Resultados 4T21

Brisanet Participações S.A.

Relações com
Investidores

ri.brisanet.com.br
falecomri@brisanet.com.br

# ***Este documento está clasificado como PUBLICO por TELEFÓNICA. ***This document is classified as PUBLIC by TELEFÓNICA.
DADOS OPERACIONAIS 1T20 2T20 3T20 4T20 1T21 2T21 3T21
# Clientes
Banda Larga 403,852 468,896 554,915 624,301 674,821 736,580 790,731
B2C 394,522 459,330 543,717 609,569 659,109 721,045 776,271
B2B 9,330 9,566 11,198 14,732 15,712 15,535 14,460
Telefonia Fixa - - - - 235,680 271,754 289,885
PORTAS DE FIBRA 1,313,764 1,497,655 1,689,555 1,922,020 2,143,354 2,386,020 2,788,221
HOMES PASSED (HPs) 1,751,685 1,996,873 2,252,740 2,562,693 2,857,805 3,181,360 3,760,130
CIDADES ATENDIDAS 93 93 94 96 96 100 110
CHURN 2.28% 2.63% 1.70% 2.02% 2.02% 2.41% 2.25%

AGILITY 1T20 2T20 3T20 4T20 1T21 2T21 3T21

# Clientes - - - - - 148,066 159,106
# Franqueados - - - - - 93 93
# HPs - - - - - 643,040 717,753
 4T21 Jan 22 Fev 22

843,283 864,085 883,814

829,481
13,802
310,391 312,213
3,233,606 3,360,123 3,485,683
4,462,358 4,673,310 4,882,576
120 122 131
2.25%

4T21 Jan 22 Fev 22

190,049 193,635 199,040
94 97 98
809,833 825,165 880,702
DADOS FINANCEIROS (R$ Milhares) Dez 20 Mar 21 Jun 21 Set 21 Dez 21
ATIVO 1,018,250 1,089,526 1,527,281 2,722,727 2,892,361
Circulante 286,999 220,167 462,818 1,427,784 1,216,939
Caixa e equivalentes a caixa 171,104 57,423 269,191 1,218,159 1,000,792
Aplicações financeiras 9,665 45,487 78,368 65,531 46,693
Contas a receber de clientes 69,555 81,560 86,352 95,889 107,873
Operações com derivativos 3,701 3,502 2,306 3,118 297
Outros ativos 32,974 32,195 26,601 45,087 61,284

Não circulante 731,251 869,359 1,064,463 1,294,943 1,675,422

Aplicações financeiras 6,480 6,480 9,670 3,600 3,600
Operações com derivativos 8,217 9,555 3,248 4,813 1,011
Outros ativos 28,184 29,922 46,429 56,852 69,896
Direito de uso 34,117 44,270 42,449 41,673 35,928
Imobilizado 647,532 764,432 946,561 1,163,105 1,346,276
Intangível 6,721 14,700 16,106 24,900 218,711

PASSIVO E PATRIMÔNIO LIQUIDO 1,018,250 1,089,526 1,527,281 2,722,727 2,892,361

Circulante 441,792 533,916 497,177 507,583 513,987
Fornecedores 137,229 174,960 175,973 188,925 186,032
Empréstimo e financiamentos 251,877 285,995 214,674 228,992 236,917
Debêntures - - 11,566 1,275 8,909
Obrigações de arrendamento 5,562 16,384 14,593 12,966 7,958
Parcelamento de tributos 1,274 968 1,551 1,490 1,771
Operações com Derivativos 151 - 458 - 983
Outros passivos circulantes 45,699 55,609 78,362 73,935 71,417

Não Circulante 449,261 437,341 892,148 874,066 1,036,275

Empréstimo e financiamentos 399,870 391,123 387,352 347,156 333,931
Debêntures - - 468,183 489,801 506,941
Obrigações de arrendamento 27,912 27,409 27,927 28,493 27,532
Parcelamento de tributos 6,589 6,560 5,643 5,317 5,099
Operações com Derivativos - - 1,948 1,067 218
Outros passivos não circulantes* 14,890 12,249 1,095 2,232 162,554

Patrimônio Líquido 127,197 118,269 137,956 1,341,078 1,342,099

Capital social 66,209 66,209 71,859 1,281,606 1,281,606
Reservas de lucro 60,982 52,040 66,090 59,467 60,486
Participação de não-controladores 6 20 7 5 7

* Inclui parcelas a pagar pelo direito de uso das frequências do 5G a partir de Dez 21
DADOS FINANCEIROS (R$ Milhares) 1T20 2T20 3T20 4T20 1T21 2T21
RECEITA OPERACIONAL BRUTA 112.8 120.6 141.8 175.2 188.3 196.2
Banda Larga 104.5 111.9 138.3 156.0 175.2 181.8
B2C 95.6 103.5 127.9 144.3 162.2 168.3
B2B 8.9 8.4 10.4 11.7 13.1 13.5
Telefonia Fixa 5.0 5.3 6.3 7.8 8.6 9.3
Outros 3.4 3.4 (2.7) 11.4 4.4 5.1
ARPU B2C (R$) 86.78 86.39 86.59 86.53 87.32 88.47
RECEITA OPERACIONAL LÍQUIDA 98.0 102.3 122.1 149.4 164.1 170.1
CUSTO DOS SERVIÇOS VENDIDOS (46.2) (49.1) (62.0) (79.9) (81.2) (103.2)
Pessoal (13.4) (11.4) (17.8) (22.3) (24.4) (25.7)
Custos com Ativação de Clientes (5.9) (8.5) (8.9) (11.3) (12.4) (12.1)
Interconexão (1.5) (1.5) (1.6) (2.0) (2.5) (4.7)
Conectividade (2.6) (5.9) (1.6) (3.1) (5.2) (4.3)
Direitos de passagem (2.6) (8.2) (4.3) (4.2) (3.2) (8.4)
Energia Elétrica e Água (0.6) (0.7) (0.6) (0.7) (1.1) (1.8)
Materiais e Manutenção (2.7) 2.2 (2.7) (6.1) (3.0) (4.9)
Serviços de Terceiros (0.8) (0.9) (1.4) (0.6) (3.1) (3.3)
Depreciação e amortização (16.2) (17.1) (23.3) (23.6) (26.2) (31.5)
Outros (0.0) 2.8 0.3 (5.9) (0.1) (6.4)
LUCRO BRUTO 51.8 53.2 60.1 69.5 82.9 66.9
Despesas Comerciais (9.3) (5.3) (8.5) (11.6) (13.8) (16.1)
Pessoal (5.5) (3.2) (4.7) (5.4) (7.8) (7.9)
Publicidade e Propaganda (2.4) (1.7) (2.4) (2.7) (3.8) (5.7)
Outros (1.4) (0.4) (1.3) (3.4) (2.0) (2.3)
Depreciação e Amortização (0.0) (0.0) (0.1) (0.1) (0.2) (0.2)
Despesas Gerais e Administrativas (21.1) (16.3) (22.7) (26.5) (35.0) (41.1)
Pessoal (12.0) (9.7) (12.6) (10.3) (18.3) (15.1)
Outros (7.1) (4.9) (8.2) (14.6) (11.4) (20.0)
Depreciação e amortização (2.0) (1.7) (1.8) (1.6) (5.4) (6.0)
PCLD (11.8) (0.1) (13.5) - (7.8) (2.5)
Despesas tributárias (1.2) (0.5) (0.2) (0.3) (1.0) (1.6)
Outros (5.9) (0.7) 4.2 2.5 1.2 0.9
RESULTADO OPERACIONAL 2.4 30.3 19.5 33.6 26.5 6.5
EBITDA AJUSTADO 26.5 57.6 53.7 70.3 70.7 58.2
MARGEM EBITDA AJUSTADO (%) 27.0% 56.3% 44.0% 47.1% 43.1% 34.2%
RESULTADO FINANCEIRO LÍQUIDO (17.8) (16.3) (5.7) (2.3) (30.1) 9.9
Despesa Financeira (19.8) (24.3) (36.5) (27.9) (40.3) (32.2)
Juros sobre Emprest/Financ/Debent (6.637) (3.455) (9.963) (18.999) (10.686) (15.303)
Variação cambial passiva (10.577) (15.784) (19.726) (8.138) (24.311) (2.965)
Derivativos - - - (5.6) (0.7) (9.2)
Outros (2.6) (5.0) (6.8) 4.8 (4.7) (4.8)
Receita Financeira 2.0 7.9 30.8 25.6 10.2 42.2
Rendimentos de aplicações financeiras 0.481 0.282 0.229 0.559 0.405 2.266
Variação cambial ativa 0.209 7.722 7.988 19.647 2.175 35.634
Derivativos - - 17.4 - 4.2 (0.2)
 Outros 1.3 - 5.3 5.4 3.4 4.4
IR e CSSL (3.4) (2.0) 2.2 (11.4) (3.6) (1.6)
LUCRO LÍQUIDO (18.8) 11.927 16.1 19.9 (7.2) 14.8
MARGEM LÍQUIDA -19.1% 11.7% 13.2% 13.3% -4.4% 8.7%
 Em % Receita
3T21 4T21 1T20 2T20 3T20 4T20 1T21 2T21
219.4 237.6
202.1 218.3
189.8 205.5
12.3 12.8
10.8 11.6
6.6 7.6
90.87 92.43
190.0 204.5
(103.3) (116.7)
(29.8) (33.2) 13.7% 11.1% 14.6% 15.0% 14.9% 15.1%
- - 6.0% 8.3% 7.3% 7.6% 7.5% 7.1%
(5.2) (8.9) 1.5% 1.5% 1.3% 1.3% 1.5% 2.8%
(5.3) (6.0) 2.6% 5.8% 1.3% 2.1% 3.1% 2.6%
(11.5) (11.6) 2.6% 8.0% 3.6% 2.8% 2.0% 4.9%
(3.1) (3.8) 0.6% 0.6% 0.5% 0.4% 0.7% 1.0%
(7.0) (8.2) 2.7% -2.2% 2.2% 4.1% 1.9% 2.9%
(4.3) (3.2) 0.8% 0.9% 1.1% 0.4% 1.9% 1.9%
(35.5) (38.3) 16.5% 16.7% 19.1% 15.8% 16.0% 18.5%
(1.5) (3.5) 0.0% -2.7% -0.3% 4.0% 0.0% 3.8%
86.7 87.8
(18.6) (20.7) 9.5% 5.2% 7.0% 7.7% 8.4% 9.5%
(9.2) (10.1) 5.6% 3.1% 3.9% 3.6% 4.7% 4.7%
(5.4) (4.6) 2.5% 1.6% 2.0% 1.8% 2.3% 3.3%
(3.9) (5.8) 1.4% 0.4% 1.0% 2.3% 1.2% 1.4%
(0.2) (0.2) 0.0% 0.0% 0.0% 0.1% 0.1% 0.1%
(36.6) (37.3) 21.5% 15.9% 18.6% 17.7% 21.3% 24.2%
(17.0) (19.0) 12.2% 9.5% 10.3% 6.9% 11.1% 8.9%
(13.4) (10.6) 7.3% 4.8% 6.7% 9.7% 6.9% 11.8%
(6.2) (7.6) 2.0% 1.7% 1.5% 1.1% 3.3% 3.5%
(3.5) (7.2) 12.1% 0.1% 11.1% 0.0% 4.8% 1.5%
(0.9) (2.4) 1.2% 0.5% 0.1% 0.2% 0.6% 0.9%
(0.5) 0.1 6.1% 0.7% -3.5% -1.7% -0.7% -0.5%
26.6 20.3
74.0 68.5
38.9% 33.5%
(31.0) (16.4)
(57.2) (46.9)
(26.917) (30.340)
(24.923) (9.787)
(1.8) (3.4)
(3.6) (3.5)
26.3 30.6
11.405 20.221
5.233 4.984
5.3 2.0
 4.3 3.3
(2.6) (2.4)
(6.9) 1.6
-3.7% 0.8%
3T21 4T21

