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Corporate Presentation

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Presentation on theme: "Corporate Presentation"— Presentation transcript:

1 Corporate Presentation
Istanbul, Turkey October 2014

2 Table of Contents I. Overview 3 II. Management Overview 10
III. Portfolio Companies IV. Esas Properties

3 I. Overview

4 Three main business areas of which the main focus is on direct investments
Asset Management Private Equity Real Estate Manages Esas Shareholders’ liquid assets Family office manages total assets of more than US$ 4 billion Focuses on strategic and financial investments mostly in Turkey since Esas invested over US$ 600m in its portfolio Acquires and develops commercial real estate in Turkey and abroad Esas invested over EUR 300m in real estate in a period of four years

5 ESAS is an investment company established and funded by Sevket Sabanci and his family
Established Name Founded in 2000 by first and second generation Sabanci family members ascended from Mr. Sevket Sabanci, Esas is one of the leading investment companies of Turkey Sabanci Family is one of the most regarded and influential names in Turkey, who has been active in the Turkish business community for more than five decades Unique Investment and Management Capability ESAS shareholders’ Sabanci name and strong management team coupled with solid relationships in the business community allows ESAS to source investment opportunities Management who combines over 200 years of experience in Turkish and international business landscape, has the ability to deliver high growth through practicing high standards of governance and operational know-how Strong Track Record Over the last seven years, revenues of the portfolio companies have increased from TL 400m (US$ 200m) to TL 3.700m (US$ 1.750m) in 2013(1) Extraordinary financial performance between 2010 and 2013 Topline growth of 27% (CAGR) EBITDA growth of 65% (CAGR) 4 succesful exits since 2006 ________________________________________________ Excludes real estate and Air Berlin revenues

6 Investment Rationale Esas aims to invest in companies
with sustainable EBITDA level and major growth potential which are market leaders or strong candidates having the potential to create value with our industry experience coupled with access to unique financing options After conducting an extensive commercial due diligence, Esas seeks to acquire majority shares at its target companies Also, we are open for co-investments with strategic and financial investors

7 Key Business Priorities Operational Improvements & Growth
“WE ARE OPERATORS” Value Creation Plan We define our value creation initiatives. Paradigm shift and strategic direction are our main focuses to create market leading companies. Key Business Priorities As per the value creation model , Key Business Priorities (KBP) and day plans (for institutionalization, growth and infrastructure) are identified to create value. Guidance & Monitoring Hands on operational approach: Executive Officers harness a variety of talents within the firms to deliver the best guidance to the portfolio companies. Active Boards are strengthened with best international / local industry experts. Guidance Operational Improvements & Growth Finance Our central finance team offers portfolio companies access to best source of capital The Executive Officers with a wide sector expertise offer distinct strategies and fresh ideas to our portfolio companies in order to maximize growth potential We closely monitor the performance of the portfolio and develop improvement projects to increase profitability

8 Esas Holding in Numbers (2006 – 2013)
12 3.700m %65 Sectors Portfolio Companies Total Sales 20131 (TL) EBITDA Growth Turkey 1 Investment Abroad 2012 TRY 3.200m( US$ 1.5bn) Between 2010 and 2013 Net Sales Developments (TL in million) Sales Breakdown(2013 Actual) 1Includes Pegasus, BonservIs, Peyman, UN RoRo, Mars Cınema, Mars Sportive, MedlIne Healthcare. (AIr BerlIn and Esas Properties are not Included)

9 Esas Holding has a customer base of 38 million in 2013 and continues to invest in consumer oriented sectors Aviation Entertainment 19m admissions 16 million guests Self-explanatory Retail Healthcare 2 million customers 1m patients

