The document discusses Paraná Banco's consolidated financial statements and pro forma statements for 1Q07. It notes that the statements were prepared according to Brazilian corporate law and regulatory standards. The document also contains a disclaimer that forward-looking statements are based on management expectations and are not guarantees of future performance.
Paraná Banco reported its financial results for 4Q08 and full year 2008. Key highlights include:
- Net income of R$84.1 million in 2008, with the insurance sector contributing 27.2%
- Total assets of R$1.9 billion, growing 5.1%
- Origination of payroll-deductible
The document summarizes Profarma's earnings results for the second quarter of 2008. Key highlights include a 21.8% increase in gross revenue compared to the same period last year, reaching R$742.8 million. Adjusted EBITDA grew 21.6% to R$23.9 million. Profarma's market share reached 11.8%, up 1.1 percentage points from the prior year.
HSBC France held an investor presentation on March 12, 2008 to discuss the bank's financial performance and future plans. The presentation highlighted that HSBC France achieved 10.7% growth in net operating income before loan impairment charges in 2007 compared to 2006. It also noted strong growth across various business lines including Global Banking and Markets, Personal Financial Services, and Commercial Banking. The presentation further discussed HSBC France's plans to focus on premier banking, international connectivity, and cross-selling opportunities across its business lines. Finally, it mentioned that HSBC France received a firm offer to acquire seven regional banks in France for EUR2.1 billion.
OGX reported highlights from its 2009 results and subsequent events:
- Completed five exploratory wells in the Campos Basin with estimated volumes between 2.1 to 4.7 billion barrels of oil equivalent.
- Acquired additional exploration blocks and increased participation in existing blocks.
- Independent assessment certified over 6.7 billion barrels of risked prospective resources across OGX's portfolio.
- Chartered its first FPSO and entered into a long-term production services agreement.
- Maintained a strong cash position of R$7.3 billion to fund its extensive exploratory commitments through 2013.
The document summarizes the performance of Global Banking and Markets in the first half of 2008. Key points include:
- Global Banking and Markets contributed 26% of the group's pre-tax profits despite challenging market conditions.
- Strength in emerging markets like Asia Pacific and Latin America helped offset losses elsewhere.
- Writedowns were taken on subprime, credit, and leveraged loan exposures totaling $3.9 billion.
- Two of the group's structured investment vehicles, Cullinan and Asscher, had their assets transferred or sold into three securities investment conduits to provide more stable funding.
- Iochpe-Maxion reported consolidated net operating revenue of R$442.1 million for 2Q08, an increase of 38.6% over 2Q07.
- EBITDA for 2Q08 was R$71.9 million, an increase of 97.3% compared to 2Q07.
- Net income for 2Q08 was R$44.1 million, an increase of 217.5% over 2Q07.
Banco Sabadell reported results for fiscal year 2010. Net interest income declined 8.8% due to a higher cost of funding, though capital ratios improved. Commercial activity generated an important GAP and liquidity remained comfortable without reliance on ECB funding. Loan growth continued alongside sustained increases in customers and deposits. Cost management was good and Banco Guipuzcoano was efficiently integrated.
Paraná Banco reported its financial results for 4Q08 and full year 2008. Key highlights include:
- Net income of R$84.1 million in 2008, with the insurance sector contributing 27.2%
- Total assets of R$1.9 billion, growing 5.1%
- Origination of payroll-deductible
The document summarizes Profarma's earnings results for the second quarter of 2008. Key highlights include a 21.8% increase in gross revenue compared to the same period last year, reaching R$742.8 million. Adjusted EBITDA grew 21.6% to R$23.9 million. Profarma's market share reached 11.8%, up 1.1 percentage points from the prior year.
HSBC France held an investor presentation on March 12, 2008 to discuss the bank's financial performance and future plans. The presentation highlighted that HSBC France achieved 10.7% growth in net operating income before loan impairment charges in 2007 compared to 2006. It also noted strong growth across various business lines including Global Banking and Markets, Personal Financial Services, and Commercial Banking. The presentation further discussed HSBC France's plans to focus on premier banking, international connectivity, and cross-selling opportunities across its business lines. Finally, it mentioned that HSBC France received a firm offer to acquire seven regional banks in France for EUR2.1 billion.
OGX reported highlights from its 2009 results and subsequent events:
- Completed five exploratory wells in the Campos Basin with estimated volumes between 2.1 to 4.7 billion barrels of oil equivalent.
- Acquired additional exploration blocks and increased participation in existing blocks.
- Independent assessment certified over 6.7 billion barrels of risked prospective resources across OGX's portfolio.
- Chartered its first FPSO and entered into a long-term production services agreement.
- Maintained a strong cash position of R$7.3 billion to fund its extensive exploratory commitments through 2013.
The document summarizes the performance of Global Banking and Markets in the first half of 2008. Key points include:
- Global Banking and Markets contributed 26% of the group's pre-tax profits despite challenging market conditions.
- Strength in emerging markets like Asia Pacific and Latin America helped offset losses elsewhere.
- Writedowns were taken on subprime, credit, and leveraged loan exposures totaling $3.9 billion.
- Two of the group's structured investment vehicles, Cullinan and Asscher, had their assets transferred or sold into three securities investment conduits to provide more stable funding.
- Iochpe-Maxion reported consolidated net operating revenue of R$442.1 million for 2Q08, an increase of 38.6% over 2Q07.
- EBITDA for 2Q08 was R$71.9 million, an increase of 97.3% compared to 2Q07.
- Net income for 2Q08 was R$44.1 million, an increase of 217.5% over 2Q07.
Banco Sabadell reported results for fiscal year 2010. Net interest income declined 8.8% due to a higher cost of funding, though capital ratios improved. Commercial activity generated an important GAP and liquidity remained comfortable without reliance on ECB funding. Loan growth continued alongside sustained increases in customers and deposits. Cost management was good and Banco Guipuzcoano was efficiently integrated.
Cognizant is a global technology company founded in 1994 and headquartered in Teaneck, New Jersey. It has annual revenues of $2.8 billion and employs approximately 63,000 people across more than 40 global delivery centers. Cognizant provides a range of technology services including application development, integration and maintenance, IT infrastructure services, and technology consulting. The company focuses on industries like banking and financial services, healthcare and life sciences, and manufacturing.
The 2008 Avery Dennison Annual Report provides an overview of the company's financial performance and business segments in 2008. It notes that while the global economic downturn impacted sales, the company increased free cash flow to a record level. The three main business segments - Pressure-sensitive Materials, Retail Information Services, and Office and Consumer Products - all experienced slowing demand. However, the company increased market share in key products and gained new customers. It also completed a restructuring program targeting $150 million in annual savings. Overall, the annual report emphasizes that despite challenging economic conditions, the company's focus on innovation, quality and service positioned it for long-term growth.
The 2008 Avery Dennison Annual Report provides an overview of the company's financial performance and business segments in 2008. It notes that while the global economic downturn impacted sales, the company increased free cash flow to a record level. The three main business segments - Pressure-sensitive Materials, Retail Information Services, and Office and Consumer Products - all experienced slowing demand. However, the company increased market share in key products and gained new customers. It also completed a restructuring program aimed at reducing costs. Overall, the annual report emphasizes that while short-term outlook is cautious due to economic uncertainty, the company's strategic focus and investments in growth areas position it well for the long-term.
The document provides an overview of BI&P's 3rd quarter 2012 results. Key highlights include:
- Expanded credit portfolio grew 6.5% quarter-over-quarter to R$3 billion, with higher quality loans.
- Non-performing loans declined and coverage ratios increased.
- Revenue from services grew 40% year-over-year.
- Net profit increased 29% over the previous quarter to R$3.1 million.
- The bank continues improving portfolio quality while expanding in targeted industry niches.
Liberty Global reported strong financial results for fiscal year 2007. Organic operating cash flow growth was 16% excluding acquisitions. The company achieved robust subscriber growth, increased bundling of services, and improved operating cash flow margins. Liberty Global also increased its tax loss carryforwards, generated significant free cash flow, and maintained a strong liquidity and leverage position providing flexibility for strategic initiatives.
liberty global 98D59FD4-AEFE-4E07-94BE-1D6D7EDB882C_Q4_2008_Presentation_FINALfinance43
This document provides a summary of Liberty Global's fiscal 2008 investor call held on February 24, 2009. It discusses Liberty Global's 2008 financial highlights including strong organic growth, opportunistic M&A activity, and a stable balance sheet and liquidity. Key metrics such as operating cash flow growth, margin expansion, and free cash flow growth are reviewed. Liberty Global's 2009 operating outlook targets continued growth in operating cash flow, operating cash flow margin expansion, and at least 25% free cash flow growth. Regional performance and trends in revenue, operating cash flow, and margins are also summarized.
- CSU reported strong growth in 2Q12, with EBITDA expanding 19.7% and the EBITDA margin rising to 20.2%
- Gross revenues totaled R$103.5 million and the gross margin increased to 25.7%
- New contracts were signed to issue cards with Banco do Nordeste and Banpará that will generate over R$70 million in revenues
This document provides an overview of BI&P's 4th quarter results presentation. It highlights that BI&P's expanded credit portfolio grew 2.6% quarter-over-quarter and 21% year-over-year to R$3.1 billion. The corporate segment represented 59.3% of the portfolio. Credit quality improved with 79.1% of the portfolio rated AA-B. Net profit was R$3.6 million in 4Q12, up 15.8% year-over-year. BI&P continued developing new product offerings and niche expertise in areas like agricultural bonds and corporate ecosystem services.
The document discusses Intact Financial Corporation's acquisition of AXA Canada. The key points are:
1) The acquisition strengthens IFC's position as the largest property and casualty insurer in Canada, increasing its premiums by over 40%.
2) The acquisition is financially compelling with an expected internal rate of return of 20% and accretion to net operating income per share.
3) Combining the two companies creates a leading P&C insurer in Canada and provides numerous diversification and synergistic benefits.
Al Fried Llc Analytics Report CVC 070909 Ak Markedttgoods
The analyst initiates coverage of Cablevision Systems Corp. (CVC) with a BUY rating and $23 price target. Some key points from the summary:
- CVC has a recurring revenue model from telecom services that will see strong retention in a weak economy.
- Madison Square Garden is viewed as a hidden asset not fully reflected in CVC's stock price.
- A sum-of-the-parts valuation estimates CVC's equity is worth $22.86 per share, representing 30% upside to the target price.
This document discusses interest rates and value creation at a microfinance institution. It breaks down the institution's cost structure, including costs of funds, operating costs, taxes, loan loss provisions, and profits. It then discusses how the institution has gradually reduced interest rates over time by lowering these costs. The document also outlines how profits are reinvested into programs that benefit customers, including savings programs, financial education, and philanthropic donations. It considers how to best communicate interest rates and fees to customers in a transparent way that helps them make informed financial decisions.
The document provides a disclaimer and forward-looking statements regarding a presentation by Banco Santander Totta, S.A. and Banco Santander, S.A. It cautions that the presentation contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. It also states that the information in the presentation should be read in conjunction with other public disclosures and does not constitute an offer to buy or sell securities.
This document provides an overview of CR2's business model, ownership structure, projects, and recent events in 4Q10. Some key points:
- CR2 focuses on partnerships with pure play developers and controlling projects in the low-income housing segment.
- As of 2/12/10, Itaú Unibanco owned 20.6% and free float shares were 54.7% of the company.
- In 4Q10, CR2 launched two new projects totaling R$126mm in PSV, of which R$112mm was for CR2.
- CR2 also issued R$60mm in debentures and sold the Barrartes project for R
The document presents results for the 3rd quarter of 2007 for a Brazilian bank. It summarizes key operational and financial highlights including:
- Originations increased 61.9% year-over-year while loan assignments to funds decreased 51.7%
- Total assets grew 102% to R$1.79 billion while equity increased 276% to R$781.24 million
- Net income increased 174% to R$21.38 billion compared to the prior year
- The credit portfolio grew 16% to R$1.08 billion including loans assigned to funds
- Franchise expansion became a new sales channel with over 50 units operating by the end of the quarter
Paraná Banco reported financial results for the third quarter of 2010. Net income increased 39.6% compared to the third quarter of 2009 to R$29.5 million. Loan portfolio grew 25.9% year-over-year to R$1.518 billion while deposits increased 46.7% to R$1.372 billion. Credit quality improved with delinquency rates down and coverage ratios up compared to prior periods. The insurance segment contributed 51.5% of net income with both the insurance company and reinsurer reporting significant earnings growth.
The document provides financial information for Paraná Banco and its subsidiaries for 2Q10. Key highlights include:
- Consolidated net income was R$31.8 million, up 42.4% from 1Q10, with total assets of R$2,955.2 million, up 18% from 2Q09.
- The loan portfolio was R$1,431.4 million, a 7% increase from 1Q10, with 94.9% of the portfolio rated AA to C.
- The insurance subsidiaries reported strong results, with the insurer reporting net income of R$12.5 million and the reinsurer R$3.8 million.
The document provides an overview of Paraná Banco's financial performance in the fourth quarter and full year of 2009. It summarizes that net income increased 81.4% in 4Q09 and 24.0% for the full year, driven by recovery in credit operations and a reduction in expenses. The insurance business contributed over half of 4Q09 net income and 43.0% for the full year. Total assets grew 6.1% in 4Q09 and 21.8% for the year. Loan volumes and deposits increased compared to prior periods. Asset quality remained strong, with over 90% of loans rated AA to C.
This document provides consolidated financial information for 1Q10 for a bank and its subsidiaries including insurers and reinsurers. It summarizes key credit quality metrics such as non-performing loans over 90 and 180 days. It also provides highlights on the bank's financial performance including a 21% increase in loan portfolio from 1Q09 and a 44.1% rise in total deposits. The insurance group contributed 45.5% of net income, with the insurer achieving a 26.1% ROAE and the reinsurer a 13.5% ROAE. While net income rose 10.2% from 1Q09, it declined 23.1% from 4Q09 due to lower insurance income and higher taxes.
The document is Paraná Banco's 2Q07 earnings presentation. It summarizes the bank's financial performance in 2Q07 and 1H07 compared to the prior periods. Key highlights include an increase in origination and credit portfolio growth. Net income grew 99.6% in 2Q07 compared to 2Q06. The bank continued expanding its franchise channel. Credit quality remained high, with 94% of loans rated AA-C. Deposits increased to fund loan growth. The insurer J. Malucelli Seguradora also experienced growth.
The document provides financial and operational information for Paraná Banco and its subsidiaries. Some key points:
1) Net income for 3Q09 was R$21.1 million, a 10.5% increase over 3Q08. Total deposits increased 19.1% compared to 2Q09.
2) The insurance business contributed R$6.3 million to net income in 3Q09, a 53.2% increase over 3Q08. Market share for JMalucelli Seguradora was 31.4% in August 2009.
3) The loan portfolio grew 4.1% compared to 2Q09. Non-performing loans over 90 days were up 10.
Paraná Banco reported financial results for the third quarter of 2010. Net income increased 39.6% compared to the third quarter of 2009 to R$29.5 million. Loan portfolio grew 25.9% year-over-year to R$1.518 billion while deposits increased 46.7% to R$1.372 billion. Credit quality improved with delinquency rates down and coverage ratios up compared to prior periods. The insurance segment contributed 51.5% of net income with both the insurance company and reinsurer reporting significant earnings growth.
Cognizant is a global technology company founded in 1994 and headquartered in Teaneck, New Jersey. It has annual revenues of $2.8 billion and employs approximately 63,000 people across more than 40 global delivery centers. Cognizant provides a range of technology services including application development, integration and maintenance, IT infrastructure services, and technology consulting. The company focuses on industries like banking and financial services, healthcare and life sciences, and manufacturing.
The 2008 Avery Dennison Annual Report provides an overview of the company's financial performance and business segments in 2008. It notes that while the global economic downturn impacted sales, the company increased free cash flow to a record level. The three main business segments - Pressure-sensitive Materials, Retail Information Services, and Office and Consumer Products - all experienced slowing demand. However, the company increased market share in key products and gained new customers. It also completed a restructuring program targeting $150 million in annual savings. Overall, the annual report emphasizes that despite challenging economic conditions, the company's focus on innovation, quality and service positioned it for long-term growth.
The 2008 Avery Dennison Annual Report provides an overview of the company's financial performance and business segments in 2008. It notes that while the global economic downturn impacted sales, the company increased free cash flow to a record level. The three main business segments - Pressure-sensitive Materials, Retail Information Services, and Office and Consumer Products - all experienced slowing demand. However, the company increased market share in key products and gained new customers. It also completed a restructuring program aimed at reducing costs. Overall, the annual report emphasizes that while short-term outlook is cautious due to economic uncertainty, the company's strategic focus and investments in growth areas position it well for the long-term.
The document provides an overview of BI&P's 3rd quarter 2012 results. Key highlights include:
- Expanded credit portfolio grew 6.5% quarter-over-quarter to R$3 billion, with higher quality loans.
- Non-performing loans declined and coverage ratios increased.
- Revenue from services grew 40% year-over-year.
- Net profit increased 29% over the previous quarter to R$3.1 million.
- The bank continues improving portfolio quality while expanding in targeted industry niches.
Liberty Global reported strong financial results for fiscal year 2007. Organic operating cash flow growth was 16% excluding acquisitions. The company achieved robust subscriber growth, increased bundling of services, and improved operating cash flow margins. Liberty Global also increased its tax loss carryforwards, generated significant free cash flow, and maintained a strong liquidity and leverage position providing flexibility for strategic initiatives.
liberty global 98D59FD4-AEFE-4E07-94BE-1D6D7EDB882C_Q4_2008_Presentation_FINALfinance43
This document provides a summary of Liberty Global's fiscal 2008 investor call held on February 24, 2009. It discusses Liberty Global's 2008 financial highlights including strong organic growth, opportunistic M&A activity, and a stable balance sheet and liquidity. Key metrics such as operating cash flow growth, margin expansion, and free cash flow growth are reviewed. Liberty Global's 2009 operating outlook targets continued growth in operating cash flow, operating cash flow margin expansion, and at least 25% free cash flow growth. Regional performance and trends in revenue, operating cash flow, and margins are also summarized.
- CSU reported strong growth in 2Q12, with EBITDA expanding 19.7% and the EBITDA margin rising to 20.2%
- Gross revenues totaled R$103.5 million and the gross margin increased to 25.7%
- New contracts were signed to issue cards with Banco do Nordeste and Banpará that will generate over R$70 million in revenues
This document provides an overview of BI&P's 4th quarter results presentation. It highlights that BI&P's expanded credit portfolio grew 2.6% quarter-over-quarter and 21% year-over-year to R$3.1 billion. The corporate segment represented 59.3% of the portfolio. Credit quality improved with 79.1% of the portfolio rated AA-B. Net profit was R$3.6 million in 4Q12, up 15.8% year-over-year. BI&P continued developing new product offerings and niche expertise in areas like agricultural bonds and corporate ecosystem services.
The document discusses Intact Financial Corporation's acquisition of AXA Canada. The key points are:
1) The acquisition strengthens IFC's position as the largest property and casualty insurer in Canada, increasing its premiums by over 40%.
2) The acquisition is financially compelling with an expected internal rate of return of 20% and accretion to net operating income per share.
3) Combining the two companies creates a leading P&C insurer in Canada and provides numerous diversification and synergistic benefits.
Al Fried Llc Analytics Report CVC 070909 Ak Markedttgoods
The analyst initiates coverage of Cablevision Systems Corp. (CVC) with a BUY rating and $23 price target. Some key points from the summary:
- CVC has a recurring revenue model from telecom services that will see strong retention in a weak economy.
- Madison Square Garden is viewed as a hidden asset not fully reflected in CVC's stock price.
- A sum-of-the-parts valuation estimates CVC's equity is worth $22.86 per share, representing 30% upside to the target price.
This document discusses interest rates and value creation at a microfinance institution. It breaks down the institution's cost structure, including costs of funds, operating costs, taxes, loan loss provisions, and profits. It then discusses how the institution has gradually reduced interest rates over time by lowering these costs. The document also outlines how profits are reinvested into programs that benefit customers, including savings programs, financial education, and philanthropic donations. It considers how to best communicate interest rates and fees to customers in a transparent way that helps them make informed financial decisions.
The document provides a disclaimer and forward-looking statements regarding a presentation by Banco Santander Totta, S.A. and Banco Santander, S.A. It cautions that the presentation contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. It also states that the information in the presentation should be read in conjunction with other public disclosures and does not constitute an offer to buy or sell securities.
This document provides an overview of CR2's business model, ownership structure, projects, and recent events in 4Q10. Some key points:
- CR2 focuses on partnerships with pure play developers and controlling projects in the low-income housing segment.
- As of 2/12/10, Itaú Unibanco owned 20.6% and free float shares were 54.7% of the company.
- In 4Q10, CR2 launched two new projects totaling R$126mm in PSV, of which R$112mm was for CR2.
- CR2 also issued R$60mm in debentures and sold the Barrartes project for R
The document presents results for the 3rd quarter of 2007 for a Brazilian bank. It summarizes key operational and financial highlights including:
- Originations increased 61.9% year-over-year while loan assignments to funds decreased 51.7%
- Total assets grew 102% to R$1.79 billion while equity increased 276% to R$781.24 million
- Net income increased 174% to R$21.38 billion compared to the prior year
- The credit portfolio grew 16% to R$1.08 billion including loans assigned to funds
- Franchise expansion became a new sales channel with over 50 units operating by the end of the quarter
Paraná Banco reported financial results for the third quarter of 2010. Net income increased 39.6% compared to the third quarter of 2009 to R$29.5 million. Loan portfolio grew 25.9% year-over-year to R$1.518 billion while deposits increased 46.7% to R$1.372 billion. Credit quality improved with delinquency rates down and coverage ratios up compared to prior periods. The insurance segment contributed 51.5% of net income with both the insurance company and reinsurer reporting significant earnings growth.
The document provides financial information for Paraná Banco and its subsidiaries for 2Q10. Key highlights include:
- Consolidated net income was R$31.8 million, up 42.4% from 1Q10, with total assets of R$2,955.2 million, up 18% from 2Q09.
- The loan portfolio was R$1,431.4 million, a 7% increase from 1Q10, with 94.9% of the portfolio rated AA to C.
- The insurance subsidiaries reported strong results, with the insurer reporting net income of R$12.5 million and the reinsurer R$3.8 million.
The document provides an overview of Paraná Banco's financial performance in the fourth quarter and full year of 2009. It summarizes that net income increased 81.4% in 4Q09 and 24.0% for the full year, driven by recovery in credit operations and a reduction in expenses. The insurance business contributed over half of 4Q09 net income and 43.0% for the full year. Total assets grew 6.1% in 4Q09 and 21.8% for the year. Loan volumes and deposits increased compared to prior periods. Asset quality remained strong, with over 90% of loans rated AA to C.
This document provides consolidated financial information for 1Q10 for a bank and its subsidiaries including insurers and reinsurers. It summarizes key credit quality metrics such as non-performing loans over 90 and 180 days. It also provides highlights on the bank's financial performance including a 21% increase in loan portfolio from 1Q09 and a 44.1% rise in total deposits. The insurance group contributed 45.5% of net income, with the insurer achieving a 26.1% ROAE and the reinsurer a 13.5% ROAE. While net income rose 10.2% from 1Q09, it declined 23.1% from 4Q09 due to lower insurance income and higher taxes.
The document is Paraná Banco's 2Q07 earnings presentation. It summarizes the bank's financial performance in 2Q07 and 1H07 compared to the prior periods. Key highlights include an increase in origination and credit portfolio growth. Net income grew 99.6% in 2Q07 compared to 2Q06. The bank continued expanding its franchise channel. Credit quality remained high, with 94% of loans rated AA-C. Deposits increased to fund loan growth. The insurer J. Malucelli Seguradora also experienced growth.
The document provides financial and operational information for Paraná Banco and its subsidiaries. Some key points:
1) Net income for 3Q09 was R$21.1 million, a 10.5% increase over 3Q08. Total deposits increased 19.1% compared to 2Q09.
2) The insurance business contributed R$6.3 million to net income in 3Q09, a 53.2% increase over 3Q08. Market share for JMalucelli Seguradora was 31.4% in August 2009.
3) The loan portfolio grew 4.1% compared to 2Q09. Non-performing loans over 90 days were up 10.
Paraná Banco reported financial results for the third quarter of 2010. Net income increased 39.6% compared to the third quarter of 2009 to R$29.5 million. Loan portfolio grew 25.9% year-over-year to R$1.518 billion while deposits increased 46.7% to R$1.372 billion. Credit quality improved with delinquency rates down and coverage ratios up compared to prior periods. The insurance segment contributed 51.5% of net income with both the insurance company and reinsurer reporting significant earnings growth.
Paraná Banco presented its 4Q07 and full year 2007 results. Key highlights include:
- Total originations grew 256% in 2007 compared to 2005 to R$1.013 billion in 4Q07.
- The franchise channel expanded to 60 units, exceeding its target of 30.
- Total assets grew to R$1.881 billion in 4Q07, up 104% from 4Q06.
- Net income was R$35.6 million in 4Q07 compared to R$13.4 million in 4Q06, an increase of 165%.
- Loan portfolio quality remained high at 95.8% AA-C ratings in 2007.
The document provides financial information for Paraná Banco for 3Q07, 3Q08, 9M07 and 9M08. It summarizes that the bank saw 44.3% growth in its credit portfolio from 3Q07 to 3Q08. Net income increased 28% from 9M07 to 9M08. The insurer subsidiary J. Malucelli Seguradora saw 33% growth in total written premiums from 3Q07 to 3Q08. Key metrics like return on equity and assets declined but remained healthy.
The document summarizes Paraná Banco's 1Q08 earnings presentation. Key points include:
- Paraná Banco focuses on payroll-deductible and middle-market loans with a low-risk customer base.
- Its loan portfolio totaled R$1.31 billion in 1Q08, up 8% from 4Q07. Portfolio quality remained high with 3.9% rated D-H.
- Net income was R$23.6 million in 1Q08, up 132.2% from 1Q07 but down 34.6% from 4Q07. Shareholders' equity grew 336.4% to R$815.9 million from 1Q07 to
Valuation Of Complex Financial Assets In Illiquid Marketsbsteffen
The 5-year single name CDS contract would be valued using a structural or reduced form default model to estimate the expected default probabilities over the 5-year period. These default probabilities would then be combined with the expected recovery rates on senior unsecured debt to calculate the expected protection payments under the CDS. The expected cash flows would then be discounted using an interest rates model to solve for the CDS price that sets the net present value of payments equal to zero. A sensitivity analysis varying the cumulative default probabilities and recovery rates could also be performed.
1. Santander Chile outlines its strategy from 2011-2013 to deepen its focus on commercial banking, especially middle-upper income individuals and mass market customers, by expanding client bases and cross-selling more products.
2. The strategy also aims to improve client relationship management and expand efficiently while managing risks conservatively.
3. Santander Chile targets solid growth and sustainable returns through this strategy by achieving double digit annual growth in key metrics like cross-sold clients and net operating income after provisions.
capital one Q3 2008 Capital One Financial Earnings Conference Call Presentationfinance13
Capital One reported third quarter 2008 results with the following highlights:
1) Diluted EPS from continuing operations was $1.03, down from $1.21 in the third quarter of 2007 driven by higher provision expense.
2) Credit performance was largely in line with expectations, with managed charge-off and delinquency rates up from the previous quarter.
3) The balance sheet and diversified funding remained strong, with available liquidity of $32 billion and deposit growth of $6 billion from the previous quarter.
The document provides highlights from BI&P's 4Q11 results presentation. It summarizes that BI&P's loan portfolio grew 13% in 4Q11 and 31% in 2011, with corporate loans increasing 47% in the quarter and 150% for the year. Net profit increased 41% in the quarter through higher net interest margins and improved profitability ratios. The document also notes that BI&P is in the final stages of migrating to a higher-level corporate governance segment of the stock exchange.
This document discusses MetLife's commercial mortgage portfolio. It notes that MetLife originated and holds over $36 billion in commercial mortgages, with about 1,000 loans concentrated in core property types like office and retail. In contrast to securitized loans, MetLife's focus is on sustainable income properties with relatively low leverage, as they originate loans to own rather than to sell. The document compares the current recession to the early 1990s recession, noting lower new supply, vacancies, and delinquency rates heading into the current downturn compared to the early 1990s, putting MetLife's portfolio in a stronger position currently.
Next Generation Loyalty Management SystemsCapgemini
Next Generation Loyalty Management Systems: Trends, Challenges, and Recommendations examines the latest operational, market, and technological challenges for loyalty management systems. Spending on loyalty programs by financial institutions has grown significantly, reaching $22.7 billion expected in the US by 2013. However, the increasing proliferation and commoditization of rewards programs has decreased their perceived value for consumers. As a result, effective management of loyalty program costs and profitability has become important. Emerging technologies are also driving changes in loyalty programs, presenting both opportunities and challenges for financial institutions.
capital one Q2 2008 Capital One Financial Earnings Conference Call Presentationfinance13
Capital One reported second quarter 2008 results. Diluted EPS from continuing operations was $1.24, down from the prior quarter and year due to higher provision expense and lower revenue. Credit performance was largely in line with expectations, with managed charge-offs at 4.15% and delinquencies at 3.56%. Tighter underwriting led to portfolio contraction. The balance sheet remains strong with increased deposits and liquidity.
Charter Communications reported strong financial results for the second quarter of 2007, with double-digit revenue and adjusted EBITDA growth driven by increases in high-speed internet and telephone customers. Revenue grew 11% year-over-year to $1.498 billion, while adjusted EBITDA rose 11% to $539 million. The company saw strong growth in its bundled customer base and average revenue per user. Charter also continued the expansion of its advanced services such as HD and DVR set-top boxes.
Charter Communications reported financial results for the second quarter of 2007 that showed double-digit revenue and adjusted EBITDA growth compared to the second quarter of 2006. Revenue grew 11% due to increases in high-speed internet, telephone, and commercial business, while adjusted EBITDA rose 11%. The company added 166,300 total RGUs in the quarter, up 47% year-over-year, driven by growth in digital video, high-speed internet, and telephone customers. Bundled customers grew 17.7% and now make up 42% of total customers.
This document summarizes the strategy, business segments, financial performance, and capital position of Banco ABC Brasil. It discusses the bank's focus on corporate and middle market clients, expansion of credit portfolio to middle market, and strategies to increase profitability per corporate client and grow middle market clients. Key financial highlights presented include steady growth in total assets and net income, strong capital and liquidity positions, and stable credit quality.
Santander Brazil has experienced growth in income and net profit in recent years through expanding its customer base and credit portfolio. However, its strategic plan for 2011-2013 aims to maximize operating leverage and improve efficiency by focusing on sustainable credit growth, customer satisfaction, and becoming customers' bank of choice. The presentation outlines Santander Brazil's business model, performance, and strategic targets to enhance its position as Brazil's banking sector grows.
This presentation provides an overview of Fidelity National Information Services:
- It is a leading global provider of payment processing and core banking services, with $3.47 billion in annual revenue.
- Its services include payment processing, which accounts for 56% of revenue, as well as core banking and risk management services.
- It expects full year 2008 adjusted earnings per share to be between $1.51-$1.57, an increase over 2007, demonstrating strong execution and earnings growth.
1) The document discusses Fidelity National Information Services, a leading global payment and core processing services provider. It presents information on FIS's business segments, revenue breakdown, competitive positioning, and technology platform.
2) Key metrics highlighted include $3.47 billion in total revenue, $839 million in adjusted EBITDA, serving over 13,000 financial institutions clients in more than 80 countries.
3) The presentation also reviews FIS's diverse and recurring revenue streams, strong operating leverage and customer service, and execution through organic revenue growth and improving EBITDA margins.
Bank of America Chief Financial Officer Al de Molina presented at the Credit Suisse Financial Services Conference on February 10, 2006. In his presentation, he discussed Bank of America's business mix, 2006 earnings outlook, leadership in the consumer and small business market, and efforts to diversify distribution channels and reduce costs. He projected 2006 revenue growth at the low end of the company's 6-9% long-term target range.
This document summarizes a conference call about a company's 4th quarter 2006 results. It includes the following key points:
1) The Brazilian credit card market grew 12.1% in 2006, while the company's card base (CSU) grew 23.1%. CSU also increased its market share leadership.
2) CSU is set to start generating monthly revenues in May 2007 from its largest ever contract to process over 4 million credit cards for Caixa, Brazil's largest bank.
3) CSU's gross revenues grew 5.6% in 2006. Its CardSystem unit grew revenues 7.2% but had lower profit margins due to non-recurring revenues in 4Q2005.
The document discusses Intact Financial Corporation's acquisition of AXA Canada. The key points are:
1) The acquisition strengthens IFC's position as the largest property and casualty insurer in Canada, increasing its premiums by over 40%.
2) The acquisition is financially compelling with an expected internal rate of return of 20% and accretion to net operating income per share.
3) Combining the two companies creates a leading P&C insurer in Canada and provides numerous diversification and synergistic benefits.
O documento descreve a estrutura societária e financeira do Banco J. Malucelli, incluindo seus resultados no primeiro trimestre de 2014. O lucro líquido recorrente aumentou 19,3% em relação ao trimestre anterior, impulsionado pelo crescimento da carteira de crédito, especialmente no segmento de middle market. A qualidade dos ativos se manteve estável, com baixos níveis de inadimplência.
1) O documento apresenta as demonstrações financeiras consolidadas do Banco e de suas controladas para o quarto trimestre de 2013.
2) Destaca o crescimento de 20,8% da carteira de crédito consolidada em relação a 2012, com estabilidade da qualidade.
3) Apresenta os principais indicadores financeiros do Banco, como a elevada capitalização com índice de Basileia de 27,4% e a expansão das linhas de crédito consignado e middle market.
1) O documento apresenta os resultados do 1T14 do Banco Paraná, destacando um aumento de 19,3% no lucro líquido recorrente em relação ao trimestre anterior.
2) A carteira de crédito cresceu 22,6% em relação ao 1T13, totalizando R$3,1 bilhões, puxada principalmente pelo crédito consignado (+19,7%) e middle market (+31,5%).
3) Os índices de qualidade da carteira se mantiveram estáveis, com créditos vencidos ac
1) O documento apresenta os resultados do 1T14 do Banco Paraná, destacando um aumento de 19,3% no lucro líquido recorrente em relação ao trimestre anterior.
2) A carteira de crédito cresceu 22,6% em relação ao 1T13, totalizando R$3,1 bilhões, puxada principalmente pelo crédito consignado (+19,7%) e middle market (+31,5%).
3) Os índices de qualidade da carteira se mantiveram estáveis, com créditos vencidos ac
O lucro líquido ajustado do banco no 3T13 foi estável em relação ao ano anterior. A carteira de crédito cresceu 19% nos últimos 12 meses, impulsionada pelo crédito consignado que teve originação 60,6% maior. A qualidade da carteira se manteve estável com nível de perdas de 0,5%.
Este documento apresenta os demonstrativos financeiros intermediários de junho de 2013 da JM Participações em Seguros e Resseguros S.A. e suas subsidiárias. Os ativos totais consolidados somam R$1,9 bilhão e o lucro líquido do semestre foi de R$27,9 milhões. Apresenta também os balanços patrimoniais, demonstrações de resultados, notas explicativas e declaração da administração das empresas do grupo.
1) O documento apresenta os resultados financeiros do 2T13 do Banco, com destaque para o crescimento de 11% do lucro líquido em relação ao mesmo período do ano anterior.
2) A carteira de crédito ampliada cresceu 18% nos últimos 12 meses, enquanto a carteira de middle market cresceu 44% no mesmo período.
3) As demonstrações financeiras foram elaboradas de acordo com as práticas contábeis brasileiras e normas dos órgãos reguladores, como CVM, CMN e BACEN.
O documento apresenta as demonstrações financeiras consolidadas do Paraná Banco e suas subsidiárias para o exercício findo em 31 de dezembro de 2012. O banco apresentou patrimônio líquido de R$1,2 bilhão, lucro líquido de R$197 milhões e ativo total de R$4,2 bilhões. As receitas da intermediação financeira totalizaram R$591 milhões no período.
O documento apresenta os balanços patrimoniais e demonstrações de resultados de um banco para os exercícios findos em 31 de dezembro de 2011 e 2010. O patrimônio líquido do banco aumentou de R$827 milhões para R$1,093 bilhão no período, enquanto o lucro líquido cresceu de R$117 milhões para R$359 milhões. O ativo total consolidado do banco foi de R$3,427 bilhões em 2011 contra R$3,074 bilhões em 2010.
O documento apresenta as demonstrações financeiras consolidadas do Paraná Banco e suas controladas para o exercício de 2012. Destaca o crescimento da carteira de crédito, a liderança das empresas de seguros do grupo no mercado brasileiro e a distribuição de juros sobre capital próprio aos acionistas.
O documento apresenta as demonstrações financeiras consolidadas de 2011 de um grupo empresarial que atua nos setores bancário, de seguros e resseguros. O grupo teve crescimento de ativos, patrimônio líquido e lucro líquido. A carteira de crédito cresceu 21,2% e a inadimplência ficou estável. As seguradoras do grupo tiveram lucro líquido 50,7% maior que em 2010.
1) A teleconferência de resultados do 4T12 do Banco apresentou os principais números do trimestre, como lucro líquido ajustado 31,6% superior ao trimestre anterior.
2) O documento destaca o crescimento da carteira de crédito de 25,7% em relação ao mesmo período do ano anterior, com foco na carteira de middle market.
3) A qualidade da carteira se manteve estável no trimestre, com redução de 0,5 p.p. no índice de atraso acima de 90 dias no ano, apoi
1) O relatório analisa o desempenho do Paraná Banco no primeiro trimestre de 2011, classificando-o como de baixo risco a médio prazo devido à sua boa liquidez, qualidade de ativos e baixa alavancagem.
2) No período, a carteira de crédito do banco cresceu 5% em relação ao trimestre anterior e 23,35% nos últimos 12 meses, concentrada em poucos órgãos e estados.
3) Sua rentabilidade foi de 15,95% no primeiro trimestre, impulsionada em parte
O documento apresenta os resultados financeiros do Paraná Banco no 3T11. O lucro líquido ajustado foi de R$23,5 milhões, influenciado pela menor contribuição do segmento de seguros e pelo aumento das despesas com comissões. A carteira de crédito cresceu 20,6% em relação ao 3T10, atingindo R$1,85 bilhões, com 95,8% dos empréstimos classificados entre AA e C. Os índices de qualidade da carteira se mantiveram estáveis.
Este acordo de acionistas estabelece diretrizes para o controle conjunto do Paraná Banco S.A. pelas partes signatárias. Define a distribuição das ações entre os acionistas controladores e estabelece que exercerão seu poder de controle de forma uniforme. Também prevê regras sobre voto em assembleias, sucessão, comunicações e vigência do acordo.
Este acordo estabelece diretrizes para o comando conjunto do Paraná Banco S.A. pelos membros da família Malucelli. Eles detêm conjuntamente 54,49% das ações e se comprometem a votar de forma uniforme em todas as matérias e eleger a maioria dos administradores, exercendo o controle da companhia. O acordo também prevê restrições à alienação das ações e sucessão dos herdeiros no bloco de controle.
Este acordo estabelece diretrizes para o controle acionário do Paraná Banco S.A. pelos membros da família Malucelli. Eles detêm conjuntamente 54,49% das ações e se comprometem a votar de forma uniforme em todas as matérias. O acordo também prevê restrições à alienação, penhor ou empréstimo das ações e terá validade inicial de 10 anos, renovando automaticamente.
Este acordo estabelece diretrizes para o controle acionário do Paraná Banco S.A. pelos membros da família Malucelli. O acordo vincula 56,7 milhões de ações ordinárias e 31,4 milhões de ações preferenciais entre os membros da família, que detêm conjuntamente 54,5% das ações totais. O acordo também estabelece que os acionistas familiares exercerão seu direito de voto de forma uniforme e manterão o controle conjunto do banco.
1) O documento apresenta demonstrações financeiras sintéticas de uma empresa do setor de seguros e resseguros para o primeiro semestre de 2011.
2) O lucro líquido consolidado foi de R$54 milhões, o ativo total chegou a R$3,3 bilhões e o patrimônio líquido consolidado foi de R$1,1 bilhão.
3) As demonstrações mostram crescimento nos principais indicadores financeiros como ativo total, patrimônio líquido e recursos captados no período de 2009 a
1) O relatório apresenta os resultados financeiros do primeiro semestre de 2011 do Paraná Banco e suas controladas, incluindo a distribuição de dividendos.
2) Foi aprovada a parceria com a Travelers para o braço de seguros, que permitirá expandir as operações de seguro garantia e riscos de engenharia.
3) A estratégia é aumentar a participação do crédito para pequenas e médias empresas através da sinergia com os clientes da seguradora.
2. Disclaimer
The Bank's financial statements are presented on a consolidated and pro-forma basis,
including the financial statements of Paraná Banco, its subsidiaries, the Credit
Receivables Investment Funds Paraná Banco I, the Credit Receivables Investment Fund
Paraná Banco II (FIDCs) and the insurer J. Malucelli Seguradora.
In the 1Q07, Paraná Banco retained only 15% of J.Malucelli Seguradora. The pro-forma
statements of this period include 100% of the insurer.
The statements were prepared based on the accounting practices pursuant to Brazilian
Corporate Law, and associated with the regulations and instructions issued by the
National Monetary Council (“CMN”), the Brazilian Central Bank (“BACEN”) and the
Brazilian Securities and Exchange Commission ("CVM").
The forward-looking information herein contained is subject to risk and uncertainties
and may be altered due to the following factors, among others: market behavior,
Brazil’s economic and political situation and legal and regulatory changes. This
information is fully based on the Bank's Management's expectations of its future
performance and is, on no account, a guarantee of results.
3. General Overview
Paraná Banco specializes on payroll-deductible loans,
NICHE BANK loans to the middle-market segment, surety bonds and
reinsurance.
It operates in two different segments:
Corporate: (i) surety bonds, and (ii) middle-market.
SEGMENTATION
Individuals: (i) payroll-deductible loans, and (ii) payroll-
deductible credit card
Focus on profitability and a low-risk client base,
historically low default rate, based on an expertise in
PROFITABILITY
credit concession and accurate appraisals.
The Bank has a nationwide coverage through well-
COVERAGE structured diversified channels: franchises, call center,
own stores and brokers
4. Highlights in 2Q08
63.5% 62.0% 37.9%
Credit portfolio Income from financial Net income
2Q08 vs. 2Q07 operations 2Q08 vs. 2Q07
2Q08 vs. 2Q07
HIGH AND SUSTAINABLE
GROWTH AND PROFITABILITY
- 8.98% - 0.4 p.p. - 45.0 p.p.
