MAY 22, 2014
1Q14 EARNINGS RELEASE
Highlights | Corporate
2
The only Brazil’s mixed market player that features exposure and expansion capacity
in the segmen...
Highlights | Period
3
CONSOLIDATED
• The EGM held on May 12, 2014 approved the capital
increase-totaling R$ 187.0 million ...
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 1Q1...
CONSOLIDATED PERFORMANCE
Consolidated Performance
6
Gross Revenues Evolution
(R$ million)
1Q13 4Q13 1Q14
986.3 985.2 976.6
-0.5%
-1.0%
Pharmaceutic...
Performance by Division
Pharmaceutical Distribution
1Q13 4Q13 1Q14
847.4
816.4
818.7
0.3%
-3.4%
Specialties
1Q13 4Q13 1Q14...
Consolidated Performance
8
1Q141Q13
95.8
4Q13
115.9
106.5
Pro-forma (*)
Gross Profit
(R$ million and % Net Revenues)
16.6%...
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
9...
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...
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....
Consolidated Performance
Reduction of 6.9 days in the Cash Cycle.
Cash Flow
(R$ million)
* Average
(1) Average of Gross Re...
Consolidated Performance
13
Capex
1Q14
3.9
Others
1.1
Remodeling
of Stores
1.9
IT
0.1
Machinery and
Equipment
0.8
Acquisit...
PHARMACEUTICAL DISTRIBUTION
Pharmaceutical Distribution
Financial Data
(R$ million and % Net Revenues)
15
EBITDA Margin
(%)
1.8
1Q13 1Q14
2.4
Op. Exp....
SPECIALTIES
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 1Q1...
RETAIL
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...
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 | Tam...
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 rea...
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 1...
Retail | Drogasmil/Farmalife
SSS Mature Stores
(R$ million)
Monthly Average Store's Sales
(R$ thousand)
1Q14
325.7
4Q13
33...
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
(i...
ANALYST COVERAGE
Analyst Coverage
26
Company Analyst Telephone E-mail
Banco Fator Pedro Ivo Barreto Zabeu +55 (11) 3049-9478 pzabeu@bancofa...
Max Fischer | CFO and IRO & Beatriz Diez | IR Manager
www.profarma.com.br/ir | Tel.: 55 (21) 4009-0276 | E-mail: ri@profar...
Upcoming SlideShare
Loading in …5
×

Apresentação en_1q14

219 views

Published on

Published in: Business, Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
219
On SlideShare
0
From Embeds
0
Number of Embeds
19
Actions
Shares
0
Downloads
4
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Apresentação en_1q14

  1. 1. MAY 22, 2014 1Q14 EARNINGS RELEASE
  2. 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. 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. 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. 5. CONSOLIDATED PERFORMANCE
  6. 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. 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. 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. 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. 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. 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. 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. 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. 14. PHARMACEUTICAL DISTRIBUTION
  15. 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. 16. SPECIALTIES
  17. 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. 18. RETAIL
  19. 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. 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. 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. 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. 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. 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. 25. ANALYST COVERAGE
  26. 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. 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

×