribers the use of natural gas within the licensed
areas of Karşıyaka, Çiğli, Bayraklı, Bornova, Konak, Buca, Gaziemir,
Karabağlar, Aliağa, Kemalpaşa, Torbalı, Menemen, Menderes, Tire,
Balçova and Narlıdere districts.
By registering 102.000 new subscribers in 2011, İZMİRGAZ has
increased its household equivalency (BBS) number of subscribers to
282.462. The company has also provided a total of 390 companies
with “Domestic Installation and Service Line Certificates” to
provide service for subscribers for domestic installation conversion
works and as of the end of 2011 a total of 366 industrial consumers,
171 of which are industrial and 48 are eligible consumers totaling
219 in all including 147 industrial facilities within the organized
industrial zone are provided with distribution services.
By the end of 2011, İZMİRGAZ was placed second in Turkey for
having realized a natural gas transport potential with total natural
gas sales in its distribution area of 362 million Sm3 and 2.748
million Sm3 natural gas transportation. Currently, the market share
for consumption of natural gas in distribution area of İZMİRGAZ is
13,2% while for transport is 86,8%.
During 2011, İZMİRGAZ invested TL 43 million in infrastructure
works to install 42.479 meters of steel line, 398.951 meters
of polyethylene line and 212.717 meters of service line, and to
manufacture 24.051 service boxes mostly in industrial areas
facilities located. İZMİRGAZ conducts business with a management
concept fully compliant with ISO 9001 Quality Management, ISO
14001 Environment Management and OHSAS 18001 Occupational
Health and Safety Systems for which it has been certified. The
company provides of total of 1.500 people with employment out of
which 334 are employed through the infrastructure development
works carried out in overall Izmir and the rest from the domestic
installation companies undertaking natural gas conversion works in
the areas where service lines are built
A pioneer in the sector
İZMİRGAZ has been a pioneer in the sector for many of its
initiatives:
• A Subscriber Information Management System capable of
storing, serving, maintaining and managing customer information
for 1.000.000 subscribers, enabling registration of all households
in Izmir province according to classifications of “using or not using
natural gas” and “provided or not provided access to natural gas”.
• 3G infrastructure used to bill natural gas consumption on line
in addition to ensuring that the results of commissioning and
gas opening procedures are transmitted online to the Subscriber
Information Management System.
• Feedback and billing services with online index notification system
to subscribers whose meters cannot be read for various reasons.
• Faciliation of follow-ups by integrating GAZBIL, a project
Kolin Group of Companies 2011 / Annual Report 43
acceptance, registration and approval software with the Subscriber
Information Management System.
• An Appointment Monitoring Program integrated with the
Geographical Information Management System and Subscriber
Information Management System registering and monitoring the
appointments of the domestic installation companies and enabling
the subscribers follow up the status of thier appointment requests
on company’s website.
• A SCADA (Supervisory Control And Data Acquisition) system
enabling the remote control and monitoring of the whole gas
network. The system enablesan uninterrupted monitoring and
registration of information such as measurement, pressure,
temperature of customer stations covering all industrial and large
scale commercial consumers.
• Help Desk and Call Center unified under the umbrella of
Customer Services Center to shorten the response time to the
costumer queries and complaints. A specially prepared “Customer
Complaints and Recommendations Monitoring Program” for
the Customer Services Center has been integrated with all the
programs used within İZMİRGAZ with the intention of conveying
correct and up-to-date information to the customers.
• An IVR system targeted to include all unanswered and directed
questions into the system and to place this system under the

Energy
supervision of the Customer Services Center.
• The monitoring of natural gas notifications with the alert line
187 and transmitting the notifications to Emergency Intervention
Personnel through navigators integrated with an emergency
notification monitoring program.
• An “Emergency Action Plan” prepared to determine the course
of intervention measures to be implemented by İZMİRGAZ
personnel in case of a natural disaster, sabotage and other
emergencies with a capacity to affect İzmir. A Crisis Desk and
Crisis Board also established to implement the emergency action
plan. All personnel have participated in informative sessions.
Targets…
Among the targets of İZMİRGAZ for 2012 are;
• to increase the number of natural gas subscribers in the zones
where investment activities have been completed,
• As of the end of 2012, to increase the amount of natural gas
transported/sold in the system to 3 billion m3 ,
• to provide customers with natural gas at lowest prices possible
by diversifying supplier portfolio.
• to increase customer satisfaction by following a customeroriented
approach,
• to increase the number of eligible consumers in the customer
portfolio,
• to increase the number of online procedures by making use of
new technologies,
• to create a brand dependency and to be in the forefront,
• to promote use of natural gas for cooling,
• to create customer awareness about potential areas of natural
gas use,
• to increase cooperation with public agencies and organizations
in order to reduce carbon emissions in Izmir in compliance with
Province Local Environment Board Decisions.
ESGAZ-ESKIŞEHIR NATURAL GAS
DISTRIBUTION AND TRADE INC.
With the natural gas distribution license provided by the Energy
Market Regulatory Authority dated 18.09.2003, ESGAZ is the
only legal entity to hold a license for distributing natural gas on
the jurisdiction and adjacent areas of Eskişehir Metropolitan
Municipality. In addition, ESGAZ is the first natural gas distribution
company in Turkey to be privatized.
Since 2004 until today ESGAZ has made large-scale investments
and has increased the total length of its natural gas distribution
network to 1.785.937 m with its 48.051 m of PE lines and 29.435
m of service lines commissioned in 2011. This amount is equal to
three times around the Eskişehir-Ankara highway.
Ever since joining the Kolin Group of Companies, ESGAZ has
shown a tremendous growth by expanding its natural gas network
in Eskişehir province by 207% in only 8 years.
The company has registered 21.208 new subscribers in 2011
increasing the total number of subscribers throughout Eskişehir
to 304.989. The company has succeeded to increase natural gas
consumers by 185% within 8 years. ESGAZ is the first natural
gas distribution company to ensure a penetration rate of 100% in
Turkey.
As of 2011, ESGAZ, with its 540 million Sm 3 natural gas
consumption holds 1.3% share in the Turkish gas market.
ESGAZ conducts its business with a management concept
fully compliant with ISO 9001 Quality Management, ISO 14001
Environment Management and OHSAS 18001 Occupational Health
and Safety Systems for which it has been certified and provides
approximately 3000 people and 73 certified domestic installation
companies with employment in overall Eskişehir.
With the ongoing works, the company is targeting to include
15.000 new subscribers until the end of 2012.
After joining the Kolin Group in 2004, the company has shown a
sustainable growth rate with a management philosophy of high
quality but cost-effective service.
Since 2010, ESGAZ has been undertaking checks for parts of its
gas grid, commissioning of which dates back to 10 years ago
and informing users in order to maintain safety at the highest
level.
NATURGAZ NATURAL GAS IMPORT,
EXPORT, INDUSTRY AND TRADE INC.
Within the scope of its wholesale license granted by EMRA,
Naturgaz has purchased and sold 281 million m3 of natural gas to
Kolin’s licensed gas distribution companies İzmirgaz and Esgaz,
and eligible consumers in 2010. After July 2010 with the decrease
of eligible consumer limits in İzmir distribution region , Naturgaz
has added eligible consumers such as Viking Kağıt ve Selüloz
A.Ş., Anadolu Efes Biracılık and Malt San. A.Ş. and Tukaş Gıda
San. and Tic. A.Ş. to its customer portfolio and started to supply
them with natural gas. Naturgaz had a turnover of 145 million TL
in 2010 and offset the year with approximately 14,4 million TL
Kolin Group of Companies 2011 / Annual Report 45
profit before taxes. In 2010, there were 5 importing companies
and 11 wholesale companies in natural gas market of Turkey in
addition to BOTAŞ. Naturgaz, enjoying having facilitated access
to eligible customers and market opportunities created through
the distribution companies within Kolin Group, ranked in 7th place
among these companies in terms of market share. When importing
companies are left out of the equation it ranks in the third place in
terms of market share among wholesale companies.
Because of the recent earthquake in Japan which resulted in
substitution of power generated by the nuclear power plants with
power generated by CCGTs and rapidly increasing oil prices, 2011
has been a year which incurred price hikes in international gas
markets. However, these price hikes have not been reflected until
the last quarter of the year to residential and industrial customers
in the domestic market through cross-subsidization policies.
Recently, an amendment made to the Natural Gas Market Number
4646 enabled further imports of liquidized natural gas (LNG) and in
order to exploit market opportunities by importing LNG, Naturgaz
applied to EPDK for a license to import (Spot LNG) in 2010. With
this license Naturgaz plans to import and wholsale LNG in a near
future.
Demand for natural gas in Turkey is expected to show a rapid
growth rate by bringing new opportunities along. It is estimated
that the additional demand for natural gas only from the electricity
generation sector will exceed 10 billion m3 until 2020.
Naturgaz which is a member of Petroleum Platform Association
(PETFORM) continues its efforts to diversity. Its gas supply
portfolio, obtain necessary hardware to ensure more transparency
in the operation of trade centers and balancing mechanisms as
well as determine strategies which are appropriate for its own
financial structure as well as the needs of clients in terms of
marketing and amount and price risks management.
In 2011, the annual gas consumption in Turkey reached to some
43,5 billion m3 . 10% of this consumption was realized in the zones
where Group companies are licensed to distribute gas. However,
while the natural gas market has still not attained a liberal,
transparent and operable market structure and there are still legal,
technical and economical (i.e. cross-subsidized prices) barriers
to new entries, the market has not been able to reach sufficient
maturity as yet. Despite these drawbacks, Naturgaz has set a
target for itself to reach a minimum wholesale market share of
6-7% until 2015. Naturgaz’s strong financial structure of Naturgaz,
existing cooperation with the natural gas distribution companies
within the Group which enables it to reach the target group on the

Energy
market, fast decision-making mechanism and experienced human
resources help the company to stay at the competitive edge in the
market. The company was on the list of tax champions in 2010 and
was found worthy of a Tax Honor Award in 2011.
Naturgaz has played a pioneering role in the development of the
gas market and overcoming the problems of energy supply in 2012.
Naturgaz develops business contacts with existing and potential
natural gas suppliers from all over the world, particulary from Africa.
ETKİ PORT OPERATIONS
MANAGEMENT, NATURAL GAS
EXPORT AND TRADE INC.
Etki Port Operations Natural Gas Import and Trading Inc. executes
all investment related activities regarding Kolin’s LNG Import
and Gasification Terminal planned to be established in the
Aliağa district of Izmir. The terminal is foreseen to have an LNG
storage capacity of 280.000 m3 ,a send-out capacity of 750.000
m3 /hour as well as an annual gasification capacity of 6,3 billion
m3 simultaneously. The company continued to execute the
necessary procedures with Energy Market Regulatory Authority
(EMRA) and other relevant government organizations for
realization ofthe investment, initialized an Enviromental Impact
Assessment Study and submitted its proposed layout plan for
the project to the Ministry of Environment and Urbanization.
Licensing procedure is expected to be finalized within 2012 when
the relevant regulation is issued by EMRA.
After the take over of Uludağ and Çamlıbel Electricity Distribution
Companies from Privatization Administration by Kolin-Limak-
Cengiz Consortium in 2011, some structural changes were
incurred to distribute electric energy and retail sales services
within the principles of profitability and productivity in accordance
with commercial, economic and social requirements. A part
of the service procurement agreements undersigned in the
period before the transfer were cancelled for reasons such
as continuity of supply, requirements of the commercial and
technical quality framework, shortening failure repair and
maintenance works, intervention periods, occupational safety
and security, enhancement of service quality and customer
satisfaction, decreasing cuts in energy supply and ensuring
uninterrupted supply, ensure increased rates in index readings,
accrual and collection, decreasing rates of technical losses and
illegal usage, employment of a sufficient number of personnel
with appropriate training and equipment, achieving integrity
in management, inspection and efficiency and the provision
of the relevant services by affiliated partnerships. While the
organizational structures of both electricity distribution companies
were downsized and simplified, the functionality of operational
units were increased. As a result of these structural changes
and additional measures the year 2011 proved to be a rather
productive and profitable year for both companies.
Power Generation, Distribution,
Wholesale and Retail Sales
Services
ÇAMLIBEL ELECTRICITY DISTRIBUTION
INC.
After the operations such as index reading, circulation of 2th notice for payment,disconnection/reconnection, disassembly/
reassembly of meters, bill collection (partial),repair and
maintenance, vehicle rentals and cleaning services were
internalized and started to be performed by an affiliated
partnership, Çamlı Inc., Çamlıbel Electricity Distribution Inc. has
shown some major enhancements:
Index reading performance
During the period Çamlıbel Electricity Distribution Inc. used
to outsource index reading services, the number of billed
subscribers were fluctuating between 335.000 and 457.000.
When the service was taken over by Çamlı Energy Distribution
and Retail Sales Services Inc. this number has increased to
448.000-569.000, in other words, a 25% increase in number
of billed subscribers has been achieved during the new period.
Consequently, bill collection rates have tremendously increased
by contributing to the positive cash flow of the company.
The number of subscribers whose meters could not be accessed
and read has decreased from 35.000s to 3.700s after a similar
internalization of meter changing operation which used to be
outsourced in the past.
Circulation of 2 nd notice for payment and disconnection/
reconnection
In the past when circulation of 2nd notice for payment and
disconnection/reconnection services were outsourced,
in Çamlıbel Electricity Distribution Region the rates of
disconnections and reconnections were rather low. After these
services were internalized and handed over to Çamlı Inc., a
considerable increase has been recorded in these rates. In the
new term the rate of reconnected subscribers who have been
disconnected increased from 57% to 98%.
Disassembling and reassembling the meter
According to Law regarding Measurements and Adjustments
executed by the Ministry of Science, Industry and Technology
meters which have exceeded the 10 year stamp period must be
changed until the end of 2015 or they must be adjusted. Within
this scope the Çamlı Energy Distribution and Retail Sales Services
Inc. has proceeded to change meters in the Çamlıbel Electricity
Kolin Group of Companies 2011 / Annual Report 47
Distribution Zone which have filled the 10 year stamp period. This
has resulted in replacement of a total of 4.230 meters during the
last 8 months of 2011.
Subscriber information updating activities
Within the scope of subscriber updating activities which were
started after the transfer of Çamlıbel Electricity Distribution
Energy Sold/Distributed and No of Subscribers in Çamlıbel Distribution Region (2010-2011)
Energy Sold/Distributed in
Çamlıbel Distribution Region
Consumption (MWh)
No of Subscribers
2010 2011 2010 2011
Sales to ÇEDAŞ Transmission System Customers A 67.456.780 65.553.890 5 1
Sales to ÇEDAŞ Distribution System Customers B 2.140.840.470 2.057.304.652 795.353 815.180
Total Sales to ÇEDAŞ Customers a+b 2.208.297.250 2.122.858.542 795.358 815.181
Sales to Transmission System Customersof Other Suppliers C 98.853.766 150.370.978 3 4
Sales to Distribution System Customers of Other Suppliers D 37.712.660 114.519.847 989 2.991
Total Sales to Customers of Other Suppliers c+d 136.566.426 264.890.825 992 2.995
Total Energy Distributed in the Region b+d 2.178.553.130 2.171.824.499 796.342 818.171
Total Energy Sold in the Region a+b+c+d 2.344.863.676 2.387.749.367 796.350 818.176

Energy
Inc. to Kolin-Limak-Cengiz Consortium, identity information
(i.e. citizenship number, name, surname etc.), communication
information (address; GSM, e-mail etc.), retail sales contract,
tariff/energy-meter information have been updated. The updating
process is targeted to be finalized by the end of 2012.
After the finalization of updating activities, as electricity
distribution companies and their service providers will have a
stronger communication with subscribers, the subscribers will be
easily updated about new regulations and campaigns regarding
the services provided and Interactive customer applications will
be enabled on the company’s web site.
Repair and maintenance activities
Before the transfer period, repair and maintenance services
were provided by outsourcing from 11 different companies for
the central and rural areas of Sivas, Tokat and Yozgat provinces
which are within the Çamlıbel Electricity Distribution Zone.
Because of the number of feeder failures reported to TEIAS
and numerous customer complaints, it was decided that Çamlı
Energy Distribution and Retail Sales Services Inc. should deal
with the repair and maintenance works of Tokat province. While
the performance and service quality increased as a result of
internalization, customer complaints, the feeder connection and
unscheduled power cuts due to failures decreased At the end
of the process commercial and technical quality were achieved
as a result of the targeted supply continuity and it was decided
to commission Çamlı Energy Distribution and Retail Sales
Services Inc. as of 04.06.2011 to deal with the AOB works of
Sivas and Yozgat provinces as well by renovating all necessary
tools and equipment for the teams. Currently, periodical network
maintenance and failure repair works are carried out in line with
international quality standards.
ULUDAĞ ELECTRICITY DISTRIBUTION
INC.
The distribution and sales figures for Çamlıbel Electricity
Distribution Inc. for the years 2010 and 2011 and information
regarding subscriber numbers are presented in the following
table:
After the operations such as index reading, circulation of 2 nd
notice for payment,disconnection/reconnection, disassembly/
reassembly of meters, bill collection (partial),repair and
maintenance, vehicle rentals and cleaning services were
internalized and started to be performed by an affiliated
partnership, Uluğ Inc. Uludağ Electricity Distribution Inc. has
shown some major enhancements:
Index reading performance
During the period Uludağ Electricity Distribution Inc. used to
outsource index reading services, the number of billed subscribers
were fluctuating between 1.600.000 and 1.750.000. When the
service was taken over by Uluğ Energy Distribution and Retail Sales
Services Inc. this number has increased up to 1.900.000, in other
words, a 15% increase in number of billed subscribers has been
achieved during the new period. Consequently, bill collection rates
have tremendously increased by contributing to the positive cash
Energy Sold/Distributed and No of Subscribers in Uludağ Distribution Region (2010-1011)
Energy Sold/Distributed in
Uludağ Distribution Region
Consumption (MWh)
No of Subscribers
2010 2011 2010 2011
Sales to UEDAŞ Transmission System Customers A 1.064.834 178.496 23 6
Sales to UEDAŞ Distribution System Customers B 9.194.016 8.146.880 2.447.672 2.541.208
Total Sales to UEDAŞ Customers a+b 10.258.849 8.325.377 2.447.695 2.541.214
Sales to Transmission System Customers of Other Suppliers C 2.809.236 4.142.577 19 24
Sales to Distribution System Customers of Other Suppliers D 823.435 1.445.586 5.295 9.968
Total Sales to Customers of Other Suppliers c+d 3.632.671 5.588.163 5.314 9.992
Total Energy Distributed in the Region b+d 10.017.451 9.532.466 2.452.967 2.551.176
Total Energy Sold in the Region a+b+c+d 13.891.520 13.913.540 2.453.009 2.551.206
Kolin Group of Companies 2011 / Annual Report 49

Energy
flow of the company. The number of subscribers whose meters
could not be accessed and read has decreased from 70.000s to
6.000s after a similar internalization of meter changing operation
which used to be outsourced in the past.
Circulation of 2 nd notice for payment and disconnection/
reconnection
In the past when circulation of 2nd notice for payment and
disconnection/reconnection services were outsourced, in Uludağ
Electricity Distribution Region the rates of disconnections and
reconnections were rather low. After these services were
internalized and handed over to Uluğ Inc., a considerable increase
has been recorded in these rates.
Disassembling and reassembling the meter
According to Law regarding Measurements and Adjustments
executed by the Ministry of Science, Industry and Technology
meters which have exceeded the 10 year stamp period must be
changed until the end of 2015 or adjusted. In this scope the Uludağ
Energy Distribution and Retail Sales Services Inc. has proceeded
to change meters in the Uludağ Electricity Distribution Zone
which have filled the 10 year stamp period. This has resulted in
replacement of a total of 23.597 meters up to date in the region.
Subscriber information updating activities
Within the scope of subscriber updating activities which were
started after the transfer of Uludağ Electricity Distribution Inc. to
Kolin-Limak-Cengiz Consortium, identity information (i.e. citizenship
number, name, surname etc.), communication information
(address; GSM, e-mail etc.), retail sales contract, tariff/energy-meter
information have been updated. The updating process is targeted to
be finalized by the end of 2012.
After the finalization of updating activities, as electricity distribution
companies and their service providers will have a stronger
communication with subscribers, the subscribers will be easily
updated about new regulations and campaigns regarding the
services provided and Interactive customer applications will be
enabled on the company’s web site.
Repair and maintenance activities
Before the transfer period repair and maintenance services were
provided by outsourcing from 11 different companies in 17 different
groups for the central and rural areas of Bursa, Balıkesir, Çanakkale
and Yalova provinces which are within the Uludağ Electricity
Distribution Zone. Because of the number of feeder failures reported
to TEIAS and numerous customer complaints it was decided that
Uluğ Energy Distribution and Retail Sales Services Inc. should start
dealing with repair and maintenance works of Yalova province.
While the performance and service quality increased as a result of
internalization, customer complaints, the feeder connection and
unscheduled power cuts due to failures decreased. At the end of the
process commercial and technical quality were achieved as a result
of the targeted supply continuity and it was decided to commission
Uluğ Energy Distribution and Retail Sales Services Inc. as of July
to deal with the repair and maintenance works of Bursa, Çanakkale
and Balıkesir provinces as well by renovating all necessary tools and
equipment for the teams. Currently, periodical network maintenance
and failure repair works are carried out in line with international
quality standards.
AKKÖY ENERGY INC.
Akköy Energy Inc. was established in1999 and is one of the
major energy projects to be realized in Turkey by a private
entrepreneurship. The facilities of Akköy I HEPP were finalized
with an initial investment of 120 million US Dollars while the
1st cost estimate for Akköy II HEPP projects was calculated as
requiring an investment of 206 million Euro and the 2nd cost
estimate was calculated as 312 million Euro for the installation
works, commissioning and operating for the duration of 49 year
license period. The main partner in Akköy Energy Inc. is Kolin
Construction, Tourism, Industry and Trading Inc. with a 97% share
in the company.
Akköy Energy Inc. has a power generation license to use
renewable energy sources for the mentioned projects and as
such can apply to the following options on electric energy it
generates within the scope of the license;
•The Law no. 5346 regarding the use of Renewable Energy
Sources for the Production of Electric Energy
provides market participants with 7,3 cents/kWh which is the
determined RES Incentive Unit Price provided they are included
in the RES Incentive Mechanism operated by TEIAŞ Load
Dispatch Center, enables sales to wholesalers, retailers and
eligible consumers through independent bilateral contracts,
• enables sales to the Day Ahead Market and Balancing Power
Market within the scope of the Balancing and Settlement
Regulation. During 2008 and 2009 Akköy Energy Inc. opted to sell
on the Day Ahead Market and Balancing Power Market within the
scope of the Balancing and Settlement Regulation. In 2010 and
2011 the company added two distribution companies, 1 wholesale
company and 25 eligible consumers to its sales portfolio as well
as the Day Ahead Market and Balancing Power Market.
Kolin Group of Companies 2011 / Annual Report 51
Akköy I HEPP
The Akköy I Dam and Hydroelectric Power Plant is a 54 m high
dam body made of roller compacted concrete (RCC), with an
energy power plant comprising of a 12,5 m long energy tunnel
housing 3 (34.5MWm/33.98MWe) powered vertical axis Francis
type turbines built over the Harşit River in Kürtün district of
Gümüşhane province.
It is planned that the Akköy I HEPP generates an average
of 315 GWh/year of active electric energy; in terms of water
revenues 2011 was arid and with the gross 237,6 GWh
generated and transmitted into the interconnected
network its production comprised approximately 0,46%
(52.068,10 GWh) of the current hydroelectric production in
Turkey.
The first and second units of Akköy I HEPP have started
commercial production on 19th of August 2008 while the third
unit started production on the 27th of November 2008; the
net electric energy produced and introduced into the national
network since the start of commercial activity in 2008 was
20,15 million kWh, 317,40 million kWh in 2009, 303,31 million
kWh in 2010 and 236,73 kWh in 2011.
Akköy II HEPP
The Akköy II HEPP Project consists of the Aladereçam,
Gökçebel and Yaşmaklı Dams. Energy production takes place
immediately adjacent to Akköy I HEPP and the service block
has been built in an integrated structure to be used jointly with
Akköy I HEPP.
The Aladereçam Dam is located on the Karaovacık river in
Gümüşhane at a 1.790 m thalweg elevation with a 6 m tall
dam body made of roller compacted concrete (RCC). The
dam water is steered with an energy tunnel approximately
4,7 km in length with a bore diameter of 3,20 m, a surge
tank and a 1,50 m diameter penstock which is 455 m away
to Aladereçam HEPP which will have an installed capacity
of 7 MW after which the water exiting the power plant will
flow into Gökçebel Dam lake. The water holding capacity of
Aladereçam Dam has been calculated as 13.934 hm3. The Gökçebel Dam has been constructed on the Gelavara river
at a 1.491 m. thalweg elevation with a 140 m tall concrete
covered front rock fill dam. The water holding capacity of
Gökçebel Dam has been calculated as 94,78 hm3. This dam is
connected to the Yaşmaklı Dam reservoir with a conveyance
tunnel of 6.651 m in length with a diameter of 4 m.

Energy
The Yaşmaklı Dam has been constructed on the Gavraz river at a
1.527 m thalweg elevation with , 103 m tall concrete gravity dam.
The water holding capacity of the dam has been calculated as 17,68
million m3 . The water collected in the reservoir will be conveyed by
an energy tunnel 4.002 m in length with a bore diameter of 4 m to
the surge tank and from there to the Akköy II Hydroelectric Power
Plant via a penstock 3.688 m in length with a diameter of 2,70 m and
a clear drop of 1.220 m.
Pursuant to delivery of the land, SİTAŞ started the construction
of the power plant in December 2011. Establishment cost of the
plant which is estimated to be operational towards the end of May
2012 will be Euro 10.000.000 with a capacity of 1.000.000 travers/
year. It has been planned to generate 300.000 travers and sell about
200.000 until the end of 2012. The plant will provide 85 people
with direct employment. The physical realization of the Akköy II
HES Project has been achieved at a level of approximately 98%.
With a clear drop height of 1.220 m, the Akköy II HEPP Project is
the leading project in Turkey and will rank among the first 10 in the
world. The pressure which will be obtained with this high fall will
create quite economic operating conditions with a specific water
consumption of approximately 0,33 m3 /kWh.
The power plant will operate with two Pelton type turbines with
a vertical axis power of 116,79 MW (total 233,57 MW) to be
completed with two synchronous generators of 135 MVA. The
Akköy II HEPP will produce approximately 900 GWh/year of energy.
Akköy II HEPP which is aimed to be finalized in the second quarter
of 2012 will generate on its own approximately 1,73% of the total
hydroelectric power currently generated in Turkey.
As a result of the global economic recessionwhich also had an
impact on the Turkish economy over the last 4 years, the demand
growth rate for electricity first slowed down to 3,6% in 2008 and
then to -1,8% in 2009. However, a quick recovery of the market,
the demand for energy increased to 8,4% in 2010 and became
8,1% in 2011. Despite this growth trend in demand which increases
the importance of Akköy I and Akköy II HEPPs as well as that of
other power generation facilities, given the decrease of rainfall and
snow in the Eastern Black Sea Region which started in 2010 and
continued during 2011, there has been a 22% decrease in annual
production of Akköy I HEPP like many other hydroelectric power
plants in the region in 2011.
The use of Kolin’s deep experience and accumulated knowledge,
and exploitation of its extensive engineering capabilities and
resources for this significant investment will help to achieve
advantageous unit investment and operating costs for Akköy I
and Akköy II HEPP projects. Adding momentum to Kolin Group
of Companies and creatingsignificant added value to the power
market, The Akköy projects are not only important for being the
first investments made by Kolin in power generation, but also a
strong evidence of the company’s robust engineering and economic
strength in this field.
Akköy Energy Inc. energy sales portfolio
Akköy Energy Inc. sold all its power generated in years 2008 and
2009 to the Balancing Power Market of the Electricity Market
Balancing and Financial Settlement Center (PMUM) in accordance
with the Electricity Market Balancing and Settlement Regulation.
In 2010, the company sold energy to distribution companies,
wholesalers and eligible consumers in addition to the sales
made in the Day Ahead and Balancing Power Markets. In 2011,
the company sold 58.974.855 kWh to distribution companies,
35.866.000 kWh to wholesale companies and 12.209.175 kWh
to eligible consumers in 2010 while its active energy sales to
wholesale companies and eligible consumers 16.403.200 kWh
and 24.112.316 kWh respectively.
IŞIKSU INC.
Established in 2008, Işıksu Inc. made a license application to
Energy Market Regulatory Authority (EMRA) to build and operate
a natural gas combined cycle power plant in Çakmaklı village
area of Aliağa district in Izmir province for an installed capacity
of 430 MW. A preliminary certificate of conformance has been
obtained from EMRA within the scope of the license application
and the EIA works executed under the auspices of the Ministry
of Environment and Forestry have reached the final stage. The
proposed zoning plan for the project has been forwarded to
the Ministry of Environment and Urbanization and the licensing
procedures are expected to be finalized within 2012.
SERVER POWER GENERATION AND
TRADING INC.
Server Inc., established as a Kolin-Limak Holding partnership
for investing in power generation facilities of various kinds and
trading the electricity generated by these facilities. Server Inc.
made an application to Energy Market Regulatory Authority on
06.04.2011 to establish a natural gas combined cycle power
plant with a foreseen installed capacity of 910 MW in Eskişehir.
Regarding the application for which the evaluation process is
Kolin Group of Companies 2011 / Annual Report 53
underway, the licensing procedure is expected to be finalized in
2012.
ÇAMLI ENERGY DISTRIBUTION AND
RETAIL SALES SERVICES INC.
Çamlı Inc. was as a partnership of Kolin, Cengiz Holding and
Limak Holding for the purpose of index reading, disconnecting/
reconnecting operations, repair andmaintenance works
and supplying other ancillary services related to electricity
distribution and retail sectors.
In 2011 Çamlı Inc. started serving Çamlıbel Electricity
Distribution Inc. that renders electricity distribution and retail
services in its concession area covering Sivas, Tokat and Yozgat
provinces.
ULUĞ ENERGY DISTRIBUTION AND
RETAIL SALES SERVICES INC.
Uluğ Inc. was established as a partnership of Kolin, Cengiz Holding
and Limak Holding for the purpose of index reading, disconnecting/
reconnecting operations, repair and maintenance works and for
supplying other ancillary services related to electricity distribution
and retail sectors.
In 2011 Uluğ Inc. started servingUludağ Electricity Distribution
Inc. that renders electricity distribution and retail services in its
concession area covering Bursa, Balıkesir, Çanakkale and Yalova
provinces.
KOLEN INC.
KOLEN Inc., established to to execute business operations in
electricity markets is currently marketing electrical energy generated
by Akköy Inc., a KOLIN affiliate, to the eligible customers.
ENO ELECTRICITY WHOLESALING INC.
ENO was established in 2011as a partnership of Kolin
Construction, Tourism, Industry and Trade Inc., Cengiz Holding
and Limak Holding to do wholesaling of electricity to the electricity
distribution companies and eligible consumers.
ENO has mainly been active in the licensed areas of Çamlıbel and
Uludağ Electricity Distribution companies having reached a monthly
sales volume of 16,6 million kWh in 2011. The company aims to to

Energy
expand its wholesale activities in other distribution regions in the
following years.
In 2011 Çamlıbel and Uludağ Electricity Distribution companies
were restructured to serve the eligible consumers in their regions
in a more flexible and effcient way. In this context, ENO has
become the main energy supplier to the eligible customers of
these companies.
Efforts to supply electric energy for retail sales in the Çamlıbel and
Uludağ Electricity Distribution regions to increase the volumes
sold to eligible consumers in other distribution regions will continue
in 2012.
Energy Investment, Contracting
and Consulting Services
TRUVA NATURAL GAS ENERGY
COMMUNICATION LOGISTICS
CONSTRUCTION EDUCATION
CONSULTANCE IMPORT EXPORT
INDUSTRY AND TRADING INC.
Established in 2005, Truva Inc. has done a wide range of
Industrial activities including the energy sector. The company
currently serves asthe main contractor for investments made by
Çamlıbel and Uludağ Electricity Distribution Companies.
ALBE ENERGY ELECTRICITY,
ELECTRONICS, CONSULTANCY, OIL,
MINING, AGRICULTURE, ANIMAL
HUSBANDRY, INDUSTRY AND TRADING
INC.
Albe Energy currently undertakes the construction activities of
Yalnızardıç Dam and HEPP and the Yaprak Regulator and HEPP
projects.. Construction works for Yaprak HEPP started in 2011 with
expected commissioning in 2013. The installed capacity will be 10
MW with an expected annual power generation around 25 million
kWh.
The installed capacity for Yalnızardıç Dam and HEPP project is
foreseen to be 33 MW with an annual power generation of 87
million kWh. Construction works are expected to start in 2012 and
targeted to be completed by 2015.
HİDRO-GEN ENERGY IMPORT-EXPORT
AND DISTRIBUTION TRADE INC.
Hidro-Gen was established on 14.09.2007 to invest in hydropower
plants and relevant power generation.Project development activities
are ongoing.
ATLAS MACHINERY INDUSTRY AND
TRADE INC.
Atlas Machinery was established in 1982 to invest in energy and
industrial sectors.
ANC ENERGY PRODUCTION AND
TRADE INC.
ANC Energy was established in 2008 to develop and invest in hydro
power projects.
Kolin Group of Companies 2011 / Annual Report 55

Port and Shipyard Operation Global...
Kolin Group of Companies 2011 / Annual Report 57

Port and Shipyard Operation
ÇANAKKALE PORT MANAGEMENT INC.
The foundation of Çanakkale Kepez Port was laid by Çanakkale
Port Management Inc. on 29.05.2004; its superstructure was
completed by Kolin Construction Inc. on 23.11.2005 and
commissioned on 02.12.2005. Çanakkale Kepez Port is the second
port investment of the company after Dikili and it is located 300 km
from Izmir, 170 km from Balıkesir, 160 km from Bandırma, 90 km
from Biga, 80 km from Çan and 45 km from Ezine and feasible for
all kinds of transport with existing state highways.
In addition to the regional industry, Çanakkale Kepez Port enables
the transport of export, import and internal coastal loads for feasible
prices and costs with its location and range of services. Çanakkale
Kepez Port is located in the Dardanelles and continues its activities
with an increasing service quality and capacity. As a holder of an
ISPS (International Ship and Port Facility Security) Code, Çanakkale
Kepez Port is able to provide cargo services to practically any kind
of ship, and being the maritime boundary gate of the Dardanelles;
it is the gate to the world and contributes to Çanakkale as well as
the country. The port provides services to different kinds of ships
from fuel tankers and general cargo ships to Ro-Ro and passenger
ships with its versatile infrastructure, and contributes in a major
way to the development of cruiser tourism in Çanakkale with such
advantages as a passenger hall within the terminal, established in a
full customs area, a landing deck of 28-meter depth, duty free shop
etc.
In 2011 a total of 90 ships consisting of 1 general cargo ship and
35 cargo ships stopped at Çanakkale Kepez Port. A total number
of 6.557 passengers from passenger ships and the scheduled
maritime transports between Kepez to Limni Island and a total of
138.660,86 tons of freight were handled. 20.246 vehicles were
transported on the ferryboat service between Kepez-Eceabat
operated by Gestaş Maritime Transport Tourism Inc. Waste
reception activities were realized from 779 ships passing in transit
through the Dardanelles and from ships stopping at Çanakkale
Kepez Port; a total of 169.383,564 m3 liquid and solid waste was
collected in addition to normal port activities.
As there is not any industrial formation of sufficient potential to feed
the port activities in the hinterland of Çanakkale Port Management,
most of the port activities consist of freighting mineral loads as
bulk cargo in addition to freighting general cargo as project freight.
One of the main activities of Çanakkale port operations is to collect
waste from ships with the largest waste reception facility in Turkey,
which is also a member of European Waste Treatment Facilities
Association (Euroshore) and holds more than half of the market
share in the sector.
In addition to its strategic location within the Dardanelles and its
technical and service infrastructure, Truva has created a brand name
in the region in terms of tourism-related activities with its close
proximity to the Gallipoli Historical National Park, city center and
Assos; it is a preferred destination for cruise operators of the world
who are focused on cruise tourism.
Çanakkale Port Management gets its strength from the strong
structure, experience and support of Kolin Construction Inc.,
which is listed among the long-established companies in Turkey
and acts successfully in both domestic and international markets,
its personnel who focus on sustainable development based on
teamwork and favor reliability and quality as well as its dynamic
structure. The company has a competitive advantage over its rivals
from many aspects.
Its strategic location (presence of the Dardanelles, the proximity
of industrial areas such as Izmir, Istanbul, Bandırma, Bursa as well
as central location), capability to serve third parties, serving to
Kolin Group of Companies 2011 / Annual Report 59
practically any kind of ship with the ISPS Code, the biggest waste
reception facility of Turkey and being the maritime boundary gate
of the Dardanelles and consequently the gate of Çanakkale opened
to the world and being among the deepest ports of Turkey with
its draft of up to 28 meter and having the largest waste reception
tanker in the world put Çanakkale Port Management into the
forefront of competition and constitute the advantages of Kolin
Group of Companies in this field at the same time.
The port which is located within the Dardanelles where
approximately 50.000 ships pass through annually will continue to
maintain and enhance its value and advantages in the future as it
has done in the past as a result of being the largest waste collection
company and included among the leading companies of Europe
to collect liquid and solid waste from ships when environmental
management is a global and prioritized issue.
At the end of 2010 the liquid waste storage capacity of the
waste reception facility of the port had been doubled to reach
nearly 20.000 m3 and within the scope of the same activities, a
6.237 Deadweight Ton ship was purchased and with the 1.854
Deadweight Ton ship purchased in 2011, the waste collection
capacity approached to totally 10.000 Deadweight Tons. In

Port and Shipyard Operation
addition, environment management has been supported with a
full automation system together with 10 tankers purchased by
the waste transport company established within Kolin Group of
Companies; the company holds the leadership for capacity as well
as technology regarding waste management.
In 2011, the company established a laboratory with the
qualifications of an accredited laboratory within the scope of the
Research & Development works executed for the port waste
reception facility.
Among the targets of port activities in 2012, realization of projects
for the import of mainly wind energy power plants for general cargo
handling in terms of load handling activities, increase of the total
tonnage of bulk cargo handling to 200.000 and starting the container
cabotage transport within the scope of container cabotage transport
activities are included.
Another target of the port activities is to increase the number of
passengers arriving with cruise and passenger ships to 15.000.
The company has pioneered in many ways in the sector. Among
the “firsts” realized by the company have been to ensure waste
reception services for ships which transit the Dardanelles, export
waste oil to Greece from the port, and turn the anchorage areas
before the entrance of the Dardanelles into supply points for
transiting ships for obtaining water and mineral oils as well as other
services, initiate the services of the largest waste reception tanker
in the world which is able to maneuver on its own to collect waste
and start maritime passenger transport between Çanakkale and
Limni island of Greece.
Çanakkale Port Management holds the Brand Registration
Certificate, Compliance with TSE 13350 Standards Certificate,
Waste Reception Facility and Waste Reception Ships License
(Environment Licenses), European Waste Treatment Facilities
Association (Euroshore) Membership, ISPS Code Certificate, EPDK
Maritime Transport License, POAŞ Concession License, Operation
Permit Certificate.
DİKİLİ PORT AND TOURISM
MANAGEMENT INC.
The Dikili Port is one of the best examples of privatization. The
renovation and repair works of the landing deck were completed
in 2000 which resulted in expanding the width of the landing deck
from 9 meters to 15 meters and its length from 110 meters to 180
meters after which it was transferred to Dikili Port and Tourism
Management Inc. on 10.11.2003 by the Privatization Authority. Dikili
Port and Tourism Management Inc. was established to provide
Dikili Port with services such as accommodation, loading unloading,
shifting, limbo, terminal services, pilotage, tugboat, mooring
services, providing ships with water, receiving waste, operating
passenger hall, maintenance and repair work as well as catering.
The newly organized passenger hall, customs directorate, customs
enforcement authority, coast health organization and sea police
provide service in administration buildings with specially equipped
computerized offices where agencies can rapidly carry out the
procedures.
Dikili Port Authority is 30 minutes away from Bergama which holds
such significant historical artifacts as the antique city of Pergamon,
Askpion ruins, the Temple of Zeus, Hera Temple, the Red Basilica,
Roman Amphitheatre and museum of history. The port which
prides itself with its high tech technology and service principles in
compliance with quality standards provides service to bulk, bagged
and pallet loads. As a result of the realized investments, export
and import companies have been provided with a closed storage
and storage warehouse area of 31.500 m2 4 km from the port area
while the open stock areas have reached 22.500 m2 . Stockpiling
and packaging services in the warehouses are provided by Dikili
Kolin Group of Companies 2011 / Annual Report 61
Port and Tourism Management Inc. The strength of Dikili Port and
Tourism Management Inc. is derived from its entreneurial spirit and
strong group structure. Through the investments and marketing
activities realized by the Executive Board, the distance of the Port
from the industrial zone which has been a disadvantage has been
turned into an advantage. The ensured land and logistics support
has provided the port with a good placement in the sector. This
enables the port to operate at a capacity of 65-70%.
Before being privatized, the port only exported perlite and rock;
after being privatized the import and export materials have
diversified. The port customs which did not have class A status
before achieved this status after intense works carried out by the
Executive Board.
As a result of the executed works, licenses for plant food imports
and expots have been obtained. After these licenses were
obtained, the load line of the port has been raised and executed
marketing activities have resulted in the successful export and
import of such products as fertilizer, sunflower, canola seed, flax
seed, coal, ceramics, flour, wheat from the port. The load varieties
loaded and unloaded at the port consist of products such as gold
mine ore, sunflower, wheat, canola seed, bentonite, dolomite, clay,
fertilizer, coal, magnesite, marble, perlite, nitrate, ceramic, stone/
quartz and flour. Since the port is in a region with a high potential

Port and Shipyard Operation
for tourists, care is taken to ensure that the loads arriving at the port
do not cause dust and noise emissions. As the port is the largest
investment in the district, it has significance as an employer in the
district as well. The services executed in the background of the port
and the rent revenues contribute to the country’s economy.
The port has an international ISPS Security Certificate and the
works related to scheduled Ro-ro services have been completed;
permission is expected from the Ministry of Finance for the transit
fuel facility inside the port. Once the permission is received, TIR
and passenger transport between Dikili-Volos will be started and the
port will continue its services to the Northern Aegean in all issues.
Among the yearend targets of Dikili Port and Tourism Management
Inc. for 2012 is to increase its loading and unloading tonnage
capacity to 650.000 ton/year.
SEFİNE SHIPYARD CO.
Sefine Shipyard has reached its target to become one of the leading
shipyards in the Altınova region in the ship building sector in 2011.
Although the ship building sector was affected by the global crisis,
our shipyard has continued the production to complete and submit
a 13.000 dwt. general cargo ship, two aluminum hull SAR boats,
four car ferry with a capacity for 86 vehicles and between 400 and
600 passengers and two fish feeder barges. In 2011, orders were
placed for the delivery of one 16.500 dwt offshore tugboat to be
exported in the third quarter of 2012, an order for two 24.000 dwt
offshore tugboats to be delivered in the second and third quarters
of 2013 and one offshore tugboat to be submitted in the third
quarter of 2012 for which building work has started.
The employment generated by these orders is anticipated to be
approximately 900 persons in 2012.
One of the targets of Sefine Shipyard is to enhance production,
shorten the building period for ships and thus decrease overhead
costs per ship. In order to realize this target, stations have been
organized on the production system and it is now possible to
inspect production. The accumulation of all know-how and planning
have been prioritized before starting the production of ships for
which orders have been received and a decision to establish an
ERP system to enable all units to receive information from the
same source and for project management. An agreement has been
concluded with an expert consulting company and the relevant
works are ongoing. In addition, in order to enhance staff yield,
service boats have been organized to provide direct transport to the
shipyard in the morning since employment to the Altınova shipyard
zone is still provided from other regions.
Another target of the shipyard is to be competitive in ship repair
with a dry dock and long dock. Competition for ship repair and
maintenance services has increased as a result of the crisis in
the new ship building sector and decreased the prices. Although
the Sefine Shipyard dry dock does not have a long history, 54
ships were drydocked in 2011. Marketing activities for repair are
continuing and cooperation is carried out with various international
agencies. It is particularly important in the crisis environment that
the shipyard operates for new ship building as well as repair works
and the sections support each other.
The Shipyard plans to develop and enhance its market in 2012 and
continues to take orders for tugboats from the domestic market,
orders for offshore fishing boats from Scandinavian countries
such as Norway and orders for a special type of dock from Middle
Eastern and Arabian countries. It is foreseen to continue investing
in the docking resources if the number of orders increases. The
present investments are sufficient to execute existing orders and
only small scale investments continue. These investments are
not only related to production but are obligatory to comply with
the acquired ISO 9001, ISO 14001 and OHSAS 18000 certificates.
One of these investments is the waste reception facility which has
been completed in 2011 and which will be commissioned in 2012.
Kolin Group of Companies 2011 / Annual Report 63
As a result of this investment and the contribution of the other
environmental arrangements, our shipyard will be the first in the
Altınova region and the fifth in overall Turkey to have an operation
license.
TEOS MARINA MANAGING AND TRADE
INC.
Teos Marina started its activities on 19.06.2010 with the investment
cost of totally 12,7 million US Dollars. Teos Marina is 5 km from
Seferihisar by highway, 45 km from Izmir province center and 60
km from Adnan Menderes International Airport which puts it in an
advantageous location. As of the end of 2011, there are 379 boats
with yearly contract and 12 with monthly contract at Teos Marina,
which amount to 391 boats. The size of the boats in the marina
as of the end of 2011 averages 40,73 m2 while the boats in the
channel average 12,01m2 . Teos Marina which is established on
59.000 m2 of land and 77.000 m2 sea area has a boat capacity of
480 on sea, 30 in the channel dock and 80 boats in the boatyard.
Teos Marina provide a total covered area of almost 9.150 m2 containing 40 commercial units providing concept services to its
lease-holders, 50 yachting storages and 6 technical workshops
TEOS Marina Managing and Trade Inc., owner of 5 Anchor

Port and Shipyard Operation
Certificates received from the Ministry of Tourism, makes a
large contribution to the regional economy and brings significant
employment opportunities to the region. At the same time, it
provides commercial and economic vitality to our country and helps
promote our historical and cultural values. The marina is equipped
with a safe mooring system and provides 24-hour guidance and
diving services with 3 mooring boats.
Collecting units for gray water and oily bilge water are ready to
operate 24 hours per day both fixed on the coast as well as mobile
on the sea.
The marina provides 24/7 electricity, water, TV connection, TTNET
wi-fi internet access, 24 hour VHF audio and Tower service, 3
sanitary units with toilet/shower, disabled toilet/shower as well as
dishwashing, laundry, yachting storage and garages, 2 golf carts to
facilitate the transport of marina customers within the marina area
and 2 trailers for hauling loads with these carts, 8 hand baggage
carriers as well as parking for 207 vehicles.
All informative, marketing activities, execution of yacht registration
procedures, contracts and billing/collection procedures are
carried out by the marina office with the Yacht Port Operation
and Management Information System which is a tailor made
software program developed with purely domestic resources and
easily applicable with integrated modular systems to be used for
management activities related to land parking, marine mooring,
technical services and commercial areas. It is integrated with the
Tiger program used by the accounting department. In addition a
digital weather status device has been erected.
The Marina operates a 75 ton capacity lift, 3 ton capacity stationary
arm crane, trailer, steel bracing system, maintenance/repair
work and underside washing with pressurized water with the
Vmarin program controlled from the marina office. Maintenance
workshops of lease holders of the marina provide paint and
polyester jobs, motor machine maintenance and repair works,
electrical and electronic works, wood and furniture works, lathe
and metal works, sails, rigging, and hardware jobs and ventilation/
cooling services.
First aid, infirmary, health centre, 24-hour security service,
fire warning and extinguishing system, fire boat and sea/land
cleaning service are active. In addition to technological studies,
the marina management has taken a major step to apply the first
environmentally friendly clean energy supply, the “Wind Turbine
Circulation Pump” to bring clean sea water and air from outside
the dock through an underwater pipeline into the marina sea area
and thus protect marine ecology. The yachting club, sailing school,
swimming pool, tennis courts, basketball/volleyball courts are
usable and used by our customers. A cooperation agreement has
been undersigned with Aegean Offshore Yacht Club, which is one
of the long standing clubs in Turkey on the 22nd of September 2010
for arranging activities, training meetings, cocktail parties, various
rallies and excursions, sports tournaments, etc. at the Teos Marina
Yachting and Sailing Club by AOYC. The fuel station which started
to operate in June of 2011 provides boats with fuel on a 24 hour
basis.
The largest boating and yachting show organized in Turkey, the
Eurasia Boat Show which is attended by companies active in
maritime affairs took was held in 2011. The number of boats
negotiating annual contracts at the fair was 7 while the number of
daily boats was 3. During the fair, a total of 69 boat owners visited
the Teos Marina stand. Almost half of these boat owners lived in
Istanbul and kept their boats at Istanbul marinas. The remaining
boat owners moored their boats in Marmaris, Çeşme, Fethiye,
Ayvalık, Antalya, Foça and Göcek. In addition, 10% of the visitors to
the Teos Marina stand were new boat owners. 62 of the registered
69 boats were sailing yachts, 4 were motorized yachts and 3 were
catamaran sailboats. The average length of the registered boats
was 12,5 meters while 58% were between 40 – 70 m2 .
The occupancy rate for mooring and rental units in 2011
The occupancy rate which was 44% at the end of 2010 increased
to 78% in 2011. In 2011, service was provided to 755 sailboats,
14 motorized sailboats and 168 Motor yachts totalling 937 boats.
In terms of the contract periods for boats, 265 contracts were
made on an annual basis for boats in the marina and 23 contracts
were drawn for boats in the channel, 22 contracts were made for a
monthly term while 627 contracts were made for daily occupation.
As of the end of 2011, there are 379 boats with yearly contracts
and 12 with monthly contracts, which amount to 391 boats. The
size of the boats in the marina as of the end of 2011 averages 40,73
m2 while the boats in the channel average 12,01m2 .
63% of the boats in the marina since the year end flew Turkish flags
while 23% had American and 5% flew German flags; the remaining
9% flew flags from Switzerland, the U.K., Belgium, France, Italy,
Austria, Bulgaria, Sweden and Canada.
As of the end of 201, 29 lease agreements were made in addition
to the leased 9 shops while 3 agreements were cancelled. As of
the end of the year, 33 leased establishments are active. 9 yacht
storage spaces have been leased to boat customers.
The marina is equipped with a safe
mooring system and provides 24
hour guidance and diving services
with 3 mooring boats. Collecting
units for gray water and oily bilge
water are ready to operate 24 hours
per day both fixed on the coast as
well as mobile on the sea.
Kolin Group of Companies 2011 / Annual Report 65

Port and Shipyard Operation
Boatyard services for 2011
Within the year, 33 boats received service with the Jib Crane and
hydromechanical services, 175 boats were supplied with mooring
services. The unit price of water is high in the area which is why
water has been brought from external sources since August 2011
and a decrease in water prices up to 50% has been achieved.
A fuel station was opened on 01.06.2011 and the relevant license
and permits given by EPDK have been finalized. Pursuant to the
opening of the fueling station, the marina vehicles can obtain their
fuel from this marina station. This has decreased purchase costs by
6%. The Waste Disposal Facility was completed within 2011. The
waste reception license for waste reception has been obtained,
however the EIA report is anticipated.
A bonded area was opened within 2011 and scheduled service
between Samos-Seferihisar have been organized. New scheduled
services will start in April 2012. An x-ray device and necessary
information processing system have been installed in the customs
building.
New Markets
Turkey is at the head of the list of countries the company is
interested in. In addition, the marina is appropriate for wintering
people who are liveabroading in their boats; works are targeting
liveabroad boats in Turkey. Most of the liveaboard boats in Turkey
carry UK – D – FR – NL flags which is why advertising regarding
these countries is planned for the future. This vision has been the
framework of participating in the Dusseldorf Boat Show in 2012.
It is planned to penetrate into the Greek market to negotiate with
boats wanting to come to Turkey because of the crisis in Greece.
Croatia is obliged to pay boat tax after acceding to the European
Union.
Plans have been made to get into the Croatian market because
boat owners are looking for new mooring places. Plans are also
made to penetrate into the Italian market because the boats
in Italian marinas have incurred tax increases. Teos Marina has
significant advantages over its rivals. It has the characteristics of a
natural harbor which makes it a safe mooring place in all weather
conditions. Seferihisar is a member of the Cittaslow union. The
marina is located 45 minutes away from the airport and Izmir city
center. It is close to the historical areas such as Ephesus-Pergamon
and particularly the Virgin Mary. The prices are more feasible than
those of other marinas in the area.
The marina is located in an area rich in history and natural beauty.
There are numerous bays in the vicinity which are feasible for
visiting and stayovers. The still water within the marina is circulated
with the wind turbine and Teos Marina is the first place where
an environmentally friendly system is used for this purpose. The
Vmarin Automation System with its many features draws the
attention of the sector too.
Kolin Group of Companies 2011 / Annual Report 67
The still water within the marina is
circulated with the wind turbine and
Teos Marina is the first place where
an environmentally friendly system
is used for this purpose. The Vmarin
Automation System with its many
features draws the attention of the
sector also.

Minerals-Cement Valuable...
Kolin Kolin Group Şirketler of Companies Grubu 2011 2011 / / Faaliyet Annual Raporu Report 69

Minerals-Cement
HEKİMHAN MINING COMPANY
On 08.02.2007, Kolin Construction Inc. purchased the permit
and exploration rights of Hekimhan Mining Company which was
established with a capital of TL 1.000.000 on 18.01.2007 from
the Privatization Authority of Deveci Iron Mine area for 33 years
through tendering. Hekimhan Mining Co., with an issued capital
of TL 25.000.000 has been operating since 1960 in Deveci Iron
Mine site operations area, the oldest iron mine sites in Turkey.
Ever since it was founded, Hekimhan Mining Co. has targeted
in making a significant contribution to the economy of Turkey,
and taking into consideration the consumption potential of our
country, it continues to operate by using high tech technologies
appropriate with the developments in the iron and steel sector.
The main target of Hekimhan Mining Co. is to produce products
with high added value. Since its establishment, Hekimhan
Mining Co. has prioritized the framework of human beings and
the environment within the scope of social responsibility and
has proved this vision with the investments it has realized.
Hekimhan Mining Co. has adopted a modern management
perspective investing in people and the environment.
The largest in Turkey
The Deveci Iron Mine site consists of three main ore beds, the
Karamağara, Karatepe and Karaköçek quarries located within the
boundaries of Hekimhan district in Malatya province. The area
which is the most significant manganiferrous iron ore site in
Turkey is 80 km from Malatya and 165 km from Sivas province.
The primary ore of Deveci Iron Mine ore bed which is a
significant source for integrated iron and steel plants is siderite.
Limonite has formed as a result of the oxidizing of the primary
ore. Since 2011, the siderite ore reserve has been determined
as 43,5 million tons while the limonite ore reserve has been
estimated to be 500.000 tons. The average grade of Fe of
the siderite ore reserve is 39% while the manganese grade is
3,72%.
During the past years, an average of 400-500 tons of siderite ore
have been used by integrated iron and steel plants. In the past
years, iron and steel plants have increase the sinter capacity
with the investments they have made; the annual requirement
for siderite ore has increased as well.
The long term target of the company is to supply a major part
of the manganese iron ore requirements of integrated iron and
steel plants and become the largest producer of iron ore in
Turkey.
One hundred percent increase is targeted
The sales of Hekimhan Mining Co. were 150.230 tons in 2011.
Integrated iron and steel plants have purchased 4.500.000 tons
of ore from the domestic market. In view of these figures, the
market share of the company has been 3,3%.
Because of the increase in foreign currency exchange rate
in 2011, integrated iron and steel plants have given more
importance to domestic raw material sources to meet their raw
material needs. The amount of ore sold to Kardemir Inc. in 2011
increase by 84% compared with the previous year. The increase
is expected to be 100% in 2012.
Increased requirements
The Kolin Group of Companies has ensured an advantage in
ore sales in terms of large amounts of iron, rails and cement
usage and this trend is expected to continue in the future. It is
foreseen in the world as well as Turkey that commodity prices
Kolin Group of Companies 2011 / Annual Report 71
will continue to increase and the same impact is foreseen for
iron ore prices. The yearly iron ore needs of integrated iron and
steel plants is around 10-12 million tons and 4-4,5 millions tons
are obtained from domestic sources. The iron ore reserves
which have been discovered in Turkey so far are being rapidly
depleted, and as exploration must be executed 200 meters
underground to find new reserves, taking into consideration the
needs of iron and steel plants it will be necessary to prioritize
procedures which will enable the enrichment of low grade ore in
the future.
The target is 2 million tons
The annual production and sales target of the company has
been 2 million tons since it was established. The biggest client
for the produced ore is Iskenderun Iron and Steel Plant due to
its proximity.

Tourism-Services Elite...
Kolin Kolin Group Şirketler of Companies Grubu 2011 2011 / / Faaliyet Annual Raporu Report 73

Tourism-Services
ÇANAKKALE KOLİN HOTEL
The Kolin Hotel was commissioned in 2003 after being
constructed by Kolin Construction Inc. for an investment of
31.838.438 US Dollars in Çanakkale province and now it is one
of the leading facilities in the Turkish tourism sector. Its the Kolin
Hotel has a remakable and elite image in the sector. The Hotel
has succeeded in becoming one of the leading brands in the
sector and took to its place as a leading establishment in terms of
the tourism and congress operations.
The Kolin Hotel is located on the shores of the Dardanelles
opposite the historical peninsula where the Trojan Wars and
the Gallipoli Battle took place. The geographical characteristics
of Çanakkale make the location of the Kolin Hotel unique. Kolin
Hotel is located in a city which hosts an ecological habitat which
is the second of its kind in Europe as well as the Ida Mountains.
It is a leader in terms of tourism activities in the town with a
70% market share. All the activities of the Kolin Hotel serve as a
model to the other facilities in the city. 154 meetings and banquet
events were organized at the Kolin Hotel in 2011. Kolin Hotel was
host to 68.760 foreign tourists and 18.331 corporate companies
in 2011 as well as to organizations which were attended by a
number of participants varied between 60 and 1.200. The 9th Symposium for Developments in dermatology, DOĞTAŞ Dealers
meeting, FTR Symposium, NÖBİVA II Symposium, Boehringer
Ingelheim Pharmaceuticals Regional meeting, Urology Workshop,
Nestle Maggi training meeting, team Sanovel Pharmaceuticals
Regional meeting, Nissan service team Training Meeting, Pfizer
Regional meeting, GIZ International meetings, İMO Occupational
Health and Safety Seminar, FORD South Marmara Dealers
meeting and Efes Blues Festival are some of the institutional and
organizational events that can be cited among those hosted by
the Kolin Hotel in 2011. Ranking high in the sector in terms of
credentials, the Kolin Hotel draws its strength from sustainability
in employment, speed and innovation skills. The professional
structure of the team, the physical location of the hotel and
provided service places the company in a leading position among
its rivals and high quality a significant competitive advantage.
The economic crisis which has affected the whole world has
also had an impact on Turkish tourism which has gone through a
bottleneck as well. However, the precautions which were taken
resulted in minimizing the impact of the crisis on the company
in 2011. The economic crisis in European countries has caused
significant downsizing particularly in the Greek and Spanish
markets. While all the reservations made on the Spanish market
were cancelled, the reservations on the Greek market were
reduced at a rate of 50% in comparison with the reservations
of the previous year. In addition, there has been a downsizing
of approximately 20% in the Italian market. By recognizing the
signs of the crisis in the European market, necessary precautions
were taken and emphasis was placed on the Far eastern market
in time to achieve an increase of approximately 40% in Far East
reservations. In addition, the gaps generated by the crisis have
been minimized by accepting special group reservations from
various markets. New markets such as Russia, Ireland, Mexico
and Latin America which were targeted in 2011 have resulted in
agreements which ensure a solid step into these markets. An
increase is targeted in these markets for 2012.
As the only five star hotel facility; providing stable service in
the İstanbul, Bursa, İzmir triangle, the Kolin Hotel has a strong
competitive advantage among similar hotels in the Marmara
Region with its physical structure, its professional staff and the
successful operations as well as the high quality service. The
Kolin Hotel entered the MICE AWARDS (Meeting-Incentive-
Congress-Event) event organized by Tourism Media Group in
the “Best Convention Hotel in the Marmara Region” category
and succeeded in standing out among similar hotels to rank
among the best three. With the principle of unconditional guest
satisfaction adopted by the Kolin Hotel, the results of a survey
executed among guests in 2011 were assessed and it proved
the understanding of a quality service by increasing customer
satisfaction year by year to reach 86% in 2011. The main target
of the company for 2012 is to continue to ensure that steps are
taken to be able to provide the service mentality to realize the
Kolin Group of Companies 2011 / Annual Report 75
wishes of the guests. The service mentality will be expanded in
that sense in 2012 to realize this target. In addition, the company
intends to expand its guest portfolio and increase its activities to
provide company guests attending meetings and organizations
with priority sales known as “incentives”. The Kolin Hotel
targets to achieve an additional 20% turnover by generating new
demands to increase the number and volume of the successful
operations it has realized in 2011. It is possible to summarize the
VIP service concept with the target slogan of the company for
2012 target as “You imagine, we realize”. The main key words of
Kolin Hotel for 2012 are Innovation, Quality and Service.
ŞİŞMAN TOURISM CONSTRUCTION
INDUSTRY AND TRADE LTD.
Şişman Tourism provides service to the sector under the
Washington Restaurant brand. Washington Restaurant started
a restructuring process in 2011 to fulfill the demands of its
customers while maintaining and prioritizing its historical ambiance.
In 2011, an increase of 10% in foreign guests has been achieved
and the newly opened 2000-person capacity catering open
kitchen has contributed to this increase. Washington Restaurant
has continued to carry out routine personnel development
programs throughout the year. Innovations have been included in
the flavors and presentations of the restaurant.
The Company which gets its strength from the modernist team
spirit consisting of staff who love their job and protect the

Tourism-Services
historical texture continues to add novelty to its scope each year
without making concessions on the flavors and service qualities
of 56 years and maintains its place in the sector.
The company convenes and cooperates with tourism and
organization companies to provide visiting foreign guests with
quality service and cuisine in addition to a sense of history and
culture as well.
The Turkish Art Music nights started in 2010 have been
supplemented with other concept nights in 2011; special
concept nights will be included in 2012 for variety. It is targeted
to provide a different service concept to customers with the
newly opened catering services. The company will continue to
execute its quality and flavor-focused service concept in 2012
with the same diligence and continue to grow and progress in
the sector.
KA INSURANCE BROKERAGE
SERVICES LTD.
KA Insurance started its activities in 1993 as the B agency
of Anadolu Insurance which is one of the largest insurance
companies in Turkey incorporated within the scope of Atlas
Machine Co.Inc. With its successful operation since the
foundation date, the company has expanded its customer
portfolio and it was established as a separate company when it
obtained it’s A agency status in 1998.
KA Insurance provides the group companies and staff as well
external companies and persons with insurance consultancy
services, the sales of insurance products in all sectors as well as
consultancy in risk management.
The company operates with Anadolu Insurance, Aviva Insurance
ve Sompo Japan (Fiba Insurance) Insurance which are among
the largest insurance companies in Turkey, and known for their
strength, reliability and timely claim payments and conclude
agreements with foreign reinsurance companies ranking
among the leading companies of the world. In addition to these
developments, KA Insurance aims to provide specially designed
solutions for the needs of insurance customers to supplement
the classic insurance products for fire, accidents, engineering,
liability and health areas.
Eskişehir Branch of KA Insurance started activities in the
provision of natural gas policies for urban areas in 2007 covering
the cities of İzmir, Eskişehir and Adapazarı. Since 2008, Anadolu
and Aviva Insurance insurance companies have expanded their
sales range to provide service in all branches.
5 personnel equipped with knowledge, experience, ability,
courage, self-confidence, and able to keep in step with
technology and life, focussed on success and results, able to
create innovation and look from a global perspective work with
a high tempo in claims, technical issues as well as sales and
marketing.
In parallel with the developments and targets of 2010, KA Insurance
opened a branch in Izmir. 5 personnel with proven experience and
expertise who have adopted the aim of providing the best coverage
for activity related risks provide customers of the Izmir branch with
the right coverage for the most appropriate price.
The total production of KA Insurance was 8.486.626 TL for 2011
which is equivalent to a 247% growth in comparison with the
figures for 2010. Anadolu Insurance ranks third in the Central
Anatolian Region, fifth in the Bursa Region as Aviva Insurance and
second in the Bursa region as Sompo Japan Insurance.
Expanding revenue targets, profitability, raising the values of
the company by providing service and placing feasibility studies
aiming at customer satisfaction at the top of the list, enhance
recognition through planning accommodating emerging trends
and creating a brand name are among the strategies for 2012.
GAZBİL COMMUNICATION
TECHNOLOGIES INDUSTRY AND
TRADE LTD.
Gazbil was established in 2006 to generate software for the
energy sector and serve the internet technologies area. The
company started its activities by designing digital projects and
preparing delivery software for the natural gas sector. The
company is engaged in the digital designing and execution of
delivery works of natural projects in Eskişehir and İzmir. In 2009,
SCADA and the products which were developed for the activity
portal sectors were finalized in 2010 and presented for usage. It
is planned to target growth by focusing on these products.
In 2011, a consolidated turnover of over 3 million TL was
achieved. A loss of 139 thousand TL was declared which took
place due to the executed investments. In terms of market data,
the company holds 10% of the market share for Digital Project
Approval Sector and 2% in the SCADA sector.
The main features contributing to the success of the company are
speed, creativity, innovation and productivity. The main activity
Kolin Group of Companies 2011 / Annual Report 77
Besides the standard insurance
products, KA Insurance also aims
to offer customized solutions for
the insured. KA Insurance grew
by 247% in 2011 in comparison
with the figures of 2010. Anadolu
Insurance ranks third in the Central
Anatolian Region, fifth in the Bursa
Region as Aviva Insurance and
second in the Bursa region as
Sompo Japan Insurance.
field consisting of implementation experience in the energy
sector and efficient productivity enables the company to achieve
a price advantage which in turn enables a competitive advantage
over the rivals. The company closely monitors innovations and
developments in the sector by participating in sectoral activities
and using the internet efficiently; the company is also noted
for the “firsts” it has realized. A CAD software equipped with a
design motor with approval from TUBITAK and developed 100%
by Turkish engineers, automatic gas opening, collection and
insurance Protocols as well as data from field reading protocols
developed 100% by Turkish engineers have the Company’s
endorsement.
The company undertook four projects in 2011, which are
still ongoing. The most significant project undertaken by the
Company in 2011 is the complete SCADA system. As a result of
this system a project including software and hardware developed
100% by Turkish engineers shall be undersigned. The scope
consists of the design, production and development of devices to
read data from the field including software to monitor and follow
the whole system.
Once the project is finalized, there are plans to market it in
Turkey and particularly in the Middle East and eventually the
whole world. The scope of the project includes the development
of relevant geographical information system application and
maintenance, emergency notification management system,
vehicle tracking systems, smart home applications and the
analysis of gas load developed especially for natural gas and
electricity scada applications, data collection for billing purposes,
balance program for loss and leakage tracking, follow-up
reports and demand/forecast programs. In 2011, projects have
been implemented in 2 pilot areas and continue to operate

Tourism-Services
successfully. Starting from 2012, the project is targeted to get
at least a 10% share of the 150 million TL cake which outflows
every year. In addition, in the first stage direct and indirect
employment will be provided to over 100 persons, 30 of which
are engineers.
Environmentally friendly project
With the realized digital project approval system, 30 tons of
paper will be saved per year which means that every year 510
trees will be saved from cutting. Workforce efficiency was
increased in all the realized projects , which augments the
potential for high quality work. In addition, the money paid
for software and hardware of foreign origin remained in the
country. Another plus is the workforce efficiency in all affiliated
sectors and the efficient use of time. In 2010, the company
which endorses long term projects, focused mainly on the
SCADA infrastructure features of the projects it was executing.
For this reason the financial returns of the projects started in
2009 were reflected progressively in the financial tables from
2010 onwards. A work volume together with the existing work
volume adding up to over 2 million TL has been established.
This figure points to a growth of 30% according to 2010. The
company will continue its product focused growth strategy in
2012. The company directed its investments in the employment
since the nature of the executed works require intense effort
s. To this aim, the company has applied to Bilkent Tekno Park
for the execution of research development works and the
application has been accepted and the company will execute its
activities from there in the near future.
In cooperation with TÜBİTAK, Gazbil has realized various projects
and has registered over 10 brands. The company has obtained
an ISO 9001 Quality Certificate in 2011 and continues to produce
service in compliance with the quality standards. Gazbil has
determined its targets for 2012 to confirm its place in the sectors
and grow in the newly entered sectors. In terms of finance, a
minimum growth of 50% is expected for 2012.
KÖŞEM COMMITMENT TRADE FOOD
AND TOURISM LTD.
Köşem company gets its strength from the strong group structure
of Kolin Inc. company and its support. Efficient and quality service
concept adds strength to the power of the company. Its quality
and brand name give the company a significant advantage over
its rivals. The employment opportunities provided in the sector
establishes a significant potential for both employees and for the
enhancement of the country’s values. The company endeavors
to maintain this strength under all conditions and to provide more
employment opportunities.
In 2011, Köşem achieved a total turnover of TL 1.359.671,42. In
the last quarter of 2011, the company renewed its interior design
and had an impressive opening of its premises. With this effort,
Köşem solidified its status on the market and took the first step
in becoming a more active, profitable and preferable firm in the
next year. The plans for the new year include necessary works to
close the terrace and turn it into a smoking area. With this change
the company will have a structure which is more decorative and
which enhances customer satisfaction.
In 2012, the company will also start a small scale operation
model which must be interpreted as a pilot study operating
on its own internal dynamics. When the circumstances are
feasible, the operation building in GOP can be transferred to
another area with a more active and advantageous location. In
parallel, it is targeted to open a business providing “steak (grilled
meat)” services which is preferred in the sector. This business
will open for business in the building after the operation in
GOP is transferred to another location. Köşem is a candidate to
manage the coordination of all food, beverage and service sector
companies within the Kolin Group of Companies from a single
Kolin Group of Companies 2011 / Annual Report 79
central point. The company’s staff is experts and active in their
fields, successful, productive and able to manage both existing
operations as well as new investments. This structure will be
a starting point to enhance the success of the Kolin Group of
Companies even further in the fields of tourism and service areas.
The success of companies is not ensured only by doing their
business well, the relevant performances must also be well
perceived by customers. For this reason Köşem puts a great
deal of significance on promotion and marketing activities and
ensuring a stable image on the market.
In order to achieve targets, it is not enough for an organization
to enhance its product and market performance, it must also
develop its learning and innovative performance at the same
time. For this reason Köşem will focus not only on work results
but includes focusing on the achievement of sustainable
success as well as focusing on development among the targets
for 2012.
PARK FORA LTD.
Park Fora Ltd. has an important place in terms of venue
preferences for Ankara’s top-level customer profile. The company

Tourism-Services
is host to State organizations such as the Grand National
Assembly, Ministry for Foreign Affairs, Undersecretariat of
Foreign Trade for most of their dinner events. The self confidence
ensured by the strong group structure, its sectoral experience,
diligence in product selection and diffidence display during
presentation enables Park Fora Ltd. to maintain a strong position.
The care in using daily, fresh and natural products in addition to
the diligence displayed during preparation gives the company an
advantage over its rivals.
Park Fora Ltd. has hosted dinners given by the Ankara Chamber
of Industry in the honor of the President of the Republic of Turkey
and party presidents in addition to top level dinner organizations
of the Grand National Assembly, Ministry for Foreign Affairs and
Undersecretariat of Foreign Trade. The company has successfully
represented the flavors, visibility and presentation of the cuisine
of the country with the organizations it has arranged. Park Fora
Ltd. aims to extend and increase the consumption of fish and sea
food which are important to human beings in terms of nutritional
value to the whole community which is often advocated by
doctors and contribute to raising healthy generations. With the
employment opportunities generated by the company, it is also
contributing to the resolution of unemployment which is one
of the major problems of our country. In addition the company
contributes to the vitality of the commercial activities through
the purchase, processing and selling of raw materials. Park Fora
Ltd. aims at increasing its existing customer potential and market
share in 2012 through advertising and various organized events.
AKKOL GROUP
This company was established in 2007 to execute activities in
the food and beverage services sector which is a fast developing
sub branch within the scope of the general services sector. Akkol
has been developing rapidly with both the work it has been
allocated by customers from within and outside the group and
now has the capacity to serve various sectors such as business
plazas, construction, industry, education and hospital facilities.
It has reached a daily service capacity of 25.000 people in 22
provinces which are İstanbul, Kocaeli, Yalova, Eskişehir,Afyon,
Artvin, Giresun, Kastamonu, Kırklareli, Tekirdağ, Ankara, Antalya,
Çanakkale, Ağrı, Van, Bitlis, Hatay, Mersin, Niğde, Çorum,Tokat
and Sinop. This service can be delivered and carried out directly
at the work locations of the customer as well as transport the
services from the production centers which have been invested
in Istanbul to the places of employment of the customers.
Although there is no proven way of obtaining proper data on the
net market value of the sector, it is clear that Akkol Group ranks
among the five largest companies providing the private enterprise
sector with services. In a sector with intense competition, the
most important feature which gives the company an advantage
over its competitors is the developed automation system. Due
to the automation all revenues and costs are under control and
it is possible to determine correct costs and make a good price
analysis and as a result it is possible to both make a profit and
present potential customers with feasible prices.
Strong communication enables a rapid return to the demands of
customers. The Company has an experienced staff and because
of this, they are able to access a wide sectoral communication
network. The information acquired from potential customers,
membership to Istanbul Catering Industry Association (IYSAD)
and subscribing to regulations and the food codex have a
prominent role in enabling the Company to follow innovations and
developments in the sector. By realizing a first in the sector, the
Company included a quality system in the automation system and
displays a transparent management system by sharing the results
of periodical inspections, detected faults, corrective actions and
their results in addition to customer demands and complaints and
their results with customers through mail. The Company provides
service to 41 projects as Akkol, Akkol Tat and Akkol Park and has
delivered service to many different work groups such as heavy
Kolin Group of Companies 2011 / Annual Report 81
industry, construction sites, schools, textile sector, factories and
general directorates in 2011. The renowned brands of the world
have also been in the Company’s portfolio in 2011. The average
number of total daily customers in these sectors is around
25.000 persons. In 2011, the Company was able to acquire an A+
customer structure. The number of total staff employed within
the scope of the projects is almost 600 persons. The strong
financial structure of the Company provides a major contribution
to the economy of Turkey. The intensive employment ensured by
the Company is also a significant contribution to the community.
In 2011 the company started to publish a magazine at certain
intervals in orderto create a difference in the sector and ensure
a contribution to marketing works. The aim of the Company is to
apply the quality systems it has and continue to be an exemplary
company in the management of food safety, environmental and
occupational safety. The aim of the Company in 2011 was to be a
company active on overseas markets as well and after the Libya
project of Kolin Construction Inc., the Company started service
delivery to a project in Uganda which continues. During 2012 the
Company intends to continue to grow abroad as well as in the
other provinces of Turkey. The Company continues its investment
to enable service in the most appropriate way and to enhance
quality. The Company has an ambitious sales target for 2012.

Tourism-Services
The company plans to exceed a total monthly production unit of
1.000.000 during 2012.
Certificates
• ISO 22000 Food Safety Management System (accredited by
WCS-Türkak)
• ISO 9001 Total Quality System (accredited by WCS-Türkak)
• ISO 14001 Environment (accredited by WCS-Türkak)
• ISO 18001 (OHSAS) Occupational Health and Safety Quality
System (accredited by WCS-Türkak)
• Service Sufficiency Certificate (TSE) (accredited by WCS-Türkak)
• Food Production Permit (accredited by WCS-Türkak)
KİPLASMA INDUSTRIAL WASTE
DISPOSAL INDUSTRY AND TRADE INC.
Kiplasma Industrial Waste Disposal Industry and Trade Co. was
established in 2007 as company by 21 partners for the purpose of
disposing hazardous and industrial waste and producing energy
by the disposal. Although the Company was unable to finalize
its investment process to date because of the abandonment of
the plazma technology preferred at the time of its establishment
and the global economic crisis which affected the whole world,
as a result of the amount of waste in Turkey and the acquisition
guarantee by the state of the energy obtained from waste
disposal in compliance with the Renewable Energy Law and the
determination of different and efficient technology opportunities
the company is planning to continue with the investment
process. Within this scope, feasibility reports have been updated
and negotiations with banks and supply companies have been
incepted.
Investment is planned to start in 2012 providing the negotiation
framework is concluded with positive results.
TURKOL TOURISM INDUSTRY AND
TRADE INC.
Turkol Tourism Company was established on 06.12.2010 within
the framework of Kolin Group of Companies to establish and
operate all forms of tourism investments and marketing serving
domestic and foreign tourism. The company will realize its first
tourism related investment in the Aydınlı Çamlıbelde locality on
the connecting E5-E6 highway in Tuzla on the Anatolian side of
Istanbul.
The architectural design of the construction process of the
mentioned hotel project which started on 18.02.2011 was
prepared by Atölye T - Tuncay Çavdar. The project has a covered
construction area of 51.500 m2 with a total of 249 rooms, 27 of
which are suites, a 3.700 m2 Spa&Wellness facility and a total of
14 meeting rooms of various sizes totaling 2.400 m2 .
The locality of the hotel has become an attraction center with the
International Finance Center, Silicon Valley Project, Sabiha Gökçen
Airport, shopping malls, modern housing projects, marinas and
shipyards, universities and organized industrial zones.
The area of the hotel is surrounded by pine forests which are
reflected in its name “Çamlıbelde” (Pine town). In order to
harmonize with the environment the hotel has been designed as
a lateral, wood and glass structure instead of vertical high rise
building. Visiting guests will be provided the high tech technology
and functions of a “Business Hotel” as well as the comforts
and ease of a “Resort Hotel”. The hotel will open its doors in
the spring of 2013 under the name of international operating
brandname.
Kolin Group of Companies 2011 / Annual Report 83
Turkol Tourism Company was
established on 06.12.2010 within
the framework of Kolin Group of
Companies to establish and operate
all forms of tourism investments
and marketing serving domestic
and foreign tourism. The company
will realize its first tourism related
investment in the Aydınlı Çamlıbelde
locality on the connecting E5-E6
highway in Tuzla on the Anatolian
side of Istanbul.

Trade Honest...
Kolin Kolin Group Şirketler of Companies Grubu 2011 2011 / / Faaliyet Annual Raporu Report 85

Trade
KOLTAR AGRICULTURE INC.
Koltar Agriculture Inc. was established in 2009. It is a company
involved in agriculture all over Turkey with 100% Turkish
investment active in fertilizer and seed which are the main
agricultural inputs. Within the efficient work strategy framework
which prioritizes customer satisfaction, the aim of Koltar
Agriculture Inc. is to always progress further.
The main work principle of Koltar Agriculture Inc. is based on
the provision of the needs and expectations of customers
without compromising work ethics and honesty. Already in the
first year of its operation the company succeeded in becoming
the second largest company among fertilizer distributors in
Turkey – not including fertilizer factories. The strength and
privilege of Koltar is based on its strong group structure, speed
and creative skills. In addition to its strong and experienced
staff, its financial strength enables Koltar to have an advantage
over other companies active in the sector.
Koltar company is preferred because of the customs solutions it
presents in addition to classic, pure and drip irrigation fertilizers
as well as special series fertilizer varieties; it is followed
meticulousely by producers who emphasize the importance
of fertilizer varieties. Koltar was the first company in Turkey to
deliver sulphurous fertilizers which set the degree of salinity of
soils to the producers. Koltar will continue to progress steadily
in the future without compromising customer satisfaction and
by creating new business areas.
KOLPAŞ IMPORT EXPORT AND TRADE
INC.
Kolpaş company was established in 1997 and ever since has
provided professional consultancy services to its customers for
which projects have been realized in Turkey and abroad with its
team of experts regarding the provision, protection, efficient and
correct use of machine park tires.
In 2011, the company had a general turnover of TL
15.690.287,72 including VAT which was approximately 28%
more than the turnover of 2010.
Kolpaş has a particularly large market share in tires for trucks,
excavation and construction vehicles. Kolpaş ranks at the top
of the list of the groups in the relevant sectors. The company
gets its strength from its strong financial structure, experience
and professionalism. In 2011, a new service and sales point
was opened in OSTIM and the aim is to increase assemblydisassembly
procedures for trucks and construction vehicles as
well as sales figures.
In 2011, Kolpaş carried out the assembly-disassembly
investments of mobile construction machines with Michelin
tires and due to this investment the number clients increased
because the tires of construction machinery could be
assembled-disassembled on site.
Kolpaş obtained an Expert Distributor Certificate for the sales
and service repair of Michelin tyres in 2011 for construction
machines.
Kolpaş maintains an advantageous position among competitors
due to its strong financing, substantial brand dealership and
professional concept. With the service investments made in
2011, the company has been able to deliver mobile assemblydisassembly
of construction machine tyres on location. One of
the main elements which enable Kolpaş to maintain a competitive
advantage is the ability to deliver service on site. Kolpaş is the
only company in its region possessing a mobile vehicle for
assembly-disassembly of construction machine tyres on site.
By providing mobile service to customers, the company is able
to prevent customers from loosing time and ensure maximum
performance from the product. Among the targets for 2012,
the company intends to enhance its turnover from the previous
year, improve collection, extend its customer portfolio and reach
maximum profits.
EFES INC.
The main activity area of Efes Inc. is the transport of hazardous
wastes such as waste oil, waste solvent and bilge produced
at the Çanakkale Port Authority. In addition Efes Inc. provides
waste transport services for the hazardous waste produced by
facilities such as İÇDAŞ and AKÇANSA with its 10 2011 model
Mercedes tanker trucks and continues to expand its distribution
territory.
Efes Inc. executes an average monthly waste transport of 2.100
tons (25.200 ton/year) and as a result of the transport services
provided in Bursa, İzmit, Kütahya, Balıkesir, Edirne, İzmir,
Antalya and Konya, a monthly turnover averaging TL 150.000
+VAT was realized. These figures went beyond the target of
Kolin Group of Companies 2011 / Annual Report 87
Efes Inc. for 2011. This turnover includes only the sums earned
from the transport of wastes from Çanakkale Port Authority. The
company will be able to provide transport services to different
companies with its vehicles equipped with comprehensive
waste transport licenses.
Safety first
The vehicles and drivers of Efes Inc. are equipped in accordance
with the ADR legislation of the Ministry of Environment and
Urbanization. Drivers holding an ADR, SRC2, SRC4, E, D class
license, full and complete psycho technical certificates required
by the Ministry are employed. These documents must be
maintained in the vehicles during transport.
The names of the companies to be visited and identity of
the vehicle drivers are stated to the Çanakkale Port Authority
before hazardous waste transport. The port authority informs
this notification to the units of the Waste Reception Facility
Assessment Commission.
After the hazardous waste is loaded onto the vehicle, the
vehicles are sealed by the consulting companies for departure
which is followed by the document inspection carried out the
Waste Reception Facility Assessment Commission. After the
documents have been approved, a transport permit is provided.
After departure, the vehicles of Efes Inc. are monitored by
the fleet monitoring satellite system by centers in Ankara and
Çanakkale on a 24 hour basis. The vehicle drivers are able to
communicate with company representatives on demand to
report problems and apply solutions without delay.
In 2011, Kolpaş company carried
out the assembly-disassembly
investments of mobile construction
machines with Michelin tires and
due to this investment the number
clients increased because the tires
of construction machinery could
be assembled-disassembled on
site. Kolpaş obtained an Expert
Distributor Certificate for the sales
and service repair of Michelin tyres
in 2011 for construction machines.

Industry Productive...
Kolin Kolin Group Şirketler of Companies Grubu 2011 2011 / / Faaliyet Annual Raporu Report 89

Industry
ARSLANLI INC.
Arslanlı Inc. was established in 2005 for the production of
gypsum and since then it has produced construction chemicals
in addition to gypsum and expanded its range of products. With
each passing day, Arslanlı Inc. has improved itself and enhanced
its range of products to the highest standard to justly pride
itself with a wide assortment of contemporary standard and
high performance ceramic adhesive mortars, grout fills, water
insulation products, cement-based products, polyurethane-based
products, thermal insulation products, surface smoothing primers
and liners, surface preparation materials, performance-enhancing
concrete additive products and micronized calcite.
In addition to proving its product variety and quality, Arslanlı
Inc. also endeavors to position itself for preference in terms of
promotion and distribution and has taken necessary action. Due
to the valued dealership network which works like a strategic
solution partnerships in all corners of Turkey the marketing and
sales of gypsum and construction chemicals continue to progress
successfully. The realized investments and enhanced markets
have exceeded the targeted growth rate for 2011 which was
40% compared with the figures for the previous year. As a result
of changes made in the construction regulation, it is obligatory
to use insulation material in buildings since 2010; in order to
maximize the market share of the Arslanlı brand Artherm WPS
and EPS to be contributed with a rockwool insulation material and
in addition with other ancillary materials Arslanlı has been able to
turn this service into an advantage and deliver these materials to
the customers as a “Sheathing Package System”.
Arslanlı Inc. endeavors to deliver new products and work models
to its customers by closely following the developing trends in the
sector with a view that “those who change the model extend the
life of the application” and achieve sustainable profitable growth
through Research and Development as well as innovation related
works. The company intends to place an innovative service on
the market by starting mass production of a masonry material
which it intends to develop by developing the important mineral
reserves it possesses.
In addition, in 2012 an effort was made to add value for other
work branches by a brand, market and profit margin to realize
a project intended to increase the number of micron interval
products produced from micronized calcite and supported by
the “Fırat development agency”. With sectoral focusing, it is
possible to enable fast and sustainable profitable growth as well
as achieve the foreseen targets and benefit the community, the
environment and mankind cannot be ignored. In addition, it is
clear that in order to be competitive it is important to create a
chain of values which cannot be replicated and acquire a unique
positioning.
Arslanlı Inc. holds a strong position among its competitors due
to owning substantial raw materials reserves, infrastructure,
technology and professional work force which enable low cost
quality production as well as the driving force of the Kolin Group
of Companies.
Creating a Difference
In 2011, the company realized its investments for enhancing the
product and production capacity of the micronized calcite and
construction chemicals plant, and by placing these products on
the market, the range of products was increased to 79 to achieve
maximum added value. The key words describing the targets
of the company for 2012 are “Producing”, “Commissioning
production”, “Creating a Difference” and “volume and numerical
growth evidencing the difference”.
In 2011, the company displayed a significant performance and
realized a total turnover of TL 27.400.000 consisting of the
sales of 147.000 tons in the gypsum group, a 23.000 ton sale in
construction chemicals and sales amounting to 23.000 m3 in the
Kolin Group of Companies 2011 / Annual Report 91
XPS group. It has reached a 30% market share in the gypsum
group at its own sales points. In addition to projects of various
sizes, Arslanlı Inc. products have been used in 78 major national
and international construction projects.
Arslanlı Inc. endeavors to enhance the quality of life, develops
healthy products which are sensitive to the environment and
delivers products for usage which are not reflected as high
construction costs and which possess maximum quality in the
projects it serves. All the products of the company continue to
generate a high added value to the underground resources of our
country.
During 2011, the export potential in the marketing-sales region
has increased, particularly the sales potential to Northern
Iraq has increased and resulted in the sales of 21.600 tons of
gypsum and 2.668 tons of construction chemicals. Arslanlı Inc.
has established many new sales points in order to achieve the
targets foreseen for 2012 and wants to continue the developing
sustainable profitable growth in the market by establishing its
own distribution network. In spite of the continuously changing
competition conditions on the export market, Arslanlı Inc. has
succeeded in raising its sales graphics. Holding a global vision,
the company plans to realize different initiations and gains in
2012 to be a part of the region as well as the world and achieve a

Industry
significant customer basis through the power of being a brand.
In 2011, the company invested in enhancing production amounts
and diversification of products of micronied calcite, insulation
products (heat, soud and water insulation) which turned into
revenue for the company; in addition marketing and sales
departments have been positioned separately and necessary
investments have been made to enable a more scientific,
analytical and strategic position on the market which has
prepared the company with an environment to enable the total
growth of the company and to achieve maximum profits.
Customer and solution focused perspective
Arslanlı Inc. realizes that in order to capture innovation and adapt
to changes, companies are obliged to understand innovation
from the “human” dimension and “work processes” from the
“technology” components dimensions and internalize both the
strategic as well as the operational dimensions and possess a
management concept with sustainability in order achieve and
maintain a sustainable competitive advantage on the market.
That is why the company closely monitors the developments and
needs in the sector in order to respond quickly with customer
and solution oriented approaches. Arslanlı Inc. has adopted
an approach of technical consultancy and solution partnership
with its clients and seeks to find solutions to the problems
and needs of clients together while maintaining customer
satisfaction always in the forefront. Changing life styles,
customer profiles, changing of technology and its extension
and the new dimensions supplemented to marketing as well
as a customer oriented marketing concept have made direct
marketing prevalent. There is no doubt that Arslanlı Inc. has
perceived that the most significant gain of direct marketing is
establishing one on one communication with customers and have
a positive impact on their purchasing tendencies and Arslanlı
Inc. acts according to a combination of status analysis, market
fragmentation, target market selection, positioning and marketing
to reach the target group with the right tools.
It has become the company policy to continuously improve
quality management and its efficiency in order to “always be
the best” in all its activities to ensure customer satisfaction and
fulfill the needs and expectations of customers. Arslanlı Inc.
has a strong production, technical and technological company
infrastructure in the region where its target group is located. All
the produced products comply with the required standards and
the advantage of being able to circulate in Europe with the TSE,
ISO 9001, ISO14001, CE, SONCAP certificates Arslanlı Inc. has
obtained; the company has made compliance with the EFQM
model a realizable target to be finalized in the shortest time
possible. The company has been found worthy to receive various
awards for numerous social responsibility projects. The company
received an award for 2nd place at an award ceremony organized
by the Patent Institute in 2011 to award those who had registered
the highest number of brands (40 registrations) in their respective
regions. Some of the growth priorities of Arslanlı Inc. are to
understand the market and the customers well and establish
strategies, encourage human and company culture management
skills and innovation, develop institutional management, ensure
cost management, prepare for possible crisis, accept social
responsibility works as a part of the works and adopting to focus
on accessible targets in 2012. The company has undertaken a
mission to understand today, foresee the future, in other words
realize what the future will bring today and be strong today and in
the future.
The target is big!
Arslanlı Inc. wants to achieve sustainable economic profitability
on the customer market determined for 2012. The aim is to
enhance and capture a minimum growth of 30% with the brand
power, market share and profit margin of construction chemicals,
heat, water and sound insulation projects by at least 30%. In
addition to large and medium scale projects, one of the main
targets of Arslanlı Inc. is to cooperate in providing products and
Kolin Group of Companies 2011 / Annual Report 93
Arslanlı Inc. has a strong production,
technical and technological company
infrastructure in the region where
its target group is located. All the
produced products comply with
the required standards and the
advantage of being able to circulate
in Europe with the TSE, ISO 9001,
ISO14001, CE, SONCAP certificates
Arslanlı Inc. has obtained; the
company has made compliance with
the EFQM model a realizable target
to be finalized in the shortest time
possible.

Industry
especially those such as heat, water and high performance
concrete additives with high added value and generate special
solution oriented products for construction sites and expertise
based works, TOKI (Housing Development Administration
of Turkey) and state projects, private residence, external and
infrastructure projects .
Arslanlı Inc. aims to take one step forward in terms of
institutionalization and review all the processes and target its
organization structure on data, SMART targets in compliance
with a performance management system. The company intends
to plan medium and long term strategic plans in its sector and
in particular concentrate fully on digital and sustainable growth
during 2012. The company plans to review production costs and
procurement conditions and in spite of increasing raw material
prices endeavor to keep costs as low as possible. Arslanlı Inc.
plans to increase productive work rate level by 60-70%. The
company intends to increase the sales of costly product groups to
increase average sales prices. Arslanlı Inc. foreseen targets such
as prioritizing brand power, market share, solution and customer
oriented communication and cooperation for 2012 through
advertising and sales promotions, promotional products, data
base managers, event marketing, catering services, trade shows,
interactive marketing (social media) and other media (written,
Visual and audio). Continuously improving the numbers of Aslan
Masters Club members as well as enhancing the experiences of
active members and customers with the brand and turning these
into inputs is also among the targets of Arslanlı Inc. The three
significant headings for Arslanlı Inc. in 2012 are “Sustainable
profitability, sustainable growth and productivity”.
SİVAS TRAVERSE MANUFACTURING
INDUSTRY AND TRADE INC.
Sivas Traverse Manufacturing Industry and Trade Inc. (SİTAŞ)
was established with the partnership of Eser Concrete from
Yıltaş Group of Companies, Osman Yıldırım and Margaritelli
S.p.A. with the leadership of Kolsan from the Kolin Group of
Companies as a result of the tender held on 21.10.2010 by
TCDD General Directorate. The task of establishing a prestressed
pre-tensile traverse production facility of B70 type on
the property of TCDD Sivas Traverse Factory was undertaken
by SİTAŞ; after the site was submitted in December 2011
the foundation for the construction was laid. During the same
period, orders for the delivery of manufacturing and ancillary
machinery were also given. The installation costs of the factory
which is foreseen to start production at the end of May 2012
was 10.000.000 Euro and the capacity willl be 1.000.000
traverse/year. The factory will provide direct employment for
a total of 85 persons; the production of 300.000 traverse units
until the end of 2012 has been programmed and approximately
200.000 units will be sold.
İNKOL CONSTRUCTION ENERGY
INDUSTRY TRADE INC.
On 01 September 2010, İnkol Construction Energy Industry Trade
Inc. started investments for the traverse factory and production
started in May 2011. Today the facility producing the B70 type
pre-stress pre-tensile traverse units which are appropriate for
both conventional and high speed train tracks and preferred
by Turkish Railways is one of the most modern facilities in our
country. Railway construction and repair projects increase on a
daily basis in our country. That is why it is very important to have
railway manufacturing machinery and be able to produce traverse
units which are the most commonly used materials in railway
construction. Ever since production started Inkol Construction
Afyon Traverse Factory has exceeded the foreseen production
capacity and has proved that it will be a major player in railway
superstructure construction works.
The railway investments in Turkey are increasing rapidly and it is
foreseen that these investments will focus on the western part
of the country in the near future which means that the factory
and railway superstructure construction works base must be
established in Afyon province. The traverse factory and adjacent
railway track manufacturing machinery works next to the TCDD
Afyon Çay station on a land of 100.000 m2 in Afyon has been a
major basis for the railways superstructure construction works of
the Kolin Group of Companies. This investment which provides
employment for around 70 persons with an investment value
worth over TL 15.000.000 will provide approximately 100 persons
with long term and regular employment with the supplemental
investments to be made in the near future. The added value
generated by the other companies in the group has made Kolin
Group of Companies a major investor in Afyon. İnkol Inc. is placed
in an advantageous position in terms of competition because of
its location, low costs generated by the manufacturing method
and the strength of Kolin Group of Companies. The target of İnkol
Inc. in 2012 is to be one of the first two establishments in Turkey
involved in railway track manufacturing works. Work to improve
the coordination of railway manufacturing works are continue
to realize this aim. In 2011, İnkol Inc. supplied a total of 101.000
traverse units for the Ankara-Sincan Railroad Superstructure
Construction Project and Sandıklı- Denizli Railroad Superstructure
Construction project as well as the traverse supply for the TCDD
5th Region (Malatya) Traverse supply tender. The company was
the 4th company to start railway traverse production through its
investments in 2011. 450.000 units of traverse production and
sales are targeted for 2012.
Kolin Group of Companies 2011 / Annual Report 95

Quality-Confidence-Stability Qualified...
Kolin Kolin Group Şirketler of Companies Grubu 2011 2011 / / Faaliyet Annual Raporu Report 97

Quality-Confidence-Stability
INSTITUTIONALISED APPROACH
Kolin Group of Companies which ascending through a strong
institutional structure is creating a difference in the sectors where
it is active with the importance of giving to the development of
human resources. Within the institutionalized approach of the
framework of Kolin Group of Companies quality, reliability and
stability are prioritized which ensure the realization of human,
customer and development oriented work strategies, ethical
behaviour standards, responsibility towards social shareholders
as well as economic and social sustainability. The basis of the
institutionalized approach of the Group is to have institutional
values adopted by all Group companies and become a behavior
model.
In terms of institutionalization, organizational and administrative
structuring includes common reasoning and the development of
behavioral norms as well as developing an institutional culture
enhansing operating and management efficiency. As a result
of the necessity to use resources rationally and efficiently
managerial and operational works are executed to provide
advanced technology and efficient processes to the whole group
while continuous efforts are required to decrease costs.
Dynamic risk management system
Kolin Group of companies which executes projects in various
business fields and regions applies a dynamic risk management
system against global risks, country/market risks and all
other risks including sectoral risks. Detailed risk analysis and
management as well as a balanced risk distribution are an integral
and irrevocable element of the institutional management concept
of the Group which has adopted a growth strategy with its
identity as an investor.
In order to guarantee production and work quality, Kolin Group
of Companies has established an internal inspection system.
The efficiency of this system, the regularity of the records are
audited and executed under the ISO 9001-2008 system. The
efficient and sufficient process monitoring and control which
are prioritized in the Kolin Work Model are the key elements in
the functioning of the internal auditing mechanism of the group
companies. Compliance of the processes with Legal, sectoral and
international rules and norms during all project and production
phases are monitored on a continuing basis.
QUALITY APPROACH
The commitment of Kolin Group of Companies to quality is not
limited to producing quality products and services to customers.
The comprehensive quality commitment of the group covers
issues such as providing employees with a safe and civilized
working environment, contributing to the community where
activity takes place and minimize any possible negative impacts
to the environment. The driving force and main company of the
group, Kolin Construction Inc. is one of the few organizations in
Turkey to have a triple integrated quality management system
as well as being the first company in the sector to earn this
characteristic. An integrated quality management system is a full
statement underlining the importance given to product quality,
the environment and employees and consists of the certificates
for ISO 9001:2008 Quality Management System, ISO 14001:2004
Environment Management System and OHSAS 18001:2007
Occupational Health and Safety Management System.
QUALITY POLICY
Kolin Group of Companies has adopted the following elements in
its quality policy.
Kolin Group of Companies 2011 / Annual Report 99
In this respect Kolin shall;
• provide opportunities for its employees to develop themselves
and undertake new responsibilities. The company shall provide
a working environment in which employees work under a
knowledgeable, experienced, honest line management which
treats employees with affection providing a comprehensive
technical staff open to learning who believe in the virtue of hard
work equipped with substantial basic knowledge. A management
concept which ensures that employees like their company and
enables employees to use and develop their creative energies
and maintain their enthusiasm on the highest level at all times.
• the management level shall consist of persons who have
absorbed the mission and vision of the company, who work
willingly, fondly and assimilatingly, are young, dynamic with
independent thought processes, open minded, who have
grasped modern work principles and who believe in sharing and
being a team.
• apply in full the requirements of the Integrated Quality
Management System which has been established and continues
to develop its efficacy.
• provide products on a regular basis while executing every work
which fulfill customer demands and the requirements of valid
legislation.

Quality-Confidence-Stability
• provide customers with the certainly that it will provide them
with the products in accordance with the required conditions and
which ensure that legislative conditions are met and apply the
system efficiently and enhance customer satisfaction.
• continuously review its quality policy to ensure that the
companies are fit for purpose.
• continuously review the targets which have been established in
line with policies.
• transfer its domestic fame and respectability abroad onto
international markets and enhance its competitive strength under
different conditions and environments without compromising
quality.
• always do the work the same way, with the best quality and
high tech technologies and endeavor to do better every time.
• provide an efficient control and monitoring opportunity by using
modern management informatics systems.
ENVIRONMENTAL POLICY
Kolin Group of Companies has established a strong institutional
structure. This structural frameword is surrounded with quality,
work strategies focussing on customers and development, ethical
behavior standards, responsibilities toward social shareholders
as well as economic and social sustainability. Kolin Group of
Companies has adopted an environmental policy approach which
aims to protect and enhance the life quality of employees and
all other social shareholders; the company executes its activities
with a view on minimizing any hazards to the environment and
applies the following principles.
In this respect Kolin;
• determines the impact of works on the environment and takes
all necessary precautions to minimize negative effects.
• uses energy and natural resources required for works in the
most efficient way and takes necessary precautions to avoid
wastage.
• keeps waste generated as a result of work under control; takes
necessary precautions to prevent the pollution of air, water and
soil and continues to develop these precautions.
• Complies with the valid environmental legislation which is
relevant for the work, services and produced products as well as
the conditions of the organizations that it is a member of.
• ensures that all works involving the environment are executed
in accordance with the established policies and ensures that their
continuity is maintained.
• if an impact which may harm the company property and the
life, property and possessions of others or a hazardous impact for
the environment is a possibility, the company shall take control
of the hazard at the beginning, monitor continuously and make
necessary arrangements and provides all forms of protective
action during implementation.
• ensures that the works benefit the public and open to public
access.
• executes continues traning and awareness training to develop
the environmental awareness of employees.
OCCUPATIONAL HEALTH AND SAFETY
POLICY
Occupation health and safety is an irrevocable priority maintained
by Kolin Group of Companies. The Occupational Health and Safety
Policy (ISG) of Kolin which has adopted to prioritize targeting to
minimize all forms of losses which may incur by providing a healthy
and safe working environment consists of the following:
• take all precautions to prevent injuries and deterioration of
health, continue to develop our ISG management and ISG
performance.
Kolin Group of Companies 2011 / Annual Report 101
• comply with all valid ISG legislation and the requirements of
other organizations in which it is a member regarding ISG issues.
• ensure that all works involving İSG are executed in line with the
established policies and that continuance is maintained.
• make necessary announcements, execute training and awareness
raising works to enable all personnel working under the company
management to be aware of their ISG responsibilities.
• ensure that all ISG related issues are appropriate and accessible
to the relevant parties.
• review the policies periodically to ensure that the works
executed by the company are in compliance with ISG policies and
to ensure that they remain appropriate.
• to protect all employees and others who may be affected by
the activities from work related injuries and diseases.
• the company shall take control of any work related hazards
to employees and others, their property and possessions at
the beginning, monitor continuously and make necessary
arrangements and provide all forms of protective action during
implementation.
Kolin Group of Companies will continue to grow rapidly in 2012.
We will ensure that our new employees also adopt the idea

Quality-Confidence-Stability
of being a family and we will continue to strive to maintain
employee satisfaction as a priority and enhance their loyalty to
the company.
HUMAN RESOURCES
As of the end of 2011, totally 3202 person 402 of whom are
foreign nationals are working under the Kolin Construction. The
number of staff varies depending on the status of the sites and
the session. White collar staff constitute 28% and blue collar
staff constitute 73% of the company as of the end of 2011. As
to the education level of the staff; 2% have master degree, 11%
have license degree, 13% are high-school graduates and 74%
are secondary school graduates. Human resources policy of the
Group is to ensure creation and spread of a participatory, sharing,
impartial and transparent culture which values differences and
creativity. Knowing that social and economical development
can only be provided at a peaceful workplace, the Group takes
the lead to become a model company about the smoothness of
employee/employer relation. Physical working environments are
constituted in compatible with the occupational health and safety
laws and the said rules are implemented accordingly. Priority of
the Kolin Group of Companies in recruitment of employees is to
appoint the right person to the right position at the right moment.
As a big firm in the international arena, the Group aims to appoint
the staff with sufficient education and experience to the related
positions. In recruitment phase, portal of kariyer.net and various
human resources consultancy firms are resorted. The candidates
are expected to adapt to the corporate culture of the company
within the shortest possible time.
• Our human resources policy is to ensure creation and spread
of a participatory, sharing, impartial and transparent culture
which values differences and creativity. Knowing that social
and economical development can be provided at a peaceful
workplace, the Group takes the lead to become a model
company about the smoothness of employee/employer relation.
Physical working environments are constituted in compatible with
the occupational health and safety laws and the said rules are
implemented accordingly.
• Priority of the Kolin Group of Companies in recruitment of
employees is to appoint the right person to the right position
at the right moment. Although main activity field of our firm
is construction, it also offers service in the fields of tourism,
insurance, marina management, agriculture and energy sector,
etc. Therefore, our basic object is to appoint the staff with
sufficient education and experience to the related positions.
In recruitment phase, portal of kariyer.net and various human
resources consultancy firms are resorted. The candidates are
expected to adapt to the corporate culture of the company within
the shortest possible time.
• Kolin Group of Companies attaches special attention to
implementation of modern and strategic Human Resources and
completion of personal and professional development of the
company employees. Annual training plan is prepared by the
human resources department based on the training requirements
of the staff. It is deliberated with the department heads and staff
and trainings are determined and applied to support professional
and personal development of the staff.
• Human resources department attends the seminar, congress
and trainings in the related fields and acts in order to fully
comprehend the today’s HR applications and follow the
developments closely.
• Equal work opportunity and fair work distribution principle
of the Group is presented to the employees and it is aimed
to strengthen their commitment to the company. Surveys are
prepared to measure the satisfaction of the employees and the
aspects in need of improvement are prioritized and it is reminded
that each employee is a part of the corporation.
• In order to increase the motivation of the employees and
ensure their socialization, various activities are organized
in and outside the company. As sportive activities, Ankara
Construction Football League is held under the leadership of Kolin
Construction. Furthermore, various tournaments and touristic
trips are organized for the staff.
Training for Continuous Development
Kolin sustains the regulations and implementations which
increase the performance and motivation of the human resources
in all phases and ensures continuity of the development of the
staff with theoretical and on-the-job trainings. Based on this
understanding, the Human Resources Department ensures
participation of the staff in the trainings, congress and seminars
which would support their personal and professional development
and presents training opportunities according to their career
plans. Kolin Group of Companies attaches special attention to
implementation of modern and strategic Human Resources and
completion of personal and professional development of the
company employees. Annual training plan is prepared by the
human resources department based on the training requirements
of the staff. It is deliberated with the department heads and staff
and trainings are determined and applied to support professional
and personal development of the staff. Occupational safety and
health is an essential priority for the Kolin Group of Companies.
Kolin Group of Companies 2011 / Annual Report 103
By creating a healthy and safe working environment, it primarily
aims to minimize any possible loss. Human resources department
attends the seminar, congress and trainings in the related fields
and acts in order to fully comprehend the today’s HR applications,
follow the developments closely and reflect the latest applications
to the corporation.
Commitment and Satisfaction of the Staff
Equal work opportunity and fair work distribution principle of
the Group is presented to the employees and it is aimed to
strengthen their commitment to the company. Surveys are
prepared to measure the satisfaction of the employees and
the aspects in need of improvement are prioritized and it is
reminded that each employee is a part of the corporation. In
order to increase the motivation of the employees and ensure
their socialization, various activities are organized in and outside
the company. As sportive activities, Ankara Construction Football
League is held under the leadership of Kolin Construction.
Furthermore, various tournaments and touristic trips are
organized for the staff. Kolin Group of Companies will continue
its fast growth in 2012 too. The new employees of the Group will
also be ensured to adopt the “family” idea and satisfaction of
all employees will be prioritized and human resources activities
will continue to strengthen commitment of the staff to the
corporation.
INSTITUTIONAL SOCIAL
RESPONSIBILITY
The Kolin Group of companies draws a successful line in the
graphics chart in all the lines of business it has focused on and
continues to march confidently along the path of stable growth.
While Kolin continues its activities to achieve the determined
targets it also strives to develop the values it has generated for
the community. The social responsibility awareness of Kolin
company is one of the fundamentals of its institutional culture.
The Group acts in the framework of this social responsibility
awareness in all the lines of business it is active in and in all
geographical areas.
Within this framework Kolin is responsible for;
• taking protective measures to ensure that activities have a
minimum environmental impact and to protect the environment
and ecologic balance,
• minimizing the level of natural resources consumption,
• minimizing any negative impacts on the social environment,
• proven damage to historical and cultural artifacts and structures
as well local cultures,

Quality-Confidence-Stability
• work for the development and embedment of environmental
and social awareness,
• provide all forms of material and spiritual support to strengthen
the infrastructure of cultural life and education; are among the
fundamental values of the social responsibility concept of Kolin
Group of Companies since it was established. Kolin Group of
Companies believes that the most efficient indication of social
responsibility is providing support and contributing to education.
In line with this principle the group has been commissioning
the erection of educational facilities since its establishment and
provides support to ensure that these organizations provide
quality education. Kolin group of companies has materialized this
principle by undertaking the construction works of an elementary
school in Samsun, an Anatolian High School and Sorority and
an educational complex consisting of a Vocational School of
Health and Sorority in Elazığ province. The construction works for
Giresun University Doğankent Veysi Akın Koloğlu Vocational High
School is ongoing.
SAMSUN ALAÇAM
KOLİN ELEMENTARY SCHOOL
Kolin Construction Inc. has undertaken the construction of an
18-classroom elementary school in Samsun province Alaçam
district to support the 8 year uninterrupted education process.
The school construction work was finalized in 10 months
and turned over to the Ministry of National Education and
commissioned for learning and education in the academic year of
1999-2000. Today the Samsun Alaçam Kolin Elementary School
provides 650 students with learning and education opportunities.
ELAZIĞ MEHMET KOLOĞLU
ANATOLIAN HIGHSCHOOL AND
NEZİHE KOLOĞLU SORORITY
The Mehmet Koloğlu Anatolian High School and Nezihe Koloğlu
Sorority Education Complex in Elazığ province realized within the
scope of the Education Support Campaign in Turkey is one of the
most comprehensive projects undertaken by the private sector
in support of education. The complex was completed by Kolin
Construction Inc. with an investment expenditure of 3 million
dollars after which it was turned over to the Ministry of National
Education to be commissioned for learning and education. The
Mehmet Koloğlu Anatolian High School and Nezihe Koloğlu Sorority
Education Complex consists of 3 blocks which enables 600
students to participate in learning and education, 2 blocks which
function as a sorority for 125 female students as well as a dining
hall to total 5 blocks over an area of 70.000 m2. The education
complex provides modern learning-education opportunities in the
form of a high school with 24 classrooms for 25 students each in
addition to sports facilities such as an open sports area, basketball
court, volleyball court, tennis court, running track, physicschemistry-biology
laboratories, hobby halls, music, sketching and
computer workshops, library and a multipurpose hall.
METİN KOLOĞLU ANADOLU
VOCATIONAL SCHOOL OF HEALTH
Kolin group of companies undertook the execution of Metin
Koloğlu Anadolu Vocational School of Health and Sorority
Complex in Elazığı province within the scope of its social
responsibility projects to provide students with modern education
opportunities. The school consists of 6 blocks erected on an area
of 8.426 m2 and was finalized and turned over to the Ministry of
National Education in 2011. The design phase of the Metin
Koloğlu Vocational School of Health was incepted at the end of
2009. The complex consists of 2 blocks of school buildings for
the educating of 540 students, blocks with dormitories housing
141 students in each block, an administration building, kitchen
and dining hall. The complex consists of 18 classrooms for 30
persons each in addition to 3 special classrooms, 5 laboratories,
4 technical rooms, 1 multipurpose room, open and closed sports
Kolin Group of Companies 2011 / Annual Report 105
areas, basketball-volleyball courts, locket rooms for male and
female students, infirmary, rooms for the doctor and nurse as
well as rooms for disabled students.
T.C. GİRESUN UNIVERSITY
DOĞANKENT VEYSİ AKIN KOLOĞLU
VOCATIONAL HIGH SCHOOL
In order to provide support for projects with a social and cultural
aim, the Executive Board of Akköy Energy Inc. decided to transfer
the “Republic of Turkey Giresun University Doğankent Veysi Akın
Koloğlu Vocational High School” in Giresun province Doğankent
district to the Republic of Turkey Giresun University equipped
with buildings, landscaping works, social facilities, lodgings and
equipped free of all fees, costs and similar financial responsibilities,
in possesion of the material and legal competencies specified in
relevant legislation. A joint protocol was signed on 10.03.2010 by
Giresun University Rector’s Office, Doğankent Governorship and
Doğankent Municipality for this purpose, the construction works
were started on 21.04.2011 although the decision is not final, the
completion date is espected to be 01.08.2012. The building has
been designed as a basement and 5 floors on a housing area of 862
m2 while the total construction is 5.226 m2. The design includes 1
meeting room, 1 seminar room, 21 classrooms and 4 sections.

Financial Highlights
Kolin Group of Companies 2011 / Annual Report 107

KOLİN İNŞAAT
TURİZM SANAYİ
VE TİCARET A.Ş. AND
ITS SUBSIDLARIES
CONSOLIDATED
FINANCIAL STATEMENTS
TOGETHER WITH INDEPENDENT
AUDITOR’S REPORT AS OF
31 DECEMBER 2011, 2010 AND 2009
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
INDEPENDENT AUDITOR’S REPORT AS OF 31.12.2011, 2010 AND 2009
To the Shareholders and the Board of Directors of
Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş. and Its Subsidiaries
Ankara
Kolin Group of Companies 2011 / Annual Report 109
1. We have audited the accompanying consolidated financial statements of Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş. and its subsidiaries
listed under note 1 (together referred to as “the Group”) which comprise the consolidated balance sheets as at 31.12.2011, 2010
and 2009, and the consolidated statements of income, changes in equity and cash flow for the years then ended, and a summary of
significant accounting policies and other notes to the consolidated financial statements.
Management’s Responsibility for the Financial Statements
2. Management is responsible for the preparation and fair presentation of these financial statements in accordance with International
Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the
preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error;
selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditor’s Responsibility
3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant
to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of
Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş. and its subsidiaries as of 31 December 2011, 2010 and 2009 and its consolidated financial
performance and consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards.
EREN Bağımsız Denetim ve Yeminli Mali Müşavirlik A.Ş.
Member Firm of GRANT THORNTON International
Nazım Hikmet, YMM, FCCA
Partner
Istanbul, 06 April 2012

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS AS OF 31.12.2011, 2010 AND 2009
(All amounts in Turkish Lira “TL”)
(Amounts are translated into of U.S. Dollars at the relative year end exchange rate for convenience purposes)
Kolin Group of Companies 2011 / Annual Report 111
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS AS OF 31.12.2011, 2010 AND 2009
(All amounts in Turkish Lira “TL”)
(Amounts are translated into of U.S. Dollars at the relative year end exchange rate for convenience purposes)
ASSETS 31.12.2011 31.12.2010 31.12.2009
CURRENT
Not USD TL USD TL USD TL
Cash and Cash Equivalents 5 160.052.656 302.323.462 142.230.441 219.888.262 66.582.655 100.253.504
Trade Receivables 6 150.411.875 284.112.991 60.219.160 93.098.821 93.034.551 140.082.123
Inventories 9 44.419.465 83.903.927 17.318.706 26.774.719 7.268.666 10.944.430
Other Current Assets 10 85.705.160 161.888.476 75.381.049 116.539.102 45.474.700 68.471.256
Total Current Assets 440.589.156 832.228.856 295.149.356 456.300.904 212.360.572 319.751.313
Costs of Uncompleted Projects 7 -- -- 17.917.100 27.699.837 -- --
NON - CURRENT
Trade Receivables 6 488.391 922.521 936.947 1.448.520 921.261 1.387.142
Investments and Joint Ventures 11 7.763.017 14.663.562 29.427.790 45.495.364 32.456.334 48.869.502
Property, Plant and Equipment 12 724.612.109 1.368.719.813 631.923.539 976.953.791 476.681.724 717.739.672
Goodwill 13 43.540.875 82.244.358 53.198.162 82.244.358 40.034.165 60.279.442
Other Non-Current Assets 10 45.629.976 86.190.462 25.427.578 39.311.036 17.230.721 25.944.297
Deferred Tax Asset 16 2.787.064 5.264.485 2.168.748 3.352.884 1.375.006 2.070.346
Total Non-Current Assets 824.821.432 1.558.005.201 743.082.764 1.148.805.953 568.699.211 856.290.401
TOTAL ASSETS 1.265.410.588 2.390.234.057 1.056.149.220 1.632.806.694 781.059.783 1.176.041.714
The accompanying notes are an integral part of these consolidated financial statements.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS AS OF 31.12.2011, 2010 AND 2009
(All amounts in Turkish Lira “TL”)
(Amounts are translated into of U.S. Dollars at the relative year end exchange rate for convenience purposes)
Kolin Group of Companies 2011 / Annual Report 113
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS AS OF 31.12.2011, 2010 AND 2009
(All amounts in Turkish Lira “TL”)
(Amounts are translated into of U.S. Dollars at the relative year end exchange rate for convenience purposes)
LIABILITIES 31.12.2011 31.12.2010 31.12.2009
Not USD TL USD TL USD TL
CURRENT
Financial Liabilities 18 116.367.568 219.806.700 50.063.819 77.398.664 58.830.737 88.581.441
Trade Payables 14 174.920.320 330.406.993 134.382.182 207.754.853 65.602.695 98.777.978
Taxation on Income 16 12.405.682 23.433.092 27.309.248 42.220.098 6.789.745 10.223.319
Other Payables and Accrued Expenses 15 66.227.963 125.098.000 28.462.633 44.003.231 21.133.268 31.820.362
Total Short Term Liabilities 369.921.533 698.744.785 240.217.882 371.376.846 152.356.445 229.403.100
Deferred Revenue on Uncompleted Projects 21 -- -- 15.046.774 23.262.312 -- --
NON - CURRENT
Financial Liabilities 18 466.065.274 880.350.696 323.011.181 499.375.286 214.863.467 323.519.923
Deposits and Guarantees Received 19 51.650.050 97.561.779 39.922.561 61.720.280 30.069.605 45.275.804
Reserve for Employee Termination Benefits 17 3.399.479 6.421.276 3.624.826 5.603.981 2.329.668 3.507.779
Advances Received 20 7.409.426 13.995.664 19.495.153 30.139.506 26.718.222 40.229.627
Other Long Term Liabilities 234.680 443.287 343.143 530.499 -- --
Deferred Tax Liability 16 19.631.189 37.081.352 31.664.349 48.953.084 26.425.012 39.788.140
Total Long Term Liabilities 548.390.098 1.035.854.054 418.061.213 646.322.636 300.405.974 452.321.273
SHAREHOLDERS' EQUITY
Share Capital 23 22.606.181 42.700.815 27.620.191 42.700.815 28.359.444 42.700.815
General Reserves 24 286.466.123 541.105.859 288.677.594 446.295.561 237.931.565 358.253.557
Net Profit for the Year 36.255.317 68.482.668 61.681.861 95.360.156 59.109.820 89.001.657
Equity Attributable to Owners of the Parent 345.327.621 652.289.342 377.979.646 584.356.532 325.400.829 489.956.029
Minority Interest 25 1.771.336 3.345.876 4.843.705 7.488.368 2.896.535 4.361.312
Total Shareholders’ Equity 347.098.957 655.635.218 382.823.351 591.844.900 328.297.364 494.317.341
Commitments and Contingencies 22 -- -- -- -- -- --
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1.265.410.588 2.390.234.057 1.056.149.220 1.632.806.694 781.059.783 1.176.041.714
The accompanying notes are an integral part of these consolidated financial statements.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES CONSOLIDATED
INCOME STATEMENTS FOR THE YEARS ENDED 31.12.2011, 2010 AND 2009
(All amounts in Turkish Lira “TL”)
(Amounts are translated into of U.S. Dollars at the relative year end exchange rate for convenience purposes)
Kolin Group of Companies 2011 / Annual Report 115
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES CONSOLIDATED
INCOME STATEMENTS FOR THE YEARS ENDED 31.12.2011, 2010 AND 2009
(All amounts in Turkish Lira “TL”)
(Amounts are translated into of U.S. Dollars at the relative year end exchange rate for convenience purposes)
01.01-31.12.2011 01.01-31.12.2010 01.01-31.12.2009
Not USD TL USD TL USD TL
Sales 26 1.010.004.579 1.907.797.649 768.241.573 1.187.701.472 707.087.214 1.064.661.218
Cost of Sales (903.199.485) (1.706.053.507) (642.389.321) (993.133.891) (622.610.851) (937.465.158)
Gross Profit 106.805.094 201.744.142 125.852.252 194.567.581 84.476.363 127.196.060
Marketing Expenses (9.874.590) (18.652.113) (6.665.334) (10.304.607) (3.611.261) (5.437.475)
General Administrative Expenses (20.543.365) (38.804.362) (18.305.316) (28.300.019) (17.620.874) (26.531.750)
Basic Operating Profit 76.387.139 144.287.667 100.881.602 155.962.955 63.244.228 95.226.835
Other Income / (Expenses), net 1.261.280 2.382.431 (142.679) (220.582) 8.401.142 12.649.600
Financial Income / (Expense), net (52.156.261) (98.517.962) (9.390.109) (14.517.108) (7.504.290) (11.299.209)
Profit Before Tax For The Year 25.492.158 48.152.136 91.348.814 141.225.265 64.141.080 96.577.226
Tax 16 (12.405.683) (23.433.094) (27.309.248) (42.220.098) (6.789.745) (10.223.319)
Deferred Tax Income / (Charge) 16 7.297.016 13.783.333 (5.098.581) (7.882.406) (5.887.838) (8.865.318)
Profit For The Year From Continuing Operation 20.383.491 38.502.375 58.940.985 91.122.761 51.463.497 77.488.589
Minority Interest 25 15.871.826 29.980.293 2.740.876 4.237.395 7.646.323 11.513.068
NET PROFIT FOR THE YEAR 36.255.317 68.482.668 61.681.861 95.360.156 59.109.820 89.001.657
Earnings before interest, tax, depreciation and amortisation
(EBITDA)
3 128.154.331 242.070.715 143.945.938 222.540.420 100.496.823 151.318.067
The accompanying notes are an integral part of these consolidated financial statements.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEARS ENDED 31.12.2011, 2010 AND 2009
(All amounts in Turkish Lira “TL”)
(Amounts are translated into of U.S. Dollars at the relative year end exchange rate for convenience purposes)
Share Capital General Reserves Net Profit
for the Year
Total Equity
Balance, 31.12.2008 42.700.815 324.543.139 37.360.592 404.604.546
Transfer to general reserves -- 37.360.592 (37.360.592) --
Defence Industry Support Fund and Tax Rebate -- 1.137.237 -- 1.137.237
General reserves of companies consolidated in current period -- (4.787.411) -- (4.787.411)
Net profit for the year -- -- 89.001.657 89.001.657
Balance, 31.12.2009 42.700.815 358.253.557 89.001.657 489.956.029
Transfer to general reserves -- 89.001.657 (89.001.657) --
Expense correction for previous years -- 232.898 -- 232.898
Defence Industry Support Fund and Tax Rebate -- (931.512) -- (931.512)
General reserves of companies consolidated in current period -- (289.936) -- (289.936)
Effective investment rate change -- 28.897 -- 28.897
Net profit for the year -- -- 95.360.156 95.360.156
Balance, 31.12.2010 42.700.815 446.295.561 95.360.156 584.356.532
Transfer to general reserves -- 95.360.156 (95.360.156) --
Expense correction for previous years -- 295.500 -- 295.500
Effect of law 6111 -- (1.050.579) -- (1.050.579)
Effective investment rate change -- 205.221 -- 205.221
Net profit for the year -- -- 68.482.668 68.482.668
Balance, 31.12.2011 42.700.815 541.105.859 68.482.668 652.289.342
The accompanying notes are an integral part of these consolidated financial statements.
Kolin Group of Companies 2011 / Annual Report 117
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES CONSOLIDATED
CASH FLOW STATEMENTS FOR THE YEARS ENDED 31.12.2011, 2010 AND 2009
(All amounts in Turkish Lira “TL”)
(Amounts are translated into of U.S. Dollars at the relative year end exchange rate for convenience purposes)
CASH FLOWS FROM OPERATING ACTIVITIES
01.01- 31.12.2011 01.01- 31.12.2010 01.01- 31.12.2009
Net profit for the year 68.482.668 95.360.156 89.001.657
Adjustment to reconcile net profit to net cash:
Depreciation and amortization expenses 97.783.048 66.577.465 56.091.232
Provision for employment termination benefits 817.295 2.096.202 2.091.178
Deferred tax asset / (liability), (net) (13.783.333) 7.882.406 8.865.318
Operating cash flows provided before changes in working capital 153.299.678 171.916.229 156.049.385
Changes in operating assets and liabilities:
Trade receivables (190.488.171) 46.921.924 (25.115.576)
Inventories (57.129.208) (15.830.289) (6.543.124)
Other current assets (45.349.374) (48.067.846) 10.410.435
Other long-term assets (46.879.426) (13.366.739) (8.451.466)
Trade payables 158.493.639 125.421.351 (9.000.812)
Advances received (16.143.842) (10.090.121) 40.229.627
Other payables 81.094.769 12.182.869 (9.569.274)
Other long term liabilities (87.212) 530.499 --
Costs of uncompleted construction contracts/projects 27.699.837 (27.699.837) --
Deferred revenue in excess of costs on uncompleted construction
contracts / projects
(23.262.312) 23.262.312 --
Tax paid (18.787.006) 31.996.779 (8.166.061)
Net Cash Flows Generated From Operating Activities 22.461.372 297.177.131 139.843.134
CASH FLOWS FROM FINANCING ACTIVITIES
Financial liabilities 523.383.446 164.672.586 56.230.147
Goodwill -- (21.964.916) (4.902.121)
Increase / (decrease) in minority interest (4.142.492) 3.127.056 (9.840.349)
General reserves of companies consolidated in current period (note 3.2) -- (289.936) (4.787.411)
Foreign currency translation difference in foreign subsidiaries -- -- --
Effective investment rate change 205.221 28.897 --
Defence Industry Support Fund and Tax Rebate -- (931.512) 1.137.237
Expense correction for previous years 295.500 232.898 --
Effect of law 6111 (1.050.579) -- --
Net Cash Flows Generated From Financing Activities 518.691.096 144.875.073 37.837.503
CASH FLOWS FROM INVESTMENT ACTIVITIES
Purchases / (sales) of investments and joint ventures 30.831.802 3.374.138 1.741.165
Acquisitions/ proceeds from sales of property, plant and equipment, (net) (489.549.070) (325.791.584) (226.981.343)
Net Cash Flows Used in Investment Activities (458.717.268) (322.417.446) (225.240.178)
Net Increase/(Decrease) in Cash and Cash Equivalents 82.435.200 119.634.758 (47.559.541)
Cash and Cash Equivalents at the Beginning of the Year 219.888.262 100.253.504 147.813.045
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 302.323.462 219.888.262 100.253.504
The accompanying notes are an integral part of these consolidated financial statements.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
1. Organization and Nature of Activities
Nature of the business and the percentages of participation in the Group of consolidated subsidiaries in the accompanying financial
statements are as follows:
Name of the Company Percentage of participation %
Construction
Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş.
Prebeton Prefabrik Eleman ve Hazır Beton San. ve Tic. A.Ş. 11
İnkol İnşaat Enerji Sanayi ve Ticaret A.Ş.
Energy
69
Akköy Enerji A.Ş. 97
Naturgaz Doğalgaz İth. İhr. San. ve Tic. A.Ş. 91
Hidrogen Enerji İthalat İhracat Dağıtım ve Ticaret A.Ş. 93
Kolen Elektrik Enerjisi Üretim ve Tic. A.Ş. 96
Işıksu Enerji Üretim ve Ticaret A.Ş. 94.6
ANC Enerji Üretim ve Ticaret A.Ş. 96
Atlas Makine Sanayi Enerji ve Ticaret A.Ş. 95
Albe Enerji Elek. Elek. Dan. Müşavirlik Petrol Madencilik Tarım Hayvancılık San. ve Tic. A.Ş.
Natural Gas Disribution
96
Esgaz Eskişehir Şehiriçi Doğalgaz Dağıtım Ticaret ve Taahhüt A.Ş. 81
İzmirgaz Şehiriçi Doğalgaz Dağıtım Ticaret ve Taahhüt A.Ş.
Port Administration
49.9
Dikili Liman ve Turizm İşletmeleri A.Ş. 72
Çanakkale Liman İşletmesi Sanayi ve Ticaret A.Ş. 90
Teos Marina İşletme ve Ticaret A.Ş. 20
Etki Liman İşletmeleri Endüstri A.Ş.
Mining, Iron and Steel
79
Hekimhan Madencilik İth. ve İhr. San. Tic. A.Ş. 60
Hekimhan Demir Çelik Mad. İmalat San. ve Tic. A.Ş. (added first in 2011)
Plaster Production
34.7
Arslanlı Alçı ve Hammadde San. Ve Tic. A.Ş.
Dockyard & Shipbuilding
88
Sefine Denizcilik A.Ş.
Chemical Fertilizer and Seed Import
49.7
Koltar Tarım İthalat İhracat ve Ticaret A.Ş.
Other
62
Şişman Turizm İnşaat Sanayi ve Ticaret Ltd. Şti. 75
Truva D.Gaz Enerji İlt. Lojistik İnş. Eğt. Dan. İth. İhr. San. ve Tic. A.Ş. 32.3
Efes Grup Nakliyat A.Ş. 96
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Kolin Group of Companies 2011 / Annual Report 119
Uluğ and Çamlı are established to purchase government shares of Uludağ Elektrik Dağıtım A.Ş. (“UEDAŞ”) and Çamlıbel Elektrik
Dağıtım A.Ş. (“ÇEDAŞ”). The privatization procedures of UEDAŞ and ÇEDAŞ’s tender period ended on 18 February 2010 with USD
940 million and USD 258,5 million respectively. Share sale agreement was signed on 31 August 2010 with Turkish Republic Prime
Ministry Privatization Administration. As a result of this agreement UEDAŞ and ÇEDAŞ became subsidiaries fully owned by Uluğ and
Çamlı respectively. Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş., has shares of UEDAŞ and ÇEDAŞ of 33.27% and 33.33%, respectively,
they are included in the consolidation by equity method in the accompanying consolidated financial statements. (Note 11)
Uluğ Enerji Dağıtım ve Perakende Satış Hizmetleri A.Ş.
The Company is an “equity investment” of Kolin İnşaat which was established in 2010 equally by Kolin İnşaat Turizm Sanayi ve Ticaret
A.Ş., Cengiz Holding A.Ş. and Limak Holding A.Ş to engage in electricity distribution and casualties, repair, cutting, opening, meter
reading activities related with commercial sells in Bursa, Balıkesir, Çanakkale and Yalova.
Çamlı Enerji Dağıtım ve Perakende Satış Hizmetleri A.Ş.
The Company is an “equity investment” which was established in 2010 equally by Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş., Cengiz
Holding A.Ş. and Limak Holding A.Ş to engage in electricity distribution and casualties, repair, cutting, opening, meter reading activities
related with commercial sells in Sivas, Tokat and Yozgat.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
For the purpose of the consolidated financial statements, Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş., its consolidated subsidiaries and joint
ventures are referred to as “the Group”.
Entities in which the Group, directly or indirectly, has 50% and above 50% shareholding or interest of voting rights or otherwise has
power to exercise control over operations, have been fully consolidated. Control is achieved where the Group has the power to govern
the financial and operating policies of an investee enterprise so as to obtain benefits from its activities. The Company has always exercised
effective control over the management of each of these companies. These entities are consolidated in the financial statements in
accordance with the treatment proposed by International Accounting Standards 27 (Consolidated Financial Statements and Accounting
for Investments in Subsidiaries).
The operations of the consolidated entities in the accompanying financial statements are summarized below:
Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş.
Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş. (“Kolin İnşaat” or “the Company”) was established in 1977 in Elazığ. The Company is engaged
in a variety of engineering and contracting works involving communication projects, energy projects, comprising highways, motorways,
bridges, viaduct, railways, tunnels and ports, transporting projects, dams, modern irrigation systems, water purification systems, water
distribution systems, flood walls, industrial complexes, repair and maintenance workshops, pipelines production, mass housing developments,
hotels, hospitals, office buildings, military installations. The Company also operates a five star hotel (named “Kolin Hotel”) in
Çanakkale since 2003.
Projects undertaken by the Kolin İnşaat between 2006 - 2011 are summarized below:
• Kemerhisar Gölcük Niğde Highway Construction (Kolin - Güneş – Ceylan Joint Venture)
• Kemerihisar Pozantı Highway Construction
• Gaziantep Şanlıurfa Highway Construction (Limak - Kolin Joint Venture)
• TCDD Yerköy, Yozgat, Sivas Railway Infrastructure Cons. (Cengiz - Limak - Mapa - Kolin J.V.)
• American Embassy Complex (Kolin - Epik Joint Venture)
• Ankara Pozantı Eminlik Çiftehan Part Road Construction (Limak – Kolin Joint Venture)
• Yıldızeli, Sivas, Zara and Sivas Ulaş Highway Construction
• Sivas Kangal Seperation - Gemerek 6. Region Highway Construction
• Libya Bengazi Project – Rajma Bingazi
• Libya Bengazi Project - 1. Coast Region Bengazi Plain Irrigation
• Libya Bengazi Project - Tajura Entegre Infrastructure Construction
• Akköy Enerji A.Ş. Hydroelectric Power Plant II. Phase Construction
• İzmir Natural Gas Distribution Infrastructure Construction
• Çanakkale Port Zone Irrigation Construction
• Artvin - Erzurum Public Road Superstructure Work II. Phase
• Sivas Gemerek Şarkışla II. Phase Construction
• Gebze Crossroad Construction
• İzmir - Menemen - Manisa Highway Construction
• İzmir Freeway Harmandalı and Koyundere Crossroad Construction
• Artvin Ortaköy Viaduct Construction
• İzmir Çeşme Junction Balıklıova Mordoğan Karaburun Road Construction
• Ankara Potable Water 2. Phase Project Gerede System Construction
• Eskişehir Natural Gas Distribution Infrastructure Construction
• Additional line construction to Ankara-Sincan land line.
• Körfez Junction, İzmit East Junction Superstructure Improvement Construction
• Çandarlı Port Construction
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
• Erzurum Pasinler Horasan Road Consturction
• Bodrum Potable Water Plant and Transmission Line 1. Section Construction
• Antalya Fishermen Harbour Construction (Kolin İnş. A.Ş. – Arsel İnş. Şti. Joint Venture)
• Kahramanmaraş Göksun 6. Region Construction (Kolin – Limak Joint Venture)
• Hotamış Storage Construction (Yöntaş A.Ş. – Kolin A.Ş. Joint Venture)
• D-100 İstanbul Ankara Public Road Superstructure and Bridge Construction (Kolin-Kalyon J.V.)
• Ankara-İstanbul High Speed Train Line Gebze Köseköy Segment Construction (Kolin-Kalyon J.V.)
• Yaprak Hydroelectric Power Plant Project
• Tuzla Hotel Construction
• Hoima-Kaiso-Tonya Highway Construction Work to level up to Bituminous Coated Standard
• Hajiqabul Horadiz Road Rehabilitation , Parcel 1 and Parcel 2 Section
• Ismayilli District Water Procurement and Sewage Treatment Plant Construction
• Doğakent Veysi Akın Koloğlu Vocational High School Construction
The details of ongoing projects are presented in note 3.3.
Company’s registered office address is Horasan Street No: 14 Gaziosmanpaşa - Ankara.
Kolin Group of Companies 2011 / Annual Report 121
Prebeton Prefabrik Eleman ve Hazır Beton Sanayi ve Ticaret A.Ş.
The company is an “equity participation” of Kolin İnşaat. The firm is producing ready-mixed concrete, and prefabricated infrastructure
material at the established ready - mixed concrete facility at Şanlıurfa, Bozova. The company was established in 2000.
İnkol İnşaat Enerji Sanayi ve Ticaret A.Ş.
The company is a “subsidiary” of Kolin İnşaat which was established in 2010 to invest a traverse factory. İnkol İnşaat was included in
consolidation for the first time in 2010. The company started it’s operatrions in May 2011.
Akköy Enerji A.Ş.
The company is a “subsidiary” of Kolin İnşaat and was established for energy production in 1999. Akköy Enerji has two investments,
Akköy I and Akköy II hydroelectric power plants. Both the investments have renewable energy license for 49 years. As of 18.09.2008,
the company has completed Akköy I HEPP project and began energy production and the construction of Akköy II HEPP still continues.
Naturgaz Doğalgaz İthalat İhracat Sanayi ve Ticaret A.Ş.
The company is a “subsidiary” of Kolin İnşaat, which has got a wholesale sales license from EMRA, was established in 2006 in Ankara.
The company was established for investing in the energy sector.
Hidrogen Enerji İthalat İhracat Dağıtım ve Ticaret A.Ş.
The company is a “subsidiary” of Kolin İnşaat, which was established in Ankara in 2007. The company was established for investing in
the energy sector.
Kolen Elektrik Enerjisi Üretim ve Ticaret A.Ş.
The company is a “subsidiary” of Kolin İnşaat, which was established in Ankara in 2007. The company was established for investing in
the energy sector.
Işıksu Enerji Üretim ve Ticaret A.Ş.
The company is a “subsidiary” of Kolin İnşaat, which was established in Ankara in 2008. The company was established for investing in
the energy sector.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
ANC Enerji Üretim ve Ticaret A.Ş.
The company is a “subsidiary” of Kolin İnşaat, which was established in Ankara in 2008. The company was established for investing in
the energy sector.
Atlas Makine Sanayi Enerji ve Ticaret A.Ş.
The company is a “subsidiary” of Kolin İnşaat which was established in 1981 and started to operate in energy investments in 14.09.2009.
Atlas Makina was included in consolidation for the first time in 2009.
Albe Enerji Elektrik Elektronik Danışmanlık Müşavirlik Petrol Madencilik Tarım Hayvancılık Sanayi ve Ticaret A.Ş.
The company is a “subsidiary” of Kolin İnşaat which was established as a limited company in 2004, has become a corporation in 2010.
The company is planning to produce electricity with Berat HEPP and Yaprak HEPP projects in Antalya, Alara Stream. Albe Enerji was
included in consolidation for the first time in 2010. The company took over the shares of K-L Enerji Yatırımları Sanayi ve Ticaret A.Ş.
in 2011.
Esgaz Eskişehir Şehiriçi Doğalgaz Dağıtım Ticaret ve Taahhüt A.Ş.
The company is a subsidiary of Kolin İnşaat and has been bought from the Turkish Privatization Administration in 2004 for 43 million
USD, in the form of build - operate - transfer model, for 30 years. After buying the company, which distributes natural gas within the
province of Eskişehir, an investment of, USD 40,200,000 has been realized and the service network has been enlarged. The company
was established in 1994.
İzmirgaz Şehiriçi Doğalgaz Dağıtım Ticaret ve Taahhüt A.Ş.
The company is an “equity participation” of Kolin İnşaat, which has been bought from the Turkish Privatization Administration in 2005 in
the form of build - operate - transfer model, for 30 years. The firm will be distributing natural gas to İzmir and its bounded districts and
planning to invest USD 250 million within the first ten years.
Dikili Liman ve Turizm İşletmeleri A.Ş.
The company is a “subsidiary” of Kolin İnşaat and has been bought from the Turkish Privatization Administration in 2003 for 4.5 million
USD in cash, in the form of build - operate - transfer model, for 30 years. Dikili Liman provides sheltering, loading, evacuation, shifting,
limbo, guidance, waste evacuation and sales of fuel services for cruise ships and cargo vessels.
Çanakkale Liman İşletmesi Sanayi ve Ticaret A.Ş.
The company is a “subsidiary” of Kolin İnşaat and has been bought from the Turkish Privatization Administration in 2004 in the form of
build-operate-transfer model, for 29 years. As of 2006, 10 million USD investments has been completed for the company, and Çanakkale
Liman provides sheltering, loading, evacuation, shifting, limbo, guidance, waste evacuation and sales of fuel services for cruise ships and
cargo vessels. The company was established in 2004.
Teos Marina İşletme ve Ticaret A.Ş.
The company is an “equity participation” of Kolin İnşaat, which was established in Ankara for operating İzmir Seferihisar Sığacık Marine
Port which was purchased from privatization in 2006 for 25 years. The company started it’s operations in June 2010 after completing
it’s investments.
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Kolin Group of Companies 2011 / Annual Report 123
Etki Liman İşletmeleri Endüstri A.Ş.
The Company is a “subsidiary” of Kolin İnşaat which was established to engage with application procedures of LNG Import and Regasification
Terminal which will be located in Aliağa, İzmir where an application for a license is requested from EMRA. 79% of its shares were
taken over by Kolin İnşaat in 2010.
Hekimhan Madencilik İthalat ve İhracat Sanayi ve Ticaret A.Ş.
The company is a “subsidiary” of Kolin İnşaat, which has been bought from the Turkish Privatization Administration in 2007 for USD 21.5
million, for 33 years of operating and mining rights. The facility is the second biggest mineral (iron) deposit in Turkey and has the production
capacity of 1.000.000 tons yearly in average.
Hekimhan Demir Çelik Madencilik İmalat Sanayi ve Ticaret A.Ş.
The Company was established in 2011 to produce and procure raw iron and steel alloys, steel pipes and extension pieces. Hekimhan
Demir Çelik Madencilik İmalat Sanayi ve Ticaret A.Ş. was included in consolidation for the first time in 2011
Arslanlı Alçı ve Hammadde Sanayi ve Ticaret A.Ş.
The company is a “subsidiary” of Kolin İnşaat which was purchased in 2008. The company is engaged in plaster and construction chemicals
production.
Sefine Denizcilik A.Ş.
The company is an “equity participation” of Kolin İnşaat which was established in 2008 for constructing, repairing and maintaining ships.
Kolin İnşaat owns 49.70% of shares of the company. Sefine Denizcilik was included in consolidation for the first time in 2009.
Koltar Tarım İthalat İhracat ve Ticaret A.Ş.
The company is a “subsidiary” of Kolin İnşaat which was established in 2009 to import chemical fertilizer and vegetable seed. Koltar
Tarım was included in consolidation for the first time in 2009.
Şişman Turizm İnşaat Sanayi ve Ticaret Limited Şirketi
The company is a “subsidiary” of Kolin İnşaat and operates as “Washington Restaurant” in the restaurant management sector.
Truva Doğalgaz Enerji İletişim Lojistik İnşaat Eğitim Danışmanlık İthalat İhracat Sanayi ve Ticaret A.Ş.
The company is a “equity participation” of Kolin İnşaat, which has been established in 2005 for investing in the energy sector.
Efes Grup Nakliyat A.Ş.
The company is a “subsidiary” of Kolin İnşaat, which was established in Ankara in 2006 for the purpose of energy investments. Starting
from 2010, the company is engaged with oil shipping.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
As of 31.12.2011, 3,820 personnel were employed with the Group (2010: 3,637, 2009: 3,023). The breakdown of personnel by company
is as follows:
Number of personnel
Name of the Company 2011 2010 2009
Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş. 2,956 2,980 2,458
Prebeton Prefabrik Elm. ve Hazır Beton San. ve Tic. A.Ş. - - 20 16
İnkol İnşaat Enerji Sanayi ve Ticaret A.Ş. 48 3 - -
Akköy Enerji A.Ş. 21 19 15
Naturgaz Doğalgaz İth. İhr. San. ve Tic. A.Ş. 4 4 - -
Esgaz Eskişehir Şehiriçi Doğalgaz Dağ. Tic. ve Taah. A.Ş. 47 48 46
İzmirgaz Şehiriçi Doğalgaz Dağ. Ticaret ve Taahhüt A.Ş. 204 139 77
Dikili Liman ve Turizm İşletmeleri A.Ş. 24 25 27
Çanakkale Liman İşletmesi Sanayi ve Ticaret A.Ş. 72 61 50
Teos Marina İşletme ve Ticaret A.Ş. 26 30 3
Hekimhan Madencilik İth. ve İhr. San. Tic. A.Ş. 18 14 12
Hekimhan Demir Çelik Mad. İmalat San. ve Tic. A.Ş. 52 - - - -
Arslanlı Alçı ve Hammadde San. ve Tic. A.Ş. 115 106 62
Sefine Denizcilik A.Ş. 139 110 48
Koltar Tarım İthalat İhracat ve Ticaret A.Ş. 47 43 1
Şişman Turizm İnşaat Sanayi ve Ticaret Ltd. Şti. 26 24 24
Libya Hedef Hendesi A.Ş. 11 11 185
Truva D.Gaz Enerji İlt. Loj. İnş. Eğt. Dan. İth. İhr. San. ve Tic. A.Ş. 10 1 - -
3,820 3,637 3,024
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
2. Basis of Presentation of Financial Statements
Kolin Group of Companies 2011 / Annual Report 125
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards
(IFRS), which comprise standards and interpretations approved by the International Accounting Standards Board and International Accounting
Standards and Standing Interpretations Committee interpretations approved by the IASC that remain in effect.
The Company and its Turkish subsidiaries maintain their books of account and prepare their statutory financial statements in accordance
with accounting principles in the Turkish Commercial Code (“TCC”) and tax legislation. Subsidiaries operating in foreign countries maintain
their books of account in the currencies of those countries and prepare their statutory financial statements in accordance with the
legislation effective in those countries. The consolidated financial statements are based on the statutory records with adjustments and
reclassifications for the purpose of fair presentation in accordance with IFRS.
Consolidated financial statements are prepared in accordance with the historical costs principle except the revaluation of some tangible
assets and financial instruments.
Translation of Financial Statements of Foreign Subsidiaries
Foreign subsidiaries’ assets and liabilities are translated into Turkish Lira from the foreign exchange rate at the balance sheet date and
income and expenses are translated into Turkish Lira at the average foreign exchange rate. Exchange differences arising from the retranslation
of the opening net assets of foreign undertakings and differences between the average and balance sheet date rates are
included in the “cumulative translation differences” under the equity.
Presentation and Functional Currency
The individual financial statements of each group entity are presented in the currency of the primary economic environment in which
the entity operates (its functional currency). For the purpose of the consolidated financial statements, the functional and presentation
currency of the Group is accepted as TL.
Convenience translation of financial statements
For the convenience of the reader, the accompanying consolidated financial statements have been translated from Turkish Lira to US
Dollars with the Central Bank buying exchange rate at year-end (2011: USD 1 = TL 1.8889; 2010: USD 1 = TL 1.5460; 2009: USD 1 =
TL 1.5057). Such convenience translations are not intended to comply with the provisions of IAS 21 “The Effects of Changes in Foreign
Exchange Rates”.
The Law numbered 6111
The Law numbered 6111 has been put into effect following its promulgation in the Official Gazette on 25 February 2011. According to
the law, no tax investigation or tax assessment regarding corporate and value added taxes will be made for the tax-payers who increase
their tax bases for the years between 2006 and 2009.
The Group has decided to benefit from “Cash on hand” decisions by law number 6111. The overstatement for the cash on hand was
already adjusted in previous years’ accompanied IFRS financial statements.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Adoption of new and revised International Financial Reporting Standards
of activities of the new and newly revised standards and interpretations issued by International Accounting Standards Board (“IASB”)
and the International Financial Reporting Interpretation Committee (“IFRIC”) of “IASB” being effective from 1st of January 2011.
a) Standards, amendments and interpretations effective from 1 January 2011:
• IAS 24 (Revised), “Statements of Related Parties”
• IFRS 1 (Amendment), “First Implementation of IFRS”
• IAS 32 (Amendment), “Financial Tools: Presentation”
• IFRIC 14 (Amendment), “Advance Payment of Minimum Funding Requirement”
• IFRIC 19 (Interpretation), “Payment of Financial Debts with Financial Tools Based on Equity Capital”
• The standards within the scope of 2010 Annual Development Project will be valid for financial periods start after January 1st, 2011.
The abovementioned project includes the following changes in 6 standards and 1 interpretation:
• IFRS 1 (Improvement), “First Implementation of IFRS”
• IFRS 3 (Improvement), “Business Mergers”
• IFRS 7 (Improvement), “Financial Tools: Explanations”
• IAS 1 (Improvement), “Presentation of Financial Statements”
• IAS 27 (Improvement), “Consolidated and Non-consolidated Financial Statements”
• IAS 34 (Improvement), “Intermediary Period Financial Reporting”
• IFRIC 13 (Improvement), “Customer Loyalty Programs”
b) Standards, amendments and interpretations to existing standards that are not yet effective as of 31 December 2011 and have not
been early adopted by the Company:
• IFRS 7 (Amendment), “Financial Tools: Explanations”
• IFRS 1 (Amendment), “First Implementation of IFRS”
• IAS 12 (Amendment), “Income Taxes”
• IAS 19 (Amendment), “Employee Benefits”
• IAS 1 (Amendment), “Presentation of Financial Statements”
• IFRS 9, “Financial Tools”
• IFRS 10, “Consolidated Financial Statements”
• IFRS 11, “Common Regulations”
• IFRS 12, “Explanations Concerning the Shares in Other Operations”
• IFRS 13, “Measurement of Securities”
• IAS 27, “Individual Financial Statements”
• IAS 28, “Participations and Joint Ventures”
The Group management will evaluate the effect of the aforementioned changes within its operations and apply changes starting from
effective date. It is expected that the application of the standards and the interpretations above will not have a significant effect on the
financial statements of the Group.
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
3. Principles of Consolidation and Summary of Significant Accounting Policies
3.1 Principles of Consolidation
Kolin Group of Companies 2011 / Annual Report 127
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company as
explained in Note 1.
Entities in which the Group, directly or indirectly, has above 50% shareholding or interest of voting rights or otherwise has power to
exercise control over operations, have been fully consolidated. Certain companies in which the Group has a controlling interest or significant
influence are not consolidated or equity accounted, as they are immaterial individually and in aggregate to the results and financial
position of the Group.
The balance sheets and statements of income of the Group are consolidated on a line by line basis, and the carrying value of the investment
held by the Group is eliminated against the related shareholders’ equity accounts. Consolidated financial statements are prepared
using uniform accounting policies for like transactions and other events in similar circumstances. Inter-company balances and transactions,
including inter-company profits and unrealized profits and losses are eliminated.
Minority interests represent the portion of profit or loss and net assets not held by the Group and are presented separately in the income
statement and within equity in the consolidated balance sheet, separately from parent shareholders’ equity. Losses applicable to the
minority in excess of the minority’s interest in the subsidiary’s equity are allocated against the interests of the Group except to the extent
that the minority has a binding obligation and is able to make an additional investment to cover the losses.
The purchase method of accounting is used for acquired business. Subsidiaries, joint ventures or investment in associates, acquired or
disposed of during the year are included in the consolidated financial statements from the date of acquisition or to the date of disposal.
Investments in associates are undertakings over which the Group generally has between 20% and 50% of the voting rights and the
Group has significant influence and which are not subsidiaries or joint ventures of the Group. The Group’s investments in associates are
accounted for using the equity method. Under the equity method, an associate is carried at net asset amount in the consolidated balance
sheet and the share of the Group from the associate’s results of operations is recognized in the statement of income. Unless net assets
of the investment in associates are subject to a temporary impairment, the investment in associates is disclosed with the impaired value
in the accompanying financial statements.
Joint ventures are companies in respect of which there are contractual arrangements through which an economic activity is undertaken
subject to joint control by the Group and its subsidiaries together with one or more other parties. The Group’s interest in joint ventures
is accounted for by way of proportionate consolidation; in other words, the Group includes its share of the assets, liabilities, income and
expenses of each joint venture in the relevant components of the financial statements. Proportionate consolidation method principally
has the similar procedures as the line by line consolidation method.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
3.2. Significant Accounting Policies
EThe principal accounting policies followed in the preparation of the accompanying consolidated financial statements are set forth below:
Related parties
For the purpose of the accompanying financial statements, key personnel in management and board of directors, their family and controlled
or dependent companies, participations and subsidiaries of the Group are referred to as related parties.
Cash and cash equivalents
Cash and cash equivalents comprise of cash in hand, bank deposits and short-term investments, which can easily be converted into cash
for a known amount, has high liquidity with maturities of 3 months or less. The amounts paid under the reverse repurchase agreements
are included in the cash and cash equivalents. Recorded value is estimated market value of other cash and bank deposits on the balance.
Trade receivables and allowance for doubtful receivables
Trade receivables and notes receivable are recognized at original invoice amount and discounted to present value less an allowance for
any uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts
are written off when identified. In case the provision decreases as a result of an event that occurs after write off, the amount is reflected
on the income statement in the current period.
Based on an evaluation of its trade portfolio such as volume, character of outstanding loans, past loan experience and general economic
conditions management provides a general reserve that it believes is adequate to cover possible losses and uncollectible amounts in the
Group’s receivables, in addition to specific reserves provided for receivables in legal follow-up.
Trade payables
Trade payables are stated at their nominal values, discounted to present value as appropriate.
Inventories
Inventories are valued on the basis of the weighted average cost method by considering the cost or the net realizable value, whichever
is the lowest. Net realizable value is the estimated selling price in the ordinary course of business, less the cost of completion and selling
expenses. The cost of inventories cover all purchasing costs, conversion costs and other expenses made to bring the inventories
into their current state and condition.
Cost of projects under construction and development comprise direct cost, attributable indirect costs, raw material and cost of borrowing
related to projects. These inventories are stated at the lower of cost or net realizable value.
Joint ventures
Kolin İnşaat has interest in a number of joint venture operations including (Limak - Kolin Joint Venture, Kolin - Ceylan - Güneş Joint Venture,
Cengiz - Limak - Mapa - Kolin Joint Venture, Kolin - Epik Joint Venture, Kolin - Simgemat Joint Venture, Kolin-Kalyon Joint Venture,
Yöntaş-Kolin Joint Venture and Salini-Kolin Joint Venture ) relating to various projects. These joint venture operations are entered into
for a specific purpose and definite terms. As of and for the year ended 31.12.2011 assets, liabilities and income and expenses arising
from the joint venture operations are included in the accompanying financial statements by way of proportionate consolidation. Prior
to 01.01.2011 income and expenses arising from the joint venture operations were included in income statements in sales and cost of
sales by their gross amounts. Details of Joint Ventures are presented in note 11.
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Kolin Group of Companies 2011 / Annual Report 129
Construction costs
Contract revenue and costs are recognized as revenue and expenses, respectively, when the outcome of a construction contract can be
estimated reliably. The percentage of completion method is used to recognize revenue on a contract as work progresses by matching
contract revenue with contract costs incurred based on the proportion of work completed which is determined by the ratio of actual
costs incurred through to the end of each reporting period divided by the total estimated contracts costs of the projects.
Contracts to manage, supervise or coordinate the construction activity of others are recognized only to the extent of the fee revenue.
Contract costs include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor,
supplies, tools, repairs and depreciation costs. Selling, general and administrative expenses are charged to the income statements as
incurred. Provisions for estimated losses on uncompleted contracts are made in full, in the period in which such losses are determined.
Changes in job performance, job conditions and estimated profitability, including those arising from contract penalty provisions and final
contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined.
Profit incentives are included in revenues when their realization is reasonably assured.
Costs of uncompleted construction contracts represent the costs incurred les the sum of recognized costs (in the income statements)
for all contracts in progress. Deferred revenue in excess of costs on uncompleted contracts represents future billings in excess of revenues
recognized (in the income statements). These cost and deferred revenue are subsequently recognized in the income statement
based on completion method which is based on engineering reports.
Construction projects as of report date can be summarized below:

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Project Value
USD
Contractor Project Name Contract Date
Project
Number
1 TCK General Directorate Kemerhisar Gölcük Niğde Otoyolu İnşaatı (Kolin Güneş Ceylan İş Ortaklığı) 06.10.1998 $195,000,000
2 Kolin-Güneş-Ceylan J.V. Kemerihisar Pozantı Otoyolu İnşaatı 10.06.1998 $53,000,000
3 TCK General Directorate Gaziantep Şanlıurfa Otoyolu İnşaatı (Limak – Kolin İş Ortaklığı) 02.07.1998 $212,465,115
4 TCDD General Directorate TCDD Yerköy Yozgat Sivas Arası Demiryolu İnşaatı (Cengiz-Limak-Mapa-Kolin İş Ortaklığı) 05.11.2008 $547,909,803
5 Serbia Government Amerikan Elçiliği Kompleksi (Kolin - Epik İş Ortaklığı) 01.08.2009 $61,400,019
6 TCK General Directorate Gökova Marmaris Yolu İnşaatı (Kolin - Simgemat İş Ortaklığı) 10.03.2010 $24,637,143
7 TCK General Directorate Yıldızeli Sivas Zara ve Sivas Ulaş Yolu İnşaatı 09.01.1995 $157,449,523
8 TCK General Directorate Sivas Kangal Ayırımı – Gemerek 6.Böl.Hd.Yol İnşaatı 18.12.1997 $109,425,902
9 Limak İnşaat A.Ş Bilecik Mekece Bozöyük İnşaatı 02.01.2008 $12,000,000
10 Libya Government Libya Bengazi Projesi / Rajma Bingazi 01.11.2007 $103,989,669
10 Libya Government Libya Bengazi Projesi / I.Bölge Sahil Bingazi Ovası Sulama 31.05.2008 $129,948,322
10 Libya Government Libya Bengazi Projesi / Tajura Entegre Altyapı İnşaatı 05.08.2009 $432,655,576
11 Akköy A.Ş. Akköy Enerji A.Ş. Hidroelektrik Santrali İnşaatı 2.Kısım 01.09.2007 $466,031,735
12 İzmir Doğalgaz A.Ş. İzmir İli İlçeleri Doğalgaz Dağıtım Altyapı İnşaatı 01.01.2007 $30,270,000
13 DSİ General Directorate Çanakkale Bölgesi Sulama İnşaatı 04.11.2007 $17,078,460
14 DSİ General Directorate Artvin Erzurum arası Devlet Yolu Üstyapı İşleri II.Kısım 26.03.2008 $54,072,868
15 TCK General Directorate Sivas Gemerek Şarkışla II. Kısım İnşaatı 18.12.1997 $73,864,323
16 TCK General Directorate Gaziantep Şanlıurfa Çevreyolu 18.12.2009 $97,112,342
17 TCK General Directorate Gebze Kavşak İnşaatı 12.11.2010 $17,861,712
18 TCK General Directorate İzmir - Menemen - Manisa Yol İnşaatı 11.08.2010 $22,357,019
19 TCK General Directorate İzmir Çevre Yolu Harmandalı ve Koyundere Kavşağı İnşaatı 29.07.2010 $40,605,741
20 DSİ General Directorate Artvin Ortaköy Viyadük İnşaatı 08.10.2010 $48,235,043
21 Çamlıbel Enerji Çamlıbel Elektrik İnşaatı 31.08.2010 $258,500,000
22 TCK General Directorate İzmir Çeşme Ayrımı Balıklıova Mordoğan Karaburun Yolu İnşaatı 26.10.2010 $9,877,441
23 Prime Ministry Ankara İçme Suyu 2. Merhale Projesi Gerede Sistemi İnşaatı 27.12.2010 $133,302,534
24 TCDD General Directorate Ankara Sincan Hattına İlave Hat İnşaatı 16.02.2011 $44,684,094
25 TCK General Directorate Körfez Kavşağı İzmit Doğu Kav.Üstyapı İyileştirme İnşaatı 03.03.2011 $17,955,344
26 Albe Elektrik Enerji A.Ş. Yaprak Hes Projesi 12.04.2011 $19,430,484
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Project Value
USD
Çandarlı Limanı İnşaatı 02.04.2011 $124,512,114
Project
Contractor Project Name Contract Date
Number
27 Transportation Ministry / State
Airport Adm.
28 Akköy A.Ş. Doğankent Veysi Akın Koloğlu M.Y.O. İnşaatı 28.04.2011 $ 1,404,718
29 TCK General Directorate Erzurum-Pasinler Horasan Yolu İnşaatı 10.05.2011 $41,754,154
30 DSİ General Directorate Bodrum İçmesuyu Tesisleri ve İsale Hattı 1.Kısım İnşaatı 08.08.2011 $1,428,292
31 DSİ General Directorate Hotamış Depolaması İnşaatı 03.11.2011 $44,622,125
32 TCK General Directorate D-100 İst.Ankara Dvlet Yolu Üstyapı ve Köprü İnşaatı (Kolin - Kalyon Adi ortaklığı) 01.12.2011 $37,119,426
33 CFCU-Central Finance Cont. Uni. Ankara İstanbul Hızlı Tren Hattı Gebze-Köseköy Bölümü İnşaatı ve Rehabilitasyonu 14.10.2011 $112,235,096
34 Turkol Turizm Sanayi ve Tic. A.Ş Tuzla Otel İnşaatı 14.01.2011 $ 63,039,649
35 Azerbaijan Transportation Ministiry Hajiqabul-Horadiz Yolunun Rehabilitasyonu Parsel 1 Hajiqabul Bulagli Bölümü 17.05.2011 $77,781,710
35 Azerbaijan Transportation Ministiry Hajiqabul-Horadiz Yolunun Rehabilitasyonu Parsel 2 Bahramtepe Bölümü 17.05.2011 $109,209,210
35 Republic of Azerbaijan
İsmayilli İlçesi Su Temini ve Atıksu Arıtma Tesisi İnşaatı 05.09.2011 $64,502,413
Improvement and Water
Management Company
36 Uganda National Roads Authority Hoima-Kaiso-Tonya Karayolunun Kaplanmış (Bitümlü) Standarda Yükseltilmesi İnşaat İşleri 04.08.2011 $139,540,000
37 TCK General Directorate Kahramanmaraş Göksun 6. Bölge İnşaatı 18.10.2011 $140,011,257
Antalya Balıkçı Barınağı İnşaatı 25.08.2011 $10,421,966
38 Transportation Ministry / State Airport
Adm.
Kolin Group of Companies 2011 / Annual Report 131

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Finance leases
Finance leases are capitalized at the inception of the lease at the lower of the fair value of the leased property after tax advantages or
incentives have been deducted, or the present value of the minimum lease payments. Principal lease payments are recorded as a payable
and are reduced as paid; the interest element is charged to the statement of income as expense during the lease period. Property,
plant and equipment acquired under finance leases are depreciated over the estimated useful life of the asset.
Property, plant and equipment and related depreciation
Property, plant and equipment are carried at acquisition cost, less any accumulated depreciation and any impairment loss. Profit and
loss arising out of the sale of property, plant and equipment are included in the other income and expense accounts. In cases when the
carrying value of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount.
Repair and maintenance expenditure related to property, plant and equipment is expensed as incurred.
Depreciation is provided on straight-line basis over the useful lives of the assets. The estimated useful lives of property, plant, equipment
are as follows:
Year
Buildings 50 Year
Prefabricated buildings 15 Year
Vehicles, trucks and equipments 10 Year
Furniture and fixtures 10 Year
Hotel building in Çanakkale 49 Year
Leasehold improvements 5 Year
Goodwill
Goodwill represents the excess of the cost of the acquisition over the fair value of identifiable net assets of a subsidiary, associate or
joint venture at the date of acquisition. After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Impairment of assets
Assets that have indefinite useful lives, for example goodwill, are not subject to amortization and are tested annually for impairment.
Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds
its recoverable amount. Recoverable amount is the higher of an asset’s fair value less costs to sell or value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating
units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each
reporting date.
.
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Kolin Group of Companies 2011 / Annual Report 133
Financial instruments
(i) Financial assets
Investments are recognized and derecognized on trade date where the purchase of sale of an investment is under a contract whose
terms require delivery of the investment within the timeframe established by the market concerned and are initially measured at fair
value, net of transaction costs expect for those financial assets classified as fair value through profit or loss which are initially measured
at fair value.
Financial assets are classified into the following specified categories as ‘at fair value through profit or loss’, ‘held to maturity investments’,
‘available for sale financial assets’ and ‘loans and receivables’.
Financial assets at fair value through profit or loss
This category has two sub-categories: financial assets held for trading, and those designated at fair value through profit or loss on initial
recognition. A financial asset is classified in this category if acquired principally for the purpose of selling in the short-term or if so designated
by management. Derivatives are also categorized as held for trading unless they are designated as hedges. Assets in this category
are classified as current assets.
Debt instruments that are held to maturity, are available for sale, or are loans and receivables recognize in income on an effective interest
rate basis.
Effective interest method
The effective interest method is a method of calculating the amortized cost of a financial asset and of allocating interest income over
the relevant period. The effective interest rate is that exactly discounts estimated future cash receipts through the expected life of the
financial assets or where appropriate a shorter period.
Financial assets held-to-maturity
Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturity. Investments
are classified as held-to-maturity if it is the intention of the Group’s management to hold them until maturity.
Held-to-maturity investments are subsequently measured at amortized cost using the effective interest method. In addition, if there is
objective evidence that the investment has been impaired, the financial asset is measured at the present value of estimated cash flows.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Financial assets available-for-sale
Available-for-sale securities are those that are not (a) held-to-maturity investments, or (b) securities held for trading. Subsequent to
acquisition, available for sale securities are valued at their fair value if reliably measurable. Otherwise, they are accounted for at the
amortized cost. Unrealized gains or losses arising from changes in the fair value of securities classified as available for sale are deferred
in equity until the financial asset is sold, collected or otherwise is disposed of when available for sale securities are sold, collected or
otherwise disposed of, related deferred gains and losses in equity are released to the income statement. All investment securities are
initially recognized at cost. Transaction costs are included in the initial measurement of debt securities. Available for sale securities are
measured at fair value.
Fair value of available for sale monetary assets denominated in foreign currency is determined in that foreign currency and converted using
the spot rate at the reporting date. Change in fair value attributable to conversion differences that result from a change in amortized
cost of the asset is recognized in profit or loss, and other changes are recognized in equity.
Loans and receivables
Loans and receivables are financial assets with fixed or determinable payments, originated or acquired, that are not quoted in an active
market, not held for trading, and not designated on initial recognition as assets at fair value through profit or loss or as available-for-sale.
Loans and receivables are measured at amortized cost using the effective interest method.
Impairment of financial assets
Impairment of financial assets
Financial assets, other than those at fair value through profit or loss, are assessed for indicators of impairment at each balance sheet
date. Financial assets are impaired where there is objective evidence that, as a result of one more events that occurred after the initial
recognition of the financial asset, the estimated future cash flows of the investment have been impacted. For financial assets carried at
amortized cost, the amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated
future cash flows, discounted at the original effective interest rate.
The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade
receivables where the carrying amount is reduced through the use of an allowance account. When a trade receivable is uncollectible, it
is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance
account. Changes in the carrying amount of the allowance account are recognized in profit or loss.
With the exception of available for sale equity instruments, if, in a subsequent period, the amount of the impairment loss decreases
and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment
loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is
reversed does not exceed what the amortized cost would have been had the impairment not been recognized.
In respect of available for sale equity securities, any increase in fair value subsequent to an impairment loss is recognized directly in
equity.
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Kolin Group of Companies 2011 / Annual Report 135
(ii) Financial liabilities
Financial liabilities and equity instruments issued by the Group are classified according to substance of the contractual arrangements
entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a
residual interest in the assets of Group after deducting all of its liabilities. The accounting policies adopted for specific financial liabilities
and equity instruments are set below.
Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or other financial liabilities.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss are recorded at fair value upon initial measurement and re-measured to fair value
at each reporting period. Changes in the fair values are accounted in the income statement. Net gains and losses accounted for in the
income statement includes interest paid expense incurred on the financial liability.
Other financial liabilities
Other financial liabilities are initially measured at fair value, net of transaction costs.
Other financial liabilities are subsequently measured at amortized cost using the effective interest method, with interest expense recognized
on an effective yield basis.
The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over
the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected
life of the financial liability, or, where appropriate, a shorter period.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily
take a considerable time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets
are substantially ready for their intended use or sale. Investment income earned by the temporary investment of the part of the borrowing
not yet used is deducted from the borrowing costs eligible for capitalization.
All other borrowing costs are recognized in profit or loss in the period in which they are incurred.
Employee benefits / Retirement pay provision
Under the Turkish Law and union agreements, severance payments are made to employees retiring or involuntarily leaving the Company.
Such payments are considered as being part of defined retirement benefit plan as per International Accounting Standard No: 19 (revised),
“Employee Benefits” (“IAS 19”). The retirement benefit obligation recognized in the balance sheet represents the present value of the
defined benefit obligation as adjusted for unrecognized actuarial gains and losses.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Taxation and deferred income taxes
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are
never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively
enacted by the balance sheet date.
Deferred tax
Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable
temporary differences. Deferred tax related to the equity items is carried under the equity and not reflected to income statement.
Deferred tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses,
to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carry-forward
of unused tax assets and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each balance
sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the
deferred tax asset to be utilized.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or
the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.
Deferred tax assets and deferred tax liabilities related to income taxes levied by the same taxation authority are offset accordingly.
Revenue recognition
Revenue involves the goods and service sales invoiced value. Revenues are recognized on an accrual basis at the time deliveries of
goods and services or acceptances are made, the transfer of risks and benefits related to good are realized, the amount of revenue
can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the Group, at the
fair value of the consideration received or receivable. The significant risks and benefits in sales are transferred when the goods are
delivered or legal proprietorship is transferred to the customer. Interest income and expenses are recognized in the income statement
on an accrual basis. Net sales represent the invoiced value of goods shipped less sales returns and commission and excluding sales
taxes.
Construction / Constracting works: Revenue earned from rendering of services is recognized by using a reference to the stage of
completion of the contract.
Dividend and interest revenue: Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective
interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the
financial asset to that asset’s net carrying amount.
Dividend revenue from investments is recognized when the shareholders’ rights to receive payment have been established.
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Kolin Group of Companies 2011 / Annual Report 137
Operating expenses
Operating expenses are recognized in profit or loss upon utilization of the service or at the date of their origin. Expenditure for warranties
is recognized and charged against the associated provision when the related revenue is recognized.
Segment reporting
In identifying its operating segments, management generally follows the Group’s service lines, which represent the main products and
services provided by the Group.
Offsetting
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an intention to settle on a net
basis or realize the asset and settle the liability simultaneously.
Foreign currency transactions
Transactions in foreign currencies during the periods have been translated at the exchange rates prevailing at the dates of these transactions.
Balance sheet items denominated in foreign currencies have been translated at the exchange rates prevailing at the balance sheet
dates. The foreign exchange gains and losses are recognized in the income statement.
The foreign exchange rates used by the Group as of 31.12.2011, 2010 and 2009 are as follows:
31.12.2011 31.12.2010 31.12.2009
USD 1.8889 1.5460 1.5057
EUR 2.4438 2.0491 2.1603
JPY 0.0243 0.0189 0.0167
GBP 2.9170 2.3886 2.3892
CHF 2.0062 1.6438 1.4492
Provisions
Provisions are recognized when, and only when the Group has a present obligation as a result of a past event and it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the
amount of the obligation. Provisions are recognized by the amortized amount as of balance sheet date in case that the monetary loss is
material. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate.
Commitments and contingencies
Transactions that may give rise to contingencies and commitments are those where the outcome and the performance of which will be
ultimately confirmed only on the occurrence or non-occurrence of certain future events, unless the expected performance is remote.
Accordingly, contingent losses are recognized by the Group in the financial statements if a reasonable estimate of the amount of the
resulting loss can be made. Contingent gains are reflected only if it is probable that the gain will be realized.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Use of estimates
The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and
the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. These
estimates are reviewed periodically and, as adjustments become necessary, they are reported in earnings in the periods in which they
become known.
Cash flow statement
Cash and cash equivalents include cash and deposits with banks.
Significant management judgment in applying accounting policies
The following are significant management judgments in applying the accounting policies of the Group that have the most significant
effect on the financial statements:
Revenue: Management needs to make significant judgment in determining when to recognize the revenue earned from rendering of
services by using a reference to the stage of completion of the contract and income from after-sales services.
Impairment: An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount.
To determine the recoverable amount, management makes assumptions about future events and circumstances.
Inventories: In estimating net realizable values, management takes into account the most reliable evidence available at the times the
estimates are made.
Provisions: The Group is currently defending certain lawsuits where the actual outcome may vary from the amount recognized in
the financial statements. None of the provisions will be discussed here in further detail so as not to seriously prejudice the Group’s
position in the related disputes.
EBITDA (Earnings before income tax, depreciation and amortization)
EBITDA is defined as earnings before interest expense, income tax expense (benefit), depreciation and amortization. EBITDA figure
is included as certain investors may also use it as a measure of a Group’s ability to service and/or incur debt. EBITDA should not be
considered in isolation or as an alternative to net income (loss), net cash provided by operating, investing and financing activities or
other financial data prepared in accordance with investing and financing activities or other financial data prepared in accordance with
IFRS or as an indicator of the Company’s operating performance. This information should be read in conjunction with the Statements
of Cash Flows contained in the accompanying financial statements.
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
4. Segment Reporting
Kolin Group of Companies 2011 / Annual Report 139
As of 31.12.2011, reporting of the consolidated companies of the Group according to the nature of business is as the follows:
Construction Energy
Natural Gas Port
Distribution Administration Mining
Plaster
Production
Dockyard &
Shipbuilding
Chemical
Fertilizer and
Seed Import Other Eliminations Total
Total assets 1,222,731,402 838,665,258 330,421,023 60,566,916 32,962,222 19,874,995 118,289,681 89,428,763 5,646,536 (328,352,739) 2,390,234,057
Total liabilities 1,222,731,402 838,665,258 330,421,023 60,566,916 32,962,222 19,874,995 118,289,681 89,428,763 5,646,536 (328,352,739) 2,390,234,057
Net sales 1,164,606,105 35,060,658 460,698,066 22,237,367 5,162,988 27,302,574 103,771,936 120,088,808 16,899,066 (48,029,919) 1,907,797,649
Cost of sales (1,036,015,584) (14,835,753) (425,906,949) (15,958,453) (2,155,109) (22,656,437) (111,640,322) (110,325,992) (14,588,827) 48,029,919 (1,706,053,507)
Gross Profit 128,590,521 20,224,905 34,791,117 6,278,914 3,007,879 4,646,137 (7,868,386) 9,762,816 2,310,239 - - 201,744,142
Operating expenses
(13,826,734) (15,731,046) (3,891,946) (4,695,813) (3,114,895) (4,602,201) (215,794) (11,246,573) (131,473) - - (57,456,475)
Other income /
(expenses), net 15,792,814 (545,314) (416,981) 569,314 (490,874) (1,252,174) 2,892,304 (387,128) (3,516) (13,776,014) 2,382,431
Financing income
/ (expenses), net (5,692,364) (23,212,529) (15,006,723) (3,535,228) (4,686,009) (1,278,830) (22,678,477) (22,446,138) 18,336 - - (98,517,962)
Profit Before Tax 124,864,237 (19,263,984) 15,475,467 (1,382,813) (5,283,899) (2,487,068) (27,870,353) (24,317,023) 2,193,586 (13,776,014) 48,152,136

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
As of 31.12.2010, reporting of the consolidated companies of the Group according to the nature of business is as the follows:
Construction Energy
Natural Gas
Distribution
Port
Administration Mining
Plaster
Production
Dockyard &
Shipbuilding
Chemical
Fertilizer and
Seed Import Other Eliminations Total
Total assets 768,865,456 594,223,728 235,272,262 60,472,868 26,177,152 18,282,705 146,587,203 33,948,404 1,570,100 (252,593,184) 1,632,806,694
Total liabilities 768,865,456 594,223,728 235,272,262 60,472,868 26,177,152 18,282,705 146,587,203 33,948,404 1,570,100 (252,593,184) 1,632,806,694
Net sales 950,200,704 193,833,042 309,956,839 12,599,958 2,453,576 19,452,209 25,471,197 44,087,513 2,235,342 (372,588,908) 1,187,701,472
Cost of sales (838,556,640) (146,438,677) (282,262,434) (13,549,399) (1,099,216) (14,853,938) (30,168,937) (36,860,506) (1,933,052) 372,588,908 (993,133,891)
Gross Profit 111,644,064 47,394,365 27,694,405 (949,441) 1,354,360 4,598,271 (4,697,740) 7,227,007 302,290 - - 194,567,581
Operating expenses
(6,395,560) (1,997,477) (13,328,972) (3,032,827) (2,954,555) (4,067,144) (2,313,855) (4,486,435) (27,801) - - (38,604,626)
Other income /
(expenses), net 4,387,198 (143,078) (1,250,946) 426,285 (3,828) (148,830) 4,319,915 (3,350,196) (25,032) (4,432,070) (220,582)
Financing income
/ (expenses), net 683,772 (6,893,110) (4,094,428) (1,133,571) (3,308,843) (102,949) (1,344,925) 1,684,284 (7,338) - - (14,517,108)
Profit Before Tax 110,319,474 38,360,700 9,020,059 (4,689,554) (4,912,866) 279,348 (4,036,605) 1,074,660 242,119 (4,432,070) 141,225,265
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Kolin Group of Companies 2011 / Annual Report 141
As of 31.12.2009, reporting of the consolidated companies of the Group according to the nature of business is as the follows:
Construction Energy
Natural Gas
Distribution
Port
Administration Mining
Plaster
Production
Dockyard &
Shipbuilding
Chemical
Fertilizer and
Seed Import Other Eliminations Total
Total assets 675,608,129 347,800,413 215,382,856 29,160,762 29,584,243 14,699,576 84,532,508 9,467,891 339,725 (230,534,389) 1,176,041,714
Total liabilities 675,608,129 347,800,413 215,382,856 29,160,762 29,584,243 14,699,576 84,532,508 9,467,891 339,725 (230,534,389) 1,176,041,714
Net sales 706,722,222 53,211,330 364,760,942 10,727,478 1,828,974 11,180,485 416,298 1,941,395 1,014,805 (87,142,711) 1,064,661,218
Cost of sales (654,805,335) (15,655,275) (348,693,800) (6,375,130) (693,383) (7,088,321) (554,169) (1,749,802) (1,075,243) 99,225,300 (937,465,158)
Gross Profit 51,916,887 37,556,055 16,067,142 4,352,348 1,135,591 4,092,164 (137,871) 191,593 (60,438) 12,082,589 127,196,060
Operating
expenses (6,512,291) (977,190) (13,115,122) (2,119,140) (2,543,890) (4,304,279) (2,323,200) (69,582) (4,531) - - (31,969,225)
Other income /
(expenses), net 19,531,584 69,184 3,877,300 145,565 3,806 40,360 1,011,548 (6,600) 2,076 (12,025,223) 12,649,600
Financing income
/ (expenses), net 1,655,446 (8,109,126) (3,809,046) (493,314) (1,647,260) 923,441 311,185 (122,549) (7,986) - - (11,299,209)
Profit Before Tax 66,591,626 28,538,923 3,020,274 1,885,459 (3,051,753) 751,686 (1,138,338) (7,138) (70,879) 57,366 96,577,226

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
5. Cash and Cash Equivalents
As of 31 December 2011, 2010 and 2009 details of cash and cash equivalents were as follows:
31.12.2011 31.12.2010 31.12.2009
Cash 3,017,845 2,401,840 2,548,395
Banks (*)
- Demand deposits 127,060,283 21,652,341 50,637,470
- Time deposits 157,552,199 189,479,084 40,944,994
- Blocked deposits 12,099,441 5,156,848 5,654,669
Repurchase accounts (repo) at banks 1,362,726 718,189 451,192
Other liquid assets 1,230,968 479,960 16,784
(*) 31.12.2011, the foreign currency breakdown of bank accounts is as follows:
302,323,462 219,888,262 100,253,504
Demand deposits:
- TL 100,204,834 18,330,699 32,707,028
- USD 13,957,947 1,934,092 8,665,913
- EUR 12,674,308 1,306,921 9,095,374
- GBP 72,100 38,496 62,876
- CHF 15,488 12,690 11,188
- JPY 68,568 29,443 9,067
- NOK 67,038 - - - -
- LD - - - - 86,024
Time deposits:
- TL 102,824,040 135,550,000 37,154,996
- USD 30,996,849 29,667,740 1,353,624
- EUR 23,731,310 24,261,344 2,436,374
Blocked deposits:
- TL 7,627,287 1,640,593 656,282
- USD - - - - 1,129,275
- EUR 4,472,154 3,516,255 3,869,112
296,711,923 216,288,273 97,237,133
As of 31.12.2011, EUR 1,830,000 (TL 4,472,154) of bank deposits of Akköy and TL 3,026,504 of bank deposits of İzmirgaz were blocked
in remuneration for project financing. EUR blocked deposits in banks were transacted as time deposits at the same time. The terms of
the blocked deposits varied between 20 and 90 days.
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Average effective interest rates on the time deposits at the balance sheet date were as follows:
Effective interest rate
(31.12.2011)
TL % 9.70
USD % 1.17
EUR % 1.46
As of 31.12.2011, the terms of the time deposits varied between 1 and 95 days.
6. Trade Receivables
As of 31 December 2011, 2010 and 2009 trade receivables were as follows:
Kolin Group of Companies 2011 / Annual Report 143
31.12.2011 31.12.2010 31.12.2009
Short term trade receivables:
Current accounts 156,623,224 39,753,749 82,890,016
Natural gas customers (*) 77,700,091 40,056,494 35,827,995
Energy sales receivables (**) 1,599,557 1,436,915 15,827,131
Trade receivables from related parties (note 8) 23,562,673 1,970,043 1,686,643
Notes receivable 24,457,988 9,769,556 3,692,364
Unearned interests from notes receivable (-) (481,890) (98,585) (54,661)
Deposits and guarantees given 651,348 210,649 212,635
Doubtful receivables 15,072,483 14,573,756 7,927,194
Provision for doubtful receivables (-) (15,072,483) (14,573,756) (7,927,194)
284,112,991 93,098,821 140,082,123
Long term trade receivables:
Receivables from TEİAŞ (***) 611,350 719,533 456,580
Deposits and guarantees given 311,171 728,987 930,562
922,521 1,448,520 1,387,142
285,035,512 94,547,341 141,469,265
(*) Trade receivables arising from the Group Companies Esgaz and İzmirgaz’s gas sales are booked on the basis of information received
from Subscriber Information Management System (“ABYS”). Trade receivable accounts kept in the Esgaz and İzmirgaz’s accounting
department and lists prepared by ABYS do not have any differences.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
(**) Akköy I HEPP started energy production in September 2008. The Company sold all of its annual production to TEİAŞ in 2009,
in 2011 79% of total production was sold to TEİAŞ and the rest of the production was sold to Kolin Group Companies. During
2011; TL 3,011,156 (During 2010 TL 4,012,094) sales to Kolin Group Companies was eliminated at the consolidation stage.
(***) In accordance with an agreement signed on 18.05.2007 with the Electricity Market Regulatory Authority, the company sold
energy transfer lines to TEİAŞ at a value of TL 322,507 in 2010 and 214,324 TL in 2011. This receivable will be offset from
the future sales of Akköy II to TEİAŞ.
Maturity breakdown of post dated checks and notes receivables were as follows:
31.12.2011 31.12.2010 31.12.2009
Up to 3 months 16,625,367 7,667,065 2,677,683
Between 3 months and 6 months 5,372,969 1,690,985 714,681
6 months and more 2,459,652 411,506 300,000
7. Cost of Uncompleted Project
As of 31 December 2011, 2010 and 2009 construction costs were as follows:
24,457,988 9,769,556 3,692,364
Sefine Denizcilik ship constructing projects - - 27,699,837 - -
- - 27,699,837 - -
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
8. Related Party Disclosures
Kolin Group of Companies 2011 / Annual Report 145
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other
party in making the financial and operating decisions. The Group is controlled jointly by Kolin Group and by the major shareholders
(Koloğlu family), which jointly own 100% (2009: 100%; 2008: 100%) of ordinary shares. For the purpose of these financial statements
shareholders are referred to as related parties. Related parties also include individuals that are principle owners, management and
members of the Group’s Board of Directors and their families. In the course of conducting its business, the Group conducted various
business transactions with related parties on commercial terms.
Trade receivables from shareholders and related parties are as follows:
31.12.2011 31.12.2010 31.12.2009
Geomed Müş. Etüd Den. ve Tic. A.Ş. 1,032 1,265,416 1,225,384
Turkol Turizm Sanayi ve Ticaret A.Ş. (Tuzla Hotel Construction 21,918,733 341,258 - -
Kolsan İnşaat Otomotiv San. ve Tic. A.Ş. 865,675 99,825 84,041
Parkfora Ankara Turz. San. Tic. Ltd. Şti. 79,591 82,604 78,472
Ka Sigorta Aracılık Hizm. Ltd. Şti. 406,172 56,882 - -
Elazığ Dış Ticaret 69,161 49,024 202,322
Kappa-Prebeton-Şimal İş Ortaklığı - - 33,039 - -
Köşem Taah. Tic. Gıda Turz. Ltd. Şti. 97,782 23,933 33,774
Murtezaoğlu İnşaat San. ve Tic. A.Ş. 825 8,669 3,312
Koltek Müşavirlik A.Ş. 99,918 5,854 6,626
Armin Elektrik İnşaat San. Tic. A.Ş. 1,460 563 45,988
Kolpaş Otomotiv Paz. San. ve Tic. A.Ş. 1,168 425 878
Gazbil İlet. Tek. San. Tic. Ltd. Şti. 384 354 4,469
Çamlıbel Elektrik Dağıtım A.Ş. - - 231 - -
Cengiz-Limak-Mapa-Kolin İş Ortaklığı - - - - 669
Kolen Elektrik Enerjisi Üretim ve Tic. A.Ş. 7,891 - - - -
Kobin İnşaat Sanayi ve Ticaret A.Ş. - - - - 708
Hidrogen Enerji İthalat İhracat ve Dağ. A.Ş. 7,218 - - - -
Other 5,663 1,966 - -
23,562,673 1,970,043 1,686,643

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Non-trade receivables from shareholders and related parties were as follows:
31.12.2011 31.12.2010 31.12.2009
Kappa-Prebeton-Şimal İş Ortaklığı - - 664,254 220,000
Yavuz Bengü 23,000 165,890 - -
Koltek Müşavirlik A.Ş. - - 36,361 - -
Mürsel Genç - - 4,072 8,425
Raif Bingöl - - 1,610 - -
Ka Sigorta Aracılık Hizm. Ltd. Şti. 9,137 798 - -
İnkol İnşaat Enerji Sanayi A.Ş. - - - - 10,311
Ünal Boztunalı - - - - 65,980
Naci Koloğlu - - - - 400
İsmail Önal 181,664 - - - -
Çetin Seven - - - - 24,254
Saniye Çakır - - - - 254,245
Ziya Alp Gülan - - - - 254,245
213,801 872,985 837,860
Non-trade receivables from related parties (long term): 31.12.2011 31.12.2010 31.12.2009
Mireks Mir-Eksper Döküm Çelik
Kimya Gübre İml. İşl. (Iron Steel R&D activities) 19,267,437 - - - -
Trade payables to related parties and shareholders were as follows:
19,267,437 - - - -
Kolsan Otomotiv İnşaat A.Ş. 217,764 840,536 2,595,834
Kolpaş Otomotiv Paz. San. ve Tic. A.Ş. 232,275 326,240 107,652
Koltek Müşavirlik Proje A.Ş. 4,590 191,963 153,894
Armin Elk. İnşaat Sanayi ve Ticaret A.Ş. 721,154 2,131,410 213,808
Limak-Kolin İş Ortaklığı - - - - 105,669
Akkol Madencilik Sanayi ve Ticaret A.Ş. 292,841 - - - -
Akkol Hazır Yemek San. Tic. A.Ş. 285,930 625,782 92,689
Ka Sigorta Aracılık Hiz. Ltd. Şti. 31,711 124,170 12,975
Gazbil İlt. Tek. San. ve Tic. Ltd. Şti. 331,982 101,153 69,674
Köşem Taah. Tic. Gıda Turz. Ltd. Şti. 2,043 480 763
Park Fora Ankara Turz. San.ve Tic.Ltd.Şti. 652 - - - -
Geomed Geoteknik Müş. Den. Tic. A.Ş. 1,857,035 - - - -
Murtezaoğlu İnşaat San.ve Tic.A.Ş. 389 - - - -
Çamlıbel Elektrik Dağıtım A.Ş. 12,660 - - - -
Uludağ Elektrik Dağıtım A.Ş. 16,968 - - - -
4,007,994 4,341,734 3,352,958
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Non-trade payables to related parties and shareholders were as follows:
Kolin Group of Companies 2011 / Annual Report 147
31.12.2011 31.12.2010 31.12.2009
Kamil Önal 600,000 600,000 - -
İsmail Önal 400,000 400,000 - -
Diğer ilişkili kuruluşlara borçlar 30,051 85,404 110,922
Celal Koloğlu 607,200 51,000 48,500
V. Akın Koloğlu 5,600 20,900 18,150
Naci Koloğlu 5,600 20,400 17,650
Ali Arif Aktürk 9,535 9,305 - -
Mürsel Genç 7,000 - -
Mehmet Birol Ensari 3,100 2,850 - -
Köşem Taah. Tic. Gıda Turz. Ltd. Şti. 1,000 - - - -
Diperlit Madencilik Ltd. Şti. - - - - 52,488
Ziya Alp Gülan - - - - 3,277,337
Saniye Çakır - - - - 2,327,926
Türkerler İnşaat Turizm A.Ş. - - - - 1,200,000
9. Inventories
As of 31 December 2011, 2010 and 2009 inventories were as follows:
1,662,086 1,196,859 7,052,973
Materials 14,107,668 2,887,424 1,808,516
Finished goods 61,135 100,799 145,041
Merchandises (*) 50,551,200 20,791,401 7,620,440
Other inventory 10,107,480 2,400,929 1,254,979
Advances given 9,076,444 594,166 115,454
83,903,927 26,774,719 10,944,430
(*) As of 31.12.2011, TL 48,529,427 of merchandises are comprised of the fertilizer stocks of Koltar Tarım İthalat İhracat ve Ticaret A.Ş.
Koltar Tarım was established in 2009 for fertilizer export and was included in consolidation for the first time in 2009.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
10. Other Assets
As of 31 December 2011, 2010 and 2009 other assets were as follows:
31.12.2011 31.12.2010 31.12.2009
Other current assets:
Due from shareholders and related parties 213,801 872,985 837,860
(note 8) 4,389,200 1,238,571 1,817,878
Prepaid expenses 85,837 40,244 104,904
Income accruals on bank accounts 23,586,193 40,971,083 9,041,835
Prepaid taxes (*) 27,489,906 789,787 1,608,010
Advances given - - - - 11,319,726
Overseas construction works 8,792,037 4,495,911 1,715,048
Receivable from the tax office 93,985,497 67,932,179 41,836,590
VAT carried forward (**) 3,346,005 198,342 189,405
Other 189,405 2,809,089 805,458
Other long term assets:
161,888,476 116,539,102 68,471,256
Prepaid taxes (***) 65,513,762 39,311,036 25,623,926
Other long term assets 1,409,263 - - 320,371
Due from related parties (note 8) 19,267,437 - - - -
86,190,462 39,311,036 25,944,297
(*) According to Turkish Tax Laws Group must make advance payments of corporation tax. Prepaid taxes are computed on the quarterly
taxable profits reported at the rate of 20% (2010: 20%; 2009: %20). This prepaid corporation tax can be recovered by deduction from
future corporation tax liabilities. Recovery by deduction from other taxes is also possible.
As of 31.12.2011, prepaid taxes comprised of witholding taxes of Harran Plain Irrigation Main Canal Project (Aykotek J.V.) of TL 259,140
Yerköy, Yozgat, Sivas Railway Infrastructure Cons. (Cengiz - Limak - Mapa - Kolin J.V.) of TL 12,728 and other construction projects of
TL 12,520,833.
(**) As of 31.12.2011, VAT carried forward composed of balances of Akköy Enerji of TL 61,545,568, and İzmirgaz of TL 17,188,140.
VAT carried forward will be deducted from VAT payable of the future sales of the Company.
(***) According to Article 94 of the Income Tax Law, for construction and repair works extending over one calendar year performed
by persons or legal entities, both work advances and progress invoice amounts paid to those performing the work such as contractors,
subcontractors, are subject to withholding tax at rate of 3%.
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
11. Invetsments and Joint Ventures
As of 31 December 2011, 2010 and 2009 investments and joint ventures are as follows:
Investments:
Kolin Group of Companies 2011 / Annual Report 149
Participation
Percentage (%) 31.12.2011 31.12.2010 31.12.2009
Uluğ Enerji Dağıtım ve Parekende Satış Hizmetleri A.Ş. 33.27 7,103,435 7,103,435 - -
Çamlı Enerji Dağıtım ve Parekende Satış Hizmetleri A.Ş. 33.33 3,765,382 3,765,382 - -
Ti Ro Ro Denizcilik Sanayi ve Tic. A.Ş. 3.00 172,000 172,000 172,000
Kiplasma End. Atık Entegre San. Tic. A.Ş. 0.90 90,000 90,000 90,000
Akkol Hazır Yemek San. Tic. A.Ş. 35.00 160,000 60,000 60,000
Elazığ Dış Ticaret - - - - - - 30,000
Eno Enerji Ort. Toptan Elek. Sat. A.Ş. 30.83 92,500 - - - -
Server Enerji Üretim ve Ticaret A.Ş. 45 27,000 - - - -
KLG LLC (LTD) Georgia 50 1,242,863 - - - -
Kobin İnşaat Sanayi ve Ticaret A.Ş. 50 4,000 - - - -
Akkol Park A.Ş. 1 1,000 - - - -
Zealand Maxima B.V. 25 1,002,689 - - - -
Zealand Amalia B.V. 25 1,002,689 - - - -
Uludağ Elektrik A.Ş. (*) 1 - - - -
Çamlıbel Elektrik A.Ş. (*) 3 - - - -
Joint Ventures (**):
14,663,562 11,190,817 352,000
Aykotek Joint Venture 50 - - 26,941,811 26,941,811
Limak-Kolin Joint Venture - - - - - - 1,239,111
Limak-Kolin Joint Venture 50 - - 6,664,215 19,638,059
Kolin-Ceylan-Güneş Joint Venture 50 - - 690,989 690,989
Cengiz-Limak-Mapa-Kolin Joint Venture 20 - - 1,990 1,990
Epik-Kolin Joint Venture 50 - - 542 542
Kappa-Prebeton-Şimal Joint Venture 50 - - 5,000 5,000
- - 34,304,547 48,517,502
14,663,562 45,495,364 48,869,502
(*) Companies that have less than 0.1% of participation ratio.
(**)As of and for the year ended 31.12.2011 assets, liabilities and income and expenses arising from the joint venture operations are included
in the accompanying financial statements by way of proportionate consolidation. Prior to 01.01.2011 income and expenses arising
from the joint venture operations were included in income statements in sales and cost of sales by their gross amounts

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Uluğ Enerji Dağıtım ve Perakende Satış Hizmetleri A.Ş. ve Çamlı Enerji Dağıtım ve Perakende Satış Hizmetleri A.Ş.: Uluğ Enerji Dağıtım
ve Perakende Satış Hizmetleri A.Ş. and Çamlı Enerji Dağıtım ve Perakende Satış Hizmetleri A.Ş.: As explained in note 1, Uluğ and Çamlı are established
to purchase government shares of UEDAŞ and ÇEDAŞ and transfer of shares ended with Share Sale Agreement signed on 31 August
2010. IFRS 3 “Business Combinations” requires that goodwill is recognized by the acquirer as an asset from the acquisition date and is initially
measured as the excess of the cost of the business combination over the acquirer’s share of the net fair values of the acquirer’s identifiable
assets, liabilities and contingent liabilities less any impairment. Accordingly as of 31.12.2011 and 2010 amount between acquisition cost of the
business and acquirer’s identifiable assets, liabilities and contingent liabilities less any impairment of UEDAŞ and ÇEDAŞ are accounted as goodwill
(note 13).
Kiplasma Endüstriyel Atık Entegre Bertaraf Sanayi ve Ticaret A.Ş.: The company was established in 2007 with joint venture of several industrial
producers. The company will establish an industrial waste disposal facility in Gebze Gebkim industrial zone on a 50,000 square meters
land.
Akkol Hazır Yemek Sanayi ve Ticaret A.Ş.: The company was established in 2007 to engage in packaged food. As of 31.12.2011, the total
assets and net loss were TL 5,321,700 and TL (98,308) according to its statutory records, respectively.
The Group has joint ventures formed with a number of local entities for the purpose of carrying out diverse projects. These joint ventures ventures
are established for a specific purpose and duration. Interest in joint ventures has been accounted for on the proportionate consolidation
method. The joint ventures were set up as follows:
Aykotek Joint Venture: This joint venture was established in 1997 to carry out the Harran Plain Irrigation Main Canal Project. After the final acceptance
the project was completed 2011.
Limak - Kolin Joint Venture: This joint venture was established in, 1999 in order to construct Ankara Pozantı Motorway Eminlik Çiftehan Section
and Gaziantep Şanlıurfa Highway with 33% share. In 2009 Kolin İnşaat’s share was raised to %50.
Kolin – Ceylan - Güneş Joint Venture: This joint venture was established in 2006 in order to carry out Kemerhisar Gölcük Niğde highway and
Kemerhisar Pozantı Highway Construction projects, where the company has 50% of shares.
Cengiz - Limak - Mapa - Kolin Joint Venture: This joint venture was established for the construction of Ankara Sivas Railway Project in 2008.
Epik - Kolin Joint Venture: This joint venture was established in 2009 to construct Serbia Belgrade American Embassy. This joint venture
started to operate in 2010.
Kolin – Kalyon Joint Venture:
This joint venture was established in 2011 for D-100 İstanbul Ankara Public Road (Gebze West Junction) , Superstructure construction and land
work, art work and construction work for the Bridge Construction.
Limak - Kolin Joint Venture (Kahramanmaraş): This joint venture was established in 2011 for Kahramanmaraş Göksun 6. Region Construction.
Limak - Kolin Joint Venture (Çandarlı): Established in 2011 for Çandarlı Port Construction.
Yöntaş - Kolin Joint Venture: Established in 2011 for Hotamış Storage Construction.
Salini – Kolin - GCF Joint Venture: Established 2011 for Ankara-İstanbul High Speed Train Line Gebze Köseköy Segment Construction and
rehabilitiation.
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
12. Property, Plant and Equipment
As of 31 December 2011 property, plant and equipment and intangible assets were as follows:
Kolin Group of Companies 2011 / Annual Report 151
31.12.2010 Girişler Çıkışlar Transfer 31.12.2011
Land 24,566,901 2,073,555 (3,485,887) - - 23,154,569
Land improvements (*) 373,189,913 5,550,277 - - 52,307,023 431,047,213
Buildings 68,911,880 6,324,546 (1,228,716) 7,222,733 81,230,443
Çanakkale Hotel building (**) 25,980,711 - - - - - - 25,980,711
Machinery and equipment (***) 238,648,866 91,762,449 (3,823,667) 1,973,908 328,561,556
Vehicles 5,877,664 4,730,320 (319,478) - - 10,288,506
Furniture and fixtures 42,346,107 15,432,131 (236,911) 478,560 58,019,887
Hekimhan iron operating license 30,192,144 - - - - - - 30,192,144
Construction in progress (****) 403,493,820 342,565,307 (35,551,036) (57,035,904) 653,472,187
Leasehold improvements 14,140,180 859,368 (115) - - 14,999,433
Advances given (****) 12,596,929 68,365,305 (6,804,655) (4,946,320) 69,211,259
1,239,945,115 537,663,258 (51,450,465) - - 1,726,157,908
Accumulated depreciation (-) (262,991,324) (97,783,048) 3,336,277 - - (357,438,095)
Net book value 976,953,791 1,368,719,813

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
As of 31 December 2010 property, plant and equipment and intangible assets were as follows:
31.12.2009
Albe Enerji İnkol
İnşaat and Etki
Liman Opening Additions Disposals Transfer 31.12.2010
Land 17,633,256 -- 13,314,813 -- (6,381,168) 24,566,901
Land improvements (*) 291,789,223 -- 5,024,429 -- 76,376,261 373,189,913
Buildings 67,836,968 -- 318,807 (73,648) 829,753 68,911,880
Çanakkale Hotel building (**) 25,980,711 25,980,711
Machinery and equipment (***) 232,454,581 -- 28,628,723 (22,434,438) -- 238,648,866
Vehicles 2,830,823 -- 3,311,575 (296,736) 32,002 5,877,664
Furniture and fixtures 39,302,406 6,624 8,318,714 (5,377,779) 96,142 42,346,107
Hekimhan iron operating license 30,192,144 -- -- -- -- 30,192,144
Construction in progress (****) 182,842,078 5,997,118 305,450,190 (29,288,137) (61,507,429) 403,493,820
Leasehold improvements 13,468,068 -- 723,158 (51,046) -- 14,140,180
Advances given (****) 20,943,786 219,815 21,094,901 (20,216,012) (9,445,561) 12,596,929
925,274,044 6,223,557 386,185,310 (77,737,796) -- 1,239,945,115
Accumulated depreciation (-) (207,534,372) (1,329) (66,577,465) 11,121,842 -- (262,991,324)
Net book value 717,739,672 976,953,791
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
As of 31 December 2009 property, plant and equipment and intangible assets were as follows:
31.12.2008
Kolin Group of Companies 2011 / Annual Report 153
Atlas Makina and
Sefine Denizcilik
Opening Additions Disposals Transfer 31.12.2009
Land 15,342,383 715,560 382,338 (60,000) 1,252,975 17,633,256
Land improvements 258,160,745 16,690,052 18,364,380 (753,227) (672,727) 291,789,223
Buildings 67,821,144 16,330 1,361,792 (109,323) (1,252,975) 67,836,968
Çanakkale Hotel building 25,980,711 - - - - - - - - 25,980,711
Machinery and equipment 203,542,970 6,200,447 25,861,749 (3,846,786) 696,201 232,454,581
Vehicles 2,050,549 216,015 946,161 (381,902) - - 2,830,823
Furniture and fixtures 34,964,168 143,890 5,118,031 (900,209) (23,474) 39,302,406
Hekimhan iron operating license 30,192,144 - - - - - - - - 30,192,144
Construction in progress 35,788,286 24,937,128 108,828,134 - - 13,288,530 182,842,078
Leasehold improvements 13,272,886 13,181 182,001 - - - - 13,468,068
Advances given 11,578,901 11,161,843 11,491,572 - - (13,288,530) 20,943,786
698,694,887 60,094,446 172,536,158 (6,051,447) - - 925,274,044
Accumulated depreciation (-) (151,845,326) (1,446,469) (56,091,232) 1,848,655 - - (207,534,372)
Net book value 546,849,561 717,739,672

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
(*) Land improvements are mainly related to natural gas distribution investments of İzmirgaz and Esgaz and tunnel and road investments
for Akköy’s hydroelectric power plant.
(**) Çanakkale Kolin Hotel is constructed over the leasehold property under a 49 year lease over a period between 2001 and 2050. Kolin
Hotel was constructed as a 5 star hotel with 276 rooms and 600 bed capacity. Kolin Hotel is managed and operated by Kolin İnşaat.
(***) The Group purchased TL 91,762,449 amount of machinery and equipment in 2011 to renew its equipments being used in construction
projects inside and outside Turkey.
As of 31.12.2011, Group’s construction in progress have been insured for TL 1,735,806,909.
As of 31 December 2011 and 2010, details of construction in progress and advances given are as follows:
Construction in progress 31.12.2011 31.12.2010
Akköy II Hydroelectric Power plant (Akköy Enerji) 606,716,761 344,562,326
Ship and Dockyard Construction (Sefine Denizcilik) 2,862,968 37,428,278
Horasan Street Headquarters (Kolin İnşaat) 22,819,935 10,243,221
Berat HEPP and Yaprak HEPP (Albe Enerji) 12,663,894 4,771,884
LNG Import and Gasification Terminal (Etki Liman) 2,681,869 2,540,499
Plaster Factory Investments (Arslanlı Alçı) - - 1,891,201
Junction Line Management Project (Hekimhan) 1,599,085 1,599,085
Iron Factory Investment (Hekimhan Demir Celik) 3,859,945 - -
Other 267,730 457,326
Advances given
653,472,187 403,493,820
Akköy II Hydroelectric Power plant (Akköy Enerji) 735,954 5,682,274
Ship and Dockyard Construction (Sefine Denizcilik) - - 6,800,734
Ankara Potable Water 2. Phase Project (Kolin İnşaat) (*) 68,365,305 - -
Other 110,000 113,921
69,211,259 12,596,929
(*) This advance is given to purchase tunneling machine which is for Ankara Potable Water 2. Phase Project Gerede System Construction.
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Kolin Group of Companies 2011 / Annual Report 155
The depreciation and amortization charges and insurance amounts of property, plant and equipment of the Group as of 31 December
2011, 2010 and 2009 are as follows:
31.12.2011 31.12.2010 31.12.2009
Amortization and depreciatation charges:
Cost of sales 88,716,399 56,398,474 49,122,300
Marketing expenses - - 515,191 408,240
General administrative expenses 9,066,649 9,663,800 6,560,692
97,783,048 66,577,465 56,091,232
Insurance amounts:
Buildings 241,987,698 219,014,129 133,311,478
Vehicles and trucks 570,457,884 349,095,514 168,365,702
Furniture and fixtures 19,015,663 13,701,938 6,428,787
831,461,245 581,811,581 308,105,967
Akköy Enerji A.Ş. has delivered mortgages on current right of construction, future right of construction and right of construction within
the context of mortgage contract amounting EUR 355,000,000 and USD 65,000,000.
13. Goodwill
As of 31.12.2011 goodwill is computed as follows:
Equity
Participation
Percentage
Share of
Kolin
Cost of
Purchase Goodwill
Esgaz 4,007,908 81.00% 3,246,405 55,743,976 52,497,571
İzmirgaz 35,052,542 49.97% 17,515,755 20,731,551 3,215,796
Arslanlı Alçı 12,474,496 87.52% 10,917,679 12,700,835 1,783,156
Truva 26,998 96.00% 25,918 48,518 22,600
Sefine Denizcilik 27,840,634 49.70% 13,836,795 18,036,795 4,200,000
Dikili Liman 5,168,826 71.99% 3,721,038 4,369,038 648,000
Albe Enerji 5,000,000 96.00% 4,800,000 5,217,720 417,720
Uluğ Enerji 21,310,306 33.27% 7,103,435 23,661,665 16,558,230
Çamlı Enerji 11,296,147 33.33% 3,765,382 6,666,667 2,901,285
82,244,358
IFRS 3 (“Business Combinations”) became applicable to business combinations agreed to on or after 31.03.2004. IFRS 3 requires
that goodwill is recognized by the acquirer as an asset from the acquisition date and is initially measured as the excess of the cost of
the business combination over the acquirer’s share of the net fair values of the acquirer’s identifiable assets, liabilities and contingent
liabilities less any impairment

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
14. Trade Payables
As of 31 December 2011, 2010 and 2009 trade payables were as follows:
31.12.2011 31.12.2010 31.12.2009
Trade payables 306,899,944 201,409,480 94,542,360
Trade payables to related parties (note 8) 4,007,994 4,341,734 3,352,958
Notes payable 12,688,868 1,598,989 605,379
Deposits and guarantees given 6,810,187 404,650 277,281
330,406,993 207,754,853 98,777,978
Kolin Group Company Esgaz, has purchased gas from Botaş since its establishment. The Company has signed a gas sale agreement with
Botaş on 01.02.2011. According to this agreement, Esgaz has purchased 349,343,918 m 3 of gas from Botaş in 2011.
TL 47,669,269 (2010: TL 4,800,889; 2009: TL 50,504,543) of trade payables consists of the liabilities to Botaş. In January 2012, liability
to Botaş has been paid.
15. Other Payables and Expense Accruals
As of 31 December 2011, 2010 and 2009 other payables and accrued expenses were as follows:
Taxes payable 27,680,099 25,217,322 17,187,268
Libya Projects loss provision (*) 6,329,817 6,329,817 - -
Due to personnel 6,721,922 3,971,875 3,112,127
Advances received (**) 73,027,653 3,571,662 1,773,819
Social security premiums payable 5,526,181 1,806,174 1,434,533
Due to shareholders and related parties (note 8) 1,662,086 1,196,859 7,052,973
Rent income accruals 1,315,188 799,634 538,078
EMRA lawsuit and provision for expenses (Esgaz) 160,638 160,775 162,430
Other 2,674,416 949,113 559,134
125,098,000 44,003,231 31,820,362
(*) Kolin İnşaat has construction projects in Libya. Kolin İnşaat has followed the chaos occured in Libya since the beginning and decided
to evacuate its personnel because of the compelling reasons. Kolin İnşaat will continue its construction activities when the working
conditions are restored to normal in Libya. As of 31.12.2011 and 31.12.2010, provisions for Libya Projects are included in the accompanying
financial statements.
(**) The amount of advances received is mainly consists from construction project’s of Kolin İnşaat (56.3 million) and shipbuilding projects
of Sefine Denizcilik (14.8 million).
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
16. Taxation on Income
Kolin Group of Companies 2011 / Annual Report 157
The Group is subject to Turkish corporate taxes. Tax legislation in Turkey does not permit a parent company and its subsidiary to file a
consolidated tax return. Therefore, provisions for taxes as reflected in the accompanying consolidated financial statements are calculated
on a separate-entity basis.
The corporation tax rate on the profits for the calendar year 2011 is 20% (2010: 20%, 2009: 20%). Taxable profits are calculated by addition
of tax disallowed expenses to and deduction of tax exemptions (investment income exemption) and deductions (investment incentive
deductions) from the profit disclosed in the statutory income. No other taxes are paid unless profits are distributed.
Advance (prepaid) corporation taxes are payable on quarterly profits at the rate of 20% (2010: 20%, 2009: 20%). Such taxes after deduction
of the taxes prepaid quarterly must be declared by the 14th of the second month following any tax period and paid by the 17th.
Advance corporation tax may be offset against others debts to the government.
Dividends paid to non-resident corporations which have a place of business in Turkey or resident corporations are not subject to withholding
tax. Otherwise, dividends paid are subject to withholding tax at the rate of 15%. An increase in capital via issuing bonus shares
is not considered as a profit distribution and thus does not incur withholding tax.
Tax losses that are reported in the Corporation Tax return can be carried forward and deducted from the corporation tax base for a maximum
of five consecutive years.
In Turkey, there is no procedure for a final and definitive agreement on tax assessments. Companies file their tax returns within the 25th
of the fourth month following the close of the related financial year. Tax returns are open for five years from the beginning of the year
that follows the date of filing during which time the tax authorities have the right to audit tax returns, and the related accounting records
on which they are based, and may issue re-assessments based on their findings.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
The tax liabilities included in the accompanying financial statements comprised of the following:
Balance Sheet:
31.12.2011 31.12.2010 31.12.2009
Current period corporation tax provision 23,433,092 42,220,098 10,223,319
Balance sheet tax provision 23,433,092 42,220,098 10,223,319
Deferred tax asset 86,190,462 3,352,884 2,070,346
Deferred tax liabilities (37,081,352) (48,953,084) (39,788,140)
Income Statement:
Current period corporation tax provision (23,433,094) (42,220,098) (10,223,319)
Deferred tax asset / (liability) 13,783,333 (7,882,406) (8,865,318)
(9,649,761) (50,102,504) (19,088,637)
Deferred tax
The Group recognizes deferred tax assets and liabilities based upon the temporary differences between its financial statements as reported
in accordance with IFRS and its statutory tax financial statements. These differences usually result in the recognition of revenue
and expenses in different reporting periods for IFRS and tax purposes.
Tax rates used for deferred tax assets and liabilities calculated on temporary differences that are expected to be realized or settled based
on the taxable income in coming years under the liability method is 10% (2010: 20%; 2009: 20%). The tax rate of 10% for 2011 is estimated
as effective tax rate for the coming years.
The breakdown of cumulative temporary differences and the resulting deferred tax assets / (liabilities) are as follows:
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
As of 31.12.2011, 2010 and 2009 deferred taxes were as follows:
Cumulative
temporary
difference
Kolin Group of Companies 2011 / Annual Report 159
31.12.2011 31.12.2010 31.12.2009
Deferred
tax assets /
(liabilities)
Cumulative
temporary
difference
Deferred
tax assets /
(liabilities)
Cumulative
temporary
difference
Deferred
tax assets /
(liabilities)
Retirement pay provision 6,421,269 1,284,259 5,603,981 1,120,805 3,507,779 701,556
Allowances for doubtful receivables 2,318,591 463,720 2,538,470 507,695 2,033,188 406,639
Interest accruals
Unearned interest on notes
14,737,657 2,947,532 7,885,465 1,577,093 3,664,751 732,952
receivable,net 477,219 95,443 90,162 18,034 54,661 10,934
Foreign exchange loss 2,357,056 471,411 - - - - 435,789 87,158
Written off other receivables 10,605 2,121 646,282 129,257 655,532 131,107
Deferred tax asset 5,264,486 3,352,884 2,070,346
Unearned interest on notes
receivable,net 798,295 159,661 - - - - - - - -
Progress billings accounted for based
on percentage of completion method 183,094,868 36,618,972 260,979,235 42,647,876 205,431,341 29,787,544
Participating interest in joint venture
operations - - - - 31,458,022 6,291,604 45,670,977 9,134,196
Income accruals 1,499,986 299,999 41,757 8,350 4,321,357 864,272
Interest expense accruals 13,595 2,720 26,271 5,254 10,633 2,128
Deferred tax liability 37,081,352 48,953,084 39,788,140
Deferred tax asset / (liability), net (31,816,866) (45,600,200) (37,717,794)

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
17. Reserve for Employee Termination Benefits
In accordance with existing social legislation in Turkey, the Group incorporated in Turkey are required to make lump-sum termination
indemnities to each employee who has completed one year of service with the Group, and whose employment is terminated due to
retirement or for reasons other than resignation or misconduct.
In Turkey, such payments are calculated on the basis of 30 days’ pay (limited to a maximum of TL 2,731.85 (31.12.2010: TL 2,517;
31.12.2009: TL 2,365) per year of employment at the rate of pay applicable at the date of retirement or termination. Such payments
are not required to be funded. Therefore no fund is reserved for such payments in the accompanying financial statements.
In the accompanying financial statements as of 31.12.2011, 2010 and 2009 the Group reflected a liability for termination benefits
based upon factors derived using their experience of personnel terminating their services and being eligible to receive retirement pay
and discounted to present value at the balance sheet date by using average market yield, expected inflation rates and an appropriate
discount rate.
Reserves at balance sheet date was calculated with real discount ratio as approximately 4.66% on the assumption of annual 5.10%
inflation rate and 10% discount rate (31.12.2010: by order of 5%, 12% and 6.26%; 31.12.2009 by order of: 5%, 12% and 6.26%).
Projected ratio of unpaid severance amounts which will remain for the Group as a result of arbitrary severances has been considered
also.
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
18. Financial Liabilities
As of 31 December 2011, 2010 and 2009 financial liabilities were as follows:
Kolin Group of Companies 2011 / Annual Report 161
31.12.2011 31.12.2010 31.12.2009
Short term bank loans 18,261,903 5,797,467 21,149,890
Short term portion of long term borrowings 161,730,263 60,122,303 60,650,083
Short term financial leases 14,640,522 3,593,429 3,116,717
Interest expense accruals 25,163,523 7,885,465 3,664,751
Credit card debts 10,489
Total short term financial liabilities 219,806,700 77,398,664 88,581,441
Reclassified long term financial liabilities (*) 153,165,500
Long term financial liabilities 711,058,337 489,131,141 310,374,200
Long term financial leases 16,126,859 10,244,145 13,145,723
Total long term financial liabilities 323,519,923 287,473,082 186,115,267
Total financial liabilities 1,100,157,396 576,773,950 412,101,364
(*)These bank loans are basically obtained in connection with construction and contracting activities carried out under investment
incentive certificates and financing group companies projects. Based on agreements made with creditor banks (written or nor written)
the repayment of the loans will be made by discharge of progress billings realized over the investment periods and the projects financing
incomes. The maturity dates of the loans may be revised subject to extensions made in the investment completion periods according to
the status of the projects. Although in legal form reclassified bank loans are short term, they are, in economic substance revolving long
term loans. Accordingly they are classified under non-current borrowings.
In consideration of bank loand taken from banks;
- Kolin İnşaat has given surety ship for bank loans borrowed by Kolin Group companies as of 31.12.2011. Total amount of surety ship
given by Kolin İnşaat was TL 135,800,902, EUR 245,117,203, USD 462,519,826 and JPY 62,150,000.
-Akköy Enerji A.Ş. has delivered mortgages on current right of construction, future right of construction and right of construction within
the context of mortgage contract amounting EUR 355,000,000 and USD 65,000,000.
- The capital stocks which is owned trading partners in favor of the banks is put in pledge. Also, the receivables which will appear in
production time are alienated (provided that receiving approval of debtors).

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Short-term and long-term financial liabilities are summarized below:
Short term:
Average
Interest
Rate
Foreign Currency “TL” Amount
% 31.12.2011 31.12.2010 31.12.2009 31.12.2011 31.12.2010 31.12.2009
- TL bank loans 14.70 - - - - - - 10,434,095 2,704,776 14,607,590
- USD bank loans 4.87 62,782,862 33,078,704 36,185,229 118,590,548 51,139,677 54,484,100
- EUR bank loans 4.57 20,855,849 5,892,986 5,785,447 50,967,523 12,075,317 12,498,302
- JPY bank loans - - - - - - 12,880,689 - - - - 209,981
- TL financial lease liabilities - - - - - - - - - - 738,260 - -
- EUR financial lease liabilities - - 5,469,802 1,393,377 1,442,724 13,367,102 2,855,169 3,116,717
- USD financial lease liabilities - - 1,041,637 - - - - 1,967,549 - - - -
- Interest expense accruals - - - - - - - - 24,469,394 7,885,465 3,664,751
- Credit card debts - - - - - - - - 10,489 - - - -
Total Short Term 219,806,700 77,398,664 88,581,441
Long term:
- TL bank loans 14.70 - - - - - - 146,172,578 - - - -
- USD bank loans 4.87 77,778,480 107,430,128 99,586,450 146,915,771 166,086,978 149,947,318
- EUR bank loans 4.57 233,826,132 157,651,731 74,261,391 571,424,301 323,044,163 160,426,882
- TL financial lease liabilities - - - - - - - - - - 1,097,776 - -
- EUR financial lease liabilities - - 8,074,444 4,463,603 6,085,138 15,251,817 9,146,369 13,145,723
- USD financial lease liabilities - - 310,355 - - - - 586,229 - - - -
Total Long Term 880,350,696 499,375,286 323,519,923
1,100,157,396 576,773,950 412,101,364
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Repayment schedule of long-term and short-term financial liabilities as of 31.12.2011 were as follows:
Payable in 2012 219,806,700
Payable in 2013 369,930,789
Payable in 2014 156,648,676
Payable in 2015 117,979,568
Payable in 2016 110,059,185
Payable in 2017 106,553,936
Payable in 2018 8,646,410
Payable in 2019 8,646,409
Payable in 2020 1,885,723
Deposits and Guarantees Received
1,100,157,396
As of 31 December 2011, 2010 and 2009 deposits and guarantees received were as follows:
Kolin Group of Companies 2011 / Annual Report 163
31.12.2011 31.12.2010 31.12.2009
Deposits and guarantees received (*) 97,561,779 61,720,280 45,275,804
97,561,779 61,720,280 45,275,804
Deposits and guarantees received consists of the deposits received as security from registered consumers of the equity participations
Esgaz and İzmirgaz, which are included in the consolidated financial statements. Committee ruling adopted by EMRA, for intended use;
TL 287 (2010: TL 260; 2009: TL 246) is given for combi boiler, house and heater; TL 70 (2010: TL 51; 2009: TL 48) is given for burner or
flash heater from each registered consumer
20. Advances Received
31.12.2011 31.12.2010 31.12.2009
Long term advances received (*) 13,995,664 30,139,506 40,229,627
13,995,664 30,139,506 40,229,627
The amount is comprised of the advances received for construction of ships and dockyard which are followed in construction in progress
account by the group company Sefine Denizcilik A.Ş. which was included in consolidated for the first time in 2009..

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
21. Deferred Revenue on Uncompleted Projects
As of 31 December 2011, 2010 and 2009 deferred billings were as follows:
31.12.2010 31.12.2009
Sefine Denizcilik ship construction projects - - 23,262,312 - -
22. Commitments and Contingencies
- - 23,262,312 - -
a) As of report date based on the representation obtained from the Group’s legal counsel there are certain lawsuits opened on behalf of
the Group of TL 8,368,092 and against the Group of TL 10,103,249. TL 1,156,000 of the lawsuits opened against the Group consists
of the amounts of the suit opened against İzmirgaz for damages caused by the natural gas explosion. As of report date, the ultimate
outcome of these lawsuits cannot be determined.
b) As of 31.12.2011, letters of guarantee and other guarantees given by the Group to various institutions amounted to TL 319,850,833;
USD 230,832,571, EUR 37,782,517 and AZN 3,567,200.
c) Kolin İnşaat gave surety ship to the Group for its bank loans. As of 31.12.2011, total amount of surety ship was TL 135,800,902, EUR
245,117,203, USD 462,519,826 and JPY 62,150,000.
d) Akköy Enerji A.Ş. has delivered mortgages on current right of construction, future right of construction and right of construction
within the context of mortgage contract amounting EUR 355,000,000 and USD 65,000,000.
e) As of 31.12.2011, the Group’s open letter of credit amounted to USD 69,979,678
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
23. Share Capital
Kolin Group of Companies 2011 / Annual Report 165
As of 31.12.2011 the issued and paid-in share capital of the Company comprised of 200,000,000 shares of par value TL 0.1 (full) each.
31.12.2011 31.12.2010 31.12.2009
% Amount % Amount % Amount
Kolsan İnşaat Otomotiv Sanayi
Ticaret AŞ 32.86 6,572,000 32.86 6,572,000 32.86 6,572,000
Güzin Koloğlu 7.92 1,584,000 7.92 1,584,000 7.92 1,584,000
Veysi Akın Koloğlu 15.85 3,170,000 15.85 3,170,000 15.85 3,170,000
Mukadder Koloğlu 9.14 1,828,000 9.14 1,828,000 9.14 1,828,000
Celal Koloğlu 15.85 3,170,000 15.85 3,170,000 15.85 3,170,000
Naci Koloğlu 6.71 1,342,000 6.71 1,342,000 6.71 1,342,000
Necla Doğan 0.80 160,000 0.80 160,000 0.80 160,000
Tamer Doğan 0.80 160,000 0.80 160,000 0.80 160,000
Şebnem Doğan 0.80 160,000 0.80 160,000 0.80 160,000
Alper Doğan 0.80 160,000 0.80 160,000 0.80 160,000
Mustafa Kemal Koloğlu 1.63 326,000 1.63 326,000 1.63 326,000
Hayriye Deniz İstemi 3.42 684,000 3.42 684,000 3.42 684,000
Demet Moğolkoç 3.42 684,000 3.42 684,000 3.42 684,000
Nominal capital 100.00 20,000,000 100.00 20,000,000 100.00 20,000,000
Inflation adjustment effect 22,700,815 22,700,815 22,700,815
Share capital 42,700,815 42,700,815 42,700,815
24. General Reserves
General reserves comprise prior years’ undistributed income and legal reserves.
The legal reserves are appropriated in accordance with the Turkish Commercial Code. The first legal reserve is appropriated out of statutory
profits at the rate of 5% per annum, until the total reserve reaches 20 % of the paid-in share capital. The second legal reserve is
appropriated at the rate of 10% per annum of all cash distributions in excess of 5% of the paid-in share capital. The legal reserves are
not available for distribution unless they exceed 50% of the paid-in share capital but may be used to offset losses in the event that the
general reserve is exhausted.
Undistributed retained earnings are available for distribution. However; if this reserve is distributed as dividends, a further legal reserve
is required to be provided equal to 10% of dividend declared.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
25. Minority Interest
Shares attributable to third parties in the shareholders’ equity (including approved and paid-in capital) of the consolidated subsidiaries,
which are not fully owned, are separately accounted for as “Minority Interest” in the consolidated financial statements by reducing from
related shareholders’ equity components.
Shares attributable to third parties in the net profit or loss for the periods of the consolidated subsidiaries, which are not fully owned, are
separately accounted for as minority interests, in the distribution of period profit / (loss) section of the consolidated statement of income.
As of 31 December 2011, 2010 and 2009 the movement of the minority interest is as follows:
31.12.2009 Minority Interest 4,361,312
Subsidiaries capital increase 7,898,706
Dividend paid (996,412)
Effect of share rate change in subsidiary (117,978)
Minority share capital of the companies’ included in consolidation in 2010
-Albe Enerji 200,000
-İnkol 31,000
-Etki Liman 364,000
Minortiy general reserves of the companies’ included in consolidation in 2010
-Albe Enerji (11,733)
-İnkol (2,700)
-Etki Liman (432)
Minority interest on operating results of the period profit / (loss) (4,237,395)
31.12.2010 Minority Interest 7,488,368
Subsidiaries capital increase 28,367,359
Dividend paid (2,204,900)
Effect of share rate chamge in subsidiary (205,358)
Minority share capital of the companies’ included in consolidation in 2011
-Hekimhan Demirçelik 105,883
Corporate tax amendments 96,901
Effect of law numbered 6111 (322,084)
Minority interest on operating results of the period profit / (loss) (29,980,293)
31.12.2011 Minority Interest 3,345,876
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
26. Sales
As of 31 December 2011, 2010 ve 2009 sales were as follows:
Kolin Group of Companies 2011 / Annual Report 167
31.12.2011 31.12.2009 31.12.2007
Construction revenue 1,117,995,665 712,660,300 626,792,364
Energy distribution income 494,870,123 369,931,007 410,897,993
Port revenue 22,100,789 11,630,051 10,726,665
Iron mining income 5,149,598 2,453,576 1,784,935
Plaster production income 27,302,574 19,452,209 11,166,496
Restaurant income 1,634,486 982,286 1,014,805
Chemical fertilizer and seed import income 120,088,808 44,087,513 1,941,395
Dockyard & shipbuilding income 103,489,101 25,471,197 336,565
Infrastructure investment and oil shipping income 15,166,505 1,033,333 - -
1,907,797,649 1,187,701,472 1,064,661,218
27. Supplementary Disclosures on Financial Instruments
(a) Capital management policies and procedures
The risk related with each of the capital class and group capital cost is considered by the top management of the Group.
The primary objective of the Group’s capital management objectives is to ensure that it maintains a healthy capital structure in order to
support its business and maximize shareholder value. The Group manages its capital structure and makes adjustments to it in the light
of changes in economic conditions.
To maintain or adjust the capital structure, the Group may obtain new loans, repay existing loans; make cash and non cash (bonus shares)
dividend payments to shareholders, issue new shares based on Management’s evaluation.
The Group manages the capital structure so as to ensure the Group’s ability to continue as a going concern; and maximize its profitability
by maintaining an adequate capital to overall financing structure ratio.
The Group monitors capital using a gearing ratio, which is net financial debt divided by total financing used. The Group includes within
net financial debt, borrowings, trade letters of credit, less cash and cash equivalents. Financing used is the sum of total equity and net
financial debt.

KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
The following table sets out the gearing ratios as of 31.12.2011, 2010 and 2009:
31.12.2011 31.12.2010 31.12.2009
Total financial liabilities 1,100,157,396 576,773,950 412,101,364
Less: Cash and cash equivalenst (302,323,462) (219,888,262) (100,253,504)
Net financial debt 797,833,934 356,885,688 311,847,860
Total equity 652,289,342 564,897,017 489,956,029
Total financing used 1,450,123,276 921,782,705 801,803,889
Gearing ratio (net financial debt to overall financing used ratio) %55 %39 %39
(b) Market risk
The Group is exposed to financial risks arising from changes in currency rate (paragraph c), interest rate (paragraph d) and price risk
(paragraph e) which arise directly from its operations.
(c) Foreign currency risk
The Group may have transactional currency exposure from foreign currency denominated transactions.
The Group is exposed to foreign currency risk arising from the translation of foreign currency denominated assets and liabilities to
Turkish Lira. The foreign currency denominated assets and liabilities mainly include overseas construction incomes, bank deposits,
trade receivables, trade payables and bank borrowings.
(d) Interest rate risk management
The Group is exposed to interest rate risk through the impact of rate changes on interest bearing liabilities. The majority of the
Group’s financial obligations consist of fixed and variable interest rate borrowings. However, the Group has fixed the interest rate of
bank loans in 2011, therefore, the risk of interest rate is minimized.
(e) Price risk
The Group may be exposed to price risk arising from decreases in prices. This is a combination of currency, interest and market risks
which the Group manages through natural hedges that arise from offsetting the same currency receivables and payables, interest
bearing assets and liabilities. Although export sales invoices are issued in TL, sales prices are fixed in foreign currency. Market risk
is closely monitored by the management using the available market information and appropriate valuation methods.
KOLİN İNŞAAT TURİZM SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2011, 2010 AND 2009
(Currency – Turkish Lira (TL) unless otherwise expressed)
Kolin Group of Companies 2011 / Annual Report 169
(f) Credit risk management
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a
financial loss. The Group attempts to control credit risk by monitoring credit exposures, limiting transactions with specific counterparties
and continually assessing the creditworthiness of the counterparties. The Group monitors credit risks by establishing credit
limits for each customer who wish to trade on credit terms and obtaining sufficient collateral. Trade receivables are evaluated by
management in the light of the Group’s procedure and policies and are carried in the balance sheet net of impairment provision.
(g) Liquidity risk management
Liquidity risk is the risk that an entity will be unable to meet its net funding requirements. The Group manages its liquidity needs by
regularly planning its cash flows or by maintaining sufficient funds and borrowing sources by matching the maturities of liabilities and
assets. Prudent liquidity risk management implies maintaining sufficient cash, securing availability of funding through an adequate
amount of committed credit facilities and the ability to close out market positions. The risk is mitigated by matching the cash in and
out flow volume supported by committed lending limits from qualified credit institutions.
(h) Fair values
Fair value is the amount at which a financial instrument could be exchanged in a current transaction between willing parties, other
than in a forced sale or liquidation, and is best evidenced by a quoted market price, if one exists. The estimated fair values of financial
instruments have been determined by the Group using available market information and appropriate valuation methodologies.
However, judgment is necessarily required to interpret market data to estimate the fair value. Accordingly, the estimates presented
herein are not necessarily indicative of the amounts the Group could realize in a current market exchange.
The following methods and assumptions were used to estimate the fair value of the financial instruments for which it is practicable
to estimate fair value:
i) Financial Assets: The fair values of certain financial assets carried at cost in the consolidated financial statements, including cash
and cash equivalents plus the respective accrued interest and other financial assets are considered to approximate their respective
carrying values due to their short-term nature and negligible credit losses. The carrying value of trade receivables along with the
related allowance for unearned income and uncollectibility are estimated to be their fair values. The financial assets which are denominated
in foreign currencies are evaluated by the foreign exchange rates prevailing on the date of balance sheet which approximate
to market rates.
ii) Financial Liabilities: Trade payables and other monetary liabilities are considered to approximate their respective carrying values due
to their short-term nature. The bank borrowings are stated at their amortized costs and transaction costs are included in the initial
measurement of loans and bank borrowings. The fair value of bank borrowings are considered to state their respective carrying
values since the interest rate applied to bank loans and borrowings are updated periodically by the lender to reflect active market
price quotations. The carrying value of trade payables along with the related allowance for unrealized cost is estimated to be their fair
values. The financial liabilities which are denominated in foreign currencies are evaluated by the foreign exchange rates prevailing
on the date of balance sheet which approximate to market rates.

Addresses
CONSTRUCTION-
CONTRACTING
KOLİN CONSTRUCTION TOURISM
INDUSTRY
AND TRADE INC.
Head Office
Horasan Sok. No: 14 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00 – 459 30 00
Fax: (+90 312) 446 24 80
Web: www.kolin.com.tr
E-mail: kolin@kolin.com.tr
KOLİN OSTİM/MACHINERY SUPPLIES
Anadolu Bulv. Çamlıca Mah. 15. Sok.
No: 5/3 Atlas İş Merkezi Gimat / Ankara
Phone: (+90 312) 397 87 96 – 397 87 97
Fax: (+90 312) 397 87 74
İSTANBUL OFFICES
Yapı Kredi Plaza C Blok 8/22 34330
Levent / İstanbul
Phone: (+90 212) 281 50 55
Fax: (+90 212) 281 50 10
KOLSAN CONSTRUCTION AND
AUTOMOTIVE INDUSTRY AND TRADE
INC.
Head Office
Horasan Sok. No: 28/9 06700 G.O.P. / Ankara
Phone: (+90 312) 446 88 48
Fax: (+90 312) 446 55 66
E-mail: kolsan@kolsansanayi.com.tr
Web: www.kolsansanayi.com.tr
Kolsan Sarayköy / Tunnel-Type Drainage Pipes
Ankara – İstanbul Devlet Yolu 28. km
Sarayköy - Kazan / Ankara
Phone: (+90 312) 815 44 89 – 815 40 35
Fax: (+90 312) 815 44 90
E-mail: dbarlas@kolsansanayi.com.tr
Kolsan Ready-Mixed Concrete Afyon Office
Dumlupınar Mah. Yeşil Yol Cad. No:3/1 Afyon
Phone: (+90 272) 241 06 62
Fax: (+90 272) 213 43 95
E-mail: kolsanafyon@ttnet.net.tr
Afyon Concrete Mixing Plant
Afyon-Konya Devlet Yolu 13. km Afyon
Phone: (+90 272) 214 93 24
Fax: (+90 272) 214 93 25
E-mail: kolin@kolin.com.tr
Artvin Concrete Mixing Plant
Artvin-Erzurum Karayolu 55. Km. 2. Kısım Yol İnş.
Dikmenli Köyü Mevki Artvin
Phone: (+90 466) 232 20 18
Fax: (+90 466) 232 20 08
E-mail: kolin@kolin.com.tr
MURTEZAOĞLU INDUSTRY AND TRADE
INC.
Horasan Sok. No: 26 06700 G.O.P. / Ankara
Phone: (+90 312) 447 77 90 – 89
Fax: (+90 312) 446 40 52
ARMİN ELECTRICITY CONSTRUCTION
INDUSTRY AND TRADE INC.
Horasan Sok. No: 16/4 06700 G.O.P. / Ankara
Phone: (+90 312) 447 54 60
Fax: (+90 312) 447 54 68
Web: www.armin.com.tr
E-mail: armin@armin.com.tr
GEOMED GEOTECHNICAL
CONSULTANCY,
RESEARCH, AUDIT AND TRADE INC.
Horasan Sok. No: 28/1 06700 G.O.P. / Ankara
Phone: (+90 312) 447 57 90
Fax: (+90 312) 447 39 30
Web: www.geomed.com.tr
E-mail: geomed@geomed.com.tr
PREBETON PREFABRICATED ELEMENT
AND READY-MIXED CONCRETE INC.
Head Office
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
General Directorate
Bozova Şanlıurfa Yolu, 2. Km Bozova / Şanlıurfa
Phone: (+90 414) 711 58 37
Fax: (+90 414) 711 58 90
Web: www.prebeton.com.tr
E-mail : info@prebeton.com.tr - iletisim@
prebeton.com.tr
KOBİN CONSTRUCTION INC.
Horasan Sok. No: 26 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
KOLİN OFFICES ABROAD
LIBYA/TRIPOLI OFFICE
Hay El Andulas District 2, Abdoh Rabbeh Street,
Building No: 375 - P.O.Box 6549 Tripoli / Libya
Phone: (+218) 214 77 28 31
Fax: (+218) 214 78 02 67
E-mail: kolintripoli@kolin.com.tr
EL-HEDEF ENGINEERING AND GENERAL
CONTRACTING PARTNERSHIP
COMPANY
Hay El - Andulas District 2, Ibn Abdoh Rabbeh
Street, Building No: 375 P.O.Box: 6549 Tripoli /
Libya
Phone: (+218) 214 77 28 31
EL HEDEF EL HENDESİ INC.
Al Hedef-Kolin J.V. Pepsi Street by Electric
Company, Elrek Avenue
El Foyhat (Keesh Post Office P.O. Box 15151)
Bengazi / Libya
Phone: (+218) 612 231 701
AZERBAIJAN / BAKÜ OFFICE
Bakü Şehri Xatai R/N A Celilov Küçesi 20-3
Mertebe / Azerbaycan
Phone: (+994) 12 496 58 19
Fax: (+994) 12 496 58 20
SERBIA / BELGRADE OFFICE
Gracanicka 1/1 Belgrad / Sırbistan
Phone: (+381) 11 328 26 52
Fax: (+381) 11 328 38 02
UGANDA / KAMPALA OFFICE
Plot 44, Malcom X Avenue-Kololo
P.O. Box 31663 Kampala / Uganda
Phone: (+256) 41 424 71 02
Fax: (+256) 41 425 71 09
Web: www.kolin.co.ug
E-mail: info@kolin.co.ug
ENERGY
İZMİRGAZ NATURAL GAS DISTRIBUTION
INC.
Head Office
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
Web: www.izmirgaz.com.tr
General Directorate
2821 Sok. No:94/F Eski Otogar Karşısı
35110 Halkapınar / İzmir
Phone: (+90 232) 449 39 39
Fax: (+90 232) 449 50 50
Web: www.izmirgaz.com.tr
E-mail: info@izmirgaz.com.tr
ESGAZ ESKİŞEHİR NATURAL GAS
DISTRIBUTION INC.
Head Office
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
Web: www.esgaz.com.tr
General Directorate
Hoşnudiye Mah. İsmet İnönü-1 Caddesi No:131
26130 Tepebaşı / Eskişehir
Phone: (+90 222) 330 00 00
Fax: (+90 222) 330 48 58
Web: www.esgaz.com.tr
E-mail: info@esgaz.com.tr
NATURGAZ NATURAL GAS IMPORT
AND EXPORT INDUSTRY AND TRADE
INC.
Horasan Sok. 16/3 06700 G.O.P. / Ankara
Phone: (+90 312) 446 57 10
Fax: (+90 312) 446 57 90
Web: www.naturgaz.com.tr
ETKİ PORT OPERATIONS NATURAL GAS
IMPORT AND TRADE INC.
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
AKKÖY ENERGY INC.
Horasan Sok. 16/3 06700 G.O.P. / Ankara
Phone: (+90 312) 447 40 16 - 446 53 66
Fax: (+90 312) 447 39 88
Web: www.akkoy.com
IŞIKSU ENERGY PRODUCTION AND
TRADE INC.
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
SERVER ENERGY AND TRADE INC.
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
ULUĞ ENERGY DISTRIBUTION AND
RETAIL TRADE SERVICE INC.
Hafta Sok. No: 9 G.O.P. / Ankara
Phone: (+90 312) 446 88 00
Fax: (+90 312) 446 88 10
ULUDAĞ ELECTRICITY DISTRIBUTION
INC.
General Directorate
Ulubatlı Hasan Bulv. Stad Cad. Merinos Kavşağı
No:40 16050 Osmangazi / Bursa
Phone: (+90 224) 271 65 37
Fax: (+90 224) 271 65 00
Web: www.uedas.com.tr
ÇAMLI ENERGY DISTRIBUTION AND
RETAIL TRADE SERVICE INC. / UEDAŞ
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
ÇAMLIBEL ELECTRICITY
DISRIBUTION INC. / ÇEDAŞ
Head Office
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
General Directorate
Yeşilyurt Mah. Erzincan Karayolu. 1. Km
58000 Merkez / Sivas
Phone: (+90 346) 215 08 10 -15
Fax: (+90 346) 215 08 00
Web: www.cedas.com.tr
TRUVA NATURAL GAS ENERGY,
COMMUNICATION, LOGISTICS,
CONSTRUCTION, EDUCATION, CONSU.
EXPORT AND IMPORT INDUSTRY AND
TRADE INC.
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
ENO PARTNERSHIP OF ENERGY
ELECTRICITY
WHOLESALE INC.
Hafta Sokak No: 9 G.O.P. / Ankara
Phone: (+90 312) 446 88 00
Fax: (+90 312) 446 88 10
ALBE ENERGY ELECTRICITY,
ELECTRONICS CONSULTANCY, PETROL,
MINING, AGRICULTURE, ANIMAL
HUSBANDRY, INDUSTRY AND TRADE
INC.
Horasan Sok. No:24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
ATLAS MACHINERY INDUSTRY
AND TRADE INC.
Horasan Sok. No: 26 06700 G.O.P. / Ankara
Phone: (+90 312) 446 88 48 - 447 17 00
Fax: (+90 312) 446 55 66
HİDRO-GEN ENERGY EXPORT AND
IMPORT DISTRIBUTION AND TRADE INC.
Horasan Sok. No: 26: 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 55 66
KOLEN ELECTRICAL ENERGY
PRODUCTION AND TRADE INC.
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
ANC ENERGY PRODUCTION AND TRADE
INC.
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
Kolin Group of Companies 2011 / Annual Report 171
PORT & SHIPYARD
OPERATIONS
ÇANAKKALE PORT OPERATIONS INC.
Cumhuriyet Mah. Sahil yolu Cad. No: 94
17110 Kepez / Çanakkale
Phone: (+90 286) 263 55 00
Fax: (+90 286) 263 08 08 - 05 62
Web: www.portofcanakkale.com
E-mail: liman@portofcanakkale.com
DİKİLİ PORT AND TOURISM
OPERATIONS
TRADE INC.
Head Office
Atatürk Cad. No:11 35980 Dikili / İzmir
Phone: (+90 232) 671 44 00
Fax: (+90 232) 671 20 29
Web: www.portofdikili.com/
E-mail: info@portofdikili.com
TEOS MARİNA OPERATION AND TRADE
INC.
Head Office
Horasan Sok. No: 26 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
Marina
Sığacık Mah. Akkum cad. No:4
35460 Seferihisar / İzmir
Phone: (+90 232) 745 80 80 pbx
Fax: (+90 232) 745 72 14
Web: www.teosmarina.com
E-mail: info@teosmarina.com
SEFİNE SHIPYARD
Hersek Mah. Kumluk Mevkii No:1
77700 Altınova / Yalova
Phone: (+90 226) 815 36 36
Fax: (+90 226) 815 36 37
Web: www.sefine.com.tr
E-mail: sefine@sefine.com.tr - info@sefine.com.tr
KOLMAR MARİNA INVESTMENT CO.LTD.
Old Bakery Street VLT 1455 Valetta / Malta
MINING
HEKİMHAN MINING INC.
Head Office
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
Web: www.hekimhanmadencilik.com.tr
E-mail: madenhekimhan@hekimhanmadencilik.
com.tr

Addresses
Operation Office
Mimar Sinan Mah. İstasyon Cad. No: 65
Hekimhan / Malatya
Phone: (+90 422) 713 10 77
Fax: (+90 422) 713 10 78
INDUSTRY
ARSLANLI PLASTERS AND RAW
MATERIALS INDUSTRY AND TRADE INC.
3. Organize Sanayi Bölgesi Yazıkonak / Elazığ
Phone: (+90 424) 255 55 05
Fax: (+90 424) 255 58 68
Web: www.aralci.com/
E-mail: info@aralci.com
HEKİMHAN IRON STEEL MINING
MANUFACTURE INC.
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
İNKOL CONSTRUCTION ENERGY
INDUSTRY AND TRADE INC.
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
Factory
Vakıf Mah. Tren İstasyon Yanı 03700
Çay / Afyonkarahisar
Phone: (+90 272) 631 27 54
Fax: (+90 272) 632 49 53
SİVAS TRAVERS MANUFACTURE IND.
AND TRADE INC.
Horasan Sok. No:28/9 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00 – 459 30 00
Fax: (+90 312) 446 24 80
TOURISM-SERVICE
ÇANAKKALE KOLİN HOTEL
Boğazkent Mevkii Kepez / Çanakkale
Phone: (+90 286) 218 08 08
Fax: (+90 286) 218 08 00
Web: www.kolinhotel.com.tr
E-mail: info@kolinhotel.com.tr
KÖŞEM CONTRACTING TRADE FOOD
MATERIAL IMPORT TOURISM INDUSTRY
LTD. INC.
(KÖŞEBAŞI RESTAURANT)
Kazım Özalp Mah. Kuleli Sok. No:32
G.O.P. / Ankara
Phone: (+90 312) 446 59 59
Fax: (+90 312) 437 70 40
Web: www.kosebasi.com.tr
PARK FORA ANKARA TOURISM
INDUSTRY AND TRADE LTD. INC.
Nenehatun Cad. No: 97 06700 G.O.P. / Ankara
Phone: (+90 312) 447 73 00 pbx
Fax: (+90 312) 447 73 32
Web: www.parkfora.com
E-mail: info@parkfora.com
ŞİŞMAN TOURISM CONSTRUCTION
INDUSTRY AND TRADE LTD. INC.
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
WASHINGTON RESTAURANT
OPERATION
Doyuran Sok. No: 5/7 06420 Kaleiçi
Ulus /Ankara
Phone: (+90 312) 311 43 44 - 324 59 59
Fax: (+90 312) 310 14 72
Web: www.washingtonrestaurant.com.tr
E-mail: kalewashington@ttmail.com
GAZBİL COMMUNICATION
TECHNOLOGIES INDUSTRY AND
TRADING LTD INC.
Head Office
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
General Directorate
Ceyhun Atıf Kansu Cad. Bayraktar Center
A Blok Kat:10 Daire:37-38 06520 Balgat / Ankara
Phone: (+90 312) 472 21 61
Fax: (+90 312) 472 21 62
Web: www.gazbil.com
E-mail: info@gazbil.com
KA INSURANCE INTERMEDIATE
SERVICES LTD. INC.
Horasan Sok. No: 26 06700 G.O.P. / Ankara
Phone: (+90 312) 436 29 26
Fax: (+90 312) 436 29 27
E-mail: kasigorta@ kasigorta.com.tr
AKKOL CATERING INDUSTRY AND
TRADE INC.
Ferhatpaşa Mah. Akdal Sok. No:5
34888 Ataşehir / İstanbul
Phone: (+90 216) 661 66 00
Fax: (+90 216) 661 66 03 - 661 03 88
Web: www.akkol.com.tr
E-mail: akkol@akkol.com.tr
AKKOL PARK FOOD AND BEVERAGE
SERVICES INC.
Ferhatpaşa Mah. Akdal Sok. No:5
34888 Ataşehir / İstanbul
Phone: (+90 216) 661 66 00
Fax: (+90 216) 661 66 03 - 661 03 88
Web: www.akkol.com.tr
E-mail: akkol@akkol.com.tr
AKKOL TAT FOOD AND BEVERAGE
SERVICES AND TRADE INC.
Ferhatpaşa Mah. Akdal Sok. No:5 34888
Ataşehir / İstanbul
Phone: (+90 216) 661 66 00
Fax: (+90 216) 661 66 03 - 661 03 88
Web: www.akkol.com.tr
E-mail: akkol@akkol.com.tr
TURKOL TOURISM INDUSTRY AND
TRADE INC.
Horasan Sok. No:24 06470 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
KİPLASMA INDUSTRIAL WASTE
INTEGRATED
DISPOSAL INDUSTRY AND TRADE INC.
Kuşbakışı Cad. No:29 B Blok Altunizade
Üsküdar / İstanbul
Phone: (+90 216) 651 49 00
Fax: (+90 216) 474 91 92
E-mail: bilgi@kiplasma.com
TRADE
KOLTAR AGRICULTURAL IMPORT AND
EXPORT INDUSTRY AND TRADE INC.
Horasan Sok. 28/3 06700 G.O.P. / Ankara
Phone: (+90 312) 447 44 07 - 447 44 72 - 447 44
18
Fax: (+90 312) 447 44 27
Web: www.koltar.com
EFES GROUP TRANSPORTATION
INDUSTRY AND TRADING INC.
Horasan Sok. No: 24 06700 G.O.P. / Ankara
Phone: (+90 312) 447 17 00
Fax: (+90 312) 446 24 80
KOLPAŞ IMPORT AND EXPORT AND
TRADE INC.
Head Office
Horasan Sok. 28/9 06700 G.O.P. / Ankara
Phone: (+90 312) 447 05 53
Fax: (+90 312) 446 55 66
Branch Office
Anadolu Bulvarı Çamlıca Mah. 147.Sokak 5/1
Atlas İş Merkezi 06370 Ostim / Ankara
Phone: (+90 312) 397 87 93 - 397 87 94
Fax: (+90 312) 397 87 95
Web: www.otolastik.com.tr
E-mail: iletisim@otolastik.com

KOLİN CONSTRUCTION TOURISM
INDUSTRY AND TRADE INC.
Horasan Sokak No: 14
G.O.P. 06700 Ankara
Phone: +90 312 447 17 00 pbx
Fax: +90 312 446 24 80
Web: www.kolin.com.tr
E-mail: kolin@kolin.com.tr