Slide 1: Resultado 2017 - Fevereiro/2018
ZĞƐƵůƚĂĚŽϮϬϭϳ &ĞǀĞƌĞŝƌŽͬϮϬϭϴ ǀŝƐŽ (VVD DSUHVHQWDomR FRQWpP GHFODUDo}HV TXH SRGHP UHSUHVHQWDU H[SHFWDWLYDV VREUH HYHQWRV RX UHVXOWDGRV IXWXURV (VVDV GHFODUDo}HV HVWmR EDVHDGDV HP FHUWDV VXSRVLo}HV H DQiOLVHV IHLWDV SHOD &RPSDQKLD GH DFRUGR FRP VXD H[SHULrQFLD FRP R DPELHQWH HFRQ{PLFR H QDV FRQGLo}HV
Slide 2: Patrimônio líquido e retorno; política de dividendos
WĂƚƌŝŵƀŶŝŽůşƋƵŝĚŽ;ZΨͿĞ ZĞƚŽƌŶŽƐŽďƌĞŽƉĂƚƌŝŵƀŶŝŽůşƋƵŝĚŽ;йͿ ŶŽ ZĞƚŽƌŶŽ WĂƚƌŝŵƀŶŝŽ WĂƚƌŝŵƀŶŝŽ ;ĞŵŵŝůŚĂƌĞƐĚĞ >ƵĐƌŽ >şƋƵŝĚŽ WƌŽǀĞŶƚŽƐ ZĞŝŶǀĞƐƚŝŵĞŶƚŽ ƐͬƉĂƚƌŝŵƀŶŝŽ ůşƋƵŝĚŽ ŝŶŝĐŝĂůϭ ůşƋƵŝĚŽ ĨŝŶĂůϭ ZΨͿ ůşƋƵŝĚŽ ϮϬϬϰ ϲϵϮ͘ϳϮϲ ϮϬϰ͘ϴϲϱ ϲϰ͘ϭϱϮ ϭϰϬ͘ϳϭϯ Ϯϵ͕ϲй ϳϯϯ͘ϱϲϲ ϮϬϬϱ ϳϯϯ͘ϱϲϲ ϮϬϬ͘ϭϭϲ ϴϭ͘ϭϴϭ ϭϭϴ͘ϵϯϱ Ϯϳ͕ϯй ϴϰϳ͘ϯϳϯ
Slide 3: Investimentos (Imobilizado e Intangível)
/ŶǀĞƐƚŝŵĞŶƚŽƐ;/ŵŽďŝůŝnjĂĚŽĞ/ŶƚĂŶŐşǀĞůͿ ϭϲϬ͕Ϭ ϭϱϰ͕Ϭ ϭϰϬ͕Ϭ ϭϭϵ͕ϭ ϭϮϬ͕Ϭ ϭϬϳ͕ϱ ϭϬϬ͕Ϭ ZΨŵŝůŚƁĞƐ ϴϬ͕Ϭ ϳϯ͕Ϯ ϳϭ͕ϱ ϲϯ͕ϲ ϲϬ͕Ϭ ϯϵ͕ϰ ϰϬ͕Ϭ ϯϱ͕ϰ ϯϯ͕Ϭ DŽĚĞƌŶŝnjĂĕĆŽ ĚŽƉĂƌƋƵĞ ϮϬ͕Ϭ Ϯϰ͕Ϯ ĨĂďƌŝůĞŵĞůŚŽƌĞĨŝĐŝġŶĐŝĂ ĚĂƉƌŽĚƵĕĆŽ Ͳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϱ ^ĞƚŽƌĚĞĂůĕĂĚŽƐ ϲ
