Akfen Insaat Turizm Ve Ticaret As · BIST:AKFIS

Akfen Insaat Turizm Ve Ticaret As — Akfen Holding — FY2013 Earnings Presentation

36 slides from Akfen Insaat Turizm Ve Ticaret As's earnings presentation, Mar 5, 2014

  1. Slide 1: Akfen Holding FY13 Results

    AKFEN HOLDING FY13 Results 5 March 2014

  2. Slide 2: Index

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

  3. 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  However, within this presentation, to enable the ventures cannot be consolidated capital markets participants a smooth transition “proportionately” starting with 2013 firs

  4. Slide 4: 2013: Notable EBITDA Improvement YoY

    2013: Notable EBITDA Improvement YoY… TL 000 FY13 FY12 Δ% FY12 (LfL)(a) Δ% Revenues* 1,126,044 1,125,247 0.1% 915,535 23% Adj. EBITDA*(b) 337,875 310,782 9% 271,292 25% EBITDA Margin* (%) 31.3% 28.1% 3.2 p.p. 30.7% 0.6 p.p. Net Profit** -18,913 672,134 n.m.  FY13 revenues and EBITDA increased Non-C

  5. Slide 5: Revenue

    Revenue* Revenue Bridge (Actual) (a) Revenue Bridge (Like for Like) 1,500 1,500 TL million TL million 1,350 1,350 14 1,125 12 9 9 1,126 1,200 9 85 1,126 1,200 78 1,050 -2 -50 1,050 9 14 916 9 3 12 900 900 750 750 600 600 (a) All revenue figures in the presentation (except for Slide 21&22) are based

  6. Slide 6: Adjusted EBITDA

    Adjusted EBITDA* Adjusted EBITDA Bridge (Actual) Adjusted EBITDA Bridge (Like for Like) 500 500 TL million TL million 400 12 22 9 338 400 19 338 4 16 13 311 9 22 -17 300 -19 271 18 -18 300 4 200 200 100 100 FY12 IDO HEPP MIP Akfen TAV TAV Other FY13 FY12 IDO HEPP MIP Akfen TAV TAV Other FY13 Group R

  7. Slide 7: Reconciliation of FY13 Adjusted Financials to IFRS

    Reconciliation of FY13 Adjusted Financials* to IFRS Revenue 1200 TL million 1,126 -0.3 1100 11.9 1,078 1.8 7.4 0.0 -65.1 -3.3 1000 Total Akfen Water TAV Airports MIP Akfen Water TAV Airports Akfen Water TAV Airports Total Revenues - Revenues - IFRS IFRS 11 & IFRIC 12 Adj. Adj. for Construction Reven

  8. Slide 8: Net Profit

    Net Profit FY13 bottomline in the red mainly due to; Net Profit**  Fx-losses arising from the depreciation of TL: 800 672 o short position of US$499mn as of end-2013 led to TL169mn TL million 663 600 net fx-loss in 2013 vs. net fx-gains amounting to TL50mn in 2012 400  Notable decline in ‘share of

  9. Slide 9: Balance Sheet: FY13 vs. FY12

    Balance Sheet: FY13 vs. FY12* Total Assets Total Liabilities 6,000 13% 6,000 TL million TL million 5,423 5,000 4,815 5,000 17% 4,000 4,000 3,641 3,100 3,000 3,000 2,000 2,000 FY12 FY13 FY12 FY13 Asset Breakdown by Subsidiaries and Jointly- Liabilities Breakdown by Subsidiaries and Jointly- controlle

  10. Slide 10: Financial Debt

    Financial Debt* Consolidated Gross Debt Consolidated Net Debt 4,000 YoY change: 15% 4,000 YoY change: 31% 3,474 TL million TL million 2,866 2,906 2,805 3,000 3,000 2,715 2,535 2,571 2,531 2,547 2,509 2,431 2,379 2,182 2,000 1,915 2,000 1,781 1,812 1,799 1,689 1,000 1,000 FY11 1Q12 1H12 9M12 FY12 1Q1

