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-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 - 910 - 1920 - 2930 - 3940 - 4950 - 5960 - 6970 - 79
80+
Europe 2010 Brazil 2010
1 1
333
90
95
109 81 709
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MAPPING
PLUG-IN
CONTINUOUS IMPROVEMENT
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2
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Admission to Termination
Calculation and Collection
Calculating Results
Administrative-Financial
Administrative Support
IT Support
PA
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nte
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ha
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Serv
ices -
SS
C
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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
EVOLUTION OF FARMAIS STORE BASE
FARMAIS EXPANSION
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RESULTS
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118
248
249
96 29
15 2
2011 Aquisição Cresc. orgânico Fechamento Cresc. orgânico Fechamento 2012
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96 29
15 2
2011 Aquisição Cresc. orgânico Fechamento Cresc. orgânico Fechamento 2012
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67 29
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2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012
378
681708
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67 29
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2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012
378
681708
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118
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249
67 29
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2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012
378
681708
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67 29
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2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012
378
681708
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118
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67 29
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2011 Acquisition Organic growth Closing 9M12 Organic growth Closing 2012
378
681708
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708
²
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
Jun
-11
Jul-
11
Au
g-1
1
Sep
-11
Oct
-11
No
v-1
1
Dec
-11
Jan
-12
Feb
-12
Mar
-12
Ap
r-1
2
May
-12
Jun
-12
Jul-
12
Au
g-1
2
Sep
-12
Oct
-12
No
v-1
2
Dec
-12
Jan
-13
Feb
-13
Mar
-13
Ap
r-1
3
May
-13
Jun
-11
Jul-
11
Au
g-1
1
Sep
-11
Oct
-11
No
v-1
1
Dec
-11
Jan
-12
Feb
-12
Mar
-12
Ap
r-1
2
May
-12
Jun
-12
Jul-
12
Au
g-1
2
Oct
-12
No
v-1
2
Dec
-12
Jan
-13
Feb
-13
Mar
-13
Ap
r-1
3
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
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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
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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
19
87
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0
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5,8 6,2 6,0 6,3 6,5 5,8 5,88,5 9,3
13,9
19,2
11,8
15,2
11,8
6,78,3
10,69,0 9,5
11,4
7,1
7,0
9,9 11,0 10,412,0
34,0
11,7 12,4 12,3
26,7
30,7
45,6
25,7
33,3
19,0
14,3
17,5
21,919,1
18,019,2
11,8 12,3
0,0
10000,0
20000,0
30000,0
40000,0
50000,0
60000,0
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market cap EV/EBITDA P/E
0,0
1000,0
2000,0
3000,0
4000,0
5000,0
6000,0
7000,0
CVS CAREMARK
EBITDA