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2Q09 Earnings Release
Monday, August, 3rd, 2009.
2
2Q09 Earnings Release
Highlights For The Period
• Net Income increased 66.2% in relation to the 2Q08, reaching R$ 17.9 million, representing a Net Margin of
2.8%.
• Growth of 60.0% in Ebitda, reaching R$ 37.8 million, well above the figures for the same period in 2008,
with an Ebitda Margin of 5.8%.
• A reduction of the Cash Cycle of the company in 9.2 days, reaching 58.7 days, the lowest level since the
year 2006. This drop represented a Working Capital reduction of R$ 63.1 million.
• For the fourth consecutive quarter the generation of positive operating Cash Flow has been positive
reaching R$ 26.3 million, accumulating in 2009 a resource generation of R$ 62.9 million or 5.2% of the Net
Operating Revenue.
• Reduction of the Net Debt / Ebitda ratio of the company in 25.0% for the second quarter in a row, reaching
1.2x, leaving a position of 1.6x in the 1Q09.
• Profarma disclosed to the market on May,22, 2009, a New Repurchase Program of its Shares stipulating the
maximum number of 1,570,000 shares to be acquired.
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Gross Revenues Evolution(R$ Million)
2Q09 Earnings Release
741.2
661.8
764.3
2Q08 1Q09 2Q09
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2Q09 Earnings Release
Gross Revenues Breakdown
(R$ Million) 2Q09 2Q08 Chg. % 1Q09 Chg. %
Branded 514.0 518.7 -0.9% 453.9 13.2%
Generics 41.2 42.4 -2.8% 29.5 39.6%
OTC 153.3 131.4 16.7% 129.3 18.5%
Health and Beauty 27.0 29.2 -7.5% 23.2 16.4%
Hospitals + Vaccines 28.9 19.5 47.9% 25.8 11.8%
Total 764.3 741.2 3.1% 661.8 15.5%
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Source: IMS
9.39.6 9.6
11.5 11.7 11.8
9.9 10.0
2004 2005 2006 2007 2008 2Q08 1Q09 2Q09
Market Share Evolution (%)
2Q09 Earnings Release
(R$ Million and as % Net Revenues)
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Gross Profit and Revenues from Services to Suppliers
2Q09 Earnings Release
62.9 57.8
82.9
3.7
10.5
5.3
11.4% 11.2%
13.4%
2Q08 1Q09 2Q09
Gross Profit Revenues from Services to Suppliers Adjusted GP Margin (%)
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Operating Expenses
2Q09 Earnings Release
(R$ Million and as % Net Revenues)
51.1
45.9
49.9
7.7%8.2%8.0%
2Q08 1Q09 2Q09
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Net Financial Expenses
2Q09 Earnings Release
(R$ Million and as % Net Revenues)
8.7
7.8
8.5
1.3%1.4%1.4%
2Q08 1Q09 2Q09
9
Net Income
2Q09 Earnings Release
(R$ Million and as % Net Revenues)
10.8
6.7
17.9
2.8%
1.2%1.7%
2Q08 1Q09 2Q09
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Ebitda e Ebitda Margin
2Q09 Earnings Release
(R$ Million and as % Net Revenues)
23.6
17.1
37.8
5.8%
3.0%3.7%
2Q08 1Q09 2Q09
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2Q09 Earnings Release
(R$ Million) 2Q09 2Q08 % Variation 1Q09 % Variation
Cash Flow Generated / (Used) in Operating Activities 26.3 (24.0) - 36.6 -
Internal Cash Generation 24.8 16.7 48.4% 11.4 117.5%
Operating Assets Variation 1.5 (16.2) - 25.2 -
Trade Accounts Receivable (33.2) (11.6) -187.1% 51.5 -164.4%
Inventories 11.5 (0.3) - 8.3 -
Suppliers 18.4 (4.2) - (25.3) -
Other Items 4.8 (0.1) - (9.4) -
Cash Flow (Used) in Investing Activities (2.7) (3.1) 13.8% (3.3) 20.1%
Cash Flow Generated / (Used) by Financing Activities (61.1) 38.5 - (6.2) -
Net Increase / (Decrease) in Cash (37.4) 11.5 - 27.1 -
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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
1Q09
67.9
42.4
54.0
28.5
2Q09
58.7
40.5
46.5
28.4
2Q09 Earnings Release
Indebtedness: Net Debt and Net Debt / Ebitda*
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2Q09 Earnings Release
(R$ Million)
* Ebitda = Accumulated last 12 months
163.3
120.7110.8
1.21.6
1.9
2Q08 1Q09 2Q09
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Capex
2Q09 Earnings Release
(R$ Million and as % Net Revenues)
3.3
2.8
3.1
0.5% 0.4%0.6%
2Q08 1Q09 2Q09
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Service Level
(units served / units requested)
Logistics E.P.M.
(Errors per Million)
2Q09 Earnings Release
Operating Indicators
92.8%
90.7%
92.0%
2Q08 1Q09 2Q09
98,0
95,0
112,0
2Q08 1Q09 2Q09
16
15
25
35
45
55
65
75
85
95
105
115
125
135
145
155
165
175
185
Ibovespa Profarma
2Q09 Earnings Release
* 100 pts basis on 25/oct/2006
Share Performance
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2Q09 Earnings Release
Analyst Coverage
Flávio Queiroz
Telephone: (55 11) 3048-6196
E-mail: [email protected]
Morgan Stanley
Marcel Moraes - Thais Pinho
Telephone: (55 11) 3841-6302 / (55 11) 3841-6341
E-mail: [email protected]
E-mail: [email protected]
Credit Suisse
João Carlos dos Santos - Alexandre Pizano
Telephone: (55 11) 2188-4316 / (55 11) 2188-4024
E-mail: [email protected]
E-mail: [email protected]
Merril Lynch
Renata Faber - Marcio Osako
Telephone: (55 11) 3073-3017 / (55 11) 3073-3040
E-mail: [email protected]
E-mail: [email protected]
Itaú BBA
AnalystCompany
Max Fischer
CFO and IR Director
Beatriz Diez
IR Coordenador
Telephone.: 55 (21) 4009 0276
E-mail: [email protected]
www.profarma.com.br/ir
IR Contacts
