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DCF #NAME? #NAME? Margin
In Million USD 0%
US$mn 2006 2007 2008F 2009F 2010F 2011F 2012F 2013F
US$/YTL Avg. 1.431 1.300 1.298 1.580 1.460 1.504 1.549 1.595
Revenues - 702 297 153 155 184 197 207
Growth (%) #DIV/0! -57.7% -48.4% 1.1% 18.8% 7.0% 5.2%
EBITDA - 150 55 29 31 39 41 44
Margin(%) #DIV/0! 21.3% 18.7% 19.0% 20.0% 21.0% 21.0% 21.0%
EBIT - 57 50 24 22 30 32 35
Unlevered taxes - (21) (18) (9) (8) (11) (12) (13)
Effective tax rate (%) -30% -37% -37% -37% -37% -37% -37% -37%
NOPAT - 36 31 15 14 19 20 22
Capital expenditures 6 6 6 6 9 9 9 9
Depreciation & amortisation 6 6 6 6 9 9 9 9
Change in working capital - 3 1 (1) 0 1 1 0
Unlevered free-cash-flow 35 33 15 16 13 17 20 21
WACC at Target D/TC of 25% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9%
Discount multiplier 1.00 1.00 1.00 0.90 0.81 0.73 0.66
Cost of Equity 13.0% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6%
Cost of Debt (after tax) 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
#NAME? Value
FCF 92
Terminal value@2.0% 130
Value of company #NAME?
Net Debt & Value of real estate for sale 300 #VALUE!Minority Interest @ DCF Value #VALUE! #VALUE!
Implied Equity Value #NAME? #NAME?Current Mcap #NAME? #NAME? #NAME?
Implied Value per share (YTL) #NAME?
Upside from current value #NAME?
12 Month Target #NAME?
Revenue Summary (US$ mn) 2006 2007F 2008F 2009F 2010F 2011F 2012F 2013F
Revenues 441.8 702.5 769.5 499.5 551.8 602.5 601.5 608.2
Cost of Sales (295.7) (413.2) (142.6) (78.2) (396.7) (449.8) (436.8) (432.7)
Gross Profit 146.1 289.3 626.9 421.3 155.1 152.7 164.8 175.5
Operating Expenses (85.4) (199.8) (154.4) (74.2) (76.3) (86.6) (88.3) (90.8)
Operating Profit 60.7 89.5 477.7 347.1 78.8 66.0 76.5 84.8
EBITDA 96.8 149.8 55.4 29.1 31.0 38.7 41.4 43.5
Other Income, net 26.8 (10.6) (9.5) (5.0) (4.0) (4.0) (3.0) (3.0)
Income Statement Forecasts
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Net financial income (exp.) (8.9) 36.9 (7.0) (5.0) (5.0) (5.0) (5.0) (5.0)
Profit Before Taxes 79.6 108.7 392.7 333.1 65.8 53.0 64.5 72.8
Income Tax (6.9) (36.7) (82.6) (69.0) (15.9) (14.6) (17.4) (19.4)
Minority Interest 0.9 (7.1) (7.3) (3.3) (3.6) (5.0) (5.5) (5.9)
Net Profit 72.8 72.4 302.8 260.7 46.4 33.4 41.6 47.4
Net Sales 308.7 540.4 592.8 316.1 377.9 400.6 388.3 381.2
EBITDA - 149.8 55.4 29.1 31.0 38.7 41.4 43.5
Net Profit 72.8 72.4 302.8 260.7 46.4 33.4 41.6 47.4
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Growth
0%
2014F 2015F 2016F
1.643 1.693 1.743 0.821519 0.616139
216 218 220
4.3% 1.0% 1.0%
45 46 46
21.0% 21.0% 21.0%
36 37 37
(13) (14) (14)
-37% -37% -37%
23 23 23
9 9 9
9 9 9
0 0 0
23 23 23
10.9% 10.9% 10.9%
0.60 0.54 0.48
12.6% 12.6% 12.6%
6.0% 6.0% 6.0%
#NAME? 5.630137 1.691499
0
2014F 2015F
613.3 612.9 -35%
(428.2) (421.8)
185.2 191.1
(92.6) (92.5)
92.5 98.6
45.4 45.8 -0.474242
(3.0) (3.0)
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(5.0) (5.0)
80.5 86.6
(21.3) (22.6)
(6.3) (6.4)
53.0 57.7
373.2 362.1
45.4 45.8
53.0 57.7
#NAME? -2.0% -1.0% 0.0% 1.0% 2.0%
-2.0% #NAME? #NAME? #NAME? #NAME? #NAME?
-1.0% #NAME? #NAME? #NAME? #NAME? #NAME?
0.0% #NAME? #NAME? #NAME? #NAME? #NAME?
1.0% #NAME? #NAME? #NAME? #NAME? #NAME?
2.0% #NAME? #NAME? #NAME? #NAME? #NAME?
Upside PotentialChange in growth rates relative to base case
C h a n g e i n
E B I T D A
m a r g i n
r e l a t i v e t o
b a s e c a s e
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DCF HURGZ #NAME? #NAME?
In Million USD
US$mn 2005 2006 2007F 2008F 2009F 2010F 2011F
US$/YTL Avg. 1.340 1.431 1.300 1.298 1.580 1.460 1.504
Revenues - - - - - -
Growth (%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
EBITDA - - - - - -
Margin(%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
EBIT - - - - - -
Unlevered taxes - - - - - -
Effective tax rate (%) -20% -20% -20% -20% -20% -20%
NOPAT - - - - - -
Capital expenditures - - - - - -
Depreciation & amortisation - - - - - -
Change in working capital - - - - - -
Unlevered free-cash-flow - - - - - -
WACC at Target D/TC of 25% 10.9% 10.9% 10.9% 10.9% 10.9%
Discount multiplier 1.00 0.90 0.81 0.73 0.66
Cost of Equity 13.0% 12.6% 12.6% 12.6% 12.6% 12.6%
Cost of Debt (after tax) 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
NPV as of 02/06/2007 Value
FCF 0
Terminal value@2.0% 2.0% 0
Value of company #NAME?
28.4615
Revenue Summary (US$ mn) 2005 2006 2007F 2008F 2009F 2010F 2011F
Revenues 441.8 486.7 472.6 346.2 396.8 418.4
Cost of Sales - - - - (319.2) (359.6)
Gross Profit 441.8 486.7 472.6 346.2 77.6 58.8
Operating Expenses - - (23.7) (19.2) (20.8) (22.4)
Operating Profit 441.8 486.7 448.9 327.0 56.8 36.4
EBITDA 96.8 - - - - -
Other Income, net 26.8 (3.9) (5.0) (5.0) (4.0) (4.0)
Income Statement Forecasts
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Net financial income (exp.) (8.9) 32.7 (75.0) (3.0) (3.0) (3.0)
Profit Before Taxes 79.6 84.6 368.9 319.0 49.8 29.4
Income Tax (6.9) (19.2) (73.8) (63.8) (10.0) (5.9)
Minority Interest - - - - - -
Net Profit 72.8 66.2 295.1 255.2 39.9 23.5
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Margin Growth
0% 0%
2012F 2013F 2014F 2015F 2016F
1.549 1.595 1.643 1.693 1.743
- - - - -
0.0% 0.0% 0.0% 0.0% 0.0%
- - - - -
0.0% 0.0% 0.0% 0.0% 0.0%
- - - - -
- - - - -
-20% -20% -20% -20% -20%
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
10.9% 10.9% 10.9% 10.9% 10.9%
0.60 0.54 0.48 0.44 0.39
12.6% 12.6% 12.6% 12.6% 12.6%
6.0% 6.0% 6.0% 6.0% 6.0%
#DIV/0!
2012F 2013F 2014F 2015F
404.5 401.0 397.2 394.6
(340.2) (331.1) (322.3) (314.9)
64.3 69.8 74.9 79.8
(20.2) (19.6) (18.8) (18.0)
44.1 50.2 56.1 61.7
- - - -
(3.0) (3.0) (3.0) (3.0)
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(3.0) (3.0) (3.0) (3.0)
38.1 44.2 50.1 55.7
(7.6) (8.8) (10.0) (11.1)
- - - - -
30.5 35.4 40.1 44.6
0% -2.0% -1.0% 0.0%
-2.0% #NAME? #NAME? #NAME?
-1.0% #NAME? #NAME? #NAME?
0.0% #NAME? #NAME? #NAME?
1.0% #NAME? #NAME? #NAME?
2.0% #NAME? #NAME? #NAME?
Upside PotentialChange in growth rates relative t
C h a n g e i n
E B I T D A m a r g i n
r e l a t i v e t o
b a s e c a s e
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1.0% 2.0%
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
base case
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DCF HURGZ 4/28/2008 #NAME?
In Million USD 68.76
US$mn 2005 2006 2007F 2008F 2009F 2010F 2011F
US$/YTL Avg. 1.340 1.431 1.300 1.220 1.580 1.460 1.504
Revenues - 226 279 297 153 155 184
Growth (%) 23.7% 11.0% -20.0% 7.0% 18.8%
EBITDA 57 62 55 29 31 39
Margin(%) 25.4% 22.3% 22.0% 19.0% 20.0% 21.0%
EBIT 52 57 50 24 22 30
Unlevered taxes (17) (21) (18) (9) (8) (11)
Effective tax rate (%) -33% -37% -37% -37% -37% -37%
NOPAT 35 36 31 15 14 19
Capital expenditures 6 6 6 6 6 9 9
Depreciation & amortisation 6 6 6 6 6 9 9
Change in working capital - 3 1 (1) 0 1
Unlevered free-cash-flow 35 33 15 16 13 17
WACC at Target D/TC of 25% 10.9% 10.9% 10.9% 10.9% 10.9%
Discount multiplier 1.00 0.90 0.81 0.73 0.66
Cost of Equity 13.0% 12.6% 12.6% 12.6% 12.6% 12.6%
Cost of Debt (after tax) 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
NPV as of 02/06/2007 Value
FCF 101
Terminal value@2.0% 2.0% 106
Value of company #VALUE!
Net Debt 78
Equity Value #VALUE!
11.18 22 10.82
Revenue Summary (US$ mn) 2005 2006 2007F 2008F 2009F 2010F 2011F
Revenues 211.4 279.1 296.9 153.3 155.0 184.1
Cost of Sales (98.4) (133.8) (142.6) (78.2) (77.5) (90.2)
-48% -51% -50% -49%
Gross Profit 113.0 145.3 154.3 75.1 77.5 93.9
G & A Expenses (55.7) (83.0) (104.1) (46.0) (46.5) (55.2)
Stock-based Compensation/Goodwill (3.4) (3.5) (12.3)
Depreciation & Amortization (6.2) (8.4) (9.8) (9.0) (9.0) (9.0)
Other Operating Costs (1.4) (8.9) (4.5) - - -
Operating Profit 46.3 41.5 28.8 20.1 22.0 29.7
EBITDA 57.3 62.3 55.4 29.1 31.0 38.7
Income Statement Forecasts
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EBITDA Margin % 25.4% 22.3% 18.7% 19.0% 5.6% 13.8%
FX Gain & Other 0.9 8.8 2.0 1.0 1.0 1.0
Net financial income (exp.) (12.4) (13.6) (7.0) (7.0) (7.0) (7.0)
Profit Before Taxes 34.8 36.7 23.8 14.1 16.0 23.7
Income Tax (17.2) (25.7) (8.8) (5.2) (5.9) (8.8)
Minority Interest (4.3) (7.1) (3.6) (0.6) (0.4) (0.2)
Net Profit from Continuing 13.3 3.9 11.4 8.3 9.7 14.7
Net Income
Net Sales 211.4 279.1 296.9 153.3 155.0 184.1
EBITDA 57.3 62.3 55.4 29.1 31.0 38.7
Net Profit 13.3 3.9 11.4 8.3 9.7 14.7
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Margin Growth
0% 0%
2012F 2013F 2014F 2015F 2016F
1.549 1.595 1.643 1.693 1.743
197 207 216 218 220 0.9764677.0% 5.2% 4.3% 1.0% 1.0%
41 44 45 46 46
21.0% 21.0% 21.0% 21.0% 21.0%
32 35 36 37 37
(12) (13) (13) (14) (14)
-37% -37% -37% -37% -37%
20 22 23 23 23
9 9 9 9 9
9 9 9 9 9
1 0 0 0 0
20 21 23 23 23
10.9% 10.9% 10.9% 10.9% 10.9%
0.60 0.54 0.48 0.44 0.39
12.6% 12.6% 12.6% 12.6% 12.6%
6.0% 6.0% 6.0% 6.0% 6.0%
#DIV/0!
2012F 2013F 2014F 2015F 2016F
197.0 207.3 216.1 218.3 220.5
(96.5) (101.6) (105.9) (107.0) (108.0)
-49% -49% -49% -49% -49%
100.5 105.7 110.2 111.3 112.4
(59.1) (62.2) (64.8) (65.5) (66.1)
(9.0) (9.0) (9.0) (9.0) (9.0)
- - - - -
32.4 34.5 36.4 36.8 37.3
41.4 43.5 45.4 45.8 46.3
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15.4% 16.5% 17.6% 17.3% 17.0%
1.0 1.0 1.0 1.0 1.0
(7.0) (7.0) (7.0) (7.0) (7.0)
26.4 28.5 30.4 30.8 31.3
(9.8) (10.6) (11.2) (11.4) (11.6)
(0.1) (0.1) (0.0) (0.0) (0.0)16.5 17.9 19.1 19.4 19.7
-
197.0 207.3 216.1 218.3
41.4 43.5 45.4 45.8
16.5 17.9 19.1 19.4
0% -2.0% -1.0% 0.0%
-2.0% -23% -14% -4%
-1.0% -20% -11% -1%
0.0% -17% -8% 3%
1.0% -14% -4% 7%
2.0% -11% -1% 11%
Upside PotentialChange in growth rates relative t
C h a n
g e i n
E B I T D A
m a r g i n
r e l a t i v e
t o b a s e
c a
s e
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1.0% 2.0%
8% 23%
12% 27%
16% 32%
20% 37%
24% 42%
base case
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2005 2006 2007 2008 2009
Spot media advertising market, total (US$)* 5,060 6,300 7,765 9,102 10,548%ch YoY 29 25 23 17 16Spot media advertising market, total (RBL) 135,109 170,097 201,895 233,933 268,977%ch YoY 28 24 19 16 15Television (%) 46% 51.00 53.00 55.00 56.00
Radio (%) 5.90 5.70 5.50 5.30 5.00Printed press (%) 27.50 24.80 22.80 21.30 20.30Newspapers (%) 5.70 5.20 4.80 4.40 4.20Magazines (%) 11.50 10.70 10.00 9.40 9.00Classifieds (%) 10.30 8.90 8.10 7.40 7.10Outdoor (%) 18.00 15.20 14.70 13.80 13.60
Internet (%) 2.20 3.00 3.70 4.30 4.80Other (%) 0.40 0.40 0.40 0.40 0.40Total ATL market (%) 100.00 100.00 100.00 100.00 100.00Classifieds revenue (US$) 135.5 152.5 171.6 189.6 211.4%ch YoY 13.6 12.6 12.5 10.5 11.5Classifieds revenue (RBL) 3825.3 4118 4462.2 4871.5 5389.5
%ch YoY 12.6 7.7 8.4 9.2 10.6Market share of classifieds (%) 27.5 28.2 28.3 29.3 31.1Internet revenue (US$) 1.1 3.6 5.4 8.2 11.1
Internet revenue (RBL) 31.1 86 140.9 210 282.5%ch YoY 176.9 63.9 49 34.5 29.2 As % of Russia, Baltics and CIS revenues 0.8 2 3.1 4.1 5Market share of internet (%) 1 1.7 1.9 2.1 2.2Total revenue - Russia, Baltics and CIS (US$) 136.6 155.7 177 197.7 222.4%ch YoY 14.5 14 13.7 11.7 12.5Total revenue - Russia, Baltics and CIS (RBL) 3,856.30 4,204.00 4,603.20 5,081.50 5,672.00
Regions 58.4 75.3 101.5 119.8 58.2 29.0% 26.0% 18.0% 5.0%
Moscow 77.1 72.9 83.4 90.9 49.5 -5.5% 14.5% 9.0% 3.0%
Total 135.5 148.2 184.9 210.7 107.7 9.4% 24.8% 13.9% -48.9%
Regions 14.6 12.8 23.9 26.3 8.7 25% 24% 24% 22% 15%
Moscow 39.7 34.5 33.9 31.8 12.4 52% 42% 41% 35% 25%
EBITDA 54.3 47.3 57.7 58.2 21.1
Total Revenues 225.8 279.2 295.6 153.3
24% 6% -48% 191.5 211.4
Cost of Sales 85.1 104.6 138.1 146.2 75.2 44.4% 49.5% 49.5% 49.5% 49.5%
Depreciation & Amortisation Expense 5.9 6.2 6.2 9.0 9.0
Operating Expenses 46.5 55.7 70.94 80.72 70.60 Stock based compensation 3.4 3.5 0 0
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Operational EBITDA 54.8 65.2 76.3 77.6 16.5 EBITDA Margin 28.9% 27.3% 26.3% 10.8%
Headquarter & Competency Centre Costs 7.9 14.0 12.5 12.9 3%
Consolidated 57.3 62.3 65.1 3.6
25.4% 22.3% 22.0% 2.4%
Depreciation & Amortization 6.0 6.2 8.4 7.0 9.0
Investments 5.5 5.5 5.5 5.5 5.5
NOPLAT 32.2 38.9 44.8 46.6 5.0 Effective Tax Rate
Free Cash Flow 32.7 39.6 47.7 48.1 8.5
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2010 2011 2012 2013 2014 2015
12,245 14,079 15,475 16,851 18,183 19,72916 15 10 9 8 9
314,690 363,230 402,350 438,129 472,764 512,95617 15 11 9 8 9
57.00 58.00 58.50 59.00 59.50 60.00
4.70 4.50 4.20 4.00 3.70 3.5019.30 18.30 17.90 17.50 17.10 16.70
4.00 3.80 3.70 3.60 3.60 3.508.50 8.10 7.90 7.70 7.60 7.406.70 6.40 6.20 6.10 6.00 5.80
13.40 13.20 12.90 12.70 12.50 12.60
5.30 5.80 6.20 6.60 6.90 7.000.40 0.40 0.40 0.40 0.40 0.40
100.00 100.00 100.00 100.00 100.00 100.00232.3 246.2 260.7 276.2 290.7 306.1
9.9 6 5.9 6 5.3 5.35971.8 6,353.70 6,777.90 7,181.80 7,558.90 7,959.50
10.8 6.4 6.7 6 5.3 5.332.6 33.6 35 36.5 38.4 40.214.2 17.9 21 24.4 27.5 30.3
365.1 461.4 546.5 633.6 714.9 78726.4 18.4 15.9 12.8 10.15.8 6.8 7.5 8.1 8.6 92.2 2.2 2.2 2.2 2.2 2.2
246.6 264.2 281.7 300.6 318.2 336.410.9 7.1 6.6 6.7 5.9 5.7
6,337.00 6,815.10 7,324.40 7,815.50 8,273.90 8,746.50
65.2 72.4 78.9 84.4 88.6 89.5 90.4 12.0% 11% 9.0% 7.0% 5.0% 1.0% 1.0%
53.5 55.6 57.8 59.6 61.3 62.0 62.6 8.0% 4.0% 4.0% 3.0% 3.0% 1.0% 1.0%
118.6 128.0 136.7 143.9 149.9 151.4 153.0 10.2% 7.8% 6.8% 5.3% 4.2% 1.0% 1.0%
13.0 14.5 15.8 16.9 17.7 17.9 18.1 20% 20% 20% 20% 20% 20% 20%13.4 13.9 14.5 14.9 15.3 15.5 15.6 25% 25% 25% 25% 25% 25% 25%26.4 28.4 30.2 31.8 33.1 33.4 33.7
155.0 184.1 197.0 207.3 216.1 218.3 220.5
1% 19% 7% 5% 4% 1% 1%
79.1 92.0 98.5 103.6 108.1 109.1 110.2 51.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
9.0 9.0 9.0 9.0 9.0 9.0 9.0
63.00 62.00 63.00 64.00 64.00 65.00 66.00 0 0 0 0 0 0 0
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22.0 39.0 44.5 48.6 53.1 53.1 53.2 14.2% 21.2% 22.6% 23.5% 24.6% 24.3% 24.3%
13.3 13.7 14.1 14.5 14.9 15.4 15.8 3% 3% 3% 3% 3% 3% 3%8.7 25.4 30.4 34.1 38.1 37.8 37.4
5.6% 13.8% 15.4% 16.5% 17.6% 17.3% 17.0%
9.0 9.0 9.0 9.0 9.0 9.0 9.0
9.0 9.0 9.0 9.0 9.0 9.0 9.0
8.5 19.8 23.4 26.2 29.1 29.1 29.2
8.5 19.8 23.4 26.2 29.1 29.1 29.2
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2008 2009
Total Revenues 53.7 60.8 48.6 24.1 13.2% 12.0% 10.0%
EBITDA 11.5 8.6 8.6 8.6 21.4% 14.1% 5.0% 5.0%
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26.5 28.6 30.1 31.6 32.8 33.2 33.5 10.0% 8.0% 5.0% 5.0% 4.0% 1.0% 1.0%
8.6 8.6 8.6 8.6 8.6 8.6 8.6 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
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2005 2006 2007 2008Spot cash media advertising market, total (US$) 173,1 197,1 225,2 231,5%ch 13,9 14,3 2,8 4,5
Spot cash media advertising market, total (PLN) 1,029,2 1,156,2 1,262,4 1,381,8%ch 12.3 9.2 9.5 8.7as % of GDP 0.45 0.47 0.48 0.49
Newspapers (%) 15.1 14.7 14.3 13.8Magazines (%) 15.1 15.1 15.2 15.4TV (%) 56 56.5 57 57.3Radio (%) 5.7 5.4 5.1 4.8Outdoor (%) 7.1 7.2 7.4 7.6Internet (%) 0.3 0.4 0.4 0.5Other (%) 0.8 0.7 0.7 0.6Total (%) 100 100 100 100
Classifieds revenue (US$) 10.3 12.1 13.6 14.1%ch YoY 17 13.2 3.2 4.2Classifieds revenue (HRK) 61.2 70.7 76.5 84.1%ch YoY 15.5 8.2 9.9 8.3
Market share of newspapers 39.3 40.5 40 39.5Internet revenue (US$) 0.1 0.2 0.2 0.2%ch YoY 77.3 22.2 12.7 12.1Internet revenue (HRK) 0.6 1 1.2 1.5%ch YoY 75 16.8 20.1 16.6as % of Croatia revenues 1 1.4 1.6 1.7
Market share (%) 25 25.5 22.5 21Total revenue – Croatia (US$) 10.4 12.2 13.9 14.3%ch YoY 17.6 13.3 3.3 4.3Total revenue - Croatia (HRK) 61.8 71.7 77.7 85.5%ch YoY 16 8.3 10 8.5Operational EBITDA 3.6 4 4.8 5.2Op EBITDA margin (%) 34.6 33 34.7 36.4
Source: Zenith Optimedia, Company data _
Total Revenues 23.9 33.5 36.3 15.0% 15.0%
EBITDA 6.4 10.0 10.8 27% 30% 30%
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2009 2010 2011 2012 2013 2014 2015241,8 262,7 285,2 309,6 335,9 364,4 388,18,6 8,6 8,5 8,5 8,5 6,5
1,501,6 1,631,2 1,771,2 1,922,6 2,086,1 2,262,8 2,409,88.6 8.6 8.5 8.5 8.5 6.50.5 0.51 0.52 0.53 0.54 0.55 0.55
13.3 12.7 12.2 11.8 11.5 11.1 10.715.6 15.7 15.9 16 16.2 16.3 16.557.5 57.8 58 58.3 58.5 58.8 594.7 4.5 4.4 4.2 4.1 3.9 3.87.9 8.2 8.4 8.5 8.6 8.7 8.80.6 0.6 0.7 0.7 0.8 0.8 0.90.6 0.6 0.5 0.5 0.5 0.5 0.4100 100 100 100 100 100 100
