Gross Margin (%) Gross Profit (R$Millions) Change % 1Q15/1Q14. Change % 1H15/1H % -5.2% 61.9% % 61.9% 58.
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- Diana Noreen Nelson
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1 São Paulo, Brazil, August Restoque Comércio e Confecções de Roupas S.A. ( Company ) (LLIS3), a leading company of premium clothing and apparel industry in Brazil, presents its results of the second quarter of 2015 () in accordance with the international financial reporting standards (IFRS). Due to the Dudalina S.A s ( Dudalina ) shares incorporation by the Company in the fourth quarter of 2014 (4Q14), the financial statements of the Company are presented below combined for the comparability with previous periods. At the end of this report there is a reconciliation between ProForma and combined. More details regarding the consolidated and proforma financial statements can be found at the Company s website ( Gross Margin (%) Gross Profit (R$Millions) /1Q14 / 5.2% % % 58.8% 61.9% 58.6%
2 São Paulo, Brazil, August Restoque Comércio e Confecções de Roupas S.A. ( Company ) (LLIS3), a leading company of premium clothing and apparel industry in Brazil, presents its results of the second quarter of 2015 () in accordance with the international financial reporting standards (IFRS). Due to the Dudalina S.A s ( Dudalina ) shares incorporation by the Company in the fourth quarter of 2014 (4Q14), the financial statements of the Company are presented below combined for the comparability with previous periods. At the end of this report there is a reconciliation between Pro Forma and combined. More details regarding the consolidated and proforma financial statements can be found at the Company s website ( Restoque Wholesales Growth +27.2% Rosa Chá reached revenues of R$ 27.6 million on its first operational year Accelerated integration between companies under a single CEO Earnings Conference Call Date: August (Friday) Time: 11am (Brasilia time) / 10am (NY time) Phone for connection: +55 (11) Access code: Restoque Phone for replay: +55 (11) (code: Restoque) Conference in Portuguese with simultaneous translation in English Phone for connection: +55 (11) (846) Access code: Restoque CEO: Cláudio Ely VP for Finances and DRI: Marcelo Ribeiro Financial Plan. Officer: Rafael Camargo Investor Relations Tel.: +55 (11) ri@restoque.com.br Rua Othão, n. 405, CEP , São Paulo, SP, Brazil Retail channel +5,9%. Stable samestore sales for Le Lis Blanc and Bo.Bô, with Dudalina and John John presenting an evolution in comparison with 4Q14 and ; Rosa Chá brand reaches R$27.6 million net revenues in its first operational year, with positive returns; Wholesale channel +37.6% in the semester for Le Lis Blanc, Bo.Bô, John John and Rosa Chá brands in the semester (+27.2% ). Stable growth for the entire channel in the semestral comparison, with a 9.3% retraction in, impacted by a worsening in the macroeconomic scenario; Estoque channel +38.9% in the semestral comparison, with a 15.6p.p. gain in gross margin; Progress on the company's integration process, with R$ 9.1 million nonrecurring expenses related to the transaction. In thousand of R$ %Change / %Change / Combined Net Operating Revenue 295, , % 573, , % Le Lis Blanc 1 114, , % 225, , % Bo.Bô 21,815 25, % 43,628 47, % John John 28,545 26, % 58,790 56, % Rosa Chá 8,599 n.a. 16,180 n.a. Marcas Dudalina 2 119, , % 222, , % Estoque 3 11,960 16, % 22,102 30, % Combined Gross Profit 183, , % 354, , % Gross Margin 61.9% 58.6% 3.4 p.p. 61.9% 58.8% 3.0 p.p. Combined EBITDA 76,044 60, % 143, , % EBITDA Margin 25.7% 20.3% 5.4 p.p. 25.0% 23.0% 2.0 p.p. Combined Net Income 26,806 (1,801) 106.7% 49,820 13, % Net Revenue 9.1% 0.6% 9.7 p.p. 8.7% 2.3% 6.4 p.p. Net Income "ExTrasaction Expenses" 29,068 5, % 52,235 20, % Net Income Margin "Extransaction Expenses" 9.8% 1.9% 7.9 p.p. 9.1% 3.5% 5.6 p.p. EBITDA "ExTransaction Expenses" 78,306 69, % 145, , % EBITDA "ExTransaction Expenses" Margin 26.5% 23.3% 3.1 p.p. 25.5% 24.6% 0.9 p.p. (1) Le Lis Blanc s net revenue also includes the net revenue of the Noir brand; (2) It represents all brands of Dudalina (Dudalina, Individual and Base); (3) The Estoque channel refers to the physical stores and website selling previous collections of the Restoque brands.
