ModeloSGPS 1S19 v1 Online U12m

Última Cotação 12.
00
Ano do Valuation 2019
# ações (MM) 50
TP por FCFF 30.48
Alíquota IR 30%
Segmento Têxtil Upside 154%
Ticker SGPS3
Análise de cenários Base 1

Base Pessimista Otimista Final
SG&A Atacado/Receita Líquida -18.0% -20.0% -16.0% -18%
SG&A Varejo/Receita Líquida -42.0% -48.0% -39.0% -42%
Multiplicador de PIB 1 0.5 1.5 1.00
Dados dos próximos anos 2018 2019 2020 2021 2022

Receita Líquida 2,255 2,402 2,516 2,655 2,803
EBITDA 245 338 346 367 393
Lucro Líquido 7 88 102 124 149
Crescimento 2018 2019 2020 2021 2022

Receita Líquida% YoY 3% 6% 5% 6% 6%
EBITDA% YoY 4% 2% 5% 5% 5%
Lucro Líquido% YoY -65% 1070% 17% 21% 21%
Mercado 2018 2019 2020 2021 2022

P/E ou Preço/Lucro (x) 80.2 6.9 5.9 4.9 4.0
P/BV ou Preço/ Valor Patri 0.5 0.5 0.4 0.4 0.4
P/S ou Preço/Receita Líquid 0.3 0.2 0.2 0.2 0.2
EV/EBITDA (x) 6.1 4.2 4.0 3.6 3.2
EV/EBIT (x) 8.8 5.4 5.1 4.5 3.9
Dividend Yield% (Cot fim) 0% 0% 0% 0% 0%
FCFE yield % -7% 9% 8% 9% 14%
FCFF yield% 12% 15% 14% 15% 17%
PEG ratio 0.0 0.0 0.6 0.7 1.1
Retorno 2018 2019 2020 2021 2022

ROE (Retorno sobre o Patr 1% 7% 8% 9% 10%
ROA (retorno sobre Ativos) 0% 3% 3% 4% 4%
ROIC (Retorno sobre o Capi 8% 12% 12% 12% 12%
ROIC com Imobilizado 7% 10% 10% 11% 11%
ROCE 6% 9% 9% 9% 10%
Receita Líquida (R$ MM) EBITDA
12,000 35% 450
30% 400
10,000 350
8,000 25% 300
6,000 20% 250
R$ MM
15% 200
2,311
2,267
2,199 4,000
2,092
2,043
1,683
2,255 150
1,408
2,402
2,000 10%
2,516
2,655
2,803
3,127
100
2,959
- 5% 50
0
10 12 14 16 18 20 22 24 0% -
20 20 20 20 20 20 20 20 08 10 12 14 16 18 20 22 24
20 20 20 20 20 20 20 20 20
M. Interno M. Externo
EBITDA Mg Bruta%
Resultado Bruto
Mg EBITDA Atual Lá na frentSugerido
35% 1,000
900 América do Norte 9% 7.5% 9%
30%
25%
800 América do Sul 15.0% 15%
700
20% 600 Varejo 4% 12.3% 12%
R$ MM
15%
500 Atacado 15% 15.3% 16%
400
10% 300
200
5%
100
0% -
08 10 12 14 16 18 20 22 24
20 20 20 20 20 20 20 20 20
Lucro Bruto Mg Bruta%

2008 2009 2010 2011
Número de Ações 143647
Preço de fechamento da ação 12.47
DEMONSTRATIVO DE RESULTADO - R$ Milhões 2011
Receita Operacional Bruta 1,772.0

Deduções de Vendas (364.2)
Receita Operacional Líquida 1,407.8
Custo dos Produtos Vendidos (1,062.9)
Materiais (654.5)
Custo de Conversão e Outros (336.3)
Depreciação (72.1)
Lucro Bruto 344.9
Margem Bruta 24.5%
Receitas (Despesas) Operacionais (282.6)
De Vendas (179.9)
Gerais e Administrativas (102.5)
Outras, Líquidas (0.2)
Provisão para desvalorização de ativos
Resultado Operacional 62.3
Resultado Financeiro (107.4)
Despesas Financeiras - juros e encargos (72.6)
Despesas Bancárias, Impostos, Descontos e Outros (45.0)
Receitas Financeiras 26.7
Variações Cambiais Líquidas (16.5)
Resultado Antes dos Impostos (45.1)
Impostos Correntes - CSSL e IRPJ (23.7)
Impostos Diferidos - CSSL e IRPJ (68.7)
Resultado Líquido Proveniente das Operações Continuadas (137.5)
Resultado Proveniente das Operações Descontinuadas de Controladas (269.7)
Lucro (Prejuízo) Líquido do Período (407.2)
RECONCILIAÇÃO DO EBITDA - R$ Milhões 2011
Lucro (Prejuízo) Líquido (407.2)

(+) CSSL e IRPJ 92.4
(+) Resultado Financeiro 107.4
(+) Depreciação e Amortização 100.5
EBITDA (106.9)
(-) Ganho líquido com a venda de ativos -
EBITDA excluindo ganho líquido com a venda de ativos (106.9)
(-) Resultado das Operações Descontinuadas 269.7
(-) Depreciação e Amortização das Operações Descontinuadas (22.5)
EBITDA - Ajustado 140.3
Margem EBITDA ajustado% 10.0%
ATIVO - R$ Milhões 4T11
Circulante 1,421.8
Caixa e equivatentes de caixa 146.6
Títulos e valores mobiliários -
Instrumentos financeiros -
Duplicatas a receber 448.3
Estoques 698.5
Adiantamento a fornecedores 67.7
Impostos a recuperar 32.8
Valores a receber - venda de imobilizado
Instrumentos derivativos 11.2
Outros créditos a receber 16.7
Não Circulante 1,257.6
Realizável a longo prazo 163.8
Títulos e valores mobiliários
Valores a receber - clientes
Valores a receber - venda de imobilizado
Partes relacionadas -
Impostos a recuperar 34.1
Imposto de renda e contribuição social diferidos 55.5
Imobilizado disponível para venda 50.4
Depósitos judiciais 15.7
Outros 6.2
Ativo permanente 1,093.8
Outros investimentos -
Propridade para investimentos
Imobilizado 980.0
Intangível 113.8
TOTAL DO ATIVO 2,679.4
PASSIVO e PATRIMÔNIO LÍQUIDO - R$ Milhões 4T11
Circulante 739.6
Empréstimos e financiamentos 337.7
Debêntures 25.4
Instrumentos financeiros -
Fornecedores 213.0
Impostos e taxas 14.3
Obrigações sociais e trabalhistas 49.5
Instrumentos derivativos 18.0
Partes relacionadas - minoritários 20.0
Concessões governamentais 4.1
Arrendamentos não recuperáveis 5.3
Outras contas a pagar 52.3
Não Circulante 733.3
Empréstimos e financiamentos 519.9
Debêntures 5.3
Arrendamentos não recuperáveis 8.7
Concessões governamentais 68.8
Partes relacionadas 17.7
Planos de aposentadoria e benefícios 77.5
Provisões diversas 16.3
Impostos diferidos
Outras obrigações 19.1
Patrimônio Líquido 1,206.5
Capital realizado 1,691.2
Reserva de capital 79.4
Ajuste de avaliação patrimonial -
Ajuste acumulado de conversão (149.2)
Reservas de lucros 25.2
Lucro (prejuízo) acumulado (448.9)
Participação dos acionistas não-controladores 8.8
TOTAL DO PASSIVO E PATRIMÔNIO LÍQUIDO 2,679.4
2011
Fluxos de caixa das atividades operacionais

Lucro (prejuízo) líquido do período (407.2)
Ajustes para reconciliar o lucro (prejuízo) líquido ao caixa gerado pelas (aplicado nas) atividades operacionais:
Depreciação e amortização 100.5
Concessões governamentais -
Provisão para desvalorização de ativos
Imposto de renda e contribuição social 92.5
Resultado na alienação do ativo permanente (0.4)
Provisão para ganhos em ativos permanente 59.9
Ganho com instrumento financeiro, líquido resultado valor justo
Variações monetárias
Variações cambiais 60.6
Juros e encargos sobre empréstimos 60.0
Outras provisões 4.3
Variações nas contas de ativos e passivos

Títulos e valores mobiliários -
Instrumentos financeiros
Estoques (153.9)
Adiantamento a fornecedores (3.5)
Fornecedores 20.7
Impostos e taxas
Outros (26.9)
Caixa líquido gerado pelas (aplicado nas) atividades operacionais (128.9)
Juros pagos sobre empréstimos (36.6)

Imposto de renda e contribuição social pagos (24.1)
Caixa líquido gerado pelas (aplicado nas) atividades operacionais após juros e impostos (189.6)
Fluxos de caixa das atividades de investimento

Aquisição em participação em controlada (10.2)
Em investimentos permanentes
Em ativo imobilizado (74.3)
No intangível (38.2)
Alienação de ativo imobilizado e intangìveis 13.8
Instrumentos derivativos (19.9)
Empréstimos entre empresas associadas 19.2
Caixa líquido gerados pelas (aplicado nas) atividades de investimento (109.6)
Fluxos de caixa das atividades de financiamentos

Integralização de capital -
Aquisição de participação de não contralodores em controlada -
Ingresso de novos empréstimos 856.2
Emissão de debêntures -
Liquidação de empréstimos (553.2)
Pagamento de dividendos (0.4)
Despesas com aumento de capital -
Caixa líquido gerado pelas (aplicados nas) atividades de financiamento 302.6
Efeito da variação cambial sobre o caixa equivalentes de caixa de controladas no exterior 1.9
Aumento (diminuição) no caixa e equivalentes de caixa 5.3
Caixa e equivalentes de caixa:

No início do período 141.3
No fim do período 146.6
Aumento (diminuição) no caixa e equivalentes de caixa 5.3

DESEMPENHO OPERACIONAL 2011
Número de lojas 193

Próprias 78
Franquias 115
Casas Moysés -
- Loja Própria -
- Franquias -
MMartan 162
- Loja Própria 47
- Franquias 115
Artex 31
- Loja Própria 31
- Franquias -
Por linha de Produto
RECEITA LÍQUIDA - R$ milhões
Receita Líquida Total

Cama, Mesa e Banho
Utility Bedding
Produtos Intermediários
Varejo
VOLUME - t
Volume Total
Cama, Mesa e Banho
Utility Bedding
Varejo
PREÇO MÉDIO - R$/kg
Preço Médio Total

Cama, Mesa e Banho
Utility Bedding
RECEITA LÍQUIDA - R$ MILHÕES 2011

Receita Líquida Total 1,407.8
América do Norte ¹ 465.9
América do Sul ¹ 941.9
Varejo 181.4
Atacado 760.5
Cama, Mesa e Banho 516.5
Produtos Intermediários 244.0
Intra-Companhia
Custo do Produtos Vendidos - R$ MILHÕES
Custo dos Produtos Vendidos Total (1,062.9)

América do Norte ¹ (393.9)
América do Sul ¹ (669.0)
Varejo (82.7)
Atacado (586.3)
Intra-Companhia
Lucro Bruto - R$ MILHÕES
Lucro Bruto Total 344.9

América do Norte ¹ 72.0
América do Sul ¹ 272.9
Varejo 98.7
Atacado 174.2
Não alocáveis
Margem Bruta - %
Margem Bruta Total 24.5%

América do Norte ¹ 15.5%
América do Sul ¹ 29.0%
Varejo 54.4%
Atacado 22.9%
SG&A - R$ MILHÕES
SG&A Total
América do Norte ¹
América do Sul ¹
Varejo
Atacado
Não alocáveis
OUTROS - R$ MILHÕES
Outros Total
América do Sul ¹
Varejo
Atacado
Não alocáveis
DEPRECIAÇÃO E AMORTIZAÇÃO - R$ MILHÕES
Depreciação e Amortização Total

América do Sul ¹
Varejo
Atacado
RESULTADO OPERACIONAL - R$ MILHÕES
RESULTADO OPERACIONAL - R$ MILHÕES

América do Sul ¹
Varejo
Atacado
Não alocáveis
EBITDA - R$ MILHÕES
EBITDA Total
América do Sul ¹
Varejo
Atacado
Não alocáveis
Margem EBITDA - %
Margem EBITDA Total

América do Sul ¹
Varejo
Atacado
¹ Até o 4º trimestre de 2012, a Companhia apresentava seus resultados segregados geograficamente entre "Brasil" e "Outros Países".
A partir do 1º trimestre de 2013, a Companhia apresenta seus resultados segregados geograficamente entre "América do Sul" e "Améric
Investimento (R$ milhões) 2011
Indústria 47.0
Varejo 65.5
Total 112.5
Capital de Giro (R$ milhões) 2011

Capital de Giro (R$ milhões) 2011

Estoques 698.5
Fornecedores 213.0
Capital de Giro 1,001.5
2012 2013 2014 2015 2016 2017 2018
200000 200000 200000 50000 50000 50000 50000
11.64 7.12 2.56 2.89 4.25 10.81 6.9
2015 2016 2017 U12M

2012 2013 2014
2,088.3 2,518.8 2,573.7 2,707.3 2,817.9 2,687.2 2,714.9

(405.4) (475.8) (481.7) (440.2) (506.6) (488.5) (459.6)
1,682.9 2,043.0 2,092.0 2,267.1 2,311.3 2,198.7 2,255.3
(1,280.9) (1,561.3) (1,542.3) (1,657.1) (1,692.3) (1,621.1) (1,678.2)
(805.9) (997.9) (956.1) (1,044.8) (1,065.7) (979.1) (1,033.6)
(405.3) (493.2) (506.9) (539.8) (554.9) (574.2) (575.5)
(69.7) (70.2) (79.3) (72.4) (71.7) (67.8) (69.0)
402.0 481.8 549.7 610.0 619.0 577.6 577.2
23.9% 23.6% 26.3% 26.9% 26.8% 26.3% 25.6%
(288.3) (418.2) (446.0) (455.6) (430.9) (396.7) (407.6)
(243.3) (299.9) (303.9) (294.8) (280.7) (272.8) (274.7)
(111.0) (125.6) (133.5) (148.7) (145.4) (142.4) (152.2)
66.0 7.3 (8.6) (12.1) (4.8) 18.6 19.3
(19.1) - -
113.7 63.6 103.7 154.3 168.9 180.9 169.6
(119.8) (113.1) (140.1) (118.8) (233.5) (185.2) (217.8)
(80.6) (79.0) (110.3) (150.7) (171.4) (142.9) (129.2)
(51.0) (56.0) (58.6) (63.5) (61.0) (59.6) (52.2)
17.5 8.3 16.3 25.8 22.8 27.0 27.3
(5.7) 13.6 12.5 69.7 (23.9) (9.7) (63.7)
(6.1) (49.5) (36.4) 35.6 (64.6) (4.3) (48.2)
(3.8) (3.4) 3.3 (8.3) 2.3 (1.5) (3.9)
1.1 0.2 4.0 (4.7) 55.9 27.5 59.6
(8.8) (52.7) (29.1) 22.6 (6.3) 21.6 7.5
(135.4) - - - -
(144.2) (52.7) (29.1) 22.6 (6.3) 21.6 7.5
-
2015 2016 2017 U12M
2012 2013 2014
Dec-99
(144.2) (52.7) (29.1) 22.6 (6.3) 21.6 7.5
2.7 3.2 (7.3) 13.0 (58.3) (26.0) (55.7)
119.8 113.1 140.1 118.8 233.5 185.2 217.8
94.0 91.5 86.0 78.7 77.7 73.7 75.0
72.3 155.1 189.7 233.0 246.6 254.6 244.6
(75.7) - - - 19.1 - -
(3.4) 155.1 189.7 233.0 265.7 254.6 244.6
135.4 - - - - - -
(11.7) - - - - - -
120.3 155.1 189.7 233.0 265.7 254.6 244.6
7.1% 7.6% 9.1% 10.3% 11.5% 11.6% 10.8%
4T15 4T16 4T17 U12M

4T12 4T13 4T14
1,265.8 1,266.2 1,360.3 1,453.2 1,360.5 1,344.6 1,450.9

109.3 81.6 129.6 149.9 160.4 155.4 135.4
1.6 1.2 1.4 2.0 18.2 35.2 64.3
- - - 19.9 18.9
451.7 513.3 522.5 508.8 493.2 497.6 551.1
588.5 559.0 589.6 658.0 560.2 538.2 572.6
57.4 50.7 46.7 39.5 35.6 37.2 37.5
32.2 28.5 47.4 31.4 35.9 28.7 16.4
8.3 -
- - - - -
25.1 31.9 23.2 35.4 57.0 52.3 54.7
1,202.2 1,176.8 1,108.3 1,145.1 1,269.2 1,376.9 1,489.2
135.0 143.8 139.5 229.1 403.9 381.7 496.8
- - - -
62.1 63.8 78.0
- - - -
24.3 37.4 42.4
40.9 54.9 54.6 59.5
0.2 - 7.5 23.5 37.6 39.7 46.6
6.3 5.8 4.6 3.6 9.3 14.9 30.3
56.7 56.8 62.5 58.3 113.4 89.4 155.0
40.6 58.3 40.5 59.1 49.2 33.7 39.2
15.2 16.2 17.5 20.5 19.2 13.7 12.6
16.0 6.7 6.9 23.2 34.1 34.6 33.2
1,067.2 1,033.0 968.8 916.0 865.2 995.1 992.4
2.5 2.2 2.0 3.9
211.2 227.0
950.7 911.1 847.3 784.9 749.3 669.2 646.9
114.0 119.7 119.6 127.2 116.0 114.8 118.6
2,468.0 2,443.0 2,468.6 2,598.3 2,629.7 2,721.4 2,940.1
-
4T15 4T16 4T17 3T18
4T12 4T13 4T14
-
727.7 854.8 716.2 850.7 816.6 762.9 840.8
375.8 497.0 403.7 396.7 383.6 444.9 392.6
11.9 - 1.7 134.5 135.0 12.0 67.3
- - - - -
186.5 194.0 167.1 152.2 144.0 163.3 195.7
12.5 11.5 12.1 17.3 13.9 13.6 20.3
46.6 53.7 51.6 55.1 54.5 59.7 78.9
- - - - -
- - - - -
13.1 16.0 16.6 18.3 17.6 19.5 19.8
13.7 10.0 4.3 7.0 6.3 7.2 8.7
67.6 72.6 59.1 69.5 61.6 42.9 57.3
522.7 436.3 666.6 668.7 785.3 809.0 938.7
328.0 251.6 191.5 293.0 580.7 582.2 620.8
- - 263.7 133.8 - 36.6 106.6
11.7 11.9 12.8 20.6 15.5 13.8 15.9
49.9 48.6 47.9 49.0 48.7 42.8 43.9
- 1.1 8.0 0.1 - 0.1
86.8 80.2 101.1 131.7 106.0 95.5 109.6
18.9 17.9 22.0 23.3 21.8 18.6 13.0
4.3 4.3
27.5 25.0 19.6 17.1 12.6 15.2 24.6
1,217.5 1,151.9 1,085.8 1,079.0 1,027.8 1,149.5 1,160.6
1,860.3 1,860.3 1,860.3 1,860.3 1,860.3 1,860.3 1,860.3
79.4 79.4 79.4 79.4 79.4 79.4 79.4
(34.1) (21.9) (40.4) (33.5) (36.7) 82.4 82.4
(168.4) (190.0) (209.2) (248.1) (271.1) (274.2) (255.7)
25.2 25.2 25.2 25.2 25.2 25.2 25.2
(551.7) (608.9) (637.2) (614.7) (633.9) (623.6) (630.9)
6.9 7.8 7.7 10.5 4.7 - -
2,467.9 2,443.0 2,468.6 2,598.3 2,629.7 2,721.4 2,940.1
2015 2016 2017 U12M

2012 2013 2014
(144.2) (52.7) (29.1) 22.6 (6.3) 21.6 7.5
94.0 91.5 86.0 78.7 77.7 73.7 75.0

- - - - 0.0
19.1 0.0
2.8 3.2 (7.3) 13.0 (58.3) (26.0) (55.7)
(83.9) 14.5 15.8 (25.2) (5.5) (16.7) (12.2)
7.6 (24.7) (1.2) - 0.0
0.0
(0.2) 0.3 3.8
21.6 (10.4) (10.2) (34.9) 20.0 9.4 63.4
53.8 60.2 88.3 113.1 194.1 156.4 119.3
17.8 - - 9.3 2.6 2.6
0.0
0.0
(1.5) 0.4 (0.2) (0.6) (76.2) (8.7) (14.9)
(18.9)
(10.5) (61.6) (9.2) 13.7 (89.4) (24.1) (30.3)
110.0 29.5 (30.6) (68.4) 53.8 17.6 (20.2)
10.3 6.7 4.0 7.2 2.6 (1.6) 2.2
(26.5) 7.5 (26.9) (14.9) 43.0 21.6 39.4
0.0
(32.2) (14.5) (49.9) (24.5) (42.9) (40.7) (23.6)
0.0
19.1 49.5 29.6 79.6 140.8 185.5 137.4
0.0
(72.3) (48.7) (66.2) (152.6) (139.1) (125.3) (99.7)
(3.0) (3.4) 1.1 (5.9) (1.5) (6.2) (2.6)
0.0
(56.2) (2.7) (35.4) (78.9) 0.2 54.0 35.1
0.0
0.0
(2.5) - - - 0.0
- - - (2.0) (15.9) (17.2)
(60.0) (56.7) (55.1) (42.2) (73.7) (55.3) (60.6)
(2.5) (2.5) (0.2) (0.0) (1.3) (3.1) (5.2)
100.4 7.6 39.2 7.0 1.3 41.8 35.5
14.3 - - 0.0
(8.6) 9.9 2.0 17.2 (47.3) (3.4) (37.9)
0.0
41.1 (41.7) (14.0) (20.1) (121.0) (36.0) (85.4)
-
-
189.4 - - - -
(15.0) - - - -
330.1 232.9 323.3 728.4 910.4 840.9 895.8
- - 270.0 - -
(526.6) (215.2) (496.2) (616.1) (769.1) (860.3) (834.6)
- - - - -
- (4.1) - - -
- - - - -
(22.1) 13.6 97.0 112.4 141.3 (19.4) 61.2
-
(0.1) 3.1 0.4 7.0 (10.1) (3.6) 4.4
-
(37.3) (27.7) 48.0 20.4 10.4 (4.9) 15.3
-
-
146.6 109.3 81.6 129.6 149.9 160.4 538.4
109.3 81.6 129.6 149.9 160.4 155.4 553.7
-
(37.3) (27.7) 48.0 20.4 10.4 (4.9) 15.3
2015 2016 2017 U12M
2012 2013 2014
231 241 239 229 223 231 232

103 118 112 92 78 71 69
128 123 127 137 145 160 163
1 1 - - - - -
1 1 - - - - -
- - - - - - -
176 174 174 170 161 159 157
48 51 47 42 35 31 32
128 123 127 128 126 128 125
54 66 65 59 62 72 75
54 66 65 50 43 40 37
- - - 9 19 32 38
2,043.0 2,092.0 2,267.1 2,311.3 2,198.7 2,255.4

1,121.3 1,087.9 1,083.6 1,023.6 987.0 996.6
424.0 492.6 718.0 775.5 669.0 745.4
249.7 228.4 200.1 260.1 289.9 253.7
248.0 283.1 265.4 252.1 252.8 259.6
119,154 111,639 102,739 107,093 104,320 98,142.0

49,426 41,735 35,451 32,772 31,514 30,158.0
38,158 40,677 42,475 46,333 44,651 43,840.0
31,570 29,227 24,813 27,988 28,155 24,144.0
17.1 18.7 22.1 21.6 21.1 23.0

22.7 26.1 30.6 31.2 31.3 33.0
11.1 12.1 16.9 16.7 15.0 17.0
7.9 7.8 8.1 9.3 10.3 10.5
2015 2016 2017 U12M

2012 2013 2014
1,682.9 2,043.0 2,092.0 2,267.1 2,311.3 2,198.7 2,255.4
663.3 713.1 698.2 923.8 965.2 784.6 864.5
1,019.6 1,329.9 1,463.1 1,418.3 1,408.4 1,488.3 1,466.7
224.7 248.0 283.1 265.4 252.1 252.8 259.6
794.9 1,081.9 1,180.0 1,152.9 1,156.3 1,235.5 1,207.1
567.0 832.2 951.6 952.8 896.2 945.6 953.4
227.9 249.7 228.4 200.1 260.1 289.9 253.7
(75.0) (62.3) (74.2) (75.8)
0
-
(1,280.9) (1,561.3) (1,542.3) (1,657.1) (1,692.3) (1,621.1) (1,678.2)
(574.3) (637.2) (622.1) (784.3) (802.9) (658.2) (745.9)
(706.6) (924.1) (989.5) (947.8) (951.7) (1,037.1) (1,002.6)
(112.5) (128.3) (149.3) (144.1) (121.5) (123.2) (126.1)
(594.1) (795.8) (840.2) (803.7) (830.2) (913.9) (876.5)
75.0 62.3 74.2 70.3
-
-
402.0 481.8 549.7 610.0 619.0 577.6 582.2
89.0 75.9 76.1 139.5 162.3 126.4 118.6
313.0 405.8 473.6 470.5 456.7 451.2 464.1
112.2 119.7 133.8 121.3 130.6 129.6 133.5
200.8 286.1 339.8 349.2 326.1 321.6 330.6
(5.5)
23.9% 23.6% 26.3% 26.9% 26.8% 26.3% 25.8%

13.4% 10.6% 10.9% 15.1% 16.8% 16.1% 13.7%
30.7% 30.5% 32.4% 33.2% 32.4% 30.3% 31.6%
49.9% 48.3% 47.3% 45.7% 51.8% 51.3% 51.4%
25.3% 26.4% 28.8% 30.3% 28.2% 26.0% 27.4%
(425.6) (437.4) (443.5) (426.1) (415.3) (426.9)

(67.8) (66.0) (82.4) (79.8) (66.5) (76.8)
(354.4) (367.8) (357.5) (342.7) (344.5) (350.6)
(154.8) (161.1) (149.1) (141.7) (127.4) (131.9)
(199.6) (206.7) (208.4) (201.0) (217.1) (218.7)
(3.4) (3.6) (3.6) (3.6) (4.3) 0.5
0
0
0
7.4 (8.6) (12.1) (4.9) 18.6 19.3
7.0 (5.5) (13.6) 3.5 11.0 3.0
0.4 (3.1) 1.5 (8.4) 7.6 17.7
(3.2) (4.1) (6.2) 0.1 (1.1) 6.7
3.6 1.0 7.7 (8.5) 8.7 11.0
0.0 0.0 0.0 0.0 0.0 (1.4)
0
0
0
91.5 86.0 78.7 77.7 73.7 75.0
7.2 5.8 4.2 3.0 2.8 3.3
84.3 80.2 74.5 74.7 70.9 71.7
12.2 12.9 11.2 9.6 3.9 3.3
72.1 67.3 63.3 65.1 67.0 68.4
0
0
0
63.6 103.7 154.4 188.0 180.9 169.6
15.1 4.6 43.5 86.0 70.9 44.8
51.8 102.7 114.5 105.6 114.3 131.4
(38.3) (31.4) (34.0) (11.0) 1.1 8.3
90.1 134.1 148.5 116.6 113.2 122.9
(3.6) (3.6) (3.6) (4.3) (6.4)
0
0
0
155.1 189.7 233.1 265.7 254.6 244.5
22.3 10.4 47.7 89.0 73.7 48.1
136.1 182.9 189.0 180.3 185.2 203.1
(26.1) (18.5) (22.8) (1.4) 5.0 11.6
162.2 201.4 211.8 181.7 180.2 191.3
#REF! (6.4)
7.6% 9.1% 10.3% 11.5% 11.6% 10.8%

3.1% 1.5% 5.2% 9.2% 9.4% 5.6%
10.2% 12.5% 13.3% 12.8% 12.4% 13.8%
-10.5% -6.5% -8.6% -0.6% 2.0% 4.5%
15.0% 17.1% 18.4% 15.7% 14.6% 15.8%
"Outros Países".
a do Sul" e "América do Norte" .
2015 2016 2017 U12M

2012 2013 2014
26.4 41.5 44.2 37.3 71.3 69.6 36.4

36.1 17.8 11.1 4.9 2.4 1.619 4.1
62.5 59.3 55.3 42.2 73.7 71.2 40.5
2015 2016 2017 3T18

2012 2013 2014
2012 2013 2014
451.7 513.3 522.5 508.8 493.2 497.6 1,538.0

588.5 559.0 589.6 658.0 560.2 538.2 1,707.3
57.4 50.7 46.7 39.5 35.6 37.2 117.4
186.5 194.0 167.1 152.2 144.0 163.3 520.9
911.1 929.0 991.6 1,054.1 945.0 909.7 2,841.9
30.48 0.00 2008 2009 2010 2011 2012
Premissas Macro
R$/US$ Fim de Período
R$/US$ médio 1.76 1.67 1.96
Cres % PIB Brasil 8% 3% 0%
Cres % PIB Mundial 5% 4% 2%
SELIC% 10% 12% 9%
Inflação BR % 6% 7% 6%
Inflação US % 1% 3% 2%
Receita Bruta (R$ MM) 0 0 0 1,772 2,088

Var% YoY #DIV/0! #DIV/0! #DIV/0! 18%
Deduções (R$ MM) 0 0 0 -364 -405

% da Receita Bruta #DIV/0! #DIV/0! #DIV/0! -21% -19%
Receita Líquida (R$ MM) 0 0 0 1,408 1,683

Check - - -
América do Sul - - - 942 1,020

Var% YoY #VALUE! #DIV/0! #DIV/0! #DIV/0! 8%
Atacado - - - 761 795
#DIV/0! 5%
Cama, mesa & Banho - - - 517 567
#DIV/0! 10%
Produtos intermediários - - - 244 228
-7%
Varejo - - - 181 225
24%
# de lojas - 193 231
D # lojas 38
Venda por loja 0.94 0.97
América do Norte - - - 466 663

Var % YoY #DIV/0! 42%
Intra-companhia - - - - -
0%
RECEITA LÍQUIDA - R$ milhões
Receita Líquida Total

Cama, Mesa e Banho
Utility Bedding
Varejo
VOLUME - t
Volume Total
Cama, Mesa e Banho
Utility Bedding
Varejo
"Capacidade"
Utilização da capacidade
PREÇO MÉDIO - R$/kg
Preço Médio Total

Cama, Mesa e Banho
Utility Bedding
Custo dos Produtos Vendidos (CPV) 0 0 0-1,063 -1,281

Check 1 - - -
Check2 - - -
0% 0%
América do Sul 0 0 0 -669 -707
Var % YoY #VALUE! #DIV/0! #DIV/0! #DIV/0! 6%
Atacado - - - - 586 - 594
% s/ RL -77% -75%
Varejo - - - - 83 - 113
% s/ RL #DIV/0! #DIV/0! #DIV/0! -46% -50%
% s/ RL
América do Norte 0.0 0.0 0.0 -393.9 -574.3
Custo Caixa dos produtos vendidos 0 -1,063 -1,281
América do Sul - - - -669 -707

% s/ RL -71% -69%
Atacado - - - - 586 - 594
% s/ RL #DIV/0! #DIV/0! #DIV/0! -77% -75%
Varejo - - - - 83 - 113
% s/ RL #DIV/0! #DIV/0! #DIV/0! -46% -50%
% s/ RL
América do Norte 0.0 0.0 0.0 -393.9 -574.3

% s/ RL #DIV/0! #DIV/0! #DIV/0! -85% -87%
Lucro Bruto Cash 0 345 402

% sobre Receitas #DIV/0! 24% 24%
Depreciação do CPV 0 0 0
América do Norte ¹ 0.0 0.0 0.0 0.0 0.0
América do Sul ¹ 0.0 0.0 0.0 0.0 0.0

Varejo 0.0 0.0 0.0 0.0 0.0
Atacado 0.0 0.0 0.0 0.0 0.0
Lucro Bruto - - - 345 402

% sobre Receitas #DIV/0! 24% 24%
América do Norte ¹ 72 89
América do Sul ¹ 273 313
Varejo 99 112
Atacado 174 201
Margem Bruta #DIV/0! #DIV/0! #DIV/0! 24% 24%
América do Norte ¹ 15% 13%

América do Sul ¹ 29% 31%
Varejo 54% 50%
Atacado 23% 25%
Despesas operacionais
% sobre Receitas
SG&A -282.4 -354.3
América do Sul ¹
Varejo
Atacado
Não alocáveis
América do Sul ¹
Varejo
Atacado
Não alocáveis
Outros -0.4 132.0

América do Sul ¹
Varejo
Atacado
Não alocáveis
América do Sul ¹
Varejo
Atacado
Não alocáveis
EBIT - - - 345 402

% sobre Receitas #DIV/0! #DIV/0! #DIV/0! 24.5% 23.9%
- 282.60 - 288.30
América do Norte
América do Sul
Varejo
Atacado
América do Norte
América do Sul
Varejo
Atacado
Depreciação & Amortização Total 0.0 0.0 0.0 0.0 0.0

América do Norte 0.0 0.0 0.0 0.0 0.0
América do Sul 0.0 0.0 0.0 0.0 0.0
Varejo 0.0 0.0 0.0 0.0 0.0
Atacado 0.0 0.0 0.0 0.0 0.0
EBITDA - - - 345 402

Check - - - - 451.80 - 329.70
Margem EBITDA #DIV/0! #DIV/0! #DIV/0! 24% 24%
EBITDA por negócio

América do Norte
América do Sul
Varejo
Atacado
Margem EBITDA por negócio
América do Norte
América do Sul
Varejo
Atacado
Ajustes -204.60 -281.70
EBITDA Ajustado - - - 140 120
CAPEX - - - 113 63
% sobre Receitas #DIV/0! #DIV/0! #DIV/0! 8.0% 3.7%
CAPEX/ Depreciação
Indústria - - - 47 26
Varejo - - - 66 36
2013 2014 2015 2016 2017 2018 2019 2020 2021
3.70 3.70
2.16 2.53 3.17 3.48 3.19 3.70 4.20 4.28 4.37
1% 0% 1% -1% 0% 2% 1.0% 2.0% 3.0%
4% 3% 3% 3% 3% 3% 3.0% 3% 3%
11% 11% 14% 16% 10% 7.0% 5.5% 6% 6%
6% 6% 7% 6% 6% 4% 4.5% 5% 5%
3% 3% 3% 3% 3% 3% 2.5% 3% 3%
2,519 2,574 2,707 2,818 2,687 2,715 2,891 3,028 3,195

21% 2% 5% 4% -5% 1% 6% 5% 6%
-476 -482 -440 -507 -489 -460 -489 -513 -541

-19% -19% -16% -18% -18% -17% -17% -17% -17%
2,043 2,092 2,267 2,311 2,199 2,255 2,402 2,516 2,655

- - 69 - 0 - 0 - 0 - 0 - 75 - 83 - 87
1,330 1,463 1,418 1,408 1,488 1,467 1,591 1,690 1,810

30% 10% -3% -1% 6% -1% 8% 6% 7%
1,082 1,180 1,153 1,156 1,236 1,207 1320 1407 1514
36% 9% -2% 0% 7% -2% 9% 7% 8%
832 952 953 896 946 953 1,052 1,121 1,207
47% 14% 0% -6% 6% 1% 10% 7% 8%
250 228 200 260 290 254 268 285 307
10% -9% -12% 30% 11% -12% 6% 7% 8%
248 283 265 252 253 260 271 283 296
10% 14% -6% -5% 0% 3% 5% 4% 4%
241 239 229 223 231 232 232 232 232
10 - 2 - 10 - 6 8 1 - - -
1.03 1.18 1.16 1.13 1.09 1.12 1.17 1.22 1.28
6% 15% -2% -2% -3% 2% 5% 5% 5%
713 698 924 965 785 865 886 908 931

8% -2% 32% 4% -19% 10% 3% 3% 3%
- - - 75.00 - 62.30 - 74.20 - 75.80 -75 -83 -87

0% 0% -3% -3% -3% -3% -3% -3% -3%
2,402 2,516 2,655

2,043 2,092 2,267 2,311 2,199 2,255 2,370 2,504 2,661
1,121 1,088 1,084 1,024 987 997 1,052 1,121 1,207
424 493 718 776 669 745 779 814 851
250 228 200 260 290 254 268 285 307
248 283 265 252 253 260 271 283 296
119,154 111,639 102,739 107,093 104,320 98,142 98,685 99,782 101,460

49,426 41,735 35,451 32,772 31,514 30,158 30,460 31,069 32,001
38,158 40,677 42,475 46,333 44,651 43,840 43,840 43,840 43,840
31,570 29,227 24,813 27,988 28,155 24,144 24,385 24,873 25,619
0 0 0 0 0 0
119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154

100% 94% 86% 90% 88% 82% 83% 84% 85%
9% 18% -2% -2% 9% 4%

17.15 18.74 22.07 21.58 21.08 22.98 24.02 25.10 26.23
22.69 26.07 30.57 31.23 31.32 33.05 34.53 36.09 37.71
11.11 12.11 16.90 16.74 14.98 17.00 17.77 18.57 19.40
7.91 7.81 8.06 9.29 10.30 10.51 10.98 11.47 11.99
-1,561 -1,542 -1,657 -1,692 -1,621 -1,678 -1,714 -1,802 -1,893

- - 69.30 - - - - 0.04 - - -
- - 69.30 - - - - 0.04 - 1.83 - 5.66 - 6.83
0% -3% 0% 0% 0% 0% 0% 0% 0%
-924 -990 -948 -952 -1,037 -1,003 -1,041 -1,117 -1,190
31% 7% -4% 0% 9% -3% 4% 7% 7%
- 796 - 840 - 804 - 830 - 914 - 877 -913 -980 -1,048
-74% -71% -70% -72% -74% -73% -69% -70% -69%
- 128 - 149 - 144 - 122 - 123 - 126 -129 -136 -142
-52% -53% -54% -48% -49% -49% -47% -48% -48%
- - 75.00 62.30 74.20 70.30 73.65 80.16 82.95

-100% -100% -100% -93% -98% -97% -96%
-637.2 -622.1 -784.3 -802.9 -658.2 -745.9 -748 -771 -793
-1,470 -1,526 -1,578 -1,615 -1,547 -1,603 -1,643 -1,730 -1,821
-840 -909 -873 -877 -966 -931 -973 -1,046 -1,118

-63% -62% -62% -62% -64.9% -63.5% -61.2% -61.9% -61.8%
- 712 - 760 - 729 - 756 - 843 - 805 -848 -912 -980
-66% -64% -63% -65% -68% -67% -67% -67% -67%
- 116 - 136 - 133 - 112 - 119 - 123 - 126 - 133 - 139
-47% -48% -50% -44% -47% -47% -46% -47% -47%
- - 75.00 62.30 74.20 70.30 75 83 87

-100% -100% -100% -93% -100% -100% -100%
-630.0 -616.3 -780.1 -799.9 -655.4 -742.6 -745.2 -767.6 -789.8

-88% -88% -84% -83% -84% -86% -84% -85% -85%
573 566 689 697 651 652 758 785 833

28% 27% 30% 30% 30% 29% 32% 31% 31%
-92 -86 -79 -78 -74 -75 -71 -71 -72
-7.2 -5.8 -4.2 -3.0 -2.8 -3.3 -3.1 -3.0 -3.1

8% 7% 5% 4% 4% 4% 4% 4% 4%
-84.3 -80.2 -74.5 -74.7 -70.9 -71.7 -68.0 -71.3 -71.7
-12.2 -12.9 -11.2 -9.6 -3.9 -3.3 -3.1 -3.3 -3.2
13% 15% 14% 12% 5% 4% 4% 5% 4%
-72.1 -67.3 -63.3 -65.1 -67.0 -68.4 -64.9 -67.9 -68.5
79% 78% 80% 84% 91% 91% 91% 95% 96%
482 550 610 619 578 577 687 714 761

24% 26% 27% 27% 26% 26% 29% 28% 29%
76 76 140 162 126 119 138 138 138

406 474 471 457 451 464 549 573 620
120 134 121 131 130 134 143 147 154
286 340 349 326 322 331 407 426 466
24% 26% 27% 27% 26% 26% 29% 28% 29%
11% 11% 15% 17% 16% 14% 16% 15% 15%

31% 32% 33% 32% 30% 32% 35% 34% 34%
48% 47% 46% 52% 51% 51% 53% 52% 52%
26% 29% 30% 28% 26% 27% 31% 30% 31%
-418 -446 -456 -431 -397 -408 -421 -439 -466

-20.5% -21.3% -20.1% -18.6% -18.0% -18.1% -17.5% -17.5% -17.6%
-425.6 -437.4 -443.5 -426.1 -415.3 -426.9 -448 -469 -495
-67.8 -66.0 -82.4 -79.8 -66.5 -76.8 -75.7 -78.4 -80.9
-354.4 -367.8 -357.5 -342.7 -344.5 -350.6 -370 -388 -413
-154.8 -161.1 -149.1 -141.7 -127.4 -131.9 -135 -137 -141
-199.6 -206.7 -208.4 -201.0 -217.1 -218.7 -234 -251 -272
-3.4 -3.6 -3.6 -3.6 -4.3 0.5 -3 -2 -2
-9.5% -9.5% -8.9% -8.3% -8.5% -8.9% -8.5% -8.6% -8.7%

-26.6% -25.1% -25.2% -24.3% -23.1% -23.9% -23.8% -23.6% -23.8%
-62.4% -56.9% -56.2% -56.2% -50.4% -50.8% -49.9% -48.3% -47.7%
-18.4% -17.5% -18.1% -17.4% -17.6% -18.1% -17.8% -17.9% -17.9%
-0.2% -0.2% -0.2% -0.2% -0.2% 0.0% -0.1% -0.1% -0.1%
7.4 -8.6 -12.1 -4.9 18.6 19.3 27.51 29.49 29.53

7.0 -5.5 -13.6 3.5 11.0 3.0 6.2 7.4 5.8
0.4 -3.1 1.5 -8.4 7.6 17.7 22 23 25
-3.2 -4.1 -6.2 0.1 -1.1 6.7 2 3 4
3.6 1.0 7.7 -8.5 8.7 11.0 20 20 20
0.0 0.0 0.0 0.0 0.0 -1.4 0 -1 -1
1.0% -0.8% -1.5% 0.4% 1.4% 0.3% 0.7% 0.8% 0.6%

0.0% -0.2% 0.1% -0.6% 0.5% 1.2% 1.4% 1.3% 1.4%
-1.3% -1.4% -2.3% 0.0% -0.4% 2.6% 0.7% 1.0% 1.4%
0.3% 0.1% 0.7% -0.7% 0.7% 0.9% 1.5% 1.4% 1.4%
0.0% 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% 0.0% 0.0%
64 104 154 188 181 170 267 275 295

3.1% 5.0% 6.8% 8.1% 8.2% 7.5% 11.1% 10.9% 11.1%
0.10 - - 0.06 - 19.03 - 0.05
15 5 44 86 71 45 68 67 63
52 103 115 106 114 131 202 208 232
-38 -31 -34 -11 1 8 9 13 17
90 134 149 117 113 123 192 195 215
2.1% 0.7% 4.7% 8.9% 9.0% 5.2% 7.7% 7.3% 6.8%

3.9% 7.0% 8.1% 7.5% 7.7% 8.9% 12.7% 12.3% 12.8%
-15.4% -11.1% -12.8% -4.4% 0.4% 3.2% 3.4% 4.6% 5.8%
8.3% 11.4% 12.9% 10.1% 9.2% 10.2% 14.6% 13.9% 14.2%
91.5 86.0 78.7 77.7 73.7 75.0 71 71 72

7.2 5.8 4.2 3.0 2.8 3.3 3 3 3
84.3 80.2 74.5 74.7 70.9 71.7 68 68 69
12.2 12.9 11.2 9.6 3.9 3.3 3 3 3
72.1 67.3 63.3 65.1 67.0 68.4 65 65 65
155 190 233 266 255 245 341 349 370

0.10 - - 0.07 - 19.07 0.01 0.08
8% 9% 10% 11% 12% 11% 14% 14% 14%
22.3 10.4 47.7 89.0 73.7 48.1 71.4 69.8 66.1

136.1 182.9 189.0 180.3 185.2 202.9 269.6 276.1 300.5
-26.1 -18.5 -22.8 -1.4 5.0 11.6 12.4 16.1 20.2
162.2 201.4 211.8 181.7 180.2 191.3 257.1 260.0 280.3
3.1% 1.5% 5.2% 9.2% 9.4% 5.6% 8.1% 7.7% 7.1%

10.2% 12.5% 13.3% 12.8% 12.4% 13.8% 16.9% 16.3% 16.6%
-10.5% -6.5% -8.6% -0.6% 2.0% 4.5% 4.6% 5.7% 6.8%
15.0% 17.1% 18.4% 15.7% 14.6% 15.8% 19.5% 18.5% 18.5%
0.10 0.00 -0.07 0.07 0.01 0.08
155 190 233 266 255 245 341 349 370
59 55 42 74 71 40 72 75 80
2.9% 2.6% 1.9% 3.2% 3.2% 1.8% 3.0% 3.0% 3.0%
1.0125505 1.0591409 1.1104442
42 44 37 71 70 36
18 11 5 2 2 4
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
4.46 4.55 4.64 4.73 4.82 4.92 5.02 5.12 5.22 5.33
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
3,374 3,562 3,764 3,979 4,208 4,453 4,714 4,993 5,291 5,563
6% 6% 6% 6% 6% 6% 6% 6% 6% 5%
-571 -603 -637 -674 -712 -754 -798 -845 -896 -942
-17% -17% -17% -17% -17% -17% -17% -17% -17% -17%
2,803 2,959 3,127 3,306 3,496 3,699 3,916 4,148 4,396 4,622
- 91 - 97 - 102 - 107 - 114 - 120 - 127 - 135 - 143 - 150
1,939 2,078 2,226 2,385 2,556 2,740 2,937 3,149 3,376 3,580
7% 7% 7% 7% 7% 7% 7% 7% 7% 6%
1630 1754 1888 2032 2187 2354 2534 2727 2936 3120
8% 8% 8% 8% 8% 8% 8% 8% 8% 6%
1,299 1,398 1,505 1,620 1,743 1,877 2,020 2,174 2,340 2,519
8% 8% 8% 8% 8% 8% 8% 8% 8% 8%
331 356 383 412 444 478 514 553 596 602
8% 8% 8% 8% 8% 8% 8% 8% 8% 1%
310 324 338 353 369 386 403 421 440 460
4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
232 232 232 232 232 232 232 232 232 232
- - - - - - - - - -
1.33 1.39 1.46 1.52 1.59 1.66 1.74 1.82 1.90 1.98
5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
954 978 1,003 1,028 1,053 1,080 1,107 1,134 1,163 1,192
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
-91 -97 -102 -107 -114 -120 -127 -135 -143 -150
-3% -3% -3% -3% -3% -3% -3% -3% -3% -3%
2,803 2,959 3,127 3,306 3,496 3,699 3,916 4,148 4,396 4,622
2,828 3,006 3,197 3,400 3,616 3,848 4,095 4,358 4,640 4,901
1,299 1,398 1,505 1,620 1,743 1,877 2,020 2,174 2,340 2,519
889 929 971 1,014 1,060 1,108 1,158 1,210 1,264 1,321
331 356 383 412 444 478 514 553 596 602
310 324 338 353 369 386 403 421 440 460
103,189 104,969 106,803 108,692 110,638 112,642 114,706 116,832 119,021 119,154
32,961 33,950 34,968 36,017 37,098 38,211 39,357 40,538 41,754 43,006
43,840 43,840 43,840 43,840 43,840 43,840 43,840 43,840 43,840 43,840
26,388 27,180 27,995 28,835 29,700 30,591 31,509 32,454 33,427 32,308
119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154
87% 88% 90% 91% 93% 95% 96% 98% 100% 100%
27.41 28.64 29.93 31.27 32.68 34.15 35.69 37.29 38.97 40.73
39.41 41.18 43.03 44.97 46.99 49.11 51.32 53.63 56.04 58.56
20.28 21.19 22.14 23.14 24.18 25.27 26.40 27.59 28.83 30.13
12.53 13.09 13.68 14.30 14.94 15.62 16.32 17.05 17.82 18.62
-1,991 -2,099 -2,211 -2,332 -2,462 -2,600 -2,747 -2,905 -3,073 -3,227
- - - - - - - - - -
- 6.13 - 6.65 - 7.06 - 7.15 - 7.57 - 7.94 - 8.29 - 8.74 - 9.20 - 9.64
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
-1,275 -1,368 -1,465 -1,571 -1,685 -1,807 -1,938 -2,080 -2,232 -2,369
7% 7% 7% 7% 7% 7% 7% 7% 7% 6%
-1,127 -1,213 -1,303 -1,402 -1,508 -1,622 -1,746 -1,879 -2,022 -2,150
-69% -69% -69% -69% -69% -69% -69% -69% -69% -69%
-148 -155 -162 -169 -176 -184 -192 -201 -210 -220
-48% -48% -48% -48% -48% -48% -48% -48% -48% -48%
87.62 93.09 97.94 103.62 109.69 115.97 122.81 130.09 137.83 144.93
-97% -96% -96% -96% -96% -96% -96% -96% -96% -96%
-809 -831 -852 -872 -895 -917 -940 -964 -988 -1,012
-1,918 -2,025 -2,136 -2,255 -2,382 -2,517 -2,661 -2,815 -2,980 -3,130
-1,203 -1,294 -1,389 -1,493 -1,605 -1,724 -1,853 -1,991 -2,139 -2,272
-62.0% -62.3% -62.4% -62.6% -62.8% -62.9% -63.1% -63.2% -63.4% -63.5%
-1058 -1142 -1231 -1328 -1432 -1543 -1664 -1794 -1933 -2057
-67% -67% -67% -67% -67% -67% -67% -67% -67% -67%
- 145 - 151 - 158 - 165 - 173 - 180 - 189 - 197 - 206 - 215
-47% -47% -47% -47% -47% -47% -47% -47% -47% -47%
91 97 102 107 114 120 127 135 143 150

-100% -100% -100% -100% -100% -100% -100% -100% -100% -100%
-806.2 -827.6 -848.6 -869.2 -891.2 -913.5 -936.2 -959.7 -983.7 -1008.3
-84% -85% -85% -85% -85% -85% -85% -85% -85% -85%
885 934 991 1,051 1,114 1,182 1,255 1,333 1,416 1,492
32% 32% 32% 32% 32% 32% 32% 32% 32% 32%
-73 -74 -75 -78 -80 -83 -86 -89 -93 -97
-3.1 -3.2 -3.3 -3.3 -3.4 -3.6 -3.7 -3.8 -4.0 -4.2
4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
-72.6 -73.9 -75.5 -77.5 -79.9 -82.6 -85.8 -89.2 -93.1 -97.4
-3.3 -3.4 -3.4 -3.5 -3.6 -3.8 -3.9 -4.1 -4.2 -4.4
5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
-69.3 -70.5 -72.1 -74.0 -76.3 -78.9 -81.9 -85.2 -88.9 -92.9
95% 95% 95% 95% 95% 95% 95% 95% 95% 95%
812 860 915 973 1,034 1,100 1,169 1,243 1,323 1,395
29% 29% 29% 29% 30% 30% 30% 30% 30% 30%
145 147 151 155 159 163 167 171 175 179
664 710 761 815 872 933 999 1,069 1,144 1,211
162 169 176 185 193 202 211 220 230 240
502 541 585 630 679 732 788 849 914 971
29% 29% 29% 29% 30% 30% 30% 30% 30% 30%
15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
34% 34% 34% 34% 34% 34% 34% 34% 34% 34%
52% 52% 52% 52% 52% 52% 52% 52% 52% 52%
31% 31% 31% 31% 31% 31% 31% 31% 31% 31%
-492 -520 -551 -583 -618 -656 -697 -740 -787 -830
-17.5% -17.6% -17.6% -17.6% -17.7% -17.7% -17.8% -17.8% -17.9% -18.0%
-522 -551 -582 -616 -652 -691 -732 -776 -824 -867
-82.3 -84.6 -86.7 -88.8 -91.1 -93.3 -95.7 -98.1 -100.5 -103.0
-437 -464 -493 -524 -558 -594 -633 -675 -720 -760
-145 -150 -155 -160 -165 -171 -178 -185 -192 -200
-292 -314 -339 -365 -393 -423 -455 -490 -528 -561
-2 -2 -2 -3 -3 -3 -3 -3 -4 -4
-8.6% -8.6% -8.7% -8.6% -8.6% -8.6% -8.6% -8.6% -8.6% -8.6%
-23.7% -23.7% -23.7% -23.7% -23.7% -23.7% -23.7% -23.7% -23.7% -23.7%
-47.0% -46.2% -45.7% -45.2% -44.8% -44.4% -44.1% -43.8% -43.6% -43.4%
-17.9% -17.9% -17.9% -17.9% -18.0% -18.0% -18.0% -18.0% -18.0% -18.0%
-0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1%
30.19 31.23 31.84 32.63 33.49 34.29 35.14 36.02 36.91 37.51
6.8 7.0 6.9 7.3 7.4 7.5 7.8 8.0 8.1 8.4
24 25 26 26 27 28 29 29 30 31
3 4 4 4 4 4 5 5 5 5
21 21 22 22 23 23 24 24 25 25
-1 -1 -1 -1 -1 -1 -1 -1 -1 -1
0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7%
1.2% 1.2% 1.2% 1.1% 1.1% 1.0% 1.0% 0.9% 0.9% 0.9%
1.0% 1.1% 1.2% 1.1% 1.2% 1.2% 1.1% 1.2% 1.2% 1.2%
1.3% 1.2% 1.2% 1.1% 1.0% 1.0% 0.9% 0.9% 0.9% 0.8%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
321 341 365 390 416 443 472 503 536 565
11.4% 11.5% 11.7% 11.8% 11.9% 12.0% 12.1% 12.1% 12.2% 12.2%
69 70 71 74 75 77 79 81 83 85
251 271 294 317 341 367 394 423 454 481
20 23 26 29 32 35 37 40 43 46
232 248 268 288 309 333 357 383 411 435
7.3% 7.1% 7.1% 7.2% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1%
13.0% 13.0% 13.2% 13.3% 13.3% 13.4% 13.4% 13.4% 13.5% 13.4%
6.3% 7.0% 7.7% 8.1% 8.6% 9.0% 9.3% 9.6% 9.8% 10.0%
14.2% 14.1% 14.2% 14.2% 14.1% 14.1% 14.1% 14.0% 14.0% 13.9%
73 74 75 78 80 83 86 89 93 97
3 3 3 3 4 4 4 4 4 4
69 71 72 74 76 79 82 85 89 93
3 3 3 3 4 4 4 4 4 4
66 67 69 71 73 75 78 81 85 89
396 418 444 471 499 530 562 596 633 666
14% 14% 14% 14% 14% 14% 14% 14% 14% 14%
72.7 73.1 74.2 77.0 78.5 80.4 82.6 84.6 86.7 88.9
320.7 341.5 366.3 390.9 417.4 446.1 476.3 508.7 543.5 574.3
22.8 26.0 29.2 32.1 35.2 38.2 41.2 44.2 47.3 50.4
297.9 315.5 337.0 358.8 382.2 407.9 435.1 464.5 496.2 523.9
7.6% 7.5% 7.4% 7.5% 7.5% 7.4% 7.5% 7.5% 7.5% 7.5%
16.5% 16.4% 16.5% 16.4% 16.3% 16.3% 16.2% 16.2% 16.1% 16.0%
7.4% 8.0% 8.7% 9.1% 9.5% 9.9% 10.2% 10.5% 10.7% 10.9%
18.3% 18.0% 17.9% 17.7% 17.5% 17.3% 17.2% 17.0% 16.9% 16.8%
396 418 444 471 499 530 562 596 633 666
84 89 94 99 105 111 117 124 132 139

