t4f entretenimento s.a

T4F Entretenimento S.A. BM&FBOVESPA: SHOW3 Quotation Closing on 09/30/2016: R$5.98 3Q16 Average Volume: 43.6 thousand (0.13% of the free float) Price on 11/09/2016: R$5.90 Market Cap: R$398.3 million Conference Calls Date: 11/10/2016 English 09:00 a.m. (US ET) | 12:00 p.m. (BR) Phone: +1 (844) 855-9493 (USA) +1 (412) 317-5491 (others) Code: T4F Replay (7 days) +1 (877) 344-7529 (USA) +1 (412) 317-0088 (others) Code: 10091542 Portuguese 08:00 a.m (US ET) | 11:00 a.m. (BR) Phone: +55 (11) 3127-4971 Code: T4F Replay (7 days) +55 (11) 3127-4999 Code: 10176022 Investor Relations [email protected] + 55 (11) 3576-1200

T4F Entretenimento S.A. 3Q16 Earnings Release

mailto:[email protected]

3Q16 Earnings Release

2

São Paulo, November 9, 2016 – T4F Entretenimento S.A. (“T4F” or “Company”) (BMF&BOVESPA: SHOW3), leading live entertainment company in South America, announces the revised results for the third quarter of 2016 (3Q16). The financial and operational information herein were prepared according to International Financial Reporting Standards (IFRS) and the accounting practices adopted in Brazil.

3Q16 Highlights

324 thousand tickets sold (+83% versus 3Q15);

Net revenue of R$100.5 million (+17% versus 3Q15);

Reduction of 24% in SG&A compared to 3Q15;

EBITDA of R$11.2million (+1% versus 3Q15);

Net income of R$6.1 million (-31% versus 3Q15);

In 9M16, net revenue, EBITDA and net income more than doubled compared to 9M15; and

T4F was nominated to the main category of the Billboard Touring Awards as Top Promoter of 2016, competing with Live Nation Entertainment and AEG Live.

Financial Indicators (R$ mill ion) 9M15 9M16 Chg. % 3Q15 3Q16 Chg. %

Net Revenue 321.6 658.0 105% 86.0 100.5 17%

Events Promotion 167.0 488.2 192% 28.3 55.6 96%

Live Music 132.6 456.3 244% 20.4 45.0 121%

Family Events and Theater 28.7 27.3 -5% 5.8 8.2 43%

Sports Events 5.7 4.6 -19% 2.2 2.3 7%

Ticketing, F&B and Venues Operation 89.8 94.0 5% 37.1 25.7 -31%

Sponsorship 64.7 75.8 17% 20.6 19.2 -7%

Events Promotion 53.9 64.9 20% 17.4 15.3 -12%

Ticketing, F&B and Venues Operation 10.9 10.9 0% 3.2 3.9 23%

Cost (247.9) (554.5) 124% (56.7) (76.1) 34%

Gross Profit 73.7 103.5 41% 29.3 24.4 -17%Gross Margin (%) 22.9% 15.7% -7.2 p.p. 34.0% 24.3% -9.8 p.p.

SG&A (56.6) (59.5) 5% (20.8) (15.9) -24%

EBITDA 25.3 52.7 108% 11.1 11.2 1%EBITDA Margin (%) 7.9% 8.0% 0.1 p.p. 12.9% 11.2% -1.7 p.p.

Financial Result (4.1) (7.5) 85% 4.8 0.3 -93%

Net Income 8.7 19.7 128% 8.8 6.1 -31%Net Margin (%) 2.7% 3.0% 0.3 p.p. 10.2% 6.1% -4.2 p.p.

Operational Indicators 9M15 9M16 Chg. % 3Q15 3Q16 Chg. %

Live Music

Events Promoted 199 193 -3% 46 73 59%

Tickets Sold (000) 877 1,786 104% 129 248 91%

Average Ticket Price (R$) 167 274 64% 137 160 17%

Family Events and Theater

Events Promoted 316 222 -30% 107 85 -21%

Tickets Sold (000) 297 244 -18% 48 77 60%


Total

Events Promoted 515 415 -19% 153 158 3%

Tickets Sold (000) 1,174 2,030 73% 177 324 83%



3

We report below comments on the financial statements related to the quarter ended on September 30, 2016 (3Q16). We recommend reading this material together with the Quarterly Financial Statements (“ITR”).

Comments on the Consolidated Financial Performance

Operating Indicators

In 3Q16, we promoted 158 live music, theater and family events with 324 thousand tickets sold. Compared to 3Q15, we posted growth in both indicators, of, respectively, 3% and 83%.

In live music, we promoted 73 concerts with 248 thousand tickets sold. The increase of 59% in the number of events and 91% in tickets sold is a result of the promotion of more indoor concerts with greater attractiveness to the audience, since we did not hold outdoor concerts in either 3Q16 or 3Q15. In 3Q16, we highlight the promotion of the indoor tours of Whitesnake, Scorpions, Laura Pausini, Tom Jones, Novos Baianos and Caetano & Gil.

In family and theater, the number of events decreased 21%, but the number of tickets sold increased 60%. This is a reflection of the good performance of the musical Wicked, which we have been presenting at Teatro Renault. For comparison purposes, in 3Q15 we presented the musicals (i) Nice Work If You Can Get It (adapted musical) at Teatro Cetip and (ii) Sister Act (original musical) at Teatro Renault

We have continued experiencing a very heated scenario in ticket sales, which we believe is based on the

quality of our events and leveraged by lower expenses of Brazilians traveling abroad, driving those to local

entertainment.

46

129107

48

73

248

85 77

# Events Tickets Sold (000) # Events Tickets Sold (000)

Live Music Family Events & Theater

3Q15

3Q16

+91%

-21%

+60% +59%


4

Net Revenue

Net revenue in 3Q16 totaled R$100.5 million and R$658.0 million in 9M16, up 105% from 9M15 and 19% higher than the full year 2015 (R$551.0 million). Net revenue in events promotion amounted to R$55.6 million in 3Q16. All business lines registered absolute growth, especially live music. The promotion of a higher number of events (+3%) with significant growth in tickets sold year-on-year (+83%) combined with an increase of 18% in the average ticket price resulted in 96% growth in net revenue in 3Q16 versus 3Q15.

Net revenue of ticketing, F&B and venues operations decreased 31% in 3Q16 compared to 3Q15, mainly in ticketing operation. While in 3Q15 we recognized revenue of convenience fee through the early ticket sales for 5 shows of Muse, 4 shows of Ariana Grande and 9 shows of Maroon 5, in 3Q16 we opened ticket sales only for Black Sabbath’s show in Porto Alegre.

Net revenue of sponsorship totaled R$19.2 million in the quarter, down 7% from 3Q15. In 9M16, net revenue of sponsorship corresponded to 12% of total net revenue, versus 20% in 9M15, due mainly to the unfavorable macroeconomic environment in Brazil with a consequent reduction in marketing budgets of companies.

Net Revenue (R$ million) 9M15 9M16 Chg. % 3Q15 3Q16 Chg. %

Events Promotion 167.0 488.2 192% 28.3 55.6 96%

Live Music 132.6 456.3 244% 20.4 45.0 121%

Family Events and Theater 28.7 27.3 -5% 5.8 8.2 43%

Sports Events 5.7 4.6 -19% 2.2 2.3 7%

Ticketing, F&B and Venues Operation 89.8 94.0 5% 37.1 25.7 -31%

Sponsorship 64.7 75.8 17% 20.6 19.2 -7%

Events Promotion 53.9 64.9 20% 17.4 15.3 -12%

Ticketing, F&B and Venues Operation 10.9 10.9 0% 3.2 3.9 23%

TOTAL 321.6 658.0 105% 86.0 100.5 17%

28.3

55.6

3Q15 3Q16

Events PromotionR$ mn

+96%

37.125.7

3Q15 3Q16

Ticketing, F&B and VenuesR$ mn

-31%

20.6 19.2

3Q15 3Q16

SponsorshipR$ mn

-7%


5

Gross Profit

Gross profit reached R$24.4 million in 3Q16, down 17% from 3Q15. The better performance in event promotion by an increase in the occupancy rate of events in the period was offset by (i) lower results in ticketing, F&B and venues operations (-86%), as we did not start sales for major events this quarter, and (ii) the reduction of 7% in sponsorship. In 9M16, gross profit came to R$103.5 million, up 41% from 9M15.

Operating Expenses (Revenue)

Operating expenses decreased 24% in the quarter year-on-year, reflecting the continuous efforts in expense reduction. In 9M16, total expenses rose 5% versus higher inflation in the last 12 months in Brazil, our largest market segment. EBITDA

Gross Profit (R$ million) 9M15 9M16 Chg. % 3Q15 3Q16 Chg. %

Events Promotion (48.9) 12.5 n.a. (21.3) 0.8 n.a.

