GLOBAL INVESTMENT HOLDINGS
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1 GLOBAL INVESTMENT HOLDINGS Investor Presentation June 2018 Copyright 2018 Global Investment Holdings
2 Who we were 3 Who we are now 5 Who we will become 10
3 Who We Were A Brokerage Firm A brokerage firm Total Assets: TL 241mn (as of ) Total Equity: TL 140mn (as of ) 3
4 Who we were 3 Who we are now 5 Who we will become 10
5 Who We Are Now A Diversified Conglomerate A diversified conglomerate Total Assets: TL 4.4bn (as of ) 18x Total Equity: TL 1.6bn (as of ) 11x 5
6 Portfolio Overview Investment Holding with a focus on Infrastructure and Energy Port A brokerage firm that transforms into a diversified conglomerate in 12 years, increasing total assets 18x and total equity 11x along the way Power/Gas/ Mining Real Estate Finance World s largest cruise port operator with 14 cruise and 2 commercial ports in 8 countries c.7.3m pax annually with dominant presence in the Med Listed on London Stock Exchange Portfolio: Havana: Major port of Cuba, largest island in the Caribbean Barcelona: Highest turn around pax in Europe Venice: One of the 3 main hubs of Mediterranean Valletta: Growing home port operations Singapore: One of the 3 main home ports of Asia Lisbon: Significant homeport in the Atlantic Antalya: The largest export commercial ports in Turkey Ege: Largest cruise port in Turkey Bar, Bodrum, Cagliari, Catania, Malaga, Ravenna Power Co/Tri-generation with 54.1 MW installed capacity 2 biomass plants with 17.2 MW installed capacity and additional 108MV coming up by Q Solar PP projects with 14 MW under development Electricity wholesale & retail CNG Distribution Turkey s leading off-grid natural gas distributor with c.77% market share in sole CNG market. 14 CNG stations with 148 mn m3 sales volume & c.19% market share in CNG/LNG (non-piped gas) market Mining One of Turkey s leading players in industrial minerals with about 650k tons volume Sümerpark Mall: GLA 34,600 m 2 $2Million/year rent revenue Van Mall: GLA 26,032 m 2 $6Million/year rent revenue. Operates with 99% occupancy rate Denizli SkyCity Office Project: Construction area: 35,843m 2 Sümerpark Housing: Construction area: 105,000m 2 Vakıfhan No:6 Lease period: 2019 Salıpazarı Global Building Denizli Hospital Land: 10,745m 2 Denizli Final Schools: 10 years lease to Final Schools Construction area of 11,200m 2 Actus Asset Management: one of the leading independent asset management companies serving multi national and Turkish corporate investors with an innovative product portfolio ( AUM: TL847mn) Global Securities: one of the leading independent brokerage firms with a pioneer position in Turkey 6
7 Company Overview Shareholding Structure, Strategic Priorities, Corporate Governance & Ratings A diversified conglomerate with an agile investment strategy maximizing shareholder value. Has evolved into a dynamic investment vehicle with interests in a variety of nascent business sectors and traditional nonbank financial service providers, Current portfolio of assets includes commercial and cruise ports, energy, real estate and financial services offering high growth with first mover advantages. Lean management facilitates swift decision making and timely response while extracting maximum value by successful exit. Listed on the Borsa Istanbul (BIST) ( GLYHO ). Shareholding Structure as of 4/06/2018 Centricus 30.7% Mehmet Kutman* 22.4% Other 29.3% Treasury 9.6% Lansdowne 8.0% *Disclosed together with the shares of Turkcom Turizm Enerji İnşaat Gıda Yatırımlar A.Ş. which is owned by Mehmet Kutman Corporate Governance Rating - Kobirate Confirmed Overall Company Rating: 9.05 (out of 10) Sub-sections Rating Shareholders (25%) 92.7 Public Disclosure and Transparency (25%) Stakeholders (15%) Board of Directors (35%) JCR Eurasia Global Yatırım Holding A.