2013 - Akfen Holding

Akfen Holding A.Ş.
April 2014
AKFEN HOLDING*
Mersin
International
Port
50%
TAV Airports*
8.12%
TAV Investment
21.68%
Istanbul Fast
Ferries
30%
Akfen Energy
Akfen
Construction
100%
Akfen REIT*
56.88%
Akfen Water
50%
Akfen HEPP
Investments –
100%
Akfen Energy
Holding
69.75%
Akfen CCGT
Investment –
100%
Akfen CFPP
Investment –
50%
* Listed on the Borsa Istanbul
2
Akfen Holding Overview
Business Lines Company
Akfen’s
Stake
Partner
Description
•
•
•
•
50%
30%
Infrastructure
50%
8.12%
•
•
•
Privatisation: 36-year concession, US$755mn
1st export-import and 2nd largest container port in Turkey
Handled over 1.38mn TEU in 2013, CAGR (2006-2013): 11%
Multi purpose port
Privatisation – asset sale US$861mn,
Innercity and intercity Marmara sea transportation business
Carried 51mn passengers and 7.9mn vehicles in 2013
FY13 EBITDA /
% in Akfen’s EBITDA
EBITDA: US$81mn
Share: 46%
EBITDA: US$26mn
Share: 14%
•
Turkey’s first private water utilities concession operator with one municipal
concession and one industrial site BOT
EBITDA: US$2mn
Share: 1%
•
•
Leading airport operator in Turkey with 49% market share in 2013.
13 Airports and 6 main supporting service companies operating in 7
countries.
EBITDA: US$43mn
Share: 24%
21.68%
•
•
2nd largest Airport Constr. Company in 2012 (ENR survey)
US$2.5bn of backlog as of as of 2013.
EBITDA: US$13mn
Share: 8%
100%
•
•
Housing project of Incek Loft, Isparta Hospital PPP
Backlog of €144mn as of December 2013 for Incek Loft and in-house
construction of HEPPs&hotels
EBITDA: US$1mn
Share: 1%
•
9 operational units with 145 MW installed capacity, 4 units under construction
(82 MW), 3 units under development (117 MW).
Invested EUR368mn so far, remaining inv. of EUR44mn for projects under
construction. Est. inv. for projects under development of EUR205mn
Contracting
100%
Energy
•
69.75%
Hotel REIT
•
56.88%
•
•
•
•
EBITDA: US$22mn
Share: 13%
Combined Cycle natural gas power plant in Mersin ith 1,150 MW capacity
under development
Expected investment of US$850mn
660 MW Sedef II TEPP and Akfenres wind energy projects under planning
Unique portfolio of city hotels in Turkey, Russia and N. Cyprus; 16
operational, 4 under construction
Invested around EUR267mn so far, remaining investments of EUR48mn
All financial data in this presentation is IFRS 11 and IFRIC 12 adjusted. EBITDA data on this slide is affiliates’ contribution to Akfen Holding’s consolidated EBITDA.
EBITDA: US$15mn
Share: 9%
3
A Brief Look at Akfen’s History
1976-1997:
Contractor
Phase
 Establishment of
Akınısı Machinery in
1976
 Foundation of Akfen
Construction and
winning of first public
sector tender in 1986
1997-2005:
Becoming a
concession
player
 BOT Contract for
Istanbul Atatürk
Airport and Ankara
Esenboğa Airport
 Winning of Kuşadası
cruise port and sale
of Akfen’s stake a
year after
2005-2008:
Expansion
phase
 Mersin Port concession
 Accor framework
agreement for city hotels in
Turkey
 Extension of Istanbul
airport and IPO of TAV
Airports
 Winning and development
of vehicle inspection
stations TÜVTÜRK
 Gulluk water concession
agreement
 Acquisition of HEPP
licenses
2008-2012:
Corporate
actions and exits
to create further
equity
2013-onwards:
Ready for new
investments with
stronger
Balance Sheet
 IPO and SPO of
Akfen Holding in ISE
 MIP’s Eurobond
issue
 Issuance of
corporate bonds
 HEPP’s refinancing
 IPO of Akfen REIT
 Sale of Akfen’s stake
in TuvTurk.
 Sale of Pirinclik
HEPP
 Acquisition of
Istanbul Fast Ferries
 TAV*/ HEPP**
Divestments
 Natural Gas Power
plant investment in
Mersin
 PPP Isparta City
Hospital Project
 Incek Loft Project
 New energy projects:
Sedef II TEPP,
Akfenres wind
energy project
* As of 16 May 2012, TAV Airports and TAV Construction deals were finalized.
** As of 30 November 2012, 40% of Karasular Enerji Uretimi ve Tic. A.S. was sold to Aquila HydropowerINVEST Investitions GmbH & Co KG and on 6 June 2013 the
remaining 60% was sold to the same group.
4
Key Investment Pillars
Concessions with monopolistic
nature focusing on sustainable,
predictable, long term cash flows
Global business partners with
strategic knowhow
Attractive Markets





TAV Airports: Airport concessions in Turkey and abroad
MIP: 36 years operating rights of Mersin port
HEPP Group: Floor price of US$7.3cent/kWh
IDO: Monopoly
Akfen REIT: Revenue sharing with downside protection through Accor






MIP: 50:50 JV
TAV Airports: 8.12% with joint control
IDO: 30% with joint control
HEPP Group: 100%
Akfen REIT: 56.88% (while 29.6% is listed)
Akfen Water: 50:50 JV
Focused on Growth
Shareholding position as asset
managers
Robust Businesses
Efficient use of sophisticated
financing tools
Enhancing
Shareholder Value


Corporate bonds at holding level and Eurobonds on asset level
Non recourse project financing on asset level: leverage ratios varying
between 70% to 85%
Value from Divestitures

Track record of Pre-IPO, IPOs, SPO, private placements, partial sales, whole
divestments
Fast decision making & execution
speed
Successful Deal
Origination

A senior management team, collaborating in execution together for years
Sustainable & socially responsible
stakeholder policies
Win-win Partnership
with Stakeholders


Signing of the UN Global Compact as the first holding in Turkey (July 2002)
Corporate social responsibility: Support to education through our foundation
TIKAV and construction of public schools; Duke of Edinburgh Turkey; LSE
Contemporary Turkish Chair
Strong exit capability
5
Company Overview – Shareholding/Share Performance
Shareholder Structure
Stock Highlights as of April 2, 2014
Shareholder Name*
(%)
Hamdi Akın
68.2%
Akfen Construction
2.8%
Other**
0.7%
Free Float***
28.3%
Total
100.0%
* Shareholders having above 2% of the shares are referred with names
** Akin Family and the Companies, in which Akin Family has a shareholding
*** Akfen Holding shares held by Akfen Construction are part of free float
Closing Price (TL)
Market Cap (mn TL)
Ave. Daily Trading Volume (last 3 mths, TLmn)
Free Float (%)
4.09
1,190
1.22
28%
Distribution of Free Float
Foreign
Pension Funds
Investment Funds
Retail
52.3%
0.1%
0.5%
47.1%
Akfen Holding Share Price Relative to BIST-100
Share Price
14
12
10
8
Relative Yield
10/04 100% capital
increase through
bonus issue
14/08 Akfen Holding
applied for IPO
25/09 the sale of
Pirinçlik HEPP was
announced
24/11 SPO
completed
06/06 Sale of the rest
60% of İDEAL completed
08/04 IDO tender
was won
16/06 IDO share
transfer completed
09/05 IPO of GYO
was completed
10/09 İDEAL
%40 share sale
16/05 sale of TAV
was completed
6
22/01 capital
increase through
bonus issue
4
02/08 MIP
Eurobond issue
01/10 HEPP Group
Refinancing
03/05 Board
announced
dividend payment
2
0
1.2
02/04/2014
Akfen Share
Price
4.09
1.0
28/02/2014
TRSAKFH11710
0.8
0.6
99.900
02/04/2014
MIP Eurobond
102.3
0.4
Akfen Price (TL)
Relative Yield
*** As of April 2, 2014, within the share buy back programme shares making up 6.48% of the paid-in capital were acquired. Additionally, Akfen Construction has also purchased
Akfen Holding shares, combined totaling to 8.88% of the paid-in capital.
6
FY13: Improvement in Operational Profitability Continues
 Eliminating the effect of our stake sale in TAV Airports and TAV Construction and Karasular HEPP 2013
revenues and EBITDA continued to rise on a YoY basis: FY13 revenues amounted to US$592mn, up by 16%
YoY (LfL), FY13 EBITDA reached US$178mn, up by 17% YoY (LfL)
 FY13 adjusted EBITDA margin reached 31.3%, up by 1 p.p. (LfL): EBITDA margin improvement across
participations
 Investment program on track, FY13 consolidated capex reached US$154mn
Overall YoY improvement in KPIs continued…
TAV Airports
Total pax number up by 17% YoY at 84mn, and air traffic up by 14%
TAV Investment
2013 backlog amounted to US$2.5bn
MIP
Container volume up by 9% YoY at 1.38mn TEU, conventional throughput up by 7% at 7.56mn t
IDO
Number of passengers down by 1% YoY at 51mn passengers, number of vehicles up by 1% at 8mn
vehicles
HEPP
With an installed capacity of 142.2 MW, generation output up by 9% YoY at 451 GWh/yr
Akfen REIT
Occupancy rate was 65%, down 1% YoY, T-RevPar down by 6% YoY at EUR48, while the room capacity
rose to 2,777 from 2,314 by end-2012
Akfen Water
Gulluk project invoiced water volume up by 3% at 539,789 m3 and subscriber number up by 10% at 6,067
subscribers, Arbiogaz Dilovasi treated waste water volume up by 7% at 2.6mn m3, number of operating
factories in Dilovasi organised industrial zone was 210.
7
MIP
Financials & KPI
Map
2013 YoY ∆%
2012 YoY ∆%
Revenue (mn US$)*
275
11%
248
13%
Adj. EBITDA (mn US$)
163
10%
148
16%
59%
-1 p.p.
60%
1 p.p.
474
1%
469
-10%
1.38mn
9%
1.26mn
11%
Adj. EBITDA Margin
Net Debt (mn US$)
Container Handling Volumes (TEU)
* Operating Revenues
Revenue & EBITDA
(mn US$)
300
58.4%
250
200
150
100
55.8%
152
85
51.9%
152
54.8%
195
107
Quick Facts
59.7%
248
275 59.2%
219
128
148
163
Akfen Holding (50%), PSA (50%)
Concession/
BOT / Project
Concession period: 36-years, Expiry: May 2043
Value: US$755mn
Description
1st export-import and 2nd largest container port in Turkey
Capacity
Container: 2mn TEU, conventional: 9.75mn ton
Operating
Performance
Handled over 1.38mn TEU in 2013. A sustainable 3.4x GDP
growth between 2006-2013E (CAGR 11%)
•
79
Financial
Performance
50
0
Shareholders
2008
2009
Revenue
2010
2011
Adjusted EBITDA
2012
2013
•
•
EBITDA Margin
Pipeline
EBITDA improvement thanks to operational leverage, cost
optimization and appreciation of US$ vs TL in 2013 (per TEU
income: US$146, per ton: US$5.2)
Refinancing to extend debt maturity, simplify covenants and
improve financial&operational flexibility: Issued US$450mn
Eurobond, maturity 7 years, coupon 5.875% (investment
grade ratings from Fitch&Moody’s). Refinanced mezzanine
loan with a new US$155mn unsecured senior facility.
First dividend payment totaling to USS$50mn in Oct. 2013
US$135mn new investment project to serve bigger ships at
port (above 10K TEU) increasing draft from 13.5m to 15.5m
and capacity to 2.2mn TEU at the port
8
TAV Airports
Financials & KPI
TAV AIRPORTS HOLDING Co.
Airport Companies
Adj. Revenue (mn US$)*
Adj. EBITDA (mn US$)*
Adj. EBITDA Margin
Net Debt (mn US$)
Total pax
2013 LfL YoY ∆%
2012 LfL YoY ∆%
1,601
1,413
13%
527
23%
15%
427
18%
33%
3 p.p.
30%
1 p.p.
1,406
21%
1,164
14%
84mn
17%
72mn
Service Companies
Atatürk (100%)
ATÜ (50%)
Esenboğa (100%)
BTA (67%)
Adnan Menderes
(100%)
Havaş (100%)
Gazipaşa (100%)
TGS (50%)
Medinah (33%)
Havaş Europe (67%)
Tbilisi & Batumi
(76%)
O&M (100%)
Monastir &
Enfidha (67%)
36%
IT (99%)
Skopje & Ohrid
(100%)
Security (100%)
Latvia (100%)
Zagreb (15%)
Passenger Traffic Figures
2013
∆%
Quick Facts - TAVHL.IS
2012
∆%
Shareholders
Akfen Holding (8.12%), ADP (38%), Tepe (8%), Sera (2%)
Expiry - Istanbul: 2021, Ankara: 2023, Izmir: 2032, Gazipaşa:
2034, Tbilisi/Batumi: 2027, Monastir/Enfidha: 2047, Skopje/
Ohrid: 2030, Medinah: 2037, Zagreb: 2042
Istanbul Atatürk Airport
51.3mn
14%
45.0mn
20%
Concession/
BOT / Project
TAV Turkey Total
72.8mn
14%
63.7mn
32%
Description
Leading airport operator in Turkey with 49% market share.
Tunisia (Monastir + Enfidha)
3.4mn
4%
3.3mn
45%
Strong organic and inorganic growth continued in 2013
Macedonia (Skopje & Ohrid)
1.1mn
17%
0.9mn
9%
Operating
Performance
Georgia (Tbilisi + Batumi)
1.6mn
18%
1.4mn
17%
Medinah
4.7mn
2%
2.3mn
-
83.6mn
17%
71.6mn
Total
* Adjustments made for guaranteed revenues and IFRIC12
•
Financial
Performance
•
•
•
36%
Pipeline
23% EBITDA growth thanks to operating leverage and
favorable FX movements
Free cash flow of €293mn, capex of €234mn
FY13 net debt increase due to ongoing investments, rent
payments and dividend payment in 2013
EUR66mn dividend payment made from FY13 income in
March 2014
La Guardia Airport PQ, Bodrum Milas Airport (tender won)
9
TAV Construction
Financials & KPI
Geographical Footprint & Backlog
2013 LfL YoY ∆%
2012 LfL YoY ∆%
Revenue (mn US$)
851
42%
564
-27%
EBITDA (mn US$)
62
90%
31
-3%
US$37
US$287
EBITDA Margin
7%
2 p.p.
5%
1 p.p.
Net Debt (mn US$)
-87
n.m.
-24
n.m.
US$2.5bn
-4%
US$2.6bn
183%
Backlog
US$283
Sebha
Marina 101
Doha
Doha Int. Airport Facility
Management Works**
MC1
Tripoli Airport
Sebha Airport
İzmir Int. Airport
King Abdul Aziz Airp.
Medina Int. Airport
Abu Dhabi Airport
Riyad KKIA Terminal 5
Airport
Damac Towers
Emaar Square N1&N2 Structural
Total Backlog
Country
TAVC's
Share
Dubai
Qatar
100%
35%
Qatar
Oman
Libya
Libya
TURKEY
S. Arabia
S. Arabia
UAE
S.Arabia
UAE
Turkey
US$289
Physical Backlog
Contract Value
Completion
2013
(US$mn)
(2013) (US$mn)
197
4,039
66%
100%
57
0
70%
31
0%
0
50%
25%
50%
82%*
40%
50%
33%
1,169
2,103
229
362
765
959
2,942
87%
37%
7%
91%
7%
61%
13%
65
332
109
37
289
287
839
50%
336
7%
164
100%
60%
289
61
4%
2%
283
36
13,481
Medina US$164
Dubai
o
oMasqat
King Abdul Aziz
o
AbuDhabi o
o
US$839
US$65
US$109
Geographical Footprint & Backlog
Project
US$332
2,498
* The contract of İzmir Int. Airport project is carried out 100% by TAV Construction. However, imports within the
scope of the contract are conducted through a TAV Airports group company, TAV Ege Terminal Yatırım Yapım ve
İşletme A.Ş. The table therefore depicts TAV Construction’s share after the import items are deducted from the total
contract value.
** This project is not in the scope of the core business of Doha Int. Airport. It is added as variation order.
Operated by third parties
US$57
Operated by TAV Airports
* King Abdul Aziz Airport is operated by third parties.
Quick Facts
Shareholders
Akfen Holding (21.7%), ADP (49%), Tepe (24.2%), Sera (5.1%)
Concession/
BOT / Project
Founded in 1997 for the construction of the İstanbul Atatürk
Airport, TAV Construction was spun off from TAV Airports
Holding on October 10, 2003
Description
The 2nd largest Airport Construction Company in 2012 (ENR)
•
Addition to backlog: In May 2013 tender for the Riyadh King
Khaled Airport 5 was won (50% stake in a US$336mn
project); in September US$289mn tower project from Damac
Properties in Dubai was obtained
•
87% of FY13 backlog is 3rd party projects, 97% in MENA
Operating
Performance
Financial
Performance
EBITDA margin imporved YoY in FY13 thanks to the new
projects with higher margins
Pipeline
Projects on the radar of above US$11bn to sustain sizable
backlog (e.g. Kuwait Int’l Airport Terminal 2, ISF Camp/Qatar,
Bahrain Airport, Houari Boumediene Airport/Algeria, etc.)
10
HEPP Group
Financials & KPI
Development of Energy Portfolio
H.H.K Enerji
PAK
Çalıkobası
17.0 MW, 46.4 GWh/yr
Kavakçalı
11.1 MW, 44.3 GWh/year
Demirciler
8.4 MW, 34.5 GWh/year
2013
YoY ∆%
2012
YoY ∆%
Laleli (Dam-type)
101.6 MW, 256.7 GWh/year
BT BORDO
ELEN
YENİ DORUK
Dogancay
30.2 MW, 171.7 GWh/year
Gelinkaya
6.9 MW, 25.8 GWh/year
LALELI
Yağmur
9.0 MW, 31.5 GWh/year
Doruk
28.3 MW, 75.5 GWh/year
ZEKİ
Çatak
10.0 MW, 42.5 GWh/year
DEĞİRMENYANI
Revenue (mn US$)
33
5%
31
Adadağı
4.7 MW, 18.2 GWh/year
77%
KURTAL
Çiçekli
6.7 MW, 21.9 GWh/yr
Artvin
EBITDA (mn US$)
22
49%
15
Sakarya
39%
Rize
Trabzon
Giresun
Bayburt
Erzurum
Sivas
EBITDA Margin
68%
20 p.p.
48%
-13 p.p.
Kayseri
Aydin
Net Debt (mn US$)
Installed Capacity (MW)
Generation (GWh)
256
15%
142*
-5%
451
9%
223
Denizli
-5%
150
13%
414.4
84%
Muğla
Mersin
BEYOBASI
Otluca
47.7 MW, 224.0 GWh/year
Sirma
6.0 MW, 23.2 GWh/year
Sekiyaka II HEPP 1
Operational power plants
BEYOBASI
Power plants under construction
Sekiyaka II HEPP 2
1.1 MW, 4.8 GWh/year
ÇAMLICA
Çamlica III
27.6 MW, 104.5 GWh/year
2.3 MW, 12.3 GWh/year
Power plants in planning stage
Saracbendi
25.5 MW, 100.5 GWh/year
HEPP Portfolio (as of March 2014)
Number of plants
Installed Capacity (MW)
Generation Capacity
(GWh/year)
Quick Facts
OP
UC
UP
TOTAL
9
4
3
16
144.5
82.2
117.4
344.2
600.6
315.5
322.2
1,238.3
OP: Operational, UC: Under Construction, UD: Under Planning
* Installed capacity excluding Karasular (sale completed on June 6, 2013)
Shareholders
Akfen Holding (100%)
Concession/
BOT / Project
Greenfield investment in renewable hydro power plants, enjoying
guarantee price of US$7.3cent/kWh
Description
16 hydro power plants with a total installed capacity of 344.2 MW
and annual electricity generation capacity of 1,238.3 GWh
Capacity
Currently, 9 operational HEPPs with 145 MW installed capacity
and with 601 GWh/yr generation capacity
Operating
Performance
Financial
Performance
Other Details
Pipeline
•
•
All HEPPs sold to the grid in 2013 and in 2014 as well
2013 electricity generation notably increased thanks to
decline in generation halts, higher flow in some plants and
addition of new power plants
•
•
Notable improvement in FY13 EBITDA margin
Existing loan refinanced with a US$273mn loan in October,
improving conditions, paving way for dividend payments.
Additionally, US$21mn transferred to Akfen Holding
Karasular sale to Aquila completed in June 2013, total sales
proceeds EUR60mn (EV: EUR86mn)
3 power plants (117 MW installed capacity) in planning stage
11
Akfen Energy Holding: Mersin Natural Gas Combined Cycle Power Plant
Project
Power Plant Project
Map
Mersin CCGT
Installed Capacity
1,150 MW
Generation Capacity
8,550 GWh/year
License
49 years
Project Status
under Planning
Project Completion
Mersin
Freezone
3km
2017
Mersin CCGT
Power Plant
Mersin
Power Plant
Quick Facts
Shareholders
Akfen Holding (69.75%), Hamdi Akın (29.75%)
Concession/
BOT / Project
Greenfield investment in combined cycle natural gas power plant
Description
Combined Cycle Natural Gas Power Plant with a generation
capacity of 1,148.4 MW in Mersin
Project History
•
Sale agreement for 58,000 sqm land signed with PA for
TL40.6mn. Land is located 4.5km east of MIP and 12 km
distance to Tarsus OIZ, near by the sea; supplier is BOTAS
•
Mersin NGPP’s EIA (environmental impact assessment)
studies accepted by the Ministry, EMRA license approval for
1,148 MW capacity obtained on 13.01.2014.
•
Once Through Cooling Layout
Recent
Developments
Pipeline
Firm bids from EPC suppliers currently under review, (final
phase) financing discussions are kicked off. Mandate letter
signed with IFC and EBRD in October 2013.
• Substation works on site and disassembly work of existing
fuel oil plant completed, other preparatory works ongoing
• Construction to start in 2015, est. capex US$800mn
660 MW Sedef II TEPP in Adana and Akfenres (wind energy)
12
IDO
IDO Lines
Financials & KPI
2013 YoY ∆%
2012
YoY ∆%
Revenue (mn US$)
277
-0.3%
278
12%
EBITDA (mn US$)
85
3%
83
5%
31%
1 p.p.
30%
-2 p.p.
634
-8%
687
-8%
51mn
-1%
51mn
-5%
8mn
1%
8mn
1%
EBITDA Margin
Net Debt (mn US$)
Passengers transported
Vehicles transported
Number of Passenger and Vehicles Transported
Quick Facts
Shareholders
Akfen Holding (30%), Tepe (30%), Souter (30%), Sera (10%)
(mn)
2011
2012
∆%
2013
∆%
Concession/
BOT / Project
Privatisation via 100% block sale in June 2011 for US$861mn
Number of Passengers
53.6
50.9
-5%
50.5
-1%
Description
Sea transport business with strong entry barriers.
Fast Ferry
6.7
5.7
-16%
6.3
12%
Capacity
A modern fleet of 55 vessels with a capacity over 36,801
passenger and 2,688 vehicles.
Sea Bus
6.5
7.8
19%
7.5
-3%
Conventional Ferry
40.3
37.5
-7%
36.7
-2%
Number of Vehicles
7.7
7.8
1%
7.9
1%
Fast Ferry
1.3
1.1
-15%
1.3
19%
Conventional Ferry
6.4
6.7
4%
6.6
-2%
•
•
Analysis of 2013 performance reveal:
- Notable improvement at fast ferry numbers thanks to
effective trip management
- Decline in conventional ferry and sea bus lines - yet, trip
optimisation improved occupancy ratios and led to an
improvement in operational profitability
BTA served 11mn passengers at 74 selling points in 2013
Financial
Performance
•
•
Increase in 2013 revenues and EBITDA
Unregulated tariff regime for 90% of revenues
Pipeline
Extensive review of cost structure for further optimisation,
enhancing line efficiency and Ambarli pier&ro-ro project
Operating
Performance
13
Akfen REIT
Financials & KPI
Development of Hotel Portfolio
Tuzla Ibis
2013
YoY ∆%
2012
YoY ∆%
Beds: 400
Rooms: 200
Rooms: 317
Rooms: 167
Beds: 634
Beds: 334
22
21%
18
Samara Ibis
Rooms: 204
Beds: 408
Beds: 400
Yaroslavl Ibis
Zeytinburnu Novotel
Revenue (mn US$)
Kaliningrad Ibis
Moscow Ibis
Rooms: 200
Karaköy Novotel
Rooms: 177
Rooms: 208
6%
Samara Office
Beds: 354
Beds: 416
Net Rentable Area:
RUSSIA
Zeytinburnu Ibis
EBITDA (mn US$)
15
36%
11
6%
Rooms: 228
Ankara Ibis
Beds: 456
Rooms: 147
Trabzon Novotel
Rooms: 200
Beds: 400
Beds: 294
Esenyurt Ibis
Kayseri Novotel
Rooms: 156
Rooms: 96
Beds: 312
EBITDA Margin
70%
9 p.p.
61%
-0.5 p.p.
Beds: 192
TURKEY
Bursa Ibis
Kayseri Ibis
Rooms: 200
Rooms: 160
Beds: 400
Net Debt (mn US$)
220
Ave. Occupancy Rate
35%
65%
163
-1 p.p.
11%
66%
Beds: 320
Izmir Ibis
Gaziantep Novotel
Rooms: 140
3 p.p.
63
-3%
66
Northern Cyprus
Merit Park
Rooms: 299
Eskişehir Ibis
Beds: 650
61.4%
24
20
16
12
8
4
0
68.1%
66.1%
0.1%
38.3%
12
8
8
10
2008
2009
Revenue
2010
70.3%
60.9%
22
11
17*
11*
4.521
2011
Adjusted EBITDA
Beds: 330
Gaziantep Ibis
Rooms: 177
Beds: 354
Quick Facts - AKFGY.IS
15
12
11
Rooms: 165
Operational hotels
Projects Under Construction
18
17
Beds: 184
Adana Ibis
Beds: 216
Evolution of Income & EBITDA
(mn US$)
Rooms: 92
CYPRUS
Beds: 280
Rooms: 108
T-Rev par (US$)
5.000 m²
2012
2013
EBITDA Margin
Shareholders
Akfen Holding (56.88%)*, free float (29.6%)
Concession/
BOT / Project
Company was established in 1997 and restructured/registered as
a real estate investment company in 2006
Description
REIT developing city hotel projects under the brands Ibis and
Novotel to be operated by Accor
Capacity
A portfolio of 20 hotels with a total room capacity of 3,641
•
With the most recent opening of Kaliningrad Ibis hotel room
capacity reached 2,777 and number of hotels 16.
