46
GLOBAL INVESTMENT HOLDINGS Investor Presentation October 2016
GLOBAL INVESTMENT HOLDINGS Investor Presentation October 2016
Board Members
Mehmet Kutman Executive Chairman
Erol Göker Executive Vice-Chairman
Ayşegül Bensel Non-Executive Member
Adnan Nas Non-Executive Member (Former Chairman of PWC)
Serdar Kırmaz Executive Member
Oğuz Satıcı Independent Member (Former Chairman of TIM)
Jérôme Bayle Independent Member (Former CEO Tetrapak)
Board and Shareholding
Global Investment Holdings (GIH) is a diversified conglomerate with an agile investment strategy maximizing shareholder value. Its current portfolio of assets includes commercial and cruise ports, energy, real estate and financial services offering high growth with ‘first mover’ advantages. GIH’s lean management facilitates swift decision making and timely response while
extracting maximum value by successful exit. GIH is listed on the Borsa Istanbul (BIST) under the ‘GLYHO.IS’ ticker.
Corporate Governance Committee Members: Jérôme Bayle (Chairman), Ayşegül Bensel, Adnan Nas, Aslı SU ATA
Audit Committee Members: Oğuz Satıcı (Chairman), Jérôme Bayle
Early Risk Assessment Committee Members: Jérôme Bayle (Chairman), Adnan Nas, Oğuz Satıcı
Mehmet
Kutman
34.7%
Erol Göker
0.2%
Domestic
investors
34.6%
Foreign
Institutions
21.2 %
Global
Investment
Holdings
9.3%
Shareholder Structure
2
Tres (75%)
Current Portfolio – Q2 2016
Real Estate Brokerage & Asset
Management
• Sümerpark Mall − Operational since 2011
− GLA: 35,000 m2
• Van Mall • Opened in December 2015
− GLA: 26,000 m2
• Denizli SkyCity Office Project − Tot. Construction area: 35,843 m2
• Sümerpark Housing − Tot. Construction area: 105,000 m2
− First phase of 3 blocks was
completed in Q1 2015
• Vakıfhan No:6 − Lease period: 31.01.2020
• Salıpazarı Global Building
• Denizli Hospital area − Tot. Construction area: 22,505 m2
• Denizli Final Schools − Tot. Construction area: 11,200 m2
Global Investment Holdings
Global Securities
(77.4%)
Trading volume:
16.435.621.681,37 TL
Power/Gas/Mining
Mining (75%)
Power CNG
Distribution (80%)
49 year mining
license
Total feldspar
sales: 216.4
tons
Export volume:
183.6 tons
Sales volume:
56.1 mn m3
# of CNG
stations: 12
Two new
stations
undergoing
construction
Ports
Ege Ports
Kusadasi
(64.6%)
Port Akdeniz
Antalya
(89.2%)
Bodrum Cruise Port
(53.5%)
Port of Bar
(55.4%)
Creuers del Port de
Barcelona
(55.3%)
Malaga Cruise Port
(44.6%)
Singapore Cruise Port
(22.3%)
Venice Cruise Port
(44.48%)*
Revenue: 153.9mnTL
EBITDA: 83.1mnTL
Net Debt: 286.5 mnUSD Avg. Maturity: 6.1 yrs
# of Employee: 689
Shareholding: GIH:89.16%, EBRD:10.84%
Tot. contracted cap:
50 MW
Installed cap: 23.5
MW
Mavibayrak (100%)
Three bio-mass
plants
29.2MW under
development
Ra Solar (75%)
9 MW licensed solar
plant
Under development
Revenue: 97.2mnTL
EBITDA: 9.6mnTL
Net Debt:74.7 mnUSD Avg. Maturity: 3.6yrs
# of Employee: 570
Revenue: 11.7mnTL
EBITDA: 7.6mnTL
Net Debt: 41.7mnTL
Avg. Maturity: 5.2 yrs
# of Employee: 42
Shareholding: GIH:100%,PERA:50%
Revenue: 16.5mnTL
EBITDA: -4.6mnTL
Net Debt: 24.8mnTL(net cash)
Avg. Maturity: N/A
# of Employee: 155
Malta Cruise Port (49.6%)
Actus Asset Management
(90.1%)
Assets Under Management:
260 mn TL
Tenera Energy
(Power
Wholesale and
Trading) (100%)
Group’s total condolidated GLA:
c.141k m2
Retail GLA: c.93.5k m2
Other GLA (office, car park,
commercial): c.47.6k m2
Gas Trading
and LNG (100%)
Lisbon Cruise Terminal
(41.0%)
* GPH acquired stake in Venie Cruise Port (VTP) as part of a consortium, and the consortium’s stake in
VTP is 44.48%. The other indirect shareholder of VTP has a put option which can be exercised between
May 2017-November 2018. If this put option exercised completely VI (the consortium) will own 71.51%
of VTP.
3
Value Realizations
2009
Yeşil Energy Purchase Date: 2007 Cost: USD33.7mn Sale to Statkraft of Norway Date: June 2009 Valuation: USD115.8mn IRR: 148.3% Holding Period: 2 yrs
Global Securities IPO: 10,000,000 shares (25%) Date: June 2011 Valuation: TL66.2mn
Global Asset Management Sale of 60% to Azimut of Italy Date: March 2011 Valuation: TL 7.8mn
Global Ports Holding Sale of 22% to VEI of Italy Date: July 2011 Valuation: USD350mn IRR: 60% Holding Period: 5 yrs
Energaz Purchase Date: 2004 Cost: USD36.3mn Sale to STFA Date: July 2012 Valuation: USD75mn IRR: 28.5% Holding Period: 8 yrs
2011
2011
2011
2012
Global Ports Holding EBRD acquired a 10.84% stake in GPH at a consideration of Eur53.5mn Date: November 2015
2015
4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Total Assets 162 241 302 756 813 818 1,314 1,529 1,334 1,978 2,599 3,439
Net Profits -9 14 21 28 -67 79 209 -82 108 29 -73 -48
Total Equity 83 149 168 356 307 385 631 675 737 726 743 975
Turnover 13 89 108 190 212 237 231 364 166 247 357 552
The evolution of key financial indicators
(TL mn)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Total Assets
-100
-50
0
50
100
150
200
250
Net Profits (TL mn)
0
200
400
600
800
1,000
Total Equity (TL mn)
(TL mn)
0
100
200
300
400
500
600
Turnover (TL mn)
5
Financial Highlights
(TL mn)
(i) 2015 figure includes gains from sale of AZ Global shares, treasury share sale, and f/x gains on trade accounts amounting to TL18.8mn.
Net revenues Q1 2016 Q2 2016 Q1 2015 Q2 2015 H1 2016 H1 2015 %change
Power / Gas / Mining 39.6 57.6 33.9 59.5 97.2 93.4 4%
Ports 54.6 99.4 42.5 78.1 153.9 120.6 28%
Brokerage & Asset Management 8.7 7.8 6.7 6.9 16.5 13.7 21%
Real Estate 5.8 5.9 1.3 5.0 11.7 6.3 87%
Holding stand-alone 0.0 0.0 0.0 0.0 0.0 0.0 NA
Others 0.1 1.2 0.1 0.1 1.2 0.2 680%
GIH total 108.7 171.8 84.5 149.6 280.5 234.1 20%
EBITDA Q1 2016 Q2 2016 Q1 2015 Q2 2015 H1 2016 H1 2015 %change
Power / Gas / Mining 5.7 4.0 2.9 9.6 9.6 12.5 -23%
Ports 23.8 59.3 19.7 42.5 83.1 62.2 34%
Brokerage & Asset Management -2.8 -1.9 -0.1 -1.7 -4.6 -1.8 -158%
Real Estate 3.4 4.3 0.3 0.9 7.6 1.2 527%
Holding stand-alone (i) -7.6 -7.2 0.5 5.3 -14.9 5.8 NA
Others -0.9 -0.7 -0.5 -1.8 -1.6 -2.3 30%
GIH total 21.6 57.8 22.8 54.9 79.3 77.7 2%
Net Profit/(loss) Q1 2016 Q2 2016 Q1 2015 Q2 2015 H1 2016 H1 2015 %change
Power / Gas / Mining -4.0 1.8 -5.9 -1.2 -2.2 -7.1 70%
Ports -14.1 9.6 -1.2 -3.2 -4.5 -4.4 -2%
Brokerage & Asset Management -1.7 -1.4 -0.1 -1.0 -3.1 -1.1 -188%
Real Estate 2.2 -1.7 -0.8 -0.2 0.5 -1.1 NA
Holding stand-alone (i) -16.6 -18.0 -19.2 -15.5 -34.5 -34.7 0%
Others -0.7 -0.6 -1.0 -2.3 -1.2 -3.3 62%
GIH total -34.9 -10.2 -28.2 -23.5 -45.1 -51.6 13%
6
Major Developments P
OR
TS
Venice Cruise Port
- GPH had submitted a binding offer on 24 March 2016, as part of a strong international consortium (formed by Global Ports Holding,
Costa Costa Crociere S.p.A, MSC Cruises S.A. and Royal Caribbean Cruises Ltd. ) to the international tender by the APV Investimenti
S.p.A (owned by Venice Port Authority) of Italy, for the transfer of its 65.98% stake in APVS, which in turn owns a 53% stake in
Venezia Terminal Passegeri S.p.A (VTP).
− The international consortium had been the only bidder for the aforementioned tender, while the tender result was subject to the waiver
of pre-emption rights by Venetto Sviluppo (“VS”), the other shareholder of APVS with the first degree pre-emption rights, and the other
3 shareholders of VTP with second degree pre-emption rights.
− On 10th May 2016 that APVS’ other shareholder, Venetto Sviluppo (“VS”), exercised its pre-emptive rights for this process, and would
transfer 48% of APVS’ shares to Venezia Investimenti S.R.L. (VI) (formed by the consortium members), based on the signed
memorandum of understanding.
− On 1st July 2016, the transfer of Finpax S.r.l. ("Finpax") shares representing 85.85% of its capital to VI (the consortium) was
completed by Finpax shareholders. Finpax owns 22.15% of VTP shares. As a result of transfer, the Consortium which Global Ports is
a member of, became the controlling shareholder of Finpax that owns 22.18% of VTP shares.
− After having completed the pre-emption process regarding APVS share sale, VS has completed the transfer of 48% APVS shares it
owned post-preemption, to VI (the Consortium). As a result of this transfer, the Consortium, became a 44.48% shareholder of VTP
indirectly, including the previously acquired Finpax shares. Total purchase price for the acquisition to be paid by Global Ports, which is
one of the four equal members of consortium, is Euro 7,665,760.47. Mr. Mehmet Kutman, the Chairman of Global Ports, will take seat
at VTP’s Board of Directors as a board member.
− Additionally, VS, the 51% shareholder of APVS, has a put option to sell its shares in APVS partially or completely (up to 51%); while
this option can be exercised between 15th May 2017 and 15th November 2018. If VS exercises the put option completely, VI will own
99% of APVS and accordingly 71.51% of VTP. Regarding this option, like other members of the consortium, Global Ports has also
provided a Bank Letter of Guarantee in the amount of Euro 4,873,715.52 .
− Aside from the acquisition process of Venice Cruise Port, Global Ports has started negotiations on the share purchase of operating
companies of Brindisi, Cagliari, Catania and Ravenna Cruise Ports in Italy. After Venice, potential acquisitions of these four Italian
ports should enhance Global Ports’ presence in Italy, which in total hosted c.0.5mn passengers in 2015.
7
II – PORTS
8
Cruise Operations
GPH has a diversified and strategically located asset portfolio, forming the world’s largest cruise port network.
Highly Visible Industry Expansion… A Bodrum Cruise Port B Málaga Cruise Port
D Barcelona Cruise Port E Lisbon Cruise Port
G Valletta Cruise Port Malta H Gruz Port Dubrovnik
K
J
D H E
J B J
C A
J I
Singapore
G
J Four Italian Cruise Ports K Venice Cruise Port Creuers Ports
Acquisitions to be completed in 3Q 2016
1. Full year 2014. Singapore Fiscal Year ends in March. 2. Includes automatic extensions. 3. Includes ferry pax.
Cagliari, Brindisi, Ravenna Catania
Small-medium size operations
Pax 2015A: 540,576
Revenue 2015A: $2m
End of concession: 2021 to 2026
The largest homeport operations in the Med based on Pax
Pax 2015A: 1,582,000
Revenue 2015A: $35m
End of concession: 2024 (with an extension option)
F
Significant cruise operations with
more than 20% turnaround
Pax 2015A: 639,000
Revenue 2015A: $10m
End of concession: 2067
Key destination in the Adriatic
Sea; a Marquee port located c.
3km away from the Old Town
40-year concession against building a new terminal, shopping complex (15,000m2 leasable area), multi-storey parking lot, and a bus terminal
Pax 2015A: 757,741
End of concession: 2056
I Antalya Cruise Operations
High capacity commercial port with
a dominant position in export traffic
for its hinterland. Also active in
cruise operations
Pax 2015A: 167,524
Revenue 2015A: $2.1m
End of concession: 2028
One of the largest cruise homeports;
operates 5 cruise terminals of the Port of
Barcelona (4 as a concessionaire)
Pax 2015A: 1,780,510
Revenue 2015A: $22.6m1
End of concession: 2026 (WTC wharf),
20332 (Adossat wharf)
Port of call for cruises; operates
three cruise terminals and a new
terminal is expected to be
completed in 2016
Pax 2015A: 512,128
End of concession: 2049
F Singapore Cruise Port
The operation of Terminal Marina Bay Cruise Centre in Singapore
Pax 2015A: 344,391
Revenue 2015A: $8.5m1
End of concession: 2022 (applied for
5-year extension, with high likelihood of
approval)
Cruise, ferry and mega-yacht port
located on Turkey's Aegean coast,
near one of Turkey's most popular
seaside resorts
Pax 2015A: 173,2793
Revenue 2015A: $2.8m
End of concession: 2019 (subj to
extension to 2057)
Concession of the three cruise
terminals of Port of Málaga;
boarding, unloading & billing of
passengers, and luggage
management
Pax 2015A: 418,231
Revenue 2015A: $3.1m1
End of concession: 20442
C Ege Ports-Kuşadası
Busiest cruise port in Turkey,
located near Ephesus and the
House of the Blessed Virgin Mary,
both major tourist attractions
Pax 2015A: 637,7023
Revenue 2015A: $17.3m
End of concession: 2033
9
Global Ports Holding: Summary Financials
(U
SD
mn
)
Major Financial Indicators
(U
SD
mn
)
Financial data are consolidated; cash flow is presented on a pro-rata basis for all ports
2010 2011 2012 2013 2014 2015
Revenue (total) 53.4 64.7 67.3 75.4 110.7 105.5
Net Cash Flow 41.8 40.1 40.8 45.3 63 66.7
EBITDA 34.9 43 47.3 53.8 61.5 74.3
0
10
20
30
40
50
60
70
80
0
20
40
60
80
100
120
10
Global Ports Holding: Summary Financials
Financial data are consolidated; cash flow is presented on a pro-rata basis for all ports
2010 2011 2012 2013 2014 2015
Revenues 53.4 64.7 67.3 75.4 110.7 105.5
EBITDA 34.9 43.0 47.3 53.8 61.5 74.3
Cash Flow from Operations 41.8 40.1 40.8 45.3 63.0 66.7
2010 2011 2012 2013 2014 2015
Port Akdeniz
Revenues 37.5 44 48.3 56.5 56.6 52.1
EBITDA 24.7 28.4 33.1 39.7 40.5 39.2
Margin 65.9% 64.5% 68.5% 70.3% 71.7% 75.2%
Ege Ports
Revenues 13.9 18.5 16.4 16.5 16.3 17.3
EBITDA 9.5 13.7 12.7 12.8 12.7 14.3
Margin 68.3% 74.1% 77.4% 77.6% 78.0% 82.1%
Bodrum Cruise Ports
Revenues 2.0 2.2 2.6 2.4 2.8 2.8
EBITDA 0.7 0.9 1.5 1.3 1.4 1.7
Margin 35.0% 40.9% 57.7% 54.2% 49.9% 59.9%
Port of Bar
Revenues 9.0 9.3 8.5
EBITDA 1.3 2.6 2.2
Margin 12.0% 28.3% 25.8%
Creuers
Revenues 34.1 25.6 24.7
EBITDA 18.3 15.8 16.5
Margin 54.0% 61.9% 66.8%
(USD mn) GPH Consolidated: Revenues, EBITDA and Cash Flow
11
(1) It took the council of state two years to approve the concession agreement, by then the consortium had to withdraw its bid amidst the global financial crisis . (2) Tender was cancelled due to the changes made in the zoning plan by the Ministry of Tourism
GIH founded Global Port Holding (GPH) in order to pursue operations in commercial and cruise ports in Turkey and abroad. Through a portfolio of nine startegically located port portfolio, GPH is the largest cruise port operator in the world in terms of both passenger traffic and number of ports.
GPH has had significant achievements in Malta and Croatia (Dubrovnik) as part of recent international investments. In October 2015, GPH enhanced its leading position in the Mediterranean with 55.6% stake in Valletta Cruise Port Plc (VCP), a Maltese company, which is engaged in cruise port operations and manages the waterfront development comprising commercial and retail facilities. Moreover, GPH was awarded the Dubrovnik Gruz Port tender in partnership wth the French based Bouygues Batiment International (BBI) in 2015.
Global Port Holding offers unique advantages as it has a significant business volume of nine strategic commercial and cruise ports with a strong demand potential and perfect hinterland access, namely, Ege Ports – Kuşadası (72.5%), Port Akdeniz – Antalya (100%), Bodrum Cruise Port – Muğla (60%) in Turkey and Barcelona Cruise Port – Spain (62%), Port of Adria (Port of Bar) – Montenegro (62.1%), Lisbon Cruise Port– Portugal (46%), Malaga Cruise Port – Spain (50% indirect), Singapore Cruise Port – Singapore (25% indirect) and Valletta Cruise Port – Malta (10.14% indirect).
Back in 2010, GPH used to operate three ports in Turkey, hosting c.600,000 passengers, and handling c.90,000 TEU throughput; whereas today, it operates in ten ports across seven countries (including Dubrovnik Cruise Port tender, which was awarded in October 2015), hosting over 5mn passengers, and handling over 200,000 TEU throughput marking it as the leading international port operator and the world’s largest cruise port operator.
As of 2015, GPH services for over 5 million passengers, reaching a market share of 19% in the Mediterranean by 2015 year-end with the ports it already operates, tenders it has been awarded, and binding agreements it has signed.
The European Bank for Reconstruction and Development (EBRD) has become a partner of GPH, by acquiring the shares corresponding to 10.84% of the increased capital of Global Ports, equivalent to €53.4 mn, in November 2015. Besides providing an important funding boost to GPH, the partnership will enhance the company’s operations and will signal a vote of confidence in a strong fast-growing player.
Global Ports Holding
Sale of 22% of GPH to VEI Capital SPA 2011
Increasing ownership to 99.8% in Port Akdeniz 2010
Acquisition of 60% of Bodrum Cruise Port 2008
Won the privatization tender of Izmir Port together with GIH, Hutchison Port Holding and Deutsche Bank Infrastructure Holdings for a bid for USD1.3bn (1)
2007
Acquisition of Port Akdeniz (40% share) 2006
Transfer of Ege Ports from GIH to GPH
Won the tender of Galata Port (2) 2005
Global Ports Holding established 2004
Global Ports Holding key milestones
2013 Acquisition of 62.1% of Port of Bar
Acquisition of 43% of Creuers del Port de Barcelona in joint venture with RCCL
Bought back VEI Capital SPA’s 22% stake in GPH
2014 Increasing ownership to 62% in Creuers
Acquisition of 46% of the Lisbon Cruise Terminal as the lead consortium member
2015
Acquisition of 55.6% stake in Valletta Cruise Port
EBRD acquired 10.84% stake in GPH
In partnership with Bouygues Batiment International (BBI), GPH was awarded Dubrovnik Gruz port tender
2016 GPH acquired stake in Venice Cruise Port as part of a strong consortium
12
Port Akdeniz: Breakdown and Yields
Volume breakdown 2015
Revenue breakdown 2015 Port Akdeniz: Yields (USD) 2010 2011 2012 2013 2014 2015
Container Revenue/TEU 115 138 147 161 178 191
General Cargo Revenue/Ton 4.8 4.8 4.5 5.7 5.8 6.2
Bulk Cargo Revenue/Ton 2.9 3.1 3.5 5.1 6.6 8.0
Cruise Revenue/Calls 18,735 22,505 31,968 30,790 33,800 38,373
Container 60%
General&
Bulk
Cargo 18%
Vessel
Handling 12%
Cruise
4%
Other
6%
TEU is equivalent to 13,096 tons
Port Akdeniz: Total Revenues & EBITDA
Container 10%
General
Cargo 54%
Bulk
Cargo 36%
0
10
20
30
40
50
60
2010 2011 2012 2013 2014 2015
37.5
44.0
48.3
56.5 56.6
52.1
24.7
28.4
33.1
39.7 40.5 39.2
US
D m
n
Revenues EBITDA
13
(USD mn) 2010 2011 2012 2013 2014 2015
Revenues 13.9 18.5 16.4 16.5 16.3 17.3
Cruise 10.0 14.1 11.6 12.3 11.6 13.3
Shopping 2.9 2.6 2.7 2.6 2.8 2.5
Duty Free 0.2 1.0 0.9 0.9 0.8 0.8
Other 0.8 0,8 1.0 0.5 1.1 0.7
EBITDA 9.5 13.7 12.7 12.8 12.7 14.3
EBITDA Margin 68.3% 74.1% 78.2% 76.4% 78.0% 82.1%
Ege Ports: Breakdown and Yields
Revenue breakdown 2015
17% of GPH’s 2015 revenues consisted of Ege Ports’s cruise operations
Ege Ports also collects rental income generated from the shops in Scala Nuova mall
GPH collects 30% of Setur’s duty-free sales per
year as rent income
Ege Ports: Yields (USD) 2010 2011 2012 2013 2014 2015
Cruise Revenue/Call 18,729 24,613 25,086
27,361 26,238 24,202
Cruise Revenue/Passenger 20 21 22
21 22 22
Ferry Revenue/Call 921 1,048 1,227
1,304 1,241 1,167
Ege Ports: Summary Financials
Cruise 77%
Shopping 14%
Duty Free 5%
Other 4%
14
(USD mn) 2010 2011 2012 2013 2014 2015
Revenues 2.0 2.2 2.6 2.4 3.4 2.8
Cruise ship 1.3 1.2 1.2 1.1 0.8 1.3
Ferries 0.0 0.0 0.3 0.2 0.2 0.2
Yacht 0.2 0.3 0.4 0.4 0.8 0.4
Rental 0.1 0.2 0.2 0.2 0.8 0.8
Other 0.4 0.3 0.6 0.5 0.8 0.3
EBITDA 0.7 0.9 1.5 1.3 1.4 1.7
EBITDA Margin 35.0% 40.9% 57.7% 54.2% 41.2% 59.9%
Bodrum Cruise Port: Breakdown and Yields
Revenue breakdown 2015 Bodrum Cruise Port: Yields (USD) 2010 2011 2012 2013 2014 2015
Cruise Revenue/ Call 12,920 14,592 8,434
7,531
11,591 14,676
Cruise Revenue/Passenger 40 27 22
35 28 19
Ferry Revenue/ Call 0(1) 59 234
471 449 283
Ferry Revenue/ Passenger 0(1) 0.4 1.8
2.6 2.5 1.5
Bodrum Cruise Port: Summary Financials
(1) No revenue was collected from ferries visiting the port in 2010 in order to increase number of passengers visiting Bodrum Cruise Port and thus grow duty-free revenues.
Cruise
Ship
%43
Ferries %7
Yacht %13
Rental %27
Other %10
15
Port of Bar
Key Technical Features
Total wharf length (meters): 1,619
Date of acquisition: 2013
Concession ends: 2043
Facilities/other: Discount store
Shareholding Structure
GPH: 62.1%
Other: 37.9%
Port of Bar holds a 30-year concession to operate the general freight and cargo terminal in the city of Bar, Montenegro
Main activity is general, dry bulk and liquid cargo, Ro-Ro and special purpose warehouse services The Port of Bar has a capacity of 1mn containers and 6mn tons of general cargo; however, due to underutilization of the
railway network and insufficient infrastructure, the port is currently not being used to its full potential. In 2013, the Port of Bar had a throughput of c. 40,000 containers in an area of 450,000sqmt. GPH aims to direct the Serbian traffic back and serve the European countries in the vicinity as well shift some portion of the Turkey-Europe truck traffic to the Port to increase utilization. Finally, GHP plans to build a cruise pier in the Port as it has a potential to become a new route for the cruise ships.
Access to …
Free zone regime
– Benefits from a free zone regime
Intermodal transport – Represents an important link in the chain
of intermodal transport because of its
integration with the Belgrade-Bar railway
and road traffic network
16
Barcelona Cruise Port
Key Technical Features
Total pier length (meters): 2,050
Total indoor area (m2): 27,100
Date of acquisition: 2013
Concession ends: 2026 / 2030 Facilities/other:
Restaurant, Duty Free Shops,
Shuttle Bus
Shareholding Structure
GPH: 62.0%
RCCL 38.0%
Creuers holds 27-year port operation rights for four cruise terminals at the Barcelona Cruise Port and an annual operating license contract for the fifth cruise terminal, as well as 80% interest in the port operating rights for the Malaga Cruise Port and 40% interest in the Singapore Cruise Port.
The Barcelona Cruise Port, comprised of five cruise terminals, is the largest passenger port in Europe in terms of passenger arrivals and cruise calls.
In line with its investment strategy, GPH increased its stake in Creuers in September 2014 and became a controlling stakeholder.
Access to …
Modern facilities for the new generation of cruise ships
Fourth world top cruise homeport and a Mediterranean turnaround base
Leader in security and specific logistics
17
Malaga Cruise Port
Key Technical Features
Total pier length (meters): 1,312
Total indoor area (m2): 16,941
Date of acquisition: 2013
Concession ends: 2038 Facilities/other:
Restaurant, Duty Free Shops, Souvenir shops, Shuttle Bus
Shareholding Structure
GPH: 50.0%
RCCL 30.0%
Other: 20.0%
Access to …
New cruise terminal offering state-of-the-art technology in baggage handling and services offered to passengers
First-rate infrastructure for the berthing of cruises, with capacity to receive large megaships
Main activity of Malaga Cruise Port is boarding, unloading & billing of passengers, and luggage management
It operates the concession of the three cruise terminals of Port of Malaga
Malaga is an incomparable tourist destination, and is the 2nd Spanish port in the Peninsula in terms of cruise traffic
18
Singapore Cruise Port
Access to …
Strategically located Marina Bay offering a new lifestyle and financial hub
One of the largest terminals in Asia
Close to attractions such as the Singapore Flyer, Gardens by the Bay and Marina Barrage
Singapore Cruise Port Key Technical Features
Total pier length (meters): 360
Total terminal space (m2): 28.000
Concession ends: 2022
As part of the Creuers acquisition, GPH acquired 40% of SATS-Creuers Cruise Services Pte. Ltd. ("SATS Creuers") shares, which hold the operating rights of Singapore’s Marina Bay Cruise Terminal until 2022.
In order to meet the needs of mega ships entering Asia’s
cruise ship market (over 100,000 GRT cruise ships and 3,000 passenger capacity), Marina Bay Cruise Terminal has two identical piers (360 meters in length), which can dock two ships of up to 220,000 GRT, making it the largest cruise terminal in Asia.
19
Valletta Cruise Port Acquisition (VCP), Malta
GPH will control 55.60% of VCP, once all share transfers are
completed
GPH acquired an indirect 10.14% stake in VCP (Oct.19, 2015)
Transfer of the remaining shares are subject to the ongoing legal
and regulatory approvals
65 year concession from 2002
A potential medium-sized turnaround port candidate with
already c.100k turnaround Pax
Terminal services and duty-free / retail operations
Generates over US$10mn revenues and around US$5mn
EBITDA p.a.
Malta has important upside potential in the cruise sector:
Unique position for both West-Med and East-Med
itineraries
Malta’s cruise market is expected to grow faster than
the overall market in the medium term, with the
potential addition of North-African destinations back to
itineraries.
VCP, Malta in a Snapshot...
20
Gruz Port Acquisition (Dubrovnik, Croatia)
Marquee destination at Adriatic itineraries.
3km away from the old Town, which ,is a Unesco
Heritage Site.
10th largest in the world and 3rd largest in
Mediterranean in terms of transit cruise passengers.
A new cruise terminal, a modern and functional
shopping mall, a multi-story garage and a main
international city bus station is planned.
Description
Total Length of Quays(m) 1,455
Total Number of Quays 7
Terminals 2 terminals / 2,112m2
Location City Center 2km / Airport
20km
Total Pax / 2015 768,887
Total Calls / 2015 306
Turnaround Port Yes
Key Features
Cruise Traffic
21
Venice Cruise Port
Largest homeport in the Mediterranean with c.1,4mn homeport
passengers.
At the crossroads of the main road, rail and air connections just
a few steps away from the city’s center
Operates in the Marittima,S.Basilio and Rivadei Sette Martiri
areas, stretching over a surface more than 260,000m2 of which
the Terminals occupy 47,267sqm.
10 multifunctional terminals, 6 quays,1 provisions storehouse
and wide transportation areas with designated shore excursion
dispatch locations
A wide array of daily journeys to and from the Istrian peninsula
are available allowing to discover the best highlights of Venice.
