Emlak Konut REIC - Erste Securities İstanbul

Emlak Konut REIC
11th March 2015
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ORTAKLIGI A.Ş. (the "Company" or “Emlak Konut"), in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in
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The information contained in the presentation has not been independently verified. No representation, warranty or undertaking, expressed or implied, is made as to, and no reliance should be paled on, the fairness, accuracy,
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historical facts included in this presentation, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations (including development
plans and objectives relating to the Company's products and services) are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could
cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forwardlooking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking
statements speak only as of the date of this presentation. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect
any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The Company cautions you that forward-looking statements are not
guarantees of future performance and that its actual financial position, business strategy, plans and objectives of management for future operations may differ materially from those made in or suggested by the forwardlooking statements contained in this presentation. In addition, even if the Company's financial position, business strategy, plans and objectives of management for future operations are consistent with the forward-looking
statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company does not undertake any obligation to review or confirm or to release
publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation. Past performance is not necessarily an indicator of future performance.
The information and opinions contained in this document are provided as of the date of this presentation and are subject to change without notice.
2/23
Our Company at a Glance
Established in 1953 and adopted REIC status in 2002
Emlak Konut, with its controlling shareholder TOKI, is the largest REIC in Turkey by market value,
property portfolio and size of land bank
Our business involves the purchase of land and the development, marketing and sale of residential
real estate in Turkey with a focus on the upper-middle and middle income housing markets
Emlak
Konut also develops mixed-use real estate projects that include both commercial and
residential units as well as public buildings
Emlak
(1)
Konut has vacant land area of ~9,2
mn sqm which has not yet been implemented a
project on, including the squaremeter of vast land purchasing in Arnavutköy region. Currently, the
(2)
total land area of ongoing projects covers ~3,1 mn sqm.
Between 2003 and 2014 (ytd), approximately 100.000 units have either been completed or under
construction
Since 2003, the aggregate tender worth based on agreements has been valued (3) TL ~35,07 bn
• Under Revenue Sharing Model TL ~33,10 bn
(including IFC)
• Under Turn- key Model TL ~1,97 bn
3/23
1 Company data as of December 31, 2014. Land area before the zoning plan application
2 Company data as of December 31, 2014
3 Calculated based on the initial Total Sales Revenues set in the tender
Amounts expressed inTurkish Lira (“TL”), unless otherwise stated
Our Company at a Glance (continued)
2014 Completed Tenders
Land Acquisition since 2003 (ytd)
 Zeytinburnu, Base value ~ 726 mn, The Highest Offer: ~ 1,57 bn
TOKİ
Priv. Administration
Third Parties
Total
Area (sqm)
14.000.339
75%
Value mnTL
9.745
85%
158.498
1.006
1%
9%
4.590.714
695
24%
6%
18.749.551
11.446
 Kayabaşı 4th Stage, Base value ~ 125 mn ,The Highest Offer: ~ 420 mn
 Hoşdere 3rd Stage, Base value ~ 64 mn ,The Highest Offer: ~157 mn
 Ankara Etimesgut, Base value ~ 37 mn ,The Highest Offer: 54 mn
 Kocaeli Derince, Base value ~ 70 mn ,The Highest Offer: ~ 83 mn
 Kartal Yakacık, Base value ~ 85 mn ,The Highest Offer: ~ 124 mn
2015 Completed Tenders
 Bahçelievler, Base value ~ 64 mn The Highest Offer: ~ 172 mn
Net Sales breakdown
6,76%
(31.12.2014)
Breakdown of tendered plots of land by project value (31.12.2014)
0,11%
1.348.438.922;
15%
Revenues from
RSM Projects
34,81%
58,32%
lndependent unit
sales and Turn-key
Initial CSTR of Ongoing RSM
Projects (Value, %)
Sales of vacant
land
Rental Income
4/23
The Agreement Value of
Ongoing Turn- Key Projects
(Value, %)
7.642.584.019;
85%
1 Including the recent protocols with TOKİ
Amounts expressed inTurkish Lira, unless otherwise stated(“TL”)
Complementary Business Models
Business Models
Revenue Sharing Model (“RSM”)
Turn- Key Project
TOKI, Emlak Bank1, third parties
TOKI, Emlak Bank1, third parties
Within the tender process held under the internal
regulations of Emlak, the contractor proposes a
revenue share ratio together with an estimate of the
total revenues the project will generate. The highest
bidder is awarded the project
Under turnkey project model (following the offer), more
stringent
financial
and
business
capability
requirements can be imposed on tender participants
with the aim of decreasing the risk of non-completion.
Contractor obligations
Whole process (financing to sale)
Construction
Financing
Contractor
Emlak Konut
Emlak’s obligations
Land, approval of design and technical control
Overall responsibility for project excluding
construction
Risk allocation
Mainly the contractor
Emlak Konut
Sales
Contractor and Emlak Konut
Emlak Konut
Revenues
Shared with contractor, minimum guaranteed to Emlak
Konut
Fully attributable to Emlak Konut
Sourcing of land
Tender process
5/23
1 capital in kind contribution in 2000
Source: Company data
Complementary Business Models (continued)
Revenue Sharing Model (“RSM”)
Turn- Key Project
Revenues
Revenues
 Minimum amount of revenues guaranteed to Emlak by contractor,
equal to, or higher than, the appraisal value of the land upon which
the project is developed, final revenue share ratio is pre-determined
at time of tender
Contractor obligations
 Revenues from sales of residential and commercial units fully
attributable to Emlak Konut
 Progress payments to the contractor based on the physical
development of the project
Selection of contractor
 Develops project, responsible for the whole process from financing
up to sale & pricing, subject to approval by Emlak Konut
 Technical control of construction by Emlak Konut
Risk allocation
 Selection of contractor via a public tender process pursuant to our
internal regulations.
Risk allocation
 Contractor assumes most of development and financing risks related
to the whole development process
 Emlak Konut takes limited financing and development risk, principally
land contribution to the project and possible unsold units
 Gives flexibility to Emlak Konut to pursue large-scale projects
 Emlak Konut bears all risks and responsibilities associated with the
financing, development and sales of the project
Overview of the revenue sharing model
Tender process
Revenue sharing
agreement
Project financing
by contractor
Design &construction
by contractor
Marketing by Emlak
and contractor
Sales & pricing by
Emlak and contractor
 Revenues derived from the sale of independent units are shared between Emlak Konut and the contractor according to a pre-agreed ratio
 Revenue share ratios for properties owned by Emlak Konut typically ranges from 16% to 55%
Overview of the public procurement model
Tender process
6/23
Financing by
Emlak
Design &construction
by Emlak
Marketing
Sales & pricing
Source: Company data
Added Value from RSM*
Completed Projects (mn TL)
Tendered Plots of Land (mn TL)
7.742
2,1x
2.898
1.949
1,94x
4.103
1,41x
3.997
1,48x
Base Value of land at
time of tender
Tender Value
Base Value of land at time of
tender
Recognized Value
Tender Value
Multiplier & Tendered Plots of Land with RSM
4,00
3
3,50
3,56
3,00
2,50
2,03
2,18
1,5
2,04
1,61
1
1,11
0,79
0,50
7/23
CSTR
2,41
1,00
0,00
2,5
Base Value of
Land at Time of
Tender
2
1,75
2,00
1,50
2,70
0,06 0,17
0,5
Multiplier
0
2012 and pre-2012
2013
2014
2015
Source: Company data
* Please note that, the past performance is not necessarily an indicator of future performance.
CSTR: Company Share in Total Revenue
Focused on Regions with its Favourable Market Dynamics
Key Catalysts for Future Growth in İstanbul
•
•
•
•
•
Possible Future Infrastructure Projects
•
•
•
•
Marmaray Project (opened 29th October 2013)
Population Growth
Inbound migration
New City Project
Urban redevelopment project
New Airport
Kanal İstanbul Project
Eurasia Tunnel projects
Third Bridge
Arnavutköy
Zekeriyaköy
Location of
Third Bridge
Sultangazi
Başakşehir
Şişli
Gaziosmanpaşa
Büyükçekmece
İstinye
Ümraniye
Fatih
Küçükçekmece
Avcılar
Esenyurt
Maltepe
Kartal
New City Area
8/23
Current Land Bank
Tuzla
Main Areas of Operation
Source: Company data
The Real Estate Sector in Turkey
Mortgage Credits and Mortgage Credits/ GDP ⁽²⁾
Residential unit sales – Turkey and İstanbul (in thousands) ⁽¹⁾
1157
607
555
708
1165
702
427
104
2008
141
2009
154
2010
Turkey
167
169
2011
2012
235
2013
225
2014
Istanbul
Average Interest Rates on Housing Credit ⁽³⁾ (Flow- Percent)
17,6
18,2
18,3
18,6
15,6
2005
2006
2007
2008
2009
11
11,6
2010
2011
12,4
11,9
9,7
2012
2013
2014
Housing Credits
9/23
1 Turkstat
2 CBRT, Financial Stability Report, May
3 CBRT
Independent Unit Sales
Yearly Basis (Units)
15095
12417
7712
3817
2005
2834
2006
4206
3949
10032
8971
4820
1346
2007
2008
2009
2010
2011
2012
2013
2014
Feb'15
Total Sales Revenue (TL) in thousands
5.765.780
5.211.529
3.192.443 3.342.481
2.080.791
840.307
797.921
2005
2006
10/23
1.079.850 1.021.691 1.250.876
2007
2008
2009
833.336
2010
2011
2012
2013
2014
Feb'15
Source: Company data
Amounts expressed in thousands Turkish Lira (“TL”)
Sites
(As of 31.12.2014)
Site Area (sqm)
Appraisal Value (TL)
2.394.858;
26%
1.359.351.206;
26%
İstanbul
298.692.566;
6%
1.207.475;
13%
Total Site Area:
9.198.027
İstanbul
Ankara
Ankara
Other
5.595.693;
61%
3.578.504.996;
68%
Other
Buildings
(As of 31.12.2014)
11/23
Number of units in stock
Appraisal Value
(TL)
85
100.106.155
Source: Company data
Total Appraisal
Value:
5.236.548.769
Tendered Plots of Land- RSM
Number of
ongoing RSM
Model Projects
Book Value
(TL)
Company Share
in Total Revenue
(TL)
Total Number of
Units
Number of Units
Sold
28*
3.273.170.720
7.771.499.208
31.191
19.803
Tendered Plots of Land- Turn Key
12/23
Number of
ongoing Turnkey
Model Projects
Book Value +
Progress
Payments
(TL)
12
959.961.040
Total Number of
Units
Number of Units
Sold
8688
6260
Source: Company data
* Including IFC
Financial Summary
Total Assets
Equity
14.953,5
16000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
13.471,0
14000
12000
10000
7.698,9
8000
6000
8.578,9
4.671,3
4000
2000
0
2009 YE
2011 YE
2012 YE
2013 YE
2014 YE
8.353,6
3.987,5
8.751,3
4.392,3
2.094,5
2009 YE
2011 YE
2012 YE
2013 YE
2014 YE
Key Financials
in TL mn
2007
2008
2009
2010
2011
2012
2013
2014
Net sales
1.111,3
1.044,6
864,9
1.497,9
716,6
1.004,6
2.331,1
1.804,5
234,2
563,7
476,9
646,0
255,1
529,8
1.004,4
749,0
EBITDA margin(%)2
21,1
54,0
55,1
43,1
35,6
52,7
43,1
41,5
Profit for the period
367,5
526,9
445,9
554,3
228,3
523,4
1.060,5
954,4
Total assets
3.768,6
4.372,0
4.671,3
7.434,7
7.698,9
8.578,9
13.471,0
14.953,4
Shareholder’s equity
1.121,7
1.648,6
2.094,5
3.934,7
3.987,5
4.392,3
8.353,6
8.751,3
EBITDA1
13/23
Source: Company Financial Statements
Amounts expressed in millionsTurkish Lira (“TL”)
1 EBITDA = Profit before tax + Financial expenses - Financial income + Depreciation of investment property + Depreciation and amortization.
The company had other operating expenses related to HAS payments amounting to TL 574.7 mn in 2007 and TL 33.0 mn in 2008
2 EBITDA margin calculated as EBITDA / Net sales
Balance Sheet
ASSETS
Notes
Current Assets
31 December 2014 31 December 2013
4.803.784
236.798
644.605
6
1.133.473
661.101
26
-
57
1.133.473
661.044
7
469.559
504.137
26
26.499
6.575
443.060
479.562
740.200
440.266
11.544
6.644
252.365
152.541
9.503.414
6.257.904
1.220.622
1.080.313
Other receivables from other parties
Land and residential unit inventories
8
Prepaid Expenses
Other current assets
14
Non-current assets
175.635
607.765
3.038.081
94.629
2.693
91.936
25.533
490.322
605.352
594.000
-
Trade payables to other parties
434.000
36.192
36.192
Other payables to other parties
15.130
15.130
7.204
7.204
1.952
3.048
1.797
2.351
8.751.284
8.353.608
3.800.000
3.800.000
(240.687)
(139.307)
2.366.895
2.366.895
Accumulated other comprehensive income/expense
unclassified within profit or loss
(203)
147
Gain/(loss) on revaluation and remeasurement
(203)
147
Short term borrowings
Short term parts of long term borrowings
Trade payables
Trade payables to related parties
Trade payables to other parties
Other payables
Other payables to related parties
Other payables to other parties
Deferred income
Short term provisions
Short term provisions for employee benefits
Other short term provisions
Other current liabilities
2.606.132
Other receivables from related parties
515
171.757
1.376.240
558.203
818.037
515.425
515.425
3.527.704
120.238
3.609
116.629
-
Current liabilities
4
Other receivables
4.512.022
7.213.078
3
Trade receivables from other parties
5.711.879
5.450.071
Financial assets
Trade receivables from related parties
31 December 2013
Audited
Audited*
Cash and cash equivalents
Trade receivables
31 December 2014
Audited
LIABILITIES AND EQUITY
Audited
6
Trade receivables from other parties
1.220.622
1.080.313
Other receivables
7
166
171
Land and residential unit inventories
8
8.243.895
5.168.696
5
6
26
7
15
13
12
14
Non-current liabilities
Long term borrowings
Trade receivables
Notes
5
Trade payables
Other payables
Deferred income
Long term provision for employee benefits
15
13
Shareholder's equity
Paid- in capital
16
Treasury shares (-)
Investment property
Property, plant and equipment
9
10
847
35.897
1.169
5.485
Share premiums/ discounts
Total Assets
11
1.987
14.953.485
14/23
2.070
13.470.982
-
292.674
203.386
1.061.950
Current Period Profit
1.578.208
954.397
Total liabilities and equity
14.953.485
13.470.982
Legal reserves
Intangible assets
16
607.765
570.379
18
570.361
Retained Earnings
1.060.537
Amounts expressed in thousands Turkish Lira (“TL”)
* See Note 2.3.
Income Statement
Notes
31 December 2014
Audited
31 December 2013
Audited
Net Sales
17
1.804.523
2.331.138
Cost of Sales
17
(1.032.812)
(1.311.319)
771.711
1.019.819
Gross Profit
General administrative expenses
18
(89.653)
(68.175)
Marketing, sales and distribution expenses
18
(22.581)
(44.117)
Other operating income
20
170.957
138.240
Other operating expenses
20
(81.387)
(41.377)
749.047
1.004.390
15.825
36.741
764.872
1.041.131
Operating profit
Income from investment activities
21
Profit/ (loss) before financial income/ financial expenses
Financial Income
22
253.658
84.094
Financial Expenses
23
(64.133)
(64.688)
954.397
1.060.537
-
⁻
954.397
1.060.537
(350)
147
954.047
1.060.684
0,0025
0,0039
Profit/(loss) before income tax
Tax expense from continuing operations
Profit/(loss) for the period
Other comprehensive income
Remeasurement of employee termination benefits
Total comprehensive income for the period
Earnings/loss per share(in full TL)
25
15/23
Amounts expressed in thousands Turkish Lira (“TL”)
Attachments
Line City/District
Details
Appraisal Value(¨)
Ankara/Balı Kuyumcu
91 Parcels
1.919.107
273.036.259
2
Ankara/ Çankaya
3 Parcels
525
0
560.000
3
Ankara/ Çankaya
2 Parcels
300.000
325.319.500
328.314.175
4
Ankara/ Çankaya
1 Parcel
50.750
95.164.836
95.156.250
5
Ankara/ Yenimahalle
1 Parcel
124.476
622.000.000
622.000.000
313.320.781
2.394.858
1.315.520.596
1.359.351.206
6
İstanbul/Arnavutköy
14 Parcels
3.645.528
333.309.400
375.915.000
7
İstanbul/Ataşehir
13 Parcels
21.628
12.660
35.771.637
8
İstanbul/Ataşehir
1 Parcel
1.788
7.295.040
7.152.000
9
İstanbul/Avcı lar
10 Parcels
239.915
277.149.128
341.879.516
10
İstanbul/Bahçelievler
1 Parcel
36.332
66.208.902
67.214.829
11
İstanbul/Başakşehir
16 Parcels
277.090
60.366.144
76.938.700
12
İstanbul/Başakşehir
36 Parcels
139.393
104.375.344
125.171.310
13
İstanbul/Başakşehir
14 Parcels
161.693
90.878.592
119.191.604
14
İstanbul/Başakşehir
9 Parcels
547.301
381.248.696
381.745.000
15
İstanbul/Beşiktaş
1 Parcel
1.298
296.674
3.895.000
16
İstanbul/Büyükçekmece
1 Parcel
78
1
15.000
17
İstanbul/Esenyurt
8 Parcels
149.533
119.879.172
140.685.000
18
İstanbul/Maltepe
48 Parcels
122.977
688.673.664
688.673.664
19
İstanbul/Kartal
5 Parcels
10.021
20.015.723
21.191.627
20
İstanbul/Kartal
13 Parcels
63.249
112.267.383
113.577.564
21
İstanbul/Sarıyer
6 Parcels
158.498
1.005.627.000
1.062.270.000
22
İstanbul/Şişli
1 Parcel
23
50
134.000
23
İstanbul/T uzla
4 Parcels
1.288
0
418.545
24
İstanbul/Ümraniye
4 Plots of Land
17.068
1.840.000
16.020.000
25
İstanbul/Zekeriyaköy
1 Parcel
992
1.823.540
645.000
Sub-Total for İstanbul (Land Area, Cost, Appraisal Value by Region)
5.595.693
3.271.267.112
3.578.504.996
26
Balıkesir/Merkez
2 Parcels
50.000
44.001.331
44.000.000
27
Bursa/Osmangazi
4 Parcels
54.745
27.313.339
27.309.349
28
Eskişehir/Odunpazarı
1 Parcel
23.942
4.909.149
4.908.057
29
İzmir/Karşı yaka
1 Parcel
2.787
0
865.000
30
İzmir/Konak
1 Parcel
6.810
734.812
9.195.000
31
İzmir/Urla
1 Parcel
368.343
19.536.918
20.260.000
32
Kastamonu
2 Plots of Land
10.263
66.867
62.000
33
Kocaeli/Gebze
49 Parcels
187.979
44.601.814
48.874.462
34
Kocaeli/Körfez
5 Parcels
28.577
3.254.520
9.758.698
35
T ekirdağ/Çorlu
8 Parcels
102.795
15.748.238
37.545.000
36
T ekirdağ/Kapaklı
17 Parcels
Sub-Total for Land Stock out of 2 Major Cities (Area, Cost, Appraisal Value)
TOTAL
16/23
Cost of Purchase (¨)
1
Sub-Total for Ankara (Land Area, Cost, Appraisal Value by Region)
APPRAISAL
SUMMARY TABLE –
SITES (31.12.2014)
Site Area (sqm)
371.236
8.247.942
95.915.000
1.207.475
168.414.929
298.692.566
9.198.027
4.755.202.637
5.236.548.769
Source: Company portfolio table
Attachments
TENDERED LANDONGOING RSM
PROJECTS TABLE
(31.12.2014)
Line
City/ Location
RSM Name
Book Value (¨ )
Company Share in
Total Rev enue (¨ )
Total Number of Units
# of Units
Sold
1
İstanbul/ Ataşehir
Sarphan Finans Park
11.854.794
181.237.393
937
587
2
İstanbul/ Aydıntepe
Evora İstanbul Marmara
25.504.013
88.826.441
2682
2276
3
İstanbul/ Aydıntepe
Evora İstanbul
19.146.801
72.034.128
2397
2181
4
İstanbul/ Mecidiyeköy
Kuasar İstanbul
230.118.122
467.638.254
344
344
5
İstanbul/ Sultangazi
Batisehir
144.871.466
185.301.906
3444
2250
6
İstanbul/ Halkalı
Dumankaya Miks
27.862.312
82.502.500
736
541
7
İstanbul/ Ataşehir
Metropol İstanbul
246.165.569
500.971.500
2177
996
8
İstanbul/ Ispartakule
Unikonut
20.835.322
31.466.972
374
265
5214
3390
1910
1796
9
İstanbul/ Ayazağa
Maslak 1453 İstanbul
549.415.000
1.371.134.408
10
İstanbul/ Ayazma
Bahçetepe İstanbul
28.985.845
99.728.437
7.131.241
190.231.000
362
288
62.430.239
105.600.000
448 (1 )
448
11
İstanbul/ Ataşehir
Nidakule Ataşehir
12
İstanbul/ Gaziosmanpaşa
Avrupa Konutları TEM 2
13
İstanbul/ Kayabaşı 2nd Stage
Seyranşehir
23.295.550
51.520.000
284
168
14
İstanbul/ Fatih (Yedikule)*
-
65.645.744
105.968.270
N/A
not on sale
15
İstanbul/ Hoşdere 2nd Stage
Bahçekent Flora
47.064.238
80.832.000
1219 (1 )
481
16
İstanbul/ Avcılar (Kapadık)
Göl Panorama Evleri
79.298.587
148.400.000
1471
297
17
İstanbul/ Kartal
İstmarina
186.694.277
534.000.000
1722
1064
1745
1334
688 (1 )
386
18
İstanbul/ Ayazma
Bulvar İstanbul
107.553.273
202.440.000
19
İstanbul/ Kayabaşı 3rd Stage
Evvel İstanbul
88.794.096
188.760.000
20
İstanbul/ Zekeriyaköy
Köy
224.208.734
475.687.500
21
İstanbul/ Kayabaşı 4th Stage
Park Mavera
115.513.251
420.000.000
1004 (1 )
611
22
İstanbul/ Hoşdere 3rd Stage*
Avrupark
60.372.388
156.520.000
N/A
not on sale
23
İstanbul/ Zeytinburnu*
-
640.003.674
1.568.800.000
N/A
not on sale
156
1
N/A
not on sale
488
(1 )
99
24
Ankara/ Etimesgut
Sofaloca
37.287.612
54.000.000
25
Kocaeli/ Derince*
-
70.001.245
83.198.500
26
İstanbul/ Kartal*
-
86.919.135
123.900.000
N/A
not on sale
***
İstanbul/ Ataşehir
IFC
0
29.200.000
1389
-
3.206.972.526
7.599.899.208
31.191
19.803
66.208.902
171.600.000
N/A
not on sale
TOTAL
Following 31st December 2014
27
17/23
Bahçeliev ler/ Yenibosna*
The agreement has not
been signed y et.
Source: Company portfolio table
* The projects which are marked have already been tendered but still wait for the construction permits.
(1) The number of units may increase following getting construction permits for whole project.
Attachments
Line City/ Location
TENDERED LANDONGOING T-K
PROJECTS TABLE
(31.12.2014)
Book Value + Progress
Payments (¨)
Total Number of
Units
# of Units Sold
1
Kocaeli/ Körf ez
Körf ezkent 3rd Stage
89.340.663
875
833
2
İstanbul/ Ataşehir
Headquarters Of f ice Building
23.898.853
-
-
3
İstanbul/ Hoşdere
Bahçekent Emlak Konutları 1
86.729.865
682
681
4
İstanbul/ Hoşdere
Bahçekent Emlak Konutları 2
106.261.410
824
824
5
İstanbul/ Hoşdere
Bahçekent Emlak Konutları 3
54.167.144
282
not on sale
6
İstanbul/ Başakşehir
Emlak Konut Başakşehir Ev leri 1
138.577.376
1099
1082
7
İstanbul/ Başakşehir
Emlak Konut Başakşehir Ev leri 2
62.740.489
456
423
8
İstanbul/ Başakşehir
Emlak Konut Başakşehir Ev leri 3
80.624.067
510
504
9
İstanbul/ Başakşehir
Emlak Konut Başakşehir Ev leri 4
92.361.445
608
585
10
İstanbul/ Esenler
Esenler Urban Transf ormation Project
114.162.503
989
61
11
İstanbul/ Ay azma*
Ay azma Emlak Konutları
96.673.876
1239
1186
12
Kocaeli/ Körf ez
Körf ezkent 4th Stage
14.423.349
1124
81
959.961.040
8688
6260
TOTAL
18/23
Turn-key Name
Source: Company portfolio table
* Ayazma Project has not been tendered yet.
Attachments
Line City/District
APPRAISAL
SUMMARY TABLE –
BUILDINGS (31.12.2014)
Project Name
1
İstanbul/Ataşehir
Commercial Unit
Ataşehir, Headquarters
Office Building
2
İstanbul/ Başakşehir
İkitelli Quarter
3
İstanbul/ Ataşehir
4
(sqm)
# of
units in
Stock
Cost of
Purchase (¨)
Appraisal
Value(¨)
2.513
1
3.254.394
15.060.000
Spradon Quartz
436
5
1.760.094
1.141.700
Independent Units
Varyap Meridian
138
2
805.413
858.600
Kırklareli/ Lüleburgaz
Independent Unit
Lüleburgaz Çarşı
1.188
1
1.208.400
1.220.000
5
İstanbul/ Avcılar
Ispartakule 3rd Region
1stanbul
4.060
25
10.906.318
11.874.600
6
İstanbul/ Tuzla
Tuzla Emlak Konutları 1
Tuzla 1
125
1
113.447
200.000
7
İstanbul/ Ataşehir
Independent Units
My Towerland
336
3
3.752.000
4.448.600
8
İzmir/Karşıyaka
Independent Unit
Parkyaşam Mavişehir
345
1
1.738.800
1.745.000
9
İzmir/Karşıyaka
Şemikler Village
Emlak Konut Mavişehir
Evleri
720
6
708.573
2.205.000
10
Ankara/ Çankaya
Independent Units
Next Level
989
4
7.643.844
7.000.000
11
İzmit/ Körfez
Independent Unit
Körfezkent 1
87
1
86.139
85.000
12
İstanbul/ Sultanbeyli
Independent Units
Sultanbeyli Emlak Konutları
866
7
1.044.407
1.595.955
13
İstanbul/ Burhaniye
Independent Units
Şehrizar Konakları
6.942
24
51.334.513
51.851.700
14
Kırklareli/ Lüleburgaz
Independent Unit
Burgazkent
151
1
130.743
130.000
15
İzmit/ Gebze
Independent Units
Gebze 1
299
2
326.401
295.000
16
İzmir/ Şemikler
Independent Units
Emlak Konut Pelikan Sitesi
139
1
361.386
395.000
19.336
85
85.174.872
100.106.155
TOTAL
19/23
Details
Source: Company portfolio table
Attachments
Line City/District
LATEST LAND
ACQUIREMENTS
FROM TOKİ (dated 05.03.2015)
Site Area (sqm)
Cost of Purchase (¨)
Appraisal Value(¨)
1
İstanbul/ Bağcı lar
