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Earnings Results Presentation - 2Q13

Earnings Results Presentation - 2Q13

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08/13/2013

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2nd Quarter Earnings Results

DASA grows gross revenues in 12% and increases net income by 52% in 2Q13

Romeu Côrtes Domingues Chairman Dickson Esteves Tangerino CEO Cynthia May Hobbs CFO Octávio Fernandes VP of Operations Emerson Leandro Gasparetto Director of Imaging Paulo Bokel Investor Relations Officer ir@dasa.com.br Tel: (011) 4197-5410 Fax: (011) 4197-5516 www.dasa3.com.br

TELECONFERENCES
Portuguese Date: 08/13/13 | Hour: 10h00 (Brasília) Tel.: 11 2188-0155 | Password: DASA
English Date: 08/13/13 | Hour: 12h00 (Brasília) Phone: 1(412)317-6776 | Password: DASA

DASA ON
Bovespa: DASA3 Most recent quotation: 08/12/13: R$ 12.1

Average daily trade volume 2Q13: R$ 27.9 million Market value: R$ 3.8 billion US$ 1.7 billion
Free Float: 97.2%

1/17

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 regarding future performance. These estimates are highly dependant on the performance of the Brazilian economy, industry and international market condiitions. Therefore, they are subject to change.

2/17

Growth
• • • •

2Q13 HIGHLIGHTS AND RECENT FACTS

GROSS REVENUE reached R$ 698.5 million in 2Q13, a 12% growth compared to 2Q12 STRONG growth in HOSPITALS, LAB TO LAB AND IMAGE 4 PSCS REMODELING delivered in 2Q13, and 10 in progress 2 NEW MRIs and 1 NEW CT in the quarter

Quality
• • • • • 53 PAPERS APPROVED in the 2013 AACC (American Association for Clinical Chemistry) One of the papers was AWARDED at the conference by the NACB (National Academy of Clinical Biochemistry) Over 50 MEDICAL EVENTS held this year Beginning of the operation of the SECOND PRODUCTION CONVEYOR BELT in our Central Lab n Rio de Janeiro AWARDED THE BEST COMPANY in the healthcare industry by Revista Valor 1000 (Value 1000 Magazine)

Return for the shareholder
• • • EBITDA of R$ 110.8 million in 2Q13, 7.6% more than 2Q12 OPERATING CASH FLOW of R$ 87.1 million in 2Q13, 32.3% more than 2Q12 NET INCOME of R$ 35.2 million in 2Q13, 51.9% more than 2Q12

3/17

GROSS REVENUE (R$ MILLION)
698.5 623.5
12.0% 9.6%

1,339 1,233
8.6%

236.4

33.8%

34.6%

215.7

422

5.2%

444

65.4%

407.9

13.3%

462.2

66.2%

10.3%

895

811

2Q12

2Q13

YTD 2012

YTD 2013

RID

Clinical Analysis

RID

Clinical Analysis

• Gross revenue reached R$ 698.5 MILLION in 2Q13, a growth of 12.0%. In the year, reached R$ 1.339 MILLION, a growth of 8.6%
4/17

PATIENT SERVICE CENTERS
GROSS REVENUES (R$ MILLION)
457.5 196.1 10.8% 8.2%

506.9
41.8%

AVERAGE REVENUE PER REQUISITION AND VOLUME (MILLIONS)

212.1
134.5

42.9%

126.5

130.5

134.0

133.7

12.8%

294.8

58.2%

57.1%

261.4
3.6
3.6
3Q12
Requisitions

3.3
4Q12

3.5
1Q13
Average Requisition Price

3.8
2Q13

2Q12
Clinical Analysis RID

2Q13

2Q12

• Clinical Analysis’ volume is higher due to NEW PAYERS • NEW SCHEDULES and an IMPROVED CALL CENTER impacted the growth of Image

• A MIX WITH HIGHER COMPLEXITY (IMAGE) raised the average revenue per requisition
5/17

HOSPITALS
GROSS REVENUES (R$ MILLION) AVERAGE REVENUE PER REQUISITION AND VOLUME (MILLIONS)

60.8

16.1% 32.8%

70.6 16.4 23.2%

20.3%

12.3

49.8
79.7%
48.5 11.8% 54.2 76.8%

52.2

56.5

56.3

64.7

1.2
2Q12
Clinical Analysis

1.1
3Q12
Requisitions

1.0
4Q12

1.1
1Q13

1.1
2Q13

2Q13
RID

2Q12

Average Requisition Price

• GROWTH of 16.1% despite operating with selectivity • Impact of NEW CONTRACTS which began operations in 1Q13 • Implementation of NEW SERVICES and focus on INCREASING PROFITABILITY 6/17

LAB-TO-LAB
GROSS REVENUES (R$ MILLION)
12,497

Performance
14,589

21.5% 60.6

73.7

199

4,853

5,052

2Q12

2Q13

2Q12
# of Laboratories

2Q13
Average Revenue/Laboratory (in R$)

• 22.0% increase in the number of REQUISITIONS and 21.5% in REVENUES • Focus on GREATER CAPILLARITY and IMPROVING THE MIX

7/17

PUBLIC HOSPITALS AND CLINICS
GROSS REVENUES (R$ MILLION)
6.1%

77.4
47.3

79.9

44.6

16

576

592

2Q12

2Q13

2Q12
# collecting site

2Q13
Revenue per colleting sites

• Growth due to NEW CONTRACTS

8/17

COSTS
In R$ Million 2Q13 Personnel Materials Services and Utilities General Cost of Services Cash Depreciation and amortization Cost of Services 118.6 110.9 174.0 6.4 409.9 24.3 434.2 1Q13 111.2 100.5 156.9 6.2 374.8 27.8 402.6 2Q12 116.6 102.0 140.1 5.5 364.1 21.5 385.6 % of Net Revenues 2Q13 18.8% 17.6% 27.6% 1.0% 64.9% 3.8% 68.8% 1Q13 19.1% 17.3% 27.0% 1.1% 64.4% 4.8% 69.2% 2Q12 20.4% 17.8% 24.5% 1.0% 63.7% 3.8% 67.5% Variation % ∆ 2Q13 x ∆ 2Q13 x 1Q13 % 6.7% 10.3% 10.9% 3.2% 9.4% -12.7% 7.8% 2Q12 % 1.8% 8.8% 24.1% 16.4% 12.6% 12.9% 12.6%

• PERSONNEL: greater PSCs’ productivity

• MATERIALS: growth in the number of tests and improvement in productivity
• SERVICES AND UTILITIES: medical compensation, data link, occupancy costs and commission to lab-to-lab sales representatives 9/17

SG&A
In R$ Million 2Q13 General and Administrative Profit Sharing Program Other Operating Revenues/ Expenses Cash Operating Expenses Depreciation and Amortization Operating Expenses 105.2 6.9 (1.4) 110.7 13.5 124.1 1Q13 101.8 7.6 (1.7) 107.7 14.0 121.7 2Q12 98.5 6.4 (0.4) 104.5 14.1 118.6 % of Net Revenues 2Q13 16.7% 1.1% -0.2% 17.5% 2.1% 19.7% 1Q13 17.5% 1.3% -0.3% 18.5% 2.4% 20.9% 2Q12 17.2% 1.1% -0.1% 18.3% 2.5% 20.7% Variation % ∆ 2Q13 x ∆ 2Q13 x 1Q13 % 2Q12 % 3.3% -9.5% -16.1% 2.7% -3.7% 2.0% 6.8% 7.9% 279.3% 5.9% -4.4% 4.7%

• GENERAL AND ADMINISTRATIVE: call center internalization and more control of hiring

10/17

ACCOUNTING EBITDA (R$ MILLION)

EBITDA Margin

18.0% 7.6%

17.6%

103.0

110.8

2Q12

2Q13

11/17

IR/CSLL

2.0%

2Q13

4.2% 34.0%

36.0%

-19.9%

20.2%
Withholding tax (current)/ Income taxes cash*

Income Tax Rate

permanents adjustements in tax books

Income Taxes (Financial Statements)

Tax Loss/Goodwill Compensation

Other

• OPTIMIZED FISCAL BENEFIT expected after the incorporation of MD1

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

12/17

RECEIVABLES
Accounts receivable 399.7 385.5 409.7 Past due 0-90 59.7 71.1 85.0 Past due 91 - 120 8.2 12.2 11.3 Past due (more 84.9 83.3 92.4 Provisions (84.2) (71.7) (75.1) Total Rec. 466.2 481.7 523.3 Coverage Index¹ 99.1% 86.1% 81.3%

R$ million

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
398.0 74.7 10.1 111.2 (103.9) 490.1 93.4% 423.7 74.3 10.7 111.2 (102.7) 517.1 92.4% 415.9 78.0 10.8 113.8 (106.1) 512.4 93.2% 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 80.2 9.6 109.4 (95.0) 571.3 86.9%

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

25% 50% 75% 100%

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

Unbilled services (R$ million)
127.9

Average collection period (days)
85.6

119.0 80.1 82.7 93.2

96.9

84.5

84.4
83.8

81.6

81.7

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

13/17

BALANCE SHEET MANAGEMENT
Management Cash Flow (R$ Million) Accounting EBITDA Operacional working capital Other working capital accounts* Financial expenses* Income tax Operational cash flow Capex Free Cash Flow
Debt Composition(R$ million)
Cash and Cash Equivalents Debt – Short Term Debt – Long Term 236.5 (336.5) (752,5)

2Q13 110.8 (16.3) 28.0 (27.4) (8.0) 87.1 (29.1) 58.0

• Operating cash flow is POSITIVE • Stable NET DEBT compared to 1Q13

(852.5) Net Debt** (*) Not consider R$ 39.4 million of the cash payment of São Paulo tax debts. Neither consider the Financial Result gain of R$ 9.3 million (**) Methodology adopted by fiduciary agent

14/17

ROIC (*)

17.4%

16.3%

14.2%

11.7%
9.1% 7.6%
2011 1Q12 LTM 2T12 LTM 3T12 LTM 2012 1T13 LTM

7.8%
2T13 LTM

• ROIC has been impacted by INVESTMENTS MATURATION PERIOD
(*) Considering current EBITDA NOPAT LTM/mean(working capital + intangible assets + fixed assets – value for Exchange of shares of DASA and MD1) 34% effective rate of Income Tax

15/17

CAPEX
Capex Breakdown 2Q13

234.0

192.5
113.4 73.0 41.3
2010 2011 2012 1Q12 1Q13

Equipment R$ 10.9 MM
37.5%

49.3

29.1
2Q13

Opening and Expansion of PSCs R$ 9.8 MM
33.8%

Information Technology R$ 8.3 MM
28.7%

2Q12

• 2Q13: 1 NEW UNIT, 2 MRI, 1 CT

• R$ 29.1 MM in 2Q13

16/17

Q&A

Conference Call 2Q13

17 17/17 /17

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