INCOME STATEMENT 2012 2013 2014

Net Revenue 26,561,574 30,948,602 34,976,928

COGS 17,484,830 19,765,794 22,668,451
Gross Profit 9,076,744 11,182,808 12,308,477
Selling Expenses 2,345,789 3,276,432 4,696,143
G&A Expenses 525,197 611,256 795,365
Operating Profit/EBIT 6,205,758 7,295,120 6,816,969
Financial Income 475,239 507,348 573,570
Financial Expenses 51,171 90,791 81,698
Interest Expense 3,115 104 39,582
Other Financial Expenses 48,056 90,687 42,116
Net Other Income 287,317 254,638 244,640
Profits from associates/joint ventures 12,526 43,941 59,887
Earning before tax 6,929,669 8,010,256 7,613,368
Income Tax 1,137,572 1,483,448 1,580,658
Deferred Tax (27,359) (7,299) (35,493)
Net Income 5,819,456 6,534,107 6,068,203
Minority Interests (26) (605)
Net Income attributable to Equity Shareholders 5,819,456 6,534,133 6,068,808

ASSUMPTIONS 2012 2013 2014

Revenue Growth 17% 13%
Gross Margin 34% 42% 46%
Selling Expenses (% revenue) 9% 12% 18%
Admin Expenses (% revenue) 2% 2% 3%
Financial Income (% revenue) 2% 2% 2%
Interest Expense (% Revenue) 0% 0% 0%
Other financial expense (% revenue) 0% 0% 0%
Net Other Income (% revenue) 1% 1% 1%
Profits from associates/joint ventures (% revenue) 0% 0% 0%
Effective Tax Rate 4% 5% 4%
 2015

2015
-100%
0%
0%
0%
0%
0%
0%
0%
0%
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