THE ENTREPRENEURIAL DEVELOPMENT BANK · Source: Banco de la ... Working capital Entrepreneurial...
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THE ENTREPRENEURIAL DEVELOPMENT BANK March 2013
Transcript of THE ENTREPRENEURIAL DEVELOPMENT BANK · Source: Banco de la ... Working capital Entrepreneurial...
THE ENTREPRENEURIAL DEVELOPMENT BANK
March 2013
COLOMBIA ECONOMIC OVERVIEW
Colombia: General Overview
1 Estimated; 2 Central Government Balance; 3 November 2012; e.o.p: end of period; a.o.p: average on period; yoy: year over year
Source: Banco de la República, DANE, Ministerio de Hacienda, Consensus Forecast.
Population:
46,9 million
GDP per capita:
USD 7.235 (2011)
2009 2010 2011 2012
GDP (USD bn)1 234 286 333 369
Real GDP Growth (% yoy)1 1,65 4,00 5,91 4,0
Inflation (% yoy e.o.p.) 2,00 3,17 3,73 2,44
Policy Interest Rate ( % e.o.p) 3,50 3,00 4,75 4,25
Unemploymnet Rate (% a.o.p) 12,0 11,8 10,8 10,4
Current Account Balance (% GDP)1 -2,12 -3,06 -2,99 -3,10
Trade Balance (USD bn) 1,7 1,5 5,4 4,9
Exports (USD Bn) 33 40 57 61
Imports (USD Bn) 31 38 52 56
Exchange Rate COP/USD (e.o.p) 2.044 1.914 1.943 1.768
Fiscal Balance (% GDP)1,2 -4,10 -3,90 -2,80 -2,40
Public Debt (% GDP)1 36,50 37,30 35,10 35,10
External Debt (USD Bn)3 53,7 64,7 75,9 80,7
External Debt (% GDP)3 22,7 22,4 22,9 21,80
International Net Reserves (USD bn) 25,4 28,5 32,3 37,5
Colombian economy shows a positive trend
GDP (% yoy)
GDP per capita USD
3,9
5,3
4,7
6,7 6,9
3,5
1,7
4,0
5,9
4,3
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012p
Average GDP growth rate 2003-2012: 4,2%
7235
0
1000
2000
3000
4000
5000
6000
7000
8000
20
00
20
01
20
02
20
03
20
04
20
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20
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20
07
20
08
p
20
09
p
20
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p
20
11
p
• Between 2000 – 2011 GPD per capita rose 158% (national currency COP)
• IMF estimated for 2012 GDP per capita in USD
7.842
Source: Banco de la República, DANE.
Colombia’s economic growth above global and region rate
Global GPD growth (% yoy)
* Latin American and Caribbean
Source: Fondo Monetario Internacional.
3,2
2,3
-0,4
6,6
3,0
4,3
3,5
2,0
-0,2
7,1
3,6
4,4
Global US Euro Zone Developing Asia
Latam* Colombia
2012e 2013p
GPD Demand Side (% yoy)
GDP Supply Side (% yoy)
Accumulated GDP growth from January - September
Source: DANE.
3,9%
10,1%
4,3%
5,7%
4,3%
4,5%
5,8%
21,5%
10,1%
16,7%
2,5%
6,6%
GDP
Imports
Exports
Investment
Goverment consumption
Household consumption
Jan - Sep 2011 Jan - Sep 2012
3,9%
5,5%
4,3%
4,2%
0,6%
0,0%
7,2%
2,1%
5,8%
5,6%
7,0%
6,2%
3,6%
4,3%
13,2%
3,4%
GDP
Financial Serv.
Transport
Retail
Construction
Manufacturing Ind.
Mining
Agricul/ farming
Jan - Sep 2011 Jan - Sep 2012
Exports is gaining momentum
Exports (USD million)
2012 Exports Evolution (% yoy)
Source: DANE.
61
6,6
40
10
3,4
57
7,1
38
10
2,8
Tota
l
Agr
icu
ltu
ral
Pro
du
cts
Fue
ls a
nd
m
inin
g
Man
ufa
ctu
res
Oth
er
2012 2011
4,8%
6,9%
-6,1%
5,7%
Manufactures
Fuels and mining
Agricultural products
Total
Source: DANE.
Colombian foreign trade By sector (% share) By country (% share)
Exp
ort
s Im
po
rts
Inflation (% end of period)
Reduction on inflation led an accommodative monetary policy
Central Bank Reference Rate (%)
Source: Banco de la República.
4,9 4,5
5,7
7,7
2,0
3,2 3,7
2,4
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
8,0
9,0
2005 2006 2007 2008 2009 2010 2011 2012
Inflation Lower band Target Upper band
3,75
2
4
6
8
10
12
feb
-06
feb
-07
feb
-08
feb
-09
feb
-10
feb
-11
feb
-12
feb
-13
Main figures financial intermediaries (USD Billion)
Financial system size
Profits financial intermediaries (USD Billion)
Source: Superfinanciera
140
120
19
177
152
25
206
176
30
Assets Liabilities Equity
Dec-10 Dec-11 Dec-12
2,0 2,1
2,6
3,1
3,7
4,1
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
Crisis did not affected significantly the banking system
Financial Intermediaries: banks, financial corporation and others
*Includes provisions
Source: Superfinanciera
Loan portfolio growth (% yoy)
Total loans* & performing loans growth (% yoy)
15%
12%
18%
-10%
0%
10%
20%
30%
40%
50%
60%
De
c-0
4
De
c-0
5
De
c-0
6
De
c-0
7
De
c-0
8
De
c-0
9
De
c-1
0
De
c-1
1
De
c-1
2
Total loan Commercial Consumption
15%
31%
-60%
-40%
-20%
0%
20%
40%
60%
80%
Dec
-03
Dec
-04
Dec
-05
Dec
-06
Dec
-07
Dec
-08
Dec
-09
Dec
-10
Dec
-11
Dec
-12
Total Loan Non performing loans
Fiscal policy soundness continues in 2012
CPS: Combined Public Sector
NPS: Nonfinancial Public Sector Balance
CG: Central Government Balance
2012 estimated
Source: Ministerio de Hacienda
Fiscal Balance (% GDP)
-2,0
-0,1
-1,8
-1,2
-2,8
-2,4
-5,0
-4,5
-4,0
-3,5
-3,0
-2,5
-2,0
-1,5
-1,0
-0,5
0,0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012e
CPS NPS CG
Colombian public debt remains at the same levels in adverse international scenario
Public Debt* (% GDP)
External Debt (% GDP)
35,1
0
5
10
15
20
25
30
35
40
45
50
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
p
*Central Government Public Debt
Source: Banco de la República, Ministerio de Hacienda
12,2 9,4
22,9 21,7
0
5
10
15
20
25
30
35
40
45
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
No
v-1
2
Public Private Total
Favorable sovereign risk perception
Sovereign CDS 5 YR (USD)
CDS: Credit Default Swaps
*Foreign Currency Long Term
Source: Bloomberg
Sovereign Ratings*
295
108
98
97
96
91
72
394
162
154
172
156
222
132
Spain
Brazil
Mexico
Peru
Colombia
France
Chile
Dic-11 Dic-12
Country Moody's S&P
Fitch Ratings (selection)
Thailand Baa1 BBB+ BBB
Italy Baa2 BBB+ A-
South Africa Baa1 BBB BBB
Mexico Baa1 BBB BBB
Russia Baa1 BBB BBB
Brazil Baa2 BBB BBB
Panama Baa2 BBB BBB
Peru Baa2 BBB BBB
Bulgaria Baa2 BBB BBB-
Colombia Baa3 BBB- BBB-
Island Baa3 BBB- BBB-
Spain Baa3 BBB- BBB
India Baa3 BB+ BBB-
Indonesia Baa3 BB+ BBB-
In 2012 FDI flows reached a new record
Foreign Direct Investment Flows (USD Billions)
Source: Banco de la República
16,7
-
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
18,0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2007 2008 2009 2010 2011 2012
Alianza del Pacífico: Chile, Colombia, México y Perú
CAN: Bolivia, Ecuador y Perú
CARICOM: Comunidad del Caribe
EFTA: Islandia, Liechtenstein, Noruega y Suiza
North Triangle: El Salvador, Guatemala y Honduras
Mexico
CAN
North Triangle of Central America
Mercosur Chile
Canada
EFTA
US
Panama
Korea
Turkey
Israel
Costa Rica
EUROPEAN UNION
SIGNED IN NEGOCIATION
Source: Ministerio de Comercio, Industria y Turismo
Free Trade Agreements
Japan
IN FORCE
Alianza del Pacífico
Summary
•Colombian economy shows a sustained growth above global and region rate.
•Exports expanded in adverse international scenario.
•Inflation expectation is within Central Bank’s medium term target.
•The current interest rate levels will help to sustainable economic growth.
•Financial system is solid and financial institutions will remain with high levels of liquidity.
•Prudence in fiscal and monetary policy will continue.
•A better risk perception (investment grade) will lead to a local investment growth.
•The main downside risks to economic growth are lead by external conditions.
•For 2013 is expected a GDP rate growth above 4,0%.
ABOUT BANCÓLDEX
Ownership structure
Ownership structure As of December 2012
Bancoldex strategic allies
Bancóldex is supervised by the Colombian Financial Superintendence
www.superfinanciera.gov.co
Ministry of Trade,
Industry and Tourism 91.9%
Ministry of Finance 7.9% Others 0.2%
49.63%
30.21%
86.55% 89.17%
ORGANIZATIONAL STRUCTURE
Organization chart
STRATEGIC FRAMEWORK 2010-2014
Evolución de Bancóldex
2007 2012 2010 2009 2008 2006 2005 2003 1992-2002
Banco de comercio exterior
IFI´s Assets and Libabilities adquisition
• Broad attention to domestic market • Focusing on SME • Beginning of the territorial agreement
schemes
“aProgresar” Program
Banca de las Oportunidades Program
Contraciclic Program Economic slowdown
Private Equity Funds
Microinsurance Futurex Program
National Development Plan 2010-2014 Special Programs
Emergency Plan
Revaluation
Entrepreneurial training program
Focusing on foreign trade products and
services
Mission- Vision
Mission
As a development bank, we drive the Colombian entrepreneurial sector
productivity through innovation, modernization and internationalization, with
financial sustainability and commitment of our human capital, within the
framework of social responsibility.
Vision
In 2014, to become the leading Bank implementing entrepreneurial
development instruments to promote productivity of Colombian enterprises.
Bancóldex, an entrepreneurial ally
Entrepreneurial Modernization Financing
Entrepreneurial Innovation Support
MORE COMPETITIVE AND PRODUCTIVE COMPANIES
LEADS TO JOB CREATION
Growth National Market International Markets
Bancóldex offers instruments for all entrepreneurial development stages
BANCÓLDEX AS A SECOND TIER BANK
Second tier bank
Second tier loans Direct loans
Rediscount Application
Rediscount credit Direct credit
Credit Application
Company- entrepreneur Financial Insititution
Portafolio
Entrepreneurial trainning
Line Agreement: AECID line, Colciencias,
Sustainable development,
Innovation credit line
Tourism credit line
Buyer Credit
Supplier Credit
International Banking Operations
Working capital
Entrepreneurial Modernization
Entrepreneurial support
Credit Lines
Liquidex Productives chains
Special Credit Lines Service channels
Institutional Strengthening
Microfinancial Entities
Non Financial Servicies
Microinsurances
Private Equity Fund Venture Capital Program
Foreign Trade
Liquidex COP/USD
Representation Offices
Multicontacto costumer service line
Bancóldex Entrepreneurial Centers
Invoice Discount Services
Treasury Products
Portfolio investments Overnight
Repos Forex NDF
Futurex - Life
Futurex -Damages
Bancóldex Capital
Bancóldex services and programs
BUSINESS PLAN
UNDER EXPANSION
VENTURE CAPITAL
“START UP”
MATURITY PRIVATE EQUITY
CONSOLIDATION
STOCK MARKET
SEED CAPITAL
ANGELS
Entrepreneurial development stages
Tip
e o
f Fi
nan
cin
g (
sou
rce
s)
SME and Large Companies financing
Entrepreneurial modernization Working capital Sustainable development- green lines
International Banking Operations Supplier credit, buyer credit and correspondent banking
Invoice Discount Liquidex Foreign Trade
Micro - financing
Entrepreneurial training
Microinsurances
Private Equity Fund Program
Bancóldex special programs
• Futurex Microinsurance Program
• “aProgresar” Training Program
• Bancoldex Capital Program
• “Banca de las Oportunidades” Program
• Development &Innovation Unit
• Productive Transformation Program
Disbursements by companies size
2002
Large Companies
74%
SME 8%
Micro 0%
Others 18% Large
Companies 22%
SME 34%
Micro 17%
Others 27%
2012
Disbursements by type of credit
Working Capital
69%
Moderni-zation 20%
Others 11%
Working Capital
45%
Moderni-zation 29%
Post- Shipment
22%
Others 4%
2002 2012
Disbursements by credit term
Short 57%
Medium 26%
Long 17%
Short 47%
Medium 29%
Long 24%
2002 2012
Impact analysis of Bancoldex
•Impact evaluation carried out for Bancoldex by the IDB under the coordination of Mr. Fernando De Olloqui in Alliance with the economists Ms Marcela Eslava and Marcela Meléndez. The study covered the period between 2000 and 2009
Main Results : Impact analysis of Bancoldex credit activity on performance of enterprises, emphasizing the effect of credit lines modernization.
