investor presentation · new power plant projects cenal energy inc. 1.320 1.573 2017 49 years...

INVESTORPRESENTATION

ALARKO HOLDING A.Ş.

TABLE OF CONTENTS

1

220

324

530

633

1036

13

40

INTRODUCTION

ALARKO HOLDING SHAREHOLDER STRUCTURE & PARTICIPATION

ALARKO HOLDING CONSOLIDATED REvENUE DISTRIBUTION

ALARKO HOLDING CONSOLIDATEDIFRS FINANCIALS

ENERGY GROUPELECTRICITY GENERATION

ENERGY GROUPELECTRICITY DISTRIBUTION

CONTRACTING GROUP

LAND DEvELOPMENT GROUPALARKO REIT

INDUSTRY & TRADE GROUPALARKO CARRIER

TOURISM GROUP

SEAFOOD GROUP

FINANCIAL STATEMENTS

APPENDIX

SEAFOOD GROUP

INTRODUCTION

ALARKO was founded in 1954 and today, operates in five main areas:

Three of the group companies are trading in Borsa Istanbul:

SEAFOODENERGY INDUSTRY& TRADE

CONTRACTING & LAND DEVELOPMENT TOURISM

NAME OF THE COMPANY BISTSYMBOL

BLOOMBERGSYMBOL

FREEFLOAT

MARKETCAPITALIZATION

(US$ MILLION)as of November 3, 2014

Alarko Holding Inc. Alark Alark:TI 28,7% 412

Alarko Carrier Industry & Trade Alcar Alcar:TI 15,9% 157

Alarko Real Estate Investment Trust Algyo Algyo:TI 49,0% 93

1

2FULL

SHAREHOLDER STRUCTURE & PARTICIPATIONS

ALSIM (100%) CONTRACTING

ALARKO CARRIER (43%) INDUSTRY&TRADE

ALARKO REIT (51%) LAND DEVELOPMENT

ATTAS (100%) TOURISM

ALFARM (50%) SEAFOOD

OTHERS: MEDAS, MEPAS, MESAS,CENAL, ALEN, ALDEM, ALFENAS,ALAMSAS, MOSALARKO, ALRIVA, and others

ALATONFAMILY

GARİHFAMILY

CONSOLIDATION METHOD

35,4%

33,1%

FOUNDERFAMILIES

OTHERSHAREHOLDERS

ALHAN HOLDING

DESTEK FOUNDATION

OTHER

HAVE 68,5% PARTICIPATION IN

EQUITY

2,0%

%0,1

0,7%

ALTEK (100%) ENERGY

ALCEN (50%) ENERGY

REvENUE DISTRIBUTION BY YEARS

3

2012

ENERGY

TOURISM

INDUSTRY&TRADE

57%

CONTRACTING& LAND DEVELOPMENT

SEAFOOD

28%

1%

9%

5%

ENERGY

TOURISM

INDUSTRY&TRADE

2011

57%


SEAFOOD

25%

2%

11%

5%

2013

ENERGY

TOURISM

INDUSTRY&TRADE

40%


SEAFOOD

7%

4%

48%

1%

2014/9M

ENERGY

TOURISM

INDUSTRY&TRADE

51%


SEAFOOD

7%

36%

5%

1%

net profıt by years

Alarko Holding Consolidated Net Profit (US$ MILLION)

4

100 M

75 M

50 M

25 M

2006 2007 2008 2009 2010 2011 2014/9M

0 M

34 36 3326

60

2012

43

2013

86

9

32

CONSOLIDATED IFRS FINANCIALS

CASH&FINANCIAL INV.

FINANCIAL LIABILITIES

NET CASH POSITION

SELECTED FIGURES

EBITDA MARGIN (%)

REVENUES

OPERATIONAL PROFIT

EBITDA

NET PROFIT

(US$ MILLION)

TL/US$ EXCHANGE RATE 5

(1-2)

(2)

(1)

* Due to changes in reporting standards starting from 2013, equal share partnerships are consolidated using “equity method”. The figures of 2013 and onwards above approximately represent the contribution of all businesses, including equal share partnerships.

31.12.2013*

16%

327

170

164

1.143

150

188

86

2,13

30.09.2014*

6%

322

204

118

768

26

47

8,6

2,28

31.12.2012

356

137

219

7%

908

36

59

43

1,78

31.12.2011

324

141

183

13%

700

73

93

60

1,89

6

KARAKUZ HYDROELECTRIC POWER PLANT SITE VIEW,

ADANA-TURKEY

KIRKLARELİ 1 AND 2 GAS FIRED COMBINED CYCLE POWER PLANTS, KIRKLARELİ-TURKEY

energy group - electrıcıty generatıon

6

Turkish Energy Market is among the fastestgrowing energy markets in the world

parallel to Turkey’s economic growth.

7

KIRKLARELİ 1 AND 2 GAS FIRED COMBINED CYCLE POWER PLANTS, KIRKLARELİ-TURKEY

Turkish Energy Market is among the fastestgrowing energy markets in the world

parallel to Turkey’s economic growth.

Demand for electricity is estimated to grow at an annual rate of 6%

between 2009-2023.

According to EMRA’s Reserve Margin studies based on Generation Capacity

Projections of Turkey, energy supply deficit is expected to start around 2016 and

continue in the following years.

Energy Market Regulatory Authorityoperates as an independent marketregulator and the market is well organized and has a structured legal framework.

Total installed capacity is expectedto reach from the current68.000 MW level to 96.000 MWuntil 2023 to meet the demand.

The state targets to privatize 45 Power Plantswith a total of 16.000 MW capacity underEÜAŞ (Electricity Generation Company).


7

DRIVERS OFGROWTH IN THEENERGY SECTOR

8

The electricity generation company, ALTEK, which is a fully owned subsidiary of Alarko Holding, generates electrical energy, with 1 hydroelectric and 2 natural gas power plants, of total 177 MW generation capacity.

POWER (MW) STARTUP CONCESSIONLICENCE PERIOD

TOTALINVESMENT COST

(US$ MILLION)

POWER PLANTSALTEK

ÇANAKKALE-KARABİGA(IMPORTED COAL FIRED)

NEW POWER PLANT PROJECTSCENAL ENERGY INC.

1.320

1.573

2017 49 years

TOHMA/MALATYAHYDROELECTRIC (BOT) 12,5 1998 20 years 11,4

1.200

1.455

KIRKLARELİ NATURAL GASPOWER PLANT-1 82 2006 49 years 64

KIRKLARELİ NATURAL GASPOWER PLANT-2 82 2010 49 years 80

KARAKUZ HYDROELECTRICPOWER PLANT

(UNDER CONSTRUCTION)76 2014 49 years 100

TOTAL 253 255

GRAND TOTAL

8


9

LOCATION:KARABİGA/ÇANAKKALE

KARABİGA:New Imported Coal Fired Power Plant

We obtained the Grid Connection Permit of TEİAŞ and we received the Generation License from EMRA as of April 2013.

The construction of the 1.320 MW Power Plant started in 2013.

The project is being executed by Cenal Energy Generation Inc. which is a joint partnership (50%-50%) of Alarko Holding and Cengiz Group.

The project is being financed by 25% equity and 75% external debt, from 3 or 4 local banks.

Most probable sources for imported coal are Australia, South Africa, Colombia and Indonesia.

9


The EIA (Environmental Impact Assessment) report which we have obtained back in May 2012 has been revised and upgraded.

10

energy group - ELECTRICITY DISTRIBUTION

KIRŞEHİR

NEVŞEHİR

NİĞDE

KARAMAN

KONYA

AKSARAY

Meram Electricity Distribution Region: Konya, Karaman, Kırşehir, Aksaray, Nevşehir and Niğde

10


11

We took over Meram Electricity Distribution Co. as of 30.10.2009, by paying a USD 440Mn

privatization value upfront.

Alarko Share is 50% and the remaining 50% is owned by Cengiz Group.

The financing of the privatization has been made by using approximately

30% equity and 70% debt.

The loss & theft ratio of Meram Region is approximately 8,5%,

lower than the overall average in Turkey which is approximately 14-15%.

The licence period is 30 years, until August 2036.

Meram region covers 6 provinces in central anatolia; Konya, Karaman, Aksaray, Kırşehir, Nevşehir and Niğde, which is 76.935 square kilometers (larger than Holland).

There are approximately 1,7 million electricity subscribers in the region.

Annual energy consumption is approximately 7 billion kWh in the region (net consumption).

Meram buys electricity from the TETAŞ (75%) and Spot Market (25%). (TETAŞ = State Electricity Trading Co.,Spot Market = DUY System / Free Market)

Approximate sales distribution of Meram by consumer segments is; Industry: 29%, Housing: 28%, Commercial: 22%, Agricultural Irrigation: 18% Lighting: 4%.

The Retail Sales Net Margin is 3,49%, from the beginning of 2013 until the end of 2015.

The expected annual revenue of Meram for 2013 and 2014 is approximately USD 800 Mn.

Due to the liberalization of the energy sector in Turkey, Electricity Distribution companies (like Meram) were separated into Distribution and Retail Sales companies in the first quarter of 2013.

:MERAM ELECTRICITY DISTRIBUTION COMPANY11


12

* The figures represent Energy Generation & Energy Distribution. Separate figures of Energy Generation and Energy Distribution are in Appendix 1&2** 40Mn USD out of the 58 Mn USD Net Profit in 2012 is from group company dividend payment which is eliminated fromAlarko Holding consolidated net profit

SELECTED FIGURES

EBITDA MARGIN (%)

REVENUES

OPERATIONAL PROFIT

EBITDA

NET PROFIT

CASH&FINANCIAL INV.


NET CASH POSITION (1-2)

(2)

(1)

(US$ MILLION)CONSOLIDATED IFRS FINANCIALS*

12

energy group

9%

27

146

-119

462

33

43

14

31.12.2013

2,13

9%

33

182

-149

392

27

34

11

30.09.2014

2,28TL/US$ EXCHANGE RATE

52

105

-53

15%

404

51

61

29

31.12.2011

1,89

IRTISH RIVER BRIDGE,SEMIPALATINSK-KAZAKHSTAN

ANKARA-ESKİŞEHİR FAST TRAIN PROJECT, TURKEY

**

4%

21

107

-86

510

8

20

58

31.12.2012

1.78

IRTISH RIVER BRIDGE,SEMIPALATINSK-KAZAKHSTAN

KIEV-BORYSPIL AIRPORT,UKRAINE

CONTRACTING GROUP

ANKARA-ESKİŞEHİR FAST TRAIN PROJECT, TURKEY

13

14

20

278

298

DOMESTIC PROJECTS

INTERNATIONAL PROJECTS

TOTAL

TOTAL BACKLOG SUMMARY (US$ M)

9-12%

2-4 years

CONTRACTING GROUP

Alarko’s contracting subsidiary ALSİM mainly focuses on large scale infrastructure projects with positive cash flow.

The employers are mainly;

central governments & local municipalities,other local and international institutions.

Target EBITDA margin: Average project completion period:

Strong track record in local and internationalprojects such as subways, railroads, airports, highways, pipelines, refineries etc.

Details are on page 21

17.10.2014

CONTRACTING GROUP - DOMESTIC BACKLOG

PARTNERS LOCATIONCONTRACT

SIZE(US$ MILLION)

ALARKO’SPARTION %

COMPLETION%

CONSTRUCTIONPERIOD

BACKLOG (US$ MILLION) PROJECTS

TAKSİM-YENİKAPISUBWAY PROJ.

LEVENT-AYAZAĞA SUBWAY PROJ. Electromechanic Works

TOTAL DOMESTIC PROJECTS UNDER EXECUTION(US$ MN)

ALARKO’S PORTION (US$ MN)

LEVENT-HİSARÜSTÜ SUBWAY PROJ.Electromechanic Works

ANKARA SUBWAY PROJECTElectromechanic Works

ALARKO-HYUNDAI

ALARKO-MAKYOL

ALARKO-MAKYOL

ALARKO-ANSALDO

580

1.163

İSTANBUL

İSTANBUL

İSTANBUL

ANKARA

280 53 99,4 2007

2008

2012

2011

2014-

-

-

-

2014

2014

2014

1

447 50 98,0 5

132 50 81,1 12

304 47 98,8 2

20

17.10.2014

15

CONTRACTING GROUP - INTERNATIONAL BACKLOG

PARTNERS LOCATION BACKLOG (US$ MILLION) PROJECTS

TOTAL INTERNATIONAL PROJECTS UNDER EXECUTION (US$ MN)

ALARKO’S PORTION (US$ MN)

931

931

TALDYKOL SEWER POND LIQUIDATION PROJ. (FINAL STAGE),

1st SEQUENCE, 4th STAGE


2nd SEQUENCE, 5th STAGE


1st SEQUENCE, 3rd STAGE

ALARKO KAZAKHSTAN 48 99,4 81,2 2012 2015 9

ALARKO KAZAKHSTAN 100,0 2013 2017142 12,2 125

278

AKTAU-MANASHA HIGHWAYREHABILITATION PROJECT- LOT 1




ALARKO

ALARKO

ALARKO

ALARKO

KAZAKHSTAN

KAZAKHSTAN

KAZAKHSTAN

KAZAKHSTAN

40 100,0

100,0

100,0

100,0

60,3 2012

2012

2012

2012

2014

2014

2014

2015-

-

-

-

-

-

-

-

16

40 79,5 8

35 87,2 5

39 81,4 7

17.1

0.20

14

BOZSHAKOL COPPER ORE PLANT PROJECT ALARKO KAZAKHSTAN 100,0 2011 2014490 97,6 12

ALARKO KAZAKHSTAN 100,0 2012 201598 1,0 97

16

CONTRACTSIZE

ALARKO’SPARTION %

COMPLETION%

CONSTRUCTIONPERIOD

CONTRACTING GROUP

17

CURRENT BACKLOG BREAKDOWN BY COUNTRY

CURRENT BACKLOG BREAKDOWN BY PROJECT CATEGORY

SUBWAY

MOTORWAY

WASTEWATERTREATMENT PLANT

TURKEY

KAZAKHSTAN

COPPERORE PLANT

93%

7%

4%

12%7%

77%

CASH&FINANCIAL INV.


NET CASH POSITION

SELECTED FIGURES

EBITDA MARGIN (%) -22%

178185

2223

156162

REVENUES 272553

OPERATIONAL PROFIT -2097

EBITDA -9,7121

NET PROFIT

147

36

111

12%

174

15

20

26 -10,686

18%

191

30

161

256

37

45

26

(1-2)

(2)

(1)

* The financials above include Land Development

(US$ MILLION)CONSOLIDATED IFRS FINANCIALS*

CONTRACTING GROUP

182,282,13TL/US$ EXCHANGE RATE 1,89

31.12.2011 30.09.201431.12.201331.12.2012

1,78

19

INTERNATIONAL

19

Water & Waste Water (W.W.), Treatment Plants

Taldykol Sewer Pond Liquidation - 1st. and 2nd. Stages

Oran Arzew Industrial Zone Desalination & Power Plant

Astana Water Distribution & Sewerage ProjectKazakhstan

AlgeriaKazakhstan

Crude Oil Pipeline Lot-B Package

Phillip Morris Cigarette Factory

Polypropylene Plant

British American Tobacco Factory

Petro - Petrochemical Plants & Refineries


Turnkey Industrial Plants

Baku-Tbilisi-Ceyhan

Kazakhstan

Turkmenistan

Uzbekistan

Goznak Banknote Plant Russia

Kiev Boryspil Airport

Transportation Projects

Bukhara International Airport Modernization ProjectUkraine

Uzbekistan

CONTRACTING GROUP - MAJOR COMPLETED PROJECTS

Ashkhabad International Airport

Astana International Airport

Urgench International Airport Modernization Project

Aktobe - Kostanai Highway Rehabilitation

Samarkand International Airport Modernization Project

Turkmenistan

Kazakhstan

Uzbekistan

Kazakhstan

Uzbekistan

DOMESTIC


İzmit Bay W.W. Treatment Plant

Tuzla Biological W.W. Treatment Plant

Melen-Düzce Water Project

Yarımca Petroleum Refinery W.W. Treatment Plantİzmit

İstanbul

Kocaeli

İzmit

Natural Gas Pipeline

Tüpras Petroleum Storage Tanks

Hasanlar, Tohma and Berdan Hydroelectric Power Plants

Natural Gas Distribution Network

Tüpras İzmit and Tüpras Kocaeli Refinary Projects

Power Plants

Gas & Pipelines

Petro - Petrochemical Plants & Refineries

Erzurum

İzmir

Düzce, Tarsus & Malatya

İstanbul & Bursa

İzmit & Kocaeli

Kırklareli Combined Cycle Natural Gas Power Plants (I-II) Kırklareli

Alarko Carrier Factory

Hyundai Car Factory

Housing, Business Centers, Hotels & Hospitals

Turnkey Industrial PlantsGebze

İzmit

International Airport

Transportation Projects

Sabiha Gökçen International AirportSamsunİstanbul

Alkent 2000Atasehir Satellite TownTarabya Presidency Complex

Süleyman Demirel University Hospitalİstanbulİstanbulİstanbul

Isparta

Adana Rail System Project

Samsun Light Rail Project

Ankara-Eskisehir Fast Train Project

Antalya Light Rail Project

Levent Ayazağa Subway Project

Adana

Samsun

Ankara-Eskişehir

Antalya

İstanbul

Almaty - Bishkek Road Rehabilitation Kazakhstan

Atyrau-Aktau Road ProjectIrtish River Bridge

KazakhstanKazakhstan

Housing, Business Centers, Hotels & HospitalsMarksistkaya Business Center Moscow / Russia

Tverskaya Business & Shopping Center, Moscow / Russia

Chezkazgan Hospital ComplexWK Verwaltungs Hotel Construction

KazakhstanGermany

“ALKENT İSTANBUL 2000”Büyükçekmece, İstanbul-TURKEY

LAND DEvELOPMENT GROUP

20


ALARKO REAL ESTATE INVESTMENT COMPANY(ALARKO REIC)

MOS ALARKO(MARKSISTKAYABUSINESS CENTER)RUSSIA

Is the first REIC IPO in Turkey (1997) and is a tax-exempt company.

Generates rental revenue, approximately US$ 5 – 5,5 million per year.

Has recently completed the development of 63 Lake Mansions in Büyükçekmece and most of the units are sold.

A business complex in Moscow city center, built jointly (50%-50%) with the Municipality of Moscow in 1999.

10% of the building is sold to Ziraat Bank, and the remaining part is being leased to various international companies. Total leasable area is 6.000 sqm, and generates US$ 3,5 million rental revenue per year.

The Land Development Group;

Designs and builds high-quality residential communities, mainly targeting upper-middle income clients.

Negotiates the contracts with landowners on a revenue or profit-sharing basis.

Pre-sells the units before commencing construction.

21

TOTAL PORTFOLIO

TOTAL PORTFOLIO

PORTFOLIO VALUE OF ALARKO REIT


191,21

435,76

195,64

417,55

(US$ MILLION)

(TL MILLION)

(US$ MILLION)

2,282,13TL/US$ EXCHANGE RATE 22

CASH AND MARKETABLE SECURITIES 80,24 83,14

REAL ESTATE PORTFOLIO 115,40 108,07

Land in Eskice Village, Büyükçekmece - İstanbul 20,50 19,20

Villa’s in Eskice Village, Büyükçekmece - İstanbul 8,69 8,14

Alarko Business Center (Karaköy - İstanbul) 1,22 1,14

Alarko Business Center (Şişhane - İstanbul) 1,12 1,05

Hillside Beach Club Holiday Village - Fethiye 42,31 39,63

Factory Building - Eyüp - İstanbul 14,27 13,36

Shops in Etiler - Alkent - İstanbul 4,48 4,19

Shops in Büyükçekmece - Alkent 2000 - İstanbul 2,65 2,48

1,50Alarko Business Center (Ankara) 1,41

Land in Maslak, İstanbul 18,66 17,47

31.12.2013 30.09.2014

CASH&FINANCIAL INV.


NET CASH POSITION

SELECTED FIGURES

EBITDA MARGIN (%) 160%

83

-

83

REVENUES 6,1

OPERATIONAL PROFIT 9,7

EBITDA 9,7

NET PROFIT

68

-

68

68%

10,4

7,1

7,1

21,1

74

-

74

113%

8,6

9,7

9,7

8,0 9,7

262%

80

-

80

15,1

39,5

39,5

39,5

(1-2)

(2)

(1)

* The financials above are the solo figures of Alarko REIT company

(US$ MILLION)IFRS FINANCIALS*

AlARkO REIT IFRS FINANCIALS

2,282,13TL/US$ EXCHANGE RATE 1,781,89

31.12.2011 31.12.2012 30.09.201431.12.2013

23

INDUSTRY & TRADE GROUP

SALES FROM IMPORTED PRODUCTS

24

25


United Technology Corporation trades in the New York Stock

Exchange (Symbol: UTX). Business units under United

Technologyy Corporation are; Carrier, Pratt&Whitney, Otis, Sikorsky, UTC

Fire&Security and Hamilton Sunstrand.

Alarko Carrier is a solid HVAC company with stable revenue generation ability.

Has Marketing & Salesoffices in 5 major cities; İstanbul, Ankara, İzmir, Adana and Antalya.Has approximately 300 dealers and

300 technical after-sale services.

SALES BREAKDOWN CHARTS

Formed an equal-share partnershipwith Carrier in 1998, a subsidiary of

United Technology Corporation-USA.

Is a major heating & coolingproducts manufacturer,with two production plants in Istanbul.

50%50% 45% 55%

DIRECT SALES

SALES THROUGH DEALERSSALES FROM DOMESTICALLY MANUFACTURED PRODUCTS

SALES FROM IMPORTED PRODUCTS


SALES BREAKDOWN BY PRODUCT CATEGORIES

Residential AC19% of sales

Hi-walls Ducted

Floor/ceiling

ChillersRoof top unitsAHU/fan coils

VRFNon-CarriersBMS/Controls

Wall-hung boilersBurners

Radiators+

Submersible pumps

Pump motorsWater boosters

Commercial AC37% of sales

Centralized Heating andCooling SystemsPanel Radiators

Gas and Oil BurnersBoilers & Circulation

Pumps Split AC Units

Air Handling UnitsRoof Top AC Units

Submersible Pumps andMotors

Water Boosters

Heatingsystems

25% of sales

Pumps3% of sales

AftermarketsParts,

Maintenance16% of sales

MAJORPRODUCTS

MAJOREXPORT

PRODUCTS

MAJOREXPORT

MARKETS

Panel Radiators, Air Handling Units, Gas and Oil Burners, Roof Top AC Units

UK, Germany, Greece, The Netherlands,Russia, Azerbaijan, Romania, UAE, France,Italy, Spain, Australia, Belgium, Kazakhstan

(TOTAL 51 COUNTRIES)

26

27


STANDARDIZATION & CERTIFICATION

Coaching, Teaching & Baselining

Trying the tools;getting some

results

Significantly improving

business metrics

Best-in-class, year-over-year business metrics improvements

2005 2008 2009 2010 2011 2012 2016

The United Technologies Operating SystemAchieving Competitive Excellence


SELECTED FIGURES

EBITDA MARGIN (%)

REVENUES

OPERATIONAL PROFIT

EBITDA

NET PROFIT

CASH&FINANCIAL INV.



(2)

(1)

CONSOLIDATED IFRS FINANCIALS (US$ MILLION)

11%

22

-

22

55

5,9

6,3

4,8

30.09.2014

2,28

14%

26

-

26

75

9,3

10,3

7,6

31.12.2013

2,13TL/US$ EXCHANGE RATE

26

-

26

16%

75

11

12

13

31.12.2011

1,89

6%

28

-

28

86

4,7

5,5

6,7

31.12.2012

1,78 28


MARKET SHARES IN TURKEY

4,4%

9,3% 9,0%

MAIN COMPETITORS

HEATING

HEATING

AIRCONDITIONING

ACPRODUCTS

PUMPSPUMPS

Baymak / BDR (Holland) ECA

Türk Demir Döküm (subsidiary of Vaillant)

Vaillant (Germany)

ArçelikVestel

Daikin (Japan)Johnson Controls /York Trane (USA)

Grundfoss (Danmark)Wilo (Germany)

29

TOURISM GROUP

HILLSIDE BEACH CLUBFETHİYE-TURKEY

WINGS CINECITYİSTANBUL-TURKEY

HILLSIDE CITY CLUBETİLER, İSTANBUL-TURKEY

HILLSIDE CITY CLUBİSTİNYE, İSTANBUL-TURKEY

30

31

The Tourism Group, ATTAŞ, owns and operatescity clubs and hotels in Turkey, under the brand name hillside, and targets to grow in leisure sector.

Main Activities;

Holiday villages and hotels,Sports, recreation centers,Movie theaters,SPAs

- First-class holiday village

- Located in south-west of Turkey, in Fethiye

- 330 rooms/781 bed capacity

- Managed by the Tourism Group since 1994

- Rate of occupancy: 90% in 2012 and 2013

The services offered include:- Gym & Cardio areas,group workouts- Basketball, Tennis, Squash,Racquetball facilities- Swimming pools- Kids Club, Restaurants &Cafes etc.

TOURISM GROUP

Movie Theaters

- In Istanbul and Izmir, in 4 different locations (including Hillside City Clubs) - Total of 27 movietheaters

First SPA chain in Turkey with5 different locations(3 in istanbul and 2 in Fethiye)

Three hillside City Clubs in İstanbul: - hillside City Club/ Etiler - hillside City Club/ İstinye Park - hillside City Club/ Trio

TOURISM GROUP

CASH&FINANCIAL INV.


NET CASH POSITION

SELECTED FIGURES

EBITDA MARGIN (%)

REVENUES

OPERATIONAL PROFIT

EBITDA

NET PROFIT

5,5

5,5

-

6%

36

-0,8

2,1

-0,7

9,4 15,9

- 0,3

9,4 15,6

41 37

2,5 3,8

5 5,8

2 2,9

(1-2)

(2)

(1)

(US$ MILLION)CONSOLIDATED IFRS FINANCIALS

2,13 2,28TL/US$ EXCHANGE RATE 1,89

31.12.2011 31.12.2013 30.09.2014

12% 16%7%

6,6

0,2

6,4

42

0,3

2,9

0,4

1,78

31.12.2012

32

SEAFOOD GROUP

ALFARM FACTORY,İZMİT - TURKEY

ALFARM ALARKO LERÖY

33

SEAFOOD GROUP

Products are sold via sales offices in Istanbul, Ankara, Izmir and Antalya.

35% of sales are made directly to big retailers like Migros, Carrefour, etc...and the rest

to other retailers and distribution companies.The seafood sector has high growth potential.

92% of sales are from salmon products and 8% are from other kind of seafood such as trout, halibut, mackerel, shrimp.

The Seafood Products Group,ALFARM was founded in 1991.

This partnership has created synergy and growth opportunities.

Alfarm imports seafood products and processes them in its production plant in İzmit.

Formed an equal-share partnership withNorwegian Leroy Seafood Group ASA in 2005.

34

SEAFOOD GROUP

SELECTED FIGURES

0,3

0,12

0,18

EBITDA MARGIN (%) 7% 5%4%

0,20,5

0,020,05

0,180,45

REVENUES 11 1012

OPERATIONAL PROFIT 0,6 0,40,4

EBITDA 0,7 0,50,4

NET PROFIT 0,6 0,30,3

CASH&FINANCIAL INV.



(2)

(1)

CONSOLIDATED IFRS FINANCIALS (US$ MILLION)

2,282,13TL/US$ EXCHANGE RATE 1,89

31.12.2011 30.09.201431.12.2013

5%

0,8

0,1

0,7

13

0,6

0,7

0,5

1,78

31.12.2012

35

ALARKO HOLDING CONSOLIDATED BALANCE SHEET AS OF 30.09.2014 (USD)

Shareholders Equity from Majority Interest 517.998.990

LIABILITIES AND SHAREHOLDERS’ EQUITY

DEBT TO EQUITY RATIO 0,90 CURRENT RATIO 1,82

ASSETS

1.099.600.615TOTAL ASSETS

Minority Interest 60.138.870TOTAL LIABILITIES AND SHAREHOLDERS’EQUITY 1.099.600.615

SHORT TERM LIABILITIESA. Short Term BorrowingsB. Short Term Portions of Long Term BorrowingsC. Trade Payables- Trade Payables to Related Parties- Trade Payables to Non-Related Parties

E. Other Payables- Other Payables to Related Parties- Other Payables to Non-Related Parties

G. Period Profit Tax LiabilityH. Short Term Provisions- Short Term Provisions for Benefits Provided to Employees- Other Short Term Provisions

6.328.315

A. Paid In Capital 98.059.151B. Mutual Interest Capital Adjustment -345.516C. Accumulated other Extensive Revenues of Expensesthat will not be Reclassified as Profit or Loss- Profit/Losses from Revaluation and Measurement -377.314D. Accumulated other Extensive Revenues of Expensesthat will be Reclassified as Profit or Loss- Translation Differences 52.231- Profit/Losses from Revaluation and Classification 4.974.764E. Restricted Reserves Allocated from Profits 3.815.472F. Retained Earnings 403.204.696G. Net Profit/Loss For The Period 8.615.506

213.462.002LONG TERM LIABILITIESA. Long Term Borrowings 97.089.920B. Trade Payables

0- Trade Payables to Related Parties0- Trade Payables to Non-Related Parties

36.719.467- Other Payables to Related Parties185.079- Other Payables to Non-Related Parties

11.045.855E. Deferred Revenues 2.341.427F. Long Term Provisions

5.295.631- Long Term Provisions for Benefits Provided to Employees0

60.784.623

561.866.179CURRENT ASSETSA. Cash and Cash Equivalents 169.638.898B. Financial Investments 102.219.986C. Trade Receivables- Trade Receivables from Related Parties 3.251.216- Trade Receivables from Non-Related Parties 100.478.446D. Other Receivables- Other Receivables from Related Parties 7.899.530- Other Receivables from Non-Related Parties 31.500.533E. Inventories 112.667.600F. Expenses paid in Advance 14.921.218G. Assets related to current period tax 1.506.002H. Other Current Assets 14.246.843I. Interim Sum 558.330.272J.Long Term Assets held for Sale Purpose 3.535.907

308.000.75326.484.50815.309.890

402.05448.453.839

2.325.525

017.510.681

186.847.1922.351.174

01.987.575

537.734.436LONG TERM ASSETSA. Financial Investments 465.062B. Trade Receivables- Trade Receivables from Related Parties 0- Trade Receivables from Non-Related Parties 1.425.566C. Other Receivables- Other Receivables from Related Parties 0- Other Receivables from Non-Related Parties 5.163.058D. Investments Evaluated by Equity Pick-Up Method 220.357.302E. Investment Real Estate Properties 11.840.071F. Tangible Assets 230.597.836G. Intangible Assets- Goodwill 5.284.775- Other Long Term Intangible Assets 5.898.710H. Expenses paid in Advance 683.037I. Deferred Tax Assets 49.043.255J. Other Long Term Assets 6.975.764 578.137.859SHAREHOLDERS’ EQUITY

D. Payables related to Benefits Provided to Employees

F. Deferred Revenues

I. Other Short Term Liabilities

- Other Long Term ProvisionsG. Deferred Tax Liabilities

C. Trade Payables

D. Liabil ities from Investments Evaluated by Equity Pick-Up Method

36

37

ALARKO HOLDING STATEMENT OF INCOME ACCORDING TO GROUP OF COMPANIES AS OF 30.09.2014 (USD)

Income From Sales (Out of Group net)

Cost of Sales (Out of Group) (-)

Cost of Sales (In Group) (-)

CONTINUED OPERATIONS HOLDING TOURISM INDUSTRY&TRADE ENERGY CONTRACTING

& LAND DEV. ELIMINATIONSEAFOOD TOTAL

Income From Sales (In Group net)

1.010.674 37.150.392 - 36.795.507 249.419.257 324.375.830

(1.114.976) (20.907.445) (599) (39.892.599) (261.247.397) - (323.163.015)

2.215.941 15.155 1.777 995.477 29.254.197 (32.482.546) -

Investment Income

OPERATIONAL PROFIT/(LOSS)

Investment Expenses (-)

Shares in Profit/Loss of InvestmentsEvaluated by Equity Pick-Up Method

(212.674) (212.674) (212.674) (212.674) (212.674) (212.674) (212.674) (212.674)

- - - - - - - -

(2.243.312) (5.783) (1.777) (1.122.331) (26.698.500) 30.071.703 -

Financial Income

Financial Expenses (-)


PROFIT/(LOSS) BEFORE FINANCIAL EXPENSES

- - - - - - - -

- - - - - - - -

GROSS PROFIT/LOSS

Other Operating Income

General Management Expenses (-)

Marketing, Sales & Distribution Expenses (-)

Other Operating Expenses (-)

(131.673) 16.252.320 (599) (3.223.945) (9.272.443) (2.410.844) 1.212.815

(3.329.337) (665.387) (32.873) (962.892) (84.667.810) 151.716 (89.506.583)

- (2.237.132) - - - - - (2.237.132)

4.154.838 2.440.102 776.912 4.732.693 98.956.995 9.779.390 120.840.930

(906.503) (11.974.868)

3.815.035

(239.241) (1.764.704) (29.757.192) 2.124.151 (42.518.356)

CONTINUED OPERATIONS PRE-TAX PROFIT/(LOSS)

- Period Tax Income/(Expense)

- Deferred Tax Income/(Expense)

Continued Operations Tax Income/(Expense)

CONTINUED OPERATIONS AFTER-TAX PROFIT/(LOSS)

DISCONTINUED OPERATIONS AFTER-TAX PERIODPROFIT/(LOSS)

PERIOD PROFIT/(LOSS)

MINORITY INTEREST

EBITDA MARGIN %

NET PROFIT 5.302.102 2.947.714 4.771.281 11.221.575 (10.564.148) 318.171 (5.381.190) 8.615.506

- 16% 11% 9% - 5% - 6%

(212.674) 504.199 (1.218.848) (24.740.450) 9.644.413 (12.208.326)

