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Highlights For The Period: Profarma Reports 12.3% Revenue Growth
1.
2. Highlights For The Period
Expressive reduction of the cash cycle, of about six days generating a R$ 40.0 million
working capital reduction;
A reduction of 12.5% in operating expenses represented by administrative, commercial
and logistic expenses when compared to the previous quarter, reaching 7.0% of the net
revenue, being this the company’s best performance since 2004;
A 12.3% growth of the consolidated gross revenue when compared to the same period of
the previous year, reaching R$ 784.0 million, highlighting the hospital and vaccine
category which had an expressive growth of 67.3%;
Profarma’s market share reaches 12.1% in the 3Q08, 0.1 percentage point above the one
performed during the same period of the previous year and 0.3 percentage point above in
relation to the previous quarter;
Profarma announced to the market on August, 6, 2008, it’s Share Repurchase Program of
312.500 shares and until September, 30, 2008 the company acquired 190.632 shares.
6. Gross Profit and Revenues
from Services to Suppliers
In R$ MM
and as % Net Revenues
10.8%
10.2%
8.7%
10.5
11.2
15.1
58.9
50.7
42.8
3Q07 2Q08 3Q08
Gross Profit Revenues from Services to Suppliers Adjusted GP Margin (%)
7. Operating Expenses
In R$ MM
7.9% 7.9% and as % Net Revenues
7.0%
50.9
48.0 46.4
3Q07 2Q08 3Q08
EXPENSES: General and Administrative + Selling and Marketing + Logistics and Distribution
8. Net Financial Expenses
In R$ MM
and as % Net Revenues
1.4% 1.3%
0.9%
9.1 9.0
5.2
3Q07 2Q08 3Q08
9. Net Income
In R$ MM
1.3% and as % Net Revenues
1.0%
0.2%
8.2
6.6
1.1
3Q07 2Q08 3Q08
10. Adjusted EBITDA and EBITDA Margin
3.6% 3.7% In R$ MM
and as % Net Revenues
2.1%
23.9
21.6
14.0
3Q07 2Q08 3Q08
12. Cash Cycle
3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08
Cash Cycle - Days * 49.3 53.4 62.5 69.6 67.8 64.3 68.8 67.2 61.8
Accounts Receivable (1) 45.2 50.0 54.6 53.1 50.9 51.7 50.7 49.2 47.0
Inventories (2) 33.1 44.7 43.4 47.2 41.3 48.6 47.9 45.7 42.5
Accounts Payable (3) 29.0 41.3 35.6 30.7 24.5 36.0 29.8 27.7 27.7
*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
3Q08 Indebtedness Profile
Net Debt / Ebitda*
In R$ MM
1.5 1.9 1.9
28% 72%
163.3 Long Term
154.5
Short Term
114.0
X100% in Reais
XBasic Interest Tax: CDI
X77% Clean
3Q07 2Q08 3Q08
* Ebitda = Accumulated last 12 months
14. Capex
1.9%
In R$ MM
and as % Net Revenues
0.5% 0.2%
11.7
3.1
1.4
3Q07 2Q08 3Q08
15. Operating Indicators
Service Level Logistics E.P.M
(units served / units requested) (Errors per Million)
145.0
93.7%
92.8% 98.0
86.0
90.8%
3Q07 2Q08 3Q08 3Q07 2Q08 3Q08
16. Share Performance
200
* 100 pts basis on 26/oct/2006
190
180
170
160
150
140
130
120
110
100
90
80
70
60
50
40
25- 16- 8- 30- 21- 12- 6- 28- 19- 11- 2- 24- 16- 7- 29- 20- 12- 3- 25- 17- 8- 30- 21- 14- 5- 27- 19- 10- 2- 24- 15- 6- 30-
out nov dec dec jan fev mar mar abr mai jun jun jul ago ago set out nov nov dec jan jan fev mar abr abr mai jun jul jul ago set set
Ibovespa Profarma
17. Results after 2 years of IPO
Growth
4Q06 – 3Q08
Gross Revenues 57.1%
Market 25.2%
Market Share Profarma 32.2%
Coverage 19.0%
Number of Distribution Centers 50.0%
Net Income 47.7%
Adjusted Ebitda 22.1%
Base Year Year II
4Q05 – 3Q06 4Q07 – 3Q08
Cash Cycle - Days (*1) 53.4 58.0 E
Working Capital (*2)
17.9 18.0 E
(% Net Revenues)
Net Debt / Ebitda
2.1 1.7
(Debt average during the period)
Indebtedness Profile (*3)
% Short Term 75 28
% Long Term 25 72
(*1) Based on 4Q06 and 4Q08 (*2) Based on 4Q06 and 4Q08 (*3) Based on 3Q06 and 3Q08
18. IR Contacts
Max Fischer
CFO and IR Director
Beatriz Diez
IR Coordenator
Telephone.: 55 (21) 4009 0276
E-mail: ri@profarma.com.br
www.profarma.com.br/ir