Eornings
Releose
1@25
Padtec Holding SP. May O7th, 2O25
Raaults Webcast
Thursday May OBth, at 1O:OO mm. (Sko Paulo, Brazil time) Zoom platform
The webcast will be hocted in Portuguese. Acess www padtec.oo mto add the meeting to your calendar.
/›adtec
Investor Relations ri@podtec.com.br
+55 19 210L-9703
PDTC
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1Q25 Earnings ReleaseCampinas, São Paulo, May 7, 2025 - Padtec Holding S.A. (B3: PDTC3), together with its subsidiaries - particularly Padtec S.A. ("Company" or "Padtec") - announces its financial results for the first quarter of 2025 ("1Q25") and the twelve-month period ended March 31, 2025 ("LTM 1Q25"). The results are presented in accordance with Brazilian accounting standards and the International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).
- 1Q25 Highlights:
Padtec is a key player in transforming the way the world connects, has fun, and does business. It offers innovative, state-of-the-art telecommunications solutions and services at competitive prices.
Massive presence in Latin America reinforced with the recent opening of the subsidiary in Mexico.
Renewed demand for high-capacity transmission equipment resulted in a 23.8% increase in total net revenue in 1Q25 compared to 1Q24.
Data traffic continues to show solid and growing growth rates, with prospects for expansion.
Total net revenue in LTM 1Q25 grew 4.7% compared to 2024, reaching R$312.7 million.
In 1Q25: gross profit of R$24.8 million, an increase of 66.9% over 1Q24,
Operational efficiency: gross margin of 34.3% in 1Q25 (33.6% in LTM 1Q25).
EBITDA reached R$8.8 million in 1Q25, with an EBITDA margin of 12.1%.
In LTM 1Q25, EBITDA reached R$32.5 million, with an EBITDA margin of 10.4%.
Result for 1Q25, seasonally lower, was at the break-even point: loss of R$50 thousand.
Average cost of funding of 8.7% p.a. in 1Q25, 77% of loans and financing are long-term and 23% are short-term.
Participation in the Abrint Global Congress (AGC) in the beginning of May, the new name of the annual meeting of internet providers organized by the Brazilian Association of Internet and Telecommunications Providers (Abrint) which has grown and is expanding its reach, bringing in global speakers and companies.
Presentation of the Padtec Assistant "AI" during AGC: this tool, which is expected to be launched in 2025, uses Generative AI to provide suggestions for solving problems in customers' networks.
Holding of the 6th edition of Pad Technology Day at Padtec facilities, which was attended by around 140 industry professionals.
R$ thousand Selected Financial Indicators
1Q24 | 2Q24 | 3Q24 | 4Q24 | 2024 | 1Q25 | LTM 1Q25 | |
Gross Operating Revenues | 73.537 | 82.116 | 91.541 | 117.332 | 364.526 | 88.610 | 379.599 |
Net Revenues | 58.381 | 68.501 | 75.919 | 95.958 | 298.759 | 72.301 | 312.679 |
Gross Profit | 14.872 | 21.589 | 24.340 | 34.242 | 95.043 | 24.821 | 104.992 |
Gross Margin | 25,5% | 31,5% | 32,1% | 35,7% | 31,8% | 34,3% | 33,6% |
Net Results | (14.542) | (3.492) | (3.440) | (6.364) | (27.838) | (50) | (13.346) |
Net Result per Share (R$) | (0,18) | (0,04) | (0,04) | (0,08) | (0,35) | (0,00) | (0,17) |
EBITDA | (6.219) | 6.284 | 6.816 | 10.661 | 17.541 | 8.755 | 32.514 |
EBITDA Margin | -10,7% | 9,2% | 9,0% | 11,1% | 5,9% | 8,5% | 10,4% |
Gross Debt | 131.655 | 321.953 | 328.536 | 339.878 | 339.878 | 319.617 | 319.617 |
Net Debt | 99.864 | 130.647 | 141.760 | 149.195 | 149.195 | 171.365 | 171.365 |
Padtec offers products and services that connect and bring people together, contributing to the development of society and the economy, in addition to fostering the design of new futures in an increasingly globalized and sustainable world.
After a challenging 2024, when lower demand for DWDM equipment due to inventory adjustments and high levels of installed capacity at end customers impacted not only Padtec (mainly in 1H24) but also all suppliers operating in this industry, the Company recorded solid results in the first months of 2025. Data traffic levels continue to show consistent indicators and are continuously improving. Access to video streaming, online games, and the use of artificial intelligence tools suggest further growth in the near future. In 1Q25, Padtec's gross operating revenues increased 20.5% compared to 1Q24 and EBITDA reached R$8.8 million, reaching R$32.5 million in LTM 1Q25. The results for the quarter remained at the break-even point: the loss was R$50 thousand.
Macroeconomic and geopolitical issues remain present and challenging in 2025. This new scenario that brings uncertainty to many of our competitors has a neutral impact on our supply chain, and makes it possible to monetize "neutrality" of Padtec and Brazil in the markets we operate. Additionally, Padtec continues its efforts to increase the diversification of revenue sources in its business units, Equipment/DWDM, switches, pluggables, Services, Software and Platforms, subsea/subfluvial network solutions.
The portfolio of Equipment, Services, Software, and Platforms has been enhanced through strategic partnerships for 5G, subsea/subfluvial network solutions, the data center market (whose rapid growth is being driven by the increasing adoption of AI), and IP network solutions (routers and switches), maximizing the potential to reach customers both in Brazil and abroad. The software tools offered by Padtec enable the integration of cybersecurity features from partners into its network solutions.
The expansion of the international market, with the introduction of new products and services and the exploration of new regions, is also part of the Company's organic growth strategy. In this sense, aiming to expand its operations in northern Latin America, Padtec opened its subsidiary in Mexico in April: a strategic market due to its dynamism and growth supported by the strong demand for high-capacity connectivity and the expansion of its data center infrastructure.
For 2025, in the area of digital solutions, Padtec is bringing to market the evolution of Smart Site-a cloud-based platform that enables full remote management of the infrastructure of telecom operators and ISPs, providing greater agility and efficiency in identifying and resolving issues. Through the incorporation and
integration of new features focused on operational management and intelligence, Smart Site is evolving into Smart Operations. Among the new features, a highlight is Smart Workspot-an online platform for field workforce management (Workforce Management, or WFM) launched last year, which supports network operation and maintenance. Two additional features will become commercially available in the coming months as part of the Smart Operations solution: Smart Fiber, for optical fiber management, and Smart Device, designed to facilitate the integration of devices into the network.
In order to meet the needs of its customers, Padtec also offers other software tools. The Smart API with REST interface is designed to centralize management data from Padtec equipment and facilitate export to third-party systems that may eventually concentrate monitoring systems from different technologies and companies. This solution also allows the generation of data (data lake) for use in Artificial Intelligence (AI) systems. The Pluggable Management tool (extremely miniaturized high-capacity transmission equipment, the size equivalent to a super pen drive) allows the configuration and control of coherent transceivers inserted directly into a router, helping to overcome restrictions on the use of IP over DWDM (IPoDWDM) - a technique that enables the direct integration of IP networks with DWDM optical transport systems.
In the Equipment Business Unit, the AC-powered version of the TM2400G transponder-launched in 2024 and part of the LightPad Max product line-was developed to meet market demands for ultra-high transmission capacity in DWDM networks. It supports data rates of up to 1.2 Tb/s on a single channel and can be used across medium, long, and ultra-long-haul distances. This new AC-powered version facilitates the deployment of the equipment in data center environments.
At this year's Abrint Global Congress (AGC), in addition to the products and solutions above, the Company introduced Padtec Assistant to the market, a tool that is expected to be launched in 2025 that uses Generative AI to provide suggestions for solving network problems - based on Padtec's own information collection.
Finally, the evolution of telecommunications services, as well as the technology itself, and the challenges and prospects for financing broadband in Brazil were the main topics addressed at the sixth edition of Pad Technology Day, an event held by Padtec in May at its facilities in Campinas. Pad Technology Day brought together professionals from traditional telecom operators and ISPs from all over Brazil for a day of lectures, debates, and information exchange. The meeting ended with a visit to Padtec's factory, development labs, and Net Operations Center - NOC, where they had the opportunity to learn about the technological environment in which the company's solutions are developed.
The Company remains alert to growth opportunities in inorganic areas that can add skills and technologies, both in Brazil and in other regions of the world. In addition to the combination of organic and inorganic growth areas, it is developing new financing models to support the growth of its sales in the various markets where it is present.
Operating RevenuePadtec's business model is divided into the Equipment/DWDM and Services, Software, and Platforms business units (BUs). The Equipment/DWDM BU comprises projects developed specifically for each client, according to their realities and needs. The sales cycle for these projects is relatively long and any changes in "sales" may take more than 45 days to be recorded in the Company's revenue. This BU also offers switches and routers. The other business unit is dedicated to the development of platforms and complete solutions for the telecommunications sector which can also be used in other sectors of the economy, in order to monitor -and even anticipate - market developments.
In 1Q25, Padtec's gross operating revenue (excluding returns and cancellations) totaled R$88.6 million, a 20.5% increase over 1Q24. In the comparison between LTM 1Q25, R$379.6 million, and the year 2024, R$364.2 million, the increase was 4.1%.
Net revenue in the quarter totaled R$72.3 million, 23.8% higher than 1Q24, and reached R$312.7 million in LTM 1Q25, an increase of 4.7% compared to 2024.
Global demand for high-capacity transmission equipment for the telecommunications segment has not yet returned to the levels seen during the COVID-19 pandemic, but the growth seen in the last months of 2024 continued into the first months of 2025. Data traffic is showing solid and growing growth rates (corroborated by access to video streaming, online gaming, and the use of artificial intelligence tools) and is expected to continue expanding in the near future. The Data Center equipment segment is growing above expectations and Padtec is adjusting its solution portfolio to meet the specific demands of this segment.
NET REVENUES | |||||||
R$ thousand | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 2024 | 1Q25 | LTM 1Q25 |
Equipment Brazil | 35.502 | 35.638 | 43.726 | 55.850 | 170.716 | 42.931 | 178.145 |
Equipment Foreign Market | 11.652 | 18.627 | 18.380 | 24.599 | 73.258 | 16.341 | 77.947 |
Services, Softwares & Platforms | 11.227 | 14.236 | 13.812 | 15.509 | 54.784 | 13.029 | 56.586 |
Total Revenues | 58.381 | 68.501 | 75.918 | 95.958 | 298.758 | 72.301 | 312.678 |
Revenues from the Equipment business unit in Brazil in 1Q25 totaled R$42.3 million, 20.9% higher than in 1Q24. In the foreign market, revenues from Equipment grew 40.2% between these periods, totaling R$16.3 million in 1Q25. In the Services, Software, and Platforms segment, net revenues were R$13.0 million, 16.0% higher than in 1Q24.
Gross ProfitIn 1Q25, gross profit of R$24.8 million (gross margin of 34.3%) recorded an increase of 66.9% over 1Q24, R$14.9 million (gross margin of 25.5%). In the analysis of LTM 1Q25, gross profit totaled R$105 million - 10.5% above 2024 - with a gross margin of 33.6% - 180 basis points more than in 2024.
The commitment to the efficient management of its production costs is a constant at the Company, which also has the advantages of manufacturing and developing a large part of its products locally in Campinas, SP.
Operating Expenses/RevenuesIn 1Q25, administrative, commercial, and research and development expenses totaled R$23.9 million, an increase of 2.2% compared to 1Q24.
Changes in the classifications of provisions for tax and labor contingencies and provisions for amounts receivable from customers and doubtful accounts contributed to other operating revenues totaling R$2 million in 1Q25.
Financial ResultThe net financial result in 1Q25 was negative by R$2.9 million, compared to losses of R$3.0 million in 1Q24.
Results for the PeriodIn 1Q25, the Company maintained its breakeven point, as it recorded a loss of R$50 thousand. Considering the LTM 1Q25, the result for the last twelve months was negative by R$13.4 million, with an improvement of 52.1% compared to 2024, when a loss of R$27.8 million was recorded.
EBITDAThe Company considers EBITDA, which corresponds to net profit, plus income tax and social contribution, depreciation and amortization expenses, and financial result, an important parameter for investors, as it provides relevant information about its operating results, profitability, and operating cash generation.
EBITDA
R$ thousand | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 2024 | 1Q25 | LTM 1Q25 |
From EBITDA to Net Income | |||||||
Net Results | (14.542) | (3.492) | (3.440) | (6.364) | (27.838) | (50) (13.346) | |
Depreciation & Amortization | 5.279 | 5.691 | 5.973 | 6.433 | 23.376 | 5.753 | 23.850 |
Net Financial Results | 3.030 | 3.621 | 4.179 | 10.778 | 21.608 | 2.879 | 21.457 |
Income tax and social contribution | 14 | 464 | 104 | (188) | 394 | 173 | 553 |
EBITDA | (6.219) | 6.284 | 6.816 | 10.661 | 17.541 | 8.755 | 32.514 |
EBITDA Margin | -10,7% | 9,2% | 9,0% | 11,1% | 5,9% | 12,1% | 10,4% |
The evolution recorded in Padtec's results resulted in an EBITDA of R$8.8 million in 1Q25, with an EBITDA margin of 12.1%. In LTM 1Q25, EBITDA reached R$32.5 million (EBITDA margin of 10.4%), an increase of 85.4% compared to 2024, R$17.5 million (EBITDA margin of 5.9%).
Debt levels, cash, and capital structureAt the end of 1Q25, loans and financing totaled R$319.6 million, of which 77% were long-term obligations and 23% were short-term. The 6% reduction in Padtec's debt compared to the closing position in 2024 is due to the maturity, in January, of a FINIMP line obtained from Banco Votorantim. In 1Q25, R$22.6 million was paid as interest and principal on loans obtained by the Company and the average cost of funding was 8.7% per year (compared to 8.4% per year in 2024).
R$ thousand | CONSOLIDATED | |||||
Modality | Agreed Rate | Annual Average Effective Rate | Due Date (Maturity) | Guarantee | Mar 31, 2025 | Dec 31, 2024 |
Brazilian Currency | ||||||
FINEP | TR + 2.30% and 2.80% p.a. | 3.08% | 02/15/20 until 12/15/42 | Bank Guarantee | 103.829 | 104.218 |
Exim BNDES | IPCA + 7.02% p.a. | 8.25% | 09/15/24 until 06/15/29 | Bank Guarantee | 151.339 | 150.697 |
255.168 | 254.915 | |||||
Foreign Currency | ||||||
Banco do Brasil - Forfait | 8.30% p.a. | 9.31% | 05/02/24 until 01/24/27 | Escrow Account | 8.685 | 9.976 |
FINIMP - Banco Votorantim | exchange variation + 4.5% p.a. | 4.87% | 10/28/24 until 01/24/25 | Escrow Account | - | 9.899 |
FINIMP - Banco do Brasil | 3.0% p.a. | 3.25% | 10/29/24 until 04/25/25 | Recebíveis | 23.984 | 24.527 |
NCE - Votorantim | exchange variation + 7.80% p.a. | 12.78% | 09/30/24 until 03/28/28 | Escrow Account | 31.780 | 40.561 |
64.449 | 84.963 | |||||
319.617 | 339.878 | |||||
Current liabilities | 74.424 | 76.473 | ||||
23,3% | 22,5% | |||||
Non-current liabilities | 245.193 | 263.405 | ||||
76,7% | 77,5% | |||||
319.617 | 339.878 | |||||
Repayment Schedule by Year of Maturity - R$ thousand
2025 | 2026 | 2027 | 2028 | 2029 2030 onwards | total | |
Loan and financing | 56.916 | 59.631 | 56.187 | 49.808 | 25.765 71.310 | 319.617 |
In March, Padtec S.A. contracted with BNDES to open a credit line in the FUST-Commercialization Financing Line, which will be used to finance the sale of machinery and equipment, in the amount of up to R$30 million. The release of funds by BNDES will occur upon proof of the project/sale of machinery and equipment (without the total amount of this financing being made available immediately).
Cash and cash equivalents available in 1Q25 totaled R$116.1 million (R$158.1 million at the end of 2024) and financial investments as collateral, R$32.2 million (R$32.6 million in December 2024), totaling R$148.3 million. The amounts allocated in financial investments as collateral secure debts taken out with BNDES and FINEP.
In 1Q25, net debt totaled R$171.4 million, with a net debt/LTM EBITDA1 ratio of 5.27 and a net debt/equity ratio of 1.39.
The Company's capital structure enables it to accelerate the expansion of its portfolio of products and solutions, meeting more efficiently the demands presented by different sectors of the economy, expanding its geographic presence, and providing financing lines to its customers.
Joint LiabilitiesTo facilitate the acquisition of its products and implementation services by customers who do not have direct access to the financing lines available on the market, Padtec carries out financial operations based on the principle of credit assignment and receivables discounts. Among these lines, FINEP Aquisição Inovadora Telecom stands out, which allows customers to benefit from very favorable conditions for the acquisition of Padtec equipment.