Production 24%
Employment 11%
Investment 70%
Productivity 10%
PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY PROGRAM
Actively investing in private equity and venture capital funds
Since 2009, 33 funds have been analyzed by Bancoldex. Five investment commitments (USD
46M) in multi sector funds, tourism, venture capital and infrastructure.
16
8
4
5
2009 2010 2011 2012
Funds under Preliminary Due Diligence (33)
4
8
3
2009 2010 2011 2012
Funds under Due Diligence (18)
Funds’ portfolio companies in diverse sectors
Outsourcing Services, Information Technology, Biotechnology, Clean Energy, Digital Animation, Tourism, Power generation , Logistics are some of the sectors backed by Bancoldex investments in funds
27 companies have been backed, 17 of
them are in Colombia
21% of the capital have been invested in
service companies
17 in Information technology and
telecommunications companies
There is a successful exit of a
biotechnology firm (agribusiness)
ITC; 75.303;
17%
Housing;
18.958; 4%
Retail; 39.975;
9%
Tourism;
15.510; 3%
Services;
96.522; 21% Oil&Gas
Services;
50.365; 11%
Energy; 22.317;
5%
Biotechnology;
3.684; 1%
Dining; 27.876;
6%
Health; 14.550;
3%
Port; 39.731;
9% Storage;
51.800; 11% Highway
Concession;
750; 0%
Fund investments by sector
Financial Structure
Financial structure
2.764 2.898
3.069
3.752
Dec-09 Dec-10 Dec-11 Dec-12
USD
Mill
ion
Assets COP 6.63 billion*
2.110 2.176 2.375
2.920
Dec-09 Dec-10 Dec-11 Dec-12
USD
Mill
ion
Liabilities COP 5.16 billion*
654 722 694
832
Dec-09 Dec-10 Dec-11 Dec-12
USD
Mill
ion
Equity COP 1.47 billion*
Dec 2012 exchange rate COP/USD: 1.768,23
Assets
Dec-09 Dec-10 Dec-11 Dec-12
Loans Investments* Others
* Investments Break-down: Securities, investments in private equity, equity investment (shares).
Break-down USD 3.752 million*
25%
69%
Dec-09 Dec-10 Dec-11 Dec-12
COP USD
USD 267 million abroad, which represents 38% of the total USD loan portfolio.
Loans
COP 74%
USD 26%
USD 702 mill
USD 2.012 mill
(COP 3.55 bill)
Dec 2012 exchange rate COP/USD: 1.768,23
Asset quality
0,186%
0,049%
0,018% 0,009%
Dec-09 Dec-10 Dec-11 Dec-12
Non Performing Loans Ratio
22
83
227
469
Dec-09 Dec-10 Dec-11 Dec-12
Non Performing Loans Coverage
Loan Portfolio Provision / Non performing loans
Liabilities
Dec-09 Dec-10 Dec-11 Dec-12
USD
Mill
ion
COP USD
Evolution
22%
78%
USD 2.920 million*
Dec-09 Dec-10 Dec-11 Dec-12
CDT's Bonds Repos Other Banks Others
USD
Mill
ion
Break-down
22%
21%
52%
Capital Ratio
22,52% 21,11%
0%
10%
20%
30%
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
Dec-09 Dec-10 Dec-11 Dec-12
USD
Mill
ion
Risk-weighted assets Capital Ratio
Net profit and ratios
36
52
8
50
Dec-09 Dec-10 Dec-11 Dec-12
USD
Mill
ion
Dec 2012 exchange rate COP/USD: 1.768,23
COP 88,189 million*
5,51%
7,25%
1,11%
6,28%
1,27% 1,82%
0,29%
1,45%
0,00%
2,00%
4,00%
6,00%
8,00%
Dec-09 Dec-10 Dec-11 Dec-12
ROAE ROAA
Net Profit
ROAA and ROAE
Credit Ratings Investment Grade
International
Debt instruments
Latest ratings 08/12 06/12 07/12
Long-term liabilities (Foreing currency) BBB-/Positive Short-term liabilities (COP) F 1+ BRC1+ Long-term liabilities (COP) AAA AAA
Local
* On Aug. 17, 2012, Standard & Poor's Ratings Services revised its long-term rating outlook on Bancoldex to positive from stable and affirmed its 'BBB-' ratings on the bank.
