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4Q09 and 2009 Earnings Release March, 10th, 2009.

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Page 1: Conference Call 4Q09

4Q09 and 2009 Earnings Release

March, 10th, 2009.

Page 2: Conference Call 4Q09

4Q09 and 2009 Earnings Release

Highlights For The Period

• Net profit of the Company increased 68.0%, when comparing to 2008, reaching R$ 53.2 million, representing a net

margin of 2.1%;

• A 40.7% Ebitda growth when compared to the previous year, reaching R$ 110.7 million, with Ebitda margin of 4.3%;

• An expressive cash cycle reduction of the Company in 13.1 days, reaching 52.7 days, when compared to 2008.

This drop represented a working capital reduction of R$ 91.4 million;

• A reduction of 43.8%, in the Net Debt / Ebitda relation of the Company, when compared to 2008, reaching 1.1x,

leaving behind a position of 1.9x;

• A reduction in operating expenses (represented by the administrative, commercial, and logistics expenses) for the

second consecutive year, reaching 7.5% of the Net Operating Revenue, representing a 1.3% drop in relation to 2008;

• A positive operating cash generation, reaching R$ 80.2 million in 2009, representing 3.1% of the net operating

revenue;

• Increase in the service level, reaching 92.5% in 2009, a 1.2 percentage point growth in relation with the previous

year, when we reached 91.3%.

Page 3: Conference Call 4Q09

3

4Q09 and 2009 Earnings Release

Gross Revenues Evolution(R$ million)

807.4

2,940.43,041.6

808.2714.9

4Q08 3Q09 4Q09 2008 2009

Page 4: Conference Call 4Q09

4

4Q09 and 2009 Earnings Release

Gross Revenues Breakdown

(R$ Million)

Branded

Generic

OTC

Health and Beauty Products

Hospitals and Vaccines

Total

4Q09

546.3

50.8

157.1

26.2

27.1

807.4

4Q08

489.9

41.5

127.6

31.4

24.4

714.9

Chg. %

11.5%

22.3%

23.1%

-16.5%

11.0%

12.9%

3Q09

548.5

43.7

157.5

27.1

31.5

808.2

Chg. %

-0.4%

16.2%

-0.3%

-3.0%

-14.0%

-0.1%

2009

2,058.5

165.1

602.0

103.2

112.7

3,041.6

2008

2,048.5

166.6

523.4

121.8

80.1

2,940.4

-15.2%

Chg. %

0.5%

-0.9%

15.0%

40.7%

3.4%

Page 5: Conference Call 4Q09

5

Source: IMS

Market Share Evolution (%)

9.6 9.6

11.511.7

10.9* 10.9 11.0*11.6*

2005 2006 2007 2008 2009 4Q08 3Q09 4Q09

4Q09 and 2009 Earnings Release

*Excluding the similar’s effect

Page 6: Conference Call 4Q09

6

4Q09 and 2009 Earnings Release

(R$ million and as % Net Revenues)

Gross Profit and Revenues from Services to Suppliers

51.0 65.8 57.1

220.7263.6

37.9

10.316.5

49.5

18.6

11.0%10.7%

11.7%11.0% 11.1%

4Q08 3Q09 4Q09 2008 2009

Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%)

Page 7: Conference Call 4Q09

7

(R$ million and as % Net Revenues )

Operating Expenses

4Q09 and 2009 Earnings Release

50.6

193.6 193.9

47.448.1

6.9% 7.4% 7.6% 7.5%7.9%

4Q08 3Q09 4Q09 2008 2009

Page 8: Conference Call 4Q09

8

(R$ million and as % Net Revenues)

Net Financial Expenses

4Q09 and 2009 Earnings Release

5.3

32.9

26.7

5.1

10.0

0.7% 0.8% 1.3% 1.0%1.6%

4Q08 3Q09 4Q09 2008 2009

Page 9: Conference Call 4Q09

9

(R$ million and as % Net Revenues)

Net Profit

4Q09 and 2009 Earnings Release

15.4

31.6

53.2

13.1

6.5

1.9%2.2%

1.2%

2.1%

1.1%

4Q08 3Q09 4Q09 2008 2009

Page 10: Conference Call 4Q09

10

(R$ million and as % Net Revenues)

Ebitda and Ebitda Margin

4Q09 and 2009 Earnings Release

28.0

78.7

110.7

27.721.5

4.1% 4.1%

3.1%

4.3%

3.5%

4Q08 3Q09 4Q09 2008 2009

Page 11: Conference Call 4Q09

11

4Q09 and 2009 Earnings Release

(R$ Million) 4Q09 4Q08 Chg. % 3Q09 Chg. % 2009 2008 Chg. %

(19.2) 10.6 - 36.5 - 80.2 11.0 627.8%

17.9 10.7 66.7% 19.3 -7.0% 73.4 53.2 37.9%

(37.1) (0.1) -30820.0% 17.2 - 6.8 (42.2) -

(25.1) 43.8 - (1.9) -1213.1% (8.6) 58.3 -

(81.8) (18.7) -338.5% 27.0 - (35.0) 0.6 -

91.3 (6.9) - (3.7) - 80.8 (47.5) -

(21.6) (18.4) -17.3% (4.1) -420.6% (30.3) (53.5) 43.4%

(3.6) (4.2) 14,2% (2.2) -63.4% (11.8) (10.8) -9.1%

(9.9) (15.3) 35.4% (17.1) 42.3% (94.3) (19.3) -388.5%

(32.6) (8.8) -269.9% 17.2 - (25.8) (19.0) -35.3%

CASH FLOW

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

Page 12: Conference Call 4Q09

12

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

Cash Cycle - Days * 49.3 53.4 62.5 69.6 67.8 64.3 68.8 67.2 61.8 65.8

Accounts Receivable (1) 45.2 50.0 54.6 53.1 50.9 51.7 50.7 49.2 47.0 45.9

Inventories (2) 33.1 44.7 43.4 47.2 41.3 48.6 47.9 45.7 42.5 49.9

Accounts Payable (3) 29.0 41.3 35.6 30.7 24.5 36.0 29.8 27.7 27.7 29.9

* Average

1Q09

67.9

42.4

54.0

28.5

2Q09

58.7

40.5

46.5

28.4

3Q09

51.6

38.4

38.5

25.3

4Q09

52.7

41.1

49.6

38.0

4Q09 and 2009 Earnings Release

(1) Average of Gross Revenues in the Quarter (2) Average of COGS in the Quarter (3) Average of COGS in the Quarter

Page 13: Conference Call 4Q09

13

* Ebitda = Accumulated last 12 months

Indebtedness: Net Debt and Net Debt / Ebitda*

(R$ million)

4Q09 and 2009 Earnings Release

118.1

149.4

118.1

95.0

149.4

0.9 1.11.9

1.11.9

4Q08 3Q09 4Q09 2008 2009

Page 14: Conference Call 4Q09

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(R$ million and as % Net Revenues)

Capex

4Q09 and 2009 Earnings Release

3.7

10.8

12.0

2.2

4.2

0.3%0.5% 0.4% 0.5%0.7%

4Q08 3Q09 4Q09 2008 2009

Page 15: Conference Call 4Q09

15

Service Level

(units served / units requested)

Logistics E.P.M.

(Errors per Million)

Operating Indicators

90.2%

94.1%

93.0%

4Q08 3Q09 4Q09

83.0

120.0130.0

4Q08 3Q09 4Q09

4Q09 and 2009 Earnings Release

Page 16: Conference Call 4Q09

16

Profarma vs Ibovespa in the year 2009

4Q09 and 2009 Earnings Release

Ibovespa Profarma

183

312

10

40

70

100

130

160

190

220

250

280

310

340

Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09

Page 17: Conference Call 4Q09

17

AnalystFirm

Analyst Coverage

Javier Martinez de Olcoz Cerdan Phone: (1 212) 761-4542 E-mail: [email protected]

Morgan Stanley

João Carlos dos Santos - Alexandre PizanoPhone: (55 11) 2188-4316 / (55 11) 2188-4024E-mail: [email protected]: [email protected]

Merrill Lynch

Marcel MoraesPhone: (55 11) 3841-6302E-mail: [email protected]

Credit Suisse

Juliana Rozenbaum - Marcio OsakoPhone: (55 11) 3073-3035 / (55 11) 3073-3040E-mail: [email protected]: [email protected]

Itaú BBA

Iago WhatelyPhone: (55 11) 3049-9480E-mail: [email protected]

Banco Fator

4Q09 and 2009 Earnings Release

Page 18: Conference Call 4Q09

Max Fischer CFO and IR Director

Beatriz DiezIR Manager

Telephone,: 55 (21) 4009 0276E-mail: [email protected]

www.profarma.com.br/ir

IR Contacts