2q2016 results presentation...3 initiatives implemented from 2015 are beginning to show results...
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2Q2016 Results Presentation
� Tanner Servicios Financieros showed a positive net profit of $ 10,658 million in the first six months of 2016, increasing 24.9%, equivalent to $ 2,127 million, versus $ 8,531 million reached by the end of 2Q15. The improvement is mainly a consequence of increased yields, lower risk charges and better performance of the subsidiary Tanner Corredora de Bolsa (Gestora Tanner). Given the above, ROAE rise to 2.3% during the first half of 2016, versus 2.1% reached in the period ended June 30, 2015, whereas, ROAE went from 7.5% to 8.9%.
� As of June, 2016, total net loan portfolio reached $ 733,173 million, decreasing 7.5% when compared to December, 2015, due to the interest of the Company to decrease in Corporate Lending and focus on strategic products like Factoring (+8.4%) and Auto-Financing (+4.1%).
� In relation to quality portfolio, NPLs over 90 days totaled 4.7% by June 2016, improving slightly regarding the end of 2015 (4.8%). However, when compared to the same period of 2015, there is a drop of 90 bps. By business, the breakdown is:
� Factoring: fell from 6.3% (2015) to 5.5% (including Pescanova) in June 30, 2016, evidencing the efforts in collecting and client selection.
� Corporate Lending: increased from 0.6% in 4Q15 to 1.3% in 2Q16 due to an important drop in corporate loans without arrears.
� Auto-Financing: decline from 6.9% (4Q15) to 1.3% in 2Q16. The above is explained by improvements that have been applied since the previous year in collecting and admission requirements. Moreover, there are a significantly rise in the proportion of new vehicles financed.
� Leasing: decrease from 8.2% (4Q15) to 7.2% 2Q16, which goes in line with the reduction in the exposure to riskier economy sectors, like mining.
Highlights
2
3
Initiatives implemented from 2015 are beginning to show results
739.7 733.2
2Q20162014
690.9
1Q20162015
792.4
2Q2015
730.6
Net Loans (CLP bn) (1) Capitalization and Leverage
3.0x
0.25
2Q2015
2.7x
0.27
2014
2.6x
0.28
2.8x
0.26
1Q2016
2.7x
0.27
2015 2Q2016
CapitalizationLeverage
12.1%
8.9%
1Q2016
9.2%
2015
8,7%
2014 2Q20162Q2015
7,5%
Average 2013- 2Q2016: 9.3%
ROAE (2)
2,3%
1Q2016
2,4%
2015
2,3%
2014
3,4%
2Q20162Q2015
2,1%
Average 2013- 2Q2016: 2.5%
ROAA (3)
____________________Source: Tanner(1) Net loans defined as loans net of provisions. (2) Calculated as Net Income annualized for the period divided by average Shareholders’ Equity for the period (3) Calculated as Net Income annualized for the period divided by average Total Assets for the period.
Diversified risk in various products and industries
Breakdown by Type of Client (3)
Distribution by Economic Sector (2Q2016)Net Loans (CLP bn) (1)
Concentration by Clients (2Q2016) (4)
____________________Source: Tanner(1) Net loans defined as loans net of provisions(2) Others includes trading activities from Corredora de Bolsa de Valores, Corredora de Bolsa de Productos and Corredora de Seguros.(3) Not includes auto-financing clients(4) Includes factoring, leasing, corporate lending and auto-financing
SMEs45%
Large Enterprises22%
Corporations 33%
4
Agriculture, Forestry
and Livestock
12%
Wholesale
9%Retail
7%
Electricity, water and gas
0.1%
Finance, Insurance
and Professional
Services
22%Mining and Quarries
2%
Metal
manufacturing
industry…
Non- metal
manufacturing
industry
12%
Construction
12%
Others
0.1%
Services
12%
Transport, Storage
and
Communications
9%
18%
Top 5 Clients
12%
34%
28%
Top 15 Clients
19%
23%
50 Top Clients
43%
Top 35 Clients
27%29%
25 Top Clients
39% December2015
246 221 175
217
215 218223
264
193178 209
86
111104 108
95
740 733793
686
2T2016
18
1T2016
19
20152014
Leasing Factoring Auto financing Corporate lending
Tanner returned to its leading position in the industry of Factoring
____________________Sources: Tanner, ACHEF(1) Net loans defined as loans net of provisions(2) Annualized Gross Profit / Average Loans
Gross Profit over Average Loans (%) (2)Net Loans (CLP bn) and Clients (#) (1)
Market Loans (CLP bn) and Tanner Market Share (%) Clients 2Q2016 by Competitor (#)
185246
160156
187
22223373
3,834
258
2013
3,279
2014
1,880
193
2015
2,1712,014
178
1Q2016
209
2Q2016
17
263
Clients Local loans International loans
813
380342218213128
2,4442,171
2,781
2,015
1,076
4,367
Non-banking institutions
2,612
2013
7.7%
10.3%
2014
2,568
1Q2016
9.9%
2,182
2Q2016
7.9%
2,3192,552
2015
9.9%
Tanner market share (%) Industry Loans
2Q20162014
8.5%
6.9%
2015
8.6%
5
+ 17.4%
- 4.6%
Despite negative market projections, Auto-Financing business remains stable
Gross Profit over Average Loans (%) (2)Net Loans (CLP bn) and Clients (#) (1)
Vehicle sales (3) Net Loans by Competitor 1Q2016 (MMM)*
751
218
123
Forum
Tanner
Gmac
____________________Sources: Tanner, ANAC, CAVEM, Financial Statements SVS(1) Net loans defined as loans net of provisions(2) Annualized Gross Profit / Average Loans(3) Last 12 months
223218215217203
2015 1Q2016 2Q2016
47,82047,941
2014
46,056
2013
49,610 48,113
292289282340378
916897855868765
2014 2015
4.8 4.8 4.8
1Q2016 2Q2016
4.6
2013
4.3
Used vehicles sold (thousands)
New vehicles sold (thousands) Total number of vehicles (million)
Net LoansClients
2015 2Q20162014
6.9%
11.2%
7.0%
6
(*) Competitors figures are not available yet.
Leasing remains stable, in line with market trends
____________________Sources: Tanner, ACHEL(1) Net loans defined as loans net of provisions(2) Annualized Gross Profit / Average Loans(3) According to gross loans
Gross Profit over Average Loans (%) (2)Net Loans (CLP bn) (1)
Market Loans (CLP bn) and Tanner Market Share (%) (3) Product Mix 1Q2016 (CLP bn)*
Market
2Q2016
7,190
1.5%
1Q2016
7,213
1.5%
2015
7,233
1.4%
2014
6,893
1.2%
2013
6,276
1.2%
Industry LoansTanner Market Share
3749
5866
47
2824
3025
3311
13
23 13 28
2015
104
2013
76
1Q2016
86
2Q2016
108111
2014
Real Estate Vehicles Machinery and Equipment
2.9%
2Q2016
4.0%
20152014
5.2%
7
(*) Market figures are not available yet
40%
48%
8%
30%
52%
22%
Machinery and Equipment Vehicles Real Estate
7.213
104
Corporate Lending loans decreased to focus on core products
____________________Source: Tanner(1) Net loans defined as loans net of provisions(2) Annualized Gross Profit / Average Loans
Gross Profit over Average Loans (%) (2)Net Loans (CLP bn) and Clients (#) (1)
175
220
246
95
971
70
1,138
1,089
1Q20162015
-20.4%
2Q2016
-10.5%
2014
Clients Net Loans
6,4%
2015
6,3%
1Q2016 2Q2016
2,5%
2014
4,6%
8
NPLs have fallen due to better processes in origination and collection
NPLs >90 days for Factoring (1) (2) (3)
without Pescanova
_________________________________________________Sources: Tanner, Incofin, Forum (Financial Statements published in SVS)(1) NPLs > a 90 days / Gross Loans(2) As of August 31, 2016, FORUM and GMAC figures are no available
NPLs >90 days for Auto-Financing (1) (3)
NPLs >90 days for Leasing (1)
2Q2016
7.3%
1Q2016
8.3%
2015
8.2%
2014
9.1%
2013
6.0%
NPLs >90 days for Corporate Lending (1)
2Q2016
1.3%
1Q2016
0.8%
2015
0.6%
20142013
2Q2016
5.5%
2.5%
1Q2016
6.0%
2.4%
2015
6.3%
2.3%
2014
5.6%
1.6%
2013
5.4%
2.5%2.9%
1.6
2.6%2.9% 2.8%
2Q2016
4.8%
5.6%
1Q2016
5.4%
3.8%
2.4%
6.6%
2015
5.6%
4.5%
2.4%
6.9%
2014
5.7%
4.2%
2.9%
6.7%
2013
3.5%
2.4%
4.4%
Write-offs 360 days
9
NA
NA
Tanner closed with Bn$ 36 in cash and a healthy diversification in its funding sources
Currency Match (2Q2016)
Liabilities Profile (CLP bn)Funding Sources Evolution (CLP bn)
Assets / Liabilities Duration and Interest Rate (2Q2016)
� Assets average duration: 1.03 years.
� Liabilities average duration: 1.99 years.
� Assets and liabilities with fixed interest rate.
____________________Source: Tanner
USD
29%
UF
26%
CLP45%
USD
29%
UF
23%
CLP48%
10
Assets Liabilities
25,3
8,1
+2021
37,5
29,4
2020
49,3
32,9
94,0
2019
82,1
52,0
15,2
2018
190,5
2017
86,5
46,0
30,1
2016
190,8
43,6
27,7
25,6
16,4
Others BondsBank loansCommercial Papers
172,1
49,827,5
2014
510,8
314,0
117,3
72,96,8
2Q2016
636,8
378,5
163,7
50,9
43,6
1Q2016
600,7
384,2
146,5
39,630,4
2015
642,9
393,5
BondsBank loansCommercial papersOthers
2Q2016 Results Presentation
Contact Information: M. Gloria Timmermann | Head of Investor RelationsHuérfanos 863, 10th Floor, Santiago, ChileDirect: +562 2330 8980 | Mobile: +569 9226 6719 | Operator: +562 2674 7500 www.tanner.cl
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