On 20 December 2012, renewed framework agreement,
raising lease income, signed with Accor – led to the
improvement in EBITDA in 2013
Operating
Performance
•
Financial
Performance
Revenue and EBITDA margin rose as a result of addition of 2
new hotels, revised agreement with Accor and appreciation of €
•
Pipeline
•
2 hotel project in Turkey are under construction: Ankara Ibis
Hotel (147 rooms) due to be completed in 2014 and Karakoy
Novotel (200 rooms) due in 2015
Addition of 2 new projects: Tuzla/Istanbul (200 rooms)
Moscow (317 rooms) Ibis hotels due in 2015
* 9.5mn shares (5.16%) in free float are held by Akfen Holding
14
Akfen Construction/Greenfield Project – Hospital PPP: Isparta
Health Campus
Isparta City Hospital
Isparta City Hospital
General Hospital
450 beds
Woman’s and Children’s Hospital
305 beds
TOTAL
755 beds
Total Construction Area
Commercial Area
198,000 m2
55,000 m2
General Information
Quick Facts
Shareholders
Akfen Holding (100%)
Concession/
BOT / Project
The reverse auction for the Isparta City Hospital tender took
place on 22.02.2013
Description
 After the construction is finalized the Ministry starts to pay TL denominated
rent payments called Availability Payments throughout the 25-years
operation period. Downside protection due to yearly adjustments in rent
(inflation or TL devaluation, whichever higher).
The tendered project consists of the construction of the
• 755-bed Isparta City Hospital against a lease payment and
• the provision of products and services for a period of 25
years
Project History
 The Ministry also asks bidders to provide monthly lump sum fix price offers
for the 19 services (6 of which are mandatory, 13 optional), which include
services covering in and outside of the hospital building (e.g. imaging,
laboratory, sterilization, laundry, security, rapair&maintenance, etc.)
Akfen Construction submitted the best “all inclusive yearly price”
(AIYP) of TL52.25mn
Recent
Developments
Final AIYP bid of TL50mn submitted to High Planning Council’s
approval on 4 September 2013, approval obtained on
30.12.2013, agreement negotiations continue.
Pipeline
Eskisehir (bid submitted), other mid-sized hospital projects (e.g.
Bakirkoy, Uskudar)
 Ministry of Health, Department of Public Private Partnership has launched
tenders for the “Construction and the Provision of Products and Services for
City Hospital through PPP Model”.
 While the construction period defined in the tender documentation varies
from project to project (Isparta 2 years), operation period of the Hospital
PPP projects are 25 years.
 Contractor can also construct and operate the commercial spaces.
 In the past, Akfen Construction has completed other turnkey hospital
projects for the government (i.e. Fethiye and Sivas Susehri hospitals).
15
Akfen Construction/Greenfield Project - Real estate: Incek Loft
Project Information
Project Start
Incek Map
4Q13
Project Completion
30.06.2016
Construction Time
30 months
Land Area
108,326 m2
Total Construction Area
279,000 m2
Number of Apartments
1,135
Incek Loft
Quick Facts
Shareholders
Akfen Insaat (100%)
Concession/
BOT / Project
Real estate project in Ankara
•
Description
•
•
Project Details
•
•
Pipeline
New development project in Ankara Incek 108 acres of land is
located on the land of an old mine. Project location offers a
fine view of Lake Mogan.
Gross saleable area of around 200,203 m2 (193,346 m2
residential, 6,857 m2 commercial)
Project design carried out by Tabanlıoğlu Architectural Co:
• 20-29 folded 6 blocks
• Villa or town house style duplex or multi-user 4storey low-rise apartment block of 10
• 7,000 m² of trading area, social facilities and bazaar
Current plan is to sell 50% in 2014 and complete construction
by mid 2016
Planned investments amount to approx. TL260mn.
Urban Regeneration Projects
16
Akfen Water
Financials & KPI
Akfen Water
2013
YoY ∆%
2012
YoY ∆%
Adj. Revenue (mn US$)*
7.3
12%
6.5
-3%
Adj. EBITDA (mn US$)*
3.2
3%
3.1
0%
43%
-4 p.p.
47%
1 p.p.
8
-26%
10.5
-20%
Adj. EBITDA Margin
Net Debt (mn US$)
Güllük
7,000
Quick Facts
600 m3
6,000
500 m3
5,000
4,000
400 m3
3,000
300 m3
2,000
200 m3
1,000
0
2006 2007 2008 2009 2010 2011 2012 2013
Invoiced Water (m3)
Subscriber
Thousands
Güllük Invoiced Water & Subscriber #
Dilovası
Shareholders
Akfen Holding (50%), Kardan (50%)
Concession/
BOT / Project
•
•
Gulluk: Concession for 35 years, start date: 2006
Dilovası: BOT for 29 years, start date: 2008
Description
•
•
Gulluk: Water & waste water utility operator
Dilovası: Waste water treatment services
Capacity
Dilovası: 11,000 m3/day
Operating
Performance
•
•
100 m3
•
Other Details
* Adjustments made for guaranteed revenues and IFRIC12
Pipeline
•
2013 Volumes: Gulluk up by 3% YoY at 540K m3; Dilovasi up
by 7% at 2.6mn m3
Subscribers: Gulluk: 6,067, up by 10% YoY; Dilovasi 210 OIZ
member factories
Concession fee: Gulluk: Fixed annual concession fee and
revenue sharing
Counterparty: Gulluk: Municipality, Dilovası: Industrial Zone
management
Other organised industrial zones, waste management services,
EPC works
17
Akfen Holding
Summary Financials
(‘000 US$)
Revenue
2012
628,858
YoY ∆%
-23%
2012 (LfL)1
510,844
YoY ∆%
6%
20132
591,627
YoY ∆%
-6%
LfL3 YoY ∆%
16%
Adj. EBITDA
173,408
-8%
151,374
21%
177,521
2%
17%
28.1%
4.8 p.p.
30.7%
4.6 p.p.
31.3%
3.2 p.p.
0.6 p.p.
369,855
n.m.
364,146
n.m.
-11,458
n.m.
n.m.
1,016,337
-32%
1,016,337
-21%
1,131,310
11%
-
5.87
-2x
6.71
-3.5x
6.37
0.5x
-
86,070
-68%
86,070
-
113,167
31%
-
2,701,031
-6%
2,701,031
-
2,541,111
-6%
-
961,857
58%
961,857
-
835,190
-13%
-
739,485
84%
739,485
-
-
-
-
Adj. EBITDA Margin
Net Income (excl. minority)
Net Debt4
Net Debt4/EBITDA
Holding-only net debt
Total Assets
Shareholder’s Equity
excl. minority interest
Breakdown of Revenue by Segment (%)
2013
0%
Akfen Constr.
Akfen REIT
2013
2012
TAV Constr.
26%
Breakdown of EBITDA by Segment (%)
46% TAV Airports
31%
0%
24%
14%
HEPP Group
14%
24%
1%
5%
4%
0.5%
MIP
26%
Akfen Water
9%
0%
TAV Airports
8%
1%
25%
IDO
Other
13%
13%
23%
5%
3%
0.4%
2012
MIP
1%
-10%
-5%
43%
IDO
32%
14%
HEPP Group
9%
Akfen REIT
6%
TAV Constr.
4%
Akfen Water
Akfen Constr. -4%
Other
Eliminations
1%
-3%
-2%
(1) Like for like refers to TAV Airports and TAV Constr. being consolidated with our stakes prior to the sale in FY12 and IDO, acquired in 2011, being included in FY11
(2) 2013 financials throughout this presentation are IFRS11 and IFRIC 12 adjusted
(3) LfL 2012 refers to TAV Airports and TAV Constr. being consolidated in FY12 financials with our current stakes and Karasular HEPP (sold in June 2013) only consolidated in 1H12
(4) In the presentation; net debt incl deposits over 3 mth recorded under ‘financial investments’ due to CMB regulations.
18
Financial Overview*
FY12-FY13 Revenue
900
700
FY12-FY13 EBITDA
US$mn
250
-3
-0.3
500
200
7
4
628
592
-5
-2
-37
173
1
FY12
IDO
HEPP
Group
MIP
Akfen
REIT
Other**
TAV
TAV
Const. Airports
FY13
50
FY12
IDO
FY12
US$mn
FY13
3 6
33
14
-3
TAV
Construc.
Akfen
REIT
10
19 14
HEPP
Group
MIP
TAV
Airports
Akfen TAV
TAV Other
REIT Const. Airports
FY13
TAV Const.
HEPP
Group
MIP
15
-37
-49
MIP
374
Akfen
Const.
Akfen REIT
65
HEPP
Group
Total Assets Breakdown
200
-200
-8
100
293
0
178
-12
Net Profit Breakdown
400
7
6
4
7
150
300
100
US$mn
IDO
-20
Other
-11
Total
Akfen
Water
TAV
Airports
IDO
Other
9%
10%
1%
17%
-6%
9%
9%
3%6%
10%
10%
9%
1%
24%
17%
28%
21%
22%
* IFRS 11 and IFRS 12 adjusted
** Other consists of Akfen Construction, Akfen Water and companies defined as other companies within our segmental breakdown
FY12
FY13
19
APPENDIX
20
Appendix: Turkey - A full Pipeline of Investment Opportunities


Turkey has huge infrastructure needs in all sectors especially utilities,
transportation and health.
Large parties of infrastructure assets are controlled by state-owned
companies.

Stable economic and political environment strengthened the capital
base of Turkish companies and attracted foreign investors, as a
consequence investment in infrastructure became very competitive
leading to competitive biddings with high multiplies being paid.

Infrastructure developers struggling to raise funds for mega projects,
with international banks reluctant to finance and a non-existing bond
market.
21
Appendix: Turkey - Macro Outlook
Macroeconomic Framework
Outlook
Government Projections - Medium Term Plan
2012
2013
2014
2015
2016
Growth
2.2%
3.6%
4%
5%
5%
Inflation
6.2%
6.8%
5.3%
5%
5%
Budget Deficit / GDP
2.2%
1.2%
1.9%
1.6%
1.1%
Debt Stock / GDP
36.1%
35%
33%
31%
30%
CA Deficit / GDP
6.0%
7.1%
6.4%
5.9%
5.5%
 Turkish Economy reached a 4% growth in 2013 thanks to the
strong support from the public sector.
 According to the governments projections ‘Medium Term Plan’;
o growth is estimated as 4% in 2014
o a YoY decline in debt stock/GDP to 33% is expected in
2014.
o meanwhile, inflation is expected to decline to 5.3% in
2014.
 “Investment Grade” theme… Turkey’s sovereign grade rating has
been upgraded to ‘investment grade’ by Fitch in November
2012; by Moody’s and JCR in May 2013.
GDP & Private Consumption Rate of Change
o Turkey’s current sovereign ratings are;
15
• Fitch: BBB- (stable)
• Moody’s: Baa3 (stable)
10
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
4Q11
3Q11
2Q11
1Q11
4Q10
3Q10
2Q10
1Q10
4Q09
-5
3Q09
• Standard & Poor’s: BB+ (negative)
2Q09
0
1Q09
• JCR: BBB- (stable)
%
5
-10
GDP
PC
-15
-20
22
Appendix: Turkey - Investment Requirement & Deal Sizes
 To meet Government’s 2023 targets:
Deal Sizes
>US$3,000mn
4000
3500
US$3,000mn
3000
2500
2000
1500
US$755mn
1000
Priviti
satio
n of
Mersi
n
Port
İstan
bul
Airpo
rt
BOT
0
Pipeli
ne
Proje
cts
US$306mn
Rene
wal
of
Atatü
rk
Airp…
500
o US$130 billion is required for
energy investments
o US$40 billion is required for
tollroad investments
o US$50 billion is required for
railways
o US$12 billion is required for
water and wastewater treatment
o US$10 billion is required for
solid waste treatment
o US$16 billion is required for
hospitals
1997
2005
2005
2013 –
İstanbul
Airport BOT
Privatisation
of Mersin
Port
Renewal of
İstanbul Atatürk
Airport
Concession
3rd Bridge & Motorway
Electricity Generation Assets
High Speed Railways
Utility Distribution Assets
Over US$300 billion of capital investment required in the next 10 years
23
Investment Landscape - What lies ahead?
Observations on Recent Privatizations
 Prices have gone up significantly
o still, indications regarding higher price
expectations by the government
Akfen Strategy
 Akfen will continue to pursue privatization
opportunities: Izmir Port, IGDAS and
Tollroads, etc.
 Over the next 10 years over US$300bn
capex required for BOT projects according to
government’s 2023 targets
 No project finance available from
international banks
 Private businesses with concession/
monopolistic nature are in the radar of Akfen
 In overpriced transactions, Turkish banks
require higher equity contribution and
corporate guarantee for financing
 Akfen would seek to acquire
businesses/projects at development stage in
order to leverage its execution capability,
financing strength and relationship network
 PPP Projects are on our radar – Hospitals,
schools, prisons and railways, etc.
