Dogus Otomotiv Servis Ve Ticaret Anonim Sirketi · BIST:DOAS
Dogus Otomotiv Servis Ve Ticaret Anonim Sirketi — Doğuş Otomotiv Servis ve Ticaret A.Ş. — H1 2019 Earnings Presentation
19 slides from Dogus Otomotiv Servis Ve Ticaret Anonim Sirketi's earnings presentation, Aug 21, 2019
Slide 1: 1H 2019 Analyst Briefing Presentation
1H 2019 ANALYST BRIEFING PRESENTATION Kerem Talih 21 August 2019 1
Slide 2: Jan-Jun 2019 Doğuş Otomotiv Main Segment Sales: Retail
JAN - JUN 2019 DOGUS OTOMOTIV MAIN SEGMENT SALES Retail RETAIL MARKET DOAS PERFORMANCE Source: Automotive Distributors Association, TAID - Heavy Commercial Vehicles Association 2 DOAS performance includes Skoda sales.
Slide 3: Competition (Retail)
COMPETITION (Retail) YTD June YTD June 18 / June 19 June 18 / VW PC ranked 3rd in the RETAIL MARKET 2017 2018 2018 2019 June 19 cumulative passenger ∆ ∆ vehicle market with 9,6% PASSENGER CAR % market share. RENAULT 21,5 21,2 22,3 21,5 0,3 -0,7 DOGUS OTOMOTİV 21,1 19,6 19,9 16,8 -2,8 -3,1 TOFAS 8,9
Slide 4: Jan-Jun 2019 Passenger Vehicle Market (%)
JAN - JUN 2019 PASSENGER VEHICLE MARKET (%) Retail - PC market decreased by 43% yoy. - DOAS’ market share in the passenger vehicle market was realized as 16,8%. - Renault leads with a 21,5% market share in the PC market. - Segment ranking (Top 10): VW PC 6M19 Golf A/HB 38,9% 1 Passat B/NB 38,6% 1 Po
Slide 5: Jan-Jun 2019 Light Commercial Vehicle Market (%)
JAN - JUN 2019 LIGHT COMMERCIAL VEHICLE MARKET (%) Retail - Light Commerical Vehicle market decreased by 50% yoy. - DOAS maintained its 3rd position with 10,4% market share. - Leaders in the LCV market are Ford Otosan with 36,3% market share and Tofaş with 18,0% market share. - Segment ranking: VW L
Slide 6: Jan-Jun 2019 Doğuş Otomotiv Brand Sales Performance
JAN - JUN 2019 DOĞUŞ OTOMOTIV BRAND SALES PERFORMANCE WHOLESALE UNITS 6M18 6M19 Δ VW PC 26.612 14.284 -46% VW LCV 10.179 3.544 -65% AUDI 7.795 3.869 -50% SKODA 12.480 4.990 -60% SEAT 5.691 2.168 -62% SCANIA 901 220 -76% PORSCHE 300 144 -52% BENTLEY 5 4 -20% LAMBORGHINI 2 4 0% DOAS TOTAL 63.965 29.22
Slide 7: Financial Performance
FINANCIAL PERFORMANCE SEAT Ateca 7
Slide 8: Financial Performance (mn TL)
FINANCIAL PERFORMANCE (mn TL) Net Sales EBITDA Net Profit CapEx Total Assets Working Capital* 6% 18% * Comprised of cash and cash equivalents, trade receivables and inventory. 8
Slide 9: Margins %
MARGINS % Gross Profit Margin OpEx/Sales EBITDA Margin 11 -12 % %8 Kons. Maks EBIT Margin Net Profit Margin Wholesale Market Sales* 159.978 84.843 51.485 24.237 2017 2018 6M2018 6M2019 * Includes PV (excl Skoda), LCV and HCV sales. 9
Slide 10: Income Statement Q-on-Q and Y-on-Y Comparisons
INCOME STATEMENT Q-on-Q and Y-on-Y Comparisons TL’000 2Q 2019 1Q 2019 Δ 2Q/1Q 2Q 2019 2Q 2018 Δ 2019/ 2018 Wholesale Sales Volume (excl. Skoda, incl. 12.902 11.335 14% 12.902 28.759 -55% Scania) Revenue 2.157.930 1.808.534 19% 2.157.930 3.050.070 -29% Direct cost of revenue -1.862.806 -1.553.795 20%
