TURKEY
Publication Date: May 15, 2013 “Global Knowledge supported by Local Experience” Copyright © 2011 by JCR Eurasia Rating. Nispetiye Cad.Firuze Sok. Ceylan Apt. No:1-D:8 Akatlar/İSTANBUL Telephone: +90.212.352.56.73 Fax: +90 (212) 352.56.75
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security and issuer, not a recommendation to buy, hold, sell any security and to issue a loan. This rating report has been composed within the frameworks of SPK (Capital Markets
Board of Turkey) regulations and internationally accepted rating principles and guidelines but is not covered by the NRSRO regulations. http://www.jcrer.com.tr
Corporate Credit Rating
Factoring
Long Term Short Term
Inte
rnatio
nal Foreign Currency BB B
Local Currency BB B
Outlook FC Stable Stable
LC Positive Stable
Natio
nal
Local Rating BBB- (Trk) A-3 (Trk)
Outlook Positive Positive
Sponsor Support 2 -
Stand-Alone B -
So
vere
ign
*
Foreign Currency BB B
Local Currency BB B
Outlook FC Stable Stable
LC Positive Stable
*Assigned by Japan Credit Rating Agency, JCR on June 28, 2012
Analyst: Gökhan IYIGUN/+90 212 352 56 74 [email protected]
AKDENİZ FAKTORİNG HİZMETLERİ A.Ş.
F i n a n c i a l D a t a 2012* 2011* 2010* 2009* 2008*
Total Assets (000 USD) 79,830 63,923 64,977 42,207 28,318
Total Assets (000 TRY) 141,905 120,745 99,908 62,774 43,095
Equity (000 TRY) 12,005 11,774 10,472 9,837 8,511
Net Profit (000 TRY) 231 1,247 689 1,326 1,221
Market Share (%) 0.78 0.77 0.69 0.60 0.55
ROAA (%) 0.73 1.28 0.91 2.88 3.06
ROAE (%) 8.07 12.65 7.29 16.63 17.47
Equity/Assets (%) 8.46 9.75 10.48 15.67 19.75
NPL (%) 4.43 2.19 2.45 4.14 8.92
Growth Rate (%) 17.52 20.86 59.16 45.66 -8.56
*End of year
Company Overview Akdeniz Faktoring Hizmetleri A.Ş. (hereinafter referred to as Akdeniz Faktoring or the Company), founded in 1993, operates in the Turkish Factoring Sector and offers cash-financing to sellers in return for their receivables, based on invoices or other certifying documents representing the domestic sales of goods and services, by undertaking their collection. The activities of the Company are regulated and supervised by the Banking Regulation and Supervision Agency (BRSA). The Company’s utmost qualified shareholder, Mr. İsfendiyar ZÜLFİKARİ, is also the chairman of the Company. Akdeniz Faktoring, a ZÜLFİKARLAR Group company, carried out its fully domestic and revocable factoring transactions
through its headquarters in İstanbul and representative office in Ankara. The Company employed a staff of 20 and had no subsidiaries or affiliates as of FYE2012.
ZÜLFİKARLAR Group incorporates four companies excluding Akdeniz Faktoring operating in the fields of petroleum and petroleum products, power generation
and wholesale, transportation and production and trading of chemicals.
Strengths
Above sector average growth rates for the last four years and continuous improvement in market share
Ongoing improvement in operating expenses falling below sector averages,
Full coverage collateral level and above sector average provisions contributing to asset quality
Low level of FX position and absence of off balance sheet commitments and contingencies contributing to risk level
Robust sponsor support
Low level of sector penetration along with recent sector legislation promising further room for future growth
Constraints
Below sector average interest margin and above sector average financial expenses suppressing profitability
Equity level meeting legal requirements but remarkably below sector averages along with a general assembly decision regarding capital increase in the very near feature
Scarce network externalities compared to bank-related companies
Improvement needed in customer base regarding diversity and income generation
Fierce competition throughout the sector
Country-wide issue of remarkable increases in the number and volume of dishonored checks in the completed fiscal year
Short-term funding inherit in the sector
0.780.770.690.600.55
0.00
1.00
Market Share (%)
1821
5946
-9
-30
70
Growth Rate (%)
0.731.280.91
2.883.06
0.00
5.00
ROAA (%)
813
7
1717
0
20
ROAE (%)
810101620
0
30
12111098
Equity/Assets (%)
4.42.22.5
4.1
8.9
0.00
10.00
12111098
NPL (%)