Bez tytulu slajdu

1
Financial results 4Q 2005 r.
Lódz , march 2006 r.
2
We keep our promises
Net Profit (PLN m)
2005
22,9
2004
3
PGFs Net profit growth
Net Profit (PLN m)
According to IAS and International GAAP.
According to polish law companies should use IAS
and IGAAP from the beginning of 2005
4
We keep our promises
Net margin ()
ROE ()
The highest ROE among polish listed wholesalers
According to IAS and International GAAP
5
2005 Achivements

• The highest sales in history
• The highest net profit in history
• We have build the biggest pharmacies group
  operating under the same brand (DoZ- Dbam o
  Zdrowie)
• We have finished main part of restructuring
  process of two companies acquired in 2004

6
PGF vs other listed pharmaceutical wholesalers

• The biggest marketing program in health care
  sector more than 1 milion households, more than
  800 pharmacies operating under DoZ brand
• We offer our partners value-added services
• PGF is very well prepared for further growth
• The highest ROE among polish listed
  pharmaceutical wholesalers
• The highest operating cash flow among polish
  listed pharmaceutical wholesalers
• The only listed pharmaceutical wholesaler that
  pays dividend

7
Plans for 2006

• Increasing number of pharmacies operating under
  DoZ brand
• Decreasing operating costs ratio
• Decreasing net debt
• Maintain high, two-digit, dynamics of net profit
  growth

8
Sales and operating costs
IVQ 2004 IVQ 2005 change y/y
I-IVQ 2004 I-IVQ 2005 change y/y
Sales ( PLN m)
Gross profit on sales ( PLN m) Gross
margin on sales()
6,9
3,2 -0,35 p.p. 8,0 0,08 p.p.
3 639,0
363,4 9,99 288,0 7,91
3 891,5
375,0 9,64 311,1 7,99
940,0
99,4 10,58 74,1 7,88
7,3
3,0 -0,43 p.p. 2,8 -0,33 p.p.
1 008,7
102,4 10,15 76,1 7,55
Total operating costs Operating costs ratio ()
Data comparable, according to IAS and
International GAAP
9
31.12.2004 31.12.2005
change y/y
Working capital
502,4
422,0 47,1 39,6
3,7
-0,5 -1,5 dnia -2,9 dnia
Stocks (PLN m)
Short-term accounts receivables (PLN m) Stock
rotation ratio (days) Short-term receivables
rotation ratio (days)
484,3
423,9 48,6 42,5
I-IV Q 2004 I-IVQ 2005 change y/y
Cash flow
59,8
-157,8 108,3 10,4
75,4
-51,6 -28,8 -4,9
Operating CF
Investing CF Financing CF Total net CF
26,0
-67,3
Data comparable, according to IAS and
International GAAP
10
Shareholders equity and debt
31.12.2004 31.12.2005 change r/r
Shareholders equity (PLN m)
Total debt (PLN m) Cash
and short term investments (PLN m) Net debt (PLN
m) debt / equity debt / EBIDTA
187,0
358,1 43,6 314,5 1,68 3,90
13,2
5,9 -11,3 8,3 -4,3 -4,3
211,6
379,2 38,6 340,6 1,61 3,73
Data comparable, according to IAS and
International GAAP
11
Profit and margins
I-IVQ 2004 I-IVQ 2005 change y/y
IVQ 2004 IVQ 2005 change y/y
PLN m
EBITDA EBIT Gross profit Net profit attributable
to equity holders EBITDA margin EBIT
margin Pre-tax margin Net margin
80,6 67,7 64,4 47,7 2,22 1,86 1,77 1,31
13,1 9,9 10,5 9,2 0,13 p.p 0,05
p.p. 0,06 p.p. 0,03 p.p.
91,2 74,4 71,1 52,1 2,34 1,91 1,83 1,34
11,0 10,5 10,1 6,5 1,17 1,12 1,07 0,69
183,1 153,8 142,5 156,9 1,11
p.p 1,52 p.p. 1,35 p.p. 0,96 p.p.
31,1 26,6 24,5 16,7 3,09 2,64 2,43 1,66
Data comparable, according to IAS and
International GAAP