Akfen Insaat Turizm Ve Ticaret As · BIST:AKFIS

Akfen Insaat Turizm Ve Ticaret As — Akfen Holding A.Ş. — 9M15 Earnings Presentation

36 slides from Akfen Insaat Turizm Ve Ticaret As's earnings presentation, Nov 6, 2015

  1. Slide 1: Akfen Holding A.Ş. 9M15 Results

    Akfen Holding A.Ş. 9M15 Results 6 November 2015

  2. Slide 2: Index

    2 Index I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS

  3. 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

  4. Slide 4: 9M15: Notable Rise in Revenues & EBITDA

    4 9M15: Notable Rise in Revenues & EBITDA… TL 000 9M15 9M14 Δ%  9M15 revenues and adjusted EBITDA Revenues* 1,303,334 921,526 41% continued to increase notably on a YoY basis… Adj. EBITDA*(a) 443,218 316,711 40% EBITDA Margin* (%) 33.6% 34.1% -0.5 p.p.  Rise in EBITDA mainly thanks to: Net Profit*

  5. Slide 5: Revenue

    5 Revenue* Revenue Bridge (a) Revenue Breakdown 1,500 18 1,303 104 TL million 1,250 143 TAV Construc. 13% 38 3 922 14 61 1,000 Akfen REIT 3% 31% 14% 750 HEPP 11% 33% Group 500 MIP 18% 250 TAV Airports 14% 4% 2% 3% 0 IDO 26% 9M14 IDO HEPP MIP Akfen Other TAV TAV 9M15 6% Group REIT (b) Const. Airports

  6. Slide 6: Adjusted EBITDA

    6 Adjusted EBITDA* Adjusted EBITDA Bridge Adjusted EBITDA Breakdown 600 550 9M14 9M15 TL million TL million 500 443 27 1 4 17 443 450 66 400 -10 317 21 350 317 300 250 171 200 144 150 83 78 95 73 100 52 50 22 12 29 30 17 0 9M14 IDO HEPP MIP Akfen TAV Other TAV 9M15 -50 -25 -21 Group REIT Const. Airp

  7. Slide 7: Net Profit

    7 Net Profit Net Profit** 18.3 Bottomline remains depressed due to weak TL in 9M15… 9.4 8.9 TL million 0  Despite notable increase in 9M15 EBITDA; the -39.0 -100 depreciation in TL led to fx-losses, which depressed the bottomline: -200 o short position of US$641mn as of end-9M15 led to -300 -309.4

  8. Slide 8: Balance Sheet: 9M15 vs. FY14

    8 Balance Sheet: 9M15 vs. FY14* Total Assets Total Liabilities 8,000 6,000 23% 20% 7,268 5,250 5,095 7,000 5,923 4,500 6,000 4,241 3,750 5,000 3,000 4,000 FY14 9M15 FY14 9M15 Asset Breakdown by Subsidiaries and Jointly- Liabilities Breakdown by Subsidiaries and Jointly- controlled Entities controlle

  9. Slide 9: Financial Debt

    9 Financial Debt* Consolidated Gross Debt Consolidated Net Debt 4,500 4,000 YTD change: 30% 4,069 YTD change: 27% 3,490 3,269 3,672 3,718 3,474 3,048 3,500 3,000 2,805 3,194 2,695 2,739 3,081 3,139 2,576 2,536 2,906 2,966 2,182 2,379 2,715 2,531 2,547 2,509 2,500 2,000 1,812 1,799 1,915 1,500 1,000

  10. 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* YoY Chg. TL 000 9M15 FY14 YoY Chg. TL 000 9M15 FY14 Akfen Holding 767,886 519,482 48% Akfen Holding 753,430 506,988 49% Akfen Construction 0 9

  11. Slide 11: Debt: Details II

    11 Debt: Details II** Consolidated Debt Maturity Breakdown(a) Holding-only Debt Maturity Breakdown TL 000 9M15 Share FY14 Share TL 000 9M15 Share FY14 Share Within one year 356,534 16% 363,344 20% Within one year 180,779 24% 43,659 8% In the 2nd year 628,572 27% 310,344 17% In the 2nd year 450,951 5

  12. Slide 12: Cash Flow

    12 Cash Flow** TL 000 9M15 9M14 Profit/loss for the period -348,431 18,314 Adjustments to the profit/loss 484,200 141,076 Change in working capital and cash usages -129,916 -75,842 Net Cash provided from/(used in) operating activities 5,853 83,548 (a) Capex activities -84,575 -141,103 Change in fina

  13. Slide 13: Sensitivity Analysis

    13 Sensitivity Analysis** Currency Risk Interest Risk 210 11.0 TL million TL million 62% 195.9 -17% 185 10.0 9.1 160 9.0 135 8.0 7.6 121.1 110 7.0 FY14 9M15 FY14 9M15 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

  14. Slide 14: FX Exposure of Operations (9M15)

    14 FX Exposure of Operations (9M15) Revenues COGS&Opex 22% FX 46% FX TL 54% TL 78% Consolidated Gross Debt Holding-only Gross Debt Other in TL TL 0.01% US$ 12% 16% € € 31% TL US$ 24% 60% 57% * IFRS 11 and IFRIC 12 adjusted

  15. Slide 15: Index

    15 I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS

  16. Slide 16: MIP: EMH project progressing

    16 MIP: EMH project progressing… Highlights from 9M15: Summary Financials* TL 000 9M15 YoY %  Following the robust 11% rise in 9M14, container handling Revenues (external) 273,649 16% contracted by 6% YoY to 1mn TEU in 9M15 mainly caused Adj. EBITDA 170,737 19% by the declining trend in foreign tra

  17. Slide 17: TAV Airports: Strong performance in 2015

    17 TAV Airports: Strong performance in 2015… Summary Financials* Highlights from 9M15: TL 000 9M15 YoY % Revenues (external) 182,476 11%  In 9M15, total number of passengers served increased 8%, Adj. EBITDA 94,939 22% LfL passenger growth was 7% (+1% from Milas Bodrum domestic terminal). Adj. EBITD

  18. Slide 18: TAV Construction: Following airport projects in the MENA region

    18 TAV Construction: Following airport projects in the MENA region… Highlights from 9M15: Summary Financials* TL 000 9M15 YoY %  Healthy YoY growth in 9M15 revenues Revenues (external) 409,348 34% EBITDA 12,033 -45%  Around 95% of backlog is 3rd party projects, 83% EBITDA Margin (%) 2.9% -3.5 p.p.

