Is Finansal Kiralama A.s. · BIST:ISFIN
Is Finansal Kiralama A.s — Investor Presentation (June 2010)
32 slides from Is Finansal Kiralama A.s's investor presentation, Jun 30, 2010
Slide 1: Investor Presentation
Investor Presentation JUNE 30, 2010
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 (Bank FX loans have some restrictions). 3
Slide 4: Turnover
TURNOVER %56 Leasing penetration is still at low levels 8203 compared to EU average of 15% and North America average of 18%. Million USD %24 -%35 Penetration * %47 5271 5301 12% 10% %34 4263 -%59 8% %63 6% 2900 %83 2165 2198 4% 2% 1327 727 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 *Leasin
Slide 5: Market Shares
MARKET SHARES New Leasing Volumes 2008 2009 İŞ FİNANS İŞ FİNANS AK 7,90% 6,86% 7,50% 7,02% 8,03% AK FORTIS 14,62% 7,72% GARANTİ GARANTİ 15,37% 15,24% DENİZ FORTIS (Dexia) 5,79% 10,94% YAPI KREDİ YAPI KREDİ 14,87% 16,15% OTHERS OTHERS 28,84% 33,15% Source: Fider 5
Slide 6: Half Years Compared
HALF YEARS COMPARED 2009 H1 2010 H1 İŞ İŞ FİNANS 8,20% FİNANS 6,54% 9,62% AK AK 8,94% 8,87% 12,21% ZİRAAT GARANTİ GARANTİ 4,87% 9,88% 20,63% FORTİS 9,25% TEB 5,73% EFG 4,37% YAPI KREDİ YAPI KREDİ 20,50% OTHERS 11,71% OTHERS 27,09% 31,59% 1.304 Leasing volume increased %31 in 993 2010 H1 compared to
Slide 7: Company Overview
COMPANY OVERVIEW
Slide 8: 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 İş Yatırım (ISM EN) is a listed c ompan
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 21 305 35 52 183 395 384 174 12 338 136 314 27 125 26 253 1,8 67 171 146 110 124 29 38 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 H1 Non-group turnover İş Bank group turnover Total turnover 12
Slide 12: Sales Channels
SALES CHANNELS SUPPLIER DIRECT 1,12% SALES 20,57% İŞBANK İŞ GROUP BRANCHES 6,28% 38,90% İşbank has 1104 RECURRING branches in Turkey CUSTOMERS 33,13% 13
Slide 13: Customers
CUSTOMERS No.of Total number of customers in CRM Customers database: 47.454 that have Outstanding Contract 4630 42824 33% of the leasing receivables is generated by recurring customers. 14
Slide 14: Sectoral Distribution
SECTORAL DISTRIBUTION 2009 2010 H1 TRADE TEXTILE METAL IND. TRADE TEXTILE FINANCE 3,76% 8,01% FINANCE METAL IND. 8,34% 3,46% 6,95% 5,69% 8,08% 7,38% PAPER IND. 6,17% PAPER IND. TRANSPORT 5,76% 14,14% TRANSPORT MINING 17,54% 2,26% MINING 1,97% OTHERS 8,73% TOURISM 4,35% TOURISM OTHERS MACHINERY 4,00%
Slide 15: Asset Distribution
ASSET DISTRIBUTION 2009 2010 H1 TEXTILE TEXTILE 5,24% 4,43% TRANSPORT. TRANSPORT. MACHINERY 14,83% 11,43% MACHINERY 25,62% 24,51% OFFICE 4,04% OFFICE 3,21% MEDICAL OTHER 6,19% MEDICAL OTHER 3,26% 5,58% PRINTING 3,65% PRINTING TOURISM 3,40% TOURISM 3,90% 3,05% 2,86% CONSTRUCTION 13,21% REAL ESTATE RE
Slide 16: Portfolio Development
PORTFOLIO DEVELOPMENT 1.000 900 800 700 600 500 TOP 30 CUSTOMERS REMAINING 400 300 200 100 - 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 10000 8000 6000 Outstanding Contracts 4000 2000 0 17
Slide 17: Geographical Distribution
GEOGRAPHICAL DISTRIBUTION KÖRFEZ REG. OTHER 4% # ANKARA 17% OFFICES SALES 11% STAFF MUĞLA BURSA Head Office 4 1% 4% Istanbul Europe 6 ANTEP REG. İZMİR 4% 5% Istanbul Asia 5 Ankara Rep. Office 5 ANTALYA 2% Antep ” 3 Bursa ” 2 İzmir ” 4 Antalya ” 4 TOTAL 33 İSTANBUL 52% 18
Slide 18: Currency Distribution
CURRENCY DISTRIBUTION TL 19,64% 2010 H1 USD 40,04% EUR 40,32% TL 21,13% 2009 USD 34,91% EUR 43,96% TL 22,04% 2008 USD 37,13% EUR 40,83% 19
Slide 19: Maturity Distribution
MATURITY DISTRIBUTION average, months 2009 2010 H1 LEASE PORTFOLIO 26 26 BORROWINGS 24 23 16 15 10 9 9 8 0 0 USD EUR TL USD EUR TL 20
Slide 20: 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. Mortgage 17% Cash + LG + Pledge + Buyback 2% prom. Note+ Personal Guarantee 81% *Group excl
Slide 21: Financial Performance
FINANCIAL PERFORMANCE
Slide 22: Highlights
HIGHLIGHTS Million TL 2008 2009 2010 H1 ∆ Leasing Receivables 963 829 831 0% Assets 1236 1441 1692 17% Borrowings 928 1008 1221 21% Equity 285 405 447 10% Net Profit * 76 105 39.9 -34% ROAA* 6.7% 7.9% 5.1% ROAE* 30.5% 30.6% 18.8% * annualized 23
Slide 23: Balance Sheet (consolidated)
BALANCE SHEET (consolidated) 000 TL 2008 2009 2010 H1 2008 2009 2010 H1 CURRENT ASSETS CURRENT LIABILITIES Cash and cash equivalents 165,411 363,754 555,989 Short-term borrowings 786,580 893,554 1,156,256 Trading Securities (net) 1,904 139 4,455 Trade payables 9,628 12,524 13,938 Leasing Receivables
Slide 24: Income Statement (consolidated)
INCOME STATEMENT (consolidated) 000 TL 2008 % 2009 % 2010 H1 % Interest income 103,948 11.8 97,986 10.9 40,907 19.9 Interest Expense (63,131) (7.3) (50,739) (5.2) (25,439) (10.0) Foreign currency gains/(losses) 4,077 1,666 324 44,894 5.1 48,913 5.5 15,791 7.7 Factoring Income 16,497 14,147 6,851 Gen
Slide 25: Tax Reserve
TAX RESERVE Tax Reserve carried forward 342,720,000 Other Reserves 138,987,000 Total Reserves 481,707,000 26
Slide 26: NPL
NPL Consolidated 2007 2008 2009 2010 H1 Gross NPL /Total Receivables % 7,8 % 7,0 % 10,8 % 9,3 Net NPL / Net Receivables % 4,0 % 4,3 % 6,9 % 5,5 120.000 000 TL LOSS RESERVE 000 TL 100.000 2010 Opening (42,600) 80.000 Reversals 5,076 151-240 60.000 241-360 New provisions (4,814) 40.000 >360 Write-off
Slide 27: Currency Position
CURRENCY POSITION TL 000 2009 2010 H1 Cash & cash equivalents 91,891 74,681 Finance Lease Receivables 641,511 640,206 Financial Liabilities (747,363) (759,043) Others 18,149 49,135 Net position 4,188 5,259 Net position / Equity 1,04% 1,18% 28
Slide 28: Other Issues
OTHER ISSUES
Slide 29: Main Strategies
MAIN STRATEGIES • Target-based performance management system implemented. • Increasing synergy with İşbank branches. • Strategic partnerships, commercial aggrements and strong relations with vendors to cover new customers. These relations will be an asset for operating leasing when available. 30
Slide 30: Relative Share Performance
31 Relative Share Performance 02.09.2010 02.08.2010 02.07.2010 02.06.2010 ISFIN 02.05.2010 02.04.2010 02.03.2010 ISE 100 ISFIN vs. ISE 100 02.02.2010 02.01.2010 02.12.2009 02.11.2009 : 375 million TL : 295 million 02.10.2009 02.09.2009 02.08.2009 02.07.2009 Mcap (20 Sep 2010) 02.06.2009 02.05.2009 T
Slide 31: 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 32
Slide 32: 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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