|
The Cayman Islands
|
| |
7371
|
| |
N/A
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification Number) |
|
| | | |
R. Dr. Ricardo Benetton Martins, 1,000
Pólis de Tecnologia-Prédio 23B, Campinas-State of São Paulo 13086-902- Brazil +55 19 21024500 |
| |
|
Nick Grabar
Francesca Odell Fernando Martinez Cleary Gottlieb Steen & Hamilton LLP One Liberty Plaza New York, NY 10006 +1 (212) 225-2000 |
| |
S. Todd Crider
Grenfel S. Calheiros Simpson Thacher & Bartlett LLP 425 Lexington Avenue New York, NY 10017 +1 (212) 455-2502 |
|
| | ||||||||||||||||||||||
Title of Each Class of
Securities to be Registered |
| | |
Amount to be
Registered(1) |
| | |
Proposed Maximum Offering
Price Per Share(1)(2) |
| | |
Proposed Maximum Aggregate
Offering Price(1)(2) |
| | |
Amount of
Registration Fee(3) |
| ||||||
Class A common shares, par value
US$0.00005 per share |
| | | | | 22,361,111 | | | | | | US$ | 19.00 | | | | |
US$424,861,109.00
|
| | |
US$39,384.62
|
|
| | |
Page
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| | | | 196 | | | |
| | | | F-1 | | |
| | |
For the nine months ended in
September 30, 2021 |
| |||||||||
| | |
Low
|
| |
High
|
| ||||||
Pro forma Net Revenue
|
| | |
|
1,154,742
|
| | | |
|
1,162,866
|
| |
Pro Forma Net profit for the period
|
| | |
|
84,390
|
| | | |
|
90,609
|
| |
Pro forma Adjusted Net Profit(1)
|
| | | | 112,390 | | | | | | 119,609 | | |
Pro forma Adjusted EBITDA
|
| | | | 262,877 | | | | | | 277,855 | | |
Pro forma Adjusted EBITDA Margin
|
| | | | 23% | | | | | | 24% | | |
| | |
For the nine months ended in
September 30, 2021 |
| |||||||||
| | |
Low
|
| |
High
|
| ||||||
Pro Forma Net profit for the period
|
| | |
|
84,390
|
| | | |
|
90,609
|
| |
Net finance costs
|
| | | | 46,257 | | | | |
|
48,789
|
| |
Income tax expense
|
| | | | 55,342 | | | | |
|
58,372
|
| |
Depreciation and amortization
|
| | | | 49,294 | | | | |
|
51,992
|
| |
Pro forma EBITDA | | | |
|
235,284
|
| | | |
|
249,762
|
| |
Pro Forma Net profit for the period
|
| | |
|
84,390
|
| | | |
|
90,609
|
| |
Net finance costs
|
| | | | 46,257 | | | | | | 48,789 | | |
Income tax expense
|
| | | | 55,342 | | | | | | 58,372 | | |
Depreciation and amortization
|
| | | | 49,294 | | | | | | 51,992 | | |
Impairment(1) | | | | | 21,818 | | | | | | 21,818 | | |
Other adjustments(2)
|
| | | | 5,776 | | | | | | 6,276 | | |
Pro forma Adjusted EBITDA
|
| | | | 262,877 | | | | | | 277,855 | | |
| | |
Six months ended June 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
(in thousands
of US$)* |
| |
(in thousands of
Brazilian reais) |
| |
(in thousands
of US$)* |
| |
(in thousands of
Brazilian reais) |
| ||||||||||||||||||||||||
Net revenue
|
| | | | 122,274 | | | | | | 611,616 | | | | | | 448,254 | | | | | | 191,227 | | | | | | 956,519 | | | | | | 677,133 | | |
Costs of services provided
|
| | | | (78,796) | | | | | | (394,140) | | | | | | (284,257) | | | | | | (120,125) | | | | | | (600,866) | | | | | | (448,979) | | |
Gross profit
|
| | | | 43,478 | | | | | | 217,476 | | | | | | 163,997 | | | | | | 71,102 | | | | | | 355,653 | | | | | | 228,154 | | |
Selling, general, administrative and
other expenses(1) |
| | | | (18,078) | | | | | | (90,428) | | | | | | (62,866) | | | | | | (29,431) | | | | | | (147,213) | | | | | | (135,364) | | |
Impairment loss on trade receivables and contract assets
|
| | | | (73) | | | | | | (367) | | | | | | (366) | | | | | | (39) | | | | | | (196) | | | | | | (1,091) | | |
Operating profit before financial income
|
| | | | 25,326 | | | | | | 126,681 | | | | | | 100,767 | | | | | | 41,632 | | | | | | 208,244 | | | | | | 91,699 | | |
Finance income
|
| | | | 5,084 | | | | | | 25,428 | | | | | | 18,799 | | | | | | 9,558 | | | | | | 47,808 | | | | | | 23,944 | | |
Finance cost
|
| | | | (5,820) | | | | | | (29,114) | | | | | | (30,951) | | | | | | (12,647) | | | | | | (63,261) | | | | | | (29,855) | | |
Net finance costs
|
| | | | (736) | | | | | | (3,686) | | | | | | (12,152) | | | | | | (3,089) | | | | | | (15,453) | | | | | | (5,911) | | |
Profit before income tax
|
| | | | 24,590 | | | | | | 122,995 | | | | | | 88,615 | | | | | | 38,543 | | | | | | 192,791 | | | | | | 85,788 | | |
Income tax expense(2)
|
| | | | (7,729) | | | | | | (38,658) | | | | | | (29,901) | | | | | | (13,022) | | | | | | (65,137) | | | | | | (29,219) | | |
Net profit for the period
|
| | | | 16,861 | | | | | | 84,337 | | | | | | 58,714 | | | | | | 25,521 | | | | | | 127,654 | | | | | | 56,569 | | |
| | |
Pro forma(2)
|
| |||||||||||||||||||||
| | |
Six months ended June 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2020
|
| ||||||||||||
| | |
(in thousands of
US$)* |
| |
(in thousands of
Brazilian reais) |
| |
(in thousands of
US$)* |
| |
(in thousands of
Brazilian reais) |
| ||||||||||||
Pro Forma Net revenue
|
| | | | 149,828 | | | | | | 749,439 | | | | | | 232,018 | | | | | | 1,160,555 | | |
Pro Forma Costs of services provided
|
| | | | (95,363) | | | | | | (477,008) | | | | | | (143,483) | | | | | | (717,701) | | |
Pro Forma Gross Profit
|
| | |
|
54,464
|
| | | |
|
272,431
|
| | | |
|
88,535
|
| | | |
|
442,854
|
| |
Pro Forma Selling, general, administrative and
other expenses(1) |
| | | | (24,551) | | | | | | (122,803) | | | | | | (42,211) | | | | | | (211,138) | | |
Pro Forma Impairment loss on trade receivables and contract assets
|
| | | | (55) | | | | | | (275) | | | | | | (52) | | | | | | (258) | | |
Pro Forma Operating profit before financial income
|
| | |
|
29,859
|
| | | |
|
149,353
|
| | | |
|
46,273
|
| | | |
|
231,458
|
| |
Pro Forma Finance income
|
| | | | 5,124 | | | | | | 25,629 | | | | | | 9,831 | | | | | | 49,175 | | |
Pro Forma Finance costs
|
| | | | (9,162) | | | | | | (45,829) | | | | | | (19,343) | | | | | | (96,752) | | |
Pro Forma Net finance costs
|
| | |
|
(4,038)
|
| | | |
|
(20,200)
|
| | | |
|
(9,512)
|
| | | |
|
(47,577)
|
| |
Pro Forma Profit before income tax
|
| | |
|
25,820
|
| | | |
|
129,153
|
| | | |
|
36,762
|
| | | |
|
183,881
|
| |
Pro Forma Income tax expense
|
| | | | (8,415) | | | | | | (42,093) | | | | | | (12,323) | | | | | | (61,638) | | |
Pro Forma Net profit for the period
|
| | |
|
17,405
|
| | | |
|
87,060
|
| | | |
|
24,439
|
| | | |
|
122,243
|
| |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |||||||||||||||
| | |
(in thousands
of US$)* |
| |
(in thousands
of Brazilian reais) |
| |
(in thousands
of US$)* |
| |
(in thousands of
Brazilian reais) |
| ||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 16,154 | | | | | | 80,805 | | | | | | 32,552 | | | | | | 162,827 | | | | | | 79,500 | | |
Trade receivables
|
| | | | 48,239 | | | | | | 241,301 | | | | | | 39,236 | | | | | | 196,256 | | | | | | 128,184 | | |
Contract assets
|
| | | | 18,661 | | | | | | 93,344 | | | | | | 10,121 | | | | | | 50,625 | | | | | | 36,493 | | |
Recoverable taxes
|
| | | | 241 | | | | | | 1,206 | | | | | | 203 | | | | | | 1,016 | | | | | | 1,886 | | |
Tax assets
|
| | | | 744 | | | | | | 3,723 | | | | | | 423 | | | | | | 2,117 | | | | | | 520 | | |
Derivatives
|
| | | | 1,984 | | | | | | 9,923 | | | | | | 1,767 | | | | | | 8,837 | | | | | | 2,983 | | |
Other assets
|
| | | | 3,851 | | | | | | 19,265 | | | | | | 2,574 | | | | | | 12,874 | | | | | | 5,674 | | |
Total current assets
|
| | | | 89,874 | | | | | | 449,567 | | | | | | 86,876 | | | | | | 434,552 | | | | | | 255,240 | | |
Recoverable taxes
|
| | | | 609 | | | | | | 3,046 | | | | | | 620 | | | | | | 3,099 | | | | | | 3,099 | | |
Deferred tax
|
| | | | 3,558 | | | | | | 17,798 | | | | | | 3,029 | | | | | | 15,152 | | | | | | 24,977 | | |
Judicial deposits
|
| | | | 615 | | | | | | 3,075 | | | | | | 616 | | | | | | 3,083 | | | | | | 3,083 | | |
Other assets
|
| | | | 401 | | | | | | 2,006 | | | | | | 499 | | | | | | 2,494 | | | | | | 677 | | |
Property, plant and equipment
|
| | | | 9,045 | | | | | | 45,243 | | | | | | 7,751 | | | | | | 38,771 | | | | | | 27,928 | | |
Intangible assets
|
| | | | 5,301 | | | | | | 26,516 | | | | | | 3,632 | | | | | | 18,166 | | | | | | 18,545 | | |
Right-of-use assets
|
| | | | 13,319 | | | | | | 66,622 | | | | | | 13,947 | | | | | | 69,765 | | | | | | 73,898 | | |
Total non-current assets
|
| | | | 32,847 | | | | | | 164,306 | | | | | | 30,094 | | | | | | 150,530 | | | | | | 152,207 | | |
Total assets
|
| | | | 122,721 | | | | | | 613,873 | | | | | | 116,970 | | | | | | 585,082 | | | | | | 407,447 | | |
Liabilities and equity | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Suppliers
|
| | | | 3,488 | | | | | | 17,446 | | | | | | 3,061 | | | | | | 15,312 | | | | | | 8,631 | | |
Loans and borrowings
|
| | | | 19,752 | | | | | | 98,802 | | | | | | 15,069 | | | | | | 75,377 | | | | | | 23,166 | | |
Lease liabilities
|
| | | | 3,130 | | | | | | 15,656 | | | | | | 2,913 | | | | | | 14,569 | | | | | | 14,021 | | |
Salaries and welfare charges
|
| | | | 28,816 | | | | | | 144,141 | | | | | | 28,347 | | | | | | 141,794 | | | | | | 87,908 | | |
Derivatives
|
| | | | 814 | | | | | | 4,073 | | | | | | 1,078 | | | | | | 5,392 | | | | | | 2,050 | | |
Tax liabilities
|
| | | | 1,215 | | | | | | 6,076 | | | | | | 1,215 | | | | | | 6,078 | | | | | | 6,661 | | |
Other taxes payable
|
| | | | 684 | | | | | | 3,424 | | | | | | 656 | | | | | | 3,279 | | | | | | 1,955 | | |
Dividends and interest on equity payable
|
| | | | 522 | | | | | | 2,609 | | | | | | 6,133 | | | | | | 30,677 | | | | | | 14,714 | | |
Contract liability
|
| | | | 934 | | | | | | 4,673 | | | | | | 1,997 | | | | | | 9,987 | | | | | | 16,162 | | |
Indemnity
|
| | | | 126 | | | | | | 628 | | | | | | 126 | | | | | | 628 | | | | | | 44,000 | | |
Other liabilities
|
| | | | 2,234 | | | | | | 11,174 | | | | | | 1,579 | | | | | | 7,899 | | | | | | 8,144 | | |
Total current liabilities
|
| | | | 61,713 | | | | | | 308,702 | | | | | | 62,174 | | | | | | 310,992 | | | | | | 227,412 | | |
Loans and borrowings
|
| | | | 1,393 | | | | | | 6,969 | | | | | | 2,769 | | | | | | 13,853 | | | | | | 4,683 | | |
Lease liabilities
|
| | | | 11,377 | | | | | | 56,909 | | | | | | 12,127 | | | | | | 60,659 | | | | | | 63,372 | | |
Provisions
|
| | | | 33 | | | | | | 163 | | | | | | 32 | | | | | | 161 | | | | | | 173 | | |
Other liabilities
|
| | | | 151 | | | | | | 754 | | | | | | 191 | | | | | | 957 | | | | | | 2,102 | | |
Total non-current liabilities
|
| | | | 12,953 | | | | | | 64,795 | | | | | | 15,120 | | | | | | 75,630 | | | | | | 70,330 | | |
Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share capital
|
| | | | 11,903 | | | | | | 59,542 | | | | | | 13,788 | | | | | | 68,968 | | | | | | 68,968 | | |
Capital reserves
|
| | | | 1,709 | | | | | | 8,550 | | | | | | 1,352 | | | | | | 6,764 | | | | | | 4,112 | | |
Profit reserves
|
| | | | 30,029 | | | | | | 150,213 | | | | | | 21,853 | | | | | | 109,308 | | | | | | 32,825 | | |
Other comprehensive income
|
| | | | 4,1412 | | | | | | 22,071 | | | | | | 2,683 | | | | | | 13,420 | | | | | | 3,800 | | |
Total equity
|
| | | | 48,054 | | | | | | 240,376 | | | | | | 39,676 | | | | | | 198,460 | | | | | | 109,705 | | |
Total equity and liabilities
|
| | | | 122,721 | | | | | | 613,873 | | | | | | 116,970 | | | | | | 585,082 | | | | | | 407,447 | | |
| | |
Six months ended June 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||||||||
| | |
(in thousands
of US$)* |
| |
(in thousands of
Brazilian reais) |
| |
(in thousands
of US$)* |
| |
(in thousands of
Brazilian reais) |
| ||||||||||||||||||||||||||||||
Other data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit margin
|
| | | | 36% | | | | | | | 36% | | | | | | | 37% | | | | | | | 37% | | | | | | | 37% | | | | | | | 34% | | | |
Adjusted Gross Profit
|
| | | | 46,078 | | | | | | | 230,485 | | | | | | | 176,016 | | | | | | | 75,945 | | | | | | | 379,877 | | | | | | | 248,307 | | | |
Adjusted Gross Profit Margin
|
| | | | 38% | | | | | | | 38% | | | | | | | 39% | | | | | | | 40% | | | | | | | 40% | | | | | | | 37% | | | |
EBITDA
|
| | | | 28,530 | | | | | | | 142,700 | | | | | | | 115,661 | | | | | | | 47,606 | | | | | | | 238,126 | | | | | | | 117,276 | | | |
EBITDA Margin
|
| | | | 23% | | | | | | | 23% | | | | | | | 26% | | | | | | | 25% | | | | | | | 25% | | | | | | | 17% | | | |
Adjusted EBITDA
|
| | | | 28,439 | | | | | | | 142,249 | | | | | | | 115,535 | | | | | | | 47,564 | | | | | | | 237,917 | | | | | | | 136,221 | | | |
Adjusted EBITDA Margin
|
| | | | 23% | | | | | | | 23% | | | | | | | 26% | | | | | | | 25% | | | | | | | 25% | | | | | | | 20% | | | |
Adjusted Net Profit for the period
|
| | | | 16,953 | | | | | | | 84,799 | | | | | | | 58,714 | | | | | | | 25,606 | | | | | | | 128,082 | | | | | | | 72,319 | | | |
Adjusted Net Profit Margin for the period
|
| | | | 14% | | | | | | | 14% | | | | | | | 13% | | | | | | | 13% | | | | | | | 13% | | | | | | | 11% | | | |
| | |
Six months ended June 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
Net revenue
increase %(2) |
| |
2021
|
| |
2020
|
| |
Net revenue
increase %(2) |
| |
2020
|
| |
2019
|
| ||||||||||||||||||
| | | | | | | | |
(in thousands of
Brazilian reais) |
| | | | | | | |
(in thousands of
Brazilian reais) |
| ||||||||||||||||||
Net revenue (as reported)
|
| | | | 36% | | | | | | 611,616 | | | | | | 448,254 | | | | | | 41% | | | | | | 956,519 | | | | | | 677,133 | | |
Net Revenue at Constant Currency)(1)
|
| | | | 29% | | | | | | 582,033 | | | | | | 449,527 | | | | | | 24% | | | | | | 835,937 | | | | | | 676,172 | | |
| | |
Six months ended June 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
(in thousands
of US$)* |
| |
(in thousands of
Brazilian reais) |
| |
(in thousands
of US$)* |
| |
(in thousands of
Brazilian reais) |
| ||||||||||||||||||||||||
Net revenue
|
| | | | 122,274 | | | | | | 611,616 | | | | | | 448,254 | | | | | | 191,227 | | | | | | 956,519 | | | | | | 677,133 | | |
Reconciliation of Adjusted Gross Profit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Profit
|
| | | | 43,478 | | | | | | 217,476 | | | | | | 163,997 | | | | | | 71,102 | | | | | | 355,653 | | | | | | 228,154 | | |
Adjustments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization (cost of services provided)
|
| | | | 2,554 | | | | | | 12,776 | | | | | | 11,999 | | | | | | 4,815 | | | | | | 24,085 | | | | | | 19,527 | | |
Stock Options
|
| | | | 46 | | | | | | 233 | | | | | | 20 | | | | | | 28 | | | | | | 139 | | | | | | 626 | | |
Adjusted Gross Profit
|
| | | | 46,078 | | | | | | 230,485 | | | | | | 176,016 | | | | | | 75,945 | | | | | | 379,877 | | | | | | 248,307 | | |
Adjusted Gross Profit Margin
|
| | | | 38% | | | | | | 38% | | | | | | 39% | | | | | | 40% | | | | | | 40% | | | | | | 37% | | |
Reconciliation of EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net profit for the period
|
| | | | 16,861 | | | | | | 84,337 | | | | | | 58,714 | | | | | | 25,521 | | | | | | 127,654 | | | | | | 56,569 | | |
Adjustments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net finance costs
|
| | | | 737 | | | | | | 3,686 | | | | | | 12,152 | | | | | | 3,089 | | | | | | 15,453 | | | | | | 5,911 | | |
Income tax expense
|
| | | | 7,729 | | | | | | 38,658 | | | | | | 29,901 | | | | | | 13,022 | | | | | | 65,137 | | | | | | 29,219 | | |
Depreciation and amortization
|
| | | | 3,203 | | | | | | 16,019 | | | | | | 14,894 | | | | | | 5,974 | | | | | | 29,882 | | | | | | 25,577 | | |
EBITDA
|
| | | | 28,530 | | | | | | 142,700 | | | | | | 115,661 | | | | | | 47,606 | | | | | | 238,126 | | | | | | 117,276 | | |
EBITDA Margin
|
| | | | 23% | | | | | | 23% | | | | | | 26% | | | | | | 25% | | | | | | 25% | | | | | | 17% | | |
Reconciliation of Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net profit for the period
|
| | | | 16,861 | | | | | | 84,337 | | | | | | 58,714 | | | | | | 25,521 | | | | | | 127,654 | | | | | | 56,569 | | |
Adjustments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net finance costs
|
| | | | 737 | | | | | | 3,686 | | | | | | 12,152 | | | | | | 3,089 | | | | | | 15,453 | | | | | | 5,911 | | |
Income tax expense
|
| | | | 7,729 | | | | | | 38,658 | | | | | | 29,901 | | | | | | 13,022 | | | | | | 65,137 | | | | | | 29,219 | | |
Depreciation and amortization
|
| | | | 3,203 | | | | | | 16,019 | | | | | | 14,894 | | | | | | 5,974 | | | | | | 29,882 | | | | | | 25,577 | | |
Stock Options
|
| | | | 100 | | | | | | 501 | | | | | | 520 | | | | | | 187 | | | | | | 934 | | | | | | 3,199 | | |
Indemnity | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | (4) | | | | | | (18) | | | | | | 14,891 | | |
Business Consultant Cost
|
| | | | 92 | | | | | | 462 | | | | | | 0 | | | | | | 89 | | | | | | 446 | | | | | | 858 | | |
Government grants
|
| | | | (283) | | | | | | (1,414) | | | | | | (645) | | | | | | (314) | | | | | | (1,571) | | | | | | (3) | | |
Adjusted EBITDA
|
| | | | 28,439 | | | | | | 142,249 | | | | | | 115,535 | | | | | | 47,564 | | | | | | 237,917 | | | | | | 136,221 | | |
Adjusted EBITDA Margin
|
| | | | 23% | | | | | | 23% | | | | | | 26% | | | | | | 25% | | | | | | 25% | | | | | | 20% | | |
Reconciliation of Adjusted Net Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net profit for the period
|
| | | | 16,861 | | | | | | 84,337 | | | | | | 58,714 | | | | | | 25,521 | | | | | | 127,654 | | | | | | 56,569 | | |
Adjustments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Indemnity | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | (4) | | | | | | (18) | | | | | | 14,891 | | |
Business Consultant Cost
|
| | | | 92 | | | | | | 462 | | | | | | 0 | | | | | | 89 | | | | | | 446 | | | | | | 858 | | |
Adjusted Net profit for the period
|
| | | | 16,953 | | | | | | 84,799 | | | | | | 58,714 | | | | | | 25,606 | | | | | | 128,082 | | | | | | 72,319 | | |
Adjusted Net profit Margin for the period
|
| | | | 14% | | | | | | 14% | | | | | | 13% | | | | | | 13% | | | | | | 13% | | | | | | 11% | | |
Year
|
| |
Period-end
|
| |
Average(1)
|
| |
Low
|
| |
High
|
| ||||||||||||
2015
|
| | | | 3.905 | | | | | | 3.339 | | | | | | 2.575 | | | | | | 4.195 | | |
2016
|
| | | | 3.259 | | | | | | 3.483 | | | | | | 3.119 | | | | | | 4.156 | | |
2017
|
| | | | 3.308 | | | | | | 3.193 | | | | | | 3.051 | | | | | | 3.381 | | |
2018
|
| | | | 3.875 | | | | | | 3.656 | | | | | | 3.139 | | | | | | 4.188 | | |
2019
|
| | | | 4.031 | | | | | | 3.946 | | | | | | 3.652 | | | | | | 4.260 | | |
2020
|
| | | | 5.197 | | | | | | 5.158 | | | | | | 4.021 | | | | | | 5.937 | | |
Month
|
| |
Period-End
|
| |
Average(2)
|
| |
Low
|
| |
High
|
| ||||||||||||
January 2021
|
| | | | 5.476 | | | | | | 5.356 | | | | | | 5.163 | | | | | | 5.509 | | |
February 2021
|
| | | | 5.530 | | | | | | 5.416 | | | | | | 5.342 | | | | | | 5.530 | | |
March 2021
|
| | | | 5.697 | | | | | | 5.647 | | | | | | 5.495 | | | | | | 5.840 | | |
April 2021
|
| | | | 5.403 | | | | | | 5.562 | | | | | | 5.366 | | | | | | 5.706 | | |
May 2021
|
| | | | 5.232 | | | | | | 5.290 | | | | | | 5.221 | | | | | | 5.450 | | |
June 2021
|
| | | | 5.002 | | | | | | 5.031 | | | | | | 4.921 | | | | | | 5.164 | | |
July 2021 | | | | | 5.121 | | | | | | 5.157 | | | | | | 5.006 | | | | | | 5.259 | | |
August 2021
|
| | | | 5.142 | | | | | | 5.251 | | | | | | 5.137 | | | | | | 5.427 | | |
September 2021
|
| | | | 5.439 | | | | | | 5.279 | | | | | | 5.157 | | | | | | 5.439 | | |
October 2021
|
| | | | 5.643 | | | | | | 5.540 | | | | | | 5.391 | | | | | | 5.712 | | |
| | |
As of June 30, 2021
|
| |||||||||||||||||||||||||||||||||
| | |
Actual
|
| |
As adjusted (4)(5)
|
| |
As further adjusted(6)
|
| |||||||||||||||||||||||||||
| | |
(in thousands
of US$)(1) |
| |
(in thousands
of Brazilian reais) |
| |
(in thousands
of US$)(1) |
| |
(in thousands
of Brazilian reais) |
| |
(in thousands
of US$)(1) |
| |
(in thousands
of Brazilian reais) |
| ||||||||||||||||||
Loans and borrowings(2)
|
| | | | 21,145 | | | | | | 105,771 | | | | | | 151,513 | | | | | | 757,871 | | | | | | 151,513 | | | | | | 757,871 | | |
Total equity
|
| | | | 48,055 | | | | | | 240,376 | | | | | | 37,059 | | | | | | 185,371 | | | | | | 221,812 | | | | | | 1,109,504 | | |
Total capitalization(3)
|
| | | | 69,199 | | | | | | 346,147 | | | | | | 188,572 | | | | | | 943,242 | | | | | | 373,325 | | | | | | 1,867,375 | | |
| | |
As of June 30, 2021
|
| |||
| | |
(in thousands of Brazilian reais, except
for values per share) |
| |||
(+) Total assets
|
| | | | 613,873 | | |
(-) Intangible assets
|
| | | | 26,516 | | |
(-) Deferred income tax and social contribution
|
| | | | 17,798 | | |
Net tangible assets
|
| | | | 569,559 | | |
(-) Total liabilities
|
| | | | (373,497) | | |
Net tangible book value
|
| | | | 196,062 | | |
Net tangible book value per share (R$)(1)
|
| | | R$ | 111 | | |
Net tangible book value per share (US$)(2)
|
| | | US$ | 22 | | |
| | |
As of June 30, 2021
|
| |||
| | |
(in thousands of Brazilian reais,
except for values per share) |
| |||
(+) Total assets
|
| | | | 613,873 | | |
(-) Intangible assets
|
| | | | 26,516 | | |
(-) Deferred income tax and social contribution
|
| | | | 17,798 | | |
Net tangible assets
|
| | | | 569,559 | | |
| | |
As of June 30, 2021
|
| |||
| | |
(in thousands of Brazilian reais,
except for values per share) |
| |||
(-) Total liabilities
|
| | | | (373,497) | | |
(-) Extraordinary dividend payment on October 18, 2021
|
| | | | (55,005) | | |
Net tangible book value
|
| | | | 141,057 | | |
Net tangible book value per share (R$)(1)
|
| | | R$ | 1.17 | | |
Net tangible book value per share (US$)(2)
|
| | | US$ | 0.23 | | |
|
Net tangible book value per share as of June 30, 2021(1)
|
| |
US$0.23
|
|
|
Increase in net tangible book value per share attributable to new investors
|
| |
US$1.38
|
|
|
Pro forma net tangible book value per share after this offering
|
| |
US$1.61
|
|
|
Dilution per Class A common share to new investors
|
| |
US$16.39
|
|
|
Percentage of dilution in net tangible book value per Class A common share for new investors
|
| |
91.05%
|
|
| | |
Actual
CI&T Brazil |
| |
Actual
Dextra Tecnologia |
| |
Transaction
Accounting Adjustments(1) |
| |
Other
Transaction Accounting Adjustments(2) |
| |
Note
|
| |
Total
CI&T Brazil Pro Forma |
| |||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 80,805 | | | | | | 857 | | | | | | (650,000) | | | | | | 652,100 | | | |
2.3(a)
|
| | | | 83,762 | | |
Trade receivables
|
| | | | 241,301 | | | | | | 26,506 | | | | | | — | | | | | | — | | | | | | | | | 267,807 | | |
Contract assets
|
| | | | 93,344 | | | | | | 21,686 | | | | | | — | | | | | | — | | | | | | | | | 115,030 | | |
Other assets
|
| | | | 34,117 | | | | | | 26,203 | | | | | | — | | | | | | — | | | | | | | | | 60,320 | | |
Total current Assets
|
| | | | 449,567 | | | | | | 75,252 | | | | | | (650,000) | | | | | | 652,100 | | | | | | | | | 526,919 | | |
Non current | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred tax
|
| | | | 17,798 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 17,798 | | |
Other assets
|
| | | | 8,127 | | | | | | 42 | | | | | | — | | | | | | — | | | | | | | | | 8,169 | | |
Property, plant and equipment
|
| | | | 45,243 | | | | | | 8,612 | | | | | | — | | | | | | — | | | | | | | | | 53,855 | | |
Intangible assets
|
| | | | 26,516 | | | | | | 83,855 | | | | | | 712,981 | | | | | | — | | | |
2.2/2.3(b)
|
| | | | 823,352 | | |
Right-of-use assets
|
| | | | 66,622 | | | | | | 5,745 | | | | | | — | | | | | | — | | | | | | | | | 72,367 | | |
Total non-current Assets
|
| | | | 164,306 | | | | | | 98,254 | | | | | | 712,981 | | | | | | — | | | | | | | | | 975,541 | | |
Total Assets
|
| | | | 613,873 | | | | | | 173,506 | | | | | | 62,981 | | | | | | 652,100 | | | | | | | | | 1,502,460 | | |
Liabilities and Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Suppliers
|
| | | | 17,446 | | | | | | 2,850 | | | | | | — | | | | | | — | | | | | | | | | 20,296 | | |
Loans and borrowings
|
| | | | 98,802 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | 98,802 | | |
Lease liabilities
|
| | | | 15,656 | | | | | | 4,131 | | | | | | — | | | | | | — | | | | | | | | | 19,787 | | |
Salaries and welfare charges
|
| | | | 144,141 | | | | | | 29,348 | | | | | | — | | | | | | — | | | | | | | | | 173,489 | | |
Tax liabilities
|
| | | | 6,076 | | | | | | 12,253 | | | | | | — | | | | | | — | | | | | | | | | 18,329 | | |
Accounts payable for business combination
|
| | | | — | | | | | | 5,416 | | | | | | 150,000 | | | | | | — | | | |
2.1
|
| | | | 155,416 | | |
Other liabilities
|
| | | | 26,581 | | | | | | 639 | | | | | | 2,330 | | | | | | — | | | |
2.3(e)
|
| | | | 29,550 | | |
Total current liabilities
|
| | | | 308,702 | | | | | | 54,637 | | | | | | 152,330 | | | | | | — | | | | | | | | | 515,669 | | |
Non-current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred tax liabilities
|
| | | | — | | | | | | 10,186 | | | | | | — | | | | | | — | | | | | | | | | 10,186 | | |
Loans and borrowings
|
| | | | 6,969 | | | | | | — | | | | | | — | | | | | | 652,100 | | | |
2.3(c)
|
| | | | 659,069 | | |
Lease liabilities
|
| | | | 56,909 | | | | | | 2,262 | | | | | | — | | | | | | — | | | | | | | | | 59,171 | | |
| | |
Actual
CI&T Brazil |
| |
Actual
Dextra Tecnologia |
| |
Transaction
Accounting Adjustments(1) |
| |
Other
Transaction Accounting Adjustments(2) |
| |
Note
|
| |
Total
CI&T Brazil Pro Forma |
| |||||||||||||||
Accounts payable for business combination
|
| | | | — | | | | | | 19,177 | | | | | | — | | | | | | — | | | | | | | | | 19,177 | | |
Other liabilities
|
| | | | 917 | | | | | | 225 | | | | | | — | | | | | | — | | | | | | | | | 1,142 | | |
Total non-current Liabilities
|
| | | | 64,795 | | | | | | 31,850 | | | | | | — | | | | | | 652,100 | | | | | | | | | 748,745 | | |
Total liabilities
|
| | | | 373,497 | | | | | | 86,487 | | | | | | 152,330 | | | | | | 652,100 | | | | | | | | | 1,264,414 | | |
Total equity
|
| | | | 240,376 | | | | | | 87,019 | | | | | | (89,349) | | | | | | 652,100 | | | | | | | | | 238,046 | | |
Total liabilities and equity
|
| | | | 613,873 | | | | | | 173,506 | | | | | | 62,981 | | | | | | 652,100 | | | | | | | | | 1,502,460 | | |
|
| | |
Actual
CI&T Brazil |
| |
Actual
Dextra Tecnologia |
| |
Transaction
Accounting Adjustments |
| |
Note
|
| |
Total
CI&T Brazil Pro Forma |
| ||||||||||||
Net revenue
|
| | | | 611,616 | | | | | | 137,823 | | | | | | — | | | | | | | | | 749,439 | | |
Costs of services provided
|
| | | | (394,140) | | | | | | (82,868) | | | | | | — | | | | | | | | | (477,008) | | |
Gross profit
|
| | | | 217,476 | | | | | | 54,955 | | | | | | — | | | | | | | | | 272,431 | | |
Selling expenses
|
| | | | (37,780) | | | | | | (811) | | | | | | — | | | | | | | | | (38,591) | | |
General and administrative expenses
|
| | | | (54,054) | | | | | | (15,387) | | | | | | (15,213) | | | |
2.3(b)/(e)
|
| | | | (84,654) | | |
Research and technological innovation expenses
|
| | | | (4) | | | | | | — | | | | | | — | | | | | | | | | (4) | | |
Impairment loss on trade receivables and contract assets
|
| | | | (367) | | | | | | 92 | | | | | | — | | | | | | | | | (275) | | |
Other income (expenses) net
|
| | | | 1,410 | | | | | | (964) | | | | | | — | | | | | | | | | 446 | | |
Operating profit before financial income
|
| | | | 126,681 | | | | | | 37,885 | | | | | | (15,213) | | | | | | | | | 149,353 | | |
Finance income
|
| | | | 25,428 | | | | | | 201 | | | | | | — | | | | | | | | | 25,629 | | |
Finance cost
|
| | | | (29,114) | | | | | | (1,234) | | | | | | (15,481) | | | |
2.3(c)
|
| | | | (45,829) | | |
Net finance costs
|
| | | | (3,686) | | | | | | (1,033) | | | | | | (15,481) | | | | | | | | | (20,200) | | |
Profit before Income tax
|
| | | | 122,995 | | | | | | 36,852 | | | | | | (30,694) | | | | | | | | | 129,153 | | |
Income tax
|
| | | | (38,658) | | | | | | (13,871) | | | | | | 10,436 | | | |
2.3(d)
|
| | | | (42,093) | | |
Net profit for the period
|
| | | | 84,337 | | | | | | 22,981 | | | | | | (20,258) | | | | | | | | | 87,060 | | |
Earnings per share – basic (in R$)
|
| | | | 0.048 | | | | | | | | | | | | | | | |
2.3(g)
|
| | | | 0.049 | | |
Earnings per share – diluted (in R$)
|
| | | | 0.048 | | | | | | | | | | | | | | | |
2.3(g)
|
| | | | 0.049 | | |
| | |
Actual
CI&T Brazil |
| |
Actual
Dextra Tecnologia |
| |
Transaction
Accounting Adjustments |
| |
Note
|
| |
Total
CI&T Brazil Pro Forma |
| ||||||||||||
Net revenue
|
| | | | 956,519 | | | | | | 204,036 | | | | | | — | | | | | | | | | 1,160,555 | | |
Costs of services provided
|
| | | | (600,866) | | | | | | (116,835) | | | | | | — | | | | | | | | | (717,701) | | |
Gross profit
|
| | | | 355,653 | | | | | | 87,201 | | | | | | — | | | | | | | | | 442,854 | | |
Selling expenses
|
| | | | (65,093) | | | | | | (1,504) | | | | | | — | | | | | | | | | (66,597) | | |
General and administrative expenses
|
| | | | (81,161) | | | | | | (34,033) | | | | | | (28,558) | | | |
2.3(b)/(e)
|
| | | | (143,752) | | |
Research and technological innovation expenses
|
| | | | (3,462) | | | | | | (43) | | | | | | — | | | | | | | | | (3,505) | | |
Impairment loss on trade receivables and contract assets
|
| | | | (196) | | | | | | (62) | | | | | | — | | | | | | | | | (258) | | |
Other income (expenses) net
|
| | | | 2,503 | | | | | | 213 | | | | | | — | | | | | | | | | 2,716 | | |
Operating profit before financial income
|
| | | | 208,244 | | | | | | 51,772 | | | | | | (28,558) | | | | | | | | | 231,458 | | |
Finance income
|
| | | | 47,808 | | | | | | 1,367 | | | | |
|
—
|
| | | | | | | | 49,175 | | |
Finance cost
|
| | | | (63,261) | | | | | | (2,102) | | | | | | (31,389) | | | |
2.3(c)
|
| | | | (96,752) | | |
Net finance costs
|
| | | | (15,453) | | | | | | (735) | | | | | | (31,389) | | | | | | | | | (47,577) | | |
Profit before Income tax
|
| | | | 192,791 | | | | | | 51,037 | | | | | | (59,947) | | | | | | | | | 183,881 | | |
Income tax
|
| | | | (65,137) | | | | | | (16,883) | | | | | | 20,382 | | | |
2.3.(d)
|
| | | | (61,638) | | |
Net profit for the period
|
| | | | 127,654 | | | | | | 34,154 | | | | | | (39,565) | | | | | | | | | 122,243 | | |
Earnings per share – basic (in R$)
|
| | | | 0.073 | | | | | | | | | | | | | | | |
2.3(g)
|
| | | | 0.069 | | |
Earnings per share – diluted (in R$)
|
| | | | 0.072 | | | | | | | | | | | | | | | |
2.3(g)
|
| | | | 0.068 | | |
| | |
In thousands of
Brazilian reais |
| |||
Cash consideration
|
| | | | 650,000 | | |
Deferred payment
|
| | | | 150,000 | | |
Total consideration
|
| | | | 800,000 | | |
Fair value of net assets acquired and liabilities assumed, for which book value approximates to fair value (other than intangible assets)
|
| | | | 3,164 | | |
Fair value of intangible assets | | | | | | | |
(-) Customer relationship
|
| | | | 85,414 | | |
(-) Non-compete agreement
|
| | | | 15,022 | | |
(-) Brand
|
| | | | 22,124 | | |
(-) Software
|
| | | | 349 | | |
(-) Intangible in progress*
|
| | | | 21,634 | | |
(-) Total intangible fair value
|
| | | | 144,543 | | |
Goodwill | | | | | 652,293 | | |
Description
|
| |
In thousands of
Brazilian reais |
| |||
Debt issuance (note 2.3(d))
|
| | | | 652,100 | | |
(-)Dextra Acquisition Payments
|
| | | | (650,000) | | |
Cash and cash equivalent impact
|
| | | | 2,100 | | |
| | | | | | | | | | | | | | | | | |
Estimated pro forma
amortization expense (straight-line method) |
| | | | |||||||||
| | |
Valuation
Methodology |
| |
Estimated
fair value (in thousands of Brazilian reais) |
| |
Estimated
useful life (Years) |
| |
Six months
ended (in thousands of Brazilian reais) June 30, 2021 |
| |
Year
ended December 31, 2020 (in thousands of Brazilian reais) |
| |
Allocation of pro forma
amortization expense in the pro forma statements of income line item |
| ||||||||||||
Customer relationship
|
| |
MPEEM (Multi-Period
Excess Earnings) |
| | | | 85,414 | | | | | | 6.5 | | | | | | 6,571 | | | | | | 13,141 | | | | Administrative expenses | |
Brand
|
| | Relief from Royalty | | | | | 22,124 | | | | | | 1.5 | | | | | | 7,375 | | | | | | 14,749 | | | | Administrative expenses | |
Non-compete agreement (NCA)
|
| | With and Without | | | | | 15,022 | | | | | | 5 | | | | | | 1,502 | | | | | | 3,004 | | | | Administrative expenses | |
Software
|
| | — | | | | | 349 | | | | | | 1.5 | | | | | | 129 | | | | | | 220 | | | | Administrative expenses | |
Intangible in progress
|
| | — | | | | | 21,634 | | | | | | — | | | | | | — | | | | | | — | | | | Administrative expenses | |
Total | | | | | | | | 144,543 | | | | | | | | | | | | 15,577 | | | | | | 31,114 | | | | | |
Intangible assets (including
goodwill) recorded in Dextra Tecnologia’s actual financial statements |
| | | | | | | (83,855) | | | | | | | | | | | | (2,694) | | | | | | (5,348) | | | |
Administrative expenses
|
|
Total pro forma impact
|
| | | | | | | 60,688 | | | | | | | | | | | | 12,883 | | | | | | 25,766 | | | | | |
| | | |
Customer relationship
|
| |
Non-competition
agreement |
| |
Brand
|
|
| Revenue | | | Revenue projections were based on the business plan revenue growth rate and estimated attrition. | | | Not applicable | | | Not applicable | |
| Attrition rate | | | The estimated attrition rate is 16.1% and it was based on a churn rate | | | Not applicable | | | The estimated attrition rate is 5.2% and it was based on a royalty approach | |
| Useful Life | | | Useful life for the intangible asset is 6.5 years. | | | Useful life for the intangible asset is 5 years. | | | Useful life for the intangible asset is 1.5 years. | |
| Tax Amortization Benefit (TAB) | | | TAB was calculated according to the Target’s projected effective tax rate of 34% and an amortization period equivalent to asset’s | | | TAB was calculated according to the Target’s projected effective tax rate of 34% and an amortization period | | | TAB was calculated according to the Target’s projected effective tax rate of 34% and an amortization period | |
| | | |
Customer relationship
|
| |
Non-competition
agreement |
| |
Brand
|
|
| | | | remaining useful life. | | | equivalent to asset’s remaining useful life. | | | equivalent to asset’s remaining useful life. | |
| Discount rate | | | The discount rate was equivalent to company’s WACC plus spread, resulting in an after-tax rate of 12.6% | | | The discount rate was equivalent to company’s WACC plus spread, resulting in an after-tax rate of 12.6% | | | The discount rate was equivalent to company’s WACC plus spread, resulting in an after-tax rate of 12.6% | |
|
Amount (in thousands
of Brazilian reais) |
| |
Payment flow
|
| |
Index factor
|
|
|
300,000
|
| |
Quarterly
|
| |
1.75% + 100% CDI
|
|
|
200,000
|
| |
Quarterly
|
| |
1.60% + 100% CDI
|
|
|
152,100
|
| |
Annually
|
| |
2.07% + 100% Libor
|
|
| | |
As of and for the six months ended June 30, 2021
|
| | ||||||||||||||||||||||||||
| | |
Actual
CI&T Brazil |
| |
Actual
Dextra Tecnologia |
| |
Other
transaction accounting adjustments |
| |
Notes
|
| |
Total
CI&T Brazil Pro Forma |
| | ||||||||||||||
| | |
(in thousands of Brazilian reais)
|
| | | | ||||||||||||||||||||||||
Loans and borrowings*
|
| | | | 105,771 | | | | | | — | | | | | | 652,100 | | | |
(1)
|
| | | | 757,871 | | | | ||
Interest expenses
|
| | | | 3,672 | | | | | | — | | | | | | 15,481 | | | |
(2)
|
| | | | 19,153 | | | | ||
| | |
For the year ended December 31, 2020
|
| |||||||||||||||||||||||||||
Interest expenses
|
| | | | 10,304 | | | | | | — | | | | | | 31,389 | | | |
(2)
|
| | | | 41,693 | | | |
| | |
As of and for the six months ended June 30, 2021 (in thousands of Brazilian reais)
|
| |||||||||||||||||||||
| | |
Actual
CI&T Brazil |
| |
Actual
Dextra Tecnologia |
| |
Other
transaction accounting adjustments |
| |
Total
CI&T Brazil Pro Forma |
| ||||||||||||
| | |
For the six months ended June 30, 2021
|
| |||||||||||||||||||||
Others liabilities
|
| | | | 26,581 | | | | | | 639 | | | | | | 2,330 | | | | | | 29,550 | | |
General and administrative expenses
|
| | | | 54,054 | | | | | | 15,387 | | | | | | 2,330 | | | | | | 71,771 | | |
| | |
For the year ended December 31, 2020
|
| |||||||||||||||||||||
General and administrative expenses
|
| | | | 81,161 | | | | | | 34,033 | | | | | | 2,792 | | | | | | 117,986 | | |
| | |
Six months ended
30 June 2021 (in thousands of Brazilian reais) |
| |
Year ended
31 December 2020 (in thousands of Brazilian reais) |
| ||||||
Transaction costs
|
| | | | 2,792 | | | | | | 2,792 | | |
| | |
Six months ended June 30, 2021
|
| |
Year ended December 31, 2020
|
| | | | | | | ||||||||||||||||||
| | |
Basic
|
| |
Diluted
|
| |
Basic
|
| |
Diluted
|
| | | ||||||||||||||||
Profit attributable to holders of ordinary shares
|
| | | | 84,337 | | | | | | 84,337 | | | | | | 127,654 | | | | | | 127,654 | | | | | ||||
Weighted average number of basic shares held by
shareholders |
| | | | 1,760,539 | | | | | | 1,760,539 | | | | | | 1,760,538 | | | | | | 1,784,673 | | | | | ||||
Pro Forma earnings per share (in reais)
|
| | | | 0.048 | | | | | | 0.048 | | | | | | 0.073 | | | | | | 0.072 | | | | |
| | |
Six months ended June 30, 2021
|
| |
Year ended December 31, 2020
|
| | | | | | | ||||||||||||||||||
| | |
Basic
|
| |
Diluted
|
| |
Basic
|
| |
Diluted
|
| | | ||||||||||||||||
Profit attributable to holders of ordinary shares
|
| | | | 87,060 | | | | | | 87,060 | | | | | | 122,243 | | | | | | 122,243 | | | | | ||||
Weighted average number of basic shares held by
shareholders |
| | | | 1,760,539 | | | | | | 1,760,539 | | | | | | 1,760,538 | | | | | | 1,784,673 | | | | | ||||
Pro Forma earnings per share (in reais)
|
| | | | 0.049 | | | | | | 0.049 | | | | | | 0.069 | | | | | | 0.068 | | | | |
| | |
Six months ended June 30,
|
| |
Year ended December 31,
|
| | | | | | | ||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2020
|
| | | ||||||||||||||||
| | |
(in thousands
of US$)* |
| |
(in thousands
of Brazilian reais) |
| |
(in thousands
of US$)* |
| |
(in thousands
of Brazilian reais) |
| | | ||||||||||||||||
Other data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Pro Forma Gross profit margin
|
| | | | 36% | | | | | | 36% | | | | | | 38% | | | | | | 38% | | | | | ||||
Pro Forma Adjusted Gross Profit
|
| | | | 57,575 | | | | | | 287,993 | | | | | | 94,279 | | | | | | 471,584 | | | | | ||||
Pro Forma Adjusted Gross Profit Margin
|
| | | | 38% | | | | | | 38% | | | | | | 41% | | | | | | 41% | | | | | ||||
Pro Forma EBITDA
|
| | | | 36,768 | | | | | | 183,913 | | | | | | 59,472 | | | | | | 297,477 | | | | | ||||
Pro Forma EBITDA Margin
|
| | | | 25% | | | | | | 25% | | | | | | 26% | | | | | | 26% | | | | | ||||
Pro Forma Adjusted EBITDA
|
| | | | 37,144 | | | | | | 185,792 | | | | | | 59,988 | | | | | | 300,060 | | | | | ||||
Pro Forma Adjusted EBITDA Margin
|
| | | | 25% | | | | | | 25% | | | | | | 26% | | | | | | 26% | | | | | ||||
Pro Forma Adjusted Net Profit for the period
|
| | | | 17,963 | | | | | | 89,852 | | | | | | 25,083 | | | | | | 125,463 | | | | | ||||
Pro Forma Adjusted Net Profit Margin for the period
|
| | | | 12% | | | | | | 12% | | | | | | 11% | | | | | | 11% | | | | |
| | |
For the six months ended June 30, 2021
|
| |||||||||||||||||||||
| | |
Actual
CI&T Brazil(1) |
| |
Actual
Dextra Tecnologia(2) |
| |
Transaction
Accounting Adjustments(3) |
| |
Total
CI&T Brazil Pro forma |
| ||||||||||||
| | |
(in thousands of Brazilian reais)
|
| |||||||||||||||||||||
Net revenue
|
| | | | 611,616 | | | | | | 137,823 | | | | | | | | | | | | 749,439 | | |
Reconciliation of Adjusted Gross Profit | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Profit
|
| | | | 217,476 | | | | | | 54,955 | | | | | | | | | | | | 272,431 | | |
Adjustments | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization (cost of services provided)
|
| | | | 12,776 | | | | | | 2,553 | | | | | | | | | | | | 15,329 | | |
Stock Options
|
| | | | 233 | | | | | | | | | | | | | | | | | | 233 | | |
Adjusted Gross Profit
|
| | | | 230,485 | | | | | | 57,508 | | | | | | | | | | | | 287,993 | | |
Adjusted Gross Profit Margin
|
| | | | 38% | | | | | | 42% | | | | | | | | | | | | 38% | | |
Reconciliation of EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | |
Net profit for the period
|
| | | | 84,337 | | | | | | 22,981 | | | | | | (20,258) | | | | | | 87,060 | | |
Adjustments | | | | | | | | | | | | | | | | | | | | | | | | | |
Net finance costs
|
| | | | 3,686 | | | | | | 1,033 | | | | | | 15,481 | | | | | | 20,200 | | |
Income tax expense
|
| | | | 38,658 | | | | | | 13,871 | | | | | | (10,436) | | | | | | 42,093 | | |
Depreciation and amortization
|
| | | | 16,019 | | | | | | 5,658 | | | | | | 12,883 | | | | | | 34,560 | | |
EBITDA
|
| | | | 142,700 | | | | | | 43,543 | | | | | | (2,330) | | | | | | 183,913 | | |
EBITDA Margin
|
| | | | 23% | | | | | | 32% | | | | | | | | | | | | 25% | | |
Reconciliation of Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | |
Net profit for the period
|
| | | | 84,337 | | | | | | 22,981 | | | | | | (20,258) | | | | | | 87,060 | | |
Adjustments | | | | | | | | | | | | | | | | | | | | | | | | | |
Net finance costs
|
| | | | 3,686 | | | | | | 1,033 | | | | | | 15,481 | | | | | | 20,200 | | |
Income tax expense
|
| | | | 38,658 | | | | | | 13,871 | | | | | | (10,436) | | | | | | 42,093 | | |
Depreciation and amortization
|
| | | | 16,019 | | | | | | 5,658 | | | | | | 12,883 | | | | | | 34,560 | | |
Stock Options
|
| | | | 501 | | | | | | | | | | | | | | | | | | 501 | | |
Business Consultant Cost
|
| | | | 462 | | | | | | | | | | | | 2,330 | | | | | | 2,792 | | |
Government grants
|
| | | | (1,414) | | | | | | | | | | | | | | | | | | (1,414) | | |
Adjusted EBITDA
|
| | | | 142,249 | | | | | | 43,543 | | | | | | | | | | | | 185,792 | | |
Adjusted EBITDA Margin
|
| | | | 23% | | | | | | 32% | | | | | | | | | | | | 25% | | |
Reconciliation of Adjusted Net Income | | | | | | | | | | | | | | | | | | | | | | | | | |
Net profit for the period
|
| | | | 84,337 | | | | | | 22,981 | | | | | | (20,258) | | | | | | 87,060 | | |
Adjustments | | | | | | | | | | | | | | | | | | | | | | | | | |
Business Consultant Cost
|
| | | | 462 | | | | | | | | | | | | 2,330 | | | | | | 2,792 | | |
Adjusted Net profit for the period
|
| | | | 84,799 | | | | | | 22,981 | | | | | | (17,928) | | | | | | 89,852 | | |
Adjusted Net profit Margin for the period
|
| | | | 14% | | | | | | 17% | | | | | | | | | | | | 12% | | |
| | |
For the year ended December 31, 2020
|
| |||||||||||||||||||||
| | |
Actual
CI&T Brazil(1) |
| |
Actual
Dextra Tecnologia(2) |
| |
Transaction
Accounting Adjustments(3) |
| |
Total
CI&T Brazil pro forma |
| ||||||||||||
| | |
(in thousands of Brazilian reais)
|
| |||||||||||||||||||||
Net Revenue
|
| | | | 956,519 | | | | | | 204,036 | | | | | | | | | | | | 1,160,555 | | |
Reconciliation of Adjusted Gross Profit | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Profit
|
| | | | 355,653 | | | | | | 87,201 | | | | | | | | | | | | 442,854 | | |
Adjustments | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization (cost of services provided)
|
| | | | 24,085 | | | | | | 4,506 | | | | | | | | | | | | 28,591 | | |
Stock Options
|
| | | | 139 | | | | | | | | | | | | | | | | | | 139 | | |
Adjusted Gross Profit
|
| | | | 379,877 | | | | | | 91,707 | | | | | | | | | | | | 471,584 | | |
Adjusted Gross Profit Margin
|
| | | | 40% | | | | | | 45% | | | | | | | | | | | | 41% | | |
Reconciliation of EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | |
Net profit for the period
|
| | |
|
127,654
|
| | | | | 34,154 | | | | | | (39,565) | | | | | | 122,243 | | |
Adjustments | | | | | | | | | | | | | | | | | | | | | | | | | |
Net finance costs
|
| | | | 15,453 | | | | | | 735 | | | | | | 31,389 | | | | | | 47,577 | | |
Income tax expense
|
| | | | 65,137 | | | | | | 16,883 | | | | | | (20,382) | | | | | | 61,638 | | |
Depreciation and amortization
|
| | |
|
29,882
|
| | | |
|
10,371
|
| | | | | 25,766 | | | | |
|
66,019
|
| |
EBITDA
|
| | | | 238,126 | | | | | | 62,143 | | | | | | (2,792) | | | | | | 297,477 | | |
EBITDA Margin
|
| | | | 25% | | | | | | 30% | | | | | | | | | | | | 26% | | |
Reconciliation of Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | |
Net profit for the period
|
| | | | 127,654 | | | | | | 34,154 | | | | | | (39,565) | | | | | | 122,243 | | |
Adjustments | | | | | | | | | | | | | | | | | | | | | | | | | |
Net finance costs
|
| | | | 15,453 | | | | | | 735 | | | | | | 31,389 | | | | | | 47,577 | | |
Income tax expense
|
| | | | 65,137 | | | | | | 16,883 | | | | | | (20,382) | | | | | | 61,638 | | |
Depreciation and amortization
|
| | | | 29,882 | | | | | | 10,371 | | | | | | 25,766 | | | | | | 66,019 | | |
Stock Options
|
| | | | 934 | | | | | | | | | | | | | | | | | | 934 | | |
Indemnity | | | | | (18) | | | | | | | | | | | | | | | | | | (18) | | |
Business Consultant Cost
|
| | | | 446 | | | | | | | | | | | | 2,792 | | | | | | 3,238 | | |
Government grants
|
| | | | (1,571) | | | | | | | | | | | | | | | | | | (1,571) | | |
Adjusted EBITDA
|
| | | | 237,917 | | | | | | 62,143 | | | | | | | | | | | | 300,060 | | |
Adjusted EBITDA Margin
|
| | | | 25% | | | | | | 30% | | | | | | | | | | | | 26% | | |
Reconciliation of Adjusted Net Income | | | | | | | | | | | | | | | | | | | | | | | | | |
Net profit for the period
|
| | | | 127,654 | | | | | | 34,154 | | | | | | (39,565) | | | | | | 122,243 | | |
Adjustments | | | | | | | | | | | | | | | | | | | | | | | | | |
Indemnity | | | | | (18) | | | | | | | | | | | | | | | | | | (18) | | |
Business Consultant Cost
|
| | | | 446 | | | | | | | | | | | | 2,792 | | | | | | 3,238 | | |
Adjusted Net profit for the period
|
| | | | 128,082 | | | | | | 34,154 | | | | | | (36,773) | | | | | | 125,463 | | |
Adjusted Net profit Margin for the period
|
| | | | 13% | | | | | | 17% | | | | | | | | | | | | 11% | | |
| | |
Six months ended June 30,
|
| |||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |||||||||
| | |
(in thousands of US$)*
|
| |
(in thousands of Brazilian reais)
|
| ||||||||||||
Net Revenue
|
| | | | 122,274 | | | | | | 611,616 | | | | | | 448,254 | | |
Costs of services provided
|
| | | | (78,796) | | | | | | (394,140) | | | | | | (284,257) | | |
Gross Profit
|
| | | | 43,478 | | | | | | 217,476 | | | | | | 163,997 | | |
Selling, general, administrative and other expenses(1)
|
| | | | (18,078) | | | | | | (90,428) | | | | | | (62,866) | | |
Impairment loss on trade receivables and contract assets
|
| | | | (73) | | | | | | (367) | | | | | | (366) | | |
Operating profit before financial income
|
| | | | 25,326 | | | | | | 126,681 | | | | | | 100,767 | | |
Finance income
|
| | | | 5,084 | | | | | | 25,428 | | | | | | 18,799 | | |
Finance costs
|
| | | | (5,820) | | | | | | (29,114) | | | | | | (30,951) | | |
Net finance costs
|
| | | | (737) | | | | | | (3,686) | | | | | | (12,152) | | |
Profit before income tax
|
| | | | 24,589 | | | | | | 122,995 | | | | | | 88,615 | | |
Income tax expense(2)
|
| | | | (7,729) | | | | | | (38,658) | | | | | | (29,901) | | |
Net profit for the period
|
| | | | 16,861 | | | | | | 84,337 | | | | | | 58,714 | | |
| | |
Six months ended June 30,
|
| |||||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||||||||||
| | |
(in thousands of US$)*
|
| |
(in thousands of Brazilian reais, except for percentages)
|
| ||||||||||||||||||||||||
By Industry Vertical | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial Services
|
| | | | 42,001 | | | | | | 210,089 | | | | | | 34% | | | | | | 144,860 | | | | | | 32% | | |
Food and Beverages
|
| | | | 34,420 | | | | | | 172,169 | | | | | | 28% | | | | | | 109,430 | | | | | | 24% | | |
Pharmaceuticals and Cosmetics
|
| | | | 17,514 | | | | | | 87,604 | | | | | | 14% | | | | | | 63,058 | | | | | | 14% | | |
Retail and Manufacturing
|
| | | | 6,839 | | | | | | 34,210 | | | | | | 6% | | | | | | 45,351 | | | | | | 10% | | |
Technology, Media and Telecom
|
| | | | 12,493 | | | | | | 62,491 | | | | | | 10% | | | | | | 39,214 | | | | | | 9% | | |
Education and Services
|
| | | | 4,726 | | | | | | 23,638 | | | | | | 4% | | | | | | 22,069 | | | | | | 5% | | |
Others
|
| | | | 4,281 | | | | | | 21,415 | | | | | | 4% | | | | | | 24,272 | | | | | | 5% | | |
Total | | | | | 122,274 | | | | | | 611,616 | | | | | | 100% | | | | | | 448,254 | | | | | | 100% | | |
| | |
Six months ended June 30,
|
| |||||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||||||||||
| | |
(in thousands of US$)*
|
| |
(in thousands of Brazilian reais, except for percentages)
|
| ||||||||||||||||||||||||
By Geography | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
North America & Europe | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
United States
|
| | | | 60,517 | | | | | | 302,704 | | | | | | 49% | | | | | | 212,005 | | | | | | 47% | | |
United Kingdom
|
| | | | 2,238 | | | | | | 11,193 | | | | | | 2% | | | | | | 10,000 | | | | | | 2% | | |
Subtotal North America & Europe
|
| | |
|
62,754
|
| | | |
|
313,897
|
| | | | | 51% | | | | |
|
222,005
|
| | | | | 50% | | |
Latin America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Brazil
|
| | | | 55,324 | | | | | | 276,730 | | | | | | 45% | | | | | | 201,569 | | | | | | 45% | | |
Asia Pacific and Japan | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Japan
|
| | | | 1,463 | | | | | | 7,315 | | | | | | 1% | | | | | | 16,831 | | | | | | 4% | | |
China
|
| | | | 2,494 | | | | | | 12,476 | | | | | | 2% | | | | | | 7,849 | | | | | | 2% | | |
Others
|
| | | | 239 | | | | | | 1,198 | | | | | | 0% | | | | | | 0 | | | | | | 0% | | |
Subtotal Asia Pacific and Japan
|
| | |
|
4,196
|
| | | |
|
20,989
|
| | | | | 3% | | | | |
|
24,680
|
| | | | | 6% | | |
Total | | | | | 122,274 | | | | | | 611,616 | | | | | | 100% | | | | | | 448,254 | | | | | | 100% | | |
| | |
Six months ended June 30,
|
| |||||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||||||||||
| | |
(in thousands of US$)*
|
| |
(in thousands of Brazilian reais, except for percentages)
|
| ||||||||||||||||||||||||
Client Concentration | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Top Client
|
| | | | 29,202 | | | | | | 146,067 | | | | | | 24% | | | | | | 79,754 | | | | | | 18% | | |
Top Ten Clients
|
| | | | 89,384 | | | | | | 447,098 | | | | | | 73% | | | | | | 286,352 | | | | | | 64% | | |
Total Net Revenue
|
| | | | 122,274 | | | | | | 611,616 | | | | | | | | | | | | 448,254 | | | | | | | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(in thousands of US$)*
|
| |
(in thousands of Brazilian reais)
|
| ||||||||||||
Net revenue
|
| | | | 191,227 | | | | | | 956,519 | | | | | | 677,133 | | |
Costs of services provided
|
| | | | (120,125) | | | | | | (600,866) | | | | | | (448,979) | | |
Gross Profit
|
| | | | 71,102 | | | | | | 355,653 | | | | | | 228,154 | | |
Selling, general, administrative and other expenses(1)
|
| | | | (29,431) | | | | | | (147,213) | | | | | | (135,364) | | |
Impairment loss on trade receivables and contract assets
|
| | | | (39) | | | | | | (196) | | | | | | (1,091) | | |
Operating profit before financial income
|
| | | | 41,632 | | | | | | 208,244 | | | | | | 91,699 | | |
Finance income
|
| | | | 9,558 | | | | | | 47,808 | | | | | | 23,944 | | |
Finance costs
|
| | | | (12,647) | | | | | | (63,261) | | | | | | (29,855) | | |
Net finance costs
|
| | | | (3,089) | | | | | | (15,453) | | | | | | (5,911) | | |
Profit before income tax
|
| | | | 38,543 | | | | | | 192,791 | | | | | | 85,788 | | |
Income tax expense(2)
|
| | | | (13,022) | | | | | | (65,137) | | | | | | (29,219) | | |
Net profit for the year
|
| | | | 25,521 | | | | | | 127,654 | | | | | | 56,569 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||
| | |
(in thousands of US$)*
|
| |
(in thousands of Brazilian reais, except for percentages)
|
| ||||||||||||||||||||||||
By Industry Vertical | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial Services
|
| | | | 64,797 | | | | | | 324,117 | | | | | | 34% | | | | | | 231,813 | | | | | | 34% | | |
Food and Beverages
|
| | | | 48,898 | | | | | | 244,590 | | | | | | 26% | | | | | | 116,911 | | | | | | 17% | | |
Pharmaceuticals and Cosmetics
|
| | | | 26,942 | | | | | | 134,763 | | | | | | 14% | | | | | | 85,410 | | | | | | 13% | | |
Retail and Manufacturing
|
| | | | 16,603 | | | | | | 83,046 | | | | | | 9% | | | | | | 65,130 | | | | | | 10% | | |
Technology, Media and Telecom
|
| | | | 16,386 | | | | | | 81,961 | | | | | | 9% | | | | | | 92,131 | | | | | | 14% | | |
Education and Services
|
| | | | 8,261 | | | | | | 41,323 | | | | | | 4% | | | | | | 21,042 | | | | | | 3% | | |
Others
|
| | | | 9,340 | | | | | | 46,719 | | | | | | 5% | | | | | | 64,714 | | | | | | 10% | | |
Total Net revenue
|
| | |
|
191,227
|
| | | |
|
956,519
|
| | | |
|
100%
|
| | | |
|
677,133
|
| | | | | 100% | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||
| | |
(in thousands of US$)*
|
| |
(in thousands of Brazilian reais, except for percentages)
|
| ||||||||||||||||||||||||
By Geography | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
North America & Europe | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
United States
|
| | | | 90,364 | | | | | | 451,999 | | | | | | 47% | | | | | | 284,321 | | | | | | 42% | | |
United Kingdom
|
| | | | 3,951 | | | | | | 19,764 | | | | | | 2% | | | | | | 25,044 | | | | | | 4% | | |
Subtotal North America & Europe
|
| | | | 94,315 | | | | |
|
471,763
|
| | | |
|
49%
|
| | | |
|
309,365
|
| | | |
|
46%
|
| |
Latin America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Brazil
|
| | | | 87,163 | | | | | | 435,987 | | | | | | 46% | | | | | | 332,662 | | | | | | 49% | | |
Asia Pacific and Japan | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Japan
|
| | | | 5,878 | | | | | | 29,402 | | | | | | 3% | | | | | | 22,905 | | | | | | 3% | | |
China
|
| | | | 3,591 | | | | | | 17,962 | | | | | | 2% | | | | | | 11,028 | | | | | | 2% | | |
Others
|
| | | | 281 | | | | | | 1,405 | | | | | | 0% | | | | | | 1,173 | | | | | | 0% | | |
Subtotal Asia Pacific and Japan
|
| | |
|
9,750
|
| | | |
|
48,769
|
| | | | | 5% | | | | |
|
35,106
|
| | | | | 5% | | |
Total Net revenue
|
| | | | 191,227 | | | | | | 956,519 | | | | | | 100% | | | | | | 677,133 | | | | | | 100% | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||
| | |
(in thousands of US$)
|
| |
(in thousands of Brazilian reais, except for percentages)
|
| ||||||||||||||||||||||||
Client Concentration | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Top Client
|
| | | | 38,105 | | | | | | 190,599 | | | | | | 20% | | | | | | 97,248 | | | | | | 14% | | |
Top Ten Clients
|
| | | | 128,893 | | | | | | 644,722 | | | | | | 67% | | | | | | 417,547 | | | | | | 62% | | |
Total Net revenue
|
| | | | 191,227 | | | | | | 956,519 | | | | | | | | | | | | 677,133 | | | | | | | | |
| | |
Six months ended June 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
(in thousands
of US$)* |
| |
(in thousands of Brazilian reais)
|
| |
(in thousands
of US$)* |
| |
(in thousands of Brazilian reais)
|
| ||||||||||||||||||||||||
Net cash (used in) from operating activities
|
| | | | (877) | | | | | | (4,388) | | | | | | 39,281 | | | | | | 20,186 | | | | | | 100,972 | | | | | | 91,357 | | |
Net cash used in investing activities
|
| | | | (3,431) | | | | | | (17,164) | | | | | | (12,687) | | | | | | (4,276) | | | | | | (21,391) | | | | | | (16,551) | | |
Net cash from (used in) financing activities
|
| | | | (11,681) | | | | | | (58,431) | | | | | | 101,739 | | | | | | 1,081 | | | | | | 5,409 | | | | | | (69,666) | | |
Effects of exchange rates on cash
and cash equivalents |
| | | | 1,142 | | | | | | 5,713 | | | | | | (5,670) | | | | | | (332) | | | | | | (1,663) | | | | | | (1,464) | | |
Cash reduction due to spin-off effect
|
| | | | (1,550) | | | | | | (7,752) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,255) | | |
Cash and cash equivalents as of January 1st
|
| | | | 32,551 | | | | | | 162,827 | | | | | | 79,500 | | | | | | 15,894 | | | | | | 79,500 | | | | | | 77,079 | | |
Cash and cash equivalents at end
of the periods |
| | | | 16,154 | | | | | | 80,805 | | | | | | 202,163 | | | | | | 32,552 | | | | | | 162,827 | | | | | | 79,500 | | |
Net increase in Cash and cash equivalents at end of period
|
| | |
|
(16,397)
|
| | | |
|
(82,022)
|
| | | |
|
122,663
|
| | | |
|
16,659
|
| | | |
|
83,327
|
| | | |
|
2,421
|
| |
| | |
Six months ended June 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
(in thousands
of US$)* |
| |
(in thousands of Brazilian reais)
|
| |
(in thousands
of US$)* |
| |
(in thousands of Brazilian reais)
|
| ||||||||||||||||||||||||
Fixed assets acquisitions
|
| | | | 2,865 | | | | | | 14,330 | | | | | | 11,770 | | | | | | 3,924 | | | | | | 19,626 | | | | | | 17,783 | | |
Intangible assets acquisitions
|
| | | | 567 | | | | | | 2,834 | | | | | | 728 | | | | | | 353 | | | | | | 1,765 | | | | | | 2,110 | | |
Total Capital Expenditures
|
| | | | 3,431 | | | | | | 17,164 | | | | | | 12,498 | | | | | | 4,276 | | | | | | 21,391 | | | | | | 19,983 | | |
| | |
Six months ended June 30,
|
| |||||||||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
USD (thousands)
|
| |
Other(1) (thousands)
|
| |
USD (thousands)
|
| |
Other(1) (thousands)
|
| ||||||||||||
Trade Payables
|
| | | | (12,965) | | | | | | (1,318) | | | | | | (3,057) | | | | | | (540) | | |
Trade Receivables
|
| | | | 219,550 | | | | | | 6,005 | | | | | | 160,411 | | | | | | 3,855 | | |
Loans and borrowing
|
| | | | (89,098) | | | | | | — | | | | | | (37,116) | | | | | | — | | |
Derivatives
|
| | | | 5,850 | | | | | | — | | | | | | (1,321) | | | | | | — | | |
Net exposure
|
| | | | 123,336 | | | | | | 4,687 | | | | | | 118,917 | | | | | | 3,315 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
USD (thousands)
|
| |
Other(1) (thousands)
|
| |
USD (thousands)
|
| |
Other(1) (thousands)
|
| ||||||||||||
Trade Payables
|
| | | | (3,057) | | | | | | (540) | | | | | | (1,905) | | | | | | (28) | | |
Trade Receivables
|
| | | | 160,411 | | | | | | 3,855 | | | | | | 89,703 | | | | | | 3,341 | | |
Loans and borrowing
|
| | | | (37,116) | | | | | | — | | | | | | (7,682) | | | | | | 0 | | |
Derivatives
|
| | | | (1,321) | | | | | | — | | | | | | (372) | | | | | | 0 | | |
Net exposure
|
| | | | 118,917 | | | | | | 3,315 | | | | | | 79,744 | | | | | | 3,313 | | |
| | |
Exposure in
R$(thousands) |
| |
Probable
Scenario (I) |
| |
Adverse
Scenario (II) |
| |
Remote
Scenario (III) |
| ||||||||||||
Financial Investments rate (CDI)
|
| | | | 46,239 | | | | | | 6.33% | | | | | | 4.75% | | | | | | 3.17% | | |
Income from financial investments in the period
|
| | | | | | | | | | 2,927 | | | | | | 2,196 | | | | | | 1,466 | | |
Effects on earnings (reduction)
|
| | | | | | | | | | (2,002) | | | | | | (2,733) | | | | | | (3,463) | | |
| | |
Exposure in
R$(thousands) |
| |
Probable
Scenario (I) |
| |
Adverse
Scenario (II) |
| |
Remote
Scenario (III) |
| ||||||||||||
Loans and borrowing Increase in rate (CDI)
|
| | | | 105,771 | | | | | | 6.33% | | | | | | 7.91% | | | | | | 9.50% | | |
Interest incurred
|
| | | | | | | | | | 6,695 | | | | | | 8,366 | | | | | | 10,048 | | |
Effect on earnings (increase)
|
| | | | | | | | | | (4,580) | | | | | | (6,251) | | | | | | (7,933) | | |
| | |
Six months ended June 30
R$ (thousands) |
| |||||||||||||||||||||||||||||||||
| | |
Contractual
Book Value |
| |
Cash Flow
|
| |
6 months
(or less) |
| |
6 – 12
months |
| |
1 – 2 years
|
| |
2 – 5 years
|
| ||||||||||||||||||
Non-derivative financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 17,446 | | | | | | 17,446 | | | | | | 17,446 | | | | | | — | | | | | | — | | | | | | — | | |
Loans and borrowings
|
| | | | 105,771 | | | | | | 111,743 | | | | | | 8,331 | | | | | | 96,255 | | | | | | 7,157 | | | | | | — | | |
Lease Liabilities
|
| | | | 72,565 | | | | | | 90,579 | | | | | | 8,730 | | | | | | 10,470 | | | | | | 19,053 | | | | | | 52,326 | | |
Contract liabilities
|
| | | | 4,673 | | | | | | 4,673 | | | | | | 4,673 | | | | | | — | | | | | | — | | | | | | — | | |
Other payables (current and no-current)
|
| | | | 11,928 | | | | | | 11,928 | | | | | | 11,928 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 212,383 | | | | | | 236,369 | | | | | | 51,108 | | | | | | 106,725 | | | | | | 26,210 | | | | | | 52,326 | | |
| | |
Year Ended December 31, 2020
|
| |||||||||||||||||||||||||||||||||
| | |
R$ (thousands)
|
| |||||||||||||||||||||||||||||||||
| | |
Contractual
Book Value |
| |
Cash Flow
|
| |
6 months
(or less) |
| |
6 – 12
months |
| |
1 – 2 years
|
| |
2 – 5 years
|
| ||||||||||||||||||
Non-derivative financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 15,312 | | | | | | 15,312 | | | | | | 15,312 | | | | | | — | | | | | | — | | | | | | — | | |
Loans and borrowings
|
| | | | 89,230 | | | | | | 111,779 | | | | | | 78,898 | | | | | | 7,313 | | | | | | 23,901 | | | | | | 1,667 | | |
Lease Liabilities
|
| | | | 75,228 | | | | | | 93,242 | | | | | | 11,393 | | | | | | 10,470 | | | | | | 19,053 | | | | | | 52,326 | | |
Contract liabilities
|
| | | | 9,987 | | | | | | 9,987 | | | | | | 9,987 | | | | | | — | | | | | | — | | | | | | — | | |
Other payables (current and no-current)
|
| | | | 8,945 | | | | | | 8,945 | | | | | | 8,945 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 198,702 | | | | | | 239,265 | | | | | | 124,535 | | | | | | 17,783 | | | | | | 42,954 | | | | | | 53,993 | | |
| | |
Year ended December 31, 2020
|
| |||||||||
| | |
Carrying amount
|
| |
Fair Value
|
| ||||||
| | |
RS(thousands)
|
| |||||||||
Level 2 | | | | | | | | | | | | | |
Derivative instruments | | | | | | | | | | | | | |
Non-Deliverable Forward – NDF
|
| | | | 1,321 | | | | | | 1,321 | | |
Put and Call Options
|
| | | | 2,124 | | | | | | 2,124 | | |
| | | | | 3,445 | | | | | | 3,445 | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||
North America & Europe | | | | | | ||||||||||||||||||||
United States
|
| | | | 115 | | | | | | 110 | | | | | | 102 | | | | | | 66 | | |
Canada
|
| | | | 20 | | | | | | 13 | | | | | | 1 | | | | | | 0 | | |
United Kingdom
|
| | | | 9 | | | | | | 9 | | | | | | 7 | | | | | | 6 | | |
Portugal
|
| | | | 31 | | | | | | 13 | | | | | | 0 | | | | | | 0 | | |
Latin America | | | | | | ||||||||||||||||||||
Brazil*
|
| | | | 4,794 | | | | | | 3,845 | | | | | | 2,826 | | | | | | 2,818 | | |
Asia Pacific and Japan | | | | | | ||||||||||||||||||||
Japan
|
| | | | 24 | | | | | | 30 | | | | | | 28 | | | | | | 26 | | |
China
|
| | | | 140 | | | | | | 132 | | | | | | 122 | | | | | | 97 | | |
Australia
|
| | | | 2 | | | | | | 2 | | | | | | 0 | | | | | | 0 | | |
Total | | | | | 5,135 | | | | | | 4,154 | | | | | | 3,086 | | | | | | 3,013 | | |
| | |
Six months ended June 30,
|
| |||||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||||||||||
| | |
(in thousands of
US$)* |
| |
(in thousands of Brazilian reais, except for
percentages) |
| ||||||||||||||||||||||||
Client Concentration | | | | | | | |||||||||||||||||||||||||
Top Client
|
| | | | 29,202 | | | | | | 146,067 | | | | | | 24% | | | | | | 79,754 | | | | | | 18% | | |
Top Ten Clients
|
| | | | 89,384 | | | | | | 447,098 | | | | | | 73% | | | | | | 286,352 | | | | | | 64% | | |
Total Net revenue
|
| | | | 122,274 | | | | | | 611,616 | | | | | | | | | | | | 448,254 | | | | | | | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||
| | |
(in thousands of
US$) |
| |
(in thousands of Brazilian reais, except for
percentages) |
| ||||||||||||||||||||||||
Client Concentration | | | | | | | |||||||||||||||||||||||||
Top Client
|
| | | | 38,105 | | | | | | 190,599 | | | | | | 20% | | | | | | 97,248 | | | | | | 14% | | |
Top Ten Clients
|
| | | | 128,893 | | | | | | 644,722 | | | | | | 67% | | | | | | 417,547 | | | | | | 62% | | |
Total Net revenue
|
| | | | 191,227 | | | | | | 956,519 | | | | | | | | | | | | 677,133 | | | | | | | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
R$20 million +
|
| | | | 11 | | | | | | 9 | | | | | | 6 | | |
R$10 million+
|
| | | | 20 | | | | | | 15 | | | | | | 10 | | |
R$5 million +
|
| | | | 32 | | | | | | 28 | | | | | | 21 | | |
| | |
Six months ended June 30,
|
| |||||||||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||||||||||
| | |
(in thousands of
US$)* |
| |
(in thousands of Brazilian reais, except for
percentages) |
| ||||||||||||||||||||||||
By Industry Vertical | | | | | | | |||||||||||||||||||||||||
Financial Services
|
| | | | 42,001 | | | | | | 210,089 | | | | | | 34% | | | | | | 144,860 | | | | | | 32% | | |
Food and Beverages
|
| | | | 34,420 | | | | | | 172,169 | | | | | | 28% | | | | | | 109,430 | | | | | | 24% | | |
Pharmaceuticals and Cosmetics
|
| | | | 17,514 | | | | | | 87,604 | | | | | | 14% | | | | | | 63,058 | | | | | | 14% | | |
Retail and Manufacturing
|
| | | | 6,839 | | | | | | 34,210 | | | | | | 6% | | | | | | 45,351 | | | | | | 10% | | |
Technology, Media and Telecom
|
| | | | 12,493 | | | | | | 62,491 | | | | | | 10% | | | | | | 39,214 | | | | | | 9% | | |
Education and Services
|
| | | | 4,726 | | | | | | 23,638 | | | | | | 4% | | | | | | 22,069 | | | | | | 5% | | |
Others | | | | | 4,281 | | | | | | 21,415 | | | | | | 4% | | | | | | 24,272 | | | | | | 5% | | |
Total Net revenue
|
| | | | 122,274 | | | | | | 611,616 | | | | | | 100% | | | | | | 448,254 | | | | | | 100% | | |
Name
|
| |
Age
|
| |
Position
|
|
Fernando Matt Borges Martins | | |
49
|
| |
Director
|
|
Brenno Raiko de Souza | | |
37
|
| |
Chairman
|
|
Cesar Nivaldo Gon | | |
50
|
| |
Director
|
|
Patrice Philippe Nogueira Baptista Etlin | | |
57
|
| |
Director
|
|
Silvio Romero de Lemos Meira | | |
66
|
| |
Independent Director
|
|
Maria Helena dos Santos Fernandes de Santana | | |
62
|
| |
Independent Director
|
|
Eduardo Campozana Gouveia | | |
57
|
| |
Independent Director
|
|
Name
|
| |
Age
|
| |
Position
|
|
Cesar Nivaldo Gon | | |
50
|
| |
Chief Executive Officer
|
|
Stanley Rodrigues | | |
51
|
| |
Chief Financial Officer
|
|
Bruno Guiçardi Neto | | |
50
|
| |
Director of Operations
|
|
| | |
Shares Beneficially
Owned Prior to Offering |
| |
Shares to be
Sold In Offering Without Exercise of Underwriters’ Option |
| |
Shares Beneficially
Owned After Offering Without Exercise of Underwriters’ Option |
| |
% of Total
Economic Ownership After Offering Without Exercise of Underwriters’ Option(1) |
| |
% of Total
Voting Power After Offering Without Exercise of Underwriters’ Option(2) |
| |
Shares to be Sold
In Offering With Full Exercise of Underwriters’ Option |
| |
Shares Beneficially
Owned After Offering With Full Exercise of Underwriters’ Option |
| |
% of Total
Economic Ownership After Offering With Full Exercise of Underwriters’ Option(1) |
| |
% of Total
Voting Power After Offering With Full Exercise of Underwriters’ Option(2) |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Class B
|
| |
Class B
|
| |
Class B
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders
|
| |
Shares
|
| |
% of
Class B |
| |
Shares
|
| |
% of
Class B |
| |
Shares
|
| |
% of
Class B |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
5% Shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cesar Nivaldo Gon(3)
|
| | | | 24,076,528 | | | | | | 19.9% | | | | | | 1,656,975 | | | | | | 22,419,553 | | | | | | 19.9% | | | | | | 17% | | | | | | 19.5% | | | | | | 2,236,916 | | | | | | 21,839,612 | | | | | | 19.9% | | | | | | 16.5% | | | | | | 19.5% | | |
Fernando Matt Borges Martins(4)
|
| | | | 23,476,910 | | | | | | 19.4% | | | | | | 1,615,708 | | | | | | 21,861,202 | | | | | | 19.4% | | | | | | 16.5% | | | | | | 19.1% | | | | | | 2,181,206 | | | | | | 21,295,704 | | | | | | 19.4% | | | | | | 16.1% | | | | | | 19.0% | | |
Bruno Guiçardi Neto
|
| | | | 15,806,016 | | | | | | 13.1% | | | | | | 1,087,788 | | | | | | 14,718,228 | | | | | | 13.1% | | | | | | 11.1% | | | | | | 12.8% | | | | | | 1,468,514 | | | | | | 14,337,502 | | | | | | 13.1% | | | | | | 10.8% | | | | | | 12.8% | | |
Advent Managed Fund LLCs(5)
|
| | | | 50,709,816 | | | | | | 41.9% | | | | | | 3,489,908 | | | | | | 47,219,908 | | | | | | 41.9% | | | | | | 35.7% | | | | | | 41.2% | | | | | | 4,711,377 | | | | | | 45,998,439 | | | | | | 41.9% | | | | | | 34.8% | | | | | | 41.0% | | |
Other Selling Shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aminadab Pereira Nunes(6)
|
| | | | 1,097,234 | | | | | | 0.9% | | | | | | 75,513 | | | | | | 1,021,721 | | | | | | 0.9% | | | | | | 0.8% | | | | | | 0.9% | | | | | | 101,942 | | | | | | 995,292 | | | | | | 0.9% | | | | | | 0.8% | | | | | | 0.9% | | |
Celio Norbiato Targa(7)
|
| | | | 822,772 | | | | | | 0.7% | | | | | | 56,624 | | | | | | 766,148 | | | | | | 0.7% | | | | | | 0.6% | | | | | | 0.7% | | | | | | 76,443 | | | | | | 746,329 | | | | | | 0.7% | | | | | | 0.6% | | | | | | 0.7% | | |
Solange Sobral Targa(8)
|
| | | | 505,247 | | | | | | 0.4% | | | | | | 34,772 | | | | | | 470,475 | | | | | | 0.4% | | | | | | 0.4% | | | | | | 0.4% | | | | | | 46,942 | | | | | | 458,305 | | | | | | 0.4% | | | | | | 0.3% | | | | | | 0.4% | | |
Mauro da Silva Oliveira
Filh (9) |
| | | | 817,662 | | | | | | 0.7% | | | | | | 56,273 | | | | | | 761,389 | | | | | | 0.7% | | | | | | 0.6% | | | | | | 0.7% | | | | | | 75,969 | | | | | | 741,694 | | | | | | 0.7% | | | | | | 0.6% | | | | | | 0.7% | | |
Daniel Jerozolimski(10)
|
| | | | 345,871 | | | | | | 0.3% | | | | | | 23,803 | | | | | | 322,068 | | | | | | 0.3% | | | | | | 0.2% | | | | | | 0.3% | | | | | | 32,134 | | | | | | 313,737 | | | | | | 0.3% | | | | | | 0.2% | | | | | | 0.3% | | |
Leandro Augusto
Angelo(11) |
| | | | 58,735 | | | | | | 0.0% | | | | | | 4,042 | | | | | | 54,693 | | | | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | | | | | 5,457 | | | | | | 53,278 | | | | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
Paulo Roberto Vasconcelos Camara
|
| | | | 38,975 | | | | | | 0.0% | | | | | | 2,682 | | | | | | 36,293 | | | | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | | | | | 3,621 | | | | | | 35,354 | | | | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
McMillian FamilyTrust(12)
|
| | | | 1,126,330 | | | | | | 0.9% | | | | | | 229,245 | | | | | | 897,085 | | | | | | 0.8% | | | | | | 0.7% | | | | | | 0.8% | | | | | | 309,480 | | | | | | 816,850 | | | | | | 0.7% | | | | | | 0.6% | | | | | | 0.7% | | |
Other Minority Holders(13)
|
| | | | 2,204,689 | | | | | | 1.8% | | | | | | — | | | | | | 2,204,689 | | | | | | 2.0% | | | | | | 1.7% | | | | | | 1.9% | | | | | | — | | | | | | 2,204,689 | | | | | | 2.0% | | | | | | 1.7% | | | | | | 2.0% | | |
Officers and Directors(14) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total
|
| | | | 121,086,785 | | | | | | 100% | | | | | | 8,333,333 | | | | | | 112,753,452 | | | | | | 100% | | | | | | 85.3% | | | | | | 98.3% | | | | | | 11,250,000 | | | | | | 109,836,785 | | | | | | 100% | | | | | | 83.1% | | | | | | 98% | | |
Underwriter
|
| |
Number of (Class A)
Common Shares |
|
Goldman Sachs & Co. LLC
|
| | | |
Citigroup Global Markets, Inc.
|
| | | |
J.P. Morgan Securities LLC
|
| | | |
Morgan Stanley & Co. LLC
|
| | | |
Itau BBA USA Securities, Inc.
|
| | | |
BofA Securities, Inc.
|
| | | |
Banco Bradesco BBI S.A.
|
| | | |
Total | | | | |
| | |
Total
|
| ||||||
| | |
Per (Class A)
common share |
| |
No Exercise
|
| |
Full Exercise
|
|
| | |
(US$)
|
| ||||||
Initial public offering price
|
| | | | | | | | | |
Underwriting discounts and commissions to be paid by us
|
| | | | | | | | | |
Underwriting discounts and commissions to be paid by the selling shareholder(s)
|
| | | | | | | | | |
Proceeds, before expenses, to us
|
| | | | | | | | | |
Proceeds, before expenses, to the selling shareholder(s)
|
| | | | | | | | | |
Expenses
|
| |
Amount
|
|
U.S. Securities and Exchange Commission registration fee
|
| |
US$39,385
|
|
NYSE listing fee
|
| |
150,000
|
|
FINRA filing fee
|
| |
503,229
|
|
Printing and engraving expenses
|
| |
150,000
|
|
Legal fees and expenses
|
| |
1,800,000
|
|
Accounting fees and expenses
|
| |
504,703
|
|
Miscellaneous costs
|
| |
100,000
|
|
Total
|
| |
US$3,247,317
|
|
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-8 | | |
| | | | | F-37 | | | |
| | | | | F-38 | | | |
| | | | | F-39 | | | |
| | | | | F-40 | | | |
| | | | | F-41 | | | |
| | | | | F-42 | | | |
| | | | | F-44 | | |
| | | | | F-91 | | | |
| | | | | F-92 | | | |
| | | | | F-93 | | | |
| | | | | F-94 | | | |
| | | | | F-95 | | |
| | | | | F-109 | | | |
| | | | | F-111 | | | |
| | | | | F-112 | | | |
| | | | | F-113 | | | |
| | | | | F-114 | | | |
| | | | | F-115 | | |
| | |
Note
|
| |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Assets | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| |
5
|
| | | | 80,805 | | | | | | 162,827 | | |
Trade receivables
|
| |
6
|
| | | | 241,301 | | | | | | 196,256 | | |
Contract assets
|
| |
15.a
|
| | | | 93,344 | | | | | | 50,625 | | |
Recoverable taxes
|
| | | | | | | 1,206 | | | | | | 1,016 | | |
Tax assets
|
| | | | | | | 3,723 | | | | | | 2,117 | | |
Derivatives
|
| |
20.1
|
| | | | 9,923 | | | | | | 8,837 | | |
Other assets
|
| | | | | | | 19,265 | | | | | | 12,874 | | |
Total current assets
|
| | | | | | | 449,567 | | | | | | 434,552 | | |
Recoverable taxes
|
| | | | | | | 3,046 | | | | | | 3,099 | | |
Deferred tax
|
| |
18
|
| | | | 17,798 | | | | | | 15,152 | | |
Judicial deposits
|
| |
12
|
| | | | 3,075 | | | | | | 3,083 | | |
Other assets
|
| | | | | | | 2,006 | | | | | | 2,494 | | |
| | | | | | | | 25,925 | | | | | | 23,828 | | |
Property, plant and equipment
|
| |
7
|
| | | | 45,243 | | | | | | 38,771 | | |
Intangible assets
|
| |
8
|
| | | | 26,516 | | | | | | 18,166 | | |
Right-of-use assets
|
| |
9.a
|
| | | | 66,622 | | | | | | 69,765 | | |
| | | | | | | | 138,381 | | | | | | 126,702 | | |
Total non-current assets
|
| | | | | | | 164,306 | | | | | | 150,530 | | |
Total assets
|
| | | | | | | 613,873 | | | | | | 585,082 | | |
Liabilities and equity | | | | | | | | | | | | | | | | |
Suppliers
|
| | | | | | | 17,446 | | | | | | 15,312 | | |
Loans and borrowings
|
| |
10
|
| | | | 98,802 | | | | | | 75,377 | | |
Lease liabilities
|
| |
9.b
|
| | | | 15,656 | | | | | | 14,569 | | |
Salaries and welfare charges
|
| |
11
|
| | | | 144,141 | | | | | | 141,794 | | |
Derivatives
|
| |
20.1
|
| | | | 4,073 | | | | | | 5,392 | | |
Tax liabilities
|
| | | | | | | 6,076 | | | | | | 6,078 | | |
Other taxes payable
|
| | | | | | | 3,424 | | | | | | 3,279 | | |
Dividends and interest on equity payable
|
| |
14
|
| | | | 2,609 | | | | | | 30,677 | | |
Contract liability
|
| | | | | | | 4,673 | | | | | | 9,987 | | |
Indemnity
|
| |
13.b
|
| | | | 628 | | | | | | 628 | | |
Other liabilities
|
| | | | | | | 11,174 | | | | | | 7,899 | | |
Total current liabilities
|
| | | | | | | 308,702 | | | | | | 310,992 | | |
Loans and borrowings
|
| |
10
|
| | | | 6,969 | | | | | | 13,853 | | |
Lease liabilities
|
| |
9.b
|
| | | | 56,909 | | | | | | 60,659 | | |
Provisions
|
| |
12
|
| | | | 163 | | | | | | 161 | | |
Other liabilities
|
| | | | | | | 754 | | | | | | 957 | | |
Total non-current liabilities
|
| | | | | | | 64,795 | | | | | | 75,630 | | |
Equity
|
| |
14
|
| | | | | | | | | | | | |
Share capital
|
| | | | | | | 59,542 | | | | | | 68,968 | | |
Capital reserves
|
| | | | | | | 8,550 | | | | | | 6,764 | | |
Profit reserves
|
| | | | | | | 150,213 | | | | | | 109,308 | | |
Other comprehensive income
|
| | | | | | | 22,071 | | | | | | 13,420 | | |
Total equity
|
| | | | | | | 240,376 | | | | | | 198,460 | | |
Total equity and liabilities
|
| | | | | | | 613,873 | | | | | | 585,082 | | |
| | |
Note
|
| |
June 30, 2021
|
| |
June 30, 2020
|
| ||||||
Net revenue
|
| |
15
|
| | | | 611,616 | | | | | | 448,254 | | |
Costs of services provided
|
| |
16
|
| | | | (394,140) | | | | | | (284,257) | | |
Gross profit
|
| | | | | | | 217,476 | | | | | | 163,997 | | |
Selling expenses
|
| |
16
|
| | | | (37,780) | | | | | | (24,510) | | |
General and administrative expenses
|
| |
16
|
| | | | (54,054) | | | | | | (38,032) | | |
Research and technological innovation expenses
|
| |
16
|
| | | | (4) | | | | | | (1,962) | | |
Impairment loss on trade receivables and contract assets
|
| |
16
|
| | | | (367) | | | | | | (366) | | |
Other income (expenses) net
|
| |
16
|
| | | | 1,410 | | | | | | 1,638 | | |
| | | | | | | | (90,795) | | | | | | (63,232) | | |
Operating profit before financial income
|
| | | | | | | 126,681 | | | | | | 100,767 | | |
Finance income
|
| |
17
|
| | | | 25,428 | | | | | | 18,799 | | |
Finance cost
|
| |
17
|
| | | | (29,114) | | | | | | (30,951) | | |
Net finance costs
|
| |
17
|
| | |
|
(3,686)
|
| | | |
|
(12,152)
|
| |
Profit before Income tax
|
| | | | | | | 122,995 | | | | | | 88,615 | | |
Income tax expense | | | | | | | | | | | | | | | | |
Current
|
| |
18
|
| | | | (34,558) | | | | | | (28,300) | | |
Deferred
|
| |
18
|
| | | | (4,100) | | | | | | (1,601) | | |
Net profit for the period
|
| | | | | | | 84,337 | | | | | | 58,714 | | |
Income attributable to: | | | | | | | | | | | | | | | | |
Controlling shareholders
|
| | | | | | | 84,337 | | | | | | 58,714 | | |
Net profit for the period
|
| | | | | | | 84,337 | | | | | | 58,714 | | |
Earnings per share | | | | | | | | | | | | | | | | |
Earnings per share – basic (in R$)
|
| |
19
|
| | | | 47.90 | | | | | | 33.35 | | |
Earnings per share – diluted (in R$)
|
| |
19
|
| | | | 47.90 | | | | | | 33.20 | | |
| | |
June 30, 2021
|
| |
June 30, 2020
|
| ||||||
Net profit for the period
|
| | | | 84,337 | | | | | | 58,714 | | |
Other comprehensive income (OCI): | | | | | | | | | | | | | |
Items that are or may be reclassified subsequently to profit or loss | | | | | | | | | | | | | |
Exchange variation in foreign investments and goodwill
|
| | | | 8,651 | | | | | | 11,807 | | |
Total comprehensive income for the period
|
| | | | 92,988 | | | | | | 70,521 | | |
Total comprehensive income attributed to | | | | | | | | | | | | | |
Owners of the Company
|
| | | | 92,988 | | | | | | 70,521 | | |
Total comprehensive income for the period
|
| | | | 92,988 | | | | | | 70,521 | | |
| | |
Notes
|
| |
Share
capital |
| |
Capital
reserve |
| |
Profit reserves
|
| |
Other
comprehensive income |
| |
Total equity
|
| |||||||||||||||||||||
|
Legal reserve
|
| |
Retained
earnings reserve |
| |||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020
|
| | | | | |
|
68,968
|
| | | |
|
6,764
|
| | | |
|
13,793
|
| | | |
|
95,515
|
| | | |
|
13,420
|
| | | |
|
198,460
|
| |
Net profit for the period
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | 84,337 | | | | | | — | | | | | | 84,337 | | |
Spin-off of the CI&T IOT
|
| |
1.b.ii
|
| | | | (9,426) | | | | | | 597 | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,829) | | |
Merger of Hoshin
|
| |
1.b.i
|
| | | | — | | | | | | 108 | | | | | | — | | | | | | — | | | | | | — | | | | | | 108 | | |
Additional dividends related to 2020 approved at the extraordinary general meeting (EGM) held on April 30, 2021
|
| |
14.c
|
| | | | — | | | | | | — | | | | | | — | | | | | | (40,363) | | | | | | — | | | | | | (40,363) | | |
Other comprehensive income for the period
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,651 | | | | | | 8,651 | | |
Share-based compensation
|
| | | | | | | — | | | | | | 1,081 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,081 | | |
Interest on shareholders´ equity
|
| |
14.c
|
| | | | — | | | | | | — | | | | | | — | | | | | | (3,069) | | | | | | — | | | | | | (3,069) | | |
Balances as of June 30, 2021
|
| | | | | |
|
59,542
|
| | | |
|
8,550
|
| | | |
|
13,793
|
| | | |
|
136,420
|
| | | |
|
22,071
|
| | | |
|
240,376
|
| |
Balance as of December 31, 2019
|
| | | | | |
|
68,968
|
| | | |
|
4,112
|
| | | |
|
8,846
|
| | | |
|
23,979
|
| | | |
|
3,800
|
| | | |
|
109,705
|
| |
Net profit for the period
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | 58,714 | | | | | | — | | | | | | 58,714 | | |
Other comprehensive income for the period
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,807 | | | | | | 11,807 | | |
Share-based compensation
|
| |
13.d
|
| | | | — | | | | | | 1,613 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,613 | | |
Tax effect on the cancellation of the share-based
plan |
| |
18
|
| | | | — | | | | | | — | | | | | | — | | | | | | 49 | | | | | | — | | | | | | 49 | | |
Balances as of June 30, 2020
|
| | | | | |
|
68,968
|
| | | |
|
5,725
|
| | | |
|
8,846
|
| | | |
|
82,742
|
| | | |
|
15,607
|
| | | |
|
181,888
|
| |
| | |
Note
|
| |
June 30, 2021
|
| |
June 30, 2020
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | |
Net profit for the period
|
| | | | | | | 84,337 | | | | | | 58,714 | | |
Adjustments for: | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| |
7, 8, 9
|
| | | | 16,019 | | | | | | 14,894 | | |
Loss on the write-off of property, plant and equipment and intangible assets
|
| |
7,8
|
| | | | 448 | | | | | | 172 | | |
Interest, monetary variation and exchange variation
|
| |
10
|
| | | | (1,168) | | | | | | 2,712 | | |
Interest on lease
|
| |
10
|
| | | | 2,617 | | | | | | 2,928 | | |
Unrealized (gain) loss on financial instruments
|
| | | | | | | (2,405) | | | | | | 9,270 | | |
Income tax expense
|
| |
18
|
| | | | 38,658 | | | | | | 29,901 | | |
Impairment losses on trade receivables
|
| |
6
|
| | | | 307 | | | | | | 299 | | |
Provision for impairment losses from contract assets
|
| |
15
|
| | | | 60 | | | | | | 68 | | |
Provision for labor risks
|
| |
12
|
| | | | 2 | | | | | | 2 | | |
Share-based plan
|
| |
13
|
| | | | 390 | | | | | | 520 | | |
Others
|
| | | | | | | (42) | | | | | | 4 | | |
Reduction (Increase) in operating assets and liabilities | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | | | | (56,123) | | | | | | 5,109 | | |
Contract assets
|
| | | | | | | (42,805) | | | | | | (24,393) | | |
Other taxes recoverable
|
| | | | | | | 440 | | | | | | (4,401) | | |
Current tax assets
|
| | | | | | | (461) | | | | | | 505 | | |
Judicial deposits
|
| | | | | | | 7 | | | | | | — | | |
Suppliers
|
| | | | | | | 2,349 | | | | | | 850 | | |
Salaries and welfare charges
|
| | | | | | | 2,427 | | | | | | 20,658 | | |
Tax liabilities
|
| | | | | | | (14,088) | | | | | | (4,414) | | |
Other taxes payable
|
| | | | | | | 1,130 | | | | | | 1,583 | | |
Contract liability
|
| | | | | | | (5,807) | | | | | | (15,679) | | |
Payment of share-based indemnity
|
| |
13.c
|
| | | | — | | | | | | (38,387) | | |
Other receivables and payables, net
|
| | | | | | | (2,786) | | | | | | (3,200) | | |
Cash generated from operating activities
|
| | | | | | | 23,506 | | | | | | 57,715 | | |
Income tax paid
|
| | | | | | | (23,321) | | | | | | (14,102) | | |
Interest paid on loans and borrowings
|
| |
10
|
| | | | (1,966) | | | | | | (1,425) | | |
Interest paid on lease
|
| |
10
|
| | | | (2,607) | | | | | | (2,906) | | |
Net cash (used in) from operating activities
|
| | | | | | | (4,388) | | | | | | 39,281 | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | |
Acquisition of property and equipment and intangible assets
|
| |
7,8
|
| | | | (17,164) | | | | | | (12,687) | | |
Net cash used in investing activities
|
| | | | | | | (17,164) | | | | | | (12,687) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | |
Share-based plan contributions
|
| |
13
|
| | | | 691 | | | | | | 1,089 | | |
Dividends paid
|
| |
14.c
|
| | | | (71,039) | | | | | | — | | |
| | |
Note
|
| |
June 30, 2021
|
| |
June 30, 2020
|
| ||||||
Interest on equity, paid
|
| |
14.c
|
| | | | (460) | | | | | | — | | |
Payment of lease liabilities
|
| |
10
|
| | | | (7,854) | | | | | | (7,342) | | |
Proceeds from loans and borrowings
|
| |
10
|
| | | | 88,496 | | | | | | 144,140 | | |
Payment of loans and borrowings
|
| |
10
|
| | | | (68,265) | | | | | | (36,148) | | |
Net cash from (used in) financing activities
|
| | | | | | | (58,431) | | | | | | 101,739 | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | | | | (79,983) | | | | | | 128,333 | | |
Cash and cash equivalents as of January 1st
|
| | | | | |
|
162,827
|
| | | |
|
79,500
|
| |
Exchange variation effect on cash and cash equivalents
|
| | | | | | | 5,713 | | | | | | (5,670) | | |
Cash reduction due to spin-off effect
|
| | | | | | | (7,752) | | | | | | — | | |
Cash and cash equivalents as of June 30
|
| | | | | | | 80,805 | | | | | | 202,163 | | |
|
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Cash and cash equivalents
|
| | | | 34,566 | | | | | | 59,640 | | |
Financial investments
|
| | | | 46,239 | | | | | | 103,187 | | |
Total | | | | | 80,805 | | | | | | 162,827 | | |
Coluna1
|
| |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Trade receivables – Domestic market
|
| | | | 99,226 | | | | | | 32,275 | | |
Trade receivables – Foreign market
|
| | | | 143,041 | | | | | | 164,673 | | |
(-) Expected credit losses
|
| | | | (966) | | | | | | (692) | | |
Trade receivables, net
|
| | | | 241,301 | | | | | | 196,256 | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Not due
|
| | | | 227,202 | | | | | | 167,939 | | |
Overdue: | | | | | | | | | | | | | |
from 1 to 60 days(1)
|
| | | | 10,299 | | | | | | 28,012 | | |
61 to 360 days
|
| | | | 4,114 | | | | | | 939 | | |
Over 360 days
|
| | | | 652 | | | | | | 58 | | |
| | | | | 242,267 | | | | | | 196,948 | | |
|
Balance as of December 31, 2020
|
| | | | (692) | | |
|
Provision
|
| | | | (4,705) | | |
|
Reversal
|
| | | | 4,398 | | |
|
Exchange variation
|
| | | | 33 | | |
|
Balance as of June 30, 2021
|
| | | | (966) | | |
|
Balance as of January 1, 2020
|
| | | | (246) | | |
|
Provision
|
| | | | (583) | | |
|
Reversal
|
| | | | 282 | | |
|
Exchange variation
|
| | | | (49) | | |
|
Balance as of June 30, 2020
|
| | | | (596) | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| |||
IT equipment
|
| | | | 24,908 | | | |
15 407
|
|
Furniture and fixtures
|
| | | | 5,582 | | | |
6 364
|
|
Vehicles
|
| | | | — | | | |
27
|
|
Hardware devices
|
| | | | — | | | |
291
|
|
Leasehold improvements(*)
|
| | | | 14,748 | | | |
16 460
|
|
Property, plant and equipment in progress
|
| | | | 5 | | | |
222
|
|
Total | | | | | 45,243 | | | |
38,771
|
|
| | |
IT
equipment |
| |
Furniture
and fixtures |
| |
Vehicles
|
| |
Leasehold
Improvements |
| |
In progress
property, plant and equipment |
| |
Hardware
devices |
| |
Total
|
| |||||||||||||||||||||
Cost: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2020
|
| | | | 34,852 | | | | | | 12,941 | | | | | | 86 | | | | | | 28,292 | | | | | | 222 | | | | | | 487 | | | | | | 76,880 | | |
Effect of movements in exchange
rates |
| | | | (193) | | | | | | (175) | | | | | | — | | | | | | (262) | | | | | | — | | | | | | — | | | | | | (630) | | |
Spin-off
|
| | | | (128) | | | | | | (3) | | | | | | — | | | | | | — | | | | | | (313) | | | | | | (625) | | | | | | (1,069) | | |
Additions
|
| | | | 13,892 | | | | | | 63 | | | | | | — | | | | | | 23 | | | | | | 214 | | | | | | 138 | | | | | | 14,330 | | |
Disposals
|
| | | | (243) | | | | | | (150) | | | | | | (86) | | | | | | (363) | | | | | | (43) | | | | | | — | | | | | | (885) | | |
Transfers
|
| | | | — | | | | | | — | | | | | | — | | | | | | 75 | | | | | | (75) | | | | | | — | | | | | | — | | |
Balance as of June 30, 2021
|
| | | | 48,180 | | | | | | 12,676 | | | | | | — | | | | | | 27,765 | | | | | | 5 | | | | | | — | | | | | | 88,626 | | |
Balance as of January 1, 2020
|
| | | | 24,013 | | | | | | 11,903 | | | | | | 295 | | | | | | 22,345 | | | | | | 14 | | | | | | — | | | | | | 58,570 | | |
Effect of movements in exchange
rates |
| | | | 1,049 | | | | | | 919 | | | | | | 70 | | | | | | 1,775 | | | | | | — | | | | | | — | | | | | | 3,813 | | |
| | |
IT
equipment |
| |
Furniture
and fixtures |
| |
Vehicles
|
| |
Leasehold
Improvements |
| |
In progress
property, plant and equipment |
| |
Hardware
devices |
| |
Total
|
| |||||||||||||||||||||
Additions
|
| | | | 4,716 | | | | | | 1,248 | | | | | | — | | | | | | 196 | | | | | | 5,610 | | | | | | — | | | | | | 11,770 | | |
Write-off
|
| | | | (1,228) | | | | | | (203) | | | | | | (176) | | | | | | (1,349) | | | | | | — | | | | | | — | | | | | | (2,956) | | |
Transfers
|
| | | | — | | | | | | 3 | | | | | | — | | | | | | 5,596 | | | | | | (5,599) | | | | | | — | | | | | | — | | |
Balance as of June 30, 2020
|
| | | | 28,550 | | | | | | 13,870 | | | | | | 189 | | | | | | 28,563 | | | | | | 25 | | | | | | — | | | | | | 71,197 | | |
Depreciation:
|
| |
IT
equipment |
| |
Furniture
and fixtures |
| |
Vehicles
|
| |
Leasehold
Improvements |
| |
In progress
property, plant and equipment |
| |
Hardware
devices |
| |
Total
|
| |||||||||||||||||||||
Balance as of December 31, 2020
|
| | | | (19,445) | | | | | | (6,577) | | | | | | (59) | | | | | | (11,832) | | | | | | — | | | | | | (196) | | | | | | (38,109) | | |
Effect of movements in exchange
rates |
| | | | 106 | | | | | | 87 | | | | | | — | | | | | | 143 | | | | | | — | | | | | | — | | | | | | 336 | | |
Investment spin-off
|
| | | | 9 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | — | | | | | | 280 | | | | | | 291 | | |
Additions
|
| | | | (4,004) | | | | | | (735) | | | | | | (5) | | | | | | (1,699) | | | | | | — | | | | | | (84) | | | | | | (6,527) | | |
Write-off
|
| | | | 62 | | | | | | 129 | | | | | | 64 | | | | | | 371 | | | | | | — | | | | | | — | | | | | | 626 | | |
Balance as of June 30, 2021
|
| | | | (23,272) | | | | | | (7,094) | | | | | | — | | | | | | (13,017) | | | | | | — | | | | | | — | | | | | | (43,383) | | |
Balance as of January 1, 2020
|
| | | | (15,092) | | | | | | (5,680) | | | | | | (109) | | | | | | (9,761) | | | | | | — | | | | | | — | | | | | | (30,642) | | |
Effect of movements in exchange
rates |
| | | | (433) | | | | | | (268) | | | | | | (30) | | | | | | (355) | | | | | | — | | | | | | — | | | | | | (1,086) | | |
Additions
|
| | | | (2,440) | | | | | | (822) | | | | | | (48) | | | | | | (1,630) | | | | | | — | | | | | | — | | | | | | (4,940) | | |
Write-off
|
| | | | 1,223 | | | | | | 189 | | | | | | 45 | | | | | | 1,327 | | | | | | — | | | | | | — | | | | | | 2,784 | | |
Balance as of June 30, 2020
|
| | | | (16,742) | | | | | | (6,581) | | | | | | (142) | | | | | | (10,419) | | | | | | — | | | | | | — | | | | | | (33,884) | | |
Balance at: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
June 30, 2021
|
| | | | 24,908 | | | | | | 5,582 | | | | | | — | | | | | | 14,748 | | | | | | 5 | | | | | | — | | | | | | 45,243 | | |
June 30, 2020
|
| | | | 11,808 | | | | | | 7,289 | | | | | | 47 | | | | | | 18,144 | | | | | | 25 | | | | | | — | | | | | | 37,313 | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Network software
|
| | | | 2,534 | | | | | | 1,096 | | |
Internally developed software(i)
|
| | | | 2,385 | | | | | | 2,385 | | |
Software in progress
|
| | | | 388 | | | | | | 115 | | |
Subtotal | | | | | 5,307 | | | | | | 3,596 | | |
Goodwill(ii) | | | | | 21,209 | | | | | | 14,570 | | |
Total | | | | | 26,516 | | | | | | 18,166 | | |
Cost:oluna1
|
| |
Networking
Software |
| |
Internally
developed software |
| |
Software
in progress |
| |
Goodwill
|
| |
Total
|
| |||||||||||||||
Balance as of December 31, 2020
|
| | | | 9,732 | | | | | | 13,351 | | | | | | 115 | | | | | | 14,570 | | | | | | 37,768 | | |
Effect of movements in exchange rates
|
| | | | (11) | | | | | | — | | | | | | — | | | | | | — | | | | | | (11) | | |
Additions
|
| | | | 1,783 | | | | | | 778 | | | | | | 273 | | | | | | — | | | | | | 2,834 | | |
Balance as of June 30, 2021
|
| | | | 11,504 | | | | | | 14,129 | | | | | | 388 | | | | | | 14,570 | | | | | | 40,591 | | |
Balance as of January 1, 2020
|
| | | | 9,108 | | | | | | 11,444 | | | | | | 445 | | | | | | 14,570 | | | | | | 35,567 | | |
Effect of movements in exchange rates
|
| | | | 99 | | | | | | — | | | | | | — | | | | | | — | | | | | | 99 | | |
Additions
|
| | | | 166 | | | | | | 271 | | | | | | 291 | | | | | | — | | | | | | 728 | | |
Write-off
|
| | | | (14) | | | | | | — | | | | | | — | | | | | | — | | | | | | (14) | | |
Transfers
|
| | | | — | | | | | | 445 | | | | | | (445) | | | | | | — | | | | | | — | | |
Balance as of June 30, 2020
|
| | | | 9,359 | | | | | | 12,160 | | | | | | 291 | | | | | | 14,570 | | | | | | 36,380 | | |
Amortization:
|
| |
Networking
Software |
| |
Internally
developed software |
| |
Software in
progress |
| |
Goodwill
|
| |
Total
|
| |||||||||||||||
Balance as of December 31, 2020
|
| | | | (8,636) | | | | | | (10,966) | | | | | | — | | | | | | — | | | | | | (19,602) | | |
Effect of movements in exchange rates
|
| | | | 10 | | | | | | | | | | | | | | | | | | | | | | | | 10 | | |
Additions
|
| | | | (344) | | | | | | (778) | | | | | | | | | | | | | | | | | | (1,122) | | |
Balance as of June 30, 2021
|
| | | | (8,970) | | | | | | (11,744) | | | | | | — | | | | | | — | | | | | | (20,714) | | |
Balance as of January 1, 2020
|
| | | | (7,535) | | | | | | (9,486) | | | | | | — | | | | | | — | | | | | | (17,021) | | |
Effect of movements in exchange rates
|
| | | | (67) | | | | | | — | | | | | | — | | | | | | — | | | | | | (67) | | |
Additions
|
| | | | (361) | | | | | | (756) | | | | | | — | | | | | | — | | | | | | (1,117) | | |
Write-off
|
| | | | 14 | | | | | | — | | | | | | — | | | | | | — | | | | | | 14 | | |
Balance as of June 30, 2020
|
| | | | (7,949) | | | | | | (10,242) | | | | | | — | | | | | | — | | | | | | (18,191) | | |
Balance at: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
June 30, 2021
|
| | | | 2,534 | | | | | | 2,385 | | | | | | 388 | | | | | | 14,570 | | | | | | 19,877 | | |
June 30, 2020
|
| | | | 1,410 | | | | | | 1,918 | | | | | | 291 | | | | | | 14,570 | | | | | | 18,189 | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Properties
|
| | | | 63,936 | | | | | | 66,459 | | |
Vehicles
|
| | | | 2,331 | | | | | | 2,809 | | |
IT equipment
|
| | | | 355 | | | | | | 497 | | |
Total | | | | | 66,622 | | | | | | 69,765 | | |
| | |
Properties
|
| |
Vehicles
|
| |
IT equipment
|
| |
Total
|
| ||||||||||||
Cost: | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance on December 31, 2020
|
| | | | 88,549 | | | | | | 5,008 | | | | | | 851 | | | | | | 94,408 | | |
Foreign currency difference
|
| | | | (1,949) | | | | | | (7) | | | | | | — | | | | | | (1,956) | | |
Additions
|
| | | | 6,467 | | | | | | 706 | | | | | | — | | | | | | 7,173 | | |
Derecognition of right-of-use assets
|
| | | | (1,364) | | | | | | (692) | | | | | | — | | | | | | (2,056) | | |
Balance at June 30, 2021
|
| | | | 91,703 | | | | | | 5,015 | | | | | | 851 | | | | | | 97,569 | | |
Balance on January 1, 2020
|
| | | | 84,324 | | | | | | 3,213 | | | | | | 851 | | | | | | 88,388 | | |
Foreign currency difference
|
| | | | 10,375 | | | | | | 21 | | | | | | — | | | | | | 10,396 | | |
Additions
|
| | | | 8,087 | | | | | | 1,218 | | | | | | — | | | | | | 9,305 | | |
Derecognition of right-of-use assets
|
| | | | (41) | | | | | | — | | | | | | — | | | | | | (41) | | |
Balance on June 30, 2020
|
| | | | 102,745 | | | | | | 4,452 | | | | | | 851 | | | | | | 108,048 | | |
Depreciation: | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance on December 31, 2020
|
| | | | (22,090) | | | | | | (2,199) | | | | | | (354) | | | | | | (24,643) | | |
Foreign currency difference
|
| | | | 389 | | | | | | 7 | | | | | | — | | | | | | 396 | | |
Depreciation
|
| | | | (7,241) | | | | | | (987) | | | | | | (142) | | | | | | (8,370) | | |
Derecognition of right-of-use assets
|
| | | | 1,175 | | | | | | 495 | | | | | | — | | | | | | 1,670 | | |
Balance at June 30, 2021
|
| | | | (27,767) | | | | | | (2,684) | | | | | | (496) | | | | | | (30,947) | | |
Balance on January 1, 2020
|
| | | | (13,434) | | | | | | (985) | | | | | | (71) | | | | | | (14,490) | | |
Foreign currency difference
|
| | | | (1,427) | | | | | | (4) | | | | | | — | | | | | | (1,431) | | |
Depreciation
|
| | | | (7,980) | | | | | | (728) | | | | | | (142) | | | | | | (8,850) | | |
Derecognition of right-of-use assets
|
| | | | 1,011 | | | | | | — | | | | | | — | | | | | | 1,011 | | |
Balance on June 30, 2020
|
| | | | (21,830) | | | | | | (1,717) | | | | | | (213) | | | | | | (23,760) | | |
| | |
Properties
|
| |
Vehicles
|
| |
IT equipment
|
| |
Total
|
| ||||||||||||
Net balance at: | | | | | | | | | | | | | | | | | | | | | | | | | |
June 30, 2021
|
| | | | 63,936 | | | | | | 2,331 | | | | | | 355 | | | | | | 66,622 | | |
December 31, 2020
|
| | | | 66,459 | | | | | | 2,809 | | | | | | 497 | | | | | | 69,765 | | |
| | |
Average discount rate
(Per year) |
| |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Properties
|
| |
7.56% (2020, 7.56%)
|
| | | | 69,731 | | | | | | 71,765 | | |
Vehicles
|
| |
12.69% (2020, 12.69%)
|
| | | | 2,451 | | | | | | 2,940 | | |
IT equipment
|
| |
7.70% (2020, 7.70%)
|
| | | | 383 | | | | | | 523 | | |
Total | | | | | | | | 72,565 | | | | | | 75,228 | | |
Current
|
| | | | | | | 15,656 | | | | | | 14,569 | | |
Non-current
|
| | | | | | | 56,909 | | | | | | 60,659 | | |
Total | | | | | | | | 72,565 | | | | | | 75,228 | | |
| | |
Currency
|
| |
Average interest rate per
year (%) |
| |
Year of
maturity |
| |
June 30, 2021
|
| |
December 31, 2020
|
| |||||||||
Itaú(ii) | | | | | USD | | | |
4.82% p.a.
|
| |
2022
|
| | | | 3,910 | | | | | | 5,936 | | |
BNDES(i) | | | | | BRL | | | |
TJLP + 2.32% / SELIC + 2.8%
|
| |
2020
|
| | | | — | | | | | | — | | |
Santander Bank
S/A |
| | | | BRL | | | |
12.87% p.a.
|
| |
2021
|
| | | | — | | | | | | 33 | | |
Bradesco(ii) | | | | | BRL | | | |
CDI + 3.57% / CDI + 1.10%
|
| |
2021 – 2023
|
| | | | 16,673 | | | | | | 52,081 | | |
Banco do
Brasil (iii) |
| | | | USD | | | |
3.05%
|
| |
2021
|
| | | | — | | | | | | 20,748 | | |
HSBC – CI&T Inc.
|
| | | | USD | | | |
Prime rate + 1%
|
| |
2021
|
| | | | — | | | | | | 10,432 | | |
Citibank – CI&T
Inc. |
| | | | USD | | | |
Libor 3 months rate + 1,90%
|
| |
2022
|
| | | | 10,004 | | | | | | — | | |
Banco do
Brasil(iii) |
| | | | USD | | | |
2.37% p.a.
|
| |
2022
|
| | | | 50,085 | | | | | | — | | |
Citibank
|
| | | | USD | | | |
2.28% p.a. / 2.30% p.a.
|
| |
2022
|
| | | | 25,099 | | | | | | — | | |
Total | | | | | | | | | | | | | | | | | 105,771 | | | | | | 89,230 | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Current
|
| | | | 98,802 | | | | | | 75,377 | | |
Non-current
|
| | | | 6,969 | | | | | | 13,853 | | |
Total | | | | | 105,771 | | | | | | 89,230 | | |
|
July/2022
|
| | | | 5,302 | | |
|
2023
|
| | | | 1,667 | | |
|
Non-current liabilities
|
| | | | 6,969 | | |
| | |
Liabilities
|
| |
Leases
|
| |
Net
Equity |
| |
Total
|
| ||||||||||||
|
Loans and financing
|
| |
Leases
(Note 9.b) |
| |
Reserves
|
| | | | | | | |||||||||||
Balance as of December 31, 2021
|
| | | | 89,230 | | | | | | 75,228 | | | | | | 116,072 | | | | | | 280,530 | | |
Financing cash flow variations | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and borrowings
|
| | | | 88,496 | | | | | | | | | | | | — | | | | | | 88,496 | | |
Loan and borrowings payments, and lease payments
|
| | | | (68,265) | | | | | | (7,854) | | | | | | | | | | | | (76,119) | | |
Share-based plan contributions
|
| | | | | | | | | | | | | | | | 691 | | | | | | 691 | | |
Interest on own capital
|
| | | | — | | | | | | — | | | | | | (460) | | | | | | (460) | | |
Dividends paid
|
| | | | — | | | | | | — | | | | | | (71,039) | | | | | | (71,039) | | |
Total changes in financing cash flows
|
| | | | 20,231 | | | | | | (7,854) | | | | | | (70,808) | | | | | | (58,431) | | |
Effect of changes in exchange rates
|
| | | | (556) | | | | | | (1,633) | | | | | | — | | | | | | (2,189) | | |
Other changes – related to liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
New leases
|
| | | | — | | | | | | 7,011 | | | | | | — | | | | | | 7,011 | | |
Interest expense
|
| | | | 1,013 | | | | | | 2,659 | | | | | | — | | | | | | 3,672 | | |
Interest paid
|
| | | | (1,966) | | | | | | (2,607) | | | | | | — | | | | | | (4,573) | | |
Other borrowing/leases costs
|
| | | | (2,181) | | | | | | (42) | | | | | | | | | | | | (2,223) | | |
Lease write-offs
|
| | | | — | | | | | | (197) | | | | | | — | | | | | | (197) | | |
Total other changes related to liabilities
|
| | | | (3,134) | | | | | | 6,824 | | | | | | — | | | | | | 3,690 | | |
Total other changes related to equity
|
| | | | — | | | | | | — | | | | | | 113,499 | | | | | | 113,499 | | |
Balance as of June 30, 2021
|
| | | | 105,771 | | | | | | 72,565 | | | | | | 158,763 | | | | | | 337,099 | | |
| | |
Liabilities
|
| |
Leases
|
| |
Net
Equity |
| |
Total
|
| ||||||||||||
|
Loans and financing
|
| |
Leases
(Note 9.b) |
| |
Reserves
|
| | | | | | | |||||||||||
Balance as of January 1, 2020
|
| | | | 27,849 | | | | | | 77,393 | | | | | | 36,937 | | | | | | 142,179 | | |
Financing cash flow variations | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and borrowings
|
| | | | 144,269 | | | | | | — | | | | | | — | | | | | | 144,269 | | |
Loan and borrowings payments, and lease payments
|
| | | | (88,107) | | | | | | (15,500) | | | | | | — | | | | | | (103,607) | | |
Interest on own capital
|
| | | | — | | | | | | — | | | | | | (4,276) | | | | | | (4,276) | | |
Dividends paid
|
| | | | — | | | | | | — | | | | | | (30,977) | | | | | | (30,977) | | |
Total changes in financing cash flows
|
| | | | 56,162 | | | | | | (15,500) | | | | | | (35,253) | | | | | | 5,409 | | |
Effect of changes in exchange rates
|
| | | | 1,310 | | | | | | 7,657 | | | | | | — | | | | | | 8,967 | | |
Other changes – related to liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital increase (Note 17.a)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Partial spin-off (Note 1.a)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
New leases
|
| | | | — | | | | | | 16,715 | | | | | | — | | | | | | 16,715 | | |
Interest expense
|
| | | | 5,281 | | | | | | 5,023 | | | | | | — | | | | | | 10,304 | | |
Interest paid
|
| | | | (3,880) | | | | | | (5,023) | | | | | | — | | | | | | (8,903) | | |
Other borrowing costs
|
| | | | 2,508 | | | | | | | | | | | | | | | | | | 2,508 | | |
Lease write-offs
|
| | | | — | | | | | | (11,037) | | | | | | — | | | | | | (11,037) | | |
Total other changes related to liabilities
|
| | | | 3,909 | | | | | | 5,678 | | | | | | — | | | | | | 9,587 | | |
Total other changes related to equity
|
| | | | — | | | | | | — | | | | | | 114,388 | | | | | | 8,967 | | |
Balance at June 30, 2021
|
| | | | 89,230 | | | | | | 75,228 | | | | | | 116,072 | | | | | | 175,109 | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Accrued vacation and charges
|
| | | | 60,334 | | | | | | 50,064 | | |
Accrued (13th) salary
|
| | | | 46 | | | | | | — | | |
Bonus
|
| | | | 31,003 | | | | | | 52,312 | | |
Salaries
|
| | | | 21,738 | | | | | | 15,258 | | |
Withholding income tax
|
| | | | 8,507 | | | | | | 10,604 | | |
Social security tax
|
| | | | 7,255 | | | | | | 5,929 | | |
Government Severance Indemnity Fund (FGTS)
|
| | | | 9,349 | | | | | | 3,454 | | |
Others
|
| | | | 5,909 | | | | | | 4,173 | | |
| | | | | 144,141 | | | | | | 141,794 | | |
2021
|
| ||||||||||||||||||||||||
| | |
Balance as of
December 31, 2020 |
| |
Addition
|
| |
Payment
|
| |
Balance as of
June 30, 2021 |
| ||||||||||||
Bonus
|
| | | | 52,312 | | | | | | 30,611 | | | | | | (51,920) | | | | | | 31,003 | | |
2020
|
| ||||||||||||||||||||||||
| | |
Balance as of
January 1, 2020 |
| |
Addition
|
| |
Payment
|
| |
Balance as of
June 30, 2020 |
| ||||||||||||
Bonus
|
| | | | 26,016 | | | | | | 28,311 | | | | | | (28,698) | | | | | | 25,629 | | |
| | |
Balance as
of January 1, 2020 |
| |
Provisions
made during the semester |
| |
Balance as of
June 30, 2020 |
| |
Balance as of
December 31, 2020 |
| |
Provisions made
during the semester |
| |
Balance as of
June 30, 2021 |
| ||||||||||||||||||
Tax
|
| | | | 10 | | | | | | 1 | | | | | | 11 | | | | | | 11 | | | | | | 2 | | | | | | 13 | | |
Labor
|
| | | | 163 | | | | | | 1 | | | | | | 164 | | | | | | 150 | | | | | | — | | | | | | 150 | | |
Total Provisions
|
| | | | 173 | | | | | | 2 | | | | | | 175 | | | | | | 161 | | | | | | 2 | | | | | | 163 | | |
Characteristics of the plans:
|
| |
Equity-settled
|
| ||||||
| | |
1st and 2nd Program
|
| |
3rd Program
|
| |
4th Program
|
|
Grant date
|
| |
04/01/2020
|
| |
04/01/2021
|
| |
04/01/2021
|
|
Exercise Period:
|
| |
6.8 years(i)
|
| |
5.8 years
|
| |
5.8 years(i)
|
|
Exercise
|
| |
—(i)
|
| |
—
|
| |
—(i)
|
|
Limit date
|
| |
01/01/2027(i)
|
| |
01/01/2027
|
| |
01/01/2027(i)
|
|
Activity of stock option number | | | | | | | | | | |
(+) Total number of granted options
|
| |
57,830
|
| |
6,657
|
| |
2,756
|
|
(-) Number of options not exercised
|
| |
57,830(i)
|
| |
6,657
|
| |
2,756(i)
|
|
(=) Number of outstanding options on 06/30/2021
|
| |
57,830
|
| |
6,657
|
| |
2,756
|
|
(=) Number of exercisable options on 06/30/2021
|
| |
—
|
| |
—
|
| |
—
|
|
Inputs used in the measurement | | | | | | | | | | |
Exercise price (in reais)
|
| |
653.21(ii)
|
| |
1,352.00
|
| |
1,352.00(ii)
|
|
Characteristics of the plans:
|
| |
Equity-settled
|
| ||||||
Share price on the grant date (in reais)
|
| |
528.78(v)
|
| |
1,148.35
|
| |
1,148.35(vi)
|
|
Volatility (% p.a)
|
| |
24.19%(iv)
|
| |
27.73%
|
| |
27.73%(iv)
|
|
Interest rate (% p.a.)
|
| |
1.53%
|
| |
2.66%
|
| |
2.66%
|
|
Option value (in reais)
|
| |
32.75(iii)
|
| |
123.66
|
| |
126.24(iii)
|
|
Remaining average term (expected lifetime)
|
| |
3,7 years(vii)
|
| |
4,3 years
|
| |
4,3 years
|
|
Effects on income for the period:
|
| | | | | | | | | |
Total expense attributed to the granting of options (R$)
|
| |
1,895
|
| |
823
|
| |
348
|
|
Distribution:
|
| | | | | | | | | |
Total expense attributed to the granting of options (R$)
|
| |
142
|
| |
—
|
| |
—
|
|
Expenses incurred until June 30, 2021 (R$)
|
| |
106
|
| |
53
|
| |
17
|
|
Expenses to incur
|
| |
1,647
|
| |
770
|
| |
331
|
|
Program attributes:
|
| |
Payable in cash
|
|
Granting date
|
| |
01/04/2020
|
|
Exercise Period:
|
| |
6.8 years(i)
|
|
Exercise Date
|
| |
—(i)
|
|
Limit date for exercising the options
|
| |
01/01/2027(i)
|
|
Total number of options granted
|
| |
1,024
|
|
Liabilities carrying amount as of June 30, 2021
|
| |
154
|
|
| | |
June 30, 2021
|
| |
June 30, 2020
|
| ||||||
Plan in force: | | | | | | | | | | | | | |
Equity settled
|
| | | | 176 | | | | | | 27 | | |
Cash settled
|
| | | | 114 | | | | | | — | | |
Shares granted to executives’ officers
|
| | | | 211 | | | | | | 493 | | |
Expenses recognized in profit or loss
|
| | | | 501 | | | | | | 520 | | |
Other effects in shareholders’ equity
|
| | | | 691 | | | | | | 1,089 | | |
Total | | | | | 1,192 | | | | | | 1,609 | | |
(-) Effect of cash settled
|
| | | | (114) | | | | | | — | | |
Effect of movements in exchange rates
|
| | | | 3 | | | | | | 4 | | |
Total share-based compensation
|
| | | | 1,081 | | | | | | 1,613 | | |
Shareholders
|
| | | | | | | |
Interest
|
| |||
|
June 30, 2021
|
| |
December 31, 2020
|
| ||||||||
| | |
Ordinary shares
|
| |||||||||
Hoshin Empreendimentos S.A.
|
| | | | — | | | | | | 42.3% | | |
Java Fundo de Investimento em Participações Multiestratégia
|
| | | | 42.3% | | | | | | — | | |
BGN Participações – Eireli
|
| | | | 13.2% | | | | | | 13.2% | | |
Cesar Nivaldo Gon
|
| | | | 20.1% | | | | | | 20.1% | | |
Fernando Matt Borges Martins
|
| | | | 19.6% | | | | | | 19.6% | | |
Minority
|
| | | | 4.8% | | | | | | 4.8% | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Legal reserve
|
| | | | 13,793 | | | | | | 13,793 | | |
Earning retention reserves
|
| | | | 136,420 | | | | | | 95,515 | | |
Total retained earnings
|
| | | | 150,213 | | | | | | 109,308 | | |
| | |
January 1, 2020
|
| |
Additions
|
| |
Payments
|
| |
Tax
withholding income |
| |
December 31, 2020
|
| |
Additions
|
| |
Tax
withholding income |
| |
Payments
|
| |
June 30, 2021
|
| |||||||||||||||||||||||||||
Dividends
|
| | | | 14.714 | | | | | | 46.940 | | | | | | (30.977) | | | | | | | | | | | | 30,677 | | | | | | 40,363 | | | | | | — | | | | | | (71,039) | | | | | | — | | |
Interest on
company capital |
| | | | — | | | | | | 4.276 | | | | | | (3.635) | | | | | | (641) | | | | | | — | | | | | | 3,069 | | | | | | (460) | | | | | | — | | | | | | 2,609 | | |
| | | | | 14.714 | | | | | | 51.216 | | | | | | (34.612) | | | | | | (641) | | | | | | 30,677 | | | | | | 43,432 | | | | | | (460) | | | | | | (71,039) | | | | | | 2,609 | | |
| | |
June 30, 2021
|
| |
June 30, 2020
|
| ||||||
Software development revenue
|
| | | | 588,118 | | | | | | 409,291 | | |
Software maintenance revenue
|
| | | | 13,527 | | | | | | 16,345 | | |
Revenue from software license agent
|
| | | | 1,029 | | | | | | 782 | | |
Consulting revenue
|
| | | | 7,717 | | | | | | 19,181 | | |
Other revenue
|
| | | | 1,225 | | | | | | 2,655 | | |
Total Net revenue
|
| | | | 611,616 | | | | | | 448,254 | | |
| | |
June 30, 2021
|
| |
June 30, 2020
|
| ||||||
By Industry Vertical | | | | | | | | | | | | | |
Financial Services
|
| | | | 210,089 | | | | | | 144,860 | | |
Food and Beverages
|
| | | | 172,169 | | | | | | 109,430 | | |
Pharmaceuticals and Cosmetics
|
| | | | 87,604 | | | | | | 63,058 | | |
Retail and Manufacturing
|
| | | | 34,210 | | | | | | 45,351 | | |
Technology, Media and Telecom
|
| | | | 62,491 | | | | | | 39,214 | | |
Education and Services
|
| | | | 23,638 | | | | | | 22,069 | | |
Others
|
| | | | 21,415 | | | | | | 24,272 | | |
Total Net revenue
|
| | | | 611,616 | | | | | | 448,254 | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Local market
|
| | | | 92,756 | | | | | | 35,364 | | |
Foreign market
|
| | | | 1,328 | | | | | | 15,936 | | |
(-) Expected credit losses from contract assets
|
| | | | (740) | | | | | | (675) | | |
Total
|
| | |
|
93,344
|
| | | | | 50,625 | | |
|
Balance as of December 31, 2020
|
| | | | (675) | | |
|
Reversal (Provision)
|
| | | | (60) | | |
|
Effect of movements in exchange rates
|
| | | | (5) | | |
|
Balance as of June 30, 2021
|
| | | | (740) | | |
|
Balance at January 1, 2020
|
| | | | (805) | | |
|
Provision (Reversal)
|
| | | | (68) | | |
|
Effect of movements in exchange rates
|
| | | | (101) | | |
|
Balance as of June 30, 2020
|
| | | | (974) | | |
| | |
June 30, 2021
|
| |
June 30, 2020
|
| ||||||
Employee expenses(a)
|
| | | | (422,946) | | | | | | (293,794) | | |
Third-party services and other inputs(b)
|
| | | | (29,427) | | | | | | (21,132) | | |
Short-term leases
|
| | | | (3,426) | | | | | | (1,834) | | |
Travel expenses
|
| | | | (570) | | | | | | (7,515) | | |
Depreciation and amortization(c)
|
| | | | (16,019) | | | | | | (14,894) | | |
Expected credit loss
|
| | | | (367) | | | | | | (366) | | |
Other costs and expenses(d)
|
| | | | (12,180) | | | | | | (7,954) | | |
Total | | | | | (484,935) | | | | | | (347,489) | | |
Disclosed as: | | | | | | | | | | | | | |
Costs of services provided
|
| | | | (394,140) | | | | | | (284,257) | | |
Selling expenses
|
| | | | (37,780) | | | | | | (24,510) | | |
General and administrative expenses
|
| | | | (54,054) | | | | | | (38,032) | | |
Research and technological innovation expenses
|
| | | | (4) | | | | | | (1,962) | | |
Impairment loss on trade receivables and contract assets
|
| | | | (367) | | | | | | (366) | | |
Other income (expenses) net
|
| | | | 1,410 | | | | | | 1,638 | | |
Total | | | | | (484,935) | | | | | | (347,489) | | |
| | |
June 30, 2021
|
| |
June 30, 2020
|
| ||||||
Finance income: | | | | | | | | | | | | | |
Income from financial investments
|
| | | | 724 | | | | | | 1,534 | | |
Foreign-exchange gain
|
| | | | 11,999 | | | | | | 13,810 | | |
Gains on derivatives
|
| | | | 12,228 | | | | | | 3,237 | | |
Interest received
|
| | | | 72 | | | | | | 70 | | |
Other finance income
|
| | | | 405 | | | | | | 148 | | |
| | | | | 25,428 | | | | | | 18,799 | | |
Finance costs: | | | | | | | | | | | | | |
Exchange variation loss
|
| | | | (17,495) | | | | | | (2,130) | | |
Loss on derivatives
|
| | | | (7,571) | | | | | | (22,290) | | |
Interest and charges on loans and leases (note 10)
|
| | | | (3,672) | | | | | | (5,833) | | |
Bank guarantee expenses
|
| | | | (17) | | | | | | — | | |
Other finance costs
|
| | | | (359) | | | | | | (698) | | |
| | | | | (29,114) | | | | | | (30,951) | | |
Total | | | | | (3,686) | | | | | | (12,152) | | |
| | |
June 30, 2021
|
| |
June 30, 2020
|
| ||||||
Numerator | | | | | | | | | | | | | |
Profit attributable to holders of ordinary shares
|
| | | | 84,337 | | | | | | 58,714 | | |
Denominator | | | | | | | | | | | | | |
Weighted average number of basic shares held by shareholders
|
| | | | 1,760,538 | | | | | | 1,760,538 | | |
Earnings per share – basic
|
| | | | 47.90 | | | | | | 33.35 | | |
Numerator | | | | | | | | | | | | | |
Profit attributable to holders of ordinary shares
|
| | | | 84,337 | | | | | | 58,714 | | |
Denominator | | | | | | | | | | | | | |
Weighted average number of diluted shares held by shareholders
|
| | | | 1,760,538 | | | | | | 1,768,465 | | |
Net earnings per share – diluted
|
| | | | 47.90 | | | | | | 33.20 | | |
| | |
June 30, 2021
|
| |
June 30, 2020
|
| ||||||
Weighted average ordinary shares (basic)
|
| | | | 1,760,538 | | | | | | 1,760,538 | | |
Effect of stock options when exercised
|
| | | | — | | | | | | 7,927 | | |
Weighted average number of ordinary shares
|
| | | | 1,760,538 | | | | | | 1,768,465 | | |
| | |
June 30, 2021
|
| |||||||||||||||
|
Amortized cost
|
| |
Assets / liabilities
measured at FVTPL |
| |
Total
|
| |||||||||||
Financial assets | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 80,805 | | | | | | — | | | | | | 80,805 | | |
Trade receivables
|
| | | | 241,301 | | | | | | — | | | | | | 241,301 | | |
Contract assets
|
| | | | 93,344 | | | | | | — | | | | | | 93,344 | | |
Derivatives
|
| | | | — | | | | | | 9,923 | | | | | | 9,923 | | |
Other receivables
|
| | | | 21,271 | | | | | | — | | | | | | 21,271 | | |
Total
|
| | |
|
436,721
|
| | | |
|
9,923
|
| | | |
|
446,644
|
| |
Financial liabilities | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 17,446 | | | | | | — | | | | | | 17,446 | | |
Loans and borrowings
|
| | | | 105,771 | | | | | | — | | | | | | 105,771 | | |
Lease liabilities
|
| | | | 72,565 | | | | | | | | | | | | 72,565 | | |
Derivatives
|
| | | | — | | | | | | 4,073 | | | | | | 4,073 | | |
Contract liabilities
|
| | | | 4,673 | | | | | | — | | | | | | 4,673 | | |
Other payables
|
| | | | 11,928 | | | | | | — | | | | | | 11,928 | | |
Total
|
| | |
|
212,383
|
| | | |
|
4,073
|
| | | |
|
216,456
|
| |
| | |
December 31, 2020
|
| |||||||||||||||
|
Amortized cost
|
| |
Assets / liabilities
measured at FVTPL |
| |
Total
|
| |||||||||||
Financial assets | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 162,827 | | | | | | — | | | | | | 162,827 | | |
Trade receivables
|
| | | | 196,256 | | | | | | — | | | | | | 196,256 | | |
Contract assets
|
| | | | 50,625 | | | | | | — | | | | | | 50,625 | | |
| | |
December 31, 2020
|
| |||||||||||||||
|
Amortized cost
|
| |
Assets / liabilities
measured at FVTPL |
| |
Total
|
| |||||||||||
Derivatives
|
| | | | | | | | | | 8,837 | | | | | | 8,837 | | |
Other receivables
|
| | | | 15,368 | | | | | | — | | | | | | 15,368 | | |
Total
|
| | |
|
425,076
|
| | | |
|
8,837
|
| | | |
|
433,913
|
| |
Financial liabilities | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 15,312 | | | | | | — | | | | | | 15,312 | | |
Loans and borrowings
|
| | | | 89,230 | | | | | | — | | | | | | 89,230 | | |
Lease liabilities
|
| | | | 75,228 | | | | | | | | | | | | 75,228 | | |
Derivatives
|
| | | | | | | | | | 5,392 | | | | | | 5,392 | | |
Contract liabilities
|
| | | | 9,987 | | | | | | — | | | | | | 9,987 | | |
Other payables
|
| | | | 8,856 | | | | | | — | | | | | | 8,856 | | |
Total
|
| | |
|
198,613
|
| | | |
|
5,392
|
| | | |
|
204,005
|
| |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||
|
USD
|
| |
Other
|
| |
USD
|
| |
Other
|
| ||||||||||||||
Suppliers
|
| | | | (12,965) | | | | | | (1,318) | | | | | | (3,057) | | | | | | (540) | | |
Trade receivables
|
| | | | 219,550 | | | | | | 6,005 | | | | | | 160,411 | | | | | | 3,855 | | |
Loans and borrowings
|
| | | | (89,098) | | | | | | — | | | | | | (37,116) | | | | | | — | | |
Derivatives
|
| | | | 5,850 | | | | | | — | | | | | | (1,321) | | | | | | | | |
Net exposure
|
| | | | 123,336 | | | | | | 4,687 | | | | | | 118,917 | | | | | | 3,315 | | |
Operation
|
| |
Risk
|
| |
Exposure
in R$ |
| |
Probable
scenario (I) |
| |
Adverse
Scenario (II) |
| |
Remote
Scenario (III) |
| ||||||||||||
Financial investments
|
| |
Interest Rate reduction
|
| | | | 46,239 | | | | | | 6.33% | | | | | | 4.75% | | | | | | 3.17% | | |
Income from financial investments
|
| | | | | | | | | | | | | 2,927 | | | | | | 2,196 | | | | | | 1,466 | | |
Effect on profit or loss
(reduction) |
| | | | | | | | | | | | | (2,002) | | | | | | (2,733) | | | | | | (3,463) | | |
Operation
|
| |
Risk
|
| |
Exposure
in R$ |
| |
Probable
scenario (I) |
| |
Adverse
Scenario (II) |
| |
Remote
Scenario (III) |
| ||||||||||||
Loans and borrowings
|
| |
Interest rate increase
|
| | | | 105,771 | | | | | | 6.33% | | | | | | 7.91% | | | | | | 9.50% | | |
Interest incurred
|
| | | | | | | | | | | | | 6,695 | | | | | | 8,366 | | | | | | 10,048 | | |
Effect on profit or loss
(reduction) |
| | | | | | | | | | | | | (4,580) | | | | | | (6,251) | | | | | | (7,933) | | |
Operation
|
| |
Risk
|
| |
Probable
scenario (I) |
| |
Adverse
Scenario (II) |
| |
Remote
Scenario (III) |
| |||||||||
Net exchange variation on transactions
|
| |
Foreign currency appreciation
|
| | | | 4.7000 | | | | | | 5.8750 | | | | | | 7.0500 | | |
Exchange variation in the period
|
| | | | | | | 7,568 | | | | | | 9,460 | | | | | | 11,826 | | |
Effect on profit or loss (reduction)
|
| | | | | | | (487) | | | | | | (1,405) | | | | | | (3,771) | | |
| | |
June 30, 2021
|
| |
December 31,2020
|
| ||||||
Hedge financial instruments (current and non-current)
|
| | | | 9,923 | | | | | | 8,837 | | |
Cash and cash equivalents
|
| | | | 80,805 | | | | | | 162,827 | | |
Trade receivables
|
| | | | 241,301 | | | | | | 196,256 | | |
Contract assets
|
| | | | 93,344 | | | | | | 50,625 | | |
Other receivables (current and non-current)
|
| | | | 21,271 | | | | | | 15,368 | | |
2021
|
| ||||||||||||||||||||||||||||||||||||
| | |
Carrying
amount |
| |
Cash
Contractual cash flow |
| |
6 months
or less |
| |
6 – 12
months |
| |
1 – 2
years |
| |
2 – 5
Years |
| ||||||||||||||||||
Non-derivative financial liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 17,446 | | | | | | 17,446 | | | | | | 17,446 | | | | | | — | | | | | | — | | | | | | — | | |
Loans and borrowings
|
| | | | 105,771 | | | | | | 111,743 | | | | | | 8,331 | | | | | | 96,255 | | | | | | 7,157 | | | | | | — | | |
Lease liabilities
|
| | | | 72,565 | | | | | | 90,579 | | | | | | 8,730 | | | | | | 10,470 | | | | | | 19,053 | | | | | | 52,326 | | |
Contract liabilities
|
| | | | 4,673 | | | | | | 4,673 | | | | | | 4,673 | | | | | | — | | | | | | — | | | | | | — | | |
Other payables (current and non-current)
|
| | | | 11,928 | | | | | | 11,928 | | | | | | 11,928 | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | 212,383 | | | | | | 236,369 | | | | | | 51,108 | | | | | | 106,725 | | | | | | 26,210 | | | | | | 52,326 | | |
2020
|
| ||||||||||||||||||||||||||||||||||||
| | |
Carrying
amount |
| |
Cash
Contractual cash flow |
| |
6 months
or less |
| |
6 – 12
months |
| |
1 – 2
years |
| |
2 – 5
Years |
| ||||||||||||||||||
Non-derivative financial liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 15,312 | | | | | | 15,312 | | | | | | 15,312 | | | | | | — | | | | | | — | | | | | | — | | |
Loans and borrowings
|
| | | | 89,230 | | | | | | 111,779 | | | | | | 78,898 | | | | | | 7,313 | | | | | | 23,901 | | | | | | 1,667 | | |
Lease liabilities
|
| | | | 75,228 | | | | | | 93,242 | | | | | | 11,393 | | | | | | 10,470 | | | | | | 19,053 | | | | | | 52,326 | | |
Contract liabilities
|
| | | | 9,987 | | | | | | 9,987 | | | | | | 9,987 | | | | | | — | | | | | | — | | | | | | — | | |
Other payables (current and non-current)
|
| | | | 8,945 | | | | | | 8,945 | | | | | | 8,945 | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | 198,702 | | | | | | 239,265 | | | | | | 124,535 | | | | | | 17,783 | | | | | | 42,954 | | | | | | 53,993 | | |
| | |
June 30, 2021
|
| |
December 31,2020
|
| ||||||
Used
|
| | | | — | | | | | | | | |
Not used
|
| | | | — | | | | | | 2,200 | | |
Total | | | | | — | | | | | | 2,200 | | |
| | |
June 30, 2021
|
| |
December 31,2020
|
| ||||||
Used
|
| | | | 10,004 | | | | | | 89,197 | | |
Not used
|
| | | | 40,018 | | | | | | 61,521 | | |
Total | | | | | 50,022 | | | | | | 150,718 | | |
2021
|
| ||||||||||||||||||||||||||||||
Maturity
|
| |
Nominal Value
(USD) |
| |
Contracted
rate |
| |
Amount in
R$ |
| |
Market
rate |
| |
Fair value
|
| |||||||||||||||
07/15/2021
|
| | | | (2,140) | | | | | | 5.5541 | | | | | | (11,822) | | | | | | 5.0888 | | | | | | 1,034 | | |
8/30/2021
|
| | | | (1,170) | | | | | | 5.6813 | | | | | | (6,574) | | | | | | — | | | | | | 705 | | |
10/29/2021
|
| | | | (280) | | | | | | 5.6569 | | | | | | (1,584) | | | | | | — | | | | | | 164 | | |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,903 | | |
2020
|
| ||||||||||||||||||||||||||||||
Maturity
|
| |
Nominal Value
(USD) |
| |
Contracted
rate |
| |
Amount in
R$ |
| |
Market
rate |
| |
Fair value
|
| |||||||||||||||
June 15, 2021
|
| | | | (3,100) | | | | | | 5.4928 | | | | | | (17,064) | | | | | | 5.4763 | | | | | | 968 | | |
April 15, 2021
|
| | | | (800) | | | | | | 5.6345 | | | | | | (4,508) | | | | | | 5.1909 | | | | | | 353 | | |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,321 | | |
2021
|
| |||||||||||||||||||||||||||
Maturity
|
| |
Nominal Value
(USD) |
| |
Type
|
| |
Stock price
|
| |
Gross
premium |
| |
Fair value
|
| ||||||||||||
February 2, 2022
|
| | | | 3,020 | | | |
“Call” Sale
|
| | | | 5.8172 | | | | | | 874 | | | | | | (189) | | |
June 20, 2021
|
| | | | 7,075 | | | |
“Call” Sale
|
| | | | 5.5116 | | | | | | 2,247 | | | | | | (327) | | |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | (516) | | |
June 15, 2021
|
| | | | 7075 | | | |
“Put” Purchase
|
| | | | 5.4235 | | | | | | (2,246) | | | | | | 3,135 | | |
December 15, 2021
|
| | | | 3020 | | | |
“Put” Purchase
|
| | | | 5.5050 | | | | | | (874) | | | | | | 1,327 | | |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | 4,462 | | |
2020
|
| |||||||||||||||||||||||||||
Maturity
|
| |
Nominal Value
(USD) |
| |
Type
|
| |
Stock price
|
| |
Gross
premium |
| |
Fair value
|
| ||||||||||||
June 15, 2021
|
| | | | 1,800 | | | |
“Call” Sale
|
| | | | 5.6770 | | | | | | 587 | | | | | | (12) | | |
December 15, 2021
|
| | | | 2,800 | | | |
“Call” Sale
|
| | | | 5.5656 | | | | | | 786 | | | | | | (569) | | |
November 30, 2021
|
| | | | 6,900 | | | |
“Call” Sale
|
| | | | 5.5116 | | | | | | 2,161 | | | | | | (1,277) | | |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | (1,858) | | |
June 15, 2021
|
| | | | 1,800 | | | |
“Put” Purchase
|
| | | | 5.4800 | | | | | | (587) | | | | | | 512 | | |
December 15, 2021
|
| | | | 2,800 | | | |
“Put” Purchase
|
| | | | 5.2425 | | | | | | (786) | | | | | | 862 | | |
November 30, 2021
|
| | | | 6,900 | | | |
“Put” Purchase
|
| | | | 5.3388 | | | | | | (2,161) | | | | | | 2,608 | | |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | 3,982 | | |
| | |
Carrying Amount
|
| |
Fair value
|
| ||||||||||||||||||
|
June 30, 2021
|
| |
December 31, 2020
|
| |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||||||||||
Level 2 | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivatives: | | | | | | | | | | | | | | | | | | | | | | | | | |
“Non-Deliverable Forward – NDF”
|
| | | | 1,903 | | | | | | 1,321 | | | | | | 1,903 | | | | | | 1,321 | | |
Call and put option term (“put”
and “call”) |
| | | | 3,946 | | | | | | 2,124 | | | | | | 3,946 | | | | | | 2,124 | | |
Total | | | | | 5,849 | | | | | | 3,445 | | | | | | 5,849 | | | | | | 3,445 | | |
| | |
June 30, 2021
|
| |
June 30, 2020
|
| ||||||
NAE (North America and Europe) | | | | | | | | | | | | | |
United States of America
|
| | | | 302,704 | | | | | | 212,005 | | |
United Kingdom
|
| | | | 11,193 | | | | | | 10,000 | | |
Subtotal
|
| | | | 313,897 | | | | | | 222,005 | | |
LATAM (Latin America) | | | | | | | | | | | | | |
Brazil
|
| | | | 276,730 | | | | | | 201,569 | | |
Subtotal
|
| | | | 276,730 | | | | | | 201,569 | | |
APJ (Asia, Pacific and Japan) | | | | | | | | | | | | | |
Japan
|
| | | | 7,315 | | | | | | 16,831 | | |
China
|
| | | | 12,476 | | | | | | 7,849 | | |
Others
|
| | | | 1,198 | | | | | | — | | |
Subtotal
|
| | | | 20,989 | | | | | | 24,680 | | |
Total Net revenue (Note 15)
|
| | | | 611,616 | | | | | | 448,254 | | |
| | |
June 30, 2021
|
| |
June 30, 2020
|
| ||||||
Top client
|
| | | | 146,067 | | | | | | 79,754 | | |
Top 5 clients
|
| | | | 349,277 | | | | | | 199,792 | | |
Top 10 clients
|
| | | | 447,098 | | | | | | 286,352 | | |
Top 20 clients
|
| | | | 533,996 | | | | | | 361,221 | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Brazil
|
| | | | 101,506 | | | | | | 97,887 | | |
Abroad: | | | | | | | | | | | | | |
United States of America
|
| | | | 35,349 | | | | | | 36,010 | | |
Japan
|
| | | | 275 | | | | | | 398 | | |
China
|
| | | | 2,166 | | | | | | 776 | | |
Canada
|
| | | | 260 | | | | | | 196 | | |
Portugal
|
| | | | 249 | | | | | | — | | |
Other countries
|
| | | | 66 | | | | | | 111 | | |
Total | | | | | 139,871 | | | | | | 135,378 | | |
| | |
Note
|
| |
December 31
2020 |
| |
December 31
2019 |
| ||||||
Assets | | | | | ||||||||||||
Cash and cash equivalents
|
| |
8
|
| | | | 162,827 | | | | | | 79,500 | | |
Trade receivables
|
| |
9
|
| | | | 196,256 | | | | | | 128,184 | | |
Contract assets
|
| |
19.b
|
| | | | 50,625 | | | | | | 36,493 | | |
Recoverable taxes
|
| | | | | | | 1,016 | | | | | | 1,886 | | |
Tax assets
|
| | | | | | | 2,117 | | | | | | 520 | | |
Derivatives
|
| |
24.1
|
