Projection and Realization Report Prepared in Compliance with
Communiqué on Shares No. VII/128.1 of June 22, 2013 Article 29
Issued by the
Capital Market Board
May 23, 2014
The valuation report, pertaining to the initial public offering undertaken by Odaş Elektrik Üretim
Sanayi Ticaret A.Ş. (hereinafter “Odaş Energy” or “Company”) conducted in May 2013, was released
on April 25, 2013 by Bizim Menkul Değerler A.Ş. The valuation was performed by calculating the
weighted average of the discounted cash flow, P/E and EV/EBITDA multiples of Odas Energy. With
respect to the discounted cash flow method, projections were developed for the revenues to be
derived and the expenditures to be incurred in the future, while the cash flow to be created in the
period, going forward, was discounted to the present value.
With regard to the highlights of the valuation report, the 2014 full-year revenues and the EBITDA
were anticipated at TL426.8 million, TL53.2 million respectively. Accordingly, estimates and the
actual figures concerning the 2014 three-month term are set forth below.
(TL million)
Jan’-Mar’ 2014E
Jan’-Mar’ 2014
Difference (%)
Since the quarterly estimates are unavailable on pretext that the report already contains the
annualized figures, projections for Q1 2014 were derived by taking one-fourth of the 2014 full-year
forecasts via disregarding the seasonality impact.
As of Q1 2014 our Company recorded TL 136.6 million revenue by performing 28.0% above
estimations. The outperformance of consolidated revenues mainly stemmed from better than
expected performance of production segment. The estimated EBITDA for the first quarter of 2014
was TL 13.3 million, while the actual figure stood at TL 1.5 million – 88.7% below expectations. The
primary reaons behind the underperformance in EBITDA were the omission of the seasonality factor
in computing the quarterly-based data as well as the lower EBITDA outcome obtained during the
initial quarter relative to the subsequent periods. Meanwhile, our fully-owned electric wholesale
company Voytron Elektrik Toptan Satış Dış Ticaret A.Ş.'s contribution to our consolidated EBITDA was
TL 1,637,344 in Q1 2013, while the contribution turned out to be negative (at about TL 1.375.000) in
Q1 2014. Meanwhile, the cost burden sustained during our thermic power plant investment in
Çanakkale Çan and the hydroelectric power plant in Trabzon Köprübaşı -- undertaken under the
realm of our 92%-owned Çan Kömür ve İnşaat A.Ş. and 90%-owned Küçük Enerji Elektrik Üretim
Sanayi ve Ticaret Ltd. Şti. -- resulted in a pressure on the EBITDA margin.
Yours sincerely,
ODAŞ Energy Audit Committee

ODAS ODA IPO Projections 23052014