4q15 presentation
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Grupo
Carlos de BarrosCFO and IR Officer
ir@dasa.com.br Tel.: (011) 4197-5410Fax: (011) 4197-5516
www.dasa3.com.br
TELECONFERENCE
EnglishDate: 03/24/2016
Time: 12h00 (BRST)Phone.: 1 (412) 317-5448
Password: DASA
DASA ON
Bovespa: DASA3Most recent quotation:
03/23/2016: R$10.95
Average daily trade volume 2015R$ 0.3 milllion
Market valueR$ 3.4 billion
US$ 0.9 biillion
Free Float: 0.4%
4rd QUARTER 2015
EARNINGS
Gross Revenue 4Q15 grows 3.0%Gross Revenue 4Q15 reaches R$766.7 MMCash Flow Generation 4Q15 of R$ 88.6 MM
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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.
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GROSS REVENUE (R MILLION)
Gross revenue reached R$766.7 MILLION in 4Q15, a growth of 3.0%R$ 3,175.0 MILLION in 2015, a growth of 5.1%
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GROSS REVENUE
| PATIENT SERVICE CENTERS
Mix of HIGHER COMPLEXITY (RID) EXAMS AND AHIGHER NUMBER OF EXAMS PER REQUISITIONincrease the average requisition price
GROSS REVENUES (R$ MILLION) AVERAGE REVENUE PER REQUISITION (R$) ANDVOLUME (MILLIONS)
Requisitions Average requisitions price
314.3327.8
234.5 225.8
4Q14 4Q15Clinical Analysis RID
57.3%
42.7%
548.8 553.5
40.8%
59.2%
-3.7%
0.9%
4.3%
1,306.5
1,362.0
924.8 943.5
2014 2015
Clinical Analysis RID
58.6%
41.4%
2,231.22,305.6
40.9%
59.1%
2.0%
3.3%
4.3%
3.5 3.3 3.6 3.5 3.0
155.7
169.0 166.1
172.2
183.1
4Q14 1Q15 2Q15 3Q15 4Q15
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GROSS REVENUE | HOSPITALS
GROSS REVENUES (R$ MILLION) AVERAGE REVENUE PER REQUISITION (R$) ANDVOLUME (MILLIONS)
Requisitions Average requisitions price
GROWTH of 9.7% in 4Q15
220.7249.5
60.1
59.9
2014 2015
Clinical Analysis RID
78.6%
21.4%
280.8
309.4
19.4%
80.6%13.1%
-0.3%
10.2%
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GROSS REVENUE | LAB-TO-LAB
GROSS REVENUES (R$ MILLION) PERFORMANCE
7.9% increase in REVENUE per laboratory in 4Q15
Focus on GREATER CAPILLARITY and IMPROVINGTHE MIX OF EXAMS
335.6
385.1
2014 2015
14.8%
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GROSS REVENUE | PUBLIC HOSPITALS AND CLINICS
Selectivity in the CHOICE OF NEW CUSTOMERS
GROSS REVENUES (R$ MILLION) PERFORMANCE
174.2 174.9
2014 2015
0.4%
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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
4Q14 3Q15 4Q15 4Q14 3Q15 4Q15 ∆ 4Q15 x4Q14 %
∆ 4Q15 x3Q15 %
Personnel 139.8 144.6 142.6 21.1% 19.9% 20.9% 2.0% -1.4%
Materials 123.5 141.5 132.1 18.6% 19.4% 19.3% 6.9% -6.6%
Services and Utilities 183.2 194.1 192.0 27.6% 26.7% 28.1% 4.8% -1.1%
General 9.4 9.1 7.2 1.4% 1.2% 1.1% -23.4% -20.4%
Cost of Services Cash 455.9 489.3 473.9 68.8% 67.2% 69.3% 3.9% -3.1%
Depreciation and amortization 28.5 35.4 34.8 4.3% 4.9% 5.1% 22.1% -1.6%Cost of Services 484.5 524.7 508.7 73.1% 72.1% 74.4% 5.0% -3.0%
In R$ Million Variation %% of Net Revenues
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SG&A
GENERAL AND ADMINISTRATIVE: impacted by bargaining agreement, offset by less hiring
4Q14 3Q15 4Q15 4Q14 3Q15 4Q15∆ 4Q15 x
4Q14 %
∆ 4Q15 x
3Q15 %
General and Administrative 123.7 121.5 120.7 18.7% 16.7% 17.7% -2.5% -0.7%
Profit Sharing Program 5.6 11.9 4.8 0.8% 1.6% 0.7% -14.3% -59.6%
Other Operating Revenues/ Expenses 22.9 2.7 0.5 3.5% 0.4% 0.1% -97.9% -82.5%
Equity Method - - - 0.0% 0.0% 0.0% 0.0% 0.0%Operating Expenses Cash 152.2 136.1 125.9 23.0% 18.7% 18.4% -17.2% -7.5%
Depreciation and Amortization 13.9 13.6 13.8 2.1% 1.9% 2.0% -0.7% 1.2%
Operating Expenses 166.1 149.7 139.7 25.1% 20.6% 20.4% -15.9% -6.7%
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ACCOUNTING EBITDA (R$ MILLION)
R$ million 4Q14 4Q15D
2014 2015D
Net Income (Loss) -21.5 4.3 -120.1% 82.6 24.2 -70.7%
(+) Income Tax and Social Contribution 9.7 3.2 -66.9% 59.8 29.1 -51.3%
(+) Net Financial Expenses 23.8 27.7 16.2% 98.6 105.9 7.4%
(+)Depreciation and Amortization 42.4 48.6 14.6% 169.6 186.0 9.7%
EBITDA (R$ MM) 54.4 83.8 54.0% 410.6 345.2 -15.9%
Ebitda margin (%) 8.2% 12.3% 4 p.p. 15.0% 12.4% -2.6 p.p.
8.2%
12.3%0.2%
-0.7% -0.4% -0.4%
4.5%
EBITDA 4Q14 Personnnel Materials Services and
Utilities
General SG&A EBITDA 4Q15
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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
87 4
83 3
83 9
82 9
76 7
4T 4 T 5 2T 5 3T 5 4T 5
R$ million 4Q14 1Q15 2Q15 3Q15 4Q15Accounts receivable 517.6 478.7 522.4 501.7 453.6
Past due 0-90 95.5 101.9 117.1 122.6 121.4
Past due 91 - 120 8.6 34.5 12.6 12.5 12.6
Past due (more than) 120 69.6 92.5 102.8 143.0 76.4Provisions (61.7) (78.2) (85.2) (124.1) (94.1)
Total Receivables 629.5 629.3 669.7 655.8 569.9
Coverage Index¹ 88.6% 84.6% 82.9% 86.8% 123.1%
3 3
5 5
6 6
2 9
3 6
4T14 1T15 2T15 3T15 4T15
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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 stable due to the working capitalimprovement
INCOME TAX CASH almost zero
531.3
(354.2)
(895.4)
(718.2)
Management Cash Flow (R$ Million) 4Q15 2015Accounting EBITDA 83.8 345.2
Operacional working capital 111.7 109.7 Other working capital accounts (79.2) (39.0)
Financial expenses (27.7) (105.9)
Income tax (0.1) (0.4)
Operational cash flow 88.6 309.7
Capex (78.8) (248.2)
Free cash flow 9.8 61.5
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DEBT PROFILE
Debt Cost Evolution
Issuance Year Value(R$MM)
Rate
3ª Issuance 2012 250.0 CDI + 0.80% p.a
4ª Issuance 2013 450.0 CDI + 1.15% p.a
2ª Issuance 2011 700.0 CDI + 1.40% p.a.
Term
4 years
5 years
5years
Financial Covenants
Net Debt Profile (4Q15)
R$ Million
Debt Amortization Schedule
R$ Million
Debentures Loans
CDI +R$ 604.6 MM
85.2%
% Fixed USD(R$ 0.9 MM)
0.1%% CDI
R$ 81.5 MM11.5%
Fixed BRLR$ 22.4 MM
3.2%
5ª Issuance1º serie 2015
249.8 CDI + 1.05% p.a 3 years
5ª Issuance2ª serie
2015 150.2 CDI + 1.20% p.a 5years
Average Cost Dec/14 Mar/15 Jun/15 Sept/15 Dec/15
% CDI 108.5% 101.7% 100.7% 100.2% 99.6%
CDI + 1.2% 1.2% 1.1% 1.2% 1.2%
Fixed BRL 6.7% 6.4% 6.2% 7.5% 8.1%
Fixed USD 1.5% 1.4% 1.4% 5.8% 6.0%
Covenants Dec/14 Mar/15 Jun/15 Sept/15 Dec/15
Gross Debt 1,228.3 1,705.2 1,435.2 1,359.8 1,249.6
Cash and Cash Equivalents 440.2 894.3 623.9 637.3 531.3
Net Debt 788.0 810.9 811.3 722.5 718.2
Ebitda (LTM) 410.6 366.7 341.7 315.8 345.2
Net Financial Expenses (LTM) 98.6 99.1 96.4 104.4 105.9
1º) Net Debt / Ebitda 5 ears
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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
8.4%
7.0%
5.9%
4.7%
5.4%
4Q14
LTM
1Q15
LTM
2Q15
LTM
3Q15
LTM
4Q15
LTM
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CAPEX
4Q15: 5 PSCs REFURBISHED, installation of 7 MRIs
4Q15CAPEX – R$ Million
144.3
207.8
248.2
30.241.8 34.7
68.051.0
59.6
91.978.8
2013 2014 2015 1Q14 1Q15 2Q14 2Q15 3Q14 3Q15 4Q14 4Q15
Information
Technology
R$ 13.4 MM
Opening and
Expansion ofPSCs
R$ 25.8 MM
Equipment
R$ 39.7 MM
17.0%
50.3%
32.7%
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Q & A
CONFERENCE CALL 4Q15
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