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4th QUARTER

AND 2014 RESULTS

DASA announces growth of 8.0% in 4Q14


and of 10.1% in 2014
Gross Revenue of R$744.1 million in 4Q14
and R$3,021.4 million in 2014
Operating Cash Flow of R$33.4 million in
4Q14 and R$270.3 million in 2014

DASA ON
Bovespa: DASA3
Last Quoted price:
R$10.66
Average daily trade volume
R$5.5 Million in 2014
Market value
R$3.3 billion
US$1.0 billion
Free Float: 25.3%

TELECONFERENCES
English
Date: 03/24/2015| Hour: 12h00 p.m. (BRST)
Phone: 1(412) 317-6776| Password: DASA
Pedro de Godoy Bueno
CEO
Octvio Fernandes
VP of Operations
Antnio Carlos Gaeta
VP of Business
Carlos de Barros
VP Administrative and Finance
Paulo Bokel
Investor Relations and Finance Officer
ir@dasa.com.br
Phone.: (05511) 4197-5410
Fac Smile: (05511) 4197-5516
www.dasa3.com.br

4th QUARTER AND 2014 RESULTS

Financial performance highlights


Barueri, March 23rd, 2014:
Diagnsticos da Amrica S.A. DASA (BOVESPA: DASA3) has announced today the results related to the fourth quarter of 2014.
The companys 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 Companys performance in the third quarter of the year 2014, compared to the fourth quarter of the year 2014,
except where stated otherwise. For comparison purposes, the numbers for the companies Pro-Echo Cardiotada Servios
Mdicos Ltda. and Laf Servios Diagnsticos Ltda. were consolidated except where otherwise indicated. In the Accounting
Financial Statements for the year ended 12.31.2014, Pro-Echos and Lafs balance sheets dated December 31, 2014 are
included in the accounts Assets and Liabilities of Discontinued Operations whereas their income statements for the year ended
12.31.2014 are included in the account Discontinued Operations in the Companys income statement.

In this quarter, DASA reached gross revenue of R$744.1 million with an 8.0% growth in
comparison to 4Q13 revenue of R$688.7 million. The total gross revenue in 2014 was R$ 3,021.7
million, a 10.1% increase compared to 2012.
We had 63 working days in 4Q14, one day more than 4Q13. In 2014, we had 251 days, the same
of 2013. If the days of Brazilian Team matches on the FIFA World Cup in Brazil, during June and
July, are not taking into account, business days would be reduced by 2.0% compared to 2013.
The gross revenue per working day reached R$11.8 million in the 4Q14, an increase of 6.3%
compared to 4Q13 (R$11.1 million). In 2014, the gross revenue per working day increased
10.1%, reaching R$12.0 million.
The outpatient market reached a gross revenue of R$548.8 million in 4Q14 with a 7.9% growth
when compared to 4Q13, representing 73.8% of DASAs total gross revenue. In 2014, the gross
revenue reached R$ 2,231.2 million, with an 11.1% growth when compared to 2013,
representing 73.8% of DASAs total gross revenue.
The hospital Market gross revenue reached R$68.2 million in the 4Q14, with 3.2% increase when
compared to 4Q13, equivalent to 9.2% of DASAs total revenue. In 2014, gross revenue reached
R$ 280.8 million, with 5.2% increase when compared to the gross revenue of R$266.8 million in
2013, equivalent to 9.2% of DASAs total revenue.
The lab-to-lab market ended the quarter with 5,062 customers serviced in the country. The
gross revenue of this market expanded by 18.5% in the 4Q14, reaching R$86.9 million, which
represents 11.7% of DASAs total revenue. In 2014, the gross revenue expanded by 16.5%
compared to the gross revenue of R$ 288.0 million 2013, reaching R$335.6 million, which
represents 11.1% of DASAs total revenue.
The public market reached gross revenue of R$40.2 million in 4Q14, a decrease of 1.4%, which
represents 5.4% of the total revenue of DASA. In 2014, the gross revenue reached R$ 174.2
million in 2014, a decrease of 4.3% compared to 2013, which represents 5.8% of the total
revenue of DASA.

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4th QUARTER AND 2014 RESULTS

Revenue per business (R$ million) Markets


3,021.7
174.2

10.1%
8.0%

5.9%

688.7
40.8

10.7%

73.4

9.6%

66.0

73.8%

508.5

-1.4%

744.1
40.2

5.4%

18.5%

86.9

11.7%

3.2%

68.2

9.2%

548.8

73.8%

7.9%

4Q13
Outpatient

2,744.4
182.0

6.6%
10.5%

Lab to Lab

16.5%

288.0

5.8%
11.1%

280.8

9.3%

2,231.2

11.1%

2,007.6

73.2%

335.6

5.2%

266.8

9.7%

2013

4Q14
Inpatient

-4.3%

Outpatient

Public Sector

73.8%

2014
Inpatient

Lab to Lab

Public Sector

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


688.7
33.9%

233.8

8.0%

2,744.4
9.1%

7.5%
66.1%

744.1

255.2

488.9

454.9

4Q13

RID

4Q14

Clinical Analysis

34.3%

65.7%

10.1%

10.3%
33.5%

918.7

66.5%

1,825.7

10.0%

2013

3,021.7

1,013.4

33.5%

2,008.4

66.5%

2014

RID

Clinical Analysis

The revenue of the same units (PSC) grew by 8.3% in the 4Q14, when compared to 4Q13, and
10.8% in 2014, compared to 2013.
We ended the quarter with 532 units, of which 65 are hospital units.
In 4Q14, EBITDA amounted R$54.4 million, compared to R$113.0 million in 4Q13,
representing 8.2% of net revenue. In 2014, EBITDA amounted R$ 410.6 million, compared
to R$ 443.6 million in 2013, representing 15.0% of net revenue.
Operating cash generation totaled R$33.4 million in 4Q14. In 2014, operating cash generation
amounted to R$270.3 million vs. R$211.9 million in 2013.
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4th QUARTER AND 2014 RESULTS

CAPEX investments in 4Q14 totaled R$91.9 million. These investments were directed to: (i)
development and deployment of production systems and services and renovation of technology,
(ii) the acquisition, renovation and expansion of existing units and (iii) purchase of imaging
equipment. In 2014 CAPEX investments totaled R$ 207.8 million.
Highlights
Total Gross Revenue (R$ MM)

4Q13

4Q14

2013

2014

688.7

744.1

8.0%

2,744.4

3,021.7

10.1%

508.5

548.8

7.9%

2,007.6

2,231.2

11.1%

Hospitals Revenue (R$ MM)

66.0

68.2

3.2%

266.8

280.8

5.2%

Lab-to-lab Gross Revenue

73.4

86.9

18.5%

288.0

335.6

16.5%

Public Gross Revenue

40.8

40.2

-1.4%

182.0

174.2

-4.3%

62

63

1.6%

251

251

0.0%

11.1

11.8

6.3%

10.9

12.0

10.1%

N Total units

519

532

2.5%

519

532

2.5%

N PSCs

456

467

2.4%

456

467

2.4%

63

65

3.2%

63

65

3.2%

EBITDA (R$ MM)

113.0

54.4

-51.8%

443.6

410.6

-7.4%

Ebitda margin (%)

18.0%

8.2%

-9.8 p.p

17.8%

15.0% -2.8 p.p

Net income (R$ MM)

36.9

-21.5

-158.4%

131.6

82.6

-37.2%

CAPEX (R$ MM)

42.6

91.9

115.5%

144.3

207.8

44.0%

12.0%

8.3%

-3.7 p.p

8.4%

10.8%

2.5 p.p

Outpatient Revenue (R$ MM)

Working days
Gross Revenue (R$ MM) / Working day

N Hospital units

Same Units Sales - Outpatient (%)

Operational highlights
30 doctors from the DASA Group attended the RSNA (Radiological Society of North America)
Annual Meeting in Chicago in December.
Two papers by doctors from the DASA Group were awarded during the RSNA Meeting.
Consumers chose Srgio Franco as the company providing the best services in the Laboratory
and Imaging market, according to the 2014 poca ReclameAQUI Award.
LabPasteur receives the 2014 Major Brands Award, granted by the Dirio do Nordeste
newspaper jointly with the Vox Populli Institute. The brand was elected the favorite by
consumers from Cear State in the segment of Clinical Laboratories.

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4th QUARTER AND 2014 RESULTS

Financial performance

Outpatient Market
Revenue per Line of Service (R$ million)

508.5

548.8

7.9%

211.7

58.4%

296.9

234.5

5.9%

314.3

4Q13

4Q14
Clinical Analysis

548.8
508.5

10.8%
41.6%

Revenue per brand (R$ million)

RID

42.7%

34.6%

176.0

57.3%

65.4%

332.5

7.9%
189.8

34.6%

358.9

65.4%

7.8%

8.0%

4Q13
Premium and Executive

4Q14
Standard

The company is pursuing the strategy of refurbishing its units to increase


the service capacity, services offered and comfort in the provision of
these services, in addition to expand our capillarity.
Imaging revenue grew above the increase in clinical analysis
revenue, due to the maturation of investments in RID made in the
last 2 years.
The standard segment continued to expand by 7.8%, and in premium
and executive segment, the growth was 8.0%.

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4th QUARTER AND 2014 RESULTS

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


148.6

146.3

152.2

153.9

155.7

3.5

3.6

3.6

3.9

3.5

4Q13

1Q14

2Q14

3Q14

4Q14

Requisitions

Average Requisition Price

We continue our tendency to enrich RID mix, with the


modernization and expansion of the technological park, specially
MRI and CT equipment, and the increase in the number of
clinical analysis tests per requisition. These factors impacted the
upturn in the average value per requisition, which, when
compared to the quarter of 2013, was R$9.4 or 6.4%.
The renegotiation of contracts also contributed to raise the
average value per requisition.

Hospital Market
Revenue per Line of Service (R$ million)
66.0

3.2%

68.2

21.4%

14.1

3.5%

14.6

21.5%

78.6%

51.9

53.5

78.5%

3.1%

4Q13

4Q14
Clinical Analysis

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RID

4th QUARTER AND 2014 RESULTS

Average Requisition Price (R$) and Requisition Volume


(million)
68.5

68.6

67.7

69.8

1.0

1.0

1.1

1.0

1.0

4Q13

1Q14

2Q14

3Q14

4Q14

Requisitions

65.6

Average Requisition Price

Compared to the same period of last year, there was a decrease


in average requisition price, due to cancellations of contracts in
2014.

Lab-to-lab
Gross Operational Revenue (R$ million)

Performance (R$ million)


17.2

18.5%

86.9

14.6

73.4

5,062

5,041

4Q13

4Q13

4Q14

4Q14

# of Laboratories

Average Revenue/Laboratory (in Th R$)

4Q13 x 4Q14 2014 vs. 2013

4Q13
Revenue (in R$ milions)
# of Laboratories

1Q14

2Q14

3Q14

4Q14

Var. %

Var.%

18.5%

16.5%

73.4

79.1

81.6

87.9

86.9

5,041

5,072

5,043

5,024

5,062

0.4%

0.4%

14.6

15.6

16.2

17.5

17.2

18.0%

16.0%

4.2

4.5

4.5

4.9

4.7

10.8%

10.7%

Average Revenue/Laboratory (in Th R$)


# of Requisitions (in Million)
# of Requisitions/ laboratory
Average Revenue/ requisitions (in R$)

7/29

839

890

886

967

926

10.3%

10.2%

17.4

17.5

18.3

18.1

18.6

6.9%

5.3%

4th QUARTER AND 2014 RESULTS

This business performance is a reflection of the strategy to increase


our capillarity, by pursuing new customers in our current routes,
opening new routes, improving our product mix, and stronger
relationship with laboratories.
The increased revenue per requisition is a result of a richer mix and
the increased number of tests per requisition.

Public Sector
Gross Operational Revenue (R$ million)

Performance
69.1

67.9

-1.4%
40.8

40.2

4Q13

4Q14

590

591

4Q13

4Q14

# collecting site

Revenue per collecting sites

We finished the quarter with a total of 27 clients, covering a


total of 592 collection points (66 Hospital Units and 526 of the
Outpatient Network). We keep the profitability selectivity in the
choice of new customers.
4Q13 x 4Q14 2013 vs. 2014

4Q13
Revenue (in R$ millions)
# of Clients
# of Units Attended - Inpatient

Var.%

Var.%

40.8

1Q14
46.6

2Q14
44.1

3Q14
43.2

4Q14
40.2

-1.4%

-4.3%

28

29

29

28

27

-3.6%

-3.6%

76

80

64

66

66

-13.2%

-13.2%

514

516

525

525

526

2.3%

2.3%

1,543

1,606

1,557

1,504

1,461

-5.3%

0.0%

Revenue per Requisition (R$ Th)

26.4

29.0

28.4

28.7

27.5

4.2%

-4.3%

Revenue per collecting sites

69.1

78.2

75.0

73.1

67.9

-1.7%

-4.6%

590

596

589

591

592

0.3%

0.3%

# of Units Attended - Outpatient


# of Requisitions (in Th.)

# collecting site

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4th QUARTER AND 2014 RESULTS

Payers
An increase in the participation of the Lab-to-lab and Medical
Cooperatives can be noticed when analyzing the breakdown of
gross income by payer in 2014 when compared to 2013.
Gross Revenue per payer (2013)

Receita bruta por pagador (2013)


Self-Insured
Corporations
12.4%

Insurance
Health Plans
20.5%

Hospitals
9.7%

Individuals
10.0%

Self-Insured
Corporations
10.9%

HMO
16.5%

Others
1.8%

Medical
Cooperatives
10.5%
Lab-to-lab
10.5%

Receita bruta por pagador (2014)


Insurance Health
Plans
18.0%

HMO
18.8%

Others
0.9%

Gross Revenue per payer (2014)

Public Services
6.6%

Hospitals
9.3%
Individuals
8.7%

Medical
Cooperatives
18.0%
Lab-to-lab
11.1%

Public Services
5.8%

Others: Includes Clinical Research, Occupational Medicine and OGM

Taxes on Services
In the 4Q14, R$47.9 million were recorded as taxes collected
over the services provided, which stands for 6.4% of the gross
revenue, in relation to the 5.9% ratio of taxes recorded in the
4Q13 (R$40.7 million). In the 2014, R$183.9 million were
recorded as taxes collected over the services provided, which
stands for 6.1% of the gross revenue.

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4th QUARTER AND 2014 RESULTS

Discounts and Deductions


The reconciliation of net revenue based on gross revenue is
presented below:
4Q13
Gross revenue

688.7

4Q14
744.1

% Gross

% Gross

Revenue
4Q13

Revenue
4Q14

4Q14 x
4Q13 %
8.0%

Taxes
Provision for losses due to

(40.7)

(47.9)

-5.9%

-6.4%

17.8%

disallowance and default

(15.6)

(22.2)

-2.3%

-3.0%

41.9%

(4.0)

(11.4)

-0.6%

-1.5%

186.8%

(19.6)

(33.6)

-2.8%

-4.5%

71.3%

91.2%

89.0%

5.4%

% Gross

% Gross

Revenue
2013

Revenue
2014

10.1%

Discounts
Deductions
Net revenue

628.4

2013
Gross revenue
Taxes
Provision for losses due to
disallowance and default
Discounts
Deductions
Net revenue

2,744.4

662.6

2014
3,021.7

2014 x
2013 %

(155.8)

(183.9)

-5.7%

-6.1%

18.0%

(91.8)

(80.2)

-3.3%

-2.7%

-12.6%

(9.4)

(17.7)

-0.3%

-0.6%

89.3%

(101.1)

(97.9)

-3.7%

-3.2%

-3.2%

90.6%

90.7%

10.1%

2,487.5

2,740.0

Net Operating Revenue


The net operating revenue reached R$662.6 million in 4Q14 with
a 5.4% growth when compared to 4Q13. In 2014, the net
operating revenue reached R$ 2,740.0 million, which represents
an increase of 10.1% compared to 2013.
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

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4th QUARTER AND 2014 RESULTS

with equipment maintenance, 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 is personnel and services and
occupancy costs. At the B2B market, its main cost is material
and logistics, as it does not have collection unit, but only the
processing of tests.

Cost of Services - Quarter

In R$ Million

Personnel
Materials
Services and Utilities
General
Cost of Services Cash
Depreciation and amortization
Cost of Services

% of Net Revenues

4Q13

3Q14

4Q14

4Q13

3Q14

4Q14

126.0
113.8
167.9
7.3
415.0
26.2
441.2

138.5
127.1
186.5
9.0
461.0
26.1
487.1

139.8
123.5
183.2
9.4
455.9
28.5
484.5

20.0%
18.1%
26.7%
1.2%
66.0%
4.2%
70.2%

19.0%
17.5%
25.6%
1.2%
63.3%
3.6%
66.9%

21.1%
18.6%
27.6%
1.4%
68.8%
4.3%
73.1%

Variation %
4Q14 x 4Q14 x
4Q13 % 3Q14 %
11.0%
0.9%
8.6%
-2.8%
9.1%
-1.8%
28.8%
5.5%
9.9%
-1.1%
8.9%
9.3%
9.8%
-0.5%

1) Personnel costs increased because of collective bargaining


agreement (So Paulo - May 2014, Rio de Janeiro November 2014)
and hiring of new employees.
2) Raw-material costs increased as a percentage of net revenue,
impacted by growth in the lab-to-lab market, reduction in the
public market, mix, and increase in the prices of some suppliers.
3) The line of services and utilities increased as a percentage of net
revenue in relation to 4Q13, due to higher RID growth and new
Patient Service Centers.
4) The General expenses line increased 0.2 p.p. on net revenue
compared to 4Q13. This line accounts for spending on

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4th QUARTER AND 2014 RESULTS

miscellaneous fees, insurances, representation expenses and


freight. The freight was pressured by the growth in Lab-to-lab.
Cost of Services - Year
In R$ Million
2013
Personnel
Materials
Services and Utilities
General
Cost of Services Cash
Depreciation and amortization
Cost of Services

2014

481.6 541.1
441.3 494.3
664.0 715.9
26.5
35.3
1613.4 1786.6
101.2 109.6
1714.6 1896.2

% of Net
Revenues
2013

2014

19.4%
17.7%
26.7%
1.1%
64.9%
4.1%
68.9%

19.7%
18.0%
26.1%
1.3%
65.2%
4.0%
69.2%

Variation
%
2014 x
2013 %
12.3%
12.0%
7.8%
33.5%
10.7%
8.2%
10.6%

Cash Gross Profit


In the 4Q14, the cash gross profit was R$206.6 million, a 3.2%
decrease in relation to 4Q13, and the cash gross margin of the
period reached 31.2%, compared to 34.0% in 4Q13. In 2014, the
cash gross profit was R$ 953.3 million, a growth of 9.1% compared
to 2013. The gross margin in the period reached 34.8% in 2014,
compared to 35.1% in 2013.
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:
Operating Expenses - Quarter
In R$ Million

General and Administrative


Profit Sharing Program
Other Operating Revenues/ Expenses
Operating Expenses Cash
Depreciation and Amortization
Operating Expenses

% of Net Revenues

4Q13

3Q14

4Q14

4Q13

3Q14

104.9
3.9
(8.4)
100.4
12.1
112.5

128.2
9.8
0.1
138.2
14.6
152.8

123.7 16.7%
5.6 0.6%
22.9 -1.3%
152.2 16.0%
13.9 1.9%
166.1 17.9%

17.6%
1.4%
0.0%
19.0%
2.0%
21.0%

12/29

Variation %

4Q14 4Q14 x
x 4Q13 3Q14 %
18.7% 18.0%
-3.5%
0.8%
42.6%
-43.2%
3.5% -373.8% 16151.9%
23.0% 51.5%
10.1%
2.1%
15.0%
-5.0%
25.1% 47.6%
8.7%
4Q14

4th QUARTER AND 2014 RESULTS

General and administrative expenses increased because of


collective bargaining agreement and hiring of new employees.
Additionally, during 4Q14 occurred no-recurring expenses related
to CADE (anti-trust agency) of R$0.2 million.
In Profit Sharing Program, a provision of R$5.6 million was made.
The line other operating income / expenses had a non-recurring
impact of R$23.5 million related to fixed assets write off.
Operating Expenses - Year

In R$ Million

General and Administrative


Profit Sharing Program
Other Operating Revenues/ Expenses
Operating Expenses Cash
Depreciation and Amortization
Operating Expenses

% of Net
Revenues

2013

2014

423.5
25.3
(18.3)
430.5
52.9
483.4

484.9 17.0%
35.7 1.0%
22.1 -0.7%
542.7 17.3%
60.0 2.1%
602.8 19.4%

2013

Variation
%
2014 x
2014
2013 %
17.7%
14.5%
1.3%
40.9%
0.8% -220.8%
19.8%
26.1%
2.2%
13.6%
22.0%
24.7%

General and administrative expenses increased because of


collective bargaining agreement and hiring of new employees.
In Profit Sharing Program, a provision of R$35.7 million during
2014.
The expenses were impacted by R$ 6.2 million due to nonrecurring expenses of Tender Offer and CADE (anti-trust agency).
Additionally, as a result of periodic inventory system during
2014, a fixed asset write off of R$23.5 million was made.
EBITDA - Quarter
18.0%

EBITDA 4Q13

-1,1%

Personnnel

-0.5%

Materials
13/29

-0.9%

Services and
Utilities

-0.3%

General

-7.0%

8.2%

SG&A

EBITDA 4Q14

4th QUARTER AND 2014 RESULTS

18%
16%
14%
12%
10%
08%
06%
04%
02%
00%

18.0%

113.0

17.0%

16.7%

112.6

115.0

17.7%

128.6
8.2%

54.4

4Q13

1Q14

2Q14

Ebitda

3Q14
Ebitda Margin

4Q14

EBITDA - Ano
0.6%

17,8%

-0.4%

EBITDA 2013

18%
16%
14%
12%
10%
08%
06%
04%
02%
00%

-0.2%

-0.3%

Personnnel

Materials

Services and
Utilities

General

-2.5%

15,0%

SG&A

EBITDA 2014

17.8%

18.0%

600
15.0%

500

443.6

407.3

550

410.6

450
400
350
300

250
200
2012

2013
Ebitda

14/29

2014
Ebitda Margin

180,00
160,00
140,00
120,00
100,00
80,00
60,00
40,00
20,00
-

4th QUARTER AND 2014 RESULTS

EBITDA Demonstration
R$ million

D%

D%

4Q13

4Q14

Net Income (Loss)


(+) Income Tax and Social Contribution
(+) Net Financial Expenses
(+)Depreciation and Amortization
EBITDA (R$ MM)

36.9
17.7
20.1
38.3
113.0

-21.5
9.7
23.8
42.4
54.4

-158.4%
-45.2%
18.3%
10.8%
-51.8%

131.6
71.3
86.6
154.1
443.6

82.6
59.8
98.6
169.6
410.6

-37.2%
-16.2%
13.9%
10.1%
-7.4%

Ebitda margin (%)

18.0%

8.2%

-9.8 p.p.

17.8%

15.0%

-2.8 p.p.

2013

2014

Depreciation and Amortization


The expenses with depreciation and amortization summed up to
R$42.4 million, or 6.4% of the net revenue in the quarter, against
R$38.3 million (6.1% of the net revenue) in 4Q13. In 2014,
depreciation and amortization summed up to R$169.6 million, or
6.2% of the net revenue in the quarter, against R$154.1 million
(6.2% of the net revenue) on 2013.
Net Financial Expenses
The breakdown of net financial expenses is:
R$ (Millions)

4Q13

Net Financial Expenses

(20.1)

Investment Income

11.6

Debentures
Other loans and financing expenses
Other

4Q14
(23.8)

8.3

2013

2014

(86.6)

(98.6)

22.4

51.0

(33.9)

(32.9)

(95.9)

(137.3)

(2.8)

(3.6)

(18.5)

(12.8)

4.9

4.3

5.5

0.5

The financial result was impacted by SELIC interest rate increase


during 2014
Investment Income: Refers to interest gains from cash investments
and mark to market of the securities.
Debentures Expenses: Refers to the interests costs in the
debentures issued, including the transaction costs.

15/29

4th QUARTER AND 2014 RESULTS

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;
credit card fees; notary office fees; financial discounts granted
to customers; restatement of contingencies; Tax on Financial
Transactions (IOF); exchange gains/losses on lease agreements;
hedging cost (swap); income tax paid on remittance of interest
abroad; and other expenses not related to interest on loans and
financing.
Income Tax and Social Security Contribution
The total income tax and social contribution presented in the
4Q14 a balance of R$9.7 million. Of this amount, R$8.1 million
was a reversion on current and R$17.8 million was deferred. In
2014, the tax income tax and social contribution presented a
balance of R$59.8 million. Of this amount, R$21.5 million was
current and R$38.3 million was deferred.
Net Profit
In the 4Q14, the loss was R$21.5 million, as compared to a profit
of R$36.9 million in 4Q13. In 2014, the profit was R$82.6 million,
a decrease of 37.2% compared to R$131.6 million of 2013.
Goodwill to be amortized in next years (Thousand R$)
Year
2015
2016
2017
2018
2019
2020
2021
2022
Total

Goodwill
215.4
209.3
206.0
199.3
167.7
9.6
9.6
4.0
1,020.9

16/29

4th QUARTER AND 2014 RESULTS

Cash tax
We shall continue to amortize the goodwill on previous
acquisitions and, as from November 2011, the goodwill of the
incorporation of MD1. The value of cash tax was R$0.2 million in
4Q14. In 2014, the value of cash tax was R$16.0 million, as
described below:

2014

93,6%

6.2%
40.2%

34.0%
Income Tax Rate

permanents
adjustements in
tax books

Income Taxes
(Financial
Statements)

Tax Loss/Other

-119.5%

14.3%

Goodwill
Compensation

Withholding tax
(current)/
Income taxes
cash*

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

Indebtedness

DASA net debt totaled R$788.0 million in 4Q14. About 64.7% of


DASAs total gross indebtedness is long term and 6.8% are
denominated in foreign currency. The bank loans are the mainly
form the debt in foreign currency. The national currency debts
are largely related to the debentures.

17/29

4th QUARTER AND 2014 RESULTS

Breakdown of net indebtedness


R$ Millions
Short Term

4Q13
(420.8)

4Q14
(433.6)

(340.7)

(350.8)

(80.0)

(82.9)

(1,054.3)

(794.6)

(1,050.9)

(794.0)

Domestic Currency
Foreing Currency
Long Term
Domestic Currency
Foreign Currency

(3.4)

(0.6)

(1,475.1)

(1,228.3)

Cash and Cash equivalents

608.9

440.2

Domestic currency

535.4

355.4

73.4

84.8

(866.2)

(788.0)

Total ST + LT

Foreing currency

Net Debt

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. It is not included discontinued operations.

Covenants

Dec/13 Mar/14 Jun/14 Sep/14 Dec/14

1) Net Debt / Ebitda <= 2,5


2) Ebitda / Net Financial Expenses >= 2,0

Average Cost
% CDI
CDI +
Fixed BRL
Fixed USD

2.0
5.1

1.8
5.1

1.7
4.5

1.6
4.9

1.9
4.2

Dec/13 Mar/14 Jun/14 Sep/14 Dec/14


111.0%
1.2%
17.6%
2.1%

111.0%
1.2%
17.6%
1.9%

108.8%
1.2%
7.8%
1.7%

108.7%
1.2%
7.5%
1.6%

108.5%
1.2%
6.7%
1.5%

After deducting cash from gross debt, the Companys net debt is
almost entirely denominated in the CDI interbank rate. Due to
the change in the controlling shareholder, the Company now has
access to BNDESs FINAME credit facility, reducing the debt cost
prefixed in Brazilian Reais.
Cash Flow Analysis (R$ million)
We have detailed under this section the main variations in the
cash flow statement.

18/29

4th QUARTER AND 2014 RESULTS

Management Cash Flow (R$ Million)

4Q14

2014

54.4
49.0
(46.0)
(23.8)
(0.2)
33.4
(91.9)
(58.4)

410.6
(44.3)
18.6
(98.6)
(16.0)
270.3
(207.8)
62.5

Accounting EBITDA
Operacional working capital
Other working capital accounts
Financial expenses
Income tax
Operational cash flow
Capex
Free Cash Flow
RECEIVABLES
The average collection is 91.4 days.
The provision rule is show in the table below:

Provision rule
91 to 120 days
121 to 180 days
181 to 360 days
More than 361 days
R$ million

Accounts receivable
Past due 0-90
Past due 91 - 120
Past due (more than) 120
Provisions
Total Rec.
Coverage Index

25%
50%
75%
100%

3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
432.4
87.2
8.3
117.6
(105.5)
540.0
89.7%

376.8
448.2
94.8
79.5
16.1
14.1
119.9
118.8
(109.2) (107.7)
498.5 552.9
91.1% 90.7%

467.2
480.7
452.1
496.6
501.2
532.4
80.2
84.0
93.9
114.9
116.0
118.8
9.6
13.7
13.5
14.6
17.1
19.3
109.4
91.5
80.2
91.9
79.4
84.2
(95.0)
(77.3)
(67.5)
(76.6)
(69.3) (72.9)
571.3
592.6
572.2
641.5
644.5 681.8
86.9%
84.5%
84.2%
83.3%
87.2%
86.6%

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

Average collection period (days)

83.8

4Q13

87.2

85.3

1Q14

2Q14

19/29

86.2

3Q14

91.4

4Q14

539.8
98.9
9.0
70.4
(62.5)
655.6
88.8%

4th QUARTER AND 2014 RESULTS

ROIC
10.7%

10.7%

10.5%

10.4%

8.4%

4Q13
LTM

1Q14
LTM

2Q14
LTM

3Q14
LTM

4Q14
LTM

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

Investments

The investments in CAPEX in 4Q14 totaled R$91.9 million, 115.5%


lower than the same period in 2013. The investments were directed
mostly 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
imaging equipment.
CAPEX (R$ milion)

Breakdown CAPEX 2014

234.0
207.8

Equipment
R$ 79.1 MM
38.1%

144.3
91.9
41.3

30.2

29.1

34.7

31.4

51.0

42.6

Opening and
Expansion of
PSCs
R$ 71.0 MM
34.2%

Other
R$ 2.8 MM

1.3%
Information
Technology
R$ 55.0 MM
26.5%

2012

2013

2014

1Q13

1Q14

2Q13

2Q14

20/29

3Q13

3Q14

4Q13

4Q14

4th QUARTER AND 2014 RESULTS

PSCs EXPANSION
Below is summarized the expansion and refurbishing of PSCs, and
new PSCs.
2013

1Q14

2Q14

3Q14

4Q14

2014

Opening of PSCs

11

11

27

Standard

10

11

27

52

35

29

51

51

100

Tomography installation

MRI installation

Total equipment

11

Ongoing Refurbishing

21

12

16

38

25

25

Completed Refurbishing

22

23

13

20

64

Other refurbishing

43

35

24

51

45

89

Mega
Refurbishing/expansion of PSCs

Capital market
DASA shares closed 2014 at R$11.14, accumulating a decrease of
23.5% indethe
year,
versus 2.4% decrease of the Ibovespa. Over
Novembro
2004
= 100
this period, DASA shares were transacted on 100% of Bovespas
trading sessions, summing up to a financial volume of R$1.4
billion (daily traded average of R$5.5 million).

Nov-04
Feb-05
May-05
Aug-05
Nov-05
Feb-06
May-06
Aug-06
Nov-06
Feb-07
May-07
Aug-07
Nov-07
Feb-08
May-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14

Performance in stock exchange (DASA ON versus IBOVESPA)

VOLUME (R$)

21/29

DASA3

IBOVESPA

4th QUARTER AND 2014 RESULTS

Bovespa information
Novembro de 2004 = 100
Bovespa - DASA ON
Close R$ (12/30/2014)
2014 High (R$ per Share)
2014 Low (R$ per Share)
% Chg. In 2014
Market Cap (R$ MM)
Market Cap (US$ MM)
Free Float
Outstanding Shares

11.14
16.75
9.80
-23.5%
3,473.5
1,307.7
25.3%
311,803,015

Highlights of the quarter


Arbitration Chamber
On December 1, 2014, the Company has been informed of the
arbitration award that, among other matters, ruled in favor of the
request by Cromossomo to declare that Cromossomo is not required
to conduct the tender offer (article 45 of the bylaws of the Company)
to acquire the shares of DASA, and therefore the provisions of
Paragraph 5 of such article, potentially requiring a shareholder
meeting to be convened to decide on the suspension of Cromossomo's
political rights, are no applicable.
CEO Election
On December 22, 2014, the Company announced to the market and
its shareholders that Mr. Dickson Esteves Tangerino had submitted a
request for resignation from the positions of Chief Executive Officer
and member of the Board of Directors, effective as of January 15,
2015.
As a result, Mr. Pedro de Godoy Bueno was elected on that date and
took over as the Companys CEO on January 16, 2015.
Execution of the contract of sale Pro-Echo and Laf
On December 27, 2014, the Company announced to the market and
its shareholders the execution of a Contract for the Sale of Shares
between DASA, as the seller, and Newscan Servios Mdicos Ltda, as
the buyer (Contract of Sale), the object of which is the purchase
and sale of shares representing, directly and indirectly, one hundred

22/29

4th QUARTER AND 2014 RESULTS

percent (100%) of the capital stock of Pro-Echo Cardiodata Servios


Mdicos Ltda. and Laf Servios Diagnsticos Ltda., with all the rights
attached to such shares, for 66 million reais (R$$66,000,000.00),
under the terms of the Contract of Sales.
The transaction that is the object of the Contract of Sale is subject to
CADE (Brazils anti-trust authority) approval.
Highlights of the subsequent quarter
Appointment of a Board Member
On February 2, 2015, the Company's Board approved the appointment
of Mr. Pedro de Godoy Bueno to replace, as member of the Board, Mr.
Dickson Esteves Tangerino, who submitted his letter of resignation on
December 22, 2014, effective as of January 15, 2015.
Pursuant to Paragraph Three of Article 18 of the Companys Bylaws
and Section 150 of the Brazilian Business Corporation Act, the new
member of the Board of Directors will be replacing Mr. Tangerino
until the earlier of the end of the latters term of service or the next
Shareholders Meeting.
5th Issue of Debentures
On February 9, 2015, the Company's Board of Directors approved the
fifth issue, by the Company, in up to two series, of at least 40,000
and at most 50,000 debentures non-convertible into shares, of the
unsecured type, with unit par value of R$10,000.00, totaling at least
R$400,000,000.00 and at most R$500,000,000.00 on the date of issue
(i.e., March 10, 2015) (Debentures) for placement through a public
distribution under limited placing efforts, under the terms of CVM
Instruction 476, dated January 16, 2009, as amended.
All the net proceeds from the Issue will be used to refinance shortterm debts of the Company, including the amortization of principal
and payment of interest on the debentures from the second and third
issues. The outstanding balanceif anywill be used to increase
working capital.

23/29

4th QUARTER AND 2014 RESULTS

Executive Vice President of Administrative and Finance Election


On March 10, 2015, the Company announced to the market and its
shareholders that Mr. Mrcio Ramos Fernandes had submitted a
request for resignation from the position of Executive Vice President
of Administrative and Financial Election.
As a result, Mr. Carlos de Barros Jorge Neto was elected on that date.

24/29

4th QUARTER AND 2014 RESULTS

Income statement
R$ million

4Q13

4Q14

D%

2013

2014

D%

Gross Operating Revenues


Deductions
Sales Taxes

688.7
(60.3)
(40.7)

744.1
(81.6)
(47.9)

8.0%
35.2%
17.8%

2,744.4
(256.9)
(155.8)

3,021.7
(281.8)
(183.9)

10.1%
9.7%
18.0%

Discounts
Net Operating Revenues
Cost of Services Rendered

(19.6)
628.4
(441.2)

(33.6)
662.6
(484.5)

71.3%
5.4%
9.8%

(101.1)
2,487.5
(1,714.6)

(97.9)
2,740.0
(1,896.2)

-3.2%
10.1%
10.6%

(126.0)
(113.8)
(167.9)

(139.8)
(123.5)
(183.2)

11.0%
8.6%
9.1%

(481.6)
(441.3)
(664.0)

(541.1)
(494.3)
(715.9)

12.3%
12.0%
7.8%

General
Depreciation and amortization
Gross Profit

(7.3)
(26.2)
187.2

(9.4)
(28.5)
178.1

28.8%
8.9%
-4.9%

(26.5)
(101.2)
772.9

(35.3)
(109.6)
843.8

33.5%
8.2%
9.2%

Operating Expenses
General and Administrative
Profit Sharing Program

(112.5)
(104.9)
(3.9)

(166.1)
(123.7)
(5.6)

47.6%
18.0%
42.6%

(483.4)
(423.5)
(25.3)

(602.8)
(484.9)
(35.7)

24.7%
14.5%
40.9%

Other Operating Revenues/ Expenses


Depreciation and Amortization
Net Financial Expenses

8.4
(12.1)
(20.1)

(22.9)
(13.9)
(23.8)

-373.8%
15.0%
18.3%

18.3
(52.9)
(86.6)

(22.1)
(60.0)
(98.6)

-220.8%
13.6%
13.9%

Operating Earnings
Income Tax and Social Contribution
Net Income (Loss)

54.6
(17.7)
36.9

(11.8)
(9.7)
(21.5)

NA
-45.2%
NA

202.9
(71.3)
131.6

142.4
(59.8)
82.647

-29.8%
-16.2%
-37.2%

Personnel
Materials
Services and Utilities

25/29

4th QUARTER AND 2014 RESULTS

Consolidated balance sheet (R$ thousands)


Balance Sheet - R$ thousands
Total Assets
Current
Cash and cash equivalents
Marketable securities
Accounts receivable
Inventories
Recoverable taxes
Prepaid expenses
Judicial deposits
Other current assets

4Q13

3Q14

4,691,811

4,737,194

1,438,626

1,548,231

535,881

516,605

72,980

75,547

566,262

678,627

59,383

65,185

169,696

182,592

897

2,351

85
33,442

4Q14

4Q13

3Q14

4Q14

4,691,811

4,737,194

4,609,536

730,778

834,801

810,704

65,479

87,530

117,148

100,942

112,477

115,237

22,386

33,814

17,216

103,659

154,220

134,734

186,948 Social security and labor liabilities

4,293

1,861

956

1,025 Social security and labor liabilities

1,689

1,758

3,783

319,912

351,703

318,932

31,255

78

19,622

81,163

91,360

83,077

4,609,536 Total equity and liabilities


1,411,477 Current liabilities
282,740 Current liabilities
165,239 Accounts payable to suppliers
652,854 Loans and financing
71,955 Tax liabilities

27,325

Installment payment of taxes

50,717 Accounts payable from acquisition of subsidiaries


Debentures

Noncurrent assets
Long-term receivables

3,253,185

3,188,963

3,198,058 Dividends and interest on shareholders equity

200,517

148,825

Marketable securities at fair value

37,793

37,330

25,555 Noncurrent liabilities

1,252,223

1,089,176

1,026,665

Deferred tax assets

58,002

56,651

56,458 Long-Term Liabilities

1,252,223

1,089,176

1,026,665

8,371

3,392

2,942 Loans and financing

17,507

52,677

51,289

789

945

24,892

21,844

3,559

95,540

50,506

82,211

101,356

134,849

40,445

61,221

61,231

46,670

43,971

30,265

1,036,814

805,042

743,325

Other credits
Prepaid expenses
Judicial deposits
Instrumentos financeiros derivativos
Investments
Property and Equipment
Intangible assets

22

148,874

762 Installment payment of taxes


63,157 Deferred taxes

786

799

720,180

692,312

2,331,702

2,347,027

Provision for contingencies

803 Accounts payable from acquisition of subsidiaries


697,738 Debentures
2,350,643 Related parties
Financial instruments derivatives
Others
Total equity
Capital
Special reserve for goodwill on merger
Profit reserves

3,684

3,065

2,148

2,708,810

2,813,217

2,772,166

2,234,135

2,234,135

2,234,135

65,427

65,366

65,366

423,409

423,532

486,592

629

315

Equity evaluation adjustment

943

Retained Earnings

103,837

Granted options

2,917

1,756

1,769

Treasury stock

(18,617)

(16,905)

(16,905)

Non-controlling interests

26/29

596

866

894

4th QUARTER AND 2014 RESULTS

Statement of cash flows (R$ thousands)


Account

Quartely
10/01/13 to 12/31/13

Quartely
10/01/14 to 12/31/14

Year-to-date 2013

Year-to-date 2014

Net cash from operating activities


Cash from operations
Net income for the period
Depreciation and amortization
Restatement of contingencies
Deferred tax
Restatement of interest and exchange variation on loans
Residual Poperty and equipment and intangible assets w rite off
Stock option plan
Provision for disallow ance and default
Restatement of interest and exchange variation on finnancial investments
Adjustments on poperty and equipment and intangible assets inventory

59,936
105,245
41,216
38,239
1,932
9,654
39,637
(4,445)
890
(9,799)
(2,772)
(9,307)

75,599
120,760
(21,520)
42,447
15,340
17,768
40,543
24,593
12
7,395
(5,818)
-

254,980
405,385
131,582
144,795
14,430
34,081
119,858
4,914
1,557
(41,734)
(4,098)
-

466,976
507,325
82,647
169,681
36,196
38,264
156,665
25,567
503
11,864
(14,062)
-

Changes in assets and liabilities


Increase in accounts receivable and other receivables
Increase in inventories
Increase in other current assets
Decrease (increase) in other non-current assets
Decrease in trade accounts payable
Increase in accounts payable and provisions

(36,556)
30,664
(1,847)
2,944
2,096
(13,083)
(57,330)

(44,970)
18,775
(6,770)
(10,508)
(7,322)
29,618
(68,763)

(121,556)
(32,013)
2,059
(30,865)
20,393
(18,950)
(62,180)

(24,386)
(95,301)
(12,572)
(18,792)
53,532
51,669
(2,922)

(8,753)
(8,753)

(191)
(191)

(28,849)
(28,849)

(15,963)
(15,963)

Net cash from investing activities


Additions to property and equipment
Additions to intangible assets
Financial Investments
Proceeds from sale of property and equipment
Redemption of marketable securities for trading
Addition of investments
Proceeds from sale of property and equipment

(72,952)
(36,351)
(6,203)
4,106
(41,035)
6,531

(175,805)
(70,301)
(21,567)
(84,841)
904
-

(174,716)
(114,460)
(29,858)
4,106
(41,035)
6,531

(285,793)
(169,432)
(38,369)
(105,179)
268
26,919
-

Net cash from financing activities


Loans taken out
Payment of loans
Dividends and IOC paid
Capital payment

326,137
447,988
(74,616)
(47,235)

(133,659)
3,666
(8,716)
(128,609)

227,098
519,282
(178,768)
(20,500)
(92,916)

(434,324)
134,259
(329,699)
(31,372)
(207,512)

Increase (decrease) in cash and cash equivalents


At beginning of period
At end of period

313,121
222,760
535,881

(233,865)
516,605
282,740

307,362
228,519
535,881

(253,141)
535,881
282,740

Other
Income tax and social contribution paid

27/29

4th QUARTER AND 2014 RESULTS

Statement of added value (R$ thousands)


Quartely
10/01/13 to 12/31/13

Account

Quartely
10/01/14 to 12/31/14*

Year-to-date 2013

Year-to-date 2014*

(=) 1. Revenue
1 - Sales of goods, products and services
4 - Reversal of allow ance for doubtful accounts
2 - Other revenue

(-)
(-)
(-)

