Conference Call. 4Q12 Results March 8 th, Conference Call. Resultados do 2T de agosto de 2012

Transcription

1 Conference Call 4Q12 Results March 8 th, 2013 Conference Call Resultados do 2T12 03 de agosto de 2012

2 Despite the Unfavorable Scenario Another Positive Year Operating Highlights 2012 x 2011 Results Gross Revenue: R$ million Securities Unit: R$ million 18.2% Financing Unit: R$ million 5.0% Net Revenue: R$ million 6.6% Registration volume : - Agribusiness: +27.0% - Other fixed income securities: +23.4% - Real Estate: +19.7% Custody volume: - LF: % - Funds quotas: +23,4% - Debentures: +16.2% Transactions volume: +44.6% Average number of participants: +6.9% Adjusted EBITDA: R$ million 5.3% Adjusted EBITDA margin: 72.8% Adjusted Net Income: R$ million 13.8% Adjusted net margin: 53.3% Adjusted EPS 1 : R$ % Dividends + ISE per share 1 : R$ % EFTs processed: +13.0% Highlights of the Year Cetip InfoAuto Pagamentos Cetip Trader Official launch of the new electronic trading platform Partnership with FNC Real estate appraisal platform Distribution of R$ million of remuneration to shareholders New debentures early amortization Cetip joins the Ibovespa and IBrX-50 indexes 1 - Based on the average number of shares in the period. 2

3 Revenue Performance per Unit Securities Unit +18.2% % % Slowdown in economic activity and credit expansion - Securities Unit revenue slightly above the credit expansion in 2012 (16.0%) Registration: -0.8% y/y Custody: +39.3% y/y Monthly Utilization: +11.0% y/y Transactions: +23.1% y/y Other Services: +13.6% y/y Financing Unit -5.0% - More restrictive conditions on the lending activities -4.2% -2.2% Increases in the delinquency levels SNG: -5.1% y/y Sircof: -8.8% y/y Selling Information: +4.9% y/y 3

4 1.00 0,0 900,0 800,0 700,0 600,0 500,0 400,0 300,0 200,0 100,0-75, 0% 70, 0% 65, 0% 60, 0% 55, 0% 50, 0% 45, 0% 400,0 350,0 300,0 250,0 200,0 150,0 100,0 50,0-800,0 700,0 600,0 500,0 400,0 300,0 200,0 100,0-30, 0% 25, 0% 20, 0% 15, 0% 10, 0% 5,0 % 0,0 % 50, 0% 40, 0% 30, 0% 20, 0% 10, 0% 0,0 % Financial Highlights Net Revenues Adjusted Operation Expenses (ex-d&a) & % of Net Revenues +6.1% +1.4% % % 28.2% 27.8% +8.8% +0.1% % % 27.2% Adjusted EBITDA & Margin Adjusted Net Income (Cash Earnings) & Margin 72.9% 71.8% 72.2% +5.0% 73.7% 72.8% +5.3% % 50.1% +9.1% 56.2% 50.0% % 53.3% % %

5 Reconciliation of Adjusted Net Income 4Q12 (Cash Earnings) (R$ milhões) (17.4) (15.3) Impacted by: 1 i) IGPM deceleration ii) CDI decrease; iii) Debentures early amortization (nov/12) (30.4) EBITDA D&A Financial Result Income Tax & Social Contribution Net Income Share Based Compensation Goodwill Amortization: Intangible Goodwill Amortization: Tax Credit Cash Earnings (R$) Adjusted Earnings per Share 2 Cash Earnings 7.9% 13.5% % R$ million distribution of interest on own capital and dividends in 2012 (+114.8% compared to R$ 64.1 millions in 2011) 50% of Payout (maximum distribution allowed by covenants of the debentures issued by the Company) 1 IGPM of 3.8% in 3Q12 and 0.7% in 4Q12, CDI of 1.9% in 3Q12 and 1.7% in 4Q12, early amortization of R$ 100 million. 2 Calculation of adjusted earning per share (EPS): (Cash Earnings / weighted average number of shares in the period). 5

6 Increasing the Share of Revenues that Depend on Stock 41.7% Revenues that depend fundamentally on stock 100% +4.7 p.p. 46.4% Revenues that depend fundamentally on stock Increase in the share of revenues that depend fundamentally on stock and thus more recurring 90% 80% 70% 60% 17.7% 18.9% 19.8% 20.4% 21.2% 14.8% 15.7% 15.5% 15.1% 14.8% 9.2% 9.9% 9.7% 9.7% 10.4% Lower volatility of earnings due to fluctuations in the economic conjuncture 50% 40% 30% 11.8% 22.0% 11.4% 11.1% 11.3% 11.5% 20.3% 19.5% 20.0% 19.5% Resilience/diversification of revenue if revenues that depend on new inflows decrease 20% 13.5% 12.1% 11.6% 11.6% 11.1% 10% 4.1% 4.1% 4.6% 4.6% 4.1% 3.5% 3.3% 3.0% 3.0% 3.1% 3.4% 4.3% 5.2% 4.3% 4.3% 0% 4T11 1T12 2T12 3T12 4T12 * * * Make Cetip s revenue stronger and boost the development of new businesses/services to adjacent layers * Selling information (market data). ** EFT Processing. 6

7 Revenues that Depend on New Inflows Registration -0.8% SNG -5.1% +6.4% -2.9% % % Sircof -8.8% % %

8 Revenues that Depend on Stock +30.5% Custody +39.3% Monthly Utilization +11.0% % % % Transactions +23.1% % %

9 Other Services Revenues EFTs Processing Selling Information (market data) -4.8% % % % +5.0% % Other Revenues* +32.7% % 31.3 stable * Includes other revenues from Securities Unit and Financing Unit, excluding revenues from EFTs processing (CIP). 9

10 Adjusted Operating Expenses Breakdown (ex-d&a) Growth of 8.8% comparing 4Q12 x 4Q11 (2.3% excluding the non-recurrent gain recorded in 4Q11) ¹ Increase of 10.3% comparing 2012 x 2011 (9.1% excluding the non-recurrent gains recorded in 2Q12 and 4Q11) % % +10.3% % 54.3% 50.5% 56.1% 55.5% Personnel Outsourced services % 30.7% 32.2% 28.5% 29.1% General expenses Other expenses/revenues 15.4% 13.6% 16.3% 14.1% 14.7% -1.8% 1.4% 1.0% 1.3% 0.7% 1 Result related to the R$ 3.3 million gain from a property sale in Rio de Janeiro in 4Q11, recorded in other operating revenues. 2 Results related to the R$ 1.2 million gain from a property sale in São Paulo and to R$ 3.3 million gain from a property sale in Rio de Janeiro in 2Q12 and 4Q11, respectively, recorded in other operating revenues. 3 Includes expenses with Board Members fees. 10

11 Strong Cash Generation Operational Cash Generation ¹ CAPEX +15.3% **% NR 4.7% 4.8% 7.9% 3.6% 5.5% % % 60.3% 55.1% 52.4% 51.2% -5.8% % 28.2% 42.3% 38.7% 38.6% 4.8% 9.3% 0.4% 5.6% 7.2% 2.2% 2.2% 2.2% 3.3% 3.0% 2 Others Office Settlement Product Development Technology ¹ Operational Cash Generation before income tax and social contribution, excluding the allocation of surplus cash for investments. ** % of Net Revenues. 2 Others includes Platform Migration. 11

12 Capital Structure and Financial Deleveraging Debentures DI +2% 7 years R$ R$ 100 ~R$5.6 Nominal value: R$ 900 (-) Prepayment: R$ 200 Balance: R$ 700 ~ R$ % ~R$ 14.3 (2.04%) Differed Payments IGPM+2% 3 equal installments R$ 185 Nominal Value: R$ 555 (-) Payment: R$ 370 Balance: R$ 185 R$ 185 R$ 185 Grace Period 0.80% Dec/10 Dec/11 Dec/12 Dec/13 Dec/14 Dec/15 Dec/16 Dec/17 12/31/ /31/ /31/ /01/1900 R$ 900 Net Debt Net Debt/Adjusted EBITDA (LTM) Q11 1Q12 2Q12 3Q12 4Q12 4Q11 1Q12 2Q12 3Q12 4Q12 1 Adjusted EBITDA LTM.. 12

13 Expand the Offering of Service to Adjacent Layers Securities Unit Develop the market and foster the fixed income securities trading platform Cetip Trader CCP for OTC Markets (fixed income securities and OTC derivatives lending) In analysis: a) transform Cetip in a manager of exchange for derivatives; b) create a CCP for exchange-traded derivatives. Financing Unit Expand the services related to selling information and development of new platforms for automation of processes in the vehicles credit cycle - reducing operational costs and risks for customers Partnership with FNC adapt the appraisal platform to the Brazilian market Resolution 4,088 of the National Monetary Council Registration of collaterals of vehicles or properties financed Other initiatives for the real estate market 13

14 Investor Relations This material was issued by CETIP S.A. Mercados Organizados ( Cetip ). Cetip is authorized to operate by the Brazilian Securities and Exchange Commission (CVM) and regulated by both the CVM and the Brazilian Central Bank. The information herein is only for reference purposes, as Cetip has based this material on information obtained from sources it considers reliable, and Cetip may alter the content of this material at any time without prior notice. Cetip is in no way responsible for losses arising from the direct or indirect use of this material or the consequences thereof. Although, in some cases, this material may contain the opinions and future expectations of Cetip, there may be a series of risks, uncertainties and other material factors that may cause real results to differ significantly from Cetip s expectations. Cetip assumes no responsibility to update or alter this content, be it due to new information, future events or other situations. Likewise, Cetip does not hereby provide any specific recommendations of a legal, tax, regulatory or other nature not included the scope of this material. Clients contract any the services herein at their exclusive discretion and risk, and Cetip is only responsible for communicating new products and services. The examples included herein symbolize hypothetical, simulated situations and are merely illustrative. Their behavior may or may not represent real market situations, and Cetip is in no way liable for these cases or for the results of real cases. This material was created by Cetip s Products division according to applicable regulations and does not contain all the operating procedures and technical details of the services herein presented. This content may differ from other disclosure materials issued by Cetip, and should not be used in any way as an update of previous materials disclosed by Cetip. Nothing herein restricts or excludes and applicable legal responsibility of clients, according to legislation and regulations. This material is the property of Cetip, and reproduction, in whole or in part, of this content, by any means, without express prior consent as per Law no. 9,610/1998 is expressly prohibited. Due to the characteristics of the markets it serves, Cetip does not have a guaranty fund or other mechanisms do indemnify losses, and for this reason no fees or contributions are charged for this purpose. Financial information in this document are presented in million of Reais and, therefore, the total values in tables may appear with differences due to rounded numbers. 14