CORPORATE PRESENTATION

Transcription

1 CORPORATE PRESENTATION TRADING CORPORATE FINANCE EQU I TY RESEARCH ASSET MANAGEMENT March 2012

2 This document has been prepared exclusively to be accompanied by an oral presentation and does not hold any publication and/or communication rights. This document is strictly confidential. The person receiving this document agrees that neither they nor their representatives, directors, agents or employees may copy, reproduce or distribute to third parties this document, either in whole or in part, without prior written consent of KALLPA Securities Sociedad Agente de Bolsa S.A.

3 KALLPA SECURITIES SAB June October TODAY Inception Beginning gof operations Over 2,200 clients, 29 employees, Peruvian, US and Canadian trading platforms KALLPA SECURITIES S.A.B is an investment boutique : o o o o Equityand Fixed Income Sl Sales &Trading Capital Markets Investment Banking Portfolio Management Partners of KALLPA SECURITIES S.A.B: o Alberto Arispe: o Enrique Hernández: o Ricardo Carrión: o Elizabeth Cueva: MBA with 8 years experience in investment banking in New York. Former CEO, director and business manager of several SABs in Peru. Outstanding professional, emphasis on capital markets and corporate finance. MBA with 16 years of operational experience in SABs in Peru. o Pablo Berckholtz: Lawyer, company director, partner in Echecopar s Law Firm, an expert in finance. 3

4 KALLPA SECURITIES SAB Mission To contribute actively to the development of Peruvian capital markets, providing diverse financial services, including securities brokerage, portfolio management, financial advisory, corporate finance and other services related to investment banking Vision To become leader in all financial services provided by the company, always achieving customer s satisfaction and supporting them to reach an optimum asset allocation 4

5 BUSINESS UNITS KALLPA Securities S.A.B has three business units: Sales & Trading Corporate Finance and Capital Markets Investment Analysis Equity Research. Portfolio Management. Purchase / Sales of securities to institutional investors in Peru and abroad. Purchase / Sales of securities to retail investors in Peru and abroad. Placement of equities / bonds in primary markets. Repurchase of equities in the secondary market. Arranger of Capital Markets products (commercial papers, bonds and equity instruments). Consulting and advisory in Capital Markets (Listing in stock exchanges, stocks buyouts). Business Analysis and Enterprise Valuation. Advising dii on M&A. Financial Consulting. Focus on Investment Banking activities iii and Corporate Finance. 5

6 BUSINESS UNITS Also, KALLPA SAB has recently launched its Asset Management business. Wb Web Page Personal Finance Institutional Portfolio Standard Serv vice Standard Advisory Enterprise Analysis Portfolio Manager Letters Technical Analysis Model Portfolios Asset Management Discretionary Portfolios Global Portfolios Detailed monthly reports Training (loyalty) Institutional Advisory Advice on the portfolio managers election Review and evaluation of current portfolios Presence in Committee and Board of Directors Premium Advisory Wealth Management Institutional Asset Mgmt Prem mium Service Intra Day Technical Analysis Stock Carpet Analysis through Video Monthly Conference Calls Financial Planning: Applicative sheets Integral Financial Planning Investments Advisory in real and financial sectors Advice on the portfolio managers election Trust Management for private persons Family Office Discretionary investments Portfolio Structure Trust Management Detailed monthly reports for the Manager Training in investments Presence in Committee and Board of Directors 6

7 RANKING SABS PERU 2011 VOLUME TRADED IN LSE (S/.) January 2 to March 30, 2012 Market share 1 CREDIBOLSA S.A.B. 1,469,307, % 2 CONTINENTAL BOLSA S.A.B. 868,248, % 3 CELFIN CAPITALS S.A.B. 684,669, % 4 S.A.B. SEMINARIO & CIA. 607,644, % 5 INTELIGO 475,708, % 6 LARRAIN VIAL S.A.B. 469,035, % 7 SCOTIA BOLSA S.A.B. 358,120,917, 5.54 % 8 KALLPA SECURITIES SAB 283,261, % 9 GRUPO CORIL S.A.B. 171,747, % 10 NCF SAB S.A. 171,209, % 11 INVESTA S.A.B. 128,505, % 12 INVERSION Y DESAR. S.A.B. 126,639, % 13 COMPASS GROUP S.A.B. 125,600, % 14 MGS & ASOC. S.A.B. 112,105, % 15 ANDES SECURITIES S.A.B. 97,389, % 16 SAB S.A.B. CARTISA PERU 95,413, % 17 MAGOT & ASOC. S.A.B. 80,650, % 18 GRUPO PRIVADO S.A.B. 56,234, % 19 PROVALOR S.A.B. 31,074, % 20 MBA LAZARD S.A.B. 28,252, % 21 LATINOAMERICANA S.A.B. 18,526, % 22 BNB VALORES PERU SOLFIN S.A.B. 4,437, % 23 TRADEK S.A. S.A.B. 4,107, % 24 INTERCAPITAL S.A.B. 182, % * Source: SMV 6,468,073,940 7

8 KALLPA SAB Sustained Growth VolumenTraded in LSE (S/.) Monto Negociado 2008 (S/.) 1 CREDIBOLSA SAB 5,884,277,211,, 2 SCOTIA BOLSA SAB 5,293,950,346 3 CONTINENTAL BOLSA SAB 4,199,061,687 4 SAB SEMINARIO & CIA. 3,251,061,826 5 INVESTA SAB 1,001,733,993 6 MGS & ASOC. SAB 910,610,893 7 ANDES SECURITIES SAB 710,055,209 8 SAB CARTISA PERU 579,689,261 9 MAGOT & ASOC. SAB 522,289, INVERSION Y DESAR. SAB 513,307,899, 11 GRUPO CORIL SAB 300,654, PROVALOR SAB 138,802, LATINOAMERICANA SAB 84,744, KALLPA SECURITIES SAB 27,351, CITICORP PERU SAB 25,498, INTERCAPITAL SAB 15,250, COMPASS GROUP SAB 12,376, CELFIN CAPITAL SAB 67,928 23,470,784,324,, * Source: SMV Monto Negociado 2009 (S/.) 1 CREDIBOLSA SAB 5,881,045,853 2 CONTINENTAL BOLSA SAB 5,666,432,143 3 SAB SEMINARIO & CIA. 2,034,175,305 4 SCOTIA BOLSA SAB 1,838,393,638 5 INVESTA SAB 631,634,470 6 MGS & ASOC. SAB 610,428, MAGOT & ASOC. SAB 572,703,394 8 INVERSION Y DESAR. SAB 494,560,519 9 ANDES SECURITIES SAB 471,125, CELFIN CAPITAL SAB 460,599, SAB CARTISA PERU 331,674, COMPASS GROUP SAB 327,414, KALLPA SECURITIES SAB 303,109, GRUPO CORIL SAB 279,326, INTELIGO 244,750, PROVALOR SAB 102,428, LATINOAMERICANA SAB 101,592, CITICORP PERU SAB 31,305, GRUPO PRIVADO SAB 15,255, INTERCAPITAL SAB 11,886,504 20,409,840,919 Monto Negociado 2010 (S/.) 1 INTELIGO 5,334,644,761 2 CONTINENTAL BOLSA SAB 4,983,156,357 3 CREDIBOLSA SAB 4,471,840,303 4 SCOTIA BOLSA SAB 2,826,675,081 5 SAB SEMINARIO & CIA. 2,312,067,162 6 CELFIN CAPITAL SAB 2,013,645, CITICORP PERU SAB 1,366,329,626 8 MGS & ASOC. SAB 1,042,057,908 9 INVESTA SAB 556,992, COMPASS GROUP SAB 483,977, KALLPA SECURITIES SAB 452,072, ANDES SECURITIES SAB 399,516, INVERSION Y DESAR. SAB 361,001, GRUPO PRIVADO SAB 345,961, MAGOT & ASOC. SAB 341,635, PROVALOR SAB 306,721, SAB CARTISA PERU 296,596, GRUPO CORIL SAB 286,232, LATINOAMERICANA SAB 74,281, NCF SAB S.A. 24,141, TRADEK S.A. SAB 11,557, INTERCAPITAL SAB 4,899, BNB VALORES PERU SOLFIN 3,857,487 28,299,861,240 Monto Negociado 2011 Ene/Dic (S/.) 1 CREDIBOLSA SAB 9,794,664,061 2 INTELIGO 4,564,825,677 3 CELFIN CAPITAL SAB 3,434,310,641 4 CONTINENTAL BOLSA SAB 3,061,688,034 5 S.A.B. SEMINARIO & CIA. 2,782,669,422 6 SCOTIA BOLSA SAB 2,488,327,158 7 CITICORP PERU SAB 1,319,195,407 8 KALLPA SECURITIES SAB 1,041,778,183 9 INVESTA SAB 774,042, LARRAIN VIAL SAB 719,529, GRUPO CORIL SAB 702,455, INVERSION Y DESAR. SAB 615,532, MGS & ASOC. SAB 589,563, COMPASS GROUP SAB 576,711, ANDES SECURITIES SAB 555,933, SAB S.A.B. CARTISA PERU 427,004, MAGOT & ASOC. SAB 372,830, NCF SAB S.A. 197,279, GRUPO PRIVADO SAB 189,997, PROVALOR SAB 138,384, LATINOAMERICANA SAB 98,931, BNB VALORES PERU SOLFIN 21,929, TRADEK S.A. SAB 12,036, INTERCAPITAL SAB 5,687, MBA LAZARD SAB 1,667,731 34,486,977,538

9 KALLPA SAB Total Volume Traded Trading Abroad represents, in average, 30% of Volume Traded. 9

10 KALLPA SAB Assets in our Custody Million (US$) $180 $160 $140 $120 $100 $80 $60 Assets in our Custody $ $ $ Client s assets include equities, bonds and cash. $40 $ $20 $ 4.04 $0 * Value to * 10

11 KALLPA SAB S S GROWTH IN THE MARKET Volume traded in Lima Stock Exchange Million (S/.) Kallpa SAB grew of the position 14 of 18 SABs in 2008 to the position 8 of S/. 1, S/ SABs in Volume Negotiated in the BVL at S/ the conclusion of 2011 S/ S/. 1, S/ % of our volume S/ corresponds to institutional investors S/ % of our volume correspondsto retail investors S/ S/ S/ S/ S/ S/ S/. ** Source: SMV 11

12 RETURN ON EQUITY (ROE) % INVESTA S.A.B. 4.98% INTELIGO S.A.B. SAB 8.47% 9.77% 15.57% 15.94% 16.35% 19.51% CELFIN CAPIITAL S.A.B SCOTIA S.A.B. SEMINARIO Y CIA S.A.B. COMPASS GROUP S.A.B. INVERSION Y DESARROLLO CONTINENTAL BOLSA S.A.B 23.96% GRUPO CORIL S.A.B % CREDIBOLSA S.A.B % KALLPASECURITIES S.A.B. Source: SMV 12

13 KALLPA SAB RETURNS ( ) 2011) Historical ROEs Kallpa SABs ROE grew from 3% in 2008 to 45% in % Return on Equity Kallpa SAB 63.05% 60.00% 50.00% 45.11% ROE (%) 40.00% 33.54% 30.00% 20.00% 10.00% 0.00% 10.00% 2.96%

14 COMPETITIVE ADVANTAGES Kallpa Securities SAB's success in recent years is due to: It is one of the few brokerage whose shareholders are managers of the company. Independent d brokerage house, untied toanybusinessgroup. One of the few brokerage houses with an equity research department and only brokerage withequity Research of junior mining companies. OneofthefewSABswithadivisiondedicated exclusively to capital market deals, specialized in valuation, and financial advisory. Kallpa Securities is sponsor of 9 out of 15 junior mining companies listed in the Venture Exchange of the Lima Stock Exchange. 14

15 KALLPA SAB Equity Research Coverage in 2011 Kallpa s Equity Research Team has initiated coverage of the following companies VOLCABC1 SCCO RIO RELAPAC1 CVERDEC1 BAP MIRL CREDITC1 ALICORC1 BROCALC1 BVN MPLE AIH PML Av. La Encalada 1388 Of. 802 Surco Phone: (511) Fax: (511) Web Site: contacto@kallpasab.com 15

16 KALLPA SAB Primary Offerings Kallpa Securities is the leader in equity primary private placements among junior mining companies in Peru. In Kallpa SAB placed US$ 70 mn among Peruvian investors. 16

17 KALLPA SAB Achievements Kallpa Securities SAB is sponsor /advisor of 12 mining companies that list in LSE. 17

18 ORGANIZATION CHART CEO Controller Managing Director Sales & Trading Managing Director Capital Markets COO Equity Portfolio Research Management Operations Trading Desk Miraflores Sales desk Chacarilla Sales desc Accounting IT Administration 18

19 TEAM Trading Sales Research and Investments Operations Enrique Hernández Daniel Berger Alberto Arispe Elizabeth Cueva Eduardo d Fernandini i José Avendaño Ricardo Carrión Alan Noa Javier Frisancho Jorge Rodriguez Hernando Pastor María Belén Vega Marco Contreras Armando Trujillo Mariano Bazán Alex Rodriguez 19

20 CORPORATE HEADQUARTERS Kallpa s offices are located in POLO HUNT 1 BUSINESS CENTER La Encalada Avenue 1388, office 802, Lima, Peru. 20

21 WEB SITE Information about products and services are available at our website. People interested may find regular reports about market strategy and equity valuation reports. 21

22 LONG TERM VIEW June 2008 TODAY Long Term Brokerage Firm Brokerage House Brokerage House Investment tb Banking Asset Management Asset tm Management Pi Private Banking 22

23 MANAGEMENT Managing Director CEO Alberto Arispe Education MBA Stern School of Business from New York University. Bachelors degree in Economics from Pontificia Universidad Católica del Perú. Professional Experience Former Managing Director at Bolsa de Valores de Lima Former Vice President of Emerging Markets at Fox Pitt, Kelton Inc, based in New York ( ). Former investment banking analyst at Macro Group ( ). 1998) Others Professor of Capital Markets at Universidad de Lima s Business School. Offerings of equitiesin New York, Hong Kong, Jakarta and Tokyo. Deals: Ping Insurance Company, China life Insurance, Shinsei Bank, BRI Bank of Indonesia and Bank of Mandiri. Active participant of many valuations: Cementos Lima, Cementos Norte Pacasmayo, Luz del Sur, Edelnor, Ceper, Indeco, Banco República, Credicorp, Banorte, Kookmin Bank, BRI Bank of Idonesia. 23

24 MANAGEMENT Managing Director Capital Market & Corporate Finance Ricardo Carrion Education Bachelors degree in Business Administration from Universidad de Lima with specialization in Finance and Capital Markets. Professional Experience Former Senior Analyst of Banco de Credito in the areas of Corporate Banking, Corporate Finance and Capital Markets. Member of the team in charge of several Capital Market s deals, acquiring experience in almost all kind of debt/equity products, including commercial papers, financial notes, Corporate Bonds, Subordinated bonds, Mortgage Bonds, Leasing Bonds, Asset Backed Bonds, IPOs. Former advisor of Lima s Stock Exchange in terms of Capital Markets. Relevant Experience prior to KALLPA: Oil & Natural Gas (Upstream phase for Camisea Project): Structuring a US$150 MM Bond program with an ABS scheme for Hunt Oil Company of Peru LLC. Power Transmission Industry: Structuring of Red de Energía del Perú s Second Bond Program up to US$ ,000. Power Generation Industry: Structuring of public IPO up to US$ 60 MM in the Power Generation Industry for ENERSUR (first public IPO in Peruvian market ktafter 7 years). Issue awarded dd as"latin America Oil & Gas Deal of the Year 2004" by the British magazine Project Finance Magazine (March 2005 edition). Oil & Natural Gas (Transportation phase for Camisea Project): Structuring TGP s Corporate Bond Program up to US$ ,000 (milestone in Peruvian Capital Market: Largest issuance and longest tenor ever placed in Peru). Power Transmission Industry: Structuring of Red de Energía del Perú s First Bond Program up to US$ ,000. Financial Institutions: Structuring of Banco de Credito s debt instruments (Corporate Bonds up to US$100 MM, Mortgage Bonds up to US$50 MM, Leasing Bonds up to US$100 MM, Subordinated Bonds up to US$50 MM). Structuring of several Commercial Paper Programs for different industries: Nissan Maquinarias, Creditex, Palmas del Espino, Quimpac, Ransa, Solución Financiera de Credito,. 24

25 MANAGEMENT Managing Director Trading & Brokerage Enrique Hernandez Education Economist from Pontificia Universidad Católica del Perú Profesional Experience Former CFO at Centura SAB Former financial advisor at Citibank Peru. Former CEO at Sudamericano Bolsa SAB. Former member of the board of directors of Bolsa de Valores de Lima Former board member of Lima s Commodities Exchange. Former Head trader of Macrovalores group. Former Head trader of Peruvian Central Bank. Former equity trader at Argos SAB. Others Direct participationin many equity operations like IPO from Austral, bids of government s stakes in Edegel and Luz del Sur, D onofrio s bond issues, first asks from the government for programs of social assistance. 25

26 GERENCIA Managing Director Operations Elizabeth Cueva Estudios MBA with emphasis in Strategic Management of Business CENTRUM the Pontificia Universidad Catolica del Peru. Certified Public Accountant, Universidad San Martin de Porres. Experiencia Profesional Stock Consultant ( ) Head of Securities Mining Company AtacochaSA( ) Compliance Officer System of Money Laundering Prevention Brokerage Company Sudamericano Bolsa SA ( ) Managing Director of Operations Brokerage Company Sudamericano Bolsa SA ( ) Counter Chief Operating Brokerage Company Macrovalores Sudamericano SA ( ) Otros External Teacher at the Center for the Study of the Lima Stock Exchange BURSEN. 26

27 ANALYST TEAM Analyst María Belen Vega Bachelor of Economics from Universidad del Pacifico. Developed pre professional training in the Structuring and Risk Department of Titulizadora Peruana; in the Treasury and FOREX Department at Banco de Crédito del Perú, analysis of transfer pricing at KPMG and provided support to the Unit Investment Risk of AFP Profuturo. She currently serves as an Investment Analyst and Corporate Finance at KALLPA Securities S.A.B. Analyst Marco Contreras Bachelors degree in economics from Universidad del Pacifico. Previously worked as intern in the Equity Research department at Scotia Sociedad Agente de Bolsa (brokerage house) and prior to that in the Investments department at Fondo Mivivienda (state fund manager). Currently working as Investments and Capital Markets Analyst. Analyst Alex Rodriguez Graduate in economy for the National University of Trujillo. It took part in the extension program of Advanced Finance organized by the Central Bank of Reservation of Peru. It developed pre professional practices in the Direction of Secondary Markets of the Superintendence of Stock market (SMV), analysis in the area of Investigation of Bad Practices of the SMV, and before in the area of Kallpa Securities's operations SAB. Nowadays it gets out of a jam itself as Investment analyst and Capital market. 27

28 KALLPA SECURITIES SAB Contact Information Alberto Arispe CEO p (511) (51) Enrique Hernández e Managing Director Trading ehernandez@kallpasab.com (511) (51) Ricardo Carrión Managing Director Corporate Finance rcarrion@kallpasab.comcom (511) (51) Av. La Encalada 1388 Oficina 802 Edificio Centro Empresarial Polo Hunt I 28

29 TRADING CORPORATE FINANCE EQUITY RESEARCH ASSET MANAGEMENT The content of this documents is only informative and referential