View
0
Download
0
Category
Preview:
Citation preview
Investor Presentation30 Sept 2017
Leasing Sector in Turkey
LEASING
3
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
SECTOR NEW LEASING VOLUME
4
Leasing penetration is still at low levels
compared to EU average of 15% and
North America average of 18%.
Penetration: Leasing volume/ Private sector fixed
investments
New Leasing Volume
(million USD)
0%
2%
4%
6%
8%
10%
12%
201620142012201020082006
4.891 5.360
6.990
7.637
6.365 6.130
4.488
2011 2012 2013 2014 2015 2016 2017 Q3
LEASING RECEIVABLES
5
23% 26% 28% 28% 25% 26%
9.530 10.895 12.699 12.632 12.509 13.919
0,00%
20,00%
40,00%
60,00%
80,00%
100,00%
120,00%
0
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
2012 2013 2014 2015 2016 2017 Q3
TL % FX %(million USD)
Müşteri Adedi
6
CUSTOMER BASE
2016 vs. 2015
Fastest customer growth in
the sectorCustomers Δ Contracts Δ
İŞ LEASING 15% 15%
8.7% 9.03%
8.02%
8.18%8.19%
9.04%
10.02%10.54%
0%
2%
4%
6%
8%
10%
12%
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2010 2011 2012 2013 2014 2015 2016 2017 Q3
Sector Total İş Leasing Share
Company Overview
MILESTONES & SHAREHOLDERS
8
1985 Leasing law
enacted
1988Established by İş Bank, Soc Gen and IFC
1995İş Bank
group took over
2000Listed in
İstanbul Stock Exchange
(ISFIN)
2009Joined BIST
corporate governance index
2011First corporate bond issuer in leasing sector
İŞ BANK27,79%
TSKB28,56%ŞİŞECAM
0.08%
FREE FLOAT42,67%
CAMİŞ0,83%
NEMTAŞ0,07%
İş Bank group controls 57,3% of the shares.
PARTICIPATIONS
9
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
Subsidiaries and Participations Ownership %
ORGANIZATION CHART
10
BRANCH NETWORK
1111
Gaziantep
Diyarbakır
Trabzon
Kayseri
Adana
Ankara
Konya
Antalya
İzmir
Bursa
Şişli
Avcılar
Gebze
KozyatağıOstim
15 Branches
51 Sales staff
151 Total staff
Lease Portfolio
SALES CHANNELS
13
İşbank: 1348 local and 22
foreign branches, largest
network among private
banks.
57%
27%
16%
2016
İŞ BANK VENDORS DIRECT MARKETING
66%19%
15%
2017 Q3
İŞ BANK DIRECT MARKETING VENDORS
ASSET DISTRIBUTION , %
14
35,8
23,5
19,1
4,6 4,8
12,3
35,1
22,520,5
4,0 4,2
13,8
REAL ESTATE MACHINERY CONSTRUCTION MACH. TEXTILE TRANSPORTATION OTHER
2016 2017 Q3
SECTORAL DISTRIBUTION , %
15
24,3
14,5
7,0 7,8
4,5 4,9 4,5
32,6
24,4
12,810,6
7,35,4 4,4 3,5
31,8
CONSTRUCT METAL IND. TEXTILE TRANSPORT RETAIL CHEMICALS FINANCE OTHER
2016 2017 Q3
16
GEOGRAPHICAL DISTRIBUTION
İSTANBUL 47%
ANKARA 12%
GAZİANTEP 5%
BURSA 4%
İZMİR 5%
KONYA 3% ANTALYA 2%
OTHER 22%
19
26
19
12
20
8
USD EUR TRY
LEASES BORROWINGS
MATURITY DISTRIBUTION
17
2017 Q32016
average, months
*Portion funded by equity is included.
19
24
18
9
19
9
USD EUR TL
LEASES BORROWINGS
CURRENCY DISTRIBUTION
18
EUR33%
EUR 39%
EUR38%
USD32%
USD24%
USD23%
TL36% TL
36%
TL39%
2015 2016 2017 Q3
19
LEVERAGE
Increased leverage by gaining market share
3,1
4,04,3
5,0 5,0
2013 2014 2015 2016 2017 Q3
Leverage(solo)
626 692 755 821
306 474 659 847
932 1.166 1.414 1.668
2014 2015 2016 2017 Q3
TRY Receivables
Equity TL Debt TL Portfolio
20
• 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
FUNDING POLICY
Financial Performance
FINANCIAL HIGHLIGHTS
22
TL Million, consolidated 2015 2016 2016/Q3 2017/Q3 Δ
Leasing Receivables, Net 3.287 4.001 3.501 4.483 28,05%
Factoring Receivables, Net 1.951 2.984 2.425 3.500 44,33%
Non Performing Receivables 183 231 191 250 30,89%
Provisions 140 150 150 165 10,00%
Total Assets 5.581 7.480 6.399 8.386 31,05%
Financial Liabilities 4.661 6.394 5.465 7.221 32,13%
Equity 738 830 798 934 17,04%
Net Interest Income 121 146 108 62 -42,59%
Provisions Expenses -48 -23 -13 -17 30,77%
Consolidated net Profit 82 104 77 86 11,69%
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%
SOLO KEY FIGURES
NPL
24
0
50.000
100.000
150.000
200.000
250.000
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17
151-240
241-360
>360
Total
Consolidated 31.12.2015 31.12.2016 31.03.2017 30.06.2017 30.09.2017
Gross NPL /Total
Receivables3,40% 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 (150.231)
Reversals 2.473
New provisions (17.236)
30.09.2017 Closing (164.994)
8,55%
7,99%
6,95%6,70%
6,03%6,26%
5,10%
7,60%
7,00%
4,80% 4,60%4,31%
4,65% 4,54%
2011 2012 2013 2014 2015 2016 2017 Q3
Sector İş Leasing(solo)
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.
*Group leasing transactions excluded
Prom. Note+ Personal
Guarantee
92,05%
Cash + LG + Pledge + Buyback
2,47%
Mortgage5,48%
RATING
26
Corporate Governance Rating (Saha) : 9.17
Foreign Currency
Long-Term IDR BB+
Short-Term IDR B
Outlook Stable
Local Currency
Long-Term IDR BB+
Short-Term IDR B
Outlook Stable
National
Long-Term Rating AA + (tur)
Outlook Stable
Support Rating 3
DISCLAIMER
27
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.
Recommended