İş Yatırım Menkul Değerler A.Ş.
PERFORMANCE & FINANCIAL RESULTS
2008-Q1
Ocak 2005
June 19, 2008
ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
EXPECTATIONS FOR HE REST OF THE YEAR
THE ONLY LISTED INVESTMENT BANKING INSTITUTION - ISE
FITCH: “AAA(tur)”
IS Investment offers variety of domestic and international services, such as;
 Brokerage
 Investment Advisory
 Asset Management
 Corporate Finance
 Research
The leading investment banking institution in Turkey and the investment arm of IS Bank
ABOUT US
OVERVIEW OF TURKISH CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
EXPECTATIONS FOR THE REST OF THE YEAR
4
PERFORMANCE OF TURKISH CAPITAL MARKETS
Equity Market (YTL Billion)
Derivative Market (YTL Billion)
193.3
117.6
175.1
29.2
2007/Q1
2008/Q1
2007/Q1
Despite the fluctuation in international markets, equity
market increased its trading volume
2008/Q1
Derivative market’s performance beyond the expectations
Bills & Bonds Market (YTL Billion)
Eurobonds (YTL Billion)
3,5%
33.2
2007/Q1
33.5
16.4
2008/Q1
2008/Q1
B&B Market displayed almost the same performance
The trading volume of Turkish Eurobonds in 2008/Q1 as YTL 16.4 bn
5
ASSET MANAGEMENT
Pension Funds* (USD Million)
144.1
4.131
29.268
25.010
3.813
21.4
913
2.048
2006
2007
2.048
3.677
2008/05
Source: www.tspakb.org.tr
Portfolio size of pension funds continue to confirm our claims to be the locomotive of fund business
in near future, reaching USD 4.131 mn. despite the weaker performance of the markets
6
ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
EXPECTATIONS FOR THE REST OF THE YEAR
7
LEADER IN THE MARKETS
Equity Markets - IS Investment (YTL Billion)
Derivative Markets - IS Investment (YTL Billion)
15,94%
6,31%
18.7
12.2
6,18%
16,73%
10.8
4.8
2007/Q1
2008/Q1
2007/Q1
Despite rising trading volumes and international newcomers,
we maintain market leadership
Our derivative market trading volume almost four-fold
the same period of 2007 - Unconstent leadership
Bills&Bonds Market - IS Investment (YTL Billion)
Eurobond Market - IS Investment (YTL Million)
23,91%
14,64%
2008/Q1
9,90%
1.620
8.0
663
4.9
2007/Q1
2007/Q1
2008/Q1
2008/Q1
Our trading volume growth in 2008/Q1 confirms our clear
market leadership among the brokerage houses
We recaptured our leadership position among the
brokerage houses in the market
8
ASSET UNDER MANAGEMENT
AuM & Pension Funds Portfolio Size - IS Asset Management (YTL Million)
173
173
7.043
7.043
7.043
410
173
682
860
777
682
516
6.484
6.820
6.003
516
777
902
6.620
6.950
AuM & Pension Funds
portfolio size represent
19,6% and 18,7% of the
funds market
respectively
5.2476.620
6.484
5.247
2005
2006
2007/H1
2007/Q3
2007
2008/Q1
Source: Is Investment
We believe that asset management business is the ascending business of the markets
9
INTERNATIONAL CAPITAL MARKETS
Fixed Income & Equity - IS Investment (USD Million)
Derivative - IS Investment (# of Contracts)
TMI
114
48.590
2.154
80
Equity
663
9.553
Fixed Income
2007/Q1
2008/Q1
2007/Q1
2008/Q1
Source: Is Investment
Fixed income & equity trading volume reached USD 2.3 bn from USD 750 mn surging 206% with respect to the same
period of 2007, while performing 48.590 derivative contracts which mainly comes from our e-trading platform;
TradeMaster International
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CORPORATE FINANCE
M&As Size (USD Million) - IS Investment
1.911
341
1.729
A remarkable performance
708
34.9
38.9
10.8
2007/Q1
2008/Q1
Source: Is Investment
2008 is the year of M&A rather than public offerings
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ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
EXPECTATIONS FOR THE REST OF THE YEAR
12
MAIN FINANCIAL FIGURES
IS Investment
2007/Q1
2008/Q1
YoY ▲%
YTL (000)
Total Assets
Shareholders’ Equity
1.232.285
1.482.460
235.172
229.647
-2*
6.727
7.547
12
4.786
-1.497
n.m.
20
Net Profit
Net Profit
(Declared to the tax authority)
Consolidated Net Profit
Total assets coincide with one third of the whole sector
*Implementation of the new IFRS methodology caused a decrease in Shareholders’ equity due to acqusition of IS Asset Management
13
CONSOLIDATION EFFECT
(YTL 000)
IS Investment Only
(Declared to the Tax Authority)
Consolidation Effect
IS Asset Management
IS Inv.Trust
7.547
1.132
-3.492
Marked to Market Effect
IS Private Equity
-4.135
Other
-2.549
Consolidated Net Profit
-1.497
Profit is in line with expectations except for the consolidation and the marked to market effect of
subsidiaries
14
ISE PERFORMANCE OF OUR SUBSIDIARIES
Performance of ISE-100 Index (2008/Q1)
ISE-100
IS Investment Trust
IS Private Equity
Price performance of subsidiaries has smoothed since 2008/Q1
15
OPERATING EXPENSES
YTL (000)
General Administrative Exp.
Marketing and Dist.Exp
Other
Total
2007/Q1
10.055
1.236
1.132
12.423
2007/Q4
18.231
3.241
21.472
2008Q1
15.944
4.488
1.536
21.968
QoQ ▲
-10
38
2
Increase in operating expenses stemmed from consolidation effect of IS Asset Management
16
YoY ▲
58
263
35
76
ABOUT US
OVERVIEW OF CAPITAL MARKETS
OUR PERFORMANCE
FINANCIAL RESULTS
EXPECTATIONS FOR THE REST OF THE YEAR
17
EXPECTATIONS FOR THE REST OF THE YEAR
 Consolidation effect of subsidiaries is expected to be better
 Single stock futures are on the way
 We are about to launch two new products
 Public offerings are on the pipeline depending on the market conditions
 Private Equity Company announced two new exits
 Trading foreign securities is booming
 Maxis Securities is up and running
 Our sixth branch “Yesilkoy-Istanbul” is in operation
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INVESTOR RELATIONS
Mr. Mert Erdoğmuş
Assistant General Manager
Phone
: +90 0212 350 24 12
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
Mr. Ozan Altan
http://www.isinvestment.com/wwa_ir.aspx
Senior Associate
Phone
: +90 0212 350 28 72
Fax
: +90 0212 350 20 01
E-mail
: [email protected]
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The information in this report is prepared by “IS YATIRIM MENKUL DEGERLER A.S.” (İş 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
HEAD
OFFICE
AKARETLER
BRANCH
İş Kuleleri Kule-2 Kat:12
4. Levent 34330 İstanbul Turkey
Tel: (+90212) 350 20 00
Fax: (+90212) 325 12 26 – 325 12 48
Süleyman Seba Cd. No:44 B1 Blok D:10
34357 Akaretler İstanbul Turkey
Tel: (+90212) 326 87 00
Fax: (+90212) 326 87 01
YENİKÖY
BRANCH
YEŞİLKÖY
BRANCH
Köybaşı Caddesi İskele Çıkmazı No:277
34464 Yeniköy İstanbul Turkey
Tel: (+90212) 363 01 00
Fax: (+90212) 363 01 01
Havalimanı Kavşağı EGS Business Park
B3 Blok No:470 34149 Yeşilköy İstanbul Turkey
Tel: (+90212) 463 20 00
Fax: (+90212) 463 20 01
Yapı Kredi Plaza C Blok K: 9 Bölüm 25/B
4. Levent 34330 İstanbul Turkey
Tel: (+90212) 282 00 18
Fax: (+90212) 282 00 19
ANKARA
BRANCH
Tahran Cd. No:3/8
06700 Kavaklıdere Ankara Turkey
Tel: (+90312) 455 26 50
Fax: (+90312) 466 26 62
İZMİR
BRANCH
Akdeniz Cd. No:14 Birsel İş Merkezi D:501
ALMA ATA
Alsancak 35210 İzmir Turkey
REP. OFFICE
Tel: (+90232) 488 90 00
Fax: (+90232) 488 90 01
Jeltozbekova Street 97 Block A2 Floor:2
Almaata 050051 Kazakhstan
Tel: (+77012) 234803
Fax: (+77273) 340509
Fenerbahçe, Fener Kalamış Cd.
Tibaş-Belvü Sitesi A2 Blok D:3
Kadıköy 34726 İstanbul Turkey
Tel: (+90216) 542 72 00
Fax: (+90216) 542 72 01
MAXIS SECURITIES LTD
8 Princes Street
London EC2R 8HL UK
Tel: (+44207) 397 1431
Fax: (+44207) 726 2566
KALAMIŞ
BRANCH
LEVENT
REP. OFFICE
SUBSIDIARY
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İş Yatırım Menkul Değerler A.Ş.
Performance & Financial Results
2008-Q1
Ocak 2005
June 2008