Akis Gayrimenkul Yatirim Ortakligi A.s. · BIST:AKSGY
Akis Gayrimenkul Yatirim Ortakligi A.s — Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. — FY2018 Earnings Presentation
27 slides from Akis Gayrimenkul Yatirim Ortakligi A.s's earnings presentation, March 2019
Slide 1: Akiş REIT 2018 Year End Performance Presentation
Akiş REIT 2018 Year End Performance Presentation Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 1
Slide 2: Agenda
Akiş REIT 2018 Year End Performance Presentation 1 Breaking News 2 Breakdown of Portfolio 3 Portfolio Overview 4 Portfolio Performance 5 Financials’ Overview Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 2
Slide 3: Breaking News
Akiş REIT 2018 Year End Performance Presentation 1 Breaking News Improving ‘’Corporate Governance Rating’’ from 9.49 in 2017 to 9.54 in 2018 Leader amongst listed construction companies and real estate investment trusts US$45mn loan from HSBC bank in January 2019, in line with maturity extensi
Slide 4: Breakdown of Portfolio
Akiş REIT 2018 Year End Performance Presentation 2 Breakdown of Portfolio Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 4
Slide 5: Portfolio Overview
Akiş REIT 2018 Year End Performance Presentation 3 Portfolio Overview Akasya Commercial Center Akbatı Commercial Center Suadiye Beymen Opening Date 2014 Opening Date 2011 Opening Date 2017 Number of Shops 260 Number of Shops 173 Number of Shops 1 Gross Leasable Area (sqm) 80.000 Gross Leasable Area
Slide 6: Portfolio Performance (Akasya Shopping Mall)
Akiş REIT 2018 Year End Performance Presentation 4 Portfolio Performance (Akasya Shopping Mall) Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 6
Slide 7: Akasya Shopping Mall – General Overview
Akiş REIT 2018 Year End Performance Presentation Akasya Shopping Mall – General Overview Akasya Shopping Mall stores’ total TL turnover Income breakdown 16.9% CAGR vs.13.5% CPI Total Expenses Growth Efficient Cost Management Occupancy Ratio Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate
Slide 8: Akasya Shopping Mall
Akiş REIT 2018 Year End Performance Presentation Akasya Shopping Mall Sqm % Trn. % Sqm % Trn. % Sqm % Trn. % Sqm % Trn. % 2015 2016 2017 2018 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 8
Slide 9: Akasya Shopping Mall – Financials
Akiş REIT 2018 Year End Performance Presentation Akasya Shopping Mall – Financials Income yield Akasya Shopping Mall (US$mn) 2015 2016 2017 2018 Revenue 58,4 58,9 57,5 52,3 NOI 44,5 45,0 45,3 41,8 EBITDA 45,5 45,9 46,0 42,4 Latest Appraisal Value 603,8 627,6 631,0 632,0 Yield 7,54% 7,31% 7,30% 6,70%
Slide 10: Portfolio Performance (Akbatı Shopping Mall)
Akiş REIT 2018 Year End Performance Presentation 4 Portfolio Performance (Akbatı Shopping Mall) Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 10
Slide 11: Akbatı Shopping Mall – General Overview
Akiş REIT 2018 Year End Performance Presentation Akbatı Shopping Mall – General Overview Akbatı Shopping Mall stores’ total turnover Income breakdown Total Expenses Growth Efficient Cost Management Occupancy Ratio Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 11
Slide 12: Akbatı Shopping Mall
Akiş REIT 2018 Year End Performance Presentation Akbatı Shopping Mall Sqm % Trn % Sqm % Trn. % Sqm % Trn. % Sqm % Trn. % 2015 2016 2017 2018 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 12
Slide 13: Akbatı Shopping Mall – Financials
Akiş REIT 2018 Year End Performance Presentation Akbatı Shopping Mall – Financials Income yield Akbatı Shopping Mall (US$mn) 2015 2016 2017 2018 Revenue 23,8 24,1 23,2 21,6 NOI 16,5 16,7 16,9 16,2 EBITDA 16,6 16,8 17,1 16,3 Latest Appraisal Value 267,4 253,5 239,4 230,7 Yield 6,22% 6,64% 7,13% 7,08%
Slide 14: Akbatı Shopping Mall – Efficiency Example
Akiş REIT 2018 Year End Performance Presentation Akbatı Shopping Mall – Efficiency Example Electricity Consumption (kWh) 12.000.000 10.000.000 8.000.000 6.000.000 4.000.000 2.000.000 0 2013 2014 2015 2016 2017 2018 AVM ORTAK ALAN (kWh) 11.968.229 11.832.314 10.992.629 8.113.995 6.638.508 5.808.278 A
Slide 15: Akasya Shopping Mall – Occupancy Ratio
Akiş REIT 2018 Year End Performance Presentation Akasya Shopping Mall – Occupancy Ratio Total Store # : 260 Total sqm : 80.231 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 15
Slide 16: Akasya Shopping Mall – Selected New Arrivals
Akiş REIT 2018 Year End Performance Presentation Akasya Shopping Mall – Selected New Arrivals Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 16
Slide 17: Akbatı Shopping Mall – Occupancy Ratio
Akiş REIT 2018 Year End Performance Presentation Akbatı Shopping Mall – Occupancy Ratio Total Store # : 173 Total sqm : 65.088 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 17
Slide 18: Akbatı Shopping Mall – Selected New Arrivals
Akiş REIT 2018 Year End Performance Presentation Akbatı Shopping Mall – Selected New Arrivals Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 18
Slide 19: Portfolio Performance (High Street Retail)
Akiş REIT 2018 Year End Performance Presentation 4 Portfolio Performance (High Street Retail) Uşaklıgil (Suadiye Beymen) Ak Apartmanı Erenköy Caddebostan Current Status Operational Completed Under Construction On Hold Est. Opening Date Sep' 17 Jun' 19 Sept' 20 Sept' 20 Usage Commercial Mix Commercia
Slide 20: Financials’ Overview
Akiş REIT 2018 Year End Performance Presentation 5 Financials’ Overview Revenues (TL) 2017 2018 YoY Akasya Rental Revenue 199.760.428 250.223.178 25% Akbatı Rental Revenue 83.581.401 104.870.939 25% Uşaklıgil (Suadiye Beymen) 4.170.869 14.599.038 250% Ticket Sales 5.942.368 9.392.463 58% Sponsorhip
Slide 21: Financials’ Overview
Akiş REIT 2018 Year End Performance Presentation 5 Financials’ Overview 2018 YE net profit is mainly due to revaluation gain of Investment Properties EBITDA margin improved thanks to c.25% rise in store rent revenues and c.TL1.25bn significant jump in other revenues coupled with a good cost manageme
Slide 22: Financials’ Overview (Net Debt Evolution in US$)
Akiş REIT 2018 Year End Performance Presentation 5 Financials’ Overview (Net Debt Evolution in US$) US$45mn secured from HSBC US$36mn and TL20mn secured from local banks Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 22
Slide 23: Financials’ Overview (Debt Repayment Schedule as of March 1st 2019)
Akiş REIT 2018 Year End Performance Presentation 5 Financials’ Overview (Debt Repayment Schedule as of March 1st 2019) Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 23
Slide 24: Financials’ Overview (Participating Cross Currency Swap)
Akiş REIT 2018 Year End Performance Presentation 5 Financials’ Overview (Participating Cross Currency Swap) Hedging Period 31/12/2018-31/12/2021 Amount US$38.6mn Interest Rate (TL) 11.75% Interest Rate (Original Currency) Monthly Libor + 4.5% Spot 5,2990 Principal Payment: If spot US$/TL is; * below
Slide 25: NAV Discount
Akiş REIT 2018 Year End Performance Presentation Akiş REIT NAV Discount Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 25
Slide 26: NAV Discount
Akiş REIT 2018 Year End Performance Presentation Akiş REIT NAV Discount c.68% c.43% c.55% c.51% c.44% c.31% Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 26
Slide 27: Communication
Akiş REIT 2018 Year End Performance Presentation Communication Ozan Hançer Director Strategic Planning, Business Development and Investor Relations E-mail: ozan@akisgyo.com Telephone: +902123930100 Sercan Uzun, CFA Assistant Manager Investor Relations, Strategic Planning and Business Development E-m
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