Post on 08-May-2015
3Q13 Earnings Release
November 14, 2013
Highlights in the Period
• Consolidated EBITDA amounted to R$29.1 million, rising considerably by 32.0% in relation to 3Q12, with EBITDA margin
of 3.3%, the highest in the last 4 years;
• Consolidated gross revenues amounted to R$1.0 billion in 3Q13, up 5.4% year-over-year;
• The Hospital & Specialties division’s gross revenues shot up by 28.9% year-over-year;
• The Retail division, which comprised only Tamoio Drugstore Chain in 3Q13, recorded gross revenues of R$92.9 million,
up 16.8% from 3Q12, with EBITDA margin of 5.7%;
• On September 26, 2013, Profarma acquired the remaining 40% portion of Prodiet Farmacêutica S.A., in addition to the
60% stake acquired in 2011. The total acquisition amount corresponds to an EV/EBITDA multiple (2014E) of 5.6x;
• On September 25, 2013, Profarma concluded the acquisition of Drogasmil/Farmalife Chain (CSB Drogarias). Only the
assets and liabilities amounts were consolidated in 3Q13 due to the date on which the transaction was concluded. Income
statement figures will be consolidated with Profarma’s as of 4Q13.
Gross Revenues Evolution
(R$ million)
957.7
3Q12
830.6
127.1
1,016.9
2Q13
854.0
162.9
3Q13
845.2
163.9
1,009.1
Pharmaceutical Distribution Hospital & Specialties Retail
12.0%
10.7%
12.9%
(R$ million and % Net Revenues)
Gross Profit and Revenues from Services to Suppliers
3Q12
31.1
56.2
30.4
74.2
3Q13 2Q13
31.3
82.5
Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%)
3Q13
74.5
3Q12
64.0
2Q13
79.0
9.0%
7.9% 8.6%
(R$ million and % Net Revenues)
Operating Expenses - SGA
3Q12
22.1
2Q13
33.1
3Q13
29.1
(R$ million and % Net Revenues)
Ebitda and Ebitda Margin
3.8% 3.3%
2.7%
3Q13
17.9
3Q12
4.7
2Q13
11.5
(R$ million and % Net Revenues)
Net Financial Expenses
0.6%
1.3%
2.1%
(R$ million and % Net Revenues)
Net Profit
0.6%
1.3% 1.4%
3Q12
10.8
12.6
2Q13 3Q13
5.4
(R$ Million)
Cash Flow Generated / (Used) in Operating Activities
Internal Cash Generation
Operating Assets Variation
Trade Accounts Receivable
Inventories
Suppliers
Other Items
Cash Flow (Used) in Investing Activities
Cash Flow Generated / (Used) by Financing Activities
Net Increase / (Decrease) in Cash
Summary of Cash Flow
3Q13
(4,5)
20,7
(25,2)
87,1
36,8
(119,2)
(29,8)
(9,1)
(9,5)
(23,1)
3Q12
6,1
20,7
(14,6)
(36,2)
36,0
(7,4)
(7,1)
(3,9)
(10,0)
(7,8)
Chg. %
-
-
-72,4%
-
2,1%
-
-322,4%
-134,4%
4,9%
-195,3%
2Q13
(31,6)
23,6
(55,2)
28,0
(14,4)
(88,2)
19,4
(78,8)
72,4
(38,0)
Chg. %
85,7%
-12,0%
54,3%
211,0%
-
-35,1%
-
88,4%
-
39,0%
* Average
(1) Average of Gross Revenues in the Quarter
(2) Average of COGS in the Quarter
(3) Average of COGS in the Quarter
Cash Cycle - Days *
Accounts Receivable (1)
Inventories (2)
Accounts Payable (3)
3Q13
48.7
48.5
42.7
54.5
2Q13
56.3
55.1
49.1
47.9
3Q12
56.1
48.8
41.9
34.5
(R$ milllion)
Indebtedness: Net Debt and Net Debt / Ebitda
3Q13
432.8
3Q12
203.1
2Q13
359.4
2.1x
3.3x 3.9x
3Q13
0,5
3Q12
3,9
2Q13
1,7
(R$ million and % Net Revenues)
Capex
0,2% 0,5%
0,1%
Service Level
(Units served / Units Requested)
Logistics E.P.M.
(Errors per Million)
3Q12
89.2%
3Q13
91.4%
2Q13
88.9%
3Q12
90.0 103.9
3Q13 2Q13
118.0
Gross Revenues R$ million
92.9
Op. Exp.
Total
Gross
Margin
Ebitda
Margin
Net
Margin
23.9%
29.8%
Financial DataTamoio – 3Q13
(R$ million e % Gross Revenues)
59
8
8.9%
25.52
525.1
60.7
# of stores
Store Openings
1 SSS Mature Stores (more than 36 months)
Average Ticket (in reais)
Monthly Average Store's Sales
Revenues per Employee
1- Same Store Sales
10.0% 1 SSS
Operational Data Tamoio – 3Q13
(R$ thousands)
5.7% 4.1%
Turnover - PFRM3 PFRM3 IBOV Index IGCX Index
Stock Performance
100
12.7
10.3
6.9
100
Analyst Coverage
Company Analyst Phone number Email address
Credit Suisse Marcel Moraes (55 11) 3841-6302 marcel.moraes@credit-suisse.com
BTG Pactual João Carlos dos Santos (55 11) 3383-2384 joaocarlos.santos@btgpactual.com
Juliana Rozenbaum (55 11) 3073-3040 juliana.rozenbaum@itausecurities.com Itaú BBA
Javier Martinez de Olcoz (55 11) 3048-6088 javier.martinez.olcoz@morganstanley.com Morgan Stanley
Andre Parize (55 11) 5171-5870 andre.parize@votorantimcorretora.com.br Votorantim
Merrill Lynch Mauricio Fernandes (55 11) 2188-4236 mauricio.fernandes@baml.com
Banco Fator Pedro Ivo Barreto Zabeu (55 11) 3049-9478 pzabeu@bancofator.com.br
Guilherme Assis (55 11) 3206-8285 guilherme.assis@brasilplural.com.br Brasil Plural
Contatos RI
Max Fischer | Diretor Financeiro e de RI
Beatriz Diez | Gerente de RI
Telefone.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri
IR contacts
Max Fischer | Chief Financial and IR Officer
Beatriz Diez | IR Manager
Phone number: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ir