NET HOLDING NET HOLDİNG A.Ş.
November 2021
Earning Reviews / 2021 3Q
*Merit Operations
**Soon
NET HOLDİNG A.Ş.
Earning Reviews / 2021 3Q
- As of July, with the liberalization of entries and exits to the TRNC and the normalization process in the pandemic, a significant improvement is observed in Net Holding's operations as of the second half of 2021.
Accordingly;
- Net Holding's consolidated sales increased to 560 mn TL (63.3 mn USD) in 2021's 3Q period, from 308 mn TL (39.4 mn USD) in 2020's same period. (+81.9% TL terms, +60.6% USD terms)
- Consolidated EBITDA for the same period increased to 177.1 mn TL (20 mn USD) from 30.8 mn TL (3.9 mn USD). (+474.3% TL terms, 407,1 % USD terms). With Merit Royal Imperial and Merit Starlit projects, which are planned to be put into service in 2022, Net Holding's EBITDA figures will be expected to exceed 2019's figures that was 52m USD as it was before the COVİD-19 pandemic.
- The Cash position of the Company escalated to 618.6 mn TL (69.9mn USD) in 2021 3Q, from 442.6 mn TL (56.7 mn USD) in 2020 3Q.
(+39,7% TL terms, +23.4% USD terms)
- The Net Debt position of the Company increased due to forex volatility; as 1.719 mn TL (194,4 mn USD) in 2021 3Q vs. 1.285 mn TL (164.6 mn USD) in 2020 3Q. (+33,8% TL terms, 18.1% USD terms)
According to new CMB regulation, rent costs (including buildings in operation, equipment etc.) are now required to be recorded in balance sheet, in the asset side as «Right of Use Assets», and in the liabilities side as «Right of Use Liabilities». However, as per the requirements of CMB, rent costs are recorded as part of debt in the liabilities side instead of a separate item named «Right of Use Liabilities». To clarify, new regulation implementation resulted in an increase in total debt in B&S, however, this item is not a bank loan or any financial institution debt. In balance sheet, total debt of 2,664.1mn TL includes 2,337.4 mn TL financial debt and 326.7 mn TL «Right of Use Liabilities».
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SUMMARY (Continued)
Regional Split of 2021 third quarter for EBITDA & General Remarks;
- Due to the normalization in Covid pandemic, EBITDA of Northern Cyprus Merit Hotels & Casinos recorded a significant increase from 23,8 mn TL(3,0 mn USD) in 2020 to 124,5mnTL (14,1 mn USD) in 2021 3Q. (+422.8% in TL terms; +361.6% in USD terms.)
- EBITDA of Merit Casinos in Balkan operations increased sharply from 14.5 mn TL( 1.9 mn USD) in 2020 3Q to 48.0 mn TL (5.4 mn USD) in 2021 3Q, regarding to the normalization process in Balkan countries. (+231.2% in TL terms; +192.4% in USD terms.)
- The sales figures in Balkan operations also increased tremendously to 133.8 mn TL (15.1 mn USD) in 2021 3Q, from 56.7 mn TL (7.3 mn USD) in 2020's same period. (+135.8 % in TL Terms, +108.2 % in USD Terms)
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FINANCIAL OVERVIEW (TL Terms)
Sales (mn TL) | ||
600 | 190 | |
559,7 | ||
550 | 170 | |
500 | +81,9 % | 150 |
450 | 130 | |
400 | 110 | |
350 | 307,6 | 90 |
300 | 70 | |
250 | ||
50 | ||
200 | ||
150 | 30 | |
100 | 10 | |
2020 3Q | 2021 3Q |
6.000 | Parent Shareholders' Equity (mn TL) | 40% | |
5.000 | 30% | ||
4.080,6 | -13,7% | ||
4.000 | 3.521,1 | 20% | |
3.000 | 10% | ||
2.000 | 0% | ||
2020 3Q | 2021 3Q | ||
Consolidated EBITDA (mn TL)
177,1
+474,3%
30,8
2020 3Q | 2021 3Q |
EBITDA Margin
31,6%
+21,6%
10,0%
2020 3Q | 2021 3Q |
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FINANCIAL OVERVIEW (USD Terms)
Sales (mn USD)
70 | 63,3 |
6060,6%
50
39,4
40
30
20
10
0 | |
2020 3Q | 2021 3Q |
Parent Shareholders' Equity (mn USD)
800 | ||
700 | ||
600 | 522,6 | |
-23,8% | ||
500 | ||
398,2 | ||
400 | ||
300 | ||
200 | ||
100 | ||
0 | ||
2020 3Q | 2021 3Q | |
25
20
15
10
5
0
45
40
35
30
25
20
15
10
5
0
Consolidated EBITDA (mn USD)
20,0
407,1%
3,9
2020 3Q | 2021 3Q |
Net Debt/Ebitda x
41,7
-77 bps
9,7
2020 3Q | 2021 3Q |
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Disclaimer
Net Holding AS published this content on 12 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 17:15:07 UTC.
