Akfen Insaat Turizm Ve Ticaret As · BIST:AKFIS
Akfen Insaat Turizm Ve Ticaret As — Akfen Holding — H1 2014 Earnings Presentation
34 slides from Akfen Insaat Turizm Ve Ticaret As's earnings presentation, Aug 15, 2014
Slide 1: AKFEN HOLDING 1H14 Results
AKFEN HOLDING 1H14 Results 15 August 2014
Slide 2: Index
Index I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
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
Slide 4: 1H14: Surge in bottomline
1H14: Surge in bottomline… TL 000 1H14 1H13 (LfL)(a) Δ% 1H14 revenues and adjusted EBITDA Revenues* 597,581 473,204 26% continued to increase notably on a YoY Adj. EBITDA*(b) 191,582 157,957 21% basis (adjusted for the effect of our exit from Karasular HEPP in June 2013)… EBITDA Margin* (%) 32.0%
Slide 5: Revenue
Revenue* Revenue Bridge (Like for Like) (a) Revenue Breakdown 800 TAV, MIP & TL million TAVC made TAV 3% 78 7 598 up 78% of Construc. 12% 600 5 11 1H14 473 5 43 Akfen REIT revenues… 1% 14% 34% 400 HEPP 26% -24 Group MIP 17% 200 20% 4% TAV Airports 9% 0 IDO 25% 4% 3% Other(b) 27% 1H13 Reconciliation
Slide 6: Adjusted EBITDA
Adjusted EBITDA* Adjusted EBITDA Bridge (Like for Like) Adjusted EBITDA Breakdown 250 TL million 1H13 1H14 192 200 TL million 13 192 200 9 158 27 5 3 150 158 -5 150 100 -18 100 72 100 44 50 34 31 18 14 19 16 22 24 9 50 0 0 -24-29 -50 1H13 IDO HEPP MIP Akfen TAV Other TAV 1H14 TAV Akfen HEPP MIP TAV
Slide 7: Net Profit
Net Profit Net Profit** Surge in 1H14 bottomline… 80 ‘Share of profit from equity-accounted investees’ rose TL million 60 from TL7.6mn in 1H13 to TL86mn in 1H14: 48.3 41.9 o 1H14 bottomline of MIP, TAV Airports, TAV Investment 40 and Akfen Water were up by an impressive 121%, 20 100%, 311% and 69%
Slide 8: Balance Sheet: 1H14 vs. FY13
Balance Sheet: 1H14 vs. FY13* Total Assets Total Liabilities 6,000 5% 6,000 TL million TL million 5,687 5,422 5,000 5,000 8% 3,926 4,000 4,000 3,639 3,000 3,000 FY13 1H14 FY13 1H14 Asset Breakdown by Subsidiaries and Jointly- Liabilities Breakdown by Subsidiaries and Jointly- controlled Entities con
Slide 9: Financial Debt
Financial Debt* Consolidated Gross Debt Consolidated Net Debt 4,000 4,000 YTD change: 2% YTD change: 7% 3,474 TL million TL million 3,194 2,906 2,966 3,000 2,805 3,000 2,866 2,715 2,576 2,536 2,535 2,571 2,531 2,547 2,509 2,431 2,379 2,182 1,915 2,000 1,781 1,812 1,799 2,000 1,689 1,000 1,000 FY11 1
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 1H14 FY13 YTD Chg. TL 000 1H14 FY13 YTD Chg. Akfen Holding 452,076 291,783 55% Akfen Holding 368,332 241,533 52% Akfen Construction 60,06
Slide 11: Debt: Details II
Debt: Details II** Consolidated Debt Maturity Breakdown(a) Holding-only Debt Maturity Breakdown TL 000 1H14 Share FY13 Share TL 000 1H14 Share FY13 Share Within one year 303,515 19% 427,081 30% Within one year 51,561 11% 247,673 85% In the 2nd year 275,000 17% 245,935 17% In the 2nd year 60,516 13%
Slide 12: Cash Flow
Cash Flow** TL 000 1H14 1H13 Profit/loss for the period 48,276 -7,798 Adjustments to the profit/loss -40,733 47,392 Change in working capital and cash usages 2,654 122,352 Net Cash provided from/(used in) operating activities 10,197 161,946 (a) Capex activities -83,169 -89,142 Change in financial as
Slide 13: Sensitivity Analysis
Sensitivity Analysis** Currency Risk Interest Risk 11.0 120 TL million TL million 10.0 18% 115 1% 9.0 9.0 110 107.6 106.4 8.0 105 7.6 7.0 100 FY13 1H14 FY13 1H14 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.
Slide 14: FX Exposure of Operations (1H14)
FX Exposure of Operations (1H14) Revenues COGS&Opex 22% FX 47% FX TL 53% TL 78% Consolidated Gross Debt Holding-only Gross Debt Other in TL 0.01% US$ 7% € TL 16% 8% € US$ 30% 54% TL 85% * IFRS 11 and IFRIC 12 adjusted 12
Slide 15: Index
I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 16: MIP: Superior Growth
MIP: Superior Growth… Highlights from 1H14: Summary Financials* TL 000 1H14 YoY % Exceptional container volume growth in 1H14: YTD Revenues (external) 160,284 36% container handling was up 16% YoY Adj. EBITDA 99,595 38% o during this period, container handling in Turkey was up 9%, reaching 4.2mn T
Slide 17: TAV Airports: Strong EBITDA and bottom-line
TAV Airports: Strong EBITDA and bottom-line… Summary Financials* Highlights from 1H14: TL 000 1H14 YoY % (a) Revenues (external) 103,654 8% In 1H14, while total number of passengers Adj. EBITDA 44,018 43% served increased 13% thanks to the addition of Adj. EBITDA Margin (%) 42.0% 4.4 p.p. Zagreb A
Slide 18: TAV Construction: Profitability improvement continued
TAV Construction: Profitability improvement continued… Summary Financials* Highlights from 1H14: TL 000 1H14 YoY % Revenues (external) 202,343 62% 1H14 EBITDA almost doubled on a YoY basis EBITDA 17,556 92% EBITDA margin improved YoY thanks to the EBITDA Margin (%) 7.4% 1.1 p.p. new projects wit
Slide 19: HEPPs & Akfen Energy: Performance hit by the drought
HEPPs & Akfen Energy: Performance hit by the drought… Summary Financials* Highlights from 1H14: TL 000 1H14 LfL** YoY % HEPP Group: Revenues (total) 26,775 -39% Sekiyaka II HEPP 1 Project became operational in EBITDA 16,359 -52% January 2014 EBITDA Margin (%) 61.1% -16.3 p.p. o 9 HEPPs with an ins
Slide 20: IDO: Continuing with measures to improve performance
IDO: Continuing with measures to improve performance… Highlights from 1H14: Summary Financials* TL 000 1H14 YoY % 1H14 passenger and vehicle numbers reveal; Revenues (external) 71,939 8% o notable improvement at fast ferry numbers thanks EBITDA 24,198 12% to an effective additional trip management
Slide 21: Akfen REIT: Profitability on the rise
Akfen REIT: Profitability on the rise… Highlights from 1H14: Summary Financials* TL 000 1H14 YoY % The portfolio at the end of 1H14 consisted of 16 Revenues (external) 24,714 23% hotels and 2,777 rooms (vs. 15 hotels and 2,610 EBITDA 18,572 36% rooms at end-1H13) EBITDA Margin (%) 75.1% 7.3 p.p.
Slide 22: Akfen Water: Rising revenues and EBITDA
Akfen Water: Rising revenues and EBITDA… Summary Financials* Highlights from 1H14: TL 000 1H14 YoY % Revenues (external) (a) 2,952 15% Treated waste water volume at Dilovası Adj. EBITDA 1,893 29% hit by the drought, as well as a decline in residential usage in 1H14 Adj. EBITDA Margin (%) 50.7% 4.3
Slide 23: Index
I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 24: Business Lines' 1H14 vs 1H13 Performance
Business Lines’ 1H14 vs 1H13 Performance* TAV Akfen Akfen HEPP Akfen TAV 1H14 (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) 236,157 30,243 24,714 26,775 160,284 2,952 103,654 71,939 14,676 -73,814 5
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 TAV Airports Revenues 119 101 62 62 58 73 85 77 48 56 Adjusted Revenues 129 108 61 53 48 61 74 64 47 58 Adjusted EBITDA 29 32 23 15 11 22 30 19 16 28 EBITDA Margin (%) 22.2% 30.1% 37.3% 28.0% 22.0%
Slide 26: 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 As of 30.06.2014, within the share buyback programme 22,107,901 shares were repurchased. Additionally, Akf
Slide 27: Material Events in 1H14
Material Events in 1H14 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
Slide 28: Material Events
Material Events 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 Mr. Nusr
Slide 29: Notes on Financials
Notes on Financials Consolidation Hedging* The interim financial statements in this report have been As of 30.06.2014 Akfen Holding’s affiliates use below listed prepared in accordance with International Financial derivative financial instruments. Reporting Standards (IFRS). Subsidiary Interest Rate
Slide 30: Index
I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 31: Consolidated Balance Sheet (TL 000)
Consolidated Balance Sheet (TL 000)** 30 June 2014 31 Dec 2013 LIABILITIES 30 June 2014 31 Dec 2013 ASSETS CURRENT LIABILITIES 616,338 493,177 Current Assets Short term Loans and Borrowings 79,345 74,443 540,386 423,947 Short term portion of Long term Loans and Borrowings 224,481 352,638 Cash and Ca
Slide 32: Consolidated Income Statement (TL 000)
Consolidated Income Statement (TL 000)** 1H14 1H13 Revenues 57,677 69,995 Cost of Sales (-) -25,837 -22,286 GROSS PROFIT 31,840 47,709 General Administration Expenses (-) -33,900 -29,533 Other Operational Income 14,013 12,821 Other Operating Expenses (-) -13,772 -2,477 Share of profit of equity-acco
Slide 33: 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
Slide 34: 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