Post on 04-Jun-2018
8/14/2019 Earnings Results Presentation - 3Q13
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Romeu Crtes DominguesPresidente do Conselho de Administrao
Dickson Esteves TangerinoPresidente
Octvio FernandesVice-Presidente de Operaes
Paulo Bokel
Diretor Financeiro e de Rel com InvestidoresEmerson Leandro GasparettoDiretor de Radiologia e Mtodos Grficos
ir@dasa.com.brTel.: (011) 4197-5410Fax: (011) 4197-5516
www.dasa3.com.br
TELECONFERENCES
PortugueseDate: 08/13/2013
Time: 10h00 (Braslia)Tel.: 11 2188-0155
Password: DASA
EnglishDate: 08/13/2013
Time: 12h00 (Braslia)Phone.: 1 (412) 317-6776
Password: DASA
DASA ON
Bovespa: DASA3Most recent quotation:
11/11/13: R$ 11.6
Average daily trade volume3Q13:
R$ 27.9 milllionMarket valueR$ 3.6 billion
US$ 1.6 biillion
Free Float: 97,2%
3rd QUARTER 2013EARNINGSGross Revenue grows 9.8%
EBITDA margin reaches 18.7%Net income grows 34.5%
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DISCLAIMER
This document contains forward looking statements that can be identified by words like hope,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.
8/14/2019 Earnings Results Presentation - 3Q13
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3Q13 HIGHLIGHTS AND RECENT FACTSGROWTH
GROSS REVENUE reached R$ 716.7 million in 3Q13, a 9,8% growth compared to 3Q12 STRONG growth in HOSPITALS andLAB TO LAB 9 PSCS REMODELING delivered in 3Q13, and 6 in progress 2NEW MRIs and 1NEW CT in the quarter
QUALITY 38 PAPERS will be presented at RSNA 2013 (Radiological Society of North America)
21 LECTURES in the Brazilian Congress of Clinical Pathology
More than 200 MEDICAL EVENTS held this year
Beginning of operation of the LABORATORIAL GENETICS CENTER in Caxias (Rio de JaneiroState);
Call Center within PERFORMANCE TARGETS
SYSTEMSintegration;
RETURN FOR THE SHAREHOLDER EBITDA of R$ 120.7 million in 3Q13, 11.3% more than 3Q12, reaching a margin of 18.7%
OPERATING CASH FLOW of R$ 47.5 million in 3Q13,
CASH NET INCOME of R$ 50,0 million in 3Q13, 57.7% greater than 3Q12
SUCCESS of the Debentures Issuance
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GROSS REVENUE (R MILLION)
Gross revenue reached R$ 716.7 MILLION in 3Q13, a growth of 9.8%R$ 2,055.7 MILHES in YTD13,a growth of 9.0%
425.8
226.9
475.9
240.9
652.6
716.7
3Q12 3Q13
CLINICAL ANALYSISRID
1,236.8
648.9
1,370.8
684.9
1,885.7
2,055.7
YTD2012 YTD2013
CLINICAL ANALYSISRID
34.8
%
65.2
%
33.3
%
66.7
%
34.4
%
65.6
%
66.4
%
33.6
%
9.8%
6.4%
11.8%
9.0%
5.5%
10.8%
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GROSS REVENUE | PATIENT SERVICE CENTERS
Higher volume of Clinical Analysis with NEW PAYERSHIGHER COMPLEXITY MIX (RID) elevates the average revenue per requisition
275.2
205.5
305.1
215.8
480.7
520.9
3Q12 3Q13
CLINICAL ANALYSISRID
4
2.7
%
57.3
%
41.4
%
58.6
%
GROSS REVENUES (R$ MILLION) AVERAGE REVENUE PER REQUISITION AND
VOLUME (MILLIONS)
REQUISITIONS AVERAGE REQUISITIONS PRICE
3.7 3.3 3.5 3.8 3.8
130.5134.5 134.0 133.7
138.9
3Q12 4Q12 1Q13 2Q13 3Q13
6.4%
5.0%
10.8%
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Investments in MRI in So Paulo helped the RDI growthThere is a LARGE SCHEDULE AVAILABILITY, allowing the maintenance of growth
MRI | SUPPLY AND DEMAND/SP
NUMBER OF EXAMS DONE SCHEDULES AVAILABLE
2012 - 2013 2012 - 2013
SCHEDULE
AVAILABLE
SCHEDUL
EAVAILABLE
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Medical Relationship initiatives already yielding returns tracked by CRMDASAFOCUSon a specific group of RIDproducts
NUMBER OF REFERENCED EXAMS (MRISP) % OF EXAMS REQUESTED BY TOP 100(CT+MRI)
MEDICAL RELATIONSHIP INICIATIVES
2013 2013
NUMBER
OF
EXAMS
NUMBER
OF
EXAMS
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GROSS REVENUE | HOSPITALS
GROWTHof 16.1% despite operating with selectivityImpact of NEW CONTRACTS which began operations in 1Q13Increase in average ticket with implementation of NEW SERVICES and focus onINCREASING IN PROFITABILITY
46,3
13,4
52.4
16.859.6
69.2
3Q12 3Q13
22.4
%
77.6
%
24.2
%
75.8
%
GROSS REVENUES (R$ MILLION) AVERAGE REVENUE PER REQUISITION ANDVOLUME (MILLIONS)
CLINICAL ANALYSISRID REQUISITIONS AVERAGE REQUISITIONS PRICE
1.1 1.0 1.1 1.1 1.0
52.2 56.5 56.364.7 68.9
3Q12 4Q12 1Q13 2Q13 3Q13
16.0%
25.4%
13.3%
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GROSS REVENUE | LAB-TO-LAB
64.3
76.5
3Q12 3Q13
GROSS REVENUES (R$ MILLION)
4,8975,033
3Q12 3Q13
PERFORMANCE
15.8% increase in REVENUES per laboratoryFocus on GREATERCAPILLARITYand IMPROVING THE MIX
OF LABORATORIESAVERAGE REVENUELABORATORY (IN R$)
19.1%136
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GROSS REVENUE | PUBLIC HOSPITALS AND CLINICS
Growth due to 3 NEW CUSTOMERSSelectivity in the CHOICE OF NEW CUSTOMERS
48.1 50.2
3Q12 3Q13
GROSS REVENUES (R$ MILLION)
713
591
3Q12 3Q13
PERFORMANCE
COLLECTING SITEREVENUE PER
COLLETING SITES
4.4%
-122
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COSTS
PERSONNEL costs pressured by the increase in the number of employees and collective wageagreementsMATERIALSincrease in the number of exams and improvement in productivitySERVICES AND UTILITIES lower impact of medical compensation and renegotiation of contracts;
125.8 114.8 19.5% 19.5% 9.6%Personnel
116.2 106.7 18.0% 18.1% 8.9%Materials
165.2 152.4 25.6% 25.9% 8.4%Services and Utilities6.6 5.6 1.0% 1.0% 16.3%General
413.8 379.6 64.0% 64.5% 9.0%Cost of Service*
3Q13 3Q12 3Q13 3Q123Q13 x3Q12
In R$ Million% of Net
Revenues
Variation
%
* Not consider depreciation
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CLINICAL ANALYSIS
PRODUCTIVITY(test/ employee)
GROWTH(Tests)
UNIT COST100% 95%
105%95% 96%
100% 106%109% 118%
129%
100%108%
151%167%
178%
60%
80%
100%
120%
140%
160%
180%
200%
3Q09 3Q10 3Q11 3Q12 3Q13
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SG&A
GENERAL AND ADMINISTRATIVE call center insourcing, collective wage agreementand more control of hiring
112.0 101.6 17.3% 17.3% 10.3%General and Administrative
7.8 0.2 1.2% 0.0% 3191.8%Profit Sharing Program
(8.2) (1.4) -1.3% -0.2% 474.5%Other Operating Revenues / Expenses
111.7 100.4 17.3% 17.1% 11.3%Operating Expenses*
3Q13 3Q12 3Q13 3Q123Q13 x3Q12
In R$ Million % of NetRevenue
Variation%
* Not consider depreciation
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ACCOUNTING EBITDA (R$ MILLION)
18.4% 18.7%
0.0% 0.2%0.3%
0.0% -0.2%
EBITDA3Q12
Personnnel Materials Services andUtilities
General SG&A EBITDA3Q13
108.573.5
99.1 110.8120.7
18.4%13.4%
17.0% 17.6% 18.7%
0
20
4060
80
100
120
140
0.00%
2.00%
4.00%
6.00%8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
20.00%
3T12 4T12 1T13 2T13 3T13Ebitda Ebitda Margin
3Q12 4Q12 1Q13 2Q13 3Q13
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INCOME TAX
* Withholding tax (current): Originally from financial income and withholding of gross revenue
34.0%
34,1%
2.9%
36.9%
12.1%
34,1%
34,1%
-10.6%
-14.3%
3Q
Income Tax Rate Permanentsadjustments intax booksIncome Taxes(FinancialStatements)
TaxLoss/Good willCompensationWithholding tax(current)/Income taxescash*
Other
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RECEIVABLES
Unbilled services (R$ million) Averagecollection 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 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
Accounts receivable 409.7 398.0 423.7 415.9 432.4 376.8 448.2 467.2 480.7Past due 0-90 85.0 74.7 74.3 78.0 87.2 94.8 79.5 80.2 84.0Past due 91 - 120 11.3 10.1 10.7 10.8 8.3 16.1 14.1 9.6 13.7Past due (more than) 120 92.4 111.2 111.2 113.8 117.6 119.9 118.8 109.4 91.5Provisions (75.1) (103.9) (102.7) (106.1) (105.5) (109.2) (107.7) (95.0) (77.3)Total Receivables 523.3 490.1 517.1 512.4 540.0 498.5 552.9 571.3 592.6Coverage Index 81.3% 93.4% 92.4% 93.2% 89.7% 91.1% 90.7% 86.9% 84.5%
127.9 119.080.1 82.7 93.2 96.9
104.9
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
84.581.6
84.483.8
85.682.4
84.4
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
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BALANCE SHEET MANAGEMENT
252.4
(429.8)
(679.5)
(856.9)
DEBT COMPOSITION (R$ million)
Cash and Cash Equivalents
DebtShort Term
DebtLong Term
Net Debt**
Operating cash flow is POSITIVE
STABLE NET DEBT compared to 2Q13
(*) Not consider R$ 30.1 million of the cash payment of So Paulo tax debts.
Neither consider the Financial Result gain of R$ 2.7 million
(**) Methodology adopted by fiduciary agent
Management Cash Flow (R$ Million) 3Q13
Accounting EBITDA 120.7
Operational working capital (31.1)
Other working capital accounts* (7.3)
Financial expenses (30.0)
Income tax (4.8)
Operational Cash Flow 47.5
Capex (31.4)
Free Cash Flow 16.1
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DEBT PROFILE
Covenants dec/12 jun/13 sep/13
Gross Debt 1,107.6 1,088.9 1,109.3
Net Debt 847.1 852.5 856.9
Ebitda (LTM) 407.6 392.0 404,1
Net Financial Expenses (LTM) 113.7 84.9 88.6
1) Net Debt / Ebitda = 2,0 3.6 4.6 4.6
Cash and Cash Equivalents 26.05 236.5 252.4
Debt Cost Evolution
Issuance Year Value(R$MM)
Rate
3 Issuance 2012 250.0 CDI + 0.80% p.a
4 Issuance 2013 450.0 CDI + 1.15% p.a
2 Issuance 2011 700.0 CDI + 1.40% p.a.
Term
5 years
5 years
4 years
AverageCost
% CDI
Pre BRLPre USD
CDI +
dec/12 jun/13 sep/13
111.08% 111.00% 111.00%
16.33% 16.25% 16.07%8.12% 8.24% 2.23%
1.25% 1.25% 1.25%
sept/13 + 4Debentures Issuance
111.00%
16.07%2.23%
1.22%
Financial Covenants
Debt Profile (3Q13)
R$ Milion
CDI +R$ 798.4MM
93.2%
Pre BRLR$ 3.5 MM
0.4%
Pre USDR$ 20.7 MM
2.4%
Pre BRLR$ 34.3 MM
4.0%
99.0
295.2 294.6 295.3
67.0
30.8
9.7
17.1
225.0 225.0
129.8
371.9
311.7 295.9
225.0 225.0
2013 2014 2015 2016 2017 2018
Debt Amortization Schedule
R$ Milion
Debentures (2 and 3 Issuance) DASA FINANCE
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ROIC (*)
ROIC has been impacted by INVESTMENTS MATURATION PERIOD(*) Considering current EBITDA
NOPAT LTM/mean(working capital + intangible assets + fixed assets value for Exchange of shares of DASA and MD1)
34% effective rate of Income Tax
17.4%14.2%
16.3%
11.7%
9.1%
7.6% 7.8% 8.3%
2011 1Q12LTM
2Q12LTM
3Q12LTM
2012 1Q13LTM
2Q13LTM
3Q13LTM
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CAPEX
3Q13:2NEW UNIT, 2MRI, 1CTR 31.4 MM in 3Q13
Opening and Expansionof PSCsR 35.5MM
Information TechnologyR 41.1MMEquipmentR 21.6 MM
32.9%
25.7%
41.4%
YTD
113.4
192.5
234.0
73.0
41.3 49.329.1
55.8
31.4
2010 2011 2012 1Q12 1Q13 2Q12 2Q13 3Q12 3Q13
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FINAL REMARKS Sustainable Growth
Maintenance of Strategy to improve business
Seek synergies in operations
Costumer portfolio, service, product and unit selection
Management System and Indicators
Cost, SGA and CAPEX discipline
Increase in Profitability
Progressive improvement of ROIC Price Policy
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INVESTORS RELATIONS NEXT EVENTS
DATE EVENT LOCAL4th-5th December Brazil Opportunities Conference (JP Morgan) So Paulo - Brasil9th-10th January Annual Latam Conference (Morgan Stanley) Miami - EUA
13rd-15th January Annual JP Morgan Healthcare Conference So Francisco - EUA28th January Santander Health Care Trip So Paulo - Brasil
7th-8th April BTG CEO Conference Londres - Inglaterra14th-15th May Itau CEO Conference Nova Iorque - EUA
31st January Bradesco Healthcare Day So Paulo - Brasil
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