Dogus Otomotiv Servis Ve Ticaret Anonim Sirketi · BIST:DOAS
Dogus Otomotiv Servis Ve Ticaret Anonim Sirketi — Doğuş Otomotiv — Investor Presentation (July 2009)
38 slides from Dogus Otomotiv Servis Ve Ticaret Anonim Sirketi's investor presentation, July 2009
Slide 1: Doğuş Otomotiv
Dogus Otomot July, 2009 @ Dogus Otomotiv Oi. AUNMWELSAIY YY
Slide 2: Agenda
Agenda • Doğuş Group • Doğuş Otomotiv • Macroeconomic Outlook • Automotive Market • Doğuş Otomotiv Financial Results • New Projects • Expectations • Appendix 2
Slide 3: Group Structure
Group Structure Financial Automotive Construction Media Tourism & Real Estate Energy Services Leisure Corporate Social Responsibility 3
Slide 4: Agenda
Agenda • Doğuş Group • Doğuş Otomotiv • Macroeconomic Outlook • Automotive Market • Doğuş Otomotiv Financial Results • New Projects • Expectations • Appendix 4
Slide 5: Presence in Every Link of Automotive Value Chain
Presence in Every Link of Automotive Value Chain DOAS produces, finances, sells, rents, insures, services, repairs and inspects 5
Slide 6: Widest Retail & Services Network in Turkey
Widest Retail & Services Network in Turkey Approx. 500 customer points, widest among the competitors (*) DOAS brands, including VW, Audi, Porsche, Scania, Seat, Krone, VW Marine, Scania Marine, Skoda as of end-June 2009 6
Slide 7: Success Story of DOAS
Success Story of DOAS Bugatti representative Partnership with LeasePlan in fleet rental Porsche Dealership in Car park more than 700K units Lausanne Krone & Meiller Production Agreements TÜV IPO TURK OTO-FIX Doğuş Group established Seat & Skoda contract signed Krone contract Lamborghini LOI subsidia
Slide 8: Key Strengths of DOAS
Key Strengths of DOAS Leader in import market in Turkey with 18% m/s among c. 30 pure importers One-stop shopping concept showroom, after sales services, consumer financing, insurance Well-positioned multi-brand products 15 different brands Creating its own brands DOD, Oto-fix Youngest fleet in the
Slide 9: DOAS' Position in the Market - 2008
DOAS’ Position in the Market - 2008 LCV PV VW LCVs are the market leader in imports, #3 in total market Passat is the segment leader Golf is #2 in its segment VW PVs ranked 7th in the market HCV Scania is the market leader in import with 9.4% m/s Krone is the best selling import trailer with 12.0% m
Slide 10: Recent Launches
Recent Launches Volkswagen PV Tiguan, Passat CC, Scirocco, New Golf Volkswagen LCV Caddy Maxi, Caddy Life, Transporter Sportsline, Caravelle Limited Edition Audi A4, A4 Avant, A3 Cabrio, A3 (face lift), RS6 Porsche Cayenne Diesel, 911 GT2, Carrera(facelift), Boxster(facelift), Cayman(facelift) Seat
Slide 11: Agenda
Agenda • Doğuş Group • Doğuş Otomotiv • Macroeconomic Outlook • Automotive Market • Doğuş Otomotiv Financial Results • New Projects • Expectations • Appendix 11
Slide 12: Current Macroeconomic Outlook
Current Macroeconomic Outlook Structural improvements in Turkish economy (social security reform, tax reform, banking sector restructuring, independent central bank, increased transparency in fiscal accounts) Tight fiscal policy (though relatively looser compared to past years) Relations with IMF to
Slide 13: Macroeconomic Indicators
-5% 0% 5% 10% 15% 20% 25% 30% 35% Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Source: TURKSTAT Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Annual CPI Source: CBT, ISE Mar-06 Jun-06 Sep-06 Dec-06 YoY Inflation (%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% Mar-07 Mar-03 Jun-07 Annual PPI Jun-03 Sep-0
Slide 14: Macroeconomic Indicators
20 50 80 110 140 170 200 230 0.25 0.75 1.25 1.75 2.25 2.75 3.25 3.75 4.25 Mar-03 Mar-03 Jun-03 May-03 Sep-03 Source: VDF Jul-03 Dec-03 Sep-03 Mar-04 Nov-03 Jun-04 Jan-04 Sep-04 Source: TURKSTAT Mar-04 Dec-04 May-04 Mar-05 Jul-04 Jun-05 Sep-04 Sep-05 Nov-04 Dec-05 Jan-05 Mar-06 Mar-05 Jun-06 May-05 S
Slide 15: Agenda
Agenda • Doğuş Group • Doğuş Otomotiv • Macroeconomic Outlook • Automotive Market • Doğuş Otomotiv Financial Results • New Projects • Expectations • Appendix 15
Slide 16: Turkish Automotive Market Outlook
Turkish Automotive Market Outlook Huge upside potential in the domestic market... Approx. 16mn more vehicles need to be sold in Turkey to reach the level of Bulgaria Vehicle Ownership per 1,000 inhabitants (PV+LCV) Turkey 138 Bulgaria 361 Poland 391 Greece 510 EU Average 529 France 575 UK 576 German
Slide 17: Turkish Automotive Market Outlook
Turkish Automotive Market Outlook Turkish Automotive Market (units) Effects of 900,000 767,443 global crisis 800,000 725,672 652,877 700,000 635,087 600,000 503,492 456,272 2000&2001 516,395 500,000 618,770 Economic crisis 400,000 393,888 Turbulence in 477,500 323,309 388,602 global markets 300,000
Slide 18: 2008 Market Review
2008 Market Review 2007 2008 -17% 619K 600,000 -15% 516K 500,000 -19% 400,000 359K 307K 300,000 233K -23% 189K 200,000 100,000 26K 20K 0 PV LCV HCV TOTAL 2007 2008 Others Ford Ford 22% Others 15% 17% 27% Renault 14% Renault Toyota 15% 5% Toyota Peugeot 5% 4% Peugeot Opel DOAS 4% 6% Opel 11% Hyundai
Slide 19: DOAS Sales Performance
DOAS Sales Performance WHOLESALES (unit) 1H 09 1H 08 YoY 2008 2007 YoY VW 18.376 22.398 -18% 40.454 53.779 -25% VW PV 12.763 11.189 14% 21.485 26.110 -18% VW LCV 5.613 11.209 -50% 18.969 27.669 -31% AUDI 2.722 2.660 2% 5.647 5.898 -4% PORSCHE 121 78 55% 157 218 -28% BENTLEY 6 8 -25% 12 19 -37% LAMBO
Slide 20: Agenda
Agenda • Doğuş Group • Doğuş Otomotiv • Macroeconomic Outlook • Automotive Market • Doğuş Otomotiv Financial Results • New Projects • Expectations • Appendix 20
Slide 21: DOAS Headline Figures - I
DOAS Headline Figures - I Vehicle Sales Volume 1Q09 1Q08 YoY ch. Unit sales 10,554 14,786 -29% 2nd hand sales 2,392 3,928 -39% P&L (CMB, US$ mn) 1Q09 1Q08 YoY ch. Revenues 252 466 -46% Gross Profit 34 60 -44% Gross Margin 13.3% 12.9% - Operating Profit 4.5 3.8 18% Operating Margin 1.8% 0.8% - EBITDA
Slide 22: DOAS Headline Figures - II
DOAS Headline Figures - II BS (CMB, US$ mn) 31-Mar-2009 31-Dec-2008 Ch. Total Assets 751 955 -21% Shareholders' Equity 191 232 -18% Capital Expenditures 10 46 -78% Net Cash (Debt) (120) (157) -24% Turnovers (days) Receivable Turnover 34 18 86% Inventory Turnover 109 129 -16% Payable Turnover 156 146
Slide 23: Agenda
Agenda • Doğuş Group • Doğuş Otomotiv • Macroeconomic Outlook • Automotive Market • Doğuş Otomotiv Financial Results • New Projects • Expectations • Appendix 23
Slide 24: Trailer Production with Krone
Trailer Production with Krone • In 2003, Dogus Otomotiv has become the main exclusive importer and distributor of Krone trailers in Turkey. • Dogus Otomotiv and Krone reached a new agreement in 2007 and formed a JV company to produce trailers in Turkey. • In the newly established JV company Dogus Ot
Slide 25: Tipper Production with Meiller
Tipper Production with Meiller • Dogus Otomotiv has become the main exclusive importer and distributor of Meiller brand in Turkey in February 2007. • As per the Letter of Intent (LoI) signed in October 2007, Dogus Otomotiv and Meiller formed a joint venture (JV) company. • The JV is manufacturing Me
Slide 26: Porsche Sales in Lausanne
Porsche Sales in Lausanne • In 2007, Dogus Otomotiv was granted by Porsche AG the marketing, sales and after-sales retail operations of Porsche brand in Lausanne, Switzerland. • In Switzerland; an important market for Porsche, 1,924 units of Porsche cars sold in 2008 vs 157 in Turkey. • Establishmen
Slide 27: Agenda
Agenda • Doğuş Group • Doğuş Otomotiv • Macroeconomic Outlook • Automotive Market • Doğuş Otomotiv Financial Results • New Projects • Expectations • Appendix 27
Slide 28: Expectations
Expectations AUTO MARKET 2009E 2008 2007 Total Market (PV,LCV,HCV) 477,500 516,395 618,770 DOAŞ Market Share 8.6% * 10.6% 11.4% DOD Used Car Sales 13,000 13,122 13,024 FINANCIALS (IFRS) 2009E 2008 2007 Revenues (US$mn) 1,164 1,658 1,979 Gross Margin 11.4% 13.6% 13.8% Operating Profit Margin 3.6% 0.9
Slide 29: Agenda
Agenda • Doğuş Group • Doğuş Otomotiv • Macroeconomic Outlook • Automotive Market • Doğuş Otomotiv Financial Results • New Projects • Expectations • Appendix 29
Slide 30: VDF is a hidden value...
VDF is a hidden value... 2007 New contracts: 38,776 units Credits Given: TRY 968 mn Portfolio: 98,432 units Market Share: 14% among all financial institutions Consumer Finance 2008 New contracts: 25,198 units (24% yoy decrease) Credits Given: TRY 767 mn (21% yoy decrease) Portfolio: 81,141 units (18
Slide 31: Motor Vehicle Inspection Stations (MVIS)
Motor Vehicle Inspection Stations (MVIS) TUVTURK – a cash cow business of DOAS, Akfen Holding and TÜV SÜD TuvTurk consortium was granted by Turkish Privatization Administration the right to build & operate MVISs in Turkey for 20 years in exchange of US$552mn. 189 fixed and 80 mobile inspection stati
Slide 32: DOD: Used Car Sales
DOD: Used Car Sales Almost 100% of the second-hand vehicles sales market is non-organized. The market is expected to grow exponentially in the coming years, due to increase in consumer awareness about organized side and much more favorable tax rates compared to new cars. DOD is the largest organized
Slide 33: DOAS Headline Figures - 2008
DOAS Headline Figures - 2008 Vehicle Sales Volume 2008 2007 YoY ch. Unit sales 55,307 71,690 -23% 2nd hand sales 13,125 13,024 1% P&L (IFRS, US$ mn) 2008 2007 YoY ch. Revenues 1,658 1,979 -16% Gross Profit 225 273 -18% Gross Margin 13.6% 13.8% - Operating Profit 14.9 71.2 -79% Operating Margin 0.9%
Slide 34: DOAS Headline Figures - 2008
DOAS Headline Figures - 2008 BS (IFRS, US$ mn) 31-Dec-2008 31-Dec-2007 Ch. Total Assets 955 996 -4% Shareholders' Equity 232 467 -50% Capital Expenditures 46 88 -48% Net Cash (Debt) (157) (113) -39% Turnovers (days) Receivable Turnover 18 21 -14% Inventory Turnover 129 51 153% Payable Turnover 146 5
Slide 35: Stock Performance
Stock Performance 1.20 12.00 Closing Price (TRY) (13Jul09) 3.78 52 wk High (TRY) (07Aug08) 4.34 1.00 10.00 52 wk Low (TRY) (20Nov08) 1.40 0.80 8.00 % Price Change 1 Month Ago -1% % Price Change 3 Months Ago 76% 0.60 6.00 % Price Change 6 Months Ago 108% % Price Change 1 Year Ago 24% 0.40 4.00 0.20 X
Slide 36: Thank You..
Thank You.. Volkswagen Golf GTI — @ Dogus Otomotiv Oe ay
Slide 37: Contact Doğuş Otomotiv
Contact Doğuş Otomotiv Investor Relations Tel: +90 (0) 262 676 90 59 - 58 Fax: +90 (0) 262 676 90 96 Address: Doğuş Otomotiv Servis ve Ticaret A.Ş. Atatürk Mahallesi, Anadolu Caddesi, No:22, 41490 Şekerpınar, Çayırova/Kocaeli, TURKEY E-mail: investorrelations@dogusotomotiv.com.tr 37
Slide 38: Disclaimer
Disclaimer Dogus Otomotiv Servis ve Ticaret A.S. (the “DOAS”) has prepared this presentation documents (the “Document”) consisting of documents and appendixes thereto for the sole purposes of providing information and projections and statements relating to the DOAS (the “Information”). DOAS cannot g