| | | | 8,837 | | | | | | 2,983 | | |
Other assets
|
| | | | | | | 12,874 | | | | | | 5,674 | | |
Total current assets
|
| | | | | | | 434,552 | | | | | | 255,240 | | |
Recoverables taxes
|
| | | | | | | 3,099 | | | | | | 3,099 | | |
Deferred tax
|
| |
22
|
| | | | 15,152 | | | | | | 24,977 | | |
Judicial deposits
|
| |
15
|
| | | | 3,083 | | | | | | 3,083 | | |
Other assets
|
| | | | | | | 2,494 | | | | | | 677 | | |
Property, plant and equipment
|
| |
10
|
| | | | 38,771 | | | | | | 27,928 | | |
Intangible assets
|
| |
11
|
| | | | 18,166 | | | | | | 18,545 | | |
Right-of-use assets
|
| |
12
|
| | | | 69,765 | | | | | | 73,898 | | |
Total non-current assets
|
| | | | | | | 150,530 | | | | | | 152,207 | | |
Total assets
|
| | | | | | | 585,082 | | | | | | 407,447 | | |
Liabilities and equity | | | | | | | | | | | | | | | | |
Suppliers
|
| | | | | | | 15,312 | | | | | | 8,631 | | |
Loans and borrowings
|
| |
13
|
| | | | 75,377 | | | | | | 23,166 | | |
Lease liabilities
|
| |
12
|
| | | | 14,569 | | | | | | 14,021 | | |
Salaries and welfare charges
|
| |
14
|
| | | | 141,794 | | | | | | 87,908 | | |
Derivatives
|
| |
24.1
|
| | | | 5,392 | | | | | | 2,050 | | |
Tax liabilities
|
| | | | | | | 6,078 | | | | | | 6,661 | | |
Other taxes payable
|
| | | | | | | 3,279 | | | | | | 1,955 | | |
Dividends and interest on equity payable
|
| |
18
|
| | | | 30,677 | | | | | | 14,714 | | |
Contract liability
|
| | | | | | | 9,987 | | | | | | 16,162 | | |
Indemnity
|
| |
17.b
|
| | | | 628 | | | | | | 44,000 | | |
Other liabilities
|
| | | | | | | 7,899 | | | | | | 8,144 | | |
Total current liabilities
|
| | | | | | | 310,992 | | | | | | 227,412 | | |
Loans and borrowings
|
| |
13
|
| | | | 13,853 | | | | | | 4,683 | | |
Lease liabilities
|
| |
12
|
| | | | 60,659 | | | | | | 63,372 | | |
Provisions
|
| |
15
|
| | | | 161 | | | | | | 173 | | |
Other liabilities
|
| | | | | | | 957 | | | | | | 2,102 | | |
Total non-current liabilities
|
| | | | | | | 75,630 | | | | | | 70,330 | | |
Equity
|
| |
18
|
| | | | | | | | | | | | |
Share capital
|
| | | | | | | 68,968 | | | | | | 68,968 | | |
Capital reserves
|
| | | | | | | 6,764 | | | | | | 4,112 | | |
Profit reserves
|
| | | | | | | 109,308 | | | | | | 32,825 | | |
Other comprehensive income
|
| | | | | | | 13,420 | | | | | | 3,800 | | |
Total equity
|
| | | | | | | 198,460 | | | | | | 109,705 | | |
Total equity and liabilities
|
| | | | | | | 585,082 | | | | | | 407,447 | | |
| | |
Note
|
| |
2020
|
| |
2019
|
| |||||||||
Net revenue
|
| | | | 19 | | | | | | 956,519 | | | | | | 677,133 | | |
Costs of services provided
|
| | | | 20 | | | | | | (600,866) | | | | | | (448,979) | | |
Gross profit
|
| | | | | | | | | | 355,653 | | | | | | 228,154 | | |
Selling expenses
|
| | | | 20 | | | | | | (65,093) | | | | | | (44,802) | | |
General and administrative expenses
|
| | | | 20 | | | | | | (81,161) | | | | | | (81,197) | | |
Research and technological innovation expenses
|
| | | | 20 | | | | | | (3,462) | | | | | | (12,093) | | |
Impairment loss on trade receivables and contract assets
|
| | | | 20 | | | | | | (196) | | | | | | (1,091) | | |
Other income (expenses) net
|
| | | | 20 | | | | | | 2,503 | | | | | | 2,728 | | |
| | | | | | | | | | | (147,409) | | | | | | (136,455) | | |
Operating profit before financial income
|
| | | | | | | | | | 208,244 | | | | | | 91,699 | | |
Finance income
|
| | | | 21 | | | | | | 47,808 | | | | | | 23,944 | | |
Finance cost
|
| | | | 21 | | | | | | (63,261) | | | | | | (29,855) | | |
Net finance costs
|
| | | | 21 | | | | |
|
(15,453)
|
| | | |
|
(5,911)
|
| |
Profit before Income tax
|
| | | | | | | | | | 192,791 | | | | | | 85,788 | | |
Income tax expense | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | 22 | | | | | | (66,912) | | | | | | (39,457) | | |
Deferred
|
| | | | 22 | | | | | | 1,775 | | | | | | 10,238 | | |
Net profit for the year
|
| | | | | | | | | | 127,654 | | | | | | 56,569 | | |
Income attributable to: | | | | | | | | | | | | | | | | | | | |
Controlling shareholders
|
| | | | | | | | | | 127,654 | | | | | | 56,534 | | |
Non-controlling interests
|
| | | | | | | | | | — | | | | | | 35 | | |
Net profit for the year
|
| | | | | | | | | | 127,654 | | | | | | 56,569 | | |
Earnings per share | | | | | | | | | | | | | | | | | | | |
Earnings per share – basic (in R$)
|
| | | | 23 | | | | | | 72.51 | | | | | | 31.49 | | |
Earnings per share – diluted (in R$)
|
| | | | 23 | | | | | | 71.53 | | | | | | 31.49 | | |
| | |
2020
|
| |
2019
|
| ||||||
Net profit for the year
|
| | | | 127,654 | | | | | | 56,569 | | |
Other comprehensive income (OCI): | | | | | | | | | | | | | |
Items that are or may be reclassified subsequently to profit or loss | | | | | | | | | | | | | |
Exchange variation in foreign investments
|
| | | | 9,620 | | | | | | 1,185 | | |
Total comprehensive income for the year
|
| | | | 137,274 | | | | | | 57,754 | | |
Total comprehensive income attributed to | | | | | | | | | | | | | |
Owners of the Company
|
| | | | 137,274 | | | | | | 57,719 | | |
Non-controlling interest
|
| | | | — | | | | | | 35 | | |
Total comprehensive income for the year
|
| | | | 137,274 | | | | | | 57,754 | | |
| | | | | | | | | | | | | | | | | |
Profit reserves
|
| | | | | | ||||||||||||||||||||||||||||||||||||||||
| | |
Notes
|
| |
Share
capital |
| |
Capital
reserve |
| |
Legal
reserve |
| |
Retained
earnings reserve |
| |
Stock
redemption reserve |
| |
Retained
earnings |
| |
Other
compreheinsive income |
| |
Total
|
| |
Non-controlling
interests |
| |
Total
equity |
| ||||||||||||||||||||||||||||||
Balance as of January 1, 2019
|
| | | | | | | 30,098 | | | | | | 3,931 | | | | | | 6,020 | | | | | | 26,859 | | | | | | 48,520 | | | | | | — | | | | | | 2,615 | | | | | | 118,043 | | | | | | 2,527 | | | | | | 120,570 | | |
Capital increase – Stock redemption reserve
|
| |
18.a
|
| | | | 43,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | (43,500) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Net profit for the year
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 56,534 | | | | | | — | | | | | | 56,534 | | | | | | 35 | | | | | | 56,569 | | |
Spin-off of the Sensedia S.A. investment
|
| |
18.a / 18.b
|
| | | | (4,630) | | | | | | 213 | | | | | | — | | | | | | (567) | | | | | | — | | | | | | — | | | | | | 5 | | | | | | (4,979) | | | | | | (2,562) | | | | | | (7,541) | | |
Additional dividends
|
| |
18.d
|
| | | | — | | | | | | — | | | | | | — | | | | | | (26,567) | | | | | | — | | | | | | — | | | | | | — | | | | | | (26,567) | | | | | | — | | | | | | (26,567) | | |
Other comprehensive income for the year
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,180 | | | | | | 1,180 | | | | | | — | | | | | | 1,180 | | |
Share-based payment
|
| |
17.d
|
| | | | — | | | | | | 3,170 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,170 | | | | | | — | | | | | | 3,170 | | |
Share-based plan cancellation
|
| |
17.c
|
| | | | — | | | | | | (3,202) | | | | | | — | | | | | | (26,004) | | | | | | — | | | | | | — | | | | | | — | | | | | | (29,206) | | | | | | — | | | | | | (29,206) | | |
Tax effect on the cancellation of the share-based plan
|
| |
22
|
| | | | — | | | | | | — | | | | | | — | | | | | | 6,244 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,244 | | | | | | — | | | | | | 6,244 | | |
Transfer of stock redemption reserve
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,020 | | | | | | (5,020) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Legal reserve
|
| |
18.d
|
| | | | — | | | | | | — | | | | | | 2,826 | | | | | | — | | | | | | — | | | | | | (2,826) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Dividends
|
| |
18.d
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,714) | | | | | | — | | | | | | (14,714) | | | | | | — | | | | | | (14,714) | | |
Constitution of retained earnings reserve
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | 38,994 | | | | | | — | | | | | | (38,994) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balances as of December 31, 2019
|
| | | | | | | 68,968 | | | | | | 4,112 | | | | | | 8,846 | | | | | | 23,979 | | | | | | — | | | | | | — | | | | | | 3,800 | | | | | | 109,705 | | | | | | — | | | | | | 109,705 | | |
Net profit for the year
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 127,654 | | | | | | — | | | | | | 127,654 | | | | | | — | | | | | | 127,654 | | |
Additional dividends related to 2019 approved at the EGM held as of July 30, 2020
|
| |
18.d
|
| | | | — | | | | | | — | | | | | | | | | | | | (16,263) | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,263) | | | | | | — | | | | | | (16,263) | | |
Other comprehensive income for the year
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,620 | | | | | | 9,620 | | | | | | — | | | | | | 9,620 | | |
Share-based compensation
|
| |
17.d
|
| | | | — | | | | | | 2,652 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,652 | | | | | | — | | | | | | 2,652 | | |
Tax effect on the compensation of the share-based plan
|
| |
22
|
| | | | — | | | | | | — | | | | | | — | | | | | | 45 | | | | | | — | | | | | | — | | | | | | — | | | | | | 45 | | | | | | — | | | | | | 45 | | |
Interest on shareholders´ equity
|
| |
18.d
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,276) | | | | | | — | | | | | | (4,276) | | | | | | — | | | | | | (4,276) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | | | |
Legal reserve
|
| |
18.d
|
| | | | — | | | | | | — | | | | | | 4,947 | | | | | | — | | | | | | — | | | | | | (4,947) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
Dividends
|
| |
18.d
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (30,677) | | | | | | — | | | | | | (30,677) | | | | | | — | | | | | | (30.677) | | |
Constitution of retained earnings reserve
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | 87,754 | | | | | | — | | | | | | (87,754) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
Balance as of December 31, 2020
|
| | | | | | | 68,968 | | | | | | 6,764 | | | | | | 13,793 | | | | | | 95,515 | | | | | | — | | | | | | — | | | | | | 13,420 | | | | | | 198,460 | | | | | | — | | | | | | 198,460 | | |
| | | | | |
2020
|
| |
2019
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | |
Net profit for the year
|
| | | | | | | 127,654 | | | | | | 56,569 | | |
Adjustments for: | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| |
20
|
| | | | 29,882 | | | | | | 25,577 | | |
Gain/loss on the sale of property, plant and equipment and intangible
assets |
| | | | | | | 689 | | | | | | 567 | | |
Interest, monetary variation and exchange variation
|
| | | | | | | 7,789 | | | | | | 2,971 | | |
Interest on lease
|
| |
13
|
| | | | 5,023 | | | | | | 6,135 | | |
Unrealized gains on financial instruments
|
| | | | | | | (2,512) | | | | | | (919) | | |
Income tax expense
|
| |
22
|
| | | | 65,137 | | | | | | 29,219 | | |
Impairment losses on trade receivables
|
| |
9
|
| | | | 414 | | | | | | 52 | | |
Provision for (reversal of) Impairment losses from contract assets
|
| |
19
|
| | | | (218) | | | | | | 1,039 | | |
Provision for labor risks
|
| |
15
|
| | | | (12) | | | | | | 23 | | |
Exchange variation on indemnity
|
| | | | | | | (4,324) | | | | | | — | | |
Provision for indemnity
|
| |
17.b
|
| | | | (18) | | | | | | 14,891 | | |
Share-based plan
|
| |
17.d
|
| | | | 942 | | | | | | 3,170 | | |
Others
|
| | | | | | | 469 | | | | | | 205 | | |
Reduction (Increase) in operating assets and liabilities | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | | | | (47,848) | | | | | | (32,673) | | |
Contract assets
|
| | | | | | | (8,339) | | | | | | (4,253) | | |
Inventories
|
| | | | | | | (139) | | | | | | (361) | | |
Other taxes recoverable
|
| | | | | | | 461 | | | | | | 20 | | |
Current tax assets
|
| | | | | | | 507 | | | | | | 789 | | |
Judicial deposits
|
| | | | | | | — | | | | | | (105) | | |
Suppliers
|
| | | | | | | 6,746 | | | | | | 1,697 | | |
Salaries and welfare charges
|
| | | | | | | 49,086 | | | | | | 16,825 | | |
Tax liabilities
|
| | | | | | | (12,275) | | | | | | (11,398) | | |
Other taxes payable
|
| | | | | | | (407) | | | | | | (346) | | |
Contract liability
|
| | | | | | | (7,138) | | | | | | 8,595 | | |
Payment of share-based indemnity
|
| |
17.b
|
| | | | (43,354) | | | | | | — | | |
Other receivables and payables, net
|
| | | | | | | (11,296) | | | | | | 6,194 | | |
Cash generated from operating activities
|
| | | | | | | 156,919 | | | | | | 124,483 | | |
Income tax paid
|
| | | | | | | (47,044) | | | | | | (25,085) | | |
Interest paid on loans and borrowings
|
| |
13
|
| | | | (3,880) | | | | | | (1,912) | | |
Interest paid on lease
|
| |
13
|
| | | | (5,023) | | | | | | (6,129) | | |
Net cash from operating activities
|
| | | | | | | 100,972 | | | | | | 91,357 | | |
| | | | | |
2020
|
| |
2019
|
| ||||||
Cash flows from investment activities | | | | | | | | | | | | | | | | |
Acquisition of property and equipment and intangible assets
|
| | | | | | | (21,391) | | | | | | (19,893) | | |
Escrow payment
|
| | | | | | | — | | | | | | (1,496) | | |
Redemption of related financial investments
|
| | | | | | | — | | | | | | 4,838 | | |
Net cash (used in) investment activities
|
| | | | | | | (21,391) | | | | | | (16,551) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | |
Dividends paid
|
| |
18.d
|
| | | | (30,977) | | | | | | (40,059) | | |
Interest on equity, paid
|
| |
18.d
|
| | | | (4,276) | | | | | | (2,676) | | |
Payment of lease liabilities
|
| |
13
|
| | | | (15,500) | | | | | | (10,949) | | |
Proceeds from loans and borrowings
|
| |
13
|
| | | | 144,269 | | | | | | 8,179 | | |
Payment of loans and borrowings
|
| |
13
|
| | | | (88,107) | | | | | | (24,161) | | |
Net cash from (used in) financing activities
|
| | | | | | | 5,409 | | | | | | (69,666) | | |
Net increase in cash and cash equivalents
|
| | | | | | | 84,990 | | | | | | 5,140 | | |
Cash and cash equivalents as of January 1st
|
| | | | | | | 79,500 | | | | | | 77,079 | | |
Exchange variation effect on cash and cash equivalents
|
| | | | | | | (1,663) | | | | | | (1,464) | | |
Cash reduction due to spin-off effect
|
| | | | | | | — | | | | | | (1,255) | | |
Cash and cash equivalents as of December 31
|
| | | | | | | 162,827 | | | | | | 79,500 | | |
|
Subsidiaries
|
| |
Location
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
|
Direct
|
| |
Indirect
|
| |
Direct
|
| |
Indirect
|
| |||||||||||||||||
CI&T, Inc.
|
| | United States | | | | | 100% | | | | | | — | | | | | | 100% | | | | | | — | | |
CI&T Software Inc.
|
| | Canada | | | | | — | | | | | | 100% | | | | | | — | | | | | | 100% | | |
CI&T UK Limited
|
| |
United Kingdom
|
| | | | — | | | | | | 100% | | | | | | — | | | | | | 100% | | |
CI&T Argentina S/A(a)
|
| | Argentina | | | | | — | | | | | | 100% | | | | | | — | | | | | | 100% | | |
CI&T Japan, Inc.
|
| | Japan | | | | | 100% | | | | | | — | | | | | | 100% | | | | | | — | | |
CI&T China, Inc.
|
| | China | | | | | — | | | | | | 100% | | | | | | — | | | | | | 100% | | |
CI&T IOT(b)
|
| | Brazil | | | | | 100% | | | | | | — | | | | | | 100% | | | | | | — | | |
CI&T Portugal Unipessoal Lda(c)
|
| | Portugal | | | | | 100% | | | | | | — | | | | | | — | | | | | | — | | |
CI&T Australia PTY Ltd(d)
|
| | Australia | | | | | 100% | | | | | | — | | | | | | — | | | | | | — | | |
|
IT equipment
|
| | 2 to 5 years | |
|
Furniture and fixtures
|
| | 7 – 10 years | |
| Vehicles | | | 5 years | |
|
Leasehold improvements
|
| | 1 to 8 years | |
|
Network software
|
| | 5 years | |
|
Internally developed software
|
| | 3 years | |
| | |
2020
|
| |
2019
|
| ||||||
Cash and cash equivalents
|
| | | | 59,640 | | | | | | 21,648 | | |
Financial investments
|
| | | | 103,187 | | | | | | 57,852 | | |
Total | | | | | 162,827 | | | | | | 79,500 | | |
| | |
2020
|
| |
2019
|
| ||||||
Trade receivables – Domestic market
|
| | | | 32,275 | | | | | | 35,385 | | |
Trade receivables – Foreign market
|
| | | | 164,673 | | | | | | 93,045 | | |
(-) Expected credit losses
|
| | | | (692) | | | | | | (246) | | |
Trade Receivables, net
|
| | | | 196,256 | | | | | | 128,184 | | |
| | |
2020
|
| |
2019
|
| ||||||
Not due
|
| | | | 167,939 | | | | | | 111,379 | | |
Overdue: | | | | | | | | | | | | | |
from 1 to 60 days(1)
|
| | | | 28,012 | | | | | | 16,035 | | |
61 to 360 days
|
| | | | 939 | | | | | | 860 | | |
Over 360 days
|
| | | | 58 | | | | | | 156 | | |
| | | | | 196,948 | | | | | | 128,430 | | |
|
Balance as of January 1, 2019
|
| | | | (352) | | |
|
Provision
|
| | | | (430) | | |
|
Reversal
|
| | | | 378 | | |
|
Partial investment spin-off
|
| | | | 160 | | |
|
Exchange variation
|
| | | | (2) | | |
|
Balance as of December 31, 2019
|
| | | | (246) | | |
|
Provision
|
| | | | (1,751) | | |
|
Reversal
|
| | | | 1,337 | | |
|
Exchange variation
|
| | | | (32) | | |
|
Balance as of December 31, 2020
|
| | | | (692) | | |
| | |
2020
|
| |
2019
|
| ||||||
IT equipment
|
| | | | 15,407 | | | | | | 8,921 | | |
Furniture and fixtures
|
| | | | 6,364 | | | | | | 6,223 | | |
Vehicles
|
| | | | 27 | | | | | | 186 | | |
Hardware devices
|
| | | | 291 | | | | | | — | | |
Leasehold improvements(*)
|
| | | | 16,460 | | | | | | 12,584 | | |
Property, plant and equipment in progress
|
| | | | 222 | | | | | | 14 | | |
Total | | | | | 38,771 | | | | | | 27,928 | | |
| | |
IT equipment
|
| |
Furniture
and fixtures |
| |
Vehicles
|
| |
Leasehold
Improvements |
| |
In progress
property, plant and equipment |
| |
Hardware
devices |
| |
Total
|
| |||||||||||||||||||||
Cost: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of January 1, 2019
|
| | | | 23,772 | | | | | | 10,374 | | | | | | 287 | | | | | | 12,686 | | | | | | 405 | | | | | | — | | | | | | 47,524 | | |
Effect of movements in exchange rates
|
| | | | 96 | | | | | | 60 | | | | | | 6 | | | | | | 65 | | | | | | 152 | | | | | | — | | | | | | 379 | | |
Spin-off
|
| | | | (1,228) | | | | | | (328) | | | | | | — | | | | | | (408) | | | | | | — | | | | | | — | | | | | | (1,964) | | |
Additions
|
| | | | 4,506 | | | | | | 2,559 | | | | | | 150 | | | | | | 1,449 | | | | | | 9,119 | | | | | | — | | | | | | 17,783 | | |
Disposals
|
| | | | (3,511) | | | | | | (1,472) | | | | | | (148) | | | | | | (21) | | | | | | — | | | | | | — | | | | | | (5,152) | | |
Transfers
|
| | | | 378 | | | | | | 710 | | | | | | — | | | | | | 8,574 | | | | | | (9,662) | | | | | | — | | | | | | — | | |
Balance as of December 31, 2019
|
| | | | 24,013 | | | | | | 11,903 | | | | | | 295 | | | | | | 22,345 | | | | | | 14 | | | | | | — | | | | | | 58,570 | | |
Effect of movements in exchange rates
|
| | | | 1,285 | | | | | | 760 | | | | | | 69 | | | | | | 1,155 | | | | | | — | | | | | | — | | | | | | 3,269 | | |
Additions
|
| | | | 11,315 | | | | | | 1,365 | | | | | | — | | | | | | 461 | | | | | | 5,998 | | | | | | 487 | | | | | | 19,626 | | |
Disposals
|
| | | | (1,761) | | | | | | (1,091) | | | | | | (278) | | | | | | (1,352) | | | | | | (103) | | | | | | — | | | | | | (4,585) | | |
Transfers
|
| | | | — | | | | | | 4 | | | | | | — | | | | | | 5,683 | | | | | | (5,687) | | | | | | — | | | | | | — | | |
Balance as of December 31, 2020
|
| | | | 34,852 | | | | | | 12,941 | | | | | | 86 | | | | | | 28,292 | | | | | | 222 | | | | | | 487 | | | | | | 76,880 | | |
Depreciation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of January 1, 2019
|
| | | | (15,151) | | | | | | (5,340) | | | | | | (159) | | | | | | (7,194) | | | | | | — | | | | | | — | | | | | | (27,844) | | |
Effect of movements in exchange rates
|
| | | | (48) | | | | | | (22) | | | | | | (5) | | | | | | (21) | | | | | | — | | | | | | — | | | | | | (96) | | |
Investment spin-off
|
| | | | 575 | | | | | | 80 | | | | | | — | | | | | | 361 | | | | | | — | | | | | | — | | | | | | 1,016 | | |
| | |
IT equipment
|
| |
Furniture
and fixtures |
| |
Vehicles
|
| |
Leasehold
Improvements |
| |
In progress
property, plant and equipment |
| |
Hardware
devices |
| |
Total
|
| |||||||||||||||||||||
Depreciation
|
| | | | (3,850) | | | | | | (1,486) | | | | | | (78) | | | | | | (2,928) | | | | | | — | | | | | | — | | | | | | (8,342) | | |
Disposals
|
| | | | 3,382 | | | | | | 1,088 | | | | | | 133 | | | | | | 21 | | | | | | — | | | | | | — | | | | | | 4,624 | | |
Balance as of December 31, 2019
|
| | | | (15,092) | | | | | | (5,680) | | | | | | (109) | | | | | | (9,761) | | | | | | — | | | | | | — | | | | | | (30,642) | | |
Effect of movements in exchange rates
|
| | | | (565) | | | | | | (207) | | | | | | (28) | | | | | | (154) | | | | | | — | | | | | | — | | | | | | (954) | | |
Depreciation
|
| | | | (5,386) | | | | | | (1,616) | | | | | | (50) | | | | | | (3,245) | | | | | | — | | | | | | (196) | | | | | | (10,493) | | |
Disposals
|
| | | | 1,598 | | | | | | 926 | | | | | | 128 | | | | | | 1,328 | | | | | | — | | | | | | — | | | | | | 3,980 | | |
Balance as of December 31, 2020
|
| | | | (19,445) | | | | | | 6,577 | | | | | | (59) | | | | | | (11,832) | | | | | | — | | | | | | (196) | | | | | | (38,109) | | |
Balance at: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2019
|
| | | | 8,921 | | | | | | 6,223 | | | | | | 186 | | | | | | 12,584 | | | | | | 14 | | | | | | — | | | | | | 27,928 | | |
December 31, 2020
|
| | | | 15,407 | | | | | | 6,364 | | | | | | 27 | | | | | | 16,460 | | | | | | 222 | | | | | | 291 | | | | | | 38,771 | | |
| | |
2020
|
| |
2019
|
| ||||||
Network software
|
| | | | 1,096 | | | | | | 1,572 | | |
Internally developed software(i)
|
| | | | 2,385 | | | | | | 1,958 | | |
Software in progress
|
| | | | 115 | | | | | | 445 | | |
Subtotal | | | | | 3,596 | | | | | | 3,975 | | |
Goodwill(ii) | | | | | 14,570 | | | | | | 14,570 | | |
Total | | | | | 18,166 | | | | | | 18,545 | | |
| | |
Networking
Software |
| |
Internally
developed software |
| |
Software in
progress |
| |
Goodwill
|
| |
Total
|
| | | | |||||||||||||||||||||
Cost: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Balance as of January 1, 2019
|
| | | | 8,725 | | | | | | 10,329 | | | | | | — | | | | | | 14,570 | | | | | | 33,624 | | | | | | ||||||
Effect of movements in exchange rates
|
| | | | 166 | | | | | | — | | | | | | — | | | | | | — | | | | | | 166 | | | | | | ||||||
Investment spin-off
|
| | | | (42) | | | | | | — | | | | | | — | | | | | | — | | | | | | (42) | | | | | | ||||||
Additions
|
| | | | 550 | | | | | | 274 | | | | | | 1,286 | | | | | | — | | | | | | 2,110 | | | | | | ||||||
Disposals
|
| | | | (170) | | | | | | — | | | | | | — | | | | | | — | | | | | | (170) | | | | | | ||||||
Transfers
|
| | | | — | | | | | | 841 | | | | | | (841) | | | | | | — | | | | | | — | | | | | | ||||||
Balance as of December 31, 2019
|
| | | | 9,229 | | | | | | 11,444 | | | | | | 445 | | | | | | 14,570 | | | | | | 35,688 | | | | | | ||||||
Effect of movements in exchange rates
|
| | | | 331 | | | | | | — | | | | | | — | | | | | | — | | | | | | 331 | | | | | | ||||||
Additions
|
| | | | 188 | | | | | | 646 | | | | | | 931 | | | | | | — | | | | | | 1,765 | | | | | | ||||||
Disposals
|
| | | | (16) | | | | | | | | | | | | | | | | | | — | | | | | | (16) | | | | | | ||||||
Transfers
|
| | | | — | | | | | | 1,261 | | | | | | (1,261) | | | | | | — | | | | | | — | | | | | | ||||||
Balance as of December 31, 2020
|
| | | | 9,732 | | | | | | 13,351 | | | | | | 115 | | | | | | 14,570 | | | | | | 37,768 | | | | | | ||||||
Amortization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Balance as of January 1, 2019
|
| | |
|
(6,786)
|
| | | |
|
(7,583)
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
(14,369)
|
| | | | | ||||||
Effect of movements in exchange rates
|
| | | | (165) | | | | | | — | | | | | | — | | | | | | — | | | | | | (165) | | | | | | ||||||
Investment spin-off
|
| | | | 37 | | | | | | — | | | | | | — | | | | | | — | | | | | | 37 | | | | | | ||||||
Amortization
|
| | | | (874) | | | | | | (1,903) | | | | | | — | | | | | | — | | | | | | (2,777) | | | | | | ||||||
Disposals
|
| | | | 131 | | | | | | — | | | | | | — | | | | | | — | | | | | | 131 | | | | | | ||||||
Balance as of December 31, 2019
|
| | | | (7,657) | | | | | | (9,486) | | | | | | — | | | | | | — | | | | | | (17,143) | | | | | | ||||||
Effect of movements in exchange rates
|
| | | | (298) | | | | | | | | | | | | | | | | | | | | | | | | (298) | | | | | | | | | | | |
Amortization
|
| | | | (697) | | | | | | (1,480) | | | | | | | | | | | | | | | | | | (2,177) | | | | | | ||||||
Disposals
|
| | | | 16 | | | | | | — | | | | | | — | | | | | | — | | | | | | 16 | | | | | | ||||||
Balance as of December 31, 2020
|
| | | | (8,636) | | | | | | (10,966) | | | | | | — | | | | | | — | | | | | | (19,602) | | | | | | ||||||
Balance at: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
December 31, 2019
|
| | | | 1,572 | | | | | | 1,958 | | | | | | 445 | | | | | | 14,570 | | | | | | 18,545 | | | | | | ||||||
December 31, 2020
|
| | | | 1,096 | | | | | | 2,385 | | | | | | 115 | | | | | | 14,570 | | | | | | 18,166 | | | | | |
| | |
2020
|
| |
2019
|
| ||||||
Discount rate – before tax
|
| | | | 12.54% | | | | | | 14.66% | | |
Discount rate – after tax
|
| | | | 12.38% | | | | | | 14.37% | | |
Budgeted EBITDA growth rate (average for the next five years)
|
| | | | 20% | | | | | | 19% | | |
Terminal value growth rate:
|
| | | | 3.5% | | | | | | 4% | | |
| | |
2020
|
| |
2019
|
| ||||||
Properties
|
| | | | 66,459 | | | | | | 70,890 | | |
Vehicles
|
| | | | 2,809 | | | | | | 2,228 | | |
IT equipment
|
| | | | 497 | | | | | | 780 | | |
Total | | | | | 69,765 | | | | | | 73,898 | | |
| | |
Properties
|
| |
Vehicles
|
| |
IT equipment
|
| |
Total
|
| ||||||||||||
Cost: | | | | | | | | | | | | | | | | | | | | | | | | | |
Initial adoption on January 1, 2019
|
| | | | 77,872 | | | | | | 2,902 | | | | | | — | | | | | | 80,774 | | |
Foreign currency difference(1)
|
| | | | 1,119 | | | | | | — | | | | | | — | | | | | | 1,119 | | |
Additions
|
| | | | 5,517 | | | | | | 311 | | | | | | 851 | | | | | | 6,679 | | |
Derecognition of right-of-use assets
|
| | | | (184) | | | | | | — | | | | | | — | | | | | | (184) | | |
Balance on December 31, 2019
|
| | | | 84,324 | | | | | | 3,213 | | | | | | 851 | | | | | | 88,388 | | |
Foreign currency difference
|
| | | | 8,370 | | | | | | 10 | | | | | | — | | | | | | 8,380 | | |
Additions
|
| | | | 14,305 | | | | | | 2,503 | | | | | | — | | | | | | 16,808 | | |
Derecognition of right-of-use assets
|
| | | | (18,450) | | | | | | (718) | | | | | | — | | | | | | (19,168) | | |
Balance at December 31, 2020
|
| | | | 88,549 | | | | | | 5,008 | | | | | | 851 | | | | | | 94,408 | | |
Depreciation: | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2019
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Foreign currency difference
|
| | | | (32) | | | | | | — | | | | | | — | | | | | | (32) | | |
Depreciation
|
| | | | (13,402) | | | | | | (985) | | | | | | (71) | | | | | | (14,458) | | |
Balance at December 31, 2019
|
| | | | (13,434) | | | | | | (985) | | | | | | (71) | | | | | | (14,490) | | |
Foreign currency difference
|
| | | | (979) | | | | | | (9) | | | | | | | | | | | | (988) | | |
Depreciation
|
| | | | (15,320) | | | | | | (1,609) | | | | | | (283) | | | | | | (17,212) | | |
Derecognition of right-of-use assets
|
| | | | 7,643 | | | | | | 404 | | | | | | — | | | | | | 8,047 | | |
Balance at December 31, 2020
|
| | | | 22,090 | | | | | | (2,199) | | | | | | (354) | | | | | | (24,643) | | |
Net balance at: | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2019
|
| | | | 70,890 | | | | | | 2,228 | | | | | | 780 | | | | | | 73,898 | | |
December 31, 2020
|
| | | | 66,459 | | | | | | 2,809 | | | | | | 497 | | | | | | 69,765 | | |
| | |
Average discount rate (per year)
|
| |
2020
|
| |
2019
|
| ||||||
Properties
|
| |
7.56% (2019, 9.30)%
|
| | | | 71,765 | | | | | | 74,255 | | |
Vehicles
|
| |
12.69% (2019, 12.87)%
|
| | | | 2,940 | | | | | | 2,350 | | |
IT equipment
|
| |
7.70% (2019, 7.70)%
|
| | | | 523 | | | | | | 788 | | |
Total | | | | | | | | 75,228 | | | | | | 77,393 | | |
Current
|
| | | | | | | 14,569 | | | | | | 14,021 | | |
Non-current
|
| | | | | | | 60,659 | | | | | | 63,372 | | |
| | | | | | | | 75,228 | | | | | | 77,393 | | |
| | |
Currency
|
| |
Average interest rate per year
(%) |
| |
Year of
maturity |
| |
2020
|
| |
2019
|
| ||||||
Itaú(ii) | | | USD | | | 4.82% pa | | |
2022
|
| | | | 5,936 | | | | | | 7,505 | | |
BNDES(i) | | | BRL | | |
TJLP + 2.32% / SELIC + 2.8%
|
| |
2020
|
| | | | — | | | | | | 20,105 | | |
Santander Bank S/A
|
| | BRL | | | 12.87% pa | | |
2021
|
| | | | 33 | | | | | | 62 | | |
Bradesco(ii) | | | BRL | | | CDI + 3.57% / CDI + 1.10% | | |
2021 – 2023
|
| | | | 52,081 | | | | | | — | | |
Banco do Brasil(iii)
|
| | USD | | | 3.05% | | |
2021
|
| | | | 20,748 | | | | | | — | | |
HSBC – CI&T Inc.
