Global Investment Holdings’ (“GIH” or “the Group”) reports consolidated net profit of TL 108.1 million in 2012, compared to a net loss of TL 82.0 million in the same period last year.

Global Investment Holdings’ revenues for 2012 were TL 328.4 million compared to TL 364.2 million last year, representing a decrease of TL 35.8 million. The decrease was attributable to Energaz, the company which was divested in July 2012 and hence, contributing to 2012 revenues for only 7 months (vs. full year in 2011). Excluding Energaz revenues, 2012 revenues were TL 175.9 million compared to TL 150.2 million in 2011, representing a 17% increase.

On the profit line, the Company reported a net profit of TL 108.1 million in 2012, compared to a loss of TL 82.0 million in 2011. The Group’s consolidated EBITDA reached TL 213.6 million, representing a 149% increase compared to the same period in 2011. TL 150.2 million gain from sale of the Group’s share in the regional natural gas distribution business was instrumental in the bottom line. The appreciation in the value of TL against USD resulted in net foreign exchange gains of TL 13.8 million in 2012 (compared to TL 42.7 million foreign exchange loss in 2011). TL 48.3 million of depreciation and amortisation charges costs as well as TL 46.5 million provision expense incurred from the Başkentgaz tender limited otherwise a higher profit.

On a divisional basis, the Group’s Port Divison revenues reached TL 122.4 million in 2012, representing a 13% increase over the previous year. Commercial port revenues increased by 21% due to higher cargo handling and more favorable fx rates. Cruise revenues were more or less at par with the same period last year. The division recorded an EBITDA of TL 80.2 million, compared to TL 64.8 million. Energy division reported revenues of TL 162.0 million in 2012, compared to TL 217.2 million in 2011. In July 2012, the Group divested its 50% interest in the regional gas distribution assets (EIH) for a total consideration of USD 75.0 million. The business was contributing negatively to the consolidated profits and the cash flow, due to low gas margins, high investment requirements and the accounting policies applied. The Group recorded a gain of TL 150.2 million from this sale as per consolidated financials prepared in accordance with the CMB regulations. Excluding EIH, Energy division revenues were TL 9.6 million in 2012 compared to TL 3.2 million last year. Following the divestiture of EIH, Energy division revenues currently includes only compressed natural gas sales by Naturelgaz. Energy Division reported an EBITDA of TL 7.4 million, compared to TL 1.0 million in 2011.

Kerem Eser, Chief Financial Officer of the Group, stated that following the successful portfolio restructuring and the eurobond redemption in 2012, the Group’s consolidated financial indebtedness has improved significantly with consolidated gross financial debt decreasing by 41%, from TL 447.7 million in 2011 to TL 294.9 million as of 31 December 2012. Kerem Eser reminded that Global Energy, 99.99% subsidiary of GIH, has acquired the shares held by STFA, and the Goldenberg Family in Naturelgaz corresponding to 25% and 30% of Naturelgaz, respectively. He stated that, following these acquisitions, Global Energy’s share in Naturelgaz increased to 80%. Also, Eser indicated that following the successful launch of TL 75,000,000 nominal debut bond issue in January 2013, GIH subsequently completed the sale of the second tranche in 29 March 2013, with the same nominal value as the previous one, yet, offering a longer maturity (3 years) and 50bps lower spread. He underlined that in a climate of low interest rates and low inflation corporate bonds would continue to be important debt instruments for companies with sound corporate governance and strong financial structure like GIH.

www.globalyatirim.com.tr

Further Information:
investor@global.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.

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