Profarma reported financial results for the first quarter of 2012, with the following highlights:
- Gross revenues increased 22.6% year-over-year to R$954.5 million.
- Net income increased 336.3% year-over-year to R$9.5 million, with a net margin of 1.2%.
- EBITDA increased 84.8% year-over-year to R$20.2 million, with an EBITDA margin of 2.5%.
3. Highlights in the Period
• Gross revenues totaled R$ 954.5 million, a year-over-year rise of 22.6%;
• The Company’s net income rose by 336.3% in relation to 1Q11 and stood at R$ 9.5 million, with a 1.2% net margin;
• In the second quarter after the acquisition, Prodiet recorded gross operating revenues of R$ 83.1 million and Ebitda margin of
3.3%, which helped Profarma improve its profitability and fuel its long-term sustainable growth;
• Ebitda climbed by 84.8% year-over-year, totaling R$ 20.2 million with 2.5% Ebitda margin;
• The Company's cash cycle dropped by 9.9 days to 54.6 days. This decrease resulted in a fall of about R$ 69.8 million in working
capital;
• Concerning the Company’s organic growth, it is worth noting the generics category, whose sales rose for the third straight
quarter. Year-over-year, there was an increase of 72.1%;
• It is also worth noting the health and beauty category, whose sales grew by 45.2% year-over-year;
• Sales through electronic orders reached an all-time high and accounted for 73.7% of total sales in the year.
3
6. Gross Profit and Revenues from Services to Suppliers
(R$ million and % Net Revenues)
10.6%
10.2%
9.6%
37.8
45.0
24.0
45.0
39.1 38.6
1Q11 4Q11 1Q12
Gross Profit Revenues from Services to Suppliers Gross Profit Margin(%)
6
7. Operating Expenses - SGA
(R$ million and % Net Revenues)
7.7% 7.5%
7.0%
61.1
55.7
50.7
1Q11 4Q11 1Q12
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8. Ebitda and Ebitda Margin
(R$ million and % Net Revenues)
3.2%
2.5%
1.7%
25.1
25.1 20.2
20.2
10.9
1Q11 4Q11 1Q12
8
9. Net Financial Expenses
(R$ million and % Net Revenues)
1.1% 1.1%
0.9%
8.4
7.2 7.2
1Q11 4Q11 1Q12
9
10. Net Profit
(R$ million and % Net Revenues)
1.2%
1.1%
0.3%
9.5
8.7
2.2
1Q11 4Q11 1Q12
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12. 1Q11 4Q11 1Q12
Cash Cycle - Days * 64.5 48.0 54.6
Accounts Receivable (1) 43.9 46.0 50.7
Inventories (2) 59.3 48.9 49.7
Accounts Payable (3) 38.7 46.8 45.8
* 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$ milllion)
2.7x
1.6x 2.3x
197.2
194.8
118.9
1Q11 4Q11 1Q12
13
14. Capex
(R$ million and % Net Revenues)
0,5%
0,2% 0,2%
3.7
1.7
1.3
1Q11 4Q11 1Q12
14
15. Service Level Logistics E.P.M.
(Units served / Units Requested) (Errors per Million)
89.5% 89.3% 144.0
114.0 114.0
85.9%
1Q11 4Q11 1Q12 1Q11 4Q11 1Q12
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17. Analyst Coverage
Company Analyst Telephone E-mail
Morgan Stanley Javier Martinez de Olcoz Cerdan (1 212) 761-4542 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 Marcio Osako (55 11) 3073-3040 marcio.osako@itausecurities.com
Banco Fator Iago Whately (55 11) 3049-9480 iwhately@bancofator.com.br
Raymond James Guilherme Assis (55 11) 3513-8706 guilherme.assis@raymondjames.com
BTG Pactual João Carlos dos Santos (55 11) 3383-2384 joaocarlos.santos@btgpactual.com
Andre Parize (55 11) 5171-5870 andre.parize@votorantimcorretora.com.br
Votorantim
Marco Richieri (55 11) 5171-5873 marco.richieri@votorantimcorretora.com.br
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18. Contatos RI
IR Contacts
Max Fischer | Diretor Financeiro e de RI
Max Fischer | CFO and IRO
Beatriz Diez | | IR Manager
Beatriz Diez Gerente de RI 18
Telefone.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri
Phone.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri