1Q15 Earnings Release Conference Call

Transcrição

1Q15 Earnings Release Conference Call
May 12th, 2015
Agenda
1Q15 Events and Highlights
3
1Q15 Financial Highlights
4
Net Interest Margin
5
Expenses and Efficiency Ratio
6
Loan Portfolio
7
Continuous Loan Portfolio Management
8
Main Sectors – Sugar and Ethanol | Agriculture| Real Estate
9
Main Sectors – Energy and Engineering
10
Loan Portfolio Quality
11
FICC
12
Pine Investimentos
13
Funding
14
Asset & Liability Management
15
Capital Adequacy Ratio (BIS), Basel III
16
A parte de imagem com identificação de relação rId28 não foi encontrada no arquiv o.
Investor Relations | 1Q15 |
2/17
1Q15 Events and Highlights
1. Increase in the positive liquidity gap, with 12 months for credit versus 17 months for funding.
2. Liquid balance sheet, with a cash position of R$1.4 billion, equivalent to 48% of time deposits.
3. Active and constant liability management that led to a further reduction in the cost of funding.
4. Loan portfolio coverage ratio above 4% as a result of an important increase in provisions in the last twelve months.
5. 16% reduction of ppersonnel and administrative expenses
p
in the q
quarter,, as a result of the diligence
g
and anticipation
p
of an adverse
market in 2015.
6. 18
th
largest bank in derivative transactions and the 3rd largest in commodity derivatives segment according to CETIP – OTC Clearing
House.
3/17
1Q15 Financial Highlights
The main performance indicators were within expectations in the period.
R$ million
Total Funding
Total Loan
-1.6%
Portfolio1
Shareholders’ Equity
-1.7%
-1.0%
8,500
8,367
9,826
9,657
1,256
,
,
1,244
D 14
Dec-14
M 15
Mar-15
D 14
Dec-14
M 15
Mar-15
D 14
Dec-14
M 15
Mar-15
Net Income
NIM Evolution
ROAE
-10
10 bps
+160 bps
+100.0%
4.1%
5
4Q14
1
4.0%
10
1Q15
3.3%
1.7%
4Q14
1Q15
4Q14
1Q15
Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Securities (bonds, CRIs, eurobonds and fund shares)
4/17
Net Interest Margin
NIM in line with guidance.
NIM Evolution
-10 bps
Impacts in Period
Lower revenue contrinution from FICC and Treasury;
Mark to Market of securities; and
Increased spreads at origination.
4.1%
4.0%
4Q14
1Q15
NIM Breakdown
R$ million
1Q15
4Q14
1Q14
QoQ
Y oY
54
83
109
-34.9%
-50.5%
34
10
(3)
240.0%
-1233.3%
1
(4)
-100.0%
-100.0%
-6.4%
-13.7%
Rec urring Financ ial Margin
Income from financial intermediation
Overhedge effect
Liabilities hedge effect
Recurring Income from financial intermediation
88
94
102
5/17
Expenses and Efficiency Ratio
Cost control, better than the guidance range.
Expenses
5 0
6 0 . 0 %
4 5
42.2%
39.8%
39.1%
4 0 . 0 %
4 0
2 0 . 0 %
3 5
Personnel Expenses
26
3 0
2 5
27
0 . 0 %
23
23
22
- 2 0 . 0 %
18
2 0
- 4 0 . 0 %
1 5
Other administrative
expenses
Recurring Efficiency
Ratio (%)
- 6 0 . 0 %
1 0
- 8 0 . 0 %
5
0
- 1 0 0 . 0 %
1Q14
4Q14
1Q15
Efficiency Ratio
R$ million
Operating expenses
1Q15
4Q14
1Q14
QoQ
YoY
45
52
53
-13.5%
-15.1%
(1)
(3)
(4)
-66.7%
-75.0%
43
49
49
-12.2%
12 2%
-12.2%
12 2%
1
(-) Non-recurring expenses
R
Recurring
i O
Operating
ti E
Expenses (A)
Recurring Revenues
2
(B)
Recurring Efficiency Ratio (A/B)
110
116
123
39.1%
42.2%
39.8%
1 Other
administrative expenses + tax expenses + personnel expenses
2 Gross
Income from financial intermediation - provision for loan losses + fee income + overhedge effect - hedge impact
-5.2%
-10.6%
-310 bps
-70 bps
6/17
Loan Portfolio
The portfolio ended the period at R$9.7 billion...
R$ million
-4.3%
-1.7%
9,930
9,537
8,994
8,405
903
10,090
989
10,032
1 116
1,116
965
9,800
9,826
924
826
2,909
2,905
2,941
2,896
1
Trade finance: 9.4%
2,969
3,191
3 073
3,073
Bank Guarantees:33.0%
33%
2,807
1,068
826
909
1,059
842
2,501
9,657
844
1,103
1,071
1,248
1,302
990
1,118
BNDES Onlending :
11.6%
4,236
4,284
Mar-13
Jun-13
4 509
4,509
5,050
5,093
4,904
4,731
4,730
4 440
4,440
2
Working Capital: 46.0%
46%
Sept-13
Dec-13
Mar-14
Jun-14
Sept-14
Dec-14
Mar-15
Includes Stand by LC
2 Includes debentures, CRIs, Hedge Fund Shares, Eurobonds, Credit Portfolio acquired from financial institutions with recourse and Individuals
1
7/17
Continuous Loan Portfolio Management
...with improved sector diversification.
Sectors
Food Industry
2%
Meatpacking
2%
Construction Other
Material
9%
1%
Rebalance
Sugar and Ethanol
13%
20%
Real Estate
12%
Retail
2%
Vehicles and Parts
2%
S
Specialized i li d
Services
3%
Metallurgy
4%
8%
8%
8%
5%
12%
14%
13%
11%
13%
12%
12%
12%
12%
10%
12%
0%
10%
10%
10%
8%
5%
8%
6%
8%
7%
Engineering
Transportation p
and Logistics
Others
8%
7%
5%
Energy
12%
Chemicals
4%
Foreign Trade
4%
Telecom
Transportation 5%
and Logistics
7%
9%
15%
42%
43%
40%
40%
38%
Mar‐12
Mar‐13
Mar‐14
Dec‐14
Mar‐15
Agriculture
10%
Engineering
8%
Sugar and Ethanol
Real Estate
Energy
Agriculture
The composition of the portfolio of the 20 largest clients changed by over 15% in the past twelve months;
The total portfolio share of the 20 largest clients remained below 30%, in line with market peers.
8/17
Main Sectors
Sugar and Ethanol | Real Estate | Agriculture
Sugar and Ethanol
Exposure by Product
Exposure by Product
Exposure by State
Trade
Finance
7%
Onlending
g
9%
Real Estate
AL
0%
MS
0%
Exposure by Segment
Warehouse
14%
GO
2%
Mall
7%
Commercial
3%
Guarantees
23%
PR
6%
Guarantees
34%
SP
75%
MG
17%
Working
Capital
77%
Working
Capital
50%
Residential
36%
Residential
Lots
40%
Agriculture
Exposure by Product
Trade
Finance
14%
Onlending
12%
Exposure by State
MT
32%
Guarantees
1%
Others
8%
MS
2%
CE
4%
ES
5%
SP
30%
BA
9%
Working
Capital
73%
PR
10%
9/17
Main Sectors
Energy | Engineering
Energy
Engineering
Exposure by Product
Exposure by Product
Guarantees
11%
Onlending
8%
Onlending
3%
Working
Capital
18%
Guarantees
74%
Working
Capital
p
86%
Exposure by Segment
Exposure by Segment
UTE
13%
Distributors
10%
Transportation
34%
Transmitting
g
8%
Concession
31%
Equipment
Supplier
6%
Wind
gy
Energy
59%
SHPs UHEs
3%
Trader
T
d
1%
Energy
1%
Sanitation
5%
Oil and
Gas
7%
IIndustrial
d t i l
22%
10/17
Loan Portfolio Quality
94% of loan portfolio classified between AA-C ratings.
Loan Portfolio Quality – Res. 2,682
Non Performing Loans > 90 days (Total Contract)
March 31st, 2015
B
39.0%
2.1%
1.2%
C
14.3%
AA-A
40.2%
D-E
3.0%
Mar-13
F-H
3.4%
1.1%
Jun-13
0.7%
Sep-13
Dec-13
Mar-14
0.3%
0.3%
Jun-14
Sep-14
Dec-14
Mar-15
Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio
excluding Bank Guarantees and Stand-by Letters of Credit.
Credit Coverage
Collaterals
6.4%
6.2%
0.7%
0.1%
1.1%
Investments
3%
5.0%
Products
Pledge
40%
4.1%
2.9%
2.9%
Mar-14
D-H Portfolio
1D-H
Dec-14
1
Mar-15
Coverage
g of Total Portfolio
2
Properties
Pledge
38%
Receivables
19%
Portfolio: D-H Portfolio / Loan Portfolio Res. 2,682
of Total Portfolio: Provisions / Loan Portfolio Res. 2,682
2Coverage
11/17
FICC
Proven trackrecord: 3rd in commodity derivatives1.
Client Notional Derivatives by Market
Notional Value and MtM
March 31st, 2015
R$ million
Notional Amount
MtM
Stressed MtM
Currencies
80%
482
354
Fixed Income
7%
288
(47)
349
221
(103)
(243)
(365)
(532)
Commodities
13%
11,268
14,382
8,376
7,703
7,482
Mar-14
Jun-14
Sept-14
Dec-14
Mar-15
Market Segments
Fixed Income: Fixed, Floating, Inflation, Libor
Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,
Australian Dollar
Portfolio Profile
Scenario on March 31st,2015:
2015:
Duration: 149 days
Mark-to-Market: R$349 million
Commodities: Sugar, Soybean (Grain, Meal and Oil), Corn,
Cotton, Metals, Energy
Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
Stressed MtM : (R$103 million)
1Source:
Reporte Cetip, March 2015
12/17
Pine Investimentos
Selected Transactions
Capital Markets: Structuring and Distribution of Fixed
Income Transactions.
Transactions
R$24,000,000
R$30,000,000
R$630,000,000
Structuring CRP
Pro ject Finance
BNDES Onlending
Lead Coordinator
Lead Coordinator
Co ordinator
March, 2015
February, 2015
December, 2014
R$45,200,000
R$50,000,000
US$25,000,000
Debentures
Debentures
Long Term Loan
Financial Advisory: Project & Structured Finance, M&A,
and hybrid
y
capital
p
transactions.
Research: Macro, Commodities, and Corporate.
Fee Generation
R$ million
Financial Advisor
Lead Coordinator
Lead Coordinator
N
November,
b
2014
S
September,
b
2014
A
August,
t 2014
US$58,000,000
R$391,459,000
R$459,300,000
Expo rt Prepayment
Finance
Project Finance
M&A
Structuring Agent
Financial Advisor
Advisor
August, 2014
July, 2014
June, 2014
3
2
4Q14
1Q15
13/17
Funding
Diversified sources of funding...
R$ million
42%
44%
39%
41%
41%
35%
58%
48%
48%
Cash over Deposits
-4.9%
8 797
8,797
8,383
7,894
6 589
6,589
762
171
78
402
642
154
7,111
973
997
429
69
437
181
80
435
689
286
859
126
110
225
862
19
110
254
972
1,013
2,087
Mar-13
2,185
Jun-13
762
871
500
113
459
792
632
649
1,099
20
93
372
1,048
,
1,944
Sept-13
1,141
23
90
475
1,112
8,559
834
478
364
434
833
582
1,174
27
76
659
1,022
1,064
473
346
427
8,638
8,500
819
839
531
430
388
323
687
508
892
594
709
1,086
1
086
41
80
908
1,292
30
98
920
761
731
2,175
Dec-13
2,314
Mar-14
2,271
Jun-14
347
747
635
1,333
27
69
1,122
545
Trade Finance: 11.1%
11 1%
8,367
Private Placements: 9.2%
929
773
837
Sept-14
1,720
Dec-14
I
International
i
lC
Capital
i l M
Markets:
k
4.0%
4%
Financial Letter : 9.5%
338
796
Local Capital Markets: 6.1%
509
Onlending: 13.9%
1,161
24
157
Demand Deposits: 0.3%
1,273
High Net Worth Individual Time
Deposits: 15.2%
361
1,905
Multilateral Lines:10.0%
10%
1,209
Interbank Time Deposits: 1.9%
Corporate Time Deposits: 4.3%
Institutional Time Deposits:
14.5%
Mar-15
14/17
Asset & Liability Management
... keeping a positive gap between credit and funding.
Leverage
Credit over Funding Ratio
Expanded loan Porfolio
1 0 . 0 Loan Portfolio excluding
Bank Guarantees
9 . 0 7 9
7.9x
7 9
7.9x
7.8x
7.7x
8 . 0 7.8x
82%
83%
Mar-14
Jun-14
80%
80%
Sept-14
Dec-14
77%
7 . 0 6 . 0 5.6x
5.6x
5.4x
5.4x
5.2x
5 . 0 4 . 0 3 . 0 2 . 0 1 . 0 ‐
Mar-14
Jun-14
Sept-14
Dec-14
Mar-15
Leverage: Expanded Loan Portfolio / Shareholders’ Equity
Expanded Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit /
Shareholders’ Equity
Credit over Funding ratio: Loan Portfolio excluding Bank Guarantees and Stand-by Letters of
Credit / Total Funding
ALM – Average Maturity
Total Deposits over Total Funding
months
R$ million
Total Deposits
16
16
14
16
16
Mar-15
8,797
8,559
53%
53%
47%
Mar-14
8,638
Others
8,500
8,367
57%
59%
64%
47%
43%
41%
36%
Jun-14
Sept-14
Dec-14
Mar-15
17
14
13
12
12
Funding
Credit
Mar-14
Jun-14
Sept-14
Dec-14
Mar-15
15/17
Capital Adequacy Ratio (BIS), Basel III
BIS ratio reached 13.0%.
Tier II
17.1%
17.0%
2.1%
2.3%
15.0%
Mar-13
Minimum Regulatory
Capital (11%)
15.9%
2.2%
14 7%
14.7%
Jun-13
Tier I
13 7%
13.7%
Sept-13
14.1%
13.7%
13.7%
13.8%
2.1%
1.5%
1.5%
1.4%
13.9%
1 4%
1.4%
12.0%
12.2%
12.2%
12.4%
12.4%
12.2%
Dec-13
Mar-14
Jun-14
Sept-14
Dec-14
Mar-15
R$ Million
BIS (%)
1,232
12.2%
Tier II
85
0.8%
Total
1 317
1,317
13.0%
Tier I
13.0%
13
0%
0.8%
16/17
Investor Relations
Noberto N. Pinheiro Junior
CEO/IRO
Raquel Varela Bastos
Head of Investor Relations, Marketing & Press
Luiz Maximo
Investor Relations Specialist
Ana Lopes
Investor Relations Analyst
Gabriel Netto
Investor Relations Analyst
Phone: (55 11) 3372-5343
www.pine.com/ir
[email protected]
This report may contain forward-looking statements concerning the business prospects, projections of operating and financial results and growth outlook of PINE. These are merely projections and as such
are based solely on management’s expectations regarding the future of the business. These statements depend substantially on market conditions, the performance of the sector and the Brazilian economy
(political and economic changes, volatility in interest and exchange rates, technological changes, inflation, financial disintermediation, competitive pressures on products and prices and changes in tax
legislation) and therefore are subject to change without prior notice.
17/17

1Q15 Earnings Release Conference Call

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