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Profarma 4 q11

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1) Profarma

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4Q11 and 2011 Earnings Release March, 14th, 2012 2
Highlights in the Period • Profarma celebrated the 5th anniversary of its IPO in the year of its own 50th anniversary. Based on its results-oriented culture and practical initiatives designed day by day, the Company seeks to continue consolidating its prominent position in the distribution industry in Brazil; • In 2011, Profarma took a major stride in its growth strategy by acquiring Prodiet Farmacêutica. In the first quarter after the acquisition (4Q11), Prodiet recorded gross operating revenues of R$ 84.2 million and EBITDA margin of 4.6%, which helped Profarma improve its profitability and fuel its long-term sustainable growth; • Concerning the Company’s organic growth, it is worth noting the health and beauty segment, whose sales rose for the eighth straight quarter. There was a year-over-year increase of 63.9%; • It is also worth noting the generics category, whose sales climbed by 19.9% year-over-year; • Consolidated operating expenses fell by 0.4 percentage point in relation to 2010 and totaled 7.3% of net operating revenues; • The positive consolidated operating cash flow amounted to R$ 29.9 million in 2011, or 1.1% of net operating revenues; • Sales through electronic orders reached an all-time high and accounted for 69.7% of total sales in 2011. 3
Gross Revenues Evolution (R$ million) 3,317.0 3,132.8 928.5 832.3 4Q10 4Q11 2010 2011 4
Gross Revenues Breakdown (R$ Million) 4Q11 4Q10 Chg. % 2011 2010 Chg. % Branded 536.6 554.6 -3.3% 2,083.0 2,083.4 0.0% Generic 82.1 59.6 37.6% 263.1 219.5 19.9% OTC 129.1 151.4 -14.7% 545.8 590.8 -7.6% Health and Beauty Products 66.4 43.9 51.2% 233.2 142.3 63.9% Hospitals and Vaccines 114.3 22.7 404.2% 191.9 96.6 98.7% Total 928.5 832.3 11.6% 3,317.0 3,132.8 5.9% 5
Gross Profit and Revenues from Services to Suppliers (R$ million and % Net Revenues) 10.6% 10.7% 10.1% 10.2% 100.3 123.9 181.1 163.7 28.4 45.0 41.7 38.6 4Q10 4Q11 2010 2011 Gross Profit Revenues from Services to Suppliers Gross Profit Margin(%) 6
Operating Expenses - SGA (R$ million and % Net Revenues) 7.7% 7.3% 7.4% 7.0% 202.0 204.5 51.5 55.7 4Q10 4Q11 2010 2011 7
Ebitda and Ebitda Margin (R$ million and % Net Revenues) 3.2% 3.0% 2.7% 2.7% 79.9 75.9 25.1 18.6 4Q10 4Q11 2010 2011 8
Net Financial Expenses (R$ million and % Net Revenues) 1.1% 1.1% 1.1% 0.9% 31.2 28.6 8.4 6.1 4Q10 4Q11 2010 2011 9
Net Profit (R$ million and % Net Revenues) 1.5% 1.1% 1.3% 1.0% 34.4 28.9 10.5 8.7 4Q10 4Q11 2010 2011 10
Summary of Cash Flow (R$ Million) 4Q11 4Q10 Chg. % 2011 2010 Chg. % Cash Flow Generated / (Used) in Operating Activities 15.1 (21.3) - 29.9 44.4 -32.7% Internal Cash Generation 17.7 22.2 -20.6% 66.4 67.9 -2.2% Operating Assets Variation (2.6) (43.5) 94.0% (36.5) (23.5) -55.5% Trade Accounts Receivable (106.1) (16.4) -546.6% (75.3) (40.6) -85.3% Inventories (71.2) (64.7) -10.0% (31.6) (1.2) -2,546.2% Suppliers 194.7 68.5 184.2% 67.2 45.1 48.8% Other Items (20.0) (30.9) 35.2% 3.3 (26.8) - Cash Flow (Used) in Investing Activities (10.4) (3.3) -215.0% (15.9) (8.1) -96.3% Cash Flow Generated / (Used) by Financing Activities (2.5) (15.5) 83.9% (2.7) (43.8) 93.9% Net Increase / (Decrease) in Cash 2.2 (40.1) - 11.2 (7.5) - 11
4Q10 4Q11 Cash Cycle - Days * 49.0 48.0 Accounts Receivable (1) 43.6 46.0 Inventories (2) 52.0 48.9 Accounts Payable (3) 46.6 46.8 * Average (1) Average of Gross Revenues in the Quarter (2) Average of COGS in the Quarter (3) Average of COGS in the Quarter 12
Indebtedness: Net Debt and Net Debt / Ebitda* (R$ million) 1.4x 1.6x 118.9 108.7 2010 2011 * Ebitda = accumulated last 12 months 13
Capex (R$ million and % Net Revenues) 0.5% 0.5% 0.3% 0.3% 9.3* 8.3 3.5 3.7 4Q10 4Q11 2010 2011 * Prodiet investiments are not included. 14
Service Level Logistics E.P.M. (Units served / Units Requested) (Errors per Million) 184.0 90.1% 170.0 89.3% 89.3% 150.0 88.1% 114.0 4Q10 4Q11 2010 2011 4Q10 4Q11 2010 2011 15
Profarma vs Ibovespa - % 4Q11 115 110 108 108 105 100 95 90 85 30-Sep-11 30-Oct-11 29-Nov-11 29-Dec-11 Ibovespa Profarma 16 16
Analyst Coverage Company Analyst Telephone E-mail Javier Martinez de Olcoz Cerdan (1 212) 761-4542 javier.martinez.olcoz@morganstanley.com Morgan Stanley Clarissa Berman (55 11) 3048-6214 clarissa.berman@morganstanley.com Merrill Lynch Mauricio Fernandes (55 11) 2188-4236 Mauricio.fernandes@baml.com Credit Suisse Marcel Moraes (55 11) 3841-6302 marcel.moraes@credit-suisse.com Marcio Osako (55 11) 3073-3040 marcio.osako@itausecurities.com Itaú BBA Juliana Rozenbaum (55 11) 3073-3035 juliana.rozenbaum@itausecurities.com Banco Fator Iago Whately (55 11) 3049-9480 iwhately@bancofator.com.br Raymond James Guilherme Assis (55 11) 3513-8706 guilherme.assis@raymondjames.com BTG Pactual João Carlos dos Santos (55 11) 3383-2384 joaocarlos.santos@btgpactual.com Andre Parize (55 11) 5171-5870 andre.parize@votorantimcorretora.com.br Votorantim Marco Richieri (55 11) 5171-5873 marco.richieri@votorantimcorretora.com.br 17
Contatos RI IR Contacts Max Fischer | Diretor Financeiro e de RI Max Fischer | CFO and IRO Beatriz Diez | | IR Manager Beatriz Diez Gerente de RI 18 Telefone.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri Phone.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri

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Profarma 4 q11

  • 1. 1
  • 2. 4Q11 and 2011 Earnings Release March, 14th, 2012 2
  • 3. Highlights in the Period • Profarma celebrated the 5th anniversary of its IPO in the year of its own 50th anniversary. Based on its results-oriented culture and practical initiatives designed day by day, the Company seeks to continue consolidating its prominent position in the distribution industry in Brazil; • In 2011, Profarma took a major stride in its growth strategy by acquiring Prodiet Farmacêutica. In the first quarter after the acquisition (4Q11), Prodiet recorded gross operating revenues of R$ 84.2 million and EBITDA margin of 4.6%, which helped Profarma improve its profitability and fuel its long-term sustainable growth; • Concerning the Company’s organic growth, it is worth noting the health and beauty segment, whose sales rose for the eighth straight quarter. There was a year-over-year increase of 63.9%; • It is also worth noting the generics category, whose sales climbed by 19.9% year-over-year; • Consolidated operating expenses fell by 0.4 percentage point in relation to 2010 and totaled 7.3% of net operating revenues; • The positive consolidated operating cash flow amounted to R$ 29.9 million in 2011, or 1.1% of net operating revenues; • Sales through electronic orders reached an all-time high and accounted for 69.7% of total sales in 2011. 3
  • 4. Gross Revenues Evolution (R$ million) 3,317.0 3,132.8 928.5 832.3 4Q10 4Q11 2010 2011 4
  • 5. Gross Revenues Breakdown (R$ Million) 4Q11 4Q10 Chg. % 2011 2010 Chg. % Branded 536.6 554.6 -3.3% 2,083.0 2,083.4 0.0% Generic 82.1 59.6 37.6% 263.1 219.5 19.9% OTC 129.1 151.4 -14.7% 545.8 590.8 -7.6% Health and Beauty Products 66.4 43.9 51.2% 233.2 142.3 63.9% Hospitals and Vaccines 114.3 22.7 404.2% 191.9 96.6 98.7% Total 928.5 832.3 11.6% 3,317.0 3,132.8 5.9% 5
  • 6. Gross Profit and Revenues from Services to Suppliers (R$ million and % Net Revenues) 10.6% 10.7% 10.1% 10.2% 100.3 123.9 181.1 163.7 28.4 45.0 41.7 38.6 4Q10 4Q11 2010 2011 Gross Profit Revenues from Services to Suppliers Gross Profit Margin(%) 6
  • 7. Operating Expenses - SGA (R$ million and % Net Revenues) 7.7% 7.3% 7.4% 7.0% 202.0 204.5 51.5 55.7 4Q10 4Q11 2010 2011 7
  • 8. Ebitda and Ebitda Margin (R$ million and % Net Revenues) 3.2% 3.0% 2.7% 2.7% 79.9 75.9 25.1 18.6 4Q10 4Q11 2010 2011 8
  • 9. Net Financial Expenses (R$ million and % Net Revenues) 1.1% 1.1% 1.1% 0.9% 31.2 28.6 8.4 6.1 4Q10 4Q11 2010 2011 9
  • 10. Net Profit (R$ million and % Net Revenues) 1.5% 1.1% 1.3% 1.0% 34.4 28.9 10.5 8.7 4Q10 4Q11 2010 2011 10
  • 11. Summary of Cash Flow (R$ Million) 4Q11 4Q10 Chg. % 2011 2010 Chg. % Cash Flow Generated / (Used) in Operating Activities 15.1 (21.3) - 29.9 44.4 -32.7% Internal Cash Generation 17.7 22.2 -20.6% 66.4 67.9 -2.2% Operating Assets Variation (2.6) (43.5) 94.0% (36.5) (23.5) -55.5% Trade Accounts Receivable (106.1) (16.4) -546.6% (75.3) (40.6) -85.3% Inventories (71.2) (64.7) -10.0% (31.6) (1.2) -2,546.2% Suppliers 194.7 68.5 184.2% 67.2 45.1 48.8% Other Items (20.0) (30.9) 35.2% 3.3 (26.8) - Cash Flow (Used) in Investing Activities (10.4) (3.3) -215.0% (15.9) (8.1) -96.3% Cash Flow Generated / (Used) by Financing Activities (2.5) (15.5) 83.9% (2.7) (43.8) 93.9% Net Increase / (Decrease) in Cash 2.2 (40.1) - 11.2 (7.5) - 11
  • 12. 4Q10 4Q11 Cash Cycle - Days * 49.0 48.0 Accounts Receivable (1) 43.6 46.0 Inventories (2) 52.0 48.9 Accounts Payable (3) 46.6 46.8 * Average (1) Average of Gross Revenues in the Quarter (2) Average of COGS in the Quarter (3) Average of COGS in the Quarter 12
  • 13. Indebtedness: Net Debt and Net Debt / Ebitda* (R$ million) 1.4x 1.6x 118.9 108.7 2010 2011 * Ebitda = accumulated last 12 months 13
  • 14. Capex (R$ million and % Net Revenues) 0.5% 0.5% 0.3% 0.3% 9.3* 8.3 3.5 3.7 4Q10 4Q11 2010 2011 * Prodiet investiments are not included. 14
  • 15. Service Level Logistics E.P.M. (Units served / Units Requested) (Errors per Million) 184.0 90.1% 170.0 89.3% 89.3% 150.0 88.1% 114.0 4Q10 4Q11 2010 2011 4Q10 4Q11 2010 2011 15
  • 16. Profarma vs Ibovespa - % 4Q11 115 110 108 108 105 100 95 90 85 30-Sep-11 30-Oct-11 29-Nov-11 29-Dec-11 Ibovespa Profarma 16 16
  • 17. Analyst Coverage Company Analyst Telephone E-mail Javier Martinez de Olcoz Cerdan (1 212) 761-4542 javier.martinez.olcoz@morganstanley.com Morgan Stanley Clarissa Berman (55 11) 3048-6214 clarissa.berman@morganstanley.com Merrill Lynch Mauricio Fernandes (55 11) 2188-4236 Mauricio.fernandes@baml.com Credit Suisse Marcel Moraes (55 11) 3841-6302 marcel.moraes@credit-suisse.com Marcio Osako (55 11) 3073-3040 marcio.osako@itausecurities.com Itaú BBA Juliana Rozenbaum (55 11) 3073-3035 juliana.rozenbaum@itausecurities.com Banco Fator Iago Whately (55 11) 3049-9480 iwhately@bancofator.com.br Raymond James Guilherme Assis (55 11) 3513-8706 guilherme.assis@raymondjames.com BTG Pactual João Carlos dos Santos (55 11) 3383-2384 joaocarlos.santos@btgpactual.com Andre Parize (55 11) 5171-5870 andre.parize@votorantimcorretora.com.br Votorantim Marco Richieri (55 11) 5171-5873 marco.richieri@votorantimcorretora.com.br 17
  • 18. Contatos RI IR Contacts Max Fischer | Diretor Financeiro e de RI Max Fischer | CFO and IRO Beatriz Diez | | IR Manager Beatriz Diez Gerente de RI 18 Telefone.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri Phone.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri