Gözde GİRİŞİM SERMAYESİ YATIRIM ORTAKLIKLIĞI A.Ş.
Transkript
Gözde GİRİŞİM SERMAYESİ YATIRIM ORTAKLIKLIĞI A.Ş.
GÖZDE GİRİŞİM SERMAYESİ Investor Presentation GÖZDE GİRİŞİM SERMAYESİ • • • • Established in January 2010, Gözde is a publicly traded private equity investment company which directs its capital mainly to venture capital and private equity type investments. Shareholder Structure 25,05% Through its team of investment and operations professionals, Gözde specializes in providing both financial resources and operational expertise to help to transform promising/prospective companies into industry leaders for long-term success and value creation vis-a-vis an entrepreneurial vision. Gözde is headquartered in Istanbul and is a subsidiary of Yıldız Holding A.Ş., the leading conglomerate in the food and beverage businesses in Turkey. Gözde is one of the five publicly traded private equity investment companies on the Istanbul Stock Exchange and is the biggest by market capitalization, portfolio value and total asset size. 34,07% Murat Ülker Yıldız Holding A.Ş. Ahsen Özokur Other 19,93% 20,96% • The Company's share capital is now 134 million TL after the rights issue with a registered capital of 1 billion TL which will give the opportunity to enlarge the capital base should the business climate requires so. OUR ENTREPRENEURIAL SPIRIT BROUGHT CONTINUED GROWTH 2010 • Established through spin off of FFK and Kaynak Finansal shares • 10,25% of TKFB acquired in September 2010 2011 • Acquired 67% of Exper • Increased stake in TFKB to 13,69% • Acquired 62,3% of Medyasoft • Acquisition of Şok Marketler completed • Acquisitions of Karma and Üç Yıldız completed 2012 • 51% of Kümaş acquired • 30,59% of Makina Takım acquired • 51% of Alartes acquired As of 31.12.2012 10 Portfolio Companies 1,3B TL Total Assets 423M TL SHE 75,6M TL Net Profit WORKING OUR STRATEGY TO CREATE VALUE Focusing on Attractive Sectors Investing in Profitable Growth Opportunities Pursuing Profitable Growth Drivers Shareholder Value Creation Exiting at the right time with the right model driving maximum gain EXPERIENCED MANAGEMENT TEAM Board of Directors Murat Ülker Chairman of the Board Mehmet Atila Kurama Deputy Chairman of the Board Hüseyin Avni Metinkale Board Member Ali Ülker Board Member H. Cem Karakaş Board Member and CEO Cafer Fındıkoğlu Board Member Ziyaeddin Selçuk Maruflu Board Member (Independent) Nazım Ekren Board Member (Independent) Investment Audit Corporate Governance Committee Committee Committee M&A AND VENTURE CAPITAL MARKET IN TURKEY TURKISH M&A MARKET AT A GLANCE The Turkish M&A market again witnessed a remarkable year in 2012. Despite GDP growth slowing from the high levels of 2010 and 2011, deal volume has grown to c. US$28 billion through 259 deals, an all-time high in terms of number of deals and a volume similar to the pre-crisis peak achieved in 2005. Year 2008 2009 2010 2011 2012 Deal Number 169 101 190 237 259 Deal Volume $16,2B $5,2B $17,3B $15B $28B 32% 23% 17% 7% 43% Privatizations/Share in Total Foreign Investors 85% of deal value 43% of 60% of deal value deal value 74% of deal value 46% of deal value Financial Investors 30% of deal value 13% of 5% of deal value deal value 8% of deal value 6% of deal value Av. Deal Size Share of Largest 10 Deals in Total Volume Largest Deal Value/Share in Total $100M $51M $91M $63M $108M 69% 44% 61% 56% 75% $2,1B (Genel Enerji) $5,7B (Bridges&Highways) $3,1B (Migros) $485M $5,8B (Osmangazi) (Garanti) Source: Deloitte TOP 10 DEALS (Based on disclosed value) Acquirer Koç - UEM - Gözde Consortium The privatization of highways and bridges amounted $5,7B in 2012. This deal alone comprised 20% of the total deal volume in 2012 in Turkey however it was cancelled. Origin Target Turkey/Malasia Highways and Bridges Sector Stake (%) Deal Value Infrastructure 100 $5,7B Sberbank Russia Denizbank Financial Services 99,9 $3,8B Çelikler İnşaat Turkey Seyitömer Power Plant Energy 100 $2,2B Cengiz - Kolin - Limak Consortium Turkey Boğaziçi Power Dist. Energy 