Page 39 - Annual Report 2019

ackground; and Phase II A as well as funding required for Phase II B
the tender for Motorway Project for Gebze - have been secured with a new loan package amounting to
BOrhangazi - Izmir (including İzmit Bay Crossing and 4,956 billion USD. The total investment amount for the
Connection Roads) was conducted on 9 April 2009 and the entire project is estimated to be 7,2 billion USD, funded
proposal submitted by Nurol - Özaltın -Makyol - Astaldi - from 4,956 billion USD debt, 1,4 billion USD equity and
Yüksel - Göçay Group was selected as to be the best 800 million USD net early operational revenue. As of the
proposal with 22 years and 4 months construction and end of December 2019, approximately 7,13 billion USD has
operating period. been spent towards project costs, divided as follows:
Phase I 2,80 billion USD, Phase II A 770 million USD and
OTOYOL YATIRIM VE İŞLETME A.Ş. was founded on 20 Phase II B 3,56 billion USD.
September 2010 to perform the works of construction,
operation and transfer of Gebze - Orhangazi – Izmir (including Turkish Lenders;
İzmit Bay Crossing and Connection Roads) Motorway Project Akbank, Finansbank, Ziraat Bankası, Garanti Bankası, Halk
through Build - Operate - Transfer model. Bankası, İş Bankası, Vakıflar Bankası, Yapı ve Kredi Bankası.
The project implementation agreement was signed Foreign Lenders;
between the General Directorate of Highways and OTOYOL Deutsche Bank, Saudi National Commercial Bank, Bank of
YATIRIM VE İŞLETME A.Ş. on 27 September 2010. China, Siemens Bank.
Project and Route
The ceremony for start of construction works in Gebze for
Gebze - Orhangazi - Izmir Motorway Project took place on The advantage to be provided by shortening of distance 140
28 October 2010 in Dilovasi district of Kocaeli Province and km in comparison to current state highway have been
Ceremony for start of construction works in İzmir was held estimated and as a result it has been foreseen that the travel
in Alsancak Cumhuriyet Square on 27 February 2011. time between İstanbul-İzmir which is 8-10 hours now, will
decrease to 3,5 – 4 hours
İstanbul - Bursa - İzmir Motorway Phase I, Intersections
between Gebze and Gemlik (including Osmangazi Suspension The starting point of the project is Gebze and the Motorway
Bridge) have been opened to traffic on July 1, 2016. crosses İzmit bay located between Dilovası and Hersek
through a Suspension Bridge of approx 3.000 meters length,
The construction and acceptance of Phase II A (Gemlik - then will extend to Orhangazi and Gemlik and be connected
Bursa) were completed and opened to traffic on 12 March to Bursa Ring Road at Ovaakça intersection.
2017 with the opening ceremony.
Following the Bursa Ring Road which is already operational,
As the part of Phase II B, acceptance and the start of the the Motorway reaches Balıkesir starting with Bursa -
commissioning between Saruhanlı-Kemalpaşa Intersections Karacabey intersection and continuing through the north of
were on December 1, 2018, Balıkesir North-Balıkesir West Susurluk. It continues south from the west of Balıkesir, ahead
and Akhisar-Saruhanlı Intersections were on March 17, via Savaştepe, Soma, Kırkağaç districts and continues
2019, Bursa West – Balıkesir North and Balıkesir West- towards the west near Turgutlu. It moves along paralel to
Akhisar Intersections were on August 4, 2019. İzmir - Uşak state highway and finally connects with Anadolu
Lisesi intersection over the İzmir ring road.
Otoyol Yatırım ve İşletme A.Ş.
Procured services such as gulf soil surveys, motorway The project has a total length of 426 km including a
route soil surveys, signature of Motorway and Suspended highway length of 384 km and an access road length of 42
Bridge construction contract and design works, legal km. Along the route, there are 38 viaducts with a total
infrastructure studies and project consultancy services for length of 21.571 m, including The Northern / Southern
the motorway project and performed activities required Approach Viaducts, 3 tunnels with a total length of 6.446
for preliminary preparation activities in physical aspects m, 179 bridges, 20 toll collection areas, 22 intersections, 4
and project financing. Highways and 2 Tunnel Maintenance-Operation Centres,
as well as 17 Service Stations and Parking Areas.
The Project financing for Phase I (from Gebze to Gemlik
Intersection including the Osmangazi Suspension Bridge)
and Phase II A (from Gemlik Intersection to Bursa
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 2017 2018 2019
for Phase II B (from Bursa Intersection to İzmir) was TOTAL ASSETS 23.284.502 35.897.304 44.888.759
completed by signing the finance documents on June SALES INCOME 5.499.165 6.292.385 7.051.936
05,2015. Thus, the funding required for the entire project EBITDA 2.032.715 3.184.169 4.259.361
in the form of refinanced loan of 2 billion USD for Phase I Figures are calculated from the consolidated financial statements in accordance with IFRS.

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