2. 3Q10 Earnings Release
Highlights For The Period
• A growth of 11.8% in the consolidated gross revenues quarter-over-quarter, totaling R$ 809.8 million, highlighting
the health and beauty category, in which a sharp growth of 34.3% was recorded;
• The operating cash flow was positive for the second consecutive quarter and amounted to R$ 62.1 million in 3Q10,
or 9.1% of the net operating revenue;
• Deep drop of 17.4 days in the Company's cash cycle, which stood at 48.8 days, the shortest since 2006. This
decrease derived in a fall of about R$ 106.1 million in working capital;
• Net debt fell by 42.9% (R$ 57.4 million) quarter-over-quarter. Thus, the Company's net debt / EBITDA ratio dropped
from 1.4x (June 2010) to 0.8x;
• A 9.6% drop over 2Q10 in operating expenses (administrative, selling and logistics), which resulted in 7.1% of net
revenues, the latter figure being the second best result for the Company in two years;
• An EPM (errors per million units delivered) reduction of 23.1% from 121.0 in 2Q10 to 93.0 in 3Q10.
2
6. 3Q10 Earnings Release
Gross Profit and Revenues from Services to Suppliers
(R$ million and as % Net Revenues)
12.3%
11.1%
10.2%
10.3
25.1
26.8
65.8
49.7 43.3
3Q09 2Q10 3Q10
Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%)
6
7. 3Q10 Earnings Release
Operating Expenses
(R$ million and as % Net Revenues )
8.9%
6.9% 7.1%
53.8
48.6
47.4
3Q09 2Q10 3Q10
7
8. 3Q10 Earnings Release
Net Financial Expenses
(R$ million and as % Net Revenues)
1.9%
0.7% 0.8%
11.8
5.4
5.1
3Q09 2Q10 3Q10
8
9. 3Q10 Earnings Release
Net Profit
(R$ million and as % Net Revenues)
1.9% 1.9%
0.7%
13.1
11.4
4.7
3Q09 2Q10 3Q10
9
10. 3Q10 Earnings Release
Ebitda and Ebitda Margin
(R$ million and as % Net Revenues)
4.1%
3.6%
3.1%
27.7
21.8 21.5
3Q09 2Q10 3Q10
10
