4. 2003
2004
2005
2006
2007
2008
2009
2010
2011
2012e
2013e
2014e
2015e
2016e
2017e
2018e
2019e
2020e

5. -20% -10% 0% 10% 20%
0 - 9
10 - 19
20 - 29
30 - 39
40 - 49
50 - 59
60 - 69
70 - 79
80+
Europe 2010 Brazil 2030
-20% -10% 0% 10% 20%
0 - 9
10 - 19
20 - 29
30 - 39
40 - 49
50 - 59
60 - 69
70 - 79
80+
Europe 2010 Brazil 2010

12. 11
333
90
95
109 81 709

15. 




17. •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•

18. MAPPING
PLUG-IN
CONTINUOUS
IMPROVEMENT
1
2
3
Admission to Termination
Calculation and Collection
Calculating Results
Administrative-Financial
Administrative Support
IT Support
PAS
CenterSharedServices-
SSC
•
•

19. •
•
•
•
•
•

20. •
•
•
•
•
•
•
•
•
•
•
•
•
•
•

21. Dermocosmetics space to displays
premium products
Gondola point:: Clusterizing stores by customer
profile to maximize potential of products
exposure
Check-out display: High turnover products to
encourage impulse purchase
Category management: Intelligence organization
depending on consumption drive

22. 









24. 



EVOLUTION OF FARMAIS STORE BASE
FARMAIS EXPANSION

25. •
•
•

27. 
















RESULTS

28. 1
249
96 29
15
2011 Aquisição Cresc. orgânico Fechamento Cresc. orgânico
132
210
118
248
96 29
15 2
esc. orgânico Fechamento Cresc. orgânico Fechamento 2012
1
132
210
118
248
249
67 29
13 2
2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012
378
681 708
132
210
118
248
249
67 29
13 2
2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012
378
681 708
132
210
118
248
249
67 29
13 2
2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012
378
681 708
132
210
118
248
249
67 29
13 2
2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012
378
681 708
132
210
118
248
249
67 29
13 2
2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012
378
681 708
378
708

30. ²

34. Cash position and indebtedness (R$'000) 1Q12 4Q12 1Q13
(+) Loans and financing 344,487 177,049 169,079
Short term 241,251 83,229 44,864
Long term 103,236 93,820 124,215
(+) Debentures - 253,642 258,937
Short term - 5,237 10,427
Long term - 248,405 248,510
(+) Accounts payable for investment acquisition 347,212 345,333 264,430
Short term 34,833 99,711 82,833
Long term 312,379 245,622 181,597
(=) Total Indebtedness 691,699 776,024 692,446
Short term (%) 39.9% 24.2% 19.9%
Long term (%) 60.1% 75.8% 80.1%
(-) Cash and cash equivalents (122,901) (368,751) (183,870)
(=) Net Debt 568,798 407,273 508,576
Net debt/Adjusted EBITDA (LTM) 3.4 X 2.1 X 2.7 X
Working capial 4Q11 1Q12 4Q12 1Q13
Accounts receivable 21 22 23 24
Inventories 114 86 95 106
Suppliers 62 63 58 55
Working capital in days 72 45 60 75

35. •
•
•
•
•
•
•
•
•
•
•

37. 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-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
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
2013 2014
Brasil Pharma 12,9x 10,0x
2013 2014
Brasil Pharma 0,9x 0,7x
2013 2014
Brasil Pharma 22,8x 16,8x
EV/EBITDA
EV/Sales
P/E

39. 5.8 6.2 6.0 6.3 6.5 5.8 5.8
8.5 9.3
13.9
19.2
11.8
15.2
11.8
6.7 8.3
10.6 9.0 9.5 11.4 7.1
7.0
9.9 11.0 10.4 12.0
34.0
11.7 12.4 12.3
26.7
30.7
45.6
25.7
33.3
19.0
14.3
17.5
21.9
19.1 18.0 19.2
11.8 12.3
0
10000
20000
30000
40000
50000
60000
0
1000
2000
3000
4000
5000
6000
7000
6.2
8.9
7.8
10.4 10.3
9.2
7.9
9.2
10.8
15.1
18.5 18.9
22.8
21.3
18.1
14.6 14.0
15.6 14.8
11.8
8.8
7.5
21
11.4
16.2
14.2
19.2 18.9
16.6
14.1
16.2
18.6
24.6
30.4 29.8
37.5
34.8
29.9
24
22.9
26.3
23.8
21.1
18.8
0
10000
20000
30000
40000
50000
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
0
500
1000
1500
2000
2500
3000
3500
4000
4500
0,0
10000,0
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
market cap EV/EBITDA P/E
0,0
1000,0
2000,0
EBITDA