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8/12/2019 Earnings Relesease 4Q13
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TELECONFERENCES Portuguese
Date: 03/25/2014| Hour: 10h00 a.m. (Braslia Time)Phone: 11 2188-0155 | Password: DASA
EnglishDate: 03/25/2014| Hour: 12h00 p.m. (Braslia Time)
Phone: 1(412) 317-6776| Password: DASA
Romeu Cortes Domingues Chairman
Dickson Esteves Tangerino CEO
Octvio FernandesVP of Operations
Paulo Bokel CFO and Investor Relations Officer
Emerson Gasparetto
Director of [email protected] Phone.: (05511) 4197-5410
Fac Smile: (05511) 4197-5516www.dasa3.com.br
4t QUARTERAND 2013 RESULTS
DASA announces growth of 14.0% in4Q13 and of 10.2% in 2013
Gross Revenue of R$688.7 million in4Q13 and R$2,744.4 million in 2013
EBITDA Margin of 18.0% in 4Q13 and17.8% in 2013
DASA ONBovespa: DASA3
Last Quoted price:R$14.70Average daily trade volumeR$18.8 Million in 4Q13
Market valueR$ 4.6 billionUS$ 2.0 billion
Free Float: 25.3%
mailto:[email protected]:[email protected]://www.dasa3.com.br/http://www.dasa3.com.br/mailto:[email protected]8/12/2019 Earnings Relesease 4Q13
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4th QUARTER AND 2013 RESULTS
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Barueri, March 24th, 2014:
Diagnsticos da Amrica S.A. DASA (BOVESPA: DASA3) has announced today the results related to the third quarter of 2013.The companys operational a nd financial information are calculated on a consolidated basis and in million of Reais, based onaccounting practices extracted from the Brazilian Corporate Law, except where stated otherwise. The information hereinrefers to the Companys performance in the fourth quarter of the year 2013, compared to the fourth quarter of the year 2012,except where stated otherwise.
In this quarter, DASA reached a gross revenue of R$ 688.7 million with a 14.0% growth incomparison to 4Q12. The total gross revenue in 2013 was R$ 2.744,4 million, a 10.2% increasecompared to 2012. Fourth-quarter revenue was strongly impacted by the higher number ofbusiness days, which increased by 6.9% from 58 days in 4Q12 to 62 days.
The outpatient market reached a gross revenue of R$ 508.5 million in 4Q13 with a 14.5% growthwhen compared to 4Q12, representing 73.8% of DASAs total gross revenue. In 2013 the grossrevenue reached R$ 2.007,6 million, with a 9.5% growth when compared to 2012, representing73.2% of DASAs total grss revenu e.
The hospital Market gross revenue reached R$ 66.0 million in the 4Q13, with 12.6% increasewhen compared to 4Q12, equivalent to 9.6% of DASAs total revenue . In 2013, gross revenuereached R$ 266.8 million, with 14.4% increase when compared to 2012, equivalent to 9.7% ofDASAs total revenue .The lab-to-lab market ended the quarter with 5,041 customers serviced in the Country. Thegross revenue of this market expanded by 26.7% in the 4Q13, reaching R$ 73.4 million, whichrepresents 10.7% of DASAs total revenue. In 2013 the gross revenue expanded by 18.6%compared to 2012, reaching R$288,0 million, which represents 10.5% of DASAs total revenue .
The public market reached gross revenue of R$ 40.8 million in 4Q13, an decrease of 6.7%,which represents 5.9% of the total revenue of DASA. In 2013, the gross revenue reached R$182.0 million in 2013, an increase of 1.0% compared to 2012, which represents 6.6% of thetotal revenue of DASA.
Financial performance highlights
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Revenue per business (R$ million) - Markets
Revenue per Line of Service (R$ million) Clinical Analysis X RID
The revenue of the same units (PSC) grew by 12,0% in the 4Q13 as compared to the 4Q12 and8.4% in 2013.
The gross revenue per working day reached R$ 11.1 million in the 4Q13, an increase of 6.6%compared to 4Q12. In 2013, the gross revenue per working day increased 7.6%, reaching R$10.9 million.
We ended the quarter with 519 units, of which 63 are hospital units.
In 4Q13, EBITDA amounted R$ 113.0 million, compared to R$ 73.5 million in 4Q12,representing 18.0% of net revenue. In 2013, EBITDA amounted R$ 443.6 million, anincrease of 8.9% compared to R$ 407.3 million in 2012, representing 17.8% of netrevenue.
444.0 508.5
58.7
66.057.9
73.443.7
40.8
4Q134Q12
Outpatient Inpatient Lab to Lab Public Sector
7.2%9.6%
14.0%
26.7%
14.5% 73.8%
10.7%604.3
73.5%
5.9%-6.7%
688.7
9.6%
9.7%12.6%
1.833,72.007,6
233.3266.8242.7
288.0180.2
182.0
2012 2013
Outpatient Inpatient Lab to Lab Public Sector
7.2%
9.7%
10.2%
18.6%
9.5%
2,490.0
73.6%
1.0%
2,744.4
9.4%14.4%
6.6%
10.5%
73.2%
9.7%
398.2454.9
206.1
233.8
4Q12 4Q13
RID Clinical Analysis
604.3
688.7
14.2%
13.5%
14.0%
65.9%
34.1%33.9%
66.1%1,635.0 1,825.7
855.0918.7
2012 2013
RID Clinical Analysis
2,490.0
2,744.4
11.7%
7.5%
10.2%
65.7%
34.3%33.5%
66.5%
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4th QUARTER AND 2013 RESULTS
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CAPEX investments in 4Q13 totaled R$ 42.6 million. These investments were directed to: (i)development and deployment of production systems and services and renovation of technology,(ii) the acquisition, renovation and expansion of existing units and (iii) purchase of imagingequipment. In 2013 CAPEX investments totaled R$ 144.3 million.
Highlights 4Q13 4Q12 % 2013 2012 %Total Gross Revenue (R$ MM) 688.7 604.3 14.0% 2,744.4 2,490.0 10.2%Outpatient Revenue (R$ MM) 508.5 444.0 14.5% 2,007.6 1,833.7 9.5%Hospitals Revenue (R$ MM) 66.0 58.7 12.6% 266.8 233.3 14.4%Lab-to-lab Gross Revenue 73.4 57.9 26.7% 288.0 242.7 18.6%Public Gross Revenue 40.8 43.7 -6.7% 182.0 180.2 1.0%Working days 62 58 6.9% 251 245 2.4%Gross Revenue (R$ MM) / Working day 11.1 10.4 6.6% 10.9 10.2 7.6%N Total units 519 523 -0.8% 519 523 -0.8%N PSCs 456 452 0.9% 456 452 0.9%N Hospital units 63 71 -11.3% 63 71 -11.3%EBITDA (R$ MM) 113.0 73.5 53.7% 443.6 407.3 8.9%
Ebitda margin 18.0% 13.4% 4.6 p.p 17.8% 18.0% -0.2 p.pNet income (R$ MM) 36.9 -1.6 -2404.0% 131.6 84.7 55.3%CAPEX (R$ MM) 42.6 56.2 -24.2% 144.3 234.4 -38.4%Same Units Sales - Outpatient (%) 12.0% 0.4% 11.5 p.p 8.4% 4.8% 3.6 p.p
38 Papers presented at RSNA 2013 (Radiological Society of North America)
More than 50 papers submitted to the 2014 AACC organizing committeeConstruction of the New Operational Technical Center (Central Lab) in CascavelPNS National Health Survey
Operational highlights
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Mercado Ambulatorial Outpatient Market
The Outpatient market has a revenue of R$ 508.5 million in 4Q13,representing a 14.5% growth as compared to 4Q12. In 2013 theOutpatient market has a revenue of R$ 2.007,6 million in 2013,representing a 9.5% growth as compared to 2012.
Revenue per Line of Service (R$ million) Revenue per brand (R$ million)
Revenue per Line of Service (R$ million) Revenue per brand (R$ million)
We keep on the strategy of refurbishing our units to increase theservice capacity, services offered and comfort in the provision ofthese services, in addition to expand our capillarity in the regions
Financial performance
258.0
296.9
185.9211.7
4Q12 4Q13Clinica l Analysis RID
58.1%
41.9%
444.0
508.5
41.6%
58.4
13.8%
14.5%
15.1% 298.7 332.5
145.3
176.0
4Q12 4Q13Premium and Executive Standard
67.3%
32.7%
444.0
508.5
34.6%
65.4%
21.2%
14.5%
11.3%
1,059.8 1,180.9
774.0
826.8
2012 2013Clinical Analysis RID
57.8%
42.2%
1,833.72,007.6
41.2%
58.8%
6.8%
9.5%
11.4%
1,230.6 1,334.8
603.1672.8
2012 2013
Premium and Executive Standard
67.1%
32.9%
1,833.72,007.6
33.5%
66.5%
11.6%
9.5%
8.5%
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where we operate to support the increase in demand of our currentcustomers, as well as serve new contracts.
In the fourth quarter, clinical analysis revenue grew above theincrease in imaging revenue. On the other hand, in 4Q13 thecompany posted the highest RDI growth in 2013, due to thematuration of investments in RDI in 2012 and 2013.
Average Requisition Price (R$) and Requisition Volume (million)
The increase of the average value per requisition, when comparedwith 4Q12, was R$ 11.80, or 8.8%. This effect is a reflex of a bettermix in RDI, owing to the expansion in the capacity with the changeand installation of new equipment, mainly equipment of CT Scan andMRI, in addition to contract negotiations from payers. Other factorthat contributed to increase the average requisition price was thehigher number of clinical analysis tests per requisition, which hasbeen moving up in the last few months.
It is important to mention that the growth in the average requisition
price has been increasingly higher, also due to by the renegotiationof contracts in the last few quarters, despite the stronger increasein the standard market where the average requisition price is lower.
Hospital MarketThe Hospital market generated revenues of R$ 266.8 million in 2013,which is an increase of 14.4% compared to the previous year. This isexplained due to the initial operation of new hospitals and theincrease of services in our current hospitals.
3.3 3.5 3.8 3.8 3.5
134.5 134.0 133.7138.9
146.3
4Q12 1Q13 2Q13 3Q13 4Q13
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Revenue per Line of Service (R$ million)
Average Requisition Price (R$) and Requisition Volume (million)
The average ticket was positively impacted by new services in ourcurrent hospitals, a greater image mix in the new contracts andoptimizing of hospital base, which has occurred in the last twelve
months and reduced the number of hospitals from 71 in the 4Q12 to63 in 4Q13.
45.8 51.9
12.914.1
4Q12 4Q13Clinical Analysis RID
78.0%
22.0%
58.7
66.0
21.4%
78.6%13.4%
12.6%
9.7%
181.7 206.2
51.6
60.7
2012 2013
Clinical Analysis RID
77.9%
22.1%
233.3
266.8
22.7%
77.3%13.5%
17.5%
14.4%
1.1 1.0 1.1 1.1 1.0 1.0
52.2 56.5 56.364.7 68.9 68.5
3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
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Lab-to-labGross Operational Revenue (R$ million) Performance (R$ million)
The lab-to-lab market ended the 4Q13 with a gross revenue of R$ 73.4million, with a growth of 26.7%, and the equivalent of 10.7% of totalgross revenue. The lab-to-lab market ended the 2013 with a gross
revenue of R$ 288,0 million, with a growth of 18.6%, and the equivalentof 10.5% of total gross revenue.
This business performance is a reflection of the strategy to increase ourcapillarity, by pursuing new customers in our current routes, openingnew routes, improving our product mix, and stronger relationship withlaboratories.
242.7
288.0
2012 2013
18.6%
4,9035,041
49.5
57.1
2012 2013
# of Laboratories Average Revenue/Laboratory (in Th R$)
136
4Q12 x 4Q13 2013 vs. 2012
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Var. % Var.%Revenue (in R$ milions) 59.9 60.6 64.3 57.9 64.4 73.7 76.5 73.4 26.7% 18.6%# of Laboratories 4,811 4,853 4,897 4,903 4,984 5,052 5,033 5,041 2.8% 2.8%
Average Revenue/Laboratory (in Th R$) 12.4 12.5 13.1 11.8 12.9 14.6 15.2 14.6 23.2% 15.4%# of Requisitions (in Million) 3.5 3.5 3.8 3.4 3.7 4.3 4.5 4.2 25.6% 18.0%
# of Requisitions/ laboratory 724 725 779 687 750 850 891 839 22.1% 14.8%Av erag e Revenue/ requis itions ( in R$) 17.2 17.2 16.8 17.2 17.2 17.2 17.1 17.4 0.9% 0.5%
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Public Sector
Gross Operational Revenue (R$ million) Performance
The revenue of the Public market was R$ 40.8 million in this quarter,an decrease of 6.7% when compared to 4Q12. In 2013, the revenueof the Public market was R$ 182,0 million, an increase of 1.0% whencompared to 2012.
We finished the quarter with a total of 28 clients, covering a total of590 collection points (76 Hospital Units and 514 of the OutpatientNetwork).
Payers
An increase in the participation of the Lab-to-lab, Hospitals, HMOand Individuals, can be noticed when analyzing the breakdown ofgross income by payer in 2013 when compared to 2012.
180.2 182.0
2012 2013
1.0%
589 590
305.9308.4
2012 2013
# collecting site Revenue per colleting s ites
1
4Q12 x 4Q13 2013 vs. 2012
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Var.% Var.%Revenue (in R$ millions) 43.8 44.6 48.1 43.7 43.7 47.3 50.2 40.8 -6.7% 1.0%# of Clients 30 30 26 25 24 26 29 28 12.0% 44.0%
# of Units Attended - Inpatient 100 83 93 86 83 86 81 76 -11.6% -11.6%# of Units Attended - Outpatient 522 493 620 503 505 506 510 514 2.2% 2.2%# of Requisitions (in Th.) 1,622 1,755 1,623 1,441 1,507 1,556 1,525 1,543 7.0% -4.8%Revenue per Requisition (R$ Th) 27.0 25.4 29.6 30.3 29.0 30.4 32.9 26.4 -12.8% 6.1%Revenue per colleting sites 70.5 77.4 67.4 74.2 74.3 79.9 84.9 69.1 -6.9% 0.8%# collecting site 622 576 713 589 588 592 591 590 0.2% 0.2%
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Gross Revenue per payer (2012) Gross Revenue per payer (2013)
Taxes on ServicesIn the 4Q13, R$ 40.7 million were recorded as taxes collected over
the services provided, which stands for 5.9% of the gross revenue, inrelation to the 5.8% ratio of taxes recorded in the 4Q12 (R$ 35.3million). In the 2013, R$ 155.8 million were recorded as taxescollected over the services provided, which stands for 5.7% of thegross revenue.
Discounts and DeductionsDiscounts and deductions totaled R$19.6 million in 4Q13,corresponding to 2.8% of gross revenue, versus 3.6% (R$21.6 million)
in 4Q12. In 2013 this line came to R$101.1 million, up by 22.9% year-on-year. There is a downward trend in the amount of deductions,but this reduction was greater in 4Q13, due to a important recoveryfrom a paying source. The reconciliation of net revenue based ongross revenue is presented below:
Others: Includes Clinical Research, Occupational Medicine and OGM
InsuranceHealth Plans
19.4%
Self-InsuredCorporations
14.6%
HMO17.9%
MedicalCooperatives
11.7%Public Services
7.2%Lab-to-lab
9.7%
Individuals8.8%
Hospitals
9.4%
Others1.3%
Insurance HealthPlans20.5%
Self-InsuredCorporations
12.4%
HMO18.9%
MedicalCooperatives
10.5%
Public Services6.6%
Lab-to-lab10.5%
Individuals10.0%
Hospitals9.7%
Others0.9%
4Q12 4Q13 2012 2013 4Q13 x4Q12 %
2013 x2012 %
Gross revenue 604.3 688.7 2,490 2,744.4 14.0% 10.2%
Taxes (35.3) (40.7) (143.6) (155.8) 15.3% 8.5%Provision for and losses due todisallowance and default (21.5) (15.6) (76.7) (91.8) -27.3% 19.7%
Discounts (0.0) (4.0) (5.6) (9.4) 11955% 66.3%
Deductions (21.6) (19.6) (82.3) (101.1) -9.0% 22.9%
Net revenue 547.4 628.4 2,264.1 2,487.5 14.8% 9.9%
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market its main cost is material and logistics, as it does not havecollection unit, but only the processing of tests.
1) Personnel costs recorded dilution, from 21.9% of net revenue in 4Q12to 20.0% in 4Q13. In the quarterly comparison, this line grew by 5.3%,below the periods inflation, du e to the cost control measuresimplemented by the company.
Cost of Services Cash 2013 versus 2012
Cost of Services Cash 4Q13 versus 4Q12
4Q13 3Q13 4Q12 4Q13 3Q13 4Q12 4Q13 x
3Q13 % 4Q13 x
4Q12 %Personnel 126.0 125.8 119.7 20.0% 19.5% 21.9% 0.1% 5.3%Materials 113.8 116.2 95.7 18.1% 18.0% 17.5% -2.1% 18.9%Services and Utilities 167.9 165.2 163.7 26.7% 25.6% 29.9% 1.6% 2.5%
General 7.3 6.6 7.4 1.2% 1.0% 1.3% 11.8% -0.4%Cost of Services Cash 415.0 413.8 386.5 66.0% 64.0% 70.6% 0.3% 7.4%Depreciation and amortization 26.2 22.9 27.8 4.2% 3.5% 5.1% 14.4% -5.8%Cost of Services 441.2 436.7 414.3 70.2% 67.6% 75.7% 1.0% 6.5%
In R$ Million Variation %% of Net Revenues
2013 2012 2013 2012 2013 x2012 %
Personnel 481,6 457,7 19,4% 20,2% 5,2%
Materials 441,3 402,5 17,7% 17,8% 9,7%
Services and Utilities 664,0 587,1 26,7% 25,9% 13,1%
General 26,5 23,6 1,1% 1,0% 12,0%
Cost of Services Cash 1.613,4 1.470,9 64,9% 65,0% 9,7%
Depreciation and amortization 101,2 94,1 4,1% 4,2% 7,6%
Cost of Services 1.714,6 1.564,9 68,9% 69,1% 9,6%
In R$ Million % of Net Revenues Variation %
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2) Despite the growth in the number of exams concentrated in the Lab-to-lab market, where the ratio of cost of material cost versus theprice of the exam is much higher when compared to the outpatientmarket, the cost of materials was stable in relation to the revenuegrowth in 4Q13, compared to 4Q12, due to higher growth andproductivity gains.
3) In the services and utilities line there was a decrease as percentage ofNet Revenue when compared to 4Q12. This account registers theoccupancy cost of the service units, medical services in preparingreports from imaging exams, data links, expenses fromrepresentatives from lab-to-lab, and other occupancy costs. In 4Q13over 4Q12, the company posted a 2.5% increase, below the inflation,influenced by the renegotiation of contracts in 2013.
4) The General expenses line remained practically stable compared to4Q13. This line accounts for spending on miscellaneous fees,insurances, representation expenses and freight. The freight waspressured by the strong growth in Lab-to-lab.
Cash Gross ProfitIn the 4Q13, the cash gross profit was R$ 213.4 million, a 32.6%increase in relation to 4Q12, and the cash gross margin of the periodreached 34.0%, compared to 29.4% in 4Q12. In 2013, the cash grossprofit was R$ 874.1 million, a growth of 10.2% compared to 2012. Thegross margin in the period reached 35.1% in 2013, compared to 35.0%in 2012.
Operating ExpensesBelow, the main variations in the cash operating expenses lines as aportion of the net revenue, in relation to the previous year, aredescribed:
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EBITDA 2013 and 4Q13
18.0% 17.8%
0.9% 0.0%
-0.8% 0.0% -0.3%
EBITDA 2012 Personnnel Materials Services andUtilities
General SG&A EBITDA 2013
73.5
99.1110.8
120.7113.013.4%
17.0% 17.6% 18.7% 18.0%
4Q12 1Q13 2Q13 3Q13 4Q13
Ebitda Ebitda Margin
13.4%
18.0%
1,8%
-0,6%
3,2% 0,2% 0,0%
EBITDA 4Q12 Personnnel Materials Services and
Utilities
General SG&A EBITDA 4Q13
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Other Financing Expenses: Interest expenses from external bonds,interest on lease agreements in foreign and/or local currency,working capital and other loan expenses.
Other: The amounts making up this line are: bank expenses; creditcard fees; notary office fees; financial discounts granted tocustomers; restatement of contingencies; Tax on FinancialTransactions (IOF); exchange gains/losses on lease agreements;hedging cost (swap); income tax paid on remittance of interestabroad; and other expenses not related to interest on loans andfinancing. In 4Q13, DASA was positively impacted by the financialgain from a reversal of an ICMS provision totaling R$5.3 million. In2013, the effect of ICMS reversal was R$ 17.3 million.
Income Tax and Social Security ContributionThe total income tax and social contribution presented in the 4Q13 abalance of R$ 17.7 million. R$ 10.3 million was current and R$ 7.4million was deferred. The total income tax and social contribution in
2013 was R$ 71.3 million, R$ 37.2 million was current and R$ 34.1million was deferred.
Net ProfitIn the 4Q13, the net profit was R$ 36.9 million, as compared to aloss of R$ 1.6 million in the previous year. In the 2013, the net profitwas R$ 131.6 million, as compared to R$ 84.7 million in the previousyear, an increase of 55.3%.
Goodwill to be compensated in next years (Thousand R$)We emphasized that we continue to benefit from the tax crediteffect in the amortization of the capital in excess of theincorporated companies, as the table below:
Year Goodwill2014 277,254
2015 205,723
2016 199,613
2017 196,355
2018 189,621 2019 158,017
Total 1,226,583
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In 4Q12, we began to amortize Cytolabs and Dasa BrasilParticipaess (Previlab) goodwill, due to the incorporation ofCytolab by Dasa, on November 30, 2012, and the incorporation ofDasa Brasil Participaes by Previlab, on December 31, 2012.
Cash taxWe shall continue to make the most of the goodwill on previousacquisitions and, as from November 2011, the goodwill of theincorporation of MD1. The value of Cash tax was R$ 28.8 million.
* Withholding tax (current): Originally from financial income and withholding of gross revenue
35.2%
18.4%
34.0%
1.2%
30%
-47.2%
Income Tax Rate permanentsadjustements in
tax books
Income Taxes(Financial
Statements)
Tax Loss/Other GoodwillCompensation
Withholding tax(current)/
Income taxescash*
2 0 1 3
32.5%
18.9%
34.0%
-1.5%
30.4%
-43.9%
Income Tax Rate permanentsadjustements in
tax books
Income Taxes(Financial
Statements)
Tax Loss/Other GoodwillCompensation
Withholding tax(current)/
Income taxescash*
4 Q 1 3
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Net income considering effective tax rateOf the net profit, we have adjusted the exchange rate effects andDeferred Income Tax/Capital in excess, totaling Cash Earnings ofR$ 164.7 million in 2013.
* Adjusted by the rate of 34% of Income Tax/ Social Contribution
DASA net debt totaled R$ 866.2 million in 2013. About 71.5% ofDASAs total gross indebtedness is l ong term and 5.7% aredenominated in foreign currency. The bank loans are the mainlyform the debt in foreign currency. The national currency debts arelargely related to the debentures.
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 usedby the fiduciary agent.
Covenants dec/13 dec/12
1) Net Debt / Ebitda 1.95 2.082) Ebitda / Financial Result 5.12 3.58
Breakdown of net indebtedness
Indebtedness
R$ Million1Q12 2Q12 3Q12 4Q12 2012 1Q13 2Q13 3Q13 4Q13 2013
(=) Net Profit 36.4 23.1 26.8 (1.6) 84.7 23.6 35.2 36.0 36.9 131.6 Fx variances/ MTM* 0.2 0.9 0.2 0.4 1.7 (0.1) (0.5) (0.1) (0.3) (1.0) ( + / - ) Deferred Income Tax + Goodwill 11.5 5.1 4.8 (11.6) 9.8 3.8 8.7 14.2 7.4 34.1 (=) Net income considering effective tax rate 48.1 29.2 31.7 (12.9) 96.2 27.2 43.4 50.0 44.0 164.7
R$ Millions 4Q13 4T12
Short Term (420.8) (119.8)Domestic Currency (340.7) (105.1)
Foreing Currency (80.0) (14.7)
Long Term (1,054.3) (987.8)Domestic Currency (1,050.9) (919.0)
Foreign Currency (3.4) (68.8)
Total ST + LT (1,475.1) (1,107.6)
Cash and Cash equivalent 608.9 260.5
Domestic cu rrency 535.4 228.5
Foreing currency 73.4 32.0
Net Debt (866.2) (847.1)
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Cash Flow Analysis (R$ million)We have detailed under this section the main variations in the cashflow statement.
(*) We did not consider the payment on demand of ICMS/SP debits in the amount of R$69.5 million inthe 2013 results. The reversal of ICMS tax totaling R$5.1 million was also not considered in the 4Q13and 2013 results.
(**) The financial gain with the payment on demand of ICMS/SP debits in the amount of R$12.0 millionwas not considered in the 2013 results. The financial gain with the reversal of ICMS totaling R$ 5.3million was not considered in the 4Q13 and 2013 results.
In 2013 our Capex was lower than operational cash flow, as planned.
The average collection period keep stable in 82.9 days.The provision rule is show in the table below:
Provision rule
91 to 120 days 25%121 to 180 days 50%181 to 360 days 75%More than 361 days 100%
RECEIVABLES
Management Cash Flow (R$ Million) 4Q13 2013Accounting EBITDA 113.0 443.6
Operacional working capital 5.4 (90.6) Other working capital accounts* (50.2) (8.3) Financial expenses (25.5) (103.9) Income tax (8.8) (28.8)
Operational cash flow 34.0 211.9Capex (42.6) (144.3)
Free Cash Flow (8.7) 67.6
R$ million 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13Accounts receivable 398.0 423.7 415.9 432.4 376.8 448.2 467.2 480.7 452.1Past due 0-90 74.7 74.3 78.0 87.2 94.8 79.5 80.2 84.0 93.9Past due 91 - 120 10.1 10.7 10.8 8.3 16.1 14.1 9.6 13.7 13.5
Past due (more 111.2 111.2 113.8 117.6 119.9 118.8 109.4 91.5 80.2Provisions (103.9) (102.7) (106.1) (105.5) (109.2) (107.7) (95.0) (77.3) (67.5)Total Rec. 490.1 517.1 512.4 540.0 498.5 552.9 571.3 592.6 572.2Coverage Index 93.4% 92.4% 93.2% 89.7% 91.1% 90.7% 86.9% 84.5% 84.2%
**
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(1) Index coverage = BDP balance/ expired > 120 days
Average collection period (days)
The investments in CAPEX in 4Q13 totaled R$ 42.6 million, 24.2% lowerthan the same period in 2012. In 2013 the CAPEX totaled R$ 144.3million, 38.3% lower than 2012. The investments were directed mostlyto: (i) development and deployment of production systems and services
Investments
ROIC
NOPAT LTM/mean(working capital + intangible assets + fixed assets value for Exchange of shares of DASA and MD1)34% effective rate of Income Tax
84 5
81 6
84 4
83 8
85 6
82 4
84 4 82 9
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
9.1%
7.8%7.6%
8.3%
10.4%
2012 1Q13LTM
2Q13LTM
3Q13LTM
2013
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and renovation of technology, (ii) the acquisition, renovation andexpansion of existing units and (iii) purchase of imaging equipment.
Below is summarized the investments made in expansion andrefurbishing of PSCs, besides new PSCs.
DASA shares closed 2013 at R$ 14.56, accumulating a increase of10.4% in the quarter, versus 15.5% decrease of the Ibovespa. Overthis period , DASA shares were transacted on 100% of Bovespas
CAPEX (R$ milion) Breakdown CAPEX 2013
Capital market
PSCs EXPANSION
192.5
234.0
144.3
73.0
41.3 49.3 29.155.8
31.4
56.242.6
2011 2012 2013 1Q12 1Q13 2Q12 2Q13 3Q12 3Q13 4Q12 4Q13
InformationTechnologyR$ 61.0 MM
Opening andExpansion of
PSCs
R$ 39.7 MM
EquipmentR$ 43.4 MM
OtherR$ 0.3 MM
42.2%
30.0%
27.5% 0.2%
2011 2012 1Q13 2Q13 3Q13 4Q13 2013
Opening of PSCs 9 22 6 1 2 2 11
Standard 7 21 5 1 2 2 10
Mega 2 1 1 0 0 0 1
Refurbishing/expansion of PSCs 45 30 17 17 18 29 81
Tomography installation 10 7 - 1 1 0 2
MRI installation 5 10 2 2 2 1 7
Total equipment 15 17 2 3 3 1 9
Ongoing Refurbishing - 2 13 10 6 21 21
Completed Refurbishing 30 11 2 4 9 7 22
Other refurbishing 30 13 15 14 15 28 43
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Source: Bloomberg
Closing of public offer - Fourth issuance of debentures approval
DASA gives notice to its shareholders and to the market in general of the
closing, at October 17, 2013, of the public offering with restricteddistribution efforts of non-convertible, unsecured debentures of thefourth issuance of DASA (Debentures). 45,000 (forty five thousand)Debentures were subscribed, with a 5-year term from the date of theissuance, hence with maturity date at October 15, 2018, on the totalamount of R$450,000,000.00 (four hundred and fifty million BrazilianReais). The covenants are: (i) Net Debt/ Ebitda need to be less than 3.0,and (ii) EBITDA / Net Financial Expenses need to be more or equal to2.0.
Approval with restrictions: CADE MD1
In December 4, 2014, the Brazilian Antitrust Agency ("CADE") approved,within the proceedings of Merger Review No. 08012.010038/2010-43, theacquisition of MD1 Diagnsticos S.A, closed on Januery 5, 2011,with therestrictions consolidated in the Performance Commitment Term ("TCD",in the Portuguese acronym) entered into by and between the Companyand CADE.
Election of the IT Director and changes to executive officersresponsibilities
On December 16, 2013, t he Companys Board of Directors approvedthe election of Mr. Carlos Roberto Katayama for the position of ITDirector, with mandate unified with the other executive officers,until the Annual Shareholders Meeting that approves the results ofthe fiscal year ended December 31, 2015. In addition, it was alsoapproved the change of the name of the position of Accounting andInfrastructure Director to Receivables and Accounting Officer, who
will accumulate, in addition to his responsibilities, the receivablesarea. The infrastructure area, previously managed by the Accounting
Highlights of the quarter
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and Infrastructure Director, will be of responsibility of the VP ofOperations.
Disclosure of CADEs vote regarding MD1
On February 10, 2014, the Company announced that was notified by
the Brazilian Antitrust Authority ("CADE") about the vote of thereporting commissioner of the Concentration Act No.08012.010038/2010-43 (DASA x MD1), through the publication of thedecision in the Official Federal Gazette (DOU).The public version of sa id vote obtained on CADEs website isavailable at the Company's headquarters and website(www.dasa3.com.br) .
Tender Offer
On December 23, 2013, the Company was informed, under the termsof the Material Fact Notice published on the same date of thevoluntary tender offer to acquire the Companys equity control byCROMOSSOMO PARTICIPAES II S.A. ("Offeror"), to acquire at least82,362,124 (eighty-two million three hundred sixty-two one hundredtwenty-four) shares, which correspond to 26.41% (twenty-six pointforty-one percent) plus 1 (one) share of the Company's capital, to allcommon shares issued thereby, for the share price of R$15.00(fifteen) ("OPA").
On January 22, 2014, the Company was informed by the Offeror thatthe OPA public notice was amended, with the waiver by the Offerorin relation to the condition to acquire equity interest representingthe acquisition of the Companys equity control. This informationwas the subject matter of Material Fact Notice published on January22, 2014. Considering the amendment, the OPA still intended toacquire total common shares issued by the Company, but notconditioned upon acquiring a minimum number of shares to becompleted.
The Brazilian Securities and Exchange Commission ("CVM"), throughMarketable Securities Registration Supervisory Office, disregarded
Highlights of the subsequent quarter
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the referred to amendment produced by the Offeror. After a claimfiled by the Offeror, on January 29, 2014, CVM reported that theclaim was analyzed by its Board, who decided to authorize the OPAauction as "Unified OPA", with (i) Voluntary OPA, under the terms ofitem IV of CVM Ruling No. 361/02; and (ii) OPA for the acquisition ofequity control, under the terms of item V, both of article 2 of thesame ruling.In compliance with item 4.8 of BM&FBOVESPA Mercado Novo ListingRegulation, on January 13, 2014 and on February 6, 2014, theCompanys Board of Directors was favorable to accepting the OPAand Unified OPA, respectively. The Board of Directors pointed outthat the final decision on whether to accept the OPA is theresponsibility of each shareholder. It recommends that alldocuments publicly available be read, and financial, legal and taxadvisers be consulted with before deciding to accept it so as tocheck for legal, exchange and tax implications.In theauction held on February 10, 2014, and in the subsequent 30days, Cromossomo acquired total 150,769,012 shares, which accountfor 48.35% of DASA capital. Interest held by the Offeror, inconjunction with that of its indirect controlling shareholders, Mr.Edson de Godoy Bueno and Ms. Dulce Pugliese de Godoy, accordingto the Material Fact Notice Published by the Offeror on March 12,2014, accounts for 71.94% of DASA capital on that date.On March 11, 2014 the Company was named as defendant inarbitration proceedings filed by Cromossomo in the MarketArbitration Chamber, whose objective is to discuss the requirementof the OPA provided for in the Article No. 45 of the Companys
Bylaws.
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Income statement
R$ million 4Q13 4Q12 % 2013 2012 %
Gross Operating Revenues 688.7 604.3 14.0% 2,744.4 2,490.0 10.2%Deductions (60.3) (56.9) 6.1% (256.9) (225.9) 13.8%
Sales Taxes (40.7) (35.3) 15.3% (155.8) (143.6) 8.5% Discounts (19.6) (21.6) -9.0% (101.1) (82.3) 22.9%
Net Operating Revenues 628.4 547.4 14.8% 2,487.5 2,264.1 9.9%Cost of Services Rendered (441.2) (414.3) 6.5% (1,714.6) (1,564.9) 9.6%
Personnel (126.0) (119.7) 5.3% (481.6) (457.7) 5.2% Materials (113.8) (95.7) 18.9% (441.3) (402.5) 9.7% Services and Utilities (167.9) (163.7) 2.5% (664.0) (587.1) 13.1% General (7.3) (7.4) -0.4% (26.5) (23.6) 12.0% Depreciation and amortization (26.2) (27.8) -5.8% (101.2) (94.1) 7.6%
Gross Profit 187.2 133.1 40.6% 772.9 699.2 10.5%Operating Expenses (112.5) (111.5) 0.9% (483.4) (454.3) 6.4%
General and Administrative (104.9) (109.2) -4.0% (423.5) (403.0) 5.1% Profit Sharing Program (3.9) - NA (25.3) (7.1) 256.1% Other Operating Revenues/ Expenses 8.4 21.8 -61.7% 18.3 24.2 -24.3%
Depreciation and Amortization (12.1) (24.1) -50.0% (52.9) (68.3) -22.6% Net Financial Expenses (20.1) (22.1) -9.0% (86.6) (113.7) -23.8% Operating Earnings 54.6 (0.5) -10042.3% 202.9 131.3 54.6%Income Tax and Social Contribution (17.7) (1.1) 1586.8% (71.3) (46.5) 53.3%Net Income (Loss) 36.9 (1.6) -2404.0% 131.6 84.7 55.3%
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Consolidated balance sheet (R$ thousands) Balance Sheet - R$ thousands 4Q13 3Q13 4Q12 4Q13 3Q13 4Q12
Total Assets 4,691,811 4,351,510 4,272,175 Total equity and liabilities 4,691,811 4,351,510 4,272,175Current 1,438,626 1,112,902 993,438 Current liabilities 730,778 763,190 400,966
Cash and cash equivalents 535,881 222,760 228,519 Current liabilities 65,479 78,562 84,429
Marketable securities 72,980 29,675 31,953 Accounts payable to suppliers 100,942 97,658 44,520
Accounts receivable 566,262 592,556 498,455 Loans and financing 22,386 44,654 30,335
Inventories 59,383 57,536 61,442 Taxes and contributions payable 103,659 122,852 81,191
Recoverable taxes 169,696 175,185 138,462 Salaries, social securi ty charges & vacations payabl 4,293 4,757 4,820
Prepaid expenses 897 1,159 979 Installment payment of taxes 1,689 1,668 1,598
Instrumentos financeiros derivativos 85 - - Accounts payable from acquisit ion of subsidiaries 319,912 332,037 74,485
Other current assets 33,442 34,031 33,628 Debentures 31,255 4 20,235
Dividends and interest on shareholders equity - 126 763
Noncurrent assets 3,253,185 3,238,608 3,278,737 Derivative financial instruments 81,163 80,872 58,590 Long-term receivables 200,517 198,338 214,305
Marketable securities 37,793 39,079 57,635 Noncurrent liabilities 1,252,223 886,007 1,264,017
Deferred tax assets 58,002 59,178 57,002 Long-Term Liabilities 1,252,223 886,007 1,264,017
Other credits 8,371 2,508 3,412 Loans and financing 17,507 27,333 102,877
Prepaid expenses 789 822 982 Installment payment of taxes 24,892 23,549 28,010
Judicial deposits 95,540 96,751 95,274 Deferred tax liabilities 82,211 75,977 47,130
Instrumentos financeiros derivativos 22 - - Provision for contingencies 40,445 55,593 132,251
Investments 786 779 516 Accounts paya ble f rom acqu is iti on of subs idi ar ie s 46, 670 47,873 67,834 Property and Equipment 720,180 692,917 716,474 Debentures 1,036,814 652,105 884,499 Intangible assets 2,331,702 2,346,574 2,347,442 Related parties - - -
Financial instruments derivatives - 37 470
Others 3,684 3,540 946
Total equity 2,708,810 2,702,313 2,607,192 Capital 2,234,135 2,234,135 2,234,135
Capital Reserves 65,427 65,427 65,427
Profit reserves 292,108 323,135 237,741
Equity evaluation adjustment 943 1,100 1,571
Retained Earnings 131,301 94,591 85,192
Stock option plan 2,917 2,027 1,361
Treasury stock (18,617) (18,617) (18,617)
Non-controlling interests 596 515 382
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Statement of cash flows (R$ thousands)
AccountQuartely
10/01/13 to 12/31/13Quartely
10/01/12 to 12/31/12 Year-t o-date 2013 Year-t o-date 2012
Net cash from operating activities 59,936 91,484 254,980 310,421 Cash from operations 105,245 53,483 405,385 378,856 Net income for the period 41,216 (1,404) 131,582 84,728Depreciation and amortization 38,239 43,663 144,795 152,580
Ass esment and Restatement of contingencies 1,932 5,084 14,430 13,016Deferred tax 9,654 (11,628) 34,081 9,778Res tatement of inter es t and ex change v ar iation on loans 39,637 23,483 119,858 107,059Res idual Poper ty and equipment and intangible as sets w r ite of f (4,445) ( 11,148) 4,914 ( 8,448)
Stock option plan 890 466 1,557 1,361PDA net variation (9,799) 3,979 (41,734) 24,713Restatement of interest and exchange variation on finnancial investments (2,772) - (4,098) (6,132)Noncontrolling interest - 1,166 - -
- (178) - 201
Changes in assets and liabilities (36,556) 46,020 (121,556) (44,372) Inc reas e in tr ade ac counts r ec eiv able and other rec eiv ables 30,664 37,786 ( 32,013) ( 33,350)Increase in inventories (1,847) (1,830) 2,059 15,925Increase in other current assets 2,944 24,057 (30,865) (16,905)Decrease (increase) in other non-current assets 2,096 32,374 20,393 6,118Decrease in trade accounts payable (13,083) 10,067 (18,950) 7,788Increase in accounts payable and provisions (57,330) (56,434) (62,180) (23,948)
Other (8,753) (8,019) (28,849) (24,063) Income tax and social contribution paid (8,753) (8,019) (28,849) (24,063)
Caixa Lquido Atividades de Investimento (72,952) (8,371) (174,716) (183,723) Aquisio de ativo imobilizado (36,351) (44,020) (114,460) (208,495) Aquisio de ativo intangvel (6,203) (13,451) (29,858) (29,402) Adio de Investimentos (41,035) - (41,035) (1,937)Recebimento de investimentos 4,106 - 4,106 7,011
Adio de Imobilizado/ Intangvel na incorporao 6,531 49,100 6,531 49,100
Net cash from f inancing activities 326,137 37,016 227,098 (148,124) Loans taken out 447,988 249,383 519,282 294,464Payment of loans (74,616) (162,356) (178,768) (295,351)Dividends and IOC paid - - (20,500) (36,401)Capital payment (47,235) (50,011) (92,916) (110,836)
Increase (decrease) in cash and cash equivalents 313,121 120,129 307,362 (21,426) At beginning of period 222,760 108,390 228,519 249,945 At end of period 535,881 228,519 535,881 228,519
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Statement of added value (R$ thousands)
(=) 1. Revenue 687,799 626,201 2,753,555 2,514,257 1 - Sales of goods, products and services (-) 688,738 604,267 2,744,415 2,489,994 4 - (Reversal of ) allow ance for doubtful accounts (-) (83) 178 (243) (201) 2 - Other revenue (-) (856) 21,756 9,383 24,464
(=) 2. Inputs acquired from third parties 327,238 315,901 1,308,982 1,190,719 2 - Inputs used (+) - - - -
1 - Cost of products, goods and services sold (+) 242,785 475,603 954,526 854,760 4 - Materials, energy, third-party services and other (+) 84,453 53,301 354,456 335,959 3 - Recovery/Loss of assets (+) - (1,668) - - Other - (211,335) - -
3. = (1-2) Gross value added 360,561 310,300 1,444,573 1,323,538
