Inversiones La Construccion SA · BCS:ILC
Inversiones La Construccion SA — Investor Presentation (December 2014)
29 slides from Inversiones La Construccion SA's investor presentation, December 2014
Slide 1: Company Presentation
Estrictamente Privado y Confidencial Company Presentation December-14 Privado y Confidencial 1
Slide 2: ILC's Highlights
ILC’s Highlights ILC subscribed an MoU with the controlling shareholder of Banco Internacional ILC acquired 67% of the October shares of Corp Group Vida 28th Chile S.A. August 2014 19th ILC placed the ILC sold 51% of Desarrollos May 12th 2014 largest IPO in Chile Educacionales 2014 (US$ 468 million)
Slide 3: Ownership and stock price
Ownership and stock price December 5th 2014 Ownership structure (Sep-14) Others Market Cap (MMUS$) 1,282 4.4% Internationals 17.9% Stock price (Ch$) 7,837 Net Income 9M14 (US$* Th) 88,712 Stockbrokers 10.7% P/E 8.44 CChC 67.0% P/BV 1.61 Dividend Pay Out 60%-80% *Exchange rate of Ch$599.22 as of Sept
Slide 4: Company overview
Estrictamente Privado y Confidencial Company overview September, 2014 Revenues Net Income Ownership US$174.6 mm US$ 108.1 mm 67.5% Retirement Pension funds administration (AFP) Sector Life Insurance Company (Annuities) US$640.7 mm US$19.4 mm 72.4% US$420.7 mm US$ 12.0 mm 99.9% Health insurance insti
Slide 5: Revenues come from…
Estrictamente Privado y Confidencial Revenues come from… $ Pension Fund Retirement Insurance Healthcare 1.27% Commission fee 10% Voluntary savings Mandatory Health Insurance 7% Additional health contribution Gross Salary Taxes: Range 0% - 40% Voluntary Health Insurance Supplemental health insurance
Slide 6: Our Business
Estrictamente Privado y Confidencial Our Business Privado y Confidencial 6
Slide 7: Habitat
Estrictamente Privado y Confidencial Habitat Income Statement (Th.US$*) Sep – 14 Sep – 13 Var. % • Created in 1981 under the new provisional system Revenues 174,619 160,106 9.1% Cost of sales Gross Profit 174,619 - 160,106 - 9.1% - • The only AFP under the same controller through all its history SG&
Slide 8: Habitat: Key considerations
Estrictamente Privado y Confidencial Habitat: Key considerations Modelo Ample growth opportunities 1,6% Cuprum Habitat 21,1% 25,9% Salary base increase Planvital 2,8% Voluntary savings products Incorporation of independent workers to the system Capital 20,8% Provida Capture of transfers from competi
Slide 9: Habitat: Key considerations
Estrictamente Privado y Confidencial Habitat: Key considerations Operating expenses & % fee income (Sep-14) Net Income (Ch$ mm) 250 Based on actual figures 90,000 CAGR ex-encaje (‘09-’13) 7.5% Adjusted to Habitat’s 1.27% 80,000 fee rate (1,846) 14,649 70,000 13,061 27,089 19,504 200 60,000 8,127 50,
Slide 10: AFP Industry as of September 2014
Estrictamente Privado y Confidencial AFP Industry as of September 2014 Annual growth of Gross Salary Ch$ Contributor average salary (nominal terms) 700,000 679,479 638,923 11.10% 650,000 CAGR: 8.3% 578,907 628,011 600,000 7.86% 7.09% 7.61% 7.94% 7.20% 7.35% 593,180 550,000 523,877 547,553 500,000 47
Slide 11: AFP Industry as of September 2014
Estrictamente Privado y Confidencial AFP Industry as of September 2014 Contributors Evolution: Salary < CL$500 Th. Contributors Evolution: Salary > CL$1,400 Th. N° of N° of Contributors Contributors 8,000 40,000 Habitat 6,000 Habitat 20,000 Capital Capital 0 Cuprum 4,000 Cuprum Modelo Modelo -20,000
Slide 12: Habitat: Peru
Estrictamente Privado y Confidencial Habitat: Peru Habitat Ample growth opportunities 0.3% Profuturo 26.5% December 20th 2012, Habitat was awarded in the first auction in Integra Peru 41.1% All the new entrant into the formal sector contribute into Habitat for two years 600,000 new beneficiaries exp
Slide 13: Potential synergies in the health business
Estrictamente Privado y Confidencial Potential synergies in the health business Average monthly contribution Average monthly contribution Medical Bill per contributor: USD $137.8 per beneficiary: USD $18.7 Monthly primus % covered by the person 10% of the Co-payment gross salary % of the between the
Slide 14: Consalud
Estrictamente Privado y Confidencial Consalud Income Statement (Th. US$*) Sep – 14 Sep – 13 Var. % Revenues 420,722 383,158 9.8% • Created in 1984 under the new Cost of sales (352,308) (328,398) 7.3% provisional health system Gross Margin 68,414 54,760 24.9% (Isapre) SG&A (57,805) (53,105) 8.9% • 99
Slide 15: Consalud: Key considerations
Estrictamente Privado y Confidencial Consalud: Key considerations Others Growing demand prospects 5.2% Consalud Masvida 20.7% 16.2% Leading private health insurance provider and strong market position Strong brand recognition Colmena 16.2% Cruz Blanca Continuous innovation and incorporation of 21.0%
Slide 16: Consalud: Key considerations
Estrictamente Privado y Confidencial Consalud: Key considerations Number of Contributors (as of September 2014) Average monthly contribution1 in US$ (Sep. 2014 LTM) 300 400,000 367,125 363,617 362,014 350,000 250 238.2 300,000 283,619 283,361 194.0 200 168.8 250,000 158.0 137.8 144.9 150 200,000 150
Slide 17: Consalud: Operating data
Estrictamente Privado y Confidencial Consalud: Operating data Dec-12 Dec-13 Sep -14 LTM Mandatory contributions (Ch$ million) 208,126 231,374 241,378 Voluntary contributions (Ch$ million) 66,793 80,426 92,893 Others (Ch$ million) 461 520 558 TOTAL (Ch$ million) 275,380 312,320 334,829 N° Beneficiari
Slide 18: Red Salud
Estrictamente Privado y Confidencial Red Salud Income Statement (Th. US$*) Sep-14 Sep-13 Var. % • One of the main private Revenues 262,726 236,861 10.9% healthcare providers, reaching Cost of sales (205,780) (186,453) 10.4% close to 18.6% of the private Gross Margin 56,946 50,408 13.0% beds in Chile
Slide 19: Red Salud: Overview
Estrictamente Privado y Confidencial Red Salud: Overview Chilean private hospitals by number of beds (2013) Davila 540 Bicentario 228 493* Alemana 400 Santa María 335 Indisa 321 Las Condes 256 Tabancura 128 222 ILC market share UC Lira 105 (in terms of private UC San Carlos 105 hospital beds): 18,6%
Slide 20: Red Salud: Operating data
Estrictamente Privado y Confidencial Red Salud: Operating data Sep-13 Sep-14 Admissions 39,140 39,609 Emergency room visits 97,450 99,822 Patient days 96,243 100,306 Includes Bicentenario, Avansalud, Tabancura and Iquique hospitals Average Average lenght of September - 14 stay (days) ocupancy rate T
Slide 21: Red Salud: Operating data
Estrictamente Privado y Confidencial Red Salud: Operating data Evolution of Revenues, Net Income and EBITDA of our private hospitals and outpatient centers Income Statement (Sep-14) Megasalud Avansalud Tabancura Bicentenario Iquique Ch$ millions Revenues 68,387 25,884 25,231 30,833 4,800 Cost of sal
Slide 22: Vida Cámara
Estrictamente Privado y Confidencial Vida Cámara Income Statement (Th. US$*) Sep – 14 Sep – 13 Var. % • Created in 2009 due to the acquisition of 99.9% of RBS D&S Chile- Gross Profit ** (3,937) (1,691) (132.9%) D&S Peru – Gross Profit ** (5,408) - - (Chile) Seguros de Vida S.A. Health and life Insur
Slide 23: Vida Cámara: Key considerations
Estrictamente Privado y Confidencial Vida Cámara: Key considerations New projects Since July 2012, Vida Cámara stopped supplying the D&S Complementary health insurance insurance Life and catastrophic insurance Entrance in Peru 8.4% premium market share in the New D&S Contract in Chile Supplemental H
Slide 24: Corp Group Vida Chile
Estrictamente Privado y Confidencial Corp Group Vida Chile • As of November 18th, 2013 ILC Income Statement (Th. US$*) Sep – 14 (**) Sep – 13 Var. % acquired 67% of the shares of Non-Insurance Activity Profit (6,346) (8,305) 30.9% Corp Group Vida Chile S.A. Revenues from insurance activities 364,500
Slide 25: Corp Group Vida Chile
Estrictamente Privado y Confidencial Corp Group Vida Chile Income Statement evolution of Corp Group Vida Chile subsidiaries Corpseguros S.A. US$ Th. (*) US$ Th. (*) Income Statement 9M14 9M13 Var % 3Q14 3Q13 Var % Premium Income 48,631 53,478 -9.1% 15,534 7,908 96.4% Annuity 46,639 51,317 -9.1% 14,8
Slide 26: Financial Summary
Estrictamente Privado y Confidencial Financial Summary Privado y Confidencial 26
Slide 27: Balance Sheet
Estrictamente Privado y Confidencial Balance Sheet US$* Thousands Balance Sep – 14 Dec – 13 Income Statement Sep– 14 Sep – 13 Total current assets 355,252 380,408 Non insurance activity 129,405 116,655 operating income Total non current assets 1,268,292 1,187,989 Non insurance activity non 24,145 7,
Slide 28: Financial Data
Estrictamente Privado y Confidencial Financial Data (as of September 2014) Financial Debt Credit Risk Financial Debt Vida Corp Group (USD million) ILC Habitat Cámara Vida Chile S.A. C. Machalí Consalud Red Salud TOTAL Feller Rate: Short Term 30.2 0.1 - 262.3 1.2 0.1 34.8 328.8 AA+ Bonds 1.9 - - 18.3
Slide 29: Company Presentation
Estrictamente Privado y Confidencial Company Presentation December-14 For more information, please contact with: Ignacio González R. María Paz Merino Pagola CFO Head of Investor Relations Phone: (56 2) 2477 4606 Phone: (56 2) 2477 4673 igonzalez@ilcinversiones.cl mmerino@ilcinversiones.cl www.ilcinv
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