Investor Relations Presentation · 2015 2019 2023 2027 78,741 81,322 84,247 86,777 Economy 140.0...
Transcript of Investor Relations Presentation · 2015 2019 2023 2027 78,741 81,322 84,247 86,777 Economy 140.0...
Investor Relations Presentation - Q3 2016 | 1
Investor Relations PresentationQ3 2016 ResultsUpdated: December 2016
Investor Relations Presentation - Q3 2016 | 1
Agenda
Doğuş Otomotiv / Value Chain 2016
Macroeconomic Outlook
Automotive Market
Financial Performance
Investor Relations Presentation - Q3 2016 | 2
Doğuş Otomotiv / Value Chain 2016
Presence in Every Link of The Automotive Value Chain
*Subsidiaries**Representative Offices
Replacement Parts and After Sales Services
Quick Fix to all Brands
Spare Parts&Logistics
Core BusinessAutomotive
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 - Q3 2016 | 3
Macroeconomic Outlook
Investor Relations Presentation - Q3 2016 | 4
Macroeconomic Indicators
YoY Inflation (%)
11-1
0
03-
10
11-1
0
11-1
1
11-1
2
03-
14
03-
15
07-
10
03-
11
03-
12
03-
13
07-
14
07-
15
11-1
1
11-1
2
11-1
3
11-1
4
02-
12
02-
13
02-
14
02-
15
05-
16
08
-16
11-1
6
02-
16
11-1
5
08
-12
08
-13
08
-14
08
-15
07-
11
07-
12
11-1
3
07-
13
11-1
4
02-
11
05-
12
05-
13
05-
14
05-
15
11-1
5
03-
16
07-
16
11-1
6
20.00
15.00
10.00
5.00
0.00
-5.00
Annual CPI Annual PPI Nominal Exchange Rates
3.70
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 (%)
2.13%
1.09%
2.70
2.20
1.70
1.20
0.70
0.20
TRY EURO US$ Consumer Confidence Index
105.0100.095.090.085.080.075.070.065.060.055.0
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
Consumer Confidence Index Retail Sales Total LV
11-1
0
11-1
1
11-1
2
11-1
3
11-1
4
05-
10
05-
11
05-
12
05-
13
05-
14
05-
15
08
-10
08
-11
08
-12
08
-13
08
-14
11-1
50
2-16
05-
160
8-1
611
-16
08
-15
02-
10
02-
11
02-
12
02-
13
02-
14
02-
15
6.41%
13.67% 12.98%
11.14%7.00%
08
-11
05-
11
3.64
3.533.42
1.44%
1.15%
11-0
6
11-0
7
11-0
8
11-0
9
11-1
0
11-1
1
11-1
2
11-1
3
05-
06
11-0
5
05-
07
05-
08
05-
09
05-
10
05-
11
05-
12
05-
13
05-
14
11-1
4
11-1
5
05-
16
11-1
6
05-
15
Investor Relations Presentation - Q3 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
Population & Demography
Age Demography
2015 2023
Above6012% 15%
35-5931%34%
15-3433%
30%
0-1424% 21%
Population & Demography
Population Statistics (’000)
2015 2019 20272023
78,741
81,322
84,247
86,777
Economy
140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
-8.0
GD
P -
(B
illio
n T
urk
ish
Lir
a)
GD
P Y
oY
Ch
ang
e (
%)
Real GDP GDP YoY Growth
12/0
30
6/0
412
/04
06
/05
12/0
50
6/0
612
/06
06
/07
12/0
7
12/0
8
12/0
9
12/1
0
12/1
1
12/1
2
12/1
3
12/1
4
12/1
5
06
/08
06
/09
06
/10
06
/11
06
/12
06
/13
06
/14
06
/15
25.00
20.00
15.00
10.00
5.00
0.00
7.006.005.004.003.002.001.00
0.00-1.00-2.00-3.00
Trade Deficit Export Import
Auto Industry Trade Balance (US$ bn)
98 9900 01 0203 04 0506070809 10 151412 131 1
Investor Relations Presentation - Q3 2016 | 6
Automotive Market
Investor Relations Presentation - Q3 2016 | 7
1.8%-1.2%
7.2%
1.7%
5.9%
-4.3%
-14.0%
-29.1%
4.7%
2.1%
10.3%
8.1%
North America Western Europe Central & Eastern Europe South America Rest of the World Asia Pacific
(1) Figures excl. Volkswagen Commercial Vehicles, Scania and MAN. Source: VW Group 2016 Presentation.
Development world car market vs. Volkswagen Group Car Deliveries to Customers (1) (Growth y-o-y in deliveries to customers, January to September 2016 vs. 2015)
Car Market VW Group
Investor Relations Presentation - Q3 2016 | 8
(1) Incl. all brands of Volkswagen Group (Passenger Cars and Commercial Vehicles); +2.1% excl. Volkswagen Commercial Vehicles, Scania and MAN. (2) MAN incl. MAN Latin America Trucks and Buses GVW>5t.
Volkswagen Group
Jan-Sep 2015 Jan-Sep 2016 Change
DELIVERIES TO CUSTOMERS BY BRANDS(‘000 units)
VOLKSWAGEN GROUP
2.4%(1)
0.6%
AUDI
4.5%
1,348 1,409
6.2%
SKODA
791 841
1.5%
SEAT
308 313
3.0%
PORSCHE
173 178
VW LCV
9.1%
321 351
MAN (2)
-0.4%
74 74
SCANIA
6.9%
55 59
Passenger Vehicles Commercial Vehicles
VW PV
4,350 4,375
7,431 7,609
Source: VW Group 2016 Presentation.
Investor Relations Presentation - Q3 2016 | 9
Volkswagen Group
FINANCIAL AND SALES PERFORMANCE(EUR mn)
Deliveries to Customers(‘000 units)
7,646 7,440 7,653
Sales Revenue(EUR mn)
147,718
160,263 159,932
Operating Profit Margin(%)
6.4 6.47.0
Operating Profit(EUR mn)
9,41910,197
11,267
Profit Before Tax Margin(%)
7.8
3.2
5.1
Profit Before Tax(EUR mn)
11,490
5,142
8,159
8%
8%
-55%
-3%
0%
10% 59%
3%
Source: VW Group 2Q2016 Annual Report.
3Q2014 3Q2015 3Q2016 Change
Investor Relations Presentation - Q3 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%DOAS TO
TAL
SKODA
VW LC
V
SCANIA
MEILL
ER
VW PV
SEAT
PORSCHEAUDI
KRONE*
BENTLEY
LAM
BORGHINI
32%
25%
44%24% 56% 37%
63% -78% 46% 32% -10% 200%
12M2014 12M2015 Change
*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 after all permissions were received.
Investor Relations Presentation - Q3 2016 | 11
DOAS Wholesales Performance - November 2016
11M2015 11M2016 Change
DOAS TOTAL 185,722 192,163 3%
VW PV 98,461 93,672 -5%
VW LCV 30,021 30,140 0%
AUDI 17,728 19,698 11%
SKODA 19,449 26,164 35%
SEAT 16,050 19,811 23%
SCANIA 2,724 1,872 -31%
KRONE 154 2 -99%
PORSCHE 732 780 7%
MEILLER 383 8 -98%
BENTLEY 14 9 -36%
LAMBORGHINI 6 7 17%DOAS TO
TAL
SKODA
VW LC
V
SCANIA
MEILL
ER
VW PV
SEAT
PORSCHEAUDI
KRONE*
BENTLEY
LAM
BORGHINI
3%
-5%
0%
11% 35% 23%
-31% -99% 7% -98% -36% 17%
11M2015 11M2016 Change
*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 after all permissions were received.
Investor Relations Presentation - Q3 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
64,34888,785 85,574
93,765 90,75096,172 96,479
84,313 93,342
90,85683,025
67,93656,425
63,963 63,088
63,494
61,477 59,563
71,98288,100
142,245
89,044
134,289
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
18,243 17,468
11,805
13,943
13,72611,873
10,724
16,062
15,766
19,843
20,94822,051
19,262
13,71912,966 13,498
10,3787,8269,088
-8% 3%
6,911
62,761
17,31314,573
16,074
-16%
68,580
-15%
72,355
2014 2015 2016 Change (Quarterly ∆16/15)
71,401
87,700
127,044
72,069
2014 2015 2016 Change (Quarterly ∆16/15)
15,859
17,181
24,362
Investor Relations Presentation - Q3 2016 | 13
Market Review - Wholesale - 2015
MARKET DOAS
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 December 2014 December 2015 Change
Investor Relations Presentation - Q3 2016 | 14
Market Review - Wholesale - November 2016
MARKET DOAS
November 2015 November 2016 Change November 2015 November 2016 Change
Total Market PC Premium LCV HCV*
185,185
18,48030,021 30,140
2,724 1,872
20,494
160,141152,440
192,153
4%
11%0%
-31%
5%
DOAS TotalPC Premium LCV HCV*
863,576
627,849669,153
82,627
207,312 198,143
28,415 16,412
85,055
883,708
2%
7%
3%
-4%
-42%
*Oct 2016 HCV market is an expected sales number.
