1) Arezzo&Co reported net revenue growth of 7.5% in 3Q13 and 15.2% in the first nine months compared to the same period in 2012. Gross profit grew 8.4% in 3Q13 and 17.9% in the first nine months.
2) EBITDA was R$46.8 million in 3Q13, a 9.6% increase, with margins expanding 20 bps. Net income grew 19.3% in the first nine months to R$29.4 million.
3) The company invested
Kolme vaihtoehtoista skenaariota Satakunnasta vuonna 2030. Skenaariot liittyvät satakuntalaiseen asenneilmastoon, ilmapiiriin ja mentaliteettiin. Alustus pidetty Sataedun toimitusjohtajan Matti Isokallion juhlaseminaarissa 25.11.2016
dal test manuale al test automatico: un esempio basato sul Keyword Driven Tes...Microfocusitalia
M2A, dal test manuale al test automatico: un esempio basato sul Keyword Driven Testing - Stefano Lontano, Pre Sales Borland Solutions, Micro Focus Italy
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
2. Disclaimer
Information contained in this document may include forward-looking statements and reflect Management’s current view
and estimates of the evolution of the macroeconomic environment, industry conditions, Company’s performance and
financial results. Any statements, expectations, capabilities, plans and assumptions contained in this document, which do
not describe historical facts, such as information about declaration of dividend payment, future direction of operations,
implementation of relevant operating and financial strategies, investment program and factors or trends affecting the
financial condition, liquidity or results of operations, are forward-looking statements, as set forth in the “U.S. Private
Securities Litigation Reform Act of 1995”, and involve several risks and uncertainties. There is no guarantee that these
results will occur. Forward-looking statements are based on several factors and expectations, including economic and
market conditions, industry competitiveness and operational factors. Any changes in such expectations and factors may
cause actual results to differ from current expectations.
The Company’s consolidated financial statements presented herein are in accordance with the International Financial
Reporting Standards - IFRS, issued by the International Accounting Standards Board - IASB, based on the audited
financial statements. Non-financial information and other operating information have not been subject to an audit by
independent auditors.
2
3. 3Q13 Highlights
Net Revenue
Net revenue reached R$266.7 million in the quarter. In the first nine months of 2013, net
revenues increased by 16.1% over the same period in 2012.
Gross Profit
Gross Profit totaled R$116.1 million in 3Q13, 8.4% growth compared to 3Q12. In the first nine
months of the year, gross profit increased by 17.9% over 2012.
EBITDA
EBITDA in 3Q13 amounted to R$46.8 milhões, with 17.5% margin. In the first nine months,
EBITDA reported 15.9% recurring growth over the same period in 2012.
Area Expansion
In the quarter Arezzo&Co opened 12 stores and expanded 3 stores to add 1,003m² of sales
area.
3
4. Company Growth
Gross Revenues – Domestic and Export Market (R$ million)
781.7
29.9
15.2%
900.7
45.7
52.9%
7.5%
337.8
314.1
855.0
43.9%
18.2
12.7
6.0%
13.7%
301.4
319.6
3Q12
3Q13
751.8
Domestic Market
9M12
9M13
External Market
Company’s gross revenue was R$337.8 million in the quarter, an increase of 7.5% compared with 3Q12.
In the first nine months of the year, gross revenue amounted R$900.7 million and represented a growth
of 15.2%.
4
5. Company Growth
Gross Revenues by brand – Domestic Market (R$ million)
13.7%
855.0
751.8
33.8
35.0
21.2%
296.1
244.3
6.0%
10.6%
319.6
301.4
14.0
7.2%
106.5
99.3
188.1
11.4
7.2%
3Q12
523.9
473.7
201.7
3Q13
Arezzo
9M12
Schutz
9M13
Other brands¹
Both Arezzo and Schutz brands increased 7.2% in revenues in the quarter. In special, Schutz brand
gross revenue increased 21.2% year-to-date, leveraged by 22 stores openings and 1 store expansion in
the last 12 months.
1) Other brands: decreasing of 18.8% in the 3Q13 and increasing of 3.5% in 9M13.
5
6. Gross Revenue Breakdown by Channel –
Domestic Market
Gross Revenue by channel – Domestic Market (R$ million)
13.7%
751.8
10.7
855.0
6.0
8.2%
230.4
19.1%
199.6
212.9
6.0%
319.6
-0.4%
0.8
82.8
68.4
301.4
4.2
83.2
63.0
151.1
8.6%
10.9%
3Q12
SSS Sell-out (owned stores + franchise )
SSS Sell-in (franchises)
16.2%
360.5
419.0
167.6
3Q13
Franchise
167.7
Owned Stores
9M12
Multi-brand
9M13
Others²
n/a
-5.1%
n/a
0.5%
14.2%
0.6%
11.9%
4.3%
In the quarter, the monobrand channel presented 10.2% growth, leveraged by an increase of 10.9% in
the franchise channel, with 49 stores openings and expansion of other 10 in the last twelve months.
1) Other: Decreasing of 81.2% in 3Q13 and 44.0% nos 9M13.
