Economic and Financial Release

Transcription

1 Economic and Financial Release Highlights 4Q5 The BNDES System reached net income of R$ 6.99 billion in 205, a decrease of 27.9% compared to 204. The amount of impairment recorded in the year, totaling R$ billion (R$ billion net of taxes) was the main cause for this decrease. Of this total, some R$ billion (R$ billion net of taxes) refers to the impairment caused by the investment into Petrobras. Concerning the financial position, 4Q5 highlights include receiving of R$ billion in credits related to programs stimulated by the federal governement and the prepayment of R$ billion in debt contracts with the National Treasury. In spite of the slump in Brazil s economic scenario, on 2/5, the default rate reached 0.06%, below the default rate in the National Financial System (3.4%). The Basel Index was at 4.7% on December 3, 205, above the minimum index of.0% required by the Central Bank of Brazil. Selected Financial Ratios BALANCE SHEET RATIOS DEZ/5 SET/5 DEZ/4 Total Assets 930, , ,29 Shareholders Equity 30,993 33,794 30,737 Shareholders Equity/Total Assets 3.33% 3.60% 3.50% Loans, net of allowance/total Assets 74.73% 73.24% 74.24% Nonperforming loans/total Loans / 0.06% % Allowance for losses/total Loans / 0.67% 0.54% 0.49% Allowance for losses/nonperforming Loans / / Includes loans and interbank onlendings, except percentages INCOME RATIOS Net Income 6,99 8,594 ROA (Net Income/Total Assets average ) 0.67%.03% ROE (Net Income/Shareholders s Equity average ) 5.37% 2.8% / Excludes fair value adjustments in nonassociated companies., except percentages Not considering the net effect of the impairment on Petrobras in 205, the BNDES net income would be R$ billion, representing a ROA of.5% and a ROE of 23.56%. BNDES Evolution R$ billion Global Scale Issuer Rating Long Term Rating Agency Foreign Currency Outlook Moody s Ba2 Negative S&P BB Negative, Assets Shareholders' equity Net income Prepared by: AF/DEPOL Edited in March, 206

2 20.0 R$ billion Regulatory Capital 25.0% % % % % % 20.0% 5.0% ,4% % 9.8% 0.0% % Regulatory Capital Minimum Capital Required (RWA x 0.) BIS Ratio Common Equity Capital Ratio 0.0% DEC/5 SEPT/5 DEC/4 Tier I (*) 63,33 65,849 65,234 Tier II 3,666 32,924 32,67 Regulatory Capital 94,997 98,773 97,85 Amount of Riskweighted Assets (RWA) 644,332 67,545 65,706 = Credit Risk (RWA CPAD) 60,62 608, ,86 (+) Market Risk (RWA MPAD) 6,98 37,086 28,055 (+) Operating Risk (RWA OPAD) 25,730 25,730,790 Bank Risks (Rban) 3,568 3,47 2,383 (*) Tier I fully composed by Common Equity. Income Statement Income from Loans 53,876 40,67 Income from Securities 3,726 8,594 () Interest Expenses (47,5) (35,800) (+/) Exchange rate variation, net (328) 39 (=) Gross Income from Financial Intermediation 20,59 3,450 (+/) Allowance for Losses on Loans 2 (,468) (65) = Income from Financial Intermediation 8,69 3,385 Income from Equity Investments 3 (5,407) 2,865 () Administrative, Personnel and Tax Expenses 4 (2,3) (,877) (+/) Other Expenses, net (,403) (,46) = Income before Taxes 9,768 3,227 () Income Taxes (3,27) (4,392) () Profit sharing (298) (24) = Net Income 6,99 8,594 / Increase influenced by growth in the loan portfolio and management of treasury resources. See Operating Segments. 2 The year of 204 was marked by credit recoveries of R$ 672 million (R$ 34 million in 204) and 205 recorded an increase in the allowance due to downgrades in the rating of some clients. Increase in impairment expenses in R$ billion and decrease in income from dividends and interest on capital in R$ billion, influenced by Petrobras. 4/ Increase in personnel expenses (R$ 229 million) due to the 205 Collective Labor Agreement and taxes expenses (R$ 99 million), which was in keeping with the 49.9% increase in gross income from financial intermediation. 2

3 Average Assets R$ billion Operating Segments Income Income Allocated 7,243 Income Allocated 3,758 Fixed Income Variable Income Treasury Others Net Income 2,934 3,728 75% 8,594 99% 6,940 2,664,645 5% 0% 5% 50% 6,99 Average Return % (8,649) (6,9) (7,560) (.09) 6.22 The relevant contribution of the Treasury segment in 205, above the historic standard, is due to the extraordinary and nonpermanent increase in the average balance of cash and cash equivalents as a result of the following: (i) disbursements below expectations; and (ii) receiving R$ 30.6 billion in equalization credits. Income from Equity Investments ,272 62,72 765,30,629 02,96 2,865 (8) (295) (23) (2,84) (5,407) (9,736) Dividends and Interest on capital Equity 2 Divestments Impairment 3 Derivatives Equity funds / Not distributed by Petrobras in 205 (R$.842 billion in 204). 2/ 205: a R$.049 billion income from JBS (R$ 350 million in 204). In 205, the depreciation of Petrobras shares resulted in an impairment expense of R$ billion, equivalent to 75.3% of the total impairment expense. A R$.55 billion gain resulted from the change in the accounting method (to fair value from equity method) of the investments since they are no longer treated as investments in associated companies. 205 BNDES FINAME BNDESPAR Others 4 Result with Taxes Total (4,3) (,09) 769 (4,435) (5,360) 3 Total BNDES System 204 BNDES System Income Tax (2,895) (577) (42) (3,884) (3,508) Social Contribution Tax (,96) (39) (53) (2,505) (,96) Tax Credits,636 7,475 3,8,077 Subtotal (3,220) (96) 90 (3,27) (4,392) PIS (9) (8) (20) (57) (36) COFINS (730) () () (952) (77) Others (44) () (0) (55) (6)

4 Financial Position, except percentages DEZ/5 % SET/5 % DEZ/4 % Cash and equivalents 35, , , Securities 05, , , Loan Portfolio 2 695, , , Equity Investments 52, , , Credit from the National Treasury 3 7, , , Others 34, , , Total Assets 930, , , National Treasury 523, , , FAT 220, , , PIS/PASEP 33, , , International Funding 56, , , FGTS/FIFGTS 8, , ,807.0 Debentures 3, , , Others 53, , , Shareholders' Equity 4 30, , , Total Liabilities 930, , , / Fluctuations are part of the BNDES treasury management strategy. 2/ The R$ 7.9 billion increase in the 4Q5 reflects the R$.7 billion increase in the local currency portfolio. In the 4Q5, payment of R$ 22.8 billion related to equalization of agricultural programs and the Investment Maintenance Program (PSI). 4/ Decrease in 4Q5 due to the payment of supplementary dividends for 204 (R$.443 bllion) and intermediate dividends and interest on shareholders equity for 205 (R$ billion). Loan Portfolio Quality (%) BNDES System NFS Private Fin. Institutions As of December 3, 205 Public Fin. Institutions AA C 99.4% 92.4% 90.8% 93.7% D G 0.5% 4.9% 5.7% 4. H 0.% 2.7% 3.5% 2.% Total 00.0% 00.0% 00.0% 00.0% Nonperforming loans/total Loans 0.06% 3.4% 2.7% 4. Allowance for losses/total Loans 0.67% 5.7% % Allowance for losses/nonperforming loans National Financial System. Source: Brazilian Central Bank One highlight is the excellent quality of the BNDES' loan portfolio which is better than the average presented by the National Financial System. For the twelvemonth period ending December 3, 205, the renegotiated credits represented 2.4% of the total loan portfolio. 4

5 Loan Portfolio per Sector (%) As of December 3, 205 Pulp and paper Extractive industry Food products 3% Auxiliary transportation service 5% Telecommunications Chemical Vehicle Trading 5% Public administration 6% Others 3% Construction 6% Eletricity and gas 8% Land transportation 3% Agribusiness 8% Transportation equipment 7% Coke/fuel /oil 6% Equity Investments Equity Investments s DEC/5 SEPT/5 DEC/4 (A) % (B) % (C) % Nonassociates 36, , ,03 7. Petrobras 6, , , Vale S/A 3, , , Eletrobras,624 3., , AES Tietê Energia, Suzano,40 2.7, ,093.7 Others, , , Associates 4, , , JBS 6, , , Copel 3, , , Fibria Celulose, , , Tupy Others, , , Others, , , Total 52, , , The decrease in the equity investments portfolio in the 4Q5 is associated with the depreciated value of the nonassociated companies portfolio in the amount of R$.6 billion. 5

6 Changes in Sources of Funds FAT Bonds 4Q/5 Multilateral Institutions National Treasury Initial Balance 24,29 3,820 25, ,58 Inflows 4, Amortizations (778) (2,370) (603) (7,946) Repurchase of bonds (2,766) Exchange Variation (470),958 (44) (560) Accrued Interest and Monetary Adjustment 3, ,88 Payment of Interest (252) (335) (52) (2,093) Final Balance 220,665 28,683 25,7 523,737 Prepayment of R$ 5,666 billion in contracts with the National Treasury. Effects from Impairment According to the CMN Resolution N 4,75/2, permanent losses in shares received from the Federal Government for capitalization should be entered in the net worth and will only affect earnings when investments are sold off. Some of Petrobras shares and those from other companies in the BNDES and BNDESPAR s Portfolio fall under this Resolution. Impairment Effect on Earnings / 9,736 2,84 Petrobras 7,334,725 Other corp. shares nonaffiliated, Other corp. shares affiliated Effect on PL Res. CMN 4.75/2 2/ 4,687 2,620 Petrobras 3,33 2,609 Other corp. shares nonaffiliated,374 Total Impairment 4,423 5,434 Consideringthe tax impact, already changed to the new CSLLrate validas ofsept.5,net expensesreached R$ 6,070 million in 205 and R$,668 million in Considering the tax impact, already changed to the newcsll ratevalid asof Sept.5, neteffect reachedr$ 2,730 million in 205 and R$,442 million in 204. ri@bndes.gov.br 6