Description
Total Length of Quays(m) 3,090
Total Number of Quays 6
Terminals 10 terminals / 47,267m2
Location City Center 5min /Airport 13km
Facilities/ Other Port Parking, Duty Free Shops
Total Pax / 2015 1,582,481
Total Calls / 2015 521
Turnaround Port Yes
Key Features
Cruise Traffic
22
Recent Acquisitions: Financial Indicators
(USD mn) 2013 2014 2015
Revenues 9.0 9.3 8.5
EBITDA 1.1 2.6 2.2
EBITDA Margin 12% 28% 25.8%
Port of Bar: Summary Financials
(USD mn) 2013 2014 2015
Revenues 34.1 25.6 24.7
EBITDA 18.3 15.8 16.5
EBITDA Margin 54% 62% 66.8
Port of Barcelona: Summary Financials
Port of Bar: Cargo and Container Volume Creuers: Operational Figures
39.186 39.05
229.071
365.267
0
50
100
150
200
250
300
350
400
2014 2015
Tho
usa
nd
s
Container TEU General Cargo Tonnage
1,112 1,023
781
974
0
200
400
600
800
1,000
1,200
2014 2015
Th
ou
san
ds
Cruise Call Total Passengers
23
III – Power/Gas/Mining
24
Power/Gas/Mining- Q2 2016
Tres
Power/Gas/Mining
Mining Power Gas
49 year mining license
Total feldspar sales: 216.4 tons
Export volume:
183.6tons
sales volume: 56.1mn m3
# of CNG stations: 12
Two new stations undergoing construction
Tot. contracted cap: 50 MW Installed cap: 23.5 MW
Mavi Bayrak
- Three bio-mass plants
- Total of 29.2MW generation capacity under development
Ra Solar
- 9 MW licensed solar plant
- Under development
Revenue: 97.2 mnTL EBITDA: 9.6 mnTL Net Debt: 74.7mnTL Avg. Maturity: 3.6yrs # of Employee: 570
Gas Trading and LNG (100%)
Tenera Energy (Power Wholesale and Trading) (100%)
Naturelgaz
25
Naturelgaz: Overview
Naturelgaz was established in 2004. CE acquired 25% in 2011, and increased its stake to 80% in 2012.
The company focuses on sales and distribution of bulk CNG to industrial and commercial customers. 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.
Also, Naturelgaz is the largest provider of natural gas as a transportation fuel in Turkey. Its main customers are municipalities, bus operators and logistic fleets. As such, it
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 fueling station network of mother and daughter stations in central and western part of Turkey to supply CNG to vehicles as well as its bulk customers
(USD mn) 2010 2011 2012 2013 2014 2015
Gross revenue 10.1 11.2 21.4 26.2 50.7 66.2
EBITDA 1.9 2.3 2.4 0.2 6.8 8.4
EBITDA margin 18.50% 20.30% 11.2% 0.9% 13.4% 13.0%
Total Volume (m3) 12.9 15.8 27.8 37.7 83.0 133.0
98%
2%
Naturelgaz Sales
(2015)
Bulk Auto
0
50
100
150
2012 2013 2014 2015
(m
n m
3)
Volume of Gas Sold by Business Line
Auto CNG Bulk CNG 26
Naturelgaz: Distribution Channels
SUPPLY
Mother Stations
BOTAŞ
Private Imports
Import
(Under development)
Private Producers
Dedicated Substations
Daughter Stations
Franchise Dealers
Capture CNG fleet
customers
Industrial and commercial
(bulk)
CNG Vehicles
Company owned network
27
Naturelgaz: CNG stations
28
Naturelgaz: Bulk CNG
The CNG system of Naturelgaz can satisfy natural gas requirements in wide-ranging fields from large industrial establishments to the small-scale enterprises to housing estates to villas, hotels, factories and asphalt plants.
2015 bulk CNG sales of Naturelgaz stood at 134.4mnm3 with a market share of 75%. There are currently over 1,000 customers served by Naturelgaz and its network of 5 franchises. Naturelgaz captured 19%
share from LNG + CNG market in 2015; while it aims to increase LNG+CNG marketshare a couple of points in 2016 to control at least ¼ of the market.
Naturelgaz owns 42 converted CNG trucks for CNG distribution logistics operations. Naturelgaz won the Caykur Tender for 38.5mnm3 in March 2016.
Turkish Fuel Market
29
Naturelgaz: Auto CNG
Customer segmentation:
CNG sales to: intra-city buses operated by the municipalities companies with large fleets of heavy and mid-size commercial vehicles (logistics, cement, mining)
CNG offers up to 35% fuel saving vs. diesel Exclusive contract with NGV Motori & Landi Renzo for
mono and duel-fuel CNG conversion kits in Turkey
Naturelgaz Conversion Service: 7/24 road assistance service Service points with 12 heavy truck capacity 5,000 m2 of covered service area Rapidly expanding dealership network all over Turkey
Public Transportation
Naturelgaz completed the CNG conversion of 80 public buses of Sanli Ulasim in June 2013. With this project, Sanli saves 35% on its fuel costs while Afyon residents enjoy clean and environmentally friendly transportation. Logistics
Naturelgaz completed the conversition of 30 trucks of Reysas out of 80 contracted. Reysaş is an international haulage and forwarding company operating both locally and internationally with over 1,500 vehicles. Refuse Trucks
Besides transport and logistics, another target is the waste removal sector. Naturelgaz holds a contract with Albayrak Holding, the leader in waste removal sector in Turkey. According to the contract,
60 collector trucks will be converted, and supplied by Naturelgaz.
30
GIH established Tres Energy in 2012. Tres Energy offers power generation solutions (cogeneration/trigeneration) via combined power and thermal plants to
customers as well as building micro generation facilities. Specifically, the Company 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.
As of March 2016, the total contracted generation capacity of Tres Energy is 53MW. Out of total the contracted capacity, 23.5 MW facility continues power generation. The remaining facilities with 29.5 MW capacity targets to commence generation in 2016. Tres Energy plans to finalize additional contracts with a number of industrial and commercial consumers in the near future, and grow its co-generation capacity throughout the country.
Tres Energy
(USD mn) 2014 2015
Revenue 0.3 6.5
EBITDA -0.4 1.5
Total installed capacity (MW) 17 23.5
31
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 250,000tons 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 mine exports.
Straton Maden
0
1,000
2,000
3,000
4,000
5,000
6,000
Turkey Italy China USA France Japan Spain India Portugal
Source: Istanbul Minerals & Metals Exporters' Associations
(M
n t
on
s)
Global Feldspar Production
32
Straton Maden
Source: Istanbul Minerals & Metals Exporters' Associations
(M
n t
on
s)
Source: Istanbul Minerals & Metals Exporters' Associations
Turkish Feldspar Exports
(U
SD
mn
)
(USD mn) 2013 2014 2015
Revenue 4.9 8.2 11.4
EBITDA 0.6 1.3 1.6
Sales volume (tons) 149,000 256,000 388,000
0
1
2
3
4
5
6
7
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Turkish Feldspar Production
0
20
40
60
80
100
120
140
160
2007 2008 2009 2010 2011 2012 2013
33
Energy Projects Under Development: Solar Energy and Biomass & Waste-to-Energy
Turkey is located in an advantageous geographical position in terms of solar radiation. The evaluation on solar energy potential made by EIE based on the data measured by the State Meteorological Services during 1966-1982 is revealed below.
The annual average duration of solar radiation is 2640 hours.
Average annual solar radiation is 1311 kWh/m²/year.
Turkey is considered one of the three most suitable areas globally for solar energy next to Morocco and USA.
In January 2015, at the tender held by the Turkish Electricity Transmission Company (TEİAŞ) Ra Solar won the right to build a 9 MW solar plant in Mardin, southeast Turkey. Ra Solar targets to commence generation at the Mardin project in 2016 upon completion of necessary permission processes.
Monthly Average Solar Potential of Turkey
Monthly Total Solar Radiation Sunshine Duration
Months (Kcal/cm2-Month) (kWh/m2-Month) (Hour/Month)
January 4,45 51,75 103
February 5,44 63,27 115
March 8,31 96,65 165
April 10,51 122,23 197
May 13,23 153,86 273
June 14,51 168,75 325
July 15,08 175,38 365
August 13,62 158,4 343
September 10,6 123,28 280
October 7,73 89,9 214
November 5,23 60,82 157
December 4,03 46,87 103
Regional Distribution of Solar Energy Potential of Turkey Region Total Solar Radiation Sunshine Duration
Southeastern Anatolia 1460 2993
Mediterranean 1390 2956
East Anatolia 1365 2664
Central Anatolia 1314 2628
Aegean 1304 2738
Marmara 1168 2409
Black Sea 1120 1971
Source: General Directorate of EIE
• GIH targets to utilize Turkey’s significant potential in biomass as an agricultural nation and be active in power generation based on such renewable resources throughout Turkey. GIH is also developing several waste-to-energy projects that will not only contribute to environmental protection in the country but also reduce dependency on imported resources for power generation.
• There are three ongoing biomass projects in Söke, Urfa and Mardin, with a total of 29.2 MW capacity.
• Tenera Energy commenced its electricity wholesale and trading operations and started supplying electricity to its customers nationwide.
34
IV – REAL ESTATE
35
Real Estate Division: Overview
Denizli Sumerpark
The project is a mixed-use development, including a commercial mall space on a 98,400 m² land in Denizli located in southwest of Turkey.
Van AVM
The project is the first shopping mall project in Van. The construction of the shopping mall of 26,000m2 GLA started in August 2014 and opened its doors in December 2015. Van Shopping Mall is expected to generate USD7.5mn annual rental income starting from 2016, at an average monthly rental income of USD25 / m2.
.
Vakıfhan No. 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.
The Mall:
Opened on 10 March 2011
35,500m2 GLA, 95% occupancy rate
Core tenants: Tesco Kipa, Tekzen, Joypark Bowling and Bimeks
The residence:
608 units including social facilities, swimming pool, walking tracks
The first phase of Denizli Sumerpark housing project comprised of 231 units in 3 blocks started in 2011 and was completed in Q1 2015. All units have been delivered to owners.
Commercial:
The 18th branch of Final Schools is the most recent tenant of the Sümerpark project.
The construction of the school building with a total land area of 5,545 m2 was completed in August 2014 and the school opened for the 2014-2015 education year.
SkyCity:
Construction of SkyCity office project started in Q3 2015
first phase comprising 13,500m2 sellable area and 140 office units is expected to be completed within 18 months
36
V – Brokerage & Asset Management Segment
Global Securities
Actus Asset Management
37
Global Menkul Degerler A.Ş. (Global Securities), founded in 1990, is the subsidiary through which brokerage, corporate finance advisory and
research services that first brought the Company to prominence within the Turkish financial services sector have been provided. Global Securities is currently a member of the BIST (Borsa Istanbul) and the Turkish Derivatives Exchange (Vadeli İşlem ve Opsiyon Borsası or VOB). It serves its extensive domestic and international client base via its five branches and seven liaison offices.
In 2011, Global Securities concluded an agreement for establishing a joint venture partnership with IEG-Investment Banking Group, one of
the leading international investment banking advisory companies in Europe. The joint-venture has provided three principal business units; namely, Mergers &Acquisitions, Financings and Financial Strategy; e.g. professional advisory services for merger, acquisition, debt financing, structuring and privatization transactions for all companies. The joint venture focuses on small and medium sized enterprises and aims to undertake an important mission in this area through the Growing Companies Market (GIP).
On October 30, 2015, Global Securities and Raiffeisen Centrobank of Austria signed a strategic cooperation agreement. According to the agreement, Raiffeisen Centrobank will share Global Securities Research Reports with its international customers and business partners while Global Securities is to be the only authorized investment institution of Raiffeisen Centrobank in Turkey.
On June 01, 2015, Global Securities announced that it had completed the acquisition of 100% of Eczacıbaşı Securities, another non-bank owned major brokerage company, for a total consideration of TL 22,1 million. The acquisition of Eczacıbaşı Securities, which combines two deep rooted and respected companies under one roof, will create significant synergy and result in one of largest independent brokerage companies in the sector.
Global Securities, with an equity trading volume of TL27.4bn, commands a 1.7% market share in BIST. It is currently majority owned by the Global Investment Holdings Group following an IPO in June 2011 when 25% of its shares were offered to the public. Concurrently, the Company's paid-in capital was increased to TL40,000,000 from TL30,000,000.
By acquiring 90.1% of its shares on April 21, 2015, Global Investment Holdings maintains its asset management operations with Actus
Portföy Yönetimi A.Ş.. 9.9% shares of Actus Portföy is owned by the Police Care and Assistance Funds, which has more than 80,000 partners and sizeable assets of TL 1.3 billion. Since April 2015, Actus Company has grown by 50%, managing TL260mn in AUM as of 30 September 2016.
Brokerage & Asset Management Segment
38
V – APPENDIX
39
Balance Sheet
(TL mn) 30 June 2016 31 Dec 2015
ASSETS
Current Assets 648.0 671.4
Cash and Banks 218.4 296.2
Marketable Securities 3.0 15.5
Trade Receivables 154.1 142.8
Inventories 68.1 59.5
Other Receivables and Current Assets (1) 204.4 157.4
Non-current Assets 2,805.1 2,767.4
Financial Assets 7.4 7.2
Investment Properties 374.0 374.9
Tangible Fixed Assets 609.6 563.5
Intangibles and Concession properties 1,519.2 1,557.1
Equity Pickup Investments 39.4 19.3
Goodwill 56.1 56.2
Deferred tax assets 95.7 81.9
Other receivables and non-current assets (2) 103.8 107.3
TOTAL ASSETS 3,453.1 3,438.8
LIABILITIES
Short term liabilities 821.3 656.3
Financial debt 580.3 425.5
Trade Payables 155.4 143.5
Accrued liabilities and other payables 85.6 87.3
Long term liabilities 1,710.4 1,807.9
Financial debt 1,299.7 1,394.5
Provisions and other long term liabilities (3) 73.8 63.3
Deferred tax liabilities 336.9 350.1
Total Shareholders' Equity 921.5 974.6
Paid in capital 193.5 193.5
Profit/ (loss) for the period -45.1 -48.0
Treasury shares -22.1 -22.1
Reserves 287.2 271.3
Previous years' profit/loss 107.6 166.1
Minority Interest 400.4 413.9
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3,453.1 3,438.8
(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
40
Income Statement
(TL mn) H1 2016 H1 2015
Total gross revenues 280.5 234.1
Cost of sales and services -188.2 -170.4
Gross Profit 92.4 63.7
Operating expenses -90.6 -65.1
Other operating income/(loss), net -2.4 5.9
Equity pickup asset gains/(losses) 2.2 1.6
Gross operating profit/(loss) 1.6 6.1
Financial income/(expenses), net -69.2 -82.7
Profit/(loss) before tax -67.5 -76.6
Taxation 22.1 24.3
Profit/(loss) after tax -45.4 -52.3
Minority interest -0.3 -0.6
Net profit/(loss) for the period -45.1 -51.6
EBITDA 79.3 77.7
41
Debt Position
Holding standalone debt (TL m) Currency Interest Rate
Year of
Maturity Amount TL mn
Eurobond, gross USD fixed 2017 116.0
TL bond TL floating 2016 85.0
TL bond TL floating 2016 110.0
TL bond TL floating 2017 40.0
TL bond TL floating 2017 50.0
Secured bank loans TL floating 2016 (1) 89.0
Secured bank loans USD floating 2016 (1) 14.6
Secured bank loans EUR floating 2019 (2) 57.6
Gross debt 562.1
Cash and Cash Equivalents 63.2
(I) - Net Financial Debt (TL m) - standalone -498.8
Project Company debt by segment (TL m) 2016 2017 2018 2019+ Amount TL mn
Ports 24.3 49.3 42.0 885.1 1,000.8
CNG/Power/Mining (3) 40.1 44.2 42.0 106.0 232.2
Real Estate 6.6 19.6 22.1 89.3 137.7
Gross debt 71.1 113.1 106.1 1,080.4 1,370.7
Cash and Cash Equivalents 229.5
(II) - Net Financial Debt (TL m) - project company (TL m) -1,141.2
(I) + (II) - Consolidated Net Debt (TL m) -1,640.0
(1) Dedicated loan facility. Balances paid can be redrawn. TL50mn of TL outstanding balance has been paid back on 1/7/2016. (2) EUR10.4mn portion is dedicated loan facility. Balances paid can be redrawn. (3) TL19.2mn (EUR6mn) loans of Straton is a revolving facility, where balances paid can be redrawn.
42
Outstanding Bonds
Eurobond Turkish Lira Turkish Lira Turkish Lira Turkish Lira
Issue Date December 2011 May 2014 May 2015 December
2015 April 2016
Amount USD40mn TL85mn TL110mn TL40mn TL50mn
Maturity 06/2017 11/2016 05/2017 12/2017 07/2018
Currency USD fixed TL floating TL floating TL floating TL floating
Rating BBB- (Stable)
JCR BBB- (Stable)
JCR BBB (Stable)
JCR BBB (Positive)
JCR
Float c.37% 100% 100% 100% 100%
43
Ratings
In December 2015, JCR Eurasia Rating affirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’ along with ‘Stable’ outlooks for all notes of GIH.
In November 2015, JCR Eurasia Rating affirmed its Long Term International Foreign and Local Currency Ratings as ‘BBB-’ and Stand Alone ‘AB’ rating for GPH.
Global Liman İşletmeleri A.Ş. Istanbul – November 17, 2015
Long Term International Foreign Currency BBB-/ (Stable Outlook)
Long Term International Local Currency BBB- / (Stable Outlook)
Long Term National Local Rating A- (Trk) / (Positive Outlook)
Short Term International Foreign Currency A - 3 / (Stable Outlook)
Short Term International Local Currency A - 3 / (Stable Outlook)
Short Term National Local Rating A-1+ (Trk) / (Stable Outlook)
Sponsor Support 3
Stand Alone AB
Global Yatırım Holding A.Ş. Istanbul – December 30, 2015
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)
Short Term International Foreign Currency A-3 / (Stable Outlook)
Short Term International Local Currency A-3 / (Stable Outlook)
Short Term National Local Rating A-3 (Trk) / (Stable Outlook)
Sponsor Support 2
Stand Alone B
44
Corporate Governance
Based on the Capital Markets Board’s (CMB) Corporate Governance principles of November 2015, GIH was rated 8.79 out of 10 and, as such, found suitable to remain in the BIST Corporate Governance Index.
Final rating scores are determined by separate weighting of four sub-section pursuant to related resolution of
CMB.
Breakdown of individual rating scores for each sub-section is as follows:
Sub-Sections Rating Shareholders (25%) 88.60 Public Disclosure and Transparency (25%) 88.18 Stakeholders (15%) 88.90 Board of Directors (35%) 86.85
Confirmed Company Rating: 8.79
45
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
facebook.com/GLYHOIR
twitter.com/GLYHOIR
46
