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4Q10 and 2010 Earnings Release
March, 3rd, 2011
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
4
Gross Revenues Evolution(R$ Million)
832.3
3,041.63,132.8
809.8807.4
4Q09 3Q10 4Q10 2009 2010
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%
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
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
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
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
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
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
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%
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
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
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
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
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
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