Ticketing, F&B and Venues Operation 57.9 15.2 -74% 30.0 4.3 -86%

Sponsorship 64.7 75.8 17% 20.6 19.2 -7%

Gross Profit 73.7 103.5 41% 29.3 24.4 -17%Gross Margin (%) 22.9% 15.7% -7.2 p.p. 34.0% 24.3% -9.8 p.p.

29.324.4

3Q15 3Q16

Gross ProfitR$ mn -17%

SG&A (R$ million) 9M15 9M16 Chg. % 3Q15 3Q16 Chg. %

Sales (2.4) (2.1) -15% (0.7) (0.6) -23%

General and Administrative (49.9) (47.0) -6% (18.1) (13.7) -24%

Management Compensation (4.1) (7.0) 69% (1.3) (1.5) 11%

SG&A (56.4) (56.0) -1% (20.2) (15.7) -22%

Other Operating Revenues (Expenses) (0.2) (3.4) 1838% (0.7) (0.1) n.a.

Total (56.6) (59.5) 5% (20.8) (15.9) -24%% Total/Net Revenue 17.6% 9.0% -8.6 p.p. 24.2% 15.8% -8.4 p.p.

EBITDA Reconciliation (R$ million) 9M15 9M16 Chg. % 3Q15 3Q16 Chg. %

Net Result 8.7 19.7 128% 8.8 6.1 -31%

(+) Income Tax and Social Contribution 4.3 16.8 288% 4.4 2.8 -38%

(+) Net Financial Result 4.1 7.5 85% (4.8) (0.3) -93%

(+) Depreciation 8.3 8.7 5% 2.7 2.7 2%

=EBITDA 25.3 52.7 108% 11.1 11.2 1%EBITDA Margin (%) 7.9% 8.0% 0.1 p.p. 12.9% 11.2% -1.7 p.p.


6

EBITDA in 3Q16 amounted to R$11.2 million, in line with 3Q15. EBITDA in 9M16 came to R$52.7 million with margin of 8.0%. In absolute figures, EBITDA grew 108% compared to 9M15 and 27% compared to the full year 2015 (R$41.7 million).

Financial Result

In 3Q16, net financial result was positive in R$334 thousand versus R$4.8 million in 3Q15. The lower result is a reflection of exchange rate changes on cash position in US Dollar with hedging contracts made in foreign currency, given that we raised income from financial investments and we reduced financial expenses due to the lower indebtedness in the period. Net Income

In 3Q16, net income totaled R$6.1 million, down 31% from 3Q15. In 9M16, net income reached R$19.7 million, 94% of the net income of the full year 2015, and up 128% from 9M15.

11.1 11.2

3Q15 3Q16

EBITDAR$ mn

+1%

Financial Result (R$ million) 9M15 9M16 Chg. % 3Q15 3Q16 Chg. %

Financial Income 5.5 17.6 218% 2.4 4.4 84%

Interest Income 1.5 4.0 163% 0.3 1.5 373%

Income over Financial Investments 2.6 13.6 427% 1.8 3.1 69%

Others 1.4 (0.1) -104% 0.3 (0.1) n.a.

Financial Expenses (17.3) (17.2) -1% (6.1) (4.5) -26%

Interest Cost (6.9) (6.2) -11% (2.2) (2.0) -8%

Interests with Borrowings - Debentures (4.6) (4.7) 1% (2.1) (0.7) -68%

Losses with Swap Operations - (0.5) n.a. - - n.a.

Tax on Financial Transactions (2.4) (5.0) 113% (1.0) (2.1) 101%

Taxes and Others (3.4) (0.9) -74% (0.8) 0.3 n.a.

Exchange Variance 7.7 (7.9) n.a. 8.5 0.4 -95%

Net Financial Result (4.1) (7.5) 85% 4.8 0.3 -93%

Net Income (R$ million) 9M15 9M16 Chg. % 3Q15 3Q16 Chg. %

Result Before Taxes 13.0 36.5 181% 13.3 8.8 -33%

(-) Income Tax and Social Contribution (4.3) (16.8) 288% (4.4) (2.8) -38%

Net Income 8.7 19.7 128% 8.8 6.1 -31%Net Margin (%) 2.7% 3.0% 0.3 p.p. 10.2% 6.1% -4.2 p.p.

8.8 6.1

3Q15 3Q16

Net ProfitR$ mn

-31%


7

Working Capital

In 3Q16, we registered negative working capital of R$24.2 million versus R$35.6 million in 2Q16. The maintenance of negative working capital is a consequence mainly of our business model in which we register early sales of tickets and sponsorship (in advances from clients) while payments to suppliers are mostly concentrated near the dates of the respective events. Cash and Indebtedness

We ended 3Q16 with R$113.0 million in cash (R$115.1 million including restricted cash) versus R$141.3 million in 3Q15:

Operating cash: we generated R$507 thousand in 3Q16. We did not promote and we did not start sales for major events this quarter.

Investments: we spent R$832 thousand mainly in the maintenance of our venues.

Financing: we expended R$8.3 million with our financing activities due to the amortization of the first installment of debentures in the amount of R$8.3 million and the payment of interest of R$4.1 million, offset by R$4.1 million received from related parties.

We thus concluded the quarter with: (i) total indebtedness of R$41.9 million, down 40% from 3Q15, and (ii) net cash of R$71.0 million.

Working Capital (R$ million) 3Q15 2Q16 3Q16 Chg. %

(3Q16/2Q16)

Assets 172.4 117.6 120.4 2%

Accounts Receivable 111.9 68.7 74.6 9%

Inventories 1.7 2.3 2.1 -11%

Advances to Suppliers and Anticipated Costs 58.8 46.6 43.8 -6%

Liabilities 251.4 153.1 144.6 -6%

Accounts Payable (Suppliers) 77.9 87.0 70.9 -18%

Advances from Clients 173.5 66.2 73.7 11%

Net Working Capital (79.0) (35.6) (24.2) -32%

Cash and Indebtedness (R$ million) 9M15 9M16 Chg. % 3Q15 3Q16 Chg. %

Operating Cash Flow 67.5 (105.3) -256% 82.2 0.5 n.a.

Investment Cash Flow (8.7) (3.2) -63% (5.6) (0.8) -85%

Financing Cash Flow 11.5 (23.4) n.a. (18.8) (8.3) -56%

Exchange Variance (2.3) 5.9 -358% (3.0) 0.5 n.a.

Increase (Reduction) in Cash and Equivalents 68.0 (126.1) n.a. 54.9 (8.1) n.a.

Balance in Cash and Financial Investments 141.3 113.0 -20% 141.3 113.0 -20%

Borrowings and Financing - Short Term 27.7 16.9 -39% 27.7 16.9 -39%

Borrowings and Financing - Long Term 41.8 25.1 -40% 41.8 25.1 -40%

Total Indebtedness 69.5 41.9 -40% 69.5 41.9 -40%

Net Cash (Debt) 71.8 71.0 -1% 71.8 71.0 -1%


8

Events Pipeline

Live Music Outdoor In 4Q16, we will present the last tour of Black Sabbath in the cities of Sao Paulo, Rio de Janeiro, Curitiba and Porto Alegre. In March 2017, we will hold the sixth edition of the Lollapalooza Festival – Brazil at the Interlagos Circuit, with more than 40 attractions, which include Metallica, The Strokes, The XX, The Weekend, Martin Garrix, The Chainsmokers, Duran Duran, among many others. Between March and April 2017, we will promote Justin Bieber’s tour in the cities of Sao Paulo and Rio de Janeiro. We started ticket sales in late October and early November, which sold out in a few hours of sales to the general public. Indoor In indoor music, we have already scheduled around 85 presentations for 4Q16, including international and local artists, like: Disclosure, Chris Cornell, The Kooks, Simple Plan, Roberto Carlos, O Grande Encontro (Elba Ramalho, Geraldo Azevedo and Alceu Valença), Nando Reis, Roupa Nova, Zé Ramalho and Skank.

Family and Theater Events In 4Q16, we will continue to promote the musical Wicked at Teatro Renault, which continues to post higher results than our projections. In January, we will promote the show Fuerza Bruta, which brings unique 360o experience using music, dance, acrobatics and interactivity with the audience. Performances will take place at Metropolitan – Rio de Janeiro until the end of February 2017.

Sports Events In 4Q16, we will promote 4 of the 12 stages of Stock Car and 3 of 8 races of Copa Petrobras de Marcas, Mercedes-Benz Challenge, Campeonato Brasileiro de Turismo and Fórmula 3 Brasil.

Guidance On March 11, 2016, the Company released Material Fact to its shareholders and the market in general with the projections for 2016 fiscal year, as below:

Net Revenue: growth of 50% (fifty per cent) compared to 2015; Net Profit: growth of 100% (one hundred per cent) compared to 2015; and Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): growth of 60% (sixty per

cent) compared to 2015.


9

We remain confident on the achievement of the guidance for net revenue and EBITDA based on the results obtained in 9M16 and on the sales already registered for the events of 4Q16 and 1Q17. Net income will be lower than the guidance due mainly to the effect of exchange rate changes. In 9M16, the performance of net revenue and EBITDA beats full year 2015:

Net Revenue of R$658.0 million, +19% vs. 2015 (R$551.0 million);

EBITDA of R$52.7 million, +27% vs. 2015 (R$41.7 million); and Net Income of R$19.7 million, 94% of achievement in relation to 2015 (R$20.9 million)

SHOW3 Performance Closing price of SHOW3 on November 9th, 2016 was R$5.90, which represents growth of 91% YTD and 80% in 12 months.

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Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16

Volume R$' 000 SHOW3 IBOV


10

Income Statement (R$ 000)

3Q15 3Q16

NET OPERATING REVENUE 86,026 100,486

COST OF SERVICES PROVIDED AND PRODUCTS SOLD (56,739) (76,109)

GROSS PROFIT 29,287 24,377

OPERATING INCOME (EXPENSES)

Sales (730) (565)

General and administrative (18,076) (13,676)

Management compensation (1,346) (1,494)

Other operating income (expenses), net (697) (139)

OPERATING PROFIT (LOSS) BEFORE FINANCIAL (EXPENSES) INCOME 8,438 8,503

FINANCIAL RESULT

Financial expenses (6,115) (4,524)

Financial income 2,418 4,447

Net exchange rate and monetary variation 8,522 411

OPERATING PROFIT (LOSS) BEFORE INCOME TAX AND SOCIAL CONTRIBUTION 13,263 8,837

INCOME TAX AND SOCIAL CONTRIBUTION

Current (1,208) (1,294)

Deferred (3,241) (1,460)

NET RESULT 8,814 6,083

9M15 9M16

NET OPERATING REVENUE 321,566 658,009

COST OF SERVICES PROVIDED AND PRODUCTS SOLD (247,902) (554,483)

GROSS PROFIT 73,664 103,526

OPERATING INCOME (EXPENSES)

Sales (2,443) (2,084)

General and administrative (49,865) (46,982)

Management compensation (4,130) (6,981)

Other operating income (expenses), net (177) (3,430)

OPERATING PROFIT (LOSS) BEFORE FINANCIAL (EXPENSES) INCOME 17,049 44,049

FINANCIAL RESULT

Financial expenses (17,287) (17,184)

Financial income 5,524 17,577

Net exchange rate and monetary variation 7,705 (7,903)

OPERATING PROFIT (LOSS) BEFORE INCOME TAX AND SOCIAL CONTRIBUTION 12,991 36,539

INCOME TAX AND SOCIAL CONTRIBUTION

Current (2,783) (6,513)

Deferred (1,556) (10,313)

NET RESULT 8,652 19,713


11

Balance Sheet (R$ 000)

ASSETS 3Q15 2Q16 3Q16

CURRENT

Cash and Cash Equivalent 141,307 121,095 112,989

Banking deposit under guarantee - - -

Restricted Cash 11,994 6,203 2,110

Accounts Receivables 111,875 68,664 74,573

Inventories 1,714 2,302 2,059

Recoverable Taxes 37,044 30,188 31,911

Advances to Suppliers 13,407 19,006 15,883

Anticipated Costs 45,413 27,598 27,910

Other Receivables 15,662 6,879 14,996

Total Current Assets 378,416 281,935 282,431

NON-CURRENT

Deferred Income Tax and Social Contribution 88,305 78,079 77,049

Judicial Deposits 22,278 24,696 24,885

Anticipated Costs - 546 -

Related Parties 5,582 7,443 4,577

Total Long Term Assets 116,165 110,764 106,511

Fixed Assets (Property, Plant and Equipment) 40,209 34,333 33,251

Intangible:

Goodwill on investments acquisition 116,882 113,742 113,716

Other intangibles 6,905 6,294 5,740

Total Non-Current Assets 280,161 265,133 259,218

TOTAL ASSETS 658,577 547,068 541,649

LIABILITIES AND SHAREHOLDERS' EQUITY 3Q15 2Q16 3Q16

CURRENT

Suppliers 77,894 86,970 70,933

Borrowings, financing and debentures 27,688 18,836 16,856

Payroll, Provisions and Social Contributions 7,208 7,340 5,154

Taxes Payable 10,746 10,931 15,386

Advances from Clients 173,486 66,172 73,676

Sponsorships - Culture Incentive Law (Rouanet Act) 8,420 5,463 931

Dividends Payable - - -

Provision for Tax, Civil and Labor Contingencies 877 - -

Other Payables 12,934 5,355 14,286

Total Current Liabilities 319,253 201,067 197,222

NON-CURRENT

Borrowings, financing and debentures 41,845 33,448 25,093

Provision for Tax, Civil and Labor Contingencies 20,507 21,693 22,159

Deferred Income Tax and Social Contribution 770 562 514

Taxes Payable 9,536 7,043 6,516

Other Payables 2,181 1,935 1,846

Total Non-Current Liabilities 74,839 64,681 56,128

SHAREHOLDERS' EQUITY

Capital Stock 243,022 243,022 243,022

Costs with Shares Issuance (9,665) (9,665) (9,665)

Capital Reserve 1,335 3,438 3,538

Revaluation Reserve 1,095 1,033 1,014

Earnings Retention Reserve 7,021 30,923 35,578

Treasury Stocks - - -

Comprehensive Results 14,951 10,503 11,193

Controlling Shareholders' Stake 257,759 279,254 284,680

Non-controlling Interests in Equity of Subsidiaries 6,726 2,066 3,619

Total Consolidated Shareholders' Equity 264,485 281,320 288,299

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 658,577 547,068 541,649


12

Cash Flow (R$ 000)

3Q15 2Q16 3Q16

CASH FLOWS FROM OPERATING ACTIVITIES

Net result for the period 8,814 3,167 6,083

Adjustments to reconcile (loss) profit for the period to net cash provided by (used in)

generated by operating activities:

Depreciation and amortization 2,652 3,070 2,702

Losses due to impairment of goodwill (297) - -

Residual value of property, plant and equipment written-off 3,241 45 1

Deferred income tax and social contribution - 587 1,460

Financial charges and and exchange differences on balances with

subsidiaries, financing, borrowings and taxes payable 8,820 1,201 925

Share-based payments 94 172 183

Recognition (reversal) of tax, civil and labor contingencies (885) (465) 301

Constitution (reversal) of allowance for doubtful accounts 37 62 (130)

(Increase) Decrease in operating assets and liabilities:

Trade accounts receivables (38,739) 23,010 (5,957)

Inventories (641) 735 239

Financial Investment - - -

Recoverable taxes (2,017) (32) (1,809)

Advances to suppliers (6,151) 2,041 3,116

Other receivables (1,581) 1,606 (8,145)

Escrow deposits 800 (182) (190)

Prepaid expenses (10,371) 18,978 224

Trade payables 2,986 (47,109) (16,217)

Taxes payable 1,192 (10,518) 3,959

Accrued payroll and related taxes 1,759 (374) (2,182)

Advances from clients 100,980 (39,652) 7,533

Payments of tax, civil and labor lawsuits - - -

Other payables 11,550 3,843 8,411

Cash generated by operating activities 82,243 (39,815) 507

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment and intangibles (5,725) (1,086) (832)

Acquisition of interets in subisidiary Aurolights - - -

Acquisition of interets in subisidiary Vicar - - -

Capital increase in subsidiaries 167 - -

Net cash used in investing activities (5,558) (1,086) (832)

CASH FLOWS FROM FINANCING ACTIVITIES

Aquisition of own shares - - -

Related parties (488) (4,033) 4,053

Payment of dividends - (1,979) -

Issuance of Debentures - - -

Borrowings and financing 12,143 (612) -

Payment of borrowings and financing (26,475) (1,121) 47

Payment of debentures - principal - - (8,333)

Payment of debentures - interests (3,936) - (4,087)

Net cash used in financing activities (18,756) (7,745) (8,320)

Exchange Variance on Cash and Cash Equivalents (3,023) (1,032) 539

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 54,906 (49,678) (8,106)

CASH AND CASH EQUIVALENTS

Cash and cash equivalents at beginning of period 86,401 170,773 121,095

Cash and cash equivalents at end of period 141,307 121,095 112,989

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 54,906 (49,678) (8,106)

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