 Significant concession opportunities could
arise at the municipality level (water
treatment, waste management, etc.)
24
Appendix: Company Overview - Board of Directors
Chairman
Hamdi Akın
Hamdi Akın founded Akfen Holding, active in construction, tourism, trade and service sectors in 1976. In addition to serving as the Chairman of
the Board of Directors at Akfen Holding, in 2005, he also became Chairman of TAV Airports Holding of which he is a founder and a shareholder.
Mr. Akın also carried his dynamism and hard work in business to volunteer efforts and non-governmental organizations as a manager and
founder of many societies, foundations, chambers of commerce.
He has served as Vice President of Fenerbahçe Sports Club, MESS-Metal Industrialists’ Union President of Ankara Regional Representatives
Council, President of TÜGİAD-Turkish Young Businessmen’s Association, on the Board of Directors of TİSK-Turkish Confederation of
Employers’ Associations, the Board of Directors of TÜSİAD-Turkish Industrialists’ and Businessmen’s Association and has also served as the
President of Information Society and New Technologies Commission. Mr. Akın has been serving as a Board Member of Clean Seas
Association/TURMEPA since 2011.
Executive Member
İrfan Erciyas
Irfan Erciyas worked as Vice General Manager between 19962002 and as General Manager between 2002-2003 at Türkiye
Vakıflar Bankası. He joined Akfen Holding in 2003 as Vice
Chairman of the Board of Directors.
He is Executive Manager at Akfen Holding since 2010 and is
also Chairman of the Board of Directors, Vice Chairman and
Member of Board of Directors of several subsidiaries and
affiliates of Akfen Holding.
Vice Chairman
Selim Akın
Selim Akın served as Surrey University Turkish Association
President in 2005-2006, is a member of the Turkish Young
Businessmen’s Association (TÜGİAD), Turkey Anatolian Employees
and the Turkish Construction Employers Union.
Mr. Akın started his career at Akfen Holding Accounting Department
and served in Project Development and Finance Departments. As
future director of Akfen Holding, he serves as Member of the Board
at Akfen Holding and various subsidiaries and as Member of the
Risk Assessment Committee at TAV Airports.
Board Member
Pelin Akın
Şaban Erdikler served in the public sector for six years and later
joined Arthur Andersen as a Tax Manager. In 1992, he became the
Chairman of the Board of Directors and General Manager at Arthur
Andersen Turkey; in 1994, he assumed responsibility over Balkan
countries.
Independent Member
Şaban Erdikler
In 2001, he organized the Turkish section of Andersen under Ernst &
Young. He chaired the Board of Directors at Ernst & Young Turkey for
approximately two years. In 2004, he founded Erdikler Yeminli Mali
Müşavirlik Limited Şirketi.
Nusret Cömert started his career in 1984 at Shell Company Turkey to
become Planning and Economy Manager in 1989, Aegean and
Mediterranean Regional Manager in 1994, Sales Manager in 1995 and
Shell International Gas and Power Ltd. London Business Development
Manager in 1996. In 1998, he became General Manager of Shell EP
and Gas Turkey BV and was appointed Executive Director in 2002.
Independent Member
Nusret Cömert
Currently he is the Chairman of Shell Energy A.Ş. He was the pioneer
name behind the signing of the agreement of Royal Dutch Shell’s
partnership with TPAO in November 2011.
Pelin Akın started her career in the Strategy department within the
Finance department of Deutsche Bank’s Madrid office and later joined
the MT program of TAV Airports. She currently serves as a Member of
the Board at Akfen Holding and as a Member of the Corporate
Governance Committee at Akfen Holding and TAV Airports.
She takes place in different groups of both Spanish Business Council
and British Business Council of DEIK, is a member of the Board of
Trustee and the Board of Directors at TİKAV, is Vice President of Duke
of Edinburgh's Award-Turkey, Chairwoman at the Advisory Board of the
Contemporary Turkish Studies Chair founded in London School of
Economics and a member of the Young Executive Businessman
Association (GYİAD), YPO (Young Presidents’ Organisation) and
TÜSİAD.
Please find detail information under: http://www.akfen.com.tr/en/kurumsal/yonetim-kurulu/
25
Appendix: Company Overview - Management
Board of Directors
6 Members
Executive Board Member
İrfan Erciyas
Corporate Governance &
Early Risk Identification
Committees
Independent Audit
Committee
CEO
Süha Güçsav
Mr. Güçsav who started his career in 1992 in Alexander & Alexander Sigorta Brokerliği A.Ş, worked as Financing group
President and Chief executive Officer in Akfen where he started to work in 1994.
Mr. Güçsav, who is the Chairman of the Turkish - Singapore Business Council of DEIK, worked as Vice Chairman of Akfen
Holding Board of Directors from 2003 till 2010. Mr. Güçsav, who was member of the Board of Administrators both in Akfen
Holding between the years of 2010 – 2012 and TAV Havalimanları Holding A.Ş. between the years of 2000 – 2012, is the CEO
of Akfen Holding since March, 2010. Additionally, he is also the Chairman of Akfen REIT and Akfen Water, and member of
Board of Administrators in Mersin Uluslararası Liman İşletmeciliği A.Ş. and Akfen Enerji Yatırımları Holding A.Ş.
CFO
Kadri Samsunlu
Mr. Samsunlu serves as Assistant General Manager at Akfen
Holding and as Board member at various subsidiaries as well as at
KOTEDER (Association of Listed Companies). Mr. Samsunlu
began his professional career as a Financial Analyst at Türkiye
Sınai Kalkınma Bankası and served in various positions between
1995 and 2006 as General Manager and a Board member at
Global Holding and its subsidiaries.
Before joining Akfen Holding at the beginning of 2009, he spent
three years in Romania and Turkey as an investment and
corporate finance advisor.
Chief Legal Officer
Sıla Cılız İnanç
Ms. İnanç joined Akfen Holding in 1997. She took part in Public Private
Partnership projects in Turkey, focusing on mergers and acquisitions,
competition law procedures and the secondary legislation studies of the Public
Tender Law. She worked at every stage of build-operate-transfer projects and
privatizations in which Akfen and its subsidiaries participated.
Her work concentrates on administrative law, concessions and transfer of
rights, construction contracts, FIDIC contracts, energy law with special
emphasis on renewable energy and the electricity market and corporate law.
She also serves on the Board of various Akfen Holding subsidiaries.
