25 slides from Tisco Financial Group Public's earnings presentation, Dec 31, 2004
Slide 1: TISCO Group Performance and Operating Results
TISCO Group Performance and Operating Results For 2004 ended December 31, 2004
Slide 2: Disclaimer
Disclaimer This presentation contains public information, which has been prepared by TISCO Finance Public Company Limited ("TISCO" or the "Company") for the purpose of a presentation to analysts and selected investors. Information contained in this presentation is not intended to provide basis for a
Slide 3: Shareholder Structure
Shareholder Structure CDIB & Partners Government of Investment Mizuho Singapore Holding Corporate Bank, Investment Corporation Ltd. Corporation 13.59% 7.46% 5.24% DB Group 5.18% Foreign shareholders Domestic 25.96% shareholders 33.06% Thai NVDR Co.,Ltd. 9.52% As of November 25, 2004 3
Slide 4: Key Economic Indicator and Daily Average Turnover
Key Economic Indicator (% Growth Y-O-Y) 2000 2001 2002 2003 2004 GDP 4.8 2.1 5.4 6.8 6.5 (E) Automobile Sales (10.4) 10.5 32.5 32.8 17.3 SET Index 30,000 1000 Daily Average Turnover 7 7 2 .1 5 24,000 800 20,508 (Baht Million) SET Index 18,908 18,000 6 6 8 .1 0 600 3 0 3 .8 5 12,000 3 5 6 .4 8 400 2
Slide 5: Operating Results
Operating Results Y-o-Y 2004 2003 Total Net Revenue 17.2% 5,385 4,596 (Baht Million) Net Profit 17.7% 2,224 1,890 (Baht Million) Diluted EPS 17.3% 3.05 2.60 (Baht) ROE 19.1% 20.4% 5
Slide 6: Interest and Dividend Income
Interest and Dividend Income (Baht Million) Y-o-Y 2004 2003 Interest & Dividend Income 9.8% 3,913 3,565 Loans and Deposits (10.4%) 750 837 Hire purchase and 22.7% 2,957 2,410 Finance lease Securities (34.9%) 207 318 Expense on Borrowings (10.9%) 1,083 1,216 Net Interest & Dividend 20.5% 2,830 2,349
Slide 7: Interest and Dividend Income
Interest and Dividend Income 2003 Net Interest and Dividend 2004 Net Interest and Dividend Income : Bt. 2,083 Million Income : Bt. 2,655 Million Securities Loans and 9% deposits Securities 5% Loans and 23% deposits 19% Hire Hire purchase purchase and and financial financial lease lease 68% 76% 2004
Slide 8: Asset Breakdown
Asset Breakdown 66,296 70,000 60,263 60,000 1,230 49,212 1,414 47,059 50,000 40,802 Baht Million 1,317 40,000 2,237 2,354 44,499 52,813 30,000 30,603 36,236 25,584 20,000 1 9 .9 % L oa n Growth = Ne t 10,000 8,302 9,361 6,181 8,096 5,212 0 2000 2001 2002 2003 2004 Cash & Deposits Investment in secur
Slide 9: Loan Portfolio Breakdown
Loan Portfolio Breakdown Total Loans : Bt. 55.8 Billion Total Hire Purchase : Bt. 38.6 Billion As of December 31, 2004 As of December 31, 2004 Leasing Motorcycle Public VLT 5% 1% Manufacturing Real estate& utilities& Head Office Other 0% & Commerce construction services 36% 3% corporate TCA 10% 6% 0
Slide 10: Spread Management
Spread Management Interest Spread Trend 11% 9.3% 8.5% 7.8% 7.3% 8% 6.94% 4.8% 4.8% 4.6% 4.65% 5% 4.4% 4.5% 3.7% 3% 3.2% 2.9% 2.29% 0% 2000 2001 2002 2003 2004 Yield Cost Spread 10
Slide 11: Net Interest Margin
Net Interest Margin NIM compared with Interest Spread 6% 4.8% 4.91% 4.8% 4.6% 4.6% 4% 4.4% 4.65% 4.4% 4.0% 3.6% 2% 0% 2000 2001 2002 2003 2004 Spread NIM 11
Slide 12: Active Assets & Liabilities Management
Active Assets & Liabilities Management Asset Mix Liabilities Mix 120% 120% 100% Other assets 100% Other Liabilities 80% Other earning 80% assets Debentures Equity 60% 60% 62% Fixed-income Borrowings and 53% 40% 40% 83% deposits Other Loans 77% 20% 20% Retail Loans 0% 0% Dec04 Dec03 Dec04 Dec03 Portf
Slide 13: Non-Interest Income
Non-Interest Income (Baht Million) Y-o-Y 2004 2003 Fee & Other Income 7.2% 2,163 2,017 Brokerage Fees 9.5% 903 825 Asset Management Fee (44.3%) 228 409 Investment Bank Fee 127.0% 361 159 Fee from Fin. Bus., 7.5% 671 624 SAM & Others Trading Income 14.3% 567 496 Non-Interest Income 8.6% 2,730 2,513 1
Slide 14: Non-Interest Income
Non-Interest Income 2003 Non-Interest Income: 2004 Non-Interest Income: Bt. 2,513 Million Bt. 2,730 Million Fee Income Fee Income Trading from Finance Trading from Income Business, SAM & Others Income Finance 21% 25% 20% Business, SAM & Others 25% Investment Bank Fee Asset 6% Management Brokerage Fe
Slide 15: Operating Expenses
Operating Expenses (Baht Million) Y-o-Y 2004 2003 Personnel Expense 5.9% 1,259 1,189 (% to Net Revenue after Provision) 23.4% 25.9& NPE (52.1%) 666 1,393 (% to Net Revenue after Provision) 12.4% 30.3% NPE excl. Goodwill 19.2% 666 559 (% to Net Revenue after Provision) 12.4% 12.2% Goodwill (100.0%) 0
Slide 16: Loan Loss Provision
Loan Loss Provision Non-Performing Loan & Allowance for Doubtful Accounts 160% 14,000 135% 122% 130% 140% 12,000 103% 120% 10,000 B ah t M illio n 8,221 84% 100% (24.2%) 8,000 6,859 7,075 6,935 (17.7%) 80% 4,600 4,288 6,000 4,703 3,846 3,410 60% 3,304 (9.7%) (7.0%) (5.8%) 4,000 40% 2,000 20% 0 0% 20
Slide 17: Commercial Lending
Commercial Lending 18,000 12.9% 14% 11.8% 11.7% 16,000 11.4% 10.8% 12% 14,000 9.2% 8.9% 10% 12,000 11,326 10,789 10,877 10,924 Baht Million 10,328 10,132 10,069 10,350 9,907 9,722 8% 10,000 9,540 9,554 8,000 6% 6,000 4% 4,000 2% 2,000 0 0% Jan04 Feb04 Mar04 Apr04 May04 Jun04* Jul04* Aug04* Sep04* Oc
Slide 18: Industry Auto Sales
Industry Auto Sales New Car Sales Industry Monthly Car Sales 625,878 12% 80 600,000 10.1% 73.2 533,177 10% Number of cars (Thousands) 500,000 54.4 58.6 7.5% 60 55.3 Number of cars (Units) 7.6% 51.3 50.5 Penetration Rate(%) 404,060 8% 51.1 49.1 49.3 45.5 400,000 6.6% 6.6% 44.1 43.7 297,052 6% 40 300,
Slide 19: Car HP New Loans and Repayment
Car HP New Loans and Repayment 4,000 5,558 6000 5,384 3,500 4,778 4,648 4,385 4,604 4,475 4,533 5000 4,063 4,175 3,000 3,969 3,928 2,542 4000 Baht Million 2,500 2,371 2,152 2,185 2,068 2,073 2,053 2,006 1,965 Units 1,839 1,898 2,000 1,823 3000 1,458 1,483 1,500 1,357 1,277 1,314 1,384 1,405 1,391 1,
Slide 20: Local Brokerage Business
Local Brokerage Business Market Turnover & TISCO Brokerage Volume & TISCO Market share Brokerage Fee 25,000 5% 400 1,000 354 3.93% 350 Daily Average Turnover (Baht Million) Brokerage Volume (Baht Billion) 20,508 314 855 3.56% 800 Brokerage Fee (Baht Million) 20,000 18,908 4% 300 759 3.36% 3.52% Mark
Slide 21: Asset Management Business
Asset Management Business Market* Asset Under Management Tota l Ne t Asse t Va lue (Ba ht Million) 1,000,000 846,964 924,545 80,000 12.0% 10.0% 67,704 900,000 70,000 9.6% 56,459 10.0% 800,000 60,000 531,282 27% Total Net Asset Value 700,000 52% 44,684 39,335 8.0% 52% Market Share (%) 436,367 42,040
Slide 22: Risk-Based Capital Adequacy
Risk - Based Capital Adequacy Operational Risk Operational Risk Wholesale Lending Reserve Property Retail Lending 5% 5% Retail Lending Wholesale Lending Reserve Property 15% 0% 6% 2% 24% 5% Banking Book 10% Non-listed Equity 9% Non-listed Equity 11% Banking Book 13% Listed Equity 27% Fixed-income Fi
Slide 23: Interest Rate Risk
Interest Rate Risk 1.4 1.22 Current Profile 1.2 1.14 1.06 • Interest rate gap between assets and liabilities further 1 widened to around 6 months 0.8 0.72 • With interest rate on the rise interest spreads may slightly 0.6 narrow down in the medium term. 0.4 • Impact should be limited as lower costs
Slide 24: Number of Employees
Number of Employees 2,000 1,785 1,618 1,346 461 1,500 1,087 410 Employees 978 241 82 1,000 60 1,324 1,105 1,208 500 918 1,005 0 2000 2001 2002 2003 2004 Permanent Contract 24
Slide 25: www.tisco.co.th
www.tisco.co.th