Is Finansal Kiralama A.s. · BIST:ISFIN
Is Finansal Kiralama A.s — Investor Presentation (June 2009)
32 slides from Is Finansal Kiralama A.s's investor presentation, Jun 30, 2009
Slide 1: Investor Presentation
Investor Presentation JUNE 30, 2009
Slide 2: Leasing Sector in Turkey
LEASING SECTOR IN TURKEY
Slide 3: Advantages of Leasing
ADVANTAGES OF LEASING • Expertise on SMEs, consultancy and know-how support in addition to funding. • Fast credit approvals -leased asset ownership-, flexible payment plans. • FX borrowing option (less costly than bank FX loans). 3
Slide 4: Leasing Sector Turnover
LEASING SECTOR TURNOVER %56 Leasing Penetration (Leasing 8203 /Private sector investments) %24 is still at low levels compared Million USD to EU average of 15% and -%35 North America average of %47 5271 5301 30%. %34 4263 2001 3,4 % %63 2002 4,8% 2900 %83 2003 5,1% 2165 2004 4,2% 1327 1540 2005 4,9%
Slide 5: 2009H1 Market Shares
2009H1 MARKET SHARES Leasing Receivables FİNANS İŞ 6,24% 8,28% AK 12,62% GARANTİ 20,48% FORTIS 9,24% YAPI KREDİ 11,66% OTHERS 31,48% Source: Fider 5
Slide 6: 2008 Market Shares
2008 MARKET SHARES Leasing Receivables İŞ AK FİNANS 7,08% 7,90% 7,69% FORTIS 7,54% GARANTİ 14,92% DENİZ (Dexia) 11,20% YAPI KREDİ 14,71% OTHERS 28,96% Source: Fider 6
Slide 7: Company Overview
COMPANY OVERVIEW
Slide 8: Shareholders
SHAREHOLDERS NEMTAŞ 0,9% İŞ BANKASI FREE FLOAT 27,8% 42,3% TSKB 28,6% ŞİŞECAM 0,4% İş Bank group controls 57,8 % of the shares. 9
Slide 9: 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
Slide 10: Lease Portfolio
LEASE PORTFOLIO
Slide 11: Turnover million USD
TURNOVER million USD 448 445 53 61 359 349 0 305 35 52 183 395 384 12 359 136 314 128 26 253 27 67 171 29 110 101 38 2001 2002 2003 2004 2005 2006 2007 2008 2009 Q3 Non-group turnover İş Bank group turnover Total turnover 12
Slide 12: Sales Channels
SALES CHANNELS SUPPLIER İŞ GROUP 2,03% DIRECT SALES 6,60% 13,49% İŞBANK RECURR. BRANCHES CUSTOMER 38,24% 39,64% İşbank has 1074 branches in Turkey 13
Slide 13: Customers
CUSTOMERS Total number of customers in CRM Number of Customers that database: 43.754 have Outstanding Contract 5279 Number of Customers that In 2009, 49% of new do not have leasing volume is outstanding generated by contract recurring 38475 customers. 14
Slide 14: Sectoral Distribution
SECTORAL DISTRIBUTION TEXTILE 8,57% OTHERS FINANCE 26,12% 6,63% PAPER IND. 5,36% MINING 1,97% FOOD 3,49% METAL IND. 5,23% TRANSPORT. TOURISM 12,93% 4,25% CONSTRUCT. CHEMICALS 10,28% HEALTH 11,12% 4,05% 15
Slide 15: Equipment Distribution
EQUIPMENT DISTRIBUTION TOURISM OTHER PRINTING 2,87% 3,96% 3,34% MACHINERY MEDICAL 24,49% 6,83% CONSTRUCT. 12,85% TEXTILE MACHINERY 5,44% OFFICE 5,10% ELECTRONICS REAL ESTATE & OPTICAL 18,17% 5,31% TRANSPORT. 11,64% 16
Slide 16: Portfolio Development
PORTFOLIO DEVELOPMENT 1.000 900 Mio TL 800 700 600 REMAINING TOP 30 CUSTOMERS 500 400 300 200 100 - 10000 8000 Number of Contracts 6000 4000 2000 0 17
Slide 17: Geographical Distribution
GEOGRAPHICAL DISTRIBUTION ANKARA OTHER 11% # 20% BURSA OFFICES SALES 4% STAFF İZMİR 4% Head Office 4 UŞAK 2% KÖRFEZ B. Istanbul Europe 5 4% Istanbul Asia 4 ADANA 1% ANTALYA Ankara Rep. Office 5 1% Antep ” 3 Bursa ” 2 İzmir ” 4 Antalya ” 3 TOTAL 30 İSTANBUL 53% 18
Slide 18: Currency Distribution
CURRENCY DISTRIBUTION TL 20,42% 2009H1 USD 37,20% EUR 42,38% TL 22,04% 2008 USD 37,13% EUR 40,83% TL 27,48% 2007 USD 32,85% EUR 39,67% 19
Slide 19: Maturity Distribution
MATURITY DISTRIBUTION average, months 2008 2009H1 24 23 22 LEASE… BORROWINGS 20 16 15 9 9 8 8 0 0 USD EUR TL USD EUR TL 20
Slide 20: Collaterals
COLLATERALS Mortgage Cash + LG + 24% Pledge + Buyback 8% Prom. Note+ Personal Guarantee 68% 21
Slide 21: Financial Performance
FINANCIAL PERFORMANCE
Slide 22: Participations
PARTICIPATIONS Total Share Equity Participations Capital (TL) İş Leasing Share % İş Yatırım Menkul Değerler A.Ş. 119.387.000 2.904.000 2,43 Camiş Menkul Değerler A.Ş. 1.900.000 1.000 0,05 Subsidaires İş Factoring Finansman Hiz. A.Ş. 16.000.000 12.517.000 78,23 Due to public offering of İş Yatırım M
Slide 23: Highlights
HIGHLIGHTS Million TL 2007 2008 2009H1 ∆ * (annualized) Leasing Portfolio 799 963 885 -8% Assets 1052 1236 1356 10% Borrowings 801 928 997 7% Equity 215 285 308 8% Net Profit * 47 76 25 -36% ROA (Avg)* 4.8% 6.7% 3.8% ROE (Avg) * 25.1% 30.5% 16.6% 24
Slide 24: Balance Sheet (consolidated)
BALANCE SHEET (consolidated) 000 TL 2007 2008 2009/H1 2007 2008 2009/H1 CURRENT ASSETS CURRENT LIABILITIES Cash and cash equivalents 164.008 165.411 346.102 Short-term borrowings 540.745 786.580 893.188 Trading Securities (net) 25 1.904 309 Trade payables 14.298 9.628 32.014 Leasing Receivables (net
Slide 25: Income Statement (consolidated)
INCOME STATEMENT (consolidated) 000 TL 2007 % 2008 % 2009/H1 % Interest income 107.571 14,5 103.948 11,8 51.563 5,9 Interest Expense (47.206) (6,2) (63.131) (7,2) (24.889) (2,8) Foreign currency gains/(losses) (2.371) 4.077 (1.036) 57.994 7,8 44.894 5,1 25.638 2,9 Factoring Income 8.888 16.497 6.520
Slide 26: Tax Reserve as of 2008
TAX RESERVE as of 2008 Tax Reserve carried forward 293,396,729 Other Reserves 133,648,254 Total Reserve 427,044,983 27
Slide 27: Currency Position
CURRENCY POSITION TL 000 2008 2009H1 Cash & cash equivalents 122,628 99,208 Finance Lease Receivables 726,494 688,642 Financial Liabilities (872,287) (801,147) Forward Transactions 2,147 (52) Others 18,698 19,831 Net position (2,320) 6,482 Net position / Equity 0.81% 2.11% 28
Slide 28: Loss Reserve, 2009H1
LOSS RESERVE, 2009H1 000 TL GENERAL SPECIFIC TOTAL 2009 Opening 3,952 27,685 31,637 Reversals (963) (405) (1,368) New provisions 493 3,836 4,329 Transfer Grom General Res. to Specific Res. (3,101) 3,101 - Write-off - (7,234) (7,234) Closing 2009H1 381 26,983 27,364 29
Slide 29: NPL Ratios
NPL RATIOS 2007 2008 2009 H1 NPL / Portfolio % 7,8 % 7,0 % 11,3 Net NPL / Total Assets % 3,2 % 3,6 % 6,1 30
Slide 30: Other Issues
OTHER ISSUES
Slide 31: Main Strategies
MAIN STRATEGIES • Increasing business flow from İşbank branches. • Focusing on recurring customers under volatile market conditions. • Maintaning a diversified creditor portfolio and competitive funding in all currencies. • Strategic partnerships / vendor agreements especially important for operatin
Slide 32: Relative Share Performance
Relative Share Performance ISFIN vs. IMKB 100 1,200 IMKB 100 ISFIN 1,000 0,800 0,600 0,400 0,200 - 31-Dec-07 31-Mar-08 1-Jul-08 1-Oct-08 1-Jan-09 1-Apr-09 1-Jul-09 1-Oct-09 33
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