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problems rather than simply financial issues.” Kockar, 46, was cited as saying he’s devising a long-term business plan for Thomas Cook and that he’s been in touch with investment banks working with it and Fosun. He hadn’t, however, been in direct contact with executives at the 178-year-old British company, which he described as his “inspiration.” Thomas Cook is struggling with a long- term decline in the popularity of package holidays in Europe that has stoked debt and shrunk margins. The London-based company’s market value fell as low as £69mn last month. Even after Kockar’s investment, Thomas Cook has lost 94% of its value since its most recent peak in May 2018, when it had a market capitalisation of £2.2bn. “My aim is not to make profit by trading Thomas Cook shares,” Kockar added in a phone interview with Bloomberg in the resort city of Antalya, where Anex is based. “Everyone sees it as a broken machine, but I believe that if the right steps are taken it’s a great machine which will work very efficiently again.” Kockar also reportedly referred to the prospect of cooperation between Thomas Cook and Anex Tour, which specialises in supplying holidays in Turkey to tourists from Russia, Eastern Europe and Germany. Plans for Anex eye markets further west. The company is expanding into hotels and cruising.
9.2.9 Utilities corporate news
● Enerjisa
Turkish energy firm Enerjisa on August 5 reported that its net income for the second quarter declined by 37% y/y to Turkish lira (TRY) 161mn ($29.3mn) from the TRY256mn posted a year ago. Revenues of the company increased to TRY4.84bn in the quarter from TRY3.75bn in the same period a year earlier but financing costs jumped to TRY525mn from TRY329mn. The company’s first half profit dropped to TRY459mn from TRY499mn while revenues rose from TRY7.8bn to TRY9.3bn. Enerjisa’s debt (taking in non-financial net debt, including lease liabilities and customer deposits) increased from TRY10.1bn at end-2018 to TRY11.1 billion in H1 this year. “The average cost of financing from loans has increased from 14.6% in 1H 2018 to 18.0% in 1H 2019, whilst in the same period the average cost of bond financing decreased from 18.5% to 8.8%,” the company said in a statement.
Enerjisa, a joint venture between local conglomerate Sabanci Holding and E.ON, is engaged in electricity production and distribution. It sells electricity to some 10mn customers in the Turkey’s 14 provinces.
● Others
Turkish energy company Zorlu Enerji has acquired a 42.15% stake in Israel-based Adnit Real Estate from Edeltech for an undisclosed sum. Adnit has won a public tender for a 15MW solar power project, Zorlu noted in a filing with the Istanbul Stock Exchange. The share transfer was complete, the company added. Founded in 1993, Zorlu Enerji is engaged in electricity generation, distribution and sales as well as solar panel sales and installation. The company has a total of 739MW of installed capacity in Turkey while the installed capacity of its overseas investments is 1,086MW. Zorlu has solar power projects in Pakistan, Palestine and Kazakhstan.
Zorlu Enerji posted a net loss of TRY54mn in Q2 vs a net profit of TRY42mn a year ago while net sales revenue rose by 46% y/y to TRY1.74bn from TRY1.19b. EBITDA rose by 15% y/y to TRY384mn in the quarter.
Turkish energy company Turcas Petrol announced on August 7 that it has signed a creditor agreement with its bank to refinance the USD- denominated portion of a project finance loan extended for the Denizli Natural Gas Combined Cycle Power Plant. The power plant is owned and operated by RWE & Turcas Guney Elektrik Uretim, a 30%-subsidiary of Turcas. The current outstanding loan balance related to this loan was $21mn
90 TURKEY Country Report September 2019 www.intellinews.com