Investor Relations Presentation - DOAS Profile 2019 - Doğuş Otomotiv
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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 - 2019 | 1
Doğuş Group FOUNDATION 1951 18,000+ EMPLOYEES 321 INVESTMENTS 25 COUNTRIES 7 SECTORS: Automotive, Construction, Media, Tourism and Services, Real Estate, Energy, Food & Beverage, and New Initiatives Combined total assets under management; TRY 92 billion (2018) S&P (B-) & Moody’s (Caa1) Founded in 1951, Doğuş Group has taken its place among the leading conglomerates in Turkey. Adopting a global vision, Doğuş Group is active in seven core businesses: automotive, construction, media, tourism and services, real estate, energy and F&B. In addition, the Group sustains its initiatives in the areas of technology and entertainment. Doğuş Group is aware of its responsibilities and acts in accordance with a vision that includes leading by example and contributing to economic development. The group plays a significant role in the Turkish economy by creating numerous employment opportunities and generating high levels of business volume. Doğuş Group’s corporate social responsibility strategy is to support economic, social and environmental development and increase the level of prosperity by creating innovative and sustainable business models in every sector and region. Investor Relations Presentation - DOAS Profile - 2019 | 3
Doğuş Group - Operational Map 18. GREECE D-Marin Greece D-Hotels & Resorts 19. ITALY d.ream partnerships AMERICA D-Hotels & Resorts 1. USA 20. SPAIN d.ream partnerships MB’92 D-Hotels & Resorts 2. SAINT BARTHS D-Hotels & Resorts 21. SWITZERLAND 6. NORTH IRAQ 10. SAUDI ARABIA EUROPE D-Hotels & Resorts D-Auto LLC Doğuş Construction Saudi AFRICA Arabia Branch 14. TURKEY Doğuş SA - Geneva 7. KAZAKHSTAN 3. LIBYA Doğuş Construction 11. THAILAND 22. THE NETHERLANDS 15. BULGARIA Doğuş Construction Libya Kazakhstan Branch d.ream partnerships D-Marine Investment Doğuş Construction Bulgaria Branch Company BV Doğuş LLC Branch 12. UNITED ARAB EMIRATES d.ream International BV Doğuş Construction ASIA 8. QATAR Doğuş Management Representative Office Doğuş Construction LLC Services Ltd 23. UNITED KINGDOM 4. AZERBAIJAN d.ream partnerships d.ream partnerships Doğuş Construction Qatar 16. CROATIA d.ream franchise Branch REIDIN Headquarters D-Marin 24. UKRAINE D-Hotels & Resorts d.ream partnerships D-Hotels & Resorts Doğuş Construction LLC 13. INDIA 5. CHINA Doğuş Construction and Doğuş Construction 9. RUSSIA 17. GERMANY d.ream partnerships Trade Inc. Representative Office Doğuş Avenue LLC Doğuş Media Group GmbH Euromessage Deutschland 25. FRANCE GmbH MB’92 Investor Relations Presentation - DOAS Profile - 2019 | 4
Doğuş Group Strategy The Group has become a global player in the services sector in virtue of the followed investment route in the recent years, value of its brands and strong commitment to maintaining the highest standards of customer service. The ultimate strategy of the Group is to maximize shareholder value by sound growth on the basis of sustainable profitability and enterprise wide risk management. On the F&B sector, the intention is to expand the unique brand umbrella both in Turkey and globally from Gulf Region to Far East, from Europe to US in line with the strategy being a global player representing Turkey and the Doğuş brand. The restaurant management company of Doğuş Group (d.ream) has been growing rapidly by expanding existing brands, developing new, innovative concepts and introducing local brands to the international arena, such as iconic brand Nusret known as Saltbae in USA. D.ream has further strengthened its position in the restaurant business by establishing strong partnerships in Turkey and abroad such as Paraguas, Coya and Zuma. D.ream currently operates in 11 countries with 58 brands and more than 160 outlets and its continuous growth keeps its pace mainly by organic ways. Doğuş Tourism Group had a rapid expansion in the recent years with a number of new investments both in Turkey and abroad. D-Hotels and Resorts owns, manages and partners in 14 hotels, 4 countries within Turkey, in Croatia, Italy and Greece. Owned and managed D-Hotels & Resorts are: Aldrovandi Villa Borghese, Argos in Cappadocia, D-Resort Ayvalık Murat Reis, D Maris Bay, D-Resort Göcek, D-Resort Sibenik and Villa Dubrovnik. Partnership and management contract hotels are: Eden Rock St Barths, Four Seasons Astir Palace, Grand Hyatt Istanbul, Hyatt House Gebze, Maça Kızı, Soho House Istanbul and Villa Maça Kızı. The renovations of Park Weggis in Luzern are ongoing. Properties of D-Hotels and Resorts are operated in accordance with the shared vision and values, and each hotel renders their services at the highest level of quality and service standards. As a true pioneer in the hospitality industry with its excellence approach, D-Hotels and Resorts aims to enhance its local and international brand recognition. Investor Relations Presentation - DOAS Profile - 2019 | 5
Doğuş Group Strategy On the new initiatives; Galataport, is one of the most important projects of the Group, is a city Project with a master plan Cruise Terminal and development of a Luxury Hotel together with equity partner Peninsula Hotels Group, A+ offices and outdoor retail areas. Galataport is planned to be operational in 2020. On the other hand, D-Marin Marinas Group, serving with 14 marinas with 8773 berthing capacity, 2 refit & maintenance shipyards in Turkey, Croatia, Greece, Spain, France, UAE and Montenegro, with +680 employees. The aim is to increase the marina capacity in order to evaluate the available demand in the regions where the Group has marina investments or management agreements, and be able to offer superior services to larger masses. Doğuş Retail Group, which has several luxury brands such as Armani, Gucci, Loro Piana under its umbrella extended its portfolio in the recent years by adding new global brands “Kiko” and “Under Armour”. Doğuş Group also continued to grow in media sector. The Group strengthened its position in the market by the partnership in TV8. The online TV platform of Doğuş Group “Puhu TV”, which the Group believes to be one of the pioneers of Turkish media and technology sector, was launched in the early 2017. Strongly believing in the capacity, potential and the future of Turkey, Doğuş Group has also been active in technology-aimed New Initiatives, partnerships and acquisitions besides the operations and activities in the main business lines. The Group believes its distinctive investments specified as the “New Initiatives” will be complementary of the Group’s other sectors, broaden the scope of services and the region the Group reaches. Investor Relations Presentation - DOAS Profile - 2019 | 6
Doğuş Otomotiv Doğuş Otomotiv aims at having a productive and profitable presence in every stage of the lifecycle of owning a vehicle. Investor Relations Presentation - DOAS Profile - 2019 | 7
Doğuş Otomotiv Presence in Every Stage of the Lifecycle of Owning a Vehicle Automotive Core Business Related Ancillary Business Import and Replacement Used Vehicle Other Retail Parts and After Finance Distribution Sales Investments Sales Services Spare Parts&Logistics Quick Fix to all Brands Automotive TÜVTÜRK Yüce Auto Financing Doğuş Otomotiv Independent Insurance Authorized Dealers DOD Factoring Used Vehicle Sales Fleet *Representative Offices Investor Relations Presentation - DOAS Profile - 2019 | 8
Widest Retail & Services Network in Turkey Widest retail and services network in Turkey with nearly 550 customer points (*) DOAS brands, including VW, Audi, Škoda, Seat, Porsche, VW Audi Škoda SEAT Porsche Scania, Thermo King, Scania Engines as of December 2018 Scania Thermo King Scania Engines Investor Relations Presentation - DOAS Profile - 2019 | 9
Success Story of DOAS Market Share 18.1% Car park more than 2 mn units 2018 Doğuş Otomotiv is the sole importer and distributor of 2017 VW Group brand vehicles in Turkey. • Doğuş Otomotiv 15th anniversary 2013 2015 2016 • Opening of Porsche 2011 Lausanne 2014 2012 2010 Market Share Consumer finance JV with Volkswagen Financial • Scania distributorship • Porsche distributorship Services AG 11.4% 2009 agreement • Subsidiaries agreement • Customs duties on established • Volkswagen and vehicles imported from in Egypt were Audi distributorship the EU abolished liquidated agreement • Krone distributorship agreement Corporate • Corporate • Distributorship Governance agreement with • Škoda distributorship • Assembling Operations 2008 Governance agreement and • Merger of automotive Rating Rating rose Volkswagen AG 2007 to 9.63 partnership with Yüce Auto companies under Doğuş (8.63 Point) • Used car operations Otomotiv established • Global Compact Scania Industrial Agreement and Marine • Publishing Engines Sustainability distributorship SEAT • Corporate • The 2006 Report Governance Rating agreement distributorship 2003 distributorship signed agreement and 2004 rose to 9.51 agreement with Corporate • Incorporation of partnership with VW AG was • Thermo King distributorship Governance Lausanne Bentley Yüce Auto renewed for an 1999 agreement Rating Showroom and • Krone Doğuş Trailer Plant (7.80 Point) indefinite period 2000 D-Occasion- • Porsche groundbreaking ceremony used luxury car • Groundbreaking ceremony of and Bentley sales- into D-Auto showrooms of Porsche dealership in Lausanne Suisse SA. • Opening Meiller Doğuş Tipper D-auto Suisse • Distributorship SA in Lausanne, 1997 Plant agreement with • Establishing Porsche Lausanne • Corporate Switzerland were Governance Rating Meiller came to transferred 1995 D-Auto Suisse SA an end 1996 (9.05 Point) • Corporate • VW and Audi Governance 1993 1994 • TÜVTÜRK established by the distribution Rating rose cooperation of AKFEN and TÜV SÜD agreement for Iraq to 9.64 • Porsche dealership contract in • Doğuş Otomotiv Lausanne acquired 100% of SEAT • VDF acquired MAN • Lamborghini distributorship Finansman. • Bentley letter of intent agreement • VDF acquires Scania • Initial Public • Volkswagen Marine Finance which performs • Corporate Governance Offering of Doğuş • Opening of OtoMotion Rating (9.42 point) Engines agreement • Oto-Fix Ekspres Service established services in heavy Market Share Otomotiv • Production agreement commercial vehicle sector. • Production partnership • Doğuş Otomotiv • Meiller distributorship and and distributorship with Krone coproduction agreement • Corporate Governance Market Share 5.8% Corporate Responsibility • Krone - Doğuş coproduction agreement Rating (9.25 Point) • Maintain leadership agreement with Krone came to an end. project: “traffic is life • Meiller production 0.5% • Bugatti letter of intent • LeasePlan partnership for fleet position in the total automotive market. came to an end (though Meiller distributorship services continued) Investor Relations Presentation - DOAS Profile - 2019 | 10
Key Strengths of DOAS Leader in import market in Turkey with 18.1% m/s among c.35 pure importers widest network One-stop shopping concept showroom, after sales services, consumer financing, and insurance service ~ 550 Widespread network and customer base, widest network with nearly customer points 550 customer points Advanced financial risk management system and daily monitoring of youngest fleet FX rate. 12 well-positioned multi-brand products > 80 Youngest fleet in the market with new launches every year, over 80 models models Optimum balance of profitability and market share multi-brand products Marketing its own brands DOD, DOD City, DOD Prime and oto fix Well-equipped and custom designed IT infrastructure (Turkuaz) 12 Uncompromised customer satisfaction-oriented dynamic and different brands attentive service approach leading to high customer loyalty. Investor Relations Presentation - DOAS Profile - 2019 | 11
DOAS’ Position in the Market - 2018 FY 2018 VW PV reached 49,749 sales units and ranked 2nd in the passenger vehicles market. (3rd if total sales are considered tgether, as PV and LCV sales.) 2018 market share of VW was realized as 10.2%. PV The Golf, Passat and Passat Variant retained 1st position in their segments. SEAT achieved 10,383 sales units with a market share of 2.14%. Škoda has succeeded to reach 21,340 sales in Turkey. Škoda has gained 4.39% market share in the passenger vehicles market where the market has shrunk 32.7% in 2018. VW LCV market share has been realized as 12.7% in 2018. VW LCV sold 17,085 units in 2018. LCV VW LCV is the sales leader with 25.3% market share in the import market. VW LCV sales are ranked 3rd place in the total market. Transporter has been the best selling vehicle in its segment for 9 consecutive years. Scania completed 2018 with a record 10% share in the entire market and 18% share in the tractor unit market, with its HCV “Your business is our priority” approach. Scania Engines has maintained its position among the top 10 in the classification made by Scania CV worlwide. Thermo King has introduced electrical new-generation B-series units to users as of the second half of 2018. Audi sold 13,295 vehicles in 2018. Audi Turkey, which made digitalization the focus of its business processes, was cited by Audi AG as benchmark to other countries Porsche sold 565 units in 2018. 911 and 718 models completed the year as the leaders in their segments. Porsche’s Luxury highest selling model was Macan which sold 341 units. While Cayenne closed the year with 80 cars sold, Panamera reached a sales figure of 45 units. The 718 Boxster/Cayman models increased its market share in its segment to 42% Segment with the sale of 71 units. Bentley sold 10 units in 2018. In 2018, Convertible version of the new Continental GT, the best grand tourer manufactured to date was launched globally. Lamborghini sold 3 units in 2018. In 2018, The World’s first Super SUV Urus was launched in Turkey. Investor Relations Presentation - DOAS Profile - 2019 | 12
Financial Performance Sales Revenue (TRY mn) Gross Profit (TRY mn) EBITDA (TRY mn) 13,220 1,301 1,301 610 11,925 1,153 556 10,889 1,109 10,688 496 492 873 7,693 365 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Net Profit (TRY mn) CapEx (TRY mn) Total Assets (TRY mn) 302 315 5,167 4,852 4,799 253 238 3,980 208 184 169 179 2,827 134 115 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Investor Relations Presentation - DOAS Profile - 2019 | 13
Margins Gross Profit Margin (%) OpEx/Sales (%) EBITDA Margin (%) 8% max 12.2% 7.1% 7.2% 5.7% 11.3% Avg 11-12% Target 6.1% 6.1% 6.3% 10.2% 4.7% 4.6% 9.7% 9.8% 4.1% 4.2% 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Net Profit Margin (%) Net Financial Debt/EBITDA Net Financial Debt/Total Equity 3.3% 5.43 2.40 5.16 2.16 2.8% 3.84 1.79 3.70 2.0% 1.37 2.80 1.4% 1.3% 0.84 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Investor Relations Presentation - DOAS Profile - 2019 | 14
2019 New Launches NEW NEW NEW NEW FACELIFT NEW NEW T-Roc Q3 Cayenne Coupe New Models: Superb LNG Series T-560R model Crafter 911 Bentley New GTC new TK unit Transporter Cayman GT4 New Bentley Solar Panel 24V Taycan Flying Spur FACELIFT Lamborghini / Passat FL Huracan Evo Investor Relations Presentation - DOAS Profile - 2019 | 15
Doğuş Otomotiv Strategic Goals BE SIZABLE – BE CLOSE – BE CREATIVE One Step Beyond Customer Satisfaction: Turning Achieving Operational Excellence through Customers into Fans! Increased Efficiency! • The Value and Care Centre (DİM) • “Turkuaz” internet-based and mobile device • Connectivity and accessibility in customer compatible software communications • Continuous improvement for a more productive • Virtual Showroom Concept - “Audi City” ecosystem • New technologies in supporting Personnel Infrastructure • Lean Management practices and processes Maintaining Presence in the Automotive Market! The First Condition of Creating a Happy Customer is • Optimum balance of profitability and market share Happy Employees! • “Creative Service Beyond Expectations” vision • BİR’İZ (Together) Employer Brand • Principle of Customer Satisfaction - Focused Work • GO- Development School Platform • Fully focusing on domestic operations • “Talent Management” and “Equality at Work” • DRIVE- Doğuş Automotive’s Route Human and Training Project to enhance human resources within the network. • GONK Seminars • “Young Women’s Development Project in Partnership with TEV” Investor Relations Presentation - DOAS Profile - 2019 | 16
Digital Transformation Strategy of DOAS Doğuş Otomotiv Road Map for Digital Vision Solutions expected to generate ~100M TRY/year cash after 8 years Personalization Impact of all 44 solutions Analytics Vehicle digital empowered twin E2E planning ~100M TRY cash per Eight cornerstones year Digitized to drive Omni-channel operations Dogus Otomotiv’s integration digital vision ~75M ~25M Backend TRYgrowth TRYefficiency Digitized dealer related related automation of the future and acceleration ~30M TRY investment Transparency & in the first 3 years steering Self funding after 1.5 year Investor Relations Presentation - DOAS Profile - 2019 | 17
Macroeconomic Outlook Investor Relations Presentation - DOAS Profile - 2019 | 18
Macroeconomic Indicators YoY Inflation (%) Annual CPI Annual PPI Nominal Exchange Rates US$/TRY EUR/TRY Basket (0.5US$+0.5EUR) 50.00 8.00 46.15% 45.00 7.50 40.00 7.00 6.67 6.50 6.31 35.00 30.12% 6.00 5.96 30.00 5.50 25.24% 5.00 25.00 4.50 20.00 4.00 19.50% 3.50 15.00 3.00 8.79% 10.00 2.50 2.00 5.00 1.78% 1.50 0.00 1.00 -5.00 01-14 04-14 07-14 10-14 01-15 04-15 07-15 10-15 01-16 04-16 07-16 10-16 01-17 04-17 07-17 10-17 01-18 04-18 07-18 10-18 01-19 04-19 04-14 08-14 12-14 04-15 08-15 12-15 04-16 08-16 12-16 04-17 08-17 12-17 04-18 08-18 12-18 04-19 Auto Loan Rates (%) TRY Consumer Confidence Index Consumer Confidence Index Retail Sales Total LV 3.20 3.09% 80.0 180,000 2.70 160,000 75.0 140,000 2.20 120,000 70.0 1.70 100,000 80,000 1.20 65.0 60,000 60.0 40,000 0.70 20,000 0.20 55.0 0 04-14 07-14 10-14 01-15 04-15 07-15 10-15 01-16 04-16 07-16 10-16 01-17 04-17 07-17 10-17 01-18 04-18 07-18 10-18 01-19 04-19 04-09 10-09 04-10 10-10 04-11 10-11 04-12 10-12 04-13 10-13 04-14 10-14 04-15 10-15 04-16 10-16 04-17 10-17 04-18 10-18 04-19 Investor Relations Presentation - DOAS Profile - 2019 | 19
Population & Demography Population Statistics (’000) Age Demography Young population is a main driver in Turkey. 107,095 Above 100,331 13% 15% 60 81,867 86,907 Population is expected to grow 32% above 10%. 35-59 33% Over 50% of the population will 31% 15-34 30% be between the age group of 15 to 59 years by 2060. 23% 0-14 23% Median age is expected to 2018 2023 2040 2060 2018 2023 increase by 9% by 2060. Economy Auto Industry Trade Balance (US$ bn) Real GDP GDP YoY Growth Trade Deficit Export Import 1.8 12.0 GDP - (Billion Turkish Lira) 30.00 1.6 10.0 GDP YoY Change (%) 8.0 25.00 1.4 6.0 20.00 1.2 4.0 15.00 1.0 2.0 0.8 10.00 0.0 0.6 5.00 -2.0 0.4 -4.0 0.00 0.2 -6.0 -5.00 0.0 -8.0 Note: All figures are rounded. 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 01/11 01/12 01/13 01/14 01/15 01/16 01/17 01/18 01/19 989900 01 0203040506070809 10 11 12 13 14 15 16 17 Source: TurkStat Investor Relations Presentation - DOAS Profile - 2019 | 20
Automotive Market Investor Relations Presentation - DOAS Profile - 2019 | 21
Turkish Light Vehicle Wholesale Performance - Market vs. DOAS LV Wholesale Market (thousand) DOAS LV Wholesale (thousand) DOAS Market Share % 1,000 994 25% 972 957 900 871 852 800 779 20% 761 762 20.8% 21.2% 19.1% 20.1% 700 17.3% 17.9% 600 600 15% 15.9% 553 500 496 12.6% 400 11.3% 10% 10.6% 9.0% 300 202 211 200 183 152 153 5% 109 124 104 86 100 53 50 0 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: Automotive Distributors Association, DOAS performance includes Škoda sales. Investor Relations Presentation - DOAS Profile - 2019 | 22
DOAS Wholesales Performance WHOLESALES (unit) 2018 2017 Change 2016 2015 2014 VW 61,563 119,384 -48% 137,143 140,088 108,325 VW PV 45,388 91,343 -50% 104,410 106,677 85,134 VW LCV 16,175 28,041 -42% 32,733 33,411 23,191 AUDI 12,969 21,172 -39% 22,105 21,100 17,070 PORSCHE 481 700 -31% 881 877 601 BENTLEY 10 16 -38% 9 19 21 LAMBORGHINI 3 7 -57% 7 6 2 SEAT 8,640 17,002 -49% 20,976 17,212 12,540 ŠKODA 20,425 24,714 -17% 30,004 22,435 14,397 PC TOTAL 87,916 154,954 -43% 178,392 168,326 129,765 LCV TOTAL 16,175 28,041 -42% 32,733 33,411 23,191 LV TOTAL 104,091 182,995 -43% 211,125 201,737 152,956 SCANIA 1,177 1,697 -31% 2,050 3,291 2,014 GRAND TOTAL 105,268 184,692 -43% 213,185 205,593 155,995 MARKET SIZE* PV 469,882 722,168 -35% 765,467 726,477 582,117 LCV 130,104 234,654 -45% 228,446 245,027 179,919 HCV 11,754 18,554 -37% 18,343 33,652 31,061 TOTAL 611,740 975,376 -37% 1,012,256 1,005,156 793,097 DOAS Market Share PV 18.7% 21.5% 23.3% 23.2% 22.3% LCV 12.4% 11.9% 14.3% 13.6% 12.9% HCV 10.0% 9.1% 11.2% 9.8% 6.5% TOTAL 17.2% 18.9% 21.1% 20.5% 19.7% Source: Automotive Distributors Association Investor Relations Presentation - DOAS Profile - 2019 | 23
Turkish Automotive Industry Production vs Sales GDP vs Auto Sales Breakdown of Vehicles* Sales Production Change in Auto Sales (left axis) Change in GDP (right axis) Total Number of 1,800 150% 15% Road Motor Vehicles: 1,600 22 mn units 1,400 100% 10% 1,200 Car 54% 50% 5% Small truck 16% 1,000 Motorcycle 14% 800 0% 0% Tractor 8% Truck 4% 600 Minibus 2% 400 -50% -5% Bus 1% 200 0 -100% -10% 2004 1996 1997 1998 1999 2000 2001 2002 2003 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: General Directorate of Public Security Auto Industry Segmentation* Auto Engine Segmentation* Vehicle Ownership Per Capita** PC LCV PC LCV Parc Density / 1000 Inhabitants 70% 96% 66% 596 597 579 50% 49% 334 29% 205 27% 23% 11% 14% 3% 1% Import Diesel A/T below 1600 cc between 1600 cc above - 2000 cc Turkey Romania UK Germany Greece - 2000 cc * As of December 2018 ** ACEA Report Vehicles in use Europe 2018 Investor Relations Presentation - DOAS Profile - 2019 | 24
Turkish Automotive Industry Oil Prices in Turkey (TRY) (2005-2019) Oil Prices (Liter, TRY) (20.05.19) 7 11.19 10.95 6 10.16 9.83 5 7.57 4 7.11 6.58 3 5.06 2 1 0 01.01.05 01.01.06 01.01.07 01.01.08 01.01.09 01.01.10 01.01.11 01.01.12 01.01.13 01.01.14 01.01.15 01.01.16 01.01.17 01.01.18 01.01.19 Italy Greece Germany UK Turkey Bulgaria China USA SCT Rates in Turkey (%) 2000 cc Average Vehicle Age in Turkey (Passenger Cars) 160 160 160 145 23.2 130 130 120 100 100(*) 15.9 84 84 84 90 80 80 80 13.4 80 75 12.6 13.1 12.9 13.1 13.4 50 60 54 60 60 11.0 52 45 45 Motor 37 37 37 40 40 46 30 30(**) Vehicles 18 27 Average 27 0 08-02 01-03 11-04 03-09 06-09 10-09 01-11 09-12 01-14 11-16 09-18 (*) 100% for sale price of TRY 170K. (**) 30% for sale price of TRY 120K, respectively. Vehicles Truck Investor Relations Presentation - DOAS Profile - 2019 | 25
Core Business Lines Investor Relations Presentation - DOAS Profile - 2019 | 26
Import and Distribution Having successfully raised its market share to 12.7% in 2018, VW CV maintained its third Thanks to the successful product and communication strategies followed in 2018, ranking in the total market and its leadership in imported commercial vehicle sales. Volkswagen Passenger Cars maintained its position, ranking second in the PC market with 10.2% market share. The New Amarok Canyon sportive model of Volkswagen Amarok that was the owner of the 2018 International Pick-up Award was launched in the 1st quarter of 2018 and VW was voted the most loved car brand of the year for the 6th consecutive year in the New Amarok Aventura 258 PS model was placed on the market in the 2nd half of the survey conducted by MediaCat Ipsos. It received the Silver Apple with its the year. The sales of the completely renewed last generation of Crafter vehicles “Rear View Campaign” and the Bronze Apple with its “Night Vision System” ads. were started in the beginning of the 2nd quarter of the year. The “Return Campaign” was also awarded with the Felis Award. VW PC won the Gold Stevie award in the “Best Management of Instagram” category. Volkswagen CV received an award in the “Commercial Automotive” category of A.L.F.A Awards and evaluating the brands with best customer experience management. VW CV Turkey became the World Winner in the STLI (Service Technik Leistung Indizen) evaluation with its success in after-sales services. Audi Turkey, which made digitalization the focus of its business processes, was cited by Audi AG as benchmark to other countries. 2018 has been a year full with With its “Your business is our priority” motto, Scania had another achievement by new launches for Audi brand, which was started to be imported to Turkey by completing the year 2018 with a 10% share in the entire market and 18% share in the Doğuş Otomotiv in 1994, and four new models, i.e. A8, A7, A6 and Q8, have been tractor unit market. launched. 13,295 units of cars were sold in 2018. With its 72% customer loyalty rate Presenting its customers on the roads of Turkey its new generation vehicles it that is exemplary in Europe, a 21.2% increase has been achieved in its aftersales started manufacturing as a result of 10 years of research and development, 2 billion services turnover in 2018. Euros worth investments, and over 10 million kilometers of test driving; Scania continued to provide comfort and driving experience exceeding standards. Having reached 202,000 users in its Facebook account in 2018, Scania also continued to SEAT had a market share of 2.14% by selling 10,383 units of passenger cars in 2018. maintain its presence on the Instagram, LinkedIn and Google Plus platforms. With its Interactive Graffiti Giantboard that SEAT prepared for Arona, SEAT Turkey Demonstrating its customer satisfaction focus with one of the sector’s pioneering won the Best Outdoor of the Year award given by the jury at the 2018 Gladiators applications “Scania’m Sapasağlam”, Scania successfully commissioned “Scania’m ceremony that organized by Automotive Distributors Association. Cepte” app in 2018 with 7,000 downloads. Thanks to the contribution of the communication activities, SEAT’s brand awareness rose to 29.5% in 2018. Scania Engines has maintained its position among the top 10 in the classification made by Scania CV worlwide. Scania Engines increased its market share to higher levels in the generator engine Having maintained its rising uptrend by increasing its market share by 28.5% in segment also in 2018 and maintained its steady rise in this area. 2018, ŠKODA Turkey placed its new SUV model Karoq on the market and launched its renewed Fabia during the year. With its low emission values and high-tech products as well as its newly developed gas-fuelled engine model, Scania Engines has increased the service quality that it offers its customers in every field also in 2018. On its way to celebrate its 100th year in 2019, Bentley has further consolidated its competitive position with the launch of the New Continental GT model in Turkey Thermo King has introduced electrical new-generation B-series units to users as of in 2018. Lamborghini has taken the brand recognition in the upper luxury segment the second half of 2018. This range of products energized by the battery of the to much higher levels with Urus, the world’s first super SUV that was placed on vehicle creates difference with their low energy consumption and their light weight. the market in the last quarter of the year. The bluebox equipment, enables users to connect to their units and to respond to In 2018, Bentley sold 10 in total and Lamborghini sold 3 units of vehicles. any situation on a real time basis thanks to its bluetooth technology. The bluetooth system enabling simultaneous transportation of products requiring different temperatures within the same frame a standard feature also in its Spectrum models, Thermo King continued to be most important assurance in sensitive Porsche celebrated its 70th year. In 2018, the highest-selling model of Porsche was pharmaceuticals and food transportation. Macan with 341 units sold and the 911 model has become the leader in the Silent engine technology, which is indispensable for urban transportation, is offered premium sports cars segment again this year. with the Thermo King Whisper range. Investor Relations Presentation - DOAS Profile - 2019 | 27
Retail > DOĞUŞ OTO Doğuş Oto represents seven brands (VW Passenger Cars, VW Commercial Cars, Audi, represents Porsche, SEAT, Škoda, and DOD), for which it sells new and second-hand vehicles, spare parts, and accessories at a total of 37 Authorized Dealers and 33 Service points in 7 brands Istanbul, Ankara, Bursa and Kocaeli; it also one-stop shopping offers its customers insurance, financing, and after-sales support services. concept Doğuş Oto operates on a total area of 278,480 square meters with 1,435 employees. Doğuş Oto sold 40,341 new vehicles and its share in the retail sales volume of Doğuş operating on 278,480 sqm Otomotiv was 35.6% in 2018. With a total of 300,509 service entries, 2018 was a year when the financial targets were exceeded. Doğuş Oto Gebze started to operate on total area an area of 12,500 square meters in 2018 in order to provide Volkswagen Passenger Cars and Volkswagen Commercial Vehicles Authorized Dealer and aftersales services. SEAT showrooms that were renewed with a young and dynamic concept were put Share of into service for customers at Doğuş Oto Esenyurt, Doğuş Oto Maslak and Doğuş Oto Çankaya in 2018. 35.6% DOAS sales in 2018 Investor Relations Presentation - DOAS Profile - 2019 | 28
Retail > Škoda New Corporate Identity and Design Standards 2018 Sales 21,340 Yüce Auto started the disribution of Škoda brand vehicles in 1989. In 1998 50% partnership with Doğuş Otomotiv started. units Having maintained its rising uptrend by increasing its market share by 28.5% in 2018, ŠKODA Turkey placed its new SUV model Karoq on the market and launched its renewed Fabia during the 2018 Market Share year. Attracting attention among D Segment luxury models, SuperB became the best- 4.4% selling model of Škoda with a sale figure of 7,871 units of vehicles in 2018. Karoq, the continuation of the ŠKODA brand’s SUV attack, succeeded in drawing interest in a short period of time after its launch in May and realized a sales of 1,929 units of vehicles although a Market Share full year of operation has not yet passed. Growth 28.5% in 2018 Investor Relations Presentation - DOAS Profile - 2019 | 29
Replacement Parts and After Sales Services > Parts & Logistics Spare Parts and Logistics employs state- of-the-art technology combined with the best modern synergistic practices, creating unmatched levels of service for the global 99% brands that Doğuş Otomotiv represents. In 2018, Spare Parts and Logistics imported availability 86,194 vehicles, and dispatched 104,136 in Spare Parts vehicles to Authorized Dealers, ending the year with a total revenue of TRY 1,306.7 million generated by the sales of spare parts and accessories. Spare Parts and Logistics uses advanced Revenues from Spare computer technologies and inventory Parts and accessories are management systems, which can be easily TRY 1,306.7 adapted to various demands of customers, to run its operations smoothly. As a result, spare parts availability was maintained at 99% in 2018 like the previous year, thus significantly reducing the amount of stock million held. As the “shipment from the port” project that Spare Parts and Logistics implemented as a part of its pioneering vision in vehicle 104,136 vehicles logistics continued with high capacity for vehicle storage and importation at the ports, significant improvements were achieved in client delivery times by working with more than one transportation dispatched company for vehicle deliveries from ports to authorized dealers. Investor Relations Presentation - DOAS Profile - 2019 | 30
Used Vehicle Sales > DOD The diversity of brands and models in supply of vehicles was further increased sales - 2018 through new agreements with fleet companies in 2018. The Regulation on the Trade of Used 21,767 Motor Land Vehicles was put into force vehicles on February 13, 2018. It is compulsory to provide the services like warranty and expertise survey, which were already offered by DOD to its customers before the said regulation took effect. Further improvements to the largest corporate infrastructure as directed by the regulation towards the other standards retailer of the used were started in 2018 and preparations were largely completed. car business DOD Sales Performance DOD is the largest corporate retailer of 23,125 the used car business. 22,534 DOD provides services in Turkey with 61 customer points. providing services 22,009 21,767 61 The total sales by DOD Authorized Dealers were realized as 21,767 units in 21,120 2018. DOD.com.tr and DOD Mobile were customer points in renewed. Turkey 2014 2015 2016 2017 2018 Investor Relations Presentation - DOAS Profile - 2019 | 31
Automotive Related Ancillary Business Investor Relations Presentation - DOAS Profile - 2019 | 32
Finance > VDF The JV company was established on 20 December 1999 to provide financing new contracts for Doğuş Otomotiv Group Brands’ 2012: 51,177 units (23% yoy increase) customers. The established JV company 2013: 60,180 units (18% yoy increase) is owned by Doğuş Holding (1%), Doğuş 2014: 58,338 units (3% yoy decrease) Otomotiv (48%) and Volkswagen 2015: 78,111 units (34% yoy increase) Financial Services AG (51%). 2016: 86,433 units (11% yoy increase) Offering products and services 2017: 67,733 units (28% yoy decrease) nationwide, VDF ensures ease of mind 2018: 54,793 units (19% yoy decrease) for its customers by providing Vehicle and Service Credits from a single point: credits given the Authorized Dealer. 2012: TRY 1,906 mn (27% yoy increase) In 2018, vdf aimed to increase customer 2013: TRY 2,531 mn (33% yoy increase) satisfaction and customer loyalty 2014: TRY 2,870 mn (13% yoy increase) through sale, marketing and customer 2015: TRY 4,345 mn (51% yoy increase) loyalty campaigns it jointly organized 2016: TRY 5,163 mn (19% yoy increase) with the brands. According to the results 2017: TRY 5,522 mn (7% yoy increase) of the survey it made in 2018, vdf scored much higher than the world and Europe 2018: TRY 4,957 mn (10% yoy increase) averages in customer satisfaction assessments compared to the previous portfolio year. According to the survey, 9 out of 10 people stated that they would want to 2012: 91,257 units (34% yoy increase) work with vdf again. 2013: 111,783 units (22% yoy increase) 2014: 121,905 units (9% yoy increase) In 2018, new credit contracts realized 2015: 146,046 units (20% yoy increase) as 54,793 units with a total amount of 2016: 160,727 units (10% yoy increase) TRY 4,957 million increasing the total 2017: 147,671 units ( 8% yoy decrease) portfolio to 129,945 units. 2018: 129,945 units ( 12% yoy decrease) Incl. Scania and Man Finance Investor Relations Presentation - DOAS Profile - 2019 | 33
Finance > VDF INSURANCE VDF Insurance, as an agent for 13 insurance Number of Insurance Contracts companies, provides services & products to number of policies its customers such as motor insurance, traffic 314,757 313,129 323,975 306,771 it will be 1,2x insurance, credit protection insurance and 256,554 extended warranty. VDF Insurance works with the Authorized Dealers of VW Group brands in Turkey. The number of its branches in 2018 is 30. in 5 years VDF Insurance increased the production of its policies to TRY 397 million in 2018. 2014 2015 2016 2017 2018 Finance > VDF FACTORING number of VDF Insurance Penetration Motor Insurance Extended Warranty Active since May 2010, VDF Factoring Services offers factoring and financing services to 112 Insurance branches is 60% 16% 16% 15% 21% 45% 14% Autorized Dealers of Doğuş Otomotiv. In 2018, 41% 44% 44% VDF Factoring reached a transaction volume of TRY 11.4 billion and a total asset value of TRY 1,059 million. VDF Factoring aims to increase its 30 business volume further in 2019. 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Development of Assignments (TRY million) Operational Fleet Renting > transaction volume DOAS Yüce Other VDF FLEET 2,000 VDF Filo was established in March 2016 Fleet ERP processes and procedures were built TRY 11.4 bn 693 1,100 8,800 600 9,600 1,500 10,000 2,300 1,500 7,600 up in 2018 5,979 Active contracts were around 6,200 in 2018. VDF Filo is expected to reach more than 8,500 contracts in 2019. 2014 2015 2016 2017 2018 Investor Relations Presentation - DOAS Profile - 2019 | 34