Slide 4: Setor de calçados - Brasil
^ĞƚŽƌĚĞĂůĕĂĚŽƐͲ ƌĂƐŝů DŝůŚƁĞƐĚĞƉĂƌĞƐ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ WƌŽĚƵĕĆŽ ϳϵϬ ϳϲϵ ϴϯϱ ϴϯϴ ϵϵϳ ϭ͘Ϭϯϲ ϵϵϴ ϵϰϰΎ ϴϲϴΎ ϴϰϱΎ /ŵƉŽƌƚĂĕĆŽ ϯϵ ϯϬ Ϯϵ ϯϰ ϯϲ ϯϵ ϯϳ ϯϯ Ϯϯ Ϯϰ džƉŽƌƚĂĕĆŽ ϭϲϲ ϭϮϳ ϭϰϯ ϭϭϯ ϭϭϯ ϭϮϯ ϭϯϬ ϭϮϰ ϭϮϲ ϭϮϳ ŽŶƐƵŵŽĂƉĂƌĞŶƚĞ ϲϲϯ ϲϳϮ ϳϮϭ ϳϱϵ ϵϮϬ ϵϱϮ ϵϬϱ ϴϱϯΎ ϳϲϱΎ ϳϰϮΎ ŽŶƐ͘ƉĞƌĐĂƉ
Slide 5: Exportação Brasil - Calçados x Grendene
džƉŽƌƚĂĕĆŽƌĂƐŝůͲ ĂůĕĂĚŽƐdž'ƌĞŶĚĞŶĞ džƉŽƌƚĂĕƁĞƐ ƌĂƐŝůĞŝƌĂƐ 'ƌĞŶĚĞŶĞ 'Z;ϮϬϭϳͬϮϬϬϴͿ͗;Ϯ͕ϵйͿ 'Z;ϮϬϭϳͬϮϬϬϴͿ͗;Ϭ͕ϳйͿ sĂƌ͘;ϮϬϭϳͬϮϬϭϲͿ͗Ϭ͕ϵй sĂƌ͘;ϮϬϭϳͬϮϬϭϲͿ͗ϭϮ͕ϱй ϭϴϬ ϲϬ ϭϲϲ ϱϱ ϱϮ ϱϭ ϰϴ &ŽŶƚĞ͗ D/ ͬ ĞĐĞdž ͬ ďŝĐĂůĕĂĚŽƐ ͬ 'ƌĞŶĚĞŶĞ ϭϱϬ ϭϰϯ ϱϬ ϰϴ ϰϱ ϰϲ ϰϱ ϭϯϬ ϰϯ ϭϮϳ ϭϮϯ ϭϮϰ ϭϮϲ ϭϮϳ ϰϬ DŝůŚƁĞƐĚĞƉĂƌĞƐͬĂŶŽ DŝůŚƁĞƐĚĞƉĂƌĞƐͬ
Slide 6: Marca e comunicação
DĂƌŬĞƚŝŶŐ 039 'LJLWDO ϭϭ DĂƌŬĞƚŝŶŐ &DPSDQKDGR'LDGRV3DLV )LOPH5LGHU QD 2XWGRRU SURJUDPDomRGRV SULQFLSDLVFDQDLVGD 79IHFKDGD 'È35$)$=(5 %XVGRRU ϭϮ
Slide 7: Marketing
DĂƌŬĞƚŝŶŐ 0tGLD79'LJLWDO5HGHVVRFLDLV ϭϯ DĂƌŬĞƚŝŶŐ ϭϰ
