Profarma 4 q12

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Profarma 4 q12

  1. 1. 1
  2. 2. 4Q12 and 2012 Earnings Release March, 27, 2013 2
  3. 3. Highlights in the Period• The Companys consolidated net income rose by 53.6% year-over-year to R$ 40.6 million, with net margin of 1.3%;• Consolidated gross revenues increased 14.6% year-over-year and totaled R$ 3.8 billion. It is worth noting the generics and health and beauty categories, which increased by 29.6% and 22.8% respectively;• Consolidated EBITDA climbed by 26.4% against 2011 and came to R$ 92.2 million, with 2.9% EBITDA margin;• A drop of 1.7 days in the Companys cash cycle when compared with 2011, to 46.3 days. This decrease resulted in a fall of about R$ 21.6 million in working capital;• The acquisition of 80% of Arp Med S.A.’s capital for a multiple EV/EBITDA (2012E) of 5.3x was approved by CADE on December 28, 2012.Subsequent events*:• On January 17, 2013, the Company acquired 100% of Drogasmil and Farmalife drugstore chains, with 85 stores in Rio de Janeiro State, for R$ 87.0 million, to be paid net of the debt level of the company;• On January 30, 2013, the Company acquired 50% of Drogarias Tamoio chain, which consists of 57 stores in Rio de Janeiro State. The transaction was made by means of a primary subscription of R$ 62.3 million and a secondary subscription of R$ 43.1 million, with a multiple EV/EBITDA (2013E) of 7.5x;• On February 21, 2013, Profarma entered into a joint venture agreement with Nutrilatina to create Supernova. With this move, Profarma has become the exclusive distributor of Nutrilatinas products to pharmaceutical retailers and entered a new market, body shops, also as a sole distributor.* These transactions have to be approved by CADE - with the exception of Supernova. 3
  4. 4. Gross Revenues Evolution (R$ million) 3,802.7 3,317.0 971.0928.54Q11 4Q12 2011 2012 4
  5. 5. Gross Revenues Breakdown(R$ Million) 4Q12 4Q11 Chg. % 2012 2011 Chg. %Branded 544.1 536.6 1.4% 2,167.3 2,083.0 4.0%Generic 110.3 82.1 34.4% 341.0 263.1 29.6%OTC 127.2 129.1 -1.5% 529.8 545.8 -2.9%Health and Beauty Products 77.2 66.4 16.3% 286.5 233.2 22.8%Hospitals and Vaccines 112.3 114.3 -1.8% 478.2 191.9 149.2%Total 971.0 928.5 4.6% 3,802.7 3,317.0 14.6% 5
  6. 6. Gross Profit and Revenues from Services to Suppliers (R$ million and % Net Revenues) 11.0% 10.6% 10.7% 10.2% 150.6 123.9 163.7 204.7 45.0 39.7 38.6 50.7 4Q11 4Q12 2011 2012Gross Profit Revenues from Services to Suppliers Gross Profit Margin(%) 6
  7. 7. Operating Expenses - SGA (R$ million and % Net Revenues) 7.9% 7.9% 7.3%7.0% 256.6 204.5 67.155.74Q11 4Q12 2011 2012 7
  8. 8. Ebitda and Ebitda Margin (R$ million and % Net Revenues)3.1% 2.9% 2.6% 2.2% 92.2 73.024.2 18.84Q11 4Q12 2011 2012 8
  9. 9. Net Financial Expenses (R$ million and % Net Revenues)1.1% 1.1% 0.9% 0.7% 31.7 28.6 8.4 6.34Q11 4Q12 2011 2012 9
  10. 10. Net Profit (R$ million and % Net Revenues) 1.3%1.0% 0.9% 0.9% 40.6 26.48.1 7.84Q11 4Q12 2011 2012 10
  11. 11. Summary of Cash Flow(R$ Million) 4Q12 4Q11 Chg. % 2012 2011 Chg. %Cash Flow Generated / (Used) in Operating Activities 56.9 15.8 259.4% 8.9 30.6 -70.8% Internal Cash Generation 18.2 18.4 -1.1% 89.4 67.1 33.2% Operating Assets Variation 38.7 (2.6) - (80.5) (36.5) -120.6% Trade Accounts Receivable (18.9) (106.1) 82.2% (66.8) (75.3) 11.3% Inventories (66.9) (71.2) 6.0% (9.6) (31.6) 69.5% Suppliers 174.5 194.7 -10.4% 62.5 67.2 -7.0% Other Items (50.1) (20.0) -150.3% (66.5) 3.3 -Cash Flow (Used) in Investing Activities (3.0) (11.2) 72.8% (11.3) (16.7) 32.3%Cash Flow Generated / (Used) by Financing Activities (18.6) (2.5) - 28.8 (2.7) -Net Increase / (Decrease) in Cash 35.2 2.2 - 26.4 11.2 135.1% 11
  12. 12. 4Q12 4Q11 Cash Cycle - Days * 46.3 48.0 Accounts Receivable (1) 51.0 46.0 Inventories (2) 48.2 48.9 Accounts Payable (3) 52.9 46.8 * Average(1) Average of Gross Revenues in the Quarter(2) Average of COGS in the Quarter(3) Average of COGS in the Quarter 12
  13. 13. Indebtedness: Net Debt and Net Debt / Ebitda* (R$ million) 1.6x 1.8x 169.3 118.9 2011 2012* Ebitda = accumulated last 12 months 13
  14. 14. Capex (R$ million and % Net Revenues) 0.5% 0.3% 0.3% 0.3% 10.8 9.3 3.7 2.2 4Q11 4Q12 2011 2012* Não estão incluídos os investimentos na Prodiet. 14
  15. 15. Service Level Logistics E.P.M. (Units served / Units Requested) (Errors per Million) 184.089.3% 88.3% 89.3% 87.8% 114.0 94.0 65.04Q11 4Q12 2011 2012 4Q11 4Q12 2011 2012 15
  16. 16. Profarma vs Ibovespa - % 4Q12 40% 34.9 30% 20%Título do Eixo 10% 7.4 0% -10% -20% Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 PFRM3 BZ Equity IBOV Index 16
  17. 17. Analyst CoverageCompany Analyst Phone number Email addressMorgan Stanley Javier Martinez de Olcoz (55 11) 3048-6088 javier.martinez.olcoz@morganstanley.comMerrill Lynch Mauricio Fernandes (55 11) 2188-4236 mauricio.fernandes@baml.comCredit Suisse Marcel Moraes (55 11) 3841-6302 marcel.moraes@credit-suisse.comItaú BBA Juliana Rozenbaum (55 11) 3073-3040 juliana.rozenbaum@itausecurities.comBanco Fator Daniel Utsch (55 11) 3049-9483 dutsch@bancofator.com.brBTG Pactual João Carlos dos Santos (55 11) 3383-2384 joaocarlos.santos@btgpactual.comVotorantim Andre Parize (55 11) 5171-5870 andre.parize@votorantimcorretora.com.br 17
  18. 18. IR contacts Max Fischer | Chief Financial and IR Officer 18 Beatriz Diez | IR ManagerPhone number: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri

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