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Earnings Release 4 Q06

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Profarma
Profarma

Luciana Alves

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Earnings Release 4 Q06
4Q06 Earnings Results
HIGHLIGHTS FOR THE PERIOD – Opening of the new Distribution Center in Pernambuco – R$ 570.0 million market in Pernambuco (PE) and R$ 212.0 million in Paraíba(PB) will be supported by Profarma – R$528.6 million Gross Revenues, up 17.3% in comparison with 4Q05 – Adjusted EBITDA registered 3.2% increase related to 4Q05, reaching R$ 19.4 million on 4Q06 _ R$ 12.7 million Net Income on 4Q06, 52.5% increase in comparison with with 4Q05 3
Gross Revenue Evolution Em R$ MM 36.4% 1,967.7 17.3% 1,725.2 1,442.9 529.4 528.6 450.8 471.8 437.9 4Q05 1Q06 2Q06 3Q06 4Q06 2004 2005 2006 4
Gross Revenue Breakdown R$ thousands 4Q05 4Q06 Variation % 2005 2006 Variation % Branded 312.0 347.8 11.4% 1,183.9 1,332.4 12.5% Generics 28.0 36.5 30.7% 103.1 112.6 9.2% OTC 77.2 96.1 24.5% 306.6 349.5 14.0% Health and Beauty Products 27.2 36.4 33.8% 98.7 132.1 33.8% Others 6.2 11.6 87.1% 31.8 39.8 25.1% Services Rendered 0.3 0.3 3.4% 1.1 1.3 25.0% Total 450.8 528.6 17.2% 1,725.2 1,967.7 14.1% 5
Market Share (%) 9.6 9.6 9.3 8.4 2003 2004 2005 2006 Source: IMS 6
Adjusted EBITDA and Adjusted EBITDA Margin In R$ MM and as a % Net Revenues 68.1 18.8 19.1 19.4 61.6 16.8 47.1 12.7 4.7% 35.7 4.0% 4.1% 4.2% 4.1% 3.9% 3.6% 3.7% 3.3% 4Q05 1Q06 2Q06 3Q06 4Q06 2003 2004 2005 2006 7
Net Income In R$ MM 2,1% 53.0% 32.5% 21.6 16.3 12.7 8.3 (3.6) (12.5) 4Q05 4Q06 2005 2006 Net Income Adjusted Net Income 8
ROE – Return on Equity 38.4% 38.2% 36.5% 2004 2005 2006* ROE = (Net Income + Tax Incentives) / Shareholders Equity (period beginning) * IPO Expenses Ajusted 9
Operating Expenses TOTAL OPERATING EXPENSES 5.86% 6.38% 5.86% 7.11% 6.16% 4Q05 3Q06 4Q06 2005 2006 10
Cash Flow Cash Flows R$ Thousands 4Q05 4Q06 2005 2006 Cash Flow (used in)/provided by Operating Activities 13.4 (14.8) (15.6) (98.5) Internal Cash Generation 12.4 18.5 31.1 37.7 Operating Assets Variation 1.0 (33.3) (46.7) (136.2) Cash Flow (used in)/provided by Investing Activities 0.3 (2.2) (2.0) (4.4) Cash Flow (used in)/provided by Financing Activities (19.5) 201.6 19.3 292.4 Increase (Decrease) in Cash (5.8) 184.6 1.7 189.5 11
Indebtedness Net Debt (R$MM) and Net Debt / Ebitda 1.8 1.7 1.4 104.1 82.8 50.1 2003 2004 2005 2006 -1.0 -64.7 12
Indebtedness Position Em R$ MM 104.2 79% 72.7 59.0 60.9 66% 100% 69% 38.1 26.9 27.4 34% 31% 21% 0.0 2003 2004 2005 2006 Short Term Long Term 13
Capex 4,7 0.3% 0.2% 0.7 0.2% 0.2% 1.0 2,5 1,9 2,0 0.1 0.1 0.2 1.0 0.5 0.9 3.1 1.2 1.4 0.9 2003 2004 2005 2006 Inst, Maq and Equip IT Others % Net Revenue 14
Operanting Indicators Service Level (units served / units requested) 92.9% 90.8% 89.9% 88.7% 87.7% 86.6% 2003 2004 2005 2006 9M06 4Q06 15
Operanting Indicators Logistics E.P.M. Logístics – Productivity (Errors per Million) (units shipped / worked hours) 89.8 89.6 89.4 250 231 202 2004 2005 2006 2004 2005 2006 16
Operanting Indicators Sale per Square Meter Average Sale per DC 245,9 47.9 215.7 42.1 35.2 180.4 157.4 28.8 2003 2004 2005 2006 2003 2004 2005 2006 . In R$ m (Gross Revenue) .In R$ MM (Gross Revenue) 17
Operanting Indicators Average Invoice Sale Through eletronic Orders 857.2 43,8% 802.9 782.3 40.0% 35.0% 2004 2005 2006 2004 2005 2006 . R$ % on total sale 18
Operanting Indicators Gross Revenue per Employee Ebitda per Employee 1419,7 49,1 44,5 1246,6 980,9 32,0 889,1 28,8 2003 2004 2005 2006 2003 2004 2005 2006 In R$ MM In R$ MM 19
Capital Markets 179 175 171 167 163 159 155 151 147 150,8 143 139 135 131 127 123 114,6 119 115 111 107 110,9 103 99 95 25-out 1-nov 9-nov 17-nov 27-nov 4-dez 11-dez 18-dez 26-dez 4-jan 11-jan 18-jan 26-jan 2-fev 9-fev 16-fev 27-fev Ibovespa IGC Profarma 20
IR Contact: Max Fischer CFO and IRO Ana Paula Ribeiro IR Coordinator phone.: 55 (21) 4009 0276 E-mail: ri@profarma.com.br www.profarma.com.br/ri

