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2Q11 Earnings Release
August, 11th, 2011
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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.
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Gross Revenues Evolution(R$ Million)
2Q10 1Q11 2Q11
779.4
724.7
778.8
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Gross Revenues Breakdown
(R$ Million)
Branded
Generic
OTC
Health and Beauty Products
Hospitals + Vaccines
Total
2Q11
512.2
45.7
141.3
53.9
26.3
779.4
2Q10
477.5
50.3
143.8
28.8
24.3
724.7
Chg. %
7.3%
-9.1%
-1.7%
87.3%
7.9%
7.5%
1Q11
507.1
54.5
148.7
47.6
21.0
778.8
Chg. %
1.0%
-16.1%
-4.9%
13.1%
25.3%
0.1%
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Source: IMS and Profarma
9.5*
2Q10 1Q11 2Q112010
9.0*9.6
11.511.7
10.9*
2006 2007 2008 2009
10.2*9.9*
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Market Share Evolution (%)
*Excluding the similar’s effect
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(R$ million and as % Net Revenues)
Gross Profit and Revenues from Services to Suppliers
Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%)
2Q10 1Q11 2Q11
25.1
49.7
27.4
42.9
12.3%
10.7%9.6%
24.0
39.1
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(R$ million and as % Net Revenues)
Operating Expenses
2Q10 1Q11 2Q11
49.5
53.8
8.9%
7.5%7.7%
50.7
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(R$ million and as % Net Revenues)
Ebitda and Ebitda Margin
2Q10 1Q11 2Q11
3.6% 3.2%
20.721.8
1.7%
10.9
1010
(R$ million and as % Net Revenues)
Net Financial Expenses
2Q10 1Q11 2Q11
1.9%
1.3%
8.8
11.8
1.1%
7.2
1111
(R$ million and as % Net Revenues)
Net Profit
2Q10 1Q11 2Q11
1.9%1.4%
9.5
11.4
0.3%
2.2
1212
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
2Q11
50,0
19,8
30,2
37,3
46,3
(48,7)
(4,6)
(1,8)
(51,0)
(2,8)
2Q10
46,8
17,6
29,2
28,3
92,4
(105,2)
13,7
(1,9)
(53,7)
(8,8)
Chg. %
6,9%
12,7%
3,5%
31,7%
-50,0%
53,7%
-
3,3%
5,1%
68,5%
1Q11
(80,2)
10,4
(90,6)
22,9
(30,8)
(74,7)
(8,1)
(1,3)
81,1
(0,4)
Chg. %
-
90,6%
-
62,6%
-
34,8%
42,9%
-43,2%
-
-659,2%
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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)
2Q10
66.3
42.2
48.8
24.8
1Q11
64.5
43.9
59.3
38.7
2Q11
60.4
39.4
53.1
32.0
Cycle IFRS Basis
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* Ebitda = Accumulated last 12 months
Indebtedness: Net Debt and Net Debt / Ebitda*
(R$ million)
2Q10 1Q11 2Q11
1.4x2.2x
157.1
132.5
2.7x
194.8
1515
(R$ million and % as Net Revenues)
Capex
2Q10 1Q11 2Q11
0.3% 0.3%
1.91.9
0.2%
1.3
1616
Service Level
(Units served/ Units requested)
Logistics E.P.M.
(Errors per Million)
Operating Indicators
89.6% 89.5%
88.6%
2Q10 1Q11 2Q11
121.0
144.0
337.0
2Q10 1Q11 2Q11
17
97
91
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Profarma vs Ibovespa - % (2Q11)
85
90
95
100
105
110
115
31-Mar-11 15-Apr-11 30-Apr-11 15-May-11 30-May-11 14-Jun-11 29-Jun-11
Ibovespa Profarma
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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]ú BBA
Javier Martinez de Olcoz Cerdan (1 212) 761-4542 [email protected]
Clarissa Berman (55 11) 3048-6214 [email protected] Stanley
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