2003
2004
2005
2006
2007
2008
2009
2010
2011
2012e
2013e
2014e
2015e
2016e
2017e
2018e
2019e
2020e
-20% -10% 0% 10% 20%
0 - 9
10 - 19
20 - 29
30 - 39
40 - 49
50 - 59
60 - 69
70 - 79
80+
Europe 2010 Brazil 2030
-20% -10% 0% 10% 20%
0 - 9
10 - 19
20 - 29
30 - 39
40 - 49
50 - 59
60 - 69
70 - 79
80+
Europe 2010 Brazil 2010
11
72881
109
96
90
333
1
Shares under lock-up
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


•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
MAPPING
PLUG-IN
CONTINUOUS
IMPROVEMENT
1
2
3
Admission to Termination
Calculation and Collection
Calculating Results
Administrative-Financial
Administrative Support
IT Support
PAS
CenterSharedServices-
SSC
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Dermocosmetics space to displays
premium products
Gondola point: Clusterizing stores by customer
profile to maximize potential of products
exposure
Check-out display: High turnover products to
encourage impulse purchase
Category management: Intelligence organization
depending on consumption drive













EVOLUTION OF FARMAIS STORE BASE
FARMAIS EXPANSION
•
•
•
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




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FINANCIAL RESULTSOPERATIONAL RESULTS
249
96 29
15
2011 Aquisição Cresc. orgânico Fechamento Cresc. orgânico
132
210
118
248
96 29
15 2
esc. orgânico 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
132
210
118
248
249
67 29
13 2
2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012
378
681 708
378
708
Working capial 2Q12 4Q12 1Q13 2Q13
Accounts receivable 25 23 24 18
Inventories 92 95 106 109
Suppliers 54 58 55 73
Working capital in days 63 60 75 53
Cash position and indebtedness (R$'000) 2Q12 4Q12 1Q13 2Q13
(+) Loans and financing 159,908 177,049 169,079 160,228
Short term 48,123 83,229 44,864 41,694
Long term 111,785 93,820 124,215 118,534
(+) Debentures 254,879 253,642 258,937 253,964
Short term 6,688 5,237 10,427 5,348
Long term 248,191 248,405 248,510 248,616
(+) Accounts payable for investment acquisition 498,242 345,333 264,430 232,581
Short term 244,986 99,711 82,833 81,986
Long term 253,256 245,622 181,597 150,595
(=) Total Indebtedness 913,029 776,024 692,446 646,773
Short term (%) 32.8% 24.2% 19.9% 19.9%
Long term (%) 67.2% 75.8% 80.1% 80.1%
(-) Cash and cash equivalents (411,267) (368,751) (183,870) (162,205)
(=) Net Debt 501,762 407,273 508,576 484,568
Net debt/Adjusted EBITDA (LTM) 2.9 X 2.1 X 2.7 X 2.5 X
4.7
3.0
2.2
1.1
2.3 1.9 1.0 2.1
3.0 1.5 3.1
4.1
5.2
6.9
6.8
13.4
11.3
7.5
6.3
15.3
11.4
12.6
10.1
12.0
8.0
7.0
7.4
6.9
7.8 8.1
8.6 8.4
9.3
10.5 10.1 9.8
11.2
12.1 12.3
12.3
13.1
13.6
14.4
15.1
14.6
13.1
12.7
11.0
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Vol. R$ Médio diário (Milhão)
P. Médio (R$/ação)
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Brasil Pharma
IBOV
BPHA3 06.30.13 Market closure
Shares outstanding 256.384.419
Price (R$/share) 10.26
Annual Performance -28.8%
Ibovespa Index -22.1%
Perfomance since IPO¹ 19.0%
Ibovespa Index -22.2%
Market Cap (R$ Bn) 2.6
Average daily trading volume in 2013 (R$ million) 12.4
2013 2014 2015
Brasil Pharma 13,5x 9,7x 7,7x
2013 2014 2015
Brasil Pharma 0,8x 0,7x 0,6x
2013 2014 2015
Brasil Pharma 32,4x 17,3x 12,3x
EV/EBITDA
EV/Sales
P/E
•
•
•
•
•
•
•
•
•
•
•
5.8 6.2 6.0 6.3 6.5 5.8 5.8
8.5 9.3
13.9
19.2
11.8
15.2
11.8
6.7 8.3
10.6 9.0 9.5 11.4 7.1
7.0
9.9 11.0 10.4 12.0
34.0
11.7 12.4 12.3
26.7
30.7
45.6
25.7
33.3
19.0
14.3
17.5
21.9
19.1 18.0 19.2
11.8 12.3
0
10000
20000
30000
40000
50000
60000
0
1000
2000
3000
4000
5000
6000
7000
6.2
8.9
7.8
10.4 10.3
9.2
7.9
9.2
10.8
15.1
18.5 18.9
22.8
21.3
18.1
14.6 14.0
15.6 14.8
11.8
8.8
7.5
21
11.4
16.2
14.2
19.2 18.9
16.6
14.1
16.2
18.6
24.6
30.4 29.8
37.5
34.8
29.9
24
22.9
26.3
23.8
21.1
18.8
0
10000
20000
30000
40000
50000
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
0
500
1000
1500
2000
2500
3000
3500
4000
4500
0,0
10000,0
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
market cap EV/EBITDA P/E
0,0
1000,0
2000,0
EBITDA
Brph institucional agosto v11 eng v3

