Is Finansal Kiralama A.s. · BIST:ISFIN
Is Finansal Kiralama A.s — Investor Presentation (March 2015)
25 slides from Is Finansal Kiralama A.s's investor presentation, Mar 31, 2015
Slide 1: Investor Presentation
Investor Presentation 31 MARCH 2015
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. Sale-and-lease back demand is strong. Expertise on SMEs, consultancy and know-how support in addition to funding. FX borrowing
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 * 8203 Million USD 7637 6990 9,8% 5271 5301 5360 7,6% 7,8% 4891 7,7% 4263 6,9% 5,6% 6,6% 6,1% 4,7% 3182 2900 2165 2198 3,7% 4,0% 1327 727 2
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 8,1 489 398 7,0 286 294 5,5 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 Million USD Percentage 10
Slide 11: Sales Channels
SALES CHANNELS SALES TEAM 26% SUPPLIER 2% İŞBANK BRANCHES 72% 1,333 local and 25 foreign branches, largest network among private banks 11
Slide 12: Sectoral Distribution, %
SECTORAL DISTRIBUTION , % 2014 2015 Q1 20,6 19,1 16,9 16,9 11,3 10,9 9,9 8,4 6,6 6,9 6,2 6,0 6,3 5,5 5,9 4,7 3,8 3,3 3,2 2,8 3,0 2,9 3,1 2,9 2,8 2,3 1,9 2,0 1,9 2,1 12
Slide 13: Asset Distribution, %
ASSET DISTRIBUTION , % 40,0 2014 2015 Q1 37,9 27,0 26,5 13,1 11,8 8,1 7,5 4,2 4,3 1,9 1,7 2,0 2,0 2,6 2,7 1,2 1,1 0,8 0,9 1,2 1,5 13
Slide 14: Geographical Distribution
GEOGRAPHICAL DISTRIBUTION MARKETING & BRANCHES SALES STAFF OTHER KOCAELİ 6% DENİZLİ 14% ANKARA Head Office 2 1% 13% Istanbul (A) - Kozyatağı & Gebze 7 KONYA Istanbul (E) - Şişli & Avcılar 10 2% BURSA Ankara & Central Anatolia 8 2% Çukurova 3 ANTEP REG. İZMİR 13% 4% South Anatolia 4 Marmara 3 ANTALYA
Slide 15: Currency Distribution
CURRENCY DISTRIBUTION TL 36% 2015 Q1 USD 35% EUR 29% TL 34% 2014 USD 35% EUR 31% TL 23% 2013 USD 42% EUR 35% 15
Slide 16: Maturity Distribution
MATURITY DISTRIBUTION 2014 2015 Q1 LEASE PORTFOLIO LEASE 28 BORROWINGS 30 BORROWINGS 29 25 28 27 21 22 14 14* 12 6* USD EUR TL USD EUR TL average, months *TL funded by Shareholders’ equity is not included in the calculation. 16
Slide 17: Funding Policy
FUNDING POLICY 19% of debt portfolio is funded via İşbank. İşbank has available lines to fund İş Leasing whenever necessary, Outstanding local bond issuances amounting 440 million TRY. Maturities are from 6 months to 24 months. Bilateral lines from local and multinational banks, IFI funds su
Slide 18: Financial Performance
Financial Performance
Slide 19: Financial Highlights
FINANCIAL HIGHLIGHTS 31 December 31 December 31 March TRY Million, consolidated 2013 2014 2015 Leasing Receivables, Net 2,232 2,841 3,025 Factoring Receivables, Net 946 1,433 1,505 Non Performing Receivables 124 160 165 Provisions -67 104 117 Total Assets 3,493 4,580 5,089 Financial Liabilities 2,66
Slide 20: Balance Sheet (consolidated)
BALANCE SHEET (consolidated) mio TL Million TRY 2013 2014 2015 Q1 2013 2014 2015 Q1 Current Assets Current Liabilities Cash and Cash Equivalents 232.8 180.2 435.0 Short Term Liabilities 1455.4 2138.6 2793.7 Trading Securities(net) - - - Trade Payables 66.6 38.5 32.6 Leasing Receivables(net) 727.0 90
Slide 21: Income Statement (consolidated)
INCOME STATEMENT (consolidated) 000 TL Million TRY 2013 2014 2015 Q1 Interest Income 125,745 186,567 59,881 Interest Expense (115,448) (200,485) (67.669) Foreign Currency Gains/(Losses) 13,829 74,273 26,493 Total 24,126 60,355 18,705 Factoring Income 58,489 89,248 30,751 General and Administrative E
Slide 22: NPL
NPL Consolidated 2012 2013 2014 2015 Q1 Gross NPL /Total Receivables % 4,6 % 3,8 % 3,7 % 3,5 Net NPL / Net Receivables % 1,8 % 1,8 % 1,3 % 1,05 000 TL LOSS RESERVE 2015 Opening (104.490) Reversals 1.693 New provisions (14.542) Write-off (*) - Transfer - 31.03.2015 Closing (117.339) 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
İş Finansal Kiralama A.Ş. — Investor Presentation (March 2015) on 6ix