earnings presentation - banco votorantim · earnings presentation 2nd quarter, 2015 disclaimer:...
TRANSCRIPT
Earnings Presentation
2nd Quarter, 2015
Disclaimer: This presentation may include references and statements on expectations, planned synergies, growth estimates, projections of results, and future strategies for Banco
Votorantim, it’s associated and affiliated companies, and subsidiaries. Although these references and statements reflect the management’s belief, they also involve imprecision and
risks that are highly difficult to be foreseen. Consequently, they may conduct to different results from those anticipated and discussed here. These expectations are highly dependent on
market conditions, on Brazil’s economic and banking system performances, as well as on international market conditions. Banco Votorantim is not responsible for bringing up to date
any estimate in this presentation.
2
Net income of R$ 146M in 2Q15 Consistent revenue generation, drop in delinquency and cost base under control
Executive summary
1. Ratio between Net Interest Income (NII) and Average Interest-Earning Assets; 2. First payment default by vintage; 3 Allowance for Loan Losses (ALL), net of revenues from recovery of written-off loans
Net Profit of
R$ 146M
Net income totaled R$ 146M in 2Q15, compared to R$ 122M in 1Q15 and R$ 140M in 2Q14
Shareholders' equity reached R$ 7.85B in Jun/15 (R$ 7.68B in Mar/15)
Consistent
revenue
generation
Net Interest Income (NII) reached R$ 1,287M in 2Q15, up 5.2% QoQ, despite the 3.0% (R$ 2.0B)
decrease in the expanded credit portfolio
Net Interest Margin¹ (NIM) of 5.5% p.y., 0.1 p.p. higher than in 1Q15
Drop in
delinquency
90-day NPL dropped to 5.2% in Jun/15 (6.5% in Mar/15), the lowest level since Dec/13
• Wholesale: 90-day NPL dropped to 4.8% (Mar/15: 9.0%), benefited by renegotiation of a specific case
• Consumer Finance: Inad 30² and 90-day NPL of auto loans remain under control
Credit provisions
under control
Credit provision expenses³ increased QoQ, but reduced 30% in the 1H15/1H14 comparison
Coverage ratio of loans past due over 90 days reached 141% in Jun/15 (115% in Mar/15)
Effective cost
management
Personnel and admin expenses increased 1.3% in 1H15/1H14 – below the period’s inflation
Efficiency Ratio over the past 12 month reached 38.7% (Mar/15: 37.8%)
Highlights of Banco Votorantim’s results
3
Net Income of R$ 146M in 2Q15 Earnings grew 20% over 1Q15 and 4% over 2Q14
146
122
75
135140152
121
1Q14 4Q13
+4.1% +19.8%
2Q15 1Q15 4Q14 3Q14 2Q14
Net Income evolution (R$M)
In 2015, earnings growth is expected
R$292M R$268M
Change agenda Earnings growth agenda
• Profitability
• Efficiency
• Synergies with Banco do Brasil
Consolidated results
4
Net Interest Income (A) 1,332 1,223 1,287 5.2% 2,628 2,510 -4.5%
ALL expenses¹ (B) (523) (417) (448) 7.4% (1,237) (866) -30.0%
Net Financial Margin (A+B) 808 806 839 4.1% 1,391 1,644 18.2%
Operating Income/Expenses (644) (585) (633) 8.3% (1,149) (1,218) 6.1%
Income from Services and Banking Fees 206 243 220 -9.5% 450 463 2.8%
Personnel and Administrative expenses (547) (590) (601) 1.9% (1,175) (1,190) 1.3%
Tax expenses (110) (132) (94) -28.7% (220) (227) 2.7%
Equity in Income of Associated Companies and Subsidiaries 34 38 39 4.8% 75 77 2.5%
Other Operating Income/Expenses (227) (143) (198) 37.8% (278) (341) 22.7%
Operating Income (Loss) 164 221 205 -7.1% 242 426 75.9%
Net Income 140 122 146 19.8% 292 268 -8.4%
2Q15Var. 1H15
/1H141H14(R$ million)
Var. 2Q15
/1Q151Q152Q14 1H15
Continued evolution of results’ fundamentals,
with growth in Operating Income
Highlights of Results Consistent revenue generation, drop in delinquency and cost base under control
1
2
3
Consolidated results
Managerial Income Statement
1. Allowance for Loan Losses (ALL), net of revenues from recovery of written-off loans
5
Consistent revenue generation NII increased 5.2% QoQ, despite the reduction in the credit portfolio
1. Ratio between Net Interest Income and Average Interest-Earning Assets; 2. Sum of reserve requirements, interbank transactions, securities and loan portfolio
Net Interest Income (NII) rose 5.2%
in the 2Q15/1Q15 comparison...
... despite decrease in the
expanded credit portfolio
+5.2%
2Q15
1,287
5.5%
1Q15
1,223
5.4%
2Q14
1,332
5.9%
2Q15
-1.5%
67.7
1Q15
68.7
2Q14
69.2
Average expanded credit portfolio² (R$B)
NIM
1
Net Interest
Income (NII)
91.5 93.2 95.3
Net Interest Income
Net Interest Income (R$M) e NIM¹ (% p.y.)
Average interest-
earning assets³ (R$B)
6
27.0
29.4
68.7
5.7 4.8
29.4
5.3
Dec/14
-3.1%
Payroll
-3.0%
Large
Companies
Jun/15
Mid-sized
Companies
Auto Finance
66.7
5.4
Sept/14
68.2
26.2
6.0
29.3
5.5
Jun/14
68.8
25.7
6.6
29.6
5.8
27.3
4.3
5.1
28.8
Mar/15
68.7
28.1
Maintenance of the conservative approach to credit Credit portfolio retraction is a result of the focus on profitability and asset quality
1
-2.8%
-2.0%
∆Jun15
/Mar15
Wholesale (CIB)
-3.8%
-10.6%
Others¹
Gradual reduction in
the “lower middle”
Expanded credit portfolio (R$B) (includes guarantees provided and private securities)
Credit portfolio by segment
Focus on profitability (vs. asset growth)
1. Credit cards and individual loans Note: Mid-sized companies are those with annual revenues up to R$600M
7
407
271
358
116
147
90
-14.3% 7.4%
2Q15
448
1Q15
417
2Q14
523
-30.0%
1H15
866
628
237
1H14
1,237
965
272
141%
115%118%
Jun/15
2,727
3,843
Mar/15
3,628 4,174
Jun/14
3,662
4,309
90-day NPL balance (R$M)
Allowance for Loan Losses balance (R$M)
Credit provision expenses reduced 30% in 1H15/1H14 Provision expenses reduced both in Consumer Finance and Wholesale in 1H15 / 1H14
Credit provision expenses
reduced 30.0% in 1H15/1H14 90-day CR² reached 141% in Jun/15,
reflecting the drop in the 90-day NPL balance
Consumer
Finance
∆1H15
/1H14
2
-34.9%
-12.8%
Wholesale
Credit indicators – ALL and 90-day Coverage
Credit provision expenses – ALL¹ (R$M) 90-day Coverage Ratio² – CR (%)
90-day
Coverage ratio
1. Allowance for Loan Losses, net of income from recovery of written-off loans; 2. Ratio between the balance of ALL and the balance of loans past due over 90 days
8
Used
cars
Other
vehicles¹
2Q15
3.0
2.5
(83%)
0.5
1Q15
3.3
2.7
(82%)
0.6
4Q10
7.8
4.1
(52%)
3.7
Jun/15
13.75
27.6
Mar/15
12.75
27.5
Dec/10
10.75
24.6
26%40% 41%
444452
2Q15 1Q15 4Q10
Auto finance: greater focus on used cars and maintenance
of tight credit origination standards
BV Financeira
Selic
2
Greater focus on used cars,
with caution in loan origination Continued focus on quality and profitability
of the new auto finance vintages
6.3
-5%
1H15
5.2
(82%)
1.1
1H14
6.6
5.3
(80%)
1.3
Consumer Finance – Auto Finance
Origination of auto loans (R$B)
Average term
Down payment
Down payment (%) and Average term (months)
Auto finance interest rate x Selic² rate (% p.y.)
Banco Votorantim is one of the leading players
in the auto financing market
1. New cars, trucks and motorcycles; 2. Benchmark interest rate (Central Bank). Note: In Jun/15, the average ticket size was R$ 18,000, and the average vehicle age was 4.7 years (portfolio)
9
Jun/15 Dec/14
1.3
Jun/14 Dec/13
1.3
Jun/13 Dec/12
1.1
Jun/12 Dec/11
1.0
Jun/11 Dec/10
2.1
Jun/09 Dec/09
1.5
Auto finance: maintenance of quality in auto finance
origination since 2011
Inad 30¹ (by vintage)
Used car dealers
New car dealers
Origination with better quality has contributed
to the favorable trend in delinquency
Lower quality vintages /
Managed auto finance portfolio²
6%11%
27%
48%
Dec/13 Dec/12 Jun/15 Dec/14
2
45 months
Lower quality vintages
Auto Finance – Origination by channel (R$B) and first payment default by vintage – Inad 30¹ (%)
June09-
June10
average
Consumer Finance – Auto Finance
1. First payment default, or % of each month’s production with first installment past due over 30 days; 2. Includes securitization with substantial risk retention before Res. 3,533
10
Jun/15
4.8%
5.2%
5.36%
Mar/15
9.0%
6.5%
5.33%
Dec/14
6.2%
5.7%
5.5%
Sept/14
5.4%
5.9%
6.1%
Jun/14
6.2%
6.4%
6.5%
Jun/15
2.2%
6.1%
7.9%
Mar/15
2.4%
7.0%
9.4%
6.2%
8.2%
Dec/14
4.1%
6.3%
7.3%
Sept/14
2.6%
6.3%
7.9%
Jun/14
1.5%
90-day NPL dropped to 5.2% in Jun/15 (6.5% in Mar/15) Wholesale NPL dropped to 4.8% and the Consumer Finance NPL remained nearly stable (5.36%)
NPL ratios of managed loan portfolio (%)
90-day NPL
Wholesale Total Consumer Finance
15-90 day
NPL ratio
2 Credit indicators – Delinquency
11
541 561
438 454
196 176
+1.3%
1H15
1,190
1H14
1,175
257 274 287
216 221 233
7494 81
+1.9%
Administrative
Other
Labor
claims²
2Q15
601
1Q15
590
2Q14
547
Effective cost management Personnel and administrative expenses increased 1.3% in 1H15/1H14, below inflation¹
Personnel and administrative expenses (R$M)
1. The IPCA price index and IGP-M index reached 8.89% and 5.58% in the last 12 months, respectively; 2. Include indemnities and provisions for labor contingencies, mainly
linked to the restructuring process ended in 2014
3
3.7%
3.7%
-10.4%
Personnel
∆ 2Q15/1Q15
4.7%
5.2%
∆ 1H15/1H14
-13.8%
-0.7%
-0.5%
38.7 36.0
Personnel and administrative expenses
Efficiency ratio –
last 12 months (%)
12
Net Interest Income (NII) Credit provision expenses – ALL
Personnel and Administrative expenses Net Income and Net Financial Margin
Summary: Net Income of R$146M in 2Q15 and R$268M in 1H15 Highlight for the reduction in ALL expenses and control of the cost base in 1H15/1H14
+5.2%
2Q15
1,287
1Q15
1,223
2Q14
1,332
-4.5%
1H15
2,510
1H14
2,628
407271 358
116
147
+7.4%
Varejo
Atacado
2Q15
448
90
1Q15
417
2Q14
523
-30.0%
1Q15
866
628
237
1Q14
1,237
965
272
-12.8%
-34.9%
257 274 287
290 316 314
+1.9%
Admin.
