Consolidated Income Statement - (R$ MM) Balance Sheet 1Q Equity 2, , % Net Debt¹ % O ther 1Q
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1 Qualicorp S.A. BOVESPA: QUAL3 Shares Outstanding (3/30/2018) 283,176,825 shares São Paulo, May 10th QUALICORP S.A (B3: QUAL3), one of the leading full-service healthcare benefits trader, administrator and health management services provider in Brazil, announces its consolidated 1Q18 results. The operating and financial data are presented on a consolidated basis in Reais ( BRL or R$ ), in accordance with Corporate Law and regulations of Comissão de Valores Mobiliários CVM (the Brazilian SEC). From January, 1 st, 2018 on, the IFRS 9 and IFRS 15 instruction became effective, reflecting financial statements regarding revenues, new sales commission and bad debt. Free Float (3/30/2018) 282,546,681 shares ( 99.8%) Cash and Cash Equivalents (3/30/2018) R$527.5 million Investor Relations Grace Tourinho IRO Pedro Nocetti IR Phone: +55 (11) ri@qualicorp.com.br Conference Calls May 11th 2018 (Friday) Portuguese Time: 10:30 am (EST Brasilia) / 9:30 am (NY) Phone: Code: English Time: 10:30 am Brasilia 9:30 EST Simultaneous Translation Phone: Code: The 1Q18 consolidated Net Revenue reached R$479.2 million, -0.5% lower y/y, -0.9% -.5% q/q. The net revenue reduction is due to portfolio decrease in Affinity, as well as, a drop in TPA income reflected by contracts termination. Our Adjusted EBITDA increased 0.3% in 1Q18, reaching R$236.6 million and leading to a margin of 49.4%. When compared to, the 17.6% decrease comes from lower contingencies volume. The Company reached R$102.7 million Net Income in 1Q18, 14.9% higher than and lower than 1Q17 reflected by fiscal benefits one offs in the beginning of last year. We managed to reduce our net debt one again in 1Q18, even after dividends payment and cash flow consumption regarding shares buyback. We closed 1Q18 with R$294.2 million operating cash flow. After CAPEX, the cash flow generation reached R$243.5 million. Consolidated Income Statement - (R$ MM) MAIN INDICATORS (R$MM) 1Q18 1Q17 Net Revenues % % Total Expenses (Ex-Depreciation and amortizatio (230.9) (250.5) -7.8% (270.7) -14.7% Adjustments to EBITDA (11.7) % (11.4) 3.1% Adjusted EBITDA % % Adjusted EBITDA Margin 49.4% 49.0% 39bps 41.6% 774bps Net Income (Loss) % % Balance Sheet 1Q Var. 1Q17/2016 Equity 2, , % Net Debt¹ % O ther 1Q Var. 1Q17/2016 Net Debt / Equity 0.06x 0.06x 4.3% Net Debt / Adjusted EBITDA LTM 0.14x 0.16x -9.2% (¹) Includes acquisition payables recognized as other payables. It does not include the investment retained as a guaranteed asset in the direct subsidiary Qualicorp Administradora de Benefícios S.A., and in the indirect subsidiary Clube de Saúde Administradora de Benefícios Ltda., according to the 33rd normative instruction by the ANS, from October 5, 2009.
2 2 IFRS 9 and 15 IFRS 9 and 15 instruction were issued by the IASB and became effective on January 1 st, 2018, reflecting the financial statements in the current year with opening balance on January 1 st, Regarding IFRS 9, the Company assessed that the allowance for losses on bad debts should be recognized by estimation, based on a revenue percentage. This rate will be defined by an actuarial technical note and no longer based on the amounts of credits due after 60 days, which used to consider the history of "losses incurred", being accrued due to the recognition of the "expected credit losses", at the same time as the respective revenue was recorded. (CPC 48) On IFRS 15, the Company adopted the retrospective method modified with cumulative effect of the initial application of the pronouncement, recognized on the date of the initial application (January 1 st, 2018). The Company concluded the following impacts arising from this instruction: i. " Financial transfers from stipulation of contracts", previously recognized as revenue in the income statement for the year, do not meet the criteria for recognizing revenues and are now recognized as a deduction from the item "Financial transfers from membership contracts", from the cost of services group provided, not generating impacts on the Company's results, only in its presentation; and ii. The rule establishes that the costs directly related to the acquisition of new contracts must be capitalized. Thus, variable expenses with third party commissions, including internal brokers, will be capitalized as intangible assets and amortized over the average term of the beneficiaries in our portfolio, generating an impact on the Company's results. It is important to highlight that the Company is applying the effects mentioned above in 2017 financial year here presented, differing from the Financial Statements previously reported. 2
3 3 BENEFICIARIES (MM) NET REVENUES (R$ MM) ADJUSTED EBITDA (R$ MM) NET INCOME (R$ MM) 3
4 4 1 Beneficiaries BENEFICIARIES (MM) BENEFICIARIES PORTFOLIO QUARTER BREAKDOWN Total Portfolio The total number of beneficiaries reached 3.1 million lives in the end of the quarter. The considerable reduction y/y and q/q is mainly due to [i] the foreseen termination of TPA contract regarding 1.4 million lives and [ii] the termination of life insurance contract in Affinity. Regarding the total portfolio, there is a decrease in Afinnity Medical Care portfolio y/y and lives growth in other segments, especially in corporate plans. Out of the total beneficiaries, 1.3 million are in the Affinity segment and 1.7 million in the Corporate and Others segment. Affinity Portfolio Medical Care Our Affinity Medical Care portfolio ended with 1.2 million lives in 1Q18, leading to a variation of -9.4% y/y and 0.9% q/q. The decrease reflects the average price readjustment over health plans, around 22% in 2017, affecting churn (as detailed in the follow item 1.1). Other products The Other products portfolio, in the Affinity segment, closed 1Q18 with thousand lives, lower q/q and y/y. This decrease is due to the termination of a life insurance contract, around 226k lives. 4
5 5 Corporate and Others Total Portfolio Our total portfolio of beneficiaries in the Corporate and Others segment presented a -38.1% y/y variation in 1Q18, mainly due to a contract termination on TPA. In the sequential comparison, this portfolio decreased -42.2%. Corporate The Corporate segment increased 55.4% y/y in 1Q18 (+7.0% q/q), reaching thousand lives, mainly due to new contracts signed over the last months. It is important to mention that, even with the lives growth, there was no relevant impact in revenues, considering the new contracts compensation profile. SME The SME segment shows an increase of thousand lives when compared to 1Q17 and with high growth in the sequential comparison. This increase reflects the portfolio acquisition of Vision Med held in 2017 and with revenue impact only in TPA The Self-management portfolio, which consolidates Qualicorp TPA and CRC/Gama lives has reached 0.8 million lives by the end of 1Q18, substantially lower y/y and q/q. The decrease is mainly due to the foreseen termination of a 1.4 million lives contract. It is important to mention that this contract is accountable for less than 1% of the Company s monthly gross revenue. Health Management The Health Management portfolio had its last contract closed in 2Q17 so there are no more lives remaining. It should be noted that this business segment had minor share of the Company's revenue, accounting for less than 0.5% of gross revenues in
6 6 1.1 Portfolio of lives evolution In the Affinity segment, which represents 91.9% of our net revenues in 1Q18 ( 91.3% in and 91.2% in 1Q17), we acquired 98k lives in gross additions. Regarding the new lives dynamics in the quarter, higher when compared to previous quarters, it is important to highlight the entry of a new entity portfolio of around 18k lives. The Company reestablished the investment cycle in the sales channel besides the development of new products, in order to increase gross adds performance through the year. In addition to the gross adds, the Company acquired a portfolio of 10.9k lives, closing 1Q18 with 11.1k additional lives when compared to December, Regarding churn level, we had 98 thousand cancellations in 1Q18, quite lower q/q, inherent to the business seasonality. However, there is an improvement, also in absolute terms, when compared to 1Q17, which is related to [i] slightly favorable macro scenario and [ii] less aggressive and competitive scenario. The Company is continuing its efforts to improve operational performance throughout the year, and has full confidence that, with more affordable products and qualified service, will be able to report net additions well above In the first quarter of 2018, our retention channel downgraded of about 5.0k lives (3.2k lives in 1Q17), with a ticket reduction of approximately 29%. Portfolio 1Q18 1Q17 Therefore, our portfolio in Medical Care Affinity segment had 1.2 million lives in the end of 1Q18, -9.4% y/y and +0.9% q/q. Out of this amount, over 124 thousand lives belongs to the Clube de Saúde segment. Affinity Health Lives Total Portfolio (BOP) 1,211,591 1,369, % 1,276, % (+) Gross Adds 97,805 84, % 82, % (-) Churn (97,602) (104,675) -6.8% (147,928) -34.0% New Lives Added (net) 11,115 (20,046) % (65,292) % Total Portfolio (EOP) 1,222,706 1,349, % 1,211, % Affinity Other Products Lives Total Portfolio (BOP) 346, , % 386, % New Lives Added (net) (225,028) (14,424) % (39,834) 464.9% Total Portfolio (EOP) 121, , % 346, % Affinity Portfolio 1,344,313 1,756, % 1,558, % Corporate 768, , % 717, % TPA 793,695 2,235, % 2,212, % Small/Medium Enterprises 146,680 27, % 28, % Health Management - 4,322 N.A. - N.A. Corporate and Others Portfolio 1,708,888 2,761, % 2,958, % Total Portfolio 3,053,201 4,517, % 4,517, % 6
7 7 2 Operating Net Revenues Net Revenues (R$ MM) 1Q18 1Q17 Affinity % % % on Total Net Revenues 91.9% 91.2% 75bps 91.3% 58bps Corporate and Other % % % on Total Net Revenues 8.1% 8.8% -75bps 8.7% -58bps Total Consolidated % % Our total Net Revenues decreased -0.5% in 1Q18 y/y, reaching R$479.2 million. Regarding, there was a -0.9% decrease. The Affinity segment contributed with R$440.4 million in 1Q18 (+ 0.4% y/y and -0.2% q/q). The relatively small variations reflects the increase in the average ticket after the annual readjustment since July 2017, outshined by a smaller customer base, in the annual comparison. The Net Revenue from the Corporate and Others Segment reached R$38.8 million in 1Q18, - 8.9% y/y ( - 7.5% q/q). The decrease is due to the termination of a contract in TPA segment, partially offset by revenues from the Vision Med portfolio acquired in December The Group gross revenue tax rate (ISS, PIS and COFINS) reached 8.0% in 1Q18 (versus 8.3% in 1Q17 and 7.8% in ). 7
8 8 3 Operating Expenses Cost summary (R$ MM) 1Q18 1Q17 Cost of Services (92.0) (101.1) -9.0% (95.0) -3.2% Total Costs of Services (92. 0) (101. 1) % (95. 0) % Total Adm. Expenses (112.8) (121.6) -7.3% (143.6) -21.5% Total Selling Expenses (65.1) (71.6) -9.1% (67.4) -3.4% Bad Debt (Uncollectible Receivables) (34.9) (28.5) 22.4% (40.1) -13.1% Other Operating Income (Expenses) (4.3) (3.3) 31.2% % Total Operating Expenses (217. 1) (225. 1) % (249. 8) % Total Consolidated (309. 1) (326. 2) % (344. 8) % (+) One Time Expenses (a) % % Total Consolidated Recurring (308. 8) (319. 1) % (343. 