Slide 1: 1Q21 Results Presentation
1Q21 RESULTS PRESENTATION M AY, 1 7 T H , 2 0 2 1
Slide 2: Disclaimer
Disclaimer Forward Looking Statements Certain statements contained herein are forward-looking statements based on Management’s current estimates regarding future performance that may result in material differences regarding future results, performance and events. These prospects include future resul
Slide 3: Agenda
AGENDA Highlights Results 1Q21 ∣ CVC Corp Results 1Q21 ∣ Brazil Results 1Q21 ∣ Argentina Q&A
Slide 4: Strategy
Tourism ecosystem’s protagonist 2021: and leader company on the sector’s recovery, focused on meeting consumer dreams at all Strategy stages of their journey We are still committed with the GOVERNANCE AND MODERNIZATION INNOVATION preservation of the company's SUSTAINABILITY operations and with the i
Slide 5: Strategic Initiatives and Digital Evolution
Strategic Initiatives and Digital Evolution 5
Slide 6: Preparation for Sector Recovery
N AT I O N A L • Airlines and Hotels: blocking and flexibility for our customers • + 65 cities served by our hotel portfolio. • Deal with Rock In Rio: CVC as the Official Operator. Preparation for • Partnership and promotion to sell Thematic Cruises in 2021/22 Season • MSC and Costa Cruzeiros: +6% m
Slide 7: 1Q21: Sales and Boarding Brazil
1Q21: Sales and Boarding Brazil Confirmed Booking (new selling) – Brazil – R$ million Boarding Passenger (R$ thousands) and Average Ticket (R$) – Brazil Take Rate 1Q21 4Q20 1Q20 B2C 14.9% 12.2% 7.9% 66,9% 45,0% B2B 8.3% 6.4% 6.0% 38,8% 21,8% Brazil 11.9% 9.4% 7.1% 4,5% 2.680,9 91,7% 60,5% 62,7% 55,2
Slide 8: Recovery by Domestic Tourism
Recovery by Domestic Tourism Boarding Brazil – R$ million Net Revenue Brazil – R$ million 150,0% 90,0% 63,3% 75,9% 70,0% 52,4% 78,2% 100,0% 50,0% 56,2% 31,9% 63,1% 105,4% 30,0% 50,0% 7,8% 61,6% 22,8% 10,0% 16,3% 15,0% 3,7% 1.669,0 28,4% 7,6% -10,0% 19,9% 0,0% 0,7% 163,8 4,4% 1.276,9 -2,1% 1.055,8 -3
Slide 9: Agenda
AGENDA Highlights Results 1Q21 ∣ CVC Corp Results 1Q21 ∣ Brazil Results 1Q21 ∣ Argentina Q&A
Slide 10: Quarterly Evolution CVC Corp 1Q21
Quarterly Evolution CVC Corp 1Q21 Net Revenue, R$ million 64% 82% Net Revenue in 1Q21 higher than in 4Q20, 52% 57% 62% 42% with our better Take Rate offsetting drop in 289,6 13% 1% 22% 2% Boarding 162,8 165,9 -18% -38% Adjusted EBITDA showing continuous 62,0 -58% 3,0 -78% positive evolution 1Q20
Slide 11: Cash Flow and Financial Health CVC Corp 1Q21
Cash Flow F in an cial H ealth R$ Million 1Q21 1Q20 Net Income -81.5 -1,151.60 C V C C o rp 1Q21 Non-cash Itens 20.8 -1,080.00 • Cash consumption of R$ 158,0M (Increase) / decrease in working capital -97.3 402.5 Cash Flow From Operations -158 331 • in 1Q20 we had anticipation of receivables, in Cape
Slide 12: Working Capital Evolution
Working Capital Evolution Working Capital Evolution¹ – R$ million Working Capital Days 45 34 1Q21 1Q20 30 17 Accounts Receivable 76 41 1.389 1.306 1.319 Suppliers -28 -16 7 779 Advance to suppliers 55 14 15 -6 Advanced of travel agreements -130 -31 1T19 2T19 3T19 4T19 1T20 2T20 3T20 4T20 1T21 (405)
Slide 13: Indebtedness
Indebtedness Indebtedness – R$ million Principal Repayment Schedule of Total Debt – R$ million 587 2.277,8 18 178,0 1.639,3 155,0 1.312,1 130,5 217 569 2.099,9 1.671,8 21 119 154 1.484,3 - 1.181,5 18 53 15 4 198 196 728,3 600,2 101 101 15 0 0 4 1Q20 4Q20 1Q21 2Q21 3Q21 4Q21 2022 2023 2024 2025 Loans
Slide 14: Agenda
AGENDA Highlights Results 1Q21 ∣ CVC Corp Results 1Q21 ∣ Brazil Results 1Q21 ∣ Argentina Q&A
Slide 15: Quarterly Evolution CVC Brazil 1Q21
Quartely Evolution CVC Brazil 1Q21 Net Revenue, R$ million Net Revenue in 1Q21 higher than in 4Q20, 62% 61% 62% with our better Take Rate offsetting drop in 14% 1% Boarding 239,8 141,6 149,7 Positive progression on EBITDA in the last 56,9 quarters due to increased volume and 4,4 1Q20 2Q20 3Q20 4
Slide 16: CVC Brazil: Boardings and Net Revenue
CVC Brazil: Boardings and Net Revenue Boarding – R$ million Net Revenue – R$ million - -55.0% 37.6% 239,8 5.7% 2.680,9 -20.6% % do 4T20 % do 1T20 83,6 141,6 149,7 105.7% 62.4% 1.327,1 % do 4T20 % do 1T20 1.520,0 156,2 101.5% 56.3% 1.207,6 79.4% 45.0% 46,4 47,1 677,3 Margem 107.8% 65.7% 517,0 76.3% 3
Slide 17: CVC Brazil: Recurrent Operating Expenses
CVC Brazil: Recurrent Operating Expenses¹ 82,4% 9,9% 20,1% 14,8% 15,6% 6,0% 6,6% 6,1% 7,2% 284,0 260,2 19,5 265,9 239,3 22,2 244,7 19,6 20,4 22,3 15,0 224,3 5,3 29,5 37,2 11,9 20,4 175,6 4,9 6,2 187,9 6,3 149,2 145,5 127,8 15,5 14,1 130,9 145,0 137,9 20,9 175,0 141,6 150,6 108,1 76,2 100,4 81,3 63,5
Slide 18: Own Financing
Own Financing • Improvements in our systems Monthly Effectiveness of Own Financing – R$ million and in our Credit and Collection 40,0 70% structure, credit policies have 61% 35,0 60% been generating consistent 50% 30,0 42% 44% 50% positive results 37% 39% 25,0 33% 34% 40% • One-off increase in March
Slide 19: Agenda
AGENDA Destaques Results 1Q21 ∣ CVC Corp Results 1Q21 ∣ Brazil Results 1Q21 ∣ Argentina Q&A
Slide 20: Quarterly Evolution Argentina 1Q21
Quarterly Evolution Argentina 1Q21 Net Revenue, R$ million 77% 82% Restrictions on domestic flight numbers 62% 49,8 26% 33% 42% and border closures to high-volume 8% 22% -2% destinations, such as Brazil, with a 2% 21,2 -18% 16,2 significant impact on the recovery -38% 5,1 -58% (1,5) -78% Slower
Slide 21: Agenda
AGENDA Highlights Results 1Q21 ∣ CVC Corp Results 1Q21 ∣ Brazil Results 1Q21 ∣ Argentina Q&A
Slide 22: Q&A
Q&A To send your question to the list, please, press *1(asterisk-one). To remove your question from the list, press *2 (asterisk-two). 22
Slide 23: Attachments
Attachments 1 ¹ The following tables are available at 1Q21 Earnings Release 23
Slide 24: Non-Recurring events
Non-Recurring events R$M CVC CORP Non-recurring itens 1Q21 4Q20 1Q20 Covid Revenue Impact - - (5.6) Avianca - (4.2) (4.2) Covid PLL - - (40.9) Services (6.4) (4.4) - Other expenses 7.2 (0.2) (0.8) Other expenses Impact Covid - 6.2 - Intangible Impairment - - (684.1) EBITDA Impact 0.7 (2.6) (735.6) F
Slide 25: Table with Financial Information: CVC Corp
Table with Financial Information CVC Corp CVC Corp Variation (CVC Corp vs Earning Variation details CVC Corp - 2020 (1) Quarters Earning Releases (2) (3) Non-recurring adjusted in the (5) Releases) Final Adjustments correct quarters (4) [R$ M] 1Q20 2Q20 3Q20 4Q20 FY 1Q20 2Q20 3Q20 4Q20 FY 1Q20 2Q20
Slide 26: Table with Financial Information: Brazil
Ta b l e w i t h F i n a n c i a l I n f o r m a t i o n Brazil C V C B r a zVariation i l (Brazil Group vs Earning Detalhes das Variações (1) Brazil Group - 2020 Earning Releases (2) (3) (4) (5) Releases) Non-recurring Reclassifications & Changes (3) (4) [R$ M] 1Q20 2Q20 3Q20 4Q20 FY 1Q20 2Q20 3Q20
Slide 27: Table with Financial Information: Argentina
Table with Financial Information Argentina Argentina Variation (Argentina Group vs Argentina Group - 2020 (1) Earning Releases (2) (3) Earning Releases) [R$ M] 1Q20 2Q20 3Q20 4Q20 FY 1Q20 2Q20 3Q20 4Q20 FY 1Q20 2Q20 3Q20 4Q20 FY Bookings 545,6 68,8 168,0 337,4 1.119,9 596,1 75,7 165,7 337,4 1.174,9
Slide 28: Table with Financial Information: CVC Corp Cash Flow
Table with Financial Information CVC Corp | Cash Flow CVC Corp CVC Corp - 2020 (1) Variation (CVC Corp vs Quarters Earning Releases (2) Releases) (3) [R$ M] 1Q20 1S20 9M20 12M20 1Q20 1S20 9M20 12M20 1Q20 1S20 9M20 12M20 Net income (1.151,6) (1.403,7) (1.619,3) (1.226,7) (1.152) (1.404) (1.619) (1.22