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Brph apresentação call 2 t13 (eng) v2

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Text of Brph apresentação call 2 t13 (eng) v2

  • 1. 2Q13 Conference Call Presentation August 15, 2013

2. Gross revenues of R$845.4 million, an increase of 13.2% over 2Q12. Gross Margin of 31.5%, 1.4 p.p. over 2Q12 Total SSS (same-store sales) of 9.8%, with 5.3% for mature stores Adjusted EBITDA of R$48.4 million, with adjusted EBITDA margin of 5.7% Adjusted net income of R$7.9 million, with adjusted net margin of 0.9% With the opening of 25 new owned stores and 27 franchisees, we ended 2Q13 with 1,160 stores. Inauguration of a new distribution center in Recife Operational & Financial 3. 250 Owned stores 121 Owned stores 143 Owned stores 433 Franchises 213 Owned stores 727 Owned stores 433 Franchises 1,160 stores REGIONS Owned stores North 128 Northeast 249 Midwest 137 Southeast South 213 15 2 120 20 15 28 13 201 8 69 122 1 12 5 Distribution centers 95 6 National Footprint 4. 25 openings (34 in 1H13) 7 closings (15 in 1H13) 39.5% of owned stores not yet at mature stage 25 7 12.4% 14.4% 12.7%60.5% Stores with less than 12 months Stores with 12 to 24 months Stores with 24 to 36 months Stores with more than 36 months 5. 27 openings in 2Q13 Accelerated expansion plan 6. 18.4% 12.0% 24.0% 14.0% 1H12 1H13 Abrafarma chains Brasil Pharma 746.9 845.4 1,446.2 1,648.9 2Q12 2Q13 1H12 1H13 13.8% 9.8% 9.1% 5.3% 2Q12 2Q13 SSS Total SSS mature stores (36 months or older) 10.2% 9.8% 9.3% 8.0% 6.9% 4.3% 3.7% 3.0% 0.6% -19.0% 7. Generic penetration in medicine sales 36.5% 37.1% 38.4% 37.9% 37.6% 17.1% 17.0% 16.4% 16.5% 16.9% 46.4% 45.9% 45.2% 45.6% 45.5% 2Q12 3Q12 4Q12 1Q13 2Q13 Non-medicines Generic Medicine Branded medicine 31.4 33.8 2Q12 2Q13 8. Higher pre- increase effect in 2Q13 compared to 2Q12 Distribution Center in Bahia 224.5 266.0 435.5 499.0 30.1% 31.5% 30.1% 30.3% 2Q12 2Q13 1H12 1H13 9. 51,9 51,0 103,4 99,1 126,2 166,6 249,0 316,7178,1 217,6 352,3 415,8 2Q12 2Q13 1H12 1H13 General & Administrative Sales expenses 6,9% 6,0% 7,1% 6,0% 16,9% 19,7% 17,2% 19,2% 23,8% 25,7% 24,4% 25,2% 2Q12 2Q13 1H12 1H13 G&A % Sales expenses % SG&A total % 2Q12 2Q13 1H12 1H13 Proforma Gross Revenues 746,855 845,424 1,446,204 1,648,891 General and administrative expenses (G&A) (51,889) (50,994) (103,353) (99,117) % Gross Revenues 6.9% 6.0% 7.1% 6.0% G&ADilution (R$'000) 10. 1H12 1H13 Proforma Proforma Non recurring SG&A (3,721) - 14,513 (2,594) IPO /Debenture issuance expenses - (108) - M&A/Branding (397) (2,204) (684) Income related to Santana insurance - 21,653 - Platforms Integration/Downsizing (3,324) (4,828) (1,763) Other - - (147) Non recurring expenses (R$'000) 2Q12 2Q13 11. 46,3 48,4 83,2 83,2 6,2% 5,7% 5,8% 5,0% 2Q12 2Q13 1H12 1H13 24,3 7,9 34,4 10,4 3,2% 0,9% 2,4% 0,6% 2Q12 2Q13 1H12 1H13 12. Cash position and indebtedness (R$'000) 2Q12 4Q12 1Q13 2Q13 (+) Loans and financing 159,908 177,049 169,079 160,228 Short term 48,123 83,229 44,864 41,694 Long term 111,785 93,820 124,215 118,534 (+) Debentures 254,879 253,642 258,937 253,964 Short term 6,688 5,237 10,427 5,348 Long term 248,191 248,405 248,510 248,616 (+) Accounts payable for investment acquisition 498,242 345,333 264,430 232,581 Short term 244,986 99,711 82,833 81,986 Long term 253,256 245,622 181,597 150,595 (=) Total Indebtedness 913,029 776,024 692,446 646,773 Short term (%) 32.8% 24.2% 19.9% 19.9% Long term (%) 67.2% 75.8% 80.1% 80.1% (-) Cash and cash equivalents (411,267) (368,751) (183,870) (162,205) (=) Net Debt 501,762 407,273 508,576 484,568 Net debt/Adjusted EBITDA (LTM) 2.9 X 2.1 X 2.7 X 2.5 X 13. 746 6 27 12 23 Working capial 2Q12 4Q12 1Q13 2Q13 Accounts receivable 25 23 24 18 Inventories 92 95 106 109 Suppliers 54 58 55 73 Working capital in days 63 60 75 53 14. Cash flow Statement (R$'000) 2Q12 2Q13 1H12 1H13 EBT 7,795 11,158 18,021 3,605 (+) Depreciation and amortization 12,268 17,054 28,360 33,516 (+) Others 12,896 (4,175) 26,038 20,214- - Operating cash generation 32,959 24,037 72,419 57,335 (+) Change in working capital (93,559) 159,077 (151,092) 75,935 (+) Change in other assets and liabilities (41,623) (104,886) (55,541) (118,669) Cash consumption (135,182) 54,191 (206,633) (42,734) Net cash generated by operating activities (102,223) 78,228 (134,214) 14,601 (-) Capex from operations (28,176) (49,033) (47,723) (73,953) (-) Acquisitions (41,566) (31,848) (327,898) (112,751) Net Cash from investing activities (69,742) (80,881) (375,621) (186,704) (+/-) Loans and financing 62,480 (25,986) 258,755 (41,417) (+) Equity funding / Dividends 397,851 6,975 398,792 6,975 Net Cash from financing activities 460,331 (19,011) 657,547 (34,442) Change in cash and cash equivalents 288,366 (21,664) 147,712 (206,545) Cash and cash equivalents - opening balance 122,901 183,870 263,555 368,751 Cash and cash equivalents - closing balance 411,267 162,205 411,267 162,205 15. Back-Office Adm. (SSC) SAP - Back-Office Operation integrated (SSC). Continuous improvement phase Pre-"Go Live" tests cycle Will be integrated in 2014 Mapping phase and "Go live" in 2014 Operation integrated (SSC). Continuous improvement phase Pre-"Go Live" tests cycle Operation integrated (SSC). Continuous improvement phase Pre-"Go Live" tests cycle Status 75% 50% Administrative (SSC) 16. Logistics Trade Marketing Procurement New DC (Nov 2012) Stores remodeling (2012): 28% increase in HPC Procurement integrated New DC (Jun 2013) Actions to improve generics sales in practice Procurement Integration expected to 2014 New DC FC (Out 2013) Focus in remodeling to standardize mix and layout Procurement integrated New DC (Out 2012) Mix and store layout standardized Procurement integrated Status 70% 60% 60% Commercial 17. Sales Training Culture Meritocracy POS system Growth strategy "Vendo Mais" Program in practice New Brasil Pharma logo (endorsement) Standardization of variable compensation implemented Unique system under analysis Store openings: countryside of Bahia "Vendo Mais" Program in practice New Brasil Pharma logo (endorsement) Standardization of variable compensation to be implemented Unique system under analysis Store openings in N/NE "Vendo Mais" Program in practice New Brasil Pharma logo (endorsement) Standardization of variable compensation implemented Unique system under analysis Store closings: sales bellow BRPH average "Vendo Mais" Program in practice New Brasil Pharma logo (endorsement) Standardization of variable compensation implemented Unique system under analysis Store openings: countryside of MT and GO Status 100% 100% 80% 0% 80% Operations 18. Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Brasil Pharma IBOV Source: Bloomberg, as of June 30st, 2013. Companys IPO on June 24, 2011. BPHA3 06.31.13 Market closure Shares outstanding 256,084,419 Price (R$/share) 10.26 Annual Performance -28.8% Ibovespa Index -22.1% Perfomance since IPO 19.0% Ibovespa Index -22.2% Market Cap (R$ Bn) 2.6 Average daily trading volume in 2013 (R$ million) 12.4 BPHA3 06.31.13 Market closure Shares outstanding 256,084,419 Price (R$/share) 10.26 Annual Performance -28.8% Ibovespa Index -22.1% Perfomance since IPO 19.0% Ibovespa Index -22.2% Market Cap (R$ Bn) 2.6 Average daily trading volume in 2013 (R$ million) 12.4 256,384,419 06.30.13

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