Profarma 4 q11

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Profarma 4 q11

  1. 1. 1
  2. 2. 4Q11 and 2011 Earnings Release March, 14th, 2012 2
  3. 3. Highlights in the Period• Profarma celebrated the 5th anniversary of its IPO in the year of its own 50th anniversary. Based on its results-oriented cultureand practical initiatives designed day by day, the Company seeks to continue consolidating its prominent position in thedistribution industry in Brazil;• In 2011, Profarma took a major stride in its growth strategy by acquiring Prodiet Farmacêutica. In the first quarter after theacquisition (4Q11), Prodiet recorded gross operating revenues of R$ 84.2 million and EBITDA margin of 4.6%, which helpedProfarma improve its profitability and fuel its long-term sustainable growth;• Concerning the Company’s organic growth, it is worth noting the health and beauty segment, whose sales rose for the eighthstraight quarter. There was a year-over-year increase of 63.9%;• It is also worth noting the generics category, whose sales climbed by 19.9% year-over-year;• Consolidated operating expenses fell by 0.4 percentage point in relation to 2010 and totaled 7.3% of net operating revenues;• The positive consolidated operating cash flow amounted to R$ 29.9 million in 2011, or 1.1% of net operating revenues;• Sales through electronic orders reached an all-time high and accounted for 69.7% of total sales in 2011. 3
  4. 4. Gross Revenues Evolution (R$ million) 3,317.0 3,132.8 928.5832.34Q10 4Q11 2010 2011 4
  5. 5. Gross Revenues Breakdown(R$ Million) 4Q11 4Q10 Chg. % 2011 2010 Chg. %Branded 536.6 554.6 -3.3% 2,083.0 2,083.4 0.0%Generic 82.1 59.6 37.6% 263.1 219.5 19.9%OTC 129.1 151.4 -14.7% 545.8 590.8 -7.6%Health and Beauty Products 66.4 43.9 51.2% 233.2 142.3 63.9%Hospitals and Vaccines 114.3 22.7 404.2% 191.9 96.6 98.7%Total 928.5 832.3 11.6% 3,317.0 3,132.8 5.9% 5
  6. 6. Gross Profit and Revenues from Services to Suppliers (R$ million and % Net Revenues) 10.6% 10.7% 10.1% 10.2% 100.3 123.9 181.1 163.7 28.4 45.0 41.7 38.6 4Q10 4Q11 2010 2011Gross Profit Revenues from Services to Suppliers Gross Profit Margin(%) 6
  7. 7. Operating Expenses - SGA (R$ million and % Net Revenues) 7.7% 7.3%7.4% 7.0% 202.0 204.551.5 55.74Q10 4Q11 2010 2011 7
  8. 8. Ebitda and Ebitda Margin (R$ million and % Net Revenues) 3.2% 3.0%2.7% 2.7% 79.9 75.9 25.118.64Q10 4Q11 2010 2011 8
  9. 9. Net Financial Expenses (R$ million and % Net Revenues) 1.1% 1.1% 1.1%0.9% 31.2 28.6 8.46.14Q10 4Q11 2010 2011 9
  10. 10. Net Profit (R$ million and % Net Revenues)1.5% 1.1% 1.3% 1.0% 34.4 28.910.5 8.74Q10 4Q11 2010 2011 10
  11. 11. Summary of Cash Flow(R$ Million) 4Q11 4Q10 Chg. % 2011 2010 Chg. % Cash Flow Generated / (Used) in Operating Activities 15.1 (21.3) - 29.9 44.4 -32.7% Internal Cash Generation 17.7 22.2 -20.6% 66.4 67.9 -2.2% Operating Assets Variation (2.6) (43.5) 94.0% (36.5) (23.5) -55.5% Trade Accounts Receivable (106.1) (16.4) -546.6% (75.3) (40.6) -85.3% Inventories (71.2) (64.7) -10.0% (31.6) (1.2) -2,546.2% Suppliers 194.7 68.5 184.2% 67.2 45.1 48.8% Other Items (20.0) (30.9) 35.2% 3.3 (26.8) - Cash Flow (Used) in Investing Activities (10.4) (3.3) -215.0% (15.9) (8.1) -96.3% Cash Flow Generated / (Used) by Financing Activities (2.5) (15.5) 83.9% (2.7) (43.8) 93.9%Net Increase / (Decrease) in Cash 2.2 (40.1) - 11.2 (7.5) - 11
  12. 12. 4Q10 4Q11 Cash Cycle - Days * 49.0 48.0 Accounts Receivable (1) 43.6 46.0 Inventories (2) 52.0 48.9 Accounts Payable (3) 46.6 46.8 * Average(1) Average of Gross Revenues in the Quarter(2) Average of COGS in the Quarter(3) Average of COGS in the Quarter 12
  13. 13. Indebtedness: Net Debt and Net Debt / Ebitda* (R$ million) 1.4x 1.6x 118.9 108.7 2010 2011* Ebitda = accumulated last 12 months 13
  14. 14. Capex (R$ million and % Net Revenues) 0.5% 0.5% 0.3% 0.3% 9.3* 8.3 3.5 3.7 4Q10 4Q11 2010 2011* Prodiet investiments are not included. 14
  15. 15. Service Level Logistics E.P.M. (Units served / Units Requested) (Errors per Million) 184.0 90.1% 170.0 89.3% 89.3% 150.088.1% 114.04Q10 4Q11 2010 2011 4Q10 4Q11 2010 2011 15
  16. 16. Profarma vs Ibovespa - % 4Q11115110 108 108105100 95 90 85 30-Sep-11 30-Oct-11 29-Nov-11 29-Dec-11 Ibovespa Profarma 16 16
  17. 17. Analyst CoverageCompany Analyst Telephone E-mail Javier Martinez de Olcoz Cerdan (1 212) 761-4542 javier.martinez.olcoz@morganstanley.comMorgan Stanley Clarissa Berman (55 11) 3048-6214 clarissa.berman@morganstanley.comMerrill Lynch Mauricio Fernandes (55 11) 2188-4236 Mauricio.fernandes@baml.comCredit Suisse Marcel Moraes (55 11) 3841-6302 marcel.moraes@credit-suisse.com Marcio Osako (55 11) 3073-3040 marcio.osako@itausecurities.comItaú BBA Juliana Rozenbaum (55 11) 3073-3035 juliana.rozenbaum@itausecurities.comBanco Fator Iago Whately (55 11) 3049-9480 iwhately@bancofator.com.brRaymond James Guilherme Assis (55 11) 3513-8706 guilherme.assis@raymondjames.comBTG Pactual João Carlos dos Santos (55 11) 3383-2384 joaocarlos.santos@btgpactual.com Andre Parize (55 11) 5171-5870 andre.parize@votorantimcorretora.com.brVotorantim Marco Richieri (55 11) 5171-5873 marco.richieri@votorantimcorretora.com.br 17
  18. 18. Contatos RI IR Contacts Max Fischer | Diretor Financeiro e de RI Max Fischer | CFO and IRO Beatriz Diez | | IR Manager Beatriz Diez Gerente de RI 18Telefone.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri Phone.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri

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