Personnel
2Q15
601
1Q15
590
2Q14
547
541 561
635 630
+1.3%
1H15
1,190
1H14
1,175
1H15
268
1.644
1H14
292
1.391
146122140
839806808
2Q15 1Q15 2Q14
Net margin (post-provisions) Net income
Consolidated results
R$ million
13
Funding profile improved over the past 12 months Bills and Credit Assignments rose to 45% of total funding (40% in Jun/14)
Funding
Funding evolution (R$ billions) Funding evolution (mix %)
Jun/15
74.0
17.0
16.5
14.3
7.2
7.2
6.8 3.2
1.8
Mar/15
75.2
15.9
17.2
15.4
7.2
7.1
7.5 3.2
1.8
Jun/14
71.7
13.2
15.8
17.3
6.1
7.7
5.7 3.7
2.2
22%22%
24% 19%
9% 10%
11% 10%
8% 9%
Loans securitized to
Banco do Brasil²
Bills (LF, LCA and LCI)
Debentures
(BV Leasing)
Securities abroad
Sub debt
Loans and onlendings
Time deposits (CD)
18%
Jun/15
74.0
23%
4% 3%
Jun/14
71.7
5% 3%
Other¹ 100%
Additionally, Banco Votorantim has a stand-by credit
facility of ~R$7B from BB, which has never been tapped
1. Includes cash and interbank deposits and Structured finance certificates (“COEs”); 2. Funding from loans assigned with recourse under Resolution 3,533
Note: International funding is 100% swapped for BRL
14
Total Capital 11,052 10,523 10,967
Tier I Capital 7,256 6,873 7,105
Common Equity Tier I 7,256 6,873 7,105
Additional Tier I - - -
Tier II Capital 3,796 3,651 3,862
Risk Weighted Assets (RWA) 73,119 76,289 73,786
Credit risk 66,709 68,988 66,293
Market risk 2,248 2,894 3,087
Operational risk 4,162 4,407 4,407
Minimum Capital Requirement 8,043 8,392 8,116
Basel Ratio (Capital/RWA) 15.1% 13.8% 14.9%
Tier I Capital Ratio 9.9% 9.0% 9.6%
Common Equity Tier I Ratio 9.9% 9.0% 9.6%
Additional Tier I Ratio - - -
Tier II Capital Ratio 5.2% 4.8% 5.2%
BASEL RATIO
(R$ Million)Jun.15Jun.14 Mar.15
Basel Ratio of 14.9% in Jun/15 Tier I Capital of 9.6%, entirely composed of Common Equity
Capital structure
15
Appendix
16
106
152
162
187
620881
892
1,078
1,206
1,401
Votorantim Safra
BTG Pactual
HSBC Santander Bradesco
BNDES
CEF
Itaú
Banco do Brasil
State-owned
Foreign
National privately-held
30
56
56
68
258353
406
575
621
664
Banrisul Votorantim
Safra
HSBC Santander
BNDES
Bradesco
Itaú
CEF
Banco do Brasil
State-owned
Foreign
National privately-held 9th
Banco Votorantim is one of the leading banks in Brazil “Top 10” in total assets, with strong shareholders and shared governance
Banco Votorantim is one of the largest
privately-held Brazilian banks in total assets...
...and also in terms of loan portfolio
10 largest Banks in Mar/15¹ - Total Assets (R$B)
10 largest Banks in Mar/15¹ – Loan Portfolio² (R$B)
10th
Shareholder
50% Total
Equal
representation
of each
shareholder
Board of
Directors
Executive board
Fiscal
Council
Audit
Committee
Compensation
& HR
Committee
Products &
Marketing
Committee
Finance
Committee
Total: 50.00%
Voting: 49.99%
Non-voting: 50.01%
Total: 50.00%
Voting: 50.01%
Non-voting: 49.99%
Votorantim Group Banco do Brasil
Ownership Structure
Corporate Governance Structure
1.Jun/15 Central Bank (“Bacen”) data unavailable by the preparation of this presentation; 2. On-balance loan portfolio according to Bacen’s Resolution 2,682
Banco Votorantim - Overview
17
Banco do Brasil Grupo Votorantim +
R$ 66.7B
Consumer Finance
Auto
Finance
To originate portfolios with quality, scale and profitability
To focus on used auto finance (multi-brand dealers), where BV has a history of leadership and expertise
Other
Businesses
Payroll loans: to focus on
INSS (portfolio refinancing)
and Private (portfolio growth)
Credit cards, insurance,
individual loans and
CrediCasa (home equity): to
leverage the existing client
base
Other synergies with BB: BV
Promotora, mortgage, etc.
R$ 35.1B
R$ 28.8B R$ 6.3B
Wealth
Mgmt. & BVEP
Asset: 9th largest in the market, with innovative products and growing synergies with BB
R$ 43.8B in AuM¹
Private: focus on estate management through taylor-made solutions
BVEP: investment in real estate projects
Wealth Mgmt.
Corporate &
IB (CIB)
To be the best wholesale bank to our target clients, focused on:
• Long-term relationships
• Capturing synergies in the origination and structuring of financial solutions
• Efficient capital management
Wholesale R$ 31.6B
Diversified business portfolio Focus on increasing business profitability, operating efficiency and synergies with BB
Strategy
1. Assets under management 2. Includes guarantees provided by the Bank and private securities Note: In Jun/15, the outstanding volume of loans (off-balance) securitized with recourse prior to Resolution 3,533 totaled R$ 0.7B (versus R$ 1.1B in Mar/15)
Shareholders
Pillars
Expanded² credit portfolio
18
Balance sheet
Balance sheet
Jun.15/Mar.15 Jun.15/Jun.14
CURRENT AND LONG-TERM ASSETS 95,904 105,142 102,935 (2.1) 7.3
Cash and cash equivalents 119 124 221 78.3 85.8
Interbank funds applied 6,559 14,743 18,208 23.5 177.6
Securities and derivative financial instruments 28,720 27,236 24,330 (10.7) (15.3)
Derivative financial instruments 1,122 2,227 1,423 (36.1) 26.8
Interbank accounts or relations 110 67 59 (11.5) (46.5)
Loan Operations, Leases and Others receivables 52,854 53,646 51,675 (3.7) (2.2)
Alowance for loan losses (4,188) (4,144) (3,824) (7.7) (8.7)
Tax credit 6,463 6,825 6,732 (1.4) 4.2
Others 4,146 4,419 4,113 (6.9) (0.8)
NON-CURRENTS 380 369 400 8.4 5.1
Investments 227 195 234 20.1 2.9
Fixed assets 89 101 94 (7.2) 4.8
Intangible and deferred charges 64 73 73 (0.9) 13.4
TOTAL ASSETS 96,284 105,511 103,335 (2.1) 7.3
Jun.15/Mar.15 Jun.15/Jun.14
CURRENT AND LONG-TERM LIABILITIES 88,669 97,803 95,457 (2.4) 7.7
Deposits 5,878 4,928 5,034 2.2 (14.4)
Demand deposits 165 86 78 (8.6) (52.4)
Interbank deposits 2,025 1,636 1,771 8.3 (12.5)
Time deposits 3,688 3,206 3,184 (0.7) (13.7)
Money market borrowings 25,831 29,227 27,937 (4.4) 8.2
Acceptances and endorsements 23,461 24,409 23,691 (2.9) 1.0
Interbank accounts 46 177 57 (67.6) 25.2
Borrowings and onlendings 5,660 7,500 6,820 (9.1) 20.5
Derivative financial instruments 1,266 2,746 1,648 (40.0) 30.1
Others obligations 26,527 28,816 30,270 5.0 14.1
Subordinated debts 7,676 7,079 7,168 1.3 (6.6)
Credit transactions subject to assignment 13,151 15,873 17,015 7.2 29.4
Others obligations 5,699 5,863 6,086 3.8 6.8
