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Conference Call May 14, 2004

Consolidated Results. 1 st Quarter 2004. Conference Call May 14, 2004. Performance Indicators. R$ Million. D. %. 1Q04. 1Q03. 1Q04/1Q03. Net Income. 276. 218. 26.6%. Earnings/1,000 shares (R$). 2.01. 1.58. 27.2%. ROAE (Annualized ). 16.1%. 13.8%. 231. b.p. BIS Ratio.

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Conference Call May 14, 2004

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  1. Consolidated Results 1st Quarter 2004 Conference Call May 14, 2004

  2. Performance Indicators R$ Million D % 1Q04 1Q03 1Q04/1Q03 Net Income 276 218 26.6% Earnings/1,000 shares (R$) 2.01 1.58 27.2% ROAE (Annualized) 16.1% 13.8% 231 b.p. BIS Ratio 18.1% 16.2% 190 b.p. Total Assets 71,505 70,014 2.1% Total Risk 27,343 25,991 5.2% Deposits+Funds 56,738 44,867 26.5% Stockholders' Equity 7,358 6,717 9.5%

  3. D% 1Q04 1Q03 1Q04/1T03 Profit from Financial Intermediation 1,205 1,033 16.7% (+) Fee Income 741 662 11.9% (-) Personnel & Adm. Expenses (1,143) (1,062) 7.6% (+/-) Other Operating Income/Expenses (332) (175) 89.7% (=) Operating Income 471 458 2.8% (+/-) Non-Operating Income (expenses), Net (12) 10 (+/-) Income Tax & Social Contrib. (79) (148) -46.6% (-) Profit Sharing/Minority Interest (104) (102) 2.0% Net Income 276 218 26.6% Income Statement R$ Million

  4. Impact on Investments Abroad R$ Million 1Q04 1Q03 674 999 Investments Abroad (US$ Million) 2.9086 3.3531 Exchange Rate (R$/US$) 8 (200) Exchange Rate Fluctuation on Investments Abroad 34 135 Hedge on Investments Abroad 42 (65) Net Accounting Impact before Income Tax and Social Contribution 3 (68) Fiscal Effects 45 (133) Net Impact after Income Tax and Social Contribution

  5. Effective Tax Rate 1Q04 1Q03 459 468 Income before Taxes and Profit Sharing (69) (56) Profit Sharing 390 412 (A) Income before Taxes and after Profit Sharing Income Tax @ 25% and Social Contribution @ 9% (133) (140) Adjustments to Derive Effective Tax Rate: 50 51 Interest on Capital Stock (1) 18 Permanent Differences (net) 5 (77) Exchange Rate Fluctuation non Taxable / (non Deductible) (79) (148) (B) Income Tax & Social Contribution for the Period (B/A) Effective Income Tax & Social Contribution Rate 20% 36%

  6. Financial Margin R$ Million D% 1Q04 1Q03 1Q04/1Q03 Revenue from Financial Intermediation 2,891 2,854 1.3% Expenses on Financial Intermediation (1,373) (1,537) -10.7% Financial Margin before Provision for Loan Losses (A) 1,518 1,317 15.3% Provision for Loan Losses (313) (284) 10.2% Financial Margin after Provision for Loan Losses 1,205 1,033 16.7% Total Average Assets (-) Fixed Assets (B) 67,045 69,321 -3.3% Net Financial Margin (A/B) 9.4% 7.8% 160 b.p.

  7. Securities Portfolio R$ Million % % Mar-04 Mar-03 Portfolio Portfolio 8,185 47% 5,482 30% Trading Securities Securities Available for Sale 3,544 20% 6,458 36% Securities Held to Maturity 5,795 33% 6,230 34% Total Securities Portfolio 17,524 18,170

  8. Securities Portfolio – Market Value Adjustment R$ Million Market Value Adjustment 03/31/2004 D Income Statement Impact 111 7 Stockholders´ Equity Impact (257) 61 Total Impact (146) 68

  9. Loan Portfolio Evolution R$ Million 5.2% -2.1% 27,917 7.4% 27,343 25,991 Wholesale Bank -4.5% 15,794 5.4% 15,084 D% Mar-04/Mar-03 +0.7% 14,979 10.1% 1.1% Retail Bank 12,123 12,259 11,012 D% Mar-04/Mar-03 +11.3% Mar-03 Dec-03 Mar-04

  10. Loan Portfolio Breakdown by Type of Client R$ Million 3.0% Corporate 17,816 17,299 0.9% 13,025 13,139 9.4% 4,677 4,274 Middle Market and Small Companies Large Corporate Total 9.6% Individuals 9,527 7.5% 8,692 12.8% 5,682 5,284 3,845 3,408 Consumer Finance Companies Multiple Bank and Other Companies Total Mar-03 Mar-04

  11. Mar-03 Mar-04 Loan Portfolio R$ Million Consumer Finance Companies - Individuals 12.8% 3,845 3,408 16.3% 6.5% 7.2% 1,215 1,141 1,045 984 1,071 918 28.9% 50.0% 343 266 162 108 Total

  12. Loan Portfolio Breakdown R$ Million R$ Million Non-Accrual Portfolio / Total Risk 91.9% 91.3% 91.2% 25,991 27,917 27,343 AA 34.4% 37.1% 39.0% 4.8% 4.7% 4.4% A 32.7% 37.4% 34.5% 10.6% B 9.8% Mar-03 Dec-03 Mar-04 9.9% C 13.6% 7.9% 7.5% D-H 8.7% 8.8% 8.1% Mar-03 Dec-03 Mar-04 AA-C Loan Porfolio

  13. Funding R$ Million +26.5% 6.4% 56,738 18.8% 53,302 44,867 D% Mar-04/Mar-03 +48.9% 29,324 26,945 36.8% 8.8% 19,691 D% Mar-04/Mar-03 +8.9% 27,414 25,176 25,357 8.1% 0.7% Mar-03 Dec-03 Mar-04 Deposits Funds

  14. Net Revenue by Business Net Financial Result 40% 41% 25% 24% Banking Fees 19% 19% Credit Cards 12% 11% Insurance/Annuities/Pension Plans 4% 5% Asset Management Fees 1Q03 1Q04

  15. Consumer Finance Companies Direct Management Indirect Management

  16. Consumer Finance Companies R$ Million Consumer Finance Consumer Finance Companies under Companies Direct Management 1Q04 1Q03 1Q04 1Q03 Equity Income 131 93 85 53 Billings 3,986 3,637 2,566 2,286 Volume of Transactions (# million) 52 45 33 28 Credit Portfolio 3,891 3,408 2,676 2,363 Provision for Loan Losses 164 170 136 143 Provision for Loan Losses / Credit Portfolio 4.2% 5.0% 5.1% 6.1% ROAE 74.3% 76.0% 57.7% 55.6% Consumer Finance Companies: Fininvest, Unicard, 50% LuizaCred, 50% PontoCred and 33.3% Credicard Consumer Finance Companies Under Direct Management: Fininvest, Unicard, 50% PontoCred and 50% LuizaCred.

  17. Consumer Finance Companies R$ Million Net Income Credit Portfolio 44 69.2% 1,333 13.1% 26 1,179 1Q03 1Q04 1Q03 1Q04 Billings Number of Transactions (million) 13.7 30.5% 10.5 958 5.3% 910 1Q03 1Q04 1Q03 1Q04 Note: All numbers Include Luizacred.

  18. 17.6% Consumer Finance Companies R$ Million Net Income Credit Portfolio and Revolving Credit 1,000 8.9% 43.5% 918 33 10.6% 23 428 387 1Q03 1Q04 1Q03 1Q04 Credit Portfolio Revolving Credit Billings Number of Transactions (million) 1,412 20 17.4% 1,203 17 1Q03 1Q04 1Q03 1Q04

  19. Private Pension Plans Insurance Insurance and Private Pension Plans R$ Million R$ Million D % 1Q04 1Q03 1Q04/1Q03 7.7% Billings + Gross Premiums Written 982 912 36.6% Technical Reserves 4,281 3,134 Operating Income 2 (5) Combined Ratio 99.5% 101.4% -190 b.p. Financial Income / Technical Reserves 81 123 -34.1% Net Income 67 90 -25.6% Technical Reserves 4,281 3,892 10% 24% 902 3,134 821 825 3,379 3,071 2,309 1Q03 4Q03 1Q04

  20. Insurance Claims Ratio 62.8% 59.7% 56.8% 1Q03 4Q03 1Q04 Administrative Expenses / Net Premiums Written 14.6% 13.0% 12.3% 1Q03 4Q03 1Q04

  21. Total Expenses Personnel and Other Administrative Expenses -7.5% 1,236 1,143 776 -11.9% 684 460 459 -0.2% 1Q04 4Q03 Other Administrative Expenses Personnel Expenses

  22. Total Expenses Personnel and Administrative Expenses R$ Million IPC-A 5.9% 1,143 7.6% 23 5.5% 1,120 1,062 1Q03 1Q04 Administrative Expenses Organic Growth / Acquisitions Fee Income / Personnel and Administrative Expenses 64.8% 62.4% 1Q03 1Q04

  23. Number of Employees D Mar-04 Mar-03 Branch Network 15,152 13,473 1,679 Consumer Division 3,142 2,936 206 Wholesale Bank 1,053 1,239 -186 Insurance 1,341 1,400 -59 Wealth Management 330 280 50 Others 7,211 7,075 136 Total 28,229 26,403 1,826

  24. Highlights • Over 2.4 million cards issued to 1.6 million clients • More than 60,000 affiliated stores • Billings of R$3.6 billion in 2003 • Main means of payment at the 119 stores • 5% Credit Card Market Share • Strong client base • 57% are clients for more than 3 years, representing more than 73% of total billings • low client overlap (92% of the individuals and 93% of the affiliated stores are not clients of the bank) • more than 82% of loans outstanding are not past due • Opportunities • Loan portfolio increase –minimum required payment of credit card bill from 50% up to 15% • Unibanco´s checking account holders growth • Cross selling with Unibanco´s companies • Cost of funding decrease

  25. The Transaction • Unibanco paid R$630 million to Ahold for HiperCard´s total capital • Goodwill of R$237 million and deferred tax assets of R$107 million • HiperCard’s stockholders’ equity was R$286 million as of January 2004 • Unicard, HiperCard, and Bompreço (acquired by Wal Mart) signed, at the same date, a long- term service agreement (“Master Services Agreement”) that: • guarantees HiperCard remain Bompreço’s sole private label credit card; • guarantees the maintenance of the current relationship and cooperative environment between HiperCard and Bompreço.

  26. Organizational Structure Board of Directors Pedro Sampaio Malan Chairman Pedro Moreira Salles Vice-Chairman Armínio Fraga Castro Neto Fernando Sotelino Gabriel J. Ferreira Israel Vainboim Pedro Bodin Board Members Audit Committee Gabriel Jorge Ferreira President Eduardo A. Guimarães Guy Almeida Andrade Members Pedro Moreira Salles CEO Retail Márcio Schettini Wholesale João Dionísio Amoêdo Insurance José Rudge Wealth Management César Sizenando Legal, Auditing and Inst.Relations Lucas Melo Efficiency Planning Adalberto Schettert Planning, Control and Operations Geraldo Travaglia Risk Management and Macroeconomic Research Daniel Gleizer Unibanco Pessoas Human Resources Marcelo Orticelli

  27. Audit Committee Members • Gabriel Jorge Ferreira • Member of Unibanco’s Board of Directors and President of the National Confederation of Financial Institutions (CNF – Confederação Nacional das Instituições Financeiras). • Eduardo Augusto de Almeida Guimarães • Ex-President of Banco do Brasil (2001-03) and Banco do Estado de São Paulo – BANESPA (1999-2000), he also worked for the Institute of Economic and Social Planning – IPEA and was a Research Director and President of the Brazilian Institute of Geography and Statistics - IBGE (1985-88 and 1990-92). • Guy Almeida Andrade • President of the Institute of Independent Accountants of Brazil (IBRACON - Instituto dos Auditores Independentes do Brasil). He is also a Member of the board of IFAC - International Federation of Accountants and President of its audit committee. He is a partner at Magalhães Andrade Auditores Independentes. Responsibilities • Indicate, ad referendum of the Board of Directors, the External Independent Auditor • Review the half-yearly financial statements • Evaluate the External Auditors as well as the Internal Auditing • Establish, divulge, monitor, and oversee procedures regarding compliance with legal requirements • Recommendations on the correction and improvement of internal policies and strategies

  28. Units Liquidity Growth at Bovespa Initiatives to Increase Units Liquidity at Bovespa (UBBR11) • Aug-03 –Conversion Offer - Common Shares into Preferred • Sep-03 – 1st. Exchange Offer - Preferred Shares into UNITs • Sep-03 –UNITs Secondary Offer (R$191MM in the Local Market) • Oct-03 – 2nd. Exchange Offer - Preferred Shares into UNITs • Nov-03 to Nov-05 – Conversion Program - Preferred Shares into Units • Jan-04 – Change in Round Lot (from 100,000 shares to 10,000) • Apr-04 – Reverse Stock Split Approval* • May-04 –Market Maker Hiring for the Units traded at Bovespa • May-04 to Jul-04 – Reduction on ADRs Cancellation Fee (from US$0.05 to US$0.03) * Pending Brazilian Central Bank’s homologation.

  29. Liquidity Growth at Bovespa Units Liquidity Growth (UBBR11) AverageDaily Volume –Units (In 1,000 of Shares) 39,219 34,007 30,371 25,157 22,674 16,835 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04* * Until 05/10/2004.

  30. Macroeconomic Perspectives 2004 GDP 3.5% Exchange Rate (R$ / US$) 3.05 SELIC (end of year) 13.0% IPC-A 6.8%

  31. Unibanco´s Perspectives for 2004 Loan Portfolio 20% Corporate11% Large 10% Middle 20% Retail 30% Consumer Finance Companies* 43% Others 25% (*) HiperCard 18% Administratives Expenses 7% Baseline 4% Acquisitions / Organic Growth 3% Fee Income 10-15%

  32. For further information contact our Investor Relations Area atphone: 5511-3097-1626 / 1313fax: 5511-3813-6182email: investor.relations@unibanco.com site: www.ir.unibanco.com • This presentation contains forward-looking statements regarding Unibanco. its subsidiaries and affiliates - anticipated synergies. growth plans. projected results and future strategies. Although these forward-looking statements reflect management’s good faith beliefs. they involve known and unknown risks and uncertainties that may cause the Company’s actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties include. but are not limited to. our ability to realize the amount of the projected synergies and the timetable projected. as well as economic. competitive. governmental and technological factors affecting Unibanco’s operations. markets. products and prices. and other factors detailed in Unibanco’s filings with the Securities and Exchange Commission which readers are urged to read carefully in assessing the forward-looking statements contained herein. Unibanco undertakes no duty to update any of the projections contained herein.

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