Public Tender Offer for Espírito Santo Saúde. Lisbon, 11 th of September 2014

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Della Hicks
7 years ago
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1 Public Tender Offer for Espírito Santo Saúde Lisbon, 11 th of September 2014

2 JOSÉ DE MELLO SAÚDE LEADING OPERATOR IN THE HEALTH SECTOR IN PORTUGAL Most experienced operator in the sector A benchmark in Portugal for 70 years History marked by pioneering in clinical and technological innovation and in Health management models A Brand which clients and health professionals trust Activity guided by three strategic priorities: To reinforce evidence of clinical quality To improve the client s experience To guarantee economic and financial performance in line with the best practices 2

3 JOSÉ DE MELLO SAÚDE STRONG GROWTH IN THE LAST 15 YEARS Greater Lisbon CUF Infante Santo Hospital CUF Descobertas Hospital CUF Belém Clínica CUF Alvalade Clínica CUF Sintra Clínica CUF S. Domingos de Rana Clínica CUF Cascais Hospital Torres Vedras CUF Torres Vedras Hospital CUF Mafra Clínica Porto CUF Porto Hospital CUF Porto Instituto Braga Hospital de Braga Vila Franca de Xira Hospital de Vila Franca de Xira Health units 11 Beds 1,474 Employees 6,655 3

4 JOSÉ DE MELLO SAÚDE MAJOR CREATION OF JOBS IN THE HEALTH SECTOR AND COMMITMENT TO THE TRAINING OF CLINICAL PROFESSIONALS Total no. of Employees Net job creation Doctors trained in JMS

5 JOSÉ DE MELLO SAÚDE SOLIDITY AND FINANCIAL PERFORMANCE (1st Sem) 2014 (1st Sem.) Income 401,4 462,4 493,8 243,3 263,4 EBITDA 12,7 47,0 45,1 23,6 31,6 Net profit 1,1 3,8 12,6 6,3 14,3 126 M Net Debt Solvency (D/ EBITDA) 2,68 2,70 78,1 M 70 M 1, (1stQ) (1stQ) 5

6 JOSÉ DE MELLO SAÚDE STRATEGY FOCUSSED ON THE RESPONSE TO PEOPLE S NEEDS Reinforce growth in Portugal Creation of options for international expansion Leverage key distinctive capacities: Experience of the demanding client Evidence of clinical quality Corporate culture of excellence and ambition Operational efficiency 6

7 PTO - ESPÍRITO SANTO SAÚDE OBJECTIVE TO CREATE A LEADING INTERNATIONAL OPERATOR BASED IN PORTUGAL To provide leverage for the clinical quality of healthcare provided and bolster the quality of service for all clients To increase the capacity for clinical and technological innovation and for investment in the sector, helping to create a leading operator on an international level To reinforce the commitment to the training of health professionals and the development of clinical research programs To further develop partnerships with the insurance sector and subsystems To improve business efficiency, in order to guarantee the sustainable provision of healthcare 7

8 PTO - ESPÍRITO SANTO SAÚDE NEW ENTITY WITH A 7-8% SHARE IN THE HEALTHCARE MARKET Beds Lisbon Porto National Units JMS + ESS Total 8

9 PTO - ESPÍRITO SANTO SAÚDE NEWENTITY RESPONDS TO THE IDENTIFIED OBJECTIVES Units 31 Beds Operating rooms 92 Consultations Emergencies Surgery and Births Doctors Nurses Note: data taken from the R&A 2013 of both companies 9

10 PTO - ESPÍRITO SANTO SAÚDE NEW OPERATOR ON A EUROPEAN SCALE Examples Name Country Revenue (BN ) Fresenius Helios Germany 3,4 Rhon-Klinikum AG Germany 3,0 Asklepios Kliniken GmbH Germany 2,9 Sana Kliniken GmbH Germany 2,0 Generale de Sante France 1,8 Orpea SA France 1,6 Korian Sa France 1,3 Capio Sweden 1,3 Netcare United Kingdom Pratikertjanst Sweden 1,0 Spire Healthcare United Kingdom Vivantes - Netzwerk Für Gesundheit GmbH Germany 0,9 JMS + ESS Portugal 0,8 1,0 0,9 Bupa United Kingdom Aleris Sweden 0,7 0,8 Data for

11 PTO - ESPÍRITO SANTO SAÚDE ASSUMPTIONS PUBLICTENDER OFFER BID AT A PRICE OF 4.40 PER SHARE Offerfor100%ofthesharecapitalofESS,settingaminimumof50.01% Price of 4.40 per share(incorporates dividend) Additional premium on the original offer of 4.30 Conditions of launch and efficacy aligned with the original offer Significant premium over the market value for the company before the original offer Value Premium Weighted average of the last 6 months % PTO Price of ESS (12 Feb 2014) % 11

12 PTO - ESPÍRITO SANTO SAÚDE OPERATION EVALUATED AT 420 M Operation evaluated at 420 M (scenario of 100% of the share capital) Equity used for around 1/3 and the remainder via financing from banks Constitution of a banking consortium led by Banco Santander Totta 12

13 PTO - ESPÍRITO SANTO SAÚDE JMS BID IS DECISIVE FOR THE HEALTH SECTOR IN PORTUGAL JMS has been consistently committed to the Health sector and is the operator with the longest tradition and most experience in this sector. The bid to purchase ESS comes within the context of the international trend towards market consolidation and JMS ambition to reinforce its position in Portugal This operation will help to consolidate a centre of competence based in Portugal but with international projection, with clear benefits in terms of the clinical quality provided to the Portuguese population and the capacity to be an attractive hub for health tourism The bidto purchaseess atapriceper share of 4.40 represents asignificant mark-up for its current shareholders This operation acknowledges the value of ESS and all of its employees and management team 13

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