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Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
Teleconferência 4Q13 e ano 2013
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Teleconferência 4Q13 e ano 2013

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  • 1. 1 4Q13 and Year Earnings Release | Strategic Association with AmerisourceBergen Corporation
  • 2. 2 Earnings Release 4Q13 and 2013
  • 3. 3 • Profarma had one more year of great achievements and maybe one of the most important in its history. It was a year of change in the Company’s business model, with the acquisition of 100% of Drogasmil/Farmalife and 50% of Drogarias Tamoio chains, both in January 2013, when Profarma broke into the pharmaceutical retail market. As a result, the Company has become an even more complete, integrated and vertically platform in the pharmaceutical market; • On March 24, 2014, Profarma started a strategic association in which U.S. wholesaler AmerisourceBergen will be able to own up to 19.9% of Profarma’s capital stock through the subscription of new shares in connection with a capital increase at R$ 22.50 / share yet to be made. This amount will be mainly used to fund the Company’s growth strategy; • Additionally, the companies will be creating Profarma Specialty, a joint venture in which each company will own a 50% equity state, to increase Profarma’s current share in the hospital and specialties market; • The capital subscription resulting from these two operations will amount R$ 250.0 million to R$ 400.0 million; • The Profarma’s shares (PFRM3) were priced at R$ 18.64 at the close of the year, up 28.6% year-over-year, with an average daily trading volume of R$ 4.0 million, up significantly 273.5% in relation to 2012. Highlights in the Period 3 Profarma | Earnings Release 4Q13 and Year
  • 4. 4 4 Profarma | Earnings Release 4Q13 and Year Gross Revenues Evolution (R$ million) 2012 3,802.7 514.0 3,288.7 2013 3,997.5 621.7 3,309.7 66.1 4Q12 971.0 849.8 121.2 4Q13 985.2 763.1 156.0 66.1 Pharmaceutical Distribution Hospital & Specialties Retail
  • 5. 5 5 Profarma | Earnings Release 4Q13 and Year (R$ million and % Net Revenues) Gross Profit and Revenues from Services to Suppliers 4Q12 39.7 50.7 2013 122.6 307.5 10.7% 13.4% 4Q13 23.6 92.3 12.4% 11.0% 2012 150.6 204.7 Gross Profit Revenues from Services to Suppliers Gross Profit Margin(%)
  • 6. 6 6 Profarma | Earnings Release 4Q13 and Year (R$ million and % Net Revenues) Operating Expenses - SGA 4Q12 67.1 2013 333.2 7.9% 7.9% 12.3% 4Q13 105.7 2012 256.6 9.6%
  • 7. 7 7 Profarma | Earnings Release 4Q13 and Year (R$ million and % Net Revenues) Ebitda and Ebitda Margin 4Q12 18.8 2013 95.8 2.2% 2.8% 1.7% 4Q13 14.8 2012 92.2 2.9%
  • 8. 8 8 Profarma | Earnings Release 4Q13 and Year Net Financial Expenses (R$ million and % Net Revenues) 4Q12 4Q13 2013 6.3 28.6 1.8% 0.9% 0.7% 15.7 2012 56.0 1.6%
  • 9. 9 9 Profarma | Earnings Release 4Q13 and Year (R$ million and % Net Revenues) Net Profit 4Q12 4Q13 2013 7.8 40.6 0.9% 0.6% - 0.5% (4.6) 2012 20.4 1.3%
  • 10. 10 10 Profarma | Earnings Release 4Q13 and Year Summary of Cash Flow Cash Flow Generated / (Used) in Operating Activities Internal Cash Generation Operating Assets Variation Trade Accounts Receivable Inventories Suppliers Other Items Cash Flow (Used) in Investing Activities Cash Flow Generated / (Used) by Financing Activities Net Increase / (Decrease) in Cash (R$ Million) 4Q13 7.9 9.8 (1.9) 43.2 (48.5) 14.9 (11.6) (12.6) 6.7 2.0 Chg. % -86.2% -46.4% - - 27.6% -91.5% 76.9% -314.4% - -94.3 2013 (90.1) 68.0 (158.2) (26.0) (21.1) (77.2) (33.9) (101.6) 202.0 10.3 Chg. % - -23.9% -96.5% 61.1 -119.0% - 49.0% -797.4% 600.7% -61.2% 4Q12 56.9 18.2 38.7 (18.9) (66.9) 174.5 (50.1) (3.0) (18.6) 35.2 2012 8.9 89.4 (80.5) (66.8) (9.6) 62.5 (66.5) (11.3) 28.8 26.4
