1. 3Q11
November 2011

2. Disclaimer
This presentation contains statements that can represent expectations about
future events or results, These statements are based on certain suppositions
and analyses made by the company in accordance with its experience, with
the economic environment and market conditions, and expected future
developments, many of which are beyond the company’s control, Important
factors could lead to significant differences between real results and the
statements on expectations about future events or results, including the
company’s business strategy, Brazilian and international economic conditions,
technology, financial strategy, developments in the footwear industry,
conditions of the financial market, and uncertainty on the company’s future
results from operations, plans, objectives, expectations and intentions –
among other factors, In view of these aspects, the company’s results could
differ significantly from those indicated or implicit in any statements of
expectations about future events or results,
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3. Agenda
Results
Guidance
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4. Results (in IFRS)
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5. Main financial and economic indicators
R$ million 3Q10 3Q10 Var. % 3Q10-3Q11
Net sales revenue 214.0 192.9 (9.9%)
Net income 104.8 83.5 (20.3%)
Margin % 3Q10 3Q11 Var. p.p.
Gross 49.0% 46.5% 2.5
EBIT 18.5% 12.9% (5.6)
EBITDA 20.1% 14.6% (5.5)
Net 24.0% 20.1% (3.9)
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6. Gross sales revenue (IFRS)
(R$ million)
Gross sales revenue Gross sales revenue Gross sales revenue
CAGR (3Q07-3Q11): 5.6% Domestic market Exports
CAGR (3Q07-3Q11): 5.0% CAGR (3Q7-3Q11): 9.6%
546 74
515 68 70
476 477
458 441
414 422
390 54
51
363
3Q07
3Q08
3Q09
3Q10
3Q11
3Q07
3Q08
3Q09
3Q10
3Q11
3Q07
3Q08
3Q09
3Q10
3Q11
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7. Market %
Gross sales revenue Sales volume
12,3% 14,8% 11,3% 12,8% 14,3% 20,1% 23,4% 19,2% 22,4% 23,2%
87,7% 85,2% 88,7% 87,2% 85,7% 79,9% 76,6% 80,8% 77,6% 76,8%
3Q07 3Q08 3Q09 3Q10 3Q11 3Q07 3Q08 3Q09 3Q10 3Q11
Domestic market Exports Domestic market Exports
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8. Results (IFRS)
(R$ million)
Gross profit / Gross margin EBIT / EBIT margin
CAGR (3Q07-3Q11): 6.1% CAGR (3Q07-3Q11): (0.9%)
81
214
193
63
166
152 149 56 54
49,0%
46,4% 46,0% 46,5%
39,7%
17,5%
36 18,5%
16,9%
12,9%
9,5%
3Q07
3Q08
3Q09
3Q10
3Q11
3Q07
3Q08
3Q09
3Q10
3Q11
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9. Results (IFRS)
(R$ million)
EBITDA / EBITDA margin Net income / Net margin
CAGR (3Q07-3Q11): (0.7%) CAGR (3Q07-3Q11): 1.2%
88 105
69 84
80
62 61 73
66
24,3% 24,0%
42 20,1% 20,3% 20,1%
19,0% 19,2%
17,5%
14,6%
11,3%
3Q07
3Q08
3Q09
3Q10
3Q11
3Q07
3Q08
3Q09
3Q10
3Q11
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10. Sales volume
(Million pairs)
Sales volume Sales volume – Sales volume –
CAGR (3Q07-3Q11): 1.5% Domestic market Exports
CAGR (3Q07-3Q11): 0.5% CAGR (3Q07-3Q11): 5.2%
41 32 32 9 9 9
40 40 31
39 30 30
38
8 8
3Q07
3Q08
3Q09
3Q10
3Q11
3Q07
3Q08
3Q09
3Q10
3Q11
3Q07
3Q08
3Q09
3Q10
3Q11
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11. Operational result (IFRS)
(R$ ‘000)
3Q10 %V 3Q11 %V %H Marginal %V
Domestic market 476,600 109.2% 441,053 106.4% (7.5%) (35,547) 163.5%
Exports 69,770 16.0% 73,662 17.8% 5.6% 3,892 (17.9%)
Gross sales revenue 546,370 125.2% 514,715 124.1% (5.8%) (31,655) 145.6%
Sales deduction (110,006) (25.2%) (100,094) (24.1%) (9.0%) 9,912 (45.6%)
Net sales revenue 436,364 100.0% 414,621 100.0% (5.0%) (21,743) 100.0%
Cost of sales (222,393) (51.0%) (221,729) (53.5%) (0.3%) 664 (3.1%)
Gross profit 213,971 49.0% 192,892 46.5% (9.9%) (21,079) 96.9%
Operating income (expenses)
Selling expenses (116,412) (26.7%) (123,660) (29.8%) (6.2%) (7,248) 33.3%
General & administrative expenses (16,002) (3.7%) (14,655) (3.5%) (8.4%) 1,347 (6.2%)
Management fees (961) (0.2%) (1,070) (0.3%) 11.3% (109) 0.5%
EBIT 80,596 18.5% 53,507 12.9% (33.6%) (27,089) 124.6%
Other operating income 638 0.1% 1,519 0.4% 138.1% 881 (4.1%)
Other operating expenses (4,297) (1.0%) (1,215) (0.3%) (71.7%) 3,082 (14.2%)
Operating result before financial
76,937 17.6% 53,811 13.0% (30.1%) (23,126) 106.4%
revenue (expenses)
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12. 9M11
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13. Main financial and economic indicators
R$ million 9M10 9M11 Var. % 9M10-9M11
Net sales revenue 1,116.4 975.7 (12.6%)
Net income 189.7 183.9 (3.1%)
Margin % 9M10 9M11 Var. p.p.
Gross 37.7% 40.8% 3.1
EBIT 10.2% 9.5% (0.7)
EBITDA 12.1% 11.7% (0.4)
Net 17.0% 18.8% 1.8
Share 2010 9M11
Profit per share R$ R$1.0388 R$0.6115
Share price (Dec. 31 – Sep. 30) R$ R$9.32 R$7.75
Book value per share R$ R$5.57 R$5.79
Market cap (R$) R$2,802,710,400.00 R$2,330,580,000.00
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14. Gross sales revenue (IFRS)
(R$ million)
Gross sales revenue Gross sales revenue – Gross sales revenue -
CAGR (9M10-9M11): 5.4% Domestic market Exports
CAGR (9M10-9M11): 5.0% CAGR (9M10-9M11): 7.0%
1.125
269
1.394
973 995 245
1.219 1.221 227
867
818 209
1.076
991
173
9M07
9M08
9M09
9M10
9M11
9M07
9M08
9M09
9M10
9M11
9M07
9M08
9M09
9M10
9M11
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15. Market %
Receita bruta de vendas Volume de pares
14,9% 19,4% 20,1% 19,3% 18,6%
23,9%
33,3% 29,2% 33,8% 29,8%
82,6% 80,6% 79,9% 80,7% 81,4%
71,4%
66,7% 70,8% 66,2% 70,2%
9M07 9M08 9M09 9M10 9M11 9M07 9M08 9M09 9M10 9M11
M.Interno Exportação M.Interno Exportação
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16. Results (IFRS)
(R$ million)
Gross profit / Gross margin EBIT / EBIT margin
CAGR (9M07-9M11): 6,1% CAGR (9M07-9M11): 0,8%
421 114
398
375 97
94 93
336 90
315
40,1% 39,8% 40,8%
38,5% 37,7%
11,5% 11,2%
10,0% 10,2% 9,5%
9M07
9M08
9M09
9M10
9M11
9M07
9M08
9M09
9M10
9M11
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17. Results (IFRS)
(R$ million)
EBITDA / EBITDA margin Net income / Net margin
CAGR (9M07-9M11): 0.8% CAGR (9M07-9M11): 3.4%
187 190 184
135
161 157
113 117 114
111
20,5%
18,6% 19,2% 18,8%
17,0%
14,2% 13,4%
12,0% 12,1% 11,7%
9M07
9M08
9M09
9M10
9M11
9M07
9M08
9M09
9M10
9M11
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18. Sales volume
(Million pairs)
Sales volume Sales volume – Sales volume –
CAGR (9M07-9M11): 1.3% Domestic market Exports
CAGR (9M07-9M11): 0.9% CAGR (9M07-9M11): 2.3%
80 41
120 76
108 69 70 35
104 68
100 32
95 30
27
9M07
9M08
9M09
9M10
9M11
9M07
9M08
9M09
9M10
9M11
9M07
9M08
9M09
9M10
9M11
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19. Shareholder´s equity and return on equity
28,1%
24,9%
20,3% 20,6% 21,3%
18,3%
R$ million
%
1.047 1.180 1.318 1.465 1.676 1.740
2006 2007 2008 2009 2010 2011
Shareholders' equity (R$ mn) Return on equity (%)
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20. Operational result (IFRS)
(R$ ‘000)
9M10 %V 9M11 %V %H Marginal %V
Domestic market 1,125,162 100.8% 994,752 102.0% (11.6%) (130,410) 92.7%
Exports 268,840 24.1% 226,556 23.2% (15.7%) (42,284) 30.1%
Gross sales revenue 1,394,002 124.9% 1,221,308 125.2% (12.4%) (172,694) 122.8%
Sales deduction (277,623) (24.9%) (245,583) (25.2%) (11.5%) 32,040 (22.8%)
Net sales revenue 1,116,379 100.0% 975,725 100.0% (12.6%) (140,654) 100.0%
Cost of sales (695,609) (62.3%) (577,467) (59.2%) (17.0%) 118,142 (84.0%)
Gross profit 420,770 37.7% 398,258 40.8% (5.4%) (22,512) 16.0%
Operating income (expenses)
Selling expenses (262,355) (23.5%) (260,766) (26.7%) (0.6%) 1,589 (1.1%)
General & administrative expenses (42,216) (3.8%) (41,473) (4.3%) (1.8%) 743 (0.5%)
Management fees (1,978) (0.2%) (3,082) (0.3%) 55.8% (1,104) 0.8%
EBIT 114,221 10.2% 92,937 9.5% (18.6%) (21,284) 15.1%
Other operating income 2,639 0.2% 5,327 0.5% 101.9% 2,688 (1.9%)
Other operating expenses (5,311) (0.5%) (2,837) (0.3%) (46.6%) (2,474) (1.8%)
Operating result before financial
111,549 10.0% 95,427 9.8% (14.5%) (16,122) 11.5%
revenue (expenses)
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21. Net cash, cash and cash equivalents
and debt
1.151 1.184
1.119
1.031
860 845 859 1.021
983 942
815 852
793
R$ milion
756
(104) (52) (45)
(178) (167) (164) (177)
31/03/10 30/06/10 30/09/10 31/12/10 31/03/11 30/06/11 30/09/11
Cash and cash equivalents Debt Net cash
Strong cash flow
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22. Dividends
R$ 0,4400
R$ 0,3991 R$ 0,4048
R$ 0,3633 R$ 0,3667 74,9%
46,0% 45,5%
R$
40,4%
%
38,9%
4,9% 6,7% 5,8% 4,7% 6,8%
2007 2008 2009 2010 9M11
Dividendo per share (R$) Dividend yield (%) Payout (%)
Dividend yield: Profit per share divided by average value of the share in the year.
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23. Low need for Capex
40
35
35 33
30 27
24 24
25
R$ million
20
20
15
10
5
0
2007 2008 2009 2010 9M10 9M11
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24. Perspectivas
Targets for:
2009 – 2013 / 2011-2015
Growth of gross revenue at a CAGR
between 8% and 12% in the five years.
Growth of net profit at a CAGR between
12 and 15% in the five years.
Advertising expenses: average: 8% - 10%
of net revenue in this period.
Our view is that, in this period, we may have years with greater
growth that these rates, as was the case in 2009, and others with
less growth, but on average we intend to meet this target.
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25. Thank You!
Francisco Schmitt
Investor Relations Officer
schmitt@grendene.com.br 40 years old
(5554) 2109.9022
Cátia Gastmann
Secretary
catia@grendene.com.br
(5554) 2109.9011
Further information
Internet: http://ri.grendene.com.br / Email: dri@grendene.com.br
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