1) Consolidated net revenue grew 15.5% in 2011 over 2010, led by strong increases in the Identification Systems and Telecommunications divisions. 2) Adjusted net income increased 28.6% in 2011 to R$128.7 million, marking the 14th consecutive year of growth. 3) The company proposed paying 80% of adjusted net income for 2011 in dividends, totaling R$65 million to shareholders.

1. 4Q11 Results Conference Call

2. CONSOLIDATED RESULTS
(R$ MILLION) 4Q10 4Q11 Var. % 2010 2011 Var. %
NET REVENUE 202.9 227.7 12.2% 756.8 873.9 15.5%
EBITDA¹ 54.0 56.2 4.1% 175.1 200.4 14.3%
EBITDA MARGIN² 26.2% 23.8% -2.4p.p. 22.9% 22.3% -0.6p.p.
NET INCOME³ 31.5 36.4 15.7% 100.1 128.7 28.6%
Consolidated Net Revenue in 2011 was 15.5% more than in the same period in 2010. Between 4Q10 and 4Q11, revenue growth was
12.2%;
Adjusted Net Income² in 2011 was up 28.6% over the R$100.1 million in 2010 - the 14th consecutive increase;
14.3% increase in EBITDA¹ in 2011 over 2010, overcoming expectations;
¹ EBITDA adjusted for non-recurring expenses
²EBITDA margin does not include equity income
³ Net Income adjusted for deferred Income Tax and Social Contribution obligation and non-recurring expenses
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3. NET REVENUE AND EBITDA MIX
2010 Net Revenue (R$ million) 4Q10 EBITDA (R$ million)
Payment Means Telecommunications Identification Systems
The Identification Systems and Telecommunication divisions led growth, with impressive increases in revenue (15.6% and 53.7%, respectively);
Change in the Company’s Revenue mix, thanks to increased production of products with greater added value in the Payment Means segment;
The trend of migration from magnetic cards to those with chips will continue in the coming years. Only 45% of the bank card base has migrated so far
2011 Net Revenue (R$ million) 2011 EBITDA (R$ million)
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4. PAYMENT MEANS – RESULT
(R$ MILLION) 4Q10 4Q11 Var. % 2010 2011 Var. %
NET REVENUE 104.5 99.4 -4.9% 362.9 402.6 10.9%
EBITDA 18.7 15.2 -18.9% 46.7 62.5 33.7%
EBITDA MARGIN 17.9% 15.3% -2.6p.p. 12.9% 15.5% 2.6p.p.
VOLUME 45.4 41.3 -9.0% 171.0 185.9 8.7%
Net Revenue reached R$402.6 million in 2011, up 10.9% on 2010;
EBITDA was R$62.5 million in 2011, up 33.7% on the 2010 total of R$46.7 million;
EBITDA margin increased by 2.6 p.p., from 12.9% in 2010 to 15.5% in 2011;
Volume increased by 8.7% in comparison with 2010, from 171.0 million to 185.9 million;
The migration from magnetic cards to the diverse types of chip technology is one of the major drivers of revenue and EBITDA growth this
year and will remain so in the coming years as only 45% of the bank card base has so far migrated to chip cards.
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5. IDENTIFICATION SYSTEMS – RESULTS
(R$ MILLION) 4Q10 4Q11 Var. % 2010 2011 Var. %
NET REVENUE 60.2 69.6 15.6% 230.0 258.7 12.5%
EBITDA 24.0 31.4 30.8% 87.1 97.3 11.7%
EBITDA MARGIN 39.9% 45.1% 5.2 p.p. 37.9% 37.6% -0.3 p.p.
VOLUME 4.0 3.7 -7.5% 15.4 14.3 -7.2%
Net Revenue in 2011 was R$258.7 million, up 12.5% on 2010;
4Q11 EBITDA was 30.8% higher than in 4T10 due to new services added to existing contracts with some Brazilian states;
Average ticket increased 21.5% in the year, despite a reduction of 7.2% in volumes;
Digital Certification – necessary infrastructure already in place and technical people already hired. At the moment, awaiting approval
from ITI expected to end of April.
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6. TELECOMMUNICATIONS - RESULTS
(R$ MILLION) 4Q10 4Q11 Var. % 2010 2011 Var. %
NET REVENUE 38.2 58.7 53.7% 163.9 212.6 29.7%
EBITDA 11.3 9.6 -15.4% 41.5 40.6 -2.2%
EBITDA MARGIN 27.5% 12.9% -14.6 p.p. 25.3% 19,1% -6.2 p.p.
VOLUME 9.5 28.4 198.9% 42.4 80.5 90.0%
53.7% increase in Net Revenue between the quarters and 29.7% increase between the years;
For the year, EBITDA fell by 2.2% from 2010, due to product mix sold at lower prices and additional expenses aimed at process
adjustments;
To keep in step with evolving market trends, Valid entered into partnerships, which will enable it to offer a broader variety of solutions and
services to its clients in the NFC segment;
Our subsidiary in Spain has already developed NFC and M2M products to meet market trend and our clients’ needs.
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7. CASH POSITION
Position in 2011 R$ million
Opening Cash Balance 139.7
Operating Cash Flow 124.1
CAPEX -41.1
Received Dividends 2.7
Dividends / Interest on Equity -40.7
Share Buyback -23.1
Debenture Payment
-92.6
(Principal + Interest)
2nd Debenture Issue 100.0
Others 2.8
Closing Cash Balance 171,8
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8. DIVIDENDS
Gross Amount No. of
Event Date Fiscal Year Shareholding Payment Date Gross Amount
per Share Shares
IOE 07/21/2011 2011 07/21/2011 07/29/2011 0.21177 56,027,310 11,864,617.85
IOE 10/21/2011 2011 10/21/2011 11/07/2011 0.1519 55,299,310 8,399,965.19
Dividends 10/21/2011 2011 10/21/2011 11/07/2011 0.0553 55,299,310 3,058,051.84
Dividends 12/13/2011 2011 12/13/2011 01/09/2012 0.05528 55,332,310 3,058,825.43
IOE 12/13/2011 2011 12/13/2011 01/09/2012 0.1519 55,332,310 8,405,033.22
Total IOE - 2011 - - 0.51557 - 28,669,610.09
Total
- 2011 - - 0.11058 - 6,116,877.27
Dividends
Proposal to pay 80% of Adjusted Net Income for 2011, as dividends, totaling R$65 million to be paid to shareholders;
Our current number of shares is 55,750,000, as a result of the cancellation of 900,00 shares approved at the Board of Directors’
meeting held on December 13, 2001.
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9. INDEBTEDNESS
1st Debenture Issue 2nd Debenture Issue
R$ million
Gross Debt 213.0  R$180 million  R$100 million
Cash 171.8  Issued: Apr/2008  Issued: Oct /2011
 1st Installment:  Single Installment
Net Debt 41.2 Apr/2011 (payment of principal):
Oct /2013
 Remuneration: CDI +  Remuneration: CDI +
Net Debt / EBITDA* 0.2 1.5% p.a. 0.93% p.a. (half-yearly
payments)
 Term: 5 years
EBITDA* / Financial Expense* 7.8  Term: 2 years
 Grace Period: 3 years
* Accumulated in last 12 months
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10. DISCLAIMER
This presentation contains forward-looking statements relating to the business prospects, estimates of operating and financial
results, and those related to the 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, performance of the sector and the Brazilian economy, among other factors, besides the risks
presented in the documents disclosed and filed by Valid and are, therefore, subject to change without prior notice.
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