Brph institucional agosto v11 eng v3

  • 4.
  • 5.
    -20% -10% 0%10% 20% 0 - 9 10 - 19 20 - 29 30 - 39 40 - 49 50 - 59 60 - 69 70 - 79 80+ Europe 2010 Brazil 2030 -20% -10% 0% 10% 20% 0 - 9 10 - 19 20 - 29 30 - 39 40 - 49 50 - 59 60 - 69 70 - 79 80+ Europe 2010 Brazil 2010
  • 12.
  • 14.
  • 15.
  • 17.
  • 18.
    MAPPING PLUG-IN CONTINUOUS IMPROVEMENT 1 2 3 Admission to Termination Calculationand Collection Calculating Results Administrative-Financial Administrative Support IT Support PAS CenterSharedServices- SSC • •
  • 19.
  • 20.
  • 21.
    Dermocosmetics space todisplays premium products Gondola point: Clusterizing stores by customer profile to maximize potential of products exposure Check-out display: High turnover products to encourage impulse purchase Category management: Intelligence organization depending on consumption drive
  • 22.
  • 24.
        EVOLUTION OF FARMAISSTORE BASE FARMAIS EXPANSION
  • 25.
  • 27.
  • 28.
    249 96 29 15 2011 AquisiçãoCresc. orgânico Fechamento Cresc. orgânico 132 210 118 248 96 29 15 2 esc. orgânico 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 378 681 708 132 210 118 248 249 67 29 13 2 2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012 378 681 708 378 708
  • 34.
    Working capial 2Q124Q12 1Q13 2Q13 Accounts receivable 25 23 24 18 Inventories 92 95 106 109 Suppliers 54 58 55 73 Working capital in days 63 60 75 53 Cash position and indebtedness (R$'000) 2Q12 4Q12 1Q13 2Q13 (+) Loans and financing 159,908 177,049 169,079 160,228 Short term 48,123 83,229 44,864 41,694 Long term 111,785 93,820 124,215 118,534 (+) Debentures 254,879 253,642 258,937 253,964 Short term 6,688 5,237 10,427 5,348 Long term 248,191 248,405 248,510 248,616 (+) Accounts payable for investment acquisition 498,242 345,333 264,430 232,581 Short term 244,986 99,711 82,833 81,986 Long term 253,256 245,622 181,597 150,595 (=) Total Indebtedness 913,029 776,024 692,446 646,773 Short term (%) 32.8% 24.2% 19.9% 19.9% Long term (%) 67.2% 75.8% 80.1% 80.1% (-) Cash and cash equivalents (411,267) (368,751) (183,870) (162,205) (=) Net Debt 501,762 407,273 508,576 484,568 Net debt/Adjusted EBITDA (LTM) 2.9 X 2.1 X 2.7 X 2.5 X
  • 36.
    4.7 3.0 2.2 1.1 2.3 1.9 1.02.1 3.0 1.5 3.1 4.1 5.2 6.9 6.8 13.4 11.3 7.5 6.3 15.3 11.4 12.6 10.1 12.0 8.0 7.0 7.4 6.9 7.8 8.1 8.6 8.4 9.3 10.5 10.1 9.8 11.2 12.1 12.3 12.3 13.1 13.6 14.4 15.1 14.6 13.1 12.7 11.0 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Vol. R$ Médio diário (Milhão) P. Médio (R$/ação) Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Brasil Pharma IBOV BPHA3 06.30.13 Market closure Shares outstanding 256.384.419 Price (R$/share) 10.26 Annual Performance -28.8% Ibovespa Index -22.1% Perfomance since IPO¹ 19.0% Ibovespa Index -22.2% Market Cap (R$ Bn) 2.6 Average daily trading volume in 2013 (R$ million) 12.4 2013 2014 2015 Brasil Pharma 13,5x 9,7x 7,7x 2013 2014 2015 Brasil Pharma 0,8x 0,7x 0,6x 2013 2014 2015 Brasil Pharma 32,4x 17,3x 12,3x EV/EBITDA EV/Sales P/E
  • 37.
  • 39.
    5.8 6.2 6.06.3 6.5 5.8 5.8 8.5 9.3 13.9 19.2 11.8 15.2 11.8 6.7 8.3 10.6 9.0 9.5 11.4 7.1 7.0 9.9 11.0 10.4 12.0 34.0 11.7 12.4 12.3 26.7 30.7 45.6 25.7 33.3 19.0 14.3 17.5 21.9 19.1 18.0 19.2 11.8 12.3 0 10000 20000 30000 40000 50000 60000 0 1000 2000 3000 4000 5000 6000 7000 6.2 8.9 7.8 10.4 10.3 9.2 7.9 9.2 10.8 15.1 18.5 18.9 22.8 21.3 18.1 14.6 14.0 15.6 14.8 11.8 8.8 7.5 21 11.4 16.2 14.2 19.2 18.9 16.6 14.1 16.2 18.6 24.6 30.4 29.8 37.5 34.8 29.9 24 22.9 26.3 23.8 21.1 18.8 0 10000 20000 30000 40000 50000 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 0 500 1000 1500 2000 2500 3000 3500 4000 4500 0,0 10000,0 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 market cap EV/EBITDA P/E 0,0 1000,0 2000,0 EBITDA