INSTITUTIONAL PRESENTATION 3Q18. p. 1

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Transcription:

INSTITUTIONAL PRESENTATION 3Q18 p. 1

Market under transformation and with high growth potential Company ready to capture increase in profitability PROFITABILITY Scale business with high dilution potencial and margins expansion Pioneering innovation and technology at the service of the customer Differentiated business model p. 2

Business Main Pillars Purchase Operation Asset Sale Cost of Debt - Scale - Mix - Processes Maturity and Expansion - Focus on Retail (Own Stores) - Capital Structure Main pillars for ROIC achievement p. 3

Market Under Transformation New income classes (C&D) Financial elements reinforce the feasibility Cultural change Year 2000 1 monthly salary = 2 Daily rental price Year 2017 1 monthly salary = 12 Daily rentals price Awareness of this still latent capacity Sources: IBGE and public information Interest rate Depreciation Purchase price The ownership concept is migrating to usership Technology / Innovation Proximity to the client Car rental becomes more relevant in the new urban mobility matrix Premium car during the weekends Popular travel combo including car rental p. 4

History Movida Foundation Acquisition 2006 2013 2014 2015 2016 2017 3Q18 29 RAC Stores 2,400 Cars 2.1% Mkt share RAC 2 nd 82 RAC Stores 36,875 Cars 5.8% Mkt share RAC Largest player in Brazil Premium market RETURN USING TABLETS 156 RAC Stores 23 Seminovos Stores 52,723 Cars 183 RAC Stores 9.9% Mkt share 59 Seminovos RAC Stores 64,223 Cars 17.7% Mkt share RAC MOVIDA APP ON ALL PLATFORMS MOVIDA EXPRESS 183 RAC Stores 58 Seminovos Stores 75,860 Cars 11% Market Share RAC New visual identity Seminovos Movida Movida s IPO Feb 17 Oct 17 Acquisition Movida Premium LAUNCH OF PREPAYMENT 5TH QUARTE R IN A ROW WITH RECORD INCOME 184 RAC Stores 60 Seminovos Stores 88,901 Cars p. 5

National Presence and Solid Performance R$ million Data as of LTM RR 1 1 AP 100% own stores AM 4 1 NET REVENUES 2,396.9 EBITDA 425.4 NET DEBT / EBITDA* 2.8x EBIT 338.3 NET INCOME 127.9 ROIC 10.2% 1 2 1 AC PA 3 MA 6 1 2 2 PI RO TO 1 2 1 BA 9 2 MT 5 2 GO DF 6 4 MG 5 1 17 4 MS ES SP RJ 11 4 PR 16 55 18 SC 8 4 RS 6 3 4 1 CE RN 3 1 PB PE 8 2 AL SE 3 3 RAC Service Center 3 1 2 Seminovos Store RAC Service Centers Seminovos (Used Cars) Stores OBS: Information as of 2017 was adjusted accordingly to the new IFRS **Excludes impairment, pursuant to Note 15 of the Financial Statements p. 6

Used Car Sales (Seminovos) Market million cars New Cars Addressable market Data as of 2018* Installed capacity of 5 million cars -27% 3,0 2,8 2,1 1,7 1,9 2,2 2013 2014 2015 2016 2017 2018* Used cars (including seminovos) +22% 0.3% Share Movida 10.0 million Used Cars 2.1 million Seminovos 1,2 1.6% 34 th Movida 8,2 8,7 8,6 8,6 9,3 10,0 2013 2014 2015 2016 2017 2018* Seminovos 1,2 +15% 1,8 1,9 2,6 3,2 3,4 2,1 Total Brazilian fleet* 54 million with average age of 10 years 2013 2014 2015 2016 2017 2018* *Last twelve months as of sept/2018 Sources: Fenauto, Anfaveam IBGE, Detran (August 2018) and public information Note: (1) Used cars with up to 3 years of use, (2) Estimated number by the proportion of used cars in relation to the total of vehicles (passenger, light and heavy commercial vehicles and motorcycles) published by Fenauto. p. 7

