Document

Report
ALARKO
REAL ESTATE INVESTMENT COMPANY
( 31.12.2008 )
ALARKO REAL ESTATE INVESTMENT COMPANY
BOARD OF DIRECTORS
Mustafa Filiz
President
A. Önder Kazazoğlu M. Alper Kaptanoğlu
Vice President
Member
Hilmi Ö. Şahin
Member
Edip İlkbahar
Member
Mehmet Kutman
Sarper Volkan Özten
Independent Member
Independent Member
MANAGEMENT
Harun H. Moreno
General Manager
Ahmet Y. Varol
Mehmet A. Atamer
Kadir Eke
Vice General
Manager
Technical Manager
M & Sales Vice
General Manager
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ALARKO REAL ESTATE INVESTMENT COMPANY
PARTNERSHIP STRUCTURE
ALARKO HOLDİNG
A.Ş.
16%
FREE FLOAT
49%
ALSİM ALARKO SAN.
TES. VE TİC. A.Ş.
35%
3
ALARKO REAL ESTATE INVESTMENT COMPANY
NAV Mio $
200 $
181,4
180 $
162,1
160 $
136,5
141,5
135,8
124,9
121,1 121,0
126,8
125,1
114,4
101,3
140 $
120 $
100 $
78,0
80 $
60 $
40 $
58,8
76,8
71,8
46,9
35,2
20 $
Dec.
08
Dec.
07
Dec.
06
Sep.
06
06
Jun.
06
Mar.
Dec.
05
Sep.
05
05
Jun.
05
Mar.
Dec.
04
Dec.
03
Dec.
02
Dec.
01
Dec.
00
Dec.
99
Dec.
98
Dec.
97
0$
4
ALARKO REAL ESTATE INVESTMENT COMPANY
TOTAL PORTFOLIO VALUE 173,8 Mio $
(- Advances and other (11,7 Mio $)
=Net Assets Value= 162,1 Mio $)
REAL ESTATE
PORTFOLIO
103,4 Mio $
% 59
CASH PORTFOLIO
70,4 Mio $
% 41
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ALARKO REAL ESTATE INVESTMENT COMPANY
CASH DISPERSION - TOTAL OF 70,4 Mio $
STOCKS
1%
TL
2%
EURO
13%
CASH POSITION TL
TOTAL TL
TL
USD
%
1.976.922
1,3 $
1,9%
EURO
13.347.056
8,8 $
12,8%
USD
90.145.734
59,6 $
84,4%
969.476
0,7 $
0,9%
106.439.188
70,4 $
100,0%
STOCKS
GN. TOPLAM
USD
84%
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ALARKO REAL ESTATE INVESTMENT COMPANY
Book Value Mio $
Market Value Mio $
Change (%)
BOOK VALUE / MARKET VALUE Mio $
162,1
181,4
-31 %
124,8
-32 %
-82 %
96,9
141,5
10 %
136,5
176,7 -17 %
-22 %
97,0
-46 %
65,3
101,3
-57 %
43,4
-62 %
29,4
29,5
40 $
76,8
-39 %
71,8
78,0
18 %
-39 %
47,5
44,0
60 $
58,8
69,7
80 $
46,9
26,3
-44 %
100 $
35,2
60,0
120 $
70 %
140 $
121,1
160 $
124,9
180 $
135,8
150,0
200 $
136,5
29 %
220 $
176,7
240 $
20 $
0$
Dec.97 Dec.98 Dec.99 Dec.00 Dec.01 Dec.02 Dec.03 Dec.04 Jun.05 Dec.05 Mar.06 Jun.06 Dec.06 Dec.07 Dec.08
Market Value is as of December 31, 2008.
Book Value is as of December 31, 2008.
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ALARKO REAL ESTATE INVESTMENT COMPANY
Market Value - YTL
INDEXES & MARKET VALUES OVER THE YEARS
ISE Index
360.000.000 YTL
60.000
310.000.000 YTL
50.000
260.000.000 YTL
40.000
210.000.000 YTL
160.000.000 YTL
30.000
110.000.000 YTL
20.000
60.000.000 YTL
10.000
De
c.
97
De
c.
98
De
c.
99
De
c.
00
De
c.
01
De
c.
02
De
c.
03
De
c.
04
M
ar
.0
5
Ju
n.
05
Se
p.
05
De
c.
05
M
ar
.0
6
Ju
n.
06
De
c.
06
De
c.
07
De
c.
08
10.000.000 YTL
-40.000.000 YTL
0
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ALARKO REAL ESTATE INVESTMENT COMPANY
YTL
156.240.906 YTL
12.947.000 YTL
31.290.000 YTL
0 YTL
1.350.000 YTL
1.125.000 YTL
2.330.000 YTL
59.520.000 YTL
0 YTL
41.213.906 YTL
0 YTL
6.465.000 YTL
Mio USD
103,4 $
8,6 $
20,7 $
0,0 $
0,9 $
0,7 $
1,5 $
39,4 $
0,0 $
27,3 $
0,0 $
4,3 $
CASH & OTHER CAPITAL MARKET INSTRUMENTS
- Bank Deposits, Mutual Funds & Other Liquid Assets
- Treasury Bills
- Stocks
106.439.188 YTL
21.794.148 YTL
83.675.564 YTL
969.476 YTL
70,4 $
14,5 $
55,3 $
0,6 $
NET ASSETS VALUE
- Real Estate Portfolio
- Bank Deposits, Mutual Funds & Other Liquid Assets
- Receivables
- Liabilities (-)
- Other Assets
245.124.762 YTL
156.240.906 YTL
106.439.188 YTL
6.540.971 YTL
-24.456.642 YTL
360.339 YTL
162,1 $
103,4 $
70,4 $
4,3 $
-16,2 $
0,2 $
5.490.100
44,65 YTL
5.490.100
29,5 $
REAL ESTATE PORTFOLIO
- Büyükçekmece Eskice Village
- Maslak
- Orhanlı
- İstanbul Şişhane
- İstanbul Karaköy
- Ankara Çankaya
- Hillside Beach Club
- Alkent İstanbul 2000
- Büyükçekmece Eskice Village
- Orhanlı County
- Etiler Alkent Shopping Mall
Land
Land
Land
Building
Building
Building
Holiday Village
Villa
Real Estate Project
Real Estate Project
39 Shops
NUMBER OF SHARES (In Thousand)
NAV PER SHARE
Note: Appraisal values of real estates are updated as of December, 2008 .
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ALARKO REAL ESTATE INVESTMENT COMPANY
RENTAL REVENUE OVER THE YEARS
Rental Revenue from Outside Tenants- $
Rental Revenue from Group Companies - $
5.000.000 $
1.048.132
582.892
4.500.000 $
764.628
822.672
4.000.000 $
3.680.947
3.500.000 $
3.793.142
3.619.142
3.000.000 $
6.482
3.061.344
434.718
2.500.000 $
2.630.877
2.000.000 $
268.115
283.474
1.500.000 $
1.357.394
1.000.000 $
500.000 $
2.047.408
1.351.668
131.686
0
672.907
148.972
0$
Dec.03
Carrier / Çankaya - Kira Geliri
Altek / Şişhane - Kira Geliri
Hillside Beach Club - Kira Geliri
Ara Toplam
Dec.04
210.179
47.486
5.162.541
5.420.206
Mar.05
Jun.05
168.000 $
37.440 $
3.413.702 $
3.619.142 $
Sep.05
Dec.05
Jun.06
Etiler Alkent Sitesi Dükkan Kira Gelirleri
967.946
Dim Dizayn Mimarlık A.Ş.
52.231
Karaköy Binası - Kira Geliri
136.170
Ara Toplam
1.156.347
Genel Toplam
6.576.553
Dec.06
640.049 $
34.537 $
90.042 $
764.628 $
4.383.770 $
Dec.07
Dec.08
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ALARKO REAL ESTATE INVESTMENT COMPANY
Alkent İstanbul 2000
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ALARKO REAL ESTATE INVESTMENT COMPANY
Alkent İstanbul 2000
Entrance of Alkent İstanbul 2000
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ALARKO REAL ESTATE INVESTMENT COMPANY
Alkent İstanbul 2000
Marbella
Sophistica
Magnolia
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ALARKO REAL ESTATE INVESTMENT COMPANY
Alkent İstanbul 2000
Lusia
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ALARKO REAL ESTATE INVESTMENT COMPANY
Etiler Alkent Shopping Center
The Last Appraisal Date / Value: 02.12.2008 / 6.465.000 TL ( 4.275.000 $ )
Purchase Date / Cost: 31.12.2004 / 4.200.000 TL (3.129.424 $)
39 stores in Etiler Alkent Shopping Center
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ALARKO REAL ESTATE INVESTMENT COMPANY
Maslak Land
The Last Appraisal Date / Value: 02.12.2008 / 31.290.000 YTL (20.690.000 $)
The Purchase Date / Cost: 30.04.2003 / 12.577.157 YTL (7.950.847 $)
Maslak
Mixed Use Development
2 parcels, 18.962 m², on the motorway of
Şişli-İstinye-Büyükdere and the land has
a great commercial potential.
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ALARKO REAL ESTATE INVESTMENT COMPANY
Hillside Beach Club
The Last Appraisal Date / Value: 04.12.2008 / 59.520.000 YTL (39.358.000 $)
Purchase Date / Cost: 21.04.2004 / 38.567.795 YTL (25.956.908 $)
Holiday Village in Fethiye/Muğla
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ALARKO REAL ESTATE INVESTMENT COMPANY
Büyükçekmece / Eskice Terrain
Golf Parcels
The Appraisal Date / Value: 03.12.2008 / 7.690.000 YTL (5.085.000 $)
Purchase Date / Cost: 01.08.2001 / 204.982 YTL (154.924 $)
5 parcels, 819.272 m²
Housing Parcel
The Appraisal Date / Value : 03.12.2008 / 5.257.000 YTL (3.476.000 $)
Purchase Date / Cost: 01.08.2001 / 54.562 YTL (41.292 $)
1 parcel, 239.466 m²
5 parcels, 819.272 m² & 1 parcel, 239.466 m².
There is a project to construct 63 villas on the parcel of 239.466 m² and another
project to construct 18 hole championship golf course on the parcel of
819.272 m².
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