GLOBAL INVESTMENT HOLDINGS
Investor Presentation
March 2018 Copyright © 2018 Global Investment Holdings
Who we are now 5
Who we will become 9
Who we were 3
Who We Were A Brokerage Firm
3
A brokerage firm
Total Assets: TL 241mn (as of 2005)
Total Equity: TL 140mn (as of 2005)
Who we are now 5
Who we will become 9
Who we were 3
Who We Are Now A Diversified Conglomerate
5
A diversified conglomerate
Total Assets: TL 4.4bn (as of 31.12.2017)
Total Equity: TL 1.6bn (as of 31.12.2017)
Portfolio Overview Investment Holding with a focus on Infrastructure and Energy
6
A diversified conglomerate with a successful track record in creating value for its stakeholders
Operates with a total asset size of TL 4.4bn and shareholders equity of TL 1.6bn
Port Power/Gas/ Mining
► Power
Co/Tri-generation with 58.3 MW
installed capacity
2 biomass plants with 17,2 MW
installed capacity and additional
108MV coming up by 2020
2 Solar PP projects with 14 MW
under development
Electricity wholesale & retail
► CNG Distribution
Turkey’s leading off-grid natural
gas distributor with c.19% market
share. 13 CNG stations with 148 mn
m3 sales volume
► Mining
One of Turkey’s leading players in
industrial minerals with about 650k
tons volume
Real Estate
► Sümerpark Mall: GLA 34,600 m2
$2Million/year rent revenue
► Van Mall: GLA 26,032 m2
$6Million/year rent revenue. Operates
with 99% occupancy rate
► Denizli SkyCity Office Project:
Construction area: 35,843m2
► Sümerpark Housing: Construction
area: 105,000m2
► Vakıfhan No:6 Lease period: 2019
► Salıpazarı Global Building
► Denizli Hospital Land: 10,745m2
► Denizli Final Schools: 10 years lease
to Final Schools – Construction area
of 11,200m2
Brokerage/ Asset Mgt
► Global Securities: one of the leading
independent brokerage firms with a
pioneer position in Turkey
► Actus Asset Management: one of the
leading independent asset
management companies serving multi
national and Turkish corporate
investors with an innovative product
portfolio ( AUM: TL644mn)
► World’s largest cruise port operator
with 13 cruise and 2 commercial ports
in 7 countries
► c.7m pax annually with dominant
presence in the Med
► Listed on London Stock Exchange
(USD600mn Mcap)
Portfolio:
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
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 non-bank
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 Istanbul Stock Exhange (‘GLYHO’).
Shareholding Structure as of 10/03/2018
7
Centricus 30.68%
Mehmet Kutman* 21.92%
Treasury Shares 7.82%
Other 39.57%
*Disclosed together with the shares of Turkcom Turizm Enerji İnşaat Gıda
Yatırımlar A.Ş. which is owned by Mehmet Kutman
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
Confirmed Overall Company Rating: 9.05 (out of 10)
Sub-sections Rating
Shareholders (25%) 92.7
Public Disclosure and Transparency (25%) 92.01
Stakeholders (15%) 90.93
Board of Directors (35%) 87.74
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
Corporate Governance Rating - Kobirate
JCR Eurasia
Centricus Strategic Partnership
Centricus;
► an investment platform backed by a global network of financials and strategic
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
8
Investors
Banks
Corporates
Asset Managers
Deal sourcing
through expansive
global network
Challenge and
support
management to
reach its goals
Execution of
business plan with
provision of capital
and management
expertise
Investment
selection based on
prudent due
diligence
Structured origination and investment process
Financial Services Infrastructure Technology
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
Centricus targets high absolute returns in three core sectors
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)
Who we are now 5
Who we will become 9
Who we were 3
10
We intend to stay focused on our strategic sectors
• 125MW targeted installed capacity by 2020 in
biomass power generation, of which 17.2MW
is operational
• 58.3MW combined heat-power capacity in 9
locations. Targeted installed capacity: 250MW
• 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 brown-
field 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
Continue aggressive growth in the
Caribbean and Asia, 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
PORT CLEAN ENERGY
Developing green energy projects
