Almost 40 years of experience in the media sector «Aytemiz» investment (1Q15) supports energy revenues and EBITDA

Transcription

1 March 2018

2 Reaching half of Turkey s internet population Attractive portfolio focusing mainly media, energy and retail The only fully integrated media company in Turkey Almost 40 years of experience in the media sector «Aytemiz» investment (1Q15) supports energy revenues and EBITDA BIST-30 company with 36% freefloat 2

3 HÜRRİYET DOĞAN TV BOYABAT GALATA AYTEMIZ D&R ÇELİK HALAT MİLTA DORUK FİNANSMAN DOĞAN GAZETECİLİK FTA TV CHANNELS DIGITAL PLATFORM ASLANCIK DOEL GAS PLUS ERBİL DİTAŞ MARLIN DORUK FAKTORİNG DOĞAN BURDA PRODUCTION RADIO DOĞAN ORGANİK NETA SUZUKI DOĞAN EGMONT İLKE DOĞAN DAĞITIM DOĞAN NEWS AGENCY (DHA) 3

4 Doğan Holding milestones: path toward leadership 1 Çorum Solar Power Plant The acquisition & establishment dates of assets that are currently in the portfolio are provided. 4

5 One of the leading conglomerates in Turkey operating mainly in media, energy and retail sectors FULLY INTEGRATED MEDIA & AROUND 40 YEARS OF COMMITMENT PUBLISHING #1 in newspaper, magazine circulation & ad market share #1 media distribution network; distributes 2/3 of newspaper & magazines in Turkey BROADCASTING One of the leading FTA Channel # 1 News Channel Leading digital pay TV operator # 1 music production house ONLINE MEDIA Reaching almost half of Turkey s internet population*** Classifieds, news portals, video, and OTT *FY17, Press Advertising Authority & BIAK **TNS, FY17 audience shares (Total Day/AB Group) ***Gemius, December 2017 *As of FY17 PORTFOLIO OF RENEWABLE CAPACITIES* HYDRO: JV in 633 MW capacity Boyabat HEPP (513MW) Aslancık HEPP (120 MW) WIND: 168 MW capacity 2.4% of Turkey s wind generation*. CURs inline with Turkey s average PETROLEUM PROD.DISTRIBUTION: Acquired 50% stake in petroleum distribution company Aytemiz in 1Q15 (537 stations as of FY17) OIL: Stake in oil field in N.Iraq 20% interest in oil field in N. Iraq. Under the PSA, recoverable contingent resources of 170+ mn bbl so far. #1 PLAYER IN THE TURKISH ENTERTAINMENT RETAIL MARKET D&R Offline #1 in offline media retail with 169 stores in 34 cities in FY17 Wide range of product mix 5.0 million store visitor/ month. Expanded its product mix in stationery and gift products with AGT acquisition in Online : #1 in online entertainment retail Online bookstore: idefix and prefix acquisition in mn monthly UV in dr.com.tr & idefix.com.tr as of December LEADING PLAYERS IN THEIR MARKETS ÇELİK HALAT: Leading Steel Ropes manufacturer Exports 40+ countries DİTAŞ: Turkey s leading rod manufacturer A class supplier of the largest vehicle producers of Turkey FINANCIAL SERVICES DORUK FAKTORING: One of the leading factoring companies in Turkey. DORUK FINANSMAN: First mortgage company in Turkey, restructured in 2017 and expanded its operations. TOURISM hotel & marina management, Real Estate Development project with partnership of Rönesans REIT MOTOR VEHICLES DISTRIBUTORSHIP Distributor agreements with global Suzuki & Piaggio and sales agreement with DAF brand. 5

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7 Doğan Media: the only dedicated media player in Turkey with almost 40 years of experience Leader in ad market share as being #1 content and service provider in Turkey MAGAZINE & BOOK PUBLISHING NEWSPAPER PUBLISHING DISTRIBUTION TV & RADIO BROADCASTING NEWS AGENCY DIGITAL PLATFORM ONLINE PRODUCTION 7

8 #1 in Turkish music production Well known radio stations In House production Kanal D Romania: #3 in Romania TV segment BROADCASTING SEGMENT Total Revenues: mn TL* Ad Revenues: 588 mn TL* Subscription Rev.: 399 mn TL* * FY17 consolidated figures Leading Player in FTA Kanal D: One of the leading FTA Channel CNN Türk: #1 News Channel in TD/AB Group & PT/AB Group in 2017 Leading in Digital Pay TV D-Smart: 936K pay TV & 333K internet subcscribers as of 2017 OTT services with BluTV 8

9 TV continues to be the most attractive advertising media in Turkey TV Newspaper Internet Other TV accounts for 50% of Turkish ad market in ,629 5,000 5,592 6,137 6,519 7,097 7,456 14% 14% 13% 13% 13% 12% 12% 13% 15% 15% 22% 24% 26% 28% 22% 20% 18% 15% 13% 11% 9% 51% 50% 54% 50% 49% 50% 50% 100% Source: Company Data (previous years restated) Fragmented structure with 19 national FTA channels. A more competitive structure for FTA channels. Top 5 Channels (same) Others 19 National FTA channels in Turkey Audience Shares (%)* 50% 46% 44% 44% 40% 42% 41% 50% 54% 56% 56% 60% 58% 59% National 167 Regional Local Source: RTUK 9M17 Annual Report (Sep 2017) * TNS (Total Day, Total Individual) AGB Nielsen TNS (Sep-Dec) TNS (Jan-Dec)

10 Doğan Media - TV Broadcasting: FTA Channels Kanal D: Flagship TV channel in Turkish TV sector One of the leading channel in Total Day (AB Group) in FY17 Kanal D s content is sold in Eastern Europe, M.East & Latin America. CNN Türk: #1 News Channel in Total Day & Prime Time (AB Group) in FY17. teve2 launced in 2012; offers popular foreign series, movies, domestic productions. kanald.com.tr: maintained its position as Turkey s most viewed TV website. cnnturk.com: #1 video viewed TV news channel in 2017 *Gemius (Dec 2017), Google Analytics (2017) 10

11 Doğan Media - TV & Music Production and Radio Broadcasting D Production: In-house TV production with high ratings in TV Series. Great success in MENA, CEE and Eurasia with Turkish Drama. DMC: #1 in Turkish music production with 25% market share in CD sales and 42% share of Radio and TV Playlists. DMC keeps being the leader company of this sector with 48% market share in Digital Sales. Radyo D, Slow Türk Radio and CNN Türk Radio are among the most listened and preferred radio stations in Turkey. Radyonom.com, the digital radio platform, was introduced in

12 Attractive market for digital platform Fiber Other Cable Internet xdsl 1.2% 12.2% 3.2% 0.2% Broadband Internet in Turkey 83.1% Turkey is the youngest country in Europe with 16.1% young population (aged 15-24)*. The number of broadband subscribers, which was 6 million in 2008, reached 68 million. Mobile broadband subscribers (computer and mobile handset) is around 56 million. Pay TV households reached 6.3 mn as of 9M17-end; and 64% of this is digital platform subscribers. Pay TV penetration (per household) is around 25%. Mobile broadband *Source: BTK; 3Q17 statistics Pay TV in Turkey by Platform (9M17) IPTV 16.4% Cable 19.2% 64.4% Digital Platform *Source: BTK; 3Q17 statistics, based on # pay TV subscribers *Source: Turkstat (ABPRS: Addressed Based Population Registration System, 2017 year-end results) 12

13 D-Smart: Digital Pay TV operator D-Smart provides reach content to its 936K pay TV & 333K internet subscribers : 85 HD channels and this is the highest number of HD channels available on any Pay TV service in the territory. D-Smart s in-house produced movie channels offer subscribers over 1,000 movies each month. Exclusive sports content The English Premier League, Pre-season friendly matches of Galatasaray, Fenerbahce and Besiktas, UEFA Champions League Qualifying Round Games, UEFA Europa League Qualifying and Play-Off rounds, Libertadores Cup, Chinese Premier League, BARCA TV, BAYERN TV, FIBA Basketball Champions League, CEV Volleyball Champions League, VELUX EHF Handball Champions League, UFC, Motogp, Formula 1 and NBA. First DTH platform providing double play TV+ADSL services D-Smart TV 1,028 1,

