Pet Retail Market and Valuation Outlook

78 | 7. CAPEX: PP&E and Intangibles *0 Appendix 7 PP&E [Unit] 17' 18' 19' 20' 21E 22E 23E 24E 25E 26E 27E 28E 29E 30E Gross PP&E (BOP) Capex Gross PP&E (EOP) [BRL Th.] 146,700 215,555 325,193 456,139 636,648 [BRL Th.] 68,855 109,638 130,946 180,509 254,785 [BRL Th.] 146,700 215,555 325,193 456,139 636,648 891,433 891,433 249,560 1,140,993 1,140,993 254,303 1,395,296 1,395,296 260,672 1,655,968 1,655,968 387,884 2,043,852 2,043,852 267,010 2,310,862 2,310,862 263,053 2,573,915 2,573,915 253,874 2,827,789 2,827,789 245,245 3,073,034 Depreciation [BRL Th.] -44,419 -61,357 -73,077 -86,923 -108,556 Accumulated Depreciation [BRL Th.] -44,419 -105,776 -178,853 -265,776 -374,332 -126,728 -501,059 -16.4% -15.7% -13.4% -11.4% -10.7% -10.0% Net PP&E [BRL Th.] 146,700 215,555 280,774 350,363 457,795 625,657 766,661 894,236 -143,169 -644,228 -9.4% 1,011,740 -158,312 -802,541 -8.6% 1,241,311 -171,188 -973,729 -7.9% 1,337,133 -182,040 -1,155,769 -7.5% 1,418,145 -191,089 -1,346,858 -7.1% 1,480,930 -198,533 -1,545,391 -6.7% 1,527,642 Capex [BRL Th.] 68,855 109,638 130,946 107,432 167,862 141,004 127,575 117,503 99,912 95,821 Opened [#] 17 17 25 28 32 50 42 38 35 32 Capex per Store Opened [BRL Th./#] 0 4,050 4,386 4,677 3,357 3,357 3,357 3,357 3,357 3,122 29 3,304 81,013 26 62,785 23 46,712 20 3,116 2,730 2,336 Area of New Stores Capex per m² Store Expansion Capex Zee.Dog Capex Store renovation Number of Stores with 1Y or More [m²/#] 17,245 17,245 24,752 22,597 26,670 41,672 35,004 31,671 29,170 24,803 23,788 20,111 15,586 11,596 [BRL Th./m²] [BRL Th.] 4.0 68,855 4.4 109,638 5.8 130,946 4.0 107,432 4.0 167,862 4.0 141,004 4.0 127,575 4.0 117,503 4.01 99,912 4.0 95,821 4.01 81,013 4.0 62,785 4.0 46,712 [BRL Th.] 129,660 [BRL Th.] [#] 63 105 133 167 175 225 267 305 340 372 405 435 460 Area of Stores with 1Y or More Renovation Capex per m² with 1Y or More Maintenance Capex [m²] [BRL Th./m²] [BRL Th.] New Sales/Capex Intangibles Gross Intangibles (BOP) Capex Gross Intangibles (EOP) Amortization % of intangibles Accumulated amortization % of Gross Revenue Total Digital Sales/Capex Ratio Net Intangibles Source: Team 7 [#] 93,482 0.5 118,191 0.5 44,419 61,357 140,768 0.5 73,077 167,437 0.5 86,923 209,109 0.5 108.556 244,113 0.5 126,728 275,784 0.5 143,169 304,954 0.5 158,312 329,757 0.5 171,188 350,661 0.5 182,040 368,091 0.5 191,089 382,431 0.5 198,533 2.41 6.52 6.60 2.48 2.09 2.69 3.00 3.25 1.98 2.76 2.85 3.04 3.16 [Unit] 17' 18' 19' 20' 21E 22E 23E 24E 25E 26E 27E 28E 29E 30E [BRL Th.] [BRL Th.] [BRL Th.] 21,869 53,743 79,524 117,869 170,403 241,484 334,405 452,627 595,042 761,977 954,845 1,175,437 31,874 25,781 38,345 52,534 71,081 92,921 118,222 142,415 166,935 192,868 220,592 243,356 21,869 53,743 79,524 117,869 170,403 241,484 334,405 452,627 595,042 761,977 954,845 1,175,437 1,418,793 [BRL Th.] -6,418 -9,978 -15,767 -23,026 -32,900 -46,000 -62,865 -83,684 -108,394 -137,134 -170,159 -207,218 [%] 17% 15% 16% 16% 16% 16% [BRL Th.] -6,227 -12,644 -22,622 -38,389 -61,415 -94,315 -140,315 16% -203,181 16% -286,865 16% -395,258 16% -532,392 16% -702,552 16% -909,769 [%] [#] 0.0% 2.7% 1.5% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 9.59 18.30 19.95 21.78 23.35 20.67 20.43 19.86 19.14 17.05 [BRL Th.] 15,642 41,099 56,902 79,480 108,988 147,168 194,089 249,446 308,177 366,718 422,452 472,885 509,024

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