Dogus Otomotiv Servis Ve Ticaret Anonim Sirketi · BIST:DOAS
Dogus Otomotiv Servis Ve Ticaret Anonim Sirketi — Doğuş Otomotiv Servis ve Ticaret A.Ş. — H1 2015 Earnings Presentation
24 slides from Dogus Otomotiv Servis Ve Ticaret Anonim Sirketi's earnings presentation, Aug 20, 2015
Slide 1: 1H 2015 Analyst Briefing Presentation
1H 2015 ANALYST BRIEFING PRESENTATION Dr. Berk Çağdaş 20 August 2015
Slide 2: 1H2015 Developments
1H2015 DEVELOPMENTS ► Retail Market sales increased by 50% and DOAS sales increased by 52% in 1H2015 compared to 1H2014. ► Revenues increased by 55% in 1H2015 compared to 1H2014. ► Net Profit increased by 91% in 1H2015 compared to 1H2014. ► Sales of LPD Holding shares were completed at 16 February 2
Slide 3: 1H2015 Doğuş Otomotiv Main Segment Sales Performance
1H2015 DOĞUŞ OTOMOTİV MAIN SEGMENT SALES PERFORMANCE Retail RETAIL MARKET DOAŞ PERFORMANCE 3
Slide 4: Competition
COMPETITON Retail YTD JUN RETAIL MARKET 2013 2014 YTD YTD 14/15 2014/2015 VW is a market leader with %15,7 YEAR END YEAR END JUN2014 JUN2015 ∆ ∆ market share in cumulative passenger PASSENGER VEHICLE % vehicle market. DOGUS OTOMOTİV 19,3 22,2 23,1 24,2 2,0 1,1 RENAULT 18,9 20,1 19,7 18,0 -2,1 -1,7 S
Slide 5: Wholesale Market and DOAS Market Share
WHOLESALE MARKET AND DOAS MARKET SHARE 10-year (Passenger & L.Commercial) 5
Slide 6: 5-Year Market Share Analysis
5-YEAR MARKET SHARE ANALYSIS % 2010 2011 2012 2013 2014 RETAIL MARKET 6M2014 6M2015 ∆ Year End Year End Year End Year End Year End DOGUS OTOMOTİV 11,3 12,6 15,8 17,8 20,1 21,4 21,6 0,1 RENAULT 15,0 16,3 15,2 17,0 17,4 17,5 15,7 -1,8 TOFAŞ 14,5 15,0 13,3 11,6 11,7 11,6 11,7 0,1 FORD 15,7 15,4 13,7 12
Slide 7: 1H2015 Passenger Vehicle Market (%)
1H2015 PASSENGER VEHICLE MARKET (%) Retail - Passenger Vehicle market increased by %45 in 1H2015 compared to 1H2014. - DOAŞ achieved to increase its market share from %23,1 to %24,2 in Passenger Vehicle market compared to last year same period. - Renault has 18% market share in this segment followin
Slide 8: 1H2015 Light Commercial Vehicle Market (%)
1H2015 LIGHT COMMERCIAL VEHICLE MARKET (%) Retail - Light Commercial Vehicle Market increased by %71 in 1H2015 compared to 1H2014. - DOAS decreased its market share in Light Commercial Vehicle Market from %15,4 to %13,3 compared to the last year same period. - The main competitors of DOAS in this se
Slide 9: 1H2015 Doğuş Otomotiv Brand Sales Performance
1H2015 DOĞUŞ OTOMOTİV BRAND SALES PERFORMANCE Wholesale WHOLESALE 1H 2014 1H 2015 Δ UNITS VW PV 37.773 54.553 44% VW LCV 9.648 14.343 49% AUDI 6.632 9.219 39% SKODA 5.933 11.543 95% SEAT 4.503 8.298 84% SCANIA 818 1.555 90% KRONE 403 142 -65% PORSCHE 247 288 17% MEILLER 152 268 76% BENTLEY 6 9 50% L
Slide 10: Launches in January-June 2015
LAUNCHES IN JANUARY-JUNE 2015 New Q7 and Caravelle and RS6 Avant PI Transporter launches launches after 12 years. New Fabia and Superb New Carrera GTS, launches Cayman GT4, 911 GT3 launches P400 8X4 Tipper, P400 8X4 Mixer, P360 8X4 Light Mixer and 8x2 launches 10
Slide 11: Financial Performance
FINANCIAL PERFORMANCE 11
Slide 12: Financial Performance
FINANCIAL PERFORMANCE Net Sales EBITDA Net Profit CapEx Total Assets Working Capital* *Cash and cash equivalents, trade receivables and invetory are included. 12
Slide 13: Margins %
MARGINS % Gross Profit Margin OpEx/Sales EBITDA Margin 12 % %8 7,5% Target Cons. 6,7% 7,1% Max 6,0% %5 Solo Max EBIT Margin Net Profit Margin Wholesale Market Share 11 3
Slide 14: EBIT Development (1H 2015 & 1H 2014)
EBIT DEVELOPMENT (1H 2015 & 1H 2014) 14
Slide 15: Revenue & EBIT Breakdown in Segments
REVENUE & EBIT BREAKDOWN IN SEGMENTS The portion of Passenger Vehicles in EBIT increased from 65% to 67% and the portion of Commercial Vehicles in EBIT increased from 22% to 24% in 1H2015. 15 *Other segments comprise used cars, spare parts and central office functions.
