Akfen Insaat Turizm Ve Ticaret As · BIST:AKFIS
Akfen Insaat Turizm Ve Ticaret As — Akfen Holding A.Ş. — H1 2015 Earnings Presentation
35 slides from Akfen Insaat Turizm Ve Ticaret As's earnings presentation, Aug 17, 2015
Slide 1: Akfen Holding A.Ş. 1H15 Results
Akfen Holding A.Ş. 1H15 Results 17 August 2015
Slide 2: Index
2 Index I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 3: Effects of IFRS 11
3 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 first set of process into the ne
Slide 4: 1H15: Notable Rise in Revenues & EBITDA
4 1H15: Notable Rise in Revenues & EBITDA… 1H15 revenues and adjusted EBITDA TL 000 1H15 1H14 Δ% continued to increase notably on a YoY Revenues* 841,941 597,578 41% basis… Adj. EBITDA*(a) 284,593 191,677 48% Consolidated EBITDA margin also up on a EBITDA Margin* (%) 33.4% 32.0% 1.4 p.p. YoY bas
Slide 5: Revenue
5 Revenue* Revenue Bridge (a) Revenue Breakdown 1,000 5 842 73 TL million TAV 86 Construc. 12% 750 598 55 23 Akfen REIT 3 3% 9% 12% 33% -1 HEPP 34% 500 Group MIP 17% 13% 250 TAV Airports 4% 3% 3% IDO 27% 0 1H14 IDO HEPP MIP Akfen Other TAV TAV 1H15 9% Other(b) 22% Group REIT (b) Const. Airports 1H14
Slide 6: Adjusted EBITDA
6 Adjusted EBITDA* Adjusted EBITDA Bridge Adjusted EBITDA Breakdown 400 350 1H14 1H15 TL million TL million 285 17 9 7 285 300 57 250 9 192 192 -1 -5 200 150 116 100 74 100 44 51 50 18 12 19 17 16 24 33 0 1H14 IDO HEPP MIP Akfen TAV Other TAV 1H15 -50 -29 -18 Group REIT Const. Airports TAV Akfen HEP
Slide 7: Net Profit
7 Net Profit Net Profit** 80 Bottomline remains depressed due to weak TL in 1H15… 48.3 TL million 41.9 30 6.4 2.6 Despite notable increase in 1H15 EBITDA; the depreciation in TL led to fx-losses, which depressed the bottomline: -20 -70 o short position of US$600mn as of end-1H15 led to TL116mn net
Slide 8: Balance Sheet: 1H15 vs. FY14
8 Balance Sheet: 1H15 vs. FY14* Total Assets Total Liabilities 8,000 6,000 12% 18% 7,000 5,250 4,998 6,657 5,923 4,500 6,000 4,241 5,000 3,750 4,000 3,000 FY14 1H15 FY14 1H15 Asset Breakdown by Subsidiaries and Jointly- Liabilities Breakdown by Subsidiaries and Jointly- controlled Entities controlle
Slide 9: Financial Debt
9 Financial Debt* Consolidated Gross Debt Consolidated Net Debt 4,000 4,000 YTD change: 18% 3,672 3,718 YTD change: 19% 3,474 3,269 3,194 3,081 3,139 3,048 2,906 2,966 3,000 3,000 2,805 2,715 2,695 2,739 2,576 2,531 2,547 2,509 2,536 2,379 2,182 2,000 2,000 1,812 1,799 1,915 1,000 1,000 FY11 FY12 1Q
Slide 10: Debt: Details I
10 Debt: Details I Gross Debt Breakdown of Subsidiaries and Jointly- Net Debt Breakdown of Subsidiaries and Jointly-controlled controlled Entities* Entities* TL 000 1H15 FY14 YoY Chg. TL 000 1H15 FY14 YoY Chg. Akfen Holding 654,744 519,482 26% Akfen Holding 628,526 506,988 24% Akfen Construction 204
Slide 11: Debt: Details II
11 Debt: Details II** Consolidated Debt Maturity Breakdown(a) Holding-only Debt Maturity Breakdown TL 000 1H15 Share FY14 Share TL 000 1H15 Share FY14 Share Within one year 330,046 15% 363,344 20% Within one year 122,880 19% 43,659 8% In the 2nd year 565,513 26% 310,344 17% In the 2nd year 405,949 6
Slide 12: Cash Flow
12 Cash Flow** TL 000 1H15 1H14 Profit/loss for the period -104,077 48,275 Adjustments to the profit/loss 181,262 -40,732 Change in working capital and cash usages -28,982 2,654 Net Cash provided from/(used in) operating activities 48,203 10,197 (a) Capex activities -61,664 -83,169 Change in financi
Slide 13: Sensitivity Analysis
13 Sensitivity Analysis** Currency Risk Interest Risk 190 11.0 TL million TL million 34% 170 -11% 161.6 10.0 9.1 150 9.0 8.2 130 121.1 8.0 110 7.0 FY14 1H15 FY14 1H15 A ten percent depreciation of TL against other Based on the change in the borrowing profile, a hundred currencies as of 31.12.2014 an
Slide 14: FX Exposure of Operations (1H15)
14 FX Exposure of Operations (1H15) Revenues COGS&Opex 21% FX 46% FX TL 54% TL 79% Consolidated Gross Debt Holding-only Gross Debt Other in TL TL 0.01% US$ 12% 15% € € 16% 31% US$ 57% TL 69% * IFRS 11 and IFRIC 12 adjusted
Slide 15: Index
15 I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 16: MIP: EMH project progressing
16 MIP: EMH project progressing… Summary Financials* Highlights from 1H15: TL 000 1H15 YoY % Following the exceptional 16% rise in 1H14, container Revenues (external) 183,204 14% handling contracted by 9% YoY to 712K in 1H15 mainly Adj. EBITDA 116,303 17% caused by the declining trend in foreign t
Slide 17: TAV Airports: Strong performance in 2015
17 TAV Airports: Strong performance in 2015… Summary Financials* Highlights from 1H15: TL 000 1H15 YoY % Revenues (external) 108,436 5% In 1H15, total number of passengers served increased 8%, Adj. EBITDA 51,221 16% LfL passenger growth was 6% (+2% from Milas Bodrum Adj. EBITDA Margin (%) 43.5% 1.
Slide 18: TAV Construction: Following airport projects in the MENA region
18 TAV Construction: Following airport projects in the MENA region… Summary Financials* Highlights from 1H15: TL 000 1H15 YoY % Healthy YoY growth in 1H15 revenues Revenues (external) 275,449 36% EBITDA 12,430 -29% Around 95% of backlog is 3rd party projects, 83% EBITDA Margin (%) 4.4% -3.1 p.p.
Slide 19: HEPP Group: Excellent performance in 1H15
19 HEPP Group: Excellent performance in 1H15… Summary Financials* Highlights from 1H15: TL 000 1H15 YoY % HEPP Group: Revenues (total) 87,756 228% 11 HEPPs with an installed capacity of 203 MW were EBITDA 73,689 350% operational in 1H15; EBITDA Margin (%) 84.0% 22.9 p.p. Thanks to the improvemen
Slide 20: IDO: Measures bearing fruits
20 IDO: Measures bearing fruits… Summary Financials* Highlights from 1H15: TL 000 1H15 YoY % KPIs in 1H15 reveal; Revenues (external) 74,910 4% o notable decline in passenger figures at sea bus stems EBITDA 32,851 36% from trip cancellations due to adverse weather EBITDA Margin (%) 43.9% 10.2 p.p.
Slide 21: Akfen REIT: New hotel openings in 2015
21 Akfen REIT: New hotel openings in 2015… Summary Financials* Highlights from 1H15: TL 000 1H15 YoY % Revenues (external) 24,050 -3% The portfolio at the end of 1H15 consisted of 17 hotels and EBITDA 17,255 -7% 2,911 rooms EBITDA Margin (%) 71.7% -3.4 p.p. 48% of rent income and 37% of EBITDA w
Slide 22: Akfen Water: Rising number of subscribers in Gulluk
22 Akfen Water: Rising number of subscribers in Gulluk… Highlights from 1H15: Summary Financials* TL 000 1H15 YoY % (a) There was a rise in volumes at Gulluk thanks to the Revenues (external) 2,987 1% rise in consumption in Gulluk in 1H15 wheras in Adj. EBITDA 1,777 -6% Dilavası the decline in dom
Slide 23: Index
23 I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 24: Business Lines' 1H15 vs 1H14 Performance
24 Business Lines’ 1H15 vs 1H14 Performance* TAV Akfen Akfen HEPP Akfen TAV Akfen E. 1H15 (TL 000) Construc. Construc. REIT Group MIP Water Airports IDO Wholesale Other(a) Elimin. (b) Total Ownership % 22% 100% 57% 100% 50% 50% 8% 30% Revenue (c) 284,507 109,166 24,050 87,756 183,204 2,987 108,436 7
Slide 25: Quarterly Revenue & EBITDA by Business Lines
25 Quarterly Revenue & EBITDA by Business Lines* TL mn 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 TAV Airports Revenues 58 73 85 77 48 56 61 51 46 62 Adjusted Revenues 48 61 74 64 47 58 67 60 51 67 Adjusted EBITDA 11 22 30 19 16 28 34 24 18 34 EBITDA Margin (%) 22% 35% 41% 30% 35% 48% 51% 40%
Slide 26: Corporate Data
26 Corporate Data Corporate Structure & Stakes Ownership Structure 17.08.2015 MIP (50%) Hamdi Akın 5.66% 0.87% TAV Construction Akfen Holding 75.83% (21.68%) Other 17.64% TAV Airports (8.12%) Free Float HEPP Group (100%) As of 29.07.2015, 6,829,508 shares in free float were were repurchased within t
Slide 27: Material Events in 1H15
27 Material Events in 1H15 02.01.2015 Share Acquisition from Indirect Subsidiary: It was decided that 3,990 shares of Akfen Elektrik Toptan Satış with a nominal value of TL997,500, corresponding to a stake of 99.75%, would be transferred for a consideration of TL6 million to Akfen Holding and the re
Slide 28: Material Events Cont'd
28 Material Events Cont’d The Maximum Number of Shares that can be bought back: The law allows to buy back up to 10% of the Company’s paid-in capital. Our Company’s current paid-in capital amounts to TL261,900,000, hence including previous purchases, share purchases up to the nominal amount of TL26,
Slide 29: Material Events Cont'd
29 Material Events Cont’d Member Mr. Nusret Cömert, Vice Chairman of the Board Mr. Selim Akın and Board Member Ms. Pelin Akın would be appointed as members of the Early Determination of Risk Committee for a period of 1 year and Mr. Nusret Cömert would be the Chairman of this committee. 25.05.2015 Te
Slide 30: Notes on Financials
30 Notes on Financials Consolidation Hedging* The interim financial statements in this report have been As of 30 June 2015 Akfen Holding and its affiliates use prepared in accordance with International Financial below listed derivative financial instruments. Reporting Standards (IFRS). Interest Rate
Slide 31: Index
31 I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 32: Consolidated Balance Sheet (TL 000)
32 Consolidated Balance Sheet (TL 000)** LIABILITIES 30 June 2015 31 Dec 2014 ASSETS 30 June 2015 31 Dec 2014 CURRENT LIABILITIES 741,429 720,603 Short term Loans and Borrowings 0 31,809 Current Assets 780,065 564,851 Short term portion of Long term Loans and Borrowings 330,230 331,706 Trade Payable
Slide 33: Consolidated Income Statement (TL 000)
33 Consolidated Income Statement (TL 000)** 1H15 1H14 Revenues 200,295 57,677 Cost of Sales (-) -111,599 -25,837 GROSS PROFIT 88,696 31,840 General Administration Expenses (-) -38,994 -33,900 Other Operational Income 33,128 14,013 Other Operating Expenses (-) -4,837 -13,772 Share of profit of equity
Slide 34: Thank You
34 IR Contact Aylin CORMAN Investor Relations Manager acorman@akfen.com.tr Tel: +90 212 319 87 00/3025 Thank ThankYou… You… 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. Phone +90 212 319 87 00 No:201 K.
Slide 35: Disclaimer
35 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 sec