This title slide is titled "Sector de Saneamiento en Brasil y Financiamiento BNDES," focusing on Brazil's sanitation sector and BNDES financing. The subtitle highlights an overview, challenges, and investment opportunities with BNDES.

Sector de Saneamiento en Brasil y Financiamiento BNDES

Panorama, desafíos y oportunidades de inversión con el BNDES

Source: Presentación para inversores españoles

The agenda outlines Brazil's sanitation sector overview and challenges, followed by BNDES's financing role. It then covers phased debentures, TLP, ECOINVEST benefits, tax advantages, and closes with investment opportunities and conclusions.

Agenda

1. 1. Panorama del sector

Visión general del saneamiento en Brasil y desafíos clave.

2. 2. Rol del BNDES

Papel del banco en financiamiento del sector.

3. 3. Debêntures y beneficios

Explicación de debêntures faseadas, TLP, ECOINVEST y ventajas fiscales.

4. 4. Perspectivas y conclusión

Oportunidades de inversión, casos recientes y cierre.

The sanitation sector boasts an annual market of about R$100 billion, with 85% water coverage and 55% sewerage coverage. Recent privatizations, such as SABESP, support the goal of universal access by 2033.

Panorama del Sector de Saneamiento

• Mercado anual: ~R$ 100 mil millones
• Cobertura: 85% agua, 55% alcantarillado
• Privatizaciones recientes: ej. SABESP
• Meta: universalizar acceso para 2033

The slide outlines challenges in the sanitation sector, including deficient infrastructure limiting coverage, regulated tariffs restricting revenues, and high debt causing inefficiencies and blocking investments. It contrasts these with opportunities like a 2020 legal framework accelerating privatizations, R$700B projected investments, and 10% annual growth with high investor returns.

Desafíos y Oportunidades

BNDES, the Banco Nacional de Desenvolvimento Econômico e Social, leads infrastructure financing in Brazil. It invested over R$50 billion in sanitation from 2010-2023 and supports concessions and PPPs.

Papel del BNDES

• Banco Nacional de Desenvolvimento Econômico e Social (BNDES)
• Líder en financiamiento de infraestructura
• Inversión >R$ 50B en saneamiento (2010-2023)
• Apoya concesiones y PPPs

Debentures are debt securities issued by companies to finance projects, acting as long-term loans convertible into shares. Incentivized by Lei 12.431/2011 for infrastructure, they reduce Brazil risk for investors and are attractive for the sanitation sector.

Financiamiento mediante Debêntures

• Títulos de deuda emitidos por empresas para proyectos
• Préstamos a largo plazo convertibles en acciones
• Incentivados por Lei 12.431/2011 para infraestructura
• Reducen el riesgo Brasil para inversores
• Atractivos para sector de saneamiento

The slide outlines fiscal benefits of phased debentures, featuring 0% IRPF tax exemption until 2029. It highlights 2-3% TIR savings and staggered issuance to reduce loading.

Beneficios Fiscales y Debêntures Faseadas

• 0%: Impuesto IRPF

Exención hasta 2029

• 2-3%: Ahorro en TIR

Debêntures faseadas

• Escalonada: Emisión Faseada

Reduce carregamiento Source: Legislación Brasileña / BNDES

The slide introduces TLP (Tasa de Largo Plazo), a stable post-Selic benchmark rate (~11-12%) replacing TJLP for long-term financing of infrastructure like sanitation. It also covers ECOINVEST, a BNDES program prioritizing ESG projects in sanitation to promote sustainable, responsible investments.

TLP y Programa ECOINVEST

The timeline outlines Brazil's sanitation sector progress: a 2020 legal framework enabling privatizations, the 2022 SABESP auction securing R$13B in investments, and BNDES financing five concessions in 2023. From 2024 onward, over 20 auctions are planned with attractive 12-15% IRRs.

Perspectivas y Casos Recientes

2020: Marco Legal del Saneamiento Nuevo marco legal aprueba privatizaciones y acelera inversiones en saneamiento básico. 2022: Subasta SABESP (R$ 13B) Exitoso remate de SABESP genera R$ 13 mil millones en compromisos de inversión. 2023: BNDES financia 5 concesiones BNDES otorga financiamiento clave para 5 nuevas concesiones de saneamiento. 2024+: >20 licitaciones, retornos 12-15% Pipeline con más de 20 licitaciones planeadas, ofreciendo TIRs atractivos de 12-15%.

Source: Datos del sector de saneamiento en Brasil (BNDES)

<ul><li>Sector saneamiento en boom con apoyo BNDES</li><li>Oportunidades seguras vía debêntures</li><li>Beneficios fiscales y TLP atractiva</li></ul>

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