Earnings Release Q4 2019Title Earnings Release Q4 2019 Created Date 20200212114200Z
Earnings Release 1Q08 Presentation
Transcript of Earnings Release 1Q08 Presentation
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1
Earnings Release 1T08
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2Highlights For The Period
• Growth of 26.5% in consolidated Gross Revenue when compared to the same period
of the previous year, reaching R$ 702.6 million.
• Profarma’s market share reaches 11.8% in the 1Q08, 1.1 percentage points above the
share reached in the same period of the previous year.
• The adjusted EBITDA was of R$ 18.6 million, a 24.0% growth when compared to the R$
15.0 million posted in the 1Q07.
• Increase in the service level, reaching 91.2% in the 1Q08, a 1.2 percentage points
growth in relation to the 1Q07 and 0.3 percentage points in relation to the 4Q07.
• Price increase that occurred in March 31st was of 3.1% in average, 50% higher than
previous year.
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3Gross Revenues Evolution
In R$ MM
555.3
740.4702.6
1Q07 4Q07 1Q08
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4Gross Revenues Breakdown
In R$ MM
(R$ Million) 1Q08 1Q07 Chg. % 4Q07 Chg. %
Branded 503.0 374.0 34.5% 517.9 -2.9%
Generics 34.0 33.0 2.8% 46.8 -27.4%
OTC 119.5 99.0 20.7% 128.5 -7.0%
Health and Beauty Products 31.0 37.4 -17.1% 31.2 -0.8%
Other 15.1 11.9 27.1% 16.1 -5.8%
Total 702.6 555.3 26.5% 740.4 -5.1%
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5Market Share (%)
Source: IMS
9.3 9.6 9.6
11.511.8
2004 2005 2006 2007 1Q08
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6
In R$ MM
and as % Net Revenues
Gross Profit and Revenues
from Services to Suppliers
42.8
59.8 55.7
7.4
5.4
9.2
10.0%
10.8%
10.4%
1Q07 4Q07 1Q08
Gross Profit Revenues from Services to Suppliers Adjusted GP Margin (%)
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7Operating Expenses
37.3
53.7
47.5
7.7%
8.4%
7.8%
1Q07 4Q07 1Q08
In R$ MM
and as % Net Revenues
EXPENSES: General and Administrative + Selling and Marketing + Logistics and Distribution
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8Net Financial Expenses
3.1
9.2
5.6
0.6%
1.4%
0.9%
1Q07 4Q07 1Q08
In R$ MM
and as % Net Revenues
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9Net Income
12.7
5.05.1
2.0%
0.8%1.1%
1Q07 4Q07 1Q08
In R$ MM
and as % Net Revenues
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10Adjusted EBITDA and EBITDA Margin
15.0
26.2
18.6
3.1% 3.1%
4.1%
1Q07 4Q07 1Q08
In R$ MM
and as % Net Revenues
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11Cash Flow
(R$ Million) 1Q08 1Q07 Chg. % 4Q07 Chg. %
Cash Flow (Used) / Generated in Operating Activities 5.7 (58.0) n.a. (6.2) n.a.
Internal Cash Generation 14.8 10.5 40.8% 14.3 3.5%
Operating Assets Variation (9.1) (68.5) -86.8% (20.4) -55.7%
Trade Note Receivable 29.9 (43.4) n.a. (30.5) n.a.
Inventories 19.3 (3.4) n.a. (59.1) n.a.
Suppliers (49.4) (19.1) 158.3% 81.6 n.a.
Other Items (8.8) (2.5) 252.7% (12.5) -29.4%
Cash Flow (Used) in Investing Activities (2.1) (0.9) 128.9% (2.7) -22.2%
Cash Flow (Used) / Generated by Financing Activities (34.4) 0.5 n.a. 52.8 n.a.
Net Increase (Decrease) in Cash (30.8) (58.4) -47.3% 43.9 n.a.
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12Cash Cycle
3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08
Cash Cycle - Days* 49.3 53.4 62.5 69.6 67.8 64.3 68.8
Accounts Receivable (1) 45.2 50.0 54.6 53.1 50.9 51.7 50.7
Inventories (2) 33.1 44.7 43.4 47.2 41.3 48.6 47.9
Accounts Payable (3) 29.0 41.3 35.6 30.7 24.5 36.0 29.8
*Average
(1) Average of Gross Revenues in the Quarter (2) Average of COGS in the Quarter (3) Average of COGS in the Quarter
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13Indebtedness
Net Debt (R$ MM) and Net Debt / Ebitda*In R$ MM
-4.1
124.8124.0
1.5-0.1
1.5
1Q07 4Q07 1Q08
* Ebitda = Accumulated last 12 months
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14Capex
2.8
2.1
0.9
0.2% 0.3%0.4%
1Q07 4Q07 1Q08
In R$ MM
and as % Net Revenues
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15Operating Indicators
Service Level
(units served / units requested)
Logistics E.P.M
(Errors per Million)
90.0%
90.9%
91.2%
1Q07 4Q07 1Q08
201.0
95.0 100.0
1Q07 4Q07 1Q08
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16Share Performance
154
134
130
96
101
106
111
116
121
126
131
136
141
146
151
156
161
166
171
176
181
Ibovespa IGC Profarma
* 100 pts basis on 25/oct/2006
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17Analyst Coverage
Buy
Alan CardosoFone: 55 21 2138-8465
[email protected] Corretora
Buy
Tufic Salem - Rafael Shin - Antonio Gonzalez52 55 5283-8952 / 8969 / [email protected]@credit-suisse.com
Credit Suisse
Buy
João Carlos dos Santos - Alexandre Pizano55 11 2188-4282 / 4316 / 4024
[email protected][email protected]
Merril Lynch
BuyVictor Luiz de Figueiredo Martins
Fone: 55 11 3175-7689 [email protected]
Safra
Hold
Renata Faber - Marcio Osako Fone: 55 11 5029-4542 / 4650
[email protected] [email protected]
Itau BBA
RecommendationAnalystFirm
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18
Max Fischer
CFO and IRO
Beatriz Diez
IR Coordenator
Phone.: 55 (21) 4009 0276
E-mail: [email protected]
www.profarma.com.br/ir
IR Contacts: