Global Investment Holdings (GIH or the Group) reports consolidated revenues of TL552.2mn in 2015, representing an increase of 55% compared to the same period last year; hile announcing a consolidated EBITDA of TL217.6mn, which represents 97% increase over 2014.

GIH announced its financial results for 2015. According to the disclosure, consolidated net revenues reached TL552.2mn compared to TL356.7mn last year, representing an increase of 55%. All business divisions under the Company contributed to this increase, with the Port and Power/Gas/Mining divisions contributing the most.

GIH also announced that, at the end of 2015, Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to TL217.6mn, representing 97% increase over the same period in 2014. 2015 EBITDA includes goodwill gains from asset acquisitions, as well as non-recurring project expenses, provisions and write-offs, amounting to a net TL26.8mn. Adjusting for such one-off items, operational EBITDA in 2015 was TL190.9mn, compared to TL103.0mn in 2014, representing an increase of 85%.

On a divisional basis, the Group’s Port Division revenues reached TL286.9mn in 2015, representing 45% increase over 2014. A significant portion of this increase is attributable to the contributions from the Group’s cruise port operations, driven by 10% increase in passenger numbers in YE 2015 compared to YE 2014, as well as tariff increases, and proforma effect of Creuers acquisition. Group’s total number of passengers reached 4.1mn in YE 2015 compared to 3.8mn, representing 10% increase through organic growth, surpassing global cruise passenger growth rate of 3.2% as well as Mediterranean cruise passenger growth of c.6% in 2015. The Group’s Port Division EBITDA reached TL175.1mn in 2015, including the TL16.6mn in negative goodwill gain from the acquisition of Valetta Cruise Port in Malta, and TL-35.4mn in project expenses related with acquisitions and capital markets. The comparable figure for the same period for 2014 was TL159.8mn, including TL51.9mn goodwill gain from Creuers acquisition, and TL19.0mn in project expenses. Adjusted for non-recurring items, operational EBITDA of the Port Division in 2015 was TL193.9mn, compared to TL126.9mn in 2014, representing an increase of 53%. Barcelona port revenues are consolidated only for the last quarter of 2014 after the Group acquired controlling stake. On a pro-forma basis (with full year Creuers effect) 2014 operational EBITDA would be TL153.4mn.

The Power/Gas/Mining Division reported revenues of TL218.3mn in 2015, representing a solid 68% increase over 2014. Naturelgaz revenues stood at TL180.1mn as compared to TL110.9mn over the same period in 2014. Additionally, Group generated TL31.0mn in revenues from the feldspar mining operations in 2015 compared to TL17.9mn in 2014. GIH’s Power/Gas/Mining Division EBITDA consisted of CNG, feldspar mining and energy efficiency operations. Reported EBITDA was TL26.5mn in 2015 compared to a TL12.0mn in 2014, representing an increase of 121%.

GIH reported a consolidated net loss of TL48.0mn in 2015, compared to a net loss of TL72.7mn in 2014. The main reasons behind the decrease were non-cash depreciation and foreign exchange charges, and increase in net interest expenses. Depreciation and amortization charges have increased from TL94.6mn in 2014 to TL137.2mn in 2015. Group’s port and mining operations have a natural hedge against fluctuations in TL’s value, generating TL26.7mn gain accounted for under the equity. On the other hand, Group’s unhedged net short FX position of TL86.1mn in value, related with long term bank loans mainly at Holding solo and certain energy subsidiaries level, created TL21.1mn non-cash foreign exchange losses. Also, the Group has incurred TL118.2mn net interest expenses in 2015, where the increase compared to last year is related with new acquisitions predominantly in port division, as well as capex investments in Group’s pursued power/gas/mining and real estate assets.

Commenting on the recent the developments, GIH’s CFO, Kerem Eser, underlined that EBRD’s 10.84% partnership at a consideration of €53.4mn, will be a major funding boost to speed up further growth of GPH in countries where the EBRD invests. Through EBRD’s support in acquisition lending, reinforcing corporate governance practices will be an important step further towards GPH’s planned international offering. Mr. Eser, also indicated that with GPH becoming a majority shareholder by increasing its shareholding in Valletta Cruise Port (Malta) from 10.14% to 55.60% in November 2015, has further enhanced GPH’s robust inorganic growth strategy overseas. Also, in line with this strategy, the addition of Dubrovnik Gruz Port (closing subject to procedural conditions), which caters to c.1 million passengers annually, is expected to generate c.Eur10mn by 2018, contributing to the GPH’s consolidated financials in the future periods.

Mr. Eser stated that, “We are very proud that Van AVM, the first shopping mall of Van, which was completed in a time frame of only 13 months, opened its doors to the public in December 2015, and since its opening, Van AVM has attracted 900,000 visitors.”

Mr.Eser mentioned that, the Group is pleased with healthy growth in its Power/Gas/Mining Division. He further stated that aside from its CNG and Mining operations, the Group will continue its growth policy in renewable energy generation, by further developing its solar energy and biomass projects all the while seeking new opportunities in this budding sector

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