Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Q1 2013 Earnings Presentation
44 slides from Dogan Sirketler Grubu Holding A.s's earnings presentation, May 2013
Slide 1: Doğan Holding Investor Presentation – May 2013
DOĞAN HOLDING Investor Presentation – May 2013
Slide 2: Company Name and Details
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
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$921 mn* - (75.7% ownership) (100% ownership) (100% ownership) PRINT MEDIA: LEADERSHIP HYDRO: INCOME STREAM UP LIFESTYLE RETAIL: LEADERSHIP Hürriyet The most i
Slide 5: Strategic Partnerships
Strategic Partnerships Books Publishing - JV TV Channels - JV Broadcasting - Partnership Magazines - JV Technology Partnerhship Financial Partners
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% MAY 20, 2013 Share price TL1.12/US$0.61 Mcap (mn) TL2,744/US$1,486 52 wk US$1,676/US$888 High/Low Mcap (mn)
Slide 7: Financial Summary
Financial Summary Media’s share in total revenues was 78% in 1Q13. DOĞAN HOLDING CONSOLIDATED REVENUES (TL M) DOĞAN HOLDING CONSOLIDATED EBITDA (TL M) 3,157 315 2,861 315 342 258 342 284 187 187 223 326 326 2.499 780 2.319 1.687 723 223 65 91 82 94 589 612 55 64 2011 2012 1Q12 1Q13 2011 2012 1Q12 1Q
Slide 8: Balance Sheet - Summary
Balance Sheet - Summary CONSOLIDATED BALANCE SHEET SUMMARY in TL mn 03/31/2013 12/31/2012 Δ Current Assets 3,927 4,128 -5% Non Current Assets 3,522 3,661 -4% Total Assets 7,450 7,789 -4% Current Liabilities 1,792 2,139 -16% Non Current Liabilities 1,607 1,562 3% Minority Interest 894 907 -1% SHs Equ
Slide 9: Consolidated Income Statement - Summary
Consolidated Income Statement - Summary in TL mn 1Q13 1Q12 Δ YoY Sales 780 723 8% Gross Profit 198 177 12% Gross Margin 25.3% 24.4% 0.9 p.p. EBIT 5 5 -2% EBIT Margin 0.6% 0.7% -0.1 p.p. Other Income/(Expense),net -18 141 n.m. Share of Profit/(loss) on investments accounted by using the equity method
Slide 10: Agenda
1. Doğan Group in Brief AGENDA 2. Media 3. Energy 4. Other Investments
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 22% share Hurriyet reaches 6.8 mn people daily Around 2 mn circulation pa with 27 Magazines Market leader in magazine circulation with 37% share in 1Q13 Leading F
Slide 12: Media Group Structure
MEDIA Doğan Şirketler Grubu Holding A.S. “Dogan Holding” US$1,486 mn Mcap, 33% Free Float Doğan Yayın Holding US$921 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 – 1Q13 Highlights
MEDIA DYH – 1Q13 Highlights Consolidated revenues were up by 4%, with the support of digital platform revenues. Advertising revenues was up by 4%; mainly led by 9% TV ad revenue growth. Circulation revenues down by 3%, due to lower circulation. EBITDA wasTL58 mn, and EBITDA margin was 9%. Net other
Slide 14: Doğan Yayın Holding P&L Consolidated Results
MEDIA DOĞAN YAYIN HOLDİNG P&L Consolidated Results (TL mn) 1Q12 1Q13 YoY Consolidated Revenues 589 612 4% Advertising 282 293 4% Circulation 59 58 -3% Printing 21 21 4% Subscription 64 94 46% Other 163 146 -10% EBITDA* 58 58 0% EBITDA Margin 9.8% 9.4% Net Profit (Loss) 106 -28 n.m. DYH Consolidated
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) 1Q13-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
Slide 17: Broadcasting Segment
MEDIA Broadcasting Segment FTA CHANNELS Audience Share * Jan. 01 – Mar. 31, 2013 (%) Audience Share Total Day Kanal D maintains its leading position in Kanal D 11.8 total day* . ATV 10.9 Star TV 10.2 Fox 7.4 Show TV 6.0 Others 53.7 TNS started to disclose TV ratings in September 17, 2012 *Source: TN
Slide 18: Digital Platform
MEDIA Digital Platform D-Smart Statistics (in thousands) Attractive demographics and viewing trends Young population in Turkey and increasing number of households. Average daily TV viewing time above 4 hours in Turkey. 903 D-Smart will benefit from the attractive demographics and 872 viewing trends:
Slide 19: Broadcasting Revenues & EBITDA
MEDIA Broadcasting Revenues & EBITDA Subscription revenues up by 46% yoy. Total broadcasting revenues increased by 4% yoy, due to the rise in subscription revenues. Higher subscription revenues from D- Smart and Smile ADSL contributed positively to the broadcasting revenues. Broadcasting segment’s o
Slide 20: Broadcasting P&L Results
MEDIA BROADCASTING P&L Results (TL mn) 1Q12 1Q13 YoY Revenues 263 274 4% Advertising 138 151 9% Subscription 64 94 46% Other Revenues 61 30 -52% EBITDA* 36 31 -14% EBITDA Margin 14% 11% Net Profit (Loss) -12 -20 n.m. *As calculated by DYH; before intersegment eliminations DYH Broadcasting Revenues (
Slide 21: Media - Publishing
MEDIA - Publishing
Slide 22: Publishing Segment
MEDIA Publishing Segment NEWSPAPER CIRCULATION IN 1Q13 (000 COPIES DAILY) TOTAL MAGAZINE CIRCULATION IN 1Q13 (UNITS M & YOY GROWTH) -7.4% 429 Market DYH 465 5,111 1,107 5.0 185 8% 1.9 29 Market DYH Source: Basın - İlan Source: DPP & Dogan Burda Dergi Yay. • DYH includes Dogan Burda & Dogan Egmont Av
Slide 23: Publishing Revenues & EBITDA
MEDIA Publishing Revenues & EBITDA Total publishing revenues increased by 2% in 1Q13. Domestic ad revenues were up by 3%, slightly above the newspaper ad market growth of 2% yoy. Total circulation revenues came in at TL58 mn, slightly below 1Q12 levels. Printing revenues increased by 4%, while other
Slide 24: Publishing P&L Results
MEDIA PUBLISHING P&L Results (TL mn) 1Q12 1Q13 YoY Revenues 331 336 2% Advertising 148 148 0% Domestic 105 108 3% International 43 39 -8% Circulation 59 58 -3% Printing Revenues 21 21 4% Other Revenues 103 109 6% EBITDA* 24 26 8% EBITDA Margin 7% 8% Net Profit (Loss) 152 -6 n.m. *As calculated by DY
Slide 25: Advertising Market in Turkey
MEDIA Advertising Market in Turkey Turkish ad market growth was 14% in 1Q13. Growth in TV segment was 19% yoy, while internet registered 12% yoy growth. AD MARKET IN TURKEY AD MARKET BY SECTORS* (FY12 vs FY11) 1Q13 FY12 Sectors Share Δ Share Yoy TLmn YoY TLmn Share Yoy Food 9% -0.2 pp 5% TV 680 19%
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 1Q12 1Q13 Δ YoY Publishing 331 336 2% Advertising 148 148 0% Circulation 59 58 -3% Printing Revenues 21 21 4% Other Revenues 103 109 6% Distribution 44 52 18% Other 59 58 -2% Broadcasting 263 274 4% Advertising 138 151 9% Subscription 64 94 46% Other Revenues
Slide 28: DYH – AD Growth by Segment
MEDIA DYH – AD Growth by Segment TL mn 1Q12 1Q13 Δ YoY Publishing 147 146 -1% Hürriyet Grup excluding TME 85 87 2% TME 41 38 -7% Doğan Gazetecilik 20 22 7% Magazines 0 0 n.m. DMG International 2 1 -31% Other 0 0 n.m. Interseg. Elim. (-) -1 -2 n.m. Broadcasting 134 147 10% Doğan TV Radio 132 144 8% K
Slide 29: Agenda
1. Doğan Group in Brief 2. Media AGENDA 3. Energy 4. Other Investments
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 in 2H13. WIND: OPPORTUNITY KNOCKS • Two operational wind plants with 126 MW capacity acquired as of Jun 2012; currently 135 MW; capacities will r
Slide 31: Electricity Consumption
ENERGY Electricity Consumption (GWh) %12 239 %10 229 210 %8 190 198 194 175 %6 161 128 %4 %2 86 %0 57 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2010 36 -%2 25 -%4 1980 1985 1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 -%6 GDP growth Change in elec. cons. -%8
Slide 32: Installed Capacity and Consumption per Capita
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 2.424 3.4x BRASIL 2.384 60 900 53 50 45 750 42 Installed Capacity (GW) 37 39 41 40 32 36 600 GDP (billion $) 28 26 27 28 450 23 20 300 150 0 0 1998 1
Slide 33: Doğan Enerji – Energy Investments
ENERGY Doğan Enerji – Energy Investments Current Energy Investments 2 Boyabat 33% Hydro-Power Plant 3 1 Aslancık 33,3% 513 MW Hydro-Power Plant Galata 100% Wind-Power Plant 120 MW 105 MW 4 Akdeniz 100% Wind-Power Plant 42 MW 5 Erbil PSC Oil and Gas E&P Asset ~150 mn bbls 1 Acquired in 1H12-end; 93 M
Slide 34: Power Generation (Hydro) – Boyabat HEPP
ENERGY – Power Generation (Hydro) BOYABAT HEPP Installed Capacity: 513 MW Shareholders Share (%) Configuration: 3X171MW Doğan Holding %33 Fuel: Hydro Doğuş Holding %34 Type: Dam Unit Investment %33 Generation: 1.5 TWh Investment: 1,25 billion USD İstanbul Sinop Operational as of 2012-end Ankara
Slide 35: Power Generation (Hydro) – Aslancık HEPP
ENERGY – Power Generation (Hydro) ASLANCIK HEPP Installed Capacity: 120 MW Shareholders Share (%) Configuration: 2X60MW Doğan Holding %33 Fuel: Hydro Type: Dam Doğuş Holding %33 Generation: 418 GWh Anadolu Group %33 Investment: 240 Million USD İstanbul Giresun Expected COD: 2H13 Ankara
Slide 36: Power Generation (Wind)
ENERGY – Power Generation (Wind) GALATA WPP (Bandırma) Current Installed Capacity: 93 MW İstanbul Additional Capacity: 12 MW (by end of May13) License: 2008 Bandırma Generation: 362 GWh (with added capacity) Ankara Status: Operational Doğan Enerji acquired Akdeniz (Mersin) & Galata (Bandırma) Wind P
Slide 37: Oil and Gas Exploration & Production
ENERGY Oil and Gas Exploration&Production 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 development
Slide 38: Agenda
1. Doğan Group in Brief 2. Media 3. Energy AGENDA 4. Other Investments
Slide 39: Retail: D&R Music & Bookstores
RETAIL D&R Music & Bookstores (100% ownership) LIFESTYLE RETAIL: LEADERSHIP • # 1 player in the market • 126 stores in 26 cities in Turkey. • 2.4 Million people per month. • 800 Thousand traffic per month. • Product mix hedging against the advance of on-line shopping. • Books, music, movies, magazin
Slide 40: 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 126 stores in 26 cities. As of March 2013, D&R reached 126 stores and net store area of 48
Slide 41: 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 42: 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 43: Appendix / Disclaimer
APPENDIX / DISCLAMIER Doğan D 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 m
Slide 44: 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
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