Afp Habitat Sa · BCS:HABITAT
Afp Habitat Sa — H1 2012 Earnings Presentation
32 slides from Afp Habitat Sa's earnings presentation, June 2012
Slide 1: AFP Habitat
AFP Habitat AFP HABITAT Seguridad y Confianza
Slide 2: Financial Statements June 2012
FINANCIAL STATEMENTS June 2012
Slide 3: Habitat: Income Statement - IFRS
Habitat: Income Statement - IFRS June 2012 Ch$ MM June 2012 June 2011 VAR. % Revenues 61.816 56.739 8,9% Gain (Loss) on Reserve Requirements 5.623 4.096 37,3% Gain (Loss) on Disability Insurance Premium -70 -1.337 -94,8% Remuneration and Employee Related Expenses -10.824 -10.132 6,8% Depreciation an
Slide 4: Habitat: Income Statement
Habitat: Income Statement June 2012 Jan –Jun Jan-Jun Var. Var. % Ch$ Millions 2012 2011 REVENUES (from ordinary operations) 60,108 54,295 5,814 10.7% OPERATING EXPENSES -20,657 -19,536 1,144 5.7% OTHER REVENUES AND EXPENSES 1,295 1,033 262 25.4% GAINS/ LOSSES (PRE-TAX), from ordinary operations 40,7
Slide 5: Habitat Salary Base and Revenues from Fees Evolution 2000 - 2012
Habitat Salary Base and Revenues from Fees Evolution 2000 - 2012 300.000 275.000 250.000 Ch$ MM / MUF 225.000 200.000 175.000 150.000 125.000 100.000 75.000 50.000 25.000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Jun-11 Jun-12 Revenues from Fees (Ch$ MM) Salary Base (MUF) Notes:
Slide 6: % Operating Costs / Revenues from Fees (adjusted to 1.36%)
% Operating Costs / Revenues from Fees (March 2012) – Adjusting commission to 1.36% 100,0% 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% Provida 1.36% Cuprum 1.36% Provida Planvital 1.36% Cuprum Modelo 1.36% Habitat 1.36% Capital 1.36% Planvital Modelo Habitat Capital Depreciation & Amo
Slide 7: % Operating Costs / Revenues from Fees (adjusted to 1.27%)
% Operating Costs / Revenues from Fees (March 2012) – Adjusting commission to 1.27% 100,0% 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% Provida 1.27% Cuprum 1.27% Provida Planvital 1.27% Cuprum Modelo 1.27% Habitat 1.27% Capital 1.27% Planvital Modelo Habitat Capital Depreciation & Amo
Slide 8: Habitat: Balance Sheet
Habitat: Balance Sheet June 2012 MM$ June 2012 Dec 2011 VAR % CURRENT ASSETS 42.371 49.882 -15,1% NON CURRENT ASSETS 207.191 198.728 4,3% Reserve Requirements 185.498 176.376 5,2% Other Non Current Assets 21.693 22.352 -2,9% TOTAL ASSETS 249.562 248.610 0,4% MM$ June 2012 Dec 2011 VAR % CURRENT LIAB
Slide 9: Habitat: Dividend Policy
Habitat: Dividend Policy Dividend Policy o Distribute a minimum of 90% of “distributable net income”: o annual net income MINUS the financial gains on the required reserve in the event that it is positive and minus the net reserves purchased in the period Policy on the Distribution of Interm Dividen
Slide 10: AFP Habitat Overview
AFP Habitat Overview o AFP Habitat was founded in 1981, by the Chilean Chamber of Construction (Cámara Chilena de la Construcción o CChC) o 2nd largest AFP, both in terms of affiliates and assets under management (AUM) o AFP Habitat registered 353 shareholders at June 30, 2012 28,8% 67,5% 3,7% CChC
Slide 11: AFP Habitat Positioning: Individual Compulsory Contribution Capitalization Accounts
AFP HABITAT POSITIONING Individual Compulsory Contribution Capitalization Accounts (CCICO)
Slide 12: Compulsory (CCICO) June 2012
Compulsory (CCICO) (June 2012) Compulsory Ranking System Habitat MS Habitat (CCICO) Habitat % Revenues from 95.2% 94.3% 23.5% 2 Fees (1) Affiliates 9.2 MM 2.2 MM 23.5% 2 Contributors 5.1 MM 1.3 MM 24.7% 2 Avg. Monthly Salary 1,059 1,103 -- 2 (US$) AUM (BUS$) 142 36 25.7% 2 95.2% (1) Financial statem
Slide 13: Affiliates, Contributors and Salary Base Market Share
Affiliates, Contributors and Salary Base June 2012 45% 45% 40% 40% Contributors Market Share (Avg. Jan-Jun 2012) Contributors Market Share (Avg. Jan-Jun 2012) Provida Provida 35% 35% 30% 30% Habitat Habitat 25% 25% Capital Capital 20% 20% 15% 15% Cuprum Modelo 10% 10% Cuprum Modelo 5% 5% Planvital P
Slide 14: Compulsory (CCICO) AFP Habitat: Contributors and Salary Base
Compulsoty (CCICO) AFP Habitat Contributors & MS Salary Base * (MMUS$) & MS (avg Jan – Jun) (avg Jan – Jun) 24.6% 25.9% 25.5% 1,269,059 1,345 26.1% 1,235,833 1,218 2.7% 10.5% 2011 2012 2011 2012 Source: Superintendencia de Pensiones Source: Superintendencia de Pensiones and internal estimate Highlig
Slide 15: CCICO – Share of Contributors by Income Range
CCICO – Share of Contributors by Income Range (AFP Habitat Mar 2012) 35,0% % Total Contributors per Income Range 30,0% 25,0% % Total Contributors 20,0% 28,4% 27,9% 15,0% 27,6% 24,9% 25,1% 24,7% 10,0% 20,3% 5,0% 0,0% 0 - 200 200 - 400 400 - 650 650 - 850 850 - 1.200 > 1.200 Total (ChM$) In March 2012
Slide 16: Voluntary Contributions APV & CAV
Voluntary Contributions APV & CAV (June 2012) 2,0% 1,1% MS Ranking APV System Habitat Habitat Habitat % Revenues 2.0% 2.4% 29.4% 2 from Fees (1) Industry Revenues from Fees # Accounts 735,170 136,595 18.6% 4 CCICO CAV APV RP AUM (MMUS$) 3,825 1,205 31.5% 2 MS Ranking CAV System Habitat Habitat Habit
Slide 17: Voluntary (CAV + APV) – Market Share Assets Under Management
Voluntary (CAV + APV) – Market Share Assets Under Management (June 2012) 40% Cuprum MS Assets under Management APV Habitat 30% Capital 20% 10% Modelo Planvital 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% MS Assets under Management CAV • Total AUM of the AFP system related to voluntary savings and contribut
Slide 18: Voluntary Savings Assets under Management (APV + CAV)
Voluntary Savings Assets under Management (APV + CAV) June 2012 – Ch$ MM 1.000.000 900.000 800.000 869,377 700.000 875,352 600.000 500.000 400.000 550,377 300.000 394,710 200.000 100.000 10.122 8.089 - Habitat Capital Cuprum Modelo Planvital Provida • Habitat is the leaders in voluntary savings F/X:
Slide 19: Voluntary AUM (APV + CAV) Evolution AFP Habitat
Voluntary AUM (APV + CAV) Evolution AFP Habitat (2002 – June 2012) 600.000 1.800 1.600 500.000 1.400 400.000 1.200 1.000 N accounts 300.000 800 200.000 600 400 100.000 200 0 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Jun-12 N° Accounts AUM MMUSD • The CAGR 2002 – 2011 of voluntary AUM for t
Slide 20: Programmed Withdrawals (RP)
Programmed Withdrawals (RP) (May 2012) Programmed System Habitat MS Habitat Withdrawals (RP) % Revenues 1.7% 1.7% 22.7% from Fees (1) N° Pensions Paid 550,700 94,048 17.1% In May 2012: - 550,700 programmed withdrawals and deferred annuity were paid by the AFPs with an average amount of 6.4UF - 473,5
Slide 21: Return on Investment
~— AFP” HABITAT Seguridad y Confianza RETURN ON INVESTMENT
Slide 22: Habitat: Leader in Return on Investment
Habitat: Leader in Return on Investment (*) 1st 2nd 3rd 4th 5th 6th AFP HABITAT Account 12 MONTHS (%) 60 MONTHS (%) Statement (1) A B C D E A B C D E Apr.2012 -7,30 -4,69 -1,89 0,64 3,67 -1,23 0,6 1,86 2,71 4,16 Dec. 2011 -10,66 -7,15 -3,07 0,82 4,80 -0,70 1,26 2,56 3,34 4,44 Aug. 2011 -0,48 0,72 2,
Slide 23: Habitat: Leader in Return on Investment (rankings)
Habitat: Leader in Return on Investment (*) 1st 2nd 3rd 4th 5th 6th AFP CAPITAL_Ranking AFP PLANVITAL_ Ranking Accounts 12 MONTHS 60 MONTHS Accounts 12 MONTHS 60 MONTHS Statement A B C D E A B C D E Statement A B C D E A B C D E Apr. 2012 5 5 5 6 3 3 4 4 3 2 Apr. 2012 2 2 3 3 5 2 2 2 5 5 Dec. 2011 6
Slide 24: Contacts with our Customers & the Community
CONTACTS WITH OUR CUSTOMERS & THE COMMUNITY
Slide 25: Contact with our Customers
Contact with our Customers Habitat continues to dedicate efforts to improve service levels in our multiple customer channels (easier access and faster attention): Branch In 1H 2012, we attended over 855,000 customer visits in our Offices branch offices Nationwide coverage (27 branches, 16 service ce
Slide 26: Contact with our Customers
Contact with our Customers In 1H 2012, we received over 355,000 calls in our “Contact Call Center Center“ • 38% of calls received by executives, with 90% immediate solution rate Mobile Smart In 1H 2012 over 91M transactions were executed via Phones smart mobile phones Account In 1H 2012, over 3.2 MM
Slide 27: Contact with our Customers
Contact with our Customers In 1H 2012 clients contact via web totaled 1,2 MM and Internet & over 6.9 MM transactions were executed virtually Mailings • Moreover, we distributed 19 MM emails with important economic and industry information to our clients Social Networks • Followers (between Aug – Jun
Slide 28: AFP Industry Overview
~— AFP” HABITAT Seguridad y Confianza AFP INDUSTRY OVERVIEW
Slide 29: Industry Milestones: 1980 – 2012
Industry Milestones: 1980 – 2012 2012: a) 2nd Bid of new affiliates b) Compulsory 2002: a) Creation contributions for 1980: DL 3.500 – of multi-fund independent workers Establishment of system (5 funds) a compulsory b) Non-AFP privatized 2009: Joint 1994-96: Highly companies individual bidding of SI
Slide 30: Industry Composition: 1981 – 2012
Industry Composition: 1981 – 2012 1981 1990 1994 1995 1998 2004 2008 2012 (12) (14) (21) (15) (8) (6) (5) (6) HABITAT HABITAT HABITAT HABITAT HABITAT HABITAT HABITAT HABITAT CUPRUM CUPRUM CUPRUM CUPRUM CUPRUM CUPRUM CUPRUM CUPRUM ALAMEDA UNION UNION UNION Habitat and Cuprum are SN CRISTOBAL the only
Slide 31: Pension Reform 2008 Most Significant Changes
Pension Reform 2008 Most Significant Changes o October 2008: o Elimination of fixed commission structure o AFPs permitted to charge fees on CAV* assets under management o First Pillar (Solidarity) o Third Pillar: Voluntary pension contributions o Voluntary affiliate o July 2009: o Joint bidding of l
Slide 32: AFP Industry Product Offerings
AFP Industry Product Offerings Individual Compulsory Contribution Capitalization Accounts (CCICO) 2.0% 1.7% • Compulsory savings = 10% gross salary base* • Fee: 1.14 – 2.36 % of salary base (Hab=1.27%) 1.1% APV (Voluntary Contributions) • Voluntary pension contributions • Tax benefits on amounts <=