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`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a E5) * # =:: : << 5 59 ; 9< 5 95 I< == 5 # ) 9::; FMG ! M 9 E: E: =; =: == :3=5: =5=3E:: E:=35:: 5:=3;5: ;5=3= ::: P = ::= ) M 95 5: =H 8 :3=5: =5=3E:: E:=35:: P 5:= ) 9::; (4 ( * ( ) G) ) a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b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`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aE5) 8a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d E:: E:=';5: ;5='=)5:: e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d E:: E:= ' ;5: ;5= ' =)5:: e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d E:: E:= ' ;5: ;5= ' =)5:: e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f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` <5N 5< 9 9; E :: :: ;E E8 =< =< =:: : ) 9::; * * F ( ! . ;53<I I< 8 I= I :8 :E 5; 9= :8 :8 =:: : ) F=: =MG * - 1 = ) * ;= &$D . $$%# ;< J 7# ##$ . # .% !#.!0# !.% &, 0 ) ( ( ) 9::; FMG 7 1 ( FTG 0 * 0 O E:: E:=3;5: ;5=3=)5:: P =)5:= $ * > 0 * * $ * * $ . * 9: H 9; H ;H 99 == = 98 9 =I E 9; == = 99 9 == = :: EE E :: =8 ; :: =8 9 EE < =: E =5 I; =8 : 95 I =: = EE E 99 9 99 9 :: 9; < E< H == = =8 ; =I = 95 < =E 5 E5 I= = I5 8 55 8 5: : E< 9 IE < 99 9 58 IE : =:: : =:: : =:: : =:: : =:: : =:: : =:: : =:: : =:: : #$%& # 0 0 ) 9::; % ( ! 6 * F G F99 <MG . * * ) ( * ) ( ; 8M ( * ( = F58 HMG) * EM * ) ) 6 ( FE; <MG &) !% * * !& ( ) ( !%) * ) ( ( ( ) ) * ( * 2 ? ) ) * * ) ( 6 * ( 2 ! ( ) ) ( ( ( ) * ) 3 ( * * ( ;H ( ( 6 * ) * 1 I< I 5E : 5I 5 I; 5 55 ; I9 H 5: I F ) 9::; FMG * =:: : =:: : =:: : =:: : =:: : =:: : =:: : #$%& * ( * ( 5= 8 I; : I5 5 59 5 II E 5; = IH 8 % . % $ ) * J 6 ) ( 5: ; I< = I; < IH E IH 5 5; = IH 8 , 1 IH E 5= H 59 9 5: ; 5: 5 I9 H 5: I =:: : =:: : =:: : =:: : =:: : =:: : =:: : ) 9::; G ) ) *( 1 = ;9 &$D . $$%# ( 7# ##$ . * # .% !#.!0# !.% &, 0 F5= 8M (* 2 ( 5: ;M) G ( *( ) * 2 2 *( 1 ( ( F5< 9MG F55 9MG? ( ( F== IMG? / (4 ( ( ) * ) ( ) ( =E EM F5=MG * * ( (( ( 2 ( 6 6 F=; ;MG 4 * ) F=8 EMG? ( (( ( F ( ( G * F== =MG ) ( ( ( * * =H;5 =H;H 9H 9M <:J 7* ) ( ( (( ! * FIIMG) * ( F9=MG) * 3( 2 ) ( 3 ( * ( ( ( - * ( ( ( ( F<5 IMG) * F=: IMG ( ( ) * ( * * ( ( * * ) ) ( EM , ( ( ( ! ( 6 ) EE EM ( I 9M ( ( <; 5M I 9M ( ( 1 ( 2 * ! ) ( ( > 2 ( # ! 8EM 2 ( ( ! 7* ) * * ( ( ) ( 1 ! * E5 IM * ! * ( F<5 IMG ) F9=MG? ) <EM - * - ) ( F58 8MG) (( ) I5 <M * ( ( ! F;5MG ) ) 4 2 = ( (( ;E &$D . $$%# ( % 6 ) # .% !#.!0# !.% &, 0 ( ( ) 6 7# ##$ . 6 ( * * F8:MG ( * ( ( ( * * ( - * EI 7 (* 2 ) ( ) 4 ( ) ) > 2) 2 ( ( > ( * 6 ) * 3 ) 2 ) ) ( ( ( ) ( ( * ) () * ( ( ( ( * ( 7 ( ) * ) * ( . * ) ( ) ( * 2 . % ( 1 ) EM F= <M ( (* * ( F8E <MG) FE: EMG / ) * ( * = =M G ( * !& ( () ) * 2 * & * ( !% F;H)5MG ) (( ( ) ) ( ( ( * ( (( ( ( ( ) ) F58 EM) ( ( ( *( IE <M * ) ) * * ( ( * ( ( J ( * ( G) * * 2 ) ( ( ! *3 *( ) * ( 1 = ;I &$D . $$%# 7# ##$ . <: 7 # .% !#.!0# () 7 . & % ( ( - $ #$%& <= 7 ) 9::; () 7 . ) 9::; FMG , % ( ( IE < 5= = IH E 5I 9 5; = 95 : 88 ; :: IH 8 ! .* ! ! ( - $ # ( ) (2 ( ) 9::; ) * 6 1 58 E I< H 5: ; I5 < I9 H ;5 : EE E =:: : 5: I =:: : =:: : =:: : =:: : =:: : =:: : =:: : =:: : =:: : ) * ( *( ) 2 ( (( ( #$%& ( * ) 9::; FMG & !& 1& !% =5 :: :: =9 EI I 8 E =E 8 E: E 8: H ;8 : ;H 5 8E < =I E= I5 =< =: :: 9E == : 5 =I 8 :: =5 :E :: :: :9 := :: :: := =:: : =:: : =:: : =:: : ! .* ! ! !.% &, 0 ( * ( ( ( =)5:=TP ( ( *( E::T F58 =MG * * 6 ( 2 8= ;M ( <9 ( () 1 O E:: E:=3;5: ;5=3=)5:: P =)5:= $ ( FTG > #$%& ) 9::; FMG , ( 58 = 5: 8 E< 5 E< E 5= E IH 8 1 IE H IH I 8= 5 8= ; I< ; 5: I =:: : =:: : =:: : =:: : =:: : =:: : ) 9::; ( ) * ( * 8; ;M * (? ( ( ;53<I <5 ) 5538I ) 2 ) 3 2 ) 5<M ( ? ;53<I <53 * ) 1 = ;5 &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 - ) * ( <E 7 7 () . % ( ! .* ! ! ) 9::; FMG , 5538I 853;I ;53<I <5N $ =I =: =9 =< :: 9< 8 E: 9 E9 E E: H 5: : 8; ; 85 : 5< : 5< 9 5: : =< =8 =< E8 :: :9 :< 9= E8 :: :: =9 EH =< :: :: :9 :8 :: :: :9 :: :: :: :: =:: : =:: : =:: : =:: : =:: : ( - $ #$%& =9 E: E 8E < =< == =5 :9 := =:: : ) 9::; ( * ! ( F8IMG) ( () * - / ! ( ( ) 4 - ( ( G ( ( ( F8< EMG) !& ( ( * ( F5:M 5::T) * 9H EM ( - ) ( 6 6 - ;9MG - ( * 2 ( FE9 <MG / * !% F5< HMG) ( ( !& !%? * ( (* 2 F * ) ( FHE HMG ( 3 ( ( ) ) ( ( ) ( 6 ( * G ( 2 !% ) ( - F;9MG) <I ) 7 3 % 7 ! $ E <M & ! - ) 9::; FMG & !& 1& !% :E :: :: :9 8< E 9< = E : 5< H :I :: :: :E 5; :: :: I< 9E I 55 9 HE H E9 < :; =: :< :< :5 =: 9E :< :5 =I 8 : : =5 =:: : =:: : =:: : =:: : #$%& ) 9::; 1 = ;8 &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 ! * ) ) > 2 ( ( FI: EMG FE; 9MG ) =; IM > I <M 3 * > ( * ? * 2 * 2 ) ( ( ) * ) ( * * 2 > ( > ( ) ( * J ( <5 ) ! 7 ) 9::; FMG 5538I 5E ; E: I =: 8 E; =8 =:: : ( F (4 * 2G #$%& ( 853;I E8 : I= 8 =5 9 I9 E: =:: : ;53<I 9H H EH H =< ; 8: 5I =:: : ( ( * * 2 2 <5N E< 9 E9 ; =8 I =: H =< =:: : (4 * () 6 6 ( 2 ( <8 1 & =5: =5=3E:: E:=35:: 5:=3;5: ;5=3=)::: =::=3=)5:: =)5:=39)5:: 9)5:=35)::: P 5)::= $ > ( ( ) ( ) * 2 * ( ) ( I: E E; 9 =; I I< =; =:: : ) 9::; > ( * , , % $ $ * ) FTG ( ( ! , % =E :9 ;H =E < =9 5 =8 = H9 =9 : =9 ; 8= 8H 5; E8 =: =H :I =; :: I9 E II ; =:: : =:: : #$%& ) 9::; FMG 7 1 9= 9= 8 =H = == E I8 =: :5 :: :5 EH 9 =:: : % $ E9 =H : 9: 8 I< E9 =8 :: :: :: I; 8 =:: : == =E = =5 5 =: E <E 59 =H :H :< IE : =:: : ) 9::; 1 = ;; &$D . $$%# 7 7# ##$ . # .% !#.!0# !.% &, 0 #6 ( / 2 ) ) * () > * ( > * ) * ! 2 !