Global Yatirim Holding A.S. · BIST:GLYHO
Global Yatirim Holding A.S — Global Investment Holdings — Investor Presentation (October 2011)
49 slides from Global Yatirim Holding A.S's investor presentation, Oct 11, 2011
Slide 1: Global Investment Holdings Analyst Presentation
GLOBAL INVESTMENT HOLDINGS Analyst Presentation October 11, 2011
Slide 2: Table of Contents
Table of Contents Index Page Number Introduction 3 Organizational Structure 4 GIH Business Strategy 5 Ports Business Line 8-24 Port Akdeniz - The Port of Antalya 12-15 Ege Ports - The Port of Kuşadası 16-19 Bodrum Cruise Port 20-23 GPH Summary Financials 24 Energy Business Line 25-37 Energaz 27-29 N
Slide 3: I - Introduction
G GLOBAL INVESTMENT HOLDINGS I - INTRODUCTION
Slide 4: Organizational Structure
Organizational Structure Ports Energy Global Port Holdings Global Enerji ("GLE") (GIH 78% - VEI Capital 22%) (GIH 100%) Port Akdeniz: Energy Investment (GPH 100%) Galata Energy Holdings (GLE 60%) (GLE 50%) Ege Ports: (GPH 72.5%) ENERGAZ NATURELGAZ (EIH 100%)* (EIH 50%) Bodrum Cruise Port (GPH 60%) *
Slide 5: Business Strategy
Business Strategy Having acquired substantial assets in ports, natural gas, and power generation since inception in 2004, GIH‟s strategy is to focus on creating value by reassessing its portfolio going forward: Focus on opportunities in targeted infrastructure sectors - Cruise and cargo ports in Tur
Slide 6: Global at a Glance
GLOBAL at a Glance Global Investment Holdings ("GIH") has a diversified portfolio of investments in the ports, energy, real estate, and financial services sectors. GIH is listed on the Istanbul Stock Exchange (“ISE”) under the “GLYHO.IS” ticker. Ports: Global Ports Holding (GPH) is the primary subsi
Slide 7: Global at a Glance: Board Members and Shareholders
GLOBAL at a Glance Board Members Mehmet Kutman Executive Chairman Shareholder Structure Erol Göker Executive Mehmet Kutman Erol Göker Foreign Institutional Retail Vice-Chairman Ayşegül Bensel Executive Member Gregory M. Kiez Executive Member 25,05% Serdar Kırmaz Executive Member 0,22% 7,88% 66,85% A
Slide 8: II - Ports Business Line
G GLOBAL INVESTMENT HOLDINGS II - PORTS BUSINESS LINE
Slide 9: Global Ports Holding: Unique Business Access
Global Ports Holding: Unique Business Access Leverage proven platform to capture rapid growth of trade exports and tourism in Turkey Leverage rapid export and — Investments in state of art facilities and equipment to meet demand tourism growth in Turkey — Highly efficient management systems and te
Slide 10: Historical Overview
Historical Overview 30 October 2006 Through a JV with Çelebi Yatırım, a privately-owned 20 April 2004 2 June 2008 ground handling services Global Ports Holding, a GPH acquired 60% of the group in Turkey, and wholly owned subsidiary of shares of Bodrum Cruise Antmarin, a small Turkish Global Investme
Slide 11: Ports – Fast Growing Market
Ports – Fast Growing Market GIH founded GPH in order to pursue its operations in commercial and cruise ports throughout Turkey and worldwide. GPH is the largest cruise port operator in Turkey with around 50% market share with respect to the number of calls in 2010. Ege Ports-Kuşadası Primary Cruise
Slide 12: Port Akdeniz: The Port of Antalya
Port Akdeniz: The Port of Antalya Antalya 12
Slide 13: Port Akdeniz – The Port of Antalya
Port Akdeniz – The Port of Antalya Access to … Key Technical Features: Port-Akdeniz Antalya Total wharf length (meters): 1,732 – Modern multi-functional commercial Port area (m2): 166,778 and cruise port facilities Max draft (m): -10 Total ship capacity (per year): 2,970 Turkey‟s cement industry T
Slide 14: Port Akdeniz - Revenue and EBITDA
Port Akdeniz - Revenue and EBITDA Revenue (US$ mn) EBITDA & Margin (US$ mn) 35 80% 65.8% 40 37.5 70% 30 59.2% 35 56.2% 24.7 60% 25 30 26.6 50% 25.8 20 25 15.7 40% 14.5 20 15 30% 15 10 20% 10 5 10% 5 0 0% 0 2008 2009 2010 2008 2009 2010 EBITDA EBITDA Margin Revenue figures assume 100% ownership • Str
Slide 15: Port Akdeniz - Antalya: Breakdowns and Yields
Port Akdeniz - Antalya: Breakdowns and Yields Revenue breakdown 2010 Volume breakdown 2010 Cruise 3% Bulk cargo Cement Coal Rental Vessel 12% 6% handling 3% 45% 18% Other Clinker 4% 4% General cargo 20% Other 11% Container 40% Container 34% Revenue Sources: Port Services • Pilotage – towage Antalya
Slide 16: Ege Ports: The Port of Kuşadası
Ege Ports: The Port of Kuşadası Kuşadası 16
Slide 17: Ege Ports - The Port of Kuşadası
Ege Ports - The Port of Kuşadası Key Technical Features Access to … Total wharf length (meters) 966 Port area (m2) 23,000 Total ship capacity (per year) 2,000 Ege Ports-Kuşadası Draft -10m – Ultra modern port and security facilities Date of acquisition 2003 Concession term 30 Years Concession ends
Slide 18: Ege Ports – Revenue and EBITDA
Ege Ports – Revenue and EBITDA Revenue (US$mn) EBITDA & Margin (US$mn) 20 20 90% 17.6 18 75.5% 75.1% 18 80% 69.2% 16 15.2 16 70% 13.9 13.3 14 14 60% 12 12 11.4 9.6 50% 10 10 40% 8 8 6 30% 6 4 4 20% 2 2 10% 0 0 0% 2008 2009 2010 2008 2009 2010 Revenue (mn US$) EBITDA EBITDA Margin Revenue& EBITDA Com
Slide 19: Ege Ports – Breakdowns and Yields
Ege Ports – Breakdowns and Yields • Ege Ports-Kuşadası is GPH‟s main cruise revenue generating asset. Revenue breakdown 2010 Close to 25% of GPH‟s revenues consist of Ege Ports-Kuşadası‟s cruise operations • Ege Ports-Kuşadası also contributes with the rent income generated Ferry through the shops i
Slide 20: Bodrum Cruise Port
G GLOBAL mmm INVESTMENT HOLDINGS Bodrum Cruise Port @ Bodrum GLOBAL PORTS HOLDING 20
Slide 21: Bodrum Cruise Port
Bodrum Cruise Port Access to … Key Technical Features Total pier length (meters) 480 Port area (m2) 22 Unique luxury and leisure destination with Total ship capacity/year 800 style Date of acquisition 2008 Investment term 16 months Concession term 12 years World-class nightlife Concession ends 201
Slide 22: Bodrum Cruise Port
Bodrum Cruise Port In 2009, Number of passengers decreased due to the bankruptcies of Revenue & EBITDA Comparison 3 major customers however number of ships increased with increased - H1‟10 vs. H1‟11 number of military ships visiting the port. 0.8 40% 32% • Revenue will be driven by growth in: 0.7 −
Slide 23: Bodrum Cruise Port
Bodrum Cruise Port Revenue breakdown Volume breakdown (in terms of passengers) 2010 H1 2011 2010 H1 2011 Rental Setur 6% 17% Setur Other Other 23% 17% 13% Cruise Cruise, 34% 30% Rental 10% Ferry Ferry, 66% 70% Cruise Cruise 64% 50% Bodrum Yields (US$) 2008 2009 2010 H12010 H12011 Cruise Revenue/ Cal
Slide 24: GPH Summary Financials – 1H 2011
GPH Summary Financials – 1H 2011 Key Financials (6 Months 2011A) Antalya Kuşadası Bodrum Revenues (mn US$) 20.2 6.1 0.6 EBITDA (mn US$) 13.0 4.6 0.1 EBITDA Margin (%) 64% 74% 10% Characteristics Total Container Capacity (TEUs) 500,000 - - Total Ship Capacity 2,970 2,000 800 Other Cargo Capacity (mn
Slide 25: III - Energy Business Line
III - ENERGY BUSINESS LINE G GLOBAL mmm INVESTMENT HOLDINGS 25
Slide 26: Global Energy Overview
Global Energy Overview A - Energy / Natural Gas Distribution and Wholesale • Global Energy ("GLE") is the main subsidiary of GIH in the energy sector and pursues investments in natural gas distribution and wholesale, cng distribution, and power generation in Turkey. • GLE owns 50% of Energy Investme
Slide 27: Energaz – Strategy and Activities
Energaz – Strategy and Activities A - Energaz / Overview of Assets Strategy and Activities Natural Gas Strategy • EIH‟s natural gas distribution investments are held indirectly through Energaz, which is responsible both for managing Midstream existing operations and expanding the natural gas busines
Slide 28: Energaz – Natural Gas Distribution
Energaz – Natural AGas Distribution - Energy / Natural Gas Distribution and Wholesale TOTAL ENERGAZ Key Facts 2010 2015E Population: 7,280,000 7,800,000 Subscribers (000,NIU): 478.3 1,050 Gas consumption (mcm): 692.2 2,400 Natural Gas Wholesale (mcm) 112 1,100 Initial Mark-up Subscription fee Subscr
Slide 29: Energaz Background and Key Business Features
Energaz Background and Key Business Features A - Energaz / Overview of Assets Evolution of Energaz‟s asset portfolio Tariff Methodology • Except for Aksaray region which was acquired from original • Mark-up is the margin that a distribution company charges to its customers concessionaire in 2007, En
Slide 30: Naturelgaz - Overview
Naturelgaz - Overview • Naturelgaz is a licensed company with operations since 2004. GLE subsidiary, EIH, owns 50% stake in Naturelgaz • The Company‟s current business is the sales and distribution of bulk Compressed Natural Gas (“CNG”) as well as providing the necessary equipment and installation s
Slide 31: Naturelgaz – Current Business
Naturelgaz – Current Business • Naturelgaz currently provides bulk CNG to its customers which consist of industrial facilities or commercial consumers such as hotels and shopping malls. The Company‟s existing customers consist of re-known brands in manufacturing and commercial sectors. • The Company
Slide 32: Naturelgaz – CNG Distribution Channels
Naturelgaz – CNG Distribution Channels • Naturelgaz bases its operations on a franchise network. The Company distributes CNG both directly from the Mother Stations under its ownership and through secondary stations (“Daughter Station”) either owned and operated by the Company or by local dealerships
Slide 33: Naturelgaz – New Vision Transportation Sector
Naturelgaz – New Vision Transportation Sector • Naturelgaz intends to expand its existing bulk CNG sales business into road transportation sector • CNG offers 40% and 25% fuel saving in comparison to diesel and LPG, respectively. • The business prospects in this sector can be classified into three m
Slide 34: Şırnak Thermal Power Plant Project
Şırnak Thermal Power Plant Project A - Natural Gas Distribution and Wholesale / Energaz Overview Technical properties • Envisaged start of construction: H1 2012 • Fuel type Asphaltite • Envisaged start of operations: H2 2014 • LHV 4,200 kcal/kg • Plant Type: Asphaltite-fired Circulating • Fluidized-
Slide 35: Şırnak Thermal Power Plant Project
Şırnak Thermal Power Plant Project A - Natural Gas Distribution and Wholesale / Energaz Geliş Madencilik is entitled, pursuant to a royalty agreement which was extended in 2009 for 33 years, the operating rights for a 250 km2 coal mine (asphaltite) in Şırnak, southeast Turkey. The Mine comprises
Slide 36: Şırnak Thermal Power Plant Project Status
Şırnak Thermal Power Plant Project Status A - Natural Gas Distribution and Wholesale / Energaz The Power Plant Electricity Generation License for 2x135 MW for 49-year period is approved by the Energy Market Regulatory Authority. Environmental Impact Assessment Report is approved by Ministry of E
Slide 37: Power Generation / Hydro Electric Yeşil Energy transaction
Power Generation / Hydro Electric Yeşil Energy transaction A - Natural Gas Distribution and Wholesale / Energaz • In June 2009, majority stake in Yeşil Energy (95% of the shares) was sold to Statkraft. • In June 23, 2009, Statkraft of Norway acquired 95% of Yeşil Enerji, Global Investment Holding‟s
Slide 38: IV - Real Estate
G GLOBAL INVESTMENT HOLDINGS IV — REAL ESTATE 38
Slide 39: Pera REIT
Pera REIT • Pera REIT is one of the 25 REITS traded in Istanbul Stock Exchange Market. Pera had been managed as a closed-end fund and converted into a real estate investment company by Global Investment Holdings in September 2006. • Pera REIT's primary activity consequently became investment in real
Slide 40: Sümerpark Project
Sümerpark Project Sümerpark project is a mixed-use development, that includes commercial mall space, mid-rise residential apartments, a hotel complex and a hospital. It is the first mixed-use project in the city of Denizli. Residential Plot; Building Coefficient = 2,40 Height max.= No restrictions P
Slide 41: Sümerpark Project
Sümerpark Project The Sümerpark Mall opened on 10 March 2011. Concept-i Design Inc. designed the shopping mall which has 34,500 m2 of GLA. The anchor tenants of the Mall includes Tesco Kipa, Electroworld, Tekzen and C&A. The Mall also includes complementary fashion retailers and food court tenants;
Slide 42: V – Finance: Global Securities, Global Asset Management
V – FINANCE Global Securities Global Asset Management 42
Slide 43: Global Securities
Global Securities • Global Securities, founded in 1990, was the primary subsidiary through which the brokerage, corporate finance advisory and research services, which first brought the Company to prominence within the Turkish financial services sector, were provided to the Group‟s extensive foreign
Slide 44: Global Securities Shareholding Structure
Global Securities SHAREHOLDING STRUCTURE Share Holders Share In Capital (%) Amount (TL) Global Yatırım Holding A.Ş. 69.99 27,999,996 AZ Internatıonal Holdings S.A. 5 2,000,000 Public 25 10,000,000 Other 0.001 4 Total 100 40,000,000 Global Menkul Değerler AŞ. (“Global Securities”) is owned as to 69.9
Slide 45: V - Financial Review
G GLOBAL INVESTMENT HOLDINGS V - FINANCIAL REVIEW 45
Slide 46: GIH – Summary Financials (1H 2011)
GIH – Summary Financials (1H 2011) 46
Slide 47: GIH – Consolidated Balance Sheet (1H 2011)
GIH – Consolidated Balance Sheet (1H 2011) (TL Million) 30 Jun 2011 31 Dec 2010 ASSETS Current Assets 213,6 214,2 Cash and Banks 41,7 56,9 Marketable Securities 25,2 17,7 Trade Receivables 64,3 68,3 Other Receivables and Current Assets (1) 80,8 67,6 Assets Held for Sale (2) 1,6 3,7 Non-current Asset
Slide 48: GIH – Consolidated Income Statement (1H 2011)
GIH – Consolidated Income Statement (1H 2011) (TL Million) 1H 2011 1H 2010 Total gross revenues 164,8 105,2 Cost of sales and services -135,8 -81,2 Gross Profit 29,0 24,0 Operating expenses -44,7 -33,1 Other operating income/(loss), net 6,1 7,2 Gross operating profit/(loss) -9,6 -1,9 Financial incom
Slide 49: Disclaimer
Disclaimer Disclaimer The information contained in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in
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