GLOBAL INVESTMENT HOLDINGS
Investor Presentation
June 2018 Copyright © 2018 Global Investment Holdings
Who we are now 5
Who we will become 10
Who we were 3
Who We Were A Brokerage Firm
3
A brokerage firm
Total Assets: TL 241mn (as of 31.12.2005)
Total Equity: TL 140mn (as of 31.12.2005)
Who we are now 5
Who we will become 10
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)
18x
11x
Portfolio Overview Investment Holding with a focus on Infrastructure and Energy
6
A brokerage firm that transforms into a diversified conglomerate in 12 years,
increasing total assets 18x and total equity 11x along the way
Port Power/Gas/ Mining
► Power
Co/Tri-generation with 54.1 MW installed
capacity
2 biomass plants with 17.2 MW installed
capacity and additional 108MV coming up
by Q4 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.77% market share in sole
CNG market. 14 CNG stations with 148
mn m3 sales volume & c.19% market
share in CNG/LNG (non-piped gas) market
► Mining
One of Turkey’s leading players in
industrial minerals with about 650k tons
volume
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
Finance
► Actus Asset Management: one of
the leading independent asset
management companies serving multi
national and Turkish corporate
investors with an innovative product
portfolio ( AUM: TL847mn)
► Global Securities: one of the leading
independent brokerage firms with a
pioneer position in Turkey
► World’s largest cruise port operator
with 14 cruise and 2 commercial ports
in 8 countries
► c.7.3m pax annually with dominant
presence in the Med
► Listed on London Stock Exchange
Portfolio:
Havana: Major port of Cuba, largest
island in the Caribbean
Barcelona: Highest turn around pax
in Europe
Venice: One of the 3 main hubs of
Mediterranean
Valletta: Growing home port
operations
Singapore: One of the 3 main home
ports of Asia
Lisbon: Significant homeport in the
Atlantic
Antalya: The largest export
commercial ports in Turkey
Ege: Largest cruise port in Turkey
Bar, Bodrum, Cagliari, Catania,
Malaga, Ravenna
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 Borsa Istanbul (BIST) (‘GLYHO’).
Shareholding Structure as of 4/06/2018
7
Centricus 30.7%
Mehmet Kutman*
22.4%
Treasury 9.6%
Lansdowne 8.0%
Other 29.3%
*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)
FEMS
Investment in fashion,
entertainment, sports and media
Representative Transaction:
• Chalayan
Who we are now 5
Who we will become 10
Who we were 3
10
We intend to stay focused on our strategic sectors
• 125MW targeted installed capacity by Q4 2020
in biomass power generation
• Targeting up to 400MW installed capacity in
renewable energy and energy efficiency in the
next three years
• Selectively participate in major renewable
tenders such as the recently announced YEKA
Wind and the future YEKA Solar projects
• Acquire mid-to-big ticket operating and 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
Make inorganic acquisitions in high-
value regions of Americas, consolidate
the market further while looking for
horizontal growth in port/passenger
related businesses
• Double the number of ports and triple the
numbers of passengers in the mid-term
• Sail for the American continent, and reproduce
the success we achieved in the Med
• Implementing B2C and B2B revenue
opportunities to improve passenger experience
at our cruise ports, similar to the strategies
successfully implemented by airport operators
• Delivering growth and cash from the
commercial ports services, capacity utilization
and taking advantage of recent investments
• Continuing to enhance the competitive
advantage achieved through first-mover
advantage
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 short term
• Create an infrastructure fund for international
investors that will invest in infrastructure
projects with significant treasury guarantees
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 infrastructure (ports), clean energy (biomass, solar,
co-generation), and asset management.
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
737 726 743
975 913
1,595
2012 2013 2014 2015 2016 2017
TL
m
Total Equity
208 190
111
218 231
278
2012 2013 2014 2015 2016 2017
TL
m
EBITDA
166
247
357
552
630
806
2012 2013 2014 2015 2016 2017
TL
m
Turnover
Financial Highlights
(TL mn) As of 31.03.2018
13
Net revenues 1Q 2018 1Q 2017 %change FY 2017 FY 2016 %change
Gas 29.4 44.4 -34% 212.2 172.2 23%
Power 17.8 6.0 200% 35.5 16.4 117%
Mining 12.9 12.5 3% 60.7 36.2 68%
Ports 78.6 67.3 17% 424.5 347.0 22%
Brokerage & Asset Management 12.5 8.8 42% 41.4 30.3 36%
Real Estate 8.2 7.4 11% 31.4 25.8 22%
Holding stand-alone 0.0 0.0 NA 0.0 0.0 NA
Others 0.1 0.1 -17% 0.3 2.1 -88%
GIH total 159.5 146.5 9% 805.9 630.0 28%
Operating EBITDA 1Q 2018 1Q 2017 %change FY 2017 FY 2016 %change
Gas 0.2 1.2 -81% 11.4 21.5 -47%
Power 0.2 -0.1 NA 0.0 -0.6 NA
Mining 1.1 0.5 126% 1.7 6.1 -72%
Ports 43.3 38.1 14% 274.6 229.5 20%
Brokerage & Asset Management 1.0 -1.3 NA 1.8 -9.3 NA
Real Estate 5.3 5.7 -6% 20.6 18.1 14%
Holding stand-alone -7.2 -8.6 16% -26.3 -31.7 17%
Others -3.1 -1.3 -148% -5.4 -3.3 -63%
GIH total 40.7 34.2 19% 278.4 230.6 21%
The evolution of key financial indicators
14
Debt Position
As of 31.03.2018
Holding standalone debt (TL m) Currency
Interest
Rate
Year of
Maturity Amount TL mn US$ mn
Eurobond, net USD fixed 2022 12.8 3.2
TL bond TL floating 2019 14.8 3.7
TL bond TL floating 2020 25.0 6.3
TL bond TL floating 2018 50.0 12.7
TL bond TL floating 2019 50.0 12.7
Secured bank loans EUR floating 2019 123.8 31.4
Gross debt 276.4 70.0
Cash and Cash Equivalents 105.4 26.7
(I) - Net Financial Debt (TL m) standalone 171.0 43.3
Project Company debt by segment (TL m) 2018 2019 2020 2021 2022+ Amount TL mn US$ mn
Ports 71.2 64.2 59.4 1,022.6 90.3 1,307.8 331.2
CNG/Power/Mining 105.3 56.9 53.9 50.5 80.9 347.4 88.0
Real Estate 26.9 21.2 20.9 20.1 56.3 145.5 36.8
Gross debt 203.4 142.4 134.2 1,093.2 227.5 1,800.7 456.0
Cash and Cash Equivalents 407.7 103.2
(II) - Net Financial Debt (TL m) - project
company (TL m) 1,393.0 352.8
(I) + (II) - Consolidated Net Debt (TL m) 1,564.1 396.1
The evolution of key financial indicators
15
Chairman & CEO, CFO and Group CEOs
A Team of Industry Specialists
Mehmet Kerem Eser CFO
Gülşeyma
Doğançay CEO, Global
Securities
• Founding shareholder, Chairman and CEO of Global
Investment Holdings. Actively involved in business
development at the Company level
• Member of TUSIAD (Turkish Industry & Business
Association) and DEIK (Foreign Economic Relations
Board).
• Holds a BA from Boğaziçi University and an MBA
from the University of Texas.
Mehmet Kutman Chairman & CEO
• Serves as the Group’s CFO since December 2007
• Formerly held CFO role at PEMI, an Australian
listed oil company (now Tapcor)
• Began career as an auditor at Coopers&Lybrand
• Holds MBA degree from Bogazici University and
BSc in Industrial Engineering from Middle East
Technical University
• Qualified as an Independent Financial Advisor
(SMMM)
Hasan Tahsin
Turan CEO, Naturelgaz
• Appointed as CEO of Global Securities
in 2017
• Has 24 years of experience in Global
Securities
• Former Assistant General Manager
responsible from Domestic Sales &
Marketing
• Completed one year language certificate
program at Embassy English in UK
• Holds a BSc degree in Business
Administration from Uludağ University
• Serves as CEO of Naturelgaz since
February 2017
• 17 years of experience in the group
(GIH)
• Held several positions such as CFO,
Global Securities and Director,
Energy Group
• Holds a BSc. Degree in Petroleum
and Natural Gas Engineering from
METU
• Serves as CEO of Actus Portfolio
Management since 2015
• Holds a BA in Political Sciences and
International Relations from Ankara
University
• Has 20 years of experience in the
sector.
Barış
Hocaoğlu CEO, Actus
Asset
Management
• Has 20 years of C-Level experience in global
businesses
• Managed the brand experience at Verizon,
consumer business at Turkcell, business
development at Vimpelcom Group and
marketing at Microsoft Turkey
• Holds a postgraduate degree in Systems
Engineering at Rutgers and Princeton
Universities
Emre Sayın CEO, Global Ports
Holding
• Serves as CEO of Power and
Mining Division since 2013
• Formerly held Head of Business
Development role at GIH
• Holds MBA degree from Babson
College and Bachelor of
Architecture from METU
Atay
Arpacıoğulları CEO, Global Energy
PORTS
17
Global Ports Holding Plc (GPH) Snapshot
8
Countries
23%
Market share in
Mediterranean
14
Operating
cruise ports
Passengers
7.3m
2
Operating
commercial ports
GIH 65.6%
Free Float 34.4%
Global Ports Holding Plc (GPH) World’s largest independent cruise port operator
18
2 out of Top 5 Mediterranean Cruise Ports
(2017 Pax, ’000s)
1,428
1.487
2.11
2.204
2,712*
Venice
Marseille
Balearic Islands
Civitavecchia
Barcelona
13.8%
2.7%
4.1%
6.1%
9.2%
11.7%
18.7%
33.7%
0.0% 10.0% 20.0% 30.0% 40.0%
Other
South America
Alaska
Aust/NZ/S. Pac
Asia
Europe ex Med
Mediterranean
Caribbean
Global Cruise Market Share (2017 Pax)
GPH Cruise Ports
Ports: Location Overview
Dominant Position in the Mediterranean Cruise Port Landscape and
Established Foothold the Caribbean and Asia
GPH Cruise Ports GPH Commercial Ports Country (Number of Ports)
J
.
I
K
D E
J B K
C A
KI
HH
G
F
19
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
(extension potential 2056)
Malaga Cruise Port Three cruise terminals of
Port of Málaga
Pax 2017: 510k
End of concession:
o 2038 Levante (extension
potential,2050)
o 2041 Palmeral
(extension potential,2054)
Ege Ports Kuşadası
Busiest cruise port in Turkey,
located near Ephesus and
the House of the Blessed
Virgin Mary
Pax 2017: 189k
End of concession: 2033
(extension potential 2052)
Barcelona Cruise Port
One of the largest cruise
homeports;
Pax 2017: 1,884k
End of concession:
o 2030 Adossat (extension
potential,2053)
o 2026 WTC (extension
potential, 2050)
Lisbon Cruise Port
Port of call for cruises;
operates three cruise
terminals and a new
terminal completed in 2017
Pax 2017: 521k
End of concession: 2049
Singapore Cruise Port
The operation of Terminal
Marina Bay Cruise Centre
Pax 2017: 878k
End of concession: 2022
(applied for 5-year extension,
with high likelihood of
approval)
Valletta Cruise Port
Significant cruise operations
with more than 20%
turnaround
Pax 2016: 779k
End of concession: 2066
Antalya Cruise Port
High capacity commercial
port with a dominant position
in export traffic for its
hinterland. Also active in
cruise operations
Pax 2017: 40k
End of concession: 2028
(extension potential,2047)
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
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 Asia
Havana Cruise Port
Cuba’s major port and
commercial center
Pax 2017: 328k
15-year management
agreement
L
Caribbean
Global Ports Holding Plc (GPH) Strategically Located Commercial Port Operations
20
• 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
• Grow recently established
presence in largest cruise market
• Seeking one or more marquee
ports to drive market penetration
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
21
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
8 Ports
2 Ports
2 Ports
4 Ports
1 Port
1 Port
3 Ports 1 Port
Global Ports Holding Plc (GPH) Strong Pipeline with Clearly Identified Opportunities
22
1 Port
• A well-diversified portfolio helped the Group
in offsetting the weakness in Turkish Cruise
by the strong performance of the
Commercial business and non-Turkish
cruise ports in the network, maintaining
Segmental EBITDA margin at a high level of
69%
• 2017 Cruise division’s financial performance
was impacted negatively from lower
contribution of higher yielding Turkish ports
due to the geo-political challenges but non-
Turkish ports grew strongly with revenues up
9.9% and EBITDA up 6.3%
• Weakness in Turkish cruise ports expected
to continue into 2018. Passengers and
revenue are expected to stabilize. Some
cruise lines have begun to communicate
their plans to visit GPH’s Turkish ports in
2018, a good sign of recovery
• Strong performance in commercial ports with
revenues up 7.9%, and EBITDA up 9.7%
• A total dividend of USD35m in 2017 (41.7p
per share)
89% 89% 82%
2015 2016 2017
Global Ports Holding Plc (GPH) Resilient Financial Profile with High Margins and Strong Cash Conversion
CAGR
10%
(3%)
23
3.2 3.5
4.1
4.8
6.6 7.0
2015 2016 2017
Consolidated BasisPorts 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
7%
4%
Total Segmental
EBITDA margin
70% 70%
Resilient financial profile with high margins and strong
cash conversion
69%
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
25
► 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
26
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
Industrial 90%
Shopping Center 10%
operational
Samsun
10,1MW
Çerkezköy
6,7MW
Ankara
4,0MW
Bandırma
8,7MW
İzmir
6,7MW
Van
1,5MW
Uşak
11,0MW
Lüleburgaz
5,4MW
Power: Tres biggest co/trigeneration supplier with 54.1MW
27
► 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 54.1MW
► 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)
54.1MW
Customer Breakdown by Sector and Capacity
Development of Installed Capacity
5.4
11.0
10.1
6.7
6.7
8.7
1.5 4,4
Jun-18
MW
Customer 8
Customer 7
Customer 6
Customer 5
Customer 4
Customer 3
Customer 2
Customer 1
12,1
16,8
15,4
6.0 3.8
54.1
250.0
2013 2014 2015 2016 2017 2018 2025
MW
Power: Solar 2 ongoing projects
28
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 Europe’s largest CNG (Compressed Natural Gas) distributor
► Naturelgaz, a 93.7% subsidiary of GIH and established in 2005, is
Europe’s largest CNG distributer as per mother station infrastructure
and bulk sales volume as of 2017.
► The company focuses on sales and distribution of bulk CNG to
industrial and commercial customers
► The company distributed 148 mn Sm3 of CNG in 2017 and reached
to 18,3% market share in total non-piped gas market in Turkey while
has 26% market share in it’s filling plants’ covered hinterlands.
Naturelgaz has also reached 77% share in sole CNG market.
► Naturelgaz is also focused on the road transport sector to
supplement existing bulk CNG sales. Compared to other energy
sources, the use of Auto CNG in road transportation provides two
important advantages are cost savings and environmental
sustainability.
Strategy
► In Turkey, there are many zones that natural gas has not reached
either because of geographical obstacles or infeasible economics.
Supplying CNG into pipeline of remote towns in Turkey, in
cooperation with local gas distributors, where there is no natural gas
distribution infrastructure
► Carrying the experience and investments to the surrounding markets
such as Africa where the underdeveloped power infrastructure and
strong growth are.
► Developing Auto CNG projects in cooperation with OEM producers
and conversion companies
14 CNG plants
80 trucks
50,000 CNG cylinders
45 industrial scale compressors
~9 times increase in sales
volume in 6 yrs between 2011 -
2017
Naturelgaz CNG Plants / Auto CNG Stations Network
CNG sales (mn m³)
Revenue (mn USD)
29
11
58
2011 2017
16
148
2011 2017
► Straton, a 97.7% owned subsidiary of GIH, was acquired in 2013.
► Straton is among the top five feldspar producers in Turkey with
626,000 tons of annual feldspar production of which 80% is
exported.
► Straton has substantial feldspar reserves, mine processing facilities
and commercial teams based in the West Aegean region of Turkey.
► Feldspar is a crucial ingredient for the quality manufacturing of
ceramics and glass, reducing the manufacturing temperature and
saving vast amounts of energy as well as carbon emissions.
► Turkey is the global leader in feldspar mining with 5mn tons of
production. Turkey’s feldspar exports to Spain, Italy, Russia and
the Far East amounted to 3.2% of Turkey’s overall mine exports.
Strategy
► Aims to become a leading player in the global feldspar market by
extracting feldspar in the most efficient and environmentally
responsible manner
► To this ends, Straton has completed an investment program that
includes establishment of new separation and enrichment facilities
besides expansion of existing production capacity.
► By way of the new facilities under operation, Straton plans to
gradually increase feldspar sales over the next two years and more
than double its current annual production volume entering various
new export markets in order to become one of the leading players
in the sector.
► Geographical expansion into new markets such as the Far East
Mining: Straton - Feldspar
30
388 405
626
2015 2016 2017
Sales Volume Developments (000 ton)
Asset Management Segment
Asset Management: Actus
ACTUS
► Actus is the second largest portfolio management company which has domestic capital and without a bank/brokerage
house /insurance company as a subsidiary.
