Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
Investor Relations Presentation - Q1 2016 | 1
Investor Relations PresentationQ1 2016 ResultsUpdated: July 2016
Investor Relations Presentation - Q1 2016 | 1
Agenda
Doğuş Otomotiv / Value Chain 2016
Macroeconomic Outlook
Automotive Market
Financial Performance
Investor Relations Presentation - Q1 2016 | 2
Doğuş Otomotiv / Value Chain 2016
Presence in Every Link of Automotive Value Chain
*Subsidiaries**Representative Offices
Replacement Parts and After Sales
Services
Quick Fix to all Brands
Spare Parts&Logistics
Core Business Automotive Related Ancillary Business
Retail
Doğuş OtomotivIndependent Authorized
Dealers
Finance
Automotive Financing
Insurance
Insurance
Used Vehicle Sales
DOD
Used Vehicle Sales
Other Investments
TÜVTÜRK
Import and Distribution
Yüce Auto
Investor Relations Presentation - Q1 2016 | 3
Macroeconomic Outlook
Investor Relations Presentation - Q1 2016 | 4
Macroeconomic Indicators
YoY Inflation (%)
06-1
0
10-0
9
10-1
0
06-1
1
06-1
2
06-1
3
10-1
4
10-1
5
02-1
0
02-1
1
10-1
1
10-1
2
10-1
3
02-1
5
06-1
6
02-1
6
09-0
9
03-1
0
03-1
106
-11
03-1
2
03-1
3
03-1
4
03-1
5
06-1
2
06-1
3
06-1
4
06-1
5
06-1
603
-16
12-1
2
12-1
3
12-1
4
12-1
5
06-1
0
02-1
2
02-1
3
06-1
4
02-1
4
06-1
5
09-1
0
09-1
2
09-1
3
09-1
4
09-1
5
12-0
9
20.00
15.00
10.00
5.00
0.00
-5.00
Annual CPI Annual PPI Nominal Exchange Rates
3.40
3.10
2.80
2.50
2.20
1.90
1.60
1.30
1.00
US$/TRY EUR/TRY Basket (0.5US$+0.5EUR)
Auto Loan Rates (%)
06-0
5
12-0
6
06-0
7
06-0
8
06-0
9
06-1
0
06-1
1
06-1
2
06-1
3
06-1
4
06-0
6
12-0
5
12-0
7
12-0
8
12-0
9
12-1
0
12-1
1
12-1
2
12-1
3
12-1
4
06-1
5
06-1
6
12-1
5
2.70
2.20
1.70
1.20
0.70
0.20
TRY EURO US$ Consumer Confidence Index
180,000160,000140,000120,000100,00080,00060,00040,00020,0000
Consumer Confidence Index Retail Sales Total LV
05-1
0
05-1
1
05-1
2
05-1
3
05-1
4
05-1
5
12-1
0
12-1
1
12-1
2
12-1
3
12-1
4
12-1
5
03-1
1
03-1
2
03-1
3
03-1
4
03-1
5
06-1
603
-16
09-1
0
09-1
1
09-1
2
09-1
3
09-1
4
09-1
5
3.213.052.88
12-1
109
-11
12-1
0
13.67% 12.98%11.14%
7.64%
3.41%
2.13%
1.09%
105.0100.095.090.085.080.075.070.065.060.055.0
1.44%
1.15%
Investor Relations Presentation - Q1 2016 | 5
Young population and fiscal reforms push the country towards stable and sustainable growth.
Population is increasing on an average 1.5% each year.
64% of population will be between the age group 15 to 59 years.
Share of people in the age group between 35 to 59 will increase by 3%.
