Exhibit 99.1
EMERGÊNCIA PARTICIPAÇÕES S.A.
Statements of financial position
As of December 31, 2022 and 2021
(Values expressed in thousands of Brazilian Reais)
Assets
Consolidated | ||||||||
December 31, 2022 | December 31, 2021 | |||||||
Current | ||||||||
Cash and cash equivalents | 271,607 | 118,918 | ||||||
Trade and other receivables | 711,892 | 234,288 | ||||||
Current income tax and social contribution recoverable | 6,388 | 4,895 | ||||||
Other taxes recoverable | 29,740 | 13,308 | ||||||
Prepaid expenses | 37,806 | 1,484 | ||||||
Advances to suppliers | 29,864 | 47,283 | ||||||
Inventories | 18,128 | 8,781 | ||||||
Dividends receivable | - | - | ||||||
Other accounts equivalents | 36,498 | 24,454 | ||||||
Total current assets | 1,141,923 | 453,411 | ||||||
Noncurrent | ||||||||
Related parties loans | 26,180 | 34,726 | ||||||
Non-current income tax and social contribution recoverable | 2,854 | - | ||||||
Non-current other taxes recoverable | 392 | - | ||||||
Deferred taxes | 25,420 | 8,987 | ||||||
Judicial deposits | 826 | 147 | ||||||
Other accounts receivable | 37,599 | 6,811 | ||||||
Investments | 7,620 | - | ||||||
Property, plant and equipment | 516,081 | 296,396 | ||||||
Right of use | 68,275 | 35,225 | ||||||
Goodwill | 1,192,302 | 585,746 | ||||||
Intangible assets | 420,197 | 9,632 | ||||||
Total non-current assets | 2,297,746 | 977,670 | ||||||
Total assets | 3,439,669 | 1,431,081 |
Liabilities and net equity
Consolidated | ||||||||
December 31, 2022 | December 31, 2021 | |||||||
Current | ||||||||
Loans and financing | 67,656 | 60,755 | ||||||
Debentures | 84,187 | - | ||||||
Trade and other payables | 155,523 | 39,573 | ||||||
Labor obligations | 114,941 | 21,552 | ||||||
Dividends payable | 76,909 | 31,469 | ||||||
Current income tax and social contribution payable | 12,998 | 6,872 | ||||||
Other tax payable | 33,719 | 17,678 | ||||||
Obligations from acquisition of investment | 141,698 | 128,130 | ||||||
Lease liabilities | 14,411 | 9,635 | ||||||
Other bills to pay | 36,345 | 30,480 | ||||||
Total current liabilities | 738,387 | 346,144 | ||||||
Noncurrent | ||||||||
Loans and financing | 649,762 | 94,549 | ||||||
Debentures | 516,533 | - | ||||||
Other taxes payable | 7,986 | 4,065 | ||||||
Related parties loans | 769,792 | 482,161 | ||||||
Provision for loss on investments | - | - | ||||||
Deferred income tax and social contribution | 190,833 | 33,404 | ||||||
Obligations from acquisition of investment | 81,728 | 101,278 | ||||||
Provision for contingencies | 607 | 181 | ||||||
Lease liabilities | 32,648 | 22,032 | ||||||
Other bills to pay | 4,305 | 9,349 | ||||||
Total non-current liabilities | 2,254,194 | 747,019 | ||||||
Equity | ||||||||
Capital | 261,920 | 261,920 | ||||||
Profit reserves | 302,817 | 176,148 | ||||||
Capital transactions | (110,218 | ) | (116,486 | ) | ||||
Equity valuation adjustment | - | 984 | ||||||
Accumulated translation adjustment | (89,165 | ) | 3,428 | |||||
Attributable to controlling interest | 365,354 | 325,994 | ||||||
Non-controlling interest | 81,734 | 11,924 | ||||||
Total equity | 447,088 | 337,918 | ||||||
Total shareholders' equity and liabilities | 3,439,669 | 1,431,081 |
EMERGÊNCIA PARTICIPAÇÕES S.A.
Statements of income
Years ended December 31, 2022 and 2021
(Amounts expressed in thousands of Brazilian Reais, except earnings per share)
Consolidated | ||||||||
December 31, 2022 | December 31, 2021 | |||||||
Gross revenue | 1,813,280 | 919,084 | ||||||
Deductions from gross income | (128,384 | ) | (96,881 | ) | ||||
Net revenue | 1,684,896 | 822,203 | ||||||
Cost of services rendered | (1,337,749 | ) | (618,691 | ) | ||||
Gross Profit | 347,147 | 203,512 | ||||||
Operating (expenses)/revenues | ||||||||
Selling, general and administrative | (26,553 | ) | (26,837 | ) | ||||
Equity in earnings of investments | 3,628 | - | ||||||
Other income, net expenses | 12,536 | 1,355 | ||||||
(10,389 | ) | (25,482 | ) | |||||
Operating profit | 336,758 | 178,030 | ||||||
Net finance costs | ||||||||
Financial expenses | (113,541 | ) | (12,804 | ) | ||||
Financial income | 9,567 | 10,776 | ||||||
(103,974 | ) | (2,028 | ) | |||||
Net income before income and social contribution taxes | 232,784 | 176,002 | ||||||
Current income tax and social contribution | (35,806 | ) | (23,773 | ) | ||||
Deferred income tax and social contribution | (9,104 | ) | (14,087 | ) | ||||
Profit for the year | 187,874 | 138,142 | ||||||
Attributable to | ||||||||
Controlling interest | 161,493 | 131,116 | ||||||
Non-controlling interest | 26,381 | 7,026 | ||||||
Number of shares at year end | 261,920,439 | 261,920,439 | ||||||
Earnings per share at year end - in R$ | 0.72 | 0.53 |
EMERGÊNCIA PARTICIPAÇÕES S.A.
Statements of cash flows
Years ended December 31, 2022 and 2021
(Values expressed in thousands of Brazilian Reais)
Consolidated | |||||
Cash flows from operating activities | December 31, 2022 | December 31, 2021 | |||
Net income for the year | 187,874 | 138,142 | |||
Adjustments to reconcile income to cash from (applied to) operations: | |||||
Depreciation and amortization | 112,029 | 60,163 | |||
Expected credit losses | 248 | (340) | |||
Residual value of written-off property, plant and equipment and intangible assets | 26,291 | (6,355) | |||
Provision for contingencies | 334 | (365) | |||
Income tax and social contribution - deferred | 9,104 | 14,087 | |||
Equity | (3,628) | - | |||
Other reconciliation adjustments | (2,779) | - | |||
Interest on loans and financing, debentures, leases and exchange rate variation | 96,699 | 2,919 | |||
Changes in assets and liabilities: | |||||
Accounts receivable | 85,469 | (79,118) | |||
Recoverable taxes | (20,550) | (6,102) | |||
Prepaid expenses | (32,859) | 1,778 | |||
Advances to suppliers | 23,650 | (29,287) | |||
Inventories | (5,672) | (3,607) | |||
Other accounts receivable | 18,783 | 24,850 | |||
Suppliers | (1,989) | (21,740) | |||
Salaries and social security charges | 27,472 | (1,485) | |||
Taxes payable | 34,210 | (2,900) | |||
Other accounts payable | (25,736) | (17,565) | |||
Cash generated from operating activities | 528,950 | 73,075 | |||
Interest paid on loans and financing | (12,126) | (5,985) | |||
Interest paid on debentures | (25,274) | - | |||
Interest paid on leases | (2,400) | (573) | |||
Income tax and social contribution | (18,213) | (2,193) | |||
Cash from (invested in) operations | 470,937 | 64,324 | |||
Cash flow from investing activities | |||||
Dividends received | - | - | |||
Cash spent on companies' acquisitions; net of cash received | (1,090,040) | (286,134) | |||
Payment of obligations from acquisition of investments | (134,981) | (38,493) | |||
Acquisition of property, plant and equipment and intangible assets | (95,748) | (123,793) | |||
Net cash used in investing activities | (1,320,769) | (448,420) | |||
Cash flow from financing activities | |||||
Attributed to shareholders | |||||
Profit distribution - prior periods | - | (63) | |||
Attributed to financing | |||||
Related parties | 71,019 | 441,662 | |||
Lease payments - Principal | (32,802) | (6,819) | |||
Proceeds from loans and financing | 446,870 | 50,620 | |||
Funding of debentures | 573,623 | - | |||
Payments of loans and financing - Principal | (63,985) | (52,152) | |||
Payment of Share Issuance Costs | - | - | |||
Net cash generated from financing activities | 994,725 | 433,248 | |||
Increase in cash and cash equivalents | 144,893 | 49,152 | |||
Exchange rate change in cash and cash equivalents | 7,796 | 8,012 | |||
Cash and cash equivalents at the beginning of the year | 118,918 | 61,754 | |||
Cash and cash equivalents at the end of the year | 271,607 | 118,918 |