UNIBANCO ROADSHOW Rio de Janeiro- DROG3

Сomentários

Transcrição

UNIBANCO ROADSHOW Rio de Janeiro- DROG3
São Paulo – Shopping Bourbon
Goiânia- Av. 85
Sorocaba
UNIBANCO
&
DROGASIL
UNIBANCO ROADSHOW Rio de JaneiroDROG3 - July 22, 2008
0
Presenters
Presenters
Cláudio Roberto Ely
CEO & Investor
Relations Director
Brief Profile
Drogasil President for last 10 years.
Chief of Planning & Control Division at Camargo Correa Construction.
CEO for Banco Geral do Comércio. CEO for Camargo Correa Metais.
Bachelor´s Degree in Civil Engineering from Universidade Federal Rio Grande
do Sul
Roberto Listik
IR manager since 2007.
Investor RelationsManager
Thomson Financial, Euromonitor representative for Brazil and Latin America
Regions. Financial Career developed at Chase,Citibank , Banco Cidade and
EDS in senior positions.
Bachelor´s Degree and Post Graduated Studies from Fundação Getúlio
Vargas- S.Paulo Brazil.
1
Drogasil: Snapshot
Pharma Retail Leader in Brazil
Overview
Drogasil Stores in Brazil
Drogasil has 73 years of presence in pharma
cosmetics retail in Brazil.
Top 500, ed 2008: ranked 365. Moved up 18
positions.
D.F.
Minas Gerais
Second Largest drugstore chain S.Paulo.
# Stores:
24
4th largest drugstore chain in Brazil
# Stores
Logistics and Transport
Goiás
Goiá
Goiás
Geographic coverage on 1,000km over 4
Brazilian States. 43 vehicles – own fleet..
# Stores:
25
19
245 Stores
Minas Gerais
DROGASIL Market Share-
as of March
São Paulo
9,65%
8,46%
6,51%
5,86%
5,71%
3,73%
São Paulo
3,26%
1,42%
# de Stores:
Brasil
S.Paulo
Minas
Gerais
Source: IMS Health- Distr.Report- RD
GOÍAS
- metropolitan area:
- Inner Cities
177
117
Legenda
60
Central Distribution
Stores
2007
2008
Nota:
1
As of March 2008, according to IMS Institute.
2
Drogasil :Shareholders
C a r l o s P i r e s Ol i v e i r a
Dia s
26,2%
Fre e Fl o a t
45,8%
Ta n t r a P a r t i c i p a ç õe s
Lt d a
10 , 3 %
Ma n a g e r s
6,8%
Re g im a r Co m e rc ia l
Tr e a s u r y
1, 5 %
S .A
9,4%
5
Note:
1.
2.
3.
4.
5.
Tantra - Lafer Galvão Family (100%)
Oliveira Dias Family (100%)
Stock Options dilution up to 3,0%
Stock Price calculated at R$15,0 ( June 23, 2008)
ShareHolders basis as of March 31, 2008. Buy Back in the total of
914.580 shares.
Outstanding Shares as of March 31, 2008:
61.859 M shares
Market Value: R$ 927,8 MM 4
3
KEY DRIVERS TOWARDS DROGASIL GROWTH
Consistent GDP Growth
+
10,0%
Actual Growth on Population Income
+
GROWTH
Generic Drugs penetration growth
+
Brazilian population life expectancy growth
+
Growing presence women in labour market
+
“ Life Style” Drugs patent expiration in 2008-09.
+
Formal Economy: Tax Evasion Reduction.
4
BRAZILIAN PHARMA & C.F.T Markets- Main Indicators
Pharma Market - Brazil nominal sales
C.F.T. MARKET in Brazil- m.s.p. values
30.000
25.000
30
17,5 19,6
15,4
11,5 13,5
20.000
20
15.000
28127,1
25908,2
23883,3
20190,1
10.000
16934,3
14985,1
13427,7
12281,7
11847,5
5.000 9210,310064,7
0
10
6,6
7,5
8,3
9,7
1997 1998 1999
2000
2001
2002 2003
5,9
5,5
0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Source: Febrafarma (R$000)
Elab o ração : Brad esco
2005
2006
2007
R$ Billions
VOLUME DE VENDAS NO COMÉRCIO VAREJISTA - ARTIGOS FARMACÊUTICOS, MÉDICOS, ORTOPÉDICOS,
DE PERFURMARIA E COSMÉTICOS - CRESCIMENTO ACUMULADO EM 12 MESES
Fonte: IBGE/PMC
2004
DROGASIL
1Q07
1Q08
2007
2006
Sales Area - M² Total - eop
25.015
30.020
29.391
24.456
Sales Area - M² Total - avg perio
24.735
29.705
26.422
23.131
Number of Stores -eop
183
215
211
179
Number of Stores - Avg period
181
213
192
172
Qty transactions (in mil ions)
7.528
9.039
33.520
28.603
Store Employees Number - eop
3.061
3.803
3.061
3.803
11,5%
10,83%
10,5%
9,87%
9,5%
8,95%
8,5%
7,21%
7,5%
6,44%
6,31%
6,5%
6,83%
5,68%
5,5%
4,99%
4,39%
4,5%
4,33%
3,5%
3,50%
3,29%
mar/08
dez/07
set/07
jun/07
mar/07
dez/06
set/06
jun/06
mar/06
dez/05
set/05
jun/05
mar/05
dez/04
2,5%
5
Brand Loyalty – Consumer Respect- Intrinsic Values
… Suppliers
… Clients
Chain of choice of our suppliers in new
launchings
Drogasil increases its relevance as
distribuition channel for C& T + Pharma
Industry.
Scalability
7 milhões
TNS INTERSCIENCE AWARD
•Affiliate
Programs.(Drogasil
convênios)
•Affiliate Cards.
• Delivery(Fone
Farmácia).
•Drogasil Credit Card
( Cartão de Crédito)
Strategic Points of Presence.
Geographic Predominance.
64 cities
in Brazil
(MAR/08)
…
6
Expansion - New Markets- Selective and Accretive Acquisitions
Store Locations: Drogalins: 10 Store
Locations in Goiania City( August 21,
2007).
Company: Drogaria-Vison: Drugstore
chain acquisition with 24 Stores in
Brasilia D.F.
Organic Growth: YTD July 08- 11 stores.
Drogasil: Expansion with Consistent Financials
239
6,1%
211
Drogasil Presence
151
164
179
4,6%
3,3%
3,5%
2004
2005
2006
Number STORES
5,6%
183
5,1%
4,2%
2007
1Q07
3,7%
1Q08
EBITDA MARGIN-% Gross Revenue
7
Drogasil : Continuous Training Towards Service Excellence
115,000 hours of training in 2006.150,000 hours of training in 2007.
42 hours training per employee in 2006. 40 hours training per employee in
2007
775 pharmacists (as of July 14,2008) for 245 stores. Pharmacists available
during stores working hours.
Scholarship programs : Granted 55 scholarships for College Programs.
Number of Employees per area.
2006
2007
2008
st
2008
1 Q
2Q08
Adm
201
220
224
227
C.D.
271
314
366
380
Stores
2.989
3.714
3.803
4.395
Total
3.461
4.248
4.393
5.002
8
DROGASIL : 2nd Q 2008- Major Topics
Stocks Buy- Back Program: up to 3,7mm DROG3 stocks repurchase. On
1stQ08=R$11,6MM for 908,0M Shares.
Drogaria VISON : Merger as of June 30, 2008. DROGASIL presence in
Brasilia(DF)as of July 2008.
EBITDA RECONCILIATION
1Q08
PARENT COMPANY
Accum ulated Incom e
Depreciation and am ortization
Net Interes t Incom e( Expens es )
Non Operating Incom e
Corporate Incom e Tax and Social Contribution
EBITDA
EBITDA MARGIN (% ON GROSS REVENUE)
GROSS SALES REVENUE
CURRENT EBITDA
MARGEM EBITDA (% SOBRE RECEITA BRUTA)
EQUITY
9.551
9.551
3.952
3.544
3.578
2.463
(5.206)
(6.670)
(95)
EBITDA MARGIN (% ON GROSS REVENUE)
(98)
763
(40)
2.884
2.884
2.185
10.678
9.245
9.323
3,8%
3,2%
4,2%
