Exhibit 99.3
Vinci Partners Investments Ltd.
Interim Financial Statements as of March 31, 2022
Vinci Partners Investments Ltd.
Consolidated balance sheets
All amounts in thousands of reais
Assets | Note | 03/31/2022 | 12/31/2021 | |||||||
Current assets | ||||||||||
Cash and cash equivalents | 5(d) | 38,516 | 102,569 | |||||||
Cash and bank deposits | 5(d) | 9,109 | 21,679 | |||||||
Financial instruments at fair value through profit or loss | 5(d) | 29,407 | 80,890 | |||||||
Financial instruments at fair value through profit or loss | 5(c) | 1,324,292 | 1,372,926 | |||||||
Accounts receivable | 5(a) | 41,453 | 44,316 | |||||||
Sub-leases receivable | 10 | 1,500 | - | |||||||
Taxes recoverable | 3,214 | 3,199 | ||||||||
Other assets | 6 | 7,136 | 4,193 | |||||||
Total current assets | 1,416,111 | 1,527,203 | ||||||||
Non-current assets | ||||||||||
Financial instruments at fair value through profit or loss | 5(c) | 9,235 | 8,593 | |||||||
Accounts receivable | 5(a) | 20,042 | 19,368 | |||||||
Sub-leases receivable | 10 | 2,256 | - | |||||||
Taxes recoverable | 61 | 80 | ||||||||
Deferred taxes | 18 | 6,057 | 4,970 | |||||||
Other assets | 6 | 1,851 | 2,011 | |||||||
39,502 | 35,022 | |||||||||
Property and equipment | 8 | 13,591 | 14,294 | |||||||
Right of use - Leases | 10 | 63,159 | 69,329 | |||||||
Intangible assets | 9 | 1,156 | 1,157 | |||||||
Total non-current assets | 117,408 | 119,802 | ||||||||
Total assets | 1,533,519 | 1,647,005 |
The accompanying notes are an integral part of these interim consolidated financial statements.
F-2
Vinci Partners Investments Ltd.
Consolidated balance sheet
All amounts in thousands of reais
Liabilities and equity | Note | 03/31/2022 | 12/31/2021 | |||||||
Current liabilities | ||||||||||
Trade payables | 366 | 831 | ||||||||
Deferred revenue | 23 | 17,504 | - | |||||||
Leases | 10 and 5(e) | 22,755 | 22,304 | |||||||
Accounts payable | 11 | 6,909 | 10,677 | |||||||
Labor and social security obligations | 12 | 25,023 | 106,299 | |||||||
Taxes and contributions payable | 13 | 14,838 | 23,762 | |||||||
Total current liabilities | 87,395 | 163,873 | ||||||||
Non-current liabilities | ||||||||||
Leases | 10 and 5(e) | 59,581 | 63,240 | |||||||
Deferred taxes | 18 | 5,209 | 5,016 | |||||||
Total non-current liabilities | 64,790 | 68,256 | ||||||||
Total liabilities | 152,185 | 232,129 | ||||||||
Equity | 14 | |||||||||
Share capital | 15 | 15 | ||||||||
Additional paid-in capital | 1,382,038 | 1,382,038 | ||||||||
Treasury shares | 14(f) | (73,815 | ) | (52,585 | ) | |||||
Retained earnings | 59,315 | 70,183 | ||||||||
Other reserves | 13,747 | 15,182 | ||||||||
1,381,300 | 1,414,833 | |||||||||
Non-controlling interests in the equity of subsidiaries | 7 | 34 | 43 | |||||||
Total equity | 1,381,334 | 1,414,876 | ||||||||
Total liabilities and equity | 1,533,519 | 1,647,005 |
The accompanying notes are an integral part of these interim consolidated financial statements.
F-3
Vinci Partners Investments Ltd.
Interim consolidated statement of income
For the three-month period ended March 31
All amounts in thousands of reais unless otherwise stated
Statements of Income | Note | 03/31/2022 | 03/31/2021 | |||||||
Net revenue from services rendered | 15 | 94,075 | 106,860 | |||||||
General and administrative expenses | 16 | (53,961 | ) | (50,002 | ) | |||||
Operating profit | 40,114 | 56,858 | ||||||||
Finance income | 17 | 22,992 | 7,070 | |||||||
Finance expenses | 17 | (6,061 | ) | (3,683 | ) | |||||
Finance profit/(loss), net | 16,931 | 3,387 | ||||||||
Profit before income taxes | 57,045 | 60,245 | ||||||||
Income taxes | 18 | (11,739 | ) | (13,232 | ) | |||||
Profit for the period | 45,306 | 47,013 | ||||||||
Attributable to the shareholders of the parent company | 45,309 | 47,013 | ||||||||
Attributable to non-controlling interests | (3 | ) | - | |||||||
Basic and diluted earnings per share | 0.80 | 0.91 |
The accompanying notes are an integral part of these interim consolidated financial statements.
F-4
Vinci Partners Investments Ltd.
Interim consolidated statement of comprehensive income
For the three-month period ended March 31
All amounts in thousands of reais
03/31/2022 | 03/31/2021 | |||||||
Profit for the period | 45,306 | 47,013 | ||||||
Other comprehensive income | ||||||||
Items that may be reclassified to profit or loss: | ||||||||
Foreign exchange variation of investee located abroad | ||||||||
Vinci Capital Partners GP Limited | (38 | ) | 22 | |||||
Vinci USA LLC | (2,086 | ) | 805 | |||||
Vinci Capital Partners F III GP Limited | (29 | ) | 6 | |||||
GGN GP LLC | (19 | ) | 16 | |||||
Total comprehensive income for the period | 43,134 | 47,862 | ||||||
Attributable to: | ||||||||
Shareholders of the parent company | 43,137 | 47,862 | ||||||
Non-controlling interests | (3 | ) | - | |||||
43,134 | 47,862 |
The accompanying notes are an integral part of these interim consolidated financial statements.
F-5
Vinci Partners Investments Ltd.
Interim consolidated statement of changes in equity
For the three months ended March 31
All amounts in thousands of reais
Share | Additional | Retained | Other | Treasury | Non-controlling | Total | ||||||||||||||||||||||||||
capital | paid-in capital | earnings | reserves | shares | Total | interests | equity | |||||||||||||||||||||||||
At January 01, 2021 | 8,730 | - | - | 10,491 | - | 19,221 | 15 | 19,236 | ||||||||||||||||||||||||
Corporate reorganization | (8,719 | ) | 8,719 | - | - | - | - | - | - | |||||||||||||||||||||||
Profit for the period | - | - | 47,013 | - | - | 47,013 | - | 47,013 | ||||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||||||||
Foreign exchange variation of investee located abroad | - | - | - | 849 | - | 849 | - | 849 | ||||||||||||||||||||||||
Capital increase | 4 | 1,392,370 | - | - | - | 1,392,374 | 29 | 1,392,403 | ||||||||||||||||||||||||
Transaction costs from capital increase | - | (10,380 | ) | (10,380 | ) | - | (10,380 | ) | ||||||||||||||||||||||||
Allocation of profit: | ||||||||||||||||||||||||||||||||
Dividends | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
At March 31, 2021 | 15 | 1,390,709 | 47,013 | 11,340 | - | 1,449,077 | 44 | 1,449,121 | ||||||||||||||||||||||||
At January 01, 2022 | 15 | 1,382,038 | 70,183 | 15,182 | (52,585 | ) | 1,414,833 | 43 | 1,414,876 | |||||||||||||||||||||||
Profit for the period | - | - | 45,309 | - | - | 45,309 | (3 | ) | 45,306 | |||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||||||||
Foreign exchange variation of investee located abroad | - | - | - | (2,172 | ) | - | (2,172 | ) | (6 | ) | (2,178 | ) | ||||||||||||||||||||
Share based payments | - | - | - | 737 | - | 737 | - | 737 | ||||||||||||||||||||||||
Treasury shares bought | - | - | - | - | (21,230 | ) | (21,230 | ) | - | (21,230 | ) | |||||||||||||||||||||
Allocation of profit: | ||||||||||||||||||||||||||||||||
Dividends | - | - | (56,177 | ) | - | - | (56,177 | ) | - | (56,177 | ) | |||||||||||||||||||||
At March 31, 2022 | 15 | 1,382,038 | 59,315 | 13,747 | (73,815 | ) | 1,381,300 | 34 | 1,381,334 |
The accompanying notes are an integral part of these interim consolidated financial statements.
F-6
Vinci Partners Investments Ltd.
Interim consolidated statements of cash flows
Three-month period ended March 31
All amounts in thousands of reais unless otherwise stated
03/31/2022 | 03/31/2021 | |||||||
Cash flows from operating activities | ||||||||
Profit before taxation | 57,045 | 60,245 | ||||||
Adjustments to reconcile net income to cash flows from operations: | ||||||||
Depreciation and amortization | 3,544 | 3,312 | ||||||
Investment income of financial instruments at fair value through profit or loss | (19,202 | ) | (2,259 | ) | ||||
Share based payments | 736 | - | ||||||
Financial result on lease agreements | 2,362 | 3,077 | ||||||
44,485 | 64,375 | |||||||
Changes in assets and liabilities | ||||||||
Accounts receivables | 2,189 | 4,919 | ||||||
Taxes recoverable | 4 | (69 | ) | |||||
Other assets | (2,780 | ) | 7,641 | |||||
Trade payables | (466 | ) | (551 | ) | ||||
Deferred revenue | 17,504 | 19,678 | ||||||
Accounts payable | 382 | (718 | ) | |||||
Labor and social security obligations (*) | (81,258 | ) | (12,070 | ) | ||||
Taxes and contributions payable | (1,962 | ) | (728 | ) | ||||
(66,387 | ) | 18,102 | ||||||
Cash generated from operations | (21,902 | ) | 82,477 | |||||
Income tax paid | (19,538 | ) | (18,272 | ) | ||||
Net cash inflow from operating activities | (41,440 | ) | 64,205 | |||||
Cash flows from investing activities | ||||||||
Purchases of property and equipment and additions to intangible assets | (350 | ) | (1,438 | ) | ||||
Purchase of financial instruments at fair value through profit or loss | (48,077 | ) | (577,648 | ) | ||||
Sales of financial instruments at fair value through profit or loss | 115,270 | 23,433 | ||||||
Net cash (outflow) from investing activities | 66,843 | (555,653 | ) | |||||
Cash flows from financing activities | ||||||||
Proceeds from the issuance of shares | - | 1,392,403 | ||||||
Transactions costs paid | - | (10,380 | ) | |||||
Treasury shares acquisition paid | (22,444 | ) | - | |||||
Lease payments, net of sublease received | (5,687 | ) | (4,485 | ) | ||||
Dividends paid | (58,834 | ) | (116,357 | ) | ||||
Net cash (outflow) from financing activities | (86,965 | ) | 1,261,181 | |||||
Net increase (decrease) in cash and cash equivalents | (61,562 | ) | 769,733 | |||||
Cash and cash equivalents at the beginning of the period | 102,569 | 83,449 | ||||||
Foreign exchange variation of cash and cash equivalents in subsidiary abroad | (2,491 | ) | 820 | |||||
Cash and cash equivalents at the end of the period (Note 5d) | 38,516 | 854,002 |
Non-cash financing activities
Dividends declared and not yet paid until March 31, 2022 and 2021 were R$ 4,363 (Note 11) and R$ 6,833, respectively.
(*) Since 2021 Vinci has changed its dividends distribution policy and implemented a profit-sharing scheme to its employees and personnel responsible for asset management services, increasing the payment in the first quarter of 2022 when compared to previous year.
The accompanying notes are an integral part of these interim consolidated financial statements.
F-7
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
1 | Operations |
Vinci Partners Investments Ltd. is an exempted company incorporated in the Cayman Islands (referred to herein as "Entity", "Group" or "Vinci"). The Group started its activities in September 2009. Its objective is to hold investments in the capital of other companies as partner (shareholder). The investees are specialized in rendering alternative investment management, asset allocation and financial advisory services. The actual shareholders of the Entity are disclosed in Note 14.
The registered office of the Entity is at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands.
Corporate reorganization
Prior to the consummation of the initial public offering, on January 15, 2021, the individual partners of Vinci Partners Investimentos Ltda. (“Vinci Investimentos”) contributed the entirety of their quotas into the Entity.
In return for this contribution the Entity issued (1) new Class B common shares to Gilberto Sayão da Silva and (2) new Class A common shares to all other shareholders of Vinci Investimentos in exchange for the quotas of Vinci Investimentos contributed to the Entity, or the Contribution, exchanging 1 quota into 4.77 common shares. Until the Contribution, the Entity did not commence operations and had only nominal assets and liabilities and no material contingent liabilities or commitments.
Initial Public Offering (IPO)
On January 28, 2021, Vinci announced the price of its public offering of the Class A common shares being offered 13,873,474 Class A common shares. Prior to this offering, there has been no public market for our Class A common shares. The initial public offering price per Class A common share was US$18.00.
The Class A common shares have been approved for listing on the Nasdaq Global Select Market, or Nasdaq, under the symbol "VINP." Vinci has two classes of common shares: Class A common shares and Class B common shares.
Class B common shares carry rights that are identical to the Class A common shares, except that (1) holders of Class B common shares are entitled to 10 votes per share, whereas holders of our Class A common shares are entitled to one vote per share; (2) holders of Class B common shares may convert Class B common shares at any time into Class A common shares on a share-for-share basis; (3) holders of Class B common shares are entitled to preemptive rights in the event that additional Class A common shares are issued in order to maintain their proportional ownership interest; and (4) Class B common shares shall not be listed on any stock exchange and will not be publicly traded.
On February 1, 2021, Vinci announced the closing of its initial public offering. The net proceeds from the offering were US$ 232 million (R$ 1,266,926), after deducting underwriting discounts and commissions. The Class A common shares began trading on the Nasdaq Global Select Market on January 28, 2021, under the ticker symbol "VINP."
In connection with the offering, Vinci has granted the underwriters a 30-day option to purchase up to an additional 2,081,021 Class A common shares at the initial public offering price, less underwriting discounts and commissions. On February 8, 2021, Vinci received net proceeds of US$ 23 million (R$ 125,448) in respect of the additional 1,398,014 Class A common shares issued.
Vinci Partners Ltd used the net proceeds from the offering to fund investments in its own products alongside its investors. The Entity continues to pursue opportunities for strategic transactions and for other general corporate purposes.
F-8
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
Impacts of the coronavirus pandemic (COVID-19)
The COVID-19 pandemic has resulted in the temporary or permanent closure of many businesses and has required adjustments in how many businesses operate. For example, certain funds in our real estate segment were impacted as a result of shopping mall closures in Brazil for some months during the pandemic. In addition, there is uncertainty surrounding real estate funds with concentrated investments in office space as the real estate market adjusts to shifts in office space demand in response to changes in economic activity and remote working arrangements. Significant market fluctuations driven by the COVID-19 pandemic have resulted in fluctuations in the fair value component of our Assets Under Management and could result in additional fluctuations in our Assets Under Management depending on the severity and extent of the ongoing crisis. However, despite the adverse impact, Vinci expanded its operations during the pandemic and increased its total assets, net revenue, profits and did not record any impairment in 2022 and 2021 as result of COVID-19.
Brazil is at an advanced stage of vaccination, which generates security that new waves of contagion have a smaller impact on the economy.
2 | Summary of significant accounting policies |
2.1 | Basis of preparation and presentation |
The unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”).
The unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as of December 31, 2021.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.
The unaudited interim condensed consolidated financial statements are presented in Brazilian reais (“R$”), and all amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated.
The issuance of these financial statements was authorized by the Entity's management on April 30, 2022.
(a) | Interim consolidated financial statements |
Vinci operates as an asset management firm. The Group focuses on private markets, liquid strategies, financial advisory, and investment products and solutions, which comprise the main activity of the Group.
The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.
Also, the Entity holds interest in subsidiaries whose main purpose and activities are providing services that relate to the Entity’s activities. Therefore, the Entity consolidates these subsidiaries.
F-9
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
Ownership interest in subsidiaries on March 31, 2022 and December 31, 2021 are as follows:
Interest - % | ||||||||
03/31/2022 | 12/31/2021 | |||||||
Direct subsidiaries | ||||||||
Vinci Partners Investimentos Ltda. (1) | 100 | 100 | ||||||
Vinci Assessoria financeira Ltda. (2) | 100 | 100 | ||||||
Vinci Equities Gestora de Recursos Ltda. (2) | 100 | 100 | ||||||
Vinci Gestora de Recursos Ltda. (2) | 100 | 100 | ||||||
Vinci Capital Gestora de Recursos Ltda. (2) | 100 | 100 | ||||||
Vinci Soluções de Investimentos Ltda. (3) | 100 | 100 | ||||||
Vinci Real Estate Gestora de Recursos Ltda. (2) | 100 | 100 | ||||||
Vinci Capital Partners GP Limited. | 100 | 100 | ||||||
Vinci USA LLC | 100 | 100 | ||||||
Vinci GGN Gestão de Recursos Ltda. (2) | 100 | 100 | ||||||
Vinci Infraestrutura Gestora de Recursos Ltda. | 100 | 100 | ||||||
Vinci Capital Partners GP III Limited. | 100 | 100 | ||||||
GGN GP LLC | 100 | 100 | ||||||
Amalfi Empreendimentos e Participações Ltda. | 100 | 100 | ||||||
Vinci APM Ltda. (2) | 100 | 100 | ||||||
Vinci Monalisa FIM Crédito Privado IE (4) | 100 | 100 | ||||||
Vinci Asset Allocation Ltda. | 75 | 65 | ||||||
VICC Infra GP LLC | 100 | - |
(1) | Prior to the consummation of the initial public offering, on January 15, 2021, the consolidated financial statements were prepared on behalf of Vinci Partners Investimentos Ltda. |
(2) | Minority interest represents less than 0.001%. |
(3) | On February 18, 2021, Vinci Gestão de Patrimônio Ltda changed its name to Vinci Soluções de Investimentos Ltda. Minority interest represents less than 0.001%. |
(4) | Under the terms of IFRS10, the Entity does not consolidate its investment in Vinci Monalisa FIM Crédito Privado IE and measures at fair value through profit or loss in accordance with IFRS 9. |
Subsidiaries are all entities (including structured entities) over which the Group has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated balance sheet respectively.
The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in another reserve within equity attributable to owners of Entity.
F-10
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
When the Group ceases to consolidate an investment or account for it under equity method because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.
2.2 | Segment reporting |
During January 2021, the members of the Board of Directors of Vinci Partners Investments Ltd were appointed. Under the supervision of the Board of Directors, The CEO is responsible for the decision-making process related to executive themes, resources allocation and strategic decisions of Vinci.
The strategic decisions of the Group comprise four distinct business segments: (i) Private market strategies, (ii) Liquid strategies, (iii) Investment products and solutions; and (iv) Financial advisory (Note 20).
Strategies were sorted out within business segments following technical and strategic similarities among funds’ attributes, such as management and performance fee structures, liquidity constraints, targeted returns and investor profile.
3 | Accounting estimates and judgments |
The Entity makes estimates and assumptions concerning the future, based on historical experience and other factors, including expectations of future events. The resulting accounting estimates will, by definition, seldom equal the related actual results. The main estimate s and assumptions made by the Entity comprises the allowance of expected credit losses of accounts receivable, provision for profit sharing, consolidation of subsidiaries, and the fair value measurement of financial assets.
4 | Financial risk management |
The main risks related to the financial instruments are credit risk, market risk, and liquidity risk, as defined below: The management of such risks involves various levels in the Entity and comprehends a number of policies and strategies. The Group's risk management focuses on the unpredictability of financial markets and seeks to mitigate potential adverse impacts on the Group's financial performance.
4.1 | Financial risk factors |
This note explains the Group's exposure to financial risks and how these risks could affect the Group's future financial performance. Current year profit and loss information has been included where relevant to add further context.
The Group's risk management is predominantly controlled by a risk assessment department under process and controls approved by the management. The management provides written process and controls for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.
(a) | Credit risk |
Credit risk arises from cash and cash equivalents, contractual cash flows of debt investments carried at amortized cost, at fair value through profit or loss (FVTPL), and deposits with banks and financial institutions, as well as credit exposures to wholesale and retail customers, including outstanding receivables.
F-11
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
(i) Risk management
Vinci's treasury manages credit risk on a group basis. As of March 31, 2022, and 2021 the expected credit losses are considered immaterial due to the short maturities of the deposits and the credit quality of the counterparty, which have a credit rating AAA evaluated by Fitch Ratings. The Entity has not suffered any losses from cash and cash equivalent since inception. Vinci's treasury review expected credit losses on a regular basis.
(ii) Impairment of financial assets
The group has the following types of financial assets that are subject to the expected credit loss model:
> accounts receivable
> debt investments carried at amortized cost
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial.
(b) | Market risk |
(i) Foreign exchange risk
At the reporting date, the carrying amount value of the Group’s financial assets and liabilities held in US Dollars were as follows:
Balance sheet | 03/31/2022 | 12/31/2021 | ||||||
Cash and cash equivalents | 9,089 | 20,990 | ||||||
Accounts receivable | 8,981 | 9,477 | ||||||
Other receivables | 13,476 | 15,411 | ||||||
Current assets | 31,546 | 45,878 | ||||||
Leases, property and equipment | 2,554 | 3,216 | ||||||
Non-current assets | 2,554 | 3,216 | ||||||
Trade payables | 655 | 2,011 | ||||||
Deferred revenue | 1,895 | - | ||||||
Lease | - | - | ||||||
Labor and social security obligations | - | 9,521 | ||||||
Current liabilities | 2,550 | 11,532 | ||||||
Payables to related parties | 287 | 282 | ||||||
Lease | 2,414 | 3,104 | ||||||
Non-current liabilities | 2,701 | 3,386 | ||||||
Net Equity | 28,849 | 34,176 |
F-12
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
The aggregate net foreign exchange gains/losses recognized in profit or loss were:
Net foreign exchange result for the period | 03/31/2022 | 03/31/2021 | ||||||
Financial revenue | - | 980 | ||||||
Financial expense | (1,344 | ) | (37 | ) | ||||
Net foreign exchange result, net | (1,344 | ) | 943 |
The group operates internationally and is exposed to foreign exchange risk, exclusively the US dollar.
Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the functional currency of the Group.
(ii) interest rate risk
The Group's profit or loss is sensitive to higher/lower interest income from cash equivalents and fixed income funds as a result of changes in interest rates.
(iii) Price risk
The Group's exposure to investment securities price risk arises from investments held by the group and classified in the balance sheet at fair value through profit or loss (note 5).
To manage its price risk arising from investments in investment securities, the group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group.
The majority of the Group's financial investments that are exposed to significant price risk are the private equity investments. Note 5(d) demonstrates the sensitivity analyses of impact for the assets held by the Group.
(c) | Liquidity risk |
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. At the end of the reporting period the Group held bank deposits and certificates of deposits of R$ 38,516 (12/31/2021 – R$ 102,569) that are expected to readily generate cash inflows for managing liquidity risk.
Net debt reconciliation
This section sets out an analysis of the liquidity of the Group.
03/31/2021 | 12/31/2021 | |||||||
Cash and cash equivalents | 38,516 | 102,569 | ||||||
Financial instruments at fair value through profit or loss (i) | 1,324,292 | 1,372,926 | ||||||
Trade payables | (366 | ) | (831 | ) | ||||
Labor and social security obligations | (25,023 | ) | (106,299 | ) | ||||
Accounts payable | (6,909 | ) | (10,677 | ) | ||||
Lease liabilities | (82,336 | ) | (85,544 | ) | ||||
Total | 1,248,174 | 1,272,144 | ||||||
(i) | Comprised of liquid and illiquid investments. Liquid investments are current assets that are traded in an active market. Illiquid investments are comprised of assets that trade infrequently. |
F-13
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
Financial liabilities | Other assets | |||||||||||||||
Payables | Lease liabilities | Cash and cash equivalents | Financial instruments at fair value through profit or loss | |||||||||||||
Net debt as at | ||||||||||||||||
December 31, 2020 | (167,591 | ) | (106,199 | ) | 83,449 | 8,253 | ||||||||||
Cash flow | 49,784 | 21,790 | 15,999 | 1,340,393 | ||||||||||||
Fair value adjustment | - | - | 3,121 | 24,280 | ||||||||||||
Addition and finance expenses accrual | - | (823 | ) | - | - | |||||||||||
Foreign exchange adjustments | - | - | - | - | ||||||||||||
Other changes (ii) | - | (312 | ) | - | - | |||||||||||
December 31, 2021 | (117,807 | ) | (85,544 | ) | 102,569 | 1,372,926 | ||||||||||
Cash flow | 85,509 | 6,085 | (65,390 | ) | (67,635 | ) | ||||||||||
Fair value adjustment | - | - | 1,337 | 19,011 | ||||||||||||
Addition and finance expenses accrual | - | (3,297 | ) | - | - | |||||||||||
Foreign exchange adjustments | - | - | - | - | ||||||||||||
Other changes (ii) | - | 420 | - | - | ||||||||||||
March 31, 2022 | (32,298 | ) | (82,336 | ) | 38,516 | 1,324,292 |
(ii) Other changes include non-cash movements, including Cumulative Translation Adjustments (“CTA”) which will be presented as in other comprehensive income statements.
Maturities of financial liabilities
The tables below analyze the Group's financial liabilities into relevant maturity groupings based on their contractual maturities for significant financial liabilities.
Contractual maturities of financial liabilities at March 31, 2022 | Less than 1 year | Between 1 and 3 years | Over 3 years | Carrying amount | ||||||||||||
Trade payables | (366 | ) | - | - | (366 | ) | ||||||||||
Labor and social security obligations | (25,023 | ) | - | - | (25,023 | ) | ||||||||||
Lease liabilities | (22,755 | ) | (39,997 | ) | (52,261 | ) | (82,336 | ) | ||||||||
Accounts payable | (6,909 | ) | - | - | (6,909 | ) | ||||||||||
Total | (55,053 | ) | (39,997 | ) | (52,261 | ) | (114,634 | ) |
F-14
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
Contractual maturities of financial liabilities at December 31, 2021 | Less than 1 year | Between 1 and 3 years | Over 3 years | Total | Carrying amount | |||||||||||||||
Trade payables | (831 | ) | - | - | (831 | ) | (831 | ) | ||||||||||||
Labor and social security obligations | (106,299 | ) | - | - | (106,299 | ) | (106,299 | ) | ||||||||||||
Lease liabilities | (22,304 | ) | (41,452 | ) | (57,008 | ) | (120,764 | ) | (85,544 | ) | ||||||||||
Accounts payable | (10,677 | ) | - | - | (10,677 | ) | (10,677 | ) | ||||||||||||
Total | (140,111 | ) | (41,452 | ) | (57,008 | ) | (238,571 | ) | (203,351 | ) |
(d) | Sensitivity analysis |
The Group monitors and evaluates the market risk related to its financial investments portfolio periodically to assess its volatility, through changes that can significantly impact its financial results. Considering a period of one day and the historical results over the past year, the following Value at Risk (VAR) parameters were used:
● | 0.27% (or R$ 3.6 million) of the financial investment portfolio for a confidence interval of 95% on March 31, 2022 (0.16% or R$ 2.26 million on December 31, 2021). |
● | 0.39% (or R$ 5.2 million) of the financial investment portfolio for a confidence interval of 99% on March 31, 2022 (0.23% or R$ 3.31 million on December 31, 2021). |
Additionally, the Group evaluated the financial investment portfolio on March 31, 2022 and December 31, 2021, through stress scenarios according to the main risk factors related to its investments, as presented in the table below:
Financial Impact (**) | ||||||||||||||
Risk Factor | Variation in | Stress Scenario (*) | 03/31/2021 | 12/31/2021 | ||||||||||
Current inflation | Inflation index | -100 | bps | 20.8 | 15.3 | |||||||||
Exchange traded real estate funds | Share prices | -10 | % | (11.9 | ) | (10.9 | ) | |||||||
Brazilian stock prices | Share prices | -10 | % | (7.1 | ) | (7.4 | ) | |||||||
Fixed-rate offshore rates | US yield curve | -100 | bps | (6.3 | ) | (7.7 | ) | |||||||
Foreign exchange rate | Foreign exchange rates | 10 | %(***) | 3.4 | 5.0 | |||||||||
Domestic base overnight rate | Domestic base overnight rate | -100 | bps | (5.8 | ) | (8.0 | ) |
(*) bps - basis point (1bps = 0,01%)
(**) In millions of Brazilian reais
(***) Brazilian reais devaluation against US Dollars
An equal change in the opposite direction of the stress scenario would have affected the financial investment portfolio by a similar amount, on the basis that all other variables remain constant.
F-15
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
5 | Financial instruments |
This note provides information about the group's financial instruments, including:
- an overview of all financial instruments held by the Group
- specific information about each type of financial instrument
- accounting policies
- information about determining the fair value of the instruments, including judgements and estimation uncertainty involved.
The Group classifies its financial assets in the following measurement categories:
● | those measured at fair value or through profit or loss, and |
● | those measured at amortized cost. |
The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses will be recorded in profit or loss.
Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on trade date, being the date on which the group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.
Measurement
At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
The Group holds the following financial instruments:
Financial assets | Section | 03/31/2022 | 12/31/2021 | |||||||||
Accounts receivable | (a) | 61,495 | 63,684 | |||||||||
Other financial assets at amortized cost | (b) | 309 | 638 | |||||||||
Cash and cash equivalents | (d) | 38,516 | 102,569 | |||||||||
Financial assets at fair value through profit or loss (FVPL) | (c) | 1,333,527 | 1,381,519 | |||||||||
1,433,847 | 1,548,410 | |||||||||||
Financial liabilities | ||||||||||||
Liabilities at amortized cost | (e) | 32,298 | 117,807 | |||||||||
Lease liabilities | (e) | 82,336 | 85,544 | |||||||||
114,634 | 203,351 |
The Group's exposure to risks associated with the financial instruments is discussed in note 4. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above.
F-16
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
a) | Accounts receivable |
Current assets | 03/31/2022 | 12/31/2021 | ||||||
Accounts receivable from contracts with customers | 41,623 | 44,486 | ||||||
Loss allowance | (170 | ) | (170 | ) | ||||
Non-current assets | ||||||||
Accounts receivable from contracts with customers | 20,042 | 19,368 | ||||||
61,495 | 63,684 |
Accounts receivables are recognized initially at the amount of consideration that is unconditional and are not submitted to any financial components. They are subsequently measured at amortized cost, less loss allowance.
Current accounts receivable are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value.
Non-current accounts receivable are unrealized performance fees that management, with accumulated experience, estimate that it is highly probable that a significant reversal will not occur.
The Entity uses a provision matrix to calculate expected credit losses and the exposure to credit risk from receivables are reviewed on a regular basis. Accounts receivable allowance are presented in general and administrative expense.
The loss allowances for accounts receivable as of March 31, 2022 and December 31, 2021 reconcile to the opening loss allowances as follows:
03/31/2021 | 12/31/2020 | |||||||
Opening loss allowance on January 1 | (170 | ) | (149 | ) | ||||
Increase in accounts receivable allowance recognized in profit or loss | - | (21 | ) | |||||
Closing loss allowance on March 31 / December 31 | (170 | ) | (170 | ) |
Accounts receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments. The Entity has not written any amount of accounts receivable during 2022 and 2021. Subsequent recoveries of amounts previously written off are credited against the same line item.
b) | Other financial assets at amortized cost |
Financial assets at amortized cost include the following debt instruments:
03/31/2022 | 12/31/2021 | |||||||
Prepayments to employees (Note 6 (i)) | 309 | 638 |
These amounts generally arise from transactions outside the usual operating activities of the group. Interest is charged at commercial rates and collateral is not normally obtained.
F-17
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
All the financial assets at amortized cost are denominated in Brazilian currency units. As a result, there is no exposure to foreign currency risk. There is also no exposure to price risk as the investments will be held to maturity.
See note 6 for more details.
c) | Financial assets at fair value through profit or loss |
The group classifies the following financial assets at fair value through profit or loss (FVPL):
- | Mutual funds; |
- | Private markets funds. |
Financial assets measured at FVPL include the following categories:
03/31/2022 | 12/31/2021 | |||||||
Current assets | 1,324,292 | 1,372,926 | ||||||
Mutual funds | 1,324,292 | 1,372,926 | ||||||
Non-current assets | 9,235 | 8,593 | ||||||
Private markets funds | 9,235 | 8,593 |
The following tables demonstrate the funds invested included in each category mentioned above.
Mutual funds | ||||||||
03/31/2022 | 12/31/2021 | |||||||
Vinci Monalisa FIM Crédito Privado IE (1) | 1,251,206 | 1,233,828 | ||||||
Vinci Multiestratégia FIM | 58,525 | 109,717 | ||||||
Vinci International Master Portfolio SPC - Reflation SP | 10,628 | 11,161 | ||||||
FI Vinci Renda Fixa CP | 3,933 | 18,220 | ||||||
1,324,292 | 1,372,926 |
Private markets | ||||||||
03/31/2022 | 12/31/2021 | |||||||
Vinci Capital Partners III Feeder FIP Multiestratégia | 2,503 | 1,891 | ||||||
Nordeste III FIP Multiestratégia | 2,745 | 2,848 | ||||||
Vinci Infra Transmissão FIP - Infraestrutura (i) | 3,987 | 3,854 | ||||||
Total Private markets funds | 9,235 | 8,593 |
F-18
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
1) | Vinci Monalisa FIM Crédito Privado IE (“Vinci Monalisa”) is a mutual fund incorporated in Brazil and wholly owned by the Company. Vinci Monalisa’s balances are the following: |
03/31/2022 | 12/31/2021 | |||||||
Net Asset Value | 1,251,206 | 1,233,828 | ||||||
Real estate funds | 201,810 | 137,519 | ||||||
Mutual funds | 987,897 | 1,080,108 | ||||||
Private equity funds | 45,071 | 18,768 | ||||||
Other assets/liabilities | 16,428 | (2,567 | ) | |||||
The Vinci Monalisa’s portfolio is comprised of liquid and illiquid investee funds with different redemption criteria. Over 88% of its investments are liquid and may be redeemed and 12% are non-redeemable investments. The following tables demonstrate the funds invested by Vinci Monalisa:
Mutual funds
Vinci Monalisa holds investments in several mutual funds to seek profitability through investments in various classes of financial assets such as fixed income assets, Brazilian government bonds, public equities, derivatives financial instruments, investment funds and other short-term liquid securities. As of March 31, 2022, and December 31, 2021, Vinci Monalisa holds R$ 987,897 and R$ 1,080,108 of investments in mutual funds, respectively, which are distributed in the following classification:
03/31/2022 | 12/31/2021 | |||||||
Mutual Funds’ classification | ||||||||
Interest and foreign Exchange (a) | 57.40 | % | 46.20 | % | ||||
Multistrategy (b) | 35.94 | % | 46.69 | % | ||||
Foreign investments (c) | 4.56 | % | 5.23 | % | ||||
Macro (d) | 2.10 | % | 1.88 | % | ||||
100 | % | 100.00 | % |
(a) | Funds that seek long-term returns via investments in fixed-income assets, admitting strategies that imply interest risk, price index risk and foreign currency risk. |
(b) | Funds without commitment to concentration in any specific strategy. |
(c) | Funds that invest in financial assets abroad in a portion greater than 40% of their net asset values. |
(d) | Funds that operate in various asset classes (fixed income, variable income, foreign exchange, etc.), with investment strategies based on medium and long-term macroeconomic scenarios. |
Real Estate funds | ||||||||
03/31/2022 | 12/31/2021 | |||||||
Vinci Imóveis Urbanos FII (i) | 49,506 | 52,537 | ||||||
Vinci Offices FII (ii) | 45,348 | - | ||||||
Other real estate funds (iii) | 106,956 | 84,982 | ||||||
201,810 | 137,519 |
(i) The fund’s investment strategy is to acquire properties in the retail, general markets, health and education sectors located in large urban centers that, in the Manager's view, generate long-term value;
(ii) The fund invests in controlling corporate buildings, mostly leased, which, in the Manager's view, generate value for the properties.
(iii) Comprised of funds that allocate their capital in diversified portfolios of shares of real estate funds, real estate receivable certificates, bonds, securities and other real estate assets.
F-19
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
Private markets funds | ||||||||
03/31/2022 | 12/31/2021 | |||||||
Vinci Impacto Ret IV FIP Multiestratégia | 2,741 | 2,042 | ||||||
Vinci Infra Coinvestimento I FIP - Infraestrutura (i) | 12,661 | 13,446 | ||||||
Vinci Infra Água e Saneamento Strategy FIP - Infraestrutura | 27,031 | 1,023 | ||||||
Other funds | 2,638 | 2,257 | ||||||
Total private markets funds | 45,071 | 18,768 |
(i) Fund focused on the acquisition of shares, share bonuses subscriptions, debentures convertible or not into shares, or other securities issued by publicly-held, publicly-traded or private corporations that develop new projects of infrastructure in the development sector and operations of electric power transmission lines, participating in the decision-making process of the investee, with effective influence. In 2021, the fund sold its investment in Linhas de Energia do Sertão Transmissora S.A. ("LEST"). As of March 31, 2022 and December 31, 2021, the fund held investment in Água Vermelha Transmissora de Energia S.A.
During the period, the following gains/(losses) were recognized in profit or loss:
03/31/2022 | 03/31/2021 | |||||||
Fair value gains (losses) on investments at FVPL recognized in finance income | 20,539 | 5,658 |
d) | Cash and cash equivalents |
Current assets | 03/31/2022 | 12/31/2021 | ||||||
Cash and bank deposits | 9,109 | 21,679 | ||||||
Certificate of deposit (i) | 29,407 | 80,890 | ||||||
38,516 | 102,569 |
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, bank deposits held at financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
(i) Comprises certificates of deposits issued by Banco Bradesco (credit rating AAA evaluated by Fitch Ratings) with interest rates variable from 99.50% to 100.50% of CDI (interbank deposit rate). The certificates are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
e) | Financial liabilities |
03/31/2022 | 12/31/2021 | |||||||
Current | 55,053 | 140,111 | ||||||
Trade payables | 366 | 831 | ||||||
Labor and social security obligations (Note 12) | 25,023 | 106,299 | ||||||
Lease liabilities | 22,755 | 22,304 | ||||||
Accounts payable (Note 11) | 6,909 | 10,677 | ||||||
Non-current | 59,581 | 63,240 | ||||||
Lease liabilities | 59,581 | 63,240 | ||||||
114,634 | 203,351 |
F-20
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
(a) | Fair value hierarchy |
This section explains the judgments and estimates made in determining the fair values of the financial instruments that are recognized and measured at fair value through profit or loss in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the group has classified its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table.
On March 31, 2022 | ||||||||||||||||
Recurring fair value measurements | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Financial Assets | ||||||||||||||||
Certificate of deposits | - | 29,407 | - | 29,407 | ||||||||||||
Mutual funds | - | 1,324,292 | - | 1,324,292 | ||||||||||||
Private equity funds | - | - | 9,235 | 9,235 | ||||||||||||
Total Financial Assets | - | 1,353,699 | 9,235 | 1,362,934 |
On December 31, 2021 | ||||||||||||||||
Recurring fair value measurements | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Financial Assets | ||||||||||||||||
Certificate of deposits | - | 80,890 | - | 80,890 | ||||||||||||
Mutual funds | - | 1,372,926 | - | 1,372,926 | ||||||||||||
Private equity funds | - | - | 8,593 | 8,593 | ||||||||||||
Total Financial Assets | - | 1,453,816 | 8,593 | 1,462,409 |
Level 1: The fair value of financial instruments traded in active markets (such as publicly traded real estate funds) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Vinci Monalisa is a financial instrument classified as level 2. Its portfolio is comprised of items that could be classified as level 1, level 2 and level 3, in the amount of R$ 121,983, R$ 988,795 and R$ 45,071, respectively (2021: R$ 57,006, R$ 1,080,108 and R$ 96,714, respectively).
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.
(b) | Valuation techniques used to determine fair values |
Specific valuation techniques used to value financial instruments include:
- the use of quoted market prices
- for level 3 financial instruments – discounted cash flow analysis.
F-21
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
All non-listed assets fair value estimates are included in level 2, except for private equity funds, where the fair values have been determined based on fair value appraisals for fund's investments, performed by the fund's management (Vinci Capital and Vinci Infra) or a third party hired by the Administration. The most part of the level 3 financial instruments evaluation uses discount cash flows techniques to evaluate the fair value of the Fund's investments. The appraisals performed by a third party are reviewed by Vinci or its subsidiaries (fund's management).
(c) | Fair value measurements using significant unobservable inputs (level 3) |
The following table presents the changes in level 3 items for the period/year ended March 31, 2022 and December 31, 2021:
Fair Value | ||||
Opening balance January 1, 2021 | 31,596 | |||
Capital deployment | 932 | |||
Transfer (a) | (22,746 | ) | ||
Sales and distributions | (3,481 | ) | ||
Gain recognized in finance income | 2,292 | |||
Closing balance December 31, 2021 | 8,593 | |||
Capital deployment | 555 | |||
Sales and distributions | (103 | ) | ||
Gain recognized in finance income | 190 | |||
Closing balance March 31, 2022 | 9,235 |
(a) In 2021, Vinci Impacto Ret IV FIP Multiestratégia and Vinci Infra Coinvestimento I FIP - Infraestrutura were transferred to Vinci Monalisa.
F-22
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
(d) Valuation inputs and relationships to fair value
The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements:
Description
| Fair value at | Valuation Technique | Unobservable inputs | Reasonable | ||||||
03/31/2022 | 12/31/2021 | 2022 Gain / (Losses) | 2021 Gain / (Losses) | Possible shift in Gain and losses | ||||||
Vinci Infra Coinvestimento I FIP – Infraestrutura (a) | - | - | Discounted cash flow | Discount rate | 0.5% / 1% | - | 559 | - | ||
Vinci Infra Transmissão FIP - Infraestrutura | 3,987 | 3,854 | Discounted cash flow | Discount rate | 0.5% / 1% | 134 | 703 | Lower discount rate in 50 basis points would increase fair value by R$ 1,312 (R$ 1,272 – 2021) and higher discount rate in 100 basis points would decrease fair value by R$ 1,480 (R$ 1,411 – 2021) | ||
Nordeste III FIP Multiestratégia | 2,745 | 2,848 | Discounted cash flow | Discount rate | 0.5% / 1% | - | 497 | Lower discount rate in 50 basis points would increase fair value by R$ 27 (R$ 28 - 2021) and higher discount rate in 100 basis points would decrease fair value by R$ 55 (R$ 57) | ||
Others | 2,503 | 1,891 | NAV Valuation | NAV | 1% / 2% | 56 | 533 | Increased NAV in 100 basis points would increase fair value by R$ 25 (R$ 19 – 2021) and lower NAV in 200 basis points would decrease fair value by R$ 50 (R$ 38 – 2021) |
(a) In 2021, Vinci Infra Coinvestimento I FIP - Infraestrutura was transferred to Vinci Monalisa.
F-23
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
6 | Other assets |
03/31/2022 | 12/31/2021 | |||||||
Prepayments to employees (i) | 309 | 638 | ||||||
Sundry advances | 296 | 288 | ||||||
Advances to projects in progress (ii) | 6,189 | 2,784 | ||||||
Other prepayments | 387 | 365 | ||||||
Related parties receivables (iii) | 287 | 265 | ||||||
Guarantee deposits (iv) | 1,349 | 1,525 | ||||||
Sublease receivables | 100 | 252 | ||||||
Others | 70 | 87 | ||||||
8,987 | 6,204 | |||||||
Current | 7,136 | 4,193 | ||||||
Non-current | 1,851 | 2,011 | ||||||
8,987 | 6,204 |
(i) | Refers to amounts receivable from employees, in which the amount is rated at the interest rate of the Interbank Deposit Certificate (CDI). |
(ii) | Refers to costs incurred by projects related to funds administered by Vinci, that are initially paid by the Group and subsequently reimbursed. |
(iii) | Refers to an intercompany transaction. See note 19 for more details. |
(iv) | Refers to the security deposit of a lease. |
F-24
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
7 | Investments |
(a) | Non-controlling interests (NCI) |
Set out below is summarized financial information for each subsidiary that has non-controlling interests that are material to the group. The amounts disclosed for each subsidiary are before inter-company eliminations.
Vinci Int'l Real Estate | Vinci Asset Allocation | Total | ||||||||||||||||||||||
03/31/2022 | 12/31/2021 | 03/31/2022 | 12/31/2021 | 03/31/2022 | 12/31/2021 | |||||||||||||||||||
Summarized Balance Sheet | ||||||||||||||||||||||||
Current assets | 486 | 575 | - | - | 486 | 575 | ||||||||||||||||||
Current liabilities | (340 | ) | (401 | ) | - | - | (340 | ) | (401 | ) | ||||||||||||||
Current net assets | 146 | 174 | - | - | 146 | 174 | ||||||||||||||||||
Non-current assets | - | - | - | - | - | - | ||||||||||||||||||
Non-current liabilities | - | - | (12 | ) | - | (12 | ) | - | ||||||||||||||||
Non-current net assets | - | - | (12 | ) | - | (12 | ) | - | ||||||||||||||||
Net assets | 146 | 174 | (12 | ) | - | 134 | 174 | |||||||||||||||||
Accumulated NCI | 37 | 43 | (3 | ) | - | 34 | 43 |
Summarized statement | Vinci Int'l Real Estate | Vinci Asset Allocation | Total | |||||||||||||||||||||
of comprehensive income | 03/31/2022 | 03/31/2021 | 03/31/2022 | 03/31/2021 | 03/31/2022 | 03/31/2021 | ||||||||||||||||||
Revenue | - | - | - | - | - | - | ||||||||||||||||||
Profit for the period | (1 | ) | - | (12 | ) | - | (13 | ) | - | |||||||||||||||
Other comprehensive income | - | - | - | - | - | - | ||||||||||||||||||
Total comprehensive income | (1 | ) | - | (12 | ) | - | (13 | ) | - | |||||||||||||||
Profit allocated to NCI before dividends | (1 | ) | - | (12 | ) | - | (13 | ) | - | |||||||||||||||
Disproportionate dividends distributions | - | - | - | - | - | - | ||||||||||||||||||
Profit/(loss) allocated to NCI | (1 | ) | - | (12 | ) | - | (13 | ) | - |
F-25
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
8 | Property and equipment |
03/31/2022 | ||||||||||||||||||||||||
Furniture | Improvements in properties | Computers | Work of arts | |||||||||||||||||||||
and fittings | of third | and peripherals - | Equipaments | and others | ||||||||||||||||||||
stuffs | parties | improvements | and tools | Total | ||||||||||||||||||||
Cost | ||||||||||||||||||||||||
At January 1, 2022 | 11,620 | 49,024 | 6,379 | 10,532 | 789 | 78,344 | ||||||||||||||||||
Acquisitions | 54 | 19 | 151 | 19 | - | 243 | ||||||||||||||||||
Foreign Exchange variations of property and equipment abroad | - | (3,212 | ) | - | (921 | ) | - | (4,133 | ) | |||||||||||||||
At March 31, 2022 | 11,674 | 45,831 | 6,530 | 9,630 | 789 | 74,454 | ||||||||||||||||||
Accumulated depreciation At January 1, 2022 | (7,644 | ) | (41,389 | ) | (5,323 | ) | (9,694 | ) | - | (64,050 | ) | |||||||||||||
Annual depreciation | (212 | ) | (540 | ) | (75 | ) | (49 | ) | - | (876 | ) | |||||||||||||
Foreign Exchange variations of property and equipment abroad | - | 3,180 | - | 883 | - | 4,063 | ||||||||||||||||||
At March 31, 2022 | (7,856 | ) | (38,749 | ) | (5,398 | ) | (8,860 | ) | - | (60,863 | ) | |||||||||||||
Net book value | ||||||||||||||||||||||||
At January 1, 2022 | 3,976 | 7,635 | 1,056 | 838 | 789 | 14,294 | ||||||||||||||||||
At March 31, 2022 | 3,818 | 7,082 | 1,132 | 770 | 789 | 13,591 | ||||||||||||||||||
Annual depreciation rate - % | 10 | From 10 to 20 | 20 | 10 |
Extension options in office leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption.
F-26
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
03/31/2021 | ||||||||||||||||||||||||
Furniture | Improvements in properties | Computers | Work of arts | |||||||||||||||||||||
and fittings | of third | and peripherals - | Equipaments | and others | ||||||||||||||||||||
stuffs | parties | improvements | and tools | Total | ||||||||||||||||||||
Cost | ||||||||||||||||||||||||
At January 1, 2021 | 10,465 | 46,895 | 5,802 | 9,985 | 861 | 74,008 | ||||||||||||||||||
Aquisitions | 872 | 342 | 197 | 43 | (16 | ) | 1,438 | |||||||||||||||||
Foreign Exchange variations of property and equipment abroad | - | 1,908 | - | 547 | - | 2,455 | ||||||||||||||||||
At March 31, 2021 | 11,337 | 49,145 | 5,999 | 10,575 | 845 | 77,901 | ||||||||||||||||||
Accumulated depreciation At January 1, 2021 | (6,795 | ) | (37,831 | ) | (5,264 | ) | (9,075 | ) | - | (58,965 | ) | |||||||||||||
Annual depreciation | (211 | ) | (419 | ) | (44 | ) | (37 | ) | - | (711 | ) | |||||||||||||
Foreign Exchange variations of property and equipment abroad | - | (1,877 | ) | 0 | (517 | ) | - | (2,394 | ) | |||||||||||||||
At March 31, 2021 | (7,006 | ) | (40,127 | ) | (5,308 | ) | (9,629 | ) | - | (62,070 | ) | |||||||||||||
Net book value | ||||||||||||||||||||||||
At January 1, 2021 | 3,670 | 9,064 | 538 | 910 | 861 | 15,043 | ||||||||||||||||||
At March 31, 2021 | 4,331 | 9,018 | 691 | 946 | 845 | 15,831 | ||||||||||||||||||
Annual depreciation rate - % | 10 | From 10 to 20 | 20 | 10 |
F-27
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
9 | Intangible assets |
Intangible assets include expenditures with the development of the software product for Risk System and Portfolio Allocation, whose purpose is to evaluate the risk of the funds and to allocate the clients' portfolio.
Economic benefits will flow to the Group from the service fees charged to the clients for the sale of advisory services on market risks or through a service which the Vinci's managers named Wealth Management.
The Entity assesses at each reporting date whether there is an indication that an intangible asset may be impaired. If any indication exists, the Entity estimates the asset's recoverable amount. There were no indications of impairment of intangible assets for the periods ended March 31, 2022 and December 31, 2021.
03/31/2022 | ||||||||
Software development | Total | |||||||
Cost | ||||||||
At January 1, 2022 | 24,790 | 24,790 | ||||||
Purchases | 107 | 107 | ||||||
Foreign exchange variation of intangible assets abroad | (1,253 | ) | (1,253 | ) | ||||
At March 31, 2022 | 23,644 | 23,644 | ||||||
Accumulated amortization | ||||||||
At January 1, 2022 | (23,633 | ) | (23,633 | ) | ||||
Annual amortization | (166 | ) | (166 | ) | ||||
Foreign exchange variation of intangible assets abroad | 1,311 | 1,311 | ||||||
At March 31, 2022 | (22,488 | ) | (22,488 | ) | ||||
At January 1, 2022 | 1,157 | 1,157 | ||||||
At March 31, 2022 | 1,156 | 1,156 | ||||||
Amortization rate (per year) - % | 20 | % |
F-28
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
03/31/2021 | ||||||||
Software development | Total | |||||||
Cost | ||||||||
At January 1, 2021 | 23,723 | 23,723 | ||||||
Purchases | - | - | ||||||
Foreign exchange variation of intangible assets abroad | 779 | 779 | ||||||
At March 31, 2021 | 24,502 | 24,502 | ||||||
Accumulated amortization | ||||||||
At January 1, 2021 | (22,282 | ) | (22,282 | ) | ||||
Annual amortization | (228 | ) | (228 | ) | ||||
Foreign exchange variation of intangible assets abroad | (776 | ) | (776 | ) | ||||
At March 31, 2021 | (23,286 | ) | (23,286 | ) | ||||
At January 1, 2021 | 1,441 | 1,441 | ||||||
At March 31, 2021 | 1,216 | 1,216 | ||||||
Amortization rate (per year) - % | 20 | % |
F-29
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
10 | Leases |
This note provides information for leases where the Group is a lessee. The notes also provide the information of subleases agreements where the Group is a lessor, once part of the assets leased by the Group is subleased to third parties.
(i) | Amount recognized in the balance sheet |
The balance sheet shows the following amounts relating to leases:
03/31/2022 | 12/31/2021 | |||||||
Sub-lease receivable | ||||||||
Rio de Janeiro Office - BM 336 | 3,756 | - | ||||||
Total | 3,756 | - | ||||||
Current | 1,500 | - | ||||||
Non-current | 2,256 | - | ||||||
Total | 3,756 | - | ||||||
Right of use assets | ||||||||
Rio de Janeiro Office - BM 336 | 56,397 | 61,907 | ||||||
São Paulo Office – JRA | 4,644 | 4,700 | ||||||
NY Office - third Avenue | 2,118 | 2,722 | ||||||
Total | 63,159 | 69,329 | ||||||
Lease liabilities | ||||||||
Rio de Janeiro Office - BM 336 | (74,579 | ) | (76,996 | ) | ||||
São Paulo Office – JRA | (5,343 | ) | (5,444 | ) | ||||
NY Office - third Avenue | (2,414 | ) | (3,104 | ) | ||||
Total | (82,336 | ) | (85,544 | ) | ||||
Current | (22,755 | ) | (22,304 | ) | ||||
Non-current | (59,581 | ) | (63,240 | ) | ||||
Total | (82,336 | ) | (85,544 | ) |
Vinci and its direct subsidiaries did not have any rent concessions or modifications on their lease contracts as a direct consequence of the Covid-19. Therefore, the amendment to IFRS 16 issued by The International Accounting Standards Board (“IASB”) does not apply to the Entity.
Additions to the right-of-use assets until March, 31 2021 were R$ 825 (deductions of R$ 11,555 during 2021 financial year).
F-30
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
(ii) | Amount recorded in the statement of profit or loss |
The statement of profit or loss shows the following amounts relating to leases:
03/31/2022 | 03/30/2021 | |||||||
Right of use assets depreciation | (2,560 | ) | (2,373 | ) | ||||
Financial expense | (2,472 | ) | (3,157 | ) | ||||
(5,032 | ) | (5,530 | ) |
The total cash outflow for leases until March 31, 2022 was R$ 6,085 (R$ 5,293 until March 31, 2021).
The Group’s leasing activities and how these are accounted for are disclosed in the Group’s annual consolidated financial statements as of December 31, 2021.
11 | Accounts payable |
03/31/2022 | 12/31/2021 | |||||||
Dividends payable (i) | 4,363 | 6,833 | ||||||
Treasury shares acquisition (ii) | 569 | 1,874 | ||||||
Rent payable – prior month expense | 1,941 | 1,887 | ||||||
Other payables | 36 | 83 | ||||||
6,909 | 10,677 | |||||||
Current | 6,909 | 10,677 | ||||||
Non-current | - | - |
(i) | On December 31, 2020, the partners approved a distribution of dividends for the results of the current month. Based on the balance until the available data, Vinci settled a provision for dividends payable of R$ 27,423. As of December 3, 2021, the amount of R$ 20,590 was paid, with an outstanding balance of R$ 6,833 remaining. On January 21, 2022, the amount of R$ 2,470 was paid, remaining outstanding the amount of R$ 4,363. |
(ii) | As informed in Note 14(f), on May 6, 2021, Vinci started its share repurchase program. The shares repurchased were totally settled on January 5, 2022. |
F-31
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
12 | Labor and social security obligations |
03/31/2022 | 12/31/2021 | |||||||
Profit sharing | 19,843 | 101,880 | ||||||
Labor provisions | 5,180 | 4,419 | ||||||
25,023 | 106,299 | |||||||
Except for the profit sharing related to the unrealized performance fees, the accrual for profits sharing payable on December 31, 2021 was paid in January 2022. Profit sharing is calculated based on the performance review of each employee plus the area performance, in accordance with an Entity policy. Vinci Management estimated the profit sharing as of March 31, 2022 based on the management and advisory net revenue recognized and the realized performance fee up to March 31, 2022. Profit sharing will be paid in January 2023 according to Vinci internal policy and after the Management approval, which is expected to occur in the beginning of 2023.
13 | Taxes and contributions payable |
03/31/2022 | 12/31/2021 | |||||||
Income tax | 8,854 | 14,375 | ||||||
Social contribution | 3,152 | 5,128 | ||||||
Social Contribution on Revenues (COFINS) | 1,663 | 2,280 | ||||||
Social Integration Program (PIS) | 360 | 489 | ||||||
Service tax (ISS) on billing | 599 | 1,348 | ||||||
Withholding Income Tax (IRRF) deducted from third parties | 56 | 40 | ||||||
Others | 154 | 102 | ||||||
14,838 | 23,762 |
F-32
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
14 | Equity |
(a) | Capital |
The capital comprises 42,447,349 Class A shares and 14,446,239 Class B shares with a par value of US$ 0.00005 each.
On January 15, 2021, the individual partners of Vinci Partners Investimentos Ltda. contributed the entirety of their quotas into the Entity. In return for this contribution the Entity issued (1) new Class B common shares to Gilberto Sayão da Silva and (2) new Class A common shares to all other quotaholders of Vinci Investimentos in exchange for the quotas, in each case in a one-to-4.77 exchange for the quotas, of Vinci Investimentos contributed to the Entity, or the Contribution.
On January 28, 2021 Vinci issued 13,873,474 Class A common shares. Prior to this offering, there has been no public market for our Class A common shares. The initial public offering price per Class A common share was US$18.00, resulting in net proceeds of US$ 232,243 thousand (or R$ 1,266,926), after the deducting of underwriting discounts and commissions to Vinci Partners Ltd.
On February 8, 2021, Vinci issued additional 1,398,014 Class A common shares. The price of the additional shares was US$18.00, resulting in net proceeds of US$ 23 million (or R$ 125,448), after the deducting of underwriting discounts and commissions to Vinci Partners Ltd.
The Class A common shares have been approved for listing on the Nasdaq Global Select Market, or Nasdaq, under the symbol "VINP." Vinci has two classes of common shares: Class A common shares and our Class B common shares.
Class B common shares carry rights that are identical to the Class A common shares, except that (1) holders of Class B common shares are entitled to 10 votes per share, whereas holders of our Class A common shares are entitled to one vote per share; (2) holders of Class B common shares have certain conversion rights; (3) holders of Class B common shares are entitled to preemptive rights in the event that additional Class A common shares are issued in order to maintain their proportional ownership interest; and (4) Class B common shares shall not be listed on any stock exchange and will not be publicly traded.
F-33
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
The Entity's shareholders as of March 31, 2022 and December 31, 2021 are presented in the table below:
Shareholders | 12/31/2020 Quantity | Subscribed | Transferred (*) | Repurchased | 12/31/2021 Quantity | |||||||||||||||
Gilberto Sayão da Silva (Class B) | - | - | 14,466,239 | - | 14,466,239 | |||||||||||||||
Alessandro Monteiro Morgado Horta (Class A) | - | - | 8,226,422 | - | 8,226,422 | |||||||||||||||
Paulo Fernando Carvalho de Oliveira (Class A) | - | - | 2,066,605 | - | 2,066,605 | |||||||||||||||
Bruno Augusto Sacchi Zaremba (Class A) | - | - | 1,446,624 | - | 1,446,624 | |||||||||||||||
Sergio Passos Ribeiro (Class A) | - | - | 1,239,963 | - | 1,239,963 | |||||||||||||||
Lywal Salles Filho (Class A) | - | - | 206,661 | - | 206,661 | |||||||||||||||
Public Float (Class A) | - | 15,271,488 | - | (758,011 | ) | 14,513,477 | ||||||||||||||
Other Shareholders (Class A) | - | - | 13,989,586 | - | 13,989,586 | |||||||||||||||
Treasury shares (Class A) | - | - | - | 758,011 | 758,011 | |||||||||||||||
Total | - | 15,271,488 | 41,642,100 | - | 56,913,588 |
Shareholders | 12/31/2021 Quantity | Subscribed | Transferred | Repurchased | 03/31/2022 Quantity | |||||||||||||||
Gilberto Sayão da Silva (Class B) | 14,466,239 | - | - | - | 14,466,239 | |||||||||||||||
Alessandro Monteiro Morgado Horta (Class A) | 8,226,422 | - | - | - | 8,226,422 | |||||||||||||||
Paulo Fernando Carvalho de Oliveira (Class A) | 2,066,605 | - | - | - | 2,066,605 | |||||||||||||||
Bruno Augusto Sacchi Zaremba (Class A) | 1,446,624 | - | - | - | 1,446,624 | |||||||||||||||
Sergio Passos Ribeiro (Class A) | 1,239,963 | - | - | - | 1,239,963 | |||||||||||||||
Lywal Salles Filho (Class A) | 206,661 | - | - | - | 206,661 | |||||||||||||||
Public Float (Class A) | 14,513,477 | - | - | (326,261 | ) | 14,187,216 | ||||||||||||||
Other Shareholders (Class A) | 13,989,586 | - | - | - | 13,989,586 | |||||||||||||||
Treasury shares (Class A) | 758,011 | - | - | 326,261 | 1,084,272 | |||||||||||||||
Total | 56,913,588 | - | - | - | 56,913,588 |
(*) All of the quotaholders of Vinci Partners Investimentos Ltda contributed the entirety of their quotas to Vinci Partners Investments Ltd. In return for this contribution, the Entity issued 14,466,239 new Class B common shares and 27,175,861 new Class A common shares, in each case in a one-to-4.77 exchange for the quotas of Vinci Partners Investimentos Ltda to the quotas of Vinci Partners Investments Ltd.
(b) | Transactions costs |
Transactions costs comprises the expenses incurred by the Entity in connection with the IPO.
(c) | Retained earnings |
Earning reserves comprises the net profit generated by the Entity which were not distributed to their shareholders or approved to be distributed by the Entity management.
F-34
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
(d) | Other reserves |
Comprises the exchange variation in investments made on investees which have a functional currency other than Brazilian Reais, the Entity functional currency. When a foreign operation is sold, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.
(e) | Dividends |
On August 18, 2021, Vinci declared a semiannual dividend distribution of US$ 0.30 per common share to shareholders as of September 01, 2021, totalizing US$ 17,021 thousand (R$ 89,487), paid on September 16, 2021.
On November 17, 2021, Vinci declared a quarterly dividend distribution of US$ 0.16 per common share to shareholders as of December 1, 2021, totaling US$ 9,019 thousand (R$ 48,945), paid on December 16, 2021.
On February 23, 2022, Vinci declared a quarterly dividend distribution of US$ 0.20 per common share to shareholders as of March 10, 2022, totalizing US$ 11,181 thousand (R$ 56,176), paid on March 24, 2022.
Once dividends are declared and approved by the board of directors, they will be paid on proportional basis to the owners of the common shares.
In 2022, dividends were paid in the amount of R$ 58,834, being all the amount related to the profit earned in 2021. In 2021, dividends were paid in the amount of R$ 255,963, being R$ 116,358 related to the net profit earned until 2020 and the remaining amount of R$ 139,605 related to the net profit for the current year.
(f) | Treasury shares |
When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity and the resulting surplus or deficit on the transaction is presented within the share premium.
On May 6, 2021, the Company announced the adoption of its share repurchase program in an aggregate amount of up to R$ 85 million (the “Repurchase Program”). The Repurchase Program may be executed in compliance with Rule 10b-18 under the Exchange Act. The program shall be permitted to commence after the date it is publicly disclosed and does not have a specified expiration date. Buybacks shall be made from time-to-time in the open market and negotiated purchases. The specific prices, numbers of shares and timing of purchase transactions shall be determined by the Company from time to time in its sole discretion.
On September 14, 2021, the Company intended to benefit from the affirmative defense provided by Rule 10b5-1 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934. The Repurchase Program previously approved comply with the requirements of Rule 10b5-1 and will be carried out exclusively by J.P. Morgan Securities LLC (“JPMS”). JPMS acts as agent on behalf of Vinci and in accordance with the following terms:
● | The program is permitted to commence on October 1, 2021 and does not have a specified expiration date. |
● | Buybacks shall be made in compliance with Rule 10b5-1(c)(1) under the Exchange Act; |
● | The Repurchase Program respects the total amount of up to R$85 million, as previously approved. |
F-35
During the first quarter of 2022, 326,261 Class A common shares were repurchased, in the amount of R$ 21,230. In March 2022 the Company holds 1,084,272 Class A common shares in treasury.
F-36
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
(g) | Basic and diluted earnings per share/quota |
a) Basic earning per share | 03/31/2022 | 03/31/2021 | ||||||
From continuing operations attributable to the ordinary equity holders of the Entity | 0.80 | 0.91 | ||||||
Total basic earning per share attributable to the ordinary equity holders of the Entity | 0.80 | 0.91 |
b) Diluted earning per share | 03/31/2022 | 03/31/2021 | ||||||
From continuing operations attributable to the ordinary equity holders of the Entity | 0.80 | 0.91 | ||||||
Total basic earning per share attributable to the ordinary equity holders of the Entity | 0.80 | 0.91 |
c) Reconciliations of earnings used in calculating earnings per share
Basic earnings per share: | 03/31/2022 | 03/31/2021 | ||||||
Profit attributable to the ordinary equity holders of the Entity used in calculating basic earnings per share: | ||||||||
From continuing operations | 45,309 | 47,013 | ||||||
45,309 | 47,013 |
Diluted earnings per share: | 03/31/2022 | 03/31/2021 | ||||||
Profit from continuing operations attributable to the ordinary equity holders of the Entity | ||||||||
Used in calculating basic earnings per share | 45,309 | 47,013 | ||||||
Used in calculating diluted earnings per share | 45,309 | 47,013 |
d) Weighted average number of shares used as the denominator
Number 03/31/2022 | Number 03/31/2021 | |||||||
Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share: | 56,740,096 | 51,653,409 | ||||||
Adjustments for calculation of diluted earnings per share: | - | - | ||||||
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share | 56,740,096 | 51,653,409 |
F-37
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
15 | Revenue from services rendered |
03/31/2022 | 03/31/2021 | |||||||
Gross revenue from fund management | 92,995 | 87,381 | ||||||
Gross revenue from realized performance fees | 2,657 | 9,618 | ||||||
Gross revenue from unrealized performance fees | 674 | 447 | ||||||
Gross revenue from advisory | 4,022 | 16,492 | ||||||
Gross revenue from services rendered | 100,348 | 113,938 | ||||||
In Brazil | 76,624 | 81,202 | ||||||
Abroad | 23,724 | 32,736 | ||||||
Taxes and contributions | ||||||||
COFINS | (3,402 | ) | (3,599 | ) | ||||
PIS | (738 | ) | (781 | ) | ||||
ISS | (2,133 | ) | (2,698 | ) | ||||
Net revenue from services rendered | 94,075 | 106,860 | ||||||
Net revenue from fund management | 87,229 | 81,843 | ||||||
Net revenue from realized performance fees | 2,536 | 9,529 | ||||||
Net revenue from unrealized performance fees | 636 | 422 | ||||||
Net revenue from advisory | 3,674 | 15,066 |
F-38
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
16 | General and administrative expenses |
03/31/2022 | 03/31/2021 | |||||||
Personnel (a) | (15,182 | ) | (13,130 | ) | ||||
Stock Option Plan (b) | (736 | ) | - | |||||
Profit-sharing (a) | (18,303 | ) | (21,818 | ) | ||||
(34,221 | ) | (34,948 | ) | |||||
Third party expenses (c) | (13,528 | ) | (8,733 | ) | ||||
Right of use depreciation (d) | (2,560 | ) | (2,373 | ) | ||||
Depreciation and amortization (e) | (984 | ) | (939 | ) | ||||
Other operating expenses (f) | (1,150 | ) | (1,237 | ) | ||||
Travel and representations | (517 | ) | (201 | ) | ||||
Condominium expenses | (410 | ) | (606 | ) | ||||
Payroll taxes | (363 | ) | (750 | ) | ||||
Rental expense | (38 | ) | (144 | ) | ||||
Telephony services | (68 | ) | (66 | ) | ||||
Legal | (122 | ) | (5 | ) | ||||
(53,961 | ) | (50,002 | ) |
(a) | Personnel and profit-sharing |
According to the profit-sharing program and based on Law 10,101 of December 19, 2000 and on objectives established at the beginning of each year, management estimated the payment of profit sharing in the amount of R$ 18,300 (R$ 21,818 on March 31, 2021) for the period ended March 31, 2022.
