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.
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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.
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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.
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6. Health Segment
Net Revenues (in R$Million)
Net Revenues presented a strong growth of
33,7% YoY and a 19,3% growth QoQ.
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7. Health Segment
Costs of Services Rendered (in R$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$Million)
Due to a different business model, the
HomeCare division contributed with a
higher SG&A ratio than Gama Saúde.
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8. Health Segment
Adjusted EBITDA (in R$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).
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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.
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10. Dental Segment
Net Revenues (in R$Million)
Growth was influenced by strong M&A
activity and solid organic growth in its
beneficiaries base.
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11. Dental Segment
Costs of Rendered Services (in R$Million)
51,2%
A strong contributor to this
impact has been the Affinity
channels.
Selling, General and Administrative Expenses (in R$Million)
M&A and organic growth in
Dental during 2008 were fueled
by SME and Affinity accounts,
which carry significantly lower
broker´s commissions.
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12. Dental Segment
Adjusted EBITDA (in R$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$15,6 Million, a
174,4% growth
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13. Assistance Segment
Items (in Millions)
Tempo had a relevant contract renewal
with Tokio Marine for additional seven
years. Moreover, two new clients joined our
base: Marítima and Confiança
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14. Assistance Segment
Net Revenues (in R$Million)
Part of the growth is attributed to new
clients such as Marítima and Confiança.
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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.
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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.
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