Final rating scores are determined by separate weighting of four sub-sections pursuant to related regulations of the CMB. Breakdown of individual rating scores for each sub-section is as follows:

www.globalyatirim.com.tr

Bülten Detaylı Bilgi İçin
Optima İletişim / Burçin Baygül / 0212 347 79 11 / burcin@optima-tr.com

The post Global Investment Holdings successfully received high ratings on Corporate Governance from an independent rating agency appeared first on Global Yatırım Holding.

Global Investment Holdings announced its financial results for the third quarter of 2012. According to the disclosure, the consolidated net revenues amounted to TL 282.5 million, representing a growth of 23%, compared to TL 230.0 million for the same period of the previous year.

The main driver of the revenue growth has been the increases in Ports, Energy and Real estate divison revenues.

On the profit line, the Company reported a net profit of TL 131.4 million for the 9 months period in 2012 compared to a net loss of TL 63.0 million during the same period in 2011. Group’s consolidated EBITDA reached TL 187.2 million, representing 141% increase compared to the same period in 2011. The sale of Group’s interest in regional gas distribution assets has been instrumental in the increase in profitability.

On a divisional basis, the Group’s Port Divison revenues reached TL 91.2 million in 9M 2012, representing a 16% increase over the same period of last year, while the EBITDA increase was 31%, from TL 44.8 million to TL 58.8 million.

In July 2012, Global Investment Holdings fully divested its 50% interest in regional gas distribution assets (Energy Investment Holding) which were contributing negatively to the consolidated profits and cash flow, mainly due to low gas margins, high investment requirements and accounting policies applied.

The Group recorded a gain from this sale amounting to TL 150.2 million as per consolidated financials prepared in accordance with the CMB regulations.

Kerem Eser, Chief Financial Officer of the Group, stated that as a result of successful portfolio restructuring and eurobond redemption on the last quarter of 2012, Group’s consolidated financial indebtedness has vastly improved, where consolidated gross financial debt has decreased by 32%, from TL 445.6 million in 31 December 2011 to TL 301.5 million as of 30 September 2012. He further stated that this coupled with a 23% organic growth in Group’s recurring businesses compared to same period last year, is quite satisfactory. Eser emphasized that for the upcoming periods, Global Investment Holdings will continue to grow with new investments under development, Thermal Power Plant in Şırnak with an initial capacity of 270 MW being one of the biggest milestones.

The Group CFO Kerem Eser further stated that, the Group has signed share purchase agreements to acquire 55% additional shares of Naturelgaz, and subject to the approval of regulatory bodies, Group’s shareholding in Naturelgaz will increase to 80%.

www.globalyatirim.com.tr

Further Information:
Optima İletişim / Burçin Baygül / 0212 347 79 11 / burcin@optima-tr.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 Istanbul Stock Exchange (as “GLYHO.IS”) and utilizes its experience in the finance sector, for industrial business opportunities.

The post Global Investment Holdings Announces Consolidated Net Profits of TL 131.4 million in the 9 months of 2012 appeared first on Global Yatırım Holding.

Global Investment Holdings was selected best in the world for its 2011 Annual Report at the Galaxy Awards Competition.
Global Investment Holdings 2011 annual is awarded in each of the four different categories it competed in the Galaxy Awards & Creativity Awards held by MerComm, USA and won the Gold in the “Online Annual Report” category; another Gold for “Design of Annual Reports: Non-Traditional – Europe” category; a Silver for “Annual Reports in the Diverse Business” category and; a Bronze for Design in the category titled Covers – Annual Reports Artistic/Illustrations.

Global Investment Holdings also received the Mansion Award at 42nd Creativity Printing & Packaging Awards that had over 1,000 entries from 34 countries.

Please visit the link below to see Global Investment Holding’s 2011 Online Annual Report:

http://www.gyhannualreport.com
www.globalyatirim.com.tr

Further Information
Optima İletişim / Burçin Baygül / 0212 347 79 11 / burcin@optima-tr.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 Istanbul Stock Exchange (as “GLYHO.IS”) and utilizes its experience in the finance sector, for industrial business opportunities.

The post Global Investment Holding receives Five International Awards with its 2011 Annual Report appeared first on Global Yatırım Holding.

