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1Q13 Earnings Release
May 15, 2013
Highlights in the Period
• The Company entered the pharmaceutical retail market. It acquired on January 17 100% of the Drogasmil and Farmalife
chains, with 85 drugstores in Rio de Janeiro, for R$ 87.0 million, to be paid net of the Company's debt balance. On
January 30, it acquired 50% of Drogarias Tamoio chain, with 57 drugstores in Rio de Janeiro. 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, Profarma entered into a joint venture agreement with Nutrilatina to create Supernova. As a result,
Profarma became the exclusive distributor and supplier of Nutrilatina's products for the pharmaceutical retail market and
entered a new sales channel: body shops;
• In March, the Company announced its first issue of debentures, totaling up to R$ 200.0 million. The proceeds from this
issue will be mainly used to pay for the acquisitions;
• A drop of 3.5 days in the Company's cash cycle when compared with 1Q12, to 51.1 days. This decrease resulted in a fall
of about R$ 19.1 million in working capital;
• It is worth noting the generics category, whose sales rose significantly by 31.3% YoY and for the third straight quarter;
• The annual price increase on March 31 came to 4.5% on average, the second highest in four years and twice as high as
last year's.
Gross Revenues Evolution
(R$ million)
4Q12 1Q13 1Q12
971.0
986.3
954.5
Gross Revenues Breakdown
(R$ Million)
Branded
Generic
OTC
Health and Beauty Products
Hospitals, Vaccines and Specialty
Total
1Q13
518.5
123.1
133.9
79.4
131.5
986.3
1Q12
552.7
93.7
126.3
69.1
112.7
954.5
Chg. %
-6.2%
31.3%
6.0%
14.8%
16.7%
3.3%
4Q12
544.1
110.3
127.2
77.2
112.3
971.0
Chg. %
-4.7%
11.6%
5.3%
2.9%
17.1%
1.6%
(R$ million and % Net Revenues)
Gross Profit and Revenues from Services to Suppliers
Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%)
1Q12
37.8
45.0
10.2%
11.2% 10.7%
4Q12
39.7
50.7
1Q13
37.3
58.5
7.9% 7.5%
8.6%
1Q13
74.0
1Q12
61.1
4Q12
67.1
(R$ million and % Net Revenues)
Operating Expenses - SGA
4Q12
18.8
1Q13
18.8
1Q12
20.2
2.2% 2.2% 2.5%
(R$ million and % Net Revenues)
Ebitda and Ebitda Margin
1Q13
10.9
1Q12
7.2
4Q12
6.3
(R$ million and % Net Revenues)
Net Financial Expenses
0.9% 0.7% 1.3
1Q13
6.9
1Q12
9.5
4Q12
7.8
(R$ million and % Net Revenues)
Net Profit
0.8% 1.2% 0.9%
(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
1Q13
(61.9)
14.0
(75.8)
(102.6)
5.0
33.7
(11.9)
(1.1)
132.3
69.4
1Q12
(72.2)
20.0
(92.3)
(64.5)
(13.0)
(11.1)
(3.7)
(1.7)
61.6
(12.3)
Chg. %
14.3 %
- 30.3%
17.8%
-59.2%
-
-
- 222.4%
33.3%
114.7%
-
4Q12
56.9
18.2
38.7
(18.9)
(66.9)
174.5
(50.1)
(3.0)
(18.6)
35.2
Chg. %
-
-23.3%
-
-
-
-80.7%
76.3%
63.3%
-
96.9%
* 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)
59.5
47.4
55.8
1Q13
51.1
51.0
48.2
52.9
4Q12
46.3
50.7
49.7
45.8
1Q12
54.6
(R$ milllion)
Indebtedness: Net Debt and Net Debt / Ebitda
1Q13
236.5
1Q12
197.2
4Q12
169.7
2.4x 1.8x
2.7x
1Q13
0.8
1Q12
1.7
4Q12
2.2
(R$ million and % Net Revenues)
Capex
0.3% 0.2% 0.1%
Service Level
(Units served / Units Requested)
Logistics E.P.M.
(Errors per Million)
1Q12
114.0
4Q12
65.0
1Q13
115.0
1Q12
85.9%
4Q12
88.3%
1Q13
87.4%
PFRM3 IBOV Index
51.7
Profarma vs Ibovespa - % 1Q13
-7.5
Analyst Coverage
Credit Suisse Marcel Moraes (55 11) 3841-6302 [email protected]
Banco Fator Daniel Utsch (55 11) 3049-9483 [email protected]
BTG Pactual João Carlos dos Santos (55 11) 3383-2384 [email protected]
Juliana Rozenbaum (55 11) 3073-3040 [email protected] Itaú BBA
Javier Martinez de Olcoz (55 11) 3048-6088 [email protected] Morgan Stanley
Andre Parize (55 11) 5171-5870 [email protected] Votorantim
Merrill Lynch Mauricio Fernandes (55 11) 2188-4236 [email protected]
Company Analyst Phone number Email address
Contatos RI
Max Fischer | Diretor Financeiro e de RI
Beatriz Diez | Gerente de RI
Telefone.: 55 (21) 4009-0276 | E-mail: [email protected] | 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: [email protected] | www.profarma.com.br/ir