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Article Excerpt
Original Source: FD (FAIR DISCLOSURE) WIRE
ERWIN KLEUSER, IR OFFICER, AMIL PARTICIPACOES SA: (Audio begins in progress) -- our first quarter 2008 results conference call. Today with us we have Mr. Edson de Godoy Bueno, CEO and Chairman of the Board, Dr. [Duce] Bueno, Vice Chairwoman of the Board, Dr. Gilberto Ferreira da Costa, CFO, and Mr. Irwin Kleuser, Investor Relations Officer.
We would like to inform you that this event is being recorded and all participants will be in a listen-only mode during the Company's presentation. After Amil Par's remarks, there will be a question and answer session for investors and analysts, when further instructions will be given. (OPERATOR INSTRUCTIONS).
Today we have a simultaneous webcast that may be accessed through the website www.amilpar.com.br/ir. There will be a replay facility for this call on the website for a week from May 14 through May 21.
Before moving into the conference, we would like to stress that since Amil Par was incorporated in May 2007, the company's financial statements for the previous periods were elaborated on a pro forma basis. The objective is to present the financial situation for mere comparative purposes, based on historical information of the companies that are former to Amil Par.
Before proceeding, let me mention that this call may contain forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Amil Par.
There are -- these are merely projections and, as such, are based exclusively on the expectations of Amil Par's management concerning the future of the business. Such forward-looking statements depend substantially on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors, and risks disclosed in Amil Par's file disclosure documents and are therefore subject to change without prior notice.
Now I'll turn the floor to Dr. Edson de Godoy Bueno, who will begin the presentation. Mr. Bueno, please go ahead.
EDSON DE GODOY BUENO, CEO AND CHAIRMAN, AMIL PARTICIPACOES SA: Okay. Good afternoon, everyone, and thank you for attending. It gives me great pleasure to welcome you to another Amil Par results conference call.
I will talk about the Company's operations and its fiscal indicators. And then I will hand you over to (inaudible), who will give you more details on our financial performances in the first quarter of 2008. We have the satisfaction to announce that Amil once again exceeded our own expectations for the quarter, recording outstanding financial and operating results.
In the first quarter 2008, Amil had an excellent revenue growth of 29.3%, with an increase of 44.8% in profitability. I would like to share these achievements with our employees and with the investors who have placed their trust in our competitive advantages and believe in our sustainable growth.
We reached record level of 2.84 million members at the close of the first quarter 2008, 33.3% more than at the end of the same period last year. In comparison to the end of 2007, the Company had a period of organic growth of 5.5%. Once again, underlining one of the Company's most important recurring features, since its foundation, [was] with profitability.
The possible performance of the membership [of Par] despite the diverse seasonality of the first quarter, and the continuing effect of the renegotiation of unprofitable contracts and the cancellation of inactive members from the acquisitions consolidating the third quarter 2007.
All our products experienced significant growth. Our corporate plant recorded a 27.7% year-on-year upturn and we now have more than 1.7 million members in this segment, which accounts for 61.5% of our total membership and for 56% of our revenues.
The individual plans also did very well, growing by 27.9% over March 2007 from approximately 480,000 to 613,000 members, accounting now for 21.6% of our membership. This (inaudible) segment (inaudible), not only because of its low medical [alteration], but also because only 20% of the Brazilian population is currently covered by health plans.
We have no doubt that the currently stable economic environment in Brazil and the (inaudible) increasing the (inaudible) earnings, we also especially increased the penetration ratio in this segment in the coming year. We have also been -- did a lot in new products for this segment.
And the last but certainly not least, the membership in our...
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