Global Investment Holdings (GIH or the Group) reports consolidated revenues of TL257.3mn for the first nine months of 2014, representing an increase of 41% compared to the same period last year.

GIH announced its financial results for the first nine months of 2014. According to the disclosure, the consolidated net revenues reached TL257.3mn compared to TL182.8mn in the first nine months of 2013, representing an increase of 41%. This increase is due to robust operating performance of energy and port segments in the Group portfolio.

GIH also announced that, at the end of the first three quarters of 2014, Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to TL119mn, compared to TL97.1mn for the same period last year. Excluding goodwill gains from asset acquisitions amounting to TL51.9mn and TL54.5mn, respectively, the Group’s Cash EBITDA in the first nine months of 2014 rose by 58% over the same period in 2013.

On a divisional basis, the Group’s Port Division revenues reached TL137.8mn in the first three quarters of 2014, representing 28% increase over the same period in 2013. Robust operational performance of Turkish and overseas ports, higher per TUE revenue in Port Akdeniz and positive exchange rate differences were instrumental in the increase. The Group’s Port Division reported an EBITDA of TL129.7mn in the first nine months of 2014, including TL51.9mn negative goodwill gain from the acquisition of majority stake in Creuers, compared to an EBITDA of TL61.1mn for the same period in 2013, representing an improvement of 28%. The Port of Bar’s effect on the Group’s EBITDA is TL2.4mn, representing 4% increase over the same period of 2013. The newly-acquired Port of Barcelona, Malaga and Lisbon contributed TL4mn EBITDA in equity pick up for the period.

The Energy Division’s revenues posted an impressive turnaround in the first three quarters of the year, surging 136% over the same period of 2013. Division revenues consisted of mainly sales from CNG and mining operations, yet Naturelgaz’s contribution was substantial, as CNG sales volumes almost tripled to 63.2mn m3 in the first nine months of 2014. Reported EBITDA of the Division totaled TL12.4mn, compared to a TL51.5mn in the same period of 2013, yet last year’s figures included TL54.5mn in goodwill gains from asset acquisitions.

GIH reported a consolidated net profit of TL0.3mn in the first nine months of 2014, compared to a net loss of TL-16mn over the same period in 2013.

The Chief Financial Officer of the Group, Kerem Eser, commented on the highlights of the first nine months of the year, indicating that following the undisputable success of its Turkish ports, the Port Division has been maintaining its focus on inorganic growth overseas. “Consequently, after the acquisition of 43% of the Barcelona Port in partnership with RCCL last year, our port company, Global Ports Holding increased its effective stake to 62% in September 2014. The container volume of the Port of Bar acquired last in year grew by 20% and contributed TL15.5mn to consolidated revenues. In August 2014, Global Ports completed the share transfer of the Lisbon Cruise Terminal as a part of the consortium, of which Global Ports is the leading investor with 46% ownership.” Mr. Eser indicated that, in addition to the newly acquired ports, the Turkish Ports continued with their robust operational performance and contributed significantly to the Group’s overall success.

Furthermore, Mr. Eser underlined that, the Energy Division made substantial progress in the first three quarters of 2014. “Naturelgaz had a major breakthrough in CNG sales with first nine month revenues increasing by 128% and EBITDA finally moving into positive territory. Compared with the same period last year, the Division’s profitability and hence contribution to Group EBITDA improved substantially in the first three quarters of the year.”

Finally, Mr. Eser indicated that Tres Enerji, the Group’s power solution company (tri/co-generation) and Straton, the feldspar mining company, which were acquired last year started to contribute positively to consolidated figures in the first nine months of 2014. Also helped with the ongoing investments, both companies were expected to show volume improvements in the remainder of the year.

www.globalyatirim.com.tr

Further Information:
investor@global.com

About GIH
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.

SHARE: