Is Yatirim Menkul Degerler As · BIST:ISMEN
Is Yatirim Menkul Degerler As — IS Investment (İş Yatırım Menkul Değerler A.Ş.) — FY2012 Earnings Presentation
29 slides from Is Yatirim Menkul Degerler As's earnings presentation, Apr 8, 2013
Slide 1: Performance & Financial Results – FY12
PERFORMANCE & FINANCIAL RESULTS – FY12 8 April, 2013
Slide 2: Agenda
1 Performance & Financial About Us Results – FY12 Turkish Capital Markets Our Performance Financial Results Expectations
Slide 3: About Us
About Us 2 Shareholder Structure Business Lines • Brokerage & Trading • Investment Advisory • Asset Management Free Float 28% • Corporate Finance • Research İş Bank & İş Bank Group Companies 72% Subsidiaries* IS Private Equity: (Share: 29.1%) (Ticker: ISGSY:TI) Turkey’s largest Private Equity compan
Slide 4: Agenda
3 Performance & Financial About Us Results - FY12 Turkish Capital Markets Our Performance Financial Results Expectations
Slide 5: Turkish Capital Markets Trading Volume
Turkish Capital Markets Trading Volume* 4 Equity Market (TL Billion) Derivatives Market (TL Billion) 1400 900 800 1200 700 1000 600 800 500 1,391 863 880 600 1,271 1,247 400 808 965 668 300 400 775 665 200 416 200 100 236 0 0 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 Source: ISE So
Slide 6: Turkish Capital Markets Trading Volume
Turkish Capital Markets Trading Volume* 5 Bills & Bonds Market (TL Billion) Securities L/B Market (TL Billion) 1000 6 5 800 4 600 3 5.9 5.9 957 5.4 834 892 400 728 715 2 4.1 602 2.8 2.7 200 1 0 0 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 Source: ISE Source: ISE Settlement and Custo
Slide 7: Turkish Capital Markets IPOs
Turkish Capital Markets IPOs 6 Equity IPO* (TL Billion) Debt Instruments IPO (TL Billion) 5 27 30 40 37.4 140 4.4 26 35 121 120 4 22 25 30 3.1 100 20 25 3 15 80 2.4 17.8 15 20 60 2 9 15 1.2 1.3 10 41 40 10 1 0.6 5 2 1 20 5 1.9 0.1 0.2 12 0 0 0 0 2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009
Slide 8: Turkish Capital Markets Asset Management
Turkish Capital Markets Asset Management 7 Asset Management (TL Billion) 60 Mutual Funds Pension Funds 50 40 29.6 30 2% 33.7 29.1 29.6 20 24.0 10 19.9 12.0 14.5 9.1 6.0 0 2008 2009 2010 2011 2012 Source: CMB & IS Asset Management Pension funds continue to grow in Turkey with an average annual growth
Slide 9: Agenda
8 Performance & Financial About Us Results - FY12 Turkish Capital Markets Our Performance Financial Results Expectations
Slide 10: Our Performance
Our Performance 9 Equity Market (TL Billion) Derivatives Market (TL Billion) 140 1 1 1 1 1 1 1 10% 200 1 1 1 1 1 1 1 30% 7.9% 9% 25.3% 120 7.3% 7.6% 25% 6.9% 8% 6.4% 6.3% 6.6% 150 100 7% 16.9% 14.8% 20% 80 6% 12.6% 13.7% 13.2% 11.5% 5% 100 15% 60 4% 102 95 10% 40 87 3% 111 119 77 50 99 2% 88 20 42 4
Slide 11: Our Performance
Our Performance 10 Bills & Bonds Market* (TL Billion) Corporate Bonds IPO (TL Billion) 24% 40 IS Investment 50 2 3 2 2 1 3 3 25% 35 45 20.0% Other 8.8 30 40 20% 35 25 14.1% 29% 30 13.1% 12.9% 12.4% 15% 11.8% 20 25 10.2% 20 10% 15 5.1 28.6 21% 15 10 27 10 20 17 5% 14 17 12.7 5 13 12 5 0.4 0 0% 0 1.5
Slide 12: Our Performance
Our Performance 11 Securities L/B Market (TL Billion) Equity Margin Trading (TL Million) 3.0 8 2 1 1 1 1 1 50% 200 20% 17% 2.5 37.9% 40% 14% 14% 14% 33.2% 150 15% 2.0 26.9% 24.3% 24.9% 30% 9% 1.5 100 8% 10% 20% 163 1.0 11.5% 2.0 139 1.6 1.4 50 5% 1.3 10% 0.5 4.1% 64 0.7 60 0.1 0.3 45 34 0.0 0% 0 0%
Slide 13: Our Performance
Our Performance 12 International Capital Markets FX Margin Trading – 2012/9* USD Millioın Thousands TL Billion 3000 2,733 2,782 1,400 600 26.5% 30% Billions 1,179 1,200 2500 500 22.5% 1,025 1,000 2000 865 400 20% 800 14.2% 1500 707 300 1,015 1,080 600 1000 450 8.5% 8.5% 780 779 200 380 10% 605 400 6
Slide 14: Our Performance
Our Performance 13 Assets Under Management (TL Billion) 14 Mutual Funds* Pension Funds 12 Other Funds** Represents 10 23.4% of the 6.9 market 8 7.9 6.7 7.4 6 Represents 20% of the total 5.6 pension funds 4 3.9 2.8 2.4 2 1.8 1.2 2.1 2.3 1.2 1.6 0 0.6 2008 2009 2010 2011 2012 Source: IS Investment & I
Slide 15: Agenda
14 Performance & Financial About Us Results – FY12 Turkish Capital Markets Our Performance Financial Results Expectations
Slide 16: Financial Results Consolidated
Financial Results Consolidated 15 IS Investment - Consolidated 2011 2012 YoY (%) (TL000) Total Assets 3,063,325 4,183,545 37 Shareholders' Equity 399,917 464,950 16 Net Profit 52,403 68,738 31 TL Million ROAE 4,184 4,200 22% 24% 19% 3,500 18% 18% 20% 3,063 16% 2,800 2,686 16% 2,539 14% 2,100 12% 1,5
Slide 17: Financial Results Consolidated Net Profit
Financial Results Consolidated Net Profit 16 TL Million 70 Full Year Q4 60 Q3 12 16 Q2 18 50 Q1 8 10 21 40 9 17 14 68 69 14 64 22 30 52 24 11 46 24 20 38 12 32 13 10 18 7 10 10 8 5 2 0 2007 2008 2009 2010 2011 2012 A record high full year net income
Slide 18: Financial Results Consolidation Effect
Financial Results Consolidation Effect 17 Consolidated Net Profit = [IS Investment Solo Net Profit + Contributions from Subsidiaries] – Elimination Adjustments Net Profit in TL FY11 FY12 YoY (%) IS Investment Solo Net Profit IS Investment Only 44,920,021 51,042,973 14 IS Investment Trust (883,989) 1
Slide 19: Breakdown of Operating Revenues
Financial Results Breakdown of Operating Revenues 18 Breakdown of Revenues FY11 FY12 YoY (%) (TL 000) Interest and Trading Income* 119,707 182,712 53 Commission Revenues** 110,962 129,217 16 Total Operating Revenues 230,669 311,929 35 Operating Revenues – FY11 Operating Revenues – FY12 Interest and
Slide 20: Breakdown of Commissions
Financial Results Breakdown of Commissions 19 Commission Revenues FY11 FY12 YoY (%) (TL 000) Brokerage* 78,652 92,061 17 Corporate Finance 7,287 11,746 61 Asset Management 24,044 24,078 - Other Commissions 978 1,331 36 Total 110,962 129,217 16 Commission Income – FY11 Commission Income – FY12 Other
Slide 21: Breakdown of Operating Expenses
Financial Results Breakdown of Operating Expenses 20 Operating Expenses FY11 FY12 YoY (%) (TL 000) Marketing, Sales and Distribution Expenses 27,257 32,600 20 General Administrative Expenses 123,660 157,845 28 Other Operating Expenses 2,316 3,083 33 Total 153,233 193,528 26 Operating Expenses – FY11
Slide 22: Financial Results Price Performance
Financial Results Price Performance 21 ISMEN Mcap (TL Million) ISMEN Price Performance 600 700 ISMEN BIST 100 71% 522 489 600 500 68% 500 400 353 361 325 400 70% 300 300 200 200 100 100 100 0 0 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Apr-13 Foreign Investors’ Share in ISMEN Free Float ISMEN was selected
Slide 23: Financial Results Dividend
Financial Results Dividend 22 Cash Dividend (TL Million) ISMEN Price Multiples 30% 30% 30% 32.5% 30% 50 10% 45 9% 40 8.2% 8% 35 7% 30 6% 4.8% 25 5% Current 2013e* 4.1% 4.0% 20 4% 3.1% 15 3% P/E 7.8 6.0 10 19.9 20.0 2% 12.9 15.1 5 9.5 1% P/BV 1.1 1.0 0 0% May-08 May-09 May-10 May-11 May-12 *2013 expe
Slide 24: Agenda
23 Performance & Financial About Us Results – FY12 Turkish Capital Markets Our Performance Financial Results Expectations
Slide 25: Expectations
Expectations 24 Corporate finance Equity: – Pegasus Airlines IPO will be performed on the 18th-19th of April by IS Investment, as the consortium leader, while TAI public offering is expected to be finalized till the end of 1H12. We aslo have mandates in the second half Corporate Bond: – We have al
Slide 26: Investor Relations
Investor Relations 25 Mr. Mert Erdoğmuş Deputy CEO Phone : +90 0212 350 24 12 Fax : +90 0212 350 20 01 E-mail : merdogmus@isinvestment.com The Investor Relations Department is responsible for the timely Mr. Ozan Altan communication of necessary, accurate, complete, Head of IR comprehensible and easi
Slide 27: Disclaimer
Disclaimer 26 The information in this report is prepared by “IS YATIRIM MENKUL DEGERLER A.S.” (IS Investment) and it is not to be construed as an offer or solicitation for the purchase or sale of any financial instrument or the provision of an offer to provide investment services. Information, opini
Slide 28: IS Investment
IS Investment 27 İş Kuleleri Kule-2 Kat:12 HEAD 34330 4. Levent İstanbul OFFICE T: 0212 350 20 00 F: 0212 350 20 01 Çınarlı Mah. Turhan Cemal Beriker Bulvarı İş Kuleleri Kule-2 Kat:4 No:31 Kat:9 Seyhan ADANA, TURKEY 34330 4. Levent İSTANBUL, TURKEY ADANA LEVENT T: +90 322 355 97 00 T: +90 212 350 29
Slide 29: Performance & Financial Results – FY12
PERFORMANCE & FINANCIAL RESULTS – FY12 8 April, 2013
IS Investment (İş Yatırım Menkul Değerler A.Ş.) — FY2012 Earnings Presentation on 6ix