The solar plant is located in port of Adria, Bar, Montenegro; while Port of Adria has been operated by Global Investment Holdings ports subsidiary, Global Ports Holding since 2012 through a concession agreement valid until 2043. The solar power plant will be constructed on nine warehouse roofs covering an area of over 66,000 square meters at the port.

Barsolar is expected to generate about 6.9 million kWh electricity per annum, meeting the electricity requirement of more than 2.6 thousand households.

Barsolar is the first ever large-scale solar project in Montenegro with a capacity of 5 MWe (6MWp). The plant increases the generation capacity of the Group to 97.3MW, of which 43.2MW is from renewable sources.

The company is planning to start construction in Q2 2020 and commence power generation in H2 2020.

Mehmet Kutman, the Chairman of Global Investment Holdings stated that, “We are pleased to have achieved a guaranteed privileged price for our first international power generation investment. We continue to grow in clean and renewable energy. Thanks to our integrated business approach, we started to utilize the expertise and network we gained in ports business, to improve and expand our energy business. We hope to expand the same business model in destinations we operate ports, especially in the Caribbean”

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SATS-Creuers Cruise Services PTE. LTD is a 60:40 joint venture between SATS, the leading provider of gateway services and food solutions in Singapore, and Creuers del Port de Barcelona (Creuers), terminal operator of Europe’s leading cruise home port.

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The Port, having recently benefitted from a $44m investment, is the first purpose-built cruise port in Vietnam and is capable of handling the world’s largest cruise ships. In 2019 the Port is expected to welcome over 75,000 passengers and it is forecasted to grow to over 100,000 passengers in 2020.

Situated within the Sun World Halong Complex, a 226ha entertainment and recreation complex, the Port’s modern infrastructure and geographic position close to China, Hong Kong, Indonesia, Malaysia and Singapore means it is well placed to become a leading transit port in Asia. Furthermore, the Port is less than 200km away from three international airports, Noi Bai International Airport, Van Don International Airport and Cat Bi International Airport, and with Ha Long Bay benefitting from modern hotel infrastructure, the Port has the potential to become a home port for the region.

The Ha Long International Cruise Port is the second port in GPH’s portfolio in Asia, a region that has seen high growth in cruise passengers in recent years and has started to attract local and regional investment into cruise port-related assets.

Global Ports Holding, CEO Emre Sayin said:
“I am delighted that GPH has signed a management service agreement for the Ha Long International Cruise Port. This agreement marks a truly historic moment for Global Ports Holding and marks an important inflection point in our growth aspirations in Asia.

The GPH team very much look forward to working with our partner, the cruise lines and the people of the Quang Ninh Province to turn this iconic location into a leading cruise port in the region”

Cruise Vietnam
Vietnam is among the top 5 most visited country in Asia by cruise passengers with over 490 calls in 2018 and The Ha Long International Cruise Port is the first purpose-built cruise port in Vietnam, invested by the Ha Long Sun Limited Liability Company, a subsidiary of the Sun Group, one of the largest companies in Vietnam. The Port can host the largest cruise ships in the world and started operations at the end of 2018. Within its first year of operations, it has received over 50 calls and 75 thousand passengers.
With over 3,000 km of coastline, pristine beaches, dynamic growing cities, mountainous highlands, and diverse cultural and historic sites, Vietnam’s tourism industry continues to rank amongst the fastest growing tourist destinations in the world, serving 15.6 million foreign tourists and 80 million domestic travellers.

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Kobirate has reviewed Corporate Governance Practices of Global Investment Holdings under four main categories. Maintenance of fair and balanced approach to shareholders’ rights, implementation of the Quality Policy, as well as enhanced scope and content of the annual report contributed to the overall rating.

Mehmet Kutman, Chairman of Global Investment Holdings stated that: “We are proud to be amongst best performers in corporate governance practice in Turkey. We have taken corporate governance as an integral part of our corporate culture, and we progress with “responsible investment” mentality. Such approach affects the decision-making mechanism of Boards of Directors that shape the future of the company.