3 Period Highlights Summary Combined Income Statements (R$ thousand) 1Q14 Restoque Dudalina Combined Restoque Dudalina Combined Net operating revenue 176, , , , , ,573 COGS (58,829) (53,056) (111,885) (76,359) (45,800) (122,159) D&A COGS (730) (730) (749) (749) Gross Profit 117,556 65, , ,377 55, ,665 Gross Margin 66.6% 55.0% 61.9% 60.8% 54.3% 58.6% Operating revenues (expenses) Administrative and general expenses (29,040) (7,888) (36,928) (22,610) (9,851) (32,461) Selling expenses (43,137) (25,446) (68,583) (48,778) (21,976) (70,754) Depreciation and amortization expenses (18,609) (1,912) (20,521) (21,722) (754) (22,476) Financial Results (23,891) 1,873 (22,018) (41,677) (251) (41,928) Other revenues and expenses (204) 56 (148) (1,529) (480) (2,009) Expenses Related to transactions (2,262) (2,262) (4,724) (4,373) (9,097) EBT 2,675 30,100 32,775 (22,664) 17,603 (5,061) EBT margin 1.5% 25.2% 11.1% 11.6% 17.3% 1.7% Taxes (895) (5,074) (5,969) 7,371 (4,111) 3,260 Net income 1,780 25,026 26,806 (15,293) 13,492 (1,801) Net Income Margin 1.0% 20.9% 9.1% 7.9% 13.2% 0.6% Net Income "ExTrasaction Expenses" 1,780 27,288 29,068 (12,178) 17,865 5,687 Net Income Margin "Extransaction Expenses" 1.0% 22.8% 9.8% 6.3% 17.5% 1.9% EBITDA 45,175 30,869 76,044 40,735 19,357 60,092 EBITDA Margin 25.6% 25.8% 25.7% 20.9% 19.0% 20.3% EBITDA "ExTransaction Expenses" 45,175 33,131 78,306 45,459 23,730 69,189 EBITDA "ExTransaction Expenses" Margin 25.6% 27.7% 26.5% 23.3% 23.3% 23.3% Restoque Dudalina Combined Restoque Dudalina Combined Net operating revenue 350, , , , , ,652 COGS (119,173) (98,033) (217,206) (150,514) (92,134) (242,648) D&A COGS (1,444) (1,444) (1,494) (1,494) Gross Profit 231, , , , , ,510 Gross Margin 66.0% 55.3% 61.9% 61.5% 53.7% 58.8% Operating revenues (expenses) Administrative and general expenses (60,240) (16,465) (76,705) (50,731) (17,419) (68,150) Selling expenses (85,771) (45,593) (131,364) (94,590) (38,058) (132,648) Depreciation and amortization expenses (37,431) (3,705) (41,136) (41,098) (1,487) (42,585) Financial Results (43,780) 3,148 (40,632) (80,031) (2,099) (82,130) Other revenues and expenses (2,067) 72 (1,995) (3,100) (420) (3,520) Expenses Related to transactions (2,415) (2,415) (4,724) (4,373) (9,097) EBT 2,009 58,267 60,276 (34,216) 44,596 10,380 EBT margin 0.6% 26.2% 10.5% 8.8% 22.1% 1.8% Taxes (667) (9,789) (10,456) 11,542 (8,493) 3,049 Net income 1,342 48,478 49,820 (22,674) 36,103 13,429 Net Income Margin 0.4% 21.8% 8.7% 5.8% 17.9% 2.3% Net Income "ExTrasaction Expenses" 1,342 50,893 52,235 (19,559) 40,476 20,917 Net Income Margin "Extransaction Expenses" 0.4% 22.9% 9.1% 5.0% 20.0% 3.5% EBITDA 83,220 60, ,488 86,913 49, ,589 EBITDA Margin 23.7% 27.1% 25.0% 22.3% 24.6% 23.0% EBITDA "ExTransaction Expenses" 83,220 62, ,903 91,637 54, ,686 EBITDA "ExTransaction Expenses" Margin 23.7% 28.1% 25.5% 23.5% 26.7% 24.6% 3
4 Highlights In this, we highlight the performance of the wholesale channel for Le Lis Blanc, Bo.Bô, John John and Rosa Chá brands, which advanced 27.2% when compared to the, denoting the potential for the brands expansion, even in a deteriorated macroeconomic scenario and showing that the main growth thesis related to the merger with Dudalina SA (the use of the broad multibrand channel of Dudalina for the sale of Restoque brands) begins to materialize. The Combined channel had a 9.3% drop in the quarterly comparison, impacted by the performance of Dudalina Brands, which have larger penetration in the wholesale market and were impacted by higher risk aversion and inventory reduction of the multibrand customers. The Retail channel, which is the most relevant for the Company revenues, had a growth of 5.9%, aligned to the sales area expansion. Samestore sales (SSS) remained stable in comparison to, varying 2.1%. Although it remained negative for the Dudalina (8.2%) and John John (6.1%) brands, showing improvements of 9.1p.p. and 9.5p.p. in comparison to and in line with the SSS normalization trend, already presented earlier this year. The gross margin of the company reached 58.6%, in line with the gross margin of the, but with a 3.4 p.p. decrease in comparison with the. The deviation is largely due to a greater component of promotional sales in the retail channel, aligned with the strategy of following the apparel market, including premium market, which anticipated and extended its promotional sales period in