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Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
Institutional Presentation Arezzo 4Q13
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Institutional Presentation Arezzo 4Q13

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  • 1. | Apresentação do Roadshow 1 As of December, 2013 March, 2014
  • 2. Statements regarding the Company’s future business perspectives and projections of operational and financial results are merely estimates and projections, and as such they are subject to different risks and uncertainties, including, but not limited to, market conditions, domestic and foreign performance in general and in the Company’s line of business. These risks and uncertainties cannot be controlled or sufficiently predicted by the Company management and may significantly affect its perspectives, estimates, and projections. Statements on future perspectives, estimates, and projections do not represent and should not be construed as a guarantee of performance. The operational information contained herein, as well as information not directly derived from the financial statements, have not been subject to a special review by the Company’s independent auditors and may involve premises and estimates adopted by the management. 2 Disclaimer
  • 3. | Company overview
  • 4. .1 Platform of brands of reference Arezzo&Co is the leading Company in the footwear and accessories sector through its platform of Top of Mind brands 1 4
  • 5. .2 Company overview Arezzo&Co is the reference in the Brazilian retail sector and has a unique positioning combining growth with high cash generation 1 5 Notes: 1. As of 2013. 2. Refers to the Brazilian women footwear market (source: Euromonitor, IBGE and Company estimates). Estimated for 2011. Leading company in the footwear and accessories sector with presence in all Brazilian states Controlling shareholders are the reference in the sector Development of collections with efficient supply chain Asset light: high operational efficiency Strong cash generation and high growth 10.0 million pairs of shoes (1) 642 thousand handbags (1) 2,909 points of sale 11% market share (2) More than 41 years of experience in the sector Wide recognition ~11,500 models created per year Lead time of 40 days 7 to 9 launches per year 91% outsourced production ROIC of 26.1% in 2013 2,007 employees Net revenues CAGR: 30.6% (2007- 2013) Net Profit CAGR: 36.1% (2007- 2013) Increased operating leverage
  • 6.  Founded in 1972  Focused on brand and product  Consolidation of industrial business model located in Minas Gerais  1.5 mm pairs per year and 2,000 employees  Focus on retail  R&D and production outsourcing on Vale dos Sinos - RS  Franchises expansion  Specific brands for each segment  Expansion of distribution channels  Efficient supply chain First store Fast Fashion concept Launch of the first design with national success + Schutz launch Launch of new brands Merger Commercial operations centralized in São Paulo Strategic Partnership (November 2007) Industry ReferenceFoundation and structuring Industrial Era Corporate EraRetail Era 2012 – 201470’s 80’s 90’s 00’s Opening of the first shoe factory Opening of the flagship store at Oscar Freire .3 Successful track record of entrepreneurship The right changes at the right time accelerated the Company's development 1 Consolidate leadership position Initial Public Offering (February 2011) 6
  • 7. Post-offering .4 Shareholder structure 1 Notes: 1. Arezzo&Co capital stock is composed of 88,637,034 common shares, all nominative, book-entry shares with no par value. 2. Including Stock Option Plan – Arezzo&Co’s executives Shareholder structure as of December, 2013. 7 52.3% 47.7% Birman family Others 1 Management ² 0.9% Float 46.8%
  • 8. 8 .5 Culture & Management 1 01 That which is not transparent should not be done. 02 Always be true, so that at some point you are not false in your job. Always be authentic. 03 Clearly negotiate your goals and responsibilities, and consider compliance as a requirement for continuity. 04 Do not uncover problems only. Blaming others will never be the solution. Take risks, propose solutions. If you disagree with something, act! 05 Formalize everything, even in an informal way. 06 Always be flexible. Always be willing and ready for changes. 07 Goals met are, at least, the basis for the next goal. 08 Unite we stand! Divergences are constructive, conflicts are destructive. 09 A humble stance: the key to our success. 10 Enjoy. Like. Get involved. And always be happy! Principles of success at Arezzo&Co: 2154
  • 9. .6 Strong platform of brands Strong platform of brands, aimed at specific target markets, enables the Company to capture growth from different income segments 1 9 Notes: 1. Points of sales (2013); O = Owned Stores; F = Franchised Stores; MB = Multi-brand Stores; EX = Exports 2. % of each brand gross revenues (FY 2013) 3. 2013 gross revenues, including external market: does not include other revenues (not generated by the 4 brands) 4. % total 2013 gross revenues Trendy New Easy to wear Eclectic Fashion Up to date Bold Provocative 16 - 60 years old 18 - 40 years old R$ 305.00/pair Pop Flat shoes Affordable Colorful 12 - 60 years old R$ 110.00/pair Design Exclusivity Identity Seduction R$ 960.00/pair 20 - 45 years old Brands profile Female target market Sales Volume 3 % Gross Revenues 4 Retail price point Foundation 1972 1995 2008 2009 MBOO F MB R$ 189.00/pair O F MB Distribution channel1 POS 1 % gross rev.2 EX EX EX 9217 340 28 40 1,476 73% 14%12% 13% 43%39% 15 1% 111 6% 51 22% 1% 77% 8 15 936 4 9% 44%46% 1% O F MB EX R$ 723.5 milhões R$ 427.1milhões R$ 41.0 milhões R$ 6.3 milhões 60.4 % 35.7% 3.4% 0.5% 1,046
  • 10. .7 Multiple distribution channels 1 10 Flexible platform through three distribution channels with differentiated strategies, maximizing the Company's profitability Gross Revenues per Channel 55 owned stores being 7 Flagship stores Reach about 1,201 cities and 2,451 multi-brands 403 franchises in more than 160 cities Broad distribution in every Brazilian state Gross Revenue Breakdown – (R$ mm)¹ Franchises Multi-brands Owned stores Exports² Total Notes: 1. 2013 gross revenues 2. Also includes other revenues in the domestic market 47% 23% 24% 6% 100% 583 289 291 692 1,232
  • 11. | Business model
  • 12. Management BRANDS OF REFERENCE Customer focus: we are at the forefront of Brazilian women fashion and design Multi-channelSourcing & Logistics Communication & Marketing SEASONED MANAGEMENT TEAM WITH PERFORMANCE BASED INCENTIVES NATIONWIDE DISTRIBUTION STRATEGY EFFICIENT SUPPLY CHAIN SOLID MARKETING AND COMMUNICATION PROGRAM ABILITY TO INNOVATE R&D 1 2 3 4 5 12 Unique business model in Brazil 2
  • 13. .1 Ability to Innovate We produce 7 to 9 collections per year 2I. Research Creation: 11,500 SKUs / year II. Development III. Sourcing IV. Delivery Arezzo&Co fulfills the various aspirations of women, delivering on average 5 new models per day, allowing for consistent desire-driven purchases Available for selection: 63% of SKUs created / year 13 Stores: 52% of SKUs created / year Creation Launch Orders Production Delivery Normal sale Discount sale Winter I Winter II Winter III Summer I Summer II Summer III Summer IV Activities JAN FEV MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
  • 14. CRM – VIP sales In-store events – PA Stylists Fashion Advisors .2 Broad media plan 2 14 The brand has an integrated and expressive communication strategy, from the creation of campaigns to the point of sales Strong presence in printed media +100 inserts in printed media in 180 pages in 2013 (32 million readers) Over 1350 exhibition in fashion editorials in 2013 Digital communication Presence in electronic media and television Demi Moore Seasonal showroom in Los Angeles near the Red Carpet Season Celebrity Endorsement Marketing Events (830)k accesses to site/month (180)k monthly access to Schutz’s Blog) Average navigation time: 8 minutes Gisele Bündchen Blake Lively +200 exhibition on Cable TV + 3 million impact * Source: Indexsocial/ Agência Espalhe, 2013 Over 3 mm followers/ fans: Facebook, Instagram and Twitter (all 4 Brands) Arezzo is leader in interactions*
  • 15. .2 Communication & marketing program reflected in every aspect of the stores Stores constantly modified to incorporate the concept of each new collection, creating desire-driven purchases 2 15 All visual communication at stores is monitored and updated simultaneously throughout Brazil for each new collection Flagship storesStore layout & visual merchandising POS materials (catalogs, packaging, among others)
  • 16. Distinguished storefront .2 Atmosphere of stores: differentiated concepts for each brand 2 16 Verão – Flagship Oscar Freire Inverno – Flagship Oscar Freire Visual merchandising:  Updates at low cost investment  Brings relevant information from each collection to stores’ level  3 main updates per year Chameleon project: constant modification to incorporate the new collection’s concept Vídeo Wall Closet Essentials Niches and lighting  Jackets and accessories  Campaigns and marketing actions  Preeminence for products  Differentiated products  Exposure of a large variety of products  Selling area inventory: lower necessity of area for storage  Atmosphere of a jewelry store  Private shop experience  Focus on exclusivity, design and highly selected materials Wall display Combos Each theme is disposed in different niches Accessories Sophisticated lightingStorage
  • 17. Reception: 100,000 units/ day Storage: 100,000 units/ day Picking: 150,000 units/ day Distribution: 200,000 units/ day .3 Flexible production process… 2 17 Production speed, flexibility and scalability to ensure Arezzo&Co’s expected growth based on asset light model Arezzo’s scale and structure gives flexibility to source a large number of SKU’s from various factories on a short time frame at competitive prices Owned factory with capacity to produce 1.1 million pairs annually and strong relationship with Vale dos Sinos production cluster as the main outsourcing region Sourcing Model Gains of scale Joint purchasesCertification and auditing of suppliers In-house certification and auditing ensure quality and punctuality (ISO 9001 certification in 2008) Coordination of material purchase jointly with shoe, handbag and accessories’ suppliers New Distribution Center Sourcing model – 91% of production outsourced Consolidation and improvement of distribution in national scale 1 2 3 4 8,9% 91,1% AREZZO&CO OWNED FACTORY OTHERS
