01.01.2020- 31.12.2020 Financial & Operational
Highlights
❖ 2020 January – December Financial Results
➢ Net Sales
➢ EBITDA
➢ Net Profit
➢ Number of Employees
➢ Capital Expenditure
➢ Net Cash
❖ 2021 Projections
❖ Detailed Information by Operating Segments
➢ Engineering & Contracting
➢ Chemical Industry
➢ Agricultural Production
➢ Services
➢ Investment
Table of Contents
2020 January – December
Financial Results
Basic Balance Sheet Items (Million TRY) 31 Dec 19 31 Dec 20 Change (%)
Total Assets 12,663 13,917 10▲
Shareholders' Equity 5,497 5,811 6▲
Basic Income Statement Items (Million TRY) 01 Jan 19 - 31 Dec 19
01 Jan 20 -
31 Dec 20 Change (%)
Revenues 14,603 11,730 (20)▼
Gross Profit 2,402 914 (62)▼
Operating (Loss) / Profit 1,603 1 (100)▼
EBITDA 1,921 459 (76)▼
Earnings Before Tax 1,777 229 (87)▼
Net Profit (Loss) / Profit 1,415 -67 n.m.
Main Financial Indicators
n.m: not meaningful
Revenues
By Segment (Million TRY)
Engineering
& Contracting
Chemical Industry
Agricultural Production
Services Investment Consolidated 2,318
807
59 112 11
3,307
2,051
1,096
69 128
12
3,356
4Q19 4Q20
Revenues
By Segment (Million TRY)
Engineering
& Contracting
Chemical Industry
Agricultural Production
Services Investment Consolidated 10,538
3,439
206 377 42
14,603
7,108
3,888
201 486
48
11,730 2019/12 2020/12
* The impact of additional payments from clients is TRY670 million.
*
EBITDA
Engineering
&
Contracting
Chemical Industry
Agricultural Production
Services Investment Consolidated
44 62
-7
39
-16
122
-179
258
-17
42
-23
82 4Q19 4Q20
By Segment & Consolidated (Million TRY)
EBITDA
Engineering
&
Contracting
Chemical Industry
Agricultural Production
Services Investment Consolidated 1,451
458
-8
104
-84
1,921
-344
736
-28
176
-81
459 2019/12 2020/12
By Segment & Consolidated (Million TRY)
* The impact of additional payments from clients is TRY586 million.
*
EBITDA Margin (%)
By Segment & Condolidated (%)
Engineering
&
Contracting
Chemical Industry
Agricultural Production
Services Investment Consolidated
1.9 7.7
-11.7
35.0
-151.7
3.7 -8.7
23.5
-24.1
32.8
-192.1
2.4
4Q19 4Q20
EBITDA Margin (%)
By Segment & Condolidated (%)
Engineering
&
Contracting
Chemical Industry
Agricultural Production
Services Investment Consolidated
13.8 13.3
-3.9
27.6
-200.0
13.2
-4.8
18.9
-13.9
36.2
-168.8
3.9
2019/12 2020/12
Net Profit
Contracting Chemical Industry
Agricultural Production
Services Investment Consolidated -76
30
-9
29
4
-21
-289
194
-29
28
-99
-195 4Q19 4Q20
By Segment (Million TRY)
Net Profit
Contracting Chemical Industry
Agricultural Production
Services Investment Consolidated 991
323
-19
80 41
1,415
-667
451
-66
132 83
-67 2019/12 2020/12
By Segment (Million TRY)
* The impact of additional payments from clients is TRY456 million.
*
Net Profit Margin (%)
By Segment (%)
Contracting Chemical Industry
Agricultural Production
Services Investment Consolidated -3.3
3.8
-15.0
25.8
41.1
-0.6 -14.1
17.7
-42.8
21.8
-829.9
-5.8
4Q19 4Q20
Net Profit Margin (%)
By Segment (%)
Contracting Chemical Industry
Agricultural Production
Services Investment Consolidated 9.4 9.4
-9.4
21.1
96.0
9.7
-9.4
11.6
-33.0
27.1
174.5
-0.6
2019/12 2020/12
Number of Employees
Number of Employees Contracting &
Engineering
Chemical Industry
Agricultural
Production Service Investment Total
2019 15,191 847 533 363 160 17.094
2020 16,719 903 328 358 136 18.444
2019 2020
Engineering & Contracting Chemical Industry Agricultural Production
Service Investment
17.094
18.444
Capital Expenditure
Capital Expenditure (Million TRY) Engineering
&
Contracting
Chemical Industry
Agricultural
Production Service Investment Total
2019 107.7 57.2 51.6 62.2 13.0 291.8
2020 244.0 240.5 42.8 30.9 9.5 567.7
2019 2020
Engineering & Contracting Chemical Industry Agricultural Production
Service Investment
567,7
291,8
Net Cash Position*
Net Cash Position by Segments & Consolidated Net Cash Position (Million TRY)
* Net of financial liabilities, cash, cash equivalents and deposits
** TRY70 million advance payment collected in Qatar for the ongoing Al Khor Motorway Project and TRY214 million advance payment from ongoing Haradh Project in Saudi Arabia is included.
*** Advance payment collected in Qatar for Al Khor Motorway Project is zero as of 30.04.2020 - Advance payment from ongoing Haradh Project is zero as of 31.05.2020.
**** Dividend commitment of TRY 71,082 thousand is included.
Engineering &
Contracting
Chemical Industry
Agricultural Production
Services Investment Consolidated 1,562
570
-47
11
1,233
3,329
-336***
347
-175
178
1,033 1,047
2019/12 2020/12
**
****
Net Cash Position in USD Terms*
Net Cash Position by Segments & Consolidated Net Cash Position (Million USD)
* Net of financial liabilities, cash, cash equivalents and deposits
** USD12 million advance payment collected in Qatar for the ongoing Al Khor Motorway Project and USD36 million advance payment from ongoing Haradh Project in Saudi Arabia is included.
*** Advance payment collected in Qatar for Al Khor Motorway Project is zero as of 30.04.2020 - Advance payment from ongoing Haradh Project is zero as of 31.05.2020.
**** Dividend commitment of USD 9,684 thousand is included.
Engineering &
Contracting
Chemical Industry
Agricultural Production
Services Investment Consolidated 263
96
-8 2
208
560
-46***
47
-24 24
141 143
2019/12 2020/12
**
****
2021 Projections
2021 Year-End Projections*
* The average TL / USD exchange rate for 2021 is expected to be 7.50.
(Million TRY) Realized Expectation
Revenue 2020 2021E
Engineering & Contracting 7,108 8,449
Chemical Industry 3,888 4,715
Agricultural Production 201 352
Services 486 513
Investment 48 62
Total 11,730 14,093
EBITDA 2020 Margin 2021E Margin
Engineering & Contracting -344 -4.8% 496 5.9%
Chemical Industry 736 18.9% 667 14.1%
Agricultural Production -28 -14.0% 9 2.5%
Services 176 36.2% 165 32.1%
Investment -81 -169.7% -86 -138.0%
Total 459 3.9% 1,250 8.9%
Net Profit 2020 Margin 2021E Margin
Engineering & Contracting -667 -9.4% 108 1.3%
Chemical Industry 451 11.6% 530 11.2%
Agricultural Production -66 -33.0% -50 -14.0%
Services 132 27.1% 109 21.2%
Investment 83 174.5% -66 -106.2%
Total -67 -0.6% 631 4.5%
Engineering & Contracting
Engineering & Contracting Group
✓ As a result of the negative impacts of COVID-19 on the contracting industry and rising project completion rates, Tekfen Construction’s active projects portfolio value declined to USD 1.4 billion level in 2020.
✓ Tekfen Contracting Group continued its activities, in Azerbaijan, Saudi Arabia, Qatar, Iraq, Georgia, Russia and Kazakhstan in 2020 in addition to Turkey.
✓ The company has added Construction of Link Roads Adjacent to Al Khor Expressway project, additional works of FGP Wellhead Pressure Management - Construction, Mechanical, Electrical and Instrument Installation Works and Haydar Aliyev Refinery, (HAOR) - Modernization and Reconstruction Project - Package B via Azfen to its backlog in 2020.
✓ Studies initiated in previous years have moved further in 2020 by Tekfen Construction that will enable it to better exploit market opportunities and to increase productivity.
✓ A close watch was also kept on developments and project possibilities in African countries in 2020.
✓ On the other hand, studies initiated to expand the new market opening towards the West, taking advantage of the opportunities in Europe and the USA.
Developments in
2020
Engineering & Contracting Group Backlog as of Dec 31, 2020
Project Location
Expected End Dates
Current
Contract Price Tekfen Portion
Revenue Based Completion
Rate
Remaining Amount (US$) Provision of Civil / Structural Construction, Fabrication, Construction Services for BTC Turkey Turkey 31/12/2021 37,351,871 $ 37,351,871 $ 68.9% 11,605,253
TÜPRAŞ İzmit Refinery Maintenance & Repair Works Turkey 28/02/2022 41,187,618 $ 41,187,618 $ 70.1% 12,298,363
TÜPRAŞ İzmit Refinery Fluid Catalytic Cracker Revamp Installation Works Turkey 21/08/2021 40,104,913 $ 40,104,913 $ 37.0% 25,270,734 Afyon - Uşak Rapid Train Project and Afyon Direct Pass Infrastructure Turkey 31/12/2020 85,064,773 $ 42,532,386 $ 96.9% 1,320,135
Darüşşafaka Ali Nihat Gökyiğit Öğrenci Konukevi Turkey 07/11/2021 1,485,926 $ 1,485,926 $ 0.0% 1,485,926
TURKEY TOTAL 51,980,411
Ministry of Tax Tower Azerbaijan 30/04/2021 163,122,800 $ 163,122,800 $ 93.2% 11,161,060
AZFEN Projects* Azerbaijan 01/04/2022 1,008,788,549 $ 403,515,420 $ 49.5% 203,734,027
Provision of Project Management & Support Services for ACE Project for Fabrication of Topsides &
Drilling Facilities Azerbaijan
30/04/2022 101,673,754 $ 101,673,754 $ 11.7% 89,744,897
AZERBAIJAN TOTAL 304,639,984
Jeddah Janbu Pipeline S. Arabia 28/02/2021 296,841,349 $ 296,841,349 $ 90.4% 28,566,551
Haradh Satellite Gas Compression Plants' Pipelines S. Arabia 26/02/2022 616,775,337 $ 616,775,337 $ 70.4% 182,490,078
SAUDI ARABIA TOTAL 211,056,629
Al Khor Expressway Qatar 31/03/2021 2,515,202,667 $ 2,515,202,667 $ 93.1% 172,644,658
Main Works for the Fifth Precinct Stadium Qatar 01/06/2021 368,291,863 $ 184,145,932 $ 85.7% 26,394,498
Design and Construct Service Road Enhancement to North Road Corridor Qatar 31/01/2021 979,994,504 $ 979,994,504 $ 99.7% 2,941,453
East Industrial Road Qatar 23/02/2021 175,707,768 $ 175,707,768 $ 95.5% 7,858,141
Construction of Link Roads Adjacent to Al Khor Expressway Qatar 21/08/2022 165,076,531 $ 165,076,531 $ 6.6% 154,240,544
QATAR TOTAL 364,079,293
FGP Temporary Construction Facilities Kazakhstan 31/03/2021 117,813,910 $ 117,813,910 $ 97.8% 2,560,758
FGP Wellhead Pressure Management Project Kazakhstan 31/03/2023 628,172,429 $ 628,172,429 $ 51.4% 305,319,790
KAZAKHSTAN TOTAL 307,880,549
Provision of Repair Services & Rehabilitation Works for BTC Georgia, SCPC & GPC Georgia 19/03/2021 19,500,000 $ 3,250,000 $ 0.0% 3,250,000
GEORGIA TOTAL 3,250,000
Kharampurskiy Field-PSJC Gazprom External Transport Pipeline Russia 21/05/2021 191,521,562 $ 191,521,562 $ 24.2% 145,128,644
RUSSIA TOTAL 145,128,644
General Installation Services for Rumaila Iraq 23/06/2022 59,480,984 $ 59,480,984 $ 74.2% 15,334,657
IRAQ TOTAL 15,334,657
TOTAL 1,403,350,167
Engineering & Contracting Group Growth
➢ The backlog, which was at USD 1.7 billion as of 2019-end, decreased to USD 1.4 billion as of end of December 2020, due to the escalated completion rates of the current projects.
➢ As of 31 December 2020, backlog abroad constitutes 96% of the total.
Backlog - USD Million
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
159 111 72 75 34 36
555 561 474 754
572 782
578 266 163 52
1,5351,350 1,668
1,257 1,225
1,794
1,449 1,589
2,524
1,619
1,139
2,888
2,841
2,480
1,552
1,351
Abroad Turkey
1,694
1,461
1,740
1,333 1,259
1,830
2,005 2,150
2,998
2,373
1,711
3,670
3,419
2,747
1,715
1,403
Engineering & Contracting Group Ongoing Projects
Backlog Breakdown by Regions Backlog by Project Types
Region Million USD
Middle East 590
Turkey 52
Caspian Region 761
Total 1,403
Project Type Million USD
Transportation 339
Pipeline 371
Industrial Facilities 652
Buildings 42
Total 1,403
Pipeline 26%
Industiral Facilities
46%
Transportation 24%
Buildings 3%
Middle East 42%
Caspian Region
54%
Turkey 4%
Engineering & Contracting Group Revenues &
EBITDA Margin
➢ The EBITDA margin which was realized at -4.8% in 2020, is expected to be 5.9% for FY2021.
➢The project costs of the company's ongoing “Main Works for the Fifth Precinct Stadium” increased by 561.3 million TL ($ 52.7 million) in 2020, while the project costs of the company's ongoing “Kharampurskiy Field-PSJC Gazprom External Transport Pipeline” increased by 333.4 million TL ($ 45.4 million) in 2020. In total, 894.7 million TL ($ 98.1 million) was reflected in the financial statements as a loss.
➢ Tax rates vary between 0-35% on project and country basis.
Revenues (TRY Million) & EBITDA Margin (%)
1,031 1,319 1,341 1,111 1,864
2,395 2,327 2,768
2,153 2,824 4,862
9,109
10,539
7,108
8,449 7.3%
8.5%
11.2%
13.2%
9.3%
5.9%
-4.3% -1.4%
7.6%
9.3%
11.3%
10.5%
13.7%
-4.8%
5.9%
-5%
0%
5%
10%
15%
0 2,000 4,000 6,000 8,000 10,000 12,000 14,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021B Revenue Margin
** P: Projected
Chemical Industry
Fertilizers
Global Developments
➢ Fertilizer prices increased in the 4Q20 compared to previous quarter.
➢ In 4Q20 fertilizer prices fluctuated compared to the same period of last year;
✓ Average ammonia prices decreased by 6%,
✓ Average prilled urea prices increased by 10%,
✓ Average sulphur prices increased by 69%,
✓ Average DAP prices increased by 22%,
✓ Average MOP prices decreased by 15%,
✓ Average AN prices are decreased by 3%, y-y.
Chemical Industry Group Developments
Tekfen Chemical Industry Group
➢ Toros Agri’s operations remained mostly intact during the COVID-19 outbreak so far.
➢ Investment activities at Toros Gonen Enerji Yenilenebilir Enerji Uretim A.S., a Toros Agri subsidiary, continued in 4Q20 to finish organomineral fertilizer production facility in Gonen and greenfield investment in Konya. Electricity production in Toros Meram Yenilenebilir Enerji Uretim A.S. started in the last days of 2020 and organomineral fertilizer production will start in the first half of 2021.
➢ CFS Petrokimya Sanayi A.S. continued market research and financial evaluation studies for its planned PP production facility in Mersin.
Turkey
➢ Despite COVID-19, domestic fertilizer demand in 2020 was in line with 2019 demand figures.
Fertilizer Sales
Toros Agri
➢ As the dealers completed early purchases in the third quarter of 2020, dealer sales decreased by 8% in the fourth quarter compared to the same period last year. Total fertilizer sales increased by 2% y-y in 12M20.
➢ On the back of increased demand from India and East Africa, exports increased by 76% in 4Q20 and 33% in 12M20.
➢ In 2020, specialty fertilizer sales increased by 41% thanks to the increased sales in organomineral fertilizer sales.
4
rdQuarter 2020/12M - Cumulative
375 345
40 58
70 122
15 500 15
541
0 100 200 300 400 500 600
2019/4Q 2020/4Q
1,000 Ton
CF-Dealer CF-Institutional CF-Export Specialty Fertilizers
1,523 1,499
228 169
343 455
41 58
2,135 2,181
0 500 1,000 1,500 2,000
2019/12M 2020/12M
1,000 Ton
CF-Dealer CF-Institutional CF-Export Specialty Fertilizers
Domestic Fertilizer Sales by Products
Toros Agri
“Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on whole numbers, not the rounded numbers presented.”
4
rdQuarter (‘000 Tons) 2020/12M – Cumulative (‘000 Tons)
2019/4Q 2020/4Q Change
Average Domestic Fertilizer Price (USD/ton) 296 270 -9%
2019/12M 2020/12M Change
Average Domestic Fertilizer Price (USD/ton) 302 266 -12%
15
126
277
15 50
366
Other*
Nitrogen Phosphates
2019/4Q 2020/4Q
58
687
981
41
733
1,018
Other*
Nitrogen Phosphates
2019/12M 2020/12M
*Organic, organomineral, and other specialty fertilizers
Toros Agri Fertilizer Production
4
rdQuarter (‘000 Tons) 2020/12M – Cumulative (‘000 Tons)
13
172
308
493
12
127 204
343
Other*
Nitrogen Phosphates Total
2019/4Q 2020/4Q
46
620
1,124
1,791
25
599
1,061
1,685
Other*
Nitrogen Phosphates Total
2019/12M 2020/12M
2019/4Q 2020/4Q
Capacity Utilization Rate %70 %98
2019/12M 2020/12M
Capacity Utilization Rate %89 %93
*Organic, organomineral, and other specialty fertilizers
Fertilizer Procurement
Toros Agri
“Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on whole numbers, not the rounded numbers presented.”
4
rdQuarter 2020/12M - Cumulative
1
126 127
0
29 29
Phosphates Nitrogen Total
2019/4Q 2020/4Q
1
576 577
39
523 562
Phosphates Nitrogen Total
2019/12M 2020/12M
Chemical Industry Group Revenue, EBITDA
& Net Profit
2020/4Q
2020/12M 807
1,096
62
258 30
194
2019/4Q 2020/4Q
Revenues EBITDA Net Profit
3,439 3,888
458 736
323 451
2019/12M 2020/12M
Revenues EBITDA Net Profit
2021 Year-end Operational Projections
Chemicals - Fertilizer 2021 – Guidance
Total Sales 2.1 million tons
Domestic Market Share 30%
Capacity Utilization Rate 90%
“Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on whole numbers, not the rounded numbers presented.”
Agricultural Production
Agricultural Production Operational Information
Tekfen Agri Sales Volume from Production (tons) Tekfen Agri Sales Volume from Procurement (tons)
✓ The sale of 2,458 tons of potatoes in stock, harvested in 2019 and 5,776 tons of edible potatoes in total, 8,434 tons of production, and 495 tons of edible potato products that were purchased in 2019 were sold in 2020 .
✓ In addition, Tekfen Tarımsal continued its activities during 2020 with sales of banana saplings, banana fruit, sesame, barley and wheat.
16
3,572
90 395 5
19,295
42 4
6,035
2,458 100
104 301 106 11,789
9,990
1,871
9 1
2019/12 2020/12
9 1,139
495 1,760 25
2019/12 2020/12
Banana Fruit Edible Potatoes Wheat Seed Barley
✓ As a result of the General Assembly decision dated March 18, 2020, Our Companies Alanar Fruit and Alanar Fidan merged under the title of Alanar Fruit and Food Production Marketing Industry. ve Tic. Inc.
✓ Buy-sell and harvest activities of Alanar Fruit started in the last week of May.
✓ Alanar has exported cherries to 16 different countries during the cherry season. The share of the Far East in the cherry export revenues in the total cherry exports was 40%, Europe was 56% and other countries were 4%. In the same period of 2019, the share of the Far East in exports was 10%, and the share of Europe was 90%.
✓ Fig trading activities, which started in the second half of August, ended in mid-October. Pomegranate harvesting and trading activities, which started in the second half of September, have been completed.
Alanar Fruit Pomegranate Sales Volume (ton) Alanar Fruit Sapling Sales Volume (k Unit)
Alanar Fruit Operational Information
103
118
2019/12 2020/12
Sapling Sales (k units) 7,933
4,413 2,759
3,787
2019/12 2020/12
Exports Domestic Sales
Agricultural Production
Financial Highlights
Quarterly Revenue, EBITDA and Net Profit
59
69
-7
-17 -9
-29
2019/4Q 2020/4Q
TRY Million
Revenues EBITDA Net Profit
Agricultural Production
Financial Highlights
Cumulative Revenue, EBITDA and Net Profit
206 201
-8
-19 -28
-66
2019/12 2020/12
TRY Million
Revenues EBITDA Net Profit
Services
Services Group Developments
Tekfen Services Group Developments
Terminal
➢ Despite the end of the contango market earlier than expected, revenues are expected to continue in a similar manner until the end of the first quarter of 2021 due to the effect of our long-term lease agreement. Our chemical liquid load and edible oil handling are not affected and continued as expected.
➢ Due to the inventory purchases of coal importing companies in the third quarter and the regional weather conditions remained above seasonal normal in the fourth quarter, coal loads are decreased in the fourth quarter.
Terminal Services
Global Developments
➢ Demand for petroleum products’ storage tanks increased following the decrease in tanked oil prices caused by decreased demand for fossil fuels and left over petroleum products due to decreased economic activity in the first half of the year.
➢ Recent price increases in commodity prices except fossil fuels and expectations regarding more increase in the upcoming months led customers to stock products as much as they can.
Tekfen Services Group Developments
Tayseb (Free Trade Zone)
➢ Trade volume in TAYSEB increased by 9.7% in 2020/12M compared to 2019/12M. Tayseb's revenue grew by 41% on an annual basis and reached 144,5 million TL in 2020/12M.
Gas Stations
➢ Due to the limited lockdowns and limitations on inter-city travels, sales figures in the gas stations operated by our Group dropped in the first half of 2020 and due to the regulation on profitability rates by EMRA, profitability decreased. Thanks to the recovery in the second half of the year, total revenues of fuel stations realized at 93 million TL by 2% y-y growth.
Insurance
➢ In the twelve months of 2020, the revenues of Tekfen Sigorta grew by 15% y-o-y to 16.8 million TL, with increased intra-group and non-group commission revenues compared to the same period of the previous year
Tekfen Services
➢ In the twelve months of 2020, Tekfen Turizm’s revenues increased by 6% on an annual basis and reached 60.7 million TL.
Services Group Developments
Services Group
➢ Bulk handling quantity showed 47% decreased in 4Q20 compared to previous year and as a result cumulative quantity stayed in line with the last year.
➢ Occupancy rate in petroleum products’ tanks realized at 78.5% in 2020/12M. (2019/12M: 8.9%)
Handled Quantity (‘000 Tons) Leased capacity (‘000 m
3)
* Handling quantity for petroleum products is not included.
Terminal Services
Dry/Liquid Bulk - General Cargo*
4,404 4,404
2019/12M 2020/12M
Petroleum Products 207
1,945
2019/12M 2020/12M
Services Group Quarterly Revenue, EBITDA and Net Profit
2020/4Q
Revenue EBITDA Net Profit
50 55
62 73
112
128
2019/4Q 2020/4Q
Million TRY
Terminal Other
36 36
3
6 39
42
2019/4Q 2020/4Q
Million TRY
Terminal Other
27
25 2
3 29
28
2019/4Q 2020/4Q
Million TRY
Terminal Other
“Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on whole numbers, not the rounded numbers presented.”
2020/12M
Revenue EBITDA Net Profit
Services Group Cumulative Revenue, EBITDA and Net Profit
145 215
233
271 377
486
2019/12M 2020/12M
Million TRY
Terminal Other
90
153 14
23
104
176
2019/12M 2020/12M
Million TRY
Terminal Other
68
120 11
11
80
132
2019/12M 2020/12M
Million TRY
Terminal Other
2021 Year-end Operational Projections
* Handling quantity for petroleum products is not included.
“Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on whole numbers, not the rounded numbers presented.”
Services – Terminal 2021 – Guidance
Dry/Liquid Bulk* - General Cargo 4 million tons
Occupancy Rate in Petroleum Products’ Tanks 55%
Investment
Investment
➢ Revenues of Investment segment are mainly consisting of rental income and interest income of Tekfen Holding.
✓ Rental income from Tekfen Tower was TRY61 million in 2020.
✓ Rental income from two offices in Akmerkez was TRY2.1 million in 2020.