10 II. Management Overview

11 Board of Directors Sevket Sabanci, Chairman
1 Sevket Sabanci, Chairman Şevket Sabanci was born in Kayseri in He graduated from Manchester University with a degree in Textile Engineering. Mr. Sabanci held various managerial positions at Sabanci Holding's textile companies and then started representing Sabanci Holding abroad in Also a founding member of Vaksa, Mr. Sabanci was the Vice Chairman of Sabanci Holding and played a vital role in Sabanci Holding's successful progress. Preserving his stake in Sabanci Holding, he initiated ESAS’ establishment in Mr. Sabanci still leads the company as Chairman of the Board of Directors. Emine Sabanci Kamisli, Vice Chairman Emine S. Kamisli was born in Adana in She received her BSc Degree in Economies of Industry and Commerce from The London School of Economics in Mrs. Kamisli worked for Willis Corroon reassurance brokerage company in London and returned back to Turkey in She joined Aksigorta as the Director of Commerce. She had responsibilities such as the Executive Board Member of Aksigorta, Akhayat and Sabanci Holding prior to the establishment of Esas. Mrs. Kamisli co-founded ESAS along with Mr. Sevket Sabanci in and is currently in charge of treasury and wealth management of Esas. Ali Sabanci, Member of the Board Ali Sabanci was born in Adana in After specializing in Politics and Economics at Tufts University in US, he worked for Morgan Stanley & Co. Inc. until the year He received his MBA degree with a major in International Finance at Columbia Business School in and then returned to Turkey. He had various duties in Akbank. In 1997, Ali Sabanci assumed the responsibility of Head of Projects in Sabanci Holding, then became the Executive Vice President of Strategy and Business Development in Mr. Sabanci, Chairman of Pegasus Airlines since 2005 manages Esas’ aviation investments. Erhan Kamisli, Member of the Board Erhan Kamisli was born in Adana in He graduated from California State University with a degree in Marketing and International Business Administration. Mr. Kamisli started his career in Exsa and held various positions in Akcimento. Then he served as Cement Group President at Sabanci Holding while holding chairman positions in Akcansa and Cimsa. Mr Kamisli joined Esas in 2008 as a Board Member and he is also currently the Chairman of Medline Health Group and Esas Properties. H. Cagatay Ozdogru, Member of the Board & CEO* Please see the next slide Inan Tanrıover, Member of the Board & CFO* 2 3 4 5 6

12 Executive Officers H. Cagatay Ozdogru, Member of the Board & CEO
Cagatay Ozdogru was born in Istanbul in He graduated from Istanbul Technical University with a degree in Electronics & Telecommunications Engineering in 1989 and received his MS degree in Telecommunications Engineering from George Washington University in Prior to joining Esas in 2005, Mr. Ozdogru was the President of IT & Telecommunications in Sabanci Holding between 2002 and Between 1997 and 2001, he held various positions at France Telecom Group where his last post was Vice President of REEMEA region (Russia- East Europe-Middle East & Africa). He was promoted to CEO of Esas in January Babur Celebi, President of Food & Beverage Group Babur Celebi was born in 1956 in Istanbul. Mr. Celebi earned BA degree from Georgia State University in He received his MBA degree from GSU in He completed Columbia University’s Senior Executive MBA program in He began his career in 1982 in US and held various positions in Unilever Group. Then he was a board member at Evyap. Prior to joining Esas, he was the CEO of Dogan Online. He acted as a VP of Consumer Products and GM of Marketing Group in Ulker from 2003 to He joined Esas in 2010. Sami Vodina, Auditor Sami Vodina was born in 1946 in Biga. He graduated from İstanbul University with a degree in Economics. Mr. Vodina, certified public accountant, started his career in 1971 and held various positions at Netaş and Bimsa. Mr. Vodina also served in Aksigorta as Vice President between 1985 and He is the auditor of Esas since 2005 Benan Cetin, Finance Director Benan Cetin was born in 1970 in Izmir. He graduated from Dokuz Eylul University with a BA degree in Economics in Mr. Cetin started his career in Sabanci Bank PLC London. During his period in Sabanci Bank, he had served in various departments including Treasury and Foreign Trade. He then joined Emirates Bank International London in In , Mr. Cetin joined Sabanci Foreign Trade Group and got his AMCT degree in Mr. Cetin joined Esas in 2008. Cumhur Kuscuoglu / İnan Tanrıöver / H. Çağatay Özdoğru / Babür Çelebi / Sami Vodina / Benan Çetin Cumhur Kuscuoglu, Investment & Business Dev. Director Cumhur Kuscuoglu was born in 1972 in Ankara. He earned BA degree from Bogazici University in Between 1996 and 2002 Mr. Kuscuoglu served in the Audit Department as a Manager in Arthur Andersen. Between 2002 and 2007, he was a Director at Ernst & Young, supervising the M&A advisory services in Turkey and Southeast Europe. In May 2007, he joined Carlyle Group as the Director of MENA Buyout Fund and worked till the end of He joined Esas in December Inan Tanriover, Member of the Board & CFO Inan Tanriover was born in 1956 in Samsun. He studied Marketing at Ege University in Izmir and graduated in Mr. Tanriover worked for Ziraat Bank between 1977 and 2001 and has been appointed to London office twice between and as Senior Country Manager. In 2001, he joined Sabanci Holding’s International Trade Group in London as Finance Director. He was the Executive Board member of Sekerbank between and Mr. Tanriover joined Esas in June as CFO.

13 III. Portfolio Companies

14 Nine portfolio companies in six different sectors
Food & Beverage Second largest German Airline %12 shareholding Acquired in Feb 2009 Air Berlin Largest private airline company in Turkey Acquired in Jan 2005 Pegasus Airlines Aviation Nuts, dried fruits and sweets production and distribution company Acquired in Feb 2008 Peyman Retail and Entertainment Largest cinema chain in Turkey Publicly traded Acquired in Sept 2010 Cinemaximum Healthcare Hospital chain and emergency healthcare services Acquired in Oct 2007 Leading sports club chain in Turkey Acquired in Nov 2011 Medline Healthcare Group MAC & MacFit (1) Multibrand shoe retail company Acquired in Feb 2013 Ayakkabı Dünyası Real Estate Esas Properties Development of commercial real estate Estabished in Mar 2009 Logistics Leading freight Ro-Ro operator in Mediterranean region Acquired in Sep 2014 UN RoRo

15 Selected Portfolio Companies
Entertainment Joint Control (35%) Strategic Investment Cinemaximum is the largest movie theater network in Turkey with its 64 locations and 575 screens in 26 cities of Turkey. With its ‘out-of box’ management approach, Cinemaximum has changed the vision of the Turkish cinema market and also has brought the new film technologies to Turkey, and created a brand new cinema experience.   Entertainment Joint Control (35%) Strategic Investment MAC is the leading health club operator in Turkey and runs five premium sports facilities in three cities of Turkey. Macfit, which is a start up brand established in 2011, is the budget gym concept of the company with operating sixteen sport facilities in Istanbul, Ankara, Adana, Bursa and İzmir Macfit is expanding its customer base through restructuring sport with a view to making it more efficient and practical. &

16 Selected Portfolio Companies (Cont’d)
Majority (60%) Strategic Investment Ayakkabı Dünyası is one of the largest footwear retailers of Turkey, selling more than 2 million pairs of shoes annually through its 41 stores. The Company which is established in , has accumulated unparalleled knowledge and strong heritage in footwear business along with a highly recognized and trusted brand name in Turkey. Ayakkabı Dünyası, which opened its first store in 1996, is also the first mover in multi branded footwear retail in Turkey. Retail Food Minority (30%) Strategic Co-Investment Leading manufacturer of packed and bulk nuts & dried fruits, Turkish delight and traditional Turkish desserts. Operates in a 5,400 sqm modern facility with 10,000 sqm of open area in Eskisehir industrial zone with over employees. Peyman established a strong brand awareness and corporate identity, with its high quality standarts coupled with strong management team

17 Selected Portfolio Companies (Cont’d)
Majority (65,5%) Strategic Investment Fastest growing airline in Europe; has brought ‘Low Cost’ airline model to Turkey. Pegasus serves to 78 domestic & international destinations via Turkey’s youngest fleet of 54 aircraft. Pegasus signed an agreement in 2012 with Airbus company to add 100 airplanes worth USD 12 billion into its fleet. Pegasus has been flying for more than 20 years and is a member of IATA Aviation Aviation Minority (12%) Strategic Investment Germany’s second, Europe’s fifth largest airline with 147 operational aircraft flying more than 151 destinations throughout the world. Employs more than 9,000 people and carried a total of c.33 million passengers in Voted as top low-cost airline in various respected magazines worldwide

18 Selected Portfolio Companies (Cont’d)
Wholly owned (100%) Strategic Investment Purchased in 2008, Esasli Food produces and sells delicatessen meat and frozen products under the brand names of Esasli and Bonservis. The company is also one of the biggest private label producers of Turkey which provides services for Carrefour, Sok and Metro.  The company which has a production capacity of tons, operates in a facility with m2 facility Food Food Majority (99%) Greenfield Investment Leading distributor of out-of home food products and the reseller of Nestlé Movenpick Ice Cream, Nestlé Maggi and Gulsan. one of the top two distributors in Turkey. The red meat and poultry processing facility operating in Istanbul has ISO 9000 and ISO quality certifications

19 Selected Portfolio Companies (Cont’d)
Wholly owned (100%) Strategic Investment Hospital and emergency & mobile healthcare investments under the brand of Medline Health Group ("Medline"). The Group owns one of the largest private hospital chain in Turkey providing premium healthcare services to circa 1 million patients every year through its five hospitals in Anatolia with a total capacity of 475 beds. Also, with its fully equipped ambulances, Medline provides 7/24 emergency and mobile healthcare services to c. 2.5 million members Healthcare Logistics Minority (40%) Strategic Investment Acquired in 2014 by Esas and Actera partnership, U.N Ro- Ro is the leading freight Ro-Ro operator in the Mediterranean region and among top 10 operators in the world UN Ro - Ro has a fleet of 12 Ro – Ro vessels (approximately 44 km Lane Meter) and utilizes four ports in Istanbul, Mersin, Trieste and Toulon which are at the service of local and international logistics companies, importers and exporters in Turkey and in the region.

20 IV. Esas Properties

21 Esas Properties has invested over EUR 300m of equity in a period of four years
Strong Capital Base With EUR300 million of equity capital available for investments, ESAS is well positioned to acquire assets at attractive values In today’s distressed financial market, we have significant discretionary capital and the experience to capitalize on real estate investment opportunities in Turkey and abroad Local Strategy & Projects ESAS has a local strategy to focus on secondary cities and large towns in Turkey with a population over people in Anatolia with low level of competition in terms of shopping centers. The purpose is to create sustainable advantage in these sub-prime and underpenetrated markets which ultimately results high entry barriers for future endeavors. Currently three shopping centers in Kocaeli, Bolu and Çanakkale is under construction and expected to be opened in 2015. In addition to the shopping center development projects; ESAS focus on office development projects ESAS has completed Esas Aeropark project which comprises office, retail and residential area in Kurtköy, Istanbul Development of Maltepe office building is going on which is a Class A office development project in Istanbul with a GLA of c sqm Easy Access to Current Turkish Real Estate Stock ESAS’ shareholders and management have significant industry knowledge and business network which enable access to current Turkish commercial real estate stock

22 Esas Properties has invested over EUR 300m of equity in a period of four years
Well Diversified Portfolio with Solid Cashflow Esas has a well diversified portfolio of commercial real estate with gross leasable area of m2 in Turkey and abroad Combined annual rental income of circa US$ 150m Shopping Mall Pipeline ESAS has a pipeline of ten selected cities in Anatolia for development projects. Constructions are scheduled to start in the upcoming four years International Expansion Internationally, Esas co-invests with investors teamed up with local asset managers who can successfully manage the portfolio and deliver outstanding results International investments of ESAS is comprised of the following; Stevenage Retail Center, UK Halton Lea Shopping Center, UK Blue Portfolio, UK Barnsley Shopping Center, UK Middlesbrough Shopping Center, UK 28th Street New York, US 12 Stanhopegate, London, UK Kensington Street, London, UK 815 Sixth Avenue, New York, US Nassau Street, New York, USD Summit House, London, UK Eastgate Centre, Inverness, UK Freshney Palace, Grimsby, UK Coopers Square, Burton, UK Bon Accord & St Nicholas, Aberdeen, UK

