2 nd QUARTER 2015 RESULTS

Transcription

1 2 nd QUARTER 2015 RESULTS DASA announces growth of 9.6% in Gross Revenue of R$815.0 million in DASA ON Bovespa: DASA3 Last Quoted price: R$10.00 Average daily trade volume R$0.5 Million in Market value R$3.1 billion US$0.9 billion TELECONFERENCE English Date: 08/11/2015 Hour: 12h00 p.m. (BRST) Phone: 1(412) Password: DASA Carlos de Barros CFO and Investor Relations Officer Phone: (05511) Fac Smile: (05511) Free Float: 25.3%

2 Financial performance highlights Barueri, August 10 th, 2015: Diagnósticos da América S.A. DASA (BOVESPA: DASA3) announced today the results related to the second quarter of The company s 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 Company s performance in the second quarter of the year 2015, compared to the second quarter of the year 2014, except where stated otherwise. In this quarter, DASA reached gross revenue of R$815.0 million with a 9.6% growth in comparison to revenue of R$743.8 million. We had 61 working days in, same number of. The gross revenue per working day reached R$13.4 million in, an increase of 9.6% compared to (R$12.2 million). The outpatient market reached gross revenue of R$591.8 million in, an 8.3% growth when compared to. The outpatient market represents 72.6% of DASA s total gross revenue. The hospital market gross revenue reached R$81.4 million in the, a 13.5% increase when compared to, equivalent to 10.0% of DASA s total revenue. The lab-to-lab market ended the quarter with 5,168 customers serviced in the country. The gross revenue of this market expanded by 17.5% in the, reaching R$95.9 million, which represents 11.8% of DASA s total revenue. The public market reached gross revenue of R$45.9 million in, an increase of 3.9%. The public market represents 5.6% of the total revenue of DASA. Revenue per business (R$ million) Markets 5.9% 11.0% % 3.9% 17.5% 9.6% % % 11.8% 10.0% 73.5% % % Outpatient Inpatient Lab to Lab Public Sector 2/22

3 Revenue per Line of Service (R$ million) Clinical Analysis X RID (Radiology and Image Diagnostics) % % % % 66.3% % % We ended the quarter with 505 units, of which 63 are hospital units. In, EBITDA amounted to R$93.2 million, compared to R$115.0 million in, representing 12.8% of net revenue. In the six months of 2015, EBITDA amounted to R$158.6 million, compared to R$227.6 million in the same period of last year. The value of 2015 includes the operations of the first three months of the companies Pro-Echo Cardiodata Serviços Médicos Ltda. and Lafê Serviços Diagnósticos Ltda, sold in April 1, which were accounted for using the equity method. CAPEX investments in totaled R$68.0 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. RID Clinical Analysis 3/22

4 Highlights % Total Gross Revenue (R$ MM) % Outpatient Revenue (R$ MM) % Hospitals Revenue (R$ MM) % Lab-to-lab Gross Revenue % Public Gross Revenue % Working days % Gross Revenue (R$ MM) / Working day % N Total units % N PSCs % N Hospital units % EBITDA (R$ MM) % Ebitda margin (%) 16.7% 12.8% -3.9 p.p Net income (R$ MM) % CAPEX (R$ MM) % Operational highlights CDPI brand acquired the first 3 Tesla Prisma MRI machine of Latin America Delboni brand acquired a 160-slice Aquilion Prime CT scanner 4/22

5 Financial performance Outpatient Market Revenue per Line of Service (R$ million) Revenue per brand (R$ million) % % % % % 34.3% % % 58.3% 7.8% % 65.7% % % Clinical Analysis RID Premium and Executive Standard The company maintains the strategy of refurbishing its units to increase service levels and its menu of exams. The standard segment expanded by 8.7%, and the premium and executive segment, the growth was 8.1%. Average Requisition Price (R$) and Requisition Volume (million) Q14 4Q14 1Q15 Requisitions Average Requisition Price We continue focusing on enriching our RID exam mix, with the modernization and expansion of the imaging park, specially MRI 5/22

