The Brazilian Development Bank
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The Brazilian Development Bank. BRAZIL Summit 2009. BNDES: Financing the Infrastructure Sector. MAURICIO BORGES LEMOS. April 2009. The Brazilian Development Bank. INSTITUTIONAL. Mission and Vision. Mission To foster sustainable and competitive development in the Brazilian economy,

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The Brazilian Development Bank

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The brazilian development bank

The Brazilian Development Bank

BRAZILSummit 2009

BNDES: Financing the Infrastructure Sector

MAURICIO BORGES LEMOS

April 2009


The brazilian development bank

The Brazilian Development Bank

INSTITUTIONAL


The brazilian development bank

Mission and Vision

Mission

To foster sustainable and competitive

development in the Brazilian economy,

generating employment and reducing social

and regional inequalities.

Vision

To be the development bank of Brazil,

innovative, outstanding, and to proactively tackle the challenges of our society.


The brazilian development bank

Founded on June 20th, 1952

100% state company under private law

Key instrument for implementation of Federal Government’s industrial and infrastructure policies

Main provider of long-term financing in Brazil

Emphasis on financing investment projects

Brazilian Export Bank

Equity investor through BNDESPAR

BNDES Highlights


The brazilian development bank

Group Structure

As of Dec 31th, 2008

Consolidated Assets

R$ 277.3 billion

US$ 118.7 billion

BNDES

Finances long-term investments

BNDESPAR

FINAME

Finances capital goods purchases and foreign trade

Equity

Participation


The brazilian development bank

Areas of Activity

Innovation

To support investments, promoting technological innovation and competitiveness.

Infrastructure

Access to electric energy, telecommunications, urban transport, water supply and sanitation, increasing the offer of services ahead of demand to avoid harm to economic growth.

Productive structure

To increase industry production capacity. To make industry and service sectors more effective. To prioritize small and medium-sized companies. To support international business of Brazilian companies.

Exports

To promote external sales and reduce imports. Technological investments to increase content value of consumer goods.

Social inclusion

Conditions and stimuli to intensify social benefits are established for the concession of BNDES credit.


The brazilian development bank

The Brazilian Development Bank

FINANCIAL DATA


The brazilian development bank

Indicators

US$ billion

Total Assets 118.6

Loans and Interbank Onlending 92.4

Shareholders’ Equity 10.8

Net Income 2.9

Taxes 1.1

As of Dec 31th, 2008


The brazilian development bank

Ratios

R$ million

2005

2008

2006

2007

52,280

64,892

Disbursements

47,085

92,235

187,475

202,652

Total Assets

174,967

277,294

6,331

7,314

Net Income

3,202

5,313

19,092

24,923

Shareholders’ Equity

15,710

28,773

ROE (%)

21.47

21.17

36.38

33,23

Operational Expenses/Assets (%)

0.41

0.39

0.38

0.39

23.2 1

26.7 1

BIS Ratio(%)

16.7

17.7 1

Non-performing loans (%)

0.86 0.68 0.11

0.15

1Rise in reference equity (net equity + subordinate debt + hybrid instruments) has increased BNDES’ Basel Index


The brazilian development bank

Annual Disbursements

Converted to US dollar on the disbursement dates


The brazilian development bank

Disbursements by Business Sector


The brazilian development bank

BNDES vs. Multilateral Banks

IDB = Inter-American Development Bank

IBRD = The International Bank for Reconstruction and Development (World Bank)

(*) Unlike other institutions, 12-month fiscal year ends June 30th

CAF = Corporación Andina de Fomento


The brazilian development bank

Funding 2007 – Capital Structure

As of December 31st, 2008


The brazilian development bank

The Brazilian Development Bank

INFRASTRUCTURE INVESTMENTS


The brazilian development bank

The BNDES' actions in the infrastructure sector are aimed at:

  • expanding and modernizing the electric sector;

  • diversifying the national energy grid;

  • developing the natural gas market;

  • promoting renewable energies;

  • increasing the supply of biofuels;

  • evaluating and working on the logistical bottlenecks surrounding cities and access to ports, aimed at improving the systems' efficiency; and

  • expanding telecommunications systems and contributing to the development of cutting-edge, nationally-produced, technological products.


Disbursements for infrastructure

R$ million

19.190

14.005

9.343

9.201

7.190

5.325

5.203

4.251

4.419

4.000

2.096

Disbursements for infrastructure


The brazilian development bank

PAC Projects in the BNDES

Source: BNDES


The brazilian development bank

PAC Projects in the BNDES

Contracted and approved:

  • Generation of 2,414 MW of electric energy;

  • Construction of 3,688 Km of Transmission Lines;

  • Construction of 3,299 Km of pipeline;

  • Construction of 167 vessels for navigation and to support off-shore activities;

  • Maintenance and restoration of 522 km of highways; and

  • Construction of 2,437 km of railroads.

In review:

  • Generation of 4,966 MW of electric energy;

  • Construction of 3,979 Km of Transmission Lines;

  • Construction of 97 vessels for navigation and to support off-shore activities; and

  • Maintenance and restoration of 2,079 Km of highways.

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The brazilian development bank

PAC Projects in perspective

Source: BNDES


The brazilian development bank

Belém

São Luís

Fortaleza

Tocantins

Natal

Teresina

João Pessoa

Parnaíba

Recife

Maceió

São Francisco

Aracajú

Salvador

Cuiabá

Brasília

Goiânia

Paranaíba

Belo

Horizonte

Campo Grande

Grande

Vitória

Paraná/Tietê

Paraíba

do Sul

Rio de Janeiro

Paranapanema

São Paulo

Itaipu

Iguaçu

Curitiba

Uruguai

Argentina

Florianópolis

Jacui

Porto Alegre

The Brazilian Development Bank

INVESTMENT PROSPECTS


The brazilian development bank

Infrastructure leads the growth investment in coming years

Source: BNDES

21


The brazilian development bank

Oil & Gas represent more than half

of industrial investment

Source: BNDES

22


The brazilian development bank

Investments in infrastructure are confirmed

Source: BNDES

23


The brazilian development bank

Investment Prospects

  • The energy sector is highlighted by the high number of projects. In electricity, programs are linked to the government’s investment contracts for the supply of energy.

  • In oil & gas, investments in oil exploitation are linked to a long-term cycle, which will be sustained by the opening of the pre-salt. 

  • In telecommunications, the on-going development of new technologies requires that companies make large investment, at the risk of losing significant market share.


The brazilian development bank

Investment Prospects

  • The existence of major projects already underway means that investments must be maintained at high levels after the period 2004/07. 

  • This is due to the existence of a cycle of robust investments in sectors that account for a significant portion of gross formation offixed capital in the economy.


The brazilian development bank

The Brazilian Development Bank

www.bndes.gov.br/english


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