Is Finansal Kiralama A.s. · BIST:ISFIN
Is Finansal Kiralama A.s — Q3 2015 Earnings Presentation
25 slides from Is Finansal Kiralama A.s's earnings presentation, Sep 30, 2015
Slide 1: Investor Presentation
Investor Presentation 30 SEPTEMBER 2015
Slide 2: Leasing Sector in Turkey
Leasing Sector in Turkey
Slide 3: Leasing
LEASING VAT is %1 for various types of machinery. Operating Leases and Sale-and-lease back has been added to core product Finance Leases since 2013. Sale-and-lease back demand is strong and supporting business volumes. Expertise on SMEs, consultancy and know-how support in addition to funding.
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 * Million USD 9,8% 8203 7637 6990 7,6% 7,8% 7,7% 6,9% 5,6% 6,6% 5271 5301 5360 6,1% 4891 4794 4,7% 4263 3,7% 4,0% 3182 2900 2165 2198 1327
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
isLeasing” |ORGANIZATION CHART
Slide 9: Lease Portfolio
Lease Portfolio
Slide 10: Turnover & Market Share
TURNOVER & MARKET SHARE 728 9,5 9,0 8,1 489 7,9 398 380 7,0 286 294 5,5 2010 2011 2012 2013 2014 2015 Q3 2010 2011 2012 2013 2014 2015 Q3 Million USD Percentage 10
Slide 11: Sales Channels
SALES CHANNELS SALES TEAM 22% VENDORS 5% İŞBANK BRANCHES 74% 1,350 local and 23 foreign branches, largest network among private banks 11
Slide 12: Sectoral Distribution, %
SECTORAL DISTRIBUTION , % 2014 2015 Q3 20,6 20,5 16,9 16,6 11,3 10,3 9,910,4 7,1 6,9 6,0 5,5 5,4 4,7 4,7 3,9 4,0 3,0 3,2 3,1 2,9 2,8 3,3 3,2 3,4 2,0 2,3 1,7 1,9 2,5 12
Slide 13: Asset Distribution, %
ASSET DISTRIBUTION , % 37,9 36,5 2014 2015 Q3 27,0 26,5 13,1 14,2 8,1 7,0 4,2 4,5 1,9 1,9 2,0 2,2 2,6 3,2 1,2 1,3 0,8 1,0 1,2 1,7 13
Slide 14: Geographical Distribution
GEOGRAPHICAL DISTRIBUTION MARKETING & BRANCHES SALES STAFF KOCAELİ OTHER 5% 15% ANKARA Head Office 2 KAYSERİ 12% Istanbul (A) - Kozyatağı & Gebze 7 2% Istanbul (E) - Şişli & Avcılar 10 BURSA KONYA 3% Ankara & Central Anatolia 8 2% İZMİR Çukurova 3 4% ANTEP REG. South Anatolia 4 11% ANTALYA Marmara 3
Slide 15: Currency Distribution
CURRENCY DISTRIBUTION TL 35% 2015 Q3 USD 33% EUR 32% TL 34% 2014 USD 35% EUR 31% TL 23% 2013 USD 42% EUR 35% 15
Slide 16: Maturity Distribution
MATURITY DISTRIBUTION 2014 2015 Q3 LEASES LEASES BORROWINGS BORROWINGS 30 30 28 28 27 24 21 20 14 14* 8 6* USD EUR TRY USD EUR TRY* average, months *TRY, funded by Shareholders’ equity is not included in the calculation. 16
Slide 17: Funding Policy
FUNDING POLICY 11% of debt portfolio is funded via İşbank. İşbank has available lines to fund İş Leasing whenever necessary. Outstanding local bond issuances are 650 million TRY (nominal value). Maturities are from 6 months to 24 months. Bilateral lines from local and multinational banks, IF
Slide 18: Financial Performance
Financial Performance
Slide 19: Financial Highlights
FINANCIAL HIGHLIGHTS 31 December 31 December 30 September TRY Million, consolidated 2013 2014 2015 Leasing Receivables, Net 2,232 2,841 3.415 Factoring Receivables, Net 946 1,433 1.463 Non Performing Receivables 124 160 169 Provisions -67 104 131 Total Assets 3,493 4,580 5.333 Financial Liabilities
Slide 20: Balance Sheet (consolidated)
BALANCE SHEET (consolidated) mio TL Million TRY 2013 2014 2015 Q3 2013 2014 2015 Q3 Current Assets Current Liabilities Cash and Cash Equivalents 232.8 180.2 329,89 Short Term Liabilities 1455.4 2138.6 2.542,81 Trading Securities(net) - - 0,00 Trade Payables 66.6 38.5 37,83 Leasing Receivables(net) 7
Slide 21: Income Statement (consolidated)
INCOME STATEMENT (consolidated) 000 TL Million TRY 2013 2014 2015 Q3 Interest Income 125,745 186,567 196.334 Interest Expense -115,448 -200,485 -211.078 Foreign Currency Gains/(Losses) 13,829 74,273 43.866 Total 24,126 60,355 29.122 Factoring Income 58,489 89,248 93.078 -30,444 -40,340 -34.690 Gener
Slide 22: NPL
NPL Consolidated 2012 2013 2014 2015 Q3 Gross NPL /Total Receivables 4,60% 3,80% 3,70% 3,38% Net NPL / Net Receivables 1,80% 1,80% 1,30% 0,78% 160.000 140.000 000 TL LOSS RESERVE 120.000 2015 Opening (104.490) Reversals 11.984 100.000 151-240 New provisions (38.961) 80.000 241-360 Write-off (*) - 60
Slide 23: Collaterals
COLLATERALS* Leased assets are legally possessed by the lessor so they are the collateral of the leasing loan. 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 3,0% 7,1% pro
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
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