15.7% 16.2%
0.0% 0.0%
2.7% 4.3%
2.8% 2.9%
6.1% 5.7%
1.6% 1.9%
3.7% 4.0%
2.3% 1.6%
18.7% 18.7%
0.8% 1.7%

9.8% 10.1%
4.8% 4.9%
2.8% 2.3%
2.1% 2.8%
0.1% 0.1%
19.2% 18.2%
9.0% 9.3%
7.0% 5.2%
3.2% 3.7%
1.8% 3.5%
0.5% 1.2%
0.3% 0.0%
ENDIVIDAMENTO (R$ Milhões) Dez 20 Mar 21 Jun 21 Set 21 Dez 21
DÍVIDA BRUTA 673.5 707.8 1,121.1 1,101.8 1,122.1
Empréstimos e Financiamentos Curto Prazo 251.9 286.0 214.7 229.0 236.9
Debêntures Curto Prazo - - 11.6 1.3 8.9
Arrendamento Curto Prazo 5.6 16.4 14.6 13.0 8.0
Derivativos Curto Prazo (Passivo) 0.2 1.0 0.5 - 1.0
Empréstimos e Financiamentos Longo Prazo 399.9 391.1 387.4 347.2 333.9
Debêntures Longo Prazo - - 468.2 489.8 506.9
Arrendamento Longo Prazo 27.9 27.4 27.9 28.5 27.5
Derivativos Longo Prazo (Passivo) - - 1.9 1.1 0.2
Derivativos Curto Prazo (Ativo) (3.7) (4.5) (2.3) (3.1) (0.3)

Derivativos Longo Prazo (Ativo) (8.2) (9.6) (3.2) (4.8) (1.0)

Caixa e Aplicações (180.8) (102.9) (347.6) (1,283.7) (1,047.5)

DÍVIDA LÍQUIDA 492.7 604.9 773.6 (181.9) 74.6

Dívida líquida/EBITDA 0.3

EBITDA 237.4
FLUXO DE CAIXA (R$ Milhões) 1T20 1S20 9M20 2020 1T21 1S21
LUCRO LÍQUIDO (18.8) (6.8) 9.2 29.1 (7.2) 7.6
Depreciação e Amortização 18.2 37.0 62.2 87.6 31.8 63.3
PCLD 11.8 11.9 25.5 25.5 7.8 10.4
Variações Cambiais 10.4 18.4 (0.2) 4.4 5.0 (26.3)
Juros sobre Empréstimos, Financ. e Debêntures 6.6 10.1 29.1 49.6 25.9 39.6
Outros (0.8) (2.0) (3.6) (7.6) (1.4) 3.6
(Acréscimo) e Decréscimo de Ativos
Contas a Receber de Clientes (9.2) (15.1) (13.3) (35.7) (19.8) (27.2)
Tributos a Recuperar (4.2) (7.2) (13.2) (20.1) (4.6) (18.1)
Outros 1.3 (11.0) (27.2) (6.8) 3.2 8.9
Acréscimo e (Decréscimo) de Passivos
Fornecedores 35.1 12.2 100.3 111.4 35.1 69.3
Tributos a Recolher 9.4 4.0 18.4 21.0 16.0
Outros* 13.0 13.3 10.3 8.3 - 36.9
Caixa gerado (aplicado) atividades operacionais 72.8 64.7 197.3 266.6 91.8 168.1
Juros pagos (5.0) (15.5) (18.8) (26.2) (13.5) (44.8)
Imposto de renda e contribuição social pagos (4.6) (4.3) (15.2) (19.3) (6.4) (4.9)
CX LÍQ GERADO (APLICADO) ATIV. OPERACIONAIS 63.2 44.9 163.3 221.1 71.9 118.4
Adições Imobilizado (78.1) (147.6) (264.3) (403.4) (143.3) (357.1)
Adições Intangível (4.9) (6.3) (5.0) (8.4) (10.2)
Aplicações Financeiras (50.5) (12.7) (77.2) (9.8) (35.2) (69.2)
CX LÍQ GERADO (APLICADO) ATIV. INVESTIMENTO (128.6) (165.2) (347.8) (418.2) (186.9) (436.5)
Captações_Amortizações 55.4 206.5 259.0 474.4 49.8 554.1
Outros (22.6) (45.0) (54.1) (135.3) (46.8) (147.2)
Aumento de capital - - - 5.7
Dividendos (0.9) (6.9) (8.1) (9.7) (1.7) (2.2)
CX LÍQ GERADO (APLICADO) ATIV. FINANCIAMENTO 31.9 154.7 196.8 329.4 1.3 410.3
Acréscimo (Decréscimo) no Caixa (33.5) 34.3 12.2 132.3 (113.7) 92.2

