New growth cycle and value innovation. Webcast 3Q13

Transcription

1 New growth cycle and value innovation Webcast 3Q13

2 Disclaimer The information contained herein has been prepared by Odontoprev S.A. ( OdontoPrev or the Company ) and this material does not constitute offering material in whole or part. This material has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving investment advice. It is not targeted to the specific investment objectives financial situationor particular needs of any recipient. No representation or warranty either express or implied is made as to the accuracy completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this material are subject to change without notice and OdontoPrev is not under obligation to update or keep current the information contained herein. The Company their respective affiliates. agents. directors. partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material. This material is intended solely for the use of persons who are market counterparties of intermediate customers (as detailed in the FSA Rules) and is only available to such persons. The information contained herein does no apply to and should not be relied upon by private customers. You should consult your own legal regulatory tax business. Investment. financial and accounting advisers to the extent that you deem necessary and you must make your own investment hedging or trading decision based upon your own judgment and advice from such advisers as you deem necessary and not upon any view expressed in this material. The information contained in this presentation concerning market estimates. The Brazilian dental and healthcare industry and our participation in it as well as our position in relation to our competitors was obtaine d from established public sources including the ANS the Ministry of Health (Ministério da Saúde) and other market sources. We consider these sources to be reliable but we have not independently verified the competitive position market share production and market size market growth data and other market estimates and therefore cannot provide any assurances regarding the accuracy and completeness of the information contained therein.

3 9M13 Key Metrics YoY change (%) +15.7% +18.9% +19.1% +11.4% +4.5% +5.0% Volume Price Revenues Adjusted EBITDA Net Income DIV and IOC per share 3

4 Membership quarterly additions OdontoPrev quarterly net additions (thousand members) Q12 4Q12 1Q13 2Q12 3Q13 4

5 SME s and Individuals: an increase of 19% since 2012 OdontoPrev members (thousand lives) 5,533 5% 7% ,102 6,010 5,976 5% 5% 6% % 11% 11% % 4,862 85% 5,079 5,023 84% 83% 5, JUN13 SEP13 Corporate SME s Individuals 5

6 Highest Annual Average Ticket increase since IPO Annual Ticket increase (%) 6.1% Not yet a mix effect 6.4% 6.6% 2.6% 3.1% 3.3% 2.6% 2.4% 4.0% 4.4% 3.8% 3.1% 4.2% 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 6

7 6.6% Average Ticket increase driving 3Q13 Revenues Revenues and Average Ticket Annual increase (%) 13.2% 10.8% 11.6% 11.6% 11.0% 6.4% 6.6% 3.8% 3.1% 4.2% 3Q12 4Q12 1Q13 2Q13 3Q13 Revenues (%) Average Ticket (%) 7

8 LTM Cost of services at 49% since 4Q12 Quarterly and LTM Cost of Services (%) Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 Δ LTM Δ Quarterly 8

9 Synergies in G&A (R$ million and % of NOR) % 14.0% 13.9% 13.4% 13.6% 3T12 4T12 1T13 2T13 3T13 3Q12 4Q12 1Q13 2Q13 3Q ,0% 16,5% 35 16,0% 30 15,5% 2515,0% 14,5% 20 14,0% 15 13,5% 13,0% 10 12,5% 5 12,0% % % 15.4% 13.6% 3Q10 3T10 3T11 3Q11 3Q12 3T12 3T13 3Q13 9

10 Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA (R$ million) and Adjusted EBITDA Margin (%) % % % % % 24.0% % 24.0% 21.2% 19.5% 20.8% 3Q12 4Q12 1Q13 2Q13 3Q13 3Q10 3Q11 3Q12 3Q13

11 Net Income (R$ million) % % IPO 2006¹ 2007¹ 2008¹ 2009¹ 2010¹ M12 9M13 3Q12 3Q13 ¹BRGAAP 11

12 3Q13 cash-flow (R$ million) (R$ million) 25% of Sales Net Cash JUN13 + Cash - Generation Capex - Shareholder Remuneration + Stock options¹ = Net Cash SEP13² 1 Stock Options Plan receiving. 2 Includes R$72.4 million of technical provisions and R$98.2 million of social security for individual dentists. 12

13 Net Cash, zero debt (R$ million) IPO Q13 1 Does not include the Bradesco capital increase 13

14 100% payout, quarterly dividends payments Net Income and Cash Dividends (R$ million) 115% payout * % payout * % payout % payout % payout Q12 2Q12 3Q12 4Q M13 In relation to the net income available for distribution. Since the IPO, OdontoPrev's total shareholder remuneration surpasses R$1 billion. 14

15 World class shareholder structure: investors from 34 countries Management 1.72% Treasury 0.03% 3.0% 2.7% 2.2% 14.6% 8.5% 8.3% 1.4% Free Float 1.1% 50.01% 48.24% 16.0% 0.8% 0.7% 5% 34.9% 0.7% 0.6% Total capital 48% Free float 531,294,792 shares 256,325,413 shares Source: OdontoPrev According to the Material Fact of October 14th, % 0.5% Others 3.5%

16 Our Board of Directors Luiz Trabuco Chairman CEO of Bradesco Randal Zanetti Vice-Chairman Director of Bradesco Insurance Board Members According to the Material Fact of October 14,

17 Corporate Governance and professional management team AGM HR Committee External Audit Board of Directors CEO Mauro Figueiredo Fiscal Council Audit Committee Internal Audit Market Development Director Renato Cardoso Investor Relations Director José Roberto Pacheco Administrative and Finance Director Luis André Blanco Corporate Director Carlos Rogoginski Clinical Director José Maria Benozatti Human Resources Director Rose Gabay According to the Material Fact of October 14,

18 Brasildental s ownership structure 100% total capital 75% total capital 49.99% voting shares 100% non-voting shares 25% total capital 50.01% voting shares 0% non-voting shares Brasildental to start in 1Q14 18

19 Continuous improving the liquidity of the shares Up to October 25th 4,200 3,735 3,620 3, Last 12 month Last 180 days Last 90 days Last 30 days Average number of trades/day ADTV (R$ million/day) Source: BM&F BOVESPA 19