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1Q11 Earnings Release
May, 11th, 2011
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Highlights in the Period
• In May 2011, Profarma celebrates its 50th Anniversary. The Company’s result-oriented culture, coupled with a long-term
vision based on everyday practical and objective initiatives, will be crucial to continue consolidating its position in the
pharmaceutical distribution industry in Brazil;
• A rise of 1.7% in the consolidated gross revenues when compared to the same period in the previous year, totaling R$
778.8 million;
• Highlight for the Health and Beauty category, which showed growing sales for the fifth consecutive quarter, and an
outstanding increase of 78.0% in comparison with the same period in the previous year;
• A drop of 31.4% in the EPM (Errors Per Million of shipped units), which changed from 210.0 recorded in the 1Q10 to 144.0
in the 1Q11;
• The annual prices increase occurred in March 31, 2011 was 4.6%, in line with the inflation accrued over the last 12
months. This is the second higher price increase over the last five years.
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Gross Revenues Evolution(R$ Million)
1Q10 4Q10 1Q11
778.8766.0832.3
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Gross Revenues Breakdown
(R$ Million)
Branded
Generic
OTC
Health and Beauty Products
Hospitals + Vaccines
Total
1Q11
507.1
54.5
148.7
47.6
21.0
778.8
1Q10
511.7
51.6
148.4
26.8
27.6
766.0
Chg. %
-0.9%
5.6%
0.2%
78.0%
-24.1%
1.7%
4Q10
554.6
59.6
151.4
43.9
22.7
832.3
Chg. %
-8.6%
-8.7%
-1.8%
8.5%
-7.6%
-6.4%
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Market Share Evolution (%)
Source: IMS and Profarma
10.9*
1Q10 4Q10 1Q112010
*Excluding the similar’s effect
9.9*9.6
11.511.7
10.9*
2006 2007 2008 2009
10.2* 10.4*
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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 (%)
1Q10 4Q10 1Q11
20.0
46.5
24.0
39.1
10.4%
9.6%
28.4
41.7
10.1%
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(R$ million and as % Net Revenues)
Operating Expenses
1Q10 4Q10 1Q11
50.748.1
7.5% 7.7%7.4%
51.5
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(R$ million and as % Net Revenues)
Ebitda and Ebitda Margin
1Q10 4Q10 1Q11
2.8%
1.7%
10.9
17.9
2.7%
18.6
1010
(R$ million and as % Net Revenues)
Net Financial Expenses
1Q10 4Q10 1Q11
0.8%1.1%
7.2
5.4
0.9%
6.0
1111
(R$ million and as % Net Revenues)
Net Profit
1Q10 4Q10 1Q11
1.2%
0.3%
2.2
7.8
1.5%
10.5
1212
CASH FLOW
1Q11 1Q10 Chg. % 4Q10 Chg. %
(80.2)
10.4
(90.6)
22.9
(30.8)
(74.7)
(8.1)
(1.3)
81.1
(0.4)
(43.2)
18.6
(61.8)
(1.8)
(18.7)
(38.9)
(2.5)
(1.5)
69.2
24.5
-85.5%
-43.9%
-46.6%
-
-64.5%
-92.3%
-227.7%
14.0%
17.2%
-
(21.3)
22.2
(43.5)
(16.4)
(64.7)
68.5
(30.9)
(3.3)
(15.5)
(40.1)
-276.6%
-53.2%
-108.2%
-
52.5%
-
73.9%
61.9%
-
99.1%
(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
1313
* 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)
1Q10
64.9
43.4
59.9
38.4
4Q10
49.0
43.6
52.0
46.6
1Q11
64.5
43.9
59.3
38.7
Cycle IFRS Basis
1414
Indebtedness: Net Debt and Net Debt / Ebitda*
(R$ million)
1Q10 4Q10 1Q11
1.5x2.7x
194.8
167.3
1.4x
108.7
* Ebitda = Accumulated last 12 months
1515
(R$ million and % as Net Revenues)
Capex
1Q10 4Q10 1Q11
0.2% 0.2%
1.31.5
0.5%
3.5
1616
Service Level
(Units served/ Units requested)
Logistics E.P.M.
(Errors per Million)
Operating Indicators
92.3%
88.1%
89.5%
1Q10 4Q10 1Q11
210.0
170.0
144.0
1Q10 4Q10 1Q11
1717
Profarma vs Ibovespa - % (mar/10 - mar/11)
70
80
90
100
110
120
Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11
Ibovespa Profarma
97
82
1818
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
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