Dados Financeiros e Operacionais

4T22
Indicadores Financeiros 1T10 2T10 3T10 4T10 2010
Receita Líquida 112,610 125,302 158,829 174,785 571,526
CMV (65,857) (71,705) (95,715) (106,607) (339,884)
Depreciação e amortização - Custo
Lucro bruto 46,753 53,597 63,114 68,178 231,642
Margem bruta 41.5% 42.8% 39.7% 39.0% 40.5%
SG&A (29,985) (31,137) (39,701) (37,998) (138,821)
%Receita (26.6%) (24.8%) (25.0%) (21.7%) (24.3%)
Despesas comerciais
Lojas próprias e Web Commerce
Venda, logística e suprimentos
Despesas gerais e administrativas
Outras (despesas) e receitas
Depreciação e amortização - Despesa (608) (559) (680) (680) (2,527)
EBITDA 17,376 23,019 24,093 30,860 95,348
Margem EBITDA 15.4% 18.4% 15.2% 17.7% 16.7%
Lucro líquido 10,370 16,772 15,890 21,502 64,534
Margem líquida 9.2% 13.4% 10.0% 12.3% 11.3%
Capital de giro¹ - % da receita 62.0% 42.5% 33.5% 29.0% 29.0%
²
Capital investido - % da receita 71.8% 52.1% 42.2% 31.7% 31.7%
Caixa líquido/EBITDA 0.0x 0.1x -0.2x -0.4x -0.4x
Caixa Bruto 46,705 48,957 18,754 13,004 13,004
Dívida total (45,807) (42,677) (37,457) (46,769) (46,769)
Curto Prazo (28,755) (21,998) (17,288) (27,370) (27,370)
Longo Prazo (17,052) (20,679) (20,169) (19,399) (19,399)
Caixa líquido ³
898 6,280 (18,703) (33,765) (33,765)

(1) Capital de Giro: Ativo Circulante menos Caixa, Equivalentes de Caixa e

Aplicações Financeiras subtraído do Passivo Circulante menos Empréstimos
e Financiamentos e Dividendos a pagar.

(2) Capital Investido: Capital de Giro somado Ativo Permanente e Outros

Ativos de Longo Prazo descontando Imposto de renda e contribuição social
diferido.

(3) Caixo líquido é equivalente à posição total de endividamento oneroso ao

final de um período subtraída da posição de caixa e equivalentes de caixa e
aplicações financeiras de curto prazo.

Indicadores Operacionais 1T10 2T10 3T10 4T10 2010

Número de pares vendidos ('000) 1,241 1,312 1,893 1,863 6,309
Número de bolsas vendidas ('000) 70 66 95 182 413
Número de peças de roupas vendidas ('000)²
Número de funcionários 1,299 1,430 1,531 1,641 1,641
Número de lojas* 274 280 287 303 303
Próprias 22 25 27 29 29
Franquias 252 255 260 274 274
Outsourcing Calçados e Bolsas (% da produção total) 79.0% 81.4% 85.7% 84.9% 84.2%
SSS¹ sell-in (franquias) 53.4% 32.4% 25.8% 17.2%
SSS¹ sell-out (lojas próprias + web + franquias) - - - - -
(1) SSS (vendas nas mesmas lojas): as lojas são incluídas nas vendas de
lojas comparáveis a partir do 13º mês de operação.

*Inclui lojas no exterior

1T11 2T11 3T11 4T11 2011 1T12 2T12 3T12 4T12 2012
138,595 152,240 188,901 199,171 678,907 161,361 199,468 246,655 252,851 860,335
(82,150) (86,532) (109,976) (118,825) (397,483) (94,188) (109,533) (139,606) (141,203) (484,530)

56,445 65,708 78,925 80,346 281,424 67,173 89,935 107,049 111,648 375,805
40.7% 43.2% 41.8% 40.3% 41.5% 41.6% 45.1% 43.4% 44.2% 43.7%
(36,590) (38,380) (44,440) (48,344) (167,753) (53,922) (57,050) (66,436) (70,192) (247,600)
(26.4%) (25.2%) (23.5%) (24.3%) (24.7%) (33.4%) (28.6%) (26.9%) (27.8%) (28.8%)
(25,164) (26,086) (31,756) (36,463) (119,469) (34,257) (40,895) (48,631) (50,670) (174,453)
(9,483) (10,164) (10,898) (16,027) (46,573) (15,499) (18,543) (20,092) (25,845) (79,979)
(15,681) (15,922) (20,858) (20,435) (72,896) (18,758) (22,352) (28,539) (24,825) (94,474)
(10,904) (11,396) (11,871) (11,723) (45,895) (11,599) (14,209) (15,303) (19,730) (60,841)
358 63 237 1,010 1,668 (6,649) (197) (459) 2,557 (4,748)
(879) (961) (1,050) (1,168) (4,058) (1,417) (1,749) (2,043) (2,349) (7,558)
20,734 28,289 35,535 33,170 117,729 14,668 34,634 42,656 43,805 135,763
15.0% 18.6% 18.8% 16.7% 17.3% 9.1% 17.4% 17.3% 17.3% 15.8%
14,728 24,039 25,945 26,901 91,613 10,852 25,763 28,586 31,673 96,874
10.6% 15.8% 13.7% 13.5% 13.5% 6.7% 12.9% 11.6% 12.5% 11.3%
33.5% 23.1% 25.0% 28.2% 28.2% 25.2% 21.8% 24.3% 27.4% 27.4%
37.0% 27.0% 27.9% 32.9% 32.9% 32.9% 29.4% 32.8% 35.6% 35.6%
1.6x 1.6x 1.2x 1.1x 1.1x 1.2x 1.3x 1.0x 0.8x 0.8x
187,293 199,339 178,999 173,550 173,550 166,741 205,819 175,605 202,154 202,154
(33,586) (32,276) (35,065) (38,659) (38,659) (30,844) (51,117) (55,199) (94,084) (94,084)
(12,813) (12,547) (16,270) (20,885) (20,885) (14,059) (25,548) (30,626) (42,843) (42,843)
(20,773) (19,729) (18,795) (17,774) (17,774) (16,785) (25,569) (24,573) (51,241) (51,241)
153,707 167,063 143,934 134,891 134,891 135,897 154,702 120,406 108,070 108,070

1T11 2T11 3T11 4T11 2011 1T12 2T12 3T12 4T12 2012
1,432 1,562 2,213 2,326 7,533 1,713 1,907 2,650 2,710 8,980
80 103 129 162 473 105 125 134 189 552

1,587 1,755 1,746 1,879 1,879 1,952 2,041 2,105 2,058 2,058
303 307 318 341 341 345 359 377 399 399
29 31 36 45 45 46 50 53 57 57
274 276 282 296 296 299 309 324 342 342
83.6% 83.6% 87.6% 88.7% 86.3% 86.0% 85.3% 88.9% 92.2% 88.5%
9.0% 24.2% 11.6% 2.2% 6.5% 14.5% 14.2% 13.1% 12.2%
- - - - - - - - - -
1T13 2T13 3T13 4T13 2013 1T14 2T14 3T14 4T14 2014
201,039 237,639 266,671 257,601 962,950 213,425 253,748 296,099 289,637 1,052,909
(111,606) (131,581) (150,592) (143,442) (537,221) (121,364) (140,840) (171,199) (170,207) (603,610)

89,433 106,058 116,079 114,159 425,729 92,061 112,908 124,900 119,430 449,299
44.5% 44.6% 43.5% 44.3% 44.2% 43.1% 44.5% 42.2% 41.2% 42.7%
(63,382) (67,965) (72,130) (73,762) (277,239) (67,981) (73,724) (76,766) (82,758) (301,229)
(31.5%) (28.6%) (27.0%) (28.6%) (28.8%) (31.9%) (29.1%) (25.9%) (28.6%) (28.6%)
(43,863) (48,582) (51,706) (54,405) (198,556) (45,922) (51,903) (55,418) (61,039) (214,282)
(22,337) (22,020) (21,001) (25,493) (90,851) (22,571) (22,291) (22,074) (28,298) (95,234)
(21,526) (26,562) (30,705) (28,912) (107,705) (23,351) (29,612) (33,344) (32,741) (119,049)
(17,329) (17,891) (16,980) (16,524) (68,724) (17,914) (17,065) (18,033) (16,996) (70,009)
395 893 (637) 360 1,011 (936) (1,659) (22) (1,091) (3,708)
(2,585) (2,385) (2,807) (3,193) (10,970) (3,209) (3,097) (3,293) (3,631) (13,230)
28,636 40,478 46,756 43,590 159,460 27,289 42,281 51,427 40,303 161,300
14.2% 17.0% 17.5% 16.9% 16.6% 12.8% 16.7% 17.4% 13.9% 15.3%
19,366 29,057 29,387 32,745 110,555 17,433 31,633 33,601 30,085 112,752
9.6% 12.2% 11.0% 12.7% 11.5% 8.2% 12.5% 11.3% 10.4% 10.7%
24.6% 26.1% 27.3% 30.2% 30.2% 28.0% 30.2% 29.7% 28.9% 28.9%
33.7% 33.9% 36.9% 41.0% 41.0% 39.3% 41.9% 42.4% 43.4% 43.4%
0.8x 0.7x 0.6x 0.5x 0.5x 0.7x 0.5x 0.5x 0.6x 0.6x
213,306 214,411 199,780 185,691 185,691 207,553 159,196 175,856 200,385 200,385
(87,880) (107,862) (109,042) (98,418) (98,418) (96,652) (80,853) (86,473) (99,410) (99,410)
(41,226) (60,763) (66,930) (59,835) (59,835) (59,680) (49,753) (61,249) (65,081) (65,081)
(46,654) (47,099) (42,112) (38,583) (38,583) (36,972) (31,100) (25,224) (34,329) (34,329)
125,426 106,549 90,738 87,273 87,273 110,901 78,343 89,383 100,975 100,975

1T13 2T13 3T13 4T13 2013 1T14 2T14 3T14 4T14 2014
1,992 2,297 2,805 2,796 9,891 2,058 2,519 2,979 3,066 10,622
136 128 183 190 637 162 161 233 271 827

2,105 2,014 2,007 1,946 1,946 2,022 2,062 2,044 2,091 2,091
400 417 429 458 458 461 468 488 516 516
57 56 56 55 55 54 51 52 54 54
343 361 373 403 403 407 417 436 462 462
90.0% 89.8% 91.8% 92.5% 91.1% 90.3% 89.8% 91.0% 91.5% 90.0%
8.3% 5.5% 0.6% -3.7% 2.0% 8.7% 1.1% -0.4% 3.1% 4.0%
8.4% 2.5% -4.1% 3.2% 2.3% 3.8% 7.7% 10.4% 9.0% 8.0%
1T15 2T15 3T15 4T15 2015 1T16 2T16 3T16 4T16 2016
236,242 285,450 315,068 283,797 1,120,557 257,547 295,752 346,941 338,870 1,239,110
(140,342) (164,895) (182,053) (157,368) (644,658) (145,828) (163,611) (194,741) (185,639) (689,819)

95,900 120,555 133,015 126,429 475,899 111,719 132,141 152,200 153,231 549,291
40.6% 42.2% 42.2% 44.5% 42.5% 43.4% 44.7% 43.9% 45.2% 44.3%
(73,573) (83,697) (89,437) (87,903) (334,610) (91,647) (97,664) (102,804) (105,849) (397,964)
(31.1%) (29.3%) (28.4%) (31.0%) (29.9%) (35.6%) (33.0%) (29.6%) (31.2%) (32.1%)
(51,064) (55,710) (63,817) (61,990) (232,582) (65,218) (69,102) (75,208) (74,764) (284,292)
(22,958) (25,108) (27,155) (31,374) (106,595) (28,861) (29,951) (30,625) (32,970) (122,407)
(28,106) (30,602) (36,663) (30,616) (125,987) (36,357) (39,151) (44,583) (41,794) (161,885)
(15,912) (20,646) (20,808) (17,980) (75,345) (19,836) (22,070) (19,570) (23,971) (85,447)
(813) (1,220) 1,309 (1,751) (2,476) (322) 18 (1,526) (581) (2,411)
(5,784) (6,121) (6,121) (6,182) (24,208) (6,272) (6,510) (6,500) (6,533) (25,815)
28,111 42,979 49,699 44,708 165,496 26,343 40,987 55,896 53,915 177,141
11.9% 15.1% 15.8% 15.8% 14.8% 10.2% 13.9% 16.1% 15.9% 14.3%
18,143 31,938 36,082 33,500 119,663 14,679 30,213 35,440 35,817 116,149
7.7% 11.2% 11.5% 11.8% 10.7% 5.7% 10.2% 10.2% 10.6% 9.4%
28.1% 29.0% 30.3% 29.2% 29.2% 27.0% 28.4% 29.1% 27.5% 27.5%
42.0% 43.1% 44.4% 44.4% 44.4% 43.1% 44.3% 45.3% 42.3% 42.3%
0.7x 0.5x 0.4x 0.6x 0.6x 0.8x 0.8x 0.7x 0.8x 0.8x
210,149 176,311 193,486 225,762 225,762 249,158 223,764 221,591 242,844 242,844
(98,138) (98,387) (126,928) (123,153) (123,153) (114,349) (97,535) (95,785) (106,049) (106,049)
(65,718) (67,946) (98,422) (85,336) (85,336) (79,799) (65,642) (66,424) (78,970) (78,970)
(32,420) (30,441) (28,506) (37,817) (37,817) (34,550) (31,893) (29,361) (27,079) (27,079)
112,011 77,924 66,558 102,609 102,609 134,809 126,229 125,806 136,795 136,795

1T15 2T15 3T15 4T15 2015 1T16 2T16 3T16 4T16 2016
2,226 2,380 2,926 2,885 10,418 2,356 2,501 3,231 3,093 11,181
187 227 247 237 897 196 272 284 345 1,097

2,192 2,193 2,124 2,106 2,106 2,200 2,208 2,206 2,233 2,233
514 517 525 543 543 543 544 544 565 565
54 52 51 49 49 50 50 47 50 50
460 465 474 494 494 493 494 497 515 515
91.1% 91.3% 91.0% 92.3% 91.4% 89.3% 89.9% 89.5% 91.0% 90.0%
-4.0% -6.0% -8.1% -15.7% -8.8% -1.4% 1.9% 2.1% 17.9% 4.3%
2.2% 1.4% -6.8% -3.6% -1.6% -3.8% 2.6% 6.4% 8.6% 4.1%
1T17 2T17 3T17 4T17 2017 1T18 2T18 3T18 4T18 2018
297,177 328,903 370,793 363,601 1,360,474 330,185 373,859 410,404 412,211 1,526,659
(167,113) (174,572) (200,974) (194,047) (736,706) (183,625) (195,108) (219,767) (217,487) (815,987)
(324) (329) (394) (412) (1,459)
130,064 154,331 169,819 169,554 623,768 146,560 178,751 190,637 194,724 710,672
43.8% 46.9% 45.8% 46.6% 45.8% 44.4% 47.8% 46.5% 47.2% 46.6%
(100,706) (110,753) (113,602) (125,074) (450,135) (114,224) (130,987) (130,574) (143,607) (519,392)
(33.9%) (33.7%) (30.6%) (34.4%) (33.1%) (34.6%) (35.0%) (31.8%) (34.8%) (34.0%)
(70,244) (76,661) (79,149) (83,722) (309,776) (74,731) (88,314) (89,084) (97,168) (349,297)
(29,681) (30,575) (30,876) (35,865) (126,997) (31,464) (31,059) (32,102) (36,261) (130,886)
(40,563) (46,086) (48,273) (47,857) (182,779) (43,267) (57,255) (56,982) (60,907) (218,411)
(23,717) (26,890) (24,953) (30,063) (105,623) (29,544) (32,126) (31,360) (38,038) (131,068)
(70) (465) (282) (1,287) (2,104) (1,848) (2,088) 142 4,187 393
(6,675) (6,737) (9,218) (10,002) (32,632) (8,101) (8,459) (10,272) (12,588) (39,420)
36,033 50,315 65,435 54,482 206,265 40,761 56,552 70,730 64,118 232,161
12.1% 15.3% 17.6% 15.0% 15.2% 12.3% 15.1% 17.2% 15.6% 15.2%
22,175 39,270 37,681 55,344 154,470 27,114 33,123 40,164 42,243 142,644
7.5% 11.9% 10.2% 15.2% 11.4% 8.2% 8.9% 9.8% 10.2% 9.3%
24.1% 23.4% 23.5% 25.2% 25.2% 24.8% 26.3% 26.7% 27.0% 27.0%
38.9% 38.7% 38.8% 38.9% 38.9% 36.6% 36.9% 36.7% 36.8% 36.8%
1.0x 1.0x 0.6x 0.8x 0.8x 0.8x 0.5x 0.5x 0.5x 0.5x
292,697 310,115 218,254 337,920 337,920 333,338 283,172 283,745 235,801 235,801
(97,191) (110,847) (93,221) (181,745) (181,745) (172,112) (175,501) (172,421) (111,418) (111,418)
(72,385) (88,311) (72,946) (163,729) (163,729) (156,354) (162,002) (161,180) (43,978) (43,978)
(24,806) (22,536) (20,275) (18,016) (18,016) (15,758) (13,499) (11,241) (67,440) (67,440)
195,506 199,268 125,033 156,175 156,175 161,226 107,671 111,324 124,383 124,383

1T17 2T17 3T17 4T17 2017 1T18 2T18 3T18 4T18 2018
2,560 2,506 3,414 3,653 12,132 2,742 3,075 3,710 3,980 13,507
267 279 353 358 1,257 358 308 345 509 1,520

2,307 2,337 2,355 2,405 2,405 2,419 2,468 2,520 2,437 2,437
562 567 576 618 618 625 636 649 685 685
48 49 51 50 50 49 52 54 51 51
514 518 525 568 568 576 584 595 634 634
89.2% 90.3% 90.7% 93.0% 90.9% 90.3% 91.8% 91.9% 92.1% 91.6%
13.6% -0.8% 7.2% 1.2% 5.0% 3.7% 7.3% -1.2% 9.2% 4.7%
2.5% 6.8% 2.7% 2.8% 3.9% 8.4% 3.9% 1.6% 3.6% 4.2%
1T19 1T19 2T19 2T19 3T19 3T19 4T19 4T19 2019 2019
Pro-forma Pro-forma Pro-forma Pro-forma Pro-forma
377,163 377,163 393,546 393,546 440,874 440,874 467,652 467,652 1,679,235 1,679,235
(204,687) (204,699) (209,215) (209,234) (240,204) (240,222) (249,435) (249,428) (903,541) (903,583)
(613) (432) (743) (469) (748) (497) (664) (469) (2,768) (1,867)
172,476 172,464 184,331 184,312 200,670 200,652 218,217 218,224 775,694 775,652
45.7% 45.7% 46.8% 46.8% 45.5% 45.5% 46.7% 46.7% 46.2% 46.2%
(135,789) (136,327) (135,210) (134,894) (139,413) (139,491) (142,180) (142,588) (552,592) (553,300)
(36.0%) (36.1%) (34.4%) (34.3%) (31.6%) (31.6%) (30.4%) (30.5%) (32.9%) (32.9%)
(83,372) (91,230) (84,011) (91,976) (92,058) (101,590) (108,582) (115,512) (368,023) (400,308)
(29,038) (32,592) (29,009) (32,546) (28,019) (31,612) (33,064) (35,167) (119,130) (131,917)
(54,334) (58,638) (55,002) (59,430) (64,039) (69,978) (75,518) (80,345) (248,893) (268,391)
(36,562) (38,228) (43,488) (45,384) (34,553) (35,205) (50,678) (52,243) (165,281) (171,060)
1,427 1,427 11,414 11,398 8,738 8,738 34,208 34,208 55,787 55,771
(17,282) (8,296) (19,125) (8,932) (21,540) (11,434) (17,128) (9,041) (75,075) (37,703)
54,582 44,864 68,989 58,818 83,544 73,091 93,829 85,145 300,945 261,921
14.5% 11.9% 17.5% 14.9% 18.9% 16.6% 20.1% 18.2% 17.9% 15.6%
23,141 23,874 40,568 42,356 39,775 41,090 58,655 59,388 162,139 166,708
6.1% 6.3% 10.3% 10.8% 9.0% 9.3% 12.5% 12.7% 9.7% 9.9%
23.8% 24.0% 24.4% 25.2% 24.6% 25.7% 25.0% 26.0% 25.0% 26.0%
40.9% 35.9% 42.7% 37.4% 43.3% 37.8% 42.7% 37.8% 42.7% 37.8%
0.5x 0.5x 0.3x 0.3x 0.3x 0.4x 0.3x 0.4x 0.3x 0.4x
299,755 299,755 257,135 257,135 275,344 275,344 277,683 277,683 277,683 277,683
(174,253) (174,253) (175,957) (175,957) (189,092) (189,092) (180,784) (180,784) (180,784) (180,784)
(81,827) (81,827) (153,533) (153,533) (183,678) (183,678) (158,222) (158,222) (158,222) (158,222)
(92,426) (92,426) (22,424) (22,424) (5,414) (5,414) (22,562) (22,562) (22,562) (22,562)
125,502 125,502 81,178 81,178 86,252 86,252 96,899 96,899 96,899 96,899

1T19 1T19 2T19 2T19 3T19 3T19 4T19 4T19 2019 2019
Pro-forma Pro-forma Pro-forma Pro-forma Pro-forma
3,153 3,153 3,185 3,185 3,842 3,842 4,024 4,024 14,205 14,205
376 376 436 436 449 449 462 462 1,724 1,724

2,477 2,477 2,515 2,515 2,463 2,463 2,465 2,465 2,465 2,465
690 690 696 696 715 715 752 752 752 752
52 52 54 54 51 51 53 53 53 53
638 638 642 642 664 664 699 699 699 699
90.8% 90.8% 90.3% 90.3% 90.3% 90.3% 91.0% 91.0% 90.7% 90.7%
1.1% 1.1% 1.3% 1.3% 1.2% 1.2% 2.8% 2.8% 1.7% 1.7%
3.8% 3.8% 4.1% 4.1% 1.1% 1.1% 5.7% 5.7% 3.9% 3.9%
1T20 2T20 2T20 3T20 4T20 2020 1T21 2T21 3T21 4T21
Ajustado Ajustado Ajustado Ajustado Ajustado Ajustado Ajustado
375,471 154,443 175,990 416,463 644,615 1,612,539 499,952 552,976 777,949 1,092,950
(203,099) (74,283) (84,679) (229,976) (328,421) (846,175) (250,027) (255,171) (372,066) (502,252)
(806) (817) (817) (805) (821) (3,249) (746) (746) (770) (876)
172,372 80,160 91,311 186,487 316,194 766,364 249,925 297,805 405,883 590,698
45.9% 51.9% 51.9% 44.8% 49.1% 47.5% 50.0% 53.9% 52.2% 54.0%
(128,354) (171,328) (104,826) (142,031) (212,057) (615,568) (209,079) (237,790) (306,051) (435,640)
(34.2%) (110.9%) (59.6%) (34.1%) (32.9%) (38.2%) (41.8%) (43.0%) (39.3%) (39.9%)
(102,152) (118,765) (61,968) (95,150) (145,598) (404,532) (133,516) (155,744) (204,624) (302,930)
(28,839) (31,401) (26,522) (37,153) (61,317) (153,494) (47,811) (52,089) (98,073) (160,501)
(73,313) (87,364) (35,447) (57,997) (84,281) (251,038) (85,705) (103,655) (106,552) (142,429)
(34,856) (33,793) (24,782) (27,713) (49,037) (134,879) (52,396) (57,374) (74,364) (100,241)
28,127 (514) 180 (1,306) (131) (3,274) (15) (1,272) (2,612) (3,128)
(19,473) (18,256) (18,256) (17,862) (17,291) (72,882) (23,152) (23,400) (24,450) (29,341)
64,297 (72,095) 5,558 63,123 122,249 226,927 64,744 84,161 125,052 185,275
17.1% -46.7% 3.2% 15.2% 19.0% 14.1% 13.0% 15.2% 16.1% 17.0%
25,888 (82,299) (31,048) 27,947 83,208 87,317 29,608 47,384 81,775 110,523
6.9% (53.3%) (17.6%) 6.7% 12.9% 5.4% 5.9% 8.6% 10.5% 10.1%
28.4% 29.7% - 28.3% 23.6% 23.6% 23.7% 18.0% 16.1% 12.8%
50.9% 56.8% - 57.3% 74.0% 74.0% 73.2% 59.7% 55.4% 61.0%
0.0x -0.2x - 0.1x -0.4x -0.4x -0.6x -0.3x -0.5x -0.5x
619,181 565,619 565,619 566,245 561,165 561,165 570,746 385,921 297,205 262,559
(615,959) (601,347) (601,347) (547,245) (634,269) (634,269) (663,892) (509,496) (568,258) (534,594)
(307,081) (292,424) (292,424) (440,509) (239,483) (239,483) (364,786) (216,587) (271,040) (496,861)
(308,878) (308,923) (308,923) (106,736) (394,786) (394,786) (299,106) (292,909) (297,218) (37,733)
3,222 (35,728) (35,728) 19,000 (73,104) (73,104) (93,146) (123,575) (271,053) (272,035)

1T20 2T20 2T20 3T20 4T20 2020 1T21 2T21 3T21 4T21
Ajustado Ajustado Ajustado Ajustado Ajustado Ajustado Ajustado
2,774 1,079 1,079 3,564 5,497 13,032 3,363 3,262 5,030 6,780
296 185 185 357 535 1,374 400 363 484 950
633 935 713 962 1,224 1,705
2,596 2,029 2,029 2,287 2,260 2,260 3,730 3,923 4,388 5,276
754 741 741 735 901 901 893 900 894 941
55 53 53 53 139 139 141 145 145 157
699 688 688 682 762 762 752 755 749 784
91.2% 90.9% 90.9% 88.2% 92.1% 90.6% 90.7% 86.4% 90.5% 92.2%
-17.6% -90.7% -90.7% -39.8% -3.4% -25.2% 4.7% 1688.6% 40.9% 21.7%
-10.6% -50.5% -50.5% -24.7% -10.6% -23.8% -2.5% 76.8% 43.4% 34.8%
 2021 1T22 2T22 3T22 4T22 2022
Ajustado Ajustado Ajustado Ajustado Ajustado Ajustado
2,923,827 839,576 944,752 1,137,985 1,311,413 4,233,726
(1,379,516) (390,836) (416,145) (536,683) (606,428) (1,950,092)
(3,138) (978) (1,022) (1,163) (1,225) (4,388)
1,544,311 448,740 528,607 601,302 704,985 2,283,634
52.8% 53.4% 56.0% 52.8% 53.8% 53.9%
(1,188,559) (347,796) (400,313) (468,099) (571,986) (1,788,195)
(40.7%) (41.4%) (42.4%) (41.1%) (43.6%) (42.2%)
(796,814) (249,091) (304,267) (355,629) (423,504) (1,332,493)
(358,474) (73,968) (77,837) (143,201) (183,696) (478,702)
(438,341) (175,124) (226,430) (212,428) (239,808) (853,790)
(284,375) (66,546) (67,357) (75,648) (93,244) (302,795)
(7,027) (299) 4,367 (1,100) 1,414 4,382
(100,343) (31,860) (33,055) (35,722) (56,653) (157,290)
459,233 133,782 162,371 170,088 190,877 657,117
15.7% 15.9% 17.2% 14.9% 14.6% 15.5%
269,290 57,548 123,367 102,828 102,702 386,444
9.2% 6.9% 13.1% 9.0% 7.8% 9.1%
12.8% 11.6% 11.6% 13.7% 13.6% 13.6%
61.0% 58.5% 56.1% 58.5% 58.3% 58.3%
-0.5x 0.6x 0.6x 0,2x 0.1x 0.1x
262,559 710,309 715,247 546,122 476,434 476,434
(534,594) (284,039) (355,286) (411,486) (401,873) (401,873)
(496,861) (268,463) (345,023) (401,433) (392,254) (392,254)
(37,733) (15,576) (10,263) (10,053) (9,619) (9,619)
(272,035) 426,270 359,961 134,636 74,561 74,561

2021 1T22 2T22 3T22 4T22 2022

Ajustado Ajustado Ajustado Ajustado Ajustado Ajustado
18,434 4,717 4,263 5,758 6,549 21,287
2,197 730 686 826 798 3,040
4,604 1,540 1,595 2,218 2,755 8,109
5,276 5,380 6,559 6,983 7,450 7,450
941 925 950 963 1,013 1,013
157 152 167 173 190 190
784 773 783 790 823 823
90.4% 87.4% 88.9% 86.1% 71.1% 82.8%
42.6% 42.8% 58.8% 33.1% -2.2% 26.5%
34.2% 58.4% 54.4% 28.9% 12.0% 31.9%
Receita Bruta 1T10 2T10 3T10 4T10 2010
Receita bruta total 139,233 156,779 197,998 218,858 712,867
Mercado externo 11,264 11,799 13,401 13,921 50,386
Exportações - - - - -
Operação USA - - - - -
Mercado interno 127,969 144,980 184,596 204,936 662,481
Por marca
Arezzo 95,434 98,644 135,724 149,376 479,178
Schutz 30,394 44,765 44,259 53,653 173,072
Anacapri 548 292 529 1,241 2,611
AR&CO
Outros¹ 1,592 1,278 4,084 666 7,620
Por canal
Franquias 73,852 70,510 103,238 111,085 358,685
Multimarcas 33,804 49,823 48,745 56,000 188,372
Lojas próprias 19,389 23,874 29,199 37,523 109,986
Web Commerce - - - - -
Outros² 923 773 3,414 328 5,438

(1) Inclui as marcas A. Birman, Fiever e Alme apenas no mercado

interno e outras receitas não específicas das marcas.

(2) Inclui receitas do mercado interno que não são específicas dos
canais de distribuição.
1T11 2T11 3T11 4T11 2011 1T12 2T12 3T12 4T12 2012
174,445 193,913 238,461 255,801 862,620 208,830 258,724 314,125 327,060 1,108,739
9,811 9,921 11,549 16,141 47,422 7,545 9,697 12,677 9,212 39,131
- - - - - - - - - -
- - - - - - - - - -
164,634 183,992 226,912 239,660 815,197 201,285 249,027 301,448 317,848 1,069,609

114,400 125,890 159,222 167,375 566,886 130,226 155,333 188,122 189,573 663,253
46,150 50,361 59,311 59,999 215,822 63,066 81,927 99,324 112,193 356,510
1,885 6,468 5,759 7,538 21,649 4,093 8,419 9,222 10,470 32,203

2,199 1,272 2,621 4,748 10,840 3,900 3,349 4,780 5,613 17,642

88,547 90,832 120,976 119,614 419,969 97,553 111,792 151,135 151,903 512,383
47,421 60,388 69,248 56,935 233,991 55,725 74,030 83,184 72,877 285,816
26,873 31,810 34,647 58,910 152,241 44,474 60,216 62,978 88,307 255,975
- - - - - - - - - -
1,793 961 2,041 4,201 8,996 3,532 2,990 4,151 4,763 15,436
1T13 2T13 3T13 4T13 2013 1T14 2T14 3T14 4T14 2014
257,451 305,456 337,798 331,379 1,232,085 275,843 327,520 378,991 375,642 1,357,996
15,915 11,574 18,243 15,934 61,666 9,536 16,683 24,532 25,444 76,195
- - - - - - - - - -
- - - - - - - - - -
241,536 293,882 319,555 315,445 1,170,419 266,307 310,837 354,459 350,198 1,281,801

150,719 171,547 201,670 194,723 718,658 164,554 175,027 210,594 216,607 766,782
78,976 110,601 106,510 104,364 400,452 88,248 117,188 119,309 109,318 434,063
7,940 9,063 10,281 14,031 41,316 11,795 16,525 22,451 20,977 71,748

3,901 2,671 1,094 2,327 9,993 1,710 2,097 2,105 3,296 9,208

116,904 134,491 167,586 164,129 583,110 145,905 151,097 180,943 183,403 661,348
59,967 87,608 82,811 58,180 288,566 55,598 83,629 96,847 63,538 299,612
61,412 69,839 68,376 91,741 291,368 56,942 66,150 60,981 87,461 271,534
- - - - - 6,986 8,770 14,426 13,630 43,812
3,252 1,944 782 1,396 7,374 876 1,191 1,262 2,165 5,494
1T15 2T15 3T15 4T15 2015 1T16 2T16 3T16 4T16 2016
300,443 363,495 403,696 367,024 1,434,658 330,236 377,841 426,460 419,610 1,554,147
16,759 30,546 38,202 42,055 127,562 35,176 42,739 36,392 37,832 152,139
- - - - - - - - - -
- - - - - - - - - -
283,684 332,949 365,494 324,969 1,307,096 295,060 335,102 390,068 381,778 1,402,008

166,448 179,079 203,431 188,591 737,549 175,651 189,242 220,131 218,755 803,779
99,389 126,046 133,547 108,137 467,119 94,251 118,367 130,138 114,892 457,648
15,885 25,039 26,796 25,457 93,177 22,577 23,613 33,411 39,756 119,357

1,962 2,785 1,720 2,784 9,251 2,581 3,880 6,388 8,375 21,224

146,017 155,292 175,481 161,503 638,293 149,431 159,496 182,108 195,299 686,334
66,057 88,614 102,513 48,010 305,194 60,575 75,153 107,102 60,831 303,661
58,053 74,531 67,922 91,034 291,540 59,923 75,703 71,313 94,376 301,315
12,489 13,169 19,340 23,762 68,760 24,487 24,308 28,678 30,607 108,080
1,068 1,343 238 660 3,309 644 442 867 665 2,618
1T17 2T17 3T17 4T17 2017 1T18 2T18 3T18 4T18 2018
368,397 407,301 454,990 448,185 1,678,873 407,691 454,679 497,887 505,511 1,865,768
27,689 47,037 38,952 40,787 154,465 30,481 49,740 54,284 52,395 186,900
6,416 23,936 17,160 17,920 65,432 9,273 21,151 21,660 14,542 66,627
21,274 23,100 21,792 22,865 89,032 21,208 28,589 32,624 37,850 120,271
340,708 360,264 416,038 407,398 1,524,408 377,210 404,939 443,603 453,116 1,678,868

199,376 199,806 238,068 236,589 873,839 218,731 226,952 245,417 259,589 950,689
98,326 119,738 125,882 107,474 451,420 103,221 114,478 118,071 107,701 443,471
33,760 31,862 41,512 50,125 157,259 45,321 48,277 60,539 65,417 219,554

9,246 8,858 10,576 13,210 41,890 9,937 15,232 19,576 20,409 65,154

173,246 162,859 201,685 210,265 748,055 191,418 184,789 210,884 244,274 831,365
77,938 87,635 110,745 67,431 343,749 85,702 104,163 118,707 75,700 384,272
62,608 76,693 67,916 91,475 298,692 65,912 74,955 70,139 87,700 298,706
25,307 32,471 35,342 35,853 128,973 33,365 40,745 43,579 44,951 162,640
1,609 606 350 2,374 4,939 813 287 294 491 1,885
1T19 2T19 3T19 4T19 2019 1T20 2T20 3T20 4T20 1T21
462,530 489,482 538,189 573,729 2,063,929 465,237 228,849 525,240 802,283 635,802
55,226 65,946 71,552 66,258 258,982 63,506 21,745 62,732 76,785 61,132
11,634 17,315 17,139 8,420 54,509 9,643 10 6,159 7,902 6,950
43,590 48,631 54,412 57,838 204,473 53,865 21,733 56,572 68,883 54,181
407,304 423,536 466,637 507,471 1,804,947 401,731 207,104 462,508 725,498 574,670

222,806 228,114 250,569 282,268 983,757 181,447 81,042 202,190 295,969 223,231
112,279 117,334 122,732 121,950 474,295 103,477 58,689 113,087 152,388 126,684
54,362 56,775 71,793 76,186 259,116 50,496 22,741 60,707 83,801 58,820
90,333 90,262
17,857 21,313 21,543 27,067 87,779 66,311 44,632 86,524 103,007 75,673

208,336 196,514 224,282 270,267 899,399 173,163 6,691 131,374 251,038 178,092
96,500 107,402 126,948 92,158 423,008 114,231 37,683 140,394 179,246 153,841
60,566 69,461 59,301 76,982 266,310 50,323 13,754 39,154 132,715 81,150
41,485 49,519 55,628 67,948 214,581 63,843 148,730 151,409 162,400 158,930
417 640 476 116 1,649 171 246 177 99 2,657
2T21 3T21 4T21 1T22 2T22 3T22 4T22
705,627 953,609 1,352,404 1,042,083 1,165,187 1,404,967 1,617,670
82,935 104,835 142,417 124,990 129,399 141,127 154,324
9,370 10,670 16,808 14,691 8,910 20,447 16,099
73,565 94,165 125,609 110,299 120,489 120,680 138,225
622,692 848,774 1,209,987 917,093 1,035,788 1,263,840 1,463,346

190,651 276,042 375,406 306,724 312,470 380,170 381,684

119,102 167,392 194,187 178,416 181,604 230,340 214,375
60,405 74,204 98,642 74,292 76,003 96,921 121,748
143,021 194,732 342,677 197,055 251,068 296,767 455,397
109,513 136,404 199,075 160,606 214,643 259,642 290,142

145,054 226,580 337,108 252,978 257,124 318,129 341,590

182,252 251,030 299,577 248,576 270,259 384,122 375,855
118,076 163,534 296,435 191,360 269,267 271,600 401,278
175,245 206,382 275,728 223,421 237,882 278,158 349,728
2,065 1,248 1,139 758 1,256 11,831 - 5,105
Histórico de lojas* 1T10 2T10 3T10 4T10 1T11
Área de venda1, 3 - Total (m²) 15,772 16,254 17,155 18,013 18,009
Área de venda - franquias (m²) 13,630 13,784 14,281 15,046 15,042
Área de venda - lojas próprias (m²)
2
2,142 2,470 2,874 2,967 2,967
Total de lojas no Brasil 267 273 280 296 296
Número de franquias 245 248 253 267 267
Arezzo 243 247 252 266 266
Schutz 1 1 1 1 1
Anacapri 1 – – – –
Fiever
Alme
Vans
AR&CO
My Shoes
Número de lojas próprias 22 25 27 29 29
Arezzo 10 11 13 13 13
Schutz 9 9 10 10 10
Alexandre Birman – 1 1 1 1
Anacapri 3 4 3 5 5
Fiever - - - - -
Alme - - - - -
Vans
AR&CO
Carol Bassi
Total de lojas no Exterior 7 7 7 7 7
Número de franquias 7 7 7 7 7
Número de lojas próprias – – – – –

Multimarca MI (sem overlap) 1,613 1,646 1,648 1,573 1,782

Arezzo 718 719 715 709 709
Schutz 1,270 1,278 1,343 1,277 1,277
Anacapri – – – – 470
Alexandre Birman 30 30 30 18 18
Fiever
Alme
Vans
AR&CO
MyShoes

*Final do período.
2T11 3T11 4T11 1T12 2T12 3T12 4T12 1T13 2T13 3T13
18,408 19,735 21,821 22,084 23,112 24,531 26,543 26,659 27,996 28,999
15,290 15,921 17,135 17,330 18,005 19,125 20,646 20,731 22,154 23,174
3,118 3,814 4,686 4,754 5,107 5,406 5,897 5,928 5,842 5,825
300 311 334 338 351 368 390 391 408 420
269 275 289 292 301 316 334 335 353 365
268 273 288 290 295 300 311 312 324 328
1 2 1 2 6 16 23 23 29 35
– – – – – – – – – 2

31 36 45 46 50 52 56 56 55 55
14 17 19 18 19 19 19 19 17 16
10 12 17 19 22 24 27 27 27 27
1 1 1 1 1 2 2 2 2 2
6 6 8 8 8 7 8 8 9 10
- - - - - - - - - -
- - - - - - - - - -

7 7 7 7 8 9 9 9 9 9
7 7 7 7 8 8 8 8 8 8
– – – – – 1 1 1 1 1

1,612 1,783 2,146 2,177 2,224 2,329 2,351 2,441 2,425 2,452
775 771 733 877 878 911 925 963 994 987
1,124 1,201 1,113 1,509 1,551 1,601 1,573 1,546 1,509 1,478
499 514 400 783 767 768 793 865 858 890
18 18 18 18 16 13 9 7 7 9
4T13 1T14 2T14 3T14 4T14 1T15 2T15 3T15 4T15 1T16
31,848 32,138 32,381 32,859 35,641 35,735 35,235 36,053 37,342 37,296
25,262 25,498 26,056 26,472 28,466 28,337 28,744 29,649 31,087 31,033
6,586 6,640 6,325 6,387 7,175 7,398 6,491 6,404 6,255 6,264
449 452 461 481 508 508 511 519 537 536
395 399 411 430 455 455 460 469 489 488
340 341 342 346 359 356 356 360 367 366
40 41 43 44 46 46 48 48 52 52
15 17 26 40 50 53 56 61 70 70

54 53 50 51 53 53 51 50 48 48
17 17 17 18 19 19 17 16 15 15
27 27 25 26 27 28 28 28 26 26
2 2 2 2 2 2 2 2 2 2
8 7 6 5 5 4 4 4 4 4
- - - - - - - - 1 1
- - - - - - - - - -

9 9 7 7 8 6 6 6 6 7
8 8 6 6 7 5 5 5 5 5
1 1 1 1 1 1 1 1 1 2

2,451 2,355 2,280 2,178 2,198 2,219 2,228 2,262 2,190 2,214
1,046 1,048 1,040 1,057 1,091 1,132 1,153 1,177 1,158 1,163
1,476 1,425 1,383 1,348 1,368 1,379 1,376 1,376 1,309 1,300
936 930 987 982 1,005 997 1,038 1,060 1,012 1,050
9 10 9 7 7 8 8 7 11 12
2T16 3T16 4T16 1T17 2T17 3T17 4T17 1T18 2T18 3T18
37,653 37,687 38,828 38,623 38,930 39,351 41,211 41,487 42,044 42,504
31,131 31,410 32,440 32,374 32,660 33,029 34,925 35,246 35,567 36,075
6,522 6,278 6,387 6,249 6,270 6,322 6,286 6,242 6,477 6,429
537 537 558 555 560 569 611 622 627 640
489 492 510 509 513 520 563 571 579 590
365 365 369 368 369 369 382 385 388 393
52 55 61 61 61 62 67 67 67 68
72 72 80 80 83 89 114 119 124 129

48 45 48 46 47 49 48 51 48 50
15 15 15 15 14 15 15 14 14 14
26 23 23 22 22 22 22 22 22 22
2 2 3 3 3 4 4 4 4 4
4 4 4 4 4 4 3 3 3 3
1 1 3 2 4 4 4 4 4 5
- - - - - - - 4 1 2

7 7 7 7 7 7 7 7 9 9
5 5 5 5 5 5 5 5 5 5
2 2 2 2 2 2 2 2 4 4

2,136 2,091 2,117 2,229 2,188 2,289 2,288 2,379 2,342 2,450
1,147 1,136 1,106 1,135 1,120 1,136 1,150 1,187 1,167 1,215
1,253 1,182 1,208 1,208 1,188 1,200 1,139 1,163 1,122 1,129
998 1,025 1,040 1,040 1,139 1,201 1,227 1,323 1,304 1,435
12 18 18 18 17 20 23 25 24 27
200 234 248 296 327 363 402 398
97 176
4T18 1T19 2T19 3T19 4T19 1T20 2T20 3T20 4T20 1T21
43,965 44,086 44,322 44,835 45,925 46,265 45,544 45,012 56,461 56,906
37,691 37,704 37,768 38,739 39,752 39,794 39,302 38,816 42,176 42,621
6,274 6,382 6,553 6,096 6,173 6,472 6,242 6,196 14,285 14,285
673 677 681 700 737 739 730 724 880 872
628 632 636 658 693 693 682 676 753 743
405 405 406 419 432 432 428 423 451 441
73 74 73 73 72 70 68 67 68 67
150 153 157 165 185 184 179 179 186 187
1 1 1 – 1 1
1 3 3 3 3 3 3
3 3 4 7 7
37 37

45 45 45 42 44 46 48 48 127 129
14 14 14 10 10 9 9 9 12 15
17 17 17 17 17 16 16 16 16 17
4 4 4 4 6 6 6 7 8 8
3 3 3 3 3 3 3 3 5 3
5 5 5 5 5 5 5 4 2 2
2 2 2 3 3 3 3 3 2 2
4 6 6 7 7
75 75

12 13 15 15 15 15 11 11 11 11
6 6 6 6 6 6 6 6 6 6
6 7 9 9 9 9 5 5 5 5

2,493 2,603 2,621 2,659 2,646 3,793 3,968 4,427 4,236 6,009
1,188 1,224 1,219 1,210 1,185 1,240 1,228 1,301 1,226 1,209
1,096 1,119 1,094 1,086 1,062 1,117 1,106 1,202 1,139 1,014
1,439 1,557 1,569 1,628 1,643 1,768 1,696 1,855 1,712 1,480
29 28 26 27 25 29 28 30 30 12
413 444 427 441 442 526 499 568 494 311
248 281 292 302 283 307 287 327 273 121
1,013 1,279 1,531 1,532 1,217
2,374
2T21 3T21 4T21 1T22 2T22 3T22 4T22
58,199 59,917 64,182 64,172 65,904 66,406 69,607
43,818 44,711 47,844 47,378 47,901 47,996 49,660
14,381 15,206 16,337 16,795 18,002 18,410 19,946
879 883 930 914 939 952 1,002
746 743 777 767 777 783 817
437 429 433 431 430 431 439
62 64 64 62 62 62 62
192 193 207 204 210 215 226
1 1 1 – – – –
3 2 2 – – – –
9 9 12 12 12 12 14
42 44 57 57 62 63 75
1
133 140 153 147 162 169 185
15 18 18 17 18 18 18
20 20 20 20 22 22 22
8 8 8 8 10 11 12
3 3 2 2 2 2 2
2 2 2 2 2 2 2
2 2 2 2 2 2 2
7 10 13 13 16 16 18
76 78 89 82 89 94 104
2 2 2 5
11 11 11 11 11 11 11
6 6 6 6 6 6 6
5 5 5 5 5 5 5

5,550 6,238 6,784 6,529 6,821 7,388 7,953

1,284 1,582 1,776 1,703 1,420 1,735 2,198
1,048 1,154 1,179 1,181 1,200 1,284 1,293
1,615 1,621 1,681 1,649 1,656 1,815 1,862
20 16 28 28 30 37 39
308 340 259 247 393 295 233
134 9 6 1 - 53 28
1,305 1,453 1,510 1,481 1,518 1,718 1,760
1,803 2,213 2,255 1,911 2,168 2,450 2,785
764 827 999 1,022 948
Ativo 1T10 2T10 3T10 4T10 1T11
Ativo circulante 215,253 183,429 191,633 209,067 419,346
Caixa e equivalentes de caixa 42,568 44,139 14,506 8,004 6,809
Aplicações financeiras 4,137 4,818 4,248 5,000 180,484
Contas a receber de clientes 123,353 81,548 111,692 132,402 150,836
Estoques 30,475 38,395 51,398 48,862 64,585
Impostos a recuperar 5,157 7,921 3,389 7,889 8,316
Outros créditos 9,563 6,608 6,400 6,910 8,316
Instrumentos financeiros - derivativos
Ativo não circulante 51,244 48,834 53,289 54,126 57,204
Realizável a longo Prazo 25,892 20,094 22,449 17,978 18,252
Aplicações financeiras 102 103 99 98 96
Contas a receber de clientes - - - - -
Imposto de renda e contribuição social diferidos 18,516 16,855 18,744 14,449 14,440
Outros créditos 7,274 3,136 3,606 3,431 3,716
Propriedades para Investimento - - - - -
Imobilizado 13,663 16,840 18,460 21,376 22,134
Intangível 11,689 11,900 12,380 14,772 16,818
Total do ativo 266,497 232,263 244,922 263,193 476,550

