Global Yatirim Holding A.s. · BIST:GLYHO
Global Yatirim Holding A.s — Global Investment Holdings — FY2019 Earnings Presentation
30 slides from Global Yatirim Holding A.s's earnings presentation, 2020
Slide 1: Financial Presentation FY 2019
GLOBAL INVESTMENT HOLDINGS Financial Presentation FY 2019
Slide 2: Current Portfolio (FY 2019)
Current Portfolio (FY 2019) Brokerage & Asset Ports Power/Gas/Mining Real Estate Management Revenue: 668.5mn TL Revenue: 672.8mn TL Revenue: 42.5mn TL Revenue: 53.5mn TL EBITDA: 437.1mn TL EBITDA: 152.2mn TL EBITDA: 21.1mn TL EBITDA: 2.7mn TL Net Debt: 324mn USD / Avg. Maturity: 2.8yrs Net Debt: 85.
Slide 3: I – Financial Review
G GLOBAL INVESTMENT HOLDINGS |— FINANCIAL REVIEW
Slide 4: Financial Highlights
Financial Highlights (mn TL) Net revenues 9M 2019 Q4 2019 9M 2018 Q4 2018 FY 2019 FY 2018 %change Gas 325.2 103.2 184.5 63.8 428.4 248.2 73% Power 97.8 50.7 59.4 23.6 148.5 83.0 79% Mining 72.7 23.2 54.6 23.5 96.0 78.2 23% Ports 515.2 153.3 431.6 169.5 668.5 601.0 11% Brokerage & Asset Management 37
Slide 5: Major Developments of 2019
Major Developments of 2019 Ports Power & Gas Finance Holding GPH started operating Prince GIH added its first solar Actus Asset Management GIH announced the share George Wharf Cruise Port, power plant, Ra Solar, to and İstanbul Asset buyback program to continue Nassau, Bahamas for 25- renewa
Slide 6: Financial Highlights: Change in Revenue
Financial Highlights: Change in Revenue Revenue (mn TL) (2018 vs. 2019) 17.8 -18.7 0.4 180.1 65.5 67.5 1,441.0 1,128.4 Power Mining Real Estate FY 2018 Ports FY 2019 Gas Brokerage, Asset Mngmnt.&Others Global Investment Holdings reported 1,441.0mn TL revenues for 2019, up by a robust 28% yoy. Near
Slide 7: Financial Highlights: Change in Operating EBITDA
Financial Highlights: Change in Operating EBITDA EBITDA (mn TL) (2018 vs. 2019) 10.7 -4.6 -0.2 -6.3 -8,1 61.2 11.2 34.4 563.3 465.0 Real Estate FY 2018 Ports Power Other Gas Mining FY 2019 Holding Brokerage Mngmnt. Stand Alone &Asset At the end of 2019, Global Investment Holdings’ operating EBITDA
Slide 8: Financial Highlights: Operational EBITDA by Division
Financial Highlights: Operational EBITDA by Division Operational EBITDA By Divison (in million TL) 465.1 430.9 101.1 40.0 32.7 18.3 22.0 27.4 25.4 7.1 2.9 2.7 Ports Pera & Van Power Mining CNG FY 2018 FY 2019 Brokerage & Asset Mng. 8
Slide 9: Financial Highlights: Change in P&L
Financial Highlights: Change in P&L • GIH reported a consolidated net loss of 131.0mn TL in 2019, compared to a net loss of 89.9mn TL in 2018. Despite higher revenue recognition along with EBITDA maximization, the net loss stemmed mainly from non-cash depreciation and foreign currency translation di
Slide 10: II – Operational Performance by Division
II – OPERATIONAL PERFORMANCE BY DIVISION
Slide 11: Gas Division: Naturelgaz
Gas Division: Naturelgaz Naturelgaz Naturelgaz reported 167.0mn Sm3 sales volume in 2019, compared to 138.4mn Revenue, EBITDA and Volume m3 in 2018. This increase was achieved by focusing on new customer acquisitions to reduce the effects of seasonality and increase market share 428.4 Revenues s
Slide 12: Power Division: Co/Tri-Generation and Biomass
Power Division: Co/Tri-Generation and Biomass The power division, which includes co/tri-generation- and biomass-based renewable power production, reported 148.5mn TL revenues in FY 2019, up by a robust 79% yoy. Revenue growth was attributable to: Additional power generation from newly operationa
Slide 13: Power Division: Solar
Power Division: Solar Global Investment Holdings has commissioned its first solar power plant, Ra Solar, with 10.8MWp installed capacity in Mardin in late 2019. Ra Solar commenced selling electricity subject to Renewable Energy Resources Support Mechanism (YEKDEM) starting from the beginning of 20
Slide 14: Mining Division: Straton
Mining Division: Straton The Company realized 483.454 tons of product sales in 2019 The Company’s main export markets were Spain, Italy and Egypt. Export related sales volume reached 362,015 tons while domestic sales volume was realized at 121,439 tons The mining Division reported revenues of
Slide 15: Real Estate Division: Ardus
Real Estate Division: Ardus The real Estate division’s revenues include rent revenues and residential/commercial sales revenues The real estate division reported revenues of 42.5mn TL and an operating EBITDA of 21.1mn TL in 2019, compared to 61.1mn TL and 25.6mn TL, respectively a year ago • Hig
Slide 16: Asset Management & Brokerage Division
