Is Finansal Kiralama A.s. · BIST:ISFIN
Is Finansal Kiralama A.s — Investor Presentation (June 2014)
25 slides from Is Finansal Kiralama A.s's investor presentation, Jun 30, 2014
Slide 1: Investor Presentation
Investor Presentation June 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… Expertise on SMEs, consultancy and know-how support in addition to funding. FX borrowing option (Bank FX loans have some restri
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 7,6% 7,8% 4263 7,7% 6,9% 5,6% 3491 6,6% 3182 6,1% 2900 4,7% 2165 2198 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 7,4 258 7,0 5,5 2010 2011 2012 2013 2014 H1 2010 2011 2012 2013 2014 H1 Million USD Percentage 10
Slide 11: Sales Channels
SALES CHANNELS SALES TEAM SUPPLIER 30% 2% İşbank has 1.317 branches throughout İŞBANK Turkey. BRANCHES 67% 11
Slide 12: Sectoral Distribution, %
SECTORAL DISTRIBUTION , % 2013 2014 H1 20,8 16,2 16,8 15,5 14,2 14,3 8,2 7,7 7,0 7,0 6,5 6,2 5,8 5,8 4,4 3,8 4,4 4,0 3,8 3,3 3,7 3,0 3,2 2,7 2,3 2,0 1,7 1,5 2,1 2,4 12
Slide 13: Asset Distribution, %
ASSET DISTRIBUTION , % 29,0 28,7 2013 2014 H1 26,1 22,0 17,9 16,2 12,3 11,6 3,6 4,4 4,3 3,5 3,2 2,7 2,1 1,6 2,1 2,8 2,0 1,7 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 28% 2014 H1 USD 37% EUR 35% TL 23% 2013 USD 42% EUR 35% TL 23% 2012 USD 39% EUR 38% 15
Slide 16: Maturity Distribution
MATURITY DISTRIBUTION 2013 2014 H1 LEASE PORTFOLIO LEASE 30 BORROWINGS BORROWINGS 28 26 23 21 20 17 22 17 18 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 June TRY Million, consolidated 2012 2013 2014 Leasing Receivables, Net 1,391 2,232 2,336 Factoring Receivables, Net 1,015 946 1,302 Non Performing Receivables 113 124 130 Provisions -69 -67 -79 Total Assets 2,820 3,493 3,999 Financial Liabilities 2,213
Slide 20: Balance Sheet (consolidated)
BALANCE SHEET (consolidated) mio TL Million TRY 2012 2013 2014/H1 2012 2013 2014 H1 Current Assets Current Liabilities Cash and Cash Equivalents 317.2 232.8 257.6 Short Term Liabilities 1874.7 1455.4 1813.4 Trading Securities(net) 8.7 - - Trade Payables 14.8 66.6 39.1 Leasing Receivables(net) 462.4
Slide 21: Income Statement (consolidated)
INCOME STATEMENT (consolidated) 000 TL Million TRY 2012 2013 2014 H1 Interest Income 106,067 125,745 85,161 Interest Expense (96954) (115,448) (93,534) Foreign Currency Gains/(Losses) 24,758 13,829 51,444 Total 33,872 24,126 43,071 Factoring Income 51,984 58,489 41,067 General and Administrative Exp
Slide 22: NPL
NPL Consolidated 2011 2012 2013 2014 H1 Gross NPL /Total Receivables % 6,1 % 4,6 % 3,8 3,5% Net NPL / Net Receivables % 2,9 % 1,8 % 1,8 1,4% 000 TL LOSS RESERVE 2014 Opening (66.622) Reversals 3.358 New provisions (15.558) Write-off (*) - Transfer - 30.09.2013 Closing (78.822) 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
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