GLOBAL INVESTMENT HOLDINGS - Investor Presentation July 2019 Copyright 2019 Global Investment Holdings - Global Yatırım Holding
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GLOBAL INVESTMENT HOLDINGS Investor Presentation July 2019 Copyright © 2019 Global Investment Holdings
Who we were 3 Who we are now 5 Who we will become 10
Who We Were
A Brokerage Firm
A brokerage firm
Total Assets: TL 241mn
(as of 31.12.2005)
Total Equity: TL 140mn
(as of 31.12.2005)
3
Who we were 3 Who we are now 5 Who we will become 10
Who We Are Now
A Diversified Conglomerate
A diversified conglomerate
Total Assets: TL 5.6bn
(as of 31.12.2018) 23x
Total Equity: TL 1.7bn
(as of 31.12.2018) 12x
5
Portfolio Overview
Investment Holding with a focus on;
Infrastructure, Clean Energy & Asset Management
A brokerage firm that transforms into a diversified conglomerate in 13 years,
increasing total assets 23x and total equity 12x along the way
Ports Power/Gas/ Real Estate Finance
Mining
► World’s largest cruise port operator with
► Power ► Sümerpark Shopping Center: Denizli’s 3rd
16 cruise* and 2 commercial ports in 10*
largest shopping center with 34,790 m2 GLA ► Actus Asset Management: one of the
countries
Co/Tri-generation with 54.1 MW installed leading independent asset management
► c.8.4mn pax annually with dominant ► Van Shopping Center: Van's first and only
capacity companies serving international and
presence in the Med shopping center with 26.047m2 GLA Turkish corporate investors with an
► Listed on London Stock Exchange Biomass power plants with a installed capacity innovative product portfolio (AUM: TL8 TL8
of 29.2 MW at three separate facilities ► Denizli SkyCity Office Project: Denizli's
Portfolio: TL8 TL8 TL8 TL8 TL8 TL8 TL8 TL8TL 8
first and the largest modern office project
Havana: Major port of Cuba, largest island 2 Solar power plant projects with 14 MW under with a construction area of 33.055 m2
00mn)
in the Caribbean development of which 9 MW will be operational in
Barcelona: Highest turn around pax in 2019 ► Sümerpark Residences: The first modern ► Global Securities: one of the leading
Europe mass-housing project in Denizli with 8 independent brokerage firms, a pioneer in
Venice: One of the main hubs of blocks over 105.000 m2 construction area Turkey
Mediterranean
Valletta: Growing home port operations ► CNG Distribution ► Vakıfhan No:6: 1.619 m2 ROT type office ► Global MD Portfolio
Singapore: One of the main home ports re-development Management: One of the
Turkey’s & Europe’s largest CNG distributer in
of Asia leading non-bank portfolio
terms of station infrastructure and bulk sales ► Salıpazarı Global Building: 2nd degree
Lisbon: Significant homeport in the management companies with a
volumes. Controls around c.20% market share in listed building with 5.230 m2 area.
Atlantic mandate to manage pension
total non-piped gas market in Turkey (c. 70%
Antalya: The largest export commercial ► Denizli Hospital Land: 10,745 m2 funds, investment funds, real
market share in CNG market)
ports in Turkey estate and venture capital
Ege: Largest cruise port in Turkey ► Denizli Final Schools: 11.565 m2 GLA funds. (AUM: TL 232mn )
Bar, Bodrum, Cagliari, Catania,
Malaga, Ravenna, Zadar ► Mining ► Cyprus Aqua Dolce Hotel Project:
260.177 m2 land with 48.756 m2 hotel and
* In 2019, concession agreement signed in One of Turkey’s leading players in industrial residential project area
Antigua and Barbuda and preferred bidder minerals with about 496k tons sales volume
status awarded in Nassau, The Bahamas. ► Bilecik Industrial Zone Land: 19.000 m2
Full financial closure and commencement
of the concessions is expected to occur in
2019 6
Company Overview
Shareholding Structure, Strategic Priorities, Corporate Governance & Ratings
► A diversified conglomerate with an agile investment strategy Corporate Governance Rating - Kobirate
maximizing shareholder value
Confirmed Overall Company Rating: 9.06 (out of 10)
► Has evolved into a dynamic investment vehicle with interests in
a variety of nascent business sectors and traditional non- Sub-sections Rating
bank financial service providers Shareholders (25%) 90.19
► Current portfolio of assets includes commercial and cruise Public Disclosure and Transparency (25%) 92.18
ports, energy, real estate and financial services offering high Stakeholders (15%) 91.93
growth with ‘first mover’ advantages Board of Directors (35%) 89.13
► Lean management facilitates swift decision making and
timely response while extracting maximum value by
successful exit
Credit Rating - JCR Eurasia
► Listed on the Borsa Istanbul (BIST) (‘GLYHO’).
