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Earnings Release 4 Q07

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Page 1: Earnings Release 4 Q07

1

4Q07 and 2007

Earnings Release

Page 2: Earnings Release 4 Q07

2

Highlights For The Period

• Profarma’s market share breaks the record and reaches 12.8% or 0.8 percentage points above

the share reached in the 3Q07 and 3.2 percentage points above the 9.6% reached in 2006.

• Growth of 40.1% of the consolidated Gross Revenue when compared to the same period in

2006, reaching R$ 740,4 million.

• The adjusted EBITDA was R$ 26,2 million presenting a 35.3% growth when compared to the R$

19,4 million registered in the 4Q06.

• Cash Flow reduced in approximately 4 days, in the second consecutive quarterly.

• New regions, Pernambuco, Ceará and Rio Grande do Sul, continue to show a strong growth

when compared to the 3Q07, reaching a Gross Revenue of R$ 75.0 million, corresponding to

34.6% growth.

• Reduction of 34.5% on the errors per million of the units shipped, dropping from 145.0 recorded

in the 3Q07 to 95.0 in the 4Q07.

Page 3: Earnings Release 4 Q07

3

Gross Revenues Evolution

In R$ MM

528.6698.2 740.4

1.967,7

2.603,6

4Q06 3Q07 4Q07 2006 2007

Page 4: Earnings Release 4 Q07

4

Gross Revenues Breakdown

In R$ MM

(R$ Million) 4Q07 4Q06 Chg. % 3Q07 Chg. % 2007 2006 Chg. %

Branded 517.9 347.8 48.9% 475.2 9.0% 1,771.8 1,332.4 33.0%

Generics 46.8 36.5 28.2% 50.4 -7.3% 165.8 112.6 47.2%

OTC 128.5 96.1 33.7% 125.5 2.4% 473.2 349.5 35.4%

Health and Beauty Products 31.2 36.4 -14.2% 32.6 -4.2% 137.9 132.1 4.5%

Other 15.9 11.6 37.5% 14.3 11.4% 54.1 39.8 36.1%

Services Rendered 0.1 0.3 -57.2% 0.1 45.0% 0.8 1.3 -40.0%

Total 740.4 528.6 40.1% 698.2 6.1% 2,603.6 1,967.7 32.3%

Page 5: Earnings Release 4 Q07

5

Market Share (%)

Source: IMS

9.6

10.7 10.7

12.012.8

4Q06 1Q07 2Q07 3Q07 4Q07

Page 6: Earnings Release 4 Q07

6

Gross Profit and

Revenues from Services to Suppliers

In R$ MM and as

% Net Revenues

41.150.7

59.8

159.3

203.3

32.8

9.2

8.0

3.211.2

9.6%

10.2%

10.8%

9.7%

10.4%

4Q06 3Q07 4Q07 2006 2007

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

Page 7: Earnings Release 4 Q07

In R$ MM and as

% Net Revenues

7

Operating Expenses

35.848.0

53.7

123.6

180.97.8%

7.9%

8.4%

7.1%

8.0%

4Q06 3Q07 4Q07 2006 2007

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

Page 8: Earnings Release 4 Q07

In R$ MM and as

% Net Revenues

8

Net Financial Expenses

4.6 5.29.2

20.3

29.6

1.0%0.9%

1.4%

1.7%

0.9%

4Q06 3Q07 4Q07 2006 2007

Page 9: Earnings Release 4 Q07

9

Net Income

12.7

8.2

12.7

21.6

34.2

2.8%

1.3%

2.0%

1.3%

1.5%

4Q06 3Q07 4Q07 2006 2007

In R$ MM and as

% Net Revenues

Page 10: Earnings Release 4 Q07

10

Adjusted EBITDA and

EBITDA Margin

82.5

68.1

26.221.619.4

4.2%4.1%

3.9%

3.6%3.6%

4Q06 3Q07 4Q07 2006 2007

In R$ MM and as

% Net Revenues

Page 11: Earnings Release 4 Q07

11

Cash Flow

(R$ Million) 4Q07 4Q06 Chg. % 3Q07 Chg. % 2007 2006 Chg. %

Cash Flow Used in Operating Activities (6.2) (14.8) 58.2% (31.6) 80.4% (162.9) (98.5) -65.4%

Internal Cash Generation 14.3 18.5 -22.9% 14.7 -2.8% 56.5 37.7 49.7%

Operating Assets Variation (20.4) (33.3) 38.6% (46.2) 55.7% (219.4) (136.2) -61.1%

Trade Note Receivable (30.5) (27.8) -9.5% (35.5) 14.1% (131.9) (78.1) -68.8%

Inventories (59.1) (53.5) -10.4% (1.9) -3010.0% (105.7) (58.8) -79.9%

Suppliers 81.6 56.7 43.8% (13.4) n.a. 40.1 7.2 454.9%

Other Items (12.5) (8.7) -44.0% 4.6 n.a. (21.9) (6.6) -234.1%

Cash Flow Used in Investing Activities (2.7) (2.2) -23.5% (11.6) 76.5% (16.5) (4.4) -277.7%

Cash Flow Generated by Financing Activities 52.8 201.6 -73.8% (6.1) n.a. 47.1 292.4 -83.9%

Net Increase (Decrease) in Cash 43.9 184.6 -76.2% (49.3) n.a. (132.3) 189.5 n.a.

Page 12: Earnings Release 4 Q07

12

Cash Cycle

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

Cash Cycle - Days* 49,3 53,4 62,5 69,6 67,8 64,3

Accounts Receivable (1) 45,2 50,0 54,6 53,1 50,9 51,7

Inventories (2) 33,1 44,7 43,4 47,2 41,3 48,6

Accounts Payable (3) 29,0 41,3 35,6 30,7 24,5 36,0

*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 4 Q07

13

Indebtedness

Net Debt (R$ MM) and Net Debt / Ebitda

* Ebitda = Accumulated last 12 months

In R$ MM

-64.7

114.0 124.0

1.5

-0.9

1.5

4Q06 3Q07 4Q07

Page 14: Earnings Release 4 Q07

14

Capex

11.7

4.7

2.8

16.7

2.3

0.5%

1.9%

0.4%0.3%

0.7%

4Q06 3Q07 4Q07 2006 2007

In R$ MM and as

% Net Revenues

Page 15: Earnings Release 4 Q07

15

Operating Indicators

Service Level

(units served / units requested)

Logistics E.P.M

(Errors per Million)

91.2%

93.7%

90.9%

87.7%

91.7%

4Q06 3Q07 4Q07 2006 2007

128.3145.0

95.0

202.2

145.0

4Q06 3Q07 4Q07 2006 2007

Page 16: Earnings Release 4 Q07

16

* 100 pts basis on 25/oct/2006

Share Performance

161

149

159

96

101

106

111

116

121

126

131

136

141

146

151

156

161

166

171

176

181

25

oct

10

nov

26

nov

12

dec

28

dec

13

jan

29

jan

14

feb

2

mar

18

mar

3

apr

19

apr

5

may

21

may

6

jun

22

jun

8

jul

24

jul

9

aug

25

aug

10

sep

26

sep

12

oct

28

oct

13

nov

29

nov

15

dec

31

dec

Ibovespa IGC Profarma

161

149

159

96

101

106

111

116

121

126

131

136

141

146

151

156

161

166

171

176

181

25

oct

10

nov

26

nov

12

dec

28

dec

13

jan

29

jan

14

feb

2

mar

18

mar

3

apr

19

apr

5

may

21

may

6

jun

22

jun

8

jul

24

jul

9

aug

25

aug

10

sep

26

sep

12

oct

28

oct

13

nov

29

nov

15

dec

31

dec

Ibovespa IGC Profarma

Page 17: Earnings Release 4 Q07

17

Max FischerCFO and IRO

Beatriz DiezIR Coordenator

tel.: 55 (21) 4009 0276

E-mail: [email protected]

www.profarma.com.br/ir

RI Contact: