Is Finansal Kiralama A.s. · BIST:ISFIN
Is Finansal Kiralama A.s — Investor Presentation (December 2012)
30 slides from Is Finansal Kiralama A.s's investor presentation, Dec 31, 2012
Slide 1: Investor Presentation
Investor Presentation December 31, 2012
Slide 2: Leasing Sector in Turkey
Leasing Sector in Turkey
Slide 3: Advantages of Leasing
ADVANTAGES OF 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
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 * 6,6% 5271 5301 5360 5,4% 5,1% 4891 4,9% 4263 4,8% 3,9% 4,2% 4,4% 3,6% 3182 2900 2165 2198 2,7% 3,0% 1327 727 2001 2002 2003 2004
Slide 5: Leasing Penetration Rates Compared
LEASING PENETRATION RATES COMPARED 2010 20,2 19,8 19,2 18,5 18,4 17,1 15,1 15,0 14,3 13,1 12,0 11,5 10,5 10,2 9,5 7,7 6,3 5,1 4,8 4,7 4,0 3,8 3,0 5
Slide 6: Market Shares, New Leasing Transactions
MARKET SHARES, New Leasing Transactions 32,7 2010 2011 2012 Top seven leasing companies, % 28,53 25,9 19,5 19,2 17,6 17,16 14,7 14,46 12,69 9,7 9,0 8,1 8,25 8,1 7,2 6,9 6,9 7,46 7,2 5,50 5,95 5,5 4,9 YAPI KREDĐ GARANTĐ ĐŞ BNP AK FĐNANS DENĐZ OTHERS Source: Fider 6
Slide 7: Company Overview
Company Overview
Slide 8: Milestones & Ownership
MILESTONES & OWNERSHIP • Financial leasing law enacted in 1985. CAMĐŞ NEMTAŞ • İş Leasing established in 1988 by 0,83% 0,07% İş Bank, IFC and Societe ĐŞ 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 9: Participations
PARTICIPATIONS Ownership Rate Equity Participations (%) Efes Varlık Yönetimi A.Ş 10.00 Đş Yatırım Menkul Değerler A.Ş. (IS Invest) 4.86 Đş Net 1.00 Đş Girişim Sermayesi Y.O A.Ş. 0.89 Yatirim Finansman A.Ş. 0.06 Camiş Menkul Değerler A.Ş. 0.05 Ownership Rate Subsidiaries (%) Đş Factoring Finansman Hi
Slide 10: Organization Chart
IsLeasin Gg) 5 i) | INTERNAL AUDIT & y BOARD OF DIRECTORS GENERAL MANAGER AGM X - - IT (- ~) I FINANCE | K _4} (- ~\ I ACCOUNTING | (Co) (- ‘ y — OO al HUMAN RESOURCES | Ke SD ORGANIZATION CHART AGM ) ia OPERATIONS ooo MARKETING - J WY \__s AGM CREDIT | J ye t RISK MONITORING | Ko (OS t LEGAL DEPART
Slide 11: Lease Portfolio
Lease Portfolio
Slide 12: Turnover & Market Share
TURNOVER & MARKET SHARE 398 9,0 0 8,1 294 7,9 286 2 0 174 398 27 5,5 284 294 146 2009 2010 2011 2012 2009 2010 2011 2012 Million USD Percentage 12
Slide 13: 2012 Leasing Volumes (000 $)
2012 Leasing Volumes (000 $) 2012 leasing industry turnover was $ 5,359,642 2012 Top 10 Turnover Share % Leasing volume $ YAPI KREDİ LEASING 17,2 % 919.777 GARANTİ LEASING 14,5 % 776.654 AKLEASE 12,7 % 680.309 BNP PARIBAS 8,3 % 441.946 DENİZ LEASING 7,5 % 400.072 FİNANS LEASING 5,9 % 318.764 İŞ LEAS
Slide 14: Sales Channels
SALES CHANNELS SALES SUPPLIER TEAM 3% 51% Đşbank has 1,250 ĐŞBANK branches BRANCHES ĐŞ GROUP 44% 2% No of customers in CRM database 59.182 Customers with outstanding leasing transaction 4.027 14
Slide 15: Sectoral Distribution, %
SECTORAL DISTRIBUTION , % 21,5 2011 2012 15,4 15,6 14,5 11,6 12,4 9,2 7,3 7,7 7,2 6,0 6,4 6,7 6,2 5,8 4,0 3,6 3,3 3,8 3,9 3,5 3,1 3,3 3,2 2,7 2,5 2,8 2,8 2,0 1,7 15
Slide 16: Asset Distribution, %
ASSET DISTRIBUTION , % 25,7 2011 2012 23,9 22,9 22,8 17,4 15,9 12,1 12,2 4,8 5,0 4,5 5,2 3,9 3,3 3,1 2,8 2,9 3,3 2,4 1,8 2,2 2,0 16
Slide 17: Portfolio Development
1.400 PORTFOLIO DEVELOPMENT 1.300 1.200 000 TRY 1.100 1.000 TOP 30 CUSTOMERS REMAINING 900 800 700 600 500 400 300 200 45% 100 - 10000 8000 Outstanding Contracts 43% 6000 4000 2000 0 17
Slide 18: Geographical Distribution
GEOGRAPHICAL DISTRIBUTION KOCAELĐ SALES OTHER 4% ANKARA OFFICES STAFF 19% 11% BURSA 2% Head Office 2 KONYA 1% ĐZMĐR Istanbul Europe 5 MUĞLA 4% Istanbul Asia 4 2% ANTALYA 1% Ankara Rep. Office 5 ANTEP REG. Antep ” 5 8% Bursa ” 2 İzmir ” 4 Antalya ” 2 TOTAL SALES STAFF 29 ĐSTANBUL 48% TOTAL HEADCOUNT
Slide 19: Currency Distribution
CURRENCY DISTRIBUTION TL 23% 2012 USD 39% EUR 38% TL 16% 2011 USD 44% EUR 39% TL 20% 2010 USD 37% EUR 43% (’000 TRY) 2011 2012 Net FX Position (Short) 2.232 -1.105 Net FX Position/Equity 0,4 % 0.2 % 19
Slide 20: Maturity Distribution
MATURITY DISTRIBUTION 2011 2012 LEASE LEASE PORTFOLIO 32 BORROWINGS 31 BORROWINGS 24 24 16 19 15 14 18 8 0 0 USD EUR TL USD EUR TL average, months 20
Slide 21: Funding Policy
FUNDING POLICY 24 % of debt portfolio is funded via İşbank. İşbank has available lines to fund İş Leasing when necessary. İş Leasing completed 3 corporate bond issuances amounting 250 million TRY. Terms were 12 and 24 months. 40 million USD murabaha syndicated loan was closed in June 2012. Bilateral
Slide 22: Financial Performance
Financial Performance
Slide 23: Financial Highlights
FINANCIAL HIGHLIGHTS TL Million 31 December 2011 31 December 2012 Change (%) Leasing Receivables, Net 1.398 1.391 -1% Non Performing Receivables 110 102 -7% Provisions -58 -58 0% Total Assets 2.242 2.820 26% Financial Liabilities 1.673 2.213 32% Equity 520 566 9% INCOME STATEMENT Net Interest Income
Slide 24: Balance Sheet (consolidated)
BALANCE SHEET (consolidated) mio TL Million TRY 2010 2011 2012 2010 2011 2012 Current Assets Current Liabilities Cash and Cash Equivalents 691.3 309.6 317.2 Short Term Liabilities 1416.4 1353.4 1874.7 Trading Securities(net) 4.4 12 8.7 Trade Payables 14.5 15.1 14.8 Leasing Receivables(net) 323.5 418
Slide 25: Income Statement (consolidated)
INCOME STATEMENT (consolidated) 000 TL Million TRY 2010 2011 2012 Interest Income 81,488 100,636 106,067 Interest Expense (60,230) (79,613) (96,954) Foreign Currency Gains/(Losses) 912 9,927 24,758 Total 22,170 30,950 33,872 Factoring Income 18,671 34,801 51,984 General and Administrative Expenses (
Slide 26: NPL
NPL Consolidated 2009 2010 2011 2012 Gross NPL /Total Receivables % 10,8 % 6,9 % 6,1 % 4,6 Net NPL / Net Receivables % 6,9 % 3,5 % 2,9 % 1,8 120.000 000 TL LOSS RESERVE 100.000 2012 Opening (57.527) 80.000 Reversals 901 151-240 60.000 New provisions (13.456) 241-360 40.000 >360 Write-off 10.214 Tota
Slide 27: 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 28: Other Issues
Other Issues
Slide 29: 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 29
Slide 30: 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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