Afp Habitat Sa · BCS:HABITAT
Afp Habitat Sa — H1 2010 Earnings Presentation
32 slides from Afp Habitat Sa's earnings presentation, June 2010
Slide 1: AFP Habitat
AFP Habitat HABITAT Seguridad y Confianza
Slide 2: The Chilean Pension Fund Industry
The Chilean Pension Fund Industry
Slide 3: Industry Composition: 1981 – 2010
Industry Composition: 1981 – 2010 1981 1990 1994 1995 1998 2004 2008 2010 (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 SN CRISTOBAL PROTECCION PROTECCION PROTECCIO
Slide 4: Industry Milestones: 1980 – 2010
Industry Milestones: 1980 – 2010 1980: DL 3.500 – Establishment of a compulsory 2002: Creation of multi- privatized fund system and individual 1994-96: Highly voluntary pension pension system competitive programs environment 1980 1990 2000 2010 1985: AFPs are 2000: System 2008: Pension 1981: Affilia
Slide 5: Pension Reform 2008
Pension Reform 2008 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 Pillar of Solidarity o Third Pillar: Voluntary pension contributions o Voluntary affiliate o July 2009: o
Slide 6: Product Offering
Product Offering Individual Compulsory Contribution Capitalization Accounts (CCIO) • Compulsory savings = 10% gross monthly salary 2.10% base* 1.60% • Fee: % of salary base 0.10% APV (Voluntary Contributions) 1.30% • Tax benefits for voluntary pension contributions up to 600UF / year • Commission Fe
Slide 7: AFP Habitat Antecedents
= AEP 3 HABITAT AFP Habitat Antecedents
Slide 8: Individual Compulsory Contribution Capitalization Accounts (CCIO)
Individual Compulsory Contribution Capitalization Accounts (CCIO)
Slide 9: CCIO – Market Share
CCIO – Market Share Affiliates – Salary Base(June 2010) 50% 40% Total Salary Base Market Share Provida 30% (Avg. 1 S 2010) Habitat Capital 20% Cuprum 10% Planvital 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Affiliates Market Share (June 2010) • Habitat has maintained a very stable market share, bo
Slide 10: CCIO – Growth 1°Sem 2010 vs 2008
CCIO – Growth 1°Sem 2010 vs 2008 Affiliates and Salary Base 19.0% Habitat 18.5% 18.0% Growth in Total Salary Base (Avg. 1 S 2008 - 2010) 17.5% 17.0% 16.5% 16.0% Sistema 15.5% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Growth in Affiliates (June 2008 - June 2010) • Habitat registered the
Slide 11: CCIO – Breakdown of Contributors by Income Range
CCIO – Breakdown of Contributors by Income Range (Junio 2010) 35% % Total Contributors per Salary Segment 30% 25% % Total Contributors 20% 29% 28% 15% 27% 27% 26% 24% 24% 10% 5% 0% (M$) 0 - 200 200 - 400 400 - 650 650 - 850 850 - 1.050 > 1.050 Total Source; Superintendency of Pensions
Slide 12: CCIO – Evolution of Affiliates and Average Salary Base
CCIO – Evolution of Affiliates and Average Salary Base 2,500,000 24.0 23.0 2,000,000 22.0 1,500,000 21.0 1,000,000 20.0 500,000 19.0 - 18.0 Jul/07 Nov/05 May/08 Mar/09 Sep/06 Oct/08 Feb/07 Dec/07 Apr/06 Jun/05 Jun/10 Aug/09 Jan/05 Jan/10 Affiliates Avg. Gross Salary UF Lineal (Avg. Gross Salary UF)
Slide 13: Competitiveness
Competitiveness A leader in terms of Return on Investment (1) And one of the lowest commission charges COMISION PORCENTUAL Habitat Capital Cuprum Modelo Planvital Provida Ago-10 1,36 1,44 1,48 1,14 2,36 1,54 (1) Source: Superintendency of Pensions, Circulars Nos 1581, 1613, 1658, 1682 y 1701
Slide 14: Voluntary Savings Contributions
Voluntary Savings Contributions
Slide 15: Voluntary Savings – Assets under Management June 2010
Voluntary Savings – Assets under Management (APV 1 + CAV 2) June 2010 800,000 708,574 709,100 700,000 588,756 600,000 500,000 400,000 356,021 300,000 200,000 100,000 8,600 0 HABITAT CAPITAL CUPRUM PLANVITAL PROVIDA Assets under management (MM$) • Habitat and Cuprum are the leaders in this segment No
Slide 16: Voluntary Savings – Growth in Assets under Management
Voluntary Savings - Growth in Assets under Management (APV + CAV) (June 2010 vs. 2008) 12.0% Habitat 10.0% Growth in asset under management - CAV 8.0% (June 2008 - June 2010) 6.0% Sistema 4.0% 2.0% 0.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Growth in asset under management - APV (June 2008 -
Slide 17: Growth in Assets under Management APV 2003-2009
Growth in Assets under Management APV 2003-2009 92.3% 100.0% 74.0% 70.8% 68.7% 66.9% 80.0% 59.0% Assets under management APV 49.0% 60.0% 43.0% 42.7% 41.6% 40.6% 39.6% growth % v/s A/A 35.9% 35.2% 33.9% 33.0% 26.2% 40.0% 16.0% 20.0% 0.0% 2003 2004 2005 2006 2007 2008 2009 -20.0% -27.1% -27.3% -30.5%
Slide 18: Habitat: Funds under Administration and Market Share June 2010
Habitat: Funds under Administration – MMUSD and Market Share June 2010 Assets Under Management (MM USD) and Market Share $893: $427: MS=28.5% MS=33.4% $34: MS=20.9% $28,824: MS=24.7% CCIO APV CAV Unemployment Savings Note: Market share: refers to Habitat’s portion of the segment in relation to the o
Slide 19: Breakdown of Habitat's Funds
Breakdown of Habitat's 5 Funds B: USD$ 6,806MM (22.7%) A: USD$ 5,945MM (19.8%) 1,070,368 Accounts 343,510 Accounts 21% 20% 38% 13% C: USD$ 12,551MM (41.8%) 10% 58% 807,103 Accounts 12% 28% 19% 20% D: USD$ 3,408MM (11.4%) 14% 167,565 Accounts E: USD$ 1,301MM (4.3%) 9% 9% 37,228 Accounts 15% 1% 1% 1%
Slide 20: Brand Preference
Brand Preference 18.1% 16.1% 15.8% 14.9% 14.4% 13.4% 12.0% 11.7% 10.6% 11.1% 10.8% 8.4% 6.9% 6.1% 5.3% 1.8% 1.3% 0.6% 1.1% S1-2008 S2-2008 S1-2009 S2-2009 Habitat Capital Provida Cuprum Planvital S1-2008 S2-2008 S1-2009 S2-2009 Segment ABC1C2 14% 17% 26% 38% • Habitat has increased its brand prefere
Slide 21: Financial Results AFP Habitat
Financial Results AFP Habitat
Slide 22: Habitat Results: Evolution 2000-2009
Habitat Results: Evolution 2000-2009 Fee Income 2009 = MM$ 99,794 Fee Income 2000 = MM$ 40,535 3.4% 1.3% 0% 1% 99% 95.3% CCIO APV / CAV RP CCIO APV/CAV RP • Between 2000 and 2009, the CAGR for Habitat’s commission revenues was 10.5% • The Company’s total salary base increased as well (CAGR 6.5%) • T
Slide 23: Habitat Results: Evolution 2000-2009
Habitat Results: Evolution 2000-2009 300,000 CAGR Salary Base 2000-9 = 6.5% CAGR Fee Income 2000-9 = 5.4% 250,000 200,000 MM$ / MUF 150,000 100,000 50,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Fee Income (MM$) Salary Base (MUF) Note: Total salary base = (N° contributors in month n * av
Slide 24: Habitat Results: Evolution 2006-2009
Habitat Results: Evolution 2006-2009 75,000 55,000 35,000 15,000 -5,000 2006 2007 2008 2009 -25,000 Profit Reserve Requirements EBITDAE Note: EBITDA: Net income before depreciation, amortization, financial costs and taxes EBITDAE: EBITDA before return on mandatory reserve requirements Figures stated
Slide 25: Operating Costs per Contributor
Operating Costs per Contributor Evolution 2005-2010 4,500 4,217 4,118 4,094 3,939 3,975 4,000 3,696 3,500 3,253 3,248 3,288 3,000 3,121 3,072 2,816 2,500 2,000 2005 2006 2007 2008 2009 Ene-Jun 2010 Habitat Industry - HAB Notes: 2010 figures utilize the IFRS accounting methodology Operating costs for
Slide 26: Operating Costs / Commission Revenues AFP
Operating Costs / Commission Revenues AFP Jan 2010 - June 2010 Real Fee Income of each AFP Fee Income with Commission equaled 1.36% 120,0% 120,0% 100,0% 100,0% 80,0% 80,0% 60,0% 60,0% 40,0% 40,0% 20,0% 20,0% 0,0% 0,0% Habitat Capital Cuprum Planvital Provida Habitat Capital Cuprum Planvital Provida
Slide 27: Habitat: Price Share Evolution
Habitat: Price Share Evolution 500 1981: C.Ch.C. creates 2010: C.Ch.C.purchases AFP Habitat 1MM shares, Citigroup’s shares and then re- 450 sells 14%; USD$2.5 per share; Mkt Cap USD 2.5MM Mkt Cap USD 850MM 400 2004: Discussions 350 commence re: Previsional Reform 300 250 1996: Citigroup 200 becomes
Slide 28: Financial Results AFP Habitat June 2010
Financial Results AFP Habitat June 2010
Slide 29: Habitat: Balance Sheet June 2010
Habitat: Balance Sheet June 2010 STATEMENT OF FINANCIAL POSITION (MM$ June 2010) 6/30/2010 6/30/2009 Variación ASSETS Cash and cash equivalents 22,792 46,884 -51.4% Other current assets 4,168 2,198 89.6% CURRENT ASSETS 26,960 49,082 -45.1% Reserve Requirements 154,259 128,92 19.7% Properties and equ
Slide 30: Habitat: Income Statement June 2010
Habitat: Income Statement June 2010 INCOME STATEMENT ENDED JUNE JUNE 2010 JUNE 2009 Variación MM$ MM$ % REVENUES Fee Income 47,034 81,212 -42.1% Li fe a nd i ns ura nce premi um 7,542 (34,531) -121.8% Ga i ns on ma nda tory i nves tment 5,476 13,131 -58.3% Other i ncome 511 494 3.4% Gastos Empl oyee
Slide 31: Dividend Policy
Dividend Policy Dividend Policy since April 2007: o Distribute a minimum of 90% of “distributable net income”: o annual net income MINUS the difference earned on the required reserve in the event that it is positive (1) Policy on the Distribution of Interm Dividends: o Distribute 2 interm dividends
Slide 32: Fin Presentación
— y AFP HABITAT Seguridad y Confianza