  11. Slide 11: Debt: Details I

    Debt: Details I Gross Debt Breakdown of Subsidiaries and Jointly- Net Debt Breakdown of Subsidiaries and Jointly- controlled Entities* controlled Entities* TL 000 FY13 FY12 YoY Chg. TL 000 FY13 FY12 YoY Chg. Akfen Holding 291,783 543,127 -46% Akfen Holding 241,533 153,429 57% Akfen Construction 39,2

  12. Slide 12: Debt: Details II

    Debt: Details II** Consolidated Debt Maturity Breakdown Holding-only Debt Maturity Breakdown TL 000 FY13 Share FY12 Share TL 000 FY13 Share FY12 Share Within one year 427,081 30% 351,225 27% Within one year 247,673 85% 190,994 35% In the 2nd year 245,935 17% 352,165 27% In the 2nd year 44,110 15% 22

  13. Slide 13: Cash Flow

    Cash Flow** TL 000 FY13 FY12 Profit/loss for the period -18,913 672,134 Adjustments to the profit/loss -1,769 -603,211 Change in working capital and cash usages 134,086 -84,201 Net Cash provided from/(used in) operating activities 113,404 -15,278 Capex activities -229,991 -255,568 Change in financia

  14. Slide 14: Sensitivity Analysis

    Sensitivity Analysis** Currency Risk Interest Risk 150 11.0 TL million TL million 49% -16% 120 10.0 106.4 9.1 90 9.0 71.6 60 8.0 7.6 30 7.0 FY12 FY13 FY12 FY13 A ten percent depreciation of TL against other Based on the change in the borrowing profile, a hundred currencies as of 31.12.2012 and 31.12

  15. Slide 15: FX Exposure of Operations (FY13)

    FX Exposure of Operations (FY13) Revenues COGS&Opex 24% FX 48% FX TL 52% TL 76% Consolidated Gross Debt Holding-only Gross Debt Other in TL US$ 1% 3% TL 9% € 27% € 31% US$ 59% TL 70% * IFRS 11 and IFRIC 12 adjusted 13

  16. Slide 16: Business Segments

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

  17. Slide 17: MIP: A good year

    MIP: A good year… Highlights from 2013: Summary Financials* TL 000 2013 YoY %  Container volume growth continued to improve in (a) Revenues (external) 264,970 5% 4Q13: December container handling was up 22% YoY Adj. EBITDA 154,811 17%  FY13 EBITDA notably up on a YoY basis thanks to Adj. EBITDA Ma

  18. Slide 18: TAV Airports: Achieving all its targets

    TAV Airports: Achieving all its targets… Summary Financials* Highlights from 2013: (a) TL 000 2013 LfL YoY % (b) Revenues (external) 293,228 41%  Strong growth in domestic and international Adj. EBITDA 81,469 31% operations in 2013 Adj. EBITDA Margin (%) 32.9% 2.7 p.p.  In 2013, while total number

  19. Slide 19: TAV Construction: Backlog growth continues

    TAV Construction: Backlog growth continues… Summary Financials* Highlights from 2013: TL 000 2013 LfL** YoY % Revenues (external) 294,656 36%  FY13 EBITDA doubled on a YoY basis EBITDA 25,641 101%  EBITDA margin improved vs FY12 thanks to EBITDA Margin (%) 7.3% 1.8 p.p. the new projects with highe

  20. Slide 20: HEPPs & Akfen Energy: Enhancing the portfolio

    HEPPs & Akfen Energy: Enhancing the portfolio… Highlights from 2013: Summary Financials* HEPP Group: TL 000 2013 LfL** YoY %  At end-2013, 8 HEPPs were operational; electricity Revenues (external) 52,347 6% generation up by 9% YoY thanks to the YoY decline EBITDA 42,427 73% in generation halts (cau

  21. Slide 21: IDO: Continuing with measures to improve performance

    IDO: Continuing with measures to improve performance… Highlights from 2013: Summary Financials* TL 000 2013 YoY %  A YoY comparison of 2013 passenger and vehicle Revenues (external) 157,957 6% numbers reveals; EBITDA 48,761 9% o notable improvement was achieved at fast ferry EBITDA Margin (%) 30.9%

  22. Slide 22: Akfen REIT: Profitability on the rise

    Akfen REIT: Profitability on the rise… Highlights from 2013: Summary Financials* TL 000 2013 YoY %  The portfolio at the end of 2013 reached 16 hotels Revenues (external) 41,262 29% and 2,777 rooms (vs. 13 hotels and 2,314 rooms at EBITDA 28,998 47% end-2012) EBITDA Margin (%) 70.3% 8.7 p.p.  Addi

  23. Slide 23: Akfen Water: Rising revenues and EBITDA

    Akfen Water: Rising revenues and EBITDA… Summary Financials* Highlights from 2013: TL 000 2013 YoY % Revenues (external) (a) 5,424 17%  Notable YoY volume growth at Dilovası in Adj. EBITDA 3,011 9% FY13 Adj. EBITDA Margin (%) 43.4% -3.8 p.p.  Despite improvement in revenues and Net Debt 8,253 -11%

  24. Slide 24: Appendix

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

  25. Slide 25: Business Lines' FY13 vs FY12 Performance

    Business Lines’ FY13 vs FY12 Performance* TAV Akfen Akfen HEPP Akfen TAV FY13 (TL 000) Construc. Construc. REIT Group MIP Water Airports1 IDO Other(a) Elimin.(b) Total Ownership % 22% 100% 57% 100% 50% 50% 8% 30% Revenue (c) 351,179 122,994 41,262 62,451 264,970 5,424 293,228 157,957 18,472 -191,894

  26. Slide 26: Quarterly Revenue & EBITDA by Business Lines

    Quarterly Revenue & EBITDA by Business Lines* TL mn 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 TAV Airports Revenues 101 140 161 130 119 101 62 62 58 73 85 77 Adjusted Revenues 99 132 164 139 129 108 61 53 48 61 74 64 Adjusted EBITDA 20 42 62 34 29 32 23 15 11 22 30 19 EBITDA Margin

  27. Slide 27: 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% TAV Airports (8.12%) Free Float As of 31.12.2013, within the share buyback programme 13,230,488 shares were repurchased. Additionally, Akf

  28. Slide 28: Material Events in FY13

    Material Events in FY13 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

  29. Slide 29: Material Events in FY13 Cont'd

    Material Events in FY13 Cont’d 06.05.2013 Dividend Distribution: The Board of Akfen Holding has recommended to the General Assembly to distribute a first time cash dividend of TL0.0877 per share (gross) for each TL1 nominal valued A and B type shares. The total amount of cash dividend to be distribu

  30. Slide 30: Material Events in FY13 Cont'd

    Material Events in FY13 Cont’d 25.09.2013 Share Buyback Programme (‘SBBP’): Akfen Holding’s share purchases within the SBBP have reached 7,079,513 shares as of 24 September 2013 (2.43% of paid-in capital). Separately, Akfen İnsaat purchased a total of 4,957,441 shares between 03.12.2012-26.09.2013 (

  31. Slide 31: Notes on Financials

    Notes on Financials Consolidation Hedging* The interim financial statements in this report have been As of 31.12..2013 Akfen Holding’s affiliates use below listed prepared in accordance with International Financial derivative financial instruments. Reporting Standards (IFRS). Akfen Holding and its a

  32. Slide 32: Consolidated Financial Statements

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

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

    Consolidated Balance Sheet (TL 000)** ASSETS 31 Dec 2013 31 Dec 2012 (restated) LIABILITIES 31 Dec 2013 31 Dec 2012 (restated) CURRENT LIABILITIES 493,177 398,405 Current Assets 423,947 614,312 Short term Loans and Borrowings 74,443 70,609 Short term portion of Long term Loans and Borrowings 352,638

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

    Consolidated Income Statement (TL 000)** FY13 FY12 (restated) Revenues 111,446 90,878 Cost of Sales (-) -45,865 -34,772 GROSS PROFIT 65,581 56,106 General Administration Expenses (-) -52,712 -52,311 Other Operational Income 218,522 69,465 Other Operating Expenses (-) -11,022 -53,613 Share of profit

  35. Slide 35: Thank You - IR Contact

    IR Contact Aylin CORMAN Investor Relations Manager Thank ThankYou… You… acorman@akfen.com.tr Tel: +90 212 319 87 00/3025 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. No:201 K.11 Phone +90 212 319 87 00

  36. Slide 36: 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

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