Company Presentation May 2015

Tekfen Holding Investor Presentation May 2015
Tekfen Group
At a glance
1956 Feyyaz Berker,
Nihat Gökyiğit and
Necati Akçağlılar
formed an engineering
consulting company
1971 Foundation of
Tekfen Holding
1981 Toros Fertilizer
starts production
2000 Tekfen Real Estate
Development Group
1975 Iraq-Turkey
pipeline
1987 TAG Highway
project
2001 Acquisition of Bank
Ekspres
1957 The three partners
establish Tekfen
Construction Ltd.
1976 Mis Süt (Dairy
products) enters the
market
1989 Tekfenbank
Acquisition of Akgübre
fertitilizer
2003 Tekfen Tower opens
1963 Tekfen Industry
and Trading Co., Inc. is
founded to produce
incandescent lamps.
1978 Tekfen
Construction goes
overseas
1992 Tekfen
Philarmonics
Tekfen Group
2007 Partnership with
Eurobank EFG in
Tekfenbank
2012 Sale of Eurobank
Tekfen
Acquisition of EFG
Istanbul Securities
IPO of Tekfen Holding
2005 Acquisition of Samsun
Gübre fertilizer plant
2006 Completion of BTC
crude oil pipeline
2
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Tekfen Group
Corporate Governance
Ownership structure
Share Classes
Single type of shares (one share one
vote)
Free Float
42%
Others 4%
Akçağlılar
11%
Gökyiğit
21%
Composition of the Board
4 out of 11 members are independent.
Board members to be elected for max.
of three years
Berker 21%
Dividends
30% of the distributable income has
to be paid out
Ownership Structure
No cross ownership within the group
3
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Tekfen Group
At a glance
Contracting
Agri Industry
Real Estate
Other
Main Operations
• Construction
• Engineering
• Fabrication
Main Operations
• Fertilizer production and
distribution
• Terminal services
• Seed, sapling and seedling
production and distribution
• Free zone operations
Main Companies
• Tekfen Construction
• Tekfen Engineering
• Tekfen Manufacturing &
Engineering
Main Companies
• Toros Agricultural Industry
& Trade
• Toros-Adana Yumurtalık
Free Zone
• Hishtil-Toros Seedling
Industry & Trade
• Black Sea Fertilizer Trade
Main Companies
• Tekfen Real Estate
Development
• Tekfen Tourism & Facility
Management
• Tekfen Real Estate
Investment
• Florya Real Estate Inv.
Const. Tourism Co., Inc
Share in consolidated
revenues*: 61,9%
Share in consolidated
revenues*: 36,3%
Share in consolidated
revenues*: 0,6%
Main Operations
• Real Estate Development
• Construction & Marketing
of Real Estate Projects
• Facility Management
Tekfen Insurance
• Authorised agent of 18
insurance and 3 pension
fund companies
Share in consolidated
revenues*: 1,2%
4
* As of 31.12.2014
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Tekfen Group
Strategic focus
• Tekfen Holding is devoted to the motto “do what you know best in the best way
possible” which was determined by its founding shareholders. In this framework
Tekfen has focused on Contracting, Agri-industry / Terminal Services and Real-Estate
Development sectors.
• Contracting is an activity that Tekfen Holding operates in since its foundation and
has gained first class expertise. The potential demand for contracting activities of the
countries in Middle East, Caspian Region and North Africa which have been
developing and enriching in the recent years has played a key role in the
determination of this activity as a strategic focus.
• Agri-industry sector addresses to the most basic need of the mankind, namely
nutrition. Fertilizer, on the other hand, is an indispensable input for agri sector. Due to
the growing world population in addition to the alternative uses like bio-fuel
production, it is anticipated that demand for agricultural production and for fertilizers
will grow. As a result, this activity has a strategic focus for the Group.
5
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Tekfen Group
Strategic focus
• Terminal activities are undertaken in the framework of Agri-industry segment
comprising of two marine terminals strategically located in the Mediterranean and the
Black Sea regions.
• It is observed that in parallel to the development and enrichment of every country,
demand for modern, luxurious and high standard residential and commercial housing
increases. Hence, Real Estate Development is another strategic focus for Tekfen
Group.
• Tekfen Holding aims to grow and become leader in the strategic sectors mentioned
above and does not plan to enter new sectors in the near future.
6
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Tekfen Group
Vision / Mission
Our Vision
“To be one of the leading forces of Turkey’s growth in our areas of operations
namely, Contracting, Agri-Industry and Real-Estate Development.”
Our Mission
“While remaining commited to our traditional values, we aim to focus on our
core operations, deliver the highest quality products and services, become
the leader of our segments, and at the same time, generate value for all of our
stakeholders, namely, our customers, suppliers, employees, shareholders
and society.”
7
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Tekfen Group
Social Responsibility
• Tekfen Group believes that supporting social culture and environmental activities
are the natural extentions of its corporate structure. All the companies under the
Tekfen Group umbrella emphasize “usefulness”, “harmony” and “protection”
principles as a prerequisite for the activities in their own fields.
• Believing that supporting social development and improvement is everybody’s
common task Tekfen continues its efforts for this end for decades. These activities
which are the common values for all employees, from top executives to entry level
employees of the Group coincides with the philosophy which puts human and the
environment as the focal value.
• With the purpose of continuing its contribution to social and cultural activities,
Tekfen established Tekfen Foundation for Education Health, Culture, Arts, and
Protection of Natural Habitat in 1999. Supporting a variety of projects in the fields
of education, culture and art since its establishment, Tekfen Foundation obtained
status as an “institution that works for the benefit of society“ through the Cabinet’s
decision in 2004.
8
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Tekfen Group
Human resources
Number of employees
Tekfen Holding has a dynamic and
professional workforce of over
13.000 employees.
17.532
15.509
15.514
13.079
13.878
11.366
2009
2010
2011
2012
2013
2014
Number of employees (breakdown by segment)
Contracting
Agri Industry
Real Estate
Other
Total
2009
8.877
949
745
795
11.366
2010
10.680
993
569
837
13.079
2011
12.982
995
710
822
15.509
2012
15.546
1.035
419
532
17.532
2013
13.614
1.033
348
519
15.514
2014
11.988
1.020
380
490
13.878
9
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Contracting
Overview
• Founded in 1956 as an engineering and consultancy firm.
• One of the largest contracting groups in Turkey.
• Main area of specialization is construction projects in the oil and gas industry.
• Is among the leading international construction companies in the world and ranks at
number 101 among the world’s 250 biggest international contractors, based on
contracting revenue from projects outside home country, in a list published by
Engineering News-Record magazine in 2014.
• Over 350 projects with a total amount of US$12.8 billion completed.
• Successfully completed US$6.6 billion worth of projects abroad.
• The Group has broken records for working hours without LTI (lost time incident) in
Azerbaijan, Kazakhstan and Ceyhan projects.
11
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Selected Clients
TURKISH
• TCK, Turkish State Highways Authority
• EÜAŞ, Electricity Production Co.
• PETKİM, Petrochemical Co.
• TÜPRAŞ, Turkish Petroleum Refineries Co.
• BOTAŞ, Petroleum Pipeline Co.
• Ministry of Public Works and Settlement
• Several Municipalities
• TPAO, Turkish Petroleum Co.
• DSI, State Hydraulic Works
• Turkish State Railways Authority
• Turkish Olympic Committee
• Ministry of Energy and Natural Resources
• DLH, State Harbours and Airports Authority
INTERNATIONAL
SAUDI ARABIA
IRAQ
• Saudi Aramco
• Ma’aden
• Petro Rabigh
• WCC, Saline Water Conversion Co.
• Min. of Agriculture & Water
• Min. of Municipal & Rural Affairs
• SCOP, State Company for Oil Projects
• North Refineries Company
QATAR
• Qatar Petroleum
• QAPCO
• Ashghal (Public Works Authority)
KUWAIT
MOROCCO
• Ministry of Public Works
• KOC, Kuwait Oil Co.
• OCP, State Phospate Company
• SAMIR, Refinery Company of Morocco
OTHER
• AGIP
• Shell
• BP
• BTC, Baku Tbilisi Ceyhan Pipeline Co.
• Uzbekneftegas, Uzbekistan
• Kazakturkmunay, Kazakhstan
• CPC, Caspian Pipeline Consortium, Kazakhstan
• AIOC (Azerbaijan Operating Co. led by BP)
• BP Exploration Shah Deniz Ltd.
• Georgian Pipeline Co.
• MMRA, Libya (Man Made River Authority)
• SOCAR (State Oil Company of Azerbaijan)
12
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Selected International Project Partners
• Alstom, France
• AMEC, UK
• Babcock Borsig Power, Germany
• Chiyoda Corp., Japan
• Fluor, USA
• Foster Wheeler, Italy
• Hitachi Plant Technologies, Japan
• Impregilo, Italy
• Itochu, Japan
• JGC, Japan
• John Brown, UK
• Lurgi GmBH, Germany
• Marubeni Corp., Japan
• Mitsubishi Corp., Japan
• Mitsui Corp. Japan
• Mitsubishi Heavy Ind., Japan
• NEC, Japan
• Nippon Signal, Japan
• Parsons Inc., USA
• Petrofac, UAE
• SAE, France
• Saipem, Snamprogetti, Italy
• Siemens, Germany
• Skoda Export, Czech Republic
• Sofregaz, France
• Spie Batignolles, France
• Technip, Germany
• Technicas Reunidas, Spain
• Toyo Engineering, Japan
• Uhde GmbH, Germany
• Vinci, France
• Williams Brothers, USA
13
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Overview
Overview
• With its sister companies Tekfen Engineering, Tekfen Manufacturing,
Hallesche Mitteldeutsche Bau-AG (HMB) (Germany), AZFEN (Azerbaijan) and
strategic partnerships, Tekfen is positioned to extend its services to a large
range of clients on three continents.
• The Group has one of the largest equipment fleets in Turkey with a
replacement value of US$ 350 million.
• As of 2014-end, Tekfen Contracting Group had an active portfolio of US$ 2.4
billion, 68% of which were abroad, located in 4 different countries.
• In 2014, the Group undertook a total of US$712 million of new works.
PHOTO!
14
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Manpower
Total Manpower: 14.503
TURKEY:5.372
ABROAD:9.131
Morocco 131
Qatar 1.866
Turkmenistan
23
Azerbaijan
6.555
Iraq 6
Saudi Arabia
520
Kazakhstan 24
Libya 1
Uzbekistan 5
15
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Manpower Structure
DISIPLINE&DIVISION
ENGINEERS
369
2,5%
MANAGEMENT
152
1,0%
PROCUREMENT
32
0,2%
ADMIN
459
3,2%
QA&QC/HSE
264
1,8%
TECHNICIANS
106
0,7%
FOREMEN
318
2,2%
OPERATORS&DRIVERS
810
5,6%
1.352
9,3%
420
2,9%
1.730
11,9%
MECHANICAL WORKS
920
6,3%
STEEL&ERECTION WORKS
225
1,6%
OTHERS
4.452
30,7%
SUBCONTRACTORS
2.894
20,0%
14.503
100%
CIVIL WORKS
ELECTRICAL WORKS
PIPE&WELDING WORKS
TOTAL
NATIONALITY
TURKISH
6.760
46,6%
AZERBEIJANI
4.844
33,4%
TURKMEN
20
0,2%
MOROCCAN
10
0,1%
INDIAN
282
1,9%
NEPALESE
233
1,6%
PHILIPIN
145
1,0%
ETHIOPIAN
264
1,8%
16
0,1%
4
0,0%
OTHER
1.925
13,3%
TOTAL
14.503
100%
KAZAKH
IRAQI
16
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Areas of Expertise
BASIC
ENGINEERING*
DETAILED
ENGINEERING
PROCUREMENT
FABRICATION
CONSTRUCTION
START UP
E
E+P
E+P+F
E+P+C
PMS
E : Engineering
P : Procurement
C : Construction
F : Fabrication
PMS : Project Management Services
* In pipelines, tank farms / terminals, motorways, bridges, tunnels, infrastructure and civil projects.
17
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Backlog Growth
Backlog (US$ million)
Abroad
Turkey
2.998
1.694
744
685
726
175
569
201
484
242
484
167
368
264
237
2000
2001
2002
2003
2004
535
501
1.535
1.461
1.830
1.740
1.333
1.259
1.225
34
2009
1.668
159
1.350
111
72
1.257
75
2005
2006
2007
2008
1.794
36
2010
2005
2.373
2.150
2.524
1.619
1.449
1.589
555
561
474
754
2011
2012
2013
2014
• Thanks to its increasing investments in oil and gas producing countries, starting from 2005, the
backlog of Tekfen Contracting Group abroad increased significantly.
18
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Backlog (as of 31 December 2014)
Project
Çiftehan-Pozantı Motorway
Prov. of Pipeline and Facilities Repair Services for BTC Turkey
Tüpraş - Residuum Upgrading Project of Izmit Refinery
Toros Tarım Samsun Plant Investment Project*
Supply and Fabrication of Pancakes of Top Sides Modules
Supply and Fabrication of Steel Structure Type Pancakes
Supply of Flare Tower
TANAP Project Lot3
TURKEY TOTAL
New Management Office Project of SOCAR
Baku Olympic Stadium Additional Completion Works
Shah Deniz Stage 2 Fabrication of Offsite Facilities
Shah Deniz Stage 2 Onshore Terminal Facility - Sangachal Terminal
Baku Olympic Stadium Compound Area Works
AZFEN Projects**
AZERBAIJAN TOTAL
Propylene Oxide Process Unit
SAUDI ARABIA TOTAL
OCP Slurry Pipeline Project Khouribga - Jorf Lasfar
MOROCCO TOTAL
Qatar Primary Routes North Roads Contracts 2&3
Additional Work for North Road Project
Design and Construct Service Road Enhancement to North Road Corridor
QATAR TOTAL
Rumalia Field Dev. Project Prov. Of Engineering and Project Management
IRAQ TOTAL
TOTAL
Location
Turkey
Turkey
Turkey
Turkey
Turkey
Turkey
Turkey
Turkey
Expected End
Current
Dates
Contract Price
30.06.2015
10.09.2016
28.02.2015
01.05.2015
30.09.2015
28.02.2015
30.04.2015
25.12.2017
324.784.000
136.200.000
543.000.000
161.244.332
47.301.456
16.980.796
2.224.000
563.959.000
Azerbaijan
Azerbaijan
Azerbaijan
Azerbaijan
Azerbaijan
Azerbaijan
28.02.2015
30.05.2015
12.01.2017
22.09.2017
28.02.2015
381.943.450
184.856.913
262.365.979
349.697.605
5.842.415
1.700.301.900
S. Arabia
$
$
$
$
$
$
$
$
Tekfen
Portion
229.459.896
136.200.000
543.000.000
161.244.332
47.301.456
16.980.796
2.224.000
563.959.000
$
$
$
$
$
$
$
$
98,1%
23,6%
97,2%
74,4%
$ 381.943.450 $
$ 184.856.913 $
$ 262.365.979 $
$ 349.697.605 $
$
5.842.415 $
$ 680.120.760 $
90,3%
36,3%
14,1%
10,2%
0,0%
22,1%
31.07.2015
161.210.768 $ 161.210.768 $
72,9%
Morocco
31.07.2014
462.399.073 $ 462.399.073 $
93,3%
Qatar
Qatar
Qatar
30.09.2013
30.06.2014
25.06.2016
780.290.280 $ 780.290.280 $
93.000.000 $ 93.000.000 $
591.909.930 $ 591.909.930 $
99,1%
92,6%
49,2%
Iraq
10.01.2015
196.838.679 $ 196.838.679 $
99,9%
* Not included in the consolidated revenues.
** Consolidated using equity method.
Tekfen Group
Contracting
Revenue
Based
Completion
Rate
57,2%
85,0%
0,0%
0,0%
Remaining
Amount (US$)
4.414.187
104.121.763
15.223.120
41.355.703
20.258.802
2.543.670
2.224.000
563.959.000
754.100.245
36.904.170
117.756.368
225.248.870
314.147.658
5.842.415
529.488.610
1.229.388.091
43.653.553
43.653.553
30.828.334
30.828.334
7.036.777
6.908.324
300.871.578
314.816.679
139.740
139.740
2.372.926.642
19
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Ongoing projects (as of 31 December 2014)
Backlog Breakdown by Regions
Backlog Breakdown by Project Types
Middle
East
15%
Caspian
Region
52%
Industrial
Facilities
49%
Buildings
7%
North
Africa
1%
Fabrication
Works 1%
Motorways
13%
Turkey
32%
Pipelines
29%
Region
US$ (million)
Caspian Region
Project Type
1.229
US$ (million)
Industrial Facilities
1.169
Turkey
754
Pipeline
699
Middle East
359
Motorway
319
North Africa
31
Buildings
161
Total
2.373
Fabrication Works
25
Total
2.373
20
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Overview
• Currently, the tenders entered into typically have a contract size of over
US$ 200 million, compared to the US$ 25 million threshold prior to 2005.
• Tekfen bids for 30 - 35 projects per year and the average success rate for
winning tenders is around 10%.
• The bid price is calculated as cost plus a mark-up, which is between 1525%.
• Average project completion period is approximately 2.5 years.
• Tax rates that the Group is exposed to in the countries it operates vary
between 0-35%.
21
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Engineering
Tekfen Engineering Co., Inc.
• Founded in 1984.
• Undertakes the engineering (E) of EPC projects and the detailed engineering in other projects
of Tekfen Contracting Group.
• Has experience on a wide spectrum of projects, with an emphasis on pipelines, industrial,
process plants and motorways.
• The company employs a professional staff of over 100 engineers who utilize advanced
software in the preparation of all design and contract documents.
• Also serves non-group clients, mainly the General Directorate of Highways and
municipalities. Non-group clients generate around 35% of Tekfen Engineering’s business
volume.
