Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Doğan Holding — FY2015 Earnings Presentation
40 slides from Dogan Sirketler Grubu Holding A.s's earnings presentation, Mar 10, 2016
Slide 1: Doğan Holding FY15 Financial Highlights
Doğan Holding FY15 Financial Highlights March 10, 2016
Slide 2: Agenda
Agenda I. Highlights 2 II. Business Segments I. Media 6 II. Energy 18 III. Retail 23 IV. Industry & Others 26 III. Financials 30 1 Doğan Holding FY15 Financial Results
Slide 3: Highlights of 2015
Industry & Highlights Media Energy Retail Others Highlights of 2015 Total consolidated revenues reached TL5,951mn; up by 68% yoy. The revenue increase led by energy segment’s contribution: Aytemiz acquired in March 2015, started to be fully consolidated. Continued cost savings in media segment: COGS
Slide 4: Financial highlights of FY15
Industry & Highlights Media Energy Retail Others Financial highlights of FY15 Revenues – mn TL Income Statement Summary +68% in TL mn Column1 2014 2015 Δ 5,951 Sales 3,543 5,951 68% +98% Gross Profit 790 1,027 30% 1,799 3,543 Gross Margin 22.3% 17.3% -5.0 p.p. Operating Expenses (-) 859 939 9% 908 O
Slide 5: Financial highlights of FY15
Industry & Highlights Media Energy Retail Others Financial highlights of FY15 Revenue Bridge – mn TL EBITDA Bridge – mn TL 363 5,951 133 -1 347 2,743 26 65 619 1,095 123 1,131 Publishing Broadcasting Retail Energy Total Publishing Broadcasting Retail Energy Other Total Other -7% -7% 21% 907% 0% 68%
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.14 31.Dec.15 2 2.471 2.188 Cash&Marketable Securities -413 S/T Debt 995 1.456 -800 L/T Debt 1.109 666 Financial liabilities due to call and 781
Slide 7: Media
Media
Slide 8: Media Segment - Highlights of FY15
Industry & Highlights Media Energy Retail Others Media Segment - Highlights of FY15 Revenues declined by 7% in FY15 to TL2,300 mn, due mainly to lower ad and printing revenues. Turkish ad market growth in 2015 was 4.6% yoy; but the increase in 4Q15 was 13.1%. Lower newsprint prices in US$ terms, and
Slide 9: Media
Industry & Highlights Media Energy Retail Others Media Revenues – in TL mn* Summary Financials (Publishing + Broadcasting)* -7% Publishing Broadcasting in TL mn 2014 2015 D 2,395 Sales 2.468 2.300 -7% 2,227 Cost of Goods Sold -1.951 -1.716 -12% 1,177 23% Gross Profit 518 584 13% 1,095 Gross Margin 2
Slide 10: Ad market growth in 2015
Industry & Highlights Media Energy Retail Others Ad market growth in 2015 Ad Market in Turkey* Quarterly Ad Market in TL mn and y/y Growth 4Q15 FY15 TL mn yoy D TL mn Share yoy D 13.1% TV 1,052 16.1% 3,209 53% 5.4% Internet 345 29.0% 1,197 20% 16.2% 6.4% 5.3% Newspaper 224 -6.7% 825 14% -8.3% 3.3% 5
Slide 11: Elections supported total ad market in 2015
Industry & Highlights Media Energy Retail Others Outlook Elections supported total ad market in 2015 Turkish Ad Market by top 10 Sectors in 2015* D in TL mn in TL mn Share D in Share D yoy Food 32 588 10% +0.1 pp 6% Telecoms -12 350 6% -0.5 pp -3% Finance -43 342 6% -1.0 pp -11% Construction -21 304
Slide 12: Publishing Segment
Industry & Highlights Media Energy Retail Others Publishing Segment Revenues –TL mn* Summary Financials* -7% in TL mn 2014 2015 D 1,218 Advertising Sales 1,270 1,183 -7% 1,131 Circulation & Printing 334 Cost of Goods Sold -899 -792 -12% Other 357 Gross Profit 371 390 5% 280 260 Gross Margin 29.2% 33
Slide 13: Newspaper ad spending down by 8% yoy
Industry & Highlights Media Energy Retail Others Newspaper ad spending down by 8% yoy, as major sectors cut down ad spending in FY15 Turkish Newspaper Ad Market by top 10 Sectors in 2015* D in TL mn in TL mn Share D in Share D yoy Retail -8 112 14% +0.2 pp -7% Construction -24 90 11% -1.7 pp -21% Au
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 14.3 mn in 4.5 mn in 2015, down by 8.3% yoy. 2015, down by 9.4%. Newspaper Circulation in 2015 (000 co
Slide 15: Broadcasting
Industry & Highlights Media Energy Retail Others Broadcasting Revenues – TL mn* Summary Financials* -7% in TL mn 2014 2015 D 1,177 1,095 Advertising Sales 1,199 1,117 -7% 161 154 Subscription Cost of Goods Sold -1,051 -923 -12% Other 445 444 Gross Profit 147 194 32% -14% Gross Margin 12.3% 17.3% 5.1
Slide 16: Food, telecoms and cosmetics increased their TV ad spending in FY15
Industry & Highlights Media Energy Retail Others Food, telecoms and cosmetics increased their TV ad spending in FY15 Turkish TV Ad Market by top 10 Sectors in 2015* D in TL mn in TL mn Share D in Share D yoy Food 40 514 16% +0.5 pp 8% Telecoms 10 262 8% -0.1 pp 4% Cosmetics 15 225 7% +0.1 pp 7% Fina
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 (%) 12.2 Total Day 10.8 Prime Time Kanal D #1 in FY15 in Total Day/AB Group1 9.6 8.7 CNN Türk ranked #1 News Channel in Total Day/AB Rank #2 #2 #1 #3
Slide 18: D-Smart #2 in Digital Pay TV business
Industry & Highlights Media Energy Retail Others D-Smart # 2 in Digital Pay TV business With the launch of new HD Channels, D-Smart now D-Smart subscribers - 000 has 77 HD channels and this is the highest TV Internet number of HD channels available on any Pay TV service in the territory -7% -7%
Slide 19: Energy
Energy
Slide 20: Energy Segment - Highlights of FY15
Energy Segment - Highlights of FY15 Highlights Media Energy Retail Industry & Others Revenues reached TL2,771 mn in 2015, led by both Aytemiz and D Tes operations. Acquired 50% stake in Aytemiz petroleum distribution company in March 2015; started to be fully consolidated since Mar 11, 2015. Aytemiz
Slide 21: Hydro electricity generation in Turkey was up by 66% in 2015
Hydro electricity generation in Turkey was up by 66% in 2015 Turkish Gross Electricity Generation By Primary Energy Sources (GWh) 259,690 4,286 250,435 26,507 -21,538 2014 THERMAL HYDRO GEOTHERMAL+WIND 2015 Source: TEİAŞ +4% 259,690 250,435 -11% 199,404 177,866 2014 2015 +66% 66,903 +40% 40,396 10,6
Slide 22: Aytemiz - Doğan Partnership
Industry & Highlights Media Energy Retail Others Aytemiz - Doğan Partnership Shareholder Structure Doğan Enerji acquired 50% stake in Aytemiz for TL152 mn and injected TL127 mn to the company for its share through a capital increase. Doğan Holding Aytemiz Family Aytemiz started to be fully conso
Slide 23: Energy
Industry & Highlights Media Energy Retail Others Energy Consolidated Energy Segment Revenues – mn TL* Summary Financials* 2,743 in TL mn 2014 2015 D Electricity gen. & tra. Sales 296 2,771 836% Petroleum prod. dist. Gross Profit 50 177 256% 2,128 Gross Margin 16.8% 6.4% -10.4 p.p. 924 Operating Expe
Slide 24: Retail
Retail
Slide 25: Retail
Industry & Highlights Media Energy Retail Others Retail D&R - Number of Stores D&R - Sales sqm +5% 152 60,047 D&R had 152 stores as of 145 57,216 December 2015. dr.com.tr & idefix.com’s monthly UV was 5.7 mn as of 2015 year-end. Retail segment revenues increased by 20% to TL620 FY14 FY15 FY14
Slide 26: Retail
Industry & Highlights Media Energy Retail Others Retail Consolidated Retail Segment Revenues – mn TL Summary Financials* +20% in TL mn 2014 2015 D 620 Sales 515 620 20% 515 Gross Profit 197 229 16% Gross Margin 38.3% 37.0% -1.3 p.p. +21% Operating Expenses (-) -186 -211 13% 185 153 Other Operating I
Slide 27: Industry & Others
Industry & Others
Slide 28: Industry & Others
Highlights Media Energy Retail Industry & Others Industry & Others Consolidated Other Segment Revenues – mn TL Summary Financials* 0% in TL mn 2014 2015 D 363 363 Sales 408 401 -2% 71 78 Gross Profit 124 118 -5% 66 67 21% Gross Margin 30,5% 29,4% -1,1 p.p. Operating Expenses (-) -133 -140 5% 18% 60%
Slide 29: Çelik Halat
Highlights Media Energy Retail Industry & Çelik Halat Others Çelik Halat Sales – mn TL Çelik Halat – Summary Income Statement in TL mn 2014 2015 D 157 Sales 157.0 139.9 -11% 140 Gross Profit 23.6 14.2 -40% Gross Margin 15.0% 10.1% -4.9 p.p. Operating Expenses (-) -14.0 -12.7 -9% Operating Profit* 9.
Slide 30: Ditaş
Highlights Media Energy Retail Industry & Ditaş Others Ditaş Sales – mn TL Ditaş – Summary Income Statement +13% in TL mn 2014 2015 D 79 Sales 69.6 78.6 13% 70 Gross Profit 21.1 15.0 -29% Gross Margin 30.3% 19.1% -11.2 p.p. Operating Expenses (-) -11.2 -15.3 37% Operating Profit* 9.9 -0.3 n.m. Net P
Slide 31: Financials
Financials
Slide 32: Highlights of FY15 – Income Statement Summary
Highlights of FY15 – Income Statement Summary in TL mn 4Q14 Column1 4Q15 Δ Column2 Column4 2014 2015 Δ Sales 908 1,799 98% 3,543 5,951 68% Gross Profit 168 326 94% 790 1,027 30% Gross Margin 18.5% 18.1% -0.3 p.p. 22.3% 17.3% -5.0 p.p. Operating Expenses (-) 209 300 44% 859 939 9% Other Operating Inc
Slide 33: Highlights of FY15 – Balance Sheet
Highlights of FY15 – Balance Sheet in TL mn 12/31/2014 12/31/2015 Δ yoy Current Assets 3,760 3,959 5% Non-Current Assets 3,118 3,483 12% Total Assets 6,877 7,441 8% Current Liabilites 1,981 2,694 36% Non-Current Liabilities 1,987 1,705 -14% Non-Controlling Interests 155 390 152% SHs Equity, Parent 2
Slide 34: Revenue Breakdown
Revenue Breakdown TL mn 4Q14 4Q15 Δ yoy 2014 2015 Δ yoy Media 610 597 -2.0% 2,395 2,227 -7.1% Publishing 266 303 14.1% 1,218 1,131 -7.1% Advertising 150 136 -9.2% 604 514 -15.0% Circulation & Printing 62 63 1.1% 280 260 -6.9% Other 54 104 94.3% 334 357 6.9% Broadcasting 344 294 -14.4% 1,177 1,095 -7
Slide 35: Operational Results by Segments
Operational Results by Segments mn TL 4Q14 4Q15 D yoy 2014 2015 D yoy Revenues 908 1,799 98% 3,543 5,951 68% Publishing 285 315 10% 1,270 1,183 -7% Broadcasting 351 300 -14% 1,199 1,117 -7% Retail 153 185 21% 515 620 20% Energy 71 929 1212% 296 2,771 836% Other 99 104 6% 408 401 -2% Intersegment Eli
Slide 36: Operational Results by Segments
Operational Results by Segments mn TL 4Q14 4Q15 D yoy 2014 2015 D yoy EBIT -41 26 n.m. -69 88 n.m. Publishing -8 -2 n.m. 10 51 390% Broadcasting -34 34 n.m. -99 -17 -83% Retail 7 14 96% 11 18 68% Energy 5 11 95% 19 58 199% Other -13 -32 n.m. -9 -22 n.m. Intersegment Eliminations 0 0 -98% -1 0 n.m. E
Slide 37: 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 38: EBITDA Reconciliation
EBITDA Reconciliation TL mn 4Q14 4Q15 D yoy 2014 2015 D yoy Operating Profit (EBIT) -41 26 n.m. -69 88 n.m. Depreciation & Amortization (+) 73 74 2% 295 314 6% Programme Rights Amortization (-) -19 -22 16% -76 -87 15% Net IAS Impact (+) 4 11 167% 28 33 18% EBITDA 17 89 423% 179 347 94% 37 Doğan Hold
Slide 39: 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 40: 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 39 Doğan Holding FY15 Financial Results