Passivo 1T10 2T10 3T10 4T10 1T11

Passivo circulante 112,453 65,626 84,946 93,786 106,954
Empréstimos e financiamentos 28,755 21,998 17,288 27,370 12,813
Arrendamento
Fornecedores 47,179 27,009 43,359 28,744 50,901
Outras obrigações 36,519 16,619 24,299 37,672 43,240
Passivo não circulante 29,731 27,902 27,206 28,152 30,069
Empréstimos e financiamentos 17,052 20,679 20,169 19,399 20,773
Partes relacionadas 3,026 2,367 2,066 2,075 2,079
Outras obrigações 9,653 4,856 4,971 6,678 7,217
Arrendamento - - - - -
Impostos Diferidos - - - - -
Patrimônio líquido 123,885 136,847 132,409 141,947 343,301
Capital social 21,358 21,358 21,358 21,358 40,917
Reserva de capital 71,019 71,019 71,019 71,019 233,815
Reservas de lucros 22,884 20,798 1,906 33,508 37,779
Ajuste de avaliação patrimonial - - - - -
Resultado do Período 8,624 23,672 38,126 - 14,728
Dividendos adicionais propostos - - - 16,062 16,062
Perdas com Investimentos - - - - -
Resultados abrangentes
Participação de não controladores - - - - -
Total do passivo e patrimônio líquido 266,069 230,375 244,561 263,885 480,324
2T11 3T11 4T11 1T12 2T12 3T12 4T12 1T13 2T13 3T13
389,423 433,133 432,376 426,413 441,382 475,879 513,562 539,360 537,059 574,288
3,261 6,229 15,528 6,213 4,799 8,373 11,518 8,427 7,515 10,748
196,078 172,770 158,022 160,528 201,020 167,232 190,636 204,879 206,896 189,032
108,576 169,283 179,589 173,595 150,687 201,253 208,756 211,251 200,229 241,476
67,699 71,941 57,384 66,099 65,718 82,543 76,133 87,481 89,821 99,819
6,196 3,647 10,191 9,734 7,393 3,971 14,280 15,797 18,460 17,469
7,613 9,263 11,662 10,244 11,765 12,507 12,239 11,525 14,138 15,744

59,947 69,106 77,894 94,478 105,147 119,682 122,652 132,181 136,926 144,964
18,615 19,640 16,460 17,538 15,775 17,077 13,740 15,280 15,153 16,029
66 78 79 88 98 98 20 178 21 22
- - - - - - - - - -
13,432 13,646 10,012 10,473 8,705 9,392 6,264 8,007 6,898 7,600
5,117 5,916 6,369 6,977 6,972 7,587 7,456 7,095 8,234 8,407
- - - - - - - - - -
22,904 24,901 30,293 37,627 47,693 56,788 61,090 63,338 65,014 67,683
18,428 24,565 31,141 39,313 41,679 45,817 47,822 53,563 56,759 61,252
449,370 502,239 510,270 520,891 546,529 595,561 636,214 671,541 673,985 719,252

2T11 3T11 4T11 1T12 2T12 3T12 4T12 1T13 2T13 3T13
79,068 107,029 102,318 103,212 107,458 134,590 127,418 146,211 148,087 179,422
12,547 16,270 20,885 14,059 25,548 30,626 42,843 41,226 60,763 66,930

37,272 59,444 37,286 56,126 43,328 65,165 35,507 69,021 43,557 66,115
29,249 31,315 44,147 33,027 38,582 38,799 49,068 35,964 43,767 46,377
26,365 25,697 24,263 23,138 29,984 29,025 55,274 52,102 54,386 49,111
19,729 18,795 17,774 16,785 25,569 24,573 51,241 46,654 47,099 42,112
762 894 905 879 975 979 973 969 978 801
5,874 6,008 5,584 5,474 3,440 3,473 3,060 4,479 6,309 6,198
- - - - - - - - - -
- - - - - - - - - -
347,107 372,689 384,047 394,899 409,447 432,306 453,899 473,605 471,889 490,719
40,917 40,917 40,917 105,917 105,917 106,857 106,857 106,857 156,000 157,186
238,086 237,723 237,723 172,723 172,830 173,149 173,498 173,838 125,190 126,781
37,779 37,779 105,407 116,259 105,407 98,421 153,162 173,544 153,162 153,162
- - - - - - - - - -
30,325 56,270 - - 25,293 53,879 - 19,366 37,537 53,590
- - - - - - 20,382 - - -
- - - - - - - - - -

- - - - - - - - - -
452,540 505,415 510,628 521,249 546,889 595,921 636,591 671,918 674,362 719,252
4T13 1T14 2T14 3T14 4T14 1T15 2T15 3T15 4T15 1T16
553,093 596,400 552,254 611,196 618,653 668,561 628,169 683,153 658,203 707,625
13,786 10,973 12,557 6,579 10,831 7,536 5,025 4,788 8,822 3,210
171,905 196,580 146,639 169,277 189,554 202,613 171,286 188,698 216,940 245,948
247,498 244,997 235,814 281,055 277,913 296,838 291,327 325,702 280,528 293,052
85,108 102,756 120,458 115,835 98,131 121,079 117,496 121,038 106,951 122,611
19,188 24,775 20,170 20,346 27,742 25,164 19,725 16,608 21,222 22,164
15,608 16,319 16,616 18,104 14,482 15,331 23,310 26,319 23,740 20,640

150,773 156,635 162,328 172,174 177,856 186,292 184,224 199,972 195,745 199,942
15,116 16,743 14,876 15,937 12,013 15,942 16,967 31,696 31,423 34,624
23 27 27 30 29 55 71 90 919 942
- - - - - - - 13,807 14,217 13,422
5,514 8,292 6,694 7,830 4,124 6,154 7,370 8,420 6,285 6,987
9,579 8,424 8,155 8,077 7,860 9,733 9,526 9,379 10,002 13,273
- - - - - - - - - -
68,543 69,435 72,123 73,524 75,767 76,665 74,982 77,227 73,593 72,500
67,114 70,457 75,329 82,713 90,076 93,685 92,275 91,049 90,729 92,818
703,866 753,035 714,582 783,370 796,509 854,853 812,393 883,125 853,948 907,567

4T13 1T14 2T14 3T14 4T14 1T15 2T15 3T15 4T15 1T16
143,860 175,809 142,906 193,602 178,803 221,701 198,527 246,250 190,772 229,483
59,835 59,680 49,753 61,249 65,081 65,718 67,946 98,422 85,336 79,799

34,859 74,259 57,129 85,972 70,315 104,445 85,886 101,743 64,881 110,648
49,166 41,870 36,024 46,381 43,407 51,538 44,695 46,085 40,555 39,036
45,464 43,996 38,629 32,420 41,413 39,521 37,499 36,059 45,271 42,217
38,583 36,972 31,100 25,224 34,329 32,420 30,441 28,506 37,817 34,550
873 355 725 879 950 1,152 1,107 1,420 1,393 1,267
6,008 6,669 6,804 6,317 6,134 5,949 5,951 6,133 6,061 6,400
- - - - - - - - - -
- - - - - - - - - -
514,542 533,230 533,047 557,348 576,293 593,631 576,367 600,816 617,905 635,867
157,186 219,186 219,186 220,086 220,086 260,197 260,197 261,247 261,247 261,247
128,288 67,543 68,856 69,727 70,739 31,943 33,154 34,159 35,377 36,578
208,174 229,068 208,174 208,174 250,120 250,120 250,120 250,120 308,079 308,079
- - - - - -2,120 -1,632 -5,831 -5,502 -3,420
- 17,433 36,831 59,361 - 18,143 34,528 61,121 - 14,679
20,894 - - - 35,348 35,348 - - 18,704 18,704
- - - - - - - - - -

- - - - - - - - - -
703,866 753,035 714,582 783,370 796,509 854,853 812,393 883,125 853,948 907,567
2T16 3T16 4T16 1T17 2T17 3T17 4T17 1T18 2T18 3T18
679,511 719,074 706,229 769,656 767,569 712,162 855,237 875,500 842,426 891,852
9,607 7,155 5,020 8,674 7,695 4,920 10,156 8,292 17,464 3,390
214,157 214,436 237,824 284,023 302,420 213,334 327,764 325,046 265,708 280,355
283,260 334,858 315,304 317,967 293,872 340,155 336,954 345,085 333,982 384,438
128,365 124,019 110,478 119,069 123,048 116,783 113,489 128,153 140,861 147,501
24,263 21,468 22,562 21,388 20,858 19,966 51,127 51,568 48,899 46,193
19,859 17,138 15,041 18,535 19,676 17,004 15,747 17,356 35,512 29,975

202,326 203,994 200,919 199,613 200,220 200,494 194,662 197,259 213,878 219,109
36,759 41,454 41,001 41,957 43,222 48,932 44,908 48,992 59,363 62,443
836 - - - - - - - - -
13,569 13,896 13,676 8,792 8,432 10,368 11,490 10,766 10,569 11,764
7,254 10,004 8,405 13,682 14,049 16,907 11,533 15,075 25,207 27,263
15,100 17,554 18,920 19,483 20,741 21,657 21,885 23,151 23,587 23,416
- 1,177 905 2,405 2,406 2,406 2,925 3,324 3,325 3,324
74,682 72,741 73,052 70,712 71,549 68,954 67,636 68,843 77,831 81,843
90,885 88,622 85,961 84,539 83,043 80,202 79,193 76,100 73,359 71,499
881,837 923,068 907,148 969,269 967,789 912,656 1,049,899 1,072,759 1,056,304 1,110,961

2T16 3T16 4T16 1T17 2T17 3T17 4T17 1T18 2T18 3T18
212,566 230,221 201,830 241,510 256,977 252,460 356,825 355,966 360,659 375,337
65,642 66,424 78,970 72,385 88,311 72,946 163,729 156,354 162,002 161,180

81,120 103,050 66,445 113,032 89,346 109,014 104,416 132,837 107,352 127,548
65,804 60,747 56,415 56,093 79,320 70,500 88,680 66,775 91,305 86,609
39,998 37,887 35,619 34,101 32,160 29,957 28,114 26,165 24,089 22,606
31,893 29,361 27,079 24,806 22,536 20,275 18,016 15,758 13,499 11,241
1,143 1,208 1,214 8,086 1,232 1,180 1,232 1,238 1,436 1,492
6,962 7,318 7,326 1,209 8,392 8,502 8,866 9,169 9,154 9,873
- - - - - - - - - -
- - - - - - - - - -
629,273 654,960 669,699 693,658 678,652 630,239 664,960 690,628 671,556 713,018
309,058 310,008 310,008 310,008 330,375 330,375 330,375 330,375 341,073 341,073
37,659 38,371 39,554 40,695 41,758 43,268 44,369 45,676 45,925 45,525
261,249 261,249 269,024 269,024 269,024 217,024 289,406 289,406 243,406 243,406
-1,692 -1,850 -1,862 -1,219 -2,410 -1,182 -1,986 -1,943 1,916 3,614
22,999 47,182 - 22,175 39,905 40,754 - 27,114 39,236 79,400
- - 52,975 52,975 - - 2,796 - - -
- - - - - - - - - -

- - - - - - - - - -
881,837 923,068 907,148 969,269 967,789 912,656 1,049,899 1,072,759 1,056,304 1,110,961
4T18 1T19 2T19 3T19 4T19 1T20 2T20 3T20 4T20 1T21
842,001 928,010 877,448 949,191 980,665 1,416,747 1,276,801 1,344,102 1,564,868 1,523,157
8,501 5,691 7,842 7,657 13,808 7,597 12,965 13,502 38,297 222,598
227,300 294,064 249,293 267,687 263,875 611,584 552,654 552,743 522,868 348,148
382,728 394,770 370,837 415,431 413,412 400,136 283,071 406,902 598,824 477,929
150,861 162,613 163,368 180,736 179,499 253,412 271,321 241,895 290,896 348,041
49,370 42,903 57,554 56,891 90,332 121,500 124,430 100,708 86,034 90,134
23,241 27,969 28,554 20,789 19,739 22,518 32,360 28,352 27,949 36,307

203,031 404,581 426,667 442,450 432,584 488,433 453,891 444,166 1,267,677 1,312,474
49,338 60,400 60,003 59,248 50,438 55,003 79,656 78,920 118,494 132,552
- - - - - - 0 0 0 0
10,720 11,070 10,948 10,829 10,402 9,377 8,416 5,512 2,564 3,855
17,491 20,410 20,811 22,099 15,682 16,356 42,011 44,113 80,632 84,364
21,127 28,920 28,244 26,320 24,354 29,270 29,229 29,295 35,298 44,333
3,324 3,324 3,314 3,017 3,017 3,074 3,484 4,030 3,016 2,275
83,201 275,874 299,640 317,786 304,082 354,778 293,326 277,017 316,300 313,409
67,168 64,983 63,710 62,399 75,047 75,578 77,425 84,199 829,867 864,238
1,045,032 1,332,591 1,304,115 1,391,641 1,413,249 1,905,180 1,730,692 1,788,268 2,832,545 2,835,631

4T18 1T19 2T19 3T19 4T19 1T20 2T20 3T20 4T20 1T21
255,889 428,398 420,301 482,982 464,659 628,035 576,827 818,362 911,418 983,446
43,978 81,827 153,533 183,678 158,222 307,081 292,424 440,509 239,483 364,786
34,272 36,390 39,617 40,145 47,995 44,836 42,569 52,890 50,749
110,121 148,825 111,810 148,756 134,967 178,376 128,762 226,053 399,189 376,757
101,790 163,474 118,568 110,931 131,325 94,583 110,805 109,231 219,856 191,154
77,801 260,079 204,966 198,004 202,519 521,650 484,398 272,647 572,530 480,772
67,440 92,426 22,424 5,414 22,562 308,878 308,923 106,736 394,786 299,106
1,443 1,452 1,428 1,551 1,502 1,937 2,040 - - -
8,918 9,130 9,715 9,858 9,542 9,607 10,000 11,264 17,274 19,997
- 157,071 171,399 181,181 168,913 201,228 163,435 154,647 160,470 161,669
- - - - - - - - - -
711,342 644,114 678,848 710,655 746,071 755,495 669,467 697,259 1,348,597 1,371,413
341,073 341,073 352,715 352,715 352,715 352,715 352,715 352,715 967,924 808,715
46,725 47,908 49,035 49,810 50,538 48,634 49,330 48,801 49,229 208,866
301,476 226,476 226,476 226,476 308,156 335,998 335,998 335,998 335,832 335,832
4,342 5,516 7,257 5,788 6,820 -7,740 -12,165 -13,892 -4,388 -11,776
17,726 23,141 43,365 75,866 - 25,888 -56,411 -26,363 0 29,776
- - - - 27,842 - - - - -
- - - - - - - - - -

- - - - - - - - - -
1,045,032 1,332,591 1,304,115 1,391,641 1,413,249 1,905,180 1,730,692 1,788,268 2,832,545 2,835,631
2T21 3T21 4T21 1T22 2T22 3T22 4T22
1,340,793 1,495,473 1,646,786 2,109,403 2,192,913 2,291,856 2,383,445
69,625 49,047 33,750 106,747 81,682 74,933 28,826
316,296 248,158 228,809 603,562 633,565 471,189 447,608
455,695 605,881 790,302 631,278 613,690 722,016 867,582
362,063 448,212 450,487 556,685 651,730 755,060 772,060
98,945 87,897 73,852 130,015 161,845 183,431 201,212
38,169 54,654 68,230 80,601 50,401 85,227 66,157
1,624 1,356 515 0 0 0
1,414,612 1,629,771 1,719,540 1,914,810 2,001,494 2,144,565 2,275,819
253,659 283,932 297,892 315,470 319,559 307,184 317,663
0 0 0 0 0 0 0
6,209 5,200 4,276 3,589 2,952 1,927 330
65,922 83,797 90,225 83,870 98,305 97,542 119,270
181,528 194,935 203,391 228,011 218,302 207,715 198,063
4,760 7,078 2,862 2,860 2,860 3,162 3,162
287,324 348,244 403,868 446,326 492,475 586,250 691,582
868,869 990,517 1,014,918 1,150,154 1,186,600 1,247,969 1,263,412
2,755,405 3,125,244 3,366,326 4,024,213 4,194,407 4,436,421 4,659,264

2T21 3T21 4T21 1T22 2T22 3T22 4T22

864,790 1,070,932 1,519,000 1,269,342 1,433,019 1,501,072 1,635,360
216,587 271,040 496,861 268,463 345,023 401,433 392,254
44,375 52,351 57,017 58,229 62,079 72,314 89,648
345,773 457,912 574,713 588,706 566,002 637,508 671,662
258,055 289,629 390,409 353,944 459,915 389,817 481,796
459,363 506,137 255,320 256,621 268,927 320,468 369,311
292,909 297,218 37,733 15,576 10,263 10,053 9,619
- - - - - - -
18,979 48,355 37,267 69,337 75,870 70,090 71,382
142,844 155,314 174,879 168,765 180,107 236,822 284,889
4,631 5,250 5,441 2,943 2,687 3,503 3,421
1,431,252 1,548,175 1,592,006 2,498,250 2,492,432 2,614,130 2,653,792
808,715 808,715 811,284 1,645,467 1,645,467 1,671,716 1,671,716
157,939 198,491 196,925 163,585 163,046 161,596 176,094
335,832 335,832 541,478 541,478 541,478 541,478 814,396
-4,927 -8,183 -9,107 -991 -6,379 -8,674 -8,414
133,466 211,512 0 98,053 148,820 248,014 0
- - 50,000 50,000 - - -
-45 0 - - - - -
168 0 - - - -
272 1,640 1,426 658 29 751 801
2,755,405 3,125,244 3,366,326 4,024,212 4,194,407 4,436,421 4,659,264
DRE - IFRS 1T10 2T10 3T10 4T10 2010 1T11 2T11

Receita operacional líquida 112,610 125,302 158,829 174,784 571,525 138,595 152,240

Custo dos produtos vendidos (65,857) (71,705) (95,715) (106,607) (339,884) (82,150) (86,532)

Lucro bruto 46,753 53,597 63,114 68,177 231,641 56,445 65,708

Receitas (despesas) operacionais: (31,480) (34,418) (41,209) (35,169) (142,276) (36,947) (38,443)
Comerciais (20,144) (21,865) (26,955) (27,633) (96,597) (25,524) (26,476)

Administrativas e gerais (11,336) (12,553) (14,254) (7,536) (45,679) (11,423) (11,967)

Outras receitas operacionais, líquidas - - - - - - -

Lucro antes do resultado financeiro 15,273 19,179 21,905 33,008 89,365 19,498 27,265
Resultado Financeiro (2,807) (1,984) (2,998) 4,258 (3,531) 1,465 3,017

Lucro antes do IR e CS 12,713 19,228 19,248 38,100 89,289 21,321 30,345

Imposto de renda e contribuição social (4,089) (4,180) (4,794) (11,692) (24,755) (6,593) (6,306)
Corrente (4,835) (3,767) (7,171) (3,734) (19,507) (1,967) (5,298)

Diferido 746 (413) 2,377 (7,958) (5,248) (4,626) (1,008)

Lucro líquido do período 10,370 16,772 15,890 21,502 64,534 14,728 24,039
3T11 4T11 2011 1T12 2T12 3T12 4T12 2012 1T13 2T13 3T13

188,901 199,171 678,907 161,361 199,468 246,655 252,851 860,335 201,039 237,639 266,671
(109,976) (118,825) (397,483) (94,188) (109,533) (139,606) (141,203) (484,530) (111,606) (131,581) (150,592)

78,925 80,346 281,424 67,173 89,935 107,049 111,648 375,805 89,433 106,058 116,079

(44,677) (49,354) (169,421) (47,273) (57,050) (66,436) (72,093) (242,852) (63,777) (68,858) (72,130)
(32,203) (37,021) (121,224) (35,007) (41,811) (49,714) (51,994) (178,526) (45,299) (49,709) (53,203)
(12,474) (12,333) (48,197) (12,266) (15,042) (16,263) (20,755) (64,326) (18,478) (19,149) (18,290)
- - - - (197) (459) 656 - - - (637)

34,248 30,992 112,003 19,900 32,885 40,613 39,555 132,953 25,656 37,200 43,949
4,369 2,930 11,781 2,385 810 1,676 428 5,299 2,040 666 1,681

38,854 34,932 125,452 15,636 33,695 42,289 41,884 133,504 28,091 38,759 45,630
(12,909) (8,031) (33,839) (4,784) (7,932) (13,703) (10,211) (36,630) (8,725) (9,702) (16,243)
(12,936) (4,397) (24,598) (5,245) (6,164) (14,390) (7,083) (32,882) (10,468) (8,593) (16,945)
27 (3,634) (9,241) 461 (1,768) 687 (3,128) (3,748) 1,743 (1,109) 702

25,945 26,901 91,613 10,852 25,763 28,586 31,673 96,874 19,366 29,057 29,387
4T13 2013 1T14 2T14 3T14 4T14 2014 1T15 2T15 3T15 4T15

257,601 962,950 213,425 253,748 296,099 289,637 1,052,909 236,242 285,450 315,068 283,797
(143,442) (537,221) (121,364) (140,840) (171,199) (170,207) (603,610) (140,342) (164,895) (182,053) (157,368)

114,159 425,729 92,061 112,908 124,900 119,430 449,299 95,900 120,555 133,015 126,429

(73,485) (278,250) (67,981) (73,724) (76,766) (82,758) (301,229) (73,573) (83,697) (90,747) (86,594)
(56,227) (204,438) (47,721) (53,510) (57,137) (62,984) (221,352) (54,966) (59,927) (68,039) (66,310)
(17,895) (73,812) (19,324) (18,555) (19,607) (18,683) (76,169) (17,794) (22,550) (22,708) (19,841)
637 - (936) (1,659) (22) (1,091) (3,708) (813) (1,220) - (443)

40,674 147,479 24,080 39,184 48,134 36,672 148,070 22,327 36,858 42,268 39,835
3,240 7,627 2,917 3,849 3,681 2,970 13,417 8,023 2,053 9,968 3,225

43,637 156,117 26,997 43,033 51,815 39,642 161,487 30,350 38,911 53,545 41,751
(10,892) (45,562) (9,564) (11,400) (18,214) (9,557) (48,735) (12,207) (6,973) (17,463) (8,251)
(8,806) (44,812) (12,342) (9,802) (19,350) (5,851) (47,345) (14,237) (8,189) (18,513) (6,116)
(2,086) (750) 2,778 (1,598) 1,136 (3,706) (1,390) 2,030 1,216 1,050 (2,135)

32,745 110,555 17,433 31,633 33,601 30,085 112,752 18,143 31,938 36,082 33,500
 2015 1T16 2T16 3T16 4T16 2016 1T17 2T17 3T17 4T17 2017

1,120,557 257,547 295,752 346,941 338,870 1,239,110 297,177 328,903 370,793 363,601 1,360,474
(644,658) (145,828) (163,611) (194,741) (185,639) (689,819) (167,113) (174,572) (200,974) (194,047) (736,706)

475,899 111,719 132,141 152,200 153,231 549,291 130,064 154,331 169,819 169,554 623,768

(334,611) (91,648) (97,682) (102,804) (105,831) (397,965) (100,706) (110,754) (113,602) (125,073) (450,135)
(249,242) (69,660) (73,657) (80,003) (79,388) (302,708) (74,953) (81,639) (86,311) (91,312) (334,215)
(82,893) (21,666) (24,025) (21,275) (25,880) (92,846) (25,683) (29,032) (27,009) (32,092) (113,816)
(2,476) (322) - (1,526) (563) (2,411) (70) (83) (282) (1,669) (2,104)

141,288 20,071 34,459 49,396 47,400 151,326 29,358 43,577 56,217 44,481 173,633
23,269 3,403 (258) 3,373 (844) 5,674 5,079 4,919 1,996 (2,694) 9,300

164,557 23,474 34,219 52,769 46,538 157,000 34,437 48,496 58,213 41,787 182,933
(44,894) (8,795) (4,006) (17,329) (10,721) (40,851) (12,262) (9,227) (20,532) 13,558 (28,463)
(47,055) (9,497) (4,273) (20,079) (9,122) (42,971) (17,539) (9,594) (23,390) 18,932 (31,591)
2,161 702 267 2,750 (1,599) 2,120 5,277 367 2,858 (5,374) 3,128

119,663 14,679 30,213 35,440 35,817 116,149 22,175 39,269 37,681 55,345 154,470
1T18 2T18 3T18 4T18 2018 1T19 1T19 2T19 2T19 3T19 3T19
Pro-forma Pro-forma Pro-forma

330,185 373,859 410,404 412,211 1,526,659 377,163 377,163 393,546 393,546 440,874 440,874
(183,625) (195,108) (219,767) (217,487) (815,987) (204,687) (204,699) (209,215) (209,234) (240,204) (240,222)

146,560 178,751 190,637 194,724 710,672 172,476 172,464 184,331 184,312 200,670 200,652

(114,224) (130,987) (130,575) (143,607) (519,393) (135,789) (136,327) (135,210) (134,894) (139,413) (139,491)
(80,911) (94,581) (96,775) (106,655) (378,922) (96,100) (96,277) (97,908) (98,111) (109,150) (109,363)
(31,465) (34,319) (33,941) (41,140) (140,865) (41,116) (41,477) (48,717) (48,182) (39,000) (38,865)
(1,848) (2,087) 141 4,188 394 1,427 1,427 11,415 11,399 8,737 8,737

32,336 47,764 60,062 51,117 191,279 36,687 36,137 49,121 49,418 61,257 61,161
1,225 (12,881) (6,300) (3,325) (21,281) (5,247) (3,964) (4,403) (2,914) (3,882) (2,469)

33,561 34,883 53,762 47,792 169,998 31,440 32,173 44,718 46,504 57,375 58,692
(6,447) (1,760) (13,598) (5,549) (27,354) (8,299) (8,299) (4,150) (4,148) (17,600) (17,602)
(9,989) (9,001) (15,554) 2,913 (31,631) (12,069) (12,069) (5,381) (5,381) (18,888) (18,888)
3,542 7,241 1,956 (8,462) 4,277 3,770 3,770 1,231 1,233 1,288 1,286

27,114 33,123 40,164 42,243 142,644 23,141 23,874 40,568 42,356 39,775 41,090
4T19 4T19 2019 2019 1T20 2T20 3T20 4T20 2020 1T21 2T21
Pro-forma Pro-forma

467,652 467,652 1,679,235 1,679,235 375,471 154,443 416,463 644,615 1,590,992 499,952 552,976
(249,435) (249,428) (903,541) (903,583) (203,099) (74,283) (229,976) (328,421) (835,779) (250,027) (260,004)

218,217 218,224 775,694 775,652 172,372 80,160 186,487 316,194 755,213 249,925 292,972

(142,180) (142,588) (552,592) (553,300) (128,354) (171,328) (142,031) (221,391) (663,104) (208,824) (104,000)
(121,208) (121,737) (424,366) (425,488) (117,123) (132,379) (108,360) (172,091) (529,953) (155,629) (172,937)
(55,179) (55,059) (184,012) (183,583) (39,358) (38,435) (32,366) (52,075) (162,234) (53,433) (71,598)
34,207 34,208 55,786 55,771 28,127 (514) (1,305) 2,775 29,083 238 140,535

76,037 75,636 223,102 222,352 44,018 (91,168) 44,456 94,803 92,109 41,101 188,972
(4,644) (3,510) (18,176) (12,857) (772) (9,075) (6,834) (20,870) (37,551) (8,616) (18,788)

71,393 72,126 204,926 209,495 43,246 (100,243) 37,622 73,933 54,558 32,485 170,184
(12,738) (12,738) (42,787) (42,787) (17,358) 17,944 (9,675) 3,115 (5,974) (2,709) (37,688)
(6,321) (6,321) (42,659) (42,659) (18,032) (7,711) (11,777) (9,076) (46,596) (6,441) (14,615)
(6,417) (6,417) (128) (128) 674 25,655 2,102 12,191 40,622 3,732 (23,073)

58,655 59,388 162,139 166,708 25,888 (82,299) 27,947 77,048 48,584 29,776 132,496
3T21 4T21 2021 1T22 2T22 3T22 4T22 2022

777,949 1,092,950 2,923,827 839,576 944,752 1,137,985 1,311,413 4,233,726

(372,864) (502,252) (1,385,147) (390,836) (416,145) (536,683) (606,428) (1,950,092)

405,085 590,698 1,538,680 448,740 528,607 601,302 704,985 2,283,634

(311,684) (445,647) (1,070,155) (287,588) (405,685) (474,127) (566,105) (1,733,505)

(225,874) (329,971) (884,411) (289,081) (333,615) (394,178) (472,497) (1,489,371)
(78,638) (112,548) (316,217) (73,816) (73,402) (78,850) (104,172) (330,240)
(7,172) (3,128) 130,473 75,309 1,332 (1,099) 10,564 86,106

93,401 145,051 468,525 161,152 122,922 127,175 138,880 550,129

(12,754) (24,513) (64,671) (20,407) (6,655) (12,480) (37,716) (77,258)

80,647 120,538 403,854 140,745 116,267 114,695 101,164 472,871

(3,117) (16,620) (60,134) (43,460) 3,554 (15,846) 5,419 (50,333)
(20,373) (22,857) (64,286) (39,603) (11,137) (14,267) (16,391) (81,398)
17,256 6,237 4,152 (3,857) 14,691 (1,579) 21,810 31,065

77,530 103,918 343,720 97,285 119,821 98,849 106,583 422,538

Sumário de Investimentos 1T10 2T10 3T10 4T10

CAPEX total 2,518 3,966 2,723 6,170

Lojas - expansão e reforma 1,689 2,097 1,324 2,908

Corporativo 712 978 1,176 2,906
Outros 117 891 223 355
2010 1T11 2T11 3T11 4T11 2011 1T12 2T12 3T12 4T12

15,376 3,726 3,576 9,606 13,312 30,220 17,337 14,443 16,479 9,168

8,018 2,206 2,133 7,879 11,134 23,352 13,578 7,415 10,306 6,050
5,772 1,313 1,213 1,455 2,101 6,082 3,553 6,775 5,399 2,690
1,585 207 230 272 77 786 206 253 774 428
2012 1T13 2T13 3T13 4T13 2013 1T14 2T14 3T14 4T14

57,427 11,227 8,942 10,486 13,098 43,753 9,858 14,312 12,325 14,035

37,349 2,388 4,151 3,623 5,603 15,765 3,182 2,534 1,347 2,713
18,417 8,032 3,974 6,197 7,041 25,244 6,086 10,028 8,877 10,596
1,661 807 817 666 453 2,743 590 1,751 2,101 725
2014 1T15 2T15 3T15 4T15 2015 1T16 2T16 3T16 4T16

50,530 10,292 5,790 4,680 5,012 25,774 7,903 7,536 5,343 4,283

9,776 468 1,572 1,158 262 3,459 4,183 762 856 902
35,587 7,496 4,083 3,241 4,429 19,249 1,873 3,289 3,174 2,730
5,167 2,328 135 281 321 3,066 1,848 3,486 1,313 652
2016 1T17 2T17 3T17 4T17 2017 1T18 2T18 3T18 4T18

25,067 3,255 5,606 5,084 7,602 21,547 7,213 15,014 13,739 12,648

6,702 1,181 1,976 1,798 1,970 7,423 3,411 3,705 2,247 1,433
11,066 1,679 2,265 2,517 5,188 11,151 2,330 7,377 6,417 4,133
7,299 394 1,365 770 445 2,973 1,472 3,932 5,075 7,082
2018 1T19 2T19 3T19 4T19 2019 1T20 2T20 3T20 4T20

48,614 8,634 17,486 17,446 22,042 65,608 14,075 7,361 9,360 15,389

10,796 134 2,209 5,538 215 8,096 3,952 955 955 6,253
20,257 3,744 4,280 5,762 19,698 33,484 7,886 5,831 6,709 8,721
17,561 4,756 10,997 6,146 2,129 24,028 2,237 575 1,696 415
2020 1T21 2T21 3T21 4T21 2021 1T22 2T22 3T22 4T22

46,185 12,545 29,554 62,738 64,044 168,881 40,835 56,004 63,697 72,607

12,115 3,805 11,125 31,014 42,063 88,007 10,917 23,297 31,062 28,097
29,147 7,972 16,877 24,112 16,513 65,474 27,698 27,255 24,191 38,290
4,923 768 1,552 7,612 5,468 15,400 2,220 5,452 8,444 6,220
2022

233,143

93,373
117,434
22,336
Resultado operacional 4T10 1T11 2T11 3T11 4T11 1T12 2T12
EBIT (LTM) 92,821 95,909 100,777 111,849 113,671 107,066 112,623
+ IR e CS (LTM) (24,755) (26,011) (26,889) (33,837) (33,839) 107,066 (33,656)
NOPAT 68,066 69,898 73,888 78,012 79,832 214,132 78,967
Capital de giro 1
141,611 149,876 130,740 163,375 191,720 176,826 163,479
Contas a receber 132,402 150,836 108,576 169,283 179,589 173,595 150,687
Estoques 48,862 64,585 67,699 71,941 57,384 66,099 65,718
Fornecedores (28,744) (50,901) (37,272) (59,444) (37,286) (56,126) (43,328)
Outros (10,909) (14,644) (8,263) (18,405) (7,967) (6,742) (9,598)
Ativo permanente 36,148 38,952 41,332 49,466 61,434 76,940 89,372
Outros ativos de longo prazo² 8,492 7,585 8,353 9,170 6,805 7,423 7,430
Capital empregado 186,251 200,685 180,425 222,011 259,957 261,000 260,156
Média do capital empregado³ 155,061 170,307 152,816 182,844 223,104 230,843 220,291
ROIC4 43.9% 41.0% 48.4% 42.7% 35.8% 92.8% 35.8%

(1) Capital de Giro: Ativo Circulante menos

Caixa, Equivalentes de Caixa e Aplicações
Financeiras subtraído do Passivo Circulante
menos Empréstimos e Financiamentos e
Dividendos a pagar.

(2) Descontados do IR e Contribuição Social

diferidos.

(3) Média de capital empregado no período e

no mesmo período do ano anterior.