  • 18. .4 Large capillarity and scale of store chain 2 18 Brand Average size (m2) Net Revenue/ m2 (R$ 000s) Total Stores 1,2 67 324 399 111 214 638 1,650 10 214 1,030 6 368 234 13 206 Mono-brand store chain with high capillarity, reaching more than 160 cities and well-positioned among the retail companies Size and average sales per mono-brand stores - 2012 5 348 franchises + 17 owned stores(i) + 1.046 multi-brand clients (i) 5 discount outlet 40 franchises + 28 owned stores(ii) + 1,476 multi-brand clients (ii)1 discount outlet Points of sale (4Q13) TOTAL 15 franchises 8 owned stores 936 multi-brand clients 2 owned store + 9 multi-brand clients 403 franchises6 + 55 owned stores6 + 2,451 multi-brand clients =2,909 points of sales Source: IBGE, Companies’ Reports; number of stores according to latest data provided by the Companies Notes: 1. Considers only mono-brand stores of Arezzo and Schutz; 2. For Hering, considers only Hering Store chain stores; 3. 2008 data; 4. Net Revenue (assuming that sales taxes and deduction = 30% of gross revenues); 5. Considers Arezzo + Schutz, except for outlets, handbags’ stores and Schutz franchise; 6. Including export market GDP³: 18% A&C¹: 17% GDP³: 55% A&C¹: 57% GDP³: 17% A&C¹: 15% GDP³: 9% A&C¹: 7% GDP³: 5% A&C¹: 4% 57 sq m 85 sq m 80 sq m Points of sale – average size: new stores are increasing network average size 2010 2011 new stores 2012 new stores 2013 new stores 55 sq m
  • 19. 88% 91% 81% 77% 80% 78% 79% 12% 9% 19% 23% 20% 22% 21% 1044 1369 2067 2967 4686 5897 6586 2007 2008 2009 2010 2011 2012 2013 Flagship Standard store .4 ...through owned stores… Capturing value from the chain while developing retail know how and brands’ visibility 2 Flagship Stores 19 Arezzo – Iguatemi / SP Schutz – Oscar Freire/ SP Anacapri – Eldorado/ SP Greater brand awareness coupled with operational efficiencies  Clustering higher productivity stores in main areas (mainly SP and RJ) improving operational efficiency and profitability:  Direct costumers interaction develops retail competences which are also reflected at franchised stores  Flagship stores ensure greater visibility and reinforce brand image R$ 3,289M R$ 5,119M Owned Franchise Annual Average Sales per Store 2012 Total sales area and # of owned stores (sq. m) # owned Stores Arezzo – Oscar Freire/ SP Schutz – Morumbi/ SP 6 10 21 29 45 57 54
  • 20. Structure applied to retail in order to achieve better sales and margin results as well as integrating and connecting all monobrand stores’ back office 2 20 .4 … based on a retail oriented structure... Strong focus on Franchise & Owned Store performance • All sales team (4000+) get connected through national internet broadcast for 3 Sales Conferences per year, creating an aligned sales pitch and great sense of motivation before each season • Large service program to assist franchisees on sales and profitability goals • Recurring training programs in products, fashion trends, sales techniques, store management, IT, among others • Strong visual merchandising, trade marketing and ambiance investments and training
  • 21.  Intense retail training  Ongoing support: average of 6 stores/ consultant and average of 22 visits per store/ year  Strong relationship with and ongoing support to franchisee  IT integration with our franchises amount 100%  As mono-brand stores, franchises reinforce the branding in each city they are located 2 4 or more franchises 1 franchise 2 franchises 3 franchises 49% 10% 27% 15% .4 …with efficient management of the franchise network... Model allows rapid expansion with little invested capital by Arezzo&Co and high profitability to franchisees Successful Partnership: “Win – Win” Franchise Concentration per Operator 100% of on-time payments 96% satisfaction of franchises1 Excellency in Franchising Award in the last 8 years (ABF) Best Franchise in Brazil (2005 and 2012) and in the sector for 7 years since 2004 (# of Franchisees by # of Franchises) Notes: 1H13 data 1. 96% of the current franchisees indicated they would be interested in opening a franchise if they did not already have one 2. Annual sales of R$ 3,3 million + average initial investment of R$ 900 thousand + working capital of R$ 600 thousand 21 5-year contract and average payback of 40 months2
  • 22. .4 ...and of the multi-brand stores 2 22 Multi-brand stores’ Gross Revenue¹ LTM Improved distribution and brand visibility  Greater brand capillarity  Presence in over 1,184 cities  Rapid expansion at low investment and risk  Main focus: share of wallet  Owner’s loyalty  Schutz Club – Relationship program that gives advantages to the 50 Top Multi-brand stores, such as better products display, training and awards to the best sales teams.  Important sales channel for smaller cities  Sales team optimization: internal team and commissioned sales representatives Multi-brand stores widen the distribution capillarity and the brands’ visibility, resulting in a strong retail footprint Notes: 1. Domestic market only LTM Multi-brand stores # Store 2,351 2,451 289 2013 58 4Q13 1% Gross Revenue1 (R$ mn) 286 2012 4Q12 73 -20%
  • 23. Years at Arezzo Years of experience .5 Seasoned and professional management team 2 Years at Arezzo Years of experience Name Title Highly qualified management team  Stock option plan for key executives  Performance based compensation package for all employees  Independent business units leveraged on a single shared service structure: Industrial, Logistics, Financial and HR Alexandre Birman CEO Claudia Narciso Arezzo David Python Schutz Yumi Chibusa Anacapri Milena Penteado Alexandre Birman Thiago Borges CFO and Investor Relations Officer18 14 2 18 24 10 510 515 513 Schutz David Python Supply Chain/ Sourcing Cisso Klaus CFO Thiago Borges Technology Kurt Richter HR Raquel Carneiro Marco Coelho Internal Auditing Arezzo Claudia Narciso Alexandre Birman Anacapri Yumi Chibusa Alexandre Birman Milena Penteado 23 Name Title Kurt Ritchter Officer – CTO Cisso Klaus Officer – Supply Chain/ Sourcing Marco Coelho Officer – Internal Auditing Raquel Carneiro Officer – HR 11 9 30 3 32 47 41 13 Maicon Americo Officer – Commercial 120 Commercial Maicon Americo Independent business units
  • 24. .6 Corporate governance 2 24 Welerson Cavalieri (Coordinator) Risk, Audit and Finance Committee Juliana Rozenbaum (Coordinator) José Bolonha (Coordinator) Committees Strategy Committee People Committee Members: Guilherme A. Ferreira and Thiago Borges (CFO) Members: Fabio Hering, Carolina Faria and Arthur N. Grynbaum¹ Members: Claudia Soares and Raquel Carneiro (HR Officer) The new Board is comprised of 10 members, of which 4 are independent, and has a very large engagement on the strategic planning of Arezzo&Co Name Experience Name Experience Title Title Board of Directors Anderson Birman Chairman of the Board Founder and Chairman of the Board, with over 40 years of experience in the industry Carolina Faria Member Marketing consultant at True Brand & Business – Soul Brand Services from 2010 to 2012. Previously, worked as an executive at Ambev. Fabio Hering Independent member CEO and board member of Cia. Hering, where he has been working for over 28 years. Rodrigo C. Galindo Independent member CEO of Kroton Educacional S/A, one of the biggest education companies in the world, with over 500 thousand students in colleges. Welerson Cavalieri Member Partner at INDG/FALCONI Consultores de Resultados, where he works for more than 19 years. Previously, was an executive in big mining companies. Juliana Rozenbaum Member Over 13 years of experience as sell side equity research analyst, focused mainly in retail and consumer companies. Claudia Soares Independent Member Former CFO and IR Officer at Via Varejo S.A. and Executive Vice-President of Market Strategy at Companhia Brasileira de Distribuição – GPA. José Murilo Carvalho Member President of the Attorney’s Association of Minas Gerais, Board Member of the Brazilian Bar Association Guilherme A. Ferreira Independent Member CEO of Bahema Participações, board member of Pão de Açúcar, Banco Signatura Lazard, Eternit, Tavex and Rio Bravo Investimentos José Bolonha Vice Chairman of the Board Founder and CEO of “Ethos Desenvolvimento Humano e Organizacional“; Board member of the Inter-American Economic and Social Council (UN, WHO 1- CEO of Grupo Boticário (largest franchise company in Brazil) and Vice-President at Abihpec (Brazilian Association Personal Hygiene, Perfumes & cosmetics Industries)
  • 25. | Value Drivers Update
  • 26. .1 Solid growth fundamentals 3 26 The Company has ongoing initiatives to unlock value to shareholders Net revenues CAGR 2007-2013 30.6%  Store openings guidance for 2013 reaffirmed  Strong Schutz’s sales encourages launch of webcommerce channel for other brands  Multibrand strategy brings capillarity DISTRIBUTION NETWORK AND SALES AREA EXPANSION  GTM Arezzo project enhancing sell-out performance  New store layout for Arezzo and Anacapri increased sales per m²  Repositioning of handbags in Schutz presented very positive results STORE PRODUCTIVITY 2  Continuous focus on diluting operating expenses PROFITABILITY 3  Constant analysis towards improvements in logistics and distribution PROCESS EFFICIENCY 4 1 193,8 367,1 860.34 412.1 571.5 678.9 2007 2008 2009 2010 2011 2012 2013 89.4% 12.3% 38.7% 18.8% 26.7% 11.9% 962.95
  • 27. .1 2013 Expansion Plan Since IPO, for 2 consecutive years, store opening guidance was achieved; 2013 expansion is committed to 59 new stores with 14% growth in sales area 3 1) Includes international store operation – Schutz NY  In addition to the store openings, the company is committed to expand existing stores by a total of 1,000 sqm in 2013 and 2014  90% of the contracts already signed  30 stores opened in 9M13 27 # Owned Stores # Franchises 365 3T13 2013 55 420 334 2012 56 390 31 29 395 55 450 58 2014 464 43 507 +8% +7% +13% -1 12 -12 # Conversion
  • 28. 28 .1 Web commerce: Entry into the channel 3Client profile and adhering to online media boosted Schutz entry into the online channel Source: Euromonitor Attractiveness of online commerce, especially in the fashion segment Brand adhesion and profile of Schutz client  Schutz clients are connected and use social media to obtain information, to express themselves and to consume  Biggest fashion brand on Instagram  Brand enjoys high online audience and engagement  Since 2009, Schutz has a strong relationship with fashion bloggers  Strong growth in online sales  Highest growth in footwear and clothing segments  Forecast is maintenance of strong growth 10,387 14,641 20,89395 312 1,444 2008 2010 2012 Other Online Retail Clothing and Footwear CAGR 08-12 97.4% 19.1% 17.6% 15.0% CAGR 12-17E
  • 29. 29 3Brand strength in the online world and alignment with client profile .1 Web commerce: Entry into the channel Data: September/2013 Attractiveness of online commerce, especially in the fashion segment Brand adhesion and Schutz client profile Audience Engagement exame.com award Recognized as the most active brand on Instragram • Likes: 8461 • Comments: 115 • Date: 11.15 – Aug 8, 2013 August 2013 average • Pictures: in the month 133 / 4.2 pictures per day • Likes – TOTAL: 565 thousand/ Per pictures: 4,252 • Comments – TOTAL: ~10 thousand/ Per picture: 75 • Engagement: 56.6
  • 30. 30 .1 Web commerce: Channel evolution 3Structuring of online channel and initial results confirm channel attractiveness and alignment  R$1 million sales  Thesis test  R$10 million sales  Internal strengthening to better serve our clients  Dedicated management  R$24 million sales  Preparation to expand channel potential  Evolution of technological platform worldwide  Dedicated logistic operator  Improvement of online marketing actions FACEBOOK/INSTAGRAM 2013 WEBCOMMERCE BEGINNING CRM Action Online Schutzlovers
  • 31. 31 .2 GTM Arezzo 3Under GTM Arezzo the Company expects to increase the product accuracy with new collection calendar a shorter lead time Life cycle  More fashion content; largest collections presented to the franchisees Collection Continuables Classic Showroom Fashion complement Fast fashion Continuables Classic Supply model  Fashion complement using information from the sell out  Capturing quick trends, not only from Arezzo’s stores, but also from market research  Products automatically replaced in the stores with some season colors  Open size run replacement  Products also automatically replaced in the stores; only two colors. Full mark-up sell-through
  • 32. .3 Store productivity increase 3 32 Arezzo’s new architectural design highlights our products even more With new shelves and niches, we were able to increase in 50% the number of models exposed in the stores Window relate to the pattern used on our products’ soles, forming the brand’s “ZZ” symbol Suspended shelves around the entire store with lights that highlight the products Products highlighted in the center of stores Next to the cashier, a dedicated shelf for appliances allows us to add units to the sale A better distribution of the furniture offers more comfort for clients in the stores
  • 33. .3 Evolution of architectural design and store model 3 33 New architectural design means proper showcasing of the products and a superior purchasing experience for a low outlay Combo: at the back of the store, special offers in order to increase UPT and provide women with practical and quick service Tower: on one side, individual flat shoes are displayed; on the other side, mirrors; and inside, an inventory with a pair in each size Central Islands: to display the classical “must-have” Anacapri products Enchanted Island: at the front of the store with the leading new launches intended to attract customers
  • 34. 34 3Changes in strategy for Schutz brand handbags resulted in a strong growth in the product segment .4 Schutz Handbags 5.1% 9.4% 3T12 3T13 1 2 3 Note: handbags as percentage of owned stores revenues Segmentation by product and channel to meet final client’s needs Development of products, increasing their perceived value Reduction in the number of models, favoring supply chain and creating identity for in-store product Handbags % of Schutz Revenue
  • 35. 35 .4 Schutz Handbags 3Product line segmentation enables reaching different audiences in different channels, with the proper branding strategy and meeting clients’ desires SCHUTZ PREMIUM SCHUTZ POP & FUN SCHUTZ ✔ R$790 - R$1,100* R$490 - R$790* R$350 - R$490* O / F Difference between lines Product technical standard Sourcing base Used materials Level of exposure of brand/logo V.M. in store and showroom Depth of purchases in the grids Training of commercial teams Marketing and communication actions ✔ ✔ ✔ MB SAMPLES Main channel Note: POS values O = Owned Stores; F = Domestic Franchises; MB = Multibrand store (domestic market)
  • 36. 36 3Focus on product development increased perceived quality and desire for the product  Detailed product development  Desire and spontaneous reaction of opinion makers  Over 2,100 pieces sold .4 Schutz Handbags
  • 37. Key takeaways 37 Undisputable category leader 1 Significant growth potential 2 Reference brands 3 Scalable platform with operating leverage 5 Efficient and market oriented supply chain 4 High return on invested capital 6 3
  • 38. | Market Overview and | Sourcing and Industry Characteristics
  • 39. .1 Social upward mobility driving internal consumption 4 39 Income growth and job creation lead to rapid social upward mobility and increasing internal consumption 2003 70 (36%) 54 (27%)96 (55%) +14 mi (2003-14E) +49 mi (2003-14E) 2014E2011 27 (14%)22 (11%)13 (8%) 66 (38%) 100 (52%) 115 (59%) (Consumption growth as a result of the upward mobility in social classes; indexed 100 = class D/E) Source: IBGE, FGV, LCA, Bain & Co., BCG, Roland Berger, IPC Maps Classes A/B: monthly income above R$6,977 | Class C: monthly income between R$1,618 and R$6,977 | Class D: monthly income between R$1,013 and R$1,618 | Class E: monthly income below R$1,013 Class D/E Class C Class B Class A Out-of Home Food Furniture Apparel and Footwear Prescription/OTC drugs Hygiene and Personal Care Footwear and apparel have the largest growth potential Class C Class A/B Class D/E Brazil experiences an accelerated process of social upward migration... (Millions of people) 1.0x 1.0x 1.0x 1.0x 4.2x 3.2x 3.4x 3.4x 7.0x 5.6x 5.3x 5.6x 9.4x 7.9x 7.3x 7.6x Classes A/B: monthly income above R$4,808 | Class C: monthly income between R$1,115 and R$4,408 | Class D: monthly income between R$768 and R$1,115 | Class E: monthly income below R$768 ...Resulting in a significant rise of consumer goods consumption, including Footwear and Apparel 1.0x 3.7x 6.6x 9.2x
  • 40. 30% 40% 15% 15% Footwear Consumption 2013 10% 40%42% 8% Income Class 40 .2 Brazilian footwear market overview 4Arezzo&Co has a significant stake of the women footwear market and has consistently increased its market share Sports Men Kids Women Footwear Class AClass D/E Class C Class B Arezzo&Co’s market share1 Source: IBOPE Inteligência (Pyxis), Satra, World Bank, ABICALÇADOS, IEMI, MTE, MDIC, / SECEX, IBGE Note: 1. Based on Euromonitor research and IBOPE Inteligência (Pyxis). Estimated Arezzo&Co market share considering women footwear market Total footwear market (R$ bn) Women footwear Total footwear 2013E CAGR (03-13E): + 9.2% 15.9 40.3 4% 7% 8% 9% 10% 11% 2007 2008 2009 2010 2011 2012
  • 41. .3 Brazilian handbags market overview 4Arezzo&Co also has a relevant position within the fast growing handbag market in Brazil Source: IBOPE Inteligência (Pyxis), Satra, World Bank, ABICALÇADOS, IEMI, MTE, MDIC, / SECEX, IBGE Arezzo&Co current sell out breakdown 2Q13 LTM (R$ mn) Breakdown based on owned stores  Consolidated (including handbags and shoes) market share: 9,3%  Opportunity to consolidate handbag leading position 86% 11% Footwear Handbags 303.6 Note: 3% accessories Total handbags market (R$ bn) Women handbags Total handbags 2013E CAGR (03-13E): + 10.7% 4.0 5.1 Total addressable market (R$ bn) 80% 20% Footwear Handbags 19.9 41
  • 42. Pairs (millions) Production World share China 12,597 62.4% Índia 2,060 10.2% Brazil 894 4.4% Vietnam 760 3,8% Indonesia 658 3.3% Pakistan 292 1.4% Brazil is the third biggest footwear producer, with production mostly destined to supply the domestic market. Competitive costs, flexibility on minimum production and short lead time are the pillars to serve the fast fashion market .4 Footwear Industry - Global Overview and competitive advantages Pairs (millions) Consumption World share China 2,700 15.2% USA 2,335 13.4% India 2,034 11.7% Brazil 780 4,5% Japan 693 4.0% Indonesia 627 3.6% BRAZIL Lead time: 40 days Minimum/model: 800 pairs Minimum/construction: 4,000 pairs Production cap. (pairs) 894 million Cost (w/o tax): USD 21/pair Cost (w/tax): USD 27/pair CHINA (different clusters) Lead time: 120 to 150 days Minimum/model: 5,000 pairs Minimum/construction: 20,000 pairs Production cap. (pairs): 12,000 million Cost (FOB): USD 16-18/pair Cost (DDP): USD 42-45/pair INDIA Lead time: 160 days Minimum/model: 5,000 pairs Minimum/construction: 20,000 pairs Production cap. (pairs): 2,060 million Cost (FOB): USD 15/pair Cost (DDP): USD 23/pair ITALY Lead time: 70 days Minimum/model: 800 pairs Minimum/construction: 4,000 pairs Production cap. (pairs): 202 million Cost (FOB): USD 35/pair Cost (DDP): USD 49/pair VIETNAM Lead time: 120 to 150 days Minimum/model: 2,000 pairs Minimum/construction: 8,000 pairs Production cap. (pairs): 760million Cost (FOB): USD 18/pair Cost (DDP): USD 26/pair 4 Source: Abicalçados, Footwear News, Company estimates 42
  • 43. Brazil is recognized by the quality and high specialization within different and complex categories of shoes. The industry has been qualitatively developed in order to add value to products and thus increase its competitive advantages over Asian suppliers .5 Footwear Industry - Global footwear offering Global Footwear Offering: the higher and more centralized the country is in the pyramid, the more focused it is in fashion, creation, design, luxury market , marketing and distribution management, with smaller production scale Equipment assembly Manufacturing operation Manufacturer with own design and mostly local brand Manufacturer with own design and global brand Global Brands  Receive product and process specifications, as well as components and raw material  Assembly activities only  Usually don’t produce;  Creation + own brand management  Design and product specification  Mostly internationally outsourced  Supply chain management  Totally decide over marketing and commercialization Valueadded + - France Italy Spain Taiwan Brazil Mexico China India Thailand Vietnam Other global suppliers Indonesia B A C D E Industry segmentation vs. value creation: 4 Source: BNDES, Company estimates 43
  • 44. .6 Arezzo&Co sourcing: Brazilian competitive advantages Vale dos Sinos region offer strong competitive advantages, a combination of production capacity, production flexibility, skilled labor and strong structure to support incentives for innovation and strengthening of industry’s competitiveness Source: Abicalçados, 2012 / ASSINTECAL / FAO / AICSUL.  Brazil is the world’s third largest footwear producer  The world’s largest cattle: 13% of the market  RS: 1 third (R$ 1 billion) of Brazilian revenue in leather industry  Vale dos Sinos: one of the world’s largest footwear manufacturing hubs  1,700 companies and entities: components, footwear, machinery, tanneries, trade entities, research and teaching institutions  Abundant skilled and specialized labor  Production flexibility: volume X variety X speed Production (million pairs) Jobs (thousands) 819 338 Production (million pairs) Jobs (thousands) 270 138 Production (million pairs) Jobs (thousands) 216 110 BRAZIL SOUTHERN REGION VALE DOS SINOS Vale dos Sinos: 26% of Brazilian footwear production 4 44
  • 45. Trends and style Design Technical Design Engineering Samples Showroom Logistics and distribution Store Raw material price negotiations Scheduling + Manufacturer negotiation 1 2 3 4 5 6 7 .8 Arezzo&Co Sourcing Process and supply chain management Sourcing process and supply chain management focused on ensuring flexibility, speed and cost control in the creation of new products Arezzo&Co sourcing process: Coordinated management of production chain associated with Investments in product engineering: specific know how Arezzo&Co Raw materials Finished products Cost control Engineering folder Cost management efficiency Quality standard guarantee Efficient lead time Flexibility Chemicals and textile Components 4 45 SKU MODEL CONSTRUCTION 10% 35% 70% Reuse from collection to collection:
  • 46. | Financial Highlights 05
  • 47. In 2013, monobrand channel (Franchises and Owned Stores) increased 13.8%. In the quarter, both channels opened 29 stores. SSS Sell-out (owned stores + franchise ) 2.5% - 3.7%SSS Sell-in (franchises) 1.1% 2.0% n/a 12.2% n/a 13.1% 1) Other: Decreasing of 70.7% in 4Q13 and 52.2% in 2013. .1 Operational and financial highlights 5 47 Gross Revenue by channel – Domestic Market (R$ million) 151,9 164,1 512,4 583,1 88,3 91,7 256,0 291,4 72,9 58,2 285,8 288,6 4,8 1,4 15,4 7,4 4Q12 4Q13 2012 2013 Franchise Owned Stores Multi-brand Others² 317.9 315.4 1,069.6 1,170.4 -20.2% 8.0% -0.8% 3.9% 9.4% 1.0% 13.8% 13.8%
