EARNINGS RELEASE 1Q24
CONFERENCE CALL
With simultaneous translation
May 03, 2024
10h (Brasília Time) / 09h (NY Time)
Zoom:
Click hereor access via QR Code 812 2754 0307
Contact IR
- A. Emílio C. Fugazza
- Pedro Tadeu T. Lourenço
- Christian de Melo
- Giovanna Bittencourt
- Thiago Burgese
Tel.: +55 (11) 5056-8313ri@eztec.com.br ri.eztec.com.br/en/
Launch 1Q24
Delivery Expected 3Q27
EARNINGS RELEASE 1Q24
SUMMARY | |
1Q24 HIGHLIGHTS | 4 |
MANAGEMENT'S COMMENTS | 5 |
BALANCE SHEET | 6 |
INCOME STATEMENT | 7 |
FINANCIAL INDICATORS | 8 |
REVENUE, COST & GROSS PROFIT | 8 |
SELLING EXPENSES | 10 |
ADMINISTRATIVE EXPENSES | 11 |
EQUITY INCOME | 12 |
RESULTS TO BE RECOGNIZED | 13 |
FINANCIAL RESULTS | 14 |
CASH AND DEBTS | 15 |
OPERATIONAL INDICATORS | 16 |
LAUNCHES | 16 |
OPERATIONS INFORMATIONS | 17 |
SALES & CANCELLATIONS | 18 |
DIRECT RECEIVABLES PORTFOLIO | 20 |
INVENTORY | 21 |
LANDBANK | 22 |
EZ INC | 24 |
CAPITAL MARKETS | 25 |
ADDITIONAL VALUE | 25 |
INTERNAL CONSENSUS | 26 |
ANnEXeS | 28 |
CASH FLOW | 28 |
PoC EVOLUTION | 29 |
INVENTORY BY PROJECT | 30 |
REVENUE BY PROJECT | 32 |
RESULTS FOR SHARED CONTROL PROJECTS | 34 |
EZ INC | 35 |
3
EARNINGS RELEASE EARNINGS RELEASE 1Q24
1Q24 HIGHLIGHTS
26% vendido*
Mooca Città (Milano & Firenze)
19% vendido* Lindenberg Vista Brooklin
*Considering the total private area sold up to the date of this disclosure
Net profit of R$57 million is 34% higher than 1Q23, gross & net margins increased by 5.7 p.p and 6.4 p.p in the last year.
The company announced a R$458 launch, representing a 52% expansion compared to the previous quarter. Sales increased by 47%
Financial Highlights
Net Revenue (R$ k)
1Q24
239,186
4Q23
337,929
%Var
-29.2%
1Q23
250,784
%Var
-4.6%
Gross Profit (R$ k) | 81,709 | 112,508 | -27.4% | 71,285 | 14.6% |
Gross Margin | 34.2% | 33.3% | 0.9 p.p | 28.4% | 5.7 p.p |
Net Income (R$ k) | 56,706 | 82,798 | -31.5% | 42,225 | 34.3% |
Net Margin | 23.7% | 24.5% | -0.8 p.p | 16.8% | 6.9 p.p |
Earnings per Share (R$) | 0,26 | 0,36 | -27.8% | 0,19 | 36.8% |
Net Debt (Cash) (R$ k) | 84,579 | 93,895 | -9.9% | (180,365) | -146.9% |
Cash Generation (Burn) (R$ k) | 9,316 | (75,382) | -112.4% | (60,786) | -115.3% |
Operational Highlights
1Q24
4Q23
%Var
1Q23
%Var
# of Projects/Phases Launched | 3 | 1 | 200.0% | 1 | 200.0% |
PSV %EZTEC (R$ k) | 457,537 | 300,000 | 52.5% | 127,000 | 260.3% |
Gross Sales %EZTEC (R$ k) | 333,393 | 254,883 | 30.8% | 413,950 | -19.5% |
Net Sales %EZTEC (R$ k) | 302,617 | 205,914 | 47.0% | 366,295 | -17.4% |
Total Inventory (R$ mn) | 2,997,010 | 2,664,484 | 12.5% | 2,567,118 | 16.7% |
Net SoS | 9.2% | 7.2% | 2 p.p | 12.5% | -3.3 p.p |
# of Active Construction Sites | 17 | 16 | 6.3% | 19 | -10.5% |
Total Landbank (R$ mn) | 9,142.088 | 9,366.178 | -2.4% | 8,343.711 | 9.6% |
São Paulo, May 02, 2024 - EZTEC S.A. (B3: EZTC3), with 45 years of existence, stands out as one of the most profitable companies in the construction and development sector in Brazil. The Company announces its results for the fourth quarter of 2023 (4Q23). EZTEC's operational and financial information, except where otherwise indicated, is presented based on consolidated figures and in thousands of Reais (R$), prepared in accordance with Accounting Practices Adopted in Brazil ("BR GAAP") and the international financial reporting standards (IFRS) applicable to real estate development entities in Brazil, as approved by the Accounting Pronouncements Committee (CPC), the Securities and Exchange Commission (CVM) and the Federal Accounting Council (CFC). Non-accounting and non-financial data were not audited by Independent Auditors.
