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Prime Ministry Privatization Administration

Prime Ministry Privatization Administration. Privatization in Turkey Ahmet Aksu . June 11, 2010. Introduction. Approximately $ 40 billion has been accrued since 1985

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Prime Ministry Privatization Administration

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  1. Prime Ministry Privatization Administration Privatization in Turkey Ahmet Aksu June 11, 2010

  2. Introduction Approximately $ 40 billion has been accrued since 1985 There are currently 13 companies in the privatization portfolio in addition to other entities in the program; whose privatization implementations are undertaken by the Privatization Administration Major privatization implementations are ‘electricity distributions,generation, and natural gas distribution projects in 2010. Turkish privatization program did not halt due to the global economic crisis. 1

  3. Almost 80% of all privatization revenues were accrued between 2004-2009 $8.2 billion $30.4 billion % 21 % 79 2

  4. Major Companies and Entities in the Privatisation Portfolio Percent of share belonging to Privatization Administration xx 75 100 100 Administration leads privatization of key enterprises in Turkey 100 49 100 32 100 100 56 10 10 80 1 License will be granted to operate the national lottery games 2 PA currently leading the privatization without owning the shares 3 Privatization studies undertaken under law 406 SOURCE: Privatization Administration 3

  5. COMPANY METHOD REVENUE BANDIRMA PORT TOR175.500.000 $ SAMSUN PORT TOR 125.200.000 $ TTA İZMİR KONAK IMMOVABLE ASSET SALE 4.994.000 $ TTA AYVALIK SALT PLANT BLOCK SALE 6.000.000 $ TTA ÇAMALTI SALT PLANT BLOCK SALE 76.660.000 $ TTA ANKARA IMMOVABLE TOR 20.000.000 $ TTA İZMİR KARŞIYAKA IMMOVABLE TOR 24.534.000 $ OSMANGAZI DISCO BLOCK SALE (TOR) 485.000.000 $ TOTAL 926.354.897 $ Major Closed Privatization Implementations, 2010

  6. Ongoing Privatization Implementations - I 25.03.2010 5

  7. Ongoing Privatization Implementations - II 25.03.2010 6

  8. Due Recievables - I 7

  9. Due Recievables - II 8

  10. Due Recievables - III 9

  11. Due Recievables - IV 10

  12. Due Recievables - V 11

  13. Due Recievables - VI 12

  14. Due Recievables - VII 13

  15. Due Recievables - VIII 14

  16. The tenders for the privatization of Turkey’s electricity distribution continue Assets Privatizationmethod Timing Number of Regions 15 4 1 4 6 Waiting Approval Already private Total Stay order decision Aras Tender proses • Çoruh • Yeşilırmak • Van Gölü • Fırat • Çamlıbel • Uludağ • Boğaziçi • Dicle • Gediz • Trakya Başkent Sakarya Meram Osmangazi • TEDAS- The Holding Company for state owned regional distribution companies • Block sale of 100% of shares of the regional companies which have operational rights of the electricitydistribution network • Regulated tariffs with targets for distribution loss and operational costs • Future network investments to be earned back through tariffs • 3 regions privatized by the Privatization Administration was handed over in 2009, 1 region was handed over in in 1H2010. • 7 regions are waiting for hand-over • 4 regionsin tender process. • Remaining regions to be tendered within 2010 15

  17. 80% of the shares of the Baskent Natural Gas Distribution Company will be privatized by PA CAGR:13% Greater Municipality of Ankara 20% Privatization Administration 80% Assets Privatizationmethod Timing Number of Subscribers Capital Structure Location • License for monopolistic distribution in Ankara till 2037 • 2nd largest natural gas distribution company in Turkey • 2.1 billion m3 of natural gas sales volume in 2009 • 1.2 million subscribers as of 2009 • High growth potential – ~ 100.000 newcomers per year • Fixed tariffs in US$ terms until 2017 • The majority of collection through pre-paid system (85%) • Block Sale of %80 shares • The tender was annaounced in May and the bidding deadline is 19.07.2010. 16

  18. Assets Privatization method Timing İskenderun Port will be privatized in 2010 • Important port on the Mediteranean Sea • Important gateway to the Middle East • 140.000 tonnes/year container capacity • General cargo,dry and bulk cargo • Transfer of operational rights • 36 years • The tender was announced in May and the bidding deadline is 04.08.2010 17

  19. The state owned sugar conglomerate Turkseker is beeing privatized gradually Assets Privatization method Timing • The holding company has 57 % of market share in Turkey • Total sugar production capacity per year: ~2 million tonnes • PA aims to privatize the Company’s 25 factories / plants in [6] regional packages • Majority stake in two affiliated companies were already successfully sold off • Portfolio B (Malatya, Erzincan, Elazığ ve Elbistan plants) was in tender. Bidding deadline was 21.01.2010 but has been intercepted by court decision • The tender for portfolio C (Kastamonu, Kırşehir, Turhal, Yozgat, Çorum ve Çarşamba plants) has been intercepted by court decision 18

  20. The whole motorway network of Turkey incl. Bosphorus Bridges will be privatized in the near future Assets Privatizationmethod Timing • Total lenght of tollroads subject to privatization • is 2.021 km • 2 BosphorusBridges Sales [2009]: $ 402 million Vehicle number (2009) : 315 million • To be privatized by Transfer of Operational Rights • An amendment in law is necessary • Tender may be commenced in 2010 (depending on financial circumtances) 19

  21. Almost 40 % of the current installed capacity in power generation sector will be privatized shortly Assets Thermal Hydro Run-on river Total 18 27 56 101 Privatizationmethod Timing Total capacity of EUAS23,976 MW 148 3,677 Number of plants • 9 Portfolios were formed ranging from 2,795MW to 356MW in size • 3 thermal-only portfolios, 2 mixed thermal and hydro portfolios, 4 hydro-only portfolios • In 2008 PA has privatized as a pilot project 9 small power plants (ADUS) with a total capacity of 140 MW for 510 million USD to Zorlu Group. • 52 run-on river plant have already been tendered in 19 groups. 613 bids were recieved and the total size of the privatization is approximately 440 million $ • The restof the assets will be privatized as portfolios starting 2H2010 20

  22. The most important cruise terminal of Turkey will be privatized by BOT / TOR model Assets Privatization method Timing • Largest cruise port of Turkey • Total project area is c. 100,000 m2 • To be privatized by Transfering of Operational Rights& Built - Operate - Transfer model • The whole region should be developed by building a cruise terminal, a five stars hotel, shopping mallsand free shops • Preparatory studies ongoing 21

  23. THANK YOU FOR YOUR ATTENTION REPUBLIC OF TURKEYPRIME MINISTRYPRIVATIZATION ADMINISTRATION www.oib.gov.tr

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