Other Investments > TÜVTÜRK TÜVTÜRK – a cash cow business of DOAS, Bridgepoint and TÜV SÜD TÜVTÜRK consortium was granted by Turkish rights to build & operate 20 years Privatization Administration the right to build & operate MVISs in Turkey for 20 years in exchange of US$ 552 million. 189 fixed and 73 mobile inspection stations are fully operational as of end-1Q09, with an investment of US$ 300 million. in exchange of Operation fees were collected from the suboperators (Business associates (BA)) in exchange US$ 552 mn 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 expected revenues US$ 15 bn 7% and 11-20th years: 20% The MVIS business is expected to generate US$ 15 billion revenues in 20 years with US$ 2.5 billion EBITDA. At the end of the 11th year, nearly 73.5 million in 20 years vehicles have been inspected and 22.6 million vehicles underwent exhaust gas emission measurements. 26.3 million vehicles were re- inspected and enabled over 25.2 million unsafe cars to return safely back into traffic once again. In 2018, periodic inspections of 9.5 million vehicles were completed and 3.7 million vehicles underwent exhaust gas emission measurements. expected ebitda US$ 2.5 bn According to the research entitled “Analysis of the Economic Impact of Road Safety and Periodic Vehicle Inspection Application in Turkey” conducted by CITA in 2017 under the leadership of Prof. Dr. Wolfgang G. Schulz and Sebastian Scheler; there is an average saving of 340 million US$ per year which in 20 years is contributed to Turkish economy as a result of the traffic accidents avoided through TÜVTÜRK vehicle inspection system. Investor Relations Presentation - DOAS Profile - 2019 | 35
Other Investments > Doğuş Teknoloji Growing with new investments Doğuş Teknoloji creates a wide scope of Affiliate software products and services that answer 46% 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 Doğuş Otomotiv. A new building is established 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, Established 2011 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. Doğuş Teknoloji has “ISO/IEC 27001:2013 Information Security Management System”, “ISO 22301:2012 Business Continuity ISO & ITIL Management Systems” and “ISO/IEC 20000-1:2011 Service Management System” certifications in the scope of e-invoice application and related processes. Doğuş Teknoloji has “ISO/IEC 27001:2013 Certified Information Security Management System”, “ISO 22301:2012 Business Continuity Management Systems” and “ISO/IEC 20000-1:2011 Service Management System” certifications in the scope of e-invoice application and related processes. Investor Relations Presentation - DOAS Profile - 2019 | 36
Corporate Governance Investor Relations Presentation - DOAS Profile - 2019 | 37
DOAS: First GRI reporter in automotive sector in Turkey Economic Impact Corporate Sustainability (CS) • Risk Management at Doğuş Otomotiv • Legislative Regulations • Financial Risks Environmental Impact • Sustainable Supply Chain The UN Global Compact was signed • Sustainability Awareness • Environmental Management in May 2010. • Operational Sustainability • Electrical Automobiles • Customer Relations • Environmental Risk Management Our 10th Corporate Sustainability Management • Climate Change Risks • Digitalization Report is published as “GRI G4 • Technologic Support • Market Presence Comprehensive Report”. We were • New Products and Services the first in the automotive sector. • Product – Price Strategy • 2nd Hand Automotive Market For the fourth consecutive year, Doğuş Otomotiv has been included Approach to in the BIST Sustainability Index, which is composed of companies Sustainability Strategy with highest corporate sustainability Social Impact and performances whose shares are Vision traded in the Borsa Istanbul, for • Community Engagement • Traffic is Life! Platform the period from November 2018 to • Human Rights • Gender Equality October 2019. • Business Ethics • Governmental Institutes Relations • Code of Ethics Implementation Process • Employees and Work Place FIRST GRI Environment REPORTER IN • Employee Loyalty • Authorized Dealers Employee OUR SECTOR Circulation • Technical Staff Circulation IN TURKEY • Employee Trainings • Health and Safety Investor Relations Presentation - DOAS Profile - 2019 | 38
Traffic is Life! The “Child Safety in Traffic” project, which was launched in 2016, continued to be the focal point of the Traffic is Life! platform in 2018, due to the fact that children aged 5-14 are increasing traffic safety one of the groups most affected by traffic accidents and child safety in traffic is crucial in Turkey. Aiming to raise awareness on child safety in traffic and in vehicles, several awareness promotional, educational and supportive events were organized in many channels through the year. One of the most notable events was the “Child Safety in Traffic” summit, which was organized in Ankara in cooperation with the Turkish Police Force during Traffic Week. At the summit, which was attended by approximately 250 people, one attendee received a child since 2004 seat as a gift as the winner of a competition during the event. Popular figures of Turkish pop music, including Oğuzhan Koç, Sinan Kaynakçı, founder and lead singer of the band Pinhani, Derya Uluğ, Gripin the band, Emre Aydın and Cem “Social Responsibility Belevi gave their voices to the four key messages of “Traffic is Life!”. These messages were broadcast on Kral FM and Project of the Year” Kral Pop TV to raise awareness about traffic safety. As the Traffic is Life! brand ambassador, Professor Üstün Dökmen award by the Automotive also joined radio shows. Twelve young people who recently got their driver’s licenses and answered the questions Distributors Association correctly were offered safe driving training. The plan is to continue the trainings in 2019. (ADA) In social media, the Facebook Chat Bot application, applied as a social responsibility for the first time offered driver candidates the opportunity to take a test with questions from previous years’ driving test questions approved by the Ministry of Education. Over 150,000 users benefited from the application. As of December 2018, the Facebook account of the Traffic The Traffic is Life! is Life! platform has reached nearly 128,000 followers as regular content sharing continues to provide all segments platform was again ranked of the society with informative / educational benefits. The Traffic is Life! platform started 2018 with an award and among the top 10 projects the jingle project with Nil Karaibrahimgil was recognized as the “Social Responsibility Project of the Year” by the in Capital magazine’s Automotive Distributors Association (ADA). As in 2017, the Traffic is Life! platform was again ranked among the top Best Corporate Social 10 projects in Capital magazine’s best Corporate Social Responsibility survey in 2018. Responsibility survey in 2018. Investor Relations Presentation - DOAS Profile - 2019 | 39
2018 Corporate Sustainability Performances in Doğuş Otomotiv Strategy and Our Business Our People and Our Planet and Management and Economical Community Environmental Development Development Sustainability 10th Year in GRI Reporting First Independent Assurance TRY 1,191.5 million added value to New Performance System Electricity saving of 524,550 Report local economy kWh from recycled car batteries 97% of Volkswagen Training Compliance Committee is More than 40 digital Lab students had the internship which is equal to one month established transformation projects opportunity in Authorized Dealers consumption of 2,230 families. Environmental Risk Models 18 suppliers’ sustainability and Services With waste management included in Risk Management performances included in 43% of new employment is operations 12,776 trees and 255 Information Security Policy is Sustainability Report (7 last year) women thousand tons of CO2 emission is disclosed prevented in 2018. 20 Authorized Dealers and Blue Employment Program in New Materiality Workshop and Services Sustainability Doğuş Oto 54% of packaging wastes are Roadmap is published performances included in recycled and with only paper Young Women Development and carton waste recycling in Sustainability Report Project with TEV 2018, 11,953 trees and with timber 1.36 million vehicle entries to Reverse Mentorship Program recycling 823 trees are saved. Authorized Services in 2018 Top scorer in Istanbul Stock 18,267 m3 water is saved with Digital Cargo System Exchange Enhanced Boards with sustainable packaging waste Value Segmentation Project Women Index management systems (CRM) Careerist from Doğuş (Doğuştan With new centralized automatic Hot Customer Project Meslek Sahibi) Program control system of PC Closing in Dead Time System, 298,000 kWh Data Store Renovation Project Traffic is Life! – Child Safety energy will be saved in 2019 Operator Program in Traffic – 11 Animation Movie watched by 8 million children – 42% of suppliers are audited via Mother and Baby Safety in Traffic documents. Doğuş Otomotiv Volunteers Program Investor Relations Presentation - DOAS Profile - 2019 | 40
Social Media Investor Relations Presentation - DOAS Profile - 2019 | 41
Social Media Volkswagen Volkswagen LCV Audi 3.9 mn followers 1.1 mn followers 1,148,493 Facebook followers Turkey’s 3rd largest locally followed brand page Ranked 1st among LCV in Europe 79,550,265 reach in 2019 Turkey’s 1 largest locally followed automotive brand st 7/24 Customer Service on Facebook 383,120 interactions in 2019 page 6th ranking among Audi globally 2,644,057 user interaction 7/24 Customer Service on Twitter 81,837,858 reach 416,686 Twitter followers The 3rd largest VW brand page 13.4 K Subscriber, 17 mn view 1st brand among all automobile brands on total Whitelist Brand followers 381K + followers First Brand to use Beta Products 9,282 interactions in 2018 The largest brand account in automotive Best Awareness lift in its class 3rd largest Audi account globally The second largest Volkswagen Brand Page (Automotive industry - Bumper Ad) 1,292,106 likes, 16,660 comments 4,758 Youtube subscriptions Amarok: 55.3K followers 2,119,953 views Volkswagen Commercial Vehicle: 20.5K followers 309,963 Instagram followers 47,279,783 reach in 2019 926,582 interactions in 2019 Porsche 3rd largest Audi account globally 357,762 followers 11,858 Linkedin followers The approximate number of posts in a month: 5 The approximate number of likes in a month: 1,400 SEAT First Automotive brand to actively use Linkedin in Turkey The number of video share in 2019: 6 Global SEAT Facebook 5.6 mn followers The number of video views in 2019: 4,014 Engagement: 16,900 Reach: 11,400,000 ŠKODA 102,449 followers The numbers of shares within a week: 4 738,079 followers 42,827 followers Increase in the number of followers in a week: 50 Ranked 4th among all SEAT Twitter accounts. 140,219 followers 2,967 subscriber Ranked 1st among all ŠKODA countries on Instagram 113,059 followers Total view: 589.5 K (2019) Ranked 1st among all SEAT countries on Instagram 14,703 followers 3.5 mn views *All data is as of May 2019 Investor Relations Presentation - DOAS Profile - 2019 | 42
Investor Relations Contacts Müge Yücel, GRCP Head of Investor Relations +90 262 676 90 58 muyucel@dogusotomotiv.com.tr Address: Şekerpınar Mah. Anadolu Cad. No: 22 ve 45, 41420 Çayırova/Kocaeli Turkey Website: www.dogusotomotiv.com.tr E-mail: yatirimciiliskileri@dogusotomotiv.com.tr investorrelations@dogusotomotiv.com.tr Investor Relations Presentation - DOAS Profile - 2019 | 43
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 - DOAS Profile - 2019 | 2
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