Is Finansal Kiralama A.s. · BIST:ISFIN

Is Finansal Kiralama A.s — Investor Presentation (June 2011)

29 slides from Is Finansal Kiralama A.s's investor presentation, Jun 30, 2011

  1. Slide 1: Investor Presentation

    Investor Presentation June 30, 2011

  2. Slide 2: Leasing Sector in Turkey

    Leasing Sector in Turkey

  3. 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)  Banks can fund up to %50 of commercial real estate but there is

  4. 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 Penetration * -%35 %47 5271 5301 12% 4500 10% %34 4263 8% %63 %45 6% 3182 2900 -%59 4% %83 2165 2198 2% 1327 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 20

  5. Slide 5: Market Shares, New Leasing Transactions

    MARKET SHARES, New Leasing Transactions 28,5% 2009 2010 2011 H1 25,8% 25,8% 19,2% 18,9% 16,1% 15,4% 14,9% 14,6% 14,7% 10,6% 9,7% 9,0% 9,0% 7,9% 8,2% 7,0% 6,6% 7,2% 7,6% 7,2% 7,4% 4,1% 4,5% YAPI KREDİ GARANTİ FİNANS İŞ AK HALK BNP OTHERS Source: Fider 5

  6. Slide 6: Company Overview

    Company Overview

  7. Slide 7: 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 •

  8. Slide 8: Participations

    PARTICIPATIONS Total Share Equity Participations Capital (TL) İş Leasing Share % 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 Subsidaires İş Factoring Finansman Hiz. A.Ş. 16.000.000 12.517.000 78,23 İş Yatırım (ISM EN) is a listed c ompan

  9. Slide 9: 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 9

  10. Slide 10: Lease Portfolio

    Lease Portfolio

  11. Slide 11: Turnover & Market Share

    TURNOVER & MARKET SHARE 445 10,6 61 349 359 21 9,0 35 286 260 7,9 2 0 174 6,9 384 6,6 314 338 27 284 260 5,4 146 2006 2007 2008 2009 2010 2011 H1 2006 2007 2008 2009 2010 2011 H1 Non-group turnover İş group turnover Total turnover Percentage Million USD 11

  12. Slide 12: Sales Channels

    SALES CHANNELS Total number of customers in CRM database: 51.927 DIRECT SALES 34,9% No.of SUPPLIER Customers 7,2% that have Outstanding Contract İŞ GROUP 3,7% 4539 İŞBANK BRANCHES 32,5% 47704 RECURRING CUSTOMERS 21,7% İşbank has 1159 branches 12

  13. Slide 13: Sectoral Distribution, %

    SECTORAL DISTRIBUTION , % 2010 2011 H1 21 16,1 11,211,35 11,75 10,8 10,3 8,76 9,0 7,81 7,41 6,9 6,0 5,46 4,6 4,8 3,58 3,45 4,5 4,45 4,2 3,42 3,3 2,92 3,2 3,56 2,9 2,32 2,4 2,76 13

  14. Slide 14: Asset Distribution, %

    ASSET DISTRIBUTION , % 25,6 23,5 2010 2011 H1 22,4 18,8 18,2 13,5 13,8 12,5 7,1 5,3 4,6 3,6 3,5 2,9 3,9 3,8 3,7 3,1 3,1 2,4 2,7 2,1 14

  15. Slide 15: Portfolio Development

    PORTFOLIO DEVELOPMENT 1.400 000 TL 1.200 TOP 30 CUSTOMERS REMAINING 1.000 800 600 400 200 44% - 10000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 H1 2011H1 8000 Outstanding Contracts 6000 4000 2000 0 15

  16. Slide 16: Geographical Distribution

    GEOGRAPHICAL DISTRIBUTION KOCAELİ # OTHER 5% OFFICES STAFF 17% ANKARA AYDIN Head Office 4 20% 1% MUĞLA Istanbul Europe 5 2% Istanbul Asia 4 ANTEP BURSA 3% Ankara Rep. Office 6 2% İZMİR Antep ” 4 4% Bursa ” 2 ANTALYA İzmir ” 4 1% Antalya ” 3 İSTANBUL TOTAL SALES STAFF 32 45% TOTAL HEADCOUNT 95 16

  17. Slide 17: Currency Distribution

    CURRENCY DISTRIBUTION TL 16% 2011 H1 USD 42% EUR 42% TL 20% 2010 USD 37% EUR 43% TL 21% 2009 USD 35% EUR 44% TL 000 2010 2011 H1 Net FX position (Long) 526 5794 Net FX position / Equity 0,1% 1,2% 17

  18. Slide 18: Maturity Distribution 2011 H1

    MATURITY DISTRIBUTION 2010 average, months 2011 H1 34 LEASE PORTFOLIO BORROWINGS 25 26 26 19 15 20 13 9 9 0 0 USD EUR TL USD EUR TL 18

  19. Slide 19: 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. Cash + LG + Pledge + Buyback Mortgage 2% 8% None 1% prom. Note+ Personal Guarantee 89% *İş

  20. Slide 20: Financial Performance

    Financial Performance

  21. Slide 21: Financial Highlights

    FINANCIAL HIGHLIGHTS TL Million 31 December 2010 30 June 2011 Change (%) Leasing Receivables, Net 936 1.275 36% Non Performing Receivables 89 87 -2% Provisions -45 -49 10% Total Assets 2.093 2.266 8% Financial Liabilities 1.587 1.721 8% Equity 476 504 6% INCOME STATEMENT Net Interest Income 83 44 6%

  22. Slide 22: Balance Sheet (consolidated)

    BALANCE SHEET (consolidated) 000 TL 2009 2010 2011 H1 2009 2010 2011 H1 CURRENT ASSETS CURRENT LIABILITIES Cash and cash equivalents 363.754 691.285 388.497 Short-term borrowings 893.554 1.416.398 1.473.139 Trading Securities (net) 139 4.364 15.699 Trade payables 12.524 14.480 13.106 Leasing Receiva

  23. Slide 23: Income Statement (consolidated)

    INCOME STATEMENT (consolidated) 000 TL 2009 % 2010 % 2011 H1 % Interest income 97.986 10,9 81.488 9,2 47.366 8,6 Interest Expense (50.739) (5,2) (60.230) (4,6) (37.015) (4,5) Foreign currency gains/(losses) 1.666 912 6.845 48.913 5,5 22.170 2,5 17.196 3,1 Factoring Income 14.147 18.671 13.129 Genera

  24. Slide 24: NPL

    NPL Consolidated 2008 2009 2010 2011 H1 Gross NPL /Total Receivables % 7,0 % 10,8 % 6,9 % 5,0 Net NPL / Net Receivables % 4,3 % 6,9 % 3,5 % 2,2 000 TL LOSS RESERVE 120.000 000 TL 100.000 80.000 2011 Opening (47.258) 60.000 151-240 Reversals 1.448 241-360 New provisions (5.535) 40.000 >360 20.000 Tot

  25. Slide 25: Other Issues

    Other Issues

  26. Slide 26: Relative Share Performance

    RELATIVE SHARE PERFORMANCE 6,00 5,00 ISE 100 (TL mn) 22/8/2011 2011 H1 ISFIN Net income 34.7 4,00 Book value 504 3,00 Mcap @1.02 346 P/BV 0.69 2,00 Outstanding Shares 339 mio 1,00 0,00 02.01.2009 02.03.2009 02.05.2009 02.07.2009 02.09.2009 02.11.2009 02.01.2010 02.03.2010 02.05.2010 02.07.2010 02.09

  27. Slide 27: Ratings

    RATINGS Foreign Currency Long-Term IDR BBB- Short-Term IDR F3 Outlook Positive Local Currency Long-Term IDR BBB- Short-Term IDR F3 Outlook Positive National Long-Term Rating AAA (tur) Outlook Stable Support Rating 2 27

  28. Slide 28: Agenda

    AGENDA  Increasing synergy with İşbank branches. By 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. Although the timing of the change is not clear, it is expected to include new

  29. 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

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