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Arezzo Indústria e Comércio S.A










Financial Health of Arezzo




Comparing to competitors in the Footwear & Accessories industry




  Industry Rankings  


Arezzo Indústria e Comércio S.A
Buy, Hold or Sell?

Should you buy, hold or sell Arezzo?

I guess you are interested in Arezzo Indústria e Comércio S.A. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

Let's analyse Arezzo

Let's start. I'm going to help you getting a better view of Arezzo Indústria e Comércio S.A. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

  1. Company's Financial Health
    A deep dive into the books. How are the numbers doing? Is Arezzo Indústria e Comércio S.A even making a profit? Is the company skyrocketing? Or is it sinking like the Titanic. The trend is your friend.
  2. Market Valuation
    Finally, you now have an insight of how Arezzo Indústria e Comércio S.A is doing in the market. If the company is worth buying. The latest step is to find out how other investors value Arezzo Indústria e Comércio S.A. The closing price on 2022-12-02 was R$87.28 per share. Is the company over- or underpriced?
  3. Key Performance Indicators
    A total overlook on how the company is doing. Based on the (trends in) the key performance indicators.
Arezzo Indústria e Comércio S.A Daily Candlestick Chart

Summary

Financial Health

Profitability Details
 Compared to previous yearCompared to industry
The company is making a huge profit.
Using its assets, the company is less efficient in making profit.
Using its investors money, the company is less efficient in making profit.
Operating Efficiency Details
 Compared to previous yearCompared to industry
The company is operating efficient.
The company is efficient in keeping operating costs low.
Liquidity Details
 Compared to previous yearCompared to industry
The company is just able to pay all its short-term debts.
The company is able to pay all its short-term debts with the most liquid assets.
Solvency Details
 Compared to previous yearCompared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

1.1. Profitability of Arezzo Indústria e Comércio S.A.

1.1. Profitability
1.1.1. Net Profit Margin

Measures how much net profit Arezzo earns for each R$1 of revenue.

  • Above 10% is considered healthy but always compare Arezzo to the Footwear & Accessories industry mean.
  • A Net Profit Margin of 8.7% means that R$0.09 for each R$1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Arezzo Indústria e Comércio S.A:

  • The MRQ is 8.7%. The company is making a profit. +1
  • The TTM is 16.2%. The company is making a huge profit. +2
Trends
Current periodCompared to+/- 
MRQ8.7%TTM16.2%-7.5%
TTM16.2%YOY13.0%+3.2%
TTM16.2%5Y8.4%+7.8%
5Y8.4%10Y9.4%-1.0%
Compared to industry (Footwear & Accessories)
PeriodCompanyIndustry (mean)+/- 
MRQ8.7%4.2%+4.5%
TTM16.2%4.0%+12.2%
YOY13.0%2.7%+10.3%
5Y8.4%1.8%+6.6%
10Y9.4%2.9%+6.5%
1.1.2. Return on Assets

Shows how efficient Arezzo is using its assets to generate profit.

  • Above 5% is considered healthy but always compare Arezzo to the Footwear & Accessories industry mean.
  • 2.2% Return on Assets means that Arezzo generated R$0.02 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Arezzo Indústria e Comércio S.A:

  • The MRQ is 2.2%. Using its assets, the company is less efficient in making profit.
  • The TTM is 4.4%. Using its assets, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ2.2%TTM4.4%-2.2%
TTM4.4%YOY2.8%+1.7%
TTM4.4%5Y2.9%+1.6%
5Y2.9%10Y3.3%-0.4%
Compared to industry (Footwear & Accessories)
PeriodCompanyIndustry (mean)+/- 
MRQ2.2%1.1%+1.1%
TTM4.4%1.1%+3.3%
YOY2.8%0.7%+2.1%
5Y2.9%0.9%+2.0%
10Y3.3%1.0%+2.3%
1.1.3. Return on Equity

Shows how efficient Arezzo is using its investors money to generate profit.

  • Above 15%-20% is considered healthy but always compare Arezzo to the Footwear & Accessories industry mean.
  • 3.8% Return on Equity means Arezzo generated R$0.04 for each R$1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Arezzo Indústria e Comércio S.A:

  • The MRQ is 3.8%. Using its investors money, the company is inefficient in making profit. -1
  • The TTM is 8.6%. Using its investors money, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ3.8%TTM8.6%-4.8%
TTM8.6%YOY5.5%+3.0%
TTM8.6%5Y5.2%+3.4%
5Y5.2%10Y5.2%+0.0%
Compared to industry (Footwear & Accessories)
PeriodCompanyIndustry (mean)+/- 
MRQ3.8%2.2%+1.6%
TTM8.6%2.0%+6.6%
YOY5.5%1.4%+4.1%
5Y5.2%1.4%+3.8%
10Y5.2%1.8%+3.4%

1.2. Operating Efficiency of Arezzo Indústria e Comércio S.A.

1.2. Operating Efficiency
1.2.1. Operating Margin

Measures how efficient Arezzo is operating .

  • Measures how much profit Arezzo makes for each R$1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
  • Above 15% is considered healthy but always compare Arezzo to the Footwear & Accessories industry mean.
  • An Operating Margin of 11.2% means the company generated R$0.11  for each R$1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Arezzo Indústria e Comércio S.A:

  • The MRQ is 11.2%. The company is operating less efficient.
  • The TTM is 19.6%. The company is operating efficient. +1
Trends
Current periodCompared to+/- 
MRQ11.2%TTM19.6%-8.4%
TTM19.6%YOY17.9%+1.7%
TTM19.6%5Y12.6%+7.0%
5Y12.6%10Y7.6%+5.0%
Compared to industry (Footwear & Accessories)
PeriodCompanyIndustry (mean)+/- 
MRQ11.2%5.3%+5.9%
TTM19.6%3.4%+16.2%
YOY17.9%3.3%+14.6%
5Y12.6%2.9%+9.7%
10Y7.6%2.5%+5.1%
1.2.2. Operating Ratio

Measures how efficient Arezzo is keeping operating costs low.

  • Below 1 is considered healthy (always compare to Footwear & Accessories industry mean).
  • An Operation Ratio of 0.47 means that the operating costs are R$0.47 for each R$1 in net sales.

Let's take a look of the Operating Ratio trends of Arezzo Indústria e Comércio S.A:

  • The MRQ is 0.472. The company is very efficient in keeping operating costs low. +2
  • The TTM is 0.755. The company is efficient in keeping operating costs low. +1
Trends
Current periodCompared to+/- 
MRQ0.472TTM0.755-0.283
TTM0.755YOY1.080-0.325
TTM0.7555Y1.245-0.491
5Y1.24510Y0.982+0.264
Compared to industry (Footwear & Accessories)
PeriodCompanyIndustry (mean)+/- 
MRQ0.4721.421-0.949
TTM0.7551.260-0.505
YOY1.0801.188-0.108
5Y1.2451.081+0.164
10Y0.9821.001-0.019

1.3. Liquidity of Arezzo Indústria e Comércio S.A.

1.3. Liquidity
1.3.1. Current Ratio

Measures if Arezzo is able to pay off Short-term Debt.

  • Above 1.5 is considered healthy (always compare to Footwear & Accessories industry mean).
  • A Current Ratio of 1.53 means the company has R$1.53 in assets for each R$1 in short-term debts.

Let's take a look of the Current Ratio trends of Arezzo Indústria e Comércio S.A:

  • The MRQ is 1.527. The company is able to pay all its short-term debts. +1
  • The TTM is 1.451. The company is just able to pay all its short-term debts.
Trends
Current periodCompared to+/- 
MRQ1.527TTM1.451+0.076
TTM1.451YOY1.553-0.102
TTM1.4515Y1.966-0.515
5Y1.96610Y1.295+0.671
Compared to industry (Footwear & Accessories)
PeriodCompanyIndustry (mean)+/- 
MRQ1.5271.926-0.399
TTM1.4511.694-0.243
YOY1.5531.604-0.051
5Y1.9661.712+0.254
10Y1.2951.650-0.355
1.3.2. Quick Ratio

Measures if Arezzo is able to pay off Short-term Debt but only using the most liquid assets.

  • Above 1 is considered healthy but always compare Arezzo to the Footwear & Accessories industry mean.
  • A Quick Ratio of 1.34 means the company can pay off R$1.34 for each R$1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Arezzo Indústria e Comércio S.A:

  • The MRQ is 1.338. The company is able to pay all its short-term debts with the most liquid assets. +1
  • The TTM is 1.373. The company is able to pay all its short-term debts with the most liquid assets. +1
Trends
Current periodCompared to+/- 
MRQ1.338TTM1.373-0.035
TTM1.373YOY1.493-0.121
TTM1.3735Y1.718-0.346
5Y1.71810Y1.749-0.030
Compared to industry (Footwear & Accessories)
PeriodCompanyIndustry (mean)+/- 
MRQ1.3380.765+0.573
TTM1.3730.757+0.616
YOY1.4930.751+0.742
5Y1.7180.659+1.059
10Y1.7490.673+1.076

1.4. Solvency of Arezzo Indústria e Comércio S.A.

1.3. Liquidity
1.4.1. Debt to Asset Ratio

Measures how much % of Arezzo assets are financed with debt.

  • Below 1 (100%) is considered healthy but always compare Arezzo to Footwear & Accessories industry mean.
  • A Debt to Asset Ratio of 0.41 means that Arezzo assets are financed with 41.1% credit (debt) and the remaining percentage (100% - 41.1%) is financed by its owners/shareholders. 

Let's take a look of the Debt to Asset Ratio trends of Arezzo Indústria e Comércio S.A:

  • The MRQ is 0.411. The company is very able to pay all its debts by selling its assets. +2
  • The TTM is 0.431. The company is very able to pay all its debts by selling its assets. +2
Trends
Current periodCompared to+/- 
MRQ0.411TTM0.431-0.020
TTM0.431YOY0.506-0.076
TTM0.4315Y0.465-0.034
5Y0.46510Y0.377+0.087
Compared to industry (Footwear & Accessories)
PeriodCompanyIndustry (mean)+/- 
MRQ0.4110.475-0.064
TTM0.4310.492-0.061
YOY0.5060.499+0.007
5Y0.4650.462+0.003
10Y0.3770.456-0.079
1.4.2. Debt to Equity Ratio

Measures if Arezzo is able to pay off its debts by using shareholders equity.

  • Below 2 is considered healthy but always compare Arezzo to the Footwear & Accessories industry mean.
  • A Debt to Equity ratio of 69.7% means that company has R$0.70 debt for each R$1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Arezzo Indústria e Comércio S.A:

  • The MRQ is 0.697. The company is very able to pay all its debts with equity. +2
  • The TTM is 0.777. The company is very able to pay all its debts with equity. +2
Trends
Current periodCompared to+/- 
MRQ0.697TTM0.777-0.080
TTM0.777YOY1.028-0.252
TTM0.7775Y0.923-0.147
5Y0.92310Y0.666+0.257
Compared to industry (Footwear & Accessories)
PeriodCompanyIndustry (mean)+/- 
MRQ0.6970.911-0.214
TTM0.7770.970-0.193
YOY1.0281.038-0.010
5Y0.9230.883+0.040
10Y0.6660.879-0.213

2. Market Valuation of Arezzo Indústria e Comércio S.A

2. Earnings Per Share
2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every R$1 in earnings Arezzo generates.

  • Above 15 is considered overpriced but always compare Arezzo to the Footwear & Accessories industry mean.
  • A PE ratio of 106.30 means the investor is paying R$106.30 for every R$1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Arezzo Indústria e Comércio S.A:

  • The EOD is 94.276. Neutral. Compare to industry.
  • The MRQ is 106.299. Seems overpriced? -1
  • The TTM is 88.123. Neutral. Compare to industry.
Trends
Current periodCompared to+/- 
EOD94.276MRQ106.299-12.022
MRQ106.299TTM88.123+18.176
TTM88.123YOY138.354-50.231
TTM88.1235Y128.428-40.306
5Y128.42810Y124.470+3.958
Compared to industry (Footwear & Accessories)
PeriodCompanyIndustry (mean)+/- 
EOD94.27641.015+53.261
MRQ106.29940.776+65.523
TTM88.12333.700+54.423
YOY138.35428.525+109.829
5Y128.42837.371+91.057
10Y124.47032.275+92.195
2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Arezzo.

  • Lower is better.
  • A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of Arezzo Indústria e Comércio S.A:

  • The MRQ is -587.970. Very Bad. -2
  • The TTM is -388.967. Very Bad. -2
Trends
Current periodCompared to+/- 
MRQ-587.970TTM-388.967-199.004
TTM-388.967YOY-19.325-369.642
TTM-388.9675Y-179.076-209.891
5Y-179.07610Y419.150-598.226
Compared to industry (Footwear & Accessories)
PeriodCompanyIndustry (mean)+/- 
MRQ-587.9700.179-588.149
TTM-388.9670.137-389.104
YOY-19.3250.050-19.375
5Y-179.0760.254-179.330
10Y419.1500.256+418.894

2. Book Value per Share
2.3. Price to Book Ratio

Measures if the stock price of Arezzo is to cheap or to expensive compared to its book value.

  • At or below 1 is considered healthy (always compare to Footwear & Accessories industry mean).
  • A PB ratio of 4.15 means the investor is paying R$4.15 for each R$1 in book value.

Let's take a look of the Price to Book Ratio trends of Arezzo Indústria e Comércio S.A:

  • The EOD is 3.679. Neutral. Compare to industry.
  • The MRQ is 4.148. Neutral. Compare to industry.
  • The TTM is 4.128. Neutral. Compare to industry.
Trends
Current periodCompared to+/- 
EOD3.679MRQ4.148-0.469
MRQ4.148TTM4.128+0.020
TTM4.128YOY6.099-1.971
TTM4.1285Y6.809-2.681
5Y6.80910Y6.358+0.451
Compared to industry (Footwear & Accessories)
PeriodCompanyIndustry (mean)+/- 
EOD3.6791.594+2.085
MRQ4.1481.719+2.429
TTM4.1281.823+2.305
YOY6.0991.683+4.416
5Y6.8091.712+5.097
10Y6.3581.436+4.922
2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Arezzo Indústria e Comércio S.A compared to the Most Recent Quarter (MRQ).

 End of day+/-Most Recent QuarterTrailing 12 Months+/-Year-Over-Year+/-5 Year+/-10 Year+/-
Book Value Change Per Share--1.1042.419-54%1.931-43%0.900+23%0.495+123%
Book Value Growth--0.8170.829-1%0.838-2%0.8190%0.815+0%
Book Value Per Share--23.72520.867+14%12.932+83%10.550+125%7.904+200%
Book Value Per Share Growth--0.0470.109-57%0.154-70%0.057-18%0.037+25%
Current Ratio--1.5271.451+5%1.553-2%1.966-22%1.295+18%
Debt To Asset Ratio--0.4110.431-5%0.506-19%0.465-12%0.377+9%
Debt To Equity Ratio--0.6970.777-10%1.028-32%0.923-24%0.666+5%
Dividend Per Share--1.1770.496+137%0.473+149%0.474+148%0.383+207%
Dividend Per Share Growth--0.5370.500+7%-3.727+794%-697.931+129989%-367.304+68457%
Eps--0.9260.963-4%0.720+29%0.487+90%0.377+145%
Eps Growth---0.1810.048-473%-0.218+21%0.014-1413%-0.033-82%
Gross Profit Margin--1.000-0.668+167%-0.050+105%0.456+119%0.728+37%
Net Profit Margin--0.0870.162-46%0.130-33%0.084+4%0.094-7%
Operating Margin--0.1120.196-43%0.179-37%0.126-11%0.076+47%
Operating Ratio--0.4720.755-38%1.080-56%1.245-62%0.982-52%
Pb Ratio3.679-13%4.1484.128+0%6.099-32%6.809-39%6.358-35%
Pe Ratio94.276-13%106.29988.123+21%138.354-23%128.428-17%124.470-15%
Peg Ratio---587.970-388.967-34%-19.325-97%-179.076-70%419.150-240%
Price Per Share87.280-13%98.41083.728+18%78.975+25%62.570+57%46.367+112%
Price To Total Gains Ratio38.265-13%43.14494.354-54%98.330-56%101.916-58%103.562-58%
Profit Growth--76.71072.307+6%76.635+0%71.114+8%75.200+2%
Quick Ratio--1.3381.373-3%1.493-10%1.718-22%1.749-24%
Return On Assets--0.0220.044-50%0.028-19%0.029-22%0.033-32%
Return On Equity--0.0380.086-56%0.055-32%0.052-27%0.052-26%
Revenue Growth--0.8410.821+2%0.830+1%0.807+4%0.809+4%
Total Gains Per Share--2.2812.914-22%2.403-5%1.375+66%0.878+160%
Total Gains Per Share Growth--0.784-4.010+611%-3.105+496%-1.915+344%-1.075+237%
Usd Book Value--501390134.000440988813.650+14%273288004.150+83%222964594.230+125%167035436.120+200%
Usd Book Value Change Per Share--0.2120.464-54%0.370-43%0.173+23%0.095+123%
Usd Book Value Per Share--4.5504.002+14%2.480+83%2.024+125%1.516+200%
Usd Dividend Per Share--0.2260.095+137%0.091+149%0.091+148%0.073+207%
Usd Eps--0.1780.185-4%0.138+29%0.093+90%0.072+145%
Usd Price Per Share16.740-13%18.87516.059+18%15.147+25%12.001+57%8.893+112%
Usd Profit--19025409.20031787541.450-40%15217603.800+25%12581677.220+51%9119490.625+109%
Usd Revenue--218265523.000192531860.850+13%118699841.400+84%105566700.820+107%79801967.070+174%
Usd Total Gains Per Share--0.4370.559-22%0.461-5%0.264+66%0.168+160%
 EOD+3 -2MRQTTM+17 -19YOY+22 -145Y+26 -1010Y+27 -9

3.2. Fundamental Score

Let's check the fundamental score of Arezzo Indústria e Comércio S.A based on Penke's default stock scanner.

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-1594.276
Price to Book Ratio (EOD)Between0-13.679
Net Profit Margin (MRQ)Greater than00.087
Operating Margin (MRQ)Greater than00.112
Quick Ratio (MRQ)Greater than11.338
Current Ratio (MRQ)Greater than11.527
Debt to Asset Ratio (MRQ)Less than10.411
Debt to Equity Ratio (MRQ)Less than10.697
Return on Equity (MRQ)Greater than0.150.038
Return on Assets (MRQ)Greater than0.050.022
Total6/10 (60.0%)

3.3. Technical Score

Let's check the technical score of Arezzo Indústria e Comércio S.A based on Penke's default Symbol scanner.

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5044.081
Ma 20Greater thanMa 5089.818
Ma 50Greater thanMa 10095.778
Ma 100Greater thanMa 20090.729
OpenGreater thanClose85.570
Total2/5 (40.0%)



Latest Balance Sheet

Balance Sheet of 2022-09-30. Currency in BRL. All numbers in thousands.

