Conference Call Presentation 4Q09

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Conference Call Presentation 4Q09

  1. 1. Tempo Assist 4Q09 Earnings Release
  2. 2. Operating Highlights • The year of 2009 was important for the Company with investments in systems (proprietary dental platform), noticeable development in processes (specially to grant integration of the acquired companies in order to optimize synergies), strategic planning and team reinforcement (new management); • SAP Go live on January, 2010. Health and Assistance segments are implemented in SAP. Dental segment will be implemented during the first half of the year; • New brand in 2010: Tempo Participações is now Tempo Assist; • ANS approval of the Unibanco Saúde acquisition. The agreement was made in 2009. With the approval, the insurance company results will be incorporated into Tempo’s from the second quarter 2010 onwards.
  3. 3. Market Segments and its Perspectives Dental Plans Health Health Insurance Specialized Management Assistances Ranking: #3 Ranking: #1 Ranking: n/a Assistances 24h 854k lives 1.58 million of lives 70klives Ranking: #1 Market: B2B and Market: B2B; Market: B2B; 15 millions items B2B2C; insurances and HMO’s small to medium size Mercado: B2B and Clients: corporate, public entities and corporate clients B2B2C; insurances affinity channels corporate clients Promising Perspectives Affinity Stop Loss SME End users Channels
  4. 4. Tempo Consolidated Health Segment: 15% growth in beneficiaries, reaching a total of 1.6 million lives, and strong expansion in homecare division; Dental Segment: growth driven by the annualization of past acquisitions and establishment of new partnerships to distribute dental insurance; Assistances Segment: added Itaú-Unibanco’s personal & residence assistance account, a large number of covered items; 4
  5. 5. SG&A (BU’s) – R$ Million 177,0 166,2 29,4 4,8 non -6,1 39,5 recurring 31,9 -16,5 -0,7 +2% 134,3 137,5 recurring SG&A 2008 BUs SG&A Personnel G&A Sales Taxes and fees Others 2009 BUs SG&A 5
  6. 6. SG&A (Holding) 11,0 0,2 -0,01 28,9 -3,9 non 2,1 recurring 10,6 +141% 26,8 11,1 recurring SG&A 2008 Holding SG&A Personnel G&A Marketing Taxes and fees Other 2009 Holding SG&A 6
  7. 7. Recurring Operating Result 2008 2009 34% 38% 43% 41% 16% 29% Health Dental Assistance 7
  8. 8. R$Million 2008 2009 Var.% Net Revenues 425.3 448.5 5.5% Cost of Rendered Services (332.7) (353.2) -6.2% Gross Profit 92.6 95.3 2.9% Gross Margin (%) 21.8% 21.3% - 0.5 p.p. Selling, General and Administrative Expenses (77.8) (86.4) -11.0% Operating Results 14.8 8.9 -39.8% (+)Non recurring Adjusts (16.9) (25.1) -48.3% Recurring Operating Results 31.7 34.0 7.2% Operating Margin (%) 7.5% 7.6% 0.1 p.p. Beneficiaries: 14.6% growth when comparing with same period in 2008. General and Administrative Expenses: impacted due to the allowance for doubtful accounts of R$ 22.7 millions; Recurring Operating Result: 7.2% growth when comparing with the previous year. Press Release 4T09 8
  9. 9. Beneficiaries (million) Net Revenues (R$ million) 14.6% 5.5% 1.38 1.39 1.38 1.34 1.58 448.5 425.3 4Q08 1Q09 2Q09 3Q09 4Q09 2008 2009 Cost of Services Rendered (R$ million) and Recurring Operating Results (R$ million) and Loss Ratio (%) Margin (%) 7.6% 7.5% 6.2% 7.2% 353.2 34.0 332.7 31.7 9 2008 2009 2008 2009
  10. 10. R$Million 2008 2009 Var.% Net Revenues 56.1 99.7 77.8% Cost of Rendered Services (27.4) (45.1) -64.5% Loss Ratio 47% 44% -3.4 p.p. Gross Profit 28.6 54.6 90.7% Gross Margin (%) 51.1% 54.8% 3.7 p.p. Selling, General and Administrative Expenses (20.9) (30.9) -47.5% Operating Results 7.7 23.7 208.0% (+)Non recurring Adjusts (4.5) (2.3) 0.0% Recurring Operating Results 12.2 26.0 112.9% Operating Margin (%) 21.8% 26.1% 4.3 p.p. Beneficiaries: 2% growth in the total numbers of lives; Loss ratio: Loss ratio in 2009 decreased 4.7 p.p. when compared to 2008, ending 2009 with 44%; Recurring operating result:112.9% growth when comparing to the previous year, reaching 26 millions.
  11. 11. Beneficiaries (‘000) Net Revenues (R$ million) 2.6% 77.8% 879 99.7 833 849 851 854 56.1 4Q08 1Q09 2Q09 3Q09 4Q09 2008 2009 Cost of Services Rendered (R$ million) and Recurring Operating Results (R$ million) and Loss Ratio (%) Margin (%) 47% 47% 44% 44% 64.5% 64.5% 45.1 45.1 27.4 27.4 2008 2009 2008 2009 11
  12. 12. R$Million 2008 2009 Var.% Net Revenues 238.2 190.8 -19.9% Cost of Rendered Services (148.2) (112.8) 23.8% Loss Ratio 55.9% 53.3% - 2.6 p.p. Gross Profit 90.0 78.0 -13.4% Gross Margin (%) 38% 41% 3.1 p.p. Selling, General and Administrative Expenses (67.4) (59.7) 11.4% Operating Results 22.6 18.2 -19.3% (+)Non recurring Adjusts (10.5) (12.2) -16.2% Recurring Operating Results 33.1 30.4 -8.0% Operating Margin (%) 13.9% 15.9% 2.1 p.p. Insured Items: 15 million items, representing a 9.6% reduction year over year due to a loss of an important client at the end of 2008. Loss Ratio: The loss ratio presented a 3.2pp reduction year on year, reaching 53.3% in 2009; General and Administrative Expenses: 11.4% reduction when comparing to 2008. impacted due to the allowance for doubtful accounts of R$ 3.5 millions; Recurring Operating Result: the revenues reduction impacted the BUs operating result, which posted a 8% reduction, however there was an increase in operating margin of 2.1pp.
  13. 13. Insured Items (in millions) Net Revenues (R$ million) million 4Q08 1Q09 2Q09 3Q09 4Q09 19.9% Itens 16.55 12.17 12.99 13.78 15.00 238.2 190.8 13% 21% 65% 2008 2009 Cost of Services Rendered (R$ million) and Recurring Operating Results (R$ million) and Loss Ratio (%) Margin (%) 55.9% 15.9% 53.3% 13.9% -23.8 -8.0% 148.2 112.8 33.1 30.4 2008 2009 13 2008 2009
  14. 14. Capex Capex (R$ million) 1Q09 2Q09 3Q09 4Q09 2009 Software 1.6 2.3 1.1 2.6 7.7 IT Equipments 0.2 0.2 0.6 1.2 2.2 Buildings - 0.0 0.2 0.5 0.7 Furniture & Equipment - - 0.0 0.1 0.1 Other - 0.0 0.5 0 0.5 Total 1.8 2.6 2.4 4.4 11.2 In 2009, the company invested a total amount of R$ 11.2 million, mainly directed to the development of IT solutions (software), specially in the implementation of SAP and the development of the operational platform of the dental plans segment (Odonto Utilis).
  15. 15. New Management Since April, 2009 BUs Since IPO Since December, 2009 Since IPO Since June, 2009 Since November, 2009 Corporate Structure Since July, 2009 Since July, 2009 Since February, 2010

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