Earnings Release 1 Q09
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Earnings Release 1 Q09

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Earnings Release 1 Q09 Earnings Release 1 Q09 Presentation Transcript

  • 1Q09 Earnings Release Tuesday, May, 5th, 2009.
  • Highlights For The Period • For the third quarter in a row, a generation of positive operating cash flow reaching R$ 36.6 million in this quarter, 6.5% of the net operating revenue. • Net debt dropped in 19.2%, R$ 28.7 million, in relation to the previous quarter, reducing the Company’s net debt / Ebitda ratio to 1.6x, coming from 1.9x (december 2008). • For the fifth quarter in a row we show a reduction of the accounts receivables terms, in 3.5 days, reaching 42.4 days, the lowest level since the year of 2006. • For the second quarter in a row an adjusted gross margin recovery (added to revenues from services to suppliers) reaching 11.2% in the 1Q09, 0,2 percentage point above the gross margin of the 4Q08, and also of the 1Q08. • The annual price increase which occurred on March, 31st, 2009 was of 5.9%, 90% above the one registered in the previous year. • The ebitda was of R$ 17.1 million, maintaining the ebitda margin in line with the same period of the previous year in 3.0% of the net operating revenue. • Profarma announced to the market on April, 3rd, 2009, an additive to the company’s share repurchase program, increasing the maximum quantity of the shares to be acquired from 1.062.500 common shares to 1.700.000 shares. 2
  • Gross Revenues Evolution In R$ MM 714.9 700.9 661.8 1Q08 4Q08 1Q09 3
  • Gross Revenues Breakdown (R$ Million) 1Q09 1Q08 Chg % 4Q08 Chg % Branded 453.9 501.8 -9.6% 489.9 -7.4% Generics 29.5 33.9 -12.9% 41.5 -28.8% OTC 129.3 119.2 8.5% 127.6 1.4% Health and Beauty 23.2 30.9 -25.0% 31.4 -26.3% Hospitals + Vaccines 25.8 15.1 71.0% 24.4 5.8% Total 661.8 700.9 -5.6% 714.9 -7.4% 4
  • Market Share (%) 11.7 11.8 11.5 10.9 9.9 9.6 9.6 9.3 2004 2005 2006 2007 2008 1Q08 4Q08 1Q09 Source: IMS 5
  • Gross Profit and Revenues from Services to Suppliers In R$ MM and as % Net Revenues 11.2% 11.0% 11.0% 7.4 16.5 5.3 59.7 57.8 51.0 1Q08 4Q08 1Q09 Gross Profit Revenues from Services to Suppliers Adjusted GP Margin (%) 6
  • Operating Expenses In R$ MM and as % Net Revenues 8.2% 7.8% 7.9% 47.7 48.1 45.9 1Q08 4Q08 1Q09 EXPENSES: General and Administrative + Selling and Marketing + Logistics and Distribution 7
  • Net Financial Expenses In R$ MM and as % Net Revenues 1.6% 1.4% 0.8% 10.0 7.8 5.0 1Q08 4Q08 1Q09 8
  • Net Income In R$ MM and as % Net Revenues 1.5% 1.2% 1.1% 9.4 6.5 6.7 1Q08 4Q08 1Q09 9
  • Adjusted EBITDA and EBITDA Margin In R$ MM and as % Net Revenues 3.5% 3.0% 3.0% 21.4 18.1 17.1 1Q08 4Q08 1Q09 10
  • Cash Flow CASH FLOW (R$ Million) 1Q09 1Q08 Chg. % 4Q08 Chg. % Cash Flow Generated / (Used) in Operating Activities 36.6 5.7 542.1% 10.6 245.3% Internal Cash Generation 11.4 14.8 -22.7% 10.7 6.2% Operating Assets Variation 25.2 (9.1) - (0.1) - Trade Accounts Receivable 51.5 29.9 72.4% 43.8 17.6% Inventories 8.3 19.3 -56.9% (18.7) - Suppliers (25.3) (49.4) 48.9% (6.9) -267.5% Other Items (9.4) (8.8) -6.7% (18.4) 48.9% Cash Flow (Used) in Investing Activities (3.3) (2.1) -57.1% (4.2) 21.4% Cash Flow Generated / (Used) by Financing Activities (6.2) (34.4) 82.0% (15.3) 59.5% Net Increase / (Decrease) in Cash 27.1 (30.8) - (8.8) - 11
  • Cash Cycle 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 Cash Cycle - Days * 49.3 53.4 62.5 69.6 67.8 64.3 68.8 67.2 61.8 65.8 67.9 Accounts Receivable (1) 45.2 50.0 54.6 53.1 50.9 51.7 50.7 49.2 47.0 45.9 42.4 Inventories (2) 33.1 44.7 43.4 47.2 41.3 48.6 47.9 45.7 42.5 49.9 54.0 Accounts Payable (3) 29.0 41.3 35.6 30.7 24.5 36.0 29.8 27.7 27.7 29.9 28.5 *Average (1) Average of Gross Revenues in the Quarter (2) Average of COGS in the Quarter (3) Average of COGS in the Quarter 12
  • Indebtedness Net Debt (R$ MM) and Net Debt / Ebitda In R$ MM 1.9 1.6 1.5 149.4 124.8 120.7 1Q08 4Q08 1Q09 * Ebitda = Accumulated last 12 months 13
  • Capex In R$ MM and as % Net Revenues 0.7% 0.6% 0.3% 4.2 3.3 2.1 1Q08 4Q08 1Q09 14
  • Operating Indicators Service Level Logistics E.P.M (units served / units requested) (Errors per Million) 100.0 91.2% 95.0 83.0 90.7% 90.2% 1Q08 4Q08 1Q09 1Q08 4Q08 1Q09 15
  • Share Performance 185 * 100 pts basis on 25/oct/2006 175 165 155 145 135 125 115 105 95 85 75 65 55 45 35 25 15 Ibovespa Profarma 16
  • Analyst Coverage Company Analyst Alexandre Falcão - Flávio Queiroz Telephone: (55 11) 3048-6270 / (55 11) 3048-6196 Morgan Stanley E-mail: alexandre.falcao@morganstanley.com E-mail: flavio.queiroz@morganstanley.com João Carlos dos Santos - Alexandre Pizano Telephone: (55 11) 2188-4316 / (55 11) 2188-4024 Merril Lynch E-mail: joaocarlos_santos@ml.com E-mail: alexrande_pizano@ml.com Marcel Moraes - Thais Pinho Telephone: (55 11) 3841-6302 / (55 11) 3841-6341 Credit Suisse E-mail: marcel.moraes@credit-suisse.com E-mail: thais.pinho@credit-suisse.com Renata Faber - Marcio Osako Telephone: (55 11) 3073-3017 / (55 11) 3073-3040 Itaú BBA E-mail: renata.faber@itau.com.br E-mail: marcio.osako@itau.com.br 17
  • IR Contacts Max Fischer CFO and IR Director Beatriz Diez IR Coordenador Telephone.: 55 (21) 4009 0276 E-mail: ri@profarma.com.br www.profarma.com.br/ir