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					INVESTOR PRESENTATION

        August 2012

                      1
                              Agenda




Corporate Overview               3

Financial Overview              11

Funding Strategy                26

Ratings and Credit Position     31

Conclusion                      33




                                 2
                                                   Who are we?

   CAF is a multilateral financial institution that mobilizes
resources from international markets to Latin America and the
 Caribbean, in order to provide multiple banking services to
 both public and private clients in its shareholder countries.




         Sustainable Economic Development

                  Regional Integration


                                                                3
                                       Preferred Creditor Status

• Constitutive Agreement is an International Treaty.

• As a supranational institution, CAF has been granted
  certain privileges and immunities.

• One of the main roles of multilateral development
  institutions is to provide financing under terms and
  conditions not available from other market sources.

• Member countries’ support is derived from CAF ownership
  structure and capital commitment.

                                                           4
                                          Preferred Creditor Status

CAF’s preferred creditor status has been proven effective under past
periods of market turmoil . . .

    – Peru: Moratorium on external debt payments in the 1980s.

    – Venezuela: Foreign exchange controls in 1994 and in 2002.

    – Bolivia: HIPC initiative in 1998.

    – Ecuador: Default in 1999.

    – Ecuador: Default on several bonds in 2008.

    … None of these events have affected payments to CAF.




                                                                  5
                                                                                                       Shareholder Base

                                                                                                           Argentina       8.9%
                                                                                                           Bolivia         5.5%
                                                                       2012                                Brazil          8.3%
                                                                                                           Colombia        19.4%
                                                                                                           Ecuador          5.5%
                                                                                                           Panamá           1.8%
                                                                                                           Paraguay         1.5%
                                                                                                           Perú            19.4%
                                                                                                           Uruguay           2.6%
                                                                                                           Venezuela        19.4%
From five shareholder countries since                                                                      Chile             0.8%
its inception to its current eighteen.                                                                     Costa Rica       0.5%
                                                                                                           Dom. Republic    0.8%
                                                                                                           Jamaica         0.03%
Full Member shareholder countries                                                                          México           1.7%
have increased from five to eleven(*).                                                                     Portugal            0.1%
                                                                                                           Spain               3.7%
                                                                                                           Trinidad & Tobago 0.1%
                                                                                                           Comm. Banks         0.1%

   As of June 30, 2012
   Green: Full member shareholders countries
                                                                                                                           6
   Yellow: Associated shareholder countries
   (*) Includes Trinidad & Tobago that is currently in the process of becoming a Full Member Shareholder
                                                   Relevance for Latin America

 CAF is the main multilateral source of infrastructure financing for LATAM
                                  Approvals 2000 - 2011
                                        (in millions of US$)


                         WB             IADB                   CAF
                                                               31,998
                                        31,359




                        21,640




Source: Corresponding Annual Reports.                                    7
                                                                                        Financial Policies

                            Conservative Financial Policies

 Assets and Liabilities Management (ALM)

  •     Aims to minimize liquidity risk as well as interest rate and foreign-exchange risks.

  •     Matching terms, currencies and interest rates.


 Capitalization

  •     Capitalization Index(1) must be higher than 30%.

  •     Gearing(2) must be lower than 4.0 times Stockholders' Equity.

  •     Leverage(3) must be lower than 3.5 times Stockholders' Equity.


(1) Calculated according to Basle II methodology.                                                    8
(2) Gearing defined as (loan portfolio + equity securities + guarantees) / net worth.
(3) Leverage defined as financial liabilities / net worth.
                                                             Financial Policies

                  Conservative Financial Policies
Liquidity
 Liquidity must exceed the greater of:
      35% of the sum of debt service and loan disbursements for the next 12
        months.
      45% of undisbursed loan commitments.

Loan Portfolio Diversification
 •   Loans to a country cannot exceed 25% of loan portfolio or 100% of
     Stockholders' Equity.
 •   Loans to a private sector client are limited to 10% of CAF´s Stockholders'
     Equity.

Interest Rates
 •   Loan interest rates cover financing cost, operating cost and expected profit.
                                                                                     9
                              Agenda




Corporate Overview               3

Financial Overview              11

Funding Strategy                26

Ratings and Credit Position     31

Conclusion                      33




                                10
                                                                       Balance Sheet
                        Strong and Liquid Balance Sheet
                                     (in millions of US$)
Assets                                         Liabilities and Stockholders’ Equity

        Liquid Assets      $6,491
                             (29%)

                                               Financial Liabilities      $15,951
                                                                           (70%)


              Loans        $15,331
                             (68%)
                                                   Other Liabilities      $242(1%)

                                                                           $6,467
                                                     Stockholders’          (29%)
                                                     Equity
        Other Assets      $ 838(3%)
Total                    US$ 22,660                Total                US$ 22,660
As of June 30, 2012                                                                 11
                                                                          Liquidity

                         High Liquidity Level
                      Liquid Assets (in millions of US$)
  7.000                                                               6,491
  6.000                                                    5,656

  5.000
                                             4,127
  4.000                          3,685
                      3,281
  3.000      2,458
  2.000
  1.000
      0
             2007     2008       2009        2010          2011     June 2012

                         Liquid Assets / Financial Liabilities

              29.8%   34.7%       35.4%       33.1%         38.1%      40.7%


As of June 30, 2012                                                             12
                                                                                 Liquidity

                               Conservative Asset Allocation

 77% of all liquid assets mature in less than
 5 weeks. All instruments can be settled by            Non -
 T+3.                                               investment
                    Other                                                  Investment
                                                       Grade                  Grade
                 Investments
                                                       1.4%                  (Average
                     9%
                                       Deposits                                AA)
UST, Agencies,                           28%                                  98.6%
 Corprate and
    Finan.
  Institution
    Bonds
     23%

                                                  At least 80% of CAF´s liquid assets have to
                 CD´s                             be rated A- or higher according to our
                                      CP´s
                 10%                              financial policies.
                                      30%

    As of June 30, 2012                                                                 13
                                                          Loan Portfolio
                      Consistent Growth
                          (in millions of US$)


20.000
                                                 14,981    15,331
15.000                                  13,783
                            11,687
         9,548   10,184
10.000

 5.000

    0
         2007    2008        2009        2010    2011     June 2012


          Compound annual growth rate (2007-2011) : 12%

                                                                      14
                                                      Loan Portfolio

         Strong Loan Portfolio Performance Indicators
3.0%


2.5%


2.0%
         1.8%

1.5%               1.4%
                              1.2%
                                     1.0%
1.0%                                           0.9%       0.8%

0.5%

         0.0%      0.0%       0.0%   0.0%     0.05%      0.05%
0.0%
         2007      2008       2009   2010      2011     June 2012

Allowance for Losses/Total Loans     Non-Accrual Loans/Total Loans
                                                                    15
                                                                                                        Loan Portfolio

                                  Approvals by Country

          2000: US$ 3.3 billion
        Venezuela
                    Others
                                   Bolivia
                                                                     2011: US$ 10.0 billion
                     4%
          12%                       15%


Peru
19%                                                         Mexico                 Others   Argentina
                                                                                                                Colombia
                                                             0.3%                   2.5%     13.4%
                                                                                                                 14.5%
                                                                                                                                Panama
                                                    Dominican Republic                                                           4.8%
                                                           0.1%
                                                    Costa Rica                                                                        Ecuador
                                                      0.1%                                                                             7.7%
                                         Colombia
       Ecuador                             33%
         17%
                                                     Peru
                                                    21.7%                                                                             Uruguay
                                                                                                                                       6.4%



                                                          Paraguay
                                                                                                                                Venezuela
                                                            1.2%
                                                                                                                                  5.3%
                                                                         Bolivia                            Brazil
                                                                          4.0%                              17.9%

                                                                                                                           16
                                                                                    Loan Portfolio

                        Diversified Portfolio Reduces Risk
                                        Loan Portfolio by Country

                                                     Spain   Bolivia
                            Venezuela                0.3%     9.7%       Colombia
                             18.2%                                        11.2%
              Uruguay                                                               Costa Rica
               2.2%                                                                   0.7%

                                                                                      Dominican Rep.
                                                                                          1.1%
            Argentina
             12.6%                                                                      Ecuador
                                                                                         16.1%


                   Brasil                                                            Mexico
                   7.1%                                                               0.1%
                                                                                  Jamaica
                                                                         Panama     0.0%
                                              Peru            Paraguay
                                                                          3.7%
                                             16.3%              0.6%


As of June 30, 2012                                                                                    17
                                                    Loan Portfolio

Country with the highest participation in the loan portfolio




                                     Loan portfolio concentration has
                                     been decreasing significantly
                                     due to a broader capital base




                                                                   18
                                                                                          Loan Portfolio

Loan Portfolio by Public / Private Sector                                  Loan Portfolio by Industry


                             50% in financial                               Financial      Others
                               institutions                              Intermediaries     2%
                                                                               9%

 Private
  16%
                                                         Social Development
                                                                 19%
                                                                                                    Infrastructure
                                                                                                         70%



                                                Public
                                                 84%




   •     “Social Development“ includes health and social services, and education.
   •     “Financial Intermediaries” includes commercial and development banks.

       As of June 30, 2012                                                                              19
                                                                                                   Capitalization

                                          Strong Capitalization
                                               Stockholders’ Equity
                                                  (in millions of US$)
  7,050                                                                                    6,351    6,467
                                                                                  5,573
                                                               5,287
                                           4,554
  4,700                 4,127



  2,350


            0
                         2007               2008               2009               2010     2011      June
                                                                                                     2012
                                                     Main Capital ratios
                                                   Gearing(1)                    2.5 : 1
                                                   Leverage(2)                   2.4 : 1


 (1) Gearing defined as (loan portfolio + equity securities + guarantees) / net worth.                      20
(2) Leverage defined as financial liabilities / net worth.
                                                                          Capitalization

                        Total Capital Increases of $ 6.3 bn

  2007 - 2014                  2010 - 2017           2013 - 2016           2012 - 2014




Committed by new            Approved capital       Approved capital    Committed capital
 Full member                  increase in 2009:       increase in 2011:    increase by Trinidad
 countries:                                                                & Tobago to become
                             • $2.0 bn to maintain   • $1.6 bn for Full
 Argentina, Brazil,                                                        a new full member:
                              current equity          Member
 Panama, Paraguay,
                              share.                  Countries           • $323 mn in Paid-in
 and Uruguay.
                                                                           capital.
                             • $500 mn for series    • $400 mn for
Additional $360mn
                              “C” shareholders.        series “C”         • $36 mn in callable
 in callable capital.
                                                       shareholders         capital.



                                                                                           21
                                                                                             Capitalization

                    Capital Contributions (in millions of US$)

600



500                                                                                       467
                                                                                                       CAF´s average
400                                                                                                    annual capital
                                                                                                       contributions has
                                                                                                       increased
300
                                                                                                       significantly.
                                                             167
200



100                 55

  0
      1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011



                                                                                                               22
                                                                                            Profitability

                                      Consistent Profitability
  12%
                             10.5%
  10%          9.4%


