Slide 1: Results Presentation 1Q20
Results Presentation 1Q20 October 1, 2020
Slide 2: Disclaimer: Forward Looking Statements
Disclaimer Forward Looking Statements Certain statements contained herein are foward-looking statements based on Management’s current estimates regarding future performance that may result in material diferences regarding future results, performance and events. These prospects include future results
Slide 3: Agenda
Agenda 1 Highlights 1Q20 Results ∣ Brazil 2 1Q20 Results ∣ Argentina 3 1Q20 Results ∣ CVC Corp 4 Q&A 5 3
Slide 4: Financial Highlights
Financial Highlights Highlights Resilient Business Model 1Q20 vs 1Q19 pro forma • Positive cash generation and sufficient short-term liquidity to face a new scenario BOOKINGS R$3.3 Bi -31.1% Capitalization • Success in the first stage, with 100% of the ADJUSTED R$13 MM -91% proposed total paid in, t
Slide 5: Success in the first stage of capitalization
Success in the first stage of capitalization Broad shareholder support reflects our ability to lead the resumption in the tourism sector AGO Closing subscription R$269 million R$302 million 14 period • Subscription of 100% of the proposed quantity • Strengthening of the cash position SET Closing of
Slide 6: COVID-19 Extraordinary Impacts in 1Q20 Towards the resumption
COVID-19 Extraordinary Impacts in 1Q20 Towards the resumption Bookings Intangible assets of April, May and June: close to zero R$637.5 IMPAIRMENT acquired businesses, Starting in July: consistent growth MM mainly Argentina 1st half of September: 40% same period 2019 Partner Hotels May be reversed in
Slide 7: Agenda
Agenda Highlights 1 2 1Q20 Results ∣ Brazil 1Q20 Results ∣ Argentina 3 1Q20 Results ∣ CVC Corp 4 Q&A 5 7
Slide 8: Net Revenue | BR
Net Revenue | BR Bookings | BR Net Revenue | BR - R$ million B2C B2B B2C B2B -33.1 -38.1% 4,007 387 9.3% 2,681 134 240 1,868 7.2% 7.6% 1,327 84 6.0% 253 2,139 1,354 156 Take rate 10.9% 8.9% 1Q19 1Q20 1Q19 1Q20 Pro forma Pro forma • Bookings: R$2.7Bi, decrease of 33.1% mainly due to COVID-19 and lowe
Slide 9: Operating Expenses | BR
Operating Expenses | BR Recurring Operating Expenses¹ | BR – R$ million Evolution of Recurring Expenses¹ | BR – % % change vs. Same period previous year -10% 241.0 13.7% 218.3 11.1% 0.3% -0.4% 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 1Q20 Pro forma -9.8% • Recurring Operating Expenses including bank fee slips:
Slide 10: Own Financing | BR
Own Financing | BR 38.2% 250 40.0% 13.0% 14.2% 22.8% 11.0% 10.6% 11.3% 11.3% 10.6% 20.0% 200 0.0% -20. 0% 150 -40. 0% -60. 0% 100 189 195 175 172 -80. 0% 149 151 123 -100.0% 50 79 -120.0% 42 0 -140.0% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 Consumer Loan s Portfolio - CVC Credit Desk (R$ mln) P
Slide 11: EBITDA & Net Income | BR
EBITDA & Net Income | BR Adjusted EBITDA | BR – R$ million Adjusted Net Income (Loss) | BR – R$ million -79% 133 -166% 46 Margin 11.8% 28 EBITDA Margin 34.3% 11.7% 1Q19 1Q20 1Q19 1Q20 Pro Forma -12.6% Pro Forma (30) • Adjusted Net Loss of R$30 million, compared to adjusted • In 1Q20, Adjusted EBITDA
Slide 12: Agenda
Agenda Highlights 1 1Q20 Results ∣ Brazil 2 3 1Q20 Results ∣ Argentina 1Q20 Results ∣ CVC Corp 4 Q&A 5 12
Slide 13: Argentina | 1Q20
Argentina | 1Q20 Bookings - R$ million EBITDA - R$ millions Net Income - R$ million -20% -447% 1Q19 746 Pro Forma 1Q20 12 596 -1 Margin 19% EBITDA -2.2% -31.4% 1Q19 1Q20 Margin Pro Forma -85,8% -16 -43 1Q19… 1Q20 • Decrease of 20.1% in bookings as a result of the COVID-19 pandemic. • EBITDA was nega
Slide 14: Agenda
Agenda Highlights 1 1Q20 Results ∣ Brazil 2 1Q20 Results ∣ Argentina 3 4 1Q20 Results ∣ CVC Corp Q&A 5 14
Slide 15: Results CVC Corp
Results CVC Corp Bookings – R$ million Net Revenue – R$ million -31% -36% 4,753 452 3,277 290 Margin 9% 8% 1Q19 1Q20 1Q19 1Q20 Pro Forma Pro Forma Adjusted EBITDA – R$ million Adjusted Net Income (Loss) - R$ million -90% -226% 131 58 Margin 13% 13 1Q19 1Q20 EBITDA Margin 29% 4% Pro Forma 8% 1Q19… 1Q
Slide 16: Cash Generation of R$331 million in 1Q20
Cash Generation of R$331 million in 1Q20 Operating Cash Generation - R$ million Working Capital in Days 2018 2019 2020 1Q20 1Q19 331 Accounts receivable 41 82 Suppliers / Advance to suppliers -2 5 1 Advanced of travel agreements -31 -47 Prepaid expenses 1 8 1Q Others (net) -1 -2 Change in Working Ca
Slide 17: Indebtedness
Indebtedness Debt Profile Net Debt Accounts Payable - Acquisition Discount Receivables 1,487.9 1,728.1 682 0.0 440.0 1,501.8 634 1,441.3 262.0 15 34 229.1 229.1 299.2 410 365.7 329 41 20 668 1,466.1 600 1,272.7 1,272.7 125 140 369 125 776.3 308 15 0 25 100 125 125 0 1Q18 4Q19 1Q20 1Q20 2Q20 3Q20 4Q2
Slide 18: ROIC
ROIC CVC corp 23.0% 20.1% 20.8% 18.1% - e 1Q19' 2Q19' 3Q19' 4Q19' 1920! 1: New methodology
Slide 19: Agenda
Agenda Highlights 1 1Q20 Results ∣ Brazil 2 1Q20 Results ∣ Argentina 3 1Q20 Results ∣ CVC Corp 4 5 Q&A 19