Is Finansal Kiralama A.s. · BIST:ISFIN
Is Finansal Kiralama A.s — Q3 2014 Earnings Presentation
25 slides from Is Finansal Kiralama A.s's earnings presentation, Sep 30, 2014
Slide 1: Investor Presentation
Investor Presentation September 30, 2014
Slide 2: Leasing Sector in Turkey
Leasing Sector in Turkey
Slide 3: Leasing
LEASING VAT is %1 for various types of machinery. New Leasing Law approved (13/12/2012,Law no:6361). Product differentiation; Operating Leases, Sale-and-lease back. Sale-and-lease back demand is strong. Expertise on SMEs, consultancy and know-how support in addition to funding. FX borrowing
Slide 4: Turnover
TURNOVER Leasing penetration is still at low levels compared to EU average of 15% and North New Leasing volume of the sector America average of 18%. Penetration * 8203 Million USD 6990 9,8% 5271 5301 5360 5436 4891 7,6% 7,8% 7,7% 4263 6,9% 5,6% 6,6% 6,1% 3182 4,7% 2900 2165 2198 3,7% 4,0% 1327 727 2
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 489 500 9,2 9,0 398 8,1 286 294 7,0 5,5 2010 2011 2012 2013 2014 Q3 2010 2011 2012 2013 2014 Q3 Million USD Percentage 10
Slide 11: Sales Channels
SALES CHANNELS SALES TEAM SUPPLIER 29% 2% İşbank has 1.324 branches İŞBANK country-wide largest among private banks. BRANCHES 69% 11
Slide 12: Sectoral Distribution, %
SECTORAL DISTRIBUTION , % 2013 2014 Q3 20,8 18,5 16,2 16,8 14,2 13,0 8,9 7,0 6,6 5,8 5,8 6,1 6,2 5,8 5,1 4,4 3,6 3,6 3,3 3,8 3,3 3,1 3,0 3,2 2,7 2,1 1,7 1,5 2,1 2,1 12
Slide 13: Asset Distribution, %
ASSET DISTRIBUTION , % 35,4 2013 2014 Q3 29,0 26,2 22,0 17,9 14,6 12,3 9,1 3,6 4,4 4,0 3,5 2,7 2,2 2,1 1,4 2,1 2,3 1,2 0,8 2,0 1,4 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 8 1% BURSA Istanbul (E) - Şişli & Avcılar 10 KONYA 2% Ankara & Central Anatolia 7 2% İZMİR 4% Çukurova 3 ANTEP REG. ANTALYA South Anatolia 3 10% 1% Marmar
Slide 15: Currency Distribution
CURRENCY DISTRIBUTION TL 29% 2014 Q3 USD 38% EUR 33% TL 23% 2013 USD 42% EUR 35% TL 23% 2012 USD 39% EUR 38% 15
Slide 16: Maturity Distribution
MATURITY DISTRIBUTION 2013 2014 Q3 LEASE PORTFOLIO LEASE 29 30 BORROWINGS BORROWINGS 29 29 20 19 17 22 17 20 18 0 USD EUR TL USD EUR TL average, months 16
Slide 17: Funding Policy
FUNDING POLICY 21 % of debt portfolio is funded via İşbank. İşbank has available lines to fund İş Leasing when necessary. İş Leasing has outstanding bond issuances amounting 250 million TRY. Initial terms for all is 24 months. IFC renewable energy and energy efficiency facility of 40 million U
Slide 18: Financial Performance
Financial Performance
Slide 19: Financial Highlights
FINANCIAL HIGHLIGHTS 31 December 31 December 30 September TRY Million, consolidated 2012 2013 2014 Leasing Receivables, Net 1,391 2,232 2,695 Factoring Receivables, Net 1,015 946 1,376 Non Performing Receivables 113 124 128 Provisions -69 -67 -83 Total Assets 2,820 3,493 4,543 Financial Liabilities
Slide 20: Balance Sheet (consolidated)
BALANCE SHEET (consolidated) mio TL Million TRY 2012 2013 2014 Q3 2012 2013 2014 Q3 Current Assets Current Liabilities Cash and Cash Equivalents 317.2 232.8 380 Short Term Liabilities 1874.7 1455.4 2078.7 Trading Securities(net) 8.7 - - Trade Payables 14.8 66.6 26.8 Leasing Receivables(net) 462.4 72
Slide 21: Income Statement (consolidated)
INCOME STATEMENT (consolidated) 000 TL Million TRY 2012 2013 2014 Q3 Interest Income 106,067 125,745 136,644 Interest Expense (96954) (115,448) (141,920) Foreign Currency Gains/(Losses) 24,758 13,829 54,879 Total 33,872 24,126 49,603 Factoring Income 51,984 58,489 61,987 General and Administrative E
Slide 22: NPL
NPL Consolidated 2011 2012 2013 2014 Q3 Gross NPL /Total Receivables % 6,1 % 4,6 % 3,8 % 3,1 Net NPL / Net Receivables % 2,9 % 1,8 % 1,8 % 1,1 000 TL LOSS RESERVE 2014 Opening (66.622) Reversals 3.430 New provisions (19.749) Write-off (*) - Transfer - 30.09.2014 Closing (82.941) 22
Slide 23: 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 24: 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 AA + (tur) Outlook Stable Support Rating 2 24
Slide 25: 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
İş Finansal Kiralama A.Ş. — Q3 2014 Earnings Presentation on 6ix