Note: All figures are rounded; the base years is 2009. Source: IMF, TurkStat, Frost Sullivan
Age Demography
2014 2023
Above6012% 15%
35-5931%34%
15-3433%
30%
0-1424% 21%
Population & Demography
Population Statistics (’000)
2014 2018 20282023
77,696
80,551
84,247
87,349
12/0
206
/03
12/0
306
/04
12/0
406
/05
12/0
506
/06
12/0
6
12/0
7
12/0
8
12/0
9
12/1
0
12/1
1
12/1
2
12/1
3
12/1
4
06/0
7
06/0
8
06/0
9
06/1
0
06/1
1
06/1
2
06/1
3
06/1
4
25.00
20.00
15.00
10.00
5.00
0.00
7.006.005.004.003.002.001.000.00
-1.00-2.00-3.00
Trade Deficit Export Import
Auto Industry Trade Balance (US$ bn)Economy
140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
12.010.08.06.04.02.00.0-2.0-4.0-6.0-8.0
GD
P - (
Billi
on T
urki
sh L
ira)
GD
P Yo
Y Ch
ange
(%)
98 99 00 01 02 03 04 05 06 07 08 09 10 1412 1311
Real GDP GDP YoY Growth
Investor Relations Presentation - Q1 2016 | 6
Automotive Market
Investor Relations Presentation - Q1 2016 | 7
Development world car market vs. Volkswagen Group Car Deliveries to Customers(1) (Growth y-o-y in deliveries to customers, January to April 2016 vs. 2015)
4.6%
-0.2%
7.9%
3.3%4.2%
-4.6%
-18.7%
-25.4%
3.0%
0.3%
4.7%3.1%
North America Western Europe Central & Eastern Europe South America Rest of the World Asia Pacific
Car Market VW Group
(1) Figures excl. Volkswagen Commercial Vehicles, Scania and MAN. Source: VW Group 2016 Presentation.
Investor Relations Presentation - Q1 2016 | 8
(1) Incl. all brands of Volkswagen Group (Passenger Cars and Commercial Vehicles); +0.3% excl. Volkswagen Commercial Vehicles, Scania and MAN. (2) MAN incl. MAN Latin America Trucks and Buses GVW>5t.
Volkswagen Group
Jan-April 2015 Jan-April 2016 Change
DELIVERIES TO CUSTOMERS BY BRANDS(‘000 units)
VOLKSWAGEN GROUP
0.6%(1)
-2.0%
AUDI
4.9%
591 620
4.7%
SKODA
357 374
0.1%
SEAT
138 139
6.8%
PORSCHE
73 78
VW LCV
4.7%
148 155
MAN (2)
4.9%
30 32
SCANIA
5.6%
24 25
Passenger Vehicles Commercial Vehicles
VW PV
1,975 1,936
3,341 3,362
Source: VW Group 2016 Presentation.
Investor Relations Presentation - Q1 2016 | 9
Volkswagen Group
FINANCIAL AND SALES PERFORMANCE(EUR mn)
1Q2014 1Q2015 1Q2016 Change
Deliveries to Customers(‘000 units)
2,443
2,4882,508
Sales Revenue(EUR mn)
47,831
52,735
50,964
Operating Profit Margin(%)
6.0 6.36.7
Operating Profit(EUR mn)
2,8553,328 3,440
Profit Before Tax Margin(%)
7.07.5
6.3
Profit Before Tax(EUR mn)
3,357
3,968
3,203
10.0%
17%
18%
2%
-3%3%
-19%
1%
Source: VW Group 1Q2016 Annual Report.
Investor Relations Presentation - Q1 2016 | 10
DOAS Wholesales Performance - 2015
12M2014 12M2015 Change
DOAS TOTAL 155,995 205,593 32%
VW PV 85,134 106,677 25%
VW LCV 23,191 33,411 44%
AUDI 17,070 21,100 24%
SKODA 14,397 22,435 56%
SEAT 12,540 17,212 37%
SCANIA 2,014 3,291 63%
KRONE 716 158 -78%
PORSCHE 601 877 46%
MEILLER 309 407 32%
BENTLEY 21 19 -10%
LAMBORGHINI 2 6 200%
12M2014 12M2015 Change
DOAS TOTA
L
SKODA
VW LCV
SCANIA
MEILLE
R
VW PVSEA
T
PORSCHEAUDI
KRONE*
BENTL
EY
LAMBORGHIN
I
32%
25%
44%
24% 56% 37%63% -78% 46% 32% -10% 200%
*The sales agreement of Krone Doğuş Treyler Sanayi ve Ticaret A.Ş., which was signed between Our company, Dogus Group representing 49% of its total capital, and Fahrzeugwerk Bernard Krone GmbH on 29.01.2015, was finalized on 08.04.2015, after all permissions were received.
Investor Relations Presentation - Q1 2016 | 11
DOAS Wholesales Performance - June 2016
06M2015 06M2016 Change
DOAS TOTAL 100,224 97,846 -2%
VW PV 54,553 47,910 -12%
VW LCV 14,343 15,946 11%
AUDI 9,219 9,572 4%
SKODA 11,543 13,847 20%
SEAT 8,298 8,953 8%
SCANIA 1,555 1,234 -21%
KRONE 142 2 -99%
PORSCHE 288 370 28%
MEILLER 268 7 -97%
BENTLEY 9 2 -78%
LAMBORGHINI 6 3 -50%
06M2015 06M2016 Change
DOAS TOTA
L
SKODA
VW LCV
SCANIA
MEILLE
R
VW PVSEA
T
PORSCHEAUDI
KRONE*
BENTL
EY
LAMBORGHIN
I
-2%
-12%
11%
4% 20% 8%-21% -99% 28% -97% -78% -50%
*The sales agreement of Krone Doğuş Treyler Sanayi ve Ticaret A.Ş., which was signed between Our company, Dogus Group representing 49% of its total capital, and Fahrzeugwerk Bernard Krone GmbH on 29.01.2015, was finalized on 08.04.2015, after all permissions were received.
Investor Relations Presentation - Q1 2016 | 12
Wholesale Market Monthly Sales
DOAS Monthly Sales
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
33,674
36,953
64,348 88,785 85,574
93,765 90,75096,172 96,479
84,313 93,342
90,85683,025
68,580 67,93656,425 63,963 63,088 63,494 59,563
71,401 71,98288,100
142,245
89,044134,289
49,45639,316
32,020
-5% 4%
8,935
15,541
15,760
15,811
20,141 20,827 20,323
18,103
19,486
18,24317,468
11,80513,943
11,87310,724
15,859 16,062
15,766
19,843
20,94822,051
19,262
14,573
13,71912,966 13,498
10,3787,826 9,088
-8% 3%
2014 2015 2016 Change ( 16/15)
2014 2015 2016 Change
6,911
( 16/15)
62,761
Investor Relations Presentation - Q1 2016 | 13
Market Review - Wholesale - 2015
MARKET DOAS
December 2014 December 2015 Change
Total Market PC Premium LCV HCV*
154,970
17,69423,191
33,411
2,014 3,291
22,002
168,326
129,765
205,028
32%
24% 44%
63%
30%
DOAS TotalPC Premium LCV HCV*
793,097
582,117
726,477
75,756
179,919
245,027
31,061 33,652
94,829
1,005,156
27%
25%
25%
36%
8%
*Excluding Krone and Meiller
December 2014 December 2015 Change
Investor Relations Presentation - Q1 2016 | 14
Market Review - Wholesale - June 2016
MARKET DOAS
Jun 2015 Jun 2016 Change
Total Market PC Premium LCV HCV*
99,814
9,52214,343 15,946
1,555 1,234
9,947
80,65783,916
97,837
-2%
4%11%
-21%
-4%
DOAS TotalPC Premium LCV HCV
463,470
336,876349,993
40,786
108,767 103,782
17,827 9,543
42,635
463,318
0%
4%
5%
-5%
-46 %
Jun 2015 Jun 2016 Change
*Excluding Krone and Meiller
Investor Relations Presentation - Q1 2016 | 15
Market Share - Retail - 2015
RETAIL MARKET 2013 YEAR END
2014 YEAR END
YTD DEC. 14
YTD DEC. 15
14/15 CHANGE
YTD DECEMBER 2014/2015 CHANGE
PASSENGER VEHICLE %DOAS 19.3 22.2 22.2 23.1 0.9 0.9RENAULT 18.9 20.1 20.1 19.2 -0.9 -0.9TOFAS 7.8 6.9 7.2 7.1 0.3 -0.1HYUNDAI 7.2 7.65 7.7 6.9 -0.7 -0.7TOYOTA 5.4 5.8 5.8 6.6 0.8 0.8FORD 8.8 6.4 6.4 6.5 0.2 0.2OPEL 8.4 6.7 6.7 6.5 -0.2 -0.2BMW 3.1 4.5 4.5 4.3 -0.2 -0.2OTHER 21.1 19.9 19.5 19.8 -0.1 0.3
LIGHT COMMERCIAL VEHICLE %FORD 26.4 27.5 27.5 29.5 2.0 2.0TOFAŞ 25.1 27.5 27.5 25.6 -1.9 -1.9DOAS 12.6 13.3 13.3 13.1 -0.3 -0.3RENAULT 10.1 8.5 8.5 9.6 1.1 1.1CITROEN 5.5 4.5 4.5 4.9 0.4 0.4PEUGEOT 5.8 3.9 3.9 4.8 0.9 0.9MERCEDES-BENZ 5.5 4.5 4.5 3.5 -1.0 -1.0MITSUBISHI 2.0 2.4 2.4 1.9 -0.6 -0.6OTHER 7.0 8.0 8.0 7.3 -0.7 -0.7
LIGHT VEHICLE %DOAS 17.8 20.1 20.1 20.6 0.5 0.5RENAULT 17.0 17.4 17.4 16.8 -0.6 -0.6FORD 12.7 11.3 11.3 12.3 0.9 0.9TOFAŞ 11.5 11.7 12.0 11.8 0.0 -0.2HYUNDAI 5.8 6.1 6.1 5.4 -0.7 -0.7TOYOTA 4.5 4.7 4.7 5.3 0.6 0.6OPEL 6.6 5.1 5.1 4.9 -0.3 -0.3MERCEDES-BENZ 3.6 4.1 4.1 4.0 0.0 0.0OTHER 20.5 19.6 19.3 19.2 -0.4 -0.2
RENAULT TOFASDOAS HYUNDAI TOYOTA
PV TOP 5 DECEMBER 15
FORD DOASTOFAS RENAULT CITROEN
LCV TOP 5 DECEMBER 15
LV TOP 5 DECEMBER 15
DOAS FORDRENAULT TOFAS HYUNDAI
23.1%
7.1%
19.2%
6.9% 6.6%
29.5%
13.1%
25.6%
9.6%4.9%
20.6%
12.3%
16.8%
11.8%
5.4%
Investor Relations Presentation - Q1 2016 | 16
Market Share - Retail - June 2016
RETAIL MARKET 2014 YEAR END
2015 YEAR END
YTD JUN 15
YTD JUN 16
15/16 CHANGE
YTD JUN 2015/2016 CHANGE
PASSENGER VEHICLE %DOAS 22.2 23.1 24.2 22.4 -0.7 -1.8RENAULT 20.1 19.2 18.0 20.9 1.7 2.9TOFAS 6.9 7.1 7.4 7.2 0.1 -0.2OPEL 6.7 6.5 6.2 7.1 0.6 0.9HYUNDAI 7.7 6.9 7.2 6.7 -0.2 -0.5FORD 6.4 6.5 7.0 6.3 -0.2 -0.7TOYOTA 5.8 6.6 6.8 5.8 -0.8 -1.0MERCEDES-BENZ 3.9 4.2 3.6 4.3 0.1 0.7OTHER 19.9 19.8 19.7 19.4 -0.5 -0.3
LIGHT COMMERCIAL VEHICLE %FORD 27.5 29.5 28.7 29.7 0.2 1.0TOFAŞ 27.5 25.6 25.3 23.3 -2.3 -2.0DOAS 13.3 13.1 13.3 15.5 2.5 2.3RENAULT 8.5 9.6 8.4 8.6 -1.0 0.2PEUGEOT 3.9 4.8 4.8 4.6 -0.2 -0.2MERCEDES-BENZ 4.5 3.5 3.6 3.9 0.5 0.3CITROEN 4.5 4.9 6.2 3.5 -1.4 -2.8MITSUBISHI 2.4 1.9 2.0 2.0 0.1 0.0OTHER 8.0 7.3 7.7 8.9 1.6 1.3
LIGHT VEHICLE %DOAS 20.1 20.6 21.6 20.8 0.3 -0.7RENAULT 17.4 16.8 15.7 18.1 1.3 2.4FORD 11.3 12.3 12.2 11.6 -0.6 -0.6TOFAŞ 12.0 11.8 11.7 10.9 -0.9 -0.8OPEL 5.1 4.9 4.7 5.5 0.6 0.8HYUNDAI 6.1 5.4 5.6 5.4 0.0 -0.3TOYOTA 4.7 5.3 5.4 4.9 -0.3 -0.5MERCEDES-BENZ 4.1 4.0 3.6 4.2 0.2 0.6OTHER 19.6 19.2 19.5 18.6 -0.5 -0.9
RENAULT TOFASDOAS OPEL HYUNDAI
PV TOP 5 JUNE 16
FORD DOASTOFAS RENAULT PEUGEOT
LCV TOP 5 JUNE 16
LV TOP 5 JUNE 16
DOAS FORDRENAULT TOFAS OPEL
22.4%
7.2%
20.9%
7.1% 6.7%
29.7%
15.5%
23.3%
8.6%4.6%
20.8%
11.6%
18.1%
10.9%
5.5%
Investor Relations Presentation - Q1 2016 | 17
Financial Performance
Investor Relations Presentation - Q1 2016 | 18
Consolidated Income Statement
(TL mn, CMB) 31 Mar 16 31 Mar 15 Change (%)
Revenue 2,252 2,175 4%Gross Profit 253 267 -5%Operational Expenses -163 -124 31%
Selling and Marketing Expenses -71 -57 29%General Administrative Expenses -86 -65 32%Warranty Expenses, net -19 -10 90%Other Operating Expenses, net 13 8 77%
EBITDA 105 155 -32%EBIT 90 144 -37%
Margins 31 Mar 16 31 Mar 15 Change (%)
Gross Margin 11.2% 12.3% -9%Opex/Sales 7.2% 5.7% 26%EBITDA Margin 4.7% 7.1% -35%EBIT Margin 4.0% 6.6% -39%Net Profit Margin 2.1% 6.1% -66%
Investor Relations Presentation - Q1 2016 | 19
(TL '000) 31 Mar 16 Vertical Analysis 31 Mar 15 Vertical
Analysis Change (%)
Revenue 2,252,445 2,175,042 4%Direct cost of revenue -1,999,670 -89% -1,907,684 -88% 5%Gross profit 252,775 11% 267,358 12% -5%Selling, marketing and distribution expenses -71,023 -3% -56,647 -3% 25%SG&A Expenses -86,143 -4% -65,423 -3% 32%Warranty expenses -18,722 -1% -9,872 0% 90%Other operating incomes/losses, net 13,308 1% 8,087 0% 65%Results from operating activities 90,195 4% 143,503 7% -37%Income from Investing Activities - 33,190 Income Loss from Associates 20,551 12,634 63%Financial incomes/costs, net -54,248 -28,273 92%Profit before income tax 56,498 3% 161,054 7% -65%Tax expense -9,286 -28,529 -67%Profit for the year 47,212 2% 132,525 6% -64%
Consolidated Income Statement
Selling, marketing and distribution expenses
• 8% Increase in Distribution Expense
• 58% Increase in Advertisement Expenses
Direct cost of revenue• Negative impacts on gross profit margin and
direct cost of revenue are as stated below: - Increased EUR/TLvolatilityin1Q16.(Due to
competition in the market, volatility in currency was not fully reflected in our sales prices)
- FOB prices increased in some PC models. - Due to the emission problem, Doğuş
Otomotiv had suspended sales of affected Jetta models in October 2015.
General Administration Expenses
• Increase in personnel expenses by 33%
Income/Loss from Associates 31 Mar 16 Cumulative 31 Mar 15 Cumulative
VDTF 8,917 3,799Doğuş Sigorta 299 1,227SKODA (Yüce Oto) 1,973 2,986VDF Servis Holding 2,867 3,180TÜVTURK Group 7,321 3,114Meiller-Doğuş -440 -243Krone-Doğuş 0 -1,567Doğuş Technology -386 138Grand Total 20,551 12,634
Investor Relations Presentation - Q1 2016 | 20
Financing Costs
(TL mn, CMB) 31 Mar 2016 31 Mar 2015 (% Change)
Financing Costs -54.25 -28.27 92%Finance expenses, net -54.25 -26.32 106%
Interest expense on borrowings -53.49 -25.37 111%Commission expenses on letters of guarantee -0.75 -0.70 6%Other financial expenses -0.01 -0.25 -96%
Foreign Exchange gain/loss, net* - -1.96 -100%
CMB: Capital Market Boards of Turkey
*arising from credit loans
Investor Relations Presentation - Q1 2016 | 21
Consolidated Balance Sheet
(TL ’000) 31 Mar 16 31 Dec 15
ASSETS 4,219,644 3,979,903 Cash and cash equivalents 44,551 71,870 Trade receivables 911,703 1,103,939 Inventories 1,527,397 1,214,122 Tangible and intangible non-current assets 697,233 684,891 Financial Investments 533,196 511,815 Investments in equity accounted investees 260,780 239,010 Other 244,784 154,256
LIABILITIES 3,088,142 2,617,020 Financial liabilities 1,924,736 1,941,124 Trade payables 711,813 509,411 Provisions 71,033 68,920 Other 380,560 97,565
EQUITY 1,131,502 1,362,883
Inventories: • Increase in goods in transit (vehicle)
• 31 March 2016: 1.527.397K TL• 31 December 2015: 1.214.122K TL
• Number of vehicles increased from 14.426 units to 21.605 units as of 31.03.2016.
