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Disclaimer
This presentation may include forward-looking statements about future events or results
according to the regulations of Brazilian and international securities and exchange commissions.
These statements are based on certain assumptions and analyses by the Company that reflect its
experience, the economic environment, future market conditions and events expected by it,
many of which are beyond its control. Important factors that may lead to significant differences
between actual results and the statements of expectations about future events or results include
the company’s business strategy, economic conditions in Brazil and abroad, technology, financial
strategy, client business development, financial market conditions, uncertainty regarding the
results of its future operations, plans, objectives, expectations and intentions, among others. As a
result of these factors, the actual results of the Company may significantly differ from those
mentioned or implicit in the statement of expectations about future events or results.
The information and opinions contained in this presentation should not be understood as a
recommendation to potential investors and no investment decision should be based on the
veracity, currency or completeness of this information or these opinions. No advisors to the
company or parties related to them or their representatives will be responsible for any losses that
may result from the use or the contents of this presentation.
2
Cards Markets and CardSystem
Private Label + Credit Market CardSystem
Average Annual Growth (3 years) 19.2% 26.5%
Growth (12 months) 12.0% 21.2%
Base growth continues quicker than market
growth ;
Trend of replacing private label cards with
hybrid cards.
Opportunities from the opening of the
Acquirer market.
3
9.012.1
16.620.1
24.3
4Q05 4Q06 4Q07 4Q08 4Q09
Cards in CSU´s Base(million)
97 118 144 173 19668
7993
124136
165197
237297
333
2005 2006 2007 2008 2009
Growth of the Cards Market(millions - source: ABECS)
Private Label Credit
12.0%
21.2%
CardSystem – Operational Data
Issue of more than 6.5 million new cards in the last 12 months;
Flex Cards with increasing share of total card issues;
Room still exists for growth in the coming months.
4
1.7 1.61.3 1.4
2.4
1.5
3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
Issue of Cards in CSU´s Base(millions)
MarketSystem – Operational Data
Removal of 840 thousand accounts due to the end of the Oi program;
100% organic growth in the period.
5
20 2.0 2.12.3 2.4
2.72.8
3.1
2.4
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
MarketSystem - Processed Accounts(millions)
CSU.Contact
Alphaview project, a new Contact Center concept;
CSU is already reaping the rewards from the new Contact
Center;
Alphaview will improve operators’ quality of life, improve
service standards and reduce operating costs.
6
2,546
2,218
3,476 3,4453,314 3,288 3,238
3,934
3,494
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
Work Stations in Operation(Source: CSU)
61.3
64.2
4Q08 4Q09
Gross Revenue(millions)
16.7
17.8
4Q08 4Q09
EBTIDA and EBTIDA Margin
(millions, %)
20.6
27.0
4Q08 4Q09
Gross Profit andGross Margin
(millions, %)
CardSystem
Economies of scale in card processing operations;
Maintenance of the policies to control costs;
Development of higher added-value agreements improves gross margin.
4.7%
31.1%6.4%
7
33.6%
42.1%
27.3%
27.7%
0.2
(1.2)
4Q08 4Q09
EBTIDA (millions)
43.6
40.1
4Q08 4Q09
Gross Revenue(millions)
1.0
2.0
4Q08 4Q09
Gross Profit andGross Margin
(millions, %)
CSU.Contact
Contraction in revenue due to the lower volume of services in customer
service centers;
Reduction of 10.8% in unit costs, due to lower services volume, renegotiation
of agreements with suppliers and the consolidation of the call center sites;
The higher operating expenses led to a decline in EBITDA.
-8.0%
88.8%
8
N/A
2.4%
4.9%
Performance of Financial Indicators
9
101.2 104.9 107.3 108.6 106.2 104.3
3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
Gross Revenue CSU(million)
16.7 16.9 20.5 20.5 21.316.6
3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
EBITDA CSU(million)
17.7% 17.4% 20.6% 20.4% 21.6%17.2%
3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
EBITDA Margin(%)
Results - Units
10
55.5961.31 62.39 62.27 64.86 64.2
45.57 43.57 44.92 46.3441.36 40.1
3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
Gross Revenue(million)
CardSystem CSU.Contact
16.9 16.7 18.4 18.7 20.517.8
(0.2) 0.2 2.0 1.9 0.7 (1.2)
3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
EBITDA(million)
CardSystem CSU.Contact
75.6
67.5
4Q08 4Q09
Cost of ServicesRendered(millions, %)
104.9
104.3
4Q08 4Q09
Gross Revenue(millions)
21.6
29.0
4Q08 4Q09
Gross Profit and Gross Margin
(millions, %)
CSU (Consolidated)
Higher share of electronic payment methods in revenue;
The group’s operating margins improved thanks to: (i) result-oriented
management, (ii) new controls, (iii) new policies, (iv) scale gains.
-0.6%
33.9%-10.7%
11
20.6%
27.8%
20.8
19.3
4Q08 4Q09
OperationalExpenses
(million)
16,9
16.6
4Q08 4Q09
EBTIDA and EBTIDA Margin
(million, %)
EBITDA and Net Income were impacted by a provision for doubtful accounts of
R$3.68 million for accounts receivable of R$11.0 million related to the first
phase of the CEF project, with the aim of mitigating risks;
Excluding the effects of the provision for doubtful accounts, EBITDA and Net
Income were R$20.2 million and R$7.3 million, respectively;
EPS: R$0.37* in 2009 (excluding reserves);
-2.0%-7.2% 89.5%
CSU (Consolidated)
12
16.1% 15.9%
1.9
3.6
4Q08 4Q09
Net Financial Result(million)
Debt and Capex
Debt:
Period cash flow enabled a reduction in net debt from R$ 95.0 million to
R$ 55.5 million;
CSU has no dollar-indexed debt nor does it make use of derivatives
contracts. All debt is in Brazilian reais and indexed to the interbank (CDI)
rate.
The decline in money market rates (CDI) combined with the lower debt
balance led to lower financial expenses;
13
Short Term Debt 29.9 62.5 35.7
Financing and Debt loan 19.3 49.7 24.2
Leasing 10.6 12.8 11.5
Long Term Debt 36.6 34.0 40.1
Financing and Debt loan 19.9 25.4 25.6
Leasing 16.7 8.6 14.5
Gross Debt 66.5 96.5 75.8
(-) Cash 11.0 1.6 8.6
Net Cash (Debt) 55.5 95.0 67.2
Debt - R$ thousand 4Q09 4Q08 3Q09
Debt and Capex
CAPEX:
Investments 50.6% higher in the period.
Customization of the payment means platform (Vision Plus);
Development of the Acquirer processing module;
Maintenance of Investments in the Alphaview project.
14
Systems (SW and HW) 5.6 3.2 74.9% 4.6 21.8%
Hardware 0.6 2.2 -73.9% 0.3 116.5%
Alphaview 2.7 - n.a 6.3 -56.7%
Other 0.3 0.7 -61.1% 0.6 -55.1%
Capex 9.1 6.1 50.6% 11.7 -22.1%
Capex - R$ million 4Q09 4Q08 Chg. % 3Q09 % Chg.
Main Strategies for next quarter
Maintenance of investments to ensure growth in all the
Company’s units;
Consolidation of the recent changes in the commercial and
relationship areas at CSU;
Resumption of growth in CSU.Contact;
Maintenance of the new levels of costs and quality.
15
Questions & Answers
Décio Burd
Phones: (0xx11) 3030-3821
E-mail: [email protected]
Site: www.csu.com.br/ri
