2Q15 Results - Guararapes

RESULTS OF THE SECOND QUARTER OF 2015 (2Q15)
São Paulo, August 4, 2015 – Guararapes Confecções S.A. (BM&FBOVESPA: GUAR3 - ON and GUAR4 - PN), Brazil’s
largest apparel manufacturer and the parent company of Lojas Riachuelo, reports its results for the second quarter
(2Q15) and first half of 2015 (1H15).
Except where stated otherwise, the financial and operating data are presented on a consolidated basis and in
Brazilian Reais, pursuant to Brazilian Corporate Law.
Operating and Financial Highlights

Consolidated Net Revenue grew by 17.9%, totaling R$1,325.8 million in 2Q15. In
1H15, Consolidated Net Revenue totaled R$2,423.4 million, a 20.2% increase;

Riachuelo’s same-store sales increased by 0.2% in 2Q15 and 2.6% in 1H15;

Consolidated Gross Product Margin came to 52.3% in 2Q15 and 53.4% in 1H15;

Operating expenses per store grew by 2.6% in 2Q15 and 2.2% in the first half;

Adjusted EBITDA amounted to R$177.9 million in 2Q15 and R$353.4 million in
1H15;

Adjusted EBITDA margin on net revenue from products came to 18.3% in 2Q15 and
20.0% in 1H15;

Net Income totaled R$74.6 million in 2Q15 and R$159.6 million in 1H15;

The Riachuelo card loss ratio ended 2Q15 at 6.2%. The loss ratio from personal
loan operations closed 2Q15 at 11.7%.
Stock Price (8/4/2015)
GUAR3: R$63.15
GUAR4: R$62.63
Market Capitalization
R$3.9 billion
Conference Call
Wednesday (8/5)
Portuguese: 11:00 a.m. (SP)
Phone: (0xx11) 3728 5971
(0xx11) 3127 4971
Code: Guararapes
Contacts
Flávio Rocha
CEO
Tulio Queiroz
CFO
tulioj@riachuelo.com.br
Marcelo Oscar
Controller and Investor
Relations
marcelo@riachuelo.com.br
Financial Highlights (R$ Million)
2Q15
2Q14
Gross Revenue
Net Revenue
Gross Profit
Gross Margin
Gross Margin - Products
EBITDA Adjusted
Adjusted EBITDA margin on Consolidated Net revenue
Adjusted EBITDA margin on Consolidated Net revenue from products
Net Income (Loss)
EPS (R$)
1,705.3
1,325.8
811.4
61.2%
52.3%
177.9
13.4%
18.3%
74.6
1.20
1,464.3
1,124.5
698.0
62.1%
55.5%
229.3
20.4%
25.9%
124.5
2.00
2Q15 Results
Chg.(%)
16.5%
17.9%
16.2%
-0.9 p.p.
-3.1 p.p.
-22.4%
-7.0 p.p.
-7.6 p.p.
-40.1%
-40.1%
1H15
1H14
3,109.5
2,423.4
1,520.2
62.7%
53.4%
353.4
14.6%
20.0%
159.6
2.56
2,615.0
2,015.9
1,254.7
62.2%
55.6%
382.7
19.0%
24.5%
196.0
3.14
Chg.(%)
18.9%
20.2%
21.2%
0.5 p.p.
-2.2 p.p.
-7.6%
-4.4 p.p.
-4.4 p.p.
-18.6%
-18.6%
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Guararapes Confecções
The parent company is responsible for the industrial division of the Group, whose entire output is routed to Riachuelo, reflecting
the full integration between the retail and production areas.
Production
In 2Q15, Guararapes produced 10.7 million pieces versus 8.7 million pieces in 2Q14. In the first half of the year, production
totaled 20.8 million pieces, 12.8% up on the same period last year. In order to express the value generated by the plants,
Guararapes billed R$649.8 million between January and June 2015, 12.9% more than in the same period last year.
Riachuelo Stores
The 2015 Mother’s Day campaign starred Grazi Massafera. Thinking of the urban woman, the looks were perfect for both day
and night, with exceptionally charming botanical and geometrical prints. For Valentine’s Day, the collection was inspired by
several types of couples in love– from modern to classic, including the fun and the trendy. The highlights were cropped tops and
kimonos in shades of white, black, off-white, pink and orange.
Net revenue from products totaled R$974.1 million in 2Q15, 9.8% higher than the R$887.0 million recorded in the same period
in 2014. In same-store terms, growth came to 0.2%. In 1H15, net revenue from products totaled R$1,762.9 million, 12.9% up on
the same period last year. In same-store terms, growth came to 2.6%. Consolidated gross product margin came to 52.3% in
2Q15, dropping by 3.1 p.p. compared to 2Q14. In the first half of 2015, it fell by 2.2 p.p., to 53.4%.
The high inventory levels and the failure to meet sales expectations encouraged the Company to intensify the markdown
process in the quarter. The decline in the macroeconomic scenario and the sector’s poor performance further intensified the
competitors’ price reduction movement, making the sales reaction more difficult in the period and contributing to maintaining
inventory levels at higher-than-ideal levels.
Operating Data
2Q15
2Q14
Chg.(%)
1H15
1H14
Chg.(%)
1,325.8
974.1
9.8%
0.2%
1,124.5
887.0
16.4%
2.4%
17.9%
9.8%
2,423.4
1,762.9
12.9%
2.6%
2,015.9
1,562.1
17.7%
4.2%
20.2%
12.9%
1
270
577.0
4
223
508.6
21.1%
13.5%
2
270
577.0
5
223
508.6
21.1%
13.5%
1,711.4
1,774.2
-3.5%
3,109.7
3,128.9
-0.6%
Average Ticket of the Riachuelo Card (R$)
Total number of Riachuelo Cards (MM)
% of total sales using the Riachuelo Card
% of sales through interest-bearing plans (0+8)
Total Net Personal Loan Portfolio (R$ MM)
160.8
25.9
47.6%
8.1%
362.1
155.5
23.6
44.7%
8.8%
171.0
3.4%
10.0%
2.9 p.p.
-0.7 p.p.
111.8%
155.2
25.9
46.1%
8.1%
362.1
148.1
23.6
43.7%
8.7%
171.0
4.8%
10.0%
2.4 p.p.
-0.6 p.p.
111.8%
Number of employees
Guararapes + Riachuelo + TCV + Midway Mall
39,235
38,248
2.6%
39,235
38,248
2.6%
Consolidated Net Revenue (R$ MM)
Consolidated Net Revenue from Products (R$ MM)
All-store nominal growth over the previous year
Same-store nominal growth over the previous year
Number of stores under remodeling in the Period
Total number of stores at the end of the period
Sales area in thousand m² at end of the period
Net revenue per m² (R$ per m²)
Net revenue per average sales area in the period
Guararapes' products accounted for 26.8% of Riachuelo’s total sales in the second quarter. In the first half of the year,
Guararapes’ products accounted for 27.1% of Riachuelo’s total sales. Note that the current share of Guararapes’ products is
envisaged in the Company’s plans, given that growth in retail operations is expected to outpace the upturn in the Group’s
production capacity, which is increasingly focused on the production of higher added value fashion items.
2Q15 Results
2 of 17
Sales Area (‘000 sq. m.) at the end of the period
mil m²
556.8
+ 234%
577.0
490.0
413.5
364.4
314.5
206.2
172.8
77
Stores
2005
230.4
257.5
277.7
86
Stores
93
Stores
102
Stores
107
Stores
123
Stores
145
Stores
169
Stores
212
Stores
257
Stores
270
Stores
2006
2007
2008
2009
2010
2011
2012
2013
2014
2Q15
The Company inaugurated ten stores in the quarter, giving a total of 270 stores and 577.0 sq.m. of sales area at the end of June
2015. In July, the Company opened another two stores, totaling fifteen stores opened in 2015, as shown below:
Launch
Sales Area
(m²)
February 26
March 18
March 19
April 08
April 16
April 16
April 29
April 29
April 30
April 30
April 30
May 05
1,454
1,803
1,348
1,566
1,048
1,575
1,280
1,393
1,524
1,832
1,886
1,306
13 - Fortaleza/CE - Shopping Benfica
June 25
1,658
14 - São Gonçalo/RJ - Shopping Pátio Alcântara
July 07
2,098
15 - Rio de Janeiro/RJ - Barra Shopping
Total Sales Area 2015
Average Stores Area 2015
July 21
1,412
23,183
1,546
New Stores 2015
1 - Itaboraí /RJ - Itaboraí Plaza Shopping
2 - São José de Ribamar/MA - Patio Norte Shopping
3 - Itaguaí/RJ - Shopping Patiomix Costa Verde
4 - Araraquara/SP - Shopping Jaraguá Araraquara
5 - Guarulhos/SP - Parque Shopping Maia
6 - Jaraguá do Sul/SC - Jaraguá do Sul Park Shopping
7 - Uberaba/MG - Praça Uberaba Shopping
8 - Santa Bárbara d'Oeste /SP - Tivoli Shopping
9 - Curitiba/PR - Shopping Curitiba
10 - Cuiabá/MT - Pantanal Shopping
11 - São José do Rio Preto/SP - Plaza Avenida Shopping
12 - Tubarão/SC - Farol Shopping
The attractive hilly city of Campos do Jordão, in the state of São Paulo, is one of the most sought-after winter destinations in
Brazil. In this scenario, Riachuelo inaugurated its first pop-up store, with 300 sq.m. of sales area and a special decoration that
evokes a cabin in the mountains, including a false fireplace. The temporary store was installed at Shopping Market Plaza.
The expansion process reflects Riachuelo’s goal of capturing new markets and consolidating its position in the regions by
opening new stores and remodeling existing ones. It is worth remembering that the maturation period of a new store is
approximately five years, which makes these areas an important factor in defining the growth pace of the Company’s sales. At
the close of 2Q15, 42% of Riachuelo’s sales area was between one and five years old.
2Q15 Results
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Sales Area Period - 2Q15
Number of Stores
257
270
12%
13%
212
86
2006
93
2007
102
2008
107
2009
123
2010
145
Under 1 year
From 1 to 2 years
169
29%
From 2 to 5 years
16%
2011
2012
2013
2014
From 6 to 10 years
Over 10 years
30%
2Q15
Midway Financeira
Midway Financeira S.A. was incorporated in January 2008 and began operations in July of the same year. It was created to offer
financing to consumers of the products and services of its parent company, Lojas Riachuelo, seeking the most appropriate
financial resources for their purchasing needs.
As of August 2008, all new operations related to the Riachuelo card (non-interest-bearing installment sales, interest-bearing
installment sales, Saque Fácil cash withdrawals, personal loans and financial products) were booked by Midway Financeira.
Midway Financeira’s income statement, showing where each line is allocated in the Company’s consolidated income statement,
is presented below.
In R$ thousand
Midway Financeira - Income Statement
2Q15
Financial Service Revenues
Financial Revenue from interest-bearing sales, late fines and interest on arreas
Revenue from Personal Loans and Saque Fácil
Revenue from Financial Product Commissions
Revenue from Commissions from Branded Cards
Allowance for Doubtful Accounts
Personal Loans and Saque Fácil Provision For Doubtful Accounts (PDA)
Interest-bearing and Non-interest Bearing Sales Provision For Doubtful Accounts (PDA)
Expenditure Securities
Expenses with Card Brand Fees
357,611
228,126
78,647
27,651
23,187
(116,076)
(24,121)
(91,955)
(47,248)
(2,838)
238,744
155,603
40,225
17,200
25,717
(59,165)
(7,394)
(51,770)
(30,504)
(1,036)
Gross Revenue from Financial Operations
191,449
148,039
Revenue From Services Rendered to Riachuelo
Other Operating Income
Taxes Expenses
Operating Expenses
9,193
5
(19,526)
(76,478)
7,778
81
(13,894)
(56,405)
Operating Result
104,642
85,600
Revenue From Securities
Expenses From Securities
Non-operating Result
10,914
(16,595)
15
9,872
(10,028)
6
Earnings Before Income Tax
Income and Social Contribution Taxes
2Q14
Chg. (%)
49.8%
46.6%
95.5%
60.8%
-9.8%
96.2%
226.2%
77.6%
54.9%
174.0%
29.3%
18.2%
-94.1%
40.5%
35.6%
22.2%
10.6%
65.5%
164.1%
1H15
1H14
670,683
429,935
148,335
50,349
42,065
(193,317)
(41,717)
(151,600)
(75,479)
(5,617)
454,538
311,660
76,260
34,470
32,148
(96,793)
(13,677)
(83,116)
(64,780)
(2,704)
396,270
290,261
16,081
41
(36,621)
(144,298)
13,388
81
(25,592)
(107,806)
231,474
170,331
35.9%
23,877
(31,040)
33
19,257
(19,906)
(121)
24.0% Financial Income/Expenses
55.9% Financial Income/Expenses
n.m. Other Operating Income/Expenses
Chg. (%)
47.6%
38.0%
94.5%
46.1%
30.8%
99.7%
205.0%
82.4%
16.5%
107.8%
Location on Consolidated Income Statement
Gross revenue
Gross revenue
Gross revenue
Gross revenue
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts
Cost of Goods and Services Sold
Cost of Goods and Services Sold
36.5%
20.1%
-49.7%
43.1%
33.8%
Other Operating Income/Expenses
Other Operating Income/Expenses
Deductions
General and Administrative Expenses
98,976
85,449
15.8%
224,344
169,561
32.3%
(36,894)
(33,671)
9.6%
(86,689)
(67,367)
28.7% Income and Social Contribution Taxes
(341)
1193.7%
Profit Sharing Plan
(4,415)
Net Income (Loss)
57,667
51,436
12.1%
(5,265)
132,390
(341)
101,853
1442.7% Other Operating Income/Expenses
30.0%
Revenue from financial operations totaled R$357.6 million in 2Q15, 49.8% up on the R$238.7 million recorded in the same
period last year. Revenue from personal loans grew by 95.5%, from R$40.2 million in 2Q14 to R$78.6 million in 2Q15. In the first
half of 2015, revenue from financial operations came to R$670.7 million, 47.6% up on the R$454.5 million recorded in the same
period last year.
It is worth noting that the increase in revenue from commissions from branded cards came from revenue with annuities paid by
cardholders and additional cardholders, card base growth and interchange revenues.
Operating expenses totaled R$76.5 million in 2Q15, 35.6% up on the R$56.4 million posted in 2Q14. In the first half of 2015,
Operating expenses totaled R$144.3 million, 33.8% up on the R$107.8 million posted in the same period last year. In order to
facilitate understanding, administrative and other operating expenses are consolidated under “Operating Expenses”.
2Q15 Results
4 of 17
Throughout the quarter, the Company continued to manage its balance of provisions for doubtful accounts (PDA) in order to
maintain the PDA/Portfolio Volume ratio at levels appropriate for the level of risk of its operations. To better illustrate the
process of constituting the provision for doubtful accounts, the table below gives a breakdown of the portfolio by overdue
period and the respective amounts provisioned, as well as a comparison of the PDA/portfolio volume ratio with the minimum
levels required by Central Bank Resolution 2682.
In R$ thousand
June - 2015
Period of Overdue (days)
performing
15-30
31-60
61-90
91-120
121-150
151-180
181-360
June 2015 Total
PDA (%) Minimum Required by Central Bank
Risk
A
B
C
D
E
F
G
H
Portfolio
1,576,621
129,322
118,698
109,684
85,312
72,556
69,707
282,332
2,444,233
Up to 180 days
PDA Balance PDA Balance (%)
10,953
0.7%
2,277
1.8%
6,183
5.2%
15,124
13.8%
27,267
32.0%
44,030
60.7%
60,954
87.4%
282,332
100.0%
449,119
18.4%
2,161,901
166,786
Risk
A
B
C
D
E
F
G
H
PDA Balance (%)
0.5%
1.0%
3.0%
10.0%
30.0%
50.0%
70.0%
100.0%
7.7%
Coverage ratio (overdue more than 90 days) *
PDA X Minimum Required by Central Bank
88.1%
107.8%
* Total PDA for credits overdue more than 90 days (E-H)
As you can see, Midway Financeira maintains provisions above the minimum required by the Central Bank for all the brackets (AH) of its portfolio. As a result, the Company closed the period with a PDA balance 7.8% above the Central Bank minimum, with
total provisions sufficient to cover 88.1% of credits overdue by more than 90 days. The provision ended the period at 7.7% of
the portfolio overdue by up to 180 days.
The Basel Index ended the second quarter of 2015 at 34.0%. This index is an international indicator created by the Basel
Committee on Banking Supervision, which recommends a minimum total capital/risk-weighted asset ratio of 8%. In Brazil, the
minimum required ratio is 11%, in accordance with the prevailing legislation (CMN Resolution 4,193/13 and Central Bank
Circular Letters 3,644/13 and 3,477/09).
Amount of Cards Issued (Million)
14.5
2008
15.7
2009
17.6
2010
19.8
2011
21.7
2012
23.0
2013
25.0
25.9
2014
2Q15
The Company reached 25.9 million private label cards, of which 477,700 were issued in the second quarter of 2015. The
average ticket of the Riachuelo card was R$160.78 in the quarter, up 3.4% from R$155.51 in the same period last year. In the
first half of 2015, the average ticket reached R$155.25, a 4.8% increase on the R$148.11 recorded in 1H14.
In 2010, Midway Financeira began to offer branded cards to its customers in association with Visa and MasterCard. At the end of
June 2015, the Company had a total of 4.3 million co-branded cards.
2Q15 Results
5 of 17
Sales Distribution – 2Q15
Thirdparty
Cards
25.8%
Cash
26.6%
PL
Without
Interest
39.5%
Sales Distribution – 1H15
Thirdparty
Cards
25.8%
Private
Label
47.6%
PL
Without
Interest
38.0%
PL With
Interest
8.1%
Cash
28.1%
PL With
Interest
8.1%
Private
Label
46.1%
The Riachuelo Card accounted for 47.6% of sales in the second quarter of 2015, versus 44.7% in 2Q14. In the first half of 2015,
this figure came to 46.1% versus 43.7% in the same period last year. The share of interest-bearing installments sales in total
sales stood at 8.1% in 2Q15 and 1H15 versus 8.8% in 2Q14 and 8.7% in 1H14. The improved share of private label in 2Q15
reflected the results of the restructuring of the Riachuelo Card and the new sales initiative that have been adopted since the
beginning of 2014.
Performance of Financial Operations
As the table shows, EBITDA from financial operations totaled R$91.0 million in 2Q15, 17.5% higher than the R$77.5 million
recorded in the same period last year, equivalent to 51.2% of consolidated adjusted EBITDA. In the first six months, EBITDA from
financial operations reached R$210.1 million, 34.2% up on the R$156.2 million recorded in the same period last year,
equivalent to 59.5% of consolidated adjusted EBITDA.
In R$ thousand
EBITDA from financial operations
2Q15
Gross Revenue
357,611
Financial Revenue from Interest-Bearing Sales, Fines & Timely Interest
228,126
Payments
Revenue from Personal Loans and Easy Withdrawal
78,647
Revenue from Commissions on Financial Products
27,651
Revenue from Commissions from Branded Cards
23,187
Tax Expenses
(19,526)
Net Revenue
338,085
Costs
(50,086)
Discounts on Loan Operations
(47,248)
Expenses with Card Brand Fees
(2,838)
Gross Profit
287,999
PDA Expenses
(116,076)
Financial Transaction Contribution Margin
171,923
Operating Expenses
(76,478)
Other Operating Income/Expenses
(4,411)
EBITDA from Financial Operations
91,034
% of Consolidated EBITDA
51.2%
2Q14
238,744
155,603
40,225
17,200
25,717
(13,894)
224,850
(31,540)
(30,504)
(1,036)
193,310
(59,165)
134,146
(56,405)
(261)
77,480
33.8%
Chg.(%)
49.8%
46.6%
95.5%
60.8%
-9.8%
40.5%
50.4%
58.8%
54.9%
174.0%
49.0%
96.2%
28.2%
35.6%
n.m.
17.5%
17.4 p.p.
1H15
670,683
429,935
148,335
50,349
42,065
(36,621)
634,063
(81,096)
(75,479)
(5,617)
552,967
(193,317)
359,650
(144,298)
(5,225)
210,127
59.5%
1H14
454,538
311,660
76,260
34,470
32,148
(25,592)
428,946
(67,484)
(64,780)
(2,704)
361,462
(96,793)
264,669
(107,806)
(261)
156,602
40.9%
Chg.(%)
47.6%
38.0%
94.5%
46.1%
30.8%
43.1%
47.8%
20.2%
16.5%
107.8%
53.0%
99.7%
35.9%
33.8%
1905.4%
34.2%
18.5 p.p.
Expenses with losses and PDA came to R$116.1 million in 2Q15, 96.2% more than the R$59.2 million recorded in 1Q14. The
current provisioning level (7.7%) is consistent with the Company’s loss expectations for the coming months. It is worth noting
that these expenses include losses from branded card and personal loan operations. In 1H15, expenses with losses and PDA
came to R$193.3 million, 99.7% more than the R$96.8 million recorded in the same period last year.
The following chart shows loss level trends in Riachuelo Card (private label + branded) and personal loan operations. The figures
indicate the percentage overdue by more than 180 days in relation to total expected receivables in each period.
2Q15 Results
6 of 17
Loss Levels from Personal Loan and Riachuelo Card Operations
11.4%
11.3%
10.7%
10.3%
9.4%
6.7%
6.9%
jun/13
sep/13
6.5%
dec/13
5.7%
5.8%
mar/14
jun/14
Riachuelo Card
10.8%
11.1%
6.7%
6.5%
sep/14
dec/14
11.4%
11.7%
5.9%
6.2%
mar/15
jun/15
Personal Loan
The level of losses from the Riachuelo Card, including brand cards, stood at 6.2% at the close of 2Q15, in line with the
Company’s expectations and in accordance with current provision levels. The loss ratio from personal loan operations came to
11.7 % in June 2015. The portfolio of this operation, including interest charges, grew by 124.8% over the same period last year,
totaling R$464.7 million at the close of June 2015 (R$362.1 million excluding interest charges).
Midway Mail and Own Stores
The Midway Mall is located at the most important junction in Natal (Rio Grande do Norte), formed by Avenida Senador Salgado
Filho and Avenida Bernardo Vieira, two of the city’s main thoroughfares. It is also highly accessible, located only 15 minutes from
the city’s main districts, ensuring that the entire city perimeter is within its catchment area.
Inaugurated on April 27, 2005, and currently with nearly all of its gross area leased, the mall comprises 231,000 sq.m. spread
over three floors, with 13 anchor stores, satellite stores, a food court and several service outlets. The third floor, expanded in
2010, includes a seven-screen movie theater (Cinemark), five new anchor stores, various satellite stores and a complete
gourmet area with renowned city restaurants.
Also on the third floor, the Midway Mall houses the Teatro Riachuelo, the most modern and comprehensive performing arts
venue in Brazil’s Northeast. Inaugurated in December 2010, it can hold up to 3,500 spectators, depending on its configuration.
The project exemplifies the mall’s consolidation of leisure, entertainment and the arts, providing the public with a wide range of
shows and performances, through a specialized management team in partnership with highly experienced segment operators.
The table below shows the evolution of the mall’s revenue and EBITDA. Note that revenue and expenses related to shopping
mall operations are booked under ‘Gross Revenue’ and ‘General and Administrative Expenses’, respectively.
Midway Results (R$ thousand)
2Q15
2Q14
Chg.(%)
1H15
1H14
Chg.(%)
Rental and Key Money Net Revenue (R$ '000)
14,334
13,340
7.4%
27,784
26,082
6.5%
EBITDA (R$ '000)
12,778
12,213
4.6%
24,818
22,711
9.3%
-2.4 p.p.
89.3%
EBITDA Margin
89.1%
91.6%
87.1%
2.3 p.p.
GLA (thousand m2)
65.7
65.7
0.0%
65.7
65.7
0.0%
EBITDA/GLA (R$/m2)
194.5
185.9
4.6%
377.9
345.8
9.3%
13,346
12,518
6.6%
26,159
23,419
11.7%
-0.9 p.p.
90.3%
NOI (R$ '000)
NOI Margin
Midway Mall (R$ thousand)
89.8%
2Q15
90.7%
2Q14
Var. (%)
1H15
87.3%
1H14
3.0 p.p.
Var. (%)
Gross Revenue - Midway Mall
14,857
13,794
7.7%
28,954
26,817
8.0%
Rents
Assignment of Rights
14,376
481
13,256
538
8.4%
-10.5%
28,025
929
25,641
1,176
9.3%
-21.0%
2Q15 Results
7 of 17
Net revenue from Midway Mall totaled R$14.3 million in 2Q15, 7.4% higher than the R$13.3 million recorded in 1Q14. In 1H15,
net revenue from Midway Mall totaled R$27.8 million, 6.5% higher than the R$26.1 million recorded in 1H14.
In 2Q15, Midway Mall's EBITDA totaled R$12.8 million, 4.6% more than the R$ 12.2 million recorded in 2Q14. The EBITDA
margin stood at 89.1%, 2.4 p.p. lower than the 91.6% recorded in 2Q14. In 1H15, Midway Mall’s EBITDA totaled R$24.8 million,
9.3% up on the R$22.7 million recorded in the same period last year. The EBITDA margin came to 89.3%, 2.3 p.p. higher than
the 87.1% recorded in 1H14.
In addition to the mall operations, the Group also owns a large number of the properties where its stores are located – of the
270 active Riachuelo stores at the close of June 2015, 46 were installed on properties owned by the group. In other words,
119,400 sq.m. (21%) out of a total of 577,000 sq.m. refers to stores located in the Company’s own properties. If we add the two
distribution centers and six factories, the Company currently owns around 800,000 sq.m. of gross built-up area.
2Q15 Results
Quantity
(%)
Own Stores
Mall Stores
Street Stores
Rented Stores
Mall Stores
Street Stores
46
8
38
224
216
8
17%
3%
14%
83%
80%
3%
Total Stores
270
100%
8 of 17
Street stores located on own properties
Estate
Alagoas
Amazonas
Ceará
Distrito Federal
Goiás
Maranhão
Minas Gerais
Mato Grosso do Sul
Mato Grosso
Pernambuco
Piauí
Pará
Paraná
Rio Grande do Norte
Rio Grande do Sul
Sergipe
São Paulo
Total Street Stores
No. of Own Stores
1
1
1
2
2
1
1
2
1
1
2
1
5
2
1
1
13
38
Sales Area (m²)
1,968
3,101
2,562
3,901
3,888
3,886
2,895
4,109
2,310
7,176
2,765
3,830
10,761
7,902
1,996
3,202
25,534
91,786
Total Area
3,135
5,282
4,129
6,746
5,972
4,319
7,849
6,423
4,766
13,316
5,619
5,905
21,307
12,089
3,055
5,481
58,160
173,553
No. of Own Stores
1
1
1
1
1
1
2
8
Sales Area (m²)
2,941
2,660
3,409
3,276
4,128
6,556
4,649
27,619
Total Area
4,172
3,926
4,560
4,446
5,384
10,230
7,639
40,357
Mall Stores located on Own Properties
Amazonas
Distrito Federal
Espírito Santo
Pernambuco
Rio de Janeiro
Rio Grande do Norte
São Paulo
Total Mall Stores
Total Own Stores
Guarulhos Distribution Center
Guarulhos DC land area
Total Built-up Area
46
119,405
213,910
187,223
85,171
Natal Distribution Center
Total Built-up Area
57,552
Riachuelo São Paulo Head Office
Headquarters land area
Total Built-up Area
45,030
42,312
TCV
Transportadora Casa Verde (TCV) is responsible for part of the Group’s logistics and, thanks to the investments in recent years,
particularly in technology, TCV ensures that the Company’s products are delivered to the Riachuelo stores in a timely and
efficient manner.
2Q15 Results
9 of 17
Guararapes Group - Consolidated
The company’s consolidated results include the results of the parent company and its subsidiaries.
Net Revenue
Consolidated net revenue totaled R$1,325.8 million in the second quarter of 2015, a 17.9% increase on the R$1,124.5 million
reported in the same period in 2014. In the first half, consolidated net revenue increased by 20.2%, from R$2,015.9 million in
2014 to R$2,423.4 million in 2015. Consolidated net revenue comprises net revenue from Midway Financeira (R$338.1 million in
2Q15), Midway Mall net revenue (R$13.6 million in 2Q15) and net revenue from products (R$974.1 million in 2Q15).
Gross Profit and Gross Margin
In the second quarter, consolidated gross profit increased by 16.2%, from R$698.0 million in 2Q14 to R$811.4 million in 2Q15.
In the first half of 2015, the consolidated gross profit reached R$1,520.2 million, a 21.2% increase over the R$1,254.7 million
reported in the same period in 2014. In the second quarter, the consolidated gross margin reached 61.2%, 0.9 p.p. less than the
62.1% reported in 2Q14. In the first half of 2015, the consolidated gross margin stood at 62.7%, 0.5 p.p. more than the 62.2%
reported in the same period last year.
Excluding the effects from Midway Financeira and Midway Mall, the consolidated gross product margin was 52.3% in 2Q15, 3.1
p.p. less than the 55.5% recorded in the same period last year. In the first half of 2015, this margin reached 53.4%, 2.2 p.p.
down, as shown in the following table.
R$ Thousand
Consolidated Net Revenue
(-) Net Revenue - Midway Financeira
(-) Net Revenue - Midway Mall
(=) Consolidated Net Revenue of Products
Consolidated Gross Profit
(-) Gross Profit - Midway Financeira
(-) Gross Profit - Midway Mall
(=) Consolidated Gross Profit of Products
Consolidated Gross Margin of Products
2Q15
2Q14
Chg.(%)
1H15
1H14
Chg.(%)
1,325,825
(338,085)
(13,628)
974,111
1,124,475
(224,850)
(12,611)
887,013
17.9%
50.4%
8.1%
9.8%
2,423,432
(634,063)
(26,491)
1,762,878
2,015,915
(428,946)
(24,851)
1,562,118
20.2%
47.8%
6.6%
12.9%
811,403
(287,999)
(13,628)
509,775
52.3%
698,034
(193,310)
(12,611)
492,113
55.5%
16.2%
49.0%
8.1%
3.6%
-3.1 p.p.
1,520,193
(552,967)
(26,491)
940,735
53.4%
1,254,727
(361,462)
(24,851)
868,413
55.6%
21.2%
53.0%
6.6%
8.3%
-2.2 p.p.
Operating Expenses
Selling expenses totaled R$409.1 million in 2Q15, 25.9% up on the R$324.8 million recorded in 2Q14. General and
administrative expenses increased by 20.6%, from R$97.8 million in 2Q14 to R$117.9 million in 2Q15. In the first half of 2015,
selling expenses grew by 25.0%, totaling R$757.6 million, while general and administrative expenses reached R$234.8 million,
20.1% up on the R$ 195.6 million recorded in the same period last year.
All in all, SG&A expenses increased by 24.7% in the quarter to R$527.0 million, representing 39.8% of consolidated net revenue.
In the first half of 2015, these expenses moved up by 23.8% to R$992.4 million, which represented 40.9% of net revenue, versus
39.8% in the same period last year. The period’s upturn in expenses was due to increased spending related to the new stores
inaugurated as of the second half of 2014, the upturn in electricity tariffs, expenses related to logistics and the redesign of the
sales area, as well as higher marketing expenses.
2Q15 Results
10 of 17
In R$ thousand
Operating Expenses
2Q15
2Q14
Selling Expenses
General and Administrative Expenses
Total Operating Expenses
Total Operating Expenses / Consolidated Net Revenue
Total Operating Expenses per Store
(409,089)
(117,947)
(527,035)
39.8%
(1,989)
(324,805)
(97,775)
(422,580)
37.6%
(1,938)
(926)
(845)
Total Operating Expenses per m²
Chg.(%)
1H15
1H14
25.9%
20.6%
24.7%
2.2 p.p.
2.6%
(757,554)
(234,822)
(992,376)
40.9%
(3,766)
(605,863)
(195,579)
(801,441)
39.8%
(3,685)
25.0%
20.1%
23.8%
1.2 p.p.
2.2%
9.5%
(1,751)
(1,605)
9.1%
Chg.(%)
Operating expenses per sq.m. rose by 9.5% in 2Q15, while operating expenses per store grew by only 2.6% compared to 2Q14.
In 1H15, operating expenses per sq.m. rose by 9.1%, while operating expenses per store grew by only 2.2% compared to 1H14.
The slight increase in operating expenses per store was due to strict expense control and productivity gain project carried out in
the Company’s stores since the beginning of 2014. The graph below shows the productivity gain in the period through the
indicator “sq.m. of sales area per employee”.
GSA sq.m./Headcount Trends
+ 21.2%
42.3
39.4
38.3
34.9
Dec-13
Jun-14
Dec-14
Jun-15
Operating Income
In addition to its retail apparel operations, the Company also includes the results from Midway Mall and Midway Financeira as
part of its core operations.
EBITDA Reconciliation (R$ thousand)
2Q15
Net Income
74,633
(+) Income and Social Contribution Taxes
12,045
(+) Financial Revenue (Expense)
22,682
(+) Depreciation and Amortization (Expenses + Costs)
61,233
EBITDA
170,593
(+) IR Tax Benefits
7,335
EBITDA Adjusted*
177,928
Adjusted EBITDA margin on Consolidated Net revenue
13.4%
Adjusted EBITDA margin on Consolidated Net revenue from products
18.3%
2Q14
124,544
38,804
6,524
51,512
221,383
7,954
229,337
20.4%
25.9%
Chg.(%)
-40.1%
-69.0%
247.6%
18.9%
-22.9%
-7.8%
-22.4%
-7.0 p.p.
-7.6 p.p.
1H15
1H14
159,559
27,318
31,027
120,531
338,434
15,012
353,446
14.6%
20.0%
195,957
55,693
11,106
101,719
364,475
18,223
382,698
19.0%
24.5%
Chg.(%)
-18.6%
-50.9%
179.4%
18.5%
-7.1%
-17.6%
-7.6%
-4.4 p.p.
-4.4 p.p.
* The Company now reconciles EBITDA in line with CVM Instruction 527, i.e. EBITDA = net income plus income taxes, the net financial result, amortization, depreciation and depletion.
Also, in accordance with paragraph 4 of the same Instruction, we opted to use ADJUSTED EBITDA because we understand that the adjustment related to « income tax benefits »
contributes to the Company’s gross cash generation, since it does not represent any cash outflow.
2Q15 Results
11 of 17
In 2Q15, adjusted EBITDA came to R$177.9 million, 22.4% down on the R$229.3 million recorded in 2Q14. The adjusted EBITDA
margin on net product revenue was 18.3% in 2Q15 (13.4%, if calculated over the Company’s consolidated net revenue). In 1H15,
adjusted EBITDA came to R$353.4 million, 7.6% down on the same period last year. The adjusted EBITDA margin on net
product revenue was 20.0% in 1H15, (14.6%, if calculated over the Company’s consolidated net revenue).
This performance was influenced by low same-store sales growth and the performance of gross product margin; the strict
control over operating expenses in recent years, which partially offset the impact of additional expenses with new stores; and
the performance of the financial operation in the quarter.
Net Income
Consolidated net income totaled R$74.6 million in 2Q15, 40.1% down on the R$124.5 million reported in 1Q15. In 1H15,
consolidated net income totaled R$159.6 million, 18.6% down on the R$196.0 million reported in 1H14.
The net margin on net product revenue was 7.7% in 2Q15 (5.6% if calculated over the Company’s total net revenue), versus
14.0% in 2Q14 (11.1% if calculated over the Company’s total net revenue). In 1H15, the net margin on net product revenue was
9.1% (6.6% if calculated over the Company’s total net revenue), versus 12.5% in 1H14 (9.7% if calculated over the Company’s
total net revenue).
Dividends / Interest on Equity
In 2Q15, the Company paid interest on equity to its shareholders, to be attributed to the mandatory dividends for 2015, related
to the period between April and June 2015, pursuant to Article 17, Paragraph 1 of the Bylaws, in the gross amount of forty-five
million, two hundred and ninety-nine thousand, two hundred and eighty reais (R$45,299,280.00), corresponding to R$0.6914
per common share and R$0.7605 per preferred share. The payment date will be resolved at the 2016 Annual Shareholders’
Meeting.
Net Debt
At the close of June 2015, cash and cash equivalents totaled R$331.9 million. Loans and financing totaled R$1,518.1 million,
R$600.7 million of which corresponds to loans from the Brazilian Development Bank (BNDES). As a result, the Company closed
the second quarter of 2015 with net debt of R$1,186.2 million.
Indebtedness (R$ Thousand)
Cash and Cash Equivalents
Loans and Financing
Short Term
Long Term
Net Debt
Net Debt/EBITDA (LTM)
06/30/2015 03/31/2015 06/30/2014
331,899
346,894
(1,518,096) (1,247,001)
(764,450)
(584,103)
(753,646)
(662,898)
(1,186,196)
(900,106)
1.4
1.0
403,527
(892,819)
(208,015)
(684,804)
(489,292)
0.6
Investments (CAPEX)
In 1H15, the group’s investments in fixed assets totaled R$249.6 million, versus R$135.2 million in the same period in 2014. Of
total period investments, R$237.0 million (95%) was allocated to Riachuelo, with R$99.7 million allocated to new store openings
and the remaining R$102.5 million to distribution centers.
2Q15 Results
12 of 17
Investiments (R$ Thousand)
New Stores
Remodelings
IT
General Rebuilding
Distribution Center
Other
Total Riachuelo
Guararapes
Total
2Q15
58.2
6.7
5.3
6.5
61.3
2.0
140.0
10.1
150.1
(%)
39%
4%
4%
4%
41%
1%
93%
7%
100%
2Q14
48.3
8.7
5.3
0.5
2.2
0.3
65.3
8.2
73.5
(%)
66%
12%
7%
1%
3%
0%
89%
11%
100%
1H15
99.7
9.9
10.1
11.3
102.5
3.5
237.0
12.6
249.6
(%)
40%
4%
4%
5%
41%
1%
95%
5%
100%
1H14
81.9
14.8
8.6
6.6
2.6
2.1
116.5
18.7
135.2
(%)
61%
11%
6%
5%
2%
2%
86%
14%
100%
Contacts
For more information, contact:
Flávio Rocha
CEO
Email: ri@riachuelo.com.br
Tulio Queiroz
CFO
Email: tulioj@riachuelo.com.br
Marcelo Oscar
Controller and Investor Relations
Email: marcelo@riachuelo.com.br
Tel.: +55(11) 2281-2137
2Q15 Results
13 of 17
About Guararapes-Riachuelo
Guararapes is the largest fashion group in
Brazil and the parent company of the Lojas
Riachuelo retail chain, with 272 stores
nationwide.
In developed countries, large companies
account for 30% to 40% of the retail textile
market, whereas in Brazil the sum of the
biggest firms accounts for less than 10%.
The main competitive advantage of small
companies is the informality of their
operations.
However, the market of big chains has
expanded due to scale gains, investments
in product quality, fast inventory turnover
and their position as sellers of fashion,
allowing them to adapt rapidly to the
season’s trends.
272 stores: 26 estates and Federal District
NE: 59 STORES
AL: 5 Stores
BA: 12 Stores
CE: 11 Stores
MA: 6 Stores
PB: 4 Stores
PE: 11 Stores
PI: 3 Stores
RN: 4 Stores
SE: 3 Stores
N: 21 STORES
AM: 7 Stores
PA: 7 Stores
TO: 1 Store
AC: 1 Store
AP: 2 Stores
RO: 1 Store
RR: 2 Stores
MW: 26 STORES
SE: 132 STORES
DF: 8 Stores
GO: 10 Stores
MS: 5 Stores
MT: 3 Stores
ES: 8 Stores
MG: 17 Stores
RJ: 25 Stores
SP: 82 Stores
S: 34 STORES
In recent years, Guararapes has invested
PR: 15 Stores
heavily in its support operations by
RS: 8 Stores
modernizing
its
facilities,
opening
SC: 11 Stores
distribution centers in Natal and Sao Paulo
and implementing IT in the financial and operational management of its operations.
One of the Company’s most important advantages is this integration between its retail and manufacturing operations, a model
that has proved highly successful since it permits a rapid response to changes in the market.
Riachuelo’s private label card base is another major asset that establishes long-term relationships with a growing customer
base, currently over 25.9 million, of which 4.3 million are branded cards (June 2015). Another of the Company’s main
operations is financial services, which offer customers interest-bearing installment sales, personal loans and insurance and other
financial products.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and
those related to growth prospects of Guararapes Confecções S.A. and its subsidiaries. These are merely projections and as such are based
exclusively on the expectations of Guararapes' management concerning the future of the business and its continuous access to capital to
finance the Company's business plan. Such forward-looking statements depend substantially on changes in market conditions, government
regulations, competitive pressures and the performance of the Brazilian and international economies and the industry, and therefore are
subject to change without prior notice.
2Q15 Results
14 of 17
Consolidated Income Statement
In R$ thousand
Income Statement
Gross Revenue
Gross Revenue - Products
Gross Revenue - Midway Financeira
Gross Revenue - Midway Mall
Deductions
ICMS tax benefits
Net Revenue
Net Revenue - Products
Net Revenue - Midway Financeira
Net Revenue - Midway Mall
Cost of Goods and Services Sold
COGS - Products
Costs - Midway Financeira
Costs - Midway Mall
Gross Profit
Gross Profit - Products
Gross Profit - Midway Financeira
Gross Profit - Midway Mall
Gross Margin
Gross Margin - Products
Gross Margin - Midway Financeira
Selling Expenses
General and Administrative Expenses
Provision for Doubtful Accounts
Depreciation and Amortization Expenses
Other Operating Expenses/Income
EBIT
Financial Revenue (Expense)
Earnings Before Income Tax and Social Contribution
Income and Social Contribution Taxes
Net Income (Loss)
Net Margin on Consolidated Net revenue
Net Margin on Consolidated Net revenue from products
Depreciation and Amortization (Expenses + Costs)
EBITDA
IR Tax Benefits
Adjusted EBITDA *
Adjusted EBITDA margin on Consolidated Net revenue
Adjusted EBITDA margin on Consolidated Net revenue from products
Total Common Shares
Total Preferred Shares
EPS
2Q15
2Q14
1,705,285
1,333,655
357,611
14,019
(403,750)
24,290
1,325,825
974,111
338,085
13,628
(514,422)
(464,336)
(50,086)
811,403
509,775
287,999
13,628
61.2%
52.3%
85.2%
(409,089)
(117,947)
(116,374)
(56,536)
(2,097)
109,360
(22,682)
86,679
(12,045)
74,633
5.6%
7.7%
1,464,416
1,212,557
238,744
13,115
(362,661)
22,720
1,124,475
887,013
224,850
12,611
(426,440)
(394,900)
(31,540)
698,034
492,113
193,310
12,611
62.1%
55.5%
86.0%
(324,805)
(97,775)
(59,341)
(46,318)
77
169,872
(6,524)
163,347
(38,804)
124,544
11.1%
14.0%
61,233
170,593
7,335
177,928
13.4%
18.3%
51,512
221,383
7,954
229,337
20.4%
25.9%
31,200
31,200
1.20
31,200
31,200
2.00
Chg.(%)
16.4%
10.0%
49.8%
6.9%
11.3%
6.9%
17.9%
9.8%
50.4%
8.1%
20.6%
17.6%
58.8%
1H15
1H14
Chg.(%)
16.2%
3.6%
49.0%
8.1%
-0.9 p.p.
-3.1 p.p.
-0.8 p.p.
25.9%
20.6%
96.1%
22.1%
n.m.
-35.6%
247.6%
-46.9%
-69.0%
-40.1%
-5.4 p.p.
-6.4 p.p.
3,109,532
2,411,319
670,683
27,529
(727,739)
41,639
2,423,432
1,762,878
634,063
26,491
(903,239)
(822,143)
(81,096)
1,520,193
940,735
552,967
26,491
62.7%
53.4%
87.2%
(757,554)
(234,822)
(193,828)
(110,878)
(5,208)
217,904
(31,027)
186,877
(27,318)
159,559
6.6%
9.1%
2,615,105
2,134,980
454,538
25,587
(640,615)
41,425
2,015,915
1,562,118
428,946
24,851
(761,189)
(693,705)
(67,484)
1,254,727
868,413
361,462
24,851
62.2%
55.6%
84.3%
(605,863)
(195,579)
(97,175)
(91,807)
(1,547)
262,756
(11,106)
251,650
(55,693)
195,957
9.7%
12.5%
18.9%
12.9%
47.6%
7.6%
13.6%
0.5%
20.2%
12.9%
47.8%
6.6%
18.7%
18.5%
20.2%
21.2%
8.3%
53.0%
6.6%
0.5 p.p.
-2.2 p.p.
2.9 p.p.
25.0%
20.1%
99.5%
20.8%
236.6%
-17.1%
179.4%
-25.7%
-50.9%
-18.6%
-3.1 p.p.
-3.5 p.p.
18.9%
-22.9%
-7.8%
-22.4%
-7.0 p.p.
-7.6 p.p.
120,531
338,434
15,012
353,446
14.6%
20.0%
101,719
364,475
18,223
382,698
19.0%
24.5%
18.5%
-7.1%
-17.6%
-7.6%
-4.4 p.p.
-4.4 p.p.
-40.1%
31,200
31,200
2.56
31,200
31,200
3.14
-18.6%
* The Company now reconciles EBITDA in line with CVM Instruction 527, i.e. EBITDA = net income plus income taxes, the net financial result, amortization, depreciation and depletion.
Also, in accordance with paragraph 4 of the same Instruction, we opted to use ADJUSTED EBITDA because we understand that the adjustment related to « income tax benefits »
contributes to the Company’s gross cash generation, since it does not represent any cash outflow.
2Q15 Results
15 of 17
Consolidated Balance Sheet
In R$ thousand
Assets
Current Assets
Cash Equivalents
Financial Derivatives Instruments
Credits
Credits-Branded
Inventories
Deferred or Recoverable Taxes
Other Credits
Long Term Assets
Deferred or Recoverable Taxes
Judicial Deposits and Others
Permanent Assets
Investments
Property, plan and equipment
Intangible
Total Assets
06/30/15
3,797,648
331,899
47,040
1,338,351
849,770
1,028,107
131,582
70,900
372,778
358,593
14,186
2,261,827
202,695
1,970,411
88,721
6,432,253
03/31/15
3,539,803
346,894
68,996
1,261,356
721,009
977,575
100,733
63,240
310,735
297,331
13,403
2,159,074
204,495
1,875,553
79,025
6,009,611
06/30/14
2,658,403
403,527
1,108,778
347,502
687,202
63,605
47,789
231,492
218,762
12,729
1,974,817
209,894
1,710,885
54,037
4,864,712
Current Liabilities
Suppliers
Loans and financing
Dividends and Interest on Equity Payable
Wages, Benefits and Provisions
Taxes, Charges and Contributions
Liabilities from assigned credits
Other accounts payable
Long Term Liabilities
Loans and financing
Taxes and Contributions
Provision for eventual liabilities
Loans with related parties
Other
Shareholders' Equity
Paid-in Share Capital
Profit Reserve
Asset Valuation Adjustment
Total Liabilities
06/30/15
2,237,807
345,616
811,490
76,071
184,288
201,369
554,887
64,086
945,928
594,343
63,834
119,601
159,303
8,847
3,248,518
2,900,000
194,824
153,695
6,432,253
03/31/15
1,943,519
264,492
653,099
151,438
195,003
137,371
483,258
58,858
846,912
509,443
63,884
111,846
153,455
8,285
3,219,180
2,600,000
464,378
154,802
6,009,611
06/30/14
1,058,112
211,567
208,015
58,548
135,581
135,467
238,176
70,757
848,255
531,130
67,619
87,310
153,674
8,522
2,958,344
2,600,000
200,198
158,147
4,864,712
2Q15 Results
16 of 17
Consolidated Cash Flow Statement
In R$ thousand
Cash Flow Statement - Indirect Method
Cash flows from operating activities
Net income for the period
Recording of provision for doubtful accounts
Depreciation and amortization
Proceeds (loss) from sale of property, plant and equipment
Deferred income tax and social contribution
Provision for inventory losses
Provision for labor, tax and civil risks
Interest and monetary and exchange variation expenses
Interest on securities
Other
Changes in assets and liabilities
Trade accounts receivable
Inventories
Recoverable taxes
Other assets
Escrow deposits and others
Trade accounts payable
Payroll, provisions and social contributions
Income tax and social contribution
Value-added tax on sales and services – ICMS
Payables to card managers
Other liabilities
Cash provided by operating activities
Payment of interests
Payment of income tax and social contribution
Net cash provided by operating activities
Cash flows from investing activities
Acquisition of property for investment
Acquisition of property, plant and equipment
Acquisition of intangible assets
Proceeds from sale of property, plant and equipment
Net cash used in investing activities
Cash flows from financing activities
Interest on Equity and Dividends paid
New loans and financing
Repayment of loans and financing
Repayment of loans from related parties
Net cash used in financing activities
Increase (decrease) in cash and cash equivalents, net
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
2Q15 Results
2Q15
2Q14
1H15
1H14
74,633
74,368
61,233
24
(47,564)
(1,734)
8,242
11,306
15,851
562
124,544
20,997
51,514
(67)
(7,866)
(2,311)
6,562
18,577
(4,569)
(157)
159,559
89,300
120,531
(377)
(91,207)
2,023
16,324
104,909
(52,614)
514
195,957
10,216
101,721
(103)
(30,259)
(933)
12,605
33,863
(8,843)
(801)
(280,123)
(48,798)
(44,596)
(7,659)
(782)
81,124
(10,714)
61,962
15,235
71,629
5,228
39,424
(1,458)
(19,672)
18,294
(201,563)
4,441
3,809
(6,406)
(318)
2,728
1,316
46,797
5,764
24,266
4,207
92,263
(11,380)
(12,935)
67,948
(174,514)
(256,047)
(41,460)
(45,187)
(1,080)
88,841
(41,779)
129,012
(39,956)
84,303
(12,866)
38,232
(5,685)
(186,697)
(154,150)
55,791
(127,615)
26,971
(9,055)
(1,016)
(32,860)
(44,474)
89,389
(72,848)
8,481
(14,126)
192,062
(21,496)
(119,950)
50,616
(150,101)
(14,043)
134
(164,010)
(727)
(74,547)
(4,218)
589
(78,904)
(249,615)
(29,867)
3,150
(276,332)
(1,249)
(135,214)
(7,404)
2,840
(141,027)
(114,193)
301,068
(63,434)
(48,098)
124,611
(21,104)
145,244
124,140
(101,195)
107,886
(53,248)
(4,489)
(12,212)
(23,168)
240,939
217,770
(114,193)
437,990
(125,756)
(51,680)
195,629
(234,853)
358,993
124,140
(101,231)
253,002
(95,826)
(19,511)
75,268
(15,143)
232,914
217,770
17 of 17