29.08.2012 - Torunlar REIC

Transcription

INVESTOR PRESENTATION
29 August 2012
Financial Review
Project Pipeline
Future Outlook
3
3
17
20
Appendix
● Turkey Real Estate Economic Highlights
24
● Turkey Real Estate Market Review
30
● Financial Statements
42
● Listed REIC's
50
● Portfolio Review
54
FINANCIAL REVIEW
TORUNLAR GROUP OF COMPANIES
1.3 billion TRY
combined net
sales revenues in
2011
3
100 %
1986
Construction management company
100 %
100 %
1983
The largest 95th
industrial company in ISO
(Istanbul Chamber of Industry) 500 with 825 million
TRY sales revenue and 1 billion TRY asset size in
2011 . Owns 50% of Adana Pakyag and 38.66% of
Kutahya Sugar Refinery
1994
Imports and exports paper products
Wholesells and distributes food commodities
100 %
100 %
1994
100 %
2004
2003
Processes tea
Provides mall management and administrative
services
79 %
2008
The second largest public REIC with its unique
diversified portfolio and 425 million TRY net sales in 2011
FINANCIAL REVIEW
Shareholding Structure*
Mehmet TORUN
83.717.869
37,37%
Other
140.862
0,06%
Free Float
56,352,942
25%
Aziz TORUN
83.788.309
37,41%
Torunlar Food
16.169.736
7,22%
Aziz TORUN
4.344.856
1,94%
Mehmet TORUN
4.417.695
1,97%
Effective Free Float
31.147.378
13,91%
Treasury Shares
273.295
0,12%
*As of Jul 2, 2012
4
FINANCIAL REVIEW
Key Achievements since IPO
Capex (mn TRY)
GLA (sqm)
NAV (mnTRY)
Dividend
Projects
IPO targets
1,000
500,000
4,000
50%
NishIstanbul
Torium Shopping Mall
Bulvar Samsun Mall
Korupark Terrace Residences
Mall Of Istanbul
Acquisitions
Torun Tower
ASY Ex-Stadium
Deepo Outlet Extension
Kemankeş Hotel
IPO to date
573
230,815
2,607
100%
Completed (Nov 2010)
Opened (Oct 2010)
Opened (Jul 2012)
4Q 2012
(%33 presold)
4Q 2013
(%55 presold)
4Q 2013
4Q 2014
Pending
Pending
Paşabahçe Land
Maltepe Land
5
FINANCIAL REVIEW
REIT Benchmarks
1H 2012
TORUNLAR GYO
Net Profit Margin
(%)
Outperforming
profitability and
stock
performance
against peers
EBIT Margin
(%)
YTD Stock Performance *
(%)
Net Profit / MCap
(%)
126.3
73.5
47.1
7.8
VASTNED (NL)
47.0
87.0
(3.3)
5.4
CORIO (NL)
56.9
81.7
15.3
4.0
KLEPIERRE (F)
22.2
56.1
26.9
2.1
WESTFIELD (AU)
52.6
75.2
18.7
9.1
UNIBAIL-RODAMCO (F)
99.7
81.5
18.4
5.7
EMLAK KONUT
30.6
21.8
25.0
1.8
IS GYO
52.8
48.8
22.0
4.8
(221.4)
(219.0)
(38.3)
NM
75.6
70.5
20.8
3.7
SAF GYO
AKMERKEZ GYO
*As of 31.07.2012
Source : EPRA
6
FINANCIAL REVIEW
1H 2012 Financial Performance ( million TL )
Portfolio Value
3,751.8 ( 3,335.8 )
12%
151.1 (214.2)
30%
74.3 ( 131.1 )
43%
56.7 ( 44.6 )
27%
136.7 ( 58.2 )
135%
FINAL+PRESALES
PRESALES
EBITDA
CAPEX
EBITDA MARGIN
73.8 % ( 53.6 % )
*Numbers in paranthesis denote 1H 2011 figures.
20pp
7
FINANCIAL REVIEW
Financial Highlights
TRY (000)
1H 2012
1H 2011
Variance %
76,795
83,142
-7.6
8,233
24,290
-66.1
Mall Rental
51,204
43,549
17.6
Other
17,358
15,303
13.4
Gross Profit
50,982
48,629
4.8
66.4%
58.5%
7.9 p
56,656
44,595
27.0
73.8%
53.6%
20.1 p
0
0
0.0
7,671
-970
890.8
Forex Gain / Loss
38,661
-49,292
178.4
Net Profit
96,977
-6,563
1577.6
Total Assets
4,019,697
3,943,551
1.9
Total Equity
2,607,124
2,532,906
2.9
Financial Debt
1,023,879
1,100,516
-7.0
434,823
444,931
-2.3
Sales
Residence
Gross Margin
EBITDA
EBITDA Margin
Net gain/(loss) from from fair value adjustments on
investment property
Net Financial Interest Income
Net Debt
8
FINANCIAL REVIEW
Financial Highlights (million TRY)
PORTFOLIO VALUE ________________________________________
3.900,0
3.751,8
3.700,0
3.300,0
3.100,0
2.900,0
3.335,8
3.500,0
Torium Residence
8,0
NishIstanbul
40,3
Korupark I-II
35,6
Torium Mall
567,3
1H 2012
Korupark III
74,7
MOI
810,2
AnkaMall
181,0
Netsel Marina
37,7
Korupark Mall
600,2
Cash
589,1
2.700,0
1H 2012
Bulvar Samsun
41,4
Deepo Antalya
232,4
2.500,0
1H 2011
Torun Tower
253,3
Zafer Plaza
176,8
Landbank
70,0
Other
33,8
CAPEX___________________________________________________
160,0
1H 2012
140,0
136,7
120,0
100,0
80,0
MOI
82,4
58,2
60,0
40,0
Korupark
Residence
24,9
ASY Project
4,8
Boulevard
Samsun
6,0
AVM Renewal
1,1
Other
2,7
20,0
0,0
1H 2011
Torun Tower
14,9
1H 2012
9
FINANCIAL REVIEW
SALES___________________________________________________
90,0
1H 2012
70,0
76,8
83,1
80,0
60,0
Other
17,4
50,0
Residence
8,2
40,0
30,0
Mall Rental
51,2
20,0
10,0
0,0
1H 2011
1H 2012
PRESALES_______________________________________________
1H 2012
300,0
262,3
250,0
200,0
MOI Offices
(36 units)
23,4
Korupark III
(42 units)
12,7
150,0
MOI Residences
(89 units)
38,2
0,0
2009
2010
74,3
0,7
50,0
43,5
100,0
2011
1H 2012
10
FINANCIAL REVIEW
MALL REVENUES__________________________________________
80,0
1H 2012
68,1
70,0
50,0
Torium
24,6
58,8
60,0
Zafer Plaza
6,5
Korupark
AVM
29,4
40,0
Deepo
Antalya
7,7
30,0
20,0
1H 2011
1H 2012
MALL SALES TURNOVER & FOOTFALL_______________________
350,0
300,0
445,1
400,0
400,5
450,0
250,0
200,0
150,0
1H 2011
1H 2012
21,0
19,0
17,0
15,0
13,0
11,0
9,0
7,0
5,0
1H 2011
19,3
500,0
18,4
Footfall 'million
Mall Sales Turnover 'million TRY
1H 2012
11
FINANCIAL REVIEW
EBITDA__________________________________________________
60,0
44,6
45,0
40,0
35,0
30,0
25,0
20,0
1H 2011
1H 2012
80,0%
70,0%
60,0%
50,0%
40,0%
30,0%
20,0%
10,0%
0,0%
53,6%
56,7
50,0
73,8%
EBITDA Margin
55,0
1H 2011
1H 2012
NET PROFIT______________________________________________
120,0
Net Profit Margin
80,0
120%
126%
97,0
160%
80%
40,0
40%
0,0
-40,0
1H 2011
1H 2012
-40%
-8%
-6,6
0%
1H 2011
1H 2012
12
FINANCIAL REVIEW
Project Monthly Pre-Sales (in Units)
600
540
500
400
379
300
218
200
149
101
100
60
14
38
31
8
40
18
29
51
41
17
13
19
0
2Q 2011
* As of 30.06.2012
3Q 2011
4Q 2011
Korupark Terrace Residence Phase III
2011
MOI (Residence)
1Q 2012
MOl (Office)
2Q 2012
13
FINANCIAL REVIEW
Client centric account management pays off
June 2012
Bursa
Zafer Plaza
Bursa
Korupark
Antalya
Deepo Outlet
Istanbul
Torium
Total
GLA ( m2 )
23,448
71,267
18,069
95,280
208,064
Revenues (TRY)
6,450,000
29,355,000
7,679,000
24,569,000
68,053,000
LfL Revenues (% revenues)
53.57%
20.35%
10.97%
5.46%
15.72%
% LfL Footfall growth
3.2
6.8
0.4
6.6
4.7
Number of stores
115
187
93
215
610
Occupancy
100%
99%
99%
98%
99%
Fixed Rent (sqm/month)
32.99 $
21.10 €
21.55 €
15.81 $
17.93 €
Turnover rent (as % of fixed rent)
2.99
3.20
16.14
10.51
6.82
66% $
12% $
20% $
73% $
41% $
34% €
88% €
78% €
27% €
58% €
% of GLA
19%
27%
20%
28%
26%
% of Rental Revenue
24%
33%
22%
28%
29%
% of Retail Turnover
22%
33%
23%
43%
33%
Share of
International
Tenants
Breakdown of rental revenues
14
FINANCIAL REVIEW
120
TRY
USD
EUR
82
80
85
104
100
101
Million
Maturity of Financial Loans
Financial loans: TRY 1.023 mn
68.1%USD, 27.9%€, 4%TRY
2012
2013
33
33
24
23
21
2015
2016
2017
2018
2019
2020
1
0
1
0
1
0
7
0
0
0
17
19
2014
0
0
0
16
0
14
20
22
33
40
38
52
60
2021
*The graph excludes TRY 590 mn of cash and cash deposits
15
Financial Review
Project Pipeline
Future Outlook
Appendix
● Listed REIC's
3
PROJECT PIPELINE
Evolution of the Projects (m2)
GLA+GSA (m2)
Retail
Residence
Office
Hotel
Marina
Other
Total
Land
2011
224,004
26,331
2,150
2,907
3,431
4,140
262,963
158,026
2011
* excl. Paşabahçe Ex-Tekel Factory Land
2013
411,429
250,782
68,764
2,907
3,431
7,285
744,598
230,323
1 billion TRY Capex*
Residence
26.331
10%
Retail
224.004
85%
2012
230,815
118,841
2,531
2,907
3,431
4,870
363,395
230,323
Office
2.150
1%
Hotel
2.907
1%
2014
411,429
288,157
107,764
2,907
3,431
13,964
827,651
230,323
2014
Residence
288.157
35%
Retail
411.429
50%
Marina
3.431
1%
Other
4.140
2%
Other
13.964
2%
Marina
3.431
0%
Hotel
2.907
0%
Office
107.764
13%
17
PROJECT PIPELINE
GLA+GSA Breakdown by City
2011
2014
Istanbul
544.786
66%
Istanbul
113.237
44%
Antalya
18.069
7%
Bursa
109.379
42%
Samsun
0
0%
260,135 sqm
Mugla
3.431
1%
Ankara
16.019
6%
Bursa
208.676
25%
CAGR : 47%
Samsun
7.191
1%
Mugla
3.431
1%
Ankara
18.847
2%
Antalya
44.720
5%
827,651 sqm
18
Business Review
Project Pipeline
Future Outlook
Appendix
● Financial Statement
● Listed REIC's
3
FUTURE OUTLOOK
1H 2012 Highlights
Cooling off in the economy and contraction in demand
Strong operational activity leading to resilient cash flow stream
High tenant retention, high footfall and solid consumer spending
Strengthening in liquidity against conservative financing
Focus on quality in portfolio (ASY and Paşabahçe to be included in 3Q 2012)
On track to achieve full year 2012 targets
Total sales revenues at TRY 76.8 m
Like-for-like net retail rental income up 17.6 % at TRY 51.2 m
EBITDA up 27% at TRY 56.6 m
Net profit TRY 0,43 per share (2011: TRY 0,79 per share)
NAV TRY 11,64 per share (Year end 2011: TRY 11,30 per share)
Leverage 25.5%
20
FUTURE OUTLOOK
2010
2011
2012 F
Sales
500.000
2013 F
Residence - Office
90%
80%
24%
55.377
70%
77%
60%
301.841
50%
47.626
285.209
336.657
2016 F
Other
77%
300.000
100.000
Rental
2015 F
400.072
400.000
200.000
2014 F
3.822
0
45.363
7.421
267.159
319.942
42.857
254.139
42.153
32.240
105.952
110.787
248.979
33.182
91.969
37.758
162.909
17.965
53.899
300.000
161.064
600.000
232.928
900.000
156.632
855.314
1.200.000
656.530
1.500.000
837.298
1.134.295
Sales & EBITDA Forecast (TRY ‘000)
245.377
54%
260.500
50%
40%
134.932
35%
30%
35%
82.218
20%
10%
0%
0
2010
2011
2012 F
2013 F
EBITDA
EBITDA Margin (%)
2014 F
2015 F
2016 F
21
FUTURE OUTLOOK
Cash Flow Statement Forecast (TRY)
Cash Flow Statement (Forecast)
CASH FLOW FROM OPERATIONS
From Mall rentals
From Office rentals
From Residence Pre-Sales and Sales
Change in Trade Receiveables
Operational Expenses (-)
Net Cash Flow from Operations
2012
2013
2014
2015
2016
96,402,698
0
235,086,582
82,516,184
14,601,636
399,403,828
140,868,958
0
480,482,025
118,884,124
12,941,095
727,294,012
202,746,952
29,567,348
149,556,244
143,954,543
14,235,204
511,589,883
211,444,104
31,971,569
846,339
142,081,115
15,658,725
370,684,403
225,091,604
33,970,634
0
75,870,590
17,224,597
317,708,231
CASH FLOW FROM INVESTING ACTIVITIES
Construction Costs
Shopping Mall Renewal Costs
Net Cash Flow from Investing Activities
438,116,624
1,840,024
-439,956,648
498,539,396
1,844,000
-500,383,396
102,561,491
1,896,000
-104,457,491
2,532,603
2,179,000
-4,711,603
0
2,331,000
-2,331,000
CASH FLOW FROM FINANCING ACTIVITIES
Cash receipt from
Deposits
Dividends
Loans
456,536,746
66,657,546
11,000,000
378,879,200
146,468,662
28,568,662
12,100,000
105,800,000
31,715,704
18,405,704
13,310,000
0
56,036,877
41,395,877
14,641,000
0
68,764,828
52,659,728
16,105,100
0
Cash paid for
Repurchase of stock
Repayment of loans for investment
Paşabahçe Land
Dividends
Net Cash Flow from Financing Activities
292,821,818
1,156,000
198,265,818
71,000,000
22,400,000
163,714,928
402,462,056
0
224,331,957
96,560,000
81,570,099
-255,993,394
502,341,478
0
277,026,783
90,170,000
135,144,695
-470,625,774
481,165,797
0
234,557,721
83,780,000
162,828,077
-425,128,920
419,615,429
0
230,562,396
77,390,000
111,663,033
-350,850,601
Net Increase / Decrease in Cash
Cash at the beginning of the term
Cash at the end of the term
123,162,109
655,585,000
778,747,109
-29,082,778
778,747,109
749,664,331
-63,493,383
749,664,331
686,170,948
-59,156,120
686,170,948
627,014,828
-35,473,370
627,014,828
591,541,458
22
Business Review
Project Pipeline
3
Future Outlook
Appendix
● Listed REIC's
23
TURKEY REAL ESTATE ECONOMIC HIGHLIGHTS
Turkey Economic Highlights
2010a
2011a
2012b
2013b
2014b
2015b
2016b
730.6
772.5
780.7
889.9
1012.2
1120.7
1236.3
Growth (GDP, %)
9.3
8.6
3.2
4.1
5.2
5.1
5.2
Private Consumption (%)
6.7
7.7
1.6
2.9
3.6
3.5
3.7
Inflation (CPI, average, %)
8.6
6.5
8.9
7.5
6.9
5.4
4.1
TL/USD (year-end)
1.54
1.89
1.84
1.84
1.84
1.83
1.83
TL/USD (average)
1.50
1.67
1.82
1.84
1.84
1.83
1.83
TL/EUR (average)
1.99
2.33
2.32
2.32
2.30
2.27
2.31
Exports
120.9
143.4
152.4
159.0
169.5
180.7
196.3
Imports
-177.3
-232.9
-230.4
-236.2
-250.4
-268.2
-295.6
C/A Balance (Ratio to GDP, %)
-6.4
-10.0
-8.2
-7.4
-7.0
-6.9
-7.4
Budget Balance (Ratio to GDP, %)
-3.7
-1.3
-2.0
-1.8
-2.1
-1.8
-1.8
USD billion
GDP
a
Actual
b Economist
Intelligence Unit estimates.
Source; Economist Intelligence Unit
24
Company Economic Forecast
2012
2011
Base Case
Best Case
Worst Case
8.50
4.00
6.00
2.00
Inflation (CPI, %)
10.45
7.00
4.50
8.50
Inflation (PPI, %)
11.09
6.00
4.80
7.30
TL/USD (year-end)
1.92
1.80
1.60
2.00
TL/EUR (year-end)
2.47
2.25
2.16
2.70
USD / EUR (year-end)
1.29
1.25
1.35
1.35
CBT weekly repo rate ( % )
5.75
5.75
6.00
12.50
10.00
12.50
1.20
1.00
Mortgage loan growth ( % )
21.40
15.00
Construction sector growth rate ( % )
11.20
5.00
6.00
-30.00
5.00
10.00
at par with
inflation
at par with
inflation
10.00
8.00
Real Growth (GDP, %)
CBT overnight repo rate ( % )
Mortgage loan average monthly interest rate (year-end, % )
Residential construction permits (growth, % )
Residential prices and rents growth (%)
Commercial real estate investment growth ( % )
10.00
25
Turkey GDP vs. Construction Sector
20,0%
18,5%
13,9%
15,0%
10,0%
6,8%4,9%
6,2%
5,0%
14,1%
7,8%9,4%
5,3%
9,3%
8,4%
17,1%
15,3%
6,9%
,0%
-5,0%
5,7%
4,7%
9,2%
11,9%
11,2%
8,5%
2,8%
3,2%
-3,1%
-3,4%
-5,7%
-10,0%
-15,0%
GDP
-0.7%
-8,1%-4,8%
-17,4%
-20,0%
1999
2000
2001
2002
Source: Turkish Statistical Institute
-16,1%
2003
2004
2005
2006
2007
GDP
2008
2009
2010
2011
1Q
2011
2012
1Q
Construction
26
Turkey Real Estate Economic Highlights
180
171,35
162,09
47,00%
46,00%
45,00%
42,92%
72,52
44,00%
69,56
43,43%
68,20
44,22%
57,26
113,64
52,05
49,22
96,72
45,46
90,58
42,55
85,49
39,70
83,36
38,54
80,80
37,35
81,04
37,45
37,95
40
36,34
60
77,31
80
82,63
100
105,63
120
124,94
45,83%
45,43%
150,86
45,80%
66,71
46,60%
136,23
140
46,20% 46,23% 46,23%
61,89
45,93%
46,44%
157,04
46,98% 47,01%
160
70,40
47,01%
165,74
48,00%
43,00%
42,32%
42,48%
42,00%
41,00%
20
40,00%
0
39,00%
2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2
Source: Central Bank of Turkey
Consumer Loans
Mortgage Loans
Mortgage / Consumer Loans (%)
27
Turkey Real Estate Economic Highlights
25,00%
6,00
17,47%
11,68%
13,16%
12,48%
12,52%
2,117
9,86%
10,00%
0,839
1,365
10,47%
1,165
1,186
15,00%
5,00%
-0,093
0,00
14,40%
9,53%
-0,507
1,00
11,49% 11,05%
1,610
2,00
2,354
12,06%
2,909
12,93%
2,851
3,00
3,761
16,19%
1,487
4,00
20,00%
4,822
4,633
18,61%
2,822
18,17%
5,210
20,67%
5,00
0,00%
-1,00
2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2
Source: Central Bank of Turkey
Mortgage Loans
Interest Rate on Mortgages (%)
28
Business Review
Project Pipeline
Future Outlook
Appendix
● Listed REIC's
29
TURKEY REAL ESTATE MARKET REVİEW
Turkey Residential Sales ( in units )
194.743
200.000
150.000
113.088
112.168
109.333
100.000
111.913
108.861
118.867
116.229
92.516
97.517
83.697
91.071
106.035
96.092
23.040
15.976
20.778
14.306
24.249
18.756
18.494
16.720
22.343
18.026
18.768
15.705
20.922
15.977
16.320
13.867
21.485
15.814
18.994
16.348
25.254
22.767
22.896
22.434
34.042
26.091
22.003
21.386
17.857
24.360
21.690
28.346
23.783
50.000
29.411
23.757
56.909
85.857
90.270
107.308
101.754
0
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012
TURKEY
ISTANBUL
ANKARA
30
Turkey Residential Permits (in units)
449.120
450.000
400.000
350.000
116.684
109.488
175.053
148.951
143.194
118.754
111.150
106.487
144.948
165.743
101.900
173.122
89.925
128.519
92.818
160.135
120.846
108.967
89.948
113.802
128.172
135.571
131.015
113.994
91.639
119.822
86.564
100.000
87.620
150.000
121.403
91.463
200.000
148.346
250.000
216.258
175.728
300.000
50.000
0
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012
Construction Permit
Building Occupancy Permit
31
Residential Purchase Confidence Index
100,0
15,0
98,0
14,0
96,0
13,0
94,0
12,0
92,0
11,0
10,4
90,0
9,6
88,0
9,0
86,0
7,9
84,0
8,2
9,3
10,1
9,8
9,5
8,6
9,9 9,8
10,3
10,6
10,5 10,6 10,6
10,3
9,6
8,9 8,9
10,0
9,8
9,7
9,2
9,0
8,0
7,5
7,0
82,0
6,0
80,0
5,0
TURKSTAT Consumer Confidence Index
CBT Consumer Residential Buying Behavior Index
32
Turkey New Residential Price Index
123,8
125,0
121,1
122,2
120,0
116,9
117,9
115,0
115,3
112,1
112,7
110,0
110,5
107,4
105,8
105,0
103,4
103,8
106,6
103,6
101,6
100,0
99,5
97,8
95,0
90,0
Q1 2010
Jan 2010 = 100
Q2 2010
Q3 2010
Q4 2010
CBRT Turkey House Price Index
Q1 2011
Q2 2011
Q3 2011
TURKSTAT Construction Cost Index
Q4 2011
Q1 2012
33
Turkey Retail Market
Retail Sales (TRY mn)
900.000
800.000
2013
2014
2015
377.019
412.638
406.889
350.771
2012
377.698
326.196
315.491
303.457
263.274
281.192
100.000
229.244
200.000
234.150
300.000
255.412
400.000
205.214
500.000
288.910
600.000
344.631
700.000
0
2010
Source: Planet Retail
2011
Grocery Retail Sales (TRY mn)
Non-Grocery Retail Sales (TRY mn)
2016
2017
34
Turkey Retail Market
Retail centre supply
(supply breakdown by city)
Household Expenditure
(by type, 2011)
Education
2,0%
Health
1,9%
Miscellaneous
Goods and
Services
4,3%
Food, beverage
and tobacco
24,9%
Housing
25,8%
Other
16%
Trabzon
2%
Konya
2%
Mersin
2%
Istanbul
40%
Gaziantep
2%
Denizli
2%
Transportation
and
communication
21,3%
Restaurant and
hotels
5,7%
Clothing and
footwear
Recreation and
5,2%
culture
2,7%
Adana
3%
Antalya
3%
Izmir
5%
Bursa
6%
Ankara
15%
35
Source: DTZ Pamir & Soyuer
Source: TURKSTAT
Furnishing,
household
equipment
6,4%
Kocaeli
2%
İstanbul
Shopping Mall Development
Unit
Rest of Turkey
GLA (sq m)
Unit
GLA (sq m)
End 2011
1H 2012 Construction*
End 2013
92
104
107
28
135
2.65 M
3.08 M
3.18 M
1.00 M
4.18 M
171
198
208
25
233
3.87 M
4.55 M
4.82 M
0.90 M
5.72 M
263
302
315
53
368
6.52 M
7.63 M
8.00 M
1.90 M
9.90 M
Turkey
Unit
Under
End 2010
GLA (sq m)
Source: Jones Lang LaSalle
36
Retail Density-GLA per 1,000 Capita, Turkey
City
End 2010
End 2011
1H 2012
End 2013
İstanbul
210 m2
226 m2
233 m2
308 m2
Ankara
207 m2
230 m2
230 m2
264 m2
Karabük
65 m2
186 m2
186 m2
181 m2
Bolu
25 m2
145 m2
145 m2
141 m2
Trabzon
142 m2
145 m2
145 m2
141 m2
Bursa
134 m2
140 m2
140 m2
145 m2
Denizli
119 m2
134 m2
128 m2
140 m2
Turkey
90 m2
102 m2
104 m2
129 m2
37
Turkey’s Mall League
Mall
Opening Date
GLA
Location
1 Forum Istanbul
2009
178,834
Istanbul
Multi Turkmall
2 Marmara Forum
2011
137,500
Istanbul
Multi Turkmall
3 Cevahir
2005
110,000
Istanbul
Kuwait Investment Authority
4 Ankamall
1999
107,804
Ankara
Migros
5 Torium
2010
95,280
Istanbul
Torunlar REIC
6 Istinyepark
2007
88,490
Istanbul
Dogus, Orjin
7 Anatolium
2010
84,165
Bursa
Corio
8 Antares
2007
84,000
Ankara
Dolunay
9 Panora
2007
82,591
Ankara
Polat Holding
10 Forum Ankara
2008
80,000
Ankara
Multi Development TR
11 Kent Park
2008
79,478
Ankara
Mega Turk Construction
12 M1 Merkez Adana
2000
76,500
Adana
Metro
13 Korupark
2007
74,580
Bursa
Torunlar REIC
14 Cepa
2007
73,242
Ankara
Carrefour
15 Forum Mersin
2007
71,125
Mersin
Multi Turkmall
16 Anatolium Ankara
2011
70,000
Istanbul
Corio
17 M1 Meydan Umraniye
2007
70,000
Istanbul
Metro
18 Optimum Outlet
2011
69,000
Adana
19 212 Istanbul Power Outlet
2009
68,000
Istanbul
Edip International Real Estate
20 Via/Port Outlet Shopping
2008
66,000
Istanbul
Bayraktar Grup
*Source: Akademetre Research and Eva Real Estate
Developer
Ronesans REIC
38
Turkey SHOPPING MALL Sales Turnover and Footfall
150
25,00
Sales Turnover Index (General)*
Footfall Index (General)*
143
Interest Rate on Cash Loans (%)
140
140
20,12
136
20,00
132
130
121
119
120
130
129
17,31
123
17,94
123
15,00
115
112
110
112
12,93
108
108
106
103
100
99
100
97
95
97
110
100
97
102
101
104
106
10,00
102
98
95
95
96
96
98
5,00
90
0,00
80
Jan.11 Feb.11 Mar.11 Apr.11 May.11 Jun.11
Source: Council of Shopping Centers - Turkey
Central Bank of TURKEY
Jul.11 Aug.11 Sep.11 Oct.11 Nov.11 Dec.11 Jan.12 Feb.12 Mar.12 Apr.12 May.12 Jun.12
* January 2010 = The beginning of index
39
Istanbul Office Market Overview
Grade A Office Stock
Existing Projects GLA
(sq m)
Pipeline Projects GLA
(sq m) **
1,170,000
281,000
810,000
253,000
Asia
960,000
276,000
Total
2,940,000
810,000
1H 2012
Europe
Sub Market
CBD
Non CBD
**For completion by end 2013
40
Business Review
Project Pipeline
Future Outlook
Appendix
● Listed REIC's
3
FINANCIAL STATEMENT
Income Statement
mn TL
Satışlar/Sales
Konut/Residence
2Q 2012
2Q 2011
YoY
1Q 2012
QnQ
37,093
41,104
-9.8%
39,702
-6.6%
1,795
11,372
-84.2%
6,438
-72.1%
26,558
22,273
19.2%
24,646
7.8%
Diğer/Other
8,740
7,459
17.2%
8,618
1.4%
SMM/Cost of sales
11,579
17,942
-35.5%
14,234
-18.7%
Konut/Residence
1,047
7,385
-85.8%
3,457
-69.7%
AVM kira/ Mall rental
1,904
1,389
37.1%
1,892
0.6%
Diğer/Other
8,628
9,168
-5.9%
8,885
-2.9%
Brüt kar/Gross profit
25,514
23,162
10.2%
25,468
0.2%
Brüt marj/Gross margin
68.8%
56.3%
12.43 pp
64.1%
4.64 pp
Faaliyet giderleri/Opex
-4,231
-7,817
-45.9%
-2,974
42.3%
-3,339
-4,070
-18.0%
-1,888
76.9%
Paz satış giderleri/Mrkt and selling exp
-892
-3,747
-76.2%
-1,086
-17.9%
Diğer gelir(gider)/Other income(expenses)
-142
886
-116.0%
-1
14100.0%
0
0
0.0%
0
0.0%
Faaliyet karı /Operating profit
21,141
16,231
30.3%
22,493
-6.0%
Gayrimenkul deger artisi haric faaliyet kari / Operating profit excluding fair
value adjustment
21,141
16,231
30.3%
22,493
-6.0%
171.7%
Genel yönetim giderler/General&admin exp
Yatirim amacli gayrimenkuller deger artislari (azalislari)/ Net gain (loss) fair
value adjustments on investment property
İştiraklerden alınan temettü/Share of profit of associates (recurring)
9,381
4,189
123.9%
3,453
VFOK/EBIT *
30,522
20,420
49.5%
25,946
17.6%
VFOK marjı /EBIT margin (%)
82.3%
49.7%
32.61 pp
65.4%
16.93 pp
112
44
154.5%
76
47.4%
Amortisman/Depreciation
VAFOK/EBITDA *
30,634
20,464
49.7%
26,022
17.7%
VAFOK marjı/EBITDA margin (%)
82.6%
49.8%
32.80 pp
65.5%
17.04 pp
İştiraklerden gelir (gider)/share of profits (non-recurring)
-5,943
-3,123
90.3%
-343
1632.7%
1,467
982
49.4%
6,204
-76.4%
284
1,019
-72.1%
1,267
-77.6%
4,967
-34,207
-114.5%
33,694
-85.3%
31,297
-14,909
-309.9%
66,768
-53.1%
-556
-425
30.82%
-532
4.51%
Net kar/net profit
30,741
-15,334
-300.48%
66,236
-53.59%
Net kar marjı/Net profit margin (%)
82.9%
-37.3%
120.18 pp
166.8%
-83.96 pp
Net faiz geliri(gideri)/Net financial interest income(expense)
Net diğer finansal gelir (gider)/Other net financial income (expense)
Kur farkı geliri (gideri)/Forex gain (loss)
Vergi öncesi kar/Profit before tax
Vergi gideri/Corporate tax
42
FINANCIAL STATEMENT
Income Statement
mn TL
Satışlar/Sales
Konut/Residence
1H 2012
1H 2011
YoY
76,795
83,142
-7.6%
8,233
24,290
-66.1%
51,204
43,549
17.6%
Diğer/Other
17,358
15,303
13.4%
SMM/Cost of sales
25,813
34,513
-25.2%
Konut/Residence
4,504
14,028
-67.9%
3,796
2,628
44.4%
17,513
17,857
-1.9%
50,982
48,629
4.8%
Brüt marj/Gross margin
66.4%
58.5%
7.90 pp
Faaliyet giderleri/Opex
Diğer/Other
Brüt kar/Gross profit
-7,205
-11,879
-39.3%
Genel yönetim giderler/General&admin exp
-5,227
-7,419
-29.5%
Paz satış giderleri/Mrkt and selling exp
-1,978
-4,460
-55.7%
Diğer gelir(gider)/Other income(expenses)
-143
1,223
-111.7%
0
0
0.0%
Faaliyet karı /Operating profit
43,634
37,973
14.9%
Gayrimenkul deger artisi haric faaliyet kari / Operating profit excluding fair value adjustment
43,634
37,973
14.9%
İştiraklerden alınan temettü/Share of profit of associates (recurring)
12,834
6,497
97.5%
VFOK/EBIT *
56,468
44,470
27.0%
VFOK marjı /EBIT margin (%)
73.5%
53.5%
20.04 pp
50.4%
Yatirim amacli gayrimenkuller deger artislari (azalislari)/ Net gain (loss) fair value adjustments
on investment property
Amortisman/Depreciation
188
125
56,656
44,595
27.0%
VAFOK marjı/EBITDA margin (%)
73.8%
53.6%
20.14 pp
İştiraklerden gelir (gider)/share of profits (non-recurring)
-6,286
-2,249
179.5%
7,671
-970
-890.8%
VAFOK/EBITDA *
Net faiz geliri(gideri)/Net financial interest income(expense)
Net diğer finansal gelir (gider)/Other net financial income (expense)
1,551
2,348
-33.9%
Kur farkı geliri (gideri)/Forex gain (loss)
38,661
-49,292
-178.4%
Vergi öncesi kar/Profit before tax
98,065
-5,693
-1822.6%
Vergi gideri/Corporate tax
-1,088
-870
25.06%
Net kar/net profit
96,977
-6,563
-1577.63%
126.3%
-7.9%
134.17 pp
Net kar marjı/Net profit margin (%)
43
FINANCIAL REVIEW
Income Statement
‘000 TL
Sales
Residence
Mall rental
Other
Cost of sales
Residence
Mall rental
Other
Gross profit
2011
162,909
37,758
91,969
33,182
62,754
20,231
41,350
1,173
100,155
61.5%
-24,515
-13,777
-10,738
-5,586
2010
232,928
161,064
53,899
17,965
152,910
122,099
19,496
11,315
80,018
34.4%
-29,040
-23,498
-5,542
-529
YoY
-30.1%
-76.6%
70.0%
84.7%
-59.0%
-83.4%
112.1%
-89.6%
25.2%
27.13 pp
-15.6%
-41.4%
93.8%
956.0%
Net gain (loss) fair value adjustments on investment property
182,534
166,660
9.5%
Operating profit
Operating profit excluding fair value adjustment
252,588
70,054
217,109
50,449
16.3%
38.9%
6,496
4,745
36.9%
81,927
50.3%
291
82,218
50.5%
38,731
1,334
2,378
-122,414
179,113
-1,801
177,312
108.8%
55,194
23.7%
184
55,378
23.8%
9,980
-20,975
1,098
3,562
215,519
-1,274
214,245
92.0%
48.4%
26.59 pp
58.2%
48.5%
26.69 pp
288.1%
-106.4%
116.6%
-3536.7%
-16.9%
41.37%
-17.24%
16.86 pp
Gross margin
Opex
General&admin exp
Mrkt and selling exp
Other income(expenses)
Share of profit of associates (recurring)
EBIT *
EBIT margin (%)
Depreciation
EBITDA *
EBITDA margin (%)
Share of profits (non-recurring)
Net financial interest income(expense)
Other net financial income (expense)
Forex gain (loss)
Profit before tax
Corporate tax
Net profit
Net profit margin (%)
* 2011 yılı stok değer düşüş karşılığı 5.377 faaliyet dışı gider olduğundan VFÖK (EBIT) ve VAFÖK (EBITDA) rakamlarına eklenmiştir.
44
FINANCIAL STATEMENT
Balance Sheet
(000 TRY)
Cash and Cash Equivalents
Financial Investments
Trade Receivables
Inventory
Advances Given
Other Current Assets
CURRENT ASSETS
Financial Investments
Trade Receivables
Invest.In Associates
Investment Property
Tangible Fixed Property
Intangible Fixed Assets
Inventory
Advances Given
Other Non-current Assets
NON-CURRENT ASSETS
TOTAL ASSETS
Financial Liabilities
Finance Lease Liabilities
Other Financial Liabilities
Trade Payables
Tax Payables
Advances Received
Other Current Liabilities
CURRENT LIABILITIES
Financial Liabilities
Provision For Employment Termination Benefits
Advances Received
NON-CURRENT LIABILITIES
Share Capital
Share Premium
Legal Reserves
Treasury Shares
Retained Earnings
Net Profit
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
2012/06
436,494
152,562
69,120
125,238
20,238
2,766
806,418
0
52,409
157,903
2,518,866
1,416
154
312,979
108,063
61,489
3,213,279
4,019,697
258,267
0
0
39,736
555
66,591
9,141
374,290
765,612
117
272,554
1,038,283
224,000
301,770
5,240
-1,195
1,980,332
96,977
2,607,124
4,019,697
2011/12
597,388
58,197
71,081
100,805
9,742
4,058
841,271
0
60,079
164,189
2,457,490
874
86
262,406
108,063
49,093
3,102,280
3,943,551
289,143
0
1,313
38,864
409
52,383
6,282
388,394
811,373
93
210,785
1,022,251
224,000
301,770
3,947
-836
1,826,713
177,312
2,532,906
3,943,551
Variance %
-26.9
162.1
-2.8
24.2
107.7
-31.8
-4.1
0.0
-12.8
-3.8
2.5
62.0
79.1
19.3
0.0
25.3
3.6
1.9
-10.7
0.0
-100.0
2.2
27.1
45.5
-3.6
-5.6
25.8
29.3
1.6
0.0
0.0
32.8
42.9
8.4
-45.3
2.9
1.9
45
FINANCIAL STATEMENT
Cash Flow Statement
(000 TRY)
1H 2012
2011
2010
2009
2008
Cash and cash equivalents at the beginning of
the year
597,388
438,664
72,639
80,168
137,441
Exchange losses on cash and blocked deposits
-1,819
3,187
320
-211
4,154
0
0
-121,447
0
0
22,574
121,271
32,380
63,287
-30,371
-15,889
-101,257
-122,002
-58,490
-70,920
Net cash generated (used in) from financing
activities
-165,760
135,523
455,327
-12,115
39,864
Net (decrease) increase in cash and cash
equivalents
-159,075
155,537
365,705
-7,318
-61,427
Cash and cash equivalents at the end of the
period
436,494
597,388
317,217
72,639
80,168
Blocked deposits
Net cash generated (used) in operating
activities
Net cash used in investing activities
46
FINANCIAL STATEMENT
Net Foreign Currency Position
TL Equivalent
(000)
€
$
Current assets
10,715
70,856
152,369
223,130
-31.7
0
0
0
0
0.0
10,590
69,463
149,568
210,456
-28.9
125
1,393
2,801
12,674
-77.9
10,715
70,856
152,369
223,130
-31.7
-23,597
-92,085
-220,026
-256,557
14.2
-424
-503
-1,875
-5,438
65.5
-22,861
-91,542
-217,364
-251,112
13.4
-312
-40
-787
-7
-11142.9
-102,926
-295,321
-767,576
-826,481
7.1
0
-85
-153
0
0.0
-102,926
-294,236
-765,615
-811,370
5.6
0
-1,000
-1,808
-15,111
88.0
Total liabilities
-126,523
-387,406
-987,602
-1,083,038
8.8
Net foreign currency asset (liability)
-115,808
-316,550
-835,233
-859,908
2.9
Trade receivables
Monetary financial assets
Other
Total assets
Current liabilities
Trade payables
Financial liabilities
Other current liabilities
Non-current liabilities
Trade payables
Financial liabilities
Derivative Liabilities (net)
31.06.2012
30.12.2011
Variance %
47
FINANCIAL STATEMENT
Funding Summary
2012/06
2011/12
Variance
-434,823
-444,931
-2.27%
5
5
Average overall interest rate*
4.84%
5.07%
-0.23 pp
Leverage (financial loans as % of total assets)
25.5%
27.9%
-2.44 pp
Net debt to equity ratio
-16.7%
-17.6%
0.89 pp
Net debt/Assets (%)
-10.8%
-11.3%
0.47 pp
Equity to assets ratio
64.9%
64.2%
0.63 pp
-14.0%
-14.9%
0.95 pp
7.4
61.6
NM
3.84
5.4
NM
Total net debt (000 TRY)
Average loan term (years)
Loan to property value ratio (LTV)
Interest coverage ratio (times)
Net debt/EBITDA (times)
* Excl. TRY Loans
48
Business Review
Project Pipeline
Future Outlook
Appendix
● Listed REIC's
3
LISTED REIC’s
REICs on the ISE (as of Aug 24, 2012)
Free Float
3M avg. daily
trading volume
Current M.Cap
(TRY mn)
Dividend Yield
(2010)
Dividend Yield
(2011)
Dividend Yield
(2012)
1 EMLAK KONUT GMYO
25%
57.293
6,225
-
2.6%
2.0%
2 TORUNLAR GMYO
14%
2.009
1,310
-
0.9%
1.9%
3 İŞ GMYO
48%
2.180
738
3.0%
2.8%
4.0%
Listed REITs
4 SİNPAŞ GMYO
37%
6.444
768
-
3.1%
4.3%
5 AKMERKEZ GMYO
2%
0.323
714
4.6%
-
4.7%
6 SAF GMYO
35%
1.808
718
-
-
16.5%
7 ÖZAK GMYO
3%
0.503
364
8 VAKIF GMYO
15%
1.225
361
-
-
-
-
9 AKFEN GMYO
29%
0.972
311
-
-
-
10 NUROL GMYO
20%
4.870
250
-
-
-
11 KİLER GMYO
35%
1.173
231
-
-
-
12 YEŞİL GMYO
24%
2.417
176
-
-
-
13 ALARKO GMYO
34%
0.984
175
-
0.7%
1.7%
14 REYSAŞ GMYO
31%
0.207
144
-
0.6%
-
15 DOĞUŞ GMYO
7%
0.137
130
-
-
-
16 TSKB GMYO
29%
0.592
117
-
-
-
17 ATAKULE GMYO
16%
0.211
97
2.2%
2.1%
-
18 ÖZDERİCİ GMYO
33%
0.101
79
-
-
-
19 MARTI GMYO
48%
0.590
63
-
5.4%
0.9%
20 YAPI KREDİ KORAY GMYO
44%
0.683
54
-
-
-
21 PERA GMYO
51%
0.240
51
-
-
-
22 AVRASYA GMYO
72%
2.771
47
-
-
-
23 İDEALİST GMYO
25%
0.273
29
-
-
-
24 EGS GMYO
66%
0.011
12
-
-
-
TOTAL
25%
88.016
13,163
exc. EKGYO
25%
30.723
6,938
-
-
-
Source: Istanbul Stock Exchange
50
LISTED REIC’s
TORUNLAR REIC PERFORMANCE
140
133,70
130
120
108,93
110
101,26
99,89
100
98,30
90
105,25
88,61
112,18
101,13
94,65
93,19
88,78
91,80
83,48
79,69
86,66
80
115,03
70
72,77
60
56,05
75,95
50
IPO Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
date 2010 2010 2010 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2012 2012 2012 2012 2012 2012 2012 2012
MSCI WORLD / REIT's Index
XU100 (ISE100 NATIONAL INDEX)
XGMYO (ISE REIC INDEX)
TRGYO (TORUNLAR REIC)
51
LISTED REIC’s
TORUNLAR REIC PERFORMANCE
190
170,90
170
157,62
148,26
150
127,65
130
132,16
129,07
133,70
125,90
110
101,77
101,26
98,93
93,43
98,67
90
85,31
70
50
105,25
96,46
93,05
86,66
80,56
101,13
111,08
77,75
73,35
56,05
90,95
73,99
75,95
94,65
87,13
79,69
71,05
98,59
83,48
72,77
54,26
IPO Oct Nov Dec Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Jul Aug
date 2010 2010 2010 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2012 2012 2012 2012 2012 2012 2012 2012
ISGYO
EKGYO
XGMYO (ISE REIC INDEX)
TRGYO (TORUNLAR REIC)
SNGYO
52
Business Review
Project Pipeline
Future Outlook
Appendix
● Listed REIC's
3
APPENDIX
Project Locations
•
•
•
•
•
ISTANBUL
Torium Shopping Mall
Paşabahçe Ex-TEKEL Land
NishIstanbul Mixed-Use Project Maltepe Land
Mall of Istanbul
Kemankeş Land
Torun Tower
Kayabaşı Land
Mecidiyeköy Ex-Stadium Mixed-Use Project
•
•
•
•
BURSA
Zafer Plaza Shopping Mall
Korupark Shopping Mall
Korupark Residences Phase I-II
Korupark Residences Phase III
SAMSUN
• Boulevard
Samsun
Shopping Mall
MUĞLA
• Netsel Marina
ANKARA
• Ankamall Shopping Mall
• Crowne Plaza Hotel
3
ANTALYA
• Deepo Outlet Mall
• Deepo Outlet Extension Project
APPENDIX
Project Locations
3
APPENDIX
Zafer Plaza Shopping Mall
Ownership
Operational Date
Leasable area (m2)
Occupancy (%) as of date
Number of stores
Torunlar REIC (72.26%)
1999
23,449 (REIC share 16,944)
99% (as of Dec 2011)
127
8% anchors and Dpt. Stores (23% of GLA):
Migros, M&S, YKM, Teknosa and Boyner
Anchor tenants
Appraisal value (Dec. 2011)
TRY 176.8mm (US$ 93mm)
Average lease term as of Dec-2011
1.8 years
Average LTM NOI (per TL/m2/month)
TRY 50.9
Leasehold/Freehold status
Freehold
Rental income (Dec 2011). Last 12 months TRY 12.7mm
•The Property is located at the most central part of the city
•Close to the metro station, on major public transportation routes and at the junction of intercity roads
•The property includes a movie theater with six screens and an amusement park for children and teenagers
•In 2000, Zafer Plaza was selected "The Best Shopping Centre" by the AMPD, Trade Council of Shopping Centres and Retailers
•Majority of rents (62%) are USD denominated
Tenants - Breakdown of GLA
Technology
12%
Culture/ Art/
Entertainment
2%
Personel Care/
Accessories
4%
Leisure/ Gift/
Special
Service
2%
4%
Food & Drink
8%
Anchor
7%
Tenants - Breakdown of Income
Home
4%
Ready Wear
40%
Department
Store
16%
Technology
11%
Food & Drink
12%
Culture/ Art/
Entertainment
Personel Care/ 1%
Accessories
8%
Leisure/ Gift/
Special
3%
Service
4%
Anchor
2%
Home
5%
Ready Wear
49%
Department
Store
7%
56
APPENDIX
Ownership
Operational Date
Leasable area (m2)
Number of stores
Torunlar REIC (100%)
H2 2007
71,267
98% (as of Dec 2011)
182
(34% of GLA): Tesco, Koçtaş, Beymen,
C&A, Boyner and Electro World
Anchor tenants
Appraisal value (Dec 2011)
TRY 600.2mm (US$ 315.9mm)
1.8 years
TRY 44.1
Freehold
•Korupark is the largest shopping mall in Bursa and is located on the Mudanya Highway in the Nilüfer neighbourhood
•The property has three retail floors and two carpark floors with a capacity for 2,500 cars underground and 500 above ground
•The property includes a hypermarket (12,000m²), a do-it-yourself store (5,127m²), cinema complex (nine screens) and entertainment area (amusement park,
children play centre) totalling 5,317m²
•Most of the rents (87%) at the shopping mall are Euro denominated
Technology
1%
Food & Drink
Culture/ Art/
6%
Entertainment
9%
Personel Care/
Accessories
3%
Leisure/ Gift/
Special
Department
2%
Service
Store
2%
5%
Ready Wear
41%
Anchor
28%
Home
3%
Culture/ Art/
Entertainment
3%
Personel Care/
Accessories
7%
Leisure/ Gift/
Service
Special
2%
Department
4%
Store
2%
Technology
3%
Food & Drink
11%
Anchor
15%
Home
5%
Ready Wear
48%
57
APPENDIX
Deepo Outlet Mall–Antalya
Ownership
Operational Date
Leasable area (m2)
Number of stores
October 24, 2004
18,069
100% (as of Dec 2011)
81
LCW, Ayakkabı Dünyası, Mudo City,
Collezione, Sarar, Aydınlı Group
Anchor tenants
TRY 191.5mm (US$ 100.8mm)
2 years
TRY 51.1
Freehold
•Antalya Deepo is the biggest outlet in the Mediterranean region.
•The property is located close to the Antalya Airport
•The mall attracts annual foot traffic of c.5 mm
•For Antalya Deepo, majority of rents (80%) are denominated in EURO
•Zoning of this region is expected to be approved in 2012.
•Deepo Antalya is not directly held by Torunlar REIC, but is instead held by a subsidiary which is 100% owned by Torunlar REIC
Antalya Deepo Extension Project
Ownership
Torunlar REIC + Hastalya
Estimated start of construction 3Q 2012
Estimated date of completion 1Q 2013 Estimated operational date
1Q 2013 Leasable area (m2)
26,651 Estimated investment
TRY 37mm (US$19.5mm)
Partially freehold, partially
Leasehold / Freehold status
leasehold from Hastalya
Current status
Under zoning process Food &
Culture/
Art/ Technology Drink
8%
Entertainm 2%
ent
7%
Personel
Care/
Accessories
5%
Leisure/
Gift/
Special
1% Service
0% Departmen
t Store
0%
Anchor
0%
Home
1%
Cul ture/ Art/
Entertainme
nt
6%
Technology
2%
Ready
Wear
78%
Service
0%
Anchor
0%
Home
1%
Pers onel
Ca re/
Acces sories
6%
Lei sure/
Gi ft/ Special
1%
Food &
Drink
10%
Departmen
t Store
0%
Ready
Wear
73%
58
APPENDIX
Torium Shopping Mall–Istanbul
Ownership
Operational Date
Investment cost
Occupancy (%) as of Dec 2011
Number of stores
October 30th, 2010
TL221mm
99%
180
Migros, Elektroworld, C&A, H&M, M&S,
Teknosa, Tekzen, YKM, Zara
Anchor tenants
TL567.3mm (US$298.6mm)
4 years
95,280 m2 GLA retail
5,723 m2 GSA residential Freehold
TRY 31.5mm
GLA / GSA
Rental income 2011
•Torium is a mixed-use project of retail and residential use and the 5th largest mall of Turkey
•It is located at the centre of high density residential settlements along one of the two major highways of Istanbul
•The shopping mall provides a broad range of leisure and entertainment facilities
•Majority of rents (70%) at the shopping mall are denominated in USD
•12 out of 53 residetial units were sold for 1.710 TL/sqm starting from December 2011 until 30.06.2012
Technology
4%
Culture/ Art/
Entertainment
Personel Care/
13%
Accessories
3%
Leisure/ Gift/
Service
Special
Department Store
2%
2%
5%
Food & Drink
7%
Anchor
21%
Home
2%
Ready Wear
42%
Technology
7%
Culture/ Art/
Entertainment
4%
Personel Care/
Accessories
7%
Leisure/ Gift/
Special Service
Department Store
3%
2%
3%
Food & Drink
14%
Anchor
12%
Home
3%
Ready Wear
45%
59
APPENDIX
Ankamall Shopping Mall + Crowne Plaza Hotel–Ankara
Yeni Gimat in which Torunlar REIC holds
(14.83%)
1999
88,421 (REIC’s share 13,112)
100% (as of December 2010)
315
280
Migros, Koçtaş, Tepe Home, Electro
World, Boyner, Mudo City,
Ownership
Operational Date
Leasable area (m2)
Number of stores
Number of rooms
Anchor tenants
Appraisal value (REIC share) (Dec 2011)
NOI
TRY 62mm
Rental income
Freehold
TRY 90.6mm
•Ankamall is located in Yenimahalle, in the centre of Ankara. The
shopping mall is considered to be the largest in Ankara and fourth largest
in Turkey
10
•Ankamall is owned by Yeni Gimat which was formed as a cooperative
with over 1000 investors, and in which Torunlar REIC currently has
14.83% stake, making it the largest shareholder as of Dec 31, 2011
•The property includes the Crowne Plaza Hotel which is a 21–storey
building with 280 rooms
•For Ankamall, the rents in Phase 1 are denominated in Turkish Lira,
while the rents in Phase 2 are denominated in USD
•ECE European Prime Shopping Centre Funds offered USD 525 million to
buy 100% of Torunlar REIC’s 14.83% owned Ankamall and Crowne Plaza
Hotel on July 15 and the deal is expected to be closed in early 3Q 2012.
Dividends - Torunlar REIC share (TRY mm)
9
9.3
8
7
6
5
4
4.2
3
2
1
1.9
2.1
2007
2008
2.4
2.7
0
2009
2010
2011
2012
60
APPENDIX
Boulevard Samsun Shopping Mall
Ownership
Torunlar REIC (40%)
Operational Date
24.07.2012
Leasable area (m2)
14.943 m2
(13.991m2 retail 952 m2 office)
92%
Number of stores
38
Anchor tenants
%43.2 of GLA ; Teknosa, Boyner, Koton,
Deichmann
TRY 41.4mm (US$ 23.1mm)
Average lease term (as of July 2012)
5 years
•The project is a mixed-use project developed in conjunction with the
shopping mall developer Turkmall.
TRY28 (€12) (Forecast)
•Retail units will be leased for 21€/sq.m/month and office units for
12€/sq.m/month.
Leasehold
Rental income (Annual Forecast)
TRY 8.6mm (€3.7mm)
•The property is located on the site of an ex-tobacco factory building at
the city center of Samsun on the Black Sea region in Northern Turkey
•The land is leased for 30 years from Samsun Metropolitan Municipality.
•92% of the retail area has already been leased as of March 2012.
61
APPENDIX
Korupark Residences Phase I & II
•Located on the western side of Bursa (adjacent to Korupark Shopping
Mall), the property is a residential settlement of luxurious units with
sports and recreation facilities
•The project is the first gated community in Bursa
Ownership
Freehold
Start of construction
May, 2006
Date of completion
Phase 1: January 2008/
Phase 2: December 2008
Operational date
February 2008
Total investment
TRY 123.3mm (US$85mm) Units sold (%)
92% (as of Dec 2011)
Appraisal value (remaining units)
TL35.6mm (US$18.7mm) (Dec 2011)
•Phase I&II: 746 units (123.840 sq.m), thirteen blocks
Inventory as of June 30th, 2012: 55 units (11.232 sqm)
•For Korupark residences I/II, sales are Turkish Lira denominated and
currently 2.000 TL/ sq.m
62
APPENDIX
Ownership
Estimated start of construction
May 2011
Estimated operational date
4Q 2012
Estimated investment
Appraisal value
TRY 74.7mm (US$39.3mm) (Dec 2011)
Leasehold / Freehold status
Freehold
Number of residential units/GSA
680 units / 102.260 m2 residence
Current status
•The property, adjacent parcel to Korupark phase I & II, is a luxurious housing settlement.
•For Korupark Residences Phase III, sales are denominated in Turkish Lira and 2.100TL/sq.m
•Total 678 units (102,213sqm), 268 units (34.069 sqm) were presold as of June 30th 2012.
Under construction MAP OF KORUPARK
Korupark Residences Phase I & II
•Note: Exchange rate US$/TL=1.5460 as of December 31, 2010
¹ Prime appraisal report (based on the CMB standards as
of December 31, 2010)
63
APPENDIX
Mall of Istanbul–Istanbul
•Mall of Istanbul is a mixed-use project with a large shopping mall
development along with residential, office units
•It is expected to be one of the largest mixed-use projects in Turkey
•Planned to be built with 153.963 m² GLA enriched with 11.558 m² kids
entertainment, 11.690 m² snowpark, cinema complex and conference /
performance hall¹
•Mall of Istanbul is well connected to the city centre through the D100
and TEM highway. In addition, the site is located within 5km of the
•For the Mall of İstanbul,retail units will be rented for 28$/m2 and
residential and office units will be sold for 3500TL/m2 on the average.
•Presales commenced on 23.04.2011 and 632 units were presold for
3.339 TL/m2 out of 1.114 and 76 office units out of 116 for 4.729 TL/m2
until 30.06.2012
•On 31.05.2011, the company signed USD 250 million loan agreement
with Is Bank of Turkey for a term of 10 years with 3 years grace period.
Ownership
Estimated date of completion
March 2011 H2 2013 Q4 2013
c.TRY695mm (US$370mm) Number of residences / GSA-GLA
153.963 m2 GLA mall,
122.000 m2 GSA residence,
24.914 m2 GSA office
Appraisal value
TRY 810.2mm (US$426.4mm) (Dec 2011)
Freehold
Current status
Under construction Breakdown - Area (GLA/GSA)
Office
8%
Retail
51%
Residential
41%
64
APPENDIX
Torun Tower–Istanbul
•The property is located at the city centre in one of the most expensive
commercial districts of Istanbul with a subway connection.
•40 floor high-rise tower is planned
Ownership
Estimated start of construction
December 2011 Estimated date of completion
Q4 2013
Q4 2013
c.TRY 157.9mm (US$84mm) Appraisal value
TRY 253.3mm (US$133.3mm) (Dec 2011)
Freehold
Current status
Under construction
Breakdown - Area (GLA)
Other
2,415 m2
5%
•The building is planned to be a landmark for the city with very modern
architecture and construction technology
•The Property is planned as a mixed-use project with office and retail
units and will be leased.
•Construction started in December 2011.
•For Torun Tower, office units will be leased for 35$/sqm/month, retail units for 47$/sqm/month.
Office
44,760 m2
95%
65
APPENDIX
Mecidiyeköy (Ex-Ali Sami Yen Stadium) Mixed-use Project–Istanbul
•Mecidiyeköy is a mixed-use project with unit residential complex, along
with office and retail units.
Ownership
Torunlar REIC (65%), Torun
Construction (30%), Kapicioglu (5%)
Revenue Share Estimated start of construction
Q4 2012 Estimated date of completion
Q4 2014 Estimated operational date
Q4 2014
c.TRY 355mm (US$189.1mm) /
TRY 231mm (US$123mm)* Land acquired
Revenue Share (45%)
Land area (m2)
34,640 Sellable area (m2)
57.500 sqm (37.375 sqm)*residence,
60.000 sqm (39.000 sqm)*office,
10.275 sqm (6.679 sqm)* retail
Number of residences
593
•Its location is in the city center, on the land where the ex-stadium of
Galatasaray is located.
•The project is planned on three high-rise blocks of 40 storey's each. Two
of the blocks will be used as residential, one block will be developed as AAppraisal value
Class Office Tower. All of them will be sold
•For the Mecidiyeköy Project sales will be denominated in Turkish Lira.
Current status
TRY 300mm (US$195mm) /
TRY 195mm (US$125mm)* (Dec 2010)
Under project development * Torunlar REIC’s share
66
APPENDIX
Netsel Marina-Marmaris
Ownership
Torunlar REIC (44.6%)
Operational Date
Land
Capacity
Leasable area (m2)
Mall Occupancy (%) as of date
Number of stores
1989
37,478 sqm
700 yachts
7,692 (REIC’s share 3,431)
82% (as of December 2011)
75
Migros, Lacoste, Sisley, Tommy Hilfiger,
Paul&Shark, Stefanel, Mudo
Anchor tenants
Appraisal value (REIC share)
TRY 37.7mm (US$19.8mm)
Mall rental revenue
Total rental revenue
TRY 2mm
TRY 15.9mm
Freehold
Dividends - Torunlar REIC share (TRY mm)
•Netsel is one of the largest marinas in Turkey by capacity
•It is located in Marmaris on the Aegean coast.
•Torunlar purchased its stake for TL 14.9 mn in 2005.
•The marina is operated by Setur, a subsidiary of Koc Holding.
4
3.5
3
2
•66 cruisers with 166.000 guests visited the marina in 2010
1
1.5
1.5
2007
2008
2.2
2.1
2009
2010
2.3
•2500-3000 people are estimated to visit the mall on a daily basis.
0
2011
2012
67
APPENDIX
NishIstanbul Mixed-use Project–Istanbul
•Located on the west-side of Istanbul in Yenibosna, 1.5 km away from
Istanbul Atatürk Airport
•Three residential blocks, one office block and retail units
•The project partnership was terminated in June 2011.
•As of June 2012, 3 residential units (291 m2) will be kept, 8 office (2150
m2) units will be sold for 5.500 TRY/m2. 20 stores (3.773 m2) will be sold
for 6.000-8.000 TRY/m2.
Ownership
Torunlar REIC (60%)
Freehold
H2 2008
Operational date
November 2010
Number of residences /
Sellable area (m2)
585 /53,204
Number of offices /
Sellable area (m2)
63/ 16,925
Number of retail units /
Leasable area (m2)
52 / 10,937
TRY 40.3mm (US$21.2mm)
68
Contacts
Ismail KAZANC
CFO
[email protected]
Haluk YUKLER
Investor Relations Director
[email protected]
TORUNLAR REIC (Real Estate Investment Company)
Ruzgarlibahce Mah. Selvi Cikmazi No.4 Kavacik 34805
Istanbul TURKEY
Phone: +90-216-425 20 07
Fax: +90-216-425 03 12
69
Disclaimer
This presentation does contain forward-looking statements that reflect
the Company management’s current views with respect to certain future
events based on the base-case assumptions. Although it is believed that
the expectations reflected in these statements are reasonable, they may
be affected by a variety of variables and changes in underlying
assumptions that could cause actual results to differ materially.
Neither Torunlar REIC nor any of its directors, managers or employees
nor any other person shall have any liability whatsoever for any loss
arising from the use of this presentation.
70

29.08.2012 - Torunlar REIC

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