4. Depreciation, amortization and depletion (+) 28,932 43,663 144,795 152,580
5. = (3-4) Net value added produced 331,629 266,637 1,299,778 1,170,958
(=) 6. Transferred value added received 16,750 8,641 91,371 50,927 6.1 Equity pickup (-) - - - 6.2 Financial income (-) 16,750 8,641 91,371 50,927 6.3 Other (-) - - - -
7. = (5+6) Total value added to be distributed 348,379 275,278 1,391,149 1,221,885
(=) 8. Distribution of value added 348,379 275,278 1,391,149 1,221,885 8.1 Personnel (+) 151,110 146,445 606,594 556,594 8.2 Taxes, fees and contributions (+) 89,848 66,131 348,904 304,343 8.3 Debt remuneration (+) 70,563 64,301 304,069 276,220 8.4 IOC and dividends (+) 31,184 - 31,184 20,233 Non-controlling interest (-) 148 (195) 281 (464) 8.5 Retained profits (+) 5,526 (1,404) 100,117 64,959
Quartely10/01/13 to 12/31/13
Year-to -date 2013 Year-to- date 2012AccountQuartely
10/01/13 to 12/31/13
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Statement of changes in shareholders equity (R$ thousands)
01/01/2012 to 12/31/2012Paid-In Capital Reserve Profit Retained earnings Other Non-controlling Consolidated
Description Capital Granted options and Reserves accumulated comprehensive Equity interest equitytreasury shares losses income
Saldos Iniciais 2,234,135 46,810 259,204 0 2,199 2,542,348 -328 2,542,020
Saldos Iniciais Ajustados 2,234,135 46,810 259,204 0 2,199 2,542,348 -328 2,542,020
Transaes de Capita l com os Scios 0 1,361 0 -20,233 0 -18,872 0 -18,872
Opes Otorgadas Reconhecidas 0 1,361 0 0 0 1,361 0 1,361
Dividendos 0 0 0 -20,233 0 -20,233 0 -20,233
Resultado Abrangente Total 0 0 0 85,192 0 85,192 710 85,902
Lucro Lquido do Perodo 0 0 0 85,192 0 85,192 -464 84,728
Outros Resultados Abrangentes 0 0 0 0 0 0 1,174 1,174
Participao de no Controladas 0 0 0 0 0 0 1,174 1,174
Mutaes internas do patrimnio Lquido 0 0 63,729 -64,959 -628 -1,858 0 -1,858
Constituio de reservas 0 0 64,690 -64,690 0 0 0 0
Dividendos Adicionais Propostos 0 0 -1,589 -269 0 -1,858 0 -1,858Depreciao do custo atribudo 0 0 628 0 -628 0 0 0
Saldos Finais 2,234,135 48,171 322,933 0 1,571 2,606,810 382 2,607,192
10/01/2012 to 12/31/2012Paid-In Capital Reserve Profit Retained earnings Other Non-controlling Consolidated
Description Capital Granted options and Reserves accumulated comprehensive Equity interest equitytreasury shares losses income
Saldos Iniciais 2,234,135 47,705 257,818 86,596 1,728 2,627,982 -784 2,627,198
Saldos Iniciais Ajustados 2,234,135 47,705 257,818 86,596 1,728 2,627,982 -784 2,627,198
Transaes de Capita l com os Scios 0 466 1,857 -20,233 0 -17,910 0 -17,910
Opes Otorgadas Reconhecidas 0 466 0 0 0 466 0 466
Dividendos 0 0 1,857 -20,233 0 -18,376 0 -18,376
Resultado Abrangente Total 0 0 0 -1,404 0 -1,404 1,166 -238
Lucro Lquido do Perodo 0 0 0 -1,404 0 -1,404 -195 -1,599
Outros Resultados Abrangentes 0 0 0 0 0 0 1,361 1,361
Participao de no Controladas 0 0 0 0 0 0 1,361 1,361
Mutaes internas do patrimnio Lquido 0 0 63,258 -64,959 -157 -1,858 0 -1,858
Constituio de reservas 0 0 64,690 -64,690 0 0 0 0
Dividendos Adicionais Propostos 0 0 -1,589 -269 0 -1,858 0 -1,858
Depreciao do custo atribudo 0 0 157 0 -157 0 0 0
Saldos Finais 2,234,135 48,171 322,933 0 1,571 2,606,810 382 2,607,192
01/01/2013 to 12/31/2013Paid-In Capital Reserve Profit Retained earnings Other Non-controlling Consolidated
Description Capital Granted options and Reserves accumulated comprehensive Equity interest equitytreasury shares losses income
Saldos Iniciais 2,234,135 48,171 322,933 0 1,571 2,606,810 382 2,607,192
Saldos Iniciais Ajustados 2,234,135 48,171 322,933 0 1,571 2,606,810 382 2,607,192
Transaes de Capita l com os Scios 0 1,556 -269 -31,184 0 -29,897 0 -29,897
Opes Otorgadas Reconhecidas 0 1,556 0 0 0 1,556 0 1,556
Dividendos 0 0 0 -31,184 0 -31,184 0 -31,184
Dividendos Adicionais Propostos 0 0 -269 0 0 -269 0 -269
Resultado Abrangente Total 0 0 0 131,301 0 131,301 214 131,515
Lucro Lquido do Perodo 0 0 0 131,301 0 131,301 281 131,582
Outros Resultados Abrangentes 0 0 0 0 0 0 -67 -67
Participao de no Controladas 0 0 0 0 0 0 -67 -67
Mutaes internas do patrimnio Lquido 0 0 100,745 -100,117 -628 0 0 0
Constituio de reservas 0 0 99,926 -99,926 0 0 0 0
Dividendos Adicionais Propostos 0 0 191 -191 0 0 0 0
Depreciao do custo atribudo 0 0 628 0 -628 0 0 0
Saldos Finais 2,234,135 49,727 423,409 0 943 2,708,214 596 2,708,810
10/01/2013 to 12/31/2013Paid-In Capital Reserve Profit Retained earnings Other Non-controlling Consolidated
Description Capital Granted options and Reserves accumulated comprehensive Equity interest equitytreasury shares losses income
Saldos Iniciais 2,234,135 48,837 323,135 94,591 1,100 2,701,798 515 2,702,313
Saldos Iniciais Ajustados 2,234,135 48,837 323,135 94,591 1,100 2,701,798 515 2,702,313
Transaes de Capita l com os Scios 0 890 -269 -31,184 0 -30,563 0 -30,563
Opes Otorgadas Reconhecidas 0 890 0 0 0 890 0 890
Dividendos 0 0 0 -31,184 0 -31,184 0 -31,184
Dividendos Adicionais Propostos 0 0 -269 0 0 -269 0 -269
Resultado Abrangente Total 0 0 0 36,710 0 36,710 81 36,791
Lucro Lquido do Perodo 0 0 0 36,710 0 36,710 81 36,791
Mutaes internas do patrimnio Lquido 0 0 100,543 -100,117 -157 269 0 269
Constituio de reservas 0 0 99 926 99 926 0 0 0 0