Investor Relations Presentation - Q3 2016 | 15
Market Share - Retail - 2015
RETAIL MARKET2013
YEAR END2014
YEAR END2015
YEAR END
2013 YEAR END/ 2014 YEAR END
CHANGE
2014 YEAR END/ 2015 YEAR END
CHANGEPASSENGER VEHICLE %
DOAS 19.3 22.2 23.1 2.9 0.9RENAULT 18.9 20.1 19.2 1.2 -0.9TOFAS 7.8 6.9 7.1 -0.9 0.3OPEL 8.4 6.7 6.5 -1.7 -0.2HYUNDAI 7.2 7.7 6.9 0.5 -0.8FORD 8.8 6.4 6.5 -2.5 0.2TOYOTA 5.4 5.8 6.6 0.4 0.8MERCEDES-BENZ 3.1 3.9 4.2 0.8 0.3OTHER 21.1 19.9 19.8 -1.2 -0.1
LIGHT COMMERCIAL VEHICLE %FORD 26.4 27.5 29.5 1.1 2.0TOFAŞ 25.1 27.5 25.6 2.4 -1.9DOAS 12.6 13.3 13.1 0.7 -0.3RENAULT 10.1 8.5 9.6 -1.6 1.1PEUGEOT 5.8 3.9 4.8 -1.9 0.9MERCEDES-BENZ 5.5 4.5 3.5 -1.1 -1.0CITROEN 5.5 4.5 4.9 -1.0 0.4MITSUBISHI 2.0 2.4 1.9 0.4 -0.6OTHER 7.0 8.0 7.3 1.0 -0.7
LIGHT VEHICLE %DOAS 17.8 20.1 20.6 2.3 0.5RENAULT 17.0 17.4 16.8 0.4 -0.6FORD 12.7 11.3 12.3 -1.4 0.9TOFAŞ 11.5 12.0 11.8 0.5 -0.2OPEL 6.6 5.1 4.9 -1.5 -0.2HYUNDAI 5.8 6.1 5.4 0.3 -0.7TOYOTA 4.5 4.7 5.3 0.2 0.6MERCEDES-BENZ 3.6 4.1 4.0 0.5 0.0OTHER 20.5 19.6 19.2 -0.9 -0.4
RENAULT TOFASDOAS OPEL HYUNDAI
PV TOP 5 DECEMBER 15
FORD DOASTOFAS RENAULT PEUGEOT
LCV TOP 5 DECEMBER 15
LV TOP 5 DECEMBER 15
DOAS FORDRENAULT TOFAS OPEL
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 - Q3 2016 | 16
Market Share - Retail - November 2016
RETAIL MARKET2014
YEAR END2015
YEAR ENDYTD
NOV 15YTD
NOV 16
2015YE/YTD NOV 2016 CHANGE
YTD NOV 2015/ YTD NOV 2016
CHANGEPASSENGER VEHICLE %
DOAS 22.2 23.1 23.8 23.3 0.2 -0.5RENAULT 20.1 19.2 18.8 19.1 -0.1 0.3TOFAS 7.2 7.1 7.0 7.3 0.1 0.2OPEL 6.7 6.48 6.2 7.2 0.7 1.0HYUNDAI 7.7 6.9 7.0 6.6 -0.3 -0.4TOYOTA 5.8 6.6 6.4 6.2 -0.4 -0.1FORD 6.4 6.5 6.6 5.6 -0.9 -1.1MERCEDES-BENZ 3.9 4.2 4.2 4.6 0.4 0.4OTHER 20.1 19.9 20.0 20.2 0.3 0.2
LIGHT COMMERCIAL VEHICLE %FORD 27.5 29.5 29.3 29.9 0.4 0.6TOFAŞ 27.5 25.6 24.7 23.3 -2.3 -1.4DOAS 13.3 13.1 13.7 15.2 2.1 1.4RENAULT 8.5 9.6 9.3 8.8 -0.7 -0.4PEUGEOT 3.9 4.8 4.7 4.6 -0.2 -0.1CITROEN 4.5 4.9 4.9 3.7 -1.2 -1.2MERCEDES-BENZ 4.5 3.5 3.7 3.6 0.1 -0.1TOYOTA 0.9 1.2 1.3 2.4 1.2 1.2OTHER 9.5 7.9 8.5 8.5 0.6 0.0
LIGHT VEHICLE %DOAS 20.1 20.6 21.3 21.5 0.9 0.1RENAULT 17.4 16.8 16.5 16.7 0.0 0.3FORD 11.3 12.3 12.2 11.2 -1.1 -1.1TOFAŞ 12.0 11.8 11.4 10.9 -0.8 -0.4OPEL 5.1 4.9 4.7 5.6 0.7 0.9TOYOTA 4.7 5.3 5.1 5.4 0.1 0.2HYUNDAI 6.1 5.4 5.4 5.3 0.0 -0.1MERCEDES-BENZ 4.1 4.0 4.1 4.3 0.3 0.3OTHER 19.3 19.2 19.4 19.2 0.0 -0.2
DOAS TOFASRENAULT OPEL HYUNDAI
PV TOP 5 NOVEMBER 16
FORD DOASTOFAS RENAULT PEUGEOT
LCV TOP 5 NOVEMBER 16
LV TOP 5 NOVEMBER 16
DOAS TOFASRENAULT FORD OPEL
23.3%
7.3%
19.1%
7.2% 6.6%
29.9%
15.2%
23.3%
8.8%4.6%
21.5%
11.2%
16.7%
10.9%
5.6%
Investor Relations Presentation - Q3 2016 | 17
Financial Performance
Investor Relations Presentation - Q3 2016 | 18
Consolidated Income Statement
(TL mn, CMB) 30 Sep 16 30 Sep 15 Change (%)
Revenue 7,961 7,958 0%
Gross Profit 810 824 -2%
Operational Expenses -536 -435 23%
Selling and Marketing Expenses -232 -202 15%
General Administrative Expenses -279 -213 31%
Warranty Expenses, net -61 -51 21%
Other Operating Expenses, net 36 31 17%
EBITDA 321 424 -24%
EBIT 274 390 -30%
Margins 30 Sep 16 30 Sep 15 Change (%)
Gross Margin 10.2% 10.4% -2%
Opex/Sales 6.7% 5.5% 23%
EBITDA Margin 4.0% 5.3% -24%
EBIT Margin 3.4% 4.9% -30%
Net Profit Margin 1.8% 3.7% -52%
Investor Relations Presentation - Q3 2016 | 19
(TL '000) 30 Sep 16 Vertical Analysis
30 Sep 15 Vertical Analysis
Change (%)
Revenue 7,961,137 7,958,385 0%Direct cost of revenue -7,151,472 -90% -7,133,976 -90% 0%Gross profit 809,665 10% 824,409 10% -2%Selling, marketing and distribution expenses -231,546 -3% -201,996 -3% 15%SG&A Expenses -279,492 -4% -212,770 -3% 31%Warranty expenses -60,875 -1% -50,513 -1% 21%Other operating incomes/losses, net 35,754 0% 30,601 0% 17%Results from operating activities 273,506 3% 389,731 5% -30%Income from Investing Activities 9,259 37,324 Income Loss from Associates 74,549 54,638 36%Financial incomes/costs, net -196,018 -124,680 57%Profit before income tax 161,296 2% 357,013 4% -55%Tax expense -18,737 -59,677 -69%Profit for the year 142,559 2% 297,336 4% -52%
Consolidated Income Statement
Selling, marketing and distribution expenses• 13% Increase in Advertisement Expenses
Impacts on revenue and direct cost of revenue:
- *Increased EUR/TLvolatilityin 9M16. - FOB prices increased in some PC models. - Suspension of sales of Jetta and Caddy
models in October 2015 affected due to “Dieselgate”.
