Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Investor Presentation (March 2014)
44 slides from Dogan Sirketler Grubu Holding A.s's investor presentation, March 2014
Slide 1: Doğan Holding Investor Presentation – March 2014
DOĞAN HOLDING Investor Presentation – March 2014 1
Slide 2: Company Name, Establishment and Listing 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 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$554 mn* - (80.0% 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 Financial Partners Magazines - JV 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% Mar 07, 2014 Share price TL0.70/US$0.32 Mcap (mn) TL1,715/US$783 52 wk US$1,674/US$740 High/Low Mcap (mn) 6
Slide 7: Financial Summary
Financial Summary Media’s share in total revenues was 75% in 2013. DOĞAN HOLDING CONSOLIDATED REVENUES (TL M) DOĞAN HOLDING CONSOLIDATED EBITDA (TL M) 342 3,301 3,067 187 223 326 2,861 7
Slide 8: Balance Sheet - Summary
Balance Sheet - Summary CONSOLIDATED BALANCE SHEET SUMMARY in TL mn 12/31/2013 12/31/2012 ∆ Current Assets 3,978 4,120 -3% Non Current Assets 3,610 3,664 -1% Total Assets 7,588 7,785 -3% Current Liabilities 2,024 2,138 -5% Non Current Liabilities 1,563 1,562 0% Minority Interest 750 904 -17% SHs Equ
Slide 9: Consolidated Income Statement - Summary
Consolidated Income Statement - Summary in TL mn 2013 2012 ∆ YoY Sales 3,301 3,067 8% Gross Profit 847 893 -5% Gross Margin 25.7% 29.1% -3.5 p.p. General Administrative Expenses -372 -379 -2% Marketing Expenses -461 -390 18% Other Operating Income/(Expense),net 393 98 302% Share of Profit/(Loss) on
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 6.9 mn people daily Around 7 mn circulation pa with 30 Magazines Market leader in magazine circulation with 37% share in 2013 Leading F
Slide 12: Media group structure and revenue breakdown
MEDIA Doğan Şirketler Grubu Holding A.S. “Dogan Holding” US$783 mn Mcap, 33% Free Float Doğan Yayın Holding US$554 mn Mcap, 18% Free Float Publishing Broadcasting Other Newspaper Magazine&Book Publishing Dogan TV Holding Non Media Products Distribution Publishing Publishing &Distribution *Dogan Burd
Slide 13: DYH – 2013 Highlights
MEDIA DYH – 2013 Highlights Consolidated revenues were up by 3%, with the support of digital platform revenues. Ad revenues remained intact. Digital platform subscription revenues were strong with 32% yoy growth. EBITDA was TL212 mn, and EBITDA margin was 8.4%. Net Income from Investment activities
Slide 14: DYH P&L Consolidated Results
MEDIA DOĞAN YAYIN HOLDİNG P&L Consolidated Results (TL mn) FY12 FY13 YoY Consolidated Revenues 2,460 2,524 3% Advertising 1,245 1,254 1% Circulation 233 222 -5% Printing 80 92 15% Subscription 304 401 32% Other 599 556 -7% EBITDA* 316 212 -33% EBITDA Margin 13% 8% Net Profit (Loss) 197 -188 n.m. * A
Slide 15: Media - Broadcasting
MEDIA - Broadcasting 15
Slide 16: Broadcasting Segment
MEDIA Broadcasting Segment FTA CHANNELS Audience Share * Jan. 01 – Dec. 31, 2013 (%) Audience Share Total Day Kanal D maintains its leading position in Kanal D 10.2 Total Day* ATV 10.0 Star TV 9.9 Fox 8.1 Show TV 6.0 Others 55.8 TNS started to disclose TV ratings in September 17, 2012 *Source: TNS (
Slide 17: 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: 1.033 4
Slide 18: Broadcasting Revenues & EBITDA
MEDIA Broadcasting Revenues & EBITDA Subscription revenues up by 32% yoy. Total broadcasting revenues increased by 6% yoy, due to the rise in subscription revenues. Ad revenues remained intact with the previous year figure. Positive impact on revenues from D- Smart: 19% yoy increase in D-Smart’s num
Slide 19: Broadcasting P&L Results
MEDIA BROADCASTING P&L Results (TL mn) FY12 FY13 YoY Revenues 1,090 1,152 6% Advertising 619 619 0% Subscription 304 401 32% Other Revenues 168 131 -22% EBITDA* 189 108 -43% EBITDA Margin 17% 9% Net Profit (Loss) 104 -164 n.m. *As calculated by DYH; before intersegment eliminations DYH Broadcasting
Slide 20: Media - Publishing
MEDIA - Publishing 20
Slide 21: Publishing Segment
MEDIA Publishing Segment NEWSPAPER CIRCULATION IN FY13 (000 COPIES DAILY) TOTAL MAGAZINE CIRCULATION IN FY13 (UNITS M & YOY GROWTH) -9% 403 Market DYH 437 5,088 1,059 18.5 190 -3% 6.8 29 Market DYH Source: Basın - İlan Source: DPP & Dogan Burda Dergi Yay. • DYH includes Dogan Burda & Dogan Egmont Av
Slide 22: Publishing Revenues & EBITDA
MEDIA Publishing Revenues & EBITDA Weak TL in 2H13 and lower revenues from TME had negative impact on margins. Total ad revenues remained intact with the levels attained in FY12. Domestic ad revenues were up by 4%, with the contribution of MedyaNet acquisition. Total circulation revenues came in at
Slide 23: Publishing P&L Results
MEDIA PUBLISHING P&L Results (TL mn) FY12 FY13 YoY Revenues 1,391 1,369 -2% Advertising 647 651 1% Domestic 475 493 4% International 172 158 -8% Circulation 233 222 -5% Printing Revenues 80 92 15% Other Revenues 431 404 -6% EBITDA* 139 101 -28% EBITDA Margin 10% 7% Net Profit (Loss) 176 -28 n.m. *As
Slide 24: Advertising Market in Turkey
MEDIA Advertising Market in Turkey Turkish ad market growth was 12% in FY13. Based on estimated figures, TV had 20% growth, while internet registered 13% yoy growth. TV’s share in total ad spend was 54% and internet took 15%. AD MARKET IN TURKEY AD MARKET BY SECTORS (FY13 vs FY12) Sectors Share ∆ Sh
Slide 25: 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 2013) and DYH Ad Platform 25
Slide 26: DYH - Revenues By Segments
MEDIA DYH - Revenues By Segments* TL mn 4Q12 4Q13 ∆ YoY FY12 FY13 ∆ YoY Publishing 356 329 -8% 1,391 1,369 -2% Advertising 162 158 -2% 647 651 1% Circulation 57 50 -12% 233 222 -5% Printing Revenues 19 23 21% 80 92 15% Other Revenues 119 97 -18% 431 404 -6% Broadcasting 287 311 9% 1090 1152 6% Adver
Slide 27: DYH – Ad Growth by Segment
MEDIA DYH – AD Growth by Segment TL mn 4Q12 4Q13 ∆ YoY 2012 2013 ∆ YoY Publishing 160 157 -2% 640 644 1% Hürriyet Grup excluding TME 103 96 -8% 380 369 -3% TME 31 28 -8% 163 152 -7% Doğan Gazetecilik 26 26 -1% 95 98 3% DMG International 2 1 -57% 8 6 -30% Other 0 8 n.m. 0 26 n.m. Interseg. Elim. (-)
Slide 28: Agenda
1. Doğan Group in Brief 2. Media AGENDA 3. Energy 4. Other Investments 28
Slide 29: Energy – Doğan Enerji
ENERGY Doğan Enerji (100% ownership) HYDRO: INCOME STREAM UP • Boyabat HEPP-513MW, full production at 2012-end. • Aslancık HEPP - 120 MW, full production expected in 3Q14 WIND: OPPORTUNITY KNOCKS • Two operational wind plants with 126 MW capacity acquired as of Jun 2012; capacities reached 147 MW at
Slide 30: Energy – Electricity Consumption
ENERGY Electricity Consumption (GWh) 242 230 210 198 194 190 175 161 128 86 57 36 25 1980 1985 1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 30
Slide 31: Energy – Per Capita Consumption 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% 31
Slide 32: Doğan Enerji – Current 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 33: 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 33
Slide 34: 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: 3Q14 İstanbul Giresun Ankara 34
Slide 35: 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 Status: Operational Doğan Enerji acquired Akdeniz (Mersin) & Galata (Bandırma) Wind Power Plants as of
Slide 36: 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 37: 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 38: Agenda
1. Doğan Group in Brief 2. Media 3. Energy AGENDA 4. Other Investments 38
Slide 39: Retail – D&R Music & Bookstores
RETAIL D&R Music & Bookstores (100% ownership) LIFESTYLE RETAIL: LEADERSHIP • # 1 player in the market • 141 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 40: 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 141 stores in 25 cities. As of December 2013, D&R reached 141 stores and net store area of
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 Bodrum Işıl Club Located in Torba on 35.000 sqm land International Marina granted with Gold Award by U.K. Yacht Number of rooms 292 Harbour Association Land status is rented from the state up untill 2046 Shopping mall,Yacht Club, H
Slide 43: 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 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 44
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