  19. Slide 19: HEPP Group: Excellent performance in 2015

    19 HEPP Group: Excellent performance in 2015… Highlights from 9M15: Summary Financials* HEPP Group: TL 000 9M15 YoY %  11 HEPPs with an installed capacity of 204 MW were Revenues (total) 103,693 214% operational in 9M15; EBITDA 82,522 379%  Thanks to the improvement in weather conditions i.e. ampl

  20. Slide 20: IDO: Measures bearing fruits

    20 IDO: Measures bearing fruits… Highlights from 9M15: Summary Financials* TL 000 9M15 YoY %  KPIs in 9M15 reveal; Revenues (external) 144,211 11% o decline in passenger figures at sea bus stems from trip EBITDA 73,356 40% cancellations due to adverse weather conditions in EBITDA Margin (%) 50.9% 1

  21. Slide 21: Akfen REIT: New hotel openings in 2015

    21 Akfen REIT: New hotel openings in 2015… Highlights from 9M15: Summary Financials* TL 000 9M15 YoY %  The portfolio at the end of 9M15 consisted of 18 hotels and Revenues (external) 40,245 7% 3,228 rooms EBITDA 30,283 5%  48% of rent income and 39% of EBITDA was generated in EBITDA Margin (%) 75

  22. Slide 22: Akfen Water: Rising number of subscribers in Gulluk

    22 Akfen Water: Rising number of subscribers in Gulluk… Summary Financials* Highlights from 9M15: TL 000 9M15 YoY % (a)  There was a rise in volumes at Gulluk thanks to the Revenues (external) 5,085 6% rise in consumption in Gulluk in 9M15 wheras in Adj. EBITDA 3,170 4% Dilavası the decline in dome

  23. Slide 23: Index

    23 I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS

  24. Slide 24: Business Lines' 9M15 vs 9M14 Performance

    24 Business Lines’ 9M15 vs 9M14 Performance* TAV Akfen Akfen HEPP Akfen TAV Akfen E. 9M15 (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) 420,832 173,384 40,245 103,693 273,649 5,085 182,476

  25. 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 3Q15 TAV Airports Revenues 58 73 85 77 48 56 61 51 46 62 74 Adjusted Revenues 48 61 74 64 47 58 67 60 51 67 80 Adjusted EBITDA 11 22 30 19 16 28 34 24 18 34 44 EBITDA Margin (%) 22% 35% 41% 30% 3

  26. Slide 26: Corporate Data

    26 Corporate Data Corporate Structure & Stakes Ownership Structure 06.11.2015 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

  27. 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

  28. Slide 28: Material Events Cont'd

    28 Material Events Cont’d 09.03.2015 Ordinary General Shareholders’ Meeting for the year 2014: Ordinary General Shareholders Meeting of our Company shall be held on the date of April 16th, 2015 Thursday, at 16:00 at the Headquarters of the Company, located at the address of Koza Sokak, No: 22, Akfen

  29. Slide 29: Material Events Cont'd

    29 Material Events Cont’d 25.05.2015 Administration’s Approval of the Tender for the Tekirdağ Health Campus: With the Administration’s “final tender decision notification” dated 25.05.2015 we have been informed that the tender, won by Akfen Construction, has been approved. 01.06.2015 Executive Liabi

  30. Slide 30: Material Events Cont'd

    30 Material Events Cont’d 21.08.2015 Signing of the Agreement for the Tender of Eskişehir City Hospital: In our announcement dated 29.12.2014 we had stated that the best “all inclusive yearly price” at the reverse auction for the tender concerning the “Construction works and the provision of product

  31. Slide 31: Notes on Financials

    31 Notes on Financials Consolidation Hedging* The interim financial statements in this report have been As of 30 September 2015 Akfen Holding and its affiliates prepared in accordance with International Financial use below listed derivative financial instruments. Reporting Standards (IFRS). Interest

  32. Slide 32: Index

    32 I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS

  33. Slide 33: Consolidated Balance Sheet (TL 000)

    33 Consolidated Balance Sheet (TL 000)** LIABILITIES 30 September 2015 31 Dec 2014 ASSETS 30 September 2015 31 Dec 2014 CURRENT LIABILITIES 417,086 720,603 Short term Loans and Borrowings 11,004 31,809 Current Assets 184,620 564,851 Short term portion of Long term Loans and Borrowings 345,530 331,70

  34. Slide 34: Consolidated Income Statement (TL 000)

    34 Consolidated Income Statement (TL 000)** 9M15 9M14 Revenues 293,745 84,426 Cost of Sales (-) -181,810 -43,738 GROSS PROFIT 111,935 40,688 General Administration Expenses (-) -54,453 -46,350 Other Operational Income 40,531 26,813 Other Operating Expenses (-) -4,706 -13,447 Share of profit of equit

  35. Slide 35: Thank You - IR Contact

    35 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.

  36. Slide 36: Disclaimer

    36 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

Akfen Holding A.Ş. — 9M15 Earnings Presentation on 6ix