4) % a) Refers to Stock option expenses. Our consolidated recurring Operating Expenses decreased -3.2%y/y in 1Q18 (-10.1% y/y), reaffirming that the operational improvements implemented over the years are solid and will be able to generate even better results when the Company regains growth. When we consolidate personnel expenses, which involve both cost and expenses line, we achieved 21.1% reduction y/y. If we were to exclude the severance costs effect, we would have a 13.4% reduction. We highlight that the administrative expenses line in was impacted by the extraordinary effect of REFIS (Debt Repayment Program) and TCAC (Conduct Adjustment Commitment Term) celebrated with ANS, associated with regulatory contingencies, about R$20.1 million. Regarding commercial expenses, these show a significant reduction in both annual and sequential comparisons. This reduction is due to compensation policies and sales channel commissions changes, rewarding by compliant beneficiaries. Concerning bad debts losses, as a percentage of the net revenue, it grew y/y. It is important to highlight that even with the positive impact of Resolution 412/2016 since May 17, regarding the immediate plan cancellation, when requested by the client, some relevant portion of the total cancellations are still due to debits. Therefore, there still losses growth regarding customers cancellations in. 8
9 9 3.1 Cost of Services Cost of Services (R$ MM) 1Q18 1Q17 Personnel expenses (30.3) (41.7) -27.3% (36.8) -17.6% Third Party Services (24.8) (22.7) 9.4% (15.9) 56.0% Occupancy expenses (4.0) (2.9) 36.6% (2.2) 80.5% Royalties (a) (24.2) (24.8) -2.5% (26.6) -9.1% Others (b) (8.7) (9.0) -3.7% (13.6) -35.8% Total Consolidated (92.0) (101.1) -9.0% (95.0) -3.2% Gross Margin 80.8% 79.0% 181bps 80.3% 47bps a) Refers to expenses related to financial pass through incurred in agreements signed with professional associations for the contracting and selling of affinity plans (called royalties). b) Refers mainly to lawsuits, mailing expenses and annual membership fees paid by the Company to associations, unions and councils on behalf of the beneficiaries / members of the professional associations, paid by the Company for associations, unions and councils to which the beneficiaries are affiliated. The consolidated Cost of Services reached R$ 92.0 million in 1Q18 ( - 9.0% y/y and - 3.2% q/q). Thus, we achieved 80.8% of gross margin, which represents a growth when compared to last year and flat sequentially. Regarding personnel expenses, we had the decrease of 27.3% y/y (-17.6% variation q/q), reflected by the staff readjustment applied along the last 12 months. If we were to exclude severance effect in 1Q17, we would have 20.2% decrease. Regarding Third Party services expenses, third party savings in administrative expenses offset the 9.4% decrease observed in y/y (56% q/q). This effect is due to an adjustment in the allocation of these services, as of 2018, between costs and expenses, in order to enhance result analysis. Consolidating our third-party costs and administrative expenses, we achieved savings of 12.1% y/y, due to lower legal and consulting expenses, and the internalization of the Clube de Saúde operation. In the Occupancy expenses line if we consider all of its costs, administrative and commercial lines, we will have obtained a 2% saving y/y. Occasional variations within the items are due to adjustments in the apportionment. In compliance with IFRS 15, the Royalties of Affinity contracts are net of the contract stipulation revenue. The 2.5% decrease in Financial transfers from membership contracts y/y (-9.1% q/q) reflects the lower number of lives in portfolio in 1Q18, which leads to a reduction in the amount paid, since these onlendings are proportional to the totals of premiums along with the entities. Finally, the variation in other s line (-35.8% q/q), we observed a decrease in the annual and in the quarterly comparison. The Company is engaged to mitigate these expenses. 9
10 Administrative Expenses Administrative expenses (R$ MM) 1Q18 1Q17 Personnel expenses (22.7) (29.9) -24.4% (24.0) -5.5% Third Party services (11.7) (18.9) -38.0% (26.0) -54.9% Occupancy expenses (2.6) (4.1) -35.6% (3.9) -31.8% Depreciation and amortization (60.1) (58.2) 3.3% (55.4) 8.6% Others (15.7) (10.5) 49.2% (34.5) -54.5% Total Consolidated (112.8) (121.6) -7.3% (143.6) -21.5% (+) Stock Options Expenses % % Total Recurring Adm. Expenses (112.5) (114.5) -1.8% (142.2) -20.9% Recurring Adm. Expenses/ Net Revenue % 23.5% 23.8% -32bps 29.4% -595bps Our recurring Administrative expenses decreased -1.8% y/y (-20.9% q/q), reaching R$112.5 million in 1Q18. Regarding net revenue, 1Q18 closed at 23.5%, around 32bps lower than 1Q17 and 595bps lower than. This result is mainly due to the R$20.1 million regulatory contingencies effect in. In the Personnel line, this quarter, if we were to exclude the Stock Option expenses amortization effect, there was a -2.3% y/y variation (1.0% q/q). Disregarding severance expenses in 1Q17, there would be a 3.5% y/y increase due to provision for Profit Sharing Program in In Third Party expenses, as mentioned before, the reductions are due to costs and administrative expenses reallocation as of Lastly, the severe sequential drop in Other Administrative Expenses line is due non-extraordinary impacts in 1Q18, regarding regulatory contingencies. 10
11 Selling Expenses Selling Expenses (R$ MM) 1Q18 1Q17 Personnel expenses (13.7) (12.9) 6.2% (11.8) 16.4% Third Party services (3.9) (3.0) 29.8% (2.9) 37.6% Occupancy expenses (1.9) (1.7) 11.8% (1.5) 22.5% Sales campaign (4.8) (9.6) -49.8% (5.3) -8.8% Sponsorships (1.4) (1.6) -11.7% (2.6) -44.4% Third-party commission (14.5) (18.6) -22.3% (14.5) 0.1% Publicity and advertising (4.7) (4.2) 13.4% (6.5) -27.3% Others (a) (2.0) (2.6) -20.1% (3.7) -44.1% Total Consolidated (65.1) (71.6) -9.1% (67.4) -3.4% Selling/Net Revenue % 13.6% 14.9% -129bps 13.9% -36bps Our consolidated Selling Expenses decreased - 9.1% y/y in 1Q18 ( -3.4% q/q) reaching R$ 65.1 million. Regarding personnel expenses, severance one off expenses in sales department explain the 6.2% y/y increase (16.4% q/q). In the third-party services line, q/q variation was not relevant in absolute terms, regards punctual hiring and severance consulting expenses. Concerning sales campaigns, the 49.8% y/y reduction, reflects the commercial policy change. The Company understands that whenever necessary, strategies readjustments must be taken. Therefore, in 2018, new investments aiming sales volume growth are being made and will reflect in the follow quarters. The third-party commissions line, according to IFRS 15, now shows only recurring commissions payed to sales channel, besides brokerage. The policies regarding recurring commissions are associated with sales channel performance, which explains the 22.3% reduction y/y. The third-party commissions regarding new sales, for internal and external channel, are being capitalized in the Company's intangible assets. The amortization, with minor variations between quarters, reflects the sales performance in the 24 months prior to the end of each period, this assumption also works for amortization. If we were to spend these commissions (internal and external channel) by competency, these would represent R$14.9 MM in 1Q18 (R$16.4 MM in and R$17.3 MM in 1Q17). 11
12 Bad Debt (Uncollectible Receivables) Bad Debt (R$ MM) 1Q18 1Q17 Bad Debt/Uncollectible Receivables (34.9) (28.5) 22.4% (40.1) -13.1% % Net Revenue 7.3% 5.9% 136bps 8.3% -103bps Our Bad Debt expenses, reached R$ 34.9 million in 1Q18, representing 7.3% of our total net revenue, 5.9% in 1Q17 and 8.3% in. Bad Debt expenses are seasonally lower in the first half of every year, due to price adjustment lower impact, which is applied in second half of the previous year. Thus the first quarter was affected by customers November and December delinquency. Breakdown 1Q18 1Q17 Bad Debt (40.2) (32.7) 23.0% (43.5) -7.6% Recovering % % The past due credit recovery contributed positively with R$5.3 million during 1Q18, higher than R$ 4.2 million in 1Q17 and R$3.3 million in, reflected by the efforts to recovery clients credits after high volume losses in 2S Other Operating Income / (Expense) Other Operating 1Q18 1Q17 Income/Expenses (R$ MM) Expenses related to contingencies (5.9) (3.9) 50.1% (2.3) 160.8% Impairment % % Operational Losses 5.8 (0.2) % % Potencial Sale % - N.A. Other income (expenses) (5.0) % (2.9) 72.3% Total Consolidated (4.3) (3.3) 31.2% % (-) One-time revenues - - N.A. - N.A. (+) Other One-time Operating expenses Income/Expenses presented a positive effect - of R$4.3 - million vs. R$3.3 N.A. million -positive impact N.A. Total in 1Q17 Consolidated and R$-1.4 million negative impact in. (4.3) This variation (3.3) reflects higher 31.2% contingencies 1.4 expenses % volume and other expenses regarding associated monthly refunds. It is important to highlight expenses related to operating gains, due to invoice reconciliation, which had a positive effect of R$5.8 million in 1Q18. 12