Turkey’s leading cruise and commercial port operator Global Ports Holding (“GPH”) shared its know-how and represented Turkey with a great success at the major international event of the cruise sector in Asia “Seatrade All Asia Cruise Convention” at Shanghai, China.

Reflecting Seatrade’s long-term commitment to the development of the cruise industry in Asia, the third edition of the Seatrade All Asia Cruise Convention was held from September 26th to 28th, 2012 at the iconic Shanghai Port International Cruise Terminal in Shanghai, Republic of China.

Along with the leading players of the sector throughout the world, GPH’s Marketing Director, Figen Ayan attended to the event as a speaker at the “Terminal Operation and Passenger Handling Session”. The congregation coming from China, Malaysia, Japan or Indonesia was very interested to understand the success story and know-how of Global Ports Holding as Asia is very new and fast developing market of the cruise sector.

Figen Ayan also explained the advantages of cooperation with national authorities and the importance of being part of international associations for a strong presence in the cruise industry. Hence, as the Board Member of the Medcruise Association, Ayan explained the proactive approach and the leading role Global Ports Holding has thanks to all these cooperation. The evidence of the success story of Global Ports Holding is visible from the increase by 205% in passenger flow of Ege Ports since 2004; increase by 223% in passenger flow of Bodrum Cruise Port since 2008 or increase by 978% in passenger flow of Port Akdeniz- The Port of Antalya since 2010.

The conferences hosted 40 key industry expert speakers discussing the growing importance and huge potential within China and Asia and over 20 cruise lines / operators.

About Seatrade:

Founded in 1970, Seatrade is a well-established brand in the international cruise and maritime community. Its publications, events, management training, award schemes and websites cover every aspect of cruise and maritime activity and are known and respected around the globe. Seatrade’s principal strength is its ability to bring key people together, encouraging innovation and facilitating better communication within the industry.
Seatrade’s headquarters are based in Colchester, UK, with regional offices in Dubai, Singapore, as well as representatives in all major maritime centres and cruise destinations across the globe.

About Global Ports Holding:

Global Ports Holding (Global Port) was established to utilize the commercial opportunities in Turkey and Mediterranean area and opportunities in cruise ports.
Global Ports Holding is a unique port group and operator in Turkey, currently managing three leading cruise and commercial ports in its portfolio. Since 2003, the Global Ports Group has developed a portfolio of strategically located ports in Turkey, each providing exceptional hinterland access with strong market demand fundamentals. Global Port is the largest port operator having %50 of cruise port sector of Turkey on the basis of number of cruise passengers received in 2011.

The ports under the roof of Global Ports Holding:

Ege Ports – The Port of Kusadasi

The Port of Kuşadası (“Ege Ports-Kuşadası”) is a cruise and ferry port located on Turkey’s Aegean coast. Ege Ports – Kuşadası has a location having close proximity to important historical sites such as the ancient city of Ephesus, which was the city of ancient Greek and then of Rome, and the House of the Blessed Virgin Mary where Virgin Mary is believed to live and which is a holly place for Christians. In 2011 Ege Ports – Kuşadası with a total of more than 657,000 cruise passengers was the busiest cruise port in Turkey on the navigation basis and the 15th most visited port of call in the Mediterranean according to G.P. Wild International. Share Percentage of Global Ports in Ege Ports-Kuşadası is 72,5 %.

Port Akdeniz – The Port of Antalya

Antalya Commercial and Cruise Port (“Port Akdeniz-Antalya”) is a port providing both commercial and cruise services.

Commercial Port Operations: Port Akdeniz – Antalya is located on Turkey’s Mediterranean coast that is a mineral-rich region where commercial products such as marble, chromium, cement and so on are produced. Port Akdeniz – Antalya has 10 berths that can accommodate container, dry bulk cargo and general cargo vessels. The Port’s dry bulk and general cargo handling capacity is 5.0 million tonnes per year and its container handling capacity is 400,000 TEU per year. According to data of Undersecretariat of Maritime Affairs of Turkey (UMA), approximately 4.3 percent of Turkey’s maritime exports in 2009 was shipped through Port Akdeniz – Antalya.

Cruise Port Operations: Port Akdeniz – Antalya provides service as cruise port with three berths for cruise vessels, a marina with 250 berths and a 150-yacht dry-dock capacity. Global Ports Management aims at making Port Akdeniz – Antalya one of the most important cruise port of Mediterranean with its proximity to Antalya Airport that is an important international airport, and to valuable archeological structures. Share percentage of Global Ports in Port Akdeniz – Antalya is 100%.

Bodrum Cruise Port

Bodrum Cruise Port, which is located in Bodrum on Aegean coast of Turkey, is a cruise, ferry and mega yacht port that began operations in the second quarter of 2008. Bodrum, which originated as an ancient Carian fishing village, is home to one of the best-preserved medieval Crusader castles and is the most popular sea holiday region. Since commencing operations in 2008, Bodrum Cruise Port has quickly become a popular stopover for super and mega yachts, providing fresh water, power, duty-free fuel and provisions to yachting patrons. Bodrum also provides service to foreign military ships. Share percentage of Global Ports in Bodrum Cruise Port is 60%.

The post Global Ports Holding As A Role Model For Growing Asian Market appeared first on Global Yatırım Holding.

Global Investment Holdings (ISE: GLYHO) is pleased to announce the appointment of Mr. Kanat Emiroglu as an Executive Director of the company and Chairman of Global Energy, a wholly owned subsidiary of GIH consolidating all its investments and operations in the energy and mining sectors.

Mr. Emiroglu joins Global Energy, a wholly owned subsidiary of GIH, after 10 years of experience at Centrica plc (FTSE: CNA) where he was Chief Executive of British Gas Business.

The value of British Gas Business more than doubled under Mr. Emiroglu’s leadership and it is now the leading supplier of energy and related services to both the British public and private sectors with revenues in excess of $6bn, EBIT of $300m and 5000 employees.

Prior to being Chief Executive of British Gas Business, Mr. Emiroglu was the Group Strategy Director for Centrica plc. Prior to that, Mr. Emiroglu held various marketing and operations roles at Procter & Gamble in Germany, Belgium and the UK.

In the announcement made by Global Investment Holdings, Chairman, Mr Mehmet Kutman noted: “The Board of our Energy Group have great pleasure in further strengthening the successful team with Mr. Kanat, who is well known in bringing an invaluable combination of intellect, upstream energy expertise, outstanding considerable reputation for managing large-scale energy businesses and a proven track record of creating shareholder value.

Kanat Emiroglu said “I am delighted to join GIH’s entrepreneurial organization with a promising energy portfolio in mining, power generation, compressed natural gas, renewable energy and energy services. I hope to be able to bring experience and connections from UK, one of the world’s most innovative and competitive energy markets, to Turkey’s fast growing energy sector. With my team, we will work hard to contribute to Turkey’s economy and create value for GIH shareholders.”

An executive with global professional experience:

Mr. Emiroglu is 44, lives in London and Istanbul, was educated in Robert College of Istanbul, Middle East Technical University of Ankara and holds an MBA with Distinction from INSEAD, France. He speaks German, is a Senior Advisor to Boston Consulting Group’s global energy practice and served as a member of British Government’s BCC Infrastructure Commission. Mr. Emiroglu has written for the FT and The Economist and has delivered keynote addresses in international conferences related to energy, telecoms and Turkey.

www.globalyatirim.com.tr

Further Information:
IR Department / investor@global.com.tr

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 Istanbul Stock Exchange (as “GLYHO.IS”) and utilizes its experience in the finance sector, for industrial business opportunities.

About Global Energy

Global Energy, a 100% subsidiary of Global Investment Holdings (“GIH”), undertaking the entire energy sector investments of the Group such in CNG distribution, integrated coal-fired thermal power plant and renewable power generation projects in Turkey, including solar.

The post Kanat Emiroglu joins the Board of Global Energy appeared first on Global Yatırım Holding.

Global Investment Holdings announced its financial results for the first half of 2012. According to the disclosure, the consolidated net revenues amounted to TL 223.8 million, representing a growth of 36%, compared to TL 164.8 million for the same period of the previous year.

The main driver of the revenue growth has been the increases in both Ports and Energy divison revenues.

Global Investment Holdings also announced that, in the first half of 2012, it recorded an Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounting to TL 14.4 million.

Despite the improved operational performance in the revenue and EBITDA lines, the Company reported a net loss of TL 14.4 million, mainly due to non-cash depreciation and amortisation charges.

On a divisional basis, the Group’s Port Divison revenues reached TL 51.5 million in 1H 2012, representing a 22% increase over the same period of last year, while the EBITDA increase was 28%, from TL 24 million to TL 30.6 million.

