Pet Retail Market and Valuation Outlook
Appendix 2
71
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2. Income Statement
Income Statement
Gross Revenue
growth YOY
Deductions
% Gross Revenue
Net Revenue
growth YOY
COGS
% Net Revenue
growth YOY
Gross Profit
% Net Revenue
growth YOY
SG&A
% Net Revenue
Sales expenses
% Net Revenue
growth YOY
G&A
% Net Revenue
growth YOY
Other Expenses
% Net Revenue
growth YOY
PIS/Cofins Credit over Depreciation - Rights-of-Use (CPC 06 (R2)/IFRS 16)
% Net Revenue
[Unit]
17'
[BRL Th.] 716,005
[%]
N.A
18'
913,419
28%
19'
1,164,234
27%
20'
1,706,729
47%
21E
22E
2,538,493 3,477,790 4,705,615
49%
37%
35%
23E
24E
6,151,462
31%
[BRL Th.] -118,636
[%]
-17%
[BRL Th.] 597,369
[%]
N.A
[BRL Th.] -332,534
-145,512
-16%
767,907
29%
-416,039
[%]
-56%
-54%
-178,158
-15%
986,076
28%
-509,748
-52%
[%]
N.A
25%
23%
[BRL Th.]
[%]
264,835
44%
351,868
476,328
45.8%
48.31%
[%]
N.A
33%
[BRL Th.]
[BRL Th.]
[%]
-217,132 -275,547
-36%
-36%
-144,637
-192,133
-24%
-25%
35%
-361,230
-37%
-194,609
-20%
-269,973
-16%
1,436,756
46%
-743,249
-51.7%
46%
693,507
48.27%
46%
-532,757
-37%
-312,941
-22%
-391,392
-15.4%
2,147,101
49%
-1,112,222
-51.8%
50%
1,034,879
48.2%
49%
-783,519
-36.49%
-467,662
-22%
[%]
N.A
33%
1%
61%
49%
37%
[BRL Th.]
-61,794
-73,598
-82,052
-116,128
-167,101
-228,933
[%]
-10%
-10%
-8%
-8%
-7.8%
-7.8%
[%]
N.A
19%
11%
42%
44%
37%
35%
-22%
35%
31%
-309,757 -404,932
-7.8% -7.8%
31%
25E
26E
27E
28E
29E
30E
7,826,443 9,428,006 11,051,279 12,768,042 14,603,442 16,110,446
27%
20%
17%
16%
14%
10%
15.5%
4.3%
19.8%
-536,215 -725,525 -948,450 -1,206,703 -1,453,636 -1,703,917 -1,968,612 -2,251,600 -2,483,954
-15.4% -15.4% -15.4% -15.4% -15.4% -15.4% -15.4% -15.4% -15.4%
2,941,575 3,980,090 5,203,013 6,619,740 7,974,370 9,347,362 10,799,429 12,351,842 13,626,492
37%
35%
31%
27%
20%
17%
16%
14%
10%
-1,522,834 -2,047,339 -2,639,015 -3,325,238 -3,966,723 -4,649,696 -5,372,004 -6,144,227 -6,778,281
-51.8% -51.4% -50.7% -50.2% -49.7% -49.7% -49.7% -49.7% -49.7%
37%
34%
29%
26%
19%
17%
16%
14%
10%
1,418,740 1,932,751 2,563,997 3,294,502 4,007,647 4,697,666 5,427,425 6,207,615 6,848,211
48.2%
48.6% 49.3% 49.8% 50.3% 50.3% 50.3% 50.3% 50.3%
37%
36%
33%
28%
22%
17%
16%
14%
10%
-1,075,506 -1,447,110 -1,873,846 -2,361,805 -2,832,964 -3,310,593 -3,813,275 -4,347,587 -4,798,465
-36.56% -36.36% -36.01% -35.68% -35.53% -35% -35%
-35%
-35%
-640,707 -866,907 -1,133,272 -1,441,851 -1,736,904 -2,035,957 -2,352,233 -2,690,365 -2,967,997
-22%
-22%
-22%
-22% -22%
-22%
27%
20%
17%
-22%
16%
-22%
14%
10%
-515,191 -620,617 -727,473 -840,482
-961,301
-1,060,503
-7.8%
-8%
-8%
-8%
-8%
-8%
27%
20%
17%
16%
14%
10%
[BRL Th.]
-10,701
-9,815
-11,197
-13,321
-27,548
-37,742
-51,066
-66,757
-84,934 -102,315 -119,931
-138,561
-158,480 -174,834
[%]
-2%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
[%]
N.A
-8%
14%
19%
107%
37%
35%
31%
27%
20%
17%
16%
14%
10%
[BRL Th.]
0
0
4,482
5,569
8,322
11,402
15,427
20,167
25,659
30,909
36,231
41,860
47,877
52,818
[%]
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
growth YOY
[%]
N.A
NA
N.A
24%
49%
37%
35%
31%
27%
20%
17%
16%
14%
10%
Adjusted EBITDA
% Net Revenue
growth YOY
EX-IFRS 16 EBITDA
% Net Revenue
growth YOY
Rental Expenses
EBIT
% Net Revenue
% Net Revenue
growth YOY
Financial Result
% Net Revenue
growth YOY
Financial Revenue
Financial Expenses
[BRL Th.]
47,703
76,322
192,952
256,686
251,360
343,234
485,642
690,152
932,697
1,174,682
1,387,073
1,614,151 1,860,029
2,049,746
[%]
8%
10%
20%
17.9%
17.7%
17.8%
18.1%
18.6%
[%]
N.A
60%
153%
33%
-2%
37%
41%
42%
[BRL Th.]
47,703
76,322
115,097
160,750
121,830
163,707
250,835
401,101
[%]
8%
10%
12%
11.2%
11.2%
11.7%
[%]
40%
-24%
[BRL Th.]
-77,855
-95,936
-129,530
[%]
-8%
-6.7%
-6.03%
[BRL Th.]
25,103
53,171
73,545
108,028
162,059
34%
-179,527
-6.10%
232,828
12.2%
53%
13.3%
60%
19.3%
35%
587,210
14.1%
46%
-234,807 -289,051 -345,487
-5.90%
-5.56%
-5.22%
343,236
517,142
726,381
19.8%
26%
770,644
14.7%
31%
-404,038
-5.07%
932,229
[%]
4%
7%
7%
7.5%
7.5%
7.9%
8.6%
9.9%
11.0%
11.7%
[%]
N.A
112%
38%
47%
50%
44%
47%
51%
40%
28%
19.8% 19.8%
18%
16%
923,609 1,090,292 1,274,710
14.8% 14.9%
20%
-463,464
-4.96%
1,107,034
11.8%
19%
19.8%
15%
18%
-523,858
-647,949
-4.85%
-4.76%
1,294,026 1,498,498 1,643,713
15.1%
17%
-585,318
-4.74%
19.8%
10%
1,401,797
15.0%
10%
12.0%
17%
12.1%
16%
12.1%
10%
[BRL Th.]
-6,976
-6,345
-49,776
-54,153
-32,309
15,045
-11,549
-41,347
-67,287
-91,943
-117,092
-139,516
-164,804
-188,097
[%]
-1%
-1%
-5%
-4%
-2%
1%
0%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
[%]
N.A
-9%
684%
9%
-40%
-147%
-177%
258%
63%
37%
27%
19%
18%
14%
[BRL Th.]
3,806
9,151
8,714
14,218
22,670
61,709
52,275
49,189
57,672
70,325
80,163
91,578
102,708
112,956
[BRL Th.]
-10,782
-15,496
-58,490
-68,371
-54,979
-46,664
-63,823
EBT
[BRL Th.]
18,127
46,827
36,337
69,949
129,750
247,874
331,687
-90,536 -124,959 -162,268
475,795 659,094 840,285
-197,255 -231,094 -267,512 -301,053
989,941
1,154,510 1,333,694
1,455,616
% Net Revenue
[%]
3%
6%
4%
5%
6%
8%
8%
9%
10%
11%
11%
11%
11%
11%
growth YOY
[%]
N.A
158%
-22%
93%
85%
91%
34%
43%
39%
27%
18%
17%
16%
9%
Income Tax and Social Contribution
[BRL Th.]
-6,702
-15,930
-12,762
-11,562
-34,115
-84,277
-112,774
-161,770
Tax Rate
[%]
-37%
-34%
-35%
-17%
-34%
-34%
-34%
-34%
Net Profit
[BRL Th.]
11,425
30,897
23,576
58,387
95,635
163,597
218,914
314,025
-224,092 -285,697
-34%
-34%
435,002 554,588
-336,580
-34%
-392,534 -453,456
-34%
653,361 761,977 880,238
-494,910
-34%
-34%
960,707
% Net Revenue
growth YOY
[%]
2%
4%
2%
4%
4.5%
5.6%
5.5%
6.0%
6.6%
7.0%
7.0%
7.1%
7.1%
7.1%
[%]
N.A
170%
-24%
148%
64%
71%
34%
43%
39%
27%
18%
17%
16%
9%
Source: Team 7View entire presentation