Business Model Technology and innovation for market growth Client time management is a priority Focus on exceeding clients expectations Growth in underexplored segments Rent a Car (RAC) 74.6% of service revenues 1 37.7% of total net revenues 1 Fleet Management (GTF) 25.4% of service revenues 1 12.8% of total net revenues 1 Used Car Sales (Seminovos) 49.5% of total net revenues 1 Assertiveness in car purchase and resale centers strategy Capture of market opportunities allowed: Continuity of JSL s ~30 years of experience Selective growth with focus on profitability Stores with significantly superior infrastructure compared to the market Lower cost base RAC scale leverages Fleet Management growth and profitability Movida s Exclusive Offer Movida s Exclusive Offer Duster Mercedes C180 Renegade Kicks Mobi Corolla GLA Frontier Oroch Compass Introduced on May-15 Introduced on Oct-15 Introduced on Nov-16 Introduced on Oct-16 Introduced on Dec-16 Introduced on Jan-17 Introduced on Dec-17 Introduced on Jun-18 Introduced on Jun-18 Introduced on Nov-18 Note: (1) Information as of 3Q18 *Information as of 2017 was adjusted accordingly to the new IFRS accounting standards p. 8

Brand Awareness Top-of-mind Research¹ + 23 p.p. 21% 30% 1 st place on Estadão Best Services ranking on the car rental category 5% 8% 8% 7% Carbon Free Green Fleet and Freights Award 2018 1H14 2H14 1H15 2H15 1H16 1H17 Online and Direct Sales² Special SME Section of Estadão 1 st in Client Satisfaction among car rental companies - August/17 88% 12% 70% 30% Online Sales Offline Sales Online - Direct Melhores Destinos Award The best Car Rental in 2018 Biggest and Better Award of Exame Biggest Growth -August/17 51% 49% 69% 31% Online - Agents Customer Value Leadrship Award Frost&Sullivan 2017 Source: Euromonitor and H2R Pesquisas Note: (1) Top-of-mind surveys conducted in São Paulo, Rio de Janeiro, Porto Alegre, Belo Horizonte, Recife and Ribeirão Preto, p. 9

Rent-a-Car Differentials NEW PRODUCTS AND PARTNERSHIPS RELATIONSHIP WITH CUSTOMERS MEANS OF PAYMENT PREPAYMENT MOVIDA FACILITA TABLET APPLE PAY SAMSUNG PAY 50,000+ DRIVER S LICENSES AND 900+ CNPJs REGISTERED EVERY MONTH p. 10

Evolution since the IPO - LTM Net Revenue EBITDA and Margin 2.295 2.402 2.406 2.443 2.397 1.989 2.109 1.678 1.787 966 1.036 1.192 1.260 1.399 1.450 1.417 1.401 1.286 712 751 797 849 896 951 989 1.041 1.111 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 40,0% 30,0% 20,0% 10,0% 0,0% -10,0% -20,0% -30,0% 38,9% 36,0% 35,2% 34,0% 33,5% 34,3% 34,6% 37,3% 38,2% 16,5% 15,1% 14,1% 13,7% 13,1% 13,6% 14,3% 16,0% 17,7% 276 269 281 288 301 326 343 390 425 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 950 750 550 350 150 (50) Net Revenue from Services Net Revenue from the Sale of Assets EBITDA EBITDA Margin¹ EBITDA Margin² EBIT and Margin Net Income and Margin¹ 40,0% 30,0% 20,0% 10,0% 0,0% -10,0% -20,0% -30,0% 26,7% 25,6% 25,8% 25,6% 25,4% 26,5% 26,9% 29,9% 30,4% 11,4% 10,7% 10,4% 10,3% 10,0% 10,5% 11,1% 12,8% 14,1% 191 191 206 218 229 252 268 313 338 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 EBIT EBIT Margin¹ EBIT Margin² 950 750 550 350 150 (50) 6,5% 6,9% 7,1% 4,3% 4,8% 5,2% 5,1% 2,8% 1,8% 2,0% 2,1% 2,0% 2,7% 3,0% 46 32 40 45 47 66 72 9,5% 4,1% 101 11,4% 5,3% 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Net Profit Net Margin² Net Margin¹ 128 ¹ Over Service Revenue ² Over Total Revenue p. 11

