This document provides an overview of a company's financial and operational highlights for fiscal year 2012. Some key points:
- Gross revenues increased 20.9% to R$3,094.3 million compared to 2011. Adjusted EBITDA grew 23% to R$191 million.
- The company opened 96 new owned stores in 2012 and completed acquisitions of Big Ben and Sant'ana.
- Same-store sales grew 14.1% overall and 8.2% for mature stores. The company continued integrating acquired businesses.
- Operational integration efforts included training over 58,000 employees and inaugurating a new distribution center.
- The company remains focused on organic expansion and increasing penetration in
Get the financial highlights and an overview of our performance per business.
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Get the financial highlights and an overview of our performance per business.
You can view our financial reports here: www.sgs.com/en/Our-Company/Investor-Relations/Financial-Reports
Sales and Income RecordDollars in millions, except per share data2.docxagnesdcarey33086
Sales and Income RecordDollars in millions, except per share data200820092010201120122013Company-operated sales$ 16,561$ 15,459$ 16,233$ 18,293$ 18,603$ 18,875Franchised revenues$ 6,961$ 7,286$ 7,842$ 8,713$ 8,964$ 9,231Total revenues$ 23,522$ 22,745$ 24,075$ 27,006$ 27,567$ 28,106Revenue Growth Rate % (YoY)-3.3%5.8%12.2%2.1%2.0%Operating income$ 6,443$ 6,841$ 7,473$ 8,530$ 8,605$ 8,764Operating Income Growth Rate % (YoY)6.2%9.2%14.1%0.9%1.8%Net income$ 4,313$ 4,551$ 4,946$ 5,503$ 5,465$ 5,586Net Income Growth Rate % (YoY)5.5%8.7%11.3%-0.7%2.2%
Revenue and Net Income Trend (FY 2008 to FY 2012)
Total revenues 2008 2009 2010 2011 2012 23522 22745 24075 27006 27567 Net income 2008 2009 2010 2011 2012 4313 4551 4946 5503 5465 Revenue Growth Rate % (YoY) 2008 2009 2010 2011 2012 2013 -3.3032905365190032E-2 5.8474389975818858E-2 0.12174454828660436 2.0773161519662298E-2 Net Income Growth Rate % (YoY) 2008 2009 2010 2011 2012 2013 5.5182007883143987E-2 8.679411118435508E-2 0.11261625556004852 -6.9053243685262581E-3
Revenue / Net Income
Revenue / Net Income Growth %
MCD-Income StatementDollars in millions, except per share data201020112012REVENUESSales by Company Operated Restaurants16233.318292.818602.5Revenues from Franchised Restaurants7841.38713.28964.5Total Revenues24074.627006.027567.0OPERATING COSTS AND EXPENSESCompany Operated Restaurant Expenses13059.514837.915223.7Food and Paper5300.16167.26318.2Payroll and Employee Benefits4121.44606.34710.3Occupancy and Other Operating Expenses3638.04064.44195.2Franchised Restaurant Occupancy Expenses1377.81481.51527.0Selling, General and Administrative Expenses2333.32393.72455.2Impairments and Other Charges29.1(3.9)8.0Other Operating Expenses (Income)(198.2)(232.9)(251.5)Total Operating Costs and Expenses16601.518476.318962.4Operating Income7473.18529.78604.6Interest Expenses450.9492.8516.6Nonoperating Expenses (Income)21.924.79.0Income Before Taxes7000.38012.28079.0Provision for Income Taxes2054.02509.12614.2Net Income4946.35503.15464.8Shares Outstanding1066.01032.11010.1EPS$ 4.64$ 5.33$ 5.41
OPERATING COSTS AND EXPENSES (FY 2012)
OPERATING COSTS AND EXPENSES
Food and Paper Payroll and Employee Benefits Occupancy and Other Operating Expenses Franchised Restaurant Occupancy Expenses Selling, General and Administrative Expenses Impairments and Other Charges Other Operating Expenses (Income) 6318.2 4710.3 4195.2 1527 2455.1999999999998 8 -251.5
MCD - Balance SheetDollars in millions, except per share data201020112012Asset Distribution (FY 2012)ASSETSCash and Equivalents2336.10Current AssetsAccounts Receivables1375.30Cash and Equivalents2335.702336.10Inventories121.70Accounts Receivables1334.701375.30Fixed Assets24677.20Inventories116.80121.70Other Assets6876.20Prepaid Expenses615.801089.00Dollars in millions, except per share dataTotal Current Assets4403.004922.10Other AssetsInvestments1427.001380.50Goodwill2653.202804.00Miscellaneous1.
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Memorandum Of Association Constitution of Company.pptseri bangash
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
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Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
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2. 2012 HIGHLIGHTS
2
Gross revenues of R$3,094.3 million, an increase of 20.9%
over 2011.
Gross margin of 30.6% in line with our expectations
Adjusted net income of R$70.1 million
Adjusted EBITDA margin of 6.2%, against 6.1% in 2011
Opening of 96 new owned stores in 2012
Adjusted EBITDA of R$191.0 million, an increase of 23.0%
over 2011
Total SSS (same-store sales) in the year of 14.1%, with 8.2%
for mature stores
RESULTS
TIMELINE
Acquisitions: Big Ben and Sant’ana
Debentures Issuance
Inauguration of the SSC
Beauty’in acquisition
1,000 stores milestone
Follow-on
Big Ben & Guararapes Integration
Inauguration of 2 Distribution Centers
Sant’ana’s corporate restructuring
2012 Integration Schedule completed
3. 3
North 117
Northeast 251
Midwest 130
Southeast
South 210
REGIONS
Owned Stores
12
1
114 20
15
25
13
201
7
78
118
1
9
248 Owned stores¹
118 lOwned stores
132 Owned stores
388 Franchises
210 Owned stores
05 Distribution Center
Footprint
708 Owned stores
388 Franchises
92
1- Includes 38 stores of the Guararapes platform.
2
1,096 stores
OUR OWNED STORE PLATFORMS AND
FRANCHISES
4. 13.6%
17.2%
12.3%
56.9%
Stores with less than 12 months
Stores with 12 to 24 months
Stores with 24 to 36 months
Stores with more than 36 months
Owned stores base evolution
Owned Stores by Maturation Stage
4
29 openings in 4Q12
96 openings in 2012
43.1% of our store-count not yet at a mature stage
1- Includes 38 stores of the Guararapes platform.
STORE OPENING AND MATURATION PROFILE
249
96 29
15
2011 Aquisição Cresc. orgânico Fechamento Cresc. orgânico
132
210
118
248
29
15 2
co Fechamento Cresc. orgânico Fechamento 2012
1
132
210
118
248
249
67 29
13 2
2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012
378
681 708
132
210
118
248
249
67 29
13 2
2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012
378
681 708
132
210
118
248
249
67 29
13 2
2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012
378
681 708
132
210
118
248
249
67 29
13 2
2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012
378
681 708
249
67 29
13 2
2011 Acquisition Organic growth Closing 9M12 Organic growth Closing
378
681
378
708
6. 29.4
30.7
29.5
30.5
4Q11 4Q12 2011 2012
ales
37.4%
16.7%
45.9%
2012
SALES MIX AND AVERAGE TICKET
Average Ticket
(R$)
Sales Mix
(%)
6
Generic penetration in medicine sales
+4.4% +3.4%
29.4
30.7
4Q11 4Q12
Generic penetration in medicine sales
36.7% 37.4%
16.7% 16.7%
46.6% 45.9%
2011 2012
Non-medicines
Generic penetration in medi
36.7%
16.7%
46.6%
2011
Non-medicines
Generic Medicine
Branded medicine
Generic penetration in medi
36.7%
16.7%
46.6%
2011
Non-medicines
Generic Medicine
Branded medicine
Generic penetration in medi
36.7%
16.7%
46.6%
2011
Non-medicines
Generic Medicine
Branded medicine
7. GROSS PROFIT
Gross Profit and Gross Margin (% of Gross Revenues)
(R$ Million)
7
Procurement Department Integration
Inauguration of the new distribution center in Camaçari, state of Bahia
Drivers
226.8 211.0 224.5 247.1 265.3
31.5% 30.2% 30.1% 30.7% 31.5%
4T11 1T12 2T12 3T12 4T12
801.5
948.0
31.3% 30.6%
2011 2012
Sales Mix
7
Trade Marketing
9. Adjusted EBITDA and Adjusted EBITDA Margin (% of Gross Revenues)
(R$ Million)
ADJUSTED EBITDA AND ADJUSTED NET
PROFIT
Adjusted Net Profit (R$) and Adjusted Net Margin (% of Gross Revenues)
(R$ Million)
9
43.6 55.5
155.4
191.0
6.1%
6.6%
6.1% 6.2%
03%
04%
04%
05%
05%
06%
06%
07%
07%
4Q11 4Q12 2011 2012
28.8
8.8
92.2
70.1
4,0%
1,0%
3,6%
2,3%
-8,9%
-6,9%
-4,9%
-2,9%
-0,9%
1,1%
3,1%
4Q11 4Q12 2011 2012
10. DEBT & CASH CYCLE
Debt
(R$ Thousand)
Cash Cycle
(Days)
10
Working capial 4Q11 3Q12 4Q12
Accounts receivable 21 24 23
Inventories 114 95 95
Suppliers 62 49 58
Working capital in days 72 70 60
Cash position and indebtedness (R$'000) 3Q11 4Q11 3Q12 4Q12
(+) Loans and financing 70,788 64,374 149,124 177,049
Short term 22,968 22,367 43,953 83,229
Long term 47,820 42,007 105,171 93,820
(+) Debentures 260,759 253,642
Short term 12,461 5,237
Long term 248,298 248,405
(+) Accounts payable for investment acquisition 70,387 54,380 333,591 345,333
Short term 17,701 17,692 97,971 99,711
Long term 52,686 36,688 235,620 245,622
(=) Total Indebtedness 141,175 118,754 743,474 776,024
Short term (%) 28.8% 33.7% 20.8% 24.2%
Long term (%) 71.2% 66.3% 79.2% 75.8%
(-) Cash and cash equivalents (324,001) (263,555) (404,783) (368,751)
(=) Net Debt (182,826) (144,801) 338,691 407,273
Net debt/Adjusted EBITDA (LTM) n/a n/a 1.9 X 2.1 X
15. COMMERCIAL INTEGRATION: LOGISTICS
15
• Jaboatão dos Guararapes, PE
• 13,000 Sku’s
• Storage area of 3,240 m²
• Belém, PA
• 50,000 Sku’s
• Storage area of 10,800 m²
• Brasília, DF
• 13,000 Sku’s
• Storage area of 4,800 m²
• Camaçari, BA
• 15,000 Sku’s
• Storage area of 9,000m²• Canoas, RS
• 12,000 Sku’s
• Storage area of 5,600 m²
Distribution center inaugurated in 2012
16. COMMERCIAL INTEGRATION: TRADE
MARKETING
Gondola point: clusterizing stores by
customer profile to maximize potential of
product exposure
Dermocosmetics space to display
Premium products
Check-out display: high turnover products
to encourage impulse purchases
Category management : intelligence
organization depending on consumption drive
16
17. 17
New employee Integration Program
Ethics code
Integration event
Climate working place survey
Culture Brazil Pharma Roadshow
Store visit with the Company Leaders
Team development
Culture
OPERATIONAL INTEGRATION: TRAINING
Over 58,000 employees trained in 2012
Over 412,000 hours of training in 2012 ( an average of
26 hours of training per employee in 2012)
Over 615,000 hours of training expected in 2013
(+50% vs 2012)
18. 2012
52 new franchises
42 new franchisees
Presence in more than 150 cities
Organic expansion towards Northeast region
FARMAIS
358 359
388
2010 2011 2012
EVOLUTION OF FARMAIS STORE BASE
FARMAIS EXPANSION
18
22. 22
IMPORTANT NOTE
This document may contain forward-looking statements in relation to the Company and its subsidiaries which reflect the
current outlook and/or expectations of the Company and its management for its performance and its business and in
relation to future events. These forward-looking statements are subject to risk and uncertainty in respect of factors which
cannot be controlled or precisely estimated by the Company, such as market conditions, competitive environment,
currency fluctuations and changes in the inflation rate, alterations in regulatory and governmental bodies and other
factors affecting the Company's operations. As a result, the Company's future results may show material differences
from these projections.
The reader is warned not to take any investment decision exclusively on the basis of these forward-looking statements.
The forward-looking statements do not represent and should not be interpreted as a guarantee of future performance.
The Company does not undertake to publish any revision of these forward-looking statements, or to update them in the
face of events or circumstances which may arise after the date of this document.
This document contains operational information and other proforma management information which is internal to the
Company and not derived directly from the financial statements. This information has not been specially reviewed by the
Company’s independent auditors and may involve assumptions and estimates adopted by the management. This
information should not be considered as sufficient in isolation for any investment decision and should be read in
conjunction with the Company’s financial information that has been subject to limited review or audit and which is filed
with the Securities Commission (CVM).
No responsibility will be accepted by the Company and its subsidiaries, or by their board members, officers, agents,
employees, advisers or representatives, for any loss or prejudice arising from the use of the information presented or
contained in this document, or for any damage resulting, corresponding or specific thereto. Data included in this
document was obtained by means of internal research, market surveys, information in the public domain and business
publications; the Company has not confirmed the reliability of this data with the respective sources.
23. Renato Lobo
Investor Relations Director
Otavio Lyra
Investor Relations Manager
Marina Sousa
Investor Relations Coordinator
Daniel Alves
Investor Relations Analyst
Phone: +55 (11) 2117- 5299
E-mail: ri@brph.com.br
Website de RI: www.brph.com.br
23
IR CONTACT