Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Investor Presentation (November 2013)
45 slides from Dogan Sirketler Grubu Holding A.s's investor presentation, November 2013
Slide 1: Doğan Holding Investor Presentation – November 2013
DOĞAN HOLDING Investor Presentation – November 2013 1
Slide 2: Company Information
Company Name Doğan Şirketler Grubu Holding A.Ş. Date of Establishment 22.09.1980 Share Capital 2,450,000,000 Listing Borsa Istanbul Ticker Symbol DOHOL Address Burhaniye Mah. Kısıklı Cad. No:65 Üsküdar - İSTANBUL Web Site www.doganholding.com.tr E-mail ir@doganholding.com.tr Phone +90 (216) 556 90 0
Slide 3: Agenda
AGENDA 1. Doğan Group in Brief 2. Media 3. Energy 4. Other Investments 3
Slide 4: Well positioned to benefit from demographic & social trends
Well positioned to benefit from demographic & social trends Media Energy Retail Doğan Yayın Holding Doğan Enerji D&R Music & Bookstores Mcap US$647 mn* - (75.7% ownership) (100% ownership) (100% ownership) PRINT MEDIA: LEADERSHIP Hürriyet The most influential daily. HYDRO: INCOME STREAM UP LIFESTYLE
Slide 5: Strategic Partnerships
Strategic Partnerships Books Publishing - JV Broadcasting - Partnership Magazines - JV Technology Partnerhship Financial Partners 5
Slide 6: Shareholders and Share price
Shareholders and Share price Total Share Capital TL2.450.000.000 SHAREHOLDERS DOGAN HOLDING STOCK PERFORMANCE Free-float 32.8% Adilbey Holding 52.7% Doğan Family 14.5% Nov 11, 2013 Share price TL0.85/US$0.42 Mcap (mn) TL2,083/US$1,021 52 wk US$1,674/US$1,014 High/Low Mcap (mn) 6
Slide 7: Financial Summary
Financial Summary Media’s share in total revenues was 76% in 9M13. DOĞAN HOLDING CONSOLIDATED REVENUES (TL M) DOĞAN HOLDING CONSOLIDATED EBITDA (TL M) 3,157 2,861 342 315 +%8 2,442 +%9 258 342 2,260 284 187 223 326 298 211 243 278 326 2,319 2,499 256 223 234 1,807 1,866 2011 2012 9M12 9M13 2011 2012
Slide 8: Balance Sheet - Summary
Balance Sheet - Summary CONSOLIDATED BALANCE SHEET SUMMARY in TL mn 09/30/2013 12/31/2012 ∆ Current Assets 4,206 4,128 2% Non Current Assets 3,571 3,661 -2% Total Assets 7,777 7,789 0% Current Liabilities 2,428 2,139 13% Non Current Liabilities 1,360 1,562 -13% Minority Interest 829 907 -9% SHs Equi
Slide 9: Consolidated Income Statement - Summary
Consolidated Income Statement - Summary in TL mn 3Q13 3Q12 ∆ YoY 9M13 9M12 ∆ YoY Sales 725 721 1% 2,442 2,260 8% Gross Profit 179 215 -17% 670 651 3% Gross Margin 24.6% 29.9% -5.3 p.p. 27.4% 28.8% -1.4 p.p. EBIT -8 26 -131% 75 87 -14% EBIT Margin -1.1% 3.6% -4.8 p.p. 3.1% 3.8% -0.8 p.p. Other Operat
Slide 10: Agenda
1. Doğan Group in Brief AGENDA 2. Media 3. Energy 4. Other Investments 10
Slide 11: Doğan Yayın Holding in Summary
MEDIA Doğan Yayın Holding in Summary Market Leader in TV, Newspapers and Magazines in Turkey. Market leader in newspaper circulation with 21% share Hurriyet reaches 6.8 mn people daily Around 7 mn circulation pa with 28 Magazines Market leader in magazine circulation with 37% share in 9M13 Leading F
Slide 12: Media Structure and Revenue Breakdown
MEDIA Doğan Şirketler Grubu Holding A.S. “Dogan Holding” US$1,021 mn Mcap, 33% Free Float Doğan Yayın Holding US$647 mn Mcap, 22% Free Float Publishing Broadcasting Other Newspaper Magazine&Book Publishing Dogan TV Holding International Non Media Products Distribution Publishing Publishing &Distribu
Slide 13: DYH – 9M13 Highlights
MEDIA DYH – 9M13 Highlights Consolidated revenues were up by 3%, with the support of digital platform revenues. Advertising revenues was up by 3% yoy. Digital platform revenues were strong with 44% yoy growth in subscription revenues in 9M13. Circulation revenues down by 3%, due to lower circulation
Slide 14: DYH P&L Consolidated Results
MEDIA DOĞAN YAYIN HOLDİNG P&L Consolidated Results (TL mn) 9M12 9M13 YoY Consolidated Revenues 1,822 1,883 3% Advertising 909 933 3% Circulation 177 172 -3% Printing 61 69 13% Subscription 205 296 44% Other 472 413 -12% EBITDA* 225 217 -4% EBITDA Margin 12.4% 11.5% Net Profit (Loss) 170 -105 n.m. *
Slide 15: The Impact of Recent Disposals
MEDIA The impact of Recent Disposals Cash Inflow From Cash Inflow Margin Asset Sales (remaining Asset Disposals Market Share Impact improvement payments) (FY11) 9M13-end (incl. interest) PUBLISHING Pre-Disposal: DYH Circulation Share: 29.8% 3-4% EBITDA Hürriyet Asset Sale* DYH Audience Share*: 27.3%
Slide 16: MEDIA - Broadcasting
MEDIA - Broadcasting 16
Slide 17: Broadcasting Segment
MEDIA Broadcasting Segment FTA CHANNELS Audience Share * Jan. 01 – Sep. 30, 2013 (%) Audience Share Total Day Kanal D maintains its leading position in Kanal D 10.7 Total Day* ATV 10.1 Star TV 9.3 Fox 7.8 Show TV 6.0 Others 56.1 TNS started to disclose TV ratings in September 17, 2012 *Source: TNS (
Slide 18: Digital Platform
MEDIA Digital Platform Attractive demographics and viewing trends D-Smart Statistics (in thousands) Young population in Turkey and increasing number of households. Average daily TV viewing time above 5 hours in Turkey. D-Smart will benefit from the attractive demographics and viewing trends: 996 41
Slide 19: Broadcasting Revenues & EBITDA
MEDIA Broadcasting Revenues & EBITDA Subscription revenues up by 44% yoy. Total broadcasting revenues increased by 5% yoy, due to the rise in subscription revenues. Ad revenues were up by 4%, yoy. Positive impact on revenues from D- Smart: 22% yoy increase in D-Smart’s number of Pay TV subscribers l
Slide 20: Broadcasting P&L Results
MEDIA BROADCASTING P&L Results (TL mn) 9M12 9M13 YoY Revenues 803 840 5% Advertising 437 453 4% Subscription 205 296 44% Other Revenues 161 92 -43% EBITDA* 120 109 -9% EBITDA Margin 15% 13% Net Profit (Loss) 44 -98 n.m. *As calculated by DYH; before intersegment eliminations DYH Broadcasting Revenue
Slide 21: MEDIA - Publishing
MEDIA - Publishing 21
Slide 22: Publishing Segment
MEDIA Publishing Segment NEWSPAPER CIRCULATION IN 9M13 (000 COPIES DAILY) TOTAL MAGAZINE CIRCULATION IN 9M13 (UNITS M & YOY GROWTH) -8% 407 Market DYH 443 5,077 1,073 14.3 194 2% 5.3 29 Market DYH Source: Basın - İlan Source: DPP & Dogan Burda Dergi Yay. • DYH includes Dogan Burda & Dogan Egmont Ave
Slide 23: Publishing Revenues & EBITDA
MEDIA Publishing Revenues & EBITDA Weak TL in 3Q13 and lower revenues from TME had negative impact on margins Total publishing revenues increased by 1% in 9M13. Domestic ad revenues were up by 5%, with the contribution of MedyaNet acquisition. Total circulation revenues came in at TL172 mn, below 9M
Slide 24: Publishing P&L Results
MEDIA PUBLISHING P&L Results (TL mn) 9M12 9M13 YoY Revenues 1,034 1,040 1% Advertising 485 493 2% Domestic 346 364 5% International 139 129 -7% Circulation 177 172 -3% Printing Revenues 61 69 13% Other Revenues 312 307 -2% EBITDA* 113 104 -8% EBITDA Margin 11% 10% Net Profit (Loss) 180 -0.3 -100% *A
Slide 25: Advertising Market in Turkey
MEDIA Advertising Market in Turkey Turkish ad market growth was 13% in 9M13. Based on estimated 9M13 figures, TV had 21% growth, while internet registered 11% yoy growth. TV’s share in total ad spend was 53% and internet took 15%. AD MARKET IN TURKEY AD MARKET BY SECTORS (9M13 vs 9M12) 9M13 FY12 Sec
Slide 26: Total Ad Spending in Turkey
MEDIA Total Ad Spending in Turkey* Advertising as % of GDP in Turkey is lower than the global average estimate of 0.69% AD SPEND PER GDP Source : ZenithOptimedia (Dec 2012) and DYH Ad Platform 1.17% 1.02% 0.77% 0.66% 0.66% 0.56% 0.48% 0.49% 0.50% 0.41% 0.42% 0.43% 0.35% 0.35% 0.37% 0.21% Czech Rep.
Slide 27: DYH - Revenues By Segments
MEDIA DYH - Revenues By Segments* TL mn 3Q12 3Q13 ∆ YoY 9M12 9M13 ∆ YoY Publishing 330 283 -14% 1,034 1,040 1% Advertising 147 151 2% 485 493 2% Circulation 60 59 -1% 177 172 -3% Printing Revenues 17 21 18% 61 69 13% Other Revenues 106 53 -50% 312 307 -2% Broadcasting 220 239 8% 803 840 5% Advertisi
Slide 28: DYH – AD Growth by Segment
MEDIA DYH – AD Growth by Segment TL mn 3Q12 3Q13 ∆ YoY 9M12 9M13 ∆ YoY Publishing 144 147 2% 480 486 1% Hürriyet Grup excluding TME 80 79 -2% 277 273 -1% TME 44 43 -3% 132 124 -7% Doğan Gazetecilik 22 22 0% 69 72 5% Other 1 1 10% 7 5 -22% Interseg. Elim. (-) -3 -4 n.m. -4 -7 n.m. Broadcasting 100 10
Slide 29: Agenda
1. Doğan Group in Brief 2. Media AGENDA 3. Energy 4. Other Investments 29
Slide 30: Energy – Doğan Enerji
ENERGY Doğan Enerji (100% ownership) HYDRO: INCOME STREAM UP • Boyabat HEPP-513MW, full production at 2012-end. • Aslancık HEPP - 120 MW will be completed by 2013-end. WIND: OPPORTUNITY KNOCKS • Two operational wind plants with 126 MW capacity acquired as of Jun 2012; capacities reached 147 MW at th
Slide 31: Energy – Electricity Consumption
ENERGY Electricity Consumption (GWh) %12 230 242 %10 210 198 194 %8 190 175 161 %6 128 %4 %2 86 57 %0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 36 25 -%2 -%4 1980 1985 1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 -%6 GDP growth Change in elec. cons. -%8 31
Slide 32: Electricity Consumption per Capita and Installed Capacity
ENERGY Electricity Consumption per Capita – 2012 (Kw/hour) USA 13.361 OECD 8.315 GERMANY 7.217 SPAIN 6.155 GREECE 5.245 CHINA 2.942 WORLD 2.892 TURKEY 3.4x 2.424 BRASIL 2.384 Installed Capacity (GW) GDP (billion $) CAGR 1998-2012 GDP 8.0% Installed Capacity 6.7% 32
Slide 33: Doğan Enerji – Energy Investments
ENERGY Boyabat 33% Hydro‐Power Plant Doğan Enerji – Energy Investments 513 MW Aslancık 33.3% Hydro‐Power Plant 2 Current Energy Investments 1 120 MW Galata 100% 3 Wind‐Power Plant TURKEY 105 MW 4 Akdeniz 100% 5 Wind‐Power Plant Erbil PSC 20% Oil and Gas E&P Asset 42 MW IRAQ 1 Galata WPP: Acquired in
Slide 34: Power Generation (Hydro) – Boyabat HEPP
ENERGY – Power Generation (Hydro) BOYABAT HEPP Installed Capacity: 513 MW Shareholders Share (%) Configuration: 3X171MW Fuel: Hydro Doğan Holding %33 Type: Dam Doğuş Holding %34 Generation: 1,5 TWh Unit Investment %33 Investment: 1,25 billion USD Operational as of 2012-end İstanbul Sinop Ankara 34
Slide 35: Power Generation (Hydro) – Aslancık HEPP
ENERGY – Power Generation (Hydro) ASLANCIK HEPP Installed Capacity: 120 MW Configuration: 2X60MW Shareholders Share (%) Fuel: Hydro Doğan Holding %33 Type: Dam Doğuş Holding %33 Generation: 418 GWh Anadolu Group %33 Investment: 240 Million USD Expected COD: 4Q13-end İstanbul Giresun Ankara 35
Slide 36: Power Generation (Wind)
