Emisión de Bonos: SODIMAC S.A.

March 2013
Index
1.
OUR COMPANY
2.
MARKET OVERVIEW
3.
BUSINESS UNITS
4.
INVESTMENT PLAN
5.
FINANCIAL INDICATORS
2
Banmédica Group
Leading Healthcare Company in Latin America
HEALTH
100%
100%
76,3%
76,3%
INSURANCE
• 532.643 beneficiaries
• 46 offices
• 13 medical centers
• 754.975 beneficiaries
• 25,7% market share
PRIVATE HOSPITALS
99,4%
100%
OUTPATIENT
PROVIDERS
100%
PRIVATE HOSPITALS
PRIVATE HOSPITALS
42,0%
67,9%
CLÍNICA
LA COLINA
HEALTH
100%
100%
100%
42,0%
100%
13,0%
75,0%
PROVIDERS
100%
•
•
•
•
More than 1.110 beds
More than 370 boxes
58 operating rooms
Over 70% occupancy rate
• More than 27.000
sqm
• More than 440
boxes
• 1,3 million medical
visits
• 2,3 million exams
•
•
•
•
More than 80.000 sqm
233 beds
297 beds under construction
15 operating room
•
•
•
•
•
More than 23.890 sqm
133 beds
55 boxes
7 operating rooms
1,2 million exams per year
Source: Banmedica
Our Company
3
Banmédica Group
A Successful History of Growth
Acquisition / Investment
Merge with Penta
Entrance to
Group
2005
2007 - 2008
2010 - 2012
Colombia
2012
2000
1990
Expansion (2002 – 2012)
Intersánitas
Banmedica’s
foundation
Take Control of Colmédica
Acquisition, (Isapre
Compensación,
Vidaintegra and
Alameda Hospital)
Our Company
4
Banmédica Group
Strong Financial Results & High Diversification
Revenue ($CLP billion) & Net Margin (%)
CAGR ‘09-‘12:
11%
1000
800
20,0%
787
716
657
899
EBITDA ($CLP billion) & EBITDA Margin (%)
120
100
40,0%
99
88
15,0%
25,0%
60
10,0%
6,2%
5,2%
5,5%
5,1%
60
40
20,0%
11,1%
9,9%
9,2%
10,8%
5,0%
200
0,0%
2009
2010
2011
2012
5,0%
0
0,0%
2009
Peru
2%
Vidaintegra
4%
Help
2%
Medium size
Hospitals
Tertiary Care
5%
Hospitals
2010
2011
2012
EBITDA Composition(1)
Revenue Composition(1)
Colombia
20%
15,0%
10,0%
20
0
35,0%
30,0%
71
80
600
400
CAGR ‘09-‘12:
18,2%
Colombia
17%
Isapres
43%
Peru
5%
Vidaintegra
4%
Help
2%
Medium Size
Hospitals
7%
24%
Isapres
21%
Sales
CLP 1.026.828 mm
Tertiary Care
Hospitals
44%
EBITDA
CLP 99.658 mm
(1) Last 12 5
month as of December 2012
Our Company
Source: SVS and Banmédica
5
Banmédica Group
Ownership Structure
Major Shareholders
Fernández León Group
Fernández León
Group
28,74%
Free Float
Free Float
42,52%
Penta Group
28,74%
As of December 2012
Penta Group
Moneda S.A. A.F.I.
Las Bardenas Chile S.A.
Inversiones Green Ltda.
Larraín Vial S.A. Corredora de Bolsa
Inversiones San Andrés Ltda.
Inv. Itati Ltda.
Gorriti S.A.
Penta Corredora de Bolsa S.A.
Inversiones Megeve Dos Ltda.
AFP Provida S.A. Fondo C
Otros
7,52%
3,57%
1,90%
1,70%
1,50%
1,49%
1,44%
1,28%
1,26%
0,81%
20,05%
 The two major shareholders are leaders in the Financial and Insurance business in Chile
 Long term investment horizon
Source: SVS
Our Company
6
Index
1.
OUR COMPANY
2.
MARKET OVERVIEW
3.
BUSINESS UNITS
4.
INVESTMENT PLAN
5.
FINANCIAL INDICATORS
7
Chile, Peru and Colombian Markets
GDP over US$ 750.000 million
GDP 2011 (US$ billion)
GDP Forecast
Average 07’
- 11’
Promedio
'07-'11
759
800
2012E
2013E
8%
600
6%
333
400
4%
249
2014E
7,2%
6,2%
5,8%5,8%
5,4%
5,0%
4,7%
3,9%
5,0%
4,4%4,4%4,5%
177
200
2%
0
0%
Total
Inflation Forecast
Promedio
Average 07’
'07-'11
- 11’
2012
Credit Risk Ratings
2013E
2014E
2007
Today
8%
A
(+) 2 notches
AA–
BB
(+) 2 notches
BBB–
BB
(+) 3 notches
BBB
6%
4,5%
4%
2%
3,9%
3,0%3,0%
3,2%3,1%3,1%
3,7%
3,1%
3,0%
2,5%
1,5%
0%
Source: Bloomberg, IM Trust
Market Overview
8
Healthcare Sector
Strong Growth Forecast
Healthcare Expenditure per capita (US$ PPP) / Total GDP
USA EE.UU.
 High Potential Growth in Chile, Colombia and Peru
 Healthcare expenditure per person worldwide  US$ 985 PPP(1)
 Healthcare expenditure/ World average GDP  6,3%(1)
4.314
11,4%
Alemania
Germany
4.219
11,7%
Spain España
9,5%
8,4%
Brasil
921
8,8%
687
7,6%
466
5,3%
Number of Beds / 1.000 people
Healthcare expenditure per capita (US$ PPP)
8.000
U.S.A.
6.000
Spain
2.000
0
50.000
9,5%
6,5%
Healthcare Expenditure vs. GDP
40.000
3.045
922
Peru
30.000
9,6%
1.209
Colombia
20.000
3.067
MexicoMéxico
Brazil
10.000
11,9%
1.386
Chile
 Increase healthcare expenditures
0
3.969
Argentina
Argentina
 Chilean population over 60 will represent 30% by 2050
11,4%
Canadá
Canada
Japan Japón
as income rises
4.000
5.105
FranceFrancia
 Healthcare is a superior good  larger proportion of consumption
17,6%
7.960
Suiza
Switzerland
60.000
GDP per capita (US$ PPP)
Market Overview
70.000
Japan Japón
Alemania
Germany
FranceFrancia
Suiza
Switzerland
Argentina
Argentina
Canadá
Canada
Spain España
USA EE.UU.
Brazil Brasil
Chile
MexicoMéxico
Peru
Colombia
13,7
8,2
6,9
5,2
4,5
3,2
3,2
3,0
2,4
2,1
1,6
1,5
1,0
(1)
population weighted average
Source: OMS, 2012
9
Index
1.
OUR COMPANY
2.
MARKET OVERVIEW
3.
BUSINESS UNITS
4.
INVESTMENT PLAN
5.
FINANCIAL INDICATORS
10
Isapres: Banmédica & Vida Tres
Market Leader for more than 10 years
(1)
Market Share by Number of Beneficiaries
 N°1 in terms of policy holders and beneficiaries
Colmena
16,1%
 Highest Profits compare to its peers
 Operational Efficiency Sales and Administration
Cruz
Blanca
20,9%
Banmédica +
Vida Tres
25,7%
Más Vida
14,6%
expenses/Revenue ratio below market average
 Consistent growth of the industry in number of policy
21,0%
holders
Consalud
22,8%
4,7%
Total: 2.943.758 beneficiaries
Net Margin
SP&A/ Revenue
As of December 2012
Policy holders (n°)
14,8%
 5,6%
12,9%
Ex- Empresas Banmédica
 4,9%
12,4%
11,9%
13,0%
12,0%
12,4%
1.562
1.480
1.337
1.350
1.401
364
367
380
388
401
2008
2009
2010
2011
oct-12
2012
11,7%
11,4%
10,4%
2008
2009
2010
2011
sep-12
2012
Banmédica
Banmédica
Vida Tres
Market
Cot.
Mercado
Sistema
(exEmpresas
EmpresasBanmédica
Banmédica)
Market de Isapres
ExSource: Superintendencia de Salud , Banmedica
(1) Average Market Share from 2000 to 2012
Business Units
11
Health Providers: Mid and High Complexity Hospitals
Successful Business Model
Market Share in Beds
Occupancy Rate
Dávila
83%
Sta María
78%
Alemana
77%
Tabancura
75%
Las Condes
UC San Carlos
4,3%
Bicentenario
Dávila
9,3%
21,8%
Tabancura
5,7%
UC Lira
4,3%
13,6%
Las Condes
10,4%
Indisa
13,5%
Vespucio
Alemana 3,3%
13,8%
Number of Beds
Dávila
538
Alemana
340
74%
Santa María
335
Indisa
73%
Indisa
333
Vespucio
72%
Bicentenario
UC San Carlos
38,7% Market Share in the
Metropolitan Region
CLÍNICAS
DE ALTA
Tertiary
Care COMPLEJIDAD
Hospitals
UC Lira
62%
58%
53%
Las Condes
257
Bicentenario
Tabancura
228
140
UC Lira
106
UC San Carlos
105
 Experience and expertise in the Industry
 Occupancy rate higher than its competitors
 Leader in market share in the Metropolitan region
CLÍNICAS DE MEDIANA COMPLEJIDAD
Medium Size Hospitals
Ciudad del Mar
97
 Clínica Vespucio will become a high complexity hospital
Vespucio
Bío Bío
82
61
Source: Banmédica. Data as of Dic 2012
Business Units
12
Outpatients Providers
One of a largest Chilean Providers
Outpatient visits (medical and dental) (thousands)
1634
1479
 Steady increase in medical visits and tests
 Operational synergies with the other hospitals of the Group
1071
1072
1050
2007
2008
2009
1134
836
 Coordinated Operation
 Vidaintegra counts with 440 boxes (2012)
2006
Medical Test (thousands)
2010
2011
Boxes
2765
440
1955
1131
2006
1305
1411
2007
2008
1438
2009
309
1582
2010
2012
2011
2012
210
210
220
236
194
2006
2007
2008
2009
2010
2011
2012
Source: Banmédica
Business Units
13
Colombia and Peru
Replying a Successful Business Model
( since
2007 )
COLOMBIA
 March 2012 
 More than 180.000 beneficiaries
 20,7% market share
Acquisition
Clínica La Colina (Bogotá)
 More than 340.000 beneficiaries
 1,8% market share
 Q1 2013  Started operations
Clínica Portoazul (Barranquilla)
Beds and Occupancy Rate
212
233
233
203
223
197
78%
77%
80%
83%
80%
82%
2007
2008
2009
2010
2011
2012
sep-12
 46 offices
 13 Medical Center for Prepaid Health Plan
Info as of Dec 2011
( since
2008 )
PERU
 Clínica San Felipe
 133 beds
 55 boxes
 7 operating rooms
( since
2008 )
Lab Test (thousands)
Beds and Occupancy Rate
CAGR Beds 08-12: 10,8%
83
830
2008
875
2009
874
2010
991
2011
1.080
2012
sep-12
UDM
55
55
51
51
63%
66%
65%
70%
75%
2008
2009
2010
2011
2012
sep-12
Source: Banmedica
Business Units
14
Index
1.
OUR COMPANY
2.
MARKET OVERVIEW
3.
BUSINESS UNITS
4.
INVESTMENT PLAN
5.
FINANCIAL INDICATORS
15
Investment Plan for UF 4,5 million
2013 – 2017 Investment Plan

4,5 million UF between 2013 and 2017 includes:
•
Increase network of Medical Centers: investment in New
Medical Center in Ñuñoa
•
Expansion of hospitals in Chile, Peru and Colombia
Chile
Perú + Colombia
3,7
1,6
1,2
0,5
0,9
0,8
0,1
2013
2014
0,2
2015
0,8
0,2
2016
0,1
0,2
2017
Total
UF 1,3 mm UF 1,7 mm UF 1,4 mm UF 1,1 mm UF 0,3 mm UF 4,5 mm
Investment Plan is an estimated and may be subject to change
Source: Banmédica
Investment Plan
16
Index
1.
OUR COMPANY
2.
MARKET OVERVIEW
3.
BUSINESS UNITS
4.
INVESTMENT PLAN
5.
FINANCIAL INDICATORS
17
Financial Indicators
2011
2012
•
Financial Debt/ EBITDA
•
EBITDA / Financial Expenses
1,86 x
•
Financial Debt/ EBITDA
9,2 x
•
EBITDA / Financial Expenses
1,94 x
7,8 x
Stock Price vs. IPSA
Banmédica
1400
7000
1200
6000
2013 High
1000
5000
2013 Low
800
4000
600
3000
400
2000
200
1000
0
Ch$ per share
Closing Price 12/03/2013
1295
1325
1130
0
Banmédica
Ipsa
Source: Banmedica, Bolsa de Santiago
Financial Indicators
18
Disclaimer
The information contained herein has been prepared by Banmédica S.A. solely for informational purposes and is not to be construed as a
solicitation or an offer to buy or sell any securities and should not be treated as giving investment or other advice. No representation or
warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Any
opinions expressed in this presentation are subject to change without notice and Banmedica is under no obligation to update or keep current
the information contained herein. The information contained herein does not purport to be complete and is qualified in its entirety by
reference to more detailed information appearing elsewhere, if any. Banmédica and its respective affiliates, agents, directors, partners and
employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material.
This presentation may contain statements that are forward-looking subject to risks and uncertainties and factors, which are based on current
expectations and projections about future events and trends that may affect Banmedica’s business. You are cautioned that any such forwardlooking statements are not guarantees of future performance. Several factors may adversely affect the estimates and assumptions on which
these forward-looking statements are based, many of which are beyond our control.
19