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$ 45.4
million;
• Operating (administrative, selling and logistics) expenses fell by 1.4 percentage point year-over-year and totaled 7.5% of
the net operating revenue;
• Sales through electronic orders hit a record high and accounted for 68.6% of total sales in 2Q11.
3 3
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 2Q11
Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%)
7 7
8. Operating Expenses
(R$ million and as % Net Revenues)
8.9%
7.7% 7.5%
53.8
50.7 49.5
2Q10 1Q11 2Q11
8 8
9. Ebitda and Ebitda Margin
(R$ million and as % Net Revenues)
3.6% 3.2%
1.7%
21.8
20.7
10.9
2Q10 1Q11 2Q11
9 9
10. Net Financial Expenses
(R$ million and as % Net Revenues)
1.9%
1.3%
1.1%
11.8
8.8
7.2
2Q10 1Q11 2Q11
10 10
11. Net Profit
(R$ million and as % Net Revenues)
1.9%
1.4%
0.3%
11.4
9.5
2.2
2Q10 1Q11 2Q11
11 11
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. 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. Capex
(R$ million and % as Net Revenues)
0.3% 0.2% 0.3%
1.9 1.9
1.3
2Q10 1Q11 2Q11
15 15
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
121.0
2Q10 1Q11 2Q11 2Q10 1Q11 2Q11
16 16
