Message from the CEO
Dear Sirs,
2013 was marked by the overcoming of challenges, as well as a series of successful events. BESI Brasil carries in its DNA the tradition of always pursuing the best solution to create value for its clients and we are proud to say that last year we provided them with all the support they needed to continue on their trajectory of growth and achievement.
The photograph entitled O Lado Mais Bonito de Se Ver (The Best Side), by Lucas Lenci, which illustrates the cover of our report, reinforces our optimism and our satisfaction with the year's results. BESI Brasil traditionally supports the arts and culture, and no other work could better express the moment we are living through. In line with this tradition, in 2013 we funded various social, cultural and environmental projects through the incentive laws, including the traditional BESPhoto, the Group's international photography competition brought to Brazil two years ago by BESI Brasil.
Among the year's highlights, it is particularly worth mentioning our financial results. We closed 2013 with a net profit of R$40.9 million, corresponding to a return of 6.4% on initial equity of R$640.7 million, 31.9% up on the R$31.0 million posted in 2012, underlining our ability to weather the year's economic adversities. We conducted important operations in the project finance, M&A and capital market areas, strengthening the Bank's presence in the domestic market, particularly in the
infrastructure segment.
BESI Brasil's performance made a substantial contribution to the Group's overall result, accounting for 27% of total revenue in 2013 and 134% of BESI Portugal's net profit, strengthening the Group's internationalization strategy, as well our positioning as an important support center for international transactions by Brazilian companies and companies from other locations which are also undergoing an internationalization process.
In 2014, the Brazilian and global scenarios are still characterized by uncertainties and challenges, but we believe our expertise in the domestic and global markets will provide our clients with valuable support. Sharing the tradition of the Banco Espírito Santo Group, BESI Brasil is a solid bank with many years of experience in assisting transactions, a background that allows us to innovate and adopt a flexible stance in a challenging environment. It is this attitude that helped us achieved the results we have and we believe the same attitude will guarantee the longevity of our future operations.
We would like to thank our clients, employees and shareholders for their support, which has proved invaluable in fueling our results and allowing us to constantly improve our products and services.
Ricardo Espírito Santo
CEO