Odontoprev S.A. Interim Financial statements as of June 30, 2016 Quarterly Information - ITR (A free translation of the original report in Portuguese)

Transcription

1 Interim Financial statements as of June 30, 2016 Quarterly Information - ITR (A free translation of the original report in Portuguese)

2 Interim Financial Statements as of June 30, 2016 Quarterly Information ITR Contents Management s Report 3 Capital breakdown 37 Cash distributions 38 Balance sheet 39 Statements of income 41 Statements of comprehensive income 42 Statements of cash flows - Indirect method 43 Statement of changes in shareholders' equity 44 Statements of added value 46 Consolidated balance sheet 47 Consolidated statements of income 49 Consolidated statements of comprehensive income 50 Consolidated statements of cash flows - Indirect method 51 Consolidated statement of changes in equity 52 Consolidated statements of added value 54 Notes to the quarterly interim financial statements (company and consolidated) 55 Comments on Corporate Projections Behavior 99 Other relevant information 100 Independent auditors review report 105 2

3 2Q16 & 1H16 Earnings Release Resultados 4T12 OdontoPrev performs a regulated activity, and as such must present interim financial statements based on the Accounting Rules of the ANS, including accounting lines with names differing from those commonly used by companies from other sectors. OdontoPrev s consolidated data on 2Q16 and 2Q15, 1H16 and 1H15 include Rede Dental; DentalCorp and Care Plus (incorporated in 2008); Sepao; Prontodente and OdontoServ (incorporated in December of 2009); Bradesco Dental (incorporated in 2010), Easy Software; Adcon; Dental Partner; Clidec; Clidec Participações; OdontoPrev Serviços, Papaiz, Brasildental and Odontored* (Mexico). R$000 2Q16 2Q15 1H16 1H15 (+) Payments net 350, , , ,788 (+) Sales of services and products 2,454 1,565 4,576 3,383 (+) Odontored Gross operating revenue 353, , , ,171 (-) Direct taxes on dental care operations 12,444 11,864 26,514 25,032 (-) Taxes on sales of services and products 2,504 2,398 4,559 4,186 Net operating revenue 338, , , ,953 (-) Cost of services 179, , , ,788 Indemnifiable claims, net 147, , , ,579 Indemnifiable claims, net Payroll charges on services 10,023 8,106 18,950 15,906 Dental materials 2,567 1,971 4,082 3,022 Other operating revenues (expenses) 4,942 6,078 9,020 9,735 Incurred but Not Reported Provision (IBNR) 14,603 9,359 3,674 2,546 Odontored - Technical reserves (67) - (67) - Gross profit 159, , , ,165 (-) Selling expenses 31,991 28,598 63,171 56,814 (+) Other operating revenues (-) General and Administrative Expenses 52,009 45,026 99,219 86,199 G&A (adjusted at EBITDA base) 50,188 43,608 95,646 83,218 Personnel 26,569 23,226 51,511 45,515 Third parties services 6,588 4,890 11,809 9,692 Rentals and occupancy 11,358 9,858 21,502 18,157 Taxes and fees 2, ,910 2,249 Publicity and advertising 1,995 2,303 3,831 4,032 Others 727 2,582 1,083 3,573 G&A (not adjusted at EBITDA base) 1,821 1,418 3,573 2,981 Depreciation and amortization 1,821 1,418 3,573 2,981 (-) Other operating expenses 18,436 10,206 37,769 22,237 Stock options plan 2,403 1,549 4,806 2,819 Allowance for doubtful receivables 13,941 6,786 27,608 14,681 Profit sharing 2,092 1,871 5,355 4,737 (+) Equity in subsidiaries 937 (146) 622 (1,156) Income before financial income (expenses) and taxes 57,901 69, , ,270 (+) Net financial income 5,479 4,098 10,529 9,217 (+) Financial income 13,723 10,098 26,228 19,846 (-) Financial expenses 8,244 6,000 15,699 10,629 Bank fees , Monetary restatement of provision of contingencies 7,018 5,136 13,525 9,263 Other financial expenses Income before taxes 63,380 73, , ,487 (-) Income and social contribution tax 19,511 23,867 49,571 56,941 (-) Current 22,625 19,826 61,356 50,662 (-) Deferred income and social contribution tax (3,114) 4,041 (11,785) 6,279 Net income before participation of minoritary shareholders 43,869 49, , ,546 (+) Participation of minoritary shareholders 107 (51) (28) (109) Net income 43,976 49, , ,437 Income Statement *On April 2016, OdontoPrev signed a shareholder agreement, to control 60% of Odontored (Mexico). The results of operation started to be consolidated in 2Q16.

4 2Q16 & 1H16 Earnings Release Resultados 4T12 Key metrics per segment Corporate 1Q15 2Q15 1H15 3Q15 4Q Q16 2Q16 1H16 Average ticket (R$/live/month) Final number of members (000) 5,085 5,039 5,039 5,051 5,003 5,003 4,912 4,787 4,787 Average number of members (000) 5,097 5,062 5,075 5,045 5,027 5,057 4,957 4,850 4,895 (+) Payments, net (R$ 000) 237, , , , , , , , ,014 (-) Direct taxes on dental care operations (R$ 000) 9,197 8,250 17,447 8,270 8,201 33,918 9,114 7,333 16,447 Net operating revenue -NOR (R$ 000) 228, , , , , , , , ,567 Cost of services (R$ 000) 110, , , , , , , , ,164 Dental loss ratio (% NOR) Cost of Services / member / month (R$) Selling expenses (R$ 000) 13,322 13,701 27,023 14,068 14,363 55,454 12,879 13,071 25,950 Selling expenses (% NOR) Contribution Margin (R$ 000) 104,882 99, ,265 93,709 94, , ,864 90, ,453 Contribution Margin (% NOR) Individual Plans 1Q15 2Q15 1H15 3Q15 4Q Q16 2Q16 1H16 Average ticket (R$/live/month) Final number of members (000) Average number of members (000) (+) Payments, net (R$ 000) 37,838 40,413 78,251 46,233 52, ,112 55,715 62, ,878 (-) Direct taxes on dental care operations (R$ 000) 1,889 2,045 3,934 2,395 2,810 9,139 2,957 3,293 6,250 Net operating revenue -NOR (R$ 000) 35,949 38,368 74,317 43,838 49, ,972 52,758 58, ,628 Cost of services (R$ 000) 9,589 10,154 19,743 11,355 11,915 43,013 11,687 14,596 26,283 Dental loss ratio (% NOR) Cost of Services / member / month (R$) Selling expenses (R$ 000) 9,477 9,969 19,446 11,850 11,520 42,816 12,220 13,060 25,280 Selling expenses (% NOR) Contribution Margin (R$ 000) 16,883 18,245 35,128 20,633 26,383 82,144 28,851 31,214 60,065 Contribution Margin (% NOR) SME 1Q15 2Q15 1H15 3Q15 4Q Q16 2Q16 1H16 Average ticket (R$/live/month) Final number of members (000) Average number of members (000) (+) Payments, net (R$ 000) 40,032 41,456 81,488 42,339 45, ,008 46,070 47,486 93,556 (-) Direct taxes on dental care operations (R$ 000) 2,082 1,569 3,651 1,731 1,860 7,242 1,999 1,818 3,817 Net operating revenue -NOR (R$ 000) 37,950 39,887 77,837 40,608 43, ,766 44,071 45,668 89,739 Cost of services (R$ 000) 11,418 17,767 29,185 17,594 18,889 65,668 18,256 20,451 38,707 Dental loss ratio (% NOR) Cost of Services / member / month (R$) Selling expenses (R$ 000) 5,417 4,928 10,345 5,753 5,706 21,804 6,081 5,860 11,941 Selling expenses (% NOR) Contribution Margin (R$ 000) 21,115 17,192 38,307 17,261 18,726 74,294 19,734 19,357 39,091 Contribution Margin (% NOR)

5 Operating revenue 2Q16 & 1H16 Earnings Release Resultados 4T12 Net operating revenue (NOR) 1Q16 1Q15 1H16 1H15 Δ% R$ 000 % NOR R$ 000 % NOR R$ 000 % NOR R$ 000 % NOR (+) Payments, net 350, , , , (+) Sales of services and products 2, , , , (+) Odontored Gross operating revenue (GOR) 353, , , , (-) Direct taxes on dental care operations 12, , , , (-) Taxes on sales of services and products 2, , , , Net operating revenue (NOR) 338, , , , The net operating revenue (NOR) reached R$338,768 in 2Q16, of which R$6,742 from Brasildental, a 12.3% growth YoY. In 1H16, net revenues reached R$668,501, a 10.7% expansion YoY. R$ million ,070 1,156 1,250 Net Revenues 10.0% 1,194 1, % % 339 Δ% JUL14 JUL15 1S15 1S16 2Q15 2Q16 JUN15 JUN16 Annual Increase of Revenues & Average (%) Revenues Average Ticket 10.7% 10.3% 7.6% 7.7% 7.8% 6.7% 7.4% 7.0% 6.5% 5.5% 5.0% 5.1% 4.5% 4.3% 12.3% 11.2% 9.1% 8.5% 7.8% 6.5% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

6 2Q16 & 1H16 Earnings Release Resultados 4T12 R$ million Revenues Evolution per segment R$ million +12.3% +53.4% % % 13% 74% 69% 17% 14% 2Q15 2Q16 2Q15 Corporate SME Individual Plans 2Q16 R$ million Incremental revenue expansion per segment (YoY) Q Q15 3Q15 4Q15 1Q16 Individual Plans SME Corporate 21 2Q16

7 2Q16 & 1H16 Earnings Release Resultados 4T12 Average ticket, revenues and contribution margin per segment AVERAGE TICKET (R$ / member / month) 33 JUL15 JUN16 Individual Plans Contribution Margin Revenues JUL15-JUN16 R$205 M (+40% YoY) 52% 18 Corporate SME Revenues JUL15-JUN16 R$935 M (+4% YoY) Revenues JUL15-JUN16 R$174 M (+16% YoY) 43% 16 41% ¹ M: million High Low NUMBER OF COMETITORS Average ticket, incremental revenues and contribution margin per segment LTM incremental revenues AVERAGE TICKET (R$ / member / month) Contribution Margin 33 Individual Plans Incremental Revenues R$58 M 52% 18 SME Incremental Revenues R$24 M 43% 16 Corporate Incremental Revenues R$36 M 41% ¹ M: million High Low NUMBER OF COMPETITORS

8 2Q16 & 1H16 Earnings Release Resultados 4T12 (i) Average Ticket Average ticket calculation 2Q16 2Q15 Δ% 1H16 1H15 Δ% Payments, net R$000 (A) 350, , , , Average number of members (B) 6,318 6, ,345 6, Average ticket (R$/live/month) (A/B)/nº of months Quarterly average ticket (R$/member/month) % The average ticket came from R$16.63 per member/per month in 2Q15 to R$18.50 in 2Q16 a growth of 11.2%, due to corporate contracts readjustments and the mix of the period. In 1H16, average ticket reached R$18.24, a 9.6% expansion YoY. Excluding the Brasildental portfolio, and the correspondent net payments from the reimbursement of cost of services and G&A, the 2Q16 average ticket would have been R$19.18, 13.9% higher than 2Q15. 2Q15 3Q15 4Q15 1Q16 2Q16 Average Ticket per segment (R$/member/month) +12.3% % % Q15 2Q16 2Q15 2Q16 2Q15 2Q16 Corporate SME Individual Plans

9 2Q16 & 1H16 Earnings Release Resultados 4T12 (ii) Membership Thousand lives Q16 net additions per segment OdontoPrev reached 6,281,851 members in 2Q16, with 73 thousand net losses in the quarter. The SME and Individual Plans segments contributed with 52 thousand net additions in the period, totaling 1,494,492 lives in June. Corporate SME Individual Plans JUN16 SME and Individual Plans portfolio evolution Thousand lives 1,494 1,406 1,203 1, JUN16

10 2Q16 & 1H16 Earnings Release Resultados 4T12 Figures by business segment Net Revenues - Corporate segment The Corporate segment revenues increased 4.2% over 2Q15, totaling R$233.7 million in 2Q16. In 1H16, net revenues reached R$466.6 million, a 3.1% increase over the same period of the previous year. Corporate 2Q16 2Q15 Δ% 1H16 1H15 Δ% (+) Payments, net 241, , , , (-) Direct taxes on dental care operations 7,333 8, ,447 17, Net operating revenue¹ (NOR) 233, , , , ¹ excluding Sale of Services and Products Net Revenues - Corporate R$ million +4.0% % % 5% 3% 2% 4% 2Q15 3Q15 4Q15 YoY% 1Q16 2Q16 1H15 1H16 JUL14 JUN15 JUL15 JUN16

11 2Q16 & 1H16 Earnings Release Resultados 4T12 (i) Average Ticket - Corporate segment In 2Q16 the Corporate segment average ticket reached R$16.57, a 8.2% increase in relation to 2Q15. Average Ticket - Corporate 2Q16 2Q15 Δ% 1H16 1H15 Y / Y % Payments, net R$000 (A) 241, , , , Average number of members (B) 4,850 5,062 (4.2) 4,895 5,075 (3.5) Average ticket (R$/live/month) (A/B) / # of months Average Ticket Corporate (R$/member/month) Q15 3Q15 4Q15 1Q16 2Q16 (ii) Membership - Corporate segment The Corporate segment presented a net loss of 125 thousand lives in the quarter, and 252 thousand lives in the last twelve months, due to unemployment effects, reaching 4,787 thousand members in 2Q16, 76% of the total.

12 2Q16 & 1H16 Earnings Release Resultados 4T12 Net Revenues Individual Plans The Individual plans revenues increased 53.4% over 2Q15, totaling R$58.9 million in 2Q16. In 1H16, net revenues reached R$111.6 million, a 50.2% increase over the same period of previous year. Individual Plans 2Q16 2Q15 Δ% 1H16 1H15 Δ% (+) Payments, net 62,163 40, ,878 78, (-) Direct taxes on dental care operations 3,293 2, ,250 3, Net operating revenue¹ (NOR) 58,870 38, ,628 74, ¹ excluding Sale of Services and Products Revenues Individual Plans R$ million +39.7% % % 53 47% 59 53% 74 24% 7% 2Q15 3Q15 4Q15 YoY% 1Q16 2Q16 1H15 1H16 JUL14 JUN15 JUL15 JUN16

13 2Q16 & 1H16 Earnings Release Resultados 4T12 (i) Average Ticket Individual Plans In 2Q16, individual plans average ticket was R$34.02, a 12.3% increase over 2Q15, due to the mix of the period and price readjustment in June. Average Ticket - Individuals 2Q16 2Q15 Δ% 1H16 1H15 Y / Y % Payments, net R$000 (A) 62,163 40, ,878 78, Average number of members (B) Average ticket (R$/live/month) (A/B) / # of months Average Ticket Individual Plans (R$/member/month) Q15 3Q15 4Q15 1Q16 2Q16

14 2Q16 & 1H16 Earnings Release Resultados 4T12 (ii) Membership Individual Plans The individual plans segment added 46 thousand lives in the quarter, and 172 thousand new lives in the last twelve months, driven by the higher participation of the bank channels. Individual plans reached 632 thousand lives, 10% of the total, with a CAGR of 21% since It is worth mentioning that Bradesco channel grew 64% YoY, representing 41% of the individual portfolio, versus 34% in the previous year. Thousand lives Individual plans membership portfolio JUN16 Breakdown of individual plan lives +37% 460 thousand lives +64% 632 thousand lives 63% 34% 157k lives 41% 258k lives 56% 3% 3% 2Q15 2Q16 Retailers

15 2Q16 & 1H16 Earnings Release Resultados 4T12 Individual Plans: growing participation of Bradesco Thousand lives Q15 3Q15 4Q15 1Q16 2Q16 Retailers + BB Thousand lives Individual Plans: quarterly net additions Q15 4Q15 1Q16 2Q16 JUL15 JUN16

16 2Q16 & 1H16 Earnings Release Resultados 4T12 Net Revenues - SME The SME revenues increased 14.5% over 2Q15, totaling R$45.7 million. In 1H16, net revenues reached R$89.7 million, a 15.3% increase over the same period of the previous year. SME 2Q16 2Q15 Δ% 1H16 1H15 Δ% (+) Payments, net 47,486 41, ,556 81, (-) Direct taxes on dental care operations 1,818 1, ,817 3, Net operating revenue¹ (NOR) 45,668 39, ,739 77, ¹ excluding Sale of Services and Products Net Revenues - SME R$ million +16.0% % % 17% 17% 16% 15% 2Q15 3Q15 4Q15 YoY% 1Q16 2Q16 1H15 1H16 JUL14 JUN15 JUL15 JUN16

17 2Q16 & 1H16 Earnings Release Resultados 4T12 (i) Average Ticket - SME In 2Q16, SMEs average ticket reached R$18.41, a 5.9% increase YoY. Average Ticket - SME 2Q16 2Q15 Δ% 1H16 1H15 Y / Y % Payments, net R$000 (A) 47,486 41, ,556 81, Average number of members (B) Average ticket (R$/live/month) (A/B) / # of months Average Ticket - SME (R$/member/month) Q15 3Q15 4Q15 1Q16 2Q16

18 (ii) Membership - SME 2Q16 & 1H16 Earnings Release Resultados 4T12 The SME segment has been growing constantly since 2011 and registered net additions of 6 thousand lives in 2Q16, and 62 thousand lives in the last twelve months. The segment already counts with the Bradesco channel as the main source of growth, and the majority of its lives, with 83% of total. In 2Q16, the SME portfolio reached 863 thousand lives, or 14% of the total, with a CAGR of 19% since Thousand lives SME membership portfolio JUN16 Breakdown of SME lives +8% 800 thousand lives 83% 17% 83% 863 thousand lives 1% 16% 664 k lives 718 k lives 2Q15 2Q16

19 Brasildental 2Q16 & 1H16 Earnings Release Resultados 4T12 (R$000, except otherwise specified) 2Q16 2Q15 Net operating revenue¹ (NOR) 10,592 4,539 Cost of services¹ (6,086) (1,342) Dental care ratio (%) (57.5) (29.6) SG&A (2,889) (2,170) Allowance for doubtful receivables (194) (28) Profit sharing (243) (138) EBITDA 1, EBITDA margin (%) Net income ¹ Reclassifies the reducing effect of the co-responsability between OdontoPrev and Brasildental. Brasildental reached 330 thousand members, with 3 thousand new lives in 2Q16 and 33 thousand new lives in the last twelve months. The portfolio composition equals 91% Corporate, 3% SME s and 6% Individual Plans. Net additions per segment JUL15-JUN16 Thousand lives Corporate SME Individual Plans Total

20 Cost of services (dental care ratio) 2Q16 & 1H16 Earnings Release Resultados 4T12 Cost of services (ex IBNR) and dental loss ratio (% NOR) 2Q16 2Q15 Δ% 1H16 1H15 Δ% R$ 000 % NOR R$ 000 % NOR NOR R$ 000 % NOR R$ 000 % NOR NOR Cost of services (ex IBNR) 165, , , , Indemnifiable claims, net 147, , , , Payroll charges on services 10, , , , Dental materials 2, , , , Other operating expenses 4, , (0.5) 9, , (0.3) Odontored For comparison purposes, the IBNR Provision (Incurred but not Reported), approved by ANS, was excluded from the Cost of Services. In 2Q16 there was a constitution of IBNR of R$14,536, as compared to R$9,359 in 2Q15. OdontoPrev has not been disbursing the 20% social security taxation (INSS related to individual dentists) since September All related expenses have been booked accordingly, as payroll charges on services. As of 06/30/2016 the total cash savings related to INSS reached R$237.1 million. The Bradesco Dental S.A. (INSS) demand was approved on 06/30/2016 by the Supreme Court of Justice. The Company has requested the correspondent cash deposits to be released. OdontoPrev will account the reversal of the related provisions after the legal authorization to release those cash deposits. OdontoPrev also informs that has a similar request, regarding the services provided to beneficiaries after July 01 st, 2010, which has not been analyzed yet by the Supreme Court of Justice.

21 2Q16 & 1H16 Earnings Release Resultados 4T12 The cost of services represented 48.8% of NOR in 2Q16, 2.7 p.p. above the 46.1% of 2Q15. In 1H16, it was 47.0% of NOR, 2.3 p.p. above the 44.7% of 1H15. In the last 12 months, the dental care ratio reached 47.7%, in June, 2016, compared to 46.4% in the same period of the previous year. Quartely and LTM Cost of Services (% NOR) Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 Quarterly LTM 2Q Cost of service and Dental Loss Ratio per segment Corporate SME Individual Plans 2Q16 2Q15 Δ% 2Q16 2Q15 Δ% 2Q16 2Q15 Δ% Cost of services (R$ 000) (A) 130, , ,451 17, ,596 10, Dental loss ratio (% NOR) p.p p.p p.p. Average number of members (B) 4,850 5, Cost of services / member / month (A/B)/ # of months H Cost of service and Dental Loss Ratio per segment Corporate SME Individual Plans 1H16 1H15 Δ% 1H16 1H15 Δ% 1H16 1H15 Δ% Cost of services (R$ 000) (A) 249, , ,707 29, ,283 19, Dental loss ratio (% NOR) p.p p.p p.p. Average number of members (B) 4,895 5, Cost of services / member / month (A/B)/ # of months In 2Q16, DLR showed a 6.0 p.p. increase in corporate segment, and 0.3 p.p. in SME. The individual plans segment showed a decrease in the DLR, lower in 1.7 p.p.. In 1H16, the DLR followed the same trend, with 4.5 p.p. increase in corporate segment, and 5.6 p.p. in SME. The individual plans segment showed a decrease, lower in 3.1 p.p..

22 2Q16 & 1H16 Earnings Release Resultados 4T12 Cost of Services / member / month (R$) and DLR - Corporate Q15 3Q15 4Q15 1Q16 2Q16 Cost of Services / member / month (R$) DLR (%) Cost of Services / member / month (R$) and DLR Individual Plans Q15 3Q15 4Q15 1Q16 2Q16 Cost of Services / member / month (R$) DLR (%) Cost of Services / member / month (R$) and DLR - SME Q15 3Q15 4Q15 1Q16 2Q16 Cost of Services / member / month (R$) DLR (%)

23 Selling expenses 2Q16 & 1H16 Earnings Release Resultados 4T12 (R$000) 2Q16 % NOR 2Q15 % NOR 1H16 % NOR 1H15 % NOR Δ% NOR Selling expenses 31, , , , (0.1) The selling expenses reached 9.4% of NOR in 2Q16 and in 1H16, same level as 2Q15 and 1H15. Corporate SME Individual Plans 2Q Selling expenses per segment 2Q16 2Q15 Δ% 2Q16 2Q15 Δ% 2Q16 2Q15 Δ% Selling expenses (R$ 000) 13,071 13,701 (4.6) 5,860 4, ,060 9, Selling expenses (% NOR) p.p p.p p.p. Corporate SME Individual Plans 1H Selling expenses per segment 1H16 1H15 Δ% 1H16 1H15 Δ% 1H16 1H15 Δ% Selling expenses (R$ 000) 25,950 27,023 (4.0) 11,941 10, ,280 19, Selling expenses (% NOR) p.p p.p p.p. In 2Q16, selling expenses showed a decrease over the corporate and individual plans, with 0.5 p.p. and 3.8 p.p. decrease, respectively, due to the growing participation of the bank channels. In 1H16, we see the same trend. 2Q Selling expenses per segment (% NOR) -3.8 p.p p.p p.p Corporate SME Individual Plans 2Q15 2Q16

24 2Q16 & 1H16 Earnings Release Resultados 4T12 Administrative expenses (G&A) 2Q16 2Q15 Δ% 1H16 1H15 R$ 000 % NOR R$ 000 % NOR NOR R$ 000 % NOR R$ 000 % NOR Personnel 26, , , , Third parties services 6, , , , Rentals and occupancy 11, , , , Taxes and fees 2, , , Publicity and advertising 1, , (0.2) 3, , (0.1) Others , (0.7) 1, , (0.4) G&A (not adjusted at EBITDA base) 50, , , , Depreciation and amortization 1, , , , G&A (not adjusted at EBITDA base) 1, , , , Total administrative expenses (G&A) 52, , , , Δ% NOR G&A (included in the adjusted EBITDA base) The administrative expenses, those part of the adjusted EBITDA base, were R$50,188 in 2Q16 (14.8% of NOR) versus R$43,608 in 2Q15 (14.4% of NOR). In 1H16, it reached R$95,646 (14.3% of NOR), in comparison to R$83,218 (13.8% of NOR) in 1H15. Personnel: 7.8% of NOR in 2Q16, and 7.7% of NOR in 1H16. Third parties services: 1.9% of NOR in the quarter and 1.8% of NOR in 1H16. Rentals and occupancy: 3.4% of NOR in 2Q16. In 1H16, 3.2% of NOR. Taxes and fees: 0.9% of NOR in 2Q16 and in 1H16. Publicity and advertising: 0.6% of NOR in 2Q16, 0.2 p.p. below 2Q15 and 0.1 p.p. lower in 1H16. Others: 0.7% better in 2Q16 and 0.4% in 1H % G&A (% NOR) Personnel 7.8% 14.7% 7.9% 13.8% 7.3% 14.2% 7.4% 14.3% 7.7% 14.3% 7.7% Others 7.7% 6.8% 6.5% 6.8% 6.7% 6.6% # of employees 1, , , ,588 1, ,519 1H16

25 2Q16 & 1H16 Earnings Release Resultados 4T12 Allowance for doubtful receivables The Allowance for doubtful receivables totaled R$13,941 (4.1% of NOR), compared to R$6,786 (2.2% of NOR) in 2Q15. In 1H16, it reached R$27,608 (4.1% of NOR) The allowance for doubtful receivables is calculated based on historical losses of the Company. Each month OdontoPrev accrues over each type of accounts receivable, due or not, according to CPC 38/IAS 39. Allowance for doubtful receivables 2Q16 2Q15 Δ% 1H16 1H15 Δ% R$ ,941 6, ,608 14, % NOR p.p p.p. EBITDA and Adjusted EBITDA The adjusted EBITDA reached R$76,019, with a margin of 22.4%. In 1H16, the adjusted EBITDA was R$163,775, with a margin of 24.5%. 2Q16 2Q15 Δ% 1H16 1H15 Δ% Y/Y % R$ 000 % NOR R$ 000 % NOR NOR R$ 000 % NOR R$ 000 % NOR NOR Y/Y % Net Income 43, , (3.4) (11.4) 112, , (5.6) (4.0) (+) Income tax 22, , , , (+) Social contribution tax (3,114) (0.9) 4, (2.2) - (11,785) (3.5) 6, (5.6) - (-) Net financial income 13, , , , (+) Financial expenses 8, , , , (+) Stock option 2, , , , (-) Participation of minoritary shareholders (51) (0.0) - - (28) (0.0) (109) (0.0) - - (+) Depreciation and amortization 1, , , , (-) Equity in subsidiaries (146) (0.0) 0.3 (741.8) (1,156) (0.4) 0.6 (153.8) EBITDA 61, , (5.9) (15.7) 159, , (4.6) (7.3) (+/-) Incurred But Not Reported Provision - IBNR 14, , , , (0.3) 44.3 Odontored - Technical reserves (67) (67) (+) Brasildental EBITDA Pro Forma (152) (0.1) Adjusted EBITDA 76, , (4.8) (7.4) 163, , (33.4) (6.2)

26 R$ million and % NOR Adjusted EBITDA 327¹ 26.2¹ 2Q16 & 1H16 Earnings Release Resultados 4T12 319¹ 26.7¹ -0.9% 316¹ 24.1¹ 175¹ 28.9¹ -6.2% 164¹ 24.5¹ 82¹ 27.2¹ -7.4% 76¹ 22.4¹ ¹Including Brasildental EBITDA Pro Forma JUL14 JUN15 JUL15 JUN16 1H15 1H16 2Q15 2Q16

27 2Q16 & 1H16 Earnings Release Resultados 4T12 Financial income 2Q16 2Q15 1H16 1H15 Δ% R$ 000 % NOR R$ 000 % NOR R$ 000 % NOR R$ 000 % NOR Δ% Net financial income 5, , , , (+) Financial income 13, , , , (-) Financial expenses 8, , , , (-) Bank fees , (-) Monetary restatement of provisions 7, , , , (-) Others financials expenses The net financial result was R$5,479 (1.6% of NOR) in 2Q16, in relation to R$4,098 (1.4% of NOR) in 2Q15. In 1H16, the value was R$10,529 (1.6% of NOR), compared to 1.5% of NOR in 1H15. OdontoPrev s financial assets are comprised of an exclusive mutual fund and time deposits of prime institutions, almost all of them 100% liquid. R$ million Net Cash JUN16

28 2Q16 & 1H16 Earnings Release Resultados 4T12 Income and social contribution taxes 2Q16 2Q15 1H16 1H15 Δ% R$ 000 % NOR R$ 000 % NOR R$ 000 % NOR R$ 000 % NOR Δ% Taxes 19, , (18.3) 49, , (12.9) (-) Current income and social contribution taxes 22, , , , (-) Deferred income and social contribution taxes (3,114) (0.9) 4, (11,785) (1.8) 6, Effective tax rate (R$000) 2Q16 2Q15 1H16 1H15 Income before taxes and profit sharing 65,472 75, , ,224 (-) Profit sharing 2,092 1,871 5,355 4,737 (=) Tax base 63,380 73, , ,487 Taxes (-) Current income and social contribution taxes 22,625 19,826 61,356 50,662 (-) Deferred income and social contribution taxes (3,114) 4,041 (11,785) 6,279 Total taxes 19,511 23,867 49,571 56,941 Amortization schedule from June, 2016 Period Total amortization R$000 3Q Q Total 685 Current effective tax rate 35.7% 27.0% 37.8% 29.0% The current effective tax rate in 2Q16 was 35.7% and 37.8% in 1H16, mainly due to the end of the goodwill amortization of Bradesco Dental (incorporated in July, 2010). Net Income The net income was R$43,976 in 2Q16 and R$112,748 in 1H16. In the last twelve months, it reached R$216,257, with a 34.0% ROE. Net Income R$ million % % % +5.0% % % -4.0% % 18% 20% ROE JUL14 JUN15 JUL15 JUN16 1H15 1H16 2Q15 2Q16

29 2Q16 & 1H16 Earnings Release Resultados 4T12 Cash flow (R$000) 2Q16 2Q15 1H16 1H15 CASH FLOW FROM OPERATIONAL ACTIVITIES Net income for the period 43,869 49, , ,546 Reconciliation of net income with the cash generated by operations 57,696 50, ,033 94, , , , ,001 Decrease (increase) in operational assets (12,698) (4,260) (12,824) 526 Increase (decrease) in operational liabilities (29,728) (28,729) (54,646) (54,459) NET CASH PROVIDED BY (USED IN) OPERATIONAL ACTIVITIES 59,139 67, , ,068 CASH FLOW FROM INVESTING ACTIVITIES Acquisition of property and equipment (499) (116) (2,396) (2,272) System development, software licenses and other (2,013) (2,321) (4,375) (3,631) Advance for future capital increase in Investee - - (1,125) (1,548) Odontored - Control expenses 1,543-1,543 - NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (969) (2,437) (6,353) (7,451) CASH FLOW FROM FINANCING ACTIVITIES Dividends paid (92,446) (114,426) (92,691) (114,671) Interest on capital paid (11,902) (7,884) (22,598) (15,677) Stock Options Program vesting reimbursements 2,532-2, NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (101,816) (122,310) (112,456) (129,443) INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (43,646) (57,571) 30,530 21,174 Cash, Cash Equivalents and short-term investiments Balance at the beginning of period 408, , , ,708 Balance at the end of period 364, , , ,882 INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (43,646) (57,571) 30,530 21,174 Net cash provided by operational activities R$ million H15 1H16

30 R$ million 22.3% of Sales 1H16 Cash Flow 2Q16 & 1H16 Earnings Release Resultados 4T Net Cash DEC = Net Cash Cash Generation Acquisitions Capex Cash Stock Dividends Options JUN16² Since the IPO in 2006, OdontoPrev has presented a cash generation of R$1,750 million, and paid R$1,633 million to shareholders. At the end of June 2016, the net cash position was of R$365 million, without any leverage. Cash Flow since the 2006 IPO R$ million 22.5% of Sales , Share buyback Capital reductions -1,255.5 Cash Dividends , Net Cash DEC = Cash Generation Acquisitions Capex Shareholder Remuneration Stock Options³ Net Cash JUN16² ¹ Stock Options Program vesting reimbursement. ² Includes R$74.1 million of technical provisions and R$237.1 million of social security deposits for individual dentists. ³ Share repurchase to cover the Stock Options Plan, net of strike price.

31 2Q16 & 1H16 Earnings Release Resultados 4T12 Capex The IT platform, acquisition/license of software represents the bulk of OdontoPrev s capex. (R$thousand) 2Q16 2Q15 1H16 1H15 IT platform, acquisition/license of software 2,014 2,411 4,375 3,627 Computer equipment ,018 Dental plan equipment, furniture and utensils Installations , Vehicle Others Total capex 2,511 2,530 6,771 5, Adjusted EBITDA and CAPEX R$ million H15 1H16 Adjusted EBITDA CAPEX

32 2Q16 & 1H16 Earnings Release Resultados 4T12 Statement of added value Statement (R$000) 2Q16 2Q15 1H16 1H15 Revenues 339, , , ,490 Inputs purchased from third parties (217,806) (183,453) (391,604) (339,773) (=) GROSS VALUE ADDED 121, , , ,717 Retentions (1,821) (1,418) (3,573) (2,981) (=) WEALTH CREATED BY THE COMPANY 120, , , ,736 Wealth received in transfer 14,660 9,952 26,850 18,690 (=) WEALTH CREATED 134, , , ,426 WEALTH DISTRIBUTED (134,808) 100% (134,347) 100% (303,639) 100% (294,426) 100% Personnel and charges (26,023) 19.3% (23,293) 17.3% (51,675) 17.0% (46,558) 15.8% Taxes, fees and contributions (51,687) 38.3% (51,524) 38.4% (113,783) 37.5% (112,280) 38.1% Lenders and lessors (10,826) 8.0% (8,310) 6.2% (20,599) 6.8% (15,223) 5.2% Shareholders (43,869) 32.5% (49,671) 37.0% (112,776) 37.1% (117,546) 39.9% Stock options (2,403) 1.8% (1,549) 1.2% (4,806) 1.6% (2,819) 1.0% Stock options Since the creation of the Stock Options Plan, back in 2007, OdontoPrev has made 10 grants, 3.6% of OdontoPrev s total capital, demonstrated below: June 30, 2016 (R$/share) Grant date Exercised options Number of options outstanding on 06/30/2016 * Historical grant share price (R$) Δ % IGP-M since grant date Current share price updated by inflation Dividends per share IOC per share Capital Reductions per share Current grant share price 08/03/2007 1,673, % /28/2008 3,264, % /25/2009 2,220, % /11/2010 1,896, % /20/2011 1,450,482 79, % /20/2012 1,035, , % /20/2013-2,327, % /25/ , % /26/2015-2,404, ** ** ** ** ** /19/2015-2,373, ** ** ** ** ** 9.81 Total 11,539,483 7,629,038 * After the share split of 07/01/2010 and 04/02/2012 ** New stock options plan approved on Shareholder's Meeting, May/2015

33 2Q16 & 1H16 Earnings Release Resultados 4T12 Shareholder remuneration Dividends (DIV), interest on capital (IOC),capital reduction (CR) and share buyback (SB) - R$ thousand Fiscal year Payment Approval Shareholder position Type Amount R$ /01/ /31/2006 DIV 4,040 Total annual /31/ /16/2006 DIV 4,040 Year 2006 Total paid in 2006: 8,080 R$16, /10/ /19/ /19/2007 DIV 8,160 Net income: R$16, /05/ /09/ /09/2007 IOC 6, /05/ /09/ /09/2007 DIV 4,040 Year 2007 Total paid in 2007: 18,477 R$16, /10/ /20/ /20/2007 IOC 5,980 Net income: R$47, /10/ /07/ /07/2008 IOC 8, /17/ /18/ /18/2008 IOC 4, SB 11,565 Total paid in 2008: 30,436 Year /28/ /18/ /18/2008 IOC 1,158 R$39, /27/ /27/ /27/2009 DIV 14,344 Net income: R$55, /15/ /13/ /13/2009 IOC 10, SB 3,475 Total paid in 2009: 28,983 Year 2009¹ /23/ /23/ /23/2009 DIV 72,422 R$200, /15/ /23/ /01/2010 CR 114,478 Net income: R$58, /09/ /25/ /25/2010 CR 248, /22/ /10/ /10/2010 DIV 56, /22/ /10/ /10/2010 IOC 32,692 Year 2010 Total paid in 2010: 523,850 R$352, /11/ /15/ /15/2011 DIV 15,077 Net income: R$121, /21/ /04/ /11/2011 DIV 47, /21/ /04/ /11/2011 IOC 23,508 Total paid in 2011: 85,806 Year 2011² /10/ /26/ /26/2011 IOC 16,957 R$159, /25/ /02/ /02/2012 DIV 72,000 Net income: R$145, /23/ /26/ /27/2012 IOC 14, /23/ /26/ /27/2012 DIV 27, /22/ /26/ /27/2012 IOC 9, /22/ /26/ /27/2012 DIV 32, /21/ /25/ /25/2012 JCP 8, /21/ /25/ /25/2012 DIV 25,506 Year Total paid in 2012: 207,467 R$159, /03/ /02/ /02/2013 DIV 41,016 Net Income: R$ /10/ /26/ /26/2013 IOC 8, /04/ /30/ /30/2013 DIV 50, /10/ /25/ /25/2013 IOC 8, /04/ /30/ /30/2013 DIV 31, /13/ /29/ /29/2013 IOC 9, /04/ /29/ /29/2013 DIV 33,558 Year Total paid in 2013: 181,975 R$206, /08/ /20/ /20/2013 IOC 7,191 Net Income: R$188, /10/ /27/ /28/2014 IOC 8, /04/ /29/ /29/2014 DIV 49, /11/ /01/ /02/2014 DIV 58, /10/ /24/ /25/2014 IOC 8,671 Year /03/ /29/ /29/2014 DIV 39,105 R$213, /08/ /16/ /18/2014 IOC 7, /03/ /28/ /28/2014 DIV 37,333 Total paid in 2014: 216, /07/ /16/ /16/2014 IOC 7,793 Net Income: R$194, /09/ /12/ /16/2015 IOC 7, /06/ /06/ /08/2015 DIV 54, /03/ /29/ /30/2015 DIV 59, /07/ /11/ /11/2015 IOC 9,881 Year /03/ /29/ /29/2015 DIV 39,740 R$220, /05/ /16/ /16/2015 IOC 9, /12/ /28/ /29/2015 DIV 33,807 Net Income: R$220,946 Total paid in 2015: 223, /06/ /14/ /15/2015 IOC 10, /05/ /14/ /14/2016 IOC 11, /04/ /11/ /12/2016 DIV 49, /03/ /27/ /27/2016 DIV 43, /05/ /14/ /17/2016 IOC 11,402 Total paid in 2016: 126, /05/ /27/ /01/2016 DIV 23,779 ¹ R$ 37,983 paid with statutory reserve. ² R$ 21,641 paid with statutory reserve. 3 R$ 21,238 paid with statutory reserve. 4 R$ 27,635 paid with statutory reserve. 5 R$ 28,608 paid with statutory reserve. 6 R$ 11,047 paid with statutory reserve. Total to be paid in 2016: 23,779 Total 1,675,162

34 Total shareholder remuneration, including cash dividends, has been outperforming IBX. 2Q16 & 1H16 Earnings Release Resultados 4T12 Capital Markets Total shareholder remuneration since IPO x IBX +617% IBX +57% M16 ODPV3: +22.1% +30.8% -46.0% % +80.4% +8.0% +25.4% -5.2% +4.5% IBX: +6.9% +47.8% -41.8% +72.8% +2.6% -11.4% +11.5% -3.1% -2.8% Source: BM&FBovespa; last updated on % -12.4% +43.2% +17.7% In 2016, OdontoPrev s total shareholder remuneration reached 43%, versus 18% of IBX. Total shareholder remuneration OdontoPrev 2016 x IBX 55% 45% 35% +43% 25% 15% IBX +18% 5% -5% -15% 12/12 01/30 02/29 03/31 04/30 05/31 06/30 Source: BM&Fbovespa,

35 2Q16 & 1H16 Earnings Release Resultados 4T12 The ADTV increased in 2Q16, reaching R$19 million and average number of trades/day of 5,285. ODPV3 growing liquidity in Last updated on 6/30/ ,285 5,252 4,718 4,412 4,159 2Q15 3Q15 4Q15 1Q16 2Q16 ADTV (R$ million) Average number of trades/day Source: BM&FBovespa World class shareholder structure: investors from 37 countries Management 1.46% Treasury 0.53% Others 4.9% % 6.8% 4.7% 2.7% 2.6% 2.2% 50.01% Free Float 48.00% 15.2% 1.6% 1.6% 5% 41.0% 1.6% 1.1% Fonte: OdontoPrev Capital total 531,294,792 Shares 48% Free float 255,089,537 Shares 1.0%

36 2Q16 & 1H16 Earnings Release Resultados 4T12 Evolution of number of shareholders Institutional and individual investors 3,119 2,796 2,955 2,601 2,684 2,529 MAR15 JUN15 SEP15 DEC15 MAR16 JUN16 Corporate Governance The company is listed in the BM&FBovespa Novo Mercado, the highest level of Corporate Governance of BM&FBOVESPA. On top of the segment rules, the Company has differentiated practices: - Chairman distinct from the CEO, since the 1990s; - Board of directors without executive function, 56% of independent members; - Previous notice to shareholders of AGM s of 30 days; - Quarterly cash dividend payments to investors; Board of Directors Name Position Election First term Term ends Randal Luiz Zanetti Chairman apr/16 may/06 A.G.M Márcio Serôa de Araújo Coriolano Vice-Chairman apr/16 dec/09 A.G.M Ivan Luiz Gontijo Junior Member apr/16 apr/16 A.G.M Samuel Monteiro dos Santos Junior Member apr/16 dec/09 A.G.M Eduardo de Toledo Independent member apr/16 may/06 A.G.M Cesar Suaki dos Santos Independent member apr/16 may/06 A.G.M Murilo Cesar Lemos dos Santos Passos Independent member apr/16 apr/08 A.G.M Gerald Dinu Reiss Independent member apr/16 dec/09 A.G.M José Afonso Alves Castanheira Independent member apr/16 dec/09 A.G.M. 2018

37 Capital breakdown Number of shares (units) Current period From paid-in capital 06/30/2016 Common 531,294,792 Preferred - Total 531,294,792 Treasury Shares Common 2,808,958 Preferred - Total 2,808,958 37

38 Cash distributions Event Approval Type of distribution Payment Date Share type Earnings per share Board of Directors Meeting 3/14/2016 Interests on Capital 4/5/2016 Common Annual General Meeting 4/11/2016 Dividends 5/4/2016 Common Board of Directors Meeting 4/27/2016 Dividends 6/3/2016 Common Board of Directors Meeting 6/14/2016 Interests on Capital 7/5/2016 Common