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Havana became the World’s Running Capital on 18 November with the Global Ports Marabana Cuba. As the main sponsor, Global Ports Holding carried its Global Run event to one of its most recent portfolio additions: La Habana Cruise Port.

Global Ports Holding was the name and main sponsor of the event, which brought together participants from around the world to run in support of cultural tolerance and enjoy Havana’s beauty. Over 6,000 athletes from 51 different countries participated in the marathon and ran through one of the most culturally rich and beautiful cities in the world. About 1,600 of the participants were foreigners. The largest number of participants came from the USA (278), followed by Mexico (90) and France (84) which was the European country most represented in the Caribbean event. One of the surprises was the participation of the of the actor and singer Will Smith in the half marathon.

The Global Ports Marabana Cuba took place over four different distances: 5km, 10km, a half marathon distance (21.1km) and a full marathon distance (42.2km). All races started from and finished at the “Paseo del Padro”, which lies between “Teniente Rey” and “San José” (in front of the “Capitolio”). Runners participating in the marathon distance of 42 kilometres, passed in front of the most emblematic sites of the city, including the “Capitolio”, the Revolution Museum and the famous “Malecon” or the Revolution Square, to name a few sights. The athletes enjoyed the weather, the music, the Cuban culture and the support of the people during the race.

Global Ports Holding executives presented the awards to winners of all three categories together with Cuban authorities. Winners of the marathon in men’s was Cuban athlete Henry Jaen for a sixth time with a record of 2 hours, 33 minutes and 59 seconds. In women’s, Yudileyvis Castillo came first by completing the marathon in 2 hours, 53 minutes and 51 seconds. GPH gave away a trip to Half Marathon in Barcelona, on February 10th, to the male and female winners in Marathon and Half Maratona categories.

Global Ports Holding CEO, Emre Sayin said:
“We are very proud to hold the Global Run in Havana, Cuba, which is the latest addition to Global Ports Holding’s growing portfolio of cruise ports. The event importantly demonstrates our continued commitment, as the world’s largest cruise port operator, to promoting integration and tolerance among different cultures. Congratulations to everyone who took part.’’

Global Run

The race is organized by Global Ports Holding every year with the hope of bringing the world one step closer to peace and understanding. People from many different countries and cultures join the event, at a different Global port city each year. So far, the Global Run has been held in Bodrum, Turkey; Valletta, Malta; Bar/Kotor, Montenegro; Ravenna, Italy and now Havana; Cuba. The intention is to host a Global Run in all locations of Global Port Holding’s growing portfolio – currently 15 ports located around the world.

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In its periodic review, JCR Eurasia Rating has evaluated Global Investment Holdings in an investment-level category on the national and international scales and upgraded the ratings on the Long Term National Scale to ‘A- (Trk)’ and the Short Term National Scale to ‘A-1 (Trk)’ with ‘Stable’ outlooks. Additionally, JCR Eurasia Rating has affirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’.

Positive trend and stabilization of revenue generation capacity of the Holding and the growth in the share of port operations in consolidated results are considered as positive indicators. Considering the fact that port infrastructure operations and energy investments are creating FX revenue both in local and foreign markets and have strong potential via strategic partnerships and enlarging geographical spectrum, GIH’s International Local and Foreign Currency Ratings are affirmed as ‘BBB- /Stable’.

Global Investment Holdings’ main shareholders are deemed adequate in terms of financial power considering the diversification of sectors involved and competitive advantage. In this regard, the major shareholders have the adequate willingness and experience to ensure long-term liquidity and equity within their financial capability when required and the Company’s Sponsor Support Grade has been determined as (2), which denotes adequate external support.

The Stand-Alone grade, denoting GIH’s ability to fulfil the liabilities with its own resources, has been determined as (B), indicating that level of capacity to utilize internal resources are adequate, considering the high EBITDA generated from port infrastructure operations, cash balance and the current equity level.

Global Investment Holdings’ CFO, Mehmet Kerem Eser, stated that “With the support of our unmatched diversified portfolio structure, prudent risk measures, and uninterrupted investments, we have continued to deliver solid operational results, despite the general uncertainty around global trade. This resilience was also confirmed by JCR Eurasia Rating. Additionally, despite the fact that the outlook of Turkey’s sovereign rating is determined as ‘Negative’ on August 14,2018, JCR Eurasia Rating has assigned the outlooks on the international long and short term local currency as ‘Stable’, considering Group increasing foreign currency generation capacity.

Other notes and details of the ratings are:             

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Global Investment Holdings (“GIH“ or the “Group”) reports consolidated revenues of 1,083,7mn TL for the first nine months of 2019, representing a notable growth of 32% compared to the same period last year; while announcing a consolidated operating EBITDA of 425.8mn TL, marking a strong 22% yoy growth.

Global Investment Holdings’ Chairman & CEO, Mehmet Kutman, stated that “I can proudly say that, as Global Investment Holdings, our operations are right on track in line with our strategy. On the ports side, we have added Nassau and Antigua cruise ports in our portfolio, recording a truly historic moment. Our successful expansion into the Caribbean marks a step-change in our operations. With the continued growth in cruise tourism globally, our ambitions do not end there; we continue to selectively assess the opportunities in the industry. Another pleasing development comes from the power side; we have added our first solar power plant in our renewable portfolio, increasing total installed capacity to 92.3MW, of which 38.2MW is from renewable sources. Asset Management business has also been very successful in 2019, which displayed outstanding fund performances. Our pension fund, which also takes place in GIH Pension Contribution Scheme, has registered the highest return among 408 pension funds in the market with 37.0% return YTD, contributing also to our employees.”

Commenting on the results, CFO Mehmet Kerem Eser stated that “Our operational and financial position remained strong in the period despite the general uncertainty around global trade. Our unmatched diversified portfolio under integrated business model enabled us to deliver solid operational result. We’ll focus more on integrating new acquisitions and investments with our existing operations, streamlining operational efficiencies, improving profitability, and liquidity.”

GIH announced its financial results for 9M 2019. Consolidated net revenues reached 1,083.7mn TL compared to 820.6mn TL last year, representing a sturdy increase of 32% yoy. Nearly all business divisions under the Company contributed to this increase, with Gas division contributing the most.

In the first nine months of 2019, Operational Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to 425.8mn TL, compared to an EBITDA of 349.4mn TL in the same period last year, which represents a pleasing 22% growth yoy. Gas division was the major contributor to the EBITDA increase.

Group’s Gas division, as the best performer in 2019 among all business segments, distributed 127.8mn m3 sales volume in 9M 2019, compared to 110.5mn m3 for the same period of 2018 (excluding 6.8mn m3 pipeline gas sales). Volume increase was a result of the strategy to increase winter sales and all year constant customer sales in order to eliminate summer peaks. Revenues nearly doubled yoy, reaching 325.2mn TL; mainly attributable to the increase in sales volume and better pricing as pass through Botaş tariff in natural gas increased by 14.7% yoy as of 31 August 2019 (9M 2018 including pipeline gas sales of 5.6mn TL for gas balancing). Meanwhile, Gas division’s operating EBITDA reached 82.3mn TL in the period, nearly tripling yoy and translating into c.9pp EBITDA margin expansion. Improved efficiency in cost management as well as strong revenue growth supported Naturelgaz’s outstanding profitability improvement in the period.

The Ports division’s revenues were 515.2mn TL at the end of nine months of 2019, up by 19% yoy, while operating consolidated EBITDA increased by 14% yoy, reaching 343.6mn TL.

Power division, which includes co/tri-generation and biomass based renewable power production, reported 97.8mn TL revenues in 9M 2019, up by a solid 65% over the same period last year. The increase was mainly attributable to the commencement of 12MW Mardin biomass power plant, selling electricity at the feed-in tariff rate of 13.3 dollar-cent/kWh and pleasing performance of co/tri-gen business. On the EBITDA front, Power business generated 2.1mn TL EBITDA in the period, compared to 4.8mn TL in 9M 2018. The decline is attributable to c.4mn TL non-recurring cost effect related to biomass fuel storage during the set up phase. When such effect is excluded, both co/tri-generation and biomass businesses indicate an increased EBITDA.

