earnings release 2q08 presentation
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1
Earnings Release 2Q08
2Highlights For The Period
• 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.
3Gross Revenues Evolution
In R$ MM
609.7
702.6742.8
2Q07 1Q08 2Q08
4Gross Revenues Breakdown
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%
5Market Share (%)
Source: IMS
9.39.6 9.6
11.5 11.8
2004 2005 2006 2007 1T08 2T08
11.8
10.7
2T07
6
In R$ MM
and as % Net Revenues
Gross Profit and Revenues
from Services to Suppliers
Gross Profit Revenues from Services to Suppliers Adjusted GP Margin (%)
50.055.7 58.9
10.5
7.07.4
10.7%
10.4%
10.8%
2Q07 1Q08 2Q08
7Operating Expenses
In R$ MM
and as % Net Revenues
EXPENSES: General and Administrative + Selling and Marketing + Logistics and Distribution
50.947.5
42.0
7.9%
7.8%
7.9%
2Q07 1Q08 2Q08
8Net Financial Expenses
In R$ MM
and as % Net Revenues
2.8
5.6
9.1
0.5%
0.9%
1.4%
2Q07 1Q08 2Q08
9Net Income
In R$ MM
and as % Net Revenues
5.0
6.6
8.3
0.8%
1.0%
1.6%
2Q07 1Q08 2Q08
10Adjusted EBITDA and EBITDA Margin
In R$ MM
and as % Net Revenues
19.718.6
23.9
3.7% 3.7%
3.1%
2Q07 1Q08 2Q08
11Cash Flow
(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%
12Cash Cycle
*Average
(1) Average of Gross Revenues in the Quarter
(2) Average of COGS in the Quarter
(3) Average of COGS in the Quarter
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
13Indebtedness
Net Debt (R$ MM) and Net Debt / Ebitda*In R$ MM
* Ebitda = Accumulated last 12 months
68.6
163.3
124.8
1.90.9
1.5
2Q07 1Q08 2Q08
14Capex
In R$ MM
and as % Net Revenues
2.1
3.1
1.2
0.2% 0.5%0.3%
2Q07 1Q08 2Q08
15Operating Indicators
Service Level
(units served / units requested)
Logistics E.P.M
(Errors per Million)
204.3
100.0 98.0
2Q07 1Q08 2Q08
92.0%
91.2%
92.8%
2Q07 1Q08 2Q08
16Share Performance
* 100 pts basis on 25/oct/2006
164
139
110
96
101
106
111
116
121
126
131
136
141
146
151
156
161
166
171
176
181
186
191
196
25-
out
9-
nov
24-
nov
9-
dez
24-
dez
8-
jan
23-
jan
7-
fev
22-
fev
9-
mar
24-
mar
8-
abr
23-
abr
8-
mai
23-
mai
7-
jun
22-
jun
7-
jul
22-
jul
6-
ago
21-
ago
5-
set
20-
set
5-
out
20-
out
4-
nov
19-
nov
4-
dez
19-
dez
3-
jan
18-
jan
2-
fev
17-
fev
3-
mar
18-
mar
2-
abr
17-
abr
2-
mai
17-
mai
1-
jun
16-
jun
30-
jun
Ibovespa IGC Profarma
17Analyst Coverage
Buy
Alan CardosoFone: 55 21 2138-8465
alan.cardoso@bancoprosper.com.brProsper Corretora
Buy
Tufic Salem - Rafael Shin - Antonio Gonzalez52 55 5283-8952 / 8969 / 3821tufic.salem@credit-suisse.comrafael.shin@credit-suisse.com
antonio.gonzalez@creditsuisse.com
Credit Suisse
Buy
João Carlos dos Santos - Alexandre Pizano55 11 2188-4282 / 4316 / 4024
joaocarlos_santos@ml.comalexandre_pizano@ml.com
Merril Lynch
Hold
Renata Faber - Marcio Osako Fone: 55 11 5029-4542 / 4650
renata.faber@itau.com.br marcio.osako@itau.com.br
Itau BBA
RecommendationAnalystFirm
18
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
IR Contacts:
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