Investor Presentation - FY-2020 Results 23 March 2021 - Rönesans Gayrimenkul
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Investor Presentation FY-2020 Results 23 March 2021
Disclaimer
This document was prepared by Rönesans Gayrimenkul Yatırım (“RGY” or “the Company”) solely for use of presenting the financial and operational results for the
financial year of 2020, published on March 23, 2020. This document is not to be reproduced or distributed, in whole or in part, by any person other than the Company.
The Company takes no responsibility for the use of these materials by any person.
The information contained in this document has not been subject to independent verification and no representation, warranty or undertaking, express or implied, is
made as to, and no reliance may be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein.
Neither the Company nor its shareholders, its advisors, its representatives or any other person shall be held liable for any loss arising from any use of this document or
its contents or otherwise arising in connection with this document. In the event of any discrepancies between the information contained in this document and the public
documents, the latter shall prevail.
This document does not constitute an offer to sell or an invitation or solicitation of an offer to subscribe for or purchase any securities, and this shall not form the basis
for or be used for any such offer or invitation or other contract or engagement in any jurisdiction.
2
Financial Highlights 2020 Financial Year Results
Global turmoil due to Covid-19 has negatively affected an otherwise strong operational performance
107.1 105.9 Net Operating Gross Asset 2,445 2,393
Income Value 1,952
66.8
€ 67m € 2.0bn
2018 2019 2020 * Year-average Retail Dec-18 Dec-19 Dec-20
Occupancy
2020
102.2 102.4 EBITDA EPRA NAV 1,374
1,267
63.9 928
€ 64m € 0.9bn
2018 2019 2020 Dec-18 Dec-19 Dec-20
Proportionate figures for the assets fully consolidated and the ownership at share of the assets accounted for using the equity method.
3
Business Highlights 2020 Financial Year Results
Operations Income & Valuations
COVID-19 caused a stagnation in consumer activity both RGY has granted rent-free period to tenants for the
through lockdowns/curfews and people wary of period that shopping centers were closed and has been
spreading risk. Shopping centers were fully or partially providing discounts since June based on the monthly
closed for almost 4 months in 2020. performance.
Trading resumed by 1st of June as shopping centers
reopened after the lockdown. From June to November, Severe depreciation of Turkish Lira in 2020 was another
tenant sales and footfall were down by 10.4% and challenger. Average EUR/TRY was up by 26% over
42.5% respectively compared to the same period in 2019.
previous year. Yet the government-imposed curfews
since the end of November has caused another break
from the recovery. Consequently RGY generated a net operating income of
EUR 67m in 2020 with 45% LfL decrease over previous
year.
Despite pandemic conditions, year-average retail
occupancy remained high at 95.9%, +1.3% above of
2019 on LfL basis. Same-property valuations declined by 17.1% in Euro
terms compared to 2019 year-end.
Net bad debt ratio is realized as 1.6%.
4
Business Highlights 2020 Financial Year Results
Investments & Divestments Management & Shareholders
Disposal of three non-core properties since June 2020 in Shareholders' support in place with EUR 25.5m loan. No
line with the strategy plan for dividend distribution and commitment to provide
Antalya land plot for TL 24.5m (~EUR 3.2m) in additional support if needed.
Jun-20 with 10% premium above the latest TL
valuation.
Mecidiyeköy Office for TL 270.4m (EUR 31.5m)
in Aug-20 with 11% premium above the latest TL
valuation.
Bayraklı Land for TL 396.3m (USD 50m) in Mar-
21 with 16% premium above the latest TL
valuation. (USD 40m of the proceeds will be
received in December 2021)
Purchase of own bonds from the secondary market with
a face value of USD 30m.
5
Business Highlights 2020 Financial Year Results
Financing Liquidity & Hedge Position
Procurement of three long-term financing at TRY 1 EUR 99m cash in hand
billion in 2020 to relieve the repayment schedule and
currency mismatch risk
Enhancement of liquidity with bonds with a nominal
Küçükyalı Office & School – TRY 270m value of USD 30m.
Optimum Adana – TRY 525m
Şanlıurfa Piazza – TRY 200m Reduction of FX short position by EUR 307m in 2020
Conversion of existing corporate loans from Euro (EUR 37% of total loan hedged against currency risk
14.8m) to TL with a top-up of EUR 35.2m
Compensation of the loss in operational cash flow in
Reduction of net debt (1) by EUR 68m in 2020 2020 through the gain on FX derivatives
Successful execution of consent solicitation process to
amend Eurobond covenants with 94% attendance and
99% support
(1) Net Debt = Gross financial debt – cash – bonds held
6
Business Highlights COVID-19 Update
COVID-19 had a detrimental effect over shopping center operations despite several precautions are applied to relieve the stress
The outbreak has adversely impacted operational performance of shopping centers since March 2020 through both
government-imposed restrictions and stagnation in consumer demand.
Economic uncertainties due to pandemic are expected to prevail until the end of 2021, challenging the income projections
of the shopping centers.
Closure of shopping centers for 73 days. Limited recovery after reopening impeded by the second wave
The Ministry of Internal Affairs Government announced new
warned citizens not to leave measures including a weekday
their houses unless absolutely curfew between 9.00 pm and
necessary and announced 5.00 am and a weekend
several precautions, including curfew. Restaurants/cafes are
a temporary suspension on allowed to open for takeaway
the activities of entertainment and delivery services only, the
venues and common areas visitor capacity at shopping
11 March 2020 such as performance centres,
20 March 2020 Shopping centers reopened
1 July 2020 centres is limited, and
The first COVID-19 case was concert venues, cinemas, Upon several retailers closing after 73-days lockdown except Entertainment areas gatherings at home are
detected in Turkey. cafes, playgrounds, and sports their stores and the advice of entertainment areas including reopened. prohibited. It is unclear when
centres. Council of Shopping Centers- cinemas and playgrounds. these measures will be lifted.
Turkey, RGY voluntarily shut
16 March 2020 its shopping centers except
1 June 2020 30 November 2020
supermarkets and pharmacies.
7
Future Outlook Operational Expectations for 2021
Conservative expectations are maintained against a third wave of a lockdown.
2021 is likely to keep staying in the shadow of the 2021 NOI Projection (m TL)
Coronavirus pandemic. Countrywide curfews since the
end of November 2020 are expected to be loosened
after the first quarter of 2021. 200
72
+37.4%
As weather gets warmer and restrictions are lifted, a +13.5%
sharp increase in consumer activity is expected in 807
second and third quarters. 535
15% of the Turkish population has been vaccinated
since Jan-21. We expect it to profilerate before the last 2020 Actual Inflation Impact Pandemic Impact 2021 Budget
quarter of the year so there will not be any
lockdowns/curfews after the first quarter. 2021 NOI Projection (m EUR)
In the light these assumptions, our NOI expectation is
EUR 85m (TL 807m) and EBITDA(1) expectation is
16
EUR 83m (TL 791m) for 2021 at a year-average 25
-23.6%
EUR/TRY rate of 9.50. 9
+37.4%
+13.5%
Total y-o-y growth in TL terms is expected to be 51%, 85
of which 37.4% is directly linked to the pandemic 67
impact as shopping centers were fully or partially
closed for almost 4 months in 2020.
2020 Actual Inflation Impact Pandemic Impact FX Impact 2021 Budget
Proportionate figures for the assets fully consolidated and the ownership at share of the assets accounted for using the equity method.
(1) EBITDA = Combined gross revenue – Combined operating expenses
8
Shopping Centers Occupancy
High retail occupancy sustained for long years has been preserved despite the challenging marketing conditions
Year-average occupancy of shopping centers in 2020 was 95.9%, surpassing
All shopping centers have an occupancy above 90%, except Maltepe Park
the previous year. Rent-free periods and temporary discounts provided to the
whose re-tenanting operation has been delayed due to pandemic.
tenants helped occupancy to be stable.
Retail Occupancy Occupancy by Shopping Centers Jan-21
GLA
Period-Average Jan 2021 Dec-19
Occupancy
100.0%
850
95.0% 96.9%
95.4% 95.9% 95.4% 95.9% 95.8%
94.3%
90.0% 750
99.0%
98.7%
98.5%
97.1%
99.5%
99.5%
99.1%
98.5%
95.6%
95.3%
95.3%
94.5%
96.7%
96.6%
96.3%
93.6%
93.5%
95.8%
85.0%
95.6%
95.5%
95.4%
92.9%
650
93.3%
90.6%
88.9%
86.2%
80.0%
550
75.0%
640 640 450
70.0% 594
530
350
65.0% 398
374 374
Optimum
Optimum
Optimum
Optimum
Küçükyalı
K. Maraş
Ş. Urfa
Portfolio
Karşıyaka
Maltepe
Maltepe
Kozzy
Samsun
Piazza
Istanbul
Hilltown
Hilltown
Piazza
Piazza
Ankara
Piazza
Adana
Park
Izmir
60.0% 250
2015 2016 2017 2018 2019 2020 Jan-21
9
Shopping Centers Tenant Sales
Same shopping center tenant sales declined by 23% in 2020 due to Coronavirus pandemic
High tenant performance in early 2020 was impeded by the pandemic. The Few categories including electronics, jewellery, homewares & bulky goods and
gradual improvement after reopening is once again slowed down by the hypermarkets outperformed the rest of the portfolio while entertainment, F&B,
country-wide curfews since the end of November. and apparel segments are adversely impacted by the pandemic.
Growth in Same-Shopping Center Tenant Sales (1) Change in Same-Store Tenant Sales by Categories in 2020 (1) (2)
Change in
Year-over-year Monthly Tenant Sales
47%
Annual Inflation
Average Inflation
27.9% 30.3% 12.28%
13%
5%
11.9% 10.9% 11.4% 12.6% 11.8% 11.8% 11.8% 11.9% 14.0% 14.6% 15.0% 3%
12.2% 12.4% -5% -8%
5.9% 4.4% -13%
-17% -18%
-7.8% -24%
-14.1% -12.5% -33% -34%
-51%
-55%
-42.9% -34.3% -40.2% -41.8%
Shopping Country-
Apparel
Hypermarket
Food Catering
Retail Services
Department Store
Electrical Goods
Jewellery
Food Retail
Other reporting categories
General Retail
Portfolio
Homewares & Bulky Goods
Entertainment & Leisure
Leisure Retail
centers closed wide
curfews
-94.5% -96.1%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2020 2021
(1) Only the malls that are operational at both T and T-12 are taken into account at each individual month.
(2) Excluding March, April and May
(3) Excluding Karşıyaka Hilltown
10Shopping Centers Occupancy Cost Ratio
The slowdown in consumer activity resulted in tenants’ affordability ratio to fall below the long term average of 12.5-13%.
Operational leverage of tenants weakened due to the loss in sales resulted in As the negative impact of COVID-19 fade away, RGY expects to capture more
an increase in the amount of temporary incentives and lower OCR in 2020. share from the increasing sales of tenants.
Portfolio OCR (1) (2) Portfolio OCR (1)
Last 12 Months Last 12 Months
13.1% 15.5%
12.9%
12.7%
13.3%
12.5% 12.7%
12.5%
12.4% 12.2%
12.2% 12.2%
12.1%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2020 Dec-17 Dec-18 Dec-19 Dec-20
(1) Occupancy Cost Ratio = (Base rent + turnover rent + service charges [incl. management costs] + marketing contribution) / tenants’ sales in preceding 12 months
(2) OCR between Mar-May 2020 is not calculated due to closure of shopping centers.
11Shopping Centers Footfall
The number of visitors have declined by 47% in 2020 as customers were wary of the spreading risk
Decline in the footfall figures were much severe than the tenant sales as
customers used shopping centers as instant buy-and-leave spots rather than Footfall loss led an unprecedented increase in the average basket size.
entertainment and socializing venues.
Change in Same-Shopping Center Footfall (1) Change in Basket per Capita
Year-over-year Monthly 2019 vs. 2020
Inflation
12.3%
57.7%
4% 4%
51.1% 49.5%
48.9% 48.8%
46.2%
43.4% 43.9%
38.9%
36.0%
-32% -32%
29.7%
-40%
-43%
-46% 23.3%
-51%
-61%
-70% -69%
-99% -98%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2020 2021
(1) Only the malls that are operational at both T and T-12 are taken into account at each individual month.
12Shopping Centers Lease Profile
Long term rental contract profile is maintained with a WAULT of 6.1 years.
Weighted average unexpired lease term is over 6 years thanks to the policy to
99% of the contracts include turnover rent clause, which enables RGY to
negotiate long-term lease contracts. The share of contracts to be renewed in
capture a better margin from the over-performing tenants.
next five years are well balanced.
Lease Expiry Schedule by GLA Type of Contracts by GLA
Retail - December 2020 Retail - December 2020
53%
WAULT is 6.1 89%
1%
10%
15%
9% 9% 8%
7%
0 to 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years 5+ years
Base Rent Base + Turnover Rent Turnover Rent
13Offices Occupancy
Vacant units in office buildings are being filled with local and global names.
In early 2021, two new lease contracts were signed in Hilltown Office for 1,508 sqm.
Occupancy in office buildings has risen to 96.2% in January, excluding Maltepe
Piazza (34,266 sqm). (71.7% including Maltepe Piazza) Rönesans Group has relocated to 5,793 sqm of area in Maltepe Piazza from its
current office. Relocation is expected to attract further anchor tenants to the office.
Office Occupancy Occupancy by Offices
Period-end Jan 2021
99.6% 99.0%
96.8% 96.2% 100.0% 100.0%
100.0% 94.8% 94.3% 180 96.2% 110.0%
92.1%
99.6% 99.0%
90.0% 96.8% 160
94.8% 220
90.0%
69.7% 71.7%
80.0% 140 70.0%
70.0% 120 111
71.7% 50.0%
170
60.0% 66.9% 65.1% 100
16.9% 30.0%
76
50.0% 80
120 10.0%
40.0% 60 52
40 34
30.0%
125 70 15
20.0% 111 111 20 9
82 --
10.0% 66 66 66
Küçükyalı Maltepe Park Hilltown Piazza Office Portfolio Portfolio
0.0% 20 RönesansBiz Office Office excluding
Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Jan-21 Piazza Office
Office GLA (000sqm) Occupancy inc. Piazza Office Occupancy exc. Piazza Office GLA (000 sqm) Occupancy
14Financing Loan Maturity Profile
Refinancing & rescheduling plan to relieve the repayment schedule is on track
Gross financial debt balance of EUR 1,156m as Loan Maturity Profile (m EUR)
December 20 – RGY's Share
of Dec-20 (Net: EUR 1,032m (1)) Corporate Loans
Corporate Bonds
483
17 Project Finance Bullet Payments - Other Assets
Project Finance Bullet Payments - GIC JVs
Project Finance Amortization
Reduction of net debt (1) by EUR 68m in 2020 261
189 185 199
31 20
38 101 94
105 169
91 55
105
53 36 37 46
Completion of three long-term financing deal 2021 2022 2023 2024 2024+
amounting TRY 1 billion in 2020 to relieve the
Loan Maturity Profile (m EUR) (2)
repayment schedule in 2021 and 2022 by EUR Reduction by Reduction by June 20 – RGY's Share
111m and reduce the currency mismatch risk EUR 95m EUR 16m Corporate Loans
Corporate Bonds
480 Project Finance Bullet Payments - Other Assets
Küçükyalı Office & School – TRY 270m 17
Project Finance Bullet Payments - GIC JVs
Project Finance Amortization
Optimum Adana – TRY 525m 284 261
31
Şanlıurfa Piazza – TRY 200m 89
201
20
182
54 92
105 169
91 43
59 90
36 34 43
2021 2022 2023 2024 2024+
(1) Net Debt = Gross financial debt – cash – bonds held
(2) For a like-for-like comparison, year end FX rates are used.
15Financing Liquidity & Hedge Position
FX short position is reduced by EUR 307m in 2020 while cash balance is increased to EUR 99m
Sufficient amount of liquidity (EUR 99m) FX Short Position (m EUR)
despite challenging pandemic conditions which 1,200
1,000
impeded business operations. Reduction by
800 EUR 307m
Bonds held with a nominal value of USD 30m 600
1,056 1,034
400
Reduction of FX short position by EUR 307m to 727
200
EUR 727m since 2019 year-end through
--
conversion of some of FX loans to TL, increasing Dec-18 Dec-19 Dec-20
FX liquidity and forward positions.
Loan Breakdown FX Hedge Breakdown of Cash Loans
Increasing the share of TL indebtedness to 2020-12
TL
15% in 2020 from 1% at December 2019 15.3% TL Debt
15%
Hedge rate of 37% for the cash loan portfolio USD FX
12.3% Unhedged Hedged
Liquidity
63% 37%
6%
Forwards
14%
EUR
72.4%
Bonds 2%
Exchange rates on 31/12/2020: EUR/TRY 9.01, EUR/USD: 1.23
16Financing Consent Solicitation
94% of the investors participated, of which 99% voted in favor
Consent solicitation process was launched on 28 Results at the Early Consent Deadline
January 2021 to modify terms and conditions of Outstanding $270,000,000
Eurobond to avoid any covenant breach. Following Votes in favour $251,610,000
Votes against $2,250,000
amendments have been presented to the investors'
Abstain $0
consent.
