Investor Presentation, 2016 Q2 - Aklease1st July, 2015. • He joined Akbank as Executive VP of SME...
Transcript of Investor Presentation, 2016 Q2 - Aklease1st July, 2015. • He joined Akbank as Executive VP of SME...
1
Investor Presentation, 2016 Q2
• AKLease Business Overview
2
• AKLease At a Glance
Agenda
• Turkish Leasing Sector Overview
• AKLease Financial Highlights
3
AKLease at a Glance
• Established in 1988
• AKLease provides financial leases
to a diverse range of sectors:
transportation, production, textile,
steel and mining, energy and
natural resources
• Diversified assets: aircraft /
rotorcraft, manufacturing machinery
and equipment, commercial real
estate, wind turbines, construction
machinery
• Significanty increased its market
share in the Turkish leasing sector
since 2005 from 4.4% to 10.9% in
Q2 2016
• 99.9% owned by Akbank
(3) In accordance with IFRS
(4) Includes Debt Securities Issued
Key Financials(3) Profile(1)
#3Market player in Turkey by net
lease receivables(2)
#1 Market leader in Turkey of
financial leases for general
aviation , circa 40% market
share
BBB-Investment grade rating by Fitch,
in line with Akbank
(1) Source: Association of Financial Institutions
(2) As of 30 June 2016.
Income Statement(TRYm) 2013 2014 2015 2016 Q2
Impairment loss on
finance lease receivables (24) (20) (22) (12)
Operating Expenses (18) (17) (23) (12)
Net Income 43 80 95 64
Balance Sheet(TRYm) 2013 2014 2015 2016 Q2
Net Finance Lease
Receivables 3,315 3,800 4,034 4,200
Total Assets 3,537 3,956 4,479 4,593
Borrowings(4) 2,843 3,267 3,598 3,621
Total Equity 415 545 701 763
Key Performance
Indicators(%) 2013 2014 2015 2016 Q2
Cost to Income 24.7 14.9 16.2 13.1
NPL 1.6 2.1 2.8 2.8
Cost to Assets 0.6 0.5 0.5 0.5
Cost of Credit 0.8 0.4 0.4 0.3
Equity to Gross Debt 15 17 19 21
Equity to Net Debt 16 17 22 23
RoA 1.5 2.1 2.2 2.8
RoE 11.7 16.7 15.2 17.4
4
Shareholder Structure
• AKLease was established as BNP-AK-Dresdner Leasing in
November 1988, a joint venture between Akbank, Dresdner and BNP
• Akbank acquired the entirety of AKLease in 2005 and subsequently
renamed it AKLease
• AKLease is 99.985% owned by Akbank, with the remainder (0.015%)
owned by Sabanci Group affiliates
• Akbank elects all of AKLease’s directors
• One of the two largest multi-business enterprises in Turkey
• Composed of 69 companies, with total assets of US$ 94.1 bn
• 11% of ISE capitalization with 11 public companies and the Holding
itself
• Controlled by Sabancı family who owns the 57.7% shares
• Mainly operates in financial services, energy, retail, cement, industrial
businesses; market leader in cement and energy distribution.
• Joint-ventures with the most established companies in the world
including; Ageas, Aviva, Bridgestone, Carrefour, E.ON,
Heidelberg Cement, Marubeni and Philip Morris
• Akbank is the flagship of the Sabancı Group with the highest share in
revenues and profitability of the Group
Sabanci Holding & affiliates;
48.9%Free Float; 51.1%
Sabanci Holding
& affiliates, 0.015%Akbank,
99.985%
(1) As of June 2016
Sabanci Group(1)History and Shareholding Structure(1)
5
Organisational and Management StructureAKLease Board of Directors
Strong Management Team
CEO
EVP, Operation &
Financial Affairs
Board of Directors
Legal
Counsel
Internal Control
HR &
Administrative
Affairs
SVP, Head of
Finance
SVP, Head of
Financial
Coordination &
Support
Services
Credit Risk
Monitoring
EVP, Sales and
MarketingEVP, Credits
Ahmet Fuat Ayla
Deputy ChairmanEyüp Engin
Board Member
Cenk Kaan Gür
Chairman
Kemal Atıl Özus
Board Member
Şenol Altundaş
Board Member and CEO,
AKLease
• Mr.Gur was appointed to
AKLease’s Board of Directors on
27th January, 2011,
• He has been the chairman since
1st July, 2015.
• He joined Akbank as Executive
VP of SME Banking on 14th
January, 2011 and was re-
appointed as Executive VP of
Commercial Banking in 2013
• Previously, he worked in various
roles at a private sector bank
• Şenol Altundaş was appointed as
a board member and the Chief
Executive Officer of AKLease on
1 June 2015
• He started his banking career in
1996 at a private sector bank and
prior to joining AKLease, Şenol
Altundaş held senior positions at
Akbank Corporate and
Commercial Banking for 12
years.
• He has a degree in International
Relations from Marmara
University, and an Executive MBA
degree from Sabanci University.
• Mr. Ayla was appointed to
AKLease’s Board of Directors on
2nd July 2007
• He has been the deputy chairman
since 1st July, 2015.
• He joined Akbank as Corporate
Branch Manager in 2002,
becoming Senior VP in charge of
the Corporate and Commercial
Credits Approval Unit in 2005
• In 2007, he was appointed as
Executive VP in charge of
Corporate and Commercial
Credits Approval
• Mr. Engin was appointed to
AKLease’s Board of Directors on
25th March, 2010.
• He joined Akbank in 1978 as an
Assistant Internal Auditor and was
appointed Head of Internal Audit
in July 2007
• He also worked as the Head of
the Treasury Dept. and Executive
VP for International Banking at
Akbank
• Mr. Rota was appointed to
AKLease’s Board of Directors on
1st July, 2015.
• He has been with Akbank since
2010 as Executive Vice President
in charge of Treasury
• Before joining Akbank, he served
as Executive Vice President at
various different private sector
banks
• Mr. Ozus was appointed to
AKLease’s Board of Directors on
6th June 2007.
• He joined Akbank in November
2000 as VP for Financial Control
and Risk Management, and was
later promoted to Senior VP. In
December 2007,
• He was then appointed as
Executive VP (CFO) in charge of
Financial Coordination
Kerim Rota
Board Member
• AKLease At a Glance
6
•AKLease Business Overview
Agenda
• Turkish Leasing Sector Overview
• AKLease Financial Highlights
Key Strengths
7(1) Brand Finance – Banking 500 ,2015
Strong Position in Growing
Market with Low Penetration
Fully owned by Akbank – Most
Valuable Turkish Banking
Brand(1)
Resilient Business Model with
Diversified Asset Portfolio and
Highest Efficiency Among
Peers
Investment Grade Rating
by Fitch
Strong Asset
Quality and
Prudent Risk Management
Diversified Funding Base
Superior Profitability
Well Positioned in a Growing Market
88
Highest Growth Recorded in L4YThird Largest Player with circa 11% Market Share
Market Share (%) Net Lease Receivables (TLbn)
17
,30
%
17
,60
%
19
,80
%
19
,57
%
13
,60
%
12
,70
%
12
,30
%
11
,89
%13
,40
%
12
,80
%
10
,90
%
10
,91
%
8,8
0%
9,5
0%
8,9
0%
8,7
8%
7,4
0%
6,8
0%
6,4
0%
6,4
5%
2013 2014 2015 2016 Q2
Peer 1 Peer 2 Aklease Peer 3 Peer 4
4,3
5,2
7,37,5
3,33,7
4,5 4,5
3,3
3,84,0
4,2
2,2
2,8
3,3 3,4
1,82,0
2,32,5
24,6
29,4
36,7
38,2
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
45,0
0,0
2,0
4,0
6,0
8,0
10,0
12,0
2013 2014 2015 2016 Q2
Peer 1 Peer 2 Aklease Peer 3 Peer 4 Sector (RHS)
Consumer and Private Banking
SME Banking
Commercial Banking
Corporate and Investment Banking
Treasury and International Banking
9
Synergies From Relationship with Akbank
Commitment to AKLease
• TL 50 million in cash,
capital injection on 17
December 2013
• TL 50 million in cash,
capital injection on 21
March 2014
• TL 60 million in cash,
capital injection on 10
April 2015
Extensive Branch Network
• AKLease benefits from Akbank’s
over 900 domestic branches and 23
regional offices across Turkey as
representation channels
• Most of AKLease's customers are
customers from referrals through
Akbank
• Approx. 95% of AKLease’s net
financial lease receivables are from
Akbank customers
(1) Brand Finance- Banking 500, 2015 report
Başkent,
Ankara
Antalya
İzmir
Gaziante
p
Bursa
Kartal Başkent,
Ankara
Antalya
Bursa
Kartal
Gaziante
p
İzmir
Antalya
9.2%Market share by loans
15.4% Asset growth in 2015Q4ytd
14.9 millionCustomers
900+Branches
• Established in 1948
• Most valuable Turkish banking brand(1)
• Rated Baa3 (Moody’s), BBB- (Fitch)4,200+
ATMs
420,000+POS
AKLease Strategy
Continue
Exploiting
Synergies with
Akbank and the
Sabancı Group
10
Take Advantage
of Growing
Lease Market
Further Diversify
Funding Base
Maintain High
Asset Quality &
Grow
Receivables
Strategic Priorities
• Focus on growth sectors in the economy such as:
– Renewable energy – Healthcare
– Transportation & – Commercial real estate Logistics – Construction
• Maintain mix of short and long-term funding
• Seek financing from diverse sources:
– Local banks – Foreign banks – ECAs
– Multilaterals – Domestic & international capital markets
• Healthy growth in lease receivables via:
– Continued conservative approach to asset quality and profitability
– Strong focus on risk management procedures
• Increase market share through customer referrals by Akbank
• Continued support from Akbank, especially Risk Management
and IT functions
• Develop specific synergies with AK Sigorta, insurance
subsidiary of the Sabanci Group
• Develop sale-leaseback products
• Offer clients operating leases through strategic alliances with
reputable partners
New Products &
Clients
1
2
3
4
5
Maintain
Sustainable
Market
Leadership
Diversified Lease Portfolio And Strong Asset Quality
11(1) Other includes: financial institutions, agriculture, automotive, wholesale & retail, petroleum and
chemistry, telecommunication, printing, and education . None of them exceeds 4%
Asset Composition
Source: AKLease
Lease Portfolio by Assets (2016Q2)
Lease Portfolio by Industries (2016Q2)
Industry Breakdown
Geographical Distribution Driven by Client Size
Customer Geographic Distribution (2016Q2)
*Other includes 70 other provinces of Turkey. None of them exceeds 2%
(2016Q2)
NPL Ratio Consistently Below Sector Average
Aircraft; 12%
Commercial Real Estate;
37%
Construction Machinery; 4%
Manufacturing Machinery and
Equipment; 27%
Medical Equipment; 3%
Metal Processing Machinery; 4%
Other; 8%
Textile Machinery; 4%
57%
11%6% 5% 3%
18%
Istanbul Ankara Gaziantep Kocaeli İzmir Other
Energy and Natural
Sources; 4%Construction;
13%
Production; 4%
Healthcare; 6%
Transportation; 14%Other; 28%
Steel processing and mining;
8%
Textile; 9%
Food and beverage; 7%
Tourism; 7%
1,7%2,1%
2,8% 2,8%
6,5% 6,7%6,0%
6,5%
2013 2014 2015 2016Q2
AKLease Turkish Leasing Sector
12
Lease Portfolio Structure by Segments
(2016Q2)
36%
34%
30%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Corporate Commercial SME & Micro
Customer Segment TurnoverOutstanding Portfolio as of 30.06.2016TLm
Corporate > 300 mio TRY 1,499.2
Commercial < 300 mio TRY>120 mio TRY 1,429.0
SME
Large SMEs < 120 mio TRY>40 mio TRY 462.7
Medium Size SME < 40 mio TRY>10 mio TRY 377.7
Small Size SME <10 mio TRY>1 mio TRY 273.8
Micro <1 mio TRY 29.9
Retail90.6
Total 4,162.9
(2016Q2)
• With a continuous and rapid improvement within the last 10 years, Aklease supports all segments with different scales in the real
and service sectors
• Aklease provides high-quality, rapid and innovative leasing solutions to all segments’ financing needs for machine-equipment
investments or refinance of their current investments through its current 12 branches; as well as through Akbank’s over 900
domestic branches and 23 regional offices across Turkey as representation channels
• Serving all segments is possible through Aklease’s strong shareholding structure and capital, expert human resources, extensive
funding network and transparent management mentality
Prudent Risk Management
13
• AKLease co-ordinates
its risk management
policies and processes
with Akbank
• Risk parameters are
reported to Akbank’s
Risk Management
Division on a monthly
basis
Principal
Leasing RisksMitigants
Concentration Risk
• Diversified portfolio by sector and lease asset type
• Selected counterparties
• Focus on assets with relatively high second hand value
• Additional collateral
Credit Risk
• Detailed and thorough credit analysis, assesment,approval process
• Adequate level of additional collateral such as pledges on cash, shares,
vehicles and other equipment; assignments of receivables, mortgages on real
estate etc.
• Monitoring regularly the counterparties’ ability to pay, analyzing the financial
position of the lessees and condition of the leased assets
Market Risk
• Appropriate combination of fixed and floating rate borrowings and lease
receivables
• Funding mainly on a matched basis (borrowings vs. lease receivables) and
following a stringent currency risk parameter of FX position of max. 5 mio USD
• Use of interest rate swaps and currency swaps (for hedging purposes)
• Stress tests and gap analysis
Operational Risk
• Effective segregation of duties, access, authorisation and reconciliation
procedures, staff education and assessment procedures as well assessment
processes
Stable and Well Diversified Funding Base
14
Ongoing Funding Diversification
2011 2016 Q2
Akbank EIB refers to loans that Akbank obtained from EIB and on-lent to AKLease
ECA Covered refers to loans obtained under coverage of Ex-Im Bank, Euler-Hermes, EDC etc.
Multilateral refers to loans provided by the multilateral organizations such as Proparco and the ECO Trade and Development Bank
DCM refers to “ Debt Capital Markets” and includes Eurobond, Notes issued under GMTN programme, and TL bonds.
.
Pioneer in Wholesale Funding
Funding by Source (%)
11%
15%
32%
9%
31%
2%
Akbank
Akbank E
IB
Dom
estic B
anks
EC
A C
overe
d
Fo
reig
n B
anks
Mu
ltila
tera
l
• The first financial leasing company in Turkey to issue
long-term TL bonds in the capital markets (TL150 million
two-year bond in February 2012)
• The first financial leasing company in Turkey to issue
international bonds in the capital markets (U.S.$250 million
five-year bond in April 2013)
• The first bank subsidiary in Turkey to establish a GMTN
programme (December 2013, Eurobonds in an aggregate
amount of U.S. $284 million or equivalent in different
currencies as at 30 June 2016)
• Only 14% of AKLease's funding comes from Akbank
38%
13%
1%4%
15%17%
8%
4%
DC
M
Akbank
Akbank E
IB
Dom
estic B
anks
EC
A C
overe
d
Fo
reig
n B
anks
Mu
ltila
tera
l
Syndic
atio
n
EUR41%
TL27%
USD32%
Leverage and Asset and Liability Management
1515
Portfolio Maturity
Portfolio Currency Composition
Note: 1: Avg. Maturity means the remaining average maturity
Equity to Debt Ratios
Capital Adequacy Ratio
Source: IFRS results Source: IFRS results
Source: IFRS results
(2016Q2)
(2016Q2)
Avg. Maturity:
2.4 yrs
Avg. Maturity:
2.1 yrs
Avg. Maturity:
2.9 yrs14,4%
17,3%
20,1% 20,1%
2013 2014 2015 2016Q2
Capital Adequacy Ratio
14,4%
17,3%
20,1%
20,1%16% 17% 22%
23%
2013 2014 2015 2016Q2
Capital Adequacy Equity to Net Debt
201614%
201726%
201820%
201914%
2020+26%
0,8%
0,4% 0,4%
0,3%
2013 2014 2015 2016Q2
Cost of Credit
1,40%
2,00% 2,10%
2,80%
1,80% 1,70%
2,10%
2,41%
0,00%
0,50%
1,00%
1,50%
2,00%
2,50%
3,00%
2013 2014 2015 2016Q2
Aklease Sector
Efficiency and Profitability Highest Among Peers
16According to BRSA results.
Return on Equity
Cost to Income Ratio
Cost of Credit
Return on Assets
According to BRSA results
According to IRFS results.
24,7%
15,8% 16,9%
13,1%
34,8%36,3%
29,2%25,6%
2013 2014 2015 2016Q2
AKLease Turkish Leasing Sector
11,7%
15,9%14,6%
15,9%
8,8% 9,4%
12,0%
14,0%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
14,0%
16,0%
18,0%
2013 2014 2015 2016Q2
AKLease Turkish Leasing Sector
• AKLease At a Glance
17
• AKLease Business Overview
Agenda
• Turkish Leasing Sector Overview
• AKLease Financial Highlights
18
• AKLease retains legal title of the asset until lease expiry – in case of default entitled
to re-possess asset
Supplier of AssetAKLease Purchases
Asset
Lessee : End
User of Asset
Sale of Interest
Physical (but not
legal) transfer of
asset on leasing
Transfer of
ownership of
leased asset on
expiration of
finance lease
term
Typical Key Financial Leasing Transaction in Turkey
• Lease payments are made mostly on a monthly basis, allowing for regular credit
performance monitoring
Regulatory Bodies
Regulatory Framework
Turkish Financial Leasing Sector: Regulatory Framework and
Key Features
• Leasing activities in Turkey are regulated by the Financial Leasing, Factoring and
Financing Companies Law No. 6361 (the “Law No. 6361”), since 2012
• The new law introduces important changes to financial leasing agreements:
Execution of the Agreement & Property Rights
• Financial leasing companies as well as development banks, investment banks,
participation banks may act as lessors in a financial leasing agreement
• Anything that constitutes an asset may be leased under this agreement
• No minimum period for the termination of a leasing agreement
• Agreements are no longer required to be executed by a public notary
Rights & Obligations of the Parties
• The lessor and lessee undertake reciprocal obligation by entering into a
financial leasing agreement
Rights & Obligations of the Lessee
• The new law facilitates the transfer of possession of a leased good and also
permits a change of lessee
Rights & Obligations of the Lessor
• The new law removes a provision stating that the lessor shall be the insurer of
the leased good. Pursuant to the new provisions, the agreement shall specify
the party whose responsibility it is to insure the leased good
Termination of the Agreement
• The event of unsuccessful execution proceedings against the lessee is no
longer preserved as grounds for termination. However, the lessee may
terminate the agreement prior to its term in the event that the lessee or its
enterprise to which the leased good is allocated is in the process of liquidation,
unless the relevant financial lease agreement provides otherwise
• Further, provisions exist for termination on the grounds of non payment: If the
lessee fails to pay two consecutive payments or three payments in a year , the
lessor has the right to repossess, sell, re-lease the asset by submiting a bank
guarantee to the court.
Banking Regulation and Supervision Agency:
• Regulator of the financial sector in Turkey
Association of Financial Financial Instutions:
• Semi Public Authority, membership is required by all
Financial Leasing, Factoring and Consumer Finance
Companies.
Capital Markets Board of Turkey:
• Regulator for all ECM and DCM activities in Turkey
19
Financial Leasing Companies are mainly Bank Subsidiaries Machinery, Sale & Leaseback and Construction: Main Drivers
Bank Subsidiaries;
94,0%
Other; 6,0%
• There are 27 financial leasing companies
• Top ten companies (market share %84) are all bank subsidiaries.
• Albeit financial leasing companies are entitled to do operating lease
and software leasing within the same body, these 2 products constitute
less than 0.5% in the portfolio.
Lease Portfolio by Assets (2016Q2)Market Share by Net Lease Receivables (2016Q2)
Evolution of Turkish Financial Leasing Industry
Milestones
Leaseurope
Membership
1985
Leasing was
introduced to the
Market with Law
No 3226
Accounting
Compliance with
International
Standarts
2003
BRSA Coverage
for Regulation
and Supervision
2005
Foundation and
Operating
Regulations
published
2006
VAT
Incentive
terminated
2011
VAT
incentive
was
reintroduced
for certain
goods
2012
Extention of VAT
incentive
New leasing law
introduced;
-Sale&Leaseback
-Operating Lease
-Software Leasing
-Minimum leasing
period enforcement
ended
2013 2015
BRSA
Provisioning
became
effective
2007 2008
Semi public
authority;
Association of
Financial
Institutions founded.
Corporate Tax and
VAT exemption for
Sale&Leaseback of
immovable assets
were introduced
Machinery ; 41%
Commercial Real Estate (mainly
SLB); 25%
Construction Machinery; 18%
Aircrafts & Yachts; 3%
Other; 13%
2020
Strong Growth in the L5Y
Turkish Financial Leasing Sector: Attractive Growth Prospects
Driven by Low Penetration and Strong Fundamentals
Underpenetrated Market With Further Growth Potential
Source: Association of Financial Institutions
3,90%
4,70%
5,90%
6,90%
7,70% 7,50%8,00%
8,50%
2010 2011 2012 2013 2014 2015E 2016E 2017E
Penetration
Growth Expectations
17
2429
3440
37
45
53
63
74
2015 2016E 2017E 2018E 2019E
Leasing Volume (TL billion) Net Lease Receivables (TL billion)
4,3
5,9
10,19,3
7,3 6,87,9
10,0
11,512,7 12,6
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
CAGR (2005-2010) 9.5%
CAGR (2010-2015) 13.1%
Net Lease Receivables ,USD bn
Benefits of Financial Leasing
• Preferential VAT Rate (For ~70% volume, VAT is 1%)
• Corporate tax and VAT exemption for Sale&Leaseback of immovable assets
• Legal ownership is on the Lesssor, Minimum collateral for the Lessee.
• Idle bank credit lines.
• No currency restriction (3 of 4 leasing transactions are denominated in FX)
• Ease of back-office tasks (all local/import procurement operations are done by the
Lessor)
• Up to 100% financing available
• Long-term flexible funding available
• ECA coverage is possible
• AKLease At a Glance
21
• AKLease Financials Highlights
Agenda
• Turkish Leasing Sector Overview
• AKLease Business Overview
22
TLm 2013 2014 2015 2016Q2
Interest income from direct financial leases 195.9 245.6 304.5 156.1
Interest income on placements and transactions with banks 10.2 9.3 12.4 14.0
Total Interest Income 206.1 254.9 316.9 170.1
Interest expense on borrowings (94.5) (119.7) (116.3) (60.3)
Interest expense on debt securities issued (27.3) (41.8) (61.9) (30.1)
Net Interest Income 84.3 93.4 138.7 90.3
Foreign exchange gains, including net gains or losses from
dealing in foreign currency57.2 (18.0) 48.0 (7.6)
Net Interest Income after foreign exchange gains and
losses 141.5 75.3 186.8 72.2
Net trading, hedging and fair value income/(loss) (51.3) 49.9 (35.6) 20.5
Fee and commission income, net 3.0 6.5 5.6 4.5
Impairment loss on financial lease receivables (24.3) (19.9) (21.7) (12.4)
Recoveries from impaired lease receivables 2.5 5.2 4.2 5.9
Other income/(expenses), net 0.1 0.1 1.7 1.2
Operating expenses (17.6) (17.5) (22.8) (12.0)
Operating Profit 53.8 100.2 118.2 79.9
Income before tax 53.8 100.2 118.2 79.9
Taxation on income (10.8) (20.1) (23.4) (16.1)
Net income for the year 43.0 80.1 94.8 63.8
Other comprehensive income (cash flow hedge reserve) 0.1 - - -
Total comprehensive income 43.0 80.1 94.8 63.8
Income Statement
Based on IFRS financials.
23
Balance Sheet
TLm 2013 2014 2015 2016Q2
Cash and cash equivalents 171.7 132.7 405.3 358.5
Financial lease receivables 3,314.9 3,800.0 4,033.9 4,200
Other assets and prepaid expenses 17.8 13.9 26.8 26.3
Assets held for sale 24.7 0.4 0.3 0.8
Property and equipment, net 1.2 0.8 0.5 0.6
Intangible assets, net 0.6 0.6 0.6 0.9
Derivative financial instruments 0.3 7.6 6.7 5.1
Deferred tax asset, net 5.5 - 5.2 0.9
Total assets 3,536.6 3,955.9 4,479.3 4,593.2
Borrowings 2,158.4 2,216.4 2,415.9 2,384.6
Debt securities issued 684.7 1,051.1 1,182,4 1,236.4
Accounts payable 195.6 87.2 91.7 133.2
Advances from customers 22.5 19.2 22.7 34.9
Derivative financial instruments 52.6 12.2 56.6 34.2
Other liabilities 7.6 20.2 8.8 2.2
Deferred tax liability, net - 4.3 0.0 0.0
Total liabilities 3,121.3 3,410.5 3,778.0 3,830.4
Total paid-in share capital 125.0 175.0 235.0 235.0
Legal reserves 26.3 30.9 33.5 41.8
Retained earnings 264.0 339.5 431.7 487.2
Total equity 415.4 545.5 701.3 762.9
Total equity and liabilities 3,536.6 3,955.9 4,479.3 4,593.2
Based on IFRS financials.
24
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