1 LTM EBITDA corresponds to the sum of the EBITDA recorded over the last twelve months.
Since 2017, around 70 clients have obtained credit using these transactions. To mitigate the credit risk of its counterparties, adequately manage financial risk, and maintain a default rate close to zero, the Company carries out detailed monitoring of each of these clients.
In 1Q25, Padtec had R$75.9 million in operations of this nature on its balance sheet, given as collateral for financing taken out by some of its customers. Of this amount, 52% are long-term obligations and 48% are short-term. The counterpart of these entries is included in current assets and non-current assets.
Financial Transactions - Co-obligations
R$ thousand | 1Q25 | 2024 | ||
Vendor | 50.612 | 56.576 | ||
Forfait | 25.265 | 31.509 | ||
Total | 75.877 | 88.085 | ||
Short Term | 36.680 | 41.929 | ||
% | 48,3% | 47,6% | ||
Long Term | 39.197 | 46.156 | ||
% | 51,7% | 52,4% | ||
Total | 75.877 | 88.085 | ||
FIDC Funttel Padtec |
In addition to the instruments mentioned above, Padtec also has a credit rights investment fund, in partnership with BNDES Participações S.A. - BNDESPAR (BNDESPAR). The operations of the FIDC Funttel Padtec, which began in 2T22, have BNDESPAR as the senior shareholder (with an 80% stake) and the subsidiary Padtec S.A. as the subordinate shareholder (20%). The fund's objective is, through the granting of credit to Padtec's clients, to stimulate technological innovation, encourage the training of human resources, foster job creation, and promote access of small and medium-sized companies to capital resources, to increase the competitiveness of the Brazilian telecommunications industry.
By the end of March 2025, FIDC Funttel shareholders had made R$75 million available. Credits worth R$70.7 million were granted to 33 Padtec clients and, of this amount, approximately 80% remain outstanding.
The FIDC Funttel Padtec is consolidated in the Company following the rules of Technical Pronouncement CPC 36 (R3) Consolidated Financial Statements, correlated with International Financial Reporting Standards -IFRS 10 (IASB - BV 2012). However, for this Earnings Release, the amounts of the FIDC Funttel Padtec are not considered for the calculations and analyses presented in the section "Indebtedness, cash, and capital structure".
InvestmentsPadtec and its employees are constantly committed to developing products and services to best serve customers, according to the needs presented by the telecommunications and technology segments. The Company offers high-quality products, services, and solutions that add value to the businesses in this value chain. The products and services offered by Padtec developed internally or in partnership with other companies, stand out for their high technological content, great flexibility, and high standards of robustness, quality, and reliability.
Investments in research and development ("R&D") were R$9.9 million in 1Q25 (13.7% of net revenue in the quarter), totaling R$42.1 million in LTM 1Q25 (in line with the R$43 million recorded in 2024). Since the amount recorded in the Income Statement presents the effect of deferrals, in that report these expenses total R$7.2 million in 1Q25 and R$33 million in LTM 1Q25.
The Company also has partnerships with universities and research centers, favoring the increase and diversification of the range of technological innovations that support the continuous development of the telecommunications ecosystem.
| |||||||
CONSOLIDATED | |||||||
(in thousand of Brazilian Reais) | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 2024 | 1Q25 | 2025 |
Gross operating revenues | 73.537 | 82.116 | 91.541 | 117.332 | 364.526 | 88.610 | 379.599 |
Sales taxes | (15.156) | (13.615) | (15.622) | (21.374) | (65.767) | (16.309) | (66.920) |
Net operating revenues | 58.381 | 68.501 | 75.919 | 95.958 | 298.759 | 72.301 | 312.679 |
Cost of products sold and services rendered | (43.509) | (46.912) | (51.579) | (61.716) | (203.716) | (47.480) | (207.687) |
- | |||||||
Gross profit 14.872 | 21.589 | 24.340 | 34.242 | 95.043 | 24.821 | 104.992 | |
Operational income (expenses)
Administrative expenses Commercial expenses
Research and development expenses
Other operational expenses (income)
(6.452) (5.983) (6.631) (7.388) (26.454)
(8.424) (8.155) (8.696) (9.255) (34.530)
(8.466) (7.751) (7.792) (10.248) (34.257)
(3.028) 893 (377) (3.126) (5.638)
(8.429) (28.431)
(8.278) (34.384)
(7.148) (32.939)
2.036 (574)
(26.370) (20.996) (23.496) (30.017) (100.879)
(21.819) (96.328)
Profit/(losses) before financial income (expenses)
(11.498)
593
844
4.225
(5.836)
3.002
8.664
Financial income
Financial expenses
(6.488) (11.129) (12.332) (23.264) (53.213)
3.458 7.508 8.152 12.487 31.605
(8.575) (55.300)
5.696 33.843
(14.528) (3.028) (3.336) (6.552) (27.444)
Profit/(losses) income tax and social contribution
123
(12.793)
Income tax and social contribution Current
Deferred
(14)
(464)
(104)
188
(394)
-
(173)
(553)
-
(14.542) (3.492) (3.440) (6.364) (27.838)
Net result in the period
(50) (13.346)
- Balance Sheet - Consolidated
03/31/25 | |
Assets Current | |
Cash and cash equivalents 116.099 Marketable securities 21.348 Accounts receivable 147.286 Inventories 113.012 Recoverable taxes 25.444 Sales financing operation 36.680 Other credits 5.149 | |
(in thousand of Brazilian Reais) Consolidated Consolidated
12/31/24 | 03/31/25 | 12/31/24 | ||||
Liability Current | ||||||
158.084 | Loans and financing | 74.424 | 76.473 | |||
1.837 | Commercial leasing operations | 4.998 | 5.103 | |||
142.504 | Suppliers | 46.400 | 57.826 | |||
117.157 | Related parties | 406 | 569 | |||
28.782 | Payable taxes and contributions | 4.160 | 8.618 | |||
41.929 | Payable taxes and contributions in installment | 571 | 623 | |||
4.544 | Social contributions | 19.299 | 18.713 | |||
Dividends payable | 39 | 39 | ||||
Total current assets | 465.018 | 494.837 | General provisions | 3.121 | 3.210 | |
Sales financing operation | 36.680 | 41.929 | ||||
Non-current | Advances from customers | 1.500 | 2.327 | |||
Accounts receivable | 46.327 | 40.359 | Other accounts payable | 2.367 | 3.168 | |
Restricted financial investments | 32.153 | 32.599 | ||||
Derivative Financial Instruments | 747 | 971 | Total current liabilities | 193.965 | 218.598 | |
Sales financing operation | 39.197 | 46.156 | ||||
Judicial deposits | 1.459 | 1.293 | Non-current | |||
Other credits | 601 | 317 | Loans and financing | 245.193 | 263.405 | |
Suppliers | - | 619 | ||||
Fixed assets | 39.157 | 41.316 | Commercial leasing operations | 10.745 | 12.283 | |
Intangible assets | 64.497 | 61.834 | Payable taxes and contributions in installment | 571 | 675 | |
General provisions | 292 | 393 | ||||
Total non-current assets | 224.138 | 224.845 | Provisions for labor and tax risks | 13.118 | 13.866 | |
Sales financing operation | 39.197 | 46.156 | ||||
Total assets | 689.156 | 719.682 | Liabilities - FIDC Senior Shares | 62.822 | 41.609 | |
Other accounts payable | - | 147 | ||||
Total non-current liabilities | 371.938 | 379.153 | ||||
Total liabilities | 565.903 | 597.751 | ||||
Equity | ||||||
Capital stock | 138.442 | 138.442 | ||||
Capital reserve | 2.450 | 2.450 | ||||
Accumulated loss | (16.149) | (16.099) | ||||
Goodwill on capital transaction | 599 | 599 | ||||
Other comprehensive income | (2.089) | (3.461) | ||||
Total of shareholders' equity | 123.253 | 121.931 | ||||
Total of liabilities and shareholders' equity | 689.156 | 719.682 | ||||
This report may contain projections and/or estimates of future events. The use of the terms "anticipates", "believes", "expects", "estimates", "plans", "predicts", and "projects", among others, intends to signal possible trends and statements that, of course, involve uncertainties and risks, and future results may differ from current expectations. Forward-looking statements are based on several assumptions and factors, including economic, market, and industry conditions, in addition to operating factors. Any changes in these assumptions and factors may lead to practical results that are different from current expectations. These forward-looking statements should not be fully trusted. Forward-looking statements reflect opinions only on the date they were prepared and presented. The Company is not obliged to update them in the face of new information or new developments. The Company is not responsible for operations that are carried out or for investment decisions that are made based on these projections and estimates. Finally, the pro forma financial information contained in this report has not been audited and therefore may differ from the final audited results.