DEFERRED INCOME 29 29 31 5.6 8.1
SHAREHOLDERS’ EQUITY 7,587 7,679 7,847 2.2 3.4
TOTAL LIABILITIES 96,284 105,511 103,335 (2.1) 7.3
BALANCE SHEET | Assets
(R$ Million)Jun.14 Mar.15 Jun.15
Variation %
BALANCE SHEET | Liabilities
(R$ Million)Jun.14 Mar.15 Jun.15
Variation %
19
Jun/14
40.6
+6.1%
Jun/15
43.8
Mar/15
41.3
Dec/14
40.6
Sept/14
41.7
Total Assets Assets under Management¹
On-balance loan portfolio
-2.1%
Jun/15
103.3
Mar/15
105.5
Dec/14
98.7
Sept/14
98.0
Jun/14
96.3
Financial highlights
Jun/14
53.6
36.4
17.2
-4.7%
Consumer
Finance
CIB
Jun/15
51.8
35.1
16.7
Mar/15
54.3
35.8
18.5
Dec/14
53.5
36.0
17.5
Sept/14
53.3
36.0
17.3
Shareholders’ Equity
Dec/14
7.68
Mar/15
7.85
+2.2%
Jun/15
7.55
Sept/14
7.68
Jun/14
7.59
1. Includes onshore funds (ANBIMA criteria) and private clients resources
Financial highlights
R$ billion
20
Net Interest Margin (NIM)
Net Interest Income (A) 1,332 1,223 1,287 5.2% 2,628 2,510 -4.5%
ALL Expenses (523) (417) (448) 7.4% (1,237) (866) -30.0%
Net Financial Margin 808 806 839 4.1% 1,391 1,644 18.2%
Average Interest-Earning Assets (B) 91,509 93,183 95,337 2.3% 93,854 93,570 -0.3%
Compulsory Reserves (Bacen) 62 48 43 -11.3% 84 47 -44.1%
Interbanks Funds Applied 9,287 11,059 16,475 49.0% 10,093 13,442 33.2%
Securities 28,283 28,184 25,783 -8.5% 29,285 26,900 -8.1%
Loan Portfolio 53,877 53,892 53,036 -1.6% 54,392 53,182 -2.2%
NIM (A/B) - quarter 5.9% 5.4% 5.5% 0.1 p.p. 5.7% 5.4% -0.3 p.p.
2Q15Var. 1H15
/1H141H151H142Q14
Var. 2Q15
/1Q15
NET INTEREST MARGIN (NIM)
(R$ million)1Q15
Financial highlights
21
Jun/15
7.3%
3,843
Mar/15
7.5%
4,174
Dec/14
7.4%
4,092
Sept/14
7.4%
4,114
Jun/14
7.6%
4,309
ALL balance / Managed loan portfolio ALL balance (R$M)
ALL Balance (R$M) Managed loan portfolio rated by risk level¹ (%)
Credit quality indicators
AA-C
D-H
Jun/15
89.8%
10.2%
Mar/15
89.5%
10.5%
Dec/14
89.6%
10.4%
Sept/14
89.2%
10.8%
Jun/14
88.7%
11.3%
223
148 157 166 151
3Q14 2Q14 2Q15 1Q15 4Q14
Credit Recovery (R$M) Net Loss (R$M)
633 623508 412
683
2Q15
5.3%
1Q15
3.0%
4Q14
3.7%
3Q14
4.5%
2Q14
4.5%
Net loss / Loan portfolio Net loss
1. According to Bacen’s Resolution 2,682
Credit portfolio
22
-0.12%
1.90%
0.98% 0.67% 1.64%
2.24%
0.94% 1.04%
1.36% 1.00% 0.95%
1.36% 1.60%
0.68
3Q12
1.27 1.01
2Q12
1.08 1.23
0.67 0.55
3Q14
0.77
0.38
2Q14
0.86 0.96
1Q14
0.87
1.36
4Q13
1.43
0.58
3Q13
0.90 0.66
2Q13
1.34
0.90
1Q13
1.15
0.68
4Q12 2Q15
0.83
-0.07
1Q15
0.58
1.05
4Q14
0.87
New NPL rate
Write-off (R$B)
New NPL (R$B)
Credit portfolio
New NPL
Rate¹
