4q07 earnings release brasil brokers announces its 4q07 results · 2012. 3. 19. · 3 4q07 earnings...
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1
4Q07 Earnings Release
Brasil Brokers announces its 4Q07 Results
Rio de Janeiro, March 18th 2008. Brasil Brokers Participações S.A. (Bovespa: BBRK3) a
real estate brokerage and consulting firm, with a strong presence in Brazil’s major real estate
markets, announces today its results for fourth quarter 2007.
The Company’s consolidated financial statements are prepared in accordance with generally
accepted accounting principles in Brazil (BR GAAP), pursuant to Brazilian Corporate Law and CVM
regulations.
4Q07 Highlights
Evolution of the share price from R$950.00 since
its IPO on 10/29/2007 to R$1,300.00 on 12/28/2007,
demonstrating the Company’s appreciation of
36.84%;
Total of 9,424 Units Sold by its subsidiaries,
representing Sales Orders of R$1,777.3 million, with
14.6% of this total in the affordable segment, 18.4% in
the lower-middle segment, 36.4% in the middle-income
segment, 13.5% in the upper-middle segment, and 17.3%
in the high-end segment.
Evolution in the number of subsidiaries in
operation along the period. In October, the Company was
composed of 10 subsidiaries in full operation, and 4 in
partial operation; at the end of December, 16
subsidiaries were fully operational (as shown in the table
on page 12).
Total of 11,103 Units Launched by its subsidiaries
in the 4Q07, for Launched Potential Value (GVS) of
R$3.26 billion in the 4Q07.
Sales Backlog launches from its 16 subsidiaries on
12/31/2007, through December 2009 is R$27.8 billion.
4Q07 Conference Call
English
March 19th, 2008
12:00 PM (NY Time)
01:00 PM (Brasilia Time)
Phone: +1 (973) 935-8893
Code: 37676665
Replay: +1 (706) 645-9291
Portuguese
March 19th, 2008
10:00 AM (NY Time)
11:00 AM (Brasilia Time)
Phone: +55 (11) 2188-0188
Code: Brasil Brokers
Replay: +55 (11) 2188-0188
IR Contact
Álvaro Soares – CFO and IRO
Phone: +55 (21) 3433-9550
e-mail: ri@brbrokers.com.br
www.brbrokers.com.br
2
4Q07 Earnings Release
Performance of BBRK3 X Ibovespa
800
900
1,000
1,100
1,200
1,300
1,400
BBRK3 IBOV
Price per share R$
-0.48%
36.84%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
IBOVESPA BBRK3
Daily and Average Traded Volume
0
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
Medium Volume Volume
Medium Volumeof R$ 6.8 million
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
Volume(R$ thousand)
3
4Q07 Earnings Release
History and Operations
Brasil Brokers was constituted on January 16, 2007 and initiated its operations on June 11, 2007.
Over the past eight months the Company has acquired controlling interests in 16 companies in
the real estate brokerage sector (except for Niterói Administradora, in which it holds a 50%
interest). Of these 16 companies, eight have operating histories, and eight are newly formed
companies that received 100% of the operations and nearly 100% of the assets, including
goodwill and brand equity of companies formed at least three years ago that enjoy strong brand
recognition in their respective markets.
As of December 31, 2007, the 16 companies acquired were fully operational, with results already
included in our financial statements: Primaz, Ágil (Gribel), Niterói Administradora, IPrice, Brito e
Amoedo, Ética, Delforte, Pactual, Avance Noblesse, Basimóvel, Américas, Abreu, Sardenberg,
Tropical and Chão&Teto.
The revenues and expenses of our subsidiaries involve real estate brokerage and consulting
activities.
Operational Areas
The map below shows the locations in which the Company operated on 12/31/2007 in the
following areas:
4
4Q07 Earnings Release
Recent Subsequent Events
Acquisitions
On January 25th 2008, the Company acquired 100% of the assets of Jairo Rocha
Empreendimentos e Negócios Imobiliários S.A.
Jairo Rocha is the largest real estate brokerage company in Recife, has 20 years
of operation in the local market and a large client portfolio, with an emphasis on: Inpar, Gafisa,
Rossi, Mac, Habiserve, Queiroz Galvão and Metro, among others. Its sales force includes 206
brokers, distributed into more than 75 points-of-sale and Sales Backlog launches of
approximately R$ 700 Million to be launched until the end of 2009.
Pernambuco is the second most populous state in the Northeast, with more than 8 million
inhabitants, of which 1.5 million in Recife. In addition, the metropolitan region of Recife has the
third biggest housing deficit in the country, only lagging behind Rio de Janeiro and São Paulo.
With the said acquisition, Brasil Brokers expanded its share in the Northeast - Bahia, Rio Grande
do Norte and Pernambuco.
On February 28th 2008, the Company acquired 100% of the assets of
JGM Consultoria Imobiliária S.A. and Marcos Koenigkan Consultoria
Imobiliária S.A.
The two companies operate in the Brasília market (JGM also operates in
Goiânia), with a total sales force of 381 brokers distributed into 26
points-of-sale. Its Sales Backlog Launches until December 2009 totals R$1.8 million, with some of
the largest and most traditional developers in Distrito Federal.
The real estate market of Distrito Federal is seen as the third largest Brazilian market, with more
than 2 million inhabitants, and one of the highest per-capita income in Brazil, representing 4% of
GDP.
After the acquisition of JGM and Marcos Koegnikan, Brasil Brokers consolidated its leadership in
Distrito Federal, and expanded its presence in the Midwest region.
On March 5th 2008, the Company acquired 100% of the assets of Frema
Consultoria de imóveis S.A.
The company operates in the São Paulo market, with 254 brokers
distributed into 30 points-of-sale. Its Sales Backlog Launches until
December 2009 totals R$1.7 million, with some of the largest and most traditional developers in
São Paulo. With approximately 65% of its activities focused on launches, and 35% on single
5
4Q07 Earnings Release
properties, this acquisition expands the Company’s presence in the São Paulo market and
reinforces its operation in the São Paulo single properties market.
On March 6th 2008, the Company acquired 100% of the assets of
Redentora Consultoria Imobiliária S.A.
The company operates in São José do Rio Preto market, State of São Paulo. Redentora has 62
brokers distributed into 12 points-of-sale. Its Sales Backlog Launches until December 2009 totals
R$593 million, with some of the largest and most traditional developers in the region.
On March 12th 2008, the Company acquired 100% of the assets of
Pointer Imóveis S.A., reinforcing its presence in Espírito Santo market,
where Pointer operates.
Pointer has 100 brokers distributed into 12 points-of-sale. Its Sales Backlog Launches until
December 2009 totals R$1.1 million, with some of the largest and most traditional developers of
Espírito Santo.
Areas of Operation After Recent Acquisitions
After the acquisitions, the Company’s new area of operation will be defined as shown in the map
below:
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4Q07 Earnings Release
Operating Performance
Financing na Operating Highlights(1) 3Q07 4Q07 2H07
GVS Launched (R$ thousand) 1,050,462.8 3,257,485.0 4,307,947.8
Number of Units Launched 6,030 11,103 17,133
Contracted Sales (R$ thousand) 887,344.9 1,777,261.3 2,664,606.2
Number of Units Sold 4,862 9,424 14,286
Number od Brokers 3,061 3,519 3,519
(1) As described at the table on page 12, the number of operating subsidiaries changed during the second half
887.3
1,777.3
3Q07 4Q07
Contracted Sales (R$ million)
4,862
9,424
3Q07 4Q07
Sold Units
6,030
11,103
3Q07 4Q07
Launched Units
1,050.5
3,267.5
3Q07 4Q07
Launched PSV (R$ million)Launched GVS (R$ Million)
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4Q07 Earnings Release
Sales by State
In the 4Q07, Sales Orders totaled R$1,777
million. Of this total, 34.6% in the State of São
Paulo, 34.5% in the State of Rio de Janeiro,
9.2% in the State of Bahia, 8.3% in the State of
Minas Gerais, 5.5% in the State of Rio Grande
do Sul and 7.8% in the remaining states (GO,
PA, ES and RN).
Sales by Income Segment
Of the total of R$1,777 million in Sales Orders,
14.6% were from properties in the affordable
segment (up to R$100,000.00), 18.4% in the
lower-middle segment (from R$100,000.01 to
R$150,000.00), 36.2% in the middle-income
segment (from R$150,000.01 to
R$350,000.00), 13.5% in the upper-middle
segment (from 350,000.01 to R$650,000.00)
and 17.3% in the high-end segment (from
R$650,000.00).
Sales by Property Type
Of the total R$1,777 million in sales
orders, 88.9% was from residential
properties, 8.6% from lot developments,
and 2.4% from commercial properties.
RJ35%
MG8%
BA9%
SP35%
RS6%
ES2%
PA2%
GO2% RN
1%
Contracted Sales - by State
Residential89%
Commercial9%
Lots2%
Contracted Sales - by property type
Economic
(up to R$100k)
15%
Mid-Low
(R$100-R$150k)
18%
Middle
(R$150-R$350k)
36%
Mid-High
(R$350-R$650k)
14%
High
(above R$650k)
17%
Contracted Sales - by Income Segment
8
4Q07 Earnings Release
Sales Backlog
The table below presents a summary of the main information from each subsidiary on 12/31/07:
until 2009 Total
Ética
ImobiliáriaRio de Janeiro New Launches - - 705 19 136
Basimóvel Rio de JaneiroNew Launches and
Resales 1,884 1,884 435 48 44
Américas Rio de Janeiro New Launches 314 314 141 9 16
Niterói
AdministradoraNiterói
New Launches and
Resales 2,831 4,702 151 32 40
Gribel Belo HorizonteNew Launches and
Resales 2,057 2,057 140 11 19
Pactual Belo HorizonteNew Launches and
Resales 643 707 30 4 12
Brito & Amoedo SalvadorNew Launches and
Resales 1,327 1,327 270 20 20
I. Price São PauloNew Launches and
Resales 3,544 4,031 400 39 63
Del Forte São Paulo New Launches 1,891 1,891 327 60 53
Avance São Paulo New Launches 3,875 4,559 203 27 48
Noblesse Porto AlegreNew Launches and
Resales 818 818 240 58 75
Paulo Sardenberg VitóriaNew Launches, Resales
and Lease Management 514 574 40 5 25
Chão & Teto BelémNew Launches, Resales
and Lease Management 860 860 180 12 89
Tropical GoiâniaNew Launches and
Resales 2,828 4,377 212 49 70
Abreu NatalNew Launches and
Resales 4,388 7,015 45 7 63
Primaz Brasil Commercial Properties - - - - 3
27,773 35,114 3,519 400 776
EmployeeNumber of
brokers
Sales
Point
TOTAL
Sales Backlog(in million of reais)Our
Subsidiaries
Metropolitan
area of the
cities: Segment Performance
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4Q07 Earnings Release
The table below presents a summary of the main information from each subsidiary acquired after
12/31/07:
until 2009 Total
Jairo Rocha PernambucoNew Launches, Resales
and Lease Management 700 885 206 75 12
JGM BrasíliaNew Launches and
Resales 890 918 330 18 39
Marcos Koegnikan BrasíliaNew Launches and
Resales 970 2,126 51 8 11
RedentoraSão José do Rio
Preto
New Launches, Resales
and Lease Management 593 945 62 12 14
Frema São PauloNew Launches and
Resales 1,693 2,563 254 30 24
Pointer Espírito SantoNew Launches, Resales
and Lease Management 1,101 1,351 100 12 16
5,947 8,788 1,003 155 116
Number of
brokers
Sales
Point
Employee(in million of reais)
TOTAL Subsequent Events
Our
Subsidiaries
Metropolitan
area of the
cities
Segment
Performance
Sales Backlog
10
4Q07 Earnings Release
Our Sales Backlog Launches remains diversified in distribution by state, and by market segment.
