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INVESTOR PRESENTATION 29 August 2012

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INVESTOR PRESENTATION 29 August 2012 INVESTOR PRESENTATION 29 August 2012 Financial Review 3 Project Pipeline 3 17 Future Outlook 20 Appendix ● Turkey Real Estate Economic Highlights 24 ● Turkey Real Estate Market Review 30 ● Financial Statements 42 ● Listed REIC's 50 ● Portfolio Review 54 FINANCIAL REVIEW TORUNLAR GROUP OF COMPANIES 1.3 billion TRY combined net sales revenues in 3 2011 100 % 1983 100 % 1986 The largest 95th industrial company in ISO (Istanbul Chamber of Industry) 500 with 825 million Construction management company TRY sales revenue and 1 billion TRY asset size in 2011 . Owns 50% of Adana Pakyag and 38.66% of Kutahya Sugar Refinery 100 % 1994 100 % 1994 Imports and exports paper products Wholesells and distributes food commodities 100 % 2003 100 % 2004 Processes tea Provides mall management and administrative services 79 % 2008 The second largest public REIC with its unique diversified portfolio and 425 million TRY net sales in 2011 FINANCIAL REVIEW Shareholding Structure* Other Mehmet TORUN 140.862 Torunlar Food 83.717.869 0,06% 16.169.736 37,37% 7,22% Free Float Aziz TORUN 56,352,942 4.344.856 25% 1,94% Mehmet TORUN 4.417.695 1,97% Aziz TORUN 83.788.309 Effective Free Float Treasury Shares 37,41% 31.147.378 273.295 13,91% 0,12% *As of Jul 2, 2012 4 FINANCIAL REVIEW Key Achievements since IPO IPO targets IPO to date Capex (mn TRY) 1,000 573 GLA (sqm) 500,000 230,815 NAV (mnTRY) 4,000 2,607 Dividend 50% 100% Projects NishIstanbul Completed (Nov 2010) Torium Shopping Mall Opened (Oct 2010) Bulvar Samsun Mall Opened (Jul 2012) 4Q 2012 Korupark Terrace Residences (%33 presold) 4Q 2013 Mall Of Istanbul (%55 presold) Torun Tower 4Q 2013 ASY Ex-Stadium 4Q 2014 Deepo Outlet Extension Pending Kemankeş Hotel Pending Acquisitions Paşabahçe Land Maltepe Land 5 FINANCIAL REVIEW REIT Benchmarks Net Profit Margin EBIT Margin YTD Stock Performance * Net Profit / MCap 1H 2012 (%) (%) (%) (%) Outperforming profitability and stock TORUNLAR GYO performance 126.3 73.5 47.1 7.8 against peers VASTNED (NL) 47.0 87.0 (3.3) 5.4 CORIO (NL) 56.9 81.7 15.3 4.0 KLEPIERRE (F) 22.2 56.1 26.9 2.1 WESTFIELD (AU) 52.6 75.2 18.7 9.1 UNIBAIL-RODAMCO (F) 99.7 81.5 18.4 5.7 EMLAK KONUT 30.6 21.8 25.0 1.8 IS GYO 52.8 48.8 22.0 4.8 SAF GYO (221.4) (219.0) (38.3) NM AKMERKEZ GYO 75.6 70.5 20.8 3.7 *As of 31.07.2012 Source : EPRA 6 FINANCIAL REVIEW 1H 2012 Financial Performance ( million TL ) Portfolio Value 3,751.8 ( 3,335.8 ) 12% FINAL+PRESALES 151.1 (214.2) 30% PRESALES 74.3 ( 131.1 ) 43% EBITDA 56.7 ( 44.6 ) 27% CAPEX 136.7 ( 58.2 ) 135% EBITDA MARGIN 73.8 % ( 53.6 % ) 20pp *Numbers in paranthesis denote 1H 2011 figures. 7 FINANCIAL REVIEW Financial Highlights TRY (000) 1H 2012 1H 2011 Variance % Sales 76,795 83,142 -7.6 Residence 8,233 24,290 -66.1 Mall Rental 51,204 43,549 17.6 Other 17,358 15,303 13.4 Gross Profit 50,982 48,629 4.8 Gross Margin 66.4% 58.5% 7.9 p EBITDA 56,656 44,595 27.0 EBITDA Margin 73.8% 53.6% 20.1 p Net gain/(loss) from from fair value adjustments on 0 0 0.0 investment property Net Financial Interest Income 7,671 -970 890.8 Forex Gain / Loss 38,661 -49,292 178.4 Net Profit 96,977 -6,563 1577.6 Total Assets 4,019,697 3,943,551 1.9 Total Equity 2,607,124 2,532,906 2.9 Financial Debt 1,023,879 1,100,516 -7.0 Net Debt 434,823 444,931 -2.3 8 FINANCIAL REVIEW Financial Highlights (million TRY) PORTFOLIO VALUE ________________________________________ 3.900,0 Torium Residence Korupark III 8,0 1H 2012 3.700,0 NishIstanbul 74,7 40,3 Torun Tower MOI 3.500,0 253,3 Korupark I-II 810,2 3.751,8 35,6 Torium Mall AnkaMall 3.300,0 567,3 181,0 3.100,0 Netsel Marina Korupark Mall 3.335,8 37,7 2.900,0 600,2 Cash Bulvar Samsun 589,1 2.700,0 41,4 2.500,0 Deepo Antalya 232,4 1H 2011 1H 2012 Zafer Plaza Landbank Other 176,8 70,0 33,8 CAPEX___________________________________________________ 160,0 1H 2012 140,0 Torun Tower Korupark 14,9 120,0 Residence 136,7 24,9 100,0 ASY Project 4,8 80,0 MOI 82,4 Boulevard 60,0 Samsun 6,0 40,0 58,2 AVM Renewal 20,0 1,1 Other 0,0 2,7 1H 2011 1H 2012 9 FINANCIAL REVIEW Financial Highlights (million TRY) SALES___________________________________________________ 90,0 80,0 1H 2012 70,0 83,1 76,8 60,0 Residence Other 8,2 50,0 17,4 40,0 30,0 20,0 Mall Rental 51,2 10,0 0,0 1H 2011 1H 2012 PRESALES_______________________________________________ 300,0 1H 2012 250,0 Korupark III MOI Offices 200,0 262,3 (42 units) (36 units) 12,7 23,4 150,0 MOI Residences 100,0 (89 units) 38,2 50,0 74,3 43,5 0,7 0,0 2009 2010 2011 1H 2012 10 FINANCIAL REVIEW Financial Highlights (million TRY) MALL REVENUES__________________________________________ 80,0 1H 2012 70,0 Zafer Plaza 6,5 60,0 68,1 Torium 24,6 50,0 58,8 Korupark 40,0 AVM 29,4 30,0 Deepo Antalya 20,0 7,7 1H 2011 1H 2012 MALL SALES TURNOVER & FOOTFALL_______________________ Footfall 'million Mall Sales Turnover 'million TRY 21,0 500,0 19,0 450,0 17,0 19,3 18,4 400,0 15,0 445,1 350,0 13,0 400,5 300,0 11,0 250,0 9,0 200,0 7,0 5,0 150,0 1H 2011 1H 2012 1H 2011 1H 2012 11 FINANCIAL REVIEW Financial Highlights (million TRY) EBITDA__________________________________________________ 60,0 EBITDA Margin 55,0 80,0% 50,0 56,7 70,0% 45,0 60,0% 73,8% 40,0 50,0% 44,6 35,0 40,0% 53,6% 30,0 30,0% 20,0% 25,0 10,0% 20,0 0,0% 1H 2011 1H 2012 1H 2011 1H 2012 NET PROFIT______________________________________________ 120,0 Net Profit Margin 160% 80,0 97,0 120% 40,0 80% 126% 40% 0,0 0% 6,6 8% - -40% - -40,0 1H 2011 1H 2012 1H 2011 1H 2012 12 FINANCIAL REVIEW Project Monthly Pre-Sales (in Units) 600 540 500 400 379 300 218 200 149 101 100 60 51 38 40 41 31 29 18 17 19 14 8 13 0 2Q 2011 3Q 2011 4Q 2011 2011 1Q 2012 2Q 2012 * As of 30.06.2012 Korupark Terrace Residence Phase III MOI (Residence) MOl (Office) 13 FINANCIAL REVIEW Client centric account management pays off Bursa Bursa Antalya Istanbul June 2012 Total Zafer Plaza Korupark Deepo Outlet Torium GLA ( m2 ) 23,448 71,267 18,069 95,280 208,064 Revenues (TRY) 6,450,000 29,355,000 7,679,000 24,569,000 68,053,000 LfL Revenues (% revenues) 53.57% 20.35% 10.97% 5.46% 15.72% % LfL Footfall growth 3.2 6.8 0.4 6.6 4.7 Number of stores 115 187 93 215 610 Occupancy 100% 99% 99% 98% 99% Fixed Rent (sqm/month) 32.99 $ 21.10 € 21.55 € 15.81 $ 17.93 € Turnover rent (as % of fixed rent) 2.99 3.20 16.14 10.51 6.82 66% $ 12% $ 20% $ 73% $ 41% $ Breakdown of rental revenues 34% € 88% € 78% € 27% € 58% € % of GLA 19% 27% 20% 28% 26% 24% 33% 22% 28% 29% % of Rental Revenue Tenants Share of International % of Retail Turnover 22% 33% 23% 43% 33% 14 * Million 100 120 The graph excludes TRY TRY excludes graph The 20 40 60 80 0 2012 38 22 14 2013 0 104 16 590 m 2014 n 0 of cash and cash cash and cash of 101 19 of FinancialMaturity FINANCIAL REVIEW FINANCIAL 2015 0 82 21 deposits 2016 0 85 23 2017 0 52 24 Loans 2018 0 Financial loans: TRY 33 68.1%USD, 7 2019 0 33 1 27.9% 2020 0 € , 4%TRY 33 1.023 1 mn 2021 0 EUR USD TRY 15 17 1 Financial Review Project Pipeline 3 Future Outlook Appendix ● Turkey Real Estate Economic Highlights ● Turkey Real Estate Market Review ● Financial Statements ● Listed REIC's ● Portfolio Review PROJECT PIPELINE Evolution of the Projects (m2) GLA+GSA (m2) 2011 2012 2013 2014 Retail 224,004 230,815 411,429 411,429 Residence 26,331 118,841 250,782 288,157 Office 2,150 2,531 68,764 107,764 Hotel 2,907 2,907 2,907 2,907 Marina 3,431 3,431 3,431 3,431 Other 4,140 4,870 7,285 13,964 Total 262,963 363,395 744,598 827,651 Land 158,026 230,323 230,323 230,323 1 billion TRY Capex* 2011 2014 Residence Residence 288.157 26.331 Office 35% 10% 2.150 1% Retail 411.429 Hotel 50% 2.907 Retail 1% 224.004 85% Marina 3.431 1% Office 107.764 13% Other Other Hotel Marina 4.140 13.964 2.907 17 * excl. Paşabahçe Ex-Tekel Factory Land 3.431 2% 2% 0% 0% PROJECT PIPELINE GLA+GSA Breakdown by City 2011 2014 Istanbul Istanbul 544.786 113.237 66% 44% Antalya 18.069 7% Bursa 109.379 Ankara Antalya 42% Samsun Mugla 16.019 Bursa Ankara 44.720 Samsun Mugla 0 3.431 6% 208.676 18.847 5% 7.191 3.431 0% 1% 25% 2% 1% 1% CAGR : 47% 260,135 sqm 827,651 sqm 18 Business Review Project Pipeline 3 Future Outlook Appendix ● Turkey Real Estate Economic Highlights ● Turkey Real Estate Market Review ● Financial Statement ● Listed REIC's ● Portfolio Review FUTURE OUTLOOK 1H 2012 Highlights Cooling off in the economy and contraction in demand Strong operational activity leading to resilient cash flow stream High tenant retention, high footfall and solid consumer spending Strengthening in liquidity against conservative financing Focus on quality in portfolio (ASY and Paşabahçe to be included in 3Q 2012) On track to achieve full year 2012 targets Total sales revenues at TRY 76.8 m Like-for-like net retail rental income up 17.6 % at TRY 51.2 m EBITDA up 27% at TRY 56.6 m Net profit TRY 0,43 per share (2011: TRY 0,79 per share) NAV TRY 11,64 per share (Year end 2011: TRY 11,30 per share) Leverage 25.5% 20 FUTURE OUTLOOK Sales & EBITDA Forecast (TRY ‘000) 1.500.000 1.200.000 1.134.295 855.314 900.000 837.298 656.530 600.000 336.657 319.942 285.209 267.159 254.139 248.979 232.928 300.000 162.909 161.064 156.632 110.787 105.952 91.969 53.899 47.626 45.363 42.857 42.153 37.758 33.182 32.240 17.965 7.421 3.822 0 2010 2011 2012 F 2013 F 2014 F 2015 F 2016 F Sales Residence - Office Rental Other 500.000 90% 80% 400.072 400.000 77% 77% 70% 301.841 60% 300.000 245.377 260.500 50% 54% 50% 40% 200.000 24% 30% 134.932 35% 35% 100.000 82.218 20% 55.377 10% 0 0% 2010 2011 2012 F 2013 F 2014 F 2015 F 2016 F 21 EBITDA EBITDA Margin (%) FUTURE OUTLOOK Cash Flow Statement Forecast (TRY) Cash Flow Statement (Forecast) 2012 2013 2014 2015 2016 CASH FLOW FROM OPERATIONS
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