Contenu connexe Similaire à Profarma 4Q10 Similaire à Profarma 4Q10 (20) Profarma 4Q103. 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
5. Gross Revenues Breakdown
(R$ Million) 4Q10 4Q09 Chg. % 3Q10 Chg. % 2010 2009 Chg. %
Branded 554.6 546.3 1.5% 537.8 3.1% 2,083.4 2,058.5 1.2%
Generic 59.6 50.8 17.5% 56.2 6.1% 219.5 165.1 32.9%
OTC 151.4 157.1 -3.6% 153.7 -1.5% 590.8 602.0 -1.9%
Health and Beauty Products 43.9 26.2 67.3% 38.6 13.7% 142.3 103.2 37.8%
Hospitals and Vaccines 22.7 27.1 -16.3% 23.5 -3.6% 96.6 112.7 -14.3%
Total 832.3 807.4 3.1% 809.8 2.8% 3,132.8 3,041.6 3.0%
5
6. Market Share Evolution (%)
11.5 11.7 11.6*
10.9*
10.2* 10.2* 10.4*
9.6
2006 2007 2008 2009 2010 4Q09 3Q10 4Q10
*Excluding the similar’s effect Source: IMS
6
7. Gross Profit and Revenues from Services to Suppliers
(R$ million and as % Net Revenues)
11.7%
11.0%
10.7%
10.2% 10.1%
37.9
100.3
181.1
263.6
18.6
26.8 28.4
57.1 43.3 41.7
4Q09 3Q10 4Q10 2009 2010
Gross Profit Revenues from Services to Suppliers Gross Profit Margin(%)
7
8. Operating Expenses
(R$ million and as % Net Revenues)
7.4% 7.4% 7.5% 7.7%
7.1%
202.0
193.9
50.6 48.6 51.5
4Q09 3Q10 4Q10 2009 2010
8
9. Ebitda and Ebitda Margin
(R$ million and as % Net Revenues)
4.1% 4.3%
3.1% 3.0%
2.7% 110.7
79.9
28.0
21.5 18.6
4Q09 3Q10 4Q10 2009 2010
9
10. Net Financial Expenses
(R$ million and as % Net Revenues)
1.1%
1.0%
0.9%
0.8% 0.8%
28.5
26.7
5.3 5.4 6.0
4Q09 3Q10 4Q10 2009 2010
10
11. Net Profit
(R$ million and as % Net Revenues)
2.2% 2.1%
1.5% 1.3%
0.7%
53.2
34.4
15.4
10.5
4.7
4Q09 3Q10 4Q10 2009 2010
11
12. CASH FLOW
(R$ Million) 4Q10 4Q09 Chg. % 3Q10 Chg % 2010 2009 Chg. %
Cash Flow Generated / (Used) in Operating Activities (21.3) (19.2) -11.0% 62.1 - 44.4 80.2 -44.7%
Internal Cash Generation 22.2 23.7 -6.1% 9.5 134.4% 67.9 92.5 -26.6%
Operating Assets Variation (43.5) (42.9) -1.5% 52.7 - (23.5) (12.3) -91.4%
Trade Accounts Receivable (16.4) (25.1) 34.5% (50.8) 67.7% (40.6) (8.6) -371.2%
Inventories (88.0) (81.8) -7.5% (10.4) -742.5% (1.2) (35.0) 96.6%
Suppliers 118.2 91.3 29.5% 120.6 -2.0% 45.1 80.8 -44.1%
Other Items (57.4) (27.3) -109.9% (6.8) -749.1% (26.8) (49.4) 45.8%
Cash Flow (Used) in Investing Activities (3.3) (3.6) 7.5% (1.5) -122.0% (8.1) (11.8) 30.9%
Cash Flow Generated / (Used) by Financing Activities (15.5) (9.9) -56.8% (43.8) 64.6% (43.8) (94.3) 53.5%
Net Increase / (Decrease) in Cash (40.1) (32.6) -22.8% 16.9 - (7.5) (25.8) 70.8%
12
13. Cycle Previous IFRS Cycle IFRS Basis
4Q08 4Q09 3Q10 4Q10 4Q08 4Q09 3Q10 4Q10
Cash Cycle (Days) * 65.8 52.7 48.8 49.0 Cash Cycle (Days) * 66.0 52.7 48.8 49.0
Accounts Receivable(1) 45.9 41.1 43.3 43.6 Accounts Receivable (1) 45.9 41.1 43.3 43.6
Inventories (2) 49.9 49.6 40.6 48.7 Inventories (2) 53.6 53.9 43.9 52.0
Accounts Payable (3) 29.9 38.0 35.1 43.3 Accounts Payable (3) 33.5 42.3 38.4 46.6
* Average:
(1) Average of Gross Revenues in the Quarter (2) Average of COGS in the Quarter (3) Average of COGS in the Quarter
13
14. Indebtedness: Net Debt and Net Debt / Ebitda*
(R$ million)
1.4x 1.4x
1.1x 1.1x
0.8x
118.1 118.1
108.7 108.7
75.1
4Q09 3Q10 4Q10 2009 2010
* Ebitda = Accumulated last 12 months
14
15. Capex
(R$ million and % as Net Revenues)
0.5% 0.5% 0.5%
0.3%
0.2%
12.0
8.3
3.7 3.5
1.5
4Q09 3Q10 4Q10 2009 2010
15
16. Operating Indicators
Service Level Logistics E.P.M.
(Units served/ Units requested) (Errors per Million)
93.0% 170.0
90.4%
130.0
88.1%
93.0
4Q09 3Q10 4Q10 4Q09 3Q10 4Q10
16
17. Profarma vs Ibovespa -% year 2010
120
110
100
101
95
90
* Base 100 em 30/12/2009
80
Jan-10
30-dez-09 Feb-10
29-jan-10 Mar-10
28-fev-10 Apr-10 May-10
30-mar-10 29-abr-10 Jun-10
29-mai-10 Jul-10
28-jun-10 Aug-10
28-jul-10 Sep-10
27-ago-10 Oct-10
26-set-10 Nov-10
26-out-10 Dec-10 Jan-11
25-nov-10 25-dez-10
Ibovespa Profarma
17
18. 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 Alexandre Pizano (55 11) 2188-4024 alexandre.pizano@baml.com
Credit Suisse Marcel Moraes (55 11) 3841-6302 marcel.moraes@credit-suisse.com
Juliana Rozenbaum (55 11) 3073-3035 juliana.rozenbaum@itausecurities.com
Itaú BBA
Marcio Osako (55 11) 3073-3040 marcio.osako@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
18