Conference Call 4Q11 Results. March 09, 2012

Transcription

1 Conference Call 4Q11 Results March 09, 2012

2 Financial Highlights Net Revenues (R$ mm) Adjusted Op. Expenses (ex-d&a) R$ mm % of Net Revenues p.p % % % 25.5% 26.5% 25.9% 27.1% 32.6% 26.3% -13.2% + 7.2% flat Note: 2010 financial information is unaudited combined pro-forma and was based on reasonable premises. For complete disclosure on the adjustments and premises taken into consideration, please access 4Q11 Earnings Release at 2

3 Financial Highlights Adjusted EBITDA (R$ mm) & Margin (%) p.p. Adjusted Net Income Cash Earnings (R$ mm) & Margin (%) p.p. 64.9% 74.5% 73.5% 74.1% 72.9% 67.4% 73.7% 49.6% 44.8% 52.3% 47.8% 54.6% 45.4% 50.0% +25.8% % % % % % Note: 2010 financial information is unaudited combined pro-forma and was based on reasonable premises. For complete disclosure on the adjustments and premises taken into consideration, please access 4Q11 Earnings Release at 3

4 Gross Revenue Breakdown Highlight for the increase in Custody activities share (% and R$ mm) % 23% 23% 23% 22% 28% 23% SNG* Custody 12% 14% 15% 16% 18% 12% 14% 15% 15% 15% 15% 14% 15% 15% 14% 14% 14% 14% 14% 14% 11% 12% 14% 12% 12% 13% 12% 8% 9% 8% 9% 9% 7% 9% 9% 8% 7% 7% 6% 8% 7% 5% 5% 5% 4% 4% 5% 4% 16% * SNG (former SNG Veículos); Sircof (former GRV Contratos). Monthly Utilization Sircof* Registration Transactions Others Selling Information 4

5 Key Revenue Lines Securities Unit Registration (R$ mm) Custody (R$ mm) % % % % % %

6 Key Revenue Lines - Securities Unit Monthly Utilization (R$ mm) Transactions (R$ mm) % % % % % %

7 Key Revenue Lines Financing Unit SNG * (R$ mm) Sircof * (R$ mm) - 2.5% + 8.6% % % % - 3.9% * SNG (former SNG Veículos); Sircof (former GRV Contratos). 7

8 Adjusted Operating Expenses Breakdown (ex-d&a) (% and R$ mm) % +4.8% +7.2% % 54% 56% 56% 57% 59% 56% Personnel 1 Outsourced services General expenses 25% 27% 29% 29% 29% 28% 29% Other expenses/revenues 13% 11% 14% 14% 15% 12% 14% 2% 6% 1% 1% -2% 1% 1% 1 Includes expenses with Board honorary. 2 4Q11 adjusted operating expenses (ex-d&a) totaled R$53.5 mm, but were reduced by the positive net result from the other expenses/revenues line (+R$1.4 mm), resulting in a net expenses of R$52.1 mm. 8

9 Financial Result EBITDA D&A Equity in the result of associate Income Tax & Social Contrib. NET INCOME Stock Option Intangible goodwill amortization Goodwill amortization: tax credit CASH EARNINGS Reconciliation of Adjusted Net Income 2011 (Cash Earnings) (R$ mm) (65.0) (138.7) (93.8) 9

10 Strong Cash Generation and Low CAPEX Level Operational Cash Generation (R$ mm)* R$ mm **% NR CAPEX (R$ mm) % 2.3% 3.8% 3.5% 4.7% 5.4% 3.6% % 37% 57% 60% 51% 42% 52% Q11 2Q11 3Q11 4Q % 56% 32% 31% 42% 39% 23% 27% 5% 3% 7% 6% 5% 4% 4% 4% 3% 2% 5% 3% 6% 1 Others Office Settlement Product Development Technology ** % of Net Revenues * Excludes cash outflows related to non-recuring expenses 1 Others includes Platform Migration 10

11 Indebtedness Debentures** DI + 2% 7 years R$ 100 mm Grace Period 0 ~R$6.4 mm 0.80% Debentures: R$900 mm Prepayment: R$100 mm Balance: R$800 mm ~ R$ 15.0 mm 1.88% ~R$ 16.3 mm (2.04%) Installments IGPM + 2% 3 equal installments R$ 185 mm Debt: R$555 milhões Payment: R$185 mm Balance: R$370 mm R$ 185 mm R$ 185 mm R$ 900 mm 12/31/ /31/ /01/ /31/ /01/1900 Net Debt (R$ mm) Net Debt/EBITDA adjust. (LTM) 1,234 1,215 1,116 1, , Q10* 1Q11* 2Q11* 3Q11* 4Q11* * EBITDA LTM. ** The amortization schedule takes into account the partial and anticipated amortization of R$ 100 million to be settled in December

12 Maximize the Value Creation for Shareholders R$ 100 million in December, 2011 Partial and Early Amortization of Debentures Reduction of monthly amortization Reduction of financial expenses Good company perfomance and high capacity to generate cash Adjusted Earnings per Share * Cash Earnings (R$) +30.8% +10.1% * Calculation of the adjusted earnings per share is based on the weighted average number of shares in the period. 12

13 Capital Markets R$ million Trading Volume (daily average) Number of Trades (daily average) 287.8% 354.3% ,454 1,402 1,541 2,202 1, Q10 1Q11* 2Q11 3Q11 4Q Q10 1Q11* * 2Q11 3Q11 4Q Comparative CTIP3 x Ibovespa: 12/30/2010 to 03/08/2012 (Base 100 on 12/30/2010) CTIP3 Date Price (R$) 12/30/ /29/ /08/ Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 CTIP3 Ibovespa * 01/20/11 and 02/28/11 were atypical days with high trading volume and number of trades, as a result it boosted the 1Q11 daily average 13

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