earnings release 3q08 presentation

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Page 1: Earnings Release 3Q08 Presentation
Page 2: Earnings Release 3Q08 Presentation

Highlights For The Period

Expressive reduction of the cash cycle, of about six days generating a R$ 40.0 million

working capital reduction;

A reduction of 12.5% in operating expenses represented by administrative, commercial

and logistic expenses when compared to the previous quarter, reaching 7.0% of the net

revenue, being this the company’s best performance since 2004;

A 12.3% growth of the consolidated gross revenue when compared to the same period of

the previous year, reaching R$ 784.0 million, highlighting the hospital and vaccine

category which had an expressive growth of 67.3%;

Profarma’s market share reaches 12.1% in the 3Q08, 0.1 percentage point above the one

performed during the same period of the previous year and 0.3 percentage point above in

relation to the previous quarter;

Profarma announced to the market on August, 6, 2008, it’s Share Repurchase Program of

312.500 shares and until September, 30, 2008 the company acquired 190.632 shares.

Page 3: Earnings Release 3Q08 Presentation

Gross Revenues Evolution

In R$ MM

698.2

742.8

784.0

3Q07 2Q08 3Q08

Page 4: Earnings Release 3Q08 Presentation

Gross Revenues Breakdown

In R$ MM

(R$ Million) 3Q08 3Q07 Chg % 2Q08 Chg %

Branded 536.4 475.2 12.9% 519.7 3.2%

Generics 48.6 50.4 -3.6% 42.6 14.1%

OTC 144.7 125.5 15.3% 131.7 9.9%

Health and Beauty Products 30.1 32.6 -7.6% 29.3 2.9%

Other 24.1 14.4 67.3% 19.6 23.1%

Total 784.0 698.2 12.3% 742.8 5.5%

Page 5: Earnings Release 3Q08 Presentation

Market Share (%)

Source: IMS

9.3 9.6 9.6

11.512.0 11.8

2004 2005 2006 2007 3Q07 2Q08 3Q08

12.1

Page 6: Earnings Release 3Q08 Presentation

Gross Profit and Revenues

from Services to Suppliers

In R$ MM

and as % Net Revenues

50.758.9

42.8

15.111.2

10.5

10.2%10.8%

8.7%

3Q07 2Q08 3Q08

Gross Profit Revenues from Services to Suppliers Adjusted GP Margin (%)

Page 7: Earnings Release 3Q08 Presentation

Operating Expenses

EXPENSES: General and Administrative + Selling and Marketing + Logistics and Distribution

In R$ MM

and as % Net Revenues

48.050.9

46.4

7.9% 7.9%

7.0%

3Q07 2Q08 3Q08

Page 8: Earnings Release 3Q08 Presentation

Net Financial Expenses

5.2

9.1 9.0

0.9%

1.4% 1.3%

3Q07 2Q08 3Q08

In R$ MM

and as % Net Revenues

Page 9: Earnings Release 3Q08 Presentation

In R$ MM

and as % Net Revenues

Net Income

6.6

1.1

8.2

1.0%

0.2%

1.3%

3Q07 2Q08 3Q08

Page 10: Earnings Release 3Q08 Presentation

Adjusted EBITDA and EBITDA Margin

21.6

23.9

14.0

3.6%

2.1%

3.7%

3Q07 2Q08 3Q08

In R$ MM

and as % Net Revenues

Page 11: Earnings Release 3Q08 Presentation

Cash Flow

(R$ Million) 3Q08 3Q07 Chg % 2Q08 Chg %

Cash Flow (Used) / Generated in Operating Activities 18.7 (31.6) -159.1% (24.0) -177.9%

Internal Cash Generation 11.0 14.7 -24.9% 16.7 -34.2%

Operating Assets Variation 7.7 (46.2) -116.6% (40.7) -118.8%

Trade Note Receivable (3.8) (35.5) 89.2% (11.6) 67.0%

Inventories 0.2 (1.9) -110.1% (0.3) -169.1%

Suppliers 13.0 (13.4) -196.9% (4.2) -408.5%

Other Items (1.7) 4.6 -137.0% (24.6) 93.1%

Cash Flow (Used) in Investing Activities (1.4) (11.6) 88.0% (3.1) 54.8%

Cash Flow (Used) / Generated by Financing Activities (8.2) (6.1) -33.1% 38.5 -121.2%

Net Increase (Decrease) in Cash 9.1 (49.3) -118.5% 11.5 -20.7%

Page 12: Earnings Release 3Q08 Presentation

Cash Cycle

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08

Cash Cycle - Days * 49.3 53.4 62.5 69.6 67.8 64.3 68.8 67.2 61.8

Accounts Receivable (1) 45.2 50.0 54.6 53.1 50.9 51.7 50.7 49.2 47.0

Inventories (2) 33.1 44.7 43.4 47.2 41.3 48.6 47.9 45.7 42.5

Accounts Payable (3) 29.0 41.3 35.6 30.7 24.5 36.0 29.8 27.7 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

Page 13: Earnings Release 3Q08 Presentation

Indebtedness

Net Debt (R$ MM) and

Net Debt / Ebitda*

In R$ MM

114.0

154.5163.3

1.91.5 1.9

3Q07 2Q08 3Q08

3Q08 Indebtedness Profile

Long Term

Short Term

72%28%

100% in Reais

Basic Interest Tax: CDI

77% Clean

* Ebitda = Accumulated last 12 months

X

X

X

Page 14: Earnings Release 3Q08 Presentation

Capex

3.1

1.4

11.7

1.9%

0.2%0.5%

3Q07 2Q08 3Q08

In R$ MM

and as % Net Revenues

Page 15: Earnings Release 3Q08 Presentation

Operating Indicators

Service Level

(units served / units requested)

Logistics E.P.M

(Errors per Million)

93.7%

92.8%

90.8%

3Q07 2Q08 3Q08

145.0

98.0

86.0

3Q07 2Q08 3Q08

Page 16: Earnings Release 3Q08 Presentation

Share Performance

Ibovespa Profarma

40

50

60

70

80

90

100

110

120

130

140

150

160

170

180

190

200

25-out

16-nov

8-dec

30-dec

21-jan

12-fev

6-mar

28-mar

19-abr

11-mai

2-jun

24-jun

16-jul

7-ago

29-ago

20-set

12-out

3-nov

25-nov

17-dec

8-jan

30-jan

21-fev

14-mar

5-abr

27-abr

19-mai

10-jun

2-jul

24-jul

15-ago

6-set

30-set

* 100 pts basis on 26/oct/2006

Page 17: Earnings Release 3Q08 Presentation

Growth

4Q06 – 3Q08

Results after 2 years of IPO

Gross Revenues 57.1%

Market 25.2%

Market Share Profarma 32.2%

Coverage 19.0%

Number of Distribution Centers 50.0%

Net Income 47.7%

Adjusted Ebitda 22.1%

Cash Cycle - Days (*1) 53.4 58.0 E

Working Capital (*2)

17.9 18.0 E

Net Debt / Ebitda

(Debt average during the period)2.1 1.7

Indebtedness Profile (*3)

% Short Term 75 28% Long Term 25 72

(*1) Based on 4Q06 and 4Q08 (*2) Based on 4Q06 and 4Q08

(% Net Revenues)

Base Year Year II

4Q05 – 3Q06 4Q07 – 3Q08

(*3) Based on 3Q06 and 3Q08

Page 18: Earnings Release 3Q08 Presentation

Max Fischer

CFO and IR Director

Beatriz Diez

IR Coordenator

Telephone.: 55 (21) 4009 0276

E-mail: [email protected]

www.profarma.com.br/ir

IR Contacts