Is Finansal Kiralama A.s. · BIST:ISFIN
Is Finansal Kiralama A.s — Investor Presentation (September 2010)
29 slides from Is Finansal Kiralama A.s's investor presentation, Sep 30, 2010
Slide 1: Investor Presentation
Investor Presentation SEPTEMBER 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: 2010 & 2009 Q3's Compared
2010 & 2009 Q3’s COMPARED 2009 Q3 2010 Q3 İŞ İŞ FİNANS 8,34% AK FİNANS 8,80% 6,31% 7,96% AK 8,01% DENİZ 14,30% 5,59% GARANTİ GARANTİ 17,58% 13,81% FORTİS TEB 9,25% 5,43% ZİRAAT YAPI KREDİ 5,38% OTHERS 14,78% YAPI KREDİ OTHERS 29,74% 20,66% 24,06% 2182 1540 Leasing volume increased %41 in 2010 Q3 com
Slide 7: Company Overview
COMPANY OVERVIEW
Slide 8: Milestones & Ownership
MILESTONES & OWNERSHIP • Financial leasing law enacted in 1985. NEMTAŞ • İş Leasing established in 1988 by 0,90% İş Bank, IFC and Societe İŞ FREE BANKASI Generale. 27,79% FLOAT • IFC and SocGen transferred 42,67% leasing know-how and expertise, İş Bank branches provided access to the market. TSKB •
Slide 9: 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 10: 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 11: Lease Portfolio
LEASE PORTFOLIO
Slide 12: Turnover million USD
TURNOVER million USD 448 445 53 61 359 349 21 305 35 52 183 192 395 384 174 12 338 2 136 314 27 26 253 67 190 171 146 29 110 38 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q3 Non-group turnover İş Bank group turnover Total turnover 12
Slide 13: Sales Channels
SALES CHANNELS Total number of customers in CRM database: 48.218 DIRECT No.of SALES Customers SUPPLIER 18,72% that have 1,16% İŞ GROUP Outstanding 6,58% Contract 4539 İŞBANK RECURRING BRANCHES CUSTOMERS 43679 41,32% 32,22% İşbank has 1123 branches in Turkey 13
Slide 14: Sectoral Distribution
SECTORAL DISTRIBUTION 2009 2010 Q3 TRADE TEXTILE METAL IND. 3,76% 8,01% FINANCE TRADE TEXTILE FINANCE 8,34% 8,08% METAL IND. 3,09% 6,83% 5,52% 8,46% PAPER IND. PAPER IND. 6,03% TRANSPORT 5,76% 14,14% TRANSPORT MINING MINING 15,40% 2,55% 1,97% OTHERS TOURISM 9,06% 4,35% TOURISM OTHERS 5,33% MACHINERY
Slide 15: Asset Distribution
ASSET DISTRIBUTION 2009 2010 Q3 TEXTILE TEXTILE 5,24% TRANSPORT. 4,40% TRANSPORT. 13,26% MACHINERY 11,43% 25,62% MACHINERY 25,48% OFFICE OFFICE 4,04% 3,44% MEDICAL MEDICAL 6,19% OTHER OTHER 6,51% 3,09% PRINTING 3,65% 3,40% PRINTING TOURISM TOURISM 3,95% 3,86% 2,86% CONSTRUCTION 13,21% REAL ESTATE RE
Slide 16: Portfolio Development
PORTFOLIO DEVELOPMENT 1.000 000 TL 900 800 700 600 TOP 30 CUSTOMERS REMAINING 500 400 300 200 %36 100 - 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010/4 2010/9 10000 8000 6000 Outstanding Contracts 4000 2000 0 16
Slide 17: Geographical Distribution
GEOGRAPHICAL DISTRIBUTION KOCAELİ OTHER 3% ANKARA # 17% 12% OFFICES STAFF BURSA MUĞLA 3% Head Office 4 3% İZMİR Istanbul Europe 6 ANTEP REG. 6% Istanbul Asia 5 2% ANTALYA Ankara Rep. Office 5 1% Antep ” 3 Bursa ” 2 İzmir ” 4 Antalya ” 4 İSTANBUL TOTAL SALES STAFF 33 53% TOTAL HEADCOUNT 95 17
Slide 18: Currency Distribution
CURRENCY DISTRIBUTION TL 20% 2010 Q3 USD 37% EUR 43% TL 21% 2009 USD 35% EUR 44% TL 22% 2008 USD 37% EUR 41% TL 000 2009 2010 Q3 Net FX position (Long) 4,188 4,699 Net FX position / Equity 1,04% 1,02% 18
Slide 19: Maturity Distribution
MATURITY DISTRIBUTION average, months 2009 2010 Q3 LEASE PORTFOLIO BORROWINGS 26 25 24 23 16 13 16 10 9 9 0 0 USD EUR TL USD EUR TL 19
Slide 20: Financial Performance
FINANCIAL PERFORMANCE
Slide 21: Highlights
HIGHLIGHTS Million TL 2008 2009 2010 Q3 ∆ Leasing Receivables 963 829 842 2% Assets 1236 1441 1850 28% Borrowings 928 1008 1349 34% Equity 285 405 450 11% Net Profit * 76 105 53 -33% ROAA* 6,7% 7,9% 4,3% ROAE* 30,5% 30,6% 16,6% * annualized 22
Slide 22: Balance Sheet (consolidated)
BALANCE SHEET (consolidated) 000 TL 2008 2009 2010 Q3 2008 2009 2010 Q3 CURRENT ASSETS CURRENT LIABILITIES Cash and cash equivalents 165.411 363.754 567.839 Short-term borrowings 786.580 893.554 1.284.216 Trading Securities (net) 1.904 139 4.308 Trade payables 9.628 12.524 17.048 Leasing Receivables
Slide 23: Income Statement (consolidated)
INCOME STATEMENT (consolidated) 000 TL 2008 % 2009 % 2010 Q3 % Interest income 103.948 11,8 97.986 10,9 61.030 9,7 Interest Expense (63.131) (7,3) (50.739) (5,2) (40.868) (4,6) Foreign currency gains/(losses) 4.077 1.666 (117) 44.894 5,1 48.913 5,5 20.045 3,2 Factoring Income 16.497 14.147 11.393 Ge
Slide 24: NPL
NPL Consolidated 2007 2008 2009 2010 Q3 Gross NPL /Total Receivables % 7,8 % 7,0 % 10,8 % 7,9 Net NPL / Net Receivables % 4,0 % 4,3 % 6,9 % 4,4 120.000 100.000 000 TL LOSS RESERVE 80.000 2010 Opening (42.600) TOTAL 60.000 Reversals 5.565 241-360 40.000 151-240 New provisions (7.320) 20.000 >360 Writ
Slide 25: Other Issues
OTHER ISSUES
Slide 26: Main Strategies
MAIN STRATEGIES • Target-based performance management system implemented. • Increasing synergy with İşbank branches. • Strategic partnerships, commercial agreements and strong relations with vendors to cover new customers. These relations will be an asset for operating leasing when available. 28
Slide 27: Relative Share Performance
29 Relative Share Performance 02.11.2010 02.10.2010 02.09.2010 ISE 100 ISFIN 02.08.2010 02.07.2010 02.06.2010 02.05.2010 02.04.2010 ISFIN vs. ISE 100 02.03.2010 02.02.2010 02.01.2010 02.12.2009 Mcap (03/11/2010 @ 1,31) : 387 million TL 02.11.2009 : 295 million 02.10.2009 02.09.2009 02.08.2009 02.07.
Slide 28: 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 30
Slide 29: 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 (September 2010) on 6ix