Global Investment Holdings (GIH or the Group) reported consolidated revenues of TL247.3mn in 2013, compared to TL166.3mn for the same period last year, representing an increase of 49%.

GIH announced its financial results for 2013. According to the disclosure, consolidated net revenues reached TL247.3mn compared to TL166.3mn last year, representing an increase of 49%. This increase is due to robust operating performance of all business divisions in the Group with the Port and Energy Divisions specifically being the largest contributors to consolidated revenues.
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to TL190.0mn, including TL109.7mn in goodwill gain from the acquisitions of the Port of Bar, Naturelgaz and Straton Maden. The comparable figure for 2012 was TL208.3mn incorporating TL163.0mn gain from asset sales and acquisitions.
On a divisional basis, the Group’s Port Division revenues reached TL149.0mn in 2013 compared to TL122.4mn in 2012, representing an improvement of 17%. Commercial port activities, and, in particular, the operational performance of the Port of Antalya were instrumental in the increase. The division’s normalized EBITDA was TL93.9mn compared to an EBITDA of TL80.2mn in 2012.
The Group’s Energy Division revenues in 2013 consisted of sales of CNG and feldspar amounting to TL63.3mn in total. EBITDA of the Division stood at TL53.1mn for 2012 compared to TL3.1mn for the same period last year. 2013 EBITDA included negative goodwill gain of TL54.5mn arising from energy asset acquisitions, whereas this figure was TL12.8mn in 2012.
Finally, GIH reported a consolidated net profit of TL29.1mn in 2013, compared to net profit of TL108.4mn in the previous year. The main reasons behind the decrease were foreign exchange differences amounting to TL46.9mn incurred on Group’s long term loans, and depreciation and amortization charges of TL60.0mn, triggered by asset acquisitions. Also, as a result of the dividend distribution, deferred tax assets decreased by TL15.4mn in 2013.
The Chief Financial Officer of the Group, Kerem Eser, commenting on the highlights of the previous year, indicated that the Share Repurchase Program was completed in late 2013 and 20,791,765 shares, representing 9.24% of the Company’s share capital were repurchased. As such, GIH has distributed TL0.1443/share of ‘dividend equivalent’ to its investors in addition to TL0,05940/share cash dividend paid in 2013.
Furthermore, Mr. Eser referring to the international port acquisitions of 2013, mentioned that following the undisputable success of its Turkish ports, the Port Division has been focusing on inorganic growth overseas. “In that vein, the Division completed the acquisition of 62% of the Port of Bar and 43% shares of Barcelona Port in partnership with RCC. The Group is excited about this transaction also because it is the first time a Turkish company acquires the majority ownership of a port operation overseas.”
Mr. Eser, concluded by stating that the management is pleased with Group’s cash generating capacity. In fact, Mr. Eser underlined that all business segments were cash positive in 2013. Finally, Mr. Eser mentioned that the focus on maintaining Group profitability and building on dividend stream from energy, mining and real estate investments would continue to be the driving force of the Group’s operations.

www.globalyatirim.com.tr

Further Information:
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About GIH

Global Yatırım Holding A.Ş. (Global Investment Holdings) was regrouped as a holding company in 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 Borsa Istanbul (as GLYHO.IS) and utilizes its experience in the finance sector for industrial business opportunities.

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