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FINANCIERA EDYFICAR August 2010

FINANCIERA EDYFICAR August 2010. Agenda . Brief history of Financiera Edyficar Funding Structure and its evolution. Brief History of Financiera Edyficar More than 12 yeas of experience A growth story with a solid and healthy position

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FINANCIERA EDYFICAR August 2010

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  1. FINANCIERA EDYFICAR August 2010

  2. Agenda • Brief history of Financiera Edyficar • Funding Structure and its evolution

  3. Brief History of Financiera Edyficar • More than 12 yeas of experience • A growth story with a solid and healthy position • A local market that offered and continues offering significant opportunities • Challenges • To continue expanding and consolidating its client base • Maintain its # 1 ranking in the MES segment

  4. Brief History: More than 12 years of experience Securitacion for microfinance Portfolio: USD 185 MM Clients: 181 M Portfolio: USD 289 MM Clients: 246 M Porfolio: USD 3.83 MM Clients: 6 M 1985 1998 2005 2006 2007 2008 2009 Jun-2010 First non-banking microfinance company to successfully acces the Capital Markets Acquisition the Edpyme Crear Cusco Edyficar acquisition by BCP Initial Stage as Edpyme Subordinated debt

  5. Brief History: Edyficar, a growth story… Edyficar’s acquisition represented an opportunity : • To acquire a successful business model for a high-growth segment. • To maintain a key role in the microfinance segment. Since 2005, Edyficar’s loan portfolio presents a compounded annual growth rate of 44% Total Loan Portfolio (USD MM) Total Cliente Base (Thousand)

  6. Brief History: …with a solid and healthy position

  7. Brief History: MES segment has a lot of room to grow 5 million in theBankingSystem 9 millionoutof theBankingSystem BankingSystem 34% MES

  8. …offering important opportunities in the local market • The financial market offers significant opportunities and challenges for the next years in the funding front… • Opportunities • New funding at interest rates adjusted by new risk conditions • New funding from deposits of Mutual Funds, Pension Funds, Commercial Institutions, etc. • Restructuring of Debt • More investment opportunities - Create investment portfolio • Improve the management of Edyficar’s assets & liabilities and its overall financial structure • New product of “micro savings” • Challenges • Long – Run • Social inclusion • Acquisition of IMF’s • Short – Run • Improve cost of funding • High rate of investments • Strengthening of Capital Deposits Certificate Corporate Bonds Program First Subordinated Bonds Capital Market

  9. BriefHistory: BCP’sClient Base Consolidation

  10. Brief History: BCP + Edyficar rank # 1 by MES loan portfolio

  11. Funding Evolution • Structure over time (last 5 years) • Types of funding • Advantages and disadvantages of each type of funding • Structure before and after acquisition • Social impact of financial improvements • Future of funding: challenges and opportunities

  12. Funding: Structure Over Time Edyficar acquisition by BCP 39% 28% 27% 50% 44% 44% 15% 20% 36% 32% 23% 49% 6%

  13. Funding • Public-sector funding • Quick process, always available and at lower cost. Offered short and long term. After entering the capital market we decided to decrease this type of funding because it is perceived as high risk. Considered and available line of contingent funds. • Commercial debt Better conditions offered every year by microfinance funds, like local currency debt or guarantee-free funding. Diversification strategy. They value transparency: Edyficar provided investors with updated information. • Need to establish polices of asset & liabilities management • Bonds/CDs • Improve asset & liabilities management • Deposits of Mutual Funds, AFP, other institution Access to the local financial market with good financial conditions, according to new perception of institutional risk. • Equity • Strengthen its equity through capitalization of profits to achieve sustainable growth.

  14. Funding: Advantages and Disadvantages of Each Type

  15. Funding: Structure Before and After Acquisition Funding by currency in millions (Before and after acquisition) Average Cost of Funding (Before and after acquisition)

  16. Funding: Structure Before and After Acquisition Funding by institution (Jun-10) Funding by institution (Sep-09) Funding by supplier (Jun-10) Funding by destination (Jun-10)

  17. Funding: Social Impact of Financial Improvements

  18. The Future of Funding: Challenges and Opportunities • Capital Market:

  19. FINANCIERA EDYFICAR August 2010

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