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PERFORMANCE & FINANCIAL RESULTS – 9M09November 12, 2009
Performance & Financial Results – 9M09
2
About Us
Overview of Capital Markets
Our Performance
Financial Results
Expectations for the Rest of the Year
About Us
Activities Subsidiaries
3
Corporate Finance• Public Offerings• Mergers & Acquisitions• Project Finance
• Privatization Advisory• Strategic Planning• Private Equity
Asset Management• Discretionary Portfolio Management• Mutual Funds Management• Private Funds Management
Investment Advisory• Individual Clients• Corporate Clients• Institutional Sales
Research• Macro economy • Sector Research• Company Analysis
• Fixed Income Securities Analysis
• Strategy Reports and Presentations
Brokerage & Trading• TL/FX Stocks• TL/FX Treasury Bond/ Government
Bond• TL/FX Private Sector Bonds• TL/FX Derivatives
Maxis Securities: (Share: 100%)London headquartered B Group capital markets licensed subsidiary
Camiş Investment: (Share: 99.79%)Turkey’s one of the long-established brokerage houses
IS Asset Management: (Share: 70%)Turkey’s leading Portfolio Management Company managing IS Group funds
IS Investment Trust (Share: 29.1%)Turkey’s leading Investment Trust
IS Private Equity: (Share: 29%)Turkey’s largest Private Equity
Shareholder Structure
T. İ ş Bank, 65.6%
İ ş Factoring, 2.4%
İ ş Leasing, 2.4%
T. Şişe ve Cam Fabrikaları ,
1.5%
Camiş I nvestment,
0.2%
Free Float, 27.9%
About Us
Overview of Capital Markets
Our Performance
Financial Results
Expectations for the Rest of the Year
Performance & Financial Results – 9M09
4
Overview of Capital Markets
Equity Market Volume (In TL Billion) Derivatives Market Volume (In TL Billion)
5
2008/9 2009/9 2008/9 2009/9
519
680
325
47831% 47%
Source:ISE Source:TurkDEX
Equity and derivatives market exceeded the full-year of 2008
Overview of Capital Markets 6
2008/9 2009/9
499
64930%
Source:ISE
Bills & Bonds Market Volume (In TL Billion)
Lower interest rates and higher trading volume
Overview of Capital Markets
Pension fund business is growing
7
2008/9 2009/9
24.9
5.8
29.8
8.5
Source:CMB
Pension FundsMutual Funds*
Pension Funds grew 47% with respect to the same period of 2008
Asset Management ( In TL Billion)
*A Type and B Type Funds.
About Us
Overview of Capital Markets
Our Performance
Financial Results
Expectations for the Rest of the Year
Performance & Financial Results –9M09
8
Our Performance More Volume & Bigger Market Share
Equity Market Volume and Market Share
(In TL Billion)
Derivatives Market Volume and Market Share
(In TL Billion)
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2008/9 2009/9 2008/9 2009/9
34.7
55.9
46.2
64.5
61%
39.6%
Source:ISE Source:TurkDEX
We increased our trading volume 61% annually, doubling the total market volume increase over the same period
Sustained leadership
6.69%
8.21%
14.19%
13.48%
Our Performance 10
More buy and hold, less transaction
2008/9 2009/9
14.7
12.2
-16.8%
Source:ISE
15.53%
11.63%
*Among Brokerage Houses
Bills & Bonds Market Volume and Market Share* (In TL Billion)
Our Performance
AuM size reached TL 9.9 billion surging by 41.4% on annual basis, while pension funds and mutual funds registered 54.5% and 32% growth rates respectively
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2008/9 2009/9
5.3
1.1
7.0
1.7
Source: IS Investment & IS Asset Management
Pension FundsMutual Funds**
Pension Funds portfolio size represents 19.9%
of the total pension funds
AuM – IS Asset Management & IS Investment (In TL Billion)*
* Other Funds: Portfolio size of TL 692 mn and TL 1.218 mn for other funds for the periods of 2008/9 and 2009/9 respectively.
Mutual Funds portfolio size represents 23.5%
of the market
**A Type and B Type Funds.
About Us
Overview of Capital Markets
Our Performance
Financial Results
Expectations for the Rest of the Year
Performance & Financial Results –9M09
12
Strong financial structure with enhanced profitability
Financial Results Sound Performance 13
* Consolidated
IS Investment* 31.12.2008 2008/9 2009/9 YoY
TL (000)
Total Assets 1,482,839 1,444,069 2,182,590 51%
Shareholders' Equity 272,689 266,190 321,008 21%
Net Profit 44,705 36,812 55,356 50%
Financial Results Breakdown of Operating Revenues 14
Diversified Revenues
2.43.3
2.5
4.1
2.5
5.7
7.5
13.1
3.34.2
2.6
5.24.3
6.9
10.2
16.3
IS Asset Management
Consolidated
Financial Results Asset Management 15
2008Q22009Q12008Q1 2008Q3 2009Q32009Q2
Asset Management Commissions (In TL Million)
We raised our management fees 60% on annual basis - We see positive effect of our prime brokerage services
2008/9 2009/9
Financial Results Price Performance 16
ISMEN Closing Price TL
10.11.2008 10.11.2009
P/E 1.98 4.9
P/BV 0.25 1.1
ISMEN’s price has increased 253% with respect to January 2, 2009 . This upswing indicates 98% and 85% higher performance relative to ISE-100 Index and ISE Financial Index respectively
0
10.000
20.000
30.000
40.000
50.000
60.000
0,00
0,50
1,00
1,50
2,00
2,50
3,00
ISMEN Closing Price (TL)ISE 100 (Right Axis)
238%
About Us
Overview of Capital Markets
Our Performance
Financial Results
Expectations for the Rest of the Year
Performance & Financial Results – 9M09
17
Expectations for the Rest of 2009
Dubai liaison office will be ready as of end of 2009.
Feasibility study for new branches continues.
We sealed our uncontested leadership with strong performance.
New derivative instruments yet to come
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Investor Relations 19
Mr. Mert Erdoğmuş
Assistant General Manager
Phone : +90 0212 350 24 12
Fax : +90 0212 350 20 01
E-mail : [email protected]
Mr. Ozan Altan
Vice President
Phone : +90 0212 350 28 72
Fax : +90 0212 350 20 01
E-mail : [email protected]
The Investor Relations Department is responsible for the timely communication of necessary, accurate, complete, comprehensible and easily accessible information and explanations, which are not considered to be trade secrets to its shareholders and stakeholders.
http://www.isinvestment.com/wwa_ir.aspx
Disclaimer
The information in this report is prepared by “IS YATIRIM MENKUL DEGERLER A.S.” (IS Investment) and it is not to be construed as an offer or solicitation for the purchase or sale of any financial instrument or the provision of an offer to provide investment services. Information, opinions and comments contained in this material are not under the scope of investment advisory services. Investment advisory services are given according to the investment advisory contract, signed between the intermediary institutions, portfolio management companies, investment banks and the clients. Opinions and comments contained in this report reflect the personal views of the analysts who supplied them. The investments discussed or recommended in this report may involve significant risk, may be illiquid and may not be suitable for all investors. Therefore, making decisions with respect to the information in this report cause inappropriate results.
All prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any form of reproduction, dissemination, copying, disclosure, modification, distribution and/or publication of this report is strictly prohibited. The information presented in this report has been obtained from sources believed to be reliable. IS Investment cannot be held responsible for any errors or omissions or for results obtained from the use of such information.
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IS Investment 21
İş Kuleleri Kule-2 Kat:12
HEAD OFFICE
34330 4. Levent İSTANBUL TURKEY Tel: +90212 350 20 00 Fax: +90212 350 20 01
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Fax: +90232 488 90 01 Fax: +90216 416 91 71
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PERFORMANCE & FINANCIAL RESULTS – 9M09November 12, 2009
