Padtec S.A.
Individual and Consolidated Financial Statements Accompanied by the Independent Auditor's Report
On December 31, 2024.
Padtec S.A.
Table of contents
Page | |
Independent Auditor's Report on the Individual and Consolidated Financial Statements | 2 |
Individual and Consolidated Financial Statements | 5 |
Management's Explanatory Notes to the Individual and Consolidated Financial Statements | 12 |
Independent Auditor's Report on the Individual and Consolidated Financial Statements
To:
Shareholders and Managers of
Padtec S.A.
Campinas - SP
Opinion on the Individual and Consolidated Financial Statements
We have examined the individual and consolidated financial statements of Padtec S.A. ("Company"), identified as the parent company and consolidated, respectively, which comprise the balance sheet as of December 31, 2024, and the related statements of profit or loss, comprehensive income, changes in equity, and cash flows for the year then ended, as well as the corresponding explanatory notes, including material accounting policies and other explanatory information.
In our opinion, the above-mentioned individual and consolidated financial statements present fairly, in all material respects, the financial position of Padtec S.A. as of December 31, 2024, and the individual and consolidated performance of its operations, and its respective individual and consolidated cash flows for the year then ended, in accordance with the accounting practices adopted in Brazil and the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).
Basis for Opinion on the Individual and Consolidated Financial Statements
Our audit was conducted in accordance with Brazilian and international auditing standards. Our responsibilities, in accordance with such standards, are described in the following section titled "Auditor's Responsibilities for the Audit of the Individual and Consolidated Financial Statements." We are independent of the Company and its subsidiaries in accordance with the relevant ethical principles set forth in the Professional Ethics Code of the Accountant and the professional standards issued by the Federal Accounting Council, and we have complied with the other ethical responsibilities in accordance with these standards. We believe that the audit evidence obtained is sufficient and appropriate to support our opinion.
Emphases
Restatement of the Financial Statements as of December 31, 2023
As mentioned in explanatory note no. 2.7 of the individual financial statements, due to the reclassification of inventories to net intangible assets, the corresponding amounts for the prior year, presented for comparison purposes, were reclassified and are being restated in accordance with CPC 23 - Accounting Policies, Changes in Estimates, and Corrections of Errors, and CPC 26 (R1) - Presentation of Financial Statements. Our opinion does not contain any reservations regarding this matter.
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Management and Governance Responsibilities for the Individual and Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the individual and consolidated financial statements in accordance with the accounting practices adopted in Brazil and the international financial reporting standards (IFRS) issued by the IASB, as well as for the internal controls it has deemed necessary to enable the preparation of financial statements free from material misstatement, whether due to fraud or error.
In preparing the individual and consolidated financial statements, management is responsible for evaluating the Company's ability to continue as a going concern, disclosing, when applicable, matters related to its operational continuity and the use of this basis in the preparation of the financial statements, unless management intends to liquidate the Company and its subsidiaries, cease their operations, or has no realistic alternative to avoid the cessation of operations.
The individuals responsible for the governance of the Company and its subsidiaries are those with responsibility for overseeing the financial statement preparation process.
Auditor's Responsibilities for the Audit of the Individual and Consolidated Financial Statements
Our objectives are to obtain reasonable assurance that the individual and consolidated financial statements, taken as a whole, are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance but not a guarantee that an audit conducted in accordance with Brazilian and international auditing standards will always detect any existing material misstatements. Misstatements may arise from fraud or error and are considered material when, individually or in the aggregate, they could reasonably influence the economic decisions of users taken based on the individual and consolidated financial statements.
As part of the audit performed in accordance with Brazilian and international auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. Furthermore:
- We identified and assessed the risks of material misstatement in the individual and consolidated financial statements, whether due to fraud or error, and planned and performed audit procedures in response to those risks, as well as obtained appropriate and sufficient audit evidence to support our opinion. The risk of not detecting material misstatement resulting from fraud is greater than that resulting from error, since fraud may involve the act of circumventing internal controls, collusion, falsification, omission or intentional misrepresentation.
- We gained an understanding of the relevant internal controls for the audit to plan appropriate audit procedures based on the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls of the Company and its subsidiaries.
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- We assess the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- We have concluded on the appropriateness of the use by management of the going concern basis of accounting and, based on the audit evidence obtained, whether there is a significant uncertainty regarding events or conditions that may raise substantial doubt about the ability of the Company and its subsidiaries to continue as a going concern. If we conclude that there is significant uncertainty, we are required to draw attention in our audit report to the respective disclosures in the individual and consolidated financial statements or include a modification to our opinion if the disclosures are inadequate. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the Company and its subsidiaries to cease to be able to continue as a going concern.
- We have assessed the overall presentation, structure, and content of the individual and consolidated financial statements, including the disclosures, and whether the individual and consolidated financial statements appropriately represent the corresponding transactions and events in a manner consistent with the objective of fair presentation.
- We have obtained appropriate and sufficient audit evidence regarding the financial information of the entities or business activities of the group to express an opinion on the individual and consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit and, consequently, for the audit opinion.
We have communicated with those responsible for governance regarding, among other aspects, the scope and timing of the planned audit work and the significant audit findings, including any significant deficiencies in internal controls that may have been identified during our work.
São Paulo, March 25, 2025.
Cassiano Gonçalves Alvarez
Accountant CRC 1SP 219.153/O-3
RSM Brasil Auditores Independentes Ltda.
CRC 2SP-030.002/O-7
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Padtec S.A.
Individual and Consolidated Balance Sheets
as of December 31, 2024 and 2023
(Amounts expressed in thousands of Brazilian Reais - BRL, unless otherwise indicated)
Parent Company | Consolidated | ||||
ASSETS | NOTE | 12/31/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 |
(restated) | (restated) | ||||
CURRENT | |||||
Cash and Cash Equivalents | 4 | 153,106 | 46,135 | 158,084 | 50,456 |
Marketable Securities | 5 | - | - | 1,837 | 9,920 |
Accounts Receivable from Customers | 6 | 92,061 | 75,822 | 142,504 | 125,809 |
Inventories | 7 | 108,022 | 94,046 | 117,157 | 100,344 |
Taxes recoverable | 8 | 20,658 | 24,009 | 27,074 | 28,324 |
Financial Operations | 17 | 51,723 | 44,278 | 41,929 | 39,008 |
Other credits | 10 | 2,749 | 4,519 | 4,461 | 6,691 |
TOTAL CURRENT ASSETS | 428,319 | 288,809 | 493,046 | 360,552 | |
NON-CURRENT | |||||
Accounts Receivable from Customers | 6 | 378 | 4,766 | 40,359 | 4,766 |
Related Parties | 11 | 45,342 | 49,324 | 5,836 | 14,597 |
Restricted Financial Investments | 9 | 32,599 | 1,754 | 32,599 | 1,754 |
Derivative Financial Instruments | 34.1 | 971 | - | 971 | - |
Financial Operations | 17 | 85,971 | 63,845 | 46,156 | 52,891 |
Judicial escrow deposits | 22.2 | 893 | 678 | 893 | 678 |
Other credits | 10 | 317 | 21 | 317 | 24 |
166,471 | 120,388 | 127,131 | 74,710 | ||
Investments | 12.1 | 22,226 | 15,756 | - | - |
Net fixed assets | 13 | 38,073 | 39,675 | 41,316 | 40,422 |
Net Intangible Assets | 14 | 61,705 | 52,787 | 61,810 | 52,888 |
122,004 | 108,218 | 103,126 | 93,310 | ||
TOTAL NON-CURRENT ASSETS | 288,475 | 228,606 | 230,257 | 168,020 | |
TOTAL ASSETS | 716,794 | 517,415 | 723,303 | 528,572 |
The explanatory notes are an integral part of the individual and consolidated financial statements.
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Padtec S.A.
Individual and Consolidated Balance Sheets
as of December 31, 2024 and 2023
(Amounts expressed in thousands of Brazilian Reais - BRL, unless otherwise indicated)
Parent Company | Consolidated | ||||
LIABILITIES | NOTE | 12/31/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 |
CURRENT | |||||
Loans and financing | 15 | 72,234 | 13,374 | 76,473 | 13,374 |
Derivative Financial Instruments | 34.1 | - | 1,671 | - | 1,671 |
Lease Liabilities | 16 | 5,103 | 5,882 | 5,103 | 5,882 |
Suppliers | 19 | 55,614 | 54,354 | 57,666 | 57,348 |
Related Parties | 11 | 569 | 400 | 569 | 400 |
Taxes and Contributions Payable | 20 | 7,608 | 3,322 | 8,579 | 4,595 |
Taxes and Contributions Payable - | 21 | 623 | 623 | 623 | 623 |
Installments | |||||
Social Obligations | 23 | 17,619 | 25,860 | 18,475 | 26,891 |
Dividends Payable | 25.4 | - | 4,082 | - | 4,082 |
Other Provisions | 22.1 | 3,113 | 2,311 | 3,113 | 2,311 |
Financial Operations | 17 | 51,723 | 44,278 | 41,929 | 39,008 |
Advances to customers | 2,327 | 1,143 | 2,327 | 1,447 | |
Other accounts payable | 2,078 | 392 | 3,168 | 1,206 | |
TOTAL CURRENT LIABILITIES | 218,611 | 157,692 | 218,025 | 158,838 | |
NON-CURRENT | |||||
Loans and financing | 15 | 257,668 | 99,081 | 263,405 | 99,081 |
Suppliers | 19 | 619 | 508 | 619 | 508 |
Lease Liabilities | 16 | 12,283 | 13,071 | 12,283 | 13,071 |
Taxes and Contributions Payable - | 21 | 675 | 1,299 | 675 | 1,299 |
Installments | |||||
Provisions for Labor, Tax, and Civil Risks | 22.2 | 6,862 | 9,185 | 6,862 | 9,185 |
Financial Operations | 17 | 85,971 | 63,845 | 46,156 | 52,891 |
Obligations Related to Senior Quotas - FIDC | 18 | - | - | 41,609 | 21,109 |
Provision for Deficit in Shareholders' Equity | 12.2 | 349 | 86 | - | - |
Other accounts payable | 147 | - | 147 | - | |
TOTAL NON-CURRENT LIABILITIES | 364,574 | 187,075 | 371,756 | 197,144 | |
TOTAL LIABILITIES | 583,185 | 344,767 | 589,781 | 355,982 | |
SHAREHOLDERS' EQUITY | |||||
Capital Stock | 25.1 | 162,174 | 162,174 | 162,174 | 162,174 |
Capital Reserves | 25.2 | 21 | 21 | 21 | 21 |
Legal Reserve | 25.2 | - | 859 | - | 859 |
Proposed Dividends | 25.4 | - | 12,247 | - | 12,247 |
Accumulated Deficit | (23,127) | - | (23,214) | (58) | |
Other comprehensive income | 25.3 | (5,459) | (2,653) | (5,459) | (2,653) |
TOTAL SHAREHOLDERS' EQUITY | 133,609 | 172,648 | 133,522 | 172,590 | |
TOTAL LIABILITIES AND SHAREHOLDERS' | 716,794 | 517,415 | 723,303 | 528,572 | |
EQUITY | |||||
The explanatory notes are an integral part of the individual and consolidated financial statements.
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Padtec S.A.
Individual and Consolidated Statements of Income
For the years ended December 31, 2024 and 2023
(Amounts expressed in thousands of Brazilian Reais - BRL, unless otherwise indicated)
Net operating income
Cost of Goods Sold and Services Rendered
Gross profit
Operating revenues(expenses) Administrative expenses Sales expenses
Research and Development Expenses Income using the equity method
Other Net Operating Income (Expenses)
Profit (Loss) Before Financial Income (Expenses)
Net Financial Result
Profit (Loss) Before Income Tax and Social Contribution
Income Tax and Social Contribution Current
Net Profit (Loss) for the Year
Result Attributable to: Controlling Shareholders Net Profit (Loss) for the Year
Earnings (Loss) per Share
Basic and Diluted Earnings (Loss) per Share
Parent Company | Consolidated | |||
Note | 12/31/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 |
27 | 275,396 | 356,924 | 298,759 | 368,687 |
28 | (190,669) | (231,812) | (203,714) | (237,416) |
84,727 | 125,112 | 95,045 | 131,271 | |
29.1 | (20,170) | (22,859) | (23,589) | (25,083) |
29.1 | (26,705) | (28,976) | (34,530) | (35,457) |
29.1 | (34,257) | (37,486) | (34,257) | (37,486) |
12.4 | (3,957) | (8,135) | - | - |
29.2 | (4,121) | (2,994) | (4,842) | (3,252) |
(4,483) | 24,662 | (2,173) | 29,993 | |
30 | (19,503) | (7,431) | (21,448) | (12,796) |
(23,986) | 17,231 | (23,621) | 17,197 | |
31 | - | (43) | (394) | (67) |
(23,986) | 17,188 | (24,015) | 17,130 | |
(23,986) | 17,188 | (24,015) | 17,130 | |
(23,986) | 17,188 | (24,015) | 17,130 | |
26 | (1.8330) | 1.3135 | (1.8353) | 1.3091 |
The explanatory notes are an integral part of the individual and consolidated financial statements.
