R:152

G:216

B:218

R:80

G:179

B:207

R:216

G:181

B:163

R:177

G:181

B:121

R:119

G:119

B:119

R:217

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B:217

R:160

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B:160

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B:232

| Apresentação do Roadshow

1

Conference Call

1Q15

R:152

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R:119

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B:232 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.

2

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B:232 1Q15 Highlights

3

Net revenue reached R$236.2 million in 1Q15, an increase of 10.7% against 1Q14. Net Revenue

Net income for 1Q15 was R$18.1 million, with a net margin of 7.7%; Net Profit

In 1Q15, gross profit was R$95.9 million, up by 4.2% against 1Q14, with 40.6% gross mragin; Gross Profit

EBITDA for 1Q15 totaled R$28.1 million, an increase of 3.0% against 1Q14, with a margin of 11.9%;

EBITDA

During the quarter, Arezzo&Co expanded sales area by 11.2% against 1Q14. Sales Area Expansion

R:152

G:216

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R:80

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B:207

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G:181

B:163

R:177

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R:119

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B:232

164.6 166.4

88.2 99.4

11.815.91.72.0

266.3283.7

1Q14 1Q15

Arezzo Schutz Anacapri Others¹

Gross revenue increased 8.9%, with special mention to 12.6% growth in the domestic market in the

Schutz brand.

Company Growth

4

Gross Revenues – Domestic and Export Market (R$ million)

6.5%

75.8%

8.9%

1.2%

12.6%

6.5%

Gross Revenues by brand – Domestic Market (R$ million)

1) Others: Increase of 14.7% in 1Q15.

34.7%

R:152

G:216

B:218

R:80

G:179

B:207

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G:181

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B:232

145.9 146.0

63.9 70.5

55.6 66.1

0.9 1.1

266.3

283.7

1Q14 1Q15

Franchise Owned Stores Multi-brand Others¹

In this quarter, monobrand stores (Franchises and Owned Stores) increased 3.2%, and the Multibrand

channel presented a 18.8% growth. SSS Sell-out reached 2.2% growth in the quarter.

Gross Revenue Breakdown by Channel –

Domestic Market

5 1) Others: Growth of 21.9% in 1Q15.

Gross Revenues by channel – Domestic Market (R$ million)

SSS Sell-out (owned stores + franchises) 3.3%

8.7% SSS Sell-in (franchises)

0.6%

-4.0%

0.1%

18.8%

6.5%

10.3%

SSS Sell-out (owned stores + web + franchises) 3.8% 2.2%

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B:232

299343

407460

46

57

54

54 22.1

26.7 32.1

35.7

1Q12 1Q13 1Q14 1Q15

Franchises Owned Stores Area

An expansion of 11.2% in sales area against 1Q14.

Distribution Channel Expansion

6

Owned Stores and Franchises Expansion

1) Includes 7 outlet-type stores with a total area of 2.882 m²

20.6% 11.2%

20.7%

400

461

514

+53

345

+61

+55 Franchises

Multi Brands

Owned Stores

46

28

1,379

Multi Brands

Owned Stores 2

8

Franchises 53

Multi Brands

Owned Stores 4

997

Franchises

Multi Brands

Owned Stores

356

19

1,132

Number of Stores – Domestic Market

1

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G:216

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B:232

27.3 28.1

1Q14 1Q15

92.1 95.9

1Q14 1Q15

Gross profit reached R$95.9 million in 1Q15, with 40.6% gross margin. EBITDA amounted R$28.1 million,

with a 11.9% margin.

Gross Profit and EBITDA

7

Gross Profit (R$ million) EBITDA (R$ million)

4.2%

43.1% 40.6%

Gross profit Gross Margin EBITDA EBITDA Margin

12.8% 11.9%

3.0%

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17.4 18.1

1Q14 1Q15

In this quarter, Company net income presented a growth of 4.1%, reaching R$18.1 million, with a net

margin of 7.7%.

Net Income and Net Margin

8

Net Income (R$ million)

7.7%

Net Margin Net Income

8.2%

4.1%

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B:218

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B:232 Operating Cash Flow

9

Arezzo&Co generated R$24.2 million in operating cash in 1Q15, due mainly to the higher operating profit

during the quarter and a greater need for working capital due to business seasonality.

Operating Cash Flow (R$ thousand)

Income before income tax and social contribution 26,997 30,350 3,353 12.4%

Depreciation and amortization 3,209 5,784 2,575 80.2%

Other (3,184) 4,149 7,333 n/a

Decrease (increase) in current assets / liabilities 9,202 (13,077) (22,279) n/a

2,503 (18,925) (21,428) n/a

(17,774) (23,186) (5,412) 30.4%

Suppliers 39,400 34,130 (5,270) -13.4%

(14,927) (5,096) 9,831 -65.9%

Payment of income tax and social contribution (2,342) (3,019) (677) 28.9%

Net cash flow generated by operational activities 33,882 24,187 (9,695) -28.6%

Inventories

Trade accounts

receivables

Change

in R$

Change

in % 1Q15

Change in other noncurrent and current assets and

liabilities

1Q14Operating Cash Flow

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3.2

0.5

6.1

7.5

0.6 2.3

9.9 10.3

1Q14 1Q15

Stores Corporate Others¹

In 1Q15, the Company invested R$10.3 million, an increase of 4.4% over the same period of last year.

Indebtedness policy remained conservative.

Capital Expenditure (CAPEX) and

Indebtedness

10

CAPEX (R$ million) Indebtedness (R$ million)

4.4%

23.2%

-85.3%

294.6%

1T14 4T14 1T15

Cash 207,553 200,385 210,149

Total debt 96,652 99,410 98,138

Short term 59,680 65,081 65,718

% total debt 61.7% 65.5% 67.0%

Long-term 36,972 34,329 32,420

% total debt 38.3% 34.5% 33.0%

Net debt (110,901) (100,975) (112,011) -€ -€ -

EBITDA LTM 158,113 161,299 162,122

Net debt/EBITDA LTM -0.7x -0.6x -0.7x

Cash position and Indebtedness

R:152

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R:80

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B:232 Contacts

Telephone: +55 11 2132-4300

ri@arezzoco.com.br

www.arezzoco.com.br

Thiago Borges

Leonardo Pontes dos Reis, CFA

CFO and IR Officer

IR Manager

Leandro Vieira

IR Analyst