Ş. (GIH) Istanbul September 26, 2017 Long Term International Foreign Currency BBB- / (Stable Outlook) Long Term International Local Currency BBB- / (Stable Outlook) Long Term National Local Rating BBB+ (Trk) / (Stable Outlook) Long Term National Issue Rating BBB+ (Trk) Short Term International Foreign Currency A-3 / (Stable Outlook) Short Term International Local Currency A-3 / (Stable Outlook) Short Term National Local Rating A-2 (Trk) / (Stable Outlook) Short Term National Issue Rating A-2(Trk) Sponsor Support 2 Stand Alone B Board of Directors: Mehmet Kutman (Chairman), Erol Göker, Ayşegül Bensel, Adnan Nas, Serdar Kırmaz, Oğuz Satıcı (Independent), Ercan Ergül (Independent) Corporate Governance Committee : Ercan Ergül (Chairman), Ayşegül Bensel, Adnan Nas, Aslı SU ATA Audit Committee: Oğuz Satıcı (Chairman), Ercan Ergül Early Risk Assessment Committee : Oğuz Satıcı (Chairman), Adnan Nas 7
8 Centricus Strategic Partnership Centricus; an investment platform backed by a global network of financials and strategic investors Investors aims to achieve superior absolute returns with a long-term investment horizon has access to significant capital and deal flow through its global network positioned to take advantage of opportunities resulting from distortion in credit markets caused by monetary and regulatory policies Asset Managers Banks Corporates Centricus targets high absolute returns in three core sectors Financial Services Infrastructure Technology FEMS Investment in financial assets Targeting high quality assets in infrastructure domain that have stable and attractive returns with long duration Raising funds, investing and transforming the technology sector Investment in fashion, entertainment, sports and media Representative Acquisitions: CIFC Asset Management Halkin Asset Management Fortress (advisory role) Representative Acquisitions: Global Investment Holdings Representative Transaction: Softbank Vision Fund (fundraising, structuring and advisory role) Representative Transaction: Chalayan Structured origination and investment process Deal sourcing through expansive global network Investment selection based on prudent due diligence Execution of business plan with provision of capital and management expertise Challenge and support management to reach its goals 8
9 Who we were 3 Who we are now 5 Who we will become 10
10 We intend to stay focused on our strategic sectors PORT CLEAN ENERGY ASSET MGT Make inorganic acquisitions in highvalue regions of Americas, consolidate the market further while looking for horizontal growth in port/passenger related businesses Double the number of ports and triple the numbers of passengers in the mid-term Sail for the American continent, and reproduce the success we achieved in the Med Implementing B2C and B2B revenue opportunities to improve passenger experience at our cruise ports, similar to the strategies successfully implemented by airport operators Delivering growth and cash from the commercial ports services, capacity utilization and taking advantage of recent investments Continuing to enhance the competitive advantage achieved through first-mover advantage Developing green energy projects with attractive long-term feed-in tariffs and innovative energy efficiency solutions 125MW targeted installed capacity by Q in biomass power generation Targeting up to 400MW installed capacity in renewable energy and energy efficiency in the next three years Selectively participate in major renewable tenders such as the recently announced YEKA Wind and the future YEKA Solar projects Acquire mid-to-big ticket operating and brownfield renewable assets with long feed-in tariff periods Become a significant medium to long term player in under-electrified Sub-Saharan Africa Partnership with an international player in CNG business Grow in asset management with our partner Centicus Create Turkey s largest asset manager levering Global Investment Holding-Centricus partnership Acquire independent asset management companies to boost AuM in the short term Create an infrastructure fund for international investors that will invest in infrastructure projects with significant treasury guarantees 10
11 Capabilities & Strategy Effective recognition of attractive investment opportunities in rapidly growing sectors Unique position as industry consolidator in its port operations No specific geographic or sector-bound limits Fast Mover First Entrant Always prioritize the potential for future growth Proven track record of successful exits A dynamic investment vehicle with interests in a variety of budding business sectors Expansion in all our portfolio companies Dynamic Strategy Investment portfolio unlike any other traditional holding company Immediately responding to a continuously changing business environment and achieving operational efficiency Create a worldwide & class asset (consolidating the cruise port industry around the globe) Attach a value to at least one of our portfolio companies Create regional / international entities with the core focus on infrastructure (ports), clean energy (biomass, solar, co-generation), and asset management. 11
12 TL m TL m TL m TL m The evolution of key financial indicators Total Assets 2,599 3,439 3,890 4,371 Turnover , , Total Equity , EBITDA
13 Financial Highlights (TL mn) As of Net revenues 1Q Q 2017 %change FY 2017 FY 2016 %change Gas % % Power % % Mining % % Ports % % Brokerage & Asset Management % % Real Estate % % Holding stand-alone NA NA Others % % GIH total % % Operating EBITDA 1Q Q 2017 %change FY 2017 FY 2016 %change Gas % % Power NA NA Mining % % Ports % % Brokerage & Asset Management NA NA Real Estate % % Holding stand-alone % % Others % % GIH total % % 13
14 The Debt evolution Position of key financial indicators As of Holding standalone debt (TL m) Currency Interest Rate Year of Maturity Amount TL mn US$ mn Eurobond, net USD fixed TL bond TL floating TL bond TL floating TL bond TL floating TL bond TL floating Secured bank loans EUR floating Gross debt Cash and Cash Equivalents (I) - Net Financial Debt (TL m) standalone Project Company debt by segment (TL m) Amount TL mn US$ mn Ports , , CNG/Power/Mining Real Estate Gross debt , , Cash and Cash Equivalents (II) - Net Financial Debt (TL m) - project company (TL m) 1, (I) + (II) - Consolidated Net Debt (TL m) 1,
15 Chairman & CEO, CFO and Group CEOs The evolution of key financial indicators A Team of Industry Specialists Mehmet Kutman Chairman & CEO Mehmet Kerem Eser CFO Emre Sayın CEO, Global Ports Holding Founding shareholder, Chairman and CEO of Global Investment Holdings. Actively involved in business development at the Company level Member of TUSIAD (Turkish Industry & Business Association) and DEIK (Foreign Economic Relations Board). Holds a BA from Boğaziçi University and an MBA from the University of Texas. Serves as the Group s CFO since December 2007 Formerly held CFO role at PEMI, an Australian listed oil company (now Tapcor) Began career as an auditor at Coopers&Lybrand Holds MBA degree from Bogazici University and BSc in Industrial Engineering from Middle East Technical University Qualified as an Independent Financial Advisor (SMMM) Has 20 years of C-Level experience in global businesses Managed the brand experience at Verizon, consumer business at Turkcell, business development at Vimpelcom Group and marketing at Microsoft Turkey Holds a postgraduate degree in Systems Engineering at Rutgers and Princeton Universities Atay Arpacıoğulları CEO, Global Energy Hasan Tahsin Turan CEO, Naturelgaz Barış Hocaoğlu CEO, Actus Asset Management Gülşeyma Doğançay CEO, Global Securities Serves as CEO of Power and Mining Division since 2013 Formerly held Head of Business Development role at GIH Holds MBA degree from Babson College and Bachelor of Architecture from METU Serves as CEO of Naturelgaz since February years of experience in the group (GIH) Held several positions such as CFO, Global Securities and Director, Energy Group Holds a BSc. Degree in Petroleum and Natural Gas Engineering from METU Serves as CEO of Actus Portfolio Management since 2015 Holds a BA in Political Sciences and International Relations from Ankara University Has 20 years of experience in the sector. Appointed as CEO of Global Securities in 2017 Has 24 years of experience in Global Securities Former Assistant General Manager responsible from Domestic Sales & Marketing Completed one year language certificate program at Embassy English in UK Holds a BSc degree in Business Administration from Uludağ University 15
16 PORTS
17 Global Ports Holding Plc (GPH) Snapshot Operating cruise ports 7.3m Operating commercial ports 23% Countries GIH 65.6% Passengers Market share in Mediterranean Free Float 34.4% 17
18 Global Ports Holding Plc (GPH) World s largest independent cruise port operator Ports: Location Overview Dominant Position in the Mediterranean Cruise Port Landscape and Established Foothold the Caribbean and Asia 2 out of Top 5 Mediterranean Cruise Ports (2017 Pax, 000s) Barcelona 2,712* Civitavecchia Balearic Islands 2.11 Marseille Venice 1,428 GPH Cruise Ports Global Cruise Market Share (2017 Pax) Caribbean Mediterranean Europe ex Med Asia Aust/NZ/S. Pac Alaska South America Other 18.7% 11.7% 9.2% 6.1% 4.1% 2.7% 13.8% 33.7% 0.0% 10.0% 20.0% 30.0% 40.0% GPH Cruise Ports GPH Commercial Ports Country (Number of Ports) 18
19 Global Ports Holding Plc (GPH) World s largest independent cruise port operator. A B C Bodrum Cruise Port Cruise, ferry and mega-yacht port located on Turkey's Aegean coast, near one of Turkey's most popular seaside resorts Pax 2017:123k End of concession: 2019 (extension potential 2056) Malaga Cruise Port Three cruise terminals of Port of Málaga Pax 2017: 510k End of concession: o 2038 Levante (extension potential,2050) o 2041 Palmeral (extension potential,2054) Ege Ports Kuşadası Busiest cruise port in Turkey, located near Ephesus and the House of the Blessed Virgin Mary Pax 2017: 189k End of concession: 2033 (extension potential 2052) E B D K I K K I G J J C A H H D E F Barcelona Cruise Port One of the largest cruise homeports; Pax 2017: 1,884k End of concession: o 2030 Adossat (extension potential,2053) o 2026 WTC (extension potential, 2050) Lisbon Cruise Port Port of call for cruises; operates three cruise terminals and a new terminal completed in 2017 Pax 2017: 521k End of concession: 2049 G H I Valletta Cruise Port Significant cruise operations with more than 20% turnaround Pax 2016: 779k End of concession: 2066 Antalya Cruise Port High capacity commercial port with a dominant position in export traffic for its hinterland. Also active in cruise operations Pax 2017: 40k End of concession: 2028 (extension potential,2047) Singapore Cruise Port The operation of Terminal Marina Bay Cruise Centre Pax 2017: 878k End of concession: 2022 (applied for 5-year extension, with high likelihood of approval) Venice Cruise Terminal One of the 3 main hubs of Mediterranean Pax 2017: 1,428k End of concession: 2024 (potentially 2060) J Bar Cruise Port K Italian Cruise Ports L Havana Cruise Port F Montenegro s main sea port Pax 2016: 11k End of concession: 2043 Cagliari, Catania, Ravenna Small-medium size operations Pax 2017: 553k End of concession: 2020 to 2027 Cuba s major port and commercial center Pax 2017: 328k 15-year management agreement Caribbean Asia Creuers Ports 19
20 Port of Adria-Bar (Montenegro) Global Ports Holding Plc (GPH) Strategically Located Commercial Port Operations Strategically located on the Southern coast of Turkey with lack of direct competition High speed rail link to expand catchment area Akdeniz is currently focused on diversifying its cargo base Rijeka Croatia Belgrade Port-Adria-Bar Competitor Ports Bar-Belgrade Railway and Road Romania Located within a Free Zone regime with significant benefits Split Bosnia and Herzegovina Serbia Important link for regional intermodal transport to inland capitals Dubrovnik Montenegro Bulgaria Benefits from local steel, aluminium exports and automotive manufacturing Italy Port-Adria Albania Macedonia (FYROM) Source: Company information. 1.Point to point distance on land. 2. Over 200 marble mines are operating in the hinterland. 3. Dry bulk, general cargo and container volumes; Metric tons. Includes contribution from container handling, converted from TEU to tons at a ratio of 1:
21 Global Ports Holding Plc (GPH) Broaden geographic reach beyond Mediterranean Americas: 13.7M Pax 199 Ships 54.5% Market Share of which 38.9% Caribbean/Bahamas Europe: 6.8M Pax 121 Ships 27.0% Market Share of which 13.6% Mediterranean Asia Pacific/Australia: 4.7M Pax 45 Ships 18.5% Market Share of which 15.7% Asia Pacific 41% 65% 202% Regional Growth by Pax. Capacity 12% 14% 64% Strategy Grow recently established presence in largest cruise market Seeking one or more marquee ports to drive market penetration Strategy GPH s stronghold (12 ports, 6.2M Pax.in 2017) Focus on marquee ports and expansion Regional shift from East to Mid/West Mediterranean Strategy First mover in fast growing market Established foothold in Asia (GPH Singapore 0.9M Pax. in 2017) Seeking assets around main regional home ports (e.g. Singapore, Shanghai, Hong Kong etc.) Source: Seatrade Insider, Cruise Industry News State of the Industry Annual Report, Industry data, EIU, CLIA UK & Ireland, CLIA Europe, Cruise Market Watch
22 Global Ports Holding Plc (GPH) Strong Pipeline with Clearly Identified Opportunities Project Funnel Americas Project Screening 8 Ports Pre-Feasibility/Due Diligence 3 Ports Concession Agreement & Financing Negotiations 1 Port Closing and Induction 1 Port 6 acquisitions since November 2015 Europe 2 Ports 4 Ports 1 Port Asia/Pacific 2 Ports 1 Port 12 out of 14 acquisitions since 2003 in uncompetitive tenders or bilateral negotiations 22
23 Global Ports Holding Plc (GPH) Resilient Financial Profile with High Margins and Strong Cash Conversion Passenger growth (PAX m) Revenue Development(USD m) CAGR 7% A well-diversified portfolio helped the Group in offsetting the weakness in Turkish Cruise by the strong performance of the Commercial business and non-turkish cruise ports in the network, maintaining Segmental EBITDA margin at a high level of 69% Consolidated Basis Ports in which GPH has an interest Segmental EBITDA Development (USD m) Cruise Commercial High Cash Conversion 4% 2017 Cruise division s financial performance was impacted negatively from lower contribution of higher yielding Turkish ports due to the geo-political challenges but non- Turkish ports grew strongly with revenues up 9.9% and EBITDA up 6.3% Total Segmental EBITDA margin 70% 70% 69% CAGR 89% 89% 82% Weakness in Turkish cruise ports expected to continue into Passengers and revenue are expected to stabilize. Some cruise lines have begun to communicate their plans to visit GPH s Turkish ports in 2018, a good sign of recovery % (3%) Strong performance in commercial ports with revenues up 7.9%, and EBITDA up 9.7% Cruise Commercial A total dividend of USD35m in 2017 (41.7p per share) Resilient financial profile with high margins and strong cash conversion 23
24 Power/Gas/Mining
25 US cent MW '000 tonnes Power: Biomass High Biofuel Potential in Turkey & Competitive Advantage GIH holds an important competitive advantage in the biomass sector in Turkey: Current Biofuel Volume in Regions GIH is Present Total fuel availability: 22.8m tonnes 7,619 i. First mover in current and potential locations: electricity generation from agricultural (mainly cotton and corn) residues, animal manure, and forestry residues using combustion and steam cycle technology - not employed by many players in the Turkish market 4,361 3,435 3,781 3,666 Soke Urfa Mardin Konya Adana Source: Turkish Statistical Institute Potential to generate c. ~2.300MW with the existing biofuel ii. Integrated value chain under one roof including biomass collection and plant operation GIH Installed Capacity Development iii. High availability due to well proven technology: moving grate boiler, steam turbine generator iv. 49 years license with price guarantee through feed-in tariff at 13.3 US cent/kwh for initial 10 years Feed-in-Tariff* E v. Facilities are located in close proximity to important supply areas in Turkey vi. Collects biomass from diversified sources with own equipment and personnel in addition to selected subcontractors vii. Secures supply chain via long-term agreements (c.10 years) with General Directorate of Agriculture Hydro Wind Geothermal Biomass Solar FIT for Electricity Max. FIT for Use of Domestic Equipment Local Farmers Regional Forestry Directorates (*) Plants that become operational by 2020 will be eligible to benefit from the FIT for a period of 10 years following their commercial operation date. Domestic equipment support is applicable for the initial 5 years of operation. Source: Energy Market Regulatory Authority (EMRA) 25
26 Power : Biomass Our facilities are located in close proximity to important supply areas in Turkey Portfolio approach provides diversification with respect to fuel supply and operating performance Operational: Under Construction: Under Development: Söke I (12MW), Urfa I (5,2MW) Söke II (12 MW), Mardin I (12MW) Konya (24MW), Adana (24MW) Urfa II (24MW), Mardin II (12MW) Aydin Soke Konya Adana Total annual fuel availability: 3.4mn tonnes, of which Global Energy will use c. 5% p.a. once fully rolled-out Total annual fuel availability: 7.6mn tonnes, of which Global Energy will use c. 2% p.a. once fully rolled-out Total annual fuel availability: 3.6mn tonnes, of which Global Energy will use c. 5% p.a. once fully rolled-out Urfa Mardin Total annual fuel availability: 4.3mn tonnes, of which Global Energy will use c. 5% p.a. once fully rolled-out Total annual fuel availability: 3.7mn tonnes, of which Global Energy will use c. 4% p.a. once fully rolled-out 26
27 MW MW Power: Tres biggest co/trigeneration supplier with 54.1MW Established in 2013 and is 93.7% owned by GIH remaining share is owned by a local partner Customer Breakdown by Sector and Capacity Offers power generation solutions via combined heat and power plants (cogeneration/trigeneration) to end customers BO/ BOT model implementation in various types of facilities, both public and private industrial facilities, hospitals, shopping centres, hotels, offices, etc. Operates according to unlicensed regulation. Total installed capacity is 54.1MW Shopping Center 10% 54.1MW 4, Customer 8 Customer 7 Customer 6 Customer 5 Customer 4 Customer 3 Lüleburgaz 5,4MW Çerkezköy 6,7MW 11.0 Customer 2 Bandırma 8,7MW Ankara 4,0MW Samsun 10,1MW Industrial 90% 5.4 Jun-18 Customer 1 İzmir 6,7MW Uşak 11,0MW Van 1,5MW Development of Installed Capacity operational Designs, constructs and operates turn-key small-to-mid-size power plants for industrial and commercial customers consuming power for electricity, heating and cooling purposes. Capex per MW is USD k Works with clients via long-term bilateral contracts securing fixed savings in percentage terms to benchmark market prices (electricity or natural gas) , ,8 12,
28 Power: Solar 2 ongoing projects 2 projects located in Mardin/Turkey and Bar/Montenegro Mardin, SPP Project: Mardin SPP settlement plan: 17 hectare spot in close proximity to city center Earned bid for licensed solar project in 2015 Total installed capacity will be 10.5 MWp (9MWe at substation) Facility spans over a 17 hectare area Pre-licence obtained in late 2016 Expected COD: 3Q2018 Price guarantee through feed-in tariff at 13.3 USD cent/kwh for 10 years CAPEX per MW is c. USD 1.0m Bar, Port of Adria SPP Project: First international project of the energy group under GIH Development of a solar power plant on rooftops of existing warehouses at the port Bar SPP settlement plan: 9 warehouses with a total area of 66,000 sqm (actual area utilisation: 37,000 sqm) Total installed capacity will be 5MW Price guarantee through feed-in tariff at 12 EUR cent/kwh for 12 years In the process of permit applications by state authorities Expected COD 4Q2018 CAPEX per MW is c. USD 1m Other Projects in the Pipeline: 100 MW capacity under development in unlicensed solar sector 3,000 MW solar capacity to be proposed to the state in accordance with the YEKA program 28