Asset Management & Brokerage Division: Actus & Global Securities & Global MD Revenues of the brokerage and asset management division consists of securities brokerage commissions, interest revenues on margin lending transactions, portfolio management fees, proprietary trading revenues and advisory
Slide 17: III – Appendix
G GLOBAL INVESTMENT HOLDINGS Ili - APPENDIX
Slide 18: Balance Sheet
Balance Sheet (mn TL) 31 December 2019 31 December 2018 ASSETS Current Assets 1,350.5 1,104.2 Cash and Banks 474.7 496.9 Marketable Securities 8.5 4.1 Trade Receivables 458.6 272.3 Inventories 85.4 93.4 Other Receivables and Current Assets (1) 323.2 236.6 Assets classified as held for sale 0.9 0.9 N
Slide 19: Income Statement
Income Statement (mn TL) 2019 2018 Total gross revenues 1,441.0 1,128.4 Cost of sales and services -1,003.9 -748.9 Gross Profit 437.1 379.6 Operating expenses -296.3 -255.6 Other operating income/(loss), net 42.5 52.8 Equity pickup asset gains/(losses) 29.8 27.6 Gross operating profit/(loss) 213.1 2
Slide 20: Debt Position - As of 31.12.2019
Debt Position - As of 31.12.2019 Interest Year of Holding standalone debt Currency Rate Maturity Amount mn TL mn USD Eurobond, net USD fixed 2022 19.3 3.2 TL bond (1) TL floating 2020 25.0 4.2 TL bond (1) TL fixed 2020 125.0 21.0 TL bond TL floating 2020 20.0 3.4 Secured bank loans EUR floating 2021
Slide 21: IV – Major Developments
G GLOBAL INVESTMENT HOLDINGS IV —- MAJOR DEVELOPMENTS
Slide 22: Commences cruise port operations in Nassau
Commences cruise port operations in Nassau Overview Location • GPH has signed a 25-year concession agreement with the Government of the Bahamas for the Prince George Wharf and related areas at Nassau Cruise Port and started operating the port USA as of 9th October 2019 Nassau • Nassau Cruise Port, w
Slide 23: Antigua & Barbuda concession commencement
Antigua & Barbuda concession commencement Overview Location • GPH commenced cruise port operations in Antigua, following the signing of a 30-year concession agreement with the Government of Antigua and Barbuda • A primary port-of-call for Southern Caribbean itineraries and can berth up to 4 large sh
Slide 24: Acquisition of the operator of La Goulette, Tunisia
Acquisition of the operator of La Goulette, Tunisia Overview Location • Goulette Cruise Holding Ltd, Global Ports Holding Plc’s joint venture with MSC Cruises S.A., has completed the acquisition of Goulette Shipping Cruise, the company that operates the cruise terminal in La Goulette, Tunisia, from
Slide 25: 15-year management service agreement for Ha Long Cruise Port, Vietnam
15-year management service agreement for Ha Long Cruise Port, Vietnam Overview Location • GPH signed a 15-year management service agreement with Ha Long Sun Limited Liability Company for the Ha Long Cruise Port, located in Ha Long Bay, Vietnam • The Port, having recently benefitted from a $44m inves
Slide 26: Share Purchase Agreement with SOCAR Turkey LNG
Share Purchase Agreement with SOCAR Turkey LNG • Naturelgaz has signed an agreement to purchase 100% of SOCAR Turkey LNG • Such transaction is subject to regulatory approvals as well as completion of the pre-conditions • After the share transfer, Naturelgaz and SOCAR Turkey LNG are planned to merge
Slide 27: GIH’s first solar power plant, Ra Solar
GIH’s first solar power plant, Ra Solar Overview Location • Global Investment Holdings commissioned its first solar power plant, Ra Solar, with 10.8 MWp installed capacity in Mardin • Ra Solar is subject to Renewable Energy Resources Support Mechanism (YEKDEM) starting from 2020, selling electricity
Slide 28: GIH’s first international solar plant investment
Global Investment Holdings’ first international solar plant investment Overview Location Port of Adria, Bar • Barsolar is the first ever large-scale solar project in Montenegro with a capacity of 6MWp • The solar plant is located in port of Adria, Bar, Montenegro; while Port of Adria has been operat
Slide 29: Merger of Actus & İstanbul Asset Management
Merger of Actus & İstanbul Asset Management • Actus Asset Management and İstanbul Asset Management have reached an agreement to merge, creating the largest domestic and independent asset management company in Turkey • Post merger, Actus’ shareholders will hold 33.25% of the merged entity; and Global
Slide 30: Disclaimer
Disclaimer The information contained in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this docum
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