In July 2012, Global Investment Holdings fully divested its 50% interest in regional gas distribution assets (Energy Investment Holding) which were contributing negatively to the consolidated profits and cash flow, mainly due to low gas margins, high investment requirements and accounting policies applied.

The Group will record a gain from this sale amounting to TL 62.9 million as per statutory records prepared on a solo basis, and a gain of TL 150.2 million as per consolidated financials prepared in accordance with the CMB regulations. The profit on this transaction will be accounted for in the 3rd Quarter financial statements.

Kerem Eser, Chief Financial Officer of the Group, stated that a 36% increase in consolidated revenue compared to same period last year, is quite satisfactory. He underlined that with the full redemption of the eurobond related loan on 31 July 2012, the consolidated financial indebtedness of the Group has decreased significantly. Reminding the additional cash proceeds and the reduction in bank loans as a result of the divestiture of the Group’s interest in Energy Investment Holdings, he further stated that the Group’s cash position has become more robust, and the consolidated net indebtedness has been further reduced. Eser emphasized that for the upcoming periods, Global Investment Holdings will continue to grow with new investments under development, Thermal Power Plant in Şırnak with an initial capacity of 270 MW being one of the biggest milestones.

The Group CFO Kerem Eserfurther stated that, the Group has signed share purchase agreements to acquire 55% additional shares of Naturelgaz, and subject to the approval of regulatory bodies, Group’s shareholding in Naturelgaz will increase to 80%.

www.globalyatirim.com.tr

Further Information:
Optima İletişim / Burçin Baygül / 0212 347 79 11 / burcin@optima-tr.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 Istanbul Stock Exchange (as “GLYHO.IS”) and utilizes its experience in the finance sector, for industrial business opportunities.

The post Global Investment Holdings Announces Consolidated Revenues of TL 223.8 million for the 1st Half of 2012 appeared first on Global Yatırım Holding.

Global Ports Holding is a unique port group and operator in Turkey, currently managing three leading cruise and commercial ports in its portfolio; respectively Ege Ports – The Port of Kusadasi, Bodrum Cruise Port and Port Akdeniz – The Port of Antalya.

For many years the company has pursued active international marketing campaigns and is proud to be the only Turkish port operator member of leading and prominent international associations, such as Medcruise, Cruise Line International Association (CLIA) and European Cruise Council (ECC). Moreover, the marketing director of Global Ports Holding, Ms. Figen Ayan is the board member of Medcruise Association.

The target of the management has always been to play an even more active role in the global arena of the cruise industry and represent, on international waters, Turkey with the best standards.

In addition to three key cruise associations, GPH becomes an associate member of the Florida-Caribbean Cruise Association (FCCA) who sees the port operator as a pioneer in the cruise industry in Turkey.

The Marketing Director of Global Ports Holding, Ms. Figen Ayan shared her pride to see her company considered as a member to this esteem association. Ayan believes that this will be the beginning of a fruitful cooperation.

“The most well-established entity in Turkey”

The Chairman of the Florida-Caribbean Cruise Association stated that they considered GPH to be the most well-established entity as it pertains to the cruise industry. The chairman added: “Global Ports Holding is of great interest to the FCCA because of the business opportunities we could develop together. We are expanding into new regions to attract more cruise tourism to their ports. Therefore, being a pioneer in Turkey would be of great benefit when joining the FCCA. Together we can develop new strategies and create a solid networking base with our cruise executives and partners in the major geographical parts of the industry to lead your business into top revenue markets in the Caribbean, Central and Latin America.

An Esteemed Association in the Cruise Industry:
FCCA is formed by the most important cruise lines of the Floridian, Caribbean and Latin American waters. FCCA aims to choose the companies, which can have a pioneering role for the growth of the sector with its vision and contribution to the international cruise arena. It aims to build cooperative relationships and develop productive bilateral partnerships between the member cruise lines and the Platinum members.

In this respect, Global Ports Holding is proud to be part of the Florida-Caribbean Cruise Association (FCCA) since August 2012.

FCCA provides a forum for discussion on tourism development, ports, tour operations, safety, security and other cruise industry issues.

The association is composed of 14 Member Cruise Lines operating more than 100 vessels in Floridian, Caribbean and Latin American waters.

