Akfen Insaat Turizm Ve Ticaret As · BIST:AKFIS

Akfen Insaat Turizm Ve Ticaret As — Akfen Holding — 9M14 Earnings Presentation

35 slides from Akfen Insaat Turizm Ve Ticaret As's earnings presentation, Nov 10, 2014

  1. Slide 1: Akfen Holding 9M14 Results

    AKFEN HOLDING 9M14 Results 10 November 2014

  2. Slide 2: Index

    Index I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS

  3. Slide 3: Adjusted Financials - IFRS 11

    Adjusted Financials - IFRS 11 Effects of IFRS 11** Financials Adjusted for IFRS 11*  According to the IFRS 11 standard, joint  However, within this presentation, to enable the ventures cannot be consolidated capital markets participants a smooth transition “proportionately” starting with 2013 firs

  4. Slide 4: 9M14: Solid set of results

    9M14: Solid set of results… TL 000 9M14 9M13 (LfL)(a) Δ%  9M14 revenues and adjusted EBITDA Revenues* 921,526 748,904 23% continued to increase notably on a YoY basis (adjusted for the effect of our Adj. EBITDA*(b) 316,302 254,551 24% exit from Karasular HEPP in June EBITDA Margin* (%) 34.0% 34.9%

  5. Slide 5: Revenue

    Revenue* Revenue Bridge (Like for Like) (a) Revenue Breakdown 1,200 TAV, MIP & TAV 3% TL million 106 7 Construc. 7 15 922 TAVC made 14% 12 50 up 76% of Akfen REIT 2% 800 749 9M14 16% 33% revenues… HEPP 27% -24 Group MIP 400 18% 21% 4% TAV 6% Airports IDO 25% 4% 0 2% 9M13 IDO HEPP MIP Akfen Other TAV

  6. Slide 6: Adjusted EBITDA

    Adjusted EBITDA* Adjusted EBITDA Bridge (Like for Like) Adjusted EBITDA Breakdown 350 316 400 9M13 9M14 TL million TL million 8 18 8 316 300 7 10 28 255 300 255 250 -18 200 200 144 115 150 100 78 60 36 42 52 14 22 21 29 17 100 0 50 -33-26 -100 0 TAV Akfen HEPP MIP TAV IDO Other Total 9M13 IDO HEPP M

  7. Slide 7: Net Profit

    Net Profit 9M14 net profit of TL18.3mn… Net Profit**  mainly thanks to ‘share of profit from equity-accounted 80 investees’, which turned into a profit of TL110.8mn in TL million 40 9M14 from a loss of TL4.6mn in 9M13: 18.3 9.4 8.9 o 9M14 bottomline of MIP increased by an impressive 0 28x YoY, TAV

  8. Slide 8: Balance Sheet: 9M14 vs. FY13

    Balance Sheet: 9M14 vs. FY13* Total Assets Total Liabilities 7,000 6,000 8% TL million TL million 6,000 5,862 5,250 5,422 5,000 4,500 13% 4,118 3,750 3,639 4,000 3,000 3,000 FY13 9M14 FY13 9M14 Asset Breakdown by Subsidiaries and Jointly- Liabilities Breakdown by Subsidiaries and Jointly- controlled

  9. Slide 9: Financial Debt

    Financial Debt* Consolidated Gross Debt Consolidated Net Debt 4,000 4,000 YTD change: 6% YTD change: 13% 3,474 TL million TL million 3,194 3,081 2,906 2,966 3,000 2,866 3,000 2,805 2,715 2,695 2,535 2,571 2,531 2,547 2,509 2,576 2,536 2,431 2,379 2,182 1,812 1,915 2,000 2,000 1,799 1,689 1,781 1,000

  10. Slide 10: Debt: Details I

    Debt: Details I Gross Debt Breakdown of Subsidiaries and Jointly- Net Debt Breakdown of Subsidiaries and Jointly- controlled Entities* controlled Entities* TL 000 9M14 FY13 YTD Chg. TL 000 9M14 FY13 YTD Chg. Akfen Holding 450,246 291,783 54% Akfen Holding 413,531 241,533 71% Akfen Construction 88,24

  11. Slide 11: Debt: Details II

    Debt: Details II** Consolidated Debt Maturity Breakdown(a) Holding-only Debt Maturity Breakdown TL 000 9M14 Share FY13 Share TL 000 9M14 Share FY13 Share Within one year 304,756 18% 427,081 30% Within one year 51,421 11% 247,673 85% In the 2nd year 310,252 18% 245,935 17% In the 2nd year 45,152 10%

  12. Slide 12: Cash Flow

    Cash Flow** TL 000 9M14 9M13 Profit/loss for the period 18,314 -92,205 Adjustments to the profit/loss 141,076 107,715 Change in working capital and cash usages -75,842 32,144 Net Cash provided from/(used in) operating activities 83,548 47,654 (a) Capex activities -141,103 -176,420 Change in financia

  13. Slide 13: Sensitivity Analysis

    Sensitivity Analysis** Currency Risk Interest Risk 11.0 130 TL million TL million 11% 10.0 17% 123 118.4 8.9 9.0 115 106.4 8.0 108 7.6 7.0 100 FY13 9M14 FY13 9M14 A ten percent depreciation of TL against other Based on the change in the borrowing profile, a hundred currencies as of 31.12.2013 and 30

  14. Slide 14: FX Exposure of Operations (9M14)

    FX Exposure of Operations (9M14) Revenues COGS&Opex 24% FX 48% FX TL 52% TL 76% Consolidated Gross Debt Holding-only Gross Debt Other in TL 0.01% TL US$ 14% 15% € 9% € 29% US$ 57% TL 76% * IFRS 11 and IFRIC 12 adjusted 12

  15. Slide 15: II. Business Segments

    I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS

  16. Slide 16: MIP: Robust growth

    MIP: Robust growth… Highlights from 9M14: Summary Financials* TL 000 9M14 YoY %  Robust container volume growth in 9M14, despite slowdown in 3Q: YTD container handling up 11% YoY Revenues (external) 235,211 27% o during this period, container handling in Turkey Adj. EBITDA 143,739 25% was up 5.7%,

  17. Slide 17: TAV Airports: Strong EBITDA and net profit

    TAV Airports: Strong EBITDA and net profit… Summary Financials* Highlights from 9M14: TL 000 9M14 YoY % (a) Revenues (external) 164,356 4%  In 9M14, while total number of passengers Adj. EBITDA 77,873 30% served increased 14% boosted by the addition of Adj. EBITDA Margin (%) 45.4% 2.1 p.p. Zagreb&M

  18. Slide 18: TAV Construction: New projects improving the profitability

    TAV Construction: New projects improving the profitability… Summary Financials* Highlights from 9M14: TL 000 9M14 YoY % Revenues (external) 305,019 54%  Healthy growth in 9M14 EBITDA EBITDA 21,997 57%  also EBITDA margin continued with its YoY EBITDA Margin (%) 6.3% 0.4 p.p. improvement thanks to

  19. Slide 19: HEPPs & Akfen Energy: 2014 performance hit by the drought

    HEPPs & Akfen Energy: 2014 performance hit by the drought… Summary Financials* Highlights from 9M14: TL 000 9M14 LfL** YoY % HEPP Group: Revenues (total) 33,060 -34%  Sekiyaka II HEPP 1 Project became operational in EBITDA 17,223 -52% Jan. 2014, Doruk & Doğançay 1&2 HEPP projects became fully opera

  20. Slide 20: IDO: Measures starting to bear fruits

    IDO: Measures starting to bear fruits… Highlights from 9M14: Summary Financials* TL 000 9M14 YoY %  9M14 passenger and vehicle numbers reveal; Revenues (external) 129,951 10% o notable improvement at fast ferry numbers thanks EBITDA 52,353 23% to an effective additional trip management and a EBITDA

  21. Slide 21: Akfen REIT: EBITDA on the rise

    Akfen REIT: EBITDA on the rise… Summary Financials* Highlights from 9M14: TL 000 9M14 YoY %  The portfolio at the end of 9M14 consisted of 17 Revenues (external) 37,651 21% hotels and 2,924 rooms (vs. 16 hotels and 2,777 EBITDA 28,801 35% rooms at end-9M13): Ankara Ibis hotel was opened EBITDA Marg

  22. Slide 22: Akfen Water: Significant Improvement

    Akfen Water: Significant Improvement… Summary Financials* Highlights from 9M14: TL 000 9M14 YoY % Revenues (external) (a) 4,804 16%  Treated waste water volume at Dilovası Adj. EBITDA 3,049 31% hit by the drought, as well as a decline in Adj. EBITDA Margin (%) 50.8% 5.6 p.p. residential usage in 9M

  23. Slide 23: III. Appendix

    I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS

  24. Slide 24: Business Lines' 9M14 vs 9M13 Performance

    Business Lines’ 9M14 vs 9M13 Performance* TAV Akfen Akfen HEPP Akfen TAV 9M14 (TL 000) Construc. Construc. REIT Group MIP Water Airports1 IDO Other(a) Elimin. (b) Total Ownership % 22% 100% 57% 100% 50% 50% 8% 30% Revenue (c) 346,797 44,334 37,651 33,060 235,211 4,804 164,356 129,951 27,905 -102,544

  25. Slide 25: Quarterly Revenue & EBITDA by Business Lines

    Quarterly Revenue & EBITDA by Business Lines* TL mn 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 TAV Airports Revenues 119 101 62 62 58 73 85 77 48 56 61 Adjusted Revenues 129 108 61 53 48 61 74 64 47 58 67 Adjusted EBITDA 29 32 23 15 11 22 30 19 16 28 34 EBITDA Margin (%) 22% 30% 37% 28%

  26. Slide 26: Corporate Data

    Corporate Data Corporate Structure & Stakes Ownership Structure MIP (50%) 12.75% Hamdi Akın Akfen Holding 68.25% 19.00% Other TAV Construction (21.68%) As of 30.09.2014, within the share buyback programme 22,107,901 shares were repurchased. TAV Airports (8.12%) Additionally, Akfen Construction has p

  27. Slide 27: Material Events in 9M14

    Material Events in 9M14 12.01.2014 Corporate Bond Offering: Our application to the Capital Markets Board to issue corporate bonds through a public offering was approved on 31 December 2013. The book building of the offering was on 8-9 January 2014. The bonds have a maturity of 3 years and are payabl

  28. Slide 28: Material Events Cont'd

    Material Events Cont’d 23.05.2014 Board Decision: In accordance with the CMB Communique numbered II-17.1 on Corporate Governance it was decided that; - Board Member Ms. Pelin Akın, Assistant General Manager Ms. Sıla Cılız İnanç, Independent Board Member Mr. Saban Erdikler, Independent Board Member M

  29. Slide 29: Material Events Cont'd

    Material Events Cont’d 15.09.2014 Doğançay HEPP 1&2 Projects: Elen Enerji Üretimi San. Ve Tic. A.Ş., which is a subsidiary of Akfenhes Yatırımları ve Enerji Üretim A.Ş., a subsidiary of Akfen Holding A.Ş., obtained provisional acceptance from the Ministry of Energy for one unit with 5.04 MW of DOGAN

  30. Slide 30: Notes on Financials

    Notes on Financials Consolidation Hedging* The interim financial statements in this report have been As of 30.09.2014 Akfen Holding’s affiliates use below listed prepared in accordance with International Financial derivative financial instruments. Reporting Standards (IFRS). Subsidiary Interest Rate

  31. Slide 31: IV. Consolidated Financial Statements

    I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS

  32. Slide 32: Consolidated Balance Sheet (TL 000)

    Consolidated Balance Sheet (TL 000)** 30 Sept 2014 31 Dec 2013 LIABILITIES 30 Sept 2014 31 Dec 2013 ASSETS CURRENT LIABILITIES 638,457 493,177 Current Assets Short term Loans and Borrowings 93,994 74,443 524,613 423,947 Short term portion of Long term Loans and Borrowings 211,022 352,638 Cash and Ca

  33. Slide 33: Consolidated Income Statement (TL 000)

    Consolidated Income Statement (TL 000)** 9M14 9M13 Revenues 84,426 90,403 Cost of Sales (-) -43,738 -34,686 GROSS PROFIT 40,688 55,717 General Administration Expenses (-) -46,350 -41,480 Other Operational Income 26,813 13,389 Other Operating Expenses (-) -13,447 -3,458 Share of profit of equity-acco

  34. Slide 34: Thank You - IR Contact

    IR Contact Aylin CORMAN Investor Relations Manager Thank ThankYou… You… acorman@akfen.com.tr Tel: +90 212 319 87 00/3025 Fax: +90 212 319 87 10 Web Site www.akfen.com.tr Address AKFEN HOLDING A.Ş. e-mail investorrelations@akfen.com.tr Levent Loft – Buyukdere Cad. No:201 K.11 Phone +90 212 319 87 00

  35. Slide 35: Disclaimer

    Disclaimer This presentation (the ‘Company Presentation’) is not and should not be considered as a recommendation by Akfen Holding A.Ş., (the “Company”) or any other person in relation to the Company, nor does it constitute and should not be considered as an invitation or an offer to purchase securi

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