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Analyzing opportunities in Latin America
Internet Market Research & Outlook




June 2011
Did you know?
The GDP of the State of São
Paulo is bigger than Argentina,
Chile and Uruguay combined.


                 Argentina
                      370
                                  São Paulo State
              GDP (Billion US$)   633
                                  GDP (Billion US$)
                        Chile
                         203
              GDP (Billion US$)



                   Uruguay
                        40
              GDP (Billion US$)




                                                      2
Did you know?
Brazil’s estimated
growth for 2011 is larger
than the GDP of all         281 Billion
Central America and the     Central &
Caribbean combined          Caribbean total
(That’s 19 countries!)      GDP for 2011


      331 Billion
      Brazil’s GDP
      Increase in 2011




                                           3
Did you know?
Brazil’s growth in GDP for 2011 is larger than
the growth in GDP of the rest of Latin America.


Brazil                                    324
                                   331 Billion
GDP Increase in 2011              Billion USD
                                   USD
Rest of Latin
America
GDP Increase in 2011




                                                  4
Brazil Vs the rest of LATAM
                    Population                    Internet users



                            34%                           39%
                            BRAZIL                        BRAZIL
                    66%                           61%
                                                  LATAM
                    LATAM




  GDP Nominal %                  E-commerce                 Credit cards


                                                             24%
           44%                   39%                         LATAM
   56%     BRAZIL                LATAM
                                         61%
   LATAM
                                         BRAZIL                      76%
                                                                     BRAZIL




                                                                              5
Brazil is getting TOO HOT

                           $4.91                             $41,990
                           $3.73                             $17,555
                           32%                               140%
        Big Mac                     Honda Civic




                           $90.90                            $3,500
                           $45.00                            $4,700
                           102%                              -26%
 Taxi to/from airport in            Monthly apartment rent
São Paulo and New York              (75 m2) in São Paulo
                                    and New York



                                                                       6
Becoming difficult to start a new business

                      $2,000                             30.1%
                      (Santiago)

                      $5,000                             70.0%
                      (São Paulo)
                                                         18.8%
                      $9,300
                      (NewYork)            Labor taxes
   Monthly office rent (150 m2)


                                                         6.7%
                      $30,000
                                                         35.1%
                      $63,000
                                                         34.6%
                      $73,500
      Jr. Programmer annual salary   Effective corporate taxes
                                        on new investments

                                                                 7
Expected growth for Latam 2010-2015

         GDP – PPP             E-commerce spending
         2010                  2010
         USD 6,384 Billion     USD 27.6 Billion
         2015                  2015
         USD 8,360 Billion     70.1 Billion
         Net: 1976Bn – 30.1%   Net: 42Bn – 154%


         Internet users        Online ad investments
         2010                  2010
         215 Millon            USD 2 Billion
         2015                  2015
         310 Millon            USD 4.9 Billion
         Net: 95M – 44.1%      Net: 2.9Bn – 145%


                                                       8
Chile, probably the easiest country
to start a business


"Ease of doing business" Ranking     128                                62
Average time to register a firm
                                     120                                22
(days)
Costs of starting a business         $ 750                              $ 460
Programmer (annual)                  $ 63,000                           $ 30,000
Office (monthly for 150 m2)          $ 5,000                            $ 2,000
Labor tax                            70%                                30%
Effective Corporate tax on new
                                     35%                                7%
investments
                                                                      Pre-investment (up to US$ 60,000
                                                                      per project) , Human Resources
                                   No general incentives to foreign   (up to US$ 25,000), Fixed Assets
Tax incentives
                                   investments or e-commerce          (up to US$2,000,000), R&D (35%
                                                                      of certified contracts and tax
                                                                      reductions on the remaining 65%).


                                                                                                          9
Latam                           Asia
Compared to Asia, Latam has various advantages if you
want to replicate internet business models that proved
successful in the US and Europe.

       Google the king of search              Virtually the same time zone
       Market Share:                          • NY vs Sao Paulo: +1 hours
       USA 71%, UK 93%, Latam 90%,            • London vs Sao Paulo: -4 hours
       China 24%, Japan 38%                   • NY vs Beijing : +12 hours
                                              • London vs Beijing: +7 hours
       Facebook the king of social networks
       FB Penetration:
       USA 39%, Europe 25%, Latam             Smaller distances
       20%, Asia 4%
                                              • NY to Sao Paulo (non stop):
                                                9 hours 30 minutes
       Lower language barries                 • NY to Beijing (non stop):
                                                13 hours 30 minutes + JET LAG!




                                                                                 10
To keep in mind…
Brazil looks great but look beyond:
• The rest of Latam represents 54% of regional GDP
• Cheaper, faster and bigger incentives to start up in Chile
Real growth opportunities in all the region by 2015:
• E-commerce net increase of 42 Billion USD
• Online Ads Investments will grow 150% to 2.9 Billion USD
• 95M net new internet users. Total present 310mm
Don’t forget about Hispanics in the U.S.
• 50 million Hispanics (30 million online) with buying power of
  1,330 billion by 2014
Business models in Latam can scale using very similar
techniques due to the similarity of platform penetration
(Google, Facebook, Twitter) compared to Asia and
Russian internet. (Tencent, Yandex, Vkontakte, Baidu)


                                                                  11
TARJETASTELEFONICAS .COM
                         LIDER EN TARJETAS TELEFONICAS PREPAGAS




“fnbox is a Latin American technology company focused
   on creating global and scalable Internet businesses.”
                   TARJETASTELEFONICAS .COM


                    Fuente:                       Harabara bold



                TARJETAS
                    Original               banners
                TELEFONICAS .COM




                    Positivo

                             Rodrigo Teijeiro
                             Founder and CEO
                      rodrigo.teijeiro@fnbox.com
                    Negativo
                        Twitter @RodrigoTeijeiro


              Want to know more? Visit www.fnbox.com
                                          C 73%                   C 0%
                                          M 64%                   M 58%
Appendix


                       GDP (Nominal) in Billions

    SAO PAULO (2008)                632.70

    Argentina (2010)                370.269

    Chile (2010)                    203.323

    Uruguay (2010)                  40.272

    ARG + CHI + URU                 613.864




                                                   13
Appendix
                             GDP (nominal)
       Country        2010          2011e          Increase
       Brazil         2,090.31      2421.63        331.32
      Country                            2011e GDP (nominal)
      Dominican Republic                  54.912
      Guatemala                           46.383
      Costa Rica                          40.297
      Panama                              29.799
      El Salvador                         23.169
      Trinidad and Tobago                 22.466
      Honduras                            17
      Jamaica                             14.976
      The Bahamas                         7.787
      Haiti                               7.724
      Nicaragua                           7.05
      Barbados                            4.224
      Belize                              1.468
      Antigua and Barbuda                 1.174
      St. Lucia                           1.04
      Grenada                             0.728
      St. Vincent and the Grenadines      0.593
       St. Kitts and Nevis               0.557
       Dominica                          0.392
       Central America & the Caribbean   281.739


                                                               14
Appendix
    Country               2010       2011       Increase GDP (nominal) 2010-2011
    Brazil                2,090.31   2,421.64   331.323
    Mexico                1,039.12   1,167.12   128.003
    Argentina             370.269    456.817    86.548
    Colombia              285.511    307.845    22.334
    Venezuela             290.678    294.271    3.593
    Chile                 203.323    231.302    27.979
    Peru                  152.83     167.846    15.016
    Ecuador               58.91      65.032     6.122
    Dominican Republic    51.626     54.912     3.286
    Guatemala             41.471     46.383     4.912
    Uruguay               40.272     43.265     2.993
    Costa Rica            35.78      40.297     4.517
    Panama                26.778     29.799     3.021
    El Salvador           21.7       23.169     1.469
    Bolivia               19.373     22.778     3.405
    Trinidad and Tobago   20.59      22.466     1.876
    Paraguay              18.475     22.143     3.668
    Honduras              15.347     17         1.653
    Jamaica               13.694     14.976     1.282
    The Bahamas           7.538      7.787      0.249
    Haiti                 6.632      7.724      1.092
    Nicaragua             6.551      7.05       0.499
    Barbados              3.963      4.224      0.261
    Suriname              3.682      3.889      0.207
    Guyana                2.215      2.397      0.182
    Belize                1.396      1.468      0.072
    Antigua and Barbuda   1.105      1.174      0.069
    St. Lucia             0.985      1.04       0.055
    Grenada               0.674      0.728      0.054
    St. Vincent and the   0.561      0.593      0.032
    Grenadines
    St. Kitts and Nevis   0.531      0.557      0.026
    Dominica              0.376      0.392      0.016
    REST OF LATAM                               324.491


                                                                                   15
Appendix

 Big Mac prices                         HONDA Civic LX
 Country          US$                   Country              US$
 Brazil           $ 4.91                Brazil               $ 41,990
 United States    $ 3.73                Argentina            $ 27,050
 Argentina        $ 3.56                Chile                $ 24,480
 Chile            $ 3.34                Mexico               $ 21,550
 Mexico           $ 2.50                USA                  $ 17,855


 Taxi Fares                             Average Apartment (75 m2)
 City             From/to Airport US$   City                 US$
 Sao Paulo        $ 90.00               New York             $ 4,700.00
 New York         $ 45.00               Sao Paulo            $ 3,500.00
 Buenos Aires     $ 37.00               Buenos Aires         $ 960.00
 Santiago         $ 24.00               Santiago             $ 650.00
 Mexico City      $ 15.00               Mexico City          $ 650.00




                                                                          16
Appendix
 Office (150 m2)                                       Country            Labor tax     Effective
 City              US$                                                    (excluding    Corporate
                                                                          personal      Taxes on new
 New York           $ 9,300.00                                            income tax)   investments
 Sao Paulo          $ 5,000.00                         Argentina          41.0%         43.1%
 Buenos Aires       $ 2,500.00                         Brazil             70.0%         35.1%
                                                       Chile              30.1%         6.7%
 Santiago           $ 2,000.00
                                                       Mexico             41.0%         17.5%
 Mexico City        $ 1,700.00                         USA                18.8%         34.6%



                                                              Country
                   City                  Jr. Programmer
                                                              Manager*
                   New York              $ 73,500             $ 179,000
                   Sao Paulo             $ 63,000             $ 157,500
                   Mexico City           $ 31,500             $ 118,000
                   Santiago              $ 30,000             $ 110,000
                   Buenos Aires          $ 27,000             $ 79,000
                   *For US the average wages are for COO positions.
                   *Other countries are average wages for a Country Manager




                                                                                                       17
Appendix
Sources
Slide 2
Instituto Brasileiro de Geografia e Estatística (IBGE). Regional accounts 2004-2008. http://goo.gl/eUIS2
International Monetery Fund (IMF). World Economic Outlook Database, April 2011. http://goo.gl/u5ffb
Slide 3
International Monetery Fund (IMF). World Economic Outlook Database, April 2011. http://goo.gl/u5ffb
Slide 4
International Monetery Fund (IMF). World Economic Outlook Database, April 2011. http://goo.gl/u5ffb
Slide 5
Internet World Stats.
U.S. Census Bureau. International Database. http://goo.gl/sbMOG
International Monetery Fund (IMF). World Economic Outlook Database, April 2011. http://goo.gl/u5ffb
AmericaEconomia Intelligence
Slide 6
International Monetery Fund (IMF). World Economic Outlook Database, April 2011. http://goo.gl/u5ffb
The Economist. Big Mac Index. http://goo.gl/bbmvE
Honda International sites




                                                                                                           18
Appendix
Sources
Slide 7
Payscales.com
Cato Institute. New Estimates of Effective Corporate Tax Rates on Business Investment.
http://goo.gl/pDGOQ
Slide 8
Doing Business (World Bank Group):
Chile. http://goo.gl/W2xKc
Brazil. http://goo.gl/ei7xp
ApexBrasil. http://goo.gl/DhMiA
Invest Chile (Corfo). http://goo.gl/NKqjE
Slide 9
Internet World Stats
International Monetery Fund (IMF). World Economic Outlook Database, April 2011. http://goo.gl/u5ffb
eMarketer. The Global Media Intelligence Report 2010
Slide 10
Socialbakers. http://goo.gl/i9HqS




                                                                                                      19
Data sources

 http://1.bp.blogspot.com/_dr3S8zqPnj4/TTVmjYCaGhI/AAAAAAAATjw/pHzIthd47NE/s1600/market-share-large-1024x768.png


 http://www.searchenginebite.com/google-has-90-share-in-search-market-of-latin-america.html/


 http://oxstones.com/latin-america-will-see-the-highest-e-commerce-growth-worldwide-through-2015/


 http://www.imf.org/external/pubs/ft/weo/2011/01/weodata/weorept.aspx?pr.x=59&pr.y=14&sy=2009&ey=2016&scsm=1&ssd=1
 &sort=country&ds=.&br=1&c=205&s=NGDPD%2CPPPGDP&grp=1&a=1


 http://www.etforecasts.com/products/ES_intusersv2.htm




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Analysing oportunities in Latin America

  • 1. Analyzing opportunities in Latin America Internet Market Research & Outlook June 2011
  • 2. Did you know? The GDP of the State of São Paulo is bigger than Argentina, Chile and Uruguay combined. Argentina 370 São Paulo State GDP (Billion US$) 633 GDP (Billion US$) Chile 203 GDP (Billion US$) Uruguay 40 GDP (Billion US$) 2
  • 3. Did you know? Brazil’s estimated growth for 2011 is larger than the GDP of all 281 Billion Central America and the Central & Caribbean combined Caribbean total (That’s 19 countries!) GDP for 2011 331 Billion Brazil’s GDP Increase in 2011 3
  • 4. Did you know? Brazil’s growth in GDP for 2011 is larger than the growth in GDP of the rest of Latin America. Brazil 324 331 Billion GDP Increase in 2011 Billion USD USD Rest of Latin America GDP Increase in 2011 4
  • 5. Brazil Vs the rest of LATAM Population Internet users 34% 39% BRAZIL BRAZIL 66% 61% LATAM LATAM GDP Nominal % E-commerce Credit cards 24% 44% 39% LATAM 56% BRAZIL LATAM 61% LATAM BRAZIL 76% BRAZIL 5
  • 6. Brazil is getting TOO HOT $4.91 $41,990 $3.73 $17,555 32% 140% Big Mac Honda Civic $90.90 $3,500 $45.00 $4,700 102% -26% Taxi to/from airport in Monthly apartment rent São Paulo and New York (75 m2) in São Paulo and New York 6
  • 7. Becoming difficult to start a new business $2,000 30.1% (Santiago) $5,000 70.0% (São Paulo) 18.8% $9,300 (NewYork) Labor taxes Monthly office rent (150 m2) 6.7% $30,000 35.1% $63,000 34.6% $73,500 Jr. Programmer annual salary Effective corporate taxes on new investments 7
  • 8. Expected growth for Latam 2010-2015 GDP – PPP E-commerce spending 2010 2010 USD 6,384 Billion USD 27.6 Billion 2015 2015 USD 8,360 Billion 70.1 Billion Net: 1976Bn – 30.1% Net: 42Bn – 154% Internet users Online ad investments 2010 2010 215 Millon USD 2 Billion 2015 2015 310 Millon USD 4.9 Billion Net: 95M – 44.1% Net: 2.9Bn – 145% 8
  • 9. Chile, probably the easiest country to start a business "Ease of doing business" Ranking 128 62 Average time to register a firm 120 22 (days) Costs of starting a business $ 750 $ 460 Programmer (annual) $ 63,000 $ 30,000 Office (monthly for 150 m2) $ 5,000 $ 2,000 Labor tax 70% 30% Effective Corporate tax on new 35% 7% investments Pre-investment (up to US$ 60,000 per project) , Human Resources No general incentives to foreign (up to US$ 25,000), Fixed Assets Tax incentives investments or e-commerce (up to US$2,000,000), R&D (35% of certified contracts and tax reductions on the remaining 65%). 9