687,799
688,738
(83)
(856)

747,150
744,119
(29)
3,060

2,753,555
2,744,415
(243)
9,383

3,025,855
3,021,729
(157)
4,283

(=) 2. Inputs acquired from third parties


2 - Inputs used
1 - Cost of products, goods and services sold
4 - Materials, energy, third-party services and other
3 - Recovery/Loss of assets

(+)
(+)
(+)
(+)

327,238
242,785
84,453
-

396,923
265,606
131,317
-

1,308,982
954,526
354,456
-

1,474,073
1,045,488
428,585
-

360,561

350,227

1,444,573

1,551,782

28,932

42,414

144,795

169,595

331,629

307,813

1,299,778

1,382,187

16,750
16,750
-

28,588
28,588
-

91,371
91,371
-

95,061
95,061
-

348,379

336,401

1,391,149

1,477,248

348,379
151,110
89,848
70,563
31,184
5,526
148

336,401
178,612
92,342
86,967
19,544
(41,092)
28

1,391,149
606,594
348,904
304,069
31,184
100,117
281

1,477,248
688,152
376,111
330,338
19,544
62,745
358

3. = (1-2) Gross value added


4. Depreciation, amortization and depletion

(+)

5. = (3-4) Net value added produced


(=) 6. Transferred value added received
6.1 Equity pickup
6.2 Financial income
6.3 Other

(-)
(-)
(-)

7. = (5+6) Total value added to be distributed


(=) 8. Distribution of value added
8.1 Personnel
8.2 Taxes, fees and contributions
8.3 Debt remuneration
8.4 IOC and dividends
8.5 Retained profits
Non-controlling interest

(+)
(+)
(+)
(+)
(+)
(-)

*Does not Include discontinued operations

28/29

4th QUARTER AND 2014 RESULTS

Statement of changes in shareholders equity (R$ thousands)


01/01/2014 to 12/31/2014
Description

Capital Reserve
Granted options and
treasury shares

Paid-In
Capital

Retained earnings
accumulated
losses

Profit
Reserves

Other
comprehensive
income

Non-controlling
interest

Equity

Consolidated
equity

Opening balances

2,234,135

49,727

423,409

944

2,708,215

596

2,708,811

Adjusted opening balances

2,234,135

49,727

423,409

944

2,708,215

596

2,708,811

Shareholders capital transaction

503

-19,544

-19,041

-19,041

Recognized options granted

503

503

503

Dividends

-19,544

-19,544

-19,544

Additional proposed dividend

Total comprehensive income

82,289

82,289

298

Net income for the period

82,289

82,289

358

82,647

Other comprehensive income

-60

-60

Non-controlling interest

-60

-60

Internal Changes in Equity

63,183

-62,745

-629

-191

-191

Reserve constitution

62,745

-62,745

Additional proposed dividend

-191

-629

-191

-191

Depreciation of deemed cost


Closing balances

629

2,234,135

50,230

486,591

315

2,771,272

894

2,772,166

10/01/2014 to 12/31/2014
Description

Capital Reserve
Granted options and
treasury shares

Paid-In
Capital

Retained earnings
accumulated
losses

Profit
Reserves

Other
comprehensive
income

Non-controlling
interest

Equity

Consolidated
equity

Opening balances

2,234,135

50,217

423,532

103,837

629

2,812,350

866

2,813,217

Adjusted opening balances

2,234,135

50,217

423,532

103,837

629

2,812,350

866

2,813,217

Shareholders capital transaction

13

-19,544

-19,531

-19,531

Recognized options granted

13

13

13

Dividends

-19,544

-19,544

-19,544

Additional proposed dividend

Total comprehensive income

-21,548

-21,548

28

-21,520

Net income for the period


Other comprehensive income

0
0

0
0

0
0

-21,548
0

0
0

-21,548
0

28
0

-21,520
0

Non-controlling interest

Internal Changes in Equity

63,059

-62,745

-314

Reserve constitution

62,745

-62,745

Additional proposed dividend

Depreciation of deemed cost

314

-314

2,234,135

50,230

486,591

315

2,771,272

894

2,772,166

Closing balances

01/01/2013 to 12/31/2013
Description

Capital Reserve
Granted options and
treasury shares

Paid-In
Capital

Retained earnings
accumulated
losses

Profit
Reserves

Other
comprehensive
income

Equity

Non-controlling
interest

Consolidated
equity

Opening balances

2,234,135

48,171

322,933

1,571

2,606,810

382

2,607,192

Adjusted opening balances

2,234,135

48,171

322,933

1,571

2,606,810

382

2,607,192

Shareholders capital transaction

1,556

-269

-31,184

-29,897

-29,897

Recognized options granted

1,556

1,556

1,556

Dividends

-31,184

-31,184

-31,184

Additional proposed dividend

-269

-269

-269

Total comprehensive income

131,301

131,301

214

131,515

Net income for the period

131,301

131,301

281

131,582

Other comprehensive income

Non-controlling interest

-67

-67

Internal Changes in Equity

100,745

-100,117

-628

Reserve constitution

99,926

-99,926

Additional proposed dividend

191

-191

Depreciation of deemed cost

628

-628

943

Closing balances

2,234,135

49,727

423,409

2,708,214

596

0
2,708,810

10/01/2013 to 12/31/2013
Description

Capital Reserve
Granted options and
treasury shares

Paid-In
Capital

Retained earnings
accumulated
losses

Profit
Reserves

Other
comprehensive
income

Non-controlling
interest

Equity

Consolidated
equity

Opening balances

2,234,135

48,837

323,135

94,591

1,100

2,701,798

515

2,702,313

Adjusted opening balances

2,234,135

48,837

323,135

94,591

1,100

2,701,798

515

2,702,313

Shareholders capital transaction

890

-269

-31,184

-30,563

-30,563

Recognized options granted

890

890

890

Dividends

-31,184

-31,184

-31,184

Dividendos Adicionais Propostos

-269

-269

-269

Total comprehensive income

36,710

36,710

81

36,791

Net income for the period

36,710

36,710

81

36,791

Internal Changes in Equity

100,543

-100,117

-157

269

269

Reserve constitution

99,926

-99,926

Additional proposed dividend

460

-191

269

269

157

-157

943

Depreciation of deemed cost


Closing balances

0
2,234,135

0
49,727

*Does not Include discontinued operations

29/29

423,409

0
2,708,214

0
596

0
2,708,810