6.037.999 27.428 18.843 50.868 13.063.864 (8.790.816) 10.408.186

5.825.325 3.840.659 4.875.915 14.138.229 (9.073.672) 629.928 20.236.385

5.825.325 3.694.299 4.874.271 9.297.465 (10.507.876) 629.928 13.813.413

(475.824) (778.121) (46.906) (90.616) (2.283.655) - (3.675.123)

(47.400) 31.537 (56.084) 2.014.726 2.227.383 (1.741.979) 2.428.183

(523.223) (746.584) (102.990) 1.924.110 (56.272) (1.741.979) (1.246.939)

5.302.102 2.947.714 4.771.281 11.221.575 (10.564.148) (1.112.051) 12.566.473

5.302.102 2.947.714 4.771.281 11.221.575 (10.564.148) 318.171 (1.114.109) 12.882.587

- - - - - 318.171 (2.058) 316.113

- - - - - - 4.267.081 4.267.081

- (1.804) - (3.573.231) (51.950) - - (3.626.985)

- - 4.352.873 18.879.440 2.654.864 - (223.668) 25.663.509

- - - 6.805 - -

-

-

-

-

-

-

- -

-

- 6.805

- (146.361) (1.644) (4.847.569) (1.434.204) -

-

-

-

-

-

-

-

-

- (6.429.778)








MINORITY INTEREST

NET PROFIT

PERIOD PROFIT/(LOSS)

EBITDA MARGIN %

830.768 41.423.553 45.479 38.199.272 510.434.273 - - 590.933.345

- - - - - 11.500.701 11.500.701

1.982.878 7.587.248 13.816.422 85.790.213 289.233 (19.868.100) 97.827.1258.229.230

(1.491.457) (24.828.710) (37.655) (39.493.590) (441.444.868) - - (507.296.279)

1.982.878 7.587.248 13.816.422 85.790.213 289.233 (31.368.801) 86.326.4238.229.230

2.342.708 - 39.787 2.722 46.982.611 - (49.367.829) -

Investment Income


Investment Expenses (-)

Shares in Profit/Loss of Investments

Evaluated by Equity Pick-Up Method

(151.331) (4.903) - (6.992) (47.720) - 30.228 (180.718)

2.497.753 761.685 (2.305.786) 87.057.375 - (7.435.541) 87.944.8417.369.355

- 6.974.169 18.367.805 6.941.146 289.233 636.851 33.209.204-

-

(2.366.513) - (34.030) (178.464) (31.951.626) - 34.530.633 -


PROFIT/(LOSS) BEFORE FINANCIAL EXPENSES

(31.356) (1.604) (6.260.710) (2.338.547) - - (8.632.217)-

2.514.865 7.742.018 18.529.354 102.005.342 289.233 (17.978.660) 122.812.8279.710.674

12% 14% 9% 22% 4% - 16%-

GROSS PROFIT/LOSS

Other Operating Income



Other Operating Expenses (-)

16.594.844 13.581 (1.470.060) 84.020.390 - (14.837.196) 83.637.066(684.493)

(733.320) (308) (370.519) (49.412.956) - (853.783) (51.692.042)(321.156)

(13.296.661) (338.823) (2.032.947) (32.201.741) - 5.751.742 (43.244.113)

(3.111.755) - - - - - (3.111.755)

(1.125.684)

3.044.645 1.087.236 1.567.740 84.651.681 - 2.503.695 102.355.6859.500.688

-

- Period Tax Income/(Expense)



Continued Operations Tax Income/(Expanse)

(32.724) (2.604) 1.695.426 (10.300.761) - (1.889.439) (10.512.655)17.446

(467.908) (150.562) (147.647) (3.575.822) - - (5.840.830)(1.498.891)

(500.632) (153.166) 1.547.778 (13.876.582) - (1.889.439) (16.353.485)(1.481.445)

2.483.509 7.740.414 12.268.644 99.666.795 289.233 (17.978.660) 114.180.6109.710.674

2.492.650 22.015 6.165 2.474.326 8.054.541 - (11.210.198) 1.839.500

38



GROSS PROFIT/LOSS


Shares in Profit/Loss of Investment

-Period Tax Income/(Expense)








Research & Development Expenses (-)

Other Income

Evaluated by Equity Pick-Up Method


MINORITY INTEREST

Other Expenses (-)

Financial Income

Continued Operations Tax Income/(Expanse)

NET PROFIT


CONTINUED OPERATIONS PERIOD PROFIT/(LOSS)

EBITDA MARGIN %

956.303 42.350.835 85.684.613 510.251.673 256.101.859 12.680.928 - 908.026.211

15.830.392 19.593.138 56.315.307 60.847.827 1.557.049 (14.819.782) 138.316.000(1.007.931)

1.808.175 1.397.859 29.595.723 15.927.587 130.462 (9.658.400) 39.271.71070.305

- - - - - - (118.164) (118.164)

- - - - - 806.383 806.383

435.854 6.664.981 57.619.681 26.416.711 548.669 (61.964.919) 43.547.54113.826.563

(1.939.571) (26.514.290) (66.125.843) (454.555.962) (209.448.847) (11.125.697) - (769.710.211)

(3.033.350) (10.455.282) (35.020.460) - (627.196) 794.440 (48.341.847)

- (1.121.232) (21.339) - - - (1.142.572)

-

275.403 4.672.497 7.850.820 37.054.276 615.981 (12.850.204) 35.517.998(2.100.775)

(131.038) 37.854 2.468.373 308.554 4.620 2.066.485 4.776.03221.184

(336.997) (2.090.291) (6.319.886) (48.155.493) (78.342) (74.573) (60.195.202)(3.139.622)

