Somente Inglês - Raia Drogasil

Goiânia- Av. 85
São Paulo – Shopping Bourbon
DROGASIL
Vila Leopoldina- S.Paulo
Brasilia Sudoeste 104
CITI & Deutsche Bank Meeting
DROG3 – March 05 , 2009
0
Brazilian Pharma Retail Market - Units, Sales in Reais & USD(000)
0,4
30.000
R$ 26.434
0,35
25.000
R$ 23.581
34,7%
R$ 21.453
0,3
R$ 19.232
20.000
0,25
R$ 17.259
24,0%
15.000
$14.669
$12.178
20,5%
$9.868
11,4%
10.000
23,4%
12,1%
11,5%
$7.955
0,2
0,15
9,9%
0,1
$5.905
5,6%
5.000
3,2%
0,05
4,5%
1.374
1.332
7,7%
1.517
1.436
1.634
0
0
2004
2005
2006
2007
2008
Source: DEZCEMBER 2008 - IMS Health
Value R$
Value USD
UNIT
R$ GROWTH
USD GROWTH
UNIT GROWTH
1
Expansion
Drogasil Stores in Brazil
Acquisition: Brasilia Drugstore chain with 24 :
stores D.F.( Feb 2008)
Acquisition : Espirito Santo 13 store locations.
( Feb, 2009)
Organic Growth: Acum Dec 2008- 22 Stores.
Net Addition: 45 Stores.
Minas Gerais
D.F.
256
258 Stores
211
67 cities in Brazil
151
4,6%
3,3%
3,5%
2004
2005
# Stores:
179
164
2006
Store Number
5,1%
5,3%
2007
2008
# Stores
27
27
Goiá
Goiás
EBITDA MARGINM-% Gross Revenue
# Stores:
19
Market Share- Medicines
Drug Market Share
Source: IMS Health - Distribution Report - RD
dez-07
dez/08
10,6%
9,3%
# Lojas:
10,3%
8,1%
- Metropolitan area:
- Inner Cities
6,2% 6,6% 6,2%
3,7%
São Paulo
185
121
64
Legenda
Distr. Center
4,3%
Stores
BRASIL
São Paulo
Minas
Gerais
Goiás
Distrito
Federal
2
DROGASIL: SAME STORE SALES
70%
58,8%
55,9%
60%
52,1%
47,5%
44,4%
50%
40%
30%
22,7%
19,1%
19,1%
15,6%
20% 14,3%
10%
18,0%
16,5%
15,5%
11,6%
12,3%
0%
2004/03
2005/04
2006/05 2007 / 06 2008 / 07
45,5%
41,1%
17,3%
14,6%
55,3%
49,0%
21,1%
22,3%
11,3%
14,9%
17,5%
17,0%
1Q08 /
1Q07
2Q08 /
2Q07
3Q08 /
3Q07
4Q08
/4Q07
DROGASIL
Total
+ 3 Years
- 3 Years
4Q07
4Q08
2008
2007
29.741
34.537
34.537
29.741
Sales Area- sq.m² - avg in the perio 29.465
34.052
33.360
26.422
Sales Area- sq.m² total eop
Number of Stores- eop
211
256
256
211
Number of Stores- avg in the period
203
252
233
192
Transactions quantity( 000)
9.092
11.118
40.626
33.520
Number of Store Employees- eop
3.714
4.571
4.571
3.714
3
DROGASIL: Same Store Sales – INDEX ANALYSIS.
Number of Stores on Dec, 2008: 256 stores
STORES
4 Q0 7
1 Q0 8
2 Q0 8
3 Q0 8
4 Q0 8
1 Q0 9
2 Q0 9
3 Q0 9
4 Q0 9
1 Q1 0
2 Q1 0
3 Q1 0
4 Q1 0
(+) 3 YEARS.
149
154
159
159
163
167
171
175
179
183
190
205
212
(-) 3 YEARS
30
29
28
35
47
47
48
72
77
75
68
53
46
Not Included in the Index
32
32
56
54
46
44
39
11
2
0
0
0
0
211
215
243
248
256
258
258
258
258
258
258
258
258
4
5
1
5
8
2
TOTAL
Organic Growth
Closed
Obs.:
- Vison Stores included as of April/ 2 0 0 8 .
4
Growth with Eficiency
2007
2008
Drugs
72,8%
Drugs
Generic
OTC
Generic
15,0%
73,6%
15,1%
OTC
19,1%
20,3%
64,5%
Branded
65,9%
Branded
Non Drugs
0,0%
0,0%
26,4%
27,2%
Non Drugs
20,0%
40,0%
60,0%
RECEIVABLE METHOD - 2008
35%
Cash
Cheques
Debit Card
Cheques Pré
Credit Card
Affiliate/Pbms
2%
21%
60,0%
80,0%
5%
33%
3%
40,0%
RECEIVABLE METHOD - 2007
5%
36%
20,0%
80,0%
4%
34%
2%
Cash
Cheques
Debit Card
Cheques Pré
Credit Card
Affiliate/Pbms
20%
5
Drogasil : Continuos Path Towards Excellence.
Second in ABRAFARMA Brazil ranking - 2008 revenue criteria .
Top 500 ed 2008: ranked in 365. Growth of 18 positions.
CORE COMPETENCES:
Transport & Logistics.
Number of Employees per area:
2006
2007
2008
201
220
245
Central Distr 271
314
411
Adm
Stores
2.989
3.714
4.571
Total
3.461
4.248
5.227
6
Working Capital Analysis: Inventory Days(1/2)
DIAS EM ESTOQUE - TOTAL
UNIDADES (MIL)
CD
Lojas
Total
80
57
57
56
51
53
53
55
54
50
49
38
50
58
59
56
55
52
24
52
52
54
57
56
56
24
53
23
54
52
23
52
52
28
30
28
29
54
55
58
60
61
62
64
67
70
26
23
22
23
23
25
27
29
30
29
28
19
20
22
20
28
21
24
22
24
26
27
25
24
22
22
31
31
30
30
30
32
32
32
28
27
28
30
30
22
35
34
33
31
31
31
32
32
31
31
30
29
29
29
20
35
30
28
33
40
10
abr/06
jul/06
out/06
jan/07
abr/07
jul/07
out/07
jan/08
abr/08
jul/08
out/08
7
Working Capital Analysis (2/2)
Gross Revenue Sales
Net Sales
Y2008
1.326.619
1.260.147
348.724
334.785
S/ Vd Bruta
4.548
61.994
8.464
(749)
30.528
4.771
218.120
0,3%
4,7%
0,6%
-0,1%
2,3%
0,4%
16,4%
4.548
61.994
8.464
(749)
30.528
4.771
218.120
Suppliers
Taxes
Salaries
Rentals
Tenure Entitlement
133.330
7.855
22.675
2.803
430
10,1%
0,6%
1,7%
0,2%
0,0%
133.330
7.855
22.675
2.803
430
Current Assets
Current Liabilities
327.677
167.094
W.I.>
Additional W.C>
160.583
102.534
20
Y2007
1.006.092
833.069
3Q 08
369.353
354.987
S/ Vd Bruta
Current Assets
Checks
Debit & Credit Cards
Others
(-) Provision for Bad Debt
Taxes to Recover
Difered Income Tax
Inventories
4Q 08
1,2%
16,8%
2,3%
-0,2%
8,3%
1,3%
59,1%
S/ Vd Bruta
4.524
57.704
8.312
(711)
27.362
3.745
161.275
1,3%
16,5%
2,4%
-0,2%
7,8%
1,1%
46,2%
4Q 07
3Q 07
278.471
230.208
258.440
214.231
S/ Vd Bruta
4.279
48.470
6.511
(476)
1.211
2.129
118.883
0,4%
4,8%
0,6%
0,0%
0,1%
0,2%
11,8%
S/ Vd Bruta
4.279
48.470
6.511
(476)
1.211
2.129
118.883
S/ Vd Bruta
1,5%
4.238
1,6%
17,4%
44.567
17,2%
2,3%
6.740
2,6%
-0,2%
-437
-0,2%
0,4%
6.599
2,6%
0,8%
2.766
1,1%
42,7%
114.162
44,2%
Current Liabilities
Days on Receivables
36,1%
2,1%
6,1%
0,8%
0,1%
327.677
167.094
12,1%
7,7%
160.583
37.165
19
85.343
26.626
24.276
2.455
93
24,5%
7,6%
7,0%
0,7%
0,0%
262.211
138.793
43,5%
10,1%
123.418
37.645
96.112
8.359
16.294
2.068
124
9,6%
0,8%
1,6%
0,2%
0,0%
181.006
122.958
18
58.048
7.194
21
35,4%
10,8%
96.112
8.359
16.294
2.068
124
34,5%
86.604
33,5%
3,0%
12.541
33,5%
5,9%
17.938
4,9%
0,7%
1.860
6,9%
0,0%
132
0,1%
181.006
122.958
5,8%
0,7%
58.048
(1.511)
18
178.634
119.075
20,8%
-0,5%
59.559
454
19
Inventories
81
72
57
71
64
66
Suppliers
50
44
30
57
51
50
Cash Cycle
52
47
35
30
45
23,0%
23,0%
35
8
DROGASIL : Financial Highlights
Gross Profit
GROSS REVENUE SALES31,9%
R$ milhões
% Gross Margin on Gross Sales
294,2
23,1%
30,0%
1.326,6
1.500,0
3 10 , 0
226,8
28,0%
2 60 , 0
1.300,0
1.100,0
900,0
184,5
26,0%
1.006,1
2 10 , 0
24,0%
817,5
22,0%
1 60 , 0
20,0%
700,0
1 10 , 0
18,0%
500,0
22,6%
16,0%
22,5%
22,2%
6 0, 0
14,0%
300,0
1 0, 0
12,0%
100,0
(100,0)
EBITDA GROWTH.(QoQ) X EV/EBITDA( L.12M)
2006
2007
(4 0, 0 )
2006
60%
23,1
CAGR 27,4%
51%
20,0
15,0
15,0
Net Profit (EX IPO)
R$ milhões
10,0%
200825,0
56,2%
57,5%
10,0
5,0
47%
13,4
11,7
27%13,2
15%
7,8
10%
7,2
8 ,0 %
3 0 ,0
2 5,0
2 0 ,0
15,0
3,9%
3,3%
2,5%
10 ,0
5,0
-
6 ,0 %
5,0 %
2007
% Gross Sales
2008
R$ milhões
37,0%
34,0%
70,2
80,0
2Q07
3Q07
4Q07
1Q08
2Q08
EBITDA GROWTH.
EV/EBITDA
3Q08
4Q08
70,0
50,0
40,0
3 ,0 %
30,0
2 ,0 %
20,0
1,0 %
10,0
30,0%
25,0%
51,3
60,0
4 ,0 %
0 ,0 %
2006
EBITDA (EX IPO) Ajdjusted
0%
7,0 %
20,8
20%
10%
10 ,0 %
0,0
9 ,0 %
32,8
3 5,0
Amount(R$ milhões)
30%
51,2
4 0 ,0
2008
40%
34%
17%
50%
2007
20,0%
38,3
15,0%
5,1%
5,3%
1,5%
10,0%
5,0%
-
0,0%
2006
2007
2008
EBITDA Margin
9
Performance BenchMark
Drogasil X Abrafarma
Monthly Sales Per Store
550,00
518,9
513,1
500,00
495,9
488,0
473,8
463,7
450,00
479,9
474,0
469,1
458,9
432,9
428,4
410,7
400,00
394,7
384,0
391,7
406,6
412,3
390,1
397,8
398,3
399,3
383,7
353,6
350,00
300,00
250,00
jan/08
fev/08
mar/08
abr/08
mai/08
jun/08
jul/08
Ab rafarma BR
ago/08
set/08
out/08
Drogasil X Abrafarma
TRANSACTIONS ( Tickets|)
133,6
130,0
116,7
115,6
108,1
119,2
119,8
122,2
118,9
100,0
96,5
103,5
100,0
90,0
108,2
102,5
22.000
122,5
21.577
110,0
109,8
110,2
112,5
103,9
108,7
16.000
22.589
22.789
18.470
18.274
23.661
22.972
23.414
22.407
22.515
22.841
18.403
18.307
18.285
20.187
19.000
17.500
17.968
18.849
18.036
18.904
22.151
19.610
16.505
17.609
14.500
13.000
94,1
11.500
80,0
ja n/08
25.317
25.000
20.500
110,3
108,0
26.500
23.500
110,0
100,0
dez/08
Drogasil X Abrafarma
Sales Per Employee
140,0
120,0
nov/08
Dro g as il
10.000
fe v/08
ma r/08
a br/08
ma i/08
Ab rafarma BR
jun/08
jul/08
a g o /08
se t/08
Dro g as il - To t al
o ut/08
no v/08
de z/08
jan-08 fev-08 mar-08 abr-08 mai-08 jun-08
Ab rafarma BR
jul-08 ago-08 set-08 out-08 nov-08 dez-08
Dro g as il
10
Performance BenchMark
ABRAFARMA
BRAZIL
2005
2006
2007
Gross SaSALES 6.269.404 6.804.195 7.892.692
Sales Growth
8,5%
Gross Profit
1.386.209 1.478.047 1.593.654
ABRAFARMA
(-) Drogasil
2005
2006
2007
DROGASIL
2005
2006
2007
5.610.861 5.986.682 6.886.601 658.543 817.513 1.006.091
16,0%
6,7%
15,0%
24,1%
1.237.043 1.293.531 1.366.820 149.166 184.516
23,1%
226.834
Gross Margin
22,1%
21,7%
20,2%
22,0%
21,6%
19,8%
22,7%
22,6%
22,5%
Net Profit
38.682
80.087
62.731
28.957
59.292
29.975
9.725
20.795
32.756
ROS
0,62%
1,18%
0,79%
0,52%
0,99%
0,44%
1,48%
2,54%
3,26%
136.970
168.167
141.770
113.565
129.916
90.505
23.405
38.251
51.265
2,47%
1,80%
2,02%
2,17%
1,31%
3,55%
4,68%
5,10%
EBITDA
EBITDA MARGIN 2,18%
Stores
dez-05
dez-06
dez-07
1869
1842
2017
ABRAFARMA -SP
660
630
684
DROGASIL
164
179
211
ABRAFARMA Brasil
11
Drogasil :Shareholders
SHAREHOLDERS PROFILE
in the FREE FLOAT
INTERNATIONAL
5 7 ,0 0 %
BRASIL
4 3 ,0 0 %
Carlos Pires Oliveira Dias
26,21%
Free Float
41,36%
Tantra Participações Ltda
10,34%
Managers
6,78%
Treasury
5,91%
Regimar Comercial S.A
9,40%
1
2
Nota:
1.
2.
3.
4.
5.
Tantra –Lafer Galvão Family(100%)
Oliveira Dias Family (100%)
Plano de Stock Option diluição até 3,0%
Share Price: R$8,80 ( January 27, 2009))
Buy Back completed: total of 3,706,696
shares in October 08, 2008.
Number of Outstanding Shares:
59.060 M shares
Market Cap: R$ 519,7 MM 4
12
120
R$ 14,0
100
R$ 12,0
120
R$ 14,0
100
R$ 12,0
R$ 10,0
80
R$ 10,0
80
R$ 8,0
R$ 8,0
60
60
R$ 6,0
R$ 6,0
40
20
0
set-08
out-08
nov-08
Rel Index SmallCap
R$ 4,0
40
R$ 2,0
20
R$ 0,0
0
dez-08
R$ 4,0
R$ 2,0
R$ 0,0
set-08
Preço Ação
out-08
nov-08
Rel.Index Mid Large Cap
dez-08
Preço Ação
DROGASIL: DROG3 PERFORMANCE
DROG3 ranked 172º in BM&FBovespa
volume criteria 2008.
20
DROG3 ADTV of R$1618 M (Feb2009)
15
DROG3 Performance : -29.18%
compared to
1.000
800
600
10
400
Ibovespa -41.98% YTD. Dec 2008..
MidlargeCap –29.39% YTD Dec 2008.
5
200
0
0
jan/05
fev/05
abr/05
mai/05
jun/05
ago/05
set/05
nov/05
dez/05
fev/06
mar/06
mai/06
jun/06
jul/06
set/06
out/06
dez/06
jan/07
mar/07
abr/07
jun/07
jul/07
ago/07
out/07
nov/07
jan/08
mar/08
abr/08
mai/08
jul/08
ago/08
out/08
nov/08
jan/09
SmallCap –43.42% YTD. Dec 2008.
Stock Price (R$)
Rel. Brazil: Bovespa
13
SELL SIDE ESTIMATIVES DROG3: Research Coverage
Valores ( R$000)
Gross Sales
2008 2009
Net Profit
2008
EBITDA
2009
2008
TP
2009
Capital Stock
59.060.064
Shares
Capital Stock
R$ 285.400,0
Million
28.042.074
Shares
BRADESCO 1.309
1.586
52.100
57.800
67.000
86.900 R$ 16,8
Free Float
ITAU
1.309
1.575
55.500
63.400
67.500
80.100 R$ 14,2
% Free Float
MORGAN
1.331
1.515
48.000
38.000
63.000
61.000 R$11,8
UNIBANCO 1.317
1.673
55.000
65.000
67.700
86.000 R$ 15,1
R$ 10.004,80
Million
IOC
YTD 2 0 0 8
R$ 19.422,00
Million
M arket Value
R$ 519.728,6
Million
Net Debt( Dec0 8 )
(R$ 84.730,0)
Million
E.V
R$ 434.998,6
Million
Phone
Victor Martins
(5511) 3175-7689
[email protected]
Português
BRADESCO
Fabio Monteiro/Ricardo Boiati
(5511) 2178-5318
[email protected]
Inglês
ITAU
Luciano Campos/Marcio Osako
(5511) 5029-4160
[email protected]
Inglês
(5511)3584-1675
[email protected]
Inglês
SAFRA
UNIBANCO
MORGAN STANLEY
Juliana Rozenbaum/Francine Martins
Alexandre Falcão/Flavio Queiroz
Reports
IN
(5511) 3048-6196 [email protected]
R$ 8,80
IOC & DIVIDENDS
FY 2 0 0 7
Investment
Analyst
BANCO/CTVM
E-Mail
Share Price Jan 2 7 , 2 0 0 9
41,36%
Inglês
14
NGO Sponsorship- Social Commitment
•Projeto Cegonha Drogasil
•Provides Baby Care basket & support to employees
that became mother
• Meu Primeiro Emprego,
opportunity for youngs to have their First Job.
• Projeto de Inclusão Social,
Opportunity for Disability Persons to have a job.
• AACD,
Treatment and rehabilitation programs for children and
adults with physical disabilities .
• Instituto WCF Brasil,
against child and adult abuse.
• Ação Comunitária,
Promotes social and education care for poor population
in São Paulo city.
• Doutores da Alegria,
Bring Joy and Happiness to Children in hospitals.
• Campanha do Agasalho,
Forward sweaters and blankets collected in Drogasil
stores to charity institutions.
• Fundação Abrinq,
Promotes citizenship of children and young adults.
• Projeto “Obra do Berço”,
Promotes education, health and social welfare to children
and their families.
Q&A
Drogasil S.A.
Avenida Corifeu de Azevedo Marques, nº 3.097
Vila Butantã – São Paulo
0533905339-900
http://www.drogasil.com.br/ir
Roberto Listik
Investor RelationsRelations- Manager
Tel.(5511) 37693769-5670
E-mail:
mail: [email protected]
Claúdio Roberto Ely
CEO & Investor Relations Director
E-mail:
mail: [email protected]
CITI & Deutsche Bank Meeting
DROG3 – March 05 , 2009
16