Investor Presentation 1H 2015
Anel Elektrik 2
Glance of Anel Elektrik 29 years of experience 10 Int l airports experience with more than 2,5mn sqm 2.102 Employees, 71% Blue Collar- 29% White Collar 100% Domestic Capital IPO in 2010, ANELE in Borsa İstanbul Ranked 277th largest Company in Fortune 500 Turkey list in 2014 3
Anel Elektrik s Key Milestone 2015 Mavi Bahçe Shopping Center DP World Yarımca Container Terminale 4
Major Completed Projects AIRPORTS Completion Date Project Size (sqm) Abu Dhabi Midfield Terminal Building Ongoing 2016 700.000 İstanbul Atatürk International Airport (with extentions) 1999/2004/2005/2010 495.000 Hamad International Airport / Qatar 2013 450.000 Cairo Airport Terminal Building 3 / Egypt 2008 220.000 Ankara Esenboga International Airport 2007 180.000 Izmir Adnan Menderes International Airport 2007 110.000 Erzincan Airport, Domestic 2010 65.000 Adıyaman Airport, Domestic 2012 25.000 Tbilisi & Batumi International Airport 2007 27.500 Total Size 2.272.500 OTHER PROJECTS Kuyumcukent Jewellery & Gold Center 2010 550.000 Izmir Hippodrome Outdoor Lighting 2007 550.000 Marmara Forum Mall 2011 350.000 Ford Otosan Golcuk Facilities 2006 300.000 Bayrampaşa Forum Mall 2009 300.000 Qatar National Convention Centers 2010 120.000 Turkcell s 40 Operation Centers 2002 115.000 Bosch-Rexroth 2009 87.000 King s Academy / jordan 2006 66.000 Total Size 2.438.000 GRAND TOTAL SIZE 4.710.500 5
From Projects 6
Backlog Backlog USD mn Revenue TRY mn & Ebitda Margin (%) 565 530 7,90% 276 225 62 99 163 177 138 85 427 445 373 66 307 276 59 218 8,00% 9,68% 319 357 6,65% 291 6,69% 460 639 10,68% 286 2010 2011 2012 2013 2014 1H2015 2010 2011 2012 2013 2014 1H2015 Int'L Domestic Revenue Backlog Distribution Estimates USD mn 103 110 63 2015 2016 2017 Backlog 7
Backlog Domestic Projects Client Location Section Size Total Size Backlog E 28.111.439 Tuzla Trade Center (IS REIT) Koray İstanbul 66.495.844 30.543.883 M 38.384.405 E 9.342.233 42 Maslak BAY İstanbul 22.388.326 4.486.475 M 13.046.092 E 13.504.630 DP World Yarımca Container Terminal STFA Kocaeli 13.504.630 12.698.341 E 6.139.535 Mavi Bahçe Shopping Center Opera İzmir 11.767.442 9.600.571 M 5.627.907 E 49.312.012 Other Domestic Projects 79.789.115 1.350.574 M 30.477.103 TOTAL (USD) 193.945.356 58.679.844 Backlog Breakdown by Country Azerbaijan 4% UEA 54% Turkey 21% Qatar 21% Project completion period; 2-3 years average M Backlog Breakdown by Project Airport 56% Stadium 1% Port 4% Infrastructure 14% Business Center & Mall 22% Hospital 3% 8
Backlog International Projects Client Location Section Size Total Size Backlog TAV-CCC- E 279.796.535 Abu Dhabi Midfield Terminal Building UAE ArabTec 279.796.535 146.632.502 M QIT IMAR E 60.048.462 Hamad International Airport CP99,110,111,112 Alec Fit Out Qatar 60.048.462 1.872.619 JV M E 34.793.853 Hamad Bin Khalifa Medical City Doha Hyundai Qatar 34.793.853 8.005.197 M REDCO E 108.923.553 R&D Complex Qatar Construction Qatar 108.923.553 11.060.417 - AL MANA M E 91.150.000 Baku Olympic Stadium Tekfen Azerbaijan 126.650.000 2.676.132 M 35.500.000 Pasha E 9.080.642 Ganjlik Mall Construction Azerbaijan 25.219.756 3.263.090 M 16.139.114 E 44.877.538 Al Rayvan Road Doğuş Qatar 44.877.538 43.715.644 M E 1.901.060 Other Int'l Projects Qatar 1.901.060 395.870 M TOTAL (USD) 682.210.757 217.621.472 DOMESTIC & INT'L TOTAL 876.156.113 276.301.316 9
