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May 12, 2015 1Q15 EARNINGS RELEASE

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Page 1: 1 q15

May 12, 2015

1Q15 EARNINGS RELEASE

Page 2: 1 q15

Highlights | Corporate

2

The only Brazil’s mixed market player that features exposure and expansion capacity

in the segments of Retail, Hospital & Specialties and Distribution;

Strategic partnership with AmerisourceBergen, the world’s largest player in the

pharmaceutical specialties, resulting in the creation of the company Profarma

Specialty;

The Company carried out four acquisitions over the last three years, including its

entry into the Retail pharmaceutical segment, and the attainment of a market position

as one of the major players within this segment in the state of Rio de Janeiro;

Proven capacity to integrate acquisitions, combining all group companies in the SAP

plataform.

Page 3: 1 q15

Highlights | 1Q15

3

CONSOLIDATED (considering 100% of all companies)

• Consolidated EBITDA rose by 30.6% to R$ 19.7 million in

1Q15, with EBITDA margin of 2.0%;

• Operating expenses fell by 1.6 p.p. year-over-year in 1Q15; • Gross revenues climbed by 11.0% from 1Q14;

• The annual price increase, on March 31, came to 5.5% on

average, the highest in the last six years and about 60% higher than 1Q14 increase.

RETAIL • Drogasmil’s and Tamoio’s sales rose respectively by 17.8%

and 8.2% year-over-year in 1Q15;

• Drogasmil’s EBITDA moved up by 28.3% and Tamoio’s by 10.2% in relation to 1Q14;

• Average monthly sales per store climbed by 15.6% at Drogasmil and 8.2% at Tamoio against 1Q14;

• Drogasmil’s same stores sales (SSS) increased by 18.6% and Tamoio’s by 8.2% in relation to 1Q14.

SPECIALTIES

• The division’s sales grew by 13.6%, with a year-over-year

increase of 18.2% in specialty wholesaling;

• Sales to the private sector climbed by 25.4% against 1Q14;

• Oncologicals sales increased by 62.3% in relation to 1Q14.

PHARMACEUTICAL DISTRIBUTION

• Sales increased by 6.6% against 1Q14;

• EBITDA moved up by 19.4% in relation to 1Q14 and EBITDA

margin stood at 2.0%;

• The independent customers segment grew by 9.3% vs.

1Q14;

• Sales of the branded category rose by 9.9% year-over-year

in 1Q15.

Page 4: 1 q15

1Q14 1Q15(**)

146.3

17.6

14.8

2.1

166.3

18.2

15.0

2.4

1Q14 1Q15

155.8

47.3

47.8

0.1

174.4

51.5

47.4

1.9

1Q14 1Q15

1,031.2

135.9

117.8

15.1

1,144.8

147.2

121.8

19.7

1Q14 1Q15

818.7

70.9

55.2

12.9

873.0

77.5

59.5

15.4

Highlights | Breakdown by Division – 1Q15

4

Specialties Retail (*) Consolidado (*)(**) Pharmaceutical

Distribution

Gross Revenues

Gross Profit

SGA

Ebitda

(*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife.

(**) Pro-forma figures: 100% of revenues from Profarma Specialty.

Page 5: 1 q15

CONSOLIDATED PERFORMANCE

Page 6: 1 q15

6

Sales increased by 6.6% against

1Q14.

The division’s sales grew by 13.6%,

with a year-over-year increase of

18.2% in specialty wholesaling.

Drogasmil’s and Tamoio’s sales rose

respectively by 17.8% and 8.2% year-

over-year in 1Q15.

1Q14

976.6

4Q14

1,000.9

1Q15

943.5 -3.1%

11.0%

54.6

1,031.2 181.1

1,182.0

201.3

1,144.8

Consolidated Performance

Gross Revenues Evolution (R$ million)

Pharmaceutical Distribution

Specialties

Retail

Accounting Consolidated Gross Revenues

Pro-forma Consolidated Gross Revenues: 100% of revenues from

Tamoio, Drogasmil / Farmalife and Profarma Specialty

Page 7: 1 q15

7

1Q14 4Q14 1Q15

818.7

925.3

-5.7%

6.6%

1Q14 4Q14 1Q15

146.3

151.3

166.3

9.9%

13.6%

1Q14 4Q14 1Q15

61.2 11.9%

94.6

104.0 102.3

73.9 72.0

155.8

174.4

-2.0%

873.0

177.9

Performance by Division

Pharmaceutical Distribution Specialties Retail(*)

Gross Revenues Evolution (R$ million)

Accounting Gross Revenues

Pro-forma additional Gross

Revenues

(*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife

(**) Pro-forma figures: 100% of revenues from Profarma Specialty

Page 8: 1 q15

8

1Q15 1Q14

12.6%

106.5

4Q14

12.2%

106.3

12.1%

99.5

14.6%

1Q15 1Q14

15.8%

135.9

4Q14

154.4

14.6%

147.2

Consolidated Performance

Pro-Forma (*)

Gross Profit (R$ million and % Net Revenues)

(*) Pro-forma figures: 100% of revenues from Tamoio, Drogasmil / Farmalife and Profarma Specialty

Page 9: 1 q15

9

13.7%

1Q14

117.8

12.3 %

4Q14

130.3

12.1%

1Q15

121.8

11.1%

1Q14

93.3

10.4%

4Q14

90.9

10.1%

1Q15

82.9

Consolidated Performance

Operating Expenses – SGA (R$ million and % Net Revenues)

Pro-Forma (*)

(*) Pro-forma figures: 100% of revenues from Tamoio, Drogasmil / Farmalife and Profarma Specialty

Page 10: 1 q15

10

1Q14

1.4%

11.9

4Q14

1.6%

14.2

1Q15

1.6%

13.5

-5.0%

13.2%

1Q14

1.8%

15.1

4Q14

2.0%

21.5

1Q15

2.0%

19.7

-8.4%

30.6%

Consolidated Performance

Adjusted EBITDA and Adjusted EBITDA Margin (R$ million and % Net Revenues)

(*) Pro-forma figures: 100% of revenues from Tamoio, Drogasmil / Farmalife and Profarma Specialty

Pro-Forma (*)

Page 11: 1 q15

11

(20.2)

1Q14

(12.1)

-1.4% -1.8%

- 0.6%

4Q14

(19.1)

1Q15

(6.0)

(13.5)

1Q15

-1.6% -2.3%

-0.9%

(7.6)

4Q14

(10.4)

(3.1) (0.1)

-1.2% 0.0% -0.4%

(9.0)

2.4

(1.4)

-1.0% -0.2% -0.1%

1Q14

Consolidated Performance

Net Profit (R$ million and % Net Revenues)

(*) Pro-forma figures: 100% of revenues from Tamoio, Drogasmil / Farmalife and Profarma Specialty

Pro-Forma (*)

Net Profit

Adjusted Net Profit

Pro-Forma Net Profit

Pro-Forma Adjusted Net Profit

Page 12: 1 q15

12

Pro-forma

1QT15

32.9

9.3

23.6

(7.2)

56.1

81.8

1Q14

81.0

4.9

76.0

(10.3)

(16.0)

54.7

1Q154 4Q144 1Q14

Cash Cycle - Days * 48.1 37.4 34.0 28.6 32.6 45.9

Accounts Receivable¹ 45.1 41.6 45.5 48.3 57.4 16.8

Inventories² 49.2 55.1 62.7 56.9 43.2 74.8

Accounts Payable³ 46.2 59.3 74.2 76.7 68.0 45.7

1Q15 1Q15 1Q15

Pharma PFS. Retail

Consolidated Performance

Cash Flow (R$ million)

Cash Cycle (Days)

Cash Flow Generated /

Used) in Operating Activities

Internal Cash Generation

Operating Assets Variation

Cash Flow (Used)

in Investing Activities

Cash Flow Generated /

(Used) by Financing Activities

Net Increase /

(Decrease) in Cash

Consolidated Consolidated

* Average

(1) Average of Gross Revenues in the Quarter

(2) Average of COGS in the Quarter

(3) Average of COGS in the Quarter

Page 13: 1 q15

13

0.8

0.5

8.9

7.6

1Q14

412.0

4.6x

4Q14

3.3x

1Q15

Consolidated Performance Capex

(R$ million)

Indebtedness: Net Debt and Net Debt /

EBITDA (R$ million)

Capex

1Q15 Others IT

Machinery and

Equipment

3.1x

219.3

205.1

Page 14: 1 q15

PHARMACEUTICAL DISTRIBUTION

Page 15: 1 q15

2.0

1Q14 1Q15

1.8

7.9

1Q14 1Q15

7.9

10.3

1Q14 1Q15

10.1

873.0

1Q14 1Q15

818.7

Sales of the branded

category rose by 9.9% year-

over-year in 1Q15

The independent customers

segment grew by 9.3% vs.

1Q14;

EBITDA moved up by 19.4%

in relation to 1Q14 and

EBITDA margin stood at

2.0%;

15

Financial Data (R$ million and % Net Revenues)

EBITDA Margin

(%)

Op. Exp. SG&A

(%)

Gross Margin

(%)

Gross Revenues

(R$ million)

Pharmaceutical Distribution

Page 16: 1 q15

SPECIALTIES

Page 17: 1 q15

17

1.6

1Q14 1Q15

1.6

9.8

1Q14 1Q15

11.3

11.8

1Q14 1Q15

13.4

166.3

1Q14 1Q15

146.3

The division’s sales grew by

13.6%, with a year-over-year

increase of 18.2% in

specialty wholesaling;

Oncologicals sales

increased by 62.3% in

relation to 1Q14.

Specialties

Financial Data (R$ million and % Net Revenues)

EBITDA Margin

(%)

Op. Exp. SG&A

(%)

Gross Margin

(%)

Gross Revenues

(R$ million)

Sales to the private sector

climbed by 25.4% against

1Q14;

Page 18: 1 q15

RETAIL

Page 19: 1 q15

19

5.2

1Q14 1Q15

5.1

23.4

1Q14 1Q15

25.9 28.8

1Q14 1Q15

31.1

102.3

1Q14 1Q15

94.6

Tamoio chain’s sales up

8.2% year-over-year;

Average monthly sales per

store up 8.2%, from R$ 525.5

thousand in 1Q14 to R$

568.4 thousand in 1Q15;

10.2% increase in EBITDA

vs. 1Q14;

Retail | Tamoio

Financial Data (R$ million and % Net Revenues)

EBITDA Margin

(%)

Op. Exp. SG&A

(%)

Gross Margin

(%)

Gross Revenues

(R$ million)

Operating expenses down

2.5 p.p. in relation to 1Q14;

Page 20: 1 q15

525,5

568,4 576,6

8,2%

-1,7%

20

1Q14 1Q15 4Q14 1Q14

94,6

1Q15

102,3

4Q14

104,0

8.2%

1Q14

84.8

1Q15

92.1

4Q14

93.8

8.7%

-1.8% -1.7%

Retail | Tamoio

SSS Mature Stores (R$ million)

Monthly Average Store's

Sales (R$ thousand)

Same Store Sales (R$ million)

Page 21: 1 q15

21

0 Opening

0 Close-downs

0 Reformulated

50 Mature

1Q14

vs.

1Q15

1Q14

26.1

1Q15

28.8

4Q14

28.0

10.3%

2.7%

1Q14

60

4Q14

60

1Q15

60

0.0%

0.0%

Retail | Tamoio

# of Stores (units)

Average Ticket (in reais)

Page 22: 1 q15

22

-4.8

1Q14 1Q15

-7.8

32.5

1Q14 1Q15

38.1

30.6

1Q14 1Q15

29.3

72.0

1Q14 1Q15

61.2

Average monthly sales per

store up 15.6%, from R$

325.7 thousand in 1Q14 to

R$ 376.5 thousand in 1Q15;

Operating loss down 28.3%,

from R$ (4.8) million in 1Q14

to R$ (3.4) million in 1Q15.

Total gross margin up 1.3

p.p. when compared with

1Q14, totaling 30.6% in

1Q15;

Retail | Drogasmil/Farmalife

Financial Data (R$ million and % Net Revenues)

EBITDA Margin

(%)

Op. Exp. SG&A

(%)

Gross Margin

(%)

Gross Revenues

(R$ million)

Page 23: 1 q15

23

1Q15

376.5

4Q14

399.1

15.6%

325.7

1Q14 1Q14

53.8

1Q15

63.7

4Q14

66.1

18.6%

1Q14

52.9

1Q15

62.6

4Q14

64.6

18.4%

-3.6% -3.2% -5.7%

Retail | Drogasmil/Farmalife

SSS Mature Stores (R$ million)

Monthly Average Store's

Sales (R$ thousand)

Same Store Sales (R$ million)

Page 24: 1 q15

24

1 Opening

2 Close-downs

1 Reformulated

49 Mature

1Q14

vs.

1Q15

Retail | Drogasmil/Farmalife

Average Ticket (in reais)

# of Stores (units)

1Q14

30.1

1Q15

35.9

4Q14

34.9

19.3%

2.9%

1Q14

63

4Q14

63

1Q15

64

1.6%

1.6%

Page 25: 1 q15

ANALYST COVERAGE

Page 26: 1 q15

26

Banco Fator Caio Moreira +55 (11) 3049-9487 [email protected]

Brasil Plural Guilherme Assis +55 (11) 3206 8285 [email protected]

BTG Pactual João Carlos dos Santos +55 (11) 3383-2384 [email protected]

HSBC Luciano Campos +55 (11) 3371 8194 [email protected]

BofA Merrill Lynch Thomas Humpert +55 (11) 2188 4236 [email protected]

Morgan Stanley Javier Martinez de Olcoz +55 (11) 3048 6088 [email protected]

Votorantim Andre Parize +55 (11) 5171 5870 [email protected]

J.P. Morgan Joseph Giordano +55 (11) 4950-3020 [email protected]

Analyst Coverage

Company Analyst Telephone E-mail

Page 27: 1 q15

Max Fischer - CFO e IRO & Beatriz Diez - GRI

www.profarma.com.br/ri | Tel.: 55 (21) 4009-0276 | E-mail: [email protected]