Succesful Eurobond debut of US$250mn by Global Ports Holding
20 November 2014
Please find below the excerpt from JCR Press Release:
“Global Yatırım Holding (GYH) has continued to grow in Group’s main sectors in 2014, the main contribution to consolidated revenue being mainly driven by the port and energy operations. Port management revenues showed a rapid increase which holds an important portion in the consolidated financial statements. Group’s port operations in Turkey are mainly driven by Antalya Port; overseas operations are involved in Barcelona Port. Energy activities, most effective section in the balance sheet following the port activities, have grown remarkably. A significant portion of the energy operations revenue consists of natural gas (CNG) and mining operations. Holding has diversified its income stream through different sectors and the Holding’s projection is positively affected through long-term investments’ cash flow generation. Depreciation expense exposure due to Holding’s growth and interest expenses as a result of high debt levels have been suppressing factors on profitability.
On the other hand, despite the low level of net working capital due to long-term investments’ funding needs, Holding has sufficient resources to provide cash inflows through existing portfolio and stocks held in subsidiaries.
The planned issuance will enhance GYH’s funding sources and meet the funding needs stemming from operational sources. A team of experienced risk oriented professionals and balance sheet composition based on a wide variety of group companies and operating sectors strengthen the Company against internal and external shocks. The Company outlooks in the long and short term perspective have been affirmed as ‘Stable” with the opinion that the projects have a high realization capability and the stream of cash flows will be realized in accordance with the principal and interest payments.
Taking into consideration the dominant shareholders’ financial strength and desire to support the Company, the scale of the Company, planned projects and sectorial expansion, GYH’s Sponsor Support grade has been affirmed as (2), denoting an adequate level. The Stand Alone grade of the Company has been also affirmed as (B) considering the ability of the Company to manage its undertaken incurred risks, internal resource generation and current level of capitalization.”
The details of the revised ratings are provided in the tables below:
| Global Yatırım Holding A.Ş. | Istanbul – November 20, 2014 |
| Long Term International Foreign Currency | BBB- / (Stable Outlook) |
| Long Term International Local Currency | BBB- / (Stable Outlook) |
| Long Term National Local Rating | BBB (Trk) / (Stable Outlook) |
| Short Term International Foreign Currency | A-3 / (Stable Outlook) |
| Short Term International Local Currency | A-3 / (Stable Outlook) |
| Short Term National Local Rating | A-3 (Trk) / (Stable Outlook) |
| Sponsor Support | 2 |
| Stand Alone | B |
Please do not hesitate to contact Investor Relations directly at investor@global.com.tr for any queries.
Kind Regards,
ir.globalyatirim.com.tr
www.globalyatirim.com
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About GYH
Global Yatırım Holding A.Ş. (Global Investment Holdings) was regrouped as a holding company on October 2004 (www.globalyatirim.com.tr) to hold a diversified portfolio of investments in a number of businesses, including infrastructure, real estate, energy, and financial services. Global Investment Holdings is listed on the Borsa Istanbul (as “GLYHO.IS”) and utilizes its experience in the finance sector for industrial business opportunities.
