The document is a presentation by Banco Santander (Brasil) S.A. for fixed income investors in February 2011. It discusses Brazil's solid macroeconomic fundamentals including large foreign reserves, declining debt levels, and stable interest and inflation rates. It also notes Brazil's favorable social dynamics including a demographic bonus from a growing workforce and increasing social mobility. The presentation aims to provide investors an overview of the Brazilian economy, Santander Group, and Santander Brasil.
The document discusses Arezzo&Co's financial results for the third quarter of 2011, highlighting an 18.9% increase in net revenue, 47.5% growth in EBITDA, and a 63.3% rise in net income. It also outlines the company's expansion plans, including opening new owned stores and franchises to strengthen its multi-channel distribution strategy and national presence.
The document summarizes Ideiasnet's 3Q08 financial results. Key highlights include:
- Net revenue grew 17.7% to R$231.4 million in 3Q08 compared to 3Q07.
- EBITDA grew 64% to R$7.4 million in 3Q08 compared to 3Q07.
- The company invested R$10.1 million in its portfolio companies in 3Q08, including Bolsa de Mulher, Spring Wireless, and Automatos.
- At the end of 3Q08, Ideiasnet had a net credit position of R$2.6 million after being in a net debt position previously.
The document summarizes recent tax reforms in Georgia. It provides background on Georgia's economy and notes that GDP growth has averaged over 10% in recent years due to market-oriented reforms. It also indicates that Georgia has improved its ease of doing business and economic freedom according to international rankings, having risen from 112th in 2005 on the economic freedom index. The reforms have helped create a more favorable market environment.
2007* Executive Aviation Embraer Day 2007Embraer RI
This presentation discusses key drivers of demand for executive jets. It notes that individual wealth, as measured by growth in the population of high net worth individuals, stock market performance reflected in index returns in various countries, rising corporate profits for Global 500 companies, and positive macroeconomic factors like GDP growth in emerging markets, are fueling demand for executive aircraft. Charts show percentages of growth in these various metrics from 2006 to the present. The presentation is a property of Embraer and any copying or use requires Embraer's consent.
- Sales growth was 5.0% in Q3 2012 on a like-for-like basis, with reported growth of 9.4% due to currency and scope effects.
- For the first nine months of 2012, like-for-like sales grew 5.6% while reported growth was 8.3% due to currency impacts.
- Growth continues to be driven by emerging markets and North America, while Western Europe saw a deterioration, especially in Southern Europe.
The document compares the performance of different portfolio allocations from 2001-2004 and 1Q 2004. It shows that portfolios with a mix of stocks and bonds significantly outperformed those with 100% stock allocations during periods of market decline from 2001-2003. The key finding is that asset allocation, or how assets are divided among asset classes like stocks and bonds, has the biggest impact on portfolio performance rather than choices about specific securities or market timing.
The document summarizes Pablo Breard's presentation on the global economic outlook at SAHIC 2011 in Santiago, Chile. It discusses how the global economy has weakened and become uneven with growing downside risks. It outlines factors contributing to this situation like debt issues in Europe, US, and Japan, fiscal consolidation, and financial market volatility. The presentation examines how emerging markets like Brazil, China, India, and Russia now make up a "new G10" leading global growth while developed nations face higher inflation and debt levels.
The company reported strong growth in the third quarter of 2012, with gross revenue increasing 31.7% and net profit growing 10.2% compared to the prior year period. Expansion of the store network and gains across all brands contributed to the positive results. Management provided guidance for continued growth in 2013 with a planned 15% increase in total sales area through new store openings and expansions.
The document discusses Arezzo&Co's financial results for the third quarter of 2011, highlighting an 18.9% increase in net revenue, 47.5% growth in EBITDA, and a 63.3% rise in net income. It also outlines the company's expansion plans, including opening new owned stores and franchises to strengthen its multi-channel distribution strategy and national presence.
The document summarizes Ideiasnet's 3Q08 financial results. Key highlights include:
- Net revenue grew 17.7% to R$231.4 million in 3Q08 compared to 3Q07.
- EBITDA grew 64% to R$7.4 million in 3Q08 compared to 3Q07.
- The company invested R$10.1 million in its portfolio companies in 3Q08, including Bolsa de Mulher, Spring Wireless, and Automatos.
- At the end of 3Q08, Ideiasnet had a net credit position of R$2.6 million after being in a net debt position previously.
The document summarizes recent tax reforms in Georgia. It provides background on Georgia's economy and notes that GDP growth has averaged over 10% in recent years due to market-oriented reforms. It also indicates that Georgia has improved its ease of doing business and economic freedom according to international rankings, having risen from 112th in 2005 on the economic freedom index. The reforms have helped create a more favorable market environment.
2007* Executive Aviation Embraer Day 2007Embraer RI
This presentation discusses key drivers of demand for executive jets. It notes that individual wealth, as measured by growth in the population of high net worth individuals, stock market performance reflected in index returns in various countries, rising corporate profits for Global 500 companies, and positive macroeconomic factors like GDP growth in emerging markets, are fueling demand for executive aircraft. Charts show percentages of growth in these various metrics from 2006 to the present. The presentation is a property of Embraer and any copying or use requires Embraer's consent.
- Sales growth was 5.0% in Q3 2012 on a like-for-like basis, with reported growth of 9.4% due to currency and scope effects.
- For the first nine months of 2012, like-for-like sales grew 5.6% while reported growth was 8.3% due to currency impacts.
- Growth continues to be driven by emerging markets and North America, while Western Europe saw a deterioration, especially in Southern Europe.
The document compares the performance of different portfolio allocations from 2001-2004 and 1Q 2004. It shows that portfolios with a mix of stocks and bonds significantly outperformed those with 100% stock allocations during periods of market decline from 2001-2003. The key finding is that asset allocation, or how assets are divided among asset classes like stocks and bonds, has the biggest impact on portfolio performance rather than choices about specific securities or market timing.
The document summarizes Pablo Breard's presentation on the global economic outlook at SAHIC 2011 in Santiago, Chile. It discusses how the global economy has weakened and become uneven with growing downside risks. It outlines factors contributing to this situation like debt issues in Europe, US, and Japan, fiscal consolidation, and financial market volatility. The presentation examines how emerging markets like Brazil, China, India, and Russia now make up a "new G10" leading global growth while developed nations face higher inflation and debt levels.
The company reported strong growth in the third quarter of 2012, with gross revenue increasing 31.7% and net profit growing 10.2% compared to the prior year period. Expansion of the store network and gains across all brands contributed to the positive results. Management provided guidance for continued growth in 2013 with a planned 15% increase in total sales area through new store openings and expansions.
2002* ApresentaçãO Realizada Na ConferêNcia De AméRica Latina Do Salomon Smit...Embraer RI
This document provides an overview of Salomon Smith Barney's Latin Conference on March 7-8, 2002. It includes forward-looking statements about Embraer's financial performance and expectations. Some highlights discussed are that Embraer is the 4th largest commercial aircraft manufacturer, has a premier global customer base, strong partners, and outstanding financial performance. It provides details on Embraer's commercial jet families, including over 800 orders for the ERJ 135/140/145 family and over 300 deliveries. The E170/190 family has over 300 orders and development costs were partly borne by risk-sharing partners. The presentation discusses industry trends of using regional jets to maintain capacity as demand decreased after 9/11 and rightsizing
William Blair & Company 27th Annual Growth Stock Conferencefinance7
William Blair Growth Stock Conference was held on June 21, 2007. Darren Jackson, CFO of Best Buy, presented on the company's performance. He discussed Best Buy's continued leadership in the North American consumer electronics market, with 20% US market share. Best Buy has achieved strong revenue and earnings growth in recent years through expanding its store base, investing in private label brands, and focusing on the customer experience. Looking ahead, Best Buy expects further growth from new store openings, acquisitions, and expanding its international presence while continuing to return value to shareholders through dividends and stock repurchases.
Honeywell Goldman Sachs Great China Tour - Honeywell Transportation Systemsfinance8
Honeywell Turbo China is Honeywell's wholly owned turbo manufacturing facility in Shanghai's Zhangjiang Hi-Tech Park. It began construction in September 2005 with an initial investment of $27 million. Honeywell views China as a key growth market and sees the new turbo manufacturing plant as helping to expand in new Chinese markets and revolutionize Honeywell's global cost structure. The plant will also support Honeywell's aspirations to make China a global growth platform based on expanding into new markets and reducing costs.
Against the tide Waterside Convention 10-2012 Kempen Capital ManagementMarnix van Eerde
This document discusses strategies for hedge funds to generate returns. It summarizes that:
1) Hedge funds can generate returns through alpha (excess returns) or alternative betas (systematic exposures different from traditional markets).
2) Less liquid hedge fund strategies historically offered higher returns but the move away from them post-2008 has been painful.
3) Frontier markets may offer attractive growth potential at lower prices than more developed markets. Stock pickers can add value in these markets.
4) Structured credit markets now offer compelling risk-reward after difficulties in 2011. Specialists can add value through security selection and hedging strategies within these markets.
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.
2006* ApresentaçãO Sobre AviaçãO Executiva Em Ny Somente Em InglesEmbraer RI
The document discusses the opening bell ceremony at the New York Stock Exchange on September 5th, 2006, where Luis Carlos Affonso, Executive Vice President of Executive Jets, was a guest. It then provides forward-looking statements and associated risks, an overview of the size and growth projections of the business aviation market, key demand drivers for that market, how "premium" customers remain underserved, issues with delays in airline travel, and how the industry is evolving business models to address these issues.
Next generation Waterside Convention 10-2012 AmundiMarnix van Eerde
This document discusses improving equity exposure through asymmetrical strategies. It notes that average stock market returns have declined since 2000 while volatility has increased, presenting challenges. It then outlines Amundi's approaches for navigating volatile markets, moving from minimum risk to total risk strategies including minimum variance, risk parity, and directional asymmetric funds. These strategies aim to reduce downside risk while enhancing risk-adjusted returns through asymmetrical participation in market movements. Performance simulations show these approaches outperforming a traditional market-cap weighted benchmark since their inceptions.
This document provides an investor presentation for Best Buy Co., Inc. from April 2007. It summarizes Best Buy's market share and growth in the United States and Canada. Best Buy has achieved 20% market share in the US and over 30% in Canada. The presentation outlines Best Buy's strategies for continued growth, including expanding its store base, developing new store formats, growing private label offerings, and expanding services. It also discusses Best Buy's international expansion into China and plans to test new markets in Mexico and Turkey.
The Mountain View office market saw a decrease in vacancy rate from 8.02% to 8.27% in the third quarter of 2009. Notable lease transactions included Red Hat leasing 11,790 square feet at 444 Castro Street and significant available spaces included 2440 El Camino Real with 55,290 square feet available. Asking rental rates decreased by $0.13 on average to $2.85 per square foot. The vacancy rate is expected to remain steady with small fluctuations as the market begins a gradual recovery.
The document provides highlights and financial information for Arezzo&Co for 2Q11 and 1H11. Key points include:
- Net revenues increased 21.5% in 2Q11 to R$152.2 million, with gross margin up 0.4 p.p. to 43.2%. EBITDA was R$28.3 million, up 22.9% with an 18.6% margin. Net income was R$24 million, up 43.3% with a 15.8% margin.
- Gross revenues grew 23.7% in 2Q11 and 24.4% in 1H11, driven mainly by the domestic market. All channels showed strong growth,
Ford Motor Company is focused on delivering affordable fuel economy through investments in new technologies, electrifying their global vehicle lineup, and strengthening their car brands. Some key highlights include $14 billion being invested in new technologies to improve fuel economy by 36% by 2015, plans to make EcoBoost available on 90% of nameplates by 2013, and introducing plug-in hybrids and electric vehicles over the next few years. Ford is also committed to remaining the top-selling truck brand in America and growing the popularity of vehicles like the Fusion and Focus.
National Presto Industries operates three business segments: Housewares, Defense Products, and Absorbent Products. The author believes Presto is undergoing an operational restructuring that will lead to higher returns, but the market has not fully appreciated this due to Presto's history, uncertainty around its defense segment, and lack of analyst coverage. Using a sum-of-parts valuation, the author estimates Presto's intrinsic value at $112 per share based on conservative estimates for each segment plus net cash, and would be willing to pay $90 per share, a 20% discount, given applied conservatism. At $105 per share, Presto trades at attractive multiples of cash flow and EBITDA on a consolidated basis.
The Korea Fund saw a 9.86% rally in the third quarter of 2012, driven by actions from the ECB and Fed to support the Eurozone and US economies. The fund underperformed its benchmark by 245 basis points due to stock picks in consumer discretionary, industrials, and quality/value styles outperforming growth and large caps. Materials and healthcare stock picks contributed most to performance while consumer discretionary and industrials detracted. The Korean won appreciated against the dollar and may continue strengthening.
This document provides an overview of The Sherwin-Williams Company to investors. It discusses the coatings industry and Sherwin-Williams' position as a top manufacturer. It highlights Sherwin-Williams' diversified customer base in architectural, industrial, and OEM coatings. It also outlines the company's controlled distribution network, leading brands, investment in technology, acquisition strategy, and financial strength.
Segway to characters and main scenes in Solomon P.I., a film in development about a private eye with psychic powers, who is searching for the killer of his teenage son.
In the 18th century, women's fashionable full dresses were inspired by classical statues and featured long lengths and textures but little color. Women's undergarments included shifts, stockings, garters, and shoes. Rich men could afford tailored coats and breeches. In the 19th century, dresses became somewhat shorter and coats grew in popularity for both men and women, while hats also increased in variety. Women continued to wear chemises, corsets, and petticoats as undergarments.
Greek theatrical costumes included masks to allow a small number of actors to portray many roles. The masks expressed different emotions so the audience could understand how each character felt. Only men acted in Greek plays, so men portrayed women by dressing in female attire and modifying their speech. The shoes worn by actors had no left/right distinction, fitting either foot.
This document provides a weekly production plan and overview for a sculpture project. It outlines the tasks completed each week which included planning, research, designing, making mini sculptures out of recycled materials, taking photos and videos, and creating presentations and risk assessments. Responsibilities were shared between group members with the overall goal of creating sculptures to raise awareness about reducing waste and pollution.
Santander brasil investor_presentation_september2010risantander
Banco Santander (Brasil) S.A. presented information about its operations in Brazil. It is the 3rd largest private bank in Brazil by total assets, with an 11% market share of loans in the Brazilian banking system. The bank has a Board of Directors and Executive Board that manages it, supported by specialized committees. It follows corporate governance best practices and has listings on the BM&FBOVESPA and NYSE stock exchanges.
Santander will sell 51% ownership of its insurance businesses in Latin America to Zurich Financial Services and enter into a 25-year exclusive distribution agreement. The transaction implies a total value for Santander of $4.1 billion. Santander will receive an upfront payment of $1.67 billion for the 51% stake and additional earn-out payments potentially totaling $420 million over time. The insurance businesses being acquired generated $1.9 billion in annual premiums and $2.9 billion in savings contributions in 2010 across its operations in Brazil, Mexico, Chile, Argentina, and Uruguay.
The document provides an overview of Banco Santander's 2009 results. Key points include:
- Net profit grew 41% year-over-year to R$5.5 billion in 2009, driven by revenue growth and cost control.
- Performance ratios improved in 2009, with the efficiency ratio dropping to 35.0% and ROE increasing to 19.3%.
- The loan portfolio grew 1.7% to R$138.4 billion in 2009, with growth in individual loans and declines in SME and corporate loans.
- Deposits and assets under management grew 5.3% to R$242.1 billion in 2009, with increases in savings deposits and funds offsetting
This document provides an investor presentation on BRMALLS, the largest shopping mall company in Brazil. It highlights that the Brazilian shopping mall industry offers strong growth potential as it remains underdeveloped compared to other markets. BRMALLS is highlighted as the largest and best operator in the sector, with the fastest growth and best key performance indicators. The presentation outlines BRMALLS' strategy to achieve R$1 billion in EBITDA by 2013 through acquisitions, greenfield developments, and same-store NOI growth, representing a 34.4% CAGR from 2010-2013. Acquisitions are projected to increase BRMALLS' GLA by 14% and NOI by 34% through 2013.
2002* ApresentaçãO Realizada Na ConferêNcia De AméRica Latina Do Salomon Smit...Embraer RI
This document provides an overview of Salomon Smith Barney's Latin Conference on March 7-8, 2002. It includes forward-looking statements about Embraer's financial performance and expectations. Some highlights discussed are that Embraer is the 4th largest commercial aircraft manufacturer, has a premier global customer base, strong partners, and outstanding financial performance. It provides details on Embraer's commercial jet families, including over 800 orders for the ERJ 135/140/145 family and over 300 deliveries. The E170/190 family has over 300 orders and development costs were partly borne by risk-sharing partners. The presentation discusses industry trends of using regional jets to maintain capacity as demand decreased after 9/11 and rightsizing
William Blair & Company 27th Annual Growth Stock Conferencefinance7
William Blair Growth Stock Conference was held on June 21, 2007. Darren Jackson, CFO of Best Buy, presented on the company's performance. He discussed Best Buy's continued leadership in the North American consumer electronics market, with 20% US market share. Best Buy has achieved strong revenue and earnings growth in recent years through expanding its store base, investing in private label brands, and focusing on the customer experience. Looking ahead, Best Buy expects further growth from new store openings, acquisitions, and expanding its international presence while continuing to return value to shareholders through dividends and stock repurchases.
Honeywell Goldman Sachs Great China Tour - Honeywell Transportation Systemsfinance8
Honeywell Turbo China is Honeywell's wholly owned turbo manufacturing facility in Shanghai's Zhangjiang Hi-Tech Park. It began construction in September 2005 with an initial investment of $27 million. Honeywell views China as a key growth market and sees the new turbo manufacturing plant as helping to expand in new Chinese markets and revolutionize Honeywell's global cost structure. The plant will also support Honeywell's aspirations to make China a global growth platform based on expanding into new markets and reducing costs.
Against the tide Waterside Convention 10-2012 Kempen Capital ManagementMarnix van Eerde
This document discusses strategies for hedge funds to generate returns. It summarizes that:
1) Hedge funds can generate returns through alpha (excess returns) or alternative betas (systematic exposures different from traditional markets).
2) Less liquid hedge fund strategies historically offered higher returns but the move away from them post-2008 has been painful.
3) Frontier markets may offer attractive growth potential at lower prices than more developed markets. Stock pickers can add value in these markets.
4) Structured credit markets now offer compelling risk-reward after difficulties in 2011. Specialists can add value through security selection and hedging strategies within these markets.
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.
2006* ApresentaçãO Sobre AviaçãO Executiva Em Ny Somente Em InglesEmbraer RI
The document discusses the opening bell ceremony at the New York Stock Exchange on September 5th, 2006, where Luis Carlos Affonso, Executive Vice President of Executive Jets, was a guest. It then provides forward-looking statements and associated risks, an overview of the size and growth projections of the business aviation market, key demand drivers for that market, how "premium" customers remain underserved, issues with delays in airline travel, and how the industry is evolving business models to address these issues.
Next generation Waterside Convention 10-2012 AmundiMarnix van Eerde
This document discusses improving equity exposure through asymmetrical strategies. It notes that average stock market returns have declined since 2000 while volatility has increased, presenting challenges. It then outlines Amundi's approaches for navigating volatile markets, moving from minimum risk to total risk strategies including minimum variance, risk parity, and directional asymmetric funds. These strategies aim to reduce downside risk while enhancing risk-adjusted returns through asymmetrical participation in market movements. Performance simulations show these approaches outperforming a traditional market-cap weighted benchmark since their inceptions.
This document provides an investor presentation for Best Buy Co., Inc. from April 2007. It summarizes Best Buy's market share and growth in the United States and Canada. Best Buy has achieved 20% market share in the US and over 30% in Canada. The presentation outlines Best Buy's strategies for continued growth, including expanding its store base, developing new store formats, growing private label offerings, and expanding services. It also discusses Best Buy's international expansion into China and plans to test new markets in Mexico and Turkey.
The Mountain View office market saw a decrease in vacancy rate from 8.02% to 8.27% in the third quarter of 2009. Notable lease transactions included Red Hat leasing 11,790 square feet at 444 Castro Street and significant available spaces included 2440 El Camino Real with 55,290 square feet available. Asking rental rates decreased by $0.13 on average to $2.85 per square foot. The vacancy rate is expected to remain steady with small fluctuations as the market begins a gradual recovery.
The document provides highlights and financial information for Arezzo&Co for 2Q11 and 1H11. Key points include:
- Net revenues increased 21.5% in 2Q11 to R$152.2 million, with gross margin up 0.4 p.p. to 43.2%. EBITDA was R$28.3 million, up 22.9% with an 18.6% margin. Net income was R$24 million, up 43.3% with a 15.8% margin.
- Gross revenues grew 23.7% in 2Q11 and 24.4% in 1H11, driven mainly by the domestic market. All channels showed strong growth,
Ford Motor Company is focused on delivering affordable fuel economy through investments in new technologies, electrifying their global vehicle lineup, and strengthening their car brands. Some key highlights include $14 billion being invested in new technologies to improve fuel economy by 36% by 2015, plans to make EcoBoost available on 90% of nameplates by 2013, and introducing plug-in hybrids and electric vehicles over the next few years. Ford is also committed to remaining the top-selling truck brand in America and growing the popularity of vehicles like the Fusion and Focus.
National Presto Industries operates three business segments: Housewares, Defense Products, and Absorbent Products. The author believes Presto is undergoing an operational restructuring that will lead to higher returns, but the market has not fully appreciated this due to Presto's history, uncertainty around its defense segment, and lack of analyst coverage. Using a sum-of-parts valuation, the author estimates Presto's intrinsic value at $112 per share based on conservative estimates for each segment plus net cash, and would be willing to pay $90 per share, a 20% discount, given applied conservatism. At $105 per share, Presto trades at attractive multiples of cash flow and EBITDA on a consolidated basis.
The Korea Fund saw a 9.86% rally in the third quarter of 2012, driven by actions from the ECB and Fed to support the Eurozone and US economies. The fund underperformed its benchmark by 245 basis points due to stock picks in consumer discretionary, industrials, and quality/value styles outperforming growth and large caps. Materials and healthcare stock picks contributed most to performance while consumer discretionary and industrials detracted. The Korean won appreciated against the dollar and may continue strengthening.
This document provides an overview of The Sherwin-Williams Company to investors. It discusses the coatings industry and Sherwin-Williams' position as a top manufacturer. It highlights Sherwin-Williams' diversified customer base in architectural, industrial, and OEM coatings. It also outlines the company's controlled distribution network, leading brands, investment in technology, acquisition strategy, and financial strength.
Segway to characters and main scenes in Solomon P.I., a film in development about a private eye with psychic powers, who is searching for the killer of his teenage son.
In the 18th century, women's fashionable full dresses were inspired by classical statues and featured long lengths and textures but little color. Women's undergarments included shifts, stockings, garters, and shoes. Rich men could afford tailored coats and breeches. In the 19th century, dresses became somewhat shorter and coats grew in popularity for both men and women, while hats also increased in variety. Women continued to wear chemises, corsets, and petticoats as undergarments.
Greek theatrical costumes included masks to allow a small number of actors to portray many roles. The masks expressed different emotions so the audience could understand how each character felt. Only men acted in Greek plays, so men portrayed women by dressing in female attire and modifying their speech. The shoes worn by actors had no left/right distinction, fitting either foot.
This document provides a weekly production plan and overview for a sculpture project. It outlines the tasks completed each week which included planning, research, designing, making mini sculptures out of recycled materials, taking photos and videos, and creating presentations and risk assessments. Responsibilities were shared between group members with the overall goal of creating sculptures to raise awareness about reducing waste and pollution.
Santander brasil investor_presentation_september2010risantander
Banco Santander (Brasil) S.A. presented information about its operations in Brazil. It is the 3rd largest private bank in Brazil by total assets, with an 11% market share of loans in the Brazilian banking system. The bank has a Board of Directors and Executive Board that manages it, supported by specialized committees. It follows corporate governance best practices and has listings on the BM&FBOVESPA and NYSE stock exchanges.
Santander will sell 51% ownership of its insurance businesses in Latin America to Zurich Financial Services and enter into a 25-year exclusive distribution agreement. The transaction implies a total value for Santander of $4.1 billion. Santander will receive an upfront payment of $1.67 billion for the 51% stake and additional earn-out payments potentially totaling $420 million over time. The insurance businesses being acquired generated $1.9 billion in annual premiums and $2.9 billion in savings contributions in 2010 across its operations in Brazil, Mexico, Chile, Argentina, and Uruguay.
The document provides an overview of Banco Santander's 2009 results. Key points include:
- Net profit grew 41% year-over-year to R$5.5 billion in 2009, driven by revenue growth and cost control.
- Performance ratios improved in 2009, with the efficiency ratio dropping to 35.0% and ROE increasing to 19.3%.
- The loan portfolio grew 1.7% to R$138.4 billion in 2009, with growth in individual loans and declines in SME and corporate loans.
- Deposits and assets under management grew 5.3% to R$242.1 billion in 2009, with increases in savings deposits and funds offsetting
This document provides an investor presentation on BRMALLS, the largest shopping mall company in Brazil. It highlights that the Brazilian shopping mall industry offers strong growth potential as it remains underdeveloped compared to other markets. BRMALLS is highlighted as the largest and best operator in the sector, with the fastest growth and best key performance indicators. The presentation outlines BRMALLS' strategy to achieve R$1 billion in EBITDA by 2013 through acquisitions, greenfield developments, and same-store NOI growth, representing a 34.4% CAGR from 2010-2013. Acquisitions are projected to increase BRMALLS' GLA by 14% and NOI by 34% through 2013.
JBS reported its first quarter 2009 results. Net revenue increased 58.2% year-over-year to R$9.27 billion. Consolidated EBITDA grew 20.4% to R$211.5 million. Key highlights included sustained margins in the US beef business, improved performance in Brazil, and consolidation of a global production and distribution platform. Management remains focused on reducing debt and capturing synergies across the business.
capital onePrinter Friendly Version of the Conference Call Presentationfinance13
- Fourth quarter 2008 results showed a loss due to higher provision expense and a goodwill write-down. The losses were driven by deterioration in credit performance as economic conditions worsened.
- Credit losses and delinquency rates increased across all lending segments as unemployment rose. The allowance for loan losses was increased substantially.
- Deposits grew significantly while margins declined due to credit costs and mix shift to lower-yielding assets. Expenses declined due to cost management efforts.
- An impairment charge was taken for goodwill in the Auto Finance segment. The balance sheet and liquidity remain strong despite the difficult environment.
Club Premier is Mexico's leading broad-based coalition loyalty program. It has experienced strong growth in recent years, with billings up 64% and new members enrolled increasing 111% from Q4 2010 to Q2 2012. Club Premier has expanded its partnerships significantly, including with major banks like Banamex and American Express, as well as with Aeromexico, Mexico's flag carrier airline. Club Premier aims to continue innovating and engaging members through new redemption categories, marketing campaigns, and mobile offerings to provide value to all stakeholders.
Gafisa reported its third quarter 2008 results with increases in launches, pre-sales, revenues and net income compared to the third quarter of 2007. Key highlights included a 79% increase in launches to R$762 million and a 37% rise in pre-sales to R$504 million. Net operating revenues grew 19% to R$373 million while net income increased 5% to R$38 million. Gafisa also completed its acquisition of Tenda, strengthening its position in the low income real estate segment. Looking ahead, Gafisa expects to benefit from the Tenda consolidation in the fourth quarter and maintained its full year 2008 guidance.
Hyundai Capital is the leading auto finance company in Korea and a joint venture between Hyundai Motor Group and GE Capital. It has strong shareholder support from both companies. Despite recent slower economic growth, Korea's macroeconomic environment remains stable with low interest rates and manageable government debt levels. Hyundai Capital is well positioned to capitalize on its dominant market position and benefit from shareholder expertise in risk management and operations.
This document provides an economic highlights presentation from the Israeli Ministry of Finance for the 4th quarter of 2011. It includes key economic indicators such as GDP, exports, unemployment, inflation, budget deficit, debt levels, and comparisons to other countries. Graphics show Israel recovering from the global economic crisis starting in 2010, with GDP, exports, and business growth increasing while unemployment and debt levels decreased.
This document provides an economic highlights presentation from the 1st quarter of 2012 from the State of Israel Ministry of Finance International Affairs Department. It includes 3 sentences summarizing key information:
The presentation provides economic indicators for Israel such as GDP, exports, unemployment, inflation rates, credit ratings and balances like the budget deficit, public debt levels, and current account surplus. International comparisons to other countries and Israel's position in the OECD are also examined. Contact information is provided to learn more about Israel's economy, trade agreements, and other economic figures.
The document provides an overview of Banco Santander's 2009 IFRS results on a pro forma basis. It discusses the macroeconomic environment in Brazil and the country's financial system. It then summarizes Santander's strategy, business performance, and financial results in 2009. Key highlights include net profit growth of 41% year-over-year to R$5.5 billion driven by revenue growth and cost control. Performance ratios like efficiency and ROE improved significantly. The balance sheet also strengthened with higher capital ratios.
New insights and data on pricing capital in today’s competitive environment from the Pepperdine Private Capital Markets Project show challenges remain for lenders, investors and the private business that depend on them. Lead researcher John Paglia presented at the National Summit for Middle Market Funds.
This document summarizes key points from a presentation on the cost of capital for small and medium enterprises. It discusses findings from the Pepperdine Private Capital Markets Project, including expected returns for different capital providers and the status of privately-held businesses. The presentation covered topics such as sources of financing for businesses of various sizes, issues facing private companies, and estimates of cost of equity by revenue size.
New insights and data on pricing capital in today’s competitive environment from the Pepperdine Private Capital Markets Project show challenges remain for lenders, investors and the private business that depend on them. Lead researcher John Paglia presented at the National Summit for Middle Market Funds.
2012 State of the Vending Industry Report - Automatic Merchandiser - June / J...Steven Duque
The road to recovery has been slow in the recession, for both automatic merchandising and the multiple industries it serves. Fiscal 2011 saw trends from the previous year continue, as the vending industry slowly recovers from the massive fallout of the Great Recession. In 2011, industry sales declined for the fourth consecutive year, although at a progressively slower rate. The 1.5 percentage point sales decline in 2011 was half the rate posted in 2010, indicating vending operators made progress in
stemming the downward trend.
2007 - 7th Analysts And Investors Meeting Results & PerformanceEmbraer RI
Embraer held its 7th annual analysts and investors meeting in New York in April 2007 to discuss results and performance. Antonio Luiz Pizarro Manso, Executive Vice President and CFO, presented information on Embraer's financial results for 2006, including record net revenue, income from operations, net income, and order backlog. Projections were also provided for deliveries, research and development spending, and property, plant and equipment investments through 2008.
- The document is an investor presentation summarizing the bank's 9 month FY2013 financial results.
- Key highlights include steady year-over-year growth in net income and profits, driven by higher loan growth. However, net interest margins remain under pressure from competition.
- Non-interest income increased due to growth in recurring fee income from various business lines. Operating expenses grew due to investments in personnel and IT infrastructure.
- Asset quality improved with lower impaired loans ratios, despite double digit loan growth.
This document contains a summary of Cia. Hering's 2Q09 performance and business outlook:
- Gross revenue grew 48.9% in the domestic market and Hering brand sales increased 57.7%. Same-store sales grew 29.3% and EBITDA margin increased 4.1 percentage points.
- 14 new Hering stores and 2 new PUC stores were opened in 2Q09. The expansion plan aims to open 81 new stores by the end of 2010.
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1) Best Buy Co., Inc. is the largest consumer electronics retailer in North America with a 18% market share in the US.
2) Best Buy has experienced strong growth in revenue, operating income, and earnings per share in recent fiscal years through expanding its store base and developing new retail formats.
3) Best Buy plans to continue growing its core business by focusing on services, full solutions, new store formats, and private label offerings while also expanding into new markets like Canada, China, and the UK.
1) Best Buy Co., Inc. is the largest consumer electronics retailer in North America with a 18% market share in the US.
2) Best Buy has experienced strong growth in revenue, operating income, and earnings per share in recent fiscal years through expanding its store base and developing new retail formats.
3) Best Buy plans to continue growing its core business by focusing on services, full solutions, new store formats, and private label offerings while also expanding into new markets like Canada, China, and the UK.
1. IGT has a wide economic moat in the gaming industry due to significant barriers to entry, pricing power, and recurring revenue streams.
2. The company has a history of strong profitability and returns on capital that exceed its cost of capital.
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Apl investor presentation may 2012 final versionParish Aggarwal
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- Other income increased substantially due to treasury income and dividend received from subsidiaries.
Similar to Apresentacao renda fixa_final.v2.11.02.11 (20)
O Banco Santander (Brasil) apresentou resultados positivos no primeiro trimestre de 2011, com expansão comercial, integração concluída e crescimento de dois dígitos no volume de negócios. O lucro líquido foi de R$2,1 bilhões, 17,5% maior que no primeiro trimestre de 2010. A carteira de crédito ampliada cresceu 21,9% em 12 meses, puxada por consignado, imobiliário e cartões.
1. O Banco Santander apresentou resultados positivos no primeiro trimestre de 2011, com crescimento de 17,5% no lucro líquido em relação ao mesmo período do ano anterior.
2. A estratégia do banco tem sido expandir sua presença física e digital, concluindo a integração após a aquisição do Banco Real, e formando parcerias para ampliar sua oferta de produtos e serviços.
3. Apesar do cenário macroeconômico desafiador, com medidas para controlar a inflação, o banco
The document provides the 1Q11 results for Banco Santander (Brasil) S.A. Some key points:
- Net profit before tax increased 25.4% year-over-year to R$2,724 million in 1Q11. Net profit rose 17.5% year-over-year to R$2,071 million.
- Total revenues grew 6.6% year-over-year to R$8,690 million in 1Q11, with net interest income increasing 3.9% quarter-over-quarter.
- The bank saw double-digit growth in its loan portfolio and funding from clients, with the expanded credit portfolio rising 21.9% year-
The document provides the 1Q11 results for Banco Santander (Brasil) S.A. Some key points:
- Net profit before tax increased 25.4% year-over-year to R$2,724 million in 1Q11. Net profit rose 17.5% year-over-year to R$2,071 million.
- Total revenues grew 6.6% year-over-year to R$8,690 million in 1Q11, with net interest income increasing 3.9% quarter-over-quarter.
- The bank saw double-digit growth in its loan portfolio and funding from clients, with the expanded credit portfolio rising 21.9% year-
Este documento apresenta os resultados financeiros do Banco Santander (Brasil) S.A. para o ano de 2010. O banco teve um crescimento de 34% no lucro líquido em relação a 2009, atingindo R$7,4 bilhões em 2010. As receitas totais cresceram 7,1% no período, impulsionadas principalmente pelo crescimento da carteira de crédito.
A apresentação resume os resultados financeiros de 2010 do Banco Santander (Brasil) S.A., destacando o cenário econômico favorável no Brasil com crescimento das commodities e da demanda interna. No entanto, a política fiscal e a inflação representam desafios. O Santander atua em diversos segmentos no Brasil com mais de 50 mil funcionários e é o maior conglomerado financeiro internacional no país.
The document is a presentation by Banco Santander (Brasil) S.A. for fixed income investors in February 2011. It discusses Brazil's solid macroeconomic fundamentals including large foreign reserves, declining debt levels, and stable interest and inflation rates. It also notes Brazil's favorable social dynamics including a demographic bonus from a growing workforce and increasing social mobility. The presentation aims to provide investors an overview of the Brazilian economy, Santander Group, and Santander Brasil.
Santander is entering into a bancassurance agreement with Zurich Financial Services to integrate Santander's insurance businesses in Latin America into a newly created holding company, with Zurich acquiring a 51% stake. The agreement includes a 25-year exclusive distribution deal across key Latin American markets for Zurich. The transaction values Santander's insurance businesses at $4.1 billion, with Zurich paying $1.67 billion upfront for its 51% stake and additional earn-out payments totaling $420 million over time. The deal will allow Santander to leverage Zurich's insurance expertise while benefiting from its distribution network, with the goal of accelerating growth in Latin America's underpenetrated insurance markets.
This document summarizes Santander Bank's operations in Brazil. Santander is the 3rd largest private bank in Brazil with over 3,600 branches nationwide and more than 24 million customers. The bank has focused on commercial banking and achieved strong growth and results across all customer segments in recent years. Asset quality remains sound with non-performing loans at low levels. Overall, Santander has established a leading franchise in Brazil through successful acquisitions and integration processes.
Banco Santander (Brasil) S.A. is one of the largest banks in Brazil and part of Banco Santander, the 3rd largest bank by profits worldwide from 2007-2010. Santander has a large international presence with operations across Europe and the Americas. In Brazil, Santander has a 10% market share, operates 3,696 branches, and serves over 24 million customers, making it the 3rd largest private bank. Brazil has strong macroeconomic fundamentals including large foreign reserves, declining external debt, high interest rates above inflation. Santander Brazil aims to build on these strengths and further expand its business across the country.
Banco Santander (Brasil) S.A. is one of the largest banks in Brazil with a strong franchise as the 3rd largest private bank. It has over 3,600 branches nationwide and more than 24 million customers. Santander Brasil has a successful integration process following its acquisitions of two large Brazilian banks in 2001 and 2007. It focuses on commercial banking and has increasing results across its business segments through a defined segmentation strategy for each type of customer.
Santander Bank is inviting shareholders, investors, and analysts to their first public meeting (APIMEC) in Rio de Janeiro on March 8th, 2010. The meeting will be held at the Hotel Sofitel from 9:00AM to 10:30AM, where the board of directors will present the bank's results for the 4th quarter of 2009 and the full year 2009, followed by a question and answer session. RSVPs can be made by phone or email.
O Santander convida acionistas, investidores e analistas para sua primeira Reunião Pública em São Paulo no dia 5 de março de 2010 no Hotel Renaissance para apresentar os resultados do 4T09 e de 2009, com sessão de perguntas e respostas após a apresentação.
Santander has invited shareholders, investors, and analysts to participate in its first public meeting (APIMEC) on March 5, 2010 at the Hotel Renaissance in São Paulo, Brazil. The board of directors will present results for the fourth quarter of 2009 and the full year 2009, followed by a question and answer session. Participants can RSVP by phone or email and the meeting will also be streamed online in English and Portuguese on Santander's website.
O documento apresenta informações sobre o Grupo Santander: (1) é o primeiro grupo financeiro na Espanha e América Latina e está presente em mais de 40 países; (2) no Brasil representa 20% dos negócios do Grupo e tem confiança no potencial de crescimento do país; (3) realizou a maior oferta pública de ações do mundo em 2009.
The document summarizes the results of a public meeting for Santander. It discusses Santander's operations globally as the largest bank in Spain and Latin America, with a presence in over 40 countries and 169,000 employees worldwide. In Brazil specifically, Santander has seen significant growth and results, benefiting from Brazil's economic prowess and social developments like a growing middle class. Santander's Brazilian operations play an important role in the overall group.
Este documento apresenta os resultados do 1o semestre de 2010 do Banco Santander. Contém informações sobre a presença global do Santander, seus resultados, iniciativas de aquisição, reconhecimento no mercado e confiança no mercado brasileiro.
Banco Santander (Brasil) S.A. announces its Public Meeting with Shareholders and Analysts in São Paulo on October 7th, 2010 from 9:00 a.m. to 12:00 p.m. and in Rio de Janeiro on October 8th, 2010 from 8:30 a.m. to 10:30 a.m. Both meetings will be conducted in Portuguese at the specified locations and times.
2. Important Information
This presentation may contain certain forward-looking statements and information relating to Banco Santander
(Brasil) S.A. (“Santander Brazil") and its subsidiaries that reflect the current views and/or expectations of Santander
Brazil and its management with respect to its performance, business and future events. Forward looking statements
include, without limitation, any statement that may predict, forecast, indicate or imply future results ,performance
or achievements, and may contain words like "believe", "anticipate", "expect", "estimate", "could", "envisage",
"potential", "will likely result", or any other words or phrases of similar meaning. Such statements are subject to a
number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause
actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this
presentation. We do not undertake any obligation to update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise. In no event shall Santander Brazil, or any of its
subsidiaries, affiliates, shareholders, directors, officers, agents or employees be liable to any third party (including
investors) for any investment or business decision made or action taken in reliance on the information and
statements contained in this presentation or for any consequential, special or similar damages.
In addition to factors identified elsewhere in this presentation, the following factors, among others, could cause
actual results to differ materially from the forward-looking statements or historical performance: changes in the
preferences and financial condition of our consumers, and competitive conditions in the markets we serve;
changes in economic, political and business conditions in Brazil; governmental interventions resulting in changes in
the Brazilian economy, taxes, tariffs or regulatory environment; our ability to compete successfully; changes in our
business; our ability to successfully implement marketing strategies; our identification of business opportunities; our
ability to develop and introduce new products and services; changes in the cost of products and our operating
costs; our level of indebtedness and other financial obligations; our ability to attract new customers; inflation in
Brazil, devaluation of the Real against the U.S. Dollar and interest rate fluctuations; present or future changes in
laws and regulations; and our ability to maintain existing business relationships, and to create new relationships.
3. 3
Index
Brazilian Economy and Financial System
Santander Group
Santander Brasil
Annexes
4. 4
For the first time in a long period, we are living in a truly DUAL WORLD
Need for PUBLIC SECTOR MATURE MARKETS
to adjust large fiscal have started to
deficits behave like
mature markets…
LOW HIGH i.e., not growing…
Leverage
HIGH MATURE
MARKETS
Need for
PRIVATE …and EMERGING
SECTOR to MARKETS have started to
deleverage behave like emerging
markets… i.e., delivering
Balanced
LOW DIFFERENTIAL GROWTH…
EMERGING
MARKETS
5. 5
Solid macroeconomic fundamentals…
International Reserves and External Debt Interest Rates vs. Inflation
US$ billion
17.8% 18.0%
16.5%
13.3% 13.8%
289
External
11.3% 10.8%
215 239 9.3%
debt¹ 201 207 7.6% 8.8%
169 173 180 247 5.7%
193 198 198 3.1%
86 5.9%
Reserves 49 53 54 5.9%
4.5% 4.3%
2003 2004 2005 2006 2007 2008 2009 2010
2003 2004 2005 2006 2007 2008 2009 2010
Interest Rates (SELIC) Inflation (IPCA)
Net Public Sector Debt / GDP % Real GDP Growth %
54.9%
50.6% 48.2% 7.7%
47.0% 45.1%
42.9% 40.4%
38.4%
2.5% 2.9%
1.1% 1.7%
0.7%
2003 2004 2005 2006 2007 2008 2009 2010 E
2003 2004 2005 2006 2007 2008 2009 2010E Brazil USA Euro Zone
Source: Central Bank, IBGE and Santander Research
1. Last data available for external debt: Nov/10
6. ... which led to less macroeconomic volatility 6
Duration in months of the Brazilian economic expansion and contraction periods
Largest Most brief
expansion contraction
period
Feb83 Dec91 Sep95 Feb99 Sep01 Jun03
Jan87 Nov94 Sep97 Nov00 Sep02 Jun08
48 8 36 25 22 13 61 21
28 20 30 9 16 9 8 6
Oct80 Feb87 Jun89 Dec94 Oct97 Dec00 Oct02 Jul08 Jan09
Jan83 Sep88 Nov91 Aug95 Jan99 Aug01 Mai03 Dec08 Oct10
Source: The Brazilian Central Bank
7. 7
Social dynamics shows a favorable scenario for Brazil
Favorable Demographic Dynamics1 Social Mobility Trends2
90% 200 ∆abc= 36 ∆abc= 29
Demographic 31
80% 20
Bonus 13
Millions of People
150
70% 66
95 113
+44.0% +19.0%
60% 100
47
50%
50 44
40
40% 49
29 16
1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 0
2003 2009 2014*
Population in Active Ages= 15-64 years
Dependence Ratio E D C A/B
Per capita Income – US$ thousand Annual Average Unemployment Rate(%)
CAGR: 6,6% 12.3%
11.5%
8.9 8.5
7.4 9.8% 10.0% 9.3%
6.0 7.9% 8.1%
4.9
3.8 6.7%
3.5
2003 2004 2005 2006 2007 2008 2009 2010
1994 2000 2005 2006 2007 2008 2009
Sources: 1 – IBGE and Santander Research
2 - Ministry of Finance; * estimated
8. 8
Sound Brazilian Financial System
Well-capitalized financial system: BIS Ratio: 17,4%
Solid and Profitable
Coverage index: 109%
High Profitability - ROE: 17%
Concentration: The five largest banks account for 75% of the assets
Sizeable market: The four largest Brazilian banks rank the 30 largest
banks of the world in market capitalization
Highly regulated and
sizeable financial Conservative regulation and strict prudential rules:
system
The minimum BIS ratio required is 11%
High Reserve requirements: average ratio¹ 33%
Source: Central Bank of Brazil
1. Total System reserve requirement / Total system deposits
9. 9
Increasing credit penetration but still low for international standards
Total Credit / GDP*
México 32% Credit Evolution in Brazil
US$ Billion Y-o-Y
Colômbia 41%
1,027
852
739
564 20.5%
366 441
252 300
Brasil 46%
8.8%
Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
Chile 83%
USA 209%
Source: Central Bank of Brazil and Santander Research
*Last data available for Total Credit/GDP: Dec/08, except from US:Dec/07
10. 10
Brazil: a country with great opportunities
The banking sector has a big opportunity
The triple Multiplier
The triple Multiplier
The triple Multiplier
Differential GDP growth (not
involved in the excesses of
the past cycle)
Increased bancarisation
(development of middle class)
Sound Financial System
(Low leverage, conservative,
good profitability, supervision)
11. 11
Index
Brazilian Economy and Financial System
Santander Group
Santander Brasil
Annexes
12. 12
Santander Group
Today Santander is one of the largest financial groups worldwide
Market cap.: EUR
66,033 mill.
# 10 worldwide # 1 in the
(# 12 in 2006) Eurozone
2010 profit: EUR 8,181
mill.
# 4 worldwide
(# 3 in 2008; # 5 in 2007)
# 1 by international branch network: ~14,086
# 1 by number of shareholders: 3.2 million
Note: Bloomberg Data as of December 30, 2010
13. 13
Santander Group
Main financial figures
Sound credit ratings
EUR MM 2010
Long term Outlook
Assets 1.217.501
Standard & Poor’s AA Negative
Loans 724.154
Moody’s Aa2 Negative
Shareholders’ equity 75.273
Fitch AA Stable
Assets Under Management 1.362.289
DBRS AA Stable
8.181
Net profit
Profits by geographical area Assets by geographical area
Other LatAm USA
4% Retail Spain USA
18% Other Continental
15% 4%
LatAm Europe
9% 45%
Other Retail
Europe Brazil
11% 12%
Brazil
25% United
Kingdom
18%
Global
United
Business
Kingdom
Europe
30%
9%
Continental Europe: 37%
14. Santander’s Model 14
Our strategy
1.Critical mass in our core markets
2.High diversification by geographies and businesses: focus on retail
banking
3.Solid retail banking model. Commercial focus (expand the
“front”), continue efficiency improvement (reduce the “back”) and a
prudent risk policy.
4.Balance sheet strength: a distinguishing feature of Santander Group
5.Active management of business portfolio: improving our strategic
positioning during the crisis
15. Santander’s model 15
Critical mass in our core markets
USA7
UK3
Branches: 722 Ranking1: 4th
Customers: 1.7 mill. Mkt. share1: 12%
Branches: 1,328
Mexico Customers: 26.4 mill.
Ranking1: 3rd
Mkt. share1: 15%
Branches: 1,093 Spain2
Customers: 9.0 mill. Ranking1: 1st
Mkt. share1: 15%
Brazil6 Branches: 4,780
Customers: 12.1
Ranking: 3rd mill.
Mkt. share: 10%
Branches: 3,696
Customers: +24 mill.
Portugal2 Santander
Chile Consumer4
Ranking1: 4th (5)
Ranking1: 1st Mkt. share1: 10% Branches: 523
Mkt. share1: 19% Branches: 762 Dealers: 135,000
Branches: 500 Customers: 1.9 mill. Customers: 13.7 mill.
Customers: 3.0 mill.
(1) Loans + deposits (balance sheet funds) + mutual funds
(2) Santander Consumer not included (in Spain: 2.7 million customers and 77 branches; Portugal: 0.3 million customers and 7 branches)
(3) Ranking 3rd by retail deposits and second by mortgages portfolio
(4) Present in 15 countries. Loyalty cards not included under customers
(5) Third largest private bank in Portugal and first by profit in 2009
(6) Excluding public-sector banks. (7) Only data from Sovereign Bank. Customer-homes data.
16. Santander’s model 16
Santander: Low risk business model
Profit before tax Retail Banking
(by business area) Loans/Assets (%)
Top World Banks: Loan/ Assets (% )
Retail Global 70
Banking Banking&
60
Markets
50
40
30
72% 24%
20
10
4% 0
Wells
Barclays
RBS
BNP
UBS
RBC
HSBC
Citi
BBVA
BoA
SocGén
Deutsche
Santander
JPM
Unicredit
Asset
Management&
Insurance Source: Banks' dat a
76% retail
17. Santander’s model
17
Efficiency as a goal: we believe in improving our
efficiency, year after year
Group efficiency ratio* Efficiency ratio vs Peers** (%)
In percentage C1 40.4
SAN
C2 41.3
efficiency:
66.1 SAN 41.7 Global Model
64.1 Abbey’s C4 49.7 of
entry Technology,
C5 50.6
61.4 Operations
59.7
C6 52.1 and Costs
B. Real’s C7 54.1
entry C8 55.3
56.3
54.7 54.1 C9 55.6
C10 55.8
SOV, A&L and C11 57.6
49.7 GE’s entry
C12 57.8
C13 59.4
45.5 C14 59.6
44.6
Peers… 60.6
42.9
41.7 C15 64.8
C16 69.4
C17 69.9
C18 72.5
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 9M'10
C19 87.5
(*) Efficiency ratio with amortisations. Figures from 2004 on C20 98.4
according to IFRS
(**) Note: Data as of December 2009. “Peer Group” are 19 large banks that because of their size, charateristic and/or
degree of direct competition are the reference group to surpass: Banco Itaú, Bank of America, Barclays, BBVA, BNP
Paribas, Citigroup, Credit Agricole, HSBC, Intesa Sanpaolo, JP Morgan, Lloyds, Mitsubishi, Nordea, Royal Bank of
Canada, RBS, Societe Generale, UBS, Unicredito, Wells Fargo.
18. 18
Index
Brazilian Economy and Financial System
Santander Group
Santander Brasil
-Overview
-Results
- Liquidity and Funding
Annexes
19. 19
Santander Brasil Overview
The only international retail bank
among the top 5 largest banks in Acquisition of two large
Brazil banks in Brazil (Banespa in
With 3,696 branches nationwide 2001, and Banco Real in
Over 24 million 2007)
Solid franchise
Customers in Brazil Integration converted in
3rd largest Brazilian through a profitability
Top universal
successful
private bank bank franchise
process of
in Brazil
acquisition
Focus on Risk and asset
Commercial quality Proven risk management
banking management
Provide a broad range
of commercial banking Approvals, monitoring and
products control of risks are coordinated
worldwide within the Santander
Group
20. 20
Santander Brasil Overview
Santander Brasil rank among the largest banks by market cap¹ in the world
US$ Bi llion
24º 25º 26º 27º 28º 29º 30º 31º Profit before Tax
32º 33º
59.5 54.1 52.0 51.7 51.6 51.4 50.0 49.6 48.2 47.7
Deutsche
Credit
US Bancorp
Barclays
Bank Of
National
Sumitomo
Santander
Communic
Banco do
Australia
Suisse
Scotia
Nova
Bank Of
Mitsui
Bank
Brasil
ations
Brasil
Main financial figures
Focus on Commercial banking US$ million 2010 Y-o-Y
Assets 225.741 18,6%
Profit before tax
2010 Loans 96.739 16,0%
Commercial Funding ² from client 92.332 8,6%
Banking Funding ² from client+ AUM 159.415 10,5%
64%
Net profit 4.198 34,0%
Global
Wholesale
Sound credit ratings
Asset Banking
Management Standard & Poor’s BBB- (stable)
28%
& Insurance Moody’s* Baa3 (stable)
8%
Fitch BBB (positive)
* Long- term deposits rating
1. Source: Bloomberg – 12/31/2010
2. Demand Deposits + Time Deposits + Savings + Debentures + Real Estate Credit Notes (LCI) and Agribusiness Credit Notes (LCA)
21. 21
Santander Brasil is a top universal bank franchise in Brazil
Santander is the 3rd largest Brazilian private bank in total assets, with
a market share¹ in loans of 11%
Market share
Number of branches
Strong distribution platform… Total Country December/2010
Market Share: 12%
North: 5% of GDP
Bank with one of the highest numbers of point Market Share: 5%
of sales in South/Southeast (73% of GDP)
Northeast: 13% of GDP
• 2,201 Branches Market Share: 7%
• 1,495 Mini Branches
Middle-west: 9% of GDP
• 18,312 ATM’s Market Share: 6%
Southeast: 56% of GDP
+10.9 million current accounts², an
Market Share: 16%
increment of 661 thousand current
accounts in 12 months
South: 17% of GDP
Opening of 110 new branches
Market Share: 9%
in 12 months
Source: The Brazilian Central Bank and IBGE. GDP date: 2008
1. Santander’s market share in total loans of private sector: 17% (Dec/10)
2. Current accounts within 30 days, according to Central Bank as of dec/2010
23. 23
Integration Process - Status
1st and 2nd Stages concluded 3rd Stage
Aug/08 Jun/10 Dec/10 1H11
1 Senior Management Integrated
2 Centralized areas integrated
Risk Management, Human Resources, Marketing
Auditing financial Control, Compliance, etc.
3 Wholesale, Private & Asset integrated Re-branding
GB&M, Corporate and Middle
4 Credit card system
5 ATMs integrated
VI
8 Re-branding
ATMs platform
Upgrade on branches infrastructure 9 Unified Customer Services
6 Insurance System 95% of volume
7 New commercial model Technology migration
10 Tests and Simulations
24. 24
Santander Loan Portfolio
Total Loan Portfolio (US$) Credit Portfolio Concentration¹ – – Risk (%)
Credit Portfolio Concentration¹ Risk (%)
Dec/10 Total Credit Dec/10
Total: US$ 96,7 bi 100 largest 29.8%
Corporate Individuals¹ 50 largest 23.8%
27% 32%
20 largest 16.0%
Consumer
SMEs
finance
24% 10 largest 11.5%
17%
Largest debtor 2.8%
2010 Loan Portfolio Breakdown by Segment (US$ Billion) – Dec/10
Individuals Corporate + SMEs Consumer Finance³
Total: US$ 30,7 billion Total: US$ 49,8 billion Leasing / Total: US$ 16,2 billion
Other
Leasing/Auto Auto Loans Consumer Credit 0,4%
Loans¹ 3.7% Large 7,2%
4.5% Construction 8,6%
Loans
Personal Credit Card
6.5%
Loans/Others 19.5% Trade Finance
Working
33.8% 24.0%
capital /
Payroll Others
Vehicles &
Loans² 53.5% On-lending Motorcycles
Mortgages 25.0% 9.8% 83,8%
12.1%
Agricultural Agricultural
Loans Loans
5.1% 2.5%
1. Includes: Credit Portfolio and Credit Guarantees, Securities and Derivatives Financial Instruments
2. Includes acquired portfolio
3. Vehicles (Cars, Motorcycles), Large vehicles and Others: Clubcard, CVC.
25. 25
Business - Portfolio Evolution – IFRS
US$ billion US$ million Y-o-Y Q-o-Q
2010 2009 Variation Variation
16.0%
Individuals 30,717 26,029 18.0% 5.6%
4.3%
Consumer Finance 16,249 15,124 7.4% 1.9%
92.8 96.8
100.0
83.4 84.3 88.3 8.5% SMEs 23,080 18,948 21.8% 7.1%
80.0
4.7% 5.1% 6.5%
4.1% 4.3% Corporate 26,693 23,284 14.6% 1.9%
60.0 4.5%
40.0 Total IFRS 96,739 83,385 16.0% 4.3%
1.1% 2.5%
20.0 0.5% Others Credit Risk
4,624 1,946 137.6% 38.5%
dec.09 mar.10 jun.10 sep.10 dec.10 -1.5% Transactions¹
-
Q-o-Q Var. Expanded Credit
101,363 85,331 17.2% 4.0%
portfolio¹
Expanded Credit
portfolio¹ including 103,893 86,669 19.9% 5.2%
acquired portfolio²
1. Loans for the year 2009 have been reclassified for comparison purposes with the current period, due to re-segmentation of clients occurred in 2010
2. Portfolio acquired from other banks
26. 26
Profitability and asset quality levels
Delinquency IFRS³ (%) Coverage Ratio IFRS²
9.3 101.7% 102.8% 101.7% 101.4%
8.8 98.3%
8.2 7.9 7.6
7.2 7.0 6.6
6.1 5.8
5.3 5.3 5.1
4.5 4.3
4Q09 1Q10 2Q10 3Q10 4Q10
4Q09 1Q10 2Q10 3Q10 4Q10
Individuals Corporate Total
Net Interest Margin¹
8.8%
7.9%
2009 2010
1) Net interest income (including dividends on equity securities) divided by average interest earning assets.
2) Allowance for Loan Losses / nonperforming loans for over 90 days + performing loans with high delinquency risk
3) Nonperforming loans for over 90 days + performing loans with high delinquency risk / total managerial loans
28. 28
Index
Brazilian Economy and Financial System
Santander Group
Santander Brasil
-Overview
-Results
- Liquidity and Funding
Annexes
29. 29
Income Statement – IFRS
US$ Billion 2010 2009 Y-o-Y
Net Interest Income 13.702 12.606 8,7%
Net Fee 3.886 3.547 9,6%
Other Operating Income 768 983 -21,8%
Total Income 18.356 17.136 7,1%
General expenses¹ (7.090) (6.935) 2,2%
Allowance for loan losses (4.682) (5.677) -17,5%
Net Provisions/Others (1.055) (548) 92,7%
Net profit before tax 5.530 3.976 39,1%
Income tax (1.332) (843) 57,9%
Net profit 4.198 3.132 34,0%
1. Includes depreciation and amortization.
30. 30
Santander Brazil Performance Ratios - IFRS
Efficiency Ratio¹ (%) ROAA²(%)
-1.5 p.p. 0.4 p.p.
2.2%
36.3 34.8 1.8%
2009 2010 2009 2010
ROAE (adjusted)³ (%) BIS³ (%)
-2.4 p.p.
-3.5 p.p.
19.3 25.6%
16.9 22.1%
Average Peers*
15,1%
Current Minimum Requirement
11,0%
2009 2010 2009 2010
Average Banco do Brasil, Itaú Unibanco Bradesco (sep-10)
1. General Expenses excluding amortization / Total Revenue excluding Cayman hedge
2. Net Profit / Average Assets
3. Excludes goodwill on acquired companies (Banco Real and Real Seguros Vida e Previdência)
31. 31
Total Risk-Based Capital Ratio
BIS Ratio %
Santander x Major Banks (including Local Institutions)
Source: Bloomberg – 01.27.2011
32. 32
Index
Brazilian Economy and Financial System
Santander Group
Santander Brasil
-Overview
-Results
- Liquidity and Funding
Annexes
33. 33
Financing Strategy: we are managing our balance sheet in a
very PRUDENT / CONSERTIVE way
Santander’s basic liquidity management principles
Decentralized...but coordinated...action
Diversification: market; maturity; currency;
instrument
Limited short term funding
Limited intra-group funding (principle of
autonomy in the context of the “Living Wills”)
34. 34
Financing Strategy
Decentralized…but coordinated…actions
Each subsidiary has its own rating…and can access the market in
different currencies, products and investor bases
35. 35
Conservative Balance Sheet Management: Liquidity
Balance sheet: liquidity ¹ Key principles
Low Liquidity Risk
The local balance sheet should be self-
Credits + 56% funded.
Similars Deposits
58% raised by No liquidity “carry trade”.
business
lines Focus on retail and stable funding:
stability and long tenor.
63%
Santander Brasil reliance in
Other* 46% 5%
international funding is not
14% Other** considerable (11,1% of the total
Reserve balance sheet)
7% Debt issued
Requirements
+ Others***
21% Liquidity buffer based on stress
16% Equity results.
Government 7%
Bonds
No refinancing “peaks”.
Proforma Data
*Defered tax assets, Plant, property and equipment;Investment in affiliates, Prepaid expenses
** Provision:Tax; Labour; Civil
*** Data does not include double count which inflate assets and liabilities in the same proportion
1 – Managerial Balance Sheet used for liquidity management.
36. 36
Liquidity Firewall
The Brazilian Law
It is forbidden lend money to Parent Company
(Lei 4.595/64; Lei 7.492/86; MNI 02-01-16).
In Brazil it's a white-collar crime.
Dividend Policy Supervision
Limited
Regulation: max. The Central Bank
95% of Profits (BR of Brazil has a
GAAP). close and
Santander: 80-85% rigorous
(BR GAAP) and supervision.
50% (IFRS).
Corporate Governance Decentralized Model
There is a Policy for
Independent
Transactions with
Related Parties subsidiaries in terms
Bylaws are designed to of capital and liquidity.
protect shareholders.
37. 37
Santander Model
Loans / Deposits Key principles
105% Low Liquidity Risk
98%
Metrics are used in order to control
funding maturity concentration and/or
funding providers.
Dec-09 Dec-10
As long as market conditions /
instruments allow, strive to match
Short Term Funding (*) / Total Funding (*) assets and liabilities.
Santander has a formal contingency
funding plan to be held as insurance
%
%
against a range of liquidity stress
scenarios.
15 %
Continuous and closer monitoring of
1%
liquidity used by various business
Dec-09 Dec-10 units.
(*) Institutional Funding
38. 38
Santander Brasil Capital Markets funding is carried out through a
diversified approach by markets, tenor and instruments
Short Term
• EuroCD: 1 billion Programme (Reg. S Notes only)
Medium and Long Term
• Eurobond market: Senior transactions in all major currencies through a
US$ 3,5 billion EMTN Programme (Reg S and 144-A). Structured and
Private Placements are also issued under the Programme.
• Securitization of Payment orders (future flows) – MT103 and MT202
through established programme. Debt Service Coverage Ratio is
currently above 90 times. Rated A2 Moody’s / A- S&P / A Fitch.
39. 39
Index
Brazilian Economy and Financial System
Santander Group Overview
Santander Brasil
Annex
40. 40
Quarterly Managerial¹ Income Statement – IFRS
US$ million
Income Statements 4Q09 1Q10 2Q10 3Q10 4Q10
- Interest and Similar Income 5.596 5.276 5.595 6.030 6.363
- Interest Expense and Similar (2.270) (1.959) (2.260) (2.597) (2.746)
Interest Income 3.327 3.317 3.335 3.433 3.617
Income from Equity Instruments 5 2 8 1 18
Income from Companies Accounted for by the Equity Method 3 6 7 6 6
Net Fee 947 922 972 1.010 982
- Fee and Commission Income 1.074 1.047 1.097 1.154 1.157
- Fee and Commission Expense (126) (125) (125) (144) (175)
Gains/Losses on Financial Assets and Liabilities and Exchange Rate Diferences 174 346 165 268 133
Other Operating Income (Expenses) (34) (26) (34) (60) (78)
Total Income 4.422 4.568 4.454 4.659 4.676
General Expenses (1.645) (1.510) (1.577) (1.620) (1.679)
- Administrative Expenses (809) (739) (772) (781) (724)
- Personnel espenses (836) (771) (806) (839) (954)
Depreciation and Amortization (151) (163) (167) (176) (198)
Provisions (net)² (274) (358) (165) (383) (217)
Impairment Losses on Financial Assets (net) (1.208) (1.369) (1.259) (1.034) (1.033)
- Allowance for Loan Losses³ (1.221) (1.367) (1.280) (1.030) (1.005)
- Impairment Losses on Other Assets (net) 13 (2) 21 (4) (27)
Net Gains on Disposal of Assets 19 67 27 20 (34)
Net Profit before taxes 1.163 1.235 1.313 1.466 1.516
Income Taxes -258 -233 -309 -365 -425
Net Profit 905 1.003 1.004 1.100 1.091
1. Does not consider the fiscal effect of Cayman hedge
2. Includes provision for tax contingencies and legal obligations
3. Includes recovery of credits written off as losses
4. Exchange rate of 1,7585, Dec/11
41. 41
Balance Sheet - Total Assets – IFRS
US$¹ million
Assets Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
Cash and Balances w ith the Brazilian Central Bank 16.430 22.194 25.513 32.151 34.223
Financial Assets Held for Trading 12.120 13.938 21.632 14.303 14.955
Other Financial Assets at Fair Value Through Profit or Loss 9.817 9.564 9.769 10.041 10.809
Av ailable - for- Sale Financial Assets 27.960 22.403 25.655 24.479 28.442
Loans and Receiv ables 91.681 90.380 94.477 101.976 104.903
- Loans and adv ances to credit institutions 14.598 12.249 12.220 14.925 13.652
- Loans and adv ances to customers 83.151 84.159 88.153 92.784 96.789
- I mpairment losses -6.067 -6.028 -5.896 -5.733 -5.538
Hedging deriv ativ es 98 80 64 63 70
Non-current assets held for sale 103 25 56 52 40
I nv estments in associates 252 255 258 265 224
Tangible Assets 2.231 2.311 2.396 2.538 2.722
I ntangible Assets: 19.050 19.032 19.058 19.080 19.258
- Goodw ill 17.059 17.059 17.059 17.059 17.059
- Others 1.992 1.973 1.999 2.021 2.199
Tax Assets 9.507 8.938 9.188 9.193 8.943
Other Assets 1.128 1.307 1.156 1.339 1.153
Total Assets 190.379 190.425 209.222 215.479 225.741
1. Exchange rate of 1,6597, Dec/10.
42. 42
Balance Sheet – Total Liabilities and Equity – IFRS
US$¹ million
Liabilities Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
Financial Liabilities Held for Trading 2.672 2.714 2.813 3.021 2.883
Other Financial Liabilities at Fair Value Through Profit or Loss 1 1 1 - -
Financial liabilities at amortized cost 122.653 122.612 140.009 143.314 152.643
- Deposits from the Brazilian Central Bank 145 70 - - -
- Deposits from credit institutions 12.626 14.516 28.791 24.921 25.542
- Customer deposits 90.040 88.743 90.606 96.057 101.192
- Marketable debt securities 6.892 6.791 7.331 9.004 12.103
- Subordinated liabilities 6.811 5.938 6.075 5.683 5.841
- Other financial liabilities 6.138 6.554 7.207 7.650 7.964
Hedging deriv ativ es 6 22 25 10 -
Liabilities for I nsurance Contracts 9.355 9.702 10.058 10.781 11.835
Prov isions² 5.712 5.953 5.822 5.971 5.661
Tax Liabilities 5.698 5.131 5.543 6.054 6.345
Other Liabilities 2.547 1.674 1.800 2.297 2.172
Total Liabilities 148.645 147.810 166.070 171.448 181.538
Shareholders' Equity 41.397 42.218 42.744 43.597 43.726
Minority I nterests 1 1 2 4 5
Valuation Adjustments 337 397 406 430 472
Total Equity 41.734 42.616 43.152 44.031 44.203
Total Liabilities and Equity 190.379 190.425 209.222 215.479 225.741
1. Exchange rate of 1,6597, Dec/10.
2. Includes provision for pension and contingencies
43. 43
Quality of Loan Portfolio - BR GAAP
Delinquency Over 90¹ (%) NPL Over 60² (%) Coverage Ratio Over 90³
9.2
7.8 8.7
7.2 8.0
6.7 7.4 133% 137%
6.2 6.8 6.9 120% 128%
5.9 5.8 6.4 113%
5.4
4.7 5.6
4.2 5.0
3.9 4.7
4.2 4.7
3.7 4.4
3.0 3.6
2.5 2.2 2.9 2.7
4Q09 1Q10 2Q10 3Q10 4Q10 4Q09 1Q10 2Q10 3Q10 4Q10
4Q09 1Q10 2Q10 3Q10 4Q10
Individuals Corporate Total Individuals Corporate Total
1. Nonperforming loans over 90 days / total loans BR GAAP
2. Nonperforming loans over 60 days / total loans BR GAAP
3. Allowance for Loan Losses / (nonperforming loans for over 90 days + performing loans with high delinquency risk)
44. 44
Corporate Governance
The Bank is managed by the Board of Directors and the
Executive Board, supported by specialized committees
Banco Santander believes that a good corporate governance is a competitive advantage and
strategic element supported by two pillars: shareholder rights and transparency
In line with the corporate governance best practices, Banco
Santander’s units are listed in BM&FBOVESPA and in the NYSE
Level 2 of BM&FBOVESPA with 100% of Tag Along
Board of
Directors¹
3 Executive Board 3 Board Members of 3 Independent Board
Members Grupo Santander Spain Members
1 Data as of December, 2010
45. 45
Santander Brazil Ownership Structure
Santander Group Controls 81,6% of Santander Brazil
Santander Brazil’s shares are listed in NYSE and in the Brazilian stock, mercantile and futures
exchange BM&FBOVESPA
BANCO
SANTANDER S.A.
(SPAIN)
99.11% 99,99% 100%
(V/T) (V/T) (V/T)
GRUPO
EMPRESARIAL SANTANDER STERREBEECK MINORITY
SANTANDER S.L. SEGUROS S.A. B.V. SHAREHOLDERS
34.7%(T) 0.2%(T) 46.6%(T) 18.4%(T)
35,2%(V) 0,2%(V) 46,8%(V) 17,7%(V)
BANCO
SANTANDER
(BRASIL) S.A.
Date: As of 10/22/2010
Note: “V” denotes percentage of voting shares; “T” denotes percentage of total share capital