Summary
Total Assets4,436,421
Total Liabilities1,822,291
Total Stockholder Equity2,614,130
 As reported
Total Liabilities 1,822,291
Total Stockholder Equity+ 2,614,130
Total Assets = 4,436,421

Assets

Total Assets4,436,421
Total Current Assets2,291,856
Long-term Assets2,291,856
Total Current Assets
Cash And Cash Equivalents 14,528
Short-term Investments 471,189
Net Receivables 990,674
Inventory 755,060
Other Current Assets 103,247
Total Current Assets  (as reported)2,291,856
Total Current Assets  (calculated)2,334,698
+/- 42,842
Long-term Assets
Property Plant Equipment 586,250
Goodwill 729,944
Intangible Assets 518,025
Long-term Assets  (as reported)0
Long-term Assets  (calculated)1,834,219
+/- 1,834,219

Liabilities & Shareholders' Equity

Total Current Liabilities1,501,073
Long-term Liabilities-
Total Stockholder Equity2,614,130
Total Current Liabilities
Accounts payable 637,509
Other Current Liabilities 234,865
Total Current Liabilities  (as reported)1,501,073
Total Current Liabilities  (calculated)872,374
+/- 628,699
Long-term Liabilities
Long term Debt Total 246,875
Long-term Liabilities  (as reported)0
Long-term Liabilities  (calculated)246,875
+/- 246,875
Total Stockholder Equity
Common Stock1,671,716
Retained Earnings 789,492
Other Stockholders Equity 152,968
Total Stockholder Equity (as reported)2,614,130
Total Stockholder Equity (calculated)2,614,176
+/- 46
Other
Cash And Equivalents60,405
Cash and Short Term Investments 546,122
Common Stock Shares Outstanding 110,186
Liabilities and Stockholders Equity 4,436,421
Net Tangible Assets 1,366,161



Balance Sheet

Currency in BRL. All numbers in thousands.

