earnings release - 4q12

TELECONFERENCES

Portuguese

Date: 03/05/13| Hour: 10h00 (Brasília)

Tel.: 11 2188-0155 | Password: DASA

English

Date:03/05/13 | Hour: 12h00 (Brasília) Phone: 1(412)317-6776 | Password:DASA

Romeu Côrtes Domingues Chairman

Dickson Esteves Tangerino CEO

Cynthia May Hobbs CFO

Octávio Fernandes VP of Operations

Emerson Leandro Gasparetto Director of Imaging

Paulo Bokel Investor Relations Offcer

[email protected]

Tel.: (011) 4197-5410

Fax: (011) 4197-5516

www.dasa3.com.br

4th QUARTER AND 2012 RESULTS

DASA announces Gross Revenues of

R$2.490 million and Operational cash

flow of R$ 248 million in 2012

DASA ON

Bovespa: DASA3

Quoted price:

R$ 13.01

Average daily trade volume

R$ 30.6 Million on 4Q12

Market value:

R$ 4.1 billion

US$ 2.0 billion

Free Float: 97.2%

http://www.dasa3.com.br/


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Barueri, March 04th 2013:

Diagnósticos da América S.A. – DASA (BOVESPA: DASA3) has announced today the results related to the forth quarter of 2012.

The company’s operational and financial information are calculated on a consolidated basis and in million of Reais, based on

accounting practices extracted from the Brazilian Corporate Law, except where stated otherwise. The information herein

refers to the Company’s performance in the fourth quarter of the year 2011, compared to the third quarter of the year 2012,

except where stated otherwise.

In this quarter, DASA reached a gross revenue of R$ 604.3 million with a 0.5% growth in comparison to 4Q11. The total gross revenue for 2012 was R$ 2.490,0 million, a 4.2% increase compared to 2011. 4Q12 results were affected by a high number of holidays. If we consider four or three day weekends, there were 61 working days in 4Q11, whereas in 4Q12 there were only 58 working days.

The outpatient market reached a gross revenue of R$ 444.0 million in 4Q12 with a 0.5% growth when compared to 4Q11. Gross revenue for 2012 totaled R$ 1.833,7 million, an increase of 4.8% compared to 2011, and 73.6% of DASA’s total gross revenue.

The hospital market revenue reached R$ 58.7 million in the 4Q12, with 6.5% decrease, when compared to 4Q11. The total gross revenue for 2012 was R$ 233.3 million, a decrease of 6.8% compared to 2011, equivalent to 9.4% of DASA’s total yearly revenue.

The lab-to-lab market ended the quarter with 4,903 customers serviced in the Country. The gross revenue of this market expanded by 1.3% in the 4Q12, reaching R$ 57.9 million, which represents 9.7% of DASA’s total revenue. In 2012, total gross revenue grew by 4.4%, reaching R$ 242.7 million, 9.8% of DASA’s total gross revenue.

The public market reached revenue of R$ 43.7 million in 4Q12, with 10.2% growth and reaching 7.3% of the total revenue of DASA. In the year of 2012, gross revenue totaled R$ 180.2 million; increasing by 14.8%, and equivalent to 7.3% do DASA’s total gross revenue.

FINANCIAL PERFORMANCE HIGHLIGHTS


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Revenue per Line of Service (R$ million) - Markets

Revenue per Line of Service (R$ million) – Clinical Analysis X RDI

The revenue of the same units (PSC) grew by 0.4% in the 4Q12 as compared to the 4Q11.

We ended the quarter with 523 units, of which 71 are hospital units.

In 4Q12, EBITDA amounted R$ 73.5 million, 29.7% lower than 4Q11, which was R$ 104.6 million, representing 13.4% of net revenue. Total EBITDA for 2012 was R$ 407.3 million, a decrease of 18.6% compared to the R$ 500.3 million from the year before. These values include R$ 20.4 million from the sales of real estate properties that took place in 4Q12.

441.6 444.0

62.7 58.7

57.2 57.9

39.7 43.7

4Q11 4Q12

Public Sector Lab to Lab Inpatient Outpatient

6.6%

9.5%

0.5%

1.3%

0.5%

73.5%

9.6%

601.1

73.5%

7.2%10.2%

604.3

9.7%10.4% -6.5%

1,558 1,635

832 855

2011 2012RID Clinical Analysis

2,390 2,490

5.0%

2.7%

4.2%

1,750.3 1,833.7

250.4 233.3

232.4 242.7 157.0

180.2

2011 2012

Public Sector Lab to Lab Inpatient Outpatient

6.6%

9.7%

4.2%

4.5%

4.8%73.6%

9.7%

2,390.1

73.2%

7.2%14.8%

2,490.0

9.4%10.5% -6.8%

396 398

205 206

4Q11 4Q12RID Clinical Analysis

601 604

0.6%

0.5%

0.5%


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CAPEX investments in 4Q12 totaled R$ 56.2 million; 10.9% lower than 4Q11. In 2012, the CAPEX totaled R$ 234.4 million; 21.7% higher than 2011. Those values do not include the revenue from sales of real estate properties, which was R$ 49.1 million. These investments were directed to: (i) acquisition, refurbishing and enlarging the existing PSCs, (ii) purchasing of imaging equipment and (iii) implantation and development of production and customer service system.

Highlights 4Q12 4Q11 ∆ 2012 2011 ∆

Total Gross Revenue (R$ MM) 604.3 601.1 0.5% 2490.0 2390.1 4.2%

Outpatient Revenue (R$ MM) 444.0 441.6 0.5% 1833.7 1750.3 4.8%

Hospitals Revenue (R$ MM) 58.7 62.7 -6.5% 233.3 250.4 -6.8%

Lab-to-lab Gross Revenue 57.9 57.2 1.3% 242.7 232.4 4.5%

Public Gross Revenue 43.7 39.7 10.2% 180.2 157.0 14.8%

N° Total units 523 522 0.2% 523 522 0.2%

N° PSCs 452 444 1.8% 452 444 1.8%

N° Hospital units 71 78 -9.0% 71 78 -9.0%

EBITDA (R$ MM) 73.5 104.6 -29.7% 407.3 500.3 -18.6%

Ebitda margin 13.4% 19.8% -6.3 p.p 18.0% 22.9% -5.0 p.p

CAPEX (R$ MM) 56.2 63.2 -10.9% 234.4 192.5 21.7%

Net income (R$ MM) -1.6 18.5 -108.6% 84.7 145.3 -41.7%

30 Medical Workshops

2 international Symposiums in Delboni (729 enrolled ) and Alta (450 enrolled)

Cutting edge equipment (MRI 3 teslas and CT Scan 128 channels) –São Paulo’s PSCs

Completion of top notch physicians recruitment for São Paulo

Maintenance of CAP (College of American Pathologists) accreditation – main international laboratories hallmark of quality

New contracts as of 1Q13: Hospital Unimed RJ and Hospital Brasília

Inauguration, in the beginning of march 2013, of the third PSC of Alta Excelência Diagnóstica brand, in São Paulo

Outpatient Market

The Outpatient market has a revenue of R$ 444.0 million in 4Q12, representing an 0.5% growth as compared to 4Q11. Total gross revenue for 2012 was R$ 1833.7 million, 4.8% higher than in 2011.

OPERATIONAL HIGHLIGHTS

FINANCIAL PERFORMANCE


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Revenue per Line of Service (R$ million) Revenue per brand (R$ million)

Outpatient Market growth was affected mainly by the centralization of call center customer service, the many holidays, some health plans presented payment problem and the company decided to minimize the risk of bad debt, as well as remodeling of installations (6 units in São Paulo) and equipment upgrade during the year, totaling 10 MRI scanners and 7 Tomography Scans. In 2013, the focus of new equipment will be expansion, which has a lesser impact on revenue, in comparison to equipment upgrade. In January 2012, we canceled a contract with a health insurance company, which also had an impact on the quarterly revenue.

Growth rate for Standard service brands continues to be higher than premium and executive brands.

During the quarter, we continue having the imaging tests revenue growth superior than clinical analysis tests revenue growth. The new equipment, the recruitment of top notch physicians and scheduling optimization have already reflected positively on our performance.

Average Requisition Price (R$) and Requisition Volume (million)

1021.4 1059.7

728.9 774.0

2011 2012

RID Clinical Analysis

58.4%

41.6%

1,750.3 1,833.7

42.2%

57.8%

3.8%

6.2%

4.8%

1,192.7 1,230.6

557.7 603.1

2011 2012Standard Premium and Executive

70,1%

29,9%

1,750.3 1,833.7

31.9%

68.1%3.2%

8.2%

4.8%

122.9124.3 124.1

128.6

124.0126.5

130.5

134.5

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Requisitions Average Requisition Price

3.73.3 3.5 3.8 3.4 3.6 3.6 3.3


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The increase of the average requisition value was due to a better imaging mix as a result of increased capacity achieved by the upgrading and addition of new equipment, particularly tomography and MRI scanner.

Hospital Market

The Hospital market generated consolidated revenues of R$ 58.7 million in 4Q12 representing a decrease of 6.5% compared to 4Q11. Gross revenue in 2012 was R$ 233.3 million, 6.8% lower than in 2011. If the São Luiz Hospitals contract were not taken into account, the Hospital Market would have grown 8.1% in 4Q12; and 11.3% in 2012.

Revenue per Line of Service (R$ million) Revenue per brand (R$ million)

Average Requisition Price (R$) and Requisition Volume (million)

In 2012, the requisition average value was influenced by renegotiation and optimization of existing contracts. The level was similar to the one attained in 2011, when we had a greater imaging mix due to the participation of São Luis Hospitals.

172.2 181.7

250.4

51.6

2011 2012

RID Clinical Analysis

68.8%

31.2% 78.2

233.3

22.1%

77.9%5.5%

-34.0%

-6.8%

143.5 155.6

107.0 77.8

2011 2012Standard Premium and Executive

57.3%

42.7%

250.4 233.3

33.3%

66.7%8.4%

-27.3%

-6.8%

63.948.1

57.2 56.250.9 49.8 52.2 56.5

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Requisitions Average Requisition Price

1.11.30.9

1.2 1.1 1.1 1.2 1.0


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Lab-to-lab

Gross Operational Revenue – B2B (R$ million) Performance B2B (R$ million)

The lab-to-lab market ended the 4Q12 with a gross revenue of R$ 57.9 million, with a growth of 1.3%. In 2012, revenue was R$ 242.7 million, an increase of 4.5%, and the equivalent of 9.8% of total gross revenue.

The performance of this market reflects the increase in the number of requisitions per laboratory and the increase of the average revenue per lab.

This quarter results were impacted by local elections and resulting changes in city governments, which affected our clients’ operation, dependent on SUS (publicly funded health care system). This occurs every 4 years.

The competitive environment in this market has limited the more

vigorous growth.

2011 2012

232.4

4.5%

242.7 4,912 4,903

47,306 49,506

2011 2012

# of Laboratories Average Revenue/Laboratory (in R$)

4Q12 vs. 4Q11 2012 vs. 2011

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 Var.% Var.%

Revenue (in R$ milions) 56.5 57.5 61.2 57.2 59.9 60.6 64.3 57.9 1.3% 4.5%

# of Laboratories 4,825 4,795 4,786 4,912 4,811 4,853 4,897 4,903 -0.2% -0.2%

Average Revenue/Laboratory (in R$) 11,708 11,993 12,779 11,647 12,447 12,497 13,121 11,817 1.5% 4.6%

# of Requisitions (in Th) 3,239 3,279 3,437 3,248 3,483 3,520 3,816 3,366 3.6% 7.4%

# of Requisitions/ laboratory 671 684 718 661 724 725 779 687 3.8% 6.6%

Average Revenue/ requisitions (in R$) 17.4 17.5 17.8 17.6 17.2 17.2 16.8 17.2 -2.3% -2.8%


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Public Sector

Gross Operational Revenue (R$ million)

The revenue of the Public market was R$ 43.7 million in this quarter, up 10.2% when compared to 4Q11. In 2012, revenue was R$ 180.2 million, 14.8% higher than the year before.

This growth was mainly due to the implementation of the the contract with Rio de Janeiro City Government. We finished the quarter with a total of 25 clients, covering a total of 589 collection points (86 Hospital Units and 503 of the Outpatient Network).

Payers

An increase in the participation of the Public Sector, individuals and HMO, can be noticed when analyzing the breakdown of gross income by payer in 4Q12 when compared to 4Q11.

180.2

2011 2012

157.0

14.8%

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 Var.% Var.%

Revenue (in R$ milions) 37.7 37.2 42.5 39.7 43.8 44.6 48.1 43.7 13.2% 14.8%

# of Clients 31 31 34 30 30 30 26 25 -23.5% -16.7%

# of Units Attended - Inpatient 92 92 95 95 100 83 93 86 -2.1% -9.5%

# of Units Attended - Outpatient 620 616 607 524 522 493 620 503 2.1% -4.0%

# of Requisitions (in Th.) 1,453 1,283 1,440 1,345 1,622 1,755 1,623 1,441 12.8% 16.7%

Revenue per Requisition (R$ Th) 25.9 29.0 29.5 29.5 27.0 25.4 29.6 30.3 0.4% -1.6%

Revenue per colleting sites 52.9 52.5 60.5 64.1 70.5 77.4 67.4 74.2 11.4% 25.9%


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Gross Revenue per payer (4Q11) Gross Revenue per payer (4Q12)

Costs/Expenses

Taxes on Services

In the 4Q12, R$ 35.3 million were recorded as taxes collected over

the services provided, which stands for 5.8% of the gross revenue, in

relation to the 5.6% ratio of taxes recorded in the 4Q11 (R$ 33.8

million). In 2012, R$ 143.6 million were recorded, which stands for

5.8% of the gross revenue.

Discounts and Deductions

The discounts have reached a level of R$ 21.6 million in the quarter,

accounting for 3.6% of the gross revenue, with 6.4% (R$ 38.5 million)

in 4Q11. In 4Q11, we did additional provisions and deductions

totalling R$ 27.3 million.

Net Operating Revenue

The net operating revenue reached R$ 547.4 million in 4Q12, which

means an increase of 3.5% compared with 4Q11. In 2012, the net

revenue reached R$ 2.264,1 million, an increase of 3.9% compared to

2011.

Others: Includes Clinical Research, Occupational Medicine and OGM

Insurance Health Plans

18.8%

Self-Insured Corporations

15.2%

HMO 16.8%

Medical Cooperatives

12.7%

Public Services 6.6%

Lab-to-lab 9.5%

Individuals 8.7%

Hospitals 10.4%

Others 1.2%

Receita bruta por pagador (4T11)

Insurance Health Plans 18.9%

Self-Insured Corporations

14.4%

HMO 18.4%

Medical Cooperatives

11.2%

Public Services 7.2%

Lab-to-lab 9.6%

Individuals 9.1%

Hospitals 9.7%

Others 1.4%

Receita bruta por pagador (4T12)


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Cost of Services

The cost of services includes expenses related to the operation of

the PSCs, cost of clinical analysis production and RID.

PSCs costs are divided into fixed – personnel, general and public

services, rents and facility maintenance; and variable - materials

used in the collection and production of clinical tests and RID, which

may vary according to the volume of requisitions processed. Costs

related to the processing of clinical tests include reagents, personnel

and the operating costs of the central laboratories. RID processing

costs consist of expenditures with equipment maintenance, expenses

with test report centers and the hiring of specialized medical clinics

to issue reports on these tests.

The changes on the line of personnel, materials, services and

utilities and general expenditures are due to the characteristics of

each brand and to the difference between their costs structure. The

main difference is in the attendance, where the B2C market has

collection units and all costs related to this operation, showing its

main costs as personnel and services and occupancy costs. At the

B2B market its main cost is material, as it does not have collection

unit, but only the processing of tests.

Cost of Services Cash – 2012 versus 2011

2012 vs

2011

2012 2011 2012 2011 ∆ %

Personnel 457.7 390.2 20.2% 17.9% 17.3%

Materials 402.5 391.3 17.8% 17.9% 2.9%

Services and Utilities 587.1 519.1 25.9% 23.8% 13.1%

General 23.6 24.3 1.0% 1.1% -2.9%

Cost of Services Cash 1,470.9 1,324.9 65.0% 60.8% 11.0%

Depreciation and amortization 94.1 74.3 4.2% 3.4% 26.5%

Cost of Services 1,564.9 1,399.2 69.1% 64.2% 11.8%

In R$ Million % of Net Revenues


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Cost of Services Cash – 4Q12 versus 4Q11

Evolution of Cash Costs – 4Q12 versus 4Q11

Evolution of Cash Costs – 2012 versus 2011

4Q12 4Q11 4Q12 4Q11 ∆ %

Personnel 119.7 103.7 21.9% 19.6% 15.4%

Materials 95.7 96.7 17.5% 18.3% -1.0%

Services and Utilities 163.7 137.1 29.9% 25.9% 19.4%

General 7.4 6.6 1.3% 1.3% 10.7%

Cost of Services Cash 386.5 344.2 70.6% 65.1% 12.3%

Depreciation and amortization 27.8 17.6 5.1% 3.3% 58.2%

Cost of Services 414.3 361.8 75.7% 68.4% 14.5%

4Q12

vs4Q11In R$ Million % of Net Revenues

60.8%

65.0%2.3%

-0.2%

2.1%

-0.1%

Cash costs2011

Personnel Materials Services andUtilities

General Cash costs2012

65.1%

70.6%

2.2%

-0.8%

4.0% 0.1%

Cash costs4Q11

Personnel Materials Services andUtilities

General Cash costs4Q12


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1) Personnel costs have increased compared to 2011, as a result of the

focus on improving the quality of services, which included recruiting,

for the most part, new employees for customer care units.

2) Despite the fact that the dollar appreciation against the Brazilian

Real, and the increase in the number of medical exams mainly in

Public and Lab-to-lab, where the percentage of material cost in final

price is considerably higher than in outpatient market, the costs in

materials have decreased compared to the growth of revenue in 2012.

This decrease resulted from negotiation with suppliers and higher

productivity at central labs.

3) Services and utilities showed an increase compared to 2011. This

includes unit’s occupancy costs, medical imaging appraisal report

costs, data links and other occupancy related expenses. Compared to

2011, the results were affected by increases in medical services

contracts, occupancy expenses — price increases have been higher

than inflation, data link, to provide system redundancy and

contingency, and equipment maintenance costs.

4) The general expenses keep stable in comparison with 2011. In this

line, the expenses with fees, insurances and expenses with

representations are accounted for.

Cash Gross Profit

In the 4Q12, the cash gross profit was R$ 160.9 million, a 12.8%

decrease in relation to 4Q11, and the cash gross margin of the period

reached 29.4%. In 2012, the cash gross profit was R$ 793.3 million, a

decrease of 7.2% in relation to 2011.

Cash Operating Expenses

Below, the main variations in the cash operating expenses lines as a

portion of the net revenue, in relation to the previous year, are

described:


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* Since 1Q12, the PDA is being considered under the "discounts" the income statement

Administrative and general expenses had an annual and quarterly

increase, compared to 2011, caused by increase in the call center

structure and receivables, greater focus on service quality,

improvement on billing process, as well as marketing expenses.

A revenue of R$ 20.4 million was accounted under operating

revenues / operational expenses, resulting from the profit made by

the sale of real estate in 4Q12.

Breakdown of Cash Operating Expenses – 2012 versus 2011

Breakdown of Cash Operating Expenses – 4Q12 versus 4Q11

2012 vs

2011

2012 2011 2012 2011 ∆ %

General and Administrative 403.0 361.1 17.8% 16.6% 11.6%

Profit Sharing Program 7.1 9.5 0.3% 0.4% -24.9%

Other Operating Revenues/ Expenses (24.2) (15.2) -1.1% -0.7% 58.9%

Prescribed Tax Reversal - (13.7) 0.0% -0.6% -100.0%

PDA* - 13.8 0.0% 0.6% -100.0%

Cash Operating Expenses 386.0 355.4 17.0% 16.3% 8.6%

Depreciation and Amortization 68.3 51.3 3.0% 2.4% 33.2%

Operating Expenses 454.3 406.7 20.1% 18.7% 11.7%

In R$ Million % of Net Revenues

4Q12 4Q11 4Q12 4Q11 ∆ %

General and Administrative 109.2 97.3 20.0% 18.4% 12.3%

Profit Sharing Program - 2.1 0.0% 0.4% -100.0%

Other Operating Revenues/ Expenses (21.8) (8.8) -4.0% -1.7% 148.1%

Prescribed Tax Reversal - (13.7) 0.0% -2.6% -100.0%

PDA* - 3.3 0.0% 0.6% -

Cash Operating Expenses 87.4 80.1 16.0% 15.2% 9.0%

Depreciation and Amortization 24.1 21.3 4.4% 4.0% 13.1%

Operating Expenses 111.5 101.5 20.4% 19.2% 9.9%

In R$ Million % of Net Revenues4Q12 vs

4Q11


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Ebitda drop resulted from a combination of lower revenue growth

previously mentioned with a big portion, as a percentage of Net

Revenues, of fixed costs and expenses . When there is a quarter with

weaker Revenues the profitability is highly impacted.

Depreciation and Amortization

The expenses with depreciation and amortization summed up to R$

51.9 million, or 9.5% of the net revenue in the quarter, against R$

38.9 million (7.4% of the net revenue) in 4Q11. In the whole year of

2012, the values were R$ 162.4 million (7.2% of the net revenue)

compared to R$ 125.6 million (5.8% of the net revenue) in 2011.

Goodwill to be compensated in next years (Thousand R$)

We emphasized that we continue to benefit from the tax credit

effect in the amortization of the capital in excess of the

incorporated companies, as per the table below:

EBITDA

105 74

19.8%

13.4%

4Q11 4Q12

-29.7%

500 407

22.9%18.0%

2011 2012

-18.6%


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Year Goodwill

2013 286.6

2014 277.3

2015 205.7

2016 199.6

2017 196.4

2018 189.6

2019 158.0

Total 1,513.2 In 4Q12, we began to amortize Cytolab’s and Dasa Brasil

Participações’s (Previlab) goodwill, due to the incorporation of

Cytolab by Dasa, on November 30th, 2012, and the incorporation of

Dasa Brasil Participações by Previlab, on December 31st, 2012.

Net Financial Expenses

The breakdown of net financial expenses is:

(*)Debt (Senior Notes and Bank Loans) and Investment in foreign currency

Exchange Rate Fluctuation – Lease / Financing: Refers to updating

the balance of debts in dollar.

Cost of Hedge (Swap): refers to the revenues and expenses derived

from financial instruments, including the mark-to-market of these

instruments. As the Company has revenue denominated in Reais, these

instruments are used for protection against currency changes.

Result in foreign currency: Expenses of the external bonds interest

rates and leasing interest rates in foreign currency, as well as

overseas investments.

R$ (Millions) 4Q12 4Q11 2012 2011

Net Financial Expenses 22.1 37.9 113.7 163.7

Exchange Rate Fluctuation – Lease/Financing 0.4 0.7 1.3 0.7

Cost of Hedge (Swap) 0.2 0.4 1.3 15.6

Result in foreign currency(*) 1.3 1.1 5.1 20.9

Debentures/Promissory Notes 18.8 24.3 84.3 86.4

Other 1.4 11.4 21.7 40.1


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Debentures / Promissory Notes: Refers to the costs of interests in

promissory notes and debentures issued, including the transaction costs.

Others: The values that make up this line include bank expenses,

expenses with credit card charges, notarial expenses, related to

interest on leasing of equipment in Brazilian Reais, working capital,

financial discounts granted to clients, updating of contingencies,

financial operations tax (Imposto de Operações Financeiras – IOF)

and income tax paid on the transfer of interest abroad, as well as

interest received on financial investments in local currency.

In 4Q12, a revenue of R$ 3.2 million was accounted as a result of the

Rio de Janeiro state tax renegotiation package payment installment

plan.

Income Tax and Social Security Contribution

The total income tax and social contribution presented in the 4Q12 a

balance of R$ 1.1 million, and in 2012 presented R$ 46.5 million.

Net Profit

In the 4Q12, the loss was R$ 1.6 million, as compared to a net profit

of R$ 18.5 million in the previous year. In 2012, the net profit was R$

84.7 million, 38,7% less than R$ 145.3 million of 2011


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Cash tax

We shall continue to make the most of the goodwill on previous

acquisitions and, as from November 2011, the goodwill of the

incorporation of MD1.

* Withholding tax (current): Originally from financial income and withholding of gross revenue

Net income considering effective tax rate

Of the net profit, we have adjusted the exchange rate effects and Deferred Income Tax/Capital in excess, totaling ―Cash Earnings‖ of R$96.2 million.

* Adjusted by the rate of 34% of Income Tax/ Social Contribution

DASA net debt totaled R$ 847.1 million in 4Q12. About 89.2% of DASA’s

total gross indebtedness is long term and 7.5% are denominated in foreign

currency. The debt in foreign currency is mainly formed by the equipment

financing and International Notes. The national currency debts are largely

related to the debentures and leasings.

INDEBTEDNESS

R$ Million1Q11 2Q11 3Q11 4Q11 2011 1Q12 2Q12 3Q12 4Q12 2012

(=) Net Profit 44.6 25.6 56.5 18.6 145.3 36.4 23.1 26.8 (1.6) 84.7

Fx variances/ MTM* 6.5 6.9 (3.4) 0.7 10.7 0.2 0.9 0.2 0.4 1.7

( + / - ) Deferred Income Tax + Goodwill 8.9 11.1 15.0 6.2 41.2 11.5 5.1 4.8 (11.6) 9.8

(=) Net income considering effective tax rate 60.1 43.6 68.1 25.5 197.2 48.1 29.2 31.7 (12.9) 96.2

35.4%

28.0%34.0%

1.4%

-8.3%

0.8%

Income Tax Rate permanentsadjustements in

tax books

Income Taxes(Financial

Statements)

TaxLoss/GoodwillCompensation

Other Withholding tax(current)/

Income taxescash*

2012


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Includes the balanced sheet items: loans and financing, debentures and financial instruments.

As of 4Q12, we introduced the net debt calculation methodology, compatible to the one used by the fiduciary

agent.

Cash Flow Analysis (R$ million)

We have detailed under this section the main variations in the cash

flow statement.

Management Cash Flow (R$ Million) 4Q12

Accounting EBITDA 73.5

Operacional working capital 49.8

Other working capital accounts 3.1

Financial expenses (22.1)

Income tax (8.0)

Operational cash flow 96.3

Capex (56.2)

Sale of Fixed Assets 49.1

Free Cash Flow 89.2 In this quarter, cash flow was affected by the increase of working

capital and the decrease of financial expenses.

Breakdown of Net Indebtedness

R$ Millions 4Q12 4Q11

Short Term (119.8) (312.8)

Domestic Currency (105.1) (294.4)

Foreing Currency (14.7) (18.4)

Long Term (987.8) (799.5)

Domestic Currency (919.0) (721.4)

Foreign Currency (68.8) (78.1)

Total ST + LT (1,107.6) (1,112.3)

Cash and Cash equivalents 260.5 280.8

Domestic currency 228.5 249.9

Foreing currency 32.0 30.9

Net Debt (847.1) (831.4)


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Management Cash Flow (R$ Million) 2012

Accounting EBITDA 407.3

Operacional working capital 15.3

Other working capital accounts (37.0)

Financial expenses (113.7)

Income tax (24.1)

Operational cash flow 247.9

Capex (234.4)

Sale of Fixed Assets 49.1

Free Cash Flow 62.6 In 2012, operating working capital improved, and we were negatively

affected by recoverable taxes, under ―Other Working Capital

Accounts‖.

The investments in CAPEX in 4Q12 totaled R$ 56.2 million, 10.9% lower than

the same period in 2011. In 2012, the CAPEX totaled R$ 234.4 million; 21.7%

higher than 2011. This amounts do not include the sale of Real state at the

4Q12 in the amount of R$ 49,1 million.The investments were directed mostly

to: (i) purchase of imaging equipment, (ii) the acquisition, renovation and

expansion of existing units, (iii) development and deployment of production

systems and services and renovation of technology.

CAPEX (R$ millions) CAPEX Breakdown 2012

INVESTMENTS

149.0

93.1 113.4

192.5

234.4

73.0

49.3 55.8 56.2

2008 2009 2010 2011 2012 1Q12 2Q12 3Q12 4Q12

Opening and Expansion of

PSCs43.6%

Equipment26.4%

Information Technology

22.0%

Others2.3%

Real Estate5.7%


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Below is summarized the investments made in expansion and

refurbishing of PSCs, besides new PSCs.

DASA shares closed 2012 at R$ 13.19, accumulating a decrease of

17.6% in the year, versus 5.1% decrease of the Ibovespa. Over 2012,

DASA shares were transacted on 100% of Bovespa’s trading sessions,

summing up to a financial volume of R$ 7.5 billion (daily traded

average of R$ 30.6 million).

Performance In Stock Exchange (DASA ON versus IBOVESPA)

Novembro de 2004 = 100

Dec

-04

Mar

-05

Jun

-05

Sep

-05

Dec

-05

Mar

-06

Jun

-06

Sep

-06

Dec

-06

Mar

-07

Jun

-07

Sep

-07

Dec

-07

Mar

-08

Jun

-08

Sep

-08

Dec

-08

Mar

-09

Jun

-09

Sep

-09

Dec

-09

Mar

-10

Jun

-10

Sep

-10

Dec

-10

Mar

-11

Jun

-11

Sep

-11

Dec

-11

Mar

-12

Jun

-12

Sep

-12

Dec

-12

VOLUME (R$) DASA3 IBOVESPA

INVESTMENTS

2011 1H12 3Q12Forecast

4Q12

Total

2012

Opening of PSCs 9 11 8 3 22

Standard 7 10 8 3 21

Mega 2 1 0 0 1

Refurbishing/expansion of PSCs 45 13 13 2 28

Tomography installation 10 4 3 0 7

MRI installation 5 3 6 1 10

Total equipment 15 7 9 1 17

Other refurbishing 30 6 4 1 11

CAPITAL MARKET


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Close R$ (12/28/2012) 13.19

2012 High (R$ per Share) 17.45

2011 Low (R$ per Share) 11.02

% Chg. In 2012 -17.6%

Market Cap (R$ MM) 4,112.7

Market Cap (US$ MM) 2,013.2

Free Float 97.22%

Outstanding Shares 311,803,015

Bovespa - DASA ON

Trading Volume (R$ Thousand/day) Number of trades /day

Issue of Debentures On October 15, 2012, the Board of Directors approved the making of the third issue by the Company, in a single series, of up to 25,000 (twenty-five thousand) non-convertible, unsecured debentures, with unit face value of R$ 10,000.00 (ten thousand Brazilian reais), with total amount of up to R$ 250,000,000.00 (two hundred fifty million Brazilian reais) ("Debentures"), to be placed by means of a public offering of distribution with restricted placement efforts, under the terms of the CVM Instruction no. 476, dated January 16, 2009, as amended ("Offering"). The Debentures will be valid for four years as of their Issue Date (as defined below), will not be subject to monetary restatement and the debit balance of the face value of each Debenture will be levied by compensatory interest corresponding to 100% (one hundred percent) of

Bovespa Information

Novembro de 2004 = 100

HIGHLIGHTS OF THE QUARTER

18,594

25,864

30,721

2010 2011 2012

18.8%

1,294

2,889

5,001

2010 2011 2012

73.1%


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the accrued variation of the average daily rates of the DI – one-day Interbank Deposits, "over extra-group", expressed as annual percentage, base of 252 (two hundred fifty-two) business days, calculated and disclosed on a daily basis by CETIP S.A.- Mercados Organizados, in the daily newsletter available at its website in Internet (http://www.cetip.com.br) ("Taxa DI"), added by a surtax of 0.80% (zero point eighty percent) per year, base of 252 (two hundred fifty-two) business days ("Surtax", and, together with the DI Rate, "Remuneration"), calculated in an exponential and cumulative manner pro rata temporis per business days elapsed, from the Issue Date (as defined below) or the payment date of the Remuneration immediately before, according to the case, to the effective payment date. The unit face value will be amortized in 4 (four) annual and consecutive installments, as follows: I. 3 (three) installments, each one in the amount corresponding to 25% (twenty-five percent) of the unit face value of each Debenture, due on October 25, 2013, October 25, 2014 and October 25, 2015; and II. 1 (one) installment, in the amount corresponding to the debt balance of the unit face value of each Debenture, due on October 25, 2016. The Remuneration will be paid every semester, on the 25th (twenty-fifth) day of April and October, in which the first payment shall occur on April 25, 2013 and the last, on October 25, 2016, without prejudice to the payments in view of the early redemption of Debentures, early amortization of Debentures and/or acceleration of the obligations derived from Debentures. The financial settlement of the offering took place on 10/31/2012 in the amount of R$ R$ 250,303,500.00 (two hundred fifty million, three hundred three thousand, five hundred Brazilian reais) and the net proceeds of the offering were used (i) for the early redemption of all third-issue commercial promissory notes of the Company; and (ii) the balance for the Company’s working capital reinforcement. Early redemption of Promissory Notes

On October 23, 2012, the General Meeting of Holders of Third-Issue Commercial Promissory Notes was held. The holder of all outstanding Commercial Notes resolved and approved the request for consent formulated by the Issuer to carry out the early redemption of all the outstanding Commercial Notes, with their consequent cancellation, to occur on any date as of the date of this Meeting, without the need of prior notice or express consent of the Holder, or any other formality, under the terms of the Instruction of the Brazilian Securities and Exchange Commission no. 134, dated November 1st, 1990, as amended. Thus, the Issuer may, as long as the conditions below are verified, carry out the early redemption unilaterally, and the redemption is made


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through CETIP, as the Commercial Notes are under electronic custody at CETIP. The early redemption is conditioned to the effective completion of the issue, in a single series of simple non-convertible, unsecured, third-issue Debentures of the Company, which will be scope of a public offering of distribution with restricted placement efforts, under the terms of Law no. 6.385, dated December 7, 1976, as amended, of the Instruction of the Brazilian Securities and Exchange Commission no. 476, dated January 16, 2009, as amended, and other applicable legal and regulatory provisions ("Offering"), and will mandatorily take place (i) on the settlement date of the Offering, and (ii) upon the use of funds obtained in the Offering. The early redemption will be carried out by the Issuer, upon the payment of the Face Value of all the outstanding Commercial Notes, added by the Remuneration, calculated pro rata temporis from the Issue Date to the effective payment date, without any premium or additional penalty. Once the early redemption of all outstanding Commercial Notes is carried out under the terms approved by this Meeting, the Commercial Notes will be deemed settled. In order to avoid doubts, the early redemption referred to herein, already approved by the Company’s Board of Directors, in a meeting of the body held on October 15, 2012, is expressly approved by the Holder regardless of the provisions of the charters of the Commercial Notes prohibiting the early redemption, without needing to replace such charters, acknowledging the express consent of all the interested parties. The financial settlement of the early redemption took place on 10/31/2012 in the amount of R$ 162,734,277.00 (one hundred sixty-two million, seven hundred thirty-four thousand, two hundred seventy-seven Brazilian reais). Public Class Action Diagnósticos da América S.A. ("Company" or "DASA") hereby informs, pursuant to the terms of CVM Rule No. 358, dated as of January 3, 2002, as amended, that was served, together with its subsidiary Laboratórios Médicos Mr. Sérgio Franco Ltda., in the proceedings of the Public Class Action in course at a labor court of Rio de Janeiro, which, in brief, challenges the form adopted to engage specialized medical companies in the area of image diagnosis support, therefore requiring the engagement of doctors under employment regime and indemnification for collective moral damages in the amount of R$20 million. The Company strongly believes that, due to the specific characteristics involved, the form adopted for such engagements, in addition to being lawful and in strict compliance with all applicable legal provisions, is


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supported by favorable court precedents, as disclosed and explained by the Company in items 4.1 and 4.3 of its reference form. The Company will timely submit its defense in the proceedings of the relevant suit. Cytolab acquisition

At the Extraordinary Shareholders’ General Assembly held on November 30th, 2012, it was fully and unanimously approved, with the abstention of shareholder National Pension Service, the acquisition of Cytolab – Laboratório de Anatomia Patológica, Citologia Diagnóstica e Análises Clínicas Ltda., as stated in the relevant document, which resulted in the closing of the acquired company, whose rights and obligations were transferred to the Company, in accordance to the relevant legislation (Lei n.º 6.404/76 Artigo 227; and Código Civil Artigo 1.116). Board of Directors Election

On December 28th, 2012, Mr. Antônio Carlos Gaeta was elected Vice President of Business, and Ms. Lilian Cristina Pacheco Lira was elected Legal Director.

Board of Directors Election

On December 7th, 2013, Ms. Cynthia May Hobbs Pinho was elected Vice

President and CFO. The name of the position currently ascribed to Mr.

Carlos Elder Maciel de Aquino was changed from Director (without any

specific designation) to Accounting and Infrastructure Director.

CADE approval – Cytolab

The Administrative Council of Economic Defense (CADE) approved in its

16th Ordinary Ruling Session, on February 20th, 2013, the referred

object in Ato de Concentração [Merger Operation Act] nº

08012.007540/2011-58, concerning the acquisition of Cytolab –

Laboratório de Anatomia Patológica, Citopatologia Diagnóstica e

Análises Clínicas Ltda. ("Cytolab"), provided a change is made in the

geographical coverage under the clause that established the non-

competition policy with sales people. The Company will do all that is

necessary to comply with such provision, within the time limit

determined by CADE.

HIGHLIGHTS OF THE SUBSEQUENT QUARTER


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* Since 1Q12, the PDA is being considered under the "discounts" the income statement

INCOME STATEMENT

R$ million 4Q12 4Q11 D % 2012 2011 D %

Gross Operating Revenues 604.3 601.1 0.5% 2,490.0 2,390.1 4.2%

Deductions (56.9) (72.3) -21.3% (225.9) (210.2) 7.4%

Sales Taxes (35.3) (33.8) 4.6% (143.6) (137.3) 4.6%

Discounts (21.6) (38.5) -44.0% (82.3) (72.9) 12.8%

Net Operating Revenues 547.4 528.9 3.5% 2,264.1 2,179.9 3.9%

Cost of Services Rendered (414.3) (361.8) 14.5% (1,564.9) (1,399.2) 11.8%

Personnel (119.7) (103.7) 15.4% (457.7) (390.2) 17.3%

Materials (95.7) (96.7) -1.0% (402.5) (391.3) 2.9%

Services and Utilities (163.7) (137.1) 19.4% (587.1) (519.1) 13.1%

General (7.4) (6.6) 10.7% (23.6) (24.3) -2.9%

Depreciation and amortization (27.8) (17.6) 58.2% (94.1) (74.3) 26.5%

Gross Profit 133.1 167.1 -20.3% 699.2 780.7 -10.4%

Operating Expenses (111.5) (101.4) 9.9% (454.3) (406.7) 11.7%

General and Administrative (109.2) (97.3) 12.3% (403.0) (361.1) 11.6%

Profit Sharing Program - (2.1) NA (7.1) (9.5) -24.9%

Other Operating Revenues/ Expenses 21.8 8.8 147.4% 24.2 15.2 58.9%

Prescribed Tax Reversal - 13.7 NA - 13.7 NA

PDA* - (3.3) NA - (13.8) NA

Depreciation and Amortization (24.1) (21.3) 13.1% (68.3) (51.3) 33.2%

Net Financial Expenses (22.1) (37.9) -41.6% (113.7) (163.7) -30.6%

Goodwill Amortization - 0.1 NA - 0.6 NA

Operating Earnings (0.5) 27.7 NA 131.3 210.9 -37.8%

Net Loss Before Income Tax and Social Contribution (0.5) 27.7 NA 131.3 210.9 -37.8%

Income Tax and Social Contribution (1.1) (9.1) -88.5% (46.5) (65.6) -29.1%

Net Income (Loss) (1.6) 18.5 NA 84.7 145.3 -41.7%

Minoritary Shareholders 0.2 0.1 0.5 0.2


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CONSOLIDATED BALANCE SHEET

Balance Sheet - R$ thousands 4Q12 3Q12 4Q11 4Q12 3Q12 4Q11

Total Assets 4,272,175 4,265,241 4,282,796 Total equity and liabilities 4,272,175 4,265,241 4,282,796

Current 993,438 937,124 1,003,217 Current liabilities 400,966 511,133 590,211

Cash and cash equivalents 228,519 108,390 249,945 Current liabilities 84,429 74,362 76,641

Marketable securities 31,953 33,719 41,371 Accounts payable to suppliers 44,520 210,935 298,198

Accounts receivable 498,455 540,042 490,019 Loans and financing 30,335 41,357 22,555

Inventories 61,442 59,612 77,367 Taxes and contributions payable 81,191 105,006 75,628

Recoverable taxes 138,462 152,742 118,413 Salaries, social security charges & vacations payable 4,820 5,514 7,963

Prepaid expenses 979 1,399 1,457 Installment payment of taxes 1,598 1,457 11,988

Other current assets 33,628 41,220 24,645 Accounts payable from acquisition of subsidiaries 74,485 26,616 13,296

Debentures 20,235 2 34,546

Noncurrent assets 3,278,737 3,328,117 3,279,579 Dividends and interest on shareholders’ equity 763 748 1,262

Long-term receivables 214,305 239,836 260,011 Derivative financial instruments 58,590 45,136 48,134

Marketable securities 57,635 84,661 75,029

Deferred tax assets 57,002 49,865 166,672 Noncurrent liabilities 1,264,017 1,126,910 1,150,565

Other credits 3,412 9,884 13 Long-Term Liabilities 1,264,017 1,126,910 1,150,565

Prepaid expenses 982 1,017 3 Loans and financing 102,877 111,077 101,322

Judicial deposits 95,274 94,409 18,294 Installment payment of taxes 28,010 38,897 32,561

Investments 516 222 317 Deferred tax liabilities 47,130 51,620 145,024

Property and Equipment 716,474 735,359 655,860 Provision for contingencies 132,251 131,777 81,047

Intangible assets 2,347,442 2,352,700 2,363,391 Accounts payable from acquisition of subsidiaries 67,834 72,288 67,517

Debentures 884,499 697,161 696,337

Related parties - 22,639 23,948

Financial instruments derivatives 470 577 1,862

Others 946 874 947

Total equity 2,607,192 2,627,198 2,542,020

Capital 2,234,135 2,234,135 2,234,135

Incorporated business - Goodwil 65,427 65,427 65,427

Profit reserves 237,741 257,818 257,347

Equity evaluation adjustment 1,571 1,728 2,199

Retained Earnings 85,192 86,596 -

Stock option plan 1,361 895 (18,617)

Treasury stock (18,617) (18,617) (328)

Non-controlling interests 382 (784) 1,857


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STATEMENT OF CASH FLOWS

AccountQuartely 10/01/12

to 12/31/12

Quartely 10/01/11

to 12/31/11

Year

01/01/2012 to

12/31/2012

Year

01/01/2011 to

12/31/2011

Net cash from operating activities 91,485 41,574 315,495 (25,643)

Cash from operations 50,383 100,351 386,162 484,085

Net income for the period (1,404) 18,568 85,192 145,455

Depreciation and amortization 43,663 39,181 152,580 125,764

Restatement of contingencies 5,084 2,321 13,016 12,469

Discount on investments - - - (510)

Deferred tax (11,628) 6,185 9,778 41,206

Restatement of interest and exchange variation on loans 23,483 31,385 107,059 155,281

Gain on sale of f ixed assets - 2,763 - 4,929

Residual Write-off of f ixed assets and intangibles (14,248) - (8,448) -

Noncontrolling interest 1,166 (52) 710 (200)

Stock option plan 466 - 1,361 (309)

PDA 3,979 - 24,713 -

NSF Checks (178) - 201 -

Changes in assets and liabilities 49,121 (2,719) (46,604) (218,193)

(Increase) / Decrease in accounts receivable 37,786 4,368 (33,350) (111,502)

(Increase) / Decrease in inventories (1,830) (12,457) 15,925 (23,928)

