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Profarma apresentação 2 q11

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Profarma apresentação 2 q11

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  2. 2. 2Q11 Earnings Release August, 11th, 2011 2
  3. 3. Highlights in the Period• Net income rose by 333.6% quarter-over-quarter and totaled R$ 9.5 million, with a 1.4% net margin;• Consolidated gross revenues grew 7.5% year-over-year, totaling R$ 779.4 million;• Highlight for the health and beauty category, whose sales increased for the sixth quarter in a row. There was a steep year-over-year increase of 87.3%;• The positive operating cash flow amounted to R$ 50.0 million in 2Q11, or 7.6% of the net operating revenue;• There was 5.8-day reduction in the cash cycle. This decrease resulted in a drop in working capital of about R$ 45.4million;• Operating (administrative, selling and logistics) expenses fell by 1.4 percentage point year-over-year and totaled 7.5% ofthe net operating revenue;• Sales through electronic orders hit a record high and accounted for 68.6% of total sales in 2Q11. 3 3
  4. 4. Gross Revenues Evolution (R$ Million) 778.8 779.4724.72Q10 1Q11 2Q11 4 4
  5. 5. Gross Revenues Breakdown(R$ Million) 2Q11 2Q10 Chg. % 1Q11 Chg. %Branded 512.2 477.5 7.3% 507.1 1.0%Generic 45.7 50.3 -9.1% 54.5 -16.1%OTC 141.3 143.8 -1.7% 148.7 -4.9%Health and Beauty Products 53.9 28.8 87.3% 47.6 13.1%Hospitals + Vaccines 26.3 24.3 7.9% 21.0 25.3%Total 779.4 724.7 7.5% 778.8 0.1% 5 5
  6. 6. Market Share Evolution (%) 11.5 11.7 10.9* 10.2* 9.6 9.5* 9.9* 9.0* 2006 2007 2008 2009 2010 2Q10 1Q11 2Q11*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) 12.3% 10.7% 9.6% 25.1 27.4 24.0 49.7 39.1 42.9 2Q10 1Q11 2Q11Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%) 7 7
  8. 8. Operating Expenses (R$ million and as % Net Revenues)8.9% 7.7% 7.5%53.8 50.7 49.52Q10 1Q11 2Q11 8 8
  9. 9. Ebitda and Ebitda Margin (R$ million and as % Net Revenues)3.6% 3.2% 1.7%21.8 20.7 10.92Q10 1Q11 2Q11 9 9
  10. 10. Net Financial Expenses (R$ million and as % Net Revenues)1.9% 1.3% 1.1%11.8 8.8 7.22Q10 1Q11 2Q11 10 10
  11. 11. Net Profit (R$ million and as % Net Revenues)1.9% 1.4% 0.3%11.4 9.5 2.22Q10 1Q11 2Q11 11 11
  12. 12. CASH FLOW(R$ Million) 2Q11 2Q10 Chg. % 1Q11 Chg. %Cash Flow Generated / (Used) in Operating Activities 50,0 46,8 6,9% (80,2) - Internal Cash Generation 19,8 17,6 12,7% 10,4 90,6% Operating Assets Variation 30,2 29,2 3,5% (90,6) - Trade Accounts Receivable 37,3 28,3 31,7% 22,9 62,6% Inventories 46,3 92,4 -50,0% (30,8) - Suppliers (48,7) (105,2) 53,7% (74,7) 34,8% Other Items (4,6) 13,7 - (8,1) 42,9%Cash Flow (Used) in Investing Activities (1,8) (1,9) 3,3% (1,3) -43,2%Cash Flow Generated / (Used) by Financing Activities (51,0) (53,7) 5,1% 81,1 -Net Increase / (Decrease) in Cash (2,8) (8,8) 68,5% (0,4) -659,2% 12 12
  13. 13. Cycle IFRS Basis 2Q10 1Q11 2Q11 Cash Cycle (Days) * 66.3 64.5 60.4 Accounts Receivable (1) 42.2 43.9 39.4 Inventories (2) 48.8 59.3 53.1 Accounts Payable (3) 24.8 38.7 32.0* 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 2.2x 1.4x 194.8 157.1 132.5 2Q10 1Q11 2Q11* Ebitda = Accumulated last 12 months 14 14
  15. 15. Capex (R$ million and % as Net Revenues)0.3% 0.2% 0.3%1.9 1.9 1.32Q10 1Q11 2Q11 15 15
  16. 16. Operating Indicators Service Level Logistics E.P.M. (Units served/ Units requested) (Errors per Million)89.6% 89.5% 337.0 88.6% 144.0 121.02Q10 1Q11 2Q11 2Q10 1Q11 2Q11 16 16
  17. 17. Profarma vs Ibovespa - % (2Q11)115110105100 97 95 91 90 85 31-Mar-11 15-Apr-11 30-Apr-11 15-May-11 30-May-11 14-Jun-11 29-Jun-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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