3Q17 Results. CONFERENCE CALL ON RESULTS October 25, :00 p.m. (Brazil) / 11:00 a.m. (US-EST)
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1 3Q17 Results CONFERENCE CALL ON RESULTS October 25, :00 p.m. (Brazil) / 11:00 a.m. (US-EST) Access in Portuguese: Access in English: Password: Lojas Renner Replay: Password in Portuguese: Access webcast here. *The Conference Call will be held in Portuguese only but with simultaneous translation in English.
2 October 24, 2017 LOJAS RENNER S.A. (B3: LREN3; USOTC: LRENY), the largest fashion retailer in Brazil, announces its results for the third quarter (3Q17) and first nine months (9M17) of MANAGEMENT COMMENTS Consolidated Information 3Q17 3Q16 Var. % 9M17 9M16 Var. % Net Revenue from Merchandise Sales 1, , % 4, , % Growth in Same Store Sales (%) 13.4% -3.9% - 9.5% 0.1% - Gross Profit from Merchandise Sales % 2, , % Gross Margin from Retailing Operation (%) 53.9% 53.7% 0.2p.p. 55.1% 55.6% -0.5p.p. Operating Expenses (SG&A) (592.4) (509.5) 16.3% (1,715.0) (1,508.3) 13.7% SG&A as a % of Net Revenue from Merchandise Sales (%) 39.2% 40.4% -1.2p.p. 39.2% 39.7% -0.5p.p. Ajusted EBITDA from Retailing Operation % % Ajusted EBITDA Margin from Retailing Operation (%) 13.3% 13.0% 0.3p.p. 14.1% 15.3% -1.2p.p. Financial Products Result % % Ajusted Total EBITDA (Retail + Financial Products) % % Ajusted Total EBITDA Margin (%) 19.8% 18.2% 1.6p.p. 19.9% 20.3% -0.4p.p. Net Income % % Net Margin (%) 9.3% 6.7% 2.6p.p. 9.2% 8.6% 0.6p.p. ROIC (%) 4.0% 3.4% 0.6p.p. 11.9% 12.1% -0.2p.p. Businesses Breakdown 3Q17 9M17 Stores in Operation Selling Area (thousand m²) Net Revenue 1, , % of Growth 18.5% 34.9% 48.3% 13.6% 29.2% 61.0% Gross Margin (%) 53.9% 53.5% 58.0% 55.1% 53.6% 58.2% The third quarter of 2017 was characterized by a good level of sales, reflecting the correct execution of operations and improved customer traffic through the stores, this leading to a 20.0% growth in Net Revenue from Merchandise Sales and 13.4% in Same Store Sales. Gross Profit from the Retailing Operation rose 20.6% year-on-year while Gross Margin reported 53.9% against 53.7% in 3Q16 due to the commercial strategy adopted as well as the effect of contracted exchange rates for imported products and the exclusion of the ICMS sales tax from the calculation base for PIS and Cofins charges. Operating Expenses posted an increase of 16.3%, ensuring operating leverage in the quarter. Sales, General & Administrative Expenses rose less than Net Revenue from Merchandise Sales, recording 39.2% of sales, a reduction from 40.4% in 3Q16. This reduced percentage reflects strong sales and the Company s rigid budgetary control. Consequently, Total Adjusted EBITDA from Retailing Operations increased 22.7% in the quarter. The Financial Products Result recorded an increase of 49.7% in relation to 3Q16, principally due to better revenue flows and continuing improvement in credit quality. Thus, Total Adjusted EBITDA rose 30.4%, representing a 1.6 p.p. increase in Margin. Equally, Net income was 65.3% higher than 3Q16 while Net Margin was 9.3% against 6.7% in 3Q16. In line with its expansion plan, in the quarter, the Company opened 17 stores, 8 of them under the Renner banner, worthy of note being the inauguration of the first overseas Renner store on September 7 in Montevideo, Uruguay. During the period a further 3 Camicado and 6 Youcom stores were rolled out. Investments totaled R$ million, against R$ million of 3Q16. Page 2 of 11 Release 3Q17
