Global Yatirim Holding AS

IST:GLYHO.E

Revenue Growth: Consolidated net revenues reached TRY 323 million in Q1 2020, up 24% year-on-year, driven by strong performance in the Power and Ports divisions.

COVID-19 Impact: The Ports division was hit hardest by the pandemic, especially cruise operations, but management implemented aggressive cost-cutting, reducing operating expenses by up to 60% for the year.

Liquidity & Solvency: The group maintains adequate liquidity and solvency, with management confident the business can withstand no cruise ship calls until mid-2022 without raising new capital.

Antalya Port Sale: Negotiations are ongoing for the Antalya Port sale, with the timeline and outcome still uncertain.

Naturelgaz IPO: The Naturelgaz IPO is planned for September, with further steps underway and alternative private equity interest also being considered.

Power Division Strength: Power division revenues more than doubled and EBITDA turned positive, with expectations for around $13 million EBITDA for the full year if current conditions persist.

Eurobond Refinancing: Eurobond refinancing is being actively worked on, with multiple strategies under evaluation, but the process is tied to other potential asset sales.

Inorganic Opportunities: Management sees significant acquisition opportunities in the cruise port sector due to industry distress.