Profarma apresentacao 1_q11

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Profarma apresentacao 1_q11

  1. 1. 1
  2. 2. 1Q11 Earnings Release May, 11th, 2011 2
  3. 3. Highlights in the Period• In May 2011, Profarma celebrates its 50th Anniversary. The Company’s result-oriented culture, coupled with a long-termvision based on everyday practical and objective initiatives, will be crucial to continue consolidating its position in thepharmaceutical distribution industry in Brazil;• A rise of 1.7% in the consolidated gross revenues when compared to the same period in the previous year, totaling R$778.8 million;• Highlight for the Health and Beauty category, which showed growing sales for the fifth consecutive quarter, and anoutstanding increase of 78.0% in comparison with the same period in the previous year;• A drop of 31.4% in the EPM (Errors Per Million of shipped units), which changed from 210.0 recorded in the 1Q10 to 144.0in the 1Q11;• The annual prices increase occurred in March 31, 2011 was 4.6%, in line with the inflation accrued over the last 12months. This is the second higher price increase over the last five years. 3 3
  4. 4. Gross Revenues Evolution (R$ Million) 832.3766.0 778.81Q10 4Q10 1Q11 4 4
  5. 5. Gross Revenues Breakdown(R$ Million) 1Q11 1Q10 Chg. % 4Q10 Chg. %Branded 507.1 511.7 -0.9% 554.6 -8.6%Generic 54.5 51.6 5.6% 59.6 -8.7%OTC 148.7 148.4 0.2% 151.4 -1.8%Health and Beauty Products 47.6 26.8 78.0% 43.9 8.5%Hospitals + Vaccines 21.0 27.6 -24.1% 22.7 -7.6%Total 778.8 766.0 1.7% 832.3 -6.4% 5 5
  6. 6. Market Share Evolution (%) 11.5 11.7 10.9* 10.9* 10.4* 10.2* 9.6 9.9* 2006 2007 2008 2009 2010 1Q10 4Q10 1Q11*Excluding the similar’s effect Source: IMS and Profarma 6 6
  7. 7. Gross Profit and Revenues from Services to Suppliers (R$ million and as % Net Revenues) 10.4% 10.1% 9.6% 20.0 28.4 24.0 46.5 41.7 39.1 1Q10 4Q10 1Q11Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%) 7 7
  8. 8. Operating Expenses (R$ million and as % Net Revenues)7.5% 7.4% 7.7% 51.5 50.748.11Q10 4Q10 1Q11 8 8
  9. 9. Ebitda and Ebitda Margin (R$ million and as % Net Revenues)2.8% 2.7% 1.7%17.9 18.6 10.91Q10 4Q10 1Q11 9 9
  10. 10. Net Financial Expenses (R$ million and as % Net Revenues) 0.9% 1.1%0.8% 7.2 6.05.41Q10 4Q10 1Q11 10 10
  11. 11. Net Profit (R$ million and as % Net Revenues)1.2% 1.5% 0.3% 10.57.8 2.21Q10 4Q10 1Q11 11 11
  12. 12. CASH FLOW(R$ Million) 1Q11 1Q10 Chg. % 4Q10 Chg. %Cash Flow Generated / (Used) in Operating Activities (80.2) (43.2) -85.5% (21.3) -276.6% Internal Cash Generation 10.4 18.6 -43.9% 22.2 -53.2% Operating Assets Variation (90.6) (61.8) -46.6% (43.5) -108.2% Trade Accounts Receivable 22.9 (1.8) - (16.4) - Inventories (30.8) (18.7) -64.5% (64.7) 52.5% Suppliers (74.7) (38.9) -92.3% 68.5 - Other Items (8.1) (2.5) -227.7% (30.9) 73.9%Cash Flow (Used) in Investing Activities (1.3) (1.5) 14.0% (3.3) 61.9%Cash Flow Generated / (Used) by Financing Activities 81.1 69.2 17.2% (15.5) -Net Increase / (Decrease) in Cash (0.4) 24.5 - (40.1) 99.1% 12 12
  13. 13. Cycle IFRS Basis 1Q10 4Q10 1Q11 Cash Cycle (Days) * 64.9 49.0 64.5 Accounts Receivable (1) 43.4 43.6 43.9 Inventories (2) 59.9 52.0 59.3 Accounts Payable (3) 38.4 46.6 38.7* Average(1) Average of Gross Revenues in the Quarter(2) Average of COGS in the Quarter(3) Average of COGS in the Quarter 13 13
  14. 14. Indebtedness: Net Debt and Net Debt / Ebitda* (R$ million) 2.7x 1.5x 1.4x 194.8 167.3 108.7 1Q10 4Q10 1Q11* Ebitda = Accumulated last 12 months 14 14
  15. 15. Capex (R$ million and % as Net Revenues) 0.5%0.2% 0.2% 3.51.5 1.31Q10 4Q10 1Q11 15 15
  16. 16. Operating Indicators Service Level Logistics E.P.M. (Units served/ Units requested) (Errors per Million)92.3% 210.0 170.0 89.5% 144.0 88.1%1Q10 4Q10 1Q11 1Q10 4Q10 1Q11 16 16
  17. 17. Profarma vs Ibovespa - % (mar/10 - mar/11)120110100 9790 828070 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Ibovespa Profarma 17 17
  18. 18. 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 Alexandre Pizano (55 11) 2188-4024 alexandre.pizano@baml.comCredit Suisse Marcel Moraes (55 11) 3841-6302 marcel.moraes@credit-suisse.com Juliana Rozenbaum (55 11) 3073-3035 juliana.rozenbaum@itausecurities.comItaú BBA Marcio Osako (55 11) 3073-3040 marcio.osako@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 18 18
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