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INVESTORPRESENTATION
ALARKO HOLDING A.Ş.
TABLE OF CONTENTS
1
220
324
530
633
1036
13
40
INTRODUCTION
ALARKO HOLDING SHAREHOLDER STRUCTURE & PARTICIPATION
ALARKO HOLDING CONSOLIDATED REvENUE DISTRIBUTION
ALARKO HOLDING CONSOLIDATEDIFRS FINANCIALS
ENERGY GROUPELECTRICITY GENERATION
ENERGY GROUPELECTRICITY DISTRIBUTION
CONTRACTING GROUP
LAND DEvELOPMENT GROUPALARKO REIT
INDUSTRY & TRADE GROUPALARKO CARRIER
TOURISM GROUP
SEAFOOD GROUP
FINANCIAL STATEMENTS
APPENDIX
SEAFOOD GROUP
INTRODUCTION
ALARKO was founded in 1954 and today, operates in five main areas:
Three of the group companies are trading in Borsa Istanbul:
SEAFOODENERGY INDUSTRY& TRADE
CONTRACTING & LAND DEVELOPMENT TOURISM
NAME OF THE COMPANY BISTSYMBOL
BLOOMBERGSYMBOL
FREEFLOAT
MARKETCAPITALIZATION
(US$ MILLION)as of November 3, 2014
Alarko Holding Inc. Alark Alark:TI 28,7% 412
Alarko Carrier Industry & Trade Alcar Alcar:TI 15,9% 157
Alarko Real Estate Investment Trust Algyo Algyo:TI 49,0% 93
1
2FULL
SHAREHOLDER STRUCTURE & PARTICIPATIONS
ALSIM (100%) CONTRACTING
ALARKO CARRIER (43%) INDUSTRY&TRADE
ALARKO REIT (51%) LAND DEVELOPMENT
ATTAS (100%) TOURISM
ALFARM (50%) SEAFOOD
OTHERS: MEDAS, MEPAS, MESAS,CENAL, ALEN, ALDEM, ALFENAS,ALAMSAS, MOSALARKO, ALRIVA, and others
ALATONFAMILY
GARİHFAMILY
CONSOLIDATION METHOD
35,4%
33,1%
FOUNDERFAMILIES
OTHERSHAREHOLDERS
ALHAN HOLDING
DESTEK FOUNDATION
OTHER
HAVE 68,5% PARTICIPATION IN
EQUITY
2,0%
%0,1
0,7%
ALTEK (100%) ENERGY
ALCEN (50%) ENERGY
REvENUE DISTRIBUTION BY YEARS
3
2012
ENERGY
TOURISM
INDUSTRY&TRADE
57%
CONTRACTING& LAND DEVELOPMENT
SEAFOOD
28%
1%
9%
5%
ENERGY
TOURISM
INDUSTRY&TRADE
2011
57%
CONTRACTING& LAND DEVELOPMENT
SEAFOOD
25%
2%
11%
5%
2013
ENERGY
TOURISM
INDUSTRY&TRADE
40%
CONTRACTING& LAND DEVELOPMENT
SEAFOOD
7%
4%
48%
1%
2014/9M
ENERGY
TOURISM
INDUSTRY&TRADE
51%
CONTRACTING& LAND DEVELOPMENT
SEAFOOD
7%
36%
5%
1%
net profıt by years
Alarko Holding Consolidated Net Profit (US$ MILLION)
4
100 M
75 M
50 M
25 M
2006 2007 2008 2009 2010 2011 2014/9M
0 M
34 36 3326
60
2012
43
2013
86
9
32
CONSOLIDATED IFRS FINANCIALS
CASH&FINANCIAL INV.
FINANCIAL LIABILITIES
NET CASH POSITION
SELECTED FIGURES
EBITDA MARGIN (%)
REVENUES
OPERATIONAL PROFIT
EBITDA
NET PROFIT
(US$ MILLION)
TL/US$ EXCHANGE RATE 5
(1-2)
(2)
(1)
* Due to changes in reporting standards starting from 2013, equal share partnerships are consolidated using “equity method”. The figures of 2013 and onwards above approximately represent the contribution of all businesses, including equal share partnerships.
31.12.2013*
16%
327
170
164
1.143
150
188
86
2,13
30.09.2014*
6%
322
204
118
768
26
47
8,6
2,28
31.12.2012
356
137
219
7%
908
36
59
43
1,78
31.12.2011
324
141
183
13%
700
73
93
60
1,89
6
KARAKUZ HYDROELECTRIC POWER PLANT SITE VIEW,
ADANA-TURKEY
KIRKLARELİ 1 AND 2 GAS FIRED COMBINED CYCLE POWER PLANTS, KIRKLARELİ-TURKEY
energy group - electrıcıty generatıon
6
Turkish Energy Market is among the fastestgrowing energy markets in the world
parallel to Turkey’s economic growth.
7
KIRKLARELİ 1 AND 2 GAS FIRED COMBINED CYCLE POWER PLANTS, KIRKLARELİ-TURKEY
Turkish Energy Market is among the fastestgrowing energy markets in the world
parallel to Turkey’s economic growth.
Demand for electricity is estimated to grow at an annual rate of 6%
between 2009-2023.
According to EMRA’s Reserve Margin studies based on Generation Capacity
Projections of Turkey, energy supply deficit is expected to start around 2016 and
continue in the following years.
Energy Market Regulatory Authorityoperates as an independent marketregulator and the market is well organized and has a structured legal framework.
Total installed capacity is expectedto reach from the current68.000 MW level to 96.000 MWuntil 2023 to meet the demand.
The state targets to privatize 45 Power Plantswith a total of 16.000 MW capacity underEÜAŞ (Electricity Generation Company).
energy group - electrıcıty generatıon
7
DRIVERS OFGROWTH IN THEENERGY SECTOR
8
The electricity generation company, ALTEK, which is a fully owned subsidiary of Alarko Holding, generates electrical energy, with 1 hydroelectric and 2 natural gas power plants, of total 177 MW generation capacity.
POWER (MW) STARTUP CONCESSIONLICENCE PERIOD
TOTALINVESMENT COST
(US$ MILLION)
POWER PLANTSALTEK
ÇANAKKALE-KARABİGA(IMPORTED COAL FIRED)
NEW POWER PLANT PROJECTSCENAL ENERGY INC.
1.320
1.573
2017 49 years
TOHMA/MALATYAHYDROELECTRIC (BOT) 12,5 1998 20 years 11,4
1.200
1.455
KIRKLARELİ NATURAL GASPOWER PLANT-1 82 2006 49 years 64
KIRKLARELİ NATURAL GASPOWER PLANT-2 82 2010 49 years 80
KARAKUZ HYDROELECTRICPOWER PLANT
(UNDER CONSTRUCTION)76 2014 49 years 100
TOTAL 253 255
GRAND TOTAL
8
energy group - electrıcıty generatıon
9
LOCATION:KARABİGA/ÇANAKKALE
KARABİGA:New Imported Coal Fired Power Plant
We obtained the Grid Connection Permit of TEİAŞ and we received the Generation License from EMRA as of April 2013.
The construction of the 1.320 MW Power Plant started in 2013.
The project is being executed by Cenal Energy Generation Inc. which is a joint partnership (50%-50%) of Alarko Holding and Cengiz Group.
The project is being financed by 25% equity and 75% external debt, from 3 or 4 local banks.
Most probable sources for imported coal are Australia, South Africa, Colombia and Indonesia.
9
energy group - electrıcıty generatıon
The EIA (Environmental Impact Assessment) report which we have obtained back in May 2012 has been revised and upgraded.
10
energy group - ELECTRICITY DISTRIBUTION
KIRŞEHİR
NEVŞEHİR
NİĞDE
KARAMAN
KONYA
AKSARAY
Meram Electricity Distribution Region: Konya, Karaman, Kırşehir, Aksaray, Nevşehir and Niğde
10
energy group - ELECTRICITY DISTRIBUTION
11
We took over Meram Electricity Distribution Co. as of 30.10.2009, by paying a USD 440Mn
privatization value upfront.
Alarko Share is 50% and the remaining 50% is owned by Cengiz Group.
The financing of the privatization has been made by using approximately
30% equity and 70% debt.
The loss & theft ratio of Meram Region is approximately 8,5%,
lower than the overall average in Turkey which is approximately 14-15%.
The licence period is 30 years, until August 2036.
Meram region covers 6 provinces in central anatolia; Konya, Karaman, Aksaray, Kırşehir, Nevşehir and Niğde, which is 76.935 square kilometers (larger than Holland).
There are approximately 1,7 million electricity subscribers in the region.
Annual energy consumption is approximately 7 billion kWh in the region (net consumption).
Meram buys electricity from the TETAŞ (75%) and Spot Market (25%). (TETAŞ = State Electricity Trading Co.,Spot Market = DUY System / Free Market)
Approximate sales distribution of Meram by consumer segments is; Industry: 29%, Housing: 28%, Commercial: 22%, Agricultural Irrigation: 18% Lighting: 4%.
The Retail Sales Net Margin is 3,49%, from the beginning of 2013 until the end of 2015.
The expected annual revenue of Meram for 2013 and 2014 is approximately USD 800 Mn.
Due to the liberalization of the energy sector in Turkey, Electricity Distribution companies (like Meram) were separated into Distribution and Retail Sales companies in the first quarter of 2013.
:MERAM ELECTRICITY DISTRIBUTION COMPANY11
energy group - ELECTRICITY DISTRIBUTION
12
* The figures represent Energy Generation & Energy Distribution. Separate figures of Energy Generation and Energy Distribution are in Appendix 1&2** 40Mn USD out of the 58 Mn USD Net Profit in 2012 is from group company dividend payment which is eliminated fromAlarko Holding consolidated net profit
SELECTED FIGURES
EBITDA MARGIN (%)
REVENUES
OPERATIONAL PROFIT
EBITDA
NET PROFIT
CASH&FINANCIAL INV.
FINANCIAL LIABILITIES
NET CASH POSITION (1-2)
(2)
(1)
(US$ MILLION)CONSOLIDATED IFRS FINANCIALS*
12
energy group
9%
27
146
-119
462
33
43
14
31.12.2013
2,13
9%
33
182
-149
392
27
34
11
30.09.2014
2,28TL/US$ EXCHANGE RATE
52
105
-53
15%
404
51
61
29
31.12.2011
1,89
IRTISH RIVER BRIDGE,SEMIPALATINSK-KAZAKHSTAN
ANKARA-ESKİŞEHİR FAST TRAIN PROJECT, TURKEY
**
4%
21
107
-86
510
8
20
58
31.12.2012
1.78
IRTISH RIVER BRIDGE,SEMIPALATINSK-KAZAKHSTAN
KIEV-BORYSPIL AIRPORT,UKRAINE
CONTRACTING GROUP
ANKARA-ESKİŞEHİR FAST TRAIN PROJECT, TURKEY
13
14
20
278
298
DOMESTIC PROJECTS
INTERNATIONAL PROJECTS
TOTAL
TOTAL BACKLOG SUMMARY (US$ M)
9-12%
2-4 years
CONTRACTING GROUP
Alarko’s contracting subsidiary ALSİM mainly focuses on large scale infrastructure projects with positive cash flow.
The employers are mainly;
central governments & local municipalities,other local and international institutions.
Target EBITDA margin: Average project completion period:
Strong track record in local and internationalprojects such as subways, railroads, airports, highways, pipelines, refineries etc.
Details are on page 21
17.10.2014
CONTRACTING GROUP - DOMESTIC BACKLOG
PARTNERS LOCATIONCONTRACT
SIZE(US$ MILLION)
ALARKO’SPARTION %
COMPLETION%
CONSTRUCTIONPERIOD
BACKLOG (US$ MILLION) PROJECTS
TAKSİM-YENİKAPISUBWAY PROJ.
