profarma 4 q11
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4Q11 and 2011 Earnings Release
March, 14th, 2012
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Highlights in the Period
• Profarma celebrated the 5th anniversary of its IPO in the year of its own 50th anniversary. Based on its results-oriented culture
and practical initiatives designed day by day, the Company seeks to continue consolidating its prominent position in the
distribution industry in Brazil;
• In 2011, Profarma took a major stride in its growth strategy by acquiring Prodiet Farmacêutica. In the first quarter after the
acquisition (4Q11), Prodiet recorded gross operating revenues of R$ 84.2 million and EBITDA margin of 4.6%, which helped
Profarma improve its profitability and fuel its long-term sustainable growth;
• Concerning the Company’s organic growth, it is worth noting the health and beauty segment, whose sales rose for the eighth
straight quarter. There was a year-over-year increase of 63.9%;
• It is also worth noting the generics category, whose sales climbed by 19.9% year-over-year;
• Consolidated operating expenses fell by 0.4 percentage point in relation to 2010 and totaled 7.3% of net operating revenues;
• The positive consolidated operating cash flow amounted to R$ 29.9 million in 2011, or 1.1% of net operating revenues;
• Sales through electronic orders reached an all-time high and accounted for 69.7% of total sales in 2011.
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Gross Revenues Evolution
(R$ million)
4Q10 4Q11 2010
3,132.8
832.3928.5
2011
3,317.0
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Gross Revenues Breakdown
(R$ Million)
Branded
Generic
OTC
Health and Beauty Products
Hospitals and Vaccines
Total
4Q11
536.6
82.1
129.1
66.4
114.3
928.5
4Q10
554.6
59.6
151.4
43.9
22.7
832.3
Chg. %
-3.3%
37.6%
-14.7%
51.2%
404.2%
11.6%
2011
2,083.0
263.1
545.8
233.2
191.9
3,317.0
Chg. %
0.0%
19.9%
-7.6%
63.9%
98.7%
5.9%
2010
2,083.4
219.5
590.8
142.3
96.6
3,132.8
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(R$ million and % Net Revenues)
Gross Profit and Revenues from Services to Suppliers
Gross Profit Revenues from Services to Suppliers Gross Profit Margin(%)
4Q10 4Q11 2011
28.4
41.7
123.9
163.7
10.1% 10.2%10.6%
45.0
38.6
2010
100.3
181.1
10.7%
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(R$ million and % Net Revenues)
Operating Expenses - SGA
4Q10 4Q11 2011
51.5
204.5
7.4%7.3%
7.0%
55.7
2010
202.0
7.7%
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(R$ million and % Net Revenues)
Ebitda and Ebitda Margin
4Q10 4Q11 2011
18.6
75.9
2.7%2.7%
3.2%
25.1
2010
79.9
3.0%
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(R$ million and % Net Revenues)
Net Financial Expenses
4Q10 4Q11 2011
6.1
31.2
0.9%1.1%1.1%
8.4
2010
28.6
1.1%
10
(R$ million and % Net Revenues)
Net Profit
4Q10 4Q11 2011
10.5
2010
34.4
1.5%
1.0%1.1% 1.3%
28.9
8.7
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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
(R$ Million) 4Q11 4Q10 Chg. % 2011 Chg. %2010
Summary of Cash Flow
15.1
17.7
(2.6)
(106.1)
(71.2)
194.7
(20.0)
(10.4)
(2.5)
2.2
(21.3)
22.2
(43.5)
(16.4)
(64.7)
68.5
(30.9)
(3.3)
(15.5)
(40.1)
-
-20.6%
94.0%
-546.6%
-10.0%
184.2%
35.2%
-215.0%
83.9%
-
29.9
66.4
(36.5)
(75.3)
(31.6)
67.2
3.3
(15.9)
(2.7)
11.2
-32.7%
-2.2%
-55.5%
-85.3%
-2,546.2%
48.8%
-
-96.3%
93.9%
-
44.4
67.9
(23.5)
(40.6)
(1.2)
45.1
(26.8)
(8.1)
(43.8)
(7.5)
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* Average
Cash Cycle - Days *
4Q10
49.0
43.6
52.0
46.6
4Q11
48.0
46.0
48.9
46.8
Accounts Receivable (1)
Inventories (2)
Accounts Payable (3)
(1) Average of Gross Revenues in the Quarter
(2) Average of COGS in the Quarter
(3) Average of COGS in the Quarter
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Indebtedness:
Net Debt and Net Debt / Ebitda*
(R$ million)
2011
1.6x
2010
108.7
1.4x
* Ebitda = accumulated last 12 months
118.9
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(R$ million and % Net Revenues)
Capex
4Q10 4Q11 20112010
* Prodiet investiments are not included.
3.5
9.3*
0.5% 0.3%0.5%
3.7
8.3
0.3%
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Service Level
(Units served / Units Requested)
4Q10
88.1%
2011
89.3%
4Q11
89.3%
2010
90.1%
Logistics E.P.M.
(Errors per Million)
20114Q11 2010
170.0
4Q10
114.0
150.0
184.0
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16
85
90
95
100
105
110
115
30-Sep-11 30-Oct-11 29-Nov-11 29-Dec-11
Ibovespa Profarma
108108
Profarma vs Ibovespa - % 4Q11
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Company Analyst Telephone E-mail
Analyst Coverage
Merrill Lynch Mauricio Fernandes (55 11) 2188-4236 Mauricio.fernandes@baml.com
Credit Suisse Marcel Moraes (55 11) 3841-6302 marcel.moraes@credit-suisse.com
Banco Fator Iago Whately (55 11) 3049-9480 iwhately@bancofator.com.br
Raymond James Guilherme Assis (55 11) 3513-8706 guilherme.assis@raymondjames.com
BTG Pactual João Carlos dos Santos (55 11) 3383-2384 joaocarlos.santos@btgpactual.com
Marcio Osako (55 11) 3073-3040 marcio.osako@itausecurities.comItaú BBA
Javier Martinez de Olcoz Cerdan (1 212) 761-4542 javier.martinez.olcoz@morganstanley.com
Clarissa Berman (55 11) 3048-6214 clarissa.berman@morganstanley.comMorgan Stanley
Juliana Rozenbaum (55 11) 3073-3035 juliana.rozenbaum@itausecurities.com
Andre Parize (55 11) 5171-5870 andre.parize@votorantimcorretora.com.br
Marco Richieri (55 11) 5171-5873 marco.richieri@votorantimcorretora.com.brVotorantim
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Contatos RI
Max Fischer | Diretor Financeiro e de RI
Beatriz Diez | Gerente de RI
Telefone.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri
IR Contacts
Max Fischer | CFO and IRO
Beatriz Diez | IR Manager
Phone.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri
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