3Q17. Net Revenue %, Same Store Sales % Ex-non-recurring impacts EBITDA of R$ 79.2 million (+29.6%, +3.4 pp)

Transcription

1

2 São Paulo, Brazil, October 24, Restoque Comércio e Confecções de Roupas S.A. ( Company ) (LLIS3), the largest company in the high standard clothing and accessories industry in Brazil, presents its results for the third quarter of 2017 (3Q17) in accordance with the international accounting standards (IFRS). Comparisons refer to the third quarter of 2016 () or as indicated. Net Revenue %, Same Store Sales % Ex-non-recurring impacts EBITDA of R$ 79.2 million (+29.6%, +3.4 pp) Results Conference Call Date: August 25, 2017 (Wednesday) Time: 11 a.m. (Brasília time/utc 03:00) Phone for connection: +55 (11) Access code: Restoque Phone for replay: +55 (11) (code: ) Conference Call in Portuguese with simultaneous translation to English Time: 09:00 a.m. (US- EDT) / 11:00 a.m. (Brasília time) Phone for connection: +1 (516) Access code: Restoque Highest net revenue for a 3Q in the company's history, with growth of 11.9% over, reaching R$ million. Fourth consecutive quarter of same store sales growth (same store sales or SSS), reaching +14.9%, with Le Lis Blanc +15.0%, Dudalina +13.2%, John John +28.2% and Rosa Chá +29.8%. Retail productivity growth of 18.6% in 3Q17 and 25.9% in 9M17, surpassing the SSS in 3.8 pp and 7.8 pp, respectively. Quarter marked by the closing of 2 sewing factories and the reduction of 50% of our Distribution Center ( DC ) area in São Paulo, in continuity with the process of simplifying our structure and seeking a higher administrative efficiency, with an impact of R$ 16.3 million on the quarter s EBITDA. EBITDA, excluding non-recurring impacts, for the 3Q17 reaches R$ 79.2 million (+29.6%), with a margin of 25.1% (+3.4 pp), R$ million in the last 12 months. Net Income, excluding non-recurring impacts, of R$ 6.6 million in 3Q17 (loss of R$ 8.8 million in ). Phone for replay: +55 (11) (code: ) in thousands of R$ 3Q17 9M17 9M17/ CEO: Livinston Bauermeister IRO: Rafael Camargo Investor Relations Phone: +55 (11) Gross Sales (excluding returns) 374, , % 1,081,093 1,251, % Le Lis Blanc 132, , % 427, , % Bo.Bô 28,007 27, % 90,352 99, % John John 66,023 72, % 166, , % Rosa Chá 15,408 12, % 45,729 38, % Dudalina 98, , % 255, , % Individual 27,390 20, % 78,385 67, % Base 5,897 3, % 17,075 11, % Consolidated Net Operating Revenue 282, , % 814, , % Consolidated Gross Profit 165, , % 461, , % Gross Margin 58.7% 54.1% -4.6 p.p. 56.8% 56.9% 0.2 p.p. Consolidated EBITDA 61,103 62, % 161, , % EBITDA Margin 21.6% 19.9% -1.7 p.p. 19.8% 22.8% 2.9 p.p. Consolidated Net Income (8,828) (6,386) -27.7% (45,828) (8,385) -81.7% % of Net Revenue -3.1% -2.0% 1.1 p.p. -5.6% -0.9% 4.8 p.p. Rua Othão, n. 405, CEP , São Paulo, SP, Brazil EBITDA ex non-recurring impacts 61,103 79, % 161, , % % of Net Revenue 21.6% 25.1% 3.4 p.p. 19.8% 24.8% 5.0 p.p. Net Profit ex non-recurring impacts (8,828) 6,647 n.a (45,828) 7,440 n.a % of Net Revenue -3.1% 2.1% 5.2 p.p. -5.6% 0.8% 6.4 p.p.

3 Highlights of the Period In 3Q17, the Company reached the highest net revenue for a third quarter of its history, achieving R$ million (+11.9%) and marking its sixth consecutive quarter of sales growth year over year. This operational improvement has been a consistent and gradual process, aligned with the commitment of the Company's Management with the renewal of the product inventories, reduction of their average ageing, resuming the cycle of new releases and real time and online management of its chain of stores. Also noteworthy is the stores' productivity (net revenue per sqm) of +18.6% in 3Q17 and 25.9% in 9M17, growing in all brands. Even with a 10.4% decrease in the number of stores throughout 2017, retail revenue increased by 11.7% in 3Q17 (SSS +14.9%), with solid same store sales in the brands (Le Lis Blanc +15.0%, Dudalina +13.2%, John John +28.2% and Rosa Chá +29.8%). Accordingly, the increase in productivity was accelerated, surpassing the SSS and reaching 43.2% in John John, 41.3% in Rosa Chá, 21.7% in Le Lis, 11.5% in Dudalina and 3.0% in Bo.Bô. Graph 1: 3Q Net Revenue Comparison (R$ mn) Graph 2: Store Productivity Growth (3Q17 x ) ,2% 41,3% ,7% 18,6% 11,5% 3,0% 3Q11 3Q12 3Q13 3Q14 3Q15 3Q17 John John Rosa Chá Le Lis Blanc Dudalina Bo.Bô TOTAL Despite being the Company's smallest brand, accounting for 3.1% of net revenue in 9M17, it is worth mentioning the productivity gain of Rosa Chá (+41.3%) with SSS of +29.8%, with this quarter being marked by the launch of the summer 2018 collection and the successful return of the brand s positioning, with a new look in stores and a new mix of products. In addition, marketing expenses for the Rosa Chá brand, which had been strongly reduced in 2016, were resumed, strengthening its position of differentiated and high-valued brand. As mentioned in recent result publications, the Company has focused on increasing its efficiency. During 3Q17, the Company's Management has optimized its industrial park, transferring the production of 2 sewing factories (which were discontinued) to 3 other factories. In addition, the distribution center area in São Paulo was reduced in half, a movement aligned with the reduction of product inventories from past collections. Accordingly, the Company expects to optimize costs, bringing greater efficiency to its future gross margin. However, the discontinuance of these factories and of the DC area affected the quarter in a non-recurring manner in R$ 16.3 million with impacts in terminations and labor indemnities, contractual fines, accelerated sale of old inventory and others. Gross margin was affected by R$ 7.8 million (-2.3 pp) and EBITDA margin by -5.2 pp. Except for these non-recurring impacts, the Company continues with its discipline in SG&A, diluting the expenses over revenue by 3.2 pp in 3Q17, even with the increase in marketing expenses, seller s commissions and visual merchandising expenses. 3

4 As a result, the Company reached in 3Q17 an "ex-non-recurring" EBITDA of R$ 79.2 million (+29.6%), with a margin of 25.1%. EBITDA, which had already been growing in previous quarters, has grown rapidly in the last 4 quarters, as shown in the following graphs, reaching an "ex-non-recurring" EBITDA of R$ million in the last 12 months. Graph 3: EBITDA "Ex non-recurring impacts" (R$ mn) Gráfico 3: EBITDA Gráfico (R$ 3: EBITDA milhões) (R$ milhões) Graph 4: EBITDA LTM "Ex non-recurring impacts" Growth (%) 34,1% ,4% ,4% ,6% ,6% 46,1% 43,1% 38 2T16 2T163T16 3T164T16 4T161T17 1T17-1,5% 4Q 1Q 2Q 3Q 4Q16 1Q17 2Q17 3Q17 In 3Q17, the Company generated R$ 75.9 million in operating cash and R$ 45.8 million after investments. The net debt to "ex-non-recurring" EBITDA ratio in the last 12 months was 2.23 times in 3Q17, an improvement over the previous quarters: 1Q17 (2.64 times) and 2Q17 (2.37 times). 3Q17 also recorded R$ 7.3 million in "ex-non-recurring" net income, marking the second consecutive quarter of profit for the Company. 4

5 Operational Summary The table below shows the Company s main operating indicators: Combined Company 3Q17 9M17 9M17/ Total number of company stores % % Total sales area of company stores (m²) 59,605 53, % 59,605 53, % Average sales area of company stores (m² 59,611 54, % 59,800 55, % Sales per Square Meters (R$/m²) 2,549 3, % 7,864 9, % Average ticket % % SSS -4.2% 14.9% n.a -8.5% 18.1% n.a Le Lis Blanc (1) Total number of company stores % % Total sales area of company stores (m²) 36,741 32, % 36,741 32, % Average sales area of company stores (m² 36,741 34, % 36,830 34, % Sales per Square Meters (R$/m²) 2,034 2, % 6,754 8, % Average ticket % % SSS 2.5% 15.0% n.a -10.4% 19.8% n.a Dudalina S.A Total number of company stores % % Total sales area of company stores (m²) 5,310 5, % 5,310 5, % Average sales area of company stores (m² 5,315 5, % 5,265 5, % Sales per Square Meters (R$/m²) 7,606 8, % 18,665 22, % Average ticket % % SSS -11.6% 13.2% n.a -3.9% 20.0% n.a Bo.Bô Total number of company stores % % Total sales area of company stores (m²) 3,211 2, % 3,211 2, % Average sales area of company stores (m² 3,211 2, % 3,216 3, % Sales per Square Meters (R$/m²) 4,211 4, % 14,438 16, % Average ticket 1,536 1, % 1,317 1, % SSS -4.3% -4.1% n.a -8.0% 6.8% n.a John John Total number of company stores % % Total sales area of company stores (m²) 10,815 9, % 10,815 9, % Average sales area of company stores (m² 10,815 9, % 10,959 9, % Sales per Square Meters (R$/m²) 1,700 2, % 5,393 7, % Average ticket % % SSS -6.3% 28.2% n.a -5.2% 24.5% n.a Rosa Chá Total number of company stores % % Total sales area of company stores (m²) 3,529 2, % 3,529 2, % Average sales area of company stores (m² 3,529 2, % 3,529 3, % Sales per Square Meters (R$/m²) 1,373 1, % 5,003 4, % Average ticket % % SSS -26.0% 29.8% n.a -15.6% -8.4% n.a (1) Le Lis Blanc's operational information presentation incorporates the Noir, Le Lis brand. 5

6 Stores and Sales Area The Company went from a base of 327 stores at the end of 2016 to 293 at the end of 3Q17, following its plan to increase efficiency in retail, focusing on higher productivity of the existing stores base, on increasing profitability and cash generation. The implementation of this plan has resulted in an increase in the Company s productivity per sqm by 18.6% in 3Q17 and 25.9% in 9M17. As verified in 9M17, the Company believes there is potential for sales growth and results through increased profitability of the installed store base. At the end of 3Q17, the average sales area per store was 182.2m 2, being 324.9m 2 the average area of Le Lis Blanc brand stores (including Noir, Le Lis), 69.1m 2 the average area of the Dudalina stores, 77.7m 2 the average area of Bo.Bô stores, 172.3m 2 the average area of John John stores and 123.3m 2 the average area of Rosa Chá stores. Gross revenue (excluding returns) Gross revenues in 3Q17 amounted to R$ million, with a 9.0% increase compared to. In 9M17, the Company accrued revenues of R$ 1,251.8 million, 15.8% higher than. Graph 5: Development of Gross Sales per channel (R$ mn) Other Channels 1.081,1 +15,8% 1.251,8 177,8 +58,5% Wholesale 112,2 Other Channels Wholesale 374,6 40,5 +9,0% 408,3 61,6 +51,9% 323,0 327,0 +1,2% Owned Stores 126,5 114,8-9,2% Owned Stores 645,9 747,0 +15,2% 207,6 231,9 +11,7% 3Q17 9M17 Own stores The 3Q17 achieved a consistent result in retail sales, with an improvement of same store sales (SSS) by 14.9%, continuing the path of recovery seen in previous quarters. Le Lis Blanc, the Company's largest brand, reached a growth of 15.0% in SSS, registering the fifth consecutive quarter of growth for the brand. This improvement was present in almost all brands: Dudalina +13.2%, John John +28.2% and Rosa Chá +29.8%. The 29.8% growth in same stores of Rosa Chá this quarter shows the result of the actions to return its position as a differentiated and high-valued brand. The gross revenue of this brand is below the previous year due to the reduction in the number of stores, which went from 30 stores in to 22 in this quarter. 6

7 Multi-brand stores The wholesale channel for multi-brand stores had revenues of R$ million in the quarter, 9.2% below. In 9M17, the channel had R$ million, 1.2% higher than the previous year. John John continues with its growth pace in the wholesale channel, registering in the 3Q17 a 6.3% growth, when compared to, and accruing 34.5% growth in 9M17 compared to. The Dudalina and Individual brands, despite decreasing by 5.6% in comparison to, had a growth in orders in the last two collections in 2017, which will be invoiced until December 2017, as a result of the improvement in quality and product mix and investments in marketing for these brands starting in July Other Channels E-commerce: The growth in e-commerce sales of the Company in 3Q17 must be highlighted, reaching a growth of 215.7%, thus representing approximately 4% of the Company's revenue for the quarter. This growth was supported by the renewal of the technological platform, a specialized management and new focus on marketing. This performance includes the omnichannel operation started in 2Q17 and allows integrated purchases between the retail and online channels. Outlets Encompassing the Outlet stores chain operating under the "Estoque" flag, this channel had sales growth of 41.2% in 3Q17. This growth is derived from the Company's strategy of reducing inventories of past collections in an accelerated manner, which should maintain its pace until the end of this year. Even with this decrease in gross margin in the Outlets channel, caused by the reduction of past collections inventory, the Company's gross margin in 9M17 is 0.2 pp above. Gross profit In 3Q17, the gross profit was R$ million (+3.2%), and in 9M17 the gross profit was R$ million (+17.6%), thus representing a gross margin of 56,9% (+0.2 pp). Gross margin in 3Q17 was 54.1%, 4.6 pp below, especially due to: 1. The strategy of accelerating the reduction of inventories of past collections, causing an impact of R$ 11.1 million (and R$ 14.6 million in 9M17). This strategy should be maintained until the end of this year, so that, from the beginning of 2018, the inventories from past collections are sold in the semester after the season, ensuring that the total sales cycle of a collection is limited to one year; and 2. Non-recurring events, in the amount of R$ 7.3 million. As mentioned above, in 3Q17 the Company (i) optimized its industrial park, transferring the production of 2 factories (which were discontinued) to 3 other factories and (ii) reduced by half the area of its distribution center in São Paulo, incurring labor terminations and indemnities and in contractual fines. 7

8 Selling, General and Administrative Expenses (SG&A) Selling, general and administrative expenses in 3Q17 were reduced by 2.9 p.p. in relation to net revenue, when compared to. In 3Q17, selling, general and administrative expenses, excluding depreciation and amortization expenses, amounted to R$ million, representing 34.5% of net operating revenue (37.4% in ). The Company remains committed to reviewing all expenses in the administrative area. During the 9M17, 257 administrative positions were eliminated, a reduction of approximately 32% in overhead, being this movement aligned with the integration of the administrative areas of Restoque and Dudalina. This year 34 stores, which had low profitability, low productivity or inadequate occupancy cost, were also closed. Although the sales area was reduced, there was an increase in the proportion of sales people per square meter in the remaining stores, with an eye on improving service levels at the store chain. Due to the reduction in the number of employees, this quarter was also affected in a nonrecurring manner in R$ 9.0 million related to employee terminations. In 9M17, selling, general and administrative expenses, excluding depreciation and amortization expenses, totaled R$ million, representing 34.5% of net operating revenue (37.3% in ). EBITDA, EBITDA Margin and Profit As a consequence of the improvement in revenue and the dilution of expenses, added to the non-recurring effects in costs and expenses, EBITDA in 3Q17 reached R$ 62.9 million (+2.9%), with margin of 19.9%. Excluding the nonrecurring impacts (R$ 7.3 million in COGS and R$ 9.0 million in SG&A), adjusted EBITDA in 3Q17 reached R$ 79.2 million, with margin of 25.1%. In 3Q17 the net loss was R$ 6.3 million, compared to a net loss of R$ 8.8 million in. Excluding the non-recurring impacts of the quarter, the Company recorded net income of R$ 6.6 million. In 9M17, the Company had EBITDA of R$ million (+34.5%), with margin of 22.8%. Excluding non-recurring impacts, adjusted EBITDA reached R$ million (+46.5%), with margin of 24.8%. Cash Flow and Investments Operating cash flow amounted to R$ 75.9 million in 3Q17, R$ 21.4 million lower than, reaching cash generation after investments of R$ 45.8 million. During the 9M17, the Company had operating cash flow of R$ million, growing R$ 17.5 million when compared to the same period of the previous year and reaching a cash generation after investments of R$ 70.0 million. (in thousands of R$) 3Q17 Change 9M17 Change 9M17/ 9M17/ EBITDA 61,103 62,890 1, % 161, ,152 55, % Current Income tax and Social Contribution (4,777) (4,409) (13,200) (12,887) Δ Receivable 23,698 6,964 1,462 (26,757) Δ Inventories (35,735) 2,001 (66,717) (11,835) Δ Suppliers 42,117 46,125 92,620 11,119 Δ Others 10,936 (37,638) (48,013) (31,696) Adjusted operating cash flow 97,342 75,933 (21,409) n.a 127, ,096 17, % Capex (16,510) (30,151) (13,641) 82.6% (49,387) (75,131) (25,744) 52.1% Adjusted operating cash flow after investments 80,832 45,782 (35,050) n.a 78,247 69,965 (8,282) n.a Adjusted operating cash flow after investments 80,832 45,782 (35,050) n.a 78,247 69,965 (8,282) n.a Financial transactions (11,678) (18,319) (27,154) (50,104) Financial Investments ,247 - Securities Accounting operating cash flow after investments 69,154 27,463 (41,691) n.a 86,340 19,861 (66,479) n.a 8

