BNDES: The Financial Support for IT and Innovation Projects. December 2010
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1 BNDES: The Financial Support for IT and Innovation Projects December 2010
2 Demand Drivers for IT in Brazil Domestic demandis supporting growth: increasing employment rates and salaries; reducing social inequalities A resilient and lean corporate sector together with a strong andhealthy local financial industry Investments:Ongoing public policies to reduce the digital divide and foster broadbandpenetration are being designed or implemented: National Broadband Plan UCA(Brazil s One Laptop per Child) Connected Pc Program Diffusion of thebrazilian Digital TV System Unemployment rate decreased from 10.2% in Jan 05 to 7.2% in Jan 10 Average Unemployment Rate (%) 10.9 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Microcomputer Sales (million units) Sources: IT Data and Abinee forecast Source: IBGE '03 '04 '05 '06 '07 '08 '09 ' World Cup Olympic Games % of Households with Microcomputers 3 1 Source: IBGE
3 Software: Brazilian Market Brazilian Software Market (US$ Billion) Brazilian Market in 2009 US$ 15,36 billion 5,07 5,45 4,19 3,26 2,36 2,72 9,94 9,91 3,62 4,69 5,83 6, Source: ABES Services Product/Software
4 Support to Priority Sectors (IT) PROSOFT Expanding Industry Borders: Software Product and Services 1) Promote the growth of IT companies through easy access to capital (special credit rules) 2) Encourage the improvement of management, quality, marketing and certification of products and processes related to software (support for the business plan as a whole) Increase participation of Brazilian IT companies in the domestic and international markets 3) Attract software and service multinationals to enrich Brazil s exports (new products, captive centers, off-shoring, BPO, etc.) 4
5 Combining Tools: Financing + Equity Equity Angel Investors Seed Capital Equity, Funds and Capitalization Venture Capital Funds Start-Ups Private Equity Funds Early Stage Emerging Companies IPO Mature Companies Capital Market Stocks and Debentures + Lines, Products and Programs Financing Business Enterprise Projects Innovation Industrial Projects Exports Machinery and equipments Intangible Assets Micro, Small and Medium Enterprises Commercialization
6 Credit
7 PROSOFT Sub-programs PROSOFT-Company Support for investments and business plans of software companies and suppliers of IT services. PROSOFT-Commercialization Financing for the acquisition, in the internal market, of software and related services developed in Brazil, exclusively through Accredited Financial Institutions. PROSOFT-Export Financing for software or IT services export (pre-shipment or post-shipment)
8 PROSOFT Cumulative Value (R$ Mil) PROSOFT Contracts Company Export Commercialization
9 BNDES: Support to Software BNDES Operations with Software Sector June 2010 PROSOFT-Company Approved + Contracted Pledges in different stages in BNDES PROSOFT-Commercialization (contracted) PROSOFT-Export (contracted) Total PROSOFT Portfolio BNDES Credit Card TOTAL Operations R$ thous
10 PROSOFT Company PROSOFT Company Portfolio 50% Small Number of Operations 40% 30% 20% 10% Micro Medium Big 0% Company Size
11 PROSOFT Company Growth Rate (comparing revenues in PROSOFT year and last balance sheet available 120% 100% 80% Growth Rate (%) 60% 40% 20% 0% -20% -40% Software and IT Services Companies
12 Direct and Indirect Equity Participation
13 Direct Equity: SMBs in Innovation Sectors Strong record for investing in SMBs in innovation sectors since 1989; Most SMBsremain non-listed Currently Invested Companies Sectorial Distribution Number of Companies Invested Capital (in US$ million) IT Biotech /Pharmaceutical Electric /Electronic Telecom Others Total
14 Several companies have BNDES as shareholder through BNDESPAR Source: BNDES, Companies web-sites
15 Totvs Track Record Gross Revenue (R$ million) and EBITDA Margin (%) Midbyte and BCS Aquisitions Aquisition Bn 25.2% LOGOCENTER Aquisition IPO 18.4% 13.9% % 20.6% 8.4% 6.5% 10.6% 12.4% 12.4% CMMI
16 Mar-10 Sep-09 Dec-09 Totvs Stock Performance Market Capitalization: US$ 2.1 Billions; Outperformed BOVESPA Index by 124% in the period Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 TOTVS IBOVESPA
17 Indirect Operations Invest in PE/VC Funds Multiply possibilities for private companies in the capitalization process Same objectives as its direct stakes (corporate governance; support to strategic sectors; foster Brazilian capital markets) Promote private equity and venture capital activity in Brazil Share risk with other institutional investors 17
18 Thank you! Brazilian Development Bank - BNDES Industrial Area Information Technology Department kauss@bndes.gov.br
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