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1
1Q07 Earnings Release
2
Highlights For The Period
– Opening of new Distribution Center in Ceará
– Market of R$ 987.6 millions covering Ceará, Maranhão and Piauí
– Profarma reached 83.5% of national market
– R$ 555.3 million Gross Revenue, up 26.8% in comparison with 1Q06
– Adjusted EBITDA registered 17.8% increase related to 1Q06, reaching
R$15.0 millions on 1Q07
– R$ 5,1 million Net Income on 1T07, 324.1% increase in comparison with
1Q06
– Pernambuco branch, opened on january, reached R$ 6.4 million Gross
Revenue on 1T07
3
437.9
528.6555.3
1Q06 4Q06 1Q07
26.8%
Gross Revenue Evolution
In R$ MM
4
Gross Revenue Breakdown
(R$ Million) 1Q07 1Q06 Variation % 4Q06 Variation %
Branded 374.0 303.1 23.4% 347.8 7.5%
Generics 33.0 22.8 44.9% 36.5 -9.5%
OTC 99.0 74.8 32.4% 96.1 3.1%
Health and Beauty Products 37.4 29.2 27.9% 36.4 2.6%
Others 11.7 7.4 57.7% 11.6 0.6%
Services Rendered 0.2 0.6 -59.7% 0.3 -19.3%
Total 555.3 437.9 26.8% 528.6 5.1%
In R$ MM
5
Market Share (%)
Source: IMS
8.4
9.3 9.6 9.6
10.7
2003 2004 2005 2006 1Q07
6
Gross Profit
31.9
41.1 42.8
8.3%8.9% 8.9%
1Q06 4Q06 1Q07
In R$ MM and as % Net Revenues
7
Operating Expenses
EXPENSES: General and Administrative + Selling and Marketing + Logistics and Distribution
8.1%
7.8% 7.7%
1Q06 4Q06 1Q07
% Net Revenue
8
Net Financial Expenses
2.0%
1.0%
0.6%
1Q06 4Q06 1Q07
% Net Revenue
9
Net Income
Adjusted Net Income
Net Income
(12.5)
5.1
1.2
12.70.3%
2.8%
1.1%
1Q06 4Q06 1Q07
In R$ MM and as % Net Revenues
10
4Q06 – Adjusted by IPO expenses
12.7
19.4
15.0
3.3% 3.1%
4.2%
1Q06 4Q06 1Q07
Adjusted EBITDA andEBITDA Margin
In R$ MM and as % Net Revenues
11
Cash Flow
(R$ Million) 1Q07 1Q06 % Variation 4Q06 % Variation
Cash Flow Used in Operating Activities (58.0) (4.4) -1218.6% (14.8) -292.0%
Internal Cash Generation 10.5 5.2 100.0% 18.5 -43.4%
Operating Assets Variation (68.5) (9.6) -610.5% (33.3) -105.7%
Duplicate Trade Bills Receivable (43.4) 4.2 -1140.5% (27.8) -56.0%
Inventories (3.4) (0.6) -482.5% (53.5) 93.6%
Suppliers (19.1) (13.9) -38.2% 56.7 -133.7%
Other Items (2.5) 0.6 -497.9% (8.7) 71.2%
Cash Flow Used in Investing Activities (0.9) 0.3 -444.6% (2.2) 57.8%
Cash Flow Generated by Financing Activities 0.5 9.2 -94.6% 201.6 -99.8%
Net Increase (Decrease) in Cash (58.4) 5.1 -1244.3% 184.6 -131.7%
CASH FLOW
12
Indebtedness
Net Debt (R$MM) and Net Debt / Ebitda
4Q06 – Adjusted by IPO expenses
* Ebitda = Ended 12 months
112.2
-64.7
-4.1-1.0
1.7
-0.1
1Q06 4Q06 1Q07
In R$ MM
13
0.3
2.3
0.9
0.1%
0.5%
0.2%
1Q06 4Q06 1Q07
Capex
In R$ MM and as % Net Revenues
14
86.4%
91.2%90.0%
1Q06 4Q06 1Q07
Operating Indicators
Service Level
(units served / units requested)
Without Pernambuco
89.9%
15
97.7
88.2
82.4
1Q06 4Q06 1Q07
Logistics E.P.M.
(Errors per Million)
Logistics – Productivity
(units shipped / worked hours)
84.8
Without Pernambuco
Operating Indicators
209.0
200.0 201.0
1Q06 4Q06 1Q07
202.0
Without Pernambuco
16
10.7
12.913.4
1Q06 4Q06 1Q07
54.766.1 61.7
1Q06 4Q06 1Q07
Sale per Square Meter Average Sale per DC
.In R$ thousands (Gross Revenue) .In R$ MM (Gross Revenue)
13.2
68.6
Without Pernambuco Without Pernambuco
Operating Indicators
17
44.2%
43.1%
45.7%
1Q06 4Q06 1Q07
Average invoice Sale Through Eletronic Orders
% on total sale. R$
85045.8%
780
845 848
1Q06 4Q06 1Q07
Without Pernambuco Without Pernambuco
Operating Indicators
18
Gross Revenue per Employee Ebitda per Employee
. In R$ thousands . In R$ thousands
Operating Indicators
351.4393.3
334.5
1Q06 4Q06 1Q07
10.22
14.43
9.04
1Q06 4Q06 1Q07
19
115
117
149
95
99
103
107
111
115
119
123
127
131
135
139
143
147
151
155
159
163
167
171
175
179
25-out
3-nov
13-nov
23-nov
1-dez
11-dez
19-dez
28-dez
9-jan
17-jan
26-jan
5-fev
13-fev
23-fev
5-mar
13-mar
22-mar
30-mar
Ibovespa IGC Profarma
Capital Markets
* 100 pts basis on 25/oct/2006
20
Max FischerCFO and IRO
Ana Paula RibeiroIR Coordinator
phone.: 55 (21) 4009 0276E-mail: ri@profarma.com.br
www.profarma.com.br/ri
RI Contact:
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