• Disciplines:
• Industrial Plants
• Pipelines and Piping
• Motorways and Highways
• Bridges and Viaducts
• Mass Transit Systems and Railways
• Mass Housing
• Commercial Buildings
• Harbour & Offshore Structures
• Infrastructure
22
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Tekfen Manufacturing Co., Inc.
• Founded in 1970.
• Specialized mainly in engineering, manufacturing and construction of high
quality process and storage equipment related to petroleum, petrochemical,
chemical and fertilizer industries and power plants, such as cylindrical and
spherical storage tanks, heat exchangers, pressure vessels, process columns,
waste heat recovery boilers and pressurized piping for industrial plants to
respond to Tekfen’s increasing steel production and fabrication needs.
• 188 skilled manpower.
• Design and fabrication are carried out according to International
Codes such as ASME, API, TEMA, AD-2000, EN 13445, BS etc. and the
company is qualified to work with all sorts of carbon steel materials
(including high tensile quenched and tempered), clad carbon steels, all
types of stainless steels, non-ferrous materials such as Monel, Brass,
Aluminum etc.
•Heavy manufacturing facility in Derince (Kocaeli), Turkey.
• Kuwait, Saudi Arabia, Iraq, Iran, Pakistan, Libya, Syria, Jordan, Oman,
Lebanon, Israel, Northern Cyprus, Morocco, Tunisia, Senegal, Sudan,
Russia, Kazakhstan, Turkmenistan and Azerbaijan are the countries that
the company exports.
• Spread on an area of 48,500 m2, of which 18,000 m2 is covered.
23
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Fabrication Plants
Ceyhan Steel Structure Fabrication Plant
• Spread on an area of 160,000 m2, of which 30,000 m2 is
covered,
• Annual capacity of 30,000 tons,
• 650 skilled manpower,
• Production space consisting of 5 fabrication shops,
• An open material handling storage area,
• A welding school,
• Materials divisions
• Social facility quarter.
• The plant is equipped with full shot blast,
• CNC flame cutting and coping facilities,
• Sawing and drilling lines,
• Automated beam welding line
• Training Center & Welding School
Bayil Steel Construction Manufacturing Plant
• Tekfen’s manufacturing facility in Baku, Azerbaijan
• Spread on an area of 290,000 m2, of which 26,000 m2 is
covered,
• Capable of meeting exceptionally high standards of the oil
and gas projects
• Equipped with high end machinery and advanced
technology to serve manufacturing of Topsides and
Modules
• Easy access is provided to the plant through the main
highway, being at a distance of 7 km from the city center of
Baku, materials and equipment can also be delivered to the
quaysides of the facility by the sea.
24
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Revenues and EBITDA Margin
Revenues (MTRY) and EBITDA Margin (%)
Revenue
EBITDA Margin
3.000
19,0%
2.768
2.395
2.500
13,2%
2.000
1.319
1.029
1.000
1.339
8,3%
2.179
14,0%
1.864
11,0%
1.500
2.327
1.111
9,3%
9,0%
7,2%
6,9%
5,9%
4,0%
500
0
2007
2008
2009
2010
2011
2012
2013
2014
2015E
-1,4%
-1,0%
-500
-4,3%
-1.000
-6,0%
• Expected project-end EBITDA margin on project basis varies from 10% to 25% at the beginning of
each project.
25
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Ongoing projects – Turkey
TURKEY – TRANS ANATOLIAN 56’’ NAUTRAL GAS PIPELINE (TANAP) PROJECT
The project scope includes Detail Engineering, partial procurement, construction, installation, testing, pre-commissioning,
providing commissioning assistance and training the client’s personnel.
Project consists of approximately 509 km 56” of pipelines , starting from Yıldızeli (Sivas) to Eskişehir, including 14 Block valve
stations, 2 Pig Stations and other required facilities. Duration of work is 36 months from commencement date of the contract.
509 km
26
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Ongoing projects – Caspian Region
AZERBAIJAN – NEW MANAGEMENT OFFICE PROJECT OF SOCAR
Project is for the turnkey construction of SOCAR’s (State Oil Company of
Azerbaijan Republic) new headquarter complex in Baku. Project size, which was
USD 235 million initially, increased to USD 306 million.
Designed by Heerim Architects form South Korea, the two-towered project will
rise from an elongated, canopy-like podium and snake their way skywards.
Curving into each other, the seemingly shorter tower almost looks like its
resting its head on the chest of the taller tower, the taller towers peak slightly
bending over it in a confident, reassuring manner. The towers will have 32
floors, at a height of 173 meters. Covering an area of 12,000 square meters and
providing 100.000 sqm of usage area, the headquarter will mainly house office
space but will also have conference and sports facilities, a guest house and
retail spaces, food outlets to keep the expected 2000 employees in the tower.
27
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Ongoing projects – Caspian Region
AZERBAIJAN – BAKU OLYMPIC STADIUM
Baku Olympic Stadium Project which is located near the Boyuk Shor
Lake, Baku, Azerbaijan will have a capacity of 68.000 seats. 496.000 m2
total site area, 204.000 m2 gross floor area of the Stadium contains
commercial areas and disabled, public, media, CIP, VIP and VVIP
Sections.
Tekfen Construction has been awarded for completion of the Design and
Build Olympic Stadium Project in Baku , the work has been commenced
after the notice to proceed issued on 27.02.2013, planning the
completion of the Project within a period of 24 months.
28
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Tekfen Group
Contracting
Agri Industry
Real Estate
Baku Olympic
Stadium
www.tekfen.com.tr
Other
Contracting
Ongoing projects – Caspian Region
Shah Deniz Stage 2
Tekfen Projects
OFFSHORE PLATFORMS
The contract signed on between ATA Consortium (AMEC – Tekfen – Azfen) of which Tekfen
is a member and BP Exploration (Shah Deniz) Ltd. comprises fabrication, installation and
delivery of 2 offshore platforms of total weight of 26.442 tonnes, and associated platform
connection bridge. Duration of work is 42 months from commencement date of the
contract.
SANGACHAL TERMINAL
The contract signed on between Tekfen – Azfen Consortium of which Tekfen is a member
and BP Exploration (Shah Deniz) Ltd. comprises construction of Shah Deniz Stage 2
Onshore Terminal Facilities at Sangachal, Baku,Azerbaijan. Scope of work includes
construction and installation of gas and condensate processing facilities, power
generation, storage tanks, utility systems, connections and upgrade works within existing
facilities, control systems, onshore pipelines between caspian sea shore and terminal,
compression facilities. Duration of work is 43 months from commencement date of the
contract.
30
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Ongoing projects – Caspian Region
Shah Deniz Stage 2 Project Overall Scope
31
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Ongoing projects - Middle East
QATAR - PRIMARY ROUTES, NORTH ROAD PROJECT PHASE 2 & 3 and
ADDITIONAL WORKS
Tekfen, is awarded by Ashghal, Public Works Authoritry of Qatar; construction
of a 94 km Motorway, namely Primary Routes, North Road Project Phase 2 & 3.
The Main Works comprise two separate sections as described here below:
Contract 2 (Km : 4 + 000 – Km : 37 + 000): Contract “2” starts at Duhail, passing
through sub-urban and rural areas to the North of Doha City, namely Duhail,
Kheessa, Khuraitiyat, Umm Salal Ali, Umm Salal Mohammad. The Contract
includes the Simaisma road link and continues till its end after Al-Khor road
intersection.
Contract 3 (Km : 37 + 000 – Km : 98 + 200): Contract “3” starts near Al Khafaij
area, passing through rural areas, namely North Military Camp, Al Khaaban, Al
Juthay, Fuwairit, Al Ghariya, Athba Al Shamaliyah and Madinat Al Shamal.
QATAR - DESIGN AND CONSTRUCT SERVICE ROAD ENHANCEMENT TO
NORTH ROAD CORRIDOR PROJECT
Awarded by Ashghal, Public Works Authoritry of Qatar, the Project comprises
the Design, Construction and 400 days Maintenance of “Design and Construct
Service Road Enhancement to North Road Corridor Project”.
The scope of the project includes, new Service Roads, Carriageways,
Connection Roads, 96 km Bicycle Path, Flyovers and Bridges, Underpass
Bridges, Pedestrian Bridges, Road Pavement Works, Drainage System,
Guardrails and Concrete Barriers, Fencing, Electrical and Road Lighting Works,
Traffic Signing and Road Marking, Traffic Signalization, Footways, Paving with
Concrete Blocks and Natural Stone, Q-Tel, Qatar Armed Forces and DSSS (Doha
Street Surveillance System) Works, Landscaping & Irrigation System
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
32
www.tekfen.com.tr
North Road
Qatar
Contracting
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Contracting
Ongoing projects - Middle East
SAUDI ARABIA - PROPYLENE OXIDE PROCESS UNIT
Tekfen was awarded the construction of LSPB contract for Propylene Oxide Plant at
Sadara Petrochemical Complex. The scope of work covers all civil works, erection of
prefabricated columns and vessels, installation of electrical and instrumentation including
central control building. Project location is in Jubail, and is part of the SADARA Chemical
Company's petrochemical plant. The works are scheduled to be completed in 30 months
and the project size is US$122,9 million.
34
Tekfen Group
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Other
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Contracting
Strategic Direction
Tekfen Contracting Group consistently works on the following in line with the goals of its
Strategic Plan:
• Existing and new projects will be undertaken within the framework of the adopted business
principles and occupational health, safety and environment (HSE) policies. Maximizing work
quality and maintaining accident-free operations in line with occupational safety standards
are the main priorities.
• The company will continue to focus on projects that emphasize the EPC concept and it will
continue to improve its competency in this area. Engineering and procurement functions will
be key areas to be improved. To achieve this, required personnel recruitments are done both
in our engineering company and in procurement departments.
• The emphasis will be on increasing business volume in countries where operations
continue. The goal is to secure new projects that at least maintain the current level of
revenue generated from projects in these countries.
• Addition of new subcontractors to our existing subcontractor portfolio and increasing the
share of South East Asia origined personnel in our total work force are considered as
strategy implementations.
• Activities geared towards increasing efficiency and profitability will continue.
• All requirements to preserve Tekfen’s strong and prestigious brand image in existing
markets will be met.
