Corporate Presentation October New growth cycle and value innovation
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1 Corporate Presentation October 2017 New growth cycle and value innovation
2 Index 1 Dental benefits: an incipient sector in Brazil 2 Inside OdontoPrev 3 Strategic competitive advantages 4 Financial and Operational Performance 5 Capital Markets 2
3 Dental benefits: an incipient sector in Brazil 3 1
4 Brazil leads the global ranking of dentists Number of dentists per country (thousand) 290 ¹ 12% of the dentists in the world are located in Brazil Source: FDI World Dental Federation The Oral Health Atlas 2009 ¹ Federal Council of Dentistry Brazil (September 2017)
5 Brazilian dental opportunity Although 12% of world s dentists are located in the country, only 11% of brazilians have a dental plan 60% 11% % of the population covered by a private dental plan 14 5 Source: OdontoPrev
6 Great portion of middle class don t have dental plan Potential Market of 78 Million people in the middle class Million people already dental plan members million people 6
7 Proprietary research confirms importance of dentistry Do you believe your smile is your best business card? 76% totally/partially agree 7 Totally disagree Partially disagree Neutral Partially agree Totally agree
8 Cost per client Cost per client Attractive cost dynamics Over time, OdontoPrev Dental Plans present a predictable Medical Plans OdontoPrev Plans Price Cost Price Cost Time Cost increases by medical inflation and better technology Short-term contract: 1 year tenor TIme Predictable cost evolution due to prevention Long-term contract: 2 year + duration 8 and more attractive cost profile than Medical Plans.
9 OdontoPrev Prepaid Business Model High predictability of cash flow No working capital needs Low CAPEX requirements Positive cash flow generation every day Customers Fee per user Dental care reimbursement R$ R$ Accredited dentist network 9
10 Inside OdontoPrev2
11 OdontoPrev: 10 years of sustainable value creation since IPO Net revenues (R$ million) 1,070 1,156 1,250 1,365 1, IPO JUL16 JUN17 11
12 Revenue & membership market share: Revenue market Share (%) Membership market Share (%) ¹ Source: ANS and OdontoPrev ¹ OdontoPrev membership portfolio ex-bradesco
13 Individual plans & SME: higher growth and better returns JUL16 - JUN17 AVERAGE TICKET (R$ / member / month) Contribution Margin 37 Individual Plans Revenues JUL16-JUN17 R$273 M (+33% YoY) 53% 20 Corporate SME Revenues JUL16-JUN17 R$202 M (+16% YoY) 43% 17 Revenues JUL16-JUN17 R$918 M (-2% YoY) 38% 13 ¹ M: million High Low NUMBER OF COMPETITORS
14 Strategic competitive advantages 3
15 Strategic competitive advantages World Class Dental IT Platform Largest and Specialized Dentist Network Innovation Driven Company Exclusive Distribution Channels 100% Dental Focused 15
16 Strategic competitive advantages World Class Dental IT Platform Largest and Specialized Dentist Network Innovation Driven Company Exclusive Distribution Channels 100% Dental Focused 16
17 Proprietary IT Platform: information-driven decisions 17 + Complete dental record of all beneficiaries + 29 years of actuarial data + Risk Management and fraud prevention
18 Proprietary IT Platform: information-driven decisions + Quality assurance + Clear barrier to entry + Cost control 18
19 Strategic competitive advantages World Class Dental IT Platform Largest and Specialized Dentist Network Innovation Driven Company Exclusive Distribution Channels 100% Dental Focused 19
20 Increasing online search for dental plans Number of dental plans search in Brazil (000 / month) 20
21 Innovation driven Company + OdontoPrev online: individual plans sold at the web + Launched NEW September 1st + Exclusive App for the accredited dentists network 21
22 Wide range of unique dental care solutions OdontoPrev online Baby tooth Well being Dental Aesthetics Dental Orto Dental VIP 22
23 From basic cover to aesthetic solutions Fluorine Pediatric dentistry 24/7 emergency Surgery Wisdom tooth extraction Restoration Cleanings Orthodontic radiography Braces Whitening Prosthesis Baby tooth Well being Being Dental Dental aesthetics Dental Orto Dental VIP 23
24 Innovation driven Company Top quality dental materials delivered door to door to the dentist free of charge Exclusive agreement to prevent oral cancer 24
25 Strategic competitive advantages World Class Dental IT Platform Largest and Specialized Dentist Network Innovation Driven Company Exclusive Distribution Channels 100% Dental Focused 25
26 Dental and medical plans evolution Million members Medical plans Dental plans AUG/ AUG/17 26 Source: ANS August 2017.
27 Dental Plans sector evolution Million members AUG17 27 Source: ANS
28 Focused & dental only leadership since 1998 Key players, brazilian dental sector (AUGUST 2017 thousand members) 6,190¹ 27% market share of beneficiaries² 1,943 1,640 1, ¹OdontoPrev 2Q17 ² Source: ANS ( ) ( )
29 3 accelerated growth cycles, over the last decade, brings new investors to the sector
30 Cycle 01: Bradesco Dental (million members) OdontoPrev EBITDA (R$ million and % Sales) Average ticket (R$/member/month) % 23.3% 23.9% % Source: ANS
31 Cycle 02: Amil sold to UnitedHealthcare in 2013 (million members) OdontoPrev EBITDA (R$ million and % Sales) Average ticket (R$/member/month) % 24.9% 23.8% 25.5% Source: ANS
32 Negative results in Brazil Net loss (R$ million) Source: Amil (Valor Econômico)
33 Cycle 03: Hapvida & Interodonto 2014 JUL17 (million members) OdontoPrev EBITDA (R$ million and % Sales) Average ticket (R$/member/month) % 26.2% 22.0% 23.3% JUL16 JUN Aug/ Aug/17 33 Source: ANS
34 Dental plans sector evolution DEC14 AUG17 Thousand members ,667 20, Others DEC14 With 18% of market share, three companies represented 68% of the sector growth since AUG17 34 Source: ANS
35 Change in control brings a new strategy of peers Thousand members ( ) 1,878 2,062 1,808 1,846 1,944 1,943 1,571 1,260 1,262 1, ,011 1,054 ( ) AUG/17 35 Source: ANS
36 Cross-selling dental/medical has limited upside Players Dental (A) Medical (B) A / B % % 36 Source: ANS August 2017
37 Average ticket evolution (R$/member/month) N/A Source: ANS
38 Strategic competitive advantages World Class Dental IT Platform Largest and Specialized Dentist Network Innovation Driven Company Exclusive Distribution Channels 100% Dental Focused 38
39 Best in class distribution channels Direct selling Bank channels Brokers Online selling Retailers Medical Plan Organizations 39
40 The largest bancassurance platforms in Brazil Clients + 80 million + 60 million National footprint Exclusivity 20 years 48% of branches & 52% of brazilian bank clients 40
41 Banks: strong and committed long-term partners + Back-office Price maker Product design Customer relationship Dentist network management Front-office Price takers Selling National footprint capilarity Bank branches and brokers distribution 41
42 Strategic competitive advantages World Class Dental IT Platform Largest and Specialized Dentist Network Innovation Driven Company Exclusive Distribution Channels 100% Dental Focused 42
43 Largest and best dentist network 28,000 dentists at 2,200 cities National distribution Differentiated academic background Continuous education 24/7 call center 43
44 OdontoPrev: 4 Financial and Operational Performance
45 More positive headlines 45
46 Net Revenues R$ million 1,402 1,156 1,250 1, , % % JUL16 6M16 6M17 2Q16 2Q17 JUN17
47 Revenue growth per segment in 2Q17 R$ million R$ million +20.6% +4.6% % % 69% 14% 65% 20% 15% Q16 2Q17 2Q16 2Q17 Corporate SME Individual Plans 47
48 2Q17 Members, revenues and contribution margin Members Revenue Contribution Margin 75% 15% 10% 65% 20% 15% 61% 23% 16% Corporate SME Individual Plans 48
49 Average Ticket per Segment (R$/member/month and YoY % ) +12.6% 2.1% % Q16 2Q17 2Q16 2Q17 2Q16 2Q17 Corporate SME Individual Plans 49
50 Breakdown of individual plans Thousand members +4% % 657 3% 2% 56% 41% 258K members 43% 283K members 55% 2Q16 2Q17 Retailers 50
51 Positive effects of bank channels 2Q17 List prices & R$45.60 Retailers R$29.90 Selling expenses Profitability 10% - 15% Higher 25% - 45% Lower 51
52 Breakdown of SME members Thousand members +6% % 83% 16% 79% 7% 14% 718K members 721K members 2Q16 2Q17 52
53 Quarterly and LTM Cost of Services (% of Sales) Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q¹ Quarterly LTM 53 ¹Excludes Bradesco Dental and OdontoPrev INSS reversals
54 Dental Loss Ratio (% of Sales) per segment Corporate SME Individual Plans 2Q16 3Q16 4Q16 1Q17 2Q17 54
55 Key metrics per segment (% of Sales) Q16 2Q17 2Q16 2Q172Q16 2Q17 2Q16 2Q17 2Q16 2Q17 2Q16 2Q17 2Q16 2Q17 2Q16 2Q17 2Q16 2Q17 Corporate SME Individual Plans Cost of Services Selling expenses Contribution Margin 55
56 G&A (% of Sales) Personnel Others # of employees 1,525 1,587 1,560 1,588 1,581 1,460 1, M17¹ 56 ¹Excludes Bradesco Dental and OdontoPrev INSS reversals
57 Allowance for doubtful receivables R$ million and % of Sales Q16 3Q16 4Q16 1Q17 2Q17 R$ million % of Sales 57 57
58 Adjusted EBITDA and Adjusted EBITDA margin (ex-inss¹) R$ million and % of Sales JUL16 6M16 6M17¹ 2Q16 2Q17¹ JUN17¹ 58 ¹Excludes Bradesco Dental and OdontoPrev INSS reversals
59 Net Income (ex-inss¹) R$ million JUL16 JUN17¹ 6M16 6M17¹ 2Q16 2Q17¹ 59 ¹Excludes Bradesco Dental and OdontoPrev INSS reversals
60 Quarterly cash dividends to investors (R$ million) INSS approval brings 100% payout policy from 3Q Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Dividends Interest on capital 60
61 Net cash (R$ million) 515¹ 443¹ Q17 61 ¹ Includes R$114.8 million dedicated to ANS.
62 Cash Flow since the IPO R$ million +2, % of sales Share buyback Capital reductions -1,428.9 Cash dividends , Net Cash DEC = Cash Generation Acquisitions Capex Shareholder Remuneration Stock Options² Net Cash JUN17¹ 62 ¹ Includes R$114.8 million dedicated to ANS ² Stock Options Program vesting reimbursement
63 INSS: Provisions reversals in 2Q17 Until 2010 After 2010 Amount provisioned R$45 million R$303 million Approval July 10th, 2017 July 14th, 2017 Cash effect Yes, in 3Q17 No Annual growth Selic (*) Selic (*) + R$ 45 million 63 * Brazilian interest rate
64 Key takeaways More positive outlook for new members Loss ratio back to historical levels Tax savings to expand margin From 80% to 100% payout ratio 64
65 Capital Markets 5
66 Global shareholder structure: investors from 37 countries 66 Source: OdontoPrev
67 Corporate Governance and professional management team 67
68 Superior Corporate Governance Standards Chairman # CEO, since the 1990s Board of Directors without executive functions, 56% independent members AGM previous notice to shareholders of 30 days Disclosure of minimum, average and maximum annual compensation of executives 3 CEOs since the foundation in 1987, and 1 IRO since IPO 68
69 Key Metrics for management s compensation Quantitative goals Perception Studies Revenue EBITDA (R$) Number of members Beneficiaries Dentists HR managers Quality of services 69
70 OdontoPrev awarded for the 8th consecutive year... Best Healthcare Sector IR Team of Latin America 2010 / 2011 / 2012 / 2013 / 2014 / 2015 / 2016 / Thank you! 70
71 Feedback from the street Well-run company, experienced and focused management team, complying with high Corporate Governance standards. Leadership position in a defensive market with favorable growth prospects. Strong balance sheet and cash generative business. One of the world s best emerging markets business models We continue to view OdontoPrev as the best business model in the healthcare segment, combining a high return and cash-flow-generation profile. #1 Company in Latin America with a technological competitive advantage Strong fundamentals stand out on current environment. We believe that high multiples are supported by: 1) strong FCF generation; 2) balance sheet with no debt; 3) dividend yield and 4) high earnings visibility. 71
72 Upcoming IR events Date Country Broker Event Oct 3, 2017 Oct 12, 2017 Oct 13, 2017 Oct 25, 2017 Oct 26, 2017 Oct 26, 2017 Nov 1, 2017 Nov 13, 2017 Nov 14-15, 2017 Nov 16-17, 2017 NDR Bradesco - Santiago NDR HSBC - Johannesburg NDR HSBC - Cape Town 3Q17 Earnings Release 3Q17 Webcast Investor Presentation - São Paulo NDR Credit Suisse - Rio de Janeiro ESG NDR UBS - New York Bradesco 7th Annual CEO Forum - New York ESG NDR HSBC - London Nov 20-21, 2017 Itaú BBA's 10th LatAm Conference - London Nov 30, 2017 JP Morgan 10th Brazil Opportunities Conference - São Paulo Jan 10-12, 2018 Jan 30-31, 2018 Morgan Stanley 10th Annual LatAm Executive Conference - Miami Credit Suisse LatAm Investment Conference - São Paulo 72 OdontoPrev s Investor Relations activities, including conference calls, webcasts, one-on-one meetings and public presentations are made by the Company s CEO and/or IRO since the 2006 IPO.
73 Why OdontoPrev? Largest and best network of dental specialists Proven & sustainable business model State-of-the-art IT platform Superior corporate governance standards Solid capital structure Proven management with an incentive to drive shareholder value Multiple growth drivers High returns on capital 73
74 Your award winning Investor Relations Team José Roberto Pacheco Executive Director & IRO Roberta Carneiro IR Manager Phone: + 55 (11) ir@odontoprev.com.br : OdontoPrevIR Darcio Nunciatelli IR Analyst Corporate Headquarters Avenida Marcos Penteado de Ulhôa Rodrigues 939 Torre II / Edifício Jatobá / 14 th floor Barueri. São Paulo. Brazil Stella Hong IR Analyst Custodian & Market Maker Independent Auditors B3 Ticker 74
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