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2Q13 Earnings Release
August 15, 2013
Highlights in the Period
• Consolidated gross revenues amounted to R$ 1.0 billion, up 10.6% year-over-year and EBITDA rose by 6.3% to R$ 33.1
million in the same period;
• The Pharmaceutical Distribution division grew sharply by 10.3% year-over-year;
• The Hospital & Specialties division expanded by 12.2% year-over-year and by 17.3% quarter-over-quarter;
• After approval by the regulatory bodies (CADE), Profarma posts the results for the month of June of its retail operation
Tamoio. In this period, it grew by 10.8% year-over-year, with a 4.4% EBITDA margin;
• SAP was introduced as an Integrated System in the Tamoio chain’s financial and accounting divisions in June 2013,
whereas at Arpmed, the development of the SAP System was initiated in April and came to completion in August;
• The consolidated cash cycle was decreased by 2.8 days to 56.3 days. This decrease resulted in a fall of about R$ 24.8
million in working capital.
Gross Revenues Evolution
(R$ million)
919.5
2Q12
774.3
145.2
1,016.9
2Q13
854.0
162.9
1Q13
847.4
138.9
986.3
Pharmaceutical Distribution Hospital & Specialties
Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%)
(R$ million and % Net Revenues)
Gross Profit and Revenues from Services to Suppliers
2Q12
42.0
52.8
1Q13
37.3
58.5
2Q13
31.3
82.5
12.9% 12.4%
11.2%
2Q13 2Q12
64.5
1Q13
74.0
8.6% 8.4%
9.0%
(R$ million and % Net Revenues)
Operating Expenses - SGA
79.0
2Q12
31.2
1Q13
18.8
2Q13
33.1 2.2%
3.8% 4.1%
(R$ million and % Net Revenues)
Ebitda and Ebitda Margin
2Q13
11.5
2Q12
10.5
1Q13
10.9
(R$ million and % Net Revenues)
Net Financial Expenses
1.4% 1.3% 1.3%
(R$ million and % Net Revenues)
Net Profit
1.4% 1.6%
0.8%
2Q13
6.9
2Q12
12.4
1Q13
12.6
2Q12
18.2
30.5
(12.3)
52.7
34.2
(93.5)
(5.7)
(2.7)
(4.2)
11.3
(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
2Q13
(31.6)
23.6
(55.2)
28.0
(14.4)
(88.2)
19.4
(78.8)
72.4
(38.0)
Chg. %
-
-22.7%
-349.8%
-46.9%
-
5.7%
-
-
-
-
1Q13
(61.9)
14.0
(75.8)
(102.6)
5.0
33.7
(11.9)
(1.1)
132.3
69.4
Chg. %
48.9%
68.5%
27.3%
-
-
-
-
-
-45.3%
-
* 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)
55.1
49.1
47.9
2Q13
56.3
59.5
47.4
55.8
1Q13
51.1
47.4
48.9
37.1
2Q12
59.1
(R$ milllion)
Indebtedness: Net Debt and Net Debt / Ebitda
2Q13
359.4
2Q12
202.0
1Q13
236.5
2.2x 2.6x
3.3x
2Q13
1.7
2Q12
2.9
1Q13
1.0
(R$ million and % Net Revenues)
Capex
0.1% 0.4%
0.2%
Nível de Serviço
(Unidades atendidas / Unidades pedidas)
Logistics E.P.M.
(Errors per Million)
2Q12
87.9%
2Q13
88.9%
1Q13
87.4%
2Q12
107.0
118.0
2Q13 1Q13
115.0
Gross Revenues R$ million
28.7
Op. Exp.
Total
Gross
Margin
Ebitda
Margin
Net
Margin
24.0%
28.6%
Financial DataTamoio – jun/13
(R$ million e % Gross Revenues)
57
7
8.7%
25.35
503.1
21.2
# of stores
Store Openings
1 SSS Mature Stores (more than 36 months)
Average Ticket (in reais)
Average Store's Sales
Revenues per Employee
1- Same Store Sales
8.1% 1 SSS
Operational Data Tamoio – jun/13
(R$ thousands)
4.4% 3.7%
Turnover - PFRM3 PFRM3 IBOV Index IGCX Index
Stock Performance
100
8.3
-8.7
-22.1
100
Analyst Coverage
Company Analyst Phone number Email address
Credit Suisse Marcel Moraes (55 11) 3841-6302 [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]
Banco Fator Pedro Ivo Barreto Zabeu (55 11) 3049-9478 [email protected]
Guilherme Assis (55 11) 3206-8285 [email protected] Brasil Plural
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
