Grupo Casa Saba Reports - Distribution Sales to Institutional Clients Declined While Chile and Mexico Demonstrated Improved Performance
(firmenpresse) - MEXICO CITY -- (Marketwire) -- 07/27/12 -- Grupo Casa Saba (NYSE: SAB)
Financial Highlights:
All figures are expressed in millions of Mexican pesos. Comparisons are made with the same period of 2011, unless otherwise stated. Figures may vary slightly due to rounding).
The Group's net sales for the quarter reached $12,253.1 million pesos
Gross income for the period was 2,233.4 million; the gross margin for the quarter was 18.23%
Operating expenses reached $1,967.0 million pesos and represented 16.05% of the Company's total sales
Quarterly operating income was $266.4 million, resulting in an operating margin of 2.17% for the period
Second quarter EBITDA was $377.1 million, or 3.08% of total sales
The Group's net profit for the quarter was $177.4 million
As of June 30, 2012, GCS's net debt totaled $9,535.2 million pesos
GCS closed the quarter with 25 Distribution Centers and over 1,340 pharmacies in operation across Latin America
Grupo Casa Saba (SAB) ("Saba," "GCS," "the Company" or "the Group"), one of the leading Mexican distributors of pharmaceutical products as well as health, beauty aids and consumer goods and publication, and one of the most important pharmacy chains in Latin America, announces its consolidated financial and operating results for the second quarter of 2012.
QUARTERLY EARNINGS
In the second quarter of 2012, Saba faced close competition in the distribution and marketing of pharmaceutical products, health and beauty aids, and consumer goods in Mexico as well as in the other Latin America countries in which we operate. Our operating strategy maintained emphasis on improving efficiency levels and controlling logistic costs and expenses, generating positive results in practically all our divisions. At the sales level, we focused on improving the availability of the most in demand products for our clients in wholesale and in our pharma network, as well as improving the care and service of our stock sales. In regards to growth, opening new pharmacies in Latin America and in Mexico allowed us to strengthen our presence in the markets in which we already operate, as well as to improve the knowledge of the brands with which we operate.
At Grupo Casa Saba, we will continue to focus on making ongoing improvements to our logistic and commercial operations in order to offer all of our clients a wide range of products at competitive prices. In our pharmacy network, we will also strive to offer the best integrated health, beauty and consumer goods solutions.
Net sales for the quarter reached $12,253.1 million, an increase of 1.4% compared to $12,084.1 million in 2Q2011. This increase resulted from the higher performance in our distribution division.
Sales from our Pharma, Health, Beauty and Consumer Goods division increased 3.46% versus the 2Q2011, totaling $5,557.0 million. In terms of total sales, this division's percentage went from 45.78% in 2Q2011 to 46.72% in the 2Q2012.
Quarterly sales in our Government Pharma division grew 9.99% compared to the second quarter of 2011. This growth was due to our increased participation in the bidding processes of various State and Federal health institutions. In terms of total sales, this division represented 2.78% in 2Q2011, down from to 3.02% in the 2Q2012.
Sales from our Publications distribution division declined 20.59% compared to the second quarter of 2011, as a result of lower sales from various publishers and as well as a downward adjustment. In terms of total sales, this division's percentage went from 1.67% in 2Q2011 to 1.31% in the 2Q2012.
During the second quarter of the year, sales from our Retail Pharmacy division decreased by $14.8 million pesos, or 0.2%, as a result of the divestiture of Peru, the Brazilian restructuring, and lower institutional sales in our Farmacias ABC chain. A portion of this effect was offset by the positive performance of Farmacias Ahumada in Chile, which increased its sales by 2%.
This division's percentage of the Group's overall sales rose to 48.9% vs 49.7% in the 2Q2011.
During the second quarter of 2012, gross income reached $2,233.4 million pesos, primarily due to the improved gross margins in Chile, Brazil, Mexico (Farmacias ABC) and the Pharma, Health and Beauty distribution division. The above shows our efforts to improve service, availability and commercial supply to our clients.
Compared to the second quarter of 2011, the Group's gross income increased 4.7%. Gross income margin showed an improvement of 59 basis points in the second quarter of the year, reaching 18.23%.
Operating expenses in the second quarter of 2012 rose by $221.2 million pesos, or 12.67%, compared to the same period of the previous year. This increase was the result of the annual increase in payroll and higher expenses in both our Government Pharma division and our Chilean and Mexican (Benavides) operations, due to their larger infrastructures, as well as the increase in loss reserves.
As a percentage of total sales, operating expenses represented 16.14% during the second quarter of 2012 compared to 14.45% during the same period of 2011.
Quarterly operating income for 2Q2012 was $266.4 million, down from $385.8 million reported in 2Q2011. This decline in operating income was the result of a lower gross income as well as the increase in expenses.
Operating income margin for the 2Q2012 was 3.19%, versus 2.17% in 2Q2011.
EBITDA for 2Q2012 was $377.1 million, a decrease of 23.94% compared to the $495.9 million reported during the second quarter of 2011.
EBITDA margin for the second quarter of 2012 was 3.08%.
The Group's CCF reached $115.5 million, 56.6% lower than the CCF reported during 2Q2011.
This decrease was primarily due to minor interest payments.
The Company's net debt at the end of 2Q2012 was $9,535.2 million pesos.
During the second quarter of the year, other expenses totaled $94.7 million.
It is important to mention that the results listed in this line item are derived from activities outside of the company's normal business operations and, as a result, they are not necessarily recurrent.
Tax provisions for the second quarter of 2012 were $68.1 million pesos, 9.2% higher than the amount reported in 2Q2011.
In the second quarter 2012 GCS recorded a net income of $177.4, an increase from the $69.0 million in the second quarter of 2011.
The net margin for 2Q2012 was 1.45%.
Contacts:
GRUPO CASA SABA
Sandra Yatsko
IR
+52 (55) 5284-6672
Alejandro Sadurni
CFO
IR Communications:
Jesus Martinez Rojas
+52 (55) 5644-1247
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Datum: 27.07.2012 - 23:51 Uhr
Sprache: Deutsch
News-ID 169544
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MEXICO CITY
Kategorie:
Healthcare
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