► AUM: c. TL847mn
► Actus is the founder of Turkey’ first infrastructure fund invested in a healthcare PPP project in Turkey. Investments of
the Fund in the Project Company compose of equity investments and a subordinated shareholder loan that qualifies as
mezzanine financing
► Actus is the founder of Turkey’s first corporate venture capital fund investing in technology firms with a vision of being a
global player
► Managing 4 pension, 6 mutual, and 2 alternative investment funds as well as several discretionary mandates, Actus is
the only full fledged asset manager in Turkey
Strategy
► Besides organic growth, Actus’ strategy is to acquire independent asset management companies to boost AuM in the
short term
► Launch a Turkish regional infra fund up to USD 1bn jointly with Centricus
32
Brokerage
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
35
Brokerage: Global Securities
Global Securities ► Global Securities is an independent and listed company on BIST that provides capital market brokerage
services to individuals and corporates; local and international investors.
► Global Securities has received 40 international awards with its many accomplishments in Turkey, among
which “The non-bank intermediary institution with the biggest trading volume since the foundation of Borsa
Istanbul” over the years.
► Has mediated close to 100 corporations establish an initial public offering, has also contributed with 5bn
USD to the Turkish Capital Market.
Strategy
Configured with the vision of being a pioneer of the sector in Turkey, Global Securities holds the strategy of
serving its clients with the accumulation of information and experience in the capacity of being a leading and
dependable brokerage institution.
36
APPENDIX
Balance Sheet
38
(TL Million) 31 Mar 2018 31 Dec 2017
Current Assets 1,306.6 940.6 Cash and Banks 373.5 439.9
Marketable Securities 4.2 5.5
Trade Receivables 192.4 195.3
Inventories 45.3 98.3
Other Receivables and Current Assets (1) 691.2 200.8
Assets classified as held for sale 491.3 0.9
Non-current Assets 3,209.0 3,430.5 Financial Assets 5.4 5.4
Investment Properties 0.0 379.7
Tangible Fixed Assets 977.5 930.2
Intangibles and Concession properties 1,873.2 1,799.1
Equity Pickup Investments 102.2 93.2
Goodwill 69.4 72.0
Deferred tax assets 97.9 92.3
Other receivables and non-current assets (2) 83.4 58.5
TOTAL ASSETS 4,515.6 4,371.0 LIABILITIES
Short term liabilities 921.3 729.5 Financial debt 497.4 451.0
Trade Payables 163.2 172.8
Accrued liabilities and other payables 76.3 105.7
Liabilities directly associated with assets held for sale 184.5 0.0
Long term liabilities 1,998.3 2,046.7 Financial debt 1,465.9 1,537.0
Provisions and other long term liabilities (3) 118.6 107.8
Deferred tax liabilities 413.8 401.9
Total Shareholders' Equity 1,596.0 1,594.8 Paid in capital 325.9 325.9
Treasury shares -50.6 -41.0
Reserves 685.8 547.8
Previous years' profit/loss 144.4 483.1
Profit/(loss) for the period -56.6 -329.2
Minority Interest 547.1 608.1
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,515.6 4,371.0
(1) held for sale assets, non-trade receivables including related parties, tax receivables and others (2) long term non-trade receivables including related parties, advances, prepaid expenses and others (3) non-trade payables including related parties, long term provisions and other liabilities
Income Statement
39
(TL mn) Q1 2018 Q1 2017 FY 2017 FY 2016
Total gross revenues 151.3 139.1 805.91 629.99
Cost of sales and services -131.6 -116.9 -564.04 -409.92
Gross Profit 19.7 22.2 241.87 220.07
Operating expenses -52.3 -45.0 -244.72 -188.18
Other operating income/(loss), net -1.9 -1.8 -207.96 -7.67
Equity pickup asset gains/(losses) 3.7 1.5 10.37 7.28
Gross operating profit/(loss) -30.7 -23.1 -200.45 31.50
Financial income/(expenses), net -53.8 -56.9 -203.53 -172.86
Profit/(loss) before tax -84.5 -80.0 -403.98 -141.36
Taxation 6.9 10.0 17.58 5.75
Profit/(loss) after tax -77.6 -69.9 -386.40 -135.61
Net profit/(loss) from discontinued operations 2.2 4.0
Minority interest -18.8 9.2 -57.24 -5.71
Net profit/(loss) for the period -56.6 -56.8 -329.15 -129.90 EBITDA 40.7 34.2 278.4 230.6
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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