a more challenging macroeconomic environment. This quarter was also marked by advances in the integration process of the Company, which is now chaired by a single CEO, starting up the organization's redesign. Additionally, the initiatives of unified service hiring, use of best practices in wholesales and production of Restoque products in Dudalina plants have already started to yield results. As a consequence of this integration process, there were R$8.1 million in expenses connected to the leadership transition in both companies. Additionally, there were R$1.0 million in expenses related to the shares offering of last year. In 2014 part of these expenses had been provisioned, shielding the Company consolidated results in R$ 5.8 million this quarter. Excluding transaction expenses, sales, general and administrative expenses of the Combined Company were stable in the annual comparison, reaching 35.5% in relation to net revenues, an improvement of 0.2p.p. in relation to the. Thus, the EBITDA exnonrecurring expenses reached R$69.2 million with a 23.3% margin, an 11.6% drop, and 3.1p.p. decrease in margin compared to the. Finally, is worth mentioning the evolution of the Rosa Chá brand, closing the quarter with 26 stores and opening 8 stores in the period. The brand already reached annual net revenues of R$27.6 million and, although still in a small scale, it was above its EBITDA breakeven. 4
5 Operational Summary The table below shows the Company s main operational indicators: Combined Company / %Change / number of company stores % % sales area of company stores (m²) 55,110 59, % 55,110 59, % Average sales area of company stores (m²) 55,275 59, % 55,426 58, % Sales per Square Meters (R$/m²) 3,134 3, % 5,993 5, % Average ticket % % SSS 6.1% 2.1% n.a 13.5% 2.3% n.a (1, 2) Le Lis Blanc number of company stores % % sales area of company stores (m²) 36,954 37, % 36,954 37, % Average sales area of company stores (m²) 37,502 37, % 37,679 37, % Sales per Square Meters (R$/m²) 2,754 2, % 5,380 5, % Average ticket % % SSS 7.1% 1.0% n.a 13.9% 0.7% n.a Dudalina S.A number of company stores % % sales area of company stores (m²) 3,915 4, % 3,915 4, % Average sales area of company stores (m²) 3,734 4, % 3,607 4, % Sales per Square Meters (R$/m²) 7,746 6, % 13,651 11, % Average ticket % % SSS 14.9% 8.2% n.a 9.6% 12.0% n.a Bo.Bô number of company stores % % sales area of company stores (m²) 3,420 3, % 3,420 3, % Average sales area of company stores (m²) 3,460 3, % 3,459 3, % Sales per Square Meters (R$/m²) 5,571 6, % 10,618 11, % Average ticket 1,168 1, % 1,153 1, % SSS 16.7% 4.6% n.a 3.6% 2.5% n.a John John number of company stores % % sales area of company stores (m²) 10,820 11, % 10,820 11, % Average sales area of company stores (m²) 10,580 11, % 10,680 10, % Sales per Square Meters (R$/m²) 1,976 1, % 4,072 3, % Average ticket % % SSS 8.7% 6.1% n.a 23.1% 11.0% n.a Rosa Chá number of company stores % % sales area of company stores (m²) 3, % 3, % Average sales area of company stores (m²) 3, % 2, % Sales per Square Meters (R$/m²) 2, % 4, % Average ticket % % SSS 0.0% n.a 0.0 p.p. n.a (1) Since 3Q13 the presentation of Le Lis Blanc operational information includes the brand Noir, Le Lis. Therefore, from the 113 Le Lis Blanc stores in, there are 37 Noir, Le Lis operations, of which 32 insertions of the brand Noir, Le Lis ( corners ) are at Le Lis Blanc stores, 4 stores with hybrid set up (where the annexed Noir, Le Lis sales area has its own entrance and shop window) and 1 store is independent (standalone). (2) From the total of 37,411 m 2 of sales areas in the Le Lis Blanc stores, m 2 refer to the brand Le Lis Blanc, 2,116 m 2 refer to the Noir, Le Lis hybrid stores and to Noir, Le Lis corners at Le Lis Blanc stores and 53 m 2 refer to 1 independent Noir, Le Lis store. 5
6 Stores and Sales Area During the, there was a growth of 2 own stores of the Le Lis Blanc brand, 5 own stores of the John John brand, 8 own stores of the Rosa Chá brand and 1 own store of the Dudalina brand. 2 own stores of the John John brand were closed. By the end of the, the average sales area, per own store, was of 188.3m², with 331.1m² as the average area of the Le Lis Blanc brand stores (including Noir, Le Lis), 62.6m² as the average area of the Dudalina stores, 77.4m² as the average area of the Bo.Bô stores, m² as the average area of the John John stores and 122.4m² as the average area of the Rosa Chá stores. Net Sales (Gross sales, excluding returns) The combined net sales for the reached R$388.8 million, +1.4% growth in relation to the. The combined net sales in the first semester of 2015 reached R$773.8 million, with a 4.2% growth in relation to the first semester of The following graph presents the opening between the distribution channels for the periods indicated: Graphic 1: Evolution of the Net Sales by channel (in R$ million) / / Other Channels % % Wholesale % Other Channels % % Wholesale Owned Stores % +5.9% Owned Stores % Own Stores In the, own stores net sales grew 5.9%, in line with the expansion of the sales area. Samestore sales was positive for the Bo.Bô brand (+4.6%) and practically stable for Le Lis Blanc (1.0%). Retail as a whole had a SSS variation of 2.1%, still impacted by the performance of Dudalina and John John brands. 6
7 Multibrand stores The combined revenues for the wholesale channel (sales for multibrand stores) dropped 9.3%, going from R$118.9 million in the to R$107.8 million in the. The sales negative variation is related to the Dudalina Brands, which have a greater penetration in the multibrand market, and more exposed to the macroeconomic slowdown in consumption. Le Lis Blanc, Bo.Bô, John John and Rosa Chá brands grew 27.2% in the quarter, denoting its potential for expansion, even in a deteriorated macroeconomic scenario and showing that the main growth thesis related to the merger with Dudalina SA (the use of the broad multibrand channel of Dudalina for the sale of Restoque brands) begins to materialize. Other channels The Estoque stores (physical and online stores that sell products from past collections), franchises and ecommerce presented a growth of 8.9% in the in comparison to the. Gross Profit The combined gross profits in the was R$173.7 million (5.2%), representing a 58.6% gross margin (3.4p.p.). The gross margin variation in the quarterly performance is mainly related to a larger component of promotional sales in the retail channel, aligned with the strategy of following the apparel market, including premium apparel market, which anticipated and extended its promotional sales in a more challenging macroeconomic environment. The combined gross profit in the was of R$348.5 million (1.7%), representing a 58.8% gross profit (3.0p.p.). Graphic 2: Evolution of Gross Profit and Gross Margin (in R$ million and %) Gross Margin (%) Gross Profit (R$Millions) /1Q14 / 5.2% % % 58.8% 61.9% 58.6% 7
8 Sales, General and Administrative Expenses (SG&A) The quarter was extraordinarily affected by expenses related (i) to the RestoqueDudalina integration and (ii) to the offer of shares by the end of The first topic consumed R$8.1 million, connected to the leadership transition of both companies, while the second represented R$1.0 million in expenditures related to transaction advisors, impacted by the exchange rate depreciation. In the company s consolidated result, a provision reversal was conducted in the amount of R$ 5.8 million, compensating part ot the total value of the nonrecurrent expenses in the period. Removing these impacts,sales, general and administrative expenses, excluding depreciation and amortization expenses, totaled R$105.2 million in the. The combined SG&A, compared to the total of R$105.7 million in the, dropped 0.4% and represented 35.5 the net revenues (0.2 p.p). In the semester, sales, general and administrative expenses, excluding depreciation and amortization expenses, totaled R$204.3 million. The combined SG&A, compared to the R$210.1 million total in the, dropped 2.7% and came to represent 34.5 the net revenue (2.2p.p.). EBITDA and EBITDA Margin In the, the combined EBITDA was of R$60.1 million, with a 20.3% margin. The result evidences a 21.0% nominal decline against the, with a 5.4 p.p. margin loss. Excluding nonrecurrent expenses in the quarter, the EBITDA reaches R$69.2 million with a 23.3% margin. In the, the combined EBITDA was of R$136.6 million, with a 23.0% margin. With the exception of nonrecurrent expenses in the semester, the EBITDA reaches R$145.7 million with a 24.6% margin. Financial results, amortization and depreciation The combined net financial results went from a R$22.0 million financial expense in the to R$41.9 million in the. This amount is aligned with the financial results during the first quarter of the year, totaling R$82.1 million in the against R$40.6 million in the. The variation in the financial result of the and the is mainly due to the increase of indebtedness of the company, explained below, and to the increase of the basic interest rate in the annual comparison. The expenses with combined depreciation and amortization went from R$41.1 million in the to R$42.6 million in the. 8
9 Net Profit (Loss) In the, the combined net profit was R$ 1.8 million, compared to R$ 26.8 million in the, with a 0.6% net margin. With the exception of nonrecurrent expenses in the quarter, the combined net profit was of R$5.7 million, compared to R$29.1 million in the, with a 1.9% net margin. In the, the combined net profit was of R$13,4 million, compared to R$49.8 million in the, with a 2.3% net margin. With the exception of nonrecurrent expenses in the semester, the combined net profit was of R$20.9 million, compared to R$52.2 million in the, with a 3.5% net margin. The table below shows the reorganization of the combined net profit and combined net profit excluding expenses of the Transactions for the periods indicated: Net Income (Net Loss) In thousand of R$ / / Net Income 26,806 (1,801) N/A 49,820 13,429 N/A (+) Extraordinary expenses 2,262 9, % 2,415 9, % (+) Income tax for extraordinary expenses (1,609) N/A (1,609) N/A (+) Net Income "ExTrasaction Expenses" 29,068 5, % 52,235 20, % Investments During the, R$28.0 million were invested in assets, in comparison with R$18.4 million in the. These investments refer to the assembly of new own stores, maintenance and renovation of existing stores and back office. The increase in the period is aligned with a greater number of stores opened, 17 in 2015 against 12 in In the, R$19.7 million of investments in intangible assets were also performed, of which R$17.1 million refer to the collections development. The investments in intangible assets in the totaled R$25.5 million, with a 22.9% decrease in the mainly related to the noncompetition contract with the former president director of Restoque acknowledged in Indebtedness In comparison with the consolidated Net Debt of the, there was a R$56.8 million increase. Despite the variation in nominal terms, the Net Debt/EBITDA relation in the last 12 months was reduced from 2.65x in the (consolidated result, without combination with Dudalina), to 2.34x in the, using the adjusted combined EBITDA of the last 12 months for the. In thousand of R$ Cash and cash equivalents 426, , ,262 Loans and financings, shortterm (283,030) (368,223) (552,263) Loans and financings, longterm (543,160) (670,796) (438,642) Net Debt (399,412) (682,811) (739,643) 9
10 About Restoque Restoque is one of the main retailer companies of the high value clothing and accessories industry in Brazil. It has currently 7 owned 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 all ages. The Company develops an ample line of products for several situations, create clothing and accessories products and hires suppliers for its production. It sells its products through its owned stores, online sales and multibrand stores. It promotes the concepts of the brands in all aspects of its business, through high value products, buying experience in its stores and a differentiated service. Dudalina became widely known for the quality of its shirts, its main products, which combines an impeccable tailoring and differentiated raw material. Focused on a high purchasing power public, Dudalina is the synonym of high standard in finishing, which technology was developed over more than 57 years of history. Legal Notice The forwardlooking statements hereby made are subject to risks and uncertainties. Such statements are based on beliefs and suppositions of the Management and information to which the Company has presently access. Forwardlooking statements include information on current intentions, beliefs, or expectations of the Company. The exceptions regarding the forwardlooking statements and information also include information about the possible or presumable operational results, as well as statements that have the following words, or similar expressions, before or after them, or included therein: believes, may, will, continues, expects, anticipates, intends, plans, estimates. Forwardlooking statements and information are not guarantee of performance. They involve risks, uncertainties and suppositions because they refer to future events, depending, therefore, on circumstances that may occur or not. The future results and the creation of value to the shareholders may significantly differ from those expressed or suggested by the forwardlooking statements regarding the future. Many factors that will determine these results and values are beyond the Company s control or prevision ability. 10