(Increase) / Decrease in other current assets 24,057 16,635 (19,137) (45,134)

(Increase) / Decrease in other non-current assets 32,374 26,134 6,118 15,878

(Increase) / Decrease in accounts payable to suppliers 10,067 24,666 7,788 11,095

Increase / (Decrease) in accounts payable and provisions (53,333) (62,065) (23,948) (64,602)

Other (8,019) (56,058) (24,063) (291,535)

Interests paid - (50,705) (273,191)

Income tax and social contribution paid (8,019) (5,353) (24,063) (18,344)

Net cash from investing activities (8,371) (96,962) (188,797) (325,036)

Additions to property and equipment (44,020) (63,399) (208,495) (176,688)

Additions to intangible assets (13,451) 5,344 (29,402) (29,974)

Investments in subsidiaries - (743) - (743)

Acquisition of subsidiary MD1 - (26,283) - (86,906)

Acquisition of subsidiary Previlab less net cash - (11,881) - (20,849)

Acquisition of subsidiary Cytolab less net cash - 0 - (9,876)

Receivable for f ixed asset sale 49,100 - 49,100 -

Net cash from financing activities 37,016 120,068 (148,124) 298,362

Loans taken out 249,383 156,678 294,464 955,989

Payment of loans (162,356) (9,904) (295,351) (619,332)

Capital payment (50,011) (26,706) (110,836) -

Dividends and IOC paid - - (36,401) (26,706)

Shares in treasury - - 0 (11,589)

Increase (decrease) in cash and cash equivalents 120,129 64,680 (21,426) (52,317)

At beginning of period 108,390 (26,408) 249,945 302,262

At end of period 228,519 38,272 228,519 249,945


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STATEMENT OF ADDED VALUE

Account

Quartely 10/01/12

to 12/31/12

Quartely 10/01/11

to 12/31/11

Year 01/01/2012 a

12/31/2012

Year 01/01/2011 a

12/31/2011

Revenue 626,201 538,975 2,514,257 2,310,042

Sales of goods, products and services 604,267 601,130 2,489,994 2,390,134

(Reversal of) allow ance for doubtful accounts 178 (85,486) (201) (109,601)

Other revenue 21,756 23,331 24,464 29,509

Inputs acquired from third parties 315,901 (187,505) 1,190,719 (955,078)

Inputs used - - -

Cost of products, goods and services sold 53,301 (101,741) 335,959 (395,066)

Materials, energy, third-party services and other 475,603 (241,390) 854,760 (560,012)

Others (211,335) 135,384 - -

Recovery/Loss of assets (1,668) 20,242 - -

Gross value added 310,300 351,470 1,323,538 1,354,964

Retentions (43,663) (39,181) (152,580) (125,764)

Depreciation, amortization and depletion (43,663) (39,181) (152,580) (125,764)

Net value added produced 266,637 312,289 1,170,958 1,229,200

Transferred value added received 8,641 21,290 50,927 95,542

Financial income 8,641 21,290 50,927 95,542

Total value added to be distributed 275,278 333,579 1,221,885 1,324,742

Distribution of value added 275,278 333,579 1,221,885 1,324,742

Personnel 146,445 138,749 556,594 501,438

Taxes, fees and contributions 66,131 77,199 304,343 311,289

Debt remuneration 64,301 99,115 276,220 366,760

IOC and dividends - 38,143 - 38,143

Non-controlling interest (195) (52) (464) (200)

Retained profits (1,404) (19,575) 85,192 107,312


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STATEMENT OF CHANGES IN SHAREHOLDER´S EQUITY

10/01/2012 to 31/12/2012

Capital Reserve Retained earnings Other

Description Paid-In Granted options and accumulated comprehensive Equity Non-controlling Consolidated

Capital treasury shares losses income interest equity

Opening balances 2,234,135 47,705 257,818 86,596 1,728 2,627,982 -784 2,627,198

Adjusted opening balances 2,234,135 47,705 257,818 86,596 1,728 2,627,982 -784 2,627,198

Shareholders capital transaction 0 466 1,857 -20,233 0 -17,910 0 -17,910

Recognized options granted 0 466 0 0 0 466 0 466

Dividends 0 0 1,857 -20,233 0 -18,376 0 -18,376

Total comprehensive income 0 0 0 -1,404 0 -1,404 1,166 -238

Net income for the period 0 0 0 -1,404 0 -1,404 -195 -1,599

Other comprehensive income 0 0 0 0 0 0 1,361 1,361

Non-controlling interest 0 0 0 0 0 0 1,361 1,361

Internal Changes in Equity 0 0 63,258 -64,959 -157 -1,858 0 -1,858

Legal Reserve and retained earnings 0 0 64,690 -64,690 0 0 0 0

Additional Proposed Dividend 0 0 -1,589 -269 0 -1,858 0 -1,858

Depreciation of the deemed cost 0 0 157 0 -157 0 0 0

Closing balances 2,234,135 48,171 322,933 0 1,571 2,606,810 382 2,607,192

01/01/2012 to 12/31/2012Capital Reserve Retained earnings Other

Description Paid-In Granted options and accumulated comprehensive Equity Non-controlling Consolidated

Capital treasury shares losses income interest equity

Opening balances 2,234,135 46,810 259,204 0 2,199 2,542,348 -328 2,542,020

Adjusted opening balances 2,234,135 46,810 259,204 0 2,199 2,542,348 -328 2,542,020

Shareholders capital transaction 0 1,361 0 -20,233 0 -18,872 0 -18,872

Recognized options granted 0 1,361 0 0 0 1,361 0 1,361

Dividends 0 0 0 -20,233 0 -20,233 0 -20,233

Total comprehensive income 0 0 0 85,192 0 85,192 710 85,902

Net income for the period 0 0 0 85,192 0 85,192 -464 84,728

Other comprehensive income 0 0 0 0 0 0 1,174 1,174

Non-controlling interest 0 0 0 0 0 0 1,174 1,174

Internal Changes in Equity 0 0 63,729 -64,959 -628 -1,858 0 -1,858

Legal Reserve and retained earnings 0 0 64,690 -64,690 0 0 0 0

Additional Proposed Dividend 0 0 -1,589 -269 0 -1,858 0 -1,858

Depreciation of the deemed cost 0 0 628 0 -628 0 0 0

Closing balances 2,234,135 48,171 322,933 0 1,571 2,606,810 382 2,607,192

- 184- 158 - 157- 183- 180- 363-

earnings release - 4q12

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