Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Q1 2023 Earnings Presentation
25 slides from Dogan Sirketler Grubu Holding A.s's earnings presentation, May 10, 2023
Slide 1: Doğan Holding 1Q23 Earnings Presentation
Doğan Holding 1Q23 Earnings Presentation May 10, 2023
Slide 2: 1Q23 Highlights
1Q23 Highlights Strong Revenue Growth • Strong revenue performance in Automotive and Finance segments • Moderate growth in other segments High Net Cash Position and Solid Balance Sheet • USD502 million solo net cash • Minimal FX risk at group companies Continuing Strategic Actions • Aytemiz sale com
Slide 3: 1Q23 – Financial Results
1Q23 – Financial Results TL million 1Q22 1Q23 Δ TL million 2022 1Q23 Δ Sales 2,298 6,551 185% Current Assets 30,042 33,078 10% Cost of Goods Sold -1,529 -5,045 230% Non-Current Assets 12,189 11,384 -7% Gross Profit 769 1,506 96% Total Assets 42,232 44,462 5% Gross Margin 33.5% 23.0% -10.5 pp Current
Slide 4: 1Q23 Major Development – Sale of Aytemiz
1Q23 Major Development – Sale of Aytemiz Doğan Holding Rationale for disposal 50% • Non-core asset USD336mn • Portfolio optimization Aytemiz Family • Additional cash for potential value-add acquisitions 50% Details of the sale Our post-sale Strategy • Aytemiz 50% stake sold for USD168mn. • ~USD168mn
Slide 5: 1Q23 Major Development – Financial impact of Aytemiz sale
1Q23 Major Development – Financial impact of Aytemiz sale Aytemiz 2022 Financial Impact TL million incl. Aytemiz excl. Aytemiz Δ Share in revenues %65 Revenue 45,872 16,193 -65% Gross Profit 5,590 4,259 -24% Share in EBITDA %23 EBITDA 4,061 3,124 -23% PBT 6,928 6,338 -9% Share in PBT %9 Gross Profit
Slide 6: 1Q23 Highlights
1Q23 Highlights Revenue EBITDA Net Income (TL mn) 6,551 %185 1,023 %79 983 %36 632 571 2,298 1Q22 1Q23 1Q22 1Q23 1Q22 1Q23 • Inorganic growth from Karel acquisition • Strong contribution from Automotive and • Lower FX gain (-) • Continuation of growth in automotive, Finance & Investment segments (+)
Slide 7: Share Buyback /Dividend Inflow and Payments
Share Buyback /Dividend Inflow and Payments Share Buyback Program Dividend Inflow Dividend Payments • Share Buyback Program was updated at • Consistent dividend inflow from group • Dividend Policy: targets to distribute >5% the General Assembly. companies. of paid-in capital. • Program size: TL300 m
Slide 8: Electricity Generation Segment
Electricity Generation Segment Electricity Generation Segment Summary Financials 1Q23 Overview TL million 1Q22 1Q23 Δ • Electricity production contracted by 5.3% in 2M23 Revenue 290 337 16% Gross Profit 246 262 7% • Falling trend in coal and natural gas prices led to continued EBITDA 254 268 5% decl
Slide 9: Electricity Generation Segment – Galata Wind
Electricity Generation Segment – Galata Wind Galata Wind Summary Financials 1Q23 Overview TL million 1Q22 1Q23 Δ • Revenue grew by a moderate 16% on lower production. Revenue 290 337 16% Gross Profit 247 263 6% • Margin contraction due to rising costs, especially distribution EBITDA 257 268 4% and t
Slide 10: Electricity Generation Segment – Boyabat & Aslancık HPP
Electricity Generation Segment – Boyabat & Aslancık HPP Boyabat & Aslancık HPP Summary Financials* 1Q23 Overview Boyabat HPP Summary Financials • In 1Q23, Boyabat HPP generated 113 GWh electricity, TL million 1Q22 1Q23 Δ indicating a decline of 37% Revenue 328 1.172 258% • In the same period, Aslanc
Slide 11: Industry & Trade Segment
Industry & Trade Segment Industry & Trade Segment Summary Financials 1Q23 Overview TL million 1Q22 1Q23 Δ • Strong TRY, rising costs significantly impacted the cost base. Revenue 1,257 2,763 120% Gross Profit 271 431 59% • In addition, the February 6 earthquake had a one-time impact on EBITDA 195 28
Slide 12: Industry & Trade Segment – Ditaş
Industry & Trade Segment – Ditaş Ditaş Summary Financials 1Q23 Overview TL million 1Q22 1Q23 Δ • Increased automotive production drove the top-line growth. Revenue 158 246 56% Gross Profit 34 14 -60% • Rising production costs (especially energy and personnel) and EBITDA 19 -10 n.m. strong TRY put pr
Slide 13: Industry & Trade Segment – Sesa Ambalaj
Industry & Trade Segment – Sesa Ambalaj Sesa Ambalaj Summary Financials 1Q23 Overview TL million 1Q21 1Q23 Δ • Strong export demand and price adjustments led to robust Revenue 323 491 52% Gross Profit 96 134 40% revenue growth EBITDA 59 77 30% • Elevated costs (energy and personnel) and strong TRY h
Slide 14: Industry & Trade Segment – Karel Elektronik
Industry & Trade Segment – Karel Elektronik Karel Elektronik Summary Financials 1Q23 Overview TL million 1Q22 1Q23 Δ • Inorganic contribution and new businesses led to a 163% top-line Revenue 552 1,455 163% growth. Gross Profit 160 249 55% EBITDA 137 183 33% • Margin pressure due to delayed revenues
Slide 15: Automotive Segment – Dogan Trend Otomotiv
Automotive Segment – Dogan Trend Otomotiv Automotive Segment Summary Financials 1Q23 Overview TL million 1Q22 1Q23 Δ • Better product availability and rising demand led to strong triple- Revenue 390 1,701 337% digit top-line growth of 312% YoY. Gross Profit 109 421 286% EBITDA 93 302 223% • Suzuki a
Slide 16: Finance & Investment Segment
Finance & Investment Segment Finance & Investment Segment Summary Financials 1Q23 Overview TL million 1Q22 1Q23 Δ • Doğan Investment Bank (DIB)’s asset size increased to TL1.3 Revenue 116 1,315 1031% billion. Gross Profit 57 280 390% EBITDA -4 110 n.m. • Hepiyi Sigorta’s strong top-line growth provi
Slide 17: Internet & Entertainment Segment
Internet & Entertainment Segment Internet & Entertainment Segment Summary Financials 1Q23 Overview TL million 1Q22 1Q23 Δ • Revenues grew by 66% to TL331 million in 1Q23. Revenue 199 331 66% Gross Profit 91 155 71% • The largest contributor was Kanal D Romania, which has Euro EBITDA 22 72 231% based
Slide 18: Real Estate Investments Segment
Real Estate Investments Segment Real Estate Investments Segment Summary Financials 1Q23 Overview TL million 1Q22 1Q23 Δ • Higher occupancy rates and rising rent income led to 121% Revenue 47 103 121% revenue growth to TL103 million. Gross Profit 15 34 117% EBITDA 10 27 166% • EBITDA grew by 166% to
Slide 19: Apendix
Apendix
Slide 20: Apendix – Revenue Breakdown
Apendix – Revenue Breakdown TL million 1Q22 1Q23 Δ Electricity Generation 290 337 16% Electricity Sales 290 337 16% Industry & Trade 1,257 2,763 120% Industry 499 1690 239% Foreign trade 406 503 24% Packaging 342 556 63% Other 10 15 53% Automotive Distribution 390 1,701 337% Finance & Investment 116
Slide 21: Apendix – Financial Results by Segments
Apendix – Financial Results by Segments TL million 1Q22 1Q23 Δ TL million 1Q22 1Q23 Δ Revenue 2,298 6,551 185% EBITDA 571 1,023 79% Electricity Generation 290 337 16% Electricity Generation 254 268 5% Industry & Trade 1,260 2,770 120% Industry & Trade 195 286 47% Automotive Distribution 394 1,708 33
Slide 22: Apendix – Net Cash / (Debt) Breakdown
Apendix – Net Cash / (Debt) Breakdown TL million 2022 1Q23 Δ Electricity Generation 208 393 88% Industry & Trade -4,328 -4,335 0% KAREL -2,287 -2,497 9% DITAS -259 -295 14% Doğan Dış Ticaret -938 -776 -17% Sesa Yatırım -789 -743 -6% Other -55 -24 -56% Automotive -564 -806 43% Finance & Investment 9,
Slide 23: Apendix – Segments & Major Group Companies – 2022 Financials
Apendix – Segments & Major Group Companies – 2022 Financials TL mn Petroleum Products Automotive Trade & Internet & Real Estate Electricity Generation Industry & Trade Financing & Investing Retailing Marketing Entertainment Investments Revenue n.a. 337 2,763 1,701 1,315 331 103 Revenue Shr. n.a. 5%
Slide 24: Investor Relations Contact
Investor Relations Contact Bora Tezgüler Investor Relations Director borat@doganholding.com.tr Kerimcan Uzun Investor Relations Manager kerimu@doganholding.com.tr www.doganholding.com.tr ir@doganholding.com.tr +90 216 556 90 00 23 Doğan Holding 1Q23 Earnings Presentation
Slide 25: Disclaimer
Disclaimer Doğan Şirketler Grubu Holding A.Ş. (“Doğan Holding”) has prepared this book (the “Book”) for the sole purpose of providing information relating to DoğanHolding (the “Information”). The contents of this Book is based on public information and on data provided by Doğan Holding management. N
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