LEVENT-AYAZAĞA SUBWAY PROJ. Electromechanic Works
TOTAL DOMESTIC PROJECTS UNDER EXECUTION(US$ MN)
ALARKO’S PORTION (US$ MN)
LEVENT-HİSARÜSTÜ SUBWAY PROJ.Electromechanic Works
ANKARA SUBWAY PROJECTElectromechanic Works
ALARKO-HYUNDAI
ALARKO-MAKYOL
ALARKO-MAKYOL
ALARKO-ANSALDO
580
1.163
İSTANBUL
İSTANBUL
İSTANBUL
ANKARA
280 53 99,4 2007
2008
2012
2011
2014-
-
-
-
2014
2014
2014
1
447 50 98,0 5
132 50 81,1 12
304 47 98,8 2
20
17.10.2014
15
CONTRACTING GROUP - INTERNATIONAL BACKLOG
PARTNERS LOCATION BACKLOG (US$ MILLION) PROJECTS
TOTAL INTERNATIONAL PROJECTS UNDER EXECUTION (US$ MN)
ALARKO’S PORTION (US$ MN)
931
931
TALDYKOL SEWER POND LIQUIDATION PROJ. (FINAL STAGE),
1st SEQUENCE, 4th STAGE
TALDYKOL SEWER POND LIQUIDATION PROJ. (FINAL STAGE),
2nd SEQUENCE, 5th STAGE
TALDYKOL SEWER POND LIQUIDATION PROJ. (FINAL STAGE),
1st SEQUENCE, 3rd STAGE
ALARKO KAZAKHSTAN 48 99,4 81,2 2012 2015 9
ALARKO KAZAKHSTAN 100,0 2013 2017142 12,2 125
278
AKTAU-MANASHA HIGHWAYREHABILITATION PROJECT- LOT 1
AKTAU-MANASHA HIGHWAYREHABILITATION PROJECT- LOT 3
AKTAU-MANASHA HIGHWAYREHABILITATION PROJECT- LOT 2
AKTAU-MANASHA HIGHWAYREHABILITATION PROJECT- LOT 4
ALARKO
ALARKO
ALARKO
ALARKO
KAZAKHSTAN
KAZAKHSTAN
KAZAKHSTAN
KAZAKHSTAN
40 100,0
100,0
100,0
100,0
60,3 2012
2012
2012
2012
2014
2014
2014
2015-
-
-
-
-
-
-
-
16
40 79,5 8
35 87,2 5
39 81,4 7
17.1
0.20
14
BOZSHAKOL COPPER ORE PLANT PROJECT ALARKO KAZAKHSTAN 100,0 2011 2014490 97,6 12
ALARKO KAZAKHSTAN 100,0 2012 201598 1,0 97
16
CONTRACTSIZE
ALARKO’SPARTION %
COMPLETION%
CONSTRUCTIONPERIOD
CONTRACTING GROUP
17
CURRENT BACKLOG BREAKDOWN BY COUNTRY
CURRENT BACKLOG BREAKDOWN BY PROJECT CATEGORY
SUBWAY
MOTORWAY
WASTEWATERTREATMENT PLANT
TURKEY
KAZAKHSTAN
COPPERORE PLANT
93%
7%
4%
12%7%
77%
CASH&FINANCIAL INV.
FINANCIAL LIABILITIES
NET CASH POSITION
SELECTED FIGURES
EBITDA MARGIN (%) -22%
178185
2223
156162
REVENUES 272553
OPERATIONAL PROFIT -2097
EBITDA -9,7121
NET PROFIT
147
36
111
12%
174
15
20
26 -10,686
18%
191
30
161
256
37
45
26
(1-2)
(2)
(1)
* The financials above include Land Development
(US$ MILLION)CONSOLIDATED IFRS FINANCIALS*
CONTRACTING GROUP
182,282,13TL/US$ EXCHANGE RATE 1,89
31.12.2011 30.09.201431.12.201331.12.2012
1,78
19
INTERNATIONAL
19
Water & Waste Water (W.W.), Treatment Plants
Taldykol Sewer Pond Liquidation - 1st. and 2nd. Stages
Oran Arzew Industrial Zone Desalination & Power Plant
Astana Water Distribution & Sewerage ProjectKazakhstan
AlgeriaKazakhstan
Crude Oil Pipeline Lot-B Package
Phillip Morris Cigarette Factory
Polypropylene Plant
British American Tobacco Factory
Petro - Petrochemical Plants & Refineries
Water & Waste Water (W.W.), Treatment Plants
Turnkey Industrial Plants
Baku-Tbilisi-Ceyhan
Kazakhstan
Turkmenistan
Uzbekistan
Goznak Banknote Plant Russia
Kiev Boryspil Airport
Transportation Projects
Bukhara International Airport Modernization ProjectUkraine
Uzbekistan
CONTRACTING GROUP - MAJOR COMPLETED PROJECTS
Ashkhabad International Airport
Astana International Airport
Urgench International Airport Modernization Project
Aktobe - Kostanai Highway Rehabilitation
Samarkand International Airport Modernization Project
Turkmenistan
Kazakhstan
Uzbekistan
Kazakhstan
Uzbekistan
DOMESTIC
Water & Waste Water (W.W.), Treatment Plants
İzmit Bay W.W. Treatment Plant
Tuzla Biological W.W. Treatment Plant
Melen-Düzce Water Project
Yarımca Petroleum Refinery W.W. Treatment Plantİzmit
İstanbul
Kocaeli
İzmit
Natural Gas Pipeline
Tüpras Petroleum Storage Tanks
Hasanlar, Tohma and Berdan Hydroelectric Power Plants
Natural Gas Distribution Network
Tüpras İzmit and Tüpras Kocaeli Refinary Projects
Power Plants
Gas & Pipelines
Petro - Petrochemical Plants & Refineries
Erzurum
İzmir
Düzce, Tarsus & Malatya
İstanbul & Bursa
İzmit & Kocaeli
Kırklareli Combined Cycle Natural Gas Power Plants (I-II) Kırklareli
Alarko Carrier Factory
Hyundai Car Factory
Housing, Business Centers, Hotels & Hospitals
Turnkey Industrial PlantsGebze
İzmit
International Airport
Transportation Projects
Sabiha Gökçen International AirportSamsunİstanbul
Alkent 2000Atasehir Satellite TownTarabya Presidency Complex
Süleyman Demirel University Hospitalİstanbulİstanbulİstanbul
Isparta
Adana Rail System Project
Samsun Light Rail Project
Ankara-Eskisehir Fast Train Project
Antalya Light Rail Project
Levent Ayazağa Subway Project
Adana
Samsun
Ankara-Eskişehir
Antalya
İstanbul
Almaty - Bishkek Road Rehabilitation Kazakhstan
Atyrau-Aktau Road ProjectIrtish River Bridge
KazakhstanKazakhstan
Housing, Business Centers, Hotels & HospitalsMarksistkaya Business Center Moscow / Russia
Tverskaya Business & Shopping Center, Moscow / Russia
Chezkazgan Hospital ComplexWK Verwaltungs Hotel Construction
KazakhstanGermany
“ALKENT İSTANBUL 2000”Büyükçekmece, İstanbul-TURKEY
LAND DEvELOPMENT GROUP
20
LAND DEvELOPMENT GROUP
ALARKO REAL ESTATE INVESTMENT COMPANY(ALARKO REIC)
MOS ALARKO(MARKSISTKAYABUSINESS CENTER)RUSSIA
Is the first REIC IPO in Turkey (1997) and is a tax-exempt company.
Generates rental revenue, approximately US$ 5 – 5,5 million per year.
Has recently completed the development of 63 Lake Mansions in Büyükçekmece and most of the units are sold.
A business complex in Moscow city center, built jointly (50%-50%) with the Municipality of Moscow in 1999.
10% of the building is sold to Ziraat Bank, and the remaining part is being leased to various international companies. Total leasable area is 6.000 sqm, and generates US$ 3,5 million rental revenue per year.
The Land Development Group;
Designs and builds high-quality residential communities, mainly targeting upper-middle income clients.
Negotiates the contracts with landowners on a revenue or profit-sharing basis.
Pre-sells the units before commencing construction.
21
TOTAL PORTFOLIO
TOTAL PORTFOLIO
PORTFOLIO VALUE OF ALARKO REIT
LAND DEvELOPMENT GROUP
191,21
435,76
195,64
417,55
(US$ MILLION)
(TL MILLION)
(US$ MILLION)
2,282,13TL/US$ EXCHANGE RATE 22
CASH AND MARKETABLE SECURITIES 80,24 83,14
REAL ESTATE PORTFOLIO 115,40 108,07
Land in Eskice Village, Büyükçekmece - İstanbul 20,50 19,20
Villa’s in Eskice Village, Büyükçekmece - İstanbul 8,69 8,14
Alarko Business Center (Karaköy - İstanbul) 1,22 1,14
Alarko Business Center (Şişhane - İstanbul) 1,12 1,05
Hillside Beach Club Holiday Village - Fethiye 42,31 39,63
Factory Building - Eyüp - İstanbul 14,27 13,36
Shops in Etiler - Alkent - İstanbul 4,48 4,19
Shops in Büyükçekmece - Alkent 2000 - İstanbul 2,65 2,48
1,50Alarko Business Center (Ankara) 1,41
Land in Maslak, İstanbul 18,66 17,47
31.12.2013 30.09.2014
CASH&FINANCIAL INV.
FINANCIAL LIABILITIES
NET CASH POSITION
SELECTED FIGURES
EBITDA MARGIN (%) 160%
83
-
83
REVENUES 6,1
OPERATIONAL PROFIT 9,7
EBITDA 9,7
NET PROFIT
68
-
68
68%
10,4
7,1
7,1
21,1
74
-
74
113%
8,6
9,7
9,7
8,0 9,7
262%
80
-
80
15,1
39,5
39,5
39,5
(1-2)
(2)
(1)
* The financials above are the solo figures of Alarko REIT company
(US$ MILLION)IFRS FINANCIALS*
AlARkO REIT IFRS FINANCIALS
2,282,13TL/US$ EXCHANGE RATE 1,781,89
31.12.2011 31.12.2012 30.09.201431.12.2013
23
INDUSTRY & TRADE GROUP
SALES FROM IMPORTED PRODUCTS
24
25
INDUSTRY & TRADE GROUP
United Technology Corporation trades in the New York Stock
Exchange (Symbol: UTX). Business units under United
Technologyy Corporation are; Carrier, Pratt&Whitney, Otis, Sikorsky, UTC
Fire&Security and Hamilton Sunstrand.
Alarko Carrier is a solid HVAC company with stable revenue generation ability.
Has Marketing & Salesoffices in 5 major cities; İstanbul, Ankara, İzmir, Adana and Antalya.Has approximately 300 dealers and
300 technical after-sale services.
SALES BREAKDOWN CHARTS
Formed an equal-share partnershipwith Carrier in 1998, a subsidiary of
United Technology Corporation-USA.
Is a major heating & coolingproducts manufacturer,with two production plants in Istanbul.
50%50% 45% 55%
DIRECT SALES
SALES THROUGH DEALERSSALES FROM DOMESTICALLY MANUFACTURED PRODUCTS
SALES FROM IMPORTED PRODUCTS
INDUSTRY & TRADE GROUP
SALES BREAKDOWN BY PRODUCT CATEGORIES
Residential AC19% of sales
Hi-walls Ducted
Floor/ceiling
ChillersRoof top unitsAHU/fan coils
VRFNon-CarriersBMS/Controls
Wall-hung boilersBurners
Radiators+
Submersible pumps
Pump motorsWater boosters
Commercial AC37% of sales
Centralized Heating andCooling SystemsPanel Radiators
Gas and Oil BurnersBoilers & Circulation
Pumps Split AC Units
Air Handling UnitsRoof Top AC Units
Submersible Pumps andMotors
Water Boosters
Heatingsystems
25% of sales
Pumps3% of sales
AftermarketsParts,
Maintenance16% of sales
MAJORPRODUCTS
MAJOREXPORT
PRODUCTS
MAJOREXPORT
MARKETS
Panel Radiators, Air Handling Units, Gas and Oil Burners, Roof Top AC Units
UK, Germany, Greece, The Netherlands,Russia, Azerbaijan, Romania, UAE, France,Italy, Spain, Australia, Belgium, Kazakhstan
(TOTAL 51 COUNTRIES)
26
27
INDUSTRY & TRADE GROUP
STANDARDIZATION & CERTIFICATION
Coaching, Teaching & Baselining
Trying the tools;getting some
results
Significantly improving
business metrics
Best-in-class, year-over-year business metrics improvements
2005 2008 2009 2010 2011 2012 2016
The United Technologies Operating SystemAchieving Competitive Excellence
INDUSTRY & TRADE GROUP
SELECTED FIGURES
EBITDA MARGIN (%)
REVENUES
OPERATIONAL PROFIT
EBITDA
NET PROFIT
CASH&FINANCIAL INV.
