Important information

Transcription

1 April

2 Important information 2 Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements. These forward-looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic performance. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: (1) general market, macroeconomic, governmental and regulatory trends; (2) movements in local and international securities markets, currency exchange rates and interest rates; (3) competitive pressures; (4) technological developments; and (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties. The risk factors that we have indicated in our past and future filings and reports, including those with the Securities and Exchange Commission of the United States of America (the SEC ) could adversely affect our business and financial performance. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forwardlooking statements. Forward-looking statements speak only as of the date on which they are made and are based on the knowledge, information available and views taken on the date on which they are made; such knowledge, information and views may change at any time. Santander does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by Santander. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation. In making this presentation available, Santander gives no advice and makes no recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever. Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act Note: Statements as to historical performance or financial accretion are not intended to mean that future performance, share price or future earnings (including earnings per share) for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast.

3 Agenda 3 Santander's business model Santander Q1'12 Performance 2012 Outlook Appendix: business areas 2011 Performance

4 Santander, a leading financial Group 4 Highlights Q1'12 Total Assets (EUR trillion) 1.28 Shareholders (million) 3.27 Headcount 189,613 Branches 14,696 Customers (million) Q1'12 Profit (EUR million) 1,604 Eurozone largest banks by market capitalisation (1) Santander C1 C2 C3 C4 C5 C6 C7 C8 C (1) Data as of March 31, Source: Bloomberg (2) Customers data as of December 2011

5 Santander, long track record of profit generation 5 Pre-provision profit EUR billion CAGR: +18% 23,0 23,9 24,4 18,5 14,4 3,5 4,7 5,9 5,6 5,7 6,4 8,8 11,2 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 Note.- Figures from 2004 on according to IFRS.

6 Main elements of our business model 6 1 Diversification is key: good balance between emerging and mature economies with dominant local positions in large and attractive countries 2 Our banking model has two strong pillars non negotiable: low risk profile and cost austerity 3 Subsidiary based model-financial de-centralisation with strong operational centralisation 4 AND A STRONG BALANCE SHEET MANAGEMENT

7 1 High diversification by geographies 7 Attributable profit Q1'12 (1) Germany Other Europe UK Poland Portugal Spain 4% 12% 1% 5% 3% 13% USA 10% 6% 6% 27% 13% Other Latam Chile Brazil Mexico Emerging markets with sustained growth Mature markets with stable provisions Mature markets with cyclically high provisions 56% 31% 13% (1) Over operating areas attributable profit

8 1 Critical mass in our core markets 8 USA Branches: 722 Customers: 1.7 mill. Mexico Mkt. Share 1 : 16% Branches: 1,125 Customers: 9.4 mill. Brazil Mkt. Share 1 : 10% Branches: 3,776 Customers: 25.3 mill. UK 4 Mkt. Share 1 : 12% Branches: 1,363 Customers: 26.8 mill. Spain 4 Mkt. Share 1 : 13% Branches: 4,763 Clientes: 14.8 mill. Poland 2,4 Mkt. Share: 10% Branches: 1,200 Clientes: 5.2 mill. Chile Mkt. Share 1 : 9% Portugal 4 Branches: 362 Customers: 2.5 mill. Mkt. Share 1 : 20% Branches: 499 Customers: 3.4 mill. Argentina Mkt. Share 1 : 10% Branches: 701 Customers: 2.3 mill. Germany Mkt. Share 3 : 14% Branches: 301 Customers: 7.0 mill. (1) Loans (2) Total business, including operation announced on February 2012 regarding the merger of BZ WBK with Kredyt Bank (3) Instalment loans (4) Including SCF business

9 2 Strong commitment to Santander's risk management culture 9 Global Credit / Markets /... Committees Daily meetings > 50 mill. Secretary of the Board Global Risks Committee Meetings: twice a week 99 MEETINGS / YEAR Former CRO Vice president Vice president Risks teams senior members Management corporate principles Independence + Collegiate decisions + Right of veto Former CRO > 150 mill. Board s Executive Committee Meetings: once a week minimum 5 Board Members

10 2 Efficiency as an essential goal 10 Efficiency ratio 1 vs Peers (%) Efficiency ratio vs Peers (%) Data 2011* 44,9 Grupo Santander (1) Expenses / Revenues 59,7 60,0 Peers avg. European peers avg. Data 2011* Grupo SAN C1 C2 C3 C4 C5 C6 C7 C8 C9 Media peers C10 C11 C12 C13 C14 C15 C16 44,9 46,7 48,5 52,2 53,2 54,1 54,9 56,8 59,2 59,4 59,7 60,0 61,0 61,0 64,0 64,7 77,6 77,6 (*) According to the latest available information from each entity. Peer Group are large banks that because of their size, characteristics and /or degree of direct competition are the reference ones to surpass: Banco Itaú, BBVA, BNP Paribas, Credit Suisse, HSBC, ING Group, Intesa Sanpaolo, JP Morgan, Mitsubishi, Nordea, Royal Bank of Canada, Societe Generale, Standard Chartered, UBS, Unicredito and Wells Fargo.

11 3 Subsidiary based model-financial de-centralisation with strong operational centralisation 11 Centralised model Santander's model contagion from the crisis International branches depending on Parent bank for capital and liquidity Firewalls International subsidiaries self-sufficient in terms of capital and liquidity

12 4 STRONG BALANCE SHEET MANAGEMENT : CREDIT QUALITY 4.2 LIQUIDITY INTEREST RATE / FX RISK CAPITAL

13 4.1 Balance sheet strengthening: Credit quality 13 Our ratios still compare very well in the main markets where we operate Spain United Kingdom % 5,08 5,81 7,16 7,62 8,16 (feb) % 1,88 2,38 2,11 2,05 2,06 0,92 3,37 0,641,95 3,41 4,24 5,15 5,49 5,75 Dec'07 Dec'08 Dec'09 Dec'10 Sep'11 Dec'11 Mar'12 1,10 1,41 1,41 1,42 1,46 0,66 1,03 Dec'07 Dec'08 Dec'09 Dec'10 Sep'11 Dec'11 Brazil Latin America ex-brazil % Private banks Santander 3,8 3,5 3,4 2,9 5,9 5,4 4,0 3,9 4,9 4,5 5,1 4,8 % 2,3 1,6 3,2 2,1 4,6 3,6 3,3 3,1 2,7 2,6 2,6 2,5 Dec'07 Dec'08 Dec'09 Dec'10 Dec'11 Feb'12 Dec'07 Dec'08 Dec'09 Dec'10 Sep'11 Dec'11 Data in local criteria. Latest available data for the sector from central banks and Council Mortgage Lenders (UK)

14 4.1 Balance sheet strengthening: Credit quality 14 The Group's NPLs continue sliding upwards, mainly due to Spain. The US and SCF improved in last quarters and the UK and Latam ex-brazil remained stable Group total Continental Europe % % Spain SCF 3,55 3,61 3,78 3,86 3,89 3,98 4,24 4,57 4,81 5,15 5,49 5,75 5,25 4,99 4,74 4,50 3, Dec'10 Mar'11 Jun'11 Sep'11 Dec'11 Mar'12 D'10 M'11 J'11 S'11 D'11 M'12 D'10 M'11 J'11 S'11 D'11 M'12 United Kingdom and USA Latin America % UK USA % Brazil Latam Ex-Brazil 1,74 1,73 1,81 1,86 1,84 1,82 4,61 4,15 3,76 3,22 2,85 2,46 4,91 4,85 5,05 5,05 5,38 5,76 3,07 2,94 3,08 2,91 2,89 3,24 D'10 M'11 J'11 S'11 D'11 M'12 D'10 M'11 J'11 S'11 D'11 M'12 D'10 M'11 J'11 S'11 D'11 M'12 D'10 M'11 J'11 S'11 D'11 M'12

15 4.1 Balance sheet strengthening: Credit quality 15 The Group's coverage is at 62%, 1 p.p. improvement in the quarter Group total Continental Europe % % Spain SCF Dec'10 Mar'11 Jun'11 Sep'11 Dec'11 Mar'12 D'10 M'11 J'11 S'11 D'11 M'12 D'10 M'11 J'11 S'11 D'11 M'12 United Kingdom and USA Latin America % UK USA % Brazil Latam Ex-Brazil D'10 M'11 J'11 S'11 D'11 M'12 D'10 M'11 J'11 S'11 D'11 M'12 D'10 M'11 J'11 S'11 D'11 M'12 D'10 M'11 J'11 S'11 D'11 M'12

16 4.1 Spain 1. Details of loans and deposits Appropriate loans / deposits structure, reflected in a continuous improvement in liquidity ratios 16 March 2012 balances Loan-to-deposit ratio 2 EUR billion TOTAL 215 Public sector Household mortgages Other loans to individuals TOTAL Retail commercial paper Time deposits and REPOs 178% 149% 119% 118% 111% Companies w/o real estate purposes 105 Real estate 22 purpose Gross loans 80 Deposits Demand deposits D'08 D'09 D'10 D'11 M'12 (1) Including Santander Branch Network, Banesto, GBM Spain, Santander Consumer Finance Spain and Banif (2) Including retail commercial paper

17 4.1 Spain 1. Customer lending and NPLs 17 In lending, individual customers deleveraging and the fall in loans with real estate purposes continue (-8% / Q4'11). Stable in loans to other companies Gross loans NPL ratio EUR billion % TOTAL Public sector Household mortgages ,6 32,8 With real estate purpose Other loans to individuals ,0 Companies w/o real estate purposes Real estate purpose M 3M 27-14% 23-8% 22 4,2 3,1 2,2 5,5 5,7 3,5 3,7 2,7 2,6 Total portfolio Spain Other portfolio Household mortgages Dec'10 Dec'11 Mar'12 Dec'10 Dec'11 Mar'12 (1) Including Santander Branch Network, Banesto, GBM Spain, Santander Consumer Finance Spain and Banif

18 4.1 Real estate exposure. Loans and foreclosed real estate 18 Active management with focus on reducing loans and foreclosed real estate LOANS with real estate purpose EUR million -EUR 16,181 mill.; -43% % EUR million Foreclosed REAL ESTATE (gross amount) Dec'08 Dec'09 Dec'10 Dec'11 Mar'12 Dec'08 Dec'09 Dec'10 Dec'11 Mar'12 Quarterly evolution in 2011 and 2012 EUR million Q1'11 Q2 Q3 Q4 Q1'12 Quarterly evolution in 2011 and 2012 EUR million Q1'11 Q2 Q3 Q4 Q1'12

19 4.1 Real estate exposure in Spain. Coverage 19 Coverage is maintained following the effort made at the end of 2011 NPLs Substandard Foreclosed real estate EUR million EUR million EUR million Coverage: 33% Coverage: 16% Coverage: 48% Balance Coverage Balance* Coverage Balance Coverage (*) 100% up-to-date with payments

20 4.2 Balance sheet strengthening: Liquidity 20 Further improvement in liquidity in a highly demanding environment Backed by deleveraging of the eurozone Loan-to-deposit 1 ratio Var. Mar'12/Dec'11 in EUR bn. Loans 11,3-3 Deposits 2,8 3,9 5,5 +8 Gap reduction: -11 bn. and reinforced by the the Group's high issuance capacity Q1'12. EUR Bn. M/L term maturities 2 12,2 M/L term issues 2 1 Latam UK Spain Moreover, EUR 3.8 bn. of securitisations 3 placed in the market 150% 135% 117% 117% 115% D'08 D'09 D'10 D'11 M'12 Deposits 1 + M/L term financing / loans 115% 113% 116% 104% 106% D'08 D'09 D'10 D'11 M'12 (1) Including retail commercial paper (2) Excluding securitisations (3) Including structured financing

21 4.2 Balance sheet strengthening: Solid liquidity 21 maintaining a high structural liquidity surplus Provisional liquidity balance sheet Grupo Santander (Mar 12) Loans Deposits* Liquidity surplus: EUR 150 bn. Financial Assets 165 Assets Liabilities Securitisation bonds in market Funding M/L term** Equity / other (net of Fixed Assets) Funding ST Including: Reduced recourse to short term wholesale funding High discounting capacity at Central Banks < 2% balance sheet Approx. EUR 100 bn. Note: Liquidity balance sheet in terms of management (trading derivatives, interbank balances and fixed assets are netted): Provisional data. (*) Including retail commercial paper (**) Including FHLB lines in the US to Sovereign

22 4.2 Financing strategy: we manage our balance sheet in a very PRUDENT / CONSERVATIVE way 22 Santander s basic liquidity management principles Decentralised but coordinated action Diversification: market; maturity; currency; instrument Limited short term funding Limited intra-group funding (principle of autonomy in the context of the Living Wills ) Liquid assets available for discount in Central Banks in the event of a crisis

23 4.2 Financing strategy 23 Subsidiary model with diversified funding sources The Group has wide access to wholesale markets on a stand-alone basis; each subsidiary has its own ratings and issuance programs San UK USA SCF Mexico Brazil Parent bank, Banesto and Portugal BZ WBK Market diversification: GBP area; EUR area; USD area Chile

24 Financing strategy: Banco Santander S.A. example 24 Santander s capital markets funding is conducted through a diversified approach, by markets, tenor and instruments Short Term ECP: EUR 25 Billion programme USCP: USD 30 Billion programme Asian market through certificates of deposit at the Hong Kong branch Domestic commercial paper ( pagarés ): EUR 10 Billion programme Medium and Long Term Euromarket: Senior and Subordinated transactions in all major currencies through a EUR 32 Billion EMTM Programme Covered bonds and securisations Senior Debt (under Rule 144A or registered with the SEC) In addition, capital instruments such as subordinated debt and preferred shares

25 Financing strategy 25 Group s medium and long term issues. Amount outstanding EUR Million December 2010 December 2011 March 2012 Preferred Shares 7,525 5,657 5,462 Subordinated Debt 20,633 14,184 14,274 Senior Debt 63,519 73,693 72,420 Covered Bonds 62,974 68,240 71,425 Total M & LTerm Issues* 154, , ,581 (*) Not including securitisations

26 Financing strategy 26 Diversified funding by products, markets and maturities Issues maturity. EUR billion ,6 30,1 24,8 24, ,9 13,1 15, ,7 4,4 2,8 1,8 0, >2022 SUBORDINATED DEBT SENIOR PREFERRED STOCKS COVERED BONDS Average maturity ~ 3.9 years Note: Data as of March Distribution by contractual maturity. Call date is used for the weighted average maturity calculation (except for perpetual debt)

27 4.3 Interest Rate / FX Risk 27 ALM used to mitigate business risks FX risk: Hedging used to stabilise the Group s core capital ratio and P&L (hedge excess capital, hedge next year profits) Interest rate risk: In markets with floating rate lending portfolios, ALM mitigates customer-related interest rate risk (e.g., hedging low-cost deposits)

28 4.4 Balance sheet strengthening: Capital ratio 28 Core capital ratio (BIS II) consolidates above 10% Core capital (BIS II) evolution 10,02% 10,10% 5,91% 6,25% 7,58% 8,61% 8,80% with an EBA ratio of 9.11%, above the required one Dec'06 Dec'07 Dec'08 Dec'09 Dec'10 Dec'11 Mar'12 Note: Dec 06 and Dec 07 according to BIS I

29 Agenda 29 Santander's business model Santander Q1'12 Performance 2012 Outlook Appendix: business areas 2011 Performance

30 1 Solid profits generation 30 Very good quarter in revenues with expenses under control Revenues and expenses EUR million Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Gross income Expenses

31 1 Solid results generation 31 that maintained an excellent track-record in pre-provision profit Pre-provision profit EUR million +9% % Q1'11 Q2'11 Q3'11 Q4'11 Q1'12

32 1 Solid results generation 32 and enabled the "cyclically high" provisions to be absorbed while maintaining profit EUR million Accounting attributable profit Attributable profit (w/o impact from generic* and Q4'11 extraordinary provisions) EUR million Q1'11 Q2 Q3 Q4 Q1'12 Q1'11 Q2 Q3 Q4 Q1'12 (*) Total impact of generic provisions is eliminated, both the ones recorded in loan-loss provisions and the ones in other results (guarantees)

33 Grupo Santander Results. Q1'12 vs. Q1'11 33 Solid P&L impacted in the year-on-year comparison by lower equity accounted income and lower release of generic provisions Var. / Q1'11 EUR Mill. Q1'12 Amount % Net interest income + fee income 10, Trading gains Equity accounted income and other Gross income 11, Operating expenses -5, Net operating income 6, Loan-loss provisions (LLPs) -3,127-1, Net operating income after LLPs 3, Other results and provisions Profit before tax 2, Tax and minority interests Attributable profit 1, (1) Including dividends and other operating expenses

34 1 Gross income 34 Basic revenues as the main driver of profits EUR million Total Other 2 Trading gains 664 Group's gross income +8% % % Basic revenues Q1'12 / Q4'11: +EUR 530 mill.; +5% Q1'12 / Q4'11 Latam Continental Europe +153 Basic revenues 1 UK -97 Q1'11 Q2 Q3 Q4 Q1'12 US +19 (1) Basic revenues: Net interest income + fees + insurance activity (2) Dividends + equity accounted income + other operating expenses

35 2 Expenses 35 Expenses growing at a slower pace EUR million Group's expenses Expenses Q1'12 / Q4'11: -EUR 19 mill.; -0.4% +7% -0.4% Q1'12 / Q4' Latam -52 Continental Europe -33 UK +8 Q1'11 Q2 Q3 Q4 Q1'12 US -7

36 3 Loan-loss provisions Provisions still high at the current moment of the cycle. Their evolution was impacted by the lower use of generic ones 36 Specific provisions EUR million Net loan-loss provisions 1 EUR million % Q1'11 Q2 Q3 Q4 Q1'12 Use of generic provisions EUR million +99 Q1'11 Q2 Q3 Q4 Q1' Q1'11 Q2 Q3 Q4 Q1'12 (1) Including country-risk

37 Agenda 37 Santander's business model Santander Q1'12 Performance 2012 Outlook Appendix: business areas 2011 Performance

38 In summary Solid generation of recurring results Diversification: differential element vs. competitors Strong balance sheet Strong revenues generation 11,354 mill. +8% High-growth emerging countries 56% of profit Core Capital (BIS II) 10.10% Pre-provision profit 6,280 mill. +9% Very strong local franchises Market shares above 10% Loan-todeposit ratio 115% Attributable profit 1,604 mill. Increased presence in growth countries Poland Credit quality SAN better than Peers

39 Santander 2012 outlook 39 In 2012 Santander will maintain a differentiated management by area Mature markets with cyclically high provisions Deleveraging process continues Strengthening balance sheet / liquidity Environment still very demanding on provisions Mature markets with stable provisions UK: Strengthening balance sheet and improving the business mix (companies) USA: The transformation process towards a retail franchise with a full range of products continues SCF: good delivery underpinned by a single pan-european IT platform. Germany, solid profits Emerging markets with sustained growth Latin America: good growth dynamics. Favourable outlook, in the short- and medium- term, which is reflected in profits Poland: integration according to the envisaged plan, aiming to outperform peers

40 Agenda 40 Santander's business model Santander Q1'12 Performance 2012 Outlook Appendix: business areas 2011 Performance

41 Continental Europe Q1'12. Attributable profit by unit EUR million Generalised profit improvement over the fourth quarter of Santander Branch Network SCF Q1'11 Q2 Q3 Q4 Q1'12 Banesto Q1'11 Q2 Q3 Q4 Q1'12 Poland (BZ WBK) Q1'11 Q2 Q3 Q4 Q1'12 Portugal Q2 Q3 Q4 Q1'12 Other global Europe Q1'11 Q2 Q3 Q4 Q1'12 Q1'11 Q2 Q3 Q4 Q1'12

42 United Kingdom Q1'12 Results affected by environment of sluggish activity, historically low interest rates and higher funding cost 42 Volumes Balances and Var. Mar 12 / Mar 11 +1% +11% -3% 174 SMEs +21% 30 Mortgages Companies Attributable profit: 255 mill. (EUR 306 mill.) Var. Q1'12 / Q1'11 in 149 Deposits Gross income Expenses Net operating income Activity 1 2 Spreads 2,34% 2,52% Loans Total 2,04% 1,93% -0,30% Q1'11-23% -13% Deposits -0,59% Q1'12 0% Million Million Basic revenues -12% -10% Q1'11 Q2 Q3 Q4 Q1'12 Attributable profit Net op. income after provisions Attributable profit -36% -41% -101 Q1'11 Q2 Q3 Q4 Q1'12 (1) Local criteria. Balances in bn. (2) Excluding GBM and other deposits amounts of 10bn. as of March 2012

43 Brazil Q1'12 Higher basic revenues fuelled by larger volumes and costs decelerating. In profit, impact of larger provisions and minority interests 43 Var. Mar 12 / Mar % Loans Volumes +12% Deposits Activity 1 2 NII / Provisions (o/ ATAs) 7,37% ,65% Q1'11 8,32% Net interest income 4.65 Provisions 3,67% Q1'12 Attributable profit: US$ 848 mill. (EUR 647 mill.) Var. Q1'12 / Q1'11 in constant US$ Basic revenues +15% Excluding perimeter +15% Basic revenues +15% +4% Constant US$ million Q1'11 Q2 Q3 Q4 Q1'12 Attributable profit Constant US$ million Gross income Expenses Net operating income Net op. income after provisions -3% +14% +8% +17% +14% +8% +18% -2% Net profit Minority interests Attributable profit Attributable profit -10% -2% (1) Local currency (2) Excluding Repos. Including "letras financeiras" Q1'11 Q2 Q3 Q4 Q1'12

44 Latin America ex-brazil Q1'12 Profit growth spurred by basic revenues (double digit growth in activity) and costs growing at lower pace. Negative impact from minority interests 44 Activity 1 Basic revenues Volumes 2 Var. Mar 12 / Mar % +12% NII/ Provisions (o/atas) 3,69% ,15% 3.38 Net interest income Constant US$ million +18% % Provisions 0,73% 0,82% Loans Attributable profit: US$ 748 mill. (EUR 571 mill.) Var. Q1'12 / Q1'11 in constant US$ Basic revenues Gross income Expenses Deposits Q1'11 +13% +12% Q1'12 +18% Excluding perimeter +18% +14% +12% Q1'11 Q2 Q3 Q4 Q1'12 Constant US$ million Attributable profit Net operating income +14% +16% Net op. income after provisions Attributable profit +7% +12% +14% +13% Q1'11 Q2 Q3 Q4 Q1'12 (1) Constant currency (2) Excluding New York branch. Deposits excluding Repos

45 United States Q1'12 Santander US includes Sovereign Bank and the contribution from the equity accounted method of SCUSA. Profit of US$ 314 mill. (EUR 240 mill. ) 45 Sovereign Bank Activity 1 Attributable profit - Sovereign Bank Volumes NII/ Provisions (o/atas) US$ million Var. Mar 12 / Mar 11 +7% +5% 3,32% ,94% Net interest income 2, ,75% Loans Deposits Q1'11 Sovereign Bank P&L Var. Q1'12 / Q1'11 in US$ Basic revenues -4% Provisions 0,49% Q1'12 Attributable profit - SCUSA impacted by provisions release in Q1'11 (US$ 77 mill.) and reduced stake at 2011 year-end (-US$ 56 mill. in Q1'12) US$ million Q1'11 Q2 Q3 Q4 Q1'12 Gross income +0% 220 Expenses Net operating income -9% +11% Net op. income after provisions +1% Attributable profit +9% Q1'11 Q2 Q3 Q4 Q1'12 (1) Local currency

46 46