Profarma Apresentação 3Q10

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Profarma Apresentação 3Q10

  1. 1. 3Q10 Earnings Release November, 09th, 2010.
  2. 2. Highlights For The Period • A growth of 11.8% in the consolidated gross revenues quarter-over-quarter, totaling R$ 809.8 million, highlighting the 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 Company's cash cycle, which stood at 48.8 days, the shortest since 2006. This decrease 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 Company's net debt / EBITDA ratio dropped from 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 net revenues, 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 3Q10 Earnings Release
  3. 3. 3 3Q09 2Q10 3Q10 809.8808.2 724.7 3Q10 Earnings Release Gross Revenues Evolution (R$ million)
  4. 4. (R$ Million) Branded Generic OTC Health and Beauty Products Hospitals and Vaccines Total 3Q10 537.8 56.2 153.7 38.6 23.5 809.8 3Q09 548.5 43.7 157.5 27.1 31.5 808.2 Chg. % -1.9% 28.6% -2.4% 42.7% -25.4% 0.2% 4 Gross Revenues Breakdown Chg. % 12.6% 11.8% 6.9% 34.3% -3.3% 2Q10 477.5 50.3 143.8 28.8 24.3 724.7 11.8% 3Q10 Earnings Release
  5. 5. 5 Market Share Evolution (%) 9.6 9.6 11.5 11.7 10.9* 11.0* 9.5* 10.2* 2005 2006 2007 2008 2009 3Q09 2Q10 3Q10 *Excluding the similar’s effect 3Q10 Earnings Release Source: IMS
  6. 6. 6 3Q09 2Q10 3Q10 10.3 65.8 26.8 43.3 11.1% 10.2% 25.1 49.7 12.3% 3Q10 Earnings Release (R$ million and as % Net Revenues) Gross Profit and Revenues from Services to Suppliers Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%)
  7. 7. 7 3Q09 2Q10 3Q10 48.6 47.4 53.8 6.9% 7.1% 8.9% 3Q10 Earnings Release (R$ million and as % Net Revenues ) Operating Expenses
  8. 8. 8 3Q09 2Q10 3Q10 0.7% 1.9% 5.4 5.1 11.8 0.8% 3Q10 Earnings Release (R$ million and as % Net Revenues) Net Financial Expenses
  9. 9. 9 3Q09 2Q10 3Q10 4.7 13.1 1.9% 0.7% 11.4 1.9% 3Q10 Earnings Release (R$ million and as % Net Revenues) Net Profit
  10. 10. 10 3Q09 2Q10 3Q10 4.1% 3.1% 21.5 27.7 3.6% 21.8 3Q10 Earnings Release (R$ million and as % Net Revenues) Ebitda and Ebitda Margin
  11. 11. 11 (R$ Million) 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 3Q10 62.1 10.8 51.3 (50.8) (10.4) 120.6 (8.1) (1.5) (43.8) 16.9 CASH FLOW 3Q09 36.5 19.3 17.2 (1.9) 27.0 (3.7) (4.1) (2.2) (17.1) 17.2 Chg. % 70.3% -43.7% 197.7% -2561.4% - - -95.9% 31.9% -155.9% -2.0% 2Q10 47.4 17.9 29.5 28.3 91.5 (99.3) 9.0 (1.9) (54.4) (8.8) Chg. % 31.0% -39.5% 73.8% - - - - 20.1% 19.5% - 3Q10 Earnings Release
  12. 12. 12 3Q06 49.3 45.2 33.1 29.0 4Q06 53.4 50.0 44.7 41.3 1Q07 62.5 54.6 43.4 35.6 2Q07 69.6 53.1 47.2 30.7 3Q07 67.8 50.9 41.3 24.5 4Q07 64.3 51.7 48.6 36.0 1Q08 68.8 50.7 47.9 29.8 2Q08 67.2 49.2 45.7 27.7 3Q08 61.8 47.0 42.5 27.7 4Q08 65.8 45.9 49.9 29.9 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 1Q10 64.9 43.4 56.2 34.7 2Q10 66.2 42.2 45.0 21.0 3Q10 48.8 43.3 40.6 35.1 3Q10 Earnings Release Cash Cycle – Days * Accounts Receivable (1) Inventories (2) Accounts Payable (3) * 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. 13 3Q09 2Q10 3Q10 0.9x 1.4x 0.8x 75.1 95.0 132.5 3Q10 Earnings Release Indebtedness: Net Debt and Net Debt / Ebitda* (R$ million) * Ebitda = Accumulated last 12 months
  14. 14. 14 3Q09 2Q10 3Q10 0.3% 0.3% 0.2% 1.5 2.2 1.9 3Q10 Earnings Release (R$ million and as % Net Revenues) Capex
  15. 15. 15 94.1% 89.6% 90.4% 3Q09 2Q10 3Q10 120.0 121.0 93.0 3Q09 2Q10 3Q10 3Q10 Earnings Release Service Level (units served / units requested) Logistics E.P.M. (Errors per Million) Operating Indicators
  16. 16. 16 Profarma vs Ibovespa - % 1 year Ibovespa Profarma 113 103 50 75 100 125 150 30-sep-09 30-nov-09 30-jan-10 30-mar-10 30-may-10 30-jul-10 30-sep-10 3Q10 Earnings Release
  17. 17. 17 AnalystFirm Analyst Coverage Javier Martinez de Olcoz Cerdan – Clarissa Berman Phone: (1 212) 761-4542 / (55 11) 3048-6214 E-mail: javier.martinez.olcoz@morganstanley.com E-mail: clarissa.berman@morganstanley.com Morgan Stanley Alexandre Pizano Phone: (55 11) 2188-4024 E-mail: alexandre.pizano@baml.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@itausecurities.com Itaú BBA Iago Whately Phone: (55 11) 3049-9480 E-mail: iwhately@bancofator.com.br Banco Fator Guilherme Assis Phone: (55 11) 3513-8706 E-mail: guilherme.assis@raymondjames.com Raymond James João Carlos dos Santos Phone: (55 11) 3383-2384 E-mail: joaocarlos.santos@btgpactual.com BTG Pactual 3Q10 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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