Akfen Insaat Turizm Ve Ticaret As · BIST:AKFIS
Akfen Insaat Turizm Ve Ticaret As — Akfen Holding — Q1 2013 Earnings Presentation
31 slides from Akfen Insaat Turizm Ve Ticaret As's earnings presentation, May 16, 2013
Slide 1: Akfen Holding 1Q13 Results
AKFEN HOLDİNG 1Q13 Results 16 May 2013 1
Slide 2: Contents
Contents Financial Review Page Adjusted Financials – IFRS 11 3 Summary Financial Results 4 Revenue 5 EBITDA 6 Net Profit 7 Balance Sheet 8 Debt Structure 9 Cash Flow 12 Sensitivity Analysis 13 Business Segments MIP 15 TAV Airports 16 TAV Construction 17 HEPP Group 18 IDO 19 Akfen REIT 20 Akfen Water
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 ventures However, within this presentation, to enable the cannot be consolidated “proportionately” starting capital markets participants a smooth transition with 2013 firs
Slide 4: 1Q13 Highlights: Improvement in operational profitability continued
1Q13 Highlights: Improvement in operational profitability continued… 1Q12 TL 000 1Q13 1Q12 Δ% (LfL)(a) Δ% Revenues* 222,643 358,938 -38% 208,278 7% Adj. EBITDA*(b) 62,853 66,981 -6% 47,159 33% EBITDA Margin* (%) 29.5% 18.1% 11.3 p.p. 22.3% 7.2 p.p. Net Profit** 15,366 45,889 -67% Non-Control l i ng
Slide 5: Revenue
Revenue* Revenue Bridge (Actual) (a) Revenue Bridge (Like for Like) 400 3 12 1 2 0 -93 359 300 TL millions TL million -61 21 4 12 1 2 -1 -24 223 300 208 223 200 200 100 100 0 0 (a) All revenues figures in the presentation (except for Slide 23) are based on external revenues data, which exclude elimi
Slide 6: Adjusted EBITDA
Adjusted EBITDA* Adjusted EBITDA Bridge (Actual) Adjusted EBITDA Bridge (Like for Like) 100 80 TL million 1 TL million 3 -18 1 2 1 1 3 -3 63 80 67 2 10 10 60 47 -3 63 2 60 40 40 20 20 0 0 Adjusted EBITDA Breakdown by Subsidiaries and Jointly-controlled Entities 67.0 62.9 80 1Q12 1Q13 TL million 60 3
Slide 7: Net Profit
Net Profit 1Q13 net profit amounted to TL15mn; Net Profit** The YoY decline was mainly caused by: 60 o The decline in ‘share of profit from equity- TL million 46 accounted investees’ 43 40 the loss of IDO arising mostly from net fx- losses a 38% YoY decline in Akfen REIT’s net profit 20 15 15
Slide 8: Balance Sheet: 1Q13 vs. FY12
Balance Sheet: 1Q13 vs. FY12* Total Assets Total Liabilities 2% 6,000 TL million TL million 6,000 4,815 4,919 5,000 5,000 3% 4,000 4,000 3,100 3,179 3,000 3,000 2,000 2,000 FY12 1Q13 FY12 1Q13 Asset Breakdown by Subsidiaries and Jointly-controlled Entities Liabilities Breakdown by Subsidiaries and J
Slide 9: Financial Debt
Financial Debt* Consolidated Gross Debt Consolidated Net Debt 4,000 4,000 YTD change: 1.5% YTD change: 0.3% TL million TL million 3,474 3,500 3,500 3,000 2,866 3,000 2,805 2,535 2,571 2,531 2,568 2,431 2,500 2,500 2,000 2,000 1,781 1,812 1,818 1,689 1,500 1,500 1,000 1,000 500 500 FY11 1Q12 1H12 9M1
Slide 10: Debt: Details I
Debt: Details I Gross Debt Breakdown of Subsidiaries and Jointly-controlled Entities* Net Debt Breakdown of Subsidiaries and Jointly-controlled Entities* TL 000 1Q13 FY12 YoY Chg. TL 000 1Q13 FY12 YoY Chg. Akfen Holding 544,280 543,127 0% Akfen Holding 191,651 153,429 25% Akfen Construction 19,392 1
Slide 11: Debt: Details II
Debt: Details II** Consolidated Debt Maturity Breakdown Holding-only Debt Maturity Breakdown TL 000 1Q13 Share FY12 Share TL 000 1Q13 Share FY12 Share Within one year 361,634 28% 351,225 27% Within one year 192,486 35% 190,994 35% In the 2nd year 333,312 25% 352,165 27% In the 2nd year 224,763 41% 2
Slide 12: Cash Flow
Cash Flow** TL 000 1Q13 1Q12 Profit for the period 15,366 45,889 Adjustments for the profit 26,867 28,139 Change in working capital and cash usages -55,310 -27,282 Net Cash provided from /(used in) operating activities -13,077 46,746 Capex activities -50,723 -91,806 Change in financial assets 56,973
Slide 13: Sensitivity Analysis
Sensitivity Analysis** Currency Risk Interest Risk 72 -3% 30 71.6 TL million TL million 72 25 6% 71 20 71 15 70 69.7 9.1 9.6 10 70 69 5 69 0 FY12 1Q13 FY12 1Q13 A ten percent depreciation of TL against other Based on the change in the borrowing profile, a currencies as of 31.12.2012 and 31.03.2013 w
Slide 14: Business Segments
Business Segments - @ akfen
Slide 15: MIP: Solid results
MIP: Solid results… Summary Financials* Highlights from 1Q13: TL 000 1Q13 YoY % In 1Q13 EBITDA as well as EBITDA Revenues (external) 54,893 3% margin continued to improve mainly Adj. EBITDA 33,471 4% Adj. EBITDA Margin (%) 61.0% 0.9 p.p. due to operational leverage and Net Debt 404,609 -3% ongoing
Slide 16: TAV Airports: Strong growth continues
TAV Airports: Strong growth continues… Highlights from 1Q13: Summary Financials* Strength in existing operations and TL 000 1Q13 LfL YoY(a) % inorganic growth in Izmir Domestic Revenues (external) (b) 57,914 56% Terminal & Medinah boosted passenger Adj. EBITDA 10,575 19% numbers Adj. EBITDA Margin
Slide 17: TAV Construction: Profitable growth
TAV Construction: Profitable growth… Highlights from 1Q13: Summary Financials* Recent addition to the backlog: TL 000 1Q13 LfL** YoY % TAV Construction won the tender Revenues (external) 47,633 -34% EBITDA 2,599 n.m. for Riyadh King Khaled Airport EBITDA Margin (%) 4.71% n.m. Terminal 5, a US$400m
Slide 18: HEPPs & Akfen Energy: Improvement sustained
HEPPs & Akfen Energy: Improvement sustained… Highlights from 1Q13: Summary Financials* HEPP Group: TL 000 1Q13 YoY % On 28 March HEPP II, III and V were consolidated Revenues (external) 23,032 114% under HEPP I EBITDA 16,649 152% Fully operational 12 HEPPs in 1Q13, Kavakcali EBITDA Margin (%) 72
Slide 19: IDO: Healthy start to the year
IDO: Healthy start to the year… Summary Financials* Highlights from 1Q13: TL 000 1Q13 YoY % With the introduced measures by the new Revenues (external) 29,471 13% management appointed in December Adj. EBITDA 6,797 38% passenger numbers started to pick up in EBITDA Margin (%) 23.06% 4 p.p. 1Q13. Ne
Slide 20: Akfen REIT: Better terms, better results
Akfen REIT: Better terms, better results… Highlights from 1Q13: Summary Financials* TL 000 1Q13 Δ% Following the opening of Esenyurt Ibis Revenues (external) 8,673 24% hotel in January, the portfolio at the end EBITDA 5,280 27% of 1Q13 reached 14 hotels and 2,470 EBITDA Margin (%) 61% 1.4 p.p. roo
Slide 21: Akfen Water: Looking for new opportunities
Akfen Water: Looking for new opportunities… Summary Financials* Highlights from 1Q13: TL 000 1Q13 YoY % Notable improvement in revenues Revenues (external) 1,027 21% and EBITDA margin Adj. EBITDA (a) 676 37% Gulluk: The number of subscribers Adj. EBITDA Margin (%) 47% 7 p.p. reached 5,573. Netwo
Slide 22: Appendix
Appendix a @ akfen
Slide 23: Business Lines' 1Q13 vs 1Q12 Performance
Business Lines’ 1Q13 vs 1Q12 Performance* TAV Akfen Akfen HEPP Akfen TAV 1Q13 (TL 000) Construc. Construc. REIT Group MIP Water Airports IDO Other(a) Elimin.(b) Total Ownership % 22% 100% 56% 100% 50% 50% 8% 30% Revenue (c) 55,135 25,239 8,673 23,032 54,893 1,027 57,914 29,471 0 -32,741 222,643 Adj.
Slide 24: 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% AKFEN HOLDING TAV Airports (%8.12) Free Float Within the share buyback programme 1,663,908 shares were repurchased. Additionally, Akfen Co
Slide 25: Material Events in 1Q13
Material Events in 1Q13 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 26: Material Events in 1Q13 Cont'd
Material Events in 1Q13 Cont’d 09.04.2013 Bonus Share Issue: The required approval for the bonus share issue was given at the Capital Markets Board’s meeting dated 04.04.2013. Consequently, a total of 28,729,368 A type shares and 116,770,632 B type shares were issued and the paid-in capital increase
Slide 27: Notes on Financials
Notes on Financials Consolidation Hedging* The interim financial statements in this report have As of 31 March 2013 Akfen Holding’s affiliates use been prepared in accordance with International below listed derivative financial instruments. Financial Reporting Standards (IFRS). Akfen Holding and its
Slide 28: Consolidated Financial Statements
Consolidated Financial Statements 28
Slide 29: Balance Sheet
Balance Sheet** Consolidated Balance Sheet TL 000 Consolidated Balance Sheet TL 000 31 Dec 2012 31.Mar.13 31 Dec 2012 LIABILITIES (restated) 31.Mar.13 ASSETS (restated) CURRENT LIABILITIES 410,457 398,404 Loans and Borrowings 357,098 351,225 Current Assets 636,045 614,312 Trade Payables Cash and Cas
Slide 30: Income Statement
Income Statement** Consolidated Income Statement TL 000 1Q12 1Q13 (restated) Revenues 31,705 19,350 Cos t of Sa l es (-) -10,768 -8,721 GROSS PROFIT 20,937 10,629 Genera l Admi ni s tra tion Expens es (-) -16,024 -13,251 Other Opera tiona l Income 9,388 3,628 Other Opera ting Expens es (-) -485 -2,1
Slide 31: 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