Conference Call 4Q09

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Conference Call 4Q09

  1. 1. 4Q09 and 2009 Earnings Release March, 10th, 2009.
  2. 2. 4Q09 and 2009 Earnings Release <ul><li>Highlights For The Period </li></ul><ul><li>Net profit of the Company increased 68.0%, when comparing to 2008, reaching R$ 53.2 million, representing a net margin of 2.1%; </li></ul><ul><li>A 40.7% Ebitda growth when compared to the previous year, reaching R$ 110.7 million, with Ebitda margin of 4.3%; </li></ul><ul><li>An expressive cash cycle reduction of the Company in 13.1 days, reaching 52.7 days, when compared to 2008. This drop represented a working capital reduction of R$ 91.4 million; </li></ul><ul><li>A reduction of 43.8%, in the Net Debt / Ebitda relation of the Company, when compared to 2008, reaching 1.1x, leaving behind a position of 1.9x; </li></ul><ul><li>A reduction in operating expenses (represented by the administrative, commercial, and logistics expenses) for the second consecutive year, reaching 7.5% of the Net Operating Revenue, representing a 1.3% drop in relation to 2008; </li></ul><ul><li>A positive operating cash generation, reaching R$ 80.2 million in 2009, representing 3.1% of the net operating revenue; </li></ul><ul><li>Increase in the service level, reaching 92.5% in 2009, a 1.2 percentage point growth in relation with the previous year, when we reached 91.3%. </li></ul>
  3. 3. 4Q09 and 2009 Earnings Release 807.4 2,940.4 3,041.6 808.2 714.9 4Q08 3Q09 4Q09 2008 2009 Gross Revenues Evolution (R$ million)
  4. 4. 4Q09 and 2009 Earnings Release Gross Revenues Breakdown (R$ Million) Branded Generic OTC Health and Beauty Products Hospitals and Vaccines Total 4Q09 546.3 50.8 157.1 26.2 27.1 807.4 4Q08 489.9 41.5 127.6 31.4 24.4 714.9 Chg. % 11.5% 22.3% 23.1% -16.5% 11.0% 12.9% 3Q09 548.5 43.7 157.5 27.1 31.5 808.2 Chg. % -0.4% 16.2% -0.3% -3.0% -14.0% -0.1% 2009 2,058.5 165.1 602.0 103.2 112.7 3,041.6 2008 2,048.5 166.6 523.4 121.8 80.1 2,940.4 -15.2% Chg. % 0.5% -0.9% 15.0% 40.7% 3.4%
  5. 5. Source: IMS Market Share Evolution (%) 9.6 9.6 11.5 11.7 10.9* 10.9 11.0* 11.6* 2005 2006 2007 2008 2009 4Q08 3Q09 4Q09 4Q09 and 2009 Earnings Release *Excluding the similar’s effect
  6. 6. 4Q09 and 2009 Earnings Release (R$ million and as % Net Revenues) Gross Profit and Revenues from Services to Suppliers 51.0 65.8 57.1 220.7 263.6 37.9 10.3 16.5 49.5 18.6 11.0% 10.7% 11.7% 11.0% 11.1% 4Q08 3Q09 4Q09 2008 2009 Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%)
  7. 7. (R$ million and as % Net Revenues ) Operating Expenses 4Q09 and 2009 Earnings Release 50.6 193.6 193.9 47.4 48.1 6.9% 7.4% 7.6% 7.5% 7.9% 4Q08 3Q09 4Q09 2008 2009
  8. 8. (R$ million and as % Net Revenues) Net Financial Expenses 4Q09 and 2009 Earnings Release 5.3 32.9 26.7 5.1 10.0 0.7% 0.8% 1.3% 1.0% 1.6% 4Q08 3Q09 4Q09 2008 2009
  9. 9. 4Q09 and 2009 Earnings Release 15.4 31.6 53.2 13.1 6.5 1.9% 2.2% 1.2% 2.1% 1.1% 4Q08 3Q09 4Q09 2008 2009 (R$ million and as % Net Revenues) Net Profit
  10. 10. (R$ million and as % Net Revenues) Ebitda and Ebitda Margin 4Q09 and 2009 Earnings Release 28.0 78.7 110.7 27.7 21.5 4.1% 4.1% 3.1% 4.3% 3.5% 4Q08 3Q09 4Q09 2008 2009
  11. 11. 4Q09 and 2009 Earnings Release (R$ Million) 4Q09 4Q08 Chg. % 3Q09 Chg. % 2009 2008 Chg. % (19.2) 10.6 - 36.5 - 80.2 11.0 627.8% 17.9 10.7 66.7% 19.3 -7.0% 73.4 53.2 37.9% (37.1) (0.1) -30820.0% 17.2 - 6.8 (42.2) - (25.1) 43.8 - (1.9) -1213.1% (8.6) 58.3 - (81.8) (18.7) -338.5% 27.0 - (35.0) 0.6 - 91.3 (6.9) - (3.7) - 80.8 (47.5) - (21.6) (18.4) -17.3% (4.1) -420.6% (30.3) (53.5) 43.4% (3.6) (4.2) 14,2% (2.2) -63.4% (11.8) (10.8) -9.1% (9.9) (15.3) 35.4% (17.1) 42.3% (94.3) (19.3) -388.5% (32.6) (8.8) -269.9% 17.2 - (25.8) (19.0) -35.3% CASH FLOW Cash Flow Generated / (Used) in Operating Activities Internal Cash Generation Operating Assets Variation Trade Accounts Receivable Inventories Suppliers Other Items Cash Flow (Used) in Investing Activities Cash Flow Generated / (Used) by Financing Activities Net Increase / (Decrease) in Cash
  12. 12. 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 Cash Cycle - Days * 49.3 53.4 62.5 69.6 67.8 64.3 68.8 67.2 61.8 65.8 Accounts Receivable (1) 45.2 50.0 54.6 53.1 50.9 51.7 50.7 49.2 47.0 45.9 Inventories (2) 33.1 44.7 43.4 47.2 41.3 48.6 47.9 45.7 42.5 49.9 Accounts Payable (3) 29.0 41.3 35.6 30.7 24.5 36.0 29.8 27.7 27.7 29.9 * Average 1Q09 67.9 42.4 54.0 28.5 2Q09 58.7 40.5 46.5 28.4 3Q09 51.6 38.4 38.5 25.3 4Q09 52.7 41.1 49.6 38.0 4Q09 and 2009 Earnings Release (1) Average of Gross Revenues in the Quarter (2) Average of COGS in the Quarter (3) Average of COGS in the Quarter
  13. 13. * Ebitda = Accumulated last 12 months 4Q09 and 2009 Earnings Release 118.1 149.4 118.1 95.0 149.4 0.9 1.1 1.9 1.1 1.9 4Q08 3Q09 4Q09 2008 2009 Indebtedness: Net Debt and Net Debt / Ebitda* (R$ million)
  14. 14. 4Q09 and 2009 Earnings Release 3.7 10.8 12.0 2.2 4.2 0.3% 0.5% 0.4% 0.5% 0.7% 4Q08 3Q09 4Q09 2008 2009 (R$ million and as % Net Revenues) Capex
  15. 15. Service Level (units served / units requested) Logistics E.P.M. (Errors per Million) Operating Indicators 90.2% 94.1% 93.0% 4Q08 3Q09 4Q09 83.0 120.0 130.0 4Q08 3Q09 4Q09 4Q09 and 2009 Earnings Release
  16. 16. Profarma vs Ibovespa in the year 2009 4Q09 and 2009 Earnings Release Ibovespa Profarma 183 312 10 40 70 100 130 160 190 220 250 280 310 340 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09
  17. 17. Analyst Firm Analyst Coverage Javier Martinez de Olcoz Cerdan Phone: (1 212) 761-4542 E-mail: javier.martinez.olcoz@morganstanley.com Morgan Stanley João Carlos dos Santos - Alexandre Pizano Phone: (55 11) 2188-4316 / (55 11) 2188-4024 E-mail: joaocarlos_santos@ml.com E-mail: alexandre_pizano@ml.com Merrill Lynch Marcel Moraes Phone: (55 11) 3841-6302 E-mail: marcel.moraes@credit-suisse.com Credit Suisse Juliana Rozenbaum - Marcio Osako Phone: (55 11) 3073-3035 / (55 11) 3073-3040 E-mail: juliana.rozenbaum@itausecurities.com E-mail: marcio.osako@itau.com.br Itaú BBA Iago Whately Phone: (55 11) 3049-9480 E-mail: iwhately@bancofator.com.br Banco Fator 4Q09 and 2009 Earnings Release
  18. 18. Max Fischer CFO and IR Director Beatriz Diez IR Manager Telephone,: 55 (21) 4009 0276 E-mail: ri@profarma.com.br www.profarma.com.br/ir IR Contacts

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