Attend Meeting $0
• LTV covenant: 60% > 65% Total represented $253,860,000
• CCR covenant: No test in 2020 and 2021, 1.35x Quorum reached 94.02%
in 2022 (currently 1.75x in 2020 & 2021, 2.00x
Of which, in favour 99.11%
in 2022)
Of which, against 0.89%
Investors were offered with a consent fee of 0.4% Of which, abstain 0.00%
for early birds and 0.1% for latecomers.
Investors welcomed this request with high
acceptance. The process is completed with 94%
quorum reached, of which 99% voted in favor.
17Financing Covenants
All covenants at both project finance loans and Eurobond are satisfied without any breach and with sufficient headroom.
Combined LTV (1)
Unencumbered Asset Value Ratio (1)
65% 2.29x
2.11x
1.61x
52%
46%
44%
1.20x
Dec-18 Dec-19 Dec-20 Dec-18 Dec-19 Dec-20
Combined Loan-to-Value Eurobond Covenant Unencumbered Asset Value Ratio Eurobond Covenant
Sufficient headroom until a valuation loss of the property portfolio by Declining due to refinancing of Küçükyalı Office and depreciation of
22% TRY but still with sufficient headroom
(1) Based on the methodology in Eurobond offering circular
18Investments &
Divestment Plan for Non-core Assets
Divestments
Disposal plan for non-core properties is on progress as planned.
Completed Planned to be disposed
Mecidiyeköy Office: EUR 31.5m disposal value – Aug’20 Konak Land: EUR 24m valuation (RGY’s Share)
Optimum Antalya Land: EUR 18.2m valuation
Antalya Land Plot : EUR 3.2m disposal value – Jun’20 Maltepe Park Office: EUR 16.8m valuation
Maltepe Piazza Office: EUR 43.8m valuation
Bayraklı Land Plot: USD 50m disposal value – Mar’21 Ümraniye Land: EUR 10.4m valuation (RGY’s Share)
(USD 40m will be received in Dec-21) Mamak Land: EUR 9.4m valuation
Ayazağa Land: EUR 5.1m valuation
Total: EUR 76.5m Silivri Land: EUR 4.9m valuation
İzmit Land: EUR 2.7m valuation
Bursa Land Plot: USD 19m disposal value (Letter of
intent signed)
Total: EUR 135.2m
Total: USD 19m
19APPENDIX
Company Overview Shareholding Structure
GIC
Rönesans Emlak 21.44%
Geliştirme Holding
74.24% Government of Singapore Investment
Corporation (GIC) is a global investment
Rönesans Holding is a shareholder of RGY, management company established in 1981
via Rönesans Emlak Geliştirme Holding. to manage Singapore's foreign reserves.
Rönesans Holding operates in the sectors GIC is also 50% partner with RGY in three
of construction, real estate, energy and joint ventures holding Optimum İstanbul,
PPP in healthcare. Optimum Ankara, and Optimum İzmir.
Flagship operation, Rönesans
Construction, is the world’s 33 largest
rd
international contracting company. Other (1)
4.32%
(1) Kamil Yanıkömeroğlu, Chairman of RGY and Murat Özgümüş
21Company Overview Rönesans Holding – Key Partnerships
Investor Since Scope Details
Member of the World Bank • USD 215m equity investment for 5.25% stake
International Finance Institution (IFI) that • c. USD 4bn pre-money valuation
2016 Rönesans Holding
focuses exclusively on the private sector in • Extensive financial, corporate, environmental and social
developing countries due diligence
Sovereign wealth fund established by the
Government of Singapore RGY • EUR 250m equity investment for 21.44% stake (4Q14)
2013 (Turkish real estate • Acquired 50% in 3 prime operational retail assets in
Worldwide investor of real estate across the platform) Turkey prior to platform transaction between 2013 - 2014
entire capital structure
• Partnered at development stage in Adana, Yozgat, Elazig
RSY
and Bursa Hospital PPP projects
(Turkish PPP
France based asset manager EUR6bn AuM 2013 • >4k beds to be built and operated under a 25-year
investment platform)
concession from the MoH
Hospital PPP projects
• Yozgat, Adana and Elazığ hospitals are in operation
• Partnered at development stage for the 2,682 bed
capacity Ikitelli Hospital to be built & operated under a
RSY
Japan based investment and trading company 2017 25-year concession from MoH
Hospital PPP project
• Financial close with JPY163bn (JPY200bn total capex) in
Jul’17
22Property Portfolio Yielding Properties
# Property Partner Location Opening Type Encumbrance GAV (m EUR) (1) GLA (sqm) Occupancy (2)
1 Karşıyaka Hilltown - Karşıyaka / İzmir October 2019 Retail Yes 223.2 63,000 99.5%
2 Maltepe Piazza - Maltepe / İstanbul April 2018 Retail / Office / Residence Yes 251.7 53,000 / 34,000 95.6% / 16.9%
3 Küçükyalı Hilltown - Maltepe / İstanbul October 2017 Retail / Office Yes 243.3 63,000 / 9,500 95.5% / 69.7%
4 Şanlıurfa Piazza - Eyyübiye / Şanlıurfa October 2013 Retail Yes 60.4 42,000 93.3%
5 Kahramanmaraş Piazza - Onikişubat / K.Maraş April 2013 Retail No 82.6 48,000 95.4%
6 Samsun Piazza - Canik / Samsun March 2013 Retail / Hotel Yes 169.7 62,000 99.1%
7 Optimum İzmir GIC (50%) Gaziemir / İzmir March 2012 Retail Yes 332.0 84,000 98.5%
8 Optimum Adana - Yüreğir / Adana April 2011 Retail Yes 158.3 60,000 96.3%
9 Kozzy - Kadıköy / İstanbul April 2010 Retail Yes 26.9 14,000 90.6%
10 Optimum İstanbul GIC (50%) Ataşehir / İstanbul November 2008 Retail Yes 200.4 41,000 96.7%
11 Maltepe Park - Maltepe / İstanbul January 2005 Retail / Office No 160.0 73,000 / 15,000 88.9% / 100%
12 Optimum Ankara GIC (50%) Etimesgut / Ankara October 2004 Retail Yes 153.3 38,000 96.6%
13 RönesansBiz Küçükyalı - Maltepe / İstanbul December 2014 Office / School Yes 80.2 52,000 100%
(1) IFRS figures as of Dec-20
(2) As of Jan-21
23Property Portfolio Land Assets
# Property Partner Location Encumbrance GAV (m€) Area (sqm)
14 Antalya Beachtown Land - Konyaaltı / Antalya No 26.0 121,000
15 Konak Land Tekfen Group (50%) Konak / İzmir No 48.1 49,000
16 Mamak Land - Mamak / Ankara No 9.4 46,000
17 Silivri Land - Silivri / Istanbul No 4.9 42,000
18 Optimum Antalya Land - Muratpaşa / Antalya No 18.3 31,000
19 İzmit Land - Körfez / İzmit No 2.7 30,000
20 Bursa Land - Nilüfer / Bursa No 14.4 25,000
21 Bayraklı Land - Bayraklı / Izmir Yes 37.8 24,000
22 Ümraniye Land Doğan Group (50%) Ümraniye / Istanbul No 10.4 23,000
23 Ayazağa Land - Sarıyer / Istanbul No 5.1 7,000
24Property Portfolio Karşıyaka Hilltown
Project Overview
Type Retail
Location Karşıyaka / İzmir
Opening October 2019
Partner -
DST (1) 850 m
GLA (sqm) 63,000
Occupancy 99.5%
GAV € 223.2
Major Tenants
(1) Distance from station refers to distance to metro, light or high speed train
25Property Portfolio Maltepe Piazza
Project Overview
Type Retail & Office & Residence
Location Maltepe / İstanbul
Opening April 2018
Partner -
DST (1) Direct
GLA (sqm) 53,000 / 34,000
Occupancy 95.6% / 16.9%
GAV € 251.7m (2)
Major Tenants
(1) Distance from station refers to distance to metro, light or high speed train
(2) Residences are not included
26Property Portfolio Küçükyalı Hilltown
Project Overview
Type Retail & Office
Location Maltepe / İstanbul
Opening October 2017
Partner -
DST (1) 300 m
GLA (sqm) 63,000 / 9,500
Occupancy 95.5% / 69.7%
GAV € 243.3m
Major Tenants (2)
(1) Distance from station refers to distance to metro, light or high speed train
(2) Trelleborg, Tavuk Dünyası And Polisan are office tenants.