35
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Agri Industry
Agri Industry
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Agri Industry
Overview
The pioneer in Turkey’s agricultural industry
• Sign of “quality” and “trust”
• In business since 1981 under TOROS brand name
• Over 1,000 employees
• Highest employee loyalty in the industry
• Seasoned – well experienced employees
37
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Agri Industry
Overview
•
Active in fertilizer, seed, seedling and sapling production and distribution, as well as marine
terminal services and free zone operations
•
Consolidated turnover of TRY 1,626 million as of 2014
•
Leading company in Turkish fertilizer industry with a market share of 31% as of 2014
•
Significant player in port activities, providing services to third parties in two ports strategically
located at the Eastern Mediterranean and the Black Sea Coast
Turnover Breakdown
EBITDA Breakdown
1.626
1.026
6%
6%
1.423
5%
5%
5%
5%
248
7%
5%
9%
191
6%
5%
Seed, Seedling and
Others
Terminal Services
88%
2010
89%
2011
90%
2012
90%
2013
87%
Million TRY
Million TRY
1.209
1.424
147
6%
13%
17%
9%
19%
21%
117
7%
26%
Fertilizers
2014
Seed, Seedling and
Others
Terminal Services
137
6%
Fertilizers
73%
81%
72%
68%
74%
2010
2011
2012
2013
2014
38
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Agri Industry
Fertilizers
•
Supplying every type of fertilizer Turkish
farmers need
•
Market leader since 1986
•
Vast dealers network with over 800 dealers
•
Marketing andSales Team located in 7 regions
•
Constant contact with dealers and farmers
•
Timely delivery to dealers via 8 warehouses
39
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Agri Industry
Regional Offices & Other Units
İSTANBUL
Head Office
TEKİRDAĞ
REGIONAL OFFICE
Warehouse
ANKARA
REGIONAL OFFICE
Warehouse
SAMSUN
REGIONAL OFFICE
Warehouse
ŞANLIURFA
REGIONAL OFFICE
Warehouse
İZMİR
REGIONAL OFFICE
Warehouse
Grain Silos
Seed Processing
ANTALYA
REGIONAL OFFICE
Seedling Nurseries
Warehouse
KONYA
Warehouse
NEVŞEHİR
Underground
Potato Seed
Warehouse
ADANA & CEYHAN
REGIONAL OFFICE
Bag Manufacturing Plant
Free Zone
Micropropagation
Warehouse
Grain Silos
Seed Processing
40
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Agri Industry
Fertilizers – Product Types
• Nitrogen fertilizers:
• AN26 (CAN) - Calcium Ammonium Nitrate
• AN33 - Ammonium Nitrate
• AS - Ammonium Sulphate
• Urea
• Phosphate fertilizers:
• TSP - Triple Super Phosphate
• SSP - Single Super Phosphate
• Potash fertilizers:
• PS - Potassium Sulphate
• Compound fertilizers (NPs and NPKs):
• DAP - Di-Ammonium Phosphate
• NP 20.20
• NP 20.20+Zn
• NPK 15.15.15
• NPK 15.15.15+Zn
• Special grade compound fertilizers:
• NPK 25.5.10
• NPK 15.15.15 Gold
• NPK 10.20.20
41
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Agri Industry
Fertilizers – Sales
2013 Total Sales: 1.64 million tons
2014 Total Sales: 1.71 million tons
AS 4%
AS 3% Other 0,3%
Urea 7%
Urea 6%
DAP 10%
DAP 10%
NP/NPK
(Compound)
44%
NP/NPK
(Compound)
42%
AN33 20%
AN33 21%
AN26 16%
AN26 17%
42
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Agri Industry
Fertilizers – Leader in Turkish Fertilizer Market
Turkey’s Total Production and Toros’ Share
7.000
6.000
5.000
4.000
3.000
2.000
1.000
0
35%
31%
31%
30%
28%
2010
Consumption
2011
2012
2013
Toros Sales
35%
30%
25%
20%
15%
10%
5%
0%
1,000 tons
1,000 tons
Consumption and Toros Sales Volume/Marketshare
4.000
3.500
3.000
2.500
2.000
1.500
1.000
500
0
42%
37%
42% 50%
40%
20%
10%
0%
2011
Total Production
Marketshare
39%
30%
2010
2014
39%
2012
2013
Toros Production
2014
Toros Share
Turkey’s Total Imports and Toros’ Share
3.500
1,000 tons
3.000
15%
10%
2.500
11%
10%
10%
8%
2.000
6%
1.500
5%
1.000
500
0
0%
2010
2011
Total Imports
Tekfen Group
Contracting
Agri Industry
2012
2013
Toros Imports
2014
Toros Share
Real Estate
43
Other
www.tekfen.com.tr
Agri Industry
Fertilizers – Production Facilities
• Three fertilizer plants located in Mersin, Ceyhan and Samsun
• Total installed capacity is 2 million tpa of which 1,85 million tpa is in operation
• Leading producer with 38% share in Turkey’s total installed production capacity (SPO*)
SAMSUN PLANT
MERSIN PLANT
CEYHAN PLANT
* SPO:State Planning Organization
Tekfen Group
Contracting
44
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Agri Industry
Fertilizers – Production Capacity
MERSIN PLANT
CEYHAN PLANT
SAMSUN PLANT
AN and CAN production
NPK and DAP production
NPK and DAP production
CAPACITY
660,000 tpa CAN
CAPACITY
2 x 330,000 tpa NPK
or
330,000 tpa NPK & 200,000 tpa DAP
CAPACITY
300,000 tpa NPK
227,000 tpa DAP
NITRIC ACID CAPACITY
405,000 tpa
PHOSPHORIC ACID CAPACITY
PLANT I = 80,000 tpa (100% P2O5)
PLANT II = 108,000 tpa (100% P2O5)
45
Tekfen Group
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Agri Industry
Real Estate
Other
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Agri Industry
Turkish Fertilizer Industry
Breakdown of Domestic Production Capacities*
Yıldız
4%
Toros
38%
Ege
6%
Gemlik
8%
• The scarcity of low-cost raw materials
and high investment costs is a barrier
for a new producer to enter into the
market
• No restrictions on imports
Bagfaş
12%
Gübretaş
17%
İgsaş
15%
• 7 fertilizer producers with a total
annual production capacity of 5.3
million tpa in 10 plants (SPO*)
* SPO:State Planning Organization
Tekfen Group
Contracting
46
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Agri Industry
Fertilizers – CAN/AN Production Diagram
In Mersin Plant, Toros produces nitric acid for its CAN/AN unit.
AMMONIA
AMMONIUM
NITRATE
AMMONIUM
NITRATE
CALCIUM
AMMONIUM
NITRATE
AIR
NITRIC ACID
WATER
LIME
STONE
47
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Agri Industry
Fertilizers – DAP/NP/NPK Production Diagram
• In Samsun Plant, Toros both produces and imports phosphoric acid for its DAP/NPK units.
• In Ceyhan Plant, phosphoric acid is imported for DAP/NPK units.
AMMONIA
SULPHURIC
ACID
PHOSPHORIC
ACID
DAP/NP/NPK
UREA/AS*
PHOSPHATE
ROCK
POTASH**
*Either Urea or AS is added as nitrogen (N) source in addition to ammonia.
**Potash is added as potassium (K) source for NPKs.
Tekfen Group
Contracting
Agri Industry
Real Estate
48
Other
www.tekfen.com.tr
Agri Industry
Fertilizers – Production and Imports
Production - Breakdown by Products
52%
48%
47%
46%
25%
18%
23%
16%
13%
47%
21%21%
23%
19%
18% 19%
11%
11%
11%
Compound
(NP/NPK)
AN26 (CAN)
AN33
11%
DAP
2010; 1.45 mn
tons
2011; 1.39 mn
tons
2012; 1.42 mn
tons
2013; 1.41 mn
tons
2014; 1.49 mn
tons
Imports - Breakdown by Products
57%
51%
50%
42%
40%
37%
36%
30%
AS
27%
21%
17%
0%1%
4%
0%
0%2%
0% 2%
2010; 237K tons
2011; 219K tons
2012; 171K tons
2013; 189K tons
Agri Industry
DAP
12%
11%
Contracting
AN33
15%
12%
Tekfen Group
Urea
33%
Real Estate
Other
0%
2014; 360K tons
Other
49
www.tekfen.com.tr
Agri Industry
Marine Terminal Services
TOROS has two marine terminals offering loading/unloading and storage services to third parties
Toros Ceyhan Terminal
• 1 jetty with 5 berths loading 1,300 tons and
discharging 1,000 tons of bulk liquids per day
• 1 jetty with 3 berths handling 45,000 tons of
dry bulk cargo per day
• Grain warehouse with 60,000 tons capacity
• Closed storage area capacity: 300,000 tons
• Open storage area capacity: 1,000,000 tons
• Bagging capacity: 38,000 tons per day
• Tank farm capacity: 236,000 m3
Toros Samsun Terminal
• 1 jetty with 2 berths handling 14,000 tons of
dry bulk cargo per day
• Closed storage area capacity: 210,000 tons
• Open storage area capacity: 300,000 tons
• Tank farm capacity: 60,000 m3
50
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Agri Industry
Complementary Products and Services
Specialty Fertilizers:
•
Suppliers of specialty fertilizers are globally known leading producers;
•
Haifa Chemicals
•
Tessenderlo Chemie
•
Prayon
•
Leading brand in specialty fertilizers in Turkey since 2000
Field Crop Seeds:
•
Cooperating with two state research institutes to produce and
distribute certain types of wheat
•
Wheat seed breeding program receiving support from TÜBİTAK (The
Scientific and Technological Research Council of Turkey)
Vegetable Seedlings:
•
Operating under Hishtil-Toros Seedlings brandname
•
A 50-50 JV with Hishtil Holdings since 1999
•
Producing high quality grafted and standard
vegetable seedlings for the growing local and
foreign markets
•
Nurseries located in Antalya and Adana
51
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Agri Industry
Complementary Products and Services
Micropropagation:
•
Targets to meet the sector's demand for high quality,
high yield and disease-free homogenous seed,
saplings and young plants
•
First local successful producer of potato seeds on
commercial scale by using micropropagation
techniques in Turkey
•
Serving to a market which is historically dominated
by imported potato seeds
Free zone operations:
•
Founding partner and operator of the largest free
zone in Turkey
•
4.5 million m2 of area
•
Strategically located in Ceyhan region which is
becoming the energy hub for Turkey
52
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Agri Industry
Environmentally Conscious Production
MERSIN PLANT

Catalytic reduction system
to keep NOX emission in
exhaust gases released to
atmosphere from nitric acid
unit under 200 ppm
CEYHAN PLANT



ISO 14001:2004 Environment
Management
ISO 9001:2000 Quality
Management
OHSAS 18001:1999 Occupational
Health and Safety Management
SAMSUN PLANT

Emission Certificate
53
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Agri Industry
Social Responsibility
Supporting farmers;
•
Educational seminars and training
programs to improve agricultural
productivity and product quality
Raising awareness;
•
Supporting UNFPA’s “Improving health conditions of
seasonal workers in agriculture” program in Turkey
•
“Wheat” documentary based on field trials done by
Toros throughout Turkey
•
Sponsorships for scientific research and academic
seminars on agriculture and fertilizers
•
“Balanced Fertilization with Right Fertilizers” Project
with the support of the Ministry of Food, Agriculture
and Livestock
•
“Toprak Ana” (Mother Earth) documentary about
agricultural production in Turkey
Supporting local communities;
•
Sponsoring sporting activities in Samsun and
Mersin
•
Toros Primary School and Toros Secondary School
in Adana, and Toros Tarım Necati Akçağlılar High
School in Samsun
54
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Real Estate
Tekfen Real Estate Development Group
Real Estate Development
Business Structure
Tekfen Real Estate Development Investment and Trade
Co., Inc
Business Line: Investment, development, project
management, asset management
Tekfen Tourism and Facility Management Co., Inc
Business Line: Facility Management
Florya Real Estate Inv. Const. Tourism Co., Inc
Business Line : Investment, development
56
Tekfen Group
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Real Estate Development
Projects
Estimated Revenue*
(million $)
Total/Tekfen Share
Project
Project
Function
Start Date of
Project
End Date of
Project
Izmir Project
Mixed Use
Jan.13
Dec.17
508/254
Esenyurt Project
Residential
May.13
Dec.16
231
Estimated Cost**
(million $)
Total/Tekfen Share
230/115
Izmir Project Details:
*Residential & Office Sales Revenue: 2.800 $/m² x 70.000 m² (adds up to $196 M in total)
Shopping Mall Revenue: 40 $/ m² /month x 10 years rent revenue (adds up to $ 288 M) + $24 M first year rent revenue with
80% occupancy
**Total cost, excluding land.
Gross Leasable/ Sellable Area
(m²)
50.000
20.000
60.000
130.000
Project Total ***
Residence
Office
Shopping Mall
Total
Total Construction Area (m²)
80.000
35.000
120.000
235.000
*** Tekfen share is 50%.
57
Tekfen Group
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Agri Industry
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Other
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Real Estate Development
Ongoing Projects
Izmir Mixed Use
Transaction Overview:
• 50%-50% partnership with Renaissance Shopping Malls
• The largest mixed use project in Izmir
Total Project Size – (Revenues, $ millions): 508
Tekfen Share : 50 %
Project Summary:
• Total Sellable/Leasable area :
Shopping Mall 30.000 sqm GLA, Home-Office Tower 10.000
sqm GLA and Residential Tower 25.000 sqm
• Est. Contruction period: Q4/2014 – 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
58
Tekfen Group
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Real Estate Development
Ongoing Projects
Esenyurt Housing Project
Transaction Overview:
• Being developed on 56.800 m² land which is purchased on
May 2013
• Construction permit granted on December 2013 for the
project including aproximately 1.444 residential and 25 retail
units
• Project has been launched in 4Q2014.
