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 | |||