13 13 4 Financial Income (expenses) Financial Income (Expenses) (R$MM) 1Q18 1Q17 Financial income Income from short-term investments % % Interest and fine on late payment of health plans % % Other income % % Total % % Financial expenses Debentures Interest (11.8) (21.0) -43.9% (12.9) -8.4% Monetary adjustment from acquisition payables (0.2) (8.5) -97.6% (1.3) -84.7% Other financial expenses (10.6) (11.1) -4.8% (11.8) -10.6% Total (22.6) (40.6) -44.5% (26.0) -13.3% Total Consolidated (6.2) (1.2) 395.2% (5.6) 10.8% The Company s Financial Income results comes from two main sources: interest on financial investments and interest and penalties on late premiums payments from beneficiaries. In October, 2017, the Company signed the TCAC with ANS, pledging to charge 2% instead of the usual 10% on clients with overdue payment. Therefore we can observe the revenue slowing down when compared to 1Q17. The financial expenses had a considerable drop, due the purchase of Aliança closure. Completed in October 2017, this operation represented R$272 million payment. It is worth to mention our debentures costs, whose interests are paid in 2Q and 4Q of each year. The debentures were renewed in 4Q16 considering more attractive taxes for the Company and which updated value decreases due to basic interest rate. Other financial expenses, which includes financial operations IOF tax, bank expenses, discounts, among others decreased 4.8% y/y, due to lower IOF tax related to financial operations since the beginning of the year. 13
14 14 5 Generation of Operating Cash (EBITDA and Adjusted EBITDA) 1,2 EBITDA and Adjusted EBITDA (R$ MM) 1Q18 1Q17 Net Income % % (+) Taxes % % (+) Depreciation and Amortization % % (+) Financial Expense % % (-) Financial Income (16.4) (39.4) -58.4% (20.4) -19.8% EBITDA % % EBITDA Margin 51.8% 48.0% 386bps 44.0% 783bps Non-cash Stock Option Plan Expense % % Interest and fine on late payment of health plans % % Potencial Sale - - N.A. - N.A. Adjusted EBITDA % % Adjusted EBITDA Margin 49.4% 49.0% 39bps 41.6% 774bps Our consolidated Adjusted EBITDA grew 0.3% y/y, reaching R$236.6 million in 1Q18 ( 17.6% q/q). The consolidated Adjusted EBITDA margin reached 49.4% in 1Q18. The maintenance of the margin is result of the operation and the consistency in the implemented measures, which compensated for the annual worsening in the Bad debts and the lower revenue obtained with penalties for monthly delay on payments. EBITDA AJUSTADO (R$ MM) 1,2 (1) EBITDA and Adjusted EBITDA are presented because management believes that they are significant indicators of financial performance. According to the IFRS, EBITDA and Adjusted EBITDA are not indicators of financial performance and shall not be considered as an alternative to net profit, operational performance, operating cash flow, or as a liquidity indicator. (2) EBITDA and Adjusted EBITDA consist of net income before income tax and social contribution, financial income, financial expense, and depreciation and amortization. Other adjustments include items such as spending on acquisitions and associations; costs of corporate restructuring and operational provisions for stock option plan; interest and penalties on late fees; and other non-cash adjustments. 14
15 15 6 Net Income (Loss) Net Income (Loss) (R$ MM) 1Q18 1Q17 1Q18/1Q1 Net Income % % Our consolidated net income reached R$102.7 million in 1Q18, which implies a -7.0% y/y decrease. The fall is related to lower effective tax rate in 1Q17, when we had non-recurring reversals of taxation in previous years. 7 Amortization Amortization 1Q18 1Q17 Amortization Clients Relationship % % Goodwill Amortization % % Portfolio Amortization % % Amortization Summary Income Fiscal Amount Adjustments to Tax Statement benefit 1Q18 net income Amortization Clients Relationship Yes No Goodwill amortization No Yes Portfolio Amortization Yes Yes Amortization Schedule Clients Relationship Goodwill Portfolio Acquisition
16 16 8 Capital Expenditures Capex (R$ MM) 1Q18 1Q17 Capex in IT % % Other Capex % % Right Assignment Agreeement / Exclusivity % % TOTAL % % Our total IT Capex reached R$12.5 million in 1Q18, mainly due to operational systems improvements. The fixed assets CAPEX of R$0.3 million reflects improvements in equipment in our facilities. On March 29 th, 2018 a Rights Assignment agreement was signed between Qualicorp Benefícios and Asben Corretora de Seguros Ltda. The contract held represents the amount of R$12.3 million, with the purpose of assigning and transferring rights and obligations of certain contracts related to the development of the business by the Assignees, contemplating 10,912 lives and an annual gross revenue of approximately R$ 10 million. Capital Structure (R$ MM) 1Q18 Var. Current Debt % Long Term Debt (1) % TOTAL % Cash and cash equivalents (2) % TOTAL NET DEBT % (1) Includes acquisition payables (2) It does not include the investment retained as a guaranteed asset in the direct subsidiary Qualicorp Administradora de Benefícios S.A., and in the indirect subsidiarie Clube de Saúde Administradora de Benefícios Ltda., according to the 33rd normative instruction by the ANS, from October 5, 2009 Our Net Debt decreased 1.4% in 1Q18 when compared with 2017 end. It is important to highlight that on January, 2018 we payed R$150 million regarding interim dividends, from part of 2H17 profit. In addition from January to March, 2018 there was R$94.1 million impact from buy back shares. According to the Board of Directors meeting held on March 27 th, 2018, the Company carried the cancellation of 7,440,263 shares from treasury. Those shares were acquired between 2015 and 2018, regarding 3 different Buy Back programs and had average price acquisition of R$
17 17 10 Return on Investments We closed 1Q18 with 46.4% ROIC increase over the previous year, which shows once again the assertiveness in the capital allocation and the current efficiency of the operation. Return on Investment 1Q18 3Q17 2Q17 1Q17 Invested Capital Fixed Asset 2,362,696 2,403,610 2,386,283 2,425,987 2,472,620 Working Capital (19,234) 59,061 (55,884) (56,030) (123,137) TOTAL 2,343,462 2,462,670 2,330,399 2,369,957 2,349,483 (-) Intangible - Goodwill (LBO) 924, , , , ,767 (-) Intangible - Client Relationship (LBO) 189, , , , ,211 Adjusted Invested Capital 1,228,984 1,328,568 1,176,672 1,196,606 1,156,505 NOPAT Adjusted EBITDA 236, , , , ,831 EBIT 158, , , , ,190 (+) Ammortization (60,735) (56,999) (58,036) (59,225) (58,592) EBIT adjusted 219, , , , ,783 (-) taxes (34%) (74,500) (62,598) (83,594) (74,933) (74,386) NOPAT 144, , , , ,397 ROIC (12m) 46.6% 47.2% 49.4% 46.4% 44.4% The operating cash flow reached R$294.2 million in 1Q18. It is worth mentioning [i] higher income adjusted for and 1Q17; [ii] working capital accounts with a positive effect. After Capex, the cash generation reached R$243.5 million. The Company remains confident in its operating cash flow expansion, supported by its business model consistency. Cash Flow 1Q18 3Q17 2Q17 1Q17 Income adjusted by non-cash effects 260, , , , ,465 Working Capital 67,827 (123,585) (30,340) (89,595) 38,523 Interest paid - (32,769) - (41,191) - Dividends received/paid - (9,440) (2,245) (6,242) (1,145) Income tax and social contribution paid (33,744) (47,321) (41,504) (33,962) (25,288) Cash Flow from Operating Activities 294,193 12, ,655 95, ,555 Capex (TI) (10,644) (13,024) (10,814) (7,160) (9,605) PP&E (429) (7,301) (650) (504) (370) New Sales Comissions (14,247) (16,378) (16,904) (18,787) (17,330) Intangible (M&A + Portfolio + Deals) (25,340) (315,617) (7,316) (374) (32,717) Cash Flow from Investment Activities (50,660) (352,320) (35,684) (26,825) (60,022) Cash Flow from Operating Activities (-) Capex 243,533 (340,149) 183,971 68, ,533 Cash Flow from Financing Activities (233,031) 4,852 (57,024) (27,517) - Other Investments 21, ,720 (124,783) 13,669 (138,760) Total Cash Flow 31,936 (135,577) 2,164 54,682 82,773 Cash Flow on the begining of the period 146, , , , ,361 Cash Flow on the end of the period 178, , , , ,464 17
18 18 Forward-looking statements This release may contain forward-looking statements concerning the business outlook. These statements are based exclusively on the expectations of the management of Qualicorp S.A. regarding the prospects of the business and its continued ability to access capital markets to finance its business plan. These forward-looking statements are highly sensitive to changes in the capital markets, government regulations, competitive pressures, the performance of the industry and the Brazilian economy and other factors, as well as to the risk factors highlighted in documents previously filed by Qualicorp S.A., and therefore are subject to change without prior notice 18
