Institutional Presentation
1st Quarter of 2013
Institutional Presentation
2/32 Investor Relations | 1Q13 |
History and Profile
PINE
History
Business Strategy
Competitive Landscape
Focus on the Client
Corporate Credit
FICC
PINE Investimentos
Rating Upgrades
Highlights and Results
Corporate Governance and PINE4
Organizational Structure
Corporate Governance
Committees
PINE4
Ownership Structure
Social Investment and Responsibility
Summary
History and Profile
4/32 Investor Relations | 1Q13 |
PINE Specialized in providing financial solutions for large clients…
Credit Portfolio by Annual Client Revenues
Profile
March 311h, 2013
Focused on establishing long-term relationships
Profound knowledge and product penetration
Business is structured along three primary business lines:
• Corporate Credit: credit and financing products • FICC: instruments for hedging and risk
management • PINE Investimentos: Capital Market, Financial
Advisory, Project & Structured Finance and Research
Over R$2 billion 39%
R$500 million to R$2 billion
39%
R$250million to R$500
million 15%
Up to R$250 million
7%
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155 184 222 341 521 620 755 663 761 1,214
2,854 3,104
4,191
5,746
6,963
7,912 8,379
18 62
121 126 140 136 152 171 209
335
801 827 825
867
1,015
1,220 1,260
Dec
-97
Dec
-98
Dec
-99
Dec
-00
Dec
-01
Dec
-02
Dec
-03
Dec
-04
Dec
-05
Dec
-06
Dec
-07
Dec
-08
Dec
-09
Dec
-10
Dec
-11
Dec
-12
Mar
-13
Corporate Credit Portfolio (R$ Millions)
Shareholders' Equity (R$ Millions)
History ...with extensive knowledge of Brazil’s corporate credit cycle.
1997 Noberto and Nelson Pinheiro sell their stake in BMC and
found PINE
1939 Pinheiro Family
founds Banco Central do
Nordeste
1975 Noberto Pinheiro becomes one of
BMC’s controlling shareholders
Devaluation of the real
Nasdaq Sept. 11 Brazilian Elections
(Lula)
Subprime Asian Crisis
Russian Crisis
European Community
End of 2007 Focus on expanding the Corporate Banking franchise
Discontinuation of the payroll-deductible loan business
May, 2007 Creation of PINE Investimentos products line and
opening of the Cayman branch
2005 Noberto Pinheiro becomes PINE’s sole
shareholder
October, 2007 Beginning of the FICC Business
October, 2011 Subscription of PINE’s capital by DEG
August, 2012 Subscription of PINE’s capital by DEG, Proparco, Controlling Shareholder and Management
November, 2012 Opening of the broker dealer in New York, PINE Securities USA LLC
March, 2007 IPO
May, 2013 16 years
Business Strategy
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Competitive Landscape PINE serves a niche market of companies with few options for banks.
100% focused on providing complete service to companies, offering customized products
Corporate & SME
SME & Retail
Retail
100% Corporate
Large Multi-Services banks
Market
Consolidation of the banking sector has decreased the supply of credit lines and financial instruments for corporate Foreign banks are in a deleveraging process
PINE
Full service Bank – Credit, Hedging, and Investment Bank products – with room for growth ~10 clients per officer Competitive Advantages: Focus Fast response: Strong relationship with
clients, with the credit committee meeting twice a week and response times to clients of no more than one week
Specialized services Tailor-made solutions Product diversity
Foreign and Investment Banks
8/32 Investor Relations | 1Q13 |
Focus Always on the Client Strategy of product diversity, tailored to meet the needs of each individual client.
Working Capit
CDIs
Bank Guarantees
Exclusive Funds
Portfolio Management
Swap NDFs Structured Swaps
BNDES Onlending
Bank Guarantees Compror
ACC/ACE Export Finance
Finimp Letters of Credit
2,770 onlending
Overdraft Accounts
Syndicated and Structured Loans
Fixed Income
Currencies
Commodities
Equities
CDBs
CDs
RDBs
LCAs
LCIs
Debentures CRIs
CCBs
Eurobonds
Private Placements
Financial Letters
Clients
Treasury
Corporate Credit
FICC
PINE Investimentos
Distribution
Capital Markets
Financial Advisory
Local Currency
Foreign Currency
Fixed Income Currencies
Commodities
Pricing of Assets and Liabilities
Liquidity Management
Trading
Local Currency Onlending
Foreign Currency Trade Finance
Participation Funds
Options
Working Capital Underwriting
Corporate & Structured
Finance
M&A
Project Finance
Structured Finance
Private Credit Funds
Real Estate Funds
Rural Credit
Aircraft Financing
Investment Management
In addition to the
headquarters located in the
city of São Paulo, PINE has 12
branches throughout Brazil , in
the States of Ceará, Mato
Grosso, Minas Gerais, Paraná,
Pernambuco, Rio de Janeiro,
Rio Grande do Sul, Santa
Catarina and São Paulo. The
origination network also
counts with a Cayman branch
and a broker dealer in New
York (USA).
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Corporate Credit
Actions Credit Committee
Strong track record and solid credit origination and approval process.
Credit Approval: Electronic Process
Origination Officers
Credit origination Credit analysis, visit to clients, data updates, interaction with internal
research team
Credit Analysts Regional Heads of
Origination and Credit Analysis
Presentation to the Credit Committee
CRO, Executive Directors and Analysts
of Credit
Centralized and unanimous decision making process
CREDIT COMMITTEE
Meets twice a week – reviewing 20 proposals on average
Minimum quorum: 4 members - attendance of CEO or Chairman is mandatory
Members:
Chairman of the Board CEO Chief Operating Officer Chief Administrative Officer Chief Risk Officer
Participants:
FICC Executive Director Credit Analysts Other members of the Corporate Banking origination team
Personalized and agile service, working closely with clients and keeping a low client to account officer ratio: each officer handles ~10 economic groups
Geographic coverage of clients, providing the bank with local and extremely up-to-date credit intelligence and information
Established long term relationships with more than 600 economic groups
Origination network is comprised of 12 branches divided into 14 origination platforms in Brazil’s major economic centers
More than 30 credit analysts, assuring that analysis is fundamentally driven and based on industry-specific intelligence
Efficient loan and collateral processes, documentation, and controls, which has resulted in a low NPL track record
Discussion on sizing, collateral, structure etc.
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March 31, 2013 R$ millions
Scenario on March, 31:
Duration: 149 days
Mark-To-Market : R$174 million
Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
Stressed MTM: R$298 million
Fixed Income: Fixed, Floating, Inflation, Libor Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar, Australian Dollar Commodities: Sugar, Soybean (Grain, Meal and Oil), Corn, Cotton, Metals, Energy
1Source: Cetip Report, March 2013
FICC Proven trackrecord: 2nd in commodity derivatives1.
Client Notional Derivatives Portfolio by Market
Market Segments
Notional Value and MtM
Portfolio Profile
Commodities20%
Fixed Income
20%Currencies
60%
4,287 4,720 4,875 5,036 5,180
126
256 238 197 174
354
597 629
498
298
Mar-12 Jun-12 Sept-12 Dec-12 Mar-13
Notional valueMtMStressed MtM
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Capital Markets: Structuring and Distribution of Fixed
Income Transactions.
Financial Advisory: Project & Structured Finance, M&A,
and hybrid capital transactions.
Research: Macro, Commodities, and Corporate.
R$ millions R$ millions
R$50,000,000
January, 2013
Capital Increase
Advisor
US$250,000,000
April, 2013
Senior Notes
Bookrunner
R$800,000,000
January, 2013
Debentures
Coordinator
16
9 10
1Q12 4Q12 1Q13
+11.1%
PINE Investimentos Consolidation of the investment done through the years in the franchise.
Volume of Underwriting Transactions
Transactions
Revenues
317
160
1,045
1Q12 4Q12 1Q13
+553.1%
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Rating Upgrades ...with market recognition and positive evaluation by rating agencies.
Moody's explained that the positive outlook reflects PINE’s profitability through a well-executed strategy, and which has ensured earnings recurrence. The rating action also captures the bank's improved funding diversification, well managed asset quality metrics and its good liquidity and capital management.
The agency based its ratings on the strong asset-quality, adequate liquidity, capital, and earnings. S&P also emphasizes the gradual funding diversification, through foreign issuances, securitizations, and the recent capital increase subscribed by DEG.
Fitch attributed this upgrade to PINE’s ability to preserve and to enhance its credit profile in the last several years. Also, the ratings reflect PINE’s consistent performance, higher funding diversification and sound asset quality, liquidity and capitalization. According to Fitch, PINE has managed carefully its growth in the corporate segment with a strategy of revenue diversification and cross-selling aiming to reduce the dependence of revenues from lending and to increase the participation of its FICC Business and PINE Investimentos.
August 2011 Upgrade S&P
December 2011 Upgrade S&P
May 2012 Upgrade pela Fitch
May 2010 Upgrade Fitch
August 2012 Upgrade Perspective Moody’s
May 2013 Upgrade Fitch
Highlights and Results
14/32 Investor Relations | 1Q13 |
Recurring results.
1Q13 Events and Highlights
Positive revenue contributions from all business lines in the quarter: 56.6% from Corporate Credit, 34.1% from FICC, 7.6% from PINE Investimentos, and 1.7% from Treasury. Positive liquidity gap maintained for over 11 quarters: 15 months for credit, versus 17 months for funding. Liquid balance sheet, with cash position of R$1.4 billion, equivalent to 42% of time deposits. PINE continues to be ranked among the 15 largest players in derivative transactions and the 2nd largest in commodity derivatives according to CETIP (OTC Clearing House). On April 19, the Central Bank of Brazil approved the capital increase made by Proparco in the Bank. The transaction resulted in the issuance of 2,211,213 preferred shares, totaling approximately R$32 million, with the participation of other shareholders who exercised their preemptive rights at the price of R$14.28 per share. The transaction resulted in a BIS ratio improvement of 40 bps. On April 25, DEG disbursed the first transaction of the PINE-DEG partnership, totaling US$16 million with an eight-year term for a company in the autoparts sector. On April 30, we concluded our first DCM transaction through our New York broker dealer. The deal amounted to US$250 million for a Sugar and Ethanol company in the State of São Paulo.
1
2
3
4
5
6
7
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R$ millions
1 Includes Stand-by Letters of Credit, Bank Guarantees, Credit Securities to be Received and Private Securities (bonds, CRIs, eurobonds and fund shares)
7,426 8,405
Mar - 12 Mar - 13
Loan Portfolio1
13.2%
1,029 1,260
Mar - 12 Mar - 13
Shareholders' Equity 22.4%
31 30
1Q12 1Q13
Fee Income
- 3.2%
47 46
1Q12 1Q13
Net Income
- 2.1%
1Q13 Financial Highlights The main performance indicators were within expectations in the quarter...
19.5% 15.5%
1Q12 1Q13
ROAE
- 400 bps
6,443 6,589
Mar - 12 Mar - 13
Funding
2.3%
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44% 58% 58%
56% 42% 42%
Mar - 11 Mar - 12 Mar - 13
More than 1 product 1 product
2.7 3.0
2.8
Mar - 11 Mar - 12 Mar - 13
Product and Revenue Diversification ... with contributions from all business lines, fruit of the strategy of complete service to clients.
