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1
4Q07 and 2007
Earnings Release
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.
3
Gross Revenues Evolution
In R$ MM
528.6698.2 740.4
1.967,7
2.603,6
4Q06 3Q07 4Q07 2006 2007
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%
5
Market Share (%)
Source: IMS
9.6
10.7 10.7
12.012.8
4Q06 1Q07 2Q07 3Q07 4Q07
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 (%)
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
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
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
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
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.
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
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
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
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
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
17
Max FischerCFO and IRO
Beatriz DiezIR Coordenator
tel.: 55 (21) 4009 0276
E-mail: [email protected]
www.profarma.com.br/ir
RI Contact: