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