1q 2012 earnings presentation - torunlar reictorunlarreic.com/pdf/investor_presentations/trgyo...1q...
TRANSCRIPT
1Q 2012 EARNINGS PRESENTATION
18 May 2012
3
Highlights 3
Financial Review 10
Future Outlook 13
Appendix
● Turkey Real Estate Economic Highlights 15
● Turkey Real Estate Market Review 21
● Financial Statements 33
● Listed REIC's 39
● Portfolio Review 53
Challenging environment
Strong Q1 results, supported by sustained business fundamentals, footfall and sales in the malls.
Healthy balance sheet and available credit facilities preserve strong position. Focus on running operations, pipeline and acquisitions.
High occupancy rate and innovative mall management 3 projects in the pipeline in progress according to schedule + 2 new ones due to start in 2012 Highest bid for Pasabahce ex-Tekel factory land
Total sales revenues at TRY 39.7 m. Like-for-like net retail rental income up 15.8 % at TRY 24.6 m. EBITDA up 7.8% at TRY 26 m. Net profit TRY 0,30 per share (Q1 2011: TRY 0,04 per share) NAV TRY 11,60 per share (Year end 2011: TRY 11,30 per share) Leverage 26.7% Dividend TRY 0,10 per share in 2011 (2010: TRY 0,056 per share)
HIGHLIGHTS
1Q 2012 Outlook
3
HIGHLIGHTS
1Q 2012 Financial Performance ( million TL )
4
Portfolio Value
3,787.1 ( 3,024.9 )
FINAL+PRESALES
PRESALES
EBITDA
CAPEX
EBITDA MARGIN
73% 76.0 (43.9)
36.3 ( 1.9 )
8% 26.0 ( 24.1 )
106% 63.2 ( 30.6 )
25%
65.5 % ( 57.4 % ) 8.1pp *Numbers in paranthesis denote 1Q 2011 figures.
HIGHLIGHTS
Financial Highlights
5
TRY (000) 1Q 2012 1Q 2011 Variance %
Sales 39,702 42,038 -5.6
Residence 6,438 12,918 -50.2
Mall Rental 24,646 21,276 15.8
Other 8,618 7,844 9.9
Gross Profit 25,468 25,467 0.0
Gross Margin 64.1% 60.6% 3.6 p
EBITDA 26,022 24,131 7.8
EBITDA Margin 65.5% 57.4% 8.1 p
Net gain/(loss) from from fair value adjustments on investment property
0 0 0.0
Net Financial Interest Income 6,204 -1,952 417.8
Forex Gain / Loss 33,694 -15,085 323.4
Net Profit 66,236 8,771 655.2
1Q 2012 2011/12 Variance %
Total Assets 4,016,215 3,943,551 1.8
Total Equity 2,598,783 2,532,906 2.6
Financial Debt 1,070,611 1,100,516 -2.7
Net Debt 446,198 444,931 0.3
HIGHLIGHTS
Financial Highlights (million TRY)
6
PORTFOLIO VALUE ________________________________________
CAPEX___________________________________________________
3.0
24
,9
3.7
87
,1
2.500,0
2.700,0
2.900,0
3.100,0
3.300,0
3.500,0
3.700,0
3.900,0
1Q 2011 1Q 2012 Landbank 70,0
Korupark Residence
27,631
Korupark Mall 600,2
Torium Mall 567,3
Korupark I-II 35,6
NishIstanbul 40,3
Torium Residence 8,0
MOI 810,2
Korupark III 74,7
Torun Tower 253,3
AnkaMall 181,0
Netsel Marina 37,7
Bulvar Samsun 41,4
Deepo Antalya 232,4
Cash 624,4
Other 33,8
1Q 2012
30
,6
63
,2
0,0
10,0
20,0
30,0
40,0
50,0
