This document summarizes Valid's financial results for the first quarter of 2011. It shows that EBITDA increased 14.9% compared to the first quarter of 2010. Net revenue grew 21.1% while net income increased 22.1%. Payment means was the largest contributor to revenue and saw significant growth in revenue and EBITDA. Identification systems remained the largest contributor to EBITDA but margins declined. Telecommunications also saw revenue growth. The company maintains a strong cash position and low debt levels. Valid expects continued growth across its business segments in 2011.

2. BM&FBovespa: VLID3
1Q11 Results
CONFERENCE CALL
PRESENTATION

3. CONSOLIDATED
Financial Highlights 1Q10 1Q11
(R$ million)
Net Revenue 170.1 206.0
EBITDA¹ 37.5 43.1
EBITDA Margin² 22.0% 20.4%
Net Income³ 19.1 23.2
Net Margin 11.2% 11.3%
¹ EBITDA adjusted for non-recurring expenses in 1Q10.
² EBITDA Margin does not include equity income in 1Q11.
³ Net Income adjusted for deferred income tax and social contribution and non-recurring expenses.
EBITDA 14.9% higher than in 1Q10;
21.1% increase in net revenue;
Increase in payout from 30% to 40% of adjusted income as payment of interest on equity and dividends for
2011;
New business structure focused on clients’ needs;
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4. NET REVENUE AND EBITDA MIX IN 1Q11
Net Revenue
Payment Means
23,0% Payment Means with the biggest contribution
to Net Revenue, 3.9 p.p. higher than in 1Q10
48,9% Identification
Systems
28,1% Telecommunications
EBITDA
20,4% Payment Means
Identification Systems still accounts for the
35,0%
Identification largest share of the Company’s EBITDA.
Systems
Telecommunications
44,6%
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5. PAYMENT MEANS
1Q10 1Q11
Net Revenue 76.6 100.7
EBITDA 5.2 15.1
EBITDA Margin 6.8% 15.0%
Sales volume (millions of cards) 33.2 48.9
Continuous evolution of smart cards contributed to 31.5% growth in net revenue ;
EBITDA of R$15.1 million, up 190.4% on 1Q10;
EBITDA margin increased from 6.8% in 1Q10 to 15.0% in 1Q11.
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6. IDENTIFICATION SYSTEMS
1Q10 1Q11
Net Revenue 53.3 58.0
EBITDA 20.6 19.2
EBITDA Margin 38.6% 33.1%
Sales Volume (million) 3.9 3.4
Net revenue 8.8% higher than in 1Q10;
EBITDA decreased 6.8% from 1Q10, due to the drop in document issues;
EBITDA margin declined from 38.6% in 1Q10 to 33.1% in 1Q11;
New services expected to continue being included in existing contracts.
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7. TELECOMMUNICATIONS
1Q10 1Q11
Net Revenue 40.2 47.3
EBITDA 11.7 8.8
EBITDA Margin 29.1% 16.3%
Sales Volume (Millions of Cards) 12.0 14.4
Equity Income 1.1
17.7% increase in net revenue from telecommunications;
EBITDA of R$8.8 million, versus R$11.7 million in 1Q10. Excluding the sum of R$4 million received in
2010, a quarter-on-quarter increase of 14.3%;
Market share expected to increase in 2011.
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8. CASH POSITION
1Q11 Position R$ million
Opening cash balance 139.7
Capex (5.2)
Share buyback (3.3)
Dividends / Interest on Equity (7.0)
Other 0.6
Closing cash balance 124.8
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9. INDEBTEDNESS
R$ million Debentures
Gross Debt 189.7 R$180 million
Cash 124.8 Issue: April 2008
Net Debt 64.9 1st Installment: April 2011
Net Debt/ EBITDA* 0.36 Coupon: CDI + 1.5% p.a.
EBITDA* / Financial Expenses* 8.44 Term: 5 years
Grace Period: 3 years
Covenants
- Net Debt / EBITDA ≤ 2,5
- EBITDA / Net Expenses ≥ 2,0
* Accumulated EBITDA and Financial Expenses in the past 12 months
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10. 2011 OUTLOOK
1. Strategic Plan
2. Digital Certification
3. Election of Board of Executive Officers
4. Dividends
5. EBITDA
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11. INVESTOR RELATIONS CONTACTS
For further information, please contact the IR department:
Carlos Affonso D’Albuquerque
Chief Financial and Investor Relations Officer
affonso@valid.com.br
+55 (21) 2195-7202
+55 (21) 9584-1338
Investor Relations Website:
www.valid.com.br/ri
Av. Presidente Wilson, 231 - 16° Andar - Rio de Janeiro - RJ - CEP 20030-905
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12. DISCLAIMER
This release contains forward-looking statements relating to the business prospects, estimates of operating and
financial results, and those related to growth prospects of Valid. These are merely projections and, as such, are
based exclusively on the expectations of Valid’s management concerning the future of the business and its
continuous access to capital to finance the Company’s business plan. Such forward-looking statements depend,
substantially, on changes in market conditions, government regulations, competitive pressures, the performance
of the Brazilian and international economies and the industry, among other factors, besides the risks presented
in the documents filed by Valid and are, therefore, subject to change without prior notice.
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