3q15 presentantion

7/26/2019 3Q15 Presentantion

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Carlos de BarrosCFO and IR Officer

[email protected].: (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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