Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Q2 2022 Earnings Presentation
31 slides from Dogan Sirketler Grubu Holding A.s's earnings presentation, Aug 18, 2022
Slide 1: Doğan Holding 2Q22 Earnings Presentation
Doğan Holding 2Q22 Earnings Presentation August 18, 2022
Slide 2: 2Q22 Highlights
2Q22 Highlights Strong Net Income Growth: 593% • Improving margins in all segments • Positive impact of increasing oil prices and operational improvements on Aytemiz • Galata Wind’s robust operational and financial performance • Higher contribution from industrial and automotive companies High Net C
Slide 3: 2Q22 Highlights
2Q22 Highlights Revenue EBITDA Net Income (TL mn) 1,271 1,511 10,878 194% 593% 332% 3,696 294 218 2Q21 2Q22 2Q21 2Q22 2Q21 2Q22 • Positive contribution from high oil and • Improving margins of petroleum products • Higher EBITDA from all segments retailing and electricity generation on higher electri
Slide 4: Karel Acquisition Details
Karel Acquisition Details About Karel Why Karel? Deal Details • Leading telecom equipment and electronic • High technological capability and growth potential • TL843 million for 40% stake systems manufacturer in Türkiye. • Strong market position, fitting with Dogan • Dogan Holding owns 55.6% of voti
Slide 5: 2Q22 Revenue Overview
2Q22 Revenue Overview Revenue Bridge (TL mn) Highlights Revenue 71% 2% 13% 8% 3% Petroleum Products Retailing 2% 1% Share • Rising oil prices • Positive impact of TL depreciation Electricity Generation • Higher generation on increased capacity • High CUR • High electricity prices Industry-Trade • Ro
Slide 6: 2Q22 EBITDA Overview
2Q22 EBITDA Overview EBITDA Bridge (TL mn) Highlights EBITDA 37% 16% 19% 12% 11% Petroleum Products Retailing 6% 1% Share • Optimization in station portfolio • Inventory gains Electricity Generation • Lower share of fixed costs on higher CUR • High electricity prices Industry-Trade • Pass-through ef
Slide 7: Share Buyback /Dividend Inflow and Payments
Share Buyback /Dividend Inflow and Payments Share Buyback Program Dividend Inflow Dividend Payments • Share Buyback Program was updated at • Increasing dividend inflow from group • Dividend Policy: targets to distribute >5% the General Assembly. companies. of paid-in capital. • New program size: TL3
Slide 8: Consolidated Net Cash Position Change
Consolidated Net Cash Position Change Doğan Holding Consolidated Net Cash (USD mn) • The total impact of cash outflow related to Karel acquisition and consolidation of Karel on Dogan Holding’s net debt is USD154 million. • Increasing oil, commodity and other raw material prices and precautions that
Slide 9: Solo Net Cash Position Change
Solo Net Cash Position Change Doğan Holding Solo Net Cash (Dogan Holding + Öncü VCIT + DHI) (USD mn) • Karel acquisition had a USD55 million impact on solo net cash. • During the period, capital increases were completed for Hepsiemlak and Hepiyi Sigorta. • Due to changes in macro conditions, our fin
Slide 10: Petroleum Products Retailing Segment
Petroleum Products Retailing Segment Petroleum Products Retailing Summary Financials 2Q22 Overview TL million 2Q21 2Q22 Δ 1H21 1H22 Δ • Increasing oil prices and currency depreciation supported top-line Revenue 2,416 7,682 218% 4,265 12,429 191% Gross Profit 118 566 379% 210 932 344% growth. EBITDA
Slide 11: Electricity Generation Segment
Electricity Generation Segment Electricity Generation Segment Summary Financials 2Q22 Overview TL million 2Q21 2Q22 Δ 1H21 1H22 Δ • Electricity consumption increased by 3.2% in 5M22. Revenue 91 228 149% 180 518 188% Gross Profit 59 182 210% 116 428 269% • Low supply and rise in coal and natural gas
Slide 12: Electricity Generation Segment – Galata Wind
Electricity Generation Segment – Galata Wind Galata Wind Summary Financials 2Q22 Overview TL million 2Q21 2Q22 Δ 1H21 1H22 Δ • Revenue grew by 188% as Taşpınar WPP started and Revenue 90 228 155% 180 518 188% Gross Profit 56 181 225% 116 428 270% production increased in other plants with higher pric
Slide 13: Electricity Generation Segment – Boyabat & Aslancık HPP
Electricity Generation Segment – Boyabat & Aslancık HPP Boyabat & Aslancık HPP Summary Financials* 2Q22 Overview Boyabat HPP Summary Financials • In 5M22, Boyabat HPP generated 210.2 MWh electricity, TL million 2Q21 2Q22 Δ 1H21 1H22 Δ indicating a decline of 36.2% Revenue 122 112 -8% 187 440 135% •
Slide 14: Industry & Trade Segment
Industry & Trade Segment Industry & Trade Segment Summary Financials 2Q22 Overview TL million 2Q21 2Q22 Δ 1H21 1H22 Δ • Strong demand continued in steel rope and flexible packaging. Revenue 605 1,419 135% 1,174 2,676 128% • TL depreciation supported revenue growth significantly Gross Profit 120 309
Slide 15: Industry & Trade Segment – Çelik Halat
Industry & Trade Segment – Çelik Halat Çelik Halat Summary Financials 2Q22 Overview TL million 2Q21 2Q22 Δ 1H21 1H22 Δ • High oil prices and increased industrial activity had a positive impact Revenue 167 363 117% 292 707 142% on demand to steel rope. Gross Profit 26 61 133% 44 134 201% EBITDA 12 31
Slide 16: Industry & Trade Segment – Ditaş
Industry & Trade Segment – Ditaş Ditaş Summary Financials 2Q22 Overview TL million 2Q21 2Q22 Δ 1H21 1H22 Δ • Slow-down in automotive industry due to chip shortage Revenue 56 183 228% 110 341 209% Gross Profit 17 34 104% 34 68 100% pressured demand. EBITDA 9 22 129% 21 41 96% • Increasing raw materia
Slide 17: Industry & Trade Segment – Sesa Ambalaj
Industry & Trade Segment – Sesa Ambalaj Sesa Ambalaj Summary Financials 2Q22 Overview TL million 2Q21 2Q22 Δ 1H21 1H22 Δ • Euro based revenue growth sustained thanks to strong demand Revenue 185 366 97% 325 689 112% Gross Profit 55 110 102% 97 207 114% in domestic and export markets. EBITDA 53 88 64
Slide 18: Industry & Trade Segment – Karel Elektronik
Industry & Trade Segment – Karel Elektronik Karel Elektronik Summary Financials 2Q22 Overview TL million 2Q21 2Q22 Δ 1H21 1H22 Δ • Karel did not have an impact on 2Q22 income statement. Revenue 340 610 79% 673 1,162 73% Gross Profit 65 98 50% 133 259 95% • New client additions in Corporate Projects
Slide 19: Automotive Segment – Dogan Trend Otomotiv
Automotive Segment – Dogan Trend Otomotiv Automotive Segment Summary Financials 2Q22 Overview TL million 2Q21 2Q22 Δ 1H21 1H22 Δ • Supply constraints limit car sales in the new car market. Revenue 304 897 195% 411 1,287 213% Gross Profit 43 217 404% 60 326 447% • MG sales grew to 3 times on higher b
Slide 20: Finance & Investment Segment
Finance & Investment Segment Finance & Investment Segment Summary Financials 2Q22 Overview TL million 2Q21 2Q22 Δ 1H21 1H22 Δ • Doğan Investment Bank (DIB) reached an asset size of TL915 Revenue 68 307 354% 135 495 266% million. Gross Profit 39 225 481% 83 354 327% • As DIB started its operations in
Slide 21: Internet & Entertainment Segment
Internet & Entertainment Segment Internet & Entertainment Segment Summary Financials 2Q22 Overview TL million 2Q21 2Q22 Δ 1H21 1H22 Δ • Revenues grew by 48% to TL463 million in 1H22. Revenue 183 264 44% 313 463 48% Gross Profit 79 122 55% 137 213 55% • The largest revenue contributor was Kanal D Rom
Slide 22: Real Estate Investments Segment
Real Estate Investments Segment Real Estate Investments Segment Summary Financials 2Q22 Overview TL million 2Q21 2Q22 Δ 1H21 1H22 Δ • Higher occupancy rates and rent hikes led to 150% revenue Revenue 29 81 179% 51 127 150% Gross Profit 13 19 51% 25 34 40% growth to TL125 million. EBITDA 9 6 -29% 18
Slide 23: Apendix
Apendix
Slide 24: Apendix – Financial Results
Apendix – Financial Results TL million 2Q21 2Q22 Δ 1H21 1H22 Δ TL million 2021 1H22 Δ Sales 3,696 10,878 194% 6,530 17,995 176% Current Assets 15,514 25,371 64% Cost of Goods Sold -3,243 -9,264 186% -5,724 -15,174 165% Non-Current Assets 6,781 10,168 50% Gross Profit 453 1,614 256% 806 2,821 250% To
Slide 25: Apendix – Revenue Breakdown
Apendix – Revenue Breakdown TL million 2Q21 2Q22 Δ 1H21 1H22 Δ Petroleum Products Retail 2,416 7,682 218% 4,265 12,429 191% Fuel sales 2,067 6,608 220% 3,622 10,516 190% LPG sales 310 1,016 227% 576 1,807 214% Other 38 59 53% 68 106 57% Electricity Generation 91 228 149% 180 518 188% Electricity Sal
Slide 26: Apendix – Financial Results by Segments
Apendix – Financial Results by Segments TL million 2Q21 2Q22 Δ 1H21 1H22 Δ TL million 2Q21 0 2Q22 0 Δ 0 1H21 0 1H22 0 Δ 0 Revenue 3,689 10,878 195% 6,530 17,995 176% EBIT 7,404 20,419 176% 13,098 33,682 157% Petroleum Products Retail 2,420 7,695 218% 4,269 12,444 191% Petroleum Products Retail 4,903
Slide 27: Apendix – Net Cash / (Debt) Breakdown
Apendix – Net Cash / (Debt) Breakdown TL million 2021 1H22 Δ Petroleum Products Retailing -625 -1,036 66% Electricity Generation -488 -169 -65% Industry & Trade -1,152 -3,875 236% CELHA -135 -269 100% KAREL 0 -1,781 n.m. DITAS -79 -144 81% Doğan Dış Ticaret -432 -832 93% Sesa Yatırım -499 -805 61% O
Slide 28: Apendix – Karel Acquisition Balance Sheet Impact
Apendix – Karel Acquisition Balance Sheet Impact TL million without Karel with Karel Δ Current Assets 22,455 25,371 13% Non-Current Assets 8,236 10,168 23% Total Assets 30,690 35,540 16% Current Liabilites 10,929 13,554 24% Non-Current Liabilities 2,961 3,335 13% Non-Controlling Interests 1,941 2,80
Slide 29: Apendix – Segment Structure
Apendix – Segment Structure Petroleum Products Automotive Trade & Internet & Real Estate Electricity Generation Industry & Trade Financing & Investing Retailing Marketing Entertainment Investments Revenue 7,682 228 1,419 897 307 264 81 Revenue Shr. 71% 2% 13% 8% 3% 2% 1% EBITDA 470 198 236 150 140 7
Slide 30: Investor Relations Contact
Investor Relations Contact Bora Tezgüler Investor Relations Director borat@doganholding.com.tr Kerimcan Uzun Investor Relations Manager kerimu@doganholding.com.tr www.doganholding.com.tr ir@doganholding.com.tr +90 216 556 90 00 29 Doğan Holding 2Q22 Earnings Presentation
Slide 31: Disclaimer
Disclaimer Doğan Şirketler Grubu Holding A.Ş. (“Doğan Holding”) has prepared this book (the “Book”) for the sole purpose of providing information relating to DoğanHolding (the “Information”). The contents of this Book is based on public information and on data provided by Doğan Holding management. N
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