1 Parcel
532
903.890
903.890
2
İstanbul/ Başakşehir
2 Parcels
85.963
130.384.755
130.384.755
3
İstanbul/ Kağı thane
1 Parcel
46.400
29.928.000
29.928.000
4
İstanbul/ Üsküdar
2 Parcels
17.237
85.003.711
85.003.711
5
İstanbul/ Tuzla
1 Parcel
10.998
20.016.360
20.016.360
6
İstanbul/ Ataşehir
1 Parcel
10.160
40.132.000
40.132.000
7
İstanbul/ Bakı rköy
1 Parcel
5.250
30.003.750
30.003.750
8
İstanbul/ Zeytinburnu
30 Parcels
102.760
400.005.636
400.005.636
9
İstanbul/ Kağı thane
52 Parcels
36.765
115.953.466
115.953.466
10
İstanbul/ Şile
2 Parcels
34.590
12.034.200
12.034.200
11
Yalova/ Çiftlikköy
4 Parcels
1.455.000
178.340.000
178.340.000
12
Niğde/ Merkez
1 Parcel
27.769
20.271.604
20.271.604
13
Nevşehir/ Merkez
1 Parcel
31.084
69.939.000
69.939.000
14
Denizli/ Merkez
9 Parcels
95.294
74.738.419
74.738.419
15
Konya/ Meram
2 Parcels
60.675
85.000.000
85.000.000
2.020.479
1.292.654.791
1.292.654.791
TOTAL
20/23
Details
Attachments
COMPLETED RSM
PROJECTS TABLE
(“Provisional Acceptance“ approved completely )
Line
Project Name
Base Value of Land at
Time of Tender (¨)
CSTR (¨)
AT THE END OF THE
PROJECT (¨)
1
ATAŞEHİR RESIDENCE
3.519.000
10.255.000
32,53
18.181.734
2
KENTPLUS ATAŞEHİR
72.748.200
131.100.000
33,61
179.475.009
3
IDEALISTKENT
36.600.740
38.100.000
31,75
96.143.402
4
AVRUPA TEM KONUTLARI
162.344.327
186.000.000
30,00
216.075.517
5
KÖRFEZKENT STAGE 1
11.380.501
15.253.903
16,00
17.260.313
6
UPHILL COURT ATAŞEHİR
57.076.350
136.400.000
34,10
207.875.855
7
MY WORLD ATAŞEHİR
127.236.476
311.850.000
38,50
531.870.815
8
SOYAK MAVİŞEHİR
43.600.000
51.600.000
24,00
94.915.970
9
NOVUS RESIDENCE
16.408.600
57.750.000
55,00
115.760.305
10
MISSTANBUL
56.779.661
112.050.000
41,50
157.780.977
11
KENTPLUS MİMARSİNAN
9.732.640
42.120.000
35,10
54.717.096
12
EMLAK KONUT PELİKAN PROJECT
20.849.150
67.515.000
38,58
87.123.867
13
ÇERKEZKÖY DREAMCITY
3.990.647
10.065.000
30,50
13.624.442
14
BİZİMEVLER 2
48.686.587
48.750.000
33,00
54.270.185
15
ERGENE VALLEY
23.935.426
31.000.000
25,00
42.405.496
16
SPRADON QUARTZ
75.291.059
88.520.000
41,00
131.118.805
17
MAVİŞEHİR MODERN
25.145.000
27.001.000
31,00
29.434.971
18
MERKEZ KAYAŞEHİR
29.440.000
32.000.000
32.00
40.273.717
19
ELITE CITY
54.896.071
56.000.000
35.00
71.317.909
20
MY WORLD EUROPE
179.089.192
228.018.000
30,50
305.449.312
21
PARKYAŞAM MAVİŞEHİR
51.186.000
60.000.000
25,00
76.168.663
22
AVRUPA KONUTLARI ATAKENT 3
240.000.000
264.000.000
30,00
279.524.564
23
SPRADON VADİ
50.291.820
50.310.000
26,00
61.770.244
24
BULVAR 216 *
10.860.000
52.200.000
36,00
56.880.000
25
1STANBUL
102.555.962
105.000.000
30,00
154.434.905
26
ŞEHRİZAR KONAKLARI
105.535.000
137.700.000
50,00
225.371.578
27
VARYAP MERIDIAN
214.793.710
338.189.000
44,15
446.569.757
28
MY TOWERLAND
42.000.000
107.019.000
47,00
234.766.505
29
SOYAK PARK APARTS/ EVOSTAR
72.904.525
102.312.000
26,10
102.312.000
1.948.876.644
2.898.077.903
TOTAL
The Weighted Average of Company Revenue Share Ratio (%)
21/23
CRSR(%)
4.102.873.913
34,35
Source: Company data
*Bulvar 216 Project has been completely sold with its current status.
