Corporate Presentation. 30 th of May 2012

Transcription

1 Corporate Presentation 30 th of May 2012

2 Private Health Care Market in Greece The continuous financial crisis and recession of the last period deepened during 2011 and has significantly affected the healthcare sector. The structural changes in public insurance sector altered remarkably sector s landscape. In particular : The reduction of patients purchasing capacity has intensified pressure on services prices and on sector s profitability. EOPYY S (National Organization for Purchasing Health Care Services) establishment and the contract signing with most of the sector s units has dramatically changed their pricing policy. The Ministry of Health as well as EOPYY, have adopted KEN- DRGs creating, this way, new challenges for the companies of the healthcare sector regarding cost control and the attraction of new cases. Sector s competition increased because of the entrance of new clinics.

3 1. Patient maintenance: Price list reductions 2011 Review Attraction of more physicians Restriction of patient leaks to other clinics 2. Operational costs reduction : Consumables cost reduction Payroll cost reduction Other operational costs reduction Financial cost increase 3. Investments: Restriction of the investments in equipment, in the absolutely necessary ones Participation in Filoktitis R.R.C. (via HOCO S.A.) 4. Emphasis on Subsidiaries Development (ΙΑSO General, ΙΑSO Thessalias, Filoktitis): Restructuring & recruiting Limited investments for the increase of Filoktitis capacity

4 Pre labor monitoring 2,5% IASO has a capacity of 441 beds (IASO, IASO Children s hospital, Intensive Care Unit, Neonatal Intensive Care Unit) The employed personnel stands at 843 persons on 31/12/2011 During 2011 the company proceeded to: Significant price cutting of its services Significant restriction of its operational expenses During 2012: Sales per case classification Surgical 15,8% Special Units 10,4% Pediatrics 6,7% The company signed a contract with EOPYY adopting the KEN DRGs IASO SA Key Financial Figures Diagnostics 23,0% Deliveries 41,5% PROFIT & LOSS STATEMENT (in thous. ) %Δ SALES ,0% EBITDA ,2% EBIT ,4% EBT ,8% EAT ,0% Profit Margins EBITDA 27,13% 23,62% 351 bps EBIT 18,78% 17,12% 165 bps EBT 15,61% 17,08% -147 bps EAT 12,21% 9,84% 237 bps Sales present a reduction, which was expected, due to, the general depression of Greek economy, the VAT imposition on private healthcare services, the change of pricing of drugs, and the significant price cutting of services. It s the only company among the listed companies of the sector which presented Earnings before and after Taxes for the FY For the FY 2012 the BoD has suggested the transfer of the obligatory dividend of the fiscal year 2011, of total amount 2.9mil., to a special account for capitalization.

5 IASO General SA Key Financial Figures IASO General has a capacity of 237 beds The number of the employed personnel stands at 530 persons on 31/12/2011 During 2011 the company proceeded to: Restriction of operational expenses During 2012: Sales per case classification Surgical 55,3% Diagnostic 15,2% Pathological 29,4% The company signed a contract with EOPYY adopting the KEN DRGs PROFIT & LOSS STATEMENT (in thous. ) %Δ SALES ,5% EBITDA ,8% EBIT ,0% EBT ,4% EAT ,5% Profit Margins EBITDA 11,08% 8,56% 252 bps EBIT 3,38% 2,01% 137 bps EBT 1,08% 1,06% 1 bps EAT -0,63% -3,36% 273 bps Sales present a reduction, which was expected, due to, the general depression of Greek economy, the pricing change of drugs, the imposition of ceiling prices in implants and related materials by the insurance foundations. The improvement of EBITDA margin derives from the restriction of operational expenses and the restriction of consumables and drugs costs.

6 IASO Thessalias SA Key Financial Figures Sale per case classification Surgical 44,7% Pathological 7,9% Diagnostic 16,4% Deliveries 23,2% Special Units 7,6% Pre labor monitoring 0,2% Commencement of operation on March 2010 IASO Thessalias has a capacity of 213 beds The number of the employed personnel stands at 198 persons on 31/12/2011 PROFIT & LOSS STATEMENT (in thous. ) During 2011: %Δ SALES ,2% EBITDA ,8% EBIT ,0% EBT ,2% EAT ,7% Profit Margins EBITDA EBIT EBT -54,29% -183,46% bps -88,37% -235,10% bps -127,76% -265,26% bps EAT -134,44% -224,86% bps Has served more than outpatients and more than inpatients, including more than 850 labors. Contracts with insurance foundations (IKA, OGA, OAEE) were signed, while during 2012, it was signed a contract with EOPYY, adopting the KEN- DRGs. A 6.0 mil share capital increase was completed.

7 MedStem Services SA Key Financial Figures CryoBanks International Services Athens operates in the processing and storage of processing and storage of neonates umbilical cord mesenchymal cells. It is accredited by the certified committee of AABB (American Association of Blood Banks). Since March 2010 it provides extra services of processing, collection, and storage of samples of umbilical placental cord blood. The number of the employed personnel stands at 15 persons on 31/12/2011. PROFIT & LOSS STATEMENT (in thous. ) %Δ SALES ,0% EBITDA ,1% EBIT ,6% EBT ,2% EAT ,3% Profit Margins EBITDA 15,51% 1,85% bps EBIT 11,72% -1,73% bps EBT 13,24% 3,33% 991 bps EAT 9,35% 0,50% 885 bps During 2011 the company proceeded to: Consumables cost reduction Significant restriction of its operational expenses For the period of December 2010 until June 2011 the company offered for gratis processing and storage of stemcells for all infants born in maternity hospitals of IASO Group.

8 Filoktitis SA Key Financial Figures The Center for Recovery & Rehabilitation Filoktitis, commenced its operation on March 2007 and became part of IASO Group on March It has a capacity of 125 beds. It provides services of rehabilitation restoration for people in need, following a serious illness, accident, severe burns etc. The number of the employed personnel stands at 151 persons on 31/12/2011. During 2011 the company proceeded to: Restructuring of its operations Significant restriction of its operational expenses PROFIT & LOSS STATEMENT (in thous. ) %D SALES 5.560, ,86-18,1% EBITDA -15, ,29 98,7% EBIT , ,60 46,5% EBT , ,92 17,0% EAT , ,43-28,3% Profit Margins EBITDA -0,28% -18,57% bps EBIT -25,87% -39,61% bps EBT -57,97% -57,19% -78 bps EAT -62,85% -40,12% bps During 2012: Center s occupancy as well as, revenue were significantly increased due to hospitalization of Libyan patients and the broadening of its clientele of Greek patients. Investments were made for bed restructuring and formation of a new section for therapeutic services. New therapeutic services were added such us : ozonotherapy, hyperthermia etc.

9 IASO Group Key Financial Figures Sales per Company ΙΑSO THESSALIAS 6% ΙΑSO GENERAL 37% ΙΑSO 55% PROFIT & LOSS STATEMENT (in thous. ) %Δ SALES ,6% EBITDA ,4% EBIT ,5% EBT ,8% EAT ,3% Profit Margins MEDSTEM SERVICES 2% Sales per type of case EBITDA 16,19% 12,94% 325 bps EBIT 6,70% 5,45% 125 bps EBT 0,99% 3,89% -290 bps EAT -2,05% -1,25% -79 bps Outpatients 21,1% During 2011, IASO Group in comparison with other Groups of healthcare sector : holds the highest EBITDA margin, Inpatients 78,9% is the only one with Earnings before Taxes. presents the smallest amount of customer Liabilities, as well as the smallest amount of Inventories.

10 IASO Group - Structure ΙΑSO GENERAL SA (97,07%) MEDSTEM SERVICES SA (99,97%) ΙΑSO THESSALIAS SA (75,87%) ΙΑSO HEALTHCARE SERVICES SA (99,97%) ΙΑSO MAKEDONIAS SA (100%) ΙΑSO OF SOUTHERN SUBURBS SA (100%) MODERN MULTIFUNCTIONAL CENTER S.A. (99,97%) HOCO SA (59,59%) FILOKTITIS SA (70,60%) FILOKTITIS SERVICES SA (100%) * Since March 2011, the newly established company HOCO S.A. belongs to IASO Group (by percentage of 59,59%) and controls 70,60% of Filoktitis SA.

11 Condensed data per Company Statement of comprehensive income 2011 (in mil. ) IASO S.A. IASO GENERAL S.A. MEDSTEM SERVICES S.A.. IASO THESSALIAS S.A. OTHER COMPANIES GROUP TANGIBLE ASSETS , ,03 488, , , ,09 REVENUE , , , ,90-201, ,19 EBITDA , ,46 357, ,55-233, ,27 BANK LOANS , ,00 0, ,20 0, ,20 Investments 2011 : ΙΑSO: 3,47 mil. were invested in buildings and new biomedical equipment. ΙΑSO General: 1,20 mil. were invested in buildings, new biomedical and other equipment. ΙΑSO Thessalias: 0,09 mil. were invested for purchasing medical, hospital and hotel equipment. Medstem Services: 0,04 mil. were invested for purchasing other equipment.

12 Perspectives Goals 2012 We expect that 2012 will be an equally difficult year for our country, during which IASO Group is called to confront: The recession that Greek economy experiences Reduction of the disposable income and increase of unemployment The recapitalization of Greek banks Reduction of financing companies and individuals The adjusting problems of public insurance sector to the new status created by the establishment of EOPYY Within this framework, Group s management s main goals are: Revenue Maintenance Contract with EOPYY Contracts with private insurance companies Increase of associate physicians Attraction of patients from other sources New innovative services (IMRT Radiotherapy) Inexpensive prices Adequate financing ensurance Restructuring of Bank loans(group) Ensurance of credit limits for financing Cash management (customers, suppliers) Focus on improvement of new investments' results (ΙΑSO Thessalias, Filoktiitis) Further restriction of costs

13 Disclaimer This document is of purely informative scope, it includes data which refer to the company s current status, as they appear in the latest temporary annual financial statements and the anticipated perspectives of development. Statements that refer to the company s financial and development plans have been based on the company s current data, information and are combined with further assumptions. Although these assumptions and estimates are based on rationale, we cannot reassure you about the achievement of the stated goals, since they depend on a course of events and external factors that are difficult or impossible to predict or control. It is thus recommended, before proceeding to this particular investment, to ask the advice of your investment consultant. In any case, the company and its representatives are not responsible for any loss caused by making use of the information presented in the current document.

14 Thank you