  • 11. 11 11 Profarma | Earnings Release 4Q13 and Year * Average (1) Average of Gross Revenues in the Quarter (2) Average of COGS in the Quarter (3) Average of COGS in the Quarter Cash Cycle - Days * Accounts Receivable (1) Inventories (2) Accounts Payable (3) 4Q134Q12 54.7 45.8 56.4 47.5 46.3 51.0 48.2 52.9
  • 12. 12 12 Profarma | Earnings Release 4Q13 and Year Indebtedness: Net Debt and Net Debt / Ebitda* (R$ million) 2013 458.5 4.8x 2012 168.7 1.8x * Ebitda = accumulated last 12 months
  • 13. 13 13 Profarma | Earnings Release 4Q13 and Year (R$ million and % Net Revenues) Capex 4Q12 4Q13 2013 2.2 12.3 0.3% 0.4% 1.0% 9.0 2012 10.8 0.3%
  • 14. 14 14 Service Level (Units served / Units Requested) Logistics E.P.M. (Errors per Million) 4Q12 89.2% 4Q13 88.9% 2013 89.6% 2012 87.8% 4Q12 65.0 4Q13 94.0 2013 107.7 2012 94.0 Profarma | Earnings Release 4Q13 and Year
  • 15. 15 Gross Revenues R$ million 95.2 Op. Exp. Total Gross Margin Ebitda Margin Net Margin 21.9% 30.4% 5.6% 3.6% Financial DataTamoio – 4Q13 (R$ million e % Gross Revenues) 59 4 6.6% 25.85 537.8 20.2 # of stores Store Openings 1 SSS Mature Stores (more than 36 months) Average Ticket (in reais) Monthly Average Store's Sales Revenues per Employee 1- Same Store Sales 9.4%1SSS Operational Data Tamoio – 4Q13 (R$ thousands) 15 Profarma | Earnings Release 4Q13 and Year
  • 16. 16 16 Profarma | Earnings Release 4Q13 and Year Gross Revenues Breakdown Tamoio – 4Q13 43.8% 33.0% 15.7% 7.4% (R$ million and % Net Revenues) Gross Profit Health and Beauty Products Branded OTCGeneric 1Q13 9.6 4Q13 19,8 22.9% 29,9%
  • 17. 17 17 Profarma | Earnings Release 4Q13 and Year Turnover - PFRM3 PFRM3 IBOV Index IGCX Index Stock Performance 100 28.6 -2.0 -15.5 100
  • 18. 18 Deal | Transaction Rationale
  • 19. 19 Strategic Association | Transaction Rationale • Creation of the brand Profarma Specialty; • Each company will contribute with what it does best: growth in specialties market, focusing on distribution services, innovation and tecnology; • The companies will support each other to accelerate growth, while drawing on the synergies and expertise in Pharmaceutical Distribution and Specialties Distribution. 19 Relationships New Business Opportunities Growth Platform for Future Growth Diversification New Products & Services Recognition Strengthening the Brand +
  • 20. 20 Specialties | Creation of Profarma Specialty 20 SegmentIndustry Origin Dermatology Vaccines Hospital Private / Distribution Inside Profarma Pharma Business Oncology Vaccines Hospital Private & Public / Distribution Acqusiition 60% in Nov/11 100% in Sep/13 Breast Implants Dermatology Arthritis Hormones Private / Specialties Acquisition 80% in Dec/12 100% Option Oncology Dermatology Breast Implants Vaccines Other Private & Public / Distribution & Pharmacy Joint Venture
  • 21. 21 Overview AmerisourceBergen Corporation
  • 22. 22 AmerisourceBergen Corporation | Overview 22 One of the largest global pharmaceutical services companies dedicated exclusively to increasing supply chain efficiency:
