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2Q07 Earnings Release
2
Highlights For The Period
– Acquisition of the operational assets of Dimper’s Rio Grande do Sul branch, for R$ 13.1 million
– Gross revenues of R$ 609.7 million, growth of 29.2% comparing to 2Q06.
– Ajusted EBTIDA recorded a growth of 16.8% related to 2Q06, reachingR$ 19.7 million on 2Q07.
– Net Profit of R$ 8.3 million on 2Q07, increase of 134.5% comparing to 2Q06.
– Newly opened Ceará branch reached gross revenues of R$ 5.3 million, and 5.9% market share in June.
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Acquisition
• Profarma acquired for R$ 13.1 million the operational assets of Dimper Ltda, in Rio Grande do Sul, which totaled R$ 132 million of Gross Revenues in 2006
• The state of Rio Grande do Sul represents the fourth largest pharmaceutical market in Brazil, with approximately R$ 1.5 billion in sales in 2006 (7.3% of the Brazilian market)
• Portfolio of 1,400 registered drugstores, 120 employeers and 40 salesmen
• Accretive acquisition: 5x EV/EBITDA 07 – 67%4.1 x EV/EBITDA 08 – 64%
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Gross Revenues Evolution
In R$ MM
29.2%
471.8528.6
609.7
2Q06 1Q07 2Q07
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Gross Revenues Breakdown
In R$ MM
(R$ Million) 2Q07 2Q06 % Variation 1Q07 % Variation
Branded 404.7 320.4 26.3% 374.0 8.2%Generics 35.6 22.7 56.7% 33.0 7.8%OTC 120.2 88.8 35.4% 99.0 21.4%Health and Beauty Products 36.7 30.0 22.3% 37.4 -1.8%Other 12.2 9.6 27.1% 11.7 4.6%Services Rendered 0.3 0.4 -0.3 0.2 0.1Total 609.7 471.8 29.2% 555.3 9.8%
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Market Share (%)
Source: IMS
8.49.3 9.6 9.6
10.7
2003 2004 2005 2006 1ºSem07
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Gross Profit
In R$ MM and as % Net Revenues
42.2 42.850.0
10.1%
8.9%9.4%
2Q06 1Q07 2Q07
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Operating Expenses
EXPENSES: General and Administrative + Selling and Marketing + Logistics and Distribution
% Net Revenue
37,258
24,933
42,013
7.7%
6.0%
7.9%
2Q06 1Q07 2Q07
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Net Financial Expenses
% Net Revenue
481.7417.2
532.3
0.6%
2.1%
0.5%
2Q06 1Q07 2Q07
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Net Income
In R$ MM and as % Net Revenues
5.18.3
3.5
0.8% 1.1%1.6%
2Q06 1Q07 2Q07
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Adjusted EBITDA andEBITDA Margin
In R$ MM and as % Net Revenues
16.8 15.019.7
4.0% 3.7%3.1%
2Q06 1Q07 2Q07
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Cash Flow
(R$ Million) 2Q07 2Q06 % Variation 1Q07 % Variation
Cash Flow Used in Operating Activities (67.1) (19.7) -241.4% (58.0) -15.7%Internal Cash Generation 17.1 5.8 192.0% 10.5 62.8%
Operating Assets Variation (84.2) (25.5) -230.1% (68.5) -22.9%
Trade Note Receivable (22.4) (15.2) -47.7% (43.4) 48.4%
Inventories (41.3) 30.8 -234.1% (3.4) -1102.9%
Suppliers (8.9) (44.8) 80.1% (19.1) 53.3%
Other Items (11.6) 3.7 -415.4% (2.5) -364.3%
Cash Flow Used in Investing Activities (1.2) (0.1) -1371.6% (0.9) -31.2%
Cash Flow Generated by Financing Activities (0.0) 22.0 -100.1% 0.5 -105.0%
Net Increase (Decrease) in Cash (68.4) 2.2 -3174.1% (58.4) -17.0%
CASH FLOW
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Indebtedness
Net Debt (R$MM) and Net Debt / Ebitda
In R$ MM
138.5
-4.1
68.6
-0.12.1
0.9
2Q06 1Q07 2Q07
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Capex
In R$ MM and as % Net Revenues
0.91.2
0.1
0.0%
0.2% 0.2%
2Q06 1Q07 2Q07
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Logistics E.P.M.
(Errors per Million)
Operating Indicators
Service Level
(units served / units requested)
86.4%
90.0%
92.0%
2Q06 1Q07 2Q07
248.5
201.0 204.3
2Q06 1Q07 2Q07
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Share Performance
* 100 pts basis on 25/oct/2006
137138
162
96
101
106
111
116
121
126
131
136
141
146
151
156
161
166
171
176
25/1
0/20
06
2/11
/200
6
10/1
1/20
06
18/1
1/20
06
26/1
1/20
06
4/12
/200
6
12/1
2/20
06
20/1
2/20
06
28/1
2/20
06
5/1/
2007
13/1
/200
7
21/1
/200
7
29/1
/200
7
6/2/
2007
14/2
/200
7
22/2
/200
7
2/3/
2007
10/3
/200
7
18/3
/200
7
26/3
/200
7
3/4/
2007
11/4
/200
7
19/4
/200
7
27/4
/200
7
5/5/
2007
13/5
/200
7
21/5
/200
7
29/5
/200
7
6/6/
2007
14/6
/200
7
22/6
/200
7
30/6
/200
7
Ibovespa IGC Profarma
17
Max FischerCFO and IRO
phone.: 55 (21) 4009 0276E-mail: [email protected]
www.profarma.com.br/ir
RI Contact:
