Earnings Presentation
April 28, 2014
Disclaimer
This document contains forward-looking statements that are exclusively related to the prospects of the business, its operating and financial results, and prospects for growth. These data are merely projections and, as such, based exclusively on our management's expectations for the future of the business and its continued access to capital to fund its business plan. These forward-looking statements substantially depend on changing market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors, as well as the risks shown in our filed disclosure documents, and are therefore subject to change without prior notice.
In addition, unaudited information herein reflects management's interpretation of information taken from its financial statements and their respective adjustments, which were prepared in accordance with market practices and for the sole purpose of a more detailed and specific analysis of our results. Therefore, these additional points and data must also be analyzed and interpreted independently by shareholders and market agents, who should carry out their own analysis and draw their own conclusions from the results reported herein. No data or interpretative analysis provided by our management should be treated as a guarantee of future performance or results and are merely illustrative of our directors' vision of our results.
Our management is not responsible for compliance or accuracy of the management financial data discussed in this report, which must be considered as for informational purposes only, and should not override the analysis of our audited consolidated financial statements for purposes of a decision to invest in our stock, or for any other purpose.
(R$ Million)
Consumer(R$ Million)
1,059
415
7.8%
447
958
10.5%
1Q13 1Q14
Pharma(R$ Million)
544
12.5%
612
1Q13 1Q14
1Q13 1Q14
3
Gross Margin & Expenses Gross Margin(%)
SG&A ex-marketing(%)
Marketing(%)
63.9%
0.4 p.p.
64.3%
22.4%
0.6 p.p.
21.8%
18.6%
1.1 p.p.
19.7%
1Q13 1Q14
1Q13 1Q14
1Q13 1Q14
4
Operating Results Adjusted EBITDA(R$ Million)
259
14.0%
Adjusted EBITDA Margin(%)
24.5%
-0.8 p.p.
102
Net Income(R$ Million)
11.8% 90
227
23.7%
1Q13 1Q14
1Q13 1Q14
1Q13 1Q14
5
Cash Flow Cash Flow from Operations(R$ Million)
Free Cash Flow(R$ Million)
184
7.1%
171
151
2.7%
147
1Q13 1Q14
1Q13 1Q14
6
Leverage*4.0x 4.0x
3.5x
3.1x
2.9x
3.0x
2.9x
2.8x
2.7x
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
*Net Debt/ LTM Adjusted EBITDA 7
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