Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Doğan Holding — Investor Day (December 2022)
32 slides from Dogan Sirketler Grubu Holding A.s's investor day presentation, December 2022
Slide 1: Doğan Holding Investor Day Presentation
Doğan Holding Investor Day Presentation December 2022
Slide 2: Agenda
Agenda 1 Recent 2 3 Financial 2022 Net Asset Summary Summary Value 4 5 6 Strategy ESG Appendix
Slide 3: Recent Financial Summary
1 Recent Financial Summary
Slide 4: 2019-2022 Financial Performance
2019-2022 Financial Performance mn TL 30,348 Revenue %11* 16,586 12,146 13,254 • Higher revenue generation of strategic businesses 10,625 11,020 • Positive contribution of acquisitions 2018 2019 2020 2021 9M21 9A21 9M22 9A22 2,961 mn TL %59* EBITDA 1,715 902 896 • Higher share of industrial and auto
Slide 5: 2019-2022 Financial Performance: Net Cash and Dividends
2019-2022 Financial Performance mn TL Solo Net Cash Position Strong Net Cash Position • Net Cash Position, 9M22: USD447 million 8,084 8,277 • Proactive M&A strategy for efficient use of cash 3,435 3,350 3,876 2018 2019 2020 9M21 2021 9M22 9A22 ~425 mn TL 385 Increasing Dividend Income 219 • Higher n
Slide 6: Highlighted Strategic Actions
Highlighted Strategic Actions 2020 2021 2022 Karel Elektronik • TL843 mn, %40% share Acquisition Sesa Ambalaj Profil Grubu Daiichi • EUR57.8 mn, 70% share • EUR2.9 mn, 70% share Maksipak • EUR7.9 mn, 70% share Establishment Doğan Yatırım Bankası Hepiyi Sigorta Doğan Trend Otomotiv IPO Galata Wind •
Slide 7: 2022 Summary
2 2022 Summary
Slide 8: 2022 Financial Performance
2022 Financial Performance 30,348 mn TL 175% Revenue 11,020 • Strong growth in electricity generation and oil products retailing • Higher scale of automotive segment • Inorganic growth from acquisitions 9A21 9M21 9M22 9A22 mn TL 2,961 230% EBITDA 896 • Strong profitability in electricity generation,
Slide 9: 2022 Strategic Actions
2022 Strategic Actions 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter • Maksipak acquisiton • Karel, Daiichi • Galata Wind capacity • Çelik Halat sale acquisition increases • Advance dividend • Hepiyi Insurance • Alapınar RES payment became operational acquisition • Milpa land sale 9
Slide 10: 2022 Targets and Realizations
2022 Targets and Realizations • Revenue, EBITDA, Net Income growth in FX terms Financial Performance • Protect/Increase net cash • Balanced EBITDA distribution • Acquisition, greenfield investments • Exit, IPO Strategy, • Simpler portfolio structure Value Creation • Higher dividend income • Lower NA
Slide 11: Net Asset Value
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Slide 12: Net Asset Value (NAV)
Net Asset Value (NAV) Net Cash Electricity Generation Total NAV: USD2.1 billion 22% Listed companies share: 37% 25% Unlisted companies share: 32% Land and Real Estate Portfolio: 10% Net Cash: 22% Real Estate 5% 14% Investements NAV Discount: 38% Oil Poroducts NAV is as of December 13, 2022. Figures
Slide 13: Net Asset Value (NAV) and Discount
Net Asset Value (NAV) Valuation (mn DOHOL Stake DOHOL Stake Share US$) (mn USD) (mn TL) Listed Companies 760 14,155 Galata Wind 73.05% 698 510 9,501 DOHOL NAV Discount Ditas 68.24% 66 45 842 Karel Elektronik 40.00% 445 178 3,312 Dogan Burda 39.71% 68 27 499 0% Unlisted Companies * 651 12,120 Land Po
Slide 14: Real Estate Portfolio
Real Estate Portfolio Doğan Holding Land and Real Estate Valuatio mn TL Valuation Company Location 2021 9A22 D Yapı Romania Bucharest, Romania 271 334 Doğan Holding Gümüşsuyu, İstanbul, TR 76 76 Kandilli Gayrimenkul Tepeüstü, İstanbul, TR 135 351 M Investment New York, USA 226 478 D Gayrimenkul Şişl
Slide 15: Strategy
4 3 Net Aktif Strategy Değer
Slide 16: Doğan Holding at a Glance
Doğan Holding at a Glance Gas Electricity Industry & Finance & Internet & Real Estate Retailing Production Trade Automotive Investment Entertainment Investment • 7th largest distributor • Prominent wind and • MG and Suzuki • Rot production • TL1 billion Asset Size with high storage solar energy Türk
Slide 17: Macro Trends
Macro Trends Demographics, Social Environment Technology • Aging population • Increasing Awareness • Focus on data • Urbanization • Clean energy • Digitalization • Changing consumer behavior • Energy safety • Tech-savy population in • Higher importance of health • Electric vehicles and mobility Türk
Slide 18: Strategic Segments
Strategic Segments Renewable Energy Industry ● Galatawind 2025 capacity target: 550 ● Value added, high-tech production MW ● Focus on changing consumer habits ● Organic, inorganic growth Active Portfolio Management Higher NAV Regular Dividend Payments Automotive Finance, Technology ● Vertical integr
Slide 19: Portfolio Structure
Portfolio Structure Reasonable Growth Fast-Growth Businesses Digital Businesses Bond-like Businesses Businesses • Sesa Ambalaj • Hepiyi Sigorta • Galata Wind • Doğan Trend Otomotiv • Karel Elektronik • Hepsiemlak • D Gayrimenkul • Doğan Yatırım Bankası • Milta Bodrum Marina • Doruk Faktoring • Doğan
Slide 20: Medium and Long Term Road Map
Medium and Long Term Road Map 2023 2025 2027 NAV: USD2.2 bn NAV: USD3.1 bn NAV: USD4.0 bn • Entry into at least • 1-2 IPO 1 sector • Strategic segment • Strategic segment NAV share: ~80% • Strategic segment NAV share: ~70% NAV share: ~60% Simpler portfolio structure Higher share of listed companies
Slide 21: ESG
5 ESG
Slide 22: Sustainability Targets
Sustainability Responsible Investment Holding and 20230 Targets Holding Targets • Reaching leading level in ESG assesments (MSCI etc.) until 2025 • Increasing ESG funds ownership to 10% until 2025 Investment Investment Fields Investment Value into into Planet into Future Inclusive Society • Become c
Slide 23: Sustainability Management
Sustainability Management • Sustainability is managed at the Board level • Sustainability Committee defines and realizes sustainability on behalf Board of Directors of the Board • Sustainability Sub Work Groups under Doğan Impact Team operates to reach related goals in three value fields. Sustainabi
Slide 24: Corporate Governance
Corporate Governance Structure of Board of Directors Board of Directors • Board of Directors consists of 11 members. • Dogan Family represented with 4 members. Early • 3 independent board members Head of Audit Detection of & Risk Executive Risk Management Committee Committee Structure of Executive C
Slide 25: Appendix
6 Appendix
Slide 26: Appendix: Doğan Holding History
Appendix: Doğan Holding History 1959 1970 1980 1990 2000 2010 2018 2020 Kanal D and Entry into media Foundation of Hurriyet P. Ofisi and Star G. Wind, Aytemiz Media Assets Active Portfolio Doğan Holding Acquisition TV Acquisition Acquisition Sale Management 2010 Petrol Ofisi 2018 Hürriyet 2020 Sesa
Slide 27: Appendix: Financial Results
Appendix: Financial Results TL million 3Q21 3Q22 Δ 9M21 9M22 Δ TL million 2021 9M22 Δ Sales 4,665 13,074 180% 11,182 30,845 176% Current Assets 15,514 28,605 84% Cost of Goods Sold -4,114 -11,745 185% -9,838 -26,918 174% Non-Current Assets 6,781 10,119 49% Gross Profit 551 1,329 141% 1,344 3,927 192
Slide 28: Appendix: Revenue Breakdown
Appendix: Revenue Breakdown TL million 3Q21 3Q22 Δ 9M21 9M22 Δ Petroleum Products Retail 3,233 8,987 178% 7,498 21,416 186% Fuel sales 2,645 7,694 191% 6,267 18,210 191% LPG sales 546 1,200 120% 1,122 3,008 168% Other 41 92 124% 109 198 82% Electricity Generation 151 345 129% 331 863 161% Electricit
Slide 29: Appendix: Financial Results by Segments
Appendix: Financial Results by Segments TL million 3Q21 3Q22 Δ 9M21 9M22 Δ TL million 3Ç21 0 3Ç22 0 Δ yoy 0 9A21 0 9A22 0 Δ yoy 0 Revenue 4,665 13,074 180% 11,182 30,845 176% EBIT 8,785 25,384 189% 20,861 59,217 184% Petroleum Products Retail 3,241 9,013 178% 7,511 21,457 186% Petroleum Products Ret
Slide 30: Appendix: Net Cash / (Debt) Breakdown
Appendix: Net Cash / (Debt) Breakdown 30
Slide 31: Appendix: Segment Breakdown by Major Companies
Appendix: Segment Breakdown by Major Companies Petroleum Products Automotive Trade & Internet & Real Estate Electricity Generation Industry & Trade Financing & Investing Retailing Marketing Entertainment Investments Revenue 8,987 345 2,426 682 205 288 141 Revenue Shr. 69% 3% 19% 5% 2% 2% 1% EBITDA 2
Slide 32: Disclaimer
Disclaimer This presentation contains information and analysis on financial statements as well as forwardlooking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the information and analysis are correct and expectation