60,0
70,0
1Q 2011 1Q 2012
MOI 33,2
Korupark Residence
16,3
Torun Tower 3,5
ASY Project 3,6
Boulevard Samsun
3,3
Mall Renewal 0,5
Other 2,7
1Q 2012
HIGHLIGHTS
Financial Highlights (million TRY)
7
SALES___________________________________________________
PRESALES_______________________________________________
42
,0
39
,7
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
45,0
1Q 2011 1Q 2012
Residence 6,4
Mall Rental 24,6
Other 8,6
1Q 2012 4
3,5
0,7
26
2,3
36
,3
0,0
50,0
100,0
150,0
200,0
250,0
300,0
2009 2010 2011 1Q 2012
Korupark III (29 units)
8,3
MOI Residences (42 units)
18,1
MOI Offices (17 units)
9,9
1Q 2012
HIGHLIGHTS
Financial Highlights (million TRY)
8
MALL REVENUES__________________________________________
MALL SALES TURNOVER & FOOTFALL_______________________
28
,4
33
,0
20,0
22,0
24,0
26,0
28,0
30,0
32,0
34,0
1Q 2011 1Q 2012
Zafer Plaza 2,9
Korupark AVM 14,1
Deepo Antalya
3,7
Torium 12,4
2012 1Q
19
2,0
21
4,1
150,0
160,0
170,0
180,0
190,0
200,0
210,0
220,0
1Q 2011 1Q 2012
Mall Sales Turnover 'million TRY
9,2
9,9
5,0
6,0
7,0
8,0
9,0
10,0
11,0
1Q 2011 1Q 2012
Footfall 'million
HIGHLIGHTS
Financial Highlights (million TRY)
9
NET PROFIT______________________________________________
EBITDA__________________________________________________
24
,1
26
,0
20,0
21,0
22,0
23,0
24,0
25,0
26,0
27,0
1Q 2011 1Q 2012
57
,4%
65
,5%
52,0%
54,0%
56,0%
58,0%
60,0%
62,0%
64,0%
66,0%
68,0%
1Q 2011 1Q 2012
EBITDA Margin
8,8
66
,2
0,0
10,0
20,0
30,0
40,0
50,0
60,0
70,0
1Q 2011 1Q 2012
21
%
16
7%
0%
50%
100%
150%
200%
1Q 2011 1Q 2012
Net Profit Margin
10
FINANCIAL REVIEW
Project Monthly Pre-Sales (in Units)
149
31 38
218
29
6
379
60
101
540
42
19 14 8 18
40
17 14
0
100
200
300
400
500
600
2Q 2011 3Q 2011 4Q 2011 2011 1Q 2012 2Q 2012*
Korupark Terrace Residence Phase III MOI (Residence) MOl (Office)* As of 30.04.2012
FINANCIAL REVIEW
Resilient retail operations through active hands-on management
11
March 2012 Bursa Zafer Plaza Bursa Korupark Antalya Deepo Outlet Istanbul Torium Total
GLA ( m2 ) 23,448 71,267 18,069 95,280 208,064
Revenues (TRY) 2,850,000 14,117,000 3,665,000 12,364,000 32,996,000
% LfL Revenues growth 35.71 18.94 11.98 10.41 16.02
% LfL Footfall growth 7.0 11.8 0.9 9.6 8.3
Number of stores 127 182 81 180 570
Occupancy (%) 99 98 100 99 99
Fixed Rent (sqm/month) 33.35 $ 19.73 € 20.78 € 14.78 $ 16.42 €
Turnover rent (as % of fixed rent) 2.88 3.81 12.48 11.48 6.93
Breakdown of rental revenues
65% $ 11% $ 19% $ 77% $ 41% $
35% € 89% € 80% € 23% € 59% €
Sh
are
of
Inte
rna
tio
na
l
Te
na
nts
% of GLA 19% 27% 20% 28% 26%
% of Rental Revenue 24% 33% 22% 28% 29%
% of Retail Turnover 22% 33% 23% 43% 33%
*The graph excludes TRY 624 mn of cash and cash deposits as of March 2012.
