earnings results presentation - 1q13

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  • 7/30/2019 Earnings Results Presentation - 1Q13

    1/19

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    1st Quarter Earnings

    ResultsDASA announces Gross Revenue of R$

    640.4 million and Operating Cash Flow of

    R$ 43.3 million

    Romeu Crtes Domingues

    ChairmanDickson Esteves Tangerino

    CEOCynthia May Hobbs

    CFOOctvio Fernandes

    VP of OperationsEmerson Leandro Gasparetto

    Director of ImagingPaulo Bokel

    Investor [email protected]

    Tel: (011) 4197-5410Fax: (011) 4197-5516

    www.dasa3.com.br

    TELECONFERENCES

    PortugueseDate: 05/14/13 | Hour: 10h00 (Braslia)

    Tel.: 11 2188-0155 | Password: DASA

    EnglishDate: 05/14/13 | Hour: 12h00 (Braslia)

    Phone: 1(412)317-6776 | Password:DASA

    DASA ONBovespa: DASA3

    Most recent quotation:05/14/13: R$ 11.46

    Average daily trade volume1Q13:

    R$ 29.8 millionMarket value:

    R$ 3.6 billionUS$ 1.8 billion

    Free Float: 97.2%

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    DISCLAIMER

    This document contains forward lookingstatements that can be identified by words likehope, plan, expect, believe, seek,estimate and similar words. The information inthis presentation regarding forward lookingstatements of the Company, including businessprospects, and operating, financial, and growthprojections are only predictions based on

    management expectations regarding futureperformance. These estimates are highlydependant on the performance of the Brazilianeconomy, industry and international marketcondiitions. Therefore, they are subject to

    change.

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    1Q13 HIGHLIGHTS AND RECENT FACTSGrowth

    GROSS REVENUE reached R$ 640.4 million in 1Q13 6 NEW PSCs in 1Q13, 1 MEGA unit

    2 PSCS REMODELING delivered in 1Q13, and 13 work in progress

    2 NEW MRIs in the quarter

    BEGINNING OF CONTRACTS with Hospital Unimed in Rio de Janeiro and with Hospital

    Braslia, both in 1Q13

    Quality

    DASA Doctors ministered 35 LECTURES at the So Paulo radiology journey

    Participation in the CONGRESS OF INTERNATIONAL SOCIETY OF MAGNETIC RESONANCE -

    Seattle (USA) - April 2013 Inauguration of the LARGEST CONVEYOR BELT OF THE WORLD in our Central Lab in Rio de

    Janeiro, 100% automated

    OPENED, in March 2013, the third unit of Alta Exclencia Diagnstica in So Paulo

    INOVA, on schedule (20% of revenue implanted)

    Return for the shareholder EBITDA of R$ 99.1 million in 1Q13

    OPERATING CASH FLOW of R$ 43.3 million in 1Q13

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    Gross revenue reached R$ 640.4 MILLION in 1Q13, a growth of5.1%

    GROSS REVENUE (R$ MILLION)

    Working Days 2012 x 2013

    60

    63

    66

    62

    63

    60

    64

    58

    1Q 2Q 3Q 4Q

    Working Days 2013 Working Days 2012

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    MORE COMPREHENSIVE imaging mix increasing average value perrequisition

    Call center impacted the IMAGE growth

    Clinical Analysis volume impacted by return ofPAYERS

    GROSS REVENUES (R$ MILLION) AVERAGE REVENUE PER REQUISITION

    AND VOLUME (MILLIONS)

    PATIENT SERVICE CENTERS

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    MRI Magnetic Ressonance CT- Computed Tomography

    * Number of available Slots and % Schedule Occupancy in 100 basis

    SP TECHNOLOGY COMPLEX NEWEQUIPMENT PERFORMANCE

    Month 1 Month 2 Month 3 Month 4 Month 5 Month 6

    % Occupancy New Equipment % Occupancy rate (2012/13)

    Image product mix (percentage of Gross Revenues): Ultrasound (32%), CT and MRI (35%),others (33%)

    End of 2012:

    Increased demand for Ultrasound doctors

    Reduction of Ultrasound agenda

    Impact on Gross Revenue and call center

    Conducted review of remuneration and career path of Ultrasound physicians

    Growth recovery of Ultrasound has already evidenced

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    HOSPITALS

    GROWTH of 12.5% in 1Q13 even with the cancellation of 7 Hospitals

    Focus on INCREASING PROFITABILITY

    NEW CONTRACTS already in operation in 1Q13:Hospital Unimed RJ andHospital Braslia

    GROSS REVENUES (R$ MILLION) AVERAGE REVENUE PER REQUISITION

    AND VOLUME (MILLIONS)

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    Increase in the number ofREQUISITIONS (+ 7.3%) and in revenue (+ 7.5%)

    Focus on MAXIMIZING PROFITABILITY

    Performance B2B

    LAB-TO-LAB

    GROSS REVENUES B2B (R$ MILLION)

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    CANCELLATION of less profitable contracts

    PUBLIC HOSPITALS AND CLINICS

    GROSS REVENUES (R$ MILLION)

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    COSTS

    PERSONNEL: not replacing employees in January and February

    MATERIALS: productivity improvement SERVICES AND UTILITIES: doctors fees, data link (redundancy to

    increase reliability) and occupancy costs

    1Q13 4Q12 1Q12 1Q13 4Q12 1Q12 1Q13 x

    4Q12 %

    1Q13 x

    1Q12 %

    Personnel111.2 119.7 106.6 19.1% 21.9% 19.1% -7.1% 4.3%

    Materials 100.5 95.7 98.1 17.3% 17.5% 17.6% 5.0% 2.5%

    Services and Utilities 156.9 163.7 130.9 27.0% 29.9% 23.5% -4.2% 19.9%

    General 6.2 7.4 5.1 1.1% 1.3% 0.9% -16.0% 20.8%

    Cost of Services Cash 374.8 386.5 340.7 64.4% 70.6% 61.2% -3.0% 10.0%

    Depreciation and amortization 27.8 27.8 19.6 4.8% 5.1% 3.5% 0.0% 42.2%

    Cost of Services 402.6 414.3 360.2 69.2% 75.7% 64.7% -2.8% 11.8%

    In R$ Million 1Q13 vs1Q12% of Net Revenues

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    CLINICAL COST ANALYSIS, PRODUCTIVITY AND

    GROWTH 1Q13

    100%

    108%

    151%

    167% 168%

    100% 106%

    108% 121% 122%

    100%

    94%

    105%

    94% 95%

    2009 2010 2011 2012 1Q13

    Productivity (test/employee)

    Growth (Tests)

    Total unit cost

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    ACCOUNTING EBITDA (R$ MILLION)

    EBITDA

    Margin

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    OPTIMIZED FISCAL BENEFIT expected after the incorporation of MD1

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

    IR/CSLL

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    (1) Index coverage = BDP balance/ expired > 120 days

    RECEIVABLES

    Unbilled services Average collection period

    Provision rule

    91 to 120 days 25%

    121 to 180 days 50%

    181 to 360 days 75%

    More than 361 days 100%

    R$ million 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

    Accounts receivable 399.7 385.5 409.7 398.0 423.7 415.9 432.4 376.8 448.2Past due 0-90 59.7 71.1 85.0 74.7 74.3 78.0 87.2 94.8 79.5

    Past due 91 - 120 8.2 12.2 11.3 10.1 10.7 10.8 8.3 16.1 14.1

    Past due (more 84.9 83.3 92.4 111.2 111.2 113.8 117.6 119.9 118.8

    Provisions (84.2) (71.7) (75.1) (103.9) (102.7) (106.1) (105.5) (109.2) (107.7)

    Total Rec. 466.2 481.7 523.3 490.1 517.1 512.4 540.0 498.5 552.9

    Coverage Index 99.1% 86.1% 81.3% 93.4% 92.4% 93.2% 89.7% 91.1% 90.7%

    84.5

    81.6

    84.483.8

    85.6

    1Q12 2Q12 3Q12 4Q12 1Q13

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    259.6

    (132.6)

    (976.3)

    (849.3)

    Debt Composition(R$ million)

    Cash and Cash Equivalents

    Debt Short Term

    Debt Long Term

    Net Debt*

    Operating cash flow is POSITIVE

    Stable NET DEBT compared 4Q12

    BALANCE SHEET MANAGEMENT

    (*) Methodology adopted by fiduciary agent

    Management Cash Flow (R$ Million) 1Q13

    Accounting EBITDA 99.1

    Operacional working capital (48.7)

    Other working capital accounts 21.2

    Financial expenses (21.0)Income tax (7.3)

    Operational cash flow 43.3

    Capex (42.0)

    Free Cash Flow 1.3

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    ROIC (*)

    (*) Considering current EBITDANOPAT LTM/mean(working capital + intangible assets + fixed assets value for Exchange of shares of DASA and MD1)34% effective rate of Income Tax

    ROIC is IMPACTED inthe short term by theINCREASED CAPEX

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    Capex 1T13

    1Q13: 2 MRI, 6 NEW PSCs

    R$ 42.0 MM in 1Q13

    CAPEX

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    STRATEGIC PILLARS

    First 12 months

    Next 3 years

    Knowledgeand

    Stabilization

    Survey of priorities

    CAPEX Execution

    Call Center

    Turnover

    Inova

    Growth withProfitability

    Technology

    Service Quality

    Culture

    Organic growth knowledge

    Training

    Management of capitalemployed