BNDES is Brazil's national development bank that was founded in 1952 and provides long-term financing for infrastructure, energy, export, and other projects. It has financed numerous electric power projects in Brazil totaling over $89 billion, including large hydroelectric dams. BNDES utilizes various financing structures like project finance and offers different terms for generation, transmission, distribution and other power industry segments.
Taylor Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
The Family Wealth Goal Achiever™ is a plan design book (like a blueprint) that explains in easy to understand text and graphics the planning ideas being recommended by the planning team. It solves for high net worth tax planning, advanced estate planning, business transition planning, asset protection planning.
Learn more at www.inknowvision.com
Jackson Family Wealth Goal Achiever - Advanced Estate PlanningInKnowVision
Chris is 68 and Beth is 59. Chris has recently just retired from an executive position in a public company. They have always led a relatively simple and conservative lifestyle and as a result have built up a very significant, and liquid, net worth. As part of Chris’s retirement package, he has an annual pension payment of approx. $360,000 (inflating). The pension alone is enough to cover their annual living expenses of $230,000. As a result, they have a large annual cash flow surplus created by the $400k in annual dividends from their equity portfolios and their tax-exempt income from municipal bond portfolios totaling $1.1M.
The main planning objective is to take advantage of the lifetime gifting exemption ($5M each) while it is still available. This is due in part to the large concentration of conservatively invested assets that are growing inside Chris and Beth’s estate. In addition, they are looking to preserve enough assets in order to provide sufficient cash flow that will ensure a comfortable lifestyle with flexibility during retirement.
Learn more at www.inknowvision.com
Jackson Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Chris is 68 and Beth is 59. Chris has recently just retired from an executive position in a public company. They have always led a relatively simple and conservative lifestyle and as a result have built up a very significant, and liquid, net worth.
As part of Chris’ retirement package, he has an annual pension payment of approximately $360,000 (inflating). The pension alone is enough to cover their annual living expenses of $230,000.
As a result, they have a large annual cash flow surplus created by the $400k in annual dividends from their equity portfolios and their tax-exempt income from municipal bond portfolios totaling $1.1M.
The primary planning goals were to:
Make sure that they have sufficient funds to live on for the rest of their lives (approximately $230,000 after taxes and gifts).
Provide for the financial security of the surviving spouse.
Create an inheritance for their children which protects them from any potential future creditors and/or predators.
Provide a charitable gift at death as long as it doesn’t greatly diminish the amount they pass to their heirs.
Eliminate or reduce estate taxes.
Anderson Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Jeff is 75 and Theresa is 72. Jeff recently retired from an executive position in a public company. As a result of his retirement he exercised over $45M in stock options and has 5 more years of deferred compensation payments. Jeff has also sold his 50% interest in his Corporation and the note payments are providing significant income for the next 9 years.
Jeff and Theresa have annual living expense desires of $725,000, with the available income to more than meet this need. Jeff’s deferred compensation payments average more than $2M/yr. for the next 5 years; his annual pension payments are $660k/yr. (inflating); and he also has note payments totaling $360k/yr. for the next 9 years from the buyout of his Corporation interests. These sources of income are in addition to an investment portfolio that generates more than $1.7M/yr. in income and various oil/gas ventures that generate over $100k/yr. in income. With annual income totaling over $5M/yr. for the family, they have the luxury of accumulating a very significant cash flow surplus each year.
Learn more at www.inknowvision.com
Taylor Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
The Family Wealth Goal Achiever™ is a plan design book (like a blueprint) that explains in easy to understand text and graphics the planning ideas being recommended by the planning team. It solves for high net worth tax planning, advanced estate planning, business transition planning, asset protection planning.
Learn more at www.inknowvision.com
Jackson Family Wealth Goal Achiever - Advanced Estate PlanningInKnowVision
Chris is 68 and Beth is 59. Chris has recently just retired from an executive position in a public company. They have always led a relatively simple and conservative lifestyle and as a result have built up a very significant, and liquid, net worth. As part of Chris’s retirement package, he has an annual pension payment of approx. $360,000 (inflating). The pension alone is enough to cover their annual living expenses of $230,000. As a result, they have a large annual cash flow surplus created by the $400k in annual dividends from their equity portfolios and their tax-exempt income from municipal bond portfolios totaling $1.1M.