Well - Established Relationships Cairo Airport / Egypt Tbilisi&Batumi Airports / Georgia Ankara, Istanbul & Izmir Airports Hamad International Airport / Qatar International Abu Dhabi Airport/ UAE Hamad International Airport / Qatar Biological Lab / Georgia Hamad Bin Khalifa Medical City/Qatar BP HQ Building / Baku Architecture engineering consulting operations and maintenance King Hussein Military Academy / Jordan King Hussein Cancer Hospital / Jordan Court of Accounts Building / Russia Hamad International Airport / Qatar Marmaray Railway Tube Tunnel / Istanbul Ras Gas Raslafan/Qatar Construction Marmara Forum Mall Bayrampasa Forum Mall CR-1 Marmaray Train Stations/Istanbul T.T.E Engineering Baku Olympic Stadium /Azerbaijan Consolidated Construction Company International Abu Dhabi Airport 10
Abu Dhabi Airport 700.000 sqm Completion Sep 2016 Future Project Opportunities Airport Projects Total 4 Projects 3.2 mn sqm Hamad Airport Concourse D&E 150.000 sqm 2015-2018 Kuwait Airport New Terminal Building 650.000 sqm 2015-2019 İstanbul 3rd Airport Phase I (2015-2019) 700.000 sqm Phase II&III (2019-2022) 700.000 sqm Total 1.4mn sqm New Doha Int l Airport Kuwait Airport New Terminal Bulding Dubai World Central Airport 2mn sqm (1mn Terminal Building, 1mn facilities infrastructure) 2016-2020 35 bn $ Estimated Project size 11
Stadium Projects Baku Olympic Stadium World Cup Qatar 2022 12 stadium project 2016-2020* 10 stadium average cap. 45.000 2 stadium avarage cap. 75.000 Baku Olympic Stadium 1st European Olympic Games Capacity 70.000 Completion Jan 2015 Standarts UEFA, FIFA, IOC (Elite Stadium) Future Project Opportunities World Cup Russia 2018 3 stadium project till 2018 Avarage capacities 70.000 Total 15 Projects 55.000 avg. cap. 9 bn $ Potential Value Lusail Iconic Stadium, Al Dayeen, 86.250 cap. Doha Port Stadium, Doha, 44.950 cap. *9 new planned, 3 plans to expand 12
Future Project Opportunities Industrial Projects Ethylene/ Polyethylene Factories Russia and Tatarstan Republic 2015-2017 Fertilizer Factory Baku and Georgia 2015-2017 In Addition - Gulf region's potential similar projects. --The pics are representative 13
Other Opportunities Hospitals Hamad Medical City, Doha 227.000 sqm Completion Dec 2014 Hamad Medical City 30 City Hospitals planned in Turkey Azerbaijan, Russia, Gulf Region s planned new projects 2014-2020 Nuclear Power Plants 2 projects planned in Turkey Projects planned on Turkey's North and South coast 2015-2022 Other Projects Qatar s infrastructure (city subway) projects New shopping centers and malls New luxury hotels Till Qatar EXPO 2020 and WC2022 Ganjlik Mall, The Biggest of Baku Four Season Hotel, İstanbul 14
Main Segments ENERGY REAL ESTATE ELECTRONICS 1H 2015 Revenue; 2.05 mn TRY 1H 2015 Revenue ; 7.2 mn TRY 1H 2015 Revenue; 2.04 mn TRY 2014 Revenue; 19,3 mn TRY 2014 Revenue; 15,8 mn TRY 2014 Revenue; 1,5 mn TRY The biggest photovoltaic power plant in Turkey - Malatya University 5,3 MWp The largest solar plant in the Eastern Mediterranean Basin - 1,3 MWp solar power plant Cyprus Projects in Bulgaria - 5,2 MWp Troyanovo,Dimitrovgrad,Chirpan Türk Telekom Base Station Installation - 400 kwp Greece Solar plant in Komotini - 100 kwp Anel Business Center Roof and Terrace Installation - 25 kwp Anel Business Center Marine electric electronics *Generating its own electricity System integration *Long-term renting method Fixed and mobile telecommunication *19 floors & 40,000 sqm rentable area Defence *Parking lot for 450 vehicles Industrial & professional electronics *100% capacity utilization Information technologies Kosuyolu Office Building Mobile applications & smart solutions Main Prestigious Tenants *Celebi Holding *Shaya *Redbull *Pierre Fabre *Orange *Hobby Kozmetik *Watsons *Grohe *Kariyer.net *Karsan *Sigortam.net *Avnet Sanko *Takeda 15
Anel Elektrik Financial Summary (TRY) 2010 2011 2012 2013 1H2014 1H2015 Net Sales 319.333.713 357.044.134 291.411.121 459.740.937 223.297.271 286.237.638 Gross Profit 38.608.686 52.256.724 43.936.027 51.385.010 25.103.759 43.038.489 Operating Profit 25.368.631 41.195.274 17.517.191 25.400.482 16.147.362 30.050.855 Net Income 21.936.969 22.891.831 15.464 1.372.523 2.055.615 2.322.877 EBIT 10.072.493 23.395.401 16.861.721 26.808.302 15.443.589 28.413.300 EBITDA 27.029.875 34.494.525 19.385.352 30.779.310 17.227.975 30.557.614 EBIT Margin(%) 3,00% 6,55% 5,79% 5,83% 6,92% 9,93% EBITDA Margin(%) 8,00% 9,68% 6,65% 6,69% 7,72% 10,68% Gross Marjin (%) 12,00% 14,64% 15,08% 11,18% 11,24% 15,04% Operating Margin (%) 7,90% 11,55% 6,01% 5,52% 7,23% 10,50% Net Income Margin (%) 6,90% 6,42% 0,01% 0,30%. 0,92% 0,81% Price (TRY/share) 2,44 1,92 2,13 1,00 1,15 1,00 Book Value Per Share (TRY) 1,88 2,26 2,23 2,21 2,58 2,97 Market Cap (TRY) 268.400.000 211.200.000 234.300.000 110.000.000 126.500.000 110.000.000 16
Anel Elektrik Financial Summary SUMMARY FINANCIALS (TRY mn) Anel Elektrik 2010 2011 Financial 2012 2013 Summary 2014 1H2015 CURRENT ASSETS 374 397 345 533 671 687 Cash and Cash Equivalents 83,5 87,2 15,7 46,5 26 21 Trade Receivables 106 127 241,2 358,5 443 447 Other Receivables 32,6 11,3 23,1 65,3 91,1 74,2 Inventories 28,6 27,8 30,6 26,7 66,1 87,8 Other Current Assets 30,5 27,1 16,7 17,6 19,6 22,5 NON-CURRENT ASSETS 176 240 223,2 294 365 379 Financial Investments (Assets) 0,02 0,2 0,05 0,05 0,05 0,05 Investments Accounted with Equity Method 21,4 16,3 16,4 10,5 22,2 23,9 Investment Property 110,2 117.2 120,6 137,5 138,1 135,8 Intangible Non-Current Assets 0,3 0,2 2,1 9,3 2,2 1,7 Deferred Tax Asset 31,6 83,8 57,3 99,9 163 181 TOTAL ASSETS 550 637 568 827 1035 1066 SHORT TERM LIABILITIES 234 224 176,6 353 486 436 Financial Liabilities 62,9 50,2 34,4 99,9 173 203 Trade Payables 67,9 53,1 58,3 83,5 192,9 136,9 LONG TERM LIABILITIES 110 165 144,8 194 252 273 Financial Liabilities 74,1 80,2 86,3 91,8 94 97,8 SHAREHOLDER'S EQUITY 207 249 246.5 281 298 357 Paid-in Capital 110 110 110 110 110 110 MINORY INTERESTS 26,8 25,4 29,1 29,1 27,9 29,8 TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 550 637 568 827 1035 1066 17
Disclaimer Certain statements contained in this presentation may be considered "forward-looking statements. Our forward-looking statements generally contain words such as "estimate," "project, "predict," "believe," "expect," "anticipate," "potential," "plan," "goal," will or other words which mean the uncertainty of future events. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although Anel Elektrik believes that the expectations reflected in our forward-looking statements are reasonable at this time, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Therefore, Anel Elektrik disclaims any obligation to update these statements, and we caution you not to rely on them unduly.