Van Shopping Mall appears as the first and only mall with “Lifestyle Center” concept in the city with 55,000 m2 construction area. Having 92% of the GLA already been leased, the Mall brings together 90 brands, a 10-screen cinema, a food-court and entertainment places; catering not only to the city of Van, but also the region and nearby countries. 

This important project has been completed after considerable hard work spanning over a time frame of only 13 months. At the same time, Van Shopping Mall stands out as an important source of employment for the city as it provides employment opportunities for c.1000 people.

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In September 2016, we had announced that Global Ports Holding (“Global Ports), through its wholly owned subsidiary, purchased 51% shares of Ravenna Terminal Passeggeri S.r.l. which operates Ravenna Cruise Port.

Today, Global Ports, through its wholly owned subsidiary Ports Operation Holding, has indirectly purchased shares of the companies operating Cagliari Cruise Port and Catania Cruise Port, in addition to shares of the company providing landfall services to the cruise ship passengers in Portovenere.

As a result, Global Ports now owns:

• %70.89 indirect shares of Cagliari Cruise Port S.r.l. which operates Cagliari Cruise Port,

• %62.20 indirect shares of Catania Cruise Terminal S.r.l. which operates Catania Cruise Port,

• %53.67 indirect shares of Ravenna Terminal Passeggeri S.r.l. which operates Ravenna Cruise Port,

• %28.5 indirect shares of La Spezia Cruise Facility S.c.a.r.l which provides services in Portovenere.

Ravenna is a city of mosaics, and is a favorable destination thanks to its geographical location.  Its proximity to Venice, Bologna and the Independent Republic of San Marino, as well as the reduced travel time to Florence due to the new high speed rail connections, makes it an attractive cruise destination. The traffic in the Adriatic Sea is constantly increasing and Ravenna Cruise Port is very well positioned to benefit from the increasing traffic as one of the most appealing Italian cruise ship destinations.

Cagliari Cruise Port–located halfway between the Iberian coasts to the west; Italian coast to the east; and North African coast to the South– provides a significant advantage of being included on different routes, while granting high-value experiences to cruise passengers and fuel-efficiency for cruise lines. Its proximity to an international airport, and the new terminal building under construction, further strengthens Cagliari’s position as a homeport of the South Sardinia’s destination.

Catania Cruise Terminal carries homeport operations in the prestigious location of the “Vecchia Dogana,” a recently renovated historic building, which also houses a shopping center. Catania Cruise Terminal has the potential to increase cruise passengers through cross-selling and leveraging on GPH’s strength in the cruise industry.

The addition of Cagliari, Catania and Ravenna cruise ports to Global Ports’ existing portfolio of Barcelona/Spain (the largest cruise port in the Mediterranean), Malaga/Spain, Venice/Italy (the largest homeport in the Meditarranean), Valletta/Malta, Lisbon/Portugal, Singapore – SATS Creuers/Singapore, Adria-Bar/Montenegro, Kuşadası/Turkey, Bodrum/Turkey, Antalya/Turkey, and Dubrovnik/Croatia (tender process continues); total passenger figures are expected to exceed 7.5 million, solidifying Global Ports’ position as the largest cruise operator in the world.

Mehmet Kutman, the Chairman of GPH indicated that, “As GPH, we are incredibly proud of the growth we have accomplished within 2016. Sticking to its acquisition pipeline, GPH has steadfastly demonstrated its leading position as the world’s largest cruise port operator, with the acquisitions of Catania, Cagliari, and Ravenna. GPH’s solid presence in Mediterranean and Asia Pacific will capture c.25% share in the Mediterranean with over 7.5 million passengers. Through our teams astounding efforts, we have achieved yet another milestone, by expanding our portfolio to 14 ports in 8 countries.”

Mr Emre Sayin, the CEO of GPH pointed out that, “After the acquisition of Venice Cruise Port; the addition of Catania, Cagliari, and Ravenna cruise ports will undoubtedly boost Global Ports’ collective marketing power and enhance its presence in Italy, with a total of close to 500,000 passengers. As the leading cruise port operator in the world, using its top-notch expertise, GPH will continue to create synergy within its growing port network.”

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Global Investment Holdings (GIH or the Group) reports consolidated revenues of TL479.2mn for the first nine months of 2016, representing an increase of 15% compared to the same period last year; while announcing a consolidated EBITDA of TL163.4mn.

GIH announced its financial results for 9M 2016. According to the disclosure, consolidated net revenues reached TL479.2mn compared to TL415.8mn last year, representing an increase of 15%.  Most of the business divisions under the Company contributed to this increase, with the Port and Power/Gas/Mining divisions contributing the most.

GIH also announced that, in the first nine months of 2016, Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to TL163.4mn, compared to an EBITDA of TL143.0mn in the same period last year.

On a divisional basis, the Group’s Port Division revenues reached TL264.7mn in 9M 2016, representing 22% increase over the same period of 2015. A significant portion of this increase is attributable to the contributions from the Group’s cruise port operations. Although affected by the tension and the Coupe attempt, the impact on GPH ports in Turkey was much more limited with 39.7% decline, compared to Turkey’s 65.3% decrease in overall cruise passengers, thanks to the world-class security measures at utmost priority at GPH ports and unique excursion choices Ege Ports offers. Driven by GPH’s well diversified cruise port network, even based on proforma 9M 2015 numbers, GPH ports excluding Turkey managed to increase total cruise passengers by 5.1% YoY in 9M 2016 organically. The increase was mainly driven by Barcelona, Malaga, Valletta and Singapore. When Valletta Cruise Port (VCP) acquisition effect for 9M 2015 is excluded, total passenger base including Turkey indicates a solid 10.0% YoY inorganic growth in 9M 2016. On the other hand, the division’s EBITDA was reported as TL156.1mn in 9M 2016 compared to TL123.6mn over the same period in 2015, implying a pleasing 26% growth YoY. Despite the Perfect Storm, GPH managed to maximize revenue and EBITDA creation in 9M 2016 thanks to Valletta Cruise Port (Malta) acquisition, increasing share of turnaround passengers in total passenger mix driven by Barcelona; tariff adjustments; tariff flexibility at operational ports due to underlying concessions; 10.4% depreciation of TL against US$ in 9M16 compared to 9M15 (which translated into c.2.5% increase in EBITDA, as approximately 70% of costs are in TL in Turkish port  operations). Also, Container and cargo yields continued to increase, further contributing to EBITDA growth in 9M 2016.

The Power/Gas/Mining Division reported revenues of TL170.4mn in the first nine months of 2016, representing a 4% increase over the same period in 2015, mainly driven by the Company’s feldspar mining and power generation operations. Naturelgaz revenues stood at TL130.0mn as compared to TL138.3mn over the same period in 2015, resulting from the effect of the decrease in average unit gas price, which is in line with the budget.  Division’s EBITDA consisting of CNG, feldspar mining and energy efficiency operations were reported as TL24.0mn in 9M 2016 compared to a TL22.1mn in 9M 2015. Naturelgaz EBITDA in 2015 included gains from asset sales amounting 2.0mTL. Adjusting for this one-off transaction, Naturelgaz EBITDA too was increased despite declining average gas sales prices in 2016.

At the bottom line, GIH reported a consolidated net loss of TL62.9mn in 9M 2016, compared to a net loss of TL61.1mn in 9M 2015, triggered mainly by non-cash depreciation charges and net interest expenses

Commenting on the recent developments, GIH’s CFO, Kerem Eser, underlined the significance of the recent addition of Ravenna Cruise Port to GPH’s Portfolio. “Ravenna is a city of mosaics, and is a favourable destination thanks to its geographical location.  Its proximity to Venice, Bologna and the Independent Republic of San Marino, as well as the reduced travel time to Florence due to the new high speed rail connections, makes it an attractive cruise destination. The traffic in the Adriatic sea is constantly increasing and Ravenna Cruise Port is very well positioned to benefit from the increasing traffic as one of the most appealing Italian cruise ship destinations. With the addition of Ravenna cruise ports to Global Ports’ existing portfolio of Barcelona, Malaga (Spain), Venice (Italy), Valletta (Malta), Lisbon (Portugal), Singapore – SATS Creuers (Singapore), Adria-Bar (Montenegro), Kuşadası, Bodrum, Antalya (Turkey), and Dubrovnik (Croatia, tender process continues), total passenger figure exceeds 7 million, which once again solidify Global Ports position as the largest cruise operator in the world.” Kerem Eser also added that negotiations on the share purchase of the previously announced other Italian ports are ongoing.

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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Necessary notification has been given to the Central Securities Depository of Turkey (Merkezi Kayıt Kurulusu, MKK) as the last step of the capital decrease process (share buy back) with regards to the cancellation of 1.071.192.245 shares with a nominal value of 10.711.922,45 TL, corresponding to 5,24% of the issued share capital. This cancellation / redemption will be completed by our Company on 27.10.2015 with the Central Registry System.

Within the context of the capital decrease, only 1.071.192.245 shares with a nominal value of 10.711.922,45 TL, will be cancelled /redeemed out of the share buyback program therefore increasing the NAV per share  by 5,24pct for each share held.

The share price of the Company is expected to be adjusted by BIST (upward adjustment) on the day of cancellation (27.10.2015), to reflect the decrease in the outstanding number of shares. Accordingly, in line with its dividend policy, the cancellation process implies a dividend equivalent yield of c.5.5%, calculated at the current market capitalization (26.10.2015) of the Company.

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Global Investment Holdings (GIH or the Group) reports consolidated revenues of TL280.5mn for the first half of 2016, representing an increase of 20% compared to the same period last year; while announcing a consolidated EBITDA of TL79.3mn.

GIH announced its financial results for H1 2016. According to the disclosure, consolidated net revenues reached TL280.5mn compared to TL234.1mn last year, representing an increase of 20%.  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, in the first half of 2016, Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to TL79.3mn, compared to an EBITDA of TL77.7mn in the same period last year.

On a divisional basis, the Group’s Port Division revenues reached TL153.9mn in the first half of 2016, representing 28% increase over the same period of 2015. A significant portion of this increase is attributable to the contributions from the Group’s cruise port operations. Although affected by the seasonality and the tension in East Med; thanks to GPH’s well diversified cruise port network, GPH ports excluding Turkey managed to organically increase  total cruise passengers by 1.6% YoY in H1 2016. The increase was mainly driven by Singapore and Barcelona. When Valletta Cruise Port (VCP) acquisition effect for H1 2015 is excluded, total passenger base including Turkey indicates a pleasing 11.2% YoY inorganic increase in H1 2016. On the other hand,  the division’s EBITDA was TL83.1mn in H1 2016 compared to an EBITDA of TL62.2mn in H1 2015, indicating 34% increase. Despite the seasonality effect in both cruise and partially commercial segments as well as tension in the East Med, GPH managed to maximize revenue and EBITDA creation, in 1H 2016 thanks to contributions from Valletta Cruise Port since its acquisition in November 2015,   increasing share of turnaround passengers driven by Barcelona and Malaga, tariff flexibility at operational ports due to underlying concessions as well as tariff adjustments. Apart from the contribution of Group’s cruise business, GPH revenues – which are mainly denominated in USD and EUR – further benefited from the depreciation of TL in value against those currencies during the first half of 2016.

The Power/Gas/Mining Division reported revenues of TL97.2mn in the first six months of 2016, representing a 4% increase over the same period in 2015, mainly driven by the Company’s feldspar mining and power generation operations. Naturelgaz revenues stood at TL70.0mn as compared to TL77.7mn over the same period in 2015. GIH’s Power/Gas/Mining Division EBITDA consisted of CNG, feldspar mining and energy efficiency operations.  Reported EBITDA was TL9.6mn in H1 2016 compared to a TL12.5mn in H1 2015. 2015 figure included gains from asset sales amounting to 2.0mTL. Other than this, the decline is mainly attributable to lower average gas sales prices in 1H 2016 compared to 1H 2015, which is in line with the budget. Also, the shift of projected gas sales to some customers (asphalt and food) from the first half to the second half of the year has resulted in a temporary decrease in EBITDA.

GIH reported a consolidated net loss of TL45.1mn in H1 2016, compared to a net loss of TL51.6mn in H1 2015. The reasons for the loss were non-cash depreciation charges, and increase in net interest expenses. Depreciation and amortisation charges have increased from TL65.0mn in H1 2015 to TL77.7mn in H1 2016. Also, the Group has incurred TL70.8mn net interest expenses in 2016.

Commenting on the recent developments, GIH’s CFO, Kerem Eser, underlined the significance of the recent addition of Venice Cruise Port to GPH’s Portfolio. “The Terminals are in a strategic position, not only due to the uniqueness of Venice, but also the location. Venice attracts c.22mn tourists per annum, where VTP passengers make up for 1.6mn of those annually as of 2015. Moreover, Venice is one of the rare ‘marquee’ cruise destinations, where the city centre and the port are so closely linked, with a transit system which represents a good infrastructure. Mr. Eser also mentioned that,  “in line with its aggressive inorganic growth strategy, GPH started negotiations on the share purchase of operating companies of Brindisi, Cagliari, Catania and Ravenna Cruise Ports in Italy to further solidify GPH’s dominant presence in the Mediterranean.  After Venice Cruise Port, once the acquisitions of the other Italian ports are completed, Global Ports’ passenger base is expected to boost to an astounding c.7.5mn. ” 

Mr. Eser, further commented on the highlights of the first half of the year, indicating that a proposal was approved, pursuant to Resolution of GIH’s General Assembly, to distribute a gross TL 0.051680, and a net TL 0.043928 per share in August, implying a dividend yield of 3.3%.