27Property Portfolio Şanlıurfa Piazza
Project Overview
Type Retail
Location Eyyübiye / Şanlıurfa
Opening October 2013
Partner -
DST (1) N/A (2)
GLA (sqm) 42,000
Occupancy 93.3%
GAV € 60.4m
Major Tenants
(1) Distance from station refers to distance to metro, light or high speed train
(2) No metro or light train line in the city
28Property Portfolio Kahramanmaraş Piazza
Project Overview
Type Retail
Location Onikişubat / K.Maraş
Opening April 2013
Partner -
DST (1) N/A (2)
GLA (sqm) 48,000
Occupancy 95.4%
GAV € 82.6m
Major Tenants
(1) Distance from station refers to distance to metro, light or high speed train
(2) No metro or light train line in the city
29Property Portfolio Samsun Piazza
Project Overview
Type Retail & Hotel
Location Canik / Samsun
Opening March 2013
Partner -
DST (1) 100 m
GLA (sqm) 62,000
Occupancy 99.1%
GAV € 169.7m
Major Tenants
(1) Distance from station refers to distance to metro, light or high speed train
30Property Portfolio Optimum İzmir
Project Overview
Type Retail
Location Gaziemir / İzmir
Opening March 2012 (2)
Partner GIC (50%)
DST (1) 50 m
GLA (sqm) 84,000
Occupancy 98.5%
GAV € 332m
Major Tenants
(1) Distance from station refers to distance to metro, light or high speed train
(2) Extension part was opened in March 2017.
31Property Portfolio Optimum Adana
Project Overview
Type Retail
Location Yüreğir / Adana
Opening April 2011
Partner -
DST (1) 350 m
GLA (sqm) 60,000
Occupancy 96.3%
GAV € 158.3m
Major Tenants
(1) Distance from station refers to distance to metro, light or high speed train
32Property Portfolio Kozzy
Project Overview
Type Retail
Location Kadıköy / İstanbul
Opening April 2010
Partner -
DST (1) 1,300 m
GLA (sqm) 14,000
Occupancy 90.6%
GAV € 26.9m
Major Tenants
(1) Distance from station refers to distance to metro, light or high speed train
33Property Portfolio Optimum İstanbul
Project Overview
Type Retail
Location Ataşehir / İstanbul
Opening November 2008
Partner GIC (50%)
DST (1) 650 m
GLA (sqm) 41,000
Occupancy 96.7%
GAV € 200.4m
Major Tenants
(1) Distance from station refers to distance to metro, light or high speed train
34Property Portfolio Maltepe Park
Project Overview
Type Retail / Office
Location Maltepe / İstanbul
Opening January 2005
Partner -
DST (1) 200 m
GLA (sqm) 73,000 / 15,000
Occupancy 88.9% / 100%
GAV € 160.0m
Major Tenants (2)
(1) Distance from station refers to distance to metro, light or high speed train
(2) CarrefourSA and TeknoSA are tenants on both retail and office parts.