14.7 15.7 16.7 17.8 19 20.2 21.16.9 6.7 6.6 6.5 6.3 4.3
91.1 97.3 103.9 110.7 117.9 125.4 130.86.9 6.7 6.6 6.5 6.3 4.3
39 38 37 36 35 34 330.3 0.3 0.4 0.4 0.5 0.5 0.615.6 14.7 13.9 13.2 12.5 101.7 2 2.3 2.6 2.9 3.3 3.6
15.6 14.7 13.9 13.2 12.5 101.8 2 2.1 2.3 2.4 2.5 2.7
20.5 20 19.5 19 18.5 18 17.514.9 16 17.1 18.2 19.5 20.7 21.6
7 6.9 6.8 6.6 6.5 4.592.8 99.3 106.1 113.3 120.8 128.7 134.4
7 6.9 6.8 6.6 6.5 4.55.4 5.8 6.3 6.7 7.2 7.7 8
36.5 36.6 36.7 36.8 36.9 37 37
21.5 25.0 27.5 30.3 31.8 33.4 33.7 34.0 15.0% 16.3% 10.0% 10.0% 5.0% 5.0% 1.0% 1.0%
6.4 1.3 2.8 4.5 6.4 6.7 6.7 6.8 30% 5% 10% 15% 20% 20% 20% 20%
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2005 2006 2007 2008Spot cash media advertising market, total (US$) 1,872,9 2,181,1 2,618,3 2,842,5%ch 31,7 16,5 20,0 8,6
Spot cash media advertising market, total (PLN) 5,852,7 6,586,8 7,370,7 8,257,5%ch 12.5 12.5 11.9 12as % of GDP 0.6 0.63 0.66 0.69
Newspapers (%) 16.5 15.9 15.4 15Magazines (%) 16.8 16.4 16.2 16.1TV (%) 47.8 48 48.4 49Radio (%) 8.2 8.2 8 7.6Outdoor (%) 8.1 8 7.7 7.4Internet (%) 2.4 3.2 4 4.7Other (%) 0.2 0.2 0.2 0.2Total (%) 100 100 100 100Classifieds revenue (US$) 4.3 3.7 3.4 3.3%ch YoY -46.5 -13.1 -8.8 -3.1
Classifieds revenue (PLN) 13.4 11.3 9.6 9.6%ch YoY -54.3 -16 -15 0
Market share of newspapers (%) 1.4 1.1 0.8 0.8Internet revenue (US$) 1.8 2.8 4.3 5.3%ch YoY 70.6 55.2 55.6 22.9Internet revenue (PLN) 5.6 8.4 12.2 15.5%ch YoY 45.7 50 45 26.9as % of Poland revenues 29.5 42.8 56 61.8Market share (%) 4 4 4.1 4Total revenue – Poland (US$) 6.1 6.5 7.8 8.6%ch YoY -33 7.1 18.7 11.5Total revenue – Poland (PLN) 19.1 19.7 21.8 25.1
%ch YoY -42.7 3.5 10.7 15.1Operational EBITDA 0.5 0.7 0.9 1.1Op EBITDA margin (%) 8.2 10.5 11.5 12.5
Source: Zenith Optimedia, Company data _ Total Classified 4.3 6.8 7.2 7.7
57.3% 7.0% 6.0%Internet 1.8 5.8 8.9 11.5
219.4% 54.0% 30.0%Total Poland 6.1 12.5 7.6 19.2
105.2% -39.3% 152.4%EBITDA 0.5 0.7 (0.3) 1.5
8% 6% -4% 8%
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2009 2010 2011 2012 2013 2014 20153,049,5 3,237,5 3,438,4 3,652,2 3,879,8 4,122,1 4,380,07,3 6,2 6,2 6,2 6,2 6,2 6,3
9,026,4 9,583,1 10,177,7 10,810,5 11,484,1 12,201,3 12,964,89.3 6.2 6.2 6.2 6.2 6.2 6.3
0.71 0.7 0.7 0.69 0.69 0.68 0.68
14.8 14.5 14.2 13.9 13.7 13.4 13.115.9 15.8 15.9 15.9 15.9 15.9 15.949.3 49.3 49.3 49.3 49.4 49.4 49.47.5 7.5 7.5 7.5 7.5 7.5 7.57.3 7.2 7.3 7.3 7.3 7.3 7.35.1 5.5 5.7 5.9 6.1 6.4 6.60.2 0.2 0.2 0.2 0.2 0.2 0.2100 100 100 100 100 100 1003.2 3.2 3.2 3.2 3.2 3.2 3.2
-1.9 0 0 0 0 0 0
9.6 9.6 9.6 9.6 9.6 9.6 9.60 0 0 0 0 0 0
0.7 0.7 0.7 0.6 0.6 0.6 0.66.1 6.9 7.4 7.9 8.4 8.8 9.114.9 12.1 7.1 7.1 7 3.8 3.418.2 20.4 21.8 23.3 25 25.9 26.8
17 12.1 7.1 7.1 7 3.8 3.465.4 68 69.4 70.9 72.2 73 73.63.9 3.8 3.7 3.6 3.5 3.3 3.19.4 10.1 10.6 11.1 11.7 12 12.38.5 7.9 4.8 4.9 4.9 2.7 2.5
27.8 30 31.4 32.9 34.6 35.5 36.4
10.5 7.9 4.8 4.9 4.9 2.7 2.51.3 1.5 1.6 1.8 1.9 2 2
13.5 14.5 15.5 16.5 16.5 16.5 16.5
8.1 8.6 9.1 9.7 10.3 10.8 10.9 11.0 6.0% 6.0% 6.0% 6.0% 6.0% 5.0% 1.0% 1.0%13.2 17.2 20.7 22.7 23.9 25.0 25.3 25.5
15.0% 30.0% 20.0% 10.0% 5.0% 5.0% 1.0% 1.0%21.4 25.8 29.8 32.4 34.1 35.8 36.2 36.5
11.4% 20.9% 15.3% 8.8% 5.3% 5.0% 1.0% 1.0%1.7 2.1 2.4 2.6 2.7 2.9 2.9 2.9 8% 8% 8% 8% 8% 8% 8% 8%
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2005 2006 2007 2008 2009Spot media advertising market, total (US$)* 722 820 945 970 1,056%ch YoY 13 15 3 9 7
Spot media advertising market, total (HUF) 146,665 168,060 187,042 208,570 233,411%ch YoY 15 11 12 9 7as % of GDP 0.65 0.71 0.75 0.78 0.78
Newspapers (%) 19.2 20.2 19.2 18.2 17.7Magazines (%) 18.8 18.8 18.8 18.8 18.8TV (%) 41.2 42.2 43.2 44.2 44.7Radio (%) 5.5 5 4.5 4 3.8Cinema (%) 0.6 0.6 0.6 0.6 0.6Outdoor (%) 9.1 9 9 9 9Internet (%) 3.7 4.2 4.7 5.2 5.5Other (%) 1.9 1.9 1.9 1.9 1.9
Total (%) 100 100 100 100 100Classifieds revenue (US$) 42.6 37.2 38.6 37.7 39.9%ch YoY -12.4 3.5 -2.3 6.1 6.1Classifieds revenue (HUF) 8,627.45 7,635.30 7,635.30 8,097.00 8,828.00
%ch YoY -11.5 0 6 9 6.1Market share of newspapers (%) 5.9 4.5 4.1 3.9 3.8Internet revenue (US$) 2.3 3.3 4.3 4.8 5.3%ch YoY 43.6 29.4 11.3 10.5 7.5Internet revenue (HUF) 466.9 677 846.3 1,022.44 1,161,0%ch YoY 45 25 20.8 13.6 7.5
as % of Hungary revenues 5.1 8.1 10 11.2 11.6Market share (%) 8.6 9.6 9.6 9.4 9.1Total revenue – Hungary (US$) 44.8 40.5 42.8 42.4 45.2%ch YoY -8.8 -9.5 5.6 -1 6.6Total revenue – Hungary (HUF) 9,094,4 8,312,3 8,481,6 9,119,3 9,988,9%ch YoY -8.5 -8.6 2 7.5 9.5Operational EBITDA 9 10.8 11.5 12 13.3
Op EBITDA margin (%) 20.1 26.7 26.9 28.2 29.4
Total Classified 36.6 34.5 34.8 35.9 37.7 -5.7% 1.0% 3.0% 5.0%
Internet 2.3 3.2 4.5 5.6 7.0 39.2% 40.0% 25.0% 25.0%
Total Hungary 38.9 37.7 35.5 41.5 44.7 -3.1% -5.8% 16.9% 7.7%
EBITDA 7.8 7.6 5.0 5.8 6.3 20.1% 20.1% 14.0% 14.0% 14.0%
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2010 2011 2012 2013 2014 20151,135 1,220 1,312 1,410 1,515 1,628
7 7 7 7 7
250,893 269,674 289,849 311,522 334,802 359,8067 7 7 7 7
0.78 0.77 0.77 0.76 0.76 0.75
17.1 16.7 16.3 16 15.5 1518.9 19 19 19 19 1945.2 45.4 45.7 45.9 46.2 46.43.5 3.4 3.2 3.1 3.1 3.10.6 0.6 0.6 0.6 0.6 0.6
9 9 9 9 9 95.7 6 6.2 6.5 6.7 71.9 1.9 1.9 1.9 1.9 1.9
100 100 100 100 100 10042.4 44.9 47.6 50.5 53.5 56.7
6 6 6 6 5.99,363.70 9,929.80 10,527.80 11,159.20 11,825.70 12,529.00
6 6 6 6 5.93.7 3.7 3.6 3.6 3.5 3.55.6 6 6.4 6.8 7.2 7.67.1 6.6 6.2 5.7 5.2
1,248,0 1,336,0 1,424,4 1,512,3 1,598,6 1,682,07.1 6.6 6.2 5.7 5.2
11.8 11.9 11.9 11.9 11.9 11.88.7 8.3 7.9 7.5 7.1 6.748 51 54.1 57.3 60.7 64.3
6.2 6.2 6.1 6 5.9 5.910,611,7 11,265,8 11,952,2 12,671,5 13,424,3 14,211,0
6.2 6.2 6.1 6 5.9 5.914.6 16.1 17.7 18.8 20 21.2
30.5 31.6 32.7 32.8 32.9 33
39.6 41.5 43.6 45.8 47.6 48.1 48.6 5.0% 5.0% 5.0% 5.0% 4.0% 1.0% 1.0%
8.8 10.9 13.1 15.1 16.6 16.8 16.9 25.0% 25.0% 20.0% 15.0% 10.0% 1.0% 1.0%
48.3 52.5 56.8 60.9 64.2 64.9 65.5 8.1% 8.6% 8.1% 7.3% 5.5% 1.0% 1.0%
6.8 7.3 7.9 8.5 9.0 9.1 9.2 14.0% 14.0% 14.0% 14.0% 14.0% 14.0% 14.0%
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Company Country Mcap
US$mn 2011 2012E 2013E 2014E 2011 2012E 2013E 2014E 2011
Developed Markets
Trinity Mirror Plc TNI LN 211 1.7 2.0 1.9 1.9 1.9 2.2 2.2 2.4 0.4
Promotora De infom Sa -Prisa PRS SM 565 3.5 8.1 60.8 9.2 6.6 8.2 8.2 7.6 1.3
Arnoldo Mondadori Editore MN IM 342 4.9 5.3 11.4 9.1 4.2 5.0 7.5 6.4 0.4
Gruppo Editoriale L'Espresso ES IM 451 6.1 6.0 9.8 9.1 3.1 3.1 4.2 4.1 0.5
New York Times Co -Cl A NYT US 1,422 12.9 15.2 13.2 13.8 4.3 4.5 5.1 5.0 0.7
Gannett Co GCI US 4,256 7.3 8.3 8.2 8.4 4.6 5.2 5.2 5.2 1.1
Developed Markets' Average 5.1 6.5 5.8 7.1 3.6 4.2 4.7 4.4 0.6
Emerging Markets
Ht Media Ltd HTML IN 413 14.2 10.8 11.5 12.5 6.7 5.4 6.4 6.9 1.2
Agora Sa AGO PW 117 4.4 7.2 52.8 42.9 2.7 2.9 4.7 4.5 0.4
Star Publications (Malaysia) STAR MK 774 13.2 12.7 12.9 12.1 7.5 7.3 7.2 6.8 2.1
Emerging Markets' Average 10.6 10.2 25.7 22.5 5.6 5.2 6.1 6.1 1.2
Peer Group (Developed and Emerging Average) 9.0 9.4 11.2 10.8 5.1 5.1 5.9 5.8 1.0
Hurriyet HURGZ TI #NAME? N/M N/M N/M N/M ####### ##### ###### ####### #####
P/E EV/EBITDA
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2012E 2013E 2014E
0.4 0.4 0.4
1.5 1.5 1.5
0.4 0.5 0.5
0.5 0.6 0.6
0.7 0.8 0.8
1.1 1.1 1.1
0.7 0.7 0.7
1.0 1.0 1.0
0.4 0.4 0.4
2.0 2.0 1.9
1.1 1.1 1.1
1.0 1.0 1.0
###### ##### #####
EV/Sales
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2004 2005 2006
Days 366.00 365.00 365.00
Ad market 1,814 2,245 2,728
Growth 24% 22%
Newspaper segment 645 820 901
Growth 27% 10%Share in Ad Market 35.6% 36.5% 33.0%
Hurriyet's share in newspaper ad revenues 41.1% 41.6% 42.2%
Hurriyet's ad revenues (TLmn) 265 341 380
Internet
TME's ad revenues (TLmn) 265 341 -
Internet
Price
Volume 8% 4%
Pages 73.0 80.0 84.0
Main 40.0 40.0 40.5
Supplement 33.0 40.0 43.5
Price differential 2.9 2.9 2.9
Distribution 3 3 3
Circulation RevenuesTotal circulation 4,541 5,016 5,148
Hurriyet's circulation 495 520 544
Circulation revenues TL mn 73 72 83
TME Circulation revenues
Printing revenues (TLmn) 103 111 118
7% 7%
Hurriyet 30 30 32
1% 8%
Germany Branch 21 24 26
13% 6%
D.Ofset 52 57 60
9% 6%
Other
Hurriyet 32 72 51
TME
Total Revenues
Hurriyet 473 595 632
TME
Cost of Sales 126 137
Hurriyet
TME
Raw Material
Hurriyet total
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Hurriyet Raw Material
Tons 81,869 95,062 104,422
Increase 16% 10%
Consumption gr per page 6.19 6.26 6.26
Price 910 1,000
Increase 17% 10%
Ofset +Germany+third party
Other raw material (newspaper printing ink and material)
TME Raw Material
Paper
Other
Depreciation 28 28 32
Other COGS 98 109 123
Hurriyet
TME
Total CoGS
Hurriyet
TME
Gross Profit
Hurriyet
TME
Sales and marketing expenses
Hurriyet
TME
General administrative expenses
Hurriyet
TME
Depreciation Expense
Hurriyet
TME
Total Opex
Hurriyet
TME
Operating Profit
Hurriyet
TME
EBITDA
Hurriyet
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TME
Depreciation expense
COGS
Opex
HurriyetTME
Gross Assets
Capital Expenditures
Accumulated Depreciation
Depreciation
As share of Net Assets
Net Assets
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2007 2008 2009 2010 2011 2012F
365.00 366.00 365.00 365.00 365.00 366.00
3,258 3,368 2,971 3,892 4,466 4,511
19% 3% -12% 31% 15% 1%
1,018 986 811 920 997 975
13% 7% -18% 13% 8% -2%31.50% 29.28% 27.30% 23.64% 22.32% 21.62%
40.1% 39.7% 38.64% 38.54% 38.86% 38.71%
408 391 313 355 387 377.5
329.5 360.3 341.5
92.92% 93.00% 90.46%
25.1 27.1 36.0
7.08% 7.00% 9.5%
- 322 186 170.9 197.1 195.1
15.3% -1%
142.8 153.5 143.1
83.6% 77.9% 73.35%
28.1 43.6 52.0
16.4% 22.1% 26.6%
6% 5% -10% 3% 0% -8%
85.0 88.0 74.0 81.0 81.0 72.9
37.0 38.0 39.0 39.0 38.0 37.2
48.0 50.0 35.0 42.0 43.0 35.8
2.9 2.9 2.9 2.9 2.9 2.9
2.95 2.9 2.85 2.8 2.75 2.7
5,170 5,200 4,782 4,646 4,753 4,713
571 515 474 449 435 410
82 76 90 91 94 97
3% -7% 25% 3% 3% 3%
33 28 23 20 18
-18.3% -12.8% -7.6%
124 118 120.0 110.6 122.1 125.8
3%
33 31 30 30 30
3% -7% -5% 3% 3%
27 28 28 30 30
5% 5% -5% 5% 5%
64 69 62 66 59
7% 7% -10% 6% 6%
43.1 47.7 48.5
18 27 24 23 25.7 26.5
3%
20 22 22.0
0%
793 868 862
633 613 547 579 629 627
214 239 235
46 466 540.8 527
359.1 414.6 405
62.0% 65.9% 64.7%
106.9 126.2 122
50.0% 52.8% 51.7%
188 230 223
186 164 179 176
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127 91 79 102 96
110,909 103,846 80,154 83,108 80,517 68,516
6% -6% -23% 4% -3% -15%
6.26 6.26 6.26 6.26 6.26 6.26
1,150 1,219 1,140 949 1,269 1,404
15% 6% 25% 3% 3% 3%
36.2 37.330% 30%
41.0 42.3
19% 19%
88 48 42 51 48
25% 29% 29%
17 16
34 32
46 45 48 45 40 37
- 123 191 270 266
126 195 192
22% 31% 31%
65 75 74 30.3% 31.5% 31%
466 541 527
359 415 405
107 126 122
113 327 335
220 215 221
38.0% 34.1% 35.3%
107 113 114
50.0% 47.2% 48.3%
118.8 85.6 125 147.2 146.2
79.5 66.1 104.3 109.6 109.1
18.0% 17.4% 17.4%
39.3 19.5 20.7 37.6 37.1
9.7% 15.7% 15.7%
204.6 157.0 157.8 174.7 128.5
84.3 57.9 59.5 67.6 67.3
10.3% 10.7% 10.7%
120.3 99.1 58.8 62.1 61.2
27.5% 26.0% 26.0%
8.9 8.9 9.2 11.3 10.5
30.7 30.4 30.3 33.7 31.3
282.7 321.9 316.5
173.0 188.5 186.9
29.9% 30.0% 29.8%
109.8 133.4 129.5
51.3% 55.8% 55.0%
44.4 5.4 18.5
47.2 26.1 34.2
8.1% 4.1% 5.5%
-2.8 -20.7 -15.7
-1.3% -8.7% -6.7%
90.8 97.8
10.5% 11.3%
101.2 77.8 82.217.5% 12.4% 13.1%
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27.5 13.0 15.6
12.9% 5.4% 6.6%
84.1 87.1 84.3 85.4 79.2
44.5 47.8 44.8 40.4 37.4
39.6 39.3 39.5 45.0 41.8
53.4 56.7 54.0 51.7 48.030.7 30.4 30.3 33.7 31.3
1,806.2 1,791 1,762 1,787
47.1 32 25 45
752.7 830 876 955
84.1 87.1 84.3 85.4 79.2
8.1% 8.0% 9.0% 9.0%
1,054 962 886 877
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2013F 2014F 2015F 2016F 2017F 2018F
365.00 365.00 365.00 366.00 365.00 365.00
4,781 5,068 5,423 5,803 6,441 7,149
6% 6% 7% 7% 11% 11%
1,000 1,025 1,058 1,092 1,166 1,244
3% 2% 3% 3% 7% 7%20.92% 20.22% 19.51% 18.81% 18.11% 17.41%
38.56% 38.40% 38.25% 38.10% 37.95% 37.80%
385.6 393.5 404.8 415.9 442.6 470.4
339.0 335.8 335.1 333.7 343.8 353.3
87.9% 85.3% 82.8% 80.2% 77.7% 75.1%
46.6 57.7 69.7 82.2 98.8 117.1
12.1% 14.7% 17.2% 19.8% 22.3% 24.9%
193.2 191.2 189.3 189.3 189.3 189.3
-1% -1% -1% 0% 0% 0%
136.1 129.1 122.3 116.8 111.2 105.7
70.4% 67.5% 64.6% 61.7% 58.8% 55.8%
57.1 62.1 67.0 72.6 78.1 83.6
29.6% 32.5% 35.4% 38.3% 41.2% 44.2%
-4% -4% -3% -3% 0% 0%
69.8 66.8 64.5 62.2 62.2 62.1
36.8 36.4 36.1 35.8 35.8 35.7
33.0 30.4 28.4 26.5 26.5 26.4
2.9 2.9 2.9 2.9 2.9 2.9
2.65 2.6 2.55 2.5 2.45 2.4
4,713 4,713 4,713 4,713 4,714 4,714
405 400 400 400 400 400
98 99 100 101 102 103
1% 1% 1% 1% 1% 1%
17 16 14 13 12 11
-7.7% -7.9% -8.0% -7.3% -7.5% -7.7%
129.5 133.4 136.1 138.8 141.6 144.4
3% 3% 2% 2% 2% 2%
48.7 49.0 49.3 49.5 50.1 50.7
26.7 27.0 27.3 27.5 28.1 28.7
1% 1% 1% 1% 2% 2%
22.0 22.0 22.0 22.0 22.0 22.0
0% 0% 0% 0% 0% 0%
872 881 894 908 938 969
640 653 668 683 714 746
232 229 226 225 224 223
528 530 533 535 546 557
409 413 419 423 435 448
64.0% 63.3% 62.7% 61.9% 60.9% 60.0%
119 116 114 113 111 110
51.3% 50.9% 50.5% 50.1% 49.7% 49.3%
175 175 176 177 181 185
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93 91 90 90 93 95
64,634 61,071 58,980 57,031 56,897 56,764
-6% -6% -3% -3% 0% 0%
6.26 6.26 6.26 6.26 6.26 6.26
1,446 1,490 1,534 1,580 1,628 1,676
3% 3% 3% 3% 3% 3%
38.4 39.6 40.3 41.2 42.0 42.830% 30% 30% 30% 30% 30%
43.2 44.1 44.8 45.5 46.2 47.0
19% 19% 19% 19% 19% 19%
45 43 40 38 36 34
29% 29% 29% 29% 29% 29%
15 14 13 13 12 11
30 28 27 26 24 23
37 37.0 37 35 33 31
271 275 281 286 296 307
197 201 207 212 221 231
31% 31% 31% 31% 31% 31%
74 74 74 74 75 75 32% 32% 33% 33% 33% 34%
528 530 533 535 546 557
409 413 419 423 435 448
119 116 114 113 111 110
343 352 361 372 392 412
230 240 249 260 279 299
36.0% 36.7% 37.3% 38.1% 39.1% 40.0%
113 112 112 112 112 113
48.7% 49.1% 49.5% 49.9% 50.3% 50.7%
148.2 150.2 152.5 155.2 161.1 167.5
111.4 113.7 116.3 119.0 124.7 131.1
17.4% 17.4% 17.4% 17.4% 17.5% 17.6%
36.8 36.5 36.2 36.2 36.3 36.4
15.8% 15.9% 16.0% 16.1% 16.2% 16.3%
129.0 129.5 130.4 131.7 134.8 138.0
68.7 70.1 71.7 73.3 76.7 80.1
10.7% 10.7% 10.7% 10.7% 10.7% 10.7%
60.3 59.5 58.7 58.4 58.1 57.9
26.0% 26.0% 26.0% 26.0% 26.0% 26.0%
10.5 10.4 10.3 9.7 9.3 8.9
31.3 30.9 30.5 28.9 27.5 26.3
319.0 321.0 323.7 325.6 332.6 340.6
190.6 194.2 198.3 202.0 210.7 220.1
29.8% 29.7% 29.7% 29.6% 29.5% 29.5%
128.3 126.9 125.3 123.5 121.9 120.6
55.3% 55.4% 55.5% 55.0% 54.5% 54.1%
24.5 30.9 37.0 46.6 59.0 70.9
39.8 45.4 50.6 58.1 68.5 78.6
6.2% 7.0% 7.6% 8.5% 9.6% 10.5%
-15.3 -14.5 -13.6 -11.5 -9.6 -7.8
-6.6% -6.3% -6.0% -5.1% -4.3% -3.5%
103.7 109.2 114.2 119.8 128.7 137.5
11.9% 12.4% 12.8% 13.2% 13.7% 14.2%
87.7 92.8 97.4 102.4 110.7 119.013.7% 14.2% 14.6% 15.0% 15.5% 15.9%