29 Gas: Naturelgaz CNG Europe s largest CNG (Compressed Natural Gas) distributor Naturelgaz, a 93.7% subsidiary of GIH and established in 2005, is Europe s largest CNG distributer as per mother station infrastructure and bulk sales volume as of Naturelgaz CNG Plants / Auto CNG Stations Network The company focuses on sales and distribution of bulk CNG to industrial and commercial customers The company distributed 148 mn Sm3 of CNG in 2017 and reached to 18,3% market share in total non-piped gas market in Turkey while has 26% market share in it s filling plants covered hinterlands. Naturelgaz has also reached 77% share in sole CNG market. Naturelgaz is also focused on the road transport sector to supplement existing bulk CNG sales. Compared to other energy sources, the use of Auto CNG in road transportation provides two important advantages are cost savings and environmental sustainability. Strategy In Turkey, there are many zones that natural gas has not reached either because of geographical obstacles or infeasible economics. Supplying CNG into pipeline of remote towns in Turkey, in cooperation with local gas distributors, where there is no natural gas distribution infrastructure Carrying the experience and investments to the surrounding markets such as Africa where the underdeveloped power infrastructure and strong growth are. 14 CNG plants 80 trucks 50,000 CNG cylinders 45 industrial scale compressors ~9 times increase in sales volume in 6 yrs between Revenue (mn USD) CNG sales (mn m³) Developing Auto CNG projects in cooperation with OEM producers and conversion companies
30 Mining: Straton - Feldspar Straton, a 97.7% owned subsidiary of GIH, was acquired in Straton is among the top five feldspar producers in Turkey with 626,000 tons of annual feldspar production of which 80% is exported. Straton has substantial feldspar reserves, mine processing facilities and commercial teams based in the West Aegean region of Turkey. Feldspar is a crucial ingredient for the quality manufacturing of ceramics and glass, reducing the manufacturing temperature and saving vast amounts of energy as well as carbon emissions. Sales Volume Developments (000 ton) Turkey is the global leader in feldspar mining with 5mn tons of production. Turkey s feldspar exports to Spain, Italy, Russia and the Far East amounted to 3.2% of Turkey s overall mine exports. Strategy Aims to become a leading player in the global feldspar market by extracting feldspar in the most efficient and environmentally responsible manner To this ends, Straton has completed an investment program that includes establishment of new separation and enrichment facilities besides expansion of existing production capacity. By way of the new facilities under operation, Straton plans to gradually increase feldspar sales over the next two years and more than double its current annual production volume entering various new export markets in order to become one of the leading players in the sector. Geographical expansion into new markets such as the Far East 30
31 Asset Management Segment
32 Asset Management: Actus ACTUS Actus is the second largest portfolio management company which has domestic capital and without a bank/brokerage house /insurance company as a subsidiary. AUM: c. TL847mn Actus is the founder of Turkey first infrastructure fund invested in a healthcare PPP project in Turkey. Investments of the Fund in the Project Company compose of equity investments and a subordinated shareholder loan that qualifies as mezzanine financing Actus is the founder of Turkey s first corporate venture capital fund investing in technology firms with a vision of being a global player Managing 4 pension, 6 mutual, and 2 alternative investment funds as well as several discretionary mandates, Actus is the only full fledged asset manager in Turkey Strategy Besides organic growth, Actus strategy is to acquire independent asset management companies to boost AuM in the short term Launch a Turkish regional infra fund up to USD 1bn jointly with Centricus 32
33 Brokerage
34 REAL ESTATE
35 Real Estate Denizli Sumerpark Complex The project is a mixed-use complex development including a commercial mall spanning over 98,400m² land in Denizli, southwest of Turkey. The Mall: GLA: 34,600m 2 Total asset size: 43mn USD Offices (SkyCity): GLA: 8,633m 2 Total asset size: 49mn USD The Residence: GLA: 34,421m² Total asset size: 9mn USD Commercial: GLA: 27,854m2 Total asset size: 10mn USD Vakıfhan VI The project is based on a ROT type office re-development of a 1,700 m² building located in Karakoy, Istanbul. The restoration was completed in August 2006 and is currently 100% leased. GLA: 8,633m 2 Total asset size: 1mn USD Van AVM It is the first shopping mall project in Van. Since its opening, Van AVM has attracted more than 18 million visitors since opening, reaching an occupancy rate of 99%. GLA: 26,032m² Total asset size: 50mn USD 35