(4) ROIC: NOPAT dos últimos 12 meses

dividido pelo capital empregado médio.
3T12 4T12 1T13 2T13 3T13 4T13 1T14 2T14 3T14 4T14
118,751 128,205 141,005 146,213 149,549 148,490 146,519 147,610 151,795 148,070
(34,450) (36,630) (40,571) (42,341) (44,881) (45,562) (46,401) (48,099) (50,070) (48,735)
84,301 91,575 100,434 103,872 104,668 102,928 100,118 99,511 101,725 99,335
196,391 235,778 221,069 244,670 262,016 290,975 272,718 299,906 302,987 304,546
201,253 208,756 211,251 200,229 241,476 247,498 244,997 235,814 281,055 277,913
82,543 76,133 87,481 89,821 99,819 85,108 102,756 120,458 115,835 98,131
(65,165) (35,507) (69,021) (43,557) (66,115) (34,859) (74,259) (57,129) (85,972) (70,315)
(22,240) (13,604) (8,642) (1,823) (13,164) (6,772) (776) 763 (7,931) (1,183)
102,605 108,912 116,901 121,773 128,935 135,657 139,892 147,452 156,237 165,843
8,045 7,853 7,650 8,632 8,429 9,602 8,451 8,182 8,107 7,889
306,960 352,543 345,620 375,075 399,380 436,234 421,061 455,540 467,331 478,278
264,486 306,250 303,310 317,616 353,170 394,389 383,341 415,308 433,356 457,256
31.9% 29.9% 33.1% 32.7% 29.6% 26.1% 26.1% 24.0% 23.5% 21.7%
1T15 2T15 3T15 4T15 1T16 2T16 3T16 4T16 1T17 2T17
146,317 143,991 139,434 141,288 139,032 136,651 142,470 151,326 160,613 169,714
(51,378) (46,951) (46,200) (44,894) (41,482) (38,515) (38,381) (40,851) (44,318) (49,539)
94,939 97,040 93,234 96,394 97,550 98,136 104,089 110,475 116,295 120,175
302,429 321,277 341,839 327,005 308,783 327,433 344,943 340,528 307,837 307,097
296,838 291,327 325,702 280,528 293,052 283,260 334,858 315,304 317,967 293,872
121,079 117,496 121,038 106,951 122,611 128,365 124,019 110,478 119,069 123,048
(104,445) (85,886) (101,743) (64,881) (110,648) (81,120) (103,050) (66,445) (113,032) (89,346)
(11,043) (1,660) (3,158) 4,407 3,768 (3,072) (10,884) (18,809) (16,167) (20,477)
170,350 167,257 168,276 164,322 165,318 165,567 162,540 159,918 157,656 156,998
9,788 9,597 23,276 25,138 27,637 29,505 31,450 32,596 28,275 29,173
482,567 498,131 533,391 516,465 501,738 522,505 538,933 533,042 493,768 493,268
451,814 476,836 500,361 497,372 492,153 510,318 536,162 524,754 497,753 507,887
21.0% 20.4% 18.6% 19.4% 19.8% 19.2% 19.4% 21.1% 23.4% 23.7%
3T17 4T17 1T18 2T18 3T18 4T18 1T19 1T19 2T19 2T19
Pro-forma Pro-forma
176,535 173,633 176,611 180,797 184,643 191,280 195,631 195,081 196,988 196,735
(52,742) (28,463) (22,648) (15,181) (8,247) (27,354) (29,206) (29,206) (31,596) (31,594)
123,793 145,170 153,963 165,616 176,396 163,926 166,425 165,875 165,392 165,141
314,394 342,283 345,346 378,688 393,950 412,461 374,410 408,682 388,969 425,398
340,155 336,954 345,085 333,982 384,438 382,728 394,770 394,770 370,837 370,837
116,783 113,489 128,153 140,861 147,501 150,861 162,613 162,613 163,368 163,368
(109,014) (104,416) (132,837) (107,352) (127,548) (110,121) (148,825) (148,825) (111,810) (111,810)
(33,530) (3,744) 4,945 11,197 (10,441) (11,007) (34,148) 124 (33,426) 3,003
151,562 149,754 148,267 154,515 156,666 153,693 344,181 153,570 366,664 161,353
32,025 33,375 33,917 34,156 35,180 31,847 39,990 39,990 39,192 39,192
497,981 525,412 527,530 567,359 585,796 598,001 758,581 602,242 794,825 625,943
518,457 529,227 510,649 530,314 541,889 561,707 643,056 564,886 681,092 596,651
23.9% 27.4% 30.2% 31.2% 32.6% 29.2% 25.9% 29.4% 24.3% 27.7%
3T19 3T19 4T19 4T19 1T20 2T20 3T20 4T20 4T20 1T21
Pro-forma Pro-forma Ajustado Ajustado
198,182 197,833 223,102 222,352 230,433 90,144 73,343 168,874 92,109 176,179
(35,598) (35,598) (42,787) (42,787) (51,846) (29,752) (21,827) (10,983) (5,974) (14,575)
162,584 162,235 180,315 179,565 178,587 60,392 51,516 157,891 86,135 161,603
399,559 439,071 419,220 459,342 476,612 426,779 400,004 300,890 331,768 336,333
415,431 415,431 413,412 413,412 400,136 283,071 406,902 492,459 598,824 477,929
180,736 180,736 179,499 179,499 253,412 271,321 241,895 216,948 290,896 348,041
(148,756) (148,756) (134,967) (134,967) (178,376) 128,762 (226,053) (356,331) (399,189) (376,757)
(47,852) (8,340) (38,724) 1,398 1,440 312,431 (22,740) (52,186) (158,763) (112,880)
383,202 166,344 382,146 177,679 433,430 374,235 365,246 346,742 1,149,183 416,033
37,149 37,149 34,756 34,756 38,647 37,645 34,807 37,247 37,862 48,188
819,910 642,564 836,122 671,777 948,689 838,659 800,057 684,879 1,518,813 800,555
702,853 614,180 717,062 634,889 853,635 816,742 809,984 760,500 1,177,468 874,621
23.1% 26.4% 25.1% 28.3% 20.9% 7.4% 6.4% 20.8% 7.3% 18.5%
1T21 2T21 2T21 3T21 3T21 4T21 4T21 1T22 1T22 2T22
Ajustado Ajustado Ajustado Ajustado Ajustado
89,191 387,823 369,331 303,708 418,276 357,243 468,524 416,622 588,576 484,051
7,319 (51,482) (46,957) (47,587) (40,399) (45,851) (60,134) (74,647) (100,885) (52,409)
96,510 336,341 322,374 256,121 377,877 311,392 408,390 341,975 487,691 431,642
336,333 378,977 335,091 470,638 396,752 416,694 416,694 521,327 421,327 614,218
477,929 455,695 455,695 605,881 605,881 790,302 790,302 631,278 631,278 613,690
348,041 355,953 362,063 442,101 448,212 450,487 450,487 556,685 556,685 651,730
(376,757) (345,773) (345,773) (457,912) (457,912) (574,713) (574,713) (588,706) (588,706) (566,002)
(112,880) (86,895) (136,894) (119,432) (199,429) (249,382) (249,382) (77,930) (177,930) (85,201)
1,179,922 326,854 1,160,953 401,097 1,345,839 657,760 1,421,648 674,878 1,599,340 747,690
48,188 187,737 187,737 73,701 200,135 207,667 207,667 231,599 231,600 221,255
1,564,443 893,568 1,683,781 945,436 1,942,726 1,282,121 2,046,009 1,427,804 2,252,267 1,583,163
1,256,566 866,114 1,261,220 872,747 1,371,392 1,034,186 1,782,411 1,114,179 1,908,355 1,251,527
7.7% 38.8% 25.6% 29.3% 27.6% 30.1% 22.9% 30.7% 25.6% 34.5%
2T22 3T22 3T22 4T22 4T22
Ajustado Ajustado
522,526 517,422 556,299 495,360 550,127
(59,643) (65,026) (72,372) (41,311) (50,333)
462,883 452,396 483,927 454,049 499,794
514,225 789,663 709,669 737,847 737,847
613,690 722,016 722,016 867,582 867,582
651,730 755,060 755,060 772,060 772,060
(566,002) (637,508) (637,508) (671,662) (671,662)
(185,193) (49,905) (129,899) (230,133) (230,133)
1,681,935 863,646 1,837,381 976,712 1,958,156
221,254 209,642 209,642 198,393 198,393
2,417,414 1,862,951 2,756,692 1,912,952 2,894,396
2,050,598 1,520,895 2,349,709 1,597,537 2,470,203
22.6% 29.7% 20.6% 28.4% 20.2%
 Forma de Pagamento Data de Aprovação Data de Pagamento Dividendo por ação
Total 2022 R$ 0.63
JSCP 6/27/2022 7/14/2022 R$ 0.63
Total 2021 R$ 0.60
JSCP 11/29/2021 1/14/2022 R$ 0.34
Dividendos 11/29/2021 1/14/2022 R$ 0.26
Total 2020 R$ 0.56
Dividendos 4/29/2021 R$ 0.03
JSCP 10/22/2020 12/23/2020 R$ 0.30
Dividendos 10/22/2020 12/23/2020 R$ 0.23
Total 2019 R$ 1.41
JSCP 11/27/2019 1/8/2020 R$ 0.20
Dividendos 11/27/2019 1/8/2020 R$ 0.08
Dividendos 9/30/2019 10/15/2019 R$ 0.08
JSCP 6/24/2019 7/25/2019 R$ 0.22
Dividendos 2/20/2019 4/2/2019 R$ 0.83
Total 2018 R$ 1.45
Dividendos 4/30/2019 10/15/2019 R$ 0.20
JSCP 12/17/2018 1/15/2019 R$ 0.23
Dividendos 10/2/2018 10/22/2018 R$ 0.28
JSCP 6/25/2018 7/25/2018 R$ 0.23
Dividendos 5/17/2018 6/8/2018 R$ 0.51
Total 2017 R$ 1.49
Dividendos 4/20/2018 6/8/2018 R$ 0.03
JSCP 12/18/2017 1/5/2018 R$ 0.23
Dividendos 8/28/2017 9/27/2017 R$ 0.41
Dividendos 8/28/2017 9/27/2017 R$ 0.58
JSCP 6/26/2017 7/28/2017 R$ 0.24
Total 2016 R$ 1.22
Dividendos 4/28/2017 5/15/2017 R$ 0.60
JSCP 12/12/2016 12/29/2016 R$ 0.25
Dividendos 9/26/2016 10/26/2016 R$ 0.13
JSCP 6/21/2016 7/15/2016 R$ 0.25
Total 2015 R$ 0.70
Dividendos 4/29/2016 5/20/2016 R$ 0.21
JSCP 12/14/2015 12/30/2015 R$ 0.11
JSCP 12/14/2015 12/30/2015 R$ 0.09
Dividendos 8/3/2015 8/28/2015 R$ 0.11
JSCP 6/15/2015 6/30/2015 R$ 0.11
JSCP 6/15/2015 6/30/2015 R$ 0.07
Total 2014 R$ 0.80
Dividendos 4/24/2015 5/15/2015 R$ 0.40
JSCP 12/16/2014 12/29/2014 R$ 0.11
JSCP 12/16/2014 12/29/2014 R$ 0.03
JSCP 6/20/2014 6/30/2014 R$ 0.11
JSCP 6/20/2014 6/30/2014 R$ 0.03
Dividendos 7/28/2014 8/28/2014 R$ 0.12
Total 2013 R$ 0.63
Dividendos 4/25/2014 5/14/2014 R$ 0.24
JSCP 12/18/2013 1/30/2014 R$ 0.10
JSCP 7/30/2013 12/27/2013 R$ 0.02
Dividendos 7/29/2013 8/30/2013 R$ 0.15
JSCP 6/28/2013 7/30/2013 R$ 0.02
JSCP 6/28/2013 7/30/2013 R$ 0.10
Total 2012 R$ 0.55
Dividendos 3/4/2013 5/14/2013 R$ 0.23
JSCP 12/17/2012 1/30/2013 R$ 0.09
JSCP 12/17/2012 1/30/2013 R$ 0.03
JSCP 6/29/2012 7/31/2012 R$ 0.09
JSCP 6/29/2012 7/31/2012 R$ 0.04
Dividendos 7/30/2012 8/30/2012 R$ 0.08
Total 2011 R$ 0.27
JSCP 12/21/2011 1/30/2012 R$ 0.02
JSCP 12/21/2011 1/30/2012 R$ 0.09
JSCP 6/30/2011 7/28/2011 R$ 0.10
Dividendos 4/24/2012 5/30/2012 R$ 0.07
Total 2010 R$ 0.36
Dividendos 1/6/2011 4/29/2011 R$ 0.36
 Total (R$)
R$ 69,683,049.34
R$ 69,683,049.34
R$ 60,000,000.00
R$ 33,784,559.94
R$ 26,215,440.06
R$ 50,852,427.59
R$ 2,582,427.59
R$ 26,978,492.86
R$ 21,291,507.14
R$ 127,617,165.91
R$ 17,761,424.57
R$ 7,238,575.43
R$ 7,273,604.00
R$ 20,343,561.91
R$ 75,000,000.00
R$ 130,574,949.38
R$ 17,726,395.92
R$ 20,847,214.20
R$ 25,000,000.00
R$ 21,001,339.26
R$ 46,000,000.00
R$ 134,089,201.75
R$ 2,795,920.81
R$ 20,920,347.16
R$ 36,832,940.65
R$ 52,000,000.00
R$ 21,539,993.13
R$ 108,374,353.31
R$ 52,975,551.20
R$ 22,248,662.03
R$ 11,256,686.91
R$ 21,893,453.17
R$ 61,703,937.38
R$ 18,705,003.62
R$ 9,750,073.74
R$ 8,208,266.04
R$ 9,487,923.49
R$ 9,750,073.74
R$ 5,802,596.75
R$ 70,805,978.90
R$ 35,348,263.63
R$ 9,750,073.74
R$ 2,401,281.55
R$ 9,750,073.74
R$ 2,485,217.59
R$ 11,071,068.65
R$ 55,541,725.00
R$ 20,893,199.88
R$ 8,858,746.90
R$ 1,578,182.57
R$ 13,326,011.22
R$ 2,026,837.53
R$ 8,858,746.90
R$ 49,119,008.92
R$ 20,381,904.31
R$ 7,968,816.90
R$ 2,460,341.55
R$ 7,968,816.90
R$ 3,353,178.19
R$ 6,985,951.07
R$ 23,985,781.02
R$ 1,458,073.15
R$ 7,968,816.75
R$ 8,441,564.16
R$ 6,117,326.96
R$ 28,026,000.00
R$ 28,026,000.00