Slide 16: Income Statement
INCOME STATEMENT TL’000 2Q 2015 2Q 2014 Δ 2Q15/2Q14 1H 2015 1H 2014 Δ 1H15/1H14 Revenue 2.794.109 1.842.588 52% 4.969.151 3.196.751 55% Direct cost of revenue -2.520.535 -1.618.993 56% -4.428.219 -2.828.865 57% Gross profit 273.574 223.595 22% 540.932 367.886 47% Total Operational Expenses -172.315
Slide 17: Equity Accounted Investees
EQUITY ACCOUNTED INVESTEES Income Loss from Associates TL’000 2Q 2015 2Q 2014 Δ 2Q15/2Q14 1H 2015 1H 2014 Δ 1H15/1H14 Associates VDTF 3.127 13.840 -77% 6.926 13.652 -49% TÜVTÜRK N&S 16.018 4.949 224% 19.132 9.674 98% (Consolidated) Yüce Auto 1.525 3.997 -62% 4.511 6.815 -34% LPD Holding** 0 11.070 -
Slide 18: Balance Sheet
BALANCE SHEET Inventories, increased from 569.259K TL to 1.350.911K TL as of TL’000 30.06.2015 31.12.2014 Δ 30.06.2015. Number of vehicles increased from 7,507 units to 23,172 ASSETS 3.879.454 2.827.257 37% units as of 30.06.2015. Inventory level increased by %90, because substantial amount of 2015
Slide 19: Financing Costs
FINANCING COSTS Million TL 1H 2015 1H 2014 Δ 1H15/1H14 Financing Costs 64 57 11% Finance expenses, net 61 57 7% Interest expense on borrowings 59 51 15% Commission expenses on letters of 1 3 -57% guarantee Other financial expenses 1 2 -78% Foreign Exchange gain/loss, net 2 0 - Million TL 2Q 2015 2Q
Slide 20: Financial Performance
FINANCIAL PERFORMANCE Million TL 30.06.2015 31.12.2014 Δ Net working capital 2.359 1.355 74% Net cash position -1.526 -1.060 -44% Receivable Turnover (day) 36 35 -1% Inventory Turnover (day) 56 30 -83% Payable Turnover (day) 38 19 98% Million TL 30.06.2015 30.06.2014 Δ CAPEX 50 53 -5% ROA 5,5% 3,6%
Slide 21: Yield & Earnings per Share
YIELD & EARNINGS PER SHARE As of the begining of this year, DOAS has the yield of 37,5% whereas BIST100 lost value of 4%. Earnings per share increase from 0,51 to 0,98 compared to same period last year. 21
Slide 22: Launches in July-December 2015
LAUNCHES IN JULY-DECEMBER 2015 Passenger Vehicle Light Commercial Vehicle Passenger Vehicle Launches: Audi TTS - RS3 Sportback - R8 Coupe - A4/A4 Avant, SEAT Ibiza – Alhambra , Skoda Fabia Combi , Bentley Mulsanne Speed, Porsche Boxster Spyder Light Commercial Vehicle Launches: 22 VW Caddy - Amarok
Slide 23: Thank You – Q & A
THANK YOU – Q & A
Slide 24: Disclaimer
Disclaimer Dogus Otomotiv Servis ve Ticaret AS. (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 gu
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