  • 48. 274 296 342 403 29 45 57 5518.0 21.8 26.5 31.8 2010 2011 2012 2013 Franchises Owned Stores Total sq m +59 +58 +38 20.0% 21.1% 21.6% 303 341 399 458 5 48 .2 Operational and financial highlights Key highlights Gross profit amounted R$425.7 million in 2013, a growth of 13.3% against 2012. Arezzo&Co achieved its commitment to open 59 stores in 2013, with growth of 17.0% in sales area, excluding outlets. In 2013, net revenue reached R$963.0 million, an increase of 11.9% over 2012. Number of Stores (R$ mn) and Total Area (sq m - ‘000) CAGR 07-13: 30.6% Net Revenues (R$ mn) Area CAGR 07- 13 : 18.1% 193,8 367,1 860.34 412.1 571.5 678.9 2007 2008 2009 2010 2011 2012 2013 89.4% 12.3% 38.7% 18.8% 26.7% 11.9% 962.95
  • 49. 5 49 .3 Operational and financial highlights Gross Profit (R$ million) EBITDA (R$ million) Net Income (R$ million) 111,6 114,2 375,8 425,7 4Q12 4Q13 2012 2013 2.2% 13.3% 44.2% 44.3% 43.7% 44.2% 43,8 43,6 135,8 8,0 143,8 159,5 4Q12 4Q13 2012 2013 -0.5% 17.5% 17.3% 16.9% 16.7% 16.6% 96,9 5,3 102,2 110,6 4Q12 4Q13 2012 2013 8.2% 3.4% 12.5% 12.7% 11.9% 11.5% 14.1% 31.7 32.7
  • 50. 50 5 .4 Operational and financial highlights Cash Conversion Cycle (R$ thousand) Cash Flows From Operating Activities (R$ thousand) Capex (R$ million) ¹ Days of COGS ² Days of Net Revenues Operational Indicators , , , , 2012 2013 Growth or spread% # of pairs sold ('000) 8.980 10.008 11,4% # of handbags sold ('000) 552 642 16,3% 0,1% # of employees 2.058 2.007 -2,5% # of stores * 399 458 59 Owned Stores 57 55 -2 Franchises 342 403 61 Outsorcing (as % os total production) 88,5% 91,1% 2,6 p.p SSS 2 Sell-in (franchises) 12,2% 2,0% -10,2 p.p SSS 2 Sell-out (owned stores + franchises) n/a 1,1% n/a Operating Indicators Income before income tax and social contribution 133.504 156.117 16,9% Depreciation and amortization 7.558 10.970 45,1% Ch Other (8.395) 8.304 n/a Decrease (increase) in current assets / liabilities (43.737) (57.351) 31,1% Trade accounts receivables (29.316) (38.426) 31,1% Inventories (19.206) (9.313) -51,5% Suppliers (1.779) (648) -63,6% Change in other noncurrent and current assets and liabilities 6.564 (8.964) n/a Payment of income tax and social contribution (37.708) (46.306) 22,8% Net cash flow generated by operational activities 51.222 71.734 40,0% Growth %Operating Cash Flow 2012 2013 Total capex 57.446 43.752 -23,8% Stores - expansion and refurbishing 37.349 15.765 -57,8% Corporate 18.417 25.244 37,1% Other 1.680 2.743 63,3% Growth %20132012Summary of investments #days (R$'000) #days (R$'000) 119 249,382 128 297,747 9 Inventory¹ 57 76,133 58 85,108 0 Accounts Receivable² 89 208,756 94 247,498 5 (-) Accounts Payable¹ 27 35,507 24 34,859 -3 Cash Conversion Cycle 4Q12 4Q13 Change (in days)
  • 51. 51 5 .5 Operational and financial highlights Indebtedness (R$ thousand) Indebtedness totaled R$ 109.8 million in 3Q13 versus R$ 55.2 million in 3Q12 Long-term debt relevance stood at 38.6% in 3Q13 versus 44.5% in 3Q12 Indebtedness policy remained conservative, with low weighted-average cost of Company's total debt Cash position and Indebtedness 4Q12 3Q13 4Q13 Cash 202.154 199.780 185.691 Total debt 94.084 109.042 98.418 Short term 42.843 66.930 59.835 % total debt 45,5% 61,4% 60,8% Long-term 51.241 42.112 38.583 % total debt 54,5% 38,6% 39,2% Net debt (108.070) (90.738) (87.273) EBITDA LTM 135,763 159,675 159,460 Net Debt /EBITDA LTM -1.0x -0.6x -0.5x
  • 52. 52 Appendix
  • 53. 53 .4 Key financial indicators A 1 - Includes non-recurring expense in 1Q12 in Other Operating Revenues and Expenses: Arezzo&Co terminated its contract with Star Export Assessoria e Exportação Ltda. (“Star”), which had been providing technical support and advice services for procurement and inspection of independent factories and workshops contracted to make products. As part of the termination, a payment of R$ 8 million was made and Star signed a five-year non-compete agreement. On the same date, a contract was signed with another company that has the same technical capability, providing the same type of services on special commercial terms to reduce costs while maintaining the same quality of services. 2 - Working Capital: current assets minus cash, cash equivalents and marketable securities less current liabilities minus loans and financing and dividends payable. 3 - Invested capital: working capital plus fixed assets and other long-term assets less income tax and deferred social contribution. 4 - Net debt is equal to total interest-bearing debt position at the end of a period less cash and cash equivalents and short-term financial investments. 4Q12 4Q13 Growth or spread% 2012 2013 Growth or spread% Net revenues 252.851 257.601 1,9% 860.335 962.950 11,9% COGS (141.203) (143.442) 1,6% (484.530) (537.221) 10,9% Gross profit 111.648 114.159 2,2% 375.805 425.729 13,3% Gross margin 44,2% 44,3% 0,1 p.p. 43,7% 44,2% 0,5 p.p. - SG&A (70.192) (73.762) 5,1% (247.600) (277.239) 12,0% - 3.570,33 % of Revenues 27,8% 28,6% 0,8 p.p 28,8% 28,8% 0,0 p.p Selling expenses (50.670) (54.405) 7,4% (174.453) (198.556) 13,8% - 3.735,33 Ow ned stores (25.845) (25.493) -1,4% (79.979) (90.851) 13,6% 352,00 Selling, logistics and supply (24.825) (28.912) 16,5% (94.474) (107.705) 14,0% - 4.087,33 General and administrative expenses (19.730) (16.524) -16,2% (60.841) (68.724) 13,0% 3.206,00 Other operating revenues (expenses)1 2.557 360 -85,9% (4.748) 1.011 n/a - 2.197,00 Depreciation and amortization (2.349) (3.193) 35,9% (7.558) (10.970) 45,1% - 844,00 Ebitda ¹ 43.805 43.590 -0,5% 135.763 159.460 17,5% Ebitda margin 17,3% 16,9% -0,4 p.p. 15,8% 16,6% 0,8 p.p. 35,9% Net income 31.673 32.745 3,4% 96.874 110.555 14,1% Net margin 12,5% 12,7% 0,2 p.p. 11,3% 11,5% 0,2 p.p. Working capital 2 - as % of revenues 27,4% 30,2% 2,8 p.p 27,4% 30,2% 2,8 p.p Invested capital 3 - as % of revenues 35,6% 41,0% 5,4 p.p. 35,6% 41,0% 5,4 p.p. Total debt 94.084 98.418 4,6% 94.084 98.418 4,6% Net debt 4 (108.070) (87.273) -19,2% (108.070) (87.273) -19,2% Net debt/EBITDA LTM -0,8x -0,5x n/a -0,8x -0,5x n/a Key financial indicators