- OEM related production limitation and model mix constraints
General Administration Expenses• Increase in personnel expenses by 27%
Income/Loss from Associates 30 Sep 16 Cumulative 30 Sep 15 Cumulative
VDF 34,615 11,834Doğuş Sigorta 911 1,686SKODA (Yüce Oto) 7,901 6,328VDF Servis Holding 9,393 9,048TÜVTURK Group 22,332 26,100Meiller-Doğuş -767 -731Doğuş Technology 164 373Grand Total 74,549 54,638
Investor Relations Presentation - Q3 2016 | 20
Financing Costs
(TL mn, CMB) 30 Sep 2016 30 Sep 2015 Change (%)
Financing Costs -196.01 -124.68 57%
Finance expenses, net -195.67 -120.34 63%
Interest expense on borrowings -191.30 -117.25 63%
Commission expenses on letters of guarantee -2.55 -2.27 13%
Other financial expenses -1.82 -0.83 120%
Foreign Exchange gain/loss, net* -0.34 -4.34 -92%
CMB: Capital Market Boards of Turkey
*arising from credit loans
Investor Relations Presentation - Q3 2016 | 21
Consolidated Balance Sheet
(TL ’000) 30 Sep 16 31 Dec 15
ASSETS 4,958,553 3,979,903 Cash and cash equivalents 60,724 71,870 Trade receivables 758,397 1,103,939 Inventories 2,414,148 1,214,122 Tangible and intangible non-current assets 764,522 684,891 Financial Investments 517,333 511,815 Investments in equity accounted investees 279,836 239,010 Other 163,593 154,256
LIABILITIES 3,877,050 2,617,020 Financial liabilities 2,709,309 1,941,124 Trade payables 1,027,108 509,411 Provisions 75,965 68,920 Other 64,668 97,565
EQUITY 1,081,503 1,362,883
Inventories: • Increase in goods in transit (vehicle)
• 30 September 2016: 2.414.148K TL• 31 December 2015: 1.214.122K TL
• Number of vehicles increased from 14.426 units to 35.105 units as of 30.09.2016.
Trade Payables:Trade Payables; of the company increased by 102% 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 9M16.
Financial liabilities:Cost of debt for the short term loans increased by 1 basis points in 9M16 compared to 9M15.
Investments in Equity Accounted Investees 30 Sep 16 31 Dec 15
AssociatesVDF 119,896 85,281Doğuş Sigorta 32,780 32,709Yüce Auto (SKODA) 22,002 17,298VDF Servis 42,245 32,852Doğuş Teknoloji 6,067 4,523
Joint VenturesTÜVTURK North - South (Consolidated)
51,620 60,354
Meiller-Doğuş 5,226 5,993Total 279,836 239,010
Other 30 Sep 16 31 Dec 15
VAT payable 16,779 61,501 Income tax payable 16,213 3,166 Deferred income 20,596 13,604 Payables related to employee benefits
8,172 13,894
Deferred tax liabilities 214 2,625 Other 2,694 2,775
Provisions 30 Sep 16 31 Dec 15
Warranty Provisions 39,478 35,617Legal Provisions 15,826 14,173Provision for unused vacation 5,714 5,193
Long-term provisions related to employee benefits 14,947 13,937
Other 30 Sep 16 31 Dec 15
Investment property 19,912 20,222Warranty claims and price difference receivables 32,337 28,072
Prepaid Expenses short-term 36,197 15,749
Advances Given 6,327 3,449Receivables due to insurance claims 10,057 9,459
Deferred tax assets 21,328 5,662Advances given for property and equipment purchases 18,181 28,090
Prepaid Expenses long-term 5,841 721Deferred tax 339 20,403Current income tax assets 528 15,984Other 12,546 6,445
Investor Relations Presentation - Q3 2016 | 22
Consolidated Balance Sheet
(Balance Sheet mn,TL) 30 Sep 16 31 Dec 15 Change (%)
Total Assets 4,959 3,980 25%
Total Equity 1,082 1,363 -21%
Net working capital -489 236 -308%
Net cash position -2,677 -1,902 -41%
CAPEX 147 169 -13%
Receivable Turnover (day) 26 37 -30%
Inventory Turnover (day) 92 45 104%
Payable Turnover (day) 39 19 107%
Net Debt/EBITDA 6.2 3.7 68%
ROA 2.9% 7.6% -62%
ROE 13.2% 22.2% -41%
Investor Relations Presentation - Q3 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
0.00Nov 06
Nov 07
Nov 08
Nov 09
Nov 10
Nov 11
Nov 12
Nov 13
Nov 14
Nov 15
May 06
May 07
May 08
May 09
May 10
May 11
May 12
May 13
May 14
May 15
Nov 16
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
Investor Relations Presentation - Q3 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.