Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Q4 2022 Earnings Presentation
27 slides from Dogan Sirketler Grubu Holding A.s's earnings presentation, Mar 3, 2023
Slide 1: Doğan Holding 4Q22 Earnings Presentation
Doğan Holding 4Q22 Earnings Presentation March 03, 2023
Slide 2: 4Q22 Highlights
4Q22 Highlights Strong Revenue Growth • Strong revenue performance in all segments • Inorganic growth impact • Higher contribution from new businesses High Net Cash Position and Solid Balance Sheet • USD509 million solo net cash • Minimal FX risk at group companies Continuing Strategic Actions • Mil
Slide 3: 4Q22 Highlights
4Q22 Highlights Revenue EBITDA Net Income (TL mn) 15,027 1,100 2,109 %166 %11 %53 1,881 721 5,640 4Q21 4Q22 4Q21 4Q22 4Q21 4Q22 • Positive impact from higher scale and • Margin expansion in energy production (+) • Deferred tax gain (+) product prices • High base impact in gas retailing (-) • Real es
Slide 4: Share Buyback / Dividend Inflow and Payments
Share Buyback /Dividend Inflow and Payments Share Buyback Program Dividend Inflow Dividend Payments • Share Buyback Program was updated at • Consistent dividend inflow from group • Dividend Policy: targets to distribute >5% the General Assembly. companies. of paid-in capital. • Program size: TL300 m
Slide 5: Solo Net Cash Position Change
Solo Net Cash Position Change Doğan Holding Solo Net Cash (Dogan Holding + Öncü VCIT + DHI) (USD mn) • Karel acquisition had a USD55 million impact on solo net cash. • During the period, capital increases were completed for Hepsiemlak, Hepiyi Sigorta, Karel and Ditaş. • Due to changes in macro condi
Slide 6: Petroleum Products Retailing Segment
Petroleum Products Retailing Segment Petroleum Products Retailing Summary Financials 4Q22 Overview TL million 4Q21 4Q22 Δ 2021 2022 Δ • Financing expenses remained high arising from working capital Revenue 3,817 8,263 117% 11,315 29,679 162% Gross Profit 380 267 -30% 746 1,331 78% need. EBITDA 298 1
Slide 7: Electricity Generation Segment
Electricity Generation Segment Electricity Generation Segment Summary Financials 4Q22 Overview TL million 4Q21 4Q22 Δ 2021 2022 Δ • Electricity consumption contracted by 1.8% in 11M22 Revenue 209 325 55% 539 1,187 120% Gross Profit 172 270 57% 395 972 146% • High coal and natural gas prices resulted
Slide 8: Electricity Generation Segment – Galata Wind
Electricity Generation Segment – Galata Wind Galata Wind Summary Financials 4Q22 Overview TL million 4Q21 4Q22 Δ 2021 2022 Δ • Revenue grew by 55% on higher prices and production. Revenue 209 325 55% 540 1,187 120% Gross Profit 171 272 59% 395 974 147% • Turned into TRY148 million net cash position.
Slide 9: Electricity Generation Segment – Boyabat & Aslancık HPP
Electricity Generation Segment – Boyabat & Aslancık HPP Boyabat & Aslancık HPP Summary Financials* 4Q22 Overview Boyabat HPP Summary Financials • In 2022, Boyabat HPP generated 378 GWh electricity, TL million 4Q21 4Q22 Δ 2021 2022 Δ indicating a decline of 32% Revenue 75 210 181% 399 1,172 194% • In
Slide 10: Industry & Trade Segment
Industry & Trade Segment Industry & Trade Segment Summary Financials 4Q22 Overview TL million 4Q21 4Q22 Δ 2021 2022 Δ • Weakness in export markets, currency movements and energy Revenue 795 2,789 251% 2,663 7,891 196% Gross Profit 183 426 133% 520 1,489 186% prices significantly impacted cost base.
Slide 11: Industry & Trade Segment – Ditaş
Industry & Trade Segment – Ditaş Ditaş Summary Financials 4Q22 Overview TL million 4Q21 4Q22 Δ 2021 2022 Δ • Chip shortage continued albeit at a lower level. Revenue 83 258 211% 258 782 203% Gross Profit 20 45 128% 73 132 81% • Higher production costs and weak Euro pressured gross margin. EBITDA 10
Slide 12: Industry & Trade Segment – Sesa Ambalaj
Industry & Trade Segment – Sesa Ambalaj Sesa Ambalaj Summary Financials 4Q22 Overview TL million 4Q21 4Q22 Δ 2021 2022 Δ • Strong demand and price adjustments led to robust revenue Revenue 244 442 81% 750 1,591 112% Gross Profit 75 75 0% 209 420 101% growth EBITDA 56 48 -15% 181 317 75% • Elevated c
Slide 13: Industry & Trade Segment – Karel Elektronik
Industry & Trade Segment – Karel Elektronik Karel Elektronik Summary Financials 4Q22 Overview TL million 4Q21 4Q22 Δ 2021 2022 Δ • Revenue grew by 139% y/y with Daiichi acquisition. Revenue 573 1,368 139% 1,637 3,443 110% Gross Profit 176 288 63% 385 771 100% • New businesses and subsequently higher
Slide 14: Automotive Segment – Dogan Trend Otomotiv
Automotive Segment – Dogan Trend Otomotiv Automotive Segment Summary Financials 4Q22 Overview TL million 4Q21 4Q22 Δ 2021 2022 Δ • Better product availability and stronger TL led to 47% growth in Revenue 390 1,607 312% 1,121 3,576 219% Gross Profit 74 236 220% 180 752 319% the automobile market. EBI
Slide 15: Finance & Investment Segment
Finance & Investment Segment Finance & Investment Segment Summary Financials 4Q22 Overview TL million 4Q21 4Q22 Δ 2021 2022 Δ • Despite restrictive regulations in 2H22 Doğan Investment Bank Revenue 155 1,567 910% 332 2,044 516% Gross Profit 79 257 227% 174 477 174% (DIB)’s asset size increased to TL
Slide 16: Internet & Entertainment Segment
Internet & Entertainment Segment Internet & Entertainment Segment Summary Financials 4Q22 Overview TL million 4Q21 4Q22 Δ 2021 2022 Δ • Revenues grew by 59% to TL1,134 million in 2022. Revenue 235 383 63% 712 1,134 59% Gross Profit 118 213 81% 332 570 71% • The largest contributor was Kanal D Romani
Slide 17: Real Estate Investments Segment
Real Estate Investments Segment Real Estate Investments Segment Summary Financials 4Q22 Overview TL million 4Q21 4Q22 Δ 2021 2022 Δ • Higher occupancy rates and rent income led to 156% revenue Revenue 39 92 135% 141 360 156% Gross Profit 12 32 168% 59 127 114% growth to TL360 million. EBITDA 10 12 2
Slide 18: Apendix
Apendix
Slide 19: Apendix – Financial Results
Apendix – Financial Results TL million 4Q21 4Q22 Δ 2021 2022 Δ TL million 2021 2022 Δ Sales 5,640 15,027 166% 16,822 45,872 173% Current Assets 15,514 30,042 94% Cost of Goods Sold -4,643 -13,364 188% -14,481 -40,282 178% Non-Current Assets 6,781 12,189 80% Gross Profit 997 1,663 67% 2,341 5,590 139
Slide 20: Apendix – Revenue Breakdown
Apendix – Revenue Breakdown TL million 4Q21 4Q22 Δ 2021 2022 Δ Petroleum Products Retail 3,817 8,263 117% 11,315 29,679 162% Fuel sales 3,194 7,149 124% 9,461 25,359 168% LPG sales 576 1,021 77% 1,698 4,028 137% Other 47 93 98% 156 291 87% Electricity Generation 209 325 55% 539 1,187 120% Electricit
Slide 21: Apendix – Financial Results by Segments
Apendix – Financial Results by Segments TL million 4Q21 4Q22 Δ 2021 2022 Δ TL million 4Q21 4Q22 Δ 2021 2022 Δ Revenue 5,640 15,027 166% 16,822 45,872 173% EBITDA 721 1,100 53% 1,617 4,061 151% Petroleum Products Retail 3,820 8,271 117% 11,331 29,728 162% Petroleum Products Retail 298 157 -47% 544 93
Slide 22: Apendix – Net Cash / (Debt) Breakdown
Apendix – Net Cash / (Debt) Breakdown TL million 2021 2022 Δ Petroleum Products Retailing -625 -433 -31% Electricity Generation -488 208 -143% Industry & Trade -1,152 -4,328 276% CELHA -135 0 -100% KAREL 0 -2,287 n.m. DITAS -79 -259 226% Doğan Dış Ticaret -432 -938 117% Sesa Yatırım -499 -789 58% Ot
Slide 23: Apendix – Segments & Major Group Companies – 2022 Financials
Apendix – Segments & Major Group Companies – 2022 Financials TL mn Petroleum Products Automotive Trade & Internet & Real Estate Electricity Generation Industry & Trade Financing & Investing Retailing Marketing Entertainment Investments Revenue 29,679 1,187 7,891 3,576 2,044 1,134 360 Revenue Shr. 65
Slide 24: 4Q22 Revenue Overview
4Q22 Revenue Overview Revenue Bridge (TL mn) Highlights Revenue 55% 2% 19% 11% 10% Petroleum Products Retailing 3% 1% Share • Positive impact of TL depreciation Electricity Generation • High CUR • High electricity prices Industry-Trade • Robust demand in flexible packaging • Inorganic growth arising
Slide 25: 4Q22 EBITDA Overview
4Q22 EBITDA Overview EBITDA Bridge (TL mn) Highlights EBITDA 14% 24% 22% 13% 8% Petroleum Products Retailing 19% 1% Share • High base impact of 4Q21 Electricity Generation • Higher EBITDA generation on price and volume growth Industry-Trade • Inorganic growth impact of Karel acquisition • Higher EBI
Slide 26: Investor Relations Contact
Investor Relations Contact Bora Tezgüler Investor Relations Director borat@doganholding.com.tr Kerimcan Uzun Investor Relations Manager kerimu@doganholding.com.tr www.doganholding.com.tr ir@doganholding.com.tr +90 216 556 90 00 25 Doğan Holding 4Q22 Earnings Presentation
Slide 27: Disclaimer
Disclaimer Doğan Şirketler Grubu Holding A.Ş. (“Doğan Holding”) has prepared this book (the “Book”) for the sole purpose of providing information relating to DoğanHolding (the “Information”). The contents of this Book is based on public information and on data provided by Doğan Holding management. N
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