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Earnings Release 1T08
Highlights For The Period                                                                2




  • Growth of 26.5% in cons...
Gross Revenues Evolution                         3




                                           In R$ MM




           ...
Gross Revenues Breakdown                                                          4




                                  ...
Market Share (%)                                     5




                                              11.8
            ...
Gross Profit and Revenues                                                                                    6
from Servic...
Operating Expenses                                                                                                   7



...
Net Financial Expenses                                   8




                                              In R$ MM
    ...
Net Income                                         9




                                        In R$ MM
                ...
Adjusted EBITDA and EBITDA Margin                          10




                                                 In R$ M...
Cash Flow                                                                                           11




 (R$ Million)  ...
Cash Cycle                                                                                                                ...
Indebtedness                                                                             13




                          ...
Capex                                          14




                                     In R$ MM
                      ...
Operating Indicators                                                                     15




                Service Le...
Share Performance                                                  16



      * 100 pts basis on 25/oct/2006
181

176

17...
Analyst Coverage                                                                          17



            Firm          ...
18




            IR Contacts:

             Max Fischer
             CFO and IRO

              Beatriz Diez
           ...
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Profarma Er Presentation 1 T08 20080506 Eng

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Transcript of "Profarma Er Presentation 1 T08 20080506 Eng"

  1. 1. 1 Earnings Release 1T08
  2. 2. Highlights For The Period 2 • Growth of 26.5% in consolidated Gross Revenue when compared to the same period of the previous year, reaching R$ 702.6 million. • Profarma’s market share reaches 11.8% in the 1Q08, 1.1 percentage points above the share reached in the same period of the previous year. • The adjusted EBITDA was of R$ 18.6 million, a 24.0% growth when compared to the R$ 15.0 million posted in the 1Q07. • Increase in the service level, reaching 91.2% in the 1Q08, a 1.2 percentage points growth in relation to the 1Q07 and 0.3 percentage points in relation to the 4Q07. • Price increase that occurred in March 31st was of 3.1% in average, 50% higher than previous year.
  3. 3. Gross Revenues Evolution 3 In R$ MM 740.4 702.6 555.3 1Q07 4Q07 1Q08
  4. 4. Gross Revenues Breakdown 4 In R$ MM (R$ Million) 1Q08 1Q07 Chg. % 4Q07 Chg. % Branded 503.0 374.0 34.5% 517.9 -2.9% Generics 34.0 33.0 2.8% 46.8 -27.4% OTC 119.5 99.0 20.7% 128.5 -7.0% Health and Beauty Products 31.0 37.4 -17.1% 31.2 -0.8% Other 15.1 11.9 27.1% 16.1 -5.8% Total 702.6 555.3 26.5% 740.4 -5.1%
  5. 5. Market Share (%) 5 11.8 11.5 9.3 9.6 9.6 2004 2005 2006 2007 1Q08 Source: IMS
  6. 6. Gross Profit and Revenues 6 from Services to Suppliers In R$ MM and as % Net Revenues 10.8% 10.4% 10.0% 9.2 7.4 5.4 59.8 55.7 42.8 1Q07 4Q07 1Q08 Gross Profit Revenues from Services to Suppliers Adjusted GP Margin (%)
  7. 7. Operating Expenses 7 In R$ MM and as % Net Revenues 8.4% 7.7% 7.8% 53.7 47.5 37.3 1Q07 4Q07 1Q08 EXPENSES: General and Administrative + Selling and Marketing + Logistics and Distribution
  8. 8. Net Financial Expenses 8 In R$ MM and as % Net Revenues 1.4% 0.9% 0.6% 9.2 5.6 3.1 1Q07 4Q07 1Q08
  9. 9. Net Income 9 In R$ MM and as % Net Revenues 2.0% 1.1% 0.8% 12.7 5.1 5.0 1Q07 4Q07 1Q08
  10. 10. Adjusted EBITDA and EBITDA Margin 10 In R$ MM and as % Net Revenues 4.1% 3.1% 3.1% 26.2 18.6 15.0 1Q07 4Q07 1Q08
  11. 11. Cash Flow 11 (R$ Million) 1Q08 1Q07 Chg. % 4Q07 Chg. % Cash Flow (Used) / Generated in Operating Activities 5.7 (58.0) n.a. (6.2) n.a. Internal Cash Generation 14.8 10.5 40.8% 14.3 3.5% Operating Assets Variation (9.1) (68.5) -86.8% (20.4) -55.7% Trade Note Receivable 29.9 (43.4) n.a. (30.5) n.a. Inventories 19.3 (3.4) n.a. (59.1) n.a. Suppliers (49.4) (19.1) 158.3% 81.6 n.a. Other Items (8.8) (2.5) 252.7% (12.5) -29.4% Cash Flow (Used) in Investing Activities (2.1) (0.9) 128.9% (2.7) -22.2% Cash Flow (Used) / Generated by Financing Activities (34.4) 0.5 n.a. 52.8 n.a. Net Increase (Decrease) in Cash (30.8) (58.4) -47.3% 43.9 n.a.
  12. 12. Cash Cycle 12 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 Cash Cycle - Days* 49.3 53.4 62.5 69.6 67.8 64.3 68.8 Accounts Receivable (1) 45.2 50.0 54.6 53.1 50.9 51.7 50.7 Inventories (2) 33.1 44.7 43.4 47.2 41.3 48.6 47.9 Accounts Payable (3) 29.0 41.3 35.6 30.7 24.5 36.0 29.8 *Average (1) Average of Gross Revenues in the Quarter (2) Average of COGS in the Quarter (3) Average of COGS in the Quarter
  13. 13. Indebtedness 13 In R$ MM Net Debt (R$ MM) and Net Debt / Ebitda* 124.0 124.8 1.5 1.5 -0.1 -4.1 1Q07 4Q07 1Q08 * Ebitda = Accumulated last 12 months
  14. 14. Capex 14 In R$ MM and as % Net Revenues 0.4% 0.3% 0.2% 2.8 2.1 0.9 1Q07 4Q07 1Q08
  15. 15. Operating Indicators 15 Service Level Logistics E.P.M (units served / units requested) (Errors per Million) 91.2% 201.0 90.9% 95.0 100.0 90.0% 1Q07 4Q07 1Q08 1Q07 4Q07 1Q08
  16. 16. Share Performance 16 * 100 pts basis on 25/oct/2006 181 176 171 166 161 154 156 151 146 141 134 136 131 130 126 121 116 111 106 101 96 Ibovespa IGC Profarma
  17. 17. Analyst Coverage 17 Firm Analyst Recommendation João Carlos dos Santos - Alexandre Pizano 55 11 2188-4282 / 4316 / 4024 Merril Lynch Buy joaocarlos_santos@ml.com alexandre_pizano@ml.com Tufic Salem - Rafael Shin - Antonio Gonzalez 52 55 5283-8952 / 8969 / 3821 Credit Suisse tufic.salem@credit-suisse.com Buy rafael.shin@credit-suisse.com antonio.gonzalez@creditsuisse.com Alan Cardoso Prosper Corretora Fone: 55 21 2138-8465 Buy alan.cardoso@bancoprosper.com.br Victor Luiz de Figueiredo Martins Safra Fone: 55 11 3175-7689 Buy victor.martins@safra.com.br Renata Faber - Marcio Osako Fone: 55 11 5029-4542 / 4650 Hold Itau BBA renata.faber@itau.com.br marcio.osako@itau.com.br
  18. 18. 18 IR Contacts: Max Fischer CFO and IRO Beatriz Diez IR Coordenator Phone.: 55 (21) 4009 0276 E-mail: ri@profarma.com.br www.profarma.com.br/ir
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