3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
1.1583867 1.202025 1.2425572 1.2794439 1.3127686 1.3429496 1.3700573 1.3943532 1.4161283 1.4238065
2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
5.43 5.54 5.65 5.77 5.88 6.00 6.12 6.24 6.37 6.49
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
5,849 6,151 6,471 6,811 7,171 7,553 7,958 8,388 8,845 9,330
5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
-990 -1,041 -1,095 -1,153 -1,214 -1,279 -1,347 -1,420 -1,497 -1,579
-17% -17% -17% -17% -17% -17% -17% -17% -17% -17%
4,859 5,110 5,376 5,658 5,957 6,274 6,611 6,968 7,348 7,751
- 158 - 166 - 175 - 184 - 194 - 204 - 215 - 227 - 239 - 252
3,795 4,024 4,268 4,527 4,803 5,097 5,410 5,743 6,099 6,478
6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
3315 3522 3742 3978 4229 4497 4784 5089 5415 5763
6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
2,711 2,918 3,141 3,380 3,639 3,916 4,215 4,537 4,884 5,257
8% 8% 8% 8% 8% 8% 8% 8% 8% 8%
604 604 602 598 591 581 568 552 531 507
0% 0% 0% -1% -1% -2% -2% -3% -4% -5%
481 502 525 549 573 599 626 654 684 714
4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
232 232 232 232 232 232 232 232 232 232
- - - - - - - - - -
2.07 2.17 2.26 2.36 2.47 2.58 2.70 2.82 2.95 3.08
5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
1,222 1,252 1,283 1,315 1,348 1,382 1,417 1,452 1,488 1,526
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
-158 -166 -175 -184 -194 -204 -215 -227 -239 -252
-3% -3% -3% -3% -3% -3% -3% -3% -3% -3%
4,859 5,110 5,376 5,658 5,957 6,274 6,611 6,968 7,348 7,751
5,176 5,467 5,775 6,102 6,449 6,817 7,207 7,622 8,062 8,529
2,711 2,918 3,141 3,380 3,639 3,916 4,215 4,537 4,884 5,257
1,380 1,443 1,507 1,575 1,646 1,720 1,798 1,879 1,963 2,051
604 604 602 598 591 581 568 552 531 507
481 502 525 549 573 599 626 654 684 714
119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154
44,297 45,626 46,994 48,404 49,856 51,352 52,893 54,479 56,114 57,797
43,840 43,840 43,840 43,840 43,840 43,840 43,840 43,840 43,840 43,840
31,017 29,688 28,320 26,910 25,458 23,962 22,421 20,835 19,200 17,517
119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154
100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
42.56 44.47 46.48 48.57 50.75 53.04 55.42 57.92 60.52 63.25
61.20 63.95 66.83 69.84 72.98 76.27 79.70 83.28 87.03 90.95
31.49 32.91 34.39 35.93 37.55 39.24 41.01 42.85 44.78 46.79
19.46 20.34 21.25 22.21 23.21 24.25 25.34 26.48 27.67 28.92
-3,389 -3,560 -3,742 -3,934 -4,138 -4,354 -4,583 -4,825 -5,083 -5,357
- - - - - - - - - -
- 10.12 - 10.62 - 11.16 - 11.72 - 12.32 - 12.96 - 13.64 - 14.36 - 15.12 - 15.93
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
-2,514 -2,667 -2,831 -3,005 -3,191 -3,388 -3,599 -3,824 -4,063 -4,318
6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
-2,284 -2,427 -2,580 -2,743 -2,917 -3,102 -3,300 -3,511 -3,736 -3,977
-69% -69% -69% -69% -69% -69% -69% -69% -69% -69%
-230 -240 -251 -262 -274 -286 -299 -313 -327 -341
-48% -48% -48% -48% -48% -48% -48% -48% -48% -48%
152.37 160.24 168.58 177.43 186.81 196.76 207.32 218.52 230.42 243.06
-96% -96% -96% -96% -96% -96% -96% -96% -96% -96%
-1,038 -1,064 -1,091 -1,118 -1,146 -1,175 -1,204 -1,235 -1,266 -1,297
-3,287 -3,453 -3,630 -3,817 -4,015 -4,224 -4,447 -4,683 -4,933 -5,199
-2,412 -2,560 -2,719 -2,888 -3,068 -3,259 -3,463 -3,681 -3,913 -4,161
-63.5% -63.6% -63.7% -63.8% -63.9% -63.9% -64.0% -64.1% -64.2% -64.2%
-2187 -2325 -2473 -2631 -2799 -2979 -3171 -3375 -3593 -3827
-67% -67% -67% -67% -67% -67% -67% -67% -67% -67%
- 225 - 235 - 246 - 257 - 268 - 280 - 293 - 306 - 320 - 334
-47% -47% -47% -47% -47% -47% -47% -47% -47% -47%
158 166 175 184 194 204 215 227 239 252
-100% -100% -100% -100% -100% -100% -100% -100% -100% -100%
-1033.5 -1059.3 -1085.8 -1112.9 -1140.8 -1169.3 -1198.5 -1228.5 -1259.2 -1290.7
-85% -85% -85% -85% -85% -85% -85% -85% -85% -85%
1,572 1,656 1,746 1,841 1,943 2,050 2,164 2,286 2,415 2,552
32% 32% 32% 33% 33% 33% 33% 33% 33% 33%
-102 -107 -112 -117 -123 -129 -136 -143 -150 -158
-4.4 -4.6 -4.8 -5.0 -5.3 -5.6 -5.8 -6.1 -6.4 -6.8
4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
-101.9 -106.7 -111.9 -117.3 -123.1 -129.2 -135.7 -142.6 -149.9 -157.6
-4.6 -4.9 -5.1 -5.3 -5.6 -5.9 -6.2 -6.5 -6.8 -7.2
5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
-97.3 -101.9 -106.8 -112.0 -117.5 -123.3 -129.5 -136.1 -143.1 -150.5
95% 95% 95% 95% 95% 95% 95% 95% 95% 95%
1,470 1,550 1,634 1,724 1,820 1,921 2,029 2,143 2,265 2,394
30% 30% 30% 30% 31% 31% 31% 31% 31% 31%
184 188 193 197 202 207 212 217 223 228
1,282 1,357 1,437 1,522 1,612 1,708 1,811 1,920 2,036 2,159
251 263 274 287 300 313 327 342 357 373
1,031 1,094 1,162 1,235 1,313 1,395 1,484 1,578 1,679 1,786
30% 30% 30% 30% 31% 31% 31% 31% 31% 31%
15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
34% 34% 34% 34% 34% 34% 33% 33% 33% 33%
52% 52% 52% 52% 52% 52% 52% 52% 52% 52%
31% 31% 31% 31% 31% 31% 31% 31% 31% 31%
-875 -923 -974 -1029 -1086 -1147 -1212 -1282 -1355 -1433
-18.0% -18.1% -18.1% -18.2% -18.2% -18.3% -18.3% -18.4% -18.4% -18.5%
-913 -962 -1,014 -1,069 -1,127 -1,189 -1,255 -1,325 -1,399 -1,478
-105.6 -108.2 -110.9 -113.7 -116.6 -119.5 -122.5 -125.5 -128.7 -131.9
-804 -850 -898 -950 -1,006 -1,064 -1,127 -1,193 -1,264 -1,340
-208 -216 -225 -235 -245 -255 -266 -278 -290 -303
-596 -633 -673 -715 -761 -809 -861 -916 -974 -1,037
-4 -4 -4 -5 -5 -5 -5 -6 -6 -6
-8.6% -8.6% -8.6% -8.6% -8.6% -8.6% -8.6% -8.6% -8.6% -8.6%
-23.7% -23.7% -23.7% -23.7% -23.7% -23.7% -23.7% -23.7% -23.7% -23.7%
-43.2% -43.0% -42.9% -42.8% -42.7% -42.6% -42.5% -42.5% -42.4% -42.3%
-18.0% -18.0% -18.0% -18.0% -18.0% -18.0% -18.0% -18.0% -18.0% -18.0%
-0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1%
38.12 38.74 39.39 40.05 40.74 41.44 42.17 42.92 43.69 44.49
8.6 8.8 9.0 9.2 9.5 9.7 9.9 10.2 10.4 10.7
31 32 32 33 33 34 34 35 36 36
6 6 6 6 7 7 7 8 8 8
26 26 26 26 27 27 27 27 28 28
-2 -2 -2 -2 -2 -2 -2 -2 -2 -2
0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7%
0.8% 0.8% 0.8% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% 0.6%
1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%
0.8% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% 0.5% 0.5% 0.5%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
595 626 660 696 733 774 816 861 910 961
12.2% 12.3% 12.3% 12.3% 12.3% 12.3% 12.3% 12.4% 12.4% 12.4%
87 89 91 93 95 97 100 102 104 107

509 539 570 604 640 678 718 761 807 856
49 52 55 58 61 65 68 72 75 79
460 487 515 546 578 613 650 690 732 777
7.1% 7.1% 7.1% 7.1% 7.1% 7.0% 7.0% 7.0% 7.0% 7.0%
13.4% 13.4% 13.4% 13.3% 13.3% 13.3% 13.3% 13.3% 13.2% 13.2%
10.2% 10.4% 10.5% 10.6% 10.7% 10.8% 10.9% 10.9% 11.0% 11.0%
13.9% 13.8% 13.8% 13.7% 13.7% 13.6% 13.6% 13.6% 13.5% 13.5%
102 107 112 117 123 129 136 143 150 158
4 5 5 5 5 6 6 6 7 7
97 102 107 112 118 124 130 136 143 151
4 5 5 5 5 6 6 6 7 7
93 97 102 107 112 118 124 130 137 144
701 738 777 818 862 908 958 1,010 1,066 1,125
14% 14% 14% 14% 14% 14% 14% 14% 15% 15%
91.1 93.4 95.7 98.1 100.6 103.1 105.7 108.3 111.0 113.8
606.6 640.9 677.4 716.1 757.3 801.1 847.8 897.4 950.3 1,006.6
53.5 56.7 60.0 63.4 66.8 70.3 74.0 77.8 81.7 85.7
553.1 584.2 617.4 652.8 690.5 730.8 773.8 819.6 868.6 920.8
7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5%
16.0% 15.9% 15.9% 15.8% 15.8% 15.7% 15.7% 15.6% 15.6% 15.5%
11.1% 11.3% 11.4% 11.5% 11.7% 11.7% 11.8% 11.9% 11.9% 12.0%
16.7% 16.6% 16.5% 16.4% 16.3% 16.2% 16.2% 16.1% 16.0% 16.0%
701 738 777 818 862 908 958 1,010 1,066 1,125
146 153 161 170 179 188 198 209 220 233
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
1.4301596 1.4361241 1.4417492 1.4470854 1.4521745 1.4570504 1.461744 1.466281 1.4706828 1.474968
2042 2043 2044 2045 2046 2047 2048 2049 2050 2051
6.62 6.76 6.89 7.03 7.17 7.31 7.46 7.61 7.76 7.92
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
9,846 10,393 10,975 11,594 12,253 12,953 13,698 14,492 15,326 15,971
6% 6% 6% 6% 6% 6% 6% 6% 6% 4%
-1,667 -1,759 -1,858 -1,963 -2,074 -2,193 -2,319 -2,453 -2,594 -2,704
-17% -17% -17% -17% -17% -17% -17% -17% -17% -17%
8,179 8,634 9,117 9,632 10,179 10,760 11,380 12,039 12,732 13,268
- 266 - 281 - 297 - 313 - 331 - 350 - 370 - 392 - 414 - 432
6,881 7,312 7,771 8,261 8,784 9,341 9,937 10,572 11,241 11,747
6% 6% 6% 6% 6% 6% 6% 6% 6% 5%
6135 6532 6956 7409 7893 8411 8964 9556 10179 10637
6% 6% 6% 7% 7% 7% 7% 7% 7% 4%
5,658 6,090 6,555 7,055 7,594 8,174 8,798 9,469 10,179 10,637
8% 8% 8% 8% 8% 8% 8% 8% 7% 4%
477 442 401 354 300 237 167 86 0 0
-6% -7% -9% -12% -15% -21% -30% -48% -100% #DIV/0!
747 780 815 852 890 930 972 1,016 1,062 1,110
4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
232 232 232 232 232 232 232 232 232 232
- - - - - - - - - -
3.22 3.36 3.51 3.67 3.84 4.01 4.19 4.38 4.58 4.78
5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
1,564 1,603 1,643 1,684 1,726 1,769 1,813 1,859 1,905 1,953
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
-266 -281 -297 -313 -331 -350 -370 -392 -414 -432
-3% -3% -3% -3% -3% -3% -3% -3% -3% -3%
8,179 8,634 9,117 9,632 10,179 10,760 11,380 12,039 12,732 13,268
9,025 9,552 10,112 10,708 11,340 12,013 12,728 13,489 14,290 14,933
5,658 6,090 6,555 7,055 7,594 8,174 8,798 9,469 10,179 10,637
2,144 2,240 2,341 2,446 2,556 2,672 2,792 2,917 3,049 3,186
477 442 401 354 300 237 167 86 0 0
747 780 815 852 890 930 972 1,016 1,062 1,110
119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154
59,531 61,317 63,156 65,051 67,003 69,013 71,083 73,216 75,314 75,314
43,840 43,840 43,840 43,840 43,840 43,840 43,840 43,840 43,840 43,840
15,783 13,997 12,158 10,263 8,311 6,301 4,231 2,098 0 0
119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154
100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
66.09 69.07 72.18 75.42 78.82 82.36 86.07 89.94 93.99 98.22
95.04 99.32 103.79 108.46 113.34 118.44 123.77 129.34 135.16 141.24
48.90 51.10 53.40 55.80 58.31 60.94 63.68 66.55 69.54 72.67
30.22 31.58 33.00 34.49 36.04 37.66 39.36 41.13 42.98 44.91
-5,647 -5,956 -6,284 -6,632 -7,003 -7,397 -7,816 -8,262 -8,731 -9,098
- - - - - - - - - -
- 16.79 - 17.70 - 18.67 - 19.70 - 20.80 - 21.96 - 23.20 - 24.52 - 25.91 - 27.16
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
-4,591 -4,881 -5,191 -5,521 -5,874 -6,250 -6,652 -7,082 -7,534 -7,877
6% 6% 6% 6% 6% 6% 6% 6% 6% 5%
-4,234 -4,508 -4,801 -5,114 -5,448 -5,805 -6,187 -6,595 -7,026 -7,346
-69% -69% -69% -69% -69% -69% -69% -69% -69% -69%
-357 -373 -390 -407 -426 -445 -465 -486 -508 -531
-48% -48% -48% -48% -48% -48% -48% -48% -48% -48%
256.48 270.75 285.91 302.04 319.19 337.44 356.85 377.52 399.26 416.07
-96% -96% -96% -96% -96% -96% -96% -96% -96% -96%
-1,330 -1,364 -1,398 -1,433 -1,469 -1,506 -1,544 -1,583 -1,623 -1,664
-5,482 -5,781 -6,100 -6,439 -6,799 -7,182 -7,589 -8,023 -8,478 -8,830
-4,425 -4,706 -5,007 -5,327 -5,670 -6,035 -6,425 -6,842 -7,281 -7,610
-64.3% -64.4% -64.4% -64.5% -64.5% -64.6% -64.7% -64.7% -64.8% -64.8%
-4075 -4341 -4625 -4929 -5253 -5600 -5970 -6366 -6784 -7091
-67% -67% -67% -67% -67% -67% -67% -67% -67% -67%
- 349 - 365 - 381 - 399 - 417 - 435 - 455 - 475 - 497 - 519
-47% -47% -47% -47% -47% -47% -47% -47% -47% -47%
266 281 297 313 331 350 370 392 414 432
-100% -100% -100% -100% -100% -100% -100% -100% -100% -100%
-1322.9 -1356.0 -1389.9 -1424.7 -1460.3 -1496.8 -1534.2 -1572.6 -1611.9 -1652.2
-85% -85% -85% -85% -85% -85% -85% -85% -85% -85%
2,697 2,852 3,017 3,193 3,380 3,579 3,791 4,016 4,254 4,438
33% 33% 33% 33% 33% 33% 33% 33% 33% 33%
-166 -175 -184 -194 -204 -215 -227 -240 -253 -267
-7.1 -7.5 -7.9 -8.3 -8.8 -9.3 -9.8 -10.3 -10.9 -11.5
4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
-165.9 -174.6 -183.9 -193.8 -204.2 -215.4 -227.2 -239.7 -253.1 -267.3
-7.5 -7.9 -8.4 -8.8 -9.3 -9.8 -10.3 -10.9 -11.5 -12.2
5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
-158.3 -166.7 -175.5 -185.0 -194.9 -205.6 -216.8 -228.8 -241.6 -255.1
95% 95% 95% 95% 95% 95% 95% 95% 95% 95%
2,532 2,678 2,833 2,999 3,176 3,363 3,563 3,776 4,000 4,170
31% 31% 31% 31% 31% 31% 31% 31% 31% 31%
234 239 245 251 257 263 269 276 282 289
2,291 2,431 2,581 2,740 2,910 3,091 3,284 3,490 3,707 3,870
390 407 426 445 465 485 507 530 554 578
1,901 2,024 2,155 2,295 2,445 2,606 2,777 2,960 3,154 3,291
31% 31% 31% 31% 31% 31% 31% 31% 31% 31%
15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
33% 33% 33% 33% 33% 33% 33% 33% 33% 33%
52% 52% 52% 52% 52% 52% 52% 52% 52% 52%
31% 31% 31% 31% 31% 31% 31% 31% 31% 31%
-1516 -1605 -1698 -1798 -1905 -2018 -2138 -2266 -2401 -2508
-18.5% -18.6% -18.6% -18.7% -18.7% -18.8% -18.8% -18.8% -18.9% -18.9%
-1,562 -1,651 -1,745 -1,846 -1,953 -2,068 -2,189 -2,318 -2,454 -2,561
-135.2 -138.6 -142.0 -145.6 -149.2 -152.9 -156.8 -160.7 -164.7 -168.8
-1,420 -1,505 -1,596 -1,693 -1,796 -1,906 -2,023 -2,148 -2,279 -2,381
-316 -330 -344 -359 -375 -392 -410 -428 -447 -467
-1,104 -1,175 -1,252 -1,333 -1,421 -1,514 -1,613 -1,720 -1,832 -1,915
-7 -7 -7 -8 -8 -9 -9 -10 -10 -11
-8.6% -8.6% -8.6% -8.6% -8.6% -8.6% -8.6% -8.6% -8.6% -8.6%
-23.7% -23.7% -23.7% -23.7% -23.7% -23.7% -23.7% -23.7% -23.7% -23.7%
-42.3% -42.3% -42.2% -42.2% -42.2% -42.1% -42.1% -42.1% -42.1% -42.1%
-18.0% -18.0% -18.0% -18.0% -18.0% -18.0% -18.0% -18.0% -18.0% -18.0%
-0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1%
45.31 46.16 47.03 47.92 48.84 49.79 50.77 51.77 52.77 53.27
11.0 11.2 11.5 11.8 12.1 12.4 12.7 13.0 13.4 13.7
37 38 38 39 40 41 42 42 43 44
9 9 9 10 10 11 11 12 12 13
28 29 29 29 30 30 30 31 31 31
-3 -3 -3 -3 -3 -3 -4 -4 -4 -4
0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7%
0.5% 0.5% 0.5% 0.5% 0.5% 0.4% 0.4% 0.4% 0.4% 0.4%
1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%
0.5% 0.4% 0.4% 0.4% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1,015 1,073 1,135 1,201 1,271 1,346 1,425 1,510 1,599 1,663
12.4% 12.4% 12.4% 12.5% 12.5% 12.5% 12.5% 12.5% 12.6% 12.5%
109 112 114 117 120 123 125 128 131 134
908 964 1,023 1,086 1,154 1,226 1,303 1,385 1,472 1,532
83 87 91 95 99 104 109 114 119 124
825 877 932 991 1,054 1,122 1,194 1,271 1,353 1,408
7.0% 7.0% 7.0% 7.0% 6.9% 6.9% 6.9% 6.9% 6.9% 6.9%
13.2% 13.2% 13.2% 13.1% 13.1% 13.1% 13.1% 13.1% 13.1% 13.0%
11.1% 11.1% 11.1% 11.1% 11.2% 11.2% 11.2% 11.2% 11.2% 11.2%
13.5% 13.4% 13.4% 13.4% 13.4% 13.3% 13.3% 13.3% 13.3% 13.2%
166 175 184 194 204 215 227 240 253 267
7 8 8 9 9 9 10 11 11 12
159 167 176 185 195 206 217 229 242 256
7 8 8 9 9 9 10 11 11 12
151 159 168 177 186 196 207 219 231 244
1,188 1,256 1,327 1,403 1,484 1,570 1,662 1,760 1,863 1,942
15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
116.7 119.6 122.6 125.6 128.8 132.0 135.3 138.7 142.2 145.7
1,066.6 1,130.5 1,198.7 1,271.4 1,349.0 1,431.7 1,520.0 1,614.3 1,713.5 1,787.5
89.9 94.3 98.8 103.5 108.3 113.4 118.7 124.2 130.0 135.9
976.7 1,036.3 1,099.9 1,167.9 1,240.6 1,318.3 1,401.3 1,490.0 25.0%
1,583.5 1,651.5
20.0%
7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5%
15.0% 7.5%
15.5% 15.5% 15.4% 15.4% 15.4% 15.3% 15.3% 15.3% 15.2% 15.2%
10.0%
12.0% 12.1% 12.1% 12.1% 12.2% 12.2% 12.2% 12.2% 12.2% 12.3%
15.9% 15.9% 15.8% 15.8% 15.7% 15.7% 15.6% 15.6% 5.0%
15.6% 15.5%
0.0%
1 3 5 7 9 11 13 15
-5.0%
-10.0%
1,188 1,256 1,327 1,403 1,484 1,570 1,662 1,760 1,863 1,942
-15.0%
Row 186
245 259 274 289 305 323 341 361 382 398
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
1.479152 1.4832477 1.4872659 1.4912156 1.495104 1.4989372 1.5027198 1.5064559 1.5091107 1.4892456
2052 2053 2054 2055 2056 2057 2058 2059 2060
8.07 8.23 8.40 8.57 8.74 8.91 9.09 9.27 9.46