11 Balance Sheet (Combined) Assets In thousand of R$ / / Current assets Cash and cash equivalents 487, , , (58.3) (32.7) Accounts receivable from clients 140, , , (2.0) Inventories 277, , , (2.1) Tax credits 1, (100.0) Recoverable taxes 12, , , (1.1) Financial derivative instruments 4, , Prepaid expenses 4, , , Other accounts receivable 21, , , (22.6) current assets 945, , , (20.2) (10.9) Noncurrent assets Longterm assets Judicial deposits 2, , , Tax credits 21, , , (33.2) 62.2 Prepaid expenses , Recoverable taxes (29.0) (11.3) Investment (100.0) Fixed assets 382, , , Financial Assets 31, , Financial derivative instruments 17, Intangible 166, ,894, ,894, ,038.7 (0.0) noncurrent assets 573, ,392, ,386, (0.3) Assets 1,519, ,239, ,141, (3.0) 11
12 Balance Sheet (Combined) Liabilities and Stockholder s Equity In thousand of R$ / / Current liabilities Loans and financing 57, , , Debenture 227, , , (2.3) Accounts payable to suppliers 142, , , (6.5) 1.9 Tax liabilities 35, , , (15.7) 16.7 Labor liabilities 50, , , (7.3) (2.5) Tax financing and tax incentives 4, , , (10.5) 1.7 Dividends payable Other accounts payable 34, , , (15.9) (17.9) Capital lease Other advances (96.7) (96.5) current liabilities 554, , , Noncurrent liabilities Longterm liabilities Loans and financing 120, , , (6.6) Debenture 431, , , (50.0) (50.1) Provision for contingencies 7, , , , Accounts payable to suppliers (73.8) (74.8) Tax financing and tax incentives 22, , , (0.5) 0.5 Other accounts payable 3, , , (70.0) (73.8) Capital lease 16, , , (4.0) (1.0) Income tax and social contribution taxes 5, , , (1.3) (0.3) Other advances noncurrent liabilities 608, , , (6.6) (29.3) Shareholders equity Capital stock 268, , , Capital reserve 9, ,678, ,678, ,984.6 Stocks granted 4, (100.0) Treasury shares (60,067) (4.0) (137,018) (4.2) (184,661) (5.9) Reserve fund from profit 77, , , (81.5) 13.8 Retained earnings 48, (100.0) AAC 7, (833) (0.0) (663) (0.0) (108.9) (20.4) shareholders equity 356, ,822, ,776, (2.5) Liabilities and Shareholders Equity 1,519, ,239, ,141, (3.0) 12
13 Cash Flow (Combined) In thousand of R$ From operating activities Income before income and social contribution taxes 60,277 15,380 Reconciliation of income before income and social contribution taxes to net cash provided by operating activities 76, ,748 Depreciation and amortization 42,584 45,056 Fixed assets and Intangible writeoff Non deliverable forward expense 1,258 (16,005) Provision for contingencies 548 (338) Interest expenses 34,801 59,826 Present value ajusted on obligations and receivables (1,310) Foreign exchange variation on financings (6,717) 21,868 Bad debts (444) 1,610 Variable compensation provision 7,094 2,168 Stock options plan 461 Interest expense on capital lease Provision for inventory losses (2,502) (1,230) Ajusted Present Value PRODEC (239) Changes in assets and liabilities (59,668) (139,841) Accounts receivable from clients (3,558) (30,419) Inventories (38,117) (25,041) Recoverable taxes 3,534 (9,837) Prepaid expenses (1,511) (10,530) Other credits (10,226) 4,623 Judicial deposits 260 (657) Accounts payable to suppliers 34,975 (7,094) Related parties accounts payable (261) Tax liabilities (18,841) (12,704) Labor liabilities (8,661) (13,029) Income tax and social contribution tax (8,113) (9,991) Paid interests (1,435) Other accounts payable 762 (24,643) Advances (549) (519) Others (7,927) Net cash generated from operating activities 76,871 (10,713) From investment activities Increase in fixed assets (18,423) (28,046) Asset sale 1,239 Increase in intangible assets (25,528) (19,677) Financial Investments 4,806 Securities 30,283 50,443 Fixed assets sold 28 Net cash used in investment activities (13,640) 8,765 From financing activities with shareholders Loans and financing 228, ,102 Loans and financing repayments (18,238) (380,763) Paid interests (30,666) (57,765) Treasury shares (32,103) (44,064) Gain on sale of treasury shares (600) Capital leasing (698) (699) Dividends distribution (90,000) (2,880) Payment of accounts payable to Foose Cool (21,569) Capital increase 16,560 Non deliverable forward payment (2,820) Amortization of debt (889) Tax benefit PRODEC 3,087 Net cash used in financing activities with shareholders 51,439 (281,669) Increase (decrease) in cash and cash equivalents 114,670 (283,617) Cash and cash equivalents At the beginning of the year 343, ,808 At the end of the year 458, ,191 Increase (decrease) in cash and cash equivalents 114,670 (283,617) 13