with attractive long-term feed-in
tariffs and innovative energy
efficiency solutions
ASSET MGT
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 shirt term
• Create an infrastructure fund for international
investors that will invest in infrastructure
projects with significant treasury guarantees
• Acquire market share in pension industry
benefiting from re-allocation of asset
management services for pension funds
• Feed pension funds with alternative
investment funds that will be mandatory for
auto-enrollment funds
Capabilities & Strategy
11
Strategy
Fast Mover First Entrant
Unique position as industry
consolidator in its port
operations
Effective recognition of attractive
investment opportunities in rapidly
growing sectors
Proven track record of
successful exits
No specific geographic or
sector-bound limits
Dynamic
Investment portfolio unlike
any other traditional holding
company
► Expansion in all our portfolio companies
► 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 infra fund and renewable energy / clean energy
Always prioritize the
potential for future
growth
A dynamic investment vehicle with
interests in a variety of budding
business sectors
Immediately responding to a
continuously changing
business environment and
achieving operational
efficiency
The evolution of key financial indicators
12
1,334
1,978
2,599
3,439
3,890
4,371
2012 2013 2014 2015 2016 2017
TL
m
Total Assets
166
247
357
552
630
806
2012 2013 2014 2015 2016 2017
TL
m
Turnover
737 726 743
975 913
1,595
2012 2013 2014 2015 2016 2017
TL
m
Total Equity
208190
111
218231
278
2012 2013 2014 2015 2016 2017
TL m
EBITDA
Financial Highlights
(TL mn) As of 31.12.2017
13
Net revenues 9M 2017 4Q 2017 9M 2016 4Q 2016 FY 2017 FY 2016 %change
Power / Gas / Mining 243.7 64.7 170.4 54.4 308.4 224.8 37%
Ports 316.2 108.3 264.7 82.4 424.5 347.0 22%
Brokerage & Asset Management 29.2 12.2 23.6 6.7 41.4 30.3 36%
Real Estate 21.6 9.9 18.6 7.2 31.4 25.8 22%
Holding stand-alone 0.0 0.0 0.0 0.0 0.0 0.0 NA
Others 0.4 -0.2 1.9 0.1 0.3 2.1 -88%
GIH total 611.0 194.9 479.2 150.8 805.9 630.0 28%
Operating EBITDA 9M 2017 4Q 2017 9M 2016 4Q 2016 FY 2017 FY 2016 %change
Power / Gas / Mining 11.3 1.6 24.0 3.0 13.0 26.9 -52%
Ports 206.6 68.0 169.4 60.0 274.6 229.5 20%
Brokerage & Asset Management 1.2 0.5 -7.3 -2.0 1.8 -9.3 NA
Real Estate 15.2 5.4 12.7 5.4 20.6 18.1 14%
Holding stand-alone -22.4 -3.9 -19.2 -12.5 -26.3 -31.7 17%
Others -4.1 -1.2 -2.8 -0.5 -5.3 -3.3 -60%
GIH total 208.0 70.4 176.7 53.4 278.4 230.6 21%
The evolution of key financial indicators
14
Debt Position
As of 31.12.2017
Holding standalone debt (TL m) Currency Interest Rate Year of
Maturity Amount TL mn US$ mn
Eurobond, net USD fixed 2022 12.8 3.4
TL bond TL floating 2019 14.8 3.9
TL bond TL floating 2018 50.0 13.3
Secured bank loans EUR floating 2019 (1) 116.4 30.9
Gross debt 194.1 51.4
Cash and Cash Equivalents 105.5 28.0
(I) - Net Financial Debt (TL m) - standalone 88.5 23.5
Project Company debt by segment (TL m) 2018 2019 2020 2021 2022+ Amount TL mn US$ mn
Ports 90.0 63.3 61.6 983.3 93.6 1,291.7 342.5
CNG/Power/Mining 107.2 53.5 50.6 47.4 77.1 335.7 89.0
Real Estate 29.7 20.5 20.2 19.4 53.8 143.6 38.1
Gross debt 226.8 137.3 132.4 1,050.0 224.5 1,771.1 469.5
Cash and Cash Equivalents 428.6 113.6
(II) - Net Financial Debt (TL m) - project company (TL m) 1,342.5 355.9
(I) + (II) - Consolidated Net Debt (TL m) 1,431.0 379.4
PORTS
16
Global Ports Holding Plc (GPH) Snapshot
7
Countries
23%
Market share in
Mediterranean
13
Operating
cruise ports
Passengers
7.0m
2
Operating
commercial ports
Global Investmet Holdings 60.60%
EBRD 5.03% Free Float
(LSE) 34.37%
Global Ports Holding Plc (GPH) World’s largest independent cruise port operator
Ports: Location Overview
CROATIA
MONTENEGRO
TURKEY
Singapore
Singapore
MALTA
GPH Cruise Ports
SPAIN
PORTUGAL
ITALY
GPH Commercial Ports
Barcelona
Malaga
Lisbon
Venice
Ravenna
Catania
Valletta
Kusadasi
Bodrum Antalya
Cagliari
Bar
2 out of Top 5 Mediterranean Cruise
Ports
(2016 Pax, ’000s)
GPH Cruise Ports
1,428
1487
2110
2204
2,712*
Venice
Marseille
Balearic Islands
Civitavecchia
Barcelona
Source: Company Information. Note: (*) # of pax including all 6 piers of the city; GPH operates 5 of them
Dominant Position in the Mediterranean Cruise Port Landscape and Established
Foothold in Asia
17
.
I
K
D E
J B K
C A
KI
HH
Singapore G
F
18
Global Ports Holding Plc (GPH) World’s largest independent cruise port operator
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
(subject to extension to 2057)
Malaga Cruise Port
Concession of the three
cruise terminals of Port of
Málaga; boarding, unloading
& billing of passengers and
luggage management
Pax 2017: 510k
End of concession: 20442
Ege Ports Kuşadası
Busiest cruise port in Turkey,
located near Ephesus and
the House of the Blessed
Virgin Mary, both major
tourist attractions
Pax 2017: 189k
End of concession: 2033
Barcelona Cruise Port
One of the largest cruise
homeports; operates 5
cruise terminals of the Port
of Barcelona
Pax 2017: 1,884k
End of concession:
2026 (WTC,2050),
2030 (Adossat,2053)
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
Singapore Cruise Port
The operation of Terminal
Marina Bay Cruise Centre in
Singapore
Pax 2017: 878k
End of concession: 2022
(applied for 5-year extension,
with high likelihood of
approval)
Valletta Cruise Port
Significant cruise operations
with more than 20%
turnaround
Pax 2016: 779k
End of concession: 2067
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
Venice Cruise Terminal
One of the 3 main hubs of
Mediterranean
Pax 2017: 1,428k
End of concession: 2024
(potentially 2060)
Bar Cruise Port
Montenegro’s main sea port
Pax 2016: 11k
End of concession: 2043 (with
an extension option)
Italian Cruise Ports
Cagliari, Catania, Ravenna
Small-medium size operations
Pax 2017: 553k End of concession: 2020 to 2027
A B C
D E F
G H I
J K
Creuers Ports
Global Ports Holding Plc (GPH) Strategically Located Commercial Port Operations
19
• 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
• Located within a Free Zone regime with
significant benefits
• Important link for regional intermodal
transport to inland capitals
• Benefits from local steel, aluminium
exports and automotive manufacturing
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 1:14.38.
Po
rt o
f A
dri
a-B
ar
(Mo
nte
ne
gro
)
Port-Adria-Bar Competitor Ports
Italy
Montenegro
Port-Adria
Macedonia(FYROM)
Bosnia andHerzegovina
Serbia
Rijeka
Split
Dubrovnik Bulgaria
Romania
Albania
Croatia
Belgrade
Bar-Belgrade Railway and Road
Americas: • 13.7M Pax
• 199 Ships
• 54.5% Market Share of which 38.9% Caribbean/Bahamas
Asia Pacific/Australia: • 4.7M Pax
• 45 Ships
• 18.5% Market Share of which 15.7% Asia Pacific
Europe:
• 6.8M Pax
• 121 Ships
• 27.0% Market Share of which 13.6% Mediterranean
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.)
Strategy
• Establish presence in largest
cruise market
• Seeking one or more marquee
ports to penetrate the market
Source: Seatrade Insider, Cruise Industry News 2016-2017 State of the Industry Annual Report, Industry data, EIU, CLIA UK & Ireland, CLIA Europe, Cruise Market Watch 2017. .
12%
41%
2012-2017 2017-2027
14%
65%
2012-2017 2017-2027
202%
64%
2012-2017 2017-2027
Regional
Growth by Pax.
Capacity
Global Ports Holding Plc (GPH) Broaden geographic reach beyond Mediterranean
20
6 acquisitions
since
November
2015
12 out of 14
acquisitions
since 2003 in
uncompetitive
tenders or
bilateral
negotiations
Project Funnel
Closing and Induction Concession Agreement &
Financing Negotiations Pre-Feasibility/Due Diligence Project Screening
Americas
Europe
Asia/Pacific
6 Ports
2 Ports
2 Ports
4 Ports
1 Port
1 Port
4 Ports 2 Ports
Global Ports Holding Plc (GPH) Strong Pipeline with Clearly Identified Opportunities
21
89% 89% 82%
2015 2016 2017
Global Ports Holding Plc (GPH) Resilient Financial Profile with High Margins and Strong Cash Conversion
CAGR
10%
nan
22
3.2 3.5
4.1 4.8
6.6 7.0
2015 2016 2017
Consolidated Basis Ports in which GPH has an interest
105.0 114.9
116.4
47.0 53.6 50.3
58.0 61.2 66.1
2015 2016 2017
Cruise Commercial
74.0 80.9 80.5
34.0 36.9 32.2
40.0 44.0 48.3
2015 2016 2017
Cruise Commercial
6%
4%
Total Segmental
EBITDA margin
70.5% 70.5%
Resilient financial profile with high margins and strong cash conversion
69.2%
Passenger growth (PAX m) Revenue Development(USD m)
Segmental EBITDA Development (USD m) High Cash Conversion
CAGR
Power/Gas/Mining
7.3 7.3 10.5 13.3 13.3 2.3 3.7
2.7 5.6
9.2
Hydro Wind Geothermal Biomass Solar
FIT for Electricity Max. FIT for Use of Domestic Equipment
Power: Biomass High Biofuel Potential in Turkey & Competitive Advantage
24
► GIH holds an important competitive advantage in the biomass
sector in Turkey:
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
ii. Integrated value chain under one roof including biomass
collection and plant operation
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
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
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)
3,435 4,361
3,781
7,619
3,666
Soke Urfa Mardin Konya Adana
'000 tonnes
Potential to generate c.
~2.300MW with the existing
biofuel
Source: Turkish Statistical Institute
Current Biofuel Volume in Regions GIH is Present
Total fuel availability:
22.8m tonnes
17.2 125
2017 2020E
MW
GIH Installed Capacity Development
9.6 11.0 13.2
18.9 22.5
US
cent
Feed-in-Tariff*
Power : Biomass Our facilities are located in close proximity to important supply areas in Turkey
25
Aydin
Soke Konya
Adana
Urfa Mardin
Operational: Söke I (12MW), Urfa I (5,2MW)
Under Construction: Söke II (12 MW), Mardin I (12MW)
Under Development: Konya (24MW), Adana (24MW)
Urfa II (24MW), Mardin II (12MW)
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
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
► Portfolio approach provides diversification with respect to fuel supply and operating performance
operational
Under construction/development
Samsun
10,1MW
Çerkezköy
6,7MW
Ankara
4,0MW
Bandırma
8,7MW
İzmir
6,7MW
Van
1,6MW
Uşak
11,0MW
Istanbul
4MW
Lüleburga
z 5,35MW
Power: Tres biggest co/trigeneration supplier with 58.3MW
26
► Established in 2013 and is 93.7% owned by GIH – remaining share is
owned by a local partner
► 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 58,3MW
► 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 500-
700k
► Works with clients via long-term bilateral contracts securing fixed
savings in percentage terms to benchmark market prices (electricity or
natural gas) 12,1
16.8 15.4
58.3
250,0
2013 2014 2015 2017 2025
MW
Industrial 84%
Shopping centre 16%
58,3 MW
Customer Breakdown by Sector and Capacity
Development of Installed Capacity
5.4
6.7
10.1
11.0
6.7
8.7
1.6 4,4
4.0
MW
Customer 9
Customer 8
Customer 7
Customer 6
Customer 5
Customer 4
Customer 3
Customer 2
Customer 1
Power: Solar 2 ongoing projects
27
2 projects located in Mardin/Turkey and Bar/Montenegro
Mardin, SPP Project:
► 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
► 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
Mardin SPP settlement plan: 17 hectare spot in close proximity to
city center
Bar SPP settlement plan: 9 warehouses with a total area of 66,000
sqm (actual area utilisation: 37,000 sqm)
► 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
Other Projects in the Pipeline:
Gas: Naturelgaz - CNG
► The company focuses on sale and distribution of bulk CNG to
industrial and commercial customers.
► Naturelgaz was launched in 2005 and reached 16 mn m³/year
sales volume in 2011, whereas in 2017 this figure increased to
148mn m³/year.
► GIH became the majority shareholder (94.4%) in 2011 and the
company achieved the largest CNG distribution contract in
Turkey by converting Çaykur, the tea producer public company,
plants from LNG
► Boasting an 80% share in the CNG market, it distributes CNG to
more than 500 customers such as factories, power generators,
hotels and asphalt plants that have no access to the natural gas
pipeline.
► Main customers are municipalities, bus operators and logistic
fleets.
► Supplies the required technology to convert heavy and mid-size
commercial vehicles with diesel engines (trucks, lorries, buses
and mini-buses) into CNG
► Operates a fuelling station network of mother and daughter
stations in the central and western part of Turkey
Strategy
► Become Europe’s largest CNG distributor, carrying the
experience and investments to the surrounding market
► Supply CNG to remote towns in Turkey, in cooperation with local
gas distributors, where there is no natural gas distribution
infrastructure
► Grow by mother-daughter Auto CNG station model and
developing projects in cooperation with OEM producers and
conversion companies.