6 and CT equipment, and the increase in the number of clinical analysis tests per requisition. These factors contributed to the increase in the average value per requisition of R$14.0, or 9.2%, when compared to the second quarter of Hospital Market Revenue per Line of Service (R$ million) 13.5% % % % 78.4% % % Clinical Analysis RID Average Requisition Price (R$) and Requisition Volume (million) Q14 4Q14 1Q15 Requisitions Average Requisition Price Compared to the same period of last year, there was a decrease in average requisition price, due to the faster growth of our clinical analysis hospital business. 6/22

7 Lab-to-lab Gross Operational Revenue (R$ million) Performance (R$ million) % ,043 5,168 # of Laboratories Average Revenue/Laboratory (in Th R$) This business performance is a reflection of the strategy to increase our capillarity, by pursuing new customers in our current routes, opening new routes, improving our product mix, and stronger relationship with laboratories. Public Sector Gross Operational Revenue (R$ million) 75.0 Performance % # collecting site Revenue per collecting sites 7/22

8 We finished the quarter with a total of 35 clients, covering a total of 686 collection points (73 Hospital Units and 613 of the Outpatient Network). We remain highly selective when acquiring new customers in this segment. Revenue Taxes In the, we recorded R$48.7 million of revenue taxes or 6.0% of the gross revenue. The reconciliation of net revenue based on gross revenue is presented below: % Gross Revenue % Gross Revenue Net Operating Revenue Net operating revenue reached R$726.8 million in, a 5.7% increase when compared to. Cost of Services The cost of services includes expenses related to the operation of the PSCs, cost of clinical analysis production and RID. PSC costs are divided into fixed personnel, general and public utilities, 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 with equipment maintenance, and the hiring of specialized medical clinics to issue reports on these tests. x % Gross revenue % Taxes (43.7) (48.7) -5.9% -6.0% 11.4% Provision for losses due to disallowance and default (10.0) (29.2) -1.3% -3.6% 192.8% Discounts (2.8) (10.3) -0.4% -1.3% 271.6% Deductions (12.8) (39.6) -1.7% -4.9% 210.0% Net revenue % 89.2% 5.7% 8/22

9 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 B2C market has collection units and all costs related to this operation, especially personnel, services and occupancy costs. The B2B market has its main cost associated to material and logistics, as it does not have collection units. Cost of Services - Quarter In R$ Million % of Net Revenues Variation % 1Q15 1Q15 x x % 1Q15 % Personnel % 20.6% 20.4% 7.2% 9.7% Materials % 18.7% 18.6% 6.3% 10.3% Services and Utilities % 27.3% 26.7% 13.1% 8.8% General % 1.3% 1.4% 19.6% 17.8% Cost of Services Cash % 67.9% 67.1% 9.5% 9.6% Depreciation and amortization % 4.5% 4.2% 17.6% 5.0% Cost of Services % 72.3% 71.3% 9.9% 9.3% 1) Personnel costs increased because of annual collective bargaining agreements (Rio de Janeiro November 2014, São Paulo - May 2015). 2) Material costs were impacted by growth in the lab-to-lab market, mix of tests, and increase in the prices of some suppliers. 3) The line of services and utilities increased due to higher RID growth, new Patient Service Centers, occupancy costs, and commissions of Lab-to-Lab sales force. 4) The general costs were impacted by freight, due to growth in labto-lab. This line also accounts for spending on miscellaneous fees, insurances and representation costs. Cash Gross Profit In the, the cash gross profit was R$208.3 million, a 3.4% decrease in relation to, and the cash gross margin of the period reached 32.1%. 9/22

10 Operating Expenses Below are the main variations in operating expenses as a percentage of net revenue and in relation to the previous year: Operating Expenses - Quarter In R$ Million % of Net Revenues Variation % 1Q15 1Q15 x x % 1Q15 % General and Administrative % 19.5% 18.8% 16.5% 6.7% Profit Sharing Program % 1.9% 1.8% 32.7% 3.8% Other Operating Revenues/ Expenses (0.2) 4.9 (2.0) 0.0% 0.7% -0.3% 847.9% % Equity Method - - (1.6) 0.0% 0.0% -0.2% 0.0% 0.0% Operating Expenses Cash % 22.2% 20.1% 15.0% 0.3% Depreciation and Amortization % 2.2% 2.0% 5.8% 0.3% Operating Expenses % 24.3% 22.0% 14.2% 0.3% General and administrative expenses increased because of collective bargaining agreements and legal provisions. Other operating revenues / expenses was impacted by loss on sale of Pro-Echo Cardiotada Serviços Médicos Ltda. and Lafê Serviços Diagnósticos Ltda., in the amount of R$2.5 million. The profit of these companies for the first quarter of 2015, before the sale occurs, were recorded in the second quarter under the equity method in the amount of R $ 1.6 million. In Profit Sharing Program, a provision of R$13.1 million was made. EBITDA Quarter* 16.7% -0.3% -0.1% -1.7% -0.2% -1.6% 12.8% EBITDA Personnnel Materials Services and Utilities General SG&A EBITDA 10/22

11 75,0 66,8 2 nd QUARTER 2015 RESULTS 16% 14% 12% 10% 08% 06% 04% 02% 00% 16.9% YTD14 Ebitda 589 2T % YTD15 Ebitda Margin 50,00 - Includes Proecho and Lafê, in Compliance with Instruction CVM Nº ,00 250,00 200,00 150,00 100, T15 # Pontos de Coleta Receita por pontos de Coleta (R$ mil) EBITDA Demonstration R$ million D % YTD 2014 YTD 2015 D % Net Income (Loss) % % (+) Income Tax and Social Contribution % % (+) Net Financial Expenses % % (+)Depreciation and Amortization % % EBITDA (R$ MM) % % Ebitda margin (%) 16.7% 12.8% -3.9 p.p. 16.9% 11.5% -5.4 p.p. Depreciation and Amortization The expenses with depreciation and amortization summed up to R$45.0 million, or 6.2% of the net revenue in the quarter, against R$39.6 million (5.8% of the net revenue) in. Net Financial Expenses The breakdown of net financial expenses is: R$ (Millions) Net Financial Expenses (28.4) (25.8) Investment Income Debentures (33.2) (43.2) Other loans and financing expenses (3.0) (3.9) Other (4.9) /22

12 The financial result improved due to interest from late payment of some clients. Investment Income: Refers to interest gains from cash investments and mark to market of the securities. Debentures: Refers to interest expenses in our debentures, including the transaction costs. 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; interests received from clients; 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 2T15 a balance of R$11.0 million. Of this amount, R$0.6 million was current and R$10.4 million was deferred. Net Profit In the, the profit was R$9.8 million, as compared to a profit of R$31.9 million in. 12/22

13 Goodwill to be amortized in next years (Thousand R$) Year Goodwill Total For 2015, the value considered is from July to December Indebtedness DASA net debt totaled R$811.3 million in. About 66.5% of DASA s total gross indebtedness is long term and 6.7% are denominated in foreign currency. The bank loans are the mainly form the debt in foreign currency. The national currency debts are largely related to the debentures. Breakdown of net indebtedness R$ Millions Short Term (427.3) (480.2) Domestic Currency (355.0) (384.9) Foreing Currency (72.3) (95.4) Long Term (861.8) (955.0) Domestic Currency (857.3) (954.7) Foreign Currency (4.5) (0.3) Total ST + LT (1,289.1) (1,435.2) Cash and Cash equivalent Domestic currency Foreing currency Net Debt (791.5) (811.3) Includes the balanced sheet items: loans and financing, debentures and financial instruments. 13/22

14 Cash Flow Analysis (R$ million) We have detailed under this section the main variations in the cash flow statement. Management Cash Flow (R$ Million) Accounting EBITDA 93.2 Operacional working capital (29.1) Other working capital accounts 39.0 Financial expenses (25.8) Income tax (0.0) Operational cash flow 77.3 Capex (68.0) Free Cash Flow 9.3 RECEIVABLES The average collection is 83.9 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% R$ million 3Q14 4Q14 1Q15 Accounts receivable Past due Past due Past due (more than) Provisions (69.3) (72.9) (61.7) (78.2) (85.2) Total Rec Coverage Index¹ 87.2% 86.6% 88.6% 84.6% 82.9% (1) Index coverage = BDP balance/ expired > 120 days 14/22

15 Average collection period (days) Q14 4Q14 1Q15 ROIC 10.7% 10.7% 8.4% 7.0% 5.9% LTM 3Q14 LTM 4Q14 LTM 1Q15 LTM 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 totaled R$68.0 million, 96.1% higher than the same period in 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. 15/22

16 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 Mar-15 Jun-15 2 nd QUARTER 2015 RESULTS CAPEX (R$ milion) Breakdown CAPEX Opening and Expansion of PSCs R$ 25.2 MM 37.1% Equipment R$ 21.2 MM 31.2% Information Technology R$ 17.1 MM 25.2% Others R$ 4.4 MM 6.5% Capital market DASA shares closed at R$10.15, accumulating a decrease of 12.9% in the quarter, versus 3.8% increase of the Ibovespa. Over this period, DASA shares were transacted on 100% of Bovespa s trading sessions, summing up to a financial volume of R$32.1 million (daily traded average of R$0.5 million). Performance in stock exchange (DASA ON versus IBOVESPA) VOLUME (R$) DASA3 IBOVESPA 16/22

17 Bovespa information Bovespa - DASA ON Close R$ (06/30/2015) High (R$ per Share) Low (R$ per Share) 8.20 % Chg. In 12.9% Market Cap (R$ MM) 3,164.8 Market Cap (US$ MM) 1,020.3 Free Float 25.3% Outstanding Shares 311,803,015 17/22

18 Income statement R$ million D % YTD 2014 YTD 2015 D % Gross Operating Revenues % 1, , % Deductions (56.4) (88.2) 56.3% (127.3) (183.0) 43.7% Sales Taxes (43.7) (48.7) 11.4% (85.3) (93.2) 9.3% Discounts (12.8) (39.6) 209.9% (42.0) (89.7) 113.5% Net Operating Revenues % 1, , % Cost of Services Rendered (471.7) (518.4) 9.9% (924.0) (992.6) 7.4% Personnel (138.1) (148.1) 7.2% (262.8) (283.1) 7.7% Materials (127.4) (135.4) 6.3% (243.7) (258.2) 6.0% Services and Utilities (171.9) (194.4) 13.1% (346.3) (373.1) 7.7% General (8.2) (9.8) 19.6% (16.9) (18.2) 7.6% Depreciation and amortization (26.1) (30.7) 17.6% (54.3) (59.9) 10.3% Gross Profit % % Operating Expenses (140.3) (160.1) 14.2% (283.9) (319.8) 12.6% General and Administrative (117.1) (136.4) 16.5% (232.9) (264.3) 13.5% Profit Sharing Program (9.9) (13.1) 32.7% (20.3) (25.7) 26.9% Other Operating Revenues/ Expenses % 0.9 (2.9) % Equity method NA NA Depreciation and Amortization (13.5) (14.3) 5.8% (31.6) (28.5) -9.7% Net Financial Expenses (28.4) (25.8) -9.3% (53.1) (48.5) -8.6% Operating Earnings % % Income Tax and Social Contribution (15.1) (11.0) -27.6% (28.1) (11.5) -59.1% Net Income (Loss) % % Discontinued operations - (1.6) - - Lucro líquido do exercício (consolidado) % Minoritary shareholders (0.1) (0.1) (0.2) (0.2) 18/22