4
EARNINGS RELEASE 1Q24
MANAGEMENT'S 2024 COMMENTS
The EZTEC administration announces the results for the first quarter of 2024. This quarter records launches of R$458 million, gross margin of 34.2%, net margin of 23.7%, and profit of R$57 million. After focusing on the sales performance of products under construction in the last fiscal year, the Company starts this year aiming at the evolution of its launch volume.
EZTEC launched three projects targeting medium-high and high-income audiences in this quarter. The first two launches came from a plot of land in Mooca in partnership with Aguassanta DI. Near the future Mooca Park, the location is the birthplace of a future residential complex of over R$1.5 billion in total PSV, which received its first phase in January with the launches of the Mooca Città - Milano and Mooca Città - Firenze projects. Both projects are aimed at the medium- high-income audience and have a 50% stake from the Company, with PSV %EZTEC of R$85 million and R$130 million, and are 41% and 15% sold, respectively.
The high-standard Lindenberg Vista Brooklin project, a result of our joint venture with Construtora Adolpho Lindenberg, was our third launch of the quarter. Launched near the end of March, it is 19% sold. With a PSV %EZTEC of R$243 million, this project completes the R$458 million launched at the beginning of the year, a value 261% higher than that launched in the same period of 2023 and 53% higher than 4Q23.
The higher volume of launches supported a 47% expansion in net sales in the quarter vs. 4Q23. In addition to the expansion in launches, the Company also began offering discounts on its inventories, especially on finished products, at the end of the quarter to accelerate the turnover of its assets and anticipate the capture of the margin from the ready units that fully transition into results.
Financially, a 0.9p.p. expansion in gross margin against 4Q23 and a 5.7p.p. expansion compared to 1Q23 were observed. The main reason for this expansion is associated with the conclusion of additional expenses related to EZ Parque da Cidade project and the delivery of R$1.8 billion in PSV of projects launched between 2019 and 2020, which were 85% sold and were greatly affected by the inflation in construction costs during the Covid-19 pandemic.
Furthermore, the decrease in revenue compared to the previous quarter is partly associated with the absence of onetime effects such as overcoming suspensive clauses in projects, similar to what happened with Lindenberg Ibirapuera in the previous quarter. However, if we look at net margins and net profit, we can see the maintenance of a margin above 23% and a net profit that expanded by 34% compared to the same period in 2023.
Finally, as usual, the Board approved the payment of dividends on quarterly profits. The total amount will be R$13.2 million, approximately R$0.06 (six cents) per share to be paid on May 31, 2024.
Best Regards,
THE MANAGEMENT
Arbitration Chambers: Pursuant to Article 41 from EZTEC's Bylaws, the Company, its shareholders, Management, and members of the Audit Committee are obliged to resolve each and every of dispute and controversy that may arise among them through arbitration towards The Chamber of Arbitration of the Market (Câmara de Arbitragem do Mercado), especially in regard to the application, the validity, the efficacy, interpretation, and violation of its effects, of the the Corporation Law (Lei das Sociedades por Ações), of the Company's Bylaws, of the norms edited by the National Monetary Council, by the Central Bank of Brazil or by CVM, as well as of the remaining norms applicable to the functioning of the capital market in general, and of the Novo Mercado Regulation, the Arbitration Regulation, the Sanction Regulation, and the Participation Contract in Novo Mercado.
Relationship with Independent Auditors: In compliance with CVM Resolution number 162/22 we inform that the independent auditors Ernst & Young Auditores Independentes S.S. did not provide services other.
5
EARNINGS RELEASE 1Q24
BALANCE SHEET
Period ended March 31, 2024 | 1Q24 | |||
In thousand of Brazilian Reais (R$) | ||||
ASSETS | 5,880,726 |
4Q23
5,879,316
Click and access the
data in Excel
%Var | 1Q23 |
0.0% | 5,601,273 |
%Var
5.0%
CURRENT ASSETS | 2,482,114 | 2,510,852 | -1.1% | 2,491,298 | -0.4% | ||||||||
Cash and Cash Equivalents | 38,368 | 84,186 | -54.4% | 36,971 | 3.8% | ||||||||
Financial Investments | 725,666 | 678,090 | 7.0% | 752,458 | -3.6% | ||||||||
Trade Accounts Receivable | 289,524 | 313,016 | -7.5% | 320,651 | -9.7% | ||||||||
Provision for Doubtful Accounts | (19,500) | (16,821) | 15.9% | (18,013) | 8.3% | ||||||||
Real Estate Held for Sale | 1,416,596 | 1,422,577 | -0.4% | 1,362,800 | 3.9% | ||||||||
Recoverable Taxes | 9,145 | 8,905 | 2.7% | 9,492 | -3.7% | ||||||||
Other Receivables | 22,315 | 20,899 | 6.8% | 26,939 | -17.2% | ||||||||
NON-CURRENT ASSETS | 3,398,612 | 3,368,464 | 0.9% | 3,109,975 | 9.3% | ||||||||
Trade Accounts Receivable | 906,532 | 903,841 | 0.3% | 774,622 | 17.0% | ||||||||
Real Estate Held for Sale | 1,742,499 | 1,668,196 | 4.5% | 1,535,346 | 13.5% | ||||||||
Recoverable Taxes | 41,658 | 39,792 | 4.7% | 32,794 | 27.0% | ||||||||
Due To Related Parties | 82,277 | 79,016 | 4.1% | 21,381 | 284.8% | ||||||||
Notes Receivable | 5 | 103 | -95.1% | 16,727 | -100.0% | ||||||||
Other Receivables | 102,429 | 139,883 | -26.8% | 136,788 | -25.1% | ||||||||
Goodwill over Investments | 68,480 | 69,918 | -2.1% | 73,565 | -6.9% | ||||||||
Investments | 421,788 | 431,323 | -2.2% | 469,691 | -10.2% | ||||||||
Property and Equipment | 30,099 | 34,188 | -12.0% | 47,271 | -36.3% | ||||||||
Intangible | 2,845 | 2,204 | 29.1% | 1,790 | 58.9% | ||||||||
LIABILITIES | 1,118,981 | 1,174,252 | -4.7% | 1,033,538 | 8.3% | ||||||||
CURRENT LIABILITIES | 271,950 | 402,620 | -32.5% | 454,575 | -40.2% | ||||||||
Suppliers | 55,131 | 52,607 | 4.8% | 64,087 | -14.0% | ||||||||
Payroll Obligations | 9,048 | 8,071 | 12.1% | 11,921 | -24.1% | ||||||||
Tax Obligations | 22,897 | 26,102 | -12.3% | 24,105 | -5.0% | ||||||||
Loand and Financing | 41,558 | 132,246 | -68.6% | 70,370 | -40.9% | ||||||||
Debentures | 13,206 | 4,225 | 212.6% | 15,919 | -17.0% | ||||||||
Trade Accounts Payable | 15,571 | 36,329 | -57.1% | 34,370 | -54.7% | ||||||||
Reserve for Guarantee | 11,796 | 12,179 | -3.1% | 7,077 | 66.7% | ||||||||
Advances from Customers | 87,875 | 94,286 | -6.8% | 131,791 | -33.3% | ||||||||
Land Payable | 616 | 1,624 | -62.1% | 78,784 | -99.2% | ||||||||
Dividends Payable | - | 19,666 | -100.0% | - | n.a | ||||||||
Due to Related Parties | 850 | 872 | -2.5% | 856 | -0.7% | ||||||||
Deferrend Taxes | 10,653 | 11,540 | -7.7% | 12,305 | -13.4% | ||||||||
Use Rights Payable | 2,749 | 2,873 | -4.3% | 2,990 | -8.1% | ||||||||
NON-CURRENT LIABILITIES | 847,031 | 771,632 | 9.8% | 578,963 | 46.3% | ||||||||
Loans and Financing | 493,901 | 419,907 | 17.6% | 223,447 | 121.0% | ||||||||
Debenture | 299,948 | 299,793 | 0.1% | 299,328 | 0.2% | ||||||||
Land Payable | - | - | n.a | - | n.a | ||||||||
Reserve for Guarantee | 5,640 | 4,525 | 24.6% | 6,530 | -13.6% | ||||||||
Reserve for Contigencies | 5,676 | 5,676 | 0.0% | 10,182 | -44.3% | ||||||||
Deferred Taxes | 36,210 | 35,845 | 1.0% | 29,678 | 22.0% | ||||||||
Other Debts to Third Parties | 388 | 388 | 0.0% | 2,389 | -83.8% | ||||||||
Use Rights Payable | 5,268 | 5,498 | -4.2% | 7,409 | -28.9% | ||||||||
SHAREHOLDERS'S EQUITY | 4,761,744 | 4,705,064 | 1.2% | 4,567,735 | 4.2% | ||||||||
CONTROLLING SHAREHOLDERS' EQUITY | 4,702,532 | 4,645,827 | 1.2% | 4,511,872 | 4.2% | ||||||||
Social Capital | 2,888,997 | 2,888,997 | 0.0% | 2,888,997 | 0.0% | ||||||||
Capital Reserve | 38,297 | 38,297 | 0.0% | 38,297 | 0.0% | ||||||||
Cost of Shares Emission | (40,754) | (40,754) | 0.0% | (40,754) | 0.0% | ||||||||
Treasury shares | (45,181) | (45,181) | 0.0% | (45,181) | 0.0% | ||||||||
Earnings Reserves | 1,860,294 | 1,620,828 | 14.8% | 1,677,702 | 10.9% | ||||||||
Accumulated Profits | 56,706 | 239,467 | -76.3% | 42,225 | 34.3% | ||||||||
Goodwill on Transactions with Partners | (55,827) | (55,827) | 0.0% | (49,414) | 13.0% | ||||||||
NON-CONTROLLING SHAREHOLDERS' EQUITY | 59,212 | 59,237 | 0.0% | 55,863 | 6.0% |
6
EARNINGS RELEASE 1Q24
INCOME STATEMENT
Click and access the
data in Excel
Period ended March 31, 2023
In thousand of Brazilian Reais (R$)
GROSS REVENUE
(+) Revenue from Sale of Real Estate
1Q24
268,568
262,859
4Q23
380,118
374,266
%Var | 1Q23 |
-29.3%282,351
-29.8% 276,926
%Var
-4.9%
-5.1%
(+) Revenue from Services and Rental | 5,709 | 5,852 | -2.4% | 5,425 | 5.2% | |||||||||
DEDUCTIONS FROM GROSS REVENUE | (29,381) | (42,188) | -30.4% | (31,567) | -6.9% | |||||||||
(-) Cancelled Sales | (23,771) | (34,506) | -31.1% | (25,545) | -6.9% | |||||||||
(-) Taxes on Sales | (5,610) | (7,682) | -27.0% | (6,022) | -6.8% | |||||||||
NET REVENUE | 239,186 | 337,930 | -29.2% | 250,784 | -4.6% | |||||||||
COSTS OF REAL ESTATE SOLD, RENTALS AND SERVICES | (157,477) | (225,421) | -30.1% | (179,499) | -12.3% | |||||||||
(-) Site / Land Costs | (152,844) | (217,432) | -29.7% | (172,699) | -11.5% | |||||||||
(-) Capitalized Financial Charges | (2,281) | (5,278) | -56.8% | (3,423) | -33.4% | |||||||||
(-) Inventory Maintenance and Collateral | (2,352) | (2,711) | -13.2% | (3,377) | -30.4% | |||||||||
GROSS PROFIT | 81,709 | 112,509 | -27.4% | 71,285 | 14.6% | |||||||||
(%) Gross Margin | 34.2% | 33.3% | 0.9 p.p | 28.4% | 5.7 p.p | |||||||||
OPERATIONAL REVENUES / (EXPENSES)) | (49,742) | (42,005) | 18.4% | (42,095) | 18.2% | |||||||||
(-) Selling Expenses | (21,251) | (30,510) | -30.3% | (24,931) | -14.8% | |||||||||
(-) Administrative Expenses | (34,443) | (36,642) | -6.0% | (31,235) | 10.3% | |||||||||
(-) Tax Expenses | (2,845) | (1,498) | 89.9% | (2,798) | 1.7% | |||||||||
(+) Equity Income | 11,110 | 21,059 | -47.2% | 17,333 | -35.9% | |||||||||
(+) Other Expenses / Operational Revenues | (2,313) | 5,586 | -141.4% | (464) | 398.5% | |||||||||
EBIT | 31,967 | 70,504 | -54.7% | 29,190 | 9.5% | |||||||||
FINANCIA RESULT | 30,864 | 23,726 | 30.1% | 24,322 | 26.9% | |||||||||
(+) Financial Revenue | 42,805 | 35,383 | 21.0% | 36,663 | 16.8% | |||||||||
(-) Financial Expense | (11,941) | (11,657) | 2.4% | (12,341) | -3.2% | |||||||||
EARNINGS BEFORE INCOME TAX AND SOCIAL CONTRIBUTION | 62,831 | 94,230 | -33.3% | 53,512 | 17.4% | |||||||||
INCOME TAX AND SOCIAL CONTRIBUTION C | (6,584) | (8,150) | -19.2% | (7,482) | -12.0% | |||||||||
(-) Current | (6,786) | (7,433) | -8.7% | (7,063) | -3.9% | |||||||||
(-) Deferred | 202 | (717) | -128.2% | (419) | -148.2% | |||||||||
ATTRIBUTABLE TO NON-CONTROLLING | 459 | (3,281) | -114.0% | (3,805) | -112.1% | |||||||||
NET INCOME (ATTRIBUTABLE TO CONTROLLING SHAREHOLDERS) | 56,706 | 82,798 | -31.5% | 42,225 | 34.3% | |||||||||
(%) Net Margin | 23.7% | 24.5% | -0.8 p.p | 16.8% | 6.9 p.p | |||||||||
7
EARNINGS RELEASE 1Q24
FINANCIAL INDICATORS
REVENUE, COST & GROSS PROFIT
Gross Margin
34.2%
1st Quarter
↑0.90 p.p. vs 4Q23 ↑5.70 p.p vs 1Q23
With the deliveries of projects launched between 2019 and 2020, the Company's gross margin recovers 0.9p.p. vs Q423 and advances 5.7p.p. in 12 months. It is interesting to note that throughout 2020, 2021 and 2022, the INCC (National Construction Cost Index) was 8.81%, 13.85% and 9.28% p.a., respectively, which generated significant challenges for maintaining the margins of projects under construction in these periods. However, inflation in the last 12 months has been 3.36%, allowing for a greater capacity to absorb inflation in prices and better control of construction budgets, favoring the maintenance of feasibility margins in recently launched projects.
In the absence of one-off effects in the quarter, the revenue reduction is due to the surpassing of the suspension clause of Lindenberg Ibirapuera in Q423. Having its first phase announced in June 2023, the Lindenberg Ibirapuera project surpassed the suspension clause after six months of its incorporation registration, and the result of its sold units was incorporated into the results in Q423. It is important to note that the project was 20% sold (in the consolidated total of the two phases) and 61% executed, which resulted in an increase of R$70 million in revenue in the last quarter. Without new one-offeffects, revenue remained stable, in line with that observed in the other quarters of last year.
Gross profit expanded by R$11 million compared to 1Q23, margin increased by 5.7 percentage points in the last 12 months
Quarterly evolution of profit and gross margin
R$ million and percentage
32.4% | 32.3% | 33.3% | 34.2% |
28.4%
113 | ||||
71 | 79 | 81 | 82 | |
1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 |
The weight of projects launched before 2020 is losing relevance as they are delivered
Net Revenue and Gross Margin by year of launch
2024 | 2023 | 2022 | 2021 | 2020 | <= 2019 | EZ INC | FIT CASA | |||||||
1Q24
1Q23
R$ 110 mi | ||||||||||
R$ 20 mi | R$ 54 mi | |||||||||
38% MB | 34% MB | 33% MB | ||||||||
R$ 28 mi | R$ 65 mi | R$ 51 mi | ||||||||
32% MB | 29% MB | 25% MB | ||||||||
R$ 88 mi 27% MB
R$ 13 mi 38% MB | R$ 23 mi 27% MB | R$ 4 mi 88% | MB | R$ 17 mi 32% MB | ||
R$ 14 mi 24% MB | ||||||
R$ 4 mi 80% MB | ||||||
0% | 10% | 20% | 30% | 40% | 50% | 60% | 70% | 80% | 90% | 100% |
8
EARNINGS RELEASE 1Q24
With the reduction in the number of construction sites due to deliveries, costs were also reduced
Quarterly Costs Evolution
225 | |||
179 | 164 | 170 | |
157 | |||
R$ million
1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 |
Construction & Land Cost
97.1%
Of the quarter's
costs
An average EZTEC project is much larger than an average project built in Brazil. As
is expected, the larger the project, the greater the weight of steel, cement, aluminum, among other inputs in its cost basket, tends to be. Such projects may be common to the São Paulo market, but do not reflect the national average. The INCC, a reference index for construction inflation in Brazil, had its calculation model recently revised by FGV and as of July/23 new parameters began to be adopted, possibly more in line with the Company's cost dynamics.
Capitalized Financial Charges
1.4%
Of the quarter's
costs
Volume of SFH debt. In the real estate market, in accounting, interest on construction financing is capitalized at the cost of the product, instead of being considered as a financial expense, as it arises from the production process. However, this interest becomes an expense under the Interest and Passive Monetary Variation line once the project is delivered.
Maintenance & Collateral
1.5%
Of the quarter's
costs
The Company maintains in its contracts maintenance and guarantee clauses for its
developments for up to 5 years after the keys have been handed over. The provisions seek to anticipate the financial effects of the guarantees provided by the Company on its developments. After 5 years, the unrealized portion of this provision will be reversed.
9
EARNINGS RELEASE 1Q24
SELLING EXPENSES
The early completion of the stands for the quarter's launches generated variations in commercial expenses. As communicated in the last disclosure, the Company was already preparing for the launch of the new projects: Mooca Città Firenze, Milano, and Lindenberg Vista Brooklin, applying most of the resources to the preparation of the stands for these projects in the last quarter. In addition, it is important to note that the values of expenses with commissions are recognized in the same proportion as the PoC (Percentage of Completion) of the projects. With that, since there was a large volume of deliveries in the last quarter of well-soldprojects, the expenses with the commission of sales of the units sold and delivered were fully recognized, reducing this line, even with a higher volume of sales in this quarter.
Period ended March 31, 2024 | 1Q24 | ||
In thousand of Brazilian Reais (R$) | |||
SELLING EXPENSES | 21,251 | ||
Advertising and others | 5,140 |
Adverstising and Commissions Expenses
Spending on advertising and commissions has risen due to the campaigns aimed at selling the inventory ready for sale and under construction.
Expenses with sales stands and models
In addition to the expenses with the regular booths/decorations, this line includes depreciation and expenses for the maintenance of the mega stores.
Maintenance and Inventory
A higher volume of inventory and a higher volume of projects delivered under warranty contribute to higher maintenance costs.
4Q23 | %Var | 1Q23 | %Var | ||
30,510 | -30.3% | 24,931 | -14.8% | ||
7,454 | -31.0% | 8,989 | -42.8% |
Sales stand and models | 7,718 | 13,571 | -43.1% | 6,070 | 27.1% |
Sales Commission | 4,412 | 6,319 | -30.2% | 6,001 | -26.5% |
Expenses with units in inventory | 3,981 | 3,166 | 25.7% | 3,871 | 2.8% |
The early recognition of stand expenses reduced the result of this line in this quarter
Quarterly composition by category - 12 months
- 10 20 30 40 50
A greater focus on launches shifts advertising costs to stands and decorated apartments.
Annual comparision by category
- | 2 | 4 | 6 | 8 | 10 |
Advertising and others
Sales stand and models
Sales Commission
Expenses with units in
inventory
7 | 11 | 14 | 8 |
12 | 10 | 7 | 5 |
7 | 4 | 6 | 4 |
4 3 3 4
R$ milhões
2Q23
3Q23
4Q23 1Q24
Advertising and others
Sales stand and models
Sales Commission
Expenses with units in
inventory
1Q24
1Q23
R$ Million
10