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1Q12 EARNINGS PRESENTATION April 26, 2012
DISCLAIMER
The Company makes forward looking statements that are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of our management as well as on information currently available to us. Forward-looking statements include information regarding our current intent, beliefs or expectations, in addition to those of the members of the Board of Directors and Executive Officers of the Company.
Forward-looking statements also include information regarding our possible or assumed future operating results, as well as statements preceded or followed by, or that include, the words ''believes”, ''may”, ''will”, ''continues”, ''expects”, ''anticipates”, ''intends”, ''plans”, ''estimates”, or similar expressions.
Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions, for they relate to future events, thus depending on circumstances that may or may not occur. Our future results and the creation of value to shareholder s may differ significantly from those expressed in or suggested by these forward-looking statements. Many factors determining these results and values are beyond Cielo’s ability to control or predict.
2
CIELO | HIGHLIGHTS
3
Transaction financial volume, according to market criterion totaled,R$ 87.4 billion, +26.8% Transaction financial volume, according to accounting criterion, totaled R$ 88.1 billion, +25.5%
1Q12 x 1Q11
Credit R$ 56.8 billion, +28.1% Debit R$ 31.3 billion, +20.9%
Net Operating Revenue + prepayment of receivables totaled R$ 1.4 billion, +29.3%
Net Income totaled R$ 566.6 million ,+33.4% and Net Margin of 40.5%; Adjusted EBITDA totaled R$ 943.8 million,+37.9% and Adjusted EBITDA Margin of 67.4%;
Equipment Rental totaled R$325.0 million ,+21.1%
Others
Cielo receives the “Best Investor Relations by a Latin American Company in the US
market” award from IR Magazine;
Cielo and Cybersource announce a alliance to release a fraud prevention solution to e-commerce
in Brazil;
Bonus share of 20% , totaling 655,096,224 common shares.
CIELO | FAIR SHARE
4
Source : Public information, released by the companies
Financial Volume Breakdown (in R$)
Considering the 2 main participants , Cielo gained 0.7 p.p. quarter-on-quarter
57,2% 57,7% 57,9% 59,5% 60,2%
42,8% 42,3% 42,1% 40,5% 39,8%
1Q11 2Q11 3Q11 4Q11 1Q12
Cielo Redecard
Financial Indicators 1Q12 1Q11 1Q12 X 1Q11 4Q11 1Q12 X 4Q11
Financial Volume (R$ million)
88,081.8 70,203.7 25.5% 91,252.7 -3.5%
Transaction (million)
1,269.4 1,058.7 19.9% 1,301.8 -2.5%
Net Revenue* (R$ million)
1,399.5 1,082.1 29.3% 1,383.1 1.2%
Cost of Services (R$ million)
(399.1) (311.5) 28.1% (405.7) -1.6%
Operating Expenses (R$ million)
(129.9) (139.9) -7.1% (207.9) -37.5%
Unit Costs + Expenses ex subsidiaries
(0.37) (0.39) -4.3% (0.44) -15.2%
Adjusted EBITDA (R$ million)
943.8 684.3 37.9% 833.2 13.3%
Net Income (R$ million)
566.6 424.6 33.4% 504.5 12.3%
Blended Net MDR (bps) 105 105 - 105 -
Credit Net MDR (bps) 119 122 (3) 119 -
Debit Net MDR (bps) 81 76 5 81 -
CIELO | FINANCIAL INDICATORS
5 * Including prepayment of receivables present value adjusted
CIELO | OPERATING PERFORMANCE
6
1.1%
-3.5%
79,775
70,205
88,082 25.5%
74,623
91,253 1,269
1,058 1,094 1,167
1,302
-2.5%
19.9%
11.7%
1.085
1.115
1.153
1.199 1.212
1Q11 2Q11 3Q11 4Q11 1Q12
Cielo- Number of Active Merchants ( 1 transaction in the last 60 days)
162.933 197.541 50.368 56.034 56.786