Slide 8: Galeria Melissa e evolução do Clube Melissa
DĂƌŬĞƚŝŶŐ 'ĂůĞƌŝĂDĞůŝƐƐĂ^ĆŽWĂƵůŽ 'ĂůĞƌŝĂDĞůŝƐƐĂEĞǁzŽƌŬ 'ĂůĞƌŝĂ DĞůŝƐƐĂ ^ŚŽǁƌŽŽŵĞŵDŝůĆŽ 'ĂůĞƌŝĂDĞůŝƐƐĂ>ŽŶĚƌĞƐ ϭϱ ĂŶĂŝƐĚĞĚŝƐƚƌŝďƵŝĕĆŽ ǀŽůƵĕĆŽʹ ůƵďĞDĞůŝƐƐĂ ϯϬϬ Ϯϲϯ ϮϱϬ Ϯϰϭ ϮϬϴ EǑĚĞůƵďĞƐ ϮϬϬ ϭϳϳ ϭϱϬ ϭϭϲ ϭϬϬ ϲϯ ϱϬ ϰϮ Ϭ ĞnjͬϮϬϭϮ ĞnjͬϮϬϭϯ ĞnjͬϮϬϭϰ ĞnjͬϮϬϭϱ ĞnjͬϮϬϭϲ ĞnjͬϮϬϭϳ :ƵůͬϮϬϭϮ ůƵďĞ DĞůŝƐƐĂƐĞŐƵĞƚƌĂũĞƚſƌŝĂ Ě
Slide 9: Canais de distribuição; Resultados (em IFRS)
ĂŶĂŝƐĚĞĚŝƐƚƌŝďƵŝĕĆŽ &ŽƌƚĞ ƌĞůĂĐŝŽŶĂŵĞŶƚŽ ĐŽŵŽƚƌĂĚĞ ϭϳ ZĞƐƵůƚĂĚŽƐ;Ğŵ/&Z^Ϳ ϭϴ
Slide 10: Destaques 2017 (YoY 2016) - Principais indicadores
ĞƐƚĂƋƵĞƐϮϬϭϳ;zKzϮϬϭϲͿ ZĞĐĞŝƚĂďƌƵƚĂ DĞƌĐ͘/ŶƚĞƌŶŽ͗ZΨϮ͘ϭϬϲ͕ϲŵŝůŚƁĞƐ ϭϮ͕ϲй 5HFHLWD%UXWD ŽŶƐŽůŝĚĂĚĂ džƉŽƌƚĂĕĆŽ͗ZΨϲϮϭ͕ϭŵŝůŚƁĞƐ ϭ͕ϰй >ƵĐƌŽůşƋƵŝĚŽ /XFUROtTXLGR ZΨϲϲϬ͕ϵŵŝůŚƁĞƐ ϰ͕Ϯй ŽŶƐŽůŝĚĂĚŽ ZΨϰϲϱ͕ϲŵŝůŚƁĞƐ ϭϲ͕ϱй (%,7 /d DĂƌŐĞŵϮϬ͕ϳй ϭ͕ϮƉ͘Ɖ͘ &kPELR ąŵďŝŽ /ŵƉĂĐƚŽŶĞŐĂƚŝǀŽ͗ZΨϱϴ͕ϬŵŝůŚƁĞƐ DĞƌĐ͘/ŶƚĞƌŶŽ͗ϭϮϲ͕ϰŵŝůŚƁĞƐĚ
Slide 11: Receita bruta - em milhões de R$
ZĞĐĞŝƚĂďƌƵƚĂʹ ĞŵŵŝůŚƁĞƐĚĞZΨ 2EV&$*5DQRV ZĞĐĞŝƚĂ ƌƵƚĂ ĚĞsĞŶĚĂƐ ZĞĐĞŝƚĂ DĞƌĐĂĚŽ/ŶƚĞƌŶŽ ZĞĐĞŝƚĂ DĞƌĐĂĚŽdžƚĞƌŶŽ 'Z;ϭϳͲϬϴͿ͗ϲ͕ϯй 'Z;ϭϳͲϬϴͿ͗ϲ͕ϯй 'Z;ϭϳͲϬϴͿ͗ϲ͕ϰй sĂƌ͘й;ϭϳͲϭϲͿ͗ϵ͕ϵй sĂƌ͘й;ϭϳͲϭϲͿ͗ϭϮ͕ϲй sĂƌ͘й;ϭϳͲϭϲͿ͗ϭ͕ϰй Ϯ͘ϳϮϴ Ϯ͘ϳϮϬ Ϯ͘ϳϭϭ Ϯ͘ϲϯϮ Ϯ͘ϰϴϯ Ϯ͘ϯϮϰ Ϯ͘ϭϰϳ Ϯ͘ϭϬϳ Ϯ͘Ϭϳϴ ϭ͘ϵϵϵ ϭ͘ϵϬϬ ϭ͘ϴϳϬ ϭ͘ϴϰϱ ϭ͘ϴϯϮ ϭ͘ϴϭϵ ϭ͘ϲ
Slide 12: LB/EBIT, Resultado Financeiro e Lucro Líquido
/dͬ/dʹ ĞŵŵŝůŚƁĞƐĚĞZΨ 2EV&$*5DQRV /dͬDĂƌŐĞŵ/d /dͬDĂƌŐĞŵ/d 'Z;ϭϳͲϬϴͿ͗ϭϮ͕Ϯй 'Z;ϭϳͲϬϴͿ͗ϭϭ͕ϵй sĂƌ͘й;ϭϳͲϭϲͿ͗ϭϲ͕ϱй sĂƌ͘й;ϭϳͲϭϲͿ͗ϭϱ͕Ϭй /d DĂƌŐĞŵ/d ďŝƚĚĂ DĂƌŐĞŵďŝƚĚĂ ϰϲϲ ϱϮϲ ϯϵϵ ϯϴϵ ϰϬϭ ϰϬϬ ϰϱϰ ϰϱϴ ϯϲϯ ϰϯϲ ϰϯϳ ϯϵϱ ϮϬϴ Ϯϯϳ ϭϴϳ Ϯϭϲ ϭϲϲ ϭϵϭ ϭϱϮ ϭϳϴ Ϯϯ͕ϰй ϮϮ͕ϰй Ϯϭ͕Ϭй ϮϬ͕ϳй ϮϬ͕ϲй ϭϵ͕ϵй ϭϵ͕ϲй ϭϵ͕ϱй ϭϵ͕ϯй ϭϴ͕ϯй ϭϴ͕
Slide 13: Produção - em milhões de pares; Caixa gerado pelas atividades operacionais
WƌŽĚƵĕĆŽʹ ĞŵŵŝůŚƁĞƐĚĞƉĂƌĞƐ 2EV&$*5DQRV sŽůƵŵĞĚĞsĞŶĚĂƐ sŽůƵŵĞʹ D͘/ŶƚĞƌŶŽ sŽůƵŵĞʹ D͘džƚĞƌŶŽ 'Z;ϭϳͲϬϴͿ͗ϭ͕ϴй 'Z;ϭϳͲϬϴͿ͗Ϯ͕ϴй 'Z;ϭϳͲϬϴͿ͗;Ϭ͕ϳйͿ sĂƌ͘й;ϭϳͲϭϲͿ͗ϰ͕ϴй Ϯϭϲ sĂƌ͘й;ϭϳͲϭϲͿ͗Ϯ͕Ϯй sĂƌ͘й;ϭϳͲϭϲͿ͗ϭϮ͕ϱй ϮϬϱ ϭϴϱ ϭϴϬ ϭϳϭ ϭϲϵ ϭϲϲ ϭϲϲ ϭϲϰ ϭϱϯ ϭϱϬ ϭϰϲ ϭϰϬ ϭϯϰ ϭϮϲ ϭϮϰ ϭϭϳ ϭϭϱ ϭϬϴ ϵϵ ϱϱ ϱϮ ϱϭ ϰϴ ϰϴ ϰϲ ϰϱ ϰϱ ϰϯ ϰϬ
Slide 14: Caixa e equivalentes de caixa e aplicações financeiras
ĂŝdžĂĞĞƋƵŝǀĂůĞŶƚĞƐĚĞĐĂŝdžĂĞĂƉůŝĐĂĕƁĞƐ ĨŝŶĂŶĐĞŝƌĂƐ;WĞ>WͿ͕ĞŵƉƌĠƐƚŝŵŽƐĞ ĨŝŶĂŶĐŝĂŵĞŶƚŽƐ;WĞ>WͿĞĐĂŝdžĂůşƋƵŝĚŽ ϭ͘ϳϴϭ ϭ͘ϱϴϵ ϭ͘ϮϴϮ ϭ͘ϲϱϳ ZΨŵŝůŚƁĞƐ ϭ͘Ϭϯϭ ϵϭϲ ϵϵϲ ϭ͘ϰϲϰ ϴϬϬ ϳϵϰ ϴϳϰ ϳϯϰ ϭ͘Ϭϲϵ ϴϰϵ ϴϬϱ ϳϯϲ ϴϮϱ ϱϳϲ ϲϱϰ ϲϭϲ ;ϭϰϭͿ ;ϭϴϭͿ ;ϭϭϭͿ ;ϭϯϴͿ ;ϭϭϴͿ ;ϭϳϭͿ ;ϭϮϱͿ ;ϭϮϰͿ ;ϮϮϰͿ ;ϮϭϯͿ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ
Slide 15: Exigível e Patrimônio líquido; Indicadores de valor
džŝŐşǀĞůΎĞWĂƚƌŝŵƀŶŝŽůşƋƵŝĚŽ ΎdžŝŐşǀĞů͗WĂƐƐŝǀŽĐŝƌĐƵůĂŶƚĞнWĂƐƐŝǀŽŶĆŽĐŝƌĐƵůĂŶƚĞ 5PP 5PP 5PP 5PP 5PP 5PP ϳй ϰй ϲй ϯй ϳй ϳй ϴϲй ϵϬй ϵϬй 5PP 5PP 5PP džŝŐşǀĞůʹ &ŝŶĂŶĐĞŝƌŽ džŝŐşǀĞůʹ KƉĞƌĂĐŝŽŶĂů WĂƚƌŝŵƀŶŝŽ ůşƋƵŝĚŽŽŶƐŽůŝĚĂĚŽ Ϯϵ /ŶĚŝĐĂĚŽƌĞƐĚĞǀĂůŽƌ;ĐŽŶƚĄďŝůͿ &DL[DHHTXLYFDL[DH &DS&LUF/tTXLGRSRU 9DORU3DWULPRQLDOSRU D
Slide 16: Mercado de Capitais
DĞƌĐĂĚŽĚĞĂƉŝƚĂŝƐ jůƚŝŵĂƐ ϱϮƐĞŵĂŶĂƐ ĂƚĂ WƌĞĕŽĚĂĂĕĆŽ sĂůŽƌĚĞŵĞƌĐĂĚŽ sĂůŽƌĚĞŵĞƌĐĂĚŽʹ ĨƌĞĞͲĨůŽĂƚ DĞŶŽƌ ϬϳͬϬϮͬϭϳ ZΨϭϴ͕ϯϵ ZΨϱ͕ϱďŝůŚƁĞƐ ZΨϭ͕ϱďŝůŚĆŽ DĂŝŽƌ ϭϴͬϬϳͬϭϳ ZΨϯϭ͕ϰϵ ZΨϴ͕ϳďŝůŚƁĞƐ ZΨϮ͕ϰďŝůŚƁĞƐ ǀŽůƵĕĆŽ'ZEϯdž/Ks^Wʹ ϯϭͬϭϮͬϬϴĂϯϭͬϬϭͬϭϴ 3ULFH(DUQLQJV 3( ϭ͘ϰϬϬ 3(± 3UHoRGDDomRQRGLDGLYLGLGRSHOROXFURGRV~OWLPRVPHV