ENERGY – Power Generation (Wind) GALATA WPP (Bandırma) Current Installed Capacity: 105 MW İstanbul (Increased its capacity by 12 MW as of May 2013) Bandırma License: 2008 Ankara Generation: 362 GWh (with added capacity) Status: Operational Doğan Enerji acquired Akdeniz (Mersin) & Galata (Bandırma) W
Slide 37: Oil and Gas E&P - Iraq
ENERGY Oil and Gas Exploration&Production - IRAQ Doğan Enerji owns 50% of Gas Plus Erbil (“GPE”). GPE holds 40% interest in Erbil Production Sharing Contract with 20+5 years of develop.& prod. period. Declaration of Commerciality of the Benenan and Bastora Discoveries filed on 25 June 2011. The deve
Slide 38: Oil and Gas E&P - Yemen
ENERGY Oil and Gas Exploration&Production - YEMEN San’a Block 84 731km2 Gas Pipeline Oil Pipeline Doğan Enerji submitted an offer for exploration Block 84 together with DNO International of Norway on 29 June 2013 Yemen Government awarded the Block 84 to Doğan Enerji – DNO JV on 8 July 2013 Operator
Slide 39: Agenda
1. Doğan Group in Brief 2. Media 3. Energy AGENDA 4. Other Investments 39
Slide 40: Retail – D&R Music & Bookstores
RETAIL D&R Music & Bookstores (100% ownership) LIFESTYLE RETAIL: LEADERSHIP • # 1 player in the market • 134 stores in 25 cities in Turkey. • 2.5 Million store visitor per month. • 1.1 Million traffic per month in online service. • Books, music, movies, magazines and game • Hobby, multimedia and ele
Slide 41: Retail – D&R
RETAIL D&R* D&R, celebrating its 16th anniversary this year, offers books, music, movies, magazines and games, as well as hobby, multimedia and D&R Stores electronic products, accessories and stationery at its 134 stores in 25 cities. As of September 2013, D&R reached 134 stores and net store area o
Slide 42: Industry
INDUSTRY ÇELİK HALAT DİTAŞ DOĞAN Steel Ropes, industrial high carbon galvanized wires, Rods and parts to the vehicle manufacturers (OEM) finishing galvanized wires, industrial spring wires, bed wires and spare parts (IAM) and pre-stressed wires and strands manufacturer Suppliers of 42 companies in T
Slide 43: Tourism
TOURISM Milta MARINA RESORT MANAGEMENT Located on Bodrum City Center 2 Hotels in Bodrum and in Antalya Kemerdibi International Marina granted with Gold Award by U.K. Yacht Bodrum Işıl Club Harbour Association Located in Torba on 35.000 sqm land Number of rooms 292 Land status is rented from the stat
Slide 44: Appendix / Disclaimer
APPENDIX / DISCLAMIER Doğan Şirketler Grubu Holding A.Ş. contract or investment decision. events which may not prove to be (“Doğan Holding”) has prepared this Investors and prospective investors in accurate. The forward-looking book (the “Book”) for the sole purposeof securities of any issuer mentio
Slide 45: Thank You
Doğan Şirketler Grubu Holding A.Ş. Burhaniye Mah. Kısıklı Cad. No.65 34676 Üsküdar, İstanbul T: +90 216 556 9000 www.doganholding.com.tr Thank You For further information E-mail: ir@doganholding.com.tr 45
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