FINANCIAL REVIEW
Maturity of Financial Loans*
12
38
0
0
0
0
0
0
0
0
0
95
58
67
48
48
32
11
11
11
5
29
16
18
20
23
23
6
0
0 0
0
10
20
30
40
50
60
70
80
90
100
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Mill
ion
TRY
USD
EUR
Financial loans: TRY 1.070 mn
66,8%USD, 29,5%€, 3,7%TRY
FUTURE OUTLOOK
Sales & EBITDA Forecast (TRY ‘000)
13
23
2.9
28
16
2.9
09
27
8.9
86
77
4.2
17
1.1
73
.01
5
34
7.1
93
37
0.2
92
16
1.0
64
37
.75
8
13
8.7
13
55
9.1
84
85
6.3
14
7.4
21
3.8
22
53
.89
9
91
.96
9
10
9.8
81
17
6.5
76
27
6.4
90
29
7.7
10
32
2.4
48
17
.96
5
33
.18
2
30
.39
2
38
.45
7
40
.21
0
42
.06
3
44
.02
3
0
300.000
600.000
900.000
1.200.000
1.500.000
2010 2011 2012 F 2013 F 2014 F 2015 F 2016 F
Sales Residence - Office Rental Other
55.377 82.218
135.176
233.611
398.368
253.532 273.391
24%
50% 48%
30% 34%
73% 74%
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
100.000
200.000
300.000
400.000
500.000
2010 2011 2012 F 2013 F 2014 F 2015 F 2016 F
EBITDA EBITDA Margin (%)
3
14
Highlights 3
Financial Review
Future Outlook
Appendix
● Turkey Real Estate Economic Highlights
● Turkey Real Estate Market Review
● Financial Statement
● Listed REIC's
USD billion 2010a 2011a 2012b 2013b 2014b 2015b 2016b
GDP 730.7 774.6 816.7 937.0 1092.3 1217.5 1315.1
Growth (GDP, %) 9.2 8.5 3.5 4.0 5.1 5.3 5.1
Private Consumption (%) 6.7 7.8 3.0 3.5 4.0 4.0 4.2
Inflation (CPI, average, %) 8.6 6.5 9.5 7.6 5.5 4.4 4.1
TL/USD (year-end) 1.54 1.89 1.81 1.77 1.75 1.72 1.72
TL/USD (average) 1.50 1.67 1.80 1.77 1.75 1.72 1.72
TL/EUR (average) 2.00 2.33 2.35 2.29 2.21 2.13 2.17
Exports 120.9 143.5 141.9 148.8 161.7 178.5 194.0
Imports -177.3 -232.9 -228.0 -238.1 -259.8 -289.4 -326.1
C/A Balance (Ratio to GDP, %) -6.4 -10.0 -8.8 -7.7 -7.3 -7.4 -8.3
Budget Balance (Ratio to GDP, %) -3.6 -1.3 -1.9 -2.2 -2.1 -2.2 -2.1 a Actual
b Economist Intelligence Unit estimates.
Source; Economist Intelligence Unit
TURKEY REAL ESTATE ECONOMIC HIGHLIGHTS
Turkey Economic Highlights
15
TURKEY REAL ESTATE ECONOMIC HIGHLIGHTS
Company Economic Forecast
16
2011
2012
Base Case Best Case Worst Case
Real Growth (GDP, %) 8.50 4.00 6.00 2.00
Inflation (CPI, %) 10.45 6.50 4.50 8.50
Inflation (PPI, %) 11.09 6.00 4.80 7.30
TL/USD (year-end) 1.92 1.75 1.60 2.00
TL/EUR (year-end) 2.47 2.36 2.16 2.70
USD / EUR (year-end) 1.29 1.35 1.35 1.35
CBT weekly repo rate ( % ) 5.75 5.75 6.00
CBT overnight repo rate ( % ) 12.50 10.00 12.50
Mortgage loan average monthly interest rate (year-end, % ) 1.20 1.00
Mortgage loan growth ( % ) 21.40 15.00
Construction sector growth rate ( % ) 11.20 5.00 6.00
Residential construction permits (growth, % ) -30.00 5.00 10.00
Residential prices and rents growth (%) at par with
inflation
at par with
inflation
Commercial real estate investment growth ( % ) 10.00 8.00 10.00
TURKEY REAL ESTATE ECONOMIC HIGHLIGHTS
Turkey GDP vs. Construction Sector
17
GDP
-20,0%
-15,0%
-10,0%
-5,0%
,0%
5,0%
10,0%
15,0%
20,0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-3,4%
6,8%
-5,7%
6,2% 5,3%
9,4% 8,4%
6,9%
4,7%
-0.7% -4,8%
9,2% 8,5%
-3,1%
4,9%
-17,4%
13,9%
7,8%
14,1%
9,3%
18,5%