35Property Portfolio Optimum Ankara
Project Overview
Type Retail
Location Etimesgut / İstanbul
Opening October 2004
Partner GIC (50%)
DST (1) 1,600 m
GLA (sqm) 38,000
Occupancy 96.6%
GAV € 153.3m
Major Tenants
(1) Distance from station refers to distance to metro, light or high speed train
36Property Portfolio RönesansBiz Küçükyalı
Project Overview
Type Office / School
Location Maltepe / İstanbul
Opening December 2014
Partner -
DST (1) 500 m
GLA (sqm) 52,000
Occupancy 100%
GAV € 80.2m
Major Tenants
(1) Distance from station refers to distance to metro, light or high speed train
37Financial Highlights 2020 Financial Year 2020 Results
Consolidated (000 TRY) Combined (000 TRY) (1) Combined (000 EUR) (1)
Dec-20 Dec-19 Dec-20 Dec-19 Dec-20 Dec-19
Cash and cash equivalents 843,516 332,087 892,142 356,573 99,040 53,615
Financial Investments 203,234 -- 203,234 -- 22,562 --
Trade Receivables 105,908 99,469 123,467 112,674 13,707 16,942
Investments accounted for using the equity method 2,055,437 1,901,598 -- -- -- --
Investment Properties 14,187,841 12,891,842 17,586,111 15,916,157 1,952,299 2,393,191
VAT Receivable 408,110 427,730 420,101 439,694 46,637 66,113
Other Assets 268,080 376,444 727,616 729,145 80,775 109,636
Total Assets 18,072,126 16,029,170 19,952,671 17,554,243 2,215,019 2,639,498
Financial Borrowings 8,760,572 6,471,471 10,369,164 7,851,919 1,151,119 1,180,633
Trade Payables 91,185 199,899 97,820 210,916 10,859 31,714
Deferred Tax Liabilities 1,123,725 1,098,866 1,637,127 1,573,993 181,743 236,669
Other Liabilities 1,377,213 1,142,259 1,129,129 800,741 125,349 120,401
Total Liabilities 11,352,695 8,912,495 13,233,240 10,437,569 1,469,070 1,569,418
Total Shareholders' Equity 6,719,431 7,116,675 6,719,431 7,116,675 745,949 1,070,080
2020 2019 2020 2019 2020 2019
Revenue 688,261 35,190 809,445 975,222 101,004 153,684
Cost of Sales (239,037) (14,059) (265,484) (278,091) (33,128) (43,824)
Gross Profit 449,224 21,131 543,961 697,131 67,877 109,860
Operating Expenses (30,067) (3,277) (31,921) (47,305) (3,983) (7,455)
EBITDA 419,157 17,854 512,040 649,826 63,894 102,405
NOI 437,641 516,986 535,178 672,013 66,781 105,902
(1) Proportionate figures for the assets fully consolidated and the ownership at share of the assets accounted for using the equity method.
Figures may not add up to sum due to rounding.
38Financing Covenant Calculation
TRY 000 Dec-2020
Related Footnotes in the Independent Auditor’s Report – December 2020
(1)
Total Current and Non-Current Financial Debt 8,760,572
(1) Note 28 (p.74)
Less: Current Portion of Long Term Operational Lease (1) 5,807
Less: Long Term Obligation under Operational Lease (1)
191,964 (2) Share of RGY (50%) in joint ventures’ financial debts, Note 3 (p.32)
Add: Current Financial Debts of JVs (2)
977,774 (3) Second paragraph, Note 13 (p. 59) and Note 32 (p.89)
Add: Non-Current Financial Debts of JVs (2) 828,727 (4) “Combined” line, Note 4a (p.36)
Add: Off Balance Sheet (3) 61,045
Total Indebtedness 10,430,347
Total Assets (4) 19,952,671 (5) Sum of assets of Balmumcu, Kabataş Rönesans, Nakkaştepe, Nisbetiye, Pendik, Mel3, Florya,
Combined LTV 52.3% Bakırköy, Kavacık, Sancaktepe, Akatlar, Kandilli, Rönesans Gayrimenkul Yatırım, Rönesans
Yönetim and Other, Note 4a (p.36)
(5)
Unencumbered Total Assets 4,249,678
Less: Encumbered Landplot Value (6)
(6) Turan land value, Note 10b (p.55)
340,910
Combined Unencumbered Total Assets 3,908,768 (7) Note 28 (p.74) (Refers to unsecured Eurobond issued by RGY)
Short term portion of issued corporate bonds (7) 36,186 (8) Note 28i (p.75) (Refers to secured and unsecured corporate loans utilized by RGY)
Corporate bonds (7) 2,202,150
(8)
(9) Secured corporate loans utilized by RGY as per management reporting
Corporate Loans 447,000
Less: Secured Corporate Loans (9) 264,000
Combined Unsecured Indebtedness 2,421,336
Unencumbered Asset Value Ratio 1.61x
39Contact Details
Sercan Yüksel
CFO
sercan.yuksel@rgy.com.tr
Investor Relations
investor.relations@rgy.com.tr
Rönesans Gayrimenkul Yatırım A.Ş.
Küçükbakkalköy Mahallesi, Kayışdağı Caddesi No: 1, Ataşehir, İstanbul, 34750, Turkey
Phone: +90 216 430 6000
Fax: +90 216 430 6902
Çankaya Mahallesi Atatürk Bulvarı No:144-146 Protokol Yolu, Çankaya, Ankara 06690, Turkey
Phone: +90 312 840 1000
Fax: +90 312 442 5948
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