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1Q12 Earnings Release
May, 4th, 2012
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Highlights in the Period
• Gross revenues totaled R$ 954.5 million, a year-over-year rise of 22.6%;
• The Company’s net income rose by 336.3% in relation to 1Q11 and stood at R$ 9.5 million, with a 1.2% net margin;
• In the second quarter after the acquisition, Prodiet recorded gross operating revenues of R$ 83.1 million and Ebitda margin of
3.3%, which helped Profarma improve its profitability and fuel its long-term sustainable growth;
• Ebitda climbed by 84.8% year-over-year, totaling R$ 20.2 million with 2.5% Ebitda margin;
• The Company's cash cycle dropped by 9.9 days to 54.6 days. This decrease resulted in a fall of about R$ 69.8 million in working
capital;
• Concerning the Company’s organic growth, it is worth noting the generics category, whose sales rose for the third straight
quarter. Year-over-year, there was an increase of 72.1%;
• It is also worth noting the health and beauty category, whose sales grew by 45.2% year-over-year;
• Sales through electronic orders reached an all-time high and accounted for 73.7% of total sales in the year.
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Gross Revenues Evolution
(R$ million)
1Q11 4Q11
928,5
778,8
1Q12
954,5
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Gross Revenues Breakdown
(R$ Million)
Branded
Generic
OTC
Health and Beauty Products
Hospitals and Vaccines
Total
1Q12
552.7
93.7
126.3
69.1
112.7
954.5
1Q11
507.1
54.5
148.7
47.6
21.0
778.8
Chg. %
9.0%
72.1%
-15.1%
45.2%
437.7%
22.6%
4Q11
536.6
82.1
129.1
66.4
114.3
928.5
Chg. %
3.0%
14.2%
-2.2%
4.2%
-1.4%
2.8%
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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(%)
1Q11
24.0
39.1
9.6% 10.2%
10.6%
4Q11
45.0
38.6
1Q12
37.8
45.0
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(R$ million and % Net Revenues)
Operating Expenses - SGA
1Q11 1Q12
61.1
7.5% 7.7%
50.7
4Q11
55.7
7.0%
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(R$ million and % Net Revenues)
Ebitda and Ebitda Margin
2.5% 3.2%
1.7%
1Q12
20.2
20.2
1Q11
10.9
4Q11
25.1
25.1
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(R$ million and % Net Revenues)
Net Financial Expenses
1Q12
7.2
1.1% 0.9%
1.1%
1Q11
7.2
4Q11
8.4
10
1Q12
9.5
1Q11
2.2
4Q11
8.7
(R$ million and % Net Revenues)
Net Profit
1.2%
0.3% 1.1%
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(R$ Milhões)
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
1T12
(72.2)
20.0
(92.3)
(64.5)
(13.0)
(11.1)
(3.7)
(1.7)
61.6
(12.3)
1T11
(80.2)
10.4
(90.6)
22.9
(30.8)
(74.7)
(8.1)
(1.3)
81.1
(0.4)
Chg. %
10.0%
92.6%
(1.8)%
-
57.8%
85.1%
54.3%
(32.4)%
(24.0)%
(3256.2)%
4T11
15.1
17.7
(2.6)
(106.1)
(71.2)
194.7
(20.0)
(10.4)
(2.5)
2.2
Chg. %
-
13.5%
(3447.1)%
39.2%
81.8%
-
81.6%
88.4%
-
-
Summary of Cash Flow
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* Average
(1) Average of Gross Revenues in the Quarter
(2) Average of COGS in the Quarter
(3) Average of COGS in the Quarter
Cash Cycle - Days *
Accounts Receivable (1)
Inventories (2)
Accounts Payable (3)
1Q12
54.6
50.7
49.7
45.8
4Q11
48.0
46.0
48.9
46.8
1Q11
64.5
43.9
59.3
38.7
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(R$ milllion)
Indebtedness: Net Debt and Net Debt / Ebitda
1Q12
197.2
2.7x
1.6x
1Q11
194.8
4Q11
118.9
2.3x
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(R$ million and % Net Revenues)
Capex
1Q12
1.7
0,2% 0,5%
1Q11
1.3
4Q11
3.7
0,2%
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Service Level
(Units served / Units Requested)
Logistics E.P.M.
(Errors per Million)
1Q11
89.5%
4Q11
89.3%
1Q12
85.9%
1Q11
144.0
4Q11
114.0
1Q12
114.0
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85
90
95
100
105
110
115
120
125
130
Dec-11 Jan-12 Feb-12 Mar-12
Ibovespa Profarma
Profarma vs Ibovespa - % 1Q12
90
114
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Company Analyst Telephone E-mail
Analyst Coverage
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]
Marcio Osako (55 11) 3073-3040 [email protected] Itaú BBA
Javier Martinez de Olcoz Cerdan (1 212) 761-4542 [email protected] Morgan Stanley
Andre Parize (55 11) 5171-5870 [email protected]
Marco Richieri (55 11) 5171-5873 [email protected] Votorantim
Merrill Lynch Mauricio Fernandes (55 11) 2188-4236 [email protected]
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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: [email protected] | www.profarma.com.br/ri
IR Contacts
Max Fischer | CFO and IRO
Beatriz Diez | IR Manager
Phone.: 55 (21) 4009-0276 | E-mail: [email protected] | www.profarma.com.br/ri
