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Institutional Presentation Highlights and Results
- 2. 2/28Investor Relations | 2Q15 | Profile and History Pine History Business Strategy Competitive Landscape Focus Always on the Client Corporate Credit FICC Pine Investimentos Highlights and Results Corporate Governance Corporate Governance Committees Social Investment and Responsibility Summary
- 4. 4/28Investor Relations | 2Q15 | Over R$2 billion 39% R$500 million to R$2 billion 34% Up to R$500 million 27% Pine Specialized in providing financial solutions for corporate clients… Credit Portfolio by Annual Client Revenues Profile Focused on establishing long-term relationships Profound knowledge and product penetration Business is structured along three primary business lines: • Corporate Credit: credit and financing products • FICC: instruments for hedging and risk management • Pine Investimentos: Capital Markets, Financial Advisory, Project & Structured Finance and Research June 30th, 2015
- 5. 5/28Investor Relations | 2Q15 | 184 222 341 521 620 755 663 761 1.214 2.854 3.105 4.192 5.763 6.963 7.912 9.920 9.826 8.621 62 121 126 140 136 152 171 209 335 801 827 825 867 1.015 1.220 1.272 1.256 1.208 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 jun/05 Corporate Credit Portfolio (R$ Million) Shareholders' Equity (R$ Million) ...with extensive knowledge of Brazil’s corporate credit cycle. History 1997 Noberto and Nelson Pinheiro sell their stake in BMC and found Pine 1939 Pinheiro Family founds Banco Central do Nordeste 1975 Noberto Pinheiro becomes one of BMC’s controlling shareholders Devaluation of the real Nasdaq Sept. 11 Brazilian Elections (Lula) SubprimeAsian Crisis Russian Crisis European Community End of 2007 Focus on expanding the Corporate Banking franchise Discontinuation of the payroll-deductible loan business May, 2007 Creation of Pine Investimentos products line and opening of the Cayman branch 2005 Noberto Pinheiro becomes Pine’s sole shareholder October, 2007 Beginning of the FICC Business October, 2011 Subscription of Pine’s capital by DEG August, 2012 Subscription of Pine’s capital by DEG, Proparco, Controlling Shareholder and Management November, 2012 Opening of the broker dealer in New York, Pine Securities USA LLC March, 2007 IPO May, 2015 18 years
- 7. 7/28Investor Relations | 2Q15 | Competitive Landscape Pine serves a niche market of companies with few options for banks. 100% focused on providing complete service to companies, offering customized products Corporate & SME SME & Retail Retail 100% Corporate Large Multi-Services banks Market Consolidation of the banking sector has decreased the supply of credit lines and financial instruments for corporate Foreign banks are in a deleveraging process PINE Full service Bank – Credit, Hedging, and Investment Bank products – with room for growth ~15 clients per officer Competitive Advantages: Focus Fast response: Strong relationship with clients, with the credit committee meeting twice a week and response times to clients of no more than one week Specialized services Tailor-made solutions Product diversity Foreign and Investment Banks
- 8. 8/28Investor Relations | 2Q15 | Focus Always on the Client Products tailored to meet the needs of each individual client. In addition to the headquarters located in the city of São Paulo, Pine has 10 branches throughout Brazil, in the States of Ceará, Mato Grosso, Minas Gerais, Paraná, Pernambuco, Rio de Janeiro, Rio Grande do Sul, and São Paulo. The origination network also counts with a Cayman Branch and a broker dealer in New York (USA).
- 9. 9/28Investor Relations | 2Q15 | Corporate Credit Actions Credit Committee Strong track record and solid credit origination and approval process. Credit Approval: Electronic Process Origination Officers Credit origination Credit analysis, visit to clients, data updates, interaction with internal research team Credit Analysts Regional Heads of Origination and Credit Analysis Presentation to the Credit Committee CRO, Executive Directors and Analysts of Credit Centralized and unanimous decision making process CREDIT COMMITTEE Meets once a week – reviewing 20 proposals on average Minimum quorum: 4 members - attendance of CEO or Chairman is mandatory Members: Chairman of the Board CEO Chief Risk Officer Chief Financial Officer Participants: FICC Executive Director Credit Analysts Team Other members of the Corporate Banking origination team Personalized and agile service, working closely with clients and keeping a low client to account officer ratio: each officer handles ~15 economic groups Geographic coverage of clients, providing the bank with local and extremely up-to-date credit intelligence and information Established long term relationships with more than 600 economic groups Origination network is comprised of 10 branches divided into 14 origination platforms in Brazil’s major economic centers Pine has approximentely 25 professionals in the credit analysis area, assuring that analysis is fundamentally driven and based on industry-specific intelligence Efficient loan and collateral processes, documentation, and controls, which has resulted in a low NPL track record Discussion on sizing, collateral, structure etc.