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16.0 16.4 16.9 17.4 18.0 18.5
6.9% 7.2% 7.5% 7.8% 8.0% 8.3%
79.2 78.3 77.3 73.3 69.7 66.6
37.4 37.0 36.5 34.6 32.9 31.5
41.8 41.3 40.8 38.6 36.8 35.1
47.9 47.4 46.8 44.3 42.2 40.331.3 30.9 30.5 28.9 27.5 26.3
1,832 1,868 1,905 1,942 1,980 2,019
36 37 37 38 39 40
1,034 1,114 1,192 1,269 1,342 1,412
79.2 78.3 77.3 73.3 69.7 66.6
9.5% 9.9% 10.3% 10.3% 10.3% 10.3%
834 791 750 711 677 647
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2019F 2020F
365.00 366.00
7,936 8,888
11% 12%
1,325 1,422
7% 7%16.70% 16.00%
37.65% 37.50%
499.1 533.3
362.1 373.3
72.6% 70.0%
137.0 160.0
27.4% 30.0%
189.3 189.3
0% 0%
100.2 94.7
52.9% 50.0%
89.1 94.7
47.1% 50.0%
-1% 0%
61.8 61.8
35.7 35.7
26.1 26.1
2.9 2.9
2.35 2.3
4,714 4,714
400 400
104 105
1% 1%
10 10
-8.0% -8.3%
147.3 150.3
2% 2%
51.2 51.8
29.2 29.8
2% 2%
22.0 22.0
0% 0%
1,001 1,039
779 818
222 221
569 584
460 476
59.1% 58.2%
109 107
49.0% 48.6%
189 194
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98 101
56,469 56,675
-1% 0%
6.26 6.26
1,727 1,779
3% 3%
43.7 44.530% 30%
47.7 48.5
19% 19%
33 31
29% 29%
11 10
22 20
30 29
317 330
241 253
31% 31%
76 77 34% 35%
569 584
460 476
109 107
432 456
319 342
40.9% 41.8%
113 114
51.0% 51.4%
174.2 181.9
137.7 145.4
17.7% 17.8%
36.5 36.5
16.4% 16.5%
141.3 145.3
83.7 87.8
10.7% 10.7%
57.6 57.4
26.0% 26.0%
8.5 8.2
25.2 24.3
349.2 359.7
229.9 241.4
29.5% 29.5%
119.3 118.3
53.8% 53.5%
82.9 95.8
89.0 100.5
11.4% 12.3%
-6.1 -4.6
-2.8% -2.1%
146.9 157.4
14.7% 15.2%
127.8 137.816.4% 16.8%
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19.1 19.7
8.6% 8.9%
63.9 61.6
30.2 29.1
33.7 32.5
38.7 37.325.2 24.3
2,059 2,100
41 41
1,479 1,543
63.9 61.6
10.3% 10.3%
621 598
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DCF HURGZ #NAME? #NAME? ####### #NAME?
In Million USD #NAME?
TRYm 2004 2006 2007 2008 2009 2010 2011 2012F
US$/YTL Avg. 1.548 1.500 1.670 1.800
Revenues - 793 868 862
Growth (%) 9.4% -0.7%
EBITDA 91 98 Margin(%) 0.0% 10.5% 11.3%
EBIT 5 19
Unlevered taxes (1) (4)
Effective tax rate (%) -20% -20% -20%
NOPAT - 4 15
Capital expenditures 32 25 45
Depreciation & amortisation 84 87 84 85 79
Change in working capital (2) (59) (1)
Unlevered free-cash-flow 54 124 50
WACC at Target D/TC of 20% 11.6% 10.9% 17.7% 16.2% 11.3% 10.5% 11.7%
Discount multiplier 1.00 1.00 1.00 1.00 1.00 1.00 0.90
Cost of Equity 13.0% 12.1% 18.4% 18.4% 12.6% 11.3% 12.5%
Cost of Debt (after tax) 6.0% 6.0% 15.1% 7.2% 6.2% 7.1% 8.4%
NPV
FCF 362
Terminal value@%1 1% 306
Value of company #NAME?
Minority Interest 60
Equity participation & receivables 180
Net Debt 420
Implied Equity Value #NAME?
Current Mcap #NAME?
Implied Value per share (TRY) #NAME?
Source: TEB Research
Equity risk premium 4.5% 4.5% 4.5% 4.5% 4.5%
Risk-free YTL 1 0.74 18.4% 18.4% 8.5% 7.3% 8.4%
Cost of Equity 18.4% 18.4% 12.6% 11.3% 12.5%
0.00 0.00 54.27 124.00 44.63
Beta 0.91
76.00 195 #DIV/0!
(TRYm) 2006 2007 2008 2009 2010 2011 2012F
Hurriyet 579 629 627
Advertising 355 387 377
Circulation 91 94 97
Printing 111 122 126
Other 23 26 26
TME 214 239 235
Advertising 171 197 195
Circulation 23 20 18
Other 20 22 22
Total revenues - 998 784 794 869 862
CoGs 596 499 466 541 527
Gross Profit 403 285 328 328 335
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Operating Expenses 323 236 283 322 316
Operating Profit 79 49 45 6 19
EBITDA 163 136 130 91 98
EBITDA Margin 16.4% 17.4% 16.3% 10.5% 11.3%
Other Income, net 49 (70) (78) (168) 137
Net financial income (exp.) (158) (6) (17) (105) (25)
Profit Before MI & Tax (30) (27) (50) (267) 130 Minority Interest (17) 6 15 22 3
Tax expense 8 (14) (6) 9 (7)
Net Income (38.1) (35.1) (40.1) (235.7) 126.6
Source: TEB Research 38.0939 -35.08 -40.08 -235.7 126.59
(US$ mn) 0 2006 2007F 2008F 2009F 2010F 2011F 2012F
Investments - - - - - 91 98
2005 2006 2007F 2008F 2009F 2010F 2011F 2012F
Revenues 100% 100% 100%
CoGs 59% 62% 61%
Gross Profit 41% 38% 39%
Operating Expenses 36% 37% 37%
Operating Profit* 6% 1% 2%
EBITDA 16% 11% 11%
Other Income, net* 16% 11% 11%
Net financial income (exp.) -10% -19% 16%
Profit Before MI & Tax (17) -12% -3%
Minority Interest -6% -31% 15%
Tax Rate -12% 3% 5%
Net Income -5.0% -27% 15%
269 269 269 269 342
484 529 416 245 302
(TRLmn) 2005 2006 2007 2008 2009 2010F 2011F 2012F
Cash and cash equivalents 370 297 108 282 313
Trade receivables 187 191 187 142 141
Inventories 23 18 18 19 18
Other current assets 69 33 35 111 161
Current Assets 650 539 348 553 634
Net Financial Assets 5 5 5 5 5
Gross Assets & Intangibles 538 1,806 1,791 1,762 1,907
Accumulated Depreciation 573 753 830 876 955
Net Fixed Assets & Intangibles 1,110 1,054 962 886 952
Other Non-current Assets 279 257 265 191 251
Total Non Current Assets 1,394 1,315 1,231 1,082 1,208
Total Assets 2,044 1,854 1,579 1,635 1,841
STD & Cur Maturities 276 320 230 265 265 Accounts Payable 45 41 37 53 53
Other Current Liabilities 54 101 123 232 232
Total Current Liabilities 374 462 391 550 549
Long Term Debt 628 330 276 338 438
Other Long Term Liabilities 156 144 139 152 152
Total Long Term Liabilities 784 474 415 490 590
Total Liabilities 1,158 936 806 1,040 1,140
Minorities 133 120 88 81 58
Total Equity 753 798 685 514 644
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Total Liabilities & Equity 2,044 1,854 1,579 1,635 1,841
Source: TEB Research -2.33%
Average Equity 753 775 741 599 579
Average Assets 2,044 1,949 1,716 1,607 1,738
Net Invested Capital 1,419 1,271 1,171 917 1,092
Net Income (38) (35) (40) (236) 127
NOPLAT 79 49 45 4 15
ROE -5.1% -4.5% -5.4% -39.3% 21.9%
ROA -1.9% -1.8% -2.3% -14.7% 1%
Return on Invested Capital 5.6% 3.9% 3.9% 0.5% 1.4%
Return on Invested Capital 0.0% 0.0% 0.0% 0.6% 1.7%
44.3% 58.1% 62.5%
2005 2006 2007 2008 2009 2010F 2011F 2012F
Revenues - - 998 784 794 869 862
CoGs - - 596 499 466 541 527
Gross Profit - - 403 285 328 328 335
Operating Expenses - - 323 236 283 322 316
Operating Profit - - 79 49 45 6 19
EBITDA - - 163 136 130 91 98
#DIV/0! #DIV/0! 16.4% 17.4% 16.3% 10.5% 11.3%
Other Income, net - - 49 (70) (78) (168) 137
Net financial income (exp.) - - (158) (6) (17) (105) (25)
Profit Before MI & Tax - - (30) (27) (50) (267) 130
Minority Interest - - (17) 6 15 22 3
Tax expense - - 8 (14) (6) 9 (7)
Net Income - - (38) (35) (40) (236) 127
Source: TEB Research
84 85 79
- - 0.00
P/E (69.8) (67.6) - - -
EV/EBITDA 20.0 23.6 - - -
EV/Sales 3.3 4.1 - - -
P/B 3.5 3.0 - - -
P/Sales 2.7 3.0 - - -
Mcap 2,659 2,371
EV 3,274 3,215
2005 2006 2007 2008 2009 2010F 2011F 2012F
Revenues #DIV/0! 507 530 520 479
CoGs #DIV/0! 322 311 324 293
Gross Profit #DIV/0! 184 219 196 186
Operating Expenses #DIV/0! 152 189 193 176
Operating Profit #DIV/0! 32 30 4 10
EBITDA #DIV/0! 88 87 55 54 Other Income, net #DIV/0! (45) (52) (100) 76
Net financial income (exp.) #DIV/0! (4) (11) (63) (14)
Profit Before MI & Tax #DIV/0! (17) (33) (160) 72
Minority Interest #DIV/0! 4 10 13 2
Tax expense #DIV/0! (9) (4) 5 (4)
Net Income #DIV/0! (23) (27) (141) 70
Source: TEB Research
0.000
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Margin Growth
0% 0%
2013F 2014F 2015F 2016F 2017F 2018F 2019F 2020F
1.845 1.900 1.957 2.016 2.077 2.139 2.203 2.269
872 881 894 908 938 969 1,001 1,039 1.094428 0.99294 1.21 1.0236341.1% 1.1% 1.4% 1.6% 3.3% 3.3% 3.3% 3.8% (5.37) #NUM!
104 109 114 120 129 138 147 157 . . .11.9% 12.4% 12.8% 13.2% 13.7% 14.2% 14.7% 15.2%
25 31 37 47 59 71 83 96
(5) (6) (7) (9) (12) (14) (17) (19)
-20% -20% -20% -20% -20% -20% -20% -20%
20 25 30 37 47 57 66 77
36 37 37 38 39 40 41 41
79 78 77 73 70 67 64 62
1 1 1 2 4 4 4 5
62 65 68 71 74 80 86 92 1.85 1.079987
13.0% 12.9% 12.1% 11.6% 11.4% 12.0% 11.9% 11.9%
0.79 0.70 0.63 0.56 0.50 0.45 0.40 0.36
14.1% 14.2% 13.3% 12.8% 12.3% 13.1% 13.0% 13.0%
8.5% 7.8% 7.4% 7.0% 7.6% 7.5% 7.5% 7.5%
.18.32514115.2179-98.0917
4.9
4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5%
10.0% 10.1% 9.2% 8.7% 8.2% 9.0% 8.9% 8.9% 8.9% 8.9% 8.9% 8.9%
14.1% 14.2% 13.3% 12.8% 12.3% 13.1% 13.0% 13.0% 13.0% 8.9% 8.9% 8.9%
48.80 45.71 42.49 39.55
43.6872 44.35938.
577.0588 7.694118 7.8125 1.015386
2013F 2014F 2015F 2016F 2017F 2018F 2019F 2020F 3Y CAGR 8Y CAGR
640 653 668 683 714 746 779 818 104.1%
386 393 405 416 443 470 499 533 103.2% #DIV/0!
98 99 100 101 102 103 104 105 101.7%
130 133 136 139 142 144 147 150 102.4% #DIV/0!
27 27 27 28 28 29 29 30
232 229 226 225 224 223 222 221
193 191 189 189 189 189 189 189
17 16 14 13 12 11 10 10
22 22 22 22 22 22 22 22
872 881 894 908 938 969 1,001 1,039 9.4% 101.7% 104.5% 1.009
528 530 533 535 546 557 569 584 1.8% -1.3%
343 352 361 372 392 412 432 456 5.5% -1.0%
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319 321 324 326 333 341 349 360 10.3% 0.1%
25 31 37 47 59 71 83 96 -27.7% -6.4%
104 109 114 120 129 138 147 157 -29.6% 105.6% -3.8% 1.056
11.9% 12.4% 12.8% 13.2% 13.7% 14.2% 14.7% 15.2% -13.2% -2.7%
(23) (23) (23) (23) (23) (23) (23) (23) -225.0% N.M.
(16) (14) (11) (8) (4) 0 5 10 62.3% N.M.
(14) (5) 3 16 32 48 65 83 -268.9% N.M.3 3 3 2 2 2 2 2 -21.7% #NUM!
3 1 (1) (3) (6) (10) (13) (17) -22.7% #NUM!
(8.7) (2) 5 15 28 41 54 69 488.0% 74.0% #NUM! (0.579)
-8.72
1.15625 -3.932312013F 2014F 2015F 2016F
104 109 114 120
2013F 2014F 2015F 2016F
100% 100% 100% 100%
61% 60% 60% 59%
39% 40% 40% 41%
37% 36% 36% 36%
3% 4% 4% 5%
12% 12% 13% 13%
12% 12% 13% 13%
-3% -3% -3% -3%
-2% -2% -1% -1%
-2% -1% 0% 2%
20% 20% 20% 20%
-1% 0% 1% 2%
342 342 - - - - - -
296 297 646 664 694 737 794 864
2013F 2014F 2015F 2016F 2017F 2018F 2019F 2020F
456 495 539 587 642 706 780 864
142 144 146 148 153 158 163 170
19 19 19 19 20 21 21 22
111 111 111 111 111 111 111 111
729 769 815 866 927 996 1,076 1,167
5 5 5 5 5 5 5 5
1,943 1,980 2,017 2,055 2,094 2,134 2,175 2,216
1,034 1,113 1,190 1,263 1,333 1,400 1,463 1,525
909 867 827 792 761 735 711 691
191 191 191 191 191 191 191 191
1,105 1,063 1,023 988 957 930 907 887
1,833 1,832 1,838 1,854 1,884 1,927 1,983 2,054
265 265 265 265 265 265 265 265 53 54 54 55 57 59 61 63
232 232 232 232 232 232 232 232
550 551 551 552 554 556 558 560
438 438 438 438 438 438 438 438
152 152 152 152 152 152 152 152
590 590 590 590 590 590 590 590
1,140 1,141 1,142 1,142 1,144 1,146 1,148 1,150
55 53 50 48 46 43 41 39
638 639 646 664 694 737 794 864
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1,833 1,832 1,838 1,854 1,884 1,927 1,983 2,054
641 638 642 655
1,837 1,833 1,835 1,846
940 899 861 828
(9) (2) 5 15
20 25 30 37
-1.4% -0.3% 0.8% 2.3%
1% 1% 2% 2%
2.1% 2.8% 3.4% 4.5%
2.6% 3.4% 4.3% 5.6%
2013F 2014F 2015F 2016F 2017F 2018F 2019F 2020F
872 881 894 908 938 969 1,001 1,039
528 530 533 535 546 557 569 584
343 352 361 372 392 412 432 456
319 321 324 326 333 341 349 360
25 31 37 47 59 71 83 96
104 109 114 120 129 138 147 157
11.9% 12.4% 12.8% 13.2% 13.7% 14.2% 14.7% 15.2%
(23) (23) (23) (23) (23) (23) (23) (23)
(16) (14) (11) (8) (4) 0 5 10
(14) (5) 3 16 32 48 65 83
3 3 3 2 2 2 2 2
3 1 (1) (3) (6) (10) (13) (17)
(9) (2) 5 15 28 41 54 69
- - - -
- - - -
- - - -
- - - -
- - - -
2013F 2014F 2015F 2016F 2017F 2018F 2019F 2020F
472 464 457 450 452 453 454 458
286 279 272 266 263 261 258 257
186 185 184 185 189 192 196 201
173 169 165 161 160 159 159 159
13 16 19 23 28 33 38 42
56 57 58 59 62 64 67 69 (12) (12) (12) (11) (11) (11) (10) (10)
(9) (7) (5) (4) (2) 0 2 5
(8) (3) 2 8 15 23 30 37
2 1 1 1 1 1 1 1
2 1 (0) (2) (3) (5) (6) (7)
(5) (1) 3 8 13 19 25 30
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. .
19.166667
8.9% 8.9%
425
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9/20/2012 Finansal Özet
HURGZ
TL
2006/12 2007/12 2008/12
UFRS XI_29 XI_29
UFRS XI_29 XI_29Bilanço
Cari/Dönen Varlıklar 406.89 441.62 649.95
Hazır Değerler 141.82 137.94 370.33
Menkul Kıymetler (net) 23.06 2.09 0.00
Kısa Vadeli Ticari Alacaklar 155.92 222.31 186.93
Diğer Kısa Vadeli Alacaklar 63.01 6.23 16.69
Stoklar 18.00 26.19 23.45
Diğer Dönen Varlıklar 5.08 46.86 52.55
Cari Olmayan/Duran Varlıklar 562.48 1,380.79 1,394.40
Uzun Vadeli Ticari Alacaklar 0.33 0.00 7.35
Diğer Uzun Vadeli Alacaklar 0.00 0.12 0.30
Finansal Duran Varlıklar 10.76 6.19 5.00
Maddi Duran Varlıklar 518.27 552.84 529.13
Maddi Olmayan Duran Varlıklar 12.51 558.64 581.19
Goodwill 11.33 236.13 236.45
Diğer Duran Varlıklar 20.60 263.01 271.44
Toplam Varlıklar 969.36 1,822.41 2,044.35
Kısa Vadeli Yükümlülükler 105.59 174.54 374.32
Kısa Vadeli Finansal Borçlar 11.71 59.74 275.66
Kısa Vadeli Ticari Borçlar 49.09 45.08 45.02
Diğer Kısa Vadeli Borçlar 3.97 64.57 46.90
Kısa Vadeli Borç ve Gider Karşılıkları 40.83 5.15 6.73
Uzun Vadeli Yükümlülükler 160.98 794.04 783.83
Uzun Vadeli Finansal Borçlar 47.09 605.20 627.94
Uzun Vadeli Ticari Borçlar 78.00 0.00 0.00
Diğer Uzun Vadeli Borçlar 0.00 188.84 155.89
Uzun Vadeli Borç ve Gider Karşılıkları 35.88 0.00 0.00
Özsermaye 702.57 743.24 753.06
Azınlık Payları 0.11 110.58 133.14
Sermaye 416.74 421.00 460.00
Karşılıklı İştirak Sermayesi Düzeltmesi 0.00 0.00 77.20
Emisyon Primi 0.00 0.00 0.00
Yeniden Değerleme Fonu 0.00 0.00 0.00
Yedekler ve Diğer Öz Sermaye Kalemleri 153.17 159.44 157.50
Geçmiş Yıllar Kar/Zararları 28.61 179.20 229.59
Dönem Net Kar/Zararı 104.16 94.19 -38.09
Toplam Öz Sermaye ve Yükümlülükler 969.36 1,822.41 2,044.35
Gelir Tablosu
Satış Gelirleri (net) 632.37 897.58 998.45
Satışların Maliyeti (-) -423.21 -531.80 -595.81
Hizmet Gelirleri (net) 0.00 0.00 0.00
Esas Faaliyetlerden Gelirler/faiz+temettü+kira (net) 0.00 0.00 0.00
Finans Sektörü Faaliyetlerinden Brüt Kar (Zarar) 0.00 0.00 0.00
BRÜT ESAS FAALİYET KARI/ZARARI 209.17 365.78 402.63
Faaliyet Giderleri (-) -122.19 -248.15 -323.34
NET ESAS FAALİYET KARI/ZARARI 86.98 117.63 79.29
Diğer Gelir ve Giderler (Net) 38.43 -7.04 -1.69
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Özkaynak Yöntemiyle Değerlenen Yatırımların Kar/Zararlarındaki P 0.00 -20.90 -8.77
Finansman Giderleri (-) -12.72 63.28 -157.57
Net Parasal Pozisyon Kar/Zararı 0.00 0.00 0.00
SÜRDÜRÜLEN FAALİYETLER VERGİ ÖNCESİ KARI (ZARARI) 112.69 152.97 -88.73
Vergiler -9.83 -47.69 8.21
SÜRDÜRÜLEN FAALİYETLER DÖNEM KARI/ZARARI 102.86 105.28 -80.52
Durdurulan Faaliyetler Vergi Sonrası Dönem Karı (Zararı) 0.00 -1.81 59.19
DÖNEM KARI (ZARARI) 102.86 103.46 -21.33 Azınlık Payları 1.30 9.27 16.76
NET DÖNEM KARI (ZARARI) 104.16 94.19 -38.09
Dipnot Tablosu
Amortisman ve İtfa Giderleri 49.49 72.00 84.12
Kıdem Tazminatı 2.13 3.82 5.00
Finansman Giderleri -12.72 -69.51 -264.47
Yurtiçi Satışlar 601.78 595.17 583.48
Yurtdışı Satışlar 30.59 302.40 414.97
Net Yabancı Para Pozisyonu -37.39 -581.97 -645.88
EBITDA 136.47 189.63 163.41
Diğer Bilgiler 21.58% 21.13% 16.37%
İşletme Sermayesi 124.83 203.41 165.35
Net Nakit 106.08 -542.76 -553.00
Piyasa Değeri 452,640,000.00 452,640,000.00 452,640,000.00
Firma Değeri 346.56 995.40 1,005.64
F/DD 0.64 0.61 0.60
FVAÖK 136.47 189.63 163.41
Brüt Kar Marjı 33.08 40.75 40.33
Esas Faaliyet Kar Marjı 13.75 13.11 7.94
FVAÖK Marjı 21.58 21.13 16.37
Net Kar Marjı 16.47 10.49 -3.82
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2009/12 2010/12 2011/12 2012/06
XI_29 XI_29 XI_29 XI_29
XI_29 XI_29 XI_29 XI_29
539.01 347.62 553.17 447.61
278.38 89.53 281.60 98.09
18.36 18.86 0.00 0.00
191.19 186.50 141.76 213.15
2.61 1.84 0.50 79.08
18.45 17.65 18.57 16.67
30.02 33.24 110.74 40.62
1,314.99 1,231.30 1,082.01 1,104.62
0.00 0.00 0.00 0.00
0.67 0.79 0.91 100.33
4.89 4.85 4.53 4.35
507.26 457.36 336.71 329.12
546.25 504.26 549.34 495.69
222.34 206.18 136.20 128.36
255.94 264.05 190.51 175.14
1,854.00 1,578.93 1,635.18 1,552.23
462.22 390.54 549.79 587.28
320.33 230.19 265.19 374.45
40.56 37.42 52.90 51.36
83.39 112.51 228.89 158.26
17.95 10.41 2.81 3.20
474.13 415.35 490.21 252.71
329.95 276.19 337.96 115.22
0.00 0.00 0.00 0.00144.18 139.17 152.25 137.50
0.00 0.00 0.00 0.00
797.90 684.85 514.10 651.81
119.75 88.18 81.08 60.43
552.00 552.00 552.00 552.00
77.20 77.20 0.00 0.00
0.08 0.08 0.08 0.08