Default rate
Efficiency ratio Basel Index
2Q08 vs. 2Q07
2Q08 vs. 2Q07 2Q08 vs. 2Q07
5. Distribution Channels
Own Stores Franchises
• Located in larger cities with higher • Strict control over operational and image-
related risks
demand and levels of competition
• A singular and innovative distribution channel
• Also serve as branch-offices
• Guarantee of exclusiveness and long-term
contracts
• Greater product mix
2 new stores to be 92 franchises in
opened in 2Q08 : operation and 26
Curitiba and Brasília under development
6. Distribution Channels
Brokers Call Center
• The segment’s most traditional channel • Great capillarity (reach)
• Highly incremental model • No commissions
• Wide spectrum of agreements • Portfolio protection
• User-friendly IT system: Brokers’ Portal • Acquisition of debts
• Refinancing
• Marketing Campaigns
A network of 628 24 service sites is
brokers nationwide the current structure
7. Origination, Commissions and
alternative Channels
Origination Commissions
Credit origination
8.10% 7.10% 5.98%
2Q07 1Q08 2T08
Alternative channels evolution 10%
31%
30%
28%
21%
9%
10% 58.7%
5%
7%
3%
2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08
Alternatives are:franchise, own stores and call centers
8. Evolution of Assets and Net Worth
(R$ thousands)
Total Assets Net Worth
9.5% -1%
30.4% 8%
9. Loan Portfolio
The loan portfolio totaled R$ 1,416.4 million in 2Q08 with quality
improvements
Loan portfolio Risk portfolio
1,416.4
1,310.9 2Q07 2Q08
5.4% 4.0%
866.2
8%
94.7%
96.0%
81% AA-C D-H
AA-C D-H
2Q07 1Q08 2Q08
10. Market Funding Operations (R$)
Total deposits Funding options
48.8%
FIDCs
41,268
Institutional
Investors
71,508 25.4%
22.9% Related
1,039,728 Parties
654,754 8.8%
32.9% Individuals
10.0%
Other
2Q07 2Q08 Companies
Total Deposits Resources, acceptances and sucurities issuance
11. Summary of Financial Indicators
and Highlights
2Q07 x 1H07 x
2Q07 2Q08 1H07 1H08
2Q08 1H08
Income from financial operations 75,472 98,483 30.5% 140,468 184,941 31.7%
Expenses from financial operations 36,849 35,918 -2.5% 65,133 70,204 7.8%
Net income from financial operations 48,954 62,565 27.8% 75,335 114,737 52.3%
ROAE - return on average equity 20.00% 13.30% - 6.7 p.p. 30.20% 12.63% -17.6 p.p.
ROAA - return on average assets 8.10% 5.16% -2.9 p.p. 0.12% 4.95% 4.8 p.p.
Net financial margin 19.90% 15.83 -4.1 p.p. 19.60% 14.45% -5.06 p.p.
Credit portfolio expansion and greater middle market origination
12. Operating Revenues
(Expenses)
2Q07 x 1H07 x
2Q07 2Q08 1H07 1H08
2Q08 1H08
Other administrative and operational
(12,679) (33,723) 166.0% (29,041) (52,832) 81.9%
revenues (expenses)
Personnel expenses (4,726) (6,823) 44.4% (8,274) (12,401) 49.9%
Other administrative expenses (18,719) (38,203) 104.1% (38,103) (72,084) 89.2%
Tax expenses (3,547) (4,249) 19.8% (6,774) (8,458) 24.9%
(11.786) 9%
Higher expenses to support the growth in operations and
commercial expansion
13. Surety Bond Market
Surety Bond Market –yearly growth
Direct Premiums (R$ thousands)
346.2
205.4 194.7
164.5 167.6
153.5
134.7
98.6
77.9
50%
30% 37% 42% 41%
27% 28% 24% 34%
2000 2001 2002 2003 2004 2005 2006 2007 May-08
J. Malucelli Seguradora Other Insurance Companies
28% 24% 34% 30% 37% 42% 50%
27%
Undisputed leader of the surety ... has ROE of 31% in 1H08
bond market, with a 41% market
share…
* Source: SUSEP
14. Surety Bond
Market
Claims and Claims Ratio
50%
40% Accurate risk appraisal is
evidenced by low claims
30%
ratio
20%
76.1
10%
5.6%
0.6%
0%
2000 2002 2004 2006 May/08 38.3
35.8
Market J. Malucelli Seguradora 32.5 29.9
28.2
16.1
8.5
Claims ratio indicators show a 5.9
0.2 0.6 0.4 0.4 0.2
4.0 2.4
6.4
0.4
healthy situation in relation to
the market 2000 2002 2004 2006 2008*
Insurance Claims - Market
• Source: SUSEP Insurance Claims - J. Malucelli Seg
15. Corporate Governance
The Board of Directors approved on July 07, 2008 the end of the
share repurchase program and the write-off of the purchased shares
without a reduction in capital stock. A new program, whose deadline is
July 7, 2009, was then implemented..
A Level 1 ADR program was authorized by the Board of Directors. It
has been approved by CVM and BACEN and is scheduled to start in
August 2008.
The Board of Directors approved on July 3 the payment of Interest on
Equity in the amount of R$ 18.2 million, corresponding to R$ 0.17 per
share.
16. New investments
Investment in alternative channels, such as franchises,
DISTRIBUTION
call center and own stores. It is intended to provide
CHANNELS
better control, cost reduction and higher spreads.
Tapping the synergy with J. Malucelli Seguradora, the
MIDDLE-MARKET
Bank is investing in middle-market platforms.
The Bank is concerned about diversifying its portfolio
PRODUCTS and has been creating innovative products and services,
such as the new credit insurer.
New teams have been hired, support areas have been
created and investments in technology and
STRUCTURE
infrastructure have been made to support the growth
target.
18. IR contacts
Luis César Miara André Nacli
Finance and Investor Relations Officer IR Analyst
Phone number: (55 41) 3351-9961 Phone number: (55 41) 3351-9645
Ricardo Rosanova Garcia Mauricio N. G. Fanganiello
IR Manager IR Coordinator
Phone number : (55 41) 3351-9812 Phone number : (55 41) 3351-9765
Email: ri@paranabanco.com.br
IR Website: www.paranabanco.com.br/ri
This presentation may include estimates and forward-looking statements. These estimates and forward-looking statements are to a large extent based on
current expectations and projections regarding future events and financial trends that affect or may come to affect our busin ess. Many important factors
may adversely affect the results of Paraná Banco as described in our estimates and forward-looking statements. These factors include, but are not limited
to, the following: the Brazilian and international economic situation, fiscal, foreign-exchange and monetary policies, higher competition in the payroll-
deductible loan segment, the ability of Paraná Banco to obtain funding for its operations, and amendments to Central Bank reg ulations. The words
“believe”, “may”, “could”, “seek”, “estimate”, “continue”, “anticipate”, “plan”, “expect” and other similar words are intended to identify estimates and
projections. The considerations involving estimates and forward-looking statements include information related to results and projections, strategies,
competitive positioning, the industry environment, growth opportunities, the effects of future regulations, and the impact fr om competitors.
Said estimates and projections refer only to the date on which they were expressed, and we do not assume any obligation to publicly update or revise any of
these estimates arising from the occurrence of new information, future events, or any other factors. In view of the risks and uncertainties described above,
the estimates and forward-looking statements contained herein may not materialize. Given these limitations, shareholders and investors should not make
any decisions based on the estimates, projections and forward-looking statements contained herein.