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Institucional Presentation Institucional Presentation April / 2019 1 Company OVERVIEW 2 Vulcabras Azaleia at a Glance Company Description Financial Highlights EBITDA and EBITDA margin (R$ million and %) Founded in 1952, Vulcabras Azaleia is one of the largest footwear and sporting goods companies in Latin America. 21.6% Manager of brands specialized in athletic footwear and women footwear in Brazil with a vertically-integrated production model that ensures a competitive 17.0% advantage versus other players. 16.4% 12.3% Owns two brands: Olympikus, the largest athletic footwear brand of Brazil and Azaleia, the top of mind brand among women consumers (1). Exclusive 8.6% representative of Under Armour in Brazil, one of the largest brands in the world. 272.6 212.1 186.6 Its products are distributed throughout Brazil to more than 12,000 clients as well 119.2 89.0 as in several countries in Latin America. 2014 2015 2016 2017 (1) 2018 (2) Exports accounted for 10.5% of net revenues in 2018. (1) Recurring Amount 2017: disregarded a gain of R$ 17.0 million with the PRT and a gain of R$ 7.0 million in the Publicly held Company in Novo Mercado (highest governance standards of B3). increase equity interest in the investee PARS. (2) Recurring Amount 2018: disregarded expenses of R$ 7.7 million with restructuring for the incorporation of UA and a gain of R$ 13.6 million in the increase equity interest in the investee PARS. Market Leadership Main Brands by segment Largest sporting brands in Brazil in volume (4Q18) ATHLETIC FOOTWEAR WOMEN’S FOOTWEAR OTHERS Internacional 1º Brand 1 Internacional 2º Brand 2 3º Brand of high-performance footwear, Shoes and sandals targeting the with world-class materials and Boots for industry. middle-income segment technology. Source: Kantar WorldPanel, Focal Pesquisas. Note: (1) Olympikus is the largest sporting footwear brand in terms of volume in Brazil according to Kantar WorldPanel 2018, and Azaleia is the top of mind in Brazil according to Focal Pesquisas (2013). 3 How we got here? What we have achieved? Olympikus Largest sporting footwear brand in Brazil. Smart choice: balance of high-quality and affordable prices. Unique brand Under Armour One of the largest sports brands of the world. positioning Premium brand with innovation and performance focus. Azaleia Top of mind women shoes in Brazil. Large room for expansion. Strong Capillarity of Integrated Innovation production Distribution culture Very fragmented client base in Brazil: Vertically-integrated model ensuring Largest R&D center in Latin America. more than 12,000 clients. superior sales execution compared to + 500 people dedicated to R&D. international brands. Well-defined strategy to serve each + than 800 new models/year. sales channel. o Lower average delivery time (5 weeks vs 6 months). Award-winning products. Largest sales team in Brazil: 55 representative offices and more than o Faster time to market (4 months Performance tests made by 300 people (all segments). vs 12 months). professional athletes scores compared to international brands. Best sporting footwear supplier for o Lower risk of inventory liquidation. retailers. 4 Unique Track-record of managing Iconic Brands 1958 2007 1975 2007 1948 1882 1949 1916 1958 1996 1986-1990 1981-1992 1973-1993 2001-2007 1993-2015 2018 Brand foundation year VA’s operation period 5 INDUSTRY Overview 6 Brazil is the 4th largest global footwear market in the world… Highlights Top 10 Consumers 2016 Market-share Number of pairs (million) th rd Brazil is the 4 largest footwear consumer market and the 4 China 16.8% 3,201 largest footwear producer in the world. India 14.1% 2,688 United States 12.3% 2,339 Brazil 4.2% 796 The global footwear production presented a healthy growth Japan 3.9% 744 over the last years (CAGR of 2.4% from 2015 to 2018E in Indonesia 2.5% 482 number of pairs). United Kingdom 2.3% 445 Germany 2.3% 438 The global footwear consumption has been growing at a Nigeria 2.2% 409 faster pace compared to the footwear production (CAGR of France 2.1% 402 2.6% from 2015 to 2018E in volume). Others 37.2% 7,068 Total 100.0% 19,012 Global Consumption (billion of pairs) Top 10 Producers 2016 Market-share Number of pairs (million) China 54.0% 11,116 India 13.6% 2,797 Vietnam 4.7% 971 Brazil 4.4% 899 Indonesia 3.7% 771 Nigeria 2.0% 415 Pakistan 1.3% 258 19.6 20.1 18.6 19.0 Mexico 1.2% 253 Thailand 1.1% 231 Italy 0.9% 188 Others 13.1% 2,693 2015 2016 2017E 2018E Total 100.0% 20,592 Souce: WSR, Abicalçados. 7 …and still has an enormous growth potencial. Analysis of annual footwear consumption and GDP per capita 9,0 Brazil Consumption Breakdown- 2018 (1) Small and 8,0 Regional Brands ) year 7,0 48.9% 51.1% per Top 20 Brands 6,0 units 5,0 Brazil, including market per capta ( for flip flop sandals. 4,0 3,0 Consumption 2,0 Brazil, excluding market for flip flop sandals. 1,0 Bubble size represents the country’s total footwear consumption. - -5.000 5.000 15.000 25.000 35.000 45.000 55.000 65.000 GDP per capta in 2017 (US$) Per capita consumption is the growth pillar of the Brazilian footwear industry Fonte: Abicalçados e World Development Indicators, 2018. (1) Considera o mercado de tenis no Brasil. 8 Brazilian consumers are seeking a healthier lifestyle, whith is driving sales growth of sporting goods. Global sport brands have seen a strong long-term growth in revenues(1) Healthier habits (Crescimento de receita) (2) Nike Adidas TotalTotal (2) AverageMédia Brazil is the second 20% largest market of gyms in the world, lagging United States only... 15% ...but only 4% of the Brazilian population is enrolled or go to 10% gyms regularly Avarage 8.3% Category search growth: Fitness 5% 289% growth in Number of Google searches registrations of 120 road runners over 100 last 5 years in SP Growth +183% 80 2007-2017 (0%) Search for gyms at 60 SESCs increased 40 by more than 38x since 2009. 20 (5%) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 0 2007 2010 2013 2017 Source: Companies financial reports, Google, Pesquisa SESC, ACAD Brasil, Revista PEGN. Note: (1) Revenues growth in reporting currency. (2) Total includes the average of Under Armour, Nike, Adidas, Asics, Puma, Mizuno and Skechers. 9 BRANDS 10 Olympikus is the largest sporting brand in Brazil with a high preference among consumers. CONSUMERS KNOWLEDGE AND PREFERENCE OF OLYMPIKUS’S BRAND 100% Know Olympikus BRAND AMBASSADORS 84% Has alredy used Olimpikus 52% Olympikus is one of the brands frequently used 23% MEDIA: TV, PRINTED E SOCIAL Prefer to use Olympikus SPORTING EVENTS SOURCE: KANTAR MILLWARD BROWN. RESEARCH DONE ON November , 2018. 1 11 Under Armour is the 3th largest sports brand in the world, with net revenue of US$ 5.2 billion in 2018. % of Net Revenue Category (2018) Source: 2018 Annual Report - Under Armour’s IR website. 12 Positioning of sports brands OLYMPIKUS AND UNDER ARMOUR Under Armour Price points R$ 299.90 Olympikus Price points R$ 139.90 Small and Regional brands 1 Fonte: Companhia, IBOPE, Kantar WorldPanel. 13 Azaleia is the brazilian women shoes brand top of mind among consumers. We are top of mind # 1 Brand Overall • Azaleia is the women shoes brand most remembered by consumers. • 12.3% of consumers mentioned as the reference brand in the segment.(2) Positioning Azaleia versus competitors Premium Internacional Brands PRICE VALUE PROPOSITION 1 Source: Kantar WorldPanel, Focal Pesquisas (2013), Pesquisa Amanhã Magazine, 2017. 14 Vulcabras Azaleia has a unique execution capability at the point of sale in all regions of Brazil… HIGHLIGHTS Examples of merchandising activities: store fronts and interior of stores Brazilian footwear market is very fragmented and mainly composed by small/regional retailers. Marketing efforts at the POS is one of the strategies to promote the brand and drive sales. Shop. JK / SP (Região Sudeste) Shop. Rio Anil / MA (Região Norte) 50 promoters exclusively dedicated to merchandising activities. 40,000 store sellers trained per year by Vulcabras’ team. Loja lemus / SC (Região Sul) Agittus / DF (Região Centro-Oeste) Nota: (1) Ponto de venda (PDV). 1 15 BUSINESS Model 16 Vulcabras Azaleia’s Unique Business Model 1 2 3 Sales and Distribution Production Product Development Great flexibility Fragmented client base Significant installed capacity to Domestic and international Proprietary technologies support growth distribution Product innovation Infrastructure ready for new Salesforce with more than 300 Own R&D center investment in machinery and professionals equipment modernization Strong Competitive Advantage 1 17 Large sales team exclusively dedicated to sporting and women 1 footwear in Brazil… Sales representatives breakdown per region Complete show-rooms throughout Brazil 55 representative offices with more than 300 people dedicated to sales and merchandising. # Representation office North C.A.S. Rep. (SP - Interior) Lara Rep. (SP, capital) 2 Northeast 11 WLB Representações (BA/SE) Azaleia Rep. (SP) Mid-West 6 South Southeast 9 27 Azaleia Rep. (RS) Dietrich Representações (MT/MS) Highly diversified client base: three largest client representing less than 15% of Company’s sales 18 1 …with a well-defined strategy to serve each sales channel and track the sell-out performance. Footwear stores Sporting goods stores Department stores Auto-service E-commerce Products sold SneakersSneakers ShoesShoes FlipFlip Flops SandalsSandals SlippersSlippers AccessoriesAccessories ApparelApparel % of 2018 sales 68% 17% 10% 4% 1% Product offering Low Medium Low Medium High Low Low Low Medium High price Price Price Price Price price price Price Price Price Integrated to In development In development sales systems 19 1 E-commerce offers a complete portfolio of products 20 2 Vertically-integrated model: superior execution and faster time- to-market and delivery of products when compared to its competitors.
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