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Profarma 3Q10
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Profarma 3Q10

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  • 1. 3Q10 Earnings Release November, 09th, 2010.
  • 2. 3Q10 Earnings ReleaseHighlights For The Period• A growth of 11.8% in the consolidated gross revenues quarter-over-quarter, totaling R$ 809.8 million, highlightingthe health and beauty category, in which a sharp growth of 34.3% was recorded;• The operating cash flow was positive for the second consecutive quarter and amounted to R$ 62.1 million in 3Q10,or 9.1% of the net operating revenue;• Deep drop of 17.4 days in the Companys cash cycle, which stood at 48.8 days, the shortest since 2006. Thisdecrease derived in a fall of about R$ 106.1 million in working capital;• Net debt fell by 42.9% (R$ 57.4 million) quarter-over-quarter. Thus, the Companys net debt / EBITDA ratio droppedfrom 1.4x (June 2010) to 0.8x;• A 9.6% drop over 2Q10 in operating expenses (administrative, selling and logistics), which resulted in 7.1% of netrevenues, the latter figure being the second best result for the Company in two years;• An EPM (errors per million units delivered) reduction of 23.1% from 121.0 in 2Q10 to 93.0 in 3Q10. 2
  • 3. 3Q10 Earnings Release Gross Revenues Evolution (R$ million) 808.2 809.8 724.7 3Q09 2Q10 3Q10 3
  • 4. 3Q10 Earnings Release Gross Revenues Breakdown (R$ Million) 3Q10 3Q09 Chg. % 2Q10 Chg. % Branded 537.8 548.5 -1.9% 477.5 12.6% Generic 56.2 43.7 28.6% 50.3 11.8% OTC 153.7 157.5 -2.4% 143.8 6.9% Health and Beauty Products 38.6 27.1 42.7% 28.8 34.3% Hospitals and Vaccines 23.5 31.5 -25.4% 24.3 -3.3% Total 809.8 808.2 0.2% 724.7 11.8% 4
  • 5. 3Q10 Earnings Release Market Share Evolution (%) 11.7 11.5 10.9* 11.0* 10.2* 9.6 9.6 9.5* 2005 2006 2007 2008 2009 3Q09 2Q10 3Q10 *Excluding the similar’s effect Source: IMS 5
  • 6. 3Q10 Earnings Release Gross Profit and Revenues from Services to Suppliers (R$ million and as % Net Revenues) 12.3% 11.1% 10.2% 10.3 25.1 26.8 65.8 49.7 43.3 3Q09 2Q10 3Q10 Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%) 6
  • 7. 3Q10 Earnings Release Operating Expenses (R$ million and as % Net Revenues ) 8.9% 6.9% 7.1% 53.8 48.6 47.4 3Q09 2Q10 3Q10 7
  • 8. 3Q10 Earnings Release Net Financial Expenses (R$ million and as % Net Revenues) 1.9% 0.7% 0.8% 11.8 5.4 5.1 3Q09 2Q10 3Q10 8
  • 9. 3Q10 Earnings Release Net Profit (R$ million and as % Net Revenues) 1.9% 1.9% 0.7% 13.1 11.4 4.7 3Q09 2Q10 3Q10 9
  • 10. 3Q10 Earnings Release Ebitda and Ebitda Margin (R$ million and as % Net Revenues) 4.1% 3.6% 3.1% 27.7 21.8 21.5 3Q09 2Q10 3Q10 10
  • 11. 3Q10 Earnings Release CASH FLOW (R$ Million) 3Q10 3Q09 Chg. % 2Q10 Chg. % Cash Flow Generated / (Used) in Operating Activities 62.1 36.5 70.2% 46.8 32.8% Internal Cash Generation 9.5 24.1 -60.7% 17.6 -46.1% Operating Assets Variation 52.7 12.4 325.9% 29.2 80.3% Trade Accounts Receivable (50.8) (1.9) -2561.4% 28.3 - Inventories - - (10.2) 26.7 92.4 Suppliers 120.7 (3.9) - (105.2) - Other Items (7.1) (8.5) 16.4% 13.7 - Cash Flow (Used) in Investing Activities (1.5) (2.2) 31.9% (1.9) 20.1% Cash Flow Generated / (Used) by Financing Activities (43.8) (17.1) -155.9% (53.7) 18.5% Net Increase / (Decrease) in Cash 16.9 17.2 -2.0% (8.8) - 11
  • 12. 3Q10 Earnings Release 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 Cash Cycle – Days * 49.3 53.4 62.5 69.6 67.8 64.3 68.8 67.2 61.8 65.8 67.9 58.7 51.6 52.7 64.9 66.3 48.8 Accounts Receivable (1) 45.2 50.0 54.6 53.1 50.9 51.7 50.7 49.2 47.0 45.9 42.4 40.5 38.4 41.1 43.4 42.2 43.3 Inventories (2) 33.1 44.7 43.4 47.2 41.3 48.6 47.9 45.7 42.5 49.9 61.6 52.4 43.7 53.9 59.9 48.8 43.9 Accounts Payable (3) 29.0 41.3 35.6 30.7 24.5 36.0 29.8 27.7 27.7 29.9 36.1 34.3 30.5 42.3 38.4 24.8 38.4 * 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. 3Q10 Earnings Release Indebtedness: Net Debt and Net Debt / Ebitda* (R$ million) 1.4x 0.9x 0.8x 132.5 95.0 75.1 3Q09 2Q10 3Q10 * Ebitda = Accumulated last 12 months 13
  • 14. 3Q10 Earnings Release Capex (R$ million and as % Net Revenues) 0.3% 0.3% 0.2% 2.2 1.9 1.5 3Q09 2Q10 3Q10 14
  • 15. 3Q10 Earnings Release Operating Indicators Service Level Logistics E.P.M. (units served / units requested) (Errors per Million) 94.1% 120.0 121.0 90.4% 93.0 89.6% 3Q09 2Q10 3Q10 3Q09 2Q10 3Q10 15
  • 16. 3Q10 Earnings Release Profarma vs Ibovespa - % 1 year 150 125 113 100 103 75 50 30-sep-09 30-nov-09 30-jan-10 30-mar-10 30-may-10 30-jul-10 30-sep-10 Ibovespa Profarma 16
  • 17. 3Q10 Earnings Release Analyst Coverage Firm Analyst Javier Martinez de Olcoz Cerdan – Clarissa Berman Phone: (1 212) 761-4542 / (55 11) 3048-6214 Morgan Stanley E-mail: javier.martinez.olcoz@morganstanley.com E-mail: clarissa.berman@morganstanley.com Alexandre Pizano Merrill Lynch Phone: (55 11) 2188-4024 E-mail: alexandre.pizano@baml.com Marcel Moraes Credit Suisse Phone: (55 11) 3841-6302 E-mail: marcel.moraes@credit-suisse.com Juliana Rozenbaum – Marcio Osako Phone: (55 11) 3073-3035 / (55 11) 3073-3040 Itaú BBA E-mail: juliana.rozenbaum@itausecurities.com E-mail: marcio.osako@itausecurities.com Iago Whately Banco Fator Phone: (55 11) 3049-9480 E-mail: iwhately@bancofator.com.br Guilherme Assis Raymond James Phone: (55 11) 3513-8706 E-mail: guilherme.assis@raymondjames.com João Carlos dos Santos BTG Pactual Phone: (55 11) 3383-2384 E-mail: joaocarlos.santos@btgpactual.com 17
  • 18. IR Contacts Max Fischer CFO and IR Director Beatriz Diez IR ManagerTelephone: 55 (21) 4009 0276 E-mail: ri@profarma.com.br www.profarma.com.br/ir

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