PINE
Av. das Nacóes Unidas 8.501/ 30% andar, Sáo Paulo, SP
BM€FBOVESPA: PINE4
www.pine.com/ ir
PINE
Earnings Release – 1014 (BR GAAP)
PINE REGISTERS RECURRING NET INCOME OF R$33 MILLION FOR THE 1014,
DEMONSTRATING THE BUSINESS MODEL RESILIENCE
Sáo Paulo, May 12, 2014 – Pine (BM€FBOVESPA: PINE4), a wholesale bank focused on establishing and maintaining long-term relationships
with corporate clients and investors, announces today ¡ts consolidated results for the first quarter of 2014 (1Q14), presented in BR GAAP.
Find below the main highlights:
Total Funding
+H.9%
>
Total Loan Portfolio
+1.6%
->
R$ million
Shareholders’ Equity
-0,1%
=>
8,383 8,797 9,930
10,090 1,272 1,271
Dec-13 Mar-14 Dec-13
In April, SGP reaffirmed the Bank’s ratings, based on
“Pine’s fundamentals that remain consistent even in a
deteriorated economic scenario”. Fitch also reaffirmed
Pine’s ratings as a “satisfactory reflection of the bank’s
credit profile, in general, and its good performance in
the last several years in the midst of a deteriorating and
relatively volatile operating environment.”
Positive contributions from all business lines: 72.7%from
Corporate Credit, 18.8% from FICC, 6.9% from Treasury,
and 1.6%from Pine Investimentos.
Maintenance of positive liquidity gap over the past years,
with 14 months for credit versus 16 months for funding.
Liquid balance sheet, with cash position of R$1.6 billion,
equivalent to 41%of time deposits.
US$115 million funding through an A/B Loan, with a five-
year term.
Reduction of funding costs by effectively hedging the full
interest rate exposure of both PINE 17 and Huaso Bonds.
13% largest bank in derivative transactions according to
CETIP. – OTC Clearing House, being the 2″ in the
commodity derivatives segment.
Mar-14 Dec-13 Mar-14
Earnings and Profitability
Recurring Net income (R$ million)
Net income (R$ million)
Recurring Annualized ROAE
Annualized ROAE
Recurring Annualized ROAAw*
Annualized ROAAw*
Recurring Annualized financial margin before provision
Annualized financial margin before provision
Recurring Annualized financial margin after provision
Annualized financial margin after provision
Balance Sheet (R$ million)
Total assets
Loan portfolio?
Risk weighted assets
Deposits*
Funding
Shareholders’ equity
Credit portfolio quality
Non performing loans – 90 days
Credit coverage index
Performance
BIS ratio
Recurring Efficiency ratio
Efficiency ratio
Recurring Earnings per share (R$)
Earnings per share (RS)
Book value per share* (RS)
Market Cap (R$ million)
1014 4Q13 1013
33 37 46
35 37 46
10.7% 12.2% 15.5%
11.5% 12.2% 15.5%
1.4% 1.7% 2.4%
1.5% 1.7% 2.4%
4.0% 4.0% 5.5%
4.2% 4.0% 5.5%
3.4% 2.8% 4.8%
3.6% 2.8% 4.8%
11,046 10,545 10,204
10,090 9,930 8,405
9,417 9,312 7,293
4,099 3,875 3,521
8,797 8,383 6,589
1,271 1,272 1,260
0.6% 0.1% 0.6%
2.6% 2.7% 3.4%
13.7% 14.1% 17.1%
45.4% 51.9% 37.1%
43.8% 51.9% 37.1%
0.27 0.34 0.42
0.29 0.34 0.42
10.50 10.51 10.41
1,030 1,147 1,557
¡Risk weighted assets.*Includes Standby LC, Bank Guarantees, Credit Securities to be Received and Private Securitil
les (bonds, CRIs, eurobonds and fund shares). *Includes
Agribusiness and Real Estate Letters of Credit. “For comparison purposes, it considers 121,047,768 shares for all periods. *Reconciliation of results due to funding hedges in the
gross amount of R$3.9 million and net amount of R$2.3 million in 1Q14.
Investor Relations +55 11 3372-5343 [Raquel Varela
Alejandra Hidalgo
Luiz Maximo
Ana Carolina Lopes
PINE
Business Performance
Pine is a wholesale bank focused on establishing and maintaining long-term relationships with corporate clients and
investors. Its strategy is based on knowing its clients well and understanding their businesses and potential in order to build
customized and alternatives financial solutions. This strategy requires a diverse range of products, highly qualified human
capital and efficient and agile risk management, areas in which the Bank is consistently evolving.
