Ant Yapi Teaser Eng.Pdf
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ANT YAPI GROUP BUSINESS OVERVIEW November, 2020 / 2 / CONTENTS 3General business overview 13Key financial indicators 16Construction 19Hospitality 23Development 31Plans and forecasts 33Potential partnership opportunity GENERAL BUSINESS OVERVIEW / 4 / general business overview ANT YAPI IS ONE OF THE TOP CONSTRUCTION GROUP FOCUSING ON INFRASTRUCTURE AND REAL ESTATE SECTOR 30 years Ant Yap is a global construction group Experience with industry leading expertise ı countries Having its headquarters in Moscow, 4 Istanbul, London, Miami and New York Of operations Qualified and experienced staff for the >18,000 development, implementation and STRATEGY: achieve success and become the world's leading Employees promotion of new projects construction company, based on years of experience, hard work and a thoughtful approach to doing business The group is mainly focused on residential 54 projects and mixed used projects as well as MISSION: provide clients and partners with services and effective In construction infrastructure and heavy construction solutions to problems with the best price-quality ratio sector industries VALUES: trust, reliability, openness, quality, stability 5 hotels Also, Ant Yap operates a portfolio of luxury Under operations hotel estates in Turkey and actively invests in ı GOALS: quality construction on time; long-term trusting Moscow premium residential development relationships with partners; well-being of company clients, 4 project projects employees, suppliers; care for the environment In development sector KEY COMPETENCIES: experience, professional vision, individual USD mln Listed in the top-100 world largest approach, impeccable reputation 815 contractors by revenue Revenue in 2019 / 5 / general business overview ONE OF THE TOP-100 CONSTRUCTION COMPANIES IN THE WORLD, WE HAVE WON NUMEROUS PRIDE PRIZES FOR OUR PROJECTS 2019-2020 2019, Antwell 2019 European property awards Sign of The City Award «The Institution That Inspires Its Sector» architecture, mix-used architecture Award on 11th Corporate Social Responsibility Summit 2013-2020 2019, Soho-Noho 2016 ENR’s Top 250 International Contractors Urban awards Building Research Establishment The best complex of business class Environmental Assessment Method apartments in Moscow / 6 / general business overview ANT YAPI WAS ESTABLISHED IN 1991 AND THROUGHOUT ITS 30-YEAR EXPERIENCE, IT HAS COMPLETED SIGNATURE PROJECTS ALL AROUND THE WORLD IN CONSTRUCTION AND DEVELOPMENT FIELD The Group entered Terminal II of the Residential complex ANT Development - company Federation Tower Russian market as a Domodedovo Airport Fili Park in Moscow of full cycle created to 165,000 sq. m, 240 m General Contractor in (232,000 sq. m) Residences Belgravia Gate implement projects in Russia 1999 in London The first development Antteq was formed for The first development project Foundation of 2 new project was completed successful performance Oko Towers in the USA – Crown Building development projects in Turkey in construction in Russia 264,000 sq. m, 352 m Ant Yapi acquired Stellar Construction have been poured 1991 2002 2008 2013 2014 2015 2016 2017 2019 2020 3 partners in First First skyscraper Foundation Antteq signed the The highest First investments in ANT YAPI comes to Implementation of Major development Turkey has development built of Antteq contract of a building Russia and Great USA and Russian new projects in projects in Russia and established the project grand project in Europe built Britain heavy construction Moscow started awarded a State company Industry Contract for Mirny Airport Victory Park Federation Tower Oko Towers Crown Building Belgravia Gate Residences / 7 / general business overview RUSSIA TURKEY TOTAL GROUP REVENUE IN 80 5 4 COUNTRIES EXCEEDS 815* USD mln USD Projects 626 1 revenue mln USD Project mln, WHILE ALMOST 80% OF revenue REVENUE COMES FROM RUSSIA 2 Projects 4 43 Projects Projects * Including ICO UNITED STATES UNITED KINGDOM Ant Konut Ant Yap Ant Site Yönetim Hizmetleri 65 4 44 5 ve Turizm Antteq ı mln USD Projects mln USD Projects revenue revenue Ant Aspat Yap ve Turizm Stellar Construction Ant Yap U.S. Holding Corporation Ant Yap UK Ant Çevre Teknolojileriı Yap Sanayi ı ve Ticaret Ant Development Ant Yap New York ı Ant Property Investment ı Ant Yapı Florida ı Construction 54 Heavy construction ongoing projects 804 Development mln USD of total revenue in 2019 4 (12m 2019 IFRS) Hospitality assets jurisdictions / 8 / general business overview OUR VALUES AND BROAD MARKET EXPERIENCE HAVE ESTABLISHED A STRONG MARKET REPUTATION AND FACILITATE SUSTAINABLE BUSINESS GROWTH During 30 years of operations numerous signature construction and • Broad experience in construction development projects have been successfully