4Q09 and 2009 Earnings Release
March, 10th, 2009.
4Q09 and 2009 Earnings Release
Highlights For The Period
• Net profit of the Company increased 68.0%, when comparing to 2008, reaching R$ 53.2 million, representing a net
margin of 2.1%;
• A 40.7% Ebitda growth when compared to the previous year, reaching R$ 110.7 million, with Ebitda margin of 4.3%;
• An expressive cash cycle reduction of the Company in 13.1 days, reaching 52.7 days, when compared to 2008.
This drop represented a working capital reduction of R$ 91.4 million;
• A reduction of 43.8%, in the Net Debt / Ebitda relation of the Company, when compared to 2008, reaching 1.1x,
leaving behind a position of 1.9x;
• A reduction in operating expenses (represented by the administrative, commercial, and logistics expenses) for the
second consecutive year, reaching 7.5% of the Net Operating Revenue, representing a 1.3% drop in relation to 2008;
• A positive operating cash generation, reaching R$ 80.2 million in 2009, representing 3.1% of the net operating
revenue;
• Increase in the service level, reaching 92.5% in 2009, a 1.2 percentage point growth in relation with the previous
year, when we reached 91.3%.
3
4Q09 and 2009 Earnings Release
Gross Revenues Evolution(R$ million)
807.4
2,940.43,041.6
808.2714.9
4Q08 3Q09 4Q09 2008 2009
4
4Q09 and 2009 Earnings Release
Gross Revenues Breakdown
(R$ Million)
Branded
Generic
OTC
Health and Beauty Products
Hospitals and Vaccines
Total
4Q09
546.3
50.8
157.1
26.2
27.1
807.4
4Q08
489.9
41.5
127.6
31.4
24.4
714.9
Chg. %
11.5%
22.3%
23.1%
-16.5%
11.0%
12.9%
3Q09
548.5
43.7
157.5
27.1
31.5
808.2
Chg. %
-0.4%
16.2%
-0.3%
-3.0%
-14.0%
-0.1%
2009
2,058.5
165.1
602.0
103.2
112.7
3,041.6
2008
2,048.5
166.6
523.4
121.8
80.1
2,940.4
-15.2%
Chg. %
0.5%
-0.9%
15.0%
40.7%
3.4%
5
Source: IMS
Market Share Evolution (%)
9.6 9.6
11.511.7
10.9* 10.9 11.0*11.6*
2005 2006 2007 2008 2009 4Q08 3Q09 4Q09
4Q09 and 2009 Earnings Release
*Excluding the similar’s effect
6
4Q09 and 2009 Earnings Release
(R$ million and as % Net Revenues)
Gross Profit and Revenues from Services to Suppliers
51.0 65.8 57.1
220.7263.6
37.9
10.316.5
49.5
18.6
11.0%10.7%
11.7%11.0% 11.1%
4Q08 3Q09 4Q09 2008 2009
Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%)
7
(R$ million and as % Net Revenues )
Operating Expenses
4Q09 and 2009 Earnings Release
50.6
193.6 193.9
47.448.1
6.9% 7.4% 7.6% 7.5%7.9%
4Q08 3Q09 4Q09 2008 2009
8
(R$ million and as % Net Revenues)
Net Financial Expenses
4Q09 and 2009 Earnings Release
5.3
32.9
26.7
5.1
10.0
0.7% 0.8% 1.3% 1.0%1.6%
4Q08 3Q09 4Q09 2008 2009
9
(R$ million and as % Net Revenues)
Net Profit
4Q09 and 2009 Earnings Release
15.4
31.6
53.2
13.1
6.5
1.9%2.2%
1.2%
2.1%
1.1%
4Q08 3Q09 4Q09 2008 2009
10
(R$ million and as % Net Revenues)
Ebitda and Ebitda Margin
4Q09 and 2009 Earnings Release
28.0
78.7
110.7
27.721.5
4.1% 4.1%
3.1%
4.3%
3.5%
4Q08 3Q09 4Q09 2008 2009
11
4Q09 and 2009 Earnings Release
(R$ Million) 4Q09 4Q08 Chg. % 3Q09 Chg. % 2009 2008 Chg. %
(19.2) 10.6 - 36.5 - 80.2 11.0 627.8%
17.9 10.7 66.7% 19.3 -7.0% 73.4 53.2 37.9%
(37.1) (0.1) -30820.0% 17.2 - 6.8 (42.2) -
(25.1) 43.8 - (1.9) -1213.1% (8.6) 58.3 -
(81.8) (18.7) -338.5% 27.0 - (35.0) 0.6 -
91.3 (6.9) - (3.7) - 80.8 (47.5) -
(21.6) (18.4) -17.3% (4.1) -420.6% (30.3) (53.5) 43.4%
(3.6) (4.2) 14,2% (2.2) -63.4% (11.8) (10.8) -9.1%
(9.9) (15.3) 35.4% (17.1) 42.3% (94.3) (19.3) -388.5%
(32.6) (8.8) -269.9% 17.2 - (25.8) (19.0) -35.3%
CASH FLOW
Cash Flow Generated / (Used) in Operating Activities
Internal Cash Generation
Operating Assets Variation
Trade Accounts Receivable
Inventories
Suppliers
Other Items
Cash Flow (Used) in Investing Activities
Cash Flow Generated / (Used) by Financing Activities
Net Increase / (Decrease) in Cash
12
3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
Cash Cycle - Days * 49.3 53.4 62.5 69.6 67.8 64.3 68.8 67.2 61.8 65.8
Accounts Receivable (1) 45.2 50.0 54.6 53.1 50.9 51.7 50.7 49.2 47.0 45.9
Inventories (2) 33.1 44.7 43.4 47.2 41.3 48.6 47.9 45.7 42.5 49.9
Accounts Payable (3) 29.0 41.3 35.6 30.7 24.5 36.0 29.8 27.7 27.7 29.9
* Average
1Q09
67.9
42.4
54.0
28.5
2Q09
58.7
40.5
46.5
28.4
3Q09
51.6
38.4
38.5
25.3
4Q09
52.7
41.1
49.6
38.0
4Q09 and 2009 Earnings Release
(1) Average of Gross Revenues in the Quarter (2) Average of COGS in the Quarter (3) Average of COGS in the Quarter
13
* Ebitda = Accumulated last 12 months
Indebtedness: Net Debt and Net Debt / Ebitda*
(R$ million)
4Q09 and 2009 Earnings Release
118.1
149.4
118.1
95.0
149.4
0.9 1.11.9
1.11.9
4Q08 3Q09 4Q09 2008 2009
14
(R$ million and as % Net Revenues)
Capex
4Q09 and 2009 Earnings Release
3.7
10.8
12.0
2.2
4.2
0.3%0.5% 0.4% 0.5%0.7%
4Q08 3Q09 4Q09 2008 2009
15
Service Level
(units served / units requested)
Logistics E.P.M.
(Errors per Million)
Operating Indicators
90.2%
94.1%
93.0%
4Q08 3Q09 4Q09
83.0
120.0130.0
4Q08 3Q09 4Q09
4Q09 and 2009 Earnings Release
16
Profarma vs Ibovespa in the year 2009
4Q09 and 2009 Earnings Release
Ibovespa Profarma
183
312
10
40
70
100
130
160
190
220
250
280
310
340
Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09
17
AnalystFirm
Analyst Coverage
Javier Martinez de Olcoz Cerdan Phone: (1 212) 761-4542 E-mail: [email protected]
Morgan Stanley
João Carlos dos Santos - Alexandre PizanoPhone: (55 11) 2188-4316 / (55 11) 2188-4024E-mail: [email protected]: [email protected]
Merrill Lynch
Marcel MoraesPhone: (55 11) 3841-6302E-mail: [email protected]
Credit Suisse
Juliana Rozenbaum - Marcio OsakoPhone: (55 11) 3073-3035 / (55 11) 3073-3040E-mail: [email protected]: [email protected]
Itaú BBA
Iago WhatelyPhone: (55 11) 3049-9480E-mail: [email protected]
Banco Fator
4Q09 and 2009 Earnings Release
Max Fischer CFO and IR Director
Beatriz DiezIR Manager
Telephone,: 55 (21) 4009 0276E-mail: [email protected]
www.profarma.com.br/ir
IR Contacts
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