TORUNLAR GROUP OF COMPANIES TODAY (As of ) Key Facts
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1 08 JUNE 2020
2 TORUNLAR GROUP OF COMPANIES TODAY (As of ) Key Facts million TRY Change Total Assets 19,770 22,797 15% Total Equity 9,818 10,576 8% Total Sales 6,463 6,752 4% Employees 1, % Cities of Operation % Note: Torunlar REIC and Başkentgaz figures are IFRS and Torunlar Gıda figures are local GAAP AGRIBUSINESS REAL ESTATE ENERGY The 2 nd largest REIC in terms of portfolio value and market cap among the listed REIC s on BIST A leading company in oilseed, soybean, sunflower, rice and sugarbeet processing Competes against such multinationals as Cargill, Bunge and Cofco Best and most diversified portfolio Exceeding 567,000 m 2 GLA The 2 nd largest natural gas distribution company of Turkey 1.9 million total customers 3.6 billion m³ natural gas sales and distribution volume 12,414 km of grid length 2
3 Torunlar REIC Key Overview TRY (000) Q Portfolio Breakdown 13.6 billion TRY Sales 665, ,140 1,954, , ,378 Residence & Office 243, ,070 1,307, , ,310 Mall & Office rental 351, , , , ,890 Other 70,752 82, , ,242 29,178 EBITDA 361, , , , ,474 EBITDA Margin 54.4% 62.9% 47.6% 65.1% 56.1% Net Profit 1,172, ,108 1,287, , ,701 N. Profit excl. fair value gains -138,413 81, ,367-88, ,701 Market Cap 2,075,018 3,330,000 1,510,000 2,750,000 1,860,000 Portfolio Value 9,772,422 10,347,221 12,401,554 13,804,655 13,565,014 Net Asset Value 5,973,549 6,378,657 7,613,718 8,478,139 8,371,315 Capex 757, , , ,605 40,523 Net Debt 2,535,224 3,004,044 3,989,698 4,245,128 4,335,428 LTV 27.30% 29.38% 33.95% 33.25% 34.09% Strategic Pillars Strong sales growth with cumulative 5.1 billion TRY within 3 years Deleveraging from a net debt to a net cash within 2023 Completion of the project pipeline with 1.7 billion TRY capex within 3 years 3
4 Project Locations Turkey ISTANBUL Torium Shopping Mall 5. Levent Project NishIstanbul Mixed-Use Project Mall of İstanbul 2. Phase Mall of İstanbul Pasabahce Project Torun Tower Kemankes Land Torun Center Kayabasi Land Mall of İstanbul Phase 3 SAMSUN Bulvar Samsun Shopping Mall ANKARA ANKAmall Shopping Mall Crowne Plaza Hotel 3 BURSA Zafer Plaza Shopping Mall Korupark Shopping Mall Korupark Residences Phases I-II Korupark Residences Phase III MUGLA Netsel Marina ANTALYA Deepo Outlet Mall Mall of Antalya 4
5 Project Locations Istanbul 5
6 Q Highlights and Forward Strategy Portfolio size 13.6 billion TRY. 332 million TRY sales revenue and 186 million TRY EBITDA. 142 million TRY worth of residential deliveries. Rental income at 161 million TRY up by 11% y-o-y. Loan to value at 34.1% and cost of debt in FX is at 4.64%. FX debt reduced to 2,016 million TRY from 2,027 million TRY, year to date Focus on: completing MOI 2 nd Phase Hotel, Convention Center and Residential project, destocking of remaining residential units at 5 th Levent Phase 1, destocking of remaining residences and leasing of selected offices and retail area at Torun Center Commencing 5 th Levent Phase 2 Leverage will be ended within the year of
7 Rental Assets (TRY) Operation Date Appraisal Value Malls - in Operation 5,872,400,000 6,656,700,000 Zafer Plaza ,400, ,700,000 Deepo Outlet Q ,000, ,000,000 Korupark Q ,540,000,000 1,710,000,000 Torium Q ,000, ,000,000 Mall of İstanbul Q ,590,000,000 3,000,000,000 Mall of Antalya Q ,000, ,000,000 Offices - in Operation 2,810,976,000 2,892,726,000 Torun Tower Q ,724,000,000 1,853,000,000 Torun Center H ,086,976,000 1,039,726,000 TOTAL 8,683,376,000 9,549,426,000 (TRY) GLA (m 2 ) *Offices in Operation Yield reflects only Torun Tower **Torun Center consists of offices and retail area ***2020 Yields are calculated from 2020 forecasted NOI and 2019 appraisal values F NOI Yield NOI Yield NOI Yield*** Malls - in Operation 400, ,143, % 496,538, % 566,905, % Zafer Plaza 23,449 25,149, % 25,896, % 29,913, % Deepo Outlet 21,590 31,359, % 34,559, % 39,777, % Korupark 71, ,078, % 129,764, % 143,465, % Torium 88,849 23,593, % 34,257, % 39,307, % Mall of İstanbul 151, ,572, % 227,299, % 264,799, % Mall of Antalya 43,709 28,392, % 44,763, % 49,642, % Offices - in Operation* 127,654 78,424, % 94,739, % 115,206, % Torun Tower 66,286 75,729, % 86,934, % 100,206, % Torun Center** 61,368 2,695, % 7,805, % 15,000, % TOTAL 528, ,567, % 591,277, % 682,112, % 7
8 Sellable Assets REVENUES (MILLION TRY) TOTAL Completed Projects ,629 Korupark Residences Phase Torun Center ,095 South Tower East Tower , Levent Phase Upcoming Projects 175 1,226 1,313 1, , Levent Phase ,260 Paşabahçe ,210 MOİ Phase 2 - High Residences TOTAL 576 1,558 1,800 1, ,391 GSA (M 2 ) TOTAL Completed Projects 32,742 20,668 16,132 16,000 23, ,253 Korupark Residences Phase 3 1,610 1,610 Torun Center 3,736 4,780 16,132 16,000 23,711 64,359 South Tower 3,736 4,780 6,132 6,000 6,128 26,776 East Tower 10,000 10,000 17,583 37, Levent Phases 1 27,396 15,888 43,284 Upcoming Projects 14,304 46,709 46,808 33, , Levent Phase 2 10,000 32,000 34,000 24, ,000 Paşabahçe 9,000 9,000 7,000 25,000 MOİ Phase 2 - High Residences 4,304 5,709 3,808 2,893 16,714 TOTAL 47,046 67,377 62,940 49,893 23, ,967 8
9 Financial Highlights (million TRY) PORTFOLIO VALUE CAPEX 9
10 Financial Highlights (million TRY) SALES REVENUE PRESALES & SALES 10
11 Financial Highlights (million TRY) EBITDA NET PROFIT 11
12 KPI Summary 2019/ /03 Change Total net debt (000 TRY) 4,245,128 4,335, % Average loan term (years) 5 5 Average overall interest rate* 5.12% 4.64% pp Leverage (financial loans as % of total assets) 36.3% 36.0% pp Net debt to Equity ratio 50.1% 51.8% 1.72 pp Net debt/assets (%) 30.9% 32.3% 1.31 pp Equity to Assets ratio 61.8% 62.3% 0.49 pp Loan to Property value ratio (LTV) 33.3% 34.1% 0.84 pp Interest coverage ratio (times) % Net debt/ebitda (times) % Net Debt/Mcap 154.4% 233.1% pp Headcount % * Excl. TRY Loans Net Balance Sheet FX Position (000) Change USD -125,794-94, % EUR -192, , % TRY Equivalent -2,026,929-2,016, % 12
13 Mall Portfolio Encompasses Entire Retail Spectrum Q Antalya Deepo Zafer Plaza Istanbul Torium Bursa Korupark MOI MOA Total Rent + Common Area Revenues (MillionTRY) LfL Rent + Common Area Revenue Growth Rate NOI (Million TRY) LfL NOI Growth Rate Footfall (Million) LfL Footfall Growth Rate Retail Sales (Million TRY) LfL Retail Sales Growth Rate Affordability Ratio % -3.7% -9.8% 6.6% 8.8% 4.3% 4.8% % -23.0% 50.5% 11.7% 5.6% 13.7% 9.0% % -10.9% -19.9% -11.3% -11.4% -12.9% -12.8% % -3.5% -6.4% 15.9% 4.1% 7.5% 4.9% 16.6% 10.6% 14.4% 15.4% 13.4% 14.7% 14.1% Expiration of Lease Contracts in terms of Fixed Rent 13
14 The Home of the Flagships Top 10 tenants account for 23.63% of total GLA and 14.02% of total fixed rent revenues Rank: 1 GLA: 21,768 (5. 4%) 2.8% of Monthly Fixed Rent Rank: 2 GLA: 20,165 (5.0%) 1.6% of Monthly Fixed Rent Rank: 3 GLA: 2,863 (0.7%) 1.5% of Monthly Fixed Rent Rank: 4 GLA: 7,955 (2.0%) 1.5% of Monthly Fixed Rent Rank: 5 GLA: 12,525 (3.1%) 1.5% of Monthly Fixed Rent Rank: 6 GLA: 10,026 (2.5%) 1.2% of Monthly Fixed Rent Rank: 7 GLA: 6,089 (1.5%) 1.1% of Monthly Fixed Rent Rank: 8 GLA: 3,046 (0.8%) 1.1% of Monthly Fixed Rent Rank: 9 GLA: 4,380 (1.1%) 0.9% of Monthly Fixed Rent Rank: 10 GLA: 5,895(1.5%) 0.8% of Monthly Fixed Rent 14
15 Outstanding Bank Loans as of Q > 35% short-term, 65% long-term > 73% fixed, 27% floating 15
16 Project Pipeline CAPEX (million TRY) CAPEX Budget Actual Spent to Date Levent Phase 1 1, , MOI 2 nd Phase Hotel, Residences and Convention Center Project Karaköy Hotel Levent Phase Mall of Antalya - Hotel Pasabahce Bosphorus Project TOTAL 3, ,
17 Total GLA in Years (m 2 ) Year New GLA (m 2 ) Asset ,000 -Mall of İstanbul Phase 2 - Hotel, Convention Center ,000 -Mall of Antalya Hotel -Karaköy Hotel ,000 -Paşabahçe Hotel 17
18 NAV Evolution (Billion TRY) 2023 NAV Breakdown 18
19 FUTURE OUTLOOK Revised Forecast Income Statement (TRY) (000) TRY RF Change Sales 991,087 1,152, % Residence & Office 234, , % Mall & Office rental 616, , % Common area revenues & Other revenues 140, , % Cost of sales (308,374) (470,459) 52.6% Cost of Residence & Office sales (140,560) (293,286) 108.7% Rent expenses and management fees of shopping malls (21,794) (13,631) -37.5% Common area expenses & Other expenses (146,020) (163,542) 12.0% Gross profit 682, , % Gross Margin 68.9% 59.2% pp Gross Margin (Residence & Office) 40.1% 39.9% pp Gross Margin (Mall & Office rental) 77.8% 73.3% pp Opex (77,501) (86,801) 12.0% General & Admin expenses (65,312) (73,149) 12.0% Marketing & Selling expenses (12,189) (13,652) 12.0% Other income (expenses) 8,426 0 NM Net gain (loss) fair value adjustments on investment property 954, , % Operating profit 1,567,759 1,395, % Operating profit excluding fair value adjustment 613, , % Dividends received from associates 29,148 32, % EBIT 642, , % EBIT margin (%) 64.9% 54.5% pp Depreciation 1,994 2, % EBITDA 644, , % EBITDA margin (%) 65.1% 54.7% pp Gain (Loss) from associates 47,118 52, % Net financial interest income (expense) (431,479) (519,575) 20.4% Other net financial income (expense) 0 0 NM Forex gain (loss) (346,756) (38,147) -89.0% Profit before tax 865, , % Corporate tax 0 0 NM Net profit 865, , % Net profit margin (%) 87.4% 80.1% pp Net profit / loss excl. fair value gains (88,331) 122,939 NM 19
20 Long Term Sales & EBITDA Revised Forecast (million TRY) 20
21 Cash Flow Statement (Revised Forecast) Cash Flow Statement (Forecast) Cash at the beginning of the term 739,111, ,207,660 94,267, ,139, ,269,542 CASH FLOW FROM OPERATIONS From Mall Rentals (NOI) (+) 365,194, ,853, ,363, ,023, ,714,650 From Office Rentals (+) 121,706, ,749, ,630, ,531, ,752,112 From Hotel Rentals (+) 1,670,053 15,427,577 30,860,226 61,404, ,698,200 From Residence Pre-Sales and Sales (+) 575,583,818 1,558,198,931 1,800,104,694 1,602,219, ,980,129 Change in Trade Receivables (+) 36,822, Operational Expenses (-) 86,801,120 95,481, ,119, ,369, ,278,854 Net Cash Flow from Operations 1,014,176,250 2,034,748,718 2,361,839,841 2,260,808,431 1,652,866,238 CASH FLOW FROM INVESTING ACTIVITIES Construction Costs ( - ) 343,298, ,193, ,714, Shopping Mall Renewal Costs ( - ) 8,000,000 7,000,000 6,000,000 6,000,000 6,000,000 Net Cash Flow from Investing Activities -351,298, ,193, ,714,898-6,000,000-6,000,000 CASH FLOW FROM FINANCING ACTIVITIES Cash Receipt from 975,198,746 1,044,114, ,690, ,121, ,095,374 Cash Paid for (-) 2,232,980,302 2,338,609,817 2,797,222,191 1,173,520, ,363,432 Net Cash Flow from Financing Acitivities -1,257,781,556-1,294,495,402-2,248,531,433-1,031,399, ,268,059 Cash Generated Throughout the Term -594,903,340-49,940, ,406,491 1,223,408,653 1,538,598,179 Net Cash at End of Term 144,207,660 94,267, ,139, ,269,542 2,393,867,721 21
22 TURKEY REAL ESTATE MARKET REVIEW Long-Term Demand Forecasts Housing Needs in Turkey, In millions, except household size e 2015e 2016e 2017e 2018e 2019e 2020e Population Household size Households New houses needed nd homes and urban transformation Foreigners property acquisition Total needed ( ) 5.12 Source: World Bank, TUIK, IMF, HSBC estimates 22
23 TURKEY REAL ESTATE MARKET REVIEW Turkey Residential Sales (in units) (Q1 2020) 23
24 TURKEY REAL ESTATE MARKET REVIEW Turkey Residential Permits (in units) (Q1 2020) 24
25 TURKEY REAL ESTATE MARKET REVIEW Existing Inventory (Q1 2020) OCCUPANCY PERMITS NEW HOME SALES INVENTORY INVENTORY / OCCUPANCY PERMITS , , , % , , , % , , , % , , , % , , , % , , , % , , , % 2020 Q1 151, ,432 44, % TOTAL 5,604,483 4,231,420 1,373, % Source: Turkish Statistical Institute 25
26 TURKEY REAL ESTATE MARKET REVIEW Shopping Mall Development Istanbul Ankara Other Cities Turkey Units GLA (million m 2 ) Units GLA (million m 2 ) Units GLA (million m 2 ) Units GLA (million m 2 ) Operational as of 2018 Year End Under construction* Total * Expected completion date is 2021 Source: JLL Retail Density (m 2 per 1,000 people) Source: JLL 2018 Year End Ankara 301 Istanbul 316 Turkey
27 TURKEY REAL ESTATE MARKET REVIEW Turkey s Mall League Mall Opening Date GLA Location Developer 1 Forum Istanbul ,834 Istanbul Multi Turkmall 2 Mall of Istanbul ,713 Istanbul Torunlar REIC 3 Marmara Forum ,500 Istanbul Multi Turkmall 4 Cevahir ,000 Istanbul Kuwait Investment Authority 5 Vialand ,000 Istanbul Gursoy & Via Grup 6 ANKAmall ,804 Ankara Migros / Yeni Gimat REIC 7 Marmara Park ,000 Istanbul Ece Turkey 8 IstinyePark ,490 Istanbul Dogus, Orjin 9 Torium ,455 Istanbul Torunlar REIC 10 Akasya Acibadem ,500 Istanbul Saf REIC / Akis REIC 11 Anatolium ,165 Bursa Corio 12 Antares ,000 Ankara Dolunay 13 Panora ,591 Ankara Polat Holding 14 Forum Ankara ,000 Ankara Multi Development TR 15 Kent Park ,478 Ankara Mega Turk Construction 16 M1 Merkez Adana ,500 Adana Metro 17 Maltepe Park ,000 Istanbul CarrefourSA / Ece Turkey 18 Cepa ,242 Ankara CarrefourSA 19 Korupark ,267 Bursa Torunlar REIC 20 Forum Mersin ,125 Mersin Multi Turkmall 21 Anatolium Ankara ,000 Istanbul Corio 22 M1 Meydan Umraniye ,000 Istanbul Metro 23 Optimum Outlet ,000 Adana Ronesans REIC 24 Zorlu Center ,600 Istanbul Zorlu Real Estate Group Source: Akademetre Research and Eva Real Estate 27
28 TURKEY REAL ESTATE MARKET REVIEW Office Market Overview İstanbul Current and Upcoming A Class Office Supply European-Side Asian Side Total CBD Non CBD Unit GLA (million m 2 ) Unit GLA (million m 2 ) Unit GLA (million m 2 ) Unit GLA (million m 2 ) * TOTAL *Expected completion date Source: JLL VACANCY RATIO (CBD) % 16.5% 16.3% 17.1% 22.7% 21.3% 28
29 FINANCIAL STATEMENT - Income Statement (000) TRY Q Q Change Sales 206, , % Residence & Office 28, , % Mall & Office rental 145, , % Common area revenues & Other revenues 32,157 29, % Cost of sales (54,445) (137,625) 152.8% Cost of Residence & Office sales (17,510) (97,937) 459.3% Rent expenses and management fees of shopping malls (3,776) (5,545) 46.8% Common area expenses & Other expenses (33,159) (34,143) 3.0% Gross profit 151, , % Gross Margin 73.6% 58.6% pp Gross Margin (Residence & Office) 39.2% 31.2% pp Gross Margin (Mall & Office rental) 79.2% 79.1% pp Opex (15,256) (17,166) 12.5% General & Admin expenses (14,510) (9,698) -33.2% Marketing & Selling expenses (746) (7,468) 901.1% Other income (expenses) 758 (810) % Net gain (loss) fair value adjustments on investment property 0 0 NM Operating profit 137, , % Operating profit excluding fair value adjustment 137, , % Dividends received from associates 7,081 9, % EBIT 144, , % EBIT margin (%) 70.0% 56.0% pp Depreciation % EBITDA 144, , % EBITDA margin (%) 70.1% 56.1% pp Gain (Loss) from associates excluding dividend received 1,927 (2,162) % Net financial interest income (expense) (82,030) (188,629) 130.0% Other net financial income (expense) 0 0 NM Forex gain (loss) (208,146) (101,121) -51.4% Profit / Loss before tax (143,803) (105,701) -26.5% Corporate tax 0 0 NM Net profit / loss (143,803) (105,701) -26.5% Net profit margin (%) -69.7% -31.8% pp Net profit / loss excl. fair value gains (143,803) (105,701) -26.5% 29
30 FINANCIAL STATEMENT - Balance Sheet (000 TRY) /03 Change Cash and cash equivalents 739, , % Financial assets 0 0 NM Trade & Other receivables 116, , % Inventories 1,105,159 1,017, % Prepaid expenses 22,111 30, % Other current assets 12,282 13, % CURRENT ASSETS 1,995,089 1,677, % Trade & Other receivables 11,293 7, % Investments accounted by equity method 394, , % Investment properties 11,267,894 11,308, % Property, plant and equipment 46,820 45, % Intangible assets % Prepaid expenses 3,842 10, % NON-CURRENT ASSETS 11,724,984 11,763, % TOTAL ASSETS 13,720,073 13,441, % Short-term borrowings 165, , % ST portion of LT borrowings 1,788,539 1,297, % Trade payables 128,330 95, % Other payables 22,371 17, % Deferred income 83,979 87, % Others 22,006 34, % CURRENT LIABILITIES 2,211,108 1,945, % Long-term borrowings 3,029,817 3,123, % Long-term provisions for employee benefits 1,009 1, % Others 0 0 NM NON-CURRENT LIABILITIES 3,030,826 3,124, % Share capital 1,000,000 1,000, % Share premium 25,770 25, % Legal reserves 74,255 74, % Treasury shares (-) -4,707-5, % Prior years' profit 6,517,031 7,382, % Net profit / loss for the period 865, , % TOTAL EQUITY 8,478,139 8,371, % TOTAL LIABILITIES AND EQUITY 13,720,073 13,441, % 30
31 LISTED REIC s - Torunlar REIC Performance (As of ) IPO Date (October 2010) =
32 Contacts Ismail Kazanc CFO Pelin Orsel Investor Relations Manager TORUNLAR REIC (Real Estate Investment Company) Ruzgarlibahce Mah. Ozalp Cikmazi No: Beykoz Istanbul TURKEY Phone: +90 (216) Fax: +90 (216)
33 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.
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