Investor Presentaiton
Financial
Highlights
Net Revenues and Adjusted Gross Margin¹
R$ million. %
36.7% 36.3%
35.0%
33.3%
32.2%
30.6%'
26.9%
19.2%
15.0%
14.0%
2,540
2,413
2,282
1,950
1,681
1,358
1,053
817
851
570
2013
2014
2015
2016
2017
Net Revenue
-
Net Income and Net Margin
2018
G&A Expenses and G&A / Gross Sales
R$ million. %
15.3%
11.9%
9.9%
8.5%
7.0% 7.4%
6.0%
6.8% 7.4%'
8.6%
208
188
154
124
117
97
87
90
95
84
2019
2020
2021
2022
2013
2014
2015
Adjusted Gross Margin
2016
2017
2018
2019
G&A/Net Revenue
2020
2021
2022
G&A Expenses
S&M Expenses and S&M / Gross Sales
R$ million. %
11.9% 13.5%,
R$ million. %
3.6%'
5.4%'
7.9%'
8.8%
264
200
200
-7.5%
-14.5%
-19.2%
107
57
30
-22.7%
7.1%-
5.8%'
5.4%'
16.4%' -7.6%
7.1% 7.3% 6.9% -6.8%'
8.4%
246
241
-118
-109
201
-191
163
145
137
90
78
65
53
55
-547
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Net Revenue
Adjusted Gross Margin
2013
2014
2015
2016
2017
S&M Expenses
2018
2019
S&M/Gross Sales
2020
2021
2022
Source: Company
Note: (1) Adjusted by capitalized interests.
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