Akfen Insaat Turizm Ve Ticaret As · BIST:AKFIS
Akfen Insaat Turizm Ve Ticaret As — Akfen Holding — 9M13 Earnings Presentation
34 slides from Akfen Insaat Turizm Ve Ticaret As's earnings presentation, Nov 11, 2013
Slide 1: Akfen Holding 9M13 Results
AKFEN HOLDING 9M13 Results 11 November 2013
Slide 2: Index
Index I. Financial Review II. Business Segments III. Appendix IV. Consolidated Financial Statements
Slide 3: I. Financial Review
I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 4: 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
Slide 5: 9M13: Operational performance improvement continues
9M13: Operational performance improvement continues… TL 000 9M13 9M12 Δ% 9M12 (LfL)(a) Δ% Revenues* 816,596 863,236 -5% 643,632 27% Adj. EBITDA*(b) 260,127 249,252 4% 211,271 23% EBITDA Margin* (%) 33.1% 28.3% 4.8 p.p. 32.5% 0.7 p.p. Net Profit** -92,205 656,373 n.m. 9M13 revenues and EBITDA conti
Slide 6: Revenue
Revenue* Revenue Bridge (Actual) (a) Revenue Bridge (Like for Like) 1,000 TL millions 1,000 TL million 6 8 18 900 863 7 7 900 817 -26 817 69 800 -66 800 58 8 700 6 700 7 7 18 644 600 600 (a) All revenue figures in the presentation (except for Slide 24) are based on external revenues data, which excl
Slide 7: Adjusted EBITDA
Adjusted EBITDA* Adjusted EBITDA Bridge (Actual) Adjusted EBITDA Bridge (Like for Like) 300 7 300 TL million 6 TL million 13 280 18 280 15 260 260 -22 8 260 4 6 249 260 -15 13 240 -15 240 18 220 220 211 4 200 200 180 180 9M12 IDO HEPP MIP Akfen TAV TAV Other 9M13 9M12 IDO HEPP MIP Akfen TAV TAV Othe
Slide 8: Net Profit
Net Profit 9M13 bottomline in the red mainly due to; Net Profit** Fx-losses arising from the depreciation of TL: 800 o short position of US$426mn as of end-9M13 led to TL million 649.2 656.4 600 TL114mn net fx-loss in 9M13 vs. fx-gains amounting to TL80mn in 9M12 400 Notable decline in ‘share of
Slide 9: Balance Sheet: 9M13 vs. FY12
Balance Sheet: 9M13 vs. FY12* Total Assets Total Liabilities 5,500 4,000 4,815 3% 4,982 7% 5,000 TL million TL million 4,500 3,500 3,332 4,000 3,100 3,000 3,500 3,000 2,500 2,500 2,000 2,000 FY12 9M13 FY12 9M13 Asset Breakdown by Subsidiaries and Jointly- Liabilities Breakdown by Subsidiaries and Jo
Slide 10: Financial Debt
Financial Debt* Consolidated Gross Debt Consolidated Net Debt 4,000 YTD change: 7% 4,000 YTD change: 20% 3,474 TL million TL million 3,000 2,866 3,000 2,805 2,715 2,535 2,571 2,531 2,547 2,509 2,431 2,182 1,915 2,000 2,000 1,781 1,812 1,799 1,689 1,000 1,000 FY11 1Q12 1H12 9M12 FY12 1Q13 1H13 9M13 F
Slide 11: 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 9M13 FY12 YTD Chg. TL 000 9M13 FY12 YTD Chg. Akfen Holding 371,313 543,127 -32% Akfen Holding 284,818 153,429 86% Akfen Construction 16,3
Slide 12: Debt: Details II
Debt: Details II** Consolidated Debt Maturity Breakdown Holding-only Debt Maturity Breakdown TL 000 9M13 Share FY12 Share TL 000 9M13 Share FY12 Share Within one year 520,660 40% 351,225 27% Within one year 318,373 86% 190,994 35% In the 2nd year 177,886 14% 352,165 27% In the 2nd year 52,940 14% 22
Slide 13: Cash Flow
Cash Flow** TL 000 9M13 9M12 Profit/loss for the period -92,205 656,373 Adjustments to the profit/loss 107,715 -534,665 Change in working capital and cash usages 32,144 -66,004 Net Cash provided from/(used in) operating activities 47,654 55,704 Capex activities -176,420 -214,547 Change in financial
Slide 14: Sensitivity Analysis
Sensitivity Analysis** Currency Risk Interest Risk 120 12.0 TL million TL million 21% 14% 90 86.7 11.0 71.6 10.3 60 10.0 9.1 30 9.0 0 8.0 FY12 9M13 FY12 9M13 A ten percent depreciation of TL against other Based on the change in the borrowing profile, a hundred currencies as of 31.12.2012 and 30.09.2
Slide 15: II. Business Segments
I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 16: MIP: Volume growth improvement continues
MIP: Volume growth improvement continues… Summary Financials* Highlights from 9M13: TL 000 9M13 YoY % Container volume growth continued to improve Revenues (external) 185,461 11% in 3Q13: September container handling was up Adj. EBITDA 115,240 13% 12% YoY Adj. EBITDA Margin (%) 62.1% 1.3 p.p. Im
Slide 17: TAV Airports: Stellar set of financial and operational results
TAV Airports: Stellar set of financial and operational results… Summary Financials* Highlights from 9M13: TL 000 9M13 LfL YoY(a) % (b) Strong growth in domestic and international Revenues (external) 216,109 47% operations continued in 3Q13 Adj. EBITDA 62,348 31% In 9M13, while total number of pa
Slide 18: TAV Construction: New additions to the backlog
TAV Construction: New additions to the backlog… Summary Financials* Highlights from 9M13: TL 000 9M13 LfL** YoY % Revenues (external) 198,654 42% Surge in 9M13 EBITDA on a YoY basis EBITDA 14,020 157% EBITDA margin improved vs 9M12 due to EBITDA Margin (%) 6.0% 2.2 p.p. the completion of the rel
Slide 19: HEPPs & Akfen Energy: Refinancing paves way for dividends
HEPPs & Akfen Energy: Refinancing paves way for dividends… Highlights from 9M13: Summary Financials* HEPP Group: TL 000 9M13 YoY % Following the sale of Karasular by end September Revenues (external) 48,752 16% 2013, 8 HEPPs were operational; electricity EBITDA 38,201 89% generation up by 26% YoY
Slide 20: IDO: Effective measures improving performance
IDO: Effective measures improving performance… Summary Financials* Highlights from 9M13: TL 000 9M13 YoY % Revenues (external) 122,777 6% 9M13 passenger and vehicle numbers are up on a Adj. EBITDA 42,744 9% YoY basis: EBITDA Margin (%) 34.8% 1 p.p. o notable improvement was achieved at fast Net De
Slide 21: Akfen REIT: Growing hotel portfolio
Akfen REIT: Growing hotel portfolio… Highlights from 9M13: Summary Financials* TL 000 9M13 Δ% Kaliningrad Ibis hotel started to operate on August Revenues (external) 31,040 25% 27, the portfolio at the end of 9M13 reached 16 EBITDA 21,358 36% hotels and 2,777 rooms EBITDA Margin (%) 68.8% 5.4 p.p.
Slide 22: Akfen Water: Rising revenues and EBITDA
Akfen Water: Rising revenues and EBITDA… Summary Financials* Highlights from 9M13: TL 000 9M13 YoY % Revenues (external) (a) 4,146 19% Notable YoY volume growth at Dilovası in Adj. EBITDA 2,329 9% 9M13 Adj. EBITDA Margin (%) 45.2% -3.6 p.p. Despite improvement in revenues and Net Debt 8,444 -9%
Slide 23: III. Appendix
I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 24: Business Lines' 9M13 vs 9M12 Performance
Business Lines’ 9M13 vs 9M12 Performance* TAV Akfen Akfen HEPP Akfen TAV 9M13 (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) 234,952 87,271 31,040 55,163 185,461 4,146 216,109 122,777 10,942 -131,266
Slide 25: Corporate Data
Corporate Data Corporate Structure & Stakes Ownership Structure 0.78% Hamdi Akın MIP (50%) 2.75% Akfen Construction TAV Construction (21.68%) 28.26% Other 68.21% TAV Airports (8.12%) Free Float Within the share buyback programme 7,079,513 shares were repurchased. Additionally, Akfen Construction has
Slide 26: Material Events in 9M13
Material Events in 9M13 16.01.2013 Joint Venture Agreement for the Privatisation of the Baskent Natural Gas Distribution Company: The Joint Venture Agreement was signed between Akfen Holding A.S. and STFA Yatirim Holding A.S. on 16.01.2013 for the tender of the privatization of 100% shares of Başken
Slide 27: Material Events in 9M13 Cont'd
Material Events in 9M13 Cont’d 06.05.2013 Dividend Distribution: The Board of Akfen Holding has recommended to the General Assembly to distribute a first time cash dividend of TL0.0877 per share (gross) for each TL1 nominal valued A and B type shares. The total amount of cash dividend to be distribu
Slide 28: Material Events in 9M13 Cont'd
Material Events in 9M13 Cont’d 25.09.2013 Share Buyback Programme (‘SBBP’): Akfen Holding’s share purchases within the SBBP have reached 7,079,513 shares as of 24 September 2013 (2.43% of paid-in capital). Separately, Akfen İnsaat purchased a total of 4,957,441 shares between 03.12.2012-26.09.2013 (
Slide 29: Notes on Financials
Notes on Financials Consolidation Hedging* The interim financial statements in this report have been As of 30 September 2013 Akfen Holding’s affiliates use prepared in accordance with International Financial below listed derivative financial instruments. Reporting Standards (IFRS). Akfen Holding and
Slide 30: IV. Consolidated Financial Statements
I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 31: Consolidated Balance Sheet (TL 000)
Consolidated Balance Sheet (TL 000)** ASSETS 30 Sept 2013 31 Dec 2012 (restated) LIABILITIES 30 Sept 2013 31 Dec 2012 (restated) CURRENT LIABILITIES 564,853 398,405 Current Assets 447,219 614,312 Short term Loans and Borrow ings 115,551 70,609 Cash and Cash Equivalents Short term portion of Long ter
Slide 32: Consolidated Income Statement (TL 000)
Consolidated Income Statement (TL 000)** 9M13 9M12 (restated) Revenues 90,403 71,159 Cost of Sales (-) -34,686 -28,890 GROSS PROFIT 55,717 42,269 General Administration Expenses (-) -41,480 -37,887 Other Operational Income 14,475 11,528 Other Operating Expenses (-) -4,544 -10,600 Share of profit of
Slide 33: 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
Slide 34: Thank You
Thank You... © akfen