14 PUBLISHING SEGMENT Total Revenues: mn TL* Ad Revenues: 454 mn TL* Other Rev.: 698 mn TL* * FY17 consolidated figures Hürriyet Group** Cons. Rev.: 538 mn TL* Ad Rev: 339 mn TL* Hürriyet Group: #1 Print & Online newspaper in ad market Doğan Gazetecilik** Cons. Rev.: 192 mn TL* Doğan Burda: #1 in magazine ad rev. & circulation DHA: Leading News Agency Doğan Dağıtım: Widest reaching media distribution network ** Based on Hurriyet s <HURGZ> FY17 consolidated figures Ad Rev.: 73 mn TL* Posta: #1 in newspaper reach Fanatik: Leading brand in sports journalism ** Based on Dogan Gazetecilik s <DGZTE> FY17 consolidated figures 14

15 Publishing Print vs. Digital: Strong brand & content creates opportunity to engage readers even deeper Avg. Daily Newspaper Circulation in Turkey (mn units) Source: Basın-İlan, The Company Ad Spend in Turkey (TL mn) 2,964 3,906 4,629 5,000 5,592 6,137 6,519 7,097 7,456 30% 27% 25% 23% 20% 17% 15% 13% 10% 11% 13% 15% 15% 22% 24% 26% 28% 10% 59% 63% 62% 62% 64% 61% 60% 61% 61% Newspaper & Magazine Internet Other Source: The company 15

16 Doğan Group: Leading player in offline & online newspaper segment Market leader in newspaper circulation with 21% market share in FY17. Around a total of 0.7 mn daily average sales of 4 dailies* in FY17. Posta, Hürriyet, Fanatik: top three daily with a total reach of around 3.1 mn daily readers** Hürriyet: the most influential and most sold daily Fanatik: leading brand of sports journalism Hürriyet <HURGZ> and Doğan Gazetecilik <DGZTE> are listed on the Borsa Istanbul. ** BIAK Report (Dec 2016-Nov 2017); unique reach without duplication Avg. daily circulation* #1 in advertising & circulation 315,897 #4 in circulation & #1 total reach 258,643 Turkey s oldest newspaper in English 5,521 Turkey s first daily sport newspaper 99,916 * Source: Press Advertising Authority (Avg. daily circulation based on FY17 averages) 16

17 HÜRRİYET Leading media brand in Turkey <HURGZ> Mcap US$151 mn* Hürriyet: Market leader in print media for over 65 years. #1 in print ad revenues; with one-third of the market Hurriyet.com.tr : Leading news portal: 4.4 mn average daily UV ** TME s brand Iz Ruk Ruki, one of the most well-known media brands in Russia, and Irr.ru is country s leading online classifieds provider. Hurriyet s Consolidated Revenues (TL mn) Hürriyet TME Hurriyet s Revenue Breakdown (excl. TME) in FY17 Hürriyet Emlak 10% Other 4% Turkish Newspaper Ad Market (2017) Hurriyet Print Ad Rev 34% Digital Content 10% % Print Media Other 66% *As of Mar 20, 2018 **Google Analytics,

18 Doğan Gazetecilik Highest reach newspaper group <DGZTE> Mcap US$79 mn* Posta: Turkey s most read newspaper for the last decade. Fanatik: Turkey s most prestigious sports newspaper Fanatik.com.tr: 11.0 mn ** unique monthly visitors in 2017 Fanatik web TV started broadcasting in 2013 with a 24-hour broadcast cycle Strong cash position of US$30 mn at 2017-end. Doğan Gazetecilik s Consolidated Revenues (TL mn) & EBITDA Margin % % % 14.4% % % EBITDA Margin Consolidated Revenues Doğan Gazetecilik s Net Profit (TL mn) & Dividend Payout Ratio % 60.5% 61.9% 60.9% 71.3% Doğan Gazetecilik s Net Cash Position (US$ mn) % * As of Mar 20, 2018 ** Gemius Prism January December 2017 monthly average Dividend Payout Ratio Net Profit 1 Total Dividend (Dividend+Advance Dividend)/Net Income * TL30.7 mn gross cash dividend from FY17 earnings will be proposed at the General Assembly. 18

19 Doğan Group Magazine & Book Publishing Valuable Partnership with Burda & Egmont #1 in magazine publishing with 3.3 mn circulation pa with 30+ magazines in FY17. Doğan Burda: #1 in magazine advertising & circulation <DOBUR> is listed in Borsa Istanbul <DOBUR> Mcap US$17 mn* Doğan Egmont: Turkey s leading publishing house in the magazine & book segment for the age group Doğan Kitap has strong position in book publishing with books ranking at the top of the best seller lists; and book sales of around 5.5 mn in FY17 * As of Mar 20,

20 Doğan News Agency: Only News, Just in Time Doğan Distribution: Widest reaching media distribution network Leading news agency and an important source for the local and international press Reliable & high quality news, images & photos With its wide network, produces 12,000 news articles, 6,000 videos and 30,000 photos on avg. every month. Reaches around 25,000 sales points daily Distributes c.2/3 of newspapers & magazines in Turkey A network of 6 regional administrations and 165 dealers 20

21 Kanald.com.tr #3 in TV category in UV Cnnturk.com.tr #1 video viewed news channel Doğan Holding 14.1 mn reach out of 34.2 mn internet audience in Turkey Medyanet Group s online ad marketing company Reach 51% of internet users in Turkey in age Group in AB Category Hurriyet.com.tr Leading News Portal (daily UV 4.4 mn*) * Google Analytics (2017) 21

22 Turkey s demographics support online growth: 9.1% 12.0% 15.2% 8.5% 15.5% 31.6% 8.0% % of the population below age 35 Source: Turkish Statistical Institute population 2017 year-end Young population with growing interest to internet 32.8% CAGR for internet Subscribers in Turkey % of population Internet subscribers % Source: Turkish Statistical Institute internet subscribers & population 22

23 Doğan Media s Online operations Reaching around half of Turkey s internet users MedyaNet (Group s online ad marketing company): reach 51% of the Internet users in Turkey (25-44 age group in AB Group) hurriyet.com.tr #1 in mobile visits & page views; 4.4 mn daily UV*; 17.5 mn social media follower fanatik.com.tr #1 in sports category, 11.0 mn monthly UV; 2.5 mn followers on facebook hurriyetemlak.com Leading real estate classified player; 7 mn monthly UV posta.com.tr news portal; 6.2 mn monthly UV kanald.com.tr Turkey s most viewed TV website; 16 mn followers on social media cnnturk.com #1 video viewed TV news channel; 20 mn monthly UV Doğan Holding 14.1 mn reach out of 34.2 mn internet audience in Turkey (41.3% reach) News Portals Classifieds Family & Social Others TV/Radio & Content Magazines hurriyet.com.tr hurriyetemlak.com hurriyetaile.com yakala.co kanald.com.tr chip.com.tr posta.com.tr hurriyetoto.com mahmure.com bigpara.com teve2.com.tr pcnet.com.tr fanatik.com.tr yenibiris.com netd.com capital.com.tr hurriyetdailynews.com ekolay.net blutv.com.tr level.com.tr cnnturk.com radyod.com.tr lezzet.com.tr radyonom.com elle.com.tr * Mobile & desktop **Gemius Prism 2017 average & Google Analytics Dec 2017 slowturk.com.tr atlasdergisi.com ekonomist.com.tr 23

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25 Petroleum Distribution Business: Aytemiz Doğan-Aytemiz partnership 537 petroleum distribution stations, scattered around Turkey as of FY17. 6 terminals with a total capacity of 260K cubic meters, with the recently finalized Antalya terminal (67K m 3 white products and 35K m 3 LPG). 4.0% market share in petroleum products and 4.2% market share in auto gas according to latest EMRA report published in December 2017 Sales volume in FY17 was 1,166K tons, up by 26% yoy Turnover in FY17: 5.4 bn TL 310 Shareholder Structure Doğan Holding Aytemiz Family ,0 % ,0 % Aytemiz Licensed Retailers Mar-15 Dec-15 Dec-16 Sep-17 Dec ,097 1, ,345 Aytemiz Sales (tons) +26% 1,166,375 2, ,559 1,638 1,032, ,526 LPG White Products Black Products 86, , ,

26 Doğan Energy: Diversify the portfolio with energy investments Şah Wind-Power Plant 100% Acquired in 1H12-end; exp. generation 320 GWh Boyabat Hydro-Power Plant 33% Operational at end; exp. generation 1 TWh 105 MW 513 MW Aslancık Hydro-Power Plant 33.3% Operational in 3Q14; exp. generation 350 GWh 120 MW With a total capacity of MW, including Boyabat, Aslancık and wind assets, our generation portfolio is capable of supplying 1% of Turkey s total demand every year. DOEL Elektrik, trading facility responsible for the wholesale and retail operations in the electricity group. DOEL has a retail and bilateral portfolio of 5 TWh per year and is responsible for an imbalancing group of MW of portfolio Mersin Wind-Power Plant 100% Acquired in 1H12-end; exp. generation 200 GWh 62.7 MW Erbil PSC Oil and Gas E&P Asset 20% 20% net interest ~170 MN BBLS recoverable contingent resource 26

27 Electricity consumption resilient to economic crisis Electricity consumption growth (%) Electricity consumption (GWh) GDP growth (%) Source: TEİAS Electricity consumption resilient to economic crisis Electricity consumption per capita below OECD avg. USA OECD Germany Spain Greece China World Turkey Brasil Electricity Consumption per Capita 2015 (kwh) 8,016 7,015 5,481 5, x 4,047 3,052 2,959 2,516 12,833 Source: OECD, Key World Energy Statistics 2017 Report 27

28 Doğan Energy Boyabat & Aslancık HEPP 33% share in Boyabat; one of the largest privately owned HEPP in Turkey Boyabat HEPP Boyabat HEPP s annual electricity generation capacity is 1 TWh. Installed Capacity: 513 MW (3X171MW) Avg. Generation: 1 TWh* License: 2007 Investment: 1,25 billion USD * firm+secondary, based on 40 years water data Aslancık HEPP Aslancık HEPP s annual electricity generation capacity is 418 GWh. Installed Capacity: 120 MW (2X60MW) Avg. Generation: 350GWh* License: 2008 Investment: 240 million USD *firm+secondary 28

29 Doğan Energy Galata Wind 2.4% share in total wind electricity generation in Turkey Şah WPP (Bandırma) Mersin WPP (Mut) Installed Capacity: 105 MW License: 2008 Investment: 171 mn Installed Capacity: 62.7 MW License: 2007 Investment: 69 mn Turkey Akdeniz WEPP Galata WEPP Capacity Utilization (%) % 25 30% 31% 29% 31% 31% 26% Galata and Akdeniz WPP acquired in June MW capacity extension in Mersin in Dec % share in total wind electricity generation capacity in Turkey in FY17. Total average generation for Mersin and Şah WPP is 500 GWh. Inline CUR with Turkey s averages for Mersin and Şah WPP. 29

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31 With the Turkish economy s growth prospects, the Turkish retail sector has been one of the most appealing sectors Retail Sector % Retail sales in Turkey (TL bn) Retail sales in Turkey is estimated at TL663 bn, displaying a CAGR of 11% between Source: Deloitte (Retail Sector Update; Jul 2014), & TAMPF Number of Shopping Malls in Turkey Another growth potential for retail sector is growing number of Shopping Malls Source: Deloitte (Retail Sector Update; Jul 2014), & AYD 31

32 Doğan Retail Sector - D&R: #1 in offline & online in entertainment retail D&R: # of stores Sales area (000 sqm) Number of Stores #1 player in the market both offline and online entertainment retail % Doğan Holding Retail Segment Revenues (TL mn) 169 stores in 34 cities in Turkey & best retail locations at premium malls. 5.0 million store visitor per month. 5.5 mn monthly unique visitors in online ( & ). Customer segment mainly in AB Group Wide product mix including books, music, movies, magazines, toys, as well as hobby, electronic products, accessories and stationery. 32

