Result of the operational area reorganization at a footwear business

1. 26%
27%
28%
29%
30%
31%
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
2012 2013 2014 YTD Set 2015
Gross Margin Avg. Selling Price Avg. Selling Price + Inflation
Cost of Goods Sold Cost of Goods Sold + Inflation
As a result of the success of the operational areas reorganization, CGS (Cost of Goods Sold) were managed to be flat over the
years and significantly below inflation evolution. Gross Margin jumped from 26%-27% to 30%-31% allowing Selling Prices of the
Goods Sold to be keept almost stable at ~BRL70 (gain in competitiveness).
Note: Production Efficiency moved from ~60% to ~80% (not shown in the graph)
Source: site Vulcabras

2. Figures expressed as % of the Total Company Turnover
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
2012 2013 2014 YTD Jun 2015
EBITDA % Operational Result %
Source: site Vulcabras