98.742 118.315 29.407
35.219 31.296
1Q11 2Q11 3Q11 4Q11 1Q12
Cielo Financial Volume ( R$million)
Credit cards Debit cards
611 639 678 730 738
447 455 489 572 531
1Q11 2Q11 3Q11 4Q11 1Q12
Cielo- Number of Transactions (million)
Credit Debit
CIELO | REVENUES
7
POS 1Q11 2Q11 3Q11 4Q11 1Q12
Average Rental (R$/month)
69 65 65 67 71
Installed POS (thousand) 1.293 1.351 1.402 1.484 1.524
MDR 1Q11 2Q11 3Q11 4Q11 1Q12
Net MDR Debit
76 74 77 81 81
Net MDR Credit
122 117 118 119 119
26.2%
-2.9%
21.1%
9.7%
955.4 927.8
735.1 754.9
823.1
538,9 550,1 596,6 669,0 673,7
196,2 204,8 226,5
286,4 254,1
1Q11 2Q11 3Q11 4Q11 1Q12
Commissions Revenues (R$ million)
Credit Debit
268,4 265,1 272,3 296,1
342,9
1Q11 2Q11 3Q11 4Q11 1Q12
Equipment Rental (R$ million)
CIELO | PREPAYMENT OF RECEIVABLES
8
57.4%
-1.6%
16,9 137,7
159,9
193,1 190,1
1Q11 2Q11 3Q11 4Q11 1Q12
Revenue of Prepayment of Receivables ex Adjustments (R$ million)
3.236,9 3.376,9
3.894,6
4.899,2 5.289,9
7,3% 7,2% 7,7% 8,7% 9,3%
0,0 %
2,0 %
4,0 %
6,0 %
8,0 %
10, 0%
12, 0%
14, 0%
16, 0%
18, 0%
20, 0%
-
1.00 0,0
2.00 0,0
3.00 0,0
4.00 0,0
5.00 0,0
6.00 0,0
1Q11 2Q11 3Q11 4Q11 1Q12
Prepayment of Receivables
Financial prepayment volume
% Prepayment over Credit Financial Volume
62,9 58,5
56,0 55,8 55,7
1Q11 2Q11 3Q11 4Q11 1Q12
Average Term (days)
CIELO | COSTS
9
Reduction of 2.1% of the unit cost excluding the subsidiaries and the additional brands fee
If the impact of depreciation is
eliminated in the same analysis, the reduction would have been 5.9%
Costs of services rendered
Depreciation and amortization
0.314 0.255 0.261
Unit per transaction
0.037 0.022
Reduction of 0.3% of the unit cost excluding the subsidiaries and the additional brands fee
If the impact of depreciation is
eliminated in the same analysis, the reduction would have been 4.0%
0.314 0.283 0.284 0.037 +0.006
399.2
324.1
276.1
399.2 370.1
359.9
17.4%
2.1%
0,3%
-2.8%
327,4
252,4 223,6
71,8 46,9
28,1 71,8
52,5
1Q12 Reported Costs related tosubsidiaries
Additional brands fee 1Q12 Adjusted 1Q11 Adjusted
Costs Comparison 1Q12 X 1Q11 (R$ million)
327,4 288,1 307,7
71,8 46,9
7,6 71,8 62,4
1Q12 Reported Costs related tosubsidiaries
Additional brands fee 1Q12 Adjusted 4Q11 Adjusted
Costs Comparison 1Q12 X 4Q11 (R$ million)
CIELO | EXPENSES
10
In both comparison (1Q11 x 1Q12 and 4Q11 x 1Q12) the main impact for the reduction was due to marketing and sales expenses.
207,9
129,9
0,3 (1.3) (5.6) (12.5) (58.8)
4Q11 Depreciationand
Amortization
Personnel Other Expenses General andAdministratives
Marketing andSales Expenses
1Q12
Operating Expenses Composition - 4Q11 to 1Q12 (R$ million)
139,9 129,9
6,7 3,6 0,6 (8,2) (12,6)
1Q11 Personnel Other Expenses Depreciationand
Amortization
General andAdministratives
Marketing andSales Expenses
1Q12
Operating Expenses Composition- 1Q11 to 1Q12 (R$ million)
CIELO | FINANCIAL PERFORMANCE
11
13.3% 12.3%
Adjusted EBITDA (R$ million) Net Income (R$ million)
33.4% 37.9%
684,3 716,5 741,2
833,2 943,8
63% 64%
61% 60%
67%
45, 00%
50, 00%
55, 00%
60, 00%
65, 00%
70, 00%
75, 00%
0,0
100 ,0
200 ,0
300 ,0
400 ,0
500 ,0
600 ,0
700 ,0
800 ,0
900 ,0
1.0 00,0
1Q11 2Q11 3Q11 4Q11 1Q12
Adjusted EBITDA Adjusted EBITDA Margin
424,7 423,6 457,5
504,5
566,6
39% 38% 38% 37%
41%
25, 00%
30, 00%
35, 00%
40, 00%
45, 00%
50, 00%
55, 00%
60, 00%
0,0
100 ,0
200 ,0
300 ,0
400 ,0
500 ,0
600 ,0
1Q11 2Q11 3Q11 4Q11 1Q12
Net Income Net Margin
[email protected] + 55 11 2596 1701