* Inclui parcelas a pagar pelo direito de uso das frequências do 5G a partir de Dez 21
 9M21 2021
0.7 2.2
111.4 157.6
13.9 21.0
35.9 44.1
58.5 82.8
(10.2) (26.2)

(40.4) (60.2)
(35.5) (50.3)
(0.6) (12.5)

51.6 48.8
11.7 24.9
22.7 179.0
219.6 411.3
(73.8) (70.0)
(6.1) (18.1)
139.7 323.2
(608.9) (827.7)
(19.5) (216.0)
(41.5) 0.1
(669.9) (1,043.5)
392.5 376.0
(28.5) (39.2)
1,215.4 1,215.4
(2.2) (2.2)
1,577.2 1,550.0
1,047.1 829.7
OPERATIONAL DATA 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
# Clients (HCs)
Broadband 403,852 468,896 554,915 624,301 674,821 736,580 790,731 843,283
B2C 394,522 459,330 543,717 609,569 659,109 721,045 776,271 829,481
B2B 9,330 9,566 11,198 14,732 15,712 15,535 14,460 13,802
Fixed line - - - - 235,680 271,754 289,885 310,391
FIBER PORTS 1,313,764 1,497,655 1,689,555 1,922,020 2,143,354 2,386,020 2,788,221 3,233,606
HOMES PASSED (HPs) 1,751,685 1,996,873 2,252,740 2,562,693 2,857,805 3,181,360 3,760,130 4,462,358
CITIES COVERED 93 93 94 96 96 100 110 120
CHURN 2.28% 2.63% 1.70% 2.02% 2.02% 2.41% 2.25% 2.25%

AGILITY 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21

# Clients - - - - - 148,066 159,106 190,049
# Franchisees - - - - - 93 93 94
# HPs - - - - - 643,040 717,753 809,833

Fortaleza 15.1%

João Pessoa 67.2%

Natal 52.9% 152929
Maceio 62.3% 10595
0.0692805
8530
85631
0.0996135
 Jan 22 Feb 22

864,085 883,814

312,213
3,360,123 3,485,683
4,673,310 4,882,576
122 131

Jan 22 Feb 22
193,635 199,040
97 98
825,165 880,702

1038176
3511974
0.29561
FINANCIAL DATA (R$ 000) Dec 20 Mar 21 Jun 21 Sep 21 Dec 21
ASSETS 1,018,250 1,089,526 1,527,281 2,722,727 2,892,361
Current 286,999 220,167 462,818 1,427,784 1,216,939
Cash and cash equivalents 171,104 57,423 269,191 1,218,159 1,000,792
Financial investments 9,665 45,487 78,368 65,531 46,693
Accounts receivable 69,555 81,560 86,352 95,889 107,873
Derivative transactions 3,701 3,502 2,306 3,118 297
Other assets 32,974 32,195 26,601 45,087 61,284

Non-current 731,251 869,359 1,064,463 1,294,943 1,675,422

Financial investments 6,480 6,480 9,670 3,600 3,600
Derivative transactions 8,217 9,555 3,248 4,813 1,011
Other Assets 28,184 29,922 46,429 56,852 69,896
Right of Use 34,117 44,270 42,449 41,673 35,928
Fixed Assets 647,532 764,432 946,561 1,163,105 1,346,276
Intangible assets 6,721 14,700 16,106 24,900 218,711

LIABILITIES AND SHAREHOLDERS' EQUITY 1,018,250 1,089,526 1,527,281 2,722,727 2,892,361

Current 441,792 533,916 497,177 507,583 513,987
Suppliers 137,229 174,960 175,973 188,925 186,032
Loans and financing 251,877 285,995 214,674 228,992 236,917
Debentures - - 11,566 1,275 8,909
Leasing 5,562 16,384 14,593 12,966 7,958
Taxes in installments 1,274 968 1,551 1,490 1,771
Derivative transactions 151 - 458 - 983
Other current liabilities 45,699 55,609 78,362 73,935 71,417

Non-Current 449,261 437,341 892,148 874,066 1,036,275

Loans and financing 399,870 391,123 387,352 347,156 333,931
Debentures - - 468,183 489,801 506,941
Leasing 27,912 27,409 27,927 28,493 27,532
Taxes in installments 6,589 6,560 5,643 5,317 5,099
Derivative transactions - - 1,948 1,067 218
Other non-current liabilities 14,890 12,249 1,095 2,232 162,554