Consolidated Results R$ million Net Revenue EBITDA and Margin¹ CAGR +52% CAGR +30% 444 1.150 1.787 2.402 2.397-6.9% 657 612 47,7% 151 43,5% 244 35,9% 34,3% 326 269 38,3% 425 38,7% 35,3% +41.8% 119 84 50,0 40,0 30,0 20,0 10,0 2014 2015 2016 2017 3Q18 LTM 3Q17 3Q18 2014 2015 2016 2017 3Q18 LTM 3Q17 3Q18 0,0% EBIT and Margin¹ CAGR +46% Net Income and Margin¹ CAGR +41% 23,8% 27,1% 25,5% 26,5% 30,4% 27,4% 29,5% 338 252 +39.2% 191 152 75 65 91 2014 2015 2016 2017 3Q18 LTM ¹ Over net revenue from services 3Q17 3Q18 33,0% 23,0% 13,0% 3,0% -7,0% -17,0% -27,0% -37,0% -47,0% 13,4% 11,5% 9,6% 7,3% 6,9% 5,9% 4,3% 128 +192.6% 66 54 32 32 41 14 2014 2015 2016 2017 3Q18 LTM 3Q17 3Q18 p. 12

Rent-a-car (RAC) Total Fleet and Service Centers (number) 82 19.208 156 37.126 CAGR +35% CAGR +53% 241 275 842 751 183 183 184 183 184 49.135 57.059 64.218 56.848 64.218 Op. fleet per store Net Revenue (R$ million) 152 378 571 191 +20.8% 230 2014 2015 2016 2017 3Q18 LTM 3Q17 3Q18 2014 2015 2016 2017 3Q18 LTM 3Q17 3Q18 Fleet - End of the Period Number of points of sales Average monthly revenue per car (R$) Gross Margin (%) +2.7 p.p. +4.8% 42,6% 47,3% 54,4% 59,0% 60,7% 58,1% 60,8% 1.763,2 1.603,1 1.685,1 1.651,7 1.650,9 1.621,9 1.699,1 2014 2015 2016 2017 3Q18 LTM 3Q17 3Q18 2014 2015 2016 2017 3Q18 LTM 3Q17 3Q18 p. 13

Fleet Management and Outsourcing (GTF) Total Fleet (number) CAGR +9% Net Revenue (R$ million) CAGR +13% +43.4% 269 17.667 15.597 15.088 18.801 24.683 17.212 24.683 164 183 180 201 +63.5% 48 78 2014 2015 2016 2017 3Q18 LTM 3Q17 3Q18 2014 2015 2016 2017 3Q18 LTM 3Q17 3Q18 Average monthly revenue per car (R$) Gross Margin (%) +1.2% +3.1 p.p. 1.383,9 858,7 1.125,8 1.201,6 1.200,9 1.200,2 1.214,2 63,9% 65,5% 53,4% 44,9% 32,7% 60,8% 63,9% 2014 2015 2016 2017 3Q18 LTM 3Q17 3Q18 2014 2015 2016 2017 3Q18 LTM 3Q17 3Q18 p. 14

Used Car Sales Volume of cars sold (number) Net Revenue (R$ million) CAGR +55% CAGR +78% 1.450 1.286 1.036 5.977 20.915 32.154 39.641 34.086-29.4% -27.8% 589 11.277 419 7.959 128 303 2014 2015 2016 2017 3Q18 LTM 3Q17 3Q18 2014 2015 2016 2017 3Q18 LTM 3Q17 3Q18 Average Ticket (R$) Gross Margin (%) 28.168 32.307 +2.6% 36.638 37.797 37.184 38.156 6,8% 3,4% 6,0% 5,1% 5,1% 4,8% 4,8% 21.438 2014 2015 2016 2017 3Q18 LTM 3Q17 3Q18 2014 2015 2016 2017 3Q18 LTM 3Q17 3Q18 p. 15

Seminovos Action Plan Retail Redesign Commercial Management Demobilization Process New Marketing New Channels Strategy New Pricing p. 16

EBIT R$ million and Margin (%) EBITDA R$ million and Margin (%) EBITDA and EBIT 3Q17 vs. 3Q18 R$ million RAC GTF Used Car Sales 37,4% 39,5% 91 71 65,3% 62,4% 49 31 3Q17 3Q18 (18) (21) 3Q17 3Q18 3Q17 3Q18 (4.4)% (6.8)% 3Q17 3Q18 32,1% 33,6% 61 77 50,6% 45,2% 24 35 (20) (22) (4.8)% (7.2)% 3Q17 3Q18 3Q17 3Q18 p. 17

EBIT R$ million and Margin (%) EBITDA R$ million and Margin (%) EBITDA and EBIT 9M17 vs. 9M18 R$ million RAC 34,6% 38.6% 248 GTF 66,9% 65.2% Used Car Sales 9M17 9M18 190 96 138 (45) (46) 9M17 9M18 9M17 9M18 (4.0)% (4.7)% 29,4% 33.2% 51,9% 51,9% 9M17 9M18 161 213 75 109 (50) (50) 9M17 9M18 9M17 9M18 (4.4)% (5.2)% p. 18

CAPEX and FCFF CAPEX 2014 2015 2016 2017 LTM 3Q18 Fleet 775 1,365 1,708 2,074 2,177 Renewal 125 464 884 1,568 1,586 Expansion 650 902 824 507 591 Service Centers 13 29 23 4 12 Other 0 8 10 11 26 Total 788 1,402 1,740 2,089 2,215 Gross Revenue from the Sale of Assets 128 589 1.039 1,452 1,288 Net CAPEX 660 813 701 637 927 Free Cash Flow to the Firm 2014 2015 2016 2017 LTM 3Q18 EBITDA 151 244 269 326 425 Non-Cash Cost¹ 126 563 973 1,376 1,220 Taxes + Working Capital² 220 121 361 (48) 89 Operating Cash Flow 496 928 1,604 1,654 1,734 Renewal CAPEX (128) (484) (906) (1,582) (1,596) Cash Generated before Growth 369 444 698 73 139 Expansion CAPEX (660) (918) (834) (507) (619) Free Cash Flow to the Firm (292) (474) (136) (435) (481) R$ million ¹ Referring to the selling cost of assets used to provide services ² Sum of changes in the following Balance Sheet accounts: accounts receivable, recoverable taxes, judicial deposits, other credits, prepaid expenses, suppliers, related parties, labor and tax liabilities, accounts payable and advances from customers, judicial and administrative lawsuits paid, and income tax and social contribution. p. 19

Indebtness Amortization Schedule R$ million 794 658 496 452 1 282 490 95 175 1 6 496 357 68 281 102 168 Cash Up to Sep/2019 Oct to Dec/2019 2020 2021 2022 onwards Debentures Loans and Financing Leasing Debt Ratios 3Q18 Indebtness Profile Net Debt/Net Property and Equip. 0.4x Net Debt/LTM EBITDA 2.8x Net Debt/Equity 0.8x 3Q17 Avg Tenor: ~23 months Avg CDI: ~9.2% Cost: CDI+2.8% -0.9 p.p. on spread 3Q18 Avg Tenor: ~32 months Avg CDI: ~6.4% Cost: CDI+1.9% +9 months *Excludes impairment, pursuant to Note 15 of the Financial Statements p. 20

Net Income Evolution +2,4x R$ million Net Margin¹ 6.6% Net Margin¹ 12.6% Profitability 9,8% 8,6% 7,6% 10,1% 10,3% 10,6% 10,6% 10,6% 10,2% 9,3% 9,4% 9,3% 7,7% 7,9% 7,8% 6,5% 5,7% 6,0% 9,3% 7,6% 9,2% 9,2% 8,1% 7,2% 6,6% 5,7% 10,2% 9,7% 8,8% 7,3% 6,4% 5,8% 4,2% 3,9% 4,4% 4,6% 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 ¹ Over Service Revenue ROIC LTM COST OF DEBT (POST TAXES) ROE LTM p. 21

