Afp Habitat Sa · BCS:HABITAT
Afp Habitat Sa — AFP Habitat Chile Day 2012
34 slides from Afp Habitat Sa's conference presentation, September 2012
Slide 1: AFP Habitat
AFP Habitat AFP HABITAT September 2012 Seguridad y Confianza
Slide 2: AFP Industry Overview
AFP Industry Overview o 1980: The Chilean legislation (Decreto Ley 3500) established a compulsory individual capitalization system with private managed pension fund administrators o 1981: New pension system initiates operations with 12 AFPs o 1985: AFPs authorized to invest in corporate stocks o 200
Slide 3: 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 4: 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%) 1.2% APV (Voluntary Contributions) • Voluntary pension contributions • Tax benefits on amounts <=
Slide 5: AFP Habitat Evolution & Positioning
AFP HABITAT EVOLUTION & POSITIONING
Slide 6: 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 7: Habitat: Price Share Evolution
Habitat: Price Share Evolution 1981: 1981:C.Ch.C. CChC creates creates 2010: CChC purchases 700 AFP AFP Habitat Habitat 1MMw/ 1MM shares, Citigroup’s shares and USD$2.5 shares, per share; then re-sells 14%; 650 Mkt Cap Ch$475,000MM Mkt Mkt Cap Cap USD Ch$100MM 2.5MM 600 550 2004: Discussions 2008: P
Slide 8: AFP Habitat Compulsory Contribution (CCICO)
AFP HABITAT Compulsory Contribution (CCICO)
Slide 9: AFP Products (June 2012)
AFP Products (June 2012) Compulsory MS Ranking System Habitat (CCICO) Habitat Habitat 1,7% % Revenues 95.1% 94.3% 23.6% 2 from Fees * Affiliates 9.2 MM 2.2 MM 23.5% 2 95,1% Contributors 5.1 MM 1.3MM 24.7% 2 Avg. Monthly Ingreso Comisiones Industria 24.6 23.6 -- 2 Salary (US$) CCICO CAV APV RP AUM (M
Slide 10: MS Contributors (Avg. Jan – Jun 2012)
Affiliates, Contributors, Total Salary Base June 2012 45% 45% 40% 40% Provida Provida MS Contributors (Avg. Jan – jun 2012) MS Contributors (Avg. Jan – jun 2012) 35% 35% 30% 30% Habitat Habitat 25% 25% Capital Capital 20% 20% 15% 15% Cuprum Modelo 10% 10% Cuprum Modelo 5% 5% Planvital Planvital 0% 0
Slide 11: Affiliates - Contributors - Salary Base Evolution
Affiliates - Contributors - Salary Base Evolution AFP Habitat 2000 - 2012 2.500.000 35.000 2.250.000 30.000 2.000.000 25.000 1.750.000 20.000 1.500.000 15.000 1.250.000 10.000 1.000.000 750.000 5.000 500.000 - 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Jun-12 Affiliates Contributors
Slide 12: CCICO – Share of Contributors by Income Range
CCICO – Share of Contributors by Income Range (AFP Habitat June 2012) 35,0% % Total Contributors per Income Range 30,0% 25,0% % Total Contributors 20,0% 28,4% 27,9% 15,0% 27,3% 25,1% 25,0% 24,1% 10,0% 20,3% 5,0% 0,0% (ChM$) 0 - 200 200 - 400 400 - 650 650 - 850 850 - 1.200 > 1.200 Total In June 2012
Slide 13: AFP Habitat Voluntary Savings (APV & CAV)
AFP HABITAT Voluntary Savings (APV & CAV)
Slide 14: AFP Voluntary Products (June 2012)
AFP Voluntary Products (June 2012) MS Ranking APV System Habitat Habitat Habitat 2,0% % Revenues 1,2% 2.0% 2.5% 29.6% 2 from Fees * # Accounts 735,170 136,595 18.6% 4 AUM (MMUS$) 3,918 1,234 31.5% 2 Ingreso Comisiones Industria CCICO CAV APV RP MS Ranking CAV System Habitat Habitat Habitat % Revenue
Slide 15: AFP Habitat Leader in Voluntary AUM
AFP Habitat Leader in Voluntary AUM 900.000 810.000 875.352 869.377 720.000 630.000 540.000 450.000 550.377 360.000 394.710 270.000 180.000 90.000 9.474 8.032 - Habitat Capital Cuprum Modelo Planvital Provida AFP Voluntary Products (CAV + APV) (Ch$ MM – June 2012) F/X: US$1 = Ch$505 Source: Superint
Slide 16: Voluntary AUM (APV + CAV) Evolution
Voluntary AUM (APV + CAV) Evolution AFP Habitat (2002 – June 2012) 600.000 2.000 1.800 500.000 1.600 1.400 400.000 1.200 N accounts 300.000 1.000 800 200.000 600 400 100.000 200 0 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Jun-12 N° Accounts AUM MMUSD • APV AUM growth rate Dec 2011 / June 2
Slide 17: AFP Habitat Pension Funds
a = AFP° HABITAT Seguridad y Confianza AFP HABITAT Pension Funds
Slide 18: Breakdown of Habitat's Funds (June 2012)
Breakdown of Habitat’s 5 Funds (June 2012) B: USD$ 7,429MM A: USD$ 6,362MM 981,142 Accounts 339,403 Accounts 21% 32% 21% 9% 12% 54% 16% 35% C: USD$ 14,686MM 848,463 Accounts D: USD$ 4,999MM 17% 18% 200,000 Accounts E: USD$ 3,872MM 61,251 Accounts 11% 0% 0% 1% 14% 7%7% 99% 75% 51% Figures in Ch MM$;
Slide 19: Habitat: Leader in Return on Investment
Habitat: Leader in Return on Investment 1st 2nd 3rd 4th 5th 6th AFP HABITAT Account 12 MONTHS (%) 60 MONTHS (%) Statement (1) A B C D E A B C D E Apr.2012 -7,30 -4,69 -1,89 0,64 3,67 -1,23 0,6 1,86 2,71 4,16 Dec. 2011 -10,66 -7,15 -3,07 0,82 4,80 -0,70 1,26 2,56 3,34 4,44 Aug. 2011 -0,48 0,72 2,20 3
Slide 20: Habitat: Leader in Return on Investment
Habitat: Leader in Return on Investment 1st 2nd 3rd 4th 5th 6th AFP CAPITAL_Ranking AFP PLANVITAL_ Ranking Accounts 12 MONTHS 60 MONTHS Accounts 12 MONTHS 60 MONTHS Statement A B C D E A B C D E Statement A B C D E A B C D E Apr. 2012 5 5 5 6 3 3 4 4 3 2 Apr. 2012 2 2 3 3 5 2 2 2 5 5 Dec. 2011 6 5 6
Slide 21: AFP Habitat Financial Statements June 2012
AFP HABITAT Financial Statements June 2012
Slide 22: Habitat: Income Statement - IFRS
Habitat: Income Statement - IFRS June 2012 Ch$ 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 23: Habitat: Income Statement
Habitat: Income Statement June 2012, Ch$MM Desv. Jan-Jun 2012 Jan-Jun 2011 % Revenues (from ordinary operations) 60.108 54.295 10,7% Employee Expenses (10.824) (10.132) 6,8% Operating Expenses (9.833) (9.404) 4,6% Other Revenues and Expenses 1.295 1.033 25,4% Gains/Losses (Pre-Tax), from Ordinary Op
Slide 24: Habitat: Balance Sheet
Habitat: Balance Sheet June 30, 2011 and 2012 MM$ June 2012 June 2011 VAR % CURRENT ASSETS 42.371 30.224 40,2% NON CURRENT ASSETS 207.191 202.037 2,6% Reserve Requirements 185.498 179.143 3,5% Other Non Current Assets 21.693 22.894 -5,2% TOTAL ASSETS 249.562 232.261 7,4% MM$ June 2012 June 2011 VAR
Slide 25: Contributors and Salary Base Growth
Contributors and Salary Base Growth AFP Habitat - June 2012 / 2011 Contributors Salary Base (UF) (Average Jan - Jun) (Average Jan – Jun) 25.5% 24.6% 25.9% Milestones 1H 2012: 1,269,059 30,493,891 1,235,833 26.1% 27,919,891 ● Improvement in domestic labor market (increase in salaries -IR 1,8% real) a
Slide 26: Habitat: Evolution of Results
Habitat: Evolution of Results (2006-2012) 75.000 55.000 35.000 15.000 -5.000 2006 2007 2008 2009 2010 2011 Jun-11 Jun-12 -25.000 Profit Reserve Requeriment EBITDAR 1. EBITDA: Net income before depreciation, amortization, financial costs and taxes 2. EBITDAE: EBITDA before return on mandatory reserve
Slide 27: % Operating Costs / Revenues from Fees
% Operating Costs / Revenues from Fees (June 2012 / June 2011) 120,0% 100,0% 80,0% 60,0% 40,0% 20,0% 0,0% Mod 11 Mod 12 Cup 11 Cup 12 Plan 11 Plan 12 Hab 11 Hab 12 Prov 11 Prov 12 Cap 11 Cap 12 Depreciation & Amortization Other Operating Expenses Employee Expenses • Habitat is one of the most effici
Slide 28: % Operating Costs / Revenues from Fees (1.36% commissions)
% Operating Costs / Revenues from Fees (All Commissions = 1.36%; June 2012) 120,0% 100,0% 80,0% 60,0% 40,0% 20,0% 0,0% Hab 1,36% 1,36% 1,36% 1,36% 1,36% 1,36% Cap Mod Cup Plan Prov Mod Hab Plan Prov Cap Cup Depreciation & Amortization Other Operating Expenses Employee Expenses • After adjusting all
Slide 29: 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 30: AFP Habitat Contact with our Customers
AFP HABITAT Contact with our Customers
Slide 31: New Services since 2012
New Services since 2012 Habitat Móvil 11 mobile branches Branches opening on Coverage: 50 cities Saturdays morning New contract was signed by Chat service in the a new financial institution in website order to increase the alternatives of payment of pension Extension on the business hour of the Call
Slide 32: Contact with our Customers
Contact with our Customers Branch In 1H 2012, we attended over 855,000 customer visits in our Offices branch offices Nationwide coverage (27 branches, 16 service centers and 3 mobile branches) In 1H 2012 over 1.1 MM certificates were generated through Habi-Express the self-service Habi-Express machi
Slide 33: 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 34: 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