Based on the information provided in the exhibits, we can analyze the financial performance and position of Novocabos for the years 2013 to 2016.

Exhibit 1 shows the Profit & Loss Statement for Novocabos. Sales have been relatively stable, with a slight increase in 2014 and a slight decrease in 2015. However, there is a forecasted increase in sales for 2016. The cost of goods sold (COGS) has also increased over the years, resulting in a decrease in gross margin. Operating expenses (Opex) have remained relatively stable, but there is a forecasted increase for 2016. As a result, EBITDA and net income have decreased over the years.

Exhibit 2 presents the Balance Sheet for Novocabos. The company has a relatively stable amount of cash, receivables, and inventory. However, there is an increase in payables and accrued taxes, indicating potential liquidity issues. The company also has long-term debt, which has decreased over the years.

Exhibit 3 provides selected data for Brazil, including car production, GDP growth, inflation, and interest rates. Car production has been declining over the years, which may have an impact on Novocabos’ sales. GDP growth has also been negative, indicating a challenging economic environment. Inflation and interest rates have been relatively high, which may increase the company’s costs.

Combining all the exhibits, we can see that Novocabos has been facing challenges in terms of declining sales, decreasing gross margin, and increasing operating expenses. The company’s liquidity position may also be a concern, as payables have been increasing. The overall economic environment in Brazil, including declining car production and negative GDP growth, may further impact Novocabos’ performance.

In conclusion, Novocabos needs to address its declining sales and profitability, manage its operating expenses, and improve its liquidity position. The company should also closely monitor the economic conditions in Brazil and adjust its strategies accordingly.