Investor Relations Presentation

Transcription

Investor Relations Presentation
DOAS Profile 2015
D-AUTO
Agenda
Doğuş Group
Doğuş Otomotiv
Macroeconomic Outlook
Automotive Market
Core Business Lines
Automotive Related
Ancillary Business
Corporate Governance
Social Media
Investor Relations Presentation - DOAS Profile - 2015 | 1
Doğuş Group Structure
Banking & Financial
Services
Automotive
Construction
Media
Tourism &
Services
Real Estate
Energy
Entertainment
New
Initiatives
Corporate Responsibility
Doğuş Otomotiv
Doğuş Otomotiv aims at having a productive and profitable
presence in every stage of the automotive value chain.
Doğuş Otomotiv / Value Chain 2015
Presence in Every Link of Automotive Value Chain
Automotive Related
Ancillary Business
Core Business
Import and
Distribution
Retail
Replacement Parts
and After Sales
Services
Used Vehicle Sales
Production
Finance
Other Investments
Spare Parts&Logistics
Quick Fix to all Brands
Automotive Financing
DOD
Yüce Auto
Meiller*
TÜVTÜRK
Used Vehicle Sales
Insurance
Doğuş Otomotiv
Independent Authorized
Dealers
Insurance
*Subsidiaries
**Representative Offices
Widest Retail & Services Network in Turkey
Widest retail and services network in Turkey with more than 520 customer points
(*) DOAS brands, including VW, Audi, Porsche, Scania, SEAT, Skoda,
Scania Marine as of April 2015
Audi
VW
Skoda
Scania
Porsche
SEAT
Meiller
Thermo King
Success Story of DOAS
Market Share
Car park more
than 1 mn units
After Doğuş Otomotiv became the sole importer and distributor of VW
brand vehicles in Turkey, VW brands’ market share increased from 0.5%
in 1993 to 20.1% in 2014.
•Porsche
distributorship
agreement
•Customs duties on
vehicles imported
from the EU
abolished
•Scania distributorship
agreement
•Volkswagen and
Audi distributorship
agreement
•Distributorship
agreement with
Volkswagen AG
Scania Industrial
and Marine
Engines
distributorship
agreement signed
SEAT distributorship
agreement and
partnership with Yüce
Auto
1999
2003
1997
1995
1993
1996
1994
Market Share
Market Share
0.5%
5.8%
•Initial Public Offering
of Doğuş Otomotiv
•Doğuş Otomotiv
Corporate
Responsibility
project: “traffic is life
2009
11.4%
•Krone distributorship
agreement
•Assembling Operations
•Merger of automotive
companies under Doğuş
Otomotiv
2000
2013
2011
2014
2012
2010
Market Share
Consumer finance JV
with Volkswagen Financial
Services AG
•Skoda distributorship
agreement and
partnership with Yüce
Auto
•Used car operations
established
20.1%
2008
2007
•Doğuş Otomotiv
15th anniversary
•Opening of
Porsche Lausanne
2006
2004
•Thermo King distributorship agreement
•Krone Doğuş Trailer Plant
groundbreaking ceremony
•Groundbreaking ceremony of Porsche
dealership in Lausanne
•Opening Meiller Doğuş Tipper Plant
•Establishing Porsche Lausanne D-Auto
Suisse SA
•TÜVTÜRK established by the cooperation of
AKFEN and TÜV SÜD
•Porsche dealership contract in Lausanne
•Doğuş Otomotiv acquired
•Lamborghini
distributorship agreement
100% of SEAT
•Opening of OtoMotion
•Bentley letter of intent
•Oto-Fix Ekspres Service established
•Volkswagen Marine
•Meiller distributorship and coproduction
Engines agreement
agreement
•Production agreement
•Krone - Doğuş coproduction agreement
with Krone
•Bugatti letter of intent
•LeasePlan partnership for fleet services
•Global Compact
Agreement
•Publishing
Sustainability
Report
Corporate
Governance
Rating
(8.63 Point)
•Corporate
Governance Rating
(9.05 Point)
•VW and Audi
distribution
agreement for Iraq
•VDF acquires Scania
Finance which
performs services in
heavy commercial
vehicle sector.
•Corporate Governance
Rating (9.25 Point)
•Maintain leadership
position in the total
automotive market.
Corporate
Governance
Rating
(7.80 Point)
Key Strengths of DOAS
Leader in import market in Turkey with 20.1% m/s among c.35 pure importers.
One-stop shopping concept showroom, after sales services, consumer financing,
insurance
Widespread network and customer base, widest network with c. 520 customer points
widest network
> 520 customer points
Advanced financial risk management systems daily monitoring of the FX position
Well-positioned multi-brand products 13 different brands
youngest fleet
Youngest fleet in the market with new launches every year, has more than 85 models
> 85
Profit oriented growth strategy profitability always kept without losing market share
Creating its own brands DOD, oto fix, DOD City, DOD Prime
Well-equipped IT infrastructure
Customer focus, close relations with customers result in high loyalty to the brands
models
multi-brand products
13
different brands
DOAS’ Position in the Market - 2014 FY
PV
VW PV sales are ranked as 2nd in passenger vehicles market.
(Ranked as 1st regarding total sales of both PV and LCV
sales)
2014 PV sales of VW is 84,646.
2014 market share of VW is realized as 14.4%.
When compared with 2013 figures, in 2014 VW increased
its market share as 8%.
LCV
VW LCV has market share of 13.3% in 2014 (highest market share ever).
VW LCV sold 24,001 units in 2014.
VW LCV sales are ranked 3rd in the light commercial vehicles market.
VW LCV is the sales leader in import market. (29.2%, highest market share ever).
Caddy is the leader in its segment. (18.3%, the highest market share ever).
Transporter is the best selling vehicle in its segment for 5 years.
Crafter has reached 4,069 unit sales and 7.2% market share (highest sale and market share since 2007)
HCV
Golf, The Beetle, Passat and Passat Variant retained 1st
position in their segments.
