Is Finansal Kiralama A.s. · BIST:ISFIN
Is Finansal Kiralama A.s — Investor Presentation (March 2014)
26 slides from Is Finansal Kiralama A.s's investor presentation, Mar 31, 2014
Slide 1: Investor Presentation
Investor Presentation March 31, 2014
Slide 2: Leasing Sector in Turkey
Leasing Sector in Turkey
Slide 3: Leasing
LEASING 1 % VAT on selected machinery. (Finance Ministry decree dated 27/12/2011) New Leasing Law approved(13/12/2012,Law no: 6361). Product differentiation; Operating Leases, Sale-and-lease back… Expertise on SMEs, consultancy and know-how support in addition to funding. FX borrowing option
Slide 4: Turnover
TURNOVER Leasing penetration is still at low levels compared to EU average of 15% and North New Leasing contracts of the sector America average of 18%. Penetration * 8203 6990 9,8% 5271 5301 5360 4891 4263 7,6% 7,8% 7,7% 6,9% 5,6% 3182 6,6% 2900 6,1% 4,7% 2165 2198 1625 1327 3,7% 4,0% 727 2001 2002
Slide 5: Company Overview
Company Overview
Slide 6: Milestones & Ownership
MILESTONES & OWNERSHIP • Financial leasing law enacted in 1985. CAMİŞ NEMTAŞ • İş Leasing established in 1988 by 0,83% 0,07% İş Bank, IFC and Societe İŞ BANK Generale. FREE 27,79% FLOAT • IFC and SocGen transferred 42,67% leasing know-how and expertise, İş Bank branches provided access to the market
Slide 7: Participations
PARTICIPATIONS Ownership Rate Equity Participations (%) Efes Varlık Yönetimi A.Ş 10.00 İş Yatırım Menkul Değerler A.Ş. (IS Invest) 4.86 İş Net 1.00 İş Girişim Sermayesi Y.O A.Ş. 0.89 Yatirim Finansman A.Ş. 0.06 Camiş Menkul Değerler A.Ş. 0.05 Ownership Rate Subsidiaries (%) İş Factoring Finansman Hi
Slide 8: Organization Chart
ORGANIZATION CHART INTERNAL AUDIT BOARD OF DIRECTORS GENERAL MANAGER AGM AGM AGM FINANCE MARKETING CREDIT ACCOUNTING OPERATIONS RISK MONITORING IT LEGAL DEPARTMENT HUMAN RESOURCES 8
Slide 9: Lease Portfolio
Lease Portfolio
Slide 10: Turnover & Market Share
TURNOVER & MARKET SHARE 489 9,0 398 8,1 286 294 7,0 6,2 5,5 101 2010 2011 2012 2013 2014 Q1 2010 2011 2012 2013 2014 Q1 Million USD Percentage 10
Slide 11: Sales Channels
SALES CHANNELS SALES TEAM SUPPLIER 36% 2% İŞ GROUP 1% İşbank has 1.298 İŞBANK branches throughout Turkey. BRANCHES 61% 11
Slide 12: Sectoral Distribution, %
SECTORAL DISTRIBUTION , % 2013 2014 Q1 20,8 17,4 16,2 16,4 15,2 14,2 8,2 6,7 7,0 7,1 5,8 6,2 5,8 5,1 5,1 4,4 3,8 4,0 2,9 3,3 3,0 3,2 3,0 2,7 2,2 2,4 1,7 2,1 2,6 1,5 12
Slide 13: Asset Distribution, %
ASSET DISTRIBUTION , % 29,0 31,0 2013 2014 Q1 22,0 23,0 17,9 16,3 12,3 12,0 3,6 3,1 4,4 4,4 3,5 3,3 2,1 1,9 2,1 2,1 2,0 2,0 1,2 1,0 13
Slide 14: Geographical Distribution
GEOGRAPHICAL DISTRIBUTION MARKETING & BRANCHES SALES STAFF KOCAELİ OTHER 6% 16% ANKARA Head Office 2 DENİZLİ 10% Istanbul (A) - Kozyatağı & Gebze 9 1% BURSA Istanbul (E) - Şişli & Avcılar 9 KONYA 2% Ankara & Central Anatolia 7 2% İZMİR 4% Çukurova 3 ANTEP REG. ANTALYA South Anatolia 3 10% 1% Marmara
Slide 15: Currency Distribution
CURRENCY DISTRIBUTION TL 23% 2014 Q1 USD 40% EUR 37% TL 23% 2013 USD 42% EUR 35% TL 23% 2012 USD 39% EUR 38% 15
Slide 16: Maturity Distribution
MATURITY DISTRIBUTION 2013 2014 Q1 LEASE PORTFOLIO LEASE 30 BORROWINGS BORROWINGS 29 25 20 19 22 18 17 18 17 0 0 USD EUR TL USD EUR TL average, months 16
Slide 17: Funding Policy
FUNDING POLICY 23 % of debt portfolio is funded via İşbank. İşbank has available lines to fund İş Leasing when necessary. İş Leasing has outstanding bond issuances amounting 300 million TRY. Initial terms for all is 24 months. IFC renewable energy and energy efficiency facility of 40 million U
Slide 18: Investor Presentation
Investor Presentation March 31, 2014
Slide 19: Financial Performance
Financial Performance
Slide 20: Financial Highlights
FINANCIAL HIGHLIGHTS 31 December 31 December 31 March TRY Million, consolidated 2012 2013 2014 Leasing Receivables, Net 1,391 2,232 2,275 Factoring Receivables, Net 1,015 946 777 Non Performing Receivables 113 124 130 Provisions -69 -67 -78 Total Assets 2,820 3,493 3,432 Financial Liabilities 2,213
Slide 21: Balance Sheet (consolidated)
BALANCE SHEET (consolidated) mio TL Million TRY 2012 2013 2014/Q1 2012 2013 2014/Q1 Current Assets Current Liabilities Cash and Cash Equivalents 317.2 232.8 294.1 Short Term Liabilities 1874.7 1455.4 1316.4 Trading Securities(net) 8.7 - - Trade Payables 14.8 66.6 48.3 Leasing Receivables(net) 462.4
Slide 22: Income Statement (consolidated)
INCOME STATEMENT (consolidated) 000 TL Million TRY 2012 2013 2014/Q1 Interest Income 106,067 125.745 39.628 Interest Expense (96,954) (115.448) (46.465) Foreign Currency Gains/(Losses) 24,758 13,829 30.872 Total 33,872 24,126 24.035 Factoring Income 51,984 58,489 22.124 General and Administrative Ex
Slide 23: NPL
NPL Consolidated 2011 2012 2013 2014/Q1 Gross NPL /Total Receivables % 6,1 % 4,6 % 3,8 4,2% Net NPL / Net Receivables % 2,9 % 1,8 % 1,8 1,7% 120.000 000 TL LOSS RESERVE 100.000 2014 Opening (66.622) 80.000 151-240 Reversals 2.644 60.000 241-360 New provisions (13.835) >360 40.000 Write-off (*) - Tot
Slide 24: Collaterals
COLLATERALS* • Leased asset, since legally possessed by the lessor, is a collateral. Depending on the lessee’s credit ratings and second hand value of the leased asset, additional collaterals might be demanded. Collaterals Cash + LG + Pledge + Buyback Mortgage 1% 8% None 1% prom. Note+ Personal Guar
Slide 25: Ratings
RATINGS Foreign Currency Long-Term IDR BBB Short-Term IDR F3 Outlook Stable Local Currency Long-Term IDR BBB Short-Term IDR F3 Outlook Stable National Long-Term Rating AAA (tur) Outlook Stable Support Rating 2 25
Slide 26: Disclaimer
DISCLAIMER The information in this document has been obtained by İş Finansal Kiralama A.Ş. (“İş Leasing”) from sources believed to be reliable, however, İş Leasing can not guarantee the accuracy, completeness, or correctness of such information. This document has been issued for information purposes
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