3q11 results - fleury medicina e saúderi. presentation...todos os direitos reservados...

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  • TODOS OS DIREITOS RESERVADOS 2011

    3Q11 Results

    November, 2011

    FLRY3

    The 15th most innovative Brazilian company by

    Epoca Negocios magazine.

  • Disclaimer

    This presentation may contain forward-looking statements. Such statements are not statements ofhistorical facts and reflect the beliefs and expectations of the Company s management. The wordsanticipates, believes, estimates, expects, forecasts, plans, predicts, project, targetsand similar words are intended to identify these statements, which necessarily involve known andunknown risks and uncertainties. Known risks and uncertainties include but are not limited to theimpact of competitive services and pricing market acceptance of services, service transactions by theCompany and its competitors, regulatory approval, currency fluctuations, changes in service mixoffered, and other risks described in the Company s registration statement. Forward-lookingstatements speak only as of the date they are made and the Fleury Group does not undertake anyobligation to update them in light of new information or future developments.

    All figures are compared to 3Q2010

    except when stated otherwise

  • Operational Highlights

    3

    The new areas Customer Intimacy and Organizational Culture have been added tothe structure, reporting directly to the CEO. The reason is to reinforce the clear linkbetween growth and improved relationship with clients and physicians.

    Grupo Fleury launched the Corporate Universitys new building, with 1600 m2 and acapacity to train 300 persons simultaneously. This initiative reflects one of Grupo Fleurysmost important beliefs: to allow the Company to keep Sustainable Growth whileestablishing leading edge quality standards and reinforcing market differentiation.

  • On August 15th, Capital Research and Management Company became owner of 5.03% ofFleurys shares.

    On August 29th, the Company hosted the first Fleury Investors Day

    at its headquarters in So Paulo. The event was attended by 92

    investors and analysts.

    On September 1st, Mr. Mauro Figueiredo resigned as Chairman of the Board in order topursue new career challenges. Mr. Jos Gilberto H. Vieira, Boards Vice-President andCore Participaes President, has taken the role as Chairman of the Board. Moreover,two new board members were elected on October 31st: Mr. Jorge Moll and Ms. VivienNavarro Rosso.

    On October 6th, Grupo Fleury was considered one of the twenty most innovativecompanies in Brazil by poca Negcios Magazine, in partnership with A.T. Kearneyconsultancy.

    Operational Highlights

    4

  • Financial Highlights

    5

    Consolidated Gross Revenue increases by 39.9% to R$ 348 million, or 16.9% if weexclude Labs DOr figures. Organic growth achieves 13.7%.

    PSC: + 44.4% ; organic growth: + 12.7%

    Operations in Hospitals: + 25.2%

    Reference Laboratory: -4.1%

    Preventive Medicine: + 24.2%

    Gross profit in 3Q11 achieves R$ 120 million, 37.6% of Net Revenue.

    General and Administrative expenses (ex-depreciation) represents 19.2% of NetRevenues.

    EBITDA R$ 47.1 million. Margin on Net Revenue of 14.7%. EBITDA margin would be816bps higher if we exclude the non-recurring expenses.

    Net income to Fleurys shareholders achieves R$ 24 million (R$ 0.18 per share), 7.4%margin on net revenue.

  • Performance(R$ million)

    6

    Gross Revenue EBITDA Net Income

    25.9% 14.7% 19.2% 7.4%

    17.9% 22.9% 23.3% 23.1% 24.2% 18.8% 4.6% 6.2% 10.9% 15.0% 15.2% 10.6%

    22.7%

    39.9%

    -5.7%

    -21.5%

    -15.0%

    -46.4%

    CAGR 27.0%

  • 7

    Gross Revenue 3Q11

    Clinical Trials

    Gross revenue grew by 39.9% adding up to R$ 348 million.

    Organic growth achieved 13.7%.

    Expansion Plan and increasing offer of Imaging Services.

    The successful launch of a+ and its national media campaign.

    Integrated Medical Centers, Innovation in tests, procedures and services.

    Hospital-Based Diagnostics Services, developing alliances with prominent MedicalInstitutions.

    Solid growth of Preventive Medicine.

    Labs DOr PSCs figures are consolidated in the Groups number as of August, 2011.

  • 8

    Gross Revenue 3Q11 Breakdown

    Gross Revenue: R$ 348 million Growth 3Q11 vs 3Q10: R$ 99.1 MM | 39.9%

    R$ 65.8 MM

    R$ 6.5 MM | 25.2%

    R$ -0.4 MM | -4.1%

    R$ 1.2 MM | 24.2%

    R$ -0.6 MM | -66.6%

    Clinical Trials.

    R$ 26.5 MM | 12.7%

    Considering 2 months of Labs

    By type of test (%)

  • Patient Service CenterBusiness lines performance

    44.4% increase in gross revenue, amounting R$ 300 million.

    Labs DOr PSCs figures have been consolidated as of August 1st.

    12.7% organic growth, Same store sales grew by 14.1%.

    Average revenue per PSC grew by 14.7%.

    Gross Revenue and Number of tests

    9

    Average revenue per PSC (R$ million)

    Number of PSCs

    Acquisitions: R$ 65.8MM

  • Patient Service CenterBusiness lines performance

    Average revenue per square meter: R$ 3.6k. Excluding Labs DOr figures the indicator would be R$ 4.0k.

    Total area achieved 90.3k m, after the addition of 30.7k m, including Labs Cardiolab.

    05 new PSCs launched in 3Q11.

    Average revenue per square meter and

    total square meters

    New PSC (RS)]

    Weinmann Anita Mall

    New PSC (RJ)

    a+ Jd BotnicoNew PSC (RJ)

    a+ Amaral Peixoto

    New PSC (BA)

    a+ Caminho das rvores

    New PSC (BA)

    a+ Campo da Plvora

  • Expansion Plan Objective

    All Brands involved

    2012 includes:

    Main options to pump up revenue and margins

    through expansion plan:

    Build new PSCs to new customers at new

    locations.

    Transfer units to larger sites with higher

    visibility and a more complete service mix.

    Expand existing PSCs, growing the area to

    offer more services.

    Improving the productivity, offering a more

    complete service mix in the existing PSCs.

    Objective:

    Grow Medicine Diagnostic services to

    existing and new customers, improving

    revenue and profitability.

  • Expansion Plan year to date results(Not including acquisitions)

    4Q10

    54.5k m21Q11

    56.7k m22Q11

    57.9k m23Q11

    59.5k m2

    a+ Conselheiro Aguiar (PE)

    New PSC

    Campana Brigadeiro (SP)

    Expansion

    Campana Lapa (SP)

    New PSC

    a+ Campo Grande (RJ)

    New PSC

    a+ Ilha do Governador (RJ)

    New PSC

    Fleury Sumar(SP)

    Expansion

    a+ Nazar (BA)

    New PSC

    a+ Jd. Botnico(RJ)

    New PSC

    a+ Caminho das rvores (BA)

    New PSC

    Weinmann Anita Mall (RS)

    New PSC

    Fleury Higienpolis(SP)

    Expansion

    25 Projects

    +5.0k m2

  • Expansion Plan 2011 Estimate

    4Q10

    54.5k m21Q11

    56.7k m22Q11

    57.9k m23Q11

    59.5k m2

    34 Projects

    +14.0k m2

    4Q11

    68.5k m2

    Examples of projects we will deliver in

    4Q11:

    . Fleury Alphaville (SP): add 4.2k m2 and

    offer a complete portfolio of services in

    clinical analysis and imaging. (picture taken on Oct/28th/2011)

    . a+ Morumbi (SP): clinical analysis and

    imaging services, adding 1.1k m2 .

    . a+ Leblon (RJ): clinical analysis and

    imaging services, adding 0.9k m2.

  • Diagnostic Operations in HospitalsBusiness lines performance

    25.2% increase, achieving R$ 32.3 million.

    9.3% share in Fleury Groups Revenue. This participation will increase above 15% as soon as the operations in Rede DOr hospitals are consolidated.

    Number of tests performed increased by more than 30%.

    14

    Gross Revenue and Number of tests

  • Reference Lab Business lines performance

    15

    Reference Lab reached R$ 8.4 million, aligned with the previous quarter

    Expansion of high complex tests better Gross Margin

    Progressive discontinuation of the Clinical Trials business

    R$ 0.9 million on 3Q10 to R$ 0.3 million on 3Q11

    Gross Revenue and Number of Tests

  • Preventive MedicineBusiness lines performance

    1616

    24.2% increase, amounting to R$ 6.4 million and representing 1.8% of the Groups revenues

    Health Assessment revenue increased by 27%, with a 18% growth in the number of assessments.

    Health Promotion Revenue increased by 31%.

    Chronic Disease Management (GDC) service reached 46k lives under contract; Revenues amounted to R$ 1.3 million.

    1616

    Gross Revenue (R$ million)

    GDC Lives under contract (thousand)

  • Cost of Services

    1717

    3Q11 3Q10 (%NR) 2Q11

    R$ mm % NRAdjusted

    criterionReported % NR

    Personnel and medical services 102.9 32.1% 29.9% 28.2% 30.6%

    Materials and Outsourcing 35.3 11.0% 11.5% 11.2% 11.7%

    General services, Rent and Utilities 39.4 12.3% 12.2% 11.2% 13.7%

    General Expenses 22.1 6.9% 7.2% 5.5% 10.1%

    Total 199.8 62.4% 60.7% 56.0% 66.0%

    Change in allocation criterion implemented in 1Q11, operational back-office costs were formerly allocated in SGA

    66 bps impact caused by pre-operational rental and personnel expenses.

    The greater share of PSCs in Total Revenues resulted in personnel and medical services expenses concentration.

  • Gross Margin

    1818

    Gross profit has reached R$ 120.3 million, a 32% increase over adjusted 3Q10

    37.6% of Net Revenue (170 bps decrease)

    Gross Margin to Net Revenue

    Benefit by cost line, normalizing allocation criterion (%)

  • Operating Expenses

    1919

    Non recurring events:

    a+ Marketing campai