Business Review & Business Review & 1Q12 Financial Results1Q12 Financial Results

May  21, 2012 M

www.dyh.com.trwww.dyh.com.tr

Notice

The financial statements are reclassed for presentation purposes, the CMB format is also available through ISE

and DYH websites. The figures related to advertisement, which are not stated in financial statements are based on

management reports and may not be fully consistent with IFRS Figures as there are adjustments in accordancemanagement reports and may not be fully consistent with IFRS Figures, as there are adjustments in accordance

with IAS 39 and IAS 18. The market shares stated in this document are based on the estimates of various sources

which are believed to be reliable and compiled by DYH and are subject to slight revisions in one year period.

This presentation does not constitute an offer or invitation to purchase or subscription for any securities and no part

of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

The information contained in this document has not been independently verified. No representation or warrantyThe information contained in this document has not been independently verified. No representation or warranty

express or implied is made as to and no reliance should be placed on, the accuracy, completeness, correctness or

fairness of the information or opinions contained herein. Neither the company nor any of its affiliates, advisors or

representatives shall have any liability whatsoever (for negligence or otherwise) with respect to any loss howsoever

arising from any use by third parties of this presentation or its contents or otherwise arising in connection with it.

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Agenda

I. 1Q12 Highlights 4II. Publishing 8III. Broadcasting 13IV Other 20IV. Other 20V. Investments & Financing 23VI. Outlook 26VII Fi i l 28VII. Financials 28

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1Q12 Highlights1Q12 Highlights

4

Advertising Market in Turkey

Following 14% growth in 2011, Turkish ad market growth was 4% in 1Q12.

Internet had the highest yoy growth with 16%, while growth in TV segment was 5%.

In 1Q12, finance sector ad spent increased by 30% yoy, which was down by 9% in FY11.Meanwhile, communication sector’s ad spent was down by 18%.

Advertising Market Trend by Quarter (yoy growth)Advertising Market

TL mn YoY TL mn YoY Share1Q12FY11

37%42%

TV 2,236 12% 549 5% 54%

Newspaper 997 8% 206 -1% 20%

Magazine 118 6% 25 10% 2%3%

37%

23% 26%20%

16%9%

13%

4%

Radio 119 12% 26 -7% 3%

Outdoor 360 22% 76 -5% 7%

Cinema 58 13% 14 -1% 1% -20%-25%

-12%

5

Internet 578 39% 128 16% 12%

Total Market 4,467 14% 1,024 4% 100%

25%1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

FY09 ‐14% FY10   +31% FY11 +14%

1Q12 Highlights

Consolidated revenues were up by 21%Doğan Yayın Holding P&L Consolidated Results

Consolidated revenues were up by 21%,with the support of printing & other revenues,mainly led by Star TV, Milliyet and Vatanbecomming 3rd party.

(TL mn) 1Q11 1Q12 YoYConsolidated Revenues 501 607 21%

Advertising 292 293 0%Circulation 65 67 4%

Printing Revenues 13 19 48%

Circulation revenues increased by 4%,thanks to higher cover prices.

Recurring EBITDA (after Star TV, Vatan andMiliyet sale) was at TL54 mn and EBITDA

Other 131 228 74%

EBITDA* 60 54 -9%EBITDA Margin 12% 9%

Miliyet sale) was at TL54 mn and EBITDAmargin was 9%.

Net other operating income was TL139 mn,due to Hurriyet’s asset sale, versus TL 333 mn

Net Profit (Loss)** -337 108 n.m.*As calculated by DYH

**Income attributable to Equity Holders of the Company

TL 01

Consolidated Revenues 1Q12 (TL mn)ynet other expenses in 1Q11, due to taxexpenses set aside through “tax baseincrease” and restructuring of “disputed taxdebts”.

37% 39%

7% 7%

TL501m TL607m

Other

Broadcasting

Net financial income was TL37 mn,stemming from fx gains due to strong TL, vs.net financial expense of TL23 mn. 57% 54%

Broadcasting

Publishing

6

Net profit stood as TL108 mn vs. net loss ofTL337 mn. 1Q11 1Q12

1Q12 Highlights

Higher newsprint prices led to lower publishing margins; newsprint prices averaged at US$808/ton inHigher newsprint prices led to lower publishing margins; newsprint prices averaged at US$808/ton in1Q12, up by 11% yoy. During the same term, TL depreciated by 14%.

Recurring broadcasting EBITDA was TL30 mn, vs. restated TL34 mn in 1Q11 (unadjusted 1Q11EBITDA was TL12 mn). Higher programming expenses led to a contraction in margins in 1Q12, butthis was in line with the budget.

Consolidated EBITDA was TL54 mn, while EBITDA margin was 9%.

Revenue Bridge 1Q11 – 1Q12(TL mn)

EBITDA Bridge 1Q11 – 1Q12(TL mn)

+97

yoy growth 0% 4% 48% 74% 21%

+1 +2 +6

+97

+5

-5-4

-2

501607 60 54

7

1Q11 Advertising Circulation Printing Revenues

Other 1Q12 1Q11 Publish. Broad. Other Elimin. 1Q12

Publishing SegmentPublishing Segment

8

Newspaper Ad Market in Turkey

In 1Q12, newspaper ad market declined by 1%, yoy, this was mainly cut down in ad spendingmainly in real estate sector.

Retail sector continued to support newspaper ad market in 1Q12.

Newspaper Advertising(yoy growth)

Newspaper Ad Market by Sectors 1Q11 vs. 1Q12(yoy growth)

Sectors Share Δ Share YoYRetail 12% +1.6 pp 13%

Real Estate 11% -1.7 pp -14%

A t ti 9% 0 5 4%5%

13%

21%

10%13% 13% 11%

8%Automotive 9% +0.5 pp 4%

Finance 6% +0.1 pp 0%

Communication 4% +0.4 pp 8%

Furniture 3% -0.1 pp -6%17%

5%

-1% -1%

Food 2% +0.9 pp 62%

Beverages 2% -1.2 pp -39%

Cosmetics 1% -0.2 pp -18%

Cleaning Products 0% +0.2 pp 131%

-25%-29%

-17%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

9

Others 48% -0.3 pp -2%

Total 100% -1%

FY09 ‐18% FY10   +13% FY11 +8%

Newspaper & Magazine Circulation

Newspaper Circulation in 1Q12* Total Magazine Circulation in 1Q12 Newspaper Circulation in 1Q12(000 copies daily & change vs. 1Q11)

Total Magazine Circulation in 1Q12 (Units m & yoy growth)

-3% Market DYH -3%

Market DYH

4,685 5.4

1,110

-7%

1.7

-4%

Average daily newspaper circulation in the market

Source: Basin –İlan Source: DPP & Dogan Burda Dergi Yay.

• DYH includes Dogan Burda & Dogan Egmont

Doğan Burda and Doğan Egmont had a total

1Q12 1Q12

g y p pwas down by 3% yoy in 1Q12.

DYH’s circulation share in 1Q12 was 24%.Higher copy prices for Hurriyet and Posta in 1Q12.

ğ ğ gmarket share of 31% in 1Q12.

Dogan Burda increased cover prices of some itsmagazines, in line with the market conditions

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Publishing Segment

Higher newsprint prices continued to putpressure on margins.

Total publishing revenues increased by 17%in 1Q12

Publishing P&L Results(TL mn) 1Q11 1Q12 YoYRevenues 295 346 17%Advertising 150 154 3%

Domestic 107 111 4%I t ti l 42 43 1%in 1Q12.

Domestic ad revenue growth was 4%, vs.1% drop in Turkish newspaper ad market.

TME registered strong online revenue growth

International 42 43 1%Circulation 65 67 4%Printing Revenues 13 19 48%Other Revenues 67 105 56%

EBITDA* 30 25 -18%EBITDA Margin 10% 7%TME registered strong online revenue growth

of 41% yoy, increasing its online revenuesshare in its total revenues to 23% (vs. 16% in1Q11).

EBITDA Margin 10% 7%Net Profit (Loss) -42 154 n.m.*As calculated by DYH; before intersegment eliminations

+38

Revenue Bridge 1Q11 – 1Q12 (TL mn)

Total circulation revenues at TL67 mn,registered growth of 4%, thanks to highercover prices.

Printing and other revenues increased:

+4+2 +6

Printing and other revenues increased:Milliyet and Vatan became 3rd party company,as they continue to procure newsprint, as wellas distribution and printing services.

295346

11

EBITDA margin was down to 7%, due tohigher newsprint prices. 1Q11 Advertising Circulation Printing Other 1Q12

yoy Δ 3% 4% 48% 56% 17%

Publishing Margins

Higher newsprint prices in 1Q12 (averaged at US$808/ton; up by 11% yoy) and weak TL, which led to anincrease in total newsprint costs by 18% yoy.

Increase in other costs mainly stemming from “cost of trade goods sold” as sales to third parties now includeMilliyet and Vatan.

1Q12 Cash Costs Breakdown(TL mn)

1Q12 EBITDA(TL mn)

1Q12 Revenue(TL mn)

TL321m21% EBITDA* EBITDA Margin

+17.2%

118

81

91TL265m

OPEX

21%

13% 10%

7%

EBITDA EBITDA Margin

295346

49 58

49 54

86118

Other costs

Payroll & News production

Newsprint Costs18%

37%

3025

12

1Q11 1Q12

49

1Q11 1Q12 1Q11 1Q12

Broadcasting SegmentBroadcasting Segment

13

TV Ad Market in Turkey

TV ad market continued to grow at around 5% in 1Q12.

Despite lower ad spend in communication sector, increase in advertising budgets of financeand automotive supported the TV ad spend.

TV Advertising(yoy growth)

TV Ad Market by Sectors 1Q11 vs. 1Q12(yoy growth)

Sectors Share Δ Share YoYFood 17% -0.2 pp 4%

Communication 13% -3.0 pp -15%

Fi 10% +3 1 54%

55% 54%

31%% Finance 10% +3.1 pp 54%

Cosmetics 7% -1.0 pp -8%

Furniture 6% -0.3 pp -1%

Automotive 5% +0.3 pp 12%

14%

27%21%

17%

2% 6% 5%

Cleaning Products 5% -0.8 pp -8%

Real Estate 5% +0.1 pp 8%

Beverages 4% +0.1 pp 6%

Retail 3% +0.7 pp 32%

-27% -30%

-19%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

14

Others 25% +0.9 pp 9%

Total 100% 5%FY09 ‐16% FY10   +40% FY11 +12%

Audience Share

According to 1Q12 Kanal D is still the leading channel*According to 1Q12, Kanal D is still the leading channel .

Kanal D – Audience Share (%)Prime Time - Audience Share

FY11 (%)18.2

19.8 21.2 19.8

Prime Time

Audience Share Prime Time

Total Day

FY08 FY09 FY10 FY11

Kanal D 19.8 14.3

DYH Total 19.8 14.3

Show TV 13 2 10 5

14.0 14.115.0 14.3

All Day

Show TV 13.2 10.5

ATV 11.3 9.6

Fox 7.6 8.5

Source: AGB Nielsen Media Research (Total Individual)

Star TV 7.6 7.3

Others 40.6 49.7

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FY08 FY09 FY10 FY11* Based on prevailing market research. Following TIAK’s termination of AGB Nielsen’s contract (previous TV rating provider) in December 2011, TNS will provide TV ratings, but has not initiated ratings yet.

Digital Platform

Attractive demographics and viewing trends

Young population in Turkey and increasing number of households.g p p y g

Average daily TV viewing time of 339 min in Turkey vs. European peer average of 240min.

D-Smart will benefit from the attractive demographics and viewing trends:g p g

Exclusive sports content including Champions League, UEFA League, NBA, Formula 1.

27 HD channels, some are exclusive to D-Smart.

16

Digital Platform

Number of users reached 1 5 million at March end 2012Number of users reached 1.5 million at March-end 2012.

The number of Pay TV subscribers continued to grow: reached 673K by 1Q12-end, up by 59%yoy.

Pay TV Subscribers currently account for 45% of total active usersPay TV Subscribers currently account for 45% of total active users.

1,4391,500Pay TV Subscribers Free-TV Users Total Users

D-Smart Statistics (in thousands)

85270

423607 673

918

1,1121,248

388

833 842 825 832 8270388

2007 2008 2009 2010 2011 1Q12

17

Broadcasting Operations

Ad revenues remained intactAd revenues remained intact.

Total broadcasting revenues increased by

29% yoy, due to the rise in other revenues.

Broadcasting P&L Results(TL mn) 1Q11 1Q12 YoYRevenues 193 248 29%Advertising 143 145 1%Other Revenues 50 103 108%

Broadcasting segment’s other revenues in

1Q12 included sales to Star TV which became

3rd party as of Nov 2011 whereas its 2011

EBITDA* 34 30 -11%EBITDA Margin 18% 12%Net Profit (Loss) -282 -12 n.m.*As calculated by DYH; before intersegment eliminations

3rd party as of Nov 2011, whereas its 2011

operations grouped under discontinued

operations.+54

Revenue Bridge 1Q11 – 1Q12 (TL mn)

Higher revenues from D-Smart also

contributed positively to the broadcasting

revenues 248

+2

revenues.

Recurring EBITDA was TL30 mn, vs.

restated figure of TL34 mn in 1Q11, while

193248

18

EBITDA margin was 12%. 1Q11 Advertising Other 1Q12yoy Δ 29%1% 108%

Broadcasting Margins

In line with the reasoning for the rise in other revenues, cost of trade goods sold item increased from TL5 mnin 1Q11 to TL42 mn in 1Q12. This is mainly led by the cost of sales to Star TV, which became 3rd party in1Q12.

Programming costs were higher in 1Q12, but in line with the budget due the new season programs.Programming costs were higher in 1Q12, but in line with the budget due the new season programs.

Recurring EBITDA was TL30 mn and margin was 12%.

1Q12 Cash Costs Breakdown(TL mn)

1Q12 EBITDA(TL mn)

1Q12 Revenue(TL mn)

TL218 EBITDA* EBITDA Margin

+28.6%

6437

36TL159m

TL218m

OPEX

Other costs

37%

115%

18%12%

EBITDA EBITDA Margin

193248

81 99

111830

Payroll Exp

TV Prog. product.costs

23%

62% 34 30

19

1Q11 1Q12 1Q11 1Q12 1Q11 1Q12

Other SegmentOther Segment

20

Other Operations

Other revenues increased by 7%.

Following the sale of D&R, other revenues

i l d d t l i ( d l ti )

Other P&L Results(TL mn) 1Q11 1Q12 YoYRevenues 42 45 7%Prepaid Card Sales 13 10 -23%Telecom. Serv. 29 35 21%

included telecom services (adsl operations)

and prepaid card sales.

Revenues grew by 7% yoy, despite the

EBITDA* -5 1 n.m.EBITDA Margin -11% 2%Net Profit (Loss) -31.2 14.6 n.m.*As calculated by DYH; before intersegment eliminations

Revenues grew by 7% yoy, despite the

negative contribution of the decline in prepaid

card sales.Revenue Bridge 1Q11 – 1Q12 (TL mn)

+6

EBITDA was TL1 mn, and margin reached

2% in 1Q12, vs. -11% in 1Q11.-3

42 45

21

1Q11 GSM Card Sales Telecom. Serv. 1Q12

Other Segment’s Margins

Thanks to D-Smart’s bundle backages of pay TV and ADSL operations, telecommunication servicesrevenues increased by 21% in 1Q12.

With higher revenues and drop in operating expenses, margins improved EBITDA margin in 1Q11 was -11% levels, compared to 1Q12 EBITDA margin of 2%.11% levels, compared to 1Q12 EBITDA margin of 2%.

TL47m EBITDA* EBITDA Margin

1Q12 Cash Costs Breakdown(TL mn)

1Q12 EBITDA(TL mn)

1Q12 Revenue(TL mn)

42457.3%

16 11

TL47m TL44mOPEX

Cost of Trade Goods Sold

‐30%2%

EBITDA EBITDA Margin

31 33

Goods Sold

7%

-5

1

22

1Q11 1Q12 1Q11 1Q12-11%

1Q11 1Q12

Investments & FinancingInvestments & Financing

23

Net Debt & Investments

in US$ mn in TL mnFY11 1Q12 Δ  vs. FY11 FY11 1Q12 Δ  vs. FY11

Cash & Bank and Mark. Sec. 617 485 ‐21% 1,165 860 ‐26%

S/T Bank Borrowings 392 361 ‐8% 741 640 ‐14%

in US$ mn in TL mn

L/T Bank Borrowings 456 410 ‐10% 861 727 ‐16%

Other Financial Liabilities* 166 166 1% 313 295 ‐6%

Net Debt/(Cash) 397 452 14% 751 802 7%

Tax liability: Dogan Yayın Holding and its affiliates have filed for applications under Law No.6111 in 1H11in relation to “undue and on trial tax liabilities in dispute” amounting to TL5 bn in total, and is required topay TL1 bn Currently total tax liability as of 1Q12 end was TL587 mn (excluding interest) which will be

Tax Liability 359 331 n.m. 679 587 n.m.* Other financial liabilities include supplier loans, leasing credits and loans related to options  

1Q12INVESTMENTS (TL mn)

pay TL1 bn. Currently, total tax liability as of 1Q12-end was TL587 mn (excluding interest), which will bepaid in 12 installments (remaining) until Mar 2014.

Publishing Broadcasting Other TOTAL

Fixed Assets 17,369 33,499 2,006 52,874

Programme Rights 6,740 6,740

24

g g , ,

TOTAL 17,369 40,239 2,006 59,614

Review of FX Risk on Debt & Cash Management

Total Bank Debt as of 1Q12 end Cash as of 1Q12 endTotal Bank Debt as of 1Q12-end US$771 mn (TL1,367 mn)

Cash as of 1Q12-endUS$485 mn (TL860 mn) The cash inflow through

restructuring of assets and capital increase that took place i 2011 ill b d f i82%

98%in 2011 will be used for meeting the needs of cash working capital, acquitting bank credits, and for the payments to be

d ithi th f L18%

TL FX

2%

TL FX

made within the scope of Law No. 6111.

Total Bank debts was US$771mn in 1Q12-end.mn in 1Q12 end.

Bank Debt Payment Schedule*, as of 1Q12-end (US$)

115

361S/T Bank Debt

S/T Portion of L/T Debt

246206

S/T Portion of L/T Debt

25

109 95

2012 2013 2014 2015+

OutlookOutlook

26

Outlook

Ad market growth in 2012 is likely to be around 10%.

Expect print media and broadcasting subsidiaries to maintain their market shares and

project to have similar ad revenue growth.

Better financial structure through cash inflows via asset sales.

Uncertainty on the tax issues is over.

Tax liabilities of TL587 mn (excluding interest) as of 1Q12-end will be paid in 12

installments until March-2014 (already paid 6 installments).installments until March 2014 (already paid 6 installments).

Focusing more on new growth opportunities in internet.

27

FinancialsFinancials

28

1Q12 Results – Key Figures

$

1Q11 1Q12 Δ  YoY 1Q11 1Q12 Δ YoY

REVENUES 319 339 6% 501 607 21%

in US$ mn in TL mn

GROSS PROFIT 96 85 ‐12% 151 152 1%

EBIT1 13 6 ‐54% 20 11 ‐47%

Depreciation & Amortization 21 19 ‐11% 33 34 1%p

EBITDA2 38 30 ‐20% 60 54 ‐9%

NET FINANCIAL INCOME/(EXP.)  ‐15 21 n.m. ‐23 37 n.m.

PROFIT BEFORE TAX 214 104 337 186PROFIT BEFORE TAX ‐214 104 n.m. ‐337 186 n.m.

NET PROFIT FROM DISCONTINUED OPER. ‐30 0 n.m. ‐47 0 n.m.

NET PROFT (After Minority) ‐214 60 n.m. ‐337 108 n.m.

(1) EBIT: Before other operating income and expenses.

(2) EBITDA: Adjusted by net IAS 39 impact.

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Revenues By Segments*

(TL mn) 1Q11 1Q12 Δ YoY

P bli hi 295 346 17%Publishing 295 346 17%Advertising 150 154 3%Circulation 65 67 4%Printing Revenues 13 19 48%Oth R 67 105 56%Other Revenues 67 105 56%Distribution  28 44 57%Other 39 61 56%Broadcasting 193 248 29%Ad ti i 143 145 1%Advertising 143 145 1%Other Revenues 50 103 108%Other Revenues 42 45 7%Cumulative Total 530 639 21%I t t Eli i ti ( ) 29 31 9%Intersegment Eliminations (‐) ‐29 ‐31 9%Total 501 607 21%

* As reported

30

Ad Growth by Segment

(TL mn) 1Q11 1Q12 Δ YoYPublishing 150 153 2%Hurriyet Grup excluding TME 83 85 3%TME 40 41 1%Dogan Gazetecilik 19 20 6%Magazines 5 6 5%DMG International 2 2 5%Other 0 0 n.m.Interseg. Elim. (‐) 0 ‐1 n.m.

Broadcasting 142 139 ‐2%

Doğan TV Radio 139 139 0%

Kanal D Romanya 4 6 29%

Interseg. Elim. (‐) ‐2 ‐5 n.m.

Total Advertising 292 293 0%

Total Combined 293 299 2%

31

Operational Results by Segments*

(TL mn) 1Q11 1Q12 Δ YoYRevenues 501 607 21%Publishing 295 346 17%Broadcasting 193 248 29%Other 42 45 7%Intersegment Eliminations ‐29 ‐31 n.m.gCOGS 350 455 30%Publishing 199 246 24%Broadcasting 132 196 48%Other 31 33 7%Intersegment Eliminations ‐12 ‐20 n.m.Operating Expenses 131 142 8%Publishing 92 100 8%Broadcasting 38 39 3%

* A t d

Other 17 12 ‐30%Intersegment Eliminations ‐16 ‐9 n.m.

32

* As reported

Operational Results by Segments*

(TL mn) 1Q11 1Q12 Δ YoY

EBIT 20 11 ‐47%Publishing 4 1 n mPublishing 4 ‐1 n.m.Broadcasting 23 13 ‐42%Other ‐6 0 n.m.Intersegment Eliminations 0 ‐2 n.m.EBITDA 60 54 ‐9%EBITDA 60 54 9%Publishing 30 25 ‐18%Broadcasting 34 30 ‐11%Other ‐5 1 n.m.Intersegment Eliminations 0 ‐2 n.m.Intersegment Eliminations 0 2 n.m.Consolidated EBIT Margin 4.0% 1.7%Publishing 1.2% ‐0.2%Broadcasting 11.8% 5.3%Other ‐14.7% ‐0.2%Other 14.7% 0.2%Consolidated EBITDA Margin 11.9% 8.9%Publishing 10.2% 7.1%Broadcasting 17.8% 12.2%Other ‐10.8% 2.5%

33* As reported

Other 10.8% 2.5%

EBITDA Reconciliation

(TL mn) 1Q11 1Q12

Operating Profit (EBIT) 20 11

Depreciation & Amortization (+) 46 44

Programme Rights Amortization (‐) ‐13 ‐10g g ( )

Net IAS Impact (+) 6 10

EBITDA 60 54

(1) EBIT: Before other operating income and expenses.

34

For further information

Email : ir@dmg.com.tr

Web Site : www dyh com trWeb Site : www.dyh.com.tr

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