AGAINST EXPECTATIONS, CIELO WINS MARKET

The market expected a greater competition in the card industry for this year, but the results presented by Cielo in the first half of the year show that the company market leader has gained market share, rather than lose. In October of 2012, the company's President, Romulo Days, expecting a higher growth of competitors. "We will see the competitors present in all segments of retail".
The company announced second-quarter swing yesterday after market closure registering a net profit of r $ 623,3 million in the period, up 13.2% in comparison with the same period of last year and 2.7% in comparison with the first quarter of 2013. For analysts this market gain was key to ensuring the operational results.
"Cielo has won market share in the last two quarters, unlike our estimates. Meanwhile, the Redecard is focused on the process of internalization of its structure in the Itaú conglomerate and has been losing ground to its two main competitors, "said BB Investment Analyst, Carlos Daltozo. He estimates that among the three major players in the market, the Cielo has a slice of 54.9%, Redecard (40%) and Santander (5.1%).
Despite this market and gain a result in line with the expected by the market, the company's roles on the São Paulo Stock Exchange (Bovespa) closed the trading session yesterday in fall of 2.91%, rated r $ 55,34. For some analysts, the entry of BTG Pactual in adquirência market, via Pan Bank, created a fear that the market would lose in the future. Cielo
"The entry of BTG in the card market, net profit slightly smaller than in the last quarter and a loss of margin can explain this fall. Despite this, the bludger came in line with the expected showing that Cielo is a strong company. Their actions continue to be "defensive, explained the Active brokerage firm analyst, Marcelo bent.
Another part of the market was positive as net operating revenues that in the second quarter of the year amounted to r $ 1.6 billion, up 28.9% compared to the second quarter of 2012 and growth of 3.7% in comparison with the first three months of this year.
"Operating results were good and followed more or less what was expected by the market. Calls attention to net operating revenues which represents a substantial financial volume, "said school teacher Leandro Stomer & investment, Leandro Ruscel.
The earnings before interest, taxes, depreciation and amortization (Ebitda), which measures the company's cash operating generation, reached r $ 859,1 million, up 22% in comparison with the second quarter of last year. In the period, the Ebitda margin of 53.5 presented Cielo%, just below the result for the first quarter of the year (56.5%) and same period in 2012 (26.6).
"The reduction in margin year comparison against year, mainly due to the consolidation of the acquired business and Merchant Solutions. It is important to remember that the purchasers in the United States include the gross MDR or gross rate discount as gross revenue and Exchange as a cost, so, although the contribution of Me-S the title of
the result is small when the consolidation of numbers, the contribution given the recipe title ends up being the main reason that explains the magnitude of the impact, "said the Chief Financial Officer, Clovis Junior Poggetti.
The financial volume processed by Cielo follows heated pace in two modes: in credit, totaled r $ 65.7 billion in the second quarter of the year, an increase of 12.1% over the same period in 2012. In debt, the financial volume captured totaled r $ 39 billion, 17.8% in addition to the volume registered in the second quarter of last year.
The number of active sales totaled 1.3 million at the end of July 2013, which represents an increase of 8.4% over the same period last year. The installed base of equipment POS (Point of Sale) achieved growth of 9.9% compared to the second quarter of last year, with representation from 52% of mobile machines.