6
7. Distribution Channel Expansion
Owned Stores and Franchises Expansion
18.2%
29.0
Franchises
Owned Stores ¹
+57
+52
56
53
36
282
3Q10
3Q11
Franchises
1.478
Owned Stores
2
Multibrands ²
377
27
260
28
9
Franchises
+31
287
318
35
2
Owned Stores ¹
10
Multibrands ²
890
429
19.7
17.2
Franchises
Multibrands ²
15.0%
987
Owned Stores ¹
24.5
16
Multibrands ²
24.3%
336
324
3Q12
Owned Stores
373
3Q13
Area
Sales area increased by 18.2% in this quarter compared to the same period of last year, due to 52
stores openings and expansion of other 12 stores in the last twelve months.
Note: area given in thousand square meter
1) Includes 5 outlets with total area of 1,227 sq m
2) Domestic Market
7
8. Gross Profit and EBITDA
Gross Profit (R$ million)
EBITDA (R$ million)
44.2%
43.5%
17.9%
43.5%
43.4%
16.5%
311.6
15.9%
17.5%
17.3%
264.2
16.4%
115.9
100,0
8.0
8.4%
107.0
3Q12
3Q13
9.6%
116.1
42.7
9M12
9M13
3Q12
46.8
92.0
3Q13
9M12
9M13
Gross profit in the quarter reached R$116.1 million, with margin of 43.5%. EBITDA amounted R$46.8
million, an increase of 9.6%, with EBITDA margin expanding 20 bps over 3Q12.
8
9. Net Income
Net Income (R$ million)
11.6%
11.0%
77.8
70.5
10.4%
5.3
11.6%
11.0%
19.3%
28.6
3Q12
2.8%
29.4
65.2
3Q13
9M12
9M13
Arezzo&Co’s net profit amounted R$29.4 million in the quarter, with 11.0% net margin. In the first nine
months of the year, net profit reported 19.3% growth compared to 2012. Excluding 1Q12 non-recurring
effect, net profit would have grown 10.4%.
9
10. Cash Generation
Operating Cash Generation (R$ thousand)
Operating Cash Flow
Incom e before incom e tax and social contribution
3Q12
3Q13 Growth%
9M12
9M13 Growth%
42,289
45,630
7.9%
91,620
112,480
22.8%
2,043
2,807
37.4%
5,209
7,777
49.3%
(1,032)
(3,882)
276.2%
(6,679)
53
n/a
(36,822)
(27,875)
-24.3%
(11,931)
(39,160)
228.2%
Trade accounts receivables
(50,566)
(41,250)
-18.4%
(21,771)
(32,153)
47.7%
Inventories
(17,341)
(9,595)
-44.7%
(26,028)
(23,785)
-8.6%
21,837
22,559
3.3%
27,879
30,608
9.8%
9,248
411
-95.6%
7,989
(13,830)
n/a
-41.9%
(21,818)
(23,505)
7.7%
56,401
57,645
2.2%
Depreciation and am ortization
Other
Decrease (increase) in current assets / liabilities
Suppliers
Change in other noncurrent and current assets and
liabilities
Paym ent of incom e tax and social contribution
Net cash flow generated by operational activities
(10,166)
(5,907)
(3,688)
10,773
n/a
Checar
(
Arezzo&Co generated R$10.8 million of net cash flow in the third quarter, due to a higher operating
profit.
10
11. Capital Expenditure (CAPEX) and
Indebtedness
CAPEX (R$ million)
Indebtedness (R$ million)
48.3
Cash position and Indebtedness
3Q12
2Q13
3Q13
175,605
214,411
199,780
55,199
107,862
109,042
30,626
60,763
66,930
-36.5%
Cash
1.3
Total debt
Short term
15.7
30.7
% total debt
Long-term
15.7%
16.5
0.8
5.4
10.3
2.3
-36.4%
% total debt
55.5%
24,573
44.5%
56.3%
47,099
43.7%
61.4%
42,112
38.6%
Net debt
18.2
10.5
14.8%
31.3
-64.8%
(106,549)
EBITDA LTM
125,128
155,575
159,675
-1.0x
-0.7x
-0.6x
Net Debt /EBITDA LTM
-67.5%
0.7
6.2
(120,406)
(90,738)
10.2
3.6
3Q12
3Q13
Stores
9M12
Corporate
9M13
Others¹
In the quarter, the Company invested R$10.5 million, of which R$3.6 million were used for stores
openings and refurbishments and R$6.2 million in corporate investments. Company’s net cash was
R$90.7 million by the end of the quarter.
1) Other: decreasing of 14.0% in 3Q13 and increasing of 82.9% in 9M13.
11
12. Contacts
CFO and Investor Relations Officer
Thiago Borges
IR Manager
Leonardo Pontes dos Reis, CFA
IR Specialist
Vanessa Sorechio
IR Analyst
Leandro Vieira
Telephone: +55 11 2132-4300
ri@arezzoco.com.br
www.arezzoco.com.br