Empresas Banmédica. Financial Results First Quarter 2008

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1 Empresas Banmédica Financial Results First Quarter 2008

2 Contents Empresas Banmédica Business Organization Shareholders structure Issues First Quarter 2008 Market Overview Isapres Private Hospitals Financial Highlights Consolidated Business Areas 2

3 Empresas Banmédica Business Organization Shareholders structure Issues First Quarter 2008 Market Overview Isapres Private Hospitals Financial Highlights Consolidated Business Areas 3

4 Empresas Banmédica: Business Organization Strong position in health insurance and medical facilities business in Chile Banmédica gives complex health solutions to its clients International business model Empre médica 100% ROE Laboratories 81,7% San Felipe Hospital Capital injection for US$ 5 mm to increase participation to 63% 50,0% 4

5 Empresas Banmédica: Shareholders Structure Shareholders Structure Otros 33,8% Las Bardenas Chile S.A. 2,7% Grupo Garcés 2,3% Moneda S.A.A.F.I. 3,8% Grupo Fernández León (Inv. Sta. Valeria) 28,7% Grupo Penta 28,7% Source: SVS 2008 Prestige of shareholders Board and Managers with more than 20 years of experience in health industry Long term vision to invest and create value Stock Price Evolution Banmedica share price has been influenced by subprime market crisis. However last time it has increased its value Market Cap reached around US$ 1 billion Source: Financial Times 5

6 Empresas Banmédica: Issues 1Q 2008 Banmédica acquired Roe Laboratories and San Felipe Hospital in Lima Perú On February Banmédica acquired 55,3% of Empremédica holding owns of Roe Laboratories and San Felipe Hospital, two of the most important private medical institutions in Lima Peru. Banmédica Invested US$ 13 millions and it will capitalize US$ 5 millions during 2009 to reach 63% of Empremedica Banmédica will launch two series of bonus for CLF 1,7 millions Banmédica informed to SVS the emission of two series of bonus for CLF 1,7 millions (US$ 73 millions) to reorganize bank debt and finance investment in hospitals, medical centers and international operations Medical Facilities Investment Plan Clínica Santa María and Clínica Dávila are working to expand their medical facilities. The project includes 150 beds at CSM and 100 at CD, parking lots, surgery rooms and ambulatory services. Those infrastructure will be available for patients in IVQ

7 Empresas Banmédica Business Organization Shareholders structure Issues First Quarter 2008 Market Overview Isapres Private Hospitals Financial Highlights Consolidated Business Areas 7

8 Market Overview: ISAPRES Beneficiaries of Isapre Industry Isapre Industry has recovered clients after economic crisis at the beginning of this decade (1Q) Revenues and Affiliates Isapre Industry Ingresos (US$ MM) Miles de afiliados Also, Isapre Industry has increased constantly its revenues, it raised around US$ 2 billions in Revenues Affiliates 8

9 Market Overview: ISAPRES Expenditure by Beneficiary Isapre Industry (CL $ 2007) Health Expediture Work Illnes Expenditure Health expenditure by beneficiary of Isapre Industry has increased at 6,6% a year from 2000 and work illness at 4,2% annually. Those rates are similar to USA and European health insurances and they are associated to heath trends like ageing populations, medical solutions and improvement of economic standards 9

10 Market Overview: ISAPRES Market Share Affiliates 1Q 08 Market Share Operating Income 1Q 08 Others 2,0% Más Vida 10,0% Banmédica 23,3% Más Vida 12% Colmena 15,5% Vida Tres 5,3% 28,6% Colmena 18% Banmédica and Vida Tres 46% Cruz Blanca 6% Cruz Blanca 20,4% Consalud 23,5% Consalud 18% Isapres Banmédica and Vida Tres are leaders in the industry. In fact, they have close to 29% of affiliates of the industry and 46% of operating income of total system. The difference between market share by affiliates and operating income show a good performance against competitors 10

11 Market Overview: Private Hospitals Occupancy Rate 1Q Dávila Santa María 77% 73% 76% 75% Las Condes Alemana Tabancura U. Católica 68% 64% 63% 66% 63% 59% 62% 62% Generally, first quarter shows lowest annual occupancy influenced for summer vacations. However, Clínica Dávila and Santa María increased the number of bed used (1Q08 1Q07) and both reached the highest occupancy rate of the private hospital in Santiago 11

12 Market Overview: Private Hospitals Operating Income (CL $ MM 08) Q Q Santa María Dávila Indisa Las Condes Tabancura Most important private hospital in Santiago show similar profit income than 1Q Indisa raises its results due to expansion of more than 100 beds last year. Market Share 1Q 08 (Beds used) U. Católica 6% CSM & CD 39% Tabancura 8% Alemana 20% Clínica Santa María and Davila are leading market share of the industry during 1Q 2008 Indisa 13% CLC 14% Source: SVS and Banmedica 12

13 Empresas Banmédica Business Organization Shareholders structure Issues First Quarter 2008 Market Overview Isapres Private Hospitals Financial Highlights Consolidated Business Areas 13

14 Financial Highlights: Consolidated Revenues (Y-1Q) ($MM-08) $ CAGR:12,7%

15 Financial Highlights: Consolidated Ebitda Share 2008 (Y-1Q) 11% 9% 28% 6% 3% 43% Isapres Hospitals Medium Care Hospitals Ambulatory Services Rescue Services International Total Annual Ebitda 1Q08: US$128 millions Isapres: Banmédica & Vida Tres Hospitals: Clínicas San María and Dávila Medium Care Hospitals: Clínicas Vespucio, Bio Bio and Ciudad del Mar Ambulatory Services: Vidaintegra and Home Medical Clinic Rescue Service: Help International: Colmédica 15

16 Financial Highlights: Consolidated Financial Ratios (Y-1Q) Leverage 1,93 1,84 1,61 1,79 1,84 1,97 ROE 7,5% 8,9% 10,5% 9,2% 9,5% 10,2% ROA 2,5% 3,1% 3,9% 3,3% 3,3% 3,4% Net Margin / Sales 31,5% 32,4% 33,5% 32,3% 30,9% 29,7% Leverage has increased against last year due to acquisitions carried out during However, it is very similar to 5 years ago. ROE increased in 70 bsp between 1Q 07 and 1Q08 ROA is keeping the same level than last year Net income is increasing respect to 1Q07, but net income / sales ratio decreased slightly due to an increment of consolidated revenues 16

17 Financial Highlights: Consolidated Balance Sheet (1Q ) Balance Sheet (Ch $ Millions) 1Q 07 1Q 08 Current Assets Fixed Assets Other Assets Total Assets Current Liabilities Long Term Liabilities Minoritary Interest Equity Equity and Liabilities

18 Financial Highlights: Consolidated Financial Results (1Q 07-08) Finacial Highlights (Ch $ Millions) 1Q 07 1Q 08 Revenues Cost of Sales Gross Income Gross Margin (%) 30,9% 29,7% SG & A Depreciation Operating Income Ebitda Ebitda Margin (%) 14,2% 14,5% Non Operating Result Net Income Net Margin (%) 8,8% 8,5% Revenues increased 12.8% Ebitda Margin won 30 bsp Net Income has increased in close to $1.000 millions equivalent to 9% respect to 1Q 07 18

19 Financial Highlights: Business Areas Isapres (1Q 07-08) Isapres Finacial Highlights (CL $ Millions) 1Q 07 1Q 08 Revenues Cost of Sales Gross Income Gross Margin (%) 24,0% 22,4% SG & A Depreciation Operating Income Ebitda Ebitda Margin (%) 12,1% 11,6% Non Operating Result Net Income Net Margin (%) 10,6% 10,3% Although Ebitda margin lost 50 bsp respect to 1Q07, net income increased close to 1%. 19

20 Financial Highlights: Business Areas Hospitals (1Q 07-08) Hospitals Finacial Highlights (Ch $ Millions) 1Q 07 1Q 08 Revenues Cost of Sales Gross Income Gross Margin (%) 28,0% 31,0% SG & A Depreciation Operating Income Ebitda Ebitda Margin (%) 15,4% 18,2% Non Operating Result Net Income Net Margin (%) 7,1% 9,5% Gross margin increased 300 bsp Operating Income increased 25.4% and Ebitda margin 180 bsp Net income increased 36.2% and net margin 240 bsp 20

21 Financial Highlights: Business Areas Medium Care Hospitals (1Q 07-08) Medium Care Hospitals Finacial Highlights (Ch $ Millions) 1Q 07 1Q 08 Revenues Cost of Sales Gross Income Gross Margin (%) 21,84% 21,36% SG & A Depreciation Operating Income Ebitda Ebitda Margin (%) 30,87% 9,01% Non Operating Result Net Income Net Margin (%) -4,32% -3,90% Medium care hospitals are increasing revenues, keeping gross margin ratio and getting positive operating income 21

22 Financial Highlights: Business Areas Ambulatory Services (1Q 07-08) Ambulatory Services Finacial Highlights (Ch $ Millions) 1Q 07 1Q 08 Revenues Cost of Sales Gross Income Gross Margin (%) 18,73% 19,33% SG & A Depreciation Operating Income Ebitda Ebitda Margin (%) 9,05% 11,70% Non Operating Result Net Income Net Margin (%) 3,24% 2,81% Gross margin increased 60 bsp and Ebitda margin 265 bsp 22

23 Financial Highlights: Business Areas Rescue Services (1Q 07-08) Rescue Services Finacial Highlights (Ch $ Millions) 1Q 07 1Q 08 Revenues Cost of Sales Gross Income Gross Margin (%) 67,33% 67,36% SG & A Depreciation Operating Income Ebitda Ebitda Margin (%) 23,84% 25,75% Non Operating Result Net Income Net Margin (%) 18,63% 15,77% Net income increased 3,2% respect to 1Q07 despite sales investment in Concepción to create a strong base of affiliates there 23

24 Financial Highlights: Business Areas Colmédica Colombia (1Q 07-08) Colmédica Finacial Highlights (Ch $ Millions) Q Q Revenues Cost of Sales Gross Income Gross Margin (%) 24,84% 24,43% SG & A Depreciation Operating Income Ebitda Ebitda Margin (%) 7,58% 9,73% Non Operating Result Net Income Net Margin (%) 6,45% 6,75% Ebitda margin won 215 bsp Net income increased 7% 24

25 Financial Highlights: Business Areas C. del Country Colombia (1Q 08) Clínica del Country S.A. Finacial Highlights (Ch $ Millions) 1Q 08 Revenues Cost of Sales Gross Income Gross Margin (%) 27,84% SG & A -871 Depreciation 0 Operating Income Ebitda Ebitda Margin (%) 15,14% Non Operating Result -281 Net Income 760 Net Margin (%) 11,07% 25

26 Financial Highlights: Business Areas Empremédica Perú (1Q 08) Empremédica Clínica San Felipe y Lab. Roe Finacial Highlights (Ch $ Millions) 1Q 08 Revenues Cost of Sales Gross Income Gross Margin (%) 34,21% SG & A -525 Depreciation -134 Operating Income 835 Ebitda 968 Ebitda Margin (%) 24,35% Non Operating Result -145 Net Income 690 Net Margin (%) 17,35% 26

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