|
| | USD | | | Prime rate + 1% | | |
2021
|
| | | | 10,432 | | | | | | 177 | | |
Total | | | | | | | | | | | | | | 89,230 | | | | | | 27,849 | | |
| | |
2020
|
| |
2019
|
| ||||||
Current
|
| | | | 75,377 | | | | | | 23,166 | | |
Non-current
|
| | | | 13,853 | | | | | | 4,683 | | |
Total
|
| | |
|
89,230
|
| | | |
|
27,849
|
| |
|
2022
|
| | | | 12,132 | | |
|
2023
|
| | | | 1,721 | | |
|
Non-current liabilities
|
| | | | 13,853 | | |
| | |
2020
|
| |||||||||||||||||||||
|
Liabilities
|
| |
Net equity
|
| |
Total
|
| |||||||||||||||||
|
Loans and
financing |
| |
Leases
(Note 12.b) |
| |
Reserves
|
| |||||||||||||||||
Balance as of January 1st, 2020
|
| | | | 27,849 | | | | | | 77,393 | | | | | | 36,937 | | | | | | 142,179 | | |
Financing cash flow variations | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and borrowings
|
| | | | 144,269 | | | | | | — | | | | | | — | | | | | | 144,269 | | |
Loan and borrowings payments, and lease payments
|
| | | | (88,107) | | | | | | (15,500) | | | | | | — | | | | | | (103,607) | | |
Interest on own capital
|
| | | | — | | | | | | — | | | | | | (4,276) | | | | | | (4,276) | | |
Dividends paid
|
| | | | — | | | | | | — | | | | | | (30,977) | | | | | | (30,977) | | |
Total changes in financing cash flows
|
| | | | 56,162 | | | | | | (15,500) | | | | | | (35,253) | | | | | | 5,409 | | |
Effect of changes in exchange rates
|
| | | | 1,310 | | | | | | 7,657 | | | | | | — | | | | | | 8,967 | | |
Other changes – related to liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
New leases
|
| | | | — | | | | | | 16,715 | | | | | | — | | | | | | 16,715 | | |
Interest expense
|
| | | | 5,281 | | | | | | 5,023 | | | | | | — | | | | | | 10,304 | | |
Interest paid
|
| | | | (3,880) | | | | | | (5,023) | | | | | | — | | | | | | (8,903) | | |
Other borrowing costs
|
| | | | 2,508 | | | | | | — | | | | | | — | | | | | | 2,508 | | |
Lease write-offs
|
| | | | — | | | | | | (11,037) | | | | | | — | | | | | | (11,037) | | |
Total other changes related to liabilities
|
| | | | 3,909 | | | | | | 5,678 | | | | | | — | | | | | | 9,587 | | |
Total other changes related to equity
|
| | | | — | | | | | | — | | | | | | 114,388 | | | | | | 114,388 | | |
Balance as of December 31, 2020
|
| | | | 89,230 | | | | | | 75,228 | | | | | | 116,072 | | | | | | 280,530 | | |
| | |
2019
|
| |||||||||||||||||||||
| | |
Liabilities
|
| |
Net equity
|
| |
Total
|
| |||||||||||||||
| | |
Loans and
financing |
| |
Leases
(Note 12.b) |
| |
Reserves
|
| |||||||||||||||
Balance as of January 1, 2019
|
| | | | 42,288 | | | | | | 81,893 | | | | | | 85,330 | | | | | | 209,511 | | |
Financing cash flow variations | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and borrowings
|
| | | | 8,179 | | | | | | — | | | | | | — | | | | | | 8,179 | | |
Loan and borrowings payments, and lease payments
|
| | | | (24,161) | | | | | | (10,949) | | | | | | — | | | | | | (35,110) | | |
Interest on own capital
|
| | | | — | | | | | | — | | | | | | (2,676) | | | | | | (2,676) | | |
Dividends paid
|
| | | | — | | | | | | — | | | | | | (40,059) | | | | | | (40,059) | | |
Total changes in financing cash flows
|
| | | | (15,982) | | | | | | (10,949) | | | | | | (42,735) | | | | | | (69,666) | | |
Effect of changes in exchange rates
|
| | | | 484 | | | | | | (53) | | | | | | — | | | | | | 431 | | |
Other changes – related to liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital increase (Note 18.a)
|
| | | | — | | | | | | — | | | | | | (43,500) | | | | | | (43,500) | | |
Partial spin-off (Note 1.a)
|
| | | | — | | | | | | — | | | | | | 213 | | | | | | 213 | | |
New leases
|
| | | | — | | | | | | 6,496 | | | | | | — | | | | | | 6,496 | | |
Interest expense
|
| | | | 1,928 | | | | | | 6,135 | | | | | | — | | | | | | 8,063 | | |
Interest paid
|
| | | | (1,912) | | | | | | (6,129) | | | | | | — | | | | | | (8,041) | | |
Other borrowing costs
|
| | | | 1,043 | | | | | | — | | | | | | — | | | | | | 1,043 | | |
Total other changes related to liabilities
|
| | | | 1,059 | | | | | | 6,502 | | | | | | (43,287) | | | | | | (35,726) | | |
Total other changes related to equity
|
| | | | — | | | | | | — | | | | | | 37,629 | | | | | | 37,629 | | |
Balance at December 31, 2019
|
| | | | 27,849 | | | | | | 77,393 | | | | | | 36,937 | | | | | | 142,179 | | |
| | |
2020
|
| |
2019
|
| ||||||
Accrued vacation and charges
|
| | | | 50,064 | | | | | | 33,983 | | |
Bonus
|
| | | | 52,312 | | | | | | 26,015 | | |
Salaries
|
| | | | 15,258 | | | | | | 10,311 | | |
Withholding income tax
|
| | | | 10,604 | | | | | | 7,519 | | |
Social Security tax
|
| | | | 5,929 | | | | | | 4,051 | | |
Others
|
| | | | 7,627 | | | | | | 6,029 | | |
| | | | | 141,794 | | | | | | 87,908 | | |
| | |
Balance as of
January 1, 2019 |
| |
Provisions made
during the year |
| |
Reversal
|
| |
Balance as of
December 31, 2019 |
| |
Provisions made
during the year |
| |
Reversal
|
| |
Balance as of
December 31, 2020 |
| |||||||||||||||||||||
Tax
|
| | | | 9 | | | | | | 1 | | | | | | — | | | | | | 10 | | | | | | 1 | | | | | | — | | | | | | 11 | | |
Labor
|
| | | | 141 | | | | | | 73 | | | | | | (51) | | | | | | 163 | | | | | | 12 | | | | | | (25) | | | | | | 150 | | |
Total Provisions
|
| | | | 150 | | | | | | 74 | | | | | | (51) | | | | | | 173 | | | | | | 13 | | | | | | (25) | | | | | | 161 | | |
| | |
Equity-settled
|
| |||
Characteristics of the plans: | | | | | | | |
Grant date
|
| | | | 04/01/2020 | | |
Exercise Period:
|
| | | | 6.8 years(i) | | |
Exercise
|
| | | | —(i) | | |
Limit date
|
| | | | 01/01/2027(i) | | |
Activity of stock option number | | | | | | | |
(+) Total number of granted options
|
| | | | 57,830 | | |
(-) Number of options not exercised
|
| | | | 57,830(i) | | |
(=) Number of outstanding options on 12/31/2020
|
| | | | 57,830 | | |
(=) Number of exercisable options on 12/31/2020
|
| | | | — | | |
Inputs used in the measurement | | | | | | | |
Exercise price (in reais)
|
| | | | 653.21(ii) | | |
Share price on the grant date (in reais)
|
| | | | 528.78(v) | | |
Volatility (% a.a)
|
| | | | 24.19(iv) | | |
Interest rate (% a.a.)
|
| | | | 1.53% | | |
Option value (in reais)
|
| | | | 32.75(iii) | | |
Remaining average term (expected lifetime)
|
| | | | 3.7 years(vi) | | |
Effects on income for the year:
|
| | | | | | |
Total expense attributed to the granting of options (R$)
|
| | | | 1,895 | | |
Expenses incurred until December 31, 2020 (R$)
|
| | | | | | |
Expenses to incur
|
| | | | 1,753 | | |
Program attributes:
|
| |
Payable in cash
|
| |||
Granting date
|
| | | | 04/01/2020 | | |
Exercise Period:
|
| | | | 6.8 years(i) | | |
Exercise Date
|
| | | | —(i) | | |
Limit date for exercising the options
|
| | | | 01/01/2027(i) | | |
Total number of options granted
|
| | | | 1,024 | | |
Liabilities carrying amount as of December 31, 2020
|
| | | | 41 | | |
| | |
Effects on
capital reserve |
| |
Effects on the
retained earnings |
| |
Total
shareholders’ equity |
| |||||||||
Expense recognized in profit or loss (previous years)
|
| | | | 1,525 | | | | | | — | | | | | | 1,525 | | |
Expenses recognized in profit or loss of 2019
|
| | | | 1,677 | | | | | | — | | | | | | 1,677 | | |
Expenses recognized in profit or loss
|
| | |
|
3,202
|
| | | |
|
—
|
| | | |
|
3,202
|
| |
Options cancelation
|
| | | | (3.202) | | | | | | (26,004) | | | | | | 29,206 | | |
| | |
2019
|
| |||||||||
|
Outstanding
options |
| |
Average exercise
price per option — R$ |
| ||||||||
‘Granted 2013
|
| | | | 86,454 | | | | | | 180.92 | | |
‘Granted 2014
|
| | | | 8,500 | | | | | | 171.77 | | |
‘Granted 2017
|
| | | | 11,067 | | | | | | 328.04 | | |
Balance at beginning of the fiscal year of 2019
|
| | |
|
106,021
|
| | | | | — | | |
Canceled options – number of shares
|
| | | | (106,021) | | | | | | — | | |
Balance at the end of the fiscal year of 2019
|
| | | | — | | | | | | — | | |
| | |
2020
|
| |
2019
|
| ||||||
Plan in force: | | | | | | | | | | | | | |
Equity settled
|
| | | | 142 | | | | | | — | | |
Cash settled
|
| | | | 41 | | | | | | — | | |
Canceled plan
|
| | | | — | | | | | | 1,677 | | |
Shares granted to executives’ officers
|
| | | | 759 | | | | | | 1,493 | | |
Expenses recognized in profit or loss
|
| | | | 942 | | | | | | 3,170 | | |
Other effects in shareholders’ equity
|
| | | | 1,751 | | | | | | — | | |
Total
|
| | | | 2,693 | | | | | | 3,170 | | |
(-) Effect of cash settled
|
| | | | (41) | | | | | | — | | |
Total shareholders’ equity
|
| | | | 2,652 | | | | | | 3,170 | | |
Shareholders
|
| |
Participation
Ordinary shares |
| |||
Hoshin Empreendimentos S.A.
|
| | | | 42.3% | | |
BGN Participações – Eireli
|
| | | | 13.2% | | |
Cesar Nivaldo Gon
|
| | | | 20.1% | | |
Fernando Matt Borges Martins
|
| | | | 19.6% | | |
Minority
|
| | | | 4.8% | | |
| | |
2020
|
| |
2019
|
| ||||||
Legal reserve
|
| | | | 13,793 | | | | | | 8,846 | | |
Earning retention reserves
|
| | | | 95,515 | | | | | | 23,979 | | |
Total retained earning
|
| | | | 109,308 | | | | | | 32,825 | | |
| | |
2020
|
| |
2019
|
| ||||||
Net profit for the fiscal year
|
| | | | 127,654 | | | | | | 56,534 | | |
Legal reserve
|
| | | | (4,947) | | | | | | (2,826) | | |
Net income – after legal reserve
|
| | | | 122,707 | | | | | | 53,708 | | |
Mandatory minimum dividend
|
| | | | 30,677 | | | | | | 14,714 | | |
| | |
1st January
2019 |
| |
Additions
|
| |
Payments
|
| |
Reversal
|
| |
December 31,
2019 |
| |
Additions
|
| |
Tax
withholding income |
| |
Payments
|
| |
December 31,
2020 |
| |||||||||||||||||||||||||||
Dividends
|
| | | | 13,803 | | | | | | 41,281 | | | | | | (40,059) | | | | | | (311) | | | | | | 14,714 | | | | | | 46,940 | | | | | | — | | | | | | (30,977) | | | | | | 30,677 | | |
Interest on company capital
|
| | | | 2,676 | | | | | | — | | | | | | (2,676) | | | | | | — | | | | | | — | | | | | | 4,276 | | | | | | (641) | | | | | | (3,635) | | | | | | — | | |
| | | | | 16,479 | | | | | | 41,281 | | | | | | (42,735) | | | | | | (311) | | | | | | 14,714 | | | | | | 51,216 | | | | | | (641) | | | | | | (34,612) | | | | | | 30,677 | | |
| | |
2020
|
| |
2019
|
| ||||||
Software development revenue
|
| | | | 891,012 | | | | | | 597,457 | | |
Software maintenance revenue
|
| | | | 31,133 | | | | | | 37,634 | | |
Revenue from software license agent
|
| | | | 2,413 | | | | | | 7,005 | | |
Consulting revenue
|
| | | | 28,601 | | | | | | 25,942 | | |
Other revenue
|
| | | | 3,360 | | | | | | 9,095 | | |
Total Net revenue
|
| | | | 956,519 | | | | | | 677,133 | | |
By Industry Vertical
|
| |
2020
|
| |
2019
|
| ||||||
Financial Services
|
| | | | 324,117 | | | | | | 231,813 | | |
Food and Beverages
|
| | | | 244,590 | | | | | | 116,911 | | |
Pharmaceuticals and Cosmetics
|
| | | | 134,763 | | | | | | 85,410 | | |
Retail and Manufacturing
|
| | | | 83,046 | | | | | | 65,130 | | |
Technology, Media and Telecom
|
| | | | 81,961 | | | | | | 92,113 | | |
Education and Services
|
| | | | 41,323 | | | | | | 21,042 | | |
Others
|
| | | | 46,719 | | | | | | 64,714 | | |
Total Net revenue
|
| | | | 956,519 | | | | | | 677,133 | | |
|
Type of service
|
| |
Nature and timing of performance
obligations |
| |
Revenue recognition in accordance
with IFRS 15 |
|
|
Services provision:
– software development; – software maintenance; – consulting. |
| |
The Company has determined that the customer controls all work in progress as the services are provided. This is because, according to these contracts, services are provided according to the client’s specifications and, if a contract is terminated by the client, the Company will be entitled to reimbursement of the costs incurred to date, including a reasonable margin.
Invoices are issued in accordance with contractual terms and are usually paid in average within 70 days. Unbilled amounts are presented as contract assets.
|
| | The associated revenue and costs are recognized over time. The progress of the performance obligation is measured based on the hours incurred. | |
| Software License Agency | | |
The Company acts as an agent in software license agreements between the developer and the customer.
Invoices (related to agency fees) are issued in accordance with the contractual terms and are generally paid in average within 45 days.
|
| | Revenue related to fees as agent is recognized when contracts are entered into. | |
| | |
2020
|
| |
2019
|
| ||||||
Local market
|
| | | | 35,364 | | | | | | 26,575 | | |
Foreign market
|
| | | | 15,936 | | | | | | 10,723 | | |
(-) Expected credit losses from contract assets
|
| | | | (675) | | | | | | (805) | | |
Total | | | | | 50,625 | | | | | | 36,493 | | |
|
Balance at January 1, 2019
|
| | | | (209) | | |
|
Provision (Reversal)
|
| | | | (1,039) | | |
|
Spin-off investment
|
| | | | 430 | | |
|
Effect of movements in exchange rates
|
| | | | 13 | | |
|
Balance as of December 31, 2019
|
| | | | (805) | | |
|
Reversal (Provision)
|
| | | | 218 | | |
|
Effect of movements in exchange rates
|
| | | | (88) | | |
|
Balance as of December 31, 2020
|
| | | | (675) | | |
| | |
2020
|
| |
2019
|
| ||||||
Employee expenses(a)
|
| | | | (629,545) | | | | | | (457,071) | | |
Third-party services and other inputs(b)
|
| | | | (55,835) | | | | | | (37,037) | | |
Short-term leases(c)
|
| | | | (4,669) | | | | | | (4,165) | | |
Travel expenses
|
| | | | (8,656) | | | | | | (25,891) | | |
Depreciation and amortization(d)
|
| | | | (29,882) | | | | | | (25,577) | | |
Expected credit loss
|
| | | | (196) | | | | | | (1,091) | | |
Indemnity (note 17.b)
|
| | | | 18 | | | | | | (14,891) | | |
Other costs and expenses(e)
|
| | | | (19,510) | | | | | | (19,701) | | |
| | | | | (748,275) | | | | | | (585,434) | | |
Disclosed as: | | | | | | | | | | | | | |
Costs of services provided
|
| | | | (600,866) | | | | | | (448,979) | | |
Selling expenses
|
| | | | (65,093) | | | | | | (44,802) | | |
General and administrative expenses
|
| | | | (81,161) | | | | | | (81,197) | | |
Research and technological innovation expenses
|
| | | | (3,462) | | | | | | (12,093) | | |
Impairment loss on trade receivables and contract assets
|
| | | | (196) | | | | | | (1,091) | | |
Other income (expenses) net
|
| | | | 2,503 | | | | | | 2,728 | | |
| | | | | (748,275) | | | | | | (585,434) | | |
| | |
2020
|
| |
2019
|
| ||||||
Finance income: | | | | | | | | | | | | | |
Income from financial investments
|
| | | | 2,626 | | | | | | 2,372 | | |
Foreign-exchange gain
|
| | | | 28,135 | | | | | | 12,489 | | |
Gains on derivatives
|
| | | | 16,652 | | | | | | 8,775 | | |
Interest received
|
| | | | 170 | | | | | | 43 | | |
Other finance income
|
| | | | 225 | | | | | | 265 | | |
| | | | | 47,808 | | | | | | 23,944 | | |
Finance costs: | | | | | | | | | | | | | |
Exchange variation loss
|
| | | | (20,080) | | | | | | (11,254) | | |
Loss on derivatives
|
| | | | (31,575) | | | | | | (8,802) | | |
Interest and charges on loans and leases (note 13)
|
| | | | (10,304) | | | | | | (8,063) | | |
Interest and charges on loan with related parties
|
| | | | (15) | | | | | | — | | |
Bank guarantee expenses
|
| | | | (17) | | | | | | (263) | | |
Other finance costs
|
| | | | (1,270) | | | | | | (1,473) | | |
| | | | | (63,261) | | | | | | (29,855) | | |
Total | | | | | (15,453) | | | | | | (5,911) | | |
| | |
2020
|
| |
2019
|
| ||||||
Current income tax and social security contribution
|
| | | | (66,912) | | | | | | (39,457) | | |
Deferred income tax
|
| | | | 1,775 | | | | | | 10,238 | | |
Income tax and social contributions
|
| | | | (65,137) | | | | | | (29,219) | | |
| | |
2020
|
| |
2019
|
| ||||||
Profit before income tax and social contribution
|
| | | | 192,791 | | | | | | 85,788 | | |
Combined income tax and social contribution rate
|
| | | | 34% | | | | | | 34% | | |
Tax using the Company’s domestic tax rate
|
| | | | (65,549) | | | | | | (29,168) | | |
Interest on own capital
|
| | | | 1,469 | | | | | | — | | |
Expected income tax expense and interest on own capital
|
| | |
|
(64,080)
|
| | | |
|
(29,168)
|
| |
Tax incentives
|
| | | | 219 | | | | | | 346 | | |
Other permanent additions
|
| | | | (1,276) | | | | | | (397) | | |
Income Tax and Social Contribution Expenses
|
| | | | (65,137) | | | | | | (29,219) | | |
Current
|
| | | | (66,912) | | | | | | (39,457) | | |
Deferred
|
| | | | 1,775 | | | | | | 10,238 | | |
| | | | | (65,137) | | | | | | (29,219) | | |
Effective rate
|
| | | | 34% | | | | | | 34% | | |
| | |
2020
|
| |
2019
|
| ||||||
Cancellation of the stock option plan
|
| | | | — | | | | | | 6,244 | | |
Stock option plan compensation
|
| | | | 45 | | | | | | — | | |
Total | | | | | 45 | | | | | | 6,244 | | |
Current
|
| | | | 8,698 | | | | | | (2,556) | | |
Deferred
|
| | | | (8,653) | | | | | | 8,800 | | |
Total taxes recognized in equity
|
| | | | 45 | | | | | | 6,244 | | |
2020
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Net
balance at January 1st |
| |
Recognition
in equity |
| |
Recognition in
profit or loss |
| |
Other
|
| |
Exchange
variation effect |
| |
Net
amount |
| |
Deferred
tax asset |
| |
Deferred
tax liabilities |
| ||||||||||||||||||||||||
Provisions
|
| | | | 1,597 | | | | | | — | | | | | | 107 | | | | | | — | | | | | | 334 | | | | | | 2,038 | | | | | | 2,075 | | | | | | (37) | | |
Salaries and welfare charges
|
| | | | 10,122 | | | | | | — | | | | | | 7,236 | | | | | | — | | | | | | 1,090 | | | | | | 18,447 | | | | | | 18,447 | | | | | | — | | |
Lease
|
| | | | 1,583 | | | | | | — | | | | | | 486 | | | | | | — | | | | | | 98 | | | | | | 2,168 | | | | | | 2,168 | | | | | | — | | |
Other items
|
| | | | (2,435) | | | | | | — | | | | | | (1,119) | | | | | | (4,956) | | | | | | (119) | | | | | | (8,629) | | | | | | 66 | | | | | | (8,695) | | |
Indemnity on stock options
plan |
| | | | 13,304 | | | | | | (8,653) | | | | | | (4,757) | | | | | | — | | | | | | 321 | | | | | | 214 | | | | | | 214 | | | | | | — | | |
tax loss carry amount
|
| | | | 806 | | | | | | — | | | | | | (178) | | | | | | — | | | | | | 286 | | | | | | 914 | | | | | | 914 | | | | | | — | | |
Net tax liability (assets)
|
| | |
|
24,977
|
| | | |
|
(8,653)
|
| | | |
|
1,775
|
| | | |
|
(4,956)
|
| | | |
|
2,009
|
| | | |
|
15,152
|
| | | |
|
23,884
|
| | | |
|
(8,732)
|
| |
2019
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Net
balance as of January 1st |
| |
Recognition
in Equity |
| |
Recognition in
profit or loss |
| |
Other
|
| |
Exchange
variation effect |
| |
Net
amount |
| |
Deferred
tax asset |
| |
Deferred
tax liabilities |
| ||||||||||||||||||||||||
Provisions
|
| | | | 1,653 | | | | | | — | | | | | | 350 | | | | | | — | | | | | | (406) | | | | | | 1,597 | | | | | | 1,597 | | | | | | — | | |
Salaries and welfare charges
|
| | | | 6,643 | | | | | | — | | | | | | 3,447 | | | | | | — | | | | | | 32 | | | | | | 10,122 | | | | | | 10,122 | | | | | | — | | |
Lease
|
| | | | — | | | | | | — | | | | | | 1,589 | | | | | | — | | | | | | (7) | | | | | | 1,583 | | | | | | 1,583 | | | | | | — | | |
Other items
|
| | | | (1,335) | | | | | | — | | | | | | (493) | | | | | | (611) | | | | | | 4 | | | | | | (2,435) | | | | | | 261 | | | | | | (2,696) | | |
Indemnity on stock options
plan |
| | | | — | | | | | | 8,800 | | | | | | 4,527 | | | | | | — | | | | | | (23) | | | | | | 13,304 | | | | | | 13,304 | | | | | | — | | |
tax loss carry amount
|
| | | | — | | | | | | — | | | | | | 818 | | | | | | — | | | | | | (11) | | | | | | 806 | | | | | | 806 | | | | | | — | | |
Net tax liability (assets)
|
| | | | 6,961 | | | | | | 8,800 | | | | | | 10,238 | | | | | | (611) | | | | | | (411) | | | | | | 24,977 | | | | | | 27,673 | | | | | | (2,696) | | |
| | |
2020
|
| |
2019
|
| ||||||
Numerator | | | | | | | | | | | | | |
Profit attributable to holders of ordinary shares
|
| | | | 127.654 | | | | | | 56.534 | | |
Denominator | | | | | | | | | | | | | |
Weighted average number of basic shares held by shareholders
|
| | | | 1.760.538 | | | | | | 1.795.055 | | |
Earnings per share – basic
|
| | | | 72.51 | | | | | | 31.49 | | |
Numerator | | | | | | | | | | | | | |
Profit attributable to holders of ordinary shares
|
| | | | 127,654 | | | | | | 56,534 | | |
Denominator | | | | | | | | | | | | | |
Weighted average number of diluted shares held by shareholders
|
| | | | 1,784,673 | | | | | | 1,795,055 | | |
Net earnings per share – diluted
|
| | | | 71.53 | | | | | | 31.49 | | |
| | |
2020
|
| |
2019
|
| ||||||
Weighted average ordinary shares (basic)
|
| | | | 1,760,538 | | | | | | 1,795,055 | | |
Effect of stock options when exercised
|
| | | | 24,135 | | | | | | — | | |
Weighted average number of ordinary shares
|
| | |
|
1,784,673
|
| | | |
|
1,795,055
|
| |
| | |
2020
|
| |||||||||||||||
|
Amortized
cost |
| |
Assets / liabilities
measured at FVTPL |
| |
Total
|
| |||||||||||
Financial assets | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 162,827 | | | | | | — | | | | | | 162,827 | | |
Trade receivables
|
| | | | 196,256 | | | | | | — | | | | | | 196,256 | | |
Contract assets
|
| | | | 50,625 | | | | | | — | | | | | | 50,625 | | |
Derivatives
|
| | | | | | | | | | 8,837 | | | | | | 8,837 | | |
Other receivables
|
| | | | 15,368 | | | | | | — | | | | | | 15,368 | | |
Total
|
| | |
|
425,076
|
| | | |
|
8,837
|
| | | |
|
433,913
|
| |
Financial liabilities | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 15,312 | | | | | | — | | | | | | 15,312 | | |
Loans and borrowings
|
| | | | 89,230 | | | | | | — | | | | | | 89,230 | | |
Lease liabilities
|
| | | | 75,228 | | | | | | | | | | | | 75,228 | | |
Derivatives
|
| | | | | | | | | | 5,392 | | | | | | 5,392 | | |
Contract liabilities
|
| | | | 9,987 | | | | | | — | | | | | | 9,987 | | |
Other payables
|
| | | | 8,856 | | | | | | — | | | | | | 8,856 | | |
Total
|
| | |
|
198,613
|
| | | |
|
5,392
|
| | | |
|
204,005
|
| |
| | |
2019
|
| |||||||||||||||
|
Amortized
cost |
| |
Assets / liabilities
measured at FVTPL |
| |
Total
|
| |||||||||||
Financial assets | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 79,500 | | | | | | — | | | | | | 79,500 | | |
Trade receivables
|
| | | | 128,184 | | | | | | — | | | | | | 128,184 | | |
Contract assets
|
| | | | 36,493 | | | | | | — | | | | | | 36,493 | | |
Derivatives
|
| | | | — | | | | | | 2,983 | | | | | | 2,983 | | |
Other receivables
|
| | | | 5,990 | | | | | | — | | | | | | 5,990 | | |
Total | | | | | 250,167 | | | | | | 2,983 | | | | | | 253,150 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 8,631 | | | | | | — | | | | | | 8,631 | | |
Loans and borrowings
|
| | | | 27,849 | | | | | | — | | | | | | 27,849 | | |
Derivatives
|
| | | | — | | | | | | 2,050 | | | | | | 2,050 | | |
Lease liabilities
|
| | | | 77,393 | | | | | | | | | | | | 77,393 | | |
Contract liabilities
|
| | | | 16,162 | | | | | | — | | | | | | 16,162 | | |
Other payables
|
| | | | 10,246 | | | | | | — | | | | | | 10,246 | | |
Total | | | | | 140,281 | | | | | | 2,050 | | | | | | 142,331 | | |
| | |
December, 2020
|
| |
December, 2019
|
| ||||||||||||||||||
|
USD
|
| |
Other
|
| |
USD
|
| |
Other
|
| ||||||||||||||
Suppliers
|
| | | | (3,057) | | | | | | (540) | | | | | | (1,905) | | | | | | (28) | | |
Trade receivables
|
| | | | 160,411 | | | | | | 3,855 | | | | | | 89,703 | | | | | | 3,341 | | |
Loans and borrowings
|
| | | | (37,116) | | | | | | — | | | | | | (7,682) | | | | | | — | | |
Derivatives
|
| | | | (1,321) | | | | | | | | | | | | (372) | | | | | | — | | |
Net exposure
|
| | | | 118,917 | | | | | | 3,315 | | | | | | 79,744 | | | | | | 3,313 | | |
Operation
|
| |
Risk
|
| |
Exposure
in R$ |
| |
Probable
scenario (I) |
| |
Adverse
Scenario (II) |
| |
Remote
Scenario (III) |
| ||||||||||||
Financial investments
|
| |
Interest Rate reduction
|
| | | | 103,187 | | | | | | 3.90% | | | | | | 2.93% | | | | | | 1.95% | | |
Income from financial investments
|
| | | | | | | | | | | | | 4,024 | | | | | | 3,023 | | | | | | 2,012 | | |
Effect on earnings (reduction)
|
| | | | | | | | | | | | | (1,961) | | | | | | (2,961) | | | | | | (3,973) | | |
Operation
|
| |
Risk
|
| |
Exposure
in R$ |
| |
Probable
scenario (I) |
| |
Adverse
Scenario (II) |
| |
Remote
Scenario (III) |
| ||||||||||||
Loans and borrowings
|
| |
Interest rate increase
|
| | | | 89,230 | | | | | | 3.90% | | | | | | 4.88% | | | | | | 5.85% | | |
Interest incurred
|
| | | | | | | | | | | | | 3,480 | | | | | | 4,354 | | | | | | 5.220 | | |
Effect on earnings (increase)
|
| | | | | | | | | | | | | 1,695 | | | | | | 2,570 | | | | | | 3,435 | | |
Operation
|
| |
Risk
|
| |
Probable
scenario (I) |
| |
Adverse
Scenario (II) |
| |
Remote
Scenario (III) |
| |||||||||
Net exchange variation on transactions
|
| |
Foreign currency appreciation
|
| | | | 5.6000 | | | | | | 7.0000 | | | | | | 8.4000 | | |
Exchange variation in the year
|
| | | | | | | 8,680 | | | | | | 10,850 | | | | | | 13,563 | | |
Effect on earnings (increase)
|
| | | | | | | 625 | | | | | | 2,795 | | | | | | 5,508 | | |
Operation
|
| |
Risk
|
| |
Exposure
in US $ |
| |
Probable
scenario (I) |
| |
Adverse
Scenario (II) |
| |
Remote
Scenario (III) |
| ||||||||||||
| | | | | | | | | | | | | | 5.6000 | | | | | | 7.0000 | | | | | | 8.4000 | | |
NDF
|
| |
Foreign currency appreciation
|
| | | | 3.900 | | | | | | (21,840) | | | | | | (27,300) | | | | | | (32,760) | | |
Options
|
| |
Foreign currency appreciation
|
| | | | 11.500 | | | | | | (64,400) | | | | | | (80,500) | | | | | | (96,600) | | |
Effect on earnings (increase)
|
| | | | | | | | | | | |
|
(3,289)
|
| | | |
|
(24,849)
|
| | | |
|
(46,409)
|
| |
| | |
2020
|
| |
2019
|
| ||||||
Hedge financial instruments (current and non-current)
|
| | | | 8,837 | | | | | | 2,983 | | |
Cash and cash equivalents
|
| | | | 162,827 | | | | | | 79,500 | | |
Trade receivables
|
| | | | 196,256 | | | | | | 128,184 | | |
Contract assets
|
| | | | 50,625 | | | | | | 36,493 | | |
Other receivables (current and non-current)
|
| | | | 15,368 | | | | | | 5,990 | | |
| | |
2020
|
| |||||||||||||||||||||||||||||||||
|
Carrying
amount |
| |
Cash
Contractual cash flow |
| |
6 months
or less |
| |
6 – 12
months |
| |
1 – 2
years |
| |
2 – 5
years |
| ||||||||||||||||||||
Non-derivative financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 15,312 | | | | | | 15,312 | | | | | | 15,312 | | | | | | — | | | | | | — | | | | | | — | | |
Loans and borrowings
|
| | | | 89,230 | | | | | | 111,779 | | | | | | 78,898 | | | | | | 7,313 | | | | | | 23,901 | | | | | | 1,667 | | |
Lease liabilities
|
| | | | 75,228 | | | | | | 93,242 | | | | | | 11,393 | | | | | | 10,470 | | | | | | 19,053 | | | | | | 52,326 | | |
Contract liabilities
|
| | | | 9,987 | | | | | | 9,987 | | | | | | 9,987 | | | | | | — | | | | | | — | | | | | | — | | |
Other payables (current and non-current)
|
| | | | 8,945 | | | | | | 8,945 | | | | | | 8,945 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 198,702 | | | | | | 239,265 | | | | | | 124,535 | | | | | | 17,783 | | | | | | 42,954 | | | | | | 53,993 | | |
| | |
2019
|
| |||||||||||||||||||||||||||||||||
|
Carrying
amount |
| |
Cash
Contractual cash flow |
| |
6 month
or less |
| |
6 – 12
months |
| |
1 – 2
years |
| |
2 – 5
years |
| ||||||||||||||||||||
Non-derivative financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 8,631 | | | | | | 8,631 | | | | | | 8,631 | | | | | | — | | | | | | — | | | | | | — | | |
Loans and borrowings
|
| | | | 27,849 | | | | | | 28,649 | | | | | | 28,649 | | | | | | — | | | | | | — | | | | | | — | | |
Lease liabilities
|
| | | | 77,393 | | | | | | 100,638 | | | | | | 11,769 | | | | | | 11,184 | | | | | | 20,954 | | | | | | 56,731 | | |
Contract liabilities
|
| | | | 16,162 | | | | | | 16,162 | | | | | | 16,162 | | | | | | — | | | | | | — | | | | | | — | | |
Other payables (current and non-current)
|
| | | | 10,246 | | | | | | 10,246 | | | | | | 10,246 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 140,281 | | | | | | 164,326 | | | | | | 75,457 | | | | | | 11,184 | | | | | | 20,954 | | | | | | 56,731 | | |
| | |
2019
|
| |||
Used
|
| | | | — | | |
Not used
|
| | | | 2,200 | | |
| | | | | 2,200 | | |
| | |
2020
|
| |
2019
|
| ||||||
Used
|
| | | | 89,197 | | | | | | 30,000 | | |
Not used
|
| | | | 61,521 | | | | | | 27,653 | | |
| | | | | 150,718 | | | | | | 57,653 | | |
Maturity
|
| |
2020
|
| |||||||||||||||||||||||||||
|
Nominal
Value (USD) |
| |
Contracted
rate |
| |
Amount in
R$ |
| |
Market
rate |
| |
Fair
value |
| |||||||||||||||||
June 15, /2021
|
| | | | (3,100) | | | | | | 5.4928 | | | | | | (17,064) | | | | | | 5.4763 | | | | | | 968 | | |
April 15, 2021
|
| | | | (800) | | | | | | 5.6345 | | | | | | (4,508) | | | | | | 5.1909 | | | | | | 353 | | |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,321 | | |
Maturity
|
| |
2019
|
| |||||||||||||||||||||||||||
|
Nominal
Value (USD) |
| |
Contracted
rate |
| |
Amount in
R$ |
| |
Market
rate |
| |
Fair
value |
| |||||||||||||||||
March 31, 2020
|
| | | | (1,900) | | | | | | 4.1276 | | | | | | (7,884) | | | | | | 4.1025 | | | | | | 233 | | |
April 15, 2020
|
| | | | (1,200) | | | | | | 4.1307 | | | | | | (4,959) | | | | | | 4.1053 | | | | | | 126 | | |
March 16, 2020
|
| | | | (200) | | | | | | 4.0941 | | | | | | (819) | | | | | | 4.0820 | | | | | | 13 | | |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 372 | | |
Maturity
|
| |
2020
|
| ||||||||||||||||||||||||
|
Nominal
Value (USD) |
| |
Type
|
| |
Stock
price |
| |
Gross
premium |
| |
Fair
value |
| ||||||||||||||
June 15, 2021
|
| | | | 1,800 | | | | “Call” Sale | | | | | 5.6770 | | | | | | 587 | | | | | | (12) | | |
December 15, 2021
|
| | | | 2,800 | | | | “Call” Sale | | | | | 5.5656 | | | | | | 786 | | | | | | (569) | | |
November 30, 2021
|
| | | | 6,900 | | | | “Call” Sale | | | | | 5.5116 | | | | | | 2,161 | | | | | | (1,277) | | |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | (1,858) | | |
June 15, 2021
|
| | | | 1,800 | | | |
“Put” Purchase
|
| | | | 5.4800 | | | | | | (587) | | | | | | 512 | | |
December 15, 2021
|
| | | | 2,800 | | | |
“Put” Purchase
|
| | | | 5.2425 | | | | | | (786) | | | | | | 862 | | |
November 30, 2021
|
| | | | 6,900 | | | |
“Put” Purchase
|
| | | | 5.3388 | | | | | | (2,161) | | | | | | 2,608 | | |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | 3,982 | | |
Maturity
|
| |
2019
|
| ||||||||||||||||||||||||
|
Nominal
Value (USD) |
| |
Type
|
| |
Stock
price |
| |
Gross
premium |
| |
Fair
value |
| ||||||||||||||
October 30,2020
|
| | | | 2,900 | | | | “Call” Sale | | | | | 4.0643 | | | | | | 412 | | | | | | (165) | | |
May 29, 2020
|
| | | | 400 | | | | “Call” Sale | | | | | 4.1600 | | | | | | 58 | | | | | | 15 | | |
September 30, 2020
|
| | | | 500 | | | | “Call” Sale | | | | | 4.1800 | | | | | | 45 | | | | | | (33) | | |
August 28, 2020
|
| | | | 6,800 | | | | “Call” Sale | | | | | 4.0071 | | | | | | 899 | | | | | | (453) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (636) | | |
October 30,2020
|
| | | | 2,900 | | | |
“Put” Purchase
|
| | | | 4.0643 | | | | | | (412) | | | | | | 367 | | |
May 29, 2020
|
| | | | 400 | | | |
“Put” Purchase
|
| | | | 4.1600 | | | | | | (58) | | | | | | 71 | | |
September 30, 2020
|
| | | | 500 | | | |
“Put” Purchase
|
| | | | 4.1800 | | | | | | (45) | | | | | | 104 | | |
August 28, 2020
|
| | | | 6,800 | | | |
“Put” Purchase
|
| | | | 4.0071 | | | | | | 899 | | | | | | 654 | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
1,196
|
| |
| | |
Carrying Amount
|
| |
Fair value
|
| ||||||||||||||||||
|
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||||
Level 2 | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivatives: | | | | | | | | | | | | | | | | | | | | | | | | | |
“Non-Deliverable Forward – NDF”
|
| | | | 1,321 | | | | | | 372 | | | | | | 1,321 | | | | | | 372 | | |
Call and put option term (“put” and “call”)
|
| | | | 2,124 | | | | | | 560 | | | | | | 2,124 | | | | | | 560 | | |
Total
|
| | |
|
3,445
|
| | | |
|
932
|
| | | |
|
3,445
|
| | | |
|
932
|
| |
| | |
2020
|
| |
2019
|
| ||||||
Deposits
|
| | | | 1,286 | | | | | | 1,027 | | |
Contractual Commitments
|
| | | | 648 | | | | | | 2,085 | | |
Insurance-guarantee
|
| | | | 10,102 | | | | | | 8,008 | | |
Total
|
| | |
|
12,036
|
| | | |
|
11,120
|
| |
| | |
2020
|
| |
2019
|
| ||||||
Less than 1 year
|
| | | | 10,271 | | | | | | 1,027 | | |
Between 1 and 2 years
|
| | | | 648 | | | | | | 2,085 | | |
More than 2 years ago
|
| | | | 1,117 | | | | | | 8,008 | | |
Total
|
| | |
|
12,036
|
| | | |
|
11,120
|
| |
| | |
2020
|
| |
2019
|
| ||||||
NAE (North America and Europe) | | | | | | | | | | | | | |
United States of America
|
| | | | 451,999 | | | | | | 284,321 | | |
United Kingdom
|
| | | | 19,764 | | | | | | 25,044 | | |
Subtotal
|
| | | | 471,763 | | | | | | 309,365 | | |
LATAM (Latin America) | | | | | | | | | | | | | |
Brazil
|
| | | | 435,987 | | | | | | 332,662 | | |
Subtotal
|
| | | | 435,987 | | | | | | 332,692 | | |
APJ (Asia, Pacific and Japan) | | | | | | | | | | | | | |
Japan
|
| | | | 29,402 | | | | | | 22,905 | | |
China
|
| | | | 17,962 | | | | | | 11,028 | | |
Other
|
| | | | 1,405 | | | | | | 1,173 | | |
Subtotal
|
| | | | 48,769 | | | | | | 35,106 | | |
TOTAL (Note 19)
|
| | | | 956,519 | | | | | | 677,133 | | |
| | |
2020
|
| |
2019
|
| ||||||
Top Client
|
| | | | 190,599 | | | | | | 97,248 | | |
Top Five Clients
|
| | | | 479,511 | | | | | | 289,142 | | |
Top Ten Clients
|
| | | | 644,722 | | | | | | 417,547 | | |
Top 20 Clients
|
| | | | 791,711 | | | | | | 536,091 | | |
| | |
2020
|
| |
2019
|
| ||||||
Brazil
|
| | | | 97,887 | | | | | | 93,016 | | |
Abroad: | | | | | | | | | | | | | |
United States of America
|
| | | | 36,010 | | | | | | 32,612 | | |
Japan
|
| | | | 398 | | | | | | 1,055 | | |
China
|
| | | | 776 | | | | | | 545 | | |
Canada
|
| | | | 196 | | | | | | — | | |
Other countries
|
| | | | 111 | | | | | | 2 | | |
| | | | | 135,378 | | | | | | 127,230 | | |
| | |
Note
|
| |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Assets | | | | | | | | | | | | | | | | |
Cash and cash equivalentes
|
| |
5
|
| | | | 857 | | | | | | 7,874 | | |
Trade receivables
|
| |
6
|
| | | | 26,506 | | | | | | 25,406 | | |
Contract assets
|
| |
13
|
| | | | 21,686 | | | | | | 12,168 | | |
Recoverable taxes
|
| | | | | | | 3,691 | | | | | | 3,250 | | |
Deferred expenses
|
| | | | | | | 1,719 | | | | | | 1,564 | | |
Other assets
|
| | | | | | | 1,983 | | | | | | 1,683 | | |
Loans to related party
|
| |
7
|
| | | | 18,810 | | | | | | — | | |
Total current assets
|
| | | | | | | 75,252 | | | | | | 51,945 | | |
Recoverables taxes
|
| | | | | | | 42 | | | | | | 180 | | |
Property, plant and equipment
|
| |
8
|
| | | | 8,612 | | | | | | 8,490 | | |
Intangible assets
|
| |
9
|
| | | | 83,855 | | | | | | 81,137 | | |
Right-of-use assets
|
| |
12
|
| | | | 5,745 | | | | | | 6,517 | | |
Total non-current assets
|
| | | | | | | 98,254 | | | | | | 96,324 | | |
Total assets
|
| | | | | | | 173,506 | | | | | | 148,629 | | |
Liabilities and equity | | | | | | | | | | | | | | | | |
Suppliers
|
| |
10
|
| | | | 2,850 | | | | | | 4,966 | | |
Lease liabilities
|
| |
12
|
| | | | 4,131 | | | | | | 2,405 | | |
Salaries and welfare charges
|
| |
11
|
| | | | 29,348 | | | | | | 19,552 | | |
Income tax and social contribution
|
| | | | | | | 12,253 | | | | | | 265 | | |
Other liabilities
|
| | | | | | | 373 | | | | | | 937 | | |
Accounts payable for business combination
|
| | | | | | | 5,416 | | | | | | 5,481 | | |
Contract liability
|
| | | | | | | 266 | | | | | | 3,208 | | |
Total current liabilities
|
| | | | | | | 54,637 | | | | | | 36,814 | | |
Deferred tax liabitlies
|
| | | | | | | 10,186 | | | | | | 182 | | |
Provisions
|
| |
18
|
| | | | 225 | | | | | | 225 | | |
Accounts payable for business combination
|
| | | | | | | 19,177 | | | | | | 19,177 | | |
Lease liabilities
|
| |
12
|
| | | | 2,262 | | | | | | 4,806 | | |
Total non-current liabilities
|
| | | | | | | 31,850 | | | | | | 24,390 | | |
Shareholder’s Equity/ Parent’s net investment | | | | | | | | | | | | | | | | |
Net investments
|
| | | | | | | — | | | | | | 87,065 | | |
Share capital
|
| | | | | | | 92,889 | | | | | | — | | |
Distributions to controlling shareholder
|
| | | | | | | (28,247) | | | | | | — | | |
Retained earnings
|
| | | | | | | 22,377 | | | | | | — | | |
Total equity/ parent’s net investment
|
| | | | | | | 87,019 | | | | | | 87,065 | | |
Total liabilities and parent’s net investment
|
| | | | | | | 173,506 | | | | | | 148,629 | | |
| | |
Note
|
| |
June 30,
2021 |
| |
June 30,
2020 |
| ||||||
Net revenue
|
| |
13
|
| | | | 137,823 | | | | | | 95,562 | | |
Costs of services provided
|
| |
14
|
| | | | (82,868) | | | | | | (52,939) | | |
Gross profit
|
| | | | | | | 54,955 | | | | | | 42,623 | | |
General and administrative expenses
|
| |
14
|
| | | | (15,387) | | | | | | (15,795) | | |
Commercial expenses
|
| |
14
|
| | | | (811) | | | | | | (795) | | |
Research and technological innovation expenses
|
| |
14
|
| | | | — | | | | | | (43) | | |
Impairment loss on trade receivables
|
| |
14
|
| | | | 92 | | | | | | (21) | | |
Other income (expenses) net
|
| |
14
|
| | | | (964) | | | | | | (95) | | |
Operating profit before financial income
|
| | | | | | | 37,885 | | | | | | 25,874 | | |
Finance income
|
| | | | | | | 201 | | | | | | 1,035 | | |
Finance cost
|
| | | | | | | (1,234) | | | | | | (762) | | |
Net finance (cost) income
|
| | | | | | | (1,033) | | | | | | 273 | | |
Profit before income tax
|
| | | | | | | 36,852 | | | | | | 26,147 | | |
Income tax expense | | | | | | | | | | | | | | | | |
Deferred
|
| |
15
|
| | | | (1,618) | | | | | | (559) | | |
Current
|
| |
15
|
| | | | (12,253) | | | | | | (7,996) | | |
Net profit for the period
|
| | | | | | | 22,981 | | | | | | 17,592 | | |
Other comprehensive income (OCI): | | | | | | | | | | | | | | | | |
Items that are or may be reclassified subsequently to profit or loss | | | | | | | | | | | | | | | | |
Exchange variation in foreign investments
|
| | | | | | | (604) | | | | | | (238) | | |
Total comprehensive income for the period
|
| | | | | | | 22,377 | | | | | | 17,354 | | |
Net profit for the period – Controlling shareholders
|
| | | | | | | 22,981 | | | | | | 17,592 | | |
Comprehensive income for the period – Controlling shareholders
|
| | | | | | | 22,377 | | | | | | 17,354 | | |
Non-controlling interests
|
| | | | | | | — | | | | | | — | | |
| | |
Parent’s net
investment |
| |
Share
capital |
| |
Distributions
to controlling shareholder |
| |
Retained
earnings |
| |
Total
Investment / Equity |
| |||||||||||||||
Balances as of December 31, 2019
|
| | |
|
78,699
|
| | | | | — | | | | | | — | | | | | | — | | | | |
|
78,699
|
| |
Net profit for the year
|
| | | | 17,592 | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,592 | | |
Net investment
|
| | | | (18,373) | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,373) | | |
Other comprehensive income
|
| | | | (238) | | | | | | — | | | | | | — | | | | | | — | | | | | | (238) | | |
Balances as of June 30, 2020
|
| | |
|
77,680
|
| | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | |
|
77,680
|
| |
Balances as of December 31, 2020
|
| | |
|
87,065
|
| | | | | — | | | | | | — | | | | | | — | | | | |
|
87,065
|
| |
Net profit for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | 22,981 | | | | | | 22,981 | | |
Changes in parent’s net investment, net
|
| | | | (87,065) | | | | | | 92,889 | | | | | | (28,247) | | | | | | — | | | | | | (22,423) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | (604) | | | | | | (604) | | |
Balances as of June 30, 2021
|
| | | | — | | | | | | 92,889 | | | | | | (28,247) | | | | | | 22,377 | | | | | | 87,019 | | |
| | |
Note
|
| |
June 30,
2021 |
| |
June 30,
2020 |
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | |
Net profit for the period
|
| | | | | |
|
22,981
|
| | | |
|
17,592
|
| |
Adjustments for: | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| |
8 and 9
|
| | | | 4,280 | | | | | | 3,803 | | |
Interest and exchange variation
|
| | | | | | | 12 | | | | | | (4) | | |
Impairment losses on trade receivables
|
| |
6
|
| | | | (92) | | | | | | 21 | | |
Deferred tax assets
|
| | | | | | | 1,618 | | | | | | 559 | | |
Income tax as social contribution
|
| | | | | | | 12,253 | | | | | | 7,996 | | |
Depreciation of right-of-use assets
|
| |
12
|
| | | | 1,378 | | | | | | 1,206 | | |
Interest on lease
|
| |
12
|
| | | | 390 | | | | | | 454 | | |
Change in operating assets and liabilities | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | | | | (1,020) | | | | | | 1,332 | | |
Contract assets
|
| | | | | | | (9,518) | | | | | | (10,822) | | |
Taxes recoverables
|
| | | | | | | (303) | | | | | | 529 | | |
Deferred expenses
|
| | | | | | | (156) | | | | | | (408) | | |
Other assets
|
| | | | | | | (299) | | | | | | (3,227) | | |
Suppliers
|
| | | | | | | (2,116) | | | | | | 1,237 | | |
Salaries and welfare charges
|
| | | | | | | 9,796 | | | | | | 7,801 | | |
Other liabilities
|
| | | | | | | (564) | | | | | | 182 | | |
Deferred revenue
|
| | | | | | | (2,942) | | | | | | (4,081) | | |
Cash generated from operating activities
|
| | | | | | | 35,698 | | | | | | 24,170 | | |
Income tax paid
|
| | | | | | | (265) | | | | | | (156) | | |
Interest paid on lease
|
| |
12
|
| | | | (435) | | | | | | (314) | | |
Net cash from operating activities
|
| | | | | | | 34,998 | | | | | | 23,700 | | |
Cash flows from investment activities | | | | | | | | | | | | | | | | |
Acquisition of property and equipment and intangible assets
|
| |
8 and 9
|
| | | | (7,122) | | | | | | (3,573) | | |
Net cash used in investment activities
|
| | | | | | | (7,122) | | | | | | (3,573) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | |
Net parent investment
|
| | | | | | | (14,101) | | | | | | (18,373) | | |
Loans to related party
|
| |
7
|
| | | | (18,810) | | | | | | — | | |
Payment of lease liabilities
|
| |
12
|
| | | | (1,378) | | | | | | (1,206) | | |
Net cash used in financing activities
|
| | | | | | | (34,289) | | | | | | (19,579) | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | | |
|
(6,413)
|
| | | |
|
548
|
| |
Cash and cash equivalents at the beginning of the period
|
| | | | | | | 7,874 | | | | | | 5,806 | | |
Exchange variation effect on cash and cash equivalents
|
| | | | | | | (604) | | | | | | (144) | | |
Cash and cash equivalents at the end of the period
|
| | | | | | | 857 | | | | | | 6,210 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Cash and cash equivalents
|
| | | | 675 | | | | | | 1,333 | | |
Financial investments
|
| | | | 182 | | | | | | 6,541 | | |
Total | | | | | 857 | | | | | | 7,874 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Trade receivables – Domestic market
|
| | | | 19,513 | | | | | | 19,998 | | |
Trade receivables – Foreign market
|
| | | | 7,095 | | | | | | 5,602 | | |
(-) Expected credit losses
|
| | | | (102) | | | | | | (194) | | |
Trade Receivables, net
|
| | | | 26,506 | | | | | | 25,406 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Not due
|
| | | | 18,689 | | | | | | 19,873 | | |
Overdue: | | | | | | | | | | | | | |
from 1 to 60 days
|
| | | | 2,668 | | | | | | 5,384 | | |
61 to 90 days
|
| | | | 2,624 | | | | | | 129 | | |
91 to 120 days
|
| | | | 268 | | | | | | — | | |
Over 120 days
|
| | | | 2,359 | | | | | | 214 | | |
| | | | | 26,608 | | | | | | 25,600 | | |
|
Balance as of December 31, 2019
|
| | | | (132) | | |
|
Provision
|
| | | | (21) | | |
|
Balance as of June 30, 2020
|
| | | | (153) | | |
|
Balance as of December 31, 2020
|
| | | | (194) | | |
|
Reversal
|
| | | | 92 | | |
|
Balance as of June 30, 2021
|
| | | | (102) | | |
Loans to related party
|
| |
2021
|
| |||
Prime Sistemas de Atendimento ao Consumidor Ltda(i)
|
| | | | 18,810 | | |
Loans to related party – Total
|
| | | | 18,810 | | |
| | |
June 30, 2021
(six-month period) |
| |
June 30, 2020
(six-month period) |
| ||||||
Net revenue(i) | | | | | | | | | | | | | |
Prime Sistemas de Atendimento ao Consumidor Ltda
|
| | | | 20,928 | | | | | | 13,103 | | |
Costs of services provided(ii) | | | | | | | | | | | | | |
Prime Sistemas de Atendimento ao Consumidor Ltda
|
| | | | (3,561) | | | | | | (4,069) | | |
General and administrative expenses(iii) | | | | | | | | | | | | | |
Prime Sistemas de Atendimento ao Consumidor Ltda.
|
| | | | (3,280) | | | | | | (2,090) | | |
| | |
December 31,
2019 |
| |
Additions
|
| |
June 30,
2020 |
| |
Additions
|
| |
Disposals
|
| |
December 31,
2020 |
| |
Additions
|
| |
June 30,
2021 |
| ||||||||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Installations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Computer equipment
|
| | | | 4,575 | | | | | | 457 | | | | | | 5,032 | | | | | | 2,660 | | | | | | — | | | | | | 7,692 | | | | | | 1,594 | | | | | | 9,286 | | |
Furniture and fixtures
|
| | | | 1,623 | | | | | | 67 | | | | | | 1,690 | | | | | | — | | | | | | — | | | | | | 1,690 | | | | | | — | | | | | | 1,690 | | |
Phone equipment
|
| | | | 219 | | | | | | 6 | | | | | | 225 | | | | | | 11 | | | | | | — | | | | | | 236 | | | | | | 14 | | | | | | 250 | | |
Vehicles
|
| | | | 152 | | | | | | — | | | | | | 152 | | | | | | — | | | | | | (140) | | | | | | 12 | | | | | | — | | | | | | 12 | | |
Data processing
equipment |
| | | | 412 | | | | | | 159 | | | | | | 571 | | | | | | 50 | | | | | | — | | | | | | 521 | | | | | | — | | | | | | 521 | | |
Leasehold improvements
|
| | | | 4,188 | | | | | | 187 | | | | | | 4,375 | | | | | | — | | | | | | — | | | | | | 4,375 | | | | | | — | | | | | | 4,375 | | |
Total cost
|
| | | | 11,169 | | | | | | 876 | | | | | | 12,045 | | | | | | 2,621 | | | | | | (140) | | | | | | 14,526 | | | | | | 1,608 | | | | | | 16,134 | | |
Depreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Installations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Computer equipment
|
| | | | (1,503) | | | | | | (416) | | | | | | (1,919) | | | | | | (470) | | | | | | — | | | | | | (2,389) | | | | | | (608) | | | | | | (2,997) | | |
Furniture and fixtures
|
| | | | (416) | | | | | | (115) | | | | | | (531) | | | | | | (132) | | | | | | — | | | | | | (663) | | | | | | (101) | | | | | | (764) | | |
Phone equipment
|
| | | | (55) | | | | | | (17) | | | | | | (72) | | | | | | (36) | | | | | | | | | | | | (108) | | | | | | (17) | | | | | | (125) | | |
Vehicles
|
| | | | — | | | | | | (12) | | | | | | (12) | | | | | | — | | | | | | | | | | | | (12) | | | | | | | | | | | | (12) | | |
Data processing equipment
|
| | | | — | | | | | | (33) | | | | | | (33) | | | | | | (65) | | | | | | — | | | | | | (98) | | | | | | (64) | | | | | | (162) | | |
Leasehold improvements
|
| | | | (1,578) | | | | | | (474) | | | | | | (2,052) | | | | | | (714) | | | | | | — | | | | | | (2,766) | | | | | | (696) | | | | | | (3,462) | | |
Total depreciation
|
| | | | (3,552) | | | | | | (1,067) | | | | | | (4,619) | | | | | | (1,417) | | | | | | — | | | | | | (6,036) | | | | | | (1,486) | | | | | | (7,522) | | |
Net fixed assets
|
| | | | 7,617 | | | | | | (191) | | | | | | 7,426 | | | | | | 1,204 | | | | | | (140) | | | | | | 8,490 | | | | | | 122 | | | | | | 8,612 | | |
Description
|
| |
Dec 31, 2019
|
| |
Additions
|
| |
Jun 30,
2020 |
| |
Additions
|
| |
Dec 31,
2020 |
| |
Additions
|
| |
Jun 30,
2021 |
| |||||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill(i) | | | | | 21,974 | | | | | | — | | | | | | 21,974 | | | | | | — | | | | | | 21,974 | | | | | | — | | | | | | 21,974 | | |
Brands and patents
|
| | | | 14,499 | | | | | | — | | | | | | 14,499 | | | | | | — | | | | | | 14,499 | | | | | | — | | | | | | 14,499 | | |
Customer portifolio
|
| | | | 33,477 | | | | | | — | | | | | | 33,477 | | | | | | — | | | | | | 33,477 | | | | | | — | | | | | | 33,477 | | |
Non-compete agreement
|
| | | | 2,795 | | | | | | — | | | | | | 2,795 | | | | | | — | | | | | | 2,795 | | | | | | 1,444 | | | | | | 4,239 | | |
Software
|
| | | | 638 | | | | | | — | | | | | | 638 | | | | | | 414 | | | | | | 1,052 | | | | | | 182 | | | | | | 1,234 | | |
Intangible in progress(ii)
|
| | | | 10,840 | | | | | | 2,697 | | | | | | 13,537 | | | | | | 4,209 | | | | | | 17,746 | | | | | | 3,888 | | | | | | 21,634 | | |
Total do custo
|
| | | | 84,222 | | | | | | 2,697 | | | | | | 86,919 | | | | | | 4,623 | | | | | | 91,544 | | | | | | 5,514 | | | | | | 97,057 | | |
Amortization | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Brands and patents
|
| | | | (1,397) | | | | | | (345) | | | | | | (1,742) | | | | | | (345) | | | | | | (2,086) | | | | | | (345) | | | | | | (2,431) | | |
Customer portifolio
|
| | | | (2,436) | | | | | | (1,940) | | | | | | (4,376) | | | | | | (1,940) | | | | | | (6,316) | | | | | | (1,940) | | | | | | (8,256) | | |
Non-compete agreement
|
| | | | (792) | | | | | | (280) | | | | | | (1,071) | | | | | | (280) | | | | | | (1,351) | | | | | | (280) | | | | | | (1,630) | | |
Software
|
| | | | (435) | | | | | | (171) | | | | | | (606) | | | | | | (48) | | | | | | (654) | | | | | | (229) | | | | | | (883) | | |
Intangible in progress
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total amortizations
|
| | | | (5,059) | | | | | | (2,736) | | | | | | (7,795) | | | | | | (2,613) | | | | | | (10,407) | | | | | | (2,794) | | | | | | (13,201) | | |
Net intangible assets
|
| | | | 79,163 | | | | | | (38) | | | | | | 79,124 | | | | | | 2,010 | | | | | | 81,137 | | | | | | 2,721 | | | | | | 83,855 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Local supplier
|
| | | | 715 | | | | | | 3,015 | | |
Foreign supplier
|
| | | | 2,135 | | | | | | 1,951 | | |
| | | | | 2,850 | | | | | | 4,996 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Accrued vacation and charges
|
| | | | 17,887 | | | | | | 14,203 | | |
Accrued (13th) Salary
|
| | | | 3,655 | | | | | | — | | |
Social Integration Program and Contribution to Social Security Financing
|
| | | | 1,382 | | | | | | 116 | | |
Social security charges
|
| | | | 5,536 | | | | | | 4,631 | | |
Withholding and billing taxes
|
| | | | 460 | | | | | | 385 | | |
Others
|
| | | | 428 | | | | | | 217 | | |
| | | | | 29,348 | | | | | | 19,552 | | |
| | |
Properties
|
| |||
Balance at December 31, 2019
|
| | | | 7,766 | | |
Depreciation
|
| | | | (1,206) | | |
Balance at June 30, 2020
|
| | | | 6,560 | | |
Balance at December 30, 2020
|
| | | | 6,517 | | |
New contracts
|
| | | | 606 | | |
Depreciation
|
| | | | (1,378) | | |
Balance at June 30, 2021
|
| | | | 5,745 | | |
Net balance at: | | | | | | | |
June 30, 2020
|
| | | | 6,517 | | |
June 30, 2021
|
| | | | 5,745 | | |
| | |
Average discount rate (per year)
|
| |
June 30,
2021 |
| |
December 31,
2020 |
| | | | ||||||
Properties
|
| |
between 9.51% to 11.91%
|
| | | | 6,393 | | | | | | 7,211 | | | | ||
Total | | | | | | | | 6,393 | | | | | | 7,211 | | | | ||
Current
|
| | | | | | | 4,131 | | | | | | 2,405 | | | | | |
Non-current
|
| | | | | | | 2,262 | | | | | | 4,806 | | | | ||
| | | | | | | | 6,393 | | | | | | 7,211 | | | |
| Analysis of maturities – lease liabilities | | | | | | | | | | | | | |
|
2021
|
| | | | — | | | | | | 2,405 | | |
|
2022
|
| | | | 4,131 | | | | | | 2,405 | | |
|
2023
|
| | | | 2,262 | | | | | | 2,401 | | |
| Total | | | | | 6,393 | | | | | | 7,211 | | |
|
Balance at December 31, 2019
|
| | | | 8,210 | | |
|
Remeasurement
|
| | | | 853 | | |
|
Interests expenses
|
| | | | 454 | | |
|
Interest paid
|
| | | | (314) | | |
|
Payments
|
| | | | (1,206) | | |
|
Balance at June 30, 2020
|
| | | | 7,997 | | |
|
Balance at December 31, 2020
|
| | | | 7,211 | | |
|
New contracts
|
| | | | 605 | | |
|
Interests expenses
|
| | | | 390 | | |
|
Interest paid
|
| | | | (435) | | |
|
Payments
|
| | | | (1,378) | | |
|
Balance at June 30, 2021
|
| | | | 6,393 | | |
| Net balance at: | | | | | | | |
|
Current liabilities
|
| | | | 4,131 | | |
|
Non current liabilities
|
| | | | 2,262 | | |
| | |
June 30, 2021
(six-month period) |
| |
June 30, 2020
(six-month period) |
| ||||||
Software development revenue
|
| | | | 118,049 | | | | | | 79,559 | | |
Consulting revenue
|
| | | | 19,774 | | | | | | 16,003 | | |
Total net revenue
|
| | | | 137,823 | | | | | | 95,562 | | |
By Industry Vertical
|
| |
June 30, 2021
(six-month period) |
| |
June 30, 2020
(six-month period) |
| ||||||
Financial Services
|
| | | | 52,068 | | | | | | 36,675 | | |
Retail and Manufacturing
|
| | | | 1,453 | | | | | | 1,317 | | |
Technology, Media and Telecom
|
| | | | 35,475 | | | | | | 26,841 | | |
Tourism
|
| | | | 8,669 | | | | | | 2,368 | | |
Aviation/transport
|
| | | | 11,124 | | | | | | 13,630 | | |
Insurance
|
| | | | 27,071 | | | | | | 12,084 | | |
Others
|
| | | | 1,963 | | | | | | 2,648 | | |
Total net revenue
|
| | | | 137,823 | | | | | | 95,562 | | |
| | |
June 30,
2021 |
| |
June 30,
2020 |
| ||||||
United States of America
|
| | | | 118,049 | | | | | | 79,559 | | |
Brazil
|
| | | | 19,774 | | | | | | 16,003 | | |
Total net revenue
|
| | | | 137,823 | | | | | | 95,562 | | |
| | |
June 30, 2021 (six-month period)
|
| |
June 30, 2020 (six-month period)
|
| ||||||||||||||||||
Customers
|
| |
R$
|
| |
%
|
| |
R$
|
| |
%
|
| ||||||||||||
Customer 1
|
| | | | 18,006 | | | | | | 13% | | | | | | 9,255 | | | | | | 10% | | |
Customer 2
|
| | | | 13,490 | | | | | | 10% | | | | | | 11,301 | | | | | | 12% | | |
Customer 3
|
| | | | 11,145 | | | | | | 8% | | | | | | 14,603 | | | | | | 15% | | |
Customer 4
|
| | | | 20,928 | | | | | | 15% | | | | | | 13,103 | | | | | | 14% | | |
| | | |
|
63,569
|
| | | | | 38% | | | | |
|
48,262
|
| | | | | 51% | | |
Total net revenue
|
| | | | 137,823 | | | | | | 100% | | | | | | 95,562 | | | | | | 100% | | |
| | |
June 30, 2021
(six-month period) |
| |
June 30, 2020
(six-month period) |
| ||||||
Employee expenses
|
| | | | (82,052) | | | | | | (52,781) | | |
Third-party services and other inputs
|
| | | | (4,953) | | | | | | (4,697) | | |
Travel expenses
|
| | | | (795) | | | | | | (1,298) | | |
Depreciation and amortization
|
| | | | (5,658) | | | | | | (5,009) | | |
Expected credit loss
|
| | | | 92 | | | | | | (21) | | |
Other costs and expenses
|
| | | | (6,572) | | | | | | (5,882) | | |
| | | | | (99,938) | | | | | | (69,688) | | |
Disclosed as: | | | | | | | | | | | | | |
Costs of services provided
|
| | | | (82,868) | | | | | | (52,939) | | |
Selling expenses
|
| | | | (811) | | | | | | (795) | | |
General and administrative expenses
|
| | | | (15,387) | | | | | | (15,795) | | |
Research and technological innovation expenses
|
| | | | — | | | | | | (43) | | |
Impairment loss on trade receivables and contract assets
|
| | | | 92 | | | | | | (21) | | |
Other income (expenses) net
|
| | | | (964) | | | | | | (95) | | |
| | | | | (99,938) | | | | | | (69,688) | | |
| | |
June 30, 2021
|
| |||||||||
| | |
Amortized
cost |
| |
Total
|
| ||||||
Financial assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 857 | | | | | | 857 | | |
Trade receivables
|
| | | | 26,506 | | | | | | 26,506 | | |
Contract assets
|
| | | | 21,686 | | | | | | 21,686 | | |
Other assets
|
| | | | 1,983 | | | | | | 1,983 | | |
Loans to related party
|
| | | | 18,810 | | | | | | 18,810 | | |
Total
|
| | |
|
69,842
|
| | | |
|
69,842
|
| |
Financial liabilities | | | | | | | | | | | | | |
Trade payables
|
| | | | 2,850 | | | | | | 2,850 | | |
Lease liabilities
|
| | | | 6,393 | | | | | | 6,393 | | |
Contract liabilities
|
| | | | 266 | | | | | | 266 | | |
Other liabilities
|
| | | | 373 | | | | | | 373 | | |
Accounts payable for business combination
|
| | | | 3,593 | | | | | | 3,593 | | |
Total
|
| | |
|
13,475
|
| | | |
|
13,475
|
| |
| | |
June 30, 2021
|
| |||||||||
| | |
Financial
liabilities measured at fair value |
| |
Total
|
| ||||||
Contingent consideration from business combination
|
| | | | 21,000 | | | | | | 21,000 | | |
Total | | | | | 21,000 | | | | | | 21,000 | | |
| | |
December 31, 2020
|
| |||||||||
| | |
Amortized
cost |
| |
Total
|
| ||||||
Financial assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 7,874 | | | | | | 7,874 | | |
Trade receivables
|
| | | | 25,406 | | | | | | 25,406 | | |
Contract assets
|
| | | | 12,168 | | | | | | 12,168 | | |
Other assets
|
| | | | 1,683 | | | | | | 1,683 | | |
Total
|
| | |
|
47,131
|
| | | |
|
47,131
|
| |
Financial liabilities | | | | | | | | | | | | | |
Trade payables
|
| | | | 4,966 | | | | | | 4,966 | | |
Lease liabilities
|
| | | | 7,211 | | | | | | 7,211 | | |
Contract liability
|
| | | | 3,208 | | | | | | 3,208 | | |
Other liabilities
|
| | | | 937 | | | | | | 937 | | |
Accounts payable for business combination
|
| | | | 3,658 | | | | | | 3,658 | | |
Total | | | | | 19,980 | | | | | | 19,980 | | |
| | |
December 31, 2020
|
| |||||||||
| | |
Financial
liabilities measured at fair value |
| |
Total
|
| ||||||
Contingent consideration from business combination
|
| | | | 21,000 | | | | | | 21,000 | | |
Total | | | | | 21,000 | | | | | | 21,000 | | |
Operation
|
| |
Risk
|
| |
Exposure
in R$ |
| |
Probable
scenario (I) |
| |
Adverse
Scenario (II) |
| |
Remote
Scenario (III) |
| ||||||||||||
Financial investments
|
| |
Interest Rate reduction
|
| | | | 182 | | | | | | 187 | | | | | | 140 | | | | | | 94 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Cash and cash equivalents
|
| | | | 857 | | | | | | 7,874 | | |
Trade receivables
|
| | | | 26,506 | | | | | | 25,406 | | |
Contract assets
|
| | | | 21,686 | | | | | | 12,618 | | |
Other assets
|
| | | | 1,983 | | | | | | 1,683 | | |
Loans to related party
|
| | | | 18,810 | | | | | | — | | |
| | |
2021
|
| |||||||||||||||||||||||||||||||||
| | |
Cash
|
| |
6 months
or less |
| |
6 – 12
months |
| |
1 – 2
years |
| |
2 – 5
Years |
| |||||||||||||||||||||
| | |
Carrying
amount |
| |
Contractual
cash flow |
| ||||||||||||||||||||||||||||||
Non-derivative financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 2,850 | | | | | | 2,850 | | | | | | 2,850 | | | | | | — | | | | | | — | | | | | | — | | |
Lease Liabilities
|
| | | | 6,393 | | | | | | 6,721 | | | | | | — | | | | | | 4,301 | | | | | | 2,420 | | | | | | — | | |
Contract Liabilities
|
| | | | 266 | | | | | | 266 | | | | | | 266 | | | | | | — | | | | | | — | | | | | | — | | |
Accounts payable for business combination
|
| | | | 24,593 | | | | | | 27,346 | | | | | | | | | | | | 5,416 | | | | | | — | | | | | | 21,930 | | |
Other payables
|
| | | | 373 | | | | | | 373 | | | | | | 373 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 34,475 | | | | | | 37,556 | | | | | | 3,489 | | | | | | 9,717 | | | | | | 2,420 | | | | | | 21,930 | | |
| | |
2020
|
| |||||||||||||||||||||||||||||||||
| | |
Cash
|
| |
6 months
or less |
| |
6 – 12
months |
| |
1 – 2
years |
| |
2 – 5
Years |
| |||||||||||||||||||||
| | |
Carrying
amount |
| |
Contractual
cash flow |
| ||||||||||||||||||||||||||||||
Non-derivative financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 4,966 | | | | | | 4,966 | | | | | | 4,966 | | | | | | — | | | | | | — | | | | | | — | | |
Lease Liabilities
|
| | | | 7,211 | | | | | | 7,530 | | | | | | — | | | | | | 2,495 | | | | | | 5,035 | | | | | | — | | |
Contract Liabilities
|
| | | | 3,208 | | | | | | 3,208 | | | | | | 3,208 | | | | | | — | | | | | | — | | | | | | — | | |
Accounts payable for business combination
|
| | | | 24,658 | | | | | | 27,068 | | | | | | — | | | | | | 5,481 | | | | | | — | | | | | | 21,587 | | |
Other payables
|
| | | | 937 | | | | | | 937 | | | | | | 937 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 40,980 | | | | | | 43,709 | | | | | | 9,111 | | | | | | 7,886 | | | | | | 5,035 | | | | | | 21,587 | | |
| | |
Note
|
| |
December 31
2020 |
| |
December 31
2019 |
| |
January 1
2019 |
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalentes
|
| | | | 8 | | | | | | 7,874 | | | | | | 5,806 | | | | | | 1,336 | | |
Trade receivables
|
| | | | 9 | | | | | | 25,406 | | | | | | 20,452 | | | | | | 6,404 | | |
Contract assets
|
| | | | 16.b | | | | | | 12,168 | | | | | | 5,022 | | | | | | 1,733 | | |
Recoverable taxes
|
| | | | | | | | | | 3,250 | | | | | | 4,230 | | | | | | 24 | | |
Deferred expenses
|
| | | | | | | | | | 1,564 | | | | | | 245 | | | | | | — | | |
Other assets
|
| | | | | | | | | | 1,683 | | | | | | 534 | | | | | | 1,303 | | |
Total current assets
|
| | | | | | | | | | 51,945 | | | | | | 36,289 | | | | | | 10,800 | | |
Recoverable taxes
|
| | | | | | | | | | 180 | | | | | | 181 | | | | | | — | | |
Deferred tax assets
|
| | | | 18 | | | | | | — | | | | | | — | | | | | | 662 | | |
Property, plant and equipment
|
| | | | 11 | | | | | | 8,490 | | | | | | 7,617 | | | | | | 3,504 | | |
Intangible assets
|
| | | | 12 | | | | | | 81,137 | | | | | | 79,165 | | | | | | 41,295 | | |
Right-of-use assets
|
| | | | 15 | | | | | | 6,517 | | | | | | 7,766 | | | | | | 6,429 | | |
Total non-current assets
|
| | | | | | | | | | 96,324 | | | | | | 94,729 | | | | | | 51,890 | | |
Total assets
|
| | | | | | | | | | 148,269 | | | | | | 131,018 | | | | | | 62,690 | | |
Liabilities and equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Suppliers
|
| | | | 13 | | | | | | 4,966 | | | | | | 1,866 | | | | | | 1,095 | | |
Lease liabilities
|
| | | | 15 | | | | | | 2,405 | | | | | | 1,545 | | | | | | 1,860 | | |
Tax and welfare charges
|
| | | | 14 | | | | | | 19,552 | | | | | | 13,645 | | | | | | 3,959 | | |
Income tax and social contribution
|
| | | | | | | | | | 265 | | | | | | 156 | | | | | | — | | |
Contract liability
|
| | | | | | | | | | 3,208 | | | | | | 4,081 | | | | | | 611 | | |
Accounts payable for business combination
|
| | | | 3 | | | | | | 5,481 | | | | | | 5,335 | | | | | | — | | |
Other liabilities
|
| | | | | | | | | | 937 | | | | | | 110 | | | | | | 11 | | |
Total current liabilities
|
| | | | | | | | | | 36,814 | | | | | | 26,738 | | | | | | 7,536 | | |
Deferred tax liabilities
|
| | | | 18 | | | | | | 182 | | | | | | 251 | | | | | | — | | |
Lease liabilities
|
| | | | 15 | | | | | | 4,806 | | | | | | 6,665 | | | | | | 4,569 | | |
Accounts payable for business combination
|
| | | | 3 | | | | | | 19,177 | | | | | | 18,665 | | | | | | — | | |
Provisions
|
| | | | | | | | | | 225 | | | | | | — | | | | | | — | | |
Total non-current liabilities
|
| | | | | | | | | | 24,390 | | | | | | 25,581 | | | | | | 4,569 | | |
Parent’s net investment | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investments
|
| | | | | | | | | | 87,065 | | | | | | 78,699 | | | | | | 50,585 | | |
Total equity and parent’s net investment
|
| | | | | | | | | | 87,065 | | | | | | 78,699 | | | | | | 50,585 | | |
Total liabilities and parent´s net investment
|
| | | | | | | | | | 148,269 | | | | | | 131,018 | | | | | | 62,690 | | |
| | |
Note
|
| |
2020
|
| |
2019
|
| |||||||||
Net revenue
|
| | | | 16 | | | | | | 204,036 | | | | | | 103,013 | | |
Costs of services provided
|
| | | | 17 | | | | | | (116,835) | | | | | | (59,773) | | |
Gross profit
|
| | | | | | | | | | 87,201 | | | | | | 43,240 | | |
General and administrative expenses
|
| | | | 17 | | | | | | (34,033) | | | | | | (17,802) | | |
Commercial expenses
|
| | | | 17 | | | | | | (1,504) | | | | | | (769) | | |
Research and technological innovation expenses
|
| | | | 17 | | | | | | (43) | | | | | | — | | |
Impairment loss on trade receivables
|
| | | | 17 | | | | | | (62) | | | | | | (132) | | |
Other income (expenses) net
|
| | | | 17 | | | | | | 213 | | | | | | (1,731) | | |
Operating profit before net finance cost and tax
|
| | | | | | | | | | 51,772 | | | | | | 22,806 | | |
Finance income
|
| | | | | | | | | | 1,367 | | | | | | 2,872 | | |
Finance cost
|
| | | | | | | | | | (2,102) | | | | | | (1,086) | | |
Net finance (cost) income
|
| | | | | | | | | | (735) | | | | | | 1,786 | | |
Profit before Income tax
|
| | | | | | | | | | 51,037 | | | | | | 24,592 | | |
Income tax expense | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | 18 | | | | | | (16,953) | | | | | | (6,473) | | |
Deferred
|
| | | | 18 | | | | | | 70 | | | | | | (913) | | |
Net profit for the year
|
| | | | | | | | | | 34,154 | | | | | | 17,206 | | |
Other comprehensive income (OCI): | | | | | | | | | | | | | | | | | | | |
Items that are or may be reclassified subsequently to profit or loss | | | | | | | | | | | | | | | | | | | |
Exchange variation in foreign investments
|
| | | | | | | | | | 351 | | | | | | 24 | | |
Total comprehensive income for the year
|
| | | | | | | | | | 34,505 | | | | | | 17,230 | | |
Net profit for the year – Controlling shareholders
|
| | | | | | | | | | 34,154 | | | | | | 17,206 | | |
Comprehensive income for the year – Controlling shareholders
|
| | | | | | | | | | 34,505 | | | | | | 17,230 | | |
Non-controlling interests
|
| | | | | | | | |
|
—
|
| | | |
|
—
|
| |
|
Balance at January 1, 2019
|
| | | | 50,585 | | |
|
Net profit for the year
|
| | | | 17,206 | | |
|
Net parent investment
|
| | | | 10,884 | | |
|
Other comprehensive income for the year
|
| | | | 24 | | |
|
Balances at December 31, 2019
|
| | | | 78,699 | | |
|
Net profit for the year
|
| | | | 34,154 | | |
|
Net parent investment
|
| | | | (26,139) | | |
|
Other comprehensive income for the year
|
| | | | 351 | | |
|
Balances at December 31, 2020
|
| | | | 87,065 | | |
| | |
Notes
|
| |
2020
|
| |
2019
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | |
Net profit for the year
|
| | | | | |
|
34,154
|
| | | |
|
17,206
|
| |
Adjustments for: | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| |
11 and 12
|
| | | | 7,832 | | | | | | 5,800 | | |
Write-offs property, plant and equipment
|
| |
11
|
| | | | 140 | | | | | | 1,108 | | |
Interest and exchange variation
|
| | | | | | | 665 | | | | | | 14 | | |
Expected credit losses
|
| |
9
|
| | | | 62 | | | | | | 94 | | |
Depreciation of right of use asset
|
| |
15
|
| | | | 2,539 | | | | | | 2,095 | | |
Current income tax and social contribution
|
| |
18
|
| | | | 16,953 | | | | | | 6,473 | | |
Deferred income tax and social contribution
|
| |
18
|
| | | | (70) | | | | | | 913 | | |
Interest on lease
|
| |
15
|
| | | | 880 | | | | | | 958 | | |
Provisions
|
| | | | | | | 225 | | | | | | — | | |
Changes in | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | | | | (5,016) | | | | | | (14,142) | | |
Contract assets
|
| | | | | | | (7,146) | | | | | | (3,289) | | |
Taxes recoverables
|
| | | | | | | 981 | | | | | | (4,388) | | |
Deferred expenses
|
| | | | | | | (1,319) | | | | | | (245) | | |
Other assets
|
| | | | | | | (1,151) | | | | | | 769 | | |
Suppliers
|
| | | | | | | 3,100 | | | | | | 774 | | |
Tax and welfare charges
|
| | | | | | | 5,907 | | | | | | 9,686 | | |
Other liabilities
|
| | | | | | | 827 | | | | | | 99 | | |
Contract liability
|
| | | | | | | (873) | | | | | | 3,470 | | |
Cash generated from operating activities
|
| | | | | | | 58,690 | | | | | | 27,395 | | |
Income tax and social contribution paid
|
| | | | | | | (156) | | | | | | — | | |
Interest paid on lease
|
| |
15
|
| | | | (631) | | | | | | (513) | | |
Net cash from operating activities
|
| | | | | | | 57,903 | | | | | | 26,882 | | |
Cash flows from investment activities | | | | | | | | | | | | | | | | |
Acquisition of property, plant and equipment and intangible assets
|
| |
11 and 12
|
| | | | (10,817) | | | | | | (16,047) | | |
Net cash (used in) investment activities
|
| | | | | | | (10,817) | | | | | | (16,047) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | |
Net parent investment
|
| | | | | | | (42,477) | | | | | | (4,251) | | |
Payment of lease liabilities
|
| |
15.b
|
| | | | (2,539) | | | | | | (2,095) | | |
Net cash from (used in) financing activities
|
| | | | | | | (45,016) | | | | | | (6,346) | | |
Net increase in cash and cash equivalents
|
| | | | | | | 2,070 | | | | | | 4,489 | | |
Cash and cash equivalents at the beginning of the year
|
| | | | | | | 5,806 | | | | | | 1,336 | | |
Effect of exchange variation on cash and cash equivalents
|
| | | | | | | (2) | | | | | | (19) | | |
Cash and cash equivalents at the end of the year
|
| | | | | | | 7,874 | | | | | | 5,806 | | |
| | |
Note
|
| | | | | | | |||
Cash
|
| | | | (i) | | | | | | 16,319 | | |
Escrow
|
| | | | (i) | | | | | | 3,000 | | |
Earnout (Contingent consideration)
|
| | | | (i) | | | | | | 21,000 | | |
Total consideration transferred
|
| | | | | | | | | | 40,319 | | |
Current assets
|
| |
Note
|
| |
Fair Value
|
| ||||||
Cash and cash equivalents
|
| | | | | | | | | | 2,171 | | |
Accounts receivable
|
| | | | | | | | | | 7,860 | | |
Taxes to be recovered
|
| | | | | | | | | | 1,420 | | |
Property, plant and equipment
|
| | | | 11 | | | | | | 2,285 | | |
Right-of-use assets
|
| | | | 15 | | | | | | 1,974 | | |
Intangible assets – software
|
| | | | 12 | | | | | | 82 | | |
Other assets
|
| | | | | | | | | | 109 | | |
Intangible assets – trademarks and licenses(i)
|
| | | | 12 | | | | | | 13,100 | | |
Intangible assets – customer portfolio(ii)
|
| | | | 12 | | | | | | 17,300 | | |
Other accounts payable
|
| | | | | | | | | | (1,687) | | |
Leasing liability
|
| | | | 15 | | | | | | (2,345) | | |
Other liabilities
|
| | | | | | | | | | (2,027) | | |
Net assets (A)
|
| | | | | | | | | | 40,242 | | |
Total consideration transferred (B)
|
| | | | | | | | | | 40,319 | | |
Goodwill (B - A)(iii)
|
| | | | 12 | | | | |
|
77
|
| |
| | |
In years
|
| |||
Buildings
|
| | | | 10 | | |
Computer equipment
|
| | | | 3 | | |
Furniture and equipment
|
| | | | 7 | | |
Machines
|
| | | | 5 | | |
Telephone equipment
|
| | | | 5 | | |
Vehicles
|
| | | | 5 | | |
Leasehold improvements
|
| | | | 10 | | |
|
Trademarks and licenses
|
| |
19 years
|
|
|
Customer portfolio
|
| |
7 years
|
|
|
Non-compete agreement
|
| |
5 years
|
|
|
Software
|
| |
5 years
|
|
| | |
2020
|
| |
2019
|
| |
January 1,
2019 |
| |||||||||
Cash and cash equivalents
|
| | | | 1,333 | | | | | | 1,665 | | | | | | 1 | | |
Financial investments
|
| | | | 6,541 | | | | | | 4,141 | | | | | | 1,335 | | |
Total | | | | | 7,874 | | | | | | 5,806 | | | | | | 1,336 | | |
| | |
2020
|
| |
2019
|
| |
January 1,
2019 |
| |||||||||
Trade receivables – Domestic market
|
| | | | 19,998 | | | | | | 19,916 | | | | | | 6,442 | | |
Trade receivables – Foreign market
|
| | | | 5,602 | | | | | | 668 | | | | | | — | | |
(-) Expected credit losses
|
| | | | (194) | | | | | | (132) | | | | | | (38) | | |
Trade receivables
|
| | | | 25,406 | | | | | | 20,452 | | | | | | 6,404 | | |
| | |
2020
|
| |
2019
|
| |
January 1,
2019 |
| |||||||||
Not due
|
| | | | 19,873 | | | | | | 16,591 | | | | | | 6,442 | | |
Overdue: | | | | | | | | | | | | | | | | | | | |
from 1 to 60 days
|
| | | | 5,384 | | | | | | 3,538 | | | | | | — | | |
61 to 90 days
|
| | | | 129 | | | | | | 248 | | | | | | — | | |
91 to 120 days
|
| | | | — | | | | | | 20 | | | | | | — | | |
Over 120 days
|
| | | | 214 | | | | | | 187 | | | | | | — | | |
| | | | | 25,600 | | | | | | 20,584 | | | | | | 6,442 | | |
|
Balance as of January 1, 2019
|
| | | | (38) | | |
|
Provision
|
| | | | (241) | | |
|
Reversal
|
| | | | 147 | | |
|
Balance as of December 31, 2019
|
| | | | (132) | | |
|
Provision
|
| | | | (520) | | |
|
Reversal
|
| | | | 458 | | |
|
Balance as of December 31, 2020
|
| | | | (194) | | |
Statements of profit or loss
|
| |
Related party
|
| |
2020
|
| |
2019
|
| ||||||
Net revenue(i)
|
| |
Prime Sistemas de Atendimento ao Consumidor Ltda.
|
| | | | 26,593 | | | | | | 21,569 | | |
Cost of services provided(ii)
|
| |
Prime Sistemas de Atendimento ao Consumidor Ltda.
|
| | | | (9,573) | | | | | | (10,568) | | |
General and administrative expenses(ii)
|
| |
Prime Sistemas de Atendimento ao Consumidor Ltda.
|
| | | | (4,214) | | | | | | (3,468) | | |
| | |
Jan 1,
2019 |
| |
Additions
|
| |
Additions in
business combination (note 3) |
| |
Disposals
|
| |
Dec 31,
2019 |
| |
Additions
|
| |
Disposals
|
| |
Dec 31,
2020 |
| ||||||||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Buildings
|
| | | | 225 | | | | | | — | | | | | | — | | | | | | (225) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Computer equipment
|
| | | | 2,237 | | | | | | 3,262 | | | | | | 44 | | | | | | (968) | | | | | | 4,575 | | | | | | 3,117 | | | | | | — | | | | | | 7,692 | | |
Furniture and equipment
|
| | | | 893 | | | | | | 236 | | | | | | 494 | | | | | | — | | | | | | 1,623 | | | | | | 67 | | | | | | — | | | | | | 1,690 | | |
Telephone equipment
|
| | | | 26 | | | | | | 153 | | | | | | 40 | | | | | | — | | | | | | 219 | | | | | | 17 | | | | | | — | | | | | | 236 | | |
Vehicles
|
| | | | — | | | | | | — | | | | | | 152 | | | | | | — | | | | | | 152 | | | | | | — | | | | | | (140) | | | | | | 12 | | |
Data processing equipment
|
| | | | — | | | | | | — | | | | | | 412 | | | | | | — | | | | | | 412 | | | | | | 109 | | | | | | — | | | | | | 521 | | |
Leasehold improvements
|
| | | | 1,493 | | | | | | 1,552 | | | | | | 1,143 | | | | | | — | | | | | | 4,188 | | | | | | 187 | | | | | | — | | | | | | 4,375 | | |
Total | | | | | 4,874 | | | | | | 5,203 | | | | | | 2,285 | | | | | | (1,193) | | | | | | 11,169 | | | | | | 3,497 | | | | | | (140) | | | | | | 14,526 | | |
Depreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Buildings
|
| | | | (73) | | | | | | — | | | | | | — | | | | | | 73 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Computer equipment
|
| | | | (715) | | | | | | (800) | | | | | | — | | | | | | 12 | | | | | | (1,503) | | | | | | (886) | | | | | | — | | | | | | (2,389) | | |
Furniture and equipment
|
| | | | (299) | | | | | | (117) | | | | | | — | | | | | | — | | | | | | (416) | | | | | | (247) | | | | | | — | | | | | | (663) | | |
Telephone equipment
|
| | | | (14) | | | | | | (41) | | | | | | — | | | | | | — | | | | | | (55) | | | | | | (53) | | | | | | — | | | | | | (108) | | |
Vehicles
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12) | | | | | | — | | | | | | (12) | | |
Data processing equipment
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (98) | | | | | | — | | | | | | (98) | | |
Leasehold improvements
|
| | | | (269) | | | | | | (1,309) | | | | | | — | | | | | | — | | | | | | (1,578 | | | | | | (1,188) | | | | | | — | | | | | | (2,766) | | |
Total | | | | | (1,370) | | | | | | (2,267) | | | | | | — | | | | | | 85 | | | | | | (3,552) | | | | | | (2,484) | | | | | | — | | | | | | (6,036) | | |
Property, plant and equipment, net
|
| | | | 3,504 | | | | | | 2,936 | | | | | | 2,285 | | | | | | (1,108) | | | | | | 7,617 | | | | | | 1,013 | | | | | | (140) | | | | | | 8,490 | | |
| | |
Jan 1,
2019 |
| |
Additions
|
| |
Additions in
business combination (note 3) |
| |
Dec 31,
2019 |
| |
Additions
|
| |
Dec 31,
2020 |
| ||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill(i)
|
| | | | 21,897 | | | | | | — | | | | | | 77 | | | | | | 21,974 | | | | | | — | | | | | | 21,974 | | |
Software
|
| | | | 553 | | | | | | 4 | | | | | | 82 | | | | | | 639 | | | | | | 414 | | | | | | 1,053 | | |
Trademarks and licenses
|
| | | | 1,399 | | | | | | — | | | | | | 13,100 | | | | | | 14,499 | | | | | | — | | | | | | 14,499 | | |
Customer portfolio
|
| | | | 16,177 | | | | | | — | | | | | | 17,300 | | | | | | 33,477 | | | | | | — | | | | | | 33,477 | | |
Non-compete agreement
|
| | | | 2,795 | | | | | | — | | | | | | — | | | | | | 2,795 | | | | | | — | | | | | | 2,795 | | |
Intangible in progress(ii)
|
| | | | — | | | | | | 10,840 | | | | | | — | | | | | | 10,840 | | | | | | 6,906 | | | | | | 17,746 | | |
Total | | | | | 42,821 | | | | | | 10,844 | | | | | | 30,559 | | | | | | 84,224 | | | | | | 7,320 | | | | | | 91,544 | | |
Amortization | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trademarks and licenses
|
| | | | (411) | | | | | | (986) | | | | | | — | | | | | | (1,397) | | | | | | (689) | | | | | | (2,086) | | |
Customer portfolio
|
| | | | (716) | | | | | | (1,720) | | | | | | — | | | | | | (2,436) | | | | | | (3,880) | | | | | | (6,316) | | |
Non-compete agreement
|
| | | | (281) | | | | | | (559) | | | | | | — | | | | | | (840) | | | | | | (559) | | | | | | (1,399) | | |
Software
|
| | | | (118) | | | | | | (268) | | | | | | — | | | | | | (386) | | | | | | (220) | | | | | | (606) | | |
Total | | | | | (1,526) | | | | | | (3,533) | | | | | | — | | | | | | (5,059) | | | | | | (5,348) | | | | | | (10,407) | | |
Intangible assets, net
|
| | | | 41,295 | | | | | | 7,311 | | | | | | 30,559 | | | | | | 79,165 | | | | | | 1,972 | | | | | | 81,137 | | |
| | |
2020
|
| |
2019
|
| ||||||
Discount rate – before taxes
|
| | | | 17.83% | | | | | | 15.62% | | |
Discount rate – after taxes
|
| | | | 16.55% | | | | | | 14.37% | | |
EBITDA growth rate(1)
|
| | | | 11.65% | | | | | | 11.61% | | |
Terminal value growth rate:
|
| | | | 2.00% | | | | | | 2.00% | | |
| | |
2020
|
| |
2019
|
| |
January 1 2019
|
| |||||||||
In Brazil
|
| | | | 3,015 | | | | | | 1,325 | | | | | | 1,095 | | |
Foreign
|
| | | | 1,951 | | | | | | 541 | | | | | | — | | |
| | | | | 4,966 | | | | | | 1,866 | | | | | | 1,095 | | |
| | |
2020
|
| |
2019
|
| |
January 1 2019
|
| |||||||||
Accrued vacation and charges
|
| | | | 14,203 | | | | | | 8,912 | | | | | | 2,472 | | |
Social Security charges
|
| | | | 4,471 | | | | | | 3,445 | | | | | | 125 | | |
Withholding and billing taxes
|
| | | | 385 | | | | | | 377 | | | | | | 502 | | |
Other
|
| | | | 493 | | | | | | 911 | | | | | | 860 | | |
| | | | | 19,552 | | | | | | 13,645 | | | | | | 3,959 | | |
|
Initial adoption on January 1, 2019
|
| | | | 6,429 | | |
|
Addition in business combination (note 3)
|
| | | | 1,974 | | |
|
New contracts
|
| | | | 1,458 | | |
|
Depreciation
|
| | | | (2,095) | | |
|
Balance at December 31, 2019
|
| | | | 7,766 | | |
|
New contracts
|
| | | | 1,290 | | |
|
Depreciation
|
| | | | (2,539) | | |
|
Balance at December 31, 2020
|
| | |
|
6,517
|
| |
| Net balance at: | | | | | | | |
|
December 31, 2019
|
| | | | 7,766 | | |
|
December 31, 2020
|
| | | | 6,517 | | |
| | |
Average discount rate (per year)
|
| |
2020
|
| |
2019
|
| ||||||
Properties
|
| |
between 9.51% to 11.91%
|
| | | | 7,211 | | | | | | 8,210 | | |
Total | | | | | | | | 7,211 | | | | | | 8,210 | | |
Current
|
| | | | | | | 2,405 | | | | | | 1,545 | | |
Non-current
|
| | | | | | | 4,806 | | | | | | 6,665 | | |
Total | | | | | | | | 7,211 | | | | | | 8,210 | | |
Analysis of maturities — lease liabilities
|
| |
2020
|
| |
2019
|
| ||||||
2021
|
| | | | — | | | | | | 1,545 | | |
2022
|
| | | | 2,405 | | | | | | 3,006 | | |
2023
|
| | | | 4,806 | | | | | | 3,659 | | |
Total | | | | | 7,211 | | | | | | 8,210 | | |
|
Initial adoption on January 1, 2019
|
| | | | 6,429 | | |
|
Addition in business combination (note 3)
|
| | | | 2,345 | | |
|
New contracts
|
| | | | 1,086 | | |
|
Interest
|
| | | | 958 | | |
|
Interest paid
|
| | | | (513) | | |
|
Lease payments
|
| | | | (2,095) | | |
|
Balance at December 31, 2019
|
| | | | 8,210 | | |
|
New contracts
|
| | | | 1,291 | | |
|
Interest
|
| | | | 880 | | |
|
Interest paid
|
| | | | (631) | | |
|
Lease payments
|
| | | | (2,539) | | |
|
Balance at December 31, 2020
|
| | | | 7,211 | | |
| Net balance at: | | | | | | | |
|
Current liabilities
|
| | | | 2,405 | | |
|
Non-current liabilities
|
| | | | 4,806 | | |
| | |
2020
|
| |
2019
|
| ||||||
Software development revenue
|
| | | | 169,596 | | | | | | 98,360 | | |
Consulting revenue
|
| | | | 34,440 | | | | | | 4,653 | | |
Total net revenue
|
| | |
|
204,036
|
| | | |
|
103,013
|
| |
| | |
2020
|
| |
2019
|
| ||||||
By Industry Vertical | | | | | | | | | | | | | |
Financial Services
|
| | | | 74,260 | | | | | | 47,327 | | |
Pharmaceuticals and Cosmetics
|
| | | | 6,021 | | | | | | 2,200 | | |
Retail and Manufacturing
|
| | | | 26,091 | | | | | | 17,210 | | |
Technology, Media and Telecom
|
| | | | 48,970 | | | | | | 35,776 | | |
Aviation/transport
|
| | | | 22,080 | | | | | | 500 | | |
Insurance
|
| | | | 2,010 | | | | | | — | | |
Digital industry
|
| | | | 10,240 | | | | | | — | | |
Advisory
|
| | | | 4,010 | | | | | | — | | |
Others
|
| | | | 10,354 | | | | | | — | | |
Total net revenue
|
| | | | 204,036 | | | | | | 103,013 | | |
| | |
2020
|
| |
2019
|
| ||||||
United States of America
|
| | | | 20,054 | | | | | | 4,653 | | |
Brazil
|
| | | | 183,982 | | | | | | 98,360 | | |
Total net revenue
|
| | | | 204,036 | | | | | | 103,013 | | |
Customers
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
|
R$
|
| |
%
|
| |
R$
|
| |
%
|
| ||||||||||||||
Customer 1
|
| | | | 26,950 | | | | | | 13% | | | | | | 16,860 | | | | | | 16% | | |
Customer 2
|
| | | | 25,795 | | | | | | 12% | | | | | | 10,473 | | | | | | 10% | | |
Customer 3
|
| | | | 22,510 | | | | | | 11% | | | | | | 8,060 | | | | | | 8% | | |
Customer 4
|
| | | | 26,593 | | | | | | 13% | | | | | | 21,569 | | | | | | 21% | | |
| | | |
|
101,848
|
| | | | | 50% | | | | |
|
59,962
|
| | | | | 55% | | |
Total net revenue
|
| | | | 204,036 | | | | | | 100% | | | | | | 103,013 | | | | | | 100% | | |
Type of service
|
| |
Nature and timing of performance
obligations |
| |
Revenue recognition in accordance with
IFRS 15 |
|
Services provision:
– software development; – consulting. |
| |
The Business has determined that the customer controls all work in progress as the services are provided. This is because, according to these contracts, services are provided according to the client’s specifications and, if a contract is terminated by the client, the Business will be entitled to reimbursement of the costs incurred to date, including a reasonable margin.
Invoices are issued in accordance with contractual terms and are usually paid in average within 70 days. Unbilled amounts are presented as contract assets.
|
| | The associated revenue and costs are recognized over time. The progress of the performance obligation is measured based on the hours incurred. | |
| | |
2020
|
| |
2019
|
| ||||||
Employee expenses
|
| | | | (118,990) | | | | | | (53,703) | | |
Third-party services and other inputs
|
| | | | (14,576) | | | | | | (11,976) | | |
Travel expenses
|
| | | | (1,790) | | | | | | (2,576) | | |
Depreciation and amortization
|
| | | | (10,371) | | | | | | (7,895) | | |
Research and technological innovation expenses
|
| | | | (43) | | | | | | — | | |
Expected credit loss
|
| | | | (62) | | | | | | (94) | | |
Other
|
| | | | (6,432) | | | | | | (3,963) | | |
Total | | | | | (152,264) | | | | | | (80,207) | | |
Disclosed as: | | | | | | | | | | | | | |
Costs of services provided
|
| | | | (116,835) | | | | | | (59,773) | | |
Commercial expenses
|
| | | | (1,504) | | | | | | (769) | | |
General and administrative expenses
|
| | | | (34,033) | | | | | | (17,802) | | |
Research and technological innovation expenses
|
| | | | (43) | | | | | | — | | |
Impairment loss on trade receivables
|
| | | | (62) | | | | | | (132) | | |
Other income (expenses) net
|
| | | | 213 | | | | | | (1,731) | | |
Total | | | | | (152,264) | | | | | | (80,207) | | |
| | |
2020
|
| |
2019
|
| ||||||
Current income tax and social security contribution
|
| | | | (16,953) | | | | | | (6,473) | | |
Deferred income tax
|
| | | | 70 | | | | | | (913) | | |
Income tax and social contributions
|
| | | | (16,883) | | | | | | (7,386) | | |
| | |
2020
|
| |
2019
|
| ||||||
Profit before income tax and social contribution
|
| | | | 51,037 | | | | | | 24,592 | | |
Combined income tax and social contribution rate – %
|
| | | | 34 | | | | | | 34 | | |
Tax using the Business’s domestic tax rate
|
| | | | (17,353) | | | | | | (8,361) | | |
Permanent exclusions
|
| | | | 857 | | | | | | 1,323 | | |
Permanent additions
|
| | | | (282) | | | | | | (192) | | |
Taxation of foreign companies
|
| | | | (105) | | | | | | (156) | | |
Income Tax and Social Contribution Expenses
|
| | | | (16,883) | | | | | | (7,386) | | |
Current
|
| | | | (16,953) | | | | | | (6,473) | | |
Deferred
|
| | | | 70 | | | | | | (913) | | |
Effective rate
|
| | | | 33% | | | | | | 30% | | |
| | |
December 31, 2020
|
| |||||||||||||||
| | |
Balance
as of January 1 |
| |
Recognition in profit or loss
|
| |
Deferred tax
assets (liabilities) |
| |||||||||
Property, plant and equipment
|
| | | | 48 | | | | | | 180 | | | | | | 228 | | |
Intangibles (Goodwill)
|
| | | | (1,489) | | | | | | (1,489) | | | | | | (2,978) | | |
Expected credit loss
|
| | | | 35 | | | | | | 56 | | | | | | 91 | | |
Salaries and welfare charges
|
| | | | 1,058 | | | | | | 1,244 | | | | | | 2,302 | | |
Lease
|
| | | | 97 | | | | | | 109 | | | | | | 206 | | |
Exchange variation
|
| | | | — | | | | | | (30) | | | | | | (30) | | |
Net deferred tax assets
|
| | | | (251) | | | | | | 70 | | | | | | (182) | | |
| | |
December 31, 2019
|
| |||||||||||||||
| | |
Balance
as of January 1 |
| |
Recognition in profit or loss
|
| |
Deferred tax
assets (liabilities) |
| |||||||||
Property, plant and equipment
|
| | | | 40 | | | | | | 8 | | | | | | 48 | | |
Intangibles
|
| | | | — | | | | | | (1,489) | | | | | | (1,489) | | |
Expected credit loss
|
| | | | 13 | | | | | | 22 | | | | | | 35 | | |
Salaries and welfare charges
|
| | | | 519 | | | | | | 539 | | | | | | 1,058 | | |
Lease
|
| | | | 90 | | | | | | 7 | | | | | | 97 | | |
Net deferred tax assets
|
| | | | 662 | | | | | | (913) | | | | | | (251) | | |
| | |
2020
|
| |||||||||
|
Amortized cost
|
| |
Total
|
| ||||||||
Financial assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 7,874 | | | | | | 7,874 | | |
Trade receivables
|
| | | | 25,406 | | | | | | 25,406 | | |
Contract assets
|
| | | | 12,168 | | | | | | 12,168 | | |
Other assets
|
| | | | 1,683 | | | | | | 1,683 | | |
Total
|
| | |
|
47,131
|
| | | |
|
47,131
|
| |
Financial liabilities | | | | | | | | | | | | | |
Suppliers
|
| | | | 4,966 | | | | | | 4,966 | | |
Lease liabilities
|
| | | | 7,211 | | | | | | 7,211 | | |
Contract liability
|
| | | | 3,208 | | | | | | 3,208 | | |
Other liabilities
|
| | | | 937 | | | | | | 937 | | |
Accounts payable for business combination
|
| | | | 3,658 | | | | | | 3,658 | | |
Total
|
| | |
|
19,980
|
| | | |
|
19,980
|
| |
| | |
2020
|
| |||||||||
|
Financial
liabilities measured at fair value |
| |
Total
|
| ||||||||
Contingent consideration from business combination
|
| | | | 21,000 | | | | | | 21,000 | | |
Total
|
| | | | 21,000 | | | | | | 21,000 | | |
| | |
2019
|
| |||||||||
|
Amortized cost
|
| |
Total
|
| ||||||||
Financial assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 5,806 | | | | | | 5,806 | | |
Trade receivables
|
| | | | 20,452 | | | | | | 20,452 | | |
Contract assets
|
| | | | 5,022 | | | | | | 5,022 | | |
Other assets
|
| | | | 534 | | | | | | 534 | | |
Total | | | | | 31,814 | | | | | | 31,814 | | |
Financial liabilities | | | | | | | | | | | | | |
Suppliers
|
| | | | 1,866 | | | | | | 1,866 | | |
Lease liabilities
|
| | | | 8,210 | | | | | | 8,210 | | |
Contract liability
|
| | | | 4,081 | | | | | | 4,081 | | |
Other liabilities
|
| | | | 110 | | | | | | 110 | | |
Accounts payable for business combination
|
| | | | 3,000 | | | | | | 3,000 | | |
Total | | | | | 17,267 | | | | | | 17,267 | | |
| | |
2019
|
| |||||||||
|
Financial
liabilities measured at fair value |
| |
Total
|
| ||||||||
Contingent consideration from business combination
|
| | | | 21,000 | | | | | | 21,000 | | |
Total | | | | | 21,000 | | | | | | 21,000 | | |
| | |
January 1, 2019
|
| |||||||||
| | |
Amortized cost
|
| |
Total
|
| ||||||
Financial assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 1,336 | | | | | | 1,336 | | |
Trade receivables
|
| | | | 6,404 | | | | | | 6,404 | | |
Contract assets
|
| | | | 1,733 | | | | | | 1,733 | | |
Other assets
|
| | | | 1,303 | | | | | | 1,303 | | |
Total
|
| | |
|
10,776
|
| | | |
|
10,776
|
| |
Financial liabilities | | | | | | | | | | | | | |
Suppliers
|
| | | | 1,095 | | | | | | 1,095 | | |
Lease liabilities
|
| | | | 6,429 | | | | | | 6,429 | | |
Contract liability
|
| | | | 611 | | | | | | 611 | | |
Total
|
| | |
|
8,135
|
| | | |
|
8,135
|
| |
| | | | | | | | | | | | | | | | | |
Decrease
|
| |
Increase
|
| ||||||||||||||||||
Operation
|
| |
Risk
|
| |
Exposure
in R$ |
| |
Probable
scenario (I) |
| |
Adverse
Scenario (II) |
| |
Remote
Scenario (III) |
| |
Adverse
Scenario (II) |
| |
Remote
Scenario (III) |
| ||||||||||||||||||
Financial investments
|
| |
Interest Rate reduction
|
| | | | 6,541 | | | | | | 6,884 | | | | | | 5,163 | | | | | | 3,442 | | | | | | 8,605 | | | | | | 10,326 | | |
| | |
2020
|
| |
2019
|
| |
Jan 1, 2019
|
| |||||||||
Cash and cash equivalents
|
| | | | 7,874 | | | | | | 5,806 | | | | | | 1,336 | | |
Trade receivables
|
| | | | 25,406 | | | | | | 20,452 | | | | | | 6,404 | | |
Contract assets
|
| | | | 12,168 | | | | | | 5,022 | | | | | | 1,733 | | |
Other assets
|
| | | | 1,683 | | | | | | 534 | | | | | | 1,303 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||||||||||||||
|
Carrying
amount |
| |
Cash
Contractual cash flow |
| |
6 months
or less |
| |
6 – 12
months |
| |
1 – 2
years |
| |
2 – 5
Years |
| ||||||||||||||||||||
Non-derivative financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Suppliers
|
| | | | 4,966 | | | | | | 4,966 | | | | | | 4,966 | | | | | | — | | | | | | — | | | | | | — | | |
Lease liabilities
|
| | | | 7,211 | | | | | | 7,530 | | | | | | — | | | | | | 2,495 | | | | | | 5,035 | | | | | | — | | |
Contract liabilities
|
| | | | 3,208 | | | | | | 3,208 | | | | | | 3,208 | | | | | | — | | | | | | — | | | | | | — | | |
Other liabilities
|
| | | | 937 | | | | | | 937 | | | | | | 937 | | | | | | — | | | | | | — | | | | | | — | | |
Accounts payable for business combination
|
| | | | 24,658 | | | | | | 32,001 | | | | | | — | | | | | | 5,481 | | | | | | — | | | | | | 26,520 | | |
| | | | | 40,980 | | | | | | 48,642 | | | | | | 9,111 | | | | | | 7,976 | | | | | | 5,035 | | | | | | 26,520 | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||||||||||||||
|
Carrying
amount |
| |
Cash
Contractual cash flow |
| |
6 months
or less |
| |
6 – 12
months |
| |
1 – 2
years |
| |
2 – 5
Years |
| ||||||||||||||||||||
Non-derivative financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Suppliers
|
| | | | 1,866 | | | | | | 1,866 | | | | | | 1,866 | | | | | | — | | | | | | — | | | | | | — | | |
Lease liabilities
|
| | | | 8,210 | | | | | | 8,776 | | | | | | — | | | | | | 1,929 | | | | | | 6,847 | | | | | | — | | |
Contract liabilities
|
| | | | 4,081 | | | | | | 4,081 | | | | | | 4,081 | | | | | | — | | | | | | — | | | | | | — | | |
Other liabilities
|
| | | | 110 | | | | | | 110 | | | | | | 110 | | | | | | | | | | | | | | | | | | | | |
Accounts payable for business combination
|
| | | | 24,000 | | | | | | 26,339 | | | | | | — | | | | | | 5,335 | | | | | | — | | | | | | 21,004 | | |
| | | | | 38,267 | | | | | | 41,172 | | | | | | 6,057 | | | | | | 7,264 | | | | | | 6,847 | | | | | | 21,004 | | |
|
Goldman Sachs & Co LLC
|
| |
Citigroup
|
|
|
J.P. Morgan
|
| |
Morgan Stanley
|
|
|
Itaú BBA
|
| |
BofA Securities
|
| |
Bradesco BBI
|
|
|
Name
|
| |
Title
|
|
| | | | | |
|
*
Name: Cesar Nivaldo Gon
|
| |
Chief Executive Officer
|
|
|
*
Name: Stanley Rodrigues
|
| |
Chief Financial Officer
|
|
|
*
Name: Fernando Matt Borges Martins
|
| |
Director
|
|
|
*
Name: Brenno Raiko de Souza
|
| |
Director
|
|
|
*
Name: Eduardo Campozana Gouveia
|
| |
Director
|
|
|
*
Name: Patrice Philippe Nogueira Baptista Etlin
|
| |
Director
|
|
|
*
Name: Silvio Romero de Lemos Meira
|
| |
Director
|
|
|
*
Name: Maria Helena dos Santos Fernandes de Santana
|
| |
Director
|
|
|
Name
|
| |
Title
|
|
|
/s/ Bruno Guiçardi Neto
Name: Bruno Guiçardi Neto
|
| |
Authorized Representative in the United States
|
|
|
By:
/s/ Cesar Nivaldo Gon
Name: Cesar Nivaldo Gon, Attorney-in-fact
|
| | | |
|
By:
/s/ Stanley Rodrigues
Name: Stanley Rodrigues, Attorney-in-fact
|
| | | |
Exhibit 23.2
Consent of Independent Registered Public Accounting Firm
We consent to the use of our report dated July 2, 2021, with respect to the consolidated financial statements of CI&T Software S.A., included herein, and to the reference to our firm under the heading “Experts” in the registration statement.
/s/ KPMG Auditores Independentes | |
KPMG Auditores Independentes | |
Campinas | |
November 4, 2021 |
Exhibit 23.3
Consent of Independent Registered Public Accounting Firm
We consent to the use of our report dated September 14, 2021, with respect to the combined carve-out financial statements of Dextra Tecnologia, included herein, and to the reference to our firm under the heading “Experts” in the registration statement.
/s/ KPMG Auditores Independentes | |
KPMG Auditores Independentes | |
Campinas | |
November 4, 2021 |
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