5,7%
-8,1%
-16,1%
17,1%
11,2%
GDP ConstructionSource: Turkish Statistical Institute
TURKEY REAL ESTATE ECONOMIC HIGHLIGHTS
Turkey Real Estate Economic Highlights
18
71
,79
77
,31
82
,63
81
,04
80
,80
83
,36
85
,49
90
,58
96
,72
10
5,6
3
11
3,6
4
12
4,9
4
13
6,2
3 15
0,8
6
15
7,0
4
16
2,0
9
16
5,7
4
33
,99
36
,34
37
,95
37
,45
37
,35
38
,54
39
,70
42
,55
45
,46
49
,22
52
,05
57
,26
61
,89
66
,71
68
,20
69
,56
70
,40
47,35%
47,01%
45,93% 46,20% 46,23% 46,23%
46,44%
46,98%
47,01% 46,60%
45,80%
45,83%
45,43%
44,22%
43,43%
42,92% 42,48%
0
20
40
60
80
100
120
140
160
180
2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1
40,00%
41,00%
42,00%
43,00%
44,00%
45,00%
46,00%
47,00%
48,00%
Consumer Loans Mortgage Loans Mortgage / Consumer Loans (%)Source: Central Bank of Turkey
TURKEY REAL ESTATE ECONOMIC HIGHLIGHTS
Turkey Real Estate Economic Highlights
19
3,0
85
2,3
54
1,6
10
-0,5
07
-0,0
93
1,1
86
1,1
65
2,8
51
2,9
09
3,7
61
2,8
22
5,2
10
4,6
33
4,8
22
1,4
87
1,3
65
0,8
39
18,12% 18,17% 18,61%
20,67%
17,47%
16,19%
12,93%
12,06% 11,49%
11,05% 10,47%
9,53% 9,86%
11,68% 12,48%
14,40%
13,16%
0,00%
5,00%
10,00%
15,00%
20,00%
25,00%
-1,00
0,00
1,00
2,00
3,00
4,00
5,00
6,00
2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1
Mortgage Loans Interest Rate on Mortgages (%)Source: Central Bank of Turkey
20
Highlights 3
Financial Review
Future Outlook
Appendix
● Turkey Real Estate Economic Highlights
● Turkey Real Estate Market Review
● Financial Statement
● Listed REIC's
112.168
113.088
109.333
92.516
108.861
194.743
111.913 116.229
85.857 90.270
83.697
97.517 91.071
107.308
101.754
118.867
29
.41
1
28
.34
6
24
.36
0
21
.38
6
26
.09
1
56
.90
9
22
.89
6
25
.25
4
18
.99
4
21
.48
5
16
.32
0
20
.92
2
18
.76
8
22
.34
3
18
.49
4
24
.24
9
23
.75
7
23
.78
3
21
.69
0
17
.85
7
22
.00
3
34
.04
2
22
.43
4
22
.76
7
16
.34
8
15
.81
4
13
.86
7
15
.97
7
15
.70
5
18
.02
6
16
.72
0
18
.75
6
0
50.000
100.000
150.000
200.000
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011
TURKEY ISTANBUL ANKARASource: Turkish Statistical Institute
TURKEY REAL ESTATE MARKET REVİEW
Turkey Residential Sales ( in units )
21
TURKEY REAL ESTATE MARKET REVİEW
Turkey Residential Permits (in units)
22
12
1.4
03
14
8.3
46
11
9.8
22
11
3.9
94
13
5.5
71
11
3.8
02
10
8.9
67
16
0.1
35
12
5.9
75
17
5.6
66
16
5.7
43
449.120
92
.30
4
16
2.0
40
17
5.0
53
21
6.2
58
91
.46
3
87
.62
0
86
.56
4
91
.63
9 13
1.0
15
12
8.1
72
89
.94
8
12
0.8
46
87
.95
5
94
.78
8
10
1.9
00
14
4.9
48
94
.64
8 13
0.5
93
14
8.9
51
17
5.7
28
0
50.000
100.000
150.000
200.000
250.000
300.000
350.000
400.000
450.000
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011
Construction Permit Building Occupancy PermitSource: Turkish Statistical Institute
TURKEY REAL ESTATE MARKET REVİEW
Residential Purchase Confidence Index
23
7,9 8,2
9,0 8,6
9,6
7,5
9,3
10,4 10,1
9,8 9,5
9,9 9,8
10,3 10,6
8,9 8,9
10,3
9,6
10,5 10,6 10,6
5,0
6,0
7,0
8,0
9,0
10,0
11,0
12,0
13,0
14,0
15,0
80,0
82,0
84,0
86,0
88,0
90,0
92,0
94,0
96,0
98,0
100,0
TURKSTAT Consumer Confidence Index CBT Consumer Residential Buying Behavior Index
TURKEY REAL ESTATE MARKET REVİEW
Turkey New Residential Price Index
24
97,8
99,5
101,6
103,6
106,6
110,5
112,7
115,3
117,9
103,4 103,8
105,8
107,4
112,1
116,9
121,1 122,2
123,8
90,0
95,0
100,0
105,0
110,0
115,0
120,0
125,0
Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012
CBRT Turkey House Price Index TURKSTAT Construction Cost IndexJan 2010 = 100
TURKEY REAL ESTATE MARKET REVİEW
Turkey Retail Market
25
23
5.2
83
25
7.9
46
27
6.1
67
29
4.7
10
31
4.5
29
33
6.3
61
36
0.1
59
38
9.3
93
20
9.2
60
23
4.1
75
25
4.5
78
27
5.6
32
29
8.4
29
32
3.8
71
35
1.9
76
38
6.9
68
0
100.000
200.000
300.000
400.000
500.000
600.000
700.000
800.000
900.000
2010 2011 2012 2013 2014 2015 2016 2017
Retail Sales (TRY mn)
Grocery Retail Sales (TRY mn) Non-Grocery Retail Sales (TRY mn)Source: Planet Retail
Istanbul 40%
Ankara 15%
Bursa 6%
Izmir 5%
Antalya 3%
Adana 3%
Kocaeli 2%
Denizli 2%
Gaziantep 2%
Mersin 2%
Konya 2%
Trabzon 2%
Other 16%
Retail centre supply (supply breakdown by city)
So
urc
e:
DT
Z P
am
ir &
So
yu
er
TURKEY REAL ESTATE MARKET REVİEW
Turkey Retail Market
26
Food, beverage and tobacco
26,3%
Furnishing, household equipment
6,3%
Restaurant and hotels 5,4%
Clothing and footwear
5,1% Recreation and culture
2,8%
Transportation and
communication 19,2%
Housing 27,1%
Health 2,1%
Education 2,0%
Miscellaneous Goods and
Services 3,7%
Household Expenditure (by type, 2010)
So
urc
e:
TU
RK
ST
AT
End 2009 End 2010 End 2011 Under
Construction* Total**
İstanbul Unit 81 93 104 29 133
GLA (sq m) 2.29 M 2.66 M 3.08 M 1.12 M 4.20 M
Res
t o
f Tu
rke
y
Unit 155 171 198 37 235
GLA (sq m) 3.41 M 3.87 M 4.55 M 0.98 M 5.53 M
Tu
rke
y Unit 236 264 302 66 368
GLA (sq m) 5.70 M 6.53 M 7.63 M 2.10 M 9.73 M
**as of end 2013
Source: Jones Lang LaSalle
TURKEY REAL ESTATE MARKET REVİEW
Shopping Mall Development
27
TURKEY REAL ESTATE MARKET REVİEW
Retail Density-GLA per 1,000 Capita, Turkey
28
City End 2010 End 2011 End 2013
İstanbul 210 m2 232 m2 287 m2
Ankara 207 m2 236 m2 257 m2
Karabük 65 m2 179 m2 166 m2
Bolu 25 m2 148 m2 146 m2
Trabzon 142 m2 143 m2 139 m2
Bursa 134 m2 143 m2 139 m2
Tekirdağ 139 m2 139 m2 132 m2
Denizli 119 m2 130 m2 142 m2
Turkey 90 m2 103 m2 124 m2
Source: Jones Lang LaSalle
TURKEY REAL ESTATE MARKET REVİEW
Turkey’s Mall League
29
Mall Opening Date GLA Location Developer
1 Forum Istanbul 2009 178,834 Istanbul Multi Turkmall
2 Marmara Forum 2011 137,500 Istanbul Multi Turkmall
3 Cevahir 2005 110,000 Istanbul Kuwait Investment Authority
4 Ankamall 1999 107,804 Ankara Migros
5 Torium 2010 95,280 Istanbul Torunlar REIC
6 Istinyepark 2007 88,490 Istanbul Dogus, Orjin
7 Anatolium 2010 84,165 Bursa Corio
8 Antares 2007 84,000 Ankara Dolunay
9 Panora 2007 82,591 Ankara Polat Holding
10 Forum Ankara 2008 80,000 Ankara Multi Development TR
11 Kent Park 2008 79,478 Ankara Mega Turk Construction
12 M1 Merkez Adana 2000 76,500 Adana Metro
13 Korupark 2007 74,580 Bursa Torunlar REIC
14 Cepa 2007 73,242 Ankara Carrefour
15 Forum Mersin 2007 71,125 Mersin Multi Turkmall
16 Anatolium Ankara 2011 70,000 Istanbul Corio
17 M1 Meydan Umraniye 2007 70,000 Istanbul Metro
18 Optimum Outlet 2011 69,000 Adana Ronesans REIC
19 212 Istanbul Power Outlet 2009 68,000 Istanbul Edip International Real Estate
20 Via/Port Outlet Shopping 2008 66,000 Istanbul Bayraktar Grup
*Source: Akademetre Research and Eva Real Estate
TURKEY REAL ESTATE MARKET REVİEW
Turkey SHOPPING MALL Sales Turnover and Footfall
30
112
108
103
108
115
119
112 110
106
136
132
143
129
121 123
99 97
95 97
100
97
100 101
95
102 104
106
102
95
98
18,90
0,00
5,00
10,00
15,00
20,00
25,00
80
90
100
110
120
130
140
150
Jan.11 Feb.11 Mar.11 Apr.11 May.11 Jun.11 Jul.11 Aug.11 Sep.11 Oct.11 Nov.11 Dec.11 Jan.12 Feb.12 Mar.12
Sales Turnover Index (General)* Footfall Index (General)* Interest Rate on Cash Loans (%)
Source: Council of Shopping Centers - Turkey Central Bank of TURKEY
* January 2010 = The beginning of index
Grade A Office Stock
End 2011 Sub Market Existing Projects GLA
(sq m) Pipeline Projects GLA
(sq m) **
Europe
CBD 1,160,000 303,000
Non CBD 770,000 195,000
Asia 950,000 184,000
Total 2,880,000 682,000
**For completion by end 2013
Source: Jones Lang LaSalle
TURKEY REAL ESTATE MARKET REVİEW
Office Market Overview
31
3
Highlights 3
Financial Review
Future Outlook
Appendix
● Turkey Real Estate Economic Highlights
● Turkey Real Estate Market Review
● Financial Statement
● Listed REIC's
FINANCIAL STATEMENT
Income Statement
33
TRY (000) 1Q 2012 1Q 2011 YoY
Sales 39,702 42,038 -5.6%
Residence 6,438 12,918 -50.2%
Mall rental 24,646 21,276 15.8%
Other 8,618 7,844 9.9%
Cost of sales 14,234 16,571 -14.1%
Residence 3,457 6,643 -48.0%
Mall rental 1,892 1,239 52.7%
Other 8,885 8,689 2.3%
Gross profit 25,468 25,467 0.0%
Gross margin 64.1% 60.6% 3.57 pp
Opex -2,974 -4,062 -26.8%
General & admin exp -1,888 -3,349 -43.6%
Mrkt and selling exp -1,086 -713 52.3%
Other income(expenses) -1 337 -100.3%
Net gain (loss) fair value adjustments on investment property 0 0 0.0%
Operating profit 22,493 21,742 3.5%
Operating profit excluding fair value adjustment 22,493 21,742 3.5%
Share of profit of associates (recurring) 3,453 2,308 49.6%
EBIT * 25,946 24,050 7.9%
EBIT margin (%) 65.4% 57.2% 8.14 pp
Depreciation 76 81 -6.2%
EBITDA * 26,022 24,131 7.8%
EBITDA margin (%) 65.5% 57.4% 8.14 pp
share of profits (non-recurring) -343 874 -139.2%
Net financial interest income(expense) 6,204 -1,952 -417.8%
Other net financial income (expense) 1,267 1,329 -4.7%
Forex gain (loss) 33,694 -15,085 -323.4%
Profit before tax 66,768 9,216 624.5%
Corporate tax -532 -445 19.55%
Net Profit 66,236 8,771 655.17%
Net profit margin (%) 166.8% 20.9% 145.97 pp
FINANCIAL STATEMENT
Balance Sheet
34
(000 TRY) 2012/03 2011/12 Variance % Cash and Cash Equivalents 510,453 597,388 -14.6 Financial Investments 113,960 58,197 95.8 Trade Receivables 102,052 71,081 43.6 Inventory 112,767 100,805 11.9 Advances Given 15,668 9,742 60.8 Other Current Assets 2,804 4,058 -30.9 CURRENT ASSETS 857,704 841,271 2.0 Financial Investments 0 0 0.0 Trade Receivables 63,261 60,079 5.3 Invest.In Associates 163,846 164,189 -0.2 Investment Property 2,482,758 2,457,490 1.0 Tangible Fixed Property 1,367 874 56.4 Intangible Fixed Assets 117 86 36.0 Inventory 283,986 262,406 8.2 Advances Given 108,063 108,063 0.0 Other Non-current Assets 55,113 49,093 12.3 NON-CURRENT ASSETS 3,158,511 3,102,280 1.8 TOTAL ASSETS 4,016,215 3,943,551 1.8 Financial Liabilities 325,535 289,143 12.6 Finance Lease Liabilities 0 0 0.0 Other Financial Liabilities 0 1,313 -100.0 Trade Payables 38,565 38,864 -0.8 Tax Payables 532 409 Advances Received 62,259 52,383 18.9 Other Current Liabilities 6,322 6,282 0.6 CURRENT LIABILITIES 433,213 388,394 11.5 Financial Liabilities 745,076 811,373 -8.2 Provision For Employment Termination Benefits 85 93 -8.6 Advances Received 239,058 210,785 NON-CURRENT LIABILITIES 984,219 1,022,251 -3.7 Share Capital 224,000 224,000 0.0 Share Premium 301,770 301,770 0.0 Legal Reserves 3,947 3,947 0.0 Treasury Shares -1,195 -836 42.9 Retained Earnings 2,004,025 1,826,713 9.7 Net Profit 66,236 177,312 -62.6 TOTAL EQUITY 2,598,783 2,532,906 2.6 TOTAL LIABILITIES AND EQUITY 4,016,215 3,943,551 1.8
FINANCIAL STATEMENT
Cash Flow Statement
35
(000 TRY) 2012 1Q 2011 2010 2009 2008
Cash and cash equivalents at the beginning of the year
597,388 438,664 72,639 80,168 137,441
Exchange losses on cash and blocked deposits -1,088 3,187 320 -211 4,154
Blocked deposits 0 0 -121,447 0 0
Net cash generated (used) in operating activities
-36,791 121,271 32,380 63,287 -30,371
Net cash used in investing activities -22,415 -101,257 -122,002 -58,490 -70,920
Net cash generated (used in) from financing activities
-26,641 135,523 455,327 -12,115 39,864
Net (decrease) increase in cash and cash equivalents
-85,847 155,537 365,705 -7,318 -61,427
Cash and cash equivalents at the end of the period
510,453 597,388 317,217 72,639 80,168
FINANCIAL STATEMENT
Net Foreign Currency Position
36
(000) € $ TL Equivalent
Variance % 31.03.2012 30.12.2011
Current assets 17,273 93,698 206,993 223,130 -7.2
Trade receivables 15,317 0 36,247 0 0.0
Monetary financial assets 1,830 92,511 168,344 210,456 -20.0
Other 126 1,187 2,402 12,674 -81.0
Total assets 17,273 93,698 206,993 223,130 -7.2
Current liabilities -28,554 -125,203 -289,547 -256,557 -12.9
Trade payables -462 -1,065 -2,982 -5,438 45.2
Financial liabilities -27,927 -124,103 -286,108 -251,112 -13.9
Other current liabilities -165 -35 -457 -7 -6428.6
Non-current liabilities -105,467 -279,599 -745,277 -826,481 9.8
Trade payables 0 -113 -201 0 0.0
Financial liabilities -105,467 -279,486 -745,076 -811,370 8.2
Derivative Liabilities (net) 0 0 0 -15,111 100.0
Total liabilities -134,021 -404,802 -1,034,824 -1,083,038 4.5
Net foreign currency asset (liability) -116,748 -311,104 -827,831 -859,908 3.7
FINANCIAL STATEMENT
Funding Summary
37
2012/03 2011/12 Variance
Total net debt (000 TRY) -446,198 -444,931 0.28%
Average loan term (years) 5 5
Average overall interest rate* 4.76% 5.07% -0.32 pp
Leverage (financial loans as % of total assets) 26.7% 27.9% -1.25 pp
Net debt to equity ratio -17.2% -17.6% 0.40 pp
Net debt/Assets (%) -11.1% -11.3% 0.17 pp
Equity to assets ratio 64.7% 64.2% 0.48 pp
Loan to property value ratio (LTV) -14.7% -14.9% 0.24 pp
Net debt/EBITDA (times) 4.2 5.4 -1.2 pp
* Excl. TRY Loans
3
Highlights 3
Financial Review
Future Outlook
Appendix
● Turkey Real Estate Economic Highlights
● Turkey Real Estate Market Review
● Financial Statement
● Listed REIC's
Listed REITs Free Float 3M avg. daily
trading volume
Current M.Cap
(TRY mn)
Dividend Yield
(2010)
Dividend Yield
(2011)
Dividend Yield
(2012)
1 EMLAK KONUT GMYO 25% 71.497 5,625 - 2.6% -
2 TORUNLAR GMYO 14% 3.091 1,165 - 0.9% 2.5%*
3 SAF GMYO 29% 4.455 1,161 - - -
4 AKMERKEZ GMYO 2% 1.715 842 4.6% - -
5 SİNPAŞ GMYO 37% 10.551 744 - 3.1% -
6 İŞ GMYO 48% 2.544 630 3.0% 2.8% 5.0%
7 VAKIF GMYO 15% 1.678 415 - - -
8 ÖZAK GMYO 8% 1.182 411 -
9 AKFEN GMYO 29% 2.457 289 - - -
10 YEŞİL GMYO 24% 7.409 275 - - -
11 KİLER GMYO 35% 5.316 257 - - -
12 ALARKO GMYO 34% 3.043 181 - 0.7% 1.8%
13 NUROL GMYO 20% 12.744 176 - - -
14 REYSAŞ GMYO 31% 0.950 151 - 0.6% -
15 DOĞUŞ GMYO 7% 0.400 133 - - -
16 TSKB GMYO 29% 0.470 99 - - -
17 ATAKULE GMYO 16% 0.378 87 2.2% 2.1% -
18 ÖZDERİCİ GMYO 33% 0.355 83 - - -
19 MARTI GMYO 48% 0.667 65 - 5.4% 8.5%
20 YAPI KREDİ KORAY GMYO 44% 2.048 57 - - -
21 PERA GMYO 51% 0.596 55 - - -
22 AVRASYA GMYO 72% 3.241 47 - - -
23 İDEALİST GMYO 25% 1.307 32 - - -
24 EGS GMYO 66% 0.022 12 - - -
TOTAL 25% 138.118 12,992
exc. EKGYO 25% 66.621 7,367 - - -
* BOD Proposal subject to GA Approval
Source: Istanbul Stock Exchange
LISTED REIC’s
REICs on the ISE (as of May 18, 2012)
39
LISTED REIC’s
TORUNLAR REIC PERFORMANCE
40
91,80
99,89
108,93 105,58
98,30
72,77
88,61 80,82
133,70
86,66
105,25
98,58
99,18
54,38
73,70
71,23
50
60
70
80
90
100
110
120
130
140
IPOdate
Oct2010
Nov2010
Dec2010
Jan2011
Feb2011
Mar2011
Apr2011
May2011
Jun2011
Jul2011
Aug2011
Sep2011
Oct2011
Nov2011
Dec2011
Jan2012
Feb2012
Mar2012
Apr2012
18 May2012
MSCI WORLD / REIT's Index XU100 (ISE100 NATIONAL INDEX) XGMYO (ISE REIC INDEX) TRGYO (TORUNLAR REIC)
LISTED REIC’s
TORUNLAR REIC PERFORMANCE
41
135,29 136,03
80,15
73,53
87,50 77,21
167,06
176,47
131,76
114,71
136,47 132,35
93,05
127,65 133,70
86,66
105,25 98,58
83,56
91,51
78,90
99,18
54,38
73,70 71,23
119,78 119,78
54,40
74,18
68,13
50
70
90
110
130
150
170
190
IPOdate
Oct2010
Nov2010
Dec2010
Jan2011
Feb2011
Mar2011
Apr2011
May2011
Jun2011
Jul2011
Aug2011
Sep2011
Oct2011
Nov2011
Dec2011
Jan2012
Feb2012
Mar2012
Apr2012
18 May2012
ISGYO EKGYO XGMYO (ISE REIC INDEX) TRGYO (TORUNLAR REIC) SNGYO
Haluk YUKLER
Investor Relations Director
Ismail KAZANC
CFO
TORUNLAR REIC (Real Estate Investment Company)
Ruzgarlibahce Mah. Selvi Cikmazi No.4 Kavacik 34805
Istanbul TURKEY
Phone: +90-216-425 20 07
Fax: +90-216-425 03 12
Contacts
42
This presentation does contain forward-looking statements that reflect the Company management’s current views with respect to certain future events based on the base-case assumptions. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ materially.
Neither Torunlar REIC nor any of its directors, managers or employees nor any other person shall have any liability whatsoever for any loss arising from the use of this presentation.
Disclaimer
43