Is Finansal Kiralama A.s. · BIST:ISFIN
Is Finansal Kiralama A.s — Investor Presentation (December 2013)
28 slides from Is Finansal Kiralama A.s's investor presentation, Dec 31, 2013
Slide 1: Investor Presentation
Investor Presentation December 31, 2013
Slide 2: Leasing Sector in Turkey
Leasing Sector in Turkey
Slide 3: Leasing
LEASING 1 % VAT on selected machinery. (Finance Ministry decree dated 27/12/2011) 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
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%. 8203 Penetration * 6990 9,8% 5271 5301 5360 4891 7,6% 7,8% 7,7% 4263 6,9% 5,6% 6,6% 6,1% 3182 4,7% 2900 2165 2198 3,7% 4,0% 1327 727 2001 2002 2003
Slide 5: Leasing Receivables 30 September 2013
Leasing Receivables 30.September.2013 Leasing industry total receivables= $ 11.296.534.000.- YAPI KREDİ LEASING 1.907.021 16,9 % GARANTİ LEASING 1.527.612 13,5 % AKLEASE 1.507.806 13,3 % DENİZ LEASING 961.457 8,5 % İŞ LEASING 885.111 7,8 % HALK LEASING 793.320 7,0 % BNP PARIBAS LEASING 712.245 6,3 %
Slide 6: Market Shares, Leasing Receivables
MARKET SHARES, Leasing Receivables 2011 2012 2013 Q3 % 28,40 25,7 24,1 18,8 18,1 16,88 15,5 14,9 13,52 13,35 12,2 9,9 8,9 8,6 8,51 9,0 7,9 7,84 7,6 6,9 7,00 6,30 5,7 6,0 YAPI KREDİ GARANTİ AK DENİZ İŞ BNP HALK OTHERS Source: Fider 6
Slide 7: Market Shares, New Leasing Transactions
MARKET SHARES, New Leasing Transactions 32,10 2011 2012 2013 % 28,0 28,5 19,5 17,2 17,6 14,80 14,5 12,70 12,7 10,60 8,1 8,1 8,3 8,00 7,5 7,60 7,00 7,20 6,8 7,0 5,5 3,4 3,4 YAPI KREDİ GARANTİ İŞ BNP AK ZİRAAT DENİZ OTHERS Source: Fider 7
Slide 8: Company Overview
Company Overview
Slide 9: 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 10: 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 11: 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 11
Slide 12: Lease Portfolio
Lease Portfolio
Slide 13: Turnover & Market Share
TURNOVER & MARKET SHARE 489 398 9,0 8,1 286 294 7,9 7,0 174 5,5 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Million USD Percentage 13
Slide 14: Sales Channels
SALES CHANNELS SALES SUPPLIER TEAM 2% 43% İŞ GROUP 2% İşbank has 1,250 İŞBANK branches BRANCHES 53% 14
Slide 15: Sectoral Distribution
SECTORAL DISTRIBUTION , % 2012 2013 20,8 16,2 15,6 15,4 14,5 14,2 7,7 7,3 6,7 7,0 6,4 6,2 6,0 5,8 5,8 4,4 3,9 3,8 3,2 3,3 3,1 3,3 3,2 3,0 2,8 2,7 2,5 1,7 1,7 2,1 15
Slide 16: Asset Distribution
ASSET DISTRIBUTION , % 29,0 2012 2013 25,7 22,9 22,0 17,9 15,9 12,1 12,3 5,0 5,2 4,4 3,6 3,3 2,8 2,1 3,3 3,5 2,1 1,8 1,2 2,0 2,0 16
Slide 17: Geographical Distribution
GEOGRAPHICAL DISTRIBUTION KOCAELİ SALES OTHER 6% ANKARA OFFICES STAFF 16% DENİZLİ 10% 1% BURSA Head Office 1 KONYA 2% Istanbul Europe 8 2% İZMİR 4% Istanbul Asia 8 ANTEP REG. ANTALYA Ankara Rep. Office 6 10% 1% Antep ” 8 Bursa ” 3 İzmir ” 5 Antalya ” 5 TOTAL SALES STAFF 44 İSTANBUL 48% TOTAL HEADCOU
Slide 18: Currency Distribution
CURRENCY DISTRIBUTION TL 23% 2013 USD 42% EUR 35% TL 23% 2012 USD 39% EUR 38% TL 16% 2011 USD 44% EUR 39% 18
Slide 19: Maturity Distribution
MATURITY DISTRIBUTION 2012 2013 LEASE LEASE PORTFOLIO 31 BORROWINGS BORROWINGS 30 24 20 17 22 15 14 18 18 0 0 USD EUR TL USD EUR TL average, months 19
Slide 20: Funding Policy
FUNDING POLICY 27 % of debt portfolio is funded via İşbank. İşbank has available lines to fund İş Leasing when necessary. İş Leasing completed 4 corporate bond issuances amounting 300 million TRY. Terms were 12 and 24 months. IFC renewable energy and energy efficiency facility of 40 million US
Slide 21: Financial Performance
Financial Performance
Slide 22: Financial Highlights
FINANCIAL HIGHLIGHTS 31 December TRY Million, consolidated 31 December 2013 2012 Leasing Receivables, Net 1,391 2,232 Factoring Receivables, Net 1,015 946 Non Performing Receivables 113 124 Provisions -69 -67 Total Assets 2,820 3.493 Financial Liabilities 2,213 2,668 Equity 566 604 Net Interest Inco
Slide 23: Balance Sheet (consolidated)
BALANCE SHEET (consolidated) mio TL Million TRY 2011 2012 2013 2011 2012 2013 Current Assets Current Liabilities Cash and Cash Equivalents 309.6 317.2 232.8 Short Term Liabilities 1353.4 1874.7 1455.4 Trading Securities(net) 12 8.7 - Trade Payables 15.1 14.8 66.6 Leasing Receivables(net) 418.9 462.4
Slide 24: Income Statement (consolidated)
INCOME STATEMENT (consolidated) 000 TL Million TRY 2011 2012 2013 Interest Income 100,636 106,067 125.745 Interest Expense (79,613) (96,954) (115.448) Foreign Currency Gains/(Losses) 9,927 24,758 13,829 Total 30,950 33,872 24,126 Factoring Income 34,801 51,984 58,489 General and Administrative Expen
Slide 25: NPL
NPL Consolidated 2010 2011 2012 2013 Gross NPL /Total Receivables % 6,9 % 6,1 % 4,6 % 3,8 Net NPL / Net Receivables % 3,5 % 2,9 % 1,8 % 1,8 000 TL LOSS RESERVE 2013 Opening (68.868) Reversals 525 New provisions (17.061) Write-off (*) 18.782 Transfer - 31.12.2013 Closing (66.622) (*) Consists of the
Slide 26: 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 27: 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 27
Slide 28: 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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