Clients with more than one product Penetration Ratio – Clients with more than one product
Revenue Mix
Corporate Credit57.3%
FICC24.3%
Treasury8.2%
PINE Investimentos
10.2%
1Q12
Corporate Credit56.6%
FICC34.1%
Treasury1.7%
PINE Investimentos
7.6%
1Q13
17/32 Investor Relations | 1Q13 |
5.0% 5.5%
4Q12 1Q13
+50 bps
Increased activity in the FICC business
Loan portfolio growth
Cash reserves returned to approximately 40% of deposits
Net Interest Margin
NIM Evolution Impacts in the Period
NIM Composition
R$ millions
1Q13 4Q12 1Q12 QoQ YoY
Income from financial intermediation 102 93 122 9.7% -16.4%
Overhedge effect (2) (1) (1) 100.0% 100.0%
Income from financial intermediation ex-overhedge 100 92 121 8.7% -17.4%
Provision for loan losses (13) (19) (11) -31.6% 18.2%
Income from financial intermediation after provision 87 73 110 19.2% -20.9%
NIM is within the guidance range.
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R$ millions
1Q13 4Q12 1Q12 QoQ YoY
Operating expenses 1 50 49 46 2.0% 8.7%
(-) Non-recurring expenses 1 1 1 - -
Recurring Operating Expenses (A) 49 48 45 2.1% 8.9%
Revenues 2 (B) 130 122 152 6.6% -14.5%
Ratio (A/B) 37.7% 39.3% 29.5% -160 bps 820 bps1 Other administrative expenses + tax expenses + personnel expenses2 Gross Income from financial intermediation - provision for loan losses + fee income + overhedge effect
Expenses and Efficiency Ratio
Expenses
Efficiency Ratio
22 23 22
20
22 24
29.5% 39.3% 37.7%
1Q12 4Q12 1Q13
Personnel Expenses
Other Administrative Expenses
Efficiency Ratio (%)
Rigorous management and control of expenses.
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R$ millions
3,136 3,175 3,329 3,289 3,389 3,382 3,274 3,377 3,550
71 122 251 322 367 621 683 787 670
881 912
881 883 884 822 800
853 826 1,117 1,372
1,534 1,687 1,684 1,599 1,699
2,114 2,501
622 772
756 782
1,021 1,154 942
781 832
230
190 124
102 81
64 47
36 26
Mar - 11 Jun - 11 Sept - 11 Dec - 11 Mar - 12 Jun - 12 Sept - 12 Dec - 12 Mar - 13
Individuals: 0.3%
Trade Finance: 9.9%
Bank Guarantees: 29.8%
BNDES Onlending: 9.8%
Private Securities +
Working Capital: 50.2%
6,545 6,875
7,065 7,426
7,641 7,444
7,948 8,405
6,057
1 Includes Stand-by Letters of Credit, Bank Guarantees, Credit Securities to be Received and Private Securities (bonds, CRIs, eurobonds and fund shares)
Loan Portfolio1 The portfolio maintained its growth to reach R$8.4 billion in March...
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Sugar and Ethanol15%
Electric and Renewable Energy
12%
Construction11%
Agriculture8%
Infrastructure7%
Specialized Services
6%Transportation and
Logistics5%
Metallurgy4%
Foreign Trade4%
Beverages and Tobacco
3%
Vehicles and Parts3%
Telecom3%
Food Industry3%
Chemicals2%
Metals and Mining2%
Meatpacking2%
Construction Material
2%
Financial Institutions
2% Other6%
Sugar and Ethanol20%
Construction9%
Agriculture8%
Infrastructure8%
Electric and Renewable Energy
8%
Foreign Trade5%
Transportation and Logistics
5%
Food Industry4%
Specialized Services
4%
Meatpacking3%
Beverages and Tobacco
3%
Metallurgy3%
Vehicles and Parts3%
Chemicals2%
Financial Institutions
2%
Telecom2%
Construction Material
2% Other9%
1Q13 1Q12
Reduced exposure of the Sugar and Ethanol sector, from 20% to 15%;
Increased participation in other sectors such as Electric and Renewable Energy, and Construction;
Reshuffle of the 20 largest clients in approximately 20%;
20 largest clients represented 29% of the total portfolio.
Continuous Loan Portfolio Management ...with sector diversification...
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AA-A56.0%
B30.4%
C9.2%
D-E1.4%
F-H3.0%
3.4%3.7% 3.5%
3.3% 3.4%
Mar-12 Jun-12 Sept-12 Dec-12 Mar-13
March 31, 2013
0.7%0.6%
0.8%
1.2% 1.2%
0.2% 0.2%
0.4%
0.6% 0.6%
Mar-12 Jun-12 Sept-12 Dec-12 Mar-13
Contracts overdue
Installments overdue
Contracts Overdue: Total amount of the contracts overdue for more than 90 days / Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit. Installents Overdue: Total amount of installments overdue for more than 90 days / Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit.
Credit Coverage: Provision / Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit.
Loan Portfolio Quality ... quality, collaterals, and adequate credit coverage.
Loan Portfolio Quality
Credit Coverage
Non Performing Loans > 90 days
Collaterals
Products Pledge
39%
Receivables28%
Properties Pledge
30%
Investments2%
Guarantees1%
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1,720 1,845 1,965 2,130 2,128 2,153 2,056 2,245 2,186
1,114 1,287 1,253 1,196 1,186 1,228 1,177
1,174 972
218 212 228 250 281 223
213 146 126 272
210 165 106 161 194 176 121
110 41 53 66 112 31 33
33 30 126
917 946 924 934 938 891 840 903
869 33
247 266 312 314 593 640
901 796
201
205 237 246 233
295 260
409 402
282
267 310 353 276
234 156
152 78
155
84 86 250
125 118
180
173 171
385
549 757
686 771
1,011 1,073
808
752
Mar - 11 Jun - 11 Sept - 11 Dec - 11 Mar - 12 Jun - 12 Sept - 12 Dec - 12 Mar - 13
Trade Finance: 11.4%
Private Placements: 2.6%
Multilateral Lines: 1.2%
International Capital Markets: 6.1%
Local Capital Markets: 12.1%
Onlending: 13.2%
Demand Deposits: 1.9%
Interbank Time Deposits: 1.7%
High Net Worth Individual Time Deposits: 1.9%
Corporate Time Deposits: 14.8%
Institutional Time Deposits: 33.2%
5,338
7,062
5,902 6,258
6,575 6,443
6,972 6,804 6,589
R$ millions
Funding Diversified sources of funding...
42% 42% 41% 41% 41% 34% 38% 50% 42% Cash over Deposits
23/32 Investor Relations | 1Q13 |
R$ millions
7.2x 7.3x
6.1x 6.5x 6.7x
Mar - 12 Jun - 12 Sept - 12 Dec - 12 Mar - 13
Asset & Liability Management ... keeping a positive gap between credit and funding.
Leverage
ALM – Average Maturity
Credit over Funding Ratio
Total Deposits over Total Funding
Leverage: Total Loan Portfolio / Shareholders’ Equity Credit over Funding ratio: Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit / Total Funding
59% 55% 54% 53% 53%
41% 45% 46% 47% 47%
Mar - 12 Jun - 12 Sept - 12 Dec - 12 Mar - 13
Total Deposits Others
6,589 7,062 6,804 6,972 6,443
86% 84% 83% 82% 87%
Mar - 12 Jun - 12 Sept - 12 Dec - 12 Mar - 13
months
17 16 16
17 17
14 13
14 14 15
Mar-12 Jun-12 Sept-12 Dec-12 Mar-13
Funding
Loan Portfolio
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Capital Adequacy Ratio (BIS)
R$ millions Basel (%)
Tier I 15.0%
Tier II 2.1%
Total 17.1%
1,268
185
1,454
13.4% 13.2% 15.1% 14.3% 13.3% 12.6% 14.0% 13.4% 15.0%
3.7% 3.4%
4.5% 4.2%
3.1% 3.3% 3.0% 2.8%
2.1%
17.1% 16.6%
19.6% 18.5%
16.4% 15.9% 17.0%
16.2% 17.1%
Mar - 11 Jun - 11 Sept - 11 Dec - 11 Mar - 12 Jun - 12 Sept - 12 Dec - 12 Mar - 13
Tier I Tier II
Minimum Regulatory Capital (11%)
BIS ratio reached 17.1%.