The main planning objective is to take advantage of the lifetime gifting exemption ($5M each) while it is still available. This is due in part to the large concentration of conservatively invested assets that are growing inside Chris and Beth’s estate. In addition, they are looking to preserve enough assets in order to provide sufficient cash flow that will ensure a comfortable lifestyle with flexibility during retirement.
Learn more at www.inknowvision.com
Jackson Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Chris is 68 and Beth is 59. Chris has recently just retired from an executive position in a public company. They have always led a relatively simple and conservative lifestyle and as a result have built up a very significant, and liquid, net worth.
As part of Chris’ retirement package, he has an annual pension payment of approximately $360,000 (inflating). The pension alone is enough to cover their annual living expenses of $230,000.
As a result, they have a large annual cash flow surplus created by the $400k in annual dividends from their equity portfolios and their tax-exempt income from municipal bond portfolios totaling $1.1M.
The primary planning goals were to:
Make sure that they have sufficient funds to live on for the rest of their lives (approximately $230,000 after taxes and gifts).
Provide for the financial security of the surviving spouse.
Create an inheritance for their children which protects them from any potential future creditors and/or predators.
Provide a charitable gift at death as long as it doesn’t greatly diminish the amount they pass to their heirs.
Eliminate or reduce estate taxes.
Anderson Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Jeff is 75 and Theresa is 72. Jeff recently retired from an executive position in a public company. As a result of his retirement he exercised over $45M in stock options and has 5 more years of deferred compensation payments. Jeff has also sold his 50% interest in his Corporation and the note payments are providing significant income for the next 9 years.
Jeff and Theresa have annual living expense desires of $725,000, with the available income to more than meet this need. Jeff’s deferred compensation payments average more than $2M/yr. for the next 5 years; his annual pension payments are $660k/yr. (inflating); and he also has note payments totaling $360k/yr. for the next 9 years from the buyout of his Corporation interests. These sources of income are in addition to an investment portfolio that generates more than $1.7M/yr. in income and various oil/gas ventures that generate over $100k/yr. in income. With annual income totaling over $5M/yr. for the family, they have the luxury of accumulating a very significant cash flow surplus each year.
Learn more at www.inknowvision.com
The nature of sales in retail banking has changed dramatically. While there is a renewed pressure to grow accounts, the techniques banks have traditionally used to acquire new accounts have become less effective.
As consumer preferences continue to shift and non-traditional competitors continue to disrupt the market, the ROI of acquisition techniques like batch mail and branch cross-sell will continue to decline. In order to thrive, banks need to leverage the tremendous amount of data they have on each of their customers to drive more profitable and satisfying customer interactions across all of their channels.
This presentation will:
• Identify the market trends impacting banks’ growth strategies.
• Explore the role of marketing and risk analytics in making better acquisition decisions.
• Introduce best practices for implementing a more holistic approach to account acquisition.
Carter Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Jerry and Susan Carter are both 63. They own and operate a very profitable manufacturing business in a small town. Jerry and Susan spend about $650,000 a year, giving generously to family ($200,000/yr.) and their favorite charitable causes ($150,000/yr.). Although the business provides significant taxable income of over $5M a year, Jerry and Susan have been re-investing excess cash back into the business to keep it thriving through the latest recession. With assets totaling over $60M, a growing business and an income tax bill surpassing $2M/yr., their estate tax and income tax exposure is quickly increasing.
The primary planning goals are to:
Provide for the financial security of the surviving spouse.
Maintain Carter Manufacturing as a viable company in their hometown after they exit the business.Maintain their customary lifestyle and gifting. This should take approx. $650,000 annually after taxes.
Eliminate or reduce estate taxes.
Maintain adequate gifting to their children and grandchildren. Their main priority is providing funds for their grandchildren’s educations.
Maximize the inheritance they leave to their children and grandchildren.
Establish a family foundation for lifetime and future family charitable giving.
Learn more at www.inknowvision.com
Innovare's Vocal Insights at Blue Cross Blue ShieldInnovare, Inc.
Creating Great Consumer Experiences in Healthcare
This is a case study on how Blue Cross Blue Shield used Innovare’s Vocal Insights customer needs discovery approach to uncover consumer needs and used those insights to define how to create Great Consumer Experiences in Health Care. The show was co-presented by Nick Kompare, BCBS’s Director of Strategic Marketing and Innovation and Don Ross of Innovare at the PDMA’s 2010 VOC conference
InKnowVision November 2012 Case Study - Basic Family Wealth Goal AchieverInKnowVision
Tom is 83 and Jane is 76. They have two children who are both well employed and live productive and happy lives. Tom was an attorney who headed a large patent firm in Washington DC. Jane served as an expert in international trade for much of her professional life. During the latter part of his career, Tom agreed to do work for a start up company that became very successful. Today, Tom’s share of the company is valued at $3.2M but generates $1.4M-$1.5M per year in taxable distributions. Several years ago, the company spun out one of its divisions and took the new company public. It has seen massive growth; almost no dividends have been distributed, and the company has a value to Tom today of approximately $6.4M. Tom and Jane also have approximately $5.2M in cash, $3.2M in retirement funds, and real estate of $4M for a total net worth of about $22M.
The primary planning goals are to:
Make sure that they have sufficient funds to live on for the rest of their lives
Maximize what they leave to their children and grandchildren
Increase the amount of charitable giving that they are currently doing
Equalize the financial positions of their son and daughter
Make a substantial provision for charity in place of estate tax if possible
PartnerIT 2012 - matchmaking B2B event & FundraiseIT - conference and investment evening
15. – 16. November 2012.
Belgrade, Serbia
The PartnerIT is a international B2B matchmaking event organized by Outsourcing Center Serbia, followed by the FundraiseIT conference organized in partnership with Serbian Business Angels Network (SBAN) and other partners.
B2B matchmaking event
On http://partnerit.talkb2b.net, you have the opportunity to leave your profile and book your face-to-face meetings with other international companies and research institutions. This is a cost and time-effective way to discover new business and cooperation opportunities while expanding your contact network. All profiles will be published online and will be extensively promoted before the event and could still be viewed after the event.
FundraiseIT conference
During the conference you will be involved in the direct communication channel with competent well-known serial entrepreneurs and investors from Silicon Valley and Europe. In the live discussions panels among successful entrepreneurs and investors you will be able to hear some interesting personal stories, information about various investing models, fundraising methods, success stories, experiences and valuable tips.
More on:
http://partnerit.talkb2b.net/
http://www.sban.eu/eng/
http://www.ocs.rs/
The nature of sales in retail banking has changed dramatically. While there is a renewed pressure to grow accounts, the techniques banks have traditionally used to acquire new accounts have become less effective.
As consumer preferences continue to shift and non-traditional competitors continue to disrupt the market, the ROI of acquisition techniques like batch mail and branch cross-sell will continue to decline. In order to thrive, banks need to leverage the tremendous amount of data they have on each of their customers to drive more profitable and satisfying customer interactions across all of their channels.
This presentation will:
• Identify the market trends impacting banks’ growth strategies.
• Explore the role of marketing and risk analytics in making better acquisition decisions.
• Introduce best practices for implementing a more holistic approach to account acquisition.
Carter Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Jerry and Susan Carter are both 63. They own and operate a very profitable manufacturing business in a small town. Jerry and Susan spend about $650,000 a year, giving generously to family ($200,000/yr.) and their favorite charitable causes ($150,000/yr.). Although the business provides significant taxable income of over $5M a year, Jerry and Susan have been re-investing excess cash back into the business to keep it thriving through the latest recession. With assets totaling over $60M, a growing business and an income tax bill surpassing $2M/yr., their estate tax and income tax exposure is quickly increasing.
The primary planning goals are to:
Provide for the financial security of the surviving spouse.
Maintain Carter Manufacturing as a viable company in their hometown after they exit the business.Maintain their customary lifestyle and gifting. This should take approx. $650,000 annually after taxes.
Eliminate or reduce estate taxes.
Maintain adequate gifting to their children and grandchildren. Their main priority is providing funds for their grandchildren’s educations.