We are the only Brazilian car rental company to offer an increasingly sustainable multiplatform of urban mobility solutions. S O L U T I O N S MOBI LITY p. 22

APPENDIX p. 23

Depreciation Result of Seminovos Movida per Car R$ per car 3Q18 LTM 37,797 The residual value of an asset is the estimated value the entity would get by selling the asset, net of estimated sales expenses, if the asset already had the age and condition expected for the end of its useful life. Depreciable value is the cost of an asset or any other value that replaces cost, less its residual value. Accounting Pronouncement Committee CPC 27 Property, Plant and Equipment If Σ = 0 Depreciation level is enough 67% 33% R$2,696 R$1,328 Direct Indirect Expertise & Market Intelligence + Fleet Mix + Scale & Bargaining Power Market Conditions for the Used Car Segment + Fleet Mix + Sales Channel Adjustment to depreciation as of August RAC R$1,027 (+R$100 vs 2Q18) GTF R$2,484 (+R$1,035 vs 2Q18) If it had been in July: RAC ~R$1,100 GTF ~R$3,000 p. 24

DAMAGED CARS SOLD + STOLEN CARS PDD Management - Focus on Execution 100,0 80,0 60,0 40,0 20,0 - (20,0) 5,9% 5,5% 13,7 12,2-1,0% (2,4) 3,4% 23,5 1,3% 1,2% 0,5% 3,4 3,3 1,5 1,0% 1Q17 2Q17 3Q17 9M17 1Q18 2Q18 3Q18 9M18 Allowance for Doubtful Accounts (R$ millon) Reducti on of -R$15 MM 8,2 % Net Revenue from Services 7,1% 5,1% 3,1% 1,1% -0,9% -2,9% % Tracked Fleet 12% 22% 36% 23% 57% 63% 66% 62% 180,0 130,0 10,4% 10,8% 8,8% 10,0% 7,3% 9,3% Reducti on of -R$12 MM 6,7% 12,0% 10,0% 8,0% 80,0 69,2 3,9% 57,0 6,0% 30,0 24,0 24,2 21,0 19,6 25,6 11,9 4,0% 2,0% (20,0) 1Q17 2Q17 3Q17 9M17 1Q18 2Q18 3Q18 9M18 0,0% Damaged Cars Sold + Stolen Cars % Net Revenue from Services p. 25

GTF RAC Rented Fleet per Total Fleet 75,0% 62,3% 60,1% 60,7% 59,0% 69,9% 68,4% 62,8% 62,9% 63,1% 61,3% 60,4% 61,3% 59,3% 54,9% 53,5% 52,7% 68,0% 65,7% 58,0% 61,5% 61,6% 52,9% 65,5% 56,8% 57,1% 63,0% 60,5% 59,1% 68,0% 62,5% 62,8% 59,4% 61,3% 61,2% 61,1% 59,4% 45,5% 47,5% 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Player 1 Player 2 Movida 99,4% 95,7% 90,8% 79,8% 88,4% 77,7% 94,7% 93,7% 88,2% 88,1% 81,4% 82,3% 92,2% 90,7% 89,7% 92,9% 91,0% 80,6% 93,0% 90,2% 84,1% 96,0% 87,2% 85,1% 84,7% 80,6% 77,4% 88,4% 88,8% 89,8% 87,6% 89,9% 84,6% 83,3% 82,3% 86,6% 87,2% 87,1% 84,7% 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 PS¹ Information captured on investor relations websites of each company. PS² For player 2 the information was consolidated historically for better comparability. Player 1 Player 2 Movida p. 26

Total Fleet Operational Fleet Daily Rentals per Car 73,1 74,8 73,4 75,5 64,1 64,5 66,1 66,1 66,3 82,0 68,7 68,3 *Average volume/operational fleet 79,8 78,3 77,4 78,5 75,8 76,7 74,0 71,1 67,2 67,8 67,4 67,6 69,2 65,2 65,5 69,9 69,3 66,1 66,3 67,0 67,6 66,8 67,5 65,2 54,6 58,3 57,9 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Player 1 Player 2 Movida 65,8 67,6 57,6 54,4 56,4 53,6 57,4 57,8 58,1 61,6 55,0 55,1 55,9 53,3 49,4 48,2 46,8 59,7 60,7 52,1 56,2 55,3 47,8 60,3 54,9 57,5 51,8 52,5 52,9 56,5 57,4 60,8 56,3 55,5 54,6 54,1 49,3 41,0 42,8 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 PS¹ Information captured on investor relations websites of each company. PS² For player 2 the information was consolidated historically for better comparability. Player 1 Player 2 Movida p. 27

Yield Equalization MONTHLY REVENUE LIQUID ASSET GAP 1.1 p.p. Accounting revenue of the last twelve month (LTM) divided by 12 Line item of the balance sheet (average amount between the current quarter and the four previous quarters) 4,5% 4,4% 4,4% 4,3% 4,1% 4,0% 4,1% 4,1% 4,0% 4,0% 3,9% 4,0% 4,0% 4,0% 3,7% 3,7% 3,4% 3,4% 3,4% 3,4% 3,4% 3,3% 3,3% 3,2% 3,5% 3,6% 3,2% 3,2% 3,5% 3,4% 3,4% 3,4% 3,4% 3,3% GAP 0.2 p.p. 3,3% 3,1% 3,1% 3,1% 3,3% 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Player 1 Player 2 Movida PS¹ Information captured on investor relations websites of each company. PS² For player 2 the information was consolidated historically for better comparability. p. 28

Equalization of Leverage NET DEBT EBITDA LTM Includes: Securitization of accounts payable Assignment of credits by suppliers Assignment of credit rights Suppliers Reverse Factoring Based on Purchaser s Risk Last twelve months accounting EBITDA (LTM) 4,1 4,0 2,8 2,6 1,5 3,2 2,9 3,0 2,8 1,7 1,6 3,0 2,9 1,7 3,5 3,4 3,6 3,5 3,6 3,2 3,3 2,8 2,9 2,9 2,8 2,8 3,1 2,3 1,9 2,1 1,9 1,9 3,4 3,0 3,6 3,3 3,2 3,2 3,0 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Player 1 Player 2 Movida PS¹ Information captured on investor relations websites of each company. PS² For player 2 the information was consolidated historically for better comparability. p. 29

Equalization of ROIC NOPLAT LTM AVERAGE INVESTED CAPITAL Accounting EBIT Last Twelve Months (LTM) (-) Effective tax rate (weighted avg. LTM) Net debt (with confirming suppliers and similar line items according to previous slide) + Shareholders Equity (average amount between the current quarter and the four previous quarters) 17,1% 17,3% GAP 8.5 p.p. 8,9% 8,6% 16,9% 9,6% 9,8% 15,8% 9,3% 9,4% 9,3% 15,3% 15,8% 10,4% 10,6% 10,8% 16,2% 14,4% 13,9% 9,7% 9,9% 10,1% 7,7% 7,9% 7,8% 7,6% 14,7% 9,4% 9,2% 9,1% 14,0% 10,0% 9,6% 13,0% GAP 2.8 p.p 10,2% 9,9% 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Player 1 Player 2 Movida PS¹ Information captured on investor relations websites of each company. PS² For player 2 the information was consolidated historically for better comparability. p. 30

Equalization of ROE NET INCOME LTM AVERAGE EQUITY Last twelve months accounting Net Income (LTM) Shareholders Equity (average amount between the current quarter and the four previous quarters) GAP 13.5 p.p 22,4% 21,6% 21,1% 20,5% 19,8% 19,8% 20,4% 20,5% 21,1% 22,3% 21,9% 22,3% GAP 16.6 p.p. 7,6% 6,5% 5,8% 5,7% 5,7% 6,0% 5,4% 5,9% 7,0% 7,4% 7,5% 8,6% 4,2% 3,9% 4,4% 4,6% 11,0% 11,1% 6,6% 5,7% 12,7% 7,3% 14,1% 8,8% 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Player 1 Player 2 Movida PS¹ Information captured on investor relations websites of each company. PS² For player 2 the information was consolidated historically for better comparability. p. 31

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