GLOBAL INVESTMENT HOLDINGS - Investor Presentation September 2020 Copyright 2020 Global Investment Holdings - Global Yatırım Holding
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GLOBAL INVESTMENT HOLDINGS Investor Presentation September 2020 Copyright © 2020 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 7.1bn
(as of 31.12.2019) 29x
Total Equity: TL 1.5bn
(as of 31.12.2019) 11x
5
Portfolio Overview
Investment Holding with a focus on;
Port Infrastructure, Clean Energy & Asset Management
A brokerage firm that transforms into a diversified conglomerate in 14 years,
increasing total assets 29x and total equity 11x along the way
Ports Power/Gas/ Real Estate Finance
Mining
► World’s largest independent cruise port ► Power ► Sumerpark Shopping Centre: Denizli’s 3rd ► Asset Management
operator with 21 ports, including 2 largest shopping centre with 35,836 m2 GLA
Co/Tri-generation with 54.1 MW installed Among the leading independent asset
commercial ports, in 13 different countries
capacity ► Van Shopping Centre: Van's first shopping management companies of the market, offering
► c.14mn pax annually with an established
centre with 26.047m2 GLA service to domestic, international, corporate and
presence in the Caribbean, Mediterranean, Biomass power plants with a installed capacity of individual investors with its innovative product
Asia-Pacific regions 29.2 MW at three separate facilities ► Denizli SkyCity Office Project: Denizli's portfolio
► Listed on London Stock Exchange first and the largest modern office project
2 Solar power plant with 16.8 MWp installed with a construction area of 33.055 m2
Portfolio: • Actus: (AUM: TL 1.25bn as of 30.06.2020)
capacity of which 10.8 MWp in operation and 6
Nassau: The busiest transit port in the Caribbean MWp will be operational in 2021 ► Sümerpark Residences: The first modern • Global MD:(AUM: TL200mn as of 30.06.2020)
Antigua: A marquee port in the Eastern Caribbean mass-housing project in Denizli with 8
Barcelona: Europe’s leading cruise port blocks over 105.000 m2 construction area
Venice: The best facilities lead to Venice ► Gas
► Vakif Han No. VI: 1.619 m2 ROT type office ► Brokerage
Valletta: The door to the Mediterranean
Turkey’s & Europe’s leading CNG distributor in re-development
Singapore: One of main homeport in Asia terms of station infrastructure and bulk sales Among Turkey’s leading independent brokerage
Lisbon: Significant homeport in Atlantic volumes. Controls around c.20% market share in ► Salipazarı Global Building: 2nd degree firms that offer securities and derivatives trading
Port Akdeniz, Antalya: A multi-functional facility total non-piped gas market in Turkey listed building with 5.230 m2 area. and portfolio management services to
Ege Port Kusadasi: The Gateway To Ephesus international and domestic investors
► Denizli Hospital Land: 10,745 m2
Ha Long: First purpose-built cruise port in Vietnam
► Mining • Global Securities has a market share of
Port of Adria, Bodrum, Cagliari, Catania, ► Denizli Final Schools: 11.565 m2 GLA
1.7% with an equity trading volume of
Malaga, Ravenna, Havana, Zadar, La Goulette
One of Turkey’s leading players in industrial ► Cyprus Aqua Dolce Hotel Project: TL 79.4bn, ranking 19th among domestic
minerals with about 1.0mn tons feldspar annual 260.177 m2 land with 48.756 m2 hotel and brokerage houses in H1 2020
production capacity residential project area
► Bilecik Industrial Zone Land: 29.500 m2
Consolidated total GLA: 84,797 m2
Retail sector GLA: 63,502 m2
Other leasable areas: 21,295 m2
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%) 90,88
► Current portfolio of assets includes commercial and cruise Public Disclosure and Transparency (25%) 93.18
ports, energy, real estate and financial services offering high Stakeholders (15%) 92,95
growth with ‘first mover’ advantages Board of Directors (35%) 87.55
► Lean management facilitates swift decision making and
timely response while extracting maximum value by
successful exit
► Listed on the Borsa Istanbul (BIST) (‘GLYHO’) Credit Rating - JCR Eurasia
Shareholding Structure as of 02/09/2020 Global Global Investment Holdings (GIH) 15-Nov-19
Investment Long Term International Foreign Currency BBB- / (Stable Outlook)
Turkcom* Holdings**
3.0% Long Term International Local Currency BBB- / (Stable Outlook)
27.3%
Long Term National Local Rating A- (Trk) / (Stable Outlook)
Centricus Long Term National Issue Rating A- (Trk)
Holdings Malta
Limited Other Short Term International Foreign Currency A-3 / (Stable Outlook)
31.2% 38.4% Short Term International Local Currency A-3 / (Stable Outlook)
Short Term National Local Rating A-1 (Trk) / (Stable Outlook)
Short Term National Issue Rating A-1(Trk)
*Disclosed together with the shares of Mehmet Kutman who is owner of Turkcom Turizm Enerji İnşaat
Gıda Yatırımlar A.Ş. and founding shareholder, Chairman and Chief Executive Officer of Global Sponsor Support 2
Investment Holdings
** Treasury shares repurchased by the Company based on the share buyback programs 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
• Nomination and Remuneration Committee : Oğuz Satıcı (Chairman), Ayşegül Bensel, Serdar Kırmaz, Ercan Ergül, Göknil Akça
7
• Investment Committee : Ercan Ergül, Dalınç Arıburnu, Shahrokh Badie, Feyzullah Tahsin Bensel, Serdar Kırmaz
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 Holdings &
next couple of years Centricus 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 YEKA Solar projects companies to boost AuM in the short term
• Implement B2C and B2B revenue opportunities
to improve passenger experience at our cruise • Expand in destinations we operate ports, • Create an infrastructure fund for international
ports, similar to the strategies successfully especially in the Caribbean investors that will invest in infrastructure
implemented by airport operators projects with significant treasury guarantees
• Acquire mid-to-big ticket operating and brown-
• Deliver growth and cash from the commercial field renewable assets with long feed-in tariff • Acquire market share in pension industry
ports services through higher capacity periods benefiting from re-allocation of asset
utilization and making use of recent management services for pension funds
• Extend the experience and investments to
investments
surrounding markets such as Africa that as yet • Feed pension funds with alternative
• Continue to enhance the competitive have an underdeveloped power infrastructure investment funds that will be mandatory for
advantage achieved by being the first mover auto-enrolment funds
• Evaluate new international expansion/project
opportunities
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 port infrastructure, clean energy and asset management
11The evolution of key financial indicators
Turnover
TL mn
TL mn
Total Assets
8,411 1,441
7,056
1,128
5,648
806
4,371 739.9
3,890 630 636.1
3,439 552
2,599
1,978 357
247
2013 2014 2015 2016 2017 2018 2019 30/06/2020 2013 2014 2015 2016 2017 2018 2019 H1-19 H1-20
TL mn
Total Equity EBITDA
TL mn
1,676 563
1,595
1,518
1,434
465
Approximate negative
impact of Covid-19 on H1
975 2020 EBITDA: c.140mn TL
913
278
726 743
218 231 228.0
190
147.6
111
2013 2014 2015 2016 2017 2018 2019 30/06/2020 2013 2014 2015 2016 2017 2018 2019 H1-19 H1-20
12Financial Highlights
(TL mn)
Net revenues Q1 2020 Q1 2019 Q2 2020 Q2 2019 H1 2020 H1 2019 %change
Gas 84.9 73.4 98.7 97.7 183.7 171.1 7%
Power 54.8 25.1 66.1 36.4 120.8 61.5 96%
Mining 24.0 25.6 10.5 25.5 34.5 51.1 -32%
Ports 130.5 110.8 217.5 195.5 348.0 306.3 14%
Brokerage & Asset Management 19.5 13.8 20.6 10.8 40.2 24.6 63%
Real Estate 9.8 11.7 3.0 9.7 12.8 21.4 -40%
Holding stand-alone 0.0 0.0 0.0 0.0 0.0 0.0 n.a.
Others 0.0 0.0 0.0 0.0 0.0 0.1 -50%
GIH total 323.5 260.4 416.4 375.7 739.9 636.1 16%
Operating EBITDA Q1 2020 Q1 2019 Q2 2020 Q2 2019 H1 2020 H1 2020 %change
Gas 14.2 13.2 21.6 21.3 35.7 34.5 4%
Power 10.9 -1.9 26.6 1.5 37.5 -0.4 n.a.
Mining 4.5 6.0 2.5 5.6 7.0 11.6 -39%
Ports 62.9 66.9 21.6 128.3 84.4 195.2 -57%
Brokerage & Asset Management 4.7 1.7 6.9 -0.9 11.6 0.8 1,302%
Real Estate 3.9 6.0 -1.0 4.3 2.9 10.3 -72%
Holding stand-alone -8.6 -9.6 -5.9 -8.1 -14.5 -17.8 19%
Others -7.4 -3.7 -9.7 -2.6 -17.1 -6.3 -173%
GIH total 85.1 78.7 62.4 149.3 147.6 228.0 -35%
13Debt Position - As of 30.06.2020
Interest Year of
Holding standalone debt Currency Rate Maturity Amount TL mn USD mn
Eurobond, net USD fixed 2022 23.2 3.4
TL bond TL floating 2020 20.0 2.9
TL bond TL floating 2020 124.6 18.2
TL bond TL floating 2021 125.4 18.3
Secured bank loans TL fixed 2021 31.0 4.5
Secured bank loans TL fixed 2023 0.4 0.1
Secured bank loans EUR floating 2021 417.2 61.0
Gross debt 741.7 108.4
Cash and Cash Equivalents 162.1 23.7
(I) - Net Financial Debt (TL mn ) - standalone -579.6 -84.7
Project Company debt by segment 2020 2021 2022 2023+ Amount TL mn USD mn
Ports (1) 122.2 1,962.7 95.2 1,203.7 3,383.8 494.5
CNG (2) 49.0 47.9 27.0 0.0 123.8 18.1
Power (3) 110.9 73.5 62.3 166.8 413.5 60.4
Mining 22.4 30.3 23.6 0.2 76.5 11.2
Real Estate 31.7 32.4 27.9 69.7 161.6 23.6
Finance 20.4 0.0 0.0 0.0 20.4 3.0
Gross debt 356.5 2,146.7 235.9 1,440.4 4,179.5 610.8
Cash and Cash Equivalents 974.1 142.4
(II) - Net Financial Debt (TL m) - project company (TL mn) -3,205.4 -468.5
(I) + (II) - Consolidated Net Debt (TL mn) -3,785.0 -553.2
1 of which 250mn USD Eurobond and 125mn USD Nassau bond 2of which 20.4mn TL due in 2020 is revolving facility, rest is project finance loans due 3 of which 34.5mn TL due in
2020 is revolving facility fully paid in July 14Chairman & CEO, CFO and Group CEOs
The evolution of key financial indicators
A Team of Industry Specialists
Mehmet Ferdağ Emre Sayın Atay
Kutman Ildır CEO, Arpacıoğulları
Global Ports CEO,
Chairman & CEO CFO
Holding Plc Global Energy
• • Serves as the Group’s CFO since 2020
Founding shareholder, Chairman and • Has 20 years of C-Level experience in • Serves as CEO of Power and Mining
CEO of Global Investment Holdings. • Appointed CFO of Global Ports Holding in global businesses Division since 2013
Actively involved in business development 2010. Prior, she was the CFO of Kuşadası
at the Company level Cruise Port, Bodrum Cruise Port and Port • Managed the brand experience at Verizon, • Formerly held Head of Business
Akdeniz – Antalya consumer business at Turkcell, business Development role at GIH
• Member of TUSIAD (Turkish Industry & development at Vimpelcom Group and
Business Association) and DEIK (Foreign • Former Accounting Division Manager at the marketing at Microsoft Turkey • Holds MBA degree from Babson
Economic Relations Board) Teba Group from 2004 to 2005. From 1993 College and Bachelor of Architecture
to 2004, she held various positions at Arthur • Holds a postgraduate degree in Systems from METU
• Holds a BA from Boğaziçi University and Andersen and Ernst & Young Engineering at Rutgers and Princeton
an MBA from the University of Texas Universities
• Holds a BS degree in Economics from Dokuz
Eylül University
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 • Serves as CEO of Global Securities • Serves as CEO of Global MD Portfolio
February 2017 Management since 2015 since 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
• Held several positions such as CFO, University
Istanbul 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
19 2 13 4
Cruise Ports Commercial Ports Countries Continents
14mn c.24% Global
Investment
Holdings,
62.5% Centricus
Partners
Free Float LP,
(LSE), 2.3%
35.2%
Market share in
Passengers Mediterranean
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 Presence in the Caribbean and Asia-Pacific regions
2 out of Top Mediterranean Cruise Ports
(2019 Pax, ’000s)
Caribbean Asia
Nassau Ha Long Barcelona 3,138*
Havana Balearic Islands 2,658
Singapore
Civitavecchia 2,652
Antigua
Genoa/Savona 2,019
Venice Marseille 1,866
Venice 1,611
Ravenna CROATIA (1)
Zadar
GPH Cruise Ports
Bar
Barcelona ITALY (4) MONTENEGRO (1)
SPAIN (2) Global Cruise Market Share (2019 Pax)
Lisbon Cagliari TURKEY (3) Caribbean 38.7%
Ege Port
PORTUGAL (1)
Catania Mediterranean 14.8%
Malaga La Goulette
Valletta Bodrum
Antalya Asia/Pacific 12.3%
TUNUSİA (1) MALTA (1) Northern/Western
9.4%
Europe
Alaska 4.4%
Other 20.4%
GPH Cruise Ports GPH Commercial Ports with some minor cruise activities Country (Number of Ports)
+ Note: # of pax including all 6 piers of the city of which GPH operates 5
18Global Ports Holding Plc (GPH)
World’s largest independent cruise port operator
A B C
Bodrum Cruise Port Malaga Cruise Port Ege Port Kusadasi
O
R Cruise, ferry and mega-yacht port 3 cruise terminals of Port of Busiest cruise port in Turkey,
located on Turkey's Aegean Málaga located near Ephesus and the
L
Pax 2019: 476k House of the Blessed Virgin
N coast, near one of Turkey's most
End of concessions: Mary
popular seaside resorts. o 2038 Levante (ext. potential,2050)
Pax 2019: 124k Pax 2019: 256k
o 2041 Palmeral (ext. potential,2054)
End of concession: 2067 End of concession:2033
Caribbean Asia (extension potential 2052)
D E F
Barcelona Cruise Port Lisbon Cruise Port Singapore Cruise Port
One of the largest cruise Port of call for cruises; operates
homeports; The operation of Terminal Marina
three cruise terminals and a
Pax 2019: 2.1mn Bay Cruise Centre
new terminal completed in 2017
Pax 2019: 1.7mn
End of concessions: Pax 2019: 571k
o End of concession: 2027
2030 Adossat (ext. End of concession: 2049
potential,2053)
o 2026 WTC (ext. potential, 2050)
G H I
Antalya Cruise Port Venice Cruise Port
Valletta Cruise Port High capacity commercial port
Significant cruise operations with a dominant position in export One of the 3 main hubs of
with more than 20% turnaround traffic for its hinterland. Also Mediterranean
Pax 2019: 902k active in cruise operations Pax 2019: 1.6mn
End of concession: 2066 Pax 2019: - End of concession: 2024
End of concession: 2028 (potentially 2060)
(extension potential,2047)
I J K L
K Italian Cruise Ports Havana Cruise Port
D M
Bar Cruise Port
E J J Cuba’s major port and commercial
Cagliari, Catania, Ravenna center
B K Montenegro’s main sea port
Small-medium size operations Pax 2019: 297k