220 employees
13 Mother CNG plants
42,000 round trips
50,000 CNG cylinders
42 CNG Compressors
~9 times increase in sales
volume in 5 yrs between 2011 -
2016
Naturelgaz captures 19% share
from Turkey’s LNG + CNG
market
Naturelgaz CNG Plants / Auto CNG Stations Network
CNG sales (mn m³)
Revenue (mn USD)
28
11
58
2011 2017
16
148
2011 2017
► GIH entered Turkey’s mining sector through the acquisition of 75%
stake in Straton Maden in June 2013.
► Straton Maden is among the top five feldspar producers in Turkey
with 550,000tons of annual feldspar production of which 80% is
exported.
► Straton Maden 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.
► 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 Maden 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 Maden 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
Mining: Straton - Feldspar
29
388 405
626
2015 2016 2017
Sales Volume Developments (000 ton)
Asset Management Segment
Asset Management: Actus
ACTUS
► Actus is one of the three biggest asset management company among 35 independent asset managers in Turkey
► AUM: c. TL644mn
► 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 3 pension, 5 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
► Benefit from the government subsidized growth of the pension system to reach TL 6bn AUM by 2019 excluding infra
fund
31
REAL ESTATE
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: 34,600m2
Total asset size: 43mn USD
Offices (SkyCity):
GLA: 8,633m2
Total asset size: 49mn 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: 8,633m2
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
The Residence:
GLA: 34,421m²
Total asset size: 9mn USD
Commercial:
GLA: 27,854m2
Total asset size: 10mn USD
33
Brokerage
Brokerage: Global Securities
Global Securities ► Global Securities is an independent company 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” in 2010.
► Has mediated close to 80 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.
35
APPENDIX
37
Balance Sheet
(TL Million) 31 Dec 2017 31 Dec 2016
Current Assets 940.6 628.8 Cash and Banks 439.9 209.0 Marketable Securities 5.5 12.1
Trade Receivables 195.3 134.7 Inventories 98.3 82.1
Other Receivables and Current Assets (1) 201.7 190.9
Non-current Assets 3,430.5 3,261.6 Financial Assets 5.4 4.3
Investment Properties 379.7 414.3
Tangible Fixed Assets 930.2 754.5 Intangibles and Concession properties 1,799.1 1,733.0 Equity Pickup Investments 93.2 67.8
Goodwill 72.0 64.1 Deferred tax assets 92.3 90.5 Other receivables and non-current assets (2) 58.5 133.1
TOTAL ASSETS 4,371.0 3,890.4
Short term liabilities 729.5 1,032.8
Financial debt 451.0 793.4
Trade Payables 172.8 147.8 Accrued liabilities and other payables 105.7 91.7
Long term liabilities 2,046.7 1,945.0
Financial debt 1,537.0 1,465.9 Provisions and other long term liabilities (3) 107.8 88.6 Deferred tax liabilities 401.9 390.5
Total Shareholders' Equity 1,594.8 912.6 Paid in capital 325.9 193.5 Treasury shares -41.0 -19.9
Reserves 547.8 356.6
Previous years' profit/loss 483.1 88.6 Profit/(loss) for the period -329.2 -129.9
Minority Interest 608.1 423.7
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,371.0 3,890.4
(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
Income Statement
38
(TL mn) FY 2017 FY 2016
Total gross revenues 805.91 629.99
Cost of sales and services -564.04 -409.92
Gross Profit 241.87 220.07
Operating expenses -244.72 -188.18
Other operating income/(loss), net -207.96 -7.67
Equity pickup asset gains/(losses) 10.37 7.28
Gross operating profit/(loss) -200.45 31.50
Financial income/(expenses), net -203.53 -172.86
Profit/(loss) before tax -403.98 -141.36
Taxation 17.58 5.75
Profit/(loss) after tax -386.40 -135.61
Minority interest -57.24 -5.71
Net profit/(loss) for the period -329.15 -129.90
Operational EBITDA 278.4 230.6
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 forward-looking statements, whether as a result of new information, future events or otherwise. Therefore you should not place undue reliance upon such statements.
Disclaimer
For further information, please contact:
Investor Relations
Global Yatırım Holding A.Ş.
Rıhtım Caddesi No. 51
Karakoy 34425 Istanbul, Turkey
Google Maps: 41.024305,28.979579
Phone: +90 212 244 60 00
Email: [email protected]
Website: www.globalyatirim.com.tr
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