Total Project Size – (Revenues, $ millions): 231
Tekfen Share : 100 %
Project Summary:
• Total Sellable Space:
Housing: 180.155 m², Retail: 2.595 m²
Construction Period- Start: Q2/2014 Complete: Q4/2016
Investment Rationale:
• Esenyurt property is in a sought-after area because of its
developing transportation infrastructure, the city’s growth
dynamics, and its situation on the intersection between the
E5 highway and TEM motorway
• Esenyurt has great potential for the development having a
predominantly middle-class area which is tha target segment.
59
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Real Estate Development
Tekfen Services - Facility Management
• Facility Management of Tekfen Tower, Taksim
Residences, Tekfen Offices, Yalıkavak Tekfen Houses,
Gumusluk Muskulum Ciftligi, Kagithane Office Park,
Levent Office and S-Cafe are directed and operated by
Tekfen Tourism & Facility Management Co., Inc. under
the brand name of Tekfen Services.
• Facility Management for the ongoing and the potential
projects of Tekfen Real Estate Development Group is
planned to be operated by Tekfen Services.
• Tekfen Services’ professional facility management
improves the values of Real Estate Development Group
projects.
60
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Real Estate Development
Assets
• Tekfen Holding earns rental income from the offices it owns in Akmerkez
and Tekfen Tower.
• Tekfen Tower has 33.000 m² rentable area, of which, 25% is used by Group
Companies, while the rest is rented to various institutions.
•Total rental income from Tekfen Tower amounted to USD 13.3 million in
2014.
61
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Real Estate Development
Social Responsibility
• The concept of “environmental friendly / sustainable building” is becoming more
and more important everyday as the awareness and consciousness for energy use
and environment increases. Tekfen Real Estate Group, as in its all other projects, is
aiming LEED-CS (core&shell) of The U.S. Green Building Association (USGBC) for
its new projects , Tekfen-OZ Kagithane OfisPark & Tekfen Bomonti Apartments.
• In accordance with this policy, Tekfen-OZ LeventOfis - completed in 2010 - is the
first project of the Group rewarded with LEED-CS Gold Certificate.
• The projects aim to achieve LEED certification by introducing sustainable solution
to design elements such as encouraging public transportation, collection and
reusing of storm water and grey water within the system, decreasing overall water
consumption, efficiency in energy consumption with shell design and decreasing
the load of the cooling system via plantation integrated within the facade system.
62
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Tekfen Group
Appendix
Financial Highlights
Net Cash Position
Capital Expenditures
Disclaimer
Contact Info
64
65
66
67
68
63
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Tekfen Group
Financial Highlights – Segmental Breakdown
TRY Million
Revenues
Contracting
Agri Industry
Real Estate
Other
Total
2013 % in Total 2014 % in Total
2.327
61% 2.768
62%
1.423
37% 1.626
36%
30
1%
26
1%
67
2%
55
1%
3.846
100% 4.475
100%
2015E % in Total
2.179
51%
1.969
46%
46
1%
43
1%
4.237
100%
EBITDA
Contracting
Agri Industry
Real Estate
Other
Total
2013
-100
117
0
-8
10
Margin
-4,3%
8,3%
-0,8%
-11,9%
0,3%
2014
-38*
248
-7
-15
188
Margin
-1,4%
15,3%
-28,0%
-27,0%
4,2%
2015E
151
209
-9
2
353
Margin
6,9%
10,6%
-20,5%
4,7%
8,3%
Net Income
Contracting
Agri Industry
Real Estate
Other
Total
2013
-217
63
-1
92
-64
Margin 2014
-9,3% -197*
4,4%
218
-2,5%
-4
137,2%
41
-1,7%
58
Margin
-7,1%
13,4%
-15,9%
74,3%
1,3%
2015E
55
152
-9
53
251
Margin
2,5%
7,7%
-19,4%
122,2%
5,9%
* Net asset write-off in Libya had a negative impact of TRY139,8 million on EBITDA and TRY189,7 million on Net Profit figures.
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
64
www.tekfen.com.tr
Tekfen Group
Net Cash Position
Tekfen Group Net Cash Position (TRY million)
Net Cash Position by segment (TRY million)
2012
635
2013
2014
767
688
147
Contracting
1
2012
2013
224
69
193
636
Agri Industry
11
Real Estate
-99 -91
Other
-290
2014
-619-612
65
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Tekfen Group
Capital Expenditures
Million TRY
402
43
54
2009
2010
193
184
2012
2013
97
2011
2014
Capital Expenditures (Segmental Breakdown, Million TRY)
Contracting
Agri Industry
Real Estate
Other
Total
2009
26,5
15,3
0,7
0,8
43,3
2010
30,0
10,2
0,2
13,5
53,9
2011
78,4
11,4
0,3
6,4
96,5
2012
142,6
49,9
0,3
0,4
193,3
2013
24,7
158,4
0,4
0,6
184,1
2014
27,0
371,2
2,6
0,7
401,5
66
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Tekfen Group
Disclaimer
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, 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.
67
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr
Tekfen Group
Contact Information
• For General Questions and Requests for Reports:
Çağlar Gülveren, CFA - Investor Relations and Corporate Governance Coordinator
e-mail: cgulveren@tekfen.com.tr
Tel: +90 212 359 3420
• Contracting Group:
Fatih Bahçeci, Vice President, Projects Planning and Control
e-mail: fbahceci@tekfen.com.tr
Tel: +90 212 359 3583
• Agri-Industry Group:
Canan Senkut, Toros Tarım IR Chief
e-mail: canan.senkut@toros.com.tr
Tel: +90 212 357 0202 (ext.381)
• Real-Estate Development Group:
Ayşe Turalı, Assistant General Manager
e-mail: aturali@tekfenemlak.com
Tel: +90 212 359 3703
68
Tekfen Group
Contracting
Agri Industry
Real Estate
Other
www.tekfen.com.tr