Earnings Release 4Q08 Presentation

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  • 1. 4Q08 and 2008 Earnings Release
  • 2. Highlights For The Period - A 13.3% growth of the consolidated Gross Revenue in 2008 when compared to the same period of the previous year. reaching R$ 2.9 billion. with remarks to the vaccine and hospital segments with an expressive growth of 46.2%. - Reduction of the Operating Expenses (administrative. commercial. and logistic) in 5% in the year 2008 when compared to the same period of the previous year. reaching 7.6% of the Net Revenue. - A drop in the average terms of accounts receivable for the fourth quarter in a row. accumulating in the year a 6 day reduction, representing a R$ 50.0 million reduction in working capital - Recovery of the gross margin (added to Revenues from Services to Suppliers) in the 4Q08 in 18.3% in comparison with the previous quarter, reaching 11%, 0.3 ponto percentual below the Gross margin of the 4Q07. - Reduction of 12.6% in errors per million of delivered units dropping from 95.0 registered in 4Q07 to 83.0 in 4Q08. When comparing 2008 with 2007. there was a reduction of 37.2%. going from 145.0 to 91.0. - Electronic Invoice – In December 2008 the electronic invoice system was implemented. in a nationwide scale. in the pharmaceutical chain. whose objectives are to increase the transparency of the commercial transactions in the sector and facilitate the control of the federal and state authorities. - Profarma announced to the market on November. 17. 2008. one additive to the repurchase program of company’s shares. increasing the shares maximum quantity to be acquired from 312.500 common shares to 1.062.500 shares. 2
  • 3. Gross Revenues Evolution In R$ MM 2.940.4 2.596.4 738.2 783.4 714.9 4Q07 3Q08 4Q08 2007 2008 3
  • 4. Gross Revenues Breakdown (R$ Million) 4Q08 4Q07 % Variation 3Q08 % Variation 2008 2007 % Variation Branded 489.9 516.3 -5.1% 536.0 -8.6% 2048.5 1766.8 15.9% Generics 41.5 46.6 -11.0% 48.6 -14.6% 166.6 165.3 0.8% OTC 127.6 128.1 -0.4% 144.6 -11.7% 523.4 471.9 10.9% Health and Beauty Products 31.4 31.1 0.9% 30.1 4.4% 121.8 137.6 -11.5% Hospitals + Vaccines 24.4 16.0 52.4% 24.1 1.4% 80.1 54.8 46.2% Total 714.9 738.2 -3.2% 783.4 -8.7% 2,940.4 2,596.4 13.3% 4
  • 5. Market Share (%) 12.8 12.1 11.5 11.7 10.9 9.3 9.6 9.6 2004 2005 2006 2007 2008 4Q07 3Q08 4Q08 Source: IMS 5
  • 6. Gross Profit and Revenues from Services to Suppliers In R$ MM and as % Net Revenues 11.3% 11.0% 11.0% 10.7% 9.3% 49.5 32.8 217.0 220.7 9.2 15.1 16.5 63.5 47.0 51.0 4Q07 3Q08 4Q08 2007 2008 Gross Profit Revenues from Services to Suppliers Adjusted GP Margin (%) 6
  • 7. Operating Expenses In R$ MM and as % Net Revenues 8.4% 7.9% 8.0% 7.6% 7.0% 193.6 181.8 53.9 46.7 48.1 4Q07 3Q08 4Q08 2007 2008 EXPENSES: General and Administrative + Selling and Marketing + Logistics and Distribution 7
  • 8. Net Financial Expenses In R$ MM and as % Net Revenues 1.6% 1.3% 1.4% 1.3% 0.8% 32.9 18.4 10.0 8.6 9.1 4Q07 3Q08 4Q08 2007 2008 8
  • 9. Net Income In R$ MM and as % Net Revenues 2.6% 2.1% 1.2% 1.1% 0.7% 47.0 31.6 16.9 6.5 5.0 4Q07 3Q08 4Q08 2007 2008 9
  • 10. Adjusted EBITDA and EBITDA Margin In R$ MM and as % Net Revenues 3.9% 3.5% 3.5% 3.1% 2.3% 80.1 78.7 25.2 21.5 15.5 4Q07 3Q08 4Q08 2007 2008 10
  • 11. Cash Flow (R$ Million) 4T08 4T07 % Variation 3T08 % Variation 2008 2007 % Variation Cash Flow Generated / (Used) in Operating Activities 10.6 (6.2) -271.6% 18.7 -43.1% 11.0 (162.8) -106.8% Internal Cash Generation 10.7 14.3 -24.6% 11.0 -2.4% 53.2 56.5 -5.9% Operating Assets Variation (0.1) (20.4) -100.6% 7.7 -98.4% (42.2) (219.4) 80.8% Trade Accounts Receivable 43.8 (30.5) -243.6% (3.8) -1247.3% 58.3 (131.9) -144.2% Inventories (18.7) (59.1) 68.4% 0.2 -9570.1% 0.6 (105.7) -100.5% Suppliers (6.9) 81.6 -108.4% 13.0 -152.9% (47.5) 40.1 -218.5% Other Items (18.4) (12.5) -45.6% (1.7) -964.1% (53.5) (21.9) -144.6% Cash Flow (Used) in Investing Activities (4.2) (2.7) -52.4% (1.4) -197.8% (10.8) (16.6) 35.1% Cash Flow Generated / (Used) by Financing Activities (15.3) 52.8 -129.0% (8.2) -87.3% (19.3) 47.1 -140.9% Net Increase / (Decrease) in Cash (8.8) 43.9 -120.1% 9.1 -196.8% (19.0) (132.3) 85.6% 11
  • 12. Cash Cycle 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 Cash Cycle - Days * 49.3 53.4 62.5 69.6 67.8 64.3 68.8 67.2 61.8 65.8 Accounts Receivable (1) 45.2 50.0 54.6 53.1 50.9 51.7 50.7 49.2 47.0 45.9 Inventories (2) 33.1 44.7 43.4 47.2 41.3 48.6 47.9 45.7 42.5 49.9 Accounts Payable (3) 29.0 41.3 35.6 30.7 24.5 36.0 29.8 27.7 27.7 29.9 *Average (1) Average of Gross Revenues in the Quarter (2) Average of COGS in the Quarter (3) Average of COGS in the Quarter 12
  • 13. Indebtedness Net Debt (R$ MM) and Net Debt / Ebitda In R$ MM 1.9 1.9 1.9 1.5 1.5 154.5 149.4 149.4 124.0 124.0 4Q07 3Q08 4Q08 2007 2008 * Ebitda = Accumulated last 12 months 13
  • 14. Capex In R$ MM and as % Net Revenues 0.4% 0.7% 0.7% 0.2% 0.4% 16.6 10.8 4.2 2.8 1.4 4Q07 3Q08 4Q08 2007 2008 14
  • 15. Operating Indicators Service Level Logistics E.P.M (units served / units requested) (Errors per Million) 145.0 91.7% 90.9% 91.3% 90.8% 90.2% 95.0 91.0 86.0 83.0 4Q07 3Q08 4Q08 2007 2008 4Q07 3Q08 4Q08 2007 2008 15
  • 16. 25 -o 15 25 35 45 55 65 75 85 95 105 115 125 135 145 155 165 175 185 u 9- t no 24 v -n o 9- v d 24 ez -d ez 8- ja 23 n -ja n 7- fe 22 v -fe 9- v m 24 ar -m a 8- r ab 23 r -a b Share Performance 8- r m 23 ai -m a 7- i ju 22 n -ju n * 100 pts basis on 26/oct/2006 7- ju 22 l -ju 6- l a 21 go -a go 5- se 20 t -s e 5- t ou 20 t -o u 4- t n 19 ov -n o Ibovespa 4- v de 19 z -d ez 3- ja 18 n -ja n 2- fe Profarma 17 v -fe 3- v m 18 ar -m a 2- r ab 17 r -a b 2- r m 17 ai -m a 1- i ju 16 n -ju n 1- ju 16 l -ju 31 l - 15 jul -a 30 go -a g 14 o -s 29 et -s 14 et -o 29 ut -o 13 ut -n 28 ov -n 13 ov -d 28 ez -d ez 16
  • 17. IR Contacts Max Fischer CFO and IR Director Beatriz Diez IR Coordenator Telephone.: 55 (21) 4009 0276 E-mail: ri@profarma.com.br www.profarma.com.br/ir