Maximize the inheritance they leave to their children and grandchildren.
Establish a family foundation for lifetime and future family charitable giving.
Learn more at www.inknowvision.com
Innovare's Vocal Insights at Blue Cross Blue ShieldInnovare, Inc.
Creating Great Consumer Experiences in Healthcare
This is a case study on how Blue Cross Blue Shield used Innovare’s Vocal Insights customer needs discovery approach to uncover consumer needs and used those insights to define how to create Great Consumer Experiences in Health Care. The show was co-presented by Nick Kompare, BCBS’s Director of Strategic Marketing and Innovation and Don Ross of Innovare at the PDMA’s 2010 VOC conference
InKnowVision November 2012 Case Study - Basic Family Wealth Goal AchieverInKnowVision
Tom is 83 and Jane is 76. They have two children who are both well employed and live productive and happy lives. Tom was an attorney who headed a large patent firm in Washington DC. Jane served as an expert in international trade for much of her professional life. During the latter part of his career, Tom agreed to do work for a start up company that became very successful. Today, Tom’s share of the company is valued at $3.2M but generates $1.4M-$1.5M per year in taxable distributions. Several years ago, the company spun out one of its divisions and took the new company public. It has seen massive growth; almost no dividends have been distributed, and the company has a value to Tom today of approximately $6.4M. Tom and Jane also have approximately $5.2M in cash, $3.2M in retirement funds, and real estate of $4M for a total net worth of about $22M.
The primary planning goals are to:
Make sure that they have sufficient funds to live on for the rest of their lives
Maximize what they leave to their children and grandchildren
Increase the amount of charitable giving that they are currently doing
Equalize the financial positions of their son and daughter
Make a substantial provision for charity in place of estate tax if possible
PartnerIT 2012 - matchmaking B2B event & FundraiseIT - conference and investment evening
15. – 16. November 2012.
Belgrade, Serbia
The PartnerIT is a international B2B matchmaking event organized by Outsourcing Center Serbia, followed by the FundraiseIT conference organized in partnership with Serbian Business Angels Network (SBAN) and other partners.
B2B matchmaking event
On http://partnerit.talkb2b.net, you have the opportunity to leave your profile and book your face-to-face meetings with other international companies and research institutions. This is a cost and time-effective way to discover new business and cooperation opportunities while expanding your contact network. All profiles will be published online and will be extensively promoted before the event and could still be viewed after the event.
FundraiseIT conference
During the conference you will be involved in the direct communication channel with competent well-known serial entrepreneurs and investors from Silicon Valley and Europe. In the live discussions panels among successful entrepreneurs and investors you will be able to hear some interesting personal stories, information about various investing models, fundraising methods, success stories, experiences and valuable tips.
More on:
http://partnerit.talkb2b.net/
http://www.sban.eu/eng/
http://www.ocs.rs/
Sebacia Inc.- Startup Company Venture Capital Financing Deal Terms & ValuationsVC Experts, Inc.
Deal Terms, Pricing, and Valuations of the latest financing rounds for medical startup company Sebacia, Inc. Similar data on thousands of private companies is available in the Valuation & Deal Term Database at http://vcexperts.com.
Mr Mohammed Irwan bin Aman, Sustainability Manager, Sarawak Energy Berhad (SEB)
SESSION 7: Incorporating sustainability into business practice
The expectations on organisations involved in hydropower have increased dramatically, both at the corporate and project levels. The scope of accountability has grown from the technical, legal, financial and regulatory, to broader developmental responsibilities and greater disclosure. It is a strategic challenge to adjust business and information systems to incorporate sustainability into assessment, planning, operations, reporting and reviewing. An international panel will discuss this challenge from a range of perspectives.
For more information about this event, visit: http://ihacongress.org
Prof Dr Dominik Godde, Director Fleet Management Hydro, E.ON Kraftwerke GmbH
SESSION 7: Incorporating sustainability into business practice
The expectations on organisations involved in hydropower have increased
dramatically, both at the corporate and project levels. The scope of accountability
has grown from the technical, legal, financial and regulatory, to broader
developmental responsibilities and greater disclosure. It is a strategic challenge
to adjust business and information systems to incorporate sustainability into
assessment, planning, operations, reporting and reviewing. An international panel
will discuss this challenge from a range of perspectives.
