Banco Santander (Brasil) S.A.

Transcription

1 Banco Santander (Brasil) S.A. Equity Presentation March, 2012

2 Important Information 2 This presentation may contain certain forward-looking statements and information relating to Banco Santander (Brasil) S.A. ( Santander Brazil") and its subsidiaries that reflect the current views and/or expectations of Santander Brazil and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results,performance or achievements, and may contain words like "believe", "anticipate", "expect", "estimate", "could", "envisage", "potential", "will likely result", or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In no event shall Santander Brazil, or any of its subsidiaries, affiliates, shareholders, directors, officers, agents or employees be liable to any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages. In addition to factors identified elsewhere in this presentation, the following factors, among others, could cause actual results to differ materially from the forward-looking statements or historical performance: changes in the preferences and financial condition of our consumers, and competitive conditions in the markets we serve; changes in economic, political and business conditions in Brazil; governmental interventions resulting in changes in the Brazilian economy, taxes, tariffs or regulatory environment; our ability to compete successfully; changes in our business; our ability to successfully implement marketing strategies; our identification of business opportunities; our ability to develop and introduce new products and services; changes in the cost of products and our operating costs; our level of indebtedness and other financial obligations; our ability to attract new customers; inflation in Brazil, devaluation of the Real against the U.S. Dollar and interest rate fluctuations; present or future changes in laws and regulations; and our ability to maintain existing business relationships, and to create new relationships.

3 Index 3 Brazilian Economy and Financial System Santander Brasil Final Remarks Annexes

4 Macroeconomic Scenario 4 GDP (Y-o-Y growth %) Interest Rate - Selic(%) End of period 6,1 5,2 7,5 2,7 3,5 11,25 13,75 8,75 10,75 11,00 9,00-0, (e) (e) Inflation (IPCA %) Exchange Rate (R$/US$) End of period 4,5 5,9 4,3 5,9 6,5 5,0 1,77 2,34 1,74 1,67 1,88 1, (e) (e) Sources: Brazilian Central Bank, IBGE and Santander Research Estimates

5 Index 5 Brazilian Economy and Financial System Santander Brasil - Strategy - Business - Results Final Remarks Annexes

6 Brasil represents 28% of Grupo Santander results 6 Profit by Business Areas¹ 2011 Others Latin America Sovereign Continental Europe United Kingdom Brazil

7 A Universal bank focused in retail 7 Revenues by Segment¹ 2011 Banco Commercial Comercial Bank Branches +154 Customer Base Dec-11 Y-o-Y Variation Q-o-Q Variation Total current account² (thousand) 19,322 1, Commercial Network Branches 2, PABs (mini branches) 1, ATM s 18, Employees Global Banking and Markets Asset Manag. and Insurance Total Employees 54, , Considers managerial data. 2. Active and inactive current account during a 30-day period, according to the Brazilian Central Bank

8 Strategy 8 Maior volume de We negócios are focused on our goals Quality in customer services + 100/120 branches per year during To be the 1º in customer satisfaction until 2013 Commercial punch in key segments and products SMEs Credit Card, Mortgage, Santander Acquiring and Auto Finance Intensify customer relationships To be the bank of choice of our customers by 2013 Improve our value proposition for each customer segment Cross - Sell Identify and take advantages of cross-sell opportunities (products and segments of Retail and GB&M) Prudent Risk Management Brand Attractiveness To increase Brand Attractiveness

9 Strategy 9 Closing of the Insurance underwriting unit sale and distribution agreement with Zurich Selling Price: R$ 2.7 billion Closing of the deal on October 5 th 2011 The balance sheet was strengthened by the allocation of capital gain Strengthen Banco Santander s bancassurance distribution by ensuring a wider range of products.

