Pet Retail Market and Valuation Outlook

Appendix 3 72 3. Balance Sheet | 3. Balence Sheet Current assets Cash and Cash Equivalents Financial Investments [Unit] 17' 18' 19' [BRL Th.] 224,190 351,704 440,917 20' 886,275 [BRL Th.] 61,089 160,829 169,277 443,757 21E 1,487,682 895,575 [BRL Th.] 0 0 0 43,761 32,248 Accounts Receivable [BRL Th.] 66,875 76,163 96,076 160,675 225,658 300,986 Inventory [BRL Th.] 82,818 97,489 132,657 185,701 276,239 380,709 32,248 32,248 532,379 677,340 511,835 659,754 831,310 22E 23E 24E 25E 26E 27E 28E 29E 30E 1,610,947 1,892,833 2,337,652 2,892,762 3,377,262 3,903,755 4,442,790 4,987,946 5,385,452 839,044 883,541 1,055,311 1,293,903 1,479,425 1,694,687 1,904,569 2,097,823 2,206,393 32,248 32,248 407,248 32,248 815,948 991,681 Taxes and Contributions to be Recovered [BRL Th.] 2,651 8,901 35,375 41,722 39,986 39,986 39,986 39,986 39,986 39,986 32,248 32,248 32,248 32,248 956,434 1,105,012 1,263,856 1,394,280 1,162,424 1,343,001 1,536,057 1,694,570 39,986 39,986 39,986 39,986 Other Assets [BRL Th.] 10,757 8,322 7,532 10,659 17,975 17,975 17,975 17,975 17,975 17,975 17,975 17,975 Non-Current Assets [BRL Th.] 178,178 245,309 801,731 1,006,613 568,628 765,998 945,182 1,119,679 1,292,539 1,580,841 1,735,204 1,871,951 17,975 1,985,169 2,068,019 17,975 Other Assets [BRL Th.] 955 1,070 768 2,884 4,932 4,932 4,932 4,932 4,932 4,932 4,932 4,932 4,932 4,932 Taxes and Contributions to be Recovered [BRL Th.] 0 426 1,692 1,701 1,847 1,847 1,847 1,847 1,847 1,847 1,847 1,847 1,847 1,847 Deferred Income Tax and Social Contribution [BRL Th.] 22,209 12,606 14,770 23,703 24,574 24,574 24,574 24,574 24,574 24,574 24,574 24,574 24,574 24,574 Immobilized [BRL Th.] 146,700 215,555 280,774 350,363 457,795 625,657 Intangible [BRL Th.] 8,314 15,652 41,099 56,902 79,480 108,988 766,661 894,236 194,089 1,011,740 1,241,311 1,337,133 1,418,145 1,480,930 1,527,642 Current Liabilities [BRL Th.] 150,762 212,605 380,950 654,287 533,898 687,589 Suppliers [BRL Th.] 80,234 98,915 130,812 195,675 293,587 403,031 147,168 906,150 1,177,466 543,268 702,104 Loans, Financing and Debentures [BRL Th.] 22,293 56,697 111,102 273,942 144,532 188,779 267,103 Labor and Social Security Obligations [BRL Th.] 22,010 27,101 36,120 53,716 55,670 55,670 55,670 55,670 379,584 512,983 55,670 249,446 308,177 366,718 422,452 472,885 509,024 1,495,743 1,802,700 2,105,396 2,427,693 2,774,785 3,054,727 886,981 1,060,846 1,246,727 1,444,131 1,655,991 1,831,588 646,075 762,890 887,783 1,023,016 1,127,360 55,670 55,670 55,670 55,670 55,670 Tax Obligations [BRL Th.] 15,931 11,831 25,385 36,556 26,419 26,419 26,419 26,419 26,419 26,419 26,419 26,419 26,419 26,419 Dividends payable [BRL Th.] 602 7,941 5,599 13,867 4,521 4,521 4,521 4,521 4,521 4,521 4,521 4,521 4,521 4,521 Bills to pay [BRL Th.] 7,573 8,138 2,877 5,993 6,184 6,184 6,184 6,184 6,184 6,184 6,184 6,184 6,184 6,184 Loyalty Program [BRL Th.] 2,119 1,982 2,252 3,015 2,985 2,985 2,985 2,985 2,985 2,985 2,985 2,985 2,985 2,985 Non-Current Liabilities [BRL Th.] 93,791 202,638 685,420 723,842 145,863 190,110 Loans, Financing and Debentures - NC [BRL Th.] 92,064 200,596 287,383 222,403 144,532 Provision for Civil, Labor and Tax Risk [BRL Th.] 1,727 2,042 2,212 Shareholders' equity [BRL Th.] 157,815 181,770 176,278 Share capital [BRL Th.] 50,515 50,515 50,515 1,902 514,759 387,250 Capital Reserve [BRL Th.] 79,818 79,818 79,818 54,639 1,331 1,376,549 1,177,250 54,639 268,434 380,915 188,779 267,103 379,584 1,331 1,331 1,331 1,499,246 1,663,432 1,898,950 Reserve for Granted Option [BRL Th.] 721 1,118 1,471 1,754 1,818 Special Goodwill Reserve Profit Reserve [BRL Th.] 24,825 24,825 24,825 24,825 24,825 24,825 1,177,250 1,177,250 1,177,250 1,177,250 1,177,250 1,177,250 54,639 54,639 54,639 1,818 1,818 1,818 24,825 24,825 514,314 647,406 764,221 889,114 512,983 646,075 762,890 887,783 1,331 1,331 1,331 1,331 1,331 1,331 2,175,244 2,507,997 2,769,341 2,997,934 3,173,982 3,270,053 1,177,250 1,177,250 1,177,250 1,024,347 1,128,691 1,023,016 1,127,360 54,639 54,639 54,639 54,639 54,639 1,818 1,818 1,818 1,818 1,818 54,639 1,818 24,825 24,825 24,825 24,825 24,825 24,825 [BRL Th.] 1,936 25,494 19,649 46,291 118,017 240,714 404,900 640,418 916,712 1,249,465 1,510,809 1,739,402 1,915,450 2,011,521 Source: Team 7

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