Slide 1: Results Presentation 2020
Results Presentation 2020 March 29, 2021
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 1 Highlights 4Q20 & 2020 Results ∣ CVC Corp 2 4Q20 & 2020 Results ∣ Brasil 3 4Q20 & 2020 Results ∣ Argentina 4 Q&A 5 3
Slide 4: Our Values and Purpose
Our Values | The essential principles that define us: S O N H O (DREAM) We are proud We simplify with We operate with We are guided by We honor our innovation Transparency Sustainability commitments to serve We innovate and simplify We want leaders who play We want to make a We think like owners, We
Slide 5: 2020: A year of important actions
2020 | A year of important actions We focused on preserving our business and building the foundations for generating value NEW DEBT MANAGEMENT REFINANCING FOCUS ON CAPITALIZATION and RATING BUSINESS para brB (S&P) SYNERGY New Renewal of Identification and governance the Board and correction of model
Slide 6: 2021: Strategic Priorities
2021: Strategic Priorities Protagonist in the Tourism ecosystem and in the sector's recovery Attending to consumer dreams at every stage of their journey LEVERAGE REVISE INVEST strengths and eliminate weaknesses in new initiatives People Management Digital VHC Management - focus on Transform
Slide 7: Regulatory Update – rebooking, credits and refund
Regulatory Update – rebooking, credits and refund Provisional Measure (“MP”) #1,036/21 CVC Brazil Extends the reach of the previous law to events canceled or postponed until the CVC Corp acts in a very close way to its end of 2021 customers, proactively offering full support for the rescheduling of
Slide 8: Start of Resumption | 4Q20 Sales and Boardings
Start of Resumption | 4Q20 Sales and Boardings Confirmed Bookings (New Sales) – Brazil – R$ million Boarding Passengers (thousand) vs Average Ticket (R$) - Brazil 2020 % of 2019 2020 % of 2019 5,251.3 33.1% 5,941.5 47.1% Take 4Q20 Rate B2C 12.2% B2B 6.4% Brazil 9.4% Average Ticket (R$) • Sales resum
Slide 9: Start of Resumption | Domestic Tourism
Start of Resumption | Domestic Tourism Confirmed Bookings – Brazil – R$ Reservas million Confirmadas Brasil – R$ milhões Brazil Net Revenue - R$ million 2020 % of 2019 2020 % of 2019 National 3,857.5 42.5% National 344.0 41.4% 66% % of 2019 67% International 1,393.8 20,5% International 98.8 15.7% do
Slide 10: Agenda
Agenda Highlights 1 2 4Q20 & 2020 Results ∣ CVC Corp 4Q20 & 2020 Results ∣ Brazil 3 4Q20 & 2020 Results ∣ Argentina 4 Q&A 5 10
Slide 11: Results | Corp Quarterly Evolution | Corp
Results | Corp Quarterly Evolution | Corp • Operating Cash Generation 12M20 of R$ 848.6 MM vs R$ 260.7 MM in 12M19 Net Revenue | CVC Corp – R$ million • Capitalization process concluded with total amount of R$ 665.6 MM 2020 % of 2019 517.4 29.8% • Debt renegotiation concluded in November • In 4Q20,
Slide 12: Cash Generation of R$ 848.6 million in 2020
Cash Generation of R$ 848.6 million in 2020 Working Capital Evolution – R$ million Working Dias Capital de Capital deDays Giro 12M20 12M19 Accounts Receivable 63 64 Suppliers -27 -21 Advance to suppliers 45 15 Advanced of travel agreements -109 -41 Prepaid expenses 2 2 Other (net) -4 -2 Total Workin
Slide 13: Indebtedness
Indebtedness Indebtedness – R$ million Perfil of Principal Repayment Schedule daTotal Dívida Debt – R$ million 586 18 371 24 217 568 197 155 21 119 347 18 53 15 4 197 196 101 101 15 0 0 4 1T21 1Q21 2T21 2Q21 3T21 3Q21 4T21 4Q21 2022 2022 2023 2023 2024 2025 2025 4Q19 3Q20 4Q20 Debts and M&A Debentur
Slide 14: Agenda
Agenda Highlights 1 4Q20 & 2020 Results ∣ CVC Corp 2 3 4Q20 & 2020 Results ∣ Brazil 4Q20 & 2020 Results ∣ Argentina 4 Q&A 5 14
Slide 15: Results | BR Quarterly Evolution | BR
Results | BR Quarterly Evolution | BR 4Q20 resumption of domestic tourism... Net Revenue | Brazil – R$ million • More than 2 million passengers boarded vs 845 thousand in 3Q20 and 322 thousand in 2Q20 2020 % of 2019 • Increased take rate due to better new sales mix 442.8 30.4% • In 4Q20, income tax
Slide 16: Net Revenue | BR
Net Revenue | BR Bookings | BR – R$ million Net Revenue | BR – R$ million % of 2019 59.9% % of 2019 % of 2019 % of 2019 38.7% 33.1% 41.8% 30.4% 35.8% 75.9% 33.3% 32.0% 41.5% 34.2% 28.8% • Net revenue 4Q20 of R$ 142 million, +148.9% vs 3Q20; -40.1% vs 4Q19 4Q19 12M19 R$ Million 4Q20 12M20 Pro Forma P
Slide 17: Operating Expenses | BR
Operating Expenses | BR Evolution of Recurrent Expenses 1 | BR – R$ million and % ¹ including bank slip fee -21.2% • General and Administrative Expenses: +17.3% vs 4Q19 - IT expenses, governance and compliance program, reinforcements in the finance area and creation of the client area • Selling expe
Slide 18: Own Financing | BR
Own Financing | BR Higher quality in sales Pre Covid | BR – R$ million Post Covid | BR – R$ million • Portfolio related to sales pre-Covid period (until March 2020) suffered a great impact of defaults • New sales post-Covid presenting lower default rates even than the historical average, due to the
Slide 19: Agenda
Agenda Highlights 1 4Q20 & 2020 Results ∣ CVC Corp 2 4Q20 & 2020 Results ∣ Brazil 3 4 4Q20 & 2020 Results ∣ Argentina Q&A 5 19
Slide 20: Results | ARG Quarterly Evolution | ARG
Results | ARG Quarterly Evolution| ARG Market more strongly impacted by less relevance of Net Revenue | CVC Corp Argentina – R$ million domestic tourism % of 2020 2019 Sales resumption and shipments at a lower level than 74.5 26.7% in Brazil 4Q20 12M20 vs 4Q19 Pro Forma vs 12M19 Pro Forma BOOKINGS R
Slide 21: Agenda
Agenda Highlights 1 4Q20 & 2020 Results ∣ CVC Corp 2 4Q20 & 2020 Results ∣ Brazil 3 4Q20 & 2020 Results ∣ Argentina 4 5 Q&A 21
Slide 22: Appendix: Support Information
Appendix SUPPORT INFORMATION 22
Slide 23: Non-Recurring Items
Non-Recurring Items R$M CVC CORP CVC CORP 4Q19 12M19 Non-recurring effects 4Q20 12M20 Pro Forma Pro Forma Covid Revenue Impact - - 9.7 - Other Revenue Impact - (23.2) - - Avianca 4.2 (14.7) 16.6 142.6 Covid PLL (23.8) - 40.9 - Others (31.6) (24.5) (12.1) (74.6) Other expenses - Covid Impact (10.6) -
Slide 24: Operating Expenses
Operating Expenses Recurring Operational expenses as 3@20 reported Selling expenses 57,5 21,5 ‘ES 61,6 General and administrative expenses 127,8 108,1 132,7 183,9 Other operational expenses 19,6 13,9 8,5 37,9 Bank fee slip 19,8 (5,0) 49 47 Operational Expenses with bank fee slips 224,77 1384 159,6 2
Slide 25: Ebitda Brazil Comparative Table
Ebitda Brazil Comparative Table 27
Slide 26: CVC Corp EBITDA Comparative Table
CVC Corp EBITDA Comparative Table EBITDA Adjusted 1Q20 2Q20 3Q20 4Q20 12M20 non-recurring adjustments as reported EBITDA (741,4) (197,5) (141,7) (109,9) (1.190,6) (-) non-recurring (777,1) (35,0) (27,0) 61,8 (777,4) EBITDA Adjusted 35,6 (162,5) (114,7) (171,7) (413,2) (+) Bank slip fee (19,6) 5,1 (4
Slide 27: Income Statement 2020 CVC Corp - Accounting and Recurring
Income Statement 2020 CVC Corp - Accounting and Recurring 4Q20 12M20 Income Statement - CVC Corp - Accounting / Run rate Non Non R$MM Accounting Run Rate Accounting Run Rate Recurring Recurring Net Revenue 162.8 0.0 162.8 517.3 9.7 527.0 Selling (44.3) (23.8) (68.1) (226.5) 40.9 (185.6) General and
Slide 28: Income Statement 2020 CVC Brazil - Accounting and Recurring
Income Statement 2020 CVC Brazil - Accounting and Recurring 4Q20 12M20 Income Statement - BRAZIL - Accounting / Run rate Non Non R$MM Accounting Run Rate Accounting Run Rate Recurring Recurring Net Revenue 141.6 0.0 141.6 442.8 9.7 452.5 Selling (37.8) (23.8) (61.6) (195.0) 40.9 (154.1) General and