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4-Traders Homepage  >  Equities  >  BOLSA DE VALORES DE SAO PAULO  >  Fleury SA    FLRY3   BRFLRYACNOR5

FLEURY SA (FLRY3)

End-of-day quote. End-of-day quote  - 08/27
37.51 BRL   --.--%
07/29 FLEURY : Financial Statements - 2Q16
07/25 MATERIAL FACT : Stock Option Plan
04/29 FLEURY : Financial Statements - 1Q16
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Fleury : Financial Statements - 2Q16

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07/29/2016 | 02:12am CEST
Report on review of Quarterly Information - ITR‌‌‌‌

To the Board of Directors and Stockholders Fleury S.A.

São Paulo - SP

Introduction

We have reviewed the accompanying interim financial information, individual and consolidated, of Fleury S.A. ("The Company"), comprised in the Quarterly Information Form - ITR for the quarter ended June 30, 2016, comprising the balance sheet as of June 30, 2016 and the respective statements of income and comprehensive income for the three and six month period ended at that date and changes in equity and cash flows for the six month period ended at that date, including the footnotes.

Management is responsible for the preparation of the individual interim financial information in accordance with the Technical Pronouncement CPC 21(R1) - Interim Financial Information, and the consolidated interim financial information in accordance with CPC 21(R1) and the international standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, such as for the presentation of these information in accordance with the standards issued by the Brazilian Securities Commission - CVM, applicable to the preparation of Quarterly Information - ITR. Our responsibility is to express a conclusion on these interim financial information based on our review.

Review scope

We conducted our review in accordance with the Brazilian and International standards on reviews of interim information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for the financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the audit standards and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the parent company interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the individual interim financial information included in the Quarterly Information - ITR referred to above has not been prepared, in all material respects, in accordance with CPC 21(R1) applicable to the preparation of Quarterly Information - ITR, and presented in accordance with the standards issued by the Brazilian Securities Commission - CVM.

Conclusion on the consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the consolidated interim financial information included in the Quarterly Information - ITR referred to above has not been prepared, in all material respects, in accordance with CPC 21(R1) and IAS 34 applicable to the preparation of Quarterly Information - ITR, and presented in accordance with the standards issued by the Brazilian Securities Commission - CVM.

Others matters

Interim information of the value added

We have also reviewed the individual and consolidated statements of value added (DVA), related to the six month period ended June 30, 2016, prepared under the responsibility of the Company's management, which presentation in the interim information is required in accordance with standards issued by the Brazilian Securities Commission - CVM applicable to the preparation of Quarterly Information - ITR, and is considered as a supplementary information under IFRS, which do not require the presentation of DVA. These statements were subject to the same review procedures described above, and based on our review, nothing has come to our attention that causes us to believe that it has not been prepared, in all material respects, in accordance with the individual and consolidated interim financial information taken as a whole.

Comparative information

The comparative information related to balance sheet, individual and consolidated, as at December 31, 2015, were audited by other independent auditors, who issued an unqualified audit report on March 3, 2016 and related to information, individual and consolidated, statements of income and comprehensive income for the three and six month period ended as at June 30, 2015 and the changes in shareholders' equity and cash flows for the six month period then ended as at June 30, 2015, were reviewed by other independent auditors, who issued an unqualified review report as at July 30, 2015. The comparative information related to Statements of value added (DVA), individual e consolidated, for the six month period then ended as at June 30, 2015 were submitted to the subject to the same review procedures by that auditor and, based in its review, that auditor issued that nothing had come to his attention that causes him to believe that the DVA had not been prepared, in all material respects, in accordance with the individual and consolidated interim financial information taken as a whole.

São Paulo, July 27, 2016

KPMG Auditores Independentes CRC 2SP014428/O-6

(Original report in Portuguese signed by)

Marcos Antonio Boscolo Contador CRC 1SP198789/O-0

Earnings Release

2Q16

Earnings 2Q16

São Paulo, July 28th 2016 - Grupo Fleury (BM&FBOVESPA: FLRY3) announces today its 2nd quarter (2Q16) results.

All figures are compared to the same period of 2015, unless otherwise stated.

Management comments:

Grupo Fleury continues to observe a consistent demand for its services in the second quarter of 2016, resulting in the achievement of record highs in the lines of gross and net revenues, EBITDA, net income and operating cash flow. In all segments, the Company has been maximizing the capture of the demand, with actions such as the opening of new agendas for imaging tests and the best use of the installed capacity of clinical analysis, which has ensured greater asset efficiency, demonstrated by the 19.1% and 14.9% increases in gross revenue per unit and gross revenue per m2, respectively.

Grupo Fleury's gross revenue increased 8.5% (9.8% excluding the effect of the Patient Service Centers' sale due to CADE agreement1), reaching R$

577.1 MM, mainly due to performance of regional brands excluding Rio de Janeiro (17.2%) and operations in hospitals (9.8%). Net income, in turn, expanded 9.5% (R$ 525.1 MM), resulting from the continued evolution of cancellation index, which registered 2.8% this quarter, an 80 bps decrease.

The control and efficiency gains in processes of costs and expenses continued to provide improvements in relation to net revenue, mainly in the reduction of 213 bps in total costs (71.2% versus 73.3%). Efficient management of these accounts, together with the qualified revenue growth, resulted in an R$

122.0 MM EBITDA, with a 23.2% margin in the quarter - an increase of 273 bps.

As a result of this operating performance, net income expanded 40.2% (R$

46.1 MM) and operating cash flow reached R$ 162.5 million or 133% of EBITDA for the quarter, also reflecting the continuous improvement of management in accounts receivable.

The return, measured by ROIC without goodwill, reached 27.1% in LTM - a 911 bps expansion. In addition, the customer satisfaction rates continue to expand. Grupo Fleury's Net Promoter Score (NPS), which measures the level of recommendation after the use of services, raised 338 bps, reaching 74.9%, compared to 71.5% in 2Q15. Among the highlights that contributed to this improvement are the operations of Northeast and Rio Grande do Sul.

In order to continue generating sustainable results, the Company remain investing in projects that will boost the capture of existing demand and optimize profitability in the coming quarters. Among them are: i) the creation of the expansion area, responsible for implementing the opening up of new PSCs; ii) review of contracts and processes with suppliers (procurement project); and iii) the redesign of service processes in the Patient Service Centers (PSCs) in order to improve operational performance and quality of customer experience (lean project). Thus, the Company believes that further strengthens its competitive ability to continue delivering consistent results and creating value for all stakeholders even in a macroeconomic scenario that still shows to be challenging.

1. Effect of the PSCs' sale due to CADE agreement: effect of the sale of five PSCs in Rio de Janeiro on 4Q15 (material fact of November 11th 2015) in compliance with the agreement signed with CADE in 2014.

Fleury ON (Bovespa FLRY3) (Bloomberg FLRY3 BZ; Thomson FLRY3-BR) Debentures: BRFLRYDBS007, BRFLRYDBS015 e BRFLRYDBS023 On June 30th 2016 Shares Outstanding

156,293,356 shares

Shares Outs Diluted

158,488,690 shares

Share price

R$ 27.50 /US$ 8.57

Market cap

R$ 4,298 MM / US$ 1,399 MM

Cash and Cash Equivalents

R$ 754 MM / US$ 235 MM

Investor Relations

Phone +55 11 5014-7413

ri@grupofleury.com.br www.fleury.com.br/ir

Conference Call July 29th 2016

Portuguese with simultaneous translation into English

11:00 (10:00 EDT)

Phones

Participants from Brazil

+ 55 11 2188-0155

Participants from abroad:

+ 55 11 2188-0155

+1 646-843-6054

Replay:

+55 11 2188-0400

Code: Fleury Webcast: www.fleury.com.br/ir

1

Fleury SA published this content on 28 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 July 2016 00:11:11 UTC.

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Financials ( BRL)
Sales 2016 2 098 M
EBIT 2016 316 M
Net income 2016 183 M
Debt 2016 223 M
Yield 2016 0,75%
P/E ratio 2016 31,79
P/E ratio 2017 24,88
EV / Sales 2016 2,90x
EV / Sales 2017 2,54x
Capitalization 5 863 M
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 33,0  BRL
Spread / Average Target -12%
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Managers
NameTitle
Carlos Alberto Iwata Marinelli Chief Executive Officer
Marcos Bosi Ferraz Chairman
Adolpho Cyriaco Nune de Souza Neto Chief Finance Officer & Head-Investor Relations
Teresa Sacchetta Executive Director-Information Technology
Samuel Monteiro dos Santos Director
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