Earnings Release 2Q08 Presentation

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Earnings Release 2Q08 Presentation

  1. 1. 1 Earnings Release 2Q08
  2. 2. Highlights For The Period 2 • A growth of 21.8% of the consolidated Gross Revenue when compared to the same period of the previous year, having reached R$ 742.8 million. • The adjusted EBITDA was of R$ 23.9 million, a growth of 21.6% in relation to the one registered in the 2Q07 of R$ 19.7 million. • Profarma’s market share reached 11.8% in the 2Q08. 1.1 percentage point above the one reached during the same period of the previous year. • Profarma contracted the services of UBS Pactual S.A. bank, on May 29, 2008, to be the market maker of its shares in order to promote their liquidity. • Profarma opened on July, 14, 2008 its first exclusive distribution center for the hospital and vaccine segment in São Paulo.
  3. 3. Gross Revenues Evolution 3 In R$ MM 742.8 702.6 609.7 2Q07 1Q08 2Q08
  4. 4. Gross Revenues Breakdown 4 In R$ MM (R$ Million) 2Q08 2Q07 Chg. % 1Q08 Chg.% Branded 519.7 404.7 28.4% 503.0 3.3% Generics 42.6 35.6 19.6% 34.0 25.4% OTC 131.7 120.2 9.5% 119.5 10.2% Health and Beauty Products 29.3 36.7 -20.1% 31.0 -5.5% Other 19.6 12.5 57.1% 15.1 29.3% Total 742.8 609.7 21.8% 702.6 5.7%
  5. 5. Market Share (%) 5 11.5 11.8 11.8 10.7 9.6 9.6 9.3 2004 2005 2006 2007 2T07 1T08 2T08 Source: IMS
  6. 6. Gross Profit and Revenues 6 from Services to Suppliers In R$ MM 10.8% and as % Net Revenues 10.7% 10.4% 10.5 7.4 7.0 55.7 58.9 50.0 2Q07 1Q08 2Q08 Gross Profit Revenues from Services to Suppliers Adjusted GP Margin (%)
  7. 7. Operating Expenses 7 7.9% 7.9% In R$ MM and as % Net Revenues 7.8% 50.9 47.5 42.0 2Q07 1Q08 2Q08 EXPENSES: General and Administrative + Selling and Marketing + Logistics and Distribution
  8. 8. Net Financial Expenses 8 In R$ MM 1.4% and as % Net Revenues 0.9% 0.5% 9.1 5.6 2.8 2Q07 1Q08 2Q08
  9. 9. Net Income 9 1.6% In R$ MM and as % Net Revenues 1.0% 0.8% 8.3 6.6 5.0 2Q07 1Q08 2Q08
  10. 10. Adjusted EBITDA and EBITDA Margin 10 In R$ MM 3.7% 3.7% and as % Net Revenues 3.1% 23.9 19.7 18.6 2Q07 1Q08 2Q08
  11. 11. Cash Flow 11 (R$ Million) 2Q08 2Q07 Chg. % 1Q08 Chg. % Cash Flow (Used) / Generated in Operating Activities (24.0) (67.1) 64.3% 5.7 -521.1% Internal Cash Generation 16.7 17.1 -2.0% 14.8 13.4% Operating Assets Variation (40.7) (84.2) 51.7% (9.1) -349.1% Trade Note Receivable (11.6) (22.4) 48.4% 29.9 -138.7% Inventories (0.3) (41.3) 99.3% 19.3 -101.5% Suppliers (4.2) (8.9) 52.9% (49.4) 91.5% Other Items (24.6) (11.6) -112.6% (8.8) -179.8% Cash Flow (Used) in Investing Activities (3.1) (1.2) -154.1% (2.1) -45.6% Cash Flow (Used) / Generated by Financing Activities 38.5 (0.0) -154232.0% (34.4) -212.1% Net Increase (Decrease) in Cash 11.5 (68.4) -116.8% (30.8) -137.3%
  12. 12. Cash Cycle 12 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 Cash Cycle - Days * 49.3 53.4 62.5 69.6 67.8 64.3 68.8 67.2 Accounts Receivable (1) 45.2 50.0 54.6 53.1 50.9 51.7 50.7 49.2 Inventories (2) 33.1 44.7 43.4 47.2 41.3 48.6 47.9 45.7 Accounts Payable (3) 29.0 41.3 35.6 30.7 24.5 36.0 29.8 27.7 *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* 1.5 1.9 0.9 163.3 124.8 68.6 2Q07 1Q08 2Q08 * Ebitda = Accumulated last 12 months
  14. 14. Capex 14 In R$ MM and as % Net Revenues 0.2% 0.5% 0.3% 3.1 2.1 1.2 2Q07 1Q08 2Q08
  15. 15. Operating Indicators 15 Service Level Logistics E.P.M (units served / units requested) (Errors per Million) 92.8% 204.3 92.0% 91.2% 100.0 98.0 2Q07 1Q08 2Q08 2Q07 1Q08 2Q08
  16. 16. Share Performance 16 196 * 100 pts basis on 25/oct/2006 191 186 181 176 171 166 161 164 156 151 146 141 136 139 131 126 121 116 111 110 106 101 96 25- 9- 24- 9- 24- 8- 23- 7- 22- 9- 24- 8- 23- 8- 23- 7- 22- 7- 22- 6- 21- 5- 20- 5- 20- 4- 19- 4- 19- 3- 18- 2- 17- 3- 18- 2- 17- 2- 17- 1- 16- 30- out nov nov dez dez jan jan fev fev mar mar abr abr mai mai jun jun jul jul ago ago set set out out nov nov dez dez jan jan fev fev mar mar abr abr mai mai jun jun jun 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 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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