C Pax 2019: 20k
A
Pax 2019: 515k 15-year management agreement
P K H End of concession: 2043 End of concession: 2020 to 2027 (ends 2033)
G
M N O P R
La Goulette Cruise Port, Ha Long Cruise Port
Zadar Cruise Port Antigua Cruise Port Nassau Cruise Port Tunusia First purpose-built cruise port in
One of the most popular cruise Vietnam
Close to old town with Roman One of the marquee ports in the Significant non-European cruise One of the most visited places in
destinations in the world Vietnam and the Southeast Asia
ruins, medieval churches and 16th Eastern Caribbean region Second largest transit port in the port in the Mediterranean
region
century fortifications. N Pax 2019: 728k world Pax 2019: - Pax 2019: 72k
Pax 2019: 167k End of concession: 2049 Pax 2019: 3.8mn End of concession: 2036 15-year management agreement
End of concession: 2038 End of concession: 2047 (extension potential 2056) (ends 2034)
Existing Ports Creuers Ports 19Global Ports Holding Plc (GPH)
Commercial Port Business: Port Akdeniz (1/2)
Excellent Infrastructure and Capacity to Provide Multi-purpose Services
Port Akdeniz is a multi-functional port with an excellent and extensive infrastructure that lends it a dominant
commercial position amongst its peers
Port Akdeniz Layout Key Highlights
A Cruise B Commercial Concession until 2028, with an ongoing process to extend concession to 2047
Operations Operations
Best-in-class operational and commercial practices put in place under GPH’s
sole ownership since 2010
• Luggage services, • Large terminal
Terminal area and reefer
internet and other area supports Piers: 9 (o/w 2 cruise)
station: 166,800m2
services offered seamless and Quay Length: 1,142m
flexible day-to-
• Awarded “Most Annual Capacity:
day operations
Improved Terminal • 500k TEU container
Facilities” by DWCD • It also provides Main Breakwater: 1,600m • 5m tonnes general & bulk
opportunity for Side Breakwater: 650m cargo
expansion of • 2,500 ships
B storage and
handling
capabilities
Infrastructure Overview
166,800m2 Terminal area 1,142m Pier providing modern services
and reefer station in a fully protected and sheltered customs
area
Pier #5
115m 7,000m2 Concrete warehouse (contracted for 3 years) outside the customs
Pier zone and just 50m from the quay
Pier #6 #2-3
Pier #7
A Pier #9 170m 175m 162m
140m Pier #1
150m
c.4,000m2 Indoor space for temporary storage services in bounded areas
including industrial tents
Pier #8
170m
Efficient IT management system Terminal operating system
has a direct interface with the accounting program and a mobile phone
application connects customers and co-workers to the port directly
20Global Ports Holding Plc (GPH)
Commercial Port Business: Port Akdeniz (2/2)
Strategically Located with Strong Competitive Positioning
Port Akdeniz is strategically located with limited regional competition, high barriers to entry and excellent connectivity
to capture marble and cement volumes in the hinterland
Ideally located with commercially attractive hinterland which is well
Port Akdeniz Port Akdeniz Competitor Ports Road Transport Infrastructure
connected to the port
Cement Key Marble Mines Key Hinterland Cities
Turkey Limited competition due to long distance and high land transport cost
to other existing ports nearby
Aliaga – Well developed touristic use of Mediterranean coast leaves limited
Afyon D300
Karaman scope for construction of new ports
Burdur D650
D625
D685 D330
D330
D696
D330
D715 – High investments requirements, extensive constructions leads times,
D595 D320
D320
D696
Isparta D695 Konya Mersin and long license and regulatory process create additional barriers for
D585
D330
D330
Iskenderum
D650D685
Denizli new entrants
D330
D585 D650
D350 D685
Syria
Diversified revenue from a broad portfolio of shippers, predominantly
D350 D400
D695
D400
D400
D350
D400 Port-Akdeniz D400
D635
exporting marble and cement globally and increasingly importing metals,
Antalya granite, coal, aluminium, chemicals and agricultural products
Cyprus Exposure to global construction and growth, especially emerging
countries, with marble exports to China and India and diversified cement
exports
Overview of Potential Incumbents Mitigants
From Mersin to İzmir sole service for container vessels ; Port
Akdeniz holds the responsibility of being the only well equipped port
Port 4.0
along 700 km’s from Mersin to İzmir V.A.S. ;
(Solon Portal Tailor Cut
Free Marble Marble
and other Special
Within this 700 km’s there are no signs of a new competition to be Storage Cutting, 3D
ongoing Services
entering to the port services business Dimentioning
mobile app’s)
Carries our the role of having round 40% of the share from Turkey’s
block marble export
21Global Ports Holding Plc (GPH)
Commercial Port Business: Port of Adria (1/2)
Recently Modernised with a Multi-Services Platform
Port of Adria is a recently renewed port to provide multiple services and cater to increasing demand
Port of Adria Layout Key Highlights
A B Port area consists of five terminals under operation: (i) Container
Container Terminal General Cargo Terminal Terminal, (ii) General Cargo Terminal, (iii) Timber Terminal, (iv) Ro-
Ro Terminal and (v) Cruise Terminal
• Area: 8 ha • Area: 6.3 ha
Recently undergone an extensive capex program over 2015-2018 for
• Capacity: 50 TEU/hr • Handles all types of cargo
12m Euro
• Storage capacity: 2.5k TEU ground • 1 MHC with 80t capacity
slot • 4 portable cranes + 2 Successfully completed major operational turnaround and social
• Container Freight Station crawler cranes (Terex) program of 7.2m Euro post privatization, improving efficiency and
• Railway tracks 2x 440m • 11m draft workforce reduced by more than one third
• Two STSG Container Cranes
• Quay Length of 660m and 12m Long remaining concession life of 24 years, terminating in Jan-2044
depth
Port of Adria is listed in the Montenegro Stock Exchange, with GPH
C
Timber Terminal owning 63.18% of issued shares and the rest being free float
A B
• Area: 5.8 ha
• Covered storage
capacity: 21 km2 Berths: 9
• Additional services Quay Length: 1,440 m
Port Area:
527,000 m2
77k m2 closed storage
163k m2 open storage
Annual Capacity: >500k
C TEU container
22Global Ports Holding Plc (GPH)
Commercial Port Business: Port of Adria (2/2)
Strategically Located to Act as Gateway to Balkan Peninsula Trade
Port of Adria is ideally located within a Free Zone regime to service landlocked Eastern European markets
Rijeka / Major port in Montenegro, handling most of the country’s maritime
Port of Croatia
freight
Ploče
Belgrade
Located within a Free Zone regime with significant economic
benefits such as exemption from customs duties, taxes and other
Bosnia and charges, quicker and easier customs procedures etc.
Herzegovina
Serbia Important intermodal link for regional transport to landlocked
countries such as Bosnia and Herzegovina, Serbia and Macedonia,
facilitated by integration in the Belgrade-Bar railway and road traffic
network
Montenegro
Benefits from regional steel, aluminium export and automotive
manufacturing
Italy Port-Adria
Albania Macedonia Vicinity of the two international airports in Montenegro:
/ NM)
(FYROM Podgorica (68 km) and Tivat (57 km)
Durres
Top 3 in proximity for 10 out of 11 of the main cities in the region
Port-Adria-Bar Competitor Ports Bar-Belgrade Railway and Road
Road Connections Rail Connections
Competitive Advantages vs. Other Incumbents Key Measures to Maintain Competitiveness
Key competitors are ports: Rijeka / Ploče , Durres and Koper
Local presence
Positioning at the entrance of Adriatic Sea with close proximity to Serbia, with branch
Port of Adria has a natural competitive advantage against other ports in the office in Belgrade Unique storage PoA
Geographical
region by being able to deliver goods earlier (e.g. 1 day of delay if using to actively capacity to continuously
positioning and
Rijeka Port vs. Port of Adria) support existing provide solution monitors its
easy cross
client and seek at a reasonable competitors’
border activity
Recent investment in superstructure makes Port of Adria very compelling new cost proposed plans
Within this 100 km’s there are no signs of a new competition to be entering opportunities
to the port services business
23Global Ports Holding Plc (GPH)
Harnessing Global Opportunities: Replicating European Success
Americas: Europe: Asia Pacific/Australia:
• 16.3mn Pax • 8.7mn Pax • 4.5mn Pax
• 235 Ships • 143 Ships • 45 Ships
• 55.2% Market Share • 29.4% Market Share • 15.4% Market Share
of which 36.7% Caribbean/Bahamas of which 12.6% Asia Pacific
of which 15.8% Mediterranean
35% 55%
217%
28%
35%
Regional
Growth by Pax. 64%
Capacity
2012-2019 2019-2027 2012-2019 2019-2027 2012-2019 2019-2027
Strategy Strategy Strategy
• Birth place of GPH and our current • Established foothold in Asia with equity
• Have established a presence in
heartland associate port Singapore
largest cruise market
• Continued opportunities for new ports • Signed 15-year management service
• Largest cruise market in the world
• Focus also on concession extensions at agreement for Ha Long Cruise Port,
but often with the oldest
current ports Vietnam in 2019
infrastructure
• Significant potential for new port
• Significant opportunities for new port
investments
investments
Source: Cruise Industry News 2020 Annual Report, 33rd Editition 24Global Ports Holding Plc (GPH)
Strong Pipeline with Clearly Identified Opportunities
Project Funnel
Project Screening / Pre-Feasibility Due Diligence / MoU Concession Agreement & Closing and Induction
Financing Negotiations
Americas
13 Ports 3 Ports 1 Port
Europe &
5 Ports 2 Ports
Middle East
Asia/Pacific 4 Port
= = = =
Total: 22 projects Total: 5 projects Total: 1 project Total: - project
28 active projects in the pipeline
25Global Ports Holding Plc (GPH)
Robust Growth, Strong Margins and High Cash Conversion
Passenger growth (mn) Revenue Development (USD mn)
9.3 124.8
8.5 116.4 117.9
7.0
69.9 54.8
5.3 66.1
4.1 4.4
54.9 63.0
50.3
2017 2018 2019 2017 2018 2018
Consolidated & Management Ports Ports in which GPH has an interest Cruise Commercial
Segmental EBITDA Development (USD mn) High Cash Conversion*
Total
Segmental 69.2% 72.7% 70.8% 82% 82%
EBITDA
margin 68%
90.7 83.4
80.5
53.1 39.1
48.3
37.6 44.4
32.2
2017 2018 2019 2017 2018 2019
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
Gas: Naturelgaz
Turkey’s & Europe’s & leading CNG (Compressed Natural Gas) distributor
► Naturelgaz, a 95.5% subsidiary of GIH and established in 2005, is Naturelgaz CNG Plants / Auto CNG Stations Network
Turkey and Europe’s leading CNG distributer as per mother station
infrastructure and bulk sales volume
► Naturelgaz focuses on sales and distribution of bulk CNG to industrial
and commercial customers in addition to cities not connected to a
natural gas pipeline due to economic or geographic constraints
► The company distributed 167 mn Sm3 of CNG in 2019 and reached
c.22% market share in total non-piped gas market in Turkey while has
31% market share through the hinterlands covered by its filing plants.
► 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 (TL mn)
428
are cost savings and environmental sustainability
Strategy
► In Turkey, there are many zones that natural gas has not reached 10 Bulk CNG plants
either because of geographical obstacles or poor economics. Supplying 36
3 Auto CNG stations
CNG into pipeline of remote towns in Turkey, in cooperation with local
2011 2019
gas distributors, where there is no natural gas distribution infrastructure 296 CNG tankers
► Carrying the experience and investments to the surrounding markets 47 industrial scale compressors CNG sales (mn m³)
167
such as Africa where the is underdeveloped power infrastructure and In 2019, Naturelgaz distributed
strong growth 167 mn Sm3 of CNG and
captured a 22.2% share of the
► Developing Auto CNG projects in cooperation with OEM producers and
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 31.3% market share
through the hinterlands covered 2012 2019
solutions to well operators by its filling plants
28Share Purchase Agreement with
SOCAR Turkey LNG
• Naturelgaz has signed an agreement to purchase 100% of SOCAR Turkey LNG
• Such transaction is subject to regulatory approvals as well as completion of the pre-conditions. The Turkish Competition Authority has granted
permission to Naturelgaz’ application, while the process for the approval of EMRA is still pending
• After the share transfer, Naturelgaz and SOCAR Turkey LNG are planned to merge under Naturelgaz
Bulk CNG plants: 10 2
Auto-CNG stations: 3 8
CNG road tankers: 296 49
CNG compressors: 47 20
Number of provinces served: 49 +10
Post-acquisition:
• Infrastructure will enlarge to 12 bulk CNG plants, 11 auto-CNG stations, 345 CNG road tankers and 67 CNG compressors, expansion coming from new
regions. In addition to CNG infrastructure, the acquisition will also bring 44 LNG tanks and equipment along with 6 LNG road tankers.
• In 2019, Naturelgaz distributed overall 167.0 mn Sm3 of CNG, while SOCAR Turkey LNG distributed 35.4 mn Sm3 of CNG & LNG.
29Power: Tres Energy
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 Sep-20
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
700k 250.0
► Works with clients via long-term bilateral contracts securing fixed
3.8
savings in percentage terms to benchmark market prices (electricity or 6.0
15,4 54.1
natural gas) 16,8
12,1
2013 2014 2015 2016 2017 2018 2019 2025
30Power : Biomass
Total installed capacity of 29.2MW
► 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
Total fuel availability:
29.2MW at its Aydın – Söke (12MW), Mardin – Derik (12MW) and 11m tonnes
'000 tonnes
Şanlıurfa – Haliliye (5.2MW) power plants
4,361
3,435 3,781 Potential to generate
c.1,200MW with the existing
► GIH holds an important competitive advantage in the biomass 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 29.2 29.2
17.2
MW
collection and plant operation
2017 2018 2019
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
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
USD cent / kwh
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.
31
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)
Aydin
Soke
Urfa Mardin
Total annual fuel
availability: 3.4mn
tonnes, of which Global
Energy will use c. 5% Total annual fuel Total annual fuel
p.a. once fully rolled-out availability: 4.3mn availability: 3.7mn
tonnes, of which Global tonnes, of which Global
Energy will use c. 5% Energy will use c. 4%
p.a. once fully rolled-out p.a. once fully rolled-out
32Power: Solar
2 projects with 16.8MWp installed capacity in progress
2 projects located in Mardin/Turkey and Bar/Montenegro Mardin SPP settlement plan: 16 hectare spot in close proximity to
city center
Mardin, SPP Project:
► Won bid for licensed solar project in 2015
► Total installed capacity will be 10.8 MWp (9MWe at substation)
► Facility spans over a 16 hectare area
► Licence obtained in March 2019
► Commercial operation started: by end of 2019
► Price guarantee through feed-in tariff at 13.3 USD cent/kWh for 10
years
Bar, Port of Adria SPP Project:
Bar SPP settlement plan: 9 warehouse roofs with a total area of
► First international project of the energy group under GIH
66,000 sqm
► Development of a solar power plant on rooftops of existing
warehouses at the port
► Total installed capacity will be 6 MWp (5 MWe at substation)
► Price guarantee through feed-in tariff at 12 EUR cent/kWh for 12 years
► Barsolar has been granted the “Temporary Status of Privileged Energy
Producer”
► Expected commercial operation date: 2021
Other Projects in the Pipeline:
► In addition, GIH is not only pursuing plans to bid on government tenders
in renewables, but also evaluating various opportunities abroad in the
sector
33GIH’s first solar power plant, Ra Solar
Overview Location
• Global Investment Holdings commissioned its first solar power plant, Ra
Solar, with 10.8 MWp installed capacity in Mardin
• Ra Solar is subject to Renewable Energy Resources Support Mechanism
(YEKDEM) starting from 2020, selling electricity at 13.3 USD cent/kWh for
ten years
• The facility is expected to generate about 20 million kWh electricity per
annum, meeting the electricity requirement of more than 7.5 thousand
households.
1 Key Features
Project Location Mardin, Turkey
Developer Ra Gunes
Shareholder Structure 100% GIH
Plant Type Ground mounted - Tracker
DC Capacity (MWp) 10.8
AC Capacity (MWe) 9
Annual Generation (kWh/Year) 20,550,000
FIT in first 10 year:
Tariff
13.3 USD cent/kWh
34Global Investment Holdings’ first international solar
plant investment
Overview Location
Port of Adria, Bar
• Barsolar is the first ever large-scale solar project in Montenegro with a
capacity of 6MWp
• The solar plant is located in port of Adria, Bar, Montenegro; while Port of
Adria has been operated by Global Investment Holdings’ subsidiary. The
solar power plant will be constructed on the warehouse roofs covering an
area of over 66,000 square meters at the port
• Global Investment Holdings’ 51% subsidiary in solar energy, Barsolar
D.O.O has been granted the “Temporary Status of Privileged Energy
Producer” by the Regulatory Agency in Montenegro
• Barsolar is expected to generate about 6.9 million kWh electricity per
annum, meeting the electricity requirement of more than 2.6 thousand
households
• The company is planning to start construction in Q242020 and commence
power generation in 2021
1 Key Features
Project Location Bar, Montenegro
Developer Barsolar
Plant Type Rooftop
DC Capacity (MWp) 6
AC Capacity (MWe) 5
Annual Generation (kWh/Year) 6,900,000
FIT in first 12 year:
Tariff
12.0 EUR cent/kWh
35Mining: Straton - Feldspar
► Straton, a 97.7% owned subsidiary of GIH, was acquired in 2013
► Straton has substantial feldspar reserves, mine processing facilities Sales Volume Developments (000 ton)
and commercial teams based in the West Aegean region of Turkey
► Straton is among the top five feldspar producers in Turkey with 483,454 626
tons of annual feldspar production in 2019
► The company’s annual production capacity is about 1 million tons. 496 483
Eighty percent of its production is exported to Italy, Spain and Egypt for
388 405
use in the glass and ceramics industries
► 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
► The Group also completed permission process and initiated production
2015 2016 2017 2018 2019
in a new mining licence in Aydın region. The new license, besides
increasing total feldspar reserves of the Group, is expected to
supplement the product quality of ongoing operations. The Group
works towards completion of permission process in additional 3 mining
licenses with a target to initiate production before the end of 2020
Strategy
► Straton Maden extracts feldspar in the most efficient and
environmentally responsible manner while producing higher value
feldspar products
► To this ends, Straton has completed an investment program that
includes establishment of new separation and enrichment facilities
besides expansion of existing production capacity
► The company continues its diversification efforts, pursuing
36
opportunities in new export markets for the near futureREAL ESTATE
Ardus Real Estate Investments
• 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 centre 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 Centre is home to approximately 90 stores
with 150 beds as well as restaurants and cafes, child playground and
10-screen cinemas. In 2019, it attracted more than 7.5
Net land area 98,418m²
million visitors and currently operates with 96%
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 / 35,836 m² GLA (%100 completed)
• VAKIF HAN NO. VI
Office 33,055 m² 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
38
38Ardus Real Estate Investments
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, 29,500 m2 in size
• BODRUM TORBA LAND
45,822 m2 land suitable for large-scale tourism investments
39
39FINANCE
Asset Management
Actus Asset Management
► Actus is the second largest Turkish-owned portfolio management company without a bank/brokerage house/insurance company as a
parent
► Since April 2015, Actus Company has grown by 706%, managing TL 1.3bn in AUM as of 30 June 2020
► 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 launched technology fund Techone Ventures
► Actus launched Turkey’s first sports venture capital fund. Two.Zero provides venture investing to technology-driven and disruptive
start-ups in sports, media and entertainments
► Managing 1 pension, 6 mutual, and 4 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 TL 4bn 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
42Merger of Actus & İstanbul Asset Management
• Actus Asset Management and İstanbul Asset Management have reached an agreement to merge, creating the largest domestic and independent asset
management company in Turkey
• Post merger, Actus’ shareholders will hold 33.25% of the merged entity; and Global Investment Holdings has an option to acquire additional 40% (share
purchase) of the shares of the merged entity
• Capital Markets Board of Turkey has approved Actus’ application for the merger, while the application has been submitted to the General Directorate of
Domestic Trade, Ministry of Trade
Shareholders: 80% Global Investment Holdings 5 ex-industry professionals
20% Police Pension Fund (Polsan)
TL 3.8bn
TL 1.3bn
With the new shareholding structure,
AUM (as of 30 June 2020): Since April 2015’s acquisition by Global Investment
Istanbul Asset Management
Holdings, Actus’ AuM had grown by around 6 folds
was able to expand its portfolio by 50 folds
Mutual / Pension Funds: 1 Pension Funds, 6 Mutual Funds 3 Pension Fund, 12 Mutual Funds
AIFs: Healthcare PPP Infra PEIF Bosphorist VC PEIF
Logo Ventures CVC PEIF
GreenOne Renewable Energy PEIF
Two.Zero Venture Fund
Opportunity :
• Creating the largest domestic and independent asset management company in Turkey
• Taking advantage of the new Capital Markets Law, which aims at levelling the playing field between banks and the non-bank financial institutions
• Unlocking growth potential in AIFs, pension fund mandates, fintech initiatives and impact investing 43Global MD Portfolio Management
► Global MD is a leading non-bank portfolio management firm which focuses on pension funds, 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 200mn as of 30 June 2020)
► 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 centres 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 to its current roster in 2020 and onwards
► Global MD focuses on providing superb service to its customers and aims its investment funds’ performance to the
highest rankings in their categories
44Brokerage
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 had a market share of 1.7% with an equity trading volume of 79.4bn TL, ranking
19th among domestic brokerage houses in H1 2020
► 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
USD 5bn 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
46APPENDIX
Balance Sheet (TL mn) 30 June 2020 31 December 2019 ASSETS Current Assets 1,858.7 1,350.5 Cash and Banks 1,030.0 474.7 Marketable Securities 7.4 8.5 Trade Receivables 357.2 458.6 Inventories 81.6 85.4 Other Receivables and Current Assets (1) 382.6 322.4 Assets classified as held for sale 0.9 0.9 Non-current Assets 6,552.1 5,706.0 Financial Assets 8.2 8.2 Investment Properties 510.9 510.9 Tangible Fixed Assets 1,722.4 1,457.9 Intangibles and Concession properties 3,147.0 2,687.2 Right of Use Assets (3) 571.2 502.5 Equity Pickup Investments 218.6 188.3 Goodwill 111.1 98.9 Deferred tax assets 141.6 131.3 Other receivables and non-current assets (2) 121.1 120.8 TOTAL ASSETS 8,410.8 7,056.4 LIABILITIES Short term liabilities 1,971.9 1,579.0 Financial debt 656.4 319.6 Lease Liabilities (3) 796.9 722.0 Trade Payables 279.5 367.3 Accrued liabilities and other payables 239.1 170.1 Long term liabilities 5,005.0 3,959.5 Financial debt 431.2 377.9 Lease Liabilities (3) 3,860.3 2,889.1 Provisions and other long term liabilities (4) 142.4 142.8 Deferred tax liabilities 571.0 549.6 Total Shareholders' Equity 1,433.9 1,518.0 Paid in capital 325.9 325.9 Treasury shares -86.3 -137.4 Reserves 925.7 842.6 Previous years' profit/loss -1.8 73.1 Profit/(loss) for the period -237.4 -131.0 Minority Interest 507.8 544.8 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 8,410.8 7,056.4 (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 to TFRS 16. (4) non-trade payables including related parties, long term provisions and other liabilities 48
Income Statement
(TL mn) H1 2020 H1 2019 FY 2019 FY 2018
Total gross revenues 739.9 636.1 1,441.0 1,128.4
Cost of sales and services -671.9 -464.9 -1,003.9 -748.9
Gross Profit 68.0 171.2 437.1 379.6
Operating expenses -156.0 -151.6 -296.3 -255.6
Other operating income/(loss), net -10.1 10.0 42.5 52.8
Equity pickup asset gains/(losses) -8.6 16.6 29.8 27.6
Gross operating profit/(loss) -106.7 46.2 213.1 204.4
Financial income/(expenses), net -302.9 -181.4 -347.5 -290.6
Profit/(loss) before tax -409.7 -135.2 -134.4 -86.2
Taxation 65.9 -2.0 -23.3 22.2
Profit/(loss) after tax -343.7 -137.2 -157.7 -64.0
Minority interest -106.3 -37.4 -26.7 25.9
Net profit/(loss) for the period -237.4 -99.8 -131.0 -89.9
EBITDA 147.6 228.0 563.3 465.0
49Disclaimer 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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