Trade Payables:Trade payables of the company increased by 40% compared to 31.12.2015. The main reason for the rise is the increase in payables to OEM due to the increase in the amount of inventory in 1Q16.
Financial liabilities:Cost of debt for the short term loans increased by 2 basis points in 1Q16 compared to 1Q15.
Investments in Equity Accounted Investees 31 Mar 16 31 Dec 15
AssociatesVDF 94,198 85,281Doğuş Sigorta 34,227 32,709Yüce Auto (SKODA) 19,271 17,298VDF Servis 35,719 32,852Doğuş Teknoloji 4,137 4,523
Joint VenturesTÜVTURK North - South (Consolidated) 67,675 60,354
Meiller-Doğuş 5,553 5,993Total 260,780 239,010
Other 31 Mar 16 31 Dec 15
Dividend paid 300,000 0VAT payable 22,686 61,501 Income tax payable 4,755 3,166 Deferred income 19,102 13,604 Payables related to employee benefits 29,816 13,894
Deferred tax liabilities 476 2,625 Other 3,725 2,775
Other 31 Mar 16 31 Dec 15
Investment property 20,119 20,222Warranty claims and price difference receivables 46,093 28,072
Prepaid Expenses short-term 84,225 15,749Advances Given 12,863 3,449Receivables due to insurance claims 12,937 9,459Deferred tax assets 14,010 5,662Advances given for property and equipment purchases 24,641 28,090
Prepaid Expenses long-term 7,814 721Deferred tax 10,729 20,403Current income tax assets 0 15,984Other 11,353 6,445
Provisions 31 Mar 16 31 Dec 15
Warranty Provisions 36,799 35,617Legal Provisions 14,335 14,173Provision for unused vacation 5,198 5,193Long-term provisions related to employee benefits 14,701 13,937
Investor Relations Presentation - Q1 2016 | 22
Consolidated Balance Sheet
(Balance Sheet mn,TL) 31 Mar 16 31 Dec 15 (% Change)
Total Assets 4,220 3,980 6%Total Equity 1,132 1,363 -17%Net working capital 128 236 -46%Net cash position -1,930 -1,902 1%CAPEX 37 169 -78%Receivable Turnover (day) 37 37 0%Inventory Turnover (day) 70 45 54%Payable Turnover (day) 32 19 71%Net Debt/EBITDA 4.5 3.7 21%ROA 1.1% 7.6% -85%ROE 4.2% 22.2% -81%
Investor Relations Presentation - Q1 2016 | 23
Stock Price History
Shareholders Structure % Share Amount (TL)
DOĞUŞ HOLDİNG AŞ. 35.21% 77,461,218DOĞUŞ ARAŞTIRMA GEL. VE MÜŞ. HİZM.A.Ş. 30.29% 66,638,086OTHER DOĞUŞ GROUP COMPANIES 0.00% 696PUBLICLY TRADED 34.50% 75,900,000TOTAL 100.00% 220,000,000
BIST 100 Relative DOAS TL 20.00
18.00
16.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00Jun 06
Jun 07Jun 08
Jun 09Jun 10
Jun 11Jun 12
Jun 13Jun 14
Jun 15Dec 06
Dec 07
Dec 08
Dec 09
Dec 10
Dec 11
Dec 12
Dec 13
Dec 14
Dec 15
Jun 16
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
Investor Relations Presentation - Q1 2016 | 24
Disclaimer
Doğuş Otomotiv Servis ve Ticaret A.Ş. (the “DOAS”) has prepared this presentation documents (the “Document”) consisting of documents and appendixes thereto for the sole purposes of providing information and projections and statements relating to the DOAS (the “Information”). DOAS cannot guarantee the accuracy, adequacy, or completeness of such information, and cannot be responsible for the results. The Information is subject to change without any notice. Neither the Document nor the Information can construe any investment advise, or an offer to buy or sell DOAS shares. This Document and/or the Information cannot be copied, disclosed or distributed to any person other than the person to whom the Document and/or Information delivered or sent by DOAS or who required a copy of the same from the DOAS. Any and all information contained in this document are strictly confidential.