14 Balance Sheet (Consolidated) Assets In thousand of R$ / / Current assets Cash and cash equivalents 426, , , (52.4) (32.7) Accounts receivable from clients 27, , , (2.0) Inventories 194, , , (2.1) Recoverable taxes 12, , , (23.8) Financial derivative instruments 4, , Prepaid expenses 4, , , Other accounts receivable 17, , , (22.6) current assets 683, , , (10.9) Noncurrent assets Longterm assets Judicial deposits 1, , , Tax credits 21, , , (33.2) 62.2 Prepaid expenses , Recoverable taxes (11.3) Fixed assets 316, , , Financial Assets 31, , Financial derivative instruments 17, Intangible 147, ,894, ,894, ,181.1 (0.0) noncurrent assets 487, ,392, ,386, (0.3) Assets 1,171, ,239, ,141, (3.0) 14
15 Balance Sheet (Consolidated) Liabilities and Stockholder s Equity In thousand of R$ / / Current liabilities Loans and financing 55, , , Debenture 227, , , (2.3) Accounts payable to suppliers 112, , , Tax liabilities 17, , , Labor liabilities 26, , , (2.5) Tax financing and tax incentives 3, , Dividends payable Other accounts payable 23, , , (17.9) Capital lease Other advances (96.7) (96.5) current liabilities 463, , , Noncurrent liabilities Longterm liabilities Loans and financing 111, , , (6.6) Debenture 431, , , (50.0) (50.1) Provision for contingencies 6, , , , Accounts payable to suppliers (74.8) Tax financing and tax incentives 22, , Other accounts payable 3, , , (70.0) (73.8) Capital lease 16, , , (4.0) (1.0) Income tax and social contribution taxes 5, , (0.3) noncurrent liabilities 569, , , (0.3) (29.3) Shareholders equity Capital stock 148, , , Capital reserve 9, ,678, ,678, ,984.6 Stocks granted 4, (100.0) Treasury shares (60,067) (5.1) (137,018) (4.2) (184,661) (5.9) Reserve fund from profit 39, , , (63.5) 13.8 AAC (4,051) (0.3) (833) (0.0) (663) (0.0) (83.6) (20.4) shareholders equity 138, ,822, ,776, ,184.1 (2.5) Liabilities and Shareholders Equity 1,171, ,239, ,141, (3.0) 15
16 Cash Flow (Consolidated) In thousand of R$ From operating activities Income before income and social contribution taxes 2,009 15,380 Reconciliation of income before income and social contribution taxes to net cash provided by operating activities 65, ,748 Depreciation and amortization 37,431 45,056 Fixed assets and Intangible writeoff Non deliverable forward expense 1,258 (16,005) Provision for contingencies 417 (338) Interest expenses 34,139 59,826 Foreign exchange variation on financings (6,717) 21,868 Foreign exchange variation on financings (629) 1,610 Bad debts 74 2,168 Stock options plan 461 Interest expense on capital lease Provision for inventory losses (1,889) (1,230) Changes in assets and liabilities (28,915) (139,841) Accounts receivable from clients (8,166) (30,419) Inventories (17,419) (25,041) Recoverable taxes (580) (9,837) Prepaid expenses (1,511) (10,530) Related parties accounts payable (9,311) 4,623 Judicial deposits 445 (657) Accounts payable to suppliers 28,978 (7,094) Related parties accounts payable Tax liabilities (12,830) (12,704) Labor liabilities (8,876) (13,029) Income tax and social contribution tax (9,991) Other accounts payable 1,165 (24,643) Advances (549) (519) Net cash generated from operating activities 38,311 (10,713) From investment activities Increase in fixed assets (13,760) (28,046) Sale of fixed assets 1,239 Increase in intangible assets (23,851) (19,677) Financial Investments 4,806 Retirement of securities 30,283 50,443 Net cash used in investment activities (7,328) 8,765 From financing activities with shareholders Loans and financing 227, ,102 Loans and financing repayments (15,698) (380,763) Paid interests (30,666) (57,765) Treasury shares (32,103) (44,064) Gain on sale of treasury shares (600) Capital leasing (698) (699) Dividends distribution (2,880) Payment of accounts payable to Foose Cool (21,569) Capital increase 16,560 Non deliverable forward payment (2,820) Net cash used in financing activities with shareholders 140,328 (281,669) Increase (decrease) in cash and cash equivalents 171,311 (283,617) Cash and cash equivalents At the beginning of the year 186, ,808 At the end of the year 357, ,191 Increase (decrease) in cash and cash equivalents 171,311 (283,617) 16
17 Income Statement (Combined) In thousands of R$ Net Revenue Net Revenue / Net Revenue Net Revenue / Net operating revenue 295, , , , COGS (111,885) (37.8) (122,159) (41.2) 9.2 (217,206) (37.9) (242,648) (40.9) 11.7 D&A COGS (730) (0.2) (749) (0.3) 2.6 (1,444) (0.3) (1,494) (0.3) 3.5 Gross Profit 183, , (5.2) 354, , (1.7) Operating revenues (expenses) Administrative and general expenses (36,928) (12.5) (32,461) (10.9) (12.1) (76,705) (13.4) (68,150) (11.5) (11.2) Selling expenses (68,583) (23.2) (70,754) (23.9) 3.2 (131,364) (22.9) (132,648) (22.4) 1.0 Depreciation and amortization expenses (20,521) (6.9) (22,476) (7.6) 9.5 (41,136) (7.2) (42,585) (7.2) 3.5 Financial Results (22,018) (7.4) (41,928) (14.1) 90.4 (40,632) (7.1) (82,130) (13.9) Other revenues and expenses (148) (0.1) (2,009) (0.7) 1,257.8 (1,995) (0.3) (3,520) (0.6) 76.5 EBT 32, (5,061) (1.7) (115.4) 60, , (82.8) Taxes (5,969) (2.0) 3, (154.6) (10,456) (1.8) 3, (129.2) Net income 26, (1,801) (0.6) (106.7) 49, , (73.0) EBITDA 76, , (21.0) 143, , (4.8) Net Income "ExTrasaction Expenses" 29, , (80.4) 52, , (60.0) EBITDA "ExTransaction Expenses" 78, , (11.6) 145, , (0.1) DRE Reconciliation Combined to PróForma Restoque Dudalina Combined Pro Forma Ajustments Proforma Restoque Dudalina Combined Eliminations Consolidated Net operating revenue 176, , , , , , , ,573 COGS (58,829) (53,056) (111,885) (111,885) (76,359) (45,800) (122,159) 118 (122,041) D&A COGS (730) (730) (186) (916) (749) (749) (187) (936) Gross Profit 117,556 65, ,235 (186) 183, ,377 55, ,665 (69) 173,596 Gross Margin 66.6% 55.0% 61.9% 61.9% 60.8% 54.3% 58.6% 58.5% Operating revenues (expenses) Administrative and general expenses (29,040) (10,150) (39,190) (39,190) (27,334) (14,224) (41,558) (41,558) Selling expenses (43,137) (25,446) (68,583) (68,583) (48,778) (21,976) (70,754) 5,750 (65,004) Depreciation and amortization expenses (18,609) (1,912) (20,521) (303) (20,824) (21,722) (754) (22,476) (303) (22,779) Financial Results (23,891) 1,873 (22,018) (22,018) (41,677) (251) (41,928) (41,928) Other revenues and expenses (204) 56 (148) (148) (1,529) (480) (2,009) (2,009) Equivalence Balance 17,042 (17,042) EBT 2,675 30,100 32,775 (489) 32,286 (5,622) 17,603 (5,061) 5, EBT Margin 1.5% 25.2% 11.1% 2.9% 17.3% 1.7% Taxes (895) (5,074) (5,969) 166 (5,803) 7,371 (4,111) 3,260 (1,830) 1,430 Net income 1,780 25,026 26,806 (323) 26,483 1,749 13,492 (1,801) 3,548 1,747 Net Income Margin 1.0% 20.9% 9.1% 9.0% 0.9% 13.2% 0.6% 0.6% EBITDA 45,175 30,869 76,044 76,044 57,777 19,357 60,092 5,868 65,960 EBITDA Margin 25.6% 25.8% 25.7% 25.7% 29.7% 19.0% 20.3% 22.2% Restoque Dudalina Combined Eliminations Consolidated Restoque Dudalina Combined Eliminations Consolidated Net operating revenue 350, , , , , , , ,652 Cost of products sold (119,173) (98,033) (217,206) (217,206) (150,514) (92,134) (242,648) 228 (242,420) D&A CPS (1,444) (1,444) (373) (1,817) (1,494) (1,494) (373) (1,867) Gross Income 231, , ,523 (373) 354, , , ,510 (145) 348,365 Gross Margin 66.0% 55.3% 61.9% 0.0% 61.8% 61.5% 53.7% 58.8% 0.0% 58.8% Operating revenues (expenses) Administrative and general expenses (60,240) (18,880) (79,120) (79,120) (51,785) (21,792) (73,577) (73,577) Selling expenses (85,771) (45,593) (131,364) (131,364) (98,260) (38,058) (136,318) 5,750 (130,568) Depreciation and amortization expenses (37,431) (3,705) (41,136) (606) (41,742) (41,098) (1,487) (42,585) (606) (43,191) Financial Results (43,780) 3,148 (40,632) (40,632) (80,031) (2,099) (82,130) (82,130) Other revenues and expenses (2,067) 72 (1,995) (1,995) (3,100) (420) (3,520) (3,520) Equivalence Balance 39,402 (39,402) Income before income and social contribution taxes 2,009 58,267 60,276 (979) 59,297 5,186 44,596 10,380 4,999 15,379 Income tax and social contribution tax margin 0.6% 26.2% 10.5% 8.8% 22.1% 1.8% Taxes (667) (9,789) (10,456) 333 (10,123) 11,542 (8,493) 3,049 (1,700) 1,349 Net income 1,342 48,478 49,820 (646) 49,174 16,728 36,103 13,429 3,299 16,728 Net Income Margin 0.4% 21.8% 8.7% 8.6% 5.8% 17.9% 2.3% 2.8% EBITDA 83,220 60, , ,488 86,913 49, ,589 5, ,567 EBITDA Margin 23.7% 27.1% 25.0% 25.0% 22.3% 24.6% 23.0% 24.1% 17
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