Slide 17: Estratégia e proposta de valor
ƐƚƌĂƚĠŐŝĂ DĞŶŽƐ DĂŝƐŝŶƚĞŶƐŝǀĂ ŝŶƚĞŶƐŝǀĂĞŵ ĞdžƉĞƌƚŝƐĞĚĞϰϳĂŶŽƐ ĞŵĐĂƉŝƚĂů ŵĆŽĚĞŽďƌĂ ƉƌŽĚƵnjŝŶĚŽĐĂůĕĂĚŽƐ ŝŶŽǀĂĚŽƌĞƐĞŐĞƌŝŶĚŽŵĂƌĐĂƐ ĚĞƐĞũĂĚĂƐ͕ĚĞŵŽŶƐƚƌĂŽ ƐƚƌĂƚĠŐŝĂ͗YƵĞďƌĂ ĚĞWĂƌĂĚŝŐŵĂƐ ĂĐĞƌƚŽĚĞŶŽƐƐĂǀŝƐĆŽĚŽ ŵĞƌĐĂĚŽ͕ŶŽƐƐĂĞƐƚƌĂƚĠŐŝĂĞ ŵŽĚĞůŽĚĞŶĞŐſĐŝŽƐĞĂ ĐĂƉĂĐŝĚĂĚĞĚĞĐƌŝĂƌǀĂůŽƌ DĂŝŽƌďĂƌƌĞŝƌĂ DƵŝƚŽŝŶƚĞŶƐŝǀĂ ƉĂƌĂŶŽƐƐ
Slide 18: Melissa: Mel, Bravo e Marca Melissa
ŽŶĐŽƌƌĞŶƚĞƐ͗ >ŝŶŚĂ ƌĞnjnjŽ͕^ĐŚƵůƚnj͕ DĂƌĐĂ͗DĞůŝƐƐĂ 'ƌƵĚLJ͕&ůŽƌĚĞ DĞůŝƐƐĂ DĞů͕ƌĂǀŽĞ ĂŶĞůĂ 9LYLHQQH :HVWZRRG 'LVQH\ -DVRQ:X ϯϱ ŽŶĐŽƌƌĞŶƚĞƐ͗sŝĂ DĂƌĐĂƐ͗'ƌĞŶĚŚĂ >ŝŶŚĂ DĂƌƚĞ͕ĞŝƌĂZŝŽ͕ ĞĂdžLJ ZĂŵĂƌŝŵ͕ĂŬŽƚĂ͕ &ĞŵŝŶŝŶĂ >ŝĐĞŶĕĂ͗/ǀĞƚĞ WŝĐĂĚŝůůLJ͕sŝĂhŶŽ͕ ^ĂŶŐĂůŽ ŶĂĐĂƉƌŝ͕hƐĂĨůĞdž ϯϲ
Slide 19: Linha Masculina e Grendene Kids
>ŝŶŚĂ DĂƐĐƵůŝŶĂ ϯϳ DĂƌĐĂƐ͗'ƌĞŶĚĞŶĞ<ŝĚƐ ŽŶĐŽƌƌĞŶƚĞƐ͗ >ŝĐĞŶĕĂƐ͗ĞŶϭϬ͕,ĞůůŽ >ŝŶŚĂ <ŝƚƚLJ͕ŝƐŶĞLJ͕,Žƚ <ůŝŵ͕ŝďŝ͕ WĂŵƉŝůLJ͕ŝĐĂů͕WĠ /ŶĨĂŶƚŝů tŚĞĞůƐ͕ĂƌďŝĞ͕ŶŐƌLJ ĐŽŵWĠ͕DĂƌŝƐŽů ŝƌĚƐ ĞŶƚƌĞŽƵƚƌĂƐ ϯϴ
Slide 20: Perspectivas - Receita bruta de vendas