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34 Çelik Halat: Served a vast range of sectors for the last 50 years, ranging from auto and durable goods to telecom and energy. <CELHA> Mcap: US$29 mn* Sales mn TL Shareholder Structure (Dec 31, 2017) Doğan Holding Free-Float & Other ,2% 78,9% EBITDA mn TL The leading supplier of steel wire ropes, mechanical spring wires, galvanized wires, concrete strand and bead wires. The company decided to propose at its general assembly to distribute 5.3 mn TL gross dividend from FY17 earnings (payout ratio: 49.0% and dividend yield: 5.7%) *As of Mar 20,

35 Ditaş: One of the biggest automotive spare parts and the largest rod manufacturer of Turkey <DITAS> Mcap: US$17 mn* Sales mn TL Shareholder Structure Doğan Holding Free-Float & Other % 73.6% A class supplier of the largest vehicle producers of Turkey EBITDA mn TL Established three companies in Russia, China and US to further develop its business activities. The company decided to propose at its general assembly to distribute 0.8 mn TL gross dividend from FY17 earnings (payout ratio: 17.2% and dividend yield: 1.3%) *As of Mar 20,

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37 Diversified brand portfolio in Motor Vehicle Business SUZUKI - SUZUKI MOTORLU ARAÇLAR PAZARLAMA A.Ş. Doğan Holding became the new distributor of Japan s Suzuki; Suzuki Motorlu Araçlar Pazarlama A.Ş. started the distribution of automobile, motorcycle, marine engine in 4Q15. PIAGGIO TREND MOTOSIKLET PAZARLAMA A.Ş. Doğan Holding became the Turkish distributor of Piaggio, which sets the trends in the motorcycle world with its Vespa, Piaggio, Motoguzzi and Aprilia models. Trend Motorsiklet Pazarlama A.Ş. ("Trend Motorcycle"), established in 2016, aims to add pleasure and prestige to the lives of customers with the legendary Vespa and other models. DAF GLOKAL MOTORLU ARAÇLAR PAZARLAMA A.Ş. Doğan Holding signed an agreement with PACCAR Group the largest heavy vehicle company in the United States and one of the top three in Europe. Under the agreement, Glokal Motorlu Araçlar Pazarlama A.Ş. (''Glokal'') was established for the sales and after sales operations of DAF-branded heavy commercial vehicles 37

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39 Doğan Holding operates in tourism sector with a distintive niche BODRUM MARINA The Group provides marina & hotel management services in Bodrum via Milta Bodrum and Işıl Club, and travel agency operations and fleet and daily car rental services. Milta Bodrum Marina has 450 berths capacity & ranks among the top 10 marinas in the Mediterranean. Received the Five Golden Anchors international quality award from the European Boating Association. The Group undertakes real estate development investment via its subsidiary Kandilli Gayrimenkul. Marina Vista Hotel, located in Bodrum/Muğla, was acquired in 1Q15. IŞIL CLUB BODRUM - Resort Management IŞIL TOUR 39

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41 Consolidated revenues grew by 35% in FY17 with the contribution of 35% Energy segment 3,067 3,301 3,543 68% 5,951 30% 7,755 10,478 7,755 7% 9% 56% 10,478 9% 8% 62% Revenues (TL mn) 28% 22% Media Energy Retail Others EBITDA (TL mn) 26% 39% % 2% 48% % 4% % 49% 21% Others Retail Energy Media

42 Ad revenues constitutes half of our media revenues Publishing Broadcasting 2,481 1,090 (44%) 2,521 1,152 (46%) 2,468 1,199 (49%) 2,300 1,117 (49%) 2,254 1,115 (49%) 2,367 1,151 (49%) Media Revenues (TL mn)* 1,391 (56%) 1,369 (54%) 1,270 (51%) 1,183 (51%) 1,139 (51%) 1,216 (51%) * Total of consolidated broadcasting & publishing revenues Media Revenues Breakdown (FY17) 25% 18% 46% Advertising Circulation & Printing Subscription Other 12% 42

43 Turkish ad market continued its growth at a slower pace Romanıa Italy Portugal Turkey Poland Spaın France Russıa Greece Czech Rep. Hungary Mexıco Brazıl Germany UK Ad spend (bn TL) % Turkish Ad Market (TL mn) Turkey is one of the fastest growing ad markets; But, ad spend per GDP is still low at 0.35% 0.21 Ad spend per GDP (%) Turkey s Ad Spend per GDP at 0.35% Source: Zenith Optimedia (Dec 2013); The company 43

44 Doğan Holding <DOHOL> Stock Performance Stock Performance Doğan Group Companies trading on Borsa İstanbul Doğan Group Share Mcap 3M Avg. Daily 52 Week (TL) March 20, 2018 Listed Companies Price (TL) (US$ mn) Vol. (TL mn) High Low DOHOL Doğan Holding 0, ,1 1,11 0,68 HURGZ Hürriyet Gazetecilik 1, ,4 1,65 0,68 DGZTE Doğan Gazetecilik 2, ,0 4,80 2,32 MIPAZ Milpa 1, ,8 3,19 1,09 DITAS Ditaş Doğan 6, ,8 8,87 4,00 CELHA Çelik Halat 6, ,5 6,60 2,68 DOBUR Doğan Burda 3, ,43 6,10 2,76 44

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46 Highlights of 2017 Income Statement Summary in TL mn um u Δ Sales 7,755 10,478 35% Gross Profit 1,278 1,433 12% Gross Margin 16.5% 13.7% Operating Expenses (-) 1,081 1,188 10% Other Operating Inc./(Exp.), net % Share of Gain/(Loss) on Invest. Accounted for by the Equity Method % Operating Profit/(Loss) % Income/(Expenses) from Investment Activities, net n.m. Finance Income/(Expense),net % Profit / (Loss) Before Taxation % Loss from Discontinued Operations % Profit/(Loss) - Share of the parent % EBITDA % EBITDA Margin 6.2% 5.8% 46 Doğan Holding FY17 Financial Results

47 Highlights of 2017 Balance Sheet in TL mn 12/31/ /31/2017 Δ yoy Current Assets 3,912 4,892 25% Non-Current Assets 4,341 4,386 1% Total Assets 8,253 9,279 12% Current Liabilites 2,789 4,308 54% Non-Current Liabilities 2,026 1,970-3% Non-Controlling Interests % SHs Equity, Parent 2,999 2,608-13% Total Liabilities 8,253 9,279 12% *2016 balance sheet figures are restated. Repayment schedule of bank debts in TL mn Breakdown of bank debts 2,551 S/T bank debt S/T portion of L/T debt 1,491 38% FX 1, TL 62% 2017* *1 year term from Dec 31, Doğan Holding FY17 Financial Results

48 Revenue Breakdown TL mn Δ yoy Media 2,191 2, % Publishing 1,100 1, % Advertising % Circulation & Printing % Other % Broadcasting 1,091 1, % Advertising % Subscription % Other % Retail % Energy 4,334 6, % Electricity Gen. & Tra % Petroleum Prod. Dist. 3,474 5, % Other % Industry % Tourism % Vehicle Sales % Other % Total 7,755 10, % 48 Doğan Holding FY17 Financial Results

49 Operational Results by Segments mn TL D yoy Revenues 7,755 10,478 35% Publishing 1,139 1,216 7% Broadcasting 1,115 1,151 3% Retail % Energy 4,366 6,533 50% Other % Intersegment Eliminations n.m. COGS 6,476 9,045 40% Publishing % Broadcasting % Retail % Energy 4,047 6,126 51% Other % Intersegment Eliminations n.m. Operating Expenses 1,081 1,188 10% Publishing % Broadcasting % Retail % Energy % Other % Intersegment Eliminations n.m. 49 Doğan Holding FY17 Financial Results

50 Operational Results by Segments mn TL D yoy EBIT % Publishing % Broadcasting n.m. Retail % Energy % Other n.m. Intersegment Eliminations -2-1 n.m. EBITDA % Publishing % Broadcasting % Retail % Energy % Other % Consolidated EBIT Margin 2.5% 2.3% Publishing 3.2% 4.0% Broadcasting 4.1% -4.6% Retail 2.3% 2.0% Energy 2.5% 2.4% Other -1.5% 8.1% Consolidated EBITDA Margin 6.2% 5.8% Publishing 7.6% 6.8% Broadcasting 11.8% 3.9% Retail 3.6% 3.2% Energy 5.3% 4.6% Other 1.7% 17.0% 50 Doğan Holding FY17 Financial Results