   8%                                         7.2%
                                                                                                          ROE
   6%          5.3%           5.3%                                                                        Libor 6M
            4.8%                                              4.7%
                                  4.7%                                                                    UST 10Y
                                             3.6%
   4%          4.7%
                              4.4%                            3.2%    3.2%                3.0%
                                                                                                 (1,2)    UST 5Y
                                                 3.1%                            2.8%
                                                                        3.0%                1.9%
   2%                                        2.8%                                2.5%
                                                              2.2%
                                                                        1.9%     1.5%
                                                                                              0.8%
                                                             1.2%    0.5%        0.5%     0.8%
   0%
              2006           2007           2008             2009       2010   2011     June 2012
                                      Net Income (in millions of      US$)
                                                                                                  (3)
              $321           $401           $312             $235       $166   $153         $96

(1) Return on average total stockholders' equity                                                         23
(2) Annualized according to Net Income as of June 30, 2012
(3) As of June 30, 2012
                                                                                                   CAF vs. Peers

  CAF’s financial ratios compare favorably with those of similar
                         financial institutions

                                                                       CAF               IADB                 WB
       Ratings (Moody’s / S&P - Fitch)                              Aa3 / A+           Aaa / AAA         Aaa / AAA

       Equity / Assets                                                29.5%              22.1%                12.6%

       Non-Accrual Loans / Loans                                      0.05%              0.20%                0.40%

       Allowance for Losses / Loans                                    0.9%               0.2%                1.2%

       Interest Coverage(*)                                            1.7x                2.8x               1.6x
       Total Portfolio Growth (latest year)                            8.7%               5.0%                10.3%

       Administrative Expenses / Total Portfolio                       0.6%               0.9%                1.1%

       Return on Assets (ROA)                                          0.8%               -0.3%               0.3%

       Return on Equity (ROE)                                          2.5%               -1.4%               2.4%


Source: Corresponding Annual Reports. CAF and IADB at the end of December 2011. WB at the end of June 2011.           24
(*) Interest coverage ratio defined as ICR= EBIT/Interest Expense.
                              Agenda




Corporate Overview               3

Financial Overview              11

Funding Strategy                26

Ratings and Credit Position     31

Conclusion                      33




                                25
                                                                               Funding Base

                              Diversified and Competitive Funding

                 Funding Sources
          Long Term                                                     Bonds by currency
            loans                      Term
             7%                       Deposits
                                                                         CHF    HKD
                                        27%                                     1%
                                                                         13%
                                                                  PEN
                                                           MXN    1%
                                                           2%
                                                     COP
                                                     2%




                                                    EUR
Bonds                                               14%
                                             CP's
 55%                                         11%                                                 USD
                                                            JPY                                  58%
                                                            7%




        As of June 30, 2012                                                                 26
                                                          Capital Market Activity




                                    Europe
   USA                               29%
   55%




         Latin América
               7%                                           Asia
                                                             9%



                                CAF has issued more than US$ 15.6 bn in diferent
                                           markets worldwide since 1993

Percentages correspond to outstanding bond issues                                  27
                                                                          Recent Issues
   July 20, 2012            June 19, 2012           June 19, 2012             May 31, 2012
   JPY 6.000 MM             USD 1.093 MM             CHF 235 MM               HKD 398 MM


       1.850%                    4.375%         3M CHF Libor + 145 bps             4.00%
    Tenor: 11 years         Tenor: 10 years        Tenor: 2.5 years          Tenor: 12 years
     Maturity: 2023          Maturity: 2022         Maturity: 2014            Maturity: 2024
   Japanese Market          Yankee Market           Swiss Market               Asian Market
        EMTN                American Shelf               EMTN                      EMTN
      Dealer: GS        Dealer: DB, GS & HSBC    Dealer: Credit Suisse    Dealer: Goldman Sachs


    April 16, 2012         March 21, 2012           March 1, 2012           February 24, 2012
     USD 50 MM              HKD 400 MM               EUR 60 MM                CHF 125 MM