Shareholders' Equity 127,197 118,269 137,956 1,341,078 1,342,099

Capital 66,209 66,209 71,859 1,281,606 1,281,606
Income Reserves 60,982 52,040 66,090 59,467 60,486
Non-controlling stake 6 20 7 5 7
FINANCIAL DATA (R$ 000) 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
GROSS REVENUE 112.8 120.6 141.8 168.4 188.3 196.2 219.4
Broadband 104.5 111.9 138.3 156.0 175.2 181.8 202.1
B2C 95.6 103.5 127.9 144.3 162.2 168.3 189.8
B2B 8.9 8.4 10.4 11.7 13.1 13.5 12.3
Fixed line 5.0 5.3 6.3 7.8 8.6 9.3 10.8
Others 3.4 3.4 (2.7) 4.6 4.4 5.1 6.6
ARPU B2C (R$) 86.78 86.39 86.59 86.53 87.32 88.47 90.87
NET REVENUE 98.0 102.3 122.1 149.4 164.1 170.1 190.0
COSTS OF SERVICES RENDERED (46.2) (49.1) (62.0) (79.9) (81.2) (103.2) (103.3)
Personnel (13.4) (11.4) (17.8) (22.3) (24.4) (25.7) (29.8)
Costs associated with client activation (5.9) (8.5) (8.9) (11.3) (12.4) (12.1) -
Interconnection and other connection costs (1.5) (1.5) (1.6) (2.0) (2.5) (4.7) (5.2)
Connectivity (Link) (2.6) (5.9) (1.6) (3.1) (5.2) (4.3) (5.3)
Right of passage (2.6) (8.2) (4.3) (4.2) (3.2) (8.4) (11.5)
Utilities (0.6) (0.7) (0.6) (0.7) (1.1) (1.8) (3.1)
Materials and maintenance (2.7) 2.2 (2.7) (6.1) (3.0) (4.9) (7.0)
Third-party services (0.8) (0.9) (1.4) (0.6) (3.1) (3.3) (4.3)
Depreciation and amortization (16.2) (17.1) (23.3) (23.6) (26.2) (31.5) (35.5)
Others (0.0) 2.8 0.3 (5.9) (0.1) (6.4) (1.5)
GROSS PROFIT 51.8 53.2 60.1 69.5 82.9 66.9 86.7
Sales Expenses (9.3) (5.3) (8.5) (11.6) (13.8) (16.1) (18.6)
Personnel (5.5) (3.2) (4.7) (5.4) (7.8) (7.9) (9.2)
Marketing expenses (2.4) (1.7) (2.4) (2.7) (3.8) (5.7) (5.4)
Others (1.4) (0.4) (1.3) (3.4) (2.0) (2.3) (3.9)
Depreciation and amortization (0.0) (0.0) (0.1) (0.1) (0.2) (0.2) (0.2)
General and administrative expenses (21.1) (16.3) (22.7) (26.5) (35.0) (41.1) (36.6)
Personnel (12.0) (9.7) (12.6) (10.3) (18.3) (15.1) (17.0)
Others (7.1) (4.9) (8.2) (14.6) (11.4) (20.0) (13.4)
Depreciation and amortization (2.0) (1.7) (1.8) (1.6) (5.4) (6.0) (6.2)
Provision for doubtful accounts (11.8) (0.1) (13.5) - (7.8) (2.5) (3.5)
Taxes expenses (1.2) (0.5) (0.2) (0.3) (1.0) (1.6) (0.9)
Others (5.9) (0.7) 4.2 2.5 1.2 0.9 (0.5)
OPERATIONAL RESULTS 2.4 30.3 19.5 33.6 26.5 6.5 26.6
ADJUSTED EBITDA 26.5 57.6 53.7 70.3 70.7 58.2 74.0
ADJUSTED EBITDA MARGIN (%) 27.0% 56.3% 44.0% 47.1% 43.1% 34.2% 38.9%
NET FINANCIAL RESULTS (17.8) (16.3) (5.7) (2.3) (30.1) 9.9 (31.0)
Financial expenses (19.8) (24.3) (36.5) (27.9) (40.3) (32.2) (57.2)
Interest on loans/financing/debentures (6.6) (3.5) (10.0) (19.0) (10.7) (15.3) (26.9)
Exchange rate variation - liabilities (10.6) (15.8) (19.7) (8.1) (24.3) (3.0) (24.9)
Derivatives - - - (5.6) (0.7) (9.2) (1.8)
Others (2.6) (5.0) (6.8) 4.8 (4.7) (4.8) (3.6)
 Financial income 2.0 7.9 30.8 25.6 10.2 42.2 26.3
Interest on investments 0.5 0.3 0.2 0.6 0.4 2.3 11.4
Exchange rate variation - assets 0.2 7.7 8.0 19.6 2.2 35.6 5.2
Derivatives - - 17.4 - 4.2 (0.2) 5.3
Others 1.3 - 5.3 5.4 3.4 4.4 4.3
TAXES (3.4) (2.0) 2.2 (11.4) (3.6) (1.6) (2.6)
NET INCOME (18.8) 11.9 16.1 19.9 (7.2) 14.8 (6.9)
NET MARGIN (%) -19.1% 11.7% 13.2% 13.3% -4.4% 8.7% -3.7%
 Em % Receita
4Q21 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
237.6
218.3
205.5
12.8
11.6
7.6
92.43
204.5
(116.7)
(33.2) 13.7% 11.1% 14.6% 15.0% 14.9% 15.1% 15.7% 16.2%
- 6.0% 8.3% 7.3% 7.6% 7.5% 7.1% 0.0% 0.0%
(8.9) 1.5% 1.5% 1.3% 1.3% 1.5% 2.8% 2.7% 4.3%
(6.0) 2.6% 5.8% 1.3% 2.1% 3.1% 2.6% 2.8% 2.9%
(11.6) 2.6% 8.0% 3.6% 2.8% 2.0% 4.9% 6.1% 5.7%
(3.8) 0.6% 0.6% 0.5% 0.4% 0.7% 1.0% 1.6% 1.9%
(8.2) 2.7% -2.2% 2.2% 4.1% 1.9% 2.9% 3.7% 4.0%
(3.2) 0.8% 0.9% 1.1% 0.4% 1.9% 1.9% 2.3% 1.6%
(38.3) 16.5% 16.7% 19.1% 15.8% 16.0% 18.5% 18.7% 18.7%
(3.5) 0.0% -2.7% -0.3% 4.0% 0.0% 3.8% 0.8% 1.7%
87.8
(20.7) 9.5% 5.2% 7.0% 7.7% 8.4% 9.5% 9.8% 10.1%
(10.1) 5.6% 3.1% 3.9% 3.6% 4.7% 4.7% 4.8% 4.9%
(4.6) 2.5% 1.6% 2.0% 1.8% 2.3% 3.3% 2.8% 2.3%
(5.8) 1.4% 0.4% 1.0% 2.3% 1.2% 1.4% 2.1% 2.8%
(0.2) 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.1%
(37.3) 21.5% 15.9% 18.6% 17.7% 21.3% 24.2% 19.2% 18.2%
(19.0) 12.2% 9.5% 10.3% 6.9% 11.1% 8.9% 9.0% 9.3%
(10.6) 7.3% 4.8% 6.7% 9.7% 6.9% 11.8% 7.0% 5.2%
(7.6) 2.0% 1.7% 1.5% 1.1% 3.3% 3.5% 3.2% 3.7%
(7.2) 12.1% 0.1% 11.1% 0.0% 4.8% 1.5% 1.8% 3.5%
(2.4) 1.2% 0.5% 0.1% 0.2% 0.6% 0.9% 0.5% 1.2%
0.1 6.1% 0.7% -3.5% -1.7% -0.7% -0.5% 0.3% 0.0%
20.3
68.5
33.5%
(16.4)
(46.9)
(30.3)
(9.8)
(3.4)
(3.5)
30.6
20.2
5.0
2.0
3.3
(2.4)
1.6
0.8%
INDEBTEDNESS (R$ MM) Dec 20 Mar 21 Jun 21 Sep 21 Dec 21
GROSS DEBT 673.5 707.8 1,121.1 1,101.8 1,122.1
Loans and financing - current 251.9 286.0 214.7 229.0 236.9
Debentures - Current - - 11.6 1.3 8.9
Leasing - current 5.6 16.4 14.6 13.0 8.0
Derivative transactions (current liabilities) 0.2 1.0 0.5 - 1.0
Loans and financing - non-current 399.9 391.1 387.4 347.2 333.9
Debentures - non-current - - 468.2 489.8 506.9

Leasing - non-current 27.9 27.4 27.9 28.5 27.5

Derivative transactions (non-current liabilities) - - 1.9 1.1 0.2

Derivative transactions (current assets) (3.7) (4.5) (2.3) (3.1) (0.3)

Derivative transactions (non-current assets) (8.2) (9.6) (3.2) (4.8) (1.0)

Cash and Cash equivalents (180.8) (102.9) (347.6) (1,283.7) (1,047.5)

NET DEBT 492.7 604.9 773.6 (181.9) 74.6
CASH FLOW (R$ MM) 1Q20 1H20 9M20 2020 1Q21 1H21
NET INCOME (18.8) 11.9 16.1 19.9 (7.2) 14.8
Depreciation and Amortization 18.2 37.0 62.2 87.6 31.8 63.3
Provision for doubtful accounts 11.8 11.9 25.5 25.5 7.8 10.4
Exchange rate variations 10.4 18.4 (0.2) 4.4 5.0 (26.3)
Interest over Loans, financing and debentures 6.6 10.1 29.1 49.6 25.9 39.6
Others (0.8) (2.0) (3.6) (7.6) (1.4) 3.6
(Increase) Decrease in Assets - - - - - -
Accounts receivable (9.2) (15.1) (13.3) (35.7) (19.8) (27.2)
Taxes Recoverable (4.2) (7.2) (13.2) (20.1) (4.6) (18.1)
Others 1.3 (11.0) (27.2) (6.8) 3.2 8.9
Increase (Decrease) in Liabilitie - - - - - -
Suppliers 35.1 12.2 100.3 111.4 35.1 69.3
Taxes Payable 9.4 4.0 18.4 21.0 16.0 -
Others 13.0 13.3 10.3 8.3 - 36.9
Cash from (used in) operational activities 72.8 64.7 197.3 266.6 91.8 168.1
Interest paid (5.0) (15.5) (18.8) (26.2) (13.5) (44.8)
Taxes paid (4.6) (4.3) (15.2) (19.3) (6.4) (4.9)
CASH FROM (USED IN) OPERATIONAL ACTIVITIES 63.2 44.9 163.3 221.1 71.9 118.4
Increases in Fixed Assets (78.1) (147.6) (264.3) (403.4) (143.3) (357.1)
Increases in Intangible Assets - (4.9) (6.3) (5.0) (8.4) (10.2)
Financial Investments (50.5) (12.7) (77.2) (9.8) (35.2) (69.2)
CASH FROM (USED IN) INVESTMENT ACTIVITIES (128.6) (165.2) (347.8) (418.2) (186.9) (436.5)
Funding 55.4 206.5 259.0 474.4 49.8 554.1
Others (22.6) (45.0) (54.1) (135.3) (46.8) (147.2)
Capital increase - - - - - 5.7
Dividends (0.9) (6.9) (8.1) (9.7) (1.7) (2.2)
CASH FROM (USED IN) FINANCIAL ACTIVITIES 31.9 154.7 196.8 329.4 1.3 410.3
Increase (Decrease) in Cash and cash equivalents (33.5) 34.3 12.2 132.3 (113.7) 92.2
 9M21 2021
(6.9) 1.6
111.4 157.6
13.9 21.0
35.9 44.1
58.5 82.8
(10.2) (26.2)
- -
(40.4) (60.2)
(35.5) (50.3)
(0.6) (12.5)
- -
51.6 48.8
11.7 24.9
22.7 179.0
219.6 411.3
(73.8) (70.0)
(6.1) (18.1)
139.7 323.2
(608.9) (827.7)
(19.5) (216.0)
(41.5) 0.1
(669.9) (1,043.5)
392.5 376.0
(28.5) (39.2)
1,215.4 1,215.4
(2.2) (2.2)
1,577.2 1,550.0
1,047.1 829.7