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Divulgação de resultados 2Q14

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Divulgação de resultados 2Q14

  1. 1. August 15, 2014 2Q14 EARNINGS RELEASE
  2. 2. Highlights | Corporate 2 Only player positioned in the Brazilian market in the segments of Distribution, Retail, and Hospital & Specialities; Strategic partnership with AmerisourceBergen, the world’s largest player in the pharmaceutical specialties; 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, combining all group companies in the SAP plataform.
  3. 3. Highlights | Period 3 CONSOLIDATED • Closing of the Deal with AmerisourceBergen, on June 26th 2014, with a capital increase of R$ 248.0 million and a potential reduction of R$ 31 .0 million/year in financial expenses; • Maintenance of the 2.3% EBITDA margin, even on a quarter with 6% less working days and with a 22.2% lower prices increase. RETAIL • Growth of 7.2% in Drogasmil / Farmalife sales and of 13.5% in Tamoio’s, in comparison to the 2Q13; • 18.6% and 37.6% year-over-year increase on Drogasmil / Farmalife same store sales and average store sale/month; • Improvement of 35.2% of Drogasmil / Farmalife EBITDA and 11.5% of Tamoio’s against previous quarter. SPECIALTIES • Closing of the Deal with AmerisourceBergen, with an R$ 40 .0 million contribution for the division; • 15.1% growth year-over-year on specialties retail sales; • 20.0% increase year-over-year on oncologicals sales. PHARMACEUTICAL DISTRIBUTION • Operating expenses shortened from 8.6% to 8.3%, even with a 3.0% lower in sales in the quarter; • R$ 6.3 million negative impact on the gross profit due to a lower price increase; • Midsize and independent customers increased 3.3% in comparison to the 2Q13, even on a quarter with 6% less working days; • 3.4 days cash cycle reduction yoy.
  4. 4. Specialties 2Q13 2Q14 162.9 19.4 15.7 3.4 148.4 17.6 15.7 1.4 Retail* 2Q13 2Q14 145.1 34.9 43.4 -9.0 161.0 50.1 47.2 2.3 Consolidated* 2Q13 2QT14 1,099.8 148.7 122.4 23.7 1,075.3 148.3 121.7 24.3 Pharmaceutical Distribution 2Q13 2Q14 854.0 94.3 63.2 29.7 828.4 80.6 58.8 20.5 Highlights | Breakdown by Division – 2Q14 4 Gross Revenues Gross Profit SGA Adjusted Ebitda (*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife (unaudited figures for 2Q13)
  5. 5. CONSOLIDATED PERFORMANCE
  6. 6. Consolidated Performance 6 Gross Revenues Evolution (R$ million) 2Q13 1Q14 2Q14 1,016.9 976.6 1,009.2 4.3% -2.2% Pharmaceutical Distribution Specialties Retail Midsize and independent customers increased 3.3% in comparison to the 2Q13, even on a quarter with 6% less working days. 15.1% growth on specialties retail sales and 20.0% increase on oncologicals sales in comparison to the 2Q13. Year-over-year sales increases of 7.2% from Drogasmil / Farmalife and of 13.5% from Tamoio. 82.9 54.6 66.1 1,099.8 1,031.2 1,075.3 Accounting Consolidated Gross Revenues Pro-forma Consolidated Gross Revenues: 100% of revenues from Tamoio and Drogasmil / Farmalife (unaudited figures for 2Q13)
  7. 7. Performance by Division Pharmaceutical Distribution 2Q13 1Q14 2Q14 854.0 818.7 828.4 1.2% -3.0% Specialties 2Q13 1Q14 2Q14 162.9 146.3 148.4 1.4% -8.9% Retail(*) 2Q13 1Q14 2Q14 58.1 11.0% 7 Evolução da Receita Bruta (R$ milhões) 87.0 94.6 98.7 61.2 62.3 145.1 155.8 161.0 3.4% Accounting Gross Revenues Pro-forma additional Gross Revenues (*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife (unaudited figures for 2Q13)
  8. 8. Consolidated Performance 8 2Q142Q13 113.7 1Q14 106.5 117.7 Proforma (*) Gross Profit (R$ million and % Net Revenues) 15.8 % 2Q142Q13 15.4% 148.7 1Q14 135.9 15.6% 148.3 12.9% 12.6 % 13.4% (*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife (unaudited figures for 2Q13)
  9. 9. Consolidated Performance 9 12.6% 2Q13 122.4 13.7 % 1Q14 117.8 12.8% 2Q14 121.7 9.0% 2Q13 79.0 11.1 % 1Q14 93.3 11.0% 2Q14 96.5 Operating Expenses – SG&A (R$ million and % Net Revenues) Proforma (*) (*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife (unaudited figures for 2Q13)
  10. 10. Consolidated Performance 10 2Q13 3.8% 33.1 1Q14 1.4% 11.9 2Q14 2.3% 20.4 71.3% -38.6% 2Q13 2.5% 23.7 1Q14 1.8% 15.1 2Q14 2.6% 24.3 61.2% 2.5% EBITDA and EBITDA Margin (R$ million and % Net Revenues) Proforma (*) (*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife (unaudited figures for 2Q13)
  11. 11. Consolidated Performance 11 2Q13 (4.3) 1Q14 (12.1) 2Q14 -0.4% -1.4% 0.4% 3.6 2Q13 12.6 1Q14 (13.5) 2Q14 1.4% -1.6 % 0.2% 2.1 Net Profit (R$ million and % Net Revenues) Proforma (*) (*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife (unaudited figures for 2Q13)
  12. 12. Consolidated Performance Reduction of 12.7 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 (4) In 2Q14, the account was based on the average gross sale and CGS, excluding Specialties division. 2Q14(4)1Q142Q13 Cash Cycle - Days * 56.3 48.1 43.6 Accounts Receivable(1) 55.1 45.1 47.3 Inventories (2) 51.1 49.2 55.9 Accounts Payable (3) 49.9 46.2 59.6 Cash Cycle (Days) 2Q14 2Q13 1Q14 Cash Flow Generated / Used) in Operating Activities (11.9) (31.6) 81.0 Internal Cash Generation 1.4 23.6 5.1 Operating Assets Variation 13.3 (55.2) 75.9 Cash Flow (Used) in Investing Activities 16.6 (78.8) (10.3) Cash Flow Generated / (Used) by Financing Activities 145.9 72.4 (16.0) Net Increase / (Decrease) in Cash 150.6 (38.0) 54.7 12
  13. 13. Consolidated Performance 13 Capex 2Q14 5.0 Others 2.0 Remodeling of Stores 0.9 IT 0.3 Machinery and Equipment 1.8 Capex (R$ million) Indebtedness: Net Debt and Net Debt / EBITDA (R$ million) 2Q13 359.4 3.9x 1Q14 412.0 4.6x 2Q14 167.1 2.2x
  14. 14. PHARMACEUTICAL DISTRIBUTION
  15. 15. Pharmaceutical Distribution Financial Data (R$ million and % Net Revenues) 15 EBITDA Margin (%) 2.9 2Q13 2Q14 4.0 Op. Exp. SG&A (%) 8.3 2Q13 2Q14 8.6 Gross Margin (%) 11.3 2Q13 2Q14 12.8 Gross Revenues (R$ million) 828.4 2Q13 2Q14 854.0 Raise of 10.3% in the OTC categories compared to 2Q13, and of 14.3% over 1Q14. 3.4 days cash cycle reduction yoy; R$ 4.4 million reduction in total operating expenses over 2Q13, considering absolute figures; Midsize and independent customers increased 3.3% in comparison to the 2Q13;
  16. 16. SPECIALTIES
  17. 17. Financial Data (R$ million and % Net Revenues) 17 Ebitda Margin (%) 1.1 2Q13 2Q14 2.3 Op. Exp. SGA (%) 11.6 2Q13 2Q14 10.8 Gross Margin (%) 13.1 2Q13 2Q14 13.4 Gross Revenues (R$ million) 148.4 2Q13 2Q14 162.9 Specialties Closing of the Deal with AmerisourceBergen, with an R$ 40.0 million contribution for the division; 15.1% growth year-over-year on specialties retail sales; 20.0% increase year-over-year on oncologicals sales.
  18. 18. RETAIL
  19. 19. Financial Data (R$ million and % Net Revenues) 19 Ebitda Margin (%) 5.5 2Q13 2Q14 4.7 Op. Exp. SGA (%) 25.6 2Q13 2Q14 24.2 Gross Margin (%) 31.1 2Q13 2Q14 28.9 Gross Revenues (R$ million) 98.7 2Q13 2Q14 87.0 Retail | Tamoio Gross revenues up 13.5% Year over year; Average store sale/month increase of 7.8% when compared to 2Q13, achieving R$ 548.2 thousand; Gross margin growth of 2.2 p.p. when compared do 2Q13, reaching R$ 31.1%.
  20. 20. 2Q13 508.5 2Q14 548.2 1Q14 525.5 7.8% 2Q13 82.7 2Q14 91.7 1Q14 88.1 10,9% 2Q13 80.0 2Q14 89.0 1Q14 84.8 11.2% Retail | Tamoio 4.3% 4.9% 20 4,1% SSS Mature Stores (R$ million) Monthly Average Store's Sales (R$ thousand) Same Store Sales (R$ million)
  21. 21. 2Q13 25.2 2Q14 27.3 1Q14 26.1 8.2% 4.6% Retail | Tamoio # of Stores (units) 2Q13 57 1Q14 60 2Q14 60 Average Ticket (in reais) 21 0 Opening 0 Close-downs 0 Reformulating 47 Mature 1Q14 vs. 2Q14 5.3% 0.0%
  22. 22. Financial Data (R$ million and % Net Revenues) 22 Ebitda Margin (%) -5.0 2Q13 2Q14 -22.5Op. Exp. SGA (%) 35.2 2Q13 2Q14 38.6 Gross Margin (%) 31.2 2Q13 2Q14 16.9 Gross Revenues (R$ million) 62.3 2Q13 2Q14 58.1 Retail | Drogasmil/Farmalife Year-over-year sales increases of 7.2%; Average sales per store up 37.6% from 2Q13; Gross margin increase of 1.9 p.p. and 14.3 p.p., against 1Q14 and 2Q13, respectively. Operating expenses in absolute values down 5.3% QoQ; Ebitda improvement of 35.2% and 76.3%, compared to 1Q14 and 2Q13, respectively;
  23. 23. Varejo | Drogasmil/Farmalife SSS Mature Stores (R$ million) Monthly Average Store's Sales (R$ thousand) 2Q14 346.2 1Q14 325.7 37.6% 251.7 2Q13 2Q13 16.5 2Q14 19.5 1Q14 19.6 18.6% 2Q13 16.2 2Q14 19.1 1Q14 19.4 18.0% 23 -0.5% Same Store Sales (R$ million) -1.7%6.3%
  24. 24. Varejo | Drogasmil/Farmalife 24 2Q13 29.0 2Q14 38.1 1Q14 30.1 9.5% 2Q13 77 2Q14 60 1Q14 63 -22.1% -4.8% Average Ticket (in reais) 5.7% # of Stores (units) 3 Openings 6 Close-downs 7 Reformulating 53 Mature 1Q14 vs. 2T14
  25. 25. ANALYST COVERAGE
  26. 26. Analyst Coverage 26 Company Analyst Telephone E-mail Banco Fator Caio Moreira +55 (11) 3049-9487 cmoreira@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

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