Fundamentals and Spreadsheets

Balance Sheet 1Q13 4Q12 3Q12 2Q12 1Q12 4Q11 3Q11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 4Q09 3Q09 2Q09 1Q09 ASSET - - - - - -  - - - - - - - - - - - (R$ Thousand) - - - - - - - - - - - - - - - - - CURRENT ASSETS - - - - - - - - - - - - - - - - - Cash and cash equivalents 167258 181711 184594 190781 218356 235354 231847 240067 230711 278450 116385 132182 154034 153551 135951 126717 119975 Trade accounts receivable 125065 109553 112483 101461 95167 110571 86959 92416 73933 90345 77416 69487 64268 61434 59440 52265 48949 Provision for loan losses -10670 -8949 -8507 -8277 -7863 -12748 -12634 -12173 -11698 -11487 -11337 -12185 -12562 -11868 -12370 -11004 -10285 AVP -   - - - - - - - - - - - - - - - Other Credits -   - - - - - - - - 2276 1861 2632 - - - - Credits with related parties -   - - - - - - - - - 57 - - - - - Advances to suppliers and other -   - - - - - - - - - - - - - - - Advance profit sharing -   - - - - - - - - - - - - - - - Taxes for offset 7845 8359 19338 16528 13601 9268 10993 9947 8575 8388 6375 5029 4723 4614 3637 3466 4913 Income tax and social contribution - - - - - - - - - - - - - - 770 1314 1447 Prepaid Expenses 3295 2263 1585 1250 911 705 1537 1961 1265 617 311 363 476 414 111 154 226 Other Accounts Receivable 9954 3697 15858 10485 6851 1920 2170 4886 4528 2233 72 - - 2875 1283 1534 2340 Total Current Assets 302747 305578 333858 312228 327023 345070 320872 337104 307314 368546 191498 196794 213571 211020 188822 174446 167565 NON-CURRENT ASSETS - - - - - - - - - - - - - - - - - Long Term Assets - - - - - - - - - - - - - - - - - Other Financial Assets 89912 89086 96753 117150 98717 94209 148395 137540 131921 123810 110933 108904 105778 100625 - - - Accounts Receivable 2547 3189 3072 2923 2815 4043 3534 2941 1999 2543 3473 2129 1883 1806 1680 1524 1815 AVP - - - - - - - - - - - - - - - - - Other Credits 3581 - - 449 567 486 - - - 144 126 107 83 36 - - 5 Other Credits - 1634 1402 942 897 1809 1292 1284 1275 867 726 685 660 448 458 296 317 Property for Investment - - - - - - - - - - - - - - - - - Credits with related parties - 1887 1887 1887 1887 1887 1887 1887 403 403 403 403 403 403 403 523 520 Prepaid Expenses - - - - - - - - - - - - - - - - - Taxes for offset - - - - - - - - - - - - - - - - - Taxes recoverable - - - - - - - - - - - - - - - - - Income tax and social contribution - 0 22269 24689 21919 22848 21586 8143 8523 7967 7488 8395 8970 9714 7441 7441 6807 Total Long Term Assets 96040 95796 125383 148040 126802 124796 176694 151795 144121 135734 123149 120623 117777 113032 9982 9784 9464 Permanent - - - - - - - - - - - - - - - - - Investiments - - - - - - - - - - 3154 - - - 783 783 783 Fixed Assets 49195 49798 50086 49401 49822 48591 48009 47206 45271 43339 33995 32323 29119 25327 24314 24950 25643 Goodwill on acquisition of investments 170489 170489 181415 153294 149598 138488 143477 97815 91515 91515 51385 34829 34829 34829 - - - Intangible 554351 515645 486452 508679 500922 475943 470567 478880 432151 346217 206078 94732 97529 100011 84094 82746 81572 Deferred - - - - - - - - - - - - - - - - - Total Permanent 774035 735932 717953 711374 700342 663022 662053 623901 568937 481071 294612 161884 161477 160167 109191 108479 107998   Total Non-Current Assets 872798 885334 897411 859414 827144 787818 838747 775696 713058 616805 417761 282507 279254 273199 119173 118263 117462 TOTAL ASSETS 1175545 1190912 1231269 1171642 1154167 1132888 1159619 1112800 1020372 985351 609259 479301 492825 484219 307995 292709 285027 - - - - - - - - - - - - - - - - - - LIABILITIES AND SHAREHOLDERS' EQUITY - - - - - - - - - - - - - - - - - Current Liabilities - - - - - - - - - - - - - - - - - Loans and financing - - - - - - - 75 - - 3 8 13 19 19 19 580 Suppliers 6781 7024 6189 6046 6130 5881 6415 6308 5081 7209 4258 4423 4757 4060 3049 3758 4573 Income Tax and social contribution 10222 11891 8891 15874 10946 15391 16205 18567 13408 16130 15129 12782 9989 9830 9785 7840 6962 Other Federal Taxes 6362 5623 5337 4702 5524 6271 5173 4739 4010 5323 6638 5889 5646 6275 5018 4718 3913 Municipal tax liabilities 3417 3761 3554 2335 2678 3949 2146 3015 1894 2672 - - - - - - - Dividends payable 41239 36048 23550 14388 41310 38559 11852 8009 29943 25775 - - 10333 10417 84 84 84 Debts with Related Parties - - 16745 70977 65656 66262 67169 92473 85225 101365 103387 94586 91531 47216 442 439 2032 Payroll and Related Charges 17276 25818 19245 16978 17417 28246 20391 14215 14013 20316 17443 14127 13104 15830 12568 8335 7166 Unearned income, net 11444 11444 11444 11348 11348 11348 17772 24458 11344 11344 11344 11344 11344 11344 11344 11344 11741 Acquisition of Investment Payable 39174 47698 - - - - - - - - - 12615 12903 14680 14895 16418 7080 Obligation to buy interest held by non-controling shareholders (Written Put) 16813 13996 8172 17778 24221 29678 32992 36711 38194 38312 38585 37264 36075 20966 - - - Olther Payables 2182 2120 6288 2045 2236 3617 2879 2997 3635 3502 1842 2200 3090 3271 3135 3894 4262   12130 12130                               Total Cuurent Liabilities 167040 177553 168808 162471 187466 209202 182994 211567 206747 231948 198629 195238 198785 143908 60339 56849 48393 NON-CURRENT - - - - - - - - - - - - - - - - - Long-Term Liabilities: - - - - - - - - - - - - - - - - - Loans and financing - - - - - - - 85 - - - - - 2 7 12 15 Taxes payable - - - - - - - - - - - - - - - - - Acquisition of Investment Payable 64303 68828 117590 80589 85272 70388 118350 93176 85119 74891 34019 2485 2556 45475 2697 2768 15763 Obligation to buy interest held by non-controling shareholders (Written Put) 69426 69781 84235 72533 66606 58626 75466 73190 68812 57648 41620 - - 15175 - - - Unearned income, net 167201 170086 172971 175506 178366 181226 184086 186946 189806 192666 195526 198385 201245 204105 206965 209825 212685 Income Tax and social contribution 59824 66872 88250 96990 86706 81933 96054 94050 93741 93261 68914 63318 62902 61800 - - - Other payables 1431 1307 848 506 533 557 550 570 480 541 628 534 492 416 472 533 497 Total Non-Current Liabilities 362185 376874 463894 426124 417483 392730 474506 448017 437958 419013 340707 264722 267195 326973 210141 213138 228972 MINORITY INTEREST 114429 116526 111075 108439 104658 100178 109305 102234 99647 72543 13642 7806 6360 7321 6024 8748 4537 SHAREHOLDER´S EQUITY - - - - - - - - - - - - - - - - - Social Capital 254319 254319 254319 243865 243865 242331 242331 215256 203247 202073 1830 1218 1218 138 46138 46138 46138 Share issuance expenses - - - - - - - - - - - - - - - - - Capital reserve 23821 23518 23209 22824 22590 22355 21885 48042 20899 17240 16421 15604 14790 13972 12623 11448 10624 Profit reserve 247485 235856 203698 133016 141642 147963 113562 87684 51874 39202 - - - - - - - Legal Reserve - - - - - - - - - - 30 30 30 30 - - - Retained Profits - - - - - - - - - - - - - - - - - Accumulated profit / loss - - - - - - - - - - 21964 -9774 -10 -12580 -27270 -43612 -53637 Retained earnings / accumulated losses Current y period - - - 59785 21345 - - - - - - - - - - - - Adjustments Business Combination 6266 6266 6266 15118 15118 18129 - - - 3332 16036 4457 4457 4457 - - - Interest out of capital - - - - - - 15036 - - - - - - - - - - Total Shareholder´s Equity 646320 636485 598567 583047 549218 530956 502119 453216 375667 334390 69923 19341 26845 13338 37515 22722 7662 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1175545 1190912 1231269 1171642 1154167 1132888 1159619 1112800 1020372 985351 609259 479301 492825 484219 307995 292709 285027