100 $1,9B UK Anadolu Efes Food & Beverage 24 $1,9B Elsan - Tümaş - Karaçay Consortium Turkey Gediz Power Dist. Energy 100 $1,2B Aeroports de Paris Group France TAV Havalimanları Infrastructure 0 $874 mn USA Mustafa Nevzat İlaç Pharmaceuticals 95,6 $669 mn Cengiz - Kolin - Limak Consortium Turkey Akdeniz Power Dist. Energy 100 $546 mn Burgan Bank Kuwait Eurobank Tekfen Financial Services 99,3 $359 mn SAB Miller Amgen Source: Deloitte Major Portfolio Companies PORTFOLIO OVERVIEW GOZDE Financial Services Retail Resources Infrastructure/ Industrial FMCG TFKB Şok Marketler Karma Makina Takım Azmüsebat 11,57% Albaraka Türk <1% Kuveyt Türk <1% 39% 99,9% Üç Yıldız 99,9% Kümaş 60% 48,81% Ak Alev 38,25% Full Consolidation 51% Financial Investment Saf GYO <1% Alartes 51% ŞOK MARKETLER • +1600 stores in 69 cities across Turkey. 220K square meters • of total net sales area. 250K square meters of storage space at 8 logistics centers. 1200 – SKU. In addition to well known brands, exclusive brands such as Piyale, Evin, Mis, Mintax, Amigo. Gözde Girişim’s share in Şok Marketler’s capital is 39%. • Established in 1995, Şok Marketler Ticaret A.Ş. (Şok) operates a chain of discount stores in Turkey, providing consumers with a selection of competitively priced merchandise, including consumables, seasonal and some other food and non food products in convenient neighborhood stores. Merchandise includes high quality national brands from leading manufacturers, as well as comparable quality exclusive label brand selections with prices at discount to national brands. Şok provides customers with quality merchandise at everyday low prices KÜMAŞ MANYEZİT Largest sinter magnesite and dolomite production in Turkey and Eastern Europe. • • 18 magnesite and dolomite field and 44 mine. 110 million tons of magnesite ore reserves and 95 million tons of dolomite ore reserves. Gözde Girişim’s share in Kümaş Manyezit’s capital is 51%. • Established in 1972 Kümaş is the leading producer of dead burnt magnesite, fused magnesite, refractory brick and refractory mortar in Turkey. Kümaş is a fully integrated refractory supplier mainly for steel, cement, nonferrous, lime, glass, copper and refractory industries. Kümaş is located in Midwestern Turkey near the city of Kütahya, the location is famous as being one of the most valuable sources of magnesite ore in the world. Kümaş has 110 million tons magnesite ore (50% of total reserves in Turkey) and 95 million tons dolomite ore (20% of total reserves in Turkey) reserves. Kümaş provides raw material needs from 18 different magnesite and dolomite fields at 44 mines located in Eskişehir – Bilecik – Kütahya triangle. MAKİNA TAKIM First and biggest cutting tool manufacturer in Turkey. One of the oldest and well known companies in the Turkish Industry. 55 years of experience. 30 thousand products and 50 thousand units of special product design archive. Gözde Girişim’s share in Makina Takım’s capital is 60%. • • • Established in 1957, Makina Takım Endüstrisi A.Ş. (MAKTK), is the first and biggest cutting tool manufacturer in Turkey. MAKTK’s plant sits on a closed area of 12.000 square meters and an open area of 27.000 square meters and manufactures drilling, screw, cutting, and saw product groups. In addition, the plant manufactures specially designed products requested by industrial customers for their own benches. Being one of the oldest companies of Turkish industry and consequently having worked with many other companies involved within Turkish industry over a long period, enable Makina Takım brand to be one of the leading cutting tool brand in Turkey. TÜRKİYE FİNANS KATILIM BANKASI 220 branches and 6 regional branches across Turkey • • Total Asset Size 17,6 B TL Net profit 283,5 million TL Shareholders’ Equity 2,1 B TL Capital Adequacy Ratio 14,76% Gözde Girişim’s share in TFKB is 11,57% • Established in 2005, Türkiye Finans Katılım Bankası A.Ş. (TFKB) is the second biggest participation bank in Turkey,. The Company provides various retail, corporate, and international banking services. TFKB serves over 1 million customers at 220 branches and with over 3,600 employees. Through TFKB, Gözde became the local partner of NCB (National Commercial Bank of Saudi Arabia) and Boydak Holding; one of the leading Turkish conglomerates. Gözde owns 11,57% of TFKB’s capital. AZMÜSEBAT • Market leader in the lighter market and one of the biggest players in the disposable &system twin blade and triple blade razor market in Turkey • • Significant rate of brand awareness for its products –Derby razors – 98%, Tokai lighters – 85% Gözde Girişim’s share in Azmüsebat is 48,81%. Azmüsebat Lighter and Razor Blade Company was established in 1987 for the purpose of producing lighters and also import and export of them. The company started production with M3L (not refillable) type lighter of Japanese TOKAI company in 1987. The Company bought Derby razor blade factory that had been the sole and only razor blade produced in Turkey since 1940 in June 1996 and have been operating in Tuzla plant since November 1997. Azmüsebat Lighter and razor blades production plant is in Tuzla, İstanbul sitting on land of more than 45K square meter on E-5 Highway. It has three divisions namely; TOKAI Lighter Factory, Derby Razor Blade Factory and Cosmetics Factory. AK ALEV Ak Alev created a synergy with KÜMAŞ by opening up a new market for its calcined magnesite product. • MgO boards have superior features compared to gypsium and cement boards and expected to take the lion’s share in the construction boards market. • Construction materials market is already big and even expected to grow at higher rates in Turkey and the neighbouring regions than the rest of the world. Gözde Girişim’s share in Ak Alev is 38,25%. • • Ak Alev is manufacturing magnesium-oxide (MgO) boards for use in the construction and furniture industries. MgO boards are innovative and natural materials basically manufactured using calcined magnesite and magnesium cloride. Ak Alev is located in Bozan (Alpu, Eskişehir) in the vicinity of magnesite mines and KÜMAŞ, the main supplier of calcined magnisite. The plant has a land area of 128.000 square meters and sits on a closed area of 2.500 square meters. Initial capacity of Ak Alev is 1200 boards, i.e. ~4,000 square meters a day with one work shift on a single production line -which can easily be expanded by increasing the number of work shifts and adding new production lines. MgO boards are… Impervious to: Water Fire Insects Chemicals Non-Toxic Mold or mildew-proof Environmentally friendly Financial Overview CONSOLIDATED BALANCE SHEET 31.12.2012 1,3B TL TOTAL ASSETS +121% Growth 423M TL SHAREHOLDERS’ EQUITY +20% Growth Current Assets Non Current Assets TOTAL ASSETS 31.12.2012 180.625.252 1.096.961.104 1.277.586.356 31.12.2011 163.373.344 415.103.388 578.476.732 Δ 10,6% 164,3% 120,9% Current Liabilities Non Current Liabilities Shareholders' Equity TOTAL LIABILITIES AND SHR EQUITY 344.091.093 510.726.936 422.768.327 1.277.586.356 123.159.291 104.749.458 350.567.983 578.476.732 179,4% 387,6% 20,6% 120,9% 31.12.2012 31.12.2011 1.277.586.356 1.277.586.356 1.096.961.104 180.625.252 578.476.732 415.103.388 344.091.093 123.159.291 163.373.344 Current Assets Non Current Assets 510.726.936 TOTAL ASSETS Current Liabilities 422.768.327 578.476.732 350.567.983 104.749.458 Non Current Liabilities Shareholders' Equity TOTAL LIABILITIES AND SHR EQUITY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 31.12.2012 159,4M TL SALES REVENUE 49,4M TL 31.12.2012 159.445.277 63.328.354 49.445.014 75.671.584 82.125.794 Sales Revenue Gross Profit Operating Profit Profit for the Year Total Comprehensive Income - 31.12.2011 348.337 288.148 5.949.413 27.415.416 18.334.718 OPERATING PROFIT 75,6M TL NET PROFIT 200.000.000 82,1M TL TOTAL COMPREHENSIVE INCOME 159.445.277 150.000.000 100.000.000 63.328.354 75.671.584 49.445.014 50.000.000 348.337 288.148 Sales Revenue Gross Profit (5.949.413) Operating Profit (50.000.000) 31.12.2012 31.12.2011 Profit for the Year (27.415.416)