26
Appendix: Akfen Holding - Analyst Coverage
Company
Ak Yatırım
BGC Partners
Burgan Securities
Deniz Invest
Erste Securities Istanbul
Finans Yatırım
Garanti Yatırım
İş Yatırım
Başak Dinçkoç / Mustafa Küçükmeral
Oyak Yatırım
Renaissance Capital
Hasan Şener
Alex Kazbegi / Alexandra Serova
E-mail
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected] / [email protected]
[email protected] / [email protected] /
[email protected]
[email protected] /
[email protected]
[email protected]
[email protected] / [email protected]
Ünlü & Co
Vedat Mizrahi / Oytun Altaşlı
[email protected] / [email protected]
Yapı Kredi Yatırım
Elvin Akbulut Dağlıer / Gizem Çelik
[email protected] /
[email protected]
Goldman Sachs
Analyst
Hakan Deprem
Kerem Tezcan
Murat İğnebekçili
Alper Akalın
Sezai Saklaroğlu
Gaye Abidin
Onur Marşan / Kerim Gököz
Eshan Toorabally / Matija Gergolet / Aslı
Tuncer
27
Appendix: Akfen Holding - Project Finance Details
Participation
TAV Airports
Funding Details
US$700mn non-recourse finance from 11 lenders (lead arrangers: Bayerische
Hypo-und Vereinsbank HBV, Garanti Bank, West LB)/ EUR505mn nonrecourse finance from 11 lenders (lead arrangers: Goldman Sachs
International, Dexia Credit Local, Garanti Bank)
EUR145mn limited recourse finance from 5 lenders (lead arranger:
Bayerische Hypo-und Vereinsbank (HVB) /EUR150mn non-recourse finance
from 8 lenders (lead arranger: Deutsche Bank)
TAV Izmir: EUR103.5mn limited recourse finance from 4 lenders (lead
arrangers: West LB, Vakıfbank)/ TAV Ege: EUR250mn limited recourse from 5
lenders (lead arrangers: EBRD, Unicredit, DenizBank, BSTDB)
US$54mn limited recourse finance from lead arrangers IFC and EBRD
Purpose
Date
Istanbul Ataturk Airport
Dec. 2005/Mar. 2008
Ankara Esenboğa Airport
May 2005/Jan. 2006
Izmir Adnan Menderes Airport
Aug. 2006/Aug. 2007
Georgia&Batumi Airports
March 2008
Enfidha&Monastir Airports
June 2008
Skopje&Ohrid Airports
Feb. 2010
Medina Airport
June 2012
9 Loans from TSKB&Isbank totalling EUR62.5mn
Zeytinburnu, Eskisehir, Gaziantep, Kayseri, Bursa, Adana,
Beylikduzu, Izmir and Ankara Esenboga hotels
between 2008-2013
EUR12.8mn loan from Isbank
Karakoy Hotel
2013
EUR13.5mn loan from Ziraat Bankası
3 Loans from CEB, EBRD, IFC totalling EUR44.8mn
US$600mn long-term non-recourse project finance from ABN Amro, Unicredit
(HBV), GE/Garanti, Is Bankası, and TSKB + US$100mn Mezzanine Finance
with Corporate Guarentee
US$450mn Eurobond (maturity 7 years) and the maturity of Mezzanine loan
extended
EUR98.8mn non-recourse senior loan from a consortium of Denizbank,
Turkiye Sinai Kalkınma Bankası, Yapi Kredi Bankası, Is Bankası
Non-recourse finance of EUR144.5mn senior loan and EUR16.7mn VAT loan
from a consortium of Denizbank, Turkiye Sinai Kalkınma Bankası, Yapi Kredi
Bankası, Finansbank, Is Bankası
TNRC Cyprus Hotel
Russia Hotels
between 2004-2013
2008-2013
Acquisition of MIP
2007
Refinancing
2013
Akfen Hidroelektrik Santrali Yatırımları A.S. (HEPP2)
May 2010
Akfen HES Yatirimlari ve Enerji Üretim A.S. (HEPP1)
March 2009
EUR389mn non-recourse finance from 10 lenders, lead arrangers IFC,
Standard Bank, RBS, Societe Generale
EUR70mn limited-recourse finance from lead arrangers Standard Bank,
Halkbank, Demir Halk Bank and OFID
US$1.2bn non-recourse finance from lead arrangers Arab National Bank,
National Commercial Bank, HSBC SABB
Akfen REIT
MIP
Akfen Energy
US$275mn loan from Ziraat Bankası
HEPP Group Refinancing
October 2013
Akfen Water
2 long-term senior loans with EBRD for EUR16mn*
Gulluk and Dilovasi Projects
October 2010
IDO
Long-term debt facility of US$700mn and short-term debt facility of US$50mn
from Garanti Bank, Vakifbank, Is Bankasi, TSKB and Denizbank**
Acquisition of IDO
June 2011
TuvTurk
Senior loan facility Tranche A of US$352mn from ABN Amro and Unicredit
Concession Payment
December 2007
Senior loan facility Tranche B of US$200mn from ABN Amro and Unicredit
Operation Right of Istanbul Concession
December 2007
Egeport
Long-term debt facility of US$20mn from Sekerbank, later refinanced with IFC Egeport
2003
* EUR10.5mn for Dilovası, EUR2.5mn for Gulluk utilized. Remaining avaliable amount (EUR3mn) is not utilized and cancelled.
** End 3Q11 part of US$100mn of senior debt assigned to EBRD, short term debt paid back; remaining debt of US$650mn as long term facility and US$50mn mezzanine
facility from EBRD
28
Appendix: Akfen Holding – Strong Track Record of Profitable Exits
Akfen Holding Exits
Investment
Disposal
Year
Amount (US$)
Year
Amount
(US$)
IRR
ROE
Ege Ports
2003
1.3mn
2005
5.7mn
196%
4.5x
TUVTURK
2005-2008
43.4mn
2009
156.7mn
107%
3.6x
TAV Airports (IPO & Pre-IPO)
1997-2009
163.1mn
2007
989.7mn
53%
6.1x
TAV Airports (ADP)
1997-2009
227.4mn
2012
965.7mn
36%
4.3x
HEPP II Pirinçlik (Kardemir)
2006-2010
9.7mn
2010
13.1mn
33%
1.4x
HEPP IV (Karasular) in Euro
2007-2013
52.6mn
2012/2013
59.8mn
9%
1.2x
29
IR Contact
Aylin CORMAN
Investor Relations Manager
Thank
ThankYou…
You…
[email protected]
Tel: +90 212 319 87 00/3025
Fax: +90 212 319 87 10
Web Site
e-mail
Phone
www.akfen.com.tr
[email protected]
+90 212 319 87 00
Address
AKFEN HOLDING A.Ş.
Levent Loft – Buyukdere Cad. No:201 K.11
34394 Levent, Istanbul - TURKEY
Disclaimer
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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 securities of
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