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Investor Presentation INVESTOR PRESENTATION ALARKO HOLDING A.Ş. TABLE OF CONTENTS INTRODUCTION 1 CONTRACTING GROUP 14 ALARKO HOLDING SHAREHOLDER LAND DEVELOPMENT GROUP STRUCTURE & PARTICIPATION 2 ALARKO REIT 21 ALARKO HOLDING CONSOLIDATED INDUSTRY & TRADE GROUP REVENUE DISTRIBUTION 3 ALARKO CARRIER 25 ALARKO HOLDING CONSOLIDATED TOURISM GROUP IFRS FINANCIALS 5 32 ENERGY GROUP APPENDIX OVERVIEW 6 35 ENERGY GROUP ELECTRICITY GENERATION 7 ENERGY GROUP ELECTRICITY DISTRIBUTION 11 INTRODUCTION ALARKO was founded in 1954 and today, operates in five main areas: LAND ENERGY CONTRACTING INDUSTRY TOURISM DEVELOPMENT & TRADE Three of the group companies are trading in Borsa Istanbul: MARKET BIST BLOOMBERG FREE CAPITALIZATION NAME OF THE COMPANY SYMBOL SYMBOL FLOAT (US$ MILLION) as of Aug 09, 2019 Alarko Holding Inc. Alark Alark:TI 29,9% 282 Alarko Carrier Industry & Trade Alcar Alcar:TI 15,9% 65 Alarko Real Estate Investment Trust Algyo Algyo:TI 49,0% 80 1 SHAREHOLDER STRUCTURE & PARTICIPATIONS ALATON 34,4% OTHER FAMILY SHAREHOLDERS FOUNDER HAVE 67,3% PARTICIPATION IN FAMILIES ALHAN HOLDING 2,0% GARİH 32.9% 0,7% DESTEK FOUNDATION FAMILY OTHER %0,1 CONSOLIDATION METHOD ALTEK (100%) ENERGY ALCEN (50%) ENERGY ALSIM (100%) CONTRACTING ALARKO REIT (51%) LAND DEVELOPMENT ALARKO CARRIER (43%) INDUSTRY&TRADE ATTAS (100%) TOURISM OTHERS: MEDAS, MEPAS, MESAS,CENAL, ALEN, ALDEM, ALFENAS, MOSALARKO, ALRIVA and others FULL EQUITY 2 REVENUE DISTRIBUTION BY YEARS TOURISM 5,3% ENERGY TOURISM 5,2% INDUSTRY & 7,4% 10,1% GENERATION ENERGY TRADE INDUSTRY & 10,9% 10,1% GENERATION TRADE LAND 0,7% DEVELOPMENT LAND 1,1% 61,0% DEVELOPMENT CONTRACTING 15,3% 2016 ENERGY ENERGY 2017 59,9% DISTRIBUTION CONTRACTING 12,7% DISTRIBUTION 2,3% TOURISM 3,1% TOURISM INDUSTRY & INDUSTRY & 4,3% 5,7% TRADE TRADE 28,1% 21,3% LAND LAND ENERGY 0,4% ENERGY DEVELOPMENT 0,3% DEVELOPMENT GENERATION GENERATION 16,0% 20,4% CONTRACTING 2018 CONTRACTING 2019/H1 ENERGY ENERGY 46,7% 51,3% DISTRIBUTION DISTRIBUTION 3 net profıt by years Alarko Holding Consolidated Net Profit (US$ MILLION) 140 M 120 M 100 M 80 M 86 60 M 64 60 40 M 43 20 M 36 33 32 26 15 15 0 M -20 M -40 M -43 -37 -60 M -80 M -100 M 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019/H1 4 CONSOLIDATED IFRS FINANCIALS (US$ MILLION) SELECTED FIGURES 31.12.2016 31.12.2017 31.12.2018 30.06.2019 REVENUES 589 662 913 460 OPERATIONAL PROFIT 95 101 210 113 EBITDA 110 122 232 123 NET PROFIT 32 64 -37 15 EBITDA MARGIN (%) 19% 18% 25% 27% CASH&FINANCIAL INV. (1) 244 242 205 176 FINANCIAL LIABILITIES (2) 576 682 605 584 NET CASH POSITION (1-2) -332 -441 -400 -408 * The summary financials figures above and on the following Energy, Contracting, Industry&Trade and Tourism group pages approximately represent the Alarko shares of all businesses, including equal share partnerships. TL/US$ EXCHANGE RATE 3,52 3,77 5,26 5,76 5 energy group - OVERVIEW ALTEK – Kırklareli Combined Cycle Natural Gas Power Plant ALTEK – Adana Karakuz Dam and Hydroelectric Power Plant GENERATION ALTEK – Çanakkale Gönen Hydroelectric Power Plant CENAL – Çanakkale Karabiga Imported Coal Fired Power Plant PANEL ENERJİ – Solar Energy Generation Company ALEN – Electricity Trading Company TRADING MEPAŞ – Electricity Retail Sales Company MESAŞ – Electricity Wholesale Company DISTRIBUTION MEDAŞ – Electricity Distribution Company ALARKO PARTNERSHIP 6 energy group - electrıcıty generatıon IMPORTED COAL FIRED POWER PLANT KARABİGA, ÇANAKKALE – TURKEY KARAKUZ HYDROELECTRIC POWER PLANT ADANA-TURKEY 7 ENERGY GROUP - ELECTRICITY GENERATION The state’s privatization process of Turkish Energy Market is among the fastest 46 Power Plants with a total of 16.200 MW growing energy markets in the world capacity under EÜAŞ (Electricity Generation parallel to Turkey’seconomic growth. Company) started in 2009 and currently continues. Total installed capacity is expected Demand for electricity is estimated to reach from the current to grow at an annual rate of 7,5% 88.000 MW level to 108.000 MW between 2013-2023. until 2021 to meet the demand. DRIVERS OF According to EMRA’s Reserve GROWTH IN THE Energy Market Regulatory Authority Margin studies based on operates as an independent market Generation Capacity Projections ENERGY SECTOR regulator and the market is well of Turkey, energy deficit is organized and has a structured expected to start around 2017 and legal framework. continue in the following years. High demand increase vs. The 6th largest energy market in Europe. developed economies: 4,6% per annum since 1990 (EU: 1,6%) 8 ENERGY GROUP - ELECTRICITY GENERATION The electricity generation company, ALTEK, which is a fully owned subsidiary of Alarko Holding, generates electrical energy, with 2 hydroelectric and 1 natural gas power plants, of total 169 MW generation capacity. ALCEN, our 50% - 50% energy JV company with Cengiz Group, has a total of 51 MW Solar PV (Photovoltaic) generation capacity. CENAL, our 50%-50% energy JV company with Cengiz Group, has a total of 1.320 MW imported coal fired generation capacity. The first unit of 660 MW started generation as of November 2017 and second 660 MW unit as of December 2017. POWER PLANTS POWER (MW) STARTUP CONCESSION ALTEK LICENCE PERIOD GÖNEN HYDROELECTRIC POWER PLANT 10,6 2018 49 years KARAKUZ HYDROELECTRIC 76 2015 49 years POWER PLANT KIRKLARELİ NATURAL GAS 82 2006 49 years POWER PLANT TOTAL (ALTEK) 169 SOLAR PV POWER PLANTS ALCEN ALCEN SUBSIDIARIES 51 2016 - TOTAL (ALCEN SUBSIDIARIES) 51 IMPORTED COAL FIRED POWER PLANT CENAL ENERGY INC. ÇANAKKALE-KARABİGA 1.320 2017 49 years TOTAL 1.320 (CENAL ENERGY INC.) GRAND TOTAL 1.539 9 ENERGY GROUP - ELECTRICITY GENERATION LOCATION: KARABİGA/ÇANAKKALE CENAL / KARABİGA: Import Coal Fired Power Plant The first 660 MW unit started electricity generation and sales as of November 2017 and the second 660 MW unit started as of December 2017, reaching full capacity. The construction of the total 1.320 MW Power Plant started in 2013. The power plant is under Cenal Energy Generation Inc. which is a joint partnership (50%-50%) of Alarko Holding and Cengiz Group The power plant is financed by 25% equity and 75% external debt, from 4 local banks. Some of the source countries for imported coal are Australia, South Africa, Colombia and Indonesia. The EIA (Environmental Impact Assesment) report which we had obtained in May 2012 has been revised and upgraded. We obtained the Grid Connection Permit of TEİAŞ and we received the Generation License from EMRA as of April 2013. 10 energy group - ELECTRICITY DISTRIBUTION Meram Electricity Distribution Region: Konya, Karaman, Kırşehir, Aksaray, Nevşehir and Niğde KIRŞEHİR AKSARAY NEVŞEHİR KONYA NİĞDE KARAMAN 11 energy group - ELECTRICITY DISTRIBUTION Due to the liberalization of the energy sector in Turkey, Electricity Distribution companies (like Meram) were separated into Distribution and Retail Sales companies in the first quarter of 2013. We took over Meram Electricity Distribution Co. The annual revenues of Meram are approximately as of 30.10.2009, by paying a USD 440Mn around USD 800 Mn. privatization value upfront. Alarko Share is 50% and the remaining The retail sales net margin is 2,38%, 50% is owned by Cengiz Group. between the years 2016 – 2020. Approximate sales distribution of The financing of the privatization has Meram by consumer segments is; been made by using approximately Industry: 29%, 30% equity and 70% debt. Housing: 28%, Commercial: 22%, Agricultural Irrigation: 18%, The loss & theft ratio of Lighting: 4%. Meram Region is approximately 7%, lower than the overall average in Meram buys electricity from the Turkey which is approximately 14%. TETAŞ (75%) and Spot Market (25%). (TETAŞ = State Electricity Trading Co., Spot Market = DUY System / Free Market) The licence period is 30 years, until August 2036. Annual energy consumption is approximately 7 billion kWh in Meram region covers 6 provinces in central anatolia; the region (net consumption). Konya, Karaman, Aksaray, Kırşehir, Nevşehir and Niğde, which is 76.935 square kilometers (larger than Holland). There are approximately 1,7 million electricity subscribers in the region. :MERAM ELECTRICITY DISTRIBUTION COMPANY 12 energy group CONSOLIDATED IFRS FINANCIALS* (US$ MILLION) SELECTED FIGURES 31.12.2016 31.12.2017 31.12.2018 30.06.2019 REVENUES 403 469 683 333 OPERATIONAL PROFIT 68 85 160 93 EBITDA 77 97 177 100 NET PROFIT -15 49 -57 4 EBITDA MARGIN (%) 19% 21% 26% 30% CASH&FINANCIAL INV. (1) 11 32 6 9 FINANCIAL LIABILITIES (2) 565 675 597 567 NET CASH POSITION (1-2) -554 -643 -591 -558 * The figures represent Energy Generation & Energy Distribution. Separate figures of Energy Generation, Energy Distribution and Energy Segment Break-Up are in Appendix 1,2&3. TL/US$ EXCHANGE RATE 3,52 3,77 5,26 5,76 13 CONTRACTING GROUP IRTISH RIVER BRIDGE, SEMIPALATINSK-KAZAKHSTAN KIEV-BORYSPIL AIRPORT, UKRAINE ANKARA-ESKİŞEHİR FAST TRAIN PROJECT, TURKEY 14 CONTRACTING GROUP Alarko’s contracting subsidiary ALSİM mainly focuses on large scale infrastructure projects with positive cash flow. 30.06.2019 The employers are mainly; central governments & local municipalities, other local and international institutions. TOTAL BACKLOG SUMMARY (US$ M) Target DOMESTIC PROJECTS 332 EBITDA margin: 9-12% INTERNATIONAL PROJECTS 732 Average 2-4 project completion years period: TOTAL 1.065 Strong track record in local and international projects such as subways, railroads, airports, highways, pipelines, refineries etc. Details are on page 21 15 CONTRACTING GROUP - DOMESTIC BACKLOG 30.06.2019 CONTRACT ALARKO’S COMPLETION CONSTRUCTION BACKLOG PARTNERS
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