Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Investor Presentation (April 2013)
43 slides from Dogan Sirketler Grubu Holding A.s's investor presentation, April 2013
Slide 1: Doğan Holding Investor Presentation – April 2013
DOĞAN HOLDING Investor Presentation – April 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 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 Mcap US$929 mn - (75.7% ownership) Doğan Enerji PRINT MEDIA: LEADERSHIP (100% ownership) Hürriyet The most influential daily. HYDRO: INCOME STREAM UP D&R Music & Bookstores Posta # 1 daily in sold circu
Slide 5: Strategic Partnerships
Strategic Partnerships Books Publishing - JV TV Channels - 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 AND SHARE PRICE DOGAN HOLDING STOCK PERFORMANCE Free-float Volume (TL) Close 32.8 1.2 160 Adilbey Holding 140 1 52.7 120 0.8 100 Doğan Family 14.5 0.6 80 60 0.4 40 APRIL 10, 2013 0.2 20 Share price TL1.08/US$0.60 0 0 Mcap
Slide 7: Financial Summary
Financial Summary Media’s share in total revenues was 79% in 2012 DOĞAN HOLDING CONSOLIDATED REVENUES (TL M) DOĞAN HOLDING CONSOLIDATED EBITDA (TL M) 3.157 2.861 315 2.519 258 342 234 284 187 223 326 2.285 2.319 2.499 2010 2011 2012 2010 2011 2012 Media Retail Other 7
Slide 8: Balance Sheet - Summary
Balance Sheet - Summary CONSOLIDATED BALANCE SHEET SUMMARY in TL mn 12/31/2012 12/31/2011 Δ Current Assets 4.193 4,990 -16% Non Current Assets 4,475 3,699 21% Total Assets 8,669 8,688 -0.2% Current Liabilities 2,415 2,027 19% Non Current Liabilities 2,163 2,769 -22% Minority Interest 909 822 11% SHs
Slide 9: Consolidated Income Statement - Summary
Consolidated Income Statement - Summary in TL mn 4Q12 4Q11 Δ YoY FY12 FY11 Δ YoY Sales 859 787 9% 3,157 2,861 10% Gross Profit 271 199 36% 945 800 18% Gross Margin 31.5% 25.3% 6.2 p.p. 29.9% 28.0% 2.0 p.p. EBIT 39 -50 -179% 124 24 411% EBIT Margin 4.6% -6.3% 10.9 p.p. 3.9% 0.9% 3.1 p.p. Other Income
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 23% share Hurriyet reaches 6.8 mn people daily Around 7 mn circulation pa with 27 Magazines Market leader in magazine circulation with 34% share Leading FTA chann
Slide 12: Media structure and revenue breakdown
MEDIA Doğan Şirketler Grubu Holding A.S. “Dogan Holding” US$1,481 mn Mcap, 33% Free Float Doğan Yayın Holding US$929 mn Mcap, 22% Free Float Publishing Broadcasting Other Newspaper Magazine&Book Printing &Distribution Doğan TV Holding International Non-Media Products Distribution Publishing Publishi
Slide 13: DYH - FY12 Highlights
MEDIA DYH - FY12 Highlights Consolidated revenues were up by 8%, with the support of subscription & other revenues. Advertising revenues was down by 2%; while digital platform revenues were strong in FY12 Circulation revenues increased by 1%, owing to higher cover prices. EBITDA reached TL324 mn, up
Slide 14: DYH P&L Consolidated Results
MEDIA DOĞAN YAYIN HOLDİNG P&L Consolidated Results (TL mn) FY11 FY12 YoY Consolidated Revenues 2.338 2.526 8% Advertising 1.317 1.291 -2% Circulation 265 269 1% Printing 72 80 11% Subscription 183 304 66% Other 500 582 16% EBITDA* 251 324 29% EBITDA Margin 11% 13% Net Profit (Loss) -1.194 197 n.m. *
Slide 15: The Impact of Recent Disposals
MEDIA The impact of Recent Disposals Cash Inflow From Cash Inflow Asset Disposals Market Share Impact Margin improvement Asset Sales (remaining (FY11) 2012-end payments) (incl. interest) PUBLISHING Pre-Disposal: DYH Circulation Share: 29.8% DYH Audience Share*: 27.3% 3-4% EBITDA Hürriyet Asset Sale*
Slide 16: Media - Broadcasting
MEDIA - Broadcasting 16
Slide 17: Broadcasting Segment
MEDIA Broadcasting Segment FTA CHANNELS Audience Share * Sept 17 - Dec 31, 2012 (%) Audience Share Total Day Kanal D maintains its Kanal D 11.7 leading position in total day*. ATV 11.0 Star TV 9.4 Fox 7.8 Show TV 5.9 Others 54.3 TNS started to disclose TV ratings in September 17, 2012. *Source: Sour
Slide 18: Digital platform
MEDIA Digital platform D-Smart Statistics (in thousands) D-Smart Subscribers D-Smart Net Subscribers Attractive demographics and viewing trends Young population in Turkey and increasing number of households. Average daily TV viewing time above 4 hours in Turkey. 872 D-Smart will benefit from the att
Slide 19: Broadcasting Revenues & EBITDA
MEDIA Broadcasting Revenues & EBITDA Subscription revenues up by 66% yoy. Total broadcasting revenues increased by 17% yoy, due to the rise in subscription and other revenues. Higher subscription revenues from D-Smart and Smile ADSL also contributed positively to the broadcasting revenues. Broadcast
Slide 20: Broadcasting P&L Results
MEDIA BROADCASTING P&L Results (TL mn) FY11 FY12 YoY Revenues 934 1.090 17% Advertising 633 619 -2% Subscription 183 304 66% Other Revenues 119 168 42% EBITDA* 142 189 33% EBITDA Margin 15% 17% Net Profit (Loss) -1.060 104 n.m. *As calculated by DYH; before intersegment eliminations DYH Broadcasting
Slide 21: Media - Publishing
MEDIA - Publishing 21
Slide 22: Publishing Segment
MEDIA Publishing Segment NEWSPAPER CIRCULATION IN FY12* (000 COPIES DAILY) TOTAL MAGAZINE CIRCULATION IN FY12 (UNITS M & YOY GROWTH) Source: Basın - İlan Source: DPP & Dogan Burda Dergi Yay. • DYH includes Dogan Burda & Dogan Egmont 411 -6% Market DYH 453 4.743 1.087 20 192 -1% 31 7 FY12 Market DYH
Slide 23: Publishing P&L Results
MEDIA PUBLISHING P&L Results (TL mn) FY11 FY12 YoY Revenues 1,415 1,456 3% Advertising 707 693 -2% Domestic 507 503 -1% İnternational 200 190 -5% Circulation 265 269 1% Printing Revenues 72 80 11% Other Revenues 371 415 12% EBITDA* 131 147 12% EBITDA Margin 9% 10% Net Profit (Loss) -231 173 n.m. *As
Slide 24: Advertising Market in Turkey
MEDIA Advertising Market in Turkey Turkish ad market growth was 7% in FY12. Internet had the highest yoy growth with 24%, while growth in TV segment was 7%. Telecom and real estate sectors ad spent were down yoy by 18% and 8%, respectively, whereas finance was up by 31%. AD MARKET IN TURKEY AD MARKE
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 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 26: DYH - Revenues By Segments
MEDIA DYH - Revenues By Segments* TL mn 4Q11 4Q12 Δ YoY FY11 FY12 Δ YoY Publishing 390 393 1% 1,415 1,456 3% Advertising 198 179 -10% 707 693 -2% Circulation 65 66 2% 265 269 1% Printing Revenues 21 23 8% 72 80 11% Other Revenues 107 126 18% 371 415 12% Distribution 41 62 49% 156 191 23% Other 65 64
Slide 27: DYH - Ad Growth by Segment
MEDIA DYH - Ad Growth by Segment TL mn 4Q11 4Q12 Δ YoY FY11 FY12 Δ YoY Publishing 198 176 -11% 699 686 -2% Hürriyet Grup excluding TME 112 104 -7% 387 381 -2% TME 51 39 -24% 189 181 -4% Doğan Gazetecilik 24 26 7% 93 95 2% Magazines 8 8 6% 27 28 3% DMG International 3 2 -40% 11 8 -24% Other 2 0 -100
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 will be completed in 2H13. WIND: OPPORTUNITY KNOCKS • Two operational wind plants with 126 MW capacity acquired as of Jun 2012; capacities will reach 147 MW in 1H1
Slide 30: Electricity Consumption