For more information about this event, visit: http://ihacongress.org
Mr Phillip Hauser, Vice President Carbon Markets, GDF Suez Latin America
Hydropower is influenced by climate change, but it can also contribute to alleviating the problem. Panellists will present and discuss four aspects of these relationships:
Science and uncertainty relating to the impact of climate change on hydrology;
Reviewing the relationship between hydropower and the natural greenhouse gas (GHG) emissions in the river basin;
Methods and incentives to use hydropower to offset GHG emissions from more carbon-intensive sources of energy; and
assessing the role of hydropower infrastructure in the face of increasing floods and drought.
For more information about this event, visit: http://ihacongress.org
Dr Byman Hamududu, Researcher, Norwegian University of Science and Technology (NTNU)
Hydropower is influenced by climate change, but it can also contribute to alleviating the problem. Panellists will present and discuss four aspects of these relationships:
Science and uncertainty relating to the impact of climate change on hydrology;
Reviewing the relationship between hydropower and the natural greenhouse gas (GHG) emissions in the river basin;
Methods and incentives to use hydropower to offset GHG emissions from more carbon-intensive sources of energy; and
assessing the role of hydropower infrastructure in the face of increasing floods and drought.
For more information about this event, visit: http://ihacongress.org
Dr Fredolin Tangang, Vice Chair, International Panel on Climate Change (IPCC)
Hydropower is influenced by climate change, but it can also contribute to alleviating the problem. Panellists will present and discuss four aspects of these relationships:
Science and uncertainty relating to the impact of climate change on hydrology;
Reviewing the relationship between hydropower and the natural greenhouse gas (GHG) emissions in the river basin;
Methods and incentives to use hydropower to offset GHG emissions from more carbon-intensive sources of energy; and
assessing the role of hydropower infrastructure in the face of increasing floods and drought.
For more information about this event, visit: http://ihacongress.org
Dr Herman Ibrahim, Board Member National Energy Council, Indonesia, International Geothermal Association (IGA),
For many years, renewable energy systems were seen as dependent on non-renewable sources. Challenges of cost, variability, storage and ancillary services have been put forward as barriers to a renewable future. However, an increasing number of cases describe 100% renewable energy systems, utilizing the differentiated, but mutually supportive, characteristics of different renewable sources. Leading energy agencies will present the current status of the renewables sector, and representatives of each renewable energy technology will contribute on behalf of their constituencies.
27GW of new hydropower capacity was added last year. Record levels of hydropower deployment are observed in several countries, yet others fall short of their planned targets substantially. What are the drivers and barriers for implementation, and who are the investors? Public and private-sector players will share their views on the discrepancy of progress and explore ways to mitigate risks – actual or perceived.
Hydropower can be a powerful engine for economic growth, especially when linked with industries that seek low-carbon energy supply. Traditional and new power-intensive industries, such as metal, manufacturing, consumer goods, and internet data centres, are particularly likely to demand low-carbon energy. How to successfully link generation with these industries’ demand for power? This session will present recent case studies and will discuss their regional impacts.
Case study: Sarawak Corridor of Renewable Energy, Mr Chang Ngee Hui, Economic Advisor, State Planning Unit
Lunch presentation B
Special Lecture Impacts of Delays on Hydropower Projects by Judith Plummer given at the IHA 2013 World Congress.
For more information on this event, see: http://ihacongress.org/
Presentation by Takafumi Kadono, Asian Development Bank and Tran Trung Tuyen, SB4HPMB
Presented to the IHA 2013 World Congress, 23 May 2013
More information about this event: http://ihacongress.org
1. BNDES and the
Brazilian Electric
Power Industry
Eduardo Chagas
Manager
Electric Power Industry Financing Department
BNDES – The Brazilian Development Bank
November, 2012
2. BNDES Highlights
• Founded on June 20th, 1952
• 100% state-owned company under private law
• Key instrument for implementation of Federal Government’s
industrial and infrastructure policies
• Main provider of long-term financing in Brazil
• Emphasis on financing investment projects
• Support to micro, small and medium-sized companies
• Brazilian Export Bank
3. Time Line
50´s 60´s 70´s 80´s 90´s 00´s Today
Infrastructure
Heavy Industry – Consumer Goods
Small and Medium-Sized Enterprises
Technologic Development
Imports
Substitution
Energy
Agribusiness
Exports
Privatization Program
Urban and Social Development
Social Inclusion
Innovation
Sustainability
Small Business
4. BNDES vs. Multilateral Banks
US$ million BNDES IDB IBRD CAF China DB
Dec 31st, 2011 Jun 30th, 2011 Jun 30th, 2011 Dec 31st, 2011Dec 31st, 2010
Total Assets 369.720 89.432 312.848 21.535 774.180
Shareholders´Equity 36.102 19.794 38.679 6.351 60.953
Net Income 5.354 20 930 152 5.618
Loan Disbursements 82.676 8.400 21.839 7.694 86.690
Capitalization 9,76% 22,13% 12,36% 29,49% 7,9%
ROA (%) 1,65 0,02 0,30 0,71 0,8
ROE (%) 23,12 0,10 2,40 2,39 9,5
Established 1952 1959 1945 1968 1994
Employees 2.402 2.000 10.000 6.711
IDB = Inter-American Development Bank
IBRD = The International Bank for Reconstruction and Development (World Bank)
(*) Unlike other institutions, 12-month fiscal year ends June 30th
CAF = Corporación Andina de Fomento
CDB = China Development Bank
Capitalization = Shareholders’ Equity / Total Assets
ROA = Return On average Assets
ROE = Return On average Equity
7. Financing Structures
Corporate Finance
Collaterals related to the financed company
´s assets, bank warrants and/or
shareholders
Project Finance
Financing a specific project, not the
sponsoring company’s business as a whole.
Need to segregate the project costs,
revenues and risks in an SPC
8. Project Finance
• Financed Company: SPC
• Project cash flow must be able to support all loan
installments:
- DSCR greater or equal to 1.20;
- DSCR greater or equal to 1.30
(for projects with real IRR lower than 8% p.a.);
• Pledge of all future revenues to loan providers
• Equity minimum: 20% of total investment budget
9. BNDES & Project Finance
Risks
• Project Rating;
• Sponsors analysis;
• Credit analysis of the receivables;
• Engineer, Procurement and Construction – EPC
constitution;
• Risk sharing: participation of other lenders in the
funding;
• Strict compliance to Brazilian Environmental rules.
10. BNDES & Project Finance
General collaterals
• Pledge of SPC shares;
• Pledge of rights of government concession;
• Pledge of Receivables;
• Escrow Accounts (Cash Waterfall);
• Corporate or Bank Warrants;
• Completion Bond and Performance Bond;
• Equity paid in before first loan disbursement;
• Equity Support Agreements.
11. BNDES & Project Finance
Typical DSCR – BNDES Project
Finance
Example: Small Hydro Power Plant (19 MW)
1) Investment = R$ 144 million Financing = R$ 71 million Leverage = 49%
2) Amortization = 16 years Total period = 18 years
3) Constant Amortization System
12. BNDES & Infrastrucuture Project Bonds
• BNDES is willing to share guarantees with Public
Infrastructure Bondholders if Project Bonds meets key
rules;
• Infrastructure Project Bonds may be issued either by the
SPC or by its Holding Company;
• If the Holding Company is not listed in the stock market,
it should sign a commitment to make its IPO at
BOVESPA.
16. Largest Electrical Power PAC Projects
in BNDES (since 2007)
in R$ million
BNDES
Projects Status Support Total Capex MW
Jirau Contracted 7,220.00 10,540.80 3,450.00
Angra III Contracted 6,146.23 10,488.03 1,405.00
Santo Antônio Contracted 6,135.17 13,178.14 3,150.00
Estreito Contracted 2,660.84 3,606.89 1,087.00
Fóz do Chapeço Contracted 1,655.84 2,207.12 855.00
Simplício Contracted 1,034.41 1,666.90 333.70
Mauá Contracted 739.33 991.28 361.00
Serra do Facão Contracted 587.86 849.66 212.58
Caçu e Barra dos Coqueiros Contracted 543.41 693.82 155.00
Dardanelos Contracted 485.09 754.55 261.00
Salto Contracted 289.70 406.68 108.00
Salto do Rio Verdinho Contracted 249.91 342.43 93.00
TOTAL 27,747.79 45,726.30 11,471.28
17. Contact Centers
Rio de Janeiro (55 21) 2172-8888
São Paulo (55 11) 3512-5100
Brasília (55 61) 3204-5600
Recife (55 81) 2127-5800
Montevideo (59 82) 622-8875
London (44 20) 3008-6741
BNDES Card 0800 702 6337
Indirect Operations (55 21) 2172-8800
BNDES Exim (55 21) 2172-8566
www.bndes.gov.br/faleconosco
Ombudsman 0800 702 6307
www.bndes.gov.br/ouvidoria
Editor's Notes
BNDES founded in 1952, is a 58 years old institution. Just for comparison, Petrobras, the Brazilian oil company, our neighbor across Avenue Chile, was founded in 1954. Thus, BNDES is two years older than Petrobras. BNDES has been supporting all the investment projects of Petrobras from the very beginning of its activities. Many other large Brazilian companies have received funding from BNDES since they were small businesses. BNDES is responsible for the Brazilian industrialization high level and accountable for many major infrastructure investment projects. Under Law 5,662 and Decree 68,786, both dated June 21, 1971, BNDES became a state company under private law and its own equity, subject to general budgetary and accounting standards and specific regulations established by the National Monetary Council (CMN). BNDES is the main provider of long-term financing in Brazil. Our focus is project investment financing to Brazilian companies in order to provide efficient infrastructure, increase the Brazilian industry installed capacity, promote wealth generation, GDP growth and job creation. BNDES does not finance the acquisition of consumer goods, transfer of assets, purchase of land and real estate, export of commodities and cash to help paying down debt. BNDES is not a profit oriented organization, however, backed by excellent assets, has a record of high profitability. BNDES as a 100% state-owned company is not subject to bankruptcy – the Federal Government is jointly liable for the bank’s liabilities. Brazilian commercial banks mainly operate in short term financing. According to the Central Bank their average term for companies loans is measured in days (less than one year) while the BNDES average loan term is seven years.
Today BNDES’ priority is to support innovation projects. Companies that invest in innovation are able to compete in foreign markets, add value to their products, employ high skilled labor and pay better wages.
IBRD is a triple-A-rated financial institution with some unusual characteristics. Its shareholders and clients are sovereign governments, each of which has a voice in setting IBRD’s policies. The IDB 2008 Annual Report states that “there have been no write-offs in the sovereign-guaranteed loan portfolio, which, as of December 31, 2008, represented 95 percent of the $51.2 billion in loans outstanding. As of that date, all loans in the portfolio were performing. Allowances for loan and guarantee losses amounted to $169 million, compared to $70 million in 2007”. As of the end of 2008, the China Development Bank total assets amounted to RMB 3,821.2 billion, out of which loans outstanding were RMB 2,898.6 billion. 31.12.2008 Exchange rate: R$ 2.337 / US$
Gráfico em: J:\\Arquivos_XLS\\BNDES Institucional.xls Source: AP/DEORC US$ Performance Report http://www.bndes.gov.br/english/ Despite the international financial crisis, that became more severe in 2008’s second semester, BNDES’ performance broke a record in 2008. Disbursements amounted to R$ 92.2 billion. This number represents a growth of 42% as compared to 2007. It is worth noting the dramatic rise of disbursements rates, of 26.5% between 2006 and 2007. These amounts reveal expanded investments in the Brazilian economy bringing significant impact on the creation of new jobs, increase of the GDP, greater income per capita and social development. A return to investments is underway in Brazil and is expected to remain strong in the coming years. The BNDES’ disbursements closed 2009 at R$ 137.4 billion, an increase of 49% in relation to 2008, while approvals, at R$ 170.2 billion, rose 40%. The BNDES’ performance shows the strength of the Brazilian economy and reflects the success of the steps taken by the government to face the international financial crisis. Total disbursements include secondary market investments.