Akfen Insaat Turizm Ve Ticaret As · BIST:AKFIS
Akfen Insaat Turizm Ve Ticaret As — Akfen Holding A.Ş. — Q1 2015 Earnings Presentation
34 slides from Akfen Insaat Turizm Ve Ticaret As's earnings presentation, May 11, 2015
Slide 1: Akfen Holding A.Ş. 1Q15 Results
Akfen Holding A.Ş. 1Q15 Results 11 May 2015
Slide 2: Index
2 Index I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 3: Effects of IFRS 11 / Financials Adjusted for 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: 1Q15: Notable Rise in Revenues & EBITDA
4 1Q15: Notable Rise in Revenues & EBITDA… TL 000 1Q15 1Q14 Δ% 1Q15 revenues and adjusted EBITDA Revenues* 335,733 281,644 19% continued to increase notably on a YoY basis… Adj. EBITDA*(a) 113,065 89,676 26% EBITDA Margin* (%) 33.1% 31.9% 1.2 p.p. Consolidated EBITDA margin also up on a Net Prof
Slide 5: Revenue
5 Revenue* Revenue Bridge (Like for Like) (a) Revenue Breakdown 500 TL million TAV 3% 400 Construc. 9% 9 3 23 336 20 Akfen REIT 282 1 3% 300 11% -1 35% -1 HEPP 14% Group 34% 200 17% MIP 100 TAV Airports 4% 3% 0 IDO 29% 1Q14 IDO HEPP MIP Akfen Other TAV TAV 1Q15 3% 27% Group REIT (b) Const. Airports
Slide 6: Adjusted EBITDA
6 Adjusted EBITDA* Adjusted EBITDA Bridge (Like for Like) Adjusted EBITDA Breakdown 200 180 1Q14 1Q15 TL million TL million 130 113 20 5 113 1 4 90 90 100 -1 -3 -3 80 52 57 28 30 16 18 8 4 9 8 8 7 11 0 -20 -10 -13 1Q14 IDO HEPP MIP Akfen TAV Other TAV 1Q15 TAV Akfen HEPP MIP TAV IDO Other Total Grou
Slide 7: Net Profit
7 Net Profit Net Profit** Bottomline depressed due to weak TL in 1Q15… 50 TL million Despite notable increase in 1Q15 revenues and EBITDA; 0 -6.6 -0.7 the depreciation in TL led to fx-losses, which depressed the -24.8 bottomline: -50 -31.4 -80.2 -80.9 o short position of US$529mn as of end-1Q15 le
Slide 8: Balance Sheet: 1Q15 vs. FY14
8 Balance Sheet: 1Q15 vs. FY14* Total Assets Total Liabilities 6,000 7,000 10% 6,541 16% 5,923 5,250 6,000 4,925 4,500 4,241 5,000 3,750 4,000 3,000 3,000 FY14 1Q15 FY14 1Q15 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: 17% 3,672 YTD change: 11% 3,474 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 1,915 1,812 1,799 1,000 1,000 FY11 FY12 1Q13 1H13 9M13
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 1Q15 FY14 YoY Chg. TL 000 1Q15 FY14 YoY Chg. Akfen Holding 599,085 519,482 15% Akfen Holding 597,626 506,988 18% Akfen Construction 261
Slide 11: Debt: Details II
11 Debt: Details II** Consolidated Debt Maturity Breakdown(a) Holding-only Debt Maturity Breakdown TL 000 1Q15 Share FY14 Share TL 000 1Q15 Share FY14 Share Within one year 301,950 14% 363,344 20% Within one year 48,733 8% 43,659 8% In the 2nd year 680,445 31% 310,344 17% In the 2nd year 436,779 73%
Slide 12: Cash Flow
12 Cash Flow** TL 000 1Q15 1Q14 Profit/loss for the period -80,898 -31,405 Adjustments to the profit/loss 137,463 49,258 Change in working capital and cash usages -37,472 -22,147 Net Cash provided from/(used in) operating activities 19,093 -4,294 (a) Capex activities -80,162 -42,834 Change in financ
Slide 13: Sensitivity Analysis
13 Sensitivity Analysis** Currency Risk Interest Risk 150 11.0 TL million TL million 15% 140 138.8 10.0 -15% 9.1 130 9.0 121.1 120 8.0 7.8 110 7.0 FY14 1Q15 FY14 1Q15 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 (1Q15)
14 FX Exposure of Operations (1Q15) Revenues COGS&Opex 16% FX 46% FX TL 54% TL 84% Consolidated Gross Debt Holding-only Gross Debt Other in TL 0.01% TL US$ 14% 16% € 12% € 29% US$ 57% TL 72% * IFRS 11 and IFRIC 12 adjusted
Slide 15: II. Business Segments
15 I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 16: MIP: EMH project progressing
16 MIP: EMH project progressing… Highlights from 1Q15: Summary Financials* TL 000 1Q15 YoY % Following the exceptional 21% rise in 1Q14, container Revenues (external) 90,186 11% handling contracted by 8.7% YoY to 354K in 1Q15 mainly due to the decline in demand from China, Russia, Egypt Adj. EBITD
Slide 17: TAV Airports: Strong start to 2015
17 TAV Airports: Strong start to 2015… Summary Financials* Highlights from 1Q15: TL 000 1Q15 YoY % Revenues (external) 46,193 -3% In 1Q15, total number of passengers served increased 7%, Adj. EBITDA 17,657 7% like-for-like passenger growth was 6% (+1% from Milas Bodrum domestic terminal). Adj. EBI
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 1Q15: TL 000 1Q15 YoY % Revenues (external) 118,594 25% Healthy YoY growth in 1Q15 revenues EBITDA 4,298 -43% Around 97% of backlog is 3rd party projects, 86% EBITDA Margin (%) 3.5% -3.3 p.p.
Slide 19: HEPP Group: Excellent YoY improvement in 1Q15
19 HEPP Group: Excellent YoY improvement in 1Q15… Summary Financials* Highlights from 1Q15: TL 000 1Q15 YoY % HEPP Group: Revenues (total) 35,166 163% 11 HEPPs with an installed capacity of 203 MW were EBITDA 27,567 257% operational in 1Q15; EBITDA Margin (%) 78.4% 20.7 p.p. Thanks to the improv
Slide 20: IDO: Measures bearing fruits
20 IDO: Measures bearing fruits… Highlights from 1Q15: Summary Financials* TL 000 1Q15 YoY % KPIs in 1Q15 reveal; Revenues (external) 30,745 2% o decline in passenger figures at sea bus stems from trip EBITDA 11,452 55% cancellations due to adverse weather conditions in EBITDA Margin (%) 37.2% 12.
Slide 21: Akfen REIT: New Hotel Openings in 2015
21 Akfen REIT: New Hotel Openings in 2015… Highlights from 1Q15: Summary Financials* TL 000 1Q15 YoY % The portfolio at the end of 1Q15 consisted of 17 hotels and 2,911 rooms Revenues (external) 10,765 -6% EBITDA 7,774 -10% Revenue and EBITDA decline (in TL) resulted from the EBITDA Margin (%) 7
Slide 22: Akfen Water: Rising Volumes in 1Q15
22 Akfen Water: Rising Volumes in 1Q15… Summary Financials* Highlights from 1Q15: TL 000 1Q15 YoY % Revenues (external) (a) 1,336 -7% Rise in volumes at both Gulluk and Dilavası in Adj. EBITDA 890 -8% 1Q15 thanks to rise in consumption in Gulluk and Adj. EBITDA Margin (%) 49.7% -3.2 p.p. improved
Slide 23: III. Appendix
23 I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 24: Business Lines' 1Q15 vs 1Q14 Performance
24 Business Lines’ 1Q15 vs 1Q14 Performance* TAV Akfen Akfen HEPP Akfen TAV Akfen E. 1Q15 (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) 123,765 12,599 10,765 35,166 90,186 1,336 46,193 30,7
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 TAV Airports Revenues 58 73 85 77 48 56 61 51 46 Adjusted Revenues 48 61 74 64 47 58 67 60 51 Adjusted EBITDA 11 22 30 19 16 28 34 24 18 EBITDA Margin (%) 22% 35% 41% 30% 35% 48% 51% 40% 35% MIP Reven
Slide 26: Corporate Data
26 Corporate Data Corporate Structure & Stakes Ownership Structure 11.05.2015 MIP (50%) 0.87% Hamdi Akın 3.05% Akfen Holding 75.79% TAV Construction (21.68%) Other 20.29% Free Float TAV Airports (8.12%) HEPP Group (100%) As of 11.05.2015, 5,613,126 shares in free float were were repurchased within t
Slide 27: Material Events in 1Q15
27 Material Events in 1Q15 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 Period of the Share Buyback Program: The Company’s Board of Directors has been authorized for a period of 36 months. Board of Directors is authorized for the transactions, in accordance with the legislation, of share buyback and disposal of the purchased shares for 36 m
Slide 29: Notes on Financials
29 Notes on Financials Consolidation Hedging* The interim financial statements in this report have been As of 31 March 2015 Akfen Holding’s affiliates use below prepared in accordance with International Financial listed derivative financial instruments. Reporting Standards (IFRS). Interest Rate Fuel
Slide 30: IV. Consolidated Financial Statements
30 I. FINANCIAL REVIEW II. BUSINESS SEGMENTS III. APPENDIX IV. CONSOLIDATED FINANCIAL STATEMENTS
Slide 31: Consolidated Balance Sheet (TL 000)
31 Consolidated Balance Sheet (TL 000)** LIABILITIES 31 Mar 2015 31 Dec 2014 ASSETS 31 M ar 2015 31 Dec 2014 CURRENT LIABILITIES 676,517 720,603 Short term Loans and Borrowings 0 31,809 Current Assets 779,479 564,851 Short term portion of Long term Loans and Borrowings 302,035 331,706 Trade Payables
Slide 32: Consolidated Income Statement (TL 000)
32 Consolidated Income Statement (TL 000)** 1Q15 1Q14 Revenues 50,441 26,490 Cost of Sales (-) -19,366 -10,751 GROSS PROFIT 31,075 15,739 General Administration Expenses (-) -17,807 -13,366 Other Operational Income 23,561 2,859 Other Operating Expenses (-) -2,814 -2,542 Share of profit of equity-acc
Slide 33: Thank You / IR Contact
33 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 34: Disclaimer
34 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