Table of Contents Independent Auditors Report on Review of Condensed Consolidated Interim Financial Information Condensed Consolidated Interim Statement of Financial Position Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income Condensed Consolidated Interim Statement of Changes in Equity Condensed Consolidated Interim Statement of Cash Flows Appendix: Supplementary Information - Convenience Translation to US Dollar
Condensed Consolidated Interim Statement of Financial Position As at ) Notes 31 December 2013 ASSETS Current assets: Cash and cash equivalents 10 1.238.084 1.690.264 Other investments, including derivatives 165 165 Trade receivables 1.689.084 1.499.021 - Due from related parties 20 500.331 446.221 - Due from third parties 1.188.753 1.052.800 Inventories 1.157.714 669.859 Prepayments 57.758 92.154 Other current assets 671.231 304.992 Subtotal 4.814.036 4.256.455 Assets held for sale 15 60.402 131.613 Total current assets 4.874.438 4.388.068 Non-current assets: Trade receivables 112.153 109.301 - Due from related parties -- -- - Due from third parties 112.153 109.301 Other investments, including derivatives 95.553 78.423 Investments in equity-accounted investees 13 7.613.014 6.813.426 Investment property 14 4.104.218 2.421.750 Property and equipment 11 5.181.003 4.465.299 Intangible assets and goodwill 12 1.685.749 1.644.144 - Goodwill 735.006 754.833 - Intangible assets 950.743 889.311 Prepayments 59.877 287.806 Deferred tax assets 16 270.299 264.141 Other non-current assets 371.985 276.556 Total non-current assets 19.493.851 16.360.846 TOTAL ASSETS 24.368.289 20.748.914 The accompanying notes are an integral part of these condensed consolidated interim financial statements. 1
Condensed Consolidated Interim Statement of Financial Position As at (continued) ) LIABILITIES Notes 31 December 2013 Current liabilities: Short term loans and borrowings 18 1.649.438 818.247 Short term portion of long term loans and borrowings 18 1.159.853 731.490 Other financial liabilities 20.002 59.124 Trade payables 919.558 680.484 - Due to related parties 38.239 39.287 - Due to third parties 881.319 641.197 Current tax liabilities 16 11.572 807 Provisions 106.214 110.692 - Employee benefits 23.762 22.369 - Other provisions 82.452 88.323 Other current liabilities 409.099 354.411 Total current liabilities 4.275.736 2.755.255 Non-current liabilities: Loans and borrowings 18 7.936.566 6.451.142 Other financial liabilities 11.898 13.184 Trade payables 9.289 7.616 - Due to related parties -- -- - Due to third parties 9.289 7.616 Provisions 93.378 83.787 - Employee benefits 65.190 56.337 - Other provisions 28.188 27.450 Deferred tax liabilities 16 259.673 195.346 Other non-current liabilities 396.097 170.586 Total non-current liabilities 8.706.901 6.921.661 TOTAL LIABILITIES 12.982.637 9.676.916 EQUITY Equity attributable to owners of the Company: Share capital 856.027 856.027 Adjustments to share capital 1.510.464 1.510.464 Capital stock held by subsidiaries (-) (94.531) (94.531) Share premium 167.384 167.384 Other comprehensive income items that will never be classified to profit or loss 1.278.838 1.317.034 Other comprehensive income items that are or may be classified to profit or loss 104.990 (36.414) Restricted reserves 3.275.341 3.358.734 Retained earnings 3.381.499 3.363.749 Profit for the period / year 315.635 143.555 Total equity attributable to owners of the Company 17 10.795.647 10.586.002 Non-controlling interests: Şahenk family 159.707 93.864 Other 430.298 392.132 Total non-controlling interests 17 590.005 485.996 TOTAL EQUITY 11.385.652 11.071.998 TOTAL EQUITY AND LIABILITIES 24.368.289 20.748.914 The accompanying notes are an integral part of these condensed consolidated interim financial statements. 2
Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income For the Six-Month Period Ended ) PROFIT OR LOSS Notes Six-month Three-month Six-month Three-month Revenue 4.431.423 2.559.036 3.870.893 2.155.876 Cost of sales (-) (3.907.759) (2.199.662) (3.355.561) (1.872.853) Gross profit 523.664 359.374 515.332 283.023 Administrative expenses (-) 7 (440.652) (193.477) (369.292) (186.875) Selling, marketing and distribution expenses (-) 7 (169.139) (95.387) (139.923) (79.469) Other operating income 181.932 50.186 95.449 63.712 Other operating expenses (-) (79.790) (42.773) (78.511) (32.472) Share of profit of equity-accounted investees 13 469.558 258.875 492.514 199.490 Operating profit 485.573 336.798 515.569 247.409 Gains from investing activities 4.914 2.277 5.379 3.804 Losses from investing activities (-) (3.523) (364) (818) (253) Profit before net finance cost 486.964 338.711 520.130 250.960 Finance income 8 156.631 51.595 26.218 12.631 Finance cost (-) 9 (262.020) 38.962 (413.230) (305.028) Profit / (loss) before tax 381.575 429.268 133.118 (41.437) Tax benefit / (expense) - Current tax expense 16 (20.155) (12.576) (37.912) (13.049) - Deferred tax (expense) / benefit 16 (17.577) (55.318) 58.066 20.106 Profit / (loss) for the period 343.843 361.374 153.272 (34.380) Profit / (loss) attributable to: Non-controlling interests 17 28.208 23.751 45.842 22.711 - Şahenk family 16.184 13.012 10.940 9.135 - Other 12.024 10.739 34.902 13.576 Owners of the Company 315.635 337.623 107.430 (57.091) 343.843 361.374 153.272 (34.380) Earnings / (loss) per share (Full TL) 0,37 0,39 0,13 (0,07) The accompanying notes are an integral part of these condensed consolidated interim financial statements. 3
Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income For the Six-Month Period Ended (continued) ) Notes Six-month Three-month Six-month Three-month OTHER COMPREHENSIVE INCOME Items that will not be reclassified to profit or loss: (9.458) (6.761) (1.666) (497) Remeasurements of defined benefit liability (9.476) (1.025) (2.083) (622) Tax on items that will not be reclassified to profit or loss: - Deferred tax 1.896 206 417 125 Other comprehensive income from equity accounted investees, net of tax 13 (1.878) (5.942) -- -- Items that are or may be reclassified to profit or loss: 147.734 107.952 (305.390) (220.164) Foreign currency translation differences for foreign operations (8.378) (26.064) 2.661 31.423 Changes in fair value of available for sale financial assets (1) -- (509) (509) Effective portion of changes in fair value of cash flow hedges (14.045) 1.231 -- -- Net investment hedge for foreign operations 17 10.054 26.127 -- -- Tax on items that are or may be reclassified to profit or loss: - Current tax (2.011) (5.226) -- -- - Deferred tax 2.809 (246) -- -- Other comprehensive income from equity accounted investees, net of tax 13 159.306 112.130 (307.542) (251.078) OTHER COMPREHENSIVE INCOME 138.276 101.191 (307.056) (220.661) TOTAL COMPREHENSIVE INCOME 482.119 462.565 (153.784) (255.041) Total comprehensive income attributable to: Non-controlling interests 29.858 23.926 45.287 22.735 - Şahenk Family 19.888 13.139 10.690 9.094 - Other 9.970 10.787 34.597 13.641 Owners of the Company 452.261 438.639 (199.071) (277.776) 482.119 462.565 (153.784) (255.041) The accompanying notes are an integral part of these condensed consolidated interim financial statements. 4
Condensed Consolidated Interim Statement of Changes in Equity For the Six-Month Period Ended ) Paid-in capital Adjustment to share capital Capital stock held by subsidiaries Share premium Other comprehensive income that will never be classified to profit or loss Revaluation surplus Remeasurements of defined benefit liability Other comprehensive income that are or may be classified to profit or loss Retained earnings Translation reserve Fair value reserve for available for sale financial assets Hedging reserve Restricted reserves Retained earnings Net profit/ (loss) for the period Total equity attributable to owners of the Company Balances at 1 January 2013, as previously reported 2.055.292 -- (94.531) 159.350 1.101.531 -- 34.049 247.066 (5.571) 359.467 6.200.573 744.003 10.801.229 397.679 11.198.908 Reclassification, note 3 (1.199.265) 1.510.464 -- 8.034 -- -- 13.263 -- (13.263) 2.865.804 (3.185.037) -- -- -- -- Balances at 1 January 2013 856.027 1.510.464 (94.531) 167.384 1.101.531 -- 47.312 247.066 (18.834) 3.225.271 3.015.536 744.003 10.801.229 397.679 11.198.908 Total comprehensive income -- -- -- -- (6.657) (1.429) 5.718 (314.743) 2.784 194 7.632 107.430 (199.071) 45.287 (153.784) Dividends paid -- -- -- -- -- -- -- -- -- -- (162.693) -- (162.693) (66.660) (229.353) Change in non-controlling interests in consolidated subsidiaries without a change in control -- -- -- -- -- -- -- -- -- -- 15.174 -- 15.174 9.378 24.552 Acquisition of non-controlling interests through business combinations -- -- -- -- -- -- -- -- -- -- -- -- -- 42.319 42.319 Transfers -- -- -- -- -- -- -- -- -- 113.477 630.526 (744.003) -- -- -- Noncontrolling interests Total equity Balances at 856.027 1.510.464 (94.531) 167.384 1.094.874 (1.429) 53.030 (67.677) (16.050) 3.338.942 3.506.175 107.430 10.454.639 428.003 10.882.642 Balances at 1 January 2014 856.027 1.510.464 (94.531) 167.384 1.319.253 (2.219) 218.170 (125.033) (129.551) 3.358.734 3.363.749 143.555 10.586.002 485.996 11.071.998 Total comprehensive income -- -- -- -- (10.234) (5.527) 23.120 119.532 (1.318) (72) 11.125 315.635 452.261 29.858 482.119 Dividends paid -- -- -- -- -- -- -- -- -- (117.627) (113.197) -- (230.824) (56.145) (286.969) Change in non-controlling interests in consolidated subsidiaries without a change in control -- -- -- -- 3.327 -- 19 -- 51 -- (15.189) -- (11.792) 39.971 28.179 Acquisition of non-controlling interests through business combinations (Note 6) -- -- -- -- -- -- -- -- -- -- -- -- -- 24.814 24.814 Sale of shares of subsidiary -- -- -- -- (25.762) -- -- -- -- (1.034) 26.796 -- -- (470) (470) Capital injection and and establishment of subsidiary -- -- -- -- -- -- -- -- -- -- -- -- -- 65.981 65.981 Transfers -- -- -- -- -- -- -- -- -- 35.340 108.215 (143.555) -- -- -- Balances at 856.027 1.510.464 (94.531) 167.384 1.286.584 (7.746) 241.309 (5.501) (130.818) 3.275.341 3.381.499 315.635 10.795.647 590.005 11.385.652 The accompanying notes are an integral part of these condensed consolidated interim financial statements. 5
Condensed Consolidated Interim Statement of Cash Flows For the Six-Month Period Ended ) Notes A. Cash flows from operating activities Profit for the period 343.843 153.272 Adjustments for Depreciation and amortisation 5 132.675 110.413 Impairment loss and (reversal) on property and equipment and intangible assets 5 (14) 4.809 Provision for and reversal of employee severance indemnity, net 5 7.461 13.253 Provision for doubtful receivables 5 8.214 6.262 Warranty provision 5 18.815 36.621 Dealer premium provision 5 7.611 7.315 Other provisions 4.102 -- Interest expense 5 (5.594) (3.359) Fair value change in investment property 14 (82.631) -- Tax income 16 37.732 (20.154) Share of profit of equity accounted investees 13 (469.558) (492.514) Loss on sale of subsidiaries 2.719 -- Bargain purchase gain recognised on acquisition (18.311) (21.029) Gain on sales of property and equipment (4.036) (4.561) Foreign currency differences of loans and borrowings, net (116.691) 83.783 Foreign currency differences of cash and cash equivalents, net 16.297 (167.141) Change in working capital Change in trade receivables (198.984) (313.587) Change in inventories (486.232) (413.754) Change in trade payables 220.943 413.035 Change in other assets and liabilities (23.129) 136.747 Cash flows from operations Dividends received from equity accounted investees 13 112.122 154.808 Contribution to share capital increase of equity accounted investees 13 (61.754) (59.151) Purchase of equity accounted investees 13 (119.391) (15.154) Employee severance indemnity paid (3.694) (5.761) Warranty expense paid (23.463) (32.093) Recoveries from doubtful receivables 5 1.895 2.491 Taxes paid 16.2 (11.401) (34.767) Proceeds from sale of investment property 2.287 -- Acquisition of investment property 14 (1.588.402) (48.552) Cash flows used in operating activities (2.296.569) (508.768) B. Cash flows from investing activities Proceeds from sales of subsidiaries 77.397 -- Acquisition of subsidiaries 6 (99.479) (52.885) Change in non-controlling interests in consolidated subsidiaries without a change in control (102.709) (57.282) Acquisition of property and equipment and intangible assets (715.577) (347.962) Proceeds from sale of property and equipment and intangible assets 18.172 28.040 Cash flows used in investing activities (822.196) (430.089) C. Cash flows from financing activities Change in loans and borrowings, net 2.852.224 871.118 Dividends paid (169.342) (162.693) Cash flows from financing activities 2.682.882 708.425 Net decrease in cash and cash equivalents before the effects of foreign currency differences (A+B+C) (435.883) (230.432) D. Effects of foreign currency differences on cash and cash equivalents (16.297) 167.141 Net increase / (decrease) in cash and cash equivalents (A+B+C+D) E. Cash and cash equivalents at 1 January 10 1.690.264 1.493.116 Cash and cash equivalents at 30 June (A+B+C+D+E) 10 1.238.084 1.429.825 The accompanying notes are an integral part of these condensed consolidated interim financial statements. 6
) Notes to the condensed consolidated interim financial statements Notes Description Pages 1 Reporting entity 8 2 Basis of preparation 23 3 Significant accounting policies 24 4 Financial risk management 25 5 Segment information 28 6 Acquisitions of subsidiaries 35 7 Administrative, selling, marketing and distribution expenses expenses 38 8 Finance income 39 9 Finance cost 39 10 Cash and cash equivalents 39 11 Property and equipment 40 12 Intangible assets and goodwill 41 13 Investments in equity-accounted investees 44 14 Investment property 48 15 Assets held for sale 49 16 Taxation 50 17 Capital and reserves 52 18 Loans and borrowings 54 19 Commitments and contingencies 56 20 Related party disclosures 57 21 Group enterprises 59 22 Significant events 60 23 Subsequent events 60 Appendix: Supplementary information 7
1 Reporting entity Doğuş Holding Anonim Şirketi ( Doğuş Holding or the Company ) was established in 1975 to invest in and coordinate the activities of companies operating in different industries, including banking and finance, automotive, construction, tourism, media, real estate, energy and entertainment and is registered in. Doğuş Holding is owned and managed by the members of Şahenk Family. As at, the principal shareholders and their respective shareholding rates in Doğuş Holding are stated in note 17. The address of the registered office of Doğuş Holding is as follows: Maslak Ayazağa Caddesi, No: 2 34396 Sarıyer / İstanbul- As at, Doğuş Holding has 142 (31 December 2013: 131) subsidiaries ( the Subsidiaries ), 77 (31 December 2013: 76) joint ventures ( the Joint Ventures ) and 14 (31 December 2013: 14) associates ( the Associates ) (referred to as the Group or Doğuş Group herein and after). The condensed consolidated interim financial statements of Doğuş Group as at and for the six-month comprise Doğuş Holding and its subsidiaries and the Group s interest in associates and joint arrangements. As explained in more detail in this note, Doğuş Holding holds controlling interest directly or indirectly via other companies owned and/or exercising the control over the voting rights of the shares held by the members of Şahenk Family, in all its subsidiaries included in the Group. The Group operates partnerships and has distribution, management and franchise agreements with internationally recognised brand names, such as Banco Bilbao Vizcaya Argentaria S.A. ( BBVA ), Volkswagen AG, Volkswagen Financial Services AG, Audi AG, Porsche AG, Bentley Motors Limited, Seat SA, Scania CV AB, Fahrzeugwerk Bernard Krone GmbH, F.X. Meiller Fahrzeug&Maschinenfabrik-GMBH&Co KG, Automobili Lamborghini S.p.A., Thermo King, Hyatt International Ltd., HMS International Hotel GMBH, Emporio Armani, Guccio Gucci Spa, Loro Piana, Hublot, Arnold&Son S.A., Porsche Design, Capritouch, Armani Jeans, Giorgio Armani, Armani Junior, Bell and Ross, Create and Barel, M Missoni, HYT, Döttling, CNBC, Condé Nast New Markets Eeurope/Africa NC ( Vogue ), National Geographic Society ( NG- NG Kids ), Curtco Robb Media LLC ( Robb Report ), NBC News Digital LLC ( Ntvmsnbc ), Armani Ristorante, Armani Caffe, Toms Deli, Tom Aikens Restaurant, Tom s Kitchen, Kitchenette, Zuma, Roka, Mezzaluna, Mezzaluna Express, Coya, Oblix and La Petite Maison. As explained in more detail in note 5, The Group is organised mainly in under six core segments: Banking and finance Construction Automotive Tourism Media Others 8
1 Reporting entity (continued) The subsidiaries, the joint ventures, joint operations and the associates included in the consolidation scope of Doğuş Holding, their country of incorporation, nature of business and their respective operating segments are as follows: 1.1 Entities in banking and finance segment Below entities are first consolidated under Türkiye Garanti Bankası A.Ş. ( Garanti Bank ); then equity-accounted under the Group in accordance with IFRS 11 Joint Arrangements. Joint ventures Nature of business Country of incorporation Domenia Credit IFN S.A. ( Domenia ) Mortgage Romania G Netherlands B.V. ( G Netherlands ) Finance The Netherlands Garanti Bank Banking Garanti Bank International NV ( GBI ) Banking The Netherlands Garanti Bank Moscow ( GB Moscow ) Banking Russia Garanti Bank S.A. Banking Romania Garanti Bilişim Teknolojisi ve Ticaret A.Ş. ( Garanti Bilişim ) (1) IT services Garanti Diversified Payment Rights Finance Company ( Garanti DPR ) Special purpose entity for securitisation transaction Garanti Emeklilik ve Hayat A.Ş. ( GEHAŞ ) Life insurance Garanti Faktoring Hizmetleri A.Ş. ( Garanti Faktoring ) Factoring Garanti Filo Yönetimi Hizmetleri A.Ş. ( Garanti Filo ) (1) Fleet management Garanti Finansal Kiralama A.Ş. ( Garanti Leasing ) Leasing Garanti Hizmet Yönetimi Organizasyon ve Danışmanlık A.Ş. ( Garanti Hizmet ) (2) Service activities for fund management and operations Garanti Holding B.V. Holding company The Netherlands Garanti Konut Finansmanı Danışmanlık Hizmetleri A.Ş. Mortgage marketing ( Garanti Konut ) (2) Garanti Kültür A.Ş. ( Garanti Kültür ) (2) Cultural activities Garanti Ödeme Sistemleri A.Ş. ( GÖSAŞ ) (2) Credit card operational services Garanti Portföy Yönetimi A.Ş. ( Garanti Portföy ) Fund management Garanti Yatırım Menkul Kıymetler A.Ş. ( Garanti Yatırım ) Brokerage and investment banking Garanti Yatırım Ortaklığı A.Ş. ( Garanti Yatırım Ortaklığı ) Portfolio management Golden Clover Stichting Custody (2) Settlement and custody The Netherlands Motoractive IFN S.A. ( Motoractive ) Leasing Romania Ralfi IFN S.A. ( Ralfi ) Consumer finance Romania RPV Company Special purpose entity for securitisation transaction Stichting Safekeeping (2) Settlement and custody The Netherlands Trifoi Real Estate Company (2) Real estate investment Romania United Custodian (2) Settlement and custody The Netherlands (1) These companies are subsidiaries of Garanti Bank and are operating in businesses other than banking and/or finance. They are included within the banking and finance segment for the purposes of Doğuş Holding s consolidated financial statements since Garanti Bank owns their controlling interests. (2) These companies are not consolidated in the accompanying consolidated financial statements as they do not currently have material operations compared to the consolidated performance of the Group. 9
1 Reporting entity (continued) 1.2 Entities in construction segment Below entities are first consolidated under Doğuş İnşaat ve Ticaret A.Ş. ( Doğuş İnşaat ); then consolidated under the Group. Subsidiaries Nature of business Country of incorporation Ayson Geoteknik ve Deniz İnşaat A.Ş. ( Ayson ) Drilling Ayson Sondaj Limited Ukraine ( Ayson Sondaj ) A non-operating company Ukraine Dogus Construction LLC Construction Qatar Doğus Maroc SARL Construction Morocco Doğuş EOOD Construction Bulgaria Doğuş İnşaat Construction Doğuş İnşaat Limited (Ukraine) ( Doğuş İnşaat Limited ) Construction Ukraine Dogus Oman LLC Construction Oman Teknik Mühendislik ve Müşavirlik A.Ş. ( Teknik Mühendislik ) Civil engineering Joint operations Nature of business Country of incorporation Doğuş Alarko YDA İnşaat ( Doğuş Alarko ) Construction Doğuş Polat Adi Ortaklığı ( Doğuş Polat ) Construction Doğuş YDA Adi Ortaklığı ( Doğuş YDA ) Construction Gülermak-Doğuş Adi Ortaklığı ( Gülermak Doğuş ) Construction Kazakhistan Joint Venture ( Doğuş Prestige ) Construction Kazakhistan Yapı Merkezi-Doğuş-Yüksel-Yenigün-Belen Adi Ortaklığı ( YMDYYB ) Construction 1.3 Entities in automotive segment Below entities are first consolidated under Doğuş Otomotiv Servis ve Ticaret A.Ş. ( DOAŞ ); then consolidated under the Group. Country of incorporation Subsidiaries Nature of business DOAŞ Automotive distribution Doğuş Auto Mısır JS A non-operating company Egypt Doğuş Auto Mısır LLC A non-operating company Egypt D-Auto Suisse SA Automotive retail Switzerland Doğuş Oto Pazarlama ve Ticaret A.Ş. ( Doğuş Oto ) Automotive retail D-Auto Limited Liability Company ( Doğuş Auto Iraq ) Automotive retail Iraq Doğuş Sigorta Aracılık Hizmetleri A.Ş. ( Doğuş Sigorta ) Insurance agency Joint ventures Nature of business Country of incorporation Krone-Doğuş Treyler Sanayi ve Ticaret A.Ş. ( Krone Doğuş ) Production Meiller Doğuş Damper Sanayi ve Ticaret Limited Şirketi Production ( Meiller Doğuş ) TÜVTURK Kuzey Taşıt Muayene İstasyonları Yapım ve Vehicle inspection station İşletim A.Ş. ( TÜVTURK Kuzey ) TÜVTURK Güney Taşıt Muayene İstasyonları Yapım ve İşletim A.Ş. ( TÜVTURK Güney ) Vehicle inspection station TÜVTURK İstanbul Taşıt Muayene İstasyonları Yapım ve Vehicle inspection station İşletim A.Ş. ( TÜVTURK İstanbul ) TÜV SÜD Doğuş Ekspertiz ve Danışmanlık Hizmetleri Limited Şirketi ( TÜV SUD Doğuş Ekspertiz ) Valuation services 10
1 Reporting entity (continued) 1.3 Entities in automotive segment (continued) Associates Nature of business Country of incorporation Leaseplan Otomotiv Servis ve Ticaret A.Ş. ( Leaseplan ) Operational leasing LPD Holding A.Ş. ( LPD Holding ) Operational leasing VDF Faktoring Hizmetleri A.Ş. ( VDF Faktoring ) Factoring VDF Sigorta Aracılık Hizmetleri A.Ş. ( VDF Sigorta ) Agency/brokerage VDF Servis Holding A.Ş. ( VDF Servis Holding ) Holding company Volkswagen Doğuş Finansman A.Ş. ( VDF Tüketici ) Consumer finance Yüce Auto A.Ş. ( Yüce Auto ) Automotive distribution 1.4 Entities in tourism segment Subsidiaries Nature of business Country of incorporation Alantur Turizm ve Ticaret A.Ş. ( Alantur ) Hospitality Antur Turizm A.Ş. ( Antur ) Hospitality and travel agency Anadolu Göcek Marina Turizm Yatırımları A.Ş. Marina operation ( D Marin Göcek ) Arena Otel Lokanta ve Eğlence Yerleri İşletmeciliği ve Hospitality and cafe Turizm Yatırım A.Ş. ( Arena ) (formerly, named as Arena Giyim Sanayi ve Ticaret A.Ş.) Argos Turizm Yatırım ve Ticaret A.Ş. ( Argos in Hotel management Cappadocia ) BMK Turizm ve Otelcilik Hizmetleri A.Ş. ( BMK ) Hotel management D Otel Göcek Turizm Yatırımları ve İşletmeciliği A.