Pet Retail Market and Valuation Outlook

79 | 8. Financial Revenues, Debt & Payout Appendix 8 Financial Revenues Cash (BOP) Financial Revenues [Unit] 17' 18' 19' 20' 21E 22E 23E 24E 25E 26E 27E 28E 29E 30E [BRL Th.] 61,089 169,277 487,518 487,518 927,823 871,292 915,789 [BRL Th.] 3,806 9,151 8,714 14,218 22,670 61,709 52,275 49,189 1,087,559 1,326,151 57,672 70,325 1,511,673 80,163 1,726,935 91,578 1,936,817 2,130,071 102,708 112,956 Financial Investments Yield. % CDI [BRL Th.] [%] 0 4.7% 6.7% 6.0% 5.4% 5.3% 5.3% 5.3% 5.3% 5.3% 5.3% 0% 0% 105% 60% 90% 90% 90% 90% 90% 90% 90% 90% 90% 17' 18' 19' 20' 21E 22E 23E 24E 25E Debt [Unit] 114,357 257,293 398,485 Gross Debt BOP [BRL Th.] Gross Debt Variation [BRL Th.] 142,936 141,192 97,860 496,345 -207,281 289,064 377,557 Gross Debt EOP % Current 257,293 398,485. [BRL Th.] [%] 114,357 19% 22% 28% 496,345 55% 289,064 50% 88,493 377,557 50% 156,649 534,206 50% 26E 534,206 759,167 1,025,967 224,961 266,800 266,183 759,167 1,025,967 1,292,150 50% 50% 50% 27E 28E 1,292,150 1,525,780 233,630 249,786 1,775,566 1,525,780 50% 50% 29E 30E 1,775,566 2,046,031 270,466 208,689 2,046,031 2,254,720 50% 50% Net Debt Net Debt/EBITDA Gross Debt/ EBITDA Asset/PL Financial Expenses Financial Investments Yield. % CDI Payout Net Income Payout Dividend Paid Reinvestment Rate (CapEx/Net Income) Reinvestment Rate (1-PayOut) Source: Team 7 [BRL Th.] 53,268 96,464 229,208 52,588 -606,511 1.3x 1.2x 0.2x (2.41x) -461,487 (1.34x) [x] 1.1x 3.4x 2.1x 1.9x 1.15x 1.10x -349,335 (0.72x) 1.10x -296,143 (0.43x) -267,937 (0.29x) -187,274 (0.16x) -168,907 (0.12x) -129,003 (0.08x) -51,792 48,328 (0.03x) 0.0x 1.10x 1.1x 1.1x 1.1x 1.1x 1.1x 1.1x [X] 2.4x 3.3x 7.0x 3.7x 1.5x 1.6x 1.7x 1.8x 1.9x 2.0x 2.0x 2.1x 2.2x 2.3x [x] 2.5x -15,496 -58,490 -68,371 -54,979 -46,664 -63,823 -90,536 -124,959 -162,268 -197,255 -231,094 -267,512 -301,053 [BRL Th.] -10,782 [%] -9% [%] -135% -6% -94% -15% -14% 14% 14% 14% 14% -247% -495% 181% 189% 210% 235% 14% 238% 14% 238% 14% 238% 14% 238% 14% 14% 238% 238% [BRL Th.] [%] [BRL Th.] [%] [%] 17' 18' 19' 20' 21E 22E 23E 24E 25E 26E 27E 28E 29E 30E 95,635 163,597 218,914 314,025 435,002 554,588 653,361 761,977 880,238 960,707 25% 25% 25% 25% 36% 40% 60% 70% 80% 90% 23,909 40,899 54,728 78,506 158,708 221,835 392,017 533,384 704,191 864,636 125% 174% 122% 85% 64% 67% 38% 31% 26% 18% 75% 75% 75% 75% 64% 60% 40% 30% 20% 10%

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