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Call 1Q11 Eng
Call 1Q11 Eng
Call 1Q11 Eng
Call 1Q11 Eng
Call 1Q11 Eng
Call 1Q11 Eng
Call 1Q11 Eng
Call 1Q11 Eng
Call 1Q11 Eng
Call 1Q11 Eng
Call 1Q11 Eng
Call 1Q11 Eng
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  • 1. BM&FBovespa: VLID31Q11 ResultsCONFERENCE CALLPRESENTATION
  • 2. CONSOLIDATED Financial Highlights 1Q10 1Q11 (R$ million) Net Revenue 170.1 206.0 EBITDA¹ 37.5 43.1 EBITDA Margin² 22.0% 20.4% Net Income³ 19.1 23.2 Net Margin 11.2% 11.3%¹ EBITDA adjusted for non-recurring expenses in 1Q10.² EBITDA Margin does not include equity income in 1Q11.³ Net Income adjusted for deferred income tax and social contribution and non-recurring expenses. EBITDA 14.9% higher than in 1Q10; 21.1% increase in net revenue; Increase in payout from 30% to 40% of adjusted income as payment of interest on equity and dividends for2011; New business structure focused on clients’ needs; 3
  • 3. NET REVENUE AND EBITDA MIX IN 1Q11Net Revenue Payment Means 23,0% Payment Means with the biggest contribution to Net Revenue, 3.9 p.p. higher than in 1Q10 48,9% Identification Systems 28,1% TelecommunicationsEBITDA 20,4% Payment Means Identification Systems still accounts for the 35,0% Identification largest share of the Company’s EBITDA. Systems Telecommunications 44,6% 4
  • 4. PAYMENT MEANS 1Q10 1Q11Net Revenue 76.6 100.7EBITDA 5.2 15.1EBITDA Margin 6.8% 15.0%Sales volume (millions of cards) 33.2 48.9 Continuous evolution of smart cards contributed to 31.5% growth in net revenue ; EBITDA of R$15.1 million, up 190.4% on 1Q10; EBITDA margin increased from 6.8% in 1Q10 to 15.0% in 1Q11. 5
  • 5. IDENTIFICATION SYSTEMS 1Q10 1Q11Net Revenue 53.3 58.0EBITDA 20.6 19.2EBITDA Margin 38.6% 33.1%Sales Volume (million) 3.9 3.4 Net revenue 8.8% higher than in 1Q10; EBITDA decreased 6.8% from 1Q10, due to the drop in document issues; EBITDA margin declined from 38.6% in 1Q10 to 33.1% in 1Q11; New services expected to continue being included in existing contracts. 6
  • 6. TELECOMMUNICATIONS 1Q10 1Q11Net Revenue 40.2 47.3EBITDA 11.7 8.8EBITDA Margin 29.1% 16.3%Sales Volume (Millions of Cards) 12.0 14.4Equity Income 1.1 17.7% increase in net revenue from telecommunications; EBITDA of R$8.8 million, versus R$11.7 million in 1Q10. Excluding the sum of R$4 million received in2010, a quarter-on-quarter increase of 14.3%; Market share expected to increase in 2011. 7
  • 7. CASH POSITION 1Q11 Position R$ million Opening cash balance 139.7 Capex (5.2) Share buyback (3.3) Dividends / Interest on Equity (7.0) Other 0.6 Closing cash balance 124.8 8
  • 8. INDEBTEDNESS R$ million Debentures Gross Debt 189.7 R$180 million Cash 124.8 Issue: April 2008 Net Debt 64.9 1st Installment: April 2011 Net Debt/ EBITDA* 0.36 Coupon: CDI + 1.5% p.a. EBITDA* / Financial Expenses* 8.44 Term: 5 years Grace Period: 3 years Covenants - Net Debt / EBITDA ≤ 2,5 - EBITDA / Net Expenses ≥ 2,0* Accumulated EBITDA and Financial Expenses in the past 12 months 9
  • 9. 2011 OUTLOOK 1. Strategic Plan 2. Digital Certification 3. Election of Board of Executive Officers 4. Dividends 5. EBITDA 10
  • 10. INVESTOR RELATIONS CONTACTSFor further information, please contact the IR department:Carlos Affonso D’AlbuquerqueChief Financial and Investor Relations Officeraffonso@valid.com.br+55 (21) 2195-7202+55 (21) 9584-1338Investor Relations Website:www.valid.com.br/riAv. Presidente Wilson, 231 - 16° Andar - Rio de Janeiro - RJ - CEP 20030-905 11
  • 11. DISCLAIMERThis release contains forward-looking statements relating to the business prospects, estimates of operating andfinancial results, and those related to growth prospects of Valid. These are merely projections and, as such, arebased exclusively on the expectations of Valid’s management concerning the future of the business and itscontinuous access to capital to finance the Company’s business plan. Such forward-looking statements depend,substantially, on changes in market conditions, government regulations, competitive pressures, the performanceof the Brazilian and international economies and the industry, among other factors, besides the risks presentedin the documents filed by Valid and are, therefore, subject to change without prior notice. 12

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