- 10. 10/28Investor Relations | 2Q15 | Commodities 10% Fixed Income 7% Currencies 83% 14,382 8,376 7,703 7,482 7,948 354 288 221 349 366 (532) (47) (365) (103) 33 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15 Notional Amount MtM Stressed MtM June 30th, 2015 Scenario on June 30th,2015: Duration: 153 days Mark-to-Market: R$366 million Stress Scenario (Dollar: +31% and Commodities Prices: -30%): Stressed MtM : R$33 million R$ million FICC Proven trackrecord: 4rd in commodity derivatives1. Client Notional Derivatives by Market Market Segments Notional Value and MtM Portfolio Profile 1Source: Cetip Report, June 2015 Fixed Income: Fixed, Floating, Inflation, Libor Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar, Australian Dollar Commodities: Sugar, Soybean (Grain, Meal and Oil), Corn, Cotton, Metals, Energy
- 11. 11/28Investor Relations | 2Q15 | 3 2 1Q15 2Q15 6 6 1H14 1H15 August, 2014 Export Prepayment Finance Structuring Agent August, 2014 Long Term Loan Financial Advisor US$58,000,000US$25,000,000 September, 2014 Debentures R$50,000,000 Lead Coordinator R$45,200,000 November, 2014 Debentures Lead Coordinator December, 2014 BNDES Onlending R$630,000,000 Coordinator July, 2014 February, 2015March, 2015 Project Finance R$391,459,000 Financial Advisor Project Finance R$30,000,000 Lead Coordinator Structuring CRP R$24,000,000 Lead Coordinator R$20,000,000 June, 2015 CRI Lead Coordinator R$ million Pine Investimentos Fee Generation Selected Transactions Capital Markets: Structuring and Distribution of Fixed Income Transactions. Financial Advisory: Project & Structured Finance, M&A, and hybrid capital transactions. Research: Macro and Commodities.
- 13. 13/28Investor Relations | 2Q15 | 2Q15 Events and Highlights 1.Sound positive liquidity gap in the past years, with 385 days for loan portfolio versus 501 days for funding. 2.Liquid balance sheet, with a cash position of R$1.2 billion, equivalent to 47% of time deposits. 3.Active and constant liability management generates benefits both in cost and terms of funding. 4.Loan portfolio coverage ratio above 4% as a result of a preemptive increase in provisions in the last twelve months. 5.Further reduction of personnel and administrative expenses, as a result of the diligence and anticipation of an adverse market in 2015. 6.16tth largest bank in derivative transactions and the 4th largest in commodity derivatives according to CETIP – OTC Clearing House.
- 14. 14/28Investor Relations | 2Q15 | 1,244 1,208 Mar-15 Jun-15 Shareholders' Equity -2.9% 9,657 8,621 Mar-15 Jun-15 Total Loan Portfolio1 -10.7% 8,367 7,564 Mar-15 Jun-15 Total Funding -9.6% 2Q15 Financial Highlights 1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Securities (bonds, CRIs, eurobonds and fund shares) R$ million The main performance indicators were within expectations in the period. 3.3% 3.3% 1Q15 2Q15 ROAE 4.0% 3.3% 1Q15 2Q15 NIM Evolution -70 bps 10 10 1Q15 2Q15 Net Income
- 15. 15/28Investor Relations | 2Q15 | Net Interest Margin NIM Evolution Main Impacts NIM Breakdown Lower transactions in FICC business; No revenue generation in Treasury; Smaller proportion of the loan portfolio over total assets; Prudential adjustments (Resolution 4277); and Marginal increase in spreads. 4.0% 3.3% 1Q15 2Q15 NIM Evolution -70 bps R$ million 2Q15 1Q15 2Q14 1H15 1H14 Financial Margin Income from financial intermediation 80 54 96 134 205 Overhedge effect (10) 34 (3) 24 (6) Income from financial intermediation ex overhedge 70 88 93 158 199
- 16. 16/28Investor Relations | 2Q15 | R$ million 2Q15 1Q15 2Q14 1H15 1H14 Operating expenses1 48 45 45 93 97 (-) Non-recurring expenses (4) (1) (1) (5) (5) Recurring Operating Expenses (A) 44 43 43 87 92 Recurring Revenues2 (B) 98 110 116 208 238 Recurring Efficiency Ratio (A/B) 44.9% 39.1% 37.1% 41.8% 38.7% 1 Other administrative expenses +tax expenses +personnel expenses 2 Gross Income from financial intermediation - provision for loan losses +fee income +overhedge effect - hedge impact - prudential adjustment according to Resolution 4277. 22 23 22 20 18 17 37.1% 39.1% 44.9% -100.0% -80.0% -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% 0 5 10 15 20 25 30 35 40 45 50 2Q14 1Q15 2Q15 46 4446 35 38.7% 41.8% -100.0% -80.0% -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% 0 20 40 60 80 100 120 140 1H14 1H15 Personnel Expenses Other administrative expenses Recurring Efficiency Ratio (%) Expenses and Efficiency Ratio Expenses Efficiency Ratio Rigorous cost control.
- 17. 17/28Investor Relations | 2Q15 | 4,284 4,509 5,050 5,093 4,904 4,731 4,730 4,440 4,066 844 990 1,068 1,103 1,071 1,248 1,302 1,118 1,074 2,807 3,073 2,909 2,905 2,941 2,896 2,969 3,191 2,896 1,059 965 903 989 1,116 924 826 909 585 Jun-13 Sept-13 Dec-13 Mar-14 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15 Trade finance: 6.8% Bank Guarantees: 33.6% BNDES Onlending : 12.5% Working Capital: 47.2% 9,657 8,621 8,994 9,537 9,930 10,090 10,032 9,800 9,826 1 Includes Stand by LC 2 Includes debentures, CRIs, Hedge Fund Shares, Eurobonds, Credit Portfolio acquired from financial institutions with recourse and Individuals R$ million Loan Portfolio The portfolio amounted to R$8.6 billion... -14.1% -10.7% 1 2
- 18. 18/28Investor Relations | 2Q15 | 38.2%38%40%44%42% 6.7%7%5% 5%5% 8.5%8%8% 7%8% 9.7%10%10%7%8% 12.2%13%12%14% 20% 12.3%12%13%12% 9% 12.4%12%12%11%8% Jun-15Mar-15Jun-14Jun-13Mar-12 Energy Real Estate Sugar and Ethanol Agriculture Engineering Transportation andLogistics Others Energy 12% Real Estate 12% Sugar and Ethanol 12% Agriculture 10% Engineering 9% Transportation and Logistics 7% Chemicals 5% Foreign Trade 4% Telecom 4% Specialized Services 4% Metallurgy 3% Vehiclesand Parts 3% Retail 3% Meatpacking 2% Construction Material 2% Food Industry 1% Other 7% Continuous Loan Portfolio Management Sectors Rebalance ...with improved sector diversification. The composition of the portfolio of the 20 largest clients changed by over 20% in the past twelve months; The share of wallet of the 20 largest clients remained below 30%, in line with market peers.
- 19. 19/28Investor Relations | 2Q15 | Residential 37% Residential Lots 35% Warehouse 15% Mall 7% Commercial 6% Working Capital 55% Guarantees 26% BNDES Onlending 11% Trade Finance 9% SP 73% MG 19% PR 7% GO 2% Working Capital 77% Guarantees 23% Main Sectors Energy| Real Estate | Agriculture Energy (12.4%) Real Estate (12.3%) Sugar and Ethanol (12.2%) Exposure by Product Exposure by Segment Exposure by Product Exposure by Segment Exposure by Product Exposure by State Guarantees 74% Working Capital 17% BNDES Onlending 9% Wind Energy 57% UTE 14% Distributors 10% Transmitting 9% Equipment Supplier 6% SHPs UHEs 3%
- 20. 20/28Investor Relations | 2Q15 | MT 31% SP 37% PR 10% BA 11% MS 3% Others 8% Working Capital 84% Guarantees 12% BNDES Onlending 4% Working Capital 71% BNDES Onlending 17% Trade Finance 12% Guarantees 1% Concession 35% Transportation 32% Industrial 24% Oil and Gas 9% Energy 1% Main Sectors Agriculture| Engineering Agriculture (9.7%) Engineering (8.5%) Exposure by Product Exposure by Product Exposure by SegmentExposure by State
- 21. 21/28Investor Relations | 2Q15 | 5.0% 6.4% 6.6% 2.9% 4.1% 4.1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Dec-14 Mar-15 Jun-15 D-H Portfolio Coverage ofTotal Portfolio Coverage ofD-H Overdue Portfolio 162% 161% 172% 50% 250% 450% 650% 1.1% 0.7% 0.1% 0.7% 0.3% 0.3% 1.1% 2.1% 1.8% Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15AA-A 38.1% B 38.3% C 17.0% D-E 4.0% F-H 2.6% Products Pledge 39% Receivables 20% Properties Pledge 39% Investments 3% June 30th, 2015 Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit. 1D-H Portfolio: D-H Portfolio / Loan Portfolio Res. 2,682 2Coverage of Total Portfolio: Provisions / Loan Portfolio Res. 2,682 3Coverage D-H Overdue Portfolio: Provisions / D-H Overdue Portfolio Loan Portfolio Quality 93.4% of loan portfolio classified between AA-C ratings. Loan Portfolio Quality – Res. 2,682 Credit Coverage Non Performing Loans > 90 days (Total Contract) Collaterals 1 2 3
- 22. 22/28Investor Relations | 2Q15 | 2,185 1,944 2,175 2,314 2,271 1,905 1,720 1,209 951 1,013 1,048 1,112 1,022 761 731 545 361 291 254 372 475 659 908 920 1,122 1,273 1,322 110 93 90 76 80 98 69 157 197 19 20 23 27 41 30 27 24 18 862 1,099 1,141 1,174 1,086 1,292 1,333 1,161 1,091 286 649 632 582 594 709 635 509 476 689 762 792 833 508 892 747 796 787 435 437 459 434 427 323 347 338 272 80 69 113 364 346 388 687 837 819 181 429 500 478 473 531 430 773 735997 973 871 834 1,064 819 839 929 605 8,367 7,564 7,111 7,894 8,383 8,797 8,559 8,638 8,500 Jun-13 Sept-13 Dec-13 Mar-14 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15 Trade Finance: 8% Private Placements: 9.7% Multilateral Lines: 10.8% International Capital Markets: 3.6% Financial Letter : 10.4% Local Capital Markets: 6.3% Onlending: 14.4% Demand Deposits: 0.2% Interbank Time Deposits: 2.6% High Net Worth Individual Time Deposits: 17.5% Corporate Time Deposits: 3.8% Institutional Time Deposits: 12.6% R$ million Funding Diversified sources of funding... 58% 48% 48%44% 41%39% 41% 35% 47% Cash over Deposits -11.6% 8.0%
- 23. 23/28Investor Relations | 2Q15 | 7.9x 7.7x 7.8x 7.8x 7.1x 5.6x 5.4x 5.4x 5.2x 4.7x - 1. 0 2. 0 3. 0 4. 0 5. 0 6. 0 7. 0 8. 0 9. 0 10. 0 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15 Expanded loan Porfolio Loan Portfolio excluding Bank Guarantees 83% 80% 80% 77% 76% Jun-14 Sept-14 Dec-14 Mar-15 Jun-15 47% 43% 41% 36% 37% 53% 57% 59% 64% 63% Jun-14 Sept-14 Dec-14 Mar-15 Jun-15 Total Deposits Others 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 Asset & Liability Management ... keeping a positive gap between credit and funding. Leverage ALM – Average Maturity Credit over Funding Ratio Total Deposits over Total Funding R$ milliondays 8,638 8,367 7,5648,559 8,500 GAP: +116 days 488 472 498 514 501 410 398 371 362 385 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15 Funding Credit
- 24. 24/28Investor Relations | 2Q15 | 14.7% 13.7% 12.0% 12.2% 12.2% 12.4% 12.4% 12.2% 12.3% 2.3% 2.2% 2.1% 1.5% 1.5% 1.4% 1.4% 0.8% 0.8% 13.0% 13.1% 17.0% 15.9% 14.1% 13.7% 13.7% 13.8% 13.9% Jun-13 Sept-13 Dec-13 Mar-14 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15 Tier II Tier I Minimum Regulatory Capital (11%) Capital Adequacy Ratio (BIS), Basel III BIS ratio reached 13.1% R$ Milion BIS Ratio (%) Tier I 1,174 12.3% Tier II 75 0.8% Total 1,248 13.1%
- 26. 26/28Investor Relations | 2Q15 | Corporate Governance Pine is committed to best corporate governance practices… One Independent Member and Two External Members on the Board of Directors Mailson Ferreira da Nóbrega: Brazil’s Finance Minister from 1988 to 1990 Gustavo Junqueira: Former Head of Pine Investimentos, Member of the Board of Directors at EZTEC, Financial Advisor at Arsenal Investimentos and CFO at Gradiente Eletrônica Harumi Susana Ueta Waldeck: Former CFO of Pine, with over 17 years of experience at the company. She brings the day-to-day experience to the Board. São Paulo Stock Exchange (BM&FBOVESPA) Level 2 Corporate Governance Audit and Compensation Committee reporting directly to the Board of Directors 100% tag along rights for all shareholders, including non-voting shares Arbitration procedures for fast settlement of litigation cases
- 27. 27/28Investor Relations | 2Q15 | Social Investment and Responsibility Focus on the short, medium and long term. Social Investment Recognition Partnerships Most Green Bank Recognized by the International Finance Corporation (IFC), private agency programs of the World Bank as the most "green" bank as a result of its transactions under the Global Trade Finance Program (GTFP) and its onlending to companies focused on renewable energy and ethanol Efficiency Energy Recognition by World Bank for support in the Energy Efficiency sector. Responsible Credit “Lists of Exceptions”: the Bank does not finance projects or those organizations that damage the environment, are involved in illegal labor practices or produce, sell or use products, substances or activities considered prejudicial to society. System of environmental monitoring, financed by the IADB and coordinated by FGV, and internally-produced sustainability reports for corporate loans Protocolo Verde – “Green Protocol”, an agreement between FEBRABAN and the Ministry of the Environment to support development that does not compromise future generations. Exhibition and sponsorship of Brazilian artists, for instance Paulo von Poser and Miguel Rio Branco, in addition to sponsoring and supporting films and documentaries such as Quebrando o Tabu (Fernando Henrique Cardoso on the drug war), O Brasil deu certo, e agora? (idealized by Mailson da Nóbrega), Além da Estrada (Charly Braun) and others. Sustainability Annual Report Sixth consecutive year disclosing the Sustainability Report in the GRI standard. The 2014 report, with its high level of clarity, transparency and quality was recognized with the second place in the Abrasca Annual Report Award, considering its category of companies with net income to R$3 billion.
- 28. 28/28Investor Relations | 2Q15 | 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. Noberto N. Pinheiro Junior CEO/IRO João Brito CFO 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 ri.pine.com ri@pine.com Investor Relations
Notas do Editor
- Recurring income from financial intermediation totaled R$389 million, with margin (NIM) at 4.3%, within the guidance range of 4.0% to 5.0%. Year on year, the lower margin is mainly explained by a defensive mix of portfolio, by an average cash position 16.1% higher than the average of 2013 and also by an increase in FICC and Treasury risk aversion. In 4Q14, recurring income from financial intermediation totaled R$94 million, with recurring net interest margin (NIM) at 4.2%. This reduction compared to the previous quarter is mainly explained by the lower flow of transactions in the FICC business, by an average cash position 7.5% higher than the 3Q14, and also by the mark to market of private securities that compose the expanded loan portfolio.