  • 54. 54 .5 History – Franchises and Owned Stores A 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Sales area 1,3 - Total (m²) 22.084 23.112 24.531 26.543 26.659 27.996 28.999 31.848 Sales area - franchises (m²) 17.330 18.005 19.125 20.646 20.731 22.154 23.174 25.262 Sales area - Ow ned stores2 (m²) 4.754 5.107 5.406 5.897 5.928 5.842 5.825 6.586 Total number of domestic stores 338 351 368 390 391 408 420 449 # of franchises 292 301 316 334 335 353 365 395 Arezzo 290 295 300 311 312 324 328 340 Schutz 2 6 16 23 23 29 35 40 Anacapri 0 0 0 0 0 0 2 15 # of owned stores 46 50 52 56 56 55 55 54 Arezzo 18 19 19 19 19 17 16 17 Schutz 19 22 24 27 27 27 27 27 Alexandre Birman 1 1 2 2 2 2 2 2 Anacapri 8 8 7 8 8 9 10 8 7 8 9 9 9 9 9 9 # of franchises 7 8 8 8 8 8 8 8 # of owned stores 0 0 1 1 1 1 1 1 History of Stores Total number of international stores 1. Includes areas in square meters of 9 international stores 2. Includes 6 outlet-type stores with a total area of 2,217 m2 3. Includes areas in square meters of stores expansion
  • 55. 55 .6 Balance Sheet - IFRS AAssets 4Q12 3Q13 4Q13 Current assets 513.562 574.288 553.093 Cash and cash equivalents 11.518 10.748 13.786 Financial Investments 190.636 189.032 171.905 Trade accounts receivables 208.756 241.476 247.498 Inventory 76.133 99.819 85.108 Taxes recoverable 14.280 17.469 19.188 Other credits 12.239 15.744 15.608 Non-current assets 123.029 144.964 150.773 Long-term receivables 14.117 16.029 15.116 Financial Investments 20 22 23 Taxes recoverable 377 0 0 Deferred income and social contribution 6.264 7.600 5.514 Other credits 7.456 8.407 9.579 Property, plant and equipment 61.090 67.683 68.543 Intangible assets 47.822 61.252 67.114 Total Assets 636.591 719.252 703.866 Liabilities 4Q12 3Q13 4Q13 Current liabilities 127.418 179.422 143.860 Loans and financing 42.843 66.930 59.835 Suppliers 35.507 66.115 34.859 Dividends and interest on equity capital payable 8.945 0 7.598 Other liabilities 40.123 46.377 41.568 Non-current liabilities 55.274 49.111 45.464 Loans and financing 51.241 42.112 38.583 Related parties 973 801 873 Other liabilities 3.060 6.198 6.008 Equity 453.899 490.719 514.542 Capital 106.857 157.186 157.186 Capital reserve 173.498 126.781 128.288 Income reserves 153.162 206.752 208.174 Additional proposed dividend 20.382 0 20.894 Total liabilities and shareholders' equity 636.591 719.252 703.866
  • 56. 56 .7 Income Statement - IFRS A Income statement - IFRS 4Q12 4Q13 Growth % 2012 2013 Growth % Net operating revenue 252.851 257.601 1,9% 860.335 962.950 11,9% Cost of goods sold (141.203) (143.442) 1,6% (484.530) (537.221) 10,9% Gross profit 111.648 114.159 2,2% 375.805 425.729 13,3% Operating income (expenses): (70.192) (73.762) 5,1% (247.600) (277.239) 12,0% Selling (51.994) (56.227) 8,1% (178.526) (204.438) 14,5% Administrative and general expenses (20.755) (17.895) -13,8% (64.326) (73.812) 14,7% Other operating income net 2.557 360 -85,9% (4.748) 1.011 n/a Income before financial result 41.456 40.397 -2,6% 128.205 148.490 15,8% Financial income 428 3.240 657,0% 5.299 7.627 43,9% Income before income taxes 41.884 43.637 4,2% 133.504 156.117 16,9% Income tax and social contribution (10.211) (10.892) 6,7% (36.630) (45.562) 24,4% Current (7.083) (8.806) 24,3% (32.882) (44.812) 36,3% Deferred (3.128) (2.086) -33,3% (3.748) (750) n/a Net income for period 31.673 32.745 3,4% 96.874 110.555 14,1%
  • 57. 57 .8 Cash Flow Statement - IFRS A Statement of cash flow 4Q12 4Q13 2012 2013 Operating activities Income before income tax and social contribution 41.884 43.637 133.504 156.117 633 11.443 (837) 19.274 Depreciation and amortization 2.349 3.193 7.558 10.970 Income from financial investments (2.201) (3.275) (11.732) (13.168) Interest and exchange rate 263 6.444 767 9.671 SOP Other 222 5.081 2.570 11.801 1 Decrease (increase) in assets Customer receivables (7.545) (6.273) (29.316) (38.426) Inventory 6.822 14.472 (19.206) (9.313) Recoverable taxes (10.326) (1.719) (4.109) (4.531) Variation other current assets 387 (869) (652) (5.749) Judicial deposits 13 (167) (1.016) 257 Decrease (increase) in liabilities Suppliers (29.658) (31.256) (1.779) (648) Labor liabilities (2.669) (5.257) 3.256 (1.840) Fiscal and social liabilities 12.152 10.362 8.350 (2.803) Variation in other liabilities (982) 2.515 735 5.702 1 Payment of income tax and social contribution (15.890) (22.801) (37.708) (46.306) Net cash flow from operating activities (5.179) 14.087 51.222 71.734 Net cash used in investing activities (30.292) 7.301 (78.264) (11.860) 38.621 (17.068) 54.657 (5.337) Net cash used in financing activities (5) (1.282) (31.625) (52.269) Increase (decrease) in cash and cash equivalents 3.145 3.038 (4.010) 2.268 Increase (decrease) in cash and cash equivalents 3.145 3.038 (4.010) 2.268 1 Adjustments to reconcile net income with cash from operational activities Net cash used in financing activities - third parties
  • 58. IR Contacts  Thiago Borges  Leonardo Pontes dos Reis, CFA Phone: +55 11 2132-4300 ri@arezzoco.com.br www.arezzoco.com.br CFO and IR Officer IR Manager

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