278.784
290.905
222.653
10.678
9.245
9.323
3,8%
3,2%
4,2%
666
1.475
DISCOUNTS ON PURCHASES- SUBSIDIARY
EBITDA BEFORE
1Q07
Consolidated
11.344
4,1%
10.720
3,7%
9.323
4,2%
9
DROGASIL : 2nd Q 2008- Major Topics: Substituição Tributária- VAT
Advance.
Departamento Relações com Investidores
The ICMS(VAT) Systematic- A Comparison
- São Paulo
DEBIT
CREDIT
VAT
COLLECTED
SALE
BUY
PRICE= TAX BASIS
Supplier
DISCOUNT
Purchase Price
ICMS CREDIT
ICMS Retido= VAT ADVANCED
TAX BASIS (38,24% )=Tax Basis Price Reference
ICMS DEBIT
Custo=COGS
Venda= Sales
PMC= GROSS SALES
DISCOUNT
Sales Price= Preço de Venda
ICMS DEBIT
Venda Líquida=NET SALES
ICMS ST <> Preço Praticado x Base Retenção
MARGIN VALUE
Gross Margin Calc ( Compared to Net Sales)
Gross Margin Calc ( Compared to Gross Sales)
ICMS DEBIT
ICMS CREDIT
ICMS VAT ADVANCED
ICMS ST <> Preço
Total
0%
18%
100,00
100,00
(18,00)
82,00
0%
138,24
138,24
(24,88)
113,36
18%
Eduardo Bontempo
31,36
27,66%
22,68%
(24,88)
18,00
(6,88)
SUBSTITUIÇÃO
TRIBUTÁRIA
100,00
0%
100,00
18%
(18,00)
6,88
138,24
18%
24,88
106,88
0%
138,24
138,24
Drogasil VAT added to COGS =
R$29,7MM
DROGASIL ICMS nas
Vendas ( VAT on
Sales)=drop from
15.5% on 1Q07 to 7.2% on 1Q08
138,24
31,36
22,68%
22,68%
(6,88)
(6,88)
(1)DRUGS
3 Categories for Drugs- Price Reference Basis(Mark-Up Basis) for VAT Calculation under " Substituição"
38,24% - Drug products that collect Pis/Pasep and Cofins taxes( also denominated positive list).
33,00% - Drug products that does not collect Pis/Pasep and Cofins taxes(also denominated negative list)
41,38%- Drug Product is under no classification for Pis/Pasep and Cofins taxes( also denominated neutral list).
(1)Cosmetics & Toiletries.
Price Reference Basis(Mark-Up Basis) for VAT Calculation under " Substituição"
CAT 8 as of January 31, 2008
Parfums: 165,55%
Deo Colonies, Skin Care, Permanents, products: 71,60%( any C& T product subject to previous icms-vat @ 25% )
Hair Care, Oral Care, Bath & Shower, Men´s Toiletries, Baby Care:38.90%( any C&T product subject to previous icms -vat @ 12%or18% )
10
DROGASIL : 2nd Q 2008- Major Topics: INTEREST ON OWN
CAPITAL & DIVIDENDS
R$ 12,000
60%
R$ 10,005
50%
49.1%
46.2%
R$ 9,000
40%
35.2%
35.8%
33.8%
35.7%
34.6%
R$ 5,931
28.5%
30%
R$ 5,022
20%
R$ 6,000
R$ 3,366
R$ 2,824
R$ 2,848
R$ 3,000
R$ 2,354
10%
R$ 1,412
R$ 0
0%
2002
2003
2004
2005
2006
2007
Interest on Own Capital & Dividends
1Q07
1Q08
% Net Income
11
DROGASIL : 2nd Q 2008- Major Topics: Transport in S.Paulo Metropolitan
Area
40 Stores in “ The S.Paulo New Metropolitan Perimeter” established.
12 Stores : 24 Hours working period.
28 Stores: Delivery service during noon period.
DELIVERY period extended. 1 additional shift.
Additional work force:12 employees allocated at Central Distribution.
Sprinter vehicles: 10( free transit)+ 5 Urban Vehicle+ 28 Trucks.
12
Financial Highlights
Sales Mix % Gross Sales Breakdown – 1ST Q2008
Sales Mix % Gross Sales Breakdown –1ST Q2007
1Q08
1Q07
72,9%
Drugs
Generic
OTC
65,6%
27,1%
20,0%
19,8%
OTC
19,2%
Branded
0,0%
15,3%
Generic
15,2%
Non Drugs
73,5%
Drugs
40,0%
64,9%
Branded
26,5%
Non Drugs
60,0%
80,0%
0,0%
20,0%
40,0%
60,0%
80,0%
5%
36%
34%
C as h
C he c ks
Receivables Method – 1st Q 2008
D e b i t C a rd
P re D a t e d C he c ks
C re d i t C a rd
A f f il ia t e P ro g ra ms / P b ms
2%
4%
19 %
13
DROGASIL: SAME STORE SALES
58,8%
55,9%
45,50%
47,5%
44,4%
22,7%
19,1%
18,0%
14,3%
16,5%
11,6%
2004/03
15,6%
12,3%
2005/04
Total
2006/05
More than 3 years
2007/2006
14,60%
11,30%
1Q08 / 1Q07
Less than 3 years
14
DROGASIL: Same Store Sales Index Analysis
Number of Stores at Year end:211 Stores.
Drogaria Vison acquisition: Feb, 2008.
STORES
dez-07 mar-08 jun-08
set-08 dez-08 mar-09 jun-09 set-09 dez-09
(+) 3 Years.
149
154
160
160
164
168
172
176
180
(-) 3 Years
30
29
27
35
47
77
73
69
65
Not Included in the Index
32
56
56
50
34
0
0
0
0
211
239
243
245
245
245
245
245
245
4
5
1
2
TOTAL
Organic Growth
Closed
15
Growth with Efficiency
CAGR:24,4%%
GROSS REVENUE
R$Million
26,0%
1.000,0
900,0
23,1%
GROSS MARGIN
24,1%
1.006,0
30%
R$ 250
817,5
R$ 200
800,0
658,5
700,0
30,7%
600,0
522,8
23,1% 22,6%
22,7%
21,3%
22,5% 22,5%
R$ 150
500,0
226,8
400,0
300,0
R$ 100
290,9
184,5
222,6
120,9
R$ 50
200,0
50,6
100,0
149,1
62
10%
R$ 0
-
1Q07 1Q08
2004 2005 2006 2007
20%
1Q071Q08
2004 2005 2006 2007
Value R$millions
Gross Margin-% on Gross Revenue
16
Growth with Efficiency- Performance
Drogasil X Abrafarma- BRASIL
Monthly Sales Per Store
500
464
450
400
364
350
300
250
281
270
200
150
ma r/ 0 4
jun/ 0 4
s et/ 0 4
dez/0 4
ma r/ 0 5
jun/ 0 5
s et/0 5
dez/0 5
ma r/ 0 6
jun/ 0 6
Abrafarma - Br
s et/ 0 6
dez/0 6
ma r/ 0 7
jun/ 0 7
s et/0 7
dez/0 7
ma r/ 0 8
Drogasil - Br
Drogasil X Abrafarma
Sales Per Employee
25.000
22589
23.500
22.000
20.500
19.000
17692
17.500
16.000
14.500
13.000
11.500
10.000
mar/07
abr/07
m ai/07
jun/07
jul/07
ago/07
set/07
Ab rafarma BR
out/07
nov/07
dez/07
jan/08
fev/08
m ar/08
Dro g as il
17
Growth with Efficiency
CAGR:60,7%%
CAGR:42,5%%
57.5%
NET PROFIT
32,8
35,0
EBITDA
R$ miillions
34.0%
4,0%
60,0
51,3
3,2%
3,2%
3,0%
25,0
20,8 2,5%
22.3%
20,0
141.6
7,9
9,7
1,4%
3,3%
30,0
1,0%
10,0
-
0,0%
1Q08
2004
2005
2006
2007
4,0%
3,5%
23,4
17,7
20,0
4,0
1Q07
38,3
15.0%
1,5%
9,6
10,0
5,0
4,6%
4,2%
3,7%
1,8%
5,1%
32.2%
50,0
40,0
2,0%
15,0
6,0%
63.4%
113.8%
30,0
9,3
2,0%
10,7
-
0,0%
1Q07
1Q08
2004
2005
2006
2007
% on Gross Revenue
R$ MM
% Gross Revenue
18
Growth with Efficiency
EBITDA GROWTH (YOY) X EV/EBITDA( L12M)
50
EBITDA Growth x Sales Growth
16.000
40%
34%
43,8
190%
R$ 14.815
14.000
40
R$ 14.353
R$ 12.814
30%
12.000
10.000
30
20
197%
17%
10%
15%
19,3
R$ 9.323
90%
6.000
13,4
10
20%
8.000
10,0
10%
4.000
27%
2.000
0
0%
2Q07
3Q07
EBITDA YOY
140%
R$ 10.720
4Q07
EV/EBITDA
1Q08
22%
10%
17%
28%
34%
23%
31%
40%
15%
-10%
0
1Q07
2Q07
EBITDA Growth
3Q07
4Q07
Sales Growth
1Q08
EBITDA
19
25
24
24
24
18
25
24
22
20
20
28
31
38
52
50
52
57
55
54
56
52
52
64
63
62
60
58
56
56
54
52
49
52
54
52
53
55
57
54
55
56
53
59
67
68
66
72
CD
21
24
24
24
26
28
33
48
50
46
53
52
54
52
56
61
61
DIAS EM ESTOQUE - TOTAL
UNIDADES (MIL)
22
27
30
29
27
22
22
22
24
23
23
25
22
22
22
23
22
22
21
23
42
58
58
62
60
59
58
58
58
68
80
35
33
55
55
54
58
59
61
59
60
61
62
65
69
70
Menu
24
29
27
29
24
24
26
27
28
30
33
50
44
60
27
29
28
30
29
30
32
29
40
36
38
41
48
49
50
48
50
70
23
35
32
34
34
30
35
33
31
31
31
28
28
32
28
32
31
28
31
30
30
29
29
29
27
29
29
32
32
27
31
29
32
30
31
32
30
31
31
33
33
31
33
31
33
31
32
32
31
34
30
32
31
29
32
32
33
30
31
30
30
30
29
31
29
26
28
27
20
18
18
17
30
25
25
26
23
22
Working Capital Analysis: Days on Inventory
Lojas
Total
10
jun-02 set-02 dez-02 mar-03 jun-03 set-03 dez-03 mar-04 jun-04 set-04 dez-04 mar-05 jun-05 set-05 dez-05 mar-06 jun-06 set-06 dez-06 mar-07 jun-07 set-07 dez-07 mar-08
20
DROGASIL: DROG3 PERFOMANCE
Volume in Reais - SharePrice DROG3
R$ 20.000
R$ 18,0
R$ 18.000
R$ 16,0
R$ 14,0
R$ 14.000
R$ 12,0
R$ 12.000
R$ 10,0
R$ 10.000
R$ 8,0
R$ 8.000
R$ 6,0
R$ 6.000
R$ 4,0
R$ 4.000
R$ 2,0
R$ 2.000
R$ 0
ago-07
DROG3
VOLUME REAIS
R$ 16.000
set-07
out-07
nov-07
dez-07
jan-08
Volume
fev-08
mar-08
abr-08
mai-08
jun-08
R$ 0,0
jul-08
Price Avg
1000
20,0
DROG3 was ranked the 156 Bovespa most
traded share YTD
June 2008.(source: Bovespa)
15,0
DROG3 ADTV in USD1,7MM (July 08)
10,0
800
600
400
Performance DROG3 : +14.61% compared to
5,0
200
0,0
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
Ibovespa +1.84% YTD June08.
Stock Price (R$)
Rel. Brazil: Bovespa
21
DROG3: Research Coverage.
Broker
Investment
Analyst
Phone
E-Mail
Reports
Produced in
SAFRA
Victor Martins
(5511) 3175-7689
[email protected]
Portuguese
BRADESCO
Ricardo Boiati
(5511) 2178-5326
[email protected]
English
UBSPACTUAL
Jander Medeiros
(55 21)3262-9637
[email protected]
English
BULLTICK
Diana Litewski
(5511)3089 -8746
[email protected]
English
ITAU
Luciano Campos/Marcio Osako
(5511) 5029-4160
[email protected]
English
PROSPER
Alan S. Cardoso
(5521) 2138-8465
[email protected]
Portuguese
(5511)3584-1675
[email protected]
English
UNIBANCO
Juliana Rozenbaum/Francine Martins
22
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 RelationsRelations- Director
E-mail:
mail: [email protected]
UNIBANCO ROADSHOW Rio de Janeiro- DROG3
July 22, 2008- DROG3
23

Documentos relacionados

healthcare 1st trip

healthcare 1st trip Stocks Buy- Back Program: up to 3,7mm DROG3 stocks repurchase. Drogaria VISON acquisition. DROGASIL presence in Brasilia(DF). Interest on Own Capital & Dividends.

Leia mais

DROGASIL

DROGASIL CEO of GL Holdings S/A. Shareholder and Member of the Board of Drogasil S/A since 1994. Partner of Klabin Irmãos & Cia. Member of the Board of Klabin Group. Board Member and Director of ABRASCA (Br...

Leia mais

Somente Inglês - Raia Drogasil

Somente Inglês - Raia Drogasil 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.

Leia mais

UBS 21ST ANNUAL GLOBAL HEALTHCARE

UBS 21ST ANNUAL GLOBAL HEALTHCARE 34 stores open 24 hours. 284 street stores. 1 Delivery. 1,116 pharmacists. 6,552 employees in store operation. Total : 7,561 employees Sales area: 44,779 sq. m². Average sales area: 136 sq. m² Aver...

Leia mais