realized globally • Diversification of business lines Professionalism • Quality policy and targeting Our focus on quality is confirmed by various world-renowned awards and & High standards perfection certificates Collaboration with famous Russian and foreign partners, such as Rockwell • Collaboration with award winning Group, Tabanlioglu Architects, Sergey Skuratov, Metex architecture and design firms Architects who are recognized for their contribution to the industry Implementation of innovative Architecture • construction techniques & Technologies Specialization in high rise structures including design / management / construction • One of the leading companies in Ant Yap constantly makes top 250 international contractor ratings construction sector with strong and by ENR diversified portfolio ı • Partnership with major Russian The company's recurring customers include Capital Group, Pioneer, MR Market developers Group, Donstroy, Inteko, Fosagro, Severstal, Linde, Reputation • On time project delivery Novatek, Rusagro Over 18,000 qualified and experienced employees, who work to develop, • International expertise implement and promote new projects and who are one of the main assets of the group Corporate • Best service ecosystem integration culture Teamwork and collaboration are key principles of our corporate culture & People / 9 / general business overview ALL THE COMPANY’S COMPLEXES ARE LOCATED IN PRESTIGIOUS AREAS OF MOSCOW WITH EXCELLENT VIEWS AND EXTENSIVE INFRASTRUCTURE SOHO-NOHO FILI PARK SOHO-NOHO FILI PARK POKLONNAYA 9 POKLONNAYA 9 VICTORY PARK RESIDENCES VICTORY PARK RESIDENCES Source: google.maps KEY FINANCIAL INDICATORS / 11 / key financial indicators THE RUSSIAN BUSINESS IS THE MAIN REVENUE CONTRIBUTOR, DEMONSTRATING CONSISTENT GROWTH IN RECENT YEARS REVENUE DYNAMICS IN USD REVENUE SPLIT AND DYNAMICS IN LOCAL CURRENCIES 79% 84% 78% 80% 14% 7% 9% 8% 14,7% 12,9% 850 47 417 804 440 38 911 40 691 386 395 TRY mln 754 RUB mln 34 823 732 44 11,2% 243 65 54 56 13 70 106 50 2017 2018 2019 2020 FC 2017 2018 2019 2020 FC USD mln USD Revenue Russia Share in Total Revenue, % Revenue Turkey Share in Total Revenue, % A wide range of projects, from residential to Revenue from hotel operations makes up 850 heavy construction nearly 20% of country revenue 7% 8% 593 613 626 6% 5% 8% 7% 0% 2% 42 42 65 60 35 34 USD mln GBP mln 2017 2018 2019 2020FC 1 13 Russia Turkey United States Great Britain 2017 2018 2019 2020 FC 2017 2018 2019 2020 FC Gross profit margin Revenue UK Share in Total Revenue, % Revenue USA Share in Total Revenue, % Representative currency of the group revenue in USD, 5 residential estate development projects are In the USA, the group operates using which is impacted by a continuous RUB and TL almost completed and one project (for 22 GBP fixed 4% margin contracts. Average depreciation vs USD in Y2017-2019 (11% and 56%, mln) is expected to be finished by July 2022 contract amount: 229 USD mln respectively) / 12 / key financial indicators REVENUE GREW AT A CAGR OF 11%*, WITH NO SIGNIFICANT EXTERNAL FINANCING Financial KPIs DEBT STRUCTURE NET DEBT STRUCTURE 39 Contracted amount as of 30.06.2020 5,411 USD mln Outstanding amount as of 30.06.2020 3,033 USD mln 18% Revenue CAGR* 2017-2019 / 2020FC vs 2019 10,9% / 12,9% Accumulated EBITDA for 2017 - 2019 137 USD mln Average amount of active contract as of 30.06.2020 per country: Russia 76 USD mln 66 USD mln mln USD USA 229 USD mln Turkey 50 USD mln Great Britain 43 USD mln 82% Financial ratios Net Debt as of 31.12.2019 / average EBITDA for 2017-2019 0,6 (66) Short term Long term Backlog as of 30.06.2020 / Revenue for 12m 2019 3,8 Cash Debt Note: Data presented on the basis of IFRS statement as of 31 December 2019 Net Working Capital as of 31.12.2019 / Revenue for 12m 2019 0,2% NET WORKING CAPITAL STRUCTURE Note: (*) To exclude the Forex effect, CAGR is calculated at a constant exchange rate as at 30.06.2020 368 NWC = 1,7 USD mln Net Debt, NWC, Backlog calculated at the exchange rate as of the end of the period Revenue and EBITDA calculated at the average exchange rate for the respective period 189 96 The group is privately owned and does not have significant levels of debt USD mln (only near to 8% of annual revenue) (342) (309) Over the years the group has demonstrated strong historical performance, Accounts receivables Advances given Advances received which is supported by a substantial, continuously growing backlog that Accounts payables Inventories already will allow the current level of revenue to be sustained for at least the NWC is close to zero, as the group finances construction largely via advances next four years received and settles payables with subcontractors after receiving a respective payment from the customer. Furthermore, historical amount of doubtful debt is In addition, the