01.01.2015 - 31.03.2015 financial & operational · pdf filemain financial indicators ......

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01.01.2015 - 31.03.2015

Financial & Operational

Highlights

2015 January – March Financial Results

Detailed Information by Operating Segments

Contracting Group

Agri – Industry Group

Real Estate Development Group

2

Content

3



Contracting Group



Content

Basic Balance Sheet Items (Million TRY) 31 Dec 14 31 Mar 15 Change (%)**

Total Assets 4.955 5.346 8▲

Shareholders' Equity 1.996 2.067 4▲

Basic Income Statement Items (Million TRY)

01 Jan -

31 Mar 14

01 Jan-

31 Mar 15 Change (%)

Revenues 1.149 1.091 5▼

Gross Profit 216 115 46▼

EBITDA* 169 74 56▼

Operational Profit 140 27 81▼

Income Before Tax 172 88 49▼

Net Profit 142 85 40▼

4

Main Financial Indicators

* Earnings before interest, tax, depreciation and amortization

** In this presentation, figures expressing magnitude are rounded to integers. % change and margin figures, on the other hand, are

computed by using the exact (not-rounded) magnitude figures. For this reason, % change and margin figures that are computed by

dividing the magnitudes in the presentation may differ to some extent from those presented in the graphs and tables.

Sales Revenue

5

Consolidated (Million TRY) By Segment (Million TRY)

By Segment (%)

Contracting Agri Industry Real Estate Other

609

514

7 19

485

586

7 13

2014/3 2015/3

2014/3 2015/3

1.149 1.091

44% 54%

1% 1%

2015/3

53%

45%

1% 2%

2014/3

EBITDA

6

Consolidated EBITDA (Million TRY) EBITDA by Segment (Million TRY)


52

118

0

-1

18

60

-1 -4

2014/3 2015/3

2014/3 2015/3

169

74

EBITDA Margin

7

Consolidated (%) By Segment (%)


8,5

23,0

-0,8 -6,1

3,8 10,3

-14,7

-28,6

2014/3 2015/3

2014/3 2015/3

14,7

6,8

Net Profit

8

Consolidated (Million TRY) By Segment (Million TRY)


24

101

0

17 14

49

0

23

2014/3 2015/3

2014/3 2015/3

142

85

Net Profit Margin

9

Consolidated (%) By Segment (%)


3,9

19,7

1,5

90,6

2,9 8,3

-5,1

167,1 2014/3 2015/3

2014/3 2015/3

12,4

7,8

Net Cash Position*

10

Consolidated (Million TRY) By Segments (Million TRY)

* Net of bank loans, leasing payables, cash and cash equivalents.


-612

69

-91

636

-719

231

-66

664 2014/12 2015/3

2014/12 2015/3

1

109

11



Contracting Group



Content

Contracting Group Backlog as of

31 March 2015

12

* Not included in the consolidated revenues.

- Expected end date” refers to the mechanical completion date.

Project Location

Expected End

Dates

Revenue

Based

Completion

Rate

Remaining

Amount (US$)

Çiftehan-Pozantı Motorway Turkey 21.03.2015 327.341.066 $ 231.266.463 $ 98,1% 4.399.441

Prov. of Pipeline and Facilities Repair Services for BTC Turkey Turkey 10.09.2016 136.200.000 $ 136.200.000 $ 24,0% 103.574.328

Tüpraş - Residuum Upgrading Project of Izmit Refinery Turkey 30.04.2015 551.350.000 $ 551.350.000 $ 97,0% 16.572.850

Toros Tarım Samsun Plant Investment Project* Turkey 26.08.2015 176.743.399 $ 176.743.399 $ 73,5% 46.877.612

Supply and Fabrication of Pancakes of Top Sides Modules Turkey 30.09.2015 47.298.612 $ 47.298.612 $ 58,6% 19.598.738

Supply and Fabrication of Steel Structure Type Pancakes Turkey 20.04.2015 18.063.236 $ 18.063.236 $ 79,9% 3.626.110

Supply of Flare Tower Turkey 30.05.2015 2.919.000 $ 2.919.000 $ 0,0% 2.919.000

TANAP Project Lot3 Turkey 25.12.2017 563.959.000 $ 563.959.000 $ 0,0% 563.959.000

TURKEY TOTAL 761.527.079

New Management Office Project of SOCAR Azerbaijan 30.06.2015 385.443.450 $ 385.443.450 $ 96,9% 11.760.157

Baku Olympic Stadium Additional Completion Works Azerbaijan 30.05.2015 209.183.309 $ 209.183.309 $ 54,9% 94.399.280

Shah Deniz Stage 2 Fabrication of Offsite Facilities Azerbaijan 03.06.2017 262.365.979 $ 262.365.979 $ 17,9% 215.388.876

Shah Deniz Stage 2 Onshore Terminal Facility - Sangachal Terminal Azerbaijan 22.09.2017 349.697.605 $ 349.697.605 $ 15,6% 295.000.148

Baku Olympic Stadium Compound Area Works Azerbaijan 31.03.2015 5.892.369 $ 5.892.369 $ 99,2% 49.954

AZFEN Projects** Azerbaijan 1.713.648.541 $ 685.459.416 $ 27,7% 495.681.643

AZERBAIJAN TOTAL 1.112.280.058

Propylene Oxide Process Unit S. Arabia 30.09.2015 161.210.768 $ 161.210.768 $ 76,5% 37.927.054

SAUDI ARABIA TOTAL 37.927.054

OCP Slurry Pipeline Project Khouribga - Jorf Lasfar Morocco 31.07.2014 455.365.805 $ 455.365.805 $ 94,8% 23.795.066

MOROCCO TOTAL 23.795.066

Qatar Primary Routes North Roads Contracts 2&3 Qatar 30.09.2013 783.338.701 $ 783.338.701 $ 99,1% 6.723.166

Additional Work for North Road Project Qatar 30.06.2014 93.000.000 $ 93.000.000 $ 92,6% 6.908.324

Design and Construct Service Road Enhancement to North Road Corridor Qatar 25.06.2016 591.909.930 $ 591.909.930 $ 57,6% 251.211.449

QATAR TOTAL 264.842.939

TOTAL 2.200.372.196

Current

Contract Price

Tekfen

Portion

Contracting Group Growth

13

The backlog, which was at USD 2,4 billion as of 2014-end, decreased to USD 2.2 billion as of

end of March 2015, with the effect of the completed works in Q1.

As of end of March 2015, the backlog outside Turkey adds up to 65% of total backlog.

Backlog (US$million)

0

500

1.000

1.500

2.000

2.500

3.000

569 484 484 368 237 159 111 72 75 34 36

555 561 474 754 762

175 201 242 167 264

1.535 1.350

1.668 1.257 1.225

1.794

1.449 1.589

2.524 1.619 1.439

Abroad Turkey

744 685 726 535

501

1.694

1.461

1.740

1.333 1.259

1.830 2.005

2.150

2.998

2.373 2.200

Contracting Group Ongoing Projects

Backlog Breakdown by Regions Backlog by Project Types

14

Region Million USD

Caspian Region 1.112

Turkey 762

Middle East 303

North Africa 24

Total 2.200

Project Type Million USD

Industrial Facilities 1.107

Pipeline 691

Motorway 269

Buildings 106

Fabrication Works 26

Total 2.200

Middle

East

14%

North

Africa

1%

Caspian

51% Turkey

35%

Industrial

Facilities

50%

Pipeline

31%

Buildings

5%

Motorway

12% Fabrication

Works 1%

Contracting Group

15

Revenues &

EBITDA Margin

The EBITDA margin which was at -1.4% level by the end of 2014, is at 3.8% as of end of

March 2015. 2015 full-year EBITDA margin expectation is 6.9%

Revenues (Million US$) and EBITDA Margin (%)

545 534

1.073 1.031 1.319

1.341 1.111

1.864

2.395 2.327

2.768

2.179

5,1%

12,7% 12,0%

7,3%

8,5% 11,2%

13,2%

9,3%

5,9%

-4,3%

-1,4%

6,9%

-5%

0%

5%

10%

15%

-1.000

-500

0

500

1.000

1.500

2.000

2.500

3.000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

Ciro Marj

16



Contracting Group



Content

FERTILIZERS

Global Developments

In 2015/Q1, nitrogenous fertilizers’ prices were soft due to oversupply in the market. Year-on-year decrease

in average price of urea and ammonium nitrate was 13% and 11%, respectively.

