Slide 1: Company Presentation Q4-2015 Results
Company Presentation Q4-2015 Results March 2015
Slide 2: Agenda
Agenda 2015 Highlights Appendix 2
Slide 3: Agenda
Agenda 2015 Highlights Appendix 3
Slide 4: Key Indicators
Key Indicators Monthly Contributors Average Monthly Salary Base Contributors Mkt % Total CLP th TOTAL AUM1 APV AUM1 CAV AUM1 Source: AFP Habitat. (1): Figures in CLP converted to USD at average transactional Fx rate on previous business day 4 (CLP/USD) 707.34 as of December 30th, 2015.
Slide 5: Consolidated Income Statement
Consolidated Income Statement CLP MM Dec-15 Dec-14 Var 15/14 Var 15/14 % Revenues 153,651 140,504 13,147 9.4% Remuneration and Employee Related Expenses (35,753) (29,543) (6,210) 21.0% Other Operating Expenses (32,522) (28,246) (4,276) 15.1% Operating Expenses (68,275) (57,789) (10,486) 18.1% Deprec
Slide 6: Peru Operation Pro-Forma Adjustment
Peru Operation Pro-Forma Adjustment CLP MM Consolidated IS Perú Effect Adjusted IS Adj Var 15/14 Adj Var 15/14 % Revenues 153.651 6.786 146.865 6.361 4,5% Remuneration and Employee Related Expenses (35.753) (3.586) (32.167) (2.624) 8,9% Other Operating Expenses (32.522) (5.397) (27.125) 1.121 -4,0%
Slide 7: Revenues Breakdown
Revenues Breakdown CLP MM Dec-15 % Dec-14 % Var 15/14 Var 15/14 % Revenues From Fees (Chile) Mandatory (CCICO) 135,956 93.3% 127,782 93.7% 8,173 6.4% APV 4,714 3.2% 4,226 3.1% 488 11.5% CAV 2,890 2.0% 2,425 1.8% 466 19.2% Pensions 2,105 1.4% 1,835 1.3% 270 14.7% Other Fees 37 0.0% 109 0.1% (72) -66.
Slide 8: Operating Expenses Breakdown
Operating Expenses Breakdown CLP MM Dec-15 % Dec-14 % Var 15/14 Var 15/14 % Administrative Employees Remuneration (16,774) 46.9% (15,939) 54.0% (835) 5.2% Sales Employees Remuneration (11,434) 32.0% (6,646) 22.5% (4,788) 72.0% Employee Short-Term Benefits (4,398) 12.3% (4,695) 15.9% 296 -6.3% Post-E
Slide 9: Differentiated Service Offering
Differentiated Service Offering Habitat Móvil 13 Branches opening 22 mobile branches on Saturday mornings Coverage: 186 comunas and 188 localidades New web services for Website chat service voluntary savings Business hours extension Online Appointment in the call center Reservation Friday afternoon
Slide 10: 2015 Consolidated Balance Sheet
2015 Consolidated Balance Sheet CLP MM Dec-15 Dec-14 Var % Cash and Equivalents 41,101 44,321 -7.3% Other Current Assets 6,955 8,534 -18.5% Total Current Assets 48,057 52,855 -9.1% Reserve Requirements 282,261 256,879 9.9% Other Non Current Assets 22,850 18,075 26.4% Total Non Current Assets 305,111
Slide 11: Consolidated Results Evolution
Consolidated Results Evolution Revenues EBITDAR CLP MM CLP MM EBITDA / Reserve Requirement Net Profit CLP MM CLP MM 11 Source: AFP Habitat S.A. (“AFP Habitat” or “Habitat”) Consolidated Financial Statements under IFRS and GAP.
Slide 12: AFP Habitat: Return on Investment
AFP Habitat: Return on Investment 1st 2nd 3rd 4th 5th 6th AF P HABIT AT Ac c ount 12 Mont hs (%) 36 Mont hs (%) 60 Mont hs (%) St at ement A B C D E A B C D E A B C D E Dec - 15 4.03 2.88 2.75 2.40 0.84 6.60 5.22 5.50 5.27 4.23 2.81 2.56 3.58 4.12 4.21 Aug- 15 - 0.68 0.04 1.81 2.51 1.60 8.20 6.64 6.
Slide 13: Return on Investment (Cont'd)
AFP Habitat: Return on Investment (Cont’d) 1st 2nd 3rd 4th 5th 6th AF P CAPIT AL_Ranking AF P CUPRUM_Ranking Ac c ount s 12 Mont hs (%) 36 Mont hs (%) 60 Mont hs (%) Ac c ount s 12 Mont hs (%) 36 Mont hs (%) 60 Mont hs (%) AF P MODELO_Ranking St at ement A B C D E A B C D E A B C D E St at ement A B
Slide 14: Agenda
Agenda 2015 Highlights Appendix 14
Slide 15: Appendix
Appendix 1. Stock Performance 2. Mandatory Products 3. Voluntary Products 4. AFP Industry Overview 5. AFP Habitat Overview 6. AFPs Operating Cost Structure 7. Operation in Peru 8. Contact with our Customers 9. AFP Habitat Funds Breakdown 10. AFP Habitat Dividend Policy 15
Slide 16: Stock Performance
Stock Performance 1985-2016YTD 2010-2016YTD Price (Base 100, Volume Traded CLP 31 Dec-2010) (CLP MM) 1000 March 2nd, 2016: share price of CLP 876 900 2013: Habitat entered MSCI LATAM Small Cap Index, reaching historical high 800 share price of CLP 1,010 700 2010: CChC purchases Citigroup’s shares an
Slide 17: Appendix
Appendix 1. Stock Performance 2. Mandatory Products 3. Voluntary Products 4. AFP Industry Overview 5. AFP Habitat Overview 6. AFPs Operating Cost Structure 7. Operation in Peru 8. Contact with our Customers 9. AFP Habitat Funds Breakdown 10. AFP Habitat Dividend Policy 17
Slide 18: Mandatory Products Indicators
Mandatory Products Indicators Affiliates Total Contributors Affiliates (MM) MS (%) Total Contributors (MM) MS (%) AUM* Contributors / Affiliates MS (%) Percentage AUM (USD bn) Source: Superintendencia de Pensiones as of Dec-2015 Fx (CLP/USD) 704.34. 18
Slide 19: Mandatory Products Indicators (Cont'd)
Mandatory Products Indicators (Cont’d) Average Monthly Salary Monthly Salary Base USD FX (Pesos/Dollar) UF MM 9.9% Average Monthly Salary 9.9% higher than Salary Base has grown at: industry average, as of Dec-2015 7.9% per year since Dec-04 7.2% per year since Dec-09 Source: SP as of Dec-201
Slide 20: Affiliates, Contributors & Salary Base
Affiliates, Contributors & Salary Base Contributors & Affiliates Contributors & Salary Base 35% 35% 30% Provida 30% Provida MS (%) Contributors (Avg. LTM Dec-2015) MS (%) Contributors (Avg. LTM Dec-2015) 25% 25% 20% 20% Capital Capital 15% 15% Cuprum Modelo Modelo 10% 10% Cuprum 5% 5% Planvital Plan
Slide 21: Appendix
Appendix 1. Stock Performance 2. Mandatory Products 3. Voluntary Products 4. AFP Industry Overview 5. AFP Habitat Overview 6. AFPs Operating Cost Structure 7. Operation in Peru 8. Contact with our Customers 9. AFP Habitat Funds Breakdown 10. AFP Habitat Dividend Policy 22
Slide 22: Voluntary Products Indicators
Voluntary Products Indicators # of APV Accounts AUM APV # of accounts MS (%) USD th MS (%) # of CAV Accounts AUM CAV # of accounts MS (%) USD th MS (%) 23 Source: SP as of Dec-2015.
Slide 23: AFP Habitat: Voluntary Products
AFP Habitat: Voluntary Products CLP MM 1.444.489 1.488.411 1.500.000 1.300.000 1.100.000 900.000 700.000 580.486 547.845 500.000 300.000 100.000 36.596 16.292 -100.000 Habitat Capital Cuprum Modelo Planvital Provida Voluntary Products = CAV & APV AUM The regulator as well as industry players are
Slide 24: Appendix
Appendix 1. Stock Performance 2. Mandatory Products 3. Voluntary Products 4. AFP Industry Overview 5. AFP Habitat Overview 6. AFPs Operating Cost Structure 7. Operation in Peru 8. Contact with our Customers 9. AFP Habitat Funds Breakdown 10. AFP Habitat Dividend Policy 25
Slide 25: AFP Industry Overview
AFP Industry Overview 1980 Chilean legislation (Law Decree 3500) established a compulsory individual capitalization system with privately-managed pension funds (AFP) New AFP system launched with 12 players 1981 1985 AFPs authorized to invest in corporate stocks 2000 In accordance with regulatory mod
Slide 26: AFP Industry Composition: 1981 – 2015
AFP Industry Composition: 1981 – 2015 1981 1990 1994 1995 1998 2004 2008 2015 (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 Since 1981, Habitat is one UNION UNION UNION of only two A
Slide 27: AFPs Product Offering
AFPs Product Offering CCICO (Mandatory Contribution Account) Pensions (RP, Programmed Withdrawals) Compulsory savings = 10% of gross Pension payment alternative whereby salary base1 affiliate maintains pension account with Fees: 0.47%-1.54% of salary base the AFP (Habitat = 1.27%) Fee: 0.95%
Slide 28: Appendix
Appendix 1. Stock Performance 2. Mandatory Products 3. Voluntary Products 4. AFP Industry Overview 5. AFP Habitat Overview 6. AFPs Operating Cost Structure 7. Operation in Peru 8. Contact with our Customers 9. AFP Habitat Funds Breakdown 10. AFP Habitat Dividend Policy 29
Slide 29: Company Overview
Company Overview Snapshot Key Figures AFP Habitat was founded in 1981, by the Market Capitalization: USD 1.3 bn5 Chilean Construction Chamber (Cámara Employees: 1,8821 Chilena de la Construcción, or CChC) 27 branches, 6 service centers, 22 mobile CChC controls AFP Habitat through branches
Slide 30: Revenues from Fees Breakdown
Revenues from Fees Breakdown Dec-13 Dec-15 2.3%1.8%1.6% Dec-13 Dec-15 AFP 94.2% Industry (exc. Habitat) CCICO APV CAV Pensions Other 31 Source: SP. AFPs’ financial statements.
Slide 31: Appendix
Appendix 1. Stock Performance 2. Mandatory Products 3. Voluntary Products 4. AFP Industry Overview 5. AFP Habitat Overview 6. AFPs Operating Cost Structure 7. Operation in Peru 8. Contact with our Customers 9. AFP Habitat Funds Breakdown 10. AFP Habitat Dividend Policy 32
Slide 32: Operating Costs Structure
Operating Costs Structure Current Commissions All Commissions =1.27% 3 2 1 3 2 1 As of Q3-2015 AFP Habitat is one of the most efficient AFP,´s under current commissions and when adjusting for commissions. Habitat has the 3rd lowest CCICO fee in the industry. Source: SP, Individual Financial Statemen
Slide 33: Appendix
Appendix 1. Stock Performance 2. Mandatory Products 3. Voluntary Products 4. AFP Industry Overview 5. AFP Habitat Overview 6. AFPs Operating Cost Structure 7. Operation in Peru 8. Contact with our Customers 9. AFP Habitat Funds Breakdown 10. AFP Habitat Dividend Policy 34
Slide 34: Operation in Peru
Operation in Peru • AFP Habitat was awarded the first new affiliates auction in Peru to receive all new entrants for a 2-year period (starting June, 2013-ending May, 2015) • Our Commercial launch took place on June 1st, 2013 • In December, 2014 AFP Habitat proudly won the second affiliates auction i
Slide 35: Peruvian Operations (Cont'd)
Peruvian Operations (Cont’d) Affiliates Anual Return on Investment Affiliates (th) MS% Annualized Nominal Returns' Dec. 2015 / Dec. 2014 Habitat Integra Prima Profuturo Fund 1 N.A. 6.26% 4.27% 6.12% Fund 2 7.43% 5.39% 4.91% 6.32% Fund 3 N.A 1.83% 1.27% 4.74% • Due to regulations we are unable to pub
Slide 36: Appendix
Appendix 1. Stock Performance 2. Mandatory Products 3. Voluntary Products 4. AFP Industry Overview 5. AFP Habitat Overview 6. AFPs Operating Cost Structure 7. Operation in Peru 8. Contact with our Customers 9. AFP Habitat Funds Breakdown 10. AFP Habitat Dividend Policy 37
Slide 37: Contact with our Customers
Contact with our Customers We serviced over 885th customer visits in our branches Branch until December 2015 Offices Nationwide coverage currently includes 26 branches, 6 service centers, 22 mobile branches and 3 stands in malls. Up until Dec. 2015, our website visits totaled 18 MM Internet Includin
Slide 38: Contact with our Customers (Cont'd)
Contact with our Customers (Cont’d) This online chat assistance service allowed over 135 Website thousand contacts from Jan-Dec 2015 Chat Up until December 2015 over 2.9MM transactions were Habi-Express serviced through the self-service Habi-Express machines (Self-Service) 64 self-service machines l
Slide 39: Contact with our Customers (Cont'd)
Contact with our Customers (Cont’d) Account In February, 2016 over 1.9 MM account statements Statements were sent to our affiliates 48% of these were emailed Social As of December, 2015 we had over 99,390 followers on Facebook and Twitter Networks First AFP to use social networks As of December, 201
Slide 40: Appendix
Appendix 1. Stock Performance 2. Mandatory Products 3. Voluntary Products 4. AFP Industry Overview 5. AFP Habitat Overview 6. AFPs Operating Cost Structure 7. Operation in Peru 8. Contact with our Customers 9. AFP Habitat Funds Breakdown 10. AFP Habitat Dividend Policy 41
Slide 41: AFP Habitat Funds Breakdown
AFP Habitat Funds Breakdown Fund A: USD 6.7 bn Fund B: USD 6.9 bn Fund C: USD 15.2 bn Fund D: USD 6.2 bn E: USD 5.6 bn Total: USD 40.5 bn 42 Source: SP as of Dec-2015. Fx (CLP/USD): 707.34.
Slide 42: Appendix
Appendix 1. Stock Performance 2. Mandatory Products 3. Voluntary Products 4. AFP Industry Overview 5. AFP Habitat Overview 6. AFPs Operating Cost Structure 7. Operation in Peru 8. Contact with our Customers 9. AFP Habitat Funds Breakdown 10. AFP Habitat Dividend Policy 43
Slide 43: 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 44: Company Presentation Q4-2015 Results
Company Presentation Q4-2015 Results March 2015