Global Investment Holdings (GIH) Istanbul – October 22, 2018
Shareholding Structure as of 02/07/2019
Long Term International Foreign Currency BBB- / (Stable Outlook)
Long Term International Local Currency BBB- / (Stable Outlook)
Turkcom* Long Term National Local Rating BBB+ (Trk) / (Stable Outlook)
24.9% Treasury
Long Term National Issue Rating BBB+ (Trk)
16.6%
Centricus Short Term International Foreign Currency A-3 / (Stable Outlook)
Holdings Malta Lansdowne Short Term International Local Currency A-3 / (Stable Outlook)
Limited European Short Term National Local Rating A-2 (Trk) / (Stable Outlook)
31.2% Other Equity Master
Fund Limited Short Term National Issue Rating A-2(Trk)
18.6%
8.7% Sponsor Support 2
*Turkcom Turizm Enerji İnşaat Gıda Yatırımlar A.Ş. which is owned by Mehmet Kutman Stand Alone B
Board of Directors: Mehmet Kutman (Chairman), Erol Göker, Ayşegül Bensel, Serdar Kırmaz, Dalınç Arıburnu, Oğuz Satıcı (Independent), Shahrokh Badie (Independent)
• Corporate Governance Committee : Oğuz Satıcı (Chairman), Ayşegül Bensel, Serdar Kırmaz, Adnan Nas, Aslı Su Ata
• Audit Committee: Oğuz Satıcı (Chairman), Shahrokh Badie
• Early Risk Assessment Committee : Oğuz Satıcı (Chairman), Ayşegül Bensel, Serdar Kırmaz, Ercan Ergül, Adnan Nas
• Investment Committee : Ercan Ergül, Dalınç Arıburnu, Shahrokh Badie, Tahsin Bensel, Kerem Eser 7
Centricus
Strategic Partnership
► an investment platform backed by a global network of financials and strategic
investors
Investors
► aims to achieve superior absolute returns with a long-term investment horizon
► has access to significant capital and deal flow through its global network
Asset Banks
Managers
► positioned to take advantage of opportunities resulting from distortion in credit
markets caused by monetary and regulatory policies
Corporates
Centricus targets high absolute returns in three core sectors
Financial Services Infrastructure Technology FEMS
Investment in financial assets Targeting high quality assets in Raising funds, investing and Investment in fashion,
infrastructure domain that have transforming the technology sector entertainment, sports and media
stable and attractive returns with
long duration
Representative Acquisitions: Representative Acquisitions: Representative Transaction: Representative Transaction:
• CIFC Asset Management • Global Investment Holdings • Softbank Vision Fund • Chalayan
• Halkin Asset Management (fundraising, structuring and
• Fortress (advisory role) advisory role)
Structured origination and investment process
Execution of
Investment Challenge and
Deal sourcing business plan with
selection based on support
through expansive provision of capital
prudent due management to
global network and management
diligence reach its goals
expertise 8
Who we were 3 Who we are now 5 Who we will become 10
We intend to stay focused on our strategic sectors
PORTS CLEAN ENERGY ASSET MGMT
Make inorganic acquisitions in high-
Develop green energy projects with
value regions of the Americas, Grow in asset management
attractive long-term feed-in tariffs
consolidate the market further while with our partner Centicus
and innovative energy efficiency
looking for horizontal growth in solutions
port/passenger related businesses
• Double the current portfolio and number of • Target up to 300MW installed capacity in • Create Turkey’s largest asset manager
passengers in the mid-term renewable energy and energy efficiency in the levering Global Investment Holding-Centricus
next couple of years partnership
• Sail for the Americas, and reproduce the
success we achieved in the Med • Selectively participate in major renewable • Acquire independent asset management
tenders such as the recently announced YEKA companies to boost AuM in the short term
• Implement B2C and B2B revenue opportunities Wind and the future YEKA Solar projects
to improve passenger experience at our cruise • Create an infrastructure fund for international
ports, similar to the strategies successfully • Acquire mid-to-big ticket operating and brown- investors that will invest in infrastructure
implemented by airport operators field renewable assets with long feed-in tariff projects with significant treasury guarantees
periods
• Deliver growth and cash from the commercial • Acquire market share in pension industry
ports services through higher capacity • Become a significant medium to long term benefiting from re-allocation of asset
utilization and making use of recent player in under-electrified Sub-Saharan Africa management services for pension funds
investments
• Partnership with an international player in CNG • Feed pension funds with alternative
• Continue to enhance the competitive business investment funds that will be mandatory for
advantage achieved by being the first mover auto-enrolment funds
10Capabilities & Strategy
Effective recognition of attractive Unique position as industry
investment opportunities in rapidly consolidator in its port
growing sectors operations
No specific geographic or Fast Mover First Entrant Always prioritize the
sector-bound limits potential for future
growth
Proven track record of
successful exits Investment portfolio unlike
any other traditional holding
company
Dynamic
A dynamic investment vehicle with Respond swiftly to a
interests in a variety of budding continuously changing
business sectors business environment and
achieving operational
efficiency
Strategy
► Expansion in all our portfolio companies
► Create a worldwide, high quality asset (consolidating the cruise port industry around the globe)
► Attach a value to at least one of our portfolio companies
► Create regional / international entities with the core focus on infrastructure, clean energy and asset management
11The evolution of key financial indicators
Turnover
TL mn
TL mn
Total Assets
1,128
6,357
5,648
806
4,371
3,890 630
3,439 552
2,599
357
1,978
247 260
159
2013 2014 2015 2016 2017 2018 31/03/2019 2013 2014 2015 2016 2017 2018 Q1-18 Q1-19
TL mn
Total Equity EBITDA
TL mn
1,676 1,657 465
1,595
975 278
913
218 231
726 743
190
111
79
41
2013 2014 2015 2016 2017 2018 31/03/2019 2013 2014 2015 2016 2017 2018 Q1-18 Q1-19
12Financial Highlights
(TL mn)
Net revenues 1Q 2019 1Q 2018 %change 2018 2017 %change
Gas 73.4 29.4 150% 248.2 211.2 17%
Power 25.1 17.8 41% 83.0 35.5 134%
Mining 25.6 12.9 98% 78.2 60.7 29%
Ports 110.8 78.6 41% 601.0 424.5 42%
Brokerage & Asset Management 13.8 12.5 10% 48.4 41.4 17%
Real Estate 11.7 8.2 42% 61.1 31.4 94%
Holding stand-alone 0.0 0.0 NA 0.0 0.0 NA
Others 0.0 0.1 -20% 8.5 0.3 3,279%
GIH total 260.4 159.5 63% 1,128.4 805.9 40%
Operating EBITDA 1Q 2019 1Q 2018 %change 2018 2017 %change
Gas 13.2 0.2 5,683% 40.0 11.4 252%
Power -1.9 0.3 NA 7.1 0.1 6,631%
Mining 6.0 1.0 479% 22.0 1.7 1,205%
Ports 66.9 43.3 54% 402.7 274.6 47%
Brokerage & Asset Management 1.7 0.9 94% 2.9 1.5 90%
Real Estate 6.0 5.8 4% 25.6 20.6 24%
Holding stand-alone -9.6 -7.7 -25% -34.2 -26.8 -28%
Others -3.7 -3.1 -19% -1.1 -4.7 76%
GIH total 78.7 40.7 93% 465.0 278.4 67%
13Debt Position - As of 31.03.2019
Interest Year of
Holding standalone debt (TL m) Currency Rate Maturity Amount TL mn US$ mn
Eurobond, net USD fixed 2022 18.3 3.2
TL bond TL floating 2020 25.0 4.4
TL bond (1) TL fixed 2019 15.0 2.7
TL bond TL floating 2019 40.0 7.1
Secured bank loans EUR floating 2021 249.3 44.3
Gross debt 347.5 61.7
Cash and Cash Equivalents 170.3 30.3
(I) - Net Financial Debt (TL m) - standalone -177.2 -31.5
Project Company debt by segment (TL m) 2019 2020 2021 2022+ Amount TL mn US$ mn
Ports (2) 151.3 110.2 1,465.4 221.0 1,948.0 346.1
CNG (3) 43.8 28.6 28.5 22.7 123.7 22.0
Power (4) 147.6 48.3 46.9 136.8 379.7 67.5
Mining (5) 88.9 10.2 3.8 0.0 102.9 18.3
Real Estate 26.8 27.8 27.0 80.3 161.8 28.7
Others 25.9 0.0 0.0 0.0 25.9 4.6
Gross debt 484.3 225.1 1,571.7 460.8 2,742.0 487.2
Cash and Cash Equivalents 513.3 91.2
(II) - Net Financial Debt (TL m) - project company (TL m) -2,228.7 -396.0
(I) + (II) - Consolidated Net Debt (TL m) -2,405.9 -427.5
1redeemed at maturity 2 of which $ 250mn Eurobond due in 2021 3TL 14.6mn due in 2019 is revolving loan facility (Botaş credit lines), rest is project finance due and not
revolving 4of which TL 100.0mn due in 2019 is revolving facility fully paid in May 5 of which TL 58.0mn due in 2019 is revolving facility fully paid in May. Balance is export credit
and Eximbank revolving lines 14Chairman & CEO, CFO and Group CEOs
The evolution of key financial indicators
A Team of Industry Specialists
Mehmet Mehmet Emre Sayın Atay
Kutman Kerem CEO, Arpacıoğulları
Global Ports CEO,
Chairman & CEO Eser Holding Plc Global Energy
CFO
• • Serves as the Group’s CFO since December
Founding shareholder, Chairman and
2007 • Has 20 years of C-Level experience in • Serves as CEO of Power and Mining
CEO of Global Investment Holdings. global businesses Division since 2013
Actively involved in business development • Formerly held CFO role at PEMI, an
at the Company level Australian listed oil company (now Tapcor) • Managed the brand experience at Verizon, • Formerly held Head of Business
consumer business at Turkcell, business Development role at GIH
• Member of TUSIAD (Turkish Industry & • Began career as an auditor at Coopers & development at Vimpelcom Group and
Business Association) and DEIK (Foreign Lybrand marketing at Microsoft Turkey • Holds MBA degree from Babson
Economic Relations Board). College and Bachelor of Architecture
• Holds MBA degree from Bogazici University • Holds a postgraduate degree in Systems from METU
• Holds a BA from Boğaziçi University and and BSc in Industrial Engineering from Engineering at Rutgers and Princeton
an MBA from the University of Texas. Middle East Technical University
Universities
• Qualified as an Independent Financial
Advisor (SMMM)
Hasan Tahsin Barış Gülşeyma Barış
Turan Hocaoğlu Doğançay Subasar
CEO, CEO, CEO, CEO,
Naturelgaz Actus Asset Global Securities Global MD
Management Portfolio
Management
• Serves as CEO of Naturelgaz since • Serves as CEO of Actus Portfolio • Appointed as CEO of Global Securities • Serves as CEO of Global MD Portfolio
February 2017 Management since 2015 in 2017 Management since 2017
• 17 years of experience in the group (GIH) • Holds a BA in Political Sciences and • Has 24 years of experience in Global • Holds BSc degree on Econometry from
International Relations from Ankara Securities Istanbul University
• Held several positions such as CFO,
University
Global Securities and Director, Energy • Former Assistant General Manager • Has 20 years of experience in the finance
Group • Has 20 years of experience in the sector. responsible from Domestic Sales & sector
Marketing
• Holds a BSc. Degree in Petroleum and
Natural Gas Engineering from METU • Completed one year language certificate
program at Embassy English in UK
• Holds a BSc degree in Business
Administration from Uludağ University
15PORTS
Global Ports Holding Plc (GPH)
Snapshot
16* 2 10*
Operating Operating Countries
cruise ports commercial ports
8.4mn c.24% Global
Investment
Holdings, Centricus
59.3% Partners
LP,
Free Float 2.3%
(LSE),
38.4%
Market share in
Passengers Mediterranean
*GPH has signed a 30-year concession agreement with the Government of Antigua and Barbuda for cruise port operations in Antigua on an exclusive basis. Full financial closure and
commencement of the concession is expected to occur in 2019, although there can be no certainty as to the timing or that the final conditions will be satisfied.
17Global Ports Holding Plc (GPH)
World’s largest independent cruise port operator
Ports: Location Overview
Dominant Position in the Mediterranean Cruise Port Landscape and
Established Foothold the Caribbean and Asia
2 out of Top 5 Mediterranean Cruise Ports
(2017 Pax, ’000s)
Asia
Barcelona 2,712+
Civitavecchia 2.204
Singapore
Balearic Islands 2.11
Antigua
&Barbuda* Marseille 1.487
Venice
Venice 1,428
Ravenna CROATIA (1)
Zadar
GPH Cruise Ports
Bar
Barcelona ITALY (4) MONTENEGRO (1)
SPAIN (2) Global Cruise Market Share (2018 Pax)
Lisbon Cagliari TURKEY (3) Caribbean 38.4%
Kusadasi
PORTUGAL (1)
Catania Asia/Pacific 15.1%
Malaga
Valletta Bodrum Mediterranean 14.2%
Antalya
MALTA (1)
Northern/Western
9.4%
Europe
Alaska 4.4%
Other 18.5%
GPH Cruise Ports GPH Commercial Ports
+ Note:
Country (Number of Ports)
# of pax including all 6 piers of the city of which GPH operates 5
* GPH has signed a 30-year concession agreement with the Government of Antigua and Barbuda for cruise port operations in Antigua on an exclusive basis. Full financial closure and commencement of the 18
concession is expected to occur in 2019, although there can be no certainty as to the timing or that the final conditions will be satisfied.Global Ports Holding Plc (GPH)
World’s largest independent cruise port operator
.
A B C
Bodrum Cruise Port Malaga Cruise Port Ege Port, Kuşadası
Cruise, ferry and mega-yacht port 3 cruise terminals of Port of Málaga Busiest cruise port in Turkey,
located on Turkey's Aegean coast, Pax 2018: 504k located near Ephesus and the
near one of Turkey's most popular End of concessions: House of the Blessed Virgin Mary
seaside resorts. o 2038 Levante (ext. potential,2050) Pax 2018: 189k
Pax 2018: 141k o 2041 Palmeral (ext. potential,2054) End of concession:2033 (extension
End of concession: 2067 potential 2052)
D E F Singapore Cruise Port
Barcelona Cruise Port Lisbon Cruise Port
One of the largest cruise Port of call for cruises; operates The operation of Terminal Marina
homeports; three cruise terminals and a new Bay Cruise Centre
Pax 2018: 2,010k terminal completed in 2017 Pax 2018: 1,776k
End of concessions: Pax 2018: 577k End of concession: 2022 (applied for
o 2030 Adossat (ext. potential,2053) End of concession: 2049 5-year extension, with high likeli-
o 2026 WTC (ext. potential, 2050) hood of approval)
G H Antalya Cruise Port
I
Venice Cruise Port
Valletta Cruise Port High capacity commercial port with a
dominant position in export traffic for One of the 3 main hubs of
Significant cruise operations with
its hinterland. Also active in cruise Mediterranean
more than 20% turnaround
operations Pax 2018: 1,681k
Pax 2018: 711k
Pax 2018: 8k End of concession: 2024 (potentially
End of concession: 2066
I End of concession: 2028 (extension 2060)
K potential,2047)
E D J M
J
J K L
Havana Cruise Port
B K Bar Cruise Port Italian Cruise Ports
C Cuba’s major port and commercial
A center
K H Montenegro’s main sea port Cagliari, Catania, Ravenna
Small-medium size operations Pax 2018: 633k
G Pax 2018: 22k Pax 2018: 525k 15-year management agreement
End of concession: 2043 End of concession: 2020 to 2027 End of concession: 2033
M N
Zadar Cruise Port St. John’s Cruise Port,
L
Antigua & Barbuda*
Close to old town with Roman ruins,
N medieval churches and 16th century A primary port-of-call for Southern
fortifications. Caribbean itineraries
Caribbean Asia Pax 2018: 167k Pax 2018: 791k
End of concession: 2028 End of concession: 2039
*GPH has signed a 30-year concession agreement with the Government of Antigua and Barbuda for cruise port operations in Antigua on an exclusive basis. Full financial closure and Creuers Ports
commencement of the concession is expected to occur in 2019, although there can be no certainty as to the timing or that the final conditions will be satisfied.
19Global Ports Holding Plc (GPH)
Robust and Growing Commercial Business
• Strategically located on the Southern coast
of Turkey with lack of direct competition
• High speed rail link to expand catchment
area
• Akdeniz is currently focused on diversifying
its cargo base
Port-Adria-Bar Competitor Ports
Rijeka Croatia
Bar-Belgrade Railway and Road
Belgrade • Located within a Free Zone regime with
Port of Adria-Bar
Romania significant benefits
(Montenegro)
Bosnia and
Herzegovina
Serbia • Important link for regional intermodal
Split
transport to inland capitals
Montenegro • Benefits from local steel, aluminium
Dubrovnik Bulgaria exports and automotive manufacturing
Italy
Port-Adria Albania
Macedonia
(FYROM)
Source: Company information.
1.Point to point distance on land. 2. Over 200 marble mines are operating in the hinterland. 3. Dry bulk, general cargo and container volumes; Metric tons. Includes contribution from container handling, converted from TEU to
tons at a ratio of 1:14.38.
20Global Ports Holding Plc (GPH)
Harnessing Global Opportunities: Replicating European Success
Americas: Europe: Asia Pacific/Australia:
• 15.6M Pax • 8.0M Pax • 4.2M Pax
• 227 Ships • 137 Ships • 40 Ships
• 56.2% Market Share • 28.9% Market Share • 17.4% Market Share
of which 38.7% Caribbean/Bahamas of which 12.3% Asia Pacific
of which 14.8% Mediterranean
44% 70% 261%
Regional 20%
Growth by Pax. 23%
Capacity 48%
2012-2018 2018-2027 2012-2018 2018-2027 2012-2018 2018-2027
Strategy Strategy Strategy
• Have established a presence in • Birth place of GPH and our current • Established foothold in Asia with equity
largest cruise market heartland associate port Singapore – 1.8m PAX in
• Largest cruise market in the world • Currently 13 ports, 6.3m PAX in 2018 2018
but often with the oldest • Continued opportunities for new ports • Significant potential for new port
infrastructure • Focus also on concession extensions at investments
• Significant opportunities for new current ports
port investments
Source: Cruise Industry News 2019 Annual Report, 21Global Ports Holding Plc (GPH)
Strong Pipeline with Clearly Identified Opportunities
Project Funnel
Project Screening Pre-Feasibility / Due Diligence Concession Agreement & Closing and Induction
Financing Negotiations
Americas 4 Ports
7 Ports 2 Ports,
one of is Antigua &
Nassau, Bahamas Barbuda
Europe & La Goulette,
2 Ports 5 Ports
Middle East Tunisia
1 Port 1 Port
3 Ports
Asia/Pacific
= = = =
Total: 9 projects Total: 13 projects Total: 3 projects Total: 2 projects
27 active projects in the pipeline
22Nassau Cruise Port, The Bahamas
Overview Location
• GPH and its partners have been awarded the cruise port tender for a 25-
year concession for the Prince George Wharf and related areas, at USA
Nassau Cruise Port (NCP)
Nassau
• NCP is one of the most popular and leading destination ports in the
world and welcomes 3.7 million passengers per annum
Cuba
• If / when materialized, GPH’s passenger number is expected to
reach 12 million, surging by nearly 50% Mexico
• The port has a capacity to handle up to 7 cruise vessels simultaneously
• The agreement marks an important step in GPH’s strategy to gain
Venezuela
further to exposure the exotic Caribbean region
• Full financial closure and commencement of the concession is expected
to occur in 2019
1 Key Features
Total Number of Quays 2
Terminals 1
Location City Center 1.5km
Facilities / Other Auditorium, Shopping area, parking
2 Cruise Traffic
Total Pax / 2018 3.7 million
Total Calls / 2018 1,138
Turnaround Port No
23St. John’s Cruise Port, Antigua & Barbuda
Overview Location
• GPH signed a 30-year concession agreement with the Government of
Antigua and Barbuda for cruise port operations in Antigua on an exclusive
basis
• A primary port-of-call for Southern Caribbean itineraries and can berth up
to 4 large ships with total passengers of 791k and total calls of 413 in
2018
• Antigua captures approximately 6.3% of the total Caribbean market
(according to the market research conducted by B&A, based on 2019
itineraries)
• This concession marks the Group's important second step in its
expansion into the Americas, after the signing of Havana in 2018
• Full financial closure and commencement of the concession is expected
to occur in 2019
1 Key Features
Total Length of Quays(m) 1,680m
Total Number of Quays 2
Terminals 1
Location City Center 1.5km
Restaurant, Duty Free, Shops, Souvenir
Facilities / Other
shops
2 Cruise Traffic
Total Pax / 2018 791,225
Total Calls / 2018 413
Turnaround Port No
24La Goulette Cruise Port, Tunisia
Overview Location
• GPH's bid, submitted in a joint venture with MSC Cruises S.A., to acquire
Goulette Shipping Cruise, the company that operates the cruise terminal
in La Goulette, Tunisia has been successful
• The concession to operate the cruise port was awarded to Goulette
Shipping Cruise in 2006 on a 30-year basis, with a right to extend the term
for an additional 20 years
• While passenger volumes have been low in recent years, in 2010, La
Goulette welcomed c900k passenger and between 2011-2014 it
welcomed on average 441k cruise passengers per annum
1 Key Features
Total Length of Quays(m) 1,700m
Total Number of Quays 3
Terminals 3
Location Old City Center
Restaurants, Duty Free, Souvenir shops,
Facilities / Other
Tourist Information, Hammam
2 Cruise Traffic
Total Pax / 2018 1,800
Total Calls / 2018 2
Turnaround Port No
25Global Ports Holding Plc (GPH)
Robust Growth, Strong Margins and High Cash Conversion
Passenger growth (mn) Revenue Development (USD mn)
8.4 124.8
114.9 116.4
7.0 CAGR
69.9
61.2 66.1 7%
4.6 4.4
4.1
3.6
53.6 50.3 54.9 1%
2016 2017 2018 2016 2017 2018
Consolidated & Management Ports Ports in which GPH has an interest Cruise Commercial
Segmental EBITDA Development (USD mn) High Cash Conversion*
Total
Segmental 70.5% 69.2% 72.7% 89%
EBITDA 82% 82%
margin
90.7
80.5 CAGR
80.9
53.1
44.0 48.3 10%
36.9 32.2 37.6 1%
2016 2017 2018 2016 2017 2018
Cruise Commercial
Resilient financial profile with high margins and strong cash conversion
* Cash conversion calculated as (Segmental EBITDA and unallocated expenses – CAPEX) / (Segmental EBITDA and unallocated expenses). CAPEX excludes acquisitions.
26Power/Gas/Mining
Power : Biomass
Total installed capacity of 29.2MWe
► Global Investment Holdings is the leading biomass power
Current Biofuel Volume in Regions GIH is Present
producer from residues and waste from agricultural fields,
forests, and livestock in Turkey with a total installed capacity of 7,619
Total fuel availability:
29.2MW at its Aydın – Söke (12MW), Mardin – Derik (12MW) and 22.8m tonnes
'000 tonnes
Şanlıurfa – Haliliye (5.2MW) power plants
4,361
3,435 3,781 3,666 Potential to generate
c.2.300MW with the
► GIH holds an important competitive advantage in the biomass existing biofuel
sector in Turkey:
i. First mover in current and potential locations: electricity Soke Urfa Mardin Konya Adana
generation from agricultural (mainly cotton and corn) residues, Source: Turkish Statistical Institute
animal manure, and forestry residues using combustion and
steam cycle technology - not employed by many players in the GIH Installed Capacity Development
Turkish market
ii. Integrated value chain under one roof including biomass 41,2
17.2 29.2
MW
collection and plant operation
2017 2018 2019E
iii. High availability due to well proven technology: moving grate
boiler, steam turbine generator
iv. 49 years license with price guarantee through feed-in tariff at 13.3
US cent/kwh for initial 10 years Feed-in-Tariff*
v. Facilities are located in close proximity to important supply areas
in Turkey 22.5
USD cent / kwh
18.9
vi. Collects biomass from diversified sources with own equipment 13.2 9.2
9.6 11.0 5.6
and personnel in addition to selected subcontractors 2.7
2.3 3.7
vii. Secures supply chain via long-term agreements (c.10 years) with 10.5 13.3 13.3
7.3 7.3
General Directorate of Agriculture
Hydro Wind Geothermal Biomass Solar
Local Farmers
FIT for Electricity Max. FIT for Use of Domestic Equipment
Regional Forestry Directorates
(*) Plants that become operational by 2020 will be eligible to benefit from the FIT for a period of
10 years following their commercial operation date. Domestic equipment support is applicable
for the initial 5 years of operation.
28
Source: Energy Market Regulatory Authority (EMRA)Power : Biomass
Our facilities are located in close proximity to important supply areas in Turkey
► Portfolio approach provides diversification with respect to fuel supply and operating performance
Operational: Söke I (12MW), Urfa I (5,2MW),
Mardin I (12MW)
Under Construction: Söke II (12 MW)
Under Development: Konya (24MW), Adana (24MW)
Urfa II (24MW), Mardin II (12MW)
Aydin
Soke Konya
Adana
Urfa Mardin
Total annual fuel
availability: 3.4mn
tonnes, of which Global Total annual fuel
Energy will use c. 5% availability: 7.6mn Total annual fuel Total annual fuel Total annual fuel
p.a. once fully rolled-out tonnes, of which Global availability: 3.6mn availability: 4.3mn availability: 3.7mn
Energy will use c. 2% tonnes, of which Global tonnes, of which Global tonnes, of which Global
p.a. once fully rolled-out Energy will use c. 5% Energy will use c. 5% Energy will use c. 4%
p.a. once fully rolled-out p.a. once fully rolled-out p.a. once fully rolled-out
29Power: Tres
biggest co/trigeneration supplier with 54.1MW
► Established in 2013 and 95.8% owned by GIH – remaining share is
owned by a local partner Customer Breakdown by Sector and Capacity
► Offers power generation solutions via combined heat and power plants
(cogeneration/trigeneration) to end customers Shopping 4.4 Customer 8
MW
Center 1.5
► BO/ BOT model implementation in various types of facilities, both public 10% 8.7 Customer 7
and private – industrial facilities, hospitals, shopping centres, hotels, Customer 6
6.7
offices, etc. Operates according to unlicensed regulation.
6.7 Customer 5
► Total installed capacity is 54.1MW 54.1MW Customer 4
10.1
Customer 3
Lüleburgaz
5,4MW
Çerkezköy
11.0
6,7MW
Customer 2
Samsun
10,1MW
Industrial 5.4 Customer 1
Bandırma
8,7MW Ankara 90%
4,0MW Jul-19
İzmir Uşak
6,7MW 11,0MW
Van
1,5MW
Development of Installed Capacity
operational
► Designs, constructs and operates turn-key small-to-mid-size power
plants for industrial and commercial customers consuming power for
electricity, heating and cooling purposes. Capex per MW is USD 500- MW
250.0
700k
3.8
6.0
► Works with clients via long-term bilateral contracts securing fixed 15,4
54.1
savings in percentage terms to benchmark market prices (electricity or 16,8
12,1
natural gas)
2013 2014 2015 2016 2017 2018 2025
30Power: Solar
2 ongoing projects
2 projects located in Mardin/Turkey and Bar/Montenegro Mardin SPP settlement plan: 17 hectare spot in close proximity to
city center
Mardin, SPP Project:
► Won bid for licensed solar project in 2015
► Total installed capacity will be 10.5 MWp (9MWe at substation)
► Facility spans over a 17 hectare area
► Pre-licence obtained in late 2016
► Expected commercial operation date: 3Q 2019
► Price guarantee through feed-in tariff at 13.3 USD cent/kWh for 10
years
► CAPEX per MW is c. USD 1.0m
Bar, Port of Adria SPP Project:
Bar SPP settlement plan: 9 warehouses with a total area of 66,000
► First international project of the energy group under GIH
sqm (actual area utilisation: 37,000 sqm)
► Development of a solar power plant on rooftops of existing
warehouses at the port
► Total installed capacity will be 5MW
► Price guarantee through feed-in tariff at 12 EUR cent/kWh for 12 years
► In the process of permit applications by state authorities
► Expected commercial operation date 4Q 2019
► CAPEX per MW is c. USD 1m
Other Projects in the Pipeline:
► In addition, GIH is not only pursuing plans to bid on government tenders
in renewables as may be announced in the near future, but also
evaluating various opportunities abroad in the sector
31Gas: Naturelgaz – CNG
Europe’s largest CNG (Compressed Natural Gas) distributor
► Naturelgaz, a 95.5% subsidiary of GIH and established in 2005, is Naturelgaz CNG Plants / Auto CNG Stations Network
Europe’s largest CNG distributer as per mother station infrastructure
and bulk sales volume as of 2018
► Naturelgaz focuses on sales and distribution of bulk CNG to industrial
and commercial customers in addition to cities
► The company distributed 138 mn Sm3 of CNG in 2018 and reached
c.17% market share in total non-piped gas market in Turkey while has
25% market share through the hinterlands covered by its filing plants.
Naturelgaz has also reached c.70% share in sole CNG market
► Naturelgaz is also focused on the road transport sector to supplement
existing bulk CNG sales. Compared to other energy sources, the use of
Auto CNG in road transportation provides two important advantages
Revenue (mn TL)
248
are cost savings and environmental sustainability
Strategy
► In Turkey, there are many zones that natural gas has not reached 12 CNG plants 36
either because of geographical obstacles or poor economics. Supplying
4 co-operation plants
CNG into pipeline of remote towns in Turkey, in cooperation with local 2011 2018
gas distributors, where there is no natural gas distribution infrastructure 50,200 CNG cylinders
► Carrying the experience and investments to the surrounding markets 47 industrial scale compressors CNG sales (mn m³)
138
such as Africa where the is underdeveloped power infrastructure and In 2018, Naturelgaz distributed
strong growth 138 mn Sm3 of CNG and
captured 17% market share in
► Developing Auto CNG projects in cooperation with OEM producers and
the total non-piped natural gas
conversion companies market in Turkey. The company 28
► To increase the number of projects by supplying integrated CNG recorded a 25% market share
through the hinterlands covered
solutions to well operators 2012 2018
by its filling plants.
32Mining: Straton - Feldspar
► Straton, a 97.7% owned subsidiary of GIH, was acquired in 2013
Sales Volume Developments (000 ton)
► Straton has substantial feldspar reserves, mine processing facilities
and commercial teams based in the West Aegean region of Turkey
► Straton is among the top five feldspar producers in Turkey with 496,400
626
tons of annual feldspar production in 2018
► The Company’s main export markets were Spain, Italy, Egypt and 496
various Middle Eastern countries. Export related sales volume reached
388 405
428.395 tons while domestic sales volume realized at 68.005 tons in
2018
► Feldspar is a crucial ingredient for the quality manufacturing of
ceramics and glass, reducing the manufacturing temperature and
saving vast amounts of energy as well as carbon emissions
► Turkey is the global leader in feldspar mining with 5mn tons of
production. Turkey’s feldspar exports to Spain, Italy, Russia and the
Far East amounted to 3.2% of Turkey’s overall mine exports 2015 2016 2017 2018
Strategy
► Aims to become a leading player in the global feldspar market by
extracting feldspar in the most efficient and environmentally
responsible manner
► To this ends, Straton has completed an investment program that
includes establishment of new separation and enrichment facilities
besides expansion of existing production capacity
► By way of the new facilities under operation, Straton plans to gradually
increase feldspar sales over the next two years and more than double
its current annual production volume entering various new export
markets in order to become one of the leading players in the sector
► Geographical expansion into new markets such as the Far East 33REAL ESTATE
Ardus
• Denizli Sumerpark Mix-Use Real Estate Development • VAN SHOPPING CENTER
Sümerpark Project, which is the new living center of Denizli, is on 98,500 m2
land Van Shopping Center is the first shopping center in
and when completed, it shall reach to a gross construction area of 228,000 m 2. The the city and provides a strong selection on 55.000m²
project is composed of Sümerpark Evleri, consisting of 606 houses, Sümerpark building area and 26,047 m² leasable area. Van
Shopping Center, Skycity Business Towers, Private School and a private hospital Shopping Center is home to approximately 90 stores
with 150 beds as well as restaurants and cafes, child playground and
7-theater cinema. Since its opening, it attracted more
Net land area 98,418m²
than 18 million visitors and currently operates with 99%
Residential Area 34,421m² occupancy
Commercial Area 47,709m²
Private School Area 5,543 m² • SALIPAZARI GLOBAL BUILDING (RIHTIM 51)
(Commercial precedent) Rihtim 51, which is a 2nd degree listed historical
building, has 5,230 m² building area. Global
Private Hospital Area 10,745m²
Investment Holding is currently using the building as
Gross construction area 228,620 m² headquarters. The renovation projects of the property
have been completed and the building permit is
Residential 105,000 m² /608 housing (%38 completed)
obtained for the 7,400 m² hotel project
Shopping Center 107,000 m² / 34,790 m² GLA (%100 completed)
• VAKIFHAN NO:6
Office 33,055 m² (%45 completed) The project is based on the reconstruction of the 1,619
m2 historic building belonging to the General
Directorate of Foundations in Karaköy, Istanbul with
Private school 11,565 m² (%100 completed)
the Restore-Operate-Transfer (ROT) model. The
Private Hospital 32,000 m² (In the planning phase) building restoration was completed in August 2006 and
operates with 100% occupancy
35
35Ardus
OTHER LANDS AND PROJECTS:
• CYPRUS AQUA DOLCE HOTEL PROJECT
48,756 m 2 project planned in 260,177 m 2 land, includes 5* hotels, casino and villa.
• BILECEIK INDUSTRIAL ZONE LAND
Located in the Industrial Zone, 19,000 m2 in size
• BODRUM TORBA LAND
45,822 m2 land suitable for large-scale tourism investments
36
36FINANCE
Asset Management
Actus
► Actus is the second largest Turkish-owned portfolio management company without a bank/brokerage house/insurance company as a
parent
► Since April 2015’s acquisition by Global Investment Holding (90.1% of shares), Actus has grown by 416%, managing TL
800mn AUM as of 31 March 2019
► Actus launched Turkey’s first infrastructure private equity fund that will provide equity financing to a public-private partnership project
in healthcare sector. Actus aims to be the leader in Turkey in alternative investment funds leveraging Global Investment Holdings’
know-how and proven track record
► Actus is the founder of Turkey’s first corporate venture capital fund investing in technology firms with a vision of being a global player
Actus Asset Management Inc. Logo Ventures Fund
► Actus launched Turkey’s first diversified renewable energy Private Equity Investment Fund: Actus GreenOne Private Equity
Investment Fund
► Actus signed a Limited Partners Agreement with Sabancı University and got TUBITAK approval to establish a Technology Venture
Capital Fund with 100mn TL final closing target
► Managing 3 pension, 5 mutual, and 3 alternative investment funds as well as several discretionary mandates, Actus is the only full-
fledged asset manager in Turkey
Strategy
► Besides organic growth, Actus’ strategy is to acquire independent asset management companies to boost AuM in the short term
Actus Asset Management and İstanbul Asset Management have reached an agreement to merge under Istanbul Asset
Management, creating the largest domestic and independent asset management company in Turkey with over 3bn TL AUM.
Actus will hold a 33.25% stake in the merged entity; and GIH will have an option to buy 40% of the shares of the merged
entity.
► Launch a Turkish regional infra fund up to USD 1bn jointly with Centricus.
39Global MD
► Global MD is a leading non-bank portfolio management firm which focuses on pension funds, namely AegonEmeklilik
and Fiba Emeklilik, real estate funds and venture capital funds
► Global MD offers top quality portfolio management to both individual and institutional investors, managing 8 funds
invested in the Turkish equity and debt markets. (AUM: TL 232mn)
► Global MD is the founder of Torkam Global MD Real Estate Fund , one of Turkey’s first real estate investment funds in
which Emlak Konut has pledged to be a seed investor for the first time
► Global MD’s first venture capital fund, Acalis 1st Venture Capital Fund, gives the opportunity to invest in disabled and
elderly care centers all over Turkey
► 100% owned by Global Securities
Strategy
► Global MD has the mission to become one of the leading portfolio management companies via adding new venture and
real estate funds worth of at least TL 200mn to its current roster in 2019 and more later
► Global MD focuses on providing superb service to its customers and aims its investment funds’ performance to the
highest rankings in their categories
40Brokerage
Global Securities
Global Securities
► Global Securities is an independent and listed company on BIST that provides capital market brokerage
services to individuals and corporates; local and international investors
► Global Securities has received 40 international awards for its many accomplishments in Turkey over the
years, among which is the award for “The non-bank intermediary institution with the biggest trading volume
since the foundation of Borsa Istanbul”
► Has mediated close to 100 corporations establish an initial public offering, has also contributed with 5bn
USD to the Turkish Capital Market
Strategy
Configured with the vision of being a pioneer of the sector in Turkey, Global Securities serves its clients
through its accumulation of information and experience, in the capacity of being a leading and dependable
brokerage
42APPENDIX
Balance Sheet
(TL Million) 31 March 2019 31 Dec 2018
ASSETS
Current Assets 1,276.9 1,104.2
Cash and Banks 518.4 496.9
Marketable Securities 5.6 4.1
Trade Receivables 393.8 272.3
Inventories 91.2 93.4
Other Receivables and Current Assets (1) 268.0 236.6
Assets classified as held for sale 0.9 0.9
Non-current Assets 5,079.7 4,543.8
Financial Assets 74.1 68.6
Investment Properties 473.4 473.4
Tangible Fixed Assets 1,358.4 1,285.0
Intangibles and Concession properties 2,316.3 2,241.4
Right of Use Assets (3) 365.5 0.0
Equity Pickup Investments 152.2 150.8
Goodwill 94.7 89.8
Deferred tax assets 133.9 127.2
Other receivables and non-current assets (2) 111.1 107.7
TOTAL ASSETS 6,356.6 5,648.0
LIABILITIES
Short term liabilities 1,442.1 1,203.4
Financial debt 867.6 728.1
Lease Liabilities (3) 13.0 0.0
Trade Payables 333.3 243.0
Accrued liabilities and other payables 228.1 232.3
Liabilities directly associated with assets held for sale 0.0 0.0
Long term liabilities 3,257.7 2,768.7
Financial debt 2,283.1 2,169.9
Lease Liabilities (3) 352.0 0.0
Provisions and other long term liabilities (4) 82.3 84.5
Deferred tax liabilities 540.3 514.3
Total Shareholders' Equity 1,656.8 1,675.9
Paid in capital 325.9 325.9
Treasury shares -128.3 -115.5
Reserves 708.8 723.5
Previous years' profit/loss 94.5 107.8
Profit/(loss) for the period -82.4 -89.9
Minority Interest 738.4 724.0
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 6,356.6 5,648.0
1) non-trade receivables including related parties, tax receivables and others (2) long term non-trade receivables including related parties, advances, prepaid expenses and others (3) recognition of
right-of-use asset and a lease liability with respect to rent contracts of building, office, vehicles and concession agreements according to transition toTFRS 16. (4) non-trade payables including
related parties, long term provisions and other liabilities
44Income Statement
(TL mn) 1Q 2019 1Q 2018 2018 2017
Total gross revenues 260.4 159.5 1,128.4 805.9
Cost of sales and services -209.8 -132.5 -748.88 -564.0
Gross Profit 50.6 27.0 379.56 241.9
Operating expenses -68.3 -54.7 -255.58 -241.6
Other operating income/(loss), net -7.6 -1.4 52.84 -211.1
Equity pickup asset gains/(losses) 8.3 3.7 27.60 10.4
Gross operating profit/(loss) -17.0 -25.5 204.4 -200.4
Financial income/(expenses), net -103.9 -57.9 -290.6 -203.5
Profit/(loss) before tax -120.9 -83.3 -86.2 -404.0
Taxation 0.2 7.4 22.2 17.6
Profit/(loss) after tax -120.7 -75.9 -64.0 -386.4
Net profit/(loss) from
discontinued operations 0.0 0.0 0.0 0.0
Minority interest -38.3 -19.3 25.9 -57.2
Net profit/(loss) for the period -82.4 -56.7 -89.9 -329.2
EBITDA 78.7 40.7 465.0 278.4
45Disclaimer 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 this document. This document may also contain certain forward-looking statements concerning the future performance of Global Investment Holdings (“GIH” or “the Group”) and should be considered as good faith estimates. These forward-looking statements reflect management expectations and are based upon current data. Actual results are subject to future events and uncertainties, which could materially impact GIH’s actual performance. GIH, and its respective affiliates, advisors or representatives, shall have no liability whatsoever for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. GIH undertakes no obligation to update any forward- looking statements, whether as a result of new information, future events or otherwise. Therefore you should not place undue reliance upon such statements. For further information, please contact: Investor Relations Global Yatırım Holding A.Ş. Rıhtım Caddesi No. 51 Karakoy 34425 Istanbul, Turkey Google Maps: 41.024305,28.979579 Phone: +90 212 244 60 00 Email: investor@global.com.tr Website: www.globalyatirim.com.tr facebook.com/GLYHOIR twitter.com/GLYHOIR linkedin.com/GLYHOIR
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