19 19 Appendix I Income Statement INCOME STATEMENT (R$ MM) 1Q18 1Q17 Net Operating Revenue % % Cost of Services (92.0) (101.1) -9.0% (95.0) -3.2% Gross Profit % % Operating Income (expenses) (217.1) (225.1) -3.5% (249.8) -13.1% Administrative expenses (112.8) (121.6) -7.3% (143.6) -21.5% Selling expenses (65.1) (71.6) -9.1% (67.4) -3.4% Losses on uncollectible receivables (34.9) (28.5) 22.4% (40.1) -13.1% Other operating income (expenses), net (4.3) (3.3) 31.2% % Income From Operations Before Financial Income (Expenses) % % Financial income % % Financial expenses (22.6) (40.6) -44.5% (25.9) -12.8% Income Before Income Tax Social Contribution % % INCOME TAX AND SOCIAL CONTRIBUTION (61.2) (43.5) 40.7% (43.7) 40.1% Current (53.8) (35.0) 11.7% (39.1) 37.7% Deferred (7.4) (8.5) -45.8% (4.6) 60.6% NET (LOSS) INCOME FOR PERIOD % % Attributable to Controlling interest % % Noncontrolling interest N.A. - N.A. Controlling interest % % 19
20 20 Appendix II Balance Sheet ASSETS (R$ MM) 1Q18. CURRENT ASSETS Cash and cash equivalents % Short-term investments % Trade receivables % Other assets % Other financial assets % Other non-financial assets % Total current assets 1, , % NONCURRENT ASSETS Long-term assets Income tax and social contribution % Other assets % Other financial assets % Other non financial assets % Total long-term assets % Investments % Property, plant and equipment % Intangible assets Goodwill 1, , % Others intangible assets % Total noncurrent assets 2, , % TOTAL ASSETS 3, , % LIABILITIES & SHAREHOLDERS EQUITY (R$ MM) 1Q18. CURRENT LIABILITIES Debentures % Taxes payable % Technical Reserves % Premiums to be transferred % Financial transfers payable % Payroll and related taxes % Transferable prepayments % Other payables % Total current liabilities % NONCURRENT LIABILITIES Debentures % Income tax and social contribution % Deferred income tax and social contribution % Provision for risks % Other payables % Total noncurrent liabilities % EQUITY Capital 1, , % Capital reserves % Earnings reserves % Asset vaaccumulated losses N.A. Asset valuation adjustment % Total equity 2, , % TOTAL LIABILITIES AND EQUITY 3, , % 20
21 21 Appendix III Cash Flow Statement STATEMENTS OF CASH FLOWS (R$ MM) 1Q18 1Q17 CASH FLOW FROM OPERATING ACTIVITIES Profit (losses) before income tax and social contribution STATEMENTS OF CASH FLOWS (R$ MM) 1Q17 1Q16 CASH FLOW FROM OPERATING ACTIVITIES Profit (losses) before income tax and social contribution Var % Adjustments % Depreciation and Amortization % Impairment (0.7) (0.6) 25.9% Result from fixed Assets and Intangibles N.A. Stock Option Program % Financial Expenses % Provision for Risks % Adjusted profit (loss) % Origin Cash provided by operating activities % Cash provided by operating activities % Interest paid on debentures - - 0,0% Dividends paid to non controlling shareholders - (1.1) % Income tax and social contribution paid (33.7) (25.3) 33.4% Net cash provided by operating activities % CASH FLO W FRO M INVESTING ACTIVITIES Investments in intangible assets (50.2) (42.3) 18.7% Purchase of property, plant and equipment (0.4) (0.4) 15.9% Financial Investments 22.2 (137.1) % Net cash used in investing activities (28.5) (179.8) -84.2% CASH FLO W FRO M FINANCING ACTIVITIES Buyback - Treasury (94.1) - 0,0% Dividends paid to Qualicorp S.A. shareholders (150.0) - 0,0% Capital Increase N.A. Cash provided by (used in) financing activities (233.0) - 0,0% INCREASE IN CASH AND CASH EQUIVALENTS, NET % Cash and cash equivalents at beginning of period % Cash and cash equivalents at end of period % %Change 1Q17/1Q16 155,4 105,4 47,5% Adjustments 98,0 90,5 8,3% Depreciation and Amortization 58,2 56,1 3,7% Impairment (0,6) 1,3-145,2% Result from fixed Assets and Intangibles 0,0 - N.A. Stock Option Program 7,1 3,7 91,7% Financial Expenses 30,2 30,1 0,3% Provision for Risks 3,2 (0,6) -612,3% Adjusted profit (loss) 253,5 195,9 29,4% 21 Origin Cash provided by operating activities 35,5 (32,5) -209,4%
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