Corporate Governance and PINE4
26/32 Investor Relations | 1Q13 |
Organizational Structure Non-bureaucratic, entrepreneurial, and meritocratic culture with a flat hierarchy.
CEO Noberto Pinheiro Jr.
COO Norberto Zaiet
CRO Gabriela Chiste
CAO Ulisses Alcantarilla
CFO Susana Waldeck
Origination Investment Banking Sales & Trading Research Macro/ Commodities/Corporate International
Asset & Liabilities Back Office Legal Collaterals Management Special Situations Middle Office
Controlling Accounting Tax Planning IT Accounts Payable Office Management Marketing Investor Relations
Credit Corporate Research Compliance , Internal Controls and IT Security Credit, Market, Operational and Liquidity Risks Financial Modeling
INTERNAL AUDIT Tikara Yoneya
COMPENSATION COMMITTEE
AUDIT COMMITTEE
EXTERNAL AUDIT PWC
Noberto Pinheiro Noberto Pinheiro Jr. Maurizio Mauro Gustavo Junqueira Mailson da Nóbrega
Chairman Vice Chairman Independent Director
External Director
Independent Director
HUMAN RESOURCES Sidney Vilhena
BOARD
27/32 Investor Relations | 1Q13 |
Corporate Governance PINE commits to best corporate governance practices…
Two Independent Members and one External Member on the Board of Directors Mailson Ferreira da Nóbrega: Brazil’s Finance Minister from 1988 to 1990 Maurizio Mauro: Former CEO of Booz Allen Hamilton and Grupo Abril Gustavo Junqueira: Former Head of PINE Investimentos, Member of the Board of Directors at EZTEC, Financial Advisor at Arsenal Investimentos and CFO at Gradiente Eletrônica
São Paulo Stock Exchange (BM&FBovespa) Level 2 Corporate Governance
Audit and Compensation Committee reporting directly to the Board of Directors
100% tag along rights for all shareholders, including non-voting shares
Arbitration procedures for fast settlement of litigation cases First Brazilian bank to release BR GAAP and IFRS quarterly
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Committees …favoring collective decision making.
Main decisions are taken by committees. Non-stop exchange of knowledge, ideas, and information. Transparency.
CEO
Bi-annually Monthly
AUDIT COMMITTEE
BOARD OF DIRECTORS
COMPENSATION COMMITTEE
COMMITTEES
CREDIT ASSET & LIABILITY
COMMITTEE ALCO
EXECUTIVE TRANSACTIONS MONITORING
HUMAN RESOURCES
INVESTMENT BANK
PERFORMANCE EVALUATION IT ETHICS
INTERNAL CONTROLS AND
COMPLIANCE RISK
Twice a week Weekly Monthly Twice a month Every 2 months Weekly Monthly Quarterly On demand Every 2 months
45 days
45 days
29/32 Investor Relations | 1Q13 |
R$ thousands
PINE4
Price (R$) 14.44
P/BV 1.3x
P/E(1) 7.6x
7.8%
6.6% 6.5%
4.5% 4.3%
1.5%
PINE4 Bank 1 Bank 2 Bank 3 Bank 4 Bank 5
Average: 4.7%
PINE4
PINE4 Evolution (since 2012)
Multiples
Average Daily Traded Volume
Dividend Yield
Dividend Yield: Average daily closing prices of the stocks in 1Q13 / Dividends and Interest on Own Capital of the last twelve months
75
80
85
90
95
100
105
110
115
120
125
PINE4: +12.0%
IBOV: -2.6%
162
272 266 275
524
1Q12 2Q12 3Q12 4Q12 1Q13
+90.5%
(1) Considers the market consensus for the 2013 net income; source: Bloomberg
30/32 Investor Relations | 1Q13 |
Ownership Structure
Highlights
Issuance of 2,211,213 new shares for the capital increase made by Proparco and minority shareholders on April 30, 2013.
