1q 2012 earnings presentation - torunlar reictorunlarreic.com/pdf/investor_presentations/trgyo...1q...

1Q 2012 EARNINGS PRESENTATION

18 May 2012

3

Highlights 3

Financial Review 10

Future Outlook 13

Appendix

● Turkey Real Estate Economic Highlights 15

● Turkey Real Estate Market Review 21

● Financial Statements 33

● Listed REIC's 39

● Portfolio Review 53

Challenging environment

Strong Q1 results, supported by sustained business fundamentals, footfall and sales in the malls.

Healthy balance sheet and available credit facilities preserve strong position. Focus on running operations, pipeline and acquisitions.

High occupancy rate and innovative mall management 3 projects in the pipeline in progress according to schedule + 2 new ones due to start in 2012 Highest bid for Pasabahce ex-Tekel factory land

Total sales revenues at TRY 39.7 m. Like-for-like net retail rental income up 15.8 % at TRY 24.6 m. EBITDA up 7.8% at TRY 26 m. Net profit TRY 0,30 per share (Q1 2011: TRY 0,04 per share) NAV TRY 11,60 per share (Year end 2011: TRY 11,30 per share) Leverage 26.7% Dividend TRY 0,10 per share in 2011 (2010: TRY 0,056 per share)

HIGHLIGHTS

1Q 2012 Outlook

3

HIGHLIGHTS

1Q 2012 Financial Performance ( million TL )

4

Portfolio Value

3,787.1 ( 3,024.9 )

FINAL+PRESALES

PRESALES

EBITDA

CAPEX

EBITDA MARGIN

73% 76.0 (43.9)

36.3 ( 1.9 )

8% 26.0 ( 24.1 )

106% 63.2 ( 30.6 )

25%

65.5 % ( 57.4 % ) 8.1pp *Numbers in paranthesis denote 1Q 2011 figures.

HIGHLIGHTS

Financial Highlights

5

TRY (000) 1Q 2012 1Q 2011 Variance %

Sales 39,702 42,038 -5.6

Residence 6,438 12,918 -50.2

Mall Rental 24,646 21,276 15.8

Other 8,618 7,844 9.9

Gross Profit 25,468 25,467 0.0

Gross Margin 64.1% 60.6% 3.6 p

EBITDA 26,022 24,131 7.8

EBITDA Margin 65.5% 57.4% 8.1 p

Net gain/(loss) from from fair value adjustments on investment property

0 0 0.0

Net Financial Interest Income 6,204 -1,952 417.8

Forex Gain / Loss 33,694 -15,085 323.4

Net Profit 66,236 8,771 655.2

1Q 2012 2011/12 Variance %

Total Assets 4,016,215 3,943,551 1.8

Total Equity 2,598,783 2,532,906 2.6

Financial Debt 1,070,611 1,100,516 -2.7

Net Debt 446,198 444,931 0.3

HIGHLIGHTS

Financial Highlights (million TRY)

6

PORTFOLIO VALUE ________________________________________

CAPEX___________________________________________________

3.0

24

,9

3.7

87

,1

2.500,0

2.700,0

2.900,0

3.100,0

3.300,0

3.500,0

3.700,0

3.900,0

1Q 2011 1Q 2012 Landbank 70,0

Korupark Residence

27,631

Korupark Mall 600,2

Torium Mall 567,3

Korupark I-II 35,6

NishIstanbul 40,3

Torium Residence 8,0

MOI 810,2

Korupark III 74,7

Torun Tower 253,3

AnkaMall 181,0

Netsel Marina 37,7

Bulvar Samsun 41,4

Deepo Antalya 232,4

Cash 624,4

Other 33,8

1Q 2012

30

,6

63

,2

0,0

10,0

20,0

30,0

40,0

50,0

60,0

70,0

1Q 2011 1Q 2012

MOI 33,2

Korupark Residence

16,3

Torun Tower 3,5

ASY Project 3,6

Boulevard Samsun

3,3

Mall Renewal 0,5

Other 2,7

1Q 2012

HIGHLIGHTS


7

SALES___________________________________________________

PRESALES_______________________________________________

42

,0

39

,7

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

40,0

45,0

1Q 2011 1Q 2012

Residence 6,4

Mall Rental 24,6

Other 8,6

1Q 2012 4

3,5

0,7

26

2,3

36

,3

0,0

50,0

100,0

150,0

200,0

250,0

300,0

2009 2010 2011 1Q 2012

Korupark III (29 units)

8,3

MOI Residences (42 units)

18,1

MOI Offices (17 units)

9,9

1Q 2012

HIGHLIGHTS


8

MALL REVENUES__________________________________________

MALL SALES TURNOVER & FOOTFALL_______________________

28

,4

33

,0

20,0

22,0

24,0

26,0

28,0

30,0

32,0

34,0

1Q 2011 1Q 2012

Zafer Plaza 2,9

Korupark AVM 14,1

Deepo Antalya

3,7

Torium 12,4

2012 1Q

19

2,0

21

4,1

150,0

160,0

170,0

180,0

190,0

200,0

210,0

220,0

1Q 2011 1Q 2012

Mall Sales Turnover 'million TRY

9,2

9,9

5,0

6,0

7,0

8,0

9,0

10,0

11,0

1Q 2011 1Q 2012

Footfall 'million

HIGHLIGHTS


9

NET PROFIT______________________________________________

EBITDA__________________________________________________

24

,1

26

,0

20,0

21,0

22,0

23,0

24,0

25,0

26,0

27,0

1Q 2011 1Q 2012

57

,4%

65

,5%

52,0%

54,0%

56,0%

58,0%

60,0%

62,0%

64,0%

66,0%

68,0%

1Q 2011 1Q 2012

EBITDA Margin

8,8

66

,2

0,0

10,0

20,0

30,0

40,0

50,0

60,0

70,0

1Q 2011 1Q 2012

21

%

16

7%

0%

50%

100%

150%

200%

1Q 2011 1Q 2012

Net Profit Margin

10

FINANCIAL REVIEW

Project Monthly Pre-Sales (in Units)

149

31 38

218

29

6

379

60

101

540

42

19 14 8 18

40

17 14

0

100

200

300

400

500

600

2Q 2011 3Q 2011 4Q 2011 2011 1Q 2012 2Q 2012*

Korupark Terrace Residence Phase III MOI (Residence) MOl (Office)* As of 30.04.2012

FINANCIAL REVIEW

Resilient retail operations through active hands-on management

11

March 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) 2,850,000 14,117,000 3,665,000 12,364,000 32,996,000

% LfL Revenues growth 35.71 18.94 11.98 10.41 16.02

% LfL Footfall growth 7.0 11.8 0.9 9.6 8.3

Number of stores 127 182 81 180 570

Occupancy (%) 99 98 100 99 99

Fixed Rent (sqm/month) 33.35 $ 19.73 € 20.78 € 14.78 $ 16.42 €

Turnover rent (as % of fixed rent) 2.88 3.81 12.48 11.48 6.93

Breakdown of rental revenues

65% $ 11% $ 19% $ 77% $ 41% $

35% € 89% € 80% € 23% € 59% €

Sh

are

of

Inte

rna

tio

na

l

Te

na

nts

% of GLA 19% 27% 20% 28% 26%

% of Rental Revenue 24% 33% 22% 28% 29%

% of Retail Turnover 22% 33% 23% 43% 33%

*The graph excludes TRY 624 mn of cash and cash deposits as of March 2012.

FINANCIAL REVIEW

Maturity of Financial Loans*

12

38

0

0

0

0

0

0

0

0

0

95

58

67

48

48

32

11

11

11

5

29

16

18

20

23

23

6

0

0 0

0

10

20

30

40

50

60

70

80

90

100

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Mill

ion

TRY

USD

EUR

Financial loans: TRY 1.070 mn

66,8%USD, 29,5%€, 3,7%TRY

FUTURE OUTLOOK

Sales & EBITDA Forecast (TRY ‘000)

13

23

2.9

28

16

2.9

09

27

8.9

86

77

4.2

17

1.1

73

.01

5

34

7.1

93

37

0.2

92

16

1.0

64

37

.75

8

13

8.7

13

55

9.1

84

85

6.3

14

7.4

21

3.8

22

53

.89

9

91

.96

9

10

9.8

81

17

6.5

76

27

6.4

90

29

7.7

10

32

2.4

48

17

.96

5

33

.18

2

30

.39

2

38

.45

7

40

.21

0

42

.06

3

44

.02

3

0

300.000

600.000

900.000

1.200.000

1.500.000

2010 2011 2012 F 2013 F 2014 F 2015 F 2016 F

Sales Residence - Office Rental Other

55.377 82.218

135.176

233.611

398.368

253.532 273.391

24%

50% 48%

30% 34%

73% 74%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

100.000

200.000

300.000

400.000

500.000

2010 2011 2012 F 2013 F 2014 F 2015 F 2016 F

EBITDA EBITDA Margin (%)

3

14

Highlights 3

Financial Review

Future Outlook

Appendix

● Turkey Real Estate Economic Highlights

● Turkey Real Estate Market Review

● Financial Statement

● Listed REIC's

USD billion 2010a 2011a 2012b 2013b 2014b 2015b 2016b

GDP 730.7 774.6 816.7 937.0 1092.3 1217.5 1315.1

Growth (GDP, %) 9.2 8.5 3.5 4.0 5.1 5.3 5.1

Private Consumption (%) 6.7 7.8 3.0 3.5 4.0 4.0 4.2

Inflation (CPI, average, %) 8.6 6.5 9.5 7.6 5.5 4.4 4.1

TL/USD (year-end) 1.54 1.89 1.81 1.77 1.75 1.72 1.72

TL/USD (average) 1.50 1.67 1.80 1.77 1.75 1.72 1.72

TL/EUR (average) 2.00 2.33 2.35 2.29 2.21 2.13 2.17

Exports 120.9 143.5 141.9 148.8 161.7 178.5 194.0

Imports -177.3 -232.9 -228.0 -238.1 -259.8 -289.4 -326.1

C/A Balance (Ratio to GDP, %) -6.4 -10.0 -8.8 -7.7 -7.3 -7.4 -8.3

Budget Balance (Ratio to GDP, %) -3.6 -1.3 -1.9 -2.2 -2.1 -2.2 -2.1 a Actual

b Economist Intelligence Unit estimates.

Source; Economist Intelligence Unit

TURKEY REAL ESTATE ECONOMIC HIGHLIGHTS

Turkey Economic Highlights

15


Company Economic Forecast

16

2011

2012

Base Case Best Case Worst Case

Real Growth (GDP, %) 8.50 4.00 6.00 2.00

Inflation (CPI, %) 10.45 6.50 4.50 8.50

Inflation (PPI, %) 11.09 6.00 4.80 7.30

TL/USD (year-end) 1.92 1.75 1.60 2.00

TL/EUR (year-end) 2.47 2.36 2.16 2.70

USD / EUR (year-end) 1.29 1.35 1.35 1.35

CBT weekly repo rate ( % ) 5.75 5.75 6.00

CBT overnight repo rate ( % ) 12.50 10.00 12.50

Mortgage loan average monthly interest rate (year-end, % ) 1.20 1.00

Mortgage loan growth ( % ) 21.40 15.00

Construction sector growth rate ( % ) 11.20 5.00 6.00

Residential construction permits (growth, % ) -30.00 5.00 10.00

Residential prices and rents growth (%) at par with

inflation

at par with

inflation

Commercial real estate investment growth ( % ) 10.00 8.00 10.00


Turkey GDP vs. Construction Sector

17

GDP

-20,0%

-15,0%

-10,0%

-5,0%

,0%

5,0%

10,0%

15,0%

20,0%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-3,4%

6,8%

-5,7%

6,2% 5,3%

9,4% 8,4%

6,9%

4,7%

-0.7% -4,8%

9,2% 8,5%

-3,1%

4,9%

-17,4%

13,9%

7,8%

14,1%

9,3%

18,5%

5,7%

-8,1%

-16,1%

17,1%

11,2%

GDP ConstructionSource: Turkish Statistical Institute


Turkey Real Estate Economic Highlights

18

71

,79

77

,31

82

,63

81

,04

80

,80

83

,36

85

,49

90

,58

96

,72

10

5,6

3

11

3,6

4

12

4,9

4

13

6,2

3 15

0,8

6

15

7,0

4

16

2,0

9

16

5,7

4

33

,99

36

,34

37

,95

37

,45

37

,35

38

,54

39

,70

42

,55

45

,46

49

,22

52

,05

57

,26

61

,89

66

,71

68

,20

69

,56

70

,40

47,35%

47,01%

45,93% 46,20% 46,23% 46,23%

46,44%

46,98%

47,01% 46,60%

45,80%

45,83%

45,43%

44,22%

43,43%

42,92% 42,48%

0

20

40

60

80

100

120

140

160

180

2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1

40,00%

41,00%

42,00%

43,00%

44,00%

45,00%

46,00%

47,00%

48,00%

Consumer Loans Mortgage Loans Mortgage / Consumer Loans (%)Source: Central Bank of Turkey


Turkey Real Estate Economic Highlights

19

3,0

85

2,3

54

1,6

10

-0,5

07

-0,0

93

1,1

86

1,1

65

2,8

51

2,9

09

3,7

61

2,8

22

5,2

10

4,6

33

4,8

22

1,4

87

1,3

65

0,8

39

18,12% 18,17% 18,61%

20,67%

17,47%

16,19%

12,93%

12,06% 11,49%

11,05% 10,47%

9,53% 9,86%

11,68% 12,48%

14,40%

13,16%

0,00%

5,00%

10,00%

15,00%

20,00%

25,00%

-1,00

0,00

1,00

2,00

3,00

4,00

5,00

6,00

2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1

Mortgage Loans Interest Rate on Mortgages (%)Source: Central Bank of Turkey

20

Highlights 3

Financial Review

Future Outlook

Appendix




● Listed REIC's

112.168

113.088

109.333

92.516

108.861

194.743

111.913 116.229

85.857 90.270

83.697

97.517 91.071

107.308

101.754

118.867

29

.41

1

28

.34

6

24

.36

0

21

.38

6

26

.09

1

56

.90

9

22

.89

6

25

.25

4

18

.99

4

21

.48

5

16

.32

0

20

.92

2

18

.76

8

22

.34

3

18

.49

4

24

.24

9

23

.75

7

23

.78

3

21

.69

0

17

.85

7

22

.00

3

34

.04

2

22

.43

4

22

.76

7

16

.34

8

15

.81

4

13

.86

7

15

.97

7

15

.70

5

18

.02

6

16

.72

0

18

.75

6

0

50.000

100.000

150.000

200.000

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

TURKEY ISTANBUL ANKARASource: Turkish Statistical Institute

TURKEY REAL ESTATE MARKET REVİEW

Turkey Residential Sales ( in units )

21


Turkey Residential Permits (in units)

22

12

1.4

03

14

8.3

46

11

9.8

22

11

3.9

94

13

5.5

71

11

3.8

02

10

8.9

67

16

0.1

35

12

5.9

75

17

5.6

66

16

5.7

43

449.120

92

.30

4

16

2.0

40

17

5.0

53

21

6.2

58

91

.46

3

87

.62

0

86

.56

4

91

.63

9 13

1.0

15

12

8.1

72

89

.94

8

12

0.8

46

87

.95

5

94

.78

8

10

1.9

00

14

4.9

48

94

.64

8 13

0.5

93

14

8.9

51

17

5.7

28

0

50.000

100.000

150.000

200.000

250.000

300.000

350.000

400.000

450.000

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

Construction Permit Building Occupancy PermitSource: Turkish Statistical Institute


Residential Purchase Confidence Index

23

7,9 8,2

9,0 8,6

9,6

7,5

9,3

10,4 10,1

9,8 9,5

9,9 9,8

10,3 10,6

8,9 8,9

10,3

9,6

10,5 10,6 10,6

5,0

6,0

7,0

8,0

9,0

10,0

11,0

12,0

13,0

14,0

15,0

80,0

82,0

84,0

86,0

88,0

90,0

92,0

94,0

96,0

98,0

100,0

TURKSTAT Consumer Confidence Index CBT Consumer Residential Buying Behavior Index


Turkey New Residential Price Index

24

97,8

99,5

101,6

103,6

106,6

110,5

112,7

115,3

117,9

103,4 103,8

105,8

107,4

112,1

116,9

121,1 122,2

123,8

90,0

95,0

100,0

105,0

110,0

115,0

120,0

125,0

Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

CBRT Turkey House Price Index TURKSTAT Construction Cost IndexJan 2010 = 100


Turkey Retail Market

25

23

5.2

83

25

7.9

46

27

6.1

67

29

4.7

10

31

4.5

29

33

6.3

61

36

0.1

59

38

9.3

93

20

9.2

60

23

4.1

75

25

4.5

78

27

5.6

32

29

8.4

29

32

3.8

71

35

1.9

76

38

6.9

68

0

100.000

200.000

300.000

400.000

500.000

600.000

700.000

800.000

900.000

2010 2011 2012 2013 2014 2015 2016 2017

Retail Sales (TRY mn)

Grocery Retail Sales (TRY mn) Non-Grocery Retail Sales (TRY mn)Source: Planet Retail

Istanbul 40%

Ankara 15%

Bursa 6%

Izmir 5%

Antalya 3%

Adana 3%

Kocaeli 2%

Denizli 2%

Gaziantep 2%

Mersin 2%

Konya 2%

Trabzon 2%

Other 16%

Retail centre supply (supply breakdown by city)

So

urc

e:

DT

Z P

am

ir &

So

yu

er


Turkey Retail Market

26

Food, beverage and tobacco

26,3%

Furnishing, household equipment

6,3%

Restaurant and hotels 5,4%

Clothing and footwear

5,1% Recreation and culture

2,8%

Transportation and

communication 19,2%

Housing 27,1%

Health 2,1%

Education 2,0%

Miscellaneous Goods and

Services 3,7%

Household Expenditure (by type, 2010)

So

urc

e:

TU

RK

ST

AT

End 2009 End 2010 End 2011 Under

Construction* Total**

İstanbul Unit 81 93 104 29 133

GLA (sq m) 2.29 M 2.66 M 3.08 M 1.12 M 4.20 M

Res

t o

f Tu

rke

y

Unit 155 171 198 37 235

GLA (sq m) 3.41 M 3.87 M 4.55 M 0.98 M 5.53 M

Tu

rke

y Unit 236 264 302 66 368

GLA (sq m) 5.70 M 6.53 M 7.63 M 2.10 M 9.73 M

**as of end 2013

Source: Jones Lang LaSalle


Shopping Mall Development

27


Retail Density-GLA per 1,000 Capita, Turkey

28

City End 2010 End 2011 End 2013

İstanbul 210 m2 232 m2 287 m2

Ankara 207 m2 236 m2 257 m2

Karabük 65 m2 179 m2 166 m2

Bolu 25 m2 148 m2 146 m2

Trabzon 142 m2 143 m2 139 m2

Bursa 134 m2 143 m2 139 m2

Tekirdağ 139 m2 139 m2 132 m2

Denizli 119 m2 130 m2 142 m2

Turkey 90 m2 103 m2 124 m2



Turkey’s Mall League

29

Mall Opening Date GLA Location Developer

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 Ronesans REIC

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


Turkey SHOPPING MALL Sales Turnover and Footfall

30

112

108

103

108

115

119

112 110

106

136

132

143

129

121 123

99 97

95 97

100

97

100 101

95

102 104

106

102

95

98

18,90

0,00

5,00

10,00

15,00

20,00

25,00

80

90

100

110

120

130

140

150

Jan.11 Feb.11 Mar.11 Apr.11 May.11 Jun.11 Jul.11 Aug.11 Sep.11 Oct.11 Nov.11 Dec.11 Jan.12 Feb.12 Mar.12

Sales Turnover Index (General)* Footfall Index (General)* Interest Rate on Cash Loans (%)

Source: Council of Shopping Centers - Turkey Central Bank of TURKEY

* January 2010 = The beginning of index

Grade A Office Stock

End 2011 Sub Market Existing Projects GLA

(sq m) Pipeline Projects GLA

(sq m) **

Europe

CBD 1,160,000 303,000

Non CBD 770,000 195,000

Asia 950,000 184,000

Total 2,880,000 682,000

**For completion by end 2013



Office Market Overview

31

3

Highlights 3

Financial Review

Future Outlook

Appendix




● Listed REIC's

FINANCIAL STATEMENT

Income Statement

33

TRY (000) 1Q 2012 1Q 2011 YoY

Sales 39,702 42,038 -5.6%

Residence 6,438 12,918 -50.2%

Mall rental 24,646 21,276 15.8%

Other 8,618 7,844 9.9%

Cost of sales 14,234 16,571 -14.1%

Residence 3,457 6,643 -48.0%

Mall rental 1,892 1,239 52.7%

Other 8,885 8,689 2.3%

Gross profit 25,468 25,467 0.0%

Gross margin 64.1% 60.6% 3.57 pp

Opex -2,974 -4,062 -26.8%

General & admin exp -1,888 -3,349 -43.6%

Mrkt and selling exp -1,086 -713 52.3%

Other income(expenses) -1 337 -100.3%

Net gain (loss) fair value adjustments on investment property 0 0 0.0%

Operating profit 22,493 21,742 3.5%

Operating profit excluding fair value adjustment 22,493 21,742 3.5%

Share of profit of associates (recurring) 3,453 2,308 49.6%

EBIT * 25,946 24,050 7.9%

EBIT margin (%) 65.4% 57.2% 8.14 pp

Depreciation 76 81 -6.2%

EBITDA * 26,022 24,131 7.8%

EBITDA margin (%) 65.5% 57.4% 8.14 pp

share of profits (non-recurring) -343 874 -139.2%

Net financial interest income(expense) 6,204 -1,952 -417.8%

Other net financial income (expense) 1,267 1,329 -4.7%

Forex gain (loss) 33,694 -15,085 -323.4%

Profit before tax 66,768 9,216 624.5%

Corporate tax -532 -445 19.55%

Net Profit 66,236 8,771 655.17%

Net profit margin (%) 166.8% 20.9% 145.97 pp

FINANCIAL STATEMENT

Balance Sheet

34

(000 TRY) 2012/03 2011/12 Variance % Cash and Cash Equivalents 510,453 597,388 -14.6 Financial Investments 113,960 58,197 95.8 Trade Receivables 102,052 71,081 43.6 Inventory 112,767 100,805 11.9 Advances Given 15,668 9,742 60.8 Other Current Assets 2,804 4,058 -30.9 CURRENT ASSETS 857,704 841,271 2.0 Financial Investments 0 0 0.0 Trade Receivables 63,261 60,079 5.3 Invest.In Associates 163,846 164,189 -0.2 Investment Property 2,482,758 2,457,490 1.0 Tangible Fixed Property 1,367 874 56.4 Intangible Fixed Assets 117 86 36.0 Inventory 283,986 262,406 8.2 Advances Given 108,063 108,063 0.0 Other Non-current Assets 55,113 49,093 12.3 NON-CURRENT ASSETS 3,158,511 3,102,280 1.8 TOTAL ASSETS 4,016,215 3,943,551 1.8 Financial Liabilities 325,535 289,143 12.6 Finance Lease Liabilities 0 0 0.0 Other Financial Liabilities 0 1,313 -100.0 Trade Payables 38,565 38,864 -0.8 Tax Payables 532 409 Advances Received 62,259 52,383 18.9 Other Current Liabilities 6,322 6,282 0.6 CURRENT LIABILITIES 433,213 388,394 11.5 Financial Liabilities 745,076 811,373 -8.2 Provision For Employment Termination Benefits 85 93 -8.6 Advances Received 239,058 210,785 NON-CURRENT LIABILITIES 984,219 1,022,251 -3.7 Share Capital 224,000 224,000 0.0 Share Premium 301,770 301,770 0.0 Legal Reserves 3,947 3,947 0.0 Treasury Shares -1,195 -836 42.9 Retained Earnings 2,004,025 1,826,713 9.7 Net Profit 66,236 177,312 -62.6 TOTAL EQUITY 2,598,783 2,532,906 2.6 TOTAL LIABILITIES AND EQUITY 4,016,215 3,943,551 1.8

FINANCIAL STATEMENT

Cash Flow Statement

35

(000 TRY) 2012 1Q 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 -1,088 3,187 320 -211 4,154

Blocked deposits 0 0 -121,447 0 0

Net cash generated (used) in operating activities

-36,791 121,271 32,380 63,287 -30,371

Net cash used in investing activities -22,415 -101,257 -122,002 -58,490 -70,920

Net cash generated (used in) from financing activities

-26,641 135,523 455,327 -12,115 39,864

Net (decrease) increase in cash and cash equivalents

-85,847 155,537 365,705 -7,318 -61,427

Cash and cash equivalents at the end of the period

510,453 597,388 317,217 72,639 80,168

FINANCIAL STATEMENT

Net Foreign Currency Position

36

(000) € $ TL Equivalent

Variance % 31.03.2012 30.12.2011

Current assets 17,273 93,698 206,993 223,130 -7.2

Trade receivables 15,317 0 36,247 0 0.0

Monetary financial assets 1,830 92,511 168,344 210,456 -20.0

Other 126 1,187 2,402 12,674 -81.0

Total assets 17,273 93,698 206,993 223,130 -7.2

Current liabilities -28,554 -125,203 -289,547 -256,557 -12.9

Trade payables -462 -1,065 -2,982 -5,438 45.2

Financial liabilities -27,927 -124,103 -286,108 -251,112 -13.9

Other current liabilities -165 -35 -457 -7 -6428.6

Non-current liabilities -105,467 -279,599 -745,277 -826,481 9.8

Trade payables 0 -113 -201 0 0.0

Financial liabilities -105,467 -279,486 -745,076 -811,370 8.2

Derivative Liabilities (net) 0 0 0 -15,111 100.0

Total liabilities -134,021 -404,802 -1,034,824 -1,083,038 4.5

Net foreign currency asset (liability) -116,748 -311,104 -827,831 -859,908 3.7

FINANCIAL STATEMENT

Funding Summary

37

2012/03 2011/12 Variance

Total net debt (000 TRY) -446,198 -444,931 0.28%

Average loan term (years) 5 5

Average overall interest rate* 4.76% 5.07% -0.32 pp

Leverage (financial loans as % of total assets) 26.7% 27.9% -1.25 pp

Net debt to equity ratio -17.2% -17.6% 0.40 pp

Net debt/Assets (%) -11.1% -11.3% 0.17 pp

Equity to assets ratio 64.7% 64.2% 0.48 pp

Loan to property value ratio (LTV) -14.7% -14.9% 0.24 pp

Net debt/EBITDA (times) 4.2 5.4 -1.2 pp

* Excl. TRY Loans

3

Highlights 3

Financial Review

Future Outlook

Appendix




● Listed REIC's

Listed REITs 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% 71.497 5,625 - 2.6% -

2 TORUNLAR GMYO 14% 3.091 1,165 - 0.9% 2.5%*

3 SAF GMYO 29% 4.455 1,161 - - -

4 AKMERKEZ GMYO 2% 1.715 842 4.6% - -

5 SİNPAŞ GMYO 37% 10.551 744 - 3.1% -

6 İŞ GMYO 48% 2.544 630 3.0% 2.8% 5.0%

7 VAKIF GMYO 15% 1.678 415 - - -

8 ÖZAK GMYO 8% 1.182 411 -

9 AKFEN GMYO 29% 2.457 289 - - -

10 YEŞİL GMYO 24% 7.409 275 - - -

11 KİLER GMYO 35% 5.316 257 - - -

12 ALARKO GMYO 34% 3.043 181 - 0.7% 1.8%

13 NUROL GMYO 20% 12.744 176 - - -

14 REYSAŞ GMYO 31% 0.950 151 - 0.6% -

15 DOĞUŞ GMYO 7% 0.400 133 - - -

16 TSKB GMYO 29% 0.470 99 - - -

17 ATAKULE GMYO 16% 0.378 87 2.2% 2.1% -

18 ÖZDERİCİ GMYO 33% 0.355 83 - - -

19 MARTI GMYO 48% 0.667 65 - 5.4% 8.5%

20 YAPI KREDİ KORAY GMYO 44% 2.048 57 - - -

21 PERA GMYO 51% 0.596 55 - - -

22 AVRASYA GMYO 72% 3.241 47 - - -

23 İDEALİST GMYO 25% 1.307 32 - - -

24 EGS GMYO 66% 0.022 12 - - -

TOTAL 25% 138.118 12,992

exc. EKGYO 25% 66.621 7,367 - - -

* BOD Proposal subject to GA Approval

Source: Istanbul Stock Exchange

LISTED REIC’s

REICs on the ISE (as of May 18, 2012)

39

LISTED REIC’s

TORUNLAR REIC PERFORMANCE

40

91,80

99,89

108,93 105,58

98,30

72,77

88,61 80,82

133,70

86,66

105,25

98,58

99,18

54,38

73,70

71,23

50

60

70

80

90

100

110

120

130

140

IPOdate

Oct2010

Nov2010

Dec2010

Jan2011

Feb2011

Mar2011

Apr2011

May2011

Jun2011

Jul2011

Aug2011

Sep2011

Oct2011

Nov2011

Dec2011

Jan2012

Feb2012

Mar2012

Apr2012

18 May2012

MSCI WORLD / REIT's Index XU100 (ISE100 NATIONAL INDEX) XGMYO (ISE REIC INDEX) TRGYO (TORUNLAR REIC)

LISTED REIC’s

TORUNLAR REIC PERFORMANCE

41

135,29 136,03

80,15

73,53

87,50 77,21

167,06

176,47

131,76

114,71

136,47 132,35

93,05

127,65 133,70

86,66

105,25 98,58

83,56

91,51

78,90

99,18

54,38

73,70 71,23

119,78 119,78

54,40

74,18

68,13

50

70

90

110

130

150

170

190

IPOdate

Oct2010

Nov2010

Dec2010

Jan2011

Feb2011

Mar2011

Apr2011

May2011

Jun2011

Jul2011

Aug2011

Sep2011

Oct2011

Nov2011

Dec2011

Jan2012

Feb2012

Mar2012

Apr2012

18 May2012

ISGYO EKGYO XGMYO (ISE REIC INDEX) TRGYO (TORUNLAR REIC) SNGYO

Haluk YUKLER

Investor Relations Director

[email protected]

Ismail KAZANC

CFO

[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

Contacts

42

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.

Disclaimer

43

1q 2012 earnings presentation - torunlar reictorunlarreic.com/pdf/investor_presentations/trgyo...1q...

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