% ) ( * * 2) ) * G ) 6 F 6 ( ( ) 2 * ) * ( * ( FH8MG <; 7 # / M 7 H; H; / H5 % H8 ( * ( ( ) 9::; FMG M H; H9 1 H; ( > (( ( #$%& M =:: 85 H8 =8 * ) 9::; E5 0 ( ( ( ( ! 2 ( J F * ( ) ( ( ( 2 ) 9::;G ( ) () * * - 7* ( ) ) * ! ) ) ( (( 3 ) ( 4 0 ) * 4 ( * * * () > ( ) ( ( * 3 ( ;: =M * * 3 ( * * * ( ) ) * ( * 1 ( 0 ! F;= ;MG * * ( & * 1 = *( ) * ;< &$D . $$%# ( !% F < HM) * !& =9 =M << 7# ##$ . J # .% !#.!0# !.% &, 0 * G ) ( ( ) & & !& 1& !% <H =I 8 =9 = ;I 9 55 9 89 H H= 8E ;8 :H =: :: 8H 99 H =; I =:: : =:: : =:: : 0 & $ #$%& J ) ( ( ) 9::; FMG H8 ;= ; << :< H= =:: : ) 9::; ( ( ) 2 ) * * ( ( <H J ) 0 % !( 9 E 1 3 ) 9::; FMG $ # & E5 :: 8< =I < 88 =; = =I E E8 5 =: = H8 * F= I G & $ ;5 E =:: : ;8 : 8< I ;5 : ;= I ;= I 5= H I< 5 ;= ; =I = :: <5 85 88 5; <8 ;; =E = << #$%& ) 9::; & E5 :: :; =H :: :: :: :: :: :< $ E5 :: <: <I == < 5; 5; E< 9< E H= =:: : =:: : =:: : =:: : =:: : =:: : =:: : =:: : =:: : =:: : ) ) ( * ) E::TG) * ( * ( * * ( * * F== 9MG . ( * ( F ( ) ( ) ( ( * F5 HMG) ( * ) ) 6 ( 1 = ;H &$D . $$%# H: # .% !#.!0# J !.% &, 0 ) 1 O E:: E:=3;5: ;5=3=)5:: P =)5:= $ 7# ##$ . ( ) 9::; FMG 0 ( FTG & 5H H8 =: = =< H =: 9 H8 > 8H 5 ;= E 8< ; 8; 8 ;E E ;= ; & :: :8 :8 9; =9 :< == 9 =: < =9 < 5I 5< << #$%& $ =E I ;8 ;< 5I H5 H= =:: : =:: : =:: : =:: : =:: : =:: : ) 9::; 0 ( - 6 * ( FH HMG) * * F8E ;MG? ? F;I 9MG * 2 ( 6 ) * - * ( * ( (( *( ) (( 7* ( - ( - ( ( * 2 ( ( (( ) 6 ) * ) ( *( ( * - ( / !% F;; EMG) ) ( !& H= $ !& FI;MG) * ) !% ( ( 5: : << E 88 = 59 : I5 ; E= = I5 I I; H I9 H 9: ; * 2 (( / % ( * * - ( / 2 7 ) ) 9::; FMG , 0 ( * ) ) 7 ( ( ) *( ) 2 $ *( J ( ( ) G G ) ( % * * ( ( ( ( > ( ) * * (( . * ( ( ( ( ( * ( ( ) * ( F F * *( ) * ) * ( * 2 ) G) G ) ! ( F5E 8M FE: 9M ( * F;8 IMG) FII 9MG ( 6 F< :MG F< IMG ( FH: 8MG) * 2 ( #$%& 1 5: : == ; EE H I< : 5I E 8< H 5I 8 59 = 5; = ;H E ) 9::; 1 = <: &$D . $$%# F9::IG) ( * 7# ##$ . # .% !#.!0# ( 2 ( ) ( 9: ( ( ( =H5: ( * * ( ( 2 . * ( 2 ( ( * !.% &, 0 # ) * ( =HH: ) 3 * ( * ;I <5 ( () ( ) ( ( ( =HH: 9::: I= ( 9::: ( 2 ( # ) ) ( * ! ( ) * I8 EM ( 59 HM I; =M 1 *( * ;53<I ) 2 * = EM 5538I ) I= EM ) E8 IM * 853;I <5 ) 9: ;M ( * * ( 1 F5= 8MG ? ) = ) ( (4 * J * ) * F55 8M ( ( 2 8; IM) ) ( ) * * >* * ) ( G & G) 6 (( 1& F !& F ( =>E G) I (4 (4 ) * = ( H9 ( ) % D $ #$%& ( F<MG ) ( * =;M & ) 9::; FMG & !& 1& !% IH 9 E; 5 9< < 5: I 8= 5 ;: 5 :5 =: :< =:: : =:: : =:: : ) 9::; ! F;5MG * ! ( 1 = ( 6 <= &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 ( ! ) - ( ( 9>E ( ( =<M ( F( ( G ( ( * ( *( ) ( ( F5538I G F G ( F<5 ( ( HE $ G ( ) ) J ( , 1 <I 9= E 8: E =: : =:: : . $ 55'8I 8; =8 < 8; E H9 =:: : =; =I < ;I = HI =:: : #$%& & > ) 9::; FMG , ( ( * ( 85';I I9 9: : 88 : H< =:: : ;5'<I I5 =5 ; 8H 5 =: E =:: : <5N E8 95 5 8= < H= =:: : ) 9::; * ( * ( ( 7* !& ( ( ( F;= 8MG * ) ) ) ( ( ( F5 ;MG HI $ J ( . $ ( & !& 5; =H ; ;= 8 9H =:: : #$%& ) 9::; FMG & 1& 9= <E E5 I 5I 9 =:: : !% =5 == I 5E : EI = =:: : 5= =< = 8; = H; =:: : ) 9::; % * * * 2 * ( ( *( *( * FII EM F5= 9MG) F55 ;MG) ( =>E ( G 1 = <9 &$D . $$%# 7# ##$ . H5 3 ) ) 9::; FMG ( 55 ; E: I II I IH 8 , $ $ #$%& * * !.% &, 0 , 3 2 * !% E;M F98 9MG . # .% !#.!0# 1 II E 8H 8 55 8 5: I =:: : =:: : =:: : =:: : ) 9::; 3 ( 3 * 2) !& * ) J ( ) 3 ( ( * ( E8 , ( - ! ( ) ( ( ) ) * ) * * J ( ( (4 ( ! ( * 6 ( 2) 2 ( 2 FI= ;MG) ( ) ( 2 ( J FE< HMG * ) F=E HMG / F5 8MG EE 1 ) 9::; FMG Ho useho ld sup p o r t 3 8, 9 N ig ht t ime p er so nal care Per so nal Hyg iene care 5, 6 41, 7 B asic p erso nal car e 13 , 9 #$%& ) 9::; 1 = <E &$D . $$%# $( 7# ##$ . # .% !#.!0# !.% &, 0 2 ( 6 * ( ( F5: 5MG 0 2 7* ) ( ) F98 9MG * 2 ( EI 1 ( 2 2 ) 9::; FMG Ho useho ld sup p o r t 26, 2 C lo t hes t r eat ment Ho use cleani ng 10, 3 50, 5 C o o king T ho r o ug h cleaning 4, 7 5, 6 O t her s 2, 8 #$%& ) 9::; 7 / ) ( ( ) ( ) 3 ( ( * ( * ( ) 7 ( * * ( > F9<MG 3 * ( ( ) ) F9EMG # ) ( =5M ( ( * ( ( E5 1 ) ( ) 9::; FMG R e gul a r m e di c a l a ssi st a nc e 11,1 H i g h wa i t i ng t i m e a t t he N a t i ona l H e a l t h B a si c m e di c a l c a r e Service 14 ,8 9 ,3 A c c e ssi b i l i t y d i f f i c ul t i e s t o h e a l t h H i gh e spe nse s wi t h m e di c a l c a r e e q ui pm e nt s 2 7,8 8 ,3 H i g h e sp e nse s wi t h m e d i c a t i o ns D i f f i c u l t i e s a r i si n g f r o m di se a se s 5,6 2 3 ,1 #$%& ) 9::; 1 = <I &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 7 ) 55 FE5 9MG) ( * * (4 (4 F9:MG * * FIMG F=9 <MG? FI <MG? F9 IMG FIMG? E8 1 * F; 9MG? ) ) 9::; FMG G r eat need o f r ep air 35, 2 S mall need o f r ep air O wn ho use 7, 2 20 O t her s B ig g er ho use 9, 6 4, 8 R o o f int ervent io ns Elevat o r 4 1 2, 8 So und insulat io n int ervent io ns N eed o f b asic co nd it io ns 2, 4 4 #$%& ) 9::; 1 J ( ( ( ( * ) ) ( ) * ( FI< 9MG () F=: ;MG ( ( E; 1 ( ) 9::; FMG Sup p o r t i n t he d isp l acement t o healt h car es 8, 9 Ot her s M o b il it y issues 23, 2 48, 2 B ad co ver i ng o f t he p ub li c t r ansp o r t s net w o r k 8, 9 N eed f o r a o wn means o f t r ansp o r t at i o n 10, 7 #$%& ) 9::; 1 = <5 &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 0 0 ( * ) ( # ( 1 F98 ;MG) * * ) 2 * J 6 ( ( - F59 9MG ( F ) * E< 1 (( 3 G ( ) 9::; FMG Lack o f g r een sp aces 4, 4 Ot her s Lack o f cul t ur al and so ci al eq ui p ment s 4, 4 4, 4 M o r e so ci al g at her i ng Hig her mo b il it y 5 2, 2 3, 3 Gr eat er f i nancial cap aci t y t o achi eve l ei sur e act i vit ies Hig h d iver sit y o f leisur e act i vi t i es 26 , 7 4, 4 #$%& , ! ) 9::; ( ( ( F<)=MG 2 * 3 ( 3 ( EH 1 ! #$%& ) 9::; FMG ) 9::; 1 = <8 &$D . $$%# I 7# ##$ . # .% !#.!0# !.% &, 0 (( ( ( ( ' * 3 9: - 3 ( - ? ") ? ( 8: 4 ) ! ) 9:5: 9:M * 9)::: ( * ? ( ) ( ? J ( ) ( ( 9:5: ( ! ( ( * * 2? ( ) F* ( * * ( " F ( !&" =>E * ( G) <5N * E::T) "G) 1 = *( " " F* G) ) ) <; &$D . $$%# 1.$&0# 1.$&0# 9 &!!0D $# 7# ##$ . # .% !#.!0# !.% &, 0 0D = " == # ( -) * ( 3 ( [: 8M [9 HM * 9:::) , ) ( I: ! $( ! F,$!G) * 5:M ( 3 ( ) 9::: FM ,$!G % of GDP 3 Residential Care Domiciliary Care 2 2.07 1.45 1 0.81 0.37 0 0.43 0.96 1.06 0.47 0.41 Germany UK 0.83 0.58 0.56 0.38 0.25 0.23 0.19 0.12 Spain Ireland New Zealand 0.33 0.17 Australia Canada Japan . $# 7 # 0.88 0.96 3 4 USA Norway Sweden Netherlands 3 ( ) 9::5 * ) ) ( 9::8 ( 9:=I) * & ( ==M ( ;M ) * + 0.82 0.69 0.60 ) * 9::8G * F ( =HHE =5M 5M * ( * ( ( ? - ) ( ( ( ( * * ( * 2 *( F[E=MG ( F* = 9 1 G 9 F[=EMG) ( * ( << &$D . $$%# I= ( 7# ##$ . 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l * (( ) ) " F / * ) 2 ) 9::9G () # %# K&$ * 2 ) * 2 ( J ( # %# K&$ \ ) ( ( ( " F*** 4 ) ( G) # %# K&$ J ( 4 ) 2 F , $ ` G * ) ( ) ( # %# K&$ ! ( ) F*** ( ! ! ) - ( ( ) ( ( G # 4 J ! C ( ) 2 ( - ) 3 " WS FD * 7 WS ( G + 2 D * 7 ! 9::: 0 ( ( ) D * 7 ( * 2 > ( ( ( 4 ? G * ( G ) * * * * * ? 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( * * * - 3 - ( * * ) * ( 6 ( 6 ( ( ( ) =I ' 9::8) 2 ( ( ) [=;M ' ( * ) ( ( ( ( =:M ( ( ( ) ) 1 9 =IE &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 8E ( ) 9::8 FMG % 20 17 15 ? Underestimated as ... • Informal sector has a major role in the provision of domiciliary care • Many small groups providing domiciliary care are not licensed 10 8 7 5 6 0 Day centers Socialization centers Nursing homes and assisted residencies Domiciliary care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• Milharado (20 min from Lisbon) Location • 20 people assisted residency • 5 people day center Capacity Accommodations =HH5G Amenities • Double or triple rooms with – alarm connected with main desk – personal telephone – TV – central heat • • • • • 1.180 per month (assisted residency) Prices Services TV and living room Dining room Gardens Chapel • Social services – hygiene and comfort – housekeeping and laundry – meals • Occupational activities – intellectual (i.e. reading, music, TV ) • Shared bathrooms with technical aids • Medical services including .... – general practitioner and nurse · * 85 Location 1 • Carregado (20 min from Lisbon) F Capacity Accommodations 9::5G • 40 people Amenities • Single, double or triple rooms with – ergonomic furniture – articulated beds – alarm connected with main desk – personal telephone – TV – central heat • • • • • TV and living room Dining room Gardens Rehabilitation room Estheticism salon • Occupational activities – physical (i.e. exercises, walking) – intellectual (i.e. internet, reading, painting, movie sessions) • Medical services including .... – General practitioner and nurse – Physical therapy and massages – Psychological help – Assistance in convalescence/ recovery and to patients with Alzheimer and Parkinson – · Source: Website * 6 . [: 8M F= <M) = EM Services • Social services – hygiene and comfort – housekeeping and laundry – meals • Shared bathrooms with... – full accessibility (namely for people with disabilities) – technical aids ( • 1250 per month Prices : HM G g ) 0 0 FI=M) 98M 1 95M 9 ) G =I8 &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 88 , ) 9::; FMG Share of private residential centers (2007) Index coverage (2007) Aveiro Beja Braga Bragança Castelo Branco Coimbra Évora Faro Guarda Leiria Lisboa Portalegre Porto Santarém Setúbal Viana do Castelo Vila Real Viseu 0.1 0.1 0.1 0.2 0.2 Aveiro Beja Braga Bragança Castelo Branco Coimbra Évora Faro Guarda Leiria Lisboa Portalegre Porto Santarém Setúbal Viana do Castelo Vila Real Viseu 0.9 0.6 0.4 0.7 1.3 0.9 0.2 0.4 0.7 1.8 0.2 0.2 0.2 0 2 16.3 10.1 11.4 7.8 26.2 25.4 2.9 15.4 18.3 40.6 7.0 6.2 7.1 0 10 20 30 40 50 % Average ~0,64% % $,##!? ! 85:T ) 3.9 2.9 5.4 2.9 4.0 * #? + , ( =)95:T 1 ! () * J ( (3 ( G (2 ( C ( I::T * ) F( ( 8; ( ) 9::8 FTG Series 650 Beja 750 Bragança 950 Évora 800 Faro 750 Leiria Lisboa 1,250 800 Portalegre Porto 1,200 750 Viseu 0 500 1,000 1,500 per month Senior medium income ( ( ! % ( 0 () . . ( ? 9G $ ) ( 6 , [E::T * ( F G ( ( ) 4 ( ( =G 9E F ) * ( (( 6 ( F G? ) ) F[I5):::T ( ( =T ( <M ( ( G) ( ( ) IG () ( ( * (( G? EG ( ( (( ( 6 ( ( ) * 1 9 =I; &$D . $$%# ) 7# ##$ . # .% !#.!0# * ( F F( F <::T>( E<:T>( * ( F * 2 E):::T>( G) * =;:T>( 9:T !.% &, 0 G) * G) ( 5T G 8< # ( ( 23 23 ) 9::; FTG 1.000 20 850 Utilities Total Costs 150 800 380 600 400 300 200 0 Amortization of Investment Personnel Costs Food + , ( <5:T>( 23 (2 ( ( ( F ( G ( * (4 * <5:T ( - ( ) * ( ( * ( 6 ( J =IE9 $ ( $( ) ( 2 6 * 0 ( 2) 2 ) ) . ) ( ( =< g ) 0 ( ) ) ) G + ( ( ( ( ) ( C ( 1 9 F ( ( ) =I< &$D . $$%# 7# ##$ . 8H 0 # .% !#.!0# !.% &, 0 ( ) 9::; Porto Montepio Residências Avós e Companhia NorteCare Viver Renascer Gerações Viseu Resivida Lisbon Leiria Montepio Residências Fikemcasa Humanidomus Companhia Feliz Sem Idade Pluriapoio Ajuda de Vida Condomínio D.Dinis Domus Augusta Flôr da Serra Baby Sénior Setúbal Três Gerações Serhogarsystem 0 WS $( $( Z ( $ EG ( - ( % * ( F (U * ;=) ( * ! ( 9::; F 0 G) ( 93E ( ( G? 9G ( % ( 0 ;: ( =G ( 2( ( ( F F ( 1# ( 9IG? -G ( ( 7( * ( F G ;: - ( is a small domiciliary support firm ... Concept Provision of social and medical domiciliary support both to the elderly and to people with disability Differentiation factor Qualification of HR that provide the social and medical support (U ... providing both social and medical services Social services Social services providers • Europ Assistance Partnerships Medical service providers • Alerta Médico (Medical services provider) • Ensaio Mágico (Physical Therapy) • Fisiotaj (Rehabilitation clinic) • Cardioteste (Cardiovascular clinic) Nursing homes and IPSS • Fátima park • Apoio Social N. Sra das Neves (Manique) National coverage Medical services Greater Lisbon: Lisbon, Cascais, Oeiras, Sintra, Amadora, Loures, Montijo, Almada, Barreiro • • • • • • Medical consultations Medical urgencies Nurse or medical auxiliary assistance Exams and clinical analysis Assistance in convalescence/recovery Assistance to patients with special needs: Alzheimer, Parkinson, strokes, diabetes Continuous care Physical, speech and respiratory therapy Therapeutic, relaxing and shiatsu massages Acupuncture • • • Other services Source: Website Psychosocial assistance Personal hygiene and comfort services Housekeeping Company and conversation Assistance in outings and visits Meals preparation and assistance Medication administration Occupation activities Grocery shopping Bills payment (i.e. utilities, telephone) IRS submit and payment Hairdresser, manicure, pedicure • • • • Algarve: Loulé, Albufeira and Faro Target segment • • • • • • • • • • • • Medium-high and high income seniors • Independent and dependent Sale and rental of geriatric equipment Selection of "value for money" nursing home Studies for definition of adaptation of spaces for elderly with physical and psychological conditions * 1 9 =IH &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 ;= 7 ( is a franchise of an American firm ... ... that provides 2 types of social services Provision of social (or non clinical) domiciliary support to the elderly and dependent people Concept • • • • • International experience – won best social support franchise in 2007 • HR recruitment process – 3 interviews and requirement of 6 recommendation letters • 18 months training to employees Differentiation factor • Companionship • • • • • • Social services 700 offices in 11 countries • • International coverage National coverage 11 offices covering 6 districts • Lisbon, Setúbal, Leiria, Santarém, Açores, Madeira Target segment Medium-high and high income seniors • Independent and dependent (specially Alzheimer patients) • Personal hygiene and comfort services Assistance in housekeeping tasks (i.e. change beds, assistance to pets) Laundry and ironing (punctually) Take the garbage out Grocery shopping Take and pick clothes from laundry Go to pharmacy Meal preparation Company in appointments, visits, lunches/dinners, concerts, religious services, sports events Airport assistance * * F( * F ( ( G) ) ( ( (( =:T G ( 3 () 9:T 9I3 E):::T ( ( ( ( ( ( * ) ( $( ( * G * ( ( ( ( (3 3 ( & F D ) ( 9):::T F G ( ( 6 * 36 3 3 3 0 ( • • • • • • • Assistance (Note: does not substitute housekeeping services) Source: Website =II 0 Conversation and company Book or religious reading Medication, anniversary and commitments reminder Meal planning, assistance in preparation and diet monitoring Clothes planning and cleaning assistance Company in walks, visits to friends Writing of letters and mail organization Planning of activities Shop planning and delivery supervision Acquisition of newspapers/magazines Renting of movies ( ( 2 1 % V E 0 K Y 1 W 0 % V ) W ) # U 3 ) * ) g ) [95:T ( 1 9 =5: &$D . $$%# ;9 ( 7# ##$ . # .% !#.!0# !.% &, 0 (4 FTG M 5 250 Senior Living 3 Total 35 250 50 200 55 150 50 100 55 50 0 ! 3 ( ) F 1 * ? * K Y 1 ( 3 9::: $ (4 % V F # U g G W G ( ) ( ( 3 3 K Y 1 % V K1% .* FE:MG) W FK1% G ! K Y 1 ,! F;:MG 9::E F ( ( 2 ( ( ( G ( ) * ( 55T ( I:: 8< ( * ( ( 3 F ( - ( =)5::T I:):::T 8:):::T 1 ) * H5:T G ( ( F :) =G * () 2 ( ? ( ) ) C ) ( F ( ) . ' 1 () () (> F ) F ( () ) 2 ) ( 3 ) * (( () 2 ) ( G? * 2 () ? ) G? ) ( ) ) F 1 ( 9 G) F G) =5= &$D . $$%# & ( 2 ) / 7# ##$ . ( # .% !#.!0# ( 3 3 + ( * ) * * 9::5 ( !.% &, 0 * ( K Y ' 1 ( 6 * F & 0 7 * ( ( 2 9::< ' ) * ;E 1 * 4 6 / 3 * 3 32 % Accommodation ( ) ) 0 Location 0 ( ( ( 2 ( ) G $ . • Monchique (Algarve) • 195 rooms and 7 villas with sea view – nicely furnished – central heat, air conditioning cable TV, high speed internet Amenities • Games room • Library • Movie room • Gardens • Bars and restaurants • Pool • Tennis court • Gymnasium and spa • Convenient shop • Para-pharmacy • Meditation room • Transport to beach and golf Services • Wellness activities Target customers • National or foreign active people with more than 45 years old * * * ) 3 23 * , 0 ) . ) g * + $( 0 1 9 =59 &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 3 ) 9::8 ;I , Domiciliary support only offered in Greater Lisbon, Greater Oporto and Braga Assisted residencies and apartments with services only available in Greater Lisbon • Braga • Junqueira • Parque das Nações • Parede • Carnaxide • Colégio Militar * ) * * ( 2 * " ! ) / 3 ( 32" ( ) " * 0 ) ( 1 ) 4 3 * ) * ( ( * ) ( * . * ( 2 ( ( 1 ( % V W (( ) ( ;5 1 % V W New assisted residencies and complexes of apartments planned Profile of • Owned in 100% by the financial group Montepio • Braga • Target market is high income elderly • It already provides domiciliary care in the regions of Lisbon and Setúbal, since 2003 – offers meals and hairdresser services, medical assistance, phone assistance, and rental and sale of mobility and comfort equipment • Porto • Gaia – operations are to be expanded to Oporto and Braga in the short term, and to the rest of the country in the future • It has an aggressive growth plan, that contemplates building 7 new geriatric residencies with 850 beds of capacity. Operations will start until 2009 • Coimbra – total investment of 50M • Parque das Nações • Parede • Montijo – first unit is planned for Oporto (beginning 2008) / ? ! 1 9 =5E &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 (( ' o 0 ( ( ( 9:M ( 2 ( ) * ( o ' ' 3 ) ? ( ) (4 ? ( o ) * ) ( ( ( 3 ( ( o ( F (( G) * &1 o , (2 * ( [<5:TG? * * ( F ? ( ? ) * ( , o 3 ( ! ( o 0 ( ( * (( 3 ( ( (3 > % V ( 3 o . FK Y 1 I W ) # U o 0 g ) 1 0 % J o 0 J ) o V W G? =M ( ( 3 0 % ? ( 0 . ? ( ( 2 ( 3 o ( o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` 2 0 F% . . `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of people 2,959,957 3,000,000 2,809,938 +1% 2,472,380 2,136,411 2,000,000 1,878,459 1,810,100 1,000,000 0 2005 2010 2020 2030 Short term 2040 2050 Long term # .3 ( ( * *( J ( ( ? * ( ) ( ( ? ( /( J ' ( ( ( ( * *( ' * ( (( * ( - (3 ( * ) ( ? 4 ( ( ( () ( ( (( 5:385 ( F ( ( (4 ) G * 6 ( 1 E =8= ) (( 6 ( * 6 * ' ( &$D . $$%# 7# ##$ . ( F* ( = 9 !.% &, 0 G * ' ) ( 4 ) * ( * ( ( ( ( * (( ( ( ( ) ) (( ( (( ( ) * ( ( * ( . ( ) ( ) . F ( G ) * ) ) # # .% !#.!0# ( * * ) ) ) 4 ( ( * ) 9M * ( J * ) ( ( * & 9:E:) ,$! ( * (2 ( ( ) ;; ! 4 ,$! ) 9::53 9::539:E: FTG 25,000 22,026 20,000 +2% 17,091 15,000 13,194 12,042 10,000 5,000 0 2005 2010 2020 2030 Long term Short term # F* ( (4 ( ( 2 ( F* * 85N . ) ( ) G * ) * ( [9EM 9::5 [E9M * * ) 6 <: ) ( 6 ( 6 F - * 9:5: ( * G) 7 ( ) ) 6 * ) 6 6 ( G 9 6 ) + ) * 1 E * =89 &$D . $$%# ( ( 3 ( *3 ( 7# ##$ . ( 1 !.% &, 0 ) . * ( . % # .% !#.!0# ) ( ( ( 0 3 * ( ( ( ( ) V 6 ' 2 ( ;< ! ) 9::; F G <1% of current elderly care capacity # places 1,500 1,420 120 500 1,000 500 800 0 Senior Living 3 ! ,. ? Total / ( ,. ! * ,. ( ) ) ! (4 4 ) ( ) * ( * ) ) , * ( * ( ( ? 9G ( =G % ) , ( ( ( ? * ) ( ( , ( ( ( , " ! - ! - 6 ( ( ? " ? # / ( (4 " ? " 1 E =8E &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 ;H ! Yes "Social welfare" scenario "Privatization and expansion" scenario "Continuity" scenario "Privatization" scenario Government increases coverage of public elderly care services ? No No Yes Government promotes the participation of for-profit players? + , " 6 ) ' ( 3 ! - " ) , ( ( F!!!G , ( ( ( ( ( ( 1 ) ( ( ! ( ( # " ( / % 14 > ( ) , ( ) - ( " ) ) , ( ( D ) ( * ( (4 ' ) ,.) ( ") ( 4 ( ,. * ( * ( * ( ( ( * * ( (4 ' * ( * ( ( * ( ( ? ? ( ? ( ( ( ( 1 E =8I &$D . $$%# 7# ##$ . <: ( # .% !#.!0# !.% &, 0 (4 Private sector Income level High Informal sector Large players Individuals Small players Medium-High Medium Public sector Medium-Low NGOs IPSS Misericórdias Low + , ! - " ) F G * * ( ( ( ( ) ( ) ( 3 ( ! - # - " ) ) . ) * ( . * * ) ( ) *3 * ( ( / " ) ) ,. ' * ! ' * * ! ( ) ) ( ( * ! ( , - ( ( ( ( ) , ( * *3 ( ( ,. * ) , ( * (3 ( ) ( # / " ) ( ( ( " * ( 1 E =85 &$D . $$%# 7# ##$ . # .% !#.!0# <= ( !.% &, 0 (4 Impact on current role of major actors "Continuity" scenario Elderly care provider "Privatization and expansion" scenario "Privatization" scenario "Social welfare" scenario Public sector NGO Informal Small scale Private sector Large scale Increase with small impact Source: BCG analysis Increase None Decrease 17 249307-00-ScenariosRevisto-26Nov07-RS-cg-LIS + , ( , - ( () " ( 2 <9 ! Scenario ( Probability Yes "Social welfare" scenario "Privatization and expansion" scenario "Social welfare" scenario Government increases coverage of public funded services? "Continuity" scenario "Privatization" scenario "Continuity" scenario "Privatization" scenario "Privatization and expansion" scenario Short-term No No From: (Low) to Yes Government promotes the participation of for-profit players? (High) + , 2 ) ( ! () 6 ( 9::H? 9::H? ! * , ( ( 6 ( ? ( 1 E =88 &$D . $$%# & 9::H) ( ( 6 ( * [=:M * 7# ##$ . # .% !#.!0# 6 ( * ! %# ! (( 6 ( 3 * ( 5:M * !.% &, 0 3 ( / ( ! %# ) ) ) ( ( ( E::T ( (( ( ( 1 6 F * * ! " ! * ( #& 6 ( * ( 9::8) * 2 ( G * ==M ! [HM , ( ( F G F ) !( 1 ) ( ( ( 2 , ( ( J ( ) ( 2 * ) [;:M ( ) * G l ! (4 ( J [E::)::: ( * ( 6 ( F ) ( ( l G ) ( 9::8) " . ) 2 ( 3 * ? - F ( 3 ) ) ) ( G * ? ( F ( ! G ! %# ! (( ) !( 1 * ! ) 2 !!! !!! * 9::9) ? 5M * (4 * * 2 F ( (" G ( =: * 7 ( * ) !!! ) , ( ( * ( - * ) ( ) - - * F2 G ( , # !) ( () ! # ( ( * ( " ! - " ! - " 1 E =8; &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 <E ! Scenario ( Probability Yes "Privatization and expansion" scenario "Social welfare" scenario "Social welfare" scenario Government increases coverage of public funded services? "Continuity" scenario "Privatization" scenario "Privatization and expansion" scenario Long term ? "Continuity" scenario "Privatization" scenario Long term Short-term No No From: (Low) to Yes Government promotes the participation of for-profit players? (High) + , () ( 2 # ! ) # ? ( 3 ( F ( G? , ( =HH:J ) - ( ( ) # / ( & ) " ) * ) , ( F ! * G ( ) , ) ( F G) * ( ) , ( ( ( ) , ( (2 !!! ( ) * , ! %# . 2 - ( ( ! ! ( 31 (( ) ( * 2 " * ) () * * ( ' ( 3 * 3 3 * ( ( ( ! * " F * ( # ) * G ) ( ) 1 E =8< &$D . $$%# D ) 7# ##$ . # .% !#.!0# !.% &, 0 (4 * F ( 99M 9::5 [E:M 9:E:G * # * * ( ) ( ! ) ! =:M) ( F[: 9MG * ( [;:T ( E;:T ( " ( 6 ( ) ,. ( * ( * ( ( ( ? ,. * ! 4 ? ( ,. * ( ( * ,. * ( ( * ( ? ( =G () " " IG ( " ? 9G " * " ? 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H:G * ( ( =HH: ( ! ! * $ * * ( ) 9::EG 1 * F ( ( , ( * ( ( 1 ! 7# ##$ . ? 3( 9;)8:E , ( =HH: (( 98)858 3( H: 1 ( * , ( ! ) =H8:3 =H8:39::8 1400 1200 1000 Migrants 800 600 400 200 0 -200 -400 2006 2004 2002 2000 1998 1996 1994 1992 1990 1988 1986 1984 1982 1980 1978 1976 1974 1972 1970 1968 1966 1964 1962 1960 -600 Year Inmigration from Germany Outmigration to Germany $ + ! ( # ( ) () / * * ( 1 ( ( ( 1 * ( , ( ( * ( ) ( ( # 2 " ( ( F9::;G ( ( * Netmigration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ge >65 60-64 55-59 50-54 45-49 40-44 35-39 30-34 25-29 20-24 15-19 10-14 5-9 males 800 females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rojection Senior Population in Germany 2006 - 2030 25 Seniors in Million 20 15 10 5 2030 2029 2028 2027 2026 2025 2014 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 0 Year age 55-74 + ( F9::;G) == + t2 * ( , ( (( ' ( 1 age 75 and older 95 H8 H8) ! ' ) * * 6 ! ( ( * - 6 * % ( ( ( 1 * ( ( 1 8 9IH &$D . $$%# =H8: * 1 2 ( #( ( =HH: * ( ( ( 2 F0+ G ( 2 * H8)::: ( ) FM G 352000 USA 185000 Netherlands 133000 Greece 126000 Portugal 96000 Turkey 81000 Hungary 74000 Austria 67000 Denm ark 67000 Sweden 63000 others 160000 0 200000 #( 400000 600000 800000 1000000 >0+ ) =HH< .* ) ( #( * ) & ) 359000 France F ) 836000 Italy * 9::EG) ! 8: ( * * = =M ( 5:35H ( 8 9M H<G ) 5H8)::: , ( IE)::: * =HH=>H9 , ( * 3 G * Spain 2 F#( F F=HH<G ) * * * H; % * =:)::: # #( ! ) * F9::EG #( 2 ( H; H;G) <E8)::: * , * ( ( * +7/ + * ( ( 2 , ( * * * F ) E55G ! * =)::I ) # ) 9::I) * F9::9G * * !.% &, 0 ( , ( 0 + # .% !#.!0# ( =H<: F 3$U - =HH: F=HH<G , ( * (4 7# ##$ . ( 99:):::? 3 <<:):::? 9)5 ( 1 8 95: &$D . $$%# H< % 7# ##$ . # .% !#.!0# !.% &, 0 , ( FMG 16% Spanien Italien 16% 29% 20% 11% Frankreich 14% Österreich 18% 8% 12% 12% Schweden Portugal 6% 1% 9% 11% Schweiz 1% 3% Türkei 7% 6% Others 0% 5% 10% 15% 20% 25% 30% 35% 50-59 years #( + 3 * * F=;MG ( 60+years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ortfolio of services provided Market value and ownership Focus • 1,4 B • Listed in NYSE • Founders: 11% • 1,3 B • Listed NYSE • Controlled by PE (Fortress) • Residential care – Independent living – Assisted living – Alzheimer care – Hospice care – Rehabilitation care • 3,6 B • Listed NYSE • 1 B in 2006 • Controlled by PE (Filmore partners) • 0,6B in 2006 • Listed in NYSE • Hospital and pharmacies management / 3 Geographic presence Other • Domiciliary care • USA, Canada, UK and Germany • -- • USA (35 states) • • • • • USA Domiciliary care Out-patient t Rehabilitation Pharmacy services • -- • USA • Residential care: assisted living • Rehabilitation • USA ) ! 0 0 & ( ) * * =H<= ( ( 3 ") E<5 ( ( ) II: (( ! 6 " * J * ) I:)::: 59)::: (( ) * ) * 6 (( * 1 # 2 ( 9::E) 6 * ) , ( - * ) ( & =HH8) 6 D # ( 0 9::5) * ( 0 ( ( 2 0 * 1 ) 4 ( 3 ( 8 1 ; 955 &$D . $$%# * 7# ##$ . # .% !#.!0# ( !.% &, 0 9I F 0 6 9I , G? F 0 G? - * ) %( F $( - ( (( ( ( ) # J ! G? ( G F 7 * ( 2 ) ( G 9I ) ) ? F % F * * G? ( 0 3 3 0 ( ( (3 3 ( 3 * & ) , ( ) ) ) ( 3 + 2 0 + 2 0 * 9::8 0 (( ( ( ( & 5I; * 3 ) + 2 (4 ( ( ) * 9)ET + [95)::: G ) + 2 % 0 ( G <H5T ( 3 - ( 9::5 * 6 * ( + 2 J (( (( * ( ? (( ) ) * F G ( ( ) ) - ( ? ( ( 0 (( G 2? ) + 2 F ( (( ( ) ) ) 3 ( ( % (( ( F 1( * ) ( 3 * 0 ( I F (( ? =H<=) ) + 2 E5 & [9;)5:: D # * 9::8) ) * F ( (3 ) 3 ) ( ( G * * 1 ; . ) 958 &$D . $$%# + 2 7# ##$ . # .% !#.!0# !.% &, 0 ( ( ) ) ( * ( F ( ( ) ( * ( G ) + 2 6 ) (( (( * ( + 2 " * ) ) 6 9 ' ) & ( ( , ? 9G * =G ' * * ? EG ( ( ( ) ( * ( & ) ( * !#B F * ( ? * 3 ( # * ) (( ) ( ( G ? ) ( ( F 9= # ' * ( ( " ( J ( [E:8)::: ( " G ( * ) ( * 9::8) 9::8) 1 9:::J + * ( * [5:M) ; =HHH ( 9::8) [E::)::: 95; &$D . $$%# 7# ##$ . =:9 % # .% !#.!0# !.% &, 0 ( ) =HHH3 =HHH39::8 F G People 400,000 305,801 298,870 300,000 239,761 199,058 197,306 200,000 112,797 100,000 1999 2002 2006 0 Domiciliary care Capacity 2006/ Capacity 1999 1 Residential care 2.7 0 1.5 ? % ( ) =HHH ! ` 1 * * ( * ( (( 9::8? + , ( ? # ) % ` ) % ` ( =HHH) - ( , ( J ( * ) 9::8) ( IM =:E % ( ) =HHH3 =HHH39::8 FMG FMG % 5 4.09 4.00 4 3.34 3 2 2.95 2.75 1.67 1 1999 2002 2006 0 Domiciliary care 1 0 ? % ! ` 1 ) [;5M * Residential care ( ) =HHH ( (( 9::8? + , ( (4 ( ( (? ( # 9::8) * ( ( J ? * (4 ) * ) ( 1 ; 95< &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 =:I / ) 9::8 F G Capacity '000 400 ~76% 216 289 Private Total 300 200 100 73 0 Public 1 #% . ( ( ( , ( ( ( * * 2 ) ( ) ( . ) ( 3 J G ) F * 1 L (U ! 3 ( . ! 6 (( ) ( % ! ( $ ( F ( * ) , % ( ( G 0 ) 0 ! ( ` F =; ( 9G * ) * ( ( FN=9M ( G * FN8M =HHH , ( ) ` , =<M * 2 ) ! 9;M G ( ) * ( 9::8 =:5 % * , ( ) =HHH3 =HHH3 9::8 FMG % 40 27 21 20 18 0 1999 2002 2006 1 #% . ) ( ( ( (( ! ( 9::8) ( ( * ) * 1 ; ( H5:T [=)I::T =)<5:T 95H &$D . $$%# =:8 7# ##$ . # .% !#.!0# ( , !.% &, 0 ( ) 9::8 FTG 2,000 1,839 1,680 1,549 Average commercial price shared room 1,627 1,500 1,252 1,239 1,148 1,320 Aragón Asturias Baleares Castilla Castilla Cataluña C. ValenY León La ciana Mancha Galicia 1,346 1,305 964 1,000 1,316 1,110 500 0 Andalucía $ C. Navarra Guipúz- Vizcaya Madrid coa ) 9::8 14 ) ( (4 ( 9::8 1 ) ) (4 [5HM ) ( [=:M ( ! * ) ( (4 J =:; % 5: * ) 9::8 F G '000 240 179 198 Other Total 180 120 ~10% 60 5 4 4 2 6 Ballesol Sanitas SAR Sanyres Mapfre 0 1 #% .? =:< ? / ( (4 ) 9::8 F G Comparison of average nursing home capacity (2006) # beds 200 192 180 170 155 150 142 100 49 50 0 Ballesol Grupo SAR Mapfre Adavir Sanyres Average Spain / 1 ; 98: &$D . $$%# 7# ##$ . # .% !#.!0# * ( 2 ) 1 ( * E;M 9::H [=EM F9::HG ( ) ( % =:H + * ( * ) , !.% &, 0 * + ) ) ( ) 9::;3 9::;39::H F G # places 8,000 1,827 6,777 In construction Total 6,000 4,950 4,000 2,000 0 In operation 35 # centers 11 + ==: , % 46 / * ) 9::;3 9::;39::H F G # places 5,000 535 4,565 In construction Total 4,030 2,500 0 In operation # centers 26 5 , ) ( ( F* + ( * * +&! G) * ( ;:M 31 % / ) * 6 ( % # * 1 ; * 98= &$D . $$%# === ( 7# ##$ . 6 # .% !#.!0# !.% &, 0 # % F G # places ~69% 6,000 612 5,423 1,760 4,000 502 2,549 2,000 0 In operation In construction In operation In construction Total 22 5 12 4 43 # centers / (4 / F + ) % 1 L G) * (? ! ( F % C 7 ( G) * ( (? ! F , # G) * ( ==9 (4 Investment Promotion Operation Whole cycle players Pure promoters Pure operators # # ? + , 1 ; 989 &$D . $$%# 3 , %) 7# ##$ . # .% !#.!0# * =H<9) , % ) ( ( ) ( ( 2 J % ) , + (( (4 * 0) [8:M ) ( 2 $ ( G 32" - % * % % * ( 2 F ( !.% &, 0 % % ( 98 1Z ) 1 3 ) * I:E: ) ==E / ) , * ) ( , =EM ( * ) ( * % $( $( ( * % 9::9 ) % * * ) , % ( 2 4 ( 8:T ( + - Z) * E:: ( 1 ; 98E &$D . $$%# 3 , 7# ##$ . # .% !#.!0# !.% &, 0 ) * ) ( ( ) % $( * ) ( ) ) ? $ ( 1 ( 1 ( 1 ( ( ? ? J ? ( 3 ? ? F <5)::: (4 ( =9 ( % F 9= + ) ) ( ) J ( ) ( =9 =;)::: ( ( * # G ) [95M * ) ( ( ( ( ( G) * - ( I: * ( =5M ! F , * ( ) ) ( ( ( ( 9E * ( G) 0 1 * () ==I ( (4 ( ( ) E)::: 1 ( ( ( FP9):::TG) * ) 9::8 FTG 3,000 2,260 2,188 2,000 2,086 1,787 1,780 1,000 Average elderly income 0 National average Madrid average Madrid # 3 ? ! * 1 ; 98I &$D . $$%# 7# ##$ . % # .% !#.!0# !.% &, 0 ' * ( + ) 2 ) ) ) ( D ) ( ( ) ( ( - - ? * ( "? * 3 " ( ( ( (4 ( ( ) (4 - 3 6 ( ( ) ( ( - ( ) ) 9: # ) ) ) ) =<: ( (G . ( ( (( ( ) F ) ( ( ( ( ( (32" ) ( ( ? ( ) ( ? (2 ( ( ( * - * 6 F * ) ) ( * (2 2 * ( G? ? ( ? ( " ==5 1 module for Alzheimer residents 8 modules for general residents / 1 ; 985 &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 4 ( ( - ( - ( ( () ) * , ( (( 6 ) ( () ) % (4 2 * % ) , , ( - ( ( * ) ! ) ! ( ) ( 2 ( * F ) ( ) # - ? 3 ! 5 * F - ( G? ! 2 G? ? ( - ( ( F 9I3 ( ) ) ( ( ) - G? F ) F * I5M) ) * [9)E:: + * * F[=8MG + ( F ( * 1 ( F (( G ( F % ( * 1 G? 3 G 9::I 55 ( 9::8) ( 2 F[9:MG) 1Z "G) ) ) # ) ) F[9:MG + * ) ( ) # 1 ; ) G ) ( 988 &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 ' * K Y %( =HHH) , -Z - 3 ( 6 ) ( ' ! ) 2 =8 ( ( ) 4 G * ( J , ( 2 * ( 3 * + , * F+ ) 1 J ) * 5:M ) , ( ( ) ( ( ( ' ! 3 ) ( I:: * 4) 2 ( 2 1 * ( * 2 ( ( ( ! % E 0 ( ==8 ! Santa Pola Life Resort is a resort for active and affluent seniors being built in Costa Blanca... 0 % ... composed of 397 villas served by a common service center Villas + housekeeping services Medical center • • • • 24 hour assistance Medical urgencies, Rehabilitation/Therapy .... Social center • • • • Lounge bar Games Room Living room .... Commercial center • • • • Pool Spa and gymansium Tennis court .... Facilities • • • • Supermarket Hairdresser Para-pharmacy, herbal shop .... Service center Location Santa Pola (7 km from Alicante) Target customers Independent people with > 55 years old Price 200 000 - 300 000 Source: Website; Press / ) ! 3 ! * 9::8) * ( ( * (( * 98=)::: F ( I<)::: * % ( ( ( * ( G? ? ? ? ! 1 ? F 1 =HHH ( ! * 9I + * G ? ( 1 ; 98; &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 ==; % ) =HHH3 =HHH39::8 F G # People 400,000 300,000 261,413 +27% 200,000 104,313 100,000 48,574 0 1999 2002 2006 1 #% . 14 + ) , %) 1 L [E5T>( ) " , ) * (2 # (4 14 * ( 99 & ( ' 3 ( ) & IM * F ( ) [9M ) 9::8) * [< ( ( G ( * * =:: [5 ) =:: ==< % ( ) 9::93 9::939::8 Residential care 9::I3 9::I39::8 F G Domiciliary care '000 places '000 people 800 800 +4% 715 661 600 600 -2% 462 450 442 434 428 400 400 200 200 0 0 2002 2003 2004 2005 2006 1$+ * ( ( , ) ( * ) * ( 2006 2004 F9::;G ( ( ( =HHE ( , (( F9::=G ! ( J ( ) 3 ( ( ) ( 0 3 ) ( * 9::E) (( ( * * ( 1 ; 98< &$D . $$%# ( ( 7# ##$ . * 9::5 ( # .% !#.!0# ( * !.% &, 0 ( ( * ) ( ) ( * 2 ( ( ( ( F ) ( G + * 2 ) * * ( 1$+ % ) ( * / ( * ( 6 ( 6 ( * ( ( 9::9) ( 7 (( ( ) 2 9::I J 9::5 * ( / ( <5 ==H # <5 ( ) D ) ) ) ( <5 F[9I)::: G ( ) =HHH3 =HHH39::I F G Elderly >85 years '000 1,500 1,145 1,124 1,121 1,000 500 0 1999 2001 1$+ % ) ! ( * F 3 # 2004 ? + , 3 ( G ( ( 3 3 $ ) * EM F ( [H)I ( ( ( 4 F ( [=:)8 ( G 5M 9:)9E8T ( H)E ( # ) (2 9::9 9I);8:T 9::8 ( ( 2 ) = ( * ) ! (G? * * ( ( FIM ( 2 ( G 9::8 1 ; 98H &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 =9: % ) 9::93 9::939::8 FTG B 12 +3% 10.6 10.1 9.4 9.4 9.1 8 4 0 2002 2003 2004 2005 2006 1$+ =9= % ( ) 9::93 9::939::8 FTG B 12 +4% 8.8 8.3 9.2 9.3 2005 2006 8 4 0 2003 2004 1$+ & ) 9::8) [;<M (4 [;8M 1$+ % ) * , ( ) * * * - ( ( ( 0 1 ) # ( ) ( , ( ) =HHE) * G ( * ( " <5M () ( , ( ( ) () F * !#B $ ) ( ( ( 9::=) , * * * ( * * * ( () ( 3 ) F[;;M [I:M , ( ( * * % ( 7 3 ( G * 3 , ( ( ( ) * 0 7( ) * <=M 8:M , 1 ; 3 ( ) 9;: &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 =99 3 ) 9::8 FMG % 100 77 80 60 40 40 20 0 Residential homes Nursing homes 1$+ ) , ( 3 * 2 * * ) ) , ( ) 14 1$+ ) ( ( ( 9:::J D ) ( 2 " ( " ( . 6 ) ) ( 2 ) ( (( G * 9::E * * ( * , ( ) ( 2 ) (4 ( I8M * * 3( ( F 9::: . * ) * * ( ( 6 ( ( F ) 59M ( 7 1$+ ( ( * (4 =9E % G ( 9::8 ) 9::I3 9::I39::8 F G Capacity (beds) Ashbourne acquisition ~10,000 beds 30,000 20,000 10,000 Highfield acquisition ~8,000 beds 28,299 17,000 7,718 0 Mar-04 Oct 2005 ( Oct 2006 F % ( G ? / ? ! 1 ; 9;= &$D . $$%# =9I % 7# ##$ . # .% !#.!0# 6 2004 ) 9::I3 9::I39::8 F G 2005 Intercare • 5 homes (specialist) !.% &, 0 2006 2007 United Care • 4 homes Highfield • 186 homes Lifestyle Care • 23 homes Crown Care Group • 5 homes Avery healthcare • 15 homes Rozelle • 5 homes Focus care • 29 homes Ashbourne • 193 homes Major operations ( + ) F % ( G ? / ? ! * ) ) * F=:)::: G ) * ) 6 (4 ( 7 ( G F<)::: 9::I 9::5 $ ) (4 ( 7 ) 7 6 ( 1 ( * ) ( ( 2 F ) (4 * ( ) G 2 J * * G & ) ) D ) +&! 7 F ( 7 , 7 ' * 8M ( 2 ( E8)=<8 ( ) 6 14 * & ) & J (4 ] ) 1 ) ( ( ) ) & * > I=)::: * ( 7 3 9::;) * ;=: K 3 ( G 9::8 F ? 0 3 ( ( ! ( 7 ? ( 3 * 3 ( ( * * > ( 1 ; 9;9 &$D . $$%# 7# ##$ . # .% !#.!0# ( ( & X J ) * 14 4 * ( ) ) * ( 6 ( ( 7 ( F[=:)::: 6 ) F[<)8:: G =8:: 7 2 [;:M * ( H=M ( ( ( 7 ) 3 ( ( * ( ( * * 6 !.% &, 0 * ) & G) * ) * ( * ( 6 ( ( - 3 7 , 7 & , 0 ( 0 99M ) * J ! 2 # ) ( 2 (4 2 ( ) D ) (4 ( ) * ( ) ) ( F 2 ) ) ( G F G? ( F F ) () * 2) ) 9I . ) ) ) 2 G? G? ? ( ( ? * & ( ? ? ( 2 1 ! ( ? F 1 o $ ( ( > 3 ( - ( G ( F9I F G? G ( ? 1 ; 9;E &$D . $$%# o % > 7# ##$ . !.% &, 0 ? > ( o # .% !#.!0# ? o ! ? ( o F ( 1 ) ) ) ( G ) * ) >>*** 2 ) 3 >>*** 2> >>*** ) * ( * ( ( ( * 2> - % & ) D ) 3 (3 3 (3 ) & ( ( J 2> ( ( ' >>*** 2> 6 * ) ) * 3 (3 (( * 2 , ( 2 ) ( J ) ( ( ? * - "? ( * ( =5 * F I: J 2 2 * ( ( =H5: * G ( ( * ( J * 2 ! 6 ( , 6 ) ( ) , * ( ) * F [5MG * * ( - 1 ; 9;I &$D . $$%# 7# ##$ . # .% !#.!0# !.% &, 0 =95 % ) 9::93 9::939::8 F G '000 residencies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provides specialized care ... ... either in specialized units or homes Regency Care Center • 25 independent elderly (long or respite stays) • 26 dependent elderly or with palliative care needs • 10 elderly with dementia For elderly who need a 1-2 weeks break from home or who want to experiment living in a home Respite care Short term !.% &, 0 Intermediate care For elderly who need 24 h special assistance (e.g. therapy) for recovering from illnesses or accidents Palliative care For elderly with terminal illnesses who do not respond to treatment but need care to control pain and symptoms Dementia care For elderly with dementia illnesses such as Alzheimer who need specially trained staff, stimulating activities and safe facilities Physical conditions care For elderly with physical disabilities who need fully accessible facilities and, in some cases, rehabilitation therapy Long term Specialized units Priory Park • 10 independent elderly • 8 dependent elderly • 23 elderly with dementia or physical disabilities The Retreat • 44 elderly with dementia Specialized homes Knowsley Manor • 48 elderly with physical or mental disabilities 7 9E ' / ( 3 * # * , ( * ) ( ) ( : ;M * ,$! 9 ;M * * ( $ * ) ,$! * FP<:MG ( * * ) ) ( =9; ! ( ,$!) ,$!) 9::: FMG % 3 2.74 2 1.85 1.70 1.32 1.31 0.99 1 0.95 0.89 0.76 0.74 0.70 0.40 0.16 0 Sweden Norway Denmark Austria Nether- Canada Germalands ny . $# 4 UK Japan US Finland UE 15 ( Spain F9::5G 1 ; 9;; &$D . $$%# 7# ##$ . =9< # .% !#.!0# !.% &, 0 ( , ( FMG % 100 95 92 91 86 84 80 75 70 65 57 50 26 25 0 Sweden Japan Netherlands Norway . $# Ireland Canada 4 Germany UK US ( Spain F9::5G # ) * ( ( 6 $ ( 2 ) * * * ) * ( E:M ( ) [=5M ) ( =9H ! N85 ( FMG % 40 30 10 6 20 8 10 22 17 10 6 Residential Care 7 Domiciliary Care 0 Denmark Norway Sweden . $# 7 , ( ( 9::; ( + D ) * ( $ ( 2) ( ) * ( ( * ( ( " Finland ) , ( ) * ) ) ( (2 ( ( ( ) $ ( 2 * ( * 1 ; 9;< &$D . $$%# =E: # 7# ##$ . # .% !#.!0# !.% &, 0 ( ) =H<:3 =H<:39::: FMG Percentage of population 65+ receiving help 30 Denmark 20 Norway Finland 10 Sweden 0 1980-1982 1990-1992 2000 . . .) 9::9 * * ) * ( H:J ) * ) ) (( ( , ( * * ( * ( ( ( ) ( ( ** * =E= =E= # * * ) =HH:3 =HH:39::5 FMG # people 500.000 80 years + in the population 400.000 300.000 200.000 Domiciliary care recipients Residential care recipients 100.000 0 1985 Hospital care recipients 1990 1995 - * F ( ) ( ( [==M G * ) 2000 9::9? ] 0 F 2005 9::9 ( G 9::8 + F * 1 ; =IM ( =E9G 9;H &$D . $$%# 7# ##$ . # .% !#.!0# =E9 # !.% &, 0 ( ) =HHE3 =HHE39::= FMG % 15 12.4 Residential care 11.6 10.2 10 9.8 9.3 9.7 8.3 7.8 7.3 7.1 Domiciliary care 6.0 5.4 5.1 5 3.6 3.4 1993 1994 4.2 3.9 3.3 0 1995 1996 1997 1998 1999 2000 2001 F9::=G & ( H:J ) ( * ( ( * ( ( % ( F=HH9G) * ( ) ( 2 - % ( * 2 () ( 2 3 ( 6 ) ( ( G ( . ( * 9::8) ( 5:M ( 0 ) ( ( ) ( ) ( (( ( ) " 2 *) ( 3 ( ( * ( 2 - " F ( =HHE H 8M) 1 ( " * F ) ( 3 ( ( * ! ) ( ( ") * ( 2 ( ( 2 () ( ( ( ) ( " 6 * * (2 ( ( * * H:J 6 ( 6 ) ( ( - ( ( * ( ) * * * " H:J ) 9::EG) ( 2 * ( : ;M 9::= F== <MG 1 ; 9<: &$D . $$%# 7# ##$ . # .% !#.!0# =EE !.% &, 0 ) ;53 ;53<I FMG Percent 100 No help Informal help only 75 50 Privately purchased help 25 Municipal help 0 1988-1989 1998-1999 1988-1989 Elderly with low education * 1998-1999 Elderly with high education * (( F .& 9::=) ;HG =EI ! ) =HHE3 =HHE39::E FMG Percent of staff employed in for profit private players 15 11.8 10.8 10 9.6 9.5 7.8 7.0 5.8 5 4.2 4.7 2.9 0.7 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 u ) 9::5 9::= ( ! ) * 1 * - * * ( ) 5:M ) 0 K ) G ( * 7 + D ) * , 2 ( ) 2 () * 9::8 / ) ) 6 ( * * ) ( * [=:)<::T F - F * ) * ( * ( 2 ) G * 14 * 6 ) F t v ( +) +) ( G 1 ; ( v , H:J ) ( + 9<= &$D . $$%# 7# ##$ . 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