3 OPERATING PERFORMANCE NET REVENUE Net Revenue from Merchandise Sales posted growth of 20.0% in 3Q17 in relation to the same period in 2016 while Same Store Sales were up 13.4%. Sales performance in the quarter reflected the correct execution of operations, the good assortment of inventory as well as improved customer traffic through the stores. Camicado and Youcom continued to make a positive contribution with increased sales of 34.9% and 48.3%, respectively. For the first nine months, Net Revenue from Merchandise Sales reached R$ 4,377.7 million, 15.2% higher than 9M16 and Same Store Sales were 9.5%. GROSS PROFIT Gross Profit from Merchandise Sales in 3Q17 recorded growth of 20.6% and the Gross Margin from the Retailing Operation reached 53.9%, a consequence of the commercial strategy and the positive effect of contracted exchange for imported products. The exclusion of the ICMS sales tax from the calculation base for PIS and Cofins charges also positively impacted margins. Notwithstanding, the economic scenario continued to influence price-sensitive behavior on the part of the consumer. In 9M17, Gross Profit from Merchandise Sales was R$ 2,411.1 million, an increase of 14.1%, while the Margin was 55.1%, versus 55.6% in 9M16. OPERATING EXPENSES Operating Expenses 3Q17 3Q16 Var. % 9M17 9M16 Var. % Operating Expenses (SG&A) (592.4) (509.5) 16.3% (1,715.0) (1,508.3) 13.7% % Over Net Revenue from Merchandise Sales 39.2% 40.4% -1.2p.p. 39.2% 39.7% -0.5p.p. Selling Expenses (435.5) (375.3) 16.1% (1,282.2) (1,122.7) 14.2% General and Administrative Expenses (156.9) (134.3) 16.9% (432.8) (385.6) 12.3% Other Operating Expenses (22.3) (2.9) 667.5% (80.1) (21.8) 267.1% Management Remuneration (3.0) (2.6) 14.0% (9.2) (7.2) 28.4% Tax Expenses (13.2) (12.0) 10.8% (37.8) (34.2) 10.5% Employee Profit Sharing (10.7) (3.1) 243.8% (41.6) (17.3) 140.0% Recovery of Tax Credits % % Other Operating Revenues/ (Expenses) (0.6) % (0.7) % Total Operating Expenses (614.7) (512.4) 20.0% (1,795.1) (1,530.1) 17.3% Operating Expenses (SG&A) increased by 16.3%, albeit less than Net Revenue from Merchandise Sales, ensuring operating leverage during the quarter, a reflection of stronger sales volumes and the rigid budgetary control exerted by the Company and this despite the rate of store rollouts and projects in the process of implementation. Selling Expenses reported 28.8% of Revenue from Merchandise Sales against 29.8% in 3Q16. In turn, General & Administrative Expenses corresponded to 10.4% of Revenue from Merchandise Sales compared with 10.6% for the same period in Other Operating Expenses totaled R$ 22.3 million versus R$ 2.9 million in 3Q16. This increase is due to the impact of noncomparable items which positively influenced the result in 3Q16 but were not repeated in the same proportion in 2017, such as the lower Recovery of Tax Credits and the normalization of provisioning for Employee Profit Sharing in the result, given the Company s operating performance to the present time. In 9M17, Operating Expenses (SG&A) rose 13.7% and Other Operating Expenses amounted to R$ 80.1 million. ADJUSTED EBITDA FROM THE RETAILING OPERATION Adjusted EBITDA from the Retailing Operation was 22.7% higher than reported for 3Q16, while the Adjusted EBITDA Margin was 13.3% compared with 13.0% in the same period of 2016, the result of the increase in Gross Margin from the Retailing Operation as well as operational leverage. For the calendar year through to September, Adjusted EBITDA from the Retailing Operation increased by 5.8%, reaching R$ million, corresponding to an EBITDA Margin from the Retailing Operation of 14.1%. Page 3 of 11 Release 3Q17
4 FINANCIAL PRODUCTS RESULT Financial Products Result Breakdown 3Q17 3Q16 Var. % 9M17 9M16 Var. % Revenues, Net of Funding and Taxes % % Renner Card (Private Label) % % Co-branded Card Meu Cartão % % Quick Withdrawal and Insurances % % Credit Losses, Net of Recoveries (71.4) (68.8) 3.8% (177.1) (196.5) -9.9% Renner Card (Private Label) (26.0) (31.8) -18.4% (75.6) (92.3) -18.0% Co-branded Card Meu Cartão (46.6) (30.3) 53.9% (93.9) (77.3) 21.5% Quick Withdrawal 1.1 (6.7) - (7.5) (27.0) -72.1% Operating Expenses (Cards and Other Products) (58.8) (40.9) 44.0% (164.7) (123.1) 33.8% Financial Products Result % % % of Company's Total Adjusted EBITDA 32.7% 28.5% 4.2p.p. 29.3% 24.4% 4.9p.p. On July 1, the Meu Cartão Co-branded card portfolio was transferred to Realize Crédito, Financiamento e Investimento S.A. (Realize CFI). This migration brought some changes in the composition of the portfolios for different products. In-store purchases using the Meu Cartão under the booklet payment format ceasing to be booked to the Private Label portfolio and migrating to the Meu Cartão portfolio. Equally, all withdrawals using the Co-Branded card are no longer recognized in the Saque Rápido product portfolio, being booked as part of the Meu Cartão portfolio. In addition, credit limits for use both within and outside Renner and hitherto separate, were unified. Financial Products Result reported an increase of 49.7% in 3Q17 when compared with the preceding year and representing 32.7% of the Company s Total EBITDA. This was largely a reflection of improved revenues generated and a good credit performance. Revenues Net of Funding and Taxes in the quarter were 30.3% higher than 3Q16, driven by Co-branded Meu Cartão business and by lower funding costs. The increase in revenues from Meu Cartão reflects the greater use of this product as well as the incorporation of revenues from purchases with the payment booklet and withdrawals through the Co-branded card. The result was reduced revenues in the Private Label and Saque Rápido portfolios during the period. Meanwhile, Credit Losses, Net of Recoveries reflect the measures adopted over the past few years for granting new credits, credit limit updates as well as more efficient collections. In the quarter under review, there was an increase of 3.8%, relative to 3Q16 due to a higher level of provisioning for Meu Cartão. This reflected the increase in this portfolio in the period as well as increased provisioning to levels in excess of minimum Central Bank requirements. Operating Expenses rose 44.0% year-on-year due largely to Meu Cartão processing costs in the light of increased volumes, higher credit recoveries and the process of incorporation and operation of Realize CFI. In 9M17, the Financial Products Result amounted to R$ million, representing 29.3% of the Company s Total EBITDA. Revenues, Net of Funding and Taxes increased 17.6% and Credit Losses, Net of Recoveries fell by 9.9%. Conversely, Operating Expenses were 33.8% greater. At the end of September, Renner Cards issued by the Company totaled 28.4 million, accounting for a 45.7% share of merchandise sales compared with 49.5% in 3Q16, 38.3% from sales via the interest-free 0+5 installment plan and 7.4% of total sales using the interest-bearing 0+8 installment credit plan. The average Renner Card sales ticket reached R$ in 3Q17, 1.8% greater than 3Q16. The Company s average ticket was R$ , 3.4% higher year-on-year. The Renner Card portfolio amounted to R$ million at the end of September 2017, 5.5% less than in September This result since February reflects the incorporation of booklet payment-based purchases via Meu Cartão in Renner stores to the Meu Cartão portfolio. Losses on the Renner Card, Net of Recoveries amounted to 2.9% of the total portfolio in 3Q17, while overdues in the portfolio were cut by 1.0 p.p. thanks to a more stringent policy for granting new credits as well as credit limit updates and more efficient collections - already mentioned. Page 4 of 11 Release 3Q17
5 In September 2017, Meu Cartão surpassed the 3.2 million card issue mark with a total portfolio of R$ million versus R$ million in September This growth is due partially to the recognition in the portfolio of all sales and withdrawals transacted with Meu Cartão. Increased past dues over the portfolio were also driven by the extension of duration on the Co-branded financing of the statements in fixed installments. This followed the publication of the Central Bank s Resolution 4549, which since April of this year, has resulted in changes to the revolving credit line. The increased use of Meu Cartão following unification of credit limits also had an impact on the portfolio. Losses from Meu Cartão, Net of Recoveries were 5.3% of the total portfolio in 3Q17, a reduction against the 6.2% in 3Q16 following the adoption of measures taken to improve credit quality, previously mentioned. The reduction also reflects greater portfolio growth. Conversely, the percentage of overdues on the total portfolio increased by 31.8% in large part due to the transfer to this portfolio of purchases at Renner stores using the booklet payment method. Purchases via booklet characteristically suffer payment delays of a few days and, as a consequence, due to the provisioning methodology for Meu Cartão, are automatically dragged to outstandings pending settlement. Additionally, from 3Q17, the write offs of this product - previously after 180 days overdue - has now been extended to 360 days, according to Central Bank s resolution. The total Saque Rápido (Quick Withdrawal) portfolio reached R$ 89.0 million at the end of September 2017 (R$ 63.2 million when adjusted to present value), 46.7% lower than in the same period in 2016 and the result of more stringent restrictions on the granting of credit introduced in 2015, improved collection efficiency and the migration of withdrawals via Meu Cartão, already mentioned. Losses from the Saque Rápido product, Net of Recoveries in 3Q17 were negative at 1.3%, basically due to the reversal of provisions to reflect the composition of the current portfolio. Accounts Receivable Sep.17 Dec.16 Sep.16 Renner Card (Private Label) - Total Portfolio (Adjusted to Present Value) , Renner Card (Private Label) - Net Portfolio , On Due Receivable , Overdue Receivable Present Value Adjustment (23.1) (39.2) (25.5) Allowance for Losses to the Realizable Value (48.8) (57.9) (62.0) Others (39.1) (60.2) (45.5) Meu Cartão (Co-Branded) - Total Portfolio (Adjusted to Present Value) On September 30, 2017, Accounts Receivable from Customers totaled R$ 2,024.9 million, 18,9% greater than the position in September This increase reflects sales growth in the period and the increase in the Meu Cartão portfolio. Accounts Receivable comprises R$ million for the Renner Card (Private Label), R$ million, Meu Cartão (Co-Branded), R$ 74,1 million for the Saque Rápido as well as transactions with Third Party Cards and Other Accounts accounting for a further R$ million. Meu Cartão (Co-Branded) - Net Portfolio On Due Receivable Overdue Receivable Present Value Adjustment (5.5) - - Allowance for Losses to the Realizable Value (85.7) (24.1) (23.8) Quick Withdrawal - Total Portfolio Quick Withdrawal - Net Portfolio Fees and Transactions Receivable Allowance for Losses to the Realizable Value (15.0) (35.0) (36.5) Total Third-Party Credit Card Companies Other Accounts Receivable Total Credit Portfolio, Net 2, , , Page 5 of 11 Release 3Q17
6 TOTAL ADJUSTED EBITDA: RETAIL AND FINANCIAL PRODUCTS EBITDA Reconciliation 3Q17 3Q16 9M17 9M16 Net Income ( + ) Income and Social Contribution Taxes ( + ) Financial Result, Net ( + ) Depreciation and Amortization Total EBITDA ( + ) Stock Option Plan ( + ) Result on Disposal or Write-Off of Fixed Assets Total Adjusted EBITDA* Total Adjusted EBITDA Margin* 19.8% 18.2% 19.9% 20.3% *Pursuant to Article 4 of CVM Instruction 527, the Company has chosen to show its Adjusted EBITDA as in the above table in order to provide the information that best reflects the gross operational cash generation from its activities. These adjustments are based on: a) the Stock Option Plan corresponding to the fair value of the respective financial instruments recorded pro rata temporis, during the period services are rendered and offset by the Equity Capital Reserve and thus not representing a cash outflow; b) Statutory Participations are of a contingent nature and are related to the generation of profits pursuant to Article 187 of Law 6.404/76; and c) the Write-off of Fixed Assets relates to the results recorded from the divestment or write-off of fixed assets, largely without a cash impact. In 3Q17, Total Adjusted EBITDA reported growth of 30.4% and Total Adjusted EBITDA Margin was 19.8%, versus 18.2% in 3Q16, a consequence of a higher EBITDA Margin from Retailing and the improved Financial Products result. As for 9M17, Total Adjusted EBITDA rose 13.1% on a Margin of 19.9%. FREE CASH FLOW Cash Flow 3Q17 3Q16 Var. 9M17 9M16 Var. Total Adjusted EBITDA (+/-) Income and Social Contribution Taxes/Others (75.7) (68.7) (7.0) (221.8) (139.8) (82.0) Operating Cash Flow (+/-) Changes in Working Capital (109.1) 35.1 (144.2) (193.4) 20.7 (214.1) Accounts Receivable (38.4) (233.5) Operating Financing (294.2) (54.9) (239.3) (203.7) 21.8 (225.4) Inventories (74.0) (87.5) 13.5 (166.4) (166.0) (0.4) Suppliers (33.8) (12.0) (21.7) Other Accounts Receivable/Payable (240.8) In 3Q17, the Company generated a negative Free Cash Flow of R$ 20.5 million, a reduction of R$ million against 3Q16. This variation is due largely to the reduction in Operating Financing, a result of the capital allocation at Realize CFI. In 9M17, Free Cash Flow was R$ million, a negative variation of R$ million relative to 9M16. (-) Capex (134.9) (105.4) (29.5) (320.0) (317.0) (3.0) (=) Free Cash Flow (20.5) 90.5 (111.0) (198.1) FINANCIAL RESULT, NET Financial Result, Net 3Q17 3Q16 Var. % 9M17 9M16 Var. % Financial Revenue % % Gains on Cash Equivalents % % Other finance revenues % % Financial Expenses (32.2) (39.4) -18.4% (109.6) (126.4) -13.3% Interest on Loans, Borrowings and SWAP (25.2) (34.4) -26.6% (91.2) (109.1) -16.4% Other Finance Expenses (6.9) (5.0) 37.6% (18.4) (17.3) 6.1% Exchange Variation, Net (0.5) (0.3) - Hedge Operations (NDF), Net 0.0 (5.7) - (3.8) (4.7) -19.1% In 3Q17, the Financial Result, Net was negative at R$ 21.3 million, a reduction of 18.8%, relative to 3Q16, due above all to lower Financial Expenses following the decline in the cost of financing. For the nine month period through to September, the Financial Result, Net was negative at R$ 68.7 million, corresponding to a decrease of 11.3%. Financial Result, Net (21.3) (26.2) -18.8% (68.7) (77.4) -11.3% NET DEBT Net Debt Sep.17 Dec.16 Sep.16 Borrowings and Financing (1,112.9) (1,008.3) (989.2) Current (385.2) (615.4) (594.1) Noncurrent (727.7) (392.9) (395.1) Operational Financing (592.0) (795.6) (818.2) Current (173.1) (378.3) (401.4) Noncurrent (418.8) (417.4) (416.9) Cash and Cash Equivalents and Financial Investments Net Debt (842.1) (909.0) (1,089.7) Net Debt / Total Adjusted EBITDA (12M) 0.58x 0.68x 0.86x Page 6 of 11 Release 3Q17
7 As at September 30, 2017, the Company reported Net Debt of R$ million, 7.4% less than at December 31, 2016 and 22.7% less than the outstanding position on September 30, 2016, the result of positive cash generation in the quarter. In July 2017, the Company concluded its 8 th debenture issue for the amount of R$ 200 million. Corporate debt reflects capital management decisions and is made up of debentures, loans from the Brazilian Development Bank - BNDES, Banco do Nordeste and FINEP as well as working capital lines. Operational financing is used for funding the Financial Products portfolios and its variation is a reflection of changing levels in the financed volumes of these products. Debt servicing charges related to capital management are booked to the Net Financial Result. Conversely, the costs of Operating Financing - a reflection of the volume of Financial Products - are incorporated in the Operating Result. INVESTMENTS (CAPEX) CAPEX Summary 3Q17 3Q16 9M17 9M16 New Stores Remodeling of Installations IT Equipament & Systems Distribution Centers Others Total In 3Q17, Investments in fixed assets amounted to R$ million. Of this amount, 41% was dedicated to the opening of new stores, 28% to store modernization, 20% to IT Systems and Equipment and the remaining 11% to Distribution Centers and Others. During the quarter and in line with the expansion plan, 17 stores were opened, 8 of these in the Renner format and a further 3 and 6 Camicado and Youcom stores, respectively. In 9M17, Investments in fixed assets totaled R$ million with the opening of 48 stores, 18 of them in the Renner format, and 13 and 17 Camicado and Youcom units, respectively. At month-end September 2017, Renner was operating 318 stores and Youcom, 76 units, with total selling areas of thousand m 2 and 11.6 thousand m 2, respectively. In turn, the Camicado network had a total of 96 stores, with a combined selling area of 41.4 thousand m 2. Thus, the Company totaled 490 stores and thousand m² of selling area. Depreciation and Amortization expenses were R$ 82.8 million in 3Q17, a year-on-year increase of 5.3%. This increase is largely due to the ongoing implementation of the expansion plan. In the first nine months of 2017, depreciation and amortization expenses totaled R$ million. NET INCOME The Company posted an increase in 3Q17 Net Earnings of 65.3% compared with 2Q16 and equivalent to a Net Margin of 9.3%, 2.6 p.p. higher compared with the same period in 2016, principally a reflection of the growth in the Total Adjusted EBITDA. In 9M17, Net Earnings were R$ million corresponding to a Net Margin of 9.2%. DIVIDENDS In 3Q17, Lojas Renner credited Shareholders with dividends in the form of Interest on Capital in the amount of R$ 50.1 million, equivalent to R$ per share, considering the amount of 711,486,144 common shares, of which those held as treasury stock have been excluded. In 9M17, Lojas Renner credited Shareholders with dividends in the form of Interest on Capital in the amount of R$ million, corresponding to R$ per share. Page 7 of 11 Release 3Q17
8 ABOUT LOJAS RENNER S.A. The Company was incorporated in 1965 and has been listed since A pure, widely held company since 2005, with a 100% free float, Lojas Renner was deemed the first Brazilian corporation. Renner s equities are traded under the LREN3 symbol on B3 s Novo Mercado, the highest level of Corporate Governance, and on the US OTC market under the LRENY symbol. As of September 29, 2017, the closing price of the LREN3 share was R$ 36.06, the Company reporting a market capitalization of R$ 25.7 billion. Lojas Renner is the largest fashion retailer in Brazil, in September 2017 with 318 stores (including 1 store in Uruguay), 96 Camicado units and 76 Youcom stores, the large majority of which are located in shopping malls, in addition to its online platforms. Renner designs and sells quality apparel, footwear and underwear for women, men, adolescents and children under 17 private labels of which 6 represent the Lifestyle concept, each one reflecting a style of being and dressing. Lojas Renner also sells accessories and cosmetics under two proprietary brands as well as offering specific items bearing third party labels. In May 2011, Renner acquired Camicado, a company in the home decor segment and in 2013, launched Youcom, a new business model focused on the younger generation in a specialized store environment. The Company also owns Realize CFI, a financial institution that supports Renner s retail business through the management of the financial products sales. The target customers of Renner and Camicado are women between the ages of 18 and 39 who are in the mediumhigh consumption groups in Brazil. Conversely, Youcom caters for the younger consumer between the ages of 18 and 35. Lojas Renner offers its customers fashion products in various styles with quality and competitive prices in practical and pleasant shopping environments. LEGAL NOTICE This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Lojas Renner S.A. and are merely projections and, as such, are based exclusively on the expectations of the Company s management concerning the future of the business. Such forward-looking statements depend substantially on changes in market conditions, the performance of the Brazilian economy, the sector and the international markets and are therefore subject to change without prior notice. All variations presented herein are calculated on the basis of figures in thousands of reais as well as rounded values. INVESTOR RELATIONS CONTACTS Laurence Gomes CFO and IRO laurence.gomes@lojasrenner.com.br Paula Picinini Tel paula.picinini@lojasrenner.com.br Carla Sffair Tel carla.sffair@lojasrenner.com.br Felipe Gaspar Tel felipe.gaspar@lojasrenner.com.br Diva Freire Corporate Governance Tel diva.freire@lojasrenner.com.br Page 8 of 11 Release 3Q17
9 CONSOLIDATED INCOME STATEMENT Income Statement (in R$ '000) 3Q17 3Q16 Var % 9M17 9M16 Var % Net Operating Revenues 1,746,377 1,445, % 4,992,833 4,340, % Net Revenues from Sales of Goods 1,512,578 1,260, % 4,377,718 3,801, % Net Revenue from Financial Products and Services 233, , % 615, , % Costs of Sales and Services (702,553) (594,216) 18.2% (1,984,148) (1,719,715) 15.4% Cost of Goods Sold (696,818) (583,810) 19.4% (1,966,655) (1,688,169) 16.5% Cost of Financial Products and Services (5,735) (10,406) -44.9% (17,493) (31,546) -44.5% Gross Profit 1,043, , % 3,008,685 2,621, % Operating Expenses (837,896) (718,718) 16.6% (2,404,013) (2,110,165) 13.9% Selling (435,509) (375,259) 16.1% (1,282,218) (1,122,726) 14.2% General and Administrative (156,914) (134,271) 16.9% (432,805) (385,567) 12.3% Losses on Receivables, Net (71,408) (68,811) 3.8% (177,051) (196,511) -9.9% Other Operating Results (174,065) (140,377) 24.0% (511,939) (405,361) 26.3% Financial Products Expenses (58,835) (40,858) 44.0% (164,703) (123,055) 33.8% Other Operating Results (115,230) (99,519) 15.8% (347,236) (282,306) 23.0% Operating profit before Financial Results 205, , % 604, , % Financial Result (21,305) (26,239) -18.8% (68,682) (77,427) -11.3% Financial Revenue 11,915 19, % 47,141 70, % Financial Expense (33,220) (45,947) -27.7% (115,823) (147,741) -21.6% Profit Before Income & Soc. Cont. Taxes 184, , % 535, , % Income and Social Contribution Taxes (44,304) (21,752) 103.7% (135,112) (108,243) 24.8% Profit for the Period 140,319 84, % 400, , % Earnings per Share - Basic R$ % % Earnings per Share - Diluted R$ % % Number of shares outstanding at End of Year (in thousands) 712, , , , Page 9 of 11 Release 3Q17
10 CONSOLIDATES BALANCE SHEET Balance Sheet (in R$ '000) Assets Sep.17 Dec.16 Sep.16 TOTAL ASSETS 6,486,567 6,475,212 5,674,332 Current Assets 4,010,903 4,085,477 3,356,909 Cash and Cash Equivalents 770, , ,775 Financial Investments 91, Trade Accounts Receivable 2,024,917 2,209,271 1,702,339 Inventories 948, , ,558 Taxes Recoverable 124, ,841 90,497 Derivative Financial Instruments Other Accounts Receivable 39,413 56,654 48,609 Prepaid Expenses 10,109 6,198 8,693 Noncurrent Assets 2,475,664 2,389,735 2,317,423 Judicial Deposits 10,521 10,444 10,293 Taxes Recoverable 73,126 66,624 64,341 Prepaid Expenses Other Accounts Receivable 9,798 10,692 10,936 Deferred Taxes 163, , ,916 Investments Property, Plant and Equipment 1,716,613 1,645,069 1,603,876 Intangible 501, , ,011 Liabilities and Shareholders' Equity Sep.17 Dec.16 Sep.16 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 6,486,567 6,475,212 5,674,332 Current Liabilities 2,331,216 2,917,751 2,384,018 Borrowings, Financing and Debentures 385, , ,136 Financing - Financial Products Operations 173, , ,356 Finance Lease Payable 6,466 2,521 12,081 Suppliers 645, , ,420 Taxes and Contributions Payable 174, , ,223 Accrued Salaries and Social Charges 217, , ,549 Rentals Payable 47,610 55,608 42,963 Statutory Obligations 124, , ,089 Provision for Civil and Labor Risks 36,028 33,656 32,899 Obligations with Credit Card Administrators 435, , ,811 Derivative Financial Instruments 15,066 57,530 75,603 Other Obligations 69,159 62,265 64,888 Noncurrent Liabilities 1,236, , ,191 Borrowings, Financing and Debentures 727, , ,085 Financing - Financial Services Operations 418, , ,878 Finance Lease Payable 61,358 69,497 70,604 Taxes and Contributions Payable Provision for Tax Risks 26,096 37,356 37,116 Other Accounts Payable 2,698 3,508 4,413 Shareholders' Equity 2,918,668 2,636,796 2,366,123 Capital 2,553,723 1,178,368 1,170,192 Treasury Stocks (27,857) (19,021) (10,140) Capital Reserves 86, , ,973 Revenue Reserves 60,168 1,216, ,134 Carrying Value Adjustments (10,478) (37,825) (49,556) Retained Earnings Accumulated 256, ,520 Page 10 of 11 Release 3Q17