Slide 11: Income Statement
INCOME STATEMENT TL’000 30.06.2019 30.06.2018 Δ 2019/ 2018 Gross Profit Margin was realized as 13,9% with decrease of 31% in Revenue 3.966.464 5.769.345 -31% revenue. Direct cost of revenue -3.416.601 -5.120.407 -33% Impacts on revenue and direct cost of Gross profit 549.863 648.938 -15% revenue: •
Slide 12: Income from Associates
INCOME FROM ASSOCIATES TL’000 30.06.2019 30.06.2018 Δ 2019/ 2018 Associates vdf Group -36.121 15.801 -329% vdf -43.389 8.743 -596% vdf Servis 7.268 7.058 3% Doğuş Sigorta 532 1.171 -55% Yüce Auto (Škoda) 2.316 14.632 -84% TÜVTÜRK N&S (Consolidated) 53.604 18.441 191% Doğuş Teknoloji 491 -1.245 -139%
Slide 13: Balance Sheet
BALANCE SHEET TL’000 30.06.2019 31.12.2018 Δ Inventories: Number of vehicles increased from 8.484 units on 31.12.2018 to 11.230 units ASSETS 5.093.472 4.798.662 6% on 30.06.2019. Cash and cash equivalents 493.094 365.892 35% Financial Liabilities: Trade receivables 770.256 643.538 20% Use of financi
Slide 14: Financing Costs
FINANCING COSTS Million TL 30.06.2019 30.06.2018 Δ 2019/2018 Financing Cost, net 319,248 196,985 62% Finance expenses 295,700 197,691 50% Interest expense on borrowings 264,804 187,189 41% Commission expenses on letters of guarantee 20,947 6,874 205% Other financial expenses 9,949 3,628 174% Foreign
Slide 15: Financial Performance
FINANCIAL PERFORMANCE Million TL 30.06.2019 31.12.2018 Δ Working capital 2.806 2.375 18% Net Cash Position -2.244 -2.403 -7% Receivable Turnover (day) 35 22 61% Inventory Turnover (day) 82 53 55% Payable Turnover (day) 51 22 137% Million TL 30.06.2019 31.12.2018 Δ CAPEX* 12 179 -93% ROA -0,9% 2,8% -
Slide 16: Key Material Disclosures in 2Q 2019
KEY MATERIAL DISCLOSURES IN 2Q 2019 • 04.04.2019 – Decision on Independent Audit Company At the Ordinary General Assembly Meeting of our Company on March 26, 2019, PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. was selected, it was registered with the Trade Registry Office and publi
Slide 17: 2019 Expectations
2019 EXPECTATIONS Mid Half Year Revisions Mobility Digitalization Service Areas Operational Efficiency and Optimum Profitability Cautious Expenditure Management OEM Strategy: Maintain represented brands’ competitive position. Total Automotive Market Investment Expenditure (PC+LCV+HCV) TRY 70-80 mill
Slide 18: Thank You – Q & A
THANK YOU – Q & A VW Arteon 18
Slide 19: Uyarı
• Uyarı • Dokümanlar ve eklerden oluşan bu sunumda (“Döküman”) yer alan tüm bilgiler, Doğuş Otomotiv Servis ve Ticaret A.Ş. (DOAŞ) hakkında bilgi, öngörü ve ifadeleri sunmak amacıyla DOAŞ tarafından hazırlanmıştır. Bu sunumdaki bilgilerin dogruluğu, yeterliliği ve eksiksizliği teminat edilmemiştir v
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