ŽŶƐƵŵŽĚĞ DĂƌĐĂ͗/ƉĂŶĞŵĂ ŽŶĐŽƌƌĞŶƚĞƐ͗ ůƉĂƌŐĂƚĂƐ͕ƵƉĠ DĂƐƐĂ ĂůŝŶĂ͕ĞŝƌĂͲZŝŽ ϯϵ WĞƌƐƉĞĐƚŝǀĂƐ ZĞĐĞŝƚĂďƌƵƚĂĚĞǀĞŶĚĂƐ 'ƵŝĚĂŶĐĞϭϮйĂ͘Ă͘ ϱ͘ϬϬϬ ϰ͘ϬϬϬ 'ƵŝĚĂŶĐĞϴйĂ͘Ă͘ ZΨŵŝůŚƁĞƐ ϯ͘ϬϬϬ Ϯ͘ϳϮϬ Ϯ͘ϳϭϭ ϭ͘ϵϵϵ Ϯ͘ϲϯϮ Ϯ͘ϰϴϯ Ϯ͘ϳϮϴ Ϯ͘ϬϬϬ ϭ͘ϴϭϵ Ϯ͘ϯϮϰ ϭ͘ϱϳϲ ϭ͘ϴϯϮ ϭ͘ϬϬϬ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ 'ƵŝĚĂŶ
Slide 21: Perspectivas - Lucro líquido
WĞƌƐƉĞĐƚŝǀĂƐ >ƵĐƌŽůşƋƵŝĚŽ ϭ͘ϬϬϬ 'ƵŝĚĂŶĐĞϭϱйĂ͘Ă͘ ϴϬϬ 'ƵŝĚĂŶĐĞϭϮйĂ͘Ă͘ ZΨŵŝůŚƁĞƐ ϲϬϬ ϲϯϰ ϲϲϭ ϱϱϭ ϰϬϬ ϰϵϬ ϯϭϮ ϰϯϰ ϮϳϮ ϰϮϵ Ϯϯϵ ϯϬϱ ϮϬϬ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ 'ƵŝĚĂŶĐĞϭϮйĂ͘Ă͘ 'ƵŝĚĂŶĐĞϭϱйĂ͘Ă͘ ZĞĂůŝnjĂĚŽ ŶƚĞŶĚĞŵŽƐƋƵĞŶĞƐƚĞƉĞƌşŽĚŽƉŽĚĞƌĞŵŽƐƚĞƌĂŶŽƐĐŽŵĐƌĞƐĐŝŵĞŶƚŽŵĂŝŽƌƋƵĞĞƐƚĂƚĂdžĂ͕ĐŽ
Slide 22: Perspectivas - CAPEX; Time de RI da Grendene
WĞƌƐƉĞĐƚŝǀĂƐ &$3(;± 3DUDHVWLPDPRVLQYHVWLPHQWRV HQWUH5PLOK}HVH5PLOK}HV ϰϯ dŝŵĞĚĞZ/ĚĂ'ƌĞŶĚĞŶĞ &ƌĂŶĐŝƐĐŽ^ĐŚŵŝƚƚ ŶĂůŝƐƚĂƐ ŝƌĞƚŽƌ&ŝŶĂŶĐĞŝƌŽĞĚĞZĞůĂĕƁĞƐĐŽŵ >ĞŶŝƌĂƚƚŝ ͬůĞdžĂŶĚƌĞsŝnjnjŽƚƚŽ /ŶǀĞƐƚŝĚŽƌĞƐ DĂŝŽƌĞƐŝŶĨŽƌŵĂĕƁĞƐ ;ϱϱϱϰͿϮϭϬϵ͘ϵϬϮϮ /ŶƚĞƌŶĞƚ͗ŚƚƚƉ͗ͬͬƌŝ͘ŐƌĞŶĚĞŶĞ͘ĐŽŵ͘ďƌ ^ĞĐƌĞƚĄƌŝĂ ŵĂŝů͗ĚƌŝΛŐƌĞŶĚĞŶĞ͘ĐŽŵ͘ďƌ Ąƚŝ