Sales Backlog – by State until 2009
Sales Backlog - by market segment
Economic
(up to R$100k)
9%
Mid-Low
(R$100-R$150k)
22%
Middle
(R$150-R$350k)
41%
Mid-High
(R$350-R$650k)
19%
High
(above R$650k)
9%
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4Q07 Earnings Release
Synergy Program
Focusing in the subsidiaries integration operational model, we created the Synergy Program
which aims revenue increase, commercial efficiency, operating costs reduction and processes and
systems standardization.
The program is organized in fronts and below we have the activities status of each front:
0
Identification of best practicesResales Segment
FRENTESFRENTES
Operational Processes
and Management Systems
INITIATIVES FRENTESDONE NEXT STEPSINITIATIVES
SAP Business One implemented at the Headquarter and at a part of the Subsidiaries on March/08
Integration methodology
SAP roll out at all the Subsidiaries
Cost reductions and processes centralization opportunities
Standard operational system selection and implementation in all the Subsidiaries
Human Resources Definition of the prioritary initiatives and HR
Plan
Sales Team Training programs
Compensation and incentive schemes
Marketing Plan implementation and Real Estate intelligence developmentMarketing
Brasil Brokers launching advertising
campaign, institutional initiatives and Marketing Plan definition
DONE NEXT STEPSNEXT STEPSNEXT STEPSNEXT STEPS
Implementation of operational standards and
management system
New Launches Segment Identification of best practices and sales
force organizational structure Implementation of best practices
New Products and
Services
Identification of best practices, specially
renting and real estate financing promotion Implementation of best practices
Business Opportunities Cross referral between partners
compensation scheme
Systematization of businesses origination
processes and results control
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4Q07 Earnings Release
Economic-Financial Performance
In this section, we will present the proforma combined results of the companies in the 4Q07.
Brasil Brokers only acquired rights in the results of the subsidiaries as of 10/31/2007, pursuant to
the swap agreements. Accordingly, this quarter results will be partially recognized by the
Company, pursuant to the attached consolidated income statements. We will present in this
section the combined pro-forma results from the 16 subsidiaries instead of the R$ 10.1 million
equity income result recorded in November and December 2007.
Explanation on the subsidiaries’ operational period
As mentioned previously, several Brasil Brokers subsidiaries began to account results in the
second half of 2007. In the beginning of July 2007, only 8 companies were operational; at the
end of the 3rd quarter, this number reached 10, 2 of which on a partial basis. In October, 14
companies were already operational, 4 of which on a partial basis, and in December all 16
subsidiaries were fully operational. The table below shows the startup of each subsidiary during
the second half of 2007.
July August September October November December
8 10 10 14 16 16
100% Operating 8 8 8 10 14 16
Parcial Start 0 2 2 4 2 0
Chão & Teto
Operating Subsidiaries
Noblesse
Américas
Basimóvel
Paulo Sardenberg
Tropical
Abreu
Gribel
I. Price
Niterói Administradora
Pactual
Primaz
Ética Imobiliária
3rd
Quarter 2007 4th
Quarter 2007
Brokers
Avance
Brito & Amoedo
Del Forte
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4Q07 Earnings Release
Services Revenue
Gross service revenue from the subsidiaries of Brasil Brokers, consisting of the brokerage
commissions paid by buyers, amounted to R$ 41.2 million in the 4Q07, generating an average
commission of 2.32%, for contracted GVS stood at R$1.77 billion. This revenue is recognized
when the sale order is signed. After deduction of taxes, pro forma net revenue totaled R$ 37.6
million in the quarter.
23,299.0
37,615.1
3Q07 4Q07
Net Revenue (R$ thousand)
Cost of Services & Operating Expenses
Pro-forma cost of services and operating expenses of the subsidiaries stood at R$17.9 million,
combined with the parent company’s adjusted expenses of R$1.26 million, our total adjusted
expenses came to R$19.1 million. There were also non-recurring expenses related to the IPO and
expenses for the international dissemination of the Brasil Brokers brand in the national market.
The box below shows these expenses.
R$ thousand
Costs and Expenses - Subsidiaries (17,854)
Services Costs (5,126)
General and Administrative Expenses (12,728)
Adjusted Results - Holding (1,256)
Adjusted Expenses (19,110)
Non-Recurring Expenses - Holding (23,020)
Bank Comissions on IPO (16,346)
IPO Provisional Contribution on Financial Activities (1,090)
IPO lawyers and corporate (2,196)
IPO Publications (246)
Institutional Marketing after Offer (2,733)
Advisory Services on Appraisal and Acquisition Report (287)
IPO Events (122)
Total Expenses (42,131)
4Q07 Total Cost and Expenses
14
4Q07 Earnings Release
Net Income
In the 4Q07, adjusted net income of Brasil Brokers’ subsidiaries totaled R$ 19.4 million,
accompanied by a net margin of 52%. This figure includes R$ 5.4 million related to the financial
income from the investment of the proceeds from the IPO on October 29, 2007, as shown in the
table below. Subsidiaries’ pro forma combined operating net income stood at R$ 14.1 million; at
the company’s financial statements only R$ 10.1 million was recognized by Equity Accounting
until the net income for October still belonged to the subsidiaries’ founding partners.
13,857
19,419
3Q07 4Q07
Net Income (R$ thousand)
Adjusted EBITDA (1)
Adjusted EBITDA of the subsidiaries of Brasil Brokers in the fourth quarter was
R$18.5 million, accompanied by an adjusted EBITDA margin of 49.3%.
Reconciliation (R$ mm) 3Q07 4Q07 2H07
Net Proft 13,857 19,419 33,276
IR and CS (2,704) (4,411) (7,115)
Non Operating Results 14 305 319
Net Financial Results (231) 5,170 4,940
Depreciation and Amortization (94) (193) (287)
Adjusted EBITDA(1)
16,871 18,548 35,419
Adjusted EBITDA Margin 71.40% 49.31% 58.15%
Net Margin 59.50% 51.62% 54.63%
Reconciliação (R$ mm) 3T07 9M07
Lucro Líquido 13.857 29.934
IR e CS (2.704) (5.957)
Resultado Não Operacional 14 130
Resultado Financeiro Líquido (231) (401)
Depreciações e Amorizações (94) (324)
EBITDA Ajustado 16.871 36.486
Margem EBITDA Ajustada 71,4% 71,1%
Margem Líquida 59,5% 59,0%
(1) Adjusted EBITDA consists of income before net financial result, income tax and social contribution tax, depreciation
and amortization and non-operating income. Adjusted EBITDA is not a measure in accordance with generally
accepted accounting principles in Brazil (BR GAAP), does not represent cash flow for the periods presented, and
should not be considered a substitute for net income as an indicator of operating performance, or as a substitute for
cash flow as an indicator of liquidity. Adjusted EBITDA does not have a standardized meaning and our definition of
Adjusted EBITDA may not be comparable to that used by other companies.
15
4Q07 Earnings Release
Income Tax and Social Contribution
Income tax and social contribution tax on the net income of the subsidiaries of Brasil Brokers was
R$4.4 million in the quarter, equivalent to 11.7% of net revenue in the period.
Cash and cash equivalents
In the 4Q07, cash and cash equivalents totaled R$287 million, R$282 million of which in the
parent company. These amounts refer basically to investments in bank deposit certificates and
fixed income funds, with returns raging from 100% to 107% of the CDI rate.
Indebtedness
At the close of the fourth quarter, the company’s total debt was R$ 7.9 million. Of this amount,
the debits of subsidiaries related to loans with financial institutions totaled R$1.0 million, and
R$6.9 million refers to the provisioning for dividends for payment to the founding partners due to
their usufruct of the income generated up to the settlement date of the public offering.
16
4Q07 Earnings Release
Pro forma Combined Financial Statement (non revised)
(in Reais)
PRO FORMA COMBINED RESULT 3Q07 4Q07
Launched GVS(R$ thousand) 1,050,463 3,257,485 4,307,948
Contracted Sales (R$ thousand) 887,345 1,777,261 2,664,606
%NR %Sales
Gross Revenue 25,346,041 41,210,087 66,556,128 109.3% 2.5%
(-) Sales Taxes (2,047,034) (3,595,022) (5,642,056) 9.3% 0.2%
Net Revenue 23,299,007 37,615,065 60,914,072 100.0% 2.3%
Costs of Services and Personnel Expenses (6,427,704) (17,854,330) (24,282,034) 39.9% 0.9%
Cost of Services (1,944,826) (5,126,176) (7,071,002) 11.6% 0.3%
G&A (4,482,878) (12,728,154) (17,211,032) 28.3% 0.6%
Depreciation (93,662) (150,047) (243,709)
Financial Result (230,874) (170,232) (401,106) 0.7% 0.0%
Revenues 50,266 72,975 123,241
Expenses (281,140) (243,207) (524,347)
Operating Result 16,546,767 19,440,456 35,987,223 59.1% 1.35%
Non Operating Result 13,576 304,752 318,328
Adjusted EBITDA 16,871,303 19,760,735 36,632,038 60.1% 1.4%
Results before Taxes 16,560,343 19,745,208 36,305,551
Taxes and Social Contribution Provisions (2,703,703) (4,411,161) (7,114,864) 11.7% 0.3%
Subsidiaries Net Income 13,856,640 15,334,047 29,190,687 47.9% 1.1%
Holding Adjusted Expenses - (1,255,838) (1,255,838) 2.1% 0.0%
Adjusted Financial Revenue - 5,340,519 5,340,519
Net Income with Holding 13,856,640 19,418,728 33,275,368 54.6% 1.2%
Adjusted EBITDA with Holding 16,871,303 18,547,762 35,419,065 58.1% 1.3%
2H07
(1) Above combined Pro forma results include subsidiaries operations according to the
schedule of activities shown at the table on Page 12;
(2) Part of the Net Income reported on the above statements belong to Brasil Brokers’
subsidiaries’ founding partners, which have the right of use of accumulated gains to be
distributed as dividends (registered under short-term related parties on the balance
sheet) according to shares exchange contracts signed between the parts. This right is
extended to incomes generated up to the IPO settlement date (10/31/2007)
17
4Q07 Earnings Release
Balance Sheet on December 31st 2007 – Assets
(in Reais)
Holding Consolidated
Current Assets
Cash, Cash Equivalents 282,414 287,778
Accounts Receivable - 23,749
Tax to Recover 1,114 1,961
Related Parties 1,293 1,293
Other Current Assests 1 1,035
Total Current Assets 284,822 315,816
Noncurrent Assets
Long Term Assets
Accounts Receivable from the Clients - 461
Loans and other credits
with related parties 394 1,006
Advance for future capital increase 705 -
Other Credits - 11
1,099 1,478
Investiments in Controlling Company 10,792 -
Goodwill Investiments 5 5
Property and Equipment 70 5,193
Deferred 1,213 1,388
12,080 6,586
Total Noncurrent Assets 13,179 8,064
Total Assests 298,001 323,880
ASSETS
18
4Q07 Earnings Release
Balance Sheet on December 31st 2007 – Liabilities and Shareholders’ Equity
(in Reais)
Holding Consolidated
Current Liabilities
Loans and Financings - 1,003
Suppliers 1,739 3,760
Wages and Burden Payable 153 3,081
Taxes and Contributions payable 164 7,643
Advances from Clients - 229
Loans and other related parties payable 489 1,205
Usufruct of Results - 6,891
Other account payable - 2,531
Total Current Liabilities 2,545 26,343
Noncurrent Liabilities
Long-term Liabilities
Loans and Financings - 45
Provisions for contingencies - 1,652
Taxes payable - 210
Others - 42
Total Noncurrent Liabilities - 1,949
Minority Interest 132
Shareholders' Equity
Subscribed Capital 304,234 304,234
Capital Reserve 47 47
Accumulated losses (8,825) (8,825)
Total Shareholders' Equity 295,456 295,456
Total Labilities 298,001 323,880
LIABILITIES AND SHAREHOLDERS' EQUITY
19
4Q07 Earnings Release
Financial Statement
Period: January 16th to December 31st, 2007
Holding Consolidated
Services Revenue - 30,507
Taxes - (2,632)
Net Revenue - 27,875
Cost of Services rendered - (4,162)
Gross Income - 23,713
Operating revenues and expenses:
General Expenses (4,869) (13,564)
Management Wages (216) (1,655)
Depreciation and Amortization (43) (196)
Financial Expenses (1,118) (1,347)
Financial Income 5,341 5,393
IPO expenses (18,030) (18,030)
Other Operating Revenue - 278
Equity income 10,110 -
(8,825) (29,121)
Operating Income (8,825) (5,408)
Non Operating Revenue/Expenses - 56
Income/Loss Before Taxes (8,825) (5,352)
Social Contribution Allowance - (986)
Income Tax Allowance - (2,366)
Minority Shareholders' Equity - (121)
Period Losses (8,825) (8,825)
Loss per share 5.55
(in thousand of reais, exceto o prejuízo por ação)
20
4Q07 Earnings Release
Cash Flow
Period: January 16th to December 31st, 2007
Holding Consolidated
From Operating Activities
Period Losses (8,825) (8,825)
Adjustments for reconciliation between losses and net operating revenues
Depreciantion and Amortization 43 196
Equity income (10,110) -
Adjusted Losses (18,892) (8,629)
Variation between Assets and Liabilities
Accounts Receivable - (24,210)
Accounts Receivable - Other - -
Taxes to Recover (1,114) (1,961)
Loans and other credits with rwelated parties (1,687) (2,299)
Advance for future capital increase (705) -
Other Current Assets (1) (1,035)
Other Noncurrent Assets - (11)
Suppliers 1,739 3,760
Wages and Burden Payable 153 3,081
Taxes and Contribution payable 164 7,643
Advances from Clients - 229
Loans and other credits with related parties 489 1,205
Results use - 6,891
Other Current Liabilities - 2,531
Provision for Contingences - 1,652
Taxes and Contribution quota - 210
Other Noncurrent Liabilities - 42
(962) (2,272)
Net Cash Used in Activities (19,854) (10,901)
From Investments Activities
Investiments (687) (5)
Fixed Assets (113) (5,389)
Deferred Assets (1,213) (1,388)
Net Cash Used in Investment Activities (2,013) (6,782)
From Financing Activities With Third Parties
Loans and Financing (short term) - 1,003
Loans and Financing (long term) - 45
Net cash Used in Financing Activities - 1,048
From Financing Activities with Shareholders
Capital Increase 304,234 304,234
Capital Reserve - Goodwill in subscription 47 47
Minority Shareholders' - 132
Net Cash Used in Financing Activies with Shareholders 304,281 304,413
Cash Increase 282,414 287,778
Cash Increase in the Beginning of the period - -
Cash Increase in the End of the period 282,414 287,778
(In thousand of reais)
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