 Trend2022-09-302022-06-302022-03-312021-12-312021-09-302021-06-302021-03-312020-12-312020-09-302020-06-302020-03-312019-12-312019-09-302019-06-302019-03-312018-12-312018-09-302018-06-302018-03-312017-12-312017-09-302017-06-302017-03-312016-12-312016-09-302016-06-302016-03-312015-12-312015-09-302015-06-302015-03-312014-12-312014-09-302014-06-302014-03-312013-12-312013-09-302013-06-302013-03-312012-12-312012-09-302012-06-302012-03-312011-12-312011-09-302011-06-302011-03-312010-12-312010-09-302010-06-302010-03-312009-12-312009-03-312008-12-31
> Total Assets 
205,649
0
238,027
270,340
234,646
248,832
268,156
480,897
452,540
496,021
510,628
521,249
546,889
595,921
636,591
671,918
674,362
719,252
703,866
753,035
714,582
783,370
796,509
854,853
812,393
883,125
853,948
907,567
881,837
923,068
907,148
969,269
967,789
912,656
1,049,899
1,072,759
1,056,304
1,110,961
1,045,032
1,332,591
1,304,115
1,391,641
1,413,249
1,905,180
1,730,692
1,788,268
2,832,545
2,835,631
2,755,405
3,125,244
3,366,326
4,024,213
4,194,407
4,436,421
4,436,4214,194,4074,024,2133,366,3263,125,2442,755,4052,835,6312,832,5451,788,2681,730,6921,905,1801,413,2491,391,6411,304,1151,332,5911,045,0321,110,9611,056,3041,072,7591,049,899912,656967,789969,269907,148923,068881,837907,567853,948883,125812,393854,853796,509783,370714,582753,035703,866719,252674,362671,918636,591595,921546,889521,249510,628496,021452,540480,897268,156248,832234,646270,340238,0270205,649
   > Total Current Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
706,229
769,656
767,569
712,162
855,237
875,500
842,426
891,852
842,001
928,010
877,448
949,191
980,665
1,416,747
1,276,801
1,344,102
1,564,868
1,523,157
1,340,793
1,495,473
1,646,786
2,109,403
2,192,913
2,291,856
2,291,8562,192,9132,109,4031,646,7861,495,4731,340,7931,523,1571,564,8681,344,1021,276,8011,416,747980,665949,191877,448928,010842,001891,852842,426875,500855,237712,162767,569769,656706,229000000000000000000000000000000
       Cash And Cash Equivalents 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5,020
8,674
7,695
4,920
10,156
8,292
17,464
3,390
8,501
5,691
7,842
7,657
13,808
7,597
12,965
13,502
38,297
222,598
69,625
49,047
33,750
106,747
81,682
14,528
14,52881,682106,74733,75049,04769,625222,59838,29713,50212,9657,59713,8087,6577,8425,6918,5013,39017,4648,29210,1564,9207,6958,6745,020000000000000000000000000000000
       Short-term Investments 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
218,774
275,832
294,034
204,807
319,058
325,046
0
0
227,300
294,064
249,293
267,687
263,875
611,584
552,654
552,743
522,868
348,148
316,296
248,158
228,810
603,562
633,565
471,189
471,189633,565603,562228,810248,158316,296348,148522,868552,743552,654611,584263,875267,687249,293294,064227,30000325,046319,058204,807294,034275,832218,774000000000000000000000000000000
       Net Receivables 
102,886
0
116,726
138,073
96,077
121,481
147,201
168,042
122,385
172,799
201,442
193,573
158,080
205,224
235,275
227,048
218,689
255,252
276,895
260,599
270,252
317,583
310,913
330,567
331,256
366,709
317,938
315,216
307,523
356,326
340,527
339,355
314,730
360,121
369,925
396,653
382,881
430,631
425,663
394,770
370,837
415,431
491,179
400,136
283,071
406,902
598,824
477,929
592,809
750,056
932,384
841,894
825,936
990,674
990,674825,936841,894932,384750,056592,809477,929598,824406,902283,071400,136491,179415,431370,837394,770425,663430,631382,881396,653369,925360,121314,730339,355340,527356,326307,523315,216317,938366,709331,256330,567310,913317,583270,252260,599276,895255,252218,689227,048235,275205,224158,080193,573201,442172,799122,385168,042147,201121,48196,077138,073116,7260102,886
       Other Current Assets 
0
0
0
0
0
0
0
0
0
0
0
0
11,765
12,507
0
11,525
14,138
19,437
5,399
25,492
2,348
1,922
9,224
6,766
3,106
1,920
7,552
20,640
19,859
17,138
12,380
18,535
19,676
17,004
33,903
17,356
35,512
29,975
29,676
27,969
28,554
20,789
32,304
22,518
32,360
28,352
27,949
36,307
604,747
771,870
947,704
863,345
849,116
103,247
103,247849,116863,345947,704771,870604,74736,30727,94928,35232,36022,51832,30420,78928,55427,96929,67629,97535,51217,35633,90317,00419,67618,53512,38017,13819,85920,6407,5521,9203,1066,7669,2241,9222,34825,4925,39919,43714,13811,525012,50711,765000000000000
   > Long-term Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
404,581
426,667
442,450
432,584
488,433
453,891
444,166
1,267,677
1,312,474
1,414,612
1,629,771
1,719,540
1,914,810
2,001,494
0
02,001,4941,914,8101,719,5401,629,7711,414,6121,312,4741,267,677444,166453,891488,433432,584442,450426,667404,581000000000000000000000000000000000000000
       Property Plant Equipment 
8,201
0
12,403
13,663
16,840
18,460
21,376
22,134
22,904
24,901
30,293
37,627
47,693
56,788
61,090
63,338
65,014
67,683
68,543
69,435
72,123
73,524
75,767
76,665
74,982
77,227
73,593
72,500
74,682
72,741
73,052
70,712
71,549
68,954
67,636
68,843
77,831
81,843
83,201
275,874
299,640
317,786
304,082
354,778
293,326
277,017
316,300
313,409
287,325
348,245
403,867
446,326
492,475
586,250
586,250492,475446,326403,867348,245287,325313,409316,300277,017293,326354,778304,082317,786299,640275,87483,20181,84377,83168,84367,63668,95471,54970,71273,05272,74174,68272,50073,59377,22774,98276,66575,76773,52472,12369,43568,54367,68365,01463,33861,09056,78847,69337,62730,29324,90122,90422,13421,37618,46016,84013,66312,40308,201
       Goodwill 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
466,128
494,906
474,677
555,010
560,896
666,307
690,454
729,944
729,944690,454666,307560,896555,010474,677494,906466,1280000000000000000000000000000000000000000000000
       Long Term Investments 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
000000000000000001000000000000000000000000000000000000
       Intangible Assets 
5,740
0
11,033
11,689
11,900
12,380
14,772
16,818
18,428
24,565
31,141
39,313
41,679
45,817
47,822
53,563
56,759
61,252
67,114
70,457
75,329
82,713
90,076
93,685
92,275
91,049
90,729
92,818
90,885
88,622
85,961
84,539
83,043
80,202
79,193
76,100
73,359
71,499
67,168
64,983
63,710
62,399
75,047
75,578
77,425
84,199
363,739
369,332
394,192
435,507
454,022
483,847
496,146
518,025
518,025496,146483,847454,022435,507394,192369,332363,73984,19977,42575,57875,04762,39963,71064,98367,16871,49973,35976,10079,19380,20283,04384,53985,96188,62290,88592,81890,72991,04992,27593,68590,07682,71375,32970,45767,11461,25256,75953,56347,82245,81741,67939,31331,14124,56518,42816,81814,77212,38011,90011,68911,03305,740
       Long-term Assets Other 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5,750
5,540
2,543
2,491
-1
3,003
0
0
-1
508,598
453,072
438,938
234,460
224,114
0
0224,114234,460438,938453,072508,598-1003,003-12,4912,5435,5405,750000000000000000000000000000000000000000
> Total Liabilities 
120,177
0
118,495
142,184
93,528
112,152
121,938
133,325
105,433
123,332
126,581
126,350
137,442
163,615
182,692
198,313
202,473
228,533
189,324
219,805
181,535
226,022
220,216
261,222
236,026
282,309
236,043
271,700
252,564
268,108
237,449
275,611
289,137
282,417
384,939
382,131
384,748
397,943
333,690
688,477
625,267
680,986
667,178
1,149,685
1,061,225
1,091,009
1,483,948
1,464,218
1,324,153
1,577,069
1,774,320
1,525,963
1,701,946
1,822,291
1,822,2911,701,9461,525,9631,774,3201,577,0691,324,1531,464,2181,483,9481,091,0091,061,2251,149,685667,178680,986625,267688,477333,690397,943384,748382,131384,939282,417289,137275,611237,449268,108252,564271,700236,043282,309236,026261,222220,216226,022181,535219,805189,324228,533202,473198,313182,692163,615137,442126,350126,581123,332105,433133,325121,938112,15293,528142,184118,4950120,177
   > Total Current Liabilities 
79,951
0
92,658
112,453
65,626
84,946
93,786
103,256
79,068
97,635
102,318
103,212
107,458
134,590
127,418
146,211
148,087
179,422
143,860
175,809
142,906
193,602
178,803
221,701
198,527
246,250
190,772
229,483
212,566
230,221
201,830
241,510
256,977
252,460
356,825
355,966
360,659
375,337
255,889
428,398
420,301
482,982
464,659
628,035
576,827
818,362
911,418
983,446
864,790
1,070,932
1,519,000
1,269,342
1,433,019
1,501,073
1,501,0731,433,0191,269,3421,519,0001,070,932864,790983,446911,418818,362576,827628,035464,659482,982420,301428,398255,889375,337360,659355,966356,825252,460256,977241,510201,830230,221212,566229,483190,772246,250198,527221,701178,803193,602142,906175,809143,860179,422148,087146,211127,418134,590107,458103,212102,31897,63579,068103,25693,78684,94665,626112,45392,658079,951
       Short-term Debt 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
107,263
98,371
112,079
57,092
163,729
156,354
162,002
149,025
32,105
81,827
153,533
183,678
158,222
0
0
0
0
0
260,962
323,391
553,878
326,692
407,103
0
0407,103326,692553,878323,391260,96200000158,222183,678153,53381,82732,105149,025162,002156,354163,72957,092112,07998,371107,263000000000000000000000000000000
       Short Long Term Debt 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
107,263
98,371
112,079
57,092
163,729
156,354
162,002
149,025
32,105
81,827
153,533
183,678
158,222
307,081
292,424
440,509
239,483
364,786
216,587
271,040
496,861
268,463
345,024
0
0345,024268,463496,861271,040216,587364,786239,483440,509292,424307,081158,222183,678153,53381,82732,105149,025162,002156,354163,72957,092112,07998,371107,263000000000000000000000000000000
       Accounts payable 
16,593
0
29,074
47,179
27,009
43,359
28,744
50,901
37,272
50,050
37,286
56,126
43,328
65,165
35,507
69,021
43,556
66,115
34,859
74,259
57,129
85,972
70,315
104,445
85,886
101,743
64,881
110,648
81,120
103,050
66,445
113,032
89,346
109,014
104,416
132,837
107,352
127,548
110,121
148,825
111,810
148,756
134,967
178,376
128,762
226,053
399,189
376,757
345,773
457,912
574,713
588,706
566,002
637,509
637,509566,002588,706574,713457,912345,773376,757399,189226,053128,762178,376134,967148,756111,810148,825110,121127,548107,352132,837104,416109,01489,346113,03266,445103,05081,120110,64864,881101,74385,886104,44570,31585,97257,12974,25934,85966,11543,55669,02135,50765,16543,32856,12637,28650,05037,27250,90128,74443,35927,00947,17929,074016,593
       Other Current Liabilities 
19,757
0
39,001
36,519
16,619
24,299
37,672
39,542
29,249
31,315
44,147
33,027
38,582
38,799
49,068
35,964
43,768
46,377
49,166
41,870
36,024
46,381
43,407
51,538
44,695
46,085
40,555
39,036
65,804
60,747
56,415
56,093
79,320
70,500
88,680
66,775
37,089
21,474
45,647
16,504
23,313
22,723
63,208
50,154
65,853
53,404
126,467
119,055
258,055
247,589
299,436
274,802
403,277
234,865
234,865403,277274,802299,436247,589258,055119,055126,46753,40465,85350,15463,20822,72323,31316,50445,64721,47437,08966,77588,68070,50079,32056,09356,41560,74765,80439,03640,55546,08544,69551,53843,40746,38136,02441,87049,16646,37743,76835,96449,06838,79938,58233,02744,14731,31529,24939,54237,67224,29916,61936,51939,001019,757
   > Long-term Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
260,079
204,966
198,004
202,519
521,650
484,398
272,647
572,530
480,772
459,363
506,137
255,320
256,621
268,927
0
0268,927256,621255,320506,137459,363480,772572,530272,647484,398521,650202,519198,004204,966260,079000000000000000000000000000000000000000
       Long term Debt Total 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
186,595
191,475
510,106
472,358
261,383
555,256
460,775
435,753
452,532
212,612
184,341
190,370
246,875
246,875190,370184,341212,612452,532435,753460,775555,256261,383472,358510,106191,475186,59500000000000000000000000000000000000000000
       Capital Lease Obligations Min Short Term Debt
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-107,263
-98,371
-112,079
-57,092
-163,729
-156,354
-162,002
-149,025
-32,105
109,516
-117,143
37,120
50,836
249,223
208,271
197,216
213,360
212,418
-73,743
-115,726
-321,982
-99,698
-164,917
0
0-164,917-99,698-321,982-115,726-73,743212,418213,360197,216208,271249,22350,83637,120-117,143109,516-32,105-149,025-162,002-156,354-163,729-57,092-112,079-98,371-107,263000000000000000000000000000000
       Long-term Liabilities Other 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
493
171,852
0
373
333
293
253
0
3,373
0
16,613
0
0
0
0
000016,61303,37302532933333730171,852493000000000000000000000000000000000000000
> Total Stockholder Equity
85,472
85,472
119,532
128,156
141,118
136,680
146,218
347,572
347,107
372,689
384,047
394,899
409,447
432,306
453,899
473,605
471,889
490,719
514,542
533,230
533,047
557,348
576,293
593,631
576,367
600,816
617,905
635,867
629,273
654,960
669,699
693,658
678,652
630,239
664,960
690,628
671,556
713,018
711,342
644,114
678,848
710,655
746,071
755,495
669,467
697,259
1,348,597
1,371,413
1,430,980
1,546,535
1,590,580
2,497,592
2,492,432
2,614,130
2,614,1302,492,4322,497,5921,590,5801,546,5351,430,9801,371,4131,348,597697,259669,467755,495746,071710,655678,848644,114711,342713,018671,556690,628664,960630,239678,652693,658669,699654,960629,273635,867617,905600,816576,367593,631576,293557,348533,047533,230514,542490,719471,889473,605453,899432,306409,447394,899384,047372,689347,107347,572146,218136,680141,118128,156119,53285,47285,472
   Common Stock
20,108
0
21,358
21,358
21,358
21,358
21,358
40,917
40,917
40,917
40,917
105,917
105,917
106,857
106,857
106,857
156,000
157,186
157,186
219,186
219,186
220,086
220,086
260,197
260,197
261,247
261,247
261,247
309,058
310,008
310,008
310,008
330,375
330,375
330,375
330,375
341,073
341,073
341,073
341,073
352,715
352,715
352,715
352,715
352,715
352,715
967,924
808,715
808,715
808,715
811,284
811,284
1,645,467
1,671,716
1,671,7161,645,467811,284811,284808,715808,715808,715967,924352,715352,715352,715352,715352,715352,715341,073341,073341,073341,073330,375330,375330,375330,375310,008310,008310,008309,058261,247261,247261,247260,197260,197220,086220,086219,186219,186157,186157,186156,000106,857106,857106,857105,917105,91740,91740,91740,91740,91721,35821,35821,35821,35821,358020,108
   Retained Earnings 
16,120
0
27,155
35,779
48,741
44,303
53,841
68,569
68,104
94,049
105,407
116,259
130,700
152,300
173,544
192,910
190,699
206,752
229,068
246,501
245,005
267,535
285,468
303,611
284,648
311,241
326,783
341,462
284,248
308,431
321,999
344,174
308,929
257,778
292,202
316,520
282,642
322,806
319,202
113,174
269,841
352,347
335,998
413,346
331,743
358,627
387,834
574,665
133,466
203,329
-9,107
97,062
142,441
789,492
789,492142,44197,062-9,107203,329133,466574,665387,834358,627331,743413,346335,998352,347269,841113,174319,202322,806282,642316,520292,202257,778308,929344,174321,999308,431284,248341,462326,783311,241284,648303,611285,468267,535245,005246,501229,068206,752190,699192,910173,544152,300130,700116,259105,40794,04968,10468,56953,84144,30348,74135,77927,155016,120
   Capital Surplus 000000000000000000000000000000000000000000000000000000
   Treasury Stock000-3,105-96-51,547-191-191-191-2,826-2,826-195-195000-2,332-4,004-2,191-1,1990000000000000000000000000000000000
   Other Stockholders Equity 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
37,692
39,476
39,348
42,086
43,582
45,924
51,845
51,471
53,399
55,756
58,624
5,788
57,553
-7,740
-12,165
-13,892
-6,970
-11,776
488,799
534,491
788,403
1,589,246
704,524
152,968
152,968704,5241,589,246788,403534,491488,799-11,776-6,970-13,892-12,165-7,74057,5535,78858,62455,75653,39951,47151,84545,92443,58242,08639,34839,47637,692000000000000000000000000000000



Balance Sheet

Currency in BRL. All numbers in thousands.




Cash Flow

Currency in BRL. All numbers in thousands.




Income Statement

Currency in BRL. All numbers in thousands.