51 Energy JV Hydro Assets Boyabat Financial Results* Aslancık Financial Results * Highlights Media Energy Retail Industry & Others Installed Capacity: 513 MW Avg. Generation: 1,5 TWh* * firm+secondary, based on 40 years water data Installed Capacity: 120 MW Avg. Generation: 418 GWh* *firm+secondary Boyabat (mn TL) D Revenues % Operating Profit % Net Financial Expense % Profit Before Tax % Total Comprehensive Income % Doğan Holding's Share 33.0% 33.0% Doğan Holding's Share in Net Income (mn TL) 31 Dec Dec 2017 Cash and cash holdings % Short-term Financial Debt % Long-term Financial Debt 2,423 2,575 6% Other ST & LT Liabilities % Net Debt 2,833 3,222 14% D Aslancık (mn TL) D Revenues % Operating Profit % Net Financial Expense % Profit Before Tax % Total Comprehensive Income % Doğan Holding's Share 33,3% 33,3% Doğan Holding's Share in Net Income (mn TL) 31 Dec Dec 2017 Cash and cash holdings % Short-term Financial Debt % Long-term Financial Debt % Other ST & LT Liabilities % Net Debt % D *In the consolidated Energy segment data, JV HEPPs Boyabat and Aslancık are consolidated through equity pick up and included under «Share of loss on Investments accounted by equity method). Boyabat and Aslancık financial figures presented on this page are for full company results, not only JV share; unless otherwise stated. 51 Doğan Holding FY17 Financial Results

52 EBITDA Reconciliation TL mn D yoy Operating Profit (EBIT) % Depreciation & Amortization (+) % Programme Rights Amortization (-) % Net IAS Impact (+) % EBITDA % *EBITDA before other operating income and expenses; Adjusted by IAS 39 Amortized Valuation Income, amortization of Program Rights. 52 Doğan Holding FY17 Financial Results

53 Doğan Şirketler Grubu Holding A.Ş. ( Doğan Holding ) has prepared this book (the Book ) for the sole purposeof 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. No reliance may be placed for any purposes whatsoever on the Information contained in this Book or on its completeness, accuracy or fairness. The Information in this Book is subject to verification, completion and change. No rebook or warranty is made by Doğan Holding or the Shareholders or any of their respective advisers or anyof their representatives as to the accuracy or completeness of the Information and no liability is accepted by any such person for any such Information or opinion or for any loss howsoever arising from any use of this Book or the Information. This Book and/or the Information is confidential and cannot be copied, disclosed or distributed to any person and is being provided to you solely for your information. This Book and/or the Information cannot be distributed or disseminated into Turkey.This Book and/or the Information do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Doğan Holding, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. 53 Doğan Holding 1H17 Financial Results Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigations and appraisal of the business and financial condition of such company and the nature of the securities. Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of information contained in an offering circular published in relation to such an offering. All statements other than statements of historical facts included in this Book, including, without limitation, those regarding our financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to our products), are forwardlooking statements. Such forwardlooking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forwardlooking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate. The forward-looking statements in this Book speak only as at the date of this Book. Doğan Holding and its Subsidiaries and Joint Ventures (Doğan Holding) registered in Turkey maintain their books of account and prepare their statutory financial statements in accordance with the principles and obligations published by the CMB, Turkish Commercial Code, tax legislation, the Uniform Chart of Accounts issued by the Ministry of Finance. The foreign Subsidiaries maintain their books of account in accordance with the laws and regulations in force in the countries in which they are registered. US Dollar amounts shown in the presentation have been included solely for the convenience of the reader and are translated from TL as a matter of arithmetic computation only, at the Central Bank of the Republic of Turkey official TL exchange rates Notice

54 Thank you For further information Doğan Şirketler Grubu Holding A.Ş. Burhaniye Mah. Kısıklı Cad. No Üsküdar, İstanbul T: Doğan Holding 9M16 Financial Results