Ş. Hospitality ( D Otel Göcek ) D Otel Marmaris Turizm İşletmeciliği Ticaret ve Sanayi Hospitality A.Ş. ( D Otel ) D Saat ve Mücevherat Ticaret A.Ş. ( D Saat ) Retail and distribution of luxury watches Dogus Avenue BV ( Doğuş Avenue BV ) Investments company The Netherlands Doğuş Avenue Dış Ticaret ( Doğuş Avenue ) Retail Dogus Avenue Holding Coop U.A. ( Doğuş Avenue Coop ) Investments company The Netherlands Dogus Avenue LLC ( Dogus Avenue LLC ) Retail services Russia Doğuş Dalaman Marina İşletmeciliği Turizm Ticaret A.Ş. A non-operating company ( Doğuş Dalaman ) (1) Doğuş Didim Marina İşletmeleri ve Ticaret A.Ş. Marina operation ( Doğuş Didim ) Doğuş Hoteli d.o.o. ( Doğuş Hoteli ) Hotel management Croatia Doğuş Montenegro Investments Holding Coöperatief U.A. Investments company The Netherlands Doğuş Montenegro Investments Holding B.V. Investments company The Netherlands Doğuş Marina Hoteli d.o.o. ( Doğuş Marina Hoteli ) Hotel management Croatia Dogus Marine Croatia d.o.o. ( Doğuş Marine ) Investments company Croatia D Marina İşletmeciliği Turizm ve Yönetim Hizmetleri A.Ş. Marina management ( D Marina ) D Marine Investments Holding Coöperatief U.A. Investments company The Netherlands D Marine Investments Holding B.V. Investments company The Netherlands Doğuş Hoteli Sibenik d.o.o. ( Doğuş Hoteli Sibenik ) A non-operating company Croatia Doğuş Razvitak I Upravljanje d.o.o. ( Doğuş Razvitak ) Marina management Croatia Doğuş Otel İşletmeciliği ve Yönetim Hizmetleri A.Ş. ( Doğuş Otel İşletmeciliği ) Hospitality 11
1 Reporting entity (continued) 1.4 Entities in tourism segment (continued) Subsidiaries Nature of business Country of incorporation Doğuş Otel Yatırımları ve Turizm İşletme A.Ş. ( Doğuş Holding company Otel ) (formerly, named as Karadeniz Otel Yatırımları ve Turizm İşletme A.Ş.) Doğuş Perakende Satış, Giyim ve Aksesuar Ticaret A.Ş. Retail services ( Doğuş Perakende ) Doğuş Turgutreis Marina İşletmeciliği Turizm ve Ticaret A.Ş. Marina operation ( Doğuş Turgutreis ) Dogus Upravljanje d.o.o ( Sibenik Upravljanje ) Marina operation Croatia Garanti Turizm Yatırım ve İşletme A.Ş. ( Garanti Turizm ) Hospitality Göktrans Turizm ve Ticaret A.Ş. ( Göktrans Turizm ) Hospitality Marina Borik d.o.o ( Marina Borik ) Marina operation Croatia Marina Dalmacija d.o.o ( Marina Dalmacija ) Marina operation Croatia Marina Sibenik d.o.o. ( Marina Sibenik ) Marina operation Croatia MK Holding A.Ş. ( MK Holding ) Hotel management Şahintur Şahinler Otelcilik Turizm Yatırım İşletmeciliği A non-operating company A.Ş. ( Şahintur ) Villa Dubrovnik d.d. Hotel management Croatia Voyager Mediterranean Turizm Endüstrisi ve Ticareti Hospitality A.Ş. ( Voyager ) Joint ventures Nature of business Country of incorporation Acropolis S.P.A Hospitality Italy Gouvia Marina S.A. Marina operation Greece Lamda Dogus Holding and Development of Marinas S.A. Marina management Greece ( Lamda Dogus ) Lamda Flisvos Holding ( Lamda Flisvos ) Marina management Greece Lamda Flisvos Marina ( Lamda Marina ) Marina operation Greece Lefkas Marina S.A. Marina operation Greece K&G Medmarinas Management S.A. Marina management Greece Zea Marina S.A. Marina operation Greece (1) Doğuş Dalaman was established to build and operate yachting marina in seaside resort towns in Mediterranean coasts of. However, Doğuş Dalaman has not yet started its operations and accordingly was noted as non-operating. 1.5 Entities in media segment Subsidiaries Nature of business Country of incorporation A Yapım Televizyon Programcılık A.Ş. ( A Yapım ) Media Doğuş Media Group GmbH ( Doğuş Media ) Media Germany Doğuş Video ve Dijital Yayıncılık A.Ş. ( Doğuş Video ) Producing social websites and digital games Doğuş Yayın Grubu A.Ş. ( Doğuş Yayın Grubu ) Media Enformasyon Reklamcılık ve Filmcilik Sanayi ve Ticaret A.Ş. Media ( Enformasyon ) E Elektronik Bahis Oyunları A.Ş. ( E Elektronik ) Lottery HD Yayıncılık ve Medya Hizmetleri A.Ş. Media ( HD Yayıncılık ) Işıl Televizyon Yayıncılık A.Ş. ( Star TV ) Media Kral Pop Avrupa Radyo ve Televizyon Yayıncılığı A.Ş. ( Kral Pop Avrupa ) Media 12
1 Reporting entity (continued) 1.5 Entities in media segment (contiuned) Subsidiaries Nature of business Country of incorporation Kral TV Radyo ve Televizyon Yayıncılığı A.Ş. Media ( Kral TV Radyo ) Kral Pop Medya Hizmetleri A.Ş. ( Kral Pop ) Media NTV Batı Medya Hizmetleri A.Ş. ( NTV Batı ) Media NTV Radyo ve Televizyon Yayıncılığı A.Ş. ( NTV Radyo ) Media Sportif Radyo ve Televizyon Yayıncılık A.Ş. ( Sportif Radyo ) Media Star Avrupa Radyo ve Televizyon Yayıncılığı A.Ş. ( Star Media Avrupa ) Uydu Dijital İnternet Teknolojileri A.Ş. ( Uydu Dijital ) Media Yonca Radyo ve TV Yayıncılık A.Ş. ( Yonca Radyo ) Media Associates Nature of business Country of incorporation Enmoda E Alışveriş ve Ticaret A.Ş. ( Enmoda ) Online shopping World Wide Entertainment Medya Ticaret A.Ş. ( World Wide ) Media 1.6 Entities in other segment Country of Subsidiaries Nature of business incorporation Ad Yiyecek İçecek Ticari Sanayi A.Ş. ( AD Yiyecek ) Restaurant establishment Afiyet Olsun Turizm İşletmeleri A.Ş. ( Afiyet Olsun ) Restaurant establishment A.L.E. Gıda Turizm ve Ticaret A.Ş. ( A.L.E. Gıda ) Restaurant establishment Alperen Gayrimenkul Yatırım ve İşletme A.Ş. ( Alperen ) Real estate development Altınhan Turizm ve Ticaret A.Ş. ( Altınhan ) Restaurant establishment Aresta Gıda Ticaret ve Sanayi A.Ş. ( Aresta ) Restaurant establishment Bal Turizm ve Gıda Pazarlama A.Ş. ( Bal Turizm ) Restaurant establishment Başkent Yiyecek İçecek A.Ş. ( Başkent ) Restaurant establishment Büke Turizm ve Lokantacılık Ticaret A.Ş. ( Büke Turizm ) Restaurant establishment D Eğlence Bar Restoran İşletmeciliği ve Yatırım A.Ş. ( D Establishment and Eğlence ) management of restaurants and cafes D Enerji Üretim ve Yatırım A.Ş. ( D Enerji ) Energy D Et ve Et Ürünleri Gıda Pazarlama Ticaret A.Ş.( D Et ) Establishment and management of restaurants and cafes D Otel Bodrum Sağlıklı Yaşam Hizmetleri Ticaret A.Ş. ( D Otel Healthcare counseling and Bodrum) Hospitality D Koruma ve Güvenlik Hizmetleri A.Ş. ( D Koruma ) Security and protection activities Dafne Yayıncılık Turizm ve Gıda Pazarlama Ticaret A.Ş. Restaurant and catering ( Dafne Yayıncılık ) Darüşşafaka Sportif Yatırımlar ve Ticaret A.Ş. Sports activities ( Darüşşafaka Sportif ) Doğuş Araştırma Geliştirme ve Müşavirlik Hizmetleri Investing A.Ş. ( Doğuş Arge ) Doğuş Bilgi İşlem ve Teknoloji Hizmetleri A.Ş. Software development ( Doğuş Bilgi İşlem ) Doğuş Cennet Koyu Sağlıklı Yaşam Hizmetleri Ticaret A.Ş. A non-operating company ( Doğuş Cennet Koyu ) Doğuş Enerji Toptan Elektrik Ticaret A.Ş. Purchasing and selling of ( Doğuş Enerji Toptan ) electricity Doğuş Enerji Üretim ve Ticaret A.Ş. ( Doğuş Enerji ) Electricity generation Doğuş Finance Ukraine A non-operating company Ukraine Doğuş Gayrimenkul Yatırım ve İşletme A.Ş. Real estate development ( Doğuş Gayrimenkul ) 13
1 Reporting entity (continued) 1.6 Entities in other segment (continued) Subsidiaries Nature of business Country of incorporation Doğuş Gayrimenkul Yatırım Ortaklığı A.Ş. ( Doğuş GYO ) Real estate investment fund Doğuş International Limited ( Doğuş International ) Construction equipment United Kingdom Dogus Management Services Limited ( Dogus Management ) Business and financial U.A.E. investments Doğuş Nakliyat ve Ticaret A.Ş. ( Doğuş Nakliyat ) A non-operating company Doğuş SA A non-operating company Switzerland Doğuş Sağlıklı Yaşam ve Danışmanlık Hizmetleri Healthcare counseling Ticaret A.Ş. ( Doğuş Sağlıklı Yaşam ) Doğuş Spor Kompleksi Yatırım ve İşletme A.Ş. ( Doğuş Spor ) Sports activities Doğuş Sportif Faaliyetler A.Ş. ( Doğuş Sportif ) Sports activities Doğuş Tarımsal Projeler Araştırma Geliştirme A.Ş. ( Doğuş Agricultural research and Tarım ) development activities Doğuş Telekomünikasyon Hizmetleri A.Ş. ( Doğuş Telekom ) A non-operating company Doğuş Turizm Sağlık Yatırımları ve İşletmeciliği Real estate development Sanayi ve Ticaret A.Ş. ( Doğuş Turizm ) Doğuş Varlık Kiralama A.Ş. ( Doğuş Varlık ) Real estate development Doğuş Yeni İnternet Reklam Pazarlama ve Turizm Hizmetleri Online marketing and A.Ş. ( Doğuş Yeni ) advertising Doors Akademi Eğitim ve Danışmanlık Hizmetleri A.Ş. Academy ( Doors Akademi ) Doors Holding A.Ş. ( Doors Holding ) Holding company Doors Uluslararası Yönetim Danışmanlığı Ticaret A.Ş. A non-operating company ( Doors Uluslararası Yönetim ) Dream International B.V. Investments company The Netherlands Dream International Coöperatif U.A. Investments company The Netherlands Etiler Turistik Tesisler İşletmeciliği Ticaret A.Ş. ( Etiler Turistik ) Establishment and management of restaurants and cafes Genoto Otomotiv Pazarlama ve Ticaret A.Ş. ( Genoto ) A non-operating company Havana Yayıncılık Turizm ve Gıda Pazarlama Ticaret A.Ş. Restaurant, food and ( Havana Yayıncılık ) beverage production Havana International B.V. Investments company The Netherlands Havana International Coöperatif U.A. Investments company The Netherlands İstinye Park Gayrimenkul Yatırım ve İşletme A.Ş. Shopping mall ( İstinye Park Gayrimenkul ) administration Havana Doors Restaurant Management Ltd ( Havana Doors ) Restaurant establishment The Netherlands Kivahan Turizm Ticaret A.Ş. ( Kivahan ) Restaurant establishment Köprü Restoran Işletmeciliği Ticaret A.Ş. ( Köprü ) Restaurant establishment Körfez Havacılık Turizm ve Ticaret A.Ş. ( Körfez Hava ) Transportation Lacivert Turizm A.Ş. ( Lacivert ) Restaurant establishment London Doors Restaurant Group Ltd Holding company United Kingdom Mezzaluna Gıda İşletmecilik Sanayi ve Ticaret A.Ş. ( Mezzaluna ) Establishment and management of Meto Turizm İşletmeciliği Ve Tasarım Dekorasyon Ticaret A.Ş. ( Meto Turizm ) Nahita Restoran İşletmeciliği ve Yatırım A.Ş. ( Nahita ) restaurants and cafes Establishment and management of restaurants and cafes Establishment and management of restaurants and cafes 14
1 Reporting entity (continued) 1.6 Entities in other segment (continued) Subsidiaries Nature of business Country of incorporation Pozitif Arena Konser Salon İşletmeleri A.Ş. ( Pozitif Arena ) Entertainment and event management Pozitif Müzik Yapım A.Ş. ( Pozitif Yapım ) Entertainment and event management Pozitif Müzik A.Ş. ( Pozitif Müzik ) Entertainment and event management Ryo-Tei Itsme Gıda Ürünleri Turizm ve Ticaret A.Ş. ( Itsumi ) Restaurant Sait Restoran Turizm İşletmeciliği İnş. Emlak ve Tic.A.Ş. ( Sait ) Restaurant Salıpazarı Liman İşletmeciliği ve Yatırımları A.Ş. ( Salıpazarı ) Real estate development Sititur Turizm Yatırım ve Danışmanlık Hizmetleri A.Ş. ( Sititur ) A non-operating company Soya Restoran İşletmeciliği ve Ticaret A.Ş. ( Soya ) Restaurant Tag Restaurants Holdings Ltd Holding company United Kingdom Tansaş Gıda ve Sanayi Turizm A.Ş. ( Tansaş Gıda ) A non-operating company The Tom Aikens Group Ltd Restaurant establishment United Kingdom Tom Aikens Ltd Restaurant establishment United Kingdom Tom's Kitchen Ltd Restaurant establishment United Kingdom Vitapark Spor Turizm Hizmet İnşaat ve Ticaret A.Ş. ( Vitapark ) Golf resort Joint ventures Nature of business Country of incorporation Aslancık Elektrik Üretim A.Ş. ( Aslancık ) Electricity generation Azumi Limited Restaurant United Kingdom Boğaziçi Borsa Lokantacılık İşletmeleri San. ve Tic. A.Ş.( Borsa ) Establishment and management of restaurant and cafes Boyabat Elektrik Üretim ve Ticaret A.Ş. ( Boyabat ) Electricity generation Darphane Lokantaları İşletmeleri San. ve Tic. A.Ş. ( Darphane ) Establishment and management of restaurants and cafes Doğuş Planet Elektronik Ticaret ve Bilişim Hizmetleri A.Ş. E-commerce ( Doğuş Planet ) Doğuş SK Girişim Sermayesi Yatırım Ortaklığı A.Ş. ( Doğuş SK Private equity Girişim ) Ege Turizm ve Gayrimenkul Yatırımları A.Ş. ( Ege Turizm ) Real estate development IMG Doğuş Spor Moda ve Media Hizmetleri ve Ticaret A.Ş. ( IMG Doğuş Spor ) Establishment and management of sports academies Kanlıca Turizm Sanayi A.Ş. ( Kanlıca Turizm ) Restaurant and hotel LPM İstanbul Restoran İşletmeciliği ve Yatırım A.Ş. ( LPM Establishment and İstanbul ) management of Mora Turizm Otelcilik Restaurant İşletmeleri San. ve Tic. A.Ş. ( Mora ) Masa Restaurant Grup İşletmeleri San. ve Tic. A.Ş. ( Masa ) restaurants and cafes Establishment and management of restaurants and cafes Establishment and management of restaurants and cafes 15
1 Reporting entity (continued) 1.6 Entities in other segment (continued) Joint ventures Nature of business Country of incorporation Orta Konak Gayrimenkul Yatırım Yönetimi ve Turizm A.Ş. Real estate development ( Orta Konak ) Robata Rest Ltd Restaurant establishment United Kingdom Roka Mayfair Ltd Restaurant establishment United Kingdom Roka Aldwych Ltd Restaurant establishment United Kingdom Taddeo Trading Ltd Restaurant establishment Thailand Taraneete International Ltd Restaurant Hong Kong Time Result International Ltd Restaurant Hong Kong Turnwise Enterprices Ltd Restaurant establishment Hong Kong Wildfire Entertainment Ltd Restaurant United Kingdom Zuma Bangkok Ltd Restaurant Thailand Zuma Club Llc Restaurant U.A.E Zuma Japanese Restaurant INC Restaurant U.S.A Zuma Japanese Restaurant Miami Llc Restaurant U.S.A Zuma NY LLC Restaurant U.S.A Zuma Restaurant LLC, Abu Dhabi ( Abu Dhabi ) Restaurant establishment U.A.E Zuma Turizm ve Gıda Pazarlama Ticaret A.Ş. ( Zuma Turizm ) Restaurant Zuma USA Inc Restaurant U.S.A Associates Nature of business Country of incorporation Altın Mecralar İnteraktif Medya ve Pazarlama ve Teknoloji E-mail marketing Hizmetleri Ticaret Limited Şirketi ( Altın Mecralar ) Euromessage Deutschland GmbH ( Euromessage Deutschland ) E-mail marketing Germany Hedef Medya Tanıtım Interaktif Media Pazarlama A.Ş. ( Hedef E-mail marketing Medya ) İstinye Yönetim Hizmetleri A.Ş. ( İstinye Yönetim Hizmetleri ) Shopping mall administration Reidin FZ-LLC ( Reidin ) Real estate research U.A.E 16