About the FCCA ( Florida-Caribbean Cruise Association)

The Florida-Caribbean Cruise Association (FCCA) is a not-for-profit trade organization composed of 14 Member Cruise Lines operating more than 100 vessels in Floridian, Caribbean and Latin American waters. Created in 1972, the FCCA’s mandate is to provide a forum for discussion on tourism development, ports, tour operations, safety, security and other cruise industry issues. By fostering an understanding of the cruise industry and its operating practices, the FCCA seeks to build cooperative relationships with its partner destinations and to develop productive bilateral partnerships with every sector. The FCCA works with governments, ports and all private/public sector representatives to maximize cruise passenger, cruise line and cruise line employee spending, as well as enhancing the destination experience and the amount of cruise passengers returning as stay-over visitors.

About Global Ports Holding:

Global Ports Holding (Global Port) was established to utilize the commercial opportunities in Turkey and Mediterranean area and opportunities in cruise ports.
Global Ports Holding is a unique port group and operator in Turkey, currently managing three leading cruise and commercial ports in its portfolio. Since 2003, the Global Ports Group has developed a portfolio of strategically located ports in Turkey, each providing exceptional hinterland access with strong market demand fundamentals. Global Port is the largest port operator having %50 of cruise port sector of Turkey on the basis of number of cruise passengers received in 2011.

Ports under the roof of Global Ports Holding:

Ege Ports
The Port of Kuşadası (“Ege Ports-Kuşadası”) is a cruise and ferry port located on Turkey’s Aegean coast. Ege Ports – Kuşadası has a location having close proximity to important historical sites such as the ancient city of Ephesus, which was the city of ancient Greek and then of Rome, and the House of the Blessed Virgin Mary where Virgin Mary is believed to live and which is a holly place for Christians. In 2011 Ege Ports – Kuşadası with a total of more than 657,000 cruise passengers was the busiest cruise port in Turkey on the navigation basis and the 15th most visited port of call in the Mediterranean according to G.P. Wild International. Share Percentage of Global Ports in Ege Ports-Kuşadası is 72,5 %.

Port Akdeniz

Antalya Commercial and Cruise Port (“Port Akdeniz-Antalya”) is a port providing both commercial and cruise services.

Commercial Port Operations: Port Akdeniz – Antalya is located on Turkey’s Mediterranean coast that is a mineral-rich region where commercial products such as marble, chromium, cement and so on are produced. Port Akdeniz – Antalya has 10 berths that can accommodate container, dry bulk cargo and general cargo vessels. The Port’s dry bulk and general cargo handling capacity is 5.0 million tonnes per year and its container handling capacity is 400,000 TEU per year. According to data of Undersecretariat of Maritime Affairs of Turkey (UMA), approximately 4.3 percent of Turkey’s maritime exports in 2009 was shipped through Port Akdeniz – Antalya.

Cruise Port Operations: Port Akdeniz – Antalya provides service as cruise port with three berths for cruise vessels, a marina with 250 berths and a 150-yacht dry-dock capacity. Global Ports Management aims at making Port Akdeniz – Antalya one of the most important cruise port of Mediterranean with its proximity to Antalya Airport that is an important international airport, and to valuable archeological structures. Share percentage of Global Ports in Port Akdeniz – Antalya is 100%.

Bodrum Cruise Port

Bodrum Cruise Port, which is located in Bodrum on Aegean coast of Turkey, is a cruise, ferry and mega yacht port that began operations in the second quarter of 2008. Bodrum, which originated as an ancient Carian fishing village, is home to one of the best-preserved medieval Crusader castles and is the most popular sea holiday region. Since commencing operations in 2008, Bodrum Cruise Port has quickly become a popular stopover for super and mega yachts, providing fresh water, power, duty-free fuel and provisions to yachting patrons. Bodrum also provides service to foreign military ships. Share percentage of Global Ports in Bodrum Cruise Port is 60%.

The post Global Ports Holding (“GPH”) was invited to join the Florida-Caribbean Cruise Association (FCCA) in the aim of developing new strategies and creating a solid networking base with Turkey. appeared first on Global Yatırım Holding.

The Group CFO, Kerem Eser stated that with this redemption, the consolidated financial indebtedness of the Group has decreased significantly. Reminding the additional cash proceeds and the reduction in bank loans as a result of the divestiture of the Group’s interest in Energy Investment Holdings most recently, he further stated that the Group’s cash position has become more robust, and the consolidated net indebtedness has been further reduced.

