1. 1

2. 4Q12 and 2012 Earnings Release
March, 27, 2013
2

3. Highlights in the Period
• The Company's consolidated net income rose by 53.6% year-over-year to R$ 40.6 million, with net margin of 1.3%;
• Consolidated gross revenues increased 14.6% year-over-year and totaled R$ 3.8 billion. It is worth noting the generics
and health and beauty categories, which increased by 29.6% and 22.8% respectively;
• Consolidated EBITDA climbed by 26.4% against 2011 and came to R$ 92.2 million, with 2.9% EBITDA margin;
• A drop of 1.7 days in the Company's cash cycle when compared with 2011, to 46.3 days. This decrease resulted in a fall of
about R$ 21.6 million in working capital;
• The acquisition of 80% of Arp Med S.A.’s capital for a multiple EV/EBITDA (2012E) of 5.3x was approved by CADE on
December 28, 2012.
Subsequent events*:
• On January 17, 2013, the Company acquired 100% of Drogasmil and Farmalife drugstore chains, with 85 stores in Rio de
Janeiro State, for R$ 87.0 million, to be paid net of the debt level of the company;
• On January 30, 2013, the Company acquired 50% of Drogarias Tamoio chain, which consists of 57 stores in Rio de
Janeiro State. The transaction was made by means of a primary subscription of R$ 62.3 million and a secondary
subscription of R$ 43.1 million, with a multiple EV/EBITDA (2013E) of 7.5x;
• On February 21, 2013, Profarma entered into a joint venture agreement with Nutrilatina to create Supernova. With this
move, Profarma has become the exclusive distributor of Nutrilatina's products to pharmaceutical retailers and entered a
new market, body shops, also as a sole distributor.
* These transactions have to be approved by CADE - with the exception of Supernova.
3

4. Gross Revenues Evolution
(R$ million)
3,802.7
3,317.0
971.0
928.5
4Q11 4Q12 2011 2012
4

5. Gross Revenues Breakdown
(R$ Million) 4Q12 4Q11 Chg. % 2012 2011 Chg. %
Branded 544.1 536.6 1.4% 2,167.3 2,083.0 4.0%
Generic 110.3 82.1 34.4% 341.0 263.1 29.6%
OTC 127.2 129.1 -1.5% 529.8 545.8 -2.9%
Health and Beauty Products 77.2 66.4 16.3% 286.5 233.2 22.8%
Hospitals and Vaccines 112.3 114.3 -1.8% 478.2 191.9 149.2%
Total 971.0 928.5 4.6% 3,802.7 3,317.0 14.6%
5

6. Gross Profit and Revenues from Services to Suppliers
(R$ million and % Net Revenues)
11.0%
10.6% 10.7%
10.2%
150.6
123.9
163.7 204.7
45.0 39.7
38.6 50.7
4Q11 4Q12 2011 2012
Gross Profit Revenues from Services to Suppliers Gross Profit Margin(%)
6

7. Operating Expenses - SGA
(R$ million and % Net Revenues)
7.9% 7.9%
7.3%
7.0% 256.6
204.5
67.1
55.7
4Q11 4Q12 2011 2012
7

8. Ebitda and Ebitda Margin
(R$ million and % Net Revenues)
3.1%
2.9%
2.6%
2.2%
92.2
73.0
24.2
18.8
4Q11 4Q12 2011 2012
8

9. Net Financial Expenses
(R$ million and % Net Revenues)
1.1% 1.1% 0.9%
0.7%
31.7
28.6
8.4
6.3
4Q11 4Q12 2011 2012
9

10. Net Profit
(R$ million and % Net Revenues)
1.3%
1.0% 0.9% 0.9%
40.6
26.4
8.1
7.8
4Q11 4Q12 2011 2012
10

11. Summary of Cash Flow
(R$ Million) 4Q12 4Q11 Chg. % 2012 2011 Chg. %
Cash Flow Generated / (Used) in Operating Activities 56.9 15.8 259.4% 8.9 30.6 -70.8%
Internal Cash Generation 18.2 18.4 -1.1% 89.4 67.1 33.2%
Operating Assets Variation 38.7 (2.6) - (80.5) (36.5) -120.6%
Trade Accounts Receivable (18.9) (106.1) 82.2% (66.8) (75.3) 11.3%
Inventories (66.9) (71.2) 6.0% (9.6) (31.6) 69.5%
Suppliers 174.5 194.7 -10.4% 62.5 67.2 -7.0%
Other Items (50.1) (20.0) -150.3% (66.5) 3.3 -
Cash Flow (Used) in Investing Activities (3.0) (11.2) 72.8% (11.3) (16.7) 32.3%
Cash Flow Generated / (Used) by Financing Activities (18.6) (2.5) - 28.8 (2.7) -
Net Increase / (Decrease) in Cash 35.2 2.2 - 26.4 11.2 135.1%
11

12. 4Q12 4Q11
Cash Cycle - Days * 46.3 48.0
Accounts Receivable (1) 51.0 46.0
Inventories (2) 48.2 48.9
Accounts Payable (3) 52.9 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)
1.6x 1.8x
169.3
118.9
2011 2012
* Ebitda = accumulated last 12 months
13

14. Capex
(R$ million and % Net Revenues)
0.5% 0.3% 0.3% 0.3%
10.8
9.3
3.7
2.2
4Q11 4Q12 2011 2012
* Não estão incluídos os investimentos na Prodiet.
14

15. Service Level Logistics E.P.M.
(Units served / Units Requested) (Errors per Million)
184.0
89.3% 88.3% 89.3%
87.8% 114.0
94.0
65.0
4Q11 4Q12 2011 2012 4Q11 4Q12 2011 2012
15

16. Profarma vs Ibovespa - % 4Q12
40%
34.9
30%
20%
Título do Eixo
10%
7.4
0%
-10%
-20%
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12
PFRM3 BZ Equity IBOV Index
16

17. Analyst Coverage
Company Analyst Phone number Email address
Morgan Stanley Javier Martinez de Olcoz (55 11) 3048-6088 javier.martinez.olcoz@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
Itaú BBA Juliana Rozenbaum (55 11) 3073-3040 juliana.rozenbaum@itausecurities.com
Banco Fator Daniel Utsch (55 11) 3049-9483 dutsch@bancofator.com.br
BTG Pactual João Carlos dos Santos (55 11) 3383-2384 joaocarlos.santos@btgpactual.com
Votorantim Andre Parize (55 11) 5171-5870 andre.parize@votorantimcorretora.com.br
17

18. IR contacts
Max Fischer | Chief Financial and IR Officer 18
Beatriz Diez | IR Manager
Phone number: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri