UNIBANCO ROADSHOW Rio de Janeiro- DROG3
Transcrição
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
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