Home Builders Conference San Pablo - Brazil October 2007
|
|
- Byron Goodman
- 8 years ago
- Views:
Transcription
1 Home Builders Conference San Pablo - Brazil October 2007
2 Investment Highlights Favorable economic environment in Chile Consistent growth Low interest rates and low inflation Government stability Largest residential real estate development company in Chile 42 years of experience and over 55,000 housing units built Substantial, attractive land bank Vertically-integrated business model Allows Socovesa to control all aspects of the development process Diversified portfolio Diversified in geographic scope throughout Chile, price point and product type Experienced management team Average of 19 years of industry experience Managed profitably throughout all points of the economic and real estate cycle Founders remain committed to Socovesa s continued success with 51.7% ownership, post-offering Strong brand recognition for both Socovesa and Almagro 2
3 Chile Market Overview Hacienda Urbana Larapinta 3
4 Chile A Leading Emerging Market Leading emerging market with strong economic fundamentals, a broad network of free trade deals and solid GDP growth prospects Highest credit rating in Latin America Rated A by Fitch, A2 by Moody s and A by S&P Most developed mortgage market in Latin America mortgage loans reached 15.5% penetration in 2005 Real estate price appreciation has significantly lagged financial asset appreciation Higher disposable income leads to increased demand for better quality housing 4
5 Favorable Economic Environment 10% 5% 0% -5% Note: June 07 represents last twelve months data Source: Banco Central de Chile GDP growth Mortgage loans as % of GDP (2005) June ' USA 80.0 Europe Chile 15.5 Source: IFC factsheet, 2006 Panama Colombia El Salvador Mexico 8.1 Brazil Peru Argentina 12% 11% 10% 9% 8% 7% 6% 5% 4% Jan-98 Source: Central Bank Unemployment levels Nov-98 Sep-99 Jul-00 May-01 Mar-02 Jan-03 Nov-03 Sep-04 Jul-05 May-06 Mar % 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% Nov-02 May-03 Source: Central Bank Interest rate evolution (BCU-10) Nov-03 May-04 Nov-04 May-05 Nov-05 May-06 Nov-06 May-07 5
6 Favorable Housing Market Environment GDP growth Strong economic outlook for housing market Low interest rates, inflation and unemployment Housing deficit Consistent growth in housing sector Region XI XII III II IV I IX VI VII X 2,594 3,003 8,937 21,104 21,180 21,459 25,317 28,482 32,097 33,232 Housing deficit V 47,016 VIII 56,150 RM 242,971 Total 543, , , , , , ,000 Source: 2002 Census Limited land appreciation Mortgage loans in banking sector (Ch$ billion) Ch$ billion 12,000 10,000 8,000 6,000 4,000 CAGR: 19.1% Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 2,000 IPSA Land price / M Mar- 07 Source: Trivelli y Assoc., BCS Source: SBIF 6
7 Chilean Real Estate Industry Analysis Supply Consolidation: Synergies (purchasing power) Financing capacity Regulatory requirements Post sale services Few large scale residential developers Demand As per capita income increases, so does demand for better quality housing Housing deficit Smaller households Population growth (1.08% 5 year average) Habitants per house Demand for high value units Income per capita (US$) 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 Pakistan Columbia R2=0.80 Korea Finland Chile Uruguay Cost a Rica Austria San Marino Puerto Rico Port ugal Norway Switzerland Belgium Cyprus United St at es Sweden Unit ed Kingdom Canada New Zealand Rooms per person per household Source: United Nations, INE 7
8 Company Overview Cascadas del Sur 8
9 Largest Real Estate Company in Chile Grupo Socovesa Grupo Socovesa (Socovesa S.A.) (Socovesa S.A.) Real Estate Real Estate Engineering Engineering Santiago Santiago Almagro S.A. Almagro S.A. Temuco Temuco Valdivia Valdivia Socoicsa Socoicsa Years of operation since inception 42 Homes built since inception 55,000+ Employees 10, pro forma sales $368.6 million 2006 pro forma housing units sold 3,733 Projects for sale cities in Chile, 16 districts in Santiago 9
10 Consistent and Profitable Growth Throughout Industry Cycles $442.8 Acquisition of Almagro S.A. $30.0 Sales ($ in millions) $369.0 $295.2 $221.4 $147.6 $73.8 $0.0 Socovesa is founded First project out of Temuco, in Valdivia Expansion of business to Santiago Entry into Osorno Land purchased in Argentina 1993 Sales Entry into Puerto Montt Net income Entry in Concepción First project in Chiloé pf Socoicsa is founded $25.0 $20.0 $15.0 $10.0 $5.0 $0.0 Net Income ($ in millions) 10
11 Almagro Acquisition Socovesa completed its acquisition of Almagro on August 17, 2007 Acquisition price: $160 million Product type Geographic exposure Target income segment Predominantly single family homes Strong brand positioning in Santiago and the South Low and middle income segments Predominantly apartments Strong presence in Santiago and the North Middle and high income segments Post transaction, Socovesa will be more diversified with respect to: Product both apartments and single family homes Geography developments and land banks throughout Chile Price government subsidized to luxury housing With the acquisition of Almagro, the company now has 2 leading brands 11
12 Substantial, Attractive Land Bank Projects under development by regional subsidiary (Value) Santiago 19% Almagro 62% Temuco 9% Valdivia 10% Future developments 80 Properties 1,300 hectares + (3,200 acres) = $3.1 billion potential sales 12
13 Vertically Integrated Business Model Real Negocio estate Inmobiliario business 1 Market analysis lisis de mercado y Desarrollo Project and business de Construction ón Commercial ón development decisions proyecto Stage After-sales Servicio service postventa Land bank strategy Market analysis Land identification Preliminary project development Purchase process Product definition Architecture design City planning design Engineering development Project approval by planning authorities Constructora Socovesa under lump-sum scheme Pilot houses or apartments to be sold in shell form Quality control Launch strategy Marketing and advertising Dedicated sales force for each project Coordination of customer financing Performance of consumer warranties Post sales services for housing maintenance 13
14 Vertically Integrated Business Model Financing approach Land Bank Construction Financed with Company s own capital and bank loans Purchase of large properties through associations with land owners or financial institutions Customers (down payments): 5-20% Bank credit lines (unsecured) Coordinated planning of different construction stages and expected sales period in order to optimize working capital use Sales and post-sales Commercial agreements with major mortgage providers Agreements with mortgage providers for prompt payment 14
15 Diverse Portfolio Geographic Scope Santiago Antofagasta Calama Regional diversification of projects on sale North 6% South 10% Lampa Quilicura Renca Huechuraba Colina Providencia Santiago Centro Ñuñoa Vitacura Lo Bamechea Las Condes La Serena Viña del Mar Santiago Santiago 74% South/ Central 10% Maipú Cerrillos San Bernardo San Miguel Macul Puente Alto Concepción Los Ángeles Villarrica Valdivia Osorno Puerto Varas Puerto Montt Castro Rancagua Talca Chillán Temuco Pucón Socovesa Almagro Socovesa and Almagro Puerto Natales Punta Arenas 15
16 Diverse Portfolio Price (Cost/unit in US$ thousands) Alerce X región $21 Larapinta $35 71 Ciudad Satélite Maipú $ Huechuraba $ Los Bravos $354 Los Monjes $ $18 $1,062 Blanco Encalada $35 71 San Miguel $ Nuñoa $ Las Condes $ Espoz $283 Kennedy $
17 Diverse Portfolio Price (continued) Socovesa Over $369,000 17% $184,500- $369,000 1% Under $110,700 23% Almagro Over $369,000 22% $110,700- $184,500 11% Under $110,700 71% $110,700- $184,500 32% $184,500- $369,000 23% Total Over $369,000 19% Under $110,700 49% $184,500- $369,000 11% $110,700- $184,500 21% 17
18 Diverse Portfolio Product Socovesa Apartments 11% Houses 16% Almagro Houses 89% Apartments 84% Total Houses 53% Apartments 47% Note: Breakdown by number of projects 18
19 Strategic Focus Value creation Diversification Superior market knowledge Operational and Commercial efficiency Financial efficiency 19
20 May-07 Sep-06 Jun-07 Promising Market Conditions GDP growth Interest rate evolution (BCU-10) 10% 5.00% 4.50% 5% 4.00% 3.50% 0% 3.00% 2.50% 2.00% -5% June ' % Source: Banco Central de Chile Source: Central Bank Unemployment levels Real wage per hour index 12% 11% 10% 9% 8% 7% 6% 5% 4% Source: Central Bank Source: National Institute of Statistics 20 Nov-02 May-03 Nov-03 May-04 Nov-04 May-05 Nov-05 May-06 Nov-06 Note: June 07 represents last twelve months data Jan-98 Sep-98 May-99 Jan-00 Sep-00 May-01 Jan-02 Sep-02 May-03 Jan-04 Sep-04 May-05 Jan-06 Jan-98 Sep-98 May-99 Jan-00 Sep-00 May-01 Jan-02 Sep-02 May-03 Jan-04 Sep-04 May-05 Jan-06 Sep-06 Jun-07 Note: Base January 2006
21 National Product Reach Socovesa Combined Central South Concepción Temuco Valdivia Antofagasta Santiago Rancagua La Serena Punta Arenas Viña del Mar Santiago North Almagro Central Concepción Los Ángeles Villarrica Valdivia Osorno Puerto Varas Puerto Montt Castro Rancagua Talca Chillán Temuco Pucón Antofagasta Viña del Mar Santiago Puerto Natales Punta Arenas 21
22 Opportunities PILLARS OF GROWTH Acquisition opportunities in a fragmented industry Expansion of product offering Land stock appreciation Engineering and construction sector growth Improved access to low cost financing Short / medium term Purchase Actores regionales of large land de nicho properties Acquisition of niche regional players Socovesa: North Mid-High Almagro: South Mid-Low Today: 1,200 hectares of landbank across strategic sectors in Chile Consolidation of current team Fixed income market (EECC, bonds) Forward purchase agreements Medium / long term Office buildings Second homes International Potential acquisitions Infrastructure Concessions 22
23 Financial Management / Performance Los Cóndores 23
24 IPO Summary Pricing date October 18, 2007 Offering structure Initial Public Offering in Chile, with international sales efforts under Rule 144A / Reg S Offering size million shares (100% primary) Over-allotment option Shares post-offering offering Exchange 39.8 million additional common shares (15%), up to 30 days after the offering 1,223,935,691 (assuming exercise of the over-allotment options) Santiago Stock Exchange Final Price $13.20/share (per ADS) Total capital raised: US$ 161 million General Info P/E 08: 16.1 P/B: 1.9 Mkt Cap: US$ 655 million Use of proceeds Pay down acquisition financing of Almagro ($100 million), finance identified land purchases 24
25 Conservative Accounting Accounting considerations Completed sales method Socovesa s accounting policies are conservative and comply with IFRS requirements Sales are recognized when title passes to the home buyer, as opposed to the percentage-ofcompletion method of accounting Less risk as failed closings will not result in a shortfall of actual revenue received Prior to the acquisition, Almagro followed the percentage-of-completion method, and there will be a negative adjustment as it converts to the completed sales method The adjustment due to the change in accounting policy totals $6 million 25
26 Historical Financial Performance Socovesa Historical revenue Historical operating income In US$ millions $400,0 $300,0 $200,0 $100,0 $0, H 06 1H 07 In US$ million $50,0 $40,0 $30,0 $20,0 $10,0 $0,0 ($10,0) 13,5% 45 10,7% 36 12,3% 10,9% ,3% 10,8% 8,9% H06 1H07 16% 12% 8% 4% 0% -4% Socovesa Pro forma Socovesa Margin Pro f orma Margin Historical EBITDA Historical net income (1) In US$ million $60,0 $50,0 $40,0 $30,0 $20,0 $10,0 $0, ,4% 18% 15,4% 13,0% 13,3% 15% 41 14,1% 12% 10,8% 23 9% % 2,0% 3% % H06 1H07 In US$ million $30,0 $20,0 $10,0 $0,0 ($10,0) 8,3% 15 9,4% ,7% 5,7% -7,1% H06 1H07 4,7% 5% 2,2% 5 0% 3 10% -5% -10% Socovesa Margin Pro forma Margin Socovesa Margin Pro forma Margin (1) 1H 07 reflects extraordinary item due to adjustment in Almagro s revenue recognition policy to match that of Socovesa 26
27 Historical Financial Performance Socovesa (continued) Debt/shareholders equity 4.0x 3.0x 2.7x 2.0x 1.0x 0.5x 0.7x 1.8x 1.3x 1.3x 1.3x 1.0x 0.0x Jun 7-Jun Socovesa Pro f orma Pro forma post-ipo Note: Pro forma ratio post-ipo assumes $100 million in debt repayment 27
28 Pro Forma Capitalization at June 30, 2007 ($ in 000s) Short-term liabilities with banks and financial institutions Banks and financial institutions Other long-term liabilities Minority interests Total shareholders equity Total capitalization $308,695 68, ,684 11, , ,437 28
29 Pro Forma Ownership Pre-IPO Pro forma (1) Employee ownership 14.0% Float 25.0% Negrón family 17.2% Gras family 68.8% Employee ownership 10.5% Negrón family 12.9% Gras family 51.6% (1) Pro forma shareholder base assumes over-allotment option is exercised. 29
30 Case Studies Barrio Privado Los Monjes 30
31 PUERTO MONTT 31
32 CONCEPCION 32
33 Case Study Socovesa Hacienda Urbana Larapinta City Santiago District Lampa Product type Single family homes Start up 2004 Property size 1,000 acres Units sold to date 2,290 Total units 8,500 Average sale price $52,103 Built area (m2) 163,000 Total projected sales $442.8 million 33
34 Case Study Socovesa Barrio Privado Los Monjes City Santiago District Lo Barnechea Product type Single family homes Start up 2001 Property size 70 acres Units sold to date 160 Total units 172 Average price $619,662 Built area (m2) 58,000 Total projected sales $106.6 million 34
35 Case Study Almagro Cascadas del Sur City Antofagasta Property size 14 acres Start up 2006 Units for sale 266 Total units 1,444 Total projected sales $171.2 million Building Program Size Range Mts 2 Price range Nº Buildings On sale Future stages Units Laja 2 Y 3 D Mts 2 $84,900 $136,500 1 X 152 Petrohue 2, 3 Y 4 D Mts 2 $95,900 $203,000 1 X 114 Future stages 2, 3 Y 4 D Mts 2 $84,900 $203,000 9 X 1,178 Total Cascadas del Sur 11 1,444 35
36 Development Pipeline Socovesa El Montijo City Santiago District Renca Product type Single family homes Start up 2007 Property size Units sold to date 620 acres 0 Total units 7,000 Average price $80,000 Total projected sales $560 million 36
37 Development Pipeline Socovesa Los Cóndores City District Product type Santiago San Bernardo Single family homes Property size 410 acres Units sold to date 0 Total units Average sales price ($) 6,000 80,000 Total projected sales $480 million 37
38 Investment Highlights Favorable economic environment in Chile Consistent growth Low interest rates and low inflation Government stability Largest residential real estate development company in Chile 42 years of experience and over 55,000 housing units built Substantial, attractive land bank Vertically-integrated business model Allows Socovesa to control all aspects of the development process Diversified portfolio Diversified in geographic scope throughout Chile, price point and product type Experienced management team Average of 19 years of industry experience Managed profitably throughout all points of the economic and real estate cycle Founders remain committed to Socovesa s continued success with 51.7% ownership, post-offering Strong brand recognition for both Socovesa and Almagro 38
39
INVESTOR PRESENTATION
INVESTOR PRESENTATION Santiago, March 2010 1. EMPRESAS SOCOVESA HISTORY 1965 Real Estate & Construction Company founded by Eduardo Gras Díaz First housing development 16 houses in Temuco 1967 New partners
More informationInvestor Presentation. August 2012. years. Parque Arauco S.A. www.parauco.com
Investor Presentation August 2012 years Parque Arauco S.A. www.parauco.com This document has been prepared by Parque Arauco for the purpose of providing general information about the Company. The Company
More informationRIPLEY CORP presentation. January 2009
RIPLEY CORP presentation January 2009 Ripley Corp 1. Ripley Today 2. Ripley Chile 2.0 3. Ripley Peru 4. Financing 5. Main goals Ripley Today why invest Ripley? Because Is a big player in the department
More informationCONTENTS ANNUAL REPORT 2007 ANNUAL REPORT 2007 OPENING NEW HORIZONS OPENING NEW HORIZONS. Financial Information. Letter from the Chairman.
ANNUAL REPORT 2007 OPENING NEW HORIZONS ANNUAL REPORT 2007 OPENING NEW HORIZONS CONTENTS Financial Information Letter from the Chairman Philosophy Corporate Governance Board of Directors Management Organizational
More informationEnjoy S.A. March 2013
Enjoy S.A. March 2013 Executive summary Enjoy: Leader in the Chilean gaming industry, with a successful track record dating back over 36 years Comprehensive casino, hotel, restaurant, bar, event, show
More informationEnjoy S.A. June 2013
Enjoy S.A. June 2013 Executive summary Enjoy: Leader in the Chilean gaming industry, with a successful track record dating back over 37 years Comprehensive casino, hotel, restaurant, bar, event, show and
More informationINVESTOR PRESENTATION
INVESTOR PRESENTATION AUGUST 2014 1 2 DISCLAIMER THIS DOCUMENT HAS BEEN PREPARED BY PARQUE ARAUCO FOR THE PURPOSE OF PROVIDING GENERAL INFORMATION ABOUT THE COMPANY. The Company assumes no responsibility
More informationcorporate presentation santander 15th annual latin american ceo conference cancun January 2011
corporate presentation santander 15th annual latin american ceo conference cancun January 2011 disclaimer This presentation may contain projections or other forward-looking statements related to masisa
More informationNovember, 16th & 17th, 2011
November, 16th & 17th, 2011 Company Overview Largest Latin American IT Services provider and an undisputed leader in systems integration, support and IT Outsourcing Independent service provider with world-class
More informationIndex. Section I. Risk rating 3. Section II. Revenues, EBITDA and Net Profit 3. Section III. Highlights 4
Press Release March 2015 1 Press Release March 2015 Section Index Page Section I. Risk rating 3 Section II. Revenues, EBITDA and Net Profit 3 Section III. Highlights 4 Section IV. Medical Facilities Investment
More informationCorporate Presentation. Southern Cone / Andean CEO Conference May, 2012
Corporate Presentation Southern Cone / Andean CEO Conference May, 2012 Our Company 2 Company overview Largest Latin American IT Services provider and an undisputed leader in systems integration, support
More informationTABLE OF CONTENTS. I. Introduction to Enjoy. Our Properties. Business and Management Model. V. Hospitality. Financial Highlights
December, 2014 TABLE OF CONTENTS I. Introduction to Enjoy II. III. IV. Our Properties Business and Management Model Gaming V. Hospitality VI. Financial Highlights 2 SECTION I Introduction to Enjoy 3 ENJOY
More informationTanner Investor Information 1Q 2014
Tanner Investor Information 1Q 2014 Tanner at a Glance Business Description Key Highlights (1Q 14) Tanner Servicios Financieros S.A. ( Tanner ) is a leading Chilean non banking financial institution, offering
More informationEmpresas CMPC S.A. 05.10. Company Overview Presentation prepared for Itaú Securities 5 th Annual Latin America CEO Conference
Empresas CMPC S.A. 05.10 Company Overview Presentation prepared for Itaú Securities 5 th Annual Latin America CEO Conference 1920 2010 Agenda Overview 3 Business Divisions 7 Social Responsibility and Sustainability
More informationCompany Presentation
Company Presentation September-13 Privado y Confidencial 1 Ownership and stock price Estrictamente Privado y Confidencial Ownership structure (Jun-13) Stockbrokers 12,4% Mutual Funds & Others 5,9% Market
More informationChile Day 2010. New York. Hosted by Inbest Chile and Citibank
Chile Day 2010 New York Hosted by Inbest Chile and Citibank 15th and 16th of July, 2010 _our essence A new brand image to project closeness and modernity, forging a solid link with our customers in the
More informationTHE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai
THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic
More informationThe Santander business model
The Santander business model Commercial focus Efficiency Disciplined use of capital and financial strength Santander brand Prudence in risk Geographic diversification and model of subsidiaries Banco Santander
More informationCompany Overview. Larraín Vial 6 th Annual Andean Conference. March 19 th 20 th, 2012
Company Overview Larraín Vial 6 th Annual Andean Conference March 19 th 20 th, 2012 Agenda 3 9 19 Company Overview Business Divisions Financial Review 2 CMPC is one of the most important players in the
More information2014 2017 Strategic Plan Madrid Stock Exchange
More value for the shareholder: our commitment Documento en progreso y revisión Sujeto a aprobación 2014 2017 Strategic Plan Madrid Stock Exchange 2 April 2014 Company Overview Founded in 1959 Mexico Panama
More informationUS$ 150,000,000 Senior Unsecured Term Loan Facility
US$ 150,000,000 Senior Unsecured Term Loan Facility Bank Meeting Presentation Joint Bookrunners & Mandated Lead Arrangers Mandated Lead Arranger June, 2010 Masisa Representatives Chief Executive Officer
More informationBANCO SANTANDER CHILE ANNOUNCES RESULTS FOR THE FOURTH QUARTER 2002
Banco Santander Chile CONTACTS: Raimundo Monge Robert Moreno Desirée Soulodre Banco Santander Chile Banco Santander Chile Banco Santander Chile 562-320-8505 562-320-8284 562-647-6474 BANCO SANTANDER CHILE
More informationHow To Profit From Power Production
CHILE TRIP-SANTANDER GBM September 2009 >> Agenda 1. Environment 2. Our Business 3. Current Scenario and Future Challenges 2 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Jun/09 Long Term Investment
More informationCompany Presentation September 14
Estrictamente Company Presentation September 14 1 ILC s Highlights ILC placed the largest IPO in Chile (US$ 468 million) 2012 June 1 st 2013 ILC sold 51% of Desarrollos Educacionales June 18 th 2013 ILC
More informationNUEVAPOLAR NON-DEAL ROADSHOW
NUEVAPOLAR NON-DEAL ROADSHOW January 2013 Company Overview 3 Where do we come from Aconcagua Plan October 2012: US$280 millions capital increase May 2012: Agreement with Chile s Customer Protection Agency
More informationHealth Care Worldwide
Health Care Worldwide Barclays European High Yield and Leveraged Finance Conference October 30, 2014 London Barclays European High Yield and Leveraged Finance Conference, October 30, 2014 Copyright Page
More information2Q15 Consolidated Earnings Results
2Q15 Consolidated Earnings Results IFRS September 2015 Disclaimer Grupo Aval Acciones y Valores S.A. ( Grupo Aval ) is an issuer of securities in Colombia and in the United States, registered with Colombia
More informationThe attractions of Spain as an insurance market
The attractions of Spain as an insurance market Domingo Sugranyes, Executive Vice Chairman and CEO Goldman Sachs European Financials Conference Navigating the Sea of Change Puerto Banus, Spain, 8 June
More informationHOUSING FINANCE IN TRANSITION ECONOMIES
HOUSING FINANCE IN TRANSITION ECONOMIES OECD Workshop Warsaw, Poland December 5-6, 5 2002 Loïc Chiquier The World Bank 1 Challenge in Transition Economies! Key for growth, poverty, wealth (75 wealth),
More information1Q15 Consolidated Earnings Results
1Q15 Consolidated Earnings Results Colombian Banking GAAP and IFRS June 2015 Disclaimer Grupo Aval Acciones y Valores S.A. ( Grupo Aval ) is an issuer of securities in Colombia and in the United States,
More informationWE ARE. SHOWROOMPRIVE.com FY2015 RESULTS February, 16 th 2016
WE ARE SHOWROOMPRIVE.com FY2015 RESULTS February, 16 th 2016 I BUSINESS UPDATE AND 2015 RESULTS HIGHLIGHTS 2015: A YEAR FULL OF ACHIEVEMENTS A STRONG AND PROFITABLE GROWTH 443m net sales and 24m EBITDA
More informationSantander Asset Management Focus on LATAM. Sao Paulo, May 2011
Santander Asset Management Focus on LATAM Sao Paulo, May 2011 2 Santander Asset Management advise that this presentation contains representations regarding forecasts and estimates. Said forecasts and estimates
More informationParque Arauco Institutional presentation
Parque Arauco Institutional presentation August 2013 This document has been prepared by Parque Arauco for the purpose of providing general information about the Company. The Company assumes no responsibility
More informationAbout US. Residential; Commercial (Retail & Offices); Industrial Storage; Properties Administrations.
About US We are a consolidated company having more than 14 years of experience in the Real Estate Market. To meet the diverse needs of our clients, we maintain divisions specialized in the following segments:
More informationBancoEstado s social role and expanding banking services
BancoEstado s social role and expanding banking services The story of a successful state owned bank In Pica, a small town in Chile s northernmost first region, the only way that 10,332 people can access
More informationSEB s Swedish Residential Mortgage Lending and Covered Bonds. Stockholm September, 2013
SEB s Swedish Residential Mortgage Lending and Covered Bonds Stockholm September, 2013 Contents SEB s Residential Mortgage Lending p.3 Asset Quality p.19 Cover Pool and Covered Bond Funding p.24 2 SEB
More informationAES GENER HIGHLIGHTS
1 AES GENER HIGHLIGHTS 2 Highlights 2013 VENTANAS IV Start-up of commercial operations in March 2013 COCHRANE PROJECT Financial close and start of construction in March 2013 CAPITAL INCREASE Shareholders
More informationAcquisiton of. 2008 Brasil Brokers Todos os Direitos Reservados
Acquisiton of 2008 Brasil Brokers Todos os Direitos Reservados Acquisition of ABYARA BROKERS Acquisition of 51% of Abyara Brokers, with purchase option of the other 49% to be exercised in the next 3 years;
More informationMagda Salarich Head of Santander Consumer Finance
Magda Salarich Head of Santander Consumer Finance Santander Consumer Finance S.A. ( Santander Consumer Finance ) and Banco Santander, S.A. ("Santander") both caution that this presentation contains forward-looking
More informationImportant information
29 April 2014 1 Important information Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements. These forward-looking statements are found in various places
More informationBanco Santander Chile: Solid results in 2Q14. Sound outlook for 2015
0 Banco Santander : Solid results in 2Q14. Sound outlook for 2015 August 2014 Important information 1 Banco Santander caution that this presentation contains forward looking statements within the meaning
More informationCorpbanca Investor Conference
Corpbanca Investor Conference December, 2014 I. ABOUT IANSA II. PLAN DULCE 2014 III. BUSINESS UNITS I. SUGAR & RELATED II. NON SUGAR BUSINESSES IV. 2014 FINANCIAL RESULTS Ownership structure OWNERSHIP
More informationSuccessful Strategy Business Portfolio Ensures Results. Mr. Fernando Henrique Schüffner Neto Chief Officer for Business Development
Successful Strategy Business Portfolio Ensures Results Mr. Fernando Henrique Schüffner Neto Chief Officer for Business Development 1 Disclaimer Some statements and estimates in this material may represent
More informationBBVA Colombia. Working for a better future for people BBVA COLOMBIA
BBVA Colombia Working for a better future for people BBVA COLOMBIA The IR Recognition granted by Bolsa de Valores de Colombia S.A. (the Colombian Stock Exchange) is not a certification of the registered
More informationCelulosa Arauco y Constitución S.A. First Quarter 2015 Results. May 19 th, 2015
Celulosa Arauco y Constitución S.A. First Quarter 2015 Results May 19 th, 2015 3 4 9 11 13 14 15 Highlights Income statement analysis Review by business segment Balance sheet analysis Financial ratios
More informationWelcome to SONDA. MBA Students and Faculty Robert H. Smith School of Business University of Maryland
MBA Students and Faculty Robert H. Smith School of Business University of Maryland Welcome to SONDA 1 Mr. Rodrigo A. Peña Investor Relations Officer May 27, 2008 AGENDA SONDA in a Snapshot IT Industry
More informationInvestor Day LA&C Region Lausanne, June 21, 2012. James R. Mortensen President, Latin America & Canada Region Philip Morris International
Investor Day LA&C Region Lausanne, June 21, 2012 James R. Mortensen President, Latin America & Canada Region Philip Morris International What Latin America & Canada Offers Favorable environment for uptrading
More informationHealth Care Worldwide. Citi - European Credit Conference September 24, 2015 - London
Health Care Worldwide Citi - European Credit Conference September 24, 2015 - London Safe Harbor Statement This presentation contains forward-looking statements that are subject to various risks and uncertainties.
More informationInnovative Technology Solutions for Sustainability ABENGOA. Market Update
Innovative Technology Solutions for Sustainability ABENGOA Market Update November, 2014 Forward-looking Statement This presentation contains forward-looking statements (within the meaning of the U.S. Private
More informationEmpresas Banmédica. Financial Results First Quarter 2008
Empresas Banmédica Financial Results First Quarter 2008 Contents Empresas Banmédica Business Organization Shareholders structure Issues First Quarter 2008 Market Overview Isapres Private Hospitals Financial
More informationFINANCIAL RESULTS Q1 2016
FINANCIAL RESULTS Q1 2016 CFO Hallvard Granheim 28 th April 2016 Highlights Q1 Increase in underlying results (EBITDA) - Nordic prices are down 15% Q-on-Q - High production from Nordic hydropower assets
More informationGrupo PRISA Overview An integrated media and education company
October, 2013 Disclaimer In addition to figures prepared in accordance with IFRS, PRISA presents non-gaap financial performance measures, e.g., EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin,
More informationThe following is the new way for dialling to Chile from July 2013 when fixed numbers are called.
Chile (country code +56) Communication of 2.VII.2014: The Subsecretaría de Telecomunicaciones de Chile (Subtel), Santiago de Chile, announces that they are still seeing wrong dialled numbers to Chile from
More informationTaxpayer Personalized Attention and Support Platform Structure and Benefits
Taxpayer Personalized Attention and Support Platform Structure and Benefits Página 1 de 13 Índice Índice... 2 1. Introduction... 3 2. Personalized Attention and Support Platform Objectives... 3 3. Platform
More informationDealer. Línea Integral Autos Car Line Program. Autos (LIA): Línea Integral. The Wholesale Plan: The Retail Plan: Inventory 0 % Inventory Sales
Automotive Sector Introduction Grupo Bancolombia is the financial partner for the Automotive Sector in Colombia and has a comprehensive portfolio designed according to your needs and those of agents that
More informationConsumer Credit Worldwide at year end 2012
Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international
More informationJuan José Echavarría Co-Director, Central Bank of Colombia October, 2008
Colombian Economic Prospects Juan José Echavarría Co-Director, Central Bank of Colombia October, 2008 Topics Growth Inflation Exports, Foreign Direct Investment and Remittances The Financial Sector Central
More informationArshil Jamal President and Chief Operating Officer Canada Life Capital Corporation
Scotia Capital Financials Summit September 8, 2011 Arshil Jamal President and Chief Operating Officer Canada Life Capital Corporation Cautionary Note regarding Forward-looking Information This report contains
More informationcorporate presentation
corporate presentation our firm is the investment di of the holding group Tanner a leading local player in offering financial services Tanner Corredores de Bolsa Tanner stockbroker is celebrating 90 years
More informationThe Approach of the Banking Regulator
Surveillance of Mortgage Credit The Approach of the Banking Regulator Workshop on Real Estate t Prices and Financial Stability 25th April 2014 Central Bank of Chile Eric Parrado Chairman Superintendency
More information2Q15 Earnings Conference Call
2Q15 Earnings Conference Call André B. Gerdau Johannpeter President and CEO Harley Lorentz Scardoelli Financial, Planning and IR Director - CFO Credit: New York State Thruway Authority Gerdau is supplying
More informationSURA Asset Management Lifted By Rising Wave of Retirement Savings in Latin America
ISSUER IN-DEPTH ANALYST CONTACTS Jose Angel Montano 52-55-1253-5722 VP-Senior Analyst joseangel.montano@moodys.com Rocio Nunez 52-55-1555-5308 Associate Analyst rocio.nunez@moodys.com Robert M. Callagy
More information1Q06 Earnings Results Conference Call
1Q06 Earnings Results Conference Call 0 Forward Looking Statements Notice Information and Outlook The material shown is a presentation of general information about Rossi Residencial S.A. s record until
More informationEndesa Chile 1H14 Results
Endesa Chile 1H14 Results July 28th 2014 Highlights 12% growth in Operating Revenues due to a higher average electricity sales price expressed in Chilean pesos, along with the full consolidation of GasAtacama
More informationJosé González de Castejón (787) 759-9094 Ana Calvo de Luis (212) 350-3903 Margie Alvarez (787) 250-3025
Santander BanCorp Press release For more information contact: Puerto Rico New York José González de Castejón (787) 759-9094 Ana Calvo de Luis (212) 350-3903 Margie Alvarez (787) 250-3025 SANTANDER BANCORP
More informationBBVA Colombia. Working for a better future for people
BBVA Colombia Working for a better future for people 2013 The IR Recognition granted by Bolsa de Valores de Colombia S.A. (the Colombian Stock Exchange) is not a certification of the registered securities
More informationHealth Care Worldwide
Health Care Worldwide Credit Suisse Global Credit Products Conference September 18, 2014 Miami Credit Suisse Global Credit Products Conference, September 18, 2014 Copyright Page 1 Safe Harbor Statement
More informationCelulosa Arauco y Constitución S.A. Fourth Quarter 2014 Results. March 6 th, 2015
Celulosa Arauco y Constitución S.A. Fourth Quarter 2014 Results March 6 th, 2015 3 4 9 11 13 14 15 Highlights Income statement analysis Review by business segment Balance sheet analysis Financial ratios
More informationDeutsche Global Infrastructure Fund (TOLLX)
Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests
More informationCNP Assurances signs a longterm strategic partnership in insurance in Europe with Banco Santander. 10 th July 2014
CNP Assurances signs a longterm strategic partnership in insurance in Europe with Banco Santander 0 th July 04 Disclaimer «Some of the statements contained in this document may be forward-looking statements
More informationBANCO SANTANDER CHILE ANNOUNCES RESULTS FOR THE FIRST QUARTER 2003
www.santandersantiago.cl BANCO SANTANDER CHILE ANNOUNCES RESULTS FOR THE FIRST QUARTER 2003 Net income for the first quarter of 2003 totaled Ch$40,497 million (Ch$0.21 per share and US$0.31/ADR) decreasing
More informationFINANCIAL RESULTS Q2 2015
FINANCIAL RESULTS Q2 2015 CEO CHRISTIAN RYNNING-TØNNESEN CFO HALLVARD GRANHEIM 23 July 2015 Highlights Solid underlying results (EBITDA) - Lower Nordic prices offset by increased production and contribution
More informationThe Healthcare and Health Tourism. Sector
The Healthcare and Health Tourism Sector Introduction For Bancolombia being an ally of healthcare institutions means to accompany, advise, and offer alternatives to make your projects become a reality.
More informationAgribusiness. Sector
Agribusiness Sector Introduction Specialized interest and knowledge of your business is the best guarantee of a broad array of financial solutions that Grupo Bancolombia* places at your disposal. The backing
More informationEnersis: corporate reorganization update and 1H 2015 results. July 28, 2015
: corporate reorganization update and 1H 2015 results July 28, 2015 Corporate Reorganization Update 2 Corporate structure reorganization Objectives of the transaction under analysis To simplify the Corporate
More informationHealth Care Worldwide
Health Care Worldwide Goldman Sachs - Leveraged Finance Healthcare Conference March 4, 2014 New York Goldman Sachs Leveraged Finance Conference, Fresenius SE & Co. KGaA Copyright, March 4, 2014 Page 1
More informationEarnings Release 9M2015
Earnings Release 9M2015 19 November 2015 Results overview Regional segments Final remarks PAGE 3 PAGE 12 PAGE 22 Europe Africa Latin America 2 Key highlights Consolidation of EGF in the 3Q15, according
More informationEndesa Chile YE14 Results
Endesa Chile YE14 Results January 30th 2015 Highlights Operating revenues increased 21%, mainly due to higher energy sales, as a consequence of higher sale price of electricity in Chile, Colombia and Peru,
More informationBTG Pactual& CelfinSouthern Cone Andean Conference 2013. Santiago, June 5 and 6, 2013
BTG Pactual& CelfinSouthern Cone Andean Conference 2013 Santiago, June 5 and 6, 2013 COMPANY STRUCTURE Affiliates that consolidate 60% 68% 50% 100% Besalco Construcciones Besalco MD Montajes Kipreos Hospital
More information2 nd Quarter 2014 Financial Results Celulosa Arauco y Constitución S.A.
Conference Call Presentation 2 nd Quarter 2014 Financial Results Celulosa Arauco y Constitución S.A. Gianfranco Truffello, C.F.O. Santiago, August 28 th, 2014 Disclaimer Forward-looking statements are
More informationMetLife Investments Steve Kandarian Chief Investment Officer
June 2007 MetLife Investments Steve Kandarian Chief Investment Officer Safe Harbor Statement These materials contain statements which constitute forward-looking statements within the meaning of the Private
More informationFebruary 2014 FIXED INCOME INVESTOR PRESENTATION
February 2014 FIXED INCOME INVESTOR PRESENTATION 1 Disclaimer This is a presentation of general background information about Grupo Aval Acciones y Valores S.A. and its subsidiaries ( Grupo Aval ), as of
More informationThe Key to Mobility. Creating Value with Financial Services. Fixed Income Investor Update - December 2010. Volkswagen Financial Services AG
The Key to Mobility Creating Value with Financial Services Fixed Income Investor Update - December 2010 Bernd Bode Head of Group Treasury and Investor Relations Volkswagen Financial Services Nils Allnoch
More informationPEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 196.40 Target Price 225.00 STYLAM INDUSTRIES LIMITED Result Update (PARENT BASIS): Q2 FY16 DECEMBER 16 th. 2015 ISIN: INE239C01012 12 th h, 2013 Index Details Stock Data Sector Plastic Products
More informationVice-president and distinguished officials with us today
Speech of Mr. José Antonio Álvarez, Chief Executive Officer of Banco Santander at the General Shareholders Meeting, March 18, 2016 Mr. President of Cantabria. Vice-president and distinguished officials
More informationInvestor Relations May 2016. Project: 701 Praças da Lapa
Investor Relations May 2016 Project: 701 Praças da Lapa Even 2 Over 40 years of history... 2006 Acquisition of interest by Spinnaker 1974 abc investmob is founded 1999 ISO 9000 Certification ERP system
More information33/81/ 139 240/196/ 128/128/ 128 70/133/ 210 245/218/ 101 1st Quarter 157/190/ 2013 231 249/231/ 157 218/231/ 246
1 st Quarter 2013 1 Disclaimer This presentation may include references and statements, planned synergies, estimates, projections of results, and future strategy for Banco do Brasil, it s Associated and
More informationCAPITAL GROUP CENTRUM NOWOCZESNYCH TECHNOLOGII SPÓŁKA AKCYJNA
CAPITAL GROUP CENTRUM NOWOCZESNYCH TECHNOLOGII SPÓŁKA AKCYJNA MID-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENT OF THE CAPITAL GROUP CNT S.A. AND MID-YEAR CONDENSED SEPARATE FINANCIAL STATEMENT OF CNT
More informationChilean Insurance Market Overview
Chilean Insurance Market Overview London, October 14 th, 2014 Jorge Claude Executive Vice President Asociación de Aseguradores de Chile Agenda 1. Chilean Economy & Insurance Market at a glance 2. Non-Life
More informationBancolombia 'BBB-/A-3' Ratings Affirmed On Strong Business Position And Better Profitabiliy; Outlook Remains Stable
Research Update: Bancolombia 'BBB-/A-3' Ratings Affirmed On Strong Business Position And Better Profitabiliy; Outlook Remains Stable Primary Credit Analyst: Arturo Sanchez, Mexico City (52) 55-5081-4468;
More informationOwnership Structure and Governance of NLCs in Latin America: The Case of Chile
Ownership Structure and Governance of NLCs in Latin America: The Case of Chile Business School Pontificia Universidad Católica de Chile Introduction: Standard conjecture: Smaller, NLCs present: Higher
More informationSulAmérica. UBS Global Healthcare Services Conference February 11-13, 2008 New York
SulAmérica UBS Global Healthcare Services Conference February 11-13, 2008 New York Disclaimer The material that follows is a presentation of general background information about Sul América S.A. ( SulAmérica
More informationFinancial supplement 2013. Zurich Insurance Group Annual Report 2013
Financial supplement 2013 Zurich Insurance Group Annual Report 2013 2 Contents Results for the Year ended December 31, 2013 Financial supplement (unaudited) Financial highlights (unaudited) Business operating
More informationCompany Overview. Financial Performance
Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 SPS Finquest Ltd CMP: 84.60 January 13, 2015 Stock Details BSE code 538402 BSE ID SPS Face value ( ) 10 No of shares
More informationStrategic and Operational Overview May 11, 2016
Strategic and Operational Overview May 11, 2016 Safe Harbor Statement This presentation contains several forward-looking statements. Forward-looking statements are those that use words such as believe,
More informationConference Call 3Q 2012
Conference Call 3Q 2012 November, 2012 Privado y Confidencial 1 Disclaimer This presentation may include market outlooks and forward-looking statements, which are based on the beliefs and assumptions of
More informationH1 2014 Earning Results JULY 30 TH, 2014
H1 2014 Earning Results JULY 30 TH, 2014 Disclaimer This document includes forward looking statements relating to Ingenico Group s future prospects, development and business strategies. By their nature,
More informationBALANCE SHEET AND INCOME STATEMENT
BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 1,879 BILLION FOR 2014, AN INCREASE OF 24% COMPARED TO 2013. Operating income increased 23.8% during 2014 and
More informationEnjoy S.A. March 20, 2014 Santiago - Chile
1 Enjoy S.A. March 20, 2014 Santiago - Chile Agenda 2 Company Overview Gaming Business Non Gaming Business Conrad Acquisition Key Credit Highlights Company Overview 3 Executive Sumary 4 Enjoy: Leader in
More information4finance investor presentation for 9 month 2015 results. 10 November, 2015
4finance investor presentation for 9 month 2015 results 10 November, 2015 0 meur meur Highlights Strong performance across the business Loan issuance up 33% Revenue up 39%, growth in all countries Net
More information