Attachments
Line
Project Name
1
KUASAR İSTANBUL (LIQEUR FACTORY)
2
SARPHAN FINANS PARK
3
4
(Figures based on the agreemets)
CRSR(%)
Multiplier Effect for
Each Project
375.337.542
50,00
1,58
51.786.200
61.500.000
37,50
1,19
BATISEHIR
351.665.405
424.000.000
32,00
1,21
METROPOL ISTANBUL
290.998.144
500.971.500
43,15
1,72
5
AĞAOĞLU MASLAK 1453 İSTANBUL
604.940.000
1.153.750.000
35,50
1,91
6
EVORA ISTANBUL
47.815.045
163.903.000
32,65
3,43
7
EVORA ISTANBUL MARMARA
49.868.323
153.600.000
32,00
3,08
8
DUMANKAYA MIKS
37.590.590
82.502.500
30,50
2,19
9
BAHÇETEPE İSTANBUL
110.649.748
165.100.000
26,00
1,49
10
KÖY
252.910.000
475.687.500
32,25
1,88
2.035.709.278
3.556.352.042 Average Multiplier
1,75
11
ISTMARİNA
214.045.000
534.000.000
40,00
2,49
12
BULVAR İSTANBUL
128.386.000
202.440.000
28,00
1,58
13
NİDAKULE ATAŞEHİR
63.551.681
190.231.000
36,20
1,58
14
AVRUPA KONUTLARI TEM 2
61.800.000
105.600.000
30,00
1,71
15
BAHÇEŞEHİR GÖL PANORAMA EVLERİ
80.810.000
148.400.000
28,00
1,84
16
FATIH YEDIKULE *
67.915.000
105.968.270
35,01
1,84
17
SEYRANŞEHİR
23.170.000
51.520.000
28,00
2,22
18
EVVEL İSTANBUL
97.500.000
188.760.000
26,00
1,94
19
BAHÇEKENT FLORA
55.245.000
80.832.000
25,26
1,46
Sub-total for the year of 2013
792.422.681
1.607.751.270 Average Multiplier
2,03
20
ZEYTİNBURNU, KAZLIÇEŞME *
725.700.000
1.568.800.000
37,00
2,16
21
PARK MAVERA
124.615.000
420.000.000
30,00
3,37
22
AVRUPARK *
63.698.214
156.520.000
26,00
2,46
23
SOFALOCA
36.547.140
54.000.000
30,00
1,48
24
KOCAELİ, DERİNCE *
70.000.000
83.198.500
21,61
1,19
25
KARTAL, YAKACIK*
85.030.299
123.900.000
29,50
1,46
Sub-total for the year of 2014
26
BAHÇELİEVLER YENİBOSNA *
Sub-total for the year of 2015
TOTAL
22/23
CSTR (¨)
237.485.823
Sub- total for the year of 2012 and pre-2012
ONGOING RSM
PROJECTS TABLE
Base Value of Land at
time of Tender (¨)
1.105.590.653
63.564.095
63.564.095
3.997.286.707
2.406.418.500 Average Multiplier
171.600.000
2,18
39,00
2,70
171.600.000 Average Multiplier
2,70
7.742.121.812 Multiplier Effect
1,94
Source: Company data
* The construction permits of marked projects have not been obtained yet.
CSTR: Company share in total revenue CRSR: Company revenue share ratio
Members of the Board of Directors
Presence in Board in
behalf of the Shareholder
First elected to
position
Civil Engineer
TOKI
2005
Vice Chairman
Civil Engineer
Independent
2014
Murat KURUM
Member, GM
Civil Engineer
TOKI
2009
Mehmet Ali KAHRAMAN
Member
City and Regional Planner
TOKI
2011
Aliseydi KARAOĞLU
Member
Director of TOKI Istanbul Branch
TOKI
2011
Veysel EKMEN
Member
Public Accountant
Independent
2011
Havvanur YURTSEVER
Member
Lawyer
Independent
2014
Name
Duty
Profession
Ertan YETİM
Chairman
Ertan KELEŞ
23/23
Source: Company data