Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Doğan Holding — H1 2016 Earnings Presentation
39 slides from Dogan Sirketler Grubu Holding A.s's earnings presentation, Aug 22, 2016
Slide 1: Doğan Holding 1H2016 Financial Highlights
Doğan Holding 1H2016 Financial Highlights August 22, 2016
Slide 2: Agenda
Agenda I. Highlights 2 II. Business Segments I. Media 6 II. Energy 18 III. Retail 22 IV. Industry & Others 25 III. Financials 29 1 Doğan Holding 1H2016 Financial Results
Slide 3: Highlights of 1H16
Industry & Highlights Media Energy Retail Others Highlights of 1H16 In 2Q16; Doğan Holding generated consolidated revenues of TL1,934 mn, up by 23% yoy; and net profit* of TL 1mn, vs. loss of TL47 mn in 2Q15. In 1H16, total consolidated revenues reached TL3,523 mn; up by 38% yoy; mainly led by energ
Slide 4: Financial highlights of 1H16
Industry & Highlights Media Energy Retail Others Financial highlights of 1H16 Revenues – mn TL Income Statement Summary +38% in TL mn Column2 1H15 1H16 Δ 3,523 +23% Sales 2,546 3,523 38% 2,546 1,934 Gross Profit 461 657 42% 1,568 Gross Margin 18.1% 18.6% 0.5 p.p. Operating Expenses (-) 427 518 21% O
Slide 5: Financial highlights of 1H16: Revenue and EBITDA Bridge
Industry & Highlights Media Energy Retail Others Financial highlights of 1H16 Revenue Bridge – mn TL* EBITDA Bridge – mn TL 234 3,523 81 6 268 1,810 111 2 309 576 67 594 Publishing Broadcasting Retail Energy Other Total Publishing Broadcasting Retail Energy Other Total 5% 1% 10% 87% 41% 38% 11% 19%
Slide 6: Financial Structure
Industry & Highlights Media Energy Retail Others Financial Structure Consolidated Net Cash/(Debt) – in TL mn Consolidated Net Cash Position (TL mn) 1 31.Dec.15 30.Jun.2016 2 2,188 1,615 Cash&Marketable Securities S/T Debt 1,456 1,197 -800 -967 L/T Debt 666 683 Financial liabilities due to call and 6
Slide 7: Media
Media
Slide 8: Media Segment - Highlights of 1H16
Industry & Highlights Media Energy Retail Others Media Segment - Highlights of 1H16 Revenues improved slightly by 2% in 1H16 to TL1,200 mn. Turkish ad market growth in 1H16 was 11.9% yoy; the increase in 2Q16 was 13.4%. Media segment EBITDA reached TL178 mn in 1H16, up by 75%; led by lower COGS and
Slide 9: Media
Industry & Highlights Media Energy Retail Others Media Revenues – in TL mn* Summary Financials (Publishing + Broadcasting)* +3% Publishing Broadcasting in TL mn 1H15 1H16 D 1,133 1,170 Sales 1,176 1,200 2% Cost of Goods Sold -892 -827 -7% 570 576 22% Gross Profit 285 374 31% Gross Margin 24.2% 31.1%
Slide 10: Ad market growth in 1H16
Industry & Highlights Media Energy Retail Others Ad market growth in 1H16 Ad Market in Turkey* Quarterly Ad Market in TL mn and y/y Growth 1H16 2Q16 TL mn Share yoy D TL mn yoy D TV 1,986 53% 15.2% 1,174 17.7% 12.5% 13.1% 13.4% 15.4% 9.9% Internet 913 24% 18.0% 493 22.9% 6.4% 4.2% 1.2% 0.4% Newspape
Slide 11: Telecoms and construction supported total ad market in 1H16
Industry & Highlights Media Energy Retail Others Outlook Telecoms and construction supported total ad market in 1H16 Turkish Ad Market by top 10 Sectors in 1H16* D in TL mn in TL mn Share D in Share D yoy Food 4 328 9% -0.9 pp 1% Telecoms 90 264 7% +1.9 pp 52% Construction 46 220 6% +0.7 pp 27% Fina
Slide 12: Publishing Segment
Industry & Highlights Media Energy Retail Others Publishing Segment Revenues –TL mn* Summary Financials* +5% Advertising in TL mn 1H15 1H16 D 594 Circulation & Printing Sales 593 612 3% 563 Other Cost of Goods Sold -381 -417 9% 163 198 +8% Gross Profit 212 195 -8% 131 295 318 144 Gross Margin 35.7%
Slide 13: Newspaper ad spending down by 6% yoy in 1H16
Industry & Highlights Media Energy Retail Others Newspaper ad spending down by 6% yoy in 1H16 Turkish Newspaper Ad Market by top 10 Sectors in 1H16* D in TL mn in TL mn Share D in Share D yoy Construction 1 51 12% +0.9 pp 1% Retail -9 49 12% -1.3 pp -16% Automotive 3 31 7% +1.1 pp 10% Tourism 3 31 7
Slide 14: Maintained leading position in newspaper & magazine circulation
Industry & Highlights Media Energy Retail Others Maintained leading position in newspaper & magazine circulation Average daily newspaper circulation in Turkey was Total magazine sales in Turkey was 5.4 mn in 3.8 mn in 1H16, down by 18.4% yoy. 1H16, down by 28.8%. Newspaper Circulation in 1H16 (000 c
Slide 15: Broadcasting
Industry & Highlights Media Energy Retail Others Broadcasting Revenues – TL mn* Summary Financials* +1% Advertising in TL mn 1H15 1H16 D Subscription 570 576 Other Sales 583 588 1% 74 63 Cost of Goods Sold -510 -410 -20% +6% 202 226 Gross Profit 73 179 146% 291 309 26 27 Gross Margin 12.5% 30.4% 17.
Slide 16: All sectors increased their TV ad spending in 1H16
Industry & Highlights Media Energy Retail Others All sectors increased their TV ad spending in 1H16 Turkish TV Ad Market by top 10 Sectors in 2015* D in TL mn in TL mn Share D in Share D yoy Food 7 290 15% -1.8 pp 2% Telecoms 76 203 10% +2.9 pp 60% Beverages 22 138 7% +0.2 pp 19% Construction 36 128
Slide 17: TV Broadcasting: Kanal D #1 in Total Day
Industry & Highlights Media Energy Retail Others TV Broadcasting: Kanal D #1 in Total Day1 Kanal D’s Audience share in Total Day & Prime Time/AB Group (%) Total Day Prime Time 9.7 9.6 Kanal D #1 in 1H16 in Total Day/AB 9.0 9.1 Group1 Rank #1 #3 CNN Türk ranked #1 News Channel in #1 #2 Total Day/AB G
Slide 18: D-Smart #2 in Digital Pay TV business
Industry & Highlights Media Energy Retail Others D-Smart # 2 in Digital Pay TV business D-Smart subscribers - 000 TV Internet D-Smart has 84 HD channels and this is the highest number of HD channels -10% -14% available on any Pay TV service in the 1,033 369 territory. 925 317 With the launch of
Slide 19: Energy
Energy
Slide 20: Energy Segment - Highlights of 1H16
Energy Segment - Highlights of 1H16 Highlights Media Energy Retail Industry & Others Revenues increased by 86% and reached TL1,822 mn in 1H16, led by both Aytemiz and D-Tes operations. Aytemiz’s contribution in total revenues was TL 1,443 mn in 1H16, vs. TL707 mn in 1H15; thanks to full year operati
Slide 21: Aytemiz - Doğan Partnership
Industry & Highlights Media Energy Retail Others Aytemiz - Doğan Partnership Doğan Enerji acquired 50% stake in Aytemiz for TL152 mn and injected TL127 Shareholder Structure mn to the company for its share through a capital increase. Doğan Holding Aytemiz Family Aytemiz started to be fully conso
Slide 22: Energy
Industry & Highlights Media Energy Retail Others Energy Consolidated Energy Segment Revenues – mn TL* Summary Financials* +87% in TL mn 1H15 1H16 D 1,810 Electricity gen. & tra. Sales 978 1,822 86% Petroleum prod. dist. Gross Profit 64 140 119% +35% Gross Margin 6.5% 7.7% 1.2 p.p. 967 1,443 1,021 75
Slide 23: Retail
Retail
Slide 24: Retail
Industry & Highlights Media Energy Retail Others Retail D&R - Number of Stores D&R - Sales sqm +5% +6% 154 61,798 D&R had 154 stores as of 147 58,085 June 2016. dr.com.tr & idefix.com’s monthly UV was 5.2 mn as of 1H2016. Retail segment revenues increased by 10% to TL309 1H15 1H16 1H15 1H16 mn
Slide 25: Retail
Industry & Highlights Media Energy Retail Others Retail Consolidated Retail Segment Revenues – mn TL Summary Financials* +7% in TL mn 1H15 1H16 D +10% 146 Sales 281 309 10% 309 137 281 Gross Profit 98 115 17% Gross Margin 35.1% 37.2% 2.1 p.p. Operating Expenses (-) -97 -117 21% Other Operating Inc./
Slide 26: Industry & Others
Industry & Others
Slide 27: Industry & Others
Highlights Media Energy Retail Industry & Others Industry & Others Consolidated Other Segment Revenues – mn TL Summary Financials* +41% in TL mn 1H15 1H16 D 234 Sales 185 254 37% Gross Profit 57 57 1% 166 99 Gross Margin 30.9% 22.6% -8.2 p.p. 35 28 42% 46% 27 Operating Expenses (-) -61 -62 1% Other
Slide 28: Çelik Halat
Highlights Media Energy Retail Industry & Çelik Halat Others Çelik Halat Sales – mn TL Çelik Halat – Summary Income Statement +12% in TL mn 1H15 1H16 D 74 Sales 66.4 74.1 12% 66 Gross Profit 6.9 9.5 38% +15% Gross Margin 10.4% 12.9% 2.5 p.p. 41 36 Operating Expenses (-) -6.2 -6.5 5% Operating Profit
Slide 29: Ditaş
Highlights Media Energy Retail Industry & Ditaş Others Ditaş Sales – mn TL Ditaş – Summary Income Statement -13% in TL mn 1H15 1H16 D 38 Sales 37.9 33.0 -13% 33 Gross Profit 9.2 7.0 -24% -18% Gross Margin 24.3% 21.2% -3.1 p.p. 20 16 Operating Expenses (-) -7.1 -7.9 10% Operating Profit 2.1 -0.9 n.m.
