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1Q12 EARNINGS PRESENTATIONApril 26, 2012
DISCLAIMERThe Company makes forward looking statements that are subject to risks anduncertainties. These statements are ba...
CIELO | HIGHLIGHTS  1Q12 x 1Q11Net Income totaled R$ 566.6 million ,+33.4% and Net Margin of 40.5%;Adjusted EBITDA totaled...
CIELO | FAIR SHARE                                  Financial Volume Breakdown (in R$)          Considering the 2 main par...
CIELO | FINANCIAL INDICATORS     Financial Indicators                  1Q12                 1Q11      1Q12 X 1Q11    4Q11 ...
CIELO | OPERATING PERFORMANCE        Cielo- Number of Transactions (million)                                              ...
CIELO | REVENUES               Commissions Revenues (R$ million)                                            Equipment Rent...
CIELO | PREPAYMENT OF RECEIVABLES                                                 Revenue of Prepayment of Receivables ex ...
Costs of services renderedCIELO | COSTS                                                                                   ...
CIELO | EXPENSES          Operating Expenses Composition- 1Q11 to 1Q12 (R$ million)               6,7              3,6    ...
CIELO | FINANCIAL PERFORMANCE                      Adjusted EBITDA (R$ million)                                           ...
ri@cielo.com.br+ 55 11 2596 1701
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04 26-2012 - 1 q12 earnings results presentation

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Transcript of "04 26-2012 - 1 q12 earnings results presentation"

  1. 1. 1Q12 EARNINGS PRESENTATIONApril 26, 2012
  2. 2. DISCLAIMERThe Company makes forward looking statements that are subject to risks anduncertainties. These statements are based on the beliefs and assumptions of our management as wellas on information currently available to us. Forward-looking statements include information regarding ourcurrent intent, beliefs or expectations, in addition to those of the members of the Board of Directors andExecutive Officers of the Company.Forward-looking statements also include information regarding our possible or assumed future operatingresults, as well as statements preceded or followed by, or that include, the words believes”, may”,will”, continues”, expects”, anticipates”, intends”, plans”, estimates”, or similarexpressions.Forward-looking statements are not guarantees of performance. They involve risks, uncertainties andassumptions, for they relate to future events, thus depending on circumstances that may or may notoccur. Our future results and the creation of value to shareholder s may differ significantly from thoseexpressed in or suggested by these forward-looking statements. Many factors determining theseresults and values are beyond Cielo’s ability to control or predict. 2
  3. 3. CIELO | HIGHLIGHTS 1Q12 x 1Q11Net Income totaled R$ 566.6 million ,+33.4% and Net Margin of 40.5%;Adjusted EBITDA totaled R$ 943.8 million,+37.9% and Adjusted EBITDA Margin of 67.4%;Transaction financial volume, according to market criterion totaled,R$ 87.4 billion, +26.8%Transaction financial volume, according to accounting criterion, totaled R$ 88.1 billion, +25.5% Credit R$ 56.8 billion, +28.1% Debit R$ 31.3 billion, +20.9%Net Operating Revenue + prepayment of receivables totaled R$ 1.4 billion, +29.3%Equipment Rental totaled R$325.0 million ,+21.1% OthersCielo and Cybersource announce a alliance to release a fraud prevention solution to e-commercein Brazil;Cielo receives the “Best Investor Relations by a Latin American Company in the USmarket” award from IR Magazine;Bonus share of 20% , totaling 655,096,224 common shares. 3
  4. 4. CIELO | FAIR SHARE Financial Volume Breakdown (in R$) Considering the 2 main participants , Cielo gained 0.7 p.p. quarter-on-quarter 42,8% 42,3% 42,1% 40,5% 39,8% 57,2% 57,7% 57,9% 59,5% 60,2% 1Q11 2Q11 3Q11 4Q11 1Q12 Cielo Redecard Source : Public information, released by the companies 4