0.00 0.00 0.00 0.00
132.36 114.12 249.93 201.58
191.09 69.71 28.86 -191.68
-35.08 -40.08 -235.68 150.26
1,854.00 1,578.93 1,635.18 1,552.23
Building Pr 1462 37.7%
784.13 794.23 868.74 430.59 Healthcare 634.9 16.4% 1463
-499.03 -466.05 -540.79 -264.37 Consumer 854.2 22.0%
0.00 0.00 0.00 0.00 Other 924.7 23.9%
0.00 0.00 0.00 0.00 3875.8 100.0%
0.00 0.00 0.00 0.00 Building Pr Healthcare Consumer Other
285.10 328.18 327.95 166.22 37.7% 16.4% 22.0% 23.9%
-235.99 -282.72 -321.94 -148.61
49.11 45.46 6.00 17.61 Publishing 684 48.7%
-55.02 -69.06 -156.44 138.35 Broadcasti 472 33.6%
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-15.19 -8.94 -11.33 -5.69 Retail 162 11.5%
-5.92 -17.05 -104.78 9.00 Other 87 6.2%
0.00 0.00 0.00 0.00 1405
-27.02 -49.59 -266.55 159.26
-14.11 -5.94 8.95 -11.71 Publishing Broadcasti Retail
-41.13 -55.53 -257.60 147.55 49% 34% 12%
0.00 0.00 0.00 0.00
-41.13 -55.53 -257.60 147.55 1.001809
-6.06 -15.45 -21.92 -2.70
-35.08 -40.08 -235.68 150.26 clebi
136.19 129.81 91.40 56.21
87.08 84.35 85.40 38.60 38766.49 -10.96 -8.49 5.11 260.2
-147.86 -61.83 -188.01 -72.95 0.067131 2.547771
515.66 553.54 0.00 305.89
268.47 240.69 0.00 124.70
-509.60 -465.24 -510.34 -278.58
136.19 129.81 91.40 56.21
17.37% 16.34% 10.52% 13.05%
169.08 166.73 107.43 178.46
-371.32 -455.07 -388.28 -409.90 1.136756452,640,000.00 ######## ######## ########
823.96 907.71 840.92 862.54
0.57 0.66 0.88 0.69
136.19 129.81 91.40 56.21
36.36 41.32 37.75 38.60
6.26 5.72 0.69 4.09
17.37 16.34 10.52 13.05
-4.47 -5.05 -27.13 34.90
0.282353
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0.294322
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Other 6%
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Industrial ResearchWise Sheet
Company Static Items
@BEGINSTATIC @ENDSTATIC
@INSTTYPE Instrument Type EQ@CODE Instrument Code HURGZ TI Equity
@CTYPE Instrument Code Type @BB
@VERSION Version information (Do not change) 8
@ACCOUNT Accounting Standard
@RCURR Reporting Currency TRY
@ADRTICKER ADR Ticker
@ADRPRICE ADR Price
@REC Recommendation HOLD
@MULT Multiplier 1,000,000
@NRDATE Next Reporting Date 15-Nov-12
@NRPER Next Reporting Period 3Q
@LRDATE Last Reporting Date 28-Aug-12@LRPER Last Reporting Period 2Q
@TARGET Share Price Target 0.80
@TPRBASIS Target Price Basis
@NAV NAV
@FNAV Forward NAV
@FLOAT Free Float % 22.10
@VALUATION Valuation DCF+PEERS
@VALNRISK Valuation and Risk Fair
@ANALYST Lead Analyst (System Username) Kenan.Cosguner
@ANALYSTNAME Lead Analyst Name Kenan Cosguner
@ANALYSTBETA Analyst Specified BETA 1
@DEBTPREM Debt premium to risk free rate (bps) 50
@STOCKSTATUS Parent / Consolidated Indicator C
@PNLDATE Actual PnL Upto Date(dd-mmm-yyyy) 12/31/2011
@BSDATE Actual Balance Sheet Upto Date(dd-mm 12/31/2011
@GSEG1 Name of Geographical Segment 1 Local
@GSEG2 Name of Geographical Segment 2
@GSEG3 Name of Geographical Segment 3
@GSEG4 Name of Geographical Segment 4
@GSEG5 Name of Geographical Segment 5
@GSEG6 Name of Geographical Segment 6
@GSEG7 Name of Geographical Segment 7
@PSEG1 Name of Product Segment 1
@PSEG2 Name of Product Segment 2
@PSEG3 Name of Product Segment 3@PSEG4 Name of Product Segment 4
@PSEG5 Name of Product Segment 5
@PSEG6 Name of Product Segment 6
@PSEG7 Name of Product Segment 7
@PSEG8 Name of Product Segment 8
@DSCRPTN Company DescriptionHurriyet is the Turkey's largest newspape
advertisement operation in Russia
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@SHOLDER1 Major Shareholder 1 Dogan Yayin Holding
@SHOLDER2 Major Shareholder 2
@SHOLDER3 Major Shareholder 3
@SHOLDER4 Major Shareholder 4
@SHOLDER5 Major Shareholder 5
@SHOLDERPCT1 major Shareholder1 (% of Shares held) 66.60
@SHOLDERPCT2 major Shareholder2 (% of Shares held)
@SHOLDERPCT3 major Shareholder3 (% of Shares held)
@SHOLDERPCT4 major Shareholder4 (% of Shares held)
@SHOLDERPCT5 major Shareholder5 (% of Shares held)
@ENDSTATIC
FINANCIAL STATEMENTS@BEGIN Year FY2008A Y2009A
@DATE Reporting Financial Year 2008 2009
@FSTATUS Accounts Status A A
@FPERIOD Reporting Period FY FY
@YEAREND Financial Year End (month) Dec Dec
Section I - Profit & Loss@INDPL001 Revenue (+) 998 784
@INDPL002 Cost of sales (excl depreciation) (-) (512) (412)
@INDPL003 Gross profit 487 372
@INDPL004 Other operating income (+) 49 (70)
@INDPL005 Operating income 535 302
@INDPL006 SG&A (-) (323) (236)
@INDPL007 R & D (-) - -
@INDPL008 Other operating costs (-) - -
@INDPL009 Operating costs (323) (236)
@INDPL010 Operating EBITDA 212 66
@INDPL011 Depreciation (-) (84) (87)
@INDPL012 Goodwill amortisation (-) - -
@INDPL013 Operating EBIT 128 (21)
@INDPL014 Interest expense (-) (158) (6)
@INDPL015 Capitalised interest (-) - -
@INDPL016 Interest income (+) - -
@INDPL017 Currency gains (losses) (+/-) - -
@INDPL018 Other financing costs (-) - -
@INDPL019 Net financing costs (158) (6)
@INDPL020 Operating EBT (30) (27)
@INDPL021 Associates (+) - -@INDPL022 Non consolidated profits (+) - -
@INDPL023 Dividend income (+) - -
@INDPL024 Other recurring income (+) - -
@COMIT001 Recurring non operating income - -
@COMIT002 Recurring EBT (30) (27)
@INDPL027 Fixed asset disposals (+/-) - -
@INDPL028 Restructuring costs (+/-) - -
@INDPL029 Asset writedowns (+/-) - -
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@INDPL030 Provisions for discontinued operations (-) - -
@INDPL031 Other provisions (-) - -
@INDPL032 Other non-recurring items (+/-) - -
@COMIT003 Non recurring items - -
@COMIT004 Profit before tax (30) (27)
@COMIT005 Current tax (-) 8 (14)
@COMIT006 Deferred tax (-) - -
@COMIT007 Tax on non recurring items (+/-) - -@COMIT008 Tax 8 (14)
@COMIT009 Profit after tax (21) (41)
@COMIT010 Minority interests (17) 6
@COMIT011 Preferred dividends - -
@COMIT012 Other items - -
@COMIT013 Reported net profit (38) (35)
@COMIT014 Non recurring items (net of tax) - -
@COMIT015 Goodwill amortisation (-) - -
@COMIT016 Recurring net profit (38) (35)@COMIT017 Total dividends declared - -
@COMIT018 Adjusted DPS - -
@COMIT019 Marginal corporate tax rate (%) - -
Fully diluted profit calculation
@COMIT021 Recurring net profit (38) (35)
@COMIT022 Interest benefit on debt/pref conversion - -
@COMIT023 Interest benefit on warrant/options - -
@COMIT024 Tax on interest benefit - -
@COMIT025 FD Recurring net profit (38) (35)
Section II - Ba ance s eet@INDBS001 Trade debtors 187 191
@INDBS002 Other debtors and prepayments - -
@INDBS003 Stock 23 18
@INDBS004 Other current assets 69 33
@INDBS005 Working capital assets 280 242
@INDBS006 Trade creditors (45) (41)
@INDBS007 Other creditors & accruals - -
@INDBS008 Taxes payable - -
@INDBS009 Dividends payable - -
@INDBS010 Other current liabilities (54) (101)
@INDBS011 Working capital liabilities (99) (142)@INDBS012 Net working capital 181 100
@COMIT026 Tangible fixed assets - gross 538 1,806
@COMIT027 Accumulated depreciation (573) (753)
@COMIT028 Tangible fixed assets - net (35) 1,054
@INDBS013 Operating invested capital 146 1,154
@INDBS014 Goodwill - -
@INDBS015 Brands - -
@INDBS016 Other intangible assets - -
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@COMIT029 Intangible assets - -
@INDBS017 Associates - -
@INDBS018 Financial assets 5 5
@INDBS019 Other assets 279 257
@INDBS020 Invested Capital 430 1,415
@INDBS021 Cash (-) (370) (297)@INDBS022 Short term investments (-) - -
@INDBS023 Cash & equivalents (370) (297)
@INDBS024 Short term debt 276 320
@INDBS025 Long term debt 628 330
@INDBS026 Net debt 533 354
@INDBS027 Deferred tax - -
@INDBS028 Deferred income - -
@INDBS029 Pension provisions - -
@INDBS030 Other provisions - -
@INDBS031 Other liabilities 156 144
@INDBS032 Net liabilities 689 498
@COMIT030 Ordinary shares 269 269
@COMIT031 Registered shares - -
@COMIT032 Savings shares - -
@COMIT033 Preference shares - -
@COMIT034 Other - -
@COMIT035 Share capital 269 269
@COMIT036 Share premium account - -
@COMIT037 Revaluation reserve - -
@COMIT038 Legal reserve 484 529
@COMIT039 Revenue reserve - -
@COMIT040 Associates reserves - -@COMIT041 Other - -
@COMIT042 Reserves 484 529
@COMIT043 Total equity 753 798
@COMIT044 Minority interests 133 120
@INDBS033 Invested capital 1,575 1,415
@COMIT083 Total assets/liabilities 899 1,854
Balance sheet balances FALSE TRUE
Current and prior period entered FALSE TRUE
Section III - Cash Flow Statement@INDCF001 Recurring net profit - (35)
@INDCF002 Depreciation - 87
@INDCF003 Associates & minorities - -
@INDCF004 Other non-cash items - -
@INDCF005 Recurring cash flow - 52
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@INDCF006 Change in stock - 5
@INDCF007 Change in debtors - (4)
@INDCF008 Change in creditors - (4)
@INDCF009 Other working capital movements - 84
@INDCF010 Changes in working capital - 81
@INDCF011 Capital expenditure (maintenance) - -
@INDCF012 Capital expenditure (new investment) - -@INDCF013 Free cash flow to equity - 133
@INDCF014 Net business acquisitions/disposals - (0)
@INDCF015 Dividends paid - -
@INDCF016 CF after acq/disp/dividends - 132
@INDCF017 Current asset acquisitions/disposals - 37
@INDCF018 Fixed assets disposals - -
@INDCF019 Securities acquisitions/disposals - -
@INDCF020 Other non recurring cash flows - 11
@INDCF021 Non recurring cash flows - 47
@INDCF022 Net cash flow - 180
@INDCF023 Share capital issued - -@INDCF024 Minority interest shares issued - (13)
@INDCF025 Equity finance - (13)
@INDCF026 Debt issued - (253)
@INDCF027 Debt repaid - -
@INDCF028 Other - -
@INDCF029 Debt finance - (253)
@INDCF030 Movement in cash - (87)
Balance sheet reconciliation
@INDCF031 Movement in cash - (87)
@INDCF032 Change in overdrafts - -
@INDCF033 Effects of changes in exchange rates - -
@INDCF034 Other adjustments - 462
@INDCF035 Change in cash & equivalents (CF) - 375.2
@INDCF036 Change in cash & equivalents (BS) 370 (73.6)
CF reconciliation balances FALSE FALSE
Section IV - Selective Data
Share Data@COMIT045 Year end adjusted shares in issue 268.6 268.6
@COMIT046 Weighted average adjusted shares 268.6 268.6
@COMIT047 FD weighted average adjusted shares 268.6 268.6
@COMIT048 Preference shares (Nos.) - -
Revenue BreakdownRevenue by Division/Product
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@COMIT057 Revenue
@COMIT058 Revenue
@COMIT059 Revenue
@COMIT060 Revenue
@COMIT061 Revenue
@COMIT062 Revenue
@COMIT063 Revenue
@COMIT064 Revenue
@COMIT065 Total Revenue - -
Matches P&L FALSE FALSE
Revenue By Region
@COMIT066 Local Revenue
@COMIT067 Revenue
@COMIT068 Revenue
@COMIT069 Revenue
@COMIT070 Revenue
@COMIT071 Revenue
@COMIT072 Revenue
@COMIT073 Total Revenue - -Matches P&L FALSE FALSE
Section V - Ratios and Valuations
Per Share Data
@COMIT076 Recurring EPS (0.14) (0.13)
@COMIT077 Reported EPS (0.14) (0.13)
@COMIT078 DPS - -
@INDRV001 Recurring cash flow per share - 0.19
@INDRV002 FCF to equity per share - 0.49
@COMIT079 Book value per share 2.80 2.97
@COMIT080 Tangible book value per share 2.80 2.97
@COMIT091 NAV (Total Value)
@COMIT092 NAV Per Share - -
Operating performance
@INDRV003 Gross margin (%) 40.3% 36.4%
@INDRV004 Operating EBITDA margin (%) 21.2% 8.4%
@INDRV005 Operating EBIT margin (%) 12.8% (2.7%)
@INDRV006 Net margin (%) (3.8%) (4.5%)
@COMIT081 Effective tax rate (%) neg neg
@INDRV021 Operating ROIC % (RW Sheet) na (3.2%)
@INDRV022 ROIC % (RW Sheet) na (2.3%)@COMIT082 Dividend payout (%) neg neg
@INDRV007 Cash available for interest 128 (21)
@INDRV008 Interest cover (x) 0.8x (3.6x)
Financial strength
@INDRV009 Net debt/equity (%) 60.2% 38.5%
@INDRV010 Net debt/total assets (%) 59.3% 19.1%
@INDRV011 Current ratio (x) 1.7x 1.2x
@INDRV012 CF interest cover (x) 1.0x 23.4x
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Items to be used in calculating current WACC
Financial year lookup 0 0
<!A Latest share price (in reporting currency) N/A
Year end market capitalisation (in reporting currency) - -
EV (year end) - -
Debt/EV (%) - -
@INDRV015 Debt weight (%) - -
Section VI - Aggregated Items
@INDAI001 Recurring non operating income (others) - -
@INDAI002 Non recurring items & goodwill (net) - -
@INDAI003 Other intangible assets & brands - -
@INDAI005 Other liabilities 1,442 1,296
Industry Specific (Non-KPI)
@END
@BEGINKPI JAN FEB
@ENDKPI
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r company with classified
You can insert andremove columns from E tothe keyword '@END.
You can also add blankcolumns to match withunderlying data
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Y2010A Y2011A FY2012F Y2013F Y2014F
2010 2011 2012 2013 2014
A A F F F
FY FY FY FY FY
Dec Dec Dec Dec Dec
794 869 862 872 881
(382) (455) (448) (449) (451)
413 413 414 423 430 - - - - - -
(78) (168) 137 (23) (23)
335 246 551 400 407 - - - - - -
(283) (322) (316) (319) (321)
- - - - -
- - - - -
(283) (322) (316) (319) (321) - - - - - -
52 (76) 235 81 86 - - - - - -
(84) (85) (79) (79) (78)
- - - - -
(33) (162) 156 2 8 - - - - - -
(17) (105) (25) (16) (14)
- - - - -
- - - - -
- - - - -
- - - - -
(17) (105) (25) (16) (14) - - - - - -
(50) (267) 130 (14) (5) - - - - - -
- - - - -- - - - -
- - - - -
- - - - -
- - - - - - - - - - -
(50) (267) 130 (14) (5) - - - - - -
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- - - - -
- - - - -
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- - - - -
- - - - -
- - - - -
- - - - - - - - - - -
(50) (267) 130 (14) (5) - - - - - -
(6) 9 (7) 3 1
- - - - -
- - - - -(6) 9 (7) 3 1 - - - - - -
(56) (258) 124 (11) (4) - - - - - -
15 22 3 3 3
- - - - -
- - - - -
(40) (236) 127 (9) (2) - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
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(40) (236) 127 (9) (2) - - - - - -
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- - - - -
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(37) (53) (53) (53) (54)
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(123) (232) (232) (232) (232)
(160) (285) (284) (285) (285) - - - - - -79 (13) 36 (13) (11) - - - - - -
1,791 1,762 1,907 1,943 1,980
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962 886 952 909 867 - - - - - -
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5 5 5 5 5
265 191 251 191 191
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(108) (282) (313) (456) (495)- - - - -
(108) (282) (313) (456) (495) - - - - - -
230 265 265 265 265
276 338 438 438 438
398 322 390 247 208 - - - - - -
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139 152 152 152 152
537 474 542 399 360 - - - - - -
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416 245 302 296 297
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- - - - -- - - - -
416 245 302 296 297 - - - - - -
685 514 644 638 639 - - - - - -
88 81 58 55 53
1,310 1,069 1,244 1,092 1,052 - - - - - -
1,579 1,635 1,841 1,833 1,832 - - - - - -
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44 (150) 206 70 77 - - - - - -
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1 (1) 0 (0) (0)
(3) 15 (0) 1 1
5 45 1 (2) (2)
19 33 (50) 50 -
21 92 (49) 49 (1) - - - - - -
- - - - -
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(0) (0) - - -
- 2 (3.813) 2 (2)
33 (82) 108 85 36 - - - - - -
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(13) 87 (60) 60 -
(16) 10 (110) 110 - - - - - - -
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(144) 97 100 - - - - - - - -
(158) 18 75 192 34 - - - - - -
(158) 18 75 192 34 - - - - - -
- - - - -
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(238) (812) - - -
(396.2) (793.6) 74.9 192.4 33.8 - - - - - -
(188.4) 173.2 31.6 143.3 38.7 (495) - - - - -
FALSE FALSE FALSE FALSE FALSE FALSE TRUE TRUE TRUE TRUE TRUE
268.6 268.6 342.0 342.0 342.0
268.6 268.6 342.0 342.0 342.0
268.6 268.6 342.0 342.0 342.0
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- - - - - - - - - - -
FALSE FALSE FALSE FALSE FALSE TRUE TRUE TRUE TRUE TRUE TRUE
- - - - - - - - - - -FALSE FALSE FALSE FALSE FALSE TRUE TRUE TRUE TRUE TRUE TRUE
(0.15) (0.88) 0.37 (0.03) (0.00) - - - - - -
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2.55 1.91 1.88 1.86 1.87 - - - - - -
2.55 1.91 1.88 1.86 1.87 - - - - - -
- - - - - - - - - - -
41.3% 37.7% 38.9% 39.4% 39.9% na na na na na na
6.5% (8.8%) 27.2% 9.3% 9.8% - - - - - -
(4.1%) (18.6%) 18.0% 0.2% 0.9% - - - - - -
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(3.0%) (16.9%) 16.7% 0.2% 0.9% - neg neg neg neg neg
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(33) (162) 156 2 8 - - - - - -
(1.9x) (1.5x) 6.1x 0.1x 0.6x na na na na na na
51.5% 54.0% 55.6% 35.6% 30.1% neg neg neg neg neg neg
25.2% 19.7% 21.2% 13.5% 11.4% - - - - - -
0.9x 1.0x 1.2x 1.3x 1.4x - - - - - -
4.9x 0.4x 7.2x 8.4x 6.6x na na na na na na
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MAR APR MAY JUN JUL AUG SEP OCT NOV DEC @ENDKPI
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TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE
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na na na na na na na na na na
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na na na na na na na na na na
neg neg neg neg neg neg neg neg neg neg
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