1. Variation in the balance of NPL 90 + loans written-off to loss in the quarter, divided by loan portfolio by the end of the immediately preceding quarter
Managed Loan Portfolio (A) 74,185 71,481 68,169 65,923 63,546 61,281 60,539 58,281 56,806 55,712 55,231 55,422 52,505
90-day NPL Balance 5,539 5,276 4,520 4,056 3,616 3,373 3,081 3,563 3,662 3,273 3,154 3,628 2,727
90-day NPL Quarterly Variation (B) 149 (262) (756) (465) (439) (244) (292) 482 99 (388) (119) 474 (902)
Write-off (C) 1,079 1,269 1,439 1,144 1,339 902 869 874 857 771 666 578 834
New NPL (D=B+C) 1,228 1,007 683 680 900 659 578 1,356 955 383 547 1,052 (67)
New NPL Rate¹ (D/A) 1.60% 1.36% 0.95% 1.00% 1.36% 1.04% 0.94% 2.24% 1.64% 0.67% 0.98% 1.90% -0.12%
2Q151Q13 2Q13 3Q13 4Q13NEW NPL
(R$ Million)2Q12 3Q12 4Q12 1Q14 2Q14 3Q14 4Q14 1Q15
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Credit portfolio
Note: Numbers exclude private securities and are net of credit provisions
Wholesale has a diversified credit portfolio Top 20 sectors account from 80% of the Wholesale credit exposure
R$M Part.(%) R$M Part.(%) R$M Part.(%)
Financial Institutions 4,521 17.3% 4,297 16.5% 4,448 18.1%
Sugar and Ethanol 2,565 9.8% 2,522 9.7% 2,290 9.3%
Telecom 1,322 5.1% 1,687 6.5% 1,708 7.0%
Petrochemical 1,192 4.6% 1,310 5.0% 1,365 5.6%
Agribusiness 1,421 5.4% 1,375 5.3% 1,288 5.3%
Retail 1,434 5.5% 1,234 4.7% 923 3.8%
Pulp and Paper 595 2.3% 662 2.5% 706 2.9%
Residential Construction 969 3.7% 628 2.4% 668 2.7%
Eletricity Generation 757 2.9% 777 3.0% 667 2.7%
Services 626 2.4% 713 2.7% 645 2.6%
Metallurgy 655 2.5% 735 2.8% 631 2.6%
Railw ays 565 2.2% 705 2.7% 627 2.6%
Government 441 1.7% 600 2.3% 587 2.4%
Heavy Construction 443 1.7% 749 2.9% 556 2.3%
Automotive 288 1.1% 533 2.0% 515 2.1%
Agro Trading 689 2.6% 800 3.1% 508 2.1%
Mining 683 2.6% 480 1.8% 508 2.1%
Road Cargo Transportation 466 1.8% 649 2.5% 460 1.9%
Slaughterhouses 50 0.2% 460 1.8% 288 1.2%
Oil & Gas 436 1.7% 772 3.0% 201 0.8%
Other sectors 6,032 23.1% 4,422 16.9% 4,940 20.1%
Total 26,150 100.0% 26,110 100.0% 24,532 100.0%
Wholesale - Sectoral concentrationJun/14 Jun/15Mar/15
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Banco Votorantim’s main ratings
Ratings
RATING AGENCIES Fitch Ratings Moody’s Standard & Poor's
International
Long-term BBB- Baa3 BB+
Short-term F3 P-3 B
National
Long-term AA+(bra) Aa1.br brAA+
Short-term F1+(bra) BR-1 brA-1
Nota: International includes local and foreign currency
Banco Votorantim is rated Investment Grade by Fitch & Moody’s