Is Finansal Kiralama A.s. · BIST:ISFIN

Is Finansal Kiralama A.s — Investor Presentation (March 2012)

31 slides from Is Finansal Kiralama A.s's investor presentation, Mar 31, 2012

  1. Slide 1: Investor Presentation

    Investor Presentation March 31, 2012

  2. Slide 2: Leasing Sector in Turkey

    Leasing Sector in Turkey

  3. Slide 3: Advantages of Leasing

    ADVANTAGES OF LEASING  1 % VAT on selected machinery. (Finance Ministry decree dated 27/12/2011)  Expertise on SMEs, consultancy and know-how support in addition to funding.  FX borrowing option (Bank FX loans have some restrictions)  Fast credit approvals (leased asset ownership), flexible paym

  4. Slide 4: Turnover

    TURNOVER Leasing penetration is still at low levels %56 compared to EU average of 15% and North America average of 18%. 8203 %24 Penetration * Million USD 7% -%35 6,6% 5301 %54 %47 5271 6% 4891 5,4% 5% 5,1% 4,9% %34 4263 4,8% 4,4% 4% 4,2% 3,6% %63 %45 3,0% 3182 3% 2900 2,7% -%59 %83 2% 2165 2198 1%

  5. Slide 5: Leasing Penetration Ratios Compared

    LEASING PENETRATION RATIOS 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

  6. Slide 6: Market Shares, New Leasing Transactions

    MARKET SHARES, New Leasing Transactions 32,7 % 2009 2010 2011 29,5 25,87 19,2 19,48 17,60 16,1 15,4 14,7 14,6 9,0 8,14 9,0 7,9 7,2 8,10 7,2 6,94 7,02 5,5 6,85 4,1 4,5 3,3 YAPI KREDİ GARANTİ İŞ BNP AK HALK DENİZ OTHERS Source: Fider 6

  7. Slide 7: Company Overview

    Company Overview

  8. Slide 8: 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

  9. Slide 9: Participations

    PARTICIPATIONS Total Share Capital İş Leasing (TRY) Share Equity Participations (TRY) (%) İş Yatırım Menkul Değerler A.Ş. 200,000,000 4,864,851 2.43 Camiş Menkul Değerler A.Ş. 4,696,000 2,471 0.05 Total Share Capital İş Leasing (TRY) Share Subsidiaries (TRY) (%) İş Factoring Finansman Hiz. A.Ş. 16,0

  10. 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

  11. Slide 11: Lease Portfolio

    Lease Portfolio

  12. Slide 12: Turnover & Market Share

    TURNOVER & MARKET SHARE 445 398 61 9,0 349 359 0 21 8,1 35 286 7,9 2 6,9 6,6 174 398 384 314 338 27 284 5,4 146 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 Non-group turnover İş group turnover Total turnover Million USD Percentage 12

  13. Slide 13: 2012 Q1 Leasing Volumes

    2012 Q1 Leasing Volumes 2012 Q1 total volume was 1,092,469 $ Share % Leasing volume $ GARANTİ LEASING 18,9 % 206.550 YAPI KREDİ LEASING 16,6 % 180.838 BNP PARIBAS 10,3 % 112.725 DENİZ LEASING 7,9 % 85.793 AKLEASE 7,6 % 83.537 HALK LEASING 5,5 % 60.114 FİNANS LEASING 5,1 % 55.650 ZİRAAT LEASING 5,1 %

  14. Slide 14: Sales Channels

    SALES CHANNELS Total Number of Customers No.of Customers SUPPLIER that have 3% Outstanding DIRECT Contract SALES 58% 3980 50368 İŞBANK BRANCHES 36% İŞ GROUP 3% İşbank has 1,184 branches •Total number of customers in CRM database: 54,348 14

  15. Slide 15: Sectoral Distribution, %

    SECTORAL DISTRIBUTION , % 21,5 2011 2012 Q1 20,5 12,3 12,4 11,6 10,0 9,2 9,2 7,0 7,2 7,0 6,4 6,6 6,2 6,1 4,0 3,6 3,6 3,8 3,6 3,5 3,7 3,3 3,3 2,7 2,7 2,8 2,6 2,0 1,8 15

  16. Slide 16: Asset Distribution, %

    ASSET DISTRIBUTION , % 2011 2012 Q1 23,9 23,5 22,8 23,5 17,4 16,9 12,2 12,5 4,8 4,6 4,5 4,9 3,9 3,9 3,1 3,0 2,9 3,0 2,4 2,4 2,2 1,9 16

  17. Slide 17: Portfolio Development

    1.400 PORTFOLIO DEVELOPMENT 1.200 000 TRY TOP 30 CUSTOMERS REMAINING 1.000 800 600 400 %43 200 - 10000 8000 Outstanding Contracts 43% 6000 4000 2000 0 17

  18. Slide 18: Geographical Distribution

    GEOGRAPHICAL DISTRIBUTION KOCAELİ SALES OTHER 5% OFFICES STAFF 18% ANKARA 15% AYDIN Head Office 2 1% MUĞLA BURSA Istanbul Europe 7 2% 2% Istanbul Asia 3 İZMİR ANTEP Ankara Rep. Office 6 4% 4% ANTALYA Antep ” 5 1% Bursa ” 2 İzmir ” 3 Antalya ” 3 TOTAL SALES STAFF 31 İSTANBUL 48% TOTAL HEADCOUNT 104 1

  19. Slide 19: Currency Distribution

    CURRENCY DISTRIBUTION TL 18% 2012 Q1 USD 43% EUR 39% TL 16% 2011 USD 44% EUR 39% TL 20% 2010 USD 37% EUR 43% (’000 TRY) 2011 2012 Q1 Net FX Position (Long) 2.232 6.314 Net FX Position/Equity 0,4 % 1,2 % 19

  20. Slide 20: Maturity Distribution

    MATURITY DISTRIBUTION 2011 2012 Q1 LEASE LEASE PORTFOLIO 32 BORROWINGS 31 BORROWINGS 24 24 18 16 19 18 8 9 8 0 USD EUR TL USD EUR TL average, months 20

  21. Slide 21: Funding Policy

    FUNDING POLICY  32 % of debt portfolio is funded via İşbank. İşbank has available lines to fund İş Leasing when necessary.  İş Leasing issued two corporate bonds 100 million TRY each. Terms were 12 and 24 months respectively.  Bilateral lines from local and foreign banks, SME funds of development

  22. Slide 22: Financial Performance

    Financial Performance

  23. Slide 23: Financial Highlights

    FINANCIAL HIGHLIGHTS 31 December 31 March TRY Million Change(%) 2011 2012 Leasing Receivables, Net 1,398 1,322 -5 % Factoring Receivables, Net 405 460 14 % Non Performing Receivables 110 109 -1 % Provisions -58 -57 -2 % Total Assets 2,242 2,243 0% Financial Liabilities 1,579 1,479 -6 % Equity 520 53

  24. Slide 24: Balance Sheet (consolidated)

    BALANCE SHEET (consolidated) mio TL Million TRY 2010 2011 2012 Q1 2010 2011 2012 Q1 Current Assets Current Liabilities Cash and Cash Equivalents 691.3 309.6 336.6 Short Term Liabilities 1,416.4 1,353.4 1364.1 Trading Securities(net) 4.4 12 15.1 Trade Payables 14.5 15.1 16 Leasing Receivables(net) 32

  25. Slide 25: Income Statement (consolidated)

    INCOME STATEMENT (consolidated) 000 TL Million TRY 2010 2011 2012 Q1 Interest Income 81,488 100,636 24,427 Interest Expense (60,230) (79,613) (23,442) Foreign Currency Gains/(Losses) 912 9,927 4,867 Total 22,170 30,950 5,852 Factoring Income 18,671 34,801 11,064 General and Administrative Expenses (

  26. Slide 26: NPL

    NPL Consolidated 2008 2009 2010 2011 2012 Q1 Gross NPL /Total Receivables % 7,0 % 10,8 % 6,9 % 6,1 % 6,3 Net NPL / Net Receivables % 4,3 % 6,9 % 3,5 % 2,9 % 2,9 120.000 100.000 000 TL LOSS RESERVE 80.000 2011 Opening (55.527) 151-240 60.000 241-360 Reversals 770 New provisions (281) 40.000 >360 Tota

  27. 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

  28. Slide 28: Other Issues

    Other Issues

  29. 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

  30. Slide 30: Agenda

    AGENDA  Increasing synergy with İşbank branches. By more efficiently using the wide branch network of İşbank, reaching uncovered SME’s therefore smaller ticket sizes and higher spreads are targeted.  Regulatory changes are on the agenda. Draft law is at final stage waiting to be approved by the pa

  31. Slide 31: 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 2012) on 6ix