Afp Habitat Sa · BCS:HABITAT
Afp Habitat Sa — Q3 2012 Earnings Presentation
33 slides from Afp Habitat Sa's earnings presentation, November 2012
Slide 1: AFP Habitat
AFP Habitat AFP HABITAT November 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: 0.77% – 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 402 shareholders at September 30, 2012 28,8% 67,5% 3,7%
Slide 7: Habitat: Price Share Evolution
Habitat: Price Share Evolution 750 1981: 1981:C.Ch.C. CChC creates creates 2010: CChC purchases AFP AFP Habitat Habitat 1MMw/ 1MM shares, Citigroup’s shares and 700 USD$2.5 shares, per share; then re-sells 14%; 650 Mkt Mkt Cap Cap USD Ch$100MM 2.5MM Mkt Cap Ch$475,000MM 600 550 500 2004: Discussions
Slide 8: AFP Habitat Compulsory Contribution (CCICO)
AFP HABITAT Compulsory Contribution (CCICO)
Slide 9: AFP Products (September 2012)
AFP Products (September 2012) Compulsory MS Ranking System Habitat (CCICO) Habitat Habitat 1,7% % Revenues 95.1% 94.3% 23.4% 2 from Fees * Affiliates 9.2 MM 2.1 MM 23.4% 2 95,1% Contributors 5.1 MM 1.2MM 24.4% 2 Avg. Monthly Ingreso Comisiones Industria 1,187 1,120 -- 2 Salary (US$) CCICO CAV APV RP
Slide 10: MS Contributors (Avg. Jan – Sep 2012)
Affiliates, Contributors, Total Salary Base September 2012 45% 45% 40% 40% Provida Provida MS Contributors (Avg. Jan – Sep 2012) MS Contributors (Avg. Jan –Sep 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
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 sep/12 Affiliates Contributors
Slide 12: CCICO – Share of Contributors by Income Range
CCICO – Share of Contributors by Income Range (AFP Habitat September 2012) 35,0% % Total Contributors per Income Range 30,0% 25,0% % Total Contributors 20,0% 28,5% 27,8% 15,0% 27,5% 25,5% 24,8% 23,5% 10,0% 20,3% 5,0% 0,0% (ChM$) 0 - 200 200 - 400 400 - 650 650 - 850 850 - 1.200 > 1.200 Total In Sept
Slide 13: AFP Habitat Voluntary Savings (APV & CAV)
AFP HABITAT Voluntary Savings (APV & CAV)
Slide 14: AFP Voluntary Products (Sep 2012)
AFP Voluntary Products (Sep 2012) MS Ranking APV System Habitat Habitat Habitat 2,0% % Revenues 1,2% 2.0% 2.6% 30.1% 2 from Fees * # Accounts 735,170 136,595 18.6% 4 AUM (MMUS$) 4,251 1,370 32.3% 2 IngresoComisiones Industria CCICO CAV APV RP MS Ranking CAV System Habitat Habitat Habitat % Revenues
Slide 15: AFP Habitat Leader in Voluntary AUM
AFP Habitat Leader in Voluntary AUM 900.000 899.078 810.000 885.954 720.000 630.000 540.000 450.000 533.377 360.000 391.260 270.000 180.000 90.000 11.147 7.732 - Habitat Capital Cuprum Modelo Planvital Provida AFP Voluntary Products (CAV + APV) (Ch$ MM – Sep 2012) F/X: US$1 = Ch$470 Source: Superint
Slide 16: Voluntary AUM (APV + CAV) Evolution
Voluntary AUM (APV + CAV) Evolution AFP Habitat (2002 – September 2012) 600.000 2.500 500.000 2.000 400.000 1.500 N accounts 300.000 1.000 200.000 500 100.000 0 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 sep/12 N° Accounts AUM MMUSD • APV AUM growth rate Dec 2011 / Sep 2012: Habitat: 4.6%;
Slide 17: AFP Habitat Pension Funds
a = AFP° HABITAT Seguridad y Confianza AFP HABITAT Pension Funds
Slide 18: Breakdown of Habitat's Funds (June 2012)
Breakdown of Habitat’s 5 Funds (June 2012) B: USD$ 7,429MM A: USD$ 6,362MM 981,142 Accounts 339,403 Accounts 21% 21% 32% 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$;
Slide 19: Habitat: Leader in Return on Investment
Habitat: Leader in Return on Investment 1st 2nd 3rd 4th 5th 6th AFP HABITAT Account 12 MONTHS (%) 60 MONTHS (%) Statement (1) A B C D E A B C D E Aug.2012 -0,71 -0,28 0,78 2,04 2,71 -2,16 -0,03 1,75 3,00 4,81 Apr.2012 -7,30 -4,69 -1,89 0,64 3,67 -1,23 0,6 1,86 2,71 4,16 Dec. 2011 -10,66 -7,15 -3,07
Slide 20: Habitat: Leader in Return on Investment
Habitat: Leader in Return on Investment 1st 2nd 3rd 4th 5th 6th AFP CAPITAL_Ranking AFP PLANVITAL_ Ranking Accounts 12 MONTHS 60 MONTHS Accounts 12 MONTHS 60 MONTHS Statement A B C D E A B C D E Statement A B C D E A B C D E Aug.2012 5 5 5 6 6 3 4 5 3 2 Aug.2012 2 2 2 2 5 2 2 2 5 5 Apr. 2012 5 5 5 6
Slide 21: AFP Habitat Financial Statements September 2012
AFP HABITAT Financial Statements September 2012
Slide 22: Habitat: Income Statement - IFRS
Habitat: Income Statement - IFRS September 2012 Ch$ MM Sep 2012 Sep 2011 VAR. % Revenues 90.763 85.472 6,2% Gain (Loss) on Reserve Requirem ents 7.958 -6.145 - Gain (Loss) on Disability Insurance Prem ium -104 -1.041 -90,0% Rem uneration and Em ployee Related -16.580 -15.461 7,2% E Depreciation and
Slide 23: Habitat: Income Statement
Habitat: Income Statement September 2012, Ch$MM Jan - Sep 2012 Jan - Sep 2011 Desv. % Revenues (from ordinary operations) 88.650 81.615 8,6% Employee Expenses -16.580 -15.461 7,2% Operating Expenses -15.540 -13.947 11,4% Other Non Current Assets 2.078 1.790 16,1% Gains/Losses (Pre-Tax), from Ordinar
Slide 24: Habitat: Balance Sheet
Habitat: Balance Sheet September 30, 2011 and 2012 MM$ Sep 2012 Sep 2011 VAR % CURRENT ASSETS 53.903 44.167 22,0% NON CURRENT ASSETS 212.571 193.578 9,8% Reserve Requirements 190.458 170.481 11,7% Other Non Current Assets 22.113 23.097 -4,3% TOTAL ASSETS 266.474 237.745 12,1% MM$ Sep 2012 Sep 2011 V
Slide 25: Contributors and Salary Base Growth
Contributors and Salary Base Growth AFP Habitat - September 2012 / 2011 Contributors Salary Base (UF) (Average Jan - Jun) (Average Jan – Jun) 24.6% 25.9% Milestones at September 2012: 25.5% 1,265,787 30,566,793 1,231,419 26.2% 27,958,377 ● Improvement in domestic labor market (increase in salaries -
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 sep-11 sep-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 (September 2012 / September 2011) 120,0% 120,0% (All Commission = 1.33%) 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 MODELO PLANVITAL PROVIDA HABITAT CAPITAL CUPRUM MODELO PLANVITAL PROVIDA Employee Expenses Ot
Slide 28: 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 29: AFP Habitat Contact with our Customers
AFP HABITAT Contact with our Customers
Slide 30: New Services since 2012
New Services since 2012 Habitat Móvil 11 mobile branches 12 Branches opening Coverage: 50 cities on 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 C
Slide 31: Contact with our Customers
Contact with our Customers Branch Between Jan – Sep 2012, we attended over 1.2 MM customer Offices visits in our branch offices Nationwide coverage (27 branches, 16 service centers and 11 mobile branches) Between Jan – Sep 2012 over 1.5 MM certificates were Habi-Express generated through the self-se
Slide 32: Contact with our Customers
Contact with our Customers Between Jan – Sep 2012, we received over 585,000 calls in Call Center our “Contact Center“ • 36% of calls received by executives, with 95% immediate solution rate Mobile Smart Between Jan – Sep 2012 over 109M transactions were Phones executed via smart mobile phones Accoun
Slide 33: Contact with our Customers
Contact with our Customers Between Jan – Sep 2012 clients contact via web totaled Internet & 1,7MM and over 9.9 MM transactions were executed virtually Mailings • Moreover, we distributed 7.1 MM emails with important economic and industry information to our clients Social Networks • Followers (betwe