Akfen Insaat Turizm Ve Ticaret As · BIST:AKFIS

Akfen Insaat Turizm Ve Ticaret As — Akfen Holding — 9M12 Earnings Presentation

30 slides from Akfen Insaat Turizm Ve Ticaret As's earnings presentation, Nov 16, 2012

  1. Slide 1: AKFEN HOLDİNG 9M12 Results

    AKFEN HOLDİNG 9M12 Results 16 November 2012 1

  2. Slide 2: Contents

    Contents Financial Review Page Summary Financial Results 3 Revenue 4 EBITDA 5 Net Profit 6 Balance Sheet 7 Debt Structure 8 Cash Flow 11 Sensitivity Analysis 12 Business Segments MIP 14 TAV Airports 15 TAV Construction 16 HEPP Group 17 IDO 18 Akfen REIT 19 Akfen Water 20 Appendix Business Lines' 9M1

  3. Slide 3: 9M12 Highlights: Stronger Balance Sheet…

    9M12 Highlights: Stronger Balance Sheet… TL 000 9M12 (Actual) 9M11 (Actual) Δ% 9M12 (LfL*) 9M11 (LfL**) Δ% Revenues 862,699 982,024 -12% 1,087,219 1,032,897 5% Adj. EBITDA 248,716 239,401 4% 318,745 253,209 26% EBITDA Margin (%) 28.3% 24.5% 3.8 p.p. 28.79% 24.63% 4.2 p.p. Net Profit 656,367 6,295 10

  4. Slide 4: Revenue

    Revenue Revenue Bridge (Actual) Revenue Bridge (Like for Like) 1.200 1.200 TL millions 37 TL million 3 3 37 3 3 1.087 1.100 19 70 71 1.100 20 19 1.033 982 1.000 1.000 -133 -99 900 863 900 -120 800 800 700 700 Revenue Breakdown by Business Segment Revenue Breakdown by Geo. Segment TAV 0,3% Construc.

  5. Slide 5: EBITDA

    EBITDA EBITDA Bridge (Actual) EBITDA Bridge (Like for Like) 350 TL million 350 TL million 325 28 1 319 300 27 1 300 27 1 -6 -2 18 7 275 253 4 7 3 249 250 239 250 -40 225 200 200 EBITDA Breakdown by Business Segment 248,7 310 239,4 9M11 9M12 TL million 260 210 123,5 102,0 160 84,0 75,4 110 39,2 21,6

  6. Slide 6: Net Profit

    Net Profit Net Profit All time high 9M12 net profit of TL656mn; 700 650 656  Mainly thanks to the TL563mn gain from the sale TL million 600 of TAV Airports and TAV Construction stakes 500 recorded on May 16 2012 400 300 Yet, also… 200 93  9M12 EBITDA surged on a YoY basis 100 6 6  9M11 fx-loss of

  7. Slide 7: Balance Sheet: 9M12 vs. FY11

    Balance Sheet: 9M12 vs. FY11 Total Assets Total Liabilities 6.000 6.000 5.439 -12% TL million TL million 5.000 4.805 5.000 4.287 -27% 4.000 4.000 3.125 3.000 3.000 2.000 2.000 FY11 9M12 FY11 9M12 Assets Breakdown by Business Segment Liabilities Breakdown by Business Segment TAV Const. 4,9% 4,9% 7,8%

  8. Slide 8: Financial Debt

    Financial Debt Consolidated Gross Debt Consolidated Net Debt 4.000 YTD change: -26% 4.000 YTD change: -37% TL million TL million 3.474 3.500 3.500 3.000 2.866 3.000 2.805 2.535 2.571 2.500 2.431 2.500 2.000 2.000 1.781 1.689 1.500 1.500 1.000 1.000 500 500 FY11 1Q12 1H12 9M12 FY11 1Q12 1H12 9M12 Hol

  9. Slide 9: Debt: Details I

    Debt: Details I Gross Debt Breakdown Net Debt Breakdown TL 000 9M12 FY11 Ytd Chg. TL 000 9M12 FY11 Ytd Chg. Akfen Holding 582,027 716,243 -19% Akfen Holding 112,527 512,711 -78% Akfen Construction 349 71,586 -100% Akfen Construction -302 68,842 -100% Akfen REIT 282,699 285,739 -1% Akfen REIT 279,925

  10. Slide 10: Debt: Details II

    Debt: Details II Consolidated Debt Maturity Breakdown Holding-only Debt Maturity Breakdown (TL 000)* 30.09.2012 Share 31.12.2011 Share (TL 000) 30.09.2012 Share 31.12.2011 Share Within one year 529,617 21% 739,022 21% Within one year 117,422 20% 261,878 37% In the 2nd year 549,724 21% 726,265 21% In

  11. Slide 11: Cash Flow

    Cash Flow Cash Flow (TL 000) 9M12 9M11 Profit for the period 656,367 6,295 Adjustments for the profit (374,285) 340,240 Change in working capital and cash usages (378,409) (424,189) Net Cash provided from /(used in) operating activities (96,327) (77,654) Capex activities (269,759) (271,157) Net Cash

  12. Slide 12: Sensitivity Analysis

    Sensitivity Analysis Currency Risk Interest Risk 180 -30% 30 TL million TL million 155,2 160 23,9 -53% 25 140 120 107,9 20 100 15 80 11,3 60 10 40 5 20 0 0 FY11 9M12 FY11 9M12 A ten percent depreciation of TL against other Based on our improved borrowing profile, a hundred currencies as of 31.12.201

  13. Slide 13: Business Segments

    Business Segments - @ akfen

  14. Slide 14: MIP: Double-digit volume growth continues…

    MIP: Double-digit volume growth continues… Summary Financials Highlights from 9M12: TL 000 9M12 YoY % Revenues 167,660 29%  Impressive volume growth continued EBITDA 102,045 35% in 9M12 (in this period estimated EBITDA Margin (%) 61% 3 p.p. GDP growth is merely 2-2.5%) Net Debt 430,961 -12%  Per T

  15. Slide 15: TAV Airports: Exceptional Performance…

    TAV Airports: Exceptional Performance… Summary Financials Highlights from 9M12: TL 000 9M12 YoY* % Revenues 281,806 n.m.  Organic and inorganic growth - Adj. EBITDA 83,995 n.m. leading to strong revenue growth EBITDA Margin (%) 28% n.m. (23% growth in € terms) Net Debt 153,292 n.m.  Eye-catching p

  16. Slide 16: TAV Construction: Booming backlog…

    TAV Construction: Booming backlog… Summary Financials Highlights from 9M12: TL 000 9M12 (Actual) LfL YoY* %  Impressive growth in backlog thanks Revenues 231,972 -29% to new awarded projects; i.e. Izmir EBITDA 6,821 -17% Int’l terminal, Madinah Int’l airport, King Abdul Aziz hangar project and EBIT

  17. Slide 17: HEPP Group & Akfen Energy: In progress…

    HEPP Group & Akfen Energy: In progress… Summary Financials Highlights from 9M12: TL 000 9M12 YoY % HEPP Group: Revenues 43,656 89%  10 HEPPs fully operational in 9M12 - EBITDA 20,233 49% visible increase in electricity generation EBITDA Margin (%) 46% -12 p.p.  7 HEPPs sold electricity at state gu

  18. Slide 18: IDO: Restructuring continues…

    IDO: Restructuring continues… Summary Financials Highlights from 9M12: TL 000 9M12 YoY* %  Passenger numbers still down YoY; Revenues 115,930 n.m. o caused by adverse weather EBITDA 39,203 n.m. conditions and EBITDA Margin (%) 34% n.m. o negative effects of dynamic pricing Net Debt 360,193 n.m. sys

  19. Slide 19: Akfen REIT: Getting closer to end of ramp-up period…

    Akfen REIT: Getting closer to end of ramp-up period… Summary Financials Highlights from 9M12: TL 000 9M12 YoY %  In 9M12, with a total of 13 hotels, room Revenues 24,257 17% capacity reached 2,314 EBITDA 15,192 8%  Average occupancy rate as well as T- EBITDA Margin (%) 63% -5 p.p. RevPar continued

  20. Slide 20: Akfen Water: Still at incubation stage…

    Akfen Water: Still at incubation stage… Summary Financials Highlights from 9M12: TL 000 9M12 YoY %  In Gulluk, invoiced water volume Revenues 3,490 3% down YoY due to prolonged rain season Adj. EBITDA 2,138 -2% EBITDA Margin (%) 49% -1 p.p.  The number of subscribers in Gulluk is up by 4% at 5,451

  21. Slide 21: Appendix

    Appendix a @ akfen

  22. Slide 22: Business Lines' 9M12 Performance

    Business Lines’ 9M12 Performance TAV Akfen Akfen HEPP Akfen TAV 9M12 (TL 000) MIP IDO Other Elimin. Total Construc. Construc. REIT Group Water Airports Ownership Percentage 21.68% 99.85% 56.09% 100% 50% 49.98% 8.12% 30% - - - Revenue 231,972 111,623 24,257 43,656 167,660 3,490 281,806 115,930 14,398

  23. Slide 23: Corporate Data

    Corporate Data Corporate Structure & Stakes Ownership Structure Hamdi Akın 0,78% MIP (%50) 2,75% Akfen Construction TAV Construction (%21.68) 28,26% Other 68,21% AKFEN HOLDING TAV Airports (%8.12) Free Float HEPP Group (%100) Number Of Employees Holding ve Subsidiaries 9M12 FY11 Akfen Energy (69.5%)

  24. Slide 24: Material Events in 2012

    Material Events in 2012 28.12.2011 -13.01.2012 “Share Buy Back Programme”: Since the beginning of the Share Buy Back Programme, from 28th December 2011 up to and including 13th January 2012, the Company has repurchased a total of 357,150 Akfen Holding shares, which represents around 0.25 % of the Co

  25. Slide 25: Material Events in 2012 Cont'd

    Material Events in 2012 Cont’d 26.07.2012 “Corporate Bond Buyback”: Our bond buyback so far has reached; from the corporate bond with the ISIN code TRSAKFHA1313 a nominal total of TL9,060,000 (11.33% of the total), from the corporate bond with the ISIN code TRSAKFH31411 a nominal total of TL45,910,0

  26. Slide 26: Notes on Financials

    Notes on Financials Consolidation Hedging The interim financial statements in this report have As of 30 September 2012 Akfen Holding’s affiliates use been prepared in accordance with International below listed derivative financial instruments. Financial Reporting Standards (IFRS). Akfen Holding and

  27. Slide 27: Consolidated Financial Statements

    Consolidated Financial Statements 27

  28. Slide 28: Balance Sheet

    Balance Sheet Consolidated Balance Sheet TL 000 Consolidated Balance Sheet TL 000 30 September 2012 31 Dec 2011 LIABILITIES 30 September 2012 31 Dec 2011 ASSETS CURRENT LIABILITIES 820,374 1,287,177 Current Assets 1,082,646 1,286,026 Loans and Borrowings 531,407 743,422 Derivative Instruments 36,958

  29. Slide 29: Income Statement

    Income Statement Consolidated Income Statement TL 000 CONTINIUING OPERATIONS 30 September 2012 30 September 2011 Revenues 862,699 982,024 Cost of Sales (-) -592,644 -716,440 GROSS PROFIT 270,055 265,584 General Administration Expenses (-) -118,246 -119,566 Other Operational Income 594,244 271,201 Ot

  30. Slide 30: 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

Akfen Holding — 9M12 Earnings Presentation on 6ix