  • 10. Latam Asia Compared to Asia, Latam has various advantages if you want to replicate internet business models that proved successful in the US and Europe. Google the king of search Virtually the same time zone Market Share: • NY vs Sao Paulo: +1 hours USA 71%, UK 93%, Latam 90%, • London vs Sao Paulo: -4 hours China 24%, Japan 38% • NY vs Beijing : +12 hours • London vs Beijing: +7 hours Facebook the king of social networks FB Penetration: USA 39%, Europe 25%, Latam Smaller distances 20%, Asia 4% • NY to Sao Paulo (non stop): 9 hours 30 minutes Lower language barries • NY to Beijing (non stop): 13 hours 30 minutes + JET LAG! 10
  • 11. To keep in mind… Brazil looks great but look beyond: • The rest of Latam represents 54% of regional GDP • Cheaper, faster and bigger incentives to start up in Chile Real growth opportunities in all the region by 2015: • E-commerce net increase of 42 Billion USD • Online Ads Investments will grow 150% to 2.9 Billion USD • 95M net new internet users. Total present 310mm Don’t forget about Hispanics in the U.S. • 50 million Hispanics (30 million online) with buying power of 1,330 billion by 2014 Business models in Latam can scale using very similar techniques due to the similarity of platform penetration (Google, Facebook, Twitter) compared to Asia and Russian internet. (Tencent, Yandex, Vkontakte, Baidu) 11
  • 12. TARJETASTELEFONICAS .COM LIDER EN TARJETAS TELEFONICAS PREPAGAS “fnbox is a Latin American technology company focused on creating global and scalable Internet businesses.” TARJETASTELEFONICAS .COM Fuente: Harabara bold TARJETAS Original banners TELEFONICAS .COM Positivo Rodrigo Teijeiro Founder and CEO rodrigo.teijeiro@fnbox.com Negativo Twitter @RodrigoTeijeiro Want to know more? Visit www.fnbox.com C 73% C 0% M 64% M 58%
  • 13. Appendix GDP (Nominal) in Billions SAO PAULO (2008) 632.70 Argentina (2010) 370.269 Chile (2010) 203.323 Uruguay (2010) 40.272 ARG + CHI + URU 613.864 13
  • 14. Appendix GDP (nominal) Country 2010 2011e Increase Brazil 2,090.31 2421.63 331.32 Country 2011e GDP (nominal) Dominican Republic 54.912 Guatemala 46.383 Costa Rica 40.297 Panama 29.799 El Salvador 23.169 Trinidad and Tobago 22.466 Honduras 17 Jamaica 14.976 The Bahamas 7.787 Haiti 7.724 Nicaragua 7.05 Barbados 4.224 Belize 1.468 Antigua and Barbuda 1.174 St. Lucia 1.04 Grenada 0.728 St. Vincent and the Grenadines 0.593 St. Kitts and Nevis 0.557 Dominica 0.392 Central America & the Caribbean 281.739 14
  • 15. Appendix Country 2010 2011 Increase GDP (nominal) 2010-2011 Brazil 2,090.31 2,421.64 331.323 Mexico 1,039.12 1,167.12 128.003 Argentina 370.269 456.817 86.548 Colombia 285.511 307.845 22.334 Venezuela 290.678 294.271 3.593 Chile 203.323 231.302 27.979 Peru 152.83 167.846 15.016 Ecuador 58.91 65.032 6.122 Dominican Republic 51.626 54.912 3.286 Guatemala 41.471 46.383 4.912 Uruguay 40.272 43.265 2.993 Costa Rica 35.78 40.297 4.517 Panama 26.778 29.799 3.021 El Salvador 21.7 23.169 1.469 Bolivia 19.373 22.778 3.405 Trinidad and Tobago 20.59 22.466 1.876 Paraguay 18.475 22.143 3.668 Honduras 15.347 17 1.653 Jamaica 13.694 14.976 1.282 The Bahamas 7.538 7.787 0.249 Haiti 6.632 7.724 1.092 Nicaragua 6.551 7.05 0.499 Barbados 3.963 4.224 0.261 Suriname 3.682 3.889 0.207 Guyana 2.215 2.397 0.182 Belize 1.396 1.468 0.072 Antigua and Barbuda 1.105 1.174 0.069 St. Lucia 0.985 1.04 0.055 Grenada 0.674 0.728 0.054 St. Vincent and the 0.561 0.593 0.032 Grenadines St. Kitts and Nevis 0.531 0.557 0.026 Dominica 0.376 0.392 0.016 REST OF LATAM     324.491 15
  • 16. Appendix Big Mac prices HONDA Civic LX Country US$ Country US$ Brazil $ 4.91 Brazil $ 41,990 United States $ 3.73 Argentina $ 27,050 Argentina $ 3.56 Chile $ 24,480 Chile $ 3.34 Mexico $ 21,550 Mexico $ 2.50 USA $ 17,855 Taxi Fares Average Apartment (75 m2) City From/to Airport US$ City US$ Sao Paulo $ 90.00 New York $ 4,700.00 New York $ 45.00 Sao Paulo $ 3,500.00 Buenos Aires $ 37.00 Buenos Aires $ 960.00 Santiago $ 24.00 Santiago $ 650.00 Mexico City $ 15.00 Mexico City $ 650.00 16
  • 17. Appendix Office (150 m2) Country Labor tax Effective City US$ (excluding Corporate personal Taxes on new New York $ 9,300.00 income tax) investments Sao Paulo $ 5,000.00 Argentina 41.0% 43.1% Buenos Aires $ 2,500.00 Brazil 70.0% 35.1% Chile 30.1% 6.7% Santiago $ 2,000.00 Mexico 41.0% 17.5% Mexico City $ 1,700.00 USA 18.8% 34.6% Country City Jr. Programmer Manager* New York $ 73,500 $ 179,000 Sao Paulo $ 63,000 $ 157,500 Mexico City $ 31,500 $ 118,000 Santiago $ 30,000 $ 110,000 Buenos Aires $ 27,000 $ 79,000 *For US the average wages are for COO positions. *Other countries are average wages for a Country Manager 17
  • 18. Appendix Sources Slide 2 Instituto Brasileiro de Geografia e Estatística (IBGE). Regional accounts 2004-2008. http://goo.gl/eUIS2 International Monetery Fund (IMF). World Economic Outlook Database, April 2011. http://goo.gl/u5ffb Slide 3 International Monetery Fund (IMF). World Economic Outlook Database, April 2011. http://goo.gl/u5ffb Slide 4 International Monetery Fund (IMF). World Economic Outlook Database, April 2011. http://goo.gl/u5ffb Slide 5 Internet World Stats. U.S. Census Bureau. International Database. http://goo.gl/sbMOG International Monetery Fund (IMF). World Economic Outlook Database, April 2011. http://goo.gl/u5ffb AmericaEconomia Intelligence Slide 6 International Monetery Fund (IMF). World Economic Outlook Database, April 2011. http://goo.gl/u5ffb The Economist. Big Mac Index. http://goo.gl/bbmvE Honda International sites 18
  • 19. Appendix Sources Slide 7 Payscales.com Cato Institute. New Estimates of Effective Corporate Tax Rates on Business Investment. http://goo.gl/pDGOQ Slide 8 Doing Business (World Bank Group): Chile. http://goo.gl/W2xKc Brazil. http://goo.gl/ei7xp ApexBrasil. http://goo.gl/DhMiA Invest Chile (Corfo). http://goo.gl/NKqjE Slide 9 Internet World Stats International Monetery Fund (IMF). World Economic Outlook Database, April 2011. http://goo.gl/u5ffb eMarketer. The Global Media Intelligence Report 2010 Slide 10 Socialbakers. http://goo.gl/i9HqS 19
  • 20. Data sources http://1.bp.blogspot.com/_dr3S8zqPnj4/TTVmjYCaGhI/AAAAAAAATjw/pHzIthd47NE/s1600/market-share-large-1024x768.png http://www.searchenginebite.com/google-has-90-share-in-search-market-of-latin-america.html/ http://oxstones.com/latin-america-will-see-the-highest-e-commerce-growth-worldwide-through-2015/ http://www.imf.org/external/pubs/ft/weo/2011/01/weodata/weorept.aspx?pr.x=59&pr.y=14&sy=2009&ey=2016&scsm=1&ssd=1 &sort=country&ds=.&br=1&c=205&s=NGDPD%2CPPPGDP&grp=1&a=1 http://www.etforecasts.com/products/ES_intusersv2.htm 20