Eser underlined that for the upcoming periodsnew bond issues will remain as an option to finance the new projects being pursued, as well as to maintain the Group’s existance in corporate bond market, where Global Investment Holding has been one of the very few such corporates in Turkey excluding the banks.

www.globalyatirim.com.tr

Further Information:
IR Department / investor@global.com.tr

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 Istanbul Stock Exchange (as “GLYHO.IS”) and utilizes its experience in the finance sector, for industrial business opportunities.

The post Global Investment Holdings Announces Full Repayment of USD100,000,000 Loans obtained in July 2007 appeared first on Global Yatırım Holding.

Naturelgaz is engaged in the sales and distribution of Compressed Natural Gas (“CNG”). Global Energy currently holds 25% of Naturelgaz and had recently announced that an agreement is signed with the other shareholders to acquire another 30%. Following completion of these two share transfers, Global Energy’s share in Naturelgaz will increase to 80%, the remaing 20% is owned by Aksel Goldenberg, CEO of Naturelgaz.

The purchase price will be disclosed upon closing, following completion of regulatory approvals.

www.naturelgaz.com
www.globalyatirim.com.tr

Further Information:
Optima İletişim / Burçin Baygül / 0212 347 79 11 / burcin@optima-tr.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 Istanbul Stock Exchange (as “GLYHO.IS”) and utilizes its experience in the finance sector, for industrial business opportunities.

About Naturelgaz

Naturelgaz is a licensed company with operations since 2004. The Company’s current business is the sales and distribution of bulk Compressed Natural Gas (“CNG”) as well as providing the necessary equipment and installation services for the customer’s facilities. Besides growth in the bulk CNG market, the Company plans to further expand existing CNG sales business into the transportation industry. The largest three companies operating in the CNG market constitute approximately 95% of the total CNG consumption. Naturelgaz is one of the largest companies in this sector with approximately 40% market share

The post Global Investment Holdings Increasing It’s Share To 80% At Naturelgaz appeared first on Global Yatırım Holding.

Global Liman işletmeleri A.Ş. (GLI), which conducts cruise port business in Kuşadası, Bodrum and commercial & cruise port business in Antalya, is one of the leading players in the sector providing service to cruise ships and their passengers. GLI is a subsidiary of Global Yatırım Holding, which has been rated as BBB- by JCR-Eurasia Rating. GLI, with its activities, monopolistic ports as of geographic location and capacities for generating increasing income, attracts domestic and foreign investors. The fact that a 22.11% share of the company has been purchased by the İtalian Savina Holding GmbH at the price of 1.3 times the book value of the company is an indication of the positive perception of investors regarding the cash inflow which will be generated by the Company in the future.

Internal profit ratios showing an increasing trend and fund resources generated from long term bank loans mainly from the organized markets reduce the risk of credit renewals and seriously facilitate the liquidity management. The fact that both receivables and troubled receivables in total assets are extremely low and there are provisions for all impaired receivables make a positive contribution to the continuity of the high asset quality of the Company. On the other hand, that the cost of service sales increased more than revenue growth exerted pressure on the profitability of the Company. The positive valuation differences of tangible assets, which has an important places in the equities, does not reduce the effect on foreign resources, which is needed by the Company, and does not contribute to the liquidity position.

Considering the Company’s business and shareholder structure, internal fund generating capacity, balance sheet composition, market penetration, growth potential, increasing interest of foreign institutions and foreign currency revenue generating capacity and due to the fact the Company works together with the countries like USA and China, it is the one and only non-banking company that its long-term international foreign currency grade has been confirmed as BB+, a higher grade than Turkey’s Country ceiling.

The level of the shareholders’ willingness to provide support to the Company and their financial strengths has been assessed as (3) in the Sponsor Support category and the Company’s ability to administer the risks undertaken on its own resources as (B) in the Stand-Alone category. The notes in these categories indicate a “sufficient level” based on JCR Eurasia’s notation system.

The post JCR-Eurasia Rating has assigned an investment grade credit rating of ‘A- (Trk)’ on the Long Term National Scale along with a ‘Stable’ outlook to Global Liman İşletmeleri A.Ş and BB+ for Long Term International Foreign Currency appeared first on Global Yatırım Holding.