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Earnings Release 4 Q06

  • 3. HIGHLIGHTS FOR THE PERIOD – Opening of the new Distribution Center in Pernambuco – R$ 570.0 million market in Pernambuco (PE) and R$ 212.0 million in Paraíba(PB) will be supported by Profarma – R$528.6 million Gross Revenues, up 17.3% in comparison with 4Q05 – Adjusted EBITDA registered 3.2% increase related to 4Q05, reaching R$ 19.4 million on 4Q06 _ R$ 12.7 million Net Income on 4Q06, 52.5% increase in comparison with with 4Q05 3
  • 4. Gross Revenue Evolution Em R$ MM 36.4% 1,967.7 17.3% 1,725.2 1,442.9 529.4 528.6 450.8 471.8 437.9 4Q05 1Q06 2Q06 3Q06 4Q06 2004 2005 2006 4
  • 5. Gross Revenue Breakdown R$ thousands 4Q05 4Q06 Variation % 2005 2006 Variation % Branded 312.0 347.8 11.4% 1,183.9 1,332.4 12.5% Generics 28.0 36.5 30.7% 103.1 112.6 9.2% OTC 77.2 96.1 24.5% 306.6 349.5 14.0% Health and Beauty Products 27.2 36.4 33.8% 98.7 132.1 33.8% Others 6.2 11.6 87.1% 31.8 39.8 25.1% Services Rendered 0.3 0.3 3.4% 1.1 1.3 25.0% Total 450.8 528.6 17.2% 1,725.2 1,967.7 14.1% 5
  • 6. Market Share (%) 9.6 9.6 9.3 8.4 2003 2004 2005 2006 Source: IMS 6
  • 7. Adjusted EBITDA and Adjusted EBITDA Margin In R$ MM and as a % Net Revenues 68.1 18.8 19.1 19.4 61.6 16.8 47.1 12.7 4.7% 35.7 4.0% 4.1% 4.2% 4.1% 3.9% 3.6% 3.7% 3.3% 4Q05 1Q06 2Q06 3Q06 4Q06 2003 2004 2005 2006 7
  • 8. Net Income In R$ MM 2,1% 53.0% 32.5% 21.6 16.3 12.7 8.3 (3.6) (12.5) 4Q05 4Q06 2005 2006 Net Income Adjusted Net Income 8
  • 9. ROE – Return on Equity 38.4% 38.2% 36.5% 2004 2005 2006* ROE = (Net Income + Tax Incentives) / Shareholders Equity (period beginning) * IPO Expenses Ajusted 9
  • 10. Operating Expenses TOTAL OPERATING EXPENSES 5.86% 6.38% 5.86% 7.11% 6.16% 4Q05 3Q06 4Q06 2005 2006 10
  • 11. Cash Flow Cash Flows R$ Thousands 4Q05 4Q06 2005 2006 Cash Flow (used in)/provided by Operating Activities 13.4 (14.8) (15.6) (98.5) Internal Cash Generation 12.4 18.5 31.1 37.7 Operating Assets Variation 1.0 (33.3) (46.7) (136.2) Cash Flow (used in)/provided by Investing Activities 0.3 (2.2) (2.0) (4.4) Cash Flow (used in)/provided by Financing Activities (19.5) 201.6 19.3 292.4 Increase (Decrease) in Cash (5.8) 184.6 1.7 189.5 11
  • 12. Indebtedness Net Debt (R$MM) and Net Debt / Ebitda 1.8 1.7 1.4 104.1 82.8 50.1 2003 2004 2005 2006 -1.0 -64.7 12
  • 13. Indebtedness Position Em R$ MM 104.2 79% 72.7 59.0 60.9 66% 100% 69% 38.1 26.9 27.4 34% 31% 21% 0.0 2003 2004 2005 2006 Short Term Long Term 13
  • 14. Capex 4,7 0.3% 0.2% 0.7 0.2% 0.2% 1.0 2,5 1,9 2,0 0.1 0.1 0.2 1.0 0.5 0.9 3.1 1.2 1.4 0.9 2003 2004 2005 2006 Inst, Maq and Equip IT Others % Net Revenue 14
  • 15. Operanting Indicators Service Level (units served / units requested) 92.9% 90.8% 89.9% 88.7% 87.7% 86.6% 2003 2004 2005 2006 9M06 4Q06 15
  • 16. Operanting Indicators Logistics E.P.M. Logístics – Productivity (Errors per Million) (units shipped / worked hours) 89.8 89.6 89.4 250 231 202 2004 2005 2006 2004 2005 2006 16
  • 17. Operanting Indicators Sale per Square Meter Average Sale per DC 245,9 47.9 215.7 42.1 35.2 180.4 157.4 28.8 2003 2004 2005 2006 2003 2004 2005 2006 . In R$ m (Gross Revenue) .In R$ MM (Gross Revenue) 17
  • 18. Operanting Indicators Average Invoice Sale Through eletronic Orders 857.2 43,8% 802.9 782.3 40.0% 35.0% 2004 2005 2006 2004 2005 2006 . R$ % on total sale 18
  • 19. Operanting Indicators Gross Revenue per Employee Ebitda per Employee 1419,7 49,1 44,5 1246,6 980,9 32,0 889,1 28,8 2003 2004 2005 2006 2003 2004 2005 2006 In R$ MM In R$ MM 19
  • 20. Capital Markets 179 175 171 167 163 159 155 151 147 150,8 143 139 135 131 127 123 114,6 119 115 111 107 110,9 103 99 95 25-out 1-nov 9-nov 17-nov 27-nov 4-dez 11-dez 18-dez 26-dez 4-jan 11-jan 18-jan 26-jan 2-fev 9-fev 16-fev 27-fev Ibovespa IGC Profarma 20
  • 21. IR Contact: Max Fischer CFO and IRO Ana Paula Ribeiro IR Coordinator phone.: 55 (21) 4009 0276 E-mail: ri@profarma.com.br www.profarma.com.br/ri