Investor Presentation 30 Sept 2017

Transcription

1 Investor Presentation 30 Sept 2017

2 Leasing Sector in Turkey

3 3 LEASING VAT is %1 for various types of machinery Sale&lease back has been added to product range in 2013 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 payment plans

4 4 SECTOR NEW LEASING VOLUME New Leasing Volume (million USD) Leasing penetration is still at low levels compared to EU average of 15% and North America average of 18% % 10% 8% 6% 4% 2% % Q3 Penetration: Leasing volume/ Private sector fixed investments

5 LEASING RECEIVABLES TL % FX % (million USD) 120,00% % 26% 28% 28% 25% 26% 100,00% 80,00% ,00% ,00% 20,00% Q3 0,00% 5

6 Müşteri Adedi CUSTOMER BASE 70,000 12% 60,000 50, % 9.03% 8.02% 8.18% 8.19% 9.04% 10.02% 10.54% 10% 8% 40,000 6% 30,000 20,000 4% 10,000 2% Q3 0% Sector Total İş Leasing Share 2016 vs Fastest customer growth in the sector Customers Δ Contracts Δ İŞ LEASING 15% 15% 6

7 Company Overview

8 1985 Leasing law enacted MILESTONES & SHAREHOLDERS 1995 İş Bank group took over 2009 Joined BIST corporate governance index 1988 Established by İş Bank, Soc Gen and IFC 2000 Listed in İstanbul Stock Exchange (ISFIN) 2011 First corporate bond issuer in leasing sector CAMİŞ 0,83% NEMTAŞ 0,07% FREE FLOAT 42,67% İŞ BANK 27,79% ŞİŞECAM 0.08% TSKB 28,56% İş Bank group controls 57,3% of the shares. 8

9 9 PARTICIPATIONS Subsidiaries and Participations Ownership % İş Faktoring A.Ş. 78,23 Efes Varlık Yönetimi A.Ş 10,00 İş Yatırım Menkul Değerler A.Ş. (IS Invest) 4,86 İş Net 1,00 İş Girişim Sermayesi Yatırım Ort. A.Ş. 0,89 Yatırım Finansman A.Ş. 0,06

10 ORGANIZATION CHART 10

11 11 BRANCH NETWORK Avcılar Şişli Gebze Kozyatağı Ostim Trabzon Bursa Ankara Kayseri İzmir Diyarbakır Konya Antalya Adana Gaziantep 15 Branches 51 Sales staff 151 Total staff

12 Lease Portfolio

13 İŞ BANK VENDORS DIRECT MARKETING SALES CHANNELS 2017 Q3 İŞ BANK DIRECT MARKETING VENDORS 16% 15% 27% 57% İşbank: 1348 local and 22 foreign branches, largest network among private banks. 19% 66%

14 14 ASSET DISTRIBUTION, % Q3 35,8 35,1 23,5 22,5 19,1 20,5 12,3 13,8 4,6 4,0 4,8 4,2 REAL ESTATE MACHINERY CONSTRUCTION MACH. TEXTILE TRANSPORTATION OTHER

15 15 SECTORAL DISTRIBUTION, % Q3 32,6 31,8 24,3 24,4 14,5 12,8 10,6 7,0 7,8 7,3 4,5 5,4 4,9 4,4 4,5 3,5 CONSTRUCT METAL IND. TEXTILE TRANSPORT RETAIL CHEMICALS FINANCE OTHER

16 16 GEOGRAPHICAL DISTRIBUTION KONYA 3% ANTALYA 2% BURSA 4% İZMİR 5% OTHER 22% GAZİANTEP 5% ANKARA 12% İSTANBUL 47%

17 MATURITY DISTRIBUTION Q3 LEASES BORROWINGS LEASES BORROWINGS USD EUR TRY USD EUR TL *Portion funded by equity is included. average, months 17

18 18 CURRENCY DISTRIBUTION TL 36% TL 36% TL 39% USD 32% USD 24% USD 23% EUR 33% EUR 39% EUR 38% Q3

19 19 LEVERAGE Leverage(solo) TRY Receivables Equity TL Debt TL Portfolio 5,0 5,0 3,1 4,0 4, Q Q3 Increased leverage by gaining market share

20 20 FUNDING POLICY First corporate bond issuer in leasing sector, outstanding nominal balance 1.4 billion TL, maturities range between 3 months to 18 months. IFI and ECA Funding o IFC renewable energy and energy efficiency facility, World Bank EFIL- SME loans, CEB SME loans, BSTDB SME loan, ECO-Trade Bank, Islamic Debt Markets Closed two Murabaha facilities Strategy aiming diversification of creditors and debt products, maturity mismatch within manageable limits Syndicated loans and eurobond issuance are being considered, cost of funding is key to our evaluation

21 Financial Performance

22 22 FINANCIAL HIGHLIGHTS TL Million, consolidated /Q3 2017/Q3 Δ Leasing Receivables, Net ,05% Factoring Receivables, Net ,33% Non Performing Receivables ,89% Provisions ,00% Total Assets ,05% Financial Liabilities ,13% Equity ,04% Net Interest Income ,59% Provisions Expenses ,77% Consolidated net Profit ,69% RATIOS NPL / Receivables 3,40% 3,23% 3,14% 3,06% Provision Ratio 76,30% 65,10% 78,61% 66,11% Cost / Income 37% 38% 38% 66% ROE 11,70% 13,20% 13,30% 12,99% ROA 1,60% 1,60% 1,70% 1,44%

23 SOLO KEY FIGURES

24 24 NPL 8,55% 7,99% ,60% 7,00% 6,95% 6,70% 6,03% 6,26% ,10% ,80% 4,60% 4,31% 4,65% 4,54% >360 Total Q3 Sector İş Leasing(solo) 0 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Consolidated Gross NPL /Total Receivables 3,40% 3,23% 3,28% 2,98% 3,06% Net NPL / Net Receivables 0,83% 1,15% 1,28% 1,10% 1,06% 000 TL LOSS RESERVE 2017 Opening ( ) Reversals New provisions (17.236) Closing ( )

25 25 COLLATERALS* Leased assets are legally possessed by the lessor so they are the collateral of the leasing loan. Depending on the lessee s credit ratings and second hand value of the leased asset, additional collaterals might be demanded. Cash + LG + Pledge + Buyback 2,47% Mortgage 5,48% Prom. Note+ Personal Guarantee 92,05% *Group leasing transactions excluded

26 26 RATING Foreign Currency Long-Term IDR Short-Term IDR Outlook Local Currency Long-Term IDR Short-Term IDR Outlook BB+ B Stable BB+ B Stable National Long-Term Rating AA + (tur) Outlook Stable Support Rating 3 Corporate Governance Rating (Saha) : 9.17

27 27 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.