Institutional Presentation. January, José Galló: CEO

Transcription

1 Institutional Presentation January, 2010 José Galló: CEO José Carlos Hruby: CFO and IR Officer Paula Picinini: Investor Relations Manager Investor Relations Team Tel. +55 (51) / +55 (51) ri_lojasrenner@lojasrenner.com.br 1

2 Lojas Renner 3Q09 Results Financial Services Growth Opportunities Any statement made during this presentation referring to the Company s business outlook, projections and financial and operating goals represent beliefs and assumptions of the Management of Lojas Renner S.A and are based on information currently available to the Company. Future considerations are not a guarantee of performance. These involve risks, uncertainties and assumptions since they refer to forward-looking events and, therefore depend on circumstances that may not occur. The audience should understand that general economic and industry conditions, as well as other operating factors may affect the Company s future results and lead to outcomes that may be materially different from those expressed in such future considerations. 2

3 Lojas Renner Overview Store Network 1 Second largest apparel department store chain in Brazil 120 stores 94% of the stores are located in shopping malls Rented stores with an average size of 2.1 thousand m 2 of selling area Product Mix Apparel, footwear and accessories for women, men and children 15 private label apparel brands 1 private label brand of cosmetics, 1 of accessories and 1 of footwear Brands and products based on the Lifestyle concept (5 lifestyles under 6 private label brands) Renner Card 2 Instrument for fostering customer loyalty and opportunity for offering financial services 14.7 mm cards issued, 3 rd largest private label store card in Brazil 40% of cardholders are active Responsible for 61% of the Company s total sales Corporate Culture Differentiated corporate culture - customer enchantment mission 96% of all customers are enchanted and satisfied out of 18.2 million opinions polled Corporate Governance Best Corporate Governance Practices Experienced management with interests aligned to those of the shareholders through stock option plan Bovespa Novo Mercado Listing, 100% diffused 1 Considering store rollouts up to December 2009; 2 Base September

4 Competitive Environment 2008 Number of Stores Revenues R$ 4.0 billion 1 R$ 2.6 billion R$ 2.9 billion Target Public B / C / D B / C / D A- / B / C+ Cards Issued 17.5 mm mm 13.6 mm Stores Located in Malls 70% 60% 94% Distribution Centers SP / RJ SP / RN PE / SP / SC Store Chain Evolution + 183% % % Source: company websites and Renner estimates 1 C&A data estimated based on the PMC evolution and estimates 4

5 Market Positioning Market Positioning of Main Apparel Store Chains 110% 100% Zara 90% Price 80% 70% 60% 50% Riachuelo C&A RENNER 40% 30% 20% 10% Informal Market Supermarkets Marisa 0% 0% 20% 40% 60% 80% 100% 120% Fashion Source: Credit Suisse, company websites and Renner estimates 5

6 Apparel Sector Market Share of the Largest Retailers Others Retailers 12% TOP5 RANKING 1 o C&A 2 o Renner 3 o Riachuelo Others Sector Characteristics Low degree of formality 40% of informality (estimates) Unconsolidated market Large chains with economies of scale and competitive prices Macroeconomic Influences Disposable Income Employment Rates Levels of Confidence Credit Availability Small retailers with limited consumer credit Source: Jornal DCI and Lojas Renner estimates Note: C&A figures are estimated. 6

7 Consumer Market Social Classes Distribution in Brazil ( ) (% of total urban population) Renner target 5% 5% From 7.7 to 7.2 million people 22% of consumption Income > R$8,930 24% 28% From 37.0 to 44.3 million people 45% of consumption Income R$2,470 to R$8,930 39% 46% From 60.6 to 71.3 million people 27% of consumption Income R$912 to R$2,470 32% 21% From 48.7 to 33.2 million people 6% of consumption Income under R$ A class B class C class D and E classes Brazilian Families Expenses Breakdown (% of monthly budget) Nutrition Housing Transportation Apparel Utilities & others 23.9% 13.4% 12.6% 6.4% 10.2% Source: Target, Revista Exame; Note: Percentage calculated over a total urban population of million people in 2006 and million in Note1: Income refers to family income on a monthly basis. Note2: The items above total 66.5%. The remaining 33.5% refers to personal care (5.2%), leisure (4.3%), education (3.8%), health (7.0%) and other expenses. 7

8 Store Growth Number of Stores and Net Revenues from Merchandise Sales (R$ MM) CAGR ( ) Number of Stores = 17.9% Net Revenues = 19.3% 1,436 1,752 1, stores , Higher Productivity Northeast South Southeast and North 8

9 Focus on Women Value Proposition To be a store accomplice to the modern woman, offering various styles of fashionable high quality merchandise at competitive prices, in a convenient and agreeable environment. Approximately 80% of Lojas Renner s customers are women Women account for 80% of apparel purchasing decisions Women s Participation in the Brazilian Job Market 30.6% of Brazilian households are financially dependent on women Women represent 44% of the economically active population 50% They occupy 56% of all university places 40% 50.2% of women have credit cards 20% Source: Meio & Mensagem Especial, Revista Época, O&M/LPM,IBGE and Lojas Renner 9

10 Enchantment Policy Enchant-Meter Results in 2008 (18.2 MM opinions recorded) Enchanted : 56.2% 10.2 MM opinions Satisfied: 39.1% 7.2 MM opinions ENCHANTMENT EXPECTATIONS SATISFACTION Unsatisfied: 4.7% 856 thousand opinions Enchanted Satisfied Unsatisfied Lojas Renner versus Other Retailers and Banks Date: Renner 5% 39% 56% Retail 18% 55% 27% Banks 26% 60% 14% 0% 20% 40% 60% 80% 100% Source: InterScience Research 228,831 cases *Renner data refers to

11 Lifestyle Concept Casual Young Neo-Traditional Sensual Contemporary 11

12 Lifestyle Concept Each brand represents the lifestyle of a group of clients, based on their attitude, personal interests, values and personality. Brands are not related to age, but to lifestyle Advantages to Clients Advantages to Renner Facilitates product choice Takes better advantage of shopping time One-stop shop for the entire family Accessories and footwear to complement each lifestyle Increases cross-selling opportunities Higher inventory turnover, avoiding merchandise overlapping Reduces markdowns Opportunities to increase margins 12

13 Logistics Process Location: São Bernardo - SP / Palhoça - SC / Jaboatão - PE Total Area: 27.4 thousand m 2 Employees: 540 people (hired and outsourced) Duration of the Logistics Process (weighted average): From supplier to distribution center: 2,000 km / 48 hours From distribution center to store: 2,000 km / 48 hours AC AM RR RO AP PA TO MT DF GO MS MA MG PI BA ES Advanced Distribution Center (CDA) CE PE RN PB AL SE Production Cycle: 51 days (maximum) Logistics Process Store Process Product Sale 50% of operating logistics operation RS SP PR SC RJ 50% of logistics operating volume Distribution centers totally automated, no manual process. Products are delivered at the distribution centers totally wrapped, with hangers and tags in order to guarantee the process efficiency. Distribution Centers POSITIVE IMPACT ON THE BALANCE SHEET Inventory turnover (2008) = 4.7x per year LOWER FREIGHT COSTS HIGHER PROCESS SPEED Base: Year-end

14 Corporate Governance Independent members on the Board of Directors Shareholders Different executives occupying the Chairman the and CEO positions Board of Directors Permanent Fiscal Council Chairman Claudio Sonder Vice Chairman Egon Handel Member Francisco Gros Member José Galló Member Miguel Krigsner Member Pedro Eberle Member Deborah Wright Compensation Committee CEO 100% free float CEO José Galló 100% tag along Executive Officers 100% common shares Listed on Bovespa s Novo Mercado CFO and IR José Carlos Hruby HR Clarice Martins Procurement Haroldo Rodrigues IT Leandro Balbinot By-laws include shareholder protection mechanisms Operations Management 14

15 Lojas Renner 3Q09 Results Financial Services Growth Opportunities 15

16 Net Revenue from Merchandise Sales Net Revenue from Merchandise Sales R$ MM % + 4.6% 1, , , % % Q07 3Q08 3Q09 9M07 9M08 9M09 3Q08/3Q07 5.0% 3Q09/3Q08 1.3% 9M08/9M07 6.9% 9M09/9M08-2.2% Same Store Sales Growth Same Store Sales Growth 16

17 Store Operations Geographical Distribution September 30 th, 2009 Selling Area & Number of Stores Thousand m 2 RR AP AC AM 2 1 RO MT 1 MS 1 PA 1 RS PR DF GO 5 5 SP 35 SC TO 7 MA MG 7 PI RJ 13 CE 2 1 RN 1 PB 3 PE AL SE BA 1 3 ES % 88 stores stores % stores Stores Distribution Centers Sep.07 Sep.08 Sep.09 17

18 Gross Profit from Merchandise Sales Gross Profit & Gross Margin from Merchandise Sales R$ MM % + 4.0% % + 8.6% % 46.0% 45.9% 46.3% 47.1% 46.8% Gross Profit Gross Margin from Retailing Operation 3Q07 3Q08 3Q09 9M07 9M08 9M09 Gross margin, which since the beginning of 2009 had been gradually reporting an improvement when compared year on year, in 3Q09 recorded 46.0% - already in line with the 45.9% for 3Q08. The 9M09 period still reflects the negative impact of the Real s devaluation against the US dollar, thus trimming margins on imported items comprising the winter collection. 18

19 Selling Expenses Selling Expenses R$ MM % + 9.6% Average Expenses per Store (R$ thousand) + 1.6% ,121 1, % % % % % 24.9% 25.8% 27.0% 3Q08 3Q09-3.2% 3Q07 3Q08 3Q09 9M07 9M08 9M09 3,395 3,287 Selling Expenses As a % of Net Revenue from Merchandise Sales The high level of fixed costs, principally generated by stores opened after the beginning of the crisis (13 new units), have impeded dilution of expenses during the quarter. 9M08 9M09 19

20 General & Administrative Expenses General & Administrative Expenses R$ MM Average Expenses per Store (R$ thousand) % + 3.6% % % - 3.4% % % 9.6% 9.6% 9.8% 9.7% 3Q08 3Q09-8.5% 3Q07 3Q08 3Q09 9M07 9M08 9M09 1,289 1,179 * G&A Expenses As a % of Net Revenue from Merchandise Sales These reductions reflect Management s continuing efforts to cut corporate costs. 9M08 9M09 20

21 Renner Card and Financial Services Result from Financial Services Breakdown (R$ MM) 3Q09 3Q08 9M09 9M08 Revenues Recovery of Past Due Receivables (Related to Merchandise Sales) Additional Revenues Generated by Interest-bearing Plan Personal Loans and Other Financial Services Credit Losses, Net of Recoveries (28.5) (26.4) (82.8) (78.5) Merchandise Sales (10.8) (9.9) (32.0) (31.2) Additional Losses Generated by Interest-bearing Plan (12.1) (11.4) (33.9) (29.8) Personal Loans (5.6) (5.1) (16.9) (17.5) Operating Expenses (Renner Card & Financial Services) Total (9.7) 27.4 (9.1) 26.8 (27.1) 70.9 (27.4) 61.3 % of EBITDA 37.1% 40.3% 33.0% 29.3% Result from Financial Services (R$ MM) Renner Card (Related to Merchandise Sales) Financial Services (0+8, Personal Loans and Other Financial Services) Operating Expenses (Renner Card & Financial Services) 3Q09 3Q08 9M09 9M (9.7) (9.1) (27.1) (27.4) Total

22 EBITDA EBITDA and EBITDA Margin R$ MM % % % % % % % 16.0% 15.6% 15.3% EBITDA EBITDA Margin 3Q07 3Q08 3Q09 9M07 9M08 9M % 13.0% 13.4% 14.4% 13.8% 13.6% EBITDA/ Company s Total Net Revenue EBITDA/ Company s Total Net Revenue 22

23 EBITDA from Retailing Operation EBITDA Reconciliation (R$ MM) 3Q09 3Q08 9M09 9M08 Net Income ( + ) Income & Social Cont. Taxes & Statutory Part ( + ) Result from Write-off of Fixed Assets ( + ) Financial Result ( + ) Depreciation and Amortization ( + ) Stock Option Plan EBITDA EBITDA Margin (over Net Revenues from Merchandise Sales) 15.2% 14.8% 15.3% 15.6% EBITDA from Retailing Operation 3Q09 3Q08 9M09 9M08 ( - ) Financial Services Result EBITDA from Retailing Operation EBITDA Margin from Retailing Operation (over Net Revenues from Merchandise Sales) 9.6% 8.8% 10.2% 11.0% 23

24 Financial Result & Cash Financial Result Financial Result (R$ MM) 3Q09 3Q08 9M09 9M08 Financial Revenues Financial Expenses (2.0) (1.8) (5.8) (8.5) Net Effect of Adjustment of Long-Term Taxes to Present Value (1.2) 3.7 Foreign Exchange Variation, Net (1.1) (0.7) Cost of Financing Delinquent Customers, Net (8.3) (7.2) (22.6) (15.3) Financial Result (4.2) (4.6) (11.1) (10.0) Net Cash (Debt) Net Cash (Debt) (R$ MM) Sep.09 Jun.09 Sep.08 Cash and Cash Equivalents Total Loans and Financing (154.2) (164.2) (159.7) Short Term (116.7) (124.5) (130.0) Long Term (37.5) (39.7) (29.7) Net Cash (Debt) (1.8) 24

25 Net Income Net Income R$ MM + 8.1% - 8.0% % + 7.7% Net Income Net Margin 8.6% 6.3% 6.3% 7.8% 7.2% 6.4% 3Q07 3Q08 3Q09 9M07 9M08 9M09 7.7% 5.6% 5.5% 7.0% 6.4% 5.6% Net Income / Company s Total Net Revenue Net Income / Company s Total Net Revenue 25

26 Investments (CAPEX) CAPEX Evolution R$ MM Q07 3Q08 3Q09 9M07 9M08 9M09 CAPEX Summary (R$ MM) 3Q09 3Q08 9M09 9M08 New Stores Remodeling of Instalations IT Equipment & Systems Others Total

27 Expansion Plan City Location Date 1 Manaus - AM Shopping Manauara April 2 Natal - RN Shopping Midway Mall April 3 Baurú - SP Shopping Bauru April 4 Goiânia - GO Shopping Goiânia May 5 Brasília - DF Boullevard Brasília Shopping June 6 Passo Fundo - RS Bella Cittá Shopping Center September Total stores inaugurated in the 9M09 6 stores City Location Date 7 Osasco - SP Shopping União de Osasco October 8 Suzano - SP Suzano Shopping Center October 9 Belém - PA Boulevard Shopping Belém November 10 Porto Alegre - RS Bourbon Shopping Ipiranga November Total stores to be inaugurated in 4Q09 4 stores 27

28 Balance Sheet In R$ MM Sep Part. Jun Part. Sep Part. Cash & Cash Equivalents % % % Trade Account Receivables % % % Inventories % % % Inventories % % % Imports in Transit 9.2 1% % % Others % % % Permanent Assets % % % TOTAL ASSETS 1, % 1, % 1, % Loans and Financing % % % Financing-CDCI Operations % % % Suppliers % % % Commercial Suppliers % % % Antecipation of Payments (119.6) -8% (108.8) -7% (93.2) -7% Supplier of Material for Consumption % % % Taxes and Contributions Payable % % % Others % % % Not Current % % % Shareholders' Equity % % % TOTAL LIABILITIES 1, % 1, % 1, % 28

29 Renner Card Number of Cards Issued Millions % % Renner Card Average Ticket R$ Sep.07 Sep.08 Sep % + 8.5% + 6.7% + 7.2% Q07 3Q08 3Q09 9M07 9M08 9M09 29

30 Payment Options 3 rd Quarter, 2009 Renner Card (0+8) 13.0% Renner Card (0+5) 47.6% Cash 21.4% Other Credit Cards 18.0% Sales using the Renner Card 60.6% 2 nd Quarter, st Quarter, 2009 Renner Card (0+8) 12.1% Renner Card (0+5) 49.4% Renner Card (0+8) 8.7% Renner Card (0+5) 50.6% Cash 19.9% Cash 23.6% Other Credit Cards 18,6% Sales using the Renner Card 61.5% Other Credit Cards 17.1% Sales using the Renner Card 59.3% 30

31 Lojas Renner 3Q09 Results Financial Services Growth Opportunities 31

32 Offer of Financial Services Credit sophisticated Banked 28.4 MM Best Clients 28.4 MM Employed (F+I) 75.6 MM Space for retail credit Unbanked 66.2 MM Potential Clients 75.6 MM Credit unsophisticated 19.0 MM Unemployed Brazilian Population: 189.1MM Economically Active: 94.6 MM Source: IBGE / FEBRABAN / Lojas Renner estimates / Revista Exame 32

33 Pillars of the Business Realize, Renner Card and Co- Brand Card: a broad portfolio on offer Realize REVENUES Personal Credit Quick Withdrawal Check Guarantee Capitalization Bonds Insurance Personal Credit Check/ Debit Renner Card REVENUES 0+8 Installments Overdue Charges Insurance Capitalization Co- Brand Card REVENUES 24-hour bank w/drawal Revolving Insurance Capitalization bonds Mgm Fee/ outside use Co- Brand Card Annuity Reduction in the use of others cards Financial Gain Financial and Merchandizing Gain Focus Distribution of Financial Products Capture of New Customers Leveraging of Sales Generation of Results 33

34 Renner Card Number of Cards Issued In Million Units The third largest private label store card base in Brazil 98% payments made at the stores 30% of customers that pay the statements in the store also buy other products on the same date Evolution of Average Ticket R$ Increased circulation of clients in stores Clients regularly have new purchases when they pay their statements 74.4% 73.8% 71.3% 67.2% 63.1% Dilution effect of the new stores Average Ticket Renner Card Sales 34

35 Financial Services Evolution Evolution of Personal Loans R$ MM - Principal Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 Quantity of Capitalization Bonds Issued In thousand Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 35

36 Product Overview Interest-Bering Sales (0+8) Information Average Ticket: Percentage of Sales: Interest: Spread: 50% higher than Average Ticket for 0+5 sales 14% of 2008 sales 5.99% p.m. + IOF (taxes) ( - ) Cost of Funding ( - ) Taxes (ISSQN, PIS, COFINS) Approximately 4% p.m. Recognition of Revenue: Over the course of the contract, net of funding and taxes Provision for Losses: Additional losses are booked against addition revenues generated Initial Target: 15% of total sales as from the 2nd year of operation (2007) Risk of the Operation: Lojas Renner 36

37 Product Overview Personal Loans Information Products: Values: Personal Loans (PL), Quick Withdrawal (QW) and Check Guarantee (CG) PL: betweeen R$ and R$2, QW: maximum of R$ CG: maximum of R$ 10, Average Ticket: R$ (3Q09) Selection of Customers : Selected customers holding the Renner Card for more than one year Payment Term: Interest: Spread: PL: 12 month QW: 3 months CG: 15 months Average Term: 8.3 months PL 11.99% p.m. QW: 12.50% CG: 10.29% Average of: 11.9% p.m. Approximately 10% p.m. Recognition of Revenue: Over the course of the contract according to the Financial Size of Portfolio: Provision for Losses: R$ 87.6 million. Adjusted present value R$ 64.0 million 15-20% over the loans generated. The percentage provisioned increases gradually, the greater the delay for periods in excess os 180 days the outstanding amount is 100% provisioned according to BACEN Instruction Target: 1.5 to 2.0 % of the Renner Card customer base as from the 2nd year of operations (2008) Risk of the Operation: Lojas Renner 37

38 Product Overview Capitalization Bonds Value: R$ to R$ Information Selection of Customers: Tenor: Renner s entire customer base 12 months Retention: 5 years Early Redemption: After 12 months Final Redemption: Restatement at RR Drawing: Federal Lottery Maximum Prize: R$ 1 MM Risk: Partner: Renner Revenue : N/A Icatu Capitalização Fee on sold contracts 38

39 Product Overview Insurances Selection of Customers: Renner Card s entire customer base Information Products: Renner Card Unemployment Ensurance: offered at the checkouts when making purchases using the Renner Card. Benefits include indemnity for temporary incapacity and involuntary unemployment insurance for the value of purchases made at Renner, as well as indemnification for natural and accidental death and permanent invalidity as the result of an accident. The customer is also eligible for a Capitalization Bonds through the Federal Lottery System. Renner Card Personal Loan Insurance Covering Unemployment: this can be acquired at Realize and is linked to a Personal Loan contract. The insurance policy guarantees that the loan is settled by the insurer in the event of involuntary unemployment or temporary incapacity in addition to indemnification in the event of natural or accidental death and permanent invalidity caused by accident. The customer is also eligible for a Capitalization Bonds through the Federal Lottery System. Renner Card Loss or Theft Insurance: this is available through the store credit area or directly from the Realize financial services desk. This product is independent of store purchases, in the event of loss or theft the insurance guaranteeing cover for purchases of up to R$ The customer is also eligible for a Capitalization Bonds through the Federal Lottery System. Renner Home Insurance: includes coverage in case of fire, explosion, smoke damage as well as rental charges and material or personal damage caused to persons present in the property. Also available from the Realize Renner financial services desk, this service offers 24-hour assistance for emergency repairs. The customer is eligible to win a R$ 50,000 Capitalization Bond, this scheme also operated through the Federal Lottery System. Renner Viver Bem Personal Insurance: guarantees cover in the event of accidental death or total permanent incapacity due to an accident. The insurance cover offers additional advantages such as discounts of up to 30% in products and services acquired from accredited establishments, funeral assistance and a basic basket of goods. The customer is also eligible to win a R$ 5,000 Capitalization Bond through the Federal Lottery System. This service is offered by the stores Realize Renner financial services desk. Partner: Porto Seguro S.A. Renner Revenue: Fee on contracts sold Startup of Operations: 2nd semester of

40 Lojas Renner 3Q09 Results Financial Services Growth Opportunities 40

41 Growth Opportunities EBITDA Evolution R$ MM 6 On-line Sales 5 More Financial Services 3 4 Geographical Expansion Higher Store Productivity Strengthen Presence in Existing Markets Growth of Retail Sector % 7.3% 8.6% 8.8% 11.3% 12.5% 12.8% 16.3% 15.9% EBITDA EBITDA Margin 2005 does not include the Extraordinary Expenses related to the Public Offering of Shares 41

42 Evolution of Same Store Sales Accumulated Growth of Same Store Sales (100 Base from 2004 to 2008) SSS º Quarter 7.3% 22.0% 8.8% 11.5% 2º Quarter 11.7% 20.6% 9.6% 5.4% 3º Quarter 17.4% 16.3% 9.3% 5.0% 4º Quarter 18.5% 11.7% 7.1% -5.4% YEAR 14.5% 16.7% 8.5% 2.7% % 2.1% 1.3% 42

43 Fact Sheet Lojas Renner is the second largest apparel department store chain in Brazil with 120 stores through the Country. The Company designs, develops and sells quality women s, men s, teen and children s apparel, footwear and underwear through eleven private brands organized around the Lifestyle concept, each brand targeting a specific style of dressing. Net Sales 1, % 10.4% 1, % 1, % 1, % Net Sales Same Stores Lojas Renner also sells accessories and cosmetics through two private brands while offering third-party branded merchandise in certain product categories. Gross Profit The Company s principal target customers are women between the ages Gross Profit Gross Margin of 18 and 39 who are in the middle and upper-middle levels of the Brazilian purchasing power spectrum. Lojas Renner offers its customers % % 45.6% 46.2% 46.4% fashionable, high quality merchandise at competitive prices, through a purchasing method that is simple, efficient and well planned and with a special focus on serving the customer. Under the enchantment mission, each employee is expected to exceed customer expectations EBITDA As of August 2005, Lojas Renner began to offer financial services, such as financed sales, personal loans, capitalization bonds (annuities) and insurance policies % % % 16.3% 15.9% EBITDA EBITDA Margin

44 Average Ticket Fact Sheet Average Ticket Renner Card Sales Operational Data Net Sales (in R$ MM) 1, , , ,956.4 Net Sales Nonimal growth over the previous year Same Store Sales Nonimal growth over the previous year 19.1% 26.4% 22.0% 11.7% 14.5% 16.7% 8.5% 2.7% 74.4% 73.8% 71.3% 67.2% 63.6% Number of Stores End of Period Selling Area in Thousand m 2 End of Period Net Sales per m 2 (R$ `000) Payment Options Renner Card (0+8) 13.8% Cash 21.1% Renner Card (0+5) 49.3% Number of Employees End of Period Working Capital 6,262 7,764 9,183 9,647 Trade Accounts Receivable (days) Trade Accounts Payable (days) Inventory (days) Other Credit Cards 15.8% Sales using the Renner Card 63.1% ROIC % 22.4% 30.3% 28.2% ROE % 24.6% 26.6% 25.1% Financial Services Financed Sales (0+8 monthly 5.99% p.m.) Personal Loans ( % p.m.) Capitalization Bonds (annuities) Insurances Last update: Dividend Yield 3.6% 2.0% 2.7% 2.4% Pay Out 82% 75% 75% 25% 1 NOPAT /Invested Operating Capital 2 Net Income /Shareholders Equity 44