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7/26/2019 3Q15 Presentantion
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Grupo
Carlos de BarrosCFO and IR Officer
ir@dasa.com.brTel.: (011) 4197-5410Fax: (011) 4197-5516
www.dasa3.com.br
TELECONFERENCE
EnglishDate: 11/13/2015
Time: 12h00 (BRST)Phone.: 1 (412) 317-6776
Password: DASA
DASA ON
Bovespa: DASA3Most recent quotation:
08/11/2015: R$8.55
Average daily trade volume 3Q15R$ 0.1 milllion
Market valueR$ 2.7 billion
US$ 0.7 biillion
Free Float: 25.3%
3rd QUARTER 2015
EARNINGS
Gross Revenue 3Q15 grows 5.3%Gross Revenue 3Q15 reaches R$842.8 MM
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DISCLAIMER
This document contains forward looking statements that can be identified by words likehope, plan,expect, believe, seek, estimate and similar words. The information in this presentation
regarding forward looking statements of the Company, including business prospects, and operating,financial, and growth projections are only predictions based on management expectations regardingfuture performance. These estimates are highly dependent on the performance of the Brazilianeconomy, industry and international market conditions. Therefore, they are subject to change.
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FINANCIAL AND OPERATING HIGHLIGHTS
GROWTH
GROSS REVENUE reached R$842.8 million in 3Q15 (+5.3%) STRONG growth in LAB TO LAB (+19.1%) 21 PSC RENOVATIONS, 16 refurbishments in progress, and installation of 8 MRIs and 2 CTs
SCANNERS
QUALITY
Installation of the FULLY AUTOMATED CONVEYOR BELT in the Central Lab of So Paulo(Alphaville)
SHAREHOLDER RETURN
EBITDA of R$102.8 million in 3Q15
OPERATING CASH FLOW of R$141.2 million in 3Q15
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GROSS REVENUE (R MILLION)
Gross revenue reached R$842.8 MILLION
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GROSS REVENUE
| PATIENT SERVICE CENTERS
Mix of HIGHER COMPLEXITY (RID) EXAMS AND A HIGHER NUMBER OF EXAMS PERREQUISITION increase the average requisition price
GROSS REVENUES (R$ MILLION) AVERAGE REVENUE PER REQUISITION (R$) ANDVOLUME (MILLIONS)
Requisitions Average requisitions price
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GROSS REVENUE | HOSPITALS
GROSS REVENUES (R$ MILLION) AVERAGE REVENUE PER REQUISITION (R$) ANDVOLUME (MILLIONS)
Requisitions Average requisitions price
GROWTH of 12.7%
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GROSS REVENUE | LAB-TO-LAB
GROSS REVENUES (R$ MILLION) PERFORMANCE
14.5% increase in REVENUE per laboratoryFocus on GREATER CAPILLARITY and IMPROVING THE MIX OF EXAMS
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GROSS REVENUE | PUBLIC HOSPITALS AND CLINICS
Selectivity in the CHOICE OF NEW CUSTOMERS
GROSS REVENUES (R$ MILLION) PERFORMANCE
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COSTS
PERSONNEL: impacted by collective bargaining agreement, offset by decrease in hiringMATERIAL: strong growth of lab-to-lab sales and mixSERVICES AND UTILITIES: doctor fee and Lab-to-Lab representatives (variable), occupancy costs
and new PSCs
3Q14 2Q15 3Q15 3Q14 2Q15 3Q15 3Q15 x3Q14 %
3Q15 x2Q15 %
Personnel 138.5 148.1 144.6 19.0% 20.4% 19.9% 4.4% -2.4%
Materials 127.1 135.4 141.5 17.5% 18.6% 19.4% 11.3% 4.5%
Services and Utilities 186.5 194.4 194.1 25.6% 26.7% 26.7% 4.1% -0.2%
General 9.0 9.8 9.1 1.2% 1.4% 1.2% 1.5% -7.6%
Cost of Services Cash 461.0 487.8 489.3 63.3% 67.1% 67.2% 6.1% 0.3%
Depreciation and amortization 26.7 30.7 35.4 3.7% 4.2% 4.9% 32.7% 15.4%Cost of Services 487.7 518.4 524.7 67.0% 71.3% 72.1% 7.6% 1.2%
In R$ Million Variation %% of Net Revenues
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SG&A
GENERAL AND ADMINISTRATIVE: increase due to bargaining agreement, offset by less legal provision
creation
OTHER OPERATING REVENUES/ EXPENSES: write off of assets sold
3Q14 2Q15 3Q15 3Q14 2Q15 3Q15 3Q15 x3Q14 %
3Q15 x2Q15 %
General and Administrative 128.2 136.4 121.5 17.6% 18.8% 16.7% -5.2% -10.9%
Profit Sharing Program 9.8 13.1 11.9 1.4% 1.8% 1.6% 20.6% -9.5%
Other Operating Revenues/ Expenses 0.1 (2.0) 2.7 0.0% -0.3% 0.4% 1841.1% -235.9%
Equity Method - (1.6) - 0.0% -0.2% 0.0% 0.0% -100.0%
Operating Expenses Cash 138.2 145.9 136.1 19.0% 20.1% 18.7% -1.5% -6.7%
Depreciation and Amortization 14.6 14.3 13.6 2.0% 2.0% 1.9% -6.8% -4.6%Operating Expenses 152.8 160.1 149.7 21.0% 22.0% 20.6% -2.0% -6.5%
In R$ Million % of Net Revenues Variation %
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ACCOUNTING EBITDA (R$ MILLION)
R$ million 3Q14 3Q15D
YTD 2014 YTD 2015D
Net Income (Loss) 43,6 9,7 -77,8% 104,2 19,9 -80,9%
(+) Income Tax and Social Contribution 22,0 14,4 -34,4% 50,1 25,9 -48,3%
(+) Net Financial Expenses 21,7 29,7 36,8% 74,8 78,2 4,6%
(+)Depreciation and Amortization 41,3 49,0 18,7% 127,2 137,4 8,1%
EBITDA (R$ MM) 128,6 102,8 -20,1% 356,2 261,4 -26,6%
Ebitda margin (%) 17,7% 14,1% -3,5 p.p. 17,1% 12,4% -4,8 p.p.
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RECEIVABLES
Provision for losses due to disallowance and default (% GrossRevenue )
Average collection period (days)
Provision Rule
91 to 120 days 25%
121 to 180 days 50%
181 to 360 days 75%More than 361 days 100%
(1) Index coverage = BDP balance/ expired > 120 days
R$ million 3Q14 4Q14 1Q15 2Q15 3Q15Accounts receivable 532.4 517.6 478.7 522.4 501.7
Past due 0-90 118.8 95.5 101.9 117.1 122.6
Past due 91 - 120 19.3 8.6 34.5 12.6 12.5
Past due (more than) 120 84.2 69.6 92.5 102.8 143.0Provisions (72.9) (61.7) (78.2) (85.2) (124.1)
Total Receivables 681.8 629.5 629.3 669.7 655.8
Coverage Index 86.6% 88.6% 84.6% 82.9% 86.8%
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BALANCE SHEET MANAGEMENT
DEBT COMPOSITION (R$ million)
Cash and Cash Equivalents
Debt Short Term
Debt Long Term
Net Debt
CASH FLOW positively impacted by action withsuppliers
NET DEBT decreased due to the working capitalimprovement
INCOME TAX CASH almost zero
637.3
(407.1)
(952.7)
(722.5)
Management Cash Flow (R$ Million) 3Q15Accounting EBITDA 102.8
Operacional working capital 55.4
Other working capital accounts 12.8
Financial expenses (29.7)
Income tax (0.0)
Operational cash flow 141.2
Capex (59.6)Free cash flow 81.6
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DEBT PROFILE
Debt Cost Evolution
Issuance Year Value(R$MM)
Rate
3 Issuance 2012 250.0 CDI + 0.80% p.a
4 Issuance 2013 450.0 CDI + 1.15% p.a
2 Issuance 2011 700.0 CDI + 1.40% p.a.
Term
4 years
5 years
5years
Financial Covenants
Net Debt Profile (3Q15)
R$ Million
Debt Amortization Schedule
R$ Million
Debentures Loans
CDI +R$ 632.8 MM
87.6%
% Fixed USD(R$ 7.7 MM)
-1.1%% CDI
R$ 84.7 MM11.7%
Fixed BRLR$ 12.8 MM
1.8%
5 Issuance1 serie 2015
249.8 CDI + 1.05% p.a 3 years
5 Issuance2 serie
2015 150.2 CDI + 1.20% p.a 5years
Covenants Sep/14 Dec/14 Mar/15 Jun/15 Sept/15
Gross Debt 1,321.9 1,228.3 1,705.2 1,435.2 1,359.8
Cash and Cash Equivalents 592.2 440.2 894.3 623.9 637.3
Net Debt 729.7 788.0 810.9 811.3 722.5
Ebitda (LTM) 469.1 410.6 366.7 341.7 315.8
Net F inanc ial Expenses (LTM) 94.9 98.6 99.1 96.4 104.4
1) Net Debt / Ebitda = 2,0 4.89 4.16 3.70 3.54 3.02
Average Cost Sep/14 Dec/14 Mar/15 Jun/15 Sept/15
% CDI 108.7% 108.5% 101.7% 100.7% 100.2%
CDI + 1.2% 1.2% 1.2% 1.1% 1.2%
Fixed BRL 7.5% 6.7% 6.4% 6.2% 7.5%
Fixed USD 1.6% 1.5% 1.4% 1.4% 5.8%
97.6
294.2348.7 349.1
74.8 75.1
5.8
56.4
18.6 10.3
1.7 1.7
5.7
103.4
350.5
367.3 359.4
76.5 76.75.7
2015 2016 2017 2018 2019 2020 > 5 years
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ROIC (
*
)
(*) NOPAT LTM/mean(working capital + intangible assets + fixed assets value for shares Exchange of DASA and MD1)
34% effective rate of Income Tax
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CAPEX
3Q15: 21 PSCs REFURBISHED, installation of 8 MRIs and 2CT SCANs
3Q15CAPEX R$ Million
115.9
169.4
51.0 59.6
9M14 9M15 3Q14 3Q15
Information
Technology
R$ 8.0 MM
Opening and
Expansion ofPSCs
R$ 24.1 MM
Equipment
R$ 27.6 MM
13.3%
46.3%
40.4%
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Q & A
CONFERENCE CALL 3Q15
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