FINANCIAL LIABILITIES
NET CASH POSITION (1-2)
(2)
(1)
CONSOLIDATED IFRS FINANCIALS (US$ MILLION)
11%
22
-
22
55
5,9
6,3
4,8
30.09.2014
2,28
14%
26
-
26
75
9,3
10,3
7,6
31.12.2013
2,13TL/US$ EXCHANGE RATE
26
-
26
16%
75
11
12
13
31.12.2011
1,89
6%
28
-
28
86
4,7
5,5
6,7
31.12.2012
1,78 28
INDUSTRY & TRADE GROUP
MARKET SHARES IN TURKEY
4,4%
9,3% 9,0%
MAIN COMPETITORS
HEATING
HEATING
AIRCONDITIONING
ACPRODUCTS
PUMPSPUMPS
Baymak / BDR (Holland) ECA
Türk Demir Döküm (subsidiary of Vaillant)
Vaillant (Germany)
ArçelikVestel
Daikin (Japan)Johnson Controls /York Trane (USA)
Grundfoss (Danmark)Wilo (Germany)
29
TOURISM GROUP
HILLSIDE BEACH CLUBFETHİYE-TURKEY
WINGS CINECITYİSTANBUL-TURKEY
HILLSIDE CITY CLUBETİLER, İSTANBUL-TURKEY
HILLSIDE CITY CLUBİSTİNYE, İSTANBUL-TURKEY
30
31
The Tourism Group, ATTAŞ, owns and operatescity clubs and hotels in Turkey, under the brand name hillside, and targets to grow in leisure sector.
Main Activities;
Holiday villages and hotels,Sports, recreation centers,Movie theaters,SPAs
- First-class holiday village
- Located in south-west of Turkey, in Fethiye
- 330 rooms/781 bed capacity
- Managed by the Tourism Group since 1994
- Rate of occupancy: 90% in 2012 and 2013
The services offered include:- Gym & Cardio areas,group workouts- Basketball, Tennis, Squash,Racquetball facilities- Swimming pools- Kids Club, Restaurants &Cafes etc.
TOURISM GROUP
Movie Theaters
- In Istanbul and Izmir, in 4 different locations (including Hillside City Clubs) - Total of 27 movietheaters
First SPA chain in Turkey with5 different locations(3 in istanbul and 2 in Fethiye)
Three hillside City Clubs in İstanbul: - hillside City Club/ Etiler - hillside City Club/ İstinye Park - hillside City Club/ Trio
TOURISM GROUP
CASH&FINANCIAL INV.
FINANCIAL LIABILITIES
NET CASH POSITION
SELECTED FIGURES
EBITDA MARGIN (%)
REVENUES
OPERATIONAL PROFIT
EBITDA
NET PROFIT
5,5
5,5
-
6%
36
-0,8
2,1
-0,7
9,4 15,9
- 0,3
9,4 15,6
41 37
2,5 3,8
5 5,8
2 2,9
(1-2)
(2)
(1)
(US$ MILLION)CONSOLIDATED IFRS FINANCIALS
2,13 2,28TL/US$ EXCHANGE RATE 1,89
31.12.2011 31.12.2013 30.09.2014
12% 16%7%
6,6
0,2
6,4
42
0,3
2,9
0,4
1,78
31.12.2012
32
SEAFOOD GROUP
ALFARM FACTORY,İZMİT - TURKEY
ALFARM ALARKO LERÖY
33
SEAFOOD GROUP
Products are sold via sales offices in Istanbul, Ankara, Izmir and Antalya.
35% of sales are made directly to big retailers like Migros, Carrefour, etc...and the rest
to other retailers and distribution companies.The seafood sector has high growth potential.
92% of sales are from salmon products and 8% are from other kind of seafood such as trout, halibut, mackerel, shrimp.
The Seafood Products Group,ALFARM was founded in 1991.
This partnership has created synergy and growth opportunities.
Alfarm imports seafood products and processes them in its production plant in İzmit.
Formed an equal-share partnership withNorwegian Leroy Seafood Group ASA in 2005.
34
SEAFOOD GROUP
SELECTED FIGURES
0,3
0,12
0,18
EBITDA MARGIN (%) 7% 5%4%
0,20,5
0,020,05
0,180,45
REVENUES 11 1012
OPERATIONAL PROFIT 0,6 0,40,4
EBITDA 0,7 0,50,4
NET PROFIT 0,6 0,30,3
CASH&FINANCIAL INV.