ENERGY Electricity Consumption (GWh) %12 %10 3% R 7. 239 AG 229 %8 C 210 190 198 194 %6 175 161 %4 128 %2 86 %0 57 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 -%2 36 25 -%4 -%6 1980 1985 1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 -%8 GDP growth Change in elec. c
Slide 31: Electricity Consumption per Capita and Installed Capacity
ENERGY Electricity Consumption per Capita - 2012 (Kw/hour) USA 13.361 OECD 8.315 GERMANY 7.217 60 900 SPAIN 6.155 53 50 GREECE 5.245 750 45 Installed Capacity (GW) CHINA 2.942 41 41 42 39 GDP (billion $) WORLD 2.892 40 36 37 600 TURKEY 2.424 32 3.4x 27 28 BRASIL 2.384 26 450 23 20 300 150 0 0 1998 1
Slide 32: Doğan Enerji - Energy Investments
ENERGY Doğan Enerji - Energy Investments Current Energy Investments 2 Boyabat 33% 3 1 Hydro-Power Plant Aslancık 33,3% Galata 100% 513MW Hydro-Power Plant Wind-Power Plant 120MW 93MW 4 Akdeniz 100% Wind-Power Plant 42MW 5 Erbil PSC Oil and Gas E&P Asset Acquired in 1H12-end 105 MW capacity by 1H13 1
Slide 33: Power Generation (Hydro) - Boyabat HEPP
ENERGY Power Generation (Hydro) BOYABAT HEPP Installed Capacity: 513 MW Shareholders Share (%) Configuration: 3X171MW Doğan Holding %33 Fuel: Hydro 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 Shareholders Share (%) Configuration: 2X60MW Doğan Holding %33 Fuel: Hydro Type: Dam Doğuş Holding %33 Generation: 418 GWh Anadolu Group %33 Investment: 240 Million USD Expected COD: 3Q13 İstanbul Giresun Ankara 34
Slide 35: Power Generation (Wind)
ENERGY Power Generation (Wind) GALATA WPP (Bandırma) Current Installed Capacity: 93 MW İstanbul Additional Capacity: 12 MW (by 1H13) Bandırma License: 2008 Ankara Generation: 362 GWh (with added capacity) Status: Operational Doğan Enerji acquired Akdeniz (Mersin) & Galata (Bandırma) Wind Power Plant
Slide 36: Oil and Gas Exploration and Production
ENERGY Oil and Gas Exploration and 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 develop
Slide 37: Agenda
1. Doğan Group in Brief 2. Media 3. Energy AGENDA 4. Other Investments 37
Slide 38: D&R Music & Bookstores
D&R Music & Bookstores (100% ownership) LIFESTYLE RETAIL: LEADERSHIP • # 1 player in the market • 125 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, magazines and
Slide 39: Retail: D&R
RETAIL D&R * D&R, celebrating its 16th anniversary this year, offers books, music, movies, magazines and games, as well as D&R STORES hobby, multimedia and electronic products, accessories and stationery at its 125 stores in 26 cities. As of Dec 2012, D&R reached 125 stores and net store area of 48,
Slide 40: Industry: Çelik Halat and Ditaş Doğan
INDUSTRY ÇELİK HALAT DİTAŞ DOĞAN Steel Ropes, industrial high carbon galvanized wires, finishing Rods and parts to the vehicle manufacturers (OEM) galvanized wires, industrial spring wires, bed wires and pre- and spare parts (IAM) stressed wires and strands manufacturer Suppliers of 42 companies in
Slide 41: 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 Land status is rented from the Number of rooms 292 stat
Slide 42: Appendix / Disclaimer
APPENDIX / DISCLAIMER Doğan Şirketler Grubu Holding A.Ş. Investors and prospective investors in Doğan Holding and its Subsidiaries and (“Doğan Holding”) has prepared this book securities of any issuer mentioned herein Joint Ventures (Doğan Holding) registered (the “Book”) for the sole purpose of pro
Slide 43: 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 43
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