Release de Resultados

Transcription

1 São Paulo, March 14 th, 2016 Banco Sofisa S.A. (SFSA4), a multiple bank specializing in originating credit o small and medium enterprises, announces today its results for the fourth quarter of 2015 (4Q15). Except where stated otherwise, all operating and financial information is in Brazilian real and presented on a consolidated basis, in accordance with Brazilian Corporate Law. Highlights Net Income in 2015 of R$83.9 mn; Profitability (ROAE) in 2015 to 12.33% pa; Basel Ratio (100% Tier 1) of 21.0%; Reduction in 2015 of 12.2 mm for allowance with loan losses compared to 2014; Cash of R$ 1,048 mm. Message from the Board of Directors At the moment when we disclose the results for fiscal year 2015, we would like to highlight three important points for the Company. As announced by our Investor Relations area on February 1 st, 2016, Banco Sofisa s controlling shareholder intends to conduct a tender offer in order to go private, which, if accepted by the minority shareholders, will cause the Bank s shares to cease trading on the stock exchange. We believe that the offered price represents a very attractive premium. The hereby published results related to 2015 confirm our institution s quality and historical soundness. We closed the year with net income of R$83 million, net cash of R$1,048 million, a credit portfolio equivalent to 2.8x our equity and a Basel index of 21.0%, figures that underline Banco Sofisa s capacity and strength to face the current Brazilian economic scenario. We are celebrating our 55 th anniversary as a youthful and dynamic organization that combines the experience accumulated over several years with innovations and the use of technology. An example of this is Sofisa Direto, the first online bank designed to make your money generate higher returns. We have innovated by launching a 100% online operation combining simplicity, transparency and excellent opportunities for clients. We invite our readers to access sofisadireto.com.br. Gilberto Maktas Meiches Chairman of Board of Directors 4Q15 Earnings Conference Call March 15 th, 2016 PORTUGUESE 10:00 a.m. (NY) / 11:00 a.m. (Brasilia) Dial-in: +55 (11) Code: Banco Sofisa Investor Relations +55 (11) / 5834 ri@sofisa.com.br Plinio de Lucca Junior Executive Board of Corporate Governance, Risks and IR Márcio do N. Miguel IR Manager 1

2 Main Indicators R$ millions (except where indicated) Balance Sheet 4Q15 3Q15 4Q14 4Q15/3Q15 4Q15/4Q14 Free Cash (1) 1, , , % 0.4% Loan Operations (2) (A) 1, , , % -6.3% Funding (B) 3, , , % 7.7% Total Deposits 2, , , % 14.8% Loan Operations / Funding Index (A/B) 60.9% 56.5% 69.9% 4.4 p.p p.p. Shareholders' Equity (C) % 5.2% Leverage (A/C) % -10.9% Results 4Q15 3Q15 4Q14 4Q15/3Q15 4Q15/4Q14 Result from Financial Intermediation % 53.1% Income from Services Provided % 10.7% Personnel Expenses (16.5) (14.1) (12.5) 16.5% 31.4% Other Administrative Expenses (13.2) (12.8) (12.5) 3.0% 5.8% Employees profit sharing (1.8) (3.6) (1.2) -50.4% 47.8% Net Income % 53.2% Shares 4Q15 3Q15 4Q14 4Q15/3Q15 4Q15/4Q14 Net Income per Share (R$) % 53.2% Number of Shares Outstanding (thousands) 137, , , % 0.0% Asset Value per Share (R$) % 5.2% Dividends + Net Interest on Equity % Dividends + Net Interest on Equity per share (R$) % Market Value % -21.5% Eficiency / Profitability (%) 4Q15 3Q15 4Q14 4Q15/3Q15 4Q15/4Q14 ROAE (p.a.) 11.4% 17.5% 7.8% -6.1 p.p. 3.6 p.p. ROAA (p.a.) 1.8% 2.9% 1.4% -1.1 p.p. 0.4 p.p. Net Interest Margin (3) 8.1% 7.3% 9.1% 0.8 p.p p.p. Efficiency (3) 44.3% 43.7% 34.9% 0.6 p.p. 9.4 p.p. Basel Ratio 21.0% 19.9% 16.3% 1.1 p.p. 4.7 p.p. Credit Portfolio Quality (%) 4Q15 3Q15 4Q14 4Q15/3Q15 4Q15/4Q14 Provision for Loan Losses / Loan Operations (2) 3.3% 3.9% 3.9% -0.6 p.p p.p. Delinquency Cred. w/more than 90 days (4) / Loan Oper. (2) 0.9% 1.3% 0.6% -0.4 p.p. 0.3 p.p. Main Annual Indicators (R$ thousands) /2014 Result from Financial Intermediation 168, , % Income from operations 94,325 70, % Net Income 83,907 36, % ROAE 12.3% 5.3% 7.0 p.p. ROAA 2.2% 1.0% 1.2 p.p. Net Interest Margin (3) 7.5% 7.3% 0.2 p.p. Efficiency (3) 44.8% 44.5% 0.3 p.p. (1) Cash and cash equivalents + short - term investments + securities - open market funding. (2) Excludes provisions for NPL. (3) Updated index. 2

3 Operating Highlights Total Loan Portfolio (R$mn) Due to the economic slowdown in 2015, it was continued the caution in lending. In this scenario, the loan operation totaled R$ 1,918.1 mn at the end of 4Q15, representing the increase of 1.5% in relation to 3Q15 and decrease of 6.3% over the same period last year. The credits demonstrate satisfactory dilution, and the largest debtor represented only 1.6% of Credit Operations and the largest sectoral participation represented 18.1% at the end of 4Q15. About the distribution operations by maturities, the predominance of operations remained in the short term, with 87.5% of the operations has a term of up to 1 year. R$ millions Portfolio Breakdown (R$mn) 4Q15 3Q15 4Q14 4Q15/3Q15 4Q15/4Q14 Overdraft-Secured Account % -34.0% Working Capital , % 32.6% Others (1) % -14.8% Subtotal 1, , , % -6.1% Acquired Financings % -89.0% Total 1, , , % -6.3% (1) Includes: discounted bonds, import financing and export advances to depositors, check company, leases, vehicles, payroll loans, CDC, other receivables and exchange. Removed the details of the information related to retail given the low representation of this segment in the total portfolio, due to the focus on bank credit to SMEs (99.9% of the total portfolio in 4Q15). 3

4 2, , , , , , , % 4. 0% 3. 0% 2. 0% 1. 0% 0. 0% % % % % % % % % % % % 50. 0% % Release de Resultados Collateral Breakdown (R$ mn) R$ millions 4Q15 % of Total 3Q15 % of Total Trade Notes Receivable 1, % 1, % Pledge on Real Estate, Vehicles and Equipments % % Rent and Property Receivables % % Investments % % Post-dated Checks % % Warrants and Lien % % Overseas Companies Withdrawals % % Agreements and Blocked Accounts % % Joint Obligations from other Financial Institutions % % Othes % % Subtotal 1, % 1, % Promissory Notes % % Total 1, % 1, % Loan Operations Delinquency and Provisions for Losses The pulverization linked with our selectivity in lending, resulted in maintaining the level of our reserves even in this scenario of greater insolvency of companies. 4Q15 3Q15 Own Portfolio Provision % of Total Own Portfolio Provision % of Total Credits "AA - C" 1, % 1, % Credits "D - H" % % Total 1, % 1, % Provision/Credit Portfolio (2) - 3.3% % - Provision D-H/Credit Portfolio (2) - 1.8% % - Overdue More Than 90 Days (1) /Credit Portfolio (2) - 0.9% % - The impact of the strong management of the company, due to the quality protection strategy of assets, is evident when checked the evolution of indicators of default and coverage in the last 12 months. In relation to the loan portfolio in 4Q15 the provisions represented 3.3% (3.9% in 4Q14), provisions for loans loss with D-H ratings represented 1.8% (2.2% in 4Q14) and overdue loans over 90 days amounted to 0.9% (0.6% in 4Q14). Maintains a high coverage ratio, which was 365.4% in the 4Q15 and 674.9% in the 4Q14, the latter has a reflection of reinforcement of provisions carried out at the end of 4Q % 3.9% 3.9% 3.9% 3.3% 674.9% 2.2% 0.6% 2.3% 2.4% 2.4% 1.0% 1.0% 1.3% 1.8% 0.9% 394.0% 394.9% 307.1% 365.4% 2, , , , , Q14 1Q15 2Q15 3Q15 4Q15 PORTFOLIO (R$ MM) OVERDUE CREDITS > 90 DAYS/PORTFOLIO PROVISION D-H/PORTFOLIO PROVISION/PORTFOLIO 4Q14 1Q15 2Q15 3Q15 4Q15 PROVISION COVERAGE RATIO (OVERDUE CREDITS > 90 D / PROVISION) 4

5 Shareholders Equity The Bank s Shareholders Equity stood at R$691.0 mn in 4Q15, as the following table shows: R$ millions Position as of MTM Adjustments 1.6 Provisions for Interest on Equity of the Period (16.0) Results of the Period 19.6 Position as of Funding Funding totaled R$3.2 bn in 4Q15, representing the decrease of 5.8% compared to 3Q15 and increase of 7.7% compared to 4Q14. R$ millions Funding 4Q15 3Q15 4Q14 4Q15/3Q15 4Q15/4Q14 Demand Deposits % -47.2% Time Deposits + Agribusiness and Real Estate Letters of Credit 1, , , % 5.9% Up to 1 year 1, , % 1.2% More than 1 year % 16.2% Interbank Deposits % 162.3% Open Market Funding % -22.1% Foreign Borrowings and Onlending Obligations (1) % -38.0% Time Deposit with Special Guarantee ("DPGE") 1, % 38.6% Total 3, , , % 7.7% Ratings The credit-rating agencies maintained the ratings assigned to Banco Sofisa, reflecting the excellent quality of its assets, the conservative policy adopted by its Management, its vast expertise in the SME segment, as well as its healthy liquidity and capitalization. Aa3.br/Br-1 (domestic) A-(bra): Long Term F2(bra): Short Term Low Risk: Mid Term Disclosure: Excellent September 2015 December 2015 January

6 Material and Subsequent Events 4Q15 On October 2 nd, 2015, in continuation to the Tender Offer due to an Interest Increase ( Tender Offer ), a Material Fact was disclosed announcing the understanding of the CVM s Board on the merit of the request for reconsideration submitted by the Controlling Shareholder, who was allegedly disadvantaged by the rule applied to the calculation of outstanding shares by the CVM s technical area. The Board resolved to submit the proceedings to SRE so that the applicable measures could be taken; Pursuant to the Minutes of the Board of Directors Meeting held on December 4 th, 2015, the merger of its subsidiary Sofisa Serviços Gerais de Administração Ltda was approved, with the cancellation of the quotas of this company s capital; On December 15 th, 2015, the Board of Directors approved the payment of interest on equity for fiscal year 2015, totaling a gross amount of R$25.5 million. Payment was made on December 29 th, 2015; On December 23 th, 2015, a Material Fact was disclosed announcing that the Company received Official Letter 237/2015/CVM/SER/GER-1, which notified the CVM s Board denial of the request for reconsideration submitted by the Company s Controlling Shareholder. As a result, Sofisa's controlling shareholder must conduct the Tender Offer, being required to file the applicable documents within 44 days as of that date; On February 1 st, 2016, a Material Fact was disclosed informing shareholders and the market in general that the Company received a correspondence sent by the Controlling Shareholder with the intention of conducting (i) a tender offer for the acquisition of the outstanding preferred shares due to an interest increase; (ii) a tender offer for the cancellation of the Company s registration for trading preferred shares on the market as a category A issuer, and (iii) a tender offer for the Company s delisting from the special listing segment of the BM&FBOVESPA; On February 18 th, 2016, a Material Fact was disclosed announcing that at, an Extraordinary Shareholders Meeting held on that date, shareholders resolved (i) to elect Brasil Plural S.A. Banco Múltiplo among the valuation firms indicated by the Board of Directors for the preparation of the valuation report and fair value appraisal and (ii) to delist the Company from the Level 2 special corporate governance segment of the BM&FBOVESPA; On March 3 rd, 2016, a new Material Fact announced that the Valuation Report prepared by Brasil Plural S.A. Banco Múltiplo was available on the website of the Brazilian Securities and Exchange Commission (CVM) and the Bank s Investor Relations website. 6

7 Annex I Consolidated Balance Sheet ASSETS 4Q15 3Q15 4Q14 4Q15/3Q15 %CHANGE R$ thousands 4Q15/4Q14 %CHANGE Cash and cash equivalents 27,664 32, , % -76.2% Interbank investments 135, ,468 49, % 175.2% Securities and derivatives 470, , , % 108.1% Interbank accounts 16,524 50,005 36, % -54.5% Lending operations 1,554,312 1,517,218 1,641, % -5.3% Leasing operations , % -58.5% Other credits 174, , , % -27.8% Other assets 7,618 9,365 4, % 70.9% Current Assets 2,387,599 2,664,134 2,317, % 3.0% Interbank investments 127, ,999 40, % 218.8% Securities and derivatives 1,011, , , % 8.4% Lending operations 229, , , % 12.2% Leasing operations % 304.8% Other credits 346, , , % 14.2% Other assets 21,535 20,277 35, % -40.0% Long-Term Assets 1,737,006 1,609,040 1,517, % 14.5% Investiments % 0.0% Property and equipment 35,655 35,974 37, % -3.9% Deferred % -37.7% Permanent Assets 36,633 36,963 38, % -3.9% Total Assets 4,161,238 4,310,137 3,872, % 7.5% LIABILITIES AND SHAREHOLDERS' EQUITY 4Q15 3Q15 4Q14 4Q15/3Q15 %CHANGE 4Q15/4Q14 %CHANGE Deposits 1,491,123 1,149,350 1,406, % 6.0% Money market funding 60, , , % -56.6% Funds from acceptance and issuance of securities 223, , , % 5.9% Interbank and Interdepartmental accounts 83,850 57,990 20, % 311.8% Borrowings 83,696 96, , % -46.3% Onlendings 3,373 11,889 28, % -88.2% Derivatives 2,258 2, % 413.2% Other payables 117, , , % -36.9% Current Liabilities 2,065,481 2,218,627 2,148, % -3.9% Deposits 1,104,432 1,221, , % 29.1% Money market funding 87,849-51, % 71.5% Funds from acceptance 39,922 61,425 54, % -26.4% Borrowings 1,276-8, % -84.6% Onlendings 58,789 59,583 39, % 50.1% Other payables 112,463 63,594 56, % 98.9% Long-term Liabilities 1,404,731 1,405,704 1,064, % 31.9% Deferred income % 53.1% Shareholders' Equity 691, , , % 5.2% Minority shareholders' Equity in controlled companies (77) (54) 2, % % Total liabilities and Shareholders' Equity 4,161,238 4,310,137 3,872, % 7.5% 7