11 CONSOLIDATES CASH FLOW Statement of Cash Flows - Indirect Method (in R$ '000) 3Q17 3Q16 9M17 9M16 Cash Flow from Operating Activities Profit for the Year 140,319 84, , ,227 Adjustment to Reconcile Net Income to Cash and Cash Equivalents Provided from Operating Activities Depreciation and Amortization 82,768 78, , ,878 Result on Disposal or Write-Off of Fixed Assets, Net 3,823 12,248 5,039 13,547 Structuring Costs of Debentures Interest Expense on Loans, Debentures and Lease 27,139 37,125 97, ,023 Stock Option Plan and Restricted Shares 10,734 6,723 29,681 20,704 (Reversals) Provision for Tax, Civil and Labor Risks (12,610) (2,413) (8,888) 5,301 Deferred Taxes 44,304 21, , ,243 (Gain) Loss on Derivative Financial Instruments - (621) - 12,824 Net Foreign Exchange Variation 298 (242) (850) 289 (Reversals) Provisions for Adjustment to Net Realizable Value (5,208) (4,145) (15,886) (14,080) Provisions (Reversals) for Loss on Assets 48,294 9,331 34,401 (16,824) Changes in Assets and Liabilities 340, , , ,800 Reduction in Accounts Receivable 90, , , ,112 (Increase) in Inventories (92,326) (108,333) (170,610) (163,252) Reduction (Increase) in Other Assets 36,964 18,107 20,609 (19,262) Reduction (Increase) in Judicial Deposits (77) 532 (Reduction) Increase in Funding - Financial Products Operations (294,213) (54,863) (203,665) 21,769 Increase (Reduction) in Suppliers 114,085 6,416 (32,877) (11,932) (Reduction) in Taxes and Contribution Payable (25,731) (26,361) (157,611) (185,518) Increase (Reduction) in Salaries and Social Charges 29,200 12,983 34,339 (11,177) (Reduction) Increase in Rent Payable (1,065) 1,558 (7,998) (8,189) (Reduction) in Statutory Obligations - - (6,734) (9,674) Increase in Obligations with Card Administrators 16,599 13, ,948 2,725 (Reduction) Increase in Other Liabilities (10,863) 4,608 6,087 (1,797) Cash Generated Operating Activities, before Financial Investments 203, , , ,137 (Increase) in Financial Investments (91,875) - (91,875) - Cash Generated Operating Activities 111, , , ,137 Payment of Income Tax and Social Contribution (77,592) (72,763) (229,701) (165,064) Payment of Interest on Loans, Financing and Debentures (23,377) (67,240) (92,938) (132,135) Net cash Generated Operating Activities 10, , , ,938 Cash Flow from Investing Activities Purchases of Property, Plant and Equipment Assets (117,211) (75,924) (260,897) (229,972) Additions to Intangible Assets (17,721) (29,502) (59,105) (87,001) Proceeds from Disposal of Fixed Assets Net Cash Used in Investing Activities (134,494) (105,426) (319,489) (316,942) Cash Flow from Financing Activities Capital increase 19,642 9,887 57,505 34,068 Buyback Shares - - (8,836) (4,124) Borrowings 346,696 32, , ,628 Repayment of loans and debentures (427,631) (139,176) (746,027) (253,585) Payment of Costs of Structuring Borrowings and Debentures (256) - (1,360) - Consideration of financial leasing (4,785) (353) (8,181) (9,549) Interest on capital and dividend paid (6,986) (6,025) (245,989) (233,938) Net Cash Generated (Applied) by Financing Activities (73,320) (103,593) (102,492) (262,500) Effect of exchange rate changes on cash and cash equivalents (2,236) 245 (1,358) (1,248) Increase (Reduction) in Cash and Cash Equivalents (199,389) (66,931) (123,932) (19,752) Cash and Cash Equivalents at the Beggining of the Quarter 970, , , ,527 Cash and Cash Equivalents at the End of the Quarter 770, , , ,775 Page 11 of 11 Release 3Q17
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