Afp Habitat Sa · BCS:HABITAT
Afp Habitat Sa — BTG Pactual & Celfin Southern Cone / Andean Conference 2013
41 slides from Afp Habitat Sa's conference presentation, June 2013
Slide 1: Company Presentation
Company Presentation June 2013
Slide 2: 2012/13 Highlights
B® HABITAT y | 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% Mar-13/Mar-12 (+5.7% Dec-12/Dec-11), totaling CLP 24,130 MM as of Mar-13 (CLP 84,209 MM
Slide 4: Industry Overview
B® HABITAT y | Seguridad y Confianza Industry Overview
Slide 5: 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 6: AFP Industry Composition: 1981 – 2013
AFP 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 Since 1981, Habitat is one of SN CRISTOB
Slide 7: AFPs Product Offerings
AFPs Product Offerings CCICO (Individual Compulsory Contribution Capitalization Accounts) § Compulsory savings = 10% of gross salary base* 2.0% 1.6% 1.1% § Fees: 0.77% - 2.36% of salary base (Habitat = 1.27%) APV (Voluntary Contributions) § Voluntary pension contributions § Tax benefits on amounts <
Slide 8: AFP Habitat Overview
Seguridad y Confianza B® HABITAT y | AFP Habitat Overview
Slide 9: Company Overview
Company Overview Snapshot Key Figures § AFP Habitat was founded in 1981, by the § Market Capitalization: USD 2.0 bn** Chilean Construction Chamber (Cámara § Employees: 1,212* Chilena de la Construcción, or CChC) § 27 branches, 16 service centers and 22 § CChC controls AFP Habitat through mobile bran
Slide 10: Stock Price Evolution
Stock Price Evolution 1985-2013YTD 2011-2013YTD Price CLP (Base 100, Volume 2013: Habitat entered MSCI LATAM 1000 Small Cap Index, reaching historical high 31 Dec-2010) (CLP MM) 1981: CChC creates share price of CLP 1,010 AFP Habitat w/ 1MM shares; 180 4,000 Mkt Cap: CLP 100 MM 900 160 3,500 800 140
Slide 11: AFP Habitat Compulsory Products
AFP Habitat Compulsory Products 11
Slide 12: Compulsory Products
Compulsory Products Compulsory MS Ranking 2.8% 1.3% System Habitat 1.8% (CCICO) Habitat Habitat % Revenues 95.3% 94.2% 22.7% 2 from Fees* Affiliates* 9.4 MM 2.1 MM 22.8% 2 94.2% Contributors* 5.3 MM 1.2 MM 23.4% 2 AFP Habitat Revenues from Fees Avg. Monthly 1,182 1,267 - 2 CCICO CAV APV RP Salary (U
Slide 13: Affiliates, Contributors & Salary Base
Affiliates, Contributors & Salary Base 40% 40% 35% Provida 35% Provida MS (%) Contributors (Avg. LTM Mar-2013) MS (%) Contributors (Avg. LTM Mar-2013) 30% 30% 25% 25% 20% 20% Capital Capital 15% 15% Cuprum 10% 10% Modelo Modelo 5% 5% Cuprum Planvital Planvital 0% 0% 0% 5% 10% 15% 20% 25% 30% 35% 40%
Slide 14: 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 Mar-2013. 14 UF (CLP): 22,867 as of Mar-2013.
Slide 15: CCICO Share by Income Range
CCICO Share by Income Range MS (%) Monthly Contributors 26.7% 28.1% 27.4% 25.7% 30% 28.5% 27.9% 28.3% 28.4% 27.1% 27.6% 26.3% 25.8% 24.7% 22.5% 24.9% 25.1% 23.9% 25% 22.6% 24.0% 21.2% 18.7% 20% 15% 10% 5% 0% 0 - 200 200 - 400 400 - 650 650 - 850 850 - > 1,200 Total (CLP th) 1,200 Mar-2011 Mar-2012 M
Slide 16: AFP Habitat Voluntary Savings (APV & CAV)
AFP HABITAT Voluntary Savings (APV & CAV) 16
Slide 17: Voluntary Products
Voluntary Products MS Ranking 2.8% 1.3% APV System Habitat Habitat Habitat 1.8% % Revenues 2.0% 2.8% 32.1% 2 from Fees* # Accounts** 828,054 156,469 18.9% 4 94.2% AUM 4,540 1,525 33.6% 1 (USD MM)** AFP Habitat Revenues from Fees CCICO CAV APV RP MS Ranking CAV System Habitat Habitat Habitat % Revenu
Slide 18: AFP Habitat: Leader in Voluntary Products
AFP Habitat: Leader in Voluntary Products CLP MM 991,624 1,000,000 934,765 900,000 800,000 700,000 600,000 549,979 500,000 401,215 400,000 300,000 200,000 100,000 22,611 7,883 - Habitat Capital Cuprum Modelo Planvital Provida Voluntary Products = CAV & APV AUM Source: SP, as of Mar-2013. 18
Slide 19: 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 Mar-2013/Mar-2012: Habitat: 19.2%; AFP Industry: 9.3% § CAV AUM growth rate Mar-2013/Mar-2012: Habitat: 9.3%; AFP Industry: 4.5%
Slide 20: AFP Habitat Financial Statements
AFP HABITAT Financial Statements 20
Slide 21: 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 (5,673) (5,096) 11.3% Expenses Depreciation and Amortization (523)
Slide 22: 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 23: 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 24: 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 25: 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 26: Contributors and Salary Base Growth
Contributors and Salary Base Growth Contributors Salary Base (UF) (Average LTM Mar-2013) (Average LTM Mar-2013) Milestones Mar-2013: 25.2% 24.3% 1,266,255 25.8% 31,491,174 § Improvement in domestic 26.1% 1,240,349 28,806,007 labor market (increase in salaries and low unemployment rate) 2.1% 8.7% § C
Slide 27: % Operating Costs / Revenues from Fees
% Operating Costs / Revenues from Fees 120.0% 120.0% (Commissions = 1.27%) 0.8% 100.0% 100.0% 80.0% 80.0% 47.9% 60.0% 0.4% 60.0% 1.1% 1.0% 2.6% 2.1% 4.3% 1.7% 3.7% 0.6% 26.2% 21.0% 40.0% 40.0% 1.7% 18.6% 20.9% 9.7% 8.4% 17.4% 16.8% 0.4% 55.3% 23.9% 16.8% 20.0% 20.0% 28.7% 27.6% 30.3% 32.4% 31.7% 15.
Slide 28: 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 29: AFP Habitat New Businesses
AFP HABITAT New Businesses 29
Slide 30: 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 for a 2-year period o Total of 700.000 new affiliates expected § Commercial launch took place on June 1st, 2013 § Total investment of approximately USD
Slide 31: Operation in Peru (Cont’d)
Operation in Peru (Cont’d) Economic Overview Demographics • GDP: USD 93,757 bn1 • Population: 30.1 MM1 • GDP growth: 6.3%1 • Workforce : 10.7 MM2 • Inflation: 2.6%1 • Unemployment: 6.8%1 (Lima) • Country risk premium: 92.5 bps3 Pension Fund Industry Overview Affiliates Contributors Contributors AUM
Slide 32: AFP Habitat Funds’ Performance
AFP HABITAT Funds’ Performance 32
Slide 33: 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 Apr. 2013 3.56 2.85 3.86 4.45 4.43 1.60 2.22 3.03 4.45 4.41 0.17 1.76 3.18 3.73 4.47 Dec. 2012 6.15 4.93 4.77 4.05 3.57 2.15 2.98 5.41 3.95 5
Slide 34: 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 Apr. 2013 4 5 5 6 5 5
Slide 35: AFP Habitat Funds Breakdown
AFP Habitat Funds Breakdown Total: USD 44,228 MM C: USD 16,842 MM 384,780 Accounts A: USD 7,009 MM 17% 229,779 Accounts 22% 19% 15% 10% 11% 60% B: USD 8,322 MM 427,360 Accounts 46% 20% 39% D: USD 5,924 MM 13% 84,765 Accounts E: USD 6,131 MM 7% 11% 44,228 Accounts 11% 28% 0% 2% 1% 71% 97% Int'l Stock
Slide 36: AFP Habitat Commercial Highlights
AFP HABITAT Commercial Highlights 36
Slide 37: New Services Since 2012/13
New Services Since 2012/13 Habitat Móvil 22 mobile branches 12 Branches opening Coverage: 176 counties on Saturday (comunas) mornings New contract signed with Website chat service two financial institutions in order to increase the pension payment Business hours Online Appointment extension in the c
Slide 38: Contact with our Customers
Contact with our Customers We serviced over 500 th customer visits in our branch Branch offices until April 2013 Offices Nationwide coverage currently includes 27 branches, 16 service centers and 22 mobile branches Up until Jan-Apr 2013, our website visits totaled 2.9 Internet & MM and over 3 MM tra
Slide 39: Contact with our Customers (Cont’d)
Contact with our Customers (Cont’d) This new online chat assistance service allowed over 19 Website thousand contacts from Jan-Apr 2013 Chat In Q12013 over 500 th clients were serviced through Habi-Express the self-service Habi-Express machines (Self-Service) • 64 self-service machines located in br
Slide 40: Contact with our Customers (Cont’d)
Contact with our Customers (Cont’d) Account In February 2013, over 2.0 MM account statements Statements were sent to our affiliates 37% of these were emailed Social As of May, 22nd, 2013 we had over 666 followers on Facebook and Twitter Networks First AFP to use social networks As of April, 2013 Hab
Slide 41: Company Presentation
Company Presentation June 2013
AFP Habitat — BTG Pactual & Celfin Southern Cone / Andean Conference 2013 on 6ix