23 Local Assets Esas Gayrimenkul’s existing portfolio consist of 2 office buildings in İstanbul and 1 hospital building in Antalya Esas Plaza Aeropark Antalya-Hospital Location: Kurtköy-İstanbul GLA: sqm Investment: USD 44,7 m Tenants: Pegasus-Netas-Cafe Nero-Sardunya Location: Kavacık-İstanbul GLA:8.000 sqm Investment: USD 11 m Tenants: KPMG-Esas Holding Location: Lara-Antalya GLA: sqm Investment: USD 10.5 m Tenants: Medline

24 Local Pipeline - I Esas Gayrimenkul has a strong pipeline, having 3 mall projects in prime locations of secondary Anatolian cities Burda-41 Burda-14 Burda-17 Location: İzmit GLA: sqm Investment: USD 120 m Completion Date: Q Location: Bolu GLA: sqm Investment: USD 47 m Completion Date: Q Location: Çanakkale GLA: sqm Investment: USD 59,6 m Completion Date: Q

25 Local Pipeline - II Two “Class-A” Office Projects on the subway line of Anatolian Side Ofispark Kartal Project Location: Kartal GLA: n.a Investment: USD 100 m Location: Maltepe-İstanbul GLA: sqm Investment: USD 40 m Completion Date: Q

26 International Assets-I
7 shopping malls, 8 office buildings in UK were acquired through partnership with F&C Reit Alhambra Shopping Center, UK Cleveland Shopping Center, UK Location: Barnsley-UK GLA: m2 Investment: GBP 26m # of Units: 30 Esas Share : 30 % Location: M.brough-UK GLA: m2 Investment: GBP 86m # of Units: 56 Esas Share : 30 % Halton LeaShopping Center, UK Stevenage Shopping Center, UK Location: Runcorn-UK GLA: m2 Investment: GBP 32,5m # of Units: 90 Esas Share : 30 % Location: Stevenage-UK GLA: m2 Investment: GBP 26,5 m # of Units: 29 Esas Share : 30 %

27 International Assets-II
All these assets were acquired at very attractice prices with an average yield of 8 % Blue Portfolio, UK Coopers Square, UK Location: UK GLA: m2 Investment: GBP 60,5 m # of Units: 8 office buildings Esas Share : 30 % Location: Burton-UK GLA: m2 Investment: GBP 73m # of Units: 92 Esas Share : 25 % Freshney Place, UK Eastgate Center, UK Location: Grimsby-UK GLA: m2 Investment: GBP 81 m # of Units: 119 Esas Share : 25 % Location: Inverness-UK GLA: m2 Investment: GBP 99 m # of Units: 87 Esas Share : 25 %

28 International Assets-III
All these assets were acquired at very attractice prices with an average yield of 8 % Bon Accord & St Nicholas, UK Hyatt House, NY, US Location: UK GLA: m2 Investment: GBP 192 m # of Units: 75 Esas Share : 48 % Location: US GLA: m2 Investment: USD 70 m # of Units: 150 Esas Share : 11 % 28th Street, NY, US Location: US GLA: m2 Investment: USD 84,5 m # of Units: 12 Esas Share : 33,8 % Kensington Street, UK Location: UK GLA: m2 Investment: GBP 16 m # of Units: 4 Esas Share : 50 %

29 International Assets-IV
Two high quality office buildings in the heart of London were fully acquired by ESAS. Summit House 12 Stanhope Gate Location: London-UK GLA: m2 Investment: GBP 25 m Esas Share : 100 % Location: London-UK GLA: 850 m2 Investment: GBP 9,6 m Esas Share : 100 %

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