10 Index 10 Brazilian Economy and Financial System Santander Brasil - Strategy - Business - Results Final Remarks Annexes

11 Managerial Loan Portfolio IFRS¹ 11 R$ billion 21.3% R$ million Dec.11 Dec.10 Y-o-Y Variation Q-o-Q Variation Individuals 63,413 50, % 5.4% Consumer Finance 30,459 26, % 6.1% SMEs 47,940 38, % 8.5% Corporate 52,373 44, % 1.4% Total IFRS 194, , % 5.1% Other Transactions² 14,678 11, % 0.9% Expanded Credit portfolio² 208, , % 4.8% 1. Loans for the year 2010 have been reclassified for comparison purposes with the current period, due to re-segmentation of customers occurred in 1Q11 2. Includes others Credit Risk Transactions with customers (Debenture, FIDC, CRI, Floating Rate Notes and Promissory Notes) and portfolios acquired from other banks. Total amount of R$ 2.9 billion in Dec/11 and R$ 4.2 billion in Dec/10

12 Managerial Loan Portfolio - BR GAAP¹ 12 R$ billion 20.9% R$ million Dec.11 Dec.10 Y-o-Y Variation Q-o-Q Variation Individuals 65,568 55, % 4.1% Consumer Finance 35,629 29, % 8.7% SMEs 47,940 38, % 8.5% Corporate 47,925 42, % -1.1% Total BR GAAP 197, , % 4.6% Other Credit Risk Transactions ² Expanded Credit portfolio² BR GAAP 11,784 7, % 3.7% 208, , % 4.5% 1. a) The credit portfolio in BR GAAP is higher than in IFRS because it includes loan portfolio acquired from other banks and consolidates the credit portfolio of our consumer finance joint ventures (Santander Financiamentos) b) Loans for the year 2010 have been reclassified for comparison purposes with the current period, due to re-segmentation of customers occurred in 1Q11 2. Includes other Credit Risk Transactions with customers (Debenture, FIDC, CRI, Floating Rate Notes and Promissory Notes) and anticipated acquiring receivables

13 Asset Quality Ratios - IFRS 13 Delinquency ratio¹ (%) Coverage ratio² (%) 1. (Nonperforming loans over 90 days + performing loans with high delinquency risk) / managerial loan portfolio 2. Allowance for Loan Losses / (nonperforming loans over 90 days + performing loans with high delinquency risk)

14 Quality of Loan Portfolio - BR GAAP 14 NPLs Over 90¹ (%) NPLs Over 60² (%) Coverage Ratio Over 90³ 1. Nonperforming loans over 90 days / total loans BR GAAP 2. Nonperforming loans over 60 days / total loans BR GAAP 3. Allowance for Loan Losses / (nonperforming loans for over 90 days + performing loans with high delinquency risk)

15 Deposits and Assets Under Management (AUM) 15 R$ billion 8.2% 0.0% R$ million Dec.11 Dec.10 Y-o-Y Variation Q-o-Q Variation Demand 13,561 16, % -1.0% Savings 23,293 30, % -23.1% Time 83,942 68, % 11.1% Others¹ 39,787 37, % -2.6% Letras Financeiras² Funding from customers 19,925 6,639 n.a. 10.2% 180, , % 1.2% AUM 113, , % -1.9% Total Funding 293, , % 0.0% 1. Debentures repurchase agreement, Real Estate Credit Notes (LCI) and Agribusiness Credit Notes (LCA) 2. Bonds issued by Financial Institution on the domestic market

16 Index 16 Brazilian Economy and Financial System Santander Brasil - Strategy - Business - Results Final Remarks Annexes

17 Income Statement Managerial IFRS 17 R$ million Var. 12M Net Interest Income 27,902 24, % Net Fee 7,339 6, % Other Operating Income 1,180 1, % Total Income 36,421 32, % General expenses¹ (13,834) (12,468) 11.0% Allowance for loan losses² (9,383) (8,783) 6.8% Net Provisions/Others (2,648) (1,855) 42.8% Net profit before tax 10,556 9, % Income tax (2,801) (2,342) 19.6% Net profit 7,755 7, % 1. Includes depreciation and amortization. 2. Includes recoveries of loans previously written off.

18 Results IFRS: Net profit before tax and Net profit evolution net profit before tax rose 8.6% in 12 months R$ million 8.6% 0.8% 9.2% 2011 net profit rose 5.1% in 12 months R$ million 5.1% -6.2% -0.2%

19 Total Revenues 19 R$ Million 13.9% 3.0% Y-o-Y Variation Q-o-Q Variation Net Interest Income¹ 27,902 24, % 10.2% Net Fees 7,339 6, % 1.0% Subtotal 35,241 31, % 8.3% Others² 1,180 1, % -87.4% Total Revenues 36,421 32, % 3.0% 1. Considers Leasing s accounting standardization proceeding occurred during the system integration of Banco Real and Banco Santander. 2. Results from Financial Operations excluding the fiscal effect of Cayman hedge + Other Operational Revenues (expenses) + Others

20 Net Interest Income¹ 20 Selic² % % 11.92% 12.19% 11.33% YoY Var. 4Q11 / 4Q % 1.1% 21% 25% 75% 22.2% 79% 1. Considers Leasing s accounting standardization proceeding occurred during the system integration of Banco Real and Banco Santander. 2. Interest rates (average) Selic

21 Net Fees 21 R$ Million 7.5% Y-o-Y Variation Q-o-Q Variation Banking fees 2,465 2, % 6.0% 1.0% Insurance and Capitalization 1,560 1, % -7.4% Asset Management and Pension Funds 1,204 1, % -2.4% Credit and Debit Cards 1, % -1.2% Collection services % 18.0% Capital Market % -0.4% Trade (COMEX) % -9.1% Others¹ (522) (318) 63.9% -2.8% Net Fees 7,339 6, % 1.0% 1. Includes taxes and others

22 General Expenses and Amortization 22 R$ Million 14.1% 9.4% Y-o-Y Variation Q-o-Q Variation Other General Expenses Personnel Expenses General Expenses Depreciation and Amortization 5,728 5, % 8.1% 6,644 5, % 9.5% 12,372 11, % 8.9% 1,462 1, % 13.6% Total 13,834 12, % 9.4%

23 Allowance for Loan Losses¹ - IFRS 23 R$ Million 21.6% -14.2% Y-o-Y Variation Q-o-Q Variation Allowance for loan losses 9,383 8, % -14.2% 1. Considers Leasing s accounting standardization proceeding occurred during the system integration of Banco Real and Banco Santander and recoveries of loans previously written off

24 Perspectives 24 Maior volume de negócios Perspectives for Growth in R$ - % IFRS CAGR Revenues 14-16% Expenses¹ 11-13% Net Profit ~ =15% CAGR Total Credit 15-17% 1- Includes amortization

25 Index 25 Brazilian Economy and Financial System Santander Brasil Final Remarks Annexes

26 Final Remarks 26 Business Loan Portfolio¹ with higher pace of growth in 2011: +21% Closing of the Insurance underwriting unit sale for R$ 2.7 Billon Infrastructure Expansion plan continuity: +154 branches in 2011, +61 of it in the 4Q thousand employees on 4Q11, focused on commercial activities Portfolio s Quality and Solid Balance Sheet NPLs with lower pace of growth in the second half 2011 IFRS (+7 bps in 2H11 vs. 84 bps in 1H11) Soundness and well-capitalized Results Net Profit Before Taxes: +9% QoQ Net Profit of R$ 7.8 billion, +5% YoY and flat in the quarter, reflecting the higher tax rate in 4Q11 In November S&P upgraded Santander Brasil rating from BBB- to BBB Total expanded credit portfolio (*) In 2011, other rating agencies, Fitch and Moody's also upgraded the rating of Santander Brasil. In April, Fitch upgraded to BBB + with stable outlook. In June, Moody's upgraded to Baa2 with a positive outlook.

27 Index 27 Brazilian Economy and Financial System Santander Brasil Santander Group Final Remarks Annexes

28 Santander Adquirência 28 Santander Adquirência Highly attractive value added to the segment SMEs In 2011: Accredit more than 147 thousand Merchants, reaching over 240 thousand Merchants (80% of goal for 2013) Revenues of R$ 11 billion Market share of 2.65% (1.17% in 2010). Target: 10% by 2013 In 4Q11 started high-volume operations, with major retailers X5 Santander Adquirência Credit Revenues (R$ MM) Transactions (MM) 1, , Debit Revenues (R$ MM) Transactions (MM) , TOTAL Revenues (R$ MM) Transactions (MM) 1, ,

29 Strategy summary Growth delivery delayed Santander Brazil from IT platform integrated Jaw widening Income Costs Net Profit & Efficiency Brazilian economy and banking sector Encouraging outlook for coming years Sustainable credit growth Strategic plan for Maximize operating leverage, improving customer satisfaction and become the bank of choice of our customers

30 We are moving towards our goals IT platform integration Outgrow the market Profitability convergence Cost synergies A single brand integration Prudent Risk Management Quality in customer services Intensify customer relationships Commercial punch in key segments Cross-sell Brand Building Prudent Risk Management

31 Commercial punch in key areas SME Credit Cards Issuer Business Total Active Customers Thousand * 2013 Credit Card Penetration¹ 58% 64% 2011* 2013 New Commercial Agreements + Santander Acquiring Mortgage Auto Finance Market Share Market Share² +200 bp Market Share +100 bp 2% 10% 7,0% 2011* Active Current Customer with unblocked credit card 2. Does not consider Caixa Economica Federal (CEF) (*) Estimate full year. 25% 27% 2011* % 14% 2011* 2013

32 Identified cross-sell opportunities 32 Auto Finance X Insurance Number of Policies¹ 300 Thousand (Sold through the Auto Finance distribution channel) SMEs X Owner Active Current Customers (Linkage with SMEs customers) Thousand * * 2013 BNDES X SMEs Corporate X Individuals Market Share (Total Bank) 6% 7% Payroll - Product Penetration (Wholesale Share) 29% 32% 2011* * 2013 (*) Estimate full year. 1. Sold by the auto finance distribution channel

33 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Household Debt Ratio and Delinquency 33 45% 40% 35% 42,4% 19,0% 17,0% 15,0% 30% 25% 20% 15% 22,3% 7,4% 13,0% 11,0% 9,0% 7,0% 5,0% 10% 3,0% Household Debt Ratio* Household Debt Service Ratio* Deliquency Ratio Individuals (RHS) Source: The Brazilian Central Bank * New methodology released on September/11

34 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Spreads Corporate x Individuals 34 (p.p.) 60% 50% 40% 30% 34,9% 27,8% 20% 18,5% 10% 0% Corporate Individuals Total Source: The Brazilian Central Bank

35 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 46% 47% 48% 48% 50% 51% 52% 52% 54% 54% 57% 57% 59% 59% 60% 61% 61% 61% 60% 60% 60% 60% 62% 63% 64% 65% 66% 67% 67% 67% 67% 69% 67% 68% 68% 68% 68% 68% 68% 68% 68% 68% 68% 68% 68% 54% 53% 52% 52% 50% 49% 48% 48% 46% 46% 43% 43% 41% 41% 40% 39% 39% 39% 40% 40% 40% 40% 38% 37% 36% 35% 34% 33% 33% 33% 33% 31% 33% 32% 32% 32% 32% 32% 32% 32% 32% 32% 32% 32% 32% Loans to Individuals Secured* x Unsecured Loans 35 Secured Lending* Unsecured Lending *Payroll Loan + Mortgage + Auto Loans divided by total loans to individuals. Interest Rate Reference Credit Operations. Source: The Brazilian Central Bank

36 Santander 3 pillar model 36 Strong local presence / economies of scale ( vertical strategy ) Subsidiary model with financial autonomy Grupo Santander UK US Portugal Mexico Brazil Chile Operational integration

37 Decentralized Model: Financial and capital independent subsidiaries based model 37 According to Financial Stability Board (FSB) and BIS III. The aim is to limit the contagion risk between units of the group and establish a plan (LIVING WILL) to face severe crisis scenarios in terms of liquidity and capital 3 Pillars model: 1) Self funded 2) Financial autonomy 3) Focus on Brazilian assets De-centralization model Modelo Descentralizado Low level of funding from the parent company - USD 580 MM in dec/11, corresponding to 0.3% of total assets. No exposure to peripheral Europe sovereign risk 13,5% of total funding in foreign currency Cada filial é auto suficiente em liquidez e capital

38 Liquidity Firewall 38 The Brazilian Law It is forbidden to lend money to Parent Company (Lei 4.595/64; Lei 7.492/86; MNI ). In Brazil it's a white-collar crime. Dividend Policy Limited Regulation: max. 95% of Profits (BR GAAP). Santander: approx. 90% (BR GAAP) and 50% (IFRS). Supervision The Central Bank of Brazil has a close and rigorous supervision. Corporate Governance Level 2 There is a Policy for Transactions with Related Parties Bylaws are designed to protect shareholders. Decentralized Model Independent subsidiaries in terms of capital and liquidity.

39 Quarterly Managerial¹ Income Statement IFRS 39 R$ million Income Statement 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 - Interest and Similar Income 9,278 9,839 10,603 11,189 11,802 12,683 13,277 13,974 - Interest Expense and Similar (3,326) (3,832) (4,416) (4,690) (5,163) (5,923) (6,378) (6,370) Interest Income 5,952 6,007 6,187 6,499 6,639 6,760 6,899 7,604 Income from Equity Instruments Income from Companies Accounted for by the Equity Net Fee 1,622 1,710 1,776 1,726 1,782 1,866 1,836 1,855 - Fees Income 1,841 1,929 2,029 2,034 2,089 2,167 2,232 2,281 - Fees Expenses (219) (219) (253) (308) (307) (301) (396) (426) Gain/Losses on Financial Assets and Liabilities and Exchange Rate Diferences Other Operating Income (Expenses) (45) (60) (105) (138) (29) (147) (46) (158) Total Income 8,151 7,974 8,343 8,362 8,690 8,959 9,248 9,524 General Expenses (2,655) (2,774) (2,849) (2,952) (2,959) (2,967) (3,086) (3,360) - Administrative Expenses (1,300) (1,357) (1,373) (1,274) (1,343) (1,386) (1,441) (1,558) - Personnel Expenses (1,355) (1,417) (1,476) (1,678) (1,616) (1,581) (1,645) (1,802) Depreciation and Amortization (286) (293) (309) (349) (338) (357) (359) (408) Provision (net)² (629) (290) (674) (381) (630) (624) (645) (738) Impairment Losses on Financial Assets (net) (2,526) (2,356) (1,968) (1,955) (2,068) (2,306) (2,712) (2,336) - Allowance for Loan Losses³ (2,522) (2,393) (1,961) (1,907) (2,059) (2,301) (2,703) (2,320) - Impairment Losses on Other Assets (4) 37 (7) (48) (9) (5) (9) (16) Net Gains on Disposal of Assets (60) 29 (22) 15 6 Net Profit before taxes 2,172 2,309 2,578 2,665 2,724 2,683 2,461 2,688 Income Taxes (409) (543) (643) (747) (653) (600) (659) (889) Net Profit 1,763 1,766 1,935 1,918 2,071 2,083 1,802 1, Includes the Cayman tax reclassification, the unification of the accounting classification of leasing transactions and non-recurring events. 2. Includes provisions for civil, labor and others litigations. 3. Includes recovery of credits written off as losses

40 Managerial¹ Income Statement IFRS 40 R$ million Variation Income Statement Abs. % - Interest and Similar Income 51,736 40,909 10, % - Interest Expense and Similar (23,834) (16,264) (7,570) 46.5% Interest Income 27,902 24,645 3, % Income from Equity Instruments % Income from Companies Accounted for by the Equity % Net Fee 7,339 6, % - Fees Income 8,769 7, % - Fees Expenses (1,430) (999) (431) 43.1% Gain/Losses on Financial Assets and Liabilities and Exchange Rate Diferences 1,412 1,603 (191) -11.9% Other Operating Income (Expenses) (380) (348) (32) 9.2% Total Income 36,421 32,830 3, % General Expenses (12,372) (11,230) (1,142) 10.2% - Administrative Expenses (5,728) (5,304) (424) 8.0% - Personnel Expenses (6,644) (5,926) (718) 12.1% Depreciation and Amortization (1,462) (1,237) (225) 18.2% Provision (net)² (2,637) (1,974) (663) 33.6% Impairment Losses on Financial Assets (net) (9,422) (8,805) (617) 7.0% - Allow ance for Loan Losses³ (9,383) (8,783) (600) 6.8% - Impairment Losses on Other Assets (39) (22) (17) 77.3% Net Gains on Disposal of Assets (112) -80.0% Net Profit before taxes 10,556 9, % Income Taxes (2,801) (2,342) (459) 19.6% Net Profit 7,755 7, % 1. Includes the Cayman tax reclassification, the unification of the accounting classification of leasing transactions and non-recurring events. 2. Includes provisions for civil, labor and others litigations. 3. Includes recovery of credits written off as losses

41 Balance Sheet - Total Assets IFRS 41 R$ million Assets Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Cash and balances with the Brazilian Central Bank 56,800 57,443 62,659 65,296 65,938 Financial assets held for trading 24,821 23,541 31,400 29,783 29,901 Other financial assets at fair v alue through profit or loss 17,939 18,105 18, Loans and adv ances to credit institutions Loans and adv ances to customers Debt instruments Equity instruments 17,423 17,683 18, Av ailable-for-sale Financial assets 47,206 52,171 55,680 44,237 44,608 Loans and receiv ables 174, , , , ,757 - Loans and adv ances to credit institutions 22,659 23,914 21,674 20,294 19,691 - Loans and adv ances to customers 160, , , , ,184 - Debt instruments Allow ances for credit losses (9,192) (9,832) (10,495) (10,969) (11,180) Tangible assets 4,518 4,576 4,578 4,698 5,008 I ntagible assets 31,962 31,949 32,080 31,113 31,436 - Goodw ill 28,312 28,312 28,312 27,218 27,218 - Others 3,650 3,637 3,768 3,895 4,218 Tax assets 14,842 14,343 15,453 16,986 16,250 Other assets 2,468 3,102 3,981 28,081 3,322 - Hedging deriv ativ es Non-current assets held for sale , I nv estments in associates Others 1,914 2,515 3,425 2,709 2,687 Total Assets 374, , , , ,886

42 Balanço: Passivo e Patrimônio Líquido - IFRS 42 R$ million Liabilities Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Financial liabilities held for trading 4,785 4,898 5,337 6,637 5,047 Financial liabilities at amortized cost 253, , , , ,451 - Deposits from the Brazilian Central Bank and deposits from credit institutions 42,392 36,995 45,700 42,362 51,527 - Customer deposits¹ 167, , , , ,474 - Marketable debt securities 20,087 26,907 32,590 38,112 38,590 - Subordinated liabilities 9,695 9,974 10,276 10,603 10,908 - Other financial liabilities 13,218 12,712 14,939 13,464 15,952 Liabilities directly associated with non-current assets held for sale ,349 - Liabilities for insurance contracts 19,643 20,179 20, Prov isions² 9,395 9,010 9,371 9,110 9,515 Tax liabilities 10,530 10,590 12,131 12,063 11,876 Other liabilities 3,605 3,584 3,923 4,653 3,965 - Hedging deriv ativ es Other liabilities 3,605 3,584 3,922 4,628 3,929 Total Liabilities 301, , , , ,854 Total Equity³ 73,364 74,716 75,280 76,992 78,032 Total Liabilities and Equity 374, , , , , Includes repo 2. Includes provisions for pensions and contingent liabilities 3. Includes minority interest and adjustment to market value

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