Is Finansal Kiralama A.s. · BIST:ISFIN

Is Finansal Kiralama A.s — Investor Presentation (September 2012)

31 slides from Is Finansal Kiralama A.s's investor presentation, Sep 30, 2012

  1. Slide 1: Investor Presentation

    Investor Presentation September 30, 2012

  2. Slide 2: Leasing Sector in Turkey

    Leasing Sector in Turkey

  3. Slide 3: Advantages of Leasing

    ADVANTAGES OF LEASING  1 % VAT on selected machinery. (Finance Ministry decree dated 27/12/2011)  Expertise on SMEs, consultancy and know-how support in addition to funding.  FX borrowing option (Bank FX loans have some restrictions)  Fast credit approvals (leased asset ownership), flexible paym

  4. Slide 4: Turnover

    TURNOVER Leasing penetration is still at low levels %56 compared to EU average of 15% and North America average of 18%. 8203 %24 Penetration * Million USD 7% -%35 6,6% 5301 %54 6% %47 5271 4891 5,4% 5% 5,1% 4,9% %34 4263 4% 4,8% 4,2% 4,4% 3,6% 3,0% %63 %45 3% 3182 2,7% 2900 2% -%59 %83 2165 2198 1%

  5. Slide 5: Leasing Penetration Rates Compared

    LEASING PENETRATION RATES COMPARED 2010 20,2 19,8 19,2 18,5 18,4 17,1 15,1 15,0 14,3 13,1 12,0 11,5 10,5 10,2 9,5 7,7 6,3 5,1 4,8 4,7 4,0 3,8 3,0 5

  6. Slide 6: Market Shares, New Leasing Transactions

    MARKET SHARES, New Leasing Transactions 32,7 % 2009 2010 2011 29,5 25,87 19,2 19,48 17,60 16,1 15,4 14,7 14,6 9,0 8,14 9,0 7,9 7,2 8,10 7,2 6,94 7,02 5,5 6,85 4,1 4,5 3,3 YAPI KREDİ GARANTİ İŞ BNP AK HALK DENİZ OTHERS Source: Fider 6

  7. Slide 7: Company Overview

    Company Overview

  8. Slide 8: 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

  9. Slide 9: 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

  10. Slide 10: 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 10

  11. Slide 11: Lease Portfolio

    Lease Portfolio

  12. Slide 12: Turnover & Market Share

    TURNOVER & MARKET SHARE 445 398 61 9,0 349 359 0 21 8,1 35 286 7,9 2 6,9 6,6 174 398 384 314 338 27 284 5,4 146 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 Non-group turnover İş group turnover Total turnover Million USD Percentage 12

  13. Slide 13: 2012 Q3 Leasing Volumes

    2012 Q3 Leasing Volumes 2012 Q3 total volume was $ 3,917,319 Share % Leasing volume $ YAPI KREDİ LEASING 17,2 % 684.101 GARANTİ LEASING 14,3 % 569.198 AKLEASE 12,5 % 497.980 BNP PARIBAS 8,9 % 356.371 DENİZ LEASING 7,4 % 295.753 FİNANS LEASING 6,2 % 245.802 İŞ LEASING 5,3 % 209.127 HALK LEASING 5.2 %

  14. Slide 14: Sales Channels

    SALES CHANNELS SALES SUPPLIER TEAM 3% 49% İşbank has 1,231 İŞBANK branches İŞ GROUP BRANCHES 3% 45% No of customers in CRM database 58.280 Customers with outstanding leasing transaction 4.107 14

  15. Slide 15: Sectoral Distribution

    SECTORAL DISTRIBUTION , % 21,5 2011 2012 Q3 16,7 15,9 13,6 11,6 12,4 9,2 8,2 7,2 6,2 6,0 6,4 6,7 6,2 5,8 4,0 3,6 3,1 3,8 4,0 3,5 3,2 3,3 3,2 2,7 2,6 2,8 3,0 2,0 1,9 15

  16. Slide 16: Asset Distribution

    ASSET DISTRIBUTION , % 25,4 2011 2012 Q3 23,9 22,8 22,0 17,4 16,2 14,1 12,2 4,8 4,1 5,3 4,5 3,9 3,4 3,1 2,7 2,9 2,7 2,4 1,9 2,2 2,0 16

  17. Slide 17: Portfolio Development

    1.400 PORTFOLIO DEVELOPMENT 1.300 1.200 000 TRY 1.100 1.000 TOP 30 CUSTOMERS REMAINING 900 800 700 600 500 400 300 200 45% 100 - 10000 8000 Outstanding Contracts 43% 6000 4000 2000 0 17

  18. Slide 18: Geographical Distribution

    GEOGRAPHICAL DISTRIBUTION KOCAELİ SALES OTHER 4% ANKARA OFFICES STAFF 18% 11% BURSA AYDIN Head Office 2 2% 1% İZMİR Istanbul Europe 6 MUĞLA 4% 2% Istanbul Asia 4 ANTALYA Ankara Rep. Office 6 ANTEP REG. 1% 8% Antep ” 5 Bursa ” 2 İzmir ” 4 Antalya ” 2 TOTAL SALES STAFF 31 İSTANBUL 49% TOTAL HEADCOUNT

  19. Slide 19: Currency Distribution

    CURRENCY DISTRIBUTION TL 23% 2012 Q3 USD 42% EUR 35% TL 16% 2011 USD 44% EUR 39% TL 20% 2010 USD 37% EUR 43% (’000 TRY) 2011 2012 Q3 Net FX Position (Long) 2.232 2.147 Net FX Position/Equity 0,4 % 0.4 % 19

  20. Slide 20: Maturity Distribution

    MATURITY DISTRIBUTION 2011 2012 Q3 LEASE LEASE PORTFOLIO 32 BORROWINGS 30 BORROWINGS 24 22 16 19 16 19 11 8 0 0 USD EUR TL USD EUR TL average, months 20

  21. Slide 21: Funding Policy

    FUNDING POLICY  24 % of debt portfolio is funded via İşbank. İşbank has available lines to fund İş Leasing when necessary.  İş Leasing completed 3 corporate bond issuances amounting 250 million TRY. Terms were 12 and 24 months.  40 million USD murabaha syndicated loan was closed in June 2012.  B

  22. Slide 22: Financial Performance

    Financial Performance

  23. Slide 23: Financial Highlights

    FINANCIAL HIGHLIGHTS 31 December 30 September TRY Million Change(%) 2011 2012 Leasing Receivables, Net 1,398 1,407 1% Factoring Receivables, Net 405 450 11% Non Performing Receivables 110 110 0% Provisions -58 -63 9% Total Assets 2,242 2,075 -7% Financial Liabilities 1,673 1,472 -12% Equity 520 555

  24. Slide 24: Balance Sheet (consolidated)

    BALANCE SHEET (consolidated) mio TL Million TRY 2010 2011 2012 q3 2010 2011 2012 q3 Current Assets Current Liabilities Cash and Cash Equivalents 691.3 309.6 116.5 Short Term Liabilities 1,416.4 1,353.4 1,179.5 Trading Securities(net) 4.4 12 11.6 Trade Payables 14.5 15.1 18.9 Leasing Receivables(net)

  25. Slide 25: Income Statement (consolidated)

    INCOME STATEMENT (consolidated) 000 TL Million TRY 2010 2011 2012 Q3 Interest Income 81,488 100,636 77,327 Interest Expense (60,230) (79,613) (73,247) Foreign Currency Gains/(Losses) 912 9,927 20,890 Total 22,170 30,950 24,970 Factoring Income 18,671 34,801 36,924 General and Administrative Expenses

  26. Slide 26: NPL and Loss Reserve

    NPL Consolidated 2009 2010 2011 2012 Q3 Gross NPL /Total Receivables % 10,8 % 6,9 % 6,1 % 6,3 Net NPL / Net Receivables % 6,9 % 3,5 % 2,9 % 2,5 000 TL LOSS RESERVE 2011 Opening (57.527) Reversals 892 New provisions (6.454) Write-off - 2012Closing (63.089) 26

  27. Slide 27: 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

  28. Slide 28: Other Issues

    Other Issues

  29. Slide 29: 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 29

  30. Slide 30: Strategy and New Leasing Law

    AGENDA  Increasing synergy with İşbank branches. By more efficiently using the wide branch network of İşbank, reaching uncovered SME’s therefore smaller ticket sizes and higher spreads are targeted.  New Leasing Law was approved by the parliament in November 2012. New products like Sale and Lease

  31. Slide 31: 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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