8 Annex II Consolidated Income Statement R$ thousands 4Q15 3Q15 4Q15/3Q15 4Q15/4Q /2014 % 4Q % Change % Change Change Lending operations 108, , % 100, % 413, , % Leasing operations 1, % 8, % 5,673 51, % Securities operations 50,963 43, % 22, % 168, , % Derivatives (7,771) 39, % 11, % 37,148 15, % Foreign-exchange operations 1,991 38, % 10, % 74,736 36, % Sales operations or transfer of financial assets % % 281 1, % Income from financial intermediation 155, , % 153, % 699, , % Funding operations (96,025) (85,692) 12.1% (70,535) 36.1% (337,586) (256,354) 31.7% Borrowing and onlending operations 6,677 (110,281) % (18,342) % (152,771) (47,827) 219.4% Leasing operations (1,086) (432) 151.4% (8,199) -86.8% (5,332) (49,375) -89.2% Foreign-exchange operations % - 0.0% (10,842) (7) % Allowance for loan losses (8,249) (6,638) 24.3% (19,418) -57.5% (24,711) (36,893) -33.0% Expenses on financial intermediation (98,683) (203,043) -51.4% (116,494) -15.3% (531,242) (390,456) 36.1% Gross profit from financial intermediation 56,603 29, % 36, % 168, , % Income from services provided 4,794 4, % 4, % 17,176 13, % Personnel expenses (16,452) (14,125) 16.5% (12,517) 31.4% (57,231) (49,999) 14.5% Other administrative expenses (13,228) (12,846) 3.0% (12,501) 5.8% (54,510) (53,818) 1.3% Tax expenses (5,508) (3,778) 45.8% (8,314) -33.8% (18,679) (22,203) -15.9% Other operating income 6,164 23, % 11, % 52,590 32, % Other operating expenses (8,774) (2,489) 252.5% (1,475) 494.8% (13,601) (7,256) 87.4% Other operating income (expenses) (33,004) (5,137) 542.5% (19,216) 71.8% (74,255) (87,223) -14.9% Income from operations 23,599 24, % 17, % 94,325 70, % Non-operating result 232 (476) % (509) % (2,522) (2,666) -5.4% Income before taxes and minority interest 23,831 23, % 17, % 91,803 67, % Income and social contribution taxes (2,741) 9, % (3,350) -18.2% (1,129) (21,915) -94.8% Provision for Income and social contribution taxes 2,071 (3,209) % 2, % (11,748) (11,701) 0.4% Deferred taxes (4,812) 12, % (5,487) -12.3% 10,619 (10,214) % Employees profit sharing (1,774) (3,574) -50.4% (1,200) - (11,023) (10,563) 4.4% Minority interest in controlled companies % % 4, % Net income 19,589 29, % 12, % 83,907 36, % 8

9 Annex III Consolidated Cash Flow Statement R$ thousands 4Q15 3Q Adjusted Net Income 13,197 52, ,755 76,317 Net Income 19,589 29,901 83,907 36,060 Provision for Loan Losses 8,249 6,638 24,711 36,893 Deferred tax (15,470) 15, Depreciation and Amortization ,137 3,364 Changes in Assets and Obligations (2,797) (186,965) (185,305) (100,080) (Increase) Decrease in Short-Term Interbank Investments 486,384 (498,700) (160,419) (55,992) (Increase) Decrease in Securities and Derivatives Financial Instruments (406,910) 25,883 (347,245) (41,131) (Increase) Decrease in Interbank Accounts 59,341 (4,229) 83,294 (1,768) (Increase) Decrease in Credit, Leasing and Other Credit Operations (26,206) (57,443) 68,715 (234,865) (Increase) Decrease in Other Credit and Other Assets 34,403 (97,351) 4,682 (4,106) Income tax and social contribution paid 3,187 (3,187) 0 13,649 Increase (Decrease) in Deposits 225, , , ,491 Increase (Decrease) in Money Market Funding (112,577) 127,836 (41,922) (38,304) Increase (Decrease) in Resources from Securities Issued (290,154) 86,249 (52,866) 66,345 Increase (Decrease) in Borrowing and Onlending Obligations (21,247) 6,326 (84,655) (155,193) Increase (Decrease) in Derivative Financial Instruments (106) 1,802 1,818 (1,223) Increase (Decrease) in Other Obligations 62,132 (30,455) 39,659 (10,699) Increase (Decrease) in Deferred Income (176) Interest on Equity (16,000) 0 (25,500) (6,000) Dividends Payments (24,000) Minority interest in controlled companies (147) (343) (4,256) (5,108) Capital Decrease (50,000) OPERATING ACTIVITIES - Net Cash Generated (Used) 10,400 (134,122) (73,550) (23,763) PP&E Disposal (1,343) 788 (1,701) 39,374 Deferred ,079 INVESTMENT ACTIVITIES - Net Cash Generated (Used) (1,332) 799 (1,658) 40,453 CASH AND CASH EQUIVALENTS INCREASE (DECREASE) 9,068 (133,323) (75,208) 16,690 Cash and Cash Equivalents at the Beginning of the Period 47, , , ,781 Cash and Cash Equivalents at the End of the Period 56,263 47,195 56, ,471 CASH AND CASH EQUIVALENTS NET INCREASE (DECREASE) 9,068 (133,323) (75,208) 16,