In its periodic review, JCR Eurasia Rating has evaluated Global Investment Holdings (“GIH”) and the Ongoing Bond Issues in an investment-level category on the national scale and revised the ratings on the Long Term National Scale from ‘A- (Trk)’ to ‘BBB+ (Trk)’ and the Long Term International Scale from ‘BBB-’ to ‘BB+’ with ‘Stable’ outlooks. Moreover, the ratings for the outstanding or prospective debt instrument issuances determined as ‘BBB+ (Trk)’ for the long term and ‘A-2 (Trk)’ for the short term. Additionally, GIH’s Short Term National Rating changed at ‘A-2 (Trk) / Stable’. The rating action is driven by the Covid-19 pandemic that has engulfed the world is causing unprecedented disruption to both global economies and the global travel sector. On the other hand, GIH’s resilience was also confirmed by JCR Eurasia Rating. Despite the fact that the outlook of Turkey’s sovereign rating is determined as ‘Negative’ on April 10,2020, JCR Eurasia Rating has assigned ‘Stable’ outlooks on the international long and short term local currency rating perspectives of Global Investment, considering the Holding’s foreign currency generation capacity.

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 GIH’s activities in different sectors, income generation capacity and equity and indebtedness levels.

Other notes and details of the ratings are:

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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, 58 companies have managed to be listed in the index.

Global Investment Holdings’ Chairman & CEO, Mehmet Kutman, stated that: “2020, marking the 30th anniversary of the Group foundation, continues to be a uniquely challenging year due to the impact of Covid-19. I want to emphasise that the health and safety of our employees is always our first thought and never more so than at this challenging time in the face of the global coronavirus crisis. Ensuring the business continuity and providing humanitarian assistance to our employees and across our regions of presence are our key priorities today. At the same time, we must act responsibly to protect the long-term success of GIH and deliver on our commitments to all stakeholders that rely on our global role. As Global Investment Holdings, we have made sustainability the focus of all our operations since our establishment; and our robust and diversified portfolio and our capable management team give me confidence that we will continue to contribute to the development of Turkey and to provide our shareholders with sustainable returns through responsible investment. We are pleased to be included in the BIST Sustainability Index again this period, which provides a reliable option for investors in the stock market. Moreover, we continued to improve our Corporate Governance Rating score thanks to our fair, accountable and responsible management structure.”

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Kobirate has reviewed Corporate Governance Practices of Global Investment Holdings under four main categories, while improvements in “Board of Directors” and “Public Disclosure & Transparency” categories contributed to the overall rating improvement. More specifically, the set up of the Nomination and Remuneration Committee (Board of Directors); as well as the continuation of enhanced scope and content of the annual report (Public Disclosure & Transparency), had a positive impact on the overall rating.

Global Investment Holdings’ Chairman & CEO, Mehmet Kutman, 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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Under the terms of the agreement, Baleària will invest up to $37m into the port infrastructure, including two new state of the art smart terminals, as well as investment into ferry piers, car parking and retail and F&B areas. The concession is expected to start in Q1 2021, with the expected two-year investment phase starting at the same time.

The new terminals will set a new benchmark for sustainability in the passenger transport industry, producing 100% of their electricity needs from their own renewable energy sources (photovoltaic, wind, renewable hydrogen and biofuel), with all waste generated being recycled.

In 2019, the port of Valencia received 203 cruise ship calls and welcomed c435,000 cruise passengers, with a pre Covid-19 forecast of over 500,000 passengers in 2020.

Emre Sayin, Global Ports Holding’s Chief Executive Officer, said:
“We are very grateful to Valencia Port Authority for placing their trust in GPH as the operator of Valencia Cruise Port. The project presented by our partners, Baleària Group, in collaboration with GPH, will set a new benchmark for excellence and sustainability in the passenger transport industry.
Valencia Cruise Port is an important addition to our cruise port network, further strengthening our presence and capabilities in Iberia and the West Med. We very much look forward to growing cruise passenger volumes in Valencia in a sustainable and responsible way.”

About Baleària Group
Baleària Group is the leading shipping line for passenger and freight transport on Balearic Islands crossings to the Spanish mainland. It also operates a number of other passenger ferry services in the Mediterranean and Caribbean.
In 2019, Baleària handled c4.5m passengers and 6.1 metres of cargo, generating turnover of €452m.

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The cruise port infrastructure in Taranto is currently undergoing a state funded, c€28m investment program, including the building of a new cruise terminal. The construction of these new facilities is expected to be completed by the end of 2020.

GPH and Port Authority will now work towards agreeing the terms of a 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 Taranto. The concession is expected to start in Q1 2021.

In 2019, the Taranto Cruise Port welcomed c9k cruise passengers, with a pre Covid-19 forecast of over 14k passengers in 2020.

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Such acquisition will further strengthen the position of Naturelgaz in LNG, bulk CNG, and auto-CNG businesses; increasing volume and geographical coverage while diversifying the product portfolio. This acquisition is a perfect fit to Naturelgaz’ strategies to enter into the LNG business, grow in bulk CNG, and establish an auto-CNG station network on critical routes of heavy duty vehicle transportation in Turkey. Currently, the infrastructure of Naturelgaz roughly consists of 10 bulk CNG plants, 3 auto-CNG stations, 296 CNG road tankers and 47 industrial scale compressors; while post-acquisition the infrastructure will enlarge to 12 bulk CNG plants, 11 auto-CNG stations, 345 CNG road tankers and 67 CNG compressors, expansion coming from new regions. In addition to CNG infrastructure, the acquisition will also bring 44 LNG tanks and equipment along with 6 LNG road tankers. In 2019, Naturelgaz distributed overall 167.0 mn Sm3 of CNG, while SOCAR Turkey LNG distributed 35.4 mn Sm3 of CNG & LNG.

Considering the synergies and all the positive impact through such merger under Naturelgaz, the Board of Directors of Naturelgaz resolved to withdraw the IPO application to CMB, which had been submitted with pre-merger 1H 2020 financials.

In this context, all possible strategic options will be evaluated to reach a final decision regarding Naturelgaz. Such review embraces the renewal of Naturelgaz’ IPO application to CMB with 2020 year-end financials to reflect the company’s expected net income for 2020 and the acquisition effect; as well as reconsideration of the strategic options including strategic partnership proposals received during the IPO process.

A further announcement will be made when it is appropriate to do so.

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Port Akdeniz, the Group’s largest commercial port concession, operates Port Akdeniz-Antalya in Turkey, under a concession agreement which runs until August 2028. Port Akdeniz-Antalya is a leading commercial cargo export port in Turkey, currently specialising in handling cargo containers and general and bulk cargo destined for global markets including those in Asia and the Middle East. In the year ended 31 December 2019, Port Akdeniz reported Container Throughput volumes of 150.9k TEU and General and Bulk cargo volumes of 589k tons, generating revenue of $47.5m and EBITDA of $37.4m.

This conditional agreement follows the Strategic Review announced by the board on the 5 July 2019 and GPH’s announcement on the 11 March 2020 that it had entered into exclusive negotiations over the sale of Port Akdeniz. The sale remains conditional, inter alia, upon obtaining certain regulatory clearances and approvals from various Turkish governmental authorities. The timing of the closing process is uncertain but could be concluded as early as Q4 2020, however there can be no certainty as to the final outcome. A further announcement will be made when it is appropriate to do so.

A successful closing of the sale will be an important element of the Group’ refinancing strategy for the $250m Eurobond due November 2021. While the board of Global Ports Holding believes the proposed disposal will also allow the GPH board and senior management to focus time and resources on continued investment into further growth opportunities in the global cruise port market. On completion of the sale, GPH will effectively become a pure-play global cruise port operator.

While a range of restrictions currently remain in place in regard to the return of meaningful cruise activity, the Company believes that the continued demand for cruising, as evidenced by strong booking patterns reported by the major cruise lines for 2021, is very supportive to the long term health of cruise tourism.

Global Ports Holding’s Chairman and Co-founder Mehmet Kutman said:
“Port Akdeniz has been an integral part of GPH since 2006, and it has played a pivotal role in the successful development of the Group over the years. However, as GPH continues to pursue growth in the exciting cruise port market, it is now time for the stewardship of Port Akdeniz to pass to an organisation that is primarily focused on the Commercial port market.

I believe QTerminals, as a leading global commercial port operator, will prove to be an ideal home for Port Akdeniz and that all local stakeholders will benefit from QTerminals stewardship of the port in the years ahead.

The sale will further advance the already strong bilateral relations between Turkey and Qatar and it is a deal that I expect to be warmly received by all local, regional and government stakeholders.”

About QTerminals:
QTerminals is a terminal operating company jointly established by Mwani Qatar (51% shareholding) and Milaha (49% shareholding) to provide container, general cargo, RORO, livestock and offshore supply services in Phase 1 of Hamad Port, Qatar’s gateway to world trade. QTerminals is responsible for enabling Qatar’s imports and exports, its maritime trade flows and stimulating economic growth locally and regionally.

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Valletta Cruise Port will host MSC Grandiosa on Friday the 21st August, which will be operating under a strict and comprehensive health and safety protocol that applies equally both on land and at sea. Despite Valletta Cruise Port being open since the 1st July, no cruise ships have called since March 2020.

For the first cruise ship post COVID-19 sailing the Mediterranean and the first cruise ship in the world calling at different ports and countries, health and safety measures are being taken by all stakeholders including MSC Cruises, the local authorities and us in concert to create end to end control and ease of mind for passengers and the public. The measures include universal testing for all guests and crew prior to embarkation. Additionally, guests will not be allowed to go ashore independently but only on protected excursions thus also protecting the communities they visit.

MSC Cruises restarted its operations earlier this week with MSC Grandiosa sailing from Genoa on a 7-night Western Mediterranean Cruise. Prior to embarkation all guests will go through universal health screening that includes three comprehensive steps –, a temperature check, a health questionnaire and a COVID-19 antigen swab test. Depending on the screening results and according to the guest’s medical or travel history, a secondary health screening and follow-up molecular testing will take place. Any guest who tests positive, displays symptoms or a temperature will be denied boarding. Following guidelines from the European Centre for Disease Prevention and Control, guests travelling from countries categorised as high risk will also be required to take a molecular RT-PCR test, to be done within 72 hours prior to joining the ship. All crew members will be tested two times for COVID-19 and go through a 14-day isolation period and a third and final molecular RT-PCR test prior to embarkation. Crew will also be regularly tested during their contract, at least twice a month in addition to ongoing health monitoring.

The ship will also be sailing with a maximum occupancy rate of 70 percent, allowing for 10 square meters of space per passenger.

Stephen Xuereb, CEO of Valletta Cruise Port and COO of Global Ports Holding Plc commented, “We are excited to be welcoming MSC Grandiosa back to Valletta. The safety and well-being of guests, personnel and the local community is our upmost priority. In the last months together with the local health and tourism authorities and the cruise lines, we have been busy working on protocols that ensure a safe, secure and seamless experience for our guests.”

Emre Sayin, CEO of Global Ports Holding Plc said, “For a company like ours, which handles thousands of cruise calls in a normal year, one call does not seem so significant. But this call is an
important milestone because it is the first international cruise call to one of the 19 cruise ports we operate since the whole world locked down as a result of the pandemic. I also find it comforting that the measures go beyond anything we have seen so far: Everyone involved in the journey is tested either in the ship or in the port. This will give cruise-goers and local communities ease of mind. As GPH, we are ready to host cruise guests, adopting protocols which have been accredited with the ‘Safe Travel’ stamp by the World Travel and Tourism council. The GPH ports already accredited are Barcelona, Malaga, Antigua, Kusadasi, Bodrum, Zadar and of course Valletta.”

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Global Investment Holdings reports Consolidated Net Revenues of 739.9mn TL in the first half of 2020, representing an increase of 16% compared to the same period last year; while announcing an Operating EBITDA of 147.6mn TL.

Global Investment Holdings’ Chairman & CEO, Mehmet Kutman, stated that “The results for the six months were significantly impacted by the outbreak of COVID-19, which has had a devastating impact on both global economies and global travel sectors, particularly from late February 2020 onwards. We went into this pandemic in a strong position with healthy levels of capital and liquidity, however undoubtedly profits are lower in a period where our focus has rightly been on the safety and well-being of our teams and ensured business continuity.”

The Chairman continued “The macroeconomic, consumer and competitive backdrop for the second half of the year contains considerable uncertainties. Given the ongoing uncertainty and risks from COVID-19, we are cautious on the speed of recovery but remain confident in the Group’s ability to fulfil its longer-term growth ambitions.”

Mr. Kutman added that “Looking ahead, our robust and diversified portfolio and our capable management team give me confidence that we will continue to provide our shareholders with sustainable returns through responsible investment. I would like to thank our employees around the globe for their solidarity and perseverance during these challenging times.” 

Commenting on the results, The Chief Financial Officer of the Group, Ferdağ Ildır, stated that “We had a solid start to the year, followed by a slowdown in economic activity since late February due to COVID-19 pandemic. The public health and economic crisis linked to COVID-19 intensified during second quarter of the year, creating an extremely challenging market environment. This crisis has had an unprecedented impact on our businesses and the communities we serve across the world. Despite the uncertainty that surrounds us today, we continue to take actions to protect our performance, conserve cash and plan for future growth, all underpinned by a strong balance sheet. We are confident that by maintaining a steadfast focus on our strategic priorities of operational excellence and efficiency, while ensuring continuous effective cost management, we are well-positioned to capitalise on the opportunities these challenging times create.”

GIH announced its financial results for the first half of 2020. Consolidated net revenues reached 739.9mn TL compared to 636.1mn TL last year, representing an increase of 16%. The revenue growth over the period was broad based, with particularly pleasing growth from power and brokerage & asset management divisions. Covid-19 outbreak put material pressure on revenues. If such pandemic had not occurred, total consolidated revenues would have registered 49% increase yoy.

In the first half of 2020, Operational Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to 147.6mn TL, compared to an EBITDA of 228.0mn TL in the same period last year. The notable solid contribution from the power and brokerage & asset management divisions in particular was offset by the expected weak performance of the ports and real estate divisions in the period. Covid-19 outbreak pressured EBITDA as well. If such pandemic had not occurred, total consolidated operating EBITDA would have registered 26% increase yoy.

On a divisional basis,

The gas division distributed 68.7mn Sm³ sales volume in H1 2020 as opposed to 72.0mn m³ for the same period of 2019, mainly due to the impact of the Covid-19 pandemic. The lockdown measures between March and May, and the contraction in economic activity have affected the production capacity of some customers. In addition, the delay of the season openings in tea and asphalt sectors caused a forward shift in purchases for the whole year. These shifts do not affect the annual sales volume, but may cause changes in volume phasing. On the financial front, revenues increased by 7% yoy, reaching 183.7mn TL; mainly attributable to the enhancement in pricing. Meanwhile, the gas division’s operating EBITDA reached 35.7mn TL, up by 4% yoy and translating into a 19.5% EBITDA margin. The gas division managed to expand EBITDA generation through H1 2020 thanks to the strong revenue growth, increase in gas margin and effective cost management.

The ports division’s revenues were 348.0mn TL at the end of first half of 2020, up by 14% yoy, while operating consolidated EBITDA fell by 57% yoy to 84.4mn TL. Due to the application of IFRIC-12 for Nassau Cruise Port the capex incurred for this project is accounted for as revenue including a margin of 2%. In Q2 2020, IFRIC-12 increased reported revenue by 144,6mn TL (22.0mn USD) and EBITDA by 3.2mn TL (0.5mn USD). The expenditure for the construction activities is recognised as operating expenses. The margin is non-cash. The adverse effect of COVID 19, coupled with the unfavourable impact of the uncertainties around global trade on commercial operations, put pressure on margins. Despite the materially negative impact of Covid-19 on our operations; the inherent flexibility in GPH’s business model, including the extensive use of outsourced service providers, means that many of the costs expand and contract in line with cruise traffic or cargo volumes, which should help to protect margins. On the other hand, the ports division’s financials benefited from the first time contribution from our Caribbean ports, as well as the favourable currency environment in Turkey.

The global cruise industry effectively shut down in Q2 2020, for the first time in its history and as a result our cruise ports have experienced a sharp fall in revenues. Overall in H1 2020 the ports division welcomed 1.3mn cruise passengers with a 35.7% decline compared to the same period last year. The passenger number refers to consolidated and managed portfolio, hence excluding equity accounted associate ports La Goulette, Lisbon Singapore and Venice. With the strong first time contribution from the new ports in the Caribbean in Q1 2020 helping to offset the impact of the shutdown of the cruise industry in Q2 2020. While cruise operations continue to be significantly impacted by the Covid-19 crisis and volumes remain very low versus historical standards, the ports division expects a steady increase in cruise ship calls and passenger volumes over the remainder of the year. And it is encouraging to note that the cruise line partners continue to report strong bookings for 2021. In the meantime, the ports division continues to work closely with all relevant partners and health authorities on the safe return to cruising across its portfolio.  On the commercial ports business, while the commercial ports are exposed to global economic growth and macro-economic factors, which have been impacted by Covid-19, trading at these ports in Q2 has been broadly in line with Q1 trading. General & Bulk Cargo volumes grew 27.3% yoy in H1 2020, while TEU throughput fell by 13.8% yoy in H1 2020. Despite the Covid-19 crisis, Q2 General & Bulk Cargo volumes rose 3.5% qoq and Q2 TEU Throughput fell just 10.6% qoq.

The power division, which includes co/tri-generation- along with biomass- and solar-based renewable power production, reported 120.8mn TL revenues in the period, almost doubling yoy. The increase was mainly attributable to the commencement of 10.8MW Mardin solar power plant, selling electricity at the feed-in tariff rate of US$0.133/kWh and the pleasing performance of operational plants. With all plants fully under operation, the division’s EBITDA has also improved substantially from negative 0.4m TL in H1 2019 to 37.5mn TL in H1 2020. The eye-catching EBITDA growth is mainly attributable to solid operational performance in power plants as well as first time consolidation effect of the high margin solar based renewable power plant.

The mining division realized 163,525 tons of product sales in H1 2020, down by 38% yoy, mainly due to the Covid-19 lockdown in export markets. The mining division reported revenues of 34.5mn TL, down 32% yoy, while operating EBITDA for the period fell by 39% yoy to 7.0mn TL. Such decline has stemmed from the lockdown in Europe; however both sales volume and profitability are expected to recover during the second half of the year with the increasing demand from the export markets.

The real estate division reported revenues of 12.8mn TL and an operating EBITDA of 2.9mn TL in the first half of the year, compared to 21.4mn TL and 10.3mn TL, respectively in same period last year. The weakness was driven mainly by the lower rent revenues throughout H1 2020 within the scope of safety precautions against Covid-19, as Van Shopping Centre has remained closed in part of March and whole of April and May.

The brokerage & asset management division reported revenues of 40.2mn TL in H1 2020, indicating a sturdy 63% yoy increase, while operating EBITDA increased substantially, reaching 11.6mn TL as opposed to 0.8mn TL in H1 2019. The outstanding performance was attributed to the increase in trading volumes, as well as effective cost management.

GIH reported a consolidated net loss of 237.4mn TL in the first half of 2020, compared to a net loss of 99.8mn TL in in the same period last year. The net loss stemmed mainly from non-cash depreciation and foreign currency translation differences incurred on Group’s long term borrowings. The bottom line incorporated 355.0mn TL non-cash charges, of which 233.7mn TL are depreciation and amortization and 121.3mn TL net foreign exchange losses. When adjusted for the non-cash expenses, the bottom line turns to positive. Depreciation and amortization charges have increased from 178.9mn TL in H1 2019 to 233.7mn TL in H1 2020, purely as a result of foreign currency valuations. Also, the Group has incurred 121.3mn TL net non-cash foreign exchange losses, compared to 62.5mn TL in the same period last year. The Group’s net interest expenses in the period was 149.6mn TL (23.2mn USD), as opposed to 101.0mn TL (18.0mn USD) a year ago. 18mn TL (37%) of the increase in net interest expenses was due to the depreciation of Turkish Lira against hard currencies.

Covid-19 crisis management and actions

Currently the world is facing unprecedented challenges due to the COVID-19 pandemic. The pandemic hit industries and the global economy as a whole so fast and to such an extent and with such a severity which nobody could have predicted. Around the globe, the tourism, catering, hospitality, travel and aviation industries are the ones most affected as countries are closing their borders, suspending flights and enforcing strict travel restrictions within the context of their measures implemented to contain pandemics.

2020, marking the 30^th anniversary of the Group foundation, continues to be a uniquely challenging year due to the impact of COVID-19. Despite the gradual easing in the measures taken by the governments across all our operations, there are still uncertainties going forward and in some operating regions challenges related to COVID-19 persist.

Ever since the beginning of the crisis, the Group has acted quickly and attempted to prepare in the best possible way for future market requirements by immediately reducing its running costs to a significant extent. Additional cost savings measures are taken across all group companies even if revenue generation has not been, and is not expected to be affected from Covid-19 crisis. Despite the Group being particularly affected by the pandemic in all divisions and countries at a time, the board and senior management is convinced that the strong innovative power, the flexible corporate culture and a very focused team will cope very well with the challenges of the competition, and the Group will emerge stronger from this crisis.

The Group’s key focus areas for the coming period are, deleveraging, positive FCF generation, operational profitability and efficiency. Group will also keep on doing its duties in the best way, carry out innovative and pioneering works and add value to every field that it operates.

The business line which is affected the most from COVID-19 is the ports division. Looking into the remainder of 2020, the near term outlook for cruise remains highly uncertain. Yet, a number of cruise lines have recently commenced sailings and more are planning to do so over the remainder of 2020. However, understandably there remains considerable uncertainty over these sailings. Looking into 2021 and beyond, it is very encouraging to see such strong booking trends across the cruise industry and across all regions. While on-board distancing measures will mean cruise ship occupancy levels are likely to be down in 2021, the level of continued consumer demand is very encouraging for 2021 and beyond. In light of the exceptional circumstances that have engulfed the cruise industry, the board and management took several significant actions to protect the balance sheet and long term future of the business. These actions have resulted in cash costs in a no cruise environment being reduced to such an extent that management believe GPH can remain in operation even under a scenario of no cruise ships calling at its cruise ports until 2022.

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Additionally, on 10th August 2020, Vakıf Yatırım Menkul Değerler A.Ş. and Global Menkul Değerler A.Ş. were appointed as Lead Manager and Co-Lead Manager, respectively, in connection with the offering.

Pursuant to CMB’s Communiqué on Shares (VII-128.1), the application for the approval of the draft Domestic Prospectus prepared for the initial public offering of Naturelgaz’ shares has been submitted to the Capital Markets Board of Turkey on 14th August 2020. The draft Domestic Prospectus is also available on Naturelgaz’ website at www.naturelgaz.com

Completion of the Offering is conditional upon (i) receipt of customary regulatory approvals of the Capital Markets Board of Turkey and Borsa Istanbul and (ii) finalizing the book-building process.

A further announcement on the initial public offering of Naturelgaz will be made when it is appropriate to do so.

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