3% 3% 3% 3% 3% 3% 3% 3% 3%
3% 3% 3% 3% 3% 3% 3% 3% 3%
6% 6% 6% 6% 6% 6% 6% 6% 6%
5% 5% 5% 5% 5% 5% 5% 5% 5%
3% 3% 3% 3% 3% 3% 3% 3% 3%
16,645 17,347 18,080 18,844 19,642 20,474 21,343 22,249 23,195

4% 4% 4% 4% 4% 4% 4% 4% 4%
-2,818 -2,936 -3,060 -3,190 -3,325 -3,466 -3,613 -3,766 -3,926

-17% -17% -17% -17% -17% -17% -17% -17% -17%
13,827 14,411 15,019 15,654 16,317 17,009 17,730 18,483 19,269

- 450 - 469 - 489 - 509 - 531 - 553 - 577 - 601 - 627
12,275 12,828 13,405 14,008 14,639 15,297 15,986 16,705 17,457

4% 4% 4% 4% 4% 5% 4% 5% 4%
11116 11616 12139 12685 13256 13853 14476 15127 15808
4% 4% 4% 5% 4% 5% 4% 4% 4%
11,116 11,616 12,139 12,685 13,256 13,853 14,476 15,127 15,808
4% 4% 4% 5% 4% 5% 4% 4% 4%
0 0 0 0 0 0 0 0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
1,159 1,212 1,266 1,323 1,383 1,445 1,510 1,578 1,649
4% 4% 4% 4% 4% 4% 4% 4% 4%
232 232 232 232 232 232 232 232 232
- - - - - - - - -
5.00 5.22 5.46 5.70 5.96 6.23 6.51 6.80 7.11
5% 5% 5% 5% 5% 5% 5% 5% 5%
2,002 2,052 2,103 2,155 2,209 2,265 2,321 2,379 2,439

3% 3% 3% 3% 3% 3% 3% 3% 3%
-450 -469 -489 -509 -531 -553 -577 -601 -627

-3% -3% -3% -3% -3% -3% -3% -3% -3%
13,827 14,411 15,019 15,654 16,317 17,009 17,730 18,483 19,269

15,605 16,307 17,041 17,808 18,609 19,446 20,321 21,236 22,191
11,116 11,616 12,139 12,685 13,256 13,853 14,476 15,127 15,808
3,329 3,479 3,636 3,799 3,970 4,149 4,336 4,531 4,734
0 0 0 0 0 0 0 0 0
1,159 1,212 1,266 1,323 1,383 1,445 1,510 1,578 1,649
119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154

75,314 75,314 75,314 75,314 75,314 75,314 75,314 75,314 75,314
43,840 43,840 43,840 43,840 43,840 43,840 43,840 43,840 43,840
0 0 0 0 0 0 0 0 0
119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154 119,154

100% 100% 100% 100% 100% 100% 100% 100% 100%
102.64 107.26 112.09 117.13 122.40 127.91 133.67 139.68 145.97

147.60 154.24 161.18 168.43 176.01 183.93 192.21 200.86 209.90
75.94 79.36 82.93 86.66 90.56 94.64 98.89 103.34 107.99
46.93 49.04 51.25 53.56 55.97 58.49 61.12 63.87 66.74
-9,479 -9,876 -10,290 -10,722 -11,172 -11,641 -12,130 -12,640 -13,172

- - - - - - - - -
- 28.43 - 29.75 - 31.11 - 32.52 - 33.98 - 35.49 - 37.06 - 38.69 - 40.39
0% 0% 0% 0% 0% 0% 0% 0% 0%
-8,235 -8,609 -9,000 -9,408 -9,834 -10,278 -10,743 -11,228 -11,735
5% 5% 5% 5% 5% 5% 5% 5% 5%
-7,680 -8,029 -8,393 -8,774 -9,171 -9,586 -10,020 -10,472 -10,945
-69% -69% -69% -69% -69% -69% -69% -69% -69%
-555 -580 -606 -634 -662 -692 -723 -756 -790
-48% -48% -48% -48% -48% -48% -48% -48% -48%
433.60 451.90 470.99 490.91 511.69 533.37 556.00 579.61 604.25

-96% -96% -96% -96% -96% -96% -96% -96% -96%
-1,706 -1,749 -1,793 -1,838 -1,884 -1,931 -1,980 -2,030 -2,081
-9,197 -9,580 -9,979 -10,395 -10,830 -11,282 -11,755 -12,247 -12,761
-7,954 -8,313 -8,689 -9,081 -9,491 -9,920 -10,368 -10,836 -11,325

-64.8% -64.8% -64.8% -64.8% -64.8% -64.8% -64.9% -64.9% -64.9%
-7411 -7746 -8096 -8462 -8844 -9244 -9661 -10098 -10554
-67% -67% -67% -67% -67% -67% -67% -67% -67%
- 542 - 567 - 592 - 619 - 647 - 676 - 706 - 738 - 771
-47% -47% -47% -47% -47% -47% -47% -47% -47%
450 469 489 509 531 553 577 601 627

-100% -100% -100% -100% -100% -100% -100% -100% -100%
-1693.5 -1735.8 -1779.2 -1823.7 -1869.3 -1916.0 -1963.9 -2013.0 -2063.3

-85% -85% -85% -85% -85% -85% -85% -85% -85%
4,630 4,831 5,040 5,259 5,487 5,726 5,975 6,236 6,507

33% 34% 34% 34% 34% 34% 34% 34% 34%
-282 -296 -311 -327 -342 -359 -375 -392 -410
-12.1 -12.7 -13.4 -14.0 -14.7 -15.4 -16.1 -16.9 -17.6

4% 4% 4% 4% 4% 4% 4% 4% 4%
-281.7 -296.3 -311.3 -326.6 -342.3 -358.5 -375.2 -392.4 -410.3
-12.8 -13.5 -14.2 -14.9 -15.6 -16.3 -17.1 -17.9 -18.7
5% 5% 5% 5% 5% 5% 5% 5% 5%
-268.8 -282.8 -297.1 -311.7 -326.8 -342.2 -358.1 -374.6 -391.6
95% 95% 95% 95% 95% 95% 95% 95% 95%
4,348 4,534 4,729 4,932 5,145 5,368 5,600 5,843 6,097

31% 31% 31% 32% 32% 32% 32% 32% 32%
296 303 310 318 325 333 341 349 358

4,040 4,218 4,405 4,601 4,805 5,019 5,243 5,477 5,722
604 631 660 689 720 753 787 822 859
3,436 3,587 3,745 3,911 4,085 4,266 4,456 4,655 4,863
31% 31% 31% 32% 32% 32% 32% 32% 32%
15% 15% 15% 15% 15% 15% 15% 15% 15%

33% 33% 33% 33% 33% 33% 33% 33% 33%
52% 52% 52% 52% 52% 52% 52% 52% 52%
31% 31% 31% 31% 31% 31% 31% 31% 31%
-2619 -2735 -2856 -2983 -3115 -3253 -3398 -3548 -3706

-18.9% -19.0% -19.0% -19.1% -19.1% -19.1% -19.2% -19.2% -19.2%
-2,673 -2,789 -2,911 -3,039 -3,172 -3,310 -3,455 -3,607 -3,765
-173.0 -177.4 -181.8 -186.3 -191.0 -195.8 -200.7 -205.7 -210.8
-2,489 -2,600 -2,717 -2,840 -2,967 -3,101 -3,240 -3,386 -3,538
-488 -510 -532 -556 -581 -607 -635 -663 -693
-2,001 -2,091 -2,185 -2,283 -2,386 -2,493 -2,606 -2,723 -2,845
-11 -12 -12 -13 -13 -14 -14 -15 -16
-8.6% -8.6% -8.6% -8.6% -8.6% -8.6% -8.6% -8.6% -8.6%

-23.7% -23.7% -23.7% -23.7% -23.7% -23.7% -23.7% -23.7% -23.7%
-42.1% -42.1% -42.1% -42.0% -42.0% -42.0% -42.0% -42.0% -42.0%
-18.0% -18.0% -18.0% -18.0% -18.0% -18.0% -18.0% -18.0% -18.0%
-0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1%
53.79 54.34 54.91 55.52 56.16 56.84 57.54 58.29 59.07

14.0 14.4 14.7 15.1 15.5 15.9 16.3 16.7 17.1
44 44 45 45 46 46 47 47 48
13 14 15 15 16 17 17 18 19
31 30 30 30 30 30 29 29 29
-4 -4 -5 -5 -5 -5 -6 -6 -6
0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7%

0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%
0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1,729 1,799 1,872 1,949 2,030 2,114 2,202 2,295 2,391

12.5% 12.5% 12.5% 12.5% 12.4% 12.4% 12.4% 12.4% 12.4%
137 140 143 147 150 153 157 160 164

1,596 1,662 1,733 1,806 1,884 1,965 2,049 2,138 2,231
130 136 142 148 155 162 169 177 185
1,466 1,527 1,591 1,658 1,729 1,803 1,880 1,961 2,046
6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.7% 6.7%

13.0% 13.0% 12.9% 12.9% 12.9% 12.8% 12.8% 12.8% 12.8%
11.2% 11.2% 11.2% 11.2% 11.2% 11.2% 11.2% 11.2% 11.2%
13.2% 13.1% 13.1% 13.1% 13.0% 13.0% 13.0% 13.0% 12.9%
282 296 311 327 342 359 375 392 410

12 13 14 14 15 16 17 17 18
269 283 298 312 327 343 359 375 392
12 13 14 14 15 16 17 17 18
257 270 284 298 312 327 342 358 374
2,023 2,108 2,197 2,290 2,387 2,488 2,594 2,705 2,820
15% 15% 15% 15% 15% 15% 15% 15% 15%
149.4 153.1 157.0 160.9 164.9 169.1 173.3 177.6 182.1

1,864.8 1,945.7 2,030.2 2,118.5 2,210.8 2,307.2 2,408.1 2,513.5 2,623.6
Chart Title
142.2 148.7 155.5 162.6 170.0 177.7 185.8 194.2 203.0
1,722.6 1,797.0 1,874.7 1,955.9 2,040.8 2,129.5 2,222.3 2,319.3 2,420.6
7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5%

15.2% 15.2% 15.1% 15.1% 15.1% 15.1% 15.1% 15.0% 15.0%
12.3% 12.3% 12.3% 12.3% 12.3% 12.3% 12.3% 12.3% 12.3%
15.5% 15.5% 15.4% 15.4% 15.4% 15.4% 15.4% 15.3% 15.3%
3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47
2,023 2,108 2,197 2,290 2,387 2,488 2,594 2,705 2,820
Row 186 Row 187 Row 188 Row 189

415 432 451 470 490 510 532 554 578
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
1.4727567 1.4590271 1.4475678 1.4379868 1.4299673 1.4232508 1.4176253 1.4129159 1.4089773
30.48 2008 2009 2010 2011
Balanço -
#NAME? #NAME? #NAME? #NAME?
Ativo Total 0 0 0 2,679
- - - -
Ativo Circulante 0 0 0 1,422
Caixa e equivalentes de caixa - - - 147
Contas a receber - - - 448
Estoques - - - 699
Impostos - - - 68
Outros Ativos - - - 61
Ativos Biológicos de CP
Ativo Não Circulante - - - 164

Caixa e equivalentes de caixa - - - -
Ativo Biologico
Outros Ativos não Circulantes - - - 164
Ativo Permanente - - - 1,094

Investimentos - - - -
Imobilizado - - - 980
Intangível - - - 114
- - - -
Passivo - - - 1,473
Passivo circulante 0 0 0 740
Fornecedores - - - 231
Financiamentos e empréstimos - - - 363
Dívidas em BRL - - - 203
Dívidas em Outras moedas - - - 134
Debêntures - - - 25
Impostos & Salários a Pagar - - - 64
Partes relacionadas - - - 20
Dividendos e juros sobre capital próprio
Provisões
Outros passivos de Curto prazo - - - 62
Passivo não-circulante - - - 733
Financiamentos e empréstimos - - - 525
Dívidas em BRL - - - 326
Dívidas em Outras moedas - - - 194
Debêntures - - - 5
Obrigações de benefícios de aposentadoria - - - 78
Provisões - - - 16
Outros passivos de longo prazo - - - 114
- - - -
Patrimônio Líquido - - - 1,207
Capital social - - - 1,691
Reservas de capital - - - 79
Remuneração baseada em ações
Ajuste de avaliação patrimonial - - - - 149
Reservas de lucros - - - 25
Lucros acumulados - - - -449
Acionistas minoritários - - - 9
Check Ativo = Passivo - - - -
Suporte Balanços
Capital de Giro/ Receita Líquida #DIV/0! #DIV/0! #DIV/0! 65%
Contas a Receber/ Receita Líquida #DIV/0! #DIV/0! #DIV/0! 32%
Estoques/Receita Líquida #DIV/0! #DIV/0! #DIV/0! 50%
Fornecedores/ReceitaLíquida #DIV/0! #DIV/0! #DIV/0! 16%
% das dívidas ex BRL 37% 37% 37% 37%

Dívida Bruta - - - 888
Caixa - - - 147
Dívida Líquida - - - 742
Depreciação - - - -
% sobre Imobilizado ano anterior #DIV/0! #DIV/0! #DIV/0!
Amortização de intangíveis
% sobre Intangível ano anterior
Demonstrativo de resultados
Receita Bruta 0 0 0 1,772
Deduções 0 0 0 -364
Receita Líquida 0 0 0 1,408
Custo dos Produtos 0 0 0 -1,063
Lucro Bruto 0 0 0 345
Despesas de Vendas 0 0 0 -180
Despesas Gerais e Administrativas 0 0 0 -103
Outras Despesas 0 0 0 0
Equivalência Patrimonial
Lucro Operacional (EBIT) 0 0 0 62
Resultado Financeiro 0 0 0 -107
Receitas Financeiras 0 0 0 27
Despesas Financeiras 0 0 0 -73
Variação cambial 0 0 0 -17
Outros Resultados financeiros 0 0 0 -45
Lucro antes de Impostos 0 0 0 -45
Imposto de Renda e CSLL 0 0 0 -92
Lucro Líquido 0 0 0 -138
Ajustes
Check -269.50
Dividendos
EBITDA 0 0 0 345
Despesas de vendas % s/ RL #DIV/0! #DIV/0! #DIV/0! -13%

Remuneração do Caixa 0% 0% 10% 12%
Custo da dívida Moeda Local 4% 4% 14% 16%
Custo da Dívida Estrangeira 4% 7% 7% 7%
Alíquota de IR #DIV/0! #DIV/0! #DIV/0! 204%
Pay-Out de Dividendos
Custo ponderado da dívida
Outras despesas Financeiras / RL #DIV/0! #DIV/0! #DIV/0! -3.2%
Fluxo de Caixa
EBIT 0 0 62
Depreciação 0 0 0
Amortização 0 0 0
EBITDA 0 0 62
Outras contas
Variação no Capital de giro 0.00 0 -980
D Recebíveis 0 0 -448
D Estoques 0 0 -699
D Fornecedores 0 0 231
D Impostos 0 0 -64
(-) CAPEX 0 0 -113
(-) Impostos 0 0 -92
FREE CASH FLOW TO FIRM 0 0 -1122
(-) Resultado Financeiro 0 0 -107
FREE CASH FLOW TO EQUITY 0 0 -1,230
(+) Aumento da Dívida 0 0 888
(+) Subscrição de Ações
(-) Dividendos pagos 0 0 0
Variação de Caixa 0 0 -342
Indicadores & Analises

Crescimento
Receita Líquida% YoY #DIV/0! #DIV/0!
EBITDA% YoY #DIV/0! #DIV/0!
Lucro Líquido % YoY #DIV/0! #DIV/0!
Margens
Margem Bruta% #DIV/0! #DIV/0! #DIV/0! 24%
Margem EBIT% #DIV/0! #DIV/0! #DIV/0! 4%
Margem EBITDA% #DIV/0! #DIV/0! #DIV/0! 24%
Margem EBITDA Ajustado% #DIV/0! #DIV/0! #DIV/0! 10%
Margem Líquida% #DIV/0! #DIV/0! #DIV/0! -10%
Retorno
ROE (Retorno sobre o Patrimônio médio) #DIV/0! #DIV/0! -23%
ROA (retorno sobre Ativos) #DIV/0! #DIV/0! -10%
ROIC (Retorno sobre o Capital Investido) #DIV/0! #DIV/0! 2%
ROIC com Intangível #DIV/0! #DIV/0! 2%
ROCE #DIV/0! #DIV/0! 2%
Alavancagem
Dívida Líquida / EBITDA(x) #DIV/0! #DIV/0! #DIV/0! 2.2
Dívida Bruta / PL #DIV/0! #DIV/0! #DIV/0! 74%
Índice de Cobertura #DIV/0! #DIV/0! #DIV/0! 1.4
Liquidez corrente #DIV/0! #DIV/0! #DIV/0! 1.9
Ciclo
Giro do Ativo #DIV/0! #DIV/0! #DIV/0! 0.53
Capex/Depreciação #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Capital de Giro/Receita Líquida #DIV/0! #DIV/0! #DIV/0! 65%
Mercado
P/E ou Preço/Lucro (x) #DIV/0! #DIV/0! #DIV/0! -13.0
P/BV ou Preço/ Valor Patrimonial (x) #DIV/0! #DIV/0! #DIV/0! 1.5
P/S ou Preço/Receita Líquida (x) #DIV/0! #DIV/0! #DIV/0! 1.3
EV/EBITDA (x) #DIV/0! #DIV/0! #DIV/0! 7.3
EV/EBIT (x) #DIV/0! #DIV/0! #DIV/0! 40.8
Dividend Yield% (Cot fim) #DIV/0! #DIV/0! #DIV/0! 0.0%
FCFE yield % #DIV/0! #DIV/0! #DIV/0! -68.7%
FCFF yield% #DIV/0! #DIV/0! #DIV/0! -44.3%
PEG ratio
Números de Suporte
Capital de Giro 0 0 0 916
Número de Ações (milhões) 0 0 0 144
Preço da Ação (fim do ano) 0 0 0 12
Market Cap (R$ milhões) 0 0 0 1,791
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
0 - - 0 - - - - - - -
#NAME? #NAME? #NAME? #NAME? #NAME? -
2,468 2,443 2,469 2,598 2,630 2,721 2,940 3,011 3,132 3,270
- - - - - - -
1,266 1,266 1,360 1,453 1,360 1,345 1,451 1,521 1,637 1,768
111 83 131 172 179 191 219 271 318 372
452 513 522 509 493 498 551 548 586 624
589 559 590 658 560 538 573 593 625 663
57 51 47 39 36 37 38 38 38 38
57 60 71 75 93 81 71 71 71 71
- - -
135 144 140 229 404 382 497 497 497 497
- - - - 62 64 78 78 78 78
- - -
135 144 140 229 342 318 419 419 419 419
1,067 1,033 969 916 865 995 992 993 998 1,005
3 2 2 4 - 211 227 227 227 227
951 911 847 785 749 669 647 648 652 660
114 120 120 127 116 115 119 119 119 119
- - - - - - -
1,250 1,291 1,383 1,519 1,602 1,572 1,780 1,763 1,781 1,796
728 855 716 851 817 763 841 824 843 857
186 194 167 152 144 163 196 179 197 212
388 497 405 531 519 457 460 460 460 460
232 313 254 200 192 276 222 222 222 222
143 184 150 197 192 169 170 170 170 170
12 - 2 134 135 12 67 67 67 67
59 65 64 72 68 73 99 99 99 99
- - - - - - - - - -
- - -
- - -
94 99 80 95 86 70 86 86 86 86
523 436 667 669 785 809 939 939 939 939
328 252 455 427 581 619 727 727 727 727
207 159 23 135 366 353 352 352 352 352
121 93 168 158 215 229 269 269 269 269
- - 264 134 - 37 107 107 107 107
87 80 101 132 106 96 110 110 110 110
19 18 22 23 22 19 13 13 13 13
89 87 88 87 77 76 89 89 89 89
- - - - - - -
1,217 1,152 1,086 1,079 1,028 1,150 1,161 1,248 1,350 1,474
1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860
79 79 79 79 79 79 79 79 79 79
- - -
- 203 - 212 - 250 - 282 - 308 - 192 - 173 - 173 - 173 - 173
25 25 25 25 25 25 25 25 25 25
-552 -609 -637 -615 -634 -624 -631 -543 -441 -317
7 8 8 10 5 - - - - -
0.1 - - 0.0 - - - - - - -
51% 43% 45% 45% 39% 40% 41% 40% 40% 41%
27% 25% 25% 22% 21% 23% 24% 23% 23% 24%
35% 27% 28% 29% 24% 24% 25% 25% 25% 25%
11% 9% 8% 7% 6% 7% 9% 7% 8% 8%
37% 37% 37% 37% 37% 37% 37% 37% 37% 37%
716 749 861 958 1,099 1,076 1,187 1,187 1,187 1,187
111 83 131 172 241 254 297 349 396 450
605 666 730 786 859 821 891 838 792 738
- 92 86 79 78 74 75 71 71 72
0% 9.6% 9.4% 9.3% 9.9% 9.8% 11.2% 11% 11% 11%
0.00 0.00 0.00
0% 0% 0% 0% 0% 0% 0% 0% 0%
2,088 2,519 2,574 2,707 2,818 2,687 2,715 2,891 3,028 3,195
-405 -476 -482 -440 -507 -489 -460 -489 -513 -541
1,683 2,043 2,092 2,267 2,311 2,199 2,255 2,402 2,516 2,655
-1,281 -1,561 -1,542 -1,657 -1,692 -1,621 -1,678 -1,714 -1,802 -1,893
402 482 550 610 619 578 577 687 714 761
-243 -300 -304 -295 -281 -273 -275 -294 -309 -325
-111 -126 -134 -149 -145 -142 -152 -154 -160 -171
132 7 -9 -12 -24 19 19 28 29 30
180 64 104 154 169 181 170 267 275 295

-120 -113 -140 -119 -234 -185 -218 -157 -147 -141
18 8 16 26 23 27 27 16 19 22
-81 -79 -110 -151 -171 -143 -129 -126 -126 -126
-6 14 13 70 -24 -10 -64
-51 -56 -59 -64 -61 -60 -52 -48 -40 -37
60 -50 -36 36 -65 -4 -48 109 128 154
-3 -3 7 -13 58 26 56 -22 -26 -31
57 -53 -29 23 -6 22 7 88 102 124
-201.40 0.10 0.00 -0.06 0.11 0.00 0.05

0 0 0
402 155 190 233 266 255 245 341 349 370
0.10 0.00 -0.07 -19.07 0.01 0.08
-14% -15% -15% -13% -12% -12% -12% -12% -12% -12%
9% 11% 11% 14% 16% 10% 7% 6% 6% 6%
13% 15% 15% 18% 20% 14% 11% 12% 12% 12%
7% 7% 7% 7% 7% 7% 7% 9% 9% 9%
-5% 6% -20% -36% -90% -598% -116% -20% -20% -20%
0% 0% 0%
15% 11% 9% 11% 11% 11%
-3.0% -2.7% -2.8% -2.8% -2.6% -2.7% -2.3% -2.0% -1.6% -1.4%
180 64 104 154 169 181 170 267 275 295

0 92 86 79 78 74 75 71 71 72
0 0 0 0 0 0 0 0 0 0
180 155 190 233 247 255 245 338 346 367
67 -31 -65 -78 109 32 -82 -34 -52 -61

-3 -62 -9 14 16 -4 -53 4 -38 -38
110 30 -31 -68 98 22 -34 -21 -32 -38
-45 8 -27 -15 -8 19 32 -17 19 15
5 -6 2 -9 4 -5 -26 0 0 0
-63 -59 -55 -42 -74 -71 -40 -72 -75 -80
-3 -3 7 -13 58 26 56 -22 -26 -31
181 62 77 100 340 241 178 210 193 195
-120 -113 -140 -119 -234 -185 -218 -157 -147 -141
61 -51 -64 -19 107 56 -40 53 47 54
-173 33 112 97 141 -24 112 0 0 0
0 0 0 0 0 0 0 0 0 0
-111 -18 48 78 248 32 72 53 47 54
20% 21% 2% 8% 2% -5% 3% 6% 5% 6%

21% 22% -1% 7% 2% -4% 4% 2% 5% 5%
-142% -192% -45% -178% -128% -435% -65% 1070% 17% 21%
24% 24% 26% 27% 27% 26% 26% 29% 28% 29%
11% 3% 5% 7% 7% 8% 8% 11% 11% 11%
24% 8% 9% 10% 11% 12% 10.8% 14% 14% 14%
7% 8% 9% 10% 11% 12% 11% 14% 14% 14%
3% -3% -1% 1% 0% 1% 0% 4% 4% 5%
5% -4% -3% 2% -1% 2% 1% 7% 8% 9%

2% -2% -1% 1% 0% 1% 0% 3% 3% 4%
7% 2% 4% 6% 7% 8% 8% 12% 12% 12%
6% 2% 4% 5% 6% 7% 7% 10% 10% 11%
7% 2% 4% 6% 6% 6% 6% 9% 9% 9%
1.5 4.3 3.8 3.4 3.2 3.2 3.6 2.5 2.3 2.0
59% 65% 79% 89% 107% 94% 102% 95% 88% 81%
2.8 0.9 1.1 1.2 1.1 1.6 1.7 2.4 2.6 2.8
1.7 1.5 1.9 1.7 1.7 1.8 1.7 1.8 1.9 2.1
0.68 0.84 0.85 0.87 0.88 0.81 0.77 0.80 0.80 0.81
#DIV/0! 0.65 0.64 0.54 0.95 0.97 0.54 1.01 1.06 1.11
51% 43% 45% 45% 39% 40% 41% 40% 40% 41%
40.7 -27.0 -17.6 6.4 -33.0 25.0 80.2 6.9 5.9 4.9
1.9 1.2 0.5 0.1 0.2 0.5 0.5 0.5 0.4 0.4
1.4 0.7 0.2 0.1 0.1 0.2 0.3 0.2 0.2 0.2
7.3 13.5 6.5 4.0 4.0 5.3 6.1 4.2 4.0 3.6
16.3 32.9 12.0 6.0 6.3 7.5 8.8 5.4 5.1 4.5
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2.6% -3.6% -12.4% -13.3% 50.3% 10.4% -6.6% 8.8% 7.8% 9.0%
6.2% 3.0% 6.2% 10.7% 31.8% 17.7% 12.0% 14.6% 13.9% 14.6%
0.04 0.03 0.62 0.65
4% 5% 6%
854 878 945 1,015 909 873 928 962 1,014 1,075
200 200 200 50 50 50 50 50 50 50
12 7 3 3 4 11 12.00 12.00 12.00 12.00
2,328 1,424 512 145 213 541 600 600 600 600
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
- - - - - - - - - -
3,424 3,609 3,790 3,905 4,031 4,166 4,313 4,471 4,643 4,820
1,911 2,080 2,243 2,336 2,437 2,544 2,659 2,783 2,915 3,051
455 545 625 635 643 652 662 674 687 714
650 690 730 770 815 863 913 967 1,025 1,078
696 737 779 823 870 921 975 1,033 1,094 1,150
38 38 38 38 38 38 38 38 38 38
71 71 71 71 71 71 71 71 71 71
- - - - - - - - - -
497 497 497 497 497 497 497 497 497 497
78 78 78 78 78 78 78 78 78 78
- - - - - - - - - -
419 419 419 419 419 419 419 419 419 419
1,017 1,032 1,050 1,072 1,097 1,125 1,157 1,192 1,231 1,272
227 227 227 227 227 227 227 227 227 227
671 686 705 726 751 780 811 847 885 927
119 119 119 119 119 119 119 119 119 119
1,801 1,817 1,914 1,936 1,960 1,985 2,011 2,040 2,070 2,097
863 878 975 997 1,021 1,046 1,073 1,101 1,131 1,158
218 233 246 259 275 291 307 326 345 363
460 460 460 460 460 460 460 460 460 460
222 222 222 222 222 222 222 222 222 222
170 170 170 170 170 170 170 170 170 170
67 67 67 67 67 67 67 67 67 67
99 99 99 99 99 99 99 99 99 99
- - - - - - - - - -
- - 84 93 102 111 120 130 141 150
- - - - - - - - - -
86 86 86 86 86 86 86 86 86 86
939 939 939 939 939 939 939 939 939 939
727 727 727 727 727 727 727 727 727 727
352 352 352 352 352 352 352 352 352 352
269 269 269 269 269 269 269 269 269 269
107 107 107 107 107 107 107 107 107 107
110 110 110 110 110 110 110 110 110 110
13 13 13 13 13 13 13 13 13 13
89 89 89 89 89 89 89 89 89 89
1,623 1,792 1,876 1,969 2,071 2,181 2,301 2,432 2,573 2,723
1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860
79 79 79 79 79 79 79 79 79 79
- - - - - - - - - -
- 173 - 173 - 173 - 173 - 173 - 173 - 173 - 173 - 173 - 173
25 25 25 25 25 25 25 25 25 25
-169 1 84 177 279 390 510 640 781 932
- - - - - - - - - -
- - - - - - - - - -
40% 40% 40% 40% 40% 40% 40% 40% 40% 40%
23% 23% 23% 23% 23% 23% 23% 23% 23% 23%
25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
8% 8% 8% 8% 8% 8% 8% 8% 8% 8%
37% 37% 37% 37% 37% 37% 37% 37% 37% 37%
1,187 1,187 1,187 1,187 1,187 1,187 1,187 1,187 1,187 1,187
533 623 703 713 721 730 740 752 765 792
654 565 484 474 467 457 447 435 422 395
73 74 75 78 80 83 86 89 93 97
11% 11% 11% 11% 11% 11% 11% 11% 11% 11%
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
3,374 3,562 3,764 3,979 4,208 4,453 4,714 4,993 5,291 5,563
-571 -603 -637 -674 -712 -754 -798 -845 -896 -942
2,803 2,959 3,127 3,306 3,496 3,699 3,916 4,148 4,396 4,622
-1,991 -2,099 -2,211 -2,332 -2,462 -2,600 -2,747 -2,905 -3,073 -3,227
812 860 915 973 1,034 1,100 1,169 1,243 1,323 1,395
-343 -363 -383 -405 -428 -453 -480 -508 -538 -566
-178 -188 -200 -211 -224 -237 -252 -268 -285 -301
30 31 32 33 33 34 35 36 37 38
321 341 365 390 416 443 472 503 536 565
-134 -129 -126 -124 -125 -127 -129 -131 -133 -135
25 29 34 39 39 40 40 41 41 42
-126 -126 -126 -126 -126 -126 -126 -126 -126 -126
-34 -33 -34 -37 -39 -41 -44 -46 -49 -52
186 212 239 266 290 316 343 372 403 430
-37 -42 -72 -80 -87 -95 -103 -112 -121 -129
149 169 167 186 203 221 240 261 282 301
0 0 84 93 102 111 120 130 141 150
396 418 444 471 499 530 562 596 633 666
-12% -12% -12% -12% -12% -12% -12% -12% -12% -12%
6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
12% 12% 12% 12% 12% 12% 12% 12% 12% 12%
9% 9% 9% 9% 9% 9% 9% 9% 9% 9%
-20% -20% -30% -30% -30% -30% -30% -30% -30% -30%
0% 0% 50% 50% 50% 50% 50% 50% 50% 50%
11% 11% 11% 11% 10.6% 11% 11% 11% 11% 11%
-1.2% -1.1% -1.1% -1.1% -1.1% -1.1% -1.1% -1.1% -1.1% -1.1%
321 341 365 390 416 443 472 503 536 565
73 74 75 78 80 83 86 89 93 97
0 0 0 0 0 0 0 0 0 0
393 414 440 468 495 526 558 593 629 662
-54 -65 -68 -71 -77 -82 -87 -94 -100 -91
-26 -40 -40 -40 -45 -47 -50 -54 -58 -53
-33 -40 -42 -44 -48 -51 -54 -58 -62 -56
5 15 13 13 16 16 17 18 19 18
0 0 0 0 0 0 0 0 0 0
-84 -89 -94 -99 -105 -111 -117 -124 -132 -139
-37 -42 -72 -80 -87 -95 -103 -112 -121 -129
218 218 206 218 226 238 250 263 277 303
-134 -129 -126 -124 -125 -127 -129 -131 -133 -135
83 89 81 93 101 111 121 132 143 168
0 0 0 0 0 0 0 0 0 0
0 0 0 -84 -93 -102 -111 -120 -130 -141

83 89 81 10 8 9 11 12 13 27
6% 6% 6% 6% 6% 6% 6% 6% 6% 5%
5% 5% 5% 5% 6% 6% 6% 6% 6% 5%
21% 14% -1% 11% 9% 9% 9% 8% 8% 7%
29% 29% 29% 29% 30% 30% 30% 30% 30% 30%
11% 12% 12% 12% 12% 12% 12% 12% 12% 12%
14% 14% 14% 14% 14% 14% 14% 14% 14% 14%
14% 14% 14% 14% 14% 14% 14% 14% 14% 14%
5% 6% 5% 6% 6% 6% 6% 6% 6% 7%
10% 10% 9% 10% 10% 10% 11% 11% 11% 11%

4% 5% 5% 5% 5% 5% 6% 6% 6% 6%
12% 13% 13% 13% 13% 14% 14% 14% 14% 14%
11% 11% 12% 12% 12% 12% 12% 13% 13% 13%
10% 10% 11% 11% 11% 12% 12% 12% 13% 13%
1.7 1.4 1.1 1.0 0.9 0.9 0.8 0.7 0.7 0.6
73% 66% 63% 60% 57% 54% 52% 49% 46% 44%
3.2 3.5 4.0 4.5 4.8 5.2 5.5 5.9 6.4 6.8
2.2 2.4 2.3 2.3 2.4 2.4 2.5 2.5 2.6 2.6
0.82 0.82 0.83 0.85 0.87 0.89 0.91 0.93 0.95 0.96
1.16 1.20 1.24 1.28 1.31 1.34 1.37 1.39 1.42 1.42
40% 40% 40% 40% 40% 40% 40% 40% 40% 40%
4.0 3.5 3.6 3.2 3.0 2.7 2.5 2.3 2.1 2.0
0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.2 0.2
0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1
3.2 2.8 2.4 2.3 2.1 2.0 1.9 1.7 1.6 1.5
3.9 3.4 3.0 2.8 2.6 2.4 2.2 2.1 1.9 1.8
0.0% 0.0% 13.9% 15.5% 16.9% 18.4% 20.0% 21.7% 23.5% 25.1%
13.9% 14.9% 13.4% 15.6% 16.8% 18.5% 20.2% 21.9% 23.9% 28.0%
17.4% 18.7% 19.0% 20.3% 21.2% 22.5% 23.9% 25.4% 27.1% 30.5%
1.09 1.52 1.88 1.23 1.35 1.39 1.43 1.54 1.67 1.80
5% 6% 6% 6% 6%
1,129 1,194 1,263 1,334 1,411 1,493 1,581 1,674 1,774 1,865
50 50 50 50 50 50 50 50 50 50
12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00
600 600 600 600 600 600 600 600 600 600
2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
- - - - - - - - - -
5,009 5,211 5,426 5,655 5,898 6,158 6,435 6,729 7,043 7,377
3,197 3,352 3,517 3,693 3,882 4,082 4,296 4,524 4,768 5,027
745 779 816 857 901 948 1,000 1,056 1,116 1,181
1,133 1,192 1,254 1,319 1,389 1,463 1,542 1,625 1,714 1,807
1,210 1,272 1,338 1,408 1,483 1,562 1,646 1,735 1,829 1,929
38 38 38 38 38 38 38 38 38 38
71 71 71 71 71 71 71 71 71 71
- - - - - - - - - -
497 497 497 497 497 497 497 497 497 497
78 78 78 78 78 78 78 78 78 78
- - - - - - - - - -
419 419 419 419 419 419 419 419 419 419
1,316 1,363 1,412 1,464 1,520 1,579 1,642 1,708 1,779 1,854
227 227 227 227 227 227 227 227 227 227
970 1,017 1,066 1,119 1,174 1,233 1,296 1,363 1,433 1,508
119 119 119 119 119 119 119 119 119 119
2,126 2,156 2,188 2,223 2,259 2,298 2,339 2,382 2,428 2,477
1,187 1,218 1,250 1,284 1,320 1,359 1,400 1,443 1,490 1,539
382 401 422 444 468 493 519 547 577 609
460 460 460 460 460 460 460 460 460 460
222 222 222 222 222 222 222 222 222 222
170 170 170 170 170 170 170 170 170 170
67 67 67 67 67 67 67 67 67 67
99 99 99 99 99 99 99 99 99 99
- - - - - - - - - -
160 171 183 195 207 221 236 251 268 285
- - - - - - - - - -
86 86 86 86 86 86 86 86 86 86
939 939 939 939 939 939 939 939 939 939
727 727 727 727 727 727 727 727 727 727
352 352 352 352 352 352 352 352 352 352
269 269 269 269 269 269 269 269 269 269
107 107 107 107 107 107 107 107 107 107
110 110 110 110 110 110 110 110 110 110
13 13 13 13 13 13 13 13 13 13
89 89 89 89 89 89 89 89 89 89
2,884 3,055 3,237 3,432 3,639 3,860 4,096 4,347 4,615 4,900
1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860
79 79 79 79 79 79 79 79 79 79
- - - - - - - - - -
- 173 - 173 - 173 - 173 - 173 - 173 - 173 - 173 - 173 - 173
25 25 25 25 25 25 25 25 25 25
1,092 1,263 1,446 1,640 1,848 2,069 2,305 2,556 2,823 3,108
- - - - - - - - - -
- - - - - - - - - -
40% 40% 40% 40% 40% 40% 40% 40% 40% 40%
23% 23% 23% 23% 23% 23% 23% 23% 23% 23%
25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
8% 8% 8% 8% 8% 8% 8% 8% 8% 8%
37% 37% 37% 37% 37% 37% 37% 37% 37% 37%
1,187 1,187 1,187 1,187 1,187 1,187 1,187 1,187 1,187 1,187
823 857 894 935 979 1,026 1,078 1,134 1,194 1,259
364 330 293 252 209 161 109 53 - 7 - 72
102 107 112 117 123 129 136 143 150 158
11% 11% 11% 11% 11% 11% 11% 11% 11% 11%
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
5,849 6,151 6,471 6,811 7,171 7,553 7,958 8,388 8,845 9,330
-990 -1,041 -1,095 -1,153 -1,214 -1,279 -1,347 -1,420 -1,497 -1,579
4,859 5,110 5,376 5,658 5,957 6,274 6,611 6,968 7,348 7,751
-3,389 -3,560 -3,742 -3,934 -4,138 -4,354 -4,583 -4,825 -5,083 -5,357
1,470 1,550 1,634 1,724 1,820 1,921 2,029 2,143 2,265 2,394
-595 -626 -659 -693 -730 -769 -810 -854 -900 -949
-318 -336 -355 -375 -397 -420 -445 -471 -499 -528
38 39 39 40 41 41 42 43 44 44
595 626 660 696 733 774 816 861 910 961
-136 -137 -138 -140 -141 -142 -143 -144 -145 -146
44 45 47 49 51 54 56 59 62 66
-126 -126 -126 -126 -126 -126 -126 -126 -126 -126
-54 -57 -60 -63 -67 -70 -74 -78 -82 -87
459 489 522 556 593 632 673 717 764 814
-138 -147 -156 -167 -178 -190 -202 -215 -229 -244
321 342 365 389 415 442 471 502 535 570
160 171 183 195 207 221 236 251 268 285
701 738 777 818 862 908 958 1,010 1,066 1,125
-12% -12% -12% -12% -12% -12% -12% -12% -12% -12%
6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
12% 12% 12% 12% 12% 12% 12% 12% 12% 12%
9% 9% 9% 9% 9% 9% 9% 9% 9% 9%
-30% -30% -30% -30% -30% -30% -30% -30% -30% -30%
50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
11% 11% 11% 11% 11% 11% 11% 11% 11% 11%
-1.1% -1.1% -1.1% -1.1% -1.1% -1.1% -1.1% -1.1% -1.1% -1.1%
595 626 660 696 733 774 816 861 910 961
102 107 112 117 123 129 136 143 150 158
0 0 0 0 0 0 0 0 0 0
697 733 772 813 856 903 952 1,004 1,059 1,118
-96 -101 -107 -114 -121 -128 -136 -144 -153 -163
-55 -59 -62 -66 -70 -74 -79 -83 -88 -94
-59 -63 -66 -70 -74 -79 -84 -89 -94 -100
19 20 21 22 23 25 26 28 30 32
0 0 0 0 0 0 0 0 0 0
-146 -153 -161 -170 -179 -188 -198 -209 -220 -233
-138 -147 -156 -167 -178 -190 -202 -215 -229 -244
318 332 347 363 379 397 416 436 457 479
-136 -137 -138 -140 -141 -142 -143 -144 -145 -146
181 194 208 223 239 255 273 291 311 333
0 0 0 0 0 0 0 0 0 0
-150 -160 -171 -183 -195 -207 -221 -236 -251 -268
31 34 37 40 44 48 52 56 60 65
5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
7% 7% 7% 7% 7% 7% 7% 7% 7% 7%
30% 30% 30% 30% 31% 31% 31% 31% 31% 31%
12% 12% 12% 12% 12% 12% 12% 12% 12% 12%
14% 14% 14% 14% 14% 14% 14% 14% 15% 15%
14% 14% 14% 14% 14% 14% 14% 14% 15% 15%
7% 7% 7% 7% 7% 7% 7% 7% 7% 7%
11% 12% 12% 12% 12% 12% 12% 12% 12% 12%
7% 7% 7% 7% 7% 7% 7% 8% 8% 8%
14% 14% 14% 14% 14% 14% 14% 14% 14% 15%
13% 13% 13% 13% 13% 13% 13% 13% 13% 13%
13% 13% 13% 13% 13% 13% 14% 14% 14% 14%
0.5 0.4 0.4 0.3 0.2 0.2 0.1 0.1 0.0 -0.1
41% 39% 37% 35% 33% 31% 29% 27% 26% 24%
7.3 7.8 8.4 9.1 9.9 10.8 11.8 13.0 14.4 16.0
2.7 2.8 2.8 2.9 2.9 3.0 3.1 3.1 3.2 3.3
0.97 0.98 0.99 1.00 1.01 1.02 1.03 1.04 1.04 1.05
1.43 1.44 1.44 1.45 1.45 1.46 1.46 1.47 1.47 1.47
40% 40% 40% 40% 40% 40% 40% 40% 40% 40%
1.9 1.8 1.6 1.5 1.4 1.4 1.3 1.2 1.1 1.1
0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
1.4 1.3 1.1 1.0 0.9 0.8 0.7 0.6 0.6 0.5
1.6 1.5 1.4 1.2 1.1 1.0 0.9 0.8 0.7 0.5
26.7% 28.5% 30.4% 32.4% 34.6% 36.9% 39.3% 41.8% 44.6% 47.5%
30.2% 32.4% 34.7% 37.2% 39.8% 42.5% 45.5% 48.6% 51.9% 55.4%
32.9% 35.7% 38.8% 42.5% 46.9% 52.2% 58.6% 66.7% 77.0% 90.7%
1.80 1.81 1.81 1.82 1.82 1.83 1.83 1.83 1.83 1.83
1,961 2,062 2,170 2,284 2,404 2,532 2,668 2,813 2,966 3,128
50 50 50 50 50 50 50 50 50 50
12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00
600 600 600 600 600 600 600 600 600 600
2042 2043 2044 2045 2046 2047 2048 2049 2050 2051
- - - - - - - - - -
7,733 8,112 8,516 8,946 9,405 9,893 10,414 10,968 11,558 12,149
5,303 5,598 5,912 6,247 6,605 6,986 7,392 7,825 8,286 8,746
1,251 1,327 1,408 1,495 1,589 1,689 1,797 1,912 2,038 2,241
1,907 2,013 2,126 2,246 2,374 2,509 2,654 2,807 2,969 3,094
2,036 2,149 2,270 2,398 2,534 2,679 2,833 2,997 3,169 3,303
38 38 38 38 38 38 38 38 38 38
71 71 71 71 71 71 71 71 71 71
- - - - - - - - - -
497 497 497 497 497 497 497 497 497 497
78 78 78 78 78 78 78 78 78 78
- - - - - - - - - -
419 419 419 419 419 419 419 419 419 419
1,933 2,018 2,107 2,202 2,303 2,411 2,525 2,646 2,775 2,906
227 227 227 227 227 227 227 227 227 227
1,588 1,672 1,762 1,857 1,958 2,065 2,179 2,301 2,430 2,561
119 119 119 119 119 119 119 119 119 119
2,530 2,585 2,645 2,707 2,774 2,846 2,922 3,003 3,088 3,153
1,591 1,647 1,706 1,769 1,836 1,907 1,983 2,064 2,149 2,214
642 678 716 756 799 845 894 945 1,000 1,042
460 460 460 460 460 460 460 460 460 460
222 222 222 222 222 222 222 222 222 222
170 170 170 170 170 170 170 170 170 170
67 67 67 67 67 67 67 67 67 67
99 99 99 99 99 99 99 99 99 99
- - - - - - - - - -
304 324 345 367 391 417 444 474 504 527
- - - - - - - - - -
86 86 86 86 86 86 86 86 86 86
939 939 939 939 939 939 939 939 939 939
727 727 727 727 727 727 727 727 727 727
352 352 352 352 352 352 352 352 352 352
269 269 269 269 269 269 269 269 269 269
107 107 107 107 107 107 107 107 107 107
110 110 110 110 110 110 110 110 110 110
13 13 13 13 13 13 13 13 13 13
89 89 89 89 89 89 89 89 89 89
5,203 5,527 5,872 6,239 6,630 7,047 7,492 7,965 8,470 8,997
1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860
79 79 79 79 79 79 79 79 79 79
- - - - - - - - - -
- 173 - 173 - 173 - 173 - 173 - 173 - 173 - 173 - 173 - 173
25 25 25 25 25 25 25 25 25 25
3,412 3,735 4,080 4,447 4,839 5,256 5,700 6,174 6,678 7,205
- - - - - - - - - -
- - - - - - - - - -
40% 40% 40% 40% 40% 40% 40% 40% 40% 40%
23% 23% 23% 23% 23% 23% 23% 23% 23% 23%
25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
8% 8% 8% 8% 8% 8% 8% 8% 8% 8%
37% 37% 37% 37% 37% 37% 37% 37% 37% 37%
1,187 1,187 1,187 1,187 1,187 1,187 1,187 1,187 1,187 1,187
1,329 1,405 1,486 1,573 1,667 1,767 1,875 1,990 2,116 2,319
- 142 - 217 - 298 - 386 - 479 - 580 - 687 - 803 - 929 - 1,131
166 175 184 194 204 215 227 240 253 267
11% 11% 11% 11% 11% 11% 11% 11% 11% 11%
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
9,846 10,393 10,975 11,594 12,253 12,953 13,698 14,492 15,326 15,971
-1,667 -1,759 -1,858 -1,963 -2,074 -2,193 -2,319 -2,453 -2,594 -2,704
8,179 8,634 9,117 9,632 10,179 10,760 11,380 12,039 12,732 13,268
-5,647 -5,956 -6,284 -6,632 -7,003 -7,397 -7,816 -8,262 -8,731 -9,098
2,532 2,678 2,833 2,999 3,176 3,363 3,563 3,776 4,000 4,170
-1,002 -1,058 -1,117 -1,180 -1,247 -1,318 -1,394 -1,475 -1,560 -1,625
-560 -593 -629 -666 -707 -749 -795 -843 -894 -936
45 46 47 48 49 50 51 52 53 53
1,015 1,073 1,135 1,201 1,271 1,346 1,425 1,510 1,599 1,663
-148 -149 -150 -151 -153 -154 -155 -157 -158 -157
69 73 77 82 87 92 97 103 109 116
-126 -126 -126 -126 -126 -126 -126 -126 -126 -126
-91 -96 -102 -108 -114 -120 -127 -134 -142 -148
868 924 985 1,049 1,118 1,192 1,270 1,353 1,441 1,505
-260 -277 -295 -315 -335 -357 -381 -406 -432 -452
607 647 689 735 783 834 889 947 1,009 1,054
304 324 345 367 391 417 444 474 504 527
1,188 1,256 1,327 1,403 1,484 1,570 1,662 1,760 1,863 1,942
-12% -12% -12% -12% -12% -12% -12% -12% -12% -12%
6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
12% 12% 12% 12% 12% 12% 12% 12% 12% 12%
9% 9% 9% 9% 9% 9% 9% 9% 9% 9%
-30% -30% -30% -30% -30% -30% -30% -30% -30% -30%
50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
11% 11% 11% 11% 11% 11% 11% 11% 11% 11%
-1.1% -1.1% -1.1% -1.1% -1.1% -1.1% -1.1% -1.1% -1.1% -1.1%
1,015 1,073 1,135 1,201 1,271 1,346 1,425 1,510 1,599 1,663
166 175 184 194 204 215 227 240 253 267
0 0 0 0 0 0 0 0 0 0
1,181 1,248 1,319 1,395 1,475 1,561 1,652 1,750 1,852 1,930
-173 -184 -195 -208 -221 -235 -250 -266 -280 -216
-100 -106 -113 -120 -128 -136 -144 -154 -162 -125
-107 -113 -120 -128 -136 -145 -154 -164 -173 -133
34 36 38 40 43 46 49 52 54 42
0 0 0 0 0 0 0 0 0 0
-245 -259 -274 -289 -305 -323 -341 -361 -382 -398
-260 -277 -295 -315 -335 -357 -381 -406 -432 -452
503 528 555 583 614 646 680 717 758 864
-148 -149 -150 -151 -153 -154 -155 -157 -158 -157
355 379 405 432 461 492 525 560 600 707
0 0 0 0 0 0 0 0 0 0
-285 -304 -324 -345 -367 -391 -417 -444 -474 -504
70 75 81 87 94 100 108 115 126 202
6% 6% 6% 6% 6% 6% 6% 6% 6% 4%
5% 5% 6% 6% 6% 6% 6% 6% 6% 4%
7% 7% 7% 7% 7% 7% 7% 7% 6% 4%
31% 31% 31% 31% 31% 31% 31% 31% 31% 31%
12% 12% 12% 12% 12% 13% 13% 13% 13% 13%
15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
7% 7% 8% 8% 8% 8% 8% 8% 8% 8%
12% 12% 12% 12% 12% 12% 12% 12% 12% 12%
8% 8% 8% 8% 9% 9% 9% 9% 9% 9%
15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
13% 13% 13% 14% 14% 14% 14% 14% 14% 14%
14% 14% 14% 14% 14% 15% 15% 15% 15% 15%
-0.1 -0.2 -0.2 -0.3 -0.3 -0.4 -0.4 -0.5 -0.5 -0.6
23% 21% 20% 19% 18% 17% 16% 15% 14% 13%
18.0 20.5 23.5 27.4 32.5 39.7 50.2 67.2 99.2 181.5
3.3 3.4 3.5 3.5 3.6 3.7 3.7 3.8 3.9 4.0
1.06 1.06 1.07 1.08 1.08 1.09 1.09 1.10 1.10 1.09
1.48 1.48 1.49 1.49 1.50 1.50 1.50 1.51 1.51 1.49
40% 40% 40% 40% 40% 40% 40% 40% 40% 40%
1.0 0.9 0.9 0.8 0.8 0.7 0.7 0.6 0.6 0.6
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0
0.4 0.3 0.2 0.2 0.1 0.0 -0.1 -0.1 -0.2 -0.3
0.5 0.4 0.3 0.2 0.1 0.0 -0.1 -0.1 -0.2 -0.3
50.6% 53.9% 57.5% 61.2% 65.2% 69.5% 74.1% 78.9% 84.1% 87.8%
59.2% 63.2% 67.4% 72.0% 76.8% 82.0% 87.4% 93.3% 100.0% 117.8%
109.8% 138.0% 184.0% 272.1% 508.0% 3166.4% -779.5% -353.7% -230.5% -162.6%
1.83 1.83 1.83
3,301 3,485 3,680 3,887 4,108 4,343 4,593 4,859 5,139 5,355
50 50 50 50 50 50 50 50 50 50
12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00
600 600 600 600 600 600 600 600 600 600
2052 2053 2054 2055 2056 2057 2058 2059 2060
- - - - - - - - -
12,770 13,420 14,102 14,816 15,565 16,350 17,172 18,034 18,938
9,234 9,748 10,291 10,862 11,463 12,096 12,762 13,462 14,198

2,459 2,692 2,941 3,206 3,488 3,787 4,105 4,442 4,799
3,224 3,361 3,502 3,651 3,805 3,966 4,135 4,310 4,493
3,442 3,587 3,739 3,897 4,062 4,234 4,414 4,601 4,797
38 38 38 38 38 38 38 38 38
71 71 71 71 71 71 71 71 71
- - - - - - - - -
497 497 497 497 497 497 497 497 497

78 78 78 78 78 78 78 78 78
- - - - - - - - -
419 419 419 419 419 419 419 419 419
3,039 3,175 3,315 3,458 3,605 3,757 3,913 4,075 4,243

227 227 227 227 227 227 227 227 227
2,694 2,830 2,969 3,112 3,259 3,411 3,568 3,730 3,898
119 119 119 119 119 119 119 119 119
3,221 3,294 3,369 3,448 3,531 3,618 3,708 3,803 3,902
2,283 2,355 2,431 2,510 2,592 2,679 2,769 2,864 2,963

1,086 1,132 1,179 1,229 1,281 1,336 1,392 1,451 1,513
460 460 460 460 460 460 460 460 460
222 222 222 222 222 222 222 222 222
170 170 170 170 170 170 170 170 170
67 67 67 67 67 67 67 67 67
99 99 99 99 99 99 99 99 99
- - - - - - - - -
552 578 606 635 666 698 732 768 805
- - - - - - - - -
86 86 86 86 86 86 86 86 86
939 939 939 939 939 939 939 939 939
727 727 727 727 727 727 727 727 727
352 352 352 352 352 352 352 352 352
269 269 269 269 269 269 269 269 269
107 107 107 107 107 107 107 107 107
110 110 110 110 110 110 110 110 110
13 13 13 13 13 13 13 13 13
89 89 89 89 89 89 89 89 89
9,548 10,127 10,733 11,368 12,034 12,732 13,464 14,232 15,036

1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860
79 79 79 79 79 79 79 79 79
- - - - - - - - -
- 173 - 173 - 173 - 173 - 173 - 173 - 173 - 173 - 173
25 25 25 25 25 25 25 25 25
7,757 8,335 8,941 9,576 10,242 10,940 11,672 12,440 13,245
- - - - - - - - -
- - - - - - - - -
40% 40% 40% 40% 40% 40% 40% 40% 40%

23% 23% 23% 23% 23% 23% 23% 23% 23%
25% 25% 25% 25% 25% 25% 25% 25% 25%
8% 8% 8% 8% 8% 8% 8% 8% 8%
37% 37% 37% 37% 37% 37% 37% 37% 37%

1,187 1,187 1,187 1,187 1,187 1,187 1,187 1,187 1,187
2,537 2,770 3,019 3,284 3,566 3,865 4,183 4,520 4,877
- 1,349 - 1,582 - 1,831 - 2,096 - 2,378 - 2,678 - 2,996 - 3,333 - 3,690
282 296 311 327 342 359 375 392 410

11% 11% 11% 11% 11% 11% 11% 11% 11%
0% 0% 0% 0% 0% 0% 0% 0% 0%
16,645 17,347 18,080 18,844 19,642 20,474 21,343 22,249 23,195

-2,818 -2,936 -3,060 -3,190 -3,325 -3,466 -3,613 -3,766 -3,926
13,827 14,411 15,019 15,654 16,317 17,009 17,730 18,483 19,269
-9,479 -9,876 -10,290 -10,722 -11,172 -11,641 -12,130 -12,640 -13,172
4,348 4,534 4,729 4,932 5,145 5,368 5,600 5,843 6,097
-1,694 -1,765 -1,840 -1,918 -1,999 -2,084 -2,172 -2,264 -2,360
-979 -1,024 -1,071 -1,121 -1,173 -1,227 -1,283 -1,343 -1,404
54 54 55 56 56 57 58 58 59
1,729 1,799 1,872 1,949 2,030 2,114 2,202 2,295 2,391

-152 -147 -141 -134 -127 -119 -111 -102 -92
128 140 152 166 181 196 213 230 249
-126 -126 -126 -126 -126 -126 -126 -126 -126
-154 -161 -168 -175 -182 -190 -198 -206 -215

1,577 1,652 1,731 1,815 1,903 1,995 2,091 2,193 2,299
-473 -496 -519 -544 -571 -598 -627 -658 -690
1,104 1,156 1,212 1,270 1,332 1,396 1,464 1,535 1,610
552 578 606 635 666 698 732 768 805
2,023 2,108 2,197 2,290 2,387 2,488 2,594 2,705 2,820
-12% -12% -12% -12% -12% -12% -12% -12% -12%

6% 6% 6% 6% 6% 6% 6% 6% 6%
12% 12% 12% 12% 12% 12% 12% 12% 12%
9% 9% 9% 9% 9% 9% 9% 9% 9%
-30% -30% -30% -30% -30% -30% -30% -30% -30%
50% 50% 50% 50% 50% 50% 50% 50% 50%
11% 11% 11% 11% 11% 11% 11% 11% 11%
-1.1% -1.1% -1.1% -1.1% -1.1% -1.1% -1.1% -1.1% -1.1%
1,729 1,799 1,872 1,949 2,030 2,114 2,202 2,295 2,391

282 296 311 327 342 359 375 392 410
0 0 0 0 0 0 0 0 0
2,011 2,095 2,184 2,276 2,372 2,473 2,578 2,687 2,802
-226 -235 -246 -256 -267 -279 -291 -304 -317

-130 -136 -142 -148 -155 -161 -168 -176 -183
-139 -145 -152 -158 -165 -172 -180 -187 -196
44 46 48 50 52 54 57 59 62
0 0 0 0 0 0 0 0 0
-415 -432 -451 -470 -490 -510 -532 -554 -578
-473 -496 -519 -544 -571 -598 -627 -658 -690
897 932 968 1005 1044 1085 1127 1171 1217
-152 -147 -141 -134 -127 -119 -111 -102 -92
745 785 827 871 917 966 1,016 1,069 1,125
0 0 0 0 0 0 0 0 0
-527 -552 -578 -606 -635 -666 -698 -732 -768

218 233 249 265 282 300 318 337 357
4% 4% 4% 4% 4% 4% 4% 4% 4%
4% 4% 4% 4% 4% 4% 4% 4% 4%
5% 5% 5% 5% 5% 5% 5% 5% 5%
31% 31% 31% 32% 32% 32% 32% 32% 32%

13% 12% 12% 12% 12% 12% 12% 12% 12%
15% 15% 15% 15% 15% 15% 15% 15% 15%
15% 15% 15% 15% 15% 15% 15% 15% 15%
8% 8% 8% 8% 8% 8% 8% 8% 8%
12% 12% 12% 11% 11% 11% 11% 11% 11%

9% 9% 9% 9% 9% 9% 9% 9% 9%
15% 15% 15% 14% 14% 14% 14% 14% 14%
14% 14% 14% 13% 13% 13% 13% 13% 13%
15% 15% 15% 15% 15% 15% 15% 15% 15%
-0.7 -0.8 -0.8 -0.9 -1.0 -1.1 -1.2 -1.2 -1.3

12% 12% 11% 10% 10% 9% 9% 8% 8%
-880.3 -128.9 -69.9 -48.2 -36.9 -30.0 -25.3 -22.0 -19.4
4.0 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8
1.08 1.07 1.07 1.06 1.05 1.04 1.03 1.02 1.02

1.47 1.46 1.45 1.44 1.43 1.42 1.42 1.41 1.41
40% 40% 40% 40% 40% 40% 40% 40% 40%
0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.4

0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-0.4 -0.5 -0.6 -0.7 -0.7 -0.8 -0.9 -1.0 -1.1
-0.4 -0.5 -0.7 -0.8 -0.9 -1.0 -1.1 -1.2 -1.3
92.0% 96.4% 101.0% 105.9% 111.0% 116.4% 122.0% 127.9% 134.1%
124.1% 130.8% 137.8% 145.2% 152.9% 160.9% 169.4% 178.2% 187.4%
-119.7% -94.9% -78.6% -67.2% -58.7% -52.2% -47.0% -42.8% -39.4%
5,581 5,816 6,062 6,318 6,586 6,865 7,156 7,460 7,777

50 50 50 50 50 50 50 50 50
12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00
600 600 600 600 600 600 600 600 600
30.483814 2008 2009 2010 2011 2012
Ke 15%
Cresc Perp 5%
Fluxo de Caixa para a Firma

EBIT 0 0 0 62 180
Outros impactos 0 0 0 -45 -51
Nopat= EBIT*(1-t) 0 0 0 12 90
Depreciação e Amortização 0 0 0 0 0
-CAPEX 0 0 0 -113 -63
-D Capital de Giro 0 0 -916 62
=FCFF 0 0 0 -1,016 90
Perpetuidade
Dados do fluxo
Valor da Firma 2,362

Valor do Equity 1,524
Target Price 30.48
TIR 15.0%
Fluxo de Caixa para o Equity

Lucro Líquido 0 0 0 -138 57
+Depreciação e Amortização 0 0 0 0 0
-CAPEX 0 0 0 -113 -63
-D Capital de Giro 0 0 -916 62
=FCFE 0 0 -1,166 57
Perpetuidade
TIR 19.1%
10.523088
7.0623115
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Kd 9% 11%
WACC 10.6%
Market Cap 600 600
Dívida Líquida 891 838
% Dívida 60% 58%
-0.06286
1 2 3
64 104 154 169 181 170 267 275 295 321
-56 -59 -64 -61 -60 -52 -48 -40 -37 -34
5 32 64 76 85 82 153 164 181 201
92 86 79 78 74 75 71 71 72 73
-59 -55 -42 -74 -71 -40 -72 -75 -80 -84
-25 -67 -70 105 37 -55 -34 -52 -61 -54
13 -4 30 185 124 61 118 108 111 135
-1,438 108 111 135
-53 -29 23 -6 22 7 88 102 124 149

92 86 79 78 74 75 71 71 72 73
-59 -55 -42 -74 -71 -40 -72 -75 -80 -84
-25 -67 -70 105 37 -55 -34 -52 -61 -54
-45 -65 -11 103 61 -13 53 47 54 83
-600 47 54 83
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
4 5 6 7 8 9 10 11 12 13
341 365 390 416 443 472 503 536 565 595
-33 -34 -37 -39 -41 -44 -46 -49 -52 -54
216 231 247 264 281 300 320 341 359 378
74 75 78 80 83 86 89 93 97 102
-89 -94 -99 -105 -111 -117 -124 -132 -139 -146
-65 -68 -71 -77 -82 -87 -94 -100 -91 -96
135 145 154 161 171 181 191 202 227 239
135 145 154 161 171 181 191 202 227 239
169 167 186 203 221 240 261 282 301 321
74 75 78 80 83 86 89 93 97 102
-89 -94 -99 -105 -111 -117 -124 -132 -139 -146
-65 -68 -71 -77 -82 -87 -94 -100 -91 -96
89 81 93 101 111 121 132 143 168 181
89 81 93 101 111 121 132 143 168 181

2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
14 15 16 17 18 19 20 21 22 23
626 660 696 733 774 816 861 910 961 1,015
-57 -60 -63 -67 -70 -74 -78 -82 -87 -91
399 420 443 467 492 520 549 579 612 647
107 112 117 123 129 136 143 150 158 166
-153 -161 -170 -179 -188 -198 -143 -220 -233 -245
-101 -107 -114 -121 -128 -136 -144 -153 -163 -173
251 263 276 290 305 321 404
6,958
251 263 276 290 305 321 7,363
342 365 389 415 442 471 502 535 570 607
107 112 117 123 129 136 143 150 158 166
-153 -161 -170 -179 -188 -198 -143 -220 -233 -245
-101 -107 -114 -121 -128 -136 -144 -153 -163 -173
194 208 223 239 255 273 358 311 333 355
3,562
194 208 223 239 255 273 3,920
2043 2044 2045 2046 2047 2048 2049 2050 2051 2052
24 25 26 27 28 29 30 31 32 33
1,073 1,135 1,201 1,271 1,346 1,425 1,510 1,599 1,663 1,729
-96 -102 -108 -114 -120 -127 -134 -142 -148 -154
684 723 765 810 858 909 963 1,020 1,060 1,102
175 184 194 204 215 227 240 253 267 282
-259 -274 -289 -305 -323 -341 -361 -382 -398 -415
-184 -195 -208 -221 -235 -250 -266 -280 -216 -226
647 689 735 783 834 889 947 1,009 1,054 1,104
175 184 194 204 215 227 240 253 267 282
-259 -274 -289 -305 -323 -341 -361 -382 -398 -415
-184 -195 -208 -221 -235 -250 -266 -280 -216 -226
379 405 432 461 492 525
2053 2054 2055 2056 2057 2058 2059 2060
34 35
1,799 1,872 1,949 2,030 2,114 2,202 2,295 2,391
-161 -168 -175 -182 -190 -198 -206 -215
1,147 1,193 1,242 1,293 1,347 1,403 1,462 1,523
296 311 327 342 359 375 392 410
-432 -451 -470 -490 -510 -532 -554 -578
-235 -246 -256 -267 -279 -291 -304 -317
1,156 1,212 1,270 1,332 1,396 1,464 1,535 1,610

296 311 327 342 359 375 392 410
-432 -451 -470 -490 -510 -532 -554 -578
-235 -246 -256 -267 -279 -291 -304 -317
Color Code
xxx Dados trazidos da pasta "BD", que é o banco de dados

xxx Fórmulas simples
xxx Projeções
xxx Inputs manuais de projeções
xxx Dados marretados
Regras da planilha
1) Nunca insira colunas. Pela forma como foram feitas as fórmulas, cada ano deve ter sempre a mesma letra d
2) Insira e exclua linhas apenas na pasta "premissas"
3) respeite a regra de cores
pre a mesma letra de coluna ao longo das pastas
Fórmulas/Formulas
Fluxo de caixa livre
ROE
ROA
NOPAT
Capital investido
ROIC
P. Médio
Recebimento
Dias de estoque
P. Médio
Pagamento
Liquidez corrente
Liquidez seca
Liquidez geral
ulas/Formulas
𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑖𝑛𝑣𝑒𝑠𝑡𝑖𝑑𝑜
= 𝐴𝑡𝑖𝑣𝑜 𝑖𝑚𝑜𝑏𝑖𝑙𝑖𝑧𝑎𝑑𝑜 + 𝑃𝑟𝑜𝑝𝑟𝑖𝑒𝑑𝑎𝑑𝑒𝑠 𝑝𝑎𝑟𝑎 𝑖𝑛𝑣𝑒𝑠𝑡𝑖𝑚𝑒𝑛𝑡𝑜 + 𝑂𝑢𝑡𝑟𝑜𝑠 𝑖𝑛𝑣𝑒𝑠𝑡𝑖𝑚𝑒𝑛𝑡𝑜𝑠
+ 𝐼𝑛𝑡𝑎𝑛𝑔í𝑣𝑒𝑖𝑠 + 𝐶𝑜𝑛𝑡𝑎𝑠 𝑎 𝑟𝑒𝑐𝑒𝑏𝑒𝑟 + 𝐸𝑠𝑡𝑜𝑞𝑢𝑒𝑠 − 𝐶𝑜𝑛𝑡𝑎𝑠 𝑎 𝑝𝑎𝑔𝑎𝑟
Free cash flow
ROE
ROA
NOPAT
Invested capital
ROIC
DSO
DIO
DPO
Current liquidity
ratio
Quick liquidity ratio

General liquidity
ratio
𝐹𝑟𝑒𝑒 𝑐𝑎𝑠ℎ 𝑓𝑙𝑜𝑤 = 𝐶𝑎𝑠ℎ 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑎𝑐𝑡𝑖𝑣𝑖𝑡𝑒𝑠 − 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡𝑠
𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 𝐿𝑇𝑀

𝑅𝑂𝐸 =
𝐸𝑞𝑢𝑖𝑡𝑦 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐿𝑇𝑀
𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 𝐿𝑇𝑀

𝑅𝑂𝐴 =
𝐴𝑠𝑠𝑒𝑡𝑠 𝐿𝑇𝑀
𝑁𝑂𝑃𝐴𝑇 𝐿𝑇𝑀 = ሺ𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒 𝑏𝑒𝑓𝑜𝑟𝑒 𝑓𝑖𝑛𝑎𝑛𝑐𝑖𝑎𝑙 𝑟𝑒𝑠𝑢𝑙𝑡𝑠 𝑎𝑛𝑑 𝑖𝑛𝑐𝑜𝑚𝑒 𝑡𝑎𝑥 𝐿𝑇𝑀
− 𝑂𝑡ℎ𝑒𝑟 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑒𝑥𝑝𝑒𝑛𝑠𝑒𝑠, 𝑛𝑒𝑡 𝐿𝑇𝑀 ሻ∗ ሺ1 − 34%ሻ
𝐼𝑛𝑣𝑒𝑠𝑡𝑒𝑑 𝑐𝑎𝑝𝑖𝑡𝑎𝑙
= 𝑃𝑟𝑜𝑝𝑒𝑟𝑡𝑦, 𝑝𝑙𝑎𝑛𝑡 & 𝑒𝑞𝑢𝑖𝑝𝑚𝑒𝑛𝑡 + 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡 𝑝𝑟𝑜𝑝𝑒𝑟𝑡𝑖𝑒𝑠 + 𝑂𝑡ℎ𝑒𝑟 𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡𝑠
+ 𝐼𝑛𝑡𝑎𝑛𝑔𝑙𝑖𝑏𝑙𝑒 𝑎𝑠𝑠𝑒𝑡𝑠 + 𝑇𝑟𝑎𝑑𝑒 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠 + 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 − 𝑇𝑟𝑎𝑑𝑒 𝑝𝑎𝑦𝑎𝑏𝑙𝑒𝑠
𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐿𝑇𝑀

𝐷𝑆𝑂 = 365 𝑑𝑎𝑦𝑠 ∗
𝑅𝑒𝑣𝑒𝑛𝑢𝑒𝑠 𝐿𝑇𝑀
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐿𝑇𝑀

𝐷𝐼𝑂 = 365 𝑑𝑎𝑦𝑠 ∗
𝐶𝑂𝐺𝑆 𝐿𝑇𝑀
𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑝𝑎𝑦𝑎𝑏𝑙𝑒𝑠 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐿𝑇𝑀

𝐷𝑃𝑂 = 365 𝑑𝑎𝑦𝑠 ∗
𝐹𝑖𝑛𝑎𝑙 𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐿𝑇𝑀 + 𝐶𝑂𝐺𝑆 𝐿𝑇𝑀 − 𝐼𝑛𝑖𝑐𝑖𝑎𝑙 𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐿𝑇𝑀
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡𝑠
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 =
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
𝐶𝑎𝑠ℎ 𝑎𝑛𝑑 𝑐𝑎𝑠ℎ 𝑒𝑞𝑢𝑖𝑣𝑎𝑙𝑒𝑛𝑡𝑒𝑠 + 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =
𝐶𝑎𝑠ℎ 𝑎𝑛𝑑 𝑐𝑎𝑠ℎ 𝑒𝑞𝑢𝑖𝑣𝑎𝑙𝑒𝑛𝑡𝑒𝑠 + 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠
𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =
𝐴𝑠𝑠𝑒𝑡𝑠
𝐺𝑒𝑛𝑒𝑟𝑎𝑙 𝑟𝑎𝑡𝑖𝑜 =
𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

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Última Cotação 12.

Análise de cenários Base 1

Dados dos próximos anos 2018 2019 2020 2021 2022

Crescimento 2018 2019 2020 2021 2022

Mercado 2018 2019 2020 2021 2022

Retorno 2018 2019 2020 2021 2022

Lucro Bruto Mg Bruta%

DEMONSTRATIVO DE RESULTADO - R$ Milhões 2011

Receita Operacional Bruta 1,772.0

RECONCILIAÇÃO DO EBITDA - R$ Milhões 2011

Lucro (Prejuízo) Líquido (407.2)

ATIVO - R$ Milhões 4T11

PASSIVO e PATRIMÔNIO LÍQUIDO - R$ Milhões 4T11

Fluxos de caixa das atividades operacionais

Variações nas contas de ativos e passivos

Caixa líquido gerado pelas (aplicado nas) atividades operacionais (128.9)

Juros pagos sobre empréstimos (36.6)

Fluxos de caixa das atividades de investimento

Caixa líquido gerados pelas (aplicado nas) atividades de investimento (109.6)

Fluxos de caixa das atividades de financiamentos

Caixa líquido gerado pelas (aplicados nas) atividades de financiamento 302.6

Aumento (diminuição) no caixa e equivalentes de caixa 5.3

Caixa e equivalentes de caixa:

Aumento (diminuição) no caixa e equivalentes de caixa 5.3

Número de lojas 193

Por linha de Produto

RECEITA LÍQUIDA - R$ milhões

Receita Líquida Total

PREÇO MÉDIO - R$/kg

Preço Médio Total

RECEITA LÍQUIDA - R$ MILHÕES 2011

Custo do Produtos Vendidos - R$ MILHÕES

Custo dos Produtos Vendidos Total (1,062.9)

Lucro Bruto - R$ MILHÕES

Lucro Bruto Total 344.9

Margem Bruta Total 24.5%

DEPRECIAÇÃO E AMORTIZAÇÃO - R$ MILHÕES

Depreciação e Amortização Total

RESULTADO OPERACIONAL - R$ MILHÕES

RESULTADO OPERACIONAL - R$ MILHÕES

Margem EBITDA Total

Investimento (R$ milhões) 2011

Capital de Giro (R$ milhões) 2011

Duplicatas a receber 448.3

2015 2016 2017 U12M

2,088.3 2,518.8 2,573.7 2,707.3 2,817.9 2,687.2 2,714.9

4T15 4T16 4T17 U12M

1,265.8 1,266.2 1,360.3 1,453.2 1,360.5 1,344.6 1,450.9

2015 2016 2017 U12M

(144.2) (52.7) (29.1) 22.6 (6.3) 21.6 7.5

94.0 91.5 86.0 78.7 77.7 73.7 75.0

231 241 239 229 223 231 232

2,043.0 2,092.0 2,267.1 2,311.3 2,198.7 2,255.4

119,154 111,639 102,739 107,093 104,320 98,142.0

17.1 18.7 22.1 21.6 21.1 23.0

2015 2016 2017 U12M

23.9% 23.6% 26.3% 26.9% 26.8% 26.3% 25.8%

(425.6) (437.4) (443.5) (426.1) (415.3) (426.9)

7.6% 9.1% 10.3% 11.5% 11.6% 10.8%