PINE hired Itau to serve as Market Maker in order to increase PINE4’s liquidity. The activities of the Market Maker began on May 13, 2013.
As of April 30, 2013
Common Preferred Total %
Controlling Shareholder 58,444,889 15,410,863 73,855,752 66.6%
Management - 6,034,158 6,034,158 5.4%
Free Float - 29,935,154 29,935,154 27.0%
Individuals - 3,109,773 3,109,773 2.8%
Local Institutional Investors - 11,839,327 11,839,327 10.7%
Foreign Investors - 8,093,382 8,093,382 7.3%
DEG - 5,005,067 5,005,067 4.5%
Proparco - 1,887,605 1,887,605 1.7%
SubTotal 58,444,889 51,380,175 109,825,064 99.1%
Treasury - 1,017,249 1,017,249 0.9%
Total 116,889,778 52,397,424 110,842,313 100%
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Social Investment and Responsibility Focus on the short, medium and long term.
Social Investment Recognition
Partnership
Most Green Bank
Recognized by the International Finance Corporation (IFC), private agency programs of the World Bank as the most "green" bank as a result of its transactions under the Global Trade Finance Program (GTFP) and its onlending to companies focused on renewable energy and ethanol
Efficiency Energy
Recognition by World Bank for support in the Energy Efficiency sector.
The UN initiative mobilizes the international business community to adopt fundamental and internationally accepted values in their business practices in the areas of human rights, labor relations, environment and combating corruption, which are reflected in ten principles. Since October 2012
Responsible Credit
“Lists of Exceptions”: the Bank does not finance projects or those organizations that damage the environment, are involved in illegal labor practices or produce, sell or use products, substances or activities considered prejudicial to society.
System of environmental monitoring, financed by the IADB and coordinated by FGV, and internally-produced sustainability reports for corporate loans
Principles applied to Project Finance transactions where total project capital costs exceed US$10 million and are based on International Finance Corporation Performance Standards on social and environmental sustainability and on the World Bank Group Environmental, Health, and Safety Guidelines (EHS Guidelines). Since December/2012
Exhibition and sponsorship of Brazilian artists, for instance Paulo von Poser,
in addition to sponsoring and supporting films and documentaries such as
Quebrando o Tabu (Fernando Henrique Cardoso on the drug war), Além da
Estrada (Charly Braun) and others.
32/32 Investor Relations | 1Q13 |
This report may contain forward-looking statements concerning the business prospects, projections of operating and financial results and growth outlook of PINE. These are merely projections and as such are based solely on management’s expectations regarding the future of the business. These statements depend substantially on market conditions, the performance of the sector and the Brazilian economy (political and economic changes, volatility in interest and exchange rates, technological changes, inflation, financial disintermediation, competitive pressures on products and prices and changes in tax legislation) and therefore are subject to change without prior notice. .
Investor Relations
Noberto Pinheiro Jr.
CEO
Susana Waldeck Norberto Zaiet Junior
CFO / IRO COO
Raquel Varela
Head of Investor Relations
Alejandra Hidalgo
Investor Relations Manager
Eduardo Pinotti
Investor Relations Analyst
Ana Lopes
Investor Relations Analyst
Phone: +55-11-3372-5343
www.pine.com/ir