profarma 4q10

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Page 1: Profarma 4Q10
Page 2: Profarma 4Q10

4Q10 and 2010 Earnings Release

March, 3rd, 2011

Page 3: Profarma 4Q10

Highlights in the Period

• A drop of 3.7 days in the Company's cash cycle when compared with 2009 (IFRS base), to 49.0 days. This is the

shortest cash cycle since 2006. This decrease resulted in a fall of about R$ 22.9 million in working capital;

• The operating cash flow was positive for the third consecutive year and amounted to R$ 44.4 million, or 1.7% of the

net operating revenue;

• The net debt stood at R$ 108.7 million in December 2010, a R$ 9.4 million decrease in relation to December 2009,

mainly due to the Company's positive operating cash generation, of about R$ 44.4 million;

• A rise of 3.0% in consolidated gross revenues year-over-year, totaling R$ 3.1 billion, highlighting the health and

beauty category, in which a sharp growth of 37.8% was recorded;

• Sales through electronic orders hit a record high and accounted for 65.3% of total sales in 2010;

• In October 2010, Profarma decided to terminate the market maker contract with Credit Suisse Brasil SA CTVM;

nevertheless, there was no drop in daily liquidity.

3

Page 4: Profarma 4Q10

4

Gross Revenues Evolution(R$ Million)

832.3

3,041.63,132.8

809.8807.4

4Q09 3Q10 4Q10 2009 2010

Page 5: Profarma 4Q10

5

Gross Revenues Breakdown

(R$ Million)

Branded

Generic

OTC

Health and Beauty Products

Hospitals and Vaccines

Total

4Q10

554.6

59.6

151.4

43.9

22.7

832.3

4Q09

546.3

50.8

157.1

26.2

27.1

807.4

Chg. %

1.5%

17.5%

-3.6%

67.3%

-16.3%

3.1%

3Q10

537.8

56.2

153.7

38.6

23.5

809.8

Chg. %

3.1%

6.1%

-1.5%

13.7%

-3.6%

2.8%

2010

2,083.4

219.5

590.8

142.3

96.6

3,132.8

2009

2,058.5

165.1

602.0

103.2

112.7

3,041.6

37.8%

Chg. %

1.2%

32.9%

-1.9%

-14.3%

3.0%

Page 6: Profarma 4Q10

6

Market Share Evolution (%)

Source: IMS

11.6*

4Q09 3Q10 4Q102010

10.4*

9.6

11.511.7

10.9*

2006 2007 2008 2009

10.2* 10.2*

*Excluding the similar’s effect

Page 7: Profarma 4Q10

7

(R$ million and as % Net Revenues)

Gross Profit and Revenues from Services to Suppliers

Gross Profit Revenues from Services to Suppliers Gross Profit Margin(%)

57.1 43.3 41.7

263.6

181.1

100.3

26.818.6

37.9

28.4

10.1%

11.7%

10.7%11.0%

10.2%

4Q09 3Q10 4Q10 2009 2010

Page 8: Profarma 4Q10

8

(R$ million and as % Net Revenues)

Operating Expenses

51.5

193.9202.0

48.650.6

7.1% 7.4% 7.5% 7.7%7.4%

4Q09 3Q10 4Q10 2009 2010

Page 9: Profarma 4Q10

9

(R$ million and as % Net Revenues)

Ebitda and Ebitda Margin

18.6

110.7

79.9

21.528.0

3.1%2.7%

4.3%

3.0%

4.1%

4Q09 3Q10 4Q10 2009 2010

Page 10: Profarma 4Q10

10

(R$ million and as % Net Revenues)

Net Financial Expenses

6.0

26.728.5

5.45.3

0.8%0.9%

1.0%1.1%

0.8%

4Q09 3Q10 4Q10 2009 2010

Page 11: Profarma 4Q10

11

(R$ million and as % Net Revenues)

Net Profit

10.5

53.2

34.4

4.7

15.4

0.7%

1.5%

2.1%

1.3%

2.2%

4Q09 3Q10 4Q10 2009 2010

Page 12: Profarma 4Q10

12

CASH FLOW

(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

4Q10

(21.3)

22.2

(43.5)

(16.4)

(64.7)

68.5

(30.9)

(3.3)

(15.5)

(40.1)

4Q09

(19.2)

23.7

(42.9)

(25.1)

(84.1)

102.0

(35.8)

(3.6)

(9.9)

(32.6)

Chg. %

-11.0%

-6.1%

-1.5%

34.5%

23.0%

-32.9%

13.8%

7.5%

-56.8%

-22.8%

3Q10

62.1

9.5

52.7

(50.8)

(10.2)

120.7

(7.1)

(1.5)

(43.8)

16.9

Chg %

-

134.4%

-

67.7%

-536.1%

-43.3%

-333.7%

-122.0%

64.6%

-

2010

44.4

67.9

(23.5)

(40.6)

(1.2)

45.1

(26.8)

(8.1)

(43.8)

(7.5)

2009

80.2

92.5

(12.3)

(8.6)

(35.0)

80.8

(49.4)

(11.8)

(94.3)

(25.8)

Chg. %

-44.7%

-26.6%

-91.4%

-371.2%

96.6%

-44.1%

45.8%

30.9%

53.5%

70.8%

Page 13: Profarma 4Q10

13

* Average:

Cash Cycle (Days) *

Accounts Receivable(1)

Inventories (2)

Accounts Payable (3)

4Q08

65.8

45.9

49.9

29.9

4Q09

52.7

41.1

49.6

38.0

3Q10

48.8

43.3

40.6

35.1

4Q10

49.0

43.6

48.7

43.3

Cycle Previous IFRS

Cash Cycle (Days) *

Accounts Receivable (1)

Inventories (2)

Accounts Payable (3)

4Q08

66.0

45.9

53.6

33.5

4Q09

52.7

41.1

53.9

42.3

3Q10

48.8

43.3

43.9

38.4

4Q10

49.0

43.6

52.0

46.6

Cycle IFRS Basis

(1) Average of Gross Revenues in the Quarter (2) Average of COGS in the Quarter (3) Average of COGS in the Quarter

Page 14: Profarma 4Q10

14

Indebtedness: Net Debt and Net Debt / Ebitda*

(R$ million)

108.7

118.1

108.7

75.1

118.1

0.8x

1.4x1.1x

1.4x1.1x

4Q09 3Q10 4Q10 2009 2010

* Ebitda = Accumulated last 12 months

Page 15: Profarma 4Q10

15

(R$ million and % as Net Revenues)

Capex

3.5

12.0

8.3

1.5

0.2%

0.5% 0.5%0.3%

0.5%

4Q09 3Q10 4Q10 2009 2010

3.7

Page 16: Profarma 4Q10

16

Service Level

(Units served/ Units requested)

Logistics E.P.M.

(Errors per Million)

Operating Indicators

93.0%

90.4%

88.1%

4Q09 3Q10 4Q10

130.0

93.0

170.0

4Q09 3Q10 4Q10

Page 17: Profarma 4Q10

17

101

95

80

90

100

110

120

30-dez-09 29-jan-10 28-fev-10 30-mar-10 29-abr-10 29-mai-10 28-jun-10 28-jul-10 27-ago-10 26-set-10 26-out-10 25-nov-10 25-dez-10

Ibovespa Profarma

* Base 100 em 30/12/2009

Profarma vs Ibovespa -% year 2010

Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11

Page 18: Profarma 4Q10

18

Analyst Coverage

Company Analyst Telephone E-mail

Merrill Lynch Alexandre Pizano (55 11) 2188-4024 [email protected]

Credit Suisse Marcel Moraes (55 11) 3841-6302 [email protected]

Banco Fator Iago Whately (55 11) 3049-9480 [email protected]

Raymond James Guilherme Assis (55 11) 3513-8706 [email protected]

BTG Pactual João Carlos dos Santos (55 11) 3383-2384 [email protected]

Juliana Rozenbaum (55 11) 3073-3035 [email protected]

Marcio Osako (55 11) 3073-3040 [email protected]

Itaú BBA

Javier Martinez de Olcoz Cerdan (1 212) 761-4542 [email protected]

Clarissa Berman (55 11) 3048-6214 [email protected]

Morgan Stanley

Page 19: Profarma 4Q10