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Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
Apresentação en_1q14
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Apresentação en_1q14

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  • 1. MAY 22, 2014 1Q14 EARNINGS RELEASE
  • 2. Highlights | Corporate 2 The only Brazil’s mixed market player that features exposure and expansion capacity in the segments of Retail, Hospital & Specialties and Distribution; Strategic partnership with AmerisourceBergen, the world’s largest player in the pharmaceutical specialties, resulting in the creation of the company Profarma Specialty; The Company carried out four acquisitions over the last three years, including its entry into the Retail pharmaceutical segment, and the attainment of a market position as one of the major players within this segment in the state of Rio de Janeiro; Proven capacity to integrate acquisitions.
  • 3. Highlights | Period 3 CONSOLIDATED • The EGM held on May 12, 2014 approved the capital increase-totaling R$ 187.0 million at least and R$ 335.6 million at most-that will allow AmerisourceBergen to become one of Profarma’s shareholders. RETAIL • In relation to 1Q13, Drogasmil / Farmalife’s sales rise by 45.5% and Tamoio’s sales by14.8%; • The new IT (SAP + ITEC) platform was implemented at Drogasmil/Farmalife in Feb.14; • A guidance for the opening of Drogasmil / Farmalife stores has been announced: between 33 and 37 stores in the next 12 months. SPECIALTIES • Profarma started a strategic association with the world’s largest distributor of specialties, U.S. company AmerisourceBergen, to create Profarma Specialty; • The remaining portion of Arpmed (20%) was acquired; • Sales up 5.4% year-over-year. PHARMACEUTICAL DISTRIBUTION • A 11.9% drop in total operating expenses quarter-over- quarter; • A 13.1% rise in sales to independent customers; • Cash cycle shortened by 9 days, which corresponds to a R$ 70 million decrease in working capital.
  • 4. Highlights | Breakdown by Division – 1Q14 4 Specialties 1Q13 1Q14 138.9 16.5 14.6 1.5 146.3 17.6 14.8 2.1 Retail* 1Q13 1Q14 124.4 33.1 41.9 -9.3 155.8 47.3 47.8 0.1 Consolidated* 1Q13 1Q14 1,036.7 128.9 115.9 9.5 1,031.2 135.9 117.8 15.1 Pharmaceutical Distribution 1Q13 1Q14 847.4 79.4 59.4 17.3 818.7 70.9 55.2 12.9 Gross Revenues Gross Profit SGA Ebitda (*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife (unaudited figures for 1Q13)
  • 5. CONSOLIDATED PERFORMANCE
  • 6. Consolidated Performance 6 Gross Revenues Evolution (R$ million) 1Q13 4Q13 1Q14 986.3 985.2 976.6 -0.5% -1.0% Pharmaceutical Distribution Specialties Retail Sales growth by 13.1% in the segments of independent clients and by 29.2% in the OTC category in comparison with 1Q13. 5.4% growth in revenues from the Specialties division, with particular mention to Prodiet’s sales increase of nearly 18.7% to the private sector. Year-over-year sales increases of 14.8% from Tamoio and of 45.5% from Drogasmil / Farmalife. 50.4 56.2 54.6 1,036.7 1,041.4 1,031.2 Accounting Consolidated Gross Revenues Pro-forma Consolidated Gross Revenues: 100% of revenues from Tamoio and Drogasmil / Farmalife (unaudited figures for 1Q13)
  • 7. Performance by Division Pharmaceutical Distribution 1Q13 4Q13 1Q14 847.4 816.4 818.7 0.3% -3.4% Specialties 1Q13 4Q13 1Q14 138.9 156.0 146.3 -6.2% 5.4% Retail(*) 1Q13 4Q13 1Q14 42.0 25.3% 7 Gross Revenues Evolution (R$ million) 82.4 95.2 94.6 66.1 61.2 124.4 161.3 155.8 -3.4% Accounting Gross Revenues Pro-forma additional Gross Revenues (*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife (unaudited figures for 1Q13)
  • 8. Consolidated Performance 8 1Q141Q13 95.8 4Q13 115.9 106.5 Pro-forma (*) Gross Profit (R$ million and % Net Revenues) 16.6% 1Q141Q13 14.1% 128.9 4Q13 145.9 15.8% 135.9 (*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife (unaudited figures for 1Q13) 11.2% 13.4% 12.6%
  • 9. Consolidated Performance 9 12.7% 1Q13 115.9 14.9% 4Q13 130.5 13.7% 1Q14 117.8 8.6% 1Q13 74.0 12.3% 4Q13 105.7 11.1% 1Q14 93.3 Operating Expenses – SG&A (R$ million and % Net Revenues) Pro-forma (*) (*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife (unaudited figures for 1Q13)
  • 10. Consolidated Performance 10 1Q13 2.2% 18.8 4Q13 1.7% 14.8 1Q14 1.4% 11.9 -19.5% -36.7% 1Q13 1.0% 9.5 4Q13 2.1% 18.3 1Q14 1.6% 15.1 -17.4% 58.8% EBITDA and EBITDA Margin (R$ million and % Net Revenues) Pro-forma (*) (*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife (unaudited figures for 1Q13)
  • 11. Consolidated Performance 11 1Q13 -0.6% -5.6 4Q13 -0.3% -2.9 1Q14 -1.4% -11.9 1Q13 0.8% 6.9 4Q13 -0.5% -4.6 1Q14 -1.6% -13.5 Net Profit (R$ million and % Net Revenues) Pro-forma (*) (*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife (unaudited figures for 1Q13)
  • 12. Consolidated Performance Reduction of 6.9 days in the Cash Cycle. Cash Flow (R$ million) * Average (1) Average of Gross Revenues in the Quarter (2) Average of COGS in the Quarter (3) Average of COGS in the Quarter 1Q144Q131Q13 Cash Cycle - Days * 50.7 55.0 48.1 Accounts Receivable (1) 59.5 45.8 45.1 Inventories (2) 49.8 58.2 49.2 Accounts Payable (3) 58.5 49.0 46.2 Cash Cycle (Days) 1Q14 1Q13 4Q13 Cash Flow Generated / Used) in Operating Activities 81.0 (61.9) 7.9 Internal Cash Generatio 5.1 14.0 9.8 Operating Assets Variation 75.9 (75.8) (1.9) Cash Flow (Used) in Investing Activities (10.3) (1.1) (12.6) Cash Flow Generated / (Used) by Financing Activities (16.0) 132.3 6.7 Net Increase / (Decrease) in Cash 54.7 69.4 2.0 12
  • 13. Consolidated Performance 13 Capex 1Q14 3.9 Others 1.1 Remodeling of Stores 1.9 IT 0.1 Machinery and Equipment 0.8 Acquisitions – Last 12-Months Period (R$ million) Capex (R$ million) 12.2 80.4 98.9 275.5 Indebtedness: Net Debt and Net Debt / EBITDA (R$ million) 1Q13 236.5 2.6X 4Q13 458.5 4.8x 1Q14 412.0 4.6x 275.5 136.5 Net Debt Debt related to Acquisitions (last 12-months period) 275.5 183.0 CSB Investment CSB Debt TotalTamoio Acquisition Remaining Acquisition of Prodiet 74.0
  • 14. PHARMACEUTICAL DISTRIBUTION
  • 15. Pharmaceutical Distribution Financial Data (R$ million and % Net Revenues) 15 EBITDA Margin (%) 1.8 1Q13 1Q14 2.4 Op. Exp. SG&A (%) 7.9 1Q13 1Q14 8.1 Gross Margin (%) 10.1 1Q13 1Q14 10.8 Gross Revenues (R$ million) 818.7 1Q13 1Q14 847.4 Reduction in total operating expenses in absolute terms, of 7.1% year-over-year and 11.9% quarter-over-quarter; Sales growth by 29.2% in the OTC category over 1Q13; Year-over-year growth by 18.1% in the Southern region; Sales growth by 13.1% in the segments of independent clients; Reduction of 9 days in the Cash Cycle, representing working capital savings in the amount of R$ 70 million.
  • 16. SPECIALTIES
  • 17. Financial Data (R$ million and % Net Revenues) 17 1.6 1Q13 1Q14 1.2 11.3 1Q13 1Q14 11.9 13.4 1Q13 1Q14 13.5 146.3 1Q13 1Q14 138.9 Specialties Sales growth by 5.4% in this division, with highlights to Prodiet reaching 18.7%; Total operating expenses in absolute terms fell by 25.3% from 1Q13 and by 12.5% from 4Q13. Strategic partnership with AmerisourceBergen, resulting in the creation of Profarma Specialty; Ebitda Margin (%) Op. Exp. SGA (%) Gross Margin (%) Gross Revenues (R$ million)
  • 18. RETAIL
  • 19. Financial Data (R$ million and % Net Revenues) 19 5.1 1Q13 1Q14 2.8 25.9 1Q13 1Q14 25.7 31.1 1Q13 1Q14 28.5 94.6 1Q13 1Q14 82.4 Retail | Tamoio Sales from Tamoio chain stores rose by 14.8% year- over-year; Average monthly sales per mature store grew by 9.1%, from R$ 481,700 in 1Q13 to R$ 525,500 in 1Q14; EBITDA of R$ 4.9 million in 1Q14, with a 5.1% margin, up 2.3 p.p. year-over-year; Net income came to R$ 3.3 million in 1Q14, with a 3.5% net margin. Op. Exp. SGA (%) Gross Margin (%) Gross Revenues (R$ million) Ebitda Margin (%)
  • 20. 1Q13 481.7 1Q14 525.5 4Q13 537.8 9.1% 1Q13 78.8 1Q14 88.1 4Q13 92.4 11.8% 1Q13 76.7 1Q14 84.8 4Q13 86.0 10.6% Retail | Tamoio -2.3% -1.4% 20 -4.6% SSS Mature Stores (R$ million) Monthly Average Store's Sales (R$ thousand) Same Store Sales (R$ million)
  • 21. 1Q13 24.9 1Q14 26.1 4Q13 25.9 4.6% 0.9% Retail | Tamoio # of Stores (units) 1Q13 57 4Q13 59 1Q14 60 Average Ticket (in reais) 21 1 Opening 0 Close-downs 0 Reformulating 46 Mature 4Q13 vs. 1Q14 5.3% 1.7%
  • 22. Financial Data (R$ million and % Net Revenues) 22 -7.8 1Q13 1Q14 -27.7 38.1 1Q13 1Q14 49.4 29.3 1Q13 1Q14 22.9 61.2 1Q13 1Q14 42.0 Retail | Drogasmil/Farmalife Average monthly sales per store climbed by 98.2%, from R$ 164,300 in 1Q13 to R$ 325,700 in 1Q14; Gross margin rose by 6.4 p.p., from 22.9% in 1Q13 to 29.3% in 1Q14; The SAP system was implemented in February 2014; Introduction of the ITEC operational system in the stores in February 2014; Improvement of the negative operating result by 58.6%, changing from (R$ 11.6) million to (R$ 4.8) million in 1Q14. Ebitda Margin (%) Op. Exp. SGA (%) Gross Margin (%) Gross Revenues (R$ million)
  • 23. Retail | Drogasmil/Farmalife SSS Mature Stores (R$ million) Monthly Average Store's Sales (R$ thousand) 1Q14 325.7 4Q13 333.6 98.3% 164.3 1Q13 1Q13 11.9 1Q14 19.6 4Q13 20.5 65.2% 1Q13 11.6 1Q14 19.4 4Q13 20.3 66.7% 23 -4.4% Same Store Sales (R$ million) -4.4%-2.4%
  • 24. Retail | Drogasmil/Farmalife 24 1Q13 24.3 1Q14 30.1 4Q13 29.1 23.8% 1Q13 85 1Q14 63 4Q13 65 -25.9% -3.1% Average Ticket (in reais) 3.3% # of Stores (units) 3 Openings 5 Close-downs 0 Reformulating 58 Mature 4Q13 vs. 1Q14
  • 25. ANALYST COVERAGE
  • 26. Analyst Coverage 26 Company Analyst Telephone E-mail Banco Fator Pedro Ivo Barreto Zabeu +55 (11) 3049-9478 pzabeu@bancofator.com.br Brasil Plural Guilherme Assis +55 (11) 3206 8285 guilherme.assis@brasilplural.com.br BTG Pactual João Carlos dos Santos +55 (11) 3383-2384 joaocarlos.santos@btgpactual.com Credit Suisse Marcel Moraes +55 (11) 3841 6302 marcel.moraes@credit-suisse.com HSBC Luciano Campos +55 (11) 3371 8194 luciano.t.campos@hsbc.com.br Itaú BBA Juliana Rozenbaum +55 (11) 3073 3040 juliana.rozenbaum@itausecurities.com Merrill Lynch Mauricio Fernandes +55 (11) 2188 4236 mauricio.fernandes@baml.com Morgan Stanley Javier Martinez de Olcoz +55 (11) 3048 6088 javier.martinez.olcoz@morganstanley.com Votarantim Andre Parize +55 (11) 5171 5870 andre.parize@votorantimcorretora.com.br
  • 27. Max Fischer | CFO and IRO & Beatriz Diez | IR Manager www.profarma.com.br/ir | Tel.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br

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