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Padtec S.A.
Individual and Consolidated Statements of Comprehensive Income for the years ended December 31, 2024 and 2023
(Amounts expressed in thousands of Brazilian Reais - BRL, unless otherwise indicated)
Net Profit (Loss) for the Year
Items That May Be Subsequently Reclassified to the Statement of Income:
Foreign Currency Translation Adjustments of Foreign
Subsidiaries
Cash Flow Hedge
Comprehensive income for the year
Comprehensive Income Attributable to:
Controlling Shareholders
Comprehensive income for the year
Subsidiary | Consolidated | ||
12/31/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 |
(23,986) | 17,188 | (24,015) | 17,130 |
2,452 | 2,812 | 2,452 | 2,812 |
(5,258) | (117) | (5,258) | (117) |
(26,792) | 19,883 | (26,821) | 19,825 |
(26,792) | 19,883 | (26,821) | 19,825 |
(26,792) | 19,883 | (26,821) | 19,825 |
The explanatory notes are an integral part of the individual and consolidated financial statements.
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Padtec S.A.
Statements of Changes in Shareholders' Equity for the years ended December 31, 2024 and 2023
(Amounts expressed in thousands of Brazilian Reais - BRL, unless otherwise indicated)
Consolidated | |||||||||
Other | Retained | Total | |||||||
Capital | Capital | Legal | Proposed | Cash Flow | Earnings / | ||||
Note | comprehensive | Shareholders' | |||||||
Stock | Reserves | Reserve | Dividends | Hedge | Accumulated | ||||
income | Equity | ||||||||
Losses | |||||||||
BALANCES AS OF DECEMBER 31, 2022 | 230,003 | 21 | - | - | - | (5,348) | (67,829) | 156,847 | |
Net profit for the year | - | - | - | - | - | - | 17,130 | 17,130 | |
Legal Reserve Allocation | 12.4/25.3 | - | - | 859 | - | - | - | (859) | - |
Proposed Dividends Allocation | - | - | - | 12,247 | - | - | (12,247) | - | |
Minimum Mandatory Dividends | - | - | - | - | - | - | (4,082) | (4,082) | |
Foreign Exchange Variation Adjustment | - | - | - | - | - | 2,812 | - | 2,812 | |
of Subsidiaries | |||||||||
Capital Reduction | (67,829) | - | - | - | - | - | 67,829 | - | |
Cash Flow Hedge | - | - | - | - | (117) | - | - | (117) | |
BALANCES AS OF December 31, 2023 | 162,174 | 21 | 859 | 12,247 | (117) | (2,536) | (58) | 172,590 | |
Loss for the year | - | - | - | - | - | - | (24,015) | (24,015) | |
Reversal of Legal Reserve | 25.2 | - | - | (859) | - | - | - | 859 | - |
Reversal of Proposed Dividends | - | - | - | - | (12,247) | - | - | - | (12,247) |
Foreign Exchange Variation Adjustment | 12.4/25.3 | - | - | - | - | - | 2,452 | - | 2,452 |
of Subsidiaries | |||||||||
Cash Flow Hedge | 25.3/34.1 | - | - | - | - | (5,258) | - | - | (5,258) |
BALANCES AS OF December 31, 2024 | 162,174 | 21 | - | - | (5,375) | (84) | (23,214) | 133,522 |
The explanatory notes are an integral part of the individual and consolidated financial statements.
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