2Q2016 Results Presentation

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Maj-Britt Nyström
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1 Results Presentation

2 Highlights 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,, 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,, 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 (4.8%). However, when compared to the same period of, there is a drop of 90 bps. By business, the breakdown is: Factoring: fell from 6.3% () 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. 2

3 Initiatives implemented from are beginning to show results Net Loans (CLP bn) (1) Capitalization and Leverage x x Leverage x Capitalization x x 2Q 2Q ROAE (2) ROAA (3) 12.1% Average - : 9.3% 3,4% Average - : 2.5% 7,5% 8,7% 9.2% 8.9% 2,1% 2,3% 2,4% 2,3% 2Q 2Q 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. 3

4 Diversified risk in various products and industries Net Loans (CLP bn) (1) Distribution by Economic Sector () Leasing Factoring Auto financing Corporate lending T2016 2T2016 Breakdown by Type of Client (3) Others 0.1% Services 12% Construction 12% Non-metal manufacturing industry 12% Transport, Storage and Communications 9% Metal manufacturing industry Agriculture, Forestry and Livestock 12% Wholesale 9% Mining and Quarries 2% Concentration by Clients () (4) Retail 7% Electricity, water and gas 0.1% Finance, Insurance and Professional Services 22% 43% Corporations 33% SMEs 45% 28% 34% 39% December 27% 29% 23% 18% 19% 12% Large Enterprises 22% Top 5 Clients Top 15 Clients 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 25 Top Clients Top 35 Clients 50 Top Clients 4

5 Tanner returned to its leading position in the industry of Factoring Net Loans (CLP bn) and Clients (#) (1) Gross Profit over Average Loans (%) (2) 3,834 Clients Local loans International loans 3, ,880 2,014 2, % 8.6% 6.9% % Market Loans (CLP bn) and Tanner Market Share (%) Clients by Competitor (#) Tanner market share (%) Industry Loans Non-banking institutions 9.9% 10.3% 9.9% 4,367 2,612 2, % 2, % 2, % 2,182 2,015 2,171 2,444 2, ,076 Sources: Tanner, ACHEF (1) Net loans defined as loans net of provisions (2) Annualized Gross Profit / Average Loans 5

6 Despite negative market projections, Auto-Financing business remains stable Net Loans (CLP bn) and Clients (#) (1) Gross Profit over Average Loans (%) (2) Clients Net Loans 11.2% 46,056 49,610 48,113 47,941 47, % 7.0% Vehicle sales (3) Net Loans by Competitor (MMM)* New vehicles sold (thousands) Total number of vehicles (million) Used vehicles sold (thousands) Gmac Tanner Forum 751 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 (*) Competitors figures are not available yet. 6

7 Leasing remains stable, in line with market trends Net Loans (CLP bn) (1) Gross Profit over Average Loans (%) (2) Real Estate Vehicles Machinery and Equipment % 2.9% 5.2% Market Loans (CLP bn) and Tanner Market Share (%) (3) Product Mix (CLP bn)* Tanner Market Share Industry Loans Machinery and Equipment Vehicles Real Estate 1.4% 1.5% 1.5% 1.2% 1.2% 48% 30% 22% 104 6,276 6,893 7,233 7,213 7,190 Market 40% 8% 52% Sources: Tanner, ACHEL (1) Net loans defined as loans net of provisions (2) Annualized Gross Profit / Average Loans (3) According to gross loans (*) Market figures are not available yet 7

8 Corporate Lending loans decreased to focus on core products Net Loans (CLP bn) and Clients (#) (1) Gross Profit over Average Loans (%) (2) Clients Net Loans 1,089 1, % % 6,4% 6,3% 175 4,6% 95 2,5% 70 Source: Tanner (1) Net loans defined as loans net of provisions (2) Annualized Gross Profit / Average Loans 8

9 NPLs have fallen due to better processes in origination and collection NPLs >90 days for Factoring (1) (2) (3) NPLs >90 days for Auto-Financing (1) (3) without Pescanova Write-offs 360 days 5.4% 2.5% % 2.9% 1.6% 6.3% 2.6% 2.3% 6.0% 5.5% 2.9% 2.8% 2.4% 2.5% 4.4% 3.5% 2.4% 6.7% 5.7% 4.2% 2.9% 6.9% 5.6% 4.5% 2.4% 6.6% 5.4% 3.8% 2.4% NA NA 5.6% 4.8% NPLs >90 days for Leasing (1) NPLs >90 days for Corporate Lending (1) 9.1% 8.2% 8.3% 7.3% 6.0% 1.3% 0.6% 0.8% 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 9

10 Tanner closed with Bn$ 36 in cash and a healthy diversification in its funding sources Funding Sources Evolution (CLP bn) Liabilities Profile (CLP bn) Others Commercial papers Bank loans Bonds Others Commercial Papers Bank loans Bonds 6,8 510,8 72,9 117,3 27,5 642,9 49,8 172,1 600,7 30,4 39,6 146,5 636,8 43,6 50,9 163,7 190,8 43,6 25,6 190,5 314,0 393,5 384,2 378,5 94,0 27,7 86,5 25,3 15,2 46,0 82,1 30,1 52,0 49,3 16,4 32,9 37,5 8,1 29, Currency Match () Assets / Liabilities Duration and Interest Rate () Assets Liabilities Assets average duration: 1.03 years. USD 29% USD 29% Liabilities average duration: 1.99 years. Assets and liabilities with fixed interest rate. 45% CLP 48% CLP UF 26% UF 23% Source: Tanner 10

11 Contact Information: M. Gloria Timmermann Head of Investor Relations Huérfanos 863, 10th Floor, Santiago, Chile Direct: Mobile: Operator: Results Presentation

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