Global Investment Holdings (GIH or the Group) reports consolidated revenues of TL43.2mn for the 1st Quarter of 2013, representing an increase of 69% compared to the same period last year.

GIH announced its financial results for the first quarter of 2013. According to the disclosure, the consolidated net revenues reached TL43.2mn compared to TL25.6mn for the same period last year. TL11.2mn difference is due to the change in accounting policy (IFRS 11 Joint Arrangements), where energy segment revenues and expenses in Q1 2012 have been eliminated in the profit and loss statement and restated as equity pickup investments as a single line item. Excluding this, the increase in the combined revenues of port, finance and real estate divisions was 25% in the first quarter of 2013 over the same period in 2012.
GIH also announced that, at the end of first quarter of 2013, Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to TL4.1mn, compared to TL3.7mn for the same period last year, representing an increase of 12%.

GIH reported a net loss of TL19.8mn in Q1 2013, versus a consolidated net profit of TL1.7mn in Q1 2012. The loss in Q1 2013 is almost fully attributable to temporary foreign exchange differences and changes in deferred taxation as a result of the declared dividend distribution, both of which are non-cash accounting expenses.

On a divisional basis, the Group’s Port Divison revenues reached TL22.1mn in the first quarter of 2013, representing a 26% increase over the same period in 2012. The Group’s Port Division reported an EBITDA of TL8.6mn in Q1 2013, at par with the same period in 2012. Cruise operations were at its lowest level due to seasonality. Commercial container operations grew by 26%; however, non-recurrent business development expenses for the potential acquisition of a number of ports led to a lower margin in the first quarter of 2013.

The Group’s Energy Division revenues comprised of CNG sales only and reported an EBITDA of TL2.4mn in Q1 2013 compared to a TL-0.7mn in the same period of 2012.

Kerem Eser, the Chief Financial Officer of the Group, stated that the increase in net revenues was in line with the budget and the Company will continue to grow as more of Group’s investments bear fruit. He further stated that with Turkey’s investment grade rating affirmed very recently yet by another rating firm, the management is of the belief that the Company has now the perfect climate to further expand its investments in power generation, compressed gas sales and port acquisitions as cheaper financing options with longer maturity terms become available from the debt markets. Kerem Eser finally reminded that the Board of Directors of the Group resolved to propose the distribution of gross cash dividends of TL13,365,000 to the approval of the General Assembly in May, 2013. Eser emphasized that GIH aimed to continue with regular dividend distributions in line with the Company’s cash management and investment strategy, and hopefully meet investor expectations regarding dividend distributions.

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

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