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Profarma 4 q12

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Profarma
Profarma

Paula Gomes | Phone number: 55 (21) 4009-0276 | E-mail: paula.gomes@profarma.com.br Address: Avenida Brasil, 4.000 - Bloco 7 - Salas 501/502 - Manguinhos - Rio de Janeiro - RJ - CEP: 21040-361 Conference call: March 28th, 2013 at 11:00 am (Brasília time) | Dial-in: +55 (11) 3127-4971 | Code: Profarma Replay: March 28th to April 4th, 2013 | Phone: +55 (11) 3127-4999 | Code: 5

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1
4Q12 and 2012 Earnings Release March, 27, 2013 2
Highlights in the Period • The Company's 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 Company's 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 Nutrilatina's 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
Gross Revenues Evolution (R$ million) 3,802.7 3,317.0 971.0 928.5 4Q11 4Q12 2011 2012 4
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
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 2012 Gross Profit Revenues from Services to Suppliers Gross Profit Margin(%) 6
Operating Expenses - SGA (R$ million and % Net Revenues) 7.9% 7.9% 7.3% 7.0% 256.6 204.5 67.1 55.7 4Q11 4Q12 2011 2012 7
Ebitda and Ebitda Margin (R$ million and % Net Revenues) 3.1% 2.9% 2.6% 2.2% 92.2 73.0 24.2 18.8 4Q11 4Q12 2011 2012 8
Net Financial Expenses (R$ million and % Net Revenues) 1.1% 1.1% 0.9% 0.7% 31.7 28.6 8.4 6.3 4Q11 4Q12 2011 2012 9
Net Profit (R$ million and % Net Revenues) 1.3% 1.0% 0.9% 0.9% 40.6 26.4 8.1 7.8 4Q11 4Q12 2011 2012 10
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
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
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
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
Service Level Logistics E.P.M. (Units served / Units Requested) (Errors per Million) 184.0 89.3% 88.3% 89.3% 87.8% 114.0 94.0 65.0 4Q11 4Q12 2011 2012 4Q11 4Q12 2011 2012 15
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
Analyst Coverage Company Analyst Phone number Email address Morgan Stanley Javier Martinez de Olcoz (55 11) 3048-6088 javier.martinez.olcoz@morganstanley.com Merrill Lynch Mauricio Fernandes (55 11) 2188-4236 mauricio.fernandes@baml.com Credit Suisse Marcel Moraes (55 11) 3841-6302 marcel.moraes@credit-suisse.com Itaú BBA Juliana Rozenbaum (55 11) 3073-3040 juliana.rozenbaum@itausecurities.com Banco Fator Daniel Utsch (55 11) 3049-9483 dutsch@bancofator.com.br BTG Pactual João Carlos dos Santos (55 11) 3383-2384 joaocarlos.santos@btgpactual.com Votorantim Andre Parize (55 11) 5171-5870 andre.parize@votorantimcorretora.com.br 17
IR contacts Max Fischer | Chief Financial and IR Officer 18 Beatriz Diez | IR Manager Phone number: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri

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Profarma 4 q12

  • 1. 1
  • 2. 4Q12 and 2012 Earnings Release March, 27, 2013 2
  • 3. Highlights in the Period • The Company's 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 Company's 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 Nutrilatina's 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. Gross Revenues Evolution (R$ million) 3,802.7 3,317.0 971.0 928.5 4Q11 4Q12 2011 2012 4
  • 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. 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 2012 Gross Profit Revenues from Services to Suppliers Gross Profit Margin(%) 6
  • 7. Operating Expenses - SGA (R$ million and % Net Revenues) 7.9% 7.9% 7.3% 7.0% 256.6 204.5 67.1 55.7 4Q11 4Q12 2011 2012 7
  • 8. Ebitda and Ebitda Margin (R$ million and % Net Revenues) 3.1% 2.9% 2.6% 2.2% 92.2 73.0 24.2 18.8 4Q11 4Q12 2011 2012 8
  • 9. Net Financial Expenses (R$ million and % Net Revenues) 1.1% 1.1% 0.9% 0.7% 31.7 28.6 8.4 6.3 4Q11 4Q12 2011 2012 9
  • 10. Net Profit (R$ million and % Net Revenues) 1.3% 1.0% 0.9% 0.9% 40.6 26.4 8.1 7.8 4Q11 4Q12 2011 2012 10
  • 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. 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. 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. 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. Service Level Logistics E.P.M. (Units served / Units Requested) (Errors per Million) 184.0 89.3% 88.3% 89.3% 87.8% 114.0 94.0 65.0 4Q11 4Q12 2011 2012 4Q11 4Q12 2011 2012 15
  • 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. Analyst Coverage Company Analyst Phone number Email address Morgan Stanley Javier Martinez de Olcoz (55 11) 3048-6088 javier.martinez.olcoz@morganstanley.com Merrill Lynch Mauricio Fernandes (55 11) 2188-4236 mauricio.fernandes@baml.com Credit Suisse Marcel Moraes (55 11) 3841-6302 marcel.moraes@credit-suisse.com Itaú BBA Juliana Rozenbaum (55 11) 3073-3040 juliana.rozenbaum@itausecurities.com Banco Fator Daniel Utsch (55 11) 3049-9483 dutsch@bancofator.com.br BTG Pactual João Carlos dos Santos (55 11) 3383-2384 joaocarlos.santos@btgpactual.com Votorantim Andre Parize (55 11) 5171-5870 andre.parize@votorantimcorretora.com.br 17
  • 18. IR contacts Max Fischer | Chief Financial and IR Officer 18 Beatriz Diez | IR Manager Phone number: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri