The company reported strong growth in the third quarter of 2012, with gross revenue increasing 31.7% and net profit growing 10.2% compared to the prior year period. Expansion of the store network and gains across all brands contributed to the positive results. Management provided guidance for continued growth in 2013 with a planned 15% increase in total sales area through new store openings and expansions.

1. | Apresentação do Roadshow
Conference Call
3Q12
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2. Important Disclaimer
Information contained in this document may include forward-looking statements and reflect Management’s current view
and estimates of the evolution of the macroeconomic environment, industry conditions, Company’s performance and
financial results. Any statements, expectations, capabilities, plans and assumptions contained in this document, which do
not describe historical facts, such as information about declaration of dividend payment, future direction of operations,
implementation of relevant operating and financial strategies, investment program and factors or trends affecting the
financial condition, liquidity or results of operations, are forward-looking statements, as set forth in the “U.S. Private
Securities Litigation Reform Act of 1995”, and involve several risks and uncertainties. There is no guarantee that these
results will occur. Forward-looking statements are based on several factors and expectations, including economic and
market conditions, industry competitiveness and operational factors. Any changes in such expectations and factors may
cause actual results to differ from current expectations.
The Company’s consolidated financial statements presented herein are in accordance with the International Financial
Reporting Standards - IFRS, issued by the International Accounting Standards Board - IASB, based on the audited
financial statements. Non-financial information and other operating information have not been subject to an audit by
independent auditors.
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3. 3Q12 Highlights
Gross
Gross Revenue increased by 31.7% in 3Q12, reaching R$314.1 million
Revenue
Gross Profit Gross Profit reached R$ 107.0 million, 35.6% growth and 43.4% margin
EBITDA EBITDA totaled R$ 42.7 million, increase of 20.0% and 17.3% margin
Net Profit R$28.6 million net profit, with 11.6% margin and growth of 10.2%
Opening of 18 stores in Brazil: 5 Arezzo franchises, 12 Schutz stores (10 franchises and 2 owned
Expansion
stores) and 1 Alexandre Birman owned store
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4. Company Growth
Gross Revenues – (R$ million)
28.8% 781.7
606.8
31.7% -4.4% 29.9
314.1
31.3
238.5
9.8% 30.6% 751.8
12.7 575.5
11.5 32.8%
301.4
226.9
3Q11 3Q12 9M11 9M12
Domestic Market Exports Market
The Company’s Gross Revenues amounted to R$314.1 million in the third quarter of 2012, a
31.7% growth when comparing with 3Q11
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5. Gross Revenue Breakdown by Channel –
Domestic Market
Gross Revenue by channel – Domestic Market (R$ million)
30.6% 751. 8
10.7
575.5 167.7
79.6%
32.8% 4.8
301.4 93.3 20.3%
212.9
226.9
81.8% 177.1
20.0%
4.2
2.0 20.1% 63.0
34.6 83.2
69.2 360.5
300.4
24.9%
121.0 151.1
3Q11 3Q12 9M11 9M12
Franchise Multi-brand Owned Stores Others¹
SSS Sell-out (owned stores) 0.4% 6.8% 9.6% 9.9%
SSS Sell-in (franchises) 11.6% 14.2% 15.6% 11.9%
Over 20.0% growth in all channels, emphasizing Owned Stores increase of 81.8% in 3Q12,
and a more intensive presence of Schutz in the franchises channel
1) Other: Growth of 103.4% in 3Q12 and of 122.6% in 9M12.
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6. Gross Revenue Breakdown by Brand –
Domestic Market
Gross Revenues by brand – Domestic Market (R$ million)
30.6% 751.8
575.5 33.8
32.8% 244.3
301.4 20.2 56.8%
155.8
226.9
67.5% 18.6%
14.0
8.4 99.3 473.7
59.3 18.2% 399.5
159.2 188.1
3Q11 3Q12 9M11 9M12
Arezzo Schutz Others¹
Solid performance of all brands, specially for Schutz brand, whose gross revenue growth
stood by 67.5% in 3Q12 and by 56.8% in 9M12.
1) Other: Alexandre Birman’s and Anacapri’’s Gross Revenue: growth of 67.1% in 3Q12 and of 67.1% in 9M12.
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7. Distribution Channel Expansion
Owned Stores and Franchises Expansion
24.2%
15.5%
19.8% 23.9
Franchises 300
.
19.3 Owned Stores¹ 19
. Multi Brands² 911
16.7 368
13.9 +57
311 52
280 +31 Franchises 16
246 +34 36
27 Owned Stores¹ 24
17 Multi Brands² 1,601
316
253 275
229 Owned Stores 2
Multi Brands² 13
3Q09 3Q10 3Q11 3Q12
Owned Stores 7
Franchises Owned Stores Total m² Multi Brands² 768
The Company ended 3Q12 with 368 stores and sales area expansion of 24.2% comparing
with the same period of the previous year
Note: area given in thousand of square meter (sq m)
1) Includes 5 outlets with total area of 1,334 sq m
2) Domestic Market 7

8. Gross Profit and EBITDA
Gross Profit (R$ million) EBITDA (R$ million)
43.5% 18.8%
43.4% 41.9% 17.6%
41.8% 264.2 17.3%
15.1%
201.1 31.4%
92.0
35.6%
84.6
8.8%
107.0 20.0%
78.9 42.7
35.5
3Q11 3Q12 9M11 9M12 3Q11 3Q12 9M11 9M12
Gross Profit Gross Margin EBITDA EBITDA Margin
Gross margin expansion of 1.6 p.p., due to a change in the distribution channel mix. EBITDA
reached 42.7 million in 3Q12, increasing by 20.0% against 3Q11. Excluding the 1Q12 non-
recurring effect EBITDA would be R$ 100.0 with 16.5% margin
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9. Net Income
Net Income (R$ million)
13.7% 13.5%
11.6% 10.7%
64.7 65.2
10.2% 0.8%
28.6
25.9
3Q11 3Q12 9M11 9M12
Net Income Net Margin
Company´s Net Income increased 10.2%, amounting R$ 28.6 million, with 11.6% margin in
3Q12. Excluding non-recurring impact in 1Q12, Net Income would have reached R$ 70.5,
million, with 8.9% growth and 11.6% net margin
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10. Cash Generation
Operating Cash Generation (R$ thousand)
Growth or Growth or
Cash flows from operating activies 3Q11 3Q12 9M11 9M12
spread spread
Income before income taxes 38,854 42,289 3,435 90,520 91,620 1,100
Depreciation and amortization 1,050 2,043 993 2,890 5,209 2,319
Others (1,680) (1,032) 648 (7,943) (6,679) 1,264
Decrease (increase) in current assets / liabilities (38,949) (36,065) 2,884 (28,200) (9,546) 18,654
Trade accounts receivable (51,314) (50,566) 748 (27,418) (21,771) 5,647
Inventories (3,983) (17,341) (13,358) (22,820) (26,028) (3,208)
Suppliers 12,778 21,837 9,059 21,306 27,879 6,573
Change in other current assets and liabilities 3,570 10,005 6,435 732 10,374 9,642
Change in other non current assets and liabilities (946) (757) 189 (2,119) (2,385) (266)
Tax and contributions (6,363) (10,166) (3,803) (14,703) (21,818) (7,115)
Net cash generated by operating activities (8,034) (3,688) 4,346 40,445 56,401 15,956
Throughout the second half of the year, summer collection products are distributed among
several channels, increasing the company’s receivables. Net cash consumed from operating
activities totaled R$ 3.7 million in 3Q12
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11. Capital Expenditure (CAPEX) and
Indebtedness
CAPEX (R$ million) Indebtedness (R$ million)
48.3
Indebtedness 3Q11 2Q12 3Q12
185.2%
1.3 Cash 178,999 205,819 175,605
15.7 Total indebtedness 35,065 51,117 55,199
Short term 16,270 25,548 30,626
71.5% 16.5
As % of total debt 46.4% 50.0% 55.5%
16.9 Long term 18,795 25,569 24,573
0.8 0.7 31.3
As % of total debt 53.6% 50.0% 44.5%
9.6 5.4 4.0
0.3 Net debt (143,934) (154,702) (120,406)
1.5
10.3 12.2
7.9
EBITDA LTM 115,562 118,007 125,128
3Q11 3Q12 9M11 9M12 Net debt /EBITDA LTM -1.2x -1.3x -1.0x
Stores Corporate Others¹
Arezzo&Co invested R$ 16.5 million in 3Q12, of which R$ 10.3 million in stores, including 4
openings and expansion stores, and 4 other refurbishments not yet inaugurated. Corporate
investment is mainly related to the new Company’s head office, in Campo Bom - RS
1) Other: Increase of 179.4% in 3Q12 and of 72.0% in 9M12 compared with the same period of the previous year.
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12. 2013 Opening Guidance
# Owned Store
445
# Franchises
47
392 6 60
54
+13%
385
338
2012 2013
The 2013 expansion pipeline is committed to opening 53 new stores with a 15% growth in
2012 2013
total sales area, anchored by openings and expansion of existing stores.
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13. Contacts
CFO and IR Officer
Thiago Borges
IR Manager
Daniel Maia
Phone: +55 11 2132-4300
ri@arezzoco.com.br
www.arezzoco.com.br
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