Inversiones La Construccion SA · BCS:ILC
Inversiones La Construccion SA — Santander Conference January 2013
26 slides from Inversiones La Construccion SA's conference presentation, January 2013
Slide 1: Santander Conference
Estrictamente Privado y Confidencial Santander Conference January, 2013 Privado y Confidencial 1
Slide 2: Disclaimer
Estrictamente Privado y Confidencial Disclaimer This presentation may include market outlooks and forward-looking statements, which are based on the beliefs and assumptions of ILC´s management and on information currently available to the Company. They involve risks, uncertainties and assumptions be
Slide 3: ILC's history: Key milestones
Estrictamente Privado y Confidencial ILC’s history: Key milestones Acquisition of Citigroup’s stake in AFP Habitat and subsequent sale of 14% in the stock exchange RSA increases stake in SVLC to Second D&S insurance 51% auction Acquisition of RSA stake in SVLC and 2012 subsequent sale to Bicecorp 20
Slide 4: IPO
Estrictamente Privado y Confidencial IPO New ownership structure (Sep-12) Mutual Funds & US$ (million) Other institutional 10.7% On July 20th we 14 placed our IPO, the Internationals largest in the Chilean 12 Daily average trading: 11.1% history 10 8 US$ 4.02 million The IPO totalized (Since July 23
Slide 5: IPO demand
Estrictamente Privado y Confidencial IPO demand US$ 2,236 COMPETITIVE US$ 1,144 TOTAL DEMAND 100% 100% million DEMAND million RETAIL US$ 755 million 34% INTERNATIONAL US$ 401 million 35% INTERNATIONAL US$ 487 million 22% RETAIL US$ 315 million 28% NIMS US$ 364 million 16% LOCAL INSTITUTIONAL US$ 207
Slide 6: Company overview
Estrictamente Privado y Confidencial Company overview We are a leading provider of retirement, insurance and private healthcare services in Chile through a group of best-in-class businesses For September 30th, 2012 Revenues Net Income Ownership Retirement Pension funds administration (AFP) US$193 mm
Slide 7: Attractive demographics and solid macroeconomic fundamentals
Estrictamente Privado y Confidencial Attractive demographics and solid macroeconomic fundamentals Resilient population and income growth Strong real GDP growth Population Real Disposable Income CAGR 2000-2010 CAGR 2011-2015E (2011-2015E CAGR) (2011-2015E CAGR) 5,9% Chile 1,1% 5,6% 5,7% 4,5% 4,5% U.S
Slide 8: Revenues come from…
Estrictamente Privado y Confidencial Revenues come from… $ Pension Fund Health insurance Healthcare 1.27% 10% Commission fee Voluntary savings Mandatory 7% Additional health contribution Taxes: Range 0% - 40% Voluntary Supplemental health insurance Gross Salary Net Salary Gross Salary Habitat averag
Slide 9: Business Overview
Estrictamente Privado y Confidencial Business Overview 2 Privado y Confidencial 9
Slide 10: Habitat
Estrictamente Privado y Confidencial Habitat Revenues increased 6.2% Income Statement (US$ Th.) Sep – 12 Sep – 11 Var. % due to higher number of Revenues 192,916 181,669 6.2% contributors and salaries Cost of sales - - - Gross Profit 192,916 181,669 6.2% increased of Habitat contributors SG&A (68,49
Slide 11: Habitat: Key considerations
Estrictamente Privado y Confidencial Habitat: Key considerations Planvital Ample growth opportunities 2.8% Cuprum Habitat 20.7% 25.8% Salary base increase Modelo 0.5% Voluntary savings products Incorporation of independent workers to the system Provida Capital 28.5% 21.7% Capture of transfers from c
Slide 12: Habitat: Peru
Estrictamente Privado y Confidencial Habitat: Peru Ample growth opportunities Profuturo 15.0% Horizonte 23.6% December 20th, 2012, Habitat was awarded in the first auction in Peru Prima All the new entrant into the formal sector contribute 31.5% Integra into Habitat for two years 29.9% 700,000 new b
Slide 13: Habitat: Key considerations
Estrictamente Privado y Confidencial Habitat: Key considerations Operating expenses & % fee income (Sep-12) Net Income (Ch$ mm) CAGR ex-encaje (‘07-’11) 90.000 29,4% 300 Based on actual figures 80.000 27,089 19,504 Adjusted to Habitat’s 1.27% 70.000 (1,846) fee rate 60.000 7,958 250 50.000 (6,145) 1
Slide 14: Consalud
Estrictamente Privado y Confidencial Consalud • Revenues increased 12.8% Income Statement (US$ Th.) Sep – 12 Sep – 11 Var. % due to higher number of Revenues 432,205 383,272 12.8% contributors and health Cost of sales (354,901) (318,074) 11.6% Gross Profit 77,304 65,198 18.6% plans indexed to the CP
Slide 15: Consalud: Key considerations
Estrictamente Privado y Confidencial Consalud: Key considerations Others Growing demand prospects 5.5% Consalud 22.3% Leading private health insurance provider Cruz Blanca and strong market position 20.6% Strong brand recognition Colmena Continuous innovation and incorporation of 16.3% new technolog
Slide 16: Consalud: Key considerations
Estrictamente Privado y Confidencial Consalud: Key considerations Number of Contributors (as of September 2012) Average monthly contribution1 in US$ (Sep-12) 400.000 280 262,0 345.629 260 350.000 326.601 319.986 240 300.000 220,4 253.159 220 250.000 200 219.354 186,3 177,7 200.000 180 164,0 160 150.
Slide 17: Vida Cámara
Estrictamente Privado y Confidencial Vida Cámara Income Statement (US$ Th.) Sep– 12 Sep – 11 Var. % • Revenues decreased 16.0% Revenues 197,601 235,109 (16.0%) mainly from the termination Cost of sales (137,563) (175,236) (21.5%) of the D&S insurance since Gross Profit 60,038 59,873 0.3% July 2012 S
Slide 18: Vida Cámara: Key considerations
Estrictamente Privado y Confidencial Vida Cámara: Key considerations New projects Until June 2012, Vida Cámara provided disability and survivorship Supplemental health insurance (D&S) insurance Life and catastrophic insurance 36% market share in terms of Participation in mass tender premiums (July 2
Slide 19: Red Salud
Estrictamente Privado y Confidencial Red Salud • Revenues increased 20.6% Income Statement (US$ Th.) Sep – 12 Sep– 11 Var. % due to higher activity in Revenues 254,067 210,664 20.6% Bicentenario and Cost of sales (199,575) (165,054) 20.9% Gross Profit 54,492 45,610 19.5% Avansalud SG&A (41,433) (38,
Slide 20: Red Salud: Overview
Estrictamente Privado y Confidencial Red Salud: Overview Geographic footprint and regional market share by number of beds (2011) Chilean private hospitals by number of beds (2011) 17 private hospitals and Davila 553 Regions 32 outpatient care centers Bicentenario 230 493* Region I: 33% Indisa 350 Al
Slide 21: Red Salud: Key considerations
Estrictamente Privado y Confidencial Red Salud: Key considerations Evolution of revenues Ch$ million 28.000 27,695 25,656 Average Average 23,635 23,510 23,686 Sep-12 occupancy length of stay 23.000 rate (days) 19,035 18.000 Tabancura 73.8% 3.14 13,725 Avansalud 53.6% 1.36 13.000 11,398 Bicentenario
Slide 22: Other business
Estrictamente Privado y Confidencial Other business • Revenues increased 16.3% Income Statement US$ Th. Sep – 12 Sep – 11 Var. % due to higher number of Revenues 25,163 21,638 16.3% students and higher Cost of sales (10,062) (8,548) 17.7% 15.4% outsourcing services Gross Profit 15,102 13,090 SG&A (1
Slide 23: Financial Summary
Estrictamente Privado y Confidencial Financial Summary Privado y Confidencial 23
Slide 24: Consolidated financials
Estrictamente Privado y Confidencial Consolidated financials Net Income composition (Sep-12) EBITDA composition (Sep-12) Ch$ million Ch$ million 80.000 140.000 21,557 1,921 14.331 3.115 70.000 120.000 (1,971) 26.871 60.000 100.000 50.000 8,582 80.000 13.154 40.000 36,836 66.267 60.000 123.738 30.000
Slide 25: Consolidated financials
Estrictamente Privado y Confidencial Consolidated financials CAPEX Financial Debt (Sep-12) Ch$ million Million USD* Sep – 12 22.000 20,551 SHORT TERM 58.8 20.000 19,536 Bonds 3.2 18.000 Bank loans 26.5 Leasing in UF 29.2 15,852 16.000 LONG TERM 399.3 14.000 Bonds 210.2 12.000 Bank loans 82.6 Leasing
Slide 26: Santander Conference
Estrictamente Privado y Confidencial Santander Conference January, 2013 Privado y Confidencial 26
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