FINANCIAL LIABILITIES
NET CASH POSITION (1-2)
(2)
(1)
CONSOLIDATED IFRS FINANCIALS (US$ MILLION)
2,282,13TL/US$ EXCHANGE RATE 1,89
31.12.2011 30.09.201431.12.2013
5%
0,8
0,1
0,7
13
0,6
0,7
0,5
1,78
31.12.2012
35
ALARKO HOLDING CONSOLIDATED BALANCE SHEET AS OF 30.09.2014 (USD)
Shareholders Equity from Majority Interest 517.998.990
LIABILITIES AND SHAREHOLDERS’ EQUITY
DEBT TO EQUITY RATIO 0,90 CURRENT RATIO 1,82
ASSETS
1.099.600.615TOTAL ASSETS
Minority Interest 60.138.870TOTAL LIABILITIES AND SHAREHOLDERS’EQUITY 1.099.600.615
SHORT TERM LIABILITIESA. Short Term BorrowingsB. Short Term Portions of Long Term BorrowingsC. Trade Payables- Trade Payables to Related Parties- Trade Payables to Non-Related Parties
E. Other Payables- Other Payables to Related Parties- Other Payables to Non-Related Parties
G. Period Profit Tax LiabilityH. Short Term Provisions- Short Term Provisions for Benefits Provided to Employees- Other Short Term Provisions
6.328.315
A. Paid In Capital 98.059.151B. Mutual Interest Capital Adjustment -345.516C. Accumulated other Extensive Revenues of Expensesthat will not be Reclassified as Profit or Loss- Profit/Losses from Revaluation and Measurement -377.314D. Accumulated other Extensive Revenues of Expensesthat will be Reclassified as Profit or Loss- Translation Differences 52.231- Profit/Losses from Revaluation and Classification 4.974.764E. Restricted Reserves Allocated from Profits 3.815.472F. Retained Earnings 403.204.696G. Net Profit/Loss For The Period 8.615.506
213.462.002LONG TERM LIABILITIESA. Long Term Borrowings 97.089.920B. Trade Payables
0- Trade Payables to Related Parties0- Trade Payables to Non-Related Parties
36.719.467- Other Payables to Related Parties185.079- Other Payables to Non-Related Parties
11.045.855E. Deferred Revenues 2.341.427F. Long Term Provisions
5.295.631- Long Term Provisions for Benefits Provided to Employees0
60.784.623
561.866.179CURRENT ASSETSA. Cash and Cash Equivalents 169.638.898B. Financial Investments 102.219.986C. Trade Receivables- Trade Receivables from Related Parties 3.251.216- Trade Receivables from Non-Related Parties 100.478.446D. Other Receivables- Other Receivables from Related Parties 7.899.530- Other Receivables from Non-Related Parties 31.500.533E. Inventories 112.667.600F. Expenses paid in Advance 14.921.218G. Assets related to current period tax 1.506.002H. Other Current Assets 14.246.843I. Interim Sum 558.330.272J.Long Term Assets held for Sale Purpose 3.535.907
308.000.75326.484.50815.309.890
402.05448.453.839
2.325.525
017.510.681
186.847.1922.351.174
01.987.575
537.734.436LONG TERM ASSETSA. Financial Investments 465.062B. Trade Receivables- Trade Receivables from Related Parties 0- Trade Receivables from Non-Related Parties 1.425.566C. Other Receivables- Other Receivables from Related Parties 0- Other Receivables from Non-Related Parties 5.163.058D. Investments Evaluated by Equity Pick-Up Method 220.357.302E. Investment Real Estate Properties 11.840.071F. Tangible Assets 230.597.836G. Intangible Assets- Goodwill 5.284.775- Other Long Term Intangible Assets 5.898.710H. Expenses paid in Advance 683.037I. Deferred Tax Assets 49.043.255J. Other Long Term Assets 6.975.764 578.137.859SHAREHOLDERS’ EQUITY
D. Payables related to Benefits Provided to Employees
F. Deferred Revenues
I. Other Short Term Liabilities
- Other Long Term ProvisionsG. Deferred Tax Liabilities
C. Trade Payables
D. Liabil ities from Investments Evaluated by Equity Pick-Up Method
36
37
ALARKO HOLDING STATEMENT OF INCOME ACCORDING TO GROUP OF COMPANIES AS OF 30.09.2014 (USD)
Income From Sales (Out of Group net)
Cost of Sales (Out of Group) (-)
Cost of Sales (In Group) (-)
CONTINUED OPERATIONS HOLDING TOURISM INDUSTRY&TRADE ENERGY CONTRACTING
& LAND DEV. ELIMINATIONSEAFOOD TOTAL
Income From Sales (In Group net)
1.010.674 37.150.392 - 36.795.507 249.419.257 324.375.830
(1.114.976) (20.907.445) (599) (39.892.599) (261.247.397) - (323.163.015)
2.215.941 15.155 1.777 995.477 29.254.197 (32.482.546) -
Investment Income
OPERATIONAL PROFIT/(LOSS)
Investment Expenses (-)
Shares in Profit/Loss of InvestmentsEvaluated by Equity Pick-Up Method
(212.674) (212.674) (212.674) (212.674) (212.674) (212.674) (212.674) (212.674)
- - - - - - - -
(2.243.312) (5.783) (1.777) (1.122.331) (26.698.500) 30.071.703 -
Financial Income
Financial Expenses (-)
Financial Expenses (-)
PROFIT/(LOSS) BEFORE FINANCIAL EXPENSES
- - - - - - - -
- - - - - - - -
GROSS PROFIT/LOSS
Other Operating Income
General Management Expenses (-)
Marketing, Sales & Distribution Expenses (-)
Other Operating Expenses (-)
(131.673) 16.252.320 (599) (3.223.945) (9.272.443) (2.410.844) 1.212.815
(3.329.337) (665.387) (32.873) (962.892) (84.667.810) 151.716 (89.506.583)
- (2.237.132) - - - - - (2.237.132)
4.154.838 2.440.102 776.912 4.732.693 98.956.995 9.779.390 120.840.930
(906.503) (11.974.868)
3.815.035
(239.241) (1.764.704) (29.757.192) 2.124.151 (42.518.356)
CONTINUED OPERATIONS PRE-TAX PROFIT/(LOSS)
- Period Tax Income/(Expense)
- Deferred Tax Income/(Expense)
Continued Operations Tax Income/(Expense)
CONTINUED OPERATIONS AFTER-TAX PROFIT/(LOSS)
DISCONTINUED OPERATIONS AFTER-TAX PERIODPROFIT/(LOSS)
PERIOD PROFIT/(LOSS)
MINORITY INTEREST
EBITDA MARGIN %
NET PROFIT 5.302.102 2.947.714 4.771.281 11.221.575 (10.564.148) 318.171 (5.381.190) 8.615.506
- 16% 11% 9% - 5% - 6%
(212.674) 504.199 (1.218.848) (24.740.450) 9.644.413 (12.208.326)
6.037.999 27.428 18.843 50.868 13.063.864 (8.790.816) 10.408.186
5.825.325 3.840.659 4.875.915 14.138.229 (9.073.672) 629.928 20.236.385
5.825.325 3.694.299 4.874.271 9.297.465 (10.507.876) 629.928 13.813.413
(475.824) (778.121) (46.906) (90.616) (2.283.655) - (3.675.123)
