Post on 14-Apr-2018
7/30/2019 Earnings Results Presentation - 1Q13
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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 Relationsir@dasa.com.br
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.
7/30/2019 Earnings Results Presentation - 1Q13
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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