1. CSU CARDSYSTEM SA
investidorescsu@csu.com.br
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2. 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.
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3. Cards Market and CardSystem
Growth of the Cards Market
(million, end of March, source: ABECS)
Private Label + Credit Market CardSystem
127 Average Annual Growth - 3 years 20.9% 26.0%
109
87
56 70 2008 Growth - 12 months 16.0% 18.1%
153 177
89 102 124
2005 2006 2007 2008 2009
Base growth was greater than market
Private Label Credit
growth;
CSU Card Base Performance The unit has the most modern and
(million, end of March)
complete processing structure in Brazil;
Study of the card market carried out by
the Brazilian Central Bank suggests
20.8
13.0
17.6 creation of a specific regulation for the
8.6 10.4
segment and opening up of issuers.
2005 2006 2007 2008 2009
Source: ABECS, CSU
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4. CardSystem – Operational Data
Issue of cards in CSU's base
(million, quarter issue)
1.7 1.6
1.4 1.3
1.1
1Q08 2Q08 3Q08 4Q08 1Q09
1Q09 was the best quarter in CSU’s history in terms of card issue;
6 million new cards issued in the last 12 months;
Issue of new cards will grow each year.
Source: CSU
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5. MarketSystem - Operational Data
MarketSystem - Processed Accounts
(million)
2.65
2.34 2.38
1.90 1.98 2.03 2.12
1.77 1.84
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1T09
Consistent growth in the number of managed accounts;
Growth was solely organic;
New programs for hybrid cards continue to perform better than
portfolio average.
Source : CSU
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6. TeleSystem / Credit&Risk
Decree 6,523 led companies contracting call center
services to expand the scope of their agreements,
consequently increasing the demand for these
services;
Expansion of workstations;
Transfer of Credit&Risk’s workstations to TeleSystem
to meet the demand for specific operations.
PAs in operation at TeleSystem and Credit&Risk
4,095
3,872 3,880
3,596 3,593
3,322
2,966
3,114 3,476 3,445
2,546 2,218 3,314 3,288
758 776 748 619 435 282 305
3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
PA's Credit&Risk PA's TeleSystem
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7. Cardsystem / MarketSystem
Gross Revenue Gross Profit and Gross EBITDA and EBITDA
(R$ million) Margin Margin
(R$ milhões, %) (R$ million, %)
32.7%
62.4 31.1% 19.4%
18.4
20.9
47.0
15.9
15.4
36.5% 36.3%
35.4% 32.1%
1Q08 1Q09 1Q08 1Q09 1Q08 1Q09
32.7% growth in gross revenue at CardSystem / MarketSystem between 1Q08
and 1Q09, driven by the growth in CSU’s card base;
The units improved their gross profit and gross margin;
Investments in technological upgrade at the unit was one of the reasons for the
drop in EBITDA margin;
Organic growth of the client portfolio.
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8. TeleSystem / Credit&Risk
Gross Revenue Gross Profit EBITDA
(R$ million) (R$ million) (R$ million)
9.0%
44.9
2.0
2.9
41.2
(0.4)
(0.6)
1Q08 1Q09 1Q08 1Q09
1Q08 1Q09
The new operational setup at the call centers in Recife has optimized
operations, improved service quality and reduced costs;
The company plans to extend this structure to workstations at other sites
in 2009, to continue the improvement in the units’ profitability
indicators.
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9. Performance of Financial Indicators
Gross Revenue CSU
(R$ million) 104.9 107.3
101.2
96.9
88.3
1Q08 2Q08 3Q08 4Q08 1Q09
EBITDA CSU
(R$ million) 20.5
15.8 16.7 16.9
15.0
1Q08 2Q08 3Q08 4Q08 1Q09
EBITDA Margin
(%) 20.6
18.3 17.5 17.7 17.4
1Q08 2Q08 3Q08 4Q08 1Q09
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10. Results - Units
Gross Revenue
(R$ million)
61.3 62.39
55.59
50.01
47.03
43.61
46.85 45.57 44.92
42.47 41.23 42.57
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
CardSystem / MarketSystem TeleSystem / Credit&Risk
EBITDA
(R$ milllion)
16.91 16.72 18.42
13.61 15.42 15.26
0.54 0.18 2.04
(0.42) (0.20)
(2.29)
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
CardSystem / MarketSystem TeleSystem / Credit&Risk
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11. CSU (Consolidated)
Gross Revenue Cost of Services Gross Profit and Gross
(R$ million) Rendered Margin
(R$ milllion) (R$ million, %)
21.6%
13.2% 55.0%
107.3 75.6 23.7
88.3
15.3
66.8 23.9%
18.6%
1Q08 1Q09 1Q08 1Q09 1Q08 1Q09
Organic growth of units drove company growth by almost 22%;
Gains in scale led to improved margins;
Strict cost control.
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12. CSU (Consolidated)
General and EBITDA and EBITDA Net Result
(R$ million)
Administrative Expenses Margin
(R$ million) (R$ million, %)
24.3% 36.4% 183.7%
15.9 20.5 4.8
12.8
15.0
20.6%
18.3%
1.7
1Q08 1Q09 1Q08 1Q09 1Q08 1Q09
The company chooses to optimize expenses with outsourced services and
increases staff;
Stability of costs and expenses helps in the 36.4% EBITDA growth;
Earnings per share was R$0.10.
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13. Debt and Capex
Debt - R$ million Debt:
1Q09 1Q08 4Q08
Short Term Debt 58.0 55.8 62.5
Cash generated in three months enabled
Financing and Debt loan 47.4 33.3 49.7
Leasing 10.7 22.5 12.8 the company to reduce net debt from R$
Long Term Debt 29.7 58.6 34.0 94.9 million to R$ 86.3 million;
Financing and Debt loan 17.9 49.0 25.4
Leasing 11.8 9.7 8.6 The company sought to reduce financial
Gross Debt 87.7 114.3 96.5 expenses by paying off debt installments
(-) Cash 1.5 1.8 1.6 on maturity;
Net Cash (Debt) 86.3 112.5 94.9
CSU neither has loans indexed to the US
Debt Composition dollar nor derivatives contracts. Its debt
(R$ million, end of the period)
is in Brazilian reais and indexed to the
0.5 0.3
26.3
0.1 - interbank (CDI) rate.
22.7 17.9
4.8 4.0 22.8
10.7
4.6
63.2 68.5 70.8 60.3
2Q08 3Q08 4Q08 1Q09
W. Capital Overdraft Leasing BNDES
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14. Debt and Capex
Impact of Monetary Policy on Cost of Debt
Debt:
137
The graph shows the impact of
117 117
115 the interbank rate (CDI)
113 125
variations in recent months on
112 102
the Company's financial
88 84 83 75 expenses.
2Q08 3Q08 4Q08 1Q09
Total Gross Debt - Closing Financial Cost - CDI
CDI - Period Monthly Average
Capex - R$ million
1Q09 1Q08 Chg. 4Q08 Chg.
CAPEX: Systems (SW and HW) 12.4 4.3 188.9% 5.4 130.1%
Caixa Project - 0.7 n.a. 0.1 n.a.
Recurring maintenance of operations; Other 0.5 0.6 -14.3% 0.7 -20.9%
Capex 12.9 5.6 131.0% 6.1 110.4%
End of investments in Recife;
Expansion of the mainframe’s processing capacity and technological upgrade;
Renewal of payment software licenses.
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15. Social Responsibility and Sustainability
CSU carries out the following Socio-Environmental Responsibility projects:
CSU Institute
Provides job-oriented training
Centro Crescer Sorrindo (Grow-up Smiling Center)
Crèche in Belo Horizonte for children from low-income communities
Environmental Responsibility
Selective waste collection for the recycling project, whose sale proceeds
are donated to the CSU institute
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16. Key Strategies for 2009
Maintain investments to ensure growth of all of the Company’s units;
Finalize the new organizational structure of TeleSystem and Credit&Risk;
Increase profitability and margins of CSU as a whole.
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17. CSU CardSystem S/A
Questions and Answers
Décio Burd
Phone: (0xx55 11) 3030-3821
Email: investidorescsu@csu.com.br
Site: www.csu.com.br/ri
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