Mining division realized 370,893 tons of product sales in the first nine months of 2019, almost unchanged from a year ago. The Mining division’s revenues came out at 72.7mn TL, implying a robust 33% yoy increase, while operating EBITDA up by 16% yoy, reaching 15.9mn TL. Sustainable export profitability has been achieved thanks to the improvement in production performance and quality.
The Real Estate division reported revenues of 32.1mn TL and an operating EBITDA of 15.7mn TL in 9M 2019, compared to 45.8mn TL and 20.1mn TL, respectively in 9M 2018. Higher revenue recognition in Skycity office project upon completion had boosted the numbers in 9M 2018.

The Brokerage & Asset Management division reported revenues of 37.2mn TL in 9M 2019, indicating a mere 2% yoy increase, and an operating EBITDA of 1.1mn TL, compared to 2.1mn TL same period last year. The Group’s 80% subsidiary Actus Asset Management’s mutual fund ranks #1 among all mutual funds in the market with 62.9% return YTD in 2019, compared to BIST 100’s 13.2% return YTD. Meanwhile, Actus’ pension fund (Vakıf Emeklilik ve Hayat Değişken Grup Emekllik Fonu), has had the highest return among 408 pension funds in the market, with 37.0% return YTD, compared to 17.6% YTD return of its benchmark.

GIH reported a consolidated net loss of 86.3mn TL in 9M 2019, compared to a net loss of 86.2mn TL in 9M 2018; while on quarterly basis, the bottomline turned to positive territory, reporting 13.5mn TL net profit in Q3 2019 (35.2mn TL net loss in Q3 2018). Despite higher revenue recognition along with EBITDA maximization, net loss stemmed from non-cash depreciation and foreign currency translation differences incurred on Group’s long term borrowings. Depreciation and amortization charges have increased from 207.9mn TL in 9M 2018 to 269.7mn TL in 9M 2019, purely as a result of foreign currency valuations, as well as 14.8mn TL additional charge in 9M 2019 due to first time application of IFRS 16. Also, the Group has incurred 44.0mn TL net non-cash foreign exchange losses, compared to 106.0mn TL in the same period last year. Net interest expenses in the period were 163.2mn TL, compared to last year’s 135.2mn TL, increase is solely attributable to the weakness in TL against hard currencies.

On the operational front, developments are on track in line with the strategy of growth by means of new acquisitions and investments mainly into core businesses, which are ports infrastructure, clean energy and asset management. On the ports side, during the period, significant progress was made in port acquisitions such as, commencement of the cruise port operations in Nassau (the Bahamas) and Antigua (Antigua & Barbuda). The commencement of these agreements is a significant milestone for the Group and expected to increase the total passenger volumes for 2020 to close to 13 million. On the clean energy side, the Group added its first solar power plant to its renewable portfolio. GIH partially commissioned its first solar power plant, Ra Solar, with 9MW (10.8 MWp) installed capacity in Mardin, increasing total generation capacity to 92.3 MW, of which 38.2 MW is from renewable sources. Ra Solar will be subject to Renewable Energy Resources Support Mechanism (YEKDEM) starting from 2020, selling electricity at 13.3 dollar-cent/kWh for ten years. Ra Solar is expected to meet the electricity requirements of more than 7.5 thousand households.

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Under the terms of the MoU, both parties have now entered into an exclusive period. During this period GPH and the Government of Antigua and Barbuda will continue to carry out further extensive due diligence and both parties will work towards the successful signing of the concession agreement.

Following the successful execution of the concession agreement, GPH will use its global expertise and operating model to manage the cruise port operations in the islands of Antigua. In addition, GPH is willing to invest into a material upgrade of the St. John’s cruise port including the construction of a new pier that will allow the port to handle Oasis class ships, as well as investing in improving the current retail facilities and designing and constructing of new purpose-built retail and F&B facilities.

GPH is committed to not only improving the overall cruise passenger experience in Antigua & Barbuda but we are also committed to driving significant economic benefits for the local residents through improving the facilities in and around the port and driving increased passenger spend in the destination. In addition, as part of the proposal, GPH, will establish a charitable foundation to support essential social programs in Antigua and Barbuda.

St John’s cruise port offers cruise passengers an opportunity to enjoy a range of experiences and a host of attractions. From the Unesco listed historic Nelson’s Dockyard and fortifications at Shirley Heights through to the town of St John’s itself or any of a large number of beaches that offer a range of activities to suit a wide range of passenger needs. In 2018, St. John’s cruise port will welcome c800k passengers, the completion of the new pier and upgrade of the facilities are expected to lead to a rise in passenger volumes to over a 1m in the medium term.

The signing of the Concession Agreement is subject to both parties’ agreement on its final terms. Signing is expected to occur in H1 2019, although there can be no certainty as to the timing or that the terms of a concession agreement will be agreed. A further announcement will be made when it is appropriate to do so.

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The solar plant is located in Mardin/Artuklu in Turkey’s southeast region is one of the largest solar based power plant investments in the region. The facility is expected to generate about 20 million kWh electricity per annum, meeting the electricity requirement of more than 7.5 thousand households. Mardin/Artuklu solar power plant will be subject to Renewable Energy Resources Support Mechanism (YEKDEM), selling electricity at 13.3 dollar-cent/kWh.

Global Investment Holdings’ Chairman & CEO, Mehmet Kutman, stated that: “As Global Investment Holdings, we aim to reduce our country’s dependence on energy imports by focusing on renewable resources and contribute to the country’s economy. Having been involved in clean and efficient energy solutions for the last few years, we intend to establish a diversified and a balanced power generation portfolio, both in terms of resources and geography. Our strategy is to develop green energy projects with attractive long-term feed-in tariffs and innovative energy efficiency solutions. We are also looking at the development and/ or acquisition of further renewable energy projects in a variety of regions by leveraging the local relationships of our Ports arm.

Global Power and Mining’s CEO, Atay Arpacıoğulları, further underlined that: “Turkey boasts an advantageous geographic position in terms of solar radiation. Our country is considered one of the three most suitable areas worldwide for solar energy, after Morocco and the USA, possessing an important potential in this regard. Solar is a field which is more mature and developed in other international markets, on the contrary, solar based power generation in Turkey still offers significant potential, with only around 3% current share in total electricity generation, while such share is expected to nearly double by 2022.

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Global Investment Holdings was assessed to be listed again in the BIST Sustainability Index. Global Investment Holdings’ comprehensive policies in areas related to sustainability, improvements in specific environmental indicators, achieving previously set goals in a timely manner such as receiving an integrated ISO 9001: 2015 Quality Management System and ISO 14001: 2015 Environmental Management System certifications, and efforts such as supporting the “Sandbar Shark Breeding Site Project at Boncuk Bay” of Mediterranean Conservation Society played an important role in being listed again in the new period of BIST Sustainability Index, which provides companies reputational and competitive advantages. The Group will be supporting plantation of coral reefs which are referred to as rainforests of the oceans in the very near future.

The BIST Sustainability Index, which was established with the aim of increasing understanding, knowledge and practices of sustainability among Borsa Istanbul companies, evaluated companies according to the environment, biodiversity, climate change, human rights, board structure, anti-bribery, supply chain, occupational health and safety criteria. As a result of the evaluation conducted by the independent research and rating agency Vigeo EIRIS, 56 companies have managed to be listed in the index.

GIH’s 2018 Sustainability Report was prepared in accordance with the requirements of GRI Standards: Core option by considering the social, environmental and economic impacts of the company’s operations, governance approach, performance results and future perspectives.

Mehmet Kutman, Chairman of GIH stated that, “As Global Investment Holdings, we have made sustainability the focus of all our operations since our establishment; and we progress with “responsible investment” mentality. The core of our sustainability approach is to maintain and develop our corporate reputation and the trust of our all stakeholders, which are our most valuable asset. We believe that financial returns are not enough unless they also generate social benefits and continue to contribute through Global Investment Holdings or our subsidiaries to sustainable development in the regions where we operate. We are pleased to be included in the index again this period, which provides a reliable option for investors in the stock market. Following the positive readings in our 2018 Sustainability Report, reiterating our place in the BIST Sustainability Index is an indication that we are on the right track.”

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