Centrum Medyczne Enel-med S.a. · GPW:ENE
Centrum Medyczne Enel-med — IPO Roadshow (May 2011)
34 slides from Centrum Medyczne Enel-med's IPO roadshow presentation, May 12, 2011
Slide 1: Thanks to us, your wallet will go green
Thanks to us, your wallet will go green Warsaw, 12 May 2011 www.enel.pl
Slide 2: Agenda
Agenda 1 ENEL-MED business profile 2 ENEL-MED financial results 3 Prospects for the private medical services market 4 ENEL-MED development perspectives and strategy Page 2 www.enel.pl
Slide 3: The three pillars of ENEL-MED competitiveness
The three pillars of ENEL- ENEL-MED competitiveness Offer comprehensiveness Revenue diversification Innovation and high-quality services Page 3 www.enel.pl
Slide 4: The scope of offered medical care
The scope of offered medical care: Accessible and comprehensive services of high quality • With its extensive medical network, ENEL-MED provides comprehensive medical care Medical throughout the closed treatment cycle. consultations • A number of innovative products and services Daily average: is co
Slide 5: Medical network - the basis of sustainable development
Medical network - the basis of sustainable development Łomża Eight diagnostic imaging laboratories Poznań Warsaw Łódź Lublin Wrocław Mielec Cracow Page 5 www.enel.pl
Slide 6: Diversified sources of revenue: security in any economic period
Diversified sources of revenue: security in any economic period PLN million Subscriptions and insurance The contracts with the NHF (Zacisze Fee For Service Hospital and imaging diagnostics) – contracts signed continuously since 2004. NFZ (National Health Fund) 12,9% Fixed monthly fee for subscriptio
Slide 7: Revenue structure: Corporate clients
Revenue structure Corporate clients • Between the beginning of 2007 and September 2010, the number of ENEL-MED corporate clients has grown by more than 120%. • At the end of September 2010, the number of corporate clients was almost 1,000 (which accounts for more than 83,000 medical subscriptions).
Slide 8: Revenue structure: Subscription patients
Revenue structure Subscription patients PLN ‘000 • Between the beginning of 2007 and September 2010, the number of subscribers has grown by 100%. • In 2009, ENEL-MED developed its sales department – in consequence, between January and September 2010, the number of subscribers grew by next 32%. +121,
Slide 9: Revenue structure: Insurance patients
Revenue structure Insurance patients PLN ‘000 • In 2008, ENEL-MED started to work together with insurance companies. • In the first nine months of 2010, more than 46,000 clients of insurance companies were provided with ENEL-MED services (more than fourfold growth in comparison to the respective per
Slide 10: Agenda
Agenda 1 ENEL-MED business profile 2 ENEL-MED financial results 3 Prospects for the private medical services market 4 ENEL-MED development perspectives and strategy Page 10 www.enel.pl
Slide 11: Revenues
Revenues For many years, our growth rate has been faster than the market's PLN million • Between 2003 and 2007, ENEL-MED revenues have tripled. The dynamic growth of sales is the consequence of development of each distribution channel which resulted in e.g. the increase of the number of clients. • T
Slide 12: EBITDA
EBITDA PLN million • Consistent, dynamic growth of the EBITDA margin (83,1% between 2007 and 2009). 41,5 +580,3% 31,8 21,9 14,6 11,1 7,6 6,1 Page 12 www.enel.pl
Slide 13: EBIT
EBIT PLN million • In 2008-2009, the economic slowdown has visibly influenced the operations of ENEL-MED. There emerged price-related pressure from the company clients, and there were instances of limitations of scopes of services in case of corporate clients. • In 2008, the company experienced the
Slide 14: Net profit
Net profit PLN million • A small net income in 2008-2009, similarly to the gross profit, was the result of the significant growth of the scale of ENEL-MED operations. • In 2010, the company has significantly improved its net profit. 15,0 1,5 +900,0% 9,0 5,7 1,0 1,5 -1,4 0,1 Page 14 www.enel.pl
Slide 15: Improvement in business profitability
Improvement in business profitability 2007 2008 2009 S2010 P2011 P2012 P2013 EBITDA 8,0% 7,4% 9,2% 10,6% 13,1% 15,6% 16,7% EBIT 3,1% 0,4% 2,4% 3,3% 5,7% 7,2% 9,0% Net margin 2,0% -1,4% 0,1% 0,7% 3,4% 4,4% 6,0% Page 15 www.enel.pl
Slide 16: Agenda
Agenda 1 ENEL-MED business profile 2 ENEL-MED financial results 3 Prospects for the private medical services market 4 ENEL-MED development perspectives and strategy Page 16 www.enel.pl
Slide 17: Subscription and insurance markets in Poland: forecasts of further strong growth
Subscription and insurance markets in Poland: Forecasts of further strong growth • Subscription and health insurance markets should continue to grow rapidly over the next few years. ENEL-MED is a major player on both of these market segments. Historical and forecast value Historical and forecast val
Slide 18: Poland vs. OECD – diagnostic imaging: great potential for growth
Poland vs. OECD – diagnostic imaging: Great potential for growth - even in comparison with the CEE countries • OECD data indicate that in Poland the indicator of diagnostic imaging equipment in relation to the population is much lower than the average for member countries The number of magnetic reso
Slide 19: It is not only ENEL-MED who notices the market development opportunities
It is not only ENEL-MED who notices the market development opportunities www.enel.pl
Slide 20: Agenda
Agenda 1 ENEL-MED business profile 2 ENEL-MED financial results 3 Prospects for the private medical services market 4 ENEL-MED development perspectives and strategy Page 20 www.enel.pl
Slide 21: The three pillars of ENEL-MED's strategy: Offer comprehensiveness
The three pillars of ENEL-MED‘s strategy All most profitable segments Pillar 1 of the medical market Offer comprehensiveness One of the few players on the market offering hospital, outpatient, diagnostic, rehabilitation and dental care services na terenie całego kraju. Page 21 www.enel.pl
Slide 22: The three pillars of ENEL-MED's strategy: Diversification and stability
The three pillars of ENEL-MED‘s strategy Resistance to economic fluctuations, Pillar 2 and stability of business model Diversification and stability Diversification of payers (enterprises, insurance companies, private individuals, NHF) and of medical departments (hospital, medical centres, outpatien
Slide 23: The three pillars of ENEL-MED's strategy: Innovation and quality
The three pillars of ENEL-MED‘s strategy New technologies continuous search for Pillar 3 and implementation Innovation of new medical technologies and quality The pioneer launch of teleradiology in Poland. Page 23 www.enel.pl
Slide 24: Strategy for 2011–2012: The key objective
Strategy for 2011–2012: The objectives of the issue The key objective: strengthening our market position and improving profitability www.enel.pl
Slide 25: Strategy for 2011–2012: Five objectives of the issue
Strategy for 2011–2012: The objectives of the issue The new hospital The chain of multi-profile We have got which will healthcare centres help us five complete our Imaging diagnostics objectives of the strategy issue of shares IT system Teleradiology www.enel.pl
Slide 26: Strategy for 2011–2012: The hospital in Al. Solidarności
Strategy for 2011–2012: The objectives of the issue The hospital in Al. Solidarności 128 (Warsaw) Why? • It is the most profitable area of the company operations (example – the Gilarska Hospital) • Significant demand for hospital services. • Limited area of the hospital in Gilarska (Warsaw). How? •
Slide 27: Strategy for 2011–2012: Expansion of multi-profile healthcare centres
Strategy for 2011–2012: The objectives of the issue The expansion of the chain of multi-profile healthcare centres Why? • This is the largest ENEL-MED business sector from the perspective of generated income. • The key source of winning corporate and individual clients who are stimulating the sales
Slide 28: Strategy for 2011–2012: Development of imaging diagnostic services
Strategy for 2011–2012: The objectives of the issue The development of imaging diagnostic services Why? • This is the second most profitable ENEL-MED business sector from the perspective of generated sales • Promising perspectives for diagnostics in Poland • The hospital’s tendency to outsource diag
Slide 29: Strategy for 2011–2012: IT system
Strategy for 2011–2012: The objectives of the issue IT system Why? • The extension of software used currently in order to increase the organisational efficiency of the company • Licensed software due to the growth of the medical network and integration of subcontractors How? • Introduction of system
Slide 30: Strategy for 2011–2012: Development of teleradiology services
Strategy for 2011–2012: The objectives of the issue The development of teleradiology services Why? • The limited number of radiologists and constantly growing quantity of diagnostic equipment determine the development of teleradiology • The intensification of the growth of teleradiology within the s
Slide 31: IPO as a source of financing the development
IPO as a source of financing the development Issue of 7,100,000 series D ordinary bearer shares • Retail Tranche – up to 1,500,000 shares • Institutional Tranche – up to 5.600.000 series D shares • The current shareholders' pre-emptive rights are waived entirely Investment plan for 2011-2013 Planned
Slide 32: Number of shares and number of votes
IPO as a source of financing the development Number of shares and number of votes Pre-IPO ownership structure Post-IPO ownership structure 1,54% Rozwadowski family 30,13% Others 98,46% New shareholders 68,80% 1,08% www.enel.pl
Slide 33: IPO timetable
IPO as a source of financing the development IPO timetable Action Date Publishing the price range Till 23 May 2011 Subscription in Retail Tranche 24-26 May 2011 till 17:00 Book building 26 May 2011 till 15:00 Decision on and publication of issue price 27 May 2011 Subscription in Institutional Tranch
Slide 34: Q&A – Thank you for attention!
Q&A THANK YOU FOR ATTENTION! Contact: Euro RSCG Sensors Kinga Grabowska, tel. (22) 444 0 653, e-mail: kinga.grabowska@eurorscg.pl www.enel.pl