Investor Presentation DECEMBER 31, 2009

Transcription

1 Investor Presentation DECEMBER 31, 2009

2 LEASING SECTOR IN TURKEY

3 3 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).

4 TURNOVER Million USD %47 %24 % %35 Leasing penetration is still at low levels compared to EU average of 15% and North America average of 18%. 12% Penetration * %83 %34 % % % 8% 6% 4% % 727 0% *Leasing volume/ Private sector fixed investments (Buildings excluded)

5 5 MARKET SHARES New Leasing Volumes GARANTİ 15,24% FİNANS 8,03% İŞ 6,86% AK 7,50% FORTIS 7,72% DENİZ (Dexia) 10,94% GARANTİ 15,37% FİNANS 7,02% İŞ 7,90% AK 14,62% FORTIS 5,79% YAPI KREDİ 14,87% OTHERS 28,84% YAPI KREDİ 16,15% OTHERS 33,15% Source: Fider

6 FIRST QUARTERS COMPARED 2009 Q Q1 GARANTİ 20,64% YAPI KREDİ 10,52% FİNANS 11,66% İŞ 6,61% OTHERS 29,50% AK 11,66% FORTIS 5,08% DENİZ (Dexia) 4,33% GARANTİ 9,78% YAPI KREDİ 17,94% FİNANS 9,09% İŞ 11,00% OTHERS 30,78% AK 9,06% HALK 5,91% ŞEKER 6,44% Leasing volume increased %35 in 2010 Q1. İş Leasing ranked second with %11 market share. Source: Fider 2009 Q Q1 Mio USD 6

7 COMPANY OVERVIEW

8 9 PARTICIPATIONS Total Share Equity Participations Capital (TL) İş Leasing Share % İş Yatırım Menkul Değerler A.Ş. 119,387,000 2,904, Camiş Menkul Değerler A.Ş. 1,900,000 1, Subsidaires İş Factoring Finansman Hiz. A.Ş. 16,000,000 12,517, İş Yatırım (ISMEN) is a listed company ,19 TL dividend revenue rec eived from İş Yatırım in ( TL)

9 10 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 LEASE PORTFOLIO

11 12 TURNOVER million USD Non-group turnover İş Bank group turnover Total turnover

12 13 SALES CHANNELS SUPPLIER 1,44% İŞ GROUP 7,74% DIRECT SALES 14,15% İŞBANK BRANCHES 39,40% RECURR. CUSTOMER 37,27% İşbank has 1078 branches in Turkey

13 14 CUSTOMERS Total number of customers in CRM database: No.of Customers that have Outstanding Contract % of the leasing receivables is generated by recurring customers. Customers that do not have outstanding contract 39975

14 SECTORAL DISTRIBUTION TEXTILE 8,01% FINANCE 5,42% PAPER IND. 5,76% MINING 1,97% OTHERS 24,82% FOOD 3,23% CHEMICALS 4,07% HEALTH 10,45% CONSTRUCT 10,08% GLASS 2,58% TOURISM 4,35% TRANSPORT 13,50% METAL IND. 5,76% TEXTILE 9,72% FINANCE 8,15% PAPER IND. 5,70% MINING 2,25% OTHERS 21,60% FOOD 3,52% CHEMICALS 5,13% HEALTH 8,04% CONSTRUCT 12,41% GLASS 2,60% TOURISM 3,14% TRANSPORT 12,10% METAL IND. 5,64% 2008

15 EQUIPMENT DISTRIBUTION MACHINERY 22,67% TEXTILE MACHINERY 6,26% REAL ESTATE 14,29% TRANSPORT. 11,25% ELECTRONICS & OPTICAL 6,17% OFFICE 6,31% CONSTRUCTION 15,54% MEDICAL 7,05% PRINTING 3,62% TOURISM 2,97% OTHER 3,87% MACHINERY 25,62% TEXTILE MACHINERY 5,24% REAL ESTATE 19,16% TRANSPORT. 11,43% ELECTRONICS & OPTICAL 5,20% OFFICE 4,04% CONSTRUCTION 13,21% MEDICAL 6,19% PRINTING 3,40% TOURISM 2,86% OTHER 3,65% 2009

16 PORTFOLIO DEVELOPMENT TOP 30 CUSTOMERS REMAINING Outstanding Contracts

17 18 GEOGRAPHICAL DISTRIBUTION UŞAK 2% ANTEP REG. 4% OTHER 16% İSTANBUL 53% KÖRFEZ REG. 4% ANKARA 11% BURSA 4% İZMİR 4% ANTALYA 2% OFFICES # SALES STAFF Head Office 4 Istanbul Europe 6 Istanbul Asia 5 Ankara Rep. Office 5 Antep 3 Bursa 2 İzmir 4 Antalya 4 TOTAL 33

18 19 CURRENCY DISTRIBUTION 2009 TL 21,13% USD 34,91% EUR 43,96% 2008 TL 22,04% USD 37,13% EUR 40,83% 2007 TL 27,48% USD 32,85% EUR 39,67%

19 20 MATURITY DISTRIBUTION average, months LEASE PORTFOLIO BORROWINGS USD EUR TL USD EUR TL

20 21 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. Mortgage 25% Cash + LG + Pledge + Buyback 7% prom. Note+ Personal Guarantee 68% *Group excluded

21 FINANCIAL PERFORMANCE

22 HIGHLIGHTS Million TL Leasing Receivables % Assets % Borrowings % Equity % Net Profit * % ROA (Avg)* 4.8% 6.7% 7.9% ROE (Avg) * 25.1% 30.5% 30.6% 23

23 24 BALANCE SHEET (consolidated) 000 TL CURRENT ASSETS CURRENT LIABILITIES Cash and cash equivalents Short-term borrowings Trading Securities (net) Trade payables Leasing Receivables (net) Advances received Factoring Receivables Other current liabilities Other current assets (net) Corporate tax payable Total Current Assets Total Current Liabilities LONG TERM ASSETS LONG TERM LIABILITIES Factoring Receivables (net) Long term borrowings Leasing receivables (net) Trade payables Assets for sale (net) Reserves for employee benefits Fixed assets (net) Deferred tax liabilities (net) Intangible assets (net) Deferred tax assets (net) Total Long Term Liabilities Goodwill Minority Interest Total Long Term Assets SHAREHOLDERS' EQUITY Capital Reserves Net profit for the year Total Shareholders' Equity TOTAL LIABILITIES AND TOTAL ASSETS SHAREHOLDERS' EQUITY

24 25 INCOME STATEMENT (consolidated) 000 TL 2007 % 2008 % 2009 % Interest income 107, , , Interest Expense (47,206) (6.2) (63,131) (7.3) (50,739) (5.2) Foreign currency gains/(losses) (2,371) 4,077 1,666 57, , , Factoring Income 8,888 16,497 14,147 General and administrative expenses (12,277) (1.7) (14,835) (1.7) (15,450) (1.7) Provision Expenses (9,228) (1.2) (16,085) (1.8) (17,886) (2.0) Other income/(expenses) (net) 2, , , Profit before taxation and monetary loss 47, , , Taxation (405) 90 49,107 Profit after taxation and before monetary loss 46, , , Net profit before minority interest 46,972 80, ,834 Minority Interest (256) (4,480) (1,446) Net profit for the year 46, , ,

25 26 TAX & LOSS RESERVE Tax Reserve carried forward 310,795,156 Other Reserves 136,212,131 Total Reserve 447,007, TL 2009 Opening 34,993 Reversals (3,045) New provisions 17,886 Reserve transfers - Write-off (7,234) 2009 Closing 42,600

26 27 NPL RATIOS Gross NPL / Total Receivables % 7,8 % 7,0 % 10,8 Net NPL / Net Receivables % 4,0 % 4,3 % 6,9

27 28 CURRENCY POSITION TL Cash & cash equivalents 122,628 91,891 Finance Lease Receivables 726, ,511 Financial Liabilities (872,287) (747,363) Forward Transactions 2,147 0 Others 18,698 18,149 Net position (2,320) 4,188 Net position / Equity 0.81% 1,04%

28 OTHER ISSUES

29 30 MAIN STRATEGIES Increasing business flow from İşbank branches. Focusing on recurring customers under volatile market conditions. Maintaning a diversified creditor portfolio and competitive funding in all currencies. Strategic partnerships / vendor agreements especially important for operating leasing when available. Target-based performance management system implemented.

30 31 Relative Share Performance ISFIN vs. ISE 100 1,400 1,200 ISFIN ISE 100 1,000 0,800 0,600 0,400 0,200-2-Jan-08 2-Apr-08 2-Jul-08 2-Oct-08 2-Jan-09 2-Apr-09 2-Jul-09 2-Oct-09

31 32 RATINGS Foreign Currency Long-Term IDR Short-Term IDR Outlook BBB- F3 Stable Local Currency Long-Term IDR Short-Term IDR Outlook BBB- F3 Stable National Long-Term Rating AAA (tur) Outlook Stable Support Rating 2

32 33 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 only. The financial reports and statements announced by İş Leasing to the public and the relevant corporations are accepted to be the sole material. İş Leasing does not accept any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents due to the misleading information in this document. All estimations, if any, contained in this document are the opinions of İş Leasing and can be subject to change without notice. This document can not be interpreted as an advice to the investors and İş Leasing can not be held responsible for the results of the investment decisions made on the account of this document.