1013 1014
Ti
e rreasury
6.9%
Corporate
Credit
56.6%
Corporate
Ficc Credit
FICC 18.8% 72.1%
34.1% :
PINE
Investimentos
1.6%
PINE
Investimentos
7.6%
The credit business contribution stood out in the period, while revenues from products and services complementary to credit
accounted for approximately 30% of total revenues. FICC and Pine Investimentos businesses underperformed when compared
to 1013 due to a less active market.
Financial Margin
In 1014, recurring income from financial intermediation before provisions for loan losses totaled R$86 million. The recurring
net interest margin (NIM) before provisions stood at 4.0%in the quarter.
The recurring financial margin remained stable compared to 4Q13 due to the positive impacts of reduced funding costs and
marginal improvement of spreads in credit origination, offset by the increase in average earnings assets mainly at the end of
the quarter.
During the 1014, Pine hedged the full interest rate exposure of both PINE17 and Huaso Bonds. These transactions reduced
carrying costs of these debts, creating a continual effect on margins. Additionally, this hedge generated a positive result of
R$3.9 million in the quarter, due to the mark to market of this derivative. Thus, margin before provisions totaled R$91
million in the quarter, or 4.2% These effects will be reported quarterly.
R$ million
Er Q13 1013 10] YoY
Recurring Financial Margin
Income fromfinancial intermediation 94 78 102 20.5% -7.8%
Overhedge effect 6 3 (2) -200.0% 50.0%
Liabilities hedge effect (4)
Recurring Income from financial intermediation (A) 86 8l 100 6.2% -14.0%
Provision for loan losses (12) (24) (13) -50.0% -7.1%
Recurring Income from financial intermediation after provision (B) 74 57 87 29.8% -14.9%
Average earning assets (C ) 8,735 8,128 7,412 7.5% 17.8%
Interbank investments 1,008 769 508 31.1% 98.4%
Securities and derivatives! 1,727 1,696 1,934 1.8% -10.7%
Credit transactions 6,454 6,119 5,076 5.5% 27.1%
(-) FIDC senior shares (454) (456) (106) -0.4% 328.3%
Recurring Annualized Financial Margin before provision (%) (A/C) 4.0% 4.0% 5.5% 0 bps -150 bps
Recurring Annualized Financial Margin after provision (%) (B/ C) 3.4% 2.8% 4.8% 60 bps -140 bps
Financial Margin?
Annualized Financial Margin before provision (%) (D/ C) 4.2% 4.0% 5.5% 20 bps -130 bps
Annualized Financial Margin after provision (%) (E/ C) 3.6% 2.8% 4.8% 80 bps -120 bps
Y Excludes repo transactions and the liability portion of derivatives.
? Considers the impact of PINE17 and Huaso Bond hedge transactions.
PINE
Fee Income
Fee income reached R$21 million in 1014. Pine Investimentos’ activities have been negatively impacted by the low activity in
the capital markets, especially in the niche in which the Bank operates, even with a robust pipeline of mandates.
R$ million
ALoJEs 4Q13 1013 Q0Q DA
Bank 19 23 20 -17.4% -5.0%
PINE Investimentos 2 2 10 0.0% -80.0%
Total 21 25 30 -16.0% -30.0%
Personnel and Administrative Expenses
In 1014, personnel and administrative expenses decreased 2.0% when compared to 4Q13. Pine’s headcount closed the
quarter at 384.
R$ million
Personnel expenses -8.0% 4.5%
Other administrative expenses 26 25 24 4.0% 8.3%
Subtotal 49 50 46 -2.0% 6.5%
Efficiency Ratio
The recurring efficiency ratio ended the 1014 at 45.4% improvement of 650 bps over 4013. This improvement ¡is explained
by higher revenue generation and by rigorous costs control. Non-recurring expenses are related to amounts compensated in
other lines, such as credit recovery.
R$ million
1014 4013 1013
Operating expenses! -5.4% 6.0%
(-) Non-recurring expenses 4 1 1 300.0% 300.0%
Recurring Operating Expenses (A) 49 55 49 -10.9% 0.0%
Recurring Revenues? (B) 108 106 130 1.9% -16.9%
Recurring Efficienc y Ratio (A/B) 45.4% 51.9% 37.1% -650 bps 770 bps
* Other administrative expenses +tax expenses +personnel expenses
2Gross Income from financial intermediation – provision for loan losses +fee income +overhedge effect – hedge impact
Corporate Credit
The expanded loan portfolio totaled R$10,090 million on March 31, 2014, growth of 1.6% when compared to December 2013,
and up 20.0%over last twelve months. The average term of the credit portfolio was 14 months in March 2014.
R$ million
ETA Dec -13 Mar-13 Q0Q YoY
Working capital * 5,085 5,040 4,210 0.9% 20.8%
BNDES Onlending 1,103 1,068 826 3.3% 33.5%
Trade finance ? 989 903 842 9.5% 17.5%
Bank guarantees 2,905 2,909 2,501 -0.1% 16.2%
Loan Portfolio 10,083 9,920 8,380 1.6% 20.3%
Individuals * 7 10 26 -30.0% -73.1%
Expanded Loan Portfolio 10,090 9,930 8,405 1.6% 20.0%
“includes debentures, CRIs, Hedge Fund Shares and Euro bonds
2 Includes Stand by LC
3 Loan portfolio with reco urse acquired from financial institutions
Loan Portfolio Breakdown
Mar-14
Working
Capital +
Securities
50.4%
Individuals
0.1%
Trade
finance
9.8%
BNDES
Onlendings
10.9% Bank
Guarantees
28.8%
Active Management of the Loan Portfolio
PINE
Mar-13
Working
Capital +
Securities
Individuals 50.1%
0.3%
Trade
finance
10.0%
BNDES
Onlendings
9.8% Bank
Guarantees
29.8%
In 2014, Pine continued to diversify its loan portfolio, seeking to further increase the solidity of its balance sheet.
Noteworthy the sectors rebalance with relative greater participation of the Infrastructure and Construction sectors.
Over the last 12 months, the composition of the portfolio of the 20 largest clients changed by approximately 20%
demonstrating the liquidity and flexibility of the Bank’s operation. The total portfolio share of the 20 largest clients
remained below 30%
1014
Other
Construction Material _9%
ze Construction
13%
Food Industry.
2%
Mestpacking
2% NN
Retail
2
Sugar and Ethanol
Foreign Trade má
3%
Chemicals
3%
Telecom
ae
Metallurgy
a Electric and Renewable
Specialized Services, manes
%
12%
Vehiclesand Parts
5%
Transportation and
Logistics lagriculture
10%
5% Infrastructure
8%
1013
Financial Institutions
2% Other
9%
Construction Material Y Sugarand Ethanol
2% 15%
Meatpacking,
2%
Metals and Mining
2%
Chemicals
2%
Food Industry
3%
Telecom.
3%
Electric and Renewable
Energy
12%
Vehiclesand Parts
3%
Metallurgy
%
Construction
Foreign Trade e
Transportation and :
Logistics
riculture
5% Dd
Specialized Services Infrastructure se
5%
7%
PINE
Loan Portfolio Profile and Quality
Loan Quality and Provision for Loan Losses – Resolution 2682
1014 4013
O o % provision CO o % provision
AA 1,130 1,130 17.3% . AA 1,007 1,007 15.8% .
A 2,063 2,063 31.6% 10 A 2,089 2,089 32.7% 10
B 0 2,223 2,223 34.1% 22 B 0 2,347 2,348 36.8% 23
Cc 9 697 706 10.8% 21 Cc 31 540 570 8.9% 17
D 16 224 241 3.7% 24 D 0 194 194 3.0% 19
E 0 35 35 0.5% u E 1 43 44 0.7% 13
F 0 25 25 0.4% 13 F 0 25 25 0.4% 12
G 2 50 52 0.8% 36 G 0 50 50 0.8% 35
H 43 7 51 0.8% 51 H 3 52 55 0.9% 55
Total 70 6,456 6,526 100.0% 188 Total 35 6,347 6,382 100.0% 186
Required provision according to the transaction rating: AA: 0% A: 0.5% B: 1% C: 3% D: 10% E: 30% F: 50% G: 70% H: 100%
Loan Portfolio Coverage Ratios
Total Loan Portfolio Coverage Overdue Portfolio Coverage
3.4% 3.4%
3.0%
2.7% 2.6%
1,696%
379% 405% 32% om
AA -ÁÁá ” 7 7 7 7 1
Mar-13 Jun-13 Sept-13 Dec-13 Mar-14 Mar-13 Jun-13 Sept-13 Dec-13 Mar-14
*Coverage of Loan Portfolio: Provision/ Expanded Portfolio without *Coverage of Overdue Portfolio: Provision/ Overdue Portfolio
Bank Guarantees and Stand by LC
Portfolio by Risk Rating!
Mar-14 Dec-13
D-H D-H
5.6% 5.3%
AA-C AA-C
94.4% 94.7%
The NPL ratio of installments overdue more than 90 days ended the period at 0.6% versus 0.1% in December 2013.
Considering the total contract, the ratio of more than 90 days reached 0.7% in the period, compared to 0.1%in December
2013. Both indicators returned to their historical average.
PINE
Non-Performing Loans (Overdue Installments)*
Mar-14 Dec-13 Mar-13
More than 15 days 1.0% 0.5% 0.9%
More than 30 days 1.0% 0.1% 0.9%
More than 60 days 0.8% 0.1% 0.9%
More than 90 days 0.6% 0.1% 0.6%
More than 120 days 0.1% 0.1% 0.6%
More than 180 days 0.1% 0.1% 0.6%
Non-Performing Loans (Total Contract)!
Mar-14 Dec-13 Mar-13
More than 15 days 2.2% 0.6% 1.7%
More than 30 days 2.2% 0.2% 1.5%
More than 60 days 1.1% 0.2% 1.5%
More than 90 days 0.7% 0.1% 1.2%
More than 120 days 0.1% 0.1% 1.2%
More than 180 days 0.1% 0.1% 1.0%
AUncludes debentures, CRIs, Hedge Fund, and Eurobonds and excludes Bank Guarantees and Stand by Letters of Credit.
FICC
Pine’s FICC business provides risk management products and hedging solutions to help clients manage the risks on their
balance sheets. The key markets in this business line are Fixed Income, Currencies, and Commodities. Pine offers its clients
the main derivative instruments, which include non-deliverable forwards (NDFs), swaps and some options-based structures.
The total notional value of the derivatives portfolio for clients totaled R$11.3 billion, with an average duration of 123 days at
the end of the first quarter.
Client Notional Derivatives by Market – 1014 Notional Amount and Counterparty Credit Risk (MtM)
Notional Value
a MA
=> == Stressed MtM
Currencies
83%
Fixed Income
8% (195) (243)
A
Commodities 5,180 5,891 11,090 “11,148” ‘ 11,268
9%
Mar-13 Jun-13 Sept -13 Dec-13 Mar-14
The R$428 million of counterparty risk exposure (Mark to Market) considers the net value of Pine’s payables and receivables.
Thus, in March 2014, Pine would receive R$548 million from its counterparties and pay R$66 million. It is worth emphasizing
that more than 70%of amounts receivable are rated between AA and B.
Based on the stress test performed on the derivatives portfolio with clients, under an extremely negative scenario consisting
of the U.S. dollar strengthening by 31% against the Brazilian Real to reach R$2.97/ USD, and commodity prices falling by 30%
the potential Mark to Market in the portfolio would have been R$243 million payable, which considers the amount of R$609
million that Pine has to receive from ¡ts counterparties, and R$852 million to pay.
Additionally, Pine hedges the portfolio in Exchanges and with Bank counterparties, with daily MtM settlement. This, coupled
with the portfolios’ short duration, assures the maintenance of liquidity levels according to policy.
According to the ranking compiled by CETIP – OTC Clearing House in March 2014, Pine was ranked among the fifteenth largest
players in derivative transactions for clients, and maintained the 2″ in the commodity derivatives segment.
PINE
Pine Investimentos
Pine Investimentos, the Bank’s Investment Banking unit, works closely with ¡ts clients to offer customized and unique
solutions in the Capital Market, Financial Advisory, and Project € Structured Finance areas.
In this quarter, Pine Investimentos participated in the structuring of approximately R$700 million in fixed income
transactions.
Funding
Total funding reached R$8,797 million in March 2014, 4.9% up from Qo0Q and 33.5% YoY. The volume of time deposits
increased by 21.6%in the year, while onlendings grew 36.7% The weighted average term of funding transactions reached 16
months.
In 1014, Pine raised US$115 million through an A/B loan transaction. The Green Line Finance Partnership entails a US$75
million A loan from IDB, with a five-year term, and US$40 million B loan from Commerzbank, with a two-year term.
In twelve months, external funding growth resulted from a US$100 million syndicated loan transaction, with a two-year term,
US$20 million through a Senior Unsecured Term Loan transaction, with a ten-year term, and US$50 million through Pine’s
third Islamic format issuance, with a one-year term.
In the international arena, Pine has around 70 correspondent banks, including banks in various countries, development banks
such as DEG and Proparco, and multilateral agencies, including the IFC, IDB, and FMO.
R$ million
SS Dec-13 Q0Q YoY
Local Funding 5,514 5,299 4.1% 27.1%
Demand deposits 27 23 126 17.4% -78.6%
Interbank deposits 76 90 110 -15.6% -30.9%
Time deposits +LCA +LCIl 3,995 3,762 3,285 6.2% 21.6%
Individuals + 659 478 225 37.9% 192.9%
Companies 1,022 1,185 973 -13.8% 5.0%
Institutionals 2,314 2,099 2,087 10.2% 10.9%
Capital Markets 1,415 1,424 796 -0.6% 71.8%
Onlendings +Trade Finance 2,008 2,012 1,621 -0.2% 23.9%
Onlendings 1,174 1,141 859 2.9% 36.7%
Trade finance 834 871 762 -4.2% 9.4%
International Funding 1,275 1,072 651 18.9% 95.9%
Capital Markets 434 459 402 -5.4% 8.0%
Multilaterals 364 113 78 222.1% 366.7%
Other private placements and syndicated
loans 478 500 171 -4.4% 179.5%
Total 8,797 8,383 6,589 4.9% 33.5%
1 Includes securities distributed to individuals through other institutions.
Asset and Liability Management
PINE
In accordance with Pine’s asset and liability management, funding sources are aligned in terms of maturity and cost with
their respective credit transactions. While the weighted average maturity of the loan portfolio is 14 months, the funding
period is 16 months, ensuring a comfortable situation for the Bank.
Matching of Credit and Funding Breakdown
R$ Million R$ Billion
8.8 8.8
8,626 8,7978,797 1d
m Credit 8,097,941 8,443 Cash 1.6 A
Funding CN
6,094 Working Capital
5,399
individuals Ed
3,207
2,460
MOnlendings 1.3
Y
– e 1)
MTrade Finance II
No maturity Upto3 Upto12 Upto3 years Upto 5 years Total 1.0 h
months A o IIA
(includes Credit + Cash
Capital Structure
Funding
Im Deposits
Domestic Capital Markets
External Funding
mOnlendings
MTrade Finance
In the quarter, the capital adequacy ratio (BIS) stood at 13.7% above the regulatory minimum level of 11% The Tier | capital
represented 12.2% while Tier Il represented 1.5% The ratio decrease is mainly due to the 20% reduction in the amount of
subordinated debt allowed for Tier Il capital composition.
R$ million
Mar-14 Dec-13 Mar-13
Reference Equity 1,386 1,442 1,454
Tier! 1,234 1,220 1,268
Tier | – BISRatio % 12.2% 12.0% 15.0%
Tier II 152 222 185
Tier 11 – BISRatio % 1.5% 2.1% 2.1%
Required Reference Equity 922 928 933
Credit Risk 856 847 802
Market Risk 49 66 123
Operational Risk 17 15 8
Excess of Reference Equity 464 514 521
BIS Ratio – % 13.7% 14.1% 17.1%
PINE
About Pine
Pine is a wholesale bank focused on long-term relationships with corporate clients and investors. The bank offers Credit,
including Working Capital, Onlending lines from BNDES and Multilateral Organizations, Trade Finance, Bank Guarantees, as
well as hedging products (Fixed Income, Currencies, and Commodities), Capital Markets, Financial Advisory Services, Project
8. Structured Finance.
Corporate Governance
Pine has active corporate governance policies, given ¡ts permanent commitment to shareholders and other stakeholders. In
addition to integrating Level 2 of Corporate Governance of the BME.FBOVESPA, Pine’s practices include:
+ Two independent members and one external member to the Board of Directors
+. 100%tag-along rights for all shares, including preferred shares
e Adoption of arbitration procedures for rapid settlement of disputes
+ Quarterly disclosure of earnings results in two accounting standards: BR GAAP and IFRS
+ Compensation and Audit committees, which report directly to the Board of Directors
PINE4
As of March 31, 2014
AT LO) Total y
Controlling Shareholder 65,178,483 17,210,589 82,389,072 68.0%
Management – 7,622,093 7,622,093 6.3%
Free Float – 31,036,603 31,036,603 25.6%
Individual s – 5,837,037 5,837,037 4.8%
Local Institutional Investors – 12,016,870 12,016,870 9.9%
Foreign Investors – 5,495,901 5,495,901 4.5%
DEG – 5,581,714 5,581,714 4.6%
Proparco – 2,105,081 2,105,081 1.7%
SubTotal 65,178,483 55,869,285 121,047,768 99.9%
Treasury – 124,256 124,256 0.1%
Total 65,178,483 55,993,541 121,172,024 100%
Interest on Own Capital and Dividends
On January 14, 2014, Pine paid a total of R$20 million as dividends and interest on own capital, which corresponds to a gross
payout per share of R$0.17. Of this total, R$16.5 million represents interest on own capital and R$3.5 million, dividends.
Since 2008, Pine distributes dividends/ interest on own capital quarterly.
Ratings
STANDARD – FitchRatings Moodys.com RISKbanl
8POOR’S o
E
s_ 0 Long Term 88+ BB+ Bal
58
MENE
E Short Term B B
E Long Term brAA AA-(bra) Aa2.br
e 10.38
E Short Term Fl+bra) Br-1
PINE
Balance Sheet
R$ million
ES Dec-13 ETE]
Assets 11,046 10,545 10,204
Cash 54 157 212
Interbank investments 1,348 668 611
Securities 2,161 2,515 3,604
Interbank accounts 5 1 1
Lending operations 6,526 6,382 5,114
(-) Provisions for loan losses (188) (186) (195)
Net lending operations 6,338 6,196 4,920
Other receivables 1,031 904 827
Property and equipments 110 104 30
Investments 88 76 –
Property and equipment in use 20 26 28
Intangible 1 2 2
Liabilities 9,776 9,272 8,944
Deposits 3,381 3,156 3,199
Money market funding 379 509 1,954
Funds fromacceptance and securities issued 1,760 1,738 1,163
Interbank and Interbranch accounts 1 15 6
Borrowings and onlendings 3,203 2,954 1,859
Derivative financial instruments 143 191 110
Other liabilities 836 641 595
Deferred Results 74 68 58
Shareholders’ equity 1,271 1,272 1,260
Liabilities and shareholders’ equity 11,046 10,545 10,204
10
PINE
Accounting Income Statement
R$ million
ALoJ Es 4Q13 1013 Q0Q MS
Income from financial intermediation 263 310 233 -15.2% 12.9%
Lending transactions 168 163 111 3.1% 51.4%
Securities transactions 91 63 58 44.4% 56.9%
Derivative financial instruments 8 53 62 -84.9% -87.1%
Foreign exchange transactions (4) 31 2 -112.9% -300.0%
Expenses with financial interme diation (182) (256) (144) -28.9% 26.4%
Funding transactions (136) (169) (119) -19.5% 14.3%
Borrowings and onlendings (34) (63) (12) -46.0% 183.3%
Provision for loan losses (12) (24) (13) -50.0% -1.1%
Gross income from financial intermediation 81 54 89 50.0% -9.0%
Other operating (expenses) income (28) 1 (19) -2900.0% 47.4%
Fee income 21 25 30 -16.0% -30.0%
Personnel expenses (23) (25) (22) -8.0% 4.5%
Other administrative expenses (26) (25) (24) 4.0% 8.3%
Tax expenses (3) (6) (4) -50.0% -25.0%
Other operating income 7 52 10 -86.5% -30.0%
Other operating expenses (3) (20) (9) -85.0% -66.7%
Operating income 54 55 70 -1.8% -22.9%
Non-operating income 7 2 2 250.0% 250.0%
Income before taxes and profit sharing 61 57 7 7.0% -15.3%
Income tax and social contribution (12) (9) (19) 33.3% -36.8%
Profit sharing (13) (11) (8) 18.2% 62.5%
Net income 35 37 46 -5.4% -23.9%
This report is a free translation from the Portuguese version. In case of any divergence, discrepancy or difference between this version and
the Portuguese version, the Portuguese version shall prevail. This report may contain forward-looking statements concerning the business
prospects, projections of operating and financial results and growth outlook of Pine. These are merely projections and as such are based
solely on management’s expectations regarding the future of the business. These statements depend substantially on market conditions,
the performance of the sector and the Brazilian economy (political and economic changes, volatility in interest and exchange rates,
technological changes, inflation, financial disintermediation, competitive pressures on products and prices and changes in tax legislation)
and therefore are subject to change without prior notice.
11
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