9 Indebtedness Net Debt in 3Q17 was reduced by R$ 18.3 million in relation to, from R$ million to R$ million. A target for cash generation and deleveraging was established in the Company's budget in order to reach the end of 2017 with a net debt/ebitda ratio of less than 2.0 times. The Company's management also aims to close the 2018 financial year with a net debt/ebitda ratio less than 1.5 times. It is worth mentioning that, in the last 12 months, the Company has achieved an "ex-non-recurring" EBITDA of R$ million, reaching a net debt/ebitda ratio of 2.23 times. (in thousands of R$) 2Q17 3Q17 Cash and cash equivalents 191, , ,906 Loans and financings, short-term (569,809) (408,177) (512,339) Loans and financings, long-term (356,419) (506,955) (445,863) Net Debt (734,598) (717,764) (716,296) About Restoque Restoque, the largest retailer of the high-end clothing and accessories sector in Brazil, has 7 own brands, "Le Lis Blanc", "Dudalina", "Bo.Bô", "John John", "Individual", "Base", and "Rosa Chá". The clients of the brands are mainly women and men with high purchasing power, from every age group. The Company develops a wide range of products for various occasions, creates clothing products and accessories, producing and hiring suppliers for its production. It sells its products through its own stores, online sales and multi-brand stores, it promotes the concepts of the brand in all aspects of its business through high-end products, in-store shopping experience, and differentiated service. Legal Disclaimer Forward-looking statements made herein are subject to risks and uncertainties. Such statements are based on beliefs and assumptions by the Management and information to which the Company currently has access. Forward-looking statements include information about current intentions, beliefs or expectations of the Company. Reservations relating to statements and information about the future also include information on possible or presumed operating results, as well as statements that are preceded and followed by, or that include the words believes, may, will, continues, expects, foresees, intends, plans, estimates, or similar expressions. Forward-looking statements and information are not guarantees of performance. They involve risks, uncertainties and assumptions because they refer to future events, therefore, depending on circumstances that may or may not occur. The future results and the creation of value for shareholders may differ in a significant manner from those expressed or suggested by the statements relating to the future. Many of the factors that shall determine these results and values are beyond the capacity of control or forecast of the Company. 9

10 Balance Sheet (Consolidated) - Assets (in thousands of R$) % of Total 2Q17 % of Total 3Q17 % of Total 2Q17/ 1Q17 Current assets Cash and cash equivalents 191, , , Accounts receivable from clients 121, , , (34.3) (8.2) Inventories 334, , , (0.6) Recoverable taxes 45, , , (5.3) Prepaid expenses 7, , , Other accounts receivable 12, , , (5.4) 10.6 Total current assets 711, , , Noncurrent assets Long-term assets Judicial deposits 3, , , (1.7) Tax credits 78, , , (21.6) 11.6 Prepaid expenses n.a. (60.9) Recoverable taxes (29.8) (14.7) Fixed assets 391, , , (9.5) (1.5) Intangible 1,894, ,888, ,896, Total noncurrent assets 2,368, ,309, ,318, (2.1) 0.4 Total Assets 3,080, ,053, ,101,

11 Balance Sheet (Consolidated) - Liabilities (in thousands of R$) % of Total 2Q17 % of Total 3Q17 % of Total 2Q17/ 1Q17 Current liabilities Loans and financing , , ,7 2,5 34,3 Debenture , , ,8 (36,1) 3,2 Accounts payable to suppliers , , ,5 11,3 21,4 Tax liabilities , , ,5 113,9 (7,4) Labor liabilities , , ,6 (2,0) (1,9) Tax financing and tax incentives , , ,3 (33,7) (22,2) Other accounts payable , , ,8 (8,4) 5,9 Capital lease , , ,0 5,0 1,2 Financial derivative instruments , n.a n.a Total current liabilities , , ,2 (0,1) 17,9 Noncurrent liabilities Long-term liabilities Loans and financing , , ,4 13,3 (14,0) Debenture , , ,0 55,8 (8,2) Provision for contingencies , , ,9 (54,2) (44,6) Tax financing and tax incentives , , ,1 (72,8) (50,9) Other accounts payable , ,0 n.a (5,1) Capital lease , , ,4 (9,1) (2,5) Income tax and social contribution taxes , n.a n.a Total noncurrent liabilities , , ,9 10,2 (15,2) Shareholders equity Capital stock , , ,7 - - Capital reserve , , ,2 (11,0) 0,0 Treasury shares ( ) (6,0) n.a n.a Retained earnings (65.388) (2,1) (83.199) (2,7) (89.585) (2,9) 37,0 7,7 AAC (363) (0,0) n.a n.a Total shareholders equity , , ,0 (1,4) (0,4) Total Liabilities and Shareholders Equity , , ,0 0,7 1,6 11

12 Cash Flow (Consolidated) (R$ milhares) Das atividades operacionais 9M17 Lucro antes do imposto de renda e contribuição social (61.731) (9.928) Ajustes para reconciliar o LAIR ao caixa líquido gerado nas atividades operacionais Depreciações e amortizações Resultado na Venda do Imobilizado (1.638) 330 (Ganho) Perda com Sw ap Provisão para riscos trabalhistas e tributários (22.420) (28.287) Despesa de juros Provisão para participação nos lucros e resultados (2.339) - Provisão para perdas em estoques (128) - Variação cambial (17.235) 63 Provisão (Reversão) para Devedores Duvidosos Plano de opções de compra de ações AVP arrendamento mercantil financeiro Ajuste a valor presente - PRODEC (1.266) 950 Mudanças nos ativos e passivos (9.931) (46.470) Contas a receber de clientes (26.757) Estoques (66.717) (11.835) Impostos a recuperar (15.638) Despesas antecipadas (19.345) Outros créditos Depósitos judiciais 361 (426) Fornecedores Obrigações tributárias (15.906) Obrigações trabalhistas (5.641) Imposto de renda e contribuição social pagos (13.200) (12.887) Adiantamentos diversos 52 - Outras contas a pagar (6.875) (3.873) Caixa líquido utilizado nas atividades operacionais Das atividades de investimento Acréscimo do imobilizado (12.413) (27.057) Venda do imobilizado Acréscimo do intangível (líquido de adições a investimentos) (39.646) (48.074) Aplicações Financeiras Caixa líquido utilizado nas atividades de investimento (14.140) (75.131) Das atividades de financiamento com acionistas Empréstimos e Financiamentos Pagamento de empréstimos e debêntures ( ) ( ) Juros pagos (70.456) ( ) Recebimento de Derivativos Sw ap Arrendamento mercantil financeiro (1.047) (1.440) Dividendos pagos (258) - Caixa líquido gerado nas atividades de financiamento com acionistas ( ) ( ) Aumento/diminuição das disponibilidades (65.995) ( ) Disponibilidades No início do exercício No fim do exercício Aumento/diminuição das disponibilidades (65.995) ( ) 12

13 P&L (Consolidated) (in thousands of R$) % of Net Revenue 3Q17 % of Net Revenue % of Net Revenue 9M17 % of Net Revenue 9M17/ Net operating revenue 282, , , , COGS (115,644) (41.0) (144,024) (45.6) 24.5 (349,259) (42.9) (408,323) (42.8) 16.9 D&A COGS (921) (0.3) (915) (0.3) (0.7) (2,784) (0.3) (2,774) (0.3) (0.4) Gross Profit 165, , , , Operating revenues (expenses) Administrative and general expenses (38,000) (13.5) (50,291) (15.9) 32.3 (118,835) (14.6) (136,904) (14.3) 15.2 Selling expenses (67,931) (24.1) (66,194) (20.9) (2.6) (190,353) (23.4) (205,066) (21.5) 7.7 Depreciation and amortization expenses (22,943) (8.1) (26,423) (8.4) 15.2 (75,958) (9.3) (81,786) (8.6) 7.7 Financial Results (51,375) (18.2) (43,979) (13.9) (14.4) (144,470) (17.7) (142,520) (14.9) (1.3) Other revenues and expenses , , , , EBT (14,135) (5.0) (8,427) (2.7) (40.4) (61,730) (7.6) (9,928) (1.0) (83.9) Taxes 5, , (61.5) 15, , (90.3) Net income (8,828) (3.1) (6,386) (2.0) (27.7) (45,828) (5.6) (8,385) (0.9) (81.7) EBITDA 61, , , ,