Average price of ammonia decreased by 25% quarter-on-quarter.

DAP and compound fertilizer prices remained flat in Q1.

Developments in Turkey

Fertilizer consumption in Turkey increased by 1% compared to 2014/Q1.

17

17

Agri-Industry Group Developments

2015/Q1 Domestic Sales

and Market share

And

Toros Agri Domestic Sales

18

Domestic Sales By Product (1,000 Tons)

AN 26 AN 33 AS UREA DAP COMP

166

146

26 25 21

204

159

185

24

51

31

184

2014/Q1 2015/Q1

Sales volume in Q1 increased by 8% compared to 2014/Q1.

AN26 sales decreased due to lower demand in Turkey.

Compound fertilizers’ sales decreased due to delayed sowing of industrial products such as corn, cotton and

sunflower caused by rainfall.

517 592

71 42

28% 30%

0%

5%

10%

15%

20%

25%

30%

0

200

400

600

800

1.000

2014/Q1 2015/Q1

1,0

00 T

ons

Dealer Sales Wholesale Market share

634 588

Toros Agri

19

Domestic Sales Prices (USD/ton)

2015/Q1

Domestic Sales Prices

2014/Q1 2015/Q1 Change

AVERAGE PRICE (USD/TON) 359 339 -5%

AN 26 AN 33 AS UREA DAP COMP

314 355

224

441

508

390

275

319

207

376

524

392

2014/Q1 Ave. 2015/Q1 Ave.

2015/Q1

Production and Imports Toros Agri

20

Production (1,000 tons) Imports (1,000 tons)

CUR: 93% (2014/Q1: 89%)

Compound fertilizers’ production decreased due to lower sales.

Urea imports increased in parallel with higher sales.

100

62

24

215

401

91 67

16

178

352

AN 26 AN 33 DAP COMP Total

Production

2014/Q1 2015/Q1

20 16

28

64

6

16

53

75

AN33 AS UREA Total Imports

2014/Q1 2015/Q1

Agri-Industry Group Terminal Services

21

21

Handling (1,000 Tons)

Handling quantity in dry/liquid bulk-general cargo segment increased by 26% compared to 2014/Q1.

Main reason for the increase is higher cargo volume of cement clinker and bagged cement from Toros

Adana Yumurtalık Free Zone (TAYSEB).

Occupancy rate in petroleum products’ tanks was 56%. (2014/Q1: 68%)

Leased Capacity (1,000 m 3)

Petroleum Products

456 380

2014/Q1 2015/Q1

* Does not include petroleum products’ handling volume.

Dry/Liquid Bulk - General Cargo*

1.039

1.306

2014/Q1 2015/Q1

Handled Quantity and

Leased Capacity

2014/Q1 2015/Q1

92

37

9

12

Mil

lion

TR

Y

Agri Terminal

Agri-Industry Group

22

22

Agri segment’s revenue increased due higher fertilizer sales volume and higher average TRY/ton fertilizer price.

The balance between fertilizer sales prices and input prices was unfavorable for producers compared to 2014/Q1.

Profitability in agri segment deteriorated due to lower profitability in fertilizer business.

Terminal segment’s revenue and profitability improved due to higher handling volume in dry/liquid bulk-general

cargo product group and depreciation of TRY against USD.

Revenue EBITDA Net Income

2015/Q1 Revenue,

EBITDA, Net Income

2014/Q1 2015/Q1

106

45

12

15 Mil

lion

TR

Y

Agri Terminal

60

118 101

49

2014/Q1 2015/Q1

493 559

21

27

Mil

lion

TR

Y

Agri Terminal

514 586

* Average price: 2014/Q1: 789 TRY/ton – 2015/Q1: 837 TRY/ton

23



Contracting Group



Content

24


Tekfen Real Estate Dev. Inv. and Trade Co., Inc

Business Line: Investment, Development, Project Management, Asset Management

Tekfen Tourism and Management Co., Inc

Business Line: Facility Management

Florya Real Estate Inv. Const. Tourism Co., Inc

Business Line: Investment, Development

Tek

fen

Rea

l E

sta

te D

evel

op

men

t G

rou

p

Organization

25

Projects Real Estate Development Group

* Values indicate Tekfen share in total.

Project

Project

Function Location

Start Date of

Poject

End Date of

Project

Estimated Project

Size

(Million USD)

Izmir Mixed Use Mixed Use Izmir Jan.13 Dec.17 254*

Esenyurt Project Residential Istanbul May.13 Dec.16 231

Total 485

BREAKDOWN BY FUNCTION (m²)

Project Residential

Sellable/

Leasable Area

Office

Sellable/

Leasable Area

Retail

Sellable/

Leasable Area

Izmir Project* 25.000 10.000 30.000

Esenyurt Project 180.155 - 2.595


26

Ongoing Projects

Izmir Mixed Use

Transaction Overview:

50%-50% partnership with Rönesans Group

The largest mixed use (residential, office and shopping

mall) project in Izmir

Total Project Size : USD 508 million

Tekfen Share : 50 %

Project Summary:

Total Sellable/Leasable area (GLA) : (Tekfen share)

Shopping Mall 30,000 m²; Home Office 10,000 m² and

Residential 25,000 m²

Estimated const. period: Q3/2015 – Q4/2017

Landmark project for the city of Izmir

Investment Rationale:

Location within the new planned CBD of Izmir

High accesibility and visibility through the main arteries

Design development and engineering works are

ongoing.

Real Estate Development

27

Ongoing Projects

Esenyurt Housing Project

Overview:

Being developed on 56,800 m² land which is purchased in

May 2013

Construction permit granted on December 2013 for the

project including 1,424 residential and 25 retail units

Project Size: 231 million USD

Tekfen Share: 100%

Project Summary :

Total Sellable Space:

Housing: 180,155 m², Retail: 2,595 m²

Construction Period Start: Q1/2015 Complete: Q4/2016

The project will maintain the vision and standards that have

made Tekfen one of the pioneers in the sector, with the creation

of living space that will bring along a particularly significant

difference.

Investment Rationale:

Esenyurt property is in a sought-after area because of its

developing transportation infrastructure, the city’s growth

dynamics, and its location on the intersection between the E5

highway and TEM motorway

Project has been launched on October 30th, 2014. 458 residential units having a total area of 46.605 m² have

been sold as of March 31st 2015. Total sales is TRY116,5 million.

Disclaimer

28

Tekfen Holding A.S. (the “Company”) has prepared this presentation (the “Presentation”)

in order to provide investors with general information about the Company. The contents of

this Presentation is based on public information and on data provided by the Company

management. Neither the Company nor any of its directors, managers or employees nor

any other person shall have any liability whatsoever for any loss arising from use of this

presentation. This Presentation does not constitute an offer or invitation to purchase the

securities of the Company. Investors and prospective investors interested in the securities

of the Company are required to conduct their own independent investigations and

appraisal of the business, about financial condition of the Company and the nature of its

securities. Except for the historical information contained herein, the statements made in

this Presentation with respect to the Company’s plans, strategies, beliefs and other

prospective matters are forward-looking statements that involve risk and uncertainty that

are not under the Company’s control which may cause actual results to differ materially

from those anticipated. Except where otherwise indicated, this Presentation speaks as of

the date hereof. We undertake no duty to update or revise any forward looking statements,

whether as a result of new information, future events or otherwise.

Contact Information

29

For General Questions and Requests for Reports:

Çağlar Gülveren, CFA Investor Relations and Corporate Governance Coordinator

e-mail: [email protected]

Tel: +90 212 359 3420

Contracting Group:

Fatih Bahçeci, Tekfen Construction Vice President - Projects Planning and Control


Tel: +90 212 359 3583

Agri-Industry Group:

Canan Şenkut, Chief - Investor Relations


Tel: +90 212 357 0193

Real-Estate Development Group:

Ayşe Turalı, Assistant General Manager


Tel: +90 212 359 3703

mailto:[email protected]










01.01.2015 - 31.03.2015 financial & operational · pdf filemain financial indicators ......

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