3Q06 Results Presentation
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Profarma is a Brazilian pharmaceutical wholesale distributor that had its IPO in 3Q06. Some key highlights from the document: 1) In 3Q06, Profarma reported gross revenues growth of 16.4% over 3Q05 and net income growth of 20.8%. Adjusted EBITDA grew 11.4% year-over-year. 2) Operating expenses as a percentage of net revenues declined across all categories compared to the prior year periods. 3) Since its IPO, Profarma's stock price has generally tracked the broader Brazilian market, with some volatility.
3Q06 Results Presentation
- 2. Conference Call – 3Q06 Results
- 4. Profarma’s Overview Pharmaceutical Manufacturers Drug Retailers BA GO DF MG ES S RJ PRP SC • 8 Distribution Centers Distribution Centers • > 9,100 Orders Daily • Additional Value Added Services # 120 manufacturers # 23,800 served by Profarma Points-of-Sale Supplied by Profarma Profarma is the fastest growing wholesale distributor of pharmaceutical and personal care products in Brazil
- 5. Investiment thesis Positive Sector Dynamics Strong Multiple Financial Growth Performance Opportunities Experienced Management Key Player Team Proven Track Record
- 6. Highlights – 3Q05 vs. 3Q06 - Profarma’s IPO inaugurates company’s new moment - Trade of 17.8 million common shares at R$ 22.50 - Gross funding of R$ 401.0 million - Primary Offer of R$ 310.5 million - 3Q06 Gross Revenues of R$529 million, 16.4% growth over 3Q05 - Net Income totaled R$ 4.2 million, 20.8% more than in the 3Q05. - Adjusted EBITDA reached R$ 19.1 million, 11.4% up year-on-year.
- 7. Gross Revenues Growth R$ Million 12.9% 16.4% 25.1% 1,439 529 1,725 1,274 125 455 47 1,443 131 97 253 35 90 101 307 1,102 229 76 80 31 252 103 59 60 75 28 185 34 1,184 873 985 361 1,030 312 823 2003 2004 2005 9M2005 9M2006 3Q05 3Q06
- 8. Net Income R$ Million 33.6% 70.5% 12.0% 20.8% 10.6 5.9 8.9 8.0 4.2 3.5 9M2005 9M2006 3Q05 3Q06 Net Income Net Income, excluding expenses related to the IPO
- 9. Adjusted EBITDA Adjusted EBITDA (R$ Million) 31.4% 13.8% 11.4% 61.6 35.7 47.1 42.8 48.7 17.1 19.1 2003 2004 2005 9M2005 9M2006 3Q05 3Q06 % of Net Revenues 3.6% 3.7% 4.1% 4.3% 4.1% 3.8% 3.8% 2003 2004 2005 9M2005 9M2006 3Q05 3Q06
- 10. % of Net Revenues Operating Expenses General & Administratives 2.46% 2.23% 2.14% 2.16% 1.94% 2.14% 2.34% 2.02% 9M2005 9M2006 3Q05 3Q06 Comercial & Marketing General and Administratives 2.34% 2.22% 2.21% 2.24% 2.51% 2.83% 2.34% 2.50% Logistics & Distribution 2.93% 2.44% 2.49% 2.40% 2.92% 2.71% 2.88% 9M2005 9M2006 3Q05 3Q06 2.44% Comercial and Marketing Logistics and Distribution Operating Expenses 7.43% 6.45% 7.11% 7.56% 6.27% 7.01% 6.38% 6.27% 9M2005 9M2006 3Q05 3Q06 2003 2004 2005 9M2006 Operating Expenses
- 11. Market Follow-up (from October 25 through November 10) 127 126.7 126.2 124 123.6 123.3 123.6 121 119.2 118 117.8 120.0 114.4 115.6 115 111.1 112 109 106 104.3 Vol/Neg 104.5 103.8 104.5 102.2 103 102.9 100.9 100.2 99.2 101.1 99.4 98.3 102.8 102.4 102.6 102.6 100 100.8 99.6 98.8 98.8 100.0 97 98.0 25-Oct-06 26-Oct-06 27-Oct-06 30-Oct-06 31-Oct-06 1-Nov-06 3-Nov-06 6-Nov-06 7-Nov-06 8-Nov-06 9-Nov-06 10-Nov-06 Ibovespa IGC Profarma