Earnings Release 4Q08 - Presentation


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Earnings Release 4Q08 - Presentation

  1. 1. Earnings Release 4Q08 1
  2. 2. Disclosure Due to the Company´s IPO in 2007, the 4Q07 presented better than usual results. This incremental EBITDA pertain to other 2007 quarters as per accrual accounting rules. Hence, 4Q07x4Q08 comparison is negatively impacted. For a better view of the business a YoY comparison should be considered. 2
  3. 3. Highlights CEO Change: As of 04/01/2009, Carlos Formigari will be the new CEO for Tempo Participações. José Bonchristiano leaves his current position to become Co-President of the Board of Directors along with Dimas Maia, who is the current president of the Board. Mr. Formigari comes from a 9-year career at Unibanco as General Director of Unicard, Unibanco´s credit card company. Stock Buyback Program: Tempo concluded its first stock buyback program in the 4Q08. The total amount of shares purchased were 8.168.500, which totals a R$ 22.2Million investment. Following the conclusion of the first buyback program, Tempo initiated its second buyback program on November 27, 2008, allowing it to buy up to 10% of the current Free Float during the preceding 365 days. As of March 31, 2009, Tempo purchased 2.2 Million shares. SAP: In December of 2008, Tempo decided to implement SAP software. The implementation is currently taking place and should be concluded by 3Q09. 3
  4. 4. Tempo Consolidated Net Revenues (R$MM) EBITDA (R$MM) 4
  5. 5. Health Segment Beneficiaries (in Millions) Growth of 6,2% growth in number of lives covered. New clients have fueled this growth as well as a modest growth in existing client base. 5
  6. 6. Health Segment Net Revenues (in R$Million) Net Revenues presented a strong growth of 33,7% YoY and a 19,3% growth QoQ. 6
  7. 7. Health Segment Costs of Services Rendered (in R$Million) Tempo´s HomeCare unit was only acquired and running jointly with the business segment starting October 2007. 12,8% Selling, General & Administrative Expenses (in R$Million) Due to a different business model, the HomeCare division contributed with a higher SG&A ratio than Gama Saúde. 7
  8. 8. Health Segment Adjusted EBITDA (in R$Million) The adjusted EBITDA for the fiscal year of 2008 had a strong growth of 19,1% YoY. However, on a QoQ analysis the Health segment showed a significant decline, mostly due to 4Q07 results that accumulate results from other 2007 quarters (as per accrual accounting rules). 8
  9. 9. Dental Segment Beneficiaries (in Millions) Strong growth of 75,4% YoY, surpassing 833 thousand lives. In the midst of acquisitions and integration, the Dental Segment had a solid organic growth of 32% in 2008. 9
  10. 10. Dental Segment Net Revenues (in R$Million) Growth was influenced by strong M&A activity and solid organic growth in its beneficiaries base. 10
  11. 11. Dental Segment Costs of Rendered Services (in R$Million) 51,2% A strong contributor to this impact has been the Affinity channels. Selling, General and Administrative Expenses (in R$Million) M&A and organic growth in Dental during 2008 were fueled by SME and Affinity accounts, which carry significantly lower broker´s commissions. 11
  12. 12. Dental Segment Adjusted EBITDA (in R$Million) EBITDA for the Dental Segment showed strong growth. On a QoQ comparison, EBITDA grew by 85,7%. When comparing YoY, the company achieved an Adjusted EBITDA of R$15,6 Million, a 174,4% growth 12
  13. 13. Assistance Segment Items (in Millions) Tempo had a relevant contract renewal with Tokio Marine for additional seven years. Moreover, two new clients joined our base: Marítima and Confiança 13
  14. 14. Assistance Segment Net Revenues (in R$Million) Part of the growth is attributed to new clients such as Marítima and Confiança. 14
  15. 15. Assistance Segment Costs of Rendered Services (in R$Million) Selling, General and Administrative Expenses (in R$Million) In 4Q08, USS continued to show significant decrease in SG&A of 20% and the YoY also showed a strong reduction of 22.6% reduction, proving that USS is benefiting from economies of scale and synergies in shared structure. 15
  16. 16. Assistance Segment Adjusted EBITDA (in R$Million) Adjusted EBITDA for the Assistance Segment for the 4Q08 was R$5.0 Million. For the year, however, Adjusted EBITDA grew by 5.8% YoY reaching a total of R$28.4 Million. 16
  17. 17. CAPEX CAPEX 17
  18. 18. Tempo Participações Investors Relations +55 -11 - 4208 – 8025 ri@tempopar.com.br 18