SEAT sold 12,697 units in 2014 (highest sales ever)
SEAT increased its sales by 15%, in a shrinking market
(12%) in 2014
Skoda sold 14,537 vehicles in 2014 with an increase of 13.3%
compared to 2013. (Highest sales result in last 20 years.)
Scania has reached 2,014 unit sales in 2014.
Krone* has reached 716 units Doğuş Otomotiv-Krone sales and 100 units Krone-Doğuş Treyler sales in 2014, making up a total
of 816 units.
Meiller has reached 309 units sales volume in 2014 and honoured with “Diesel Medal” award which is Europe’s oldest Award for
innovation in Germany
Thermo King sold 614 units in 2014 and was awarded with ‘’Platinum Sales and Service Provider’’ by OEM four consecutive
years in a row.
*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.
Luxury
Segment
Bentley sold 21 units in 2014
Lamborghini sold 2 units in 2014
Porsche sold 588 units in 2014, which is the highest ever sales volume, leading to 13.7% increase compared to 2013.
Audi sold 17,809 vehicles in 2014, highest sales ever, leading to 18.8% increase compared to 2013.
Audi market share in passenger vehicles has passed 3% for the first time in history.
Financial Performance
Sales Revenue (mn TRY)
Gross Profit (mn TRY)
EBITDA (mn TRY)
7,693
873
6,603
4,808
713
750
337
2012
2013
365
260
597
5,132
331
222
485
3,428
2010
2011
2012
2013
2014
Net Profit (mn TRY)
2010
2011
2012
2013
2014
CapEx (mn TRY)
259
2010
2014
Total Assets (mn TRY)
2,827
133
253
225
115
108
2,223
93
150
2011
2,464
1,905
142
1,499
29
2010
2011
2012
2013
2014
2010
2011
2012
2013
2014
2010
2011
2012
2013
2014
Margins
Gross Profit Margin (%)
14.1%
OpEx/Sales (%)
13.9%
12.4%
12% Target
11.4%
8.3%
7.4%
EBITDA Margin (%)
Consolidated
8% max
7.9%
6.7%
11.3%
6.5%
7.1%
6.4%
5.4%
5.1%
Solo
5% max
2010
2011
2012
2013
2014
Net Profit Margin (%)
2010
2011
2012
2013
Net Financial Debt/EBITDA
2010
2011
2012
2.80
3.4%
0.84
2011
1.68
1.44
2012
2013
2014
0.62
2.09
3.3%
2010
2011
2014
0.73
2.40
3.0%
2013
Net Financial Debt/Total Equity
5.0%
4.4%
2010
2014
4.7%
2012
0.47
0.44
2013
2014
2010
2011
2012
2013
2014
2015 New Launches
NEW
Passat Blue Motion
Transporter
Caravelle
Caddy
SPECIAL MODEL
CC Exclusive
Polo Lounge
Tiguan Lounge
NEW
Q7
A4 / A4 Avant
TT Roadster
FACE LIFT
A1 Sportback PI
Q3 PI
NEW
Carrera GTS
Cayman GT4
911 GT3 RS
Boxster Spyder
NEW
Mulsanne Speed
FACE LIFT
Ibiza
Alhambra
NEW
Fabia
Fabia Combi
Superb
NEW in TR P400 8X4 Tipper P400 8X4 Mixer P400 8X4 Light Mixer
FACE LIFT
Cayenne Turbo S
Cayenne GTS
Doğuş Otomotiv Strategy 2018
Fan
Customer
Top
Employer
Optimum
Profit
225,000+
Sales target
Confident Steps Towards 2018
Top Employer
Fan customer
•Employer Brand research
studies completed in
2014 approx. 9,000
participants.
•“Innovative service
beyond expectations.”
•DIM: Inhouse call center
•DRIVE: Network wide
human resource process
management
225,000+ Sales target
153,965
112,225
154,970
115,399
Top
Employer
Optimum
Profit
225,000+
Sales target
Optimum profit
•Efesan Port
•80 Lean Project
• TL 1 mn Savings
• TL 3.5 mn Savings including
Authorized Dealer Network
88,220
2010
Fan
Customer
2011
2012
2013
2014
excl. Krone and Meiller
Macroeconomic Outlook
Macroeconomic Indicators
YoY Inflation (%)
Annual CPI
Annual PPI
20.00
Nominal Exchange Rates
US$/TRY
EUR/TRY
Basket (0.5US$+0.5EUR)
3.10
13.67%
15.00
2.58
2.50
11.14%
10.00
2.83
2.80
8.17%
2.33
2.20
1.90
6.36%
5.00
1.60
1.30
0.00
Auto Loan Rates (%)
TRY
EURO
US$
Consumer Confidence Index
12-14
08-14
12-13
04-14
08-13
12-12
04-13
08-12
04-12
08-11
12-11
04-11
08-10
Consumer Confidence Index
12-10
04-10
12-09
08-09
04-09
12-08
08-08
04-08
11-08
01-09
04-09
07-09
10-09
01-10
04-10
07-10
10-10
01-11
04-11
07-11
10-11
01-12
04-12
07-12
10-12
01-13
04-13
07-13
10-13
01-14
04-14
07-14
10-14
12-14
Retail Sales Total LV
2.68%
2.70
2.13%
2.20
1.70
1.09%
1.20
1.09%
0.70
0.73%
12-14
06-14
12-13
12-12
06-13
12-11
06-12
12-10
06-11
12-09
06-10
12-08
06-09
12-07
06-08
12-06
06-07
12-05
06-06
06-05
12-04
12-03
06-04
0.20
160,000
105.0
100.0
95.0
90.0
85.0
80.0
75.0
70.0
65.0
60.0
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
03-08
06-08
09-08
12-08
03-09
06-09
09-09
12-09
03-10
06-10
09-10
12-10
03-11
06-11
09-11
12-11
03-12
06-12
09-12
12-12
03-13
06-13
09-13
12-13
03-14
06-14
09-14
12-14
-5.00
1.00
Population & Demography
Population Statistics (’000)
Young population and fiscal reforms
push the country towards stable and
sustainable growth.
Age Demography
87,349
12%
Above
60
15%
84,247
31%
35-59
Population is increasing on an average
1.5% each year.
34%
80,551
33%
77,696
24%
2018
2023
2028
Economy
0-14
21%
2014
Share of people in the age group between
35 to 59 will increase by 3%.
2023
Auto Industry Trade Balance (US$ bn)
Trade Deficit
GDP YoY Growth
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
-8.0
140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
25.00
GDP YoY Change (%)
Real GDP
GDP - (Billion Turkish Lira)
64% of population will be between the
age group 15 to 59 years.
30%
20.00
15.00
10.00
5.00
0.00
Export
Import
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
-1.00
-2.00
-3.00
12/02
06/03
12/03
06/04
12/04
06/05
12/05
06/06
12/06
06/07
12/07
06/08
12/08
06/09
12/09
06/10
12/10
06/11
12/11
06/12
12/12
06/13
12/13
06/14
12/14
2014
15-34
Note: All figures are rounded; the base years is 2009. Source: IMF, TurkStat, Frost Sullivan
Automotive Market
Volkswagen Group Global
Development world car market vs. Volkswagen Group Passenger Car Deliveries(1)
(Growth y-o-y in deliveries to customers, January to December 2014 vs. 2013)
VW Group Deliveries to Customers
(thousand) 2005-2014
World Car Market: 4.5% VW Group: 4.9%
Car Market
VW Group
North
America
Western
Europe
Central &
Eastern Europe
South
America
Rest of the
World
9,345
Asia Pacific
10,137
8,361
7,278
11.2%
5,193
5,720
6,192 6,272 6,310
7.6%
6.5%
6.0%
9,728
4.9%
2.2%
1.3%
0.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
-2.0%
-6.7%
-11.6%
Source:Volkswagen Group: Financial sustainability on
core strengths Presentation Jan, 2015.
-17.0%
(1) Figures excl. Volkswagen Commercial
Vehicles, Scania and MAN. The Saveiro model,
previously Volkswagen Commercial Vehicles,
is reported in the Volkswagen Passenger Cars
brand retrospectively as of January 01, 2013.
Source: VW Group 2014 Annual Report.
Global Auto Market Growth Expectation 2018
North America
(mn units)
17.2
18.4
Western Europe
Central & Eastern Europe
(mn units)
(mn units)
20.3
19.5
12.8
15.3
11.7
2012
2013
2014
2015
2016
2017
4.5
3.7
11.5
Change 4%
2011
14.9
13.6
3.9
3.8
Change 9%
2018
2011
2012
2013
2014
2015
2016
2017
Change 17%
2018
2011
2012
2013
Asia Pacific
South America
Rest of the World
(mn units)
(mn units)
(mn units)
33
25.7
28
3.8
5.6
5.4
6.0
5.8
5.3
26
17.8
2014
2015
2016
2017
19.5
17.8
15.9
2018
15.3
21
Change 27%
2011
2012
2013
2014
2015
2016
2017
Change 10%
2018
2011
2012
2013
2014
2015
2016
2017
Change 10%
2018
2011
2012
2013
2014
2015
2016
2017
2018
Source:Volkswagen Group: Financial sustainability on core strengths Presentation Jan, 2015.
Volkswagen Group - Well on track to achieve targets under Strategy 2018
Volkswagen Group Customer Satisfaction
Group profit before tax margin
(on a scale 1 to 101)
(%)
8.7
11.9
13.2
8.4
8.2
Leading in
customer
satisfaction and
quality
2007
2010
2013
6.0
6.3
7.83
2007
2008
2009
2010
2011
“I am happy to work at the Volkswagen Group”
Group deliveries to customer
(Employee opinion survey)
(mn units)
90%
6.93
1.2
Volkswagen Group
profit before tax
margin > 8%
Top
employer
7.1
5.8
2012
2013
9.7
Volumes > 10
million units p.a.2
84%
7.2
6.2
2007/08
2013
2007
2010
2013
1
Own calculation based on key industry studies on customer satisfaction with dealers, after sales and new vehicles.2 Including China. 3 Group profit before tax margin excluding the nonrecurring effect from the remeasurement of the Porsche put/call options from remeasurement at the contribution date of the shares already held.
Source: Volkswagen Group: Financial sustainability on core strengths Presentation Jan, 2015.
Volkswagen Group Future Tracks - Paving the way to the future
Strategy for the beyond 2018
Profitability
E-mobility
Connectivity
Business
models
Product
cycles
Automated
driving
Top
employer
Volkswagen Group
profit before tax
margin > 8%
Cost
Future
trends
Economic
uncertainty
Leading in
customer
satisfaction and
quality
Revenues
Trade
barriers
Currencies
Economic
development
Regulations
Volkswagen Group 2018 Strategy
Volumes > 10
million units p.a.
Source: Volkswagen Group: Financial sustainability on core strengths Presentation Jan, 2015.
Turkish Light Vehicle Wholesale Performance - Market vs. DOAS
LV Wholesale Market (thousand)
DOAS LV Wholesale (thousand)
DOAS Market Share
900
871
779
761
734
25%
852
762
20.1% 20%
619
592
600
17.9%
553
15.9%
496
11.5%
12.1%
12.6%
11.3%
11.6%
10%
10.6%
300
9.0%
85
0
15%
2005
75
2006
69
2007
53
2008
50
2009
86
2010
109
2011
124
2012
152
2013
153
2014
5%
0%
DOAS Wholesales Performance
WHOLESALES (unit)
2014
2013
Change
2012
2011
2010
VW
VW PV
VW LCV
AUDI
PORSCHE
BENTLEY
LAMBORGHINI
SEAT
SKODA
PC TOTAL
LCV TOTAL
LV TOTAL
SCANIA
KRONE
MEILLER
GRAND TOTAL
MARKET SIZE*
PV
LCV
HCV
TOTAL
DOAS Market Share
PV
LCV
HCV
TOTAL
108,325
85,134
23,191
17,070
601
21
2
12,540
14,397
129,765
23,191
152,956
2,014
716
309
155,995
112,958
88,890
24,068
15,025
542
21
4
11,334
12,362
128,178
24,068
152,246
1,672
752
386
155,056
-4%
-4%
-4%
14%
11%
0%
-50%
11%
16%
1%
-4%
0%
20%
-5%
-20%
1%
92,900
66,993
25,907
14,514
510
18
3
5,730
10,404
98,172
25,907
124,079
1,701
474
382
126,636
82,989
55,764
27,225
12,121
466
11
6
6,115
7,571
82,054
27,225
109,279
2,929
817
572
113,597
63,871
39,974
23,897
9,753
390
14
4
5,149
6,518
61,802
23,897
85,699
2,500
556
445
89,200
582,117
179,919
31,061
793,097
663,728
187,840
28,111
879,679
-12%
-4%
10%
-10%
556,584
222,434
30,525
809,543
598,706
271,812
37,276
907,794
520,653
253,685
25,542
799,880
22.3%
12.9%
6.5%
19.7%
19.3%
12.8%
5.9%
17.6%
17.6%
11.6%
5.6%
15.6%
13.7%
10.0%
7.9%
12.5%
11.9%
9.4%
9.8%
11.2%
(*) Source: Automotive Distributors Association
Turkish Automotive Industry
Production vs Sales
Sales
GDP vs Auto Sales
Production
1,200
150%
1,000
100%
800
Change in GDP (right axis)
0%
400
-50%
200
PC
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-100%
Auto Industry Segmentation
Auto Engine Segmentation
LCV
PC
100%
Total Number of Road
Motor Vehicles:
18.8 mn units
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
50%
600
0
Breakdown of Vehicles
Change in Auto Sales (left axis)
Car 52%
Small truck 16%
Motorcycle 15%
Tractor 9%
Truck 4%
Minibus 2%
Bus 1%
Source: General Directorate of Public Security
Vehicle Ownership
LCV
Total Car Parc / 100 Household
Parc Density / 1000 Inhabitants
94%
73%
435
62%
51%
47%
46%
38%
161
5%
2%
Import
Diesel
586
573
525
A/T
below 1600 cc
11%
between 1600 cc
- 2000 cc
88
220
114
136
131
1%
above - 2000 cc
Turkey
Bulgaria
UK
Germany
Greece
Turkish Automotive Industry
Oil Prices in Turkey (TRY) (2005-2014)
Oil Prices (TRY) (31.12.14)
6
4.41
4.35
5
4.05
3.69
3.25
4
3
2
SCT Rates in Turkey (%)
<1600 cc
1600-2000 cc
>2000 cc
(Passenger Cars)
54
37
18
11-04
27
84
60
60
27
37
130
80
80
Bulgaria
UK
Germany
Greece
Average Vehicle Age in Turkey (2014)
23
90
13
37
40
09-12
60
84
130
01-11
80
10-09
30
84
06-09
46
52
01-03
0
50
08-02
50
75
03-09
100
Turkey
145
150
12
14
12
45
01-14
0
01.01.05
01.05.05
01.09.05
01.01.06
01.05.06
01.09.06
01.01.07
01.05.07
01.09.07
01.01.08
01.05.08
01.09.08
01.01.09
01.05.09
01.09.09
01.01.10
01.05.10
01.09.10
01.01.11
01.05.11
01.09.11
01.01.12
01.05.12
01.09.12
01.01.13
01.05.13
01.09.13
01.01.14
01.05.14
01.09.14
01.01.15
1
12
9
Motor
Vehicles
PC&Minibus
Bus
Small Truck
Truck
Motorcycle
Tractor
Main Stipulating Factors to Automotive Demand
Stable Political Environment
Developing Economy (Stable Interest Rates&FX Prices)
Increasing Growth and GDP per Capita
Increasing Number of Credit Facilities
Trust in Public Institutions
Accelerating Urbanization
Demographic Structure and Young Population
Rising Life Standards
Positive Sentiments for Future
Automotive ownership becomes necessity
Low vehicle density
Stable Tax Regime and Low Oil Prices
Low Cost of Ownership
Right/True Brand
Positioning
in Market and
Demand
Core Business Lines
Import and Distribution
Volkswagen passenger cars retained its consistent growth trend and
success by increasing its market share to 14.4% with 84,646 sales. These
results positioned the Volkswagen passenger cars in the second rank of the
passenger car market. Volkswagen passenger cars has been chosen as
“Lovemark” brand of 2014 once again this year by the independent
Research company “Ipsos”.
Scania sold a total of 2,014 units of heavy commercial vehicles -16 tons and
over- in 2014. With is innovative product range that offers high technology
to road transport. Scania has left another successful year behind.
Audi increased its sales to 17,809 units in 2014 with growing model range
and expanding dealer network. Thus, vehicle park has increased by 19%,
leading to a 18.4% increase in and after sales turnover. Through Audi’s
“customer delight” motto, customer loyalty is 77.4%, still a benchmark
level in Europe.
One of the leading semi-trailer brands of Europe, Krone sold 716 units of
Doğuş Otomotiv Krone sales and 100 units of Krone-Doğuş Treyler in 2014.
Krone sales ranked 3rd in the heavy commercial market.
*
*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.
SEAT brand achieved to increase its sales by 15%, with its technologically
progressive model range.
Meiller kept its market share in 2014 compared to previous year. Meiller
sold the highest number of fleet units to a single customer in 2014 (100
units).
Doğuş Otomotiv broadest brand range and service network in the Turkish
automotive industry, and Bentley and Lamborghini, its top luxury brands,
offer “creative service beyond expectations in line with the company’s
vision.”
Scania Engines broke its sales record in 2014 with 235 units and maintain
its success in the market.
Porsche Turkey has increased its sales by 14% in 2014 as a result of
stronger Authorized Dealer network and Service organization, growing
choice of models, increasing customer satisfaction, and its marketing
activities.
In 2014, Thermo King has reached 614 units while maintaining its market
leadership. Thermoking increased its product range with new products. The
number of authorized dealers and services points increased from 12 to 15
in 2014.
In 2014, VW Commercial Vehicles has managed to maintain its steady
growth and increased 1% its sales despite 4.4% shrinkage in the Turkish
light commercial vehicle market. Volkswagen Commercial Vehicles has
become market leader in the imported commercial vehicle sales while
maintaining its third place in the overall market.
Despite the declining market conditions in 2014, Skoda increased sales
performance by 13.3% and delivered 14,537 units. Skoda has maintained
its growth in Turkey since 2009. 6 dealers have completed their facilities’
transition to the new Corporate Identity and Design structure.
Retail > DOĞUŞ OTO
Doğuş Oto represents seven brands (VW
Passenger Cars, VW Commercial Cars,
Audi, Porsche, SEAT, Skoda, and DOD), for
which it sells new and second-hand vehicles,
spare parts, and accessories at a total of 32
Authorized Dealers and 30 service points in
Istanbul, Ankara, and Bursa; it also offers its
customers insurance, financing, and aftersales support services.
Doğuş Oto operates on a total area of 200,000
square meters with 1,589 employees.
Doğuş Oto sold 46,868 new vehicles, marking
a new record. Its share in the retail sales of
Doğus Otomotiv was 33.4% in 2014.
In 2014, the total number of customers served
rose to 216,613.
Doğuş Oto has always striven for excellence
in customer satisfaction and ranked second
place in the Audi Twincup competition in
Turkey.
represents
7 brands
one-stop shopping
concept
operating on
200,000 sqm
total area
Share of
33.4%
DOAS sales in 2014
Retail > D-AUTO SUISSE SA
Porsche Sales in Lausanne
In 2007, Porsche AG granted Doğuş Otomotiv
the marketing, sales and after-sales retail
operations of the Porsche brand in Lausanne,
Switzerland.
Switzerland’s third largest Porsche outlet.
2014
275
deliveries
Total investment is CHF 23.6 mn.
A subsidiary of Doğuş Otomotiv, D-Auto
Suisse SA is located in Lausanne, Switzerland,
where its service area of 5,000 square
meters and its 37 employees offer Turkish
hospitality and the company’s experience to its
customers since September 2009.
total investment
CHF 23.6 million
Auto Industry Segmentation
Porche AG Schweiz
DASSA
DASSA MS (%)
2,871
Switzerland’s
3rd largest
9.9%
1,530
2,111
1,955
1,801
9.6%
9.4%
8.8%
Porsche outlet
152
2010
159
2011
8.7%
184
2012
183
2013
275
2014
Retail > D-AUTO LLC
Expansion into new geographies
A company has been founded in July 2013
in Erbil under the name of D’Auto Limited
Liability Company (100% shares of D-Auto is
owned by Doğuş Otomotiv Servis ve Ticaret
A.Ş.) for the sole and exclusive importation,
distribution, sales and after-sales services
of VW and Audi passenger vehicles in Iraq
(initial capital was 150 mn Iraq Dinar (US$
125,000)). A place has been rented for 20
years.
D-Auto LLC started high quality and customer
oriented sales and after sales services on a
total area of 7,500 square meters with 27
employees in July 2014.
D-Auto LLC sold 31 vehicles and gave service
to 1,710 vehicles in July-December 2014
period.
Once the political and economic situation is
stabilized in the region, the planned project
investment and dealer network structuring will
be resumed.
Initial capital
150 mn IQD
investment
Sales&After Sales Services on
7,500 m2
area
sales & service units
31 & 1,710
Jul-Dec 2014
Retail > Skoda
New Corporate Identity and Standards
Yüce Auto started the distributorship of Skoda
brand vehicles in 1989.
In 1998 50% partnership with Doğuş
Otomotiv started.
With current product portfolio including
Superb, Octavia, Rapid, Rapid Spaceback, Yeti
and Fabia, Skoda brand is covering in 85% of
total passenger car market.
Skoda is represented with 37 Dealers and 39
Service points. Current car park is exceeding
150,000 vehicles.
2014 Sales
14,537 units
2014 Market Share
2.5%
Skoda is aiming to complete the
refurbishment of the whole Dealer Network
according to the new Corporate Identity and
Standards.
Sales Growth
327%
2009-2014
Replacement Parts and After Sales Services > Parts & Logistics
Parts and Logistics employs state-of-the
art technology combined with the best
modern practices of synergism, creating
an unmatched service for the global brands
represented by Doğuş Otomotiv.
Parts and Logistics has undertaken a new leap
regarding its facilities by doubling its installed
capacity in 2013 in order to improve quality of
its service and to ensure sustainability of the
business volume for the next decade. Spare
parts stock warehousing and distribution is
gathered speed and error rate is minimized
by automation system which was created in
2014.
Parts and Logistics has implemented a new
“shipment from the dock” project as part of
its pioneering vision in vehicle logistics and
has started importing and stocking to the port,
carrying out vehicle distribution from the port
to the dealers with multiple transportation
companies, which has resulted in significant
improvements in client delivery times.
Spare parts availability has reached a 99%
level. Almost 60% common part usage brings
synergy in spare parts and logistics.
99%
availability
in Spare Parts
installed capacity
doubled
in 2013
shipment from the dock
new
project
Used Vehicle Sales > DOD
Used vehicles market is a non regulated
market in Turkey.
Used vehicle sales are expected to grow
exponentially in the coming years due to a
more organized structure related to consumer
awareness and much more advantageous
taxing options compared to new vehicles.
DOD is the largest corporate retailer of the
used car business.
DOD provides services in Turkey with 62
customer points.
21,120 units sold in 2014 (20,206 units sold
in 2013).
sales - 2014
21,120 vehicles
used car business
no. 1
corporate retailer
DOD SALES PERFORMANCE
20,206
21,120
17,000
15,559
13,024 13,125
servicing through
62
customer points in Turkey
12,550
10,746
7,760
4,881
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Automotive Related
Ancillary Business
Production > Krone
Trailer Production with Krone
In 2003, Doğuş Otomotiv has become the
main exclusive importer and distributor of
Krone trailers in Turkey.
Doğuş Otomotiv and Krone reached an
agreement in 2007 and formed a JV company
to produce trailers in Turkey. The established
JV company is owned by Doğuş Holding
(1%), Doğuş Otomotiv (48%) and Krone
(51%).
An investment of EUR 35 mn was made for
the Krone Doğuş Treyler factory, established
in Izmir Tire, which currently constitutes the
most up-to-date plant of the brand. Beginning
production in 2012, the plant was officially
opened in 2013.
Curtainsider, Container Carrying System and
Plateau models are manufactured in the plant.
Krone sold 716 units of Doğuş Otomotiv
Krone and 100 units of Krone Doğuş Treyler
in 2014, making up a total of 816 units, 9.2%
market share.
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.
Total CapEx
35 mn
EUR
Plant’s capacity
10,000
units
9.2%
Market Share
Production > Meiller
Tipper Production with Meiller
Doğuş Otomotiv has become the main
exclusive importer and distributor of Meiller
brand in Turkey in February 2007.
As per the Letter of Intent (LoI) signed in
October 2007, Doğuş Otomotiv and Meiller
formed a joint venture (JV) company.
The JV is manufacturing Meiller brand tippers
and semi-trailer tippers in Turkey.
In the newly established JV company
Doğuş Otomotiv holds 49% stake, while the
remaining 51% is owned by Meiller.
capacity
3,000
units/year
309 units
sold in 2014
Considerable amount of production is
being exported to the neighboring and gulf
countries.
Meiller sold 309 units in 2014. (2013: 386 units)
investment
EUR 10 mn for the plant
Finance > VDF
VDF acquires Scania Finance
The JV company established on 20 December
1999 to provide financing for Doğuş Otomotiv
Group Brands’ customers. The established JV
company is owned by Doğuş Holding (1%),
Doğuş Otomotiv (48%) and Volkswagen
Financial Services AG (51%).
Offering products and services nationwide,
VDF ensures ease of mind for its customers by
providing Vehicle and Service Credits from a
single point: the authorized dealer.
The entire loan transaction is finalized by the
VDF representative located at authorized dealers.
To get quick response, loan applications are
transferred to VDF through internet. VDF offers
other advantages in addition to single-point
loan services such as quick results, competitive
interest rates, and minimum formalities.
The takeover of Scania’s financial service
operations by VDF marks an important step in
expanding product range of VDF. As of December
2014, Volkswagen Doğuş Finans started to finance
Scania heavy vehicles with Scania Finance merger.
In 2014, New Credit Contracts realized as 58,338
units with a total amount of TRY 2,870 mn
increasing the total portfolio to 121,905 units.
new contracts
2010: 27,166 units (36% yoy increase)
2014: 58,338 units (3% yoy decrease)*
credits given
2010: TRY 824 mn (41% yoy increase)
2011: TRY 1,500 mn (82% yoy increase)
2014: TRY 2,870 mn (13% yoy increase)*
portfolio
2014: 121,905 units (9% yoy increase)*
* Incl. Scania Finance
Finance > VDF INSURANCE
VDF Insurance, as an agent for 11 insurance
companies, provides services & products to
its customers such as motor insurance, traffic
insurance, credit protection insurance and
extended warranty.
VDF Insurance works with the Authorized
Dealers of VW group brand and increased its
branches to 44 in 2014. VDF Insurance aims
to reach a total of 50 branches by the end of
2015.
VDF Insurance increased the number of its
contracts by 25% in 2014, reaching a total of
256,554.
number of policies
256,554
tripled
in 3 years
205,941
2015 target
50
Finance > VDF FACTORING
136,043
104,664
70,255
2010
branches
Active since May 2010, VDF Factoring
Services offers factoring and financing
services to 117 Authorized Dealers of Doğuş
Otomotiv. In 2014, VDF Factoring reached
a transaction volume of TRY 6.7 billion
and a total asset value of TRY 175 million.
Committed to the principle of continuous and
stable growth, VDF Factoring aims to increase
its business volume further in 2015.
Number of Insurance Contracts
2011
2012
Extended Warranty
41%
37% 38%
25%
29%
13%
10%
14% 16%
11%
2010 2011 2012 2013 2014
Development of Assignments
DOAS
Yüce
TRY 6.7 bn
in 2014
2014
Insurance Penetration
Motor Insurance
2010 2011 2012 2013 2014
transaction volume
2013
44
3,139
2011
390
5,213
693
5,979
4,139
2012
2013
2014
Finance > LeasePlan
Began to perform in the market with a
51% LeasePlan and 49% Doğuş Otomotiv
shareholding structure in 2007
The world leader in operational leasing,
LeasePlan manages 1.4 million vehicles
worldwide with 6,500 employees in 5 continents
and 32 countries.
Serving operational leasing solutions based on
its international experience and local knowledge,
LeasePlan Turkey approaches customer needs
in integrity, with proactive engagement and
expertise in a trustworthy manner.
As of the end of 2014, LeasePlan Turkey
has increased the number of its vehicles in
its portfolio to 14,315, growing by 37% and
offering services to 1,572 respective customers.
LeasePlan’s portfolio is primarily composed of
brands like Volkswagen, Renault, Ford, Fiat and
Audi, all of which have prominent shares in the
fleet market. LeasePlan Turkey sold 4,152 used
cars in 2014.
LeasePlan Turkey customer satisfaction TRI*M
score is measured 80 while 90 percent of the
customers recommend LeasePlan products and
services.
Doğuş Otomotiv has signed a sales agreement
to sell 49% of its total shares of LPD Holding
A.Ş. to Leaseplan Corporation N.V. and
necessary legal permissions were completed on
Feb 16, 2015.
the world leader
1.4 mn vehicles worldwide
as of the end of 2014
14,315 # of its vehicles in its
portfolio
LeasePlan Turkey
80 TRI*M score
customer satisfaction
Other Investments > TÜVTÜRK
TÜVTÜRK – a cash cow business of DOAS, Bridgepoint
and TÜV SÜD
TÜVTÜRK consortium was granted by Turkish
Privatization Administration the right to build &
operate MVISs in Turkey for 20 years in exchange of
US$ 552 mn.
189 fixed and 73 mobile inspection stations are fully
operational as of end-1Q09, with an investment of
US$ 300 mn.
Operation fees were collected from the suboperators
in exchange for the prepared stations for operations.
The BAs will share their revenues with the
government: 1st-3rd years: 30%; 4-10th years:
40% and 11-20th years: 50%
...and with TÜVTÜRK consortium: 1st-10th years
7% and 11-20th years: 20%
The MVIS business is expected to generate US$ 15
bn revenues in 20 years with US$ 2.5 bn EBITDA.
At the end of 7th year, nearly 62 million vehicles
have been inspected and enabled over 10 million
unsafe cars to return safely back into traffic once
again.
TÜVTÜRK has opened the TÜVTÜRK Academy
in order to further increase its service quality and
to train its personnel in areas such as inspection
quality, service standards, customer satisfaction,
effective customer experience, and flawless
operation. The TÜVTÜRK Academy will offer 700
days of training to 1,600 people annually.
rights to build & operate
20 years
in exchange of US$ 552 mn
expected revenues
US$ 15 bn
in 20 years
expected ebitda
US$ 2.5 bn
in 20 years
Other Investments > Doğuş Teknoloji
Growing with new investments
Doğuş Teknoloji creates a wide scope of
software products and services that answer
to actual demands and that reflect strong
technological and operational experience and
sectoral expertise.
Established in September 2011, Doğuş
Teknoloji is owned 54% by Doğuş Holding and
46% by Doğuş Otomotiv.
A new building is establihed on neighboring
premises of Doğuş Otomotiv headquarters.
The main areas of Doğuş Teknoloji’s
expertise include designing software and
information systems that responds to analysis
of business requirements (i.e. business
process automation, reporting, security,
etc.), development, installation, updating,
maintenance, error fixing and integration
of projects into these systems, maintaining
security, monitoring performance and
reporting abnormalities, consultancy services,
and managing all of all these processes.
Affiliate
46%
Doğuş Otomotiv
Established
2011
ISO & ITIL
Certified
Corporate Governance
DOAS: First GRI reporter in automotive sector in Turkey
Corporate Responsibility (CR) at Doğuş Otomotiv
Economic Impact
Value Chain
Multiple Brand Management
Supply Chain
Business Continuity
Quality & Process Management
Lean Applications
Risk Management
Information Technologies
Sales & After Sales Services
Authorized Sales & After Sales
Environmental Impact
Climate Change
Environmentally Friendly
Technologies & Products
Energy Efficiency
Water Consumption
Waste & Scrap Management
Approach to
Sustainability
Social Impact
Products & Services
Employees
Employee Health &Safety
Customers
Customer Health &Safety
Traffic is Life
Human Rights
Community Engagement
As of May 2010, we signed UN Global
Compact.
Doğuş Otomotiv aims to be the pioneer in
automotive sector. Doğuş Otomotiv published
its fifth Sustainability Report in 2014.
Strategy
and
Vision
FIRST GRI
REPORTER IN OUR
SECTOR
IN TURKEY
Traffic is Life!
Since 2004, all projects aimed at increasing
traffic safety awareness throughout society
have been carried out as part of the “Traffic is
Life!” corporate responsibility platform.
“Traffic is Life “ has organized trainings about
Traffic Safety for Doğuş Group employees.
Within this scope, 8,966 hours traffic safety
trainings was provided to the employees.
“Traffic is Life!” platform has reached 12,393
university students. The project was chosen
as a model application by United Nations.
In order to evaluate the Traffic is Life! platform
and exchange views on its development, we
organized a Traffic is Life! workshop with the
participation of authorized people from each
department within the Company in 2013.
“Traffic is Life” gave special importance to
the communication studies in its 10th year
in 2014. In order to reach more people about
speeding, “Traffic is Life” platform created
a persuasive Public Service Announcement
(PSA) in cooperation with BP, the Security
General Directorate that leads to enduring
attitude/behavior change. Doğuş Otomotiv
was awarded by the Automotive Distributors
Association Gladiator ‘Best Radio’ prize with
Traffic Is Life‘s radio PSA.”
increasing
traffic safety
awareness
since 2004
“Traffic is Life!” platform
has reached 12,393
university students.
Doğuş Otomotiv was awarded by ADA Gladiator ‘Best Radio’ prize with Traffic Is Life‘s radio PSA
Sustainability Performance
Economic
In 2013, 13 out of 65 Volkswagen Authorized
Dealers have become new Module Concept20
investments. 15 of the remaining 52 Piazza
Concept21 Buildings were adapted to the new
module concept within the scope of Volkswagen
Renewal Project.
79 of our department projects supplying
measurable benefits within “cost reduction,
revenue growth, customer satisfaction and
quality” dimensions were implemented in 2013.
Participation rate of employees in improvement
projects has increased by 9% in 2013. With 79
projects in 2013 a total of TL 1 mn was saved.
Subjects like disposal of waste, hygiene and
related document controls, number of employees
and their competencies, which directly reflect
our Corporate Responsibility strategy, are also
included in our supplier selection criteria. 36
companies were audited in 2013.
In order to integrate continuous improvement and
efficiency into our business models, the 9th wave
of the Lean Leadership Training Program was
realized in 2013.
Environmental
0.57 m3 water consumption per every sold vehicle
The wrappers for used parts placed inside the
vehicle has been reduced.
The amount of packages used per part was
reduced by 18%.
In 2013, all car users of the Company learned
techniques to reduce fuel consumption and
completed safe driving trainings.
App. 9,265 trees was saved with the recycling of
544,896 kg of paper and cardboard. 234,154 kg of
paper and cardboard was recycled through ÇEVKO;
268,880 kg of paper and cardboard from our
logistics warehouse was collected separately and
recycled though a licensed recycling company;
41,862 kg of paper and cardboard was collected
from the offices and recycled through Sadık Kağıt
Company.”
Social and Ethics
CSR and Ethical Principles were first included
in the e-orientation training in 2013 and new
employees received a total of 157.5 hours of
e-orientation training.
Traffic Is Life platform has reached 12,393
university students through ‘Traffic Safety
E-learning Selective Course -University Project’
Doğuş Otomotiv’s sales teams relayed accurate
and useful information to over 500,000 customers
on traffic safety
TRY 3,15 mn invested to community engagement
programs in 2013
All security staff have participated in the Human
Rights trainings
In average 26,55 man/hour trainings to the
Employee.
Employee Satisfaction Survey rate is 63%
970 suggestions were received in 2013; 285 of
these suggestions were adopted. Since speeding
is one of the most prevalent factors in car crashes,
traffic safety issue needs to be considered in a
wider perspective. In order to reach more people
about speeding, we have created a persuasive
PSA that leads to enduring attitude/behavior
change. Doğuş Otomotiv was awarded the
Automotive Distributors Association Gladiator
‘Best Radio’ prize with Traffic Is Life‘s radio PSA.
Social Media
Social Media
Volkswagen Turkey
3.3 mn+ Followers
The largest local followers in Turkey (97%)
707,370 new followers in 2014 (9.8%)
7,857,969 user interaction (43%)
398,056,372 reach (27.3%)
The largest Volkswagen brand page
Response Rate: 74.5%
Facebook Lovemark Campaign: 6,000+ sales
7/24 customer service
7/24 customer services on Twitter with @vwdiyalog24
17.7 mn+ views
3,691 new subscriber in 2014.
Total subscribers: 6,620
Total view: More than 22 years, 348 days.
30k+ Followers
10k+ user content with #Volkswagenim
The largest brand account in automotive
The 3rd biggest Volkswagen account globally
300k+ like, 7k+ comment
The Largest Brand Page in Automotive
The largest brand page in automotive sector.
The 3rd largest brand page in whole brand pages.
Volkswagen LCV
1.0 mn+ likes
Ranked 3rd among LCV globally
About 2.0 mn views
1.5 mn views for Transporter TV Commercial
160k+ Google+ followers
SEAT
111k+ Followers w/ Engagement Rate of 0.98%
Most liked content (174,016)
Ranked 5th among all SEAT countries on FB
Audi
786,301 Facebook Followers
Highest Engagement rate among its competitors
Second place among its competitors w/1,702,734
mn interactions
5th largest number of fans among other Audi
countries
123,830 Twitter Followers
Largest follower base among auto brands in Turkey
2nd most retweets in 2014
Ranked 3rd among all (30+) Audi countries
1,347 Youtube subscriptions
7k Followers
3,870 Instagram Followers
1,747 Followers
Ranked 3rd among all SEAT countries on Instagram
168,394 Google+ Followers
100k Google+ followers
6,738 Linkedin Followers
First Automotive brand to actively use Linkedin in
Turkey
ŠKODA
83 (10 pins, 12 boards)
304,055 followers
Ranked 3rd among all ŠKODA countries on Facebook.
(followers)
12th engagement rate among all ŠKODA countries on
Facebook.
4,094 followers
Ranked 6th among all ŠKODA countries on Twitter.
297 subscriptions
1,352 followers
Google+: 220 followers
Porsche
32K+ Followers Approx. 21 posts/month with avg. 350K+ views, avg.
650 shares, avg. 4.7K+ likes.
All data is as of March 2015
2015 Announcements and Material Event Disclosures
31.12.2014
BIST Sustainability Index
28.01.2015
VDF
29.01.2015
Krone
16.02.2015
Leaseplan
The List of Companies to be Assessed for BIST Sustainability Index
As part of the efforts to identify companies to be included in the “BIST Sustainability Index” for the period of November
2015 through October 2016, it was decided that the list of companies subject to assessment are the BIST 50 constituent
companies as of January-March 2015. The assessment, carried out by EIRIS, will take into consideration the
companies’ publicly available information as of 30 June 2015, and the companies which score above the threshold
value will be included in the BIST Sustainability Index for the period between November 2015 and October 2016.
The company was informed about the beginning of negotiations between Volkswagen Doğuş Finansman A.Ş., an
affiliate of the Company, and Man Finansman A.Ş. concerning the acquisition of 100% of Man Finansman A.Ş.
shares by Volkswagen Doğuş Finansman A.Ş.
A sales agreement was signed between the Company, Doğuş Holding A.Ş, and Fahrzeugwerk Bernard Krone
GmbH concerning the assignment of all shares of the Company and Doğuş Holding A.Ş. in Krone Doğuş Treyler
Sanayi ve Ticaret A.Ş, which amount to 49% of the total share capital, to Fahrzeugwerk Bernard Krone GmbH. The
shares will be transferred following the permission of the Competition Board. Correspondingly, it was also decided
to mutually terminate the distributor agreement between the Company and Fahrzeugwerk Bernard Krone GmbH
regarding the sales, marketing, and distribution of Krone brand products in Turkey.
Necessary legal permissions were taken and the assignment of shares was completed following the sales
agreement dated 5 November 2014 and signed between the Company and Doğuş Group, which own 49% of the
total shares of LPD Holding A.Ş., and LeasePlan Corporation N.V.
Investor Relations Contacts
Halide Müge Yücel
Investors Relations Assistant Manager
+90 262 676 90 58
[email protected]
Bahar Efeoğlu Ağar
Investors Relations Specialist
+90 262 676 90 59
[email protected]
Address: Şekerpınar Mah. Anadolu Cad. No: 22 ve 45,
41420 Çayırova/Kocaeli Turkey
Website: www.dogusotomotiv.com.tr
E-mail: [email protected]
[email protected]
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.

Investor Relations Presentation

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