4Q15 Presentation

8/19/2019 4Q15 Presentation

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Carlos de BarrosCFO and IR Officer

[email protected] 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

Documents

4Q15 Presentation