(47.400) 31.537 (56.084) 2.014.726 2.227.383 (1.741.979) 2.428.183
(523.223) (746.584) (102.990) 1.924.110 (56.272) (1.741.979) (1.246.939)
5.302.102 2.947.714 4.771.281 11.221.575 (10.564.148) (1.112.051) 12.566.473
5.302.102 2.947.714 4.771.281 11.221.575 (10.564.148) 318.171 (1.114.109) 12.882.587
- - - - - 318.171 (2.058) 316.113
- - - - - - 4.267.081 4.267.081
- (1.804) - (3.573.231) (51.950) - - (3.626.985)
- - 4.352.873 18.879.440 2.654.864 - (223.668) 25.663.509
- - - 6.805 - -
-
-
-
-
-
-
- -
-
- 6.805
- (146.361) (1.644) (4.847.569) (1.434.204) -
-
-
-
-
-
-
-
-
- (6.429.778)
ALARKO HOLDING STATEMENT OF INCOME ACCORDING TO GROUP OF COMPANIES AS OF 31.12.2013 (USD)
Income From Sales (Out of Group net)
Cost of Sales (Out of Group) (-)
CONTINUED OPERATIONS HOLDING TOURISM INDUSTRY&TRADE ENERGY CONTRACTING
& LAND DEV. ELIMINATIONSEAFOOD TOTAL
Income From Sales (In Group net)
Cost of Sales (In Group) (-)
MINORITY INTEREST
NET PROFIT
PERIOD PROFIT/(LOSS)
EBITDA MARGIN %
830.768 41.423.553 45.479 38.199.272 510.434.273 - - 590.933.345
- - - - - 11.500.701 11.500.701
1.982.878 7.587.248 13.816.422 85.790.213 289.233 (19.868.100) 97.827.1258.229.230
(1.491.457) (24.828.710) (37.655) (39.493.590) (441.444.868) - - (507.296.279)
1.982.878 7.587.248 13.816.422 85.790.213 289.233 (31.368.801) 86.326.4238.229.230
2.342.708 - 39.787 2.722 46.982.611 - (49.367.829) -
Investment Income
OPERATIONAL PROFIT/(LOSS)
Investment Expenses (-)
Shares in Profit/Loss of Investments
Evaluated by Equity Pick-Up Method
(151.331) (4.903) - (6.992) (47.720) - 30.228 (180.718)
2.497.753 761.685 (2.305.786) 87.057.375 - (7.435.541) 87.944.8417.369.355
- 6.974.169 18.367.805 6.941.146 289.233 636.851 33.209.204-
-
(2.366.513) - (34.030) (178.464) (31.951.626) - 34.530.633 -
Financial Expenses (-)
PROFIT/(LOSS) BEFORE FINANCIAL EXPENSES
(31.356) (1.604) (6.260.710) (2.338.547) - - (8.632.217)-
2.514.865 7.742.018 18.529.354 102.005.342 289.233 (17.978.660) 122.812.8279.710.674
12% 14% 9% 22% 4% - 16%-
GROSS PROFIT/LOSS
Other Operating Income
Marketing, Sales & Distribution Expenses (-)
General Management Expenses (-)
Other Operating Expenses (-)
16.594.844 13.581 (1.470.060) 84.020.390 - (14.837.196) 83.637.066(684.493)
(733.320) (308) (370.519) (49.412.956) - (853.783) (51.692.042)(321.156)
(13.296.661) (338.823) (2.032.947) (32.201.741) - 5.751.742 (43.244.113)
(3.111.755) - - - - - (3.111.755)
(1.125.684)
3.044.645 1.087.236 1.567.740 84.651.681 - 2.503.695 102.355.6859.500.688
-
- Period Tax Income/(Expense)
CONTINUED OPERATIONS PRE-TAX PROFIT/(LOSS)
- Deferred Tax Income/(Expense)
Continued Operations Tax Income/(Expanse)
(32.724) (2.604) 1.695.426 (10.300.761) - (1.889.439) (10.512.655)17.446
(467.908) (150.562) (147.647) (3.575.822) - - (5.840.830)(1.498.891)
(500.632) (153.166) 1.547.778 (13.876.582) - (1.889.439) (16.353.485)(1.481.445)
2.483.509 7.740.414 12.268.644 99.666.795 289.233 (17.978.660) 114.180.6109.710.674
2.492.650 22.015 6.165 2.474.326 8.054.541 - (11.210.198) 1.839.500
38
Income From Sales (Out of Group net)
Cost of Sales (Out of Group) (-)
GROSS PROFIT/LOSS
General Management Expenses (-)
Shares in Profit/Loss of Investment
-Period Tax Income/(Expense)
CONTINUED OPERATIONS HOLDING TOURISM INDUSTRY&TRADE ENERGY CONTRACTING
& LAND DEV. ELIMINATIONSEAFOOD TOTAL
Income From Sales (In Group net)
Cost of Sales (In Group) (-)
Marketing, Sales & Distribution Expenses (-)
OPERATIONAL PROFIT/(LOSS)
CONTINUED OPERATIONS PRE-TAX PROFIT/(LOSS)
Research & Development Expenses (-)
Other Income
Evaluated by Equity Pick-Up Method
- Deferred Tax Income/(Expense)
MINORITY INTEREST
Other Expenses (-)
Financial Income
Continued Operations Tax Income/(Expanse)
NET PROFIT
Financial Expenses (-)
CONTINUED OPERATIONS PERIOD PROFIT/(LOSS)
EBITDA MARGIN %
956.303 42.350.835 85.684.613 510.251.673 256.101.859 12.680.928 - 908.026.211
15.830.392 19.593.138 56.315.307 60.847.827 1.557.049 (14.819.782) 138.316.000(1.007.931)
1.808.175 1.397.859 29.595.723 15.927.587 130.462 (9.658.400) 39.271.71070.305
- - - - - - (118.164) (118.164)
- - - - - 806.383 806.383
435.854 6.664.981 57.619.681 26.416.711 548.669 (61.964.919) 43.547.54113.826.563
(1.939.571) (26.514.290) (66.125.843) (454.555.962) (209.448.847) (11.125.697) - (769.710.211)
(3.033.350) (10.455.282) (35.020.460) - (627.196) 794.440 (48.341.847)
- (1.121.232) (21.339) - - - (1.142.572)
-
275.403 4.672.497 7.850.820 37.054.276 615.981 (12.850.204) 35.517.998(2.100.775)
(131.038) 37.854 2.468.373 308.554 4.620 2.066.485 4.776.03221.184
(336.997) (2.090.291) (6.319.886) (48.155.493) (78.342) (74.573) (60.195.202)(3.139.622)
435.854 6.664.981 57.619.681 26.416.711 548.669 (62.771.301) 42.741.15813.826.563
2.464.888 14.912 104.897 5.482.464 46.268.158 20.730 (54.356.051) -
-
(426.271) (1.107.356) (9.706.861) (11.099.644) (68.352) 5.368.486 (17.072.520)(32.523)
- (1.513.182) (7.585.411) (5.458.929) (143.557) - (16.756.138)(2.055.059)
628.486 5.558.104 61.205.785 42.668.301 149.967 (50.988.464) 80.323.01521.100.835
-
(2.489.551) (21.065) (70.530) (4.862.868) (32.073.343) (18.911) 39.536.269 -
(13.903.544) (3.634.629) (33.311.549) (28.621.494) (375.982) 5.465.052 (75.512.773)(1.130.627)
(131.038) (1.475.329) (5.117.038) (5.150.374) (138.938) 2.066.485 (11.980.106)(2.033.875)
566.893 8.140.310 62.736.719 31.567.085 687.606 (64.031.404) 55.527.64715.860.438
7% 6% 4% 18% 5% 7%-
ALARKO HOLDING STATEMENT OF INCOME ACCORDING TO GROUP OF COMPANIES AS OF 31.12.2012 (USD)
39
The figures represent Energy Generation companies; Altek, Cenal and Alarko Enerji
SELECTED FIGURES
EBITDA MARGIN (%)
REVENUES
OPERATIONAL PROFIT
EBITDA
NET PROFIT
CASH&FINANCIAL INV.
FINANCIAL LIABILITIES
NET CASH POSITION (1-2)
(2)
(1)
(US$ MILLION)GENERATION
APPENDIX 1 - ENERGY GROUP CONSOLIDATION
TL/US$ EXCHANGE RATE
14,9
30,8
-15,9
23,7%
73,3
10,5
17,3
2,7
1,89
31.12.2011
7,6%
7,2
148,6
-141,4
36,8
-1,4
2,8
-7,9
2,28
30.09.2014
11,6%
6,3
104,5
-98,2
38,2
-1,7
4,4
-4,2
2,13
31.12.2013
8,0%
0,8
48,2
-47,4
62,9
-2,3
5,0
-0,6
1,78
31.12.2012
40
* The figures represent Energy Distribution companies; Medaş, Alcen, Mesaş and Mepaş ** 40 Mn USD out of the 58 Mn USD Net Profit in 2012 is from group company dividend payment which is eliminated from Alarko Holding consolidated net profit
SELECTED FIGURES
36,7
74,1
-37,4
EBITDA MARGIN (%) 13,3% 9,1% 8,9%
20,6 26,2
41,6 33,6
-21,0 -7,4
REVENUES 330,4 423,5 355,3
OPERATIONAL PROFIT 41,0 34,6 28,7
EBITDA 43,8 38,7 31,5
NET PROFIT 26,0 18,0 19,1
CASH&FINANCIAL INV.
FINANCIAL LIABILITIES
NET CASH POSITION (1-2)
(2)
(1)
(US$ MILLION)DISTRIBUTION
APPENDIX 2 - ENERGY GROUP CONSOLIDATION
2,13 2,28TL/US$ EXCHANGE RATE 1,89
31.12.2011 31.12.2013 30.09.2014
3,3%
20,3
58,6
-38,3
447,3
10,1
14,8
58,2*
1,78
31.12.2012
41
APPENDIX 3 - CONTRACTING GROUP
MAIN JV PARTNERS - GLOBAL CONSTRUCTION GROUPS
MAIN COMPETITORS
STRABAGAustria
ASTALDIItaly
SIEMENSGermany
IMPREGILOItaly
MARUBENIJapan
DEGREMONTFrance
HYUNDAIKorea
CAFSpain
ANSALDOItaly
OHLSpain
GS ENG. &CORP.Korea
TECNICASREUNIDAS
Spain
EBARACORPORATION
Japan
BOMBARDIERCanada
DOMESTIC GLOBAL
J&P L.L.C.-Oman, Todini-Italy,Impregilo-Italy, Salini-Italy, Astaldi-Italy,
Bechtel-USA, OHL-Spain,Hochtief-Germany, Strabag-Austria,Consolidated Contractors-Greece,
Larsen&Toubro-India
Enka, Yapı Merkezi, Gama, Doğuş,Tekfen, Yüksel, Nurol
42
TURKISH TOURISM SECTOR
APPENDIX 4 - TOURISM GROUP
Tourism Revenues (left axis) Tourist Arrivals (right axis)
* 2014/9M data belongs to January-September 2014
43
(Mill
ion
Visit
ors)
(US$
Bill
ion)
2002 20062003 2007 20102004 2008 20112001 2005 2009 20132012 2014/9M*
ALARKO HOLDINGDISCLAIMER
Alarko Holding A.S. (the“Company”) has prepared this presentation (the “Presentation”) in
order to provide investors with general information about the Company. The contents of
this Presentation is based on public information and on data provided by the Company’s
management. Neither the Company nor any of its directors, managers or employees
nor any other person shall have any liability whatsoever for any loss arising from use of
this presentation. This Presentation does not constitute an offer or invitation to purchase the
securities of the Company. Investors and prospective investors interested in the securities of
the Company are required to conduct their own independent investigations and appraisal
of the business, financial condition of the Company and the nature of its securities.
Except for the historical information contained herein, the statements made in this
Presentation with respect to the Company’s plans, strategies, beliefs and other
prospective matters are forward-looking statements that involve risk and uncertainty that are
not under the Company’s control which may cause actual results to differ materially
from those anticipated. Except where otherwise indicated, this Presentation speaks as
of the date hereof. We undertake no duty to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
CORPORATECOMMUNICATION
For Further Information:[email protected]
Ömer ÇELİKSenior Vice President Finance & [email protected]: +90 (212) 310 34 10
Bener DAĞLIERFinance Manager [email protected]: +90 (212) 310 34 16
Niv GARİHInvestor Relations Manager [email protected]: +90 (212) 310 33 88
www.alarko.com.tr