19 Consolidated balance sheet (R$ thousands) Balance Sheet - R$ thousands 1Q15 1Q15 Total Assets 4,591,562 5,055,520 4,817,663 Total equity and liabilities 4,591,562 5,055,520 4,817,663 Current 1,417,707 1,785,246 1,473,422 Current liabilities 752, , ,283 Cash and cash equivalents 441, , ,807 Accounts payable to suppliers 81,180 77,839 90,204 Marketable securities 55, , ,704 Loans and financing 109, , ,238 Accounts receivable 639, , ,554 Tax liabilities 26,424 23,063 18,281 Inventories 67,953 62,698 66,215 Social security and labor liabilities 132, , ,204 Recoverable taxes 178, , ,056 Installment payment of taxes 2, Prepaid expenses 4,161 6,975 10,506 Accounts payable from acquisition of subsidiaries 1,735 1,820 1,071 Judicial deposits Debentures 317, , ,989 Other current assets 30,094 29,530 33,579 Dividends and interest on shareholders equity 78 19, Assets held for sale - 81,927 - Financial instruments Noncurrent assets 3,173,855 3,270,274 3,344,241 Other accounts payable 80,539 87,162 91,499 Long-term receivables 142, , ,917 13,413 - Marketable securities at fair value 36, , ,983 Noncurrent liabilities 1,069,079 1,417,067 1,200,655 Deferred tax assets 58,812 55,047 55,777 Long-Term Liabilities 1,069,079 1,417,067 1,200,655 Other credits 5,212 3,196 50,207 Loans and financing 57,213 48,770 45,579 Prepaid expenses 489 2, Installment payment of taxes 21,826 3,516 3,334 Judicial deposits 41,529 65,278 66,268 Deferred taxes 89, , ,055 Instrumentos financeiros derivativos Provision for contingencies 50,098 59,538 69,914 Investments Accounts payable from acquisition of subsidiaries 42,940 22,775 23,042 Property and Equipment 682, , ,057 Debentures 804,522 1,143, ,412 Intangible assets 2,348,278 2,336,720 2,339,739 Related parties Financial instruments derivatives Others 2,689 1,853 1,320 Total equity 2,769,885 2,772,202 2,781,725 Capital 2,234,135 2,234,135 2,234,135 Special reserve for goodwill on merger 65,366 65,366 65,366 Profit reserves 423, , ,906 Equity evaluation adjustment Retained Earnings 60, ,018 Granted options 2,003 1,460 1,425 Treasury stock (16,905) (16,905) (16,905) Non-controlling interests /22

20 Statement of cash flows (R$ thousands) Account Quartely 04/01/14 to 06/30/14 Quartely 04/01/15 to 06/30/15 Year-to-date 2014 Year-to-date 2015 Net cash from operating activities 115, , , ,450 Cash from operations 108, , , ,576 Net income for the period 31,851 9,843 60,533 10,188 Depreciation and amortization 39,631 44,956 85,933 89,278 Restatement of contingencies 3,273 15,402 13,654 20,717 Deferred tax 6,477 11,649 6,744 10,457 Restatement of interest and exchange variation on loans 33,001 40,845 68,862 95,288 Residual Poperty and equipment and intangible assets w rite off 348 (666) 71 5,988 Stock option plan 221 (35) 737 (344) Provision for disallow ance and default (7,182) 6, ,410 Restatement of interest and exchange variation on finnancial investments 483 (4,532) 406 (24,920) Result on equity interest sale - 2,514-2,514 Accrued receivable for equity interest sale - (3,764) - (3,764) Changes in assets and liabilities 9,029 (5,800) 11,590 (58,082) Increase in accounts receivable and other receivables 4,240 (47,411) (72,970) (63,946) Increase in inventories (12,083) (3,517) (8,570) 5,729 Increase in other current assets 4,788 16,843 (8,500) 6,086 Decrease (increase) in other non-current assets 3,055 (487) 57,783 2,600 Decrease in trade accounts payable (746) 12,365 15,701 (26,050) Increase in accounts payable and provisions 9,775 16,407 28,146 17,499 Other (1,872) (46) (9,137) (280) Income tax and social contribution paid (1,872) (46) (9,137) (280) Net cash from investing activities (18,381) (20,664) (47,944) (175,270) Additions to property and equipment (31,720) (49,788) (56,524) (90,791) Additions to intangible assets (2,999) (18,208) (8,380) (19,471) Proceeds from sale of property and equipment Financial Investments - (7,381) - (137,507) Redemption of marketable securities for trading 16,178 49,713 16,752 67,499 Equity interest sale - 5,000-5,000 Net cash from financing activities (280,309) (330,340) (286,193) 91,641 Loans taken out 68,120 1,645 63, ,596 Payment of loans (243,360) (244,413) (243,360) (256,805) Dividends and IOC paid (31,372) (19,541) (31,372) (19,541) Capital payment (73,697) (68,031) (74,866) (70,609) Exchange rate variation on cash and equivalents Increase (decrease) in cash and cash equivalents (183,430) (233,648) (94,060) 87,821 Increase (decrease) in cash and cash equivalents 625, , , ,986 At beginning of period 441, , , ,807 20/22

21 Statement of added value (R$ thousands) Account Quartely 04/01/14 to 06/30/14 Quartely 04/01/15 to 06/30/15 Year-to-date 2014 Year-to-date 2015 (=) 1. Revenue 744, ,349 1,477,874 1,566,607 Sales of goods, products and services 743, ,944 1,476,878 1,565,508 Other revenue 310 (964) 1,080 1,099 Reversal of allow ance for doubtful accounts (58) 26,369 (84) - (=) 2. Inputs acquired from third parties (343,884) (418,758) (700,101) (802,738) Cost of products, goods and services sold (256,696) (274,767) (506,983) (547,659) Materials, energy, third-party services and other (87,188) (143,991) (193,118) (255,079) 3. = (1-2) Gross value added 400, , , ,869 Retention (39,592) (44,096) (85,894) (88,418) 4. Depreciation, amortization and depletion (39,592) (44,096) (85,894) (88,418) 5. = (3-4) Net value added produced 360, , , ,451 (=) 6. Transferred value added received 19,664 35,339 39,255 55,741 Financial income 19,664 33,709 39,255 54,111 Equity Method - 1,630-1, = (5+6) Total value added to be distributed 380, , , ,192 (=) 8. Distribution of value added 380, , , ,192 Personnel 174, , , ,917 Taxes, fees and contributions 92, , , ,254 Debt remuneration 82,064 93, , ,833 IOC and dividends 31,851 9, Retained profits 31,735 9,722 60, Non-controlling interest /22

22 04/01/2014 to 06/30/2014 Statement of changes in shareholder s equity (R$ thousands) Description Paid-In Capital Capital Reserve Granted options and treasury shares Profit Reserves Retained earnings accumulated losses Other comprehensive income Opening balances 2,234,135 50, ,566 28, ,737, ,708,810 Adjusted opening balances 2,234,135 50, ,566 28, ,737, ,738,004 Transactions with shareholders Granted Options Total comprehensive income ,735-31, ,851 Net income for the period ,735-31, ,851 Internal Changes in Equity - - (34) - (157) (191) - (191) Depreciation of deemed cost (157) Additional dividends proposed - - (191) - - (191) - (191) Closing balances 2,234,135 50, ,532 60, ,769, ,769,885 Equity Non-controlling interest Consolidated equity 04/01/2014 to 06/30/2014 Adjusted opening balances 2,234,135 49, , ,771, ,772,203 Transactions with shareholders - (36) (36) - (36) Granted Options - (36) (36) - (36) Total comprehensive income ,722-9,722 (165) 9,557 Net income for the period ,722-9,722 (219) 9,503 Other comprehensive income Non controlling sharing Internal Changes in Equity (157) Depreciation of deemed cost (157) Closing balances 2,234,135 49, ,905 10, ,780, ,781,725 01/01/2014 to 06/30/2014 Description Paid-In Capital Capital Reserve Granted options and Capital Reserve Granted options and treasury shares Profit Reserves Retained earnings accumulated Retained earnings accumulated losses Other comprehensive Paid-In Profit Non-controlling Consolidated Description Equity Capital Reserves interest equity treasury shares losses income Opening balances 2,234,135 49, , ,771, ,772,203 Other comprehensive income Opening balances 2,234,135 49, , ,708, ,708,810 Adjusted opening balances 2,234,135 49, , ,708, ,708,810 Shareholders capital transaction Granted Options Total comprehensive income ,330-60, ,529 Net income for the period ,330-60, ,533 Other comprehensive income (4) (4) Non controlling sharing (4) (4) Internal Changes in Equity (314) (191) - (191) Depreciation of deemed cost (314) Additional dividends proposed - - (191) - - (191) - (191) Closing balances 2,234,135 50, ,532 60, ,769, ,769,885 Equity Non-controlling interest Consolidated equity 01/01/2015 to 06/30/2015 Description Paid-In Capital Capital Reserve Granted options and treasury shares Profit Reserves Retained earnings accumulated losses Other comprehensive income Equity Non-controlling interest Consolidated equity Opening balances 2,234,135 50, , ,771, ,772,167 Adjusted opening balances 2,234,135 50, , ,771, ,772,167 Shareholders capital transaction - (344) (344) - (344) Granted Options - (344) (344) - (344) Total comprehensive income ,018-10,018 (116) 9,902 Net income for the period ,018-10,018 (170) 9,848 Other comprehensive income Non controlling sharing Internal Changes in Equity (313) Depreciation of deemed cost (313) Closing balances 2,234,135 49, ,906 10, ,780, ,781,725 22/22