Scania Financial Services FECMA Budapest May Claes Jacobsson Senior Vice President Financial Services
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1 Scania Financial Services FECMA Budapest May 2013 Claes Jacobsson Senior Vice President Scania Financial Services
2 Credit Risk and Portfolio Performance 2
3 Just when you thought it was safe to go back into the water! 3 3
4 Operating income development 4
5 Portfolio development 5
6 The perfect storm No liquidity Dramatic decrease of transport need Trucks bought on speculation Fast expansion in C. and E. Europe 6
7 Bad Debt Expense Ratio Overview of European markets Share of Total Portfolio per Category Finland 13% Norway Sweden Russia 8% Estonia t 50% DK k Latvia** Lithuania** 29% Bad Debt Expense Ratio: 0.2 % 0.2 % > x 0.5 % 0.5 % > x 1.0 % Portugal Spain Great Britain France The Netherlands Poland Belgium Germany Luxemburg Czech Republic. Switzerland Italy Austria Croatia* Slovakia Hungary Bosnia**Serbia** i Montenegro** Romania* Macedonia** Belarus** Bulgaria* Ukraine* Turkey Kazakhstan** 1.0 % Other markets: Scania Finance Chile Scania Finance Southern Africa Scania Finance Korea * Only considering Scania Credit s domestic portfolio in the country. ** Bad debt expense ratio for all Scania Credit cross-border markets 7
8 Bad Debt Expense Ratio Overview of European markets Share of Total Portfolio per Category 17% 1% Norway Sweden Finland Russia 33% Estonia t 18% 31% Latvia** k DK Lithuania** Great Britain Belarus** The Netherlands Poland Belgium Germany Luxemburg Ukraine* Czech Republic. Slovakia France Austria Switzerland Hungary Kazakhstan** Bad Debt Expense Ratio Croatia* Romania* 0,20 % 0,2 % > x 0,5 % 0.5 % > x 1.0 % Portugal Spain Italy Bosnia**Serbia** i Montenegro** Bulgaria* Macedonia** Turkey 1.0 % > x 3.0 % 3,00% Other markets: Scania Finance Chile Scania Finance Southern Africa Scania Finance Korea * Only considering Scania Credit s domestic portfolio in the country. ** Bad debt expense ratio for all Scania Credit cross-border markets 8
9 Bad Debt Expense Ratio Overview of European Markets, Share of Total Portfolio per Category 6% Norway Finland 24% Sweden Russia 29% DK k Estonia t Latvia** Lithuania** 32% 9% Great Britain The Netherlands Poland Belgium Germany Luxemburg Czech Republic. Slovakia France Austria Switzerland Hungary Belarus** Ukraine* Kazakhstan** Bad Debt Expense Ratio Croatia* Romania* 0,20 % 0,2 % > x 0,5 % 0.5 % > x 1.0 % Portugal Spain Italy Bosnia**Serbia** i Montenegro** Bulgaria* Macedonia** Turkey 1.0 % > x 3.0 % 3,00% Other markets: Scania Siam Leasing Scania Finance Chile Scania Finance Southern Africa Scania Finance Korea * Only considering Scania Credit s domestic portfolio in the country. ** Bad debt expense ratio for all Scania Credit cross-border markets 9
10 Scania Risk Management Principles Business risks Residual values and R&M contracts are managed by Sales & Services organisation Credit risk Managed by Financial Services Matched funding No refinancing risk. Funding and lending must be matched in terms of maturity. The refinancing is done through Treasury on a first offer last refusal basis. No interest rate risk No currency risk 10
11 Markets & product range Financing Insurance Dealer Finance Financing Insurance Financing Key Facts 2012 Number of markets: 50 Coverage of total Scania sales: >80% Number of employees: 691 Number of customers: Number of finance contracts: Number of insurance contracts: Portfolio: MSEK (5 227 MEUR) Operating income: 606 MSEK (70 MEUR) 11
12 Summary Mode of operation business units covering 51 markets Scania Finance Great Britain Great Britain Ireland Scania Finance Deutschland Group Germany Austria Switzerland Scania Finance Benelux The Netherlands Belgium Luxemburg Scania Finance France Scania Finance Iberia Spain Portugal Scania Finance Poland Scania Finance Italy Scania Finance CER Czech Republic Slovakia Hungary Scania Finans Sweden Norway Denmark Finland Estonia Latvia Lithuania Scania Leasing (Russia) Scania Finance Korea Scania Finance Hispanoamerica Chile Peru Scania Banco Brasil Scania Finance Southern Africa South Africa Namibia Botswana Tanzania Kenya Zambia Scania Credit Belarus Ukraine Kazakhstan Romania Bulgaria Serbia Montenegro Bosnia Slovenia Croatia Macedonia Thailand China Malaysia Taiwan 12
13 3,00% Total Overdue Ratio 2,50% 2,00% 1,50% 1,00% 0,50% 0,00% Apr-09 Apr-10 Apr-11 Apr-12 Overdue receivables Cat.0-4 in % of Total net portfolio R12 13
14 2,50% Bad debt expense vs. Total write-off 2,00% 1,50% 1,00% 0,50% 0,00% Nov-08 Sep-09 Jul-10 May-11 Mar-12 Write-off ratio Bad debt expenses ratio R12- Bad debt expenses ratio 14
15 20,00% Share of customer rescheduled in % & Share of portfolio reschedule in % 18,00% 16,00% 14,00% 12,00% 10,00% 8,00% 6,00% 4,00% 2,00% 0,00% Share of customer rescheduled % Share of portfolio rescheduled % 15
16 Experience from the latest crisis 2009/2010 Repossessed and remarketed units units rescheduled with a good outcome Total Bad debt expense 09/ MSEK Total Write offs 09/ MSEK Performance better than peers (see next 2 slides) Estimated additional truck sales 2009 : units (9.332 in total financed) by running SFS with a long term perspective 16
17 Captive benchmark 2010 SFS vs 6 other European truck captives % Cost of risk (YTD)* Number of answers: Out of: ,00% 20,00% 15,00% 10,00% Scania Competitors 5,00% 0,00% -5,00% -10,00% France Germany Italy The Netherlands Poland *Definition: Cost of risk includes any risk cost occurred by the company during the period. It has to include accruals (identified/unidentified, net of any eventual provision release to P&L), losses and write off not provisioned (P&L write offs) and any eventual other risk cost related to risk management process addressed to cover customer insolvency. Romania Russia Spain Turkey UK Risk cost among the lowest
18 Credit and asset management going forward In short : Go from credit analyst to business analyst But! Still being responsible for the quality of the portfolio!!!! 18
19 How to survive in todays changing business environment Team up with the supplier through trust and transparency Know the asset value also in the Credit Dept. Structure the deal properly Operational leases only to solid customers not to the one that only wants a low monthly pmt Provide true solutions and packaged products and services Economies of scale through regionalisation Feet on the street. Stay close to your customer 19
20 20 With the right set up, it is still safe to go into the water. 20
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