39 Balance sheet at June 30, 2016 and December 31, 2015 (In thousands of Reais) Current Year Prior Year Code Description 06/30/ /31/ Total assets 1,226,916 1,180, Current assets 479, , Cash and cash equivalents 15,780 15, Financial instruments 333, , Financial instruments at fair value 330, , Investments linked to technical provisions 68,291 77, Investments not linked 261, , Financial investments measured at amortized cost 3, Investments held to maturity 3, Receivables 116, , Trade accounts receivable 111, , Healthcare receivables 149, , (-) Allowance for doubtful accounts (39,749) (32,493) Other receivables from health insurance 1, Sundry receivables 4,208 6, Advances to suppliers 1,045 1, Advances to employees 381 2, Other receivables 2,782 2, Taxes recoverable 1,770 1, Current taxes recoverable 1,770 1, Tax and social security credits 1,770 1, Prepaid expenses 11,995 12, Deferred acquisition costs 10,470 11, Others 1,525 1, Non-current assets 747, , Long-term receivables 168, , Deferred taxes 120, , Deferred income tax and social contribution 120, , Other non-current assets 47,998 45, Judicial deposits 46,612 44, Other receivables 1,307 1, Notes receivable Investments 37,718 38, Equity interests 37,718 38, Investments in subsidiaries 35,640 34, Other equity interests 2,078 3, Property and equipment 15,916 15, Property and equipment in use 15,646 15, Real estate for own use 12,061 12, Other fixed assets 3,585 2, Fixed assets in progress Fixed assets in progress Intangible assets 525, , Intangible assets 525, , Goodwill on acquisition of investments 492, , System development. software licenses and other 32,248 29,510 The notes are an integral part of the interim Financial Statements. 39

40 Balance sheet at June 30, 2016 and December 31, 2015 (In thousands of Reais) Current Year Prior Year Code Description 06/30/ /31/ Total liabilities and shareholders equity 1,226,916 1,180, Current liabilities 276, , Social and labor charges 18,108 19, Social charges 6,029 5, Charges payable 6,029 5, Labor charges 12,079 13, Salaries, vacation pay and fees 12,079 13, Suppliers 9,936 10, Local suppliers 9,936 10, Commissions payable 5,247 5, Suppliers of goods and services 4,689 4, Tax liabilities 14,721 21, Federal tax liabilities 13,080 19, Tax and social contribuition payable 4,284 10, Other federal tax liabilities 8,796 9, Municipal tax liabilities 1,641 1, Other liabilities 35,979 32, Other 35,979 32, Dividends and interest on capital payable 9,714 9, Advances from customers 2,817 2, Other accounts payable 23,448 21, Provisions 197, , Other provisions 197, , IBNR reserves 16,056 13, IBNR reserves - incurred but not reported claims reserve 70,892 67, Unearned premiums reserve 110, , Non-current liabilities 315, , Other liabilities 22,430 1, Other 22,430 1, Other liabilities 766 1, Fees payable 1, Stock options in subsidiaries 20, Deferred taxes 6,056 5, Deferred income tax and social contribution 6,056 5, Provisions 286, , Provision for tax, social security, labor and civil lawsuits 286, , Equity 635, , Capital 506, , Capital reserves 12,414 28, Share premium 48,392 48, Granting of stock options 30,268 31, Deferred stock options granted (14,550) (19,356) Additional paid-up capital (31,035) (32,450) Other capital reserves (20,661) Earnings reserve 70, , Legal reserve 66,635 66, Bylaws reserve 29,040 29, Tax incentive reserve Additional proposed dividends - 49, Treasury stock (25,526) (28,520) Retained earnings 46,329 - The notes are an integral part of the interim Financial Statements. 40

41 Statements of income Periods ended in June 30, 2016 and 2015 (In thousands of Reais) Current Quarter Six-Month Current Period Quarter from Prior Period Six-Month Prior Period 01/04/2016 to 01/01/2016 to 01/04/2015 to 01/01/2015 to Code Description 06/30/ /30/ /30/ /30/ Gross sales and/or services revenues 335, , , , Net installments 347, , , , Revenues of Sales and services - - (12) (66) Taxes on healthcare plan operations (12,276) (26,161) (11,639) (24,557) 3.02 Cost of sales and/or services (179,658) (317,020) (146,279) (267,437) Indemnifiable claims, net (148,315) (283,135) (122,724) (240,386) Social charges on services (10,000) (18,910) (8,050) (15,804) Dental materials (4,484) (7,409) (2,949) (4,335) Other operating costs (2,389) (3,832) (3,359) (4,314) Incurred but not reported provision (IBNR) (14,470) (3,734) (9,197) (2,598) 3.03 Gross profit 155, , , , Operating expenses (97,583) (193,513) (83,799) (165,079) Selling expenses (32,022) (63,196) (28,589) (56,787) Selling expenses (32,022) (63,196) (28,589) (56,787) General and administrative expenses (50,208) (97,388) (46,451) (87,980) Other operating revenue Other operating revenue with healthcare Revenue with healthcare not related to company's plans Other operating expenses (17,760) (36,655) (9,723) (21,259) Stock option plan (2,403) (4,806) (1,549) (2,819) Allowance for doubtful accounts (13,814) (27,460) (6,765) (14,647) Profit sharing (1,543) (4,389) (1,409) (3,793) Share in the earnings of subsidiaries and associated companies 2,057 3, Profit before finance income (costs) and taxes 57, ,190 68, , Finance income (cost) 5,027 9,525 4,066 8, Financial income 24,637 48,464 19,869 36, Financial income 13,235 25,160 9,988 18, Reversal of interest on capital 11,402 23,304 9,881 17, Financial expenses (19,610) (38,939) (15,803) (28,283) 3.07 Profit before taxation and profit sharing 62, ,715 72, , Income tax and social contribution (18,963) (47,967) (23,174) (55,469) Current tax (22,456) (59,997) (19,580) (49,504) Deferred tax 3,493 12,030 (3,594) (5,965) 3.09 Net results from continuing operations 43, ,748 49, , Net income for the period 43, ,748 49, , Earnings per share - (Reais/share) Basic earnings per share Common Diluted earnings per share Common The notes are an integral part of the interim Financial Statements. 41