(b) | Share-based payments |
See note 22 for more details.
(c) | Third party expense |
Third party expenses are composed for accounting, advisory, information technology, marketing, and other contracted services. The increase is mainly related to investments in Vinci branding through marketing expenses, IT expenses in connection to the growth of Vinci’s operation, advisory services and legal expenses.
(d) | Right of use depreciation |
See note 10 for more details.
(e) | Depreciation and amortization |
The amount is mainly comprised by property and equipment depreciation.
(f) | Other operating expenses |
The amount is mainly comprised by office expenses, including energy, cleaning, maintenance and conservation, among others several expenses.
F-39
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
17 | Finance profit/(loss) |
03/31/2022 | 03/31/2021 | |||||||
Investment income (i) | 21,093 | 5,980 | ||||||
Foreign currency variation income | 1,642 | 980 | ||||||
Financial revenue on sublease agreements | 110 | 81 | ||||||
Other finance income | 147 | 29 | ||||||
Finance income | 22,992 | 7,070 | ||||||
Financial expense on lease agreements | (2,472 | ) | (3,157 | ) | ||||
Bank fees | (46 | ) | (26 | ) | ||||
Interest and arrears | - | (80 | ) | |||||
Investment losses (i) | (554 | ) | (322 | ) | ||||
Fines on taxes | (3 | ) | - | |||||
Financial expense on liabilities at amortized cost | - | - | ||||||
Interest on taxes | - | (52 | ) | |||||
Foreign currency variation expense | (2,986 | ) | (37 | ) | ||||
Other financial expenses | - | (9 | ) | |||||
Finance costs | (6,061 | ) | (3,683 | ) | ||||
Finance profit/(loss), net | 16,931 | 3,387 |
(i) | Investment income and losses comprises the fair value changes on the financial instruments at fair value through profit or loss. Segregated investment income result is demonstrated below: |
03/31/2022 | 03/31/2021 | |||||||
Mutual funds and fixed income investments (a) | 20,898 | 4,684 | ||||||
Private equity funds | 195 | 1,296 | ||||||
21,093 | 5,980 | |||||||
Mutual funds | (550 | ) | (147 | ) | ||||
Private equity funds | (4 | ) | (163 | ) | ||||
Real Estate listed funds | - | (12 | ) | |||||
(554 | ) | (322 | ) |
(a) | Vinci Monalisa corresponds to most part of the Group’s investment income. |
F-40
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
18 | Income tax and social contribution |
As an exempted company incorporated in the Cayman Islands, Vinci Partners Ltd is subject to Cayman Islands laws, which currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty or withholding tax applicable to us.
Vinci Partners Ltd subsidiaries, except for Vinci Partners Ltda, Vinci Capital Gestora Ltda and Vinci Soluções de Investimentos Ltda, are taxed based on the deemed profit.
Vinci has tax losses and negative basis resulting from previous years and deferred income tax and social contribution credits are recognized since there is expectation of future tax results for these companies. The tax credit arising from the tax loss and negative basis under the taxable profit regime on March 31, 2022 is R$ 3,674 (R$ 2,494 on December 31, 2021).
No foreign subsidiaries presented net income for taxation of income and social contribution taxes until March 31, 2022 and 2021.
The income tax and social contribution charge on the results for the year can be summarized as follows:
03/31/2022 | 03/31/2021 | |||||||
Current income tax | (9,294 | ) | (10,603 | ) | ||||
Current social contribution | (3,377 | ) | (3,593 | ) | ||||
(12,671 | ) | (14,196 | ) | |||||
Deferred income tax | 685 | 853 | ||||||
Deferred social contribution | 247 | 111 | ||||||
932 | 964 | |||||||
(11,739 | ) | (13,232 | ) |
F-41
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
Deferred tax balances
03/31/2022 | 12/31/2021 | |||||||
Deferred tax assets | ||||||||
Tax losses | 3,726 | 2,494 | ||||||
Leases | 2,331 | 2,476 | ||||||
Total | 6,057 | 4,970 | ||||||
Deferred tax liabilities | ||||||||
Financial revenue | (1,880 | ) | (1,815 | ) | ||||
Estimated revenue | (2,180 | ) | (2,107 | ) | ||||
Leases | (17 | ) | - | |||||
Total Income Tax | (4,077 | ) | (3,922 | ) | ||||
Estimated revenue | (1,132 | ) | (1,094 | ) | ||||
Total (Taxes and contribution) | (1,132 | ) | (1,094 | ) | ||||
Total deferred tax liabilities | (5,209 | ) | (5,016 | ) |
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Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
Movements | Tax losses | Leases | Total | |||||||||
Deferred tax assets | ||||||||||||
As at December 31, 2020 | 2,769 | 1,799 | 4,568 | |||||||||
to profit and loss | (275 | ) | 677 | 402 | ||||||||
As at December 31, 2021 | 2,494 | 2,476 | 4,970 | |||||||||
to profit and loss | 1,232 | (145 | ) | 1,087 | ||||||||
As at March 31, 2022 | 3,726 | 2,331 | 6,057 |
Movements | Financial Revenue | Estimated Revenue | Leases | Total | ||||||||||||
Deferred tax liabilities | ||||||||||||||||
As at December 31, 2020 | (7,842 | ) | (4,554 | ) | (224 | ) | (12,620 | ) | ||||||||
to profit and loss | 6,027 | 1,353 | 224 | 7,604 | ||||||||||||
As at December 31, 2021 | (1,815 | ) | (3,201 | ) | - | (5,016 | ) | |||||||||
to profit and loss | (65 | ) | (111 | ) | (17 | ) | (193 | ) | ||||||||
As at March 31, 2022 | (1,880 | ) | (3,312 | ) | (17 | ) | (5,209 | ) |
F-43
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
(a) | Tax effective rate |
03/31/2022 | 03/31/2021 | |||||||
Profit (loss) before income taxes | 57,045 | 60,245 | ||||||
Combined statutory income taxes rate - % | 34 | % | 34 | % | ||||
Income tax benefit (expense) at statutory rates | (19,395 | ) | (20,483 | ) | ||||
Reconciliation adjustments: | ||||||||
Expenses not deductible | (18 | ) | (52 | ) | ||||
Tax benefits | 35 | 14 | ||||||
Share based payments | (86 | ) | - | |||||
Effect of presumed profit of subsidiaries (i) | 7,714 | 7,092 | ||||||
Other additions (exclusions), net | 11 | 197 | ||||||
Income taxes expenses | (11,739 | ) | (13,232 | ) | ||||
Current | (12,671 | ) | (14,196 | ) | ||||
Deferred | 932 | 964 | ||||||
Effective rate | 21 | % | 22 | % |
(i) | Brazilian tax law establishes that companies that generate gross revenues of up to R$ 78,000 in the prior fiscal year may calculate income taxes as a percentage of gross revenue, using the presumed profit income tax regime. The Entity's subsidiaries adopted this tax regime and the effect of the presumed profit of subsidiaries represents the difference between the taxation based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries. |
19 | Related parties |
(a) | Key management remuneration |
The total remuneration (salaries and benefits) of key management personnel, including the Executive Committee, amounted to R$ 1,455 (March 31, 2021 - R$ 1,909) for the three months period ended March 31, 2022.
Accordingly, to Vinci internal policy, the key management is entitled to receive a profit-sharing compensation, which is paid annually in January of the next year, after the Management approval. As informed in Note 12, Vinci accrued a provision for profit sharing for the Group as of March 31, 2022.
F-44
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
(b) | Receivables from related parties |
The Entity receivables from related parties as of March 30, 2022 and December 31, 2021, as shown in the table below:
03/31/2022 | 12/31/2021 | |||||||
Telecom Investimentos S.A. | 80 | 80 | ||||||
Vinci Infra Investimentos V2I S.A. | 67 | 64 | ||||||
Maranello Empreend. e Participações S.A. | 1 | 1 | ||||||
Cagliari Participações S.A. | 4 | 4 | ||||||
Grassano Participações SA | - | - | ||||||
Accadia Participações AS | 79 | 75 | ||||||
Norcia Participações SA | 43 | 39 | ||||||
Personal Care Participações SA | 1 | 1 | ||||||
Mental Health Participacões SA | 1 | 1 | ||||||
Laguna Participações S.A. | 9 | - | ||||||
VFDL 4 Empreendimentos Imobiliários LTDA | 2 | - | ||||||
287 | 265 |
(c) | Prepayments to employees |
As presented in note 6(i), Vinci may advance payments to its employees, in which the amount is rated at the interest rate of the Interbank Deposit Certificate (CDI).
20 | Segment reporting |
The Entity's reportable segments are those business units which provide different services and are separately managed since each business demands different market strategies.
The main information used by management for assessment of the performance of each segment is the profit by segment for the analysis of the return of these investments.
The information on assets and liabilities by segment is not disclosed in these financial statements because it is not used by management when managing segments. Management does not make an analysis by geographical areas for the management of the Entity's business.
Segments are independently managed, with professionals specifically skilled allocated in each segment.
The Entity's operations are segmented according to the organization and management model approved by management, and they are divided as follows:
Private Market Strategies
Comprises the investments in illiquid funds, as described below:
(i) | Private Equity |
The private equity segment has a generalist and control-oriented approach, focusing on growth and turnaround. The primary strategy is value creation pursuing transformation of invested companies, with changes in the growth of revenue, productivity, profitability and management profile, using a proprietary methodology ("Value from the Core").
F-45
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
Another strategy of the segment is focused on sectors resilient to different investment cycles and minority holdings in small and medium enterprises with business models that exhibit high growth potential and clear, mensurable ESG (Environmental, Social and Governance) goals.
(ii) | Real Estate |
The Real Estate Investment Funds segment are focused on shopping centers, logistics, offices, urban real estate and funds of funds, and seek to achieve differentiated returns through an active management of a diversified and quality portfolio. The segment’s objective is also the development of real estate properties, following up to five key steps: origination of opportunities, analysis, execution, monitoring and asset sale.
(iii) | Infrastructure |
The infrastructure segment has exposure to real assets through equity and debt instruments, with active in the following sub-segments: power, oil & gas, transportation & logistic and water & sewage. The strategy invests across two sub-strategies: sector-focused funds and structured credit. The fund’s investments are periodically monitored, including the evolution of ESG metrics, financial and operational metrics.
(iv) | Credit |
This credit segment is focused on fundamental credit analysis, consistency, and long-term value creation to investors. The area dynamic approach is to tactically allocate capital between assets classes and adapt to different cycles. It is also sourcing of credit instruments with resilient structures and sound collateral packages. The credit strategy invests include for core sub-strategies: infrastructure debt, real estate debt, structured credit and exclusive mandates, following four key steps: origination, analysis, structuring and monitoring.
Liquid Strategies
This segment seeks return through operations in public markets, as trading bonds, public stocks and derivatives, among other assets. It is comprised by the investments in liquid funds, as described below:
(i) | Hedge Funds |
The hedge fund segment manages funds through Brazilian and international financial instruments such as stock, credit, interest, foreign exchange and commodities. Monitoring and risk control are based on different techniques such as: use of options for high conviction trades, monitoring liquidity conditions for each position, VaR monitoring, scenarios simulations (including stress test), stop loss rules on individual positions and on the portfolio level.
(ii) | Public equities |
The public equities segment manages long-term positions based on fundamental analysis of Brazilian publicly traded companies. The mains strategy is through absolute return, dividends, and small caps.
F-46
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
Investment products and solutions
Investment products and solutions segments offer financial products on an open platform basis providing portfolio and management services considering medium/long term risk allocation. The strategy aims to provide an advanced investment strategy with alpha generation according to the clients’ targets. The strategy is divided in four sub-strategies: separate exclusive mandates, commingled funds, international allocation and pension plans.
Financial advisory services
The financial advisory services objective is including high value-added to financial and strategic advisory services to entrepreneurs, corporate senior management teams and boards of directors, focusing primarily on IPO advisory and M&A transactions for Brazilian middle-market companies. The financial advisory services team serves as trusted advisors to clients targeting local and/or product expertise in the Brazilian marketplace.
F-47
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
Three-month period ended 03/31/2022 | ||||||||||||||||||||||||
Private Market Strategies | Liquid Strategies | Investment Products and solutions | Financial Advisory | Corporate Center | Total | |||||||||||||||||||
In Brazil | 32,414 | 22,464 | 18,242 | 3,504 | - | 76,624 | ||||||||||||||||||
Abroad | 18,061 | 1,843 | 3,820 | - | - | 23,724 | ||||||||||||||||||
Gross revenue from services rendered | 50,475 | 24,307 | 22,062 | 3,504 | - | 100,348 | ||||||||||||||||||
Fund Advisory fee | 510 | - | 8 | 3,504 | - | 4,022 | ||||||||||||||||||
Fund Management fee | 49,287 | 21,896 | 21,812 | - | - | 92,995 | ||||||||||||||||||
Fund Performance fee | 678 | 2,411 | 242 | - | - | 3,331 | ||||||||||||||||||
Taxes and contributions | (2,608 | ) | (1,412 | ) | (1,950 | ) | (303 | ) | - | (6,273 | ) | |||||||||||||
Net revenue from services rendered | 47,867 | 22,895 | 20,112 | 3,201 | - | 94,075 | ||||||||||||||||||
(-) General and administrative expenses | (10,471 | ) | (5,527 | ) | (5,918 | ) | (1,289 | ) | (30,756 | ) | (53,961 | ) | ||||||||||||
Operating profit | 37,396 | 17,368 | 14,194 | 1,912 | (30,756 | ) | 40,114 | |||||||||||||||||
Finance income | 22,992 | |||||||||||||||||||||||
Finance cost | (6,061 | ) | ||||||||||||||||||||||
Finance result, net | 16,931 | |||||||||||||||||||||||
Profit before income taxes | 57,045 | |||||||||||||||||||||||
Income taxes | (11,739 | ) | ||||||||||||||||||||||
Profit for the period | 45,306 |
F-48
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
Three-month period ended 03/31/2021 | ||||||||||||||||||||||||
Private Market Strategies | Liquid Strategies | Investment Products and solutions | Financial Advisory | Corporate Center | Total | |||||||||||||||||||
In Brazil | 29,819 | 21,372 | 14,092 | 15,919 | - | 81,202 | ||||||||||||||||||
Abroad | 20,362 | 2,743 | 9,631 | - | - | 32,736 | ||||||||||||||||||
Gross revenue from services rendered | 50,181 | 24,115 | 23,723 | 15,919 | - | 113,938 | ||||||||||||||||||
Fund Advisory fee | 551 | - | 22 | 15,919 | - | 16,492 | ||||||||||||||||||
Fund Management fee | 49,143 | 22,029 | 16,209 | - | - | 87,381 | ||||||||||||||||||
Fund Performance fee | 487 | 2,086 | 7,492 | - | - | 10,065 | ||||||||||||||||||
Taxes and contributions | (2,634 | ) | (2,122 | ) | (944 | ) | (1,378 | ) | - | (7,078 | ) | |||||||||||||
Net revenue from services rendered | 47,547 | 21,993 | 22,779 | 14,541 | - | 106,860 | ||||||||||||||||||
(-) General and administrative expenses | (8,553 | ) | (4,299 | ) | (6,199 | ) | (3,906 | ) | (27,045 | ) | (50,002 | ) | ||||||||||||
Operating profit | 38,994 | 17,694 | 16,580 | 10,635 | (27,045 | ) | 56,858 | |||||||||||||||||
Finance income | 7,070 | |||||||||||||||||||||||
Finance cost | (3,683 | ) | ||||||||||||||||||||||
Finance result, net | 3,387 | |||||||||||||||||||||||
Profit before income taxes | 60,245 | |||||||||||||||||||||||
Income taxes | (13,232 | ) | ||||||||||||||||||||||
Profit for the period | 47,013 |
F-49
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
21 | Legal Claims |
As of March 31, 2022, and December 31, 2021, the Entity is not aware of disputes classified as probable chance of loss.
Find below the disputes classified as possible chance of loss segregated into labor, tax and civil.
03/31/2022 | 12/31/2021 | |||||||
Tax | 19,003 | 18,753 | ||||||
Civil | - | - | ||||||
Labor | 1,817 | 1,817 | ||||||
Total | 20,820 | 20,569 |
Tax Claims
Vinci Gestora is a party to a tax administrative proceeding in course arising from the payment of social security contributions (employer's portion and Work Accident Insurance (SAT) in 2011, charged on amounts paid by virtue of quota of profits and results, totaling R$ 3,276.
On March 21, 2018, the Brazilian federal revenue opened an act of infraction against Vinci Equities for the collection of open debts of IRPJ, CSLL, PIS and COFINS in the amount of R$ 15,728 for the calendar year of 2013.
22 | Share-based payments |
The Entity provides benefits to its employees through a share-based incentive. The following item refers to the outstanding plan on March 31, 2022.
Stock Options
On May 6, 2021, the Entity launched a Stock Option Plan (“SOP” or “Plan”) in order to grant stock options to certain key employees (“Participants”) to incentivize and reward such individuals. These awards are scheduled to vest over a three-year period and the holders of vested options are entitled to purchase shares at the market price of the shares at grant date. This right may be subject to certain conditions to be imposed by the Entity and aims at aligning the interests of the Entity's shareholders with those of the Participants. Each option will entitle the Participant to acquire 1 Class A common shares issued by the Company. The key terms and conditions related to the grants under the SOP are as follows:
# Tranche | Period in months when options will become potentially suitable for exercise (“Grace Period”) | Limit per tranche | |
(percentage of the number of options granted) | (quantity of the number of options granted) | ||
1st tranche | 12 | 20% | 332,498 |
2nd tranche | 24 | 20% | 332,498 |
3rd tranche | 36 | 60% | 997,485 |
F-50
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
The fair value of each stock option granted was estimated at the grant date based on the Black-Scholes-Merton pricing model.
Dividend yield (%) | 5 |
Expected volatility (%) | 35 |
Risk-free rate of return (%) | 0.40 |
Vesting period of options (years) | 3 |
Strike price | US$ 18.00 |
Spot price | US$ 11.22 |
Pricing model | Black-Scholes-Merton |
The initial date of Grace Period for the options granted will be February 1st, 2021, the Company’s Initial Public Offer settlement day. The Participant will have the right to exercise their vested options from the third anniversary of the date of execution of the program up to 1 year, after which the referred options will be automatically forfeited, in full, regardless of prior notice or notification, and without the right to any indemnity. No Participant will have any of the rights and privileges of the Company's shareholders until the options are duly exercised and the shares under the options are acquired by the Participant.
The issue or purchase price of the shares to be subscribed or purchased by the Participants (“Exercise Price”) will be US$18.00. The Exercise Price will be reduced by the amount in dollars per share distributed to its shareholders from the date of execution of this Plan, whether as dividends, interest on equity, redemption, capital reduction or other events defined by the Board of Directors.
The maximum number of shares available for the exercise of options under this plan is limited to 5% of the total share capital of the Company at any time, on a fully diluted basis, taking into account also the options granted under this Plan.
As of March 31, 2022, there are stock options outstanding with respect to 1,662,481 Class A common shares.
The total expense recognized for the programs for the three-month period ended March 31, 2022 was R$ 736.
23 | Deferred Revenue |
In accordance with the Partnership Agreement of Vinci Private Equity and Vinci Impact and Return Offshore Funds, management fees are payable in advance semiannually on January 1 and July 1. The revenue fees are recognized monthly on a linear basis during the semester. The deferred revenue balance in March is R$17,504.
24 | Commitment |
The Group has capital commitments that expect to incur in cash disbursements. Unfunded commitments not recognized as liabilities in private equity investment funds on March 31, 2022 and December 31, 2021 are as follow:
03/31/2022 | 12/31/2021 | |||||||
Vinci Impacto e Retorno IV Feeder B | 8,128 | 8,906 | ||||||
Vinci Capital Partners III Feeder FIP Multiestratégia | 1,366 | 1,921 | ||||||
Nordeste III FIP Multiestratégia | 1,913 | 1,913 | ||||||
Vinci Infraestrutura Água e Saneamento FIP - IE | 22,227 | 48,727 | ||||||
Vinci Fulwood DL FII | 56,000 | 56,000 | ||||||
Vinci Strategic Partners FIM CP | 5,000 | 5,000 | ||||||
Vinci Strategic Partners FIP Multiestratégia | 45,000 | - | ||||||
Vinci Infraestrutura Transporte e Logística II FIP | 15,000 | - | ||||||
154,634 | 122,467 |
F-51
Vinci Partners Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of reais
25 | Subsequent Events |
According to the Repurchase Program (Note 14(b)), from April 01, 2022 to April 30, 2022, 59,180 Class A common shares were repurchased by the Entity, in the amount of R$ 3,785.
On April 04, 2022, the Entity announced its Restricted Share Unit Award Plan (“Plan”). The purpose of this Plan is to provide the opportunity for officers, employees and service providers of Vinci and its Subsidiaries, as elected by the Executive Compensation Committee, to receive restricted Shares (“RSU”). Shares representing up to 1.65% of the total amount of the capital stock of the Company, which equals, on this date, approximately 950.000 shares.
F-52