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.

The post Global Investment Holdings Announces Consolidated Net Revenues of TL280.5mn and EBITDA of TL79.3mn in the first six months of 2016 appeared first on Global Yatırım Holding.

In accordance with 2015 year-end consolidated financial statements prepared and audited in line with Capital Markets Board regulations, a gross TL 0.051680, and a net TL 0.043928 per share dividend shall be distributed  with ex date of  August 10, 2016 implying a dividend yield of 3.2%.

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Global Ports has started negotiations on the share purchase of Brindisi, Cagliari, Catania and Ravenna Cruise Ports in Italy…

As a reminder, Global Ports Holding (GPH) had submitted a binding offer on 24 March 2016, as part of a strong international consortium to the international tender by the APV Investimenti S.p.A (owned by Venice Port Authority) of Italy, for the transfer of its 65.98% stake in APVS, which in turn owns a 53% stake in Venezia Terminal Passegeri S.p.A (VTP). The international consortium formed by Global Ports Holding (GPH), Costa Costa Crociere S.p.A, MSC Cruises S.A. and Royal Caribbean Cruises Ltd. had been the only bidder for the aforementioned tender, while the tender result was subject to the waiver of pre-emption rights by Venetto Sviluppo (“VS”), the other shareholder of APVS with the first degree pre-emption rights, and the other 3 shareholders of VTP with second degree pre-emption rights.

We announced on 10th May 2016 that APVS’ other shareholder, Venetto Sviluppo (“VS”), exercised its pre-emptive rights for this process, and would transfer 48% of APVS’ shares to Venezia Investimenti S.R.L. (VI) (formed by the consortium members), based on the signed memorandum of understanding.

On the other hand, on 1st July 2016, the transfer of Finpax S.r.l. (“Finpax”) shares representing 85.85% of its capital to VI (the consortium) was completed by Finpax shareholders. Finpax owns 22.15% of VTP shares. As a result of transfer, the Consortium which Global Ports is a member of, became the controlling shareholder of Finpax that owns 22.18% of VTP shares.

As per our announcement dated 10th May 2016; after having completed the pre-emption process regarding  APVS share sale, VS has completed the transfer of 48% APVS shares it owned post-preemption, to VI (the Consortium). 

As a result of this transfer, the Consortium which Global Ports is a member of, became a 44.48% shareholder of VTP indirectly, including the previously acquired Finpax shares. Total purchase price for the acquisition to be paid by Global Ports, which is one of the four equal members of consortium, is Euro 7,665,760.47. Mr. Mehmet Kutman, the Chairman of Global Ports, will take seat at VTP’s Board of Directors as a board member.

Additionally, VS, the 51% shareholder of APVS, has a put option to sell its shares in APVS partially or completely (up to 51%); while this option can be exercised between 15th May 2017 and 15th November 2018. If VS exercises the put option completely, VI will own 99% of APVS and accordingly 71.51% of VTP. In the case VS decides to exercise this option, it will be announced publicly.

Regarding this option, like other members of the consortium, Global Ports has also provided a Bank Letter of Gaurantee in the amount of Euro 4,873,715.52 .

Aside from the acquisition process of Venice Cruise Port,  Global Ports has started negotiations on the share purchase of operating companies of Brindisi, Cagliari, Catania and Ravenna Cruise Ports in Italy. After Venice, potential acquisitions of these four Italian ports should enhance Global Ports’ presence in Italy, which in total hosted c.0.5mn passengers in 2015.

The Venezia Terminal Passeggeri S.p.A. operates in the Marittima,S.Basilio and Rivadei Sette Martiri areas, stretching over a surface more than 260,000 sqm, of which the Terminals occupy 47,267sqm. The Terminals are in a strategic position, not only due to the uniqueness of Venice, but also the location, which allows an easy access to the city, and to all the attractions that surround Venice. The Company managing Venice Cruise Port, VTP, has a concession for the management of the cruise terminal until 2024; however, there may be extensions to the concession in return for additional investments to the port.

Being among world’s most famous and significant tourism centers, Venice attracts c.22mn tourists per annum, where VTP passengers make up for 1.6mn of those annually as of 2015. VTP  is the largest homeport in the Mediterranean with c.1,4mn homeport passengers, while homeport passengers constitute 86% of total passengers as of 2015. A convenient and an adequate airport nearby, is a “must-have” feature for a cruise port to carry out homeport operations. Accordingly, there is strong synergy between the cruise port and the airport in Venice in terms of passenger traffic. Venice Airport already hosts over 11mn passengers annually  as of 2015, while ongoing improvement and expansion works are already under way. Venice Airport is expected to support the turnaround potential of Venice Cruise Port . Thanks to The presence of a convenient and expanding airport, sufficient infrastructure, and established accommodation facilities, help Venice stand out as a  significant starting and end point for cruises. Moreover, Venice is one of the rare ‘marquee’ cruise destinations, where the city centre and the port are so closely linked, with a transit system which represent a good infrastructure. All in all, Venice Cruise Port, owing to its geographic location and good connections with the rest of Europe, is, and will continue to be, one of the most important homeports in Europe

Mehmet Kutman, the Chairman of GPH indicated that, “As GPH, we are the largest cruise port operator in the world  with solid presence in Mediterranean and Asia Pacific, capturing c.20% share in the Mediterranean with over 5.5mn passengers. Now that we have Venice in our portfolio,  our passenger number will be boosted significantly, exceeding 7mn. We have achieved a major milestone in our strong growth strategy, enhancing our leadership by expanding our presence to 8 countries through 11 ports.

Mr Emre Sayin, the CEO of GPH pointed out that, “Venice Cruise Port is the “Number 1” homeport in Mediterranean with c.1.4mn homeport passengers, slightly surpassing Barcelona Cruise Port, which is also in our expanding portfolio. Therefore, Venice stands out as a top priority for us both as a city and a cruise port. I believe that, as largest homeport in Med, Venice will be a major contributor to our cruise port network by means of creating synergy”. 

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Accordingly, GIH’s Board of Directors have decided to apply to the Capital Markets Board of Turkey (CMB) to form the aforementioned entity through a demerger . Following the approval of the CMB, GIH should call for an Extraordinary General Assembly, as such decision of the Board of Directors has to be approved at General Assembly.

Subsequently, GIH will be evaluating the transfer of other real estate projects owned by other Group companies (such as  Pera REIT -Sumerpark Mall, Skycity Office Project- Global Ticari Emlak Yatirimlari A.S. -Van Shopping Mall-) under the same newly established subsidiary either by transfer of shares held by GIH in those Group companies or by any other appropriate methods.

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VS notified the Tender Authority that it has decided to practice its pre-emptive rights for all of the 65.98% of APVS shares, which are subject to sale. After having exercised its pre-emptive rights, VS will transfer 48% of APVS’ shares to Venezia Investimenti S.R.L’ye (“VI”) (formed by the consortium members), based on the signed memorandum of understanding.

The Venezia Terminal Passeggeri S.p.A. operates in the Marittima,S.Basilio and Rivadei Sette Martiri areas, stretching over a surface more than 260,000 sqm, of which the Terminals occupy 47,267sqm. The Terminals are in a strategic position, not only due to the uniqueness of Venice, but also the location, which allows an easy access to the city, and to all the attractions that surround Venice.

The Company managing Venice Cruise Port, VTP, has a concession for the management of the cruise terminal until 2024; however, there may be extensions to the concession in return for additional investments to the port. 

Venice Cruise Port, thanks to its geographic location and good connections with the rest of the Europe, is, and will continue to be, one of the most important homeports in Europe, with an annual passenger number of c. 1.7 million. Venice Cruise Port benefits highly from the arrival and departure of the cruisers, generating direct and indirect impacts that are much higher than those of the transit ports. 

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Global Ports Holding (“GPH”), the 89.16% subsidiary of Global Investment Holdings,  has submitted a binding offer as part of an international consortium to the international tender by the APV Investmenti S.p.A (owned  by Venice Port Authority) of Italy, for the transfer of its 65.98% stake in APVS, which in turn owns a 53% stake in Venezia Terminal Passeggeri S.p.A. (“VTP”).

The Venezia Terminal Passeggeri S.p.A. operates in the Marittima,S.Basilio and Rivadei Sette Martiri areas, stretching over a surface more than 260,000 sqm, of which the Terminals occupy 47,267sqm. The Terminals are in a strategic position, not only due to the uniqueness of Venice, but also the location, which allows an easy access to the city, and to all the attractions that surround Venice.

The Company managing Venice Cruise Port, VTP, has a concession for the management of the cruise terminal until 2024; however, there may be extensions to the concession in return for additional investments to the port. 

Venice Cruise Port, thanks to its geographic location and good connections with the rest of the Europe, is, and will continue to be, one of the most important homeports in Europe, with an annual passenger number of c. 1.7 million. Venice Cruise Port benefits highly from the arrival and departure of the cruisers, generating direct and indirect impacts that are much higher than those of the transit ports. 

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