  • 23. 23 AmerisourceBergen Corporation | Overview Company Overview • AmerisourceBergen is one of the world's largest pharmaceutical services companies serving the United States, Canada and selected global markets; • Focused on the pharmaceutical supply chain. Servicing both pharmaceutical manufacturers and healthcare providers, the Company provides drug distribution and related services; • The pharmaceutical distribution business operates under the business units of AmerisourceBergen Drug Corporation, AmerisourceBergen Specialty Group, AmerisourceBergen Consulting Services and World Courier; • AmerisourceBergen Specialty Group leads the market in oncology, plasma-derivative and biotech product distribution in USA and Canada; • AmerisourceBergen Specialty Group is a True Market Leader, serving over 4,500 community oncologist practices, is umber one in most physician specialties and in dialysis, the number one distributor of blood derivatives, and also have over 35,000 active customers for vaccines, biologicals and injectables. U$ billion Revenues 78.7 2011 9.6% 78.1 2012 11.5% 88.0 2013 11.7% Diverse Mix of Revenues* Retail Specialty Health Systems Alternate Sites Manufacturer Services 23 *Estimated FY2014 Revenues
  • 24. 24 AmerisourceBergen Corporation | Services & Solutions 24 DEVELOPMENT PRE-LAUNCH LAUNCH HIGH-GROWTH MARKET MATURITY Global Clinical Trial Logistics Trial Packaging & Laboratory Services Analytics & Busines Intelligence Contract & Specialized Production Packaging Services Health Economics & Outcomes Research Reimbursement Services & Market Analysis Physician Networks Clinical Hotlines Specialty Pharmacy Services Outsourced Logistics Patient Adherence & Compliance Services Medical Science Liaison Programs Oncology Product Distribution Blood Plasma & Nephrology Product Distribution Vaccine, Injectable & Biological Product Distribution Generics Strategy Expertise across Pharmaceutical Life Cycle: Brand Services & Managed Markets Solutions
  • 25. 25 Deal | Transaction Summary
  • 26. 26 Strategic Association | Transaction Summary 26 Strategic alliance formed by two operations: Capital Increase R$ 335.6 million Primary: R$ 40 million Secondary: R$ 21 million Joint VentureCapital Increase Market AmerisourceBergen 56% R$ 190 million 44% R$ 146 million
  • 27. 27 2 1 Strategic Association | Transaction Summary 27 • AmerisourceBergen Corporation may come to hold up to 19.9% of Profarma’s capital, through a subscription of capital increase of R$335.6 million via assignment of the subscription rights attributed to the shares held by BMK (Profarma’s holding and parent company); • The rights issue will be carried out at the price of R$ 22.50 / share; • The amount will be used to finance the Company’s growth strategy; CapitalIncreaseJointVenture • Profarma and AmerisourceBergen Corporation will create Profarma Specialty, a JV in which each company holds a 50% interest; • Profarma will contribute its operational assets, which are formed by Prodiet, Arpmed and its Hospital and Vaccine Division, and AmerisourceBergen Corporation will make a primary capital injection of R$ 40 million and a secondary injection of R$ 21.3 million.
  • 28. 28 Analyst Coverage
  • 29. 29 Profarma | Analyst Coverage Company Analyst Telephone Email Credit Suisse Marcel Moraes (55 11) 3841-6302 marcel.moraes@credit-suisse.com BTG Pactual João Carlos dos Santos (55 11) 3383-2384 joaocarlos.santos@btgpactual.com Juliana Rozenbaum (55 11) 3073-3040 juliana.rozenbaum@itausecurities.comItaú BBA Javier Martinez de Olcoz (55 11) 3048-6088 javier.martinez.olcoz@morganstanley.comMorgan Stanley Andre Parize (55 11) 5171-5870 andre.parize@votorantimcorretora.com.brVotorantim Merrill Lynch Mauricio Fernandes (55 11) 2188-4236 mauricio.fernandes@baml.com Banco Fator Pedro Ivo Barreto Zabeu (55 11) 3049-9478 pzabeu@bancofator.com.br Guilherme Assis (55 11) 3206-8285 guilherme.assis@brasilplural.com.brBrasil Plural 29 Luciano Campos (55 11) 3371-8194 luciano.t.campos@hsbc.com.brHSBC
  • 30. 30 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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