BANCÓLDEX AS A SPECIAL PROGRAMS MANAGER
Dynamic Innovative
Entrepreneurship
Matching grant fund for SMEs
Innovation
and
Entrepreneurship
in Large
Firms
Regional capacity building for
innovation and competitiveness
Mentality
and
Culture of
Innovation and
Entrepreneurship
Strategic work areas
The objective of the Modernization and Innovation Fund for Micro, Small and Medium
Enterprises is to strengthen this entrepreneurial segment. The Fund, operates through
open counter invitation based on the demand of non reimbursable confined resources,
namely permanent invitations up to the exhaustion of resources, shall focus such
resources for the development of projects oriented towards entrepreneurial
innovation, whether during the development of new products and/or services,
development of new processes, and in association schemes such as development of
suppliers, distributors or cross linking.
Productive Transformation Program World class sectors development
Services sectors Manufacturing sectors Agrobusiness sectors
• Business Project Outsourcing (BPO)
• Software & IT • Health Tourism • Nature Tourism • Electric power and its • related Goods and
services
• Publishing and graphic • communications • Fashion • Autoparts and vehicles • Cosmetics and personal
care
• Electric power • Metalurgy and • metalworking
• Chocolate, confectionery and its ingredients
• Beef • Shrimp farming • Palm and vegetable • Oil and fats
• Biofuels • Horticulture
• Daily
The strategic objective of the Productive Transformation Program is to promote productivity and competitiveness of sectors with a
high export potential, acting as an instrument for making the most of free trade agreements.
Mission – Banca de las Oportunidades
Encourage access to financial services to the unbanked colombian
population, specially to the low-income families, with the purpose of
enhancing the country s development and promote social equity.
Contact us
International Contacts
Fernando Esmeral
Chief Commercial Officer
(57-1) 486 30 00 ext. 2400
Alejandro Contreras
International Banking Director
(57-1) 486 30 00 ext. 2450
Alfonso Carreño
International Executive
(57-1) 486 30 00 ext. 2453
Treasury contacts
Beatriz Arbeláez
Chief Financial Officer
(57-1) 486 30 00 ext. 2701
Claudia González
Treasury Director
(57-1) 486 30 00 ext. 2471
Guillermo Puentes
Head of Trading Desk
(57-1) 486 30 00 ext. 2472
María Carvajal
Financial Markets Officer
(57-1) 486 30 00 ext. 2457
Maria. [email protected]
Miguel Angulo
Junior Financial Markets Officer
(57-1) 486 30 00 ext 2457
Operations contacts
Jorge García
Chief Operations Officer
(57-1) 486 30 00 ext 2500
Marcela González
Operations Director
(57-1) 486 30 00 ext 2550
Risk contact
Mauro Sartori
Risk Chief Officer
(57-1) 486 30 00 ext 2800
Contact us
Bogotá :
Calle 28 No 13A-15, floors 38 to 42
Phone: (57-1) 486 30 00
Fax: (57-1) 286 24 51 / (57-1)286 0237
Working Hours (monday to friday): from 8:00 a.m. to 5:00 p.m.
E-mail web master: [email protected]
www.bancoldex.com
_________________________________
SWIFT: BCEXCOBB
_________________________________
Contact us
Call Center Multicontacto Bancóldex
Bogotá: (57-1) 6 49 71 00
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