Slide 30: Financials
Financials
Slide 31: Highlights of 1H16 – Income Statement Summary
Highlights of 1H16 – Income Statement Summary in TL mn Column1 2Q15 2Q16 Δ Column2 Column4 1H15 1H16 Δ Sales 1,568 1,934 23% 2,546 3,523 38% Gross Profit 272 356 31% 461 657 42% Gross Margin 17.3% 18.4% 1.1 p.p. 18.1% 18.6% 0.5 p.p. Operating Expenses (-) 234 266 14% 427 518 21% Other Operating Inc.
Slide 32: Highlights of 1H16 – Balance Sheet
Highlights of 1H16 – Balance Sheet in TL mn 12/31/2015 06/30/2016 Δ yoy Current Assets 3,959 3,686 -7% Non-Current Assets 3,483 3,532 1% Total Assets 7,441 7,217 -3% Current Liabilites 2,694 2,488 -8% Non-Current Liabilities 1,705 1,706 0% Non-Controlling Interests 390 383 -2% SHs Equity, Parent 2,6
Slide 33: Revenue Breakdown
Revenue Breakdown TL mn 2Q15 2Q16 Δ yoy 1H15 1H16 Δ yoy Media 586 627 6.9% 1,133 1,170 3.2% Publishing 295 318 7.6% 563 594 5.5% Advertising 150 141 -5.9% 269 252 -6.5% Circulation & Printing 65 72 11.1% 131 144 9.9% Other 81 105 29.6% 163 198 21.6% Broadcasting 291 309 6.2% 570 576 1.0% Advertising
Slide 34: Operational Results by Segments
Operational Results by Segments mn TL 2Q15 2Q16 D yoy 1H15 1H16 D yoy Revenues 1,568 1,934 23% 2,546 3,523 38% Publishing 310 326 5% 593 612 3% Broadcasting 299 318 6% 583 588 1% Retail 137 146 7% 281 309 10% Energy 760 1,028 35% 978 1,822 86% Other 101 151 50% 185 254 37% Intersegment Eliminations
Slide 35: Operational Results by Segments
Operational Results by Segments mn TL 2Q15 2Q16 D yoy 1H15 1H16 D yoy EBIT 38 90 140% 34 139 309% Publishing 27 19 -30% 44 35 -19% Broadcasting 0 56 12325% -33 71 n.m. Retail -2 -2 -13% 2 -2 n.m. Energy 18 18 1% 26 41 56% Other -6 -1 -78% -5 -5 n.m. Intersegment Eliminations 0 1 n.m. 0 -2 n.m. EBITD
Slide 36: Energy – JV Hydro Assets
Industry & Highlights Media Energy Retail Others Energy – JV Hydro Assets Boyabat Financial Results* Aslancık Financial Results * Installed Capacity: 513 MW Installed Capacity: 120 MW Avg. Generation: 1,5 TWh* Avg. Generation: 418 GWh* * firm+secondary , based on 40 years water data *firm+secondary
Slide 37: EBITDA Reconciliation
EBITDA Reconciliation TL mn 2Q15 2Q16 D yoy 1H15 1H16 D yoy Operating Profit (EBIT) 38 90 140% 34 139 309% Depreciation & Amortization (+) 87 140 61% 160 226 41% Programme Rights Amortization (-) -27 -80 194% -46 -105 130% Net IAS Impact (+) 7 4 -37% 15 7 -56% EBITDA 104 155 48% 164 268 63% *EBITDA
Slide 38: Notice
Notice Doğan Şirketler Grubu Holding A.Ş. Investors and prospective investors in accurate. The forward-looking statements (“Doğan Holding”) has prepared this book securities of any issuer mentioned herein in this Book speak only as at the date of (the “Book”) for the sole purposeof are required to m
Slide 39: 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 38 Doğan Holding 1H2016 Financial Results