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Global Structured Finance. Gordon Branston Head of Global Structured Finance Australia and New Zealand Banking Group Limited 20 July 2001. Global capabilities in selected niche markets. What we do? Financial performance Risk and portfolio management - PowerPoint PPT Presentation
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Global Structured Finance
Gordon BranstonHead of Global Structured Finance
Australia and New Zealand Banking Group Limited 20 July 2001
Page 2
Global capabilities in selected niche markets
• What we do?
• Financial performance
• Risk and portfolio management
• Leveraging core competencies and intellectual capital to drive growth
• Goals for Global Structured Finance
Page 3
GSF: integrated product delivery
• Project Finance
• Export Finance
• Corporate Finance
• Leasing & Tax Based Finance
• Islamic Finance
• Industrial Transportation
Page 4
150
170175
135140145150155160165170175180
Mar-00 Sep-00 Mar-01
Operating Income
69
8985
40
50
60
70
80
90
100Profit After Tax
Mar-00 Sep-00 Mar-01
777
802
886
670
720
770
820
870
920
46.5
44.0
48.0
42
43
44
45
46
47
48
49
The business continues to perform strongly
Mar-00 Sep-00 Mar-01 Mar-00 Sep-00 Mar-01
FTE Cost Income
23% Growth
17% Growth
$m $m
%
Page 5
It has developed into a robust high performing business
0
50
100
150
200
250
1997 1998 1999 2000
RevenueNPAT
Global Structured Finance$m Revenue -
CAGR 28%
NPAT - CAGR 35%
Page 6
Mining & Infrastructure
Islamic Finance
Power
Oil & Gas
Media/ Telco
Leasing & Tax Based Finance
Industrial Transportation
Export Finance
Corporate Finance
…with diversified income streams by product...
Revenue by product mix
Project Finance business
Page 7
Australia New Zealand
InternationalAmericas
…and by geography
Geographic Split
Page 8
We have a low risk profile & very low incidence of loss...
Risk Grade profile
• High concentration of AAA to BBB+ credits driven by sovereign (export credit agency) and multinational exposures
• Majority of Project Finance transactions in Developing Markets require balance sheet for Risk Grade BBB to BB
• Minimal exposure to Risk Grade BB-and below, with higher risk classification usually driven by geographic factors
5.0% 4.5%
12.3% 9.0%
12.6%14.7%
10.7% 11.0%
60.8%59.4%
Sep-2000 Mar-01
AAA to BBB+
BBB to BBB-
BB + to BB
BB-
> B
Page 9
…and portfolio duration is at attractive levels
Portfolio Maturity Profile
0
10
20
30
40
50
60
70
80
90
100
Contracted Expected
Assets %
63
1720
Construction Start up Operating
• With a high proportion of projects in start-up and operating phase, the portfolio is set to roll off aggressively
• After 2 years of operations, projects become candidates for refinancing
Project Lifecycle Profile
Page 10
Core Competencies
•Franchise•Clients•Debt Capabilities
Developed Competencies
•Project Advisory•Structuring Capability
•Sectoral Knowledge
•Regional Knowledge
•Brand Name
Acquired Competencies
•Distribution•Additional Sectoral Skills
•Additional Project Skills
•Corporate Finance advisory skills
Current CompetitiveAdvantage
Our core competency and competitive advantage have evolved over time…
1995
2001
•Sectoral Knowledge
•Structuring & advisory Skills
•Distribution capability
•Track Record•Market Reputation
•Established ‘Blue Chip’ Client base
Page 11
• Consolidate GSF’s position as a market leader in chosen niches
• Increase geographic coverage (developed and developing markets)
• Increase industry sector coverage
• Acquire teams to complement the current skill base
• Manage the balance sheet actively
…and we are leveraging these to drive growth…
Page 12
…and create breakout opportunities
Breakout
Grow
Perform
• Strengthen industry sector competencies
• Expand geographic focus for current industry sector specialisation
• Securitisation of assets to free up the balance sheet for new business
• Expand oil & gas and media/telco activities in developed markets
• Expand Singapore team to capitalise on regional recovery
• Cross-sell complex product to clients
• Develop our Corporate Finance and Acquisition Finance capabilities
• Drive opportunities in private equity and quasi-equity products
Page 13
Summary
• GSF has experienced exponential growth over the last 5 years
• Continue to build industry and product specialisation and diversify further geographically
• A pre-eminent global structured finance house in the sectors and geographies it has selected to compete
• The key to future success is to continue to exploit the intellectual capital of the business and leverage its competitive advantage
Goals
• Increase earnings by 15%+ pa
• Cost income ratio in the 40’s
Page 14
Copy of presentation available on
www.anz.com