435.854 6.664.981 57.619.681 26.416.711 548.669 (62.771.301) 42.741.15813.826.563

2.464.888 14.912 104.897 5.482.464 46.268.158 20.730 (54.356.051) -

-

(426.271) (1.107.356) (9.706.861) (11.099.644) (68.352) 5.368.486 (17.072.520)(32.523)

- (1.513.182) (7.585.411) (5.458.929) (143.557) - (16.756.138)(2.055.059)

628.486 5.558.104 61.205.785 42.668.301 149.967 (50.988.464) 80.323.01521.100.835

-

(2.489.551) (21.065) (70.530) (4.862.868) (32.073.343) (18.911) 39.536.269 -

(13.903.544) (3.634.629) (33.311.549) (28.621.494) (375.982) 5.465.052 (75.512.773)(1.130.627)

(131.038) (1.475.329) (5.117.038) (5.150.374) (138.938) 2.066.485 (11.980.106)(2.033.875)

566.893 8.140.310 62.736.719 31.567.085 687.606 (64.031.404) 55.527.64715.860.438

7% 6% 4% 18% 5% 7%-


39

The figures represent Energy Generation companies; Altek, Cenal and Alarko Enerji

SELECTED FIGURES

EBITDA MARGIN (%)

REVENUES

OPERATIONAL PROFIT

EBITDA

NET PROFIT

CASH&FINANCIAL INV.



(2)

(1)

(US$ MILLION)GENERATION

APPENDIX 1 - ENERGY GROUP CONSOLIDATION

TL/US$ EXCHANGE RATE

14,9

30,8

-15,9

23,7%

73,3

10,5

17,3

2,7

1,89

31.12.2011

7,6%

7,2

148,6

-141,4

36,8

-1,4

2,8

-7,9

2,28

30.09.2014

11,6%

6,3

104,5

-98,2

38,2

-1,7

4,4

-4,2

2,13

31.12.2013

8,0%

0,8

48,2

-47,4

62,9

-2,3

5,0

-0,6

1,78

31.12.2012

40

* The figures represent Energy Distribution companies; Medaş, Alcen, Mesaş and Mepaş ** 40 Mn USD out of the 58 Mn USD Net Profit in 2012 is from group company dividend payment which is eliminated from Alarko Holding consolidated net profit

SELECTED FIGURES

36,7

74,1

-37,4

EBITDA MARGIN (%) 13,3% 9,1% 8,9%

20,6 26,2

41,6 33,6

-21,0 -7,4

REVENUES 330,4 423,5 355,3

OPERATIONAL PROFIT 41,0 34,6 28,7

EBITDA 43,8 38,7 31,5

NET PROFIT 26,0 18,0 19,1

CASH&FINANCIAL INV.



(2)

(1)

(US$ MILLION)DISTRIBUTION

APPENDIX 2 - ENERGY GROUP CONSOLIDATION

2,13 2,28TL/US$ EXCHANGE RATE 1,89

31.12.2011 31.12.2013 30.09.2014

3,3%

20,3

58,6

-38,3

447,3

10,1

14,8

58,2*

1,78

31.12.2012

41

APPENDIX 3 - CONTRACTING GROUP

MAIN JV PARTNERS - GLOBAL CONSTRUCTION GROUPS

MAIN COMPETITORS

STRABAGAustria

ASTALDIItaly

SIEMENSGermany

IMPREGILOItaly

MARUBENIJapan

DEGREMONTFrance

HYUNDAIKorea

CAFSpain

ANSALDOItaly

OHLSpain

GS ENG. &CORP.Korea

TECNICASREUNIDAS

Spain

EBARACORPORATION

Japan

BOMBARDIERCanada

DOMESTIC GLOBAL

J&P L.L.C.-Oman, Todini-Italy,Impregilo-Italy, Salini-Italy, Astaldi-Italy,

Bechtel-USA, OHL-Spain,Hochtief-Germany, Strabag-Austria,Consolidated Contractors-Greece,

Larsen&Toubro-India

Enka, Yapı Merkezi, Gama, Doğuş,Tekfen, Yüksel, Nurol

42

TURKISH TOURISM SECTOR

APPENDIX 4 - TOURISM GROUP

Tourism Revenues (left axis) Tourist Arrivals (right axis)

* 2014/9M data belongs to January-September 2014

43

(Mill

ion

Visit

ors)

(US$

Bill

ion)

2002 20062003 2007 20102004 2008 20112001 2005 2009 20132012 2014/9M*

ALARKO HOLDINGDISCLAIMER

Alarko Holding A.S. (the“Company”) has prepared this presentation (the “Presentation”) in

order to provide investors with general information about the Company. The contents of

this Presentation is based on public information and on data provided by the Company’s

management. Neither the Company nor any of its directors, managers or employees

nor any other person shall have any liability whatsoever for any loss arising from use of

this presentation. This Presentation does not constitute an offer or invitation to purchase the

securities of the Company. Investors and prospective investors interested in the securities of

the Company are required to conduct their own independent investigations and appraisal

of the business, financial condition of the Company and the nature of its securities.

Except for the historical information contained herein, the statements made in this

Presentation with respect to the Company’s plans, strategies, beliefs and other

prospective matters are forward-looking statements that involve risk and uncertainty that are

not under the Company’s control which may cause actual results to differ materially

from those anticipated. Except where otherwise indicated, this Presentation speaks as

of the date hereof. We undertake no duty to update or revise any forward-looking

statements, whether as a result of new information, future events or otherwise.

CORPORATECOMMUNICATION

For Further Information:[email protected]

Ömer ÇELİKSenior Vice President Finance & [email protected]: +90 (212) 310 34 10

Bener DAĞLIERFinance Manager [email protected]: +90 (212) 310 34 16

Niv GARİHInvestor Relations Manager [email protected]: +90 (212) 310 33 88

www.alarko.com.tr

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