36 Brokerage: Global Securities Global Securities Global Securities is an independent and listed company on BIST that provides capital market brokerage services to individuals and corporates; local and international investors. Global Securities has received 40 international awards with its many accomplishments in Turkey, among which The non-bank intermediary institution with the biggest trading volume since the foundation of Borsa Istanbul over the years. Has mediated close to 100 corporations establish an initial public offering, has also contributed with 5bn USD to the Turkish Capital Market. Strategy Configured with the vision of being a pioneer of the sector in Turkey, Global Securities holds the strategy of serving its clients with the accumulation of information and experience in the capacity of being a leading and dependable brokerage institution. 36
37 APPENDIX
38 Balance Sheet (TL Million) 31 Mar Dec 2017 Current Assets 1, Cash and Banks Marketable Securities Trade Receivables Inventories Other Receivables and Current Assets (1) Assets classified as held for sale Non-current Assets 3, ,430.5 Financial Assets Investment Properties Tangible Fixed Assets Intangibles and Concession properties 1, ,799.1 Equity Pickup Investments Goodwill Deferred tax assets Other receivables and non-current assets (2) TOTAL ASSETS 4, ,371.0 LIABILITIES Short term liabilities Financial debt Trade Payables Accrued liabilities and other payables Liabilities directly associated with assets held for sale Long term liabilities 1, ,046.7 Financial debt 1, ,537.0 Provisions and other long term liabilities (3) Deferred tax liabilities Total Shareholders' Equity 1, ,594.8 Paid in capital Treasury shares Reserves Previous years' profit/loss Profit/(loss) for the period Minority Interest TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4, ,371.0 (1) held for sale assets, non-trade receivables including related parties, tax receivables and others (2) long term non-trade receivables including related parties, advances, prepaid expenses and others (3) non-trade payables including related parties, long term provisions and other liabilities 38
39 Income Statement (TL mn) Q Q FY 2017 FY 2016 Total gross revenues Cost of sales and services Gross Profit Operating expenses Other operating income/(loss), net Equity pickup asset gains/(losses) Gross operating profit/(loss) Financial income/(expenses), net Profit/(loss) before tax Taxation Profit/(loss) after tax Net profit/(loss) from discontinued operations Minority interest Net profit/(loss) for the period EBITDA
40 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 document. This document may also contain certain forward-looking statements concerning the future performance of Global Investment Holdings ( GIH or the Group ) and should be considered as good faith estimates. These forward-looking statements reflect management expectations and are based upon current data. Actual results are subject to future events and uncertainties, which could materially impact GIH s actual performance. GIH, and its respective affiliates, advisors or representatives, shall have no liability whatsoever for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. GIH undertakes no obligation to update any forwardlooking statements, whether as a result of new information, future events or otherwise. Therefore you should not place undue reliance upon such statements. For further information, please contact: Investor Relations Global Yatırım Holding A.Ş. Rıhtım Caddesi No. 51 Karakoy Istanbul, Turkey Google Maps: , Phone: investor@global.com.tr Website: facebook.com/glyhoir twitter.com/glyhoir
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