Page 39 - Annual Report 2018

ackground; been secured with a new loan package amounting to 4,956
the tender for Motorway Project for Gebze - billion USD. The total investment amount for the entire
BOrhangazi - Izmir (including İzmit Bay Crossing and project is estimated to be 7,3 billion USD, funded from 4,956
Connection Roads) was conducted on 9 April 2009 and the billion USD debt, 1,5 billion USD equity and 800 million USD
proposal submitted by Nurol - Özaltın -Makyol - Astaldi - net early operational revenue. As of the end of January 2019,
Yüksel - Göçay Group was selected as to be the best approximately 6,6 billion USD has been spent towards
proposal with 22 years and 4 months construction and project costs, divided as follows: Phase I 2,80 billion USD,
operating period. Phase II A 600 million USD and Phase II B 3,2 billion USD.
OTOYOL YATIRIM VE İŞLETME A.Ş. was founded on 20 Turkish Lenders;
September 2010 to perform the works of construction,
operation and transfer of Gebze - Orhangazi – Izmir (including Akbank, Finansbank, Ziraat Bankası, Garanti Bankası, Halk
İzmit Bay Crossing and Connection Roads) Motorway Project Bankası, İş Bankası, Vakıflar Bankası, Yapı ve Kredi Bankası.
through Build - Operate - Transfer model. Foreign Lenders;
The project implementation agreement was signed Deutsche Bank, Saudi National Commercial Bank, Bank of
between the General Directorate of Highways and OTOYOL China, Siemens Bank.
YATIRIM VE İŞLETME A.Ş. on 27 September 2010.
Project and Route
The ceremony for start of construction works in Gebze for
Gebze - Orhangazi - Izmir Motorway Project took place on As this new project will shorten the route about 140 km when
28 October 2010 in Dilovasi district of Kocaeli Province and compared to the current state highway, the travel time
Ceremony for start of construction works in İzmir was held corresponding to 8-10 hours will be shortened to 3,5 - 4
in Alsancak Cumhuriyet Square on 27 February 2011. hours, which will provide TL 870 million saving a year in turn.
İstanbul - Bursa - İzmir Motorway Phase I, Intersections The starting point of the project is Gebze and the Motorway
between Gebze and Gemlik (including Osmangazi crosses İzmit bay located between Dilovası and Hersek
Suspension Bridge) has been opened to traffic on July 1, 2016. through a Suspension Bridge of approx 3.000 meters
length, then will extend to Orhangazi and Gemlik and be
The construction and acceptance of Phase II A (Gemlik - connected to Bursa Ring Road at Ovaakça intersection.
Bursa) was completed and opened to traffic on
12 March 2017 with the opening ceremony. Following the Bursa Ring Road which is already
operational, the Motorway reaches Balıkesir starting with
The construction and acceptance of 69 km in the Section Bursa - Karacabey intersection and continuing through
of Phase II B between (Balıkesir - Edremit) - İzmir Saruhanlı the north of Susurluk. It continues south from the west of
- Karasuluk intersections was completed and opened to Balıkesir, ahead via Savaştepe, Soma, Kırkağaç districts
traffic on 1 December 2018 with the opening ceremony. and continues towards the west near Turgutlu. It moves
along paralel to İzmir - Uşak state highway and finally
Otoyol Yatırım ve İşletme A.Ş.
connects with Anadolu Lisesi intersection over the İzmir
Procured services such as gulf soil surveys, motorway ring road.
route soil surveys, signature of Motorway and Suspended
Bridge construction contract and design works, legal The project has a total length of 433 km including
infrastructure studies and project consultancy services for a highway length of 384 km and an access road length of
the motorway project and performed activities required 49 km. Along the route, there are 38 viaducts with a total
for preliminary preparation activities in physical aspects length of 21.559 m, including the Osmangazi Suspension
and project financing. Bridge and the Northern / Southern Approach Viaducts,
3 tunnels with a total length of 6.446 m, 176 bridges, 20 toll
The Project financing for Phase I (from Gebze to Gemlik collection areas, 24 intersections, 4 Highways and 2 Tunnel
Intersection including the Osmangazi Suspension Bridge) Maintenance-Operation Centres, as well as 35 Service
and Phase II A (from Gemlik Intersection to Bursa Stations and Parking Areas.
Intersection) were completed in the first quarter of 2013
and in the second quarter of 2014, respectively.
OTOYOL YATIRIM VE İŞLETME A.Ş. (Thousand TL)
The process of refinancing this debt to extend the maturity
and secure required additional funding of 3 billion USD 2016 2017 2018
for Phase II B (from Bursa Intersection to İzmir) was TOTAL ASSETS 17.641.523 23.284.502 35.897.304
completed by signing the finance documents on June TOTAL EQUITY 5.002.075 6.724.789 11.385.500
05,2015. Thus, the funding required for the entire project in SALES INCOME 3.853.409 5.499.165 6.292.385
the form of refinanced loan of 2 billion USD for Phase I and EBITDA 1.369.226 2.032.715 3.184.169
Phase II A as well as funding required for Phase II B have Figures are calculated from the consolidated financial statements in accordance with IFRS.
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