Dogus Otomotiv Servis Ve Ticaret Anonim Sirketi · BIST:DOAS
Dogus Otomotiv Servis Ve Ticaret Anonim Sirketi — Doğuş Otomotiv Servis ve Ticaret A.Ş. — Q3 2015 Earnings Presentation
22 slides from Dogus Otomotiv Servis Ve Ticaret Anonim Sirketi's earnings presentation, Nov 10, 2015
Slide 1: 3Q 2015 Analyst Briefing Presentation
3Q 2015 ANALYST BRIEFING PRESENTATION Dr. Berk Çağdaş 10 Kasım 2015
Slide 2: 9M2015 Developments
9M2015 DEVELOPMENTS ► Retail Market sales increased by 42% and DOAS sales increased by 52% in 9M2015 compared to 9M2014. ► Revenues increased by 58% in 9M2015 compared to 9M2014. ► EBITDA increased by 69% in 9M2015 compared to 9M2014. ► Net Profit increased by 66% in 9M2015 compared to 9M2014. ► Sal
Slide 3: 9M2015 Doğuş Otomotiv Main Segment Sales Performance
9M2015 DOGUS OTOMOTIV MAIN SEGMENT SALES PERFORMANCE Retail RETAIL MARKET DOAŞ PERFORMANCE
Slide 4: Competition
COMPETITON Retail YTD SEP RETAIL MARKET 2013 2014 YTD YTD 14/15 2014/2015 VW is a market leader with 15,9% YEAR END YEAR END SEP2014 SEP2015 ∆ ∆ market share in cumulative passenger PASSENGER VEHICLE % vehicle market. DOGUS OTOMOTİV 19,3 22,2 22,8 24,2 2,1 1,4 RENAULT TOFAS 18,9 7,8 20,1 6,9 19,1 7,
Slide 5: Wholesale Market and DOAS Market Share
WHOLESALE MARKET AND DOAS MARKET SHARE 10-year Light Vehicle Market
Slide 6: 5-Year Market Share Analysis
5-YEAR MARKET SHARE ANALYSIS % 2010 2011 2012 2013 2014 RETAIL MARKET 9M2014 9M2015 ∆ Year End Year End Year End Year End Year End DOGUS OTOMOTİV 11,3 12,6 15,8 17,8 20,1 20,9 21,8 0,9 RENAULT 15,0 16,3 15,2 17,0 17,4 16,9 16,2 -0,7 TOFAŞ 14,5 15,0 13,3 11,6 11,7 10,8 12,3 1,5 FORD 15,7 15,4 13,7 12
Slide 7: 9M2015 Passenger Vehicle Market (%)
9M2015 PASSENGER VEHICLE MARKET (%) Retail - Passenger vehicle market increased by 42% in 9M2015 compared to 9M2014. - DOAS achieved to increase its market share from 22,8% to 24,2% in the passenger vehicle market compared to last year same period. - Renault has 18,6% market share in this segment fo
Slide 8: 9M2015 Light Commercial Vehicle Market (%)
9M2015 LIGHT COMMERCIAL VEHICLE MARKET (%) Retail - Light commercial vehicle market increased by 52% in 9M2015 compared to 9M2014. - DOAS has maintained its market share in the light commercial vehicle market at 14,4% levels in 9M2015. - The main competitors of DOAS in this segment are Ford with 29,
Slide 9: 9M2015 Doğuş Otomotiv Brand Sales Performance
9M2015 DOGUS OTOMOTIV BRAND SALES PERFORMANCE Wholesale WHOLESALE 9M 2014 9M 2015 Δ UNITS VW PV 58.050 83.954 45% VW LCV 15.031 25.320 68% AUDI 10.507 13.849 32% SKODA 9.466 16.395 73% SEAT 7.441 13.314 79% SCANIA 1.238 2.267 83% KRONE 564 151 -73% PORSCHE 357 584 64% MEILLER 261 355 36% BENTLEY 10
Slide 10: Financial Performance
FINANCIAL PERFORMANCE
Slide 11: Financial Performance
FINANCIAL PERFORMANCE Net Sales EBITDA Net Profit CapEx Total Assets Working Capital* *Cash and cash equivalents, trade receivables and invetory are included.
Slide 12: Margins %
MARGINS % Gross Profit Margin OpEx/Sales EBITDA Margin %8 Cons. 7,4% 7,1% 6,7% Max 10 - 12 % 5,5% Target %5 Solo Max EBIT Margin Net Profit Margin Wholesale Market Share
Slide 13: EBIT Development (9M2015 & 9M2014)
EBIT DEVELOPMENT (9M2015 & 9M2014) (mn TL)
Slide 14: Revenue & EBIT Breakdown in Segments
REVENUE & EBIT BREAKDOWN IN SEGMENTS The portion of Passenger Vehicles in EBIT decreased from 67% to 61% and the portion of Other Segments in EBIT increased from 11% to 16% in 9M2015. *Other segments comprise used cars, spare parts and central office functions.
Slide 15: Income Statement
INCOME STATEMENT TL’000 3Q 2015 3Q 2014 Δ 3Q 15/3Q 14 9M 2015 9M 2014 Δ 9M 15/ 9M 14 Revenue 2.989.234 1.843.733 62% 7.958.385 5.040.484 58% Direct cost of revenue -2.705.757 -1.616.229 67% -7.133.976 -4.445.094 60% Gross profit 283.477 227.504 25% 824.409 595.390 38% Total Operational Expenses -138
Slide 16: Equity Accounted Investees
EQUITY ACCOUNTED INVESTEES Income from Associates TL’000 3Q 2015 3Q 2014 Δ 3Q 15/3Q 14 9M 2015 9M 2014 Δ 9M 15/ 9M Associates 14 VDTF 4.908 6.068 -19% 11.834 19.720 -40% TÜVTÜRK N&S 6.968 5.069 37% 26.100 14.743 77% (Consolidated) Yüce Auto 1.817 1.812 0% 6.328 8.627 -27% LPD Holding** 0 5.586 -100%
Slide 17: Balance Sheet
BALANCE SHEET Inventories, increased from 569.259K TL to 1.410.955K TL as TL’000 30.09.2015 31.12.2014 Δ of 30.09.2015. Number of vehicles increased from 7,507 units ASSETS 3.951.369 2.827.257 40% to 20,316 units as of 30.09.2015. Inventory level increased by %148, because a substantial amount of 20
Slide 18: Financing Costs
FINANCING COSTS Million TL 9M 2015 9M 2014 Δ 9M 15/ 9M 14 Financing Costs -124,680 -93,735 33% Finance expenses, net -120,342 -92,619 30% Interest expense on borrowings -117,250 -84,990 38% Commission expenses on letters of -2,267 -4,194 -46% guarantee Other financial expenses -0,825 -3,435 -76% For
Slide 19: Financial Performance
FINANCIAL PERFORMANCE Million TL 30.09.2015 31.12.2014 Δ Working capital 2.401 1.355 77% Net cash position -1.632 -1.060 -54% Receivable Turnover (day) 32 35 -8% Inventory Turnover (day) 54 30 78% Payable Turnover (day) 31 19 64% Million TL 30.09.2015 30.09.2014 Δ CAPEX 91 73 24% ROA 7,5% 6,0% 25% R
Slide 20: Yield & Earnings per Share
YIELD & EARNINGS PER SHARE As of the beginning of this year, DOAS lost value of 15% and BIST100 lost value of 13%. Earnings per share increase from 0,81 to 1,35 compared to same period last year.
Slide 21: Thank You – Q & A
7. THANK YOU.- Q&A +
Slide 22: 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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