  5. 5. CIELO | FINANCIAL INDICATORS Financial Indicators 1Q12 1Q11 1Q12 X 1Q11 4Q11 1Q12 X 4Q11 Financial Volume (R$ million) 88,081.8 70,203.7 25.5% 91,252.7 -3.5% Transaction (million) 1,269.4 1,058.7 19.9% 1,301.8 -2.5% Net Revenue* (R$ million) 1,399.5 1,082.1 29.3% 1,383.1 1.2% Cost of Services (R$ million) (399.1) (311.5) 28.1% (405.7) -1.6% Operating Expenses (R$ million) (129.9) (139.9) -7.1% (207.9) -37.5% Unit Costs + Expenses ex subsidiaries (0.37) (0.39) -4.3% (0.44) -15.2% Adjusted EBITDA (R$ million) 943.8 684.3 37.9% 833.2 13.3% Net Income (R$ million) 566.6 424.6 33.4% 504.5 12.3% Blended Net MDR (bps) 105 105 - 105 - Credit Net MDR (bps) 119 122 (3) 119 - Debit Net MDR (bps) 81 76 5 81 - 5* Including prepayment of receivables present value adjusted
  6. 6. CIELO | OPERATING PERFORMANCE Cielo- Number of Transactions (million) Cielo Financial Volume ( R$million) 19.9% 1,302 1,269 25.5% 91,253 88,082 79,775 1,167 74,6231,058 1,094 70,205 35.219 31.296 572 531 29.407 455 489 98.742 118.315 447 -2.5% -3.5% 50.368 56.034 56.786 639 678 730 738 162.933 197.541 611 1Q11 2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12 Credit cards Debit cards Credit Debit Cielo- Number of Active Merchants ( 1 transaction in the last 60 days) 11.7% 1.212 1.199 1.153 1.115 1.1% 1.085 1Q11 2Q11 3Q11 4Q11 1Q12 6
  7. 7. CIELO | REVENUES Commissions Revenues (R$ million) Equipment Rental (R$ million) 21.1% 342,9 26.2% 955.4 296,1 927.8 268,4 265,1 272,3 823.1 754.9 286,4 254,1 735.1 9.7% 226,5 -2.9% 196,2 204,8 669,0 673,7 538,9 550,1 596,6 1Q11 2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12 Credit DebitMDR 1Q11 2Q11 3Q11 4Q11 1Q12 POS 1Q11 2Q11 3Q11 4Q11 1Q12Net MDR AverageDebit 76 74 77 81 81 Rental 69 65 65 67 71 (R$/month)Net MDRCredit 122 117 118 119 119 Installed POS 1.293 1.351 1.402 1.484 1.524 (thousand) 7
  8. 8. CIELO | PREPAYMENT OF RECEIVABLES Revenue of Prepayment of Receivables ex Adjustments (R$ million) 57.4% 193,1 190,1 159,9 137,7 16,9 -1.6% 1Q11 2Q11 3Q11 4Q11 1Q126.00 0,0 Prepayment of Receivables 20, 0% Average Term (days) 5.289,9 62,9 4.899,2 18, 0% 58,55.00 0,0 16, 0% 56,0 55,8 55,74.00 0,0 3.894,6 14, 0% 3.236,9 3.376,9 12, 0%3.00 0,0 10, 0% 8,7% 9,3% 8,0 %2.00 0,0 7,3% 7,2% 7,7% 6,0 % 4,0 %1.00 0,0 2,0 % - 0,0 % 1Q11 2Q11 3Q11 4Q11 1Q12 Financial prepayment volume % Prepayment over Credit Financial Volume 1Q11 2Q11 3Q11 4Q11 1Q12 8
  9. 9. Costs of services renderedCIELO | COSTS Depreciation and amortization Unit per transaction Costs Comparison 1Q12 X 1Q11 (R$ million) 399.2 17.4%  Reduction of 2.1% of the unit 71,8 46,9 324.1 cost excluding the subsidiaries 276.1 and the additional brands fee 28,1 71,8 52,5  If the impact of depreciation is 327,4 252,4 eliminated in the same 223,6 analysis, the reduction would have been 5.9% 1Q12 Reported Costs related to Additional brands fee 1Q12 Adjusted 1Q11 Adjusted subsidiaries 2.1% 0.314 0.037 0.022 0.255 0.261 Costs Comparison 1Q12 X 4Q11 (R$ million) -2.8%  Reduction of 0.3% of the unit 399.2 359.9 370.1 cost excluding the subsidiaries 71,8 46,9 62,4 and the additional brands fee 7,6 71,8  If the impact of depreciation is 327,4 288,1 307,7 eliminated in the same analysis, the reduction would have been 4.0% 1Q12 Reported Costs related to Additional brands fee 1Q12 Adjusted 4Q11 Adjusted subsidiaries 0,3% 0.314 0.037 +0.006 0.283 0.284 9
  10. 10. CIELO | EXPENSES Operating Expenses Composition- 1Q11 to 1Q12 (R$ million) 6,7 3,6 0,6 (8,2) (12,6) 139,9 129,9 In both comparison 1Q11 Personnel Other Expenses Depreciation General and Marketing and 1Q12 and Administratives Sales Expenses (1Q11 x 1Q12 and Amortization 4Q11 x 1Q12) the main impact for the Operating Expenses Composition - 4Q11 to 1Q12 (R$ million) reduction was due to marketing and sales expenses. 0,3 (1.3) (5.6) (12.5) (58.8) 207,9 129,9 4Q11 Depreciation Personnel Other Expenses General and Marketing and 1Q12 and Administratives Sales Expenses Amortization 10
  11. 11. CIELO | FINANCIAL PERFORMANCE Adjusted EBITDA (R$ million) Net Income (R$ million) 33.4% 37.9% 600 ,0 566,6 60, 00%1.0 00,0 943,8 75, 00% 833,2 504,5 900 ,0 741,2 55, 00% 716,5 500 ,0 457,5 684,3 70, 00% 800 ,0 424,7 423,6 12.3% 13.3% 50, 00% 700 ,0 400 ,0 67% 65, 00% 600 ,0 45, 00% 500 ,0 63% 64% 60, 00% 300 ,0 61% 40, 00% 400 ,0 60% 41% 55, 00% 200 ,0 39% 300 ,0 38% 38% 35, 00% 37% 200 ,0 50, 00% 100 ,0 30, 00% 100 ,0 0,0 45, 00% 0,0 25, 00% 1Q11 2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12 Adjusted EBITDA Adjusted EBITDA Margin Net Income Net Margin 11
  12. 12. ri@cielo.com.br+ 55 11 2596 1701
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