anel elektrik

Investor Presentation
May 2013
Anel Group Overview
Our Vision & Mission
Entrepreneurial,
Innovative &
Leading Structure
1
Team Spirit
2
5
3
Reliability
4
Solution Focused
Work Ethic
Value Adding
Engineering
Our Vision
To be a market leading institution that
provides a reliable service, both
internationally and domestically,
with its innovative, technological and
engineering capabilities while creating
added value both for Turkey and its
business partners.
Our Mission
To be a leading company in
development and
implementation of
technological solutions on
6
Respect to
People & Nature
a global scale.
1
Leading Engineering and Technology Group
Group Highlights

23 Companies & 2 Participations

2 BIST Listed Companies:
ANELE TI & ANELT TI
ANELE TI in BIST 100 Index

2.216 Employees
Anel Elektrik Highlights

Established in 1986

10 airports experience with more
than 2mn sqm

100% Domestic Capital

Ranked 224th largest Company in
Fortune 500 Turkey List
Recognised International Operations
Anel Companies
2
ANEL Group Key Milestones
2011
KIOTO JV – AVEK Solar
Wyndham Hotel Istanbul
Shangri - La Istanbul
Hamad Medical City
1986 Anel Elektrik established
Marmaray Railway Tube Tunnel
1991 Hurriyet Newspaper HQ
1999 First terminal project in Turkey:
Istanbul Ataturk Airport
Ford Otosan Plant
CP77 in New Doha Int’l Airport
2000 40 Turkcell Operation centers
2005 AnelTech IPO
Ankara Esenboga Airport Project
2007 Qatar New Doha Int’l Airport
Qatar Convention Center
Turkcell Kartal Building
Marmaray CR1 Project
Mecca Railway Station
2012
CP110 in New Doha Int’l Airport
2003 AnelTech established
Ford Otosan Golcuk Facilities
Eczacıbaşı Ormanada – Residential Project
BP HQ Building in Baku
2004 First international terminal project:
Annex works in New Doha Int’l Airport
Cairo Airport Terminal Building
2013
2006 Izmir Adnan Menderes Airport
Istanbul Four Seasons Hotel
Is REIT Tuzla Trade Center
Int’l Abu Dhabi Airport New Terminal Building*
2008 Marmaray Station Project
AnelTech acquired Selectron-Turkey
Bayrampaşa Forum Mall
2009 Libya Tripoli Airport Project
The first solar power plant in Cyprus
2010 Marmara Forum Mall
Anel Elektrik IPO
*Take a Letter of İntend
3
Major Strategic Relationships
Contracting
Energy
Electronics &
Telecom.
Construction
AVEK SOLAR
Construction
Consolidated
Construction Company
global engineering
design firm
4
Human Resources Profile
Number of Employees
3.065
2.430
1.964
2.216
1.828


2009
2010
2011
2012
Executive team - 30 years of
average industry experience
An agile team of 350 engineers,
687 technicians
1Q2013
Employee breakdown by segment*
Electronic
11%
Contracting
76%
Other
12%
*As of 31.03.2013
Energy
1%
White
Collar
27%
Blue
Collar
73%
5
Corporate Social Responsibility
On our way to become a Model Corporate Citizen
via our “Educational Support Programs”

Founded in 2007

Form educational facilities &
institutions at every level

Constructed Celikel Anatolian High
School

450 scholars, many of whom are
studying at university

Multilateral Creative Development
Program

Social Solidarity Projects
“ The true inspiration in life is
derived through exact sciences.”
M. Kemal Atatürk
6
Anel Elektrik
Anel Elektrik Business Segments
1



Contracting
Anel Elektrik & Anel Mekanik
 Electric and Mechanic contracting
operations, management and
maintenance services
 Airports
 Shopping Centers
 Hotels
 Business Centers
 Hospitals
 Industrial Facilities
 Infrastructure
 Cooperation with well-known
contracting firms
 TAV, Bechtel, Marubeni, Taisei
Anel Marin
 Marine Electric & Electronics
contracting
Anel Mep
 Qatar–based corporate
maintenance services
 MEP works
2

Energy
Anel Enerji



Turn-key solar power plant
projects
Solar power plant
maintenance,
design,implementation and
operation
Produce PV solar panels
with IEC 61215 certificate
via AVEK JV
3

Electronic
Prod. &
Services
4
Real Estate
Anel Yapı

Real Estate portfolio with
rental income

Anel Business Center

Other Offices

Anel Tech

Telecommunication
services & consumer
electronics

System integration

Fixed & mobile telco

Defense

Professional electronics

Information
technologies

Rail Systems

SCADA Systems
7
Contracting
C o n t r a c t i n g
9
C o n t r a c t i n g
Strategy
•
Precision in defining our operational standards and business ethics
•
Capitalizing on our well-established relationships with globally reputable contractors
•
Performing on-time and economically, without compromising our quality standards
•
Pursuing operational diversification in the contracting sector
Target
•
To become a global player in the contracting business
10
Geographical Diversification
Libya
Egypt
C o n t r a c t i n g
Russia
Azerbaijan
Ukraine
Turkey
Georgia
Saudi Arabia
Bulgaria
United Arab Emirates
Jordan
Qatar
•
Operations in 12 countries in 3 continents since its foundation
•
Projects currently taking place in 6 countries
•
Targeting to expand our footprint by evaluating projects in 15 markets
11
Major Completed Projects
AIRPORTS
Istanbul Ataturk International (with extentions)
Doha International / Qatar
Cairo Airport Terminal Building 3 / Egypt
Ankara Esenboga Domestic & International
Izmir Adnan Menderes International
Erzincan Airport
Tbilisi & Batumi Airports
Total Size
OTHERS
Kuyumcukent Jewellery & Gold Center
Izmir Hippodrome Outdoor Lighting
Marmara Forum Mall
Ford Otosan Golcuk Facilities
Bayrampaşa Forum Mall
Qatar Congress Center / Qatar
Turkcell Operation Centers at 40 points
Bosch-Rexroth
King’s Academy / Jordan
Total Size
Completion Date
1999/2004/2005/2010
2012
2008
2008
2007
2010
2007
2010
2007
2011
2006
2009
2010
2002
2009
2006
C o n t r a c t i n g
Project Size (sqm)
495.000
450.000
220.000
180.000
110.000
65.000
27.500
1.547.500
550.000
550.000
350.000
300.000
300.000
120.000
115.000
87.000
66.000
2.438.000
12
Well-Established Relationships
Cairo Airport / Egypt
Tbilisi&Batumi Airports / Georgia
Ankara, Istanbul & Izmir Airports
N. Doha Int’l Airport / Qatar
Tripoli Airport*/ Libya
International Abu Dhabi Airport/ UAE
N. Doha Int’l Airport / Qatar
Biological Lab / Georgia
BP HQ Building / Baku
Consolidated Construction
Company
International Abu Dhabi Airport
Hamad Medical City/Qatar
Mecca Railway Station
King Hussein Military Academy / Jordan
King Hussein Cancer Hospital / Jordan
Court of Accounts Building / Russia
Demirbank HQ / Istanbul
New Doha Airport / Qatar
Marmaray Railway Tube Tunnel / Istanbul
Marmara Forum Mall
Bayrampasa Forum Mall
C o n t r a c t i n g
CR-1 Marmaray Train Stations/Istanbul
Ras Gas Raslafan/Qatar
Consolidated Construction
Company
Construction
Tripoli Airport* / Libya
* Suspended due to political uprising
13
Current Backlog Overview*
D
O
M
E
S
T
I
C
Project
Client
Location
Size
Backlog
Marmaray Railway Tube Tunnel
Taisei
İstanbul
62,13
37,48
Tuzla Trade Center (IS REIT)
KORAY
istanbul
55,93
55,93
Eczacıbaşı Ormanada (Residential New Living Project)
KORAY
İstanbul
11,99
6,52
Shangri La Istanbul Hotel
Ege Yapı
İstanbul
16,73
0,61
Ford Otosan Factory
ARK Insaat
Kocaeli
7,16
4,53
Wyndham Hotel
Kılıcbey Insaat
İstanbul
9,14
1,23
Macka Hotel
Demsa
İstanbul
4,29
3,80
Maslak Business Center & Mall
BAY
İstanbul
4,14
3,21
Garanti Bank Technology Campus
KORAY
İstanbul
1,59
1,18
Other
-
11,14
6,96
184,22
121,46
TOTAL US$ mn
I
N
T
'
L
C o n t r a c t i n g
International Abu Dhabi Airport-New Terminal Building
TAV-CCC-ArabTec
UAE
287,00
287,00
New Doha International Airport CP18 -CP29
Taisei-TAV-SKY Oryx JV
Qatar
420,80
7,60
New Doha International Airport CP110
QIT IMAR Alec Fit Out JV
Qatar
24,30
22,75
New Doha International Airport CP99
SixConstruct-Midmac JV
Qatar
9,48
9,32
Mariott Hotel-Sochi
KORAY
Russia
24,20
24,20
Mecca Railway Station (AnelKSA)
Saudi Bin Ladin
S.Arabia
35,50
35,50
Hamad Medical City – Doha
Hyundai
Qatar
21,98
8,99
BP HQ Building - Baku
Lindner LLC
Azerbaijan
18,18
3,31
Other
-
20,96
19,69
862,40
418,37
1.046,62
539,83
TOTAL US$ mn
TOTAL
*Progress payments realized as of 31.03.2013 are deducted from backlog values.
14
C o n t r a c t i n g
Backlog Breakdown
By Country
2-3 years average
project completion
period
Turkey
22%
By Project Type
Airport
60%
Hotel
6%
Qatar
11%
Azerbaijan
1%
Infrastructure
13%
Other
6%
Saudi Arabia
7%
Backlog
US$ mn
121
58
287.0
35.5
34.8
3
Hospital
2%
Residence
1%
Russia
6%
United Arab
Emirates
53%
Turkey
Qatar
United Arab Emirates
Saudi Arabia
Russia
Azerbaijan
Business
Center&Mall
12%
Backlog
US$ mn
78%
international
exposure
Infrastructure
Airports
Mall
Residence
Hospital
Hotel
Other
73
327
65
7
9
30
30
75%
infrastructure
& airport
15
Backlog Delivery Schedule
C o n t r a c t i n g
Backlog
CURRENT
BACKLOG
US$ 540 mn
227
(USD mn)
565
540
YE 2012
1Q 2013
207
15
17
19
167
152
23
31
32
38
195
38
165
98
2013
2014
Current Backlog
82
2015
Tripoli East**
Tripoli West**
2016
Total Backlog*
* Includes the contribution from Tripoli Project from 2013 onwards (if resumed).
* * Converted to US $ at EUR/USD=1.3055.
16
C o n t r a c t i n g
New Tripoli International Airport
Contract*
signed
Advance
Payment
received
Oct 2010
Project
suspended
due to
uprising
Planned
Completion
Date
Feb 2011
Dec 2012
East Terminal
West Terminal
signed
agreed
EUR 89.75 mn
EUR 75.25 mn
Possible
re-initiation of
the Project
Possible new
Completion
Date
End of Q3
2013
Jun 2015
(optional)
Total size of the Project
EUR 165 mn
* Contract is signed for East Terminal Building with an option to add the West Terminal Building
17
Revenue Growth & Profitability
C o n t r a c t i n g
Revenue Breakdown in 2012
Revenue ( mnTRY) & EBITDA Margin
19,2%
319
230
10,7%
8,5%
357
307
131
2008
35%
9,8%
4,5%
2009
2010
2011
2012
44
Ebitda mnTRY
27
35
13
14
Revenue
65%
Turkey
International
Ebitda Margin
9.70%
Average Ebitda Margin
18
Breakdown of Project Costs
Airport Construction
Shopping Mall Construction
15%
14%
Construction
18%
68%
Construction
18%
Electrical
Mechanical
67%
Electrical
Mechanical
Airport Construction
23%
59%
18%
C o n t r a c t i n g
Cost of
Electric &
Mechanics
in Projects
~35%
Shopping Mall Construction
12%
G&A
Personel
16%
72%
Electrical
Works
Equipment
18%
20%
12%
68%
63%
19%
Mechanical
Works
19
Segmented Highlights*
mnTRY
Before
Eliminations
C o n t r a c t i n g
Electromechanic
Contracting
Energy
Real Estate
Total
Revenue
277.42
18.22
11.34
307
EBITDA
2.63
4.25
6.52
13.4
EBITDA
Margin
0.9%
23.3%
57.5%
Net
Income
0.09
0.96
2,75
3.8
Total
Assets
427.6
33,5
129.8
590.9
ROA
0.02%
5.64%
4,20%
0.64%
Revenue
Shares
90,4%
5.9%
3.7%
Asset
Shares
72.3%
5.7%
22%
4.5%
*As of 31.12.2012
20
Project in the Near Future
C o n t r a c t i n g
USD 321 mn worth of potential MEP works expected to be awarded in 3 – 6 months
Project
Estimate Size – USD mn
Baku Olimpic Stadium Project
Marmaray CR3 Station Project
Medina Tower
Emaar Square Project
Garanti Bank Operation Center
Maslak 42 Tower
Ford Auxiliary Plant
100
80
75
35
20
8,5
2,7
Total
321,2
In addition include the suspended projects that are Tripoli East *and Tripoli West**
total potential projects worth will be reached USD 536,61 mn
* Suspended project with a contract signed for €89.75mn
** Suspended project with a contract agreed for €75.25mn
€/$ =1,3055
21
C o n t r a c t i n g
Qatari Potential

Hosting the largest sporting event in the world - FIFA World Cup 2022

Focusing on construction, retail and leisure projects as part of the National Vision 2030 to
ensure sustainable growth

Mostly government backed investments, robust financial sector and favourable demographics make
Qatar more resilient to economic uncertainties
Expected GDP Growth (%)
6,1
4,9
5,3
5,1
6,1
2,4
6
5,8
6,4
90
3,3
27,6
70
40
30
10
0
EU
2014
MENA
Source: World Economic Outlook
2015
Qatar
2016
2017
29
28
26,8
27
25,1
66,7
20
2013
28,1
30
28,4
50
3,6
0,9
2012
as % of GDP
28,8
80
60
3,2
2,9
9
7,6
7,5
7,3
Total investment (US$ bn)
49
55,6
2012
2013
73,5
79,1
26
25
60,8
24
23
2014
2015
Qatar
2016
2017
Source: World Economic Outlook
22
C o n t r a c t i n g
Qatari Potential

Induced by the FIFA World Cup in 2022, the National Development Strategy announced investments of
US$ 225 bn* between 2011 and 2016

Estimated investments directly related to preparations for the FIFA World Cup reach US$ 80 bn

Spending committed to build infrastructure to host the World Cup amounts to US$ 65 bn
P l a n n e d I n f r a s t r u c t u r e I n v e s t m e n t s (US$ bn)
Major Projects
New Doha International Airport Extention
New Doha Port
National Railway System
12 Stadiums
Solar Power Complex
25
25
20
11
7
4
1
* Total market size for construction by 2020 may vary between 191 and 315 bn (US$) depending on the economic climate
Source: Qatar Construction Sector, The Commercial Bank of Qatar, 1st Edition 2012
23
Contracting
Qatar presents a good potential business for ANEL thanks to our

Ability to conduct large-scale complex projects simultaneously

Workforce with rapid mobilization skills

Special knowledge thanks to excelling in sophisticated works, i.e.
Airports

Well-established track record with globally reputable contractors
24
Energy
The Pioneer in Solar Energy Business
Energy
Ownership Structure
5,0%
1%
Anel Elektrik
Celikel Family
Anel Tech
23,5%
Warranty
Other
Operation &
maintenance
70,5%

The first Turkish company to:

Produce solar panels

Enter foreign markets

Realize sales with IEC 61215 certificate

The EPC Contractor of the first power plant in
Cyprus -1.3MW – EU Funded

Partnership with KIOTO*:

50%-50% joint venture

60MW solar panel production per year

IEC, TUV, and ISO certified

Target markets: Europe & MENA
Installation
Design & engineering
applications
Financing support
Project planning
Investment consulting
Preparation of legal documents
Laying out the sites of investment
Finding the location for investment
*Austria-based Kioto produces photovoltaic solar panels with an annual capacity of 120 MW per year
25
Anel Enerji Production Cycle
Choose


Connect
Align
Energy
Our assembly line in Istanbul HQ:

has the capability to produce solar modules –
13.5MW per year

is expected to reach 60MW with KIOTO*
partnership - AVEK
Solar module features:

Polycrystalline cell technology

14% irradiation efficiency

Wide range of module power (205W, 210W,
230 W, 235W)

5 year workmanship, 25 year performance
warranty, 40 year lifetime

TÜV, IEC, ISO Certificates

Optimal output even in reduced exposure to
sun

Special technology preventing light reflection

3.2mm durable tempered glass resistant to
shocks and wind
*We established a JV with Kioto Gmbh in 2011 to expand our international footprint.
26
Applying World-Class Electrical Expertise
Greece 100KW
Solar plant in Komotini
The largest solar plant in
the Eastern Mediterranean
basin
Energy
Türk Telekom 400KW
Base station installation
1,3 MW solar power plant
Cyprus
ANEL Business Center 25KW
Roof and terrace installation
27
Energy

Projects in Bulgaria

Total Capacity: 5.2MW
•
Troyanovo: 1.5MW
•
Dimitrovgrad: 2.2MW
•
Chirpan: 1.5MW

Capex: €11.0mn

Financing structure: 30%
Equity/70% Project Finance

20-year purchasing guarantee

€/cent 25 per KWh

12% IRR

Expected Dividend Distribution for
20 years: €17mn
Completed in 1H12 &
Connected to Grid in July
2012
28
Solar Energy Market in the World
Regional breakdown of installed capacity (2010)
The EU leads the way, in PV
market

Untapped medium term
potential in Turkey

EU is likely to retain its lead for
the next decade
Japan
China
**

EU
North America
Energy
APEC*
Others
Evolution of global annual PV market (GW)
18
EPIA*** global annual PV estimates
45
12
6
‘00-’10
50% CAGR
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
‘10-’15
25% CAGR
30
15
2010
2011E 2012E 2013E 2014E 2015E
* APEC includes South Korea, Australia, Taiwan and Thailand ** Photovoltaic – PV *** European Photovoltaic Industry Association
29
Energy
Solar Energy Market in Turkey
2020 expectations in solar energy in Europe (GW)
80
60
Turkey is
expected to rank
6th in Europe in
terms of PV
capacity
55
40
22
20
7
Germany France
Italy
Spain
UK
Turkey
6
Romania Portugal
6
4
Greece
Bulgaria
2020 expectations in PV penetration
18%
18%
16%
13%
14%
243
13%
14%
13%
94
13%
Greece
Bulgaria
16% PV
penetration in
total electricity
consumption
5%
Germany
France
Source: EPIA
Italy
Spain
UK
Turkey
Romania
Portugal
30
Real Estate
Anel Yapı
Ownership Structure
5,0%
Anel Tech

Founded in 2007

12M2012 revenues EUR 5.15 mn
(YE2011: EUR 3.7 mn)
Anel Elektrik*
40,0%
55,0%
Main tenants
Celikel Family

12M2012 total assets EUR 63 mn
(YE2011: EUR 73.7 mn)

Portfolio with rental income

24,213 sqm total rentable area

Anel Business Center

Covered with solar PV panels generating its
own electricity

SAP Turkey

Celebi Holding

Long-term renting method

Redbull

19 floors & 40,000 sqm rentable area

Orange

Parking lot for 450 vehicles

Watsons

90% capacity utilization

Kariyer.net

Kosuyolu Office Building

Takeda

Yesilkoy EGS Blocks, 7 Offices
*Anel Elektrik’s effective ownership in Anel Yapı is 54% via indirect shares in Anel Tech
31
Electronic Production & Services
Delivering Turnkey Solutions
Ownership Structure
11,0%
16,6%
Free Float
50,1%
Anel Elektrik
Verusaturk
Private
Equity
22,3%
Celikel
Family
Main sectors
Technology

Founded in 2003

Listed in ISE since 2005

12M2012 net revenues TRY 39 mn
(YE2011: TRY 128 mn)

Delivering solutions and services in
the fields of …

System integration

Fixed and mobile telecommunication

Defence

Industrial & professional electronics

Information technologies

Mobile applications & smart solutions

Branded products

Telecom operators

Public sector

Defence solutions

Marine

Distributorships

Energy Delivery Companies

SCADA Systems

Rail Systems (State Railways)

Signalization
33
Solutions and services in both
domestic and international markets

System
Integration

Integrating required
Hardware & Software
systems
Tailor-made solutions &
new technologies

Maritime Undersecretariat: AIS
Network

BOTAS : Gas Pipeline
Communications Network

Turk Telekom: Microwave IP
Radio-Link Project

Services

Project Management

Audit

Performance Assessment

Maintenance

Repair

Consultancy
Technology




Turk Telekom: Managed Services,
IP Centrex , IP-R/C and ADSL
Power Systems
GSM Services: Bakcell
(Azerbaijan), Vodafone Qatar,
Turkcell, Vodafone TR, Avea
2G - 3G Network
Implementation: Motorola,
Huawei
National Monitoring System:
ICTA
Voice & Data Networks: Turk
Telekom, Istanbul Municipality
34
Balance Sheet Efficiency via Capital Decrease
with a Concurrent Capital Increase
Technology
PURPOSE
Alleviate accumulated losses
Relieve financing burden of the
Company
Create sources for new
investments
Distribute profits within a
shorter period of time
Paid-in
Capital
Capital
Decrease
Capital
Increase
Paid-in
Capital
TRY50 mn
TRY30 mn
TRY30 mn
TRY50 mn
35
Ownership Structure
Ownership Structure
Anel Tech
Anel Elektrik
11,0%
0,01%
50,1%
16,6%
50,58%
49,41%
22,3%
Free Float
Celikel Family
Other
Anel Yapı
Free Float
Anel Elektrik
Verusaturk Private Equity
Celikel Family
Anel Enerji
5,0%
5,0%
23,5%
40,0%
Anel Tech
Celikel Family
1%
70,5%
55,0%
Anel Elektrik*
Anel Elektrik
Anel Tech
*Anel Elektrik’s effective ownership at Anel Yapı reaches 54% including the shares owned by AnelTech.
Celikel Family
Other
37
Anel Elektrik Participations & Branches
Energina Kompania Bonev OOD
Golden Sun OOD
DAG-08 OOD
ANEL ITK (Russia)
ANEL MEP
ANEL KSA
ANEL Dar LIBYA
ANEL ARABIA
ANEL EMIRATES
ANEL QATAR
ANEL BAKU
ANEL GEORGIA
ANEL UKRAINE
50%
100%
100%
A
N
E
L
90%
30%
70.5%
ANEL ENERJİ
57%
ANEL MEKANİK
40%*
ANEL YAPI
35%
E
L
E
K
T
R
İ
K
65%
10%
49%
100%
100%
100%
93%
ANEL MARİN
100%
27.41%
ANEL TELEKOM
*Anel Elektrik’s effective ownership at Anel Yapı reaches 54% including the shares owned by AnelTech.
38
AnelTech Participations
5%
49%
ANEL TELEKOM
51%
99.99%
55%
ANEL ENERJİ
AMS & ANELTECH
Partnership
ANELTECH & AIRTIES
Partnership
ANELES
ANEL YAPI
39
Anel Enerji Participations
DAG-08 OOD
100%
GOLDEN SUN OOD
100%
EKB OOD
ANEL BG
50%
100%
70.5%
ANEL ELEKTRİK
ANEL ENERJİ
50%
AVEK SOLAR
50%
KIOTO GMBH
Bulgaria
TURKEY
(Austria)
40
Consolidation Methods
Subsidiaries
Share %
Consolidation Method
Anel Mekanik
57%
Full
Anel Yapı*
40%
Full
Anel Tech
27.41%
Equity Method
Anel Marin
93%
Full
Anel Enerji
70.5%
Full
Anel MEP
Anel KSA
Anel ITK
Energiina Kompania Bonev OOD
30%
35%
90%
50%
Proportionate
Anel Qatar
Anel Ukraine
Anel Libya
Anel Baku
Anel Georgia
DAG 08
Golden Sun
100%
Full
Anel Arabia
10%
Financial Investment
*Anel Elektrik’s effective ownership in Anel Yapı is 54% via indirect shares in Anel Tech
41
Anel Elektrik Financial Highlights
Historical Share Performance
BIST 100
ANEL E
90.000,00
3
Free Float
Mcap
USD
50.58%
80.000,00
2,5
130mn
70.000,00
2
60.000,00
1,5
50.000,00
1
40.000,00
4Q Avg.
Daily Vol.
USD
1.05mn
0,5
30.000,00
20.000,00
02/01/2012
12/03/2012
23/05/2012
01/08/2012
15/10/2012
0
27/12/2012
Foreign
Ownership
&
Pension
Funds
50%
43
Anel Elektrik Financial Highlights
mnTRY
1Q12
2Q12
3Q12
4Q11
4Q12
12M11
12M12
Net Sales
Gross Profit
Operating Profit
EBITDA
Net Other Income/Expence
Financial Income/Expence (net)
Tax
Net Income
Net Cash
Working Capital
Gross Margin
Operating Margin
EBITDA Margin
Net Profit Margin
98
18,2
12,5
12,9
1,2
0,1
-3,3
8
-73
64
18,6%
12,7%
13,1%
8,1%
55
7,4
3,7
4,5
-1
2,1
-2,8
0,6
-79
86
13,4%
6,8%
8,1%
1,1%
58
7
0,7
1,5
-1,6
-5,4
3,5
-3,1
-85
90
12,1%
1,2%
2,7%
n.m.
80
13,6
3,6
4,3
7,9
-10,6
2,5
4,1
-43
101
17,0%
4,5%
5,4%
5,2% .
96
14
-5,4
-5,5
6,3
-2,7
-3,2
-5,5
-105
86
14,6%
n.m.
-5,7%
n.m.
357
52,3
32,4
34,5
8,9
-12,7
-0,5
25,3
-43
101
14,6%
9,1%
9,8%
7,1%
307
46,6
11,5
13,4
4,9
-5,9
-5,8
0
-105
86
15,2%
3,8%
4,5%
0,0%
12M12 Overview
The deterioration in revenues and profitability stems mainly from:

the delays in the design processes shifting the realization of sales revenues

the fact that some sizable projects are completed or in completion phase

relatively lower profit margins in the projects that got started only recently
However, prospects for growth are promising, thanks to the potential works in the near
future
44
ANEL ELEKTRIK
SUMMARY FINANCIALS (mn TRY)
2007 2008 2009 2010 2011 9M12 12M12
CURRENT ASSETS
Cash and Cash Equivalents
Financial Investments (Assets)
Trade Receivables
Receivables from Continuing Construction Contracts
Other Receivables
Inventories
Other Current Assets
NON-CURRENT ASSETS
Financial Investments (Assets)
Investments Accounted with Equity Method
Intangible Non-Current Assets
Goodwill
Deferred Tax Asset
TOTAL ASSETS
54,1
2,4
3,7
16,1
13,8
1,9
5,8
10,4
67,9
0,2
26,9
0,2
2,4
122
139
16,8
4,9
24
27,2
11,6
27,9
26,2
126
1,1
26,5
0,1
9,5
265
172
13,3
0,6
40,9
68,8
17,3
8,7
22,1
161
1,9
25,5
0,08
14,9
333
374
83,5
1,5
106
91,4
32,6
28,6
30,5
176
0,02
21,4
0,3
0,17
31,6
550
397
87,2
0,2
127
117
11,3
27,8
27,1
240
0,2
16,3
0,2
0,17
83,8
637
333,9
30,5
102,1
120,7
17,8
27,9
34,9
224,2
0,2
22,6
1,6
0,17
52,5
558,1
355,2
16,3
114
134,3
21,7
33
35,8
235,7
0,2
23,3
2,2
0,17
57,4
590,9
SHORT TERM LIABILITIES
Financial Liabilities
Trade Payables
51,3
18,7
15,5
125
50,4
40,2
145
107
20,4
234
62,9
67,9
224
50,2
53,1
168,4
25,9
40,3
199,5
34,7
61,5
8,2
2,4
31,8
11
18,2
7,3
13,8
75,2
42,6
65,1
30
13,1
265
11,1
86
37,4
102
30
24,9
333
58,5
110
74,1
207
110
26,8
550
96
165
80,2
249
110
25,4
637
67,1
139,4
89,1
250,3
110
27,5
558,1
65,4
144,9
86,4
246,5
110
29,5
590,9
Payables Related to Cont. Const. Contracts
Other Current Liabilities
LONG TERM LIABILITIES
Financial Liabilities
SHAREHOLDER'S EQUITY
Paid-in Capital
MINORY INTERESTS
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
15,5
21,2
17,2
49,5
30
12,8
122
45
For further information, please contact us:
DISCLAIMER
Certain statements contained in this presentation may be considered "forwardlooking statements”. Our forward-looking statements generally contain words such
as "estimate," "project, "predict," "believe," "expect," "anticipate," "potential,"
"plan," "goal," “will” or other words which mean the uncertainty of future events.
These forward-looking statements are based on our current expectations, estimates
and assumptions and are subject to certain risks and uncertainties. Although Anel
Elektrik believes that the expectations reflected in our forward-looking statements
are reasonable at this time, actual results could differ materially from those
projected or assumed in any of our forward-looking statements. Therefore, Anel
Elektrik disclaims any obligation to update these statements, and we caution you
not to rely on them unduly.
Please note that all financial data are consolidated.