Afp Habitat Sa · BCS:HABITAT
Afp Habitat Sa — Q1 2013 Earnings Presentation
42 slides from Afp Habitat Sa's earnings presentation, April 2013
Slide 1: Company Presentation
Company Presentation April 2013
Slide 2: 2012/13 Highlights
AEP* ey HABITAT Seguridad y Confianza 2012/13 Highlights
Slide 3: 2012/13 Highlights
2012/13 Highlights § The Company’s Net Profit reached CLP 22,423 MM as of Mar-13 (CLP 74,576 MM as of Dec- 12), showing a decline of 14.1% vs Mar-12 (+21.0% Dec-12/Dec-11) § AFP Habitat’s EBITDAR* increased 4.5% vs Mar-12 (+5.7% Dec-12/Dec-11), totaling CLP 24,130 MM as of Mar-13 (CLP 84,209 MM as o
Slide 4: AFP Habitat Overview
AEP* ey HABITAT Seguridad y Confianza AFP Habitat Overview
Slide 5: Company Overview
Company Overview Snapshot Key Figures § AFP Habitat was founded in 1981, by the Chilean § Market Capitalization: USD 2.0 bn** Construction Chamber (Cámara Chilena de la § Employees: 1,212* Construcción, or CChC) § 27 branches, 16 service centers and 22 mobile § CChC controls AFP Habitat through Inve
Slide 6: Stock Price Evolution
Stock Price Evolution 1985-2013YTD 2011-2013YTD Price CLP (Base 100, Volume 960 31 Dec-2010) (CLP MM) 1981: CChC creates AFP Habitat w/ 1MM shares; 180 2,000 Mkt Cap: CLP 100 MM 860 160 1,800 760 1,600 140 2010: CChC purchases Citigroup’s shares 660 and then re-sells 14%; 1,400 Mkt Cap: CLP 475,000
Slide 7: AFP Habitat Compulsory Products
AFP Habitat Compulsory Products 7
Slide 8: Compulsory Products
Compulsory Products 2.6% 1.5% Compulsory MS Ranking System Habitat (CCICO) Habitat Habitat 1.6% % Revenues 95.2% 94.3% 23.3% 2 from Fees* Affiliates** 9.3 MM 2.1 MM 22.9% 2 94.3% Contributors** 5.4 MM 1.2 MM 23.3% 2 AFP Habitat Revenues from Fees Avg. Monthly 1,195 1,277 - 2 CCICO CAV APV RP Salary
Slide 9: Affiliates, Contributors & Salary Base
Affiliates, Contributors & Salary Base 40% 40% 35% 35% MS (%) Contributors (Avg. Mar-2012/Feb-2013) MS (%) Contributors (Avg. Mar-2012/Feb-2013) Provida Provida 30% 30% 25% 25% Capital 20% 20% Capital 15% 15% Cuprum Modelo 10% 10% Modelo Cuprum 5% 5% Planvital Planvital 0% 0% 0% 10% 20% 30% 40% 0% 5
Slide 10: Affiliates, Contributors & Salary Base (Cont’d)
Affiliates, Contributors & Salary Base (Cont’d) Affiliates & Contributors (MM) UF MM 2.4 38 2.2 34 2.0 1.8 30 1.6 26 1.4 22 1.2 1.0 18 0.8 14 0.6 0.4 10 Affiliates (MM) Contributors (MM) Salary Base (Monthly Avg.) (UF MM) Source: SP, as of Feb-2013. 10 UF (CLP): 22,838 as of Feb-2013.
Slide 11: CCICO Share by Income Range
CCICO Share by Income Range MS (%) Monthly Contributors 28.7% 28.3% 27.2% 30% 26.8% 28.1% 28.1% 27.4% 28.2% 27.2% 26.8% 25.2% 26.2% 25.4% 25.1% 24.7% 24.4% 25% 23.4% 21.8% 23.1% 24.0% 20.3% 20% 15% 10% 5% 0% 0 - 200 200 - 400 400 - 650 650 - 850 850 - > 1.200 Total (CLP th) 1.200 2010 2011 2012 As o
Slide 12: AFP Habitat Voluntary Savings (APV & CAV)
AFP HABITAT Voluntary Savings (APV & CAV) 12
Slide 13: Voluntary Products
Voluntary Products 2.6% 1.5% MS Ranking APV System Habitat Habitat Habitat 1.6% % Revenues 2.0% 2.6% 30.0% 2 from Fees* # Accounts** 822,297 155,573 18.9% 4 94.3% AUM (USD 4,496 1,503 33.4% 1 MM)** AFP Habitat Revenues from Fees CCICO CAV APV RP MS Ranking CAV System Habitat Habitat Habitat % Revenu
Slide 14: AFP Habitat: Leader in Voluntary Products
AFP Habitat: Leader in Voluntary Products CLP MM 980,672 931,077 900,000 800,000 700,000 600,000 541,258 500,000 400,000 302,701 300,000 200,000 106,483 100,000 23,344 - Habitat Capital Cuprum Modelo Planvital Provida Voluntary Products = CAV & APV AUM Source: SP, as of Feb-2013. 14
Slide 15: Voluntary AUM Evolution
Voluntary AUM Evolution # of accounts USD MM 600,000 2,500 500,000 2,000 400,000 1,500 300,000 1,000 200,000 500 100,000 0 0 # of Accounts AUM USD MM § APV AUM growth rate Feb-2013/Feb-2012: Habitat: 17.6%; AFP Industry: 8.2% § CAV AUM growth rate Feb-2013/Feb-2012: Habitat: 7.6%; AFP Industry: 2.7%
Slide 16: AFP Habitat Financial Statements, as of March 2013
AFP HABITAT Financial Statements, as of March 2013 16
Slide 17: Income Statement – IFRS
Income Statement – IFRS CLP MM Mar-2013 Mar-2012 Var. % Revenues 31,426 31,006 1.4% Gain (Loss) on Reserve Requirements 4,645 8,783 -47.1% Gain (Loss) on Disability Insurance Premium (31) (42) -25.3% Remuneration and Employee Related Expenses (5,673) (5,096) 11.3% Depreciation and Amortization (523)
Slide 18: Balance Sheet – IFRS
Balance Sheet – IFRS CLP MM Mar-2013 Mar-2012 Var. % CURRENT ASSETS 64,861 55,803 16.2% NON CURRENT ASSETS 225,931 210,053 7.6% Reserve Requirements 204,461 186,784 9.5% Other Non Current Assets 21,470 23,268 -7.7% TOTAL ASSETS 290,792 265,856 9.4% CURRENT LIABILITIES 14,479 11,815 22.6% NON CURRENT
Slide 19: Results Evolution
Results Evolution CLP MM CLP MM 80,000 22,000 65,000 17,000 50,000 12,000 35,000 20,000 7,000 5,000 2,000 -10,000 2006 2007 2008 2009 2010 2011 2012 Mar-2012 Mar-2013 -3,000 * -25,000 -8,000 Profit Profit (Loss) from EBITDAR Mandatory Reserve *EBITDAR: EBITDA before return on mandatory reserve requi
Slide 20: Contributors and Salary Base Growth
Contributors and Salary Base Growth Contributors Salary Base (UF) (Average Mar-Feb) (Average Mar-Feb) Milestones February 2013: 25.3% 24.4% 1,268,264 25.8% 31,320,005 § Improvement in domestic labor 26.1% 1,238,422 28,606,427 market (increase in salaries and low unemployment rate) § Contributors/aff
Slide 21: % Operating Costs / Revenues from Fees
% Operating Costs / Revenues from Fees 120.0% 120.0% (Fee Commissions = 1.32%) 0.7% 100.0% 100.0% 80.0% 48.0% 80.0% 1.0% 0.9% 0.4% 60.0% 60.0% 2.6% 1.6% 0.5% 27.3% 30.5% 1.6% 28.1% 2.2% 1.5% 1.6% 0.5% 40.0% 40.0% 11.7% 13.0% 23.3% 17.7% 25.0% 20.1% 58.9% 17.7% 21.3% 20.0% 20.0% 29.5% 33.6% 32.0% 25.
Slide 22: Dividend Policy
Dividend Policy AFP Habitat’s Dividend Policy § Distribute a minimum of 90% of “distributable net income” (DNI): o Annual net income, minus the financial gains on the required reserve in the event that it is positive, and minus net reserves purchased in the period § Policy of interim dividends: twic
Slide 23: AFP Habitat New Businesses
AFP HABITAT New Businesses 23
Slide 24: Operation in Peru
Operation in Peru § On December 20, 2012, AFP Habitat was awarded the first new affiliates auction in Peru § AFP Habitat to receive all new entrants into the formal sector, for a 2-year period o 700.000 new affiliates expected along that period § Commercial launch expected in May-June 2013 § Total i
Slide 25: Operation in Peru (Cont’d)
Operation in Peru (Cont’d) Economic Overview Demographics § GDP: USD 93,757 bn* § Population: 30.1 MM* § GDP growth: 6.3%* § Workforce : 10.7 MM** § Inflation: 2.6%* § Unemployment: 6,8%* (Lima) § Country risk premium: 88 bps*** Pension Fund Industry Overview Affiliates Contributors Net Contributors
Slide 26: AFP Habitat Funds’ Performance
AFP HABITAT Funds’ Performance 26
Slide 27: AFP Habitat: Leader in Return on Investment
AFP Habitat: Leader in Return on Investment 1st 2nd 3rd 4th 5th 6th Account 12 MONTHS (%) 36 MONTHS (%) 60 MONTHS (%) Statements A B C D E A B C D E A B C D E Dec. 2012 6.15 4.93 4.77 4.05 3.57 2.15 2.98 5.41 3.95 5.11 -1.45 0.69 2.46 3.42 4.63 Aug. 2012 -0.71 -0.28 0.78 2.04 2.71 3.19 3.85 5.31 4.4
Slide 28: AFP Habitat: Leader in Return on Investment (Cont’d)
AFP Habitat: Leader in Return on Investment (Cont’d) 1st 2nd 3rd 4th 5th 6th AFP CAPITAL_Ranking AFP PLANVITAL_ Ranking Accounts 12 MONTHS 36 MONTHS 60 MONTHS Accounts 12 MONTHS 36 MONTHS 60 MONTHS Statement A B C D E A B C D E A B C D E Statement A B C D E A B C D E A B C D E Dec.2012 3 4 4 5 4 5 5
Slide 29: AFP Habitat Funds Breakdown
AFP Habitat Funds Breakdown Total: USD 43,866 MM C: USD 6,729 MM A: USD 8,025 MM 381,976 Accounts 228,966 Accounts 18% 17% 23% 10% 14% 61% B: USD 8,724 MM 11% 430,262 Accounts 46% 21% 39% 12% D: USD 5,829 MM 83,505 Accounts E: USD 4,406 MM 7% 11% 28% 52,617 Accounts 13% 0% 2% 1% 69% 97% RV INTER RF
Slide 30: AFP Habitat Commercial Highlights
AFP HABITAT Commercial Highlights 30
Slide 31: New Services Since 2012
New Services Since 2012 Habitat Móvil 22 mobile branches 12 Branches opening Coverage: 175 counties on Saturday mornings (comunas) New contract signed with Website chat service two financial institutions in order to increase the pension payment Business hours extension in the call center Friday afte
Slide 32: Contact with our Customers
Contact with our Customers We serviced over 1.6 MM customer visits in our branch offices Branch during year 2012 Offices Nationwide coverage currently includes 27 branches, 16 service centers and 22 mobile branches In 2012, our website visits totaled 4.8 MM and over 13.2 MM Internet & transactions w
Slide 33: Contact with our Customers (Cont’d)
Contact with our Customers (Cont’d) Launched in Jun-2012, this new online chat assistance service Website allowed over 14 thousand contacts Chat Reached satisfaction levels of 85.9% In 2012 over 2 MM clients were serviced through the self- Habi-Express service Habi-Express machines (Self-Service) •
Slide 34: Contact with our Customers (Cont’d)
Contact with our Customers (Cont’d) Account In 2012, over 4.0 MM account statements were sent to our Statements affiliates 43% of these were emailed Social As of Dec-2012, over 30,000 followers on Facebook and Twitter Networks First AFP to use social networks Habitat has 68 account executives dedica
Slide 35: Company Presentation
Company Presentation April 2013
Slide 36: Appendix
Appendix AFP HABITAT Seguridad y Confianza
Slide 37: 2012 Income Statement – IFRS
2012 Income Statement – IFRS CLP MM Dec-2012 Dec-2011 Var % Revenues 121,301 114,486 6.0% Gain (Loss) on Reserve Requirements 13,060 -1,846 - Gain (Loss) on Disability Insurance Premium -141 -817 -82.7% Remuneration and Employee Related Expenses -22,626 -20,530 10.2% Depreciation and Amortization -1
Slide 38: Dec-2012 Balance Sheet – IFRS
Dec-2012 Balance Sheet – IFRS CLP MM Dec-2012 Dec-2011 Var % Current Assets 59,840 49,882 20.0% Non Current Assets 219,180 198,728 10.3% Reserve Requirements 197,779 176,376 12.1% Other Non Current Assets 21,401 22,353 -4.3% TOTAL ASSETS 279,020 248,610 12.2% CLP MM Dec-2012 Dec-2011 Var % Current L
Slide 39: AFP Industry Overview
AFP Industry Overview § 1980: Chilean legislation (Law Decree 3500) established a compulsory individual capitalization system with privately-managed pension funds (AFP) § 1981: New AFP system launched with 12 players § 1985: AFPs authorized to invest in corporate stocks § 2000: In accordance with re
Slide 40: Industry Composition: 1981 – 2013
Industry Composition: 1981 – 2013 1981 1990 1994 1995 1998 2004 2008 2013 (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 the SN CRISTOBAL only
Slide 41: AFPs Product Offerings
AFPs Product Offerings CCICO (Individual Compulsory Contribution 2.0% Capitalization Accounts) 1.7% § Compulsory savings = 10% of gross salary base* § Fees: 0.77% - 2.36% of salary base (Habitat = 1.27%) 1.1% APV (Voluntary Contributions) § Voluntary pension contributions § Tax benefits on amounts <
Slide 42: Company Presentation
Company Presentation April 2013