         5.00%                  4.03%           4.375% (MS + 210 bps)     3M CHF Libor + 125 bps
   Tenor: 30 years          Tenor: 10 years         Tenor: 20 years           Tenor: 2 years
    Maturity: 2042           Maturity: 2022          Maturity: 2032           Maturity: 2014
     Asian Market            Asian Market        Schuldschein Market          Swiss Market
         EMTN                   EMTN                  Stand Alone                 EMTN
Dealer: Goldman Sachs        Dealer: HSBC       Dealer: Deutsche Bank      Dealer: BNP Paribas


  January 20, 2012        November 3, 2011        October 28, 2011            July 7, 2011
    EUR 82 MM               CHF 125 MM             MXN 1.317 MM          Reopening +USD 500 MM


        4.25%                   2.75%                  3.95%                     3.75%
   Tenor: 15 years         Tenor: 5.3 years        Tenor: 10 years           Tenor: 5 years
    Maturity: 2027          Maturity: 2017          Maturity: 2021           Maturity: 2016
Schuldschein Market         Swiss Market           Mexican Market            Yankee Market
     Stand Alone                EMTN               Local Program             American Shelf
Dealer: Deutsche Bank      Dealer: CS & DB          Dealer: BBVA            Dealer: GS & CS



                                                                                                28
                                       Commercial Paper Programs


            USCP Program                              ECP Program




15 years in the USCP market              10 years in the ECP market

Size: USD 2.0 bn                         Size: USD 2.0 bn

Rating:   -Moody's P1                    Rating:   -Moody's P1
          -Standard and Poor's A1                  -Standard and Poor's A1
          -Fitch F1                                -Fitch F1

Issued amount Dec 2011: USD 10.2 bn      Issued amount Dec 2011: USD 1.2 bn

Outstanding Dec 2011: USD 1.4 bn         Outstanding Dec 2011: USD 0.5 bn

Avg Outstanding Dec 2011: USD 1.3 bn     Avg Outstanding Dec 2011: USD 0.5 bn



                                                                                29
                              Agenda




Corporate Overview               3

Financial Overview              11

Funding Strategy                26

Ratings and Credit Position     31

Conclusion                      33




                                30
                                   CAF Ratings Have Improved Consistently

                      CAF has received 11 upgrades since 1993



 Aa3/AA-

  A1/A+

                                                                  Fitch (A+)
   A2/A
                                                                  S&P (A+) (*)
  A3/A-
                                                                  Moody's (Aa3)
Baa1/BBB+                                                         JCR (AA-)

Baa2/BBB

Baa3/BBB-




     (*) Positive outlook by S&P                                     31
                              Agenda




Corporate Overview               3

Financial Overview              11

Funding Strategy                26

Ratings and Credit Position     31

Conclusion                      33




                                32
                                                                                        Conclusion
Strong Financial position
     Balance Sheet: Assets and Loan Portfolio grew 12% and 2% respectively in June 2012 in comparison
         to the same period in 2011.

      Liquidity: Liquid assets grew 41% in comparison to the same period in 2011.

Strengthening of capital base: A new $2.0 bn capital increase approved in November 2011 to be paid
    between the years 2013 and 2016. Full member shareholders will pay $1.6 bn while series “C”
    shareholders will have the option to pay the remaining $400 million. Mexico being a Series “C”
    shareholder has subscribed and paid $100 million in July of 2012.

    Argentina and Paraguay became official core members in 2011.

    Trinidad & Tobago subscribed $323 millon of paid-in capital in order to become a full member
    shareholder. First annual installment of $107 million has already been paid.

Diversification of operations: Increased participation of new full-member countries in the loan portfolio.

Diversification of funding sources: Active in both international and local capital markets of the region.
    Bonds issued in 2011 totaled $ 1.4 bn. Continuous presence in CP markets as well as an increase in
    deposits.

Proven preferred creditor status.

Best-rated frequent issuer in Latin America. In July 2012, Moody’s rating agency upgraded CAF’s long term
   debt to Aa3.
                                                                                                      33
    Thank you


http://www.caf.com

                     34

				
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