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Net Worth
By the end of 2009, the PREVI Futuro Plan had a net worth of R$ 1.693 billion.
Evolution of the Plan’s accumulated net worth (in millions of R$)
The increase in net worth is the result of incoming contributions and the growth of the plan’s assets. The profitability of Previ Futuro’s investments reached the 27.16% mark, representing an increase of R$ 323.2 million to the Plan’s net worth. For the sake of comparison, the actuarial target was 10.10% (INPC + 5.75%) and the average profitability of Brazilian pension funds in 2009 was 14.30% (source: Fortuna). The plan’s performance was influenced by variable income funds, which had a profitability that surpassed market indexes. The positive effects of this performance are directly and fully absorbed by the participants, whose shares (and, consequently, planned pension reserves) are adjusted above the actuarial target.
Throughout the year, R$ 11.86 million were paid in benefits and contribution withdrawals and R$ 15.79 million were directed to resources for the administrative program (5% carrying fee on all contributions and the reimbursement of the investment program’s administrative expenses), which corresponds to 0.93% of Total Assets.
Part 1 of the Mathematical Provisions, which is set aside for the payment of risk benefits (disability or death) and is calculated in actuarial terms, suffered the impact of the falling interest rates (at 5.5%) and the use of the AT-2000 actuarial table. Both of these measures were adopted as a result of updates in the actuarial premises.
PREVI Futuro Balance Sheet
(1) Commitment Transactions, IFC Invoice.
(2) Tábua AT-2000 e taxa de juros de 5,5%.
Profitability
The PREVI Futuro Plan closed out the year with an accumulated profitability of 27.16%, far greater than the actuarial target of 10.10%.
Profitability by segment
Profitability – Comparative 2009 indexes
Segments
PREVI Futuro’s variable income portfolio started the year of 2009 with investments in the amount of R$208 million, spread across 16 assets in 15 companies, as well as PIBB shares (PIBB is Bovespa’s first exchange traded fund). By the end of 2009, the portfolio had 29 assets in 28 companies and a total of R$ 510.91 million, having grown approximately 145% in comparison to the previous year.
The assets in variable income brought about returns of 77.47% in the year, surpassing the 72.41% returns of the IBrX-50 index.
The year was marked by the conversion of PIBB shares into stocks. In January they represented 35.5% of the segment, but by the end of the year, this participation in the portfolio was liquidated. The PIBB was a fund comprised of shares from companies in the IBrX-50 index.
In 2009, PREVI Futuro received a total of R$ 11.29 million in dividends and interest on equity (IE), the majority of which was paid by the financial institutions, mining companies, Vale and Petrobras. The business negotiations in the period were very diverse and amounted to R$ 385.4 million is sales and R$ 502.1 million in purchases, resulting in an active management aiming towards a performance that would surpass the market average.
Of note, we have the increased investment in Vale in the VI portfolio, increasing from 4.4% in December 2008 to 20.14% in December 2009. Petrobras papers (25.6%) continue to represent the largest portion of PREVI Future’s variable income assets.
Among the papers with the highest returns are: Banco do Brasil ON (117.58%), BMF BOVESPA ON (114.44%), Siderurgica Nacional ON (105.73%), Usiminas PN (98.16%) RCC Highways ON (95.38%), OGX Petróleo ON (87.0%) and Vale PNA (83.29%), representing approximately 33% of the portfolio. Petrobras’s common and preferred shares, yielded 62.6% and 73.6% respectively.
The profitability of the fixed income segment of the PREVI Futuro plan in 2009 was 13.85%, representing 139.48% of the average Selic rate (9.93%). The profitability also exceeded the actuarial rate of 10.10%.
As was the case in the fixed income segment of Plan 1, there is a predominance of NTN-B notes (IPCA + interest rate), which represent 46.75% of the assets that comprise the fixed income segment.
The Government Bonds Held to Maturity portfolio is made up of NTN-Bs (59.81%) and NTN-Fs (40.19%). It obtained returns of 12.81% in the period between January and December 2009, surpassing the investment policy target (INPC + 5.75%), which was 10.10%.
In regards to the allocation by maturity of the NTN-B assets, which comprise the portfolio of bonds held to maturity, there was a change in the due date profile of the bonds in the period between Dec/2008 and Dec/2009. In December 2008, the NTN-Bs expiring between the years 2020 and 2045 made up 24.42% of the total amount of NTN-Bs in the portfolio, whereas in December 2009, for this same expiration period, the allocation is of 53.50%, reflecting a lengthening of due dates of said bonds.
The Government Bonds for Negotiation portfolio, which is made up of 57.72% NTN-B notes, obtained a profitability of 13.31% in the period between January and December 2009, surpassing the investment policy target (TMS) of 9.93%.
In regards to the liquidity operations with financial institutions portfolio, it is predominately comprised of Certificates of Deposit (CD), with 77.63% of the composition. The year also saw the acquisition of the Guaranteed Time-Deposit asset (DPGE) in the amount of R$ 24.62 million, which represents 2.51% of the fixed income portfolio.
PREVI Futuro also included in its portfolio subordinate CDs acquired by PREVI with rates of 115% of the CDI and IPCA + 8.65%. This operation cost a total of R$ 60 million.
3.1 Simple Loan
The PREVI Futuro plan’s simple loans portfolio reached the end of the year with a total of R$198.4 million in loans granted to participants, corresponding to 19,264 active contracts.
The profitability in the time period was 10.37%, against the 10.10% target.
3.2 Carim (mortgage)
The PREVI Futuro plan’s mortgage portfolio was opened in August 2008. In 2009, the plan selected 244 participants that had been affiliated with the plan for 10 years and who had shown an interest in taking on a mortgage.
This portfolio contains 27 implemented contracts, representing a sum total of R$ 3.4 million concessions.
PREVI’s board of directors set aside 1% of the resources that guarantee the PREVI Futuro Plan to operations of this nature.
The profitability of the PREVI Future Plan’s mortgage portfolio was 10.59%, above the actuarial target of 10.10%.
Benefits Payment
Total number of beneficiaries (as of Dec/2009)
Participants
* The amount of pension payments reflects the family unit, obeying the concession criteria of Brazil’s social security